1. &ROÂOH..Ly/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO.DWDOjQ~P
(/;,1Ê6
(678',203$5$7,8
(175(/$*5$0¬7,$'(/$7$/¬,/$'(/;,1Ê6
/OXwVD*Uj.LD
*UXSGH/q[L.L*UDPjWL.D
*DELQHWG¶$VVHVVRUDPHQW/LQJtVWL.SHUDOD,PPLJUD.Ly
8QLYHUVLWDWGH*LURQD
*HQHUDOLWDWGHDWDOXQD
'HSDUWDPHQWGH%HQHVWDUL)DPÇOLD

2. *Uj.LDL6ROp/OXwVD
(O;LQqVHVWXGL.RPSDUDWLXHQWUHODJUDPjWL.DGHO.DWDOjLODGHO[LQqV±/OHQJXDLPPLJUD.LyL
HQVHQDPHQWGHO.DWDOj

3. ,6%1
,DWDOXQD'HSDUWDPHQWGH%HQHVWDU6R.LDO,,7tWRO,,,ROÂOH..Ly/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO
.DWDOjDWDOj±*UDPjWL.D.RPSDUDGD±;LQqV;LQqV±*UDPjWL.D.RPSDUDGD±DWDOjDWDOj±
(QVHQDPHQW±(VWXGLDQWVHVWUDQJHUV
(OSURMH.WH³/OHQJXDLPPLJUD.LyLHQVHQDPHQWGHO.DWDOj´KDHVWDWILQDQoDWSHO'HSDUWDPHQWGH%HQHVWDUL)DPtOLD
GHOD*HQHUDOLWDWGHDWDOXQDDWUDYpVG¶XQ.RQYHQLGH.ROÂODERUD.LyDPEOD8QLYHUVLWDWGH*LURQD

4. (OVLQYHVWLJDGRUVTXHKDQWUHEDOODWHQODUHGD..LyGHOVUHVXOWDWVG¶DTXHVWSURMH.WHVyQ
/OXwVD*Uj.LD6ROp.RRUGLQDGRUD

5. *UXSGH/q[L.L*UDPjWL.D8G*

6. -RDQ0LTXHORQWUHUDV+HUDV *UXSGH/q[L.L*UDPjWL.D8G*

7. -RUGL)DUUpV1LHUJD 6('(*LURQD
;DYLHU/DPXHOD*DU.LD *UXSGH/q[L.L*UDPjWL.D8G*

8. -XDQDUORV0RUHQRDEUHUD 8QLYHUVLGDG$XWyQRPDGH0DGULG
0DU.RV2UR].R3DLUHW %H.DULGHOSURMH.WH8G*

9. )UDQ.HV.5R.D8UJHOO *UXSGH/q[L.L*UDPjWL.D8G*

10. 5DTXHO6iQ.KH]$YHQGDxR (VWXGLDQWGHPjVWHU8G*

11. -RVHS06HUUD%RQHW *UXSGHXOWXUDL(GX.D.Ly8G*

12. (OLVDEHW6HUUDW6HOODERQD *UXSGHXOWXUDL(GX.D.Ly8G*

13. +DQSDUWL.LSDWHQO¶HODERUD.LyLUHLPSUHVVLyG¶DTXHVWYROXP.RPDEH.DULV.ROÂODERUDGRUVRUHYLVRUV
5RVHU$JXVWt+HUHX %H.jULD8G*

14. %HUWDURXVDVWDxp %H.jULD8G*

15. 2OJD)XOODQD1RHOO *UXSGH/q[L.L*UDPjWL.D8G*L,(

16. /L]]*DXYUHDX2¶+DJDQ %H.jULDGHOSURMH.WH8G*

17. +D L)HQJ+yQJ *LURQD
ULVWLQD-XKHU%DUURW 8QLYHUVLWDWGH*LURQD
0HULW[HOO0DUt5RGUtJXH] %H.jULDGHOSURMH.WH8G*

18. 0DU.RV2UR].R3DLUHW %H.DULGHOSURMH.WH8G*

19. /DXUD5LHUDDVHOODV *UXSGH/q[L.L*UDPjWL.D8G*

20. /tGLD7XURQ3ODQHOOD *UXSGH/q[L.L*UDPjWL.D8G*

21. ‹ *HQHUDOLWDWGHDWDOXQD
'HSDUWDPHQWGH%HQHVWDUL)DPtOLD
3ULPHUDHGL.LyDEULOGH
3ULPHUDUHLPSUHVVLyUHYLVDGDPDLJGH
7LUDWJHH[HPSODUV
'LSzVLWOHJDO%
'LVVHQLSURGX..Ly7+$86/

22. 35(6(17$,Ï
eVXQDVDWLVID..LySHUDPLSUHVHQWDUYRVDTXHVWDQRYD.ROÂOH..LyTXHHO'HSDUWDPHQWGH
%HQHVWDUL)DPtOLDKDLQL.LDWDPEODYROXQWDWG¶DMXGDUD.RQqL[HULLQWHJUDUHQODQRVWUD
VR.LHWDWOHVSHUVRQHVTXHDUULEHQG¶DUUHXGHOPyQ/DYROXQWDW.UHL[HQWTXHPRVWUHQSHU
DSUHQGUH HO .DWDOj KD SRVDW GH PDQLIHVW OD QH.HVVLWDW GH IDPLOLDULW]DU OD .RPXQLWDW
HGX.DWLYD DPE OHV OOHQJHV GHOV LPPLJUDQWV D IL TXH DTXHVWD SXJXL HQWHQGUH HOV
SUREOHPHV OLQJtVWL.V TXH KDQ G¶DIURQWDU HOV HVWXGLDQWV TXDQ GHVLWJHQ DSUHQGUH R
DSUHQHQHO.DWDOj$TXHVWDQH.HVVLWDWHVIDHYLGHQWDPEO¶HV.RODULW]D.LyGHQHQVLQHQHV
HQOHVHV.ROHV.DWDODQHVSHUzWDPEpDPEO¶LQ.UHPHQWGHSHUVRQHVLQV.ULWHVDOHVHV.ROHVL
DXOHV GH IRUPD.Ly G¶DGXOWV L HQ HOV .XUVRV GH QRUPDOLW]D.Ly OLQJtVWL.D DGDV.XQ GHOV
YROXPV G¶DTXHVWD .ROÂOH..Ly pV IUXLW G¶XQ HVWXGL GH OHV OOHQJHV HVWUDQJHUHV QR
.RPXQLWjULHVPpVSDUODGHVDDWDOXQDLHVWjGHVWLQDWDIHUQRWDUHOVDVSH.WHVOLQJtVWL.V
TXH SRGHQ DIDYRULU R HQWRUSLU O¶DSUHQHQWDWJH GHO .DWDOj RQWHQHQ XQD GHV.ULS.Ly
JUDPDWL.DOGHODOOHQJXDLXQDSDUWDWGHOVHUURUVLSUREOHPHVOLQJtVWL.VPpVIUHTHQWVL
DPpVYDQD.RPSDQDWVG¶XQVEUHXVHVWXGLV.RPSDUDWLXVGHOVLVWHPDJUDPDWL.DO.DWDOj
DPEHOVVLVWHPHVJUDPDWL.DOVGHOHVDOWUHVOOHQJHV
/D ILQDOLWDW SULQ.LSDO GHO *RYHUQ GH OD *HQHUDOLWDW GH DWDOXQD DVVHQDODGD HQ HO 3OD
LQWHUGHSDUWDPHQWDO G¶LPPLJUD.Ly pV D.RQVHJXLU TXH OHV SHUVRQHV TXH KDQ HV.ROOLW
DWDOXQDSHUYLXUHV¶KLLQWHJULQDPEODPj[LPDQDWXUDOLWDWLUDSLGHVDSRVVLEOH/DYLD
SULQ.LSDOSHUD.RQVHJXLUDTXHVWDLQWHJUD.LypVHO.RQHL[HPHQWLO¶~VGHO.DWDOj6yQHOV
SURIHVVLRQDOVGHO¶HQVHQDPHQWLODVR.LHWDW.DWDODQDHQJHQHUDOHOVTXHWHQHQHOGHXUHGH
ID.LOLWDUORV O¶DSUHQHQWDWJH GH OD QRVWUD OOHQJXD RQqL[HU TXLQHV VyQ OHV GLIL.XOWDWV
OLQJtVWLTXHV DPE TXq HV WUREHQ KD G¶DMXGDUQRV D ID.LOLWDU O¶HQVHQDPHQW GHO .DWDOj D
SHUVRQHV DPE TXL LQL.LDOPHQW KL SRW KDYHU PpV GLIL.XOWDWV GH .RPSUHQVLy L GH UHOD.Ly
YHUEDODWqVTXH.DSGHOVGRVLQWHUOR.XWRUV.RQHL[RSDUODODOOHQJXDGHO¶DOWUH
(OVHJRQPRWLXGHVDWLVID..LySHUODSUHVHQWD.LyG¶DTXHVWD.ROÂOH..LyGHULYDGHOIHWTXH
pV IUXLW G¶XQD .ROÂODERUD.Ly HQWUH HO PyQ D.DGqPL. UHSUHVHQWDW SHU OD 8QLYHUVLWDW GH
*LURQDLDPEOD.RRUGLQD.LyGHOD'UD/OXwVD*Uj.LD±DPEXQDOODUJDWUDMH.WzULDHQOD
LQYHVWLJD.Ly OLQJtVWL.D OD TXDO JDUDQWHL[ OD TXDOLWDW GHOV PDWHULDOV HODERUDWV± L
O¶$GPLQLVWUD.Ly .DWDODQD UHSUHVHQWDGD SHO 'HSDUWDPHQW GH %HQHVWDU L )DPtOLD GH OD

23. *HQHUDOLWDWGHDWDOXQDUH.TXHpVER TXH OHV LQYHVWLJD.LRQV TXH HV IDQ HQ HO PyQ
D.DGqPL. WLQJXLQ XQD DSOL.D.Ly GLUH.WD L UHYHUWHL[LQ HQ EHQHIL.L GH OD VR.LHWDW L GHOV
.LXWDGDQVHQJHQHUDO$L[t PDWHL[.UH.TXHpVERTXHOHVDGPLQLVWUD.LRQVV¶DGUH.LQ DO
PyQ D.DGqPL. SHU VROÂOL.LWDUOL .RQHL[HPHQWV L PqWRGHV TXH HQV SHUPHWLQ PLOORUDU HO
WUHEDOOGHOGLDDGLD
$TXHVWVPDWHULDOVGRQ.VHODERUDWVHQO¶jPELWD.DGqPL.YDQGHVWLQDWVDOVSURIHVVLRQDOV
GH O¶HQVHQDPHQW D IL TXH HOV VHUYHL[LQ SHU DSURSDUVH XQD PL.D D OHV OOHQJHV TXH
SDUOHQ HOV VHXV DOXPQHV L HOV SHUPHWLQ LGHQWLIL.DU OHV GLIL.XOWDWV L HOV SURJUHVVRV HQ
O¶DSUHQHQWDWJH GHO .DWDOj GHULYDWV GH OHV GLIHUqQ.LHV IRQqWLTXHV JUDPDWL.DOV L Oq[LTXHV
DPEODVHYDOOHQJXDPDWHUQD
,5(1(5,*$8,2/,9(5
RQVHOOHUDGH%HQHVWDUL)DPtOLD

24. $UWL.OH
7RWV HOV pVVHUV KXPDQV QHL[HQ OOLXUHV L LJXDOV HQ GLJQLWDW L HQ GUHWV
6yQ GRWDWV GH UDy L GH .RQV.LqQ.LD L KDQ GH .RPSRUWDUVH
IUDWHUQDOPHQWHOVXQVDPEHOVDOWUHV
'H.ODUD.Ly8QLYHUVDOGHOV'UHWV+XPDQV

27. ,1752'8,Ï
/D LGHD GH IHU XQ HVWXGL VREUH OHV OOHQJHV GHOV LPPLJUDQWV TXH UHVLGHL[HQ D
DWDOXQDYDVRUJLUGHOD.RQVWDWD.LyGHOVSUREOHPHVTXHVXSRVDYDHOIHWG¶LQWHJUDUDOHV
DXOHVLDODVR.LHWDWXQHVSHUVRQHVTXHSDUODYHQXQDDOWUDOOHQJXDGHODTXDOOD.RPXQLWDW
HGX.DWLYD GHO QRVWUH SDtV HQ OD PDMRULD GHOV .DVRV QR WHQLD .DS .RQHL[HPHQW /D
VLWXD.Ly GRQ.V pV EHQ GLIHUHQW GH OD TXH HV GyQD DPE HOV LPPLJUDQWV TXH SDUOHQ
.DVWHOOjSHUTXqHOVHGX.DGRUVVtTXHSRGHQHQWHQGUHLSDUODUODVHYDOOHQJXDLSHUWDQW
QRHVGyQDODLPSRVVLELOLWDWGH.RPSUHQVLyLGHUHOD.LyYHUEDO
/¶REMH.WLXG¶DTXHVWVWUHEDOOVpVSURSRU.LRQDUDOVPHVWUHVLDOVSURIHVVRUVTXHKDQ
G¶HQVHQDU .DWDOj DOV QRVWUHV LPPLJUDQWV XQD HLQD TXH HOV VHUYHL[L SHU DSURSDUVH XQD
PL.DDODOOHQJXDTXHSDUOHQHOVVHXVDOXPQHV1RHVWUD.WDHYLGHQWPHQWTXHDSUHQJXLQ
jUDE[LQqVRPDQGLQJDSHUH[HPSOH1RPpVSUHWHQHPTXHWLQJXLQXQDLGHDJHQHUDOGHO
IXQ.LRQDPHQWGHODJUDPjWL.DG¶DTXHVWHVOOHQJHVTXHHOVSHUPHWLYDORUDULHQWHQGUHOHV
GLIL.XOWDWVLHOVSURJUHVVRVGHOVDSUHQHQWVeVREYLTXHQRWRWVHOVSUREOHPHVOLQJtVWL.V
SURYHQHQGHODLQWHUIHUqQ.LDDPEODSULPHUDOOHQJXDDOJXQVVyQJHQHUDOVHQTXDOVHYRO
DSUHQHQWDWJH G¶XQD VHJRQD R ILQV L WRW G¶XQD SULPHUD OOHQJXD 3HUz Vt TXH KL KD
GHWHUPLQDWVHUURUVTXHV¶HQWHQHQPpVEpVLHV.RPSDUDODJUDPjWL.DGHO.DWDOjDPEODGH
O¶DOWUD OOHQJXD 1RVDOWUHV QR SUHWHQHP HQ DTXHVWV HVWXGLV GRQDU VROX.LRQV QL PDWHULDO
GLGj.WL.SHUDOVSUREOHPHV.RQ.UHWV$L[zHVSRGUjIHUHQXQDVHJRQDIDVHDUDTXHWHQLP
LGHQWLIL.DGHVOHVGLIHUqQ.LHVHQWUHOHVGXHVOOHQJHVLTXHKHPSRJXWGHWH.WDUHOVHUURUV
PpV IUHTHQWV (O WUHEDOO TXH SUHVHQWHP DUD KDXULD G¶DMXGDU O¶HQVHQDQW D GHGXLU G¶RQ
YpQHQ R G¶RQ SRGHQ YHQLU HOV SUREOHPHV L KDXULD G¶HVWLPXODUOR D WUREDU HVWUDWqJLHV
GLGj.WLTXHVDGHTXDGHVD.DGD.DV
/D LGHD TXH KL KD DO GDUUHUH G¶DTXHVW SURMH.WH pV TXH SHUTXq HOV LPPLJUDQWV
V¶LQWHJULQ.DOTXHODVR.LHWDWG¶D.ROOLGDWLQJXLDOJXQ.RQHL[HPHQWGHOD.XOWXUDGHOVTXH
KLDUULEHQ,OD.XOWXUDHQWUHG¶DOWUHV.RVHVLQ.ORXODOOHQJXD,SRWVHUpVHOID.WRUPpV
LPSRUWDQWSHUTXqpVHOTXHSHUPHWODWUDQVPLVVLyGH.RQHL[HPHQWVG¶H[SHULqQ.LHVLGH
VHQWLPHQWV/DOOHQJXDLSHUUDRQVKLVWzULTXHVHOV.DWDODQVKRSRGHPHQWHQGUHPROWEp
L

