)RUP 1R 5HF\FOHUX 7RQGHXVH j JXLGDJH DUULqUH 0RGqOH QR ³ HW VXLYDQWV 0RGqOH QR ³ HW VXLYDQWV 0RGqOH QR ³ HW VXLYDQWV 0RGqOH QR ³ HW VXLYDQWV 0RGqOH QR ³ HW VXLYDQWV 0DQXHO GH O·XWLOLVDWHXU 3DUD REWHQHU XQD YHUVLyQ JUDWLV GH HVWH PDQXDO HQ HVSDxRO HVFULED D OD GLUHFFLyQ LQGLFDGD PiV DEDMR $VHJ~UHVH GH LQGLFDU HO PRGHOR \ HO Q~PHUR GH VHULH GH VX SURGXFWR 7R REWDLQ D IUHH FRS\ RI WKLV PDQXDO LQ (QJOLVK SOHDVH ZULWH WR WKH D
7DEOH GHV PDWLqUHV ,QWURGXFWLRQ 6pFXULWp 6pFXULWp GHV WRQGHXVHV j JD]RQ 'pFDOFRPDQLHV GH VpFXULWp HW G·LQVWUXFWLRQV $VVHPEODJH 'pEDOODJH GH OD WRQGHXVH 0RQWDJH GX PDQFKHURQ $YDQW OD PLVH HQ PDUFKH
/HV PLVHV HQ JDUGH GH FH PDQXHO VLJQDOHQW GHV GDQJHUV SRWHQWLHOV HW LQGLTXHQW GHV SUpFDXWLRQV j UHVSHFWHU SRXU pYLWHU GHV DFFLGHQWV TXL SHXYHQW rWUH JUDYHV YRLUH PRUWHOV /HV PLVHV HQ JDUGH VRQW LQWLWXOpHV '$1*(5 $77(17,21 HW 358'(1&( VXLYDQW OH GHJUp GH GDQJHU 3RXU DVVXUHU OH PD[LPXP GH VpFXULWp HW GH UHQGHPHQW HW ELHQ FRQQDvWUH OD PDFKLQH LO HVW HVVHQWLHO TXH YRXV PrPH HW WRXW DXWUH XWLOLVDWHXU GH OD WRQGHXVH OLVLH] HW FRPSUHQLH] OD PDWLqUH GH FH JXLGH DYDQW GH PHWWUH OH PRWHXU HQ PDUFKH )DLWHV SDUW
8WLOLVDWLRQ 1H MDPDLV SHUGUH GH YXH TXH O·XWLOLVDWHXU HVW UHVSRQVDEOH GH WRXW DFFLGHQW RX GRPPDJH FDXVp DX[ DXWUHV SHUVRQQHV HW j OHXUV SRVVHVVLRQV 1H SDV IDLUH WRXUQHU OH PRWHXU GDQV XQ HVSDFH FORV R OH PRQR[\GH GH FDUERQH GDQJHUHX[ GpJDJp SDU O·pFKDSSHPHQW ULVTXH GH V·DFFXPXOHU 3UpOLPLQDLUHV 1H WRQGUH TX·j OD OXPLqUH GX MRXU RX DYHF XQ ERQ pFODLUDJH DUWLILFLHO 3RUWHU GHV SDQWDORQV HW GHV FKDXVVXUHV VROLGHV 1H SDV WRQGUH SLHGV QXV RX HQ VDQGDOHV 'DQV OHV WHUUDLQV HQ SHQWH IDLUH SDU
(QWUHWLHQ HW UHPLVDJH &RXSHU OH PRWHXU HW GpEUDQFKHU OD ERXJLH DYDQW GH GpJDJHU RX GpVREVWUXHU O·pMHFWHXU 6·DVVXUHU TXH OHV pFURXV ERXORQV VXUWRXW FHX[ GH IL[DWLRQ GH OD ODPH HW YLV VRLHQW WRXMRXUV ELHQ VHUUpV SRXU rWUH VU GH SRXYRLU XWLOLVHU OD WRQGHXVH VDQV GDQJHU DYDQW G·LQVSHFWHU QHWWR\HU RX HIIHFWXHU WRXWH RSpUDWLRQ VXU OD WRQGHXVH DSUqV DYRLU KHXUWp XQ FRUSV pWUDQJHU 9pULILHU VL OD WRQGHXVH Q·HVW SDV HQGRPPDJpH HW DSSRUWHU OHV UpSDUDWLRQV pYHQWXHOOHPHQW QpFHVVDLUHV DYDQW GH UHGpP
