7;3;'
7 O YLVHXU FRXOHXU
0RGH G HPSORL
'
)UDQDLV
3;'
74%('
%LHQYHQXH
&KHU FOLHQW 3DQDVRQLF
1RXV HVS URQV TXH YRXV DSSU FLHUH] YRWUH QRXYHDX W O YLVHXU SHQGDQW GH QRPEUHXVHV DQQ HV /D VHFWLRQ *XLGH GH PLVH HQ URXWH
UDSLGH DX G EXW GH FH PDQXHO YRXV SHUPHWWUD G XWLOLVHU YRWUH W O YLVHXU DXVVL UDSLGHPHQW TXH SRVVLEOH 1RXV YRXV UHFRPPDQGRQV
GH SUHQGUH HQVXLWH OH WHPSV GH OLUH OH PDQXHO HQWLHU HW GH OH FRQVHUYHU SRXU OH FRQVXOWHU ORUVTXH YRXV H[SORUH] OHV IRQFWLRQV
VRSKLVWLTX HV TX RIIUH FH W O YLVHXU
&H W O YLVHXU FRQVRPPH WUýV SHX G OHFWULFLW ,O HVW GRQF WUýV FRQRPLTXH (Q PRGH 9HLOOH OD FRQVRPPDWLRQ
HVW GH : VHXOHPHQW
&H PDQXHO HVW LPSULP VXU SDSLHU UHF\FO UHF\FO
SDUWLU GH YLHX[ SDSLHUV G VHQFU V VDQV EODQFKLPHQW
0$'( )520
QL D]XUDQW
5(&<&/(' 3$3(5
3ULQWLQJ SDSHU
/RZ HPLVVLRQV GXULQJ SURGXFWLRQ
7DEOH GHV PDWLHUHV
$FFHVVRLUHV )HQûWUHV PXOWLSOHV $YHUWLVVHPHQWV HW SU FDXWLRQV ,PDJH HW WH[WH *XLGH GH PLVH HQ URXWH UDSLGH %ORTXHU &RPPDQGHV GH EDVH SDQQHDX DYDQW
HW W O FRPPDQGH /LDLVRQ 4/LQN 8WLOLVHU OHV PHQXV VXU FUDQ YLG RGLVTXHV '9' 0HQX LPDJH )RQFWLRQ 7 O WH[WH 0HQX VRQ &RQQH[LRQV $XGLR 9LG R 0HQX FRQILJXUDWLRQ )LFKHV IURQWDOHV 0HQX U JODJHV 3U VHQWDWLRQ J Q UDOH 3ULVHV DUULýUH 3URJUDPPH V OHFWLRQ 'LDJQRVWLF GHV SDQQHV &RQILJXUDWLRQ DXWRPDWLTXH ,QIRUPDWLRQV VXU OHV SULVHV 6FDUW HW 69LGHR &RQILJXUDWLRQ PDQXHOOH &DUDFW ULVWLTXHV )RQFWLRQ PDJQ WRVFRSHOHFWHXU GH
$MXVWDJH GX IRUPDW GH O LPDJH $FFHVVRLUHV
9 ULILH] TXH YRXV GLVSRVH] ELHQ GHV DFFHVVRLUHV VXLYDQWV
T
0RGH G HPSORL
7 O FRPPDQGH
(85
7;3;'
*DUDQWLF 3DQ (XURS HQQH
3LOHV SRXU W O FRPPDQGH
[ 5 80
$YHUWLVVHPHQWV HW SU FDXWLRQV
- &H W O YLVHXU HVW FRQX SRXU IRQFWLRQQHU VXU XQ U VHDX GH
9 $& +]
- 1H MHWH] SDV OHV EDWWHULHV OHV HPEDOODJHV HW
OHV YLHX[ DSSDUHLOV DYHF OHV RUGXUHV P QDJýUHV
PDLV WULH] OHV VHORQ OD O JLVODWLRQ HQ YLJXHXU
- 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
- $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
- &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
