Page 1

(7

&RQWUHOD0HFKDQWH6RUFLHUH

3UHVHQWDWLRQGXVSHFWDFOH

/HV&RUSVGH0XVHV


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

3DUODFRPSDJQLH /HV&RUSVGH0XVHV

ZZZOHVFRUSVGHPXVHVIU

UHQFRQWURQVQRXV#OHVFRUSVGHPXVHVIU

FRQWDFWH]*UpJRU\DX


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

7DEOHGHV 0DWLqUHV /D7UDPH 3URORJXHGXFRQWHXU H[WUDLW  8QWKpkWUHOXGLTXHDXVHUYLFHGHODFXOWXUH /DFUpDWLRQGHODWURXSH /D&KDQWHIDEOHGX;,,,qPHVLqFOH ,PDJHVGXVSHFWDFOH )LFKHWHFKQLTXHHWUHQVHLJQHPHQWV


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

/D7UDPH

1LFROHWWH DUULYpH G·RQ QH VDLW R HVW pOHYpH SDU XQH VRUFLqUH $PRXUHXVH G·$XFDVVLQ ILOV GX FRPWH *DULQ GH %HDXFDLUHHOOHUHIXVHG·HQSDVVHUSDUOHV SURFpGpVGHVDWXWULFHHWVHYRLWHQIHUPpH HQ KDXW G·XQH WRXU 3HQGDQW FH WHPSV $XFDVVLQDEXVpSDUVRQSqUHHVWHQYR\p FRPEDWWUH XQ YRLVLQ EHOOLTXHX[ HQ pFKDQJH G·XQH QXLW DYHF VD SURPLVH $ VRQ UHWRXU VRQ SqUH VH FRXYUDQW GH SDUMXUH OXL UHIXVH OD MHXQH IHPPH TX·LO GHVWLQH DX E€FKHU /D MHXQH IHPPH SDUYLHQW j V·HQIXLU HW UHWURXYH $XFDVVLQ GDQV OD IRUrW« DYDQW GH SUHQGUH XQ QDYLUH TXL OHV GpSRVHUD VXU XQH vOH IDEXOHXVH LQFRQQXH GH %HDXFDLUH GLULJpHG·XQHPDLQGHIHUSDUOD5HLQHGH 7XUOXUH« 0DLV OH VRUW V·DFKDUQDQW QRV GHX[ WRXUWHUHDX[ VHURQW GH QRXYHDX VpSDUpV


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

3URORJXHGX&RQWHXU

©$WRQGpMjFRQWpjYRVRUHLOOHVGLVWUDLWHV /DWHUULEOHKLVWRLUHG·$XFDVVLQHW1LFROHWWH" &RPPHQWWRXVGHX[YpFXUHQWHWFRPPHQWLOVV·DLPqUHQW" 3DUGHOjOHVUHPSDUWVOHVGRXYHVHWOHVPHUV (QGpSLWGHVORXSVGHVFRPWHVGHVVRUFLqUHV &RQWUHOHVIRUFHVREVFXUHVTXLUpJLVVHQWOHPRQGH /HVLQWULJDQWHVSDQWDORQQDGHVGHVJUDQGV /HXUDPRXUVLSXLVVDQWEULOOHDXILUPDPHQW 'HVK\PHQVGRQWM·DLPHjSHXSOHUPDIDFRQGH (FRXWH]JHQWHVGDPHVHWYRXVWHQGUHVPHVVLHXUV &HTXHSHXYHQWGHX[FRHXUVSXUVTXDQGLOVVRQWDPRXUHX[ 3OHXUH]VXUOHXUVSpULOVHWULH]GHOHXUVMRLHV 6RXULH]jORLVLUGHVLQVWLQFWVDX[DERLV 'HFHVGHX[WRXUWHUHDX[DODQJXLVSDUO·HVSRLU ,QpEUDQODEOHHWIpURFHG·XQMRXUV·HPEUDVVHU 'HJR€WHUDX[SODLVLUVG·XQHVDXYDJHpWUHLQWH 'DQVODFDOHG·XQQDYLUHRXDXFUHX[G·XQIRVVp '·DEDQGRQQHUGDQVO·KHUEHHWSDUPLOHVMDFLQWKHV 7RXWHVFHVKHXUHVOHVWpHVG·XQHSHVDQWHVqYH 4XLGHOHXUWHQGUHHQIDQFHMXVTX·jOHXUSXEHUWp /HVJXLGDLHQWSDVjSDVYHUVOHVGRXFHVFRQWUpHV $YDQWHX[YLVLWpHVSDU$GDPHWVRQ(YH 1HYRXVRIIXVTXH]SDVYRXVIRXOHGpERQQDLUH 1RQREVWDQWODOLFHQFHGHFHVYHUEHVWRXIIXV '·XQGLVFRXUVQ·D\DQWSODFHDXIRQGGHVEDSWLVWDLUHV 0DLVGRQWFKDFXQQRXVVRPPHVM·HQVXLVV€UjO·DII€W ([RQpUH]YRVFKDXVVHVG·XQSLpWLQHPHQWPDOVDLQ 3RVH]VpDQWSRXU1LFROHWWHHW$XFDVVLQª


