)RUP 1R HW 3RZHU 6KLIWX 'pQHLJHXVH 0RGqOH 1R ³ HW VXLYDQWV 0RGqOH 1R ³ HW VXLYDQWV 0RGqOH 1R ³ HW VXLYDQWV 0DQXHO GH O·XWLOLVDWHXU 7R REWDLQ D IUHH FRS\ RI WKLV PDQXDO LQ (QJOLVK SOHDVH ZULWH WR WKH DGGUHVV EHORZ 'R QRW IRUJHW WR LQGLFDWH WKH PRGHO DQG VHULDO QXPEHUV RI \RXU SURGXFW 7KH 7RUR &RPSDQ\ $WWQ 3DUWV 'HSW /\QGDOH $YH 6 %ORRPLQJWRQ 01 )UDQoDLV )
7DEOH GHV PDWLqUHV ,QWURGXFWLRQ 6pFXULWp 6pFXULWp GHV GpQHLJHXVHV 6pFXULWp GHV GpQHLJHXVHV 7RUR 'pFDOFRPDQLHV GH VpFXULWp HW G·LQVWUXFWLRQV $VVHPEODJH 3LqFHV GpWDFKpHV 0RQWDJH GX FDUWHU
1H ODLVVH] MDPDLV XQ HQIDQW XWLOLVHU OD PDFKLQH 1H ODLVVH] SHUVRQQH XWLOLVHU OD PDFKLQH VDQV LQVWUXFWLRQV DGpTXDWHV /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 1·DGPHWWH] SHUVRQQH GDQV OD ]RQH GH WUDYDLO HW VXUWRXW SDV G·HQIDQWV RX G·DQLPDX[ GRPHVWLTXHV '$1*(5 VLJQDOH XQ GDQJHU V
8WLOLVDWLRQ 'pEUD\H] OH UDPDVVHXU OD WXUELQH OD WDULqUH RX OHV SDOHV GX URWRU OD URXH KpOLFH SRXU OH WUDQVSRUW GH OD PDFKLQH HW ORUVTX·HOOH Q·HVW SDV XWLOLVpH 1·DSSURFKH] SDV OHV PDLQV RX OHV SLHGV GHV SLqFHV HQ URWDWLRQ 1H YRXV WHQH] MDPDLV GHYDQW O·RXYHUWXUH G·pMHFWLRQ 1·XWLOLVH] SDV G·DXWUHV DFFHVVRLUHV TXH FHX[ DSSURXYpV SDU OH IDEULFDQW GH OD GpQHLJHXVH 7RUR WHOV TXH OHVWV GH URXH FRQWUHSRLGV FDELQH HWF 'HPDQGH] j YRWUH FRQFHVVLRQQDLUH RIILFLHO TXHOV VRQW OHV DFFHVVRLUHV GLVSRQLEOHV S
1·HIIHFWXH] TXH OHV RSpUDWLRQV G·HQWUHWLHQ GpFULWHV GDQV FH PDQXHO $YDQW WRXWH LQWHUYHQWLRQ GH UpJODJH G·HQWUHWLHQ RX GH UpSDUDWLRQ FRXSH] OH PRWHXU UHWLUH] OD FOp GH FRQWDFW GpEUDQFKH] OD ERXJLH HW pORLJQH] OH FKDSHDX SRXU pYLWHU TXH TXHOTX·XQ QH IDVVH DFFLGHQWHOOHPHQW GpPDUUHU OH PRWHXU 6L MDPDLV OD PDFKLQH UHTXLHUW XQH UpSDUDWLRQ LPSRUWDQWH IDLWHV DSSHO j YRWUH YHQGHXU UpSDUDWHXU 7RUR DJUpp O·DUUrW GH WRXWHV OHV SLqFHV PRELOHV 'pEUDQFKH] OD ERXJLH HW pORLJQH] OH FDSXFKRQ SRXU pYLWHU WRXW ULVT