- $VVXUH] YRXV XQ DFFýV IDFLOH
OD SULVH GX F EOH
G DOLPHQWDWLRQ / LQWHUUXSWHXU PDUFKHDUUûW GH FH PRGýOH QH
G FRQQHFWH SDV WRWDOHPHQW OH W O YLVHXU GH O DOLPHQWDWLRQ
VHFWHXU 9RXV GHYH] UHWLUHU OD ILFKH OHFWULTXH GH OD SULVH
PXUDOH DYDQW GH FRQQHFWHU RX GH G FRQQHFWHU GHV FRUGRQV
RX ELHQ ORUVTXH OH W O YLVHXU QH VHUD SDV XWLOLV SHQGDQW XQH
ORQJXH S ULRGH
1RWH
- 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
- (QWUHWLHQ GH O E QLVWHULH HW GX WXEH FDWKRGLTXH
' 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]
EDVH GH EHQ]RO RX GH
SDV GH SURGXLWV GH QHWWR\DJH
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 ,O HVW LQWHUGLW G HPSûFKHU OD YHQWLODWLRQ HQ
FRXYUDQW OHV JULOOHV G D UDWLRQ DYHF GHV REMHWV FRPPH
MRXUQDX[ QDSSHV RX ULGHDX[
- (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 SUR[LPLW
GH FH GHUQLHU
0LVH HQ SODFH GHV SLOHV GH OD W O FRPPDQGH
2XYULU OH FRPSDUWLPHQW GHV SLOHV
0HWWUH OHV SLOHV O LQW ULHXU ELHQ
UHVSHFWHU OD SRODULW FRUUHFWH
5HPHWWUH OH FRXYHUFOH HQ SODFH
- $VVXUH]YRXV TXH OHV SLOHV VRQW FRUUHFWHPHQW LQVWDOO HV
- 1H P ODQJH] SDV SLOHV QHXYHV HW SLOHV XV HV 5HWLUH] LPP GLDWHPHQW OHV SLOHV XV HV
- 1 XWLOLVH] SDV GH SLOHV GH W\SHV GLII UHQWV S H[ GHV SLOHV DOFDOLQHV HW DX PDQJDQýVH HW Q XWLOLVH] SDV GH
SLOHV UHFKDUJHDEOHV 1L&DG *XLGH GH PLVH HQ URXWH UDSLGH
0$*1þ726&23(
28
'þ&2'(85
5DFFRUGH] O DQWHQQH HW EUDQFKH] O TXLSHPHQW
DX[LOLDLUH
9 ULILH] G DERUG TXH OH PDJQ WRVFRSH HVW HQ PRGH
YHLOOH
%UDQFKH] OH W O YLVHXU HW DOOXPH]OH
6 OHFWLRQQH] OH SD\V GH
YRWUH FKRL[
3RXU OD 6XLVVH HW OD %HOJLTXH
FKRLVLVVH] OD ODQJXH
$SSX\H] VXU OH ERXWRQ URXJH
/D FRQILJXUDWLRQ DXWRPDWLTXH YD FRPPHQFHU OHV FKDñQHV VRQW
LGHQWLIL HV HW P PRULV HV
OD SULVH $9
6L XQ PDJQ WRVFRSH FRPSDWLEOH HVW EUDQFK
OHV SDUDPýWUHV GH U JODJH GHV FKDñQHV VHURQW FRSL V VXU OH
PDJQ WRVFRSH YLD OD OLDLVRQ 4/LQN
9RLU SDJH *XLGH GH PLVH HQ URXWH UDSLGH
/RUVTXH O $73 HVW WHUPLQ VL YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH 4/LQN YRXV SRXYH] PDLQWHQDQW
