VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
7 O YLVHXU FRXOHXU
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
0RGH G HPSORL
QDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQD
VRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVR
QLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQL
)UDQDLV
Fk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk
3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3DQDVRQLFk3D
74%('0
QDVRQLFk3DQDVRQLF
7; 36)
%,(19(18(
&KHU FOLHQW 3DQDVRQLF
%LHQYHQXH GDQV OD IDPLOOH GHV XWLOLVDWHXUV GH SURGXLWV 3DQDVRQLF 1RXV HVS URQV TXH
FH W O YLVHXU FRXOHXU YRXV SURFXUHUD GHV DQQ HV GH MRLH &HW DSSDUHLO WDQW
H[WUûPHPHQW VRSKLVWLTX QRXV YRXV UHFRPPDQGRQV GH YRXV UHSRUWHU WRXW G DERUG DX
JXLGH GH PLVH HQ URXWH UDSLGH DYDQW GH SUHQGUH FRQQDLVVDQFH GX PRGH G HPSORL
FRPSOHW TXH YRXV GHYUH] FRQVHUYHU VRLJQHXVHPHQW GHV ILQV GH U I UHQFH XOW ULHXUH
7$%/( '(6 0$7,(5(6
$YHUWLVVHPHQWV HW SU FDXWLRQV 5 JODJH 5 JODJH PDQXHO $FFHVVRLUHV &KDQJHPHQW GHV SRVLWLRQV
GH SURJUDPPH *XLGH GH PLVH HQ URXWH UDSLGH &RPPDQGHV SULQFLSDOHV $PEUH GX SURJUDPPH 8WLOLVHU OHV PHQXV VXU FUDQ $MXVWDJH GX IRUPDW GH O LPDJH 0HQX 3ULQFLSDO ,PDJH 6RQ &RQILJXUDWLRQ /DQJXH 26' 5 JODJH 5 JODJH $73 &RQILJXUDWLRQ
DXWRPDWLTXH /LDLVRQ 4/LQN 6 OHFWLRQ HW FRQILJXUDWLRQ $9 )RQFWLRQ 0DJQ WRVFRSH /HFWHXU
GH YLG RGLVTXH '9' )RQFWLRQ 7 O WH[WH &RQQH[LRQV DXGLR YLG R )LFKHV IURQWDOHV 3ULVHV DUULýUH %URFKDJH GHV SULVHV 3(5,7(/ ,QIRUPDWLRQV JHQHUDOHV 'LDJQRVWLF GHV SDQQHV &DUDFW ULVWLTXHV $9(57,66(0(176 (7 35þ&$87,216
- &H W O YLVHXU HVW FRQX SRXU IRQFWLRQQHU VXU XQ U VHDX GH 9 +] &$
- 1 H[SRVH] MDPDLV OH W O YLVHXU OD SOXLH RX XQH VRXUFH G KXPLGLW H[FHVVLYH GHV FKRFV
OHFWULTXHV RX PûPH XQ ULVTXH G LQFHQGLH SRXUUDLW HQ U VXOWHU HW HQGRPPDJHU O DSSDUHLO 1H
MDPDLV H[SRVHU FH W O YLVHXU GHV FODERXVVXUHV RX GHV JRXWWHV G HDX 1H MDPDLV SRVHU G REMHWV
UHPSOLV GH OLTXLGH FRPPH GHV YDVHV VXU OH W O YLVHXU RX DXGHVVXV GH FH GHUQLHU
1 $77(17,21 +$87( 7(16,21 1H UHWLUH] MDPDLV OH FRXYHUFOH DUULýUH SRXU QH SDV ODLVVHU VDQV SURWHFWLRQ OHV SLýFHV VRXV WHQVLRQ /H
W O YLVHXU QH FRQWLHQW DXFXQH SLýFH LQWHUQH U SDUDEOH SDU O XWLOLVDWHXU
- (YLWH] G H[SRVHU OH W O YLVHXU GLUHFWHPHQW DX[ UD\RQV GX VROHLO RX WRXWH DXWUH VRXUFH GH FKDOHXU
3RXU YLWHU OHV ULVTXHV G LQFHQGLH QH MDPDLV SRVHU XQH ERXJLH RX DXWUH REMHW FRQWHQDQW XQH
IODPPH VXU OH W O YLVHXU RX D SUR[LPLW GH FH GHUQLHU
- / LQWHUUXSWHXU PDUFKHDUUûW GH FH PRGýOH QH G FRQQHFWH SDV WRWDOHPHQW OH W O YLVHXU GH
O DOLPHQWDWLRQ VHFWHXU ' EUDQFKH] OD ILFKH GH OD SULVH PXUDOH VL OH W O YLVHXU QH GRLW SDV ûWUH XWLOLV
SHQGDQW XQH S ULRGH GH WHPSV SURORQJ H
1 (175(7,(1 '( / þ%þ1,67(5,( (7 '8 78%( &$7+2',48(
' EUDQFKH] OD ILFKH GH OD SULVH PXUDOH 1HWWR\H] O E QLVWHULH HW OH WXEH FDWKRGLTXH O DLGH G XQ
FKLIIRQ GRX[ O JýUHPHQW KXPLGH HW G XQ G WHUJHQW QRQ DEUDVLI 1 XWLOLVH] SDV GH SURGXLWV GH
QHWWR\DJH EDVH GH EHQ]RO RX GH S WUROH 0DQLSXOH] O FUDQ GX W O YLVHXU DYHF VRLQ FDU FHOXLFL SHXW
SURGXLUH GH O OHFWULFLW VWDWLTXH
- 8QH YHQWLODWLRQ VXIILVDQWH GRLW ûWUH SU YXH DILQ G YLWHU XQH YHQWXHOOH G W ULRUDWLRQ GHV
FRPSRVDQWV OHFWURQLTXHV ,O IDXW SU YRLU DX PRLQV XQ HVSDFH GH FP WRXW DXWRXU GX W O YLVHXU
PûPH VL FHOXLFL HVW SODF GDQV XQ PHXEOH RX HQWUH GHV WDJýUHV
$&&(662,5(6
9 ULILH] TXH YRXV GLVSRVH] ELHQ GHV DFFHVVRLUHV VXLYDQWV
T
0RGH G HPSORL
7 O FRPPDQGH (85 *DUDQWLH FRXYUDQW
OH W O YLVHXU
3LOHV SRXU W O FRPPDQGH
[ 5 80
3LOHV SRXU W O FRPPDQGH
-
$VVXUH]YRXV TXH OHV SLOHV VRQW FRUUHFWHPHQW LQVWDOO HV
1H P ODQJH] SDV SLOHV QHXYHV HW SLOHV XV HV 5HWLUH]
LPP GLDWHPHQW OHV SLOHV XV HV
- 1 XWLOLVH] SDV GH SLOHV GH W\SHV GLII UHQWV S H[ GHV SLOHV
DOFDOLQHV HW DX PDQJDQýVH HW Q XWLOLVH] SDV GH SLOHV
UHFKDUJHDEOHV 1L&G 1L0+ *8,'( '( 0,6( (1 5287( 5$3,'(
5DFFRUGH] O DQWHQQH HW EUDQFKH] O TXLSHPHQW DX[LOLDLUH
5 FHSWHXU VDWHOOLWH
$9
$9
28
$9
9&5'9'
$9
$OOXPH] OHV SRVWHV EUDQFK V
6 OHFWLRQQH] YRWUH ODQJXH
$SSX\H] VXU OD WRXFKH 2.