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

/D&UpDWLRQGH ODWURXSH $XFDVVLQ HW 1LFROHWWH FRQWUH OD PpFKDQWH VRUFLqUH HVW GRQF LQVSLUp GH OD FKDQWHIDEOH PpGLpYDOH VDQV TXH OD WURXSH GHV &RUSV GH 0XVHV HQ DLW FRQVHUYp WRXV OHV pOpPHQWV/H OX[H GH UHERQGLVVHPHQWV G·DYHQWXUHV HQ WRXV JHQUHV j WUDYHUV OHV ERLV RX GH GHVFULSWLRQV G·KpURwVPH PLOLWDLUH D G€ rWUH DEDQGRQQp SDU PDQTXH GH WHPSV -RXHU OH WH[WH HQ O·pWDW F·pWDLW V·H[SRVHU j XQH SLqFH GH SOXVLHXUV KHXUHV $XVVL QRXV DYRQV YHLOOp j FRQVHUYHU OD WUDPH SULQFLSDOH VHV HQMHX[ HW TXHVWLRQQHPHQWV GH PrPH TXH VRQ HVSULW SDURGLTXH HQPXOWLSOLDQWOHVFOLQVG·RHLOjXQFRUSXVOLWWpUDLUHQRQSDVFRQWHPSRUDLQPDLV SOXVIDPLOLHUDXVSHFWDWHXUGX;;,HVLqFOH 5RPpRHW-XOLHWWHOH&LG&DQGLGH 0DFEHWKHWF DILQQRXVO·HVSpURQVGHYRXVOLYUHUXQHYpULWDEOHDGDSWDWLRQGX WH[WH PpGLpYDO SOXW{W TX·XQH PXWLODQWH MX[WDSRVLWLRQ GH IUDJPHQWV 'H PrPH DILQGHFRQVHUYHUO·LGpHGHVROHQQLWpGpVXqWHTXHQRXVSRXYRQVQRXVIDLUHGHV URPDQFHVPpGLpYDOHVO DXWHXUjUpGLJpOHWH[WHHQDOH[DQGULQVHQV·DXWRULVDQW TXHOTXHV HQWRUVHV SRXU QH SDV SHUGUH HQ IOXLGLWp $SUqV XQ WUDYDLO G·LPSURYLVDWLRQ G·XQH GL]DLQH G·KHXUHV  U{OHV RQW pWp UHWHQXV SRXU UpDOLVHU FHWWHDGDSWDWLRQ SUpYXHSRXUjFRPpGLHQV pFULWHSDU*UpJRU\)RXFKHU TXLYHLOOHjODLVVHUXQHJUDQGHSODFHDXFRQWHXUDILQTXHO·HQVHPEOHUDSSHOOHOD IRUPHRULJLQHOOHGHODFKDQWHIDEOH9pULWDEOHSLYRWOHFRQWHXUSUpVHQWHHWOLHSDU VRQ GLVFRXUV GHV WDEOHDX[ PHWWDQW HQ VFqQH OHV GLIIpUHQWV SURWDJRQLVWHV GH O·KLVWRLUH RULJLQHOOH $XFDVVLQ 1LFROHWWH *DULQ GH %HDXFDLUH OD 5HLQH GH 7XUOXUHOH5RLGH7XUOXUHOH&RQWHXU $FHVSHUVRQQDJHVSULQFLSDX[QRXV DYRQVDMRXWp©OD6RUFLqUHªIDLVDQWVLJQHYHUVO·XQLYHUVVKDNHVSHDULHQ HW OH GRPDLQH GX IDQWDVWLTXH PDLV UHVWH VXUWRXW XQ SUpFLHX[ UHQIRUW SRXU H[SORUHU OD SOXV DQFLHQQH SRVVLELOLWp TXH OHV IHPPHV RQW HX G·DFFpGHUDXSRXYRLU