28. pVXQWUHWPROWOOLJDWDODSHUVRQDLDOD.RPXQLWDWTXHPHUHL[XQUHVSH.WHHVSH.LDOSHU
SDUWGHOVDOWUHVLTXHHQ.DS.DVQRV¶KDGHPHQVWHQLURLJQRUDU
3RGHU GHPRVWUDU DOV LPPLJUDQWV TXH VDEHP DOJXQD .RVD GH OD VHYD OOHQJXD
HQ.DUDTXHQRPpVVLJXLTXHHQ.RQHL[HPO¶H[LVWqQ.LDLHOQRPRODPDQHUDGHGLUERQ
GLDRJUj.LHVPDQLIHVWDUTXHKLHVWHPLQWHUHVVDWVLHQVHQDUORVTXHWHQLPXQOOLEUHWTXH
HQVSRWDMXGDUDVDEHUQHPpVVyQ.RVHVTXHHOOVDJUDLUDQ.RPKRDJUDLUtHPQRVDOWUHVVL
HQVWUREpVVLPHQOHVVHYHV.LU.XPVWjQ.LHV(QPROWV.DVRVHVSH.LDOPHQWSHUDOVSDUODQWV
G¶DOJXQHVOOHQJHVDIUL.DQHVDTXHVWLQWHUqVSRWWHQLUHQ.DUDXQDOWUH HIH.WH EHQHIL.LyV
HYLWDUTXHHOOVV¶DYHUJRQHL[LQGHODVHYDSUzSLDOOHQJXDLSHUWDQWUHGXLUHOVHQWLPHQW
G¶LQIHULRULWDWTXHGHYHJDGHVVHQWHQHQYHUVHOOVPDWHL[RVLODVHYD.XOWXUDTXDQVyQDTXt
1RPpVTXDQHQVD..HSWHPLHQVVHQWLPD..HSWDWVVRP.DSDoRVG¶D..HSWDUHOVDOWUHV8Q
SUR.pVG¶LQWHJUD.LyQRSRWDQDU GHVYLQ.XODW GHO .RQHL[HPHQW PXWX ,QWHJUDU QR YRO GLU
IDJR.LWDU,QWHJUDUVHQRSRWLPSOL.DUKDYHUGHUHQXQ.LDUDODSUzSLD.XOWXUD6LIRVDL[t
VHULDXQHPSREULPHQWSHUDOHVGXHVSDUWV
(VWUX.WXUDGHOOOLEUH
$TXHVWOOLEUH.RQVWDGH.LQ.SDUWV(QODSULPHUD,GHQWLIL.D.LyGHODOOHQJXDHV
GRQHQXQHVQR.LRQVEjVLTXHVVREUHHOOOR.RQHVSDUODHO[LQqVHOQRPEUHGHSDUODQWVOD
VLWXD.Ly VR.LROLQJtVWL.D L OHV YDULDQWV GLDOH.WDOV O¶DOIDEHW L OHV VHYHV SULQ.LSDOV
.DUD.WHUtVWLTXHVJUDPDWL.DOV
/D VHJRQD SDUW 'HV.ULS.Ly JUDPDWL.DO SUHVHQWD DOJXQHV THVWLRQV GH
O¶HVWUX.WXUDGHODJUDPjWL.DGHO[LQqVHVSH.LDOPHQWDTXHOOHVTXHVyQPpVGLIHUHQWVGHO
.DWDOjRTXHSRGHQVHUOD IRQWG¶DOJXQV HUURUV (VWj RUJDQLW]DGD LQWHUQDPHQW HQ TXDWUH
VXEDSDUWDWVIRQRORJLDLIRQqWL.DPRUIRORJLDVLQWD[LLOq[L.$TXHVW.DStWROQRV¶KDGH
YHXUH .RP XQD ³JUDPjWL.D [LQHVD´ pV QRPpV XQ .RQMXQW G¶LQIRUPD.LRQV JUDPDWL.DOV
VREUHHO[LQqV.RPSDUDGHVDPEOHVHVWUX.WXUHV.RUUHVSRQHQWVGHO.DWDOj6HPSUHTXHHQV
KD HVWDW SRVVLEOH KHP UHOD.LRQDW OD .RPSDUD.Ly JUDPDWL.DO DPE HOV HUURUV TXH KHP
GHWH.WDWHQODSDUOD.DWDODQDGHSHUVRQHV[LQHVHV+HPLQWHQWDWVHPSUHGHL[DUGHEDQGD
HOVWH.QL.LVPHVLKHPVLPSOLIL.DWHOVSUREOHPHVDOPj[LP3RVVLEOHPHQWXQOLQJLVWDKL
WUREDUjPDQ.DQ.HVSUREOHPHVLQWHUHVVDQWVSR.H[SOL.DWVLVHQVH.DSSURSRVWDGHVROX.Ly
,WLQGUjUDy3HUzHVWUD.WDG¶XQWUHEDOODPEXQDILQDOLWDWSUj.WL.DPROW.ODUDDMXGDUHOV
LL

29. HGX.DGRUV TXH QR QH.HVVjULDPHQW VyQ OLQJLVWHV

30. eV SHU DL[z TXH KHP .UHJXW
.RQYHQLHQWGHL[DUGHEDQGDOHVGLVTXLVL.LRQVTXHSRGULHQVHUPROWLQWHUHVVDQWVSHUDXQ
OLQJLVWDSHUzTXHQRDSRUWDULHQUHVVLJQLIL.DWLXD O¶REUDWDO.RPO¶KHP.RQ.HEXGDGHV
GHO.RPHQoDPHQW
/D WHU.HUD SDUW LQ.ORX XQD OOLVWD DPE HOV WLSXV G¶HUURUV TXH KHP WUREDW DPE
DOJXQVH[HPSOHVLODUHIHUqQ.LDDO¶DSDUWDWGHOVHJRQ.DStWROHQTXqHVWUD.WDODTHVWLy
(OV HUURUV SURYHQHQ GH SDUODQWV [LQHVRV TXH KHP HQWUHYLVWDW TXDQ SDUODYHQ .DWDOj (Q
DOJXQ.DVO¶LQIRUPDQWSDUODYD.DVWHOOjSHUTXqKDHVWDWGLIt.LOWUREDUDGXOWV[LQHVRVTXH
SDUOHVVLQ.DWDOj(QTXDOVHYRO.DVHOVUHVXOWDWVQRYDULHQGHOVTXHWLQGUtHPVLKDJXHVVLQ
SDUODWHQ.DWDOjHOVWLSXVG¶HUURUVVyQJDLUHEpHOVPDWHL[RVSHUTXqOHVGXHVOOHQJHVVyQ
PROW VLPLODUV 6¶KD GH WHQLU HQ .RPSWH TXH .DS GHOV QRVWUHV LQIRUPDQWV QR HUD HQ HOV
SULPHUV HVWDGLV G¶DSUHQHQWDWJH GH OD OOHQJXD $L[z YRO GLU TXH QR KHP SRJXW GHWH.WDU
DOJXQVGHOVHUURUVTXHVHJRQVODELEOLRJUDILDHVGRQHQHQHOVSULPHUVPRPHQWV(OTXH
pVLQWHUHVVDQWpVTXHILQVLWRWHQQHQVGHYXLWRGHXDQVQDV.XWVDTXtHOGRPLQLGHOD
OOHQJXDpVIRUoDEDL[VLHO.RPSDUHPDPEHOTXHWHQHQHOVSDUODQWVG¶DOWUHVOOHQJHVHQ
XQDVLWXD.LyVLPLODU
(OTXDUWDSDUWDW.RUUHVSRQDGRVEUHXVYR.DEXODULVXQGH.DWDOj[LQqVLXQDOWUH
GH[LQqV.DWDOj/DIRUPD[LQHVDHVWjHV.ULWDHQSLQLQpVDGLUHQO¶DGDSWD.LyGHO[LQqV
DO¶DOIDEHWOODWt(QHOVHJRQ.DStWROHQSDUODUGHODIRQRORJLDLODIRQqWL.DHVGRQHQOHV
HTXLYDOqQ.LHVHQWUHHOVVLJQHVGHOSLQLQLHOVGHO¶DOIDEHWIRQqWL.LQWHUQD.LRQDO$L[zSRW
ID.LOLWDUILQVDXQ.HUWSXQWODSURQXQ.LD.LyG¶DOJXQDSDUDXODHQ[LQqVVLpVQH.HVVDUL
6¶KDQ WULDW HOV .RQ.HSWHV TXH HV .RQVLGHUHQ PpV R PHQV XQLYHUVDOV HQ OD ELEOLRJUDILD
HVSH.LDOLW]DGD L V¶KL KDQ DIHJLW DTXHOOV TXH HQV VHPEODYD TXH SRGLHQ VHU G¶~V PpV
IUHTHQW HQ OD QRVWUD VR.LHWDW R HQ OD VHYD .XOWXUD 3UREDEOHPHQW V¶KL WUREDUDQ
PDQ.DQ.HVSHUzHQHO.DVGHO[LQqVHOOH.WRULQWHUHVVDWSRWUH.yUUHUDOGL..LRQDUL.DWDOj
[LQqV[LQqV.DWDOjSXEOL.DWSHU(Q.L.ORSqGLDDWDODQD
)LQDOPHQW HO .LQTXq SXQW pV XQD EUHX ELEOLRJUDILD TXH LQ.ORX UHIHUqQ.LHV
DVVHTXLEOHVGHVGH DWDOXQD L DGUH.HV GH SjJLQHV ZHE UHOD.LRQDGHV DPE HO WHPD L HO
VLVqDSDUWDW.RQWpHOVDSqQGL[VHOTXDGUHGHO¶DOIDEHWIRQqWL.LQWHUQD.LRQDOHOTXDGUHGH
VRQVGHO.DWDOjLXQPDSDGHOVGLDOH.WHV[LQHVRV
LLL

31. $JUDwPHQWV
7RW DTXHVW SURMH.WH QR KDXULD HVWDW SRVVLEOH VHQVH HO ILQDQoDPHQW GHO
'HSDUWDPHQW GH %HQHVWDU L )DPtOLD GH OD *HQHUDOLWDW GH DWDOXQD $JUDwP GRQ.V
G¶XQDPDQHUDPROWHVSH.LDOOD.RQILDQoDTXHHQVKDGHPRVWUDWOD.RQVHOOHUD,UHQH5LJDX
LOD.ROÂODERUD.LyGHOHVSHUVRQHVGHO'HSDUWDPHQWTXHSUHVLGHL[
/D UHGD..Ly G¶DTXHVW YROXP V¶KD EHQHIL.LDW GH OD .ROÂODERUD.Ly GH GLYHUVHV
SHUVRQHV(QSULPHUOOR.DJUDwPODIHLQDTXHKDQIHWHOVEH.DULVL.ROÂODERUDGRUVTXHKDQ
WUHEDOODW GLUH.WDPHQW R LQGLUH.WDPHQW HQ DTXHVW SURMH.WH HQWUHYLVWDQW LQIRUPDQWV
WUDQV.ULYLQWHOVHQUHJLVWUDPHQWVLIHQWWRWHOTXH.DOLD/*DXYUHDX00DUt02UR].R
/ 5LHUD 5 $JXVWt L / 7XURQ $ 2 )XOODQD GHYHP OHV SDXWHV L WRWHV OHV LQGL.D.LRQV
QH.HVVjULHVSHUDO¶HVWUX.WXUD.LyGHOYR.DEXODULILQDOLD-XKHUL%URXVODUHYLVLy
GHOPDQXV.ULW$JUDwPWDPEpDO(,3-RDQ%UXJXHUDGH*LURQDHOSHUPtVSHUHQWUHYLVWDU
DOJXQV QHQV L HQ JHQHUDO OD GLVSRQLELOLWDW GH WRWV HOV LQIRUPDQWV TXH V¶KDQ DYLQJXW D
GHL[DUVH HQWUHYLVWDU 'RQHP OHV JUj.LHV D OD ,QWHUQDWLRQDO 3KRQHWL. $VVR.LDWLRQ .R
'HSDUWPHQWRI/LQJXLVWL.V8QLYHUVLWRI9L.WRULD9L.WRULD%ULWLVKROXPELDDQDGj

32. SHU SHUPHWUH OD UHSURGX..Ly GHO TXDGUH GH VRQV TXH DSDUHL[ D OD VH..Ly G¶DSqQGL[V
)LQDOPHQWYROHPGRQDUOHVJUj.LHVD+D L)HQJ+yQJTXHKDD..HSWDWGHUHYLVDUDTXHVW
WUHEDOO L TXH HQV KD DSRUWDW GLYHUVHV LQIRUPD.LRQV L KD HYLWDW TXH KL DSDUHJXHVVLQ XQV
TXDQWV GLVEDUDWV L D 6 5RYLUD SHOV VHXV .RPHQWDULV L .RQVHOOV D O¶KRUD GH SUHSDUDU
DTXHVWDVHJRQDHGL.Ly
$JUDwP SHU HQGDYDQW WRWV HOV VXJJHULPHQWV REVHUYD.LRQV L .RUUH..LRQV TXH HOV
OH.WRUV HQV SXJXHX IHU DUULEDU D O¶DGUHoD GH .RUUHX HOH.WUzQL. JDOL#XGJHV /D YRVWUD
.ROÂODERUD.LyHQVSRGUjVHUPROW~WLOSHUPLOORUDUHOQRVWUHWUHEDOO
LY

33. $%5(9,$785(686$'(6(1/$'(65,3,Ï*5$0$7,$/
/$66 .ODVVLIL.DGRU
203 .RPSDUDWLX
21' .RQGL.LRQDO
,03(5) LPSHUIH.WLX
,17(55 LQWHUURJDWLX
3$57 SDUWt.XOD
3$57/2 SDUWt.XODOR.DWLYD
3$66 SDVVLYD
3(5) SHUIH.WLX
68) VXIL[
$%5(9,$785(686$'(6(1(/92$%8/$5,
DGM DGMH.WLX
DGY DGYHUEL
.RQM .RQMXQ.Ly
LQWU LQWUDQVLWLX
Q QRP
QXP QXPHUDO
SUHS SUHSRVL.Ly
SURQ SURQRPSURQRPLQDO
WU WUDQVLWLX
Y YHUE
Y

35. ,'(17,),$,Ï'(/$//(1*8$
)$0Ë/,$ /,1*hË67,$ 6,78$,Ï *(2*5¬),$ , 120%5( '(
3$5/$176
(O [LQqV pV XQD OOHQJXD GH OD EUDQ.D VLQtWL.D GH OD IDPtOLD VLQRWLEHWDQD eV OD
OOHQJXDTXHWpHOQRPEUHGHSDUODQWVPpVHOHYDWTXHHV.DO.XODTXHJLUDDOYROWDQWGHOV
PLOPLOLRQVGHSHUVRQHV$TXHVWD[LIUDHTXLYDODXQDTXDUWDSDUWGHODSREOD.LyPXQGLDO
eVSDUODWDOD;LQD.RQWLQHQWDO+RQJ.RQJ7DLZDQ6LQJDSXU0DOjLVLDL,QGRQqVLD$
PpVKLKDPROWVLPPLJUDQWV[LQHVRVTXHHOSDUOHQDUUHXGHOPyQ1RPpVXQVLVSHU.HQW
GHOV KDELWDQWV GH OD ;LQD SDUOHQ OOHQJHV TXH QR VyQ .DS YDULDQW GHO [LQqV HV WUD.WD
IRQDPHQWDOPHQWGHOHVPLQRULHVPRQJROVLWLEHWDQHV6HJRQVGDGHVGHO'HSDUWDPHQWGH
%HQHVWDU L )DPtOLD GH OD *HQHUDOLWDW GH DWDOXQD HO GH GHVHPEUH GH D
DWDOXQDKLKDYLDLPPLJUDQWV[LQHVRVDPESHUPtVGHUHVLGqQ.LD
(QUHDOLWDWSHUzHOTXHV¶DQRPHQD[LQqVpVXQ.RQMXQWGHPROWtVVLPVGLDOH.WHV
TXHPROWVRYLQWVyQLQ.RPSUHQVLEOHVHQWUHVLYJHOPDSDGHO¶DSDUWDW

36. 'HVGHOSXQW
GHYLVWDOLQJtVWL.HVSRGHQWUD.WDU.RPDOOHQJHVGLIHUHQWVMDTXHODGLVWjQ.LDHQWUHOHV
GLYHUVHV IRUPHV VRYLQW pV PpV JUDQ TXH OD TXH KL KD SHU H[HPSOH HQWUH OHV GLIHUHQWV
OOHQJHV URPjQLTXHV 6L HV .RQVLGHUHQ GLDOH.WHV G¶XQD PDWHL[D OOHQJXD pV QRPpV SHU
PRWLXVVR.LRSROtWL.VG¶XQDEDQGDODPDMRUSDUWGHOWHUULWRULRQHVSDUOHQSHUWDQDXQ
PDWHL[ HVWDW L GH O¶DOWUD H[LVWHL[ XQ ~QL. VLVWHPD G¶HV.ULSWXUD TXH ID TXH HOV WH[WRV
HV.ULWVHVGHYLQJXLQOOHJLEOHVSHUDWRWVHOVSDUODQWVDOIDEHWLW]DWVHQ.DUDTXHQRHOVVLJXL
SRVVLEOH OD .RPXQL.D.Ly RUDO (OV JUXSV GH GLDOH.WHV PpV LPSRUWDQWV VyQ HOV VHJHQWV
/RYLQ

37. D

38. 0DQGDUtSDUODWDOQRUGLDO¶LQWHULRUGHOD;LQDWpXQVPLOLRQVGHSDUODQWVeVHO
JUXSPpVLPSRUWDQWWDQW SHO QRPEUH GH SDUODQWV .RP SHO SHV VR.LDO TXH VXSRVD KDYHU
HVWDWODEDVHGHODOOHQJXDXQLIL.DGDPRGHUQD
E

39. :~SDUODWDOD.RVWD.HQWUDOLQ.ORVD6KDQJKDLWpPpVGHPLOLRQVGHSDUODQWV
.