6 OHFWLRQQH] YRWUH SD\V
$SSX\H] VXU OD WRXFKH *8,'( '( 0,6( (1 5287( 5$3,'(
/D FRQILJXUDWLRQ VH IDLW DXWRPDWLTXHPHQW YRV FKDñQHV
VRQW LGHQWLIL HV P PRULV HV HW DUUDQJ HV
79$9
7HUPLQDLVRQ GH OD V TXHQFH $73 DSSX\H] VXU OD WRXFKH 79$9
6L XQ PDJQ WRVFRSH FRPSDWLEOH HVW FRQQHFW OD SULVH
$9 OHV SDUDPýWUHV GH SURJUDPPH VHURQW W O FKDUJ V
GDQV OH PDJQ WRVFRSH SDU O LQWHUP GLDLUH GH OD OLDLVRQ
4/LQN 9RLU OD SDJH 5 JODJH GX YROXPH
&KDQJHPHQW GH FKDñQH
-
6L OH PDJQ WRVFRSH QjD SDV DFFHSW OHV GRQQ HV W O FKDUJ HV GX W O YLVHXU YRXV GHYUH]
SHXWûWUH V OHFWLRQQHU O RSWLRQ kW O FKDUJHPHQW GHV GRQQ HV l GX PHQX GX
PDJQ WRVFRSH
- 6L OD OLDLVRQ 4/LQN QH IRQFWLRQQH SDV FRUUHFWHPHQW Y ULILH] TXH OH F EOH 6&$573þ5,7(/
OD SULVH $9 GX W O YLVHXU TXjLO HVW k)XOO IXQFWLRQl EURFKHV HW TXH OH
HVW FRQQHFW
PDJQ WRVFRSH HVW ELHQ FRPSDWLEOH DX[ WHFKQRORJLHV 4/LQN 1(;79,(:/,1. RX VLPLODLUH
- 3RXU SOXV GH UHQVHLJQHPHQWV VXU OD OLDLVRQ 4/LQN HW O TXLSHPHQW GH FRQQH[LRQ YRLU OHV
SDJHV HW $GUHVVH]YRXV YRWUH UHYHQGHXU SRXU HQ VDYRLU SOXV
6L YRXV LQVWDOOH] XQ PDJQ WRVFRSH QHXI FRPSDWLEOH OD OLDLVRQ 4/LQN YRXV SRXYH] PDLQWHQDQW
O DOOXPHU /HV SDUDPýWUHV W O FKDUJ V FRUUHVSRQGURQW FHX[ GX W O YLVHXU 6L YRXV LQVWDOOH] XQ
PDJQ WRVFRSH FRPSDWLEOH OD OLDLVRQ 1(;79,(:/,1. YRXV GHYUH] FRPPDQGHU PDQXHOOHPHQW OH
W O FKDUJHPHQW &RQVXOWH] OH PRGH GjHPSORL GX PDJQ WRVFRSH SRXU SOXV GH G WDLOV
8QH O JýUH LQFOLQDLVRQ GH O LPDJH SHXW ûWUH YLVLEOH RX GHV W FKHV FRORU HV SHXYHQW SDUIRLV
DSSDUDñWUH GDQV OHV FRLQV GH O FUDQ SXUHW GHV FRXOHXUV 9RXV SRXYH] XWLOLVHU OD IRQFWLRQ
GH FRUUHFWLRQ J RPDJQ WLTXH SRXU OLPLQHU FHV G IDXWV VL Q FHVVDLUH
$VVXUH]YRXV WRXW G DERUG TXH OHV SURF GXUHV GH W O FKDUJHPHQW $73 HW 4/LQN VRQW
WHUPLQ HV
/ FUDQ QH GRLW DIILFKHU DXFXQ PHQX
$SSX\H] LFL SXLV UHO FKH] SRXU RXYULU OH YROHW
$SSX\H] GH PDQLýUH U S W H VXU OD WRXFKH
) MXVTX DIILFKDJH GH OD IRQFWLRQ GH
FRUUHFWLRQ J RPDJQ WLTXH
)
$SSX\H] GH PDQLýUH U S W H VXU OHV
WRXFKHV kl RX k l MXVTX FH TXH O LPDJH
VRLW KRUL]RQWDOH
Y
$SSX\H] QRXYHDX VXU OD WRXFKH ) SRXU
UHWRXUQHU HQ PRGH GH YLVXDOLVDWLRQ QRUPDO
5HIHUPH] OH YROHW SRXU SU YHQLU WRXW
GRPPDJH
)
&200$1'(6 35,1&,3$/(6 )$$'( (7 7þ/þ&200$1'(
$OLPHQWDWLRQ
6(&7(85 ERXWRQ
0DUFKH$UUûW
7 PRLQ URXJH G WDW GH YHLOOH 8WLOLVH] OH
ERXWRQ 9HLOOH RX OHV WRXFKHV SRXU
DOOXPHU OH W O YLVHXU
675 P PRULVDWLRQ QRUPDOLV H 3HUPHW GH
P PRULVHU OHV SDUDPýWUHV GH U JODJH GHV
IRQFWLRQV
) V OHFWLRQ GHV IRQFWLRQV
$IILFKDJH GHV IRQFWLRQV VXU O FUDQ XWLOLVHU GH
IDRQ U S W H SRXU V OHFWLRQQHU OHV IRQFWLRQV 9ROXPH &RQWUDVWH /XPLQRVLW &RXOHXU
1HWWHW 7HLQWH HQ PRGH 176& *UDYHV
$LJXùV %DODQFH HW PRGH &RQILJXUDWLRQ HW
&RUUHFWLRQ J RPDJQ WLTXH
7RXFKH 0$5&+($55ú7 G WDW GH
YHLOOH
0LVH O WDW GH YHLOOH GX W O YLVHXU
7RXFKH (WDW
$SSX\H] SRXU REWHQLU O DIILFKDJH GH OD
SRVLWLRQ GX SURJUDPPH GX QRP GX
SURJUDPPH GX QXP UR GH FDQDO GX
V\VWýPH 79 GH O KHXUH GX PRGH
VW U R HW GX WDEOHDX GH SURJUDPPHV
7RXFKH GH FRPPDQGH $VSHFW SDJH 1RXV XWLOLVRQV OD WRXFKH 2. SRXU
HQUHJLVWUHU HW FRQILUPHU OD
V\QWRQLVDWLRQ OD IRQFWLRQ 26' HW
DXWUHV U JODJHV
7RXFKH GH PHQX
3RXU DFF GHU DX[ PHQXV ,PDJH 6RQ
HW &RQILJXUDWLRQ SDJH 7RXFKHV 7 O WH[WH SDJH $FFýV GLUHFW DX[ FDQDX[ SHQGDQW
O XWLOLVDWLRQ QRUPDOH GX W O YLVHXU RX
SDUWLU GHV PHQXV 5 JODJH (GLWLRQ
GH SURJUDPPH RX &RQILJXUDWLRQ
PDQXHOOH DSSX\H] HW HQWUH] OH FDQDO
YRXOX O DLGH GHV WRXFKHV
QXP ULTXHV
7RXFKHV PDJQ WRVFRSH /HFWHXU GH
GLVTXHV '9' SDJH 3ULVHV DXGLRYLG R 5&$
SDJH 3ULVH FDVTXH SDJH &RPPXWDWHXU 79$9 SDJH $XJPHQWH RX GLPLQXH OD SRVLWLRQ GH
SURJUDPPH G XQH XQLW /RUVTX XQH IRQFWLRQ
HVW G M DIILFK H DSSX\H] SRXU DXJPHQWHU
RX GLPLQXHU G XQH XQLW OD IRQFWLRQ
V OHFWLRQQ H
&RXSXUH GX VRQ
7RXFKH 0DUFKH$UUûW G HIIHW
$PELDQFH
7RXFKH (QUHJLVWUHPHQW 79
GLUHFW SDJH %RXWRQ 1 QRUPDOLVHU
5HPHW WRXWHV OHV YDOHXUV OHXU
QLYHDX SDU G IDXW
&XUVHXUV SHUPHWWDQW OHV
V OHFWLRQV HW U JODJHV
6 OHFWLRQ HQWUH PRGHV
W O YLVHXU HW HQWU H
$XGLR9LG R SDJH 7RXFKHV GH FRXOHXU SRXU
)RQFWLRQV 7 O WH[WH SDJH 6 OHFWLRQ $9 SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
WRXFKH 7 O WH[WH SDJH 6 OHFWLRQ GHV FKDñQHV GHX[
FKLIIUHV O DLGH GHV
WRXFKHV QXP ULTXHV
$SSX\H] VXU OH ERXWRQ & HW
SRXU OH FKRL[ GLUHFW GX
FDQDO GDQV OH K\SHUEDQG
$5%5( '8 352*5$00(
0(18
,PDJH
5HFKHUFKH DXWR
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
7HLQWH SRXU 176&
$WWHQWLRQ
3D\V
5pJODJH
0HQX
SULQFLSDO
0RGH ,PDJH
,PDJH
6RQ
&RQILJXUDLRQ
6RQ
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELDQFH
5HFKHUFKH DXWR
5pJODJH PDQXHO
6\VWqPH 79
5pJODJH ILQ
&KDQJHU
6\VWqPH FRXOHXU
'pFRGHXU $9
4/LQN
&RUUHFWLRQ YROXPH
%ORTXHU
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
1HGHUODQG
(VSDxD
%HOJLTXH
6XLVVH
(8
5pJODJH PDQXHO
&KDQJHU
3URJ
DYHF
3URJ
&RQILJXUDWLRQ
$63(&7
6RUW $9
7pOpWH[WH
0LQXWHULH YHLOOH
6\VWqPH FRXOHXU
$9
&RUUHFWLRQ YROXPH
$9
4/LQN
/DQJXH GH WH[WH
5pJODJH 79
/DQJXHV 26'
)RUPDW GH O¶LPDJH
/DQJXHV 26'
'HXWVFK
(QJOLVK
)UDQoDLV
,WDOLDQR
(//+1,.$
(VSDxRO
1RUVN
'DQVN
6YHQVND
1HGHUODQGV
6XRPL
7UNoH
3RUWXJXrV
87,/,6(5 /(6 0(186 685 (&5$1
&H W O YLVHXU HVW TXLS G XQ V\VWýPH YROX GH PHQXV DIILFKDJH VXU FUDQ
TXL YRXV SHUPHWWHQW G DFF GHU DX[ U JODJHV HW DX[ RSWLRQV
5HYHQLU
7LWUH GX PHQX
6RXVPHQXV
à
- 2. +
£
&KRLVLU
,QVWUXFWLRQV
$FFpGHU
6RUWLU
&RQILJXUDWLRQ
6RUW $9
79
7pOpWH[WH
)/2)
0LQXWHULH YHLOOH 1RQ
4/LQN
2XL
/DQJXH GH WH[WH 2XHVW
5pJODJH
$FFpGHU
/DQJXHV 26'
5pJODJH
5HFKHUFKH DXWR
5pJODJH PDQXHO
6\VWqPH 79
6&
5pJODJH ILQ
&KDQJHU
6\VWqPH FRXOHXU
$872
'pFRGHXU $9
1RQ
4/LQN
&RUUHFWLRQ YROXPH
%ORTXHU