'pFDOFRPDQLHV GH VpFXULWp HW G·LQVWUXFWLRQV 'HV GpFDOFRPDQLHV GH VpFXULWp HW LQVWUXFWLRQV ELHQ YLVLEOHV VRQW SODFpHV SUqV GHV HQGURLWV SRWHQWLHOOHPHQW GDQJHUHX[ 7RXWH GpFDOFRPDQLH HQGRPPDJpH RX PDQTXDQWH GRLW rWUH UHPSODFpH 6XU OH FDUWHU GH WRQGHXVH UpI 6XU OH UpJODJH GH KDXWHXU DUULqUH UpI j GURLWH UpI j JDXFKH 6XU OH FDUWHU GH WRQGHXVH UpI 6XU OH FDUWHU GH WRQGHXVH UpI $VVHPEODJH 5HPDUTXH 3RXU GpWHUPLQHU OD GURLWH HW OD JDXFKH GH OD WRQGHXVH VH WHQLU
5DEDWWUH OH PDQFKHURQ LQIpULHXU YHUV O·DUULqUH HW OHV SDWWHV GH VXSSRUW YHUV OH KDXW SRXU IDLUH DOLJQHU OHV WURXV GH IL[DWLRQ )LJ P )LJXUH P )LJXUH 0DQFKHURQ LQIpULHXU %RXWRQ 3DWWH GH VXSSRUW %RXORQ j WrWH SODWH &kEOHV 0DQFKHURQ LQIpULHXU 0DQFKHURQ VXSpULHXU %RXORQ j WrWH FRXUEH %RXWRQV XQ VHXO LOOXVWUp 9HLOOHU j IDLUH SDVVHU OHV FkEOHV SDU OH GHVVRXV HW O·DUULqUH GX PDQFKHURQ LQIpULHXU FRPPH LOOXVWUp j O
'pYLVVHU OH ERXFKRQ GH GH WRXU YHUV OD JDXFKH HW OH WLUHU SRXU VRUWLU OD MDXJH GX WXEH GH UHPSOLVVDJH '$1*(5 (VVX\HU OD MDXJH DYHF XQ FKLIIRQ SURSUH '$1*(5 327(17,(/ 'DQV FHUWDLQHV FLUFRQVWDQFHV O·HVVHQFH HVW H[WUrPHPHQW LQIODPPDEOH HW KDXWHPHQW H[SORVLYH ,QVpUHU OD MDXJH j IRQG GDQV OH WXEH GH UHPSOLVVDJH G·KXLOH SXLV OD UHWLUHU 5HPDUTXH 3RXU GRQQHU XQH LQGLFDWLRQ H[DFWH GX QLYHDX G·KXLOH OD MDXJH GRLW rWUH LQVpUpH j IRQG 48(/6 6217 /(6 5,648(6" 8Q LQFHQGLH RX XQH H[SORVLRQ
'pEUDQFKHU OD ERXJLH )LJ '$1*(5 '$1*(5 327(17,(/ /RUV GX UHPSOLVVDJH GDQV FHUWDLQHV FLUFRQVWDQFHV LO SHXW \ DYRLU IRUPDWLRQ G·pOHFWULFLWp VWDWLTXH G·R ULVTXH TX·XQH pWLQFHOOH PHWWH IHX j O·HVVHQFH P )LJXUH 48(/6 6217 /(6 5,648(6" 8Q LQFHQGLH RX XQH H[SORVLRQ FDXVpV SDU O·HVVHQFH SHXYHQW RFFDVLRQQHU GHV EUOXUHV j YRXV RX j G·DXWUHV SHUVRQQHV DLQVL TXH GHV GpJkWV PDWpULHOV &DSXFKRQ GH ERXJLH WRXV OHV PRGqOHV VDXI &DSXFKRQ GH ERXJLH PRGqOH 1HWW
&RPPDQGHV 6HUUHU OD EDUUH GH FRPPDQGH GH ODPH FRQWUH OH PDQFKHURQ )LJ /D SRLJQpH GX ODQFHXU HW OD EDUUH GH FRPPDQGH GH ODPH VH WURXYHQW VXU OH PDQFKHURQ VXSpULHXU FRPPH LOOXVWUp j OD )LJXUH 7LUHU OHQWHPHQW OD SRLJQpH GX ODQFHXU MXVTX·j FH TX·RQ VHQWH XQH UpVLVWDQFH SXLV OD WLUHU YLJRXUHXVHPHQW )LJ /DLVVHU OD SRLJQpH GX ODQFHXU UHYHQLU OHQWHPHQW MXVTX·DX PDQFKHURQ 5HPDUTXH 6L OH PRWHXU Q·D SDV GpPDUUp DSUqV HVVDLV UHFRPPHQFHU OD SURFpGXUH GHV SRLQWV j $UUrW GX PRWHX