40. 0ÿQSDUODWD7DLZDQL)XMLDQWpXQVPLOLRQVGHSDUODQWV

41. G

42. DQWRQqVRXq

43. SDUODWDOHVSURYtQ.LHVGH*XDQJGRQJL*XDQJ[LDOD.RVWDVXGLD
O¶LQWHULRUWpXQVPLOLRQVGHSDUODQWV0ROWVGHOVLPPLJUDQWVTXHUHVLGHL[HQD DOWUHV
SDwVRVG¶¬VLDLDOV(VWDWV8QLWVWHQHQHO.DQWRQqV.RPDSULPHUDOOHQJXD
H

44. ;LDQJSDUODWDODSURYtQ.LDGH+XQDQWpPpVGHPLOLRQVGHSDUODQWV
I

45. *jQSDUODWDODSURYtQ.LDGH-DLQJ[LLDOVXGHVWGH+XEHLWpPpVGHPLOLRQVGH
SDUODQWV
J

46. +DNNDSDUODWDOVXGGHOD;LQDWpPpVGHPLOLRQVGHSDUODQWV
/D YDULDQW GHO [LQqV TXH QRVDOWUHV SUHQGUHP .RP D EDVH G¶DTXHVW HVWXGL pV HO
PDQGDUt (O PRWLX TXH HQV KD IHW WULDU DTXHVWD YDULDQW pV TXH SDUW GHOV LPPLJUDQWV
[LQHVRVTXHDUULEHQDDWDOXQD.RQHL[HQDTXHVWDYDULDQWHQ.DUDTXHQRVHPSUHVLJXLOD
SUzSLD SHUTXq pV OD TXH HV .RQVLGHUD OD OOHQJXD HVWjQGDUG PRGHUQD DQRPHQDGD
SXWRQJKXDµOOHQJXD.RPXQD¶

47. /DIRUPDHVWjQGDUGHVEDVDHQODIRQqWL.DLODJUDPjWL.D
GHODYDULDQWGHODUHJLyGH%HLMLQJ3HTXtQ

48. LODOOHQJXDHV.ULWDPRGHUQDWDPEppVPROW
PpV SURSHUD DO PDQGDUt TXH QR SDV DOV DOWUHV GLDOH.WHV 7DPEp pV OD IRUPD TXH
D.WXDOPHQWV¶HQVHQDDWRWHVOHVHV.ROHVGHOD;LQD
/¶(65,3785$
(O VLVWHPD G¶HV.ULSWXUD D.WXDO GHO [LQqV pV XQD IRUPD VLPSOLIL.DGD GHO VLVWHPD
WUDGL.LRQDOIHWVHUYLUGXUDQWPpVGHGRVPLODQV0ROWVPRWV[LQHVRV.RQVWHQG¶XQDVROD
VtOÂODED L H[LVWHL[ XQD UHSUHVHQWD.Ly .DUj.WHU ORJRJUDPD

49. GLIHUHQW SHU D .DGD XQD
$OJXQV G¶DTXHVWV .DUj.WHUV VyQ SL.WRJUDPHV SHUTXq HQ.DUD TXH D.WXDOPHQW V¶KDJLQ
VLPSOLIL.DW UHSURGXHL[HQ OD IRUPD G¶XQ REMH.WH H[HPSOHV GH /L L 7KRPSVRQ

50. OtQ µERV.¶
.KXDQ µULX¶
8QV DOWUHV .DUj.WHUV V¶DQRPHQHQ LGHRJUDPHV SHUTXq VLPEROLW]HQ LGHHV R .RQ.HSWHV
DEVWUD.WHV

51. VKjQJ µVREUH¶
[Lj µVRWD¶
(OV LGHRJUDPHV L HOV SL.WRJUDPHV HV SRGHQ .RPELQDU HQ XQD IRUPD .RPSRVWD TXH
UHSUHVHQWDOD.RPELQD.LyGHOVVLJQLIL.DWVGHOHVSDUWV.RPSRVWRVOzJL.V

52. PtQJ µOOXPLQyV¶ Uu µVRO¶
Xq µOOXQD¶
7DPEp H[LVWHL[HQ HOV .RPSRVWRV IRQqWL.V HQ TXq HV .RPELQHQ GRV .DUj.WHUV XQ TXH
UHSUHVHQWD XQ WUHW VHPjQWL. GHO PRW L O¶DOWUH TXH HQ UHSUHVHQWD OD IRQqWL.D /L L
7KRPSVRQ

53. yX µXUDQL¶ M¯Q µPHWDOO¶
yX µIRQqWL.DVLPLODUDOD
XLQL.LDOGHOPRWHQ
DQJOqV¶
$.WXDOPHQWXQGHOV.DUj.WHUV[LQHVRVPRGHUQVVyQ.RPSRVWRVIRQqWL.VLDTXHVWpV
HOSUR.pVKDELWXDOSHU.UHDUQRXV.DUj.WHUV
7RW L TXH HO VLVWHPD WUDGL.LRQDO G¶HV.ULSWXUD TXH D.DEHP GH SUHVHQWDU pV
O¶KDELWXDOSHUDO[LQqVGHVGHOVHJOHSDVVDWH[LVWHL[HQVLVWHPHVGHWUDQV.ULS.LyEDVDWVHQ
O¶DOIDEHWR..LGHQWDO(OPpVXWLOLW]DWpVHOTXHV¶DQRPHQDSLQLQXQDYHUVLyURPDQLW]DGD
GH O¶HV.ULSWXUD [LQHVD TXH D.WXDOPHQW V¶HQVHQD D WRWHV OHV HV.ROHV GHO SDtV $O VHJRQ
.DStWRO D O¶DSDUWDW GRQHP OHV HTXLYDOqQ.LHV HQWUH HOV VtPEROV GHO SLQLQ L HOV GH
O¶DOIDEHWIRQqWL.LQWHUQD.LRQDOTXHUHSUHVHQWHQHOVVRQVGHO[LQqV0DOJUDWTXHHQSLQLQ
OHV VtOÂODEHV GH OHV SDUDXOHV TXH HQ WHQHQ PpV G¶XQD JHQHUDOPHQW V¶HV.ULXHQ MXQWHV HQ

54. DTXHVWOOLEUHOHVVHSDUDUHPDPEXQHVSDLSHUID.LOLWDUQHODOH.WXUDUH.RUGHPTXH.DGD
VtOÂODED.RUUHVSRQDXQ.DUj.WHU[LQqV

55. 3523,(7$767,32/Ñ*,48(6
'HL[DQWGHEDQGDO¶RULJHQGHOHVOOHQJHVDTXHVWHVHVSRGHQ.ODVVLIL.DUDWHQHQWD
OD VHYD HVWUX.WXUD JUDPDWL.DO /HV OOHQJHV SRGHQ SHUWjQHU D WLSXV IRQROzJL.V
PRUIROzJL.V R VLQWj.WL.V GLIHUHQWV VHJRQV OHV .DUD.WHUtVWLTXHV PpV VREUHVRUWLQWV GH OD
VHYDIRQRORJLDPRUIRORJLDLVLQWD[L
'HV GHO SXQW GH YLVWD IRQROzJL. HO [LQqV HV SRGULD TXDOLIL.DU GH OOHQJXD WRQDO
8QD OOHQJXD WRQDO pV DTXHOOD HQ TXq OHV VtOÂODEHV HV SURQXQ.LHQ DPE WRQV GLIHUHQWV (O
TXHpVSHUWLQHQWHQDTXHVWHVOOHQJHV QR pV OD LQWHQVLWDW .RP HQ HO .DV GH O¶D..HQW HQ
.DWDOj

56. VLQyHOWRDOWEDL[DV.HQGHQWGHV.HQGHQWHW.

57. 3HO TXH ID D OD PRUIRORJLD HO [LQqV pV XQD OOHQJXD WtSL.DPHQW DwOODQW /HV
OOHQJHV DwOODQWV D.RVWXPHQ D WHQLU SDUDXOHV IRUPDGHV SHU XQ ~QL. PRUIHPD L VyQ
LQYDULDEOHVpVDGLUQR.DQYLHQGHIRUPDSHU LQGL.DU QRPEUH WHPSV SHUVRQD HW. eV
SHUDL[zTXHGHYHJDGHVHVGLXTXHVyQOOHQJHVµVHQVHPRUIRORJLD¶SHUTXqOHVSDUDXOHV
QRHVIOH[LRQHQ'HOD.RPSDUD.LyHQWUHHOVH[HPSOHV[LQHVRVGH

58. LODVHYDWUDGX..Ly
DO.DWDOjTXHpVXQDOOHQJXDIOH.WLYDRIXVLRQDQW

59. HVSRWHQWHQGUHTXqYROGLUVHUXQD
OOHQJXDDwOODQW

60. D :R VKXu µMRGRUPR¶
1ÿVKXu µWXGRUPV¶
7DVKXu µHOOGRUP¶
DGDYHJDGDTXHKjJLPGHJORVVDUXQYHUEIDUHPVHUYLUODIRUPDGHO¶LQILQLWLX.DWDOj$L[zQRYROGLU
SHUzTXHHQ[LQqVHVWUD.WLGHO¶LQILQLWLXMDKHPGLWTXHQRPpVKLKDXQD~QL.DIRUPDSHUD.DGDPRW

61. 0pVDYLDW.RUUHVSRQGULDDO¶DUUHOGHOVQRVWUHVYHUEVSHUzpVPpVVLPSOHIHUODJORVVDDPEO¶LQILQLWLXTXH
pV OD IRUPD TXH IHP VHUYLU SHU UHIHULUQRV D XQ YHUE L HYLWD HOV SUREOHPHV TXH .DXVDULHQ HOV YHUEV
LUUHJXODUV'HODPDWHL[DPDQHUDHOVQRPVLHOVDGMH.WLXVHOVJORVVHPDPEODIRUPDPHQVPDU.DGDHO
VLQJXODUGHOV QRPV L HO PDV.XOt VLQJXODU GHOV DGMH.WLXV /HV IRUPHV SURQRPLQDOV GH WHU.HUD SHUVRQD OHV
JORVVHPDPEHOSURQRPPDV.XOtDPEHOEHQHQWqVTXHWDQWHVSRGHQUHIHULUDIHPHQLQV.RPDPDV.XOLQV

62. E :R ]XyWLDQ[LjOHNq
MRDKLUD.DEDU3(5)OOLoy
µ$KLUYDLJD.DEDUOD.ODVVH¶
:R PtQJWLDQ[LjNq
MRGHPjD.DEDUOOLoy
µ'HPjD.DEDUpOD.ODVVH¶
. WLDQ µGLDGLHV¶
VDQWLDQ µWUHVGLHV¶
$D

63. YHLHPTXHHOYHUEQR.DQYLDGHIRUPDSHULQGL.DUOHVSHUVRQHVJHQHUDOPHQWHV
SRGHQLGHQWLIL.DUSHUTXqDSDUHL[HOSURQRPSHUVRQDOTXHIDGHVXEMH.WH$E

64. WDPEp
YHLHPTXHHOWHPSVGHODIUDVHQRIDYDULDUHOYHUESHULQGL.DUWHPSVGLIHUHQWVDSDUHL[HQ
SDUWt.XOHV DVSH.WXDOV .RP OH DVSH.WH SHUIH.WLX TXH LQGL.D TXH O¶D..Ly V¶KD D.DEDW

65. L
DGYHUELVTXHLQGLTXHQSDVVDWRIXWXU]XyWLDQµDKLU¶RPtQJWLDQµGHPj¶HQO¶H[HPSOH

66. SHUz OD IRUPD YHUEDO pV VHPSUH LGqQWL.D )LQDOPHQW D .

67. HV SRW .RPSURYDU TXH HOV
QRPVQRHVIOH[LRQHQSHUUHSUHVHQWDUHOQRPEUHVHUjHO.RQWH[WRODSUHVqQ.LDG¶DOJXQD
SDUDXODTXHLQGLTXLPHVXUDRTXDQWLWDWVDQµWUHV¶ HQO¶H[HPSOH

68. HOTXHGHWHUPLQDUj HO
QRPEUHGHOVLQWDJPD
4XDQWDODVLQWD[LOD.ODVVLIL.D.LyWLSROzJL.DPpVWUDGL.LRQDOHVEDVDHQO¶RUGUH
HQ TXq DSDUHL[HQ D OD IUDVH HO VXEMH.WH HO YHUE L HOV .RPSOHPHQWV H[LJLWV SHO YHUE
692

69. $TXHVWD SURSLHWDW HV UHOD.LRQD DPE DOWUHV SURSLHWDWV G¶RUGUH GHOV HOHPHQWV
GLQWUHGHOVLQWDJPD(QJHQHUDOODWHQGqQ.LDTXHPDQLIHVWHQOHVOOHQJHVpVDVLWXDUHO
QX.OLGHOVLQWDJPDVHPSUHDODPDWHL[DEDQGDDODGUHWDRDO¶HVTXHUUD$L[tHO.DWDOj
TXH pV XQD OOHQJXD G¶RUGUH EjVL. 692 JDLUHEp VHPSUH Wp HO QX.OL GHO VLQWDJPD D
O¶HVTXHUUD
(QOHVWUDGX..LRQVDO.DWDOjGHOHVIUDVHV[LQHVHVQRUPDOPHQWQRH[SOL.LWDUHPHOVSURQRPVSHUVRQDOVGH
VXEMH.WHTXHHQ.DWDOjHVSRGHQRPHWUH

70. 6YHUEDO YHUE.RPSOHPHQWV GRQRHOOOLEUHDOVQHQV
6QRPLQDO QRP.RPSOHPHQW .DVDGHOSDUH
QRPDGMH.WLX QHQDSHWLWD
QRPIUDVHUHODWLX HOQRLTXHYLXD%LOEDR
6SUHS SUHSRVL.LyQRP VHQVHSD
6DGMH.WLYDO DGMH.WLX.RPSOHPHQW SOHGHYL
RQWUjULDPHQWHQOHVOOHQJHVG¶RUGUH629HOVQX.OLVWHQGHL[HQDDSDUqL[HUDOD
GUHWDGHOVLQWDJPD$

71. KRH[HPSOLILTXHPDPEOHVGDGHVGHOEDV.TXHWUDGXHL[HQHOV
H[HPSOHV.DWDODQVGH

72. HOEDV.SHUzVLWXDO¶DGMH.WLXGDUUHUHHOQX.OLQRPLQDO

73. 6YHUEDO .RPSOHPHQWVYHUE XPHDULOLEXUXDGDNDUNLR
6QRPLQDO .RPSOHPHQWQRP DLWDUHQHW[HD
IUDVHUHODWLXQRP %LOERQEL]LGHQ@XPHD
6SRVWS QRPSRVWSRVL.Ly RJLULNJDEH
6DGMH.WLYDO .RPSOHPHQWDGMH.WLX DUGR]EHWH
RPYHXUHPDO¶DSDUWDWGHGL.DWDODVLQWD[LGHO.DStWROVHJHQWDOJXQVOLQJLVWHV
.RQVLGHUHQTXHHO[LQqVpVXQDOOHQJXDG¶RUGUHEjVL.692.RPHO.DWDOjSHUzHQ.DQYL
PDQLIHVWD PROWHV GH OHV SURSLHWDWV GH OHV OOHQJHV 629 VL Ep pV .HUW TXH Wp HOHPHQWV
HTXLYDOHQWV D OHV QRVWUHV SUHSRVL.LRQV WDPEp HQ Wp XQV DOWUHV TXH D.WXHQ .RP OHV
SRVWSRVL.LRQVLHOVPRGLIL.DGRUVGHOQRPWDQWHOVJHQLWLXV.RPOHVIUDVHVGHUHODWLXLHOV
DGMH.WLXV SUH.HGHL[HQ HO QRP $OWUHV DXWRUV KDQ GHIHQVDW TXH O¶RUGUH EjVL. GHOV
.RQVWLWXHQWV GH OD IUDVH [LQHVD QR HVWj GHWHUPLQDW SHU OD IXQ.Ly VLQWj.WL.D VLQy SHU
THVWLRQVGLV.XUVLYHVHOWHPDRLQIRUPD.LyYHOODDSDUHL[DOGDYDQWGHODIUDVH