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

8QWKpkWUHOXGLTXH DXVHUYLFHGHODFXOWXUH /H WKpkWUH HVW FXOWXUH HW FXOWXUH YLYDQWH WRXWH WHQGXH YHUV O·DYHQLU HW OD FUpDWLRQ GH QRXYHOOHV IRUPHV 0DLV LO HVW DXVVL HQFUp GDQV XQ SDVVp XQH WUDGLWLRQ TXH OD WURXSH GHV &RUSV GH 0XVHV FKHUFKH j UpYpOHU j O·RHLO GX VSHFWDWHXU (Q FUpDQWXQVSHFWDFOHLQVSLUpGXWH[WH PpGLpYDO $XFDVVLQ HW 1LFROHWWH OD WURXSHGHV&RUSVGH0XVHVDYRXOX UHSORQJHU GDQV OD WUDGLWLRQ GHV WURXEDGRXUV HW WURXYqUHV OHV DQFrWUHV HXURSpHQV GHV FRPpGLHQV PRGHUQHV HQ VH SHQFKDQW VXU XQH RHXYUH OLWWpUDLUH UHSUpVHQWDWLYH GH FHTX·LOVQRXVRQWODLVVp 9RXV WURXYHUH] GDQV OHV SDJHV TXL VXLYHQW XQ OLYUHW SpGDJRJLTXH UHWDoDQW OHV GLIIpUHQWHV pWDSHV GH OD FUpDWLRQ 1LFROHWWH HW $XFDVVLQ FRQWUH OD 0pFKDQWH 6RUFLqUH &RPPHQW OD WURXSH V·HVWHOOH LQVSLUpHGXWH[WHDQFLHQ" 'H TXHOOH PDQLqUH O·DWHOOH DGDSWpH" 4XHOV HQMHX[ UHVWHQW G·DFWXDOLWp GDQV XQH OLWWpUDWXUH YLHLOOH GH SOXV GH VHSW VLqFOHV " 2XYHUWV VXU OHV RHXYUHV SDVVpHVHWO·KLVWRLUHGXWKpkWUHODWURXSHGHV&RUSV GH 0XVHV D YRXOX PHWWUH HQ UHOLHI OD QRXYHDXWp pWHUQHOOH TXL JvW DX IRQG GH WRXWH DXWKHQWLTXH OLWWpUDWXUH


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

/D&KDQWHIDEOH GX;,,,qPH6LqFOH ©4XLYHXWHQWHQGUHGHERQVYHUV 4XHSRXUVHGLYHUWLUXQYLHX[ERQKRPPHpFULYLW 6XUGHX[EHDX[MHXQHVJHQV 1LFROHWWHHW$XFDVVLQ 6XUOHVWRXUPHQWVTXHVRXIIULWFHOXLFL (WOHVH[SORLWVTX·LODFFRPSOLW 3RXUVRQDPLHDXOXPLQHX[YLVDJH" 6LODPpORGLHHVWGRXFHOHWH[WHHVWEHDX )LQHWELHQFRPSRVp 3HUVRQQHQ·HVWVLDEDWWX 6LDIIOLJpHWPDOHQSRLQW 6LJUDYHPHQWPDODGH 4X·LOQHUHFRXYUHjO·HQWHQGUHVDQWp -RLHHWYLJXHXU 7DQWO·KLVWRLUHHVWG·XQHJUDQGHGRXFHXUª

9RLOjFRPPHQWGpEXWHFHWWH©FKDQWHIDEOHª DQRQ\PHGDWpHSDUOHVSKLORORJXHVGHODILQ GX;,,HRXGXGpEXWGX;,,,HVLqFOH*HQUH OLWWpUDLUHjHOOHWRXWHVHXOHFHWWHRHXYUH PrOHKDELOHPHQWVWURSKHVDVVRQDQFpHVHW PRUFHDX[GHSURVH,OQ·H[LVWHTX·XQPDQXVFULW G·$XFDVVLQHW1LFROHWWHFHTXLSHUPHWG·LPDJLQHU DYHF-&K3D\HQTX·RQWG€rWUHVXSSULPpHVOHV FRSLHVG·XQWH[WHTXLRIIXVTXHOHFRQIRUWLQWHOOHFWXHO GX SXEOLF PpGLpYDO« ERXVFXOH WURS OHV SRQFLIV PrPH VL ODSURYRFDWLRQV·\GLVVLPXOHVRXVGHVGHKRUVERQHQIDQW HWTXLpWDLWRULJLQHOOHPHQWFRQWpPLPpHWSDUPRPHQWMRXp SDUXQVHXOMRQJOHXU