OH PHWWUH HQ URXWH /HV LQIRUPDWLRQV GH U JODJH W O FKDUJ HV FRUUHVSRQGURQW FHOOHV GX W O YLVHXU
6L YRXV LQVWDOOH] XQ QRXYHDX PDJQ WRVFRSH FRPSDWLEOH OD WHFKQRORJLH 1(;79,(:/,1. YRXV GHYUH] ODQFHU OH
W O FKDUJHPHQW PDQXHOOHPHQW &RQVXOWH] OH PDQXHO GX PDJQ WRVFRSH SRXU DYRLU WRXV OHV G WDLOV
- 6L OH PDJQ WRVFRSH Q D SDV DFFHSW OHV GRQQ HV W O G FKDUJ HV GX W O YLVHXU YRXV GHYUH] SHXWûWUH
V OHFWLRQQHU O RSWLRQ 7 O FKDUJHPHQW GX PHQX GX PDJQ WRVFRSH
- 6L OD OLDLVRQ 4/LQN QH IRQFWLRQQH SDV FRUUHFWHPHQW Y ULILH] OH UDFFRUGHPHQW OD SULVH $9 GX W O YLVHXU
Y ULILH] TXH OH F EOH 3(5,7(/ XWLOLV HVW GX W\SH GLW )XOO IXQFWLRQ HW TXH OH PDJQ WRVFRSH HVW
FRPSDWLEOH OD WHFKQRORJLH 4/LQN 1(;79,(:/,1. RX XQH WHFKQRORJLH TXLYDOHQWH
9HXLOOH] YRXV UHQVHLJQHU DXSUýV GH YRWUH UHYHQGHXU SRXU OHV G WDLOV
- 3RXU SOXV G LQIRUPDWLRQ VXU OD OLDLVRQ 4/LQN HW O TXLSHPHQW GH FRQQH[LRQ
UHSRUWH]YRXV DX[ SDJHV HW 9RXV SRXYH] UHPDUTXHU XQH O JýUH LQFOLQDLVRQ GH O LPDJH /D IRQFWLRQ GH
FRUUHFWLRQ J RPDJQ WLTXH SHUPHW G OLPLQHU FH SUREOýPH OH FDV FK DQW 9 ULILH] G DERUG TXH OHV SURF GXUHV GH W O FKDUJHPHQW $73 HW 4/LQN VRQW
WHUPLQ HV / FUDQ QH GHYUDLW DIILFKHU DXFXQ PHQX
(Q XWLOLVDQW OHV WRXFKHV GH OD W O FRPPDQGH LQGLTX HV DFF GH] O RSWLRQ GH
PHQX 5 JODJH * RPDJQ WLTXH HW VXLYH] OD SURF GXUH FLGHVVRXV RX ELHQ SRXU
DYRLU XQH H[SOLFDWLRQ FRPSOýWH GX V\VWýPH GH PHQXV O FUDQ YRLU SDJH $SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
6(7 83
O RSWLRQ * RPDJQ WLTXH
$FF GH] DX PHQX * RPDJQ WLTXH
5 JOH] O DQJOH GH O LPDJH VL Q FHVVDLUH
$SSX\H] VXU OH ERXWRQ 79$9 SRXU TXLWWHU OH PHQX
6(783
79$9
$UUûWH] OH W O YLVHXU SXLV UHPHWWH]OH HQ PDUFKH
9RXV SRXYH] SU VHQW UHJDUGHU QRUPDOHPHQW
YRV PLVVLRQV
/H FXUVHXU YRXV SHUPHW GH U JOHU OHV GHX[
IRQFWLRQV GH EDVH
5 JODJH GX
YROXPH
&KDQJHPHQW
GH FKDñQH
&RPPDQGHV GH EDVH SDQQHDX DYDQW HW W O FRPPDQGH
$SSX\H] LFL SRXU RXYULU OH YROHW
$OLPHQWDWLRQ
6(&7(85
ERXWRQ
0DUFKH$UUûW
7 PRLQ URXJH
G WDW GH YHLOOH /RUVTXH YRXV XWLOLVH]
OD W O FRPPDQGH FHOD LQGLTXH TXH OH