1RQ
%DUUH GH V OHFWLRQ
,QGLFDWHXU G RSWLRQ
&HUWDLQHV RSWLRQV FRPPH &RQWUDVWH /XPLQRVLW &RXOHXU HW 1HWWHW SHUPHWWHQW G DXJPHQWHU
RX GH U GXLUH OH QLYHDX
&HUWDLQHV RSWLRQV FRPPH O RSWLRQ 0LQXWHULH YHLOOH YRXV GHPDQGHQW GH IDLUH XQ FKRL[
&HUWDLQHV RSWLRQV FRPPH OH PHQX &RQILJXUDWLRQ FRQGXLVHQW XQ DXWUH PHQX
0(18
/D WRXFKH 0(18 HVW XWLOLV SRXU RXYULU OH PHQX SULQFLSDO HW DXVVL SRXU UHWRXUQHU GDQV
OH PHQX SU F GHQW
/HV WRXFKHV GH FXUVHXU KDXW HW EDV SHUPHWWHQW GH G SODFHU OH FXUVHXU YHUWLFDOHPHQW
VXU OHV PHQXV
/HV FXUVHXUV JDXFKH HW GURLW SHUPHWWHQW G DFF GHU DX[ PHQXV G DMXVWHU OHV QLYHDX[
RX GH V OHFWLRQQHU OHV GLII UHQWHV RSWLRQV
1RXV XWLOLVRQV OD WRXFKH 2. SRXU HQUHJLVWUHU HW FRQILUPHU OD V\QWRQLVDWLRQ OD
IRQFWLRQ 26' HW DXWUHV U JODJHV
/D WRXFKH 79$9 SHUPHW GH VRUWLU GX V\VWýPH GH PHQX HW GH UHYHQLU O FUDQ
79 QRUPDO
%RXWRQ 1 QRUPDOLVHU 5HPHW WRXWHV OHV YDOHXUV OHXU QLYHDX SDU G IDXW
79$9
1
$-867$*( '8 )250$7 '( / ,0$*(
$SSX\H] VXU OD WRXFKH $63(&7 SRXU SDUFRXULU OH PHQX GH GHX[ RSWLRQV G DVSHFW HW $63(&7
DIILFKHUD XQH LPDJH VRXV VRQ
IRUPDW
QRUPDO
9RXV
SRXYH]
V OHFWLRQQHU FHWWH RSWLRQ VL YRXV G VLUH]
YRLU O LPDJH GDQV FH IRUPDW
DIILFKHUD XQH LPDJH VRXV VRQ
IRUPDW QRUPDO 9RXV SRXYH] V OHFWLRQHU
FHWWH RSWLRQ VL YRXV G VLUH] YRLU O LPDJH
VRXV FH IRUPDW
0(18 35,1&,3$/
&H PHQX YRXV SHUPHW G HQWUHU GDQV OH 0RGH ,PDJHV GDQV OH 0HQX LPDJH HW
VRQ HW GDQV OH 0HQX &RQILJXUDWLRQ
2XYUH] OH PHQX 3ULQFLSDO
0(18
à
- 2. +
£
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX U GXLVH] OHV QLYHDX[
RX U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 3ULQFLSDO
79$9
&KRLVLU
5pJOHU
6RUWLU
0HQX SULQFLSDO
0RGH ,PDJH
,PDJH
6RQ
&RQILJXUDWLRQ
'\QDPLTXH
0RGH ,PDJH
/H 0RGH ,PDJH YRXV SHUPHW GH FKRLVLU SDUPL WURLV GLII UHQWV U JODJHV GH
O LPDJH '\QDPLTXH 1RUPDO &LQ PD
,PDJH
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
6RQ
/H PHQX 6RQ YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV
SU I UHQFHV
&RQILJXUDWLRQ
/H PHQX &RQILJXUDWLRQ YRXV SHUPHW G DFF GHU GLYHUVHV IRQFWLRQV YROX HV
DLQVL TX DX PHQX 5 JODJH
,0$*(
&H PHQX YRXV SHUPHW G HIIHFWXHU WRXV OHV U JODJHV GH TXDOLW GH O LPDJH
2XYUH] OH PHQX 3ULQFLSDO
0(18
$OOH] DX PHQX ,PDJH
5HYHQLU
à
- 2. +
£
&KRLVLU
5pJOHU
6RUWLU
(QWUH] GDQV OH PHQX ,PDJH
,PDJH
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV QLYHDX[
RX U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX ,PDJH
$SSX\H] VXU OD WRXFKH 1 SRXU OH
UHWRXU DX[ SDUDPHWUHV G XVLQH
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLW
&RXOHXU
1HWWHW
7HLQWH
SRXU 176&
79$9
1
'\QDPLTXH
,PDJH
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLWp
&RXOHXU
1HWWHWp
1RUPDO
/H 0RGH ,PDJH GDQV OH 0HQX
LPDJHV YRXV SHUPHW GH
,PDJH
V OHFWLRQQHU PRGLILHU HW
0RGH ,PDJH
&LQpPD
HQUHJLVWUHU WURLV GLII UHQWV
&RQWUDVWH
U JODJHV GH O LPDJH /XPLQRVLWp
'\QDPLTXH 1RUPDO DQG
&RXOHXU
1HWWHWp
&LQ PD
'DQV FKDTXH V OHFWLRQ GX
0RGH ,PDJH YRXV SRXYH] FKRLVLU HW HQUHJLVWUHU OH FRQWUDVWH OD OXPLQRVLW OD
WHLQWH SRXU 176& H[FOXVLYHPHQW OD FRXOHXU HW QHWWHW G DSUýV YRV GHPDQGHV
FRQFUýWHV FRQFHUQDQW O LPDJH YRXV SRXYH] SDU H[HPSOH V OHFWLRQQHU
FHUWDLQV U JODJHV SRXU OHV WUDQVPLVVLRQV VSRUWLYHV GLII UHQWV GHV U JODJHV
SHUPHWWDQW OH VXLYL GHV ILOPV GHV LQIRUPDWLRQV HWF /H 0RGH ,PDJH YRXV SURSRVH WURLV U JODJHV DXWRQRPHV DX PD[LPXP SRXU
FKDTXH VRXUFH GX VLJQDO 5) $9 $9 FRPSUHQDQW 5*% / DQDO\VH HW OH
WUDLWHPHQW GH O LPDJH HQWUDQWH SHUPHWWHQW GDQV OHV WURLV PRGHV XQ
SHUIHFWLRQQHPHQW DXWRPDWLTXH GH O LPDJH (Q DSSX\DQW VXU OD WRXFKH 1 GH OD
W O FRPPDQGH YRXV SRXYH] UHYHQLU DX[ SDUDPHWUHV G XVLQH GX SURILO
V OHFWLRQQ VXU OD VRXUFH FKRLVLH GX VLJQDO
/HV QLYHDX[ GH FRQWUDVWH OXPLQRVLW FRXOHXU QHWWHW SHXYHQW ûWUH U JO V VHORQ
YRV GHPDQGHV HW FRQGLWLRQV G REVHUYDWLRQ
/H U JODJH GH OD WHLQWH QjDSSDUDñWUD HQ WDQW TX RSWLRQ GH PHQX TXH VL XQH
VRXUFH GH VLJQDO 176& SDU $9 HVW FRQQHFW DX W O YLVHXU HW LO YRXV SHUPHW GH
U JOHU OD WHLQWH
621
/H PHQX 6RQ YRXV SHUPHW GH U JOHU WRXV OHV DVSHFWV GX VRQ VHORQ YRV
SU I UHQFHV
0(18
2XYUH] OH PHQX 3ULQFLSDO
&KRLVLU
à
- 2. +
5pJOHU
$OOH] DX PHQX 6RQ
5HYHQLU
£
6RUWLU
(QWUH] GDQV OH PHQX 6RQ
6RQ
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH] OHV
QLYHDX[ RX U JOH] O WDW GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX 6RQ
79$9
9ROXPH
*UDYH
$LJX
%DODQFH
03;
0RGH
$PELDQFH
6WHUHR
0XVLTXH
1RQ
9ROXPH
/H U JODJH 9ROXPH YRXV SHUPHW GH U JOHU OH QLYHDX GH YROXPH J Q UDO
*UDYH
/H U JODJH *UDYHV YRXV SHUPHW G DFFHQWXHU OHV IU TXHQFHV OHV SOXV EDVVHV HW
SHXW ûWUH DXJPHQW RX GLPLQX $LJX
/H U JODJH $LJXùV YRXV SHUPHW G DFFHQWXHU OHV IU TXHQFHV OHV SOXV KDXWHV HW
SHXW ûWUH DXJPHQW RX GLPLQX %DODQFH
/D EDODQFH DJLW VXU OHV QLYHDX[ VRQRUHV HQWUH OHV KDXWSDUOHXUV GURLW HW JDXFKH
&HOD SHUPHW GH U JOHU OHV QLYHDX[ VRQRUHV HQWUH OHV KDXWSDUOHXUV HQ IRQFWLRQ
GH OD SRVLWLRQ G FRXWH
03;
03; HVW KDELWXHOOHPHQW U JO HQ PRGH 6W U R SRXU RIIULU OD PHLOOHXUH
UHSURGXFWLRQ VRQRUH (Q FDV GH G JUDGDWLRQ GH OD U FHSWLRQ RX
G LQGLVSRQLELOLW GX VHUYLFH QRXV YRXV UHFRPPDQGRQV GH SDVVHU HQ PRGH
0RQR /HV PRGHV 0RQR 0 HW 0 SHXYHQW ûWUH V OHFWLRQQ V VL GHV VLJQDX[
FRUUHVSRQGDQWV VRQW WUDQVPLV
0RGH
/H VRQ SHXW ûWUH DP OLRU GXUDQW OHV PRGHV 0XVLTXH RX 3DUROH HQ
V OHFWLRQQDQW OD IRQFWLRQ DSSURSUL H
$PELDQFH
/ RSWLRQ $PELDQFH IRXUQLW XQH VWLPXODWLRQ G\QDPLTXH TXL VLPXOH O HIIHW GH VRQ
VSDWLDO DP OLRU &21),*85$7,21
/H PHQX &RQILJXUDWLRQ YRXV SHUPHW G DFF GHU GLYHUVHV IRQFWLRQV YROX HV
DLQVL TX DX PHQX 5 JODJH
0(18
2XYUH] OH PHQX 3ULQFLSDO
&KRLVLU
à
+
- 2.