5pJODJH GH OD KDXWHXU GH FRXSH (YLWHU GH KHXUWHU OHV DUEUHV OHV PXUV OHV WURWWRLUV RX G·DXWUHV REVWDFOHV 1H MDPDLV WRQGUH LQWHQWLRQQHOOHPHQW VXU XQ REMHW TXHO TX·LO VRLW /D KDXWHXU GH FRXSH VH UqJOH j O·DLGH GHV OHYLHUV SUpYXV DX QLYHDX GH FKDTXH URXH 2Q SHXW OD UpJOHU VXU RX PP RX µ 6L OD WRQGHXVH D KHXUWp XQ REVWDFOH RX FRPPHQFH j YLEUHU FRXSHU LPPpGLDWHPHQW OH PRWHXU GpEUDQFKHU OD ERXJLH HW YpULILHU VL OD WRQGHXVH Q·HVW SDV HQGRPPDJpH
6L OD FRXFKH GH IHXLOOHV HVW PLQFH UpJOHU WRXWHV OHV URXHV j OD PrPH KDXWHXU 1HWWR\HU IUpTXHPPHQW OH ILOWUH j DLU /H KDFKDJH GH O·KHUEH HW GHV IHXLOOHV VRXOqYH SOXV GH GpFKHWV HW SRXVVLqUHV VXVFHSWLEOHV G·REVWUXHU OH ILOWUH j DLU HW GH UpGXLUH OHV SHUIRUPDQFHV GX PRWHXU 6L OD FRXFKH GH IHXLOOHV HVW pSDLVVH GH SOXV GH FP µ UpJOHU OHV URXHV DYDQW XQ RX GHX[ FUDQV SOXV KDXW TXH OHV URXHV DUULqUH SRXU IDFLOLWHU OH SDVVDJH GHV IHXLOOHV VRXV OD WRQGHXVH 7RQWH HW SDLOODJH GH O·KHUEH 6L OHV I
(QWUHWLHQ 3URJUDPPH G·HQWUHWLHQ UHFRPPDQGp 3LqFH &KDTXH IRLV (QWUHWLHQ 7RXWHV 7RXWHV 7RXWHV 7RXWHV OHV K OHV K OHV K OHV K &RQWU{OH GX QLYHDX G·KXLOH PRWHXU &RQWU{OHU OH QLYHDX DYDQW FKDTXH VpDQFH 9LGDQJH G·KXLOH GX PRWHXU 9LGDQJHU HW FKDQJHU O·KXLOH GX FDUWHU PRWHXU DSUqV OHV SUHPLqUHV KHXUHV G·XWLOLVDWLRQ SXLV WRXWHV OHV KHXUHV G·XWLOLVDWLRQ RX XQH IRLV SDU DQ WRXWHV OHV KHXUHV VL EHDXFRXS GH SRXVVLqUH RX WHPSpUDWXUHV WUqV pOHYpHV &DUWHU GH WRQGHXVH 'pEDUUDVVHU GH OD WHUUH
3LqFH &KDTXH 7RXWHV IRLV OHV K (QWUHWLHQ 7RXWHV 7RXWHV 7RXWHV OHV K OHV K OHV K 6\VWqPH G·DOLPHQWDWLRQ &RQWU{OHU TXH OH V\VWqPH QH IXLW SDV HW TXH OD FRQGXLWH G·HVVHQFH HVW HQ ERQ pWDW 5HPSODFHU GHV SLqFHV VL QpFHVVDLUH ; &DUWHU GH FRXUURLH 'pSRVHU HW HQOHYHU OHV GpFKHWV YpJpWDX[ HW DXWUHV GpEULV DFFXPXOpV HQ GHVVRXV ; %RXJLH ([DPLQHU HW QHWWR\HU 5HPSODFHU VL QpFHVVDLUH ; 6\VWqPH GH UHIURLGLVVHPHQW (QOHYHU OHV GpEULV VXU OHV DLOHWWHV GH UHIURLGLVVHPHQW GX PRWHXU HW VXU OH GpP