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

/D&KDQWHIDEOH GX;,,,qPH6LqFOH 4XLDWLOGHVLDQWLFRQIRUPLVWHGDQVFHWH[WH" &RPPHYRXVDOOH]OHYRLUF·HVWSUpFLVpPHQW VRQDPELJXwWpHWVDFRPSOH[LWpTXLDSRXVVpOD WURXSHGHV&RUSVGH0XVHVjRSWHUSRXU FHWH[WHTXLOXLRIIUDLWXQHEDVHSRXUWRXWHXQHVpULHGH UHJLVWUHVGHMHX[(QHIIHWGDQV$XFDVVLQHW1LFROHWWHVH PrOHQWOHVWKqPHVFODVVLTXHVGHO·DPRXUFRXUWRLVHWELHQVRX YHQW FRQWUDULpV GH GHX[ MRXYHQFHDX[ FHOXL GHV DYHQWXUHV pSLTXHV G·XQ FKHYDOLHU j XQ SXLVVDQW pODQ EXUOHVTXH« $ O·KHXUH R V·RSSRVDLHQW G·XQ F{Wp OHV URPDQV FRXUWRLV GHV JHVWHV pGLILDQW OHV IDLWV G·DUPHV G·XQH KpURwTXH FKHYDOHULH HW GH O·DXWUH OHV IDUFHV SRSXODLUHV ODLVVDQW OLEUH FRXUV DX[ KXPHXUV GX EDV YHQWUH FHWWH FKDQWHIDEOH WLHQW XQ pTXLOLEUH VXEWLO HQWUH JULYRLVHULH HW FRXUWRLVLH $LQVL O·DPRXU TXH VH SRUWHQW OHV GHX[ WRXUWHUHDX[ VpSDUpV GRLW SOXV jO·DJLWDWLRQFKDUQHOOHTXLOHVWHQDLOOHTX·DX[SUXGHVVLQRQFKDVWHVHW WRWDOHPHQWGpVLQWpUHVVpVpODQVGXFRHXUG·XQMHXQHKRPPHYHUVXQH IHPPH GH UDQJ VXSpULHXU /HV FRGHV GH O·DPRXU FRXUWRLV YROHQW HQ pFODWODIHPPHHVWGHUDQJLQIpULHXUOHVFRUSVJXLGHQWOHVFRHXUVHW $XFDVVLQ VH UpYqOH ELHQ PRLQV WpPpUDLUH TXH VD ERQQH DPLH  /·LQYHUVLRQ UHVVRUW GH OD SDURGLH HVW GRQF DX FRHXU GH FHWWH RHXYUH HW WRXUQH HQ GpULVLRQ OD OLWWpUDWXUH FKHUFKDQW j pGLILHU OHV QREOHV DWWLWXGHV GHV MHXQHV KRPPHV DXWDQW TX·j OHV LQVWUXLUH GH OHXUV GHYRLUV HQ QRXV GRQQDQW j YRLU O·HQYHUV GX GpFRUV OD SHWLWH FXLVLQH GHVVHQWLPHQWV&RPPHOHQRWH-HDQ'XIRXUQHWGDQVOHQRPPrPHGH QRV KpURV VH FDFKH XQH ULVLEOH LQYHUVLRQ  2Q GpFRXYUH SDU XQ URFDPEROHVTXHFRXSGHWKpkWUHTXH1LFROHWWHGRQWRQYHQWHODSkOHXU GLDSKDQH HW TXL SRUWH GH VXUFURvW XQ QRP ELHQ IUDQoDLV HVW HQ IDLW G·RULJLQH VDUUDVLQH WDQGLV TX·$XFDVVLQ SULQFH FKUpWLHQ SRUWH SUHVTXHOHQRPG·XQ5RLPDXUHGH&RUGRXH$OFD]LQ TXLUpJQD GHj HWHQWRXVFDVQHSRXYDLWTX·rWUHUDS SURFKpSDUO·HVSULWPpGLpYDOGHV$XJDOLIHHW$XPDoRXU GHOD&KDQVRQGH5RODQGRXHQFRUHGHV$XIDUHWDXWUHV $XIULFDQWGH/D3ULVHG·2UDQJH