74. '(65,3,Ï*5$0$7,$/
)212/2*,$,)21Ê7,$
(/72
(OWUHWPpV.DUD.WHUtVWL.GHODIRQRORJLD[LQHVDpVO¶H[LVWqQ.LDGHWRQVDWRWHVOHV
VtOÂODEHV-XQHQW

75. H[SOL.DPROW.ODUDPHQWODGLIHUqQ.LDHQWUHHOWRLO¶D..HQW
.RPSDUDQWORVDPEOHVQRWHVPXVL.DOV©6LWRTXHPODPDWHL[DQRWDDPE PpVR PHQV
IRUoD OD QRWD VHUj OD PDWHL[D SHUz OD LQWHQVLWDW GLIHUHQW DL[z VHULD O¶D..HQW 3HUz VL
WRTXHPGXHVQRWHVGLIHUHQWVXQDVHUjPpVDJXGDLO¶DOWUDPpVJUHXDL[zVHULDHOWRª(Q
[LQqV DTXHVWD GLVWLQ.Ly WRQDO Wp YDORU .RQWUDVWLX pV D GLU SHUPHW GH GLVWLQJLU SDUDXOHV
GLIHUHQWV GH OD PDWHL[D PDQHUD TXH HQ .DWDOj Wp YDORU .RQWUDVWLX O¶D..HQW IjEUL.D YV
IDEUL.D(O[LQqVPDQGDUtSHUH[HPSOHTXHpVXQDGHOHVYDULHWDWVTXHSUHVHQWDPHQV
GLVWLQ.LRQV WRQDOV HQ Wp TXDWUH $ .RQWLQXD.Ly HQ GRQHP XQV H[HPSOHV TXH WDPEp
LOÂOXVWUHQHOYDORU.RQWUDVWLXGHOWRLODVHYDUHSUHVHQWD.LyJUjIL.D/LL7KRPSVRQ

76. ¯ µURED¶ PD µPDUH¶

77. WRDOW
t µVRVSLWDU¶ Pi µ.jQHP¶ 

78. WRDV.HQGHQW
ÿ µ.DGLUD¶ PD µ.DYDOO¶

79. WRGHV.HQGHQWDV.HQGHQW
u µVLJQLIL.DW¶ Pj µUHQDU¶ C

80. WRGHV.HQGHQW
$TXHVWD GLVWLQ.Ly WRQDO pV VLPLODU D OD TXH QRVDOWUHV SRGHP XWLOLW]DU SHU H[SUHVVDU
VLJQLIL.DWVGLIHUHQWVDPEO¶DGYHUELQRSHUH[HPSOH

81. D ±1RKRKDVIHWRL WRDOW
±1RQRSDWHL[LV
E ±(Q3HUHMDKRKDIHWQR WRDV.HQGHQW
(QGHWHUPLQDGHV.RQGL.LRQVVtOÂODEHVjWRQHV

82. ODGLVWLQ.LyWRQDOHVSRWQHXWUDOLW]DU$UDGHL[HPGHEDQGD
DTXHVWDTHVWLySHUTXqQRKLKDD.RUGHQWUHHOVJUDPjWL.V[LQHVRVVREUHO¶H[LVWqQ.LDG¶D..HQWHQDTXHVWD
OOHQJXD

83. . ±-RQRKRVDELD WRGHV.HQGHQWDV.HQGHQW
±1R
G ±9ROVYHQLU WRGHV.HQGHQW
±1R
/D LQWHQ.Ly GH TXL SURQXQ.LD QR DPE WR DOW D D

84. SRGUtHP GLU TXH pV
³WUDQTXLOÂOLW]DGRUD´pVXQQRDPEODYR.DOXQDPL.DOODUJD(OGHE

85. pVHOWRDV.HQGHQW
WtSL.GHOILQDOGHOHVLQWHUURJDWLYHV(OQRGH.

86. GHV.HQGHQWDV.HQGHQWpVHOTXHIHP
VHUYLU SHU LQGL.DU PROWD LQ.UHGXOLWDW JDLUHEp .RP VL IpVVLP GXHV R

87. )LQDOPHQW HO WR
GHV.HQGHQW D G

88. pV HO GH ILQDO GH IUDVH GH.ODUDWLYD 6L KR YROJXpVVLP UHSUHVHQWDU
JUjIL.DPHQWKRSRGUtHPIHUGHODPDQHUDVHJHQW
WRDOW WRDV.HQGHQW WRGHV.DV.HQGHQW WRGHV.HQGHQW
/¶(6758785$6,/Â/¬%,$
/¶HVWUX.WXUDVLOÂOjEL.DGHO[LQqVpVPROWVLPSOHVLOD.RPSDUHPDPEODGHO.DWDOj
R OD GH OHV OOHQJHV TXH HQV VyQ PpV SURSHUHV 3HU DOV [LQHVRV WUDGL.LRQDOPHQW .DGD
VtOÂODEDHVGLYLGHL[HQGXHVSDUWVODLQL.LDOVLQ¶KLKDXQD.RQVRQDQW

89. LODILQDOODUHVWD

90. $L[t OD VtOÂODED KXDQJ VH VHJPHQWDULD K XDQJ $TXHVWD PDQHUD G¶DQDOLW]DU OHV
VtOÂODEHVIDTXHTXDQHOVQHQVOOHWUHJHQVtOÂODEHVHQSLQLQQRKRID.LQGLHQWHOQRPGH
.DGDOOHWUDOHVOOHWUHVQRWHQHQQRPSHUDHOOV

91. VLQyTXHUHSURGXHL[HQHOVR.RQVRQjQ
WL. LQL.LDO DPE XQD YR.DO QHXWUD GH VXSRUW L GHVSUpV GLXHQ VHJXLW WRW HO ILQDO 5DPVH

92. WiQJ WDQJ .I.DWDOj WHDHQDJH
JR X JRX JHRX
$

93. GRQHPO¶HVTXHPDGHO¶HVWUX.WXUDVLOÂOjEL.DHQPDQGDUt/LL7KRPSVRQ

94. 9

95. 9^91`

96. LQL.L ILQDO
+HPLQGL.DWODYR.DODPEXQD9OD.RQVRQDQWDPEXQDL1YROGLU.RQVRQDQWQDVDO
Q 1

97. (OV VHJPHQWV TXH VyQ RS.LRQDOV DSDUHL[HQ HQWUH SDUqQWHVLV $L[z YRO GLU TXH
O¶~QL.HOHPHQWUHDOPHQWREOLJDWRULHQXQDVtOÂODEDpVODYR.DODPpVGHOWR

98. $GLIHUqQ.LD
GHO TXH SDVVD HQ .DWDOj D .RPHQoDPHQW GH VtOÂODED GDYDQW GH OD YR.DO QRPpV KL SRW
KDYHUXQD.RQVRQDQWLQRGXHV.RPHQ.DWDOjSODoDEUDo

99. $TXHVWD.RQVRQDQWLQL.LDO
SRWDQDUVHJXLGDG¶XQDDOWUDYR.DODPEODTXDOIRUPDUjGLIWRQJODYR.DOTXHpVHOQX.OL
GHODVtOÂODEDODTXHWpHOWR

100. $OGDUUHUHGHODYR.DOQX.OHDUKLSRWKDYHUXQDDOWUDYR.DO
R Ep XQD .RQVRQDQW TXH KD GH VHU IRUoRVDPHQW XQD QDVDO $

101. SUHVHQWHP DOJXQV
H[HPSOHVGHVtOÂODEHVSRVVLEOHV

102. 9 ¯ ¯@ µXQ¶
99 ZR XR @ µMR¶
9 Vu µTXDWUH¶
99 SD R µ.yUUHU¶
91 jQ µWDXOD¶
991 ZD QJ XD 1@ µDQDU¶
91 VDQ µWUHV¶
991 GLjQ µHOH.WUL.LWDW¶
999 WLjR µVDOWDU¶
6L KR .RPSDUHP DPE OHV SRVVLELOLWDWV GHO .DWDOj HQV DGRQDUHP GH OHV GLIL.XOWDWV TXH
SRGHQWHQLUHOV[LQHVRVDO¶KRUDG¶DSUHQGUHODIRQqWL.D.DWDODQDDSGHOHVVHTqQ.LHV
GH

103. QRVHULDSRVVLEOHHQ[LQqV

104. EUDo E5iV@ VHUSV VpUSV@
3HS S(qS@ SODWV SOiWV@
IRV. IyVN@ SUH.V S5pNV@
SOD SOi@

105. eV SHU DL[z TXH HOV SDUODQWV [LQHVRV WHQGHL[HQ D VLPSOLIL.DU OHV VtOÂODEHV GH OHV
SDUDXOHV .DWDODQHV .RP HV SRW YHXUH HQ HOV H[HPSOHV VHJHQWV RQ V¶KDQ HOLGLW
.RQVRQDQWVRV¶KDLQVHULWXQDYR.DOSHUHYLWDUODVHTqQ.LDGHGXHV.RQVRQDQWVVHJXLGHV

106. SHU±TXq o SH±TXq SOR±ULV o SR±ULV
HV±Wj o H±Wj SUR±IH±VVRUo SR±IH±VVRU
GHV±SUpV o GH±Sp Ij±.LO o Ij±.L
P¶D±JUD±GDo P¶D±JD±UD±GD
(/6,67(0$21621¬17,,(/6,67(0$92¬/,
(QHOTXDGUHVHJHQWUHSURGXwPHOVVRQV.RQVRQjQWL.VGHO[LQqV(OVVtPEROVGH
O¶HVTXHUUDGH.DGD.DVHOOD.RUUHVSRQHQDODWUDQV.ULS.LyIRQqWL.DVHJRQVO¶DOIDEHWIRQqWL.
LQWHUQD.LRQDO $),

107. YJ † L

108. HOV VtPEROV GH OD GUHWD HQ .XUVLYD VyQ OHV
HTXLYDOqQ.LHVJUjILTXHVTXHHVIDQVHUYLUHQSLQLQ3

109. EDVDWHQ/LL7KRPSVRQ

110. 6RQV.RQVRQjQWL.V
ELODELDO ODELRGHQWDO GHQWRDOYHRODU UHWURIOH[D DOYHRORSDODWDO YHODU
$),3 $),3 $),3 $),3 $),3 $),3
R.OXVLYD S E W G N J
QRDVSLUDGD
R.OXVLYD S+ S W+ W N+ N
DVSLUDGD
DIUL.DGD WV ] W‰ ]K Wà M
QRDVSLUDGD
DIUL.DGD WV+ . W‰+ .K Wà+ T
DVSLUDGD
IUL.DWLYD I I V V ‰ VK à [ [ K
QDVDO P P Q Q 1 QJ
OtTXLGD O O Š

111. U
7RWVDTXHVWVVRQVSRGHQDSDUqL[HUHQSRVL.LyLQL.LDOGHVtOÂODEDH[.HSWH1@TXH
VHPSUH HV WURED HQ SRVL.Ly ILQDO 5H.RUGHP D PpV TXH HQ SRVL.Ly ILQDO QRPpV HV

112. SHUPHWHQQ@L1@/DSULPHUD.RVDTXH.ULGDO¶DWHQ.LypVTXHDSDUWGHOVVRQVQDVDOVL
GHOVOtTXLGVQRKLKD.RQVRQDQWVVRQRUHV(Q.DQYLWDQWOHVR.OXVLYHV.RPOHVDIUL.DGHV
WHQHQ XQ .RUUHODW DVSLUDW TXH QR Wp HO .DWDOj eV D GLU HQ OOR. GH O¶RSRVL.Ly VRUGD
VRQRUD TXH WUREHP HQ .DWDOj D S W N E G J HQ [LQqV O¶RSRVL.Ly QR DIH.WD OD
VRQRULWDWWRWHVVyQVRUGHV

113. VLQyO¶DVSLUD.LySWNS+W+N+eVGHSUHYHXUHGRQ.V
TXH SXJXLQ WHQLU DOJXQD GLIL.XOWDW D O¶KRUD GH GLVWLQJLU OHV R.OXVLYHV VRUGHV GH OHV
VRQRUHVTXDQDSUHQJXLQ.DWDOjRXQDDOWUDOOHQJXDURPjQL.DKHPVHQWLWSHVWLWHQOOR.GH
YHVWLWLSDUODQWHQ.DVWHOOjEHURHQOOR.GHSHUR

114. (Q[LQqVWDPEpH[LVWHL[XQDIUL.DWLYD
YHODUVRUGDHTXLYDOHQWDOVR.DVWHOOjGHODMGHMDPyQ(OIHWGHQRWHQLUOHV.RQVRQDQWV
SDODWDOV–@LÚ@SURYR.DSUREOHPHVDO¶KRUDGHSURGXLUDTXHVWVVRQVHQ.DWDOj

115. HOOD o HM@D
JHQROO o JHQRM@
HVSDQRO o HVSDQ@RO
(Q OHV YDULHWDWV PpV .XOWHV GHO PDQGDUt H[LVWHL[ XQD RSRVL.Ly HQWUH HOV VRQV
GHQWRDOYHRODUV UHWURIOH[RV L DOYHRORSDODWDOV /D U pV UHWURIOH[D SHUz QR pV YLEUDQW QL
EDWHJDQW .RP HQ .DWDOj .DUUR .DUD

116. VLQy DSUR[LPDQW .RP XQD IUL.DWLYD PROW VXDX
VLPLODUDODULQL.LDOGHOPRWDQJOqVUHDG

117. 3HUDODPDMRULDGHOV[LQHVRVSHUzHOVVRQV
UHWURIOH[RV QR HV GLVWLQJHL[HQ GHOV .RUUHVSRQHQWV GHQWRDOYHRODUV GH PDQHUD TXH
O¶RSRVL.Ly D TXq HQV UHIHUtHP TXHGD UHGXwGD D GHQWRDOYHRODU DOYHRORSDODWDO $L[z
H[SOL.D SHU TXq HOV SDUODQWV [LQHVRV WHQHQ WDQWHV GLIL.XOWDWV D O¶KRUD GH SURQXQ.LDU OD
QRVWUD U L SHU TXq OD VXEVWLWXHL[HQ SHU OD O@ OD GHQWRDOYHRODU .RUUHVSRQHQW

118. $

119. SUHVHQWHPDOJXQVGHOVHUURUVTXHKHPUH.ROOLW
/HV.RQVRQDQWVDVSLUDGHVHVSURQXQ.LHQD.RPSDQDGHVG¶XQEXIDXGLEOH.RPOD SODWLODNHQDQJOqVR
HQDOHPDQ
(OV VRQV UHWURIOH[RV HV SURQXQ.LHQ GREOHJDQW OD SXQWD GH OD OOHQJXD .DS HQUHUH L VLWXDQWOD GDUUHUH HOV
DOYqROV

120. D DUUzV o DO@zV
WHUUD o WHO@D
UREHQ o O@REHQ
RUGLQDGRU o RO@GLQDGRU
E PHPzULD o PHPzO@LD
GRQDUj o GRQDO@j
.DXUH o .DXO@H
SDUH o SDO@H
3HOTXHIDDODSDUWILQDOGHODVtOÂODEDMDKHPGLWTXHVLKLKDXQVR.RQVRQjQWL.
DOILQDOGHWRWDTXHVWKDGHVHUXQD.RQVRQDQWQDVDOQ@R1@

121. VKDQ µPXQWDQD¶ WLDQ µ.HO¶ Q@
QpQJ µSRGHU¶ [LjQJ µLPDWJH¶ 1@
3HOTXHIDDOHVYR.DOVKLKDPROWDGLV.XVVLyVREUHTXLQVVRQVLTXLQVIRQHPHV
YR.jOL.V Wp HO [LQqV 5H.ROOLQW DOJXQHV GH OHV LGHHV GH GLYHUVRV DXWRUV SUHVHQWHP HO
TXDGUHVHJHQWRQHVUHSURGXHL[HQGHPDQHUDVLPSOLIL.DGDOHV.RUUHVSRQGqQ.LHVHQWUH
OHVJUDILHVGHOSLQLQLHOVVRQVYR.jOL.VGHO[LQqVH[HPSOHVGH/LL7KRPSVRQL
GH5DPVH