W O YLVHXU D UHX XQH FRPPDQGH
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 $LJXùV %DODQFH &RQILJXUDWLRQ HW
&RUUHFWLRQ J RPDJQ WLTXH
3ULVHV DXGLRYLG R 5&$
SDJH 3ULVH 69+6 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
(Q PRGH 9HLOOH DOOXPH OH W O YLVHXU
7RXFKH 0$5&+($55ú7 G WDW GH YHLOOH
0LVH O WDW GH YHLOOH GX W O YLVHXU
&RXSXUH GX VRQ
7RXFKHV GH PHQX
3RXU DFF GHU DX[ PHQXV ,PDJH
6RQ HW &RQILJXUDWLRQ SDJH &XUVHXUV SHUPHWWDQW OHV V OHFWLRQV
HW U JODJHV
7RXFKH þWDW
$IILFKDJH GH OD SRVLWLRQ GX SURJUDPPH GX
QRP GX SURJUDPPH GX QXP UR GH FDQDO
GH O KHXUH GX PRGH 03; 0RGH %DOD\DJH
6\VWýPH GH U FHSWLRQ GX PRGH $VSHFW HW
GX WDEOHDX GHV SURJUDPPHV
%RXWRQV 7 O WH[WH SDJH 6 OHFWLRQ HQWUH PRGHV W O YLVHXU HW
HQWU H $XGLR9LG R
SDJH %RXWRQV FRORU V XWLOLV V SRXU OHV IRQFWLRQV
$VSHFW YRLU SDJH OHV IRQFWLRQV
þGLWLRQ GHV SURJUDPPHV YRLU SDJH OHV IRQFWLRQV 7 O WH[WH YRLU SDJH HW
OD V OHFWLRQ $9 YRLU SDJH )RQFWLRQV 0XOWLZLQGRZ )HQûWUHV
PXOWLSOHV SDJH %RXWRQ 3DXVH SDJH 7RXFKH (QUHJLVWUHPHQW 79 GLUHFW
SDJH 7RXFKH 0DUFKH$UUûW G HIIHW $PELDQFH
7RXFKH GH FRPPDQGH $VSHFW
SDJH 7RXFKH GH 08/7, :,1'2:
SDJH 7RXFKHV GH FKDQJHPHQW GH
SURJUDPPHFKDñQH HW
WRXFKH 7 O WH[WH SDJH (Q PRGH 9HLOOH DOOXPH OH W O YLVHXU
$FFýV GLUHFW DX[ FDQDX[ SHQGDQW
O XWLOLVDWLRQ QRUPDOH GX W O YLVHXU RX
SDUWLU GHV PHQXV 5 JODJH (GLWLRQ GH
SURJUDPPH RX &RQILJXUDWLRQ PDQXHOOH
DSSX\H] HW HQWUH] OH FDQDO YRXOX O DLGH
GHV WRXFKHV QXP ULTXHV
6 OHFWLRQ GHV FKDñQHV GHX[ FKLIIUHV
O DLGH GHV WRXFKHV QXP ULTXHV
%RXWRQ 1 QRUPDOLVHU
5HPHW WRXWHV OHV YDOHXUV
SDU G IDXW
7RXFKHV PDJQ WRVFRSH /HFWHXU GH GLVTXHV '9'
SDJH OHXU QLYHDX
675 P PRULVDWLRQ QRUPDOLV H
(QUHJLVWUH OHV SDUDPýWUHV DFWXHOV HQ WDQW TXH
SDUDPýWUHV QRUPDOLV V VXU OHV PHQXV ,0$*( HW 621
(QUHJLVWUH FHUWDLQHV YDOHXUV GHV PHQXV 5 JODJH HW
3URJUDPPH V OHFWLRQ
7RXFKH +HOS $LGH ' PRQVWUDWLRQ GX IRQFWLRQQHPHQW GHV
PHQXV VXU FUDQ
8WLOLVHU OHV PHQXV VXU FUDQ
'H QRPEUHXVHV IRQFWLRQV GLVSRQLEOHV VXU FH W O YLVHXU SHXYHQW ûWUH DFF G V VXU OHV PHQXV DIILFK V