5pJOHU
$OOH] DX PHQX &RQILJXDUWLRQ
5HYHQLU
£
6RUWLU
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
&RQILJXUDWLRQ
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$XJPHQWH] RX GLPLQXH]
OHV QLYHDX[ RX U JOH] O WDW
GHV RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX &RQILJXUDWLRQ
6RUW $9
79$9
6RUW $9
79
7pOpWH[WH
)/2)
0LQXWHULH YHLOOH 1RQ
4/LQN
2XL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH $9 6FDUW &HWWH V OHFWLRQ V RSýUH
HQWUH O FUDQ DFWXHO GX W O YLVHXU RX OH PRQLWHXU F G O LPDJH DIILFK H
O FUDQ
7 O WH[WH
/ RSWLRQ 7 O WH[WH YRXV SHUPHW GH FKRLVLU HQWUH OHV PRGHV )/2) RX /,67
SDJH 0LQXWHULH YHLOOH
/D PLQXWHULH GH YHLOOH SHUPHW GH V OHFWLRQQHU O KHXUH GH FRXSXUH GX W O YLVHXU
VXU XQH SODJH GH PLQXWHV LQWHUYDOOHV GH PLQXWHV
4/LQN
/D OLDLVRQ 4/LQN YRXV SHUPHW G DFWLYLW RX G VDFWLYHU OD FRPPXQLFDWLRQ GH
GRQQ HV DYHF XQ PDJQ WRVFRSH FRPSDWLEOH 9RLU OD SDJH /DQJXH GH WH[WH
6 OHFWLRQQH] OH MHX GH FDUDFWýUHV DILQ G DYRLU WRXV OHV FDUDFWýUHV Q FHVVDLUHV
SRXU OH WH[WH GHV SDJHV W O WH[WHV SDU H[HPSOH FDUDFWýUHV F\ULOOLTXHV HWF
0RGH /DQJXHV
2XHVW (QJOLVK 'HXWVFK 6YHQVND 6XRPL 'DQVN 0DJ\DU ,WDOLDQR )UDQDLV
(VW
(VW
(VSDÆRO 3RUWXJXûV 7ÚUNH (//+1,.$ 1HGHUODQGV 1RUVN
3ROVNL (HVWL 6ORYHQVNR H WLQD 6ORYHQVN\ 5RP Q 3ROVNL /DWYLH X YDORGD
H WLQD
6ORYHQVN\ 5RP Q 5 JODJH
/H PHQX 5 JODJH YRXV GRQQH DFFýV GH QRPEUHXVHV DXWUHV IRQFWLRQV GRQW
)RQFWLRQ $73 5 JODJH ILQ 6\VWýPH GH FRXOHXU HW 9ROXPH SDJH /DQJXHV 26'
/H PHQX /DQJXH 26' YRXV SHUPHW GH FKDQJHU OD ODQJXH XWLOLV H VXU WRXV OHV
PHQXV G FUDQ SDJH /$1*8( 26'
/RUV GH O LQVWDOODWLRQ LQLWLDOH GX W O YLVHXU OD ODQJXH G DIILFKDJH VXU FUDQ D W
U JO H HQ IRQFWLRQ GX SD\V GH YRWUH FKRL[ 9RXV SRXYH] FHSHQGDQW
V OHFWLRQQHU XQH DXWUH ODQJXH SDUWLU GX PHQX /DQJXHV 26'
0(18
2XYUH] OH PHQX 3ULQFLSDO
$OOH] DX PHQX &RQILJXUDWLRQ
5HYHQLU
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
&KRLVLU
$FFpGHU
£
6RUW $9
79
7pOpWH[WH
)/2)
0LQXWHULH YHLOOH 1RQ
4/LQN
2XL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
$FFpGHU
(QWUH] GDQV OH PHQX /DQJXHV
26'
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
79$9
5HYHQLU
à
- 2. +
£
/DQJXHV 26'
'HXWVFK
(VSDxRO
(QJOLVK
1RUVN
)UDQoDLV
'DQVN
,WDOLDQR
6YHQVND
(//+1,.$
6RUWLU
&RQILJXUDWLRQ
$OOH] DX PHQX /DQJXH 26'
$SSX\H] VXU OD WRXFKH 79$9
SRXU YDOLGHU YRWUH V OHFWLRQ HW
VRUWLU
à
- 2. +
&KRLVLU
&KRLVLU
6RUWLU
1HGHUODQGV
6XRPL
7UNoH
3RUWXJXrV
5þ*/$*(
/H PHQX 5 JODJH SHUPHW G DFFýGHU DX[ PHQXV 5 JODJH PDQXHO HW 5 JODJH
DXWRPDWLTXH
2XYUH] OH PHQX 3ULQFLSDO
0(18
$OOH] DX PHQX &RQILJXUDWLRQ
0pPR
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
5HYHQLU
(QWUH] GDQV OH PHQX 5 JODJH
6 OHFWLRQQH] O RSWLRQ GH YRWUH FKRL[
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU
&KRLVLU
$FFpGHU
6RUWLU
5pJODJH
5HFKHUFKH DXWR
$FFpGHU
5pJODJH PDQXHO
6\VWqPH 79
6&
5pJODJH ILQ
&KDQJHU
6\VWqPH FRXOHXU
$XWR
'pFRGHXU $9
1RQ
4OLQN
&RUUHFWLRQ YROXPH
%ORTXHU
1RQ
$OOH] DX PHQX 5 JODJH
$XJPHQWH] RX GLPLQXH] OHV
U JODJHV U JOH] O WDW GHV RSWLRQV
RX DFF GH] XQ DXWUH PHQX
à
- 2. +
£
79$9
5HFKHUFKH DXWR /H PHQX &RQILJXUDWLRQ DXWRPDWLTXH YRXV SHUPHW GH UHFRQILJXUHU
DXWRPDWLTXHPHQW YRWUH W O YLVHXU SDJH 5 JODJH
PDQXHO
/H PHQX 5 JODJH PDQXHO YRXV SHUPHW GH U JOHU PDQXHOOHPHQW OHV SRVLWLRQV
GH SURJUDPPHV LQGLYLGXHOV SDJH 6\VWýPH 79
/ RSWLRQ GH QRUPH DXGLR
6&
3$/ %* 6(&$0 %*
6&
3$/ ,
6&
3$/ '. 6(&$0 '.
)
6(&$0 //
5 JODJH ILQ
&HWWH RSWLRQ YRXV SHUPHW G HIIHFWXHU OH U JODJH G DFFRUG ILQ GHV FKDñQHV
&KDQJHU
/H PHQX &KDQJHU YRXV SHUPHW GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH VHORQ
YRWUH GHPDQGH 9RLU OD SDJH 6\VWýPH
FRXOHXU
/H PHQX 6\VWýPH FRXOHXU YRXV SHUPHW GH FKRLVLU OH VWDQGDUG GH WUDQVPLVVLRQ
FRUUHFW
5þ*/$*(
' FRGHXU $9 &HWWH RSWLRQ HVW XWLOLV H TXDQG XQ G FRGHXU HVW FRQQHFW YLD $9 /D PHWWUH
O WDW $&7,9þ VL XQ VLJQDO FRG GRLW ûWUH G FRG SDU OH G FRGHXU /D PHWWUH
O WDW G VDFWLY DSUýV O XWLOLVDWLRQ
4/LQN
/ RSWLRQ 4/LQN SHUPHW G DFWLYHU OD WUDQVPLVVLRQ GHV GRQQ HV GDQV OH
PDJQ WRVFRSH FRPSDWLEOH 9RLU OH SDJH &RUUHFWLRQ
YROXPH
9RXV SHUPHW GH U JOHU OH QLYHDX GH YROXPH GH FKDTXH FKDñQH LQGLYLGXHOOH
%ORTXHU
&HWWH RSWLRQ YRXV SHUPHW GH EORTXHU OD SRVLWLRQ GHV SURJUDPPHV FRQWUH
O DFFýV LQG VLUDEOH
5þ*/$*( $73 &21),*85$7,21 $8720$7,48(
/H PHQX &RQILJXUDWLRQ DXWRPDWLTXH YRXV SHUPHW GH UHFRQILJXUHU
DXWRPDWLTXHPHQW YRWUH W O YLVHXU HQ IRQFWLRQ GHV FKDñQHV GH W O YLVLRQ
ORFDOHV &HWWH IRQFWLRQ HVW XWLOH HQ FDV GH G P QDJHPHQW GDQV XQH DXWUH
U JLRQ
0(18
0pPR
&KRLVLU
2XYUH] OH PHQX 3ULQFLSDO
à
- 2. +
$OOH] DX PHQX &RQILJXUDWLRQ
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX
5 JODJH
$OOH] DX PHQX &RQILJXUDWLRQ
DXWR
5HYHQLU
6 OHFWLRQQH] OH SD\V
$SSX\H] SRXU ODQFHU OD
FRQILJXUDWLRQ DXWRPDWLTXH
$73
/H W O YLVHXU YD FKHUFKHU LGHQWLILHU
HW WULHU GDQV O RUGUH OHV FKDñQHV GH
W O YLVLRQ ORFDOHV 6L XQ
PDJQ WRVFRSH FRPSDWLEOH HVW
FRQQHFW OD SULVH $9 OHV
SDUDPýWUHV GHV SURJUDPPHV VHURQW
WUDQVPLV DXWRPDWLTXHPHQW DX
PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN
SDJH 8QH IRLV FHWWH RS UDWLRQ WHUPLQ H OH
W O YLVHXU DIILFKHUD OD SRVLWLRQ GH
SURJUDPPH $FFpGHU
6RUWLU
5pJODJH
5HFKHUFKH DXWR
$FFpGHU
5pJODJH PDQXHO
6\VWqPH 79
6&
5pJODJH ILQ
&KDQJHU
6\VWqPH FRXOHXU
$XWR
'pFRGHXU $9
1RQ
4OLQN
&RUUHFWLRQ YROXPH
%ORTXHU
1RQ
$77(17,21
$73 HIIDFHUD OHV GRQQpHV DFWXHOOHV HW
H[pFXWHUD XQ QRXYHDX UpJODJH
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ DXWR
$SSX\H] SRXU FRQILUPHU HW
FRPPHQFHU
£
5HYHQLU
à
- 2. +
£
3D\V
'HXWVFKODQG
gVWHUUHLFK