$WWHQWLRQ O XWLOLVDWLRQ LQFRUUHFWH SHXW HQWUDñQHU O DPSXWDWLRQ GH GRLJWV RX G RUWHLOV $YDQW O HPSORL /LVH] HW DVVLPLOH] OH FRQWHQX GH FH JXLGH DYDQW GH PHWWUH OD PDFKLQH HQ PDUFKH HW GH O XWLOLVHU )DPLOLDULVH] YRXV DYHF WRXWHV OHV FRPPDQGHV HW DSSUHQH] DUUûWHU OH PRWHXU UDSLGHPHQW /D URXH K OLFH WRXUQH JUDQGH YLWHVVH FP l GH O RXYHUWXUH 3RVLWLRQ GH FRQGXLWH 3RLQW GH SLQFHPHQW PREL OH GH OD WDULýUH URWDWLRQ OHQWH SUýV GH O RXYHUWXUH
'pFDOFRPDQLHV GH VpFXULWp HW G·LQVWUXFWLRQV 'HV GpFDOFRPDQLHV GH VpFXULWp HW G·LQVWUXFWLRQ ELHQ YLVLEOHV VRQW SODFpHV j GHV HQGURLWV SRWHQWLHOOHPHQW GDQJHUHX[ 7RXWH GpFDOFRPDQLH HQGRPPDJpH RX PDQTXDQWH GRLW rWUH UHPSODFpH 6·DGUHVVHU j OD VRFLpWp 7HFXPVHK 3URGXFWV SRXU OHV GpFDOFRPDQLHV SRUWHXVHV G·XQH UpIpUHQFH 7HFXPVHK RX j OD VRFLpWp 7RUR SRXU OHV GpFDOFRPDQLHV j UpIpUHQFH 7RUR $ OD EDVH GX PRWHXU U I 7RUR QR 6XU OH FDUWHU GH WDULýUH U I 7RUR QR 6XU OH PRWHXU UpI 7HFXPVHK QR
3LqFH 4Wp 9LV VDQV ILQ 6XSSRUW GH YLV VDQV ILQ %RXORQ GH FDUURVVLHU GH PP µ 5RQGHOOH SODWH (FURX 3DWLQV %RXORQV j HPEDVH GH PP µ 5RQGHOOHV SODWHV (FURXV &Op GH FRQWDFW 8WLOLVDWLRQ 0RQWDJH J GX PpFDQLVPH G·RULHQWDWLRQ GH O·pMHFWHXU M 0RQWDJH GHV SDWLQV 'pPDUUDJH HW DUUrW GX PRWHXU &DUDFWpULVWLTXHV HW FRQVWUXFWLRQ VXVFHSWLEOHV GH PRGLILFDWLRQV VDQV SUpDYLV 0RQWDJH GX FDUWHU GH WDULqUH URXH KpOLFH 5HPRQWH] O·HQVHPEOH GH SRXOLHV IROOHV HQ DOLJQDQW O
,QVpUH] OH JRXMRQ GX MRLQW j URWXOH LQIpULHXU SDU OD GURLWH GDQV OH OHYLHU GH WUDQVPLVVLRQ HW DWWDFKH] OH DX PR\HQ G·XQ pFURX )LJ 6pOHFWLRQQH] OD H YLWHVVH HW FRQWU{OH] O·DOLJQHPHQW GH OD WULQJOH GH FKDQJHPHQW GH YLWHVVH SDU UDSSRUW j OD IHQWH GX 3RZHU 6KLIW 6L OH OHYLHU GH FKDQJHPHQW GH YLWHVVH Q·HVW SDV HQ IDFH GH OD IHQWH GX 3RZHU 6KLIW GDQV OH SDQQHDX GH FRPPDQGH )LJ HQFDGUp DMXVWH] OD ORQJXHXU GH OD WULQJOH GH FKDQJHPHQW GH YLWHVVH FRPPH VXLW )LJXUH &DUWHU
&RQWU{OH GH OD SUHVVLRQ GHV SQHXV 9pULILH] OD SUHVVLRQ GHV SQHXV VXUJRQIOpV j O·XVLQH SRXU O·H[SpGLWLRQ 5pGXLVH] OD SUHVVLRQ GHV GHX[ SQHXV j XQH PrPH YDOHXU FRPSULVH HQWUH HW N3D j SVL 0RQWDJH GHV SDWLQV 9pULILH] OD SUHVVLRQ GHV SQHXV YRLU &RQWU{OH GH OD SUHVVLRQ GHV SQHXV SDJH )LJXUH (MHFWHXU &DOH G·pMHFWHXU HQ 3ODTXH GH UHWHQXH &RXURQQH G·pMHFWHXU G·pMHFWHXU SODVWLTXH $PHQH] OD GpQHLJHXVH VXU XQ VRO SODW KRUL]RQWDO HW YpULILH] VL OD