122. D D@ EDQ SDQ@
(@ OLiQ OL(½Q@ HQWUHL@R@LQ@

123. H )@ Oq O)@
@ JHQ NQ@ DEDQVGHQ@L1@

124. H@ OpL OpL@ DEDQVGHL@

125. (@ Oq O(@ GHVSUpVGHL@L@

126. (OVR@.RUUHVSRQDODSURQXQ.LD.LyG¶XQDLODELDOLW]DGD.RPODXIUDQ.HVDDOXQHµOOXQD¶

127. (OVR)@pVXQVRYR.jOL.VHPEODQWDODQRVWUDYR.DOQHXWUD@SHUzXQDPL.DPpVSRVWHULRU.RPXQD
R@QRODELDO

128. L L@ Ot Ot@
‡ V¯ ]@ GHVSUpVGHGHQWRDOYHRODUDIUL.DGDR
IUL.DWLYDDPEVRQRULW]D.LyGHV

129. ‡ VK¯ ‰@ GHVSUpVGHUHWURIOH[D

130. R R@ Py Py@
X@ OyQJOiR O~1@OiX@ DEDQVGH1@RGHVSUpVGHD@

131. X X@ O~ O~@
@ [X à@ GHVSUpVG¶DOYHRORSDODWDO

132.  @ O O½@
X @ Xq q@
L@ jR LjX@
L L@ ¯ ¯@
Z X@ ZpQ X½Q@
ZX X@ ZX X @
7DPEp V¶KD GH WHQLU HQ .RPSWH TXH GHVSUpV GH OD VHTqQ.LD µ.RQVRQDQW X¶
V¶LQVHUHL[XQDYR.DOH@R@GHYHJDGHVPROWEUHX

133. GXu WXHu@
GXQ W̍Q@
025)2/2*,$
(/;,1Ê620$//(1*8$02126,/Â/¬%,$,$Í//$17
8Q GHOV WUHWV PpV UHOOHYDQWV GHO [LQqV pV OD VHYD WHQGqQ.LD D VHU XQD OOHQJXD
PRQRVLOÂOjEL.D$L[zYROGLUTXHWpPROWHVSDUDXOHVSHUzQRWRWHV

134. TXHHVWDQIRUPDGHV
QRPpVSHUXQDVtOÂODED6HJRQV5DPVHV

135. HOV[LQHVRVQRWHQHQ.DSPRWG¶~V
TXRWLGLjSHUUHIHULUVHDSDUDXODHQHOVHQWLWTXHGRQHPQRVDOWUHVDDTXHVWWHUPHHOPRW

136. .t µSDUDXOD¶ pV XQ WHUPH XQD PL.D PpV Wq.QL. L G¶~V PpV UH.HQW

137. 3HU D HOOV OD VHYD
OOHQJXD HVWj IRUPDGD SHU VtOÂODEHV TXH DQRPHQHQ ]u 0ROWHV G¶DTXHVWHV VtOÂODEHV
.RUUHVSRQHQ D OHV QRVWUHV SDUDXOHV SHUz ILQV L WRW DTXHOOHV VtOÂODEHV TXH IRUPHQ SDUW
G¶XQDXQLWDWPpV.RPSOH[DSHUDHOOVVyQ]uLWHQHQXQVLJQLIL.DW/DVtOÂODED[LQHVDpV
IRUoDHTXLYDOHQWDOVQRVWUHVPRUIHPHVOHVXQLWDWVPpVSHWLWHVGRWDGHVGHVLJQLIL.DW
RP KHP GLW PROWHV SDUDXOHV [LQHVHV QRPpV WHQHQ XQ PRUIHPD $L[z LPSOL.D
TXH HO [LQqV pV XQD OOHQJXD DPE XQD IRUWD WHQGqQ.LD D VHU DwOODQW OHV SDUDXOHV QR HV
IOH[LRQHQpVDGLUQR DGRSWHQ IRUPHV GLIHUHQWV SHU LQGL.DU HO QRPEUH HO WHPSV OD
SHUVRQD HW. /D PDMRULD GH OHV SDUDXOHV VyQ GRQ.V LQYDULDEOHV +L KD PROW SR.V
PRUIHPHVGHIOH[LyWRWLTXHQRHVSRWGLUTXHQRQ¶KLKDJLHQDEVROXW$.RQWLQXD.Ly
SRGHPYHXUHDOJXQVH[HPSOHVGHSDUDXOHVGHO[LQqVGH/LL7KRPSVRQV

138. $
D

139. WHQLPH[HPSOHVGHSDUDXOHVPRQRPRUIHPjWLTXHVLDE

140. XQDIUDVHHQTXqWRWHV
OHVSDUDXOHVVyQG¶DTXHVWWLSXVDUDGHL[HPGHEDQGDODSDUWt.XODJH

141. D jL µHVWLPDU¶
VKX µOOLEUH¶
Gj µJUDQ¶
E 4ÿQJQÿ.KiQJ]KqLJH.jL
VLXVSODXWXWDVWDUDTXHVW/$66SODW
µ7DVWDDTXHVWSODWVLXVSODX¶
$ DE

142. HQ .DQYL OHV SDUDXOHV WHQHQ GRV PRUIHPHV D D

143. XQD DUUHO L XQ
SUHIL[DE

144. XQDDUUHOLXQVXIL[LD.

145. WHQHQXQVROPRUIHPDSHUzpVELVLOÂOjEL.HQ
O¶~OWLP.DVSHUTXqpVXQDDGDSWD.LyG¶XQPRWHVWUDQJHU

146. )LQVLWRWHQHOV.DVRVG¶DGDSWD.LRQVGHSDUDXOHVHVWUDQJHUHVHOV[LQHVRVWHQGHL[HQDGRQDUDOJXQVLJ
QLIL.DWDOHVVtOÂODEHVTXHIRUPHQHOPRWSHUTXqOHVVtOÂODEHVVHQVHVLJQLIL.DWVyQDQzPDOHV3HUGRQDUXQ
QRP [LQqV D OD R.DROD HV YD IHU XQ .RQ.XUV L YD JXDQDU OD SURSRVWD NH NR X NH Oq TXH D PpV GH
UHSURGXLUIRUoDEpHOVRDQJOqV.RUUHVSRQHQWHVWDYDIRUPDGDSHUXQHVVtOÂODEHVTXHYROLHQGLU³VDERUyVL
DJUDGDEOH´5DPVH

147. D QpQJ µSRGHU¶ NH QpQJ µSRVVLEOH¶
.K¯ µPHQMDU¶ KD R.K¯ µGHOL.LyV¶
E ZR µMR¶ ZR PHQ µQRVDOWUHV¶
VK µQ~PHUR¶ VK[Xp µPDWHPjWLTXHV¶
ID µOOHL¶ ID KXj µOHJDOLW]DU¶
. ]KL]KX µDUDQD¶
[¯EDQi µ(VSDQD¶
$

148. ILQDOPHQW SUHVHQWHP DOJXQHV SDUDXOHV .RPSRVWHV /L L 7KRPSVRQ

149. Uq[¯Q .DOHQW.RU µHQWXVLDVWD¶
IHLM¯ YRODUPjTXLQD µDYLy¶
KXDP IORUDUEUH µYHJHWD.Ly¶
(OIHWTXHHO[LQqVVLJXLXQDOOHQJXDDwOODQWDPEXQDPRUIRORJLDPROWSREUDVLOD
.RPSDUHP DPE OD GHO .DWDOj R DPE OD GH OD PDMRULD GH OOHQJHV LQGRHXURSHHV ID TXH
PROWHVGHOHVQR.LRQVTXHQRVDOWUHVH[SUHVVHP IHQWVHUYLUSUR.HVVRV PRUIROzJL.V .RP
DUDHOQRPEUHGHOVQRPVRHOWHPSVLODSHUVRQDGHOVYHUEVV¶KDJLQGH PDQLIHVWDUSHU
DOWUHVVLVWHPHV$TXHVWDIDOWDGHPRUIRORJLDWDPEpIDTXHOHVSDUWVGHO¶RUD.LyHQ[LQqV
V¶KDJLQ GLVWLQJLW DWHQHQW PpV D OD VHYD IXQ.Ly TXH QR SDV D OD VHYD IRUPD 6L SHU
H[HPSOH QRVDOWUHV SRGHP GLVWLQJLU XQ YHUE G¶XQ DGMH.WLX SHO IHW TXH HOV YHUEV WHQHQ
PRUIHPHV GH SHUVRQD L GH WHPSV L HOV DGMH.WLXV QR DTXHVWD PHQD G¶HVWUDWqJLHV QR HV
SRGUDQ IHU VHUYLU HQ [LQqV SHUTXq OHV SDUDXOHV QR YDULHQ SHU H[SUHVVDU DTXHVWHV
.DWHJRULHV JUDPDWL.DOV $ .RQWLQXD.Ly SDUODUHP EUHXPHQW GH OHV GLIHUHQWV SDUWV GH
O¶RUD.LyTXHHVUH.RQHL[HQHQODJUDPjWL.D[LQHVD
/(63$576'(/¶25$,Ï
RPKHPGLWHOIHWTXHOHVSDUDXOHVGHO[LQqVVLJXLQLQYDULDEOHVIDTXHODVHYD
.DWHJRULDV¶KDJLGHGHGXLUPpVSHUODVHYDIXQ.LyLGLVWULEX.LyDODIUDVHTXHQRSDVSHU

150. OD VHYD PRUIRORJLD $L[t XQD PDWHL[D IRUPD SRW .RUUHVSRQGUH D .DWHJRULHV GLIHUHQWV
VHJRQVHO.RQWH[WHQTXqDSDUHL[/RYLQ

151. D :R [LjVKDQ E 6KDQ[LjR XUpQ
MRDEDL[PXQWDQD PXQWDQDDEDL[H[LVWHL[SHUVRQD
µ%DL[RODPXQWDQD¶ µ+LKDJHQWVRWDODPXQWDQD¶
$ D

152. [Lj IXQ.LRQD .RP XQ YHUE L HQ .DQYL D E

153. ID OD IXQ.Ly G¶XQD SRVWSRVL.Ly
OR.DWLYD
$OJXQVGHOVWUHWVTXHPpV.ODUDPHQWGLIHUHQ.LHQHOVLVWHPD[LQqVGHO.DWDOjVyQOD
QR GLVWLQ.Ly HQWUH YHUEV L DGMH.WLXV O¶H[LVWqQ.LD GHOV DQRPHQDWV .RYHUEV L GHOV
.ODVVLIL.DGRUVLODLQH[LVWqQ.LDG¶DUWL.OHVLGHSURQRPVIHEOHV$.RQWLQXD.LyH[SRVDUHP
EUHXPHQWDTXHVWHVGLIHUqQ.LHV
(OVYHUEVLHOVDGMH.WLXV
(Q[LQqVQRKLKD.DSGLIHUqQ.LDIRUPDOHQWUHHOVYHUEVLHOVDGMH.WLXVDSGHOV
GRVQRPDQLIHVWHQ.DSPHQDGH.RQ.RUGDQoDDPEDOWUHVHOHPHQWVGHODIUDVHLD PpV
SRGHQDSDUqL[HUHQ.RQWH[WRVSDUDOÂOHOVeVSHUDL[zTXHHOVPRWVTXHLQGLTXHQTXDOLWDWV
HOTXHSHUDQRVDOWUHVVHULHQDGMH.WLXVVyQ.RQVLGHUDWVXQWLSXVGHYHUEV.RQ.UHWDPHQW
HV WUD.WHQ .RP D YHUEV HVWDWLXV IRUPHV TXH LQGLTXHQ XQ HVWDW QR XQD D..Ly

154. $

155. SRGHP REVHUYDU TXH HQ [LQqV QR pV QH.HVVjULD OD SUHVqQ.LD GHO YHUE .RSXODWLX HQ XQD
IUDVH DWULEXWLYD SHUTXq OD SDUDXOD TXH LQGL.D OD SURSLHWDW Wp HO YDORU G¶XQ YHUE /L L
7KRPSVRQ

156. 0D OuKH Q.RQJPLQJ
0ROOPROWLQWHOÂOLJHQW
µ/D0ROOpVPROWLQWHOÂOLJHQW¶
/HVSRVWSRVL.LRQVVyQXQDSDUWGHO¶RUD.LyTXHHVWUREDHQPROWHVOOHQJHVLTXHHTXLYDODOHVQRVWUHV
SUHSRVL.LRQVSHUzDSDUHL[HQGDUUHUHGHOQRPHQOOR.GHGDYDQW

157. $

158. SRGHPYHXUHXQH[HPSOHGHPRWTXHHTXLYDOGULDDXQDGMH.WLXXQYHUEHVWDWLXHQ
[LQqV

159. LXQTXHpVXQYHUEG¶D..Ly/RYLQ

160. D 7LDQKHLOH
.HOQHJUH$19,'¶(67$7
µ(O.HOHVYDHQQHJULU¶
E :R .K¯IjQOH
MRPHQMDUDOLPHQW3(5)
µ9DLJPHQMDU¶
RPSRGHPYHXUHWDQWDD

161. .RPDE

162. ODVHTqQ.LDD.DEDDPEODSDUWt.XODOHTXH
pVXQDPDU.DTXHV¶DGMXQWDDJUXSVSUHGL.DWLXVSHUH[SUHVVDUXQ.DQYLGHVLWXD.LyRXQD
D..Ly D.DEDGD /D SDUWt.XOD QHJDWLYD WDPEp pV OD PDWHL[D SHU D WRWHV GXHV PHQHV GH
SUHGL.DWV/LL7KRPSVRQ

163. D 7DENDL[¯Q E 7D E .K¯ UzX
HOOQRIHOLo HOO QR PHQMD .DUQ
µ1RpVIHOLo¶ µ1RPHQMD.DUQ¶
RPHVSRWYHXUHHQDTXHVWVH[HPSOHVODGLIHUqQ.LDHQWUHHOTXHQRVDOWUHVDQRPHQDUtHP
YHUEVLHOTXHDQRPHQDUtHPDGMH.WLXVHQ[LQqVQRH[LVWHL[(OV³DGMH.WLXV´VyQXQWLSXV
GH YHUEV TXH VL QR KL KD .DS SDUWt.XOD GHQRWHQ SURSLHWDWV R TXDOLWDWV YJ PpV
VHPEODQ.HVD/RYLQV

164. (OV.RYHUEV
8QD.ODVVHGHPRWVSUzSLDGHO[LQqVpVHOTXHV¶DQRPHQHQ.RYHUEV(OV.RYHUEV
VyQPRWVTXHHV.RPSRUWHQ.RPDSUHSRVL.LRQVL.RPDWDOVSUH.HGHL[HQXQVLQWDJPD
QRPLQDO7RWHOJUXSVHVROVLWXDUDOGDYDQWGHOYHUETXH.RPSOHPHQWD(OTXHpVPpV
HVSH.LDO pV TXH PROWHV G¶DTXHVWHV IRUPHV WDPEp HV SRGHQ XVDU .RP D YHUEV $
$TXHVWGREOH.RPSRUWDPHQWV¶H[SOL.DSHUTXqRULJLQjULDPHQWWRWHVDTXHVWHVIRUPHVHUHQYHUEVLDOJXQHV
HQ.DUD PDQWHQHQ .HUWHV SURSLHWDWV YHUEDOV RULJLQjULHV YJ /L L 7KRPSVRQ L /L L 7KRPSVRQ

165. .RQWLQXD.LyHQGRQHPGRVH[HPSOHV5DPVHL/LL7KRPSVRQ/LL
7KRPSVRQ

166. D 7D]jL;LDQJ*D QJ@]XzVKHQJL
HOOD+RQJ.RQJIHUQHJR.LV
µ)DQHJR.LVD+RQJ.RQJ¶
E 1ÿ]jLQD U
WXVHUDRQ
µ2QHWV¶

167. D :R PHQ .KiQJ GjR 1LX XH@ T
QRVDOWUHV VRYLQW DGLU

168. 1RYDRUN DQHP
µ$QHPVRYLQWD1RYDRUN¶
E :R PHQMÿGLD Q]KRQJGjR1LX XH
QRVDOWUHVTXLQKRUDDUULEDU1RYDRUN
µ4XDQDUULEHPD1RYDRUN¶
$ D

169. L D

170. HO .RYHUE IXQ.LRQD .RP XQD SUHSRVL.Ly DPE HO VHX .RPSOHPHQW D OD
GUHWD +RQJ .RQJ D D

171. L 1RYD RUN D D

173. $OV H[HPSOHV GH E

174. HQ .DQYL OD
PDWHL[DIRUPDIXQ.LRQD.RPDYHUE2EVHUYHPTXHHQ.DUDTXHQRVHPSUHSDVVDDL[tHQ
HOV.DVRVDQWHULRUVHOVLJQLIL.DWG¶DTXHVWVHOHPHQWV PDQWpXQD.HUWDUHOD.LyHQWRWVGRV
XVRVD

175. V¶H[SUHVVDVLWXD.LyLD

176. GLUH..Ly3RVVLEOHPHQWDTXHVWDSURSLHWDWGHOD
JUDPjWL.D[LQHVDpVHOTXHSRGULDH[SOL.DUOD.RQVWUX..LyTXHKHPUH.ROOLWD

177. $YLyWDUGDGRVGLHVDOD;LQD
2EVHUYHP TXH HO SDUODQW KD IHW VHUYLU OD SUHSRVL.Ly D L QR HO YHUE DUULEDU D

178. /¶DYLy
WDUGDGRVGLHVDDUULEDUDOD;LQD

179. 7DQWODSUHSRVL.Ly.RPHOYHUESRUWHQLPSOt.LWDXQD
LGHDGHGLUH..Ly

180. (QOHVOOHQJHVURPjQLTXHVWDPEpWHQLPDOJXQ.DVGHIRUPDYHUEDORQRPLQDOTXHKDD.DEDW
DGTXLULQW HO YDORU G¶XQD SUHSRVL.Ly SHU XQ SUR.pV GH JUDPDWL.DOLW]D.Ly HQ.LPD GH OD .DPD 31o3

181. .DVW

182. WUHWG¶DL[z9o3

183. .DW

184. HW.

185. 7RW L TXH HO [LQqV Wp SUHSRVL.LRQV VyQ IUHTHQWV HOV HUURUV TXH .RQVLVWHL[HQ D
RPHWUHXQDSUHSRVL.LyJHQHUDOPHQWOHVjWRQHV.RPDGHDPEHW.