)UDQFH
,WDOLD
1HGHUODQG
(VSDxD
%HOJLTXH
6XLVVH
(8
à
- 2. +
£
'pEXW $73
6RUWLU
&KRLVLU
'pEXW $73
5HYHQLU
6RUWLU
&+
$73 (1 &2856
&+
;<=
0(18 5HYHQLU DX PHQX FDQDX[
79$96RUWLU
5þ*/$*( 5þ*/$*( 0$18(/
/H U JODJH PDQXHO GHV SRVLWLRQV GH SURJUDPPHV SHXW V HIIHFWXHU
PHQX VXU FUDQ RX GHV FRPPDQGHV HQ IDDGH
SDUWLU GX
0HQX 5 JODJH PDQXHO
2XYUH] OH PHQX 3ULQFLSDO
0(18
0pPR
à
- 2. +
£
$OOH] DX PHQX &RQILJXUDWLRQ
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] 5 JODJH PDQXHO
(QWUH] GDQV 5 JODJH PDQXHO
6 OHFWLRQQH] OD SRVLWLRQ GH
SURJUDPPH G VLU H
5HYHQLU
$SSX\H] VXU OD WRXFKH 79$9 SRXU 79$9
VRUWLU GX PHQX 5 JODJH PDQXHO
$FFpGHU
6RUWLU
5pJODJH
5HFKHUFKH DXWR
5pJODJH PDQXHO
$FFpGHU
6\VWqPH 79
6&
5pJODJH ILQ
&KDQJHU
6\VWqPH FRXOHXU
$XWR
'pFRGHXU $9
1RQ
4OLQN
&RUUHFWLRQ YROXPH
%ORTXHU
1RQ
0pPR
&RPPHQFH] OH U JODJH
4XDQG OH SURJUDPPH YRXOX HVW
ORFDOLV DSSX\H] VXU 2. SRXU
P PRULVHU
&KRLVLU
5HYHQLU
à
- 2. +
£
3URJ
'pEXWHU
5HFKHUFKH
6RUWLU
&+
5pJODJH PDQXHO
6L YRXV FRQQDLVVH] OHV QXP URV GHV FDQDX[ YRXV SRXYH] XWLOLVHU OH V OHFWLRQ GLUHFWH GDQV OH
PHQX k5 JODJH PDQXHOl
$SSX\H] VXU OD WRXFKH k&l HQ W O FRPPDQGH SRXU OD P PRULVDWLRQ UDSLGH GHV FKDñQHV HQWUH] GDQV OH PHQX 5 JODJH PDQXHO
GRQQH] OH QXP UR GH OH SU V OHFWLRQ
DSSX\H] VXU OD WRXFKH k&l
SDU OH FODYLHU QXP ULTXH GRQQHU OH QXP UR GX FDQDO
DSSX\H] VXU OD WRXFKH 2. SRXU P PRULVHU
DSSX\H] VXU OD WRXFKH 79$9 RX OD WRXFKH 1 SRXU VRUWLU GX PHQX
3RXU OD V OHFWLRQ GLUHFWH GX FDQDO GH k+\SHUl FKDñQH W O YLVLRQ GH F EOH DSSX\H] VXU OHV
WRXFKHV GH OD V OHFWLRQ GLUHFWH GX FDQDO HW OHV WRXFKHV GH OD V OHFWLRQ GX SURJUDPPH k&l
k l HW SDU OHV WRXFKHV QXP ULTXHV V OHFWLRQQH] OH QXP UR 6XU Oj FUDQ HVW DIILFK k&+ l HW SXLV k+ l 0 PRULVDWLRQ YRLU FLGHVVXV
1RWH 5þ*/$*( 5þ*/$*( 0$18(/
5 JODJH PDQXHO
FRPPDQGHV HQ IDDGH
)
$SSX\H] VXU OD WRXFKH ) )DDGH
MXVTX REWHQWLRQ GX PHQX 5 JODJH
$SSX\H] VXU OD WRXFKH RX $SSX\H] VXU OD WRXFKH 79$9 SRXU
DOWHUQHU HQWUH &KDQJHU SURJUDPPH 5HFKHUFKH RX &KDQJHU V\VWýPH 79
$SSX\H] VXU RX SRXU FKDQJHU
GH SRVLWLRQ GH SURJUDPPH
FRPPHQFHU OD UHFKHUFKH RX
FKDQJHU OH V\VWýPH 79
4XDQG OD FKDñQH YRXOXH HVW
ORFDOLV H DSSX\H] VXU 675 SRXU
P PRULVHU
5 S WH] OD SURF GXUH FLGHVVXV
SRXU DFFRUGHU G DXWUHV
SURJUDPPHV RX DSSX\H] VXU OD
WRXFKH ) SRXU VRUWLU
Y
79$9
Y
5pJODJH PDQXHO
) 1RQ
2XL
675
)
675 ) 9 à 79$9
&+ 6&
5pJODJH PDQXHO
79$9 675
) 1 'pEXWHU 5HFKHUFKH
&KRLVLU
0pPR
6RUWLU
&+$1*(0(17 '(6 326,7,216 '( 352*5$00(
/D V OHFWLRQ &KDQJHU YRXV SHUPHW FKDQJHU GHX[ SRVLWLRQV GX SURJUDPPH
VRLPûPH
0(18
2XYUH] OH PHQX 3ULQFLSDO
0pPR
&KRLVLU
à
$OOH] DX PHQX &RQILJXUDWLRQ
- 2. +
5HYHQLU
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
£
$FFpGHU
6RUWLU
5pJODJH
5HFKHUFKH DXWR
5pJODJH PDQXHO
6\VWqPH 79
6&
5pJODJH ILQ
&KDQJHU
$FFpGHU
6\VWqPH FRXOHXU
$XWR
'pFRGHXU $9
1RQ
4OLQN
&RUUHFWLRQ YROXPH
%ORTXHU
1RQ
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
$OOH] DX PHQX &KDQJHU
(QWUH] GDQV OH PHQX &KDQJHU
&KDQJHU
6 OHFWLRQQH] SUHPLýUH SRVLWLRQ GX
SURJUDPPH
5HYHQLU
6 OHFWLRQQH] VHFRQGH SRVLWLRQ GX
SURJUDPPH
&KRLVLU
5pJOHU
6RUWLU
&+
&KDQJHU
$SSX\H] VXU OD WRXFKH 2. SRXU
FRQILUPHU OD V OHFWLRQ
$SSX\H] VXU OD WRXFKH 79$9 SRXU
VRUWLU GX PHQX
à
- 2. +
£
79$9
3URJ
DYHF
3URJ
&+
&+
/,$,621 4/,1.
/D OLDLVRQ 4/LQN SHUPHW DX W O YLVHXU GH FRPPXQLTXHU DYHF YRWUH
PDJQ WRVFRSH
0(18
2XYUH] OH PHQX 3ULQFLSDO
$OOH] DX PHQX &RQILJXUDWLRQ
5HYHQLU
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU
&KRLVLU
5pJOHU
£
6RUWLU
&RQILJXUDWLRQ
$OOH] /LDLVRQ 4/LQN
&RQILUPH] TXH OD OLDLVRQ 4/LQN
HVW O WDW kDFWLY l
à
- 2. +
79$9
6RUW $9
79
7pOpWH[WH
)/2)
0LQXWHULH YHLOOH 1RQ
4/LQN
2XL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
/H PDJQ WRVFRSH GRLW ûWUH FRQQHFW SDU XQ F EOH 3(5,7(/ W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV HQWUH
OD SULVH $9 GX W O YLVHXU HW OD SULVH FRUUHVSRQGDQWH GX PDJQ WRVFRSH &RQVXOWH] OH PRGH G HPSORL
GX PDJQ WRVFRSH SRXU WRXV UHQVHLJQHPHQWV FRPSO PHQWDLUHV /D OLDLVRQ 4/LQN OD OLDLVRQ
1(;79,(:/,1. RX OHV WHFKQRORJLHV VLPLODLUHV SHUPHWWHQW DX W O YLVHXU GH FRPPDQGHU XQ
PDJQ WRVFRSH FRPSDWLEOH G HQUHJLVWUHU OH SURJUDPPH UHWUDQVPLV FH PRPHQWO VXU O FUDQ RX
W O YLVHXU TXHOOH TXH VRLW OD SRVLWLRQ GH U JODJH GH SURJUDPPH GX PDJQ WRVFRSH &HOD VLPSOLILH
FRQVLG UDEOHPHQW O HQUHJLVWUHPHQW GHV SURJUDPPHV
3RXU HQUHJLVWUHU O PLVVLRQ TXH YRXV ûWHV HQ WUDLQ GH UHJDUGHU
',5(&7 79 5(&
$SSX\H] VXU OD WRXFKH ',5(&7 79 5(& GH OD W O FRPPDQGH
6L OH PDJQ WRVFRSH HVW WHLQW LO V DOOXPH DXWRPDWLTXHPHQW TXDQG YRXV DSSX\H] VXU OD WRXFKH
',5(&7 79 5(&
8Q PHVVDJH SURYHQDQW GX PDJQ WRVFRSH V DIILFKH VXU O FUDQ GX W O YLVHXU SRXU LQGLTXHU FH TXL HVW
HQUHJLVWU RX TXH O HQUHJLVWUHPHQW GLUHFW HVW LPSRVVLEOH (QUHJLVWUHPHQW HQ FRXUV
$XFXQ HQUHJ 9pULILHU OH VXSSRUW
/D ODQJXHWWH GH SURWHFWLRQ O DUULýUH
/H PDJQ WRVFRSH HQUHJLVWUH OH VLJQDO GH
GH OD FDVVHWWH YLG R D W HQOHY H
SURJUDPPH GH VRQ SURSUH WXQHU 9RXV
SRXYH] WHLQGUH OH W O YLVHXU HW ODLVVHU OH
PDJQ WRVFRSH HQUHJLVWUHU GH OD IDRQ
QRUPDOH
([HPSOHV G DXWUHV PHVVDJHV SRXYDQW ûWUH DIILFK V 3DV G¶HQUHJ 5$,621 ,1&2118(
7e/e&+$5*(0(17 3URJUDPPH
)RQFWLRQ QRQ GLVSRQLEOH
7pOpFKDUJ LPSRVVLEOH 0DWpULHO
7UDQVPLVVLRQ GHV LQIRUPDWLRQV VXU OH U JODJH
3RXU DVVXUHU GHV HQUHJLVWUHPHQWV YLG R FRUUHFWV OH W O YLVHXU HW OH PDJQ WRVFRSH GRLYHQW ûWUH OHV
PûPHV LQIRUPDWLRQV GX U JODJH
- &KDTXH IRLV TXH OD IRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH 5HFKHUFKH DXWR HVW XWLOLV H OHV
SDUDPýWUHV GH U JODJH VRQW WUDQVPLV DX PDJQ WRVFRSH
/,$,621 4/,1.