$YDQW OD PLVH HQ PDUFKH 3OHLQ G·KXLOH GX FDUWHU PRWHXU /H PRWHXU HVW H[SpGLp GH O·XVLQH DYHF TXHOTXHV RQFHV G·KXLOH GDQV OH FDUWHU )DLWHV O·DSSRLQW DYDQW GH PHWWUH OH PRWHXU HQ PDUFKH /D FRQWHQDQFH GX FDUWHU PRWHXU HVW GH PO R] SRXU OHV PRGqOHV HW HW GH PO R] SRXU OH PRGqOH &RPPH OH FDUWHU PRWHXU FRQWLHQW GpMj XQ SHX G·KXLOH LO QH IDXW SDV \ YHUVHU G·XQ FRXS OD TXDQWLWp VSpFLILpH )DLWHV O·DSSRLQW SURJUHVVLYHPHQW FRPPH H[SOLTXp FL DSUqV )LJXUH
6L OH QLYHDX Q·DWWHLQW SDV OD PDUTXH ´)XOOµ SOHLQ DMRXWH] OHQWHPHQW GH O·KXLOH HQ YpULILDQW VRXYHQW OH QLYHDX SRLQWV j MXVTX·j FH TX·LO DWWHLJQH OD PDUTXH GX SOHLQ '$1*(5 '$1*(5 327(17,(/ 'DQV FHUWDLQHV FRQGLWLRQV O·HVVHQFH HVW H[WUrPHPHQW LQIODPPDEOH HW KDXWHPHQW H[SORVLYH ,03257$17 1·XWLOLVH] SDV OH PRWHXU DYHF XQ FDUWHU G·KXLOH WURS UHPSOL VRXV SHLQH GH O·HQGRPPDJHU 6L YRXV DYH] PLV WURS G·KXLOH GDQV OH FDUWHU YLGH] O·H[FpGHQW SRXU UDPHQHU OH QLYHDX j OD PDUTXH GX SOHLQ 48(/6 6217
,03257$17 1H ODLVVH] SDV OH QLYHDX GH O·HVVHQFH DWWHLQGUH OH WXEH GH UHPSOLVVDJH TXL GRLW UHVWHU YLGH SRXU SHUPHWWUH XQH FHUWDLQH GLODWDWLRQ 1H UHPSOLVVH] SDV OH UpVHUYRLU j IRQG '$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 5HYLVVH] OH ERXFKRQ GX UpVHUYRLU G·HVVHQFH 8WLOLVDWLRQ 48(/6 6217 /(6 5,648(6" 8Q LQFHQGLH RX XQH H[SORVLRQ FDXVpV SDU O·HVVHQFH SHXYHQW RF
)LJXUH P 5RELQHW G·HVVHQFH &ROOLHU &RQGXLWH G·DOLPHQWDWLRQ )LJXUH &RPPDQGH GH WDULqUH URXH KpOLFH &KDQJHPHQW GH YLWHVVH &RPPDQGH G·RULHQWDWLRQ &RPPDQGH GH WUDFWLRQ 3RLJQpH GX GpIOHFWHXU )LJ ³'pSODFH] OD SRLJQpH GX GpIOHFWHXU YHUV O·DYDQW SRXU UHMHWHU OD QHLJH SOXV EDV RX YHUV O·DUULqUH SRXU OD UHMHWHU SOXV KDXW GH O·pMHFWHXU &Op GH FRQWDFW )LJ ³,QVpUH] OD FOp GDQV OH FRPPXWDWHXU G·DOOXPDJH DYDQW GH PHWWUH OH PRWHXU HQ
0 )LJXUH 'pPDUUHXU pOHFWULTXH &RUGRQ G·DOLPHQWDWLRQ %RXWRQ GX GpPDUUHXU 3ULVH )LJXUH 'pPDUUDJH HW DUUrW GX PRWHXU %RvWH GH FKDXIIDJH 9LV 3KLOOLSV 9LV j WrWH KH[DJRQDOH 6RXOHYH] OD ERvWH GH FKDXIIDJH SRXU OD GpJDJHU HW GpSRVH] OD '$1*(5 5HPHWWH] OH ERXWRQ GH VWDUWHU VXU VD WLJH '$1*(5 327(17,(/ 4XDQG OD GpQHLJHXVH HVW HQ PDUFKH OD WDULqUH HW OD URXH KpOLFH SHXYHQW WRXUQHU 'pPDUUDJH GX PRWHXU ,03257$17 9pULILH] T