186. TXDQSDUOHQ.DWDOj
$OJXQV G¶DTXHVWV HUURUV HV SRGHQ UHOD.LRQDU DPE HO IHW TXH HO [LQqV QR ID VHUYLU
SUHSRVL.LRQVHQDOJXQV.RQWH[WRVHQTXqHQ.DWDOjVyQREOLJDWzULHV.RPSHUH[HPSOH
TXDQ HO VLQWDJPD SUHSRVL.LRQDO ID GH .RPSOHPHQW G¶XQ QX.OL QRPLQDO EXLW OD GH
SOjVWL.

187. .RPDJ

188. RTXDQODSUHSRVL.LyHQOODoDGXHVIUDVHV+RIDSHUULXUH

189. .RPD
G

190. 7DPEp V¶KD GH WHQLU HQ .RPSWH OD SRVVLELOLWDW TXH XQ YHUE UHJHL[L XQ VLQWDJPD
SUHSRVL.LRQDO HQ .DWDOj L HO YHUE DPE HO VLJQLIL.DW HTXLYDOHQW HQ [LQqV GHPDQL XQ
.RPSOHPHQW VHQVH SUHSRVL.Ly .RP 1RYD RUN D E

191. R D EjVTXHW D D

193. $
.RQWLQXD.LySUHVHQWHPDOJXQHV.RQVWUX..LRQVHQTXqV¶KDRPqVODSUHSRVL.Ly

194. D HVWDQMXJDQW‡EjVTXHW Do‡
E MRPH¶QYDLJ‡ODYDER Do‡
. KHSXMDW‡XQyVJUDQ Do‡
G YDDOD.ODVVH‡WUHEDOODU Do‡
H MDYDQ‡VHJRQSHUzMRYDLJ‡SULPHU Do‡
I OD YDLJMXJDU‡XQGHVLVq DPEo‡
J ±TXLQpVO¶HQWUHSjTXHPpVW¶DJUDGD@
±HO‡[RULo GHo‡
RPHQWDUHPPpVHUURUVUHOD.LRQDWVDPEOHVSUHSRVL.LRQVDO¶DSDUWDW
(OV.ODVVLIL.DGRUVLHOVPRWVGHPHVXUD
8Q GHOV WUHWV PpV VRUSUHQHQWV GH OD JUDPjWL.D [LQHVD SHU D XQ SDUODQW G¶XQD
OOHQJXD URPjQL.D R HQ JHQHUDO G¶XQD OOHQJXD LQGRHXURSHD pV O¶H[LVWqQ.LD G¶XQV
HOHPHQWV TXH V¶DQRPHQHQ .ODVVLIL.DGRUV (O [LQqV QR Wp IOH[Ly GH JqQHUH SHUz HQ
+HP REVHUYDW O¶~V GHO YHUE MXJDU DPE HO SURQRP OD .RP VL IRV WUDQVLWLX (Q [LQqV DTXHVW YHUE QR
LQWURGXHL[HO.RPSOHPHQWDPESUHSRVL.LyLSHUWDQWHV.RPSRUWD.RPXQYHUEWUDQVLWLXTXHpVHOPDWHL[
~VTXHVH¶QIDDD

195. $TXHVWVHOHPHQWVWDPEpHVWUREHQHQDOJXQHVOOHQJHVDIUL.DQHV.RPDUDHOZzORIHOIXODRHOVZDKLOL

196. .DQYL HOV QRPV SHUWDQHQ D .ODVVHV GLIHUHQWV VRYLQW GHWHUPLQDGHV SHU ID.WRUV .RP OD
IRUPD R DOWUHV SURSLHWDWV GHO UHIHUHQW (OV .ODVVLIL.DGRUV KDQ G¶DSDUqL[HU DO GDYDQW GHO
QRPTXDQHOVLQWDJPDWDPEpLQ.ORXXQQXPHUDOXQGHPRVWUDWLXR.HUWVTXDQWLIL.DGRUV
$

197. GRQHPDOJXQVH[HPSOHVGH.ODVVLIL.DGRUVH[WUHWVGHIRQWVGLYHUVHV

198. D ¯]K¯TLDQEÿ VDQ]K¯ Oj]K~
XQ/$66OODSLV WUHV/$66 HVSHOPD
E ¯NH]KHQ]KX ¯NHS~WiR
XQD/$66SHUOD XQ/$66JUDGH

199. UDwP
. uWLiRKp VuWLiRVKp
XQ/$66ULX TXDWUH/$66VHUS
G ZX MLjIHLM¯ ZX MLj GLjQVKuM¯
.LQ./$66DYLy .LQ. /$66 WHOHYLVRU
H QqLEH QVKX VDQEH Q .q]KL
DTXHOO/$66OOLEUH WUHV/$66 IXOOHWy
I QqLJHUpQ ]KH QJJH IiQJ]L
DTXHOOD/$66SHUVRQD WRWD/$66 .DVD
(OVPRWVTXHH[SUHVVHQDOJXQWLSXVGHPHVXUDQRSRUWHQ.DS.ODVVLIL.DGRUSHoD
XQoDOOLXUDSHXGLD

200. $TXHVWVPDWHL[RVPRWVSRGHQIXQ.LRQDU.RPD.ODVVLIL.DGRUV/L
L7KRPSVRQ

201. D VKtEjQJ VKtEjQJUzX
WUHVOOLXUD WUHV/$66.DUQ
µWUHVOOLXUHV¶ µWUHVOOLXUHVGH.DUQ¶
E LJXR LJXRIjQ
XQSRW XQ/$66DUUzV
µXQSRW¶ µXQSRWG¶DUUzV¶
(Q.DUD TXH O¶H[LVWqQ.LD G¶DTXHVWHV SDUWt.XOHV D SULPHU .RS G¶XOO SXJXL VHPEODU
HVWUDQDHO.DWDOjPRVWUDXQ.RPSRUWDPHQWVLPLODUHQ.DVRVGH.RQVWUX..LRQVSDUWLWLYHV

202. .RPGXHVJRWHVGHYLDLJXDOOHW
GXHVJRWHVGHSD.DUQ

203. XQER.tGHSD.DUQ
XQ
ER.tGHYLDLJXDOOHW

204. DGDXQGHOVHOHPHQWVSDUWLWLXVJRWDGHER.tGHHW.HVSRW
.RPELQDUDPEXQDGHWHUPLQDGDVqULHGHQRPVLQRDPEXQDDOWUD6yQH[HPSOHVVLPLODUV
DOVGH

205. 3HUDXQDLQIRUPD.LyPROWPpVGHWDOODGDVREUHHOV.ODVVLIL.DGRUVLHOVPRWV
GHPHVXUDYJ5RYLUDL

206. /DLQH[LVWqQ.LDG¶DUWL.OHV
(Q [LQqV .RP HQ PROWHV DOWUHV OOHQJHV GHO PyQ QR H[LVWHL[ .DS SHoD Oq[L.D
.RUUHVSRQHQW DOV QRVWUHV DUWL.OHV (O YDORU GHILQLW R LQGHILQLW TXH QRVDOWUHV H[SUHVVHP
DPE HOV DUWL.OHV R Ep QR V¶H[SUHVVD TXDQ QR pV QH.HVVDUL R Ep HV ID DPE DOWUHV
PH.DQLVPHV.RPO¶RUGUHGHPRWVVLHO.RPSOHPHQWGLUH.WHpVGHILQLWDSDUHL[DOGDYDQW
GHOYHUEYJ†

207. RO¶~VGHQXPHUDOVLQGHILQLWVRDOWUHVHOHPHQWVTXDQWLIL.DGRUV
/¶DEVqQ.LDG¶DUWL.OHV HQ[LQqVHVSRWUHOD.LRQDUDPE DOJXQVGHOV HUURUV TXH IDQ
HOV[LQHVRVTXDQSDUOHQ.DWDOjHQ.RQVWUX..LRQVHQTXqQRDSDUHL[O¶DUWL.OHRQ¶DSDUHL[
XQDIRUPDLQDGHTXDGD

208. D WRWD‡HVWRQD
E L‡PDUHGLX
. ‡VHQRUHWDPHYDVDS
G GHVSUpVMRYDLJ‡ODYDER
H HOµXQ¶

209. GLDYDPLUDU
9HLHP TXH D DG

210. QR KL KD O¶DUWL.OH GHILQLW TXH QH.HVVLWD HO .DWDOj HQ DTXHVWHV
.RQVWUX..LRQVLDH

211. V¶KDVXEVWLWXwWODIRUPDLQGHILQLGDSHUODGHILQLGD
/DLQH[LVWqQ.LDGHSURQRPVIHEOHV
(O[LQqVQRPpVWpXQWLSXVGHSURQRPVSHUVRQDOVTXHVyQHOVTXH.RUUHVSRQGULHQ
DOVQRVWUHVSURQRPVGHVXEMH.WHYJ†

212. $TXHVWHVPDWHL[HVIRUPHVVyQOHVTXHHV
IDQVHUYLUTXDQHOVSURQRPVIDQTXDOVHYRODOWUDIXQ.LyVLQWj.WL.D1RH[LVWHL[GRQ.VXQ
0DUTXHPDPEXQDVWHULV.DTXHOOHVVHTqQ.LHVTXHVyQPDOIRUPDGHV

213. SDUDGLJPDGHSURQRPVGHVXEMH.WHXQGHSURQRPVG¶REMH.WHQLXQHVIRUPHVWzQLTXHVL
XQHVG¶jWRQHV.I.DWMR±PL±HPHW.

214. (Q O¶DSDUWDW GH VLQWD[L HQ TXq SDUOHP GHOV .RPSOHPHQWV GLUH.WHV †

215. H[SOL.DUHP HOV SUREOHPHV GHOV SDUODQWV [LQHVRV SHU IHU VHUYLU HOV SURQRPV IHEOHV
.RUUHVSRQHQWV D DTXHVWD IXQ.Ly (Q DTXHVW DSDUWDW HQV UHIHULUHP DO SURQRP KL L DO
SDUDGLJPDGHOHVIRUPHVUHIOH[LYHV
RPHVSRWYHXUHDOVH[HPSOHVGH

216. PROWVRYLQWHOSURQRPKLQRDSDUHL[DOD
IUDVHQL.RPDOR.DWLXQLDPEDOWUHVYDORUVVHPjQWL.V

217. D QR‡YDDQDU
E MRQR‡KHSDUODWPDLDPEDTXHVWQRL@
3HO TXH ID DO SDUDGLJPD UHIOH[LX WUREHP HUURUV GH GRV WLSXV O¶RPLVVLy GHO
SURQRPLO¶DSDUL.LyGHOSURQRPDPEYHUEVTXHQRHOSRUWHQ

218. D SHUzOD-XOLHWDLHQ5RPHX‡YROLHQ.DVDUµHVYROLHQ.DVDU¶

219. E DTXHVW‡HVWjEDUDOODQWµV¶HVWjEDUDOODQW¶

220. . ‡KDIHWPDOµV¶KDIHWPDO¶

221. G ‡PHPRXDTXHVWDGHQWµVH¶PPRXDTXHVWDGHQW¶

222. H QR‡YDWUHQ.DUODGHQW@µQRHVYDWUHQ.DU¶

223. I DTXHVWDQHQD@‡.RUGDODVDEDWDµHV.RUGDODVDEDWD¶

224. D pVTXHPHVRPLRµpVTXHVRPLR¶

225. E XQyVJUDQTXHHVPRVVHJDµXQyVJUDQTXHPRVVHJD¶

226. . DTXHVWHV.DXDWHUUDµDTXHVW.DXDWHUUD¶

227. G QRHVSRWHQWUDUHOJDWµHOJDWQRSRWHQWUDU¶

228. $

229. YHLHPTXHO¶HOLVLyHVGyQDWDQWHQIRUPHVUHIOH[LYHVRUH.tSURTXHV.RPHQYHUEV
XVDWVSURQRPLQDOPHQWRDPETXDOVHYROWLSXVGHYDORU6LEp.

230. HVSRGULDLQWHUSUHWDU
.RPXQ.DVWHOODQLVPHHOIHWTXHH[LVWHL[LQPROWVDOWUHVHUURUVGHOPDWHL[WLSXVTXHQRHV

231. GRQHQ HQ .DVWHOODQRSDUODQWV ID SHQVDU TXH QR QH.HVVjULDPHQW V¶KD G¶DWULEXLU D OD
LQIOXqQ.LDGHO.DVWHOOj
/$)/(;,Ï
RP MD V¶KD GLW HO [LQqV pV XQD OOHQJXD DwOODQW TXH JDLUHEp QR Wp IOH[Ly /HV
SDUDXOHVWHQGHL[HQDVHULQYDULDEOHVLODLQIRUPD.LyWtSL.DGHODIOH[LyV¶H[SUHVVDDWUDYpV
GH SDUWt.XOHV GH PRWV GH O¶RUGUH HW. $ .RQWLQXD.Ly H[SRVDUHP .RP HV PDQLIHVWHQ
DTXHVWHV .DWHJRULHV JUDPDWL.DOV SUzSLHV GH OD IOH[Ly L GLYLGLUHP O¶H[SOL.D.Ly HQ GXHV
SDUWVG¶XQDEDQGDODIOH[LyQRPLQDOLGHO¶DOWUDODYHUEDO
/DIOH[LyQRPLQDO
7DQW HOV QRPV .RP HOV DGMH.WLXV VyQ LQYDULDEOHV VHPSUH SUHVHQWHQ OD PDWHL[D
IRUPD WDQW VL VyQ VLQJXODUV .RP VL VyQ SOXUDOV L WDPSR. QR YDULHQ VHJRQV OD IXQ.Ly
VLQWj.WL.DTXHWLQJXLQDODIUDVH$

232. HQSRGHPYHXUHDOJXQVH[HPSOHV3RKLQJL
5LPPLQJWRQ

233. D Eÿ µSORPDSORPHV¶
VKX µOOLEUHOOLEUHV¶
OD RVK¯ µPHVWUHPHVWUHV¶
E MLVKX YHOOOOLEUH µOOLEUHYHOOOOLEUHVYHOOV¶
KD RSpQJRX ERQDPL. µDPL.ERDPL.VERQV¶
7RWLDL[zH[LVWHL[XQPRUIHPDGHSOXUDOPHQTXHHVIDVHUYLUDPEHOVSURQRPV
SHUVRQDOV L TXH WDPEp HV SRW DGMXQWDU DOV QRPV GH SHUVRQD TXDQ WHQHQ XQD UHIHUqQ.LD
GHILQLGD3RKLQJL5LPPLQJWRQ

234. 8QD OOHQJXD HQ TXq HO QRP YDULD VHJRQV OD VHYD IXQ.Ly VLQWj.WL.D D OD IUDVH pV XQD OOHQJXD TXH Wp
PDUTXHV GH .DV pV D GLU GH.OLQD.LRQV (Q VyQ H[HPSOHV HO OODWt O¶DOHPDQ HO EDV. HW. (Q OODWt SHU
H[HPSOHXQQRP.RP SXHOODµQHQD¶WpODIRUPD SXHOODVLIDGHVXEMH.WHLpV VLQJXODU SXHOODP VL pV XQ
.RPSOHPHQWGLUH.WHVLQJXODURSXHOODUXPVLpVXQ.RPSOHPHQWGHOQRPSOXUDO(Q.DWDOjMDQRH[LVWHL[HQ
OHVPDUTXHVGH.DVHQHOVQRPVSHUzHQ.DUDHQTXHGHQUHVLGXVHQHOVLVWHPDSURQRPLQDO MRVXEMH.WHPH
.RPSOHPHQWGHOYHUEHOOD.RPSOHPHQWGLUH.WHVLQJXODUOL.RPSOHPHQWLQGLUH.WHVLQJXODUHW.