)RQFWLRQ GX EUDQFKHPHQW DXWRPDWLTXH
&HV IRQFWLRQV VXSSO PHQWDLUHV VRQW GLVSRQLEOHV DYHF OD OLDLVRQ 4/LQN GH 3DQDVRQLF - 4XDQG YRXV LQWURGXLVH] XQH FDVVHWWH YLG R GDQV OH PDJQ WRVFRSH HW TXH YRXV DSSX\H] VXU OD
WRXFKH /(&785( OH W O YLVHXU VH PHW DXWRPDWLTXHPHQW HQ PDUFKH HW V OHFWLRQQH O HQWU H $9
SRXU YRXV SHUPHWWUH GH UHJDUGHU OD FDVVHWWH
- 6L YRXV WHLJQH] OH W O YLVHXU DORUV TXH OH PDJQ WRVFRSH HVW HQ PRGH $UUûW $YDQFH UDSLGH
5HPERELQDJH OH PDJQ WRVFRSH V DUUûWHUD DXWRPDWLTXHPHQW
3RXU G VDFWLYHU OD OLDLVRQ 4/LQN
6L YRXV QH VRXKDLWH] SDV XWLOLVHU OD OLDLVRQ 4/LQN DOOH] DX PHQX &RQILJXUDWLRQ V OHFWLRQQH] O RSWLRQ
4/LQN HW V OHFWLRQQH] O WDW kG VDFWLY l 1RQ 1RWH LPSRUWDQWH 7RXHV OHV PDJQ WRVFRSHV QjDFFHSWHQW SDV FH V\VWýPH GH FRPPXQLFDWLRQV GH GRQQ HV FHUWDLQV
PDJQ WRVFRSHV SHXYHQW DFFHSWHU FHUWDLQHV IRQFWLRQV PDLV SDV GjDXWUHV &RQVXOWH] OH PRGH
GjHPSORL GX PDJQ WRVFRSH SRXU YRXV LQIRUPHU 6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU
FRQILUPHU TXH OH F EOH 6&$57 3(5,7(/ XWLOLV HVW ELHQ GX W\SH FRXYUDQW WRXWHV OHV IRQFWLRQV
&RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
/H PHQX 4/LQN HQUHJLVWUH WRXWHV GRQQ HV VXU OHV SURJUDPPHV U JO V GX W O YLVHXU GDQV OH
P PRLUH GX PDJQ WRVFRSH
&KRLVLU
à
0(18
- 2. +
5pJOHU
2XYUH] OH PHQX 3ULQFLSDO
£
5HYHQLU
6RUWLU
$OOH] DX PHQX &RQILJXUDWLRQ
&RQILJXUDWLRQ
(QWUH] GDQV OH PHQX
&RQILJXUDWLRQ
6 OHFWLRQQH] O WDW DFWLY 2XL
$OOH] DX PHQX 5 JODJH
(QWUH] GDQV OH PHQX 5 JODJH
6 OHFWLRQQH] 4/LQN
$FWLYH] 4/LQN
6RUW $9
79
7pOpWH[WH
)/2)
0LQXWHULH YHLOOH 1RQ
4/LQN
2XL
/DQJXH GH WH[WH 2XHVW
5pJODJH
/DQJXHV 26'
0pPR
à
+
2.
£
&KRLVLU
$FFpGHU
5HYHQLU
6RUWLU
5pJODJH
5HFKHUFKH DXWR
5pJODJH PDQXHO
6\VWqPH 79
6&
5pJODJH ILQ
&KDQJHU
6\VWqPH FRXOHXU
$XWR
'pFRGHXU $9
1RQ
4OLQN
799&5'9'5
&RUUHFWLRQ YROXPH
%ORTXHU
1RQ
7e/e&+$5*(0(17 3URJUDPPH
6þ/(&7,21 (7 &21),*85$7,21 $9
/H PHQX 6 OHFWLRQ $9 YRXV SHUPHW GH V OHFWLRQQHU OD VRXUFH $9 GH YRWUH
FKRL[
79$9
- $SSX\H] VXU OD WRXFKH k79$9l SRXU DFWLYHU OH PRGH$9
k$9l 6L OH PDJQ WRVFRSH
U FHSWHXU VDWHOOLWH FDP VFRSH HWF YRLU OD SDJH VRQW FRQQHFW V HW VRQW
DFWLY V VRQ VLJQDO HVW DIILFK VXU Oj FUDQ GX W O YLVHXU HW VXU OH FÎW JDXFKH GH O FUDQ
V DIILFKH k$9l OD SRVLWLRQ GX SURJUDPPH V OHFWLRQQ H Q HVW SDV LPSRUWDQWH /H U FHSWHXU
GX W O YLVHXU VHUD LJQRU - &H W O YLVHXU YRXV SHUPHW OH EUDQFKHPHQW DXWRPDWLTXH HQ PRGH k$9l VL O TXLSHPHQW
FRQQHFW PHW OH VLJQDO GH EUDQFKHPHQW VXU OD SULVH 6&$57 HQ FDV GH VRQ DFWLYDWLRQ /H
VLJQDO GH O TXLSHPHQW DXGLRYLVXHO FRQQHFW HW k(&l V DIILFKHQW VXU OH FÎW JDXFKH GH
O FUDQ (Q FDV GX FKDQJHPHQW GH OD V OHFWLRQ GX SURJUDPPH GX W O YLVHXU O LPDJH QH
FKDQJH SDV
- 5HYHQLU HQ PRGH k79l HQ DSSX\DQW VXU OD WRXFKH k79$9l RX SDU OjDUUûW GH O TXLSHPHQW
$9 FRQQHFW - 1H EUDQFKH] SDV HQ PûPH WHPSV OHV HQWU HV $9 HQ IDDGH HW OjDUULýUH GX W O YLVHXU OHV
VLJQDOV DXGLR HW YLG R SHXYHQW VH P ODQJHU
- (Q FDV GH OD FRQQH[LRQ GH O TXLSHPHQW k$9l HQ PRGH 176& OH W O YLVHXU G WHFWHUD
DXWRPDWLTXHPHQW FH VLJQDO HW UHSURGXLUD HQ FH PRGH /jRIIUH GX 0HQX SULQFLSDO GDQV OHV
ODQJXHV 26' HVW FRPSO WHU HQ PRGH k$9l SDU k7HLQWHl DSSX\H] VXU OHV WRXFKHV kl RX
kl SRXU OH U JODJH &RQILJXUDWLRQ
2XYUH] OH PHQX 3ULQFLSDO
0(18
$OOH] DX PHQX &RQILJXUDWLRQ
5HYHQLU
&RQILJXUDWLRQ
6RUW $9
7pOpWH[WH
0LQXWHULH YHLOOH
6\VWqPH FRXOHXU
&RUUHFWLRQ YROXPH
4/LQN
/DQJXH GH WH[WH
/DQJXHV 26'
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ
6 OHFWLRQQH] O RSWLRQ GH YRWUH
FKRL[
$FF GH] DX[ U JODJHV RX
DX[ RSWLRQV
$SSX\H] VXU OD WRXFKH 79$9
SRXU VRUWLU
à
- 2. +
£
&KRLVLU
5pJOHU
6RUWLU
79
)/2)
1RQ
$XWR
2XL
2XHVW
79$9
)21&7,21 0$*1þ726&23(/(&7(85 '( 9,'þ2',648(6 '9'
&HWWH W O FRPPDQGH SHXW ûWUH XWLOLV H DYHF FHUWDLQV PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV DX
IRUPDW '9' 'LJLWDO 9HUVDWLOH 'LVF GH OD PDUTXH 3DQDVRQLF þWDQW GRQQ TXH FHUWDLQV
PDJQ WRVFRSHV HW OHFWHXUV GH YLG RGLVTXHV RIIUHQW GHV IRQFWLRQV GLII UHQWHV YHXLOOH] YRXV U I UHU DX
PRGH G HPSORL GH O DSSDUHLO RX FRQVXOWHU OH UHYHQGHXU SRXU YRXV LQIRUPHU
þWDW GH YHLOOH
$SSX\H] VXU FHWWH WRXFKH SRXU PHWWUH OH PDJQ WRVFRSHOHFWHXU GH
YLG RGLVTXHV O WDW GH YHLOOH
$SSX\H] QRXYHDX SRXU O DOOXPHU
9&5
'9'
7RXFKH PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '9'
8WLOLVH] FHWWH WRXFKH SRXU TXH OD W O FRPPDQGH FRPPDQGH OH
PDJQ WRVFRSH RX OH OHFWHXU GH YLG RGLVTXHV
/HFWXUH
$SSX\H] VXU FHWWH WRXFKH SRXU OLUH OD FDVVHWWHOH GLVTXH YLG R
$UUûW
$SSX\H] VXU FHWWH WRXFKH SRXU DUUûWHU OD FDVVHWWHOH GLVTXH YLG R
6DXW GH SODJH $YDQFH UDSLGH 9LVXDOLVDWLRQ
0$*1þ726&23( $SSX\H] VXU FHWWH WRXFKH SRXU FRPPDQGHU
O DYDQFH UDSLGH (Q PRGH /HFWXUH DSSX\H] VXU FHWWH WRXFKH SRXU
YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
/(&7(85 '9' $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD
SODJH VXLYDQWH (Q PRGH /HFWXUH DSSX\H] GH IDRQ FRQWLQXH VXU FHWWH
WRXFKH SRXU YLVXDOLVHU O LPDJH HQ PRGH G DYDQFH UDSLGH
6DXW GH SODJH 5HPERELQDJH UDSLGH 9LVXDOLVDWLRQ
0$*1þ726&23( $SSX\H] VXU FHWWH WRXFKH SRXU UHPERELQHU OD
EDQGH (Q PRGH /HFWXUH DSSX\H] VXU FHWWH WRXFKH SRXU YLVXDOLVHU OD
EDQGH HQ PRGH GH UHPERELQDJH UDSLGH
/(&7(85 '9' $SSX\H] XQH IRLV VXU FHWWH WRXFKH SRXU VDXWHU OD
SODJH SU F GHQWH (Q PRGH /HFWXUH DSSX\H] GH IDRQ FRQWLQXH VXU
FHWWH WRXFKH SRXU YLVXDOLVHU O LPDJH HQ PRGH UHFXO UDSLGH
$UUûW VXU LPDJH
$SSX\H] VXU FHWWH WRXFKH HQ PRGH /HFWXUH SRXU REWHQLU O DUUûW VXU
LPDJH
$SSX\H] GH QRXYHDX SRXU UHSUHQGUH OD OHFWXUH QRUPDOH
352*5$00(
5(&
' ILOHPHQW
$SSX\H] SRXU DXJPHQWHUGLPLQXHU G XQH XQLW OD SRVLWLRQ GH
SURJUDPPH GX PDJQ WRVFRSH
(QUHJLVWUHPHQW
$SSX\H] VXU FHWWH WRXFKH SRXU HQUHJLVWUHU
)21&7,21 7þ/þ7(;7(
- /HV IRQFWLRQV GH 7 O WH[WH YDULHQW VHORQ OHV VRFL W V GH UDGLRGLIIXVLRQ HW QH VRQW GLVSRQLEOHV TXH VL
OD FKDñQH V OHFWLRQQ H WUDQVPHW OH 7 O WH[WH
- (Q DSSX\DQW GHX[ IRLV VXU OD WRXFKH 0(18 ORUV GH OD PDUFKH GX 7 O WH[WH OD IRQFWLRQ GH FRQWUDVWH
V DIILFKH DYHF XQH FKHOOH GH FRXOHXU EOHX DSSX\H] VXU * SRXU PRGLILHU OH U JODJH VHORQ OHV
EHVRLQV