$ 5DFFRUGHU OH FRUGRQ G·DOLPHQWDWLRQ j OD GpQHLJHXVH )LJ HW OH EUDQFKHU GDQV XQH SULVH GH FRXUDQW VWDQGDUG 5pJOH] OD PDQHWWH GHV JD] VXU ´OHQWµ )LJ % 3RXVVH] VXU OH ERXWRQ GX GpPDUUHXU )LJ $WWHQGH] O·DUUrW GH WRXWHV OHV SLqFHV HQ PRXYHPHQW DYDQW GH TXLWWHU OD SRVLWLRQ GH FRQGXLWH 5HWLUH] OD FOp GH FRQWDFW )LJ $FWLRQQH] OH GpPDUUHXU SDV SOXV GH GL[ IRLV G·DIILOpH VHORQ XQ U\WKPH GH VHFRQGHV GH PDUFKH VHFRQGHV G·DUUrW 6L OH PRWHXU Q·D SDV GpPDUUp ORUV GH FHWWH SU
5RXH OLEUH RX DXWRWUDFWLRQ /D GpQHLJHXVH SHXW rWUH XWLOLVpH HQ URXH OLEUH RX HQ DXWRWUDFWLRQ /·HVVLHX SUpVHQWH GHX[ WURXV j FKDTXH H[WUpPLWp 6L OHV JRXSLOOHV VRQW LQVpUpHV GDQV OH WURX H[WpULHXU HW SDV j WUDYHUV OH PR\HX )LJ OD GpQHLJHXVH IRQFWLRQQH HQ URXH OLEUH 6L SDU FRQWUH OHV GHX[ JRXSLOOHV VRQW LQVpUpHV GDQV OH PR\HX HW OH WURX LQWpULHXU GH O·HVVLHX )LJ OD GpQHLJHXVH HVW DXWRWUDFWpH )LJXUH )LJXUH *RXSLOOH G·HVVLHX 7URX LQWpULHXU GH O·HVVLHX 0HWWUH
$77(17,21 '$1*(5 327(17,(/ 'HV SLHUUHV GHV MRXHWV RX G·DXWUHV REMHWV SHXYHQW rWUH UDPDVVpV HW SURMHWpV SDU OHV SDOHV GX URWRU 48(/6 6217 /(6 5,648(6" 'HV REMHWV SURMHWpV SHXYHQW EOHVVHU VpULHXVHPHQW O·XWLOLVDWHXU RX GHV SHUVRQQHV j SUR[LPLWp &200(17 6( 3527(*(5" 1H ODLVVH] SDV G·REMHWV VXVFHSWLEOHV G·rWUH UDPDVVpV HW SURMHWpV SDU OHV ODPHV GX URWRU GDQV OD ]RQH j GpEOD\HU 7HQH] OHV HQIDQWV HW OHV DQLPDX[ GRPHVWLTXHV j O·pFDUW GH OD ]RQH GH WUDYDLO )LJXUH 3D
/RUVTXH OHV URXHV VRQW HQ SRVLWLRQ 3RZHU 6KLIW DUULqUH H[HUFH] XQH SUHVVLRQ YHUWLFDOH VXU OHV PDQFKHURQV SRXU REWHQLU XQH PHLOOHXUH WUDFWLRQ VL QpFHVVDLUH 'DQV FHUWDLQHV FRQGLWLRQV KLYHUQDOHV GHV FRPPDQGHV HW SLqFHV PRELOHV SHXYHQW rWUH EORTXpHV SDU OH JHO 6L YRXV FRQVWDWH] TX·XQH FRPPDQGH GHYLHQW GXUH FRXSH] OH PRWHXU DWWHQGH] O·DUUrW GH WRXWHV OHV SLqFHV HQ PRXYHPHQW HW YpULILH] VL DXFXQH SLqFH Q·HVW EORTXpH SDU OH JHO 1H IRUFH] MDPDLV OHV FRPPDQGHV HW Q·HVVD\H] SDV GH OHV IDLUH IRQFWLRQQHU