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

/D&KDQWHIDEOH GX;,,,qPH6LqFOH 0DLV O·LQYHUVLRQ Q·HVW SDV VHXOHPHQW Oj (Q SURYHQoDO ODQJXH FRQQXH GHV MRQJOHXUVHWDXWUHVWURXEDGRXUVTXLVLOORQQDLHQWOHWHUULWRLUH©$XFDVVLQVHUDLW XQGLPLQXWLIG·DXFDVVDOXLPrPHGpULYpG·DXFDRLHHWGpVLJQHUDLWO·RLVRQXQ SHX QLDLV PDLV V\PSDWKLTXH WDQGLV TXH 1LFROHWWH YLHQGUDLW GH QLFROD VHQWL OXLPrPH FRPPH GLPLQXWLI GH O·RFFLWDQ QLFD HPSOR\p GDQV O·H[SUHVVLRQ SRSXODLUH IDLUH OD QLFD  IDLUH OD QLTXH VH PRTXHU rWUH SOXV UXVp TX·DXWUXL  FHVHUDLWGRQFODIXWpH 7RXV FHV pOpPHQWV SDURGLTXHV WRXWHV FHV LQYHUVLRQV SRXUVXLYHQW XQ PrPH EXW SHXWrWUH OH TXHVWLRQQHPHQW FHQWUDO GH FHWWH RHXYUH DPELJXs FHOXL GH SHUWLQHQFH GH OD GLYLVLRQ GH QRV TXDOLWpV HQ PDVFXOLQHV RX IpPLQLQHV $XFDVVLQ IDFH j GHV 5RODQG HW DXWUHV 3HUFHYDO WLHQW OLHX G·DQWLKpURV FDUDFWpULVp SDU XQH YRORQWp IDLEOH XQ SHUVRQQDJH SHLQDQW j V·DIILUPHU D\DQW DXVVLXQHWHQGDQFHjO·LQHUWLHHWjO·DSLWRLHPHQW6RQGpSDUWGH%HDXFDLUHHVW G·XQH IDFLOLWp HQIDQWLQH HW FRQVLVWH DXVVL HQ XQ UHIXV GHV UHVSRQVDELOLWpV LPSRVpHVjVRQUDQJWDQGLVTXHO·pYDVLRQGH1LFROHWWHSURPLVHDXE€FKHUHVW XQORQJWULRPSKHVHPpG·REVWDFOHVG·DQJRLVVHVHWGHVRXIIUDQFHVSK\VLTXHV

$KPRQ'LHXILWHOOHGRX[(WUH6LMHPH ODLVVHWRPEHUMHPHURPSUDLOHFRXPDLVVL MH UHVWH LFL GHPDLQ RQ PH SUHQGUD VL ELHQ TX·RQPHEU€OHUDVXUXQE€FKHU-HSUpIqUH HQFRUH PRXULU LFL SOXW{W TXH G·rWUH GHPDLQ H[SRVpH DX[ UHJDUGV HW j OD FXULRVLWp GH WRXW OH SHXSOH (OOH ILW OH VLJQH GH OD FURL[ HWVHODLVVHJOLVVHUHQEDVGXIRVVp4XDQG HOOHIXWSDUYHQXHDXIRQGVHVMROLVSLHGVHW VHV EHOOHV PDLQV TXL Q·DYDLHQW SDV FRXWXPHTX·RQOHVEOHVVkWpWDLHQWPHXUWULV HWpFRUFKpVOHVDQJHQMDLOOLVVDLWHQSOXVGH GRX]H HQGURLWV VDQV TX·HOOH UHVVHQWvW SRXUWDQW QL PDO QL GRXOHXU WHOOHPHQW HOOH pWDLWHIIUD\pHª