(Q DSSX\DQW XQH IRLV VXU OD WRXFKH 0(18 ORUV GH OD PDUFKH GX 7 O WH[WH O RSWLRQ GHV IRQFWLRQV
VS FLDOHV V DIILFKH HQ EDV GH O FUDQ
- (Q PRGH 7 O WH[WH OH YROXPH SHXW WRXMRXUV ûWUH PRGLIL SRXU V DGDSWHU DX QLYHDX GH U FHSWLRQ
G VLU (Q TXRL FRQVLVWH OH PRGH /,67 /,67( "
(Q PRGH /,67 TXDWUH QXP URV GH SDJH GH FRXOHXUV GLII UHQWHV DSSDUDLVVHQW HQ EDV GH O FUDQ
&KDFXQ GH FHV QXP URV SHXW ûWUH FKDQJ HW HQUHJLVWU GDQV OD P PRLUH GX W O YLVHXU
(Q TXRL FRQVLVWH OH PRGH )$67(;7 7(;7( 5$3,'( "
(Q PRGH )$67(;7 TXDWUH VXMHWV GH FRXOHXUV GLII UHQWHV DSSDUDLVVHQW HQ EDV GH O LPDJH 3RXU
REWHQLU SOXV G LQIRUPDWLRQ VXU O XQ GH FHV VXMHWV DSSX\H] VXU OH ERXWRQ FRORU FRUUHVSRQGDQW &HWWH
IRQFWLRQ SHUPHW G REWHQLU UDSLGHPHQW GHV LQIRUPDWLRQV VXU OHV VXMHWV LQGLTX V
797(;7
0RGH 797 O WH[WH
$SSX\H] VXU OD WRXFKH 797(;7
/D SDJH 7 O WH[WH V DIILFKH O FUDQ
$SSX\H] QRXYHDX VXU FHWWH WRXFKH SRXU UHYHQLU HQ PRGH 79
6 OHFWLRQ GHV SDJHV
/HV SDJHV SHXYHQW ûWUH V OHFWLRQQ HV GH GHX[ PDQLýUHV D $SSX\H] VXU OHV WRXFKHV GH G ILOHPHQW SRXU DFFURñWUH RX G FURñWUH
OH QXP UR GH SDJH G XQH XQLW OD IRLV
E (Q HQWUDQW OH QXP UR GH SDJH O DLGH GHV WRXFKHV GH OD
W O FRPPDQGH
0(18
0(18
)XOO 7RS %RWWRP 3OHLQ +DXW %DV
$SSX\H] VXU OD WRXFKH 0(18 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV
SXLV VXU OD WRXFKH YHUWH
$SSX\H] XQH QRXYHOOH IRLV VXU OD WRXFKH YHUWH SRXU DJUDQGLU OD
SDUWLH ,1)(5,(85( GH O FUDQ
$SSX\H] XQH QRXYHOOH IRLV SRXU UHYHQLU O DIILFKDJH QRUPDO SOHLQ
FUDQ )8// 5HYHDO 5 Y OHU
$SSX\H] VXU OD WRXFKH 0(18 SRXU DIILFKHU OHV IRQFWLRQV
VS FLDOHV SXLV VXU OD WRXFKH URXJH SRXU U Y OHU OHV PRWV FDFK V
SDU H[HPSOH OHV U SRQVHV DX[ SDJHV GH MHX[ $SSX\H] GH
QRXYHDX SRXU FDFKHU OHV U SRQVHV
7RXFKHV URXJH YHUWH MDXQH EOHX
(Q PRGH )$67(;7 FHV GHUQLýUHV FRUUHVSRQGHQW DX[ GLII UHQWV
VXMHWV GH FRXOHXU
(Q PRGH /,67 /,67( HOOHV FRUUHVSRQGHQW DX[ GLII UHQWV QXP URV
GH SDJHV FRORU HV
)21&7,21 7þ/þ7(;7(
,O Q HVW SDV SRVVLEOH GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH HQ PRGH )ODVK G LQIRUPDWLRQV 0LVH MRXU
RX $FFýV DX[ VRXVSDJHV
/LVW 6WRUH 0 PRLUH GH OLVWH
(Q PRGH /,67 OHV TXDWUH QXP URV GH SDJH SHXYHQW ûWUH FKDQJ V
SRXU OHV SRVLWLRQV GH FKDñQHV VHXOHPHQW 3RXU FH IDLUH
DSSX\H] VXU O XQH GHV WRXFKHV GH FRXOHXU HW HQWUH] OH QRXYHDX
QXP UR GH SDJH
3UHVVH] HW PDLQWHQH] HQIRQF H OD WRXFKH 2. MXVTX FH TXH OHV
QXP URV GH SDJH FKDQJHQW GH FRXOHXU
+2/'
)3
0(18
0DLQWLHQ GH OD SDJH
$SSX\H] VXU OD WRXFKH +2/' SRXU UHWHQLU OD SDJH 7 O WH[WH ORUV GH OD
FRQVXOWDWLRQ G LQIRUPDWLRQV FRXUDQW VXU SOXVLHXUV SDJHV $SSX\H] GH
QRXYHDX SRXU UHYHQLU OD PLVH MRXU DXWRPDWLTXH
3DJH SU I U H )3
&HWWH IRQFWLRQ SHUPHW GH P PRULVHU XQH SDJH HW GH OD UDSSHOHU
LQVWDQWDQ PHQW 3RXU PHWWUH OD SDJH HQ P PRLUH OH W O YLVHXU GRLW
ûWUH HQ PRGH /LVWH HW OD SRVLWLRQ GH SURJUDPPH GRLW ûWUH HQWUH HW
$SSX\H] VXU OD WRXFKH EOHXH SRXU V OHFWLRQQHU OH QXP UR GH
SDJH SXLV DSSX\H] VXU OD WRXFKH 2. HW WHQH] OD HQIRQF H /H
QXP UR GH SDJH HVW DORUV P PRULV $SSX\H] VXU OD WRXFKH )3 SRX
UDSSHOHU FHWWH SDJH
8SGDWH 'LVSOD\ 0LVH MRXU
$SSX\H] VXU OD WRXFKH 0(18 SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV
SXLV VXU OD WRXFKH MDXQH SRXU YRLU O LPDJH W O YLV H WRXW HQ
FKHUFKDQW XQH SDJH 7 O WH[WH
/RUVTXH OD SDJH HVW WURXY H O FUDQ DIILFKHUD OH QXP UR GH OD SDJH
HQ KDXW JDXFKH
$SSX\H] VXU OD WRXFKH MDXQH SRXU YRLU OD SDJH
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
1HZV )ODVK )ODVK G LQIRUPDWLRQV /RUVTX XQH SDJH GH IODVK
G LQIRUPDWLRQV D W V OHFWLRQQ H DSSX\H] VXU OD WRXFKH 0(18 HW
VXU OD WRXFKH MDXQH SRXU UHJDUGHU OD W O YLVLRQ QRUPDOHPHQW
/RUVTXH OD PLVH MRXU G XQ IODVK G LQIRUPDWLRQV VHUD FDSW H OH
QXP UR GH SDJH VHUD DIILFK VXU O FUDQ
$SSX\H] DORUV VXU OD WRXFKH MDXQH SRXU DIILFKHU OH IODVK
G LQIRUPDWLRQV
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
8SGDWH 0LVH MRXU $SSX\H] VXU OD WRXFKH 0(18 HW VXU OD
WRXFKH MDXQH SRXU YLVXDOLVHU OD PLVH MRXU G LQIRUPDWLRQV VXU
FHUWDLQHV SDJHV /RUVTX XQH PLVH MRXU HVW FDSW H OH QXP UR GH
SDJH HVW DIILFK HQ KDXW GH O FUDQ JDXFKH
$SSX\H] VXU OD WRXFKH MDXQH SRXU YLVXDOLVHU OD SDJH
$SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
)21&7,21 7þ/þ7(;7(
$FFýV DX[ VRXVSDJHV FRG HV
0(18
,1'(;
1
/RUVTXH OHV LQIRUPDWLRQV 7 O WH[WH RFFXSHQW SOXV G XQH SDJH OH
V\VWýPH GH FKDQJHPHQW DXWRPDWLTXH GHV VRXVSDJHV SRXUUD
PHWWUH XQ FHUWDLQ WHPSV DYDQW G DWWHLQGUH OD VRXVSDJH YRXOXH ,O HVW
SRVVLEOH G HQWUHU OH QXP UR GH VRXVSDJH VRXKDLW HW GH FRQWLQXHU
VXLYUH OH SURJUDPPH QRUPDO MXVTX FH TXH OD VRXVSDJH
FRUUHFWH DLW W WURXY H 6 OHFWLRQQH] OH QXP UR GH SDJH YRXOX
O DLGH GHV WRXFKHV $SSX\H] VXU OD WRXFKH 0(18 SXLV VXU OD WRXFKH EOHX V DIILFKHUD HQ KDXW GURLWH GH O FUDQ
QH
(QWUH] OH QXP UR GH VRXVSDJH G VLU DYDQW TXH OH
GLVSDUDLVVH
3RXU V OHFWLRQQHU OD SDJH HQWUH] HW $SSX\H] VXU OD WRXFKH MDXQH SRXU UHJDUGHU XQH PLVVLRQ GH
W O YLVLRQ QRUPDOH
$SSX\H] VXU 0(18 HW VXU OD WRXFKH MDXQH HQ PRGH /,67 /RUVTXH OD SDJH HVW GLVSRQLEOH DSSX\H] VXU OD WRXFKH MDXQH SRXU
YRLU OD SDJH
3RXU HIIDFHU OD SDJH XWLOLVH] O XQ GHV PR\HQV VXLYDQWV - $SSX\H] VXU 0(18
- 6 OHFWLRQQH] XQ QRXYHDX QXP UR GH SDJH
- $SSX\H] VXU 797(;7 SRXU UHYHQLU HQ PRGH 79 QRUPDO
,QGH[
$SSX\H] VXU ,1'(; SRXU UHYHQLU VXU OD SDJH G LQGH[ SULQFLSDO
6HORQ OD IDRQ GRQW OHV LQIRUPDWLRQV VRQW WUDQVPLVHV YRXV GHYUH]
SHXWûWUH SUHVVHU SOXV G XQH IRLV FHWWH WRXFKH SRXU UHYHQLU
O LQGH[ SULQFLSDO
6RUWLH
$SSX\H] VXU OD WRXFKH k1l SRXU UHYHQLU HQ PRGH 79 QRUPDO
&211(;,216 $8',2 9,'þ2
)LFKHV IURQWDOHV
3UHVVH] HW
UHO FKH] SRXU
RXYULU
6RUWLH SULVH FDVTXH
)LFKH MDFN
VW U R PP
(QWU H YLG R
SULVH 9
(QWU H
DXGLR
SULVHV / 5
JDXFKH GURLWH
& EOH YLG R
5&$
F EOHV
DXGLR 5&$
&$648( 67þ5þ2 DYHF ILFKH MDFN PP
&$0(6&23(
3ULVHV DUULýUH
+,),
6<67(0
[ F EOHV DXGLR 5&$
6RUWLH GHV SULVHV 6257,(
$8',2 *'
& EOH 3(5,7(/
0$*1þ726&23(
(QWU HVRUWLH
GH OD SULVH
3(5,7(/ $9
& EOH 3(5,7(/
(QWU HVRUWLH
GH OD SULVH
3(5,7(/ $9 GH
OD OLDLVRQ 4/LQN
/(&7(85 '9'
0$*1þ726&23(
0$*1þ726&23(
&203$7,%/( /,$,621
4/,1.