3LqFH (QWUHWLHQ %RXJLH 1HWWR\H] LQVSHFWH] HW FRQWU{OH] O·pFDUWHPHQW GHV pOHFWURGHV 5HPSODFH] VL QpFHVVDLUH 5pVHUYRLU G·HVVHQFH 9LGH] O·HVVHQFH SXLV IDLWHV WRXUQHU OH PRWHXU SRXU DVVpFKHU FRPSOqWHPHQW OH UpVHUYRLU HW OH FDUEXUDWHXU qUH IRLV 7RXWHV OHV K 7RXWHV OHV K 7RXWHV OHV K 7RXWHV OHV K 7RXWHV OHV K /RUV GX UHPLVDJH ; ; 358'(1&( '$1*(5 327(17,(/ 6L YRXV QH GpEUDQFKH] SDV OD ERXJLH TXHOTX·XQ SRXUUDLW PHWWUH OH PRWHXU HQ PDUFKH 48(/6 6217 /(6 5,648(6" 8Q GpPDUUDJH
6L OH QLYHDX HVW LQVXIILVDQW DMRXWH] GH OD JUDLVVH /XEULSODWH 0$* JUDLVVH SRXU KDXWH SUHVVLRQ HW EDVVH WHPSpUDWXUH MXVTX·DX SRLQW GH WURS SOHLQ 1HWWR\H] DXWRXU GX ERXFKRQ GH YLGDQJH G·KXLOH )LJ 3ODFH] XQ EDF GH YLGDQJH VRXV OH WXEH GH YLGDQJH HW UHWLUH] OH ERXFKRQ )LJ 5pLQVpUH] O·REWXUDWHXU GH WX\DX GDQV OD ERvWH G·HQJUHQDJHV 5pJODJH GH OD FRXUURLH GH WUDFWLRQ 6L OHV URXHV QH WRXUQHQW SDV ORUVTX·RQ DFWLRQQH OD FRPPDQGH GH WUDFWLRQ DXJPHQWHU OD WHQVLRQ GH OD FRXUURLH 5pJ
0DLQWHQH] OD FRPPDQGH VHUUpH HW LQVpUH] XQ FDOLEUH G·pSDLVVHXU GH PP µ HQWUH GHX[ VSLUHV DX FHQWUH GX UHVVRUW )LJ )LJXUH %UDV GH SRXOLH IROOH GH URXH KpOLFH %UDV GH IUHLQ PP µ PLQLPXP )LJXUH &DOLEUH G·pSDLVVHXU &HQWUH GX UHVVRUW 6L FHW pFDUW HVW LQIpULHXU j PP µ UHPSODFH] OD FRXUURLH YRLU 5HPSODFHPHQW GHV FRXUURLHV GH WUDQVPLVVLRQ SDJH 6L O·pFDUWHPHQW GHV VSLUHV Q·HVW SDV GH PP µ UpJOH] OHV FkEOHV
5HPSODFHPHQW GHV FRXUURLHV GH WUDQVPLVVLRQ 'HVVHUUH] OHV FRQWUH pFURXV TXL IL[HQW DX VXSSRUW OH FkEOH FRUUHVSRQGDQW j OD FRXUURLH j UHPSODFHU )LJ 5HPSODFH] OHV FRXUURLHV GH WDULqUH URXH KpOLFH HW GH WUDFWLRQ VL HOOHV VRQW XVpHV HQFUDVVpHV H[FHVVLYHPHQW GpWHQGXHV LPSUpJQpHV G·KXLOH RX GpIHFWXHXVHV SRXU WRXWH DXWUH UDLVRQ 5HPDUTXH /H FkEOH GRLW SRXYRLU JOLVVHU OLEUHPHQW GDQV OH VXSSRUW GXUDQW OH UHPSODFHPHQW GHV FRXUURLHV 3RXU UHPSODFHU OD FRXUURLH GH WUDFWLRQ SODFH] OD FRXUURLH QHXYH V