235. D ZR µMR¶ ZR PHQ µQRVDOWUHV¶
Qÿ µWX¶ QÿPHQ µYRVDOWUHV¶
WD µHOOHOOD¶ WDPHQ µHOOVHOOHV¶
E [XpVKHQJ µHOXQHVWXGLDQWHOVXQV

236. HVWXGLDQWV¶
[XpVKHQJPHQ µHOVHVWXGLDQWV¶
KiL]L µHOXQQHQHOVXQV

237. QHQV¶
KiL]LPHQ µHOVQHQV¶
/¶~VGHPHQDPEQRPVSHUzpVIRUoDUHGXwW/DSOXUDOLWDWV¶H[SUHVVDPLWMDQoDQWDOWUHV
SDUDXOHV.RPDUDt[LH µDOJXQV¶QqL[LH µDTXHOOV¶[X GXR µPROWV¶HW./LL7KRPSVRQ

238. D L[LHZiQM
µDOJXQHVMRJXLQHV¶
E QqL[LHNR XKjR
µDTXHOOVHVOzJDQV¶
(QHOVH[HPSOHVGH

239. LGH

240. SRGHPREVHUYDU.RPHOVQRPVLHOVSURQRPV
QR.DQYLHQGHIRUPDVHJRQVODIXQ.LyVLQWj.WL.DTXHIDQ=HQJKXLL=KRX

241. D 0X TLQ PD L .jL ]Xz IjQ
PDUH .RPSUDU YHUGXUHV IHU PHQMDU
µ/DPDUH.RPSUDYHUGXUHVSHUIHUHOPHQMDU¶
E :R jLPX TLQ
MRHVWLPDUPDUH
µ(VWLPRODPDUH¶
'HIHW[LHpVXQDPDU.DGHSOXUDOTXHV¶DGMXQWDDOQXPHUDOLµXQ¶LDOGHPRVWUDWLXQqLµDTXHOO¶

242. . :R JH LPX TLQ ¯ Jq ZH Q
MRGRQDUPDUH XQ /$66 SHWy
µ)DLJXQSHWyDODPDUH¶
G :R JHQZR PX TLQ¯TÿT
MRLMRPDUHDOKRUDDQDU
µ+LDQLUpDPEODPHYD

243. PDUH¶

244. D 7DGD ZR E :R GD WD
HOOSHJDU MR MRSHJDU HOO
µ(OOHPSHJD¶ µ-RHOSHJR¶
(OV SURQRPV SHUVRQDOV WDPSR. QR WHQHQ XQ HTXLYDOHQW SRVVHVVLX .I MR PHX
WXWHXHW.

245. /HVIRUPHVSRVVHVVLYHVHV.RQVWUXHL[HQDPEHOVSURQRPVSHUVRQDOVVLWXDWV
DOGDYDQWGHOQRPTXHLQGL.DOD.RVDSRVVHwGDVHJXLWVJHQHUDOPHQWGHODSDUWt.XODGH
/LL7KRPSVRQ

246. D ZR GH .KqQVKDQ
MR 3$57 .DPLVD
µODPHYD.DPLVD¶
E WDPHQ GH MLD
HOOV 3$57 .DVD
µODVHYD.DVDG¶HOOV

247. ¶
(OIHWTXHHOVHOHPHQWVQRPLQDOVGHO[LQqVQR.RQWLQJXLQPRUIHPHVGHIOH[LyID
TXHHOV[LQHVRVTXHDSUHQHQ.DWDOjWLQJXLQGLIL.XOWDWVSHUPDU.DUHOJqQHUHIHPHQtD

248. L
HOQRPEUHSOXUDOV

249. LSHUIHU.RQ.RUGDUHOVQRPVDPEHOVVHXVGHWHUPLQDQWVLDPEHOV
DGMH.WLXVTXHHOVPRGLILTXHQ$

250. H[HPSOLILTXHPHOVWLSXVG¶HUURUVPpVIUHTHQWVTXH
KHPGHWH.WDW

251. D HOV.LXWDWV
XQPzPLD
HOPHXSURIHVVRUD
ODVHQRUHWDHVWjHQ@IDGDW
±.RPpVODJUDYDGRUD@±SHWLW
WHQLDXQD.RUGDDJDIDWMR
ODPpVSHWLWWpWUHVDQV
E PLUDOHVWD]R
±.RPVyQHOVGUj.XOHV@±OOHLJ
TXDWUHRUGLQDGRU
IHUWRQWHULD
$ D

252. YHLHP .DVRV HQ TXq HV ID VHUYLU OD IRUPD PDV.XOLQD HQ OOR. GH OD IHPHQLQD
3RVVLEOHPHQW PpV TXH IHU VHUYLU HO PDV.XOt IDQ VHUYLU O¶DUUHO VHQVH O¶DIL[ GH JqQHUH
.RVDTXHHQ.DWDOjSURYR.DTXHODIRUPDUHVXOWDQW.RLQ.LGHL[LDPEHO PDV.XOt1RVyQ
WDQIUHTHQWVHQOHVPRVWUHVTXHKHPUH.ROOLWHOV.DVRVHQTXqHVIDVHUYLUHOIHPHQtHQ
OOR.GHOPDV.XOtDTXHVWDQRPXQDSDQWDORQV

253. $E

254. SDVVDXQD.RVDVLPLODUDPEHO
QRPEUH WUREHP O¶DUUHO VHQVH .DS PRUIHPD GH QRPEUH L HO UHVXOWDW VHPEOD OD IRUPD
VLQJXODU
/DIOH[LyYHUEDO
$GLIHUqQ.LDGHOTXHSDVVDDPEHOVYHUEVGHOHVOOHQJHVURPjQLTXHVHOVYHUEV
GHO [LQqV QR .DQYLHQ GH IRUPD SHU H[SUHVVDU HO WHPSV QL OD SHUVRQD 6yQ IRUPHV
LQYDULDEOHV /D SHUVRQD HV GHGXHL[ JDLUHEp VHPSUH SHO SURQRP TXH DSDUHL[ IHQW GH
VXEMH.WHTXHGLIt.LOPHQWHVSRWHOLGLU.I.DWDOjMRPHQMRWXPHQJHVPHQMRPHQJHV

255. $L[tODPDWHL[DIRUPDYHUEDOTXHDSDUHL[D

256. .RUUHVSRQDSHUVRQHVGLIHUHQWVVHJRQV
HOSURQRPTXHODSUH.HGHL[HQDTXHVWH[HPSOHKRWUDGXwP.RPDSUHVHQW

257. ZR PD L µMR.RPSUR¶ ZR PpQPD L µQRVDOWUHV.RPSUHP¶
QÿPD L µWX.RPSUHV¶ QÿPpQPD L µYRVDOWUHV.RPSUHX¶
WDPD L µHOO.RPSUD¶ WDPpQPD L µHOOV.RPSUHQ¶

258. 3HU LQGL.DU WHPSV GLIHUHQWV HV IDQ VHUYLU XQD VqULH GH SDUWt.XOHV R PRWV TXH LQGLTXHQ
WHPSVRDVSH.WH8QHVGHOHVPpVIUHTHQWVVyQOHL]jLHQPDQGDUt/DSULPHUDOHPDU
.DO¶DVSH.WHSHUIH.WLXpVDGLUDTXHOOTXHWpXQDD..LyTXDQHVWjD.DEDGDLHV.ROÂOR.D
GHVSUpVGHOYHUE/LL7KRPSVRQL3RKLQJL5LPPLQJWRQ

259. D :R .K¯OHVDQZD QIjQ
MRPHQMDU3(5)WUHVERODUUzV
µ+HPHQMDWWUHVEROVG¶DUUzV¶
E :R [LH OHVDQIHQJ[uQ
MRHV.ULXUH3(5)WUHV/$66.DUWD
µ+HHV.ULWWUHV.DUWHV¶
6¶KD GH WHQLU HQ .RPSWH TXH QR pV HO PDWHL[ HO WHPSV TXH O¶DVSH.WH (Q.DUD TXH HOV
H[HPSOHVDQWHULRUVHOVKHPWUDGXwWIHQWVHUYLUHOSDVVDWO¶DVSH.WHSHUIH.WLXHVSRWGRQDUHQ
XQD D..Ly SDVVDGD R HQ XQD GH IXWXUD (Q HOV H[HPSOHV GH

260. L

261. HOV DGYHUELV
WHPSRUDOVHVSH.LILTXHQHOWHPSV5DPVHL3RKLQJL5LPPLQJWRQ

262. :R E]K¯GjRWD ]XyWLDQ T M¯QWLDQ T KiLVKL PtQJWLDQ T
MRQRVDEHUHOO DKLU YHQLU DYXL YHQLU R GHPj YHQLU
µ1RVpVLYDYHQLUDKLUYHDYXLRYLQGUjGHPj¶

263. D :R ]XyWLDQ[LjOHNqÿKzXTNjQGLjQÿQJ
MRDKLUD.DEDU3(5)OOLoyGHVSUpVDQDUYHXUHSHOÂOt.XOD
µ$KLUTXDQYDLJD.DEDUOD.ODVVHYDLJDQDUDYHXUHXQDSHOÂOt.XOD¶
E :R PtQJWLDQ[LjOHNqÿKzXTNjQGLjQÿQJ
MRGHPjD.DEDU3(5)OOLoyGHVSUpVDQDUYHXUHSHOÂOt.XOD
µ'HPjTXDQD.DEDUpOD.ODVVHDQLUpDYHXUHXQDSHOÂOt.XOD¶
$TXHVWD PDWHL[D SDUWt.XOD OH WDPEp LQGL.D .DQYL GH VLWXD.Ly R G¶HVWDW TXDQ V¶DGMXQWD D
YHUEVHVWDWLXVDGMH.WLXV

264. /LL7KRPSVRQL3RKLQJL5LPPLQJWRQ

265. D 7LDQKHLOH
.HOQHJUH$19,'¶(67$7
µ(O.HOHVWjQHJUHV¶KDHQQHJULW¶
E 7DEuQJOH
HOOPDODOW$19,'¶(67$7
µ(VWjPDODOWV¶KDSRVDWPDODOW¶
/DSDUWt.XOD]jLHVIDVHUYLUHQPDQGDUtSHULQGL.DUO¶DVSH.WHLPSHUIH.WLXDTXHOO
TXHSUHVHQWDO¶D..LyG¶XQDPDQHUDGXUDWLYDQRD.DEDGD(V.ROÂOR.DDOGDYDQWGHOYHUEL
QRpVSRVVLEOHDPEYHUEVHVWDWLXV/LL7KRPSVRQ

266. D =KDQJ6DQ ]jL GD /ÿ6u
=KDQJ6DQ ,03(5) SHJDU /ÿ6u
µ(Q=KDQJ6DQSHJDHVWjSHJDQWOD/ÿ6u¶
E /ÿ6u ]jL MLH VKL ZpQID
/ÿ6u ,03(5) H[SOL.DU JUDPjWL.D
µ/D/ÿ6uH[SOL.DHVWjH[SOL.DQWJUDPjWL.D¶
(OV YHUEV G¶D..Ly SHUz WDPEp SRGHQ DSDUqL[HU VHQVH .DS PDU.DGRU DVSH.WXDO
TXDQLQGLTXHQXQDD..LyKDELWXDO.RPDD

267. .DUD.WHUtVWLTXHVSHUPDQHQWVRGHOODUJD
GXUDGD.RPDE

268. REpODLQWHQ.LyGHIHUXQDD..LyLPPHGLDWDPHQW.RPD.

269. 3R
KLQJL5LPPLQJWRQ

270. D 0D .K¯.D R
.DYDOOPHQMDUKHUED
µ(OV.DYDOOVPHQJHQKHUED¶
E :R [uQ-¯GXMLjR
MR.UHXUHULVWUHOLJLy
µ6y..ULVWLj¶

271. . :R [LjQ]jLTEjQJRQJVKu
MRDUDDQDUGHVSDW[
µ$UDYDLJDQLUpDOGHVSDW[¶
+HPYLVWTXHOHVGLVWLQ.LRQVTXHHO.DWDOjD.RQVHJXHL[GHIHUDPEHOVPRUIHPHV
YHUEDOVDGMXQWDWVDOHVDUUHOVHO[LQqVOHVIDDPEDOWUHVVLVWHPHVO¶DSDUL.LyGHOVXEMH.WH
GHWHUPLQDODSHUVRQDLDOJXQHVSDUWt.XOHVLH[SUHVVLRQVWHPSRUDOVGHOLPLWHQHOWHPSVL
O¶DVSH.WH /D IRUPD YHUEDO QR .DQYLD PDL (OV H[HPSOHV GH

272. L GH

273. LOÂOXVWUHQ
DOJXQV GHOV HUURUV TXH IDQ HOV SDUODQWV [LQHVRV TXDQ DSUHQHQ .DWDOj TXH WHQHQ HO VHX
RULJHQHQDTXHVWDPDQ.DGHIOH[LyYHUEDO

274. D MR

275. VDS[LQqV
MR

276. VHPSUHSHQVD
MR

277. QRYDSORUDU
VHPSUHTXHMR

278. P¶KD.DLJXW
E VDSWX

279. SHUTXq
. ±TXqIDQWRWVHOVQHQV@±YDD.ODVVH
HOOHVWDPEpWUHEDOOD
G XQDQHQDIHU

280. WRQWHULD
SHUzMRQR.RQqL[HU

281. D MRTXDQHVWj;LQDKD.DLJXW
µTXDQMRHUDDOD;LQDYDLJ.DXUH¶
(O.RPSRUWDPHQWGHOYHUE[LQqVSRWVHPEODUPROWHVWUDQSHUDXQSDUODQWG¶XQDOOHQJXDURPjQL.D.RP
HO.DWDOjDPEXQDPRUIRORJLDYHUEDOPROWUL.D8QIHQRPHQPROWVLPLODUSHUzHVGyQDHQXQDOOHQJXD
TXHHQVpVPROWPpVSURSHUDTXHQRSDVHO[LQqVO¶DQJOqV.RPDPj[LPGLVWLQJHL[.LQ.IRUPHVGLIHUHQWV
SHUD.DGDYHUEVLQJVLQJVVDQJVXQJVLQJLQJ IRUPDQRPDU.DGDWHU.HUDSHUVRQDVLQJXODUGHOSUHVHQW
SDVVDWSDUWL.LSLLJHUXQGL

282. /HVGLVWLQ.LRQVGHSHUVRQDHVIDQDPEHOVSURQRPVGHVXEMH.WHLOHVGHWHPSVL
DVSH.WH DPE DX[LOLDUV TXH GRQHQ OOR. D IRUPHV SHULIUjVWLTXHV ,¶P VLQJLQJ KH ZLOO VLQJ RX VDQJ ZH
ZRXOGVLQJHW.

283. E XQDQHQDTXHYD.DLJXW
QRYDYLVWQLQJ~
. QRWHQLUpWHPSV
OD.RQHL[DYHV
MR.jLJXW
$

284. KHPH[HPSOLIL.DWHOVSUREOHPHVSHUDIHJLUHOPRUIHPDGHSHUVRQDDO¶DUUHOSRW
VHPEODUTXHIDQVHUYLUODWHU.HUDSHUVRQDGHOVLQJXODUTXHHQ.DWDOjQRWp.DSPRUIHPD
GHSHUVRQDH[SOt.LWSHUzHOV.DVRVGH.