9LGDQJH GH O·KXLOH SDU GHVVRXV OH FDUWHU GH WRQGHXVH $77(17,21 5HPDUTXH &HWWH SURFpGXUH UHTXLHUW O·XWLOLVDWLRQ G·XQH DOORQJH GH FOp GH PP µ '$1*(5 327(17,(/ 6L RQ EDVFXOH OD WRQGHXVH OH FDUEXUDQW ULVTXH GH IXLU GX FDUEXUDWHXU RX GX UpVHUYRLU $77(17,21 48(/6 6217 /(6 5,648(6" /·HVVHQFH HVW H[WUrPHPHQW LQIODPPDEOH HW H[SORVLYH HW SHXW GDQV FHUWDLQHV FRQGLWLRQV RFFDVLRQQHU GHV GRPPDJHV FRUSRUHOV RX PDWpULHOV JUDYHV '$1*(5 327(17,(/ /D ODPH HVW FRXSDQWH 48(/6 6217 /(6 5,648(6" /H F
5HPSOLU OH FDUWHU PRWHXU G·KXLOH IUDvFKH MXVTX·j OD PDUTXH PD[L )XOO GH OD MDXJH YRLU 5HPSOLVVDJH G·KXLOH GX FDUWHU PRWHXU SDJH 5HPDUTXH /D ODPH DVSLUH O·HDX VRXV OD WRQGHXVH HW O·HDX HQWUDvQH OHV GpFKHWV /DLVVHU FRXOHU OH MHW MXVTX·j FH TXH O·HDX TXL V·pFRXOH GH OD WRQGHXVH QH FRQWLHQQH SOXV G·KHUEH (VVX\HU O·KXLOH pYHQWXHOOHPHQW UpSDQGXH &RQQHFWHU OD ERXJLH &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV )DLUH UHF\FOHU O·KXLOH YLGDQJpH FRQIRUPpPHQW DX[ U
(QWUHWLHQ GX ILOWUH j DLU 0RGqOHV HW 5HPSODFHU OH ILOWUH j DLU WRXV OHV DQV RX WRXWHV OHV KHXUHV GH VHUYLFH /H UHPSODFHU SOXV VRXYHQW V·LO \ D EHDXFRXS GH SRXVVLqUH &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV ,03257$17 1H SDV XWLOLVHU OH PRWHXU VDQV FDUWRXFKH GH ILOWUH j DLU VRXV SHLQH GH O·XVHU HW O·HQGRPPDJHU JUDYHPHQW 'HVVHUUHU OD YLV GH IL[DWLRQ GX FRXYHUFOH GX ILOWUH j DLU DX PRWHXU )LJ 'pEUDQFKHU OD ERXJLH )LJ 0RGqOHV HW
0RGqOH $77(17,21 &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV '$1*(5 327(17,(/ /D ODPH HVW FRXSDQWH 'pEUDQFKHU OD ERXJLH )LJ 48(/6 6217 /(6 5,648(6" /H FRQWDFW GH OD ODPH SHXW FDXVHU GHV EOHVVXUHV JUDYHV 5HWLUHU OHV YLV GH IL[DWLRQ GX FRXYHUFOH GX ILOWUH j DLU )LJ &200(17 6( 3527(*(5" 3RUWHU GHV JDQWV RX HQYHORSSHU OD ODPH G·XQ FKLIIRQ &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV 'pEUDQFKHU OD ERXJLH )LJ
,QVSHFWLRQ GH OD ODPH 'pSRVH GH OD ODPH &RQWU{OHU O·DFXLWp GH OD ODPH HW VRQ XVXUH pYHQWXHOOH VXUWRXW DX SRLQW GH UHQFRQWUH GHV SDUWLHV SODQHV HW LQFXUYpHV )LJ $ &RQWU{OHU O·pWDW GH OD ODPH DYDQW FKDTXH XWLOLVDWLRQ GH OD WRQGHXVH FDU OH VDEOH HW OHV PDWLqUHV DEUDVLYHV SHXYHQW pURGHU OH PpWDO DX SRLQW R OD ODPH V·LQFXUYH 6L O·RQ REVHUYH GH O·XVXUH RX OD IRUPDWLRQ G·XQH HQWDLOOH )LJV % HW & UHPSODFHU OD ODPH YRLU 'pSRVH GH OD ODPH SDJH 7HQLU OD ODPH SDU OH ERXW j O·DLGH G·XQ FKLI