W O FRPPDQGH FRPPH LQGLTX FLGHVVRXV SRXU DFF GHU HW U JOHU OHV IRQFWLRQV VHORQ YRV VRXKDLWV
/HV WRXFKHV ,0$*( 621 HW &21),*85$7,21 VRQW
XWLOLV HV SRXU RXYULU OHV PHQXV SULQFLSDX[ HW SRXU UHYHQLU DX
PHQX SU F GHQW
3,&785( 6281'
O FUDQ 8WLOLVH] OD
6(7 83
/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
/H ERXWRQ 675 HVW XWLOLV HQ FRQMRQFWLRQ DYHF SOXVLHXUV
IRQFWLRQV SRXU HQUHJLVWUHU GHV YDOHXUV DSUýV DYRLU IDLW GHV
PRGLILFDWLRQV RX G ILQL GHV RSWLRQV
675
/D WRXFKH 79$9 SHUPHW GH VRUWLU GX V\VWýPH GH PHQX HW GH
UHYHQLU O FUDQ 79 QRUPDO
79$9
8QH IHQûWUH G DLGH O FUDQ HVW DIILFK H FKDTXH IRLV TX XQ PHQX
DSSDUDñW VXU OH W O YLVHXU &HWWH IHQûWUH G DLGH LQGLTXH OHV WRXFKHV
GH OD W O FRPPDQGHV TXL VRQW XWLOLV HV SRXU QDYLJXHU GDQV OH PHQX
LQGLTX &RQVXOWH] OD GHVFULSWLRQ GHV IRQFWLRQV GHV ERXWRQV
FLGHVVXV
$,'( / þ&5$1
%RñWH G LQVWUXFWLRQV
LOOXVWU H
1RWHV
- 6L OD WRXFKH l+(/3l HVW DFWLRQQ H DORUV TX XQ PHQX HVW
DIILFK OD lERñWH G LQVWUXFWLRQVl VHUD GLVVLPXO H $SSX\H]
QRXYHDX VXU OD WRXFKH l+(/3l SRXU DIILFKHU OD lERñWH
G LQVWUXFWLRQVl
- /D IHQûWUH G DLGH Q HVW SDV LOOXVWU H GDQV OHV LPDJHV GHV
PHQXV GH FH JXLGH XQLTXHPHQW SDU PDQTXH GH SODFH
/H ERXWRQ $,'( ODQFH XQH G PRQVWUDWLRQ GHV PHQXV GLVSRQLEOHV
$SSX\H] VXU OH ERXWRQ $,'( HW V OHFWLRQQH] O XQH GHV RSWLRQV
+(/3
"
3,&785(
0HQX LPDJH
3,&785(
$SSX\H] VXU OH ERXWRQ PHQX ,0$*(
3DVVH]
O RSWLRQ FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
WRXW PRPHQW SRXU UHYHQLU
OD
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ 675 DSUýV DYRLU U JO XQH
IRQFWLRQ FHWWH YDOHXU HVW HQUHJLVWU H FRPPH YDOHXU SDU G IDXW HOOH
UHPSODFHUD OD YDOHXU U JO H HQ XVLQH
0RGH ,PDJH
&RQWUDVWH
/XPLQRVLW
&RXOHXU
1HWWHW
7HLQWH
/H PHQX 0RGH LPDJH YRXV SHUPHW GH
V OHFWLRQQHU WURLV FRQILJXUDWLRQV GLII UHQWHV SRXU
O FUDQ '\QDPLTXH 1RUPDO HW &LQ PD
3RXU FKDTXH PRGH G FUDQ OH FRQWUDVWH OD
OXPLQRVLW OD WHLQWH VHXOHPHQW SRXU 176& OD
FRXOHXU HW OD WHPS UDWXUH GHV FRXOHXUV SHXYHQW
ûWUH U JO V HW HQUHJLVWU V VHORQ YRV SU I UHQFHV
