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l.sch
#9G 8S@=6SF5H=CBG 9LDCG9BH 8CB7 89IL 7CB79DH=CBG 8=::SF9BH9G 89
@l5FH=7@9 7CB79FB5BH @5 7CADSH9B79 89 :=L5H=CB 89G DF=L #CFGEI9 @9 CBG9=@
9L9F79IB9A=GG=CB8l9B758F9A9BH89GDCIJC=FG@9G7CBHF5=BH9GF9B7CBHFS9GD5F
IB9 :CB7H=CB DC@=H=EI9 GCBH BS79GG5=F9A9BH D5FH=9G DF9B5BH9G 89 GCB
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7CBG=8SF5H=CB #57CADSH9B7989:=L5H=CB89GDF=L9GHFS;@9A9BH5=F99BF5=GCB89G
7CBHF5=BH9G8979HH9A=GG=CB #CFGEI9@97CBHFY@989FSD5FH=H=CB89G7CADSH9B79G
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P IB9 9L=;9B79 DFC7S8IF5@9 #lC6>97H=: S7CBCA=EI9 9GH 85BG 79 75G 9L7@I 89
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1802
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6:17
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0.15
P @l9L9F7=79 8lIB9 :CB7H=CB DC@=H=EI9 #5 7CADSH9B79 89 :=L5H=CB 89G DF=L
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e d’A
Bl5 =7= F=9B P JC=Fc #5 F9GHF=7H=CB 89 @5 GC@IH=CB 58CDHS9 P IB HF5J5=@
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sitair
8=F97H=J9G8l=BH9FDFSH5H=CBSBCB7S9GD5F@9F5DDCFH9IF!95B$=7<5F8'9@@=GG=9F5I
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niver

U
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stitut
8C2?56D5P=:3PC2E:@?D5F@?D6:=4@?DE:EFE:@??6= @A4:E GG

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ox.co
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l.sch
?8/ 693 =?< 6VF@+6?+>398 ./ -/<>+38= 37:L>= 69-+?A #5 EI9GH=CB DCGS9 5I CBG9=@
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bGC=B 89 DF9B8F9 89G 8S7=G=CBG 85BG 89G A5H=TF9G EI= B9 GCBH D5G 79@@9G 89
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9HH9DFSC77ID5H=CBG9D9FRC=H5IGG=@CFGEI9@9F5DDCFH9IF89@58S7=G=CB
B^ %))9BS5GG=B =BG=GH9GIF@l5DDFS7=5H=CB>IF=8=EI9EIl=@7CBJ=9BH89
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2962
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6:17
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0.18
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h 9B 8SFCI@5BH IB F5=GCBB9A9BH 5::=7<S 7CAA9 =><3->/7/8> 4?<3.3;?/ 9HH9
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0.15
DFSG9BH95IG9=B89@l=BGH=HIH=CB
@CFG EI9 @l5DDFS<9BG=CB 89 @l5FH=7@9 89 @5 CBGH=HIH=CB BlSH5=H D5G
0:16
GH56=@=GS985BG@9GDF9A=TF9G8S@=6SF5H=CBGDCFH5BHGIF@57CADSH9B7989:=L5H=CB
89GDF=L@lSJC@IH=CB8I7CBHFY@989@5FSD5FH=H=CB89G7CADSH9B79G56CIH=F5P79 2594
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7CADSH9B798I@S;=G@5H9IF #lS@56CF5H=CB8lIB7<5AD897CADSH9B799BA5H=TF9
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S7CBCA=EI9GI=JF58S:=B=H=J9A9BHPD5FH=F89 @5JC=98lIB965B5@=G5H=CB=@
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2821
8=GDCG=H=CB