5pJODJH GX FkEOH GH FRPPDQGH GH WUDFWLRQ (TXLOLEUDJH GH OD ODPH 3RXU YpULILHU O·pTXLOLEUDJH GH OD ODPH O·HQILOHU SDU VRQ RULILFH FHQWUDO VXU XQ WRXUQHYLV RX XQ FORX PDLQWHQX j O·KRUL]RQWDOH GDQV XQ pWDX )LJ 6L OD YLWHVVH PD[LPXP GH OD WRQGHXVH FRPPHQFH j GLPLQXHU UpJOHU OH FkEOH GH WUDFWLRQ FRPPH VXLW 0RWHXU pWHLQW UHWLUHU OH ERXORQ GH IL[DWLRQ GX FDUWHU GH FRXUURLH )LJ HW GpSRVHU OH FDUWHU GH FRXUURLH )LJXUH 5HPDUTXH 2Q SHXW DXVVL XWLOLVHU XQ pTXLOLEUHXU GH ODPH GX FRPP
5HSRXVVHU OH PDQFKHURQ VXSpULHXU YHUV O·DUULqUH DXVVL ORLQ TXH SRVVLEOH PDLQWHQLU WRXMRXUV OH VXSSRUW GH WUDFWLRQ HQIRQFp HW WLUHU OD JDLQH GH FkEOH YHUV OH EDV YHUV OD WRQGHXVH MXVTX·j FH TX·LO Q·\ DLW SOXV GH PRX GDQV OH FkEOH )LJ 5HVVHUUHU O·pFURX GX VXSSRUW GH FkEOH )LJ /kFKHU OH VXSSRUW GH WUDFWLRQ 5HPRQWHU OH FDUWHU GH FRXUURLH P )LJXUH /XEULILFDWLRQ GX V\VWqPH GH WUDFWLRQ (VVX\HU OHV JUDLVVHXUV GHV OHYLHUV GH UpJODJH GH KDXWHXU GHV URXHV DUULqUH )
5HFRQQHFWHU OD ERXJLH ,03257$17 5HPSODFHU OD ERXJLH VL HOOH HVW ILVVXUpH FDODPLQpH RX HQFUDVVpH 1H SDV QHWWR\HU OHV pOHFWURGHV YX OH ULVTXH G·HQGRPPDJHU OH PRWHXU SDU O·LQWUR GXFWLRQ GH SDUWLFXOHV GpWDFKpHV GH OD ERXJLH GDQV OH F\OLQGUH 9LGDQJH GX UpVHUYRLU G·HVVHQFH 5pJOHU O·pFDUWHPHQW GH OD ERXJLH QHXYH FRPPH LOOXVWUp j OD )LJXUH $UUrWHU OH PRWHXU HW DWWHQGUH TX·LO UHIURLGLVVH ,03257$17 1H YLGDQJHU OH UpVHUYRLU TXH VL OH PRWHXU HVW IURLG RX 'pEUDQFKHU OD ERXJLH )LJ
352%/(0( /D WRQGHXVH RX OH PRWHXU YLEUHQW H[FHVVLYHPHQW L W 5(0('( (TXLOLEUHU OD ODPH 6HUUHU O·pFURX GH IL[DWLRQ GH OD ODPH 1HWWR\HU O·pMHFWHXU 1HWWR\HU OH GHVVRXV GX FDUWHU GH WRQGHXVH 6HUUHU OHV ERXORQV GH PRQWDJH GX PRWHXU 7RQWH QRQ XQLIRUPH 5pJOHU OHV URXHV j OD PrPH KDXWHXU $IIWHU HW pTXLOLEUHU OD ODPH &KDQJHU OH SDUFRXUV GH OD WRQGHXVH 1HWWR\HU OH GHVVRXV GX FDUWHU GH WRQGHXVH 2EVWUXFWLRQ GH O·pMHFWHXU $XJPHQWHU OD KDXWHXU GH FRXSH 1H SDV WRQGUH TXDQG