SDU H[HPSOH YRXV YRXGUH] SHXWûWUH GHV
SDUDPýWUHV GLII UHQWV SRXU UHJDUGHU GHV
PLVVLRQV VSRUWLYHV GHV ILOPV GHV DFWXDOLW V HWF
/H PRGH LPDJH YRXV SURSRVH MXVTX WURLV
SDUDPýWUHV V SDU V SRXU FKDTXH VRXUFH GH
VLJQDO 5) $9 $9 $9 $9 \ FRPSULV 5*% /HV
PRGLILFDWLRQV
VRQW
HQUHJLVWU HV
DXWRPDWLTXHPHQW
&HV WURLV PRGHV DQDO\VHQW HW WUDLWHQW O LPDJH DILQ
GH O RSWLPLVHU DXWRPDWLTXHPHQW
$XJPHQWH] RX GLPLQXH] OH QLYHDX GH FHV RSWLRQV
VHORQ YRWUH SU I UHQFH
/RUVTX XQH VRXUFH GH VLJQDO 176& HVW FRQQHFW H
DX W O YLVHXU YRXV SRXYH] U JOHU OH WRQ GH O LPDJH
VHORQ YRWUH SU I UHQFH
7HPS &RXOHXU 9RXV SHUPHW GH U JOHU OD WHPS UDWXUH GHV
FRXOHXUV GH O LPDJH 9RXV DYH] OH FKRL[ HQWUH
)URLG 1RUPDO HW &KDXG
315
5 GXLW DXWRPDWLTXHPHQW OHV EUXLWV GH O LPDJH
0RGH
%DOD\DJH
9RXV SHUPHW GH FKRLVLU
UHQRXYHOOHPHQW GH O LPDJH $9&
OD
P WKRGH
GH
79$9
675
6281'
0HQX VRQ
6281'
$SSX\H] VXU OH ERXWRQ GH PHQX 621
3DVVH]
O RSWLRQ FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
WRXW PRPHQW SRXU UHYHQLU
OD
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ 675 DSUýV DYRLU U JO XQH
IRQFWLRQ FHWWH YDOHXU HVW HQUHJLVWU H FRPPH YDOHXU SDU G IDXW HOOH
UHPSODFHUD OD YDOHXU U JO H HQ XVLQH 9ROXPH
9RXV SHUPHW GH G ILQLU OH YROXPH GH VRUWLH
*UDYH
$XJPHQWH RX GLPLQXH OH QLYHDX SRXU UHQGUH OH VRQ
SOXV RX PRLQV JUDYH
$LJX
$XJPHQWH RX GLPLQXH OH QLYHDX SRXU UHQGUH OH VRQ
SOXV RX PRLQV DLJX
%DODQFH
9RXV SRXYH] U JOHU OD EDODQFH VRQRUH HQWUH OH
KDXWSDUOHXU GURLW HW JDXFKH VHORQ YRWUH SRVLWLRQ
G FRXWH
(FRXWHXUV
LQG SHQGDPPHQW
GHV
3HXW
ûWUH
U JO
KDXWSDUOHXUV FH TXL SHUPHW FKDFXQ G FRXWHU
XQ QLYHDX TXL OHXU FRQYLHQW /RUVTXH O LPDJH HVW
O FUDQ HW ORUVTXH YRXV ûWHV HQ PRGH LPDJH OH
FDVTXH UHWUDQVPHW OD EDQGH VRQ GX SURJUDPPH
GDQV OD IHQûWUH JDXFKH OD SRVLWLRQ DFWXHOOH GX
SURJUDPPH /RUVTXH YRXV XWLOLVH] XQH DXWUH
IRQFWLRQ GH OD IHQûWUH GRXEOH OD EDQGH VRQ GX
SURJUDPPH GDQV OD IHQûWUH SULQFLSDOH HW QRQ SDV
OD SOXV SHWLWH IHQûWUH HVW UHWUDQVPLVH
03;
* Q UDOHPHQW U JO VXU 6W U R SRXU GRQQHU OD