3RXU FRQWU{OHU OD WHQVLRQ VRXOHYHU OD FKDvQH HQ VRQ PLOLHX VDQV IRUFHU /D FKDvQH GRLW V·pFDUWHU GH j PP µ )LJ 'LVSRVH] OD ODPH UDFOHXVH SRXU TX·HOOH WRXFKH OD VXUIDFH SODQH VXU WRXWH VD ORQJXHXU SXLV VHUUH] OHV GHX[ ERXORQV j HPEDVH DUULqUH TXL IL[HQW OD ODPH UDFOHXVH HW OHV SDWLQV DX[ SDQQHDX[ ODWpUDX[ 5HVVHUUH] OHV ERXORQV GH IL[DWLRQ GH OD ODPH UDFOHXVH 6XUIDFHV FLPHQWpHV RX DVSKDOWpHV 5pJOH] OHV SDWLQV SRXU DEDLVVHU OD ODPH UDFOHXVH VL OD GpQHLJHXVH Q·HQOqYH SDV O
'pEUDQFKH] OD ERXJLH )LJ SXLV UHWLUH] OD GH OD FXODVVH &RQWU{OH] O·DOLJQHPHQW GX OHYLHU GH FKDQJHPHQW GH YLWHVVH 6·LO Q·HVW SDV HQ UHJDUG GH OD IHQWH GX 3RZHU 6KLIW GDQV OH SDQQHDX GH FRPPDQGH )LJ HQFDGUp UpJOH] OD ORQJXHXU GH OD WULQJOH GH FKDQJHPHQW GH YLWHVVH FRPPH VXLW $ 'pFRQQHFWH] OH MRLQW j URWXOH GX OHYLHU GH WUDQVPLVVLRQ HW GHVVHUUH] OH FRQWUH pFURX % 9LVVH] RX GpYLVVH] OH MRLQW j URWXOH MXVTX·j FH TXH OH OHYLHU GH FKDQJHPHQW GH YLWHVVH VRLW MXVWH HQ IDFH GH OD IHQWH
'pEDUUDVVH] YRXV GX FDUEXUDQW FRUUHFWHPHQW VHORQ OHV UpJOHPHQWDWLRQV ORFDOHV HQ PDWLqUH GH UHF\FODJH $77(17,21 5HPDUTXH 1H FRQVHUYH] SDV O·HVVHQFH VWDELOLVpH SHQGDQW SOXV GH MRXUV '$1*(5 327(17,(/ /·HVVHQFH HVW WUqV LQIODPPDEOH 48(/6 6217 /(6 5,648(6" /·HVVHQFH SHXW SUHQGUH IHX HW FDXVHU GHV EOHVVXUHV JUDYHV 3UpSDUDWLRQ GX PRWHXU 5HWLUH] OD ERXJLH GH OD FXODVVH &200(17 6( 3527(*(5" 9LGDQJH] O·HVVHQFH j O·H[WpULHXU 1H YLGDQJH] O·HVVHQFH TXH ORUVTXH OH PRWHXU HVW IURLG (VVX\H
$FFHVVRLUHV /HV DFFHVVRLUHV VXLYDQWV SRXU GpQHLJHXVH SHXYHQW rWUH REWHQXV FKH] YRWUH YHQGHXU DJUpp .LW GH GpPDUUDJH pOHFWULTXH 9 &$ .LW GH FKDvQHV SRXU SQHXV SRXU HVVLHX VWDQGDUG QH SDV XWLOLVHU DYHF XQ NLW GH GLIIpUHQWLHO 7HQWH GH SURWHFWLRQ .LW GH OHVW %ULVH FRQJqUHV .
*DUDQWLH LQWpJUDOH 7RUR 'pQHLJHXVHV j PRWHXU *DUDQWLH LQWpJUDOH GH GHX[ DQV JDUDQWLH OLPLWpH SRXU XVDJH FRPPHUFLDO j HVVHQFH 4XH FRXYUH FHWWH JDUDQWLH H[SUHVVH" &H TXH OD JDUDQWLH QH FRXYUH SDV HW DSSOLFDWLRQ j OD JDUDQWLH GH OD OpJLVODWLRQ GH O·(WDW /D VRFLpWp 7RUR V·HQJDJH j UpSDUHU WRXW SURGXLW 7252 XWLOLVp j GHV ILQV UpVLGHQWLHOOHV QRUPDOHV SUpVHQWDQW XQ GpIDXW GH IDEULFDWLRQ SHQGDQW XQH SpULRGH GH GHX[ DQV j GDWHU GH O·DFKDW 3RXU OHV GpQHLJHXVHV j VLPSOH pWDJH OD JDUDQWLH FRXYUH OH FRW GHV S