$SUqV OH UHPLVDJH (QOHYHU OHV GpFKHWV G·KHUEH OD VDOHWp HW OD FUDVVH GHV VXUIDFHV H[WHUQHV GX PRWHXU GX FDSRW HW GX GHVVXV GX FDUWHU GH OD WRQGHXVH $77(17,21 9pULILHU O·pWDW GH OD ODPH YRLU (QWUHWLHQ GH OD ODPH SDJH '$1*(5 327(17,(/ 6L O·RQ SOLH RX GpSOLH OH PDQFKHURQ VDQV IDLUH DWWHQWLRQ RQ ULVTXH G·pFUDVHU pWLUHU RX HQGRPPDJHU XQ RX SOXVLHXUV FkEOHV 6HUUHU WRXV OHV pFURXV ERXORQV HW YLV /XEULILHU OH V\VWqPH GH WUDFWLRQ YRLU /XEULILFDWLRQ GX V\VWqPH GH WUDFWLRQ SDJH
$FFHVVRLUHV 'HV DFFHVVRLUHV YRXV RQW SHXW rWUH pWp OLYUpV DYHF OD WRQGHXVH RX VRQW GLVSRQLEOHV FKH] YRWUH GpWDLOODQW DJUpp 3RXU OHV PRQWHU FRUUHFWHPHQW SURFpGHU FRPPH LQGLTXp FL GHVVRXV )LJXUH 0RQWDJH GX VDF GH UDPDVVDJH DUULqUH 2HLOOHW ,QVpUHU OD SDWWH GX FRQGXLW G·pMHFWLRQ GDQV OH FDUWHU GH WRQGHXVH )LJ &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV 'pEUDQFKHU OD ERXJLH )LJ 5HWLUHU OH ERXWRQ HW OD EULGH GH EORFDJH GX FRXYHUFOH G·
5HPDUTXH 3RXU SOXV GH FODUWp OD SURWHFWLRQ Q·HVW SDV UHSUpVHQWpH j OD )LJXUH '$1*(5 '$1*(5 327(17,(/ 'HV REMHWV ULVTXHQW G·rWUH SURMHWpV VL OH YROHW G·pMHFWLRQ Q·HVW SDV FRPSOqWHPHQW IHUPp P )LJXUH %RXWRQ j ORQJXH WLJH %ULGH GH EORFDJH 48(/6 6217 /(6 5,648(6" 'HV REMHWV SURMHWpV SHXYHQW RFFDVLRQQHU GHV EOHVVXUHV JUDYHV YRLUH PRUWHOOHV &RXYHUFOH G·pMHFWLRQ ODWpUDOH &200(17 6( 3527(*(5" 6L OH YROHW G·pMHFWLRQ QH VH IHUPH SDV GX IDLW G·XQ EORFDJH SDU GHV GpF
0RQWDJH GH O·pMHFWHXU ODWpUDO '$1*(5 &RXSHU OH PRWHXU HW DWWHQGUH O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV '$1*(5 327(17,(/ 6L OH YROHW G·pMHFWLRQ HVW RXYHUW OHV GpFKHWV G·KHUEH HW DXWUHV GpEULV SHXYHQW rWUH SURMHWpV SDU O·RXYHUWXUH G·pMHFWLRQ 'pEUDQFKHU OD ERXJLH )LJ 'pSRVHU OH VDF GH UDPDVVDJH V·LO VH WURXYH VXU OD WRQGHXVH 48(/6 6217 /(6 5,648(6" &HV GpEULV SHXYHQW rWUH SURMHWpV DYHF XQH IRUFH VXIILVDQWH SRXU LQIOLJHU GHV EOHVVXUHV JUDYHV YRLUH PRUWHOOHV j O·XWLOLVDWHXU RX DX[ S
P )LJXUH '$1*(5 '$1*(5 327(17,(/ 6L OH FRXYHUFOH G·pMHFWLRQ ODWpUDOH Q·HVW SDV VROLGHPHQW YHUURXLOOp HQ SRVLWLRQ IHUPpH GHV GpEULV ULVTXHQW rWUH SURMHWpV SDU O·RXYHUWXUH 48(/6 6217 /(6 5,648(6" /HV GpEULV SURMHWpV SHXYHQW LQIOLJHU GHV EOHVVXUHV JUDYHV YRLUH PRUWHOOHV j O·XWLOLVDWHXU RX DX[ SHUVRQQHV j SUR[LPLWp &200(17 6( 3527(*(5" 1H SDV XWLOLVHU OD WRQGHXVH VDQV V·rWUH DVVXUp DX SUpDODEOH TXH OH FRXYHUFOH G·pMHFWLRQ ODWpUDOH HVW FRQYHQDEOHPHQW IHUPp HW YHUURXLOOp SDU OD EULGH GH EORF