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

/D&KDQWHIDEOH GX;,,,qPH6LqFOH )DFH DX[ GpFRQYHQXHV GX GHVWLQ 1LFROHWWH PDOJUp OD SHXU OD GRXOHXU Q·DEDQGRQQH MDPDLV VD TXrWH (OOH TXLWWH VD JH{OH HW %HDXFDLUH QRXV PRQWUH VRQ VHQV SUDWLTXH j O·RHXYUH GDQVODIRUrWORUVTX·HOOHVHFRQIHFWLRQQH XQH KXWWH GDQV XQH YpULWDEOH FRPPXQLRQ DYHF OD QDWXUH 1LFROHWWH GRQWRQFRQQDvWjODIRLVODEODQFKHXUHW OHV RULJLQHV VDUUDVLQHV HVW XQ QRHXG GH P\VWqUH HW GH PDJLH  HQYR€WDQWH HOOH SRVVqGH DLQVL TXHOTXH FKRVH GH OD VRUFLqUH 0DLV DXGHOj GH FHWWH VHXOH ILJXUH 1LFROHWWH HVW WRXWH OHV IHPPHV WDQW{W IpH © OD SOXV EHOOH FUpDWXUH GX PRQGH VL ELHQ TXH QRXV QRXV LPDJLQkPHV TXH F·pWDLW XQH IpHª ;;,,  WDQW{W YLHUJH LPPDFXOpH © DX YLVDJH OXPLQHX[ ª WDQW{W PqUH HOOH HVW /D IHPPH GpSHLQWH GDQV VRQ LGpDO G·DOWUXLVPH FHOOH TXL © pFODLUH ª GH VD SUpVHQFH OHV SDVWRXUHDX[ UHWLUpV GDQV OHV ERLV 3DURGLH GH URPDQ FRXUWRLV PDLV GHUULqUH O·KXPRXU TXHVWLRQQHPHQW VXU OHV PRELOHV GH O·DPRXU OD FRQFHSWLRQ TXH QRV VRFLpWpV VH IRQW GHV VH[HV HW GHV TXDOLWpV TX·LO FRQYLHQW GH OHXU DWWULEXHU HQFKDvQHPHQW GH VLWXDWLRQV DEVXUGHV HW GH UHERQGLVVHPHQWV WRXMRXUV SOXV LQFRQJUXV SRUWpV SDU XQ LPDJLQDLUH GpERUGDQW  SDV pWRQQDQW TXH OD WURXSH GHV &RUSV GH 0XVHV DLW FKRLVL FHWWH RHXYUHFRPPHEDVHSRXUVDFUpDWLRQ


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

'HV,PDJHV 'XVSHFWDFOH

6Pa

X]ST

dRPX P T 1

aT

; T  2 ^] cT d a

b 0dRP

bX]


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

'HV,PDJHV 'XVSHFWDFOH

Tc =XR^[

= XR ^[ T cc T  T c  

; P  b ^a XR Ì a T

0dRPbbX]

cT


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

'HV,PDJHV 'XVSHFWDFOH

TSTC ] X T A  P ;

da[daT

6P

ST PaTX]T ;   T c c = X R ^ [T RPbbX] Tc0d T a [d a d C

aX]

ST1

TPdR

PXaT

Tc

[T2

^]cT

da


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

'HV,PDJHV 'XVSHFWDFOH

; P  B ^ a RX Ì

aT

; T 2 ^] cT da

A^XST

0 dR Pb bX ] Tc = XR^ [Tc

cT

C d a [d a T


=XR^[TccTTc0dRPbbX]

2^]caT[P<ÍRWP]cTB^aRXÌaT

)LFKHWHFKQLTXH 'XVSHFWDFOH 6SHFWDFOHSRXUFRPpGLHQV 'XUpHK 0LVHHQSODFHGpFRUVPLQXWHV MRXDEOHHQVDOOH MRXDEOHGDQVODUXH GLVSRQLEOHWRXWDXORQJGHO DQQpH MRXDEOHDYHFRXVDQVPXVLTXHV  PXVLTXH RULJLQDOH FUpH HQ SDUWHQDULDW DYHF /HV $WHOLHUV GX &KDWGDQVOD*RUJH

6 Pa X] S T 1 TP dR PX

aT


ERROR: stackunderflow OFFENDING COMMAND: exch STACK: {pdf_remove2 _pdf_str1 --exch-- 0 --exch-- --put-- _pdf_str1 / _pdf_showproc --load-- --exec-- {_pdf_na _pdf_i --get-- }--stopped-- {-pop-- --pop-- }{_pdf_x _pdf_y --moveto-- 0 --rmoveto-- }--ifelse-_pdf_i 1 --add-- /_pdf_i xdd --currentpoint-- /_pdf_y xdd /_pdf_x xdd }

Nicolette et Aucassin Contre la Méchante Sorcière  
Nicolette et Aucassin Contre la Méchante Sorcière  

Présentattion du spectacle "Nicolette et Aucassin Contre la Méchante Sorcière" par la Compagnie "Les Corps de Muses" de Clermont-Ferrand.

Advertisement