'þ&2'(85
&$0(6&23(
/(&7(85 '9'
&2162/( '(
-(825',1$7(85 59%
&$0(6&23(
'þ&2'(85
1RWHV
- / TXLSHPHQW DX[LOLDLUH HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF FH W O YLVHXU
- 1H EUDQFKH] SDV G RUGLQDWHXU PXQL G XQH VRUWLH 77/ 9 VXU FH W O YLVHXU
%52&+$*( '(6 35,6(6 3(5,7(/
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH
6RUWLH &9%6 YLG R
0DVVH &9%6
(QWU H URXJH
0DVVH URXJH
(QWU H YHUWH
0DVVH YHUWH
(QWU H EOHXH
0DVVH EOHXH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH WDW 59%
(WDW 59%
0DVVH
/HV HQWU HV DG TXDWHV
SRXU $9 LQFOXHQW 59%
URXJHYHUWEOHX
(WDW &9%6 YLG R
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH
6RUWLH &9%6 YLG R
0DVVH &9%6
0DVVH
0DVVH
0DVVH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH
/LDLVRQ 4/LQN
(WDW YLG R &9%6
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
,1)250$7,216 *(1(5$/(6
1 ' SDQQDJH
$YDQW G DSSHOHU OH VHUYLFH GH G SDQQDJH YHXLOOH] FRQVXOWHU OH JXLGH GH GLDJQRVWLF GHV SDQQHV
VXU OD SDJH VXLYDQWH SRXU HQ G WHUPLQHU OHV V\PSWÎPHV 3RXU WRXW G SDQQDJH DGUHVVH]YRXV
YRWUH UHYHQGHXU 3DQDVRQLF HQ LQGLTXDQW OH QXP UR GX PRGýOH HW OH QXP UR GH V ULH ILJXUDQW
O DUULýUH GX W O YLVHXU 1 &RQVROHV GH MHX[ 2UGLQDWHXUV SHUVRQQHOV
/ XWLOLVDWLRQ SURORQJ H GH MHX[ YLG R RX G RUGLQDWHXUV SHUVRQQHOV SHXW SURYRTXHU XQ PDUTXDJH
SHUPDQHQW GH O FUDQ G XQ W O YLVHXU &HWWH G W ULRUDWLRQ SHUPDQHQWH GX WXEH FDWKRGLTXH SHXW
ûWUH OLPLW H HQ UHVSHFWDQW OHV FRQVLJQHV VXLYDQWHV - 5 GXLVH] OHV U JODJHV GH OXPLQRVLW HW GH FRQWUDVWH DX PLQLPXP
- 1H ODLVVH] SDV YRWUH W O YLVHXU DOOXP GH PDQLýUH FRQWLQXH ORUVTXH YRXV O XWLOLVH] DYHF XQH
FRQVROH GH MHX YLG R RX XQ RUGLQDWHXU SHUVRQQHO
- &HWWH G W ULRUDWLRQ GX WXEH FDWKRGLTXH Q HVW SDV GXH XQ G IDXW GH IRQFWLRQQHPHQW HW HOOH QH
WRPEH GRQF SDV VRXV OD JDUDQWLH 3DQDVRQLF
1 0LVH HQ YHLOOH DXWRPDWLTXH
6L OH W O YLVHXU Q HVW SDV WHLQW ORUVTXH OD FKDñQH GH W O YLVLRQ FHVVH G PHWWUH OH PRGH GH YHLOOH
V HQFOHQFKHUD DXWRPDWLTXHPHQW DSUýV PLQXWHV &HWWH IRQFWLRQ Q HVW SDV GLVSRQLEOH ORUVTXH OH
W O YLVHXU HVW HQ PRGH $9
1 0LVH HQ P PRLUH GHV GHUQLýUHV V OHFWLRQV
&HUWDLQHV IRQFWLRQV GLVSRVHQW G XQH P PRULVDWLRQ GHV GHUQLýUHV V OHFWLRQV RS U HV FH TXL
VLJQLILH TXH OHV U JODJHV DFWLIV DX PRPHQW RÖ OH W O YLVHXU HVW WHLQW VHURQW U WDEOLV TXDQG OH
W O YLVHXU VHUD UDOOXP ',$*1267,& '(6 3$11(6
,PDJH
6\PSWÎPHV
6RQ
9 ULILHU
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW
GH O DQWHQQH
,PDJH QHLJHXVH
,PDJH G PXOWLSOL H
3DUDVLWHV
6RQ GLVFRUGDQW
6RQ QRUPDO
6RQ GLVFRUGDQW
,PDJH QRUPDOH
3DV GH VRQ
3DV G LPDJH
3DV GH VRQ
3DV GH FRXOHXU
6RQ QRUPDO
/D SRVLWLRQ O RULHQWDWLRQ RX OH UDFFRUGHPHQW
GH O DQWHQQH
/D SUR[LPLW G DSSDUHLOV OHFWURP QDJHUV
GH YRLWXUHVPRWRF\FOHWWHV G FODLUDJHV
IOXRUHVFHQWV
/H U JODJH GH YROXPH
6L OD FRXSXUH GH VRQ HVW DFWLY H
9HXLOOH] Y ULILHU TXH OH 6\VWýPH 79 HVW
FRUUHFWHPHQW U JO GDQV OH PHQX 5 JODJH
6L OH W O YLVHXU HVW HQ PRGH $9
6L OD SULVH VHFWHXU HVW ELHQ EUDQFK H
6L OH W O YLVHXU HVW DOOXP
6L OHV QLYHDX[ GH VRQ HW G LPDJH VRQW U JO V
DX PLQLPXP
6L OH W O YLVHXU HVW O WDW GH YHLOOH
6L OH U JODJH GHV FRXOHXUV HVW DX PLQLPXP
9HXLOOH] Y ULILHU TXH OH 6\VWýPH FRXOHXU HVW
FRUUHFWHPHQW U JO GDQV OH PHQX 5 JODJH
5 DFFRUGHU OH V FDQDO FDQDX[ 0DXYDLVH LPDJH RX
GLVWRUVLRQ
6RQ IDLEOH RX SDV GH VRQ
7DFKHV GH FRXOHXU
6RQ QRUPDO
,PDJH QRUPDOH
6RQ IDLEOH RX GLVFRUGDQW
6 LO \ D XQH LQWHUI UHQFH PDJQ WLTXH G XQ
TXLSHPHQW QRQ EOLQG
6L OH W O YLVHXU D W G SODF DORUV TX LO WDLW
DOOXP 'DQV FH FDV O WHLQGUH SHQGDQW DX
PRLQV PLQXWHV
6L O LPDJH HVW O JýUHPHQW LQFOLQ H XWLOLVH] OD
IRQFWLRQ GH FRUUHFWLRQ J RPDJQ WLTXH YRLU
*XLGH GH PLVH HQ URXWH UDSLGH SDJH /D U FHSWLRQ GX VRQ SHXW V ûWUH G JUDG H
0HWWUH OH U JODJH 03; PHQX 6RQ VXU
0RQR MXVTX FH TXH OD U FHSWLRQ
V DP OLRUH
&$5$&7þ5,67,48(6
7;36)
$OLPHQWDWLRQ
OHFWULTXH
&RQVRPPDWLRQ
&RQVRPPDWLRQ HQ
DWWHQWH
7XEH LPDJH
9 $& +]
:
:
FP
'LDJRQDOH YLVLEOH
6RUWLH DXGLR
PXVLTXH
'LPHQVLRQV
3RLGV
[ : 506 [ : 032 LPS GDQFH W
+
/
3
6\VWýPHV GH
U FHSWLRQQRP GH
EDQGH
3RVLWLRQV GH
SURJUDPPH
1RPEUH GH SDJH GX
W O WH[WH
$QWHQQH DUULýUH
&DVTXH DYDQW
$UULýUH VRUWLH DXGLR
$9 DUULýUH
$9 DYDQW
PP
PP
PP
NJ
3$/ %* 3$/ , 6(&$0 %* 6(&$0 //
9+) ( (
9+) $ + ,7$/,(
&$79 6 6
&$79 6 6 8 8
3$/ '. 6(&$0 '.
9+) + + ,7$/,(
8+) ( (
&$79 6 6 0 0
&$79 6 6 +\SHUEDQG
9+) 5 5
9+) 5 5
9+) 5 5
8+) ( (
3$/ /HFWXUH GHV FDVVHWWHV 176& SDUWLU GH PDJQ WRVFRSHV
3$/
0176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV
0+]
176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV 176&
9&5
8+) 9+)
PP LPS GDQFH W
[ VRUWLHV DXGLR 5&$ P9 506
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59%
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R OLDLVRQ 4/LQN
$9 [ HQWU HV DXGLR 5&$ [ HQWU H YLG R 5&$
&HV FDUDFW ULVWLTXHV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV LQGLTX V VRQW
DSSUR[LPDWLIV
&6
">
Public link updated
The public link to your chat has been updated.