/D SROLWLTXH GH 7RUR HVW GH FRQFHYRLU HW IDEULTXHU GHV SURGXLWV GH KDXWH TXDOLW (Q SOXV GH FHWWH JDUDQWLH GH FRXYHUWXUH WRWDOH QRWUH FRQILDQFH GDQV OD ORQJ 3RXU JDUDQWLU OD VDWLVIDFWLRQ GHV JDUDQWLHV WHQGXHV 9RWUH PDFKLQH QRXV RIIURQV DXVVL XQH PRWHXU H HW OH KDXW QLYHDX GH LQGLTX OD JDUDQWLH GH G PDUUDJH WDLOV GH FHWWH JDUDQWLH VXSSO /HV G 7RUR *76 HVW FRXYHUWH SDU GHX[ JDUDQWLHV /D JDUDQWLH 7RUR GH FRXYHUWXUH WRWDOH LPSULP YLW SHUIRUPDQFHV GHV PRWHXUV 7RUR *76 HVW WHOOH TXH GHV XWL
F OD SU VHQFH G LPSXUHW G O XWLOLVDWLRQ G XQ FDUEXUDQW RX G XQ P H O DEVHQFH GH YLGDQJH GX V\VWýPH G DOLPHQWDWLRQ DYDQW XQH S I XQ XVDJH DEXVLI J GHV U OD Q V GDQV OH V\VWýPH GH FDUEXUDWLRQ JOLJHQFH RX SDUDWLRQV RX WHQWDWLYHV GH U ODQJH LQDG TXDW HQ FDV GH GRXWH FRQVXOWH] OH PDQXHO G XWLOLVDWLRQ ULRGH G LQXWLOLVDWLRQ GH SOXV GH WURLV PRLV XQ DFFLGHQW SDUDWLRQ SDU WRXWH DXWUH SHUVRQQH TX XQ U SDUDWHXU 7RUR DJU /HV FRQGLWLRQV G XWLOLVDWLRQ SDUWLFXOLýUHV SRXYDQW H[LJHU SOX
*DUDQWLH WRWDOH 7RUR 7RQGHXVHV j JXLGDJH DUULqUH j HVVHQFH RX *DUDQWLH FRPSOqWH *DUDQWLH OLPLWpH SRXU XVDJH FRPPHUFLDO pOHFWULTXHV DYHF RX VDQV ILO HW SURIHVVLRQQHOOHV GH FP µ &RQGLWLRQV HW SURGXLWV FRXYHUWV 2EOLJDWLRQV GX SURSULpWDLUH /D VRFLpWp 7RUR HW VD ILOLDOH OD VRFLpWp 7RUR :DUUDQW\ V·HQJDJHQW 9RWUH SURGXLW 7RUR GRLW rWUH HQWUHWHQX HQ VXLYDQW OHV LQVWUXFWLRQV GX VROLGDLUHPHQW HQ YHUWX G·XQ DFFRUG SDVVp HQWUH HOOHV j UpSDUHU PRGH G·HPSORL &HW HQWUHWLHQ GH URXWLQH TX·LO VRLW HIIHF
$XWUHV SD\V TXH OHV (WDWV 8QLV HW OH &DQDGD /HV FRQVRPPDWHXUV D\DQW DFKHWp GHV SURGXLWV 7RUR H[SRUWpV GHV (WDWV 8QLV RX GX &DQDGD GHYURQW VH PHWWUH HQ UDSSRUW DYHF OHXU GLVWULEXWHXU FRQFHVVLRQQDLUH 7RUR DILQ G·REWHQLU OHV SROLFHV GH JDUDQWLH SRXU OHXU SD\V SURYLQFH RX pWDW 6L SRXU XQH UDLVRQ TXHOFRQTXH YRXV Q·pWLH] SDV VDWLVIDLW GX VHUYLFH GH YRWUH GLVWULEXWHXU RX DYLH] GHV GLIILFXOWpV j REWHQLU GHV LQIRUPDWLRQV VXU OD JDUDQWLH FRQWDFWH] O·LPSRUWDWHXU 7RUR (Q GHUQLHU UHFRXUV YRXV SRXYH] QRXV FRQWD