285. HQVIDQSHQVDUTXHIDQVHUYLUO¶DUUHOLTXHGH
YHJDGHV OD GHGXHL[HQ GH O¶LQILQLWLX 3HU D HOOV GRQ.V SRVVLEOHPHQW QR VyQ WHU.HUHV
SHUVRQHVVLQyODIRUPDYHUEDOSXUDO¶DUUHOPpVODYR.DOWHPjWL.D

286. /HV.RQVWUX..LRQVGH

287. GHL[HQYHXUHDOJXQVHUURUVUHOD.LRQDWVDPEO¶~VLOD.RQVWUX..LyGHOVWHPSVYHUEDOV
$E

288. V¶LOÂOXVWUDXQHUURUIUHTHQWO¶~VGHO¶DX[LOLDUDQDUHQOOR.G¶KDYHUHQOHVGXHV
.RQVWUX..LRQV.DWDODQHVTXHHOVSDUODQWVEDUUHJHQYD.DQWDUKD.DQWDW

289. HVGyQDODLGHD
G¶DVSH.WHSHUIH.WLXG¶D..LyD.DEDGD.RVDTXHIDTXHHOVVLJXLQGLIt.LOVGHGLVWLQJLU6yQ
HVSH.LDOPHQWUHOOHYDQWVHOVH[HPSOHVGH.

290. SHUTXqGHPRVWUHQTXHHOVSDUODQWVTXHHOV
KDQSURGXwWHVWDQDVVLPLODQWHOSUR.pVPRUIROzJL.GHIOH[LyYHUEDOHQHO.DVGHWHQLUpHV
UHJXODULW]D HO YHUE WHQLU HQ OD IRUPD.Ly GHO IXWXU VRUWLU ± VRUWLUp o WHQLU ± WHQLUp

291. L
.RQHL[DYHV GHPRVWUD TXH HO SDUODQW MD KD DSUqV TXH ±DYD pV XQ VXIL[ SHU IRUPDU
O¶LPSHUIHW G¶LQGL.DWLX SHUz O¶DSOL.D D XQ YHUE GH OD VHJRQD .RQMXJD.Ly TXDQ QRPpV
VHUYHL[SHUDOVYHUEVGHODSULPHUDILQDOPHQWD.jLJXWHOSDUODQWKDDJDIDWO¶DUUHODPE
.RQVRQDQWYHODUGHOYHUE.DXUH.DL..DLJXL.DLJXpV

292. LOLKDDGMXQWDWHOPRUIHPDXWGH
SULPHUDSHUVRQDVLQJXODUGHODYDULDQWJLURQLQDPHQMDU±PpQMXWUHEUH±UqEXWVRUWLU±
V~UWXWo.DXUH±.jLJXW

293. 9ROGUtHPLQVLVWLUTXHDTXHVWVHUURUVVyQXQPROWERQVHQDO
SHUTXqGHPRVWUHQTXHHOVSDUODQWVKDQSDVVDWGHO¶HVWDGLHQTXqQRPpVIHLHQVHUYLUOHV
DUUHOV D XQD QRYD HWDSD HQ TXq HVWDQ .RQVWUXLQW OHV UHJOHV GH IRUPD.Ly GHOV YHUEV
$TXHVW IHQRPHQ G¶DQDORJLD HV GyQD HQ OD .RPXQLWDW [LQHVD HQ QLYHOOV DYDQoDWV G¶DSUHQHQWDWJH GHO
.DWDOjLHVSH.LDOPHQWHQQHQV/¶DGTXLVL.LyGHODPRUIRORJLDIOH.WLYDpVPROWOHQWDHQJHQHUDO9DOHQWLQL

294. REVHUYD DTXHVW PDWHL[ IHQRPHQ HQ HOV [LQHVRV TXH DSUHQHQ LWDOLj 6HJRQV O¶DXWRUD HOV SDUODQWV
[LQHVRVWHQGHL[HQDDSUHQGUHSHUPHPRULW]D.LyGHSH.HVOq[LTXHVVHQVHVHJPHQWD.LyPRUIROzJL.D$L[z
SRW VHU GHJXW DO IHW TXH HO [LQqV pV XQD OOHQJXD DwOODQW D OD WHQGqQ.LD .XOWXUDO D O¶DSUHQHQWDWJH SHU
PHPRULW]D.LyLDOIHWTXHpVXQD.RPXQLWDWPROWWDQ.DGDLVREUHWRWHOVDGXOWVWHQHQSR.DUHOD.LyDPEOD
.RPXQLWDWTXHHOVD.XOOLSHUWDQWSR.VLQSXWVOLQJtVWL.V9JWDPEp%HOWUiQL*DU.tD

295. 1RWHPTXHDTXHVWSUR.pVpVVHPEODQWDOTXHUHDOLW]HQHOVQHQVTXDQDSUHQHQ.DWDOj.RP
DSULPHUDOOHQJXDREULWSHUREHUWHW.

296. /$)250$,Ï'(0276
6L Ep HOV SUR.HVVRV GH IOH[Ly HQ [LQqV VyQ SUj.WL.DPHQW LQH[LVWHQWV HOV GH
IRUPD.Ly GH PRWV VyQ PpV KDELWXDOV /D GHULYD.Ly QR pV JDLUH SURGX.WLYD SHUz OD
.RPSRVL.Ly KR pV PROW $ .RQWLQXD.Ly GRQDUHP DOJXQV H[HPSOHV G¶DTXHVWV WLSXV GH
SUR.HVVRVPRUIROzJL.VTXHIRUPHQPRWVQRXV.RPELQDQWDUUHOVRDUUHOVLDIL[RV
/DGHULYD.Ly
6L HO .RPSDUHP DPE OHV OOHQJHV URPjQLTXHV HO [LQqV Wp PROW SR.V SUR.HVVRV
GH GHULYD.Ly $

297. SUHVHQWHP DOJXQV GHOV SUHIL[RV PpV SURGX.WLXV /L L 7KRPSVRQ

298. D Gu¯ µSULPHU¶ ¯ µXQ¶
GuOL µVLVq¶ OL µVLV¶
GuVDQ µWHU.HU¶ VDQ µWUHV¶
E NH [uQ µ.UHwEOH¶ [uQ µ.UHXUH¶
NH .K¯ µPHQMDEOH¶ .K¯ µPHQMDU¶
NH QpQJ µSRVVLEOH¶ QpQJ µSRGHU¶
. KD RNjQ µERQL.¶ NjQ µPLUDU¶
KD R.K¯ µGHOL.LyV¶ .K¯ µPHQMDU¶
KD RVKXR µGHERQGLU¶ VKXR µGLU¶
G QiQNjQ µOOHLJ¶ NjQ µPLUDU¶
QiQ.K¯ µLPPHQMDEOH¶ .K¯ µPHQMDU¶
QiQVKXÀ µGHPDOGLU¶ VKzX µGLU¶
'upVHOSUHIL[TXHVHUYHL[SHUIRUPDUHOVQXPHUDOVRUGLQDOV(OSUHIL[NH IRUPDDGMH.WLXV
DSDUWLUGHYHUEVVHJXLQWODQRVWUDWHUPLQRORJLDSHUDOHVSDUWVGHO¶RUD.Ly

299. LHTXLYDODO

300. QRVWUHVXIL[EOH.RPHVSRWYHXUHDSDUWLUGHOHVWUDGX..LRQVGHOVH[HPSOHV+D RLQiQ
VyQGRVSUHIL[RVDQWzQLPVTXHWDPEpGRQHQDGMH.WLXVDSDUWLUGHYHUEVVLJQLILTXHQ³GH
ERQ9Ij.LOGH9´L³GHPDO9GLIt.LOGH9´UHVSH.WLYDPHQW
3HO TXH ID DOV VXIL[RV D .RQWLQXD.Ly H[HPSOLILTXHP HOV PpV SURGX.WLXV /L L
7KRPSVRQV

301. D GzQJZ[Xp µ]RRORJLD¶ GzQJZ µDQLPDO¶
X iQ[Xp µOLQJtVWL.D¶ X iQ µOOHQJXD¶
VKqKXu[Xp µVR.LRORJLD¶ VKqKXu µVR.LHWDW¶
E [LD RVKXRMLD µQRYHOÂOLVWD¶ [LD RVKXR µQRYHOÂOD¶
NH[XpMLD µ.LHQWtIL.¶ NH[Xp µ.LqQ.LD¶
ZOÿ[XpMLD µItVL.¶ ZOÿ[Xp µItVL.D¶
. 0H LKXj µDPHUL.DQLW]DU¶ 0H L µ$PqUL.D¶
WyQJKXj µDVVLPLODU¶ WyQJ µVLPLODU¶
G PDRU µJDWHW¶ PDR µJDW¶
[LD R

302. PD U µSHWLW

303. .DYDOOHW¶ PD µ.DYDOO¶
JXDQU µEXUz.UDWDGHVS

304. ¶ JXDQ µRIL.LDO¶
H pU]L µILOO¶
W]L µ.RQLOO¶
M~]L µWDURQMD¶
(O VXIL[ [Xp GyQD QRPV TXH IDQ UHIHUqQ.LD D .LqQ.LHV MLD GyQD QRPV TXH GHQRWHQ OD
SHUVRQDTXHHVGHGL.DDDOJXQDGLV.LSOLQDLKXjIRUPDYHUEVDSDUWLUGHQRPVRDGMH.WLXV
LpVHTXLYDOHQWDOQRVWUHLW]DUOHJDOLW]DULQGXVWULDOLW]DUHW.

305. 3HOTXHIDDOVXIL[UTXH
pVO¶~QL.TXHWpPHQVG¶XQDVtOÂODEDVRYLQWWpXQYDORUDYDOXDWLXREpGLPLQXWLXRGH
YHJDGHV GHVSH.WLX $TXHVW VXIL[ SHUz QR HV SURQXQ.LD IRUD GH O¶jUHD GH 3HTXtQ YJ
†

306. (OVXIL[]LMDQRpVSURGX.WLXSHUzHVWUREDHQPROWHVSDUDXOHVTXHQRIRUPHQ
.DS.ODVVHVHPjQWL.DEHQGHILQLGD

307. /D.RPSRVL.Ly
/D .RPSRVL.Ly pV OD XQLy GH GXHV R PpV DUUHOV SHU IRUPDU XQ PRW QRX eV HO
SUR.pVGHIRUPD.LyGHPRWVPpVSURGX.WLXHQ[LQqV$.RQWLQXD.LySUHVHQWDUHPDOJXQV
GHOVWLSXVPpVLPSRUWDQWVGH.RPSRVL.Ly
8Q SULPHU WLSXV GH .RPSRVWRV pV DTXHOO HQ TXq HV MX[WDSRVHQ GRV HOHPHQWV HQ
XQD UHOD.Ly GH .RRUGLQD.Ly $TXHVWV HOHPHQWV SRGHQ VHU GRV YHUEV TXH VyQ JDLUHEp
VLQzQLPV UH.RUGHP TXH HQ [LQqV KL KD YHUEV HVWDWLXV TXH HTXLYDOHQ DOV QRVWUHV
DGMH.WLXV

308. (OUHVXOWDWGHOD.RPSRVL.LypVXQDOWUHYHUEHOTXHDOJXQVDXWRUVDQRPHQHQ
³.RPSRVWRVYHUEDOVSDUDOÂOHOV´/LL7KRPSVRQ

309. IjQJTu GHL[DUDEDQGRQDU µGHL[DU.yUUHU¶
EDQJ]K DMXGDUDMXGDU µDMXGDU¶
StIi .DQVDW.DQVDW µ.DQVDW¶
7DPEp pV SRVVLEOH TXH HOV .RPSRVWRV HVWLJXLQ IRUPDWV SHU GRV YHUEV HVWDWLXV
DGMH.WLXV

310. DQWzQLPVLODXQLyGyQD.RPDUHVXOWDWXQQRP/LL7KRPSVRQ

311. KD RKXjL ERGROHQW µTXDOLWDW¶
Gj[LD R JUDQSHWLW µPLGD¶
OH QJUq IUHG.DOHQW µWHPSHUDWXUD¶
NXjLPjQ UjSLGOHQW µYHOR.LWDW¶
,ILQDOPHQWGHYHJDGHVHVMX[WDSRVHQGRVQRPVSHULQGL.DUHO.RQMXQWIRUPDWSHOVGRV
UHIHUHQWVHVWUD.WDGHOVDQRPHQDWV³.RPSRVWRVSDUDOÂOHOV´/LL7KRPSVRQ

312. IPX SDUHPDUH µSDUHVSDUHPDUH

313. ¶
]ÿQ ILOOILOOD µILOOV¶
VKXÿWX DLJXDWHUUD µ.OLPD¶
JXyMLD SDtV.DVD µQD.Ly¶

314. 8QDOWUHWLSXVGH.RPSRVWRVVyQHOVIRUPDWVSHUXQQRPLXQYHUE(OQRPSRW
.RUUHVSRQGUHREpDOVXEMH.WH.RPD

315. REpDO.RPSOHPHQWGHOYHUE.RPD

316. 4XDQ
V¶HVWDEOHL[XQDUHOD.LyVXEMH.WHSUHGL.DWHQWUHHOVGRVPHPEUHVGHO.RPSRVWHOYHUEVRO
VHUXQYHUEHVWDWLXDGMH.WLX

317. SHUzWDPEpSRWVHUXQYHUEG¶D..Ly.RPD.

318. (OPRW
.RPSRVWpVXQYHUEGHOPDWHL[WLSXV/LL7KRPSVRQ

319. D QLiQT¯QJ HGDWOOHXJHU µMRYH¶
E PuQJNX YLGDDPDUJDQW µGHVDIRUWXQDW¶
. Gu]KqQ WHUUDWUHPRODU µKDYHUKLXQWHUUDWUqPRO¶
4XDQODUHOD.LyHQWUHHOVGRVHOHPHQWVTXHIRUPHQHO.RPSRVWpVYHUE.RPSOHPHQWHO
PRWUHVXOWDQWWDPEpD.RVWXPDDVHUXQYHUE$

320. HQGRQHPDOJXQVH[HPSOHV/LL
7KRPSVRQ

321. D ]KjR[LjQJ UHIOH.WLULPDWJH µIRWRJUDILDU¶
E [tQJOÿ IHUVDOXWD.Ly µVDOXGDU¶
. NDLZiQ[LjR IHUEURPD µULXUH¶VGH¶
8QGHOVSUR.HVVRVGH.RPSRVL.LyPpVIUHTHQWGHO[LQqVpVHOTXHIRUPDQRPV
.RPSRVWRV D SDUWLU GH GXHV DUUHOV QRPLQDOV XQD GH OHV TXDOV PRGLIL.D O¶DOWUD /L L
7KRPSVRQ

322. D PiR¯ OODQDYHVWLW µMHUVHL¶
E PH LJXyKXz $PqUL.DSURGX.WH µSURGX.WHDPHUL.j¶
. IqLiQ SXOPyLQIODPD.Ly µSXOPRQLD¶
G [LpyX VDEDWDROL µEHWXP¶
H WiLE WDXODURED µWRYDOOHV¶
RPHVSRWYHXUHD

323. OHVUHOD.LRQVVHPjQWLTXHVHQWUHHOVGRVHOHPHQWVGHO.RPSRVW
VyQPROWGLYHUVHVDD

324. HOSULPHUQRPLQGL.DHOPDWHULDODPETXqHVWjIHWHOVHJRQD
(OUHVXOWDWG¶DTXHVWSUR.pVGH.RPSRVL.LyGHYHJDGHVpVXQQRPRXQDGYHUEL .KD RIjQIUHJLUDUUzV
µDUUzVIUHJLW¶

325. ]KjRjQJVHJXLUPRGHOµLJXDOPHQW¶

326. /LL7KRPSVRQ

327. E

328. LQGL.DO¶RULJHQGHOVHJRQD.

329. HOSULPHUIDUHIHUqQ.LDDODSDUWGHO.RVDIH.WDGD
SHUODPDODOWLDTXHGHQRWDHOVHJRQHOHPHQWDG

330. ODSULPHUDSDUWGHVLJQDO¶REMH.WHD
TXqHVWjGHVWLQDWHOVHJRQLDH

331. LQGL.DHOOOR.RQHV.ROÂOR.DHOVHJRQ2EVHUYHPTXH
HQ WRWV DTXHVWV .DVRV OD SULPHUD SDUW GHO .RPSRVW PRGLIL.D OD VHJRQD SDUW TXH pV
O¶HOHPHQWTXHDSRUWDODUHIHUqQ.LDDO.RPSRVWXQHVWRYDOOHVVyQXQDUREDSHUDODWDXOD