1058
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n:21

bidja
b&F;5B9FS;I@5H9IF89@l57H=J=HS89<7+>3@/89GDCIJC=FGDI6@=7G9HBCB89
@9IF57H=J=HS:963>3;?/c@9CBG9=@HQ7<9F58lS@56CF9FIB7<5AD897CADSH9B79
e d’A
8I@S;=G@5H9IF9B9L7@I5BH89GCB5DDFS7=5H=CB@9G9B>9ILDC@=H=EI9G5ILEI9@G9GH
7CB:FCBHS@l9L9F7=798lIB9:CB7H=CB@S;=G@5H=J99BA5H=TF9S7CBCA=EI9 9BHFS
sitair

niver
V:@J@FEE_ ;LA8EM@<I =@44:E :FEJ

$ ' * -V8E:<;LA8EM@LC8K<LI ;< Ck8:K@M@KV EFID8K@M< ;<J GFLMF@IJ
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ox.co
olarv

l.sch
GIF @l=89BH=:=75H=CB 89 @5 J5@9IF >IF=8=EI9 89 @5 8=GDCG=H=CB 7CBHFY@S9 79
ACIJ9A9BH 9GH DFCD=79 P IB9 65B5@=G5H=CB 89G 7CADSH9B79G @S;=G@5H=J9 9H
FS;@9A9BH5=F99BA5H=TF9S7CBCA=EI9
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2962
7CBGH=HIH=CBB9@@985BG@97CBHFY@989@5FSD5FH=H=CB89G7CADSH9B79GCBHA=G9B
SJ=89B79 @l=BH9FDFSH5H=CB 5I857=9IG9 89 @l5FH=7@9 89 @5 CBGH=HIH=CB D5F @9
1802
CBG9=@ #l=BH9BH=CB 8I 7CBGH=HI5BH 89 SH5=H 8l=BGH5IF9F IB9 FSD5FH=H=CB
<CF=NCBH5@989G7CADSH9B79G:CB8S9GIFIB9GSD5F5H=CBGHF=7H989G7<5ADG85BG
6:17
@9GEI9@G@9@S;=G@5H9IF9H@9CIJ9FB9A9BHSH5=9BH7CADSH9BHG #5>IF=GDFI89B79
8I CBG9=@ 5 A=G 9B S7<97 79HH9 bFSJC@IH=CB >IF=8=EI9c DCIF 7CBG57F9F IB9
0.18
FSD5FH=H=CBJ9FH=75@989G7CADSH9B79G:CB8S9GIF@5bH97<B=EI98I75BHCBB9A9BH
D5F@l=ADCFH5B79c 9HH989FB=TF9D9IH9LD@=EI9F9BA5H=TF9S7CBCA=EI9
4.23
IB965B5@=G5H=CB89G7CADSH9B79G@S;=G@5H=J9G9HFS;@9A9BH5=F9G @@956CIH=H9B
0.15
9::9H P =BGH=HI9F IB 7<5AD 89 7CADSH9B79 7CBG=8SFS 7CAA9 GHF=7H9A9BH
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IACA9BH89@l58CDH=CB89@5CBGH=HIH=CB89 IB9D5FH=989@5

2821
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7CADSH9B79G 6=9B 8=GH=B7HG 9FH5=B9G 5HHF=6IH=CBG F9@9J5=9BH IB=EI9A9BH 89 @5
n:21
7CADSH9B79 8I DCIJC=F @S;=G@5H=: h DFSJI9G 9L<5IGH=J9A9BH P @l5FH=7@9 h

H5B8=GEI9@l9BG9A6@989G5HHF=6IH=CBGBCBDFSJI9GP@l5FH=7@9HCA65=9BH85BG
bidja
@l9G75F79@@98ICIJ9FB9A9BH@9FT;@9A9BH5IHCBCA9DFSJIP@l5FH=7@989@5
CBGH=HIH=CB #5@=A=H5H=CB89G7CADSH9B79G@S;=G@5H=J9GSH5=HACH=JS9D5F@l=8S9
e d’A
G9@CB@5EI9@@9@5@C=SH5=HIB=BGHFIA9BH=B585DHSDCIFA9HHF99BfIJF979FH5=B9G
A9GIF9G #5DFC7S8IF9D5F@9A9BH5=F9h@58S@=6SF5H=CB9HHCIH9GG9G7CBHF5=BH9G
sitair
h 7CBGH=HI5=H IB C6GH57@9 =B58SEI5H DCIF 9L9F79F IB9 :CB7H=CB DC@=H=EI9 9B

niver
U
$ , c,8GGFIK;<JPEK?WJ<d :?& 8MFI<L;@I "65@>2:?656=2=@:6E5FCQ8=6>6?E =@44:E

stitut
G
& c,8GGFIK@EKIF;L:K@=d :?3:5 G
m:In
$ ' "6A@FG@:C=P8:D=2E:76?C2?46 @A4:E GG M<:LE<M@J@FEGCLJ:I@K@HL< $
(6496C496DDFC=6A@FG@:CCP8=6>6?E2:C656=`25>:?:DEC2E:@? @A4:E GG

$ , c,8GGFIK;<JPEK?WJ<d :?=@44:E G
ox.co
olarv

l.sch
A5H=TF9S7CBCA=EI9 'CIF5IH5BH@97CBGH5H5I>CIF8l<I=D5FH5;S9B8C7HF=B9
9GH@5F9A=G99B75IG98979HH9FSJC@IH=CB>IF=8=EI9 9HH989FB=TF9SH5=H8S>P
SJCEIS9D5F!95B)=J9FC9B #9CBG9=@Gl9GHS7<5DDS8I758F9:=LSD5F
@5 CBGH=HIH=CB @ Bl5DD@=EI9F5 D5G @5 8=GH=B7H=CB 89 @l5FH=7@9 89 @5
CBGH=HIH=CB9BHF9FT;@9G9HDF=B7=D9G:CB85A9BH5IL #97F=HTF989FSD5FH=H=CB
B9Gl5DDI=9D5GGIF@97<5AD85BG@9EI9@9GH58CDHS9@58=GDCG=H=CB #9CBG9=@
7CBGH=HIH=CBB9@ Gl5DDI=9 GIF @l=BH9BG=HS CI @l=ADCFH5B79 89G 9::9HG 89 @5
8=GDCG=H=CBDCIFG5JC=FG=9@@9F9@TJ989@5@C=CI8IFT;@9A9BH
B:5=G5BH@97<C=L89b8SAU@9FBCBD5G@9DF=B7=D989@5FT;@97CAA9
2962
@lM=BJ=H5=HG9A6@9H=@@5@9HHF989@l5FH=7@9A5=G@9:CB85A9BH5@8IG97CB85=F9
@9 DF=B7=D5@ 89 @l5779GGC=F9c @9 CBG9=@ 7CBG=8TF9 EI9 @9 @S;=G@5H9IF 9GH
1802
7CADSH9BH DCIF 58CDH9F 89G 57H9G .+8= >9?= 6/= .97+38/= #5 @=A=H5H=CB 89 G5
7CADSH9B79 G9 G=HI9 GIF @9 HMD9 8l57H9G EIl=@ D9IH 58CDH9F G9I@G 79IL 8lIB9
6:17
=ADCFH5B79GI::=G5BH9F9@TJ9FCBH89G57CADSH9B79 'CIF@58C7HF=B979D5GG5;9
8lIB9bFSD5FH=H=CB<CF=NCBH5@9ch:CB8S9GIF@97<5AD8l5DD@=75H=CBhPIB9
0.18
bFSD5FH=H=CB J9FH=75@9c h :CB8S9 GIF @l=ADCFH5B79 89 @5 A9GIF9 h 9GH @9
4.23
:CB89A9BH 89 @lS7<97 89 @5 FSJC@IH=CB >IF=8=EI9 89 I89@P 89 G5
7CBHF58=7H=CB5J97@l=BH9BH=CB89G7CBGH=HI5BHG89 79HH9SJC@IH=CBHSAC=;B9
0.15
89 @5 JC@CBHS 8l5DDFS<9B89F @l5FH=7@9 89 @5 CBGH=HIH=CB 7CAA9 SH5BH IB9
9L=;9B79>IF=8=EI99H56GHF5=H9 @@99GHIB99L=;9B79DFC7S8IF5@9DCIF@97CBHFY@9
0:16
89 @5EI9@@9 @9 CBG9=@ 7CBGH=HIH=CBB9@ 9L7@IH 89 GCB 5DDFS7=5H=CB @9G AC85@=HSG
7CB7FTH9G 89 A=G9 9B fIJF9 8lIB9 :CB7H=CB DC@=H=EI9 9B A5H=TF9 S7CBCA=EI9
2594
'CIFF9GD97H9F>IF=8=EI9A9BH@l5FH=7@9=@89J=9BH=BIH=@989DF9B8F99B7CADH9
@lC6>97H=:S7CBCA=EI98lIB98=GDCG=H=CB
:889
2821
1058
n:21
" ' . C@:E4@?DE:EFE:@??6= &!$ FCC c'8EL<Cd V; G
bidja
! * c&<*8IC<D<EK<KC<J:I@KWI<J;<C8CF@ C8jIVMFCLK@FEj<E8KK<EK<ed =@44:E GG

e d’A
$ , c,8GGFIK;<JPEK?WJ<d :?& 8MFI<L;@I "65@>2:?656=2=@:6E5FCQ8=6>6?E @A4:E
G cC8IVMFCLK@FEVK8@KGFJJ@9C< C8IVMFCLK@FEEk8G8J<LC@<Ld
<HL<!LPI8@98EK88GG<CVcC8DVK?F;<<DG@I@HL<;L:8K8CF>L<d :?! FE:CLJ@FEJ
sitair
JFLJ AL@CC<K @?D6:=?2E:@?2=56=`@C5C656D>P564:?D (& G

<KK<VMFCLK@FEJ<I8I<D8IHLV<;WJ 7 /E8LK<LIVMFHL<C<c;VJ@IGFLIC<FEJ<@C 8L ;<CS
niver
;<J ;@JK@E:K@FEJ I8;@:8C<J GIVML<J G8I C8 FEJK@KLK@FE ;< =8@I< :?8HL< =F@J C< G8IK8>< <EKI< C8 IW>C<
GI@E:@G< S @E:CLI< ;8EJ C< ;FD8@E< ;< C8 CF@ <K C<J DF;8C@KVJ ;k8GGC@:8K@FE FL ;< D@J< <E gLMI<
I<JJFIK@JJ8EK8LGFLMF@IIV>C<D<EK8@I<d :? "25P=:>:E2E:@?56D5@>2:?6DC6DA64E:7D56=2=@:6E
U
5FCQ8=6>6?E52?D=2@?DE:EFE:@?5F@4E@3C6 @A4:E G

stitut
$ (6496C496DFC=6A@FG@:CCP8=6>6?E2:C656=`25>:?:DEC2E:@? @A4:E GG

$ & * cFEKI@9LK@FE S CkVKL;< ;L GFLMF@I CV>@JC8K@= J<CFE C8 FEJK@KLK@FE ;< d
m:In
#P=2?86DFC562F &!$ GG JGV: G

! * c&<*8IC<D<EK<KC<J:I@KWI<J;<C8CF@ C8iIVMFCLK@FEj<E8KK<EK<ed =@44:E GG

ox.co
olarv

l.sch
VF6+,9<+>398 .V?8 -2+7: ./ -97:F>/8-/ =><3->/7/8>
4?<3.3;?/
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@G9F5@9F9:@9H8lIBHF5J5=@J=G5BHPbDFC7S89F9B89<CFG89HCIH8=::SF9B8GIF@5
7CADSH9B79F9GD97H=J989G89ILDCIJC=FGPIB9L5A9BDIF9A9BHC6>97H=:8I75G
EI=@I=9GHGCIA=G9H898SH9FA=B9F@975F57HTF9EIl=@7CBJ=9BH89F97CBB5WHF95I
H9LH9 EI= 5 :5=H @lC6>9H 89 79H 9L5A9Bc L7@I5BH @l=8S9 EI9 @5 7CADSH9B79
@S;=G@5H=J99GH@=S9P@l9L9F7=798lIB9:CB7H=CBDC@=H=EI9@58S@=A=H5H=CBJ9FH=75@9
2962
89G7CADSH9B79G57CB8I=HP=BH9FDFSH9F@57CADSH9B798I@S;=G@5H9IFP@5@IA=TF9
89GSBCB7SGJ5;I9G89@l5FH=7@9 #l9L9F7=798I7CBHFY@989@5FSD5FH=H=CB89G
1802
7CADSH9B79G G=;B=:=9 DCIF @9 CBG9=@ 7CBGH=HIH=CBB9@ @9 F9HF5=H 89 HCIH 9B>9I
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Conseil Const Et Eco 3

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Conseil Const Et Eco 3

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