PHLOOHXUH UHSURGXFWLRQ PDLV VL OD U FHSWLRQ VH
G W ULRUH RX VL OH VHUYLFH Q HVW SDV GLVSRQLEOH
0RQR 9RXV SRXYH] JDOHPHQW V OHFWLRQQHU
0RQR 0 HW 0 VL OH VLJQDO WUDQVPLV HVW PRQR
0RGH
9RXV SRXYH] DP OLRUHU OD TXDOLW GX VRQ ORUVTXH
YRXV UHJDUGH] GH OD PXVLTXH RX GH OD YRL[ HQ
V OHFWLRQQDQW OH PRGH DSSURSUL 0XVLTXH RX
9RL[
$PELDQFH
/ RSWLRQ $PELDQFH IRXUQLW XQH VWLPXODWLRQ
G\QDPLTXH TXL VLPXOH O HIIHW GH VRQ VSDWLDO
DP OLRU 79$9
675
6(7 83
0HQX FRQILJXUDWLRQ
6(7 83
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
O RSWLRQ FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
WRXW PRPHQW SRXU UHYHQLU
OD
6RUW$9
2IIUH XQ FKRL[ GH VLJQDX[ HQYR\HU OD ILFKH $9
6FDUW &HWWH V OHFWLRQ V RSýUH HQWUH O FUDQ DFWXHO
GX W O YLVHXU OH VLJQDO G HQWU H $9$9$9 RX
OH PRQLWHXU F G O LPDJH DIILFK H O FUDQ
7 O WH[WH
9RXV SHUPHW GH FKRLVLU OH PRGH )/2) RX /,67
3DJH 0LQXWHULH
YHLOOH
9RXV SHUPHW G WHLQGUH OH W O YLVHXU XQ PRPHQW
SU G ILQL DOODQW GH PLQXWHV SDU LQWHUYDOOHV GH
PLQXWHV
5 G 6FLQW
9RXV SHUPHW GH FRQWUÎOHU OH VFLQWLOOHPHQW GH
O LPDJH HQ PRGH EDOD\DJH +] &KRLVLVVH]
O RSWLRQ 2XL SRXU FRUULJHU OH VFLQWLOOHPHQW PLQHXU
GH O LPDJH RX ELHQ 1RQ SRXU Q DYRLU DXFXQH
U GXFWLRQ GX VFLQWLOOHPHQW 3RXU FHUWDLQHV
PLVVLRQV FH U JODJH SHXW ûWUH E Q ILTXH
4/LQN
9RXV SHUPHW G DFWLYHU RX GH G VDFWLYHU OD
FRPPXQLFDWLRQ GH GRQQ HV HQWUH FH W O YLVHXU HW
XQ PDJQ WRVFRSH FRPSDWLEOH 3DJH /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 DQJODLV IUDQDLV DOOHPDQG JUHF LWDOLHQ
HVSDJQRO VX GRLV WXUF
(VW WFKýTXH DQJODLV HVWRQLHQ OHWWRQ
URXPDLQ UXVVH XNUDLQLHQ
(VW WFKýTXH DQJODLV DOOHPDQG KRQJURLV
OHWWRQ SRORQDLV URXPDLQ
5 JODJH
'RQQH DFFýV GH QRPEUHXVHV DXWUHV IRQFWLRQV
\ FRPSULV 3URJUDPPH V OHFWLRQ HW $73 3DJH /DQJXHV 26'
/RUVTXH YRXV LQVWDOOH] OH W O YLVHXU SRXU OD
SUHPLýUH IRLV OD ODQJXH G DIILFKDJH O FUDQ HVW
G ILQLH VHORQ YRWUH FKRL[ GH SD\V /DQJXHV 26'
YRXV SHUPHW GH PRGLILHU OD ODQJXH XWLOLV H SRXU OHV
DIILFKDJHV O FUDQ
* RPDJQ WLTXH 6L YRXV UHPDUTXH] XQ O JHU G V TXLOLEUH GH
O LPDJH RX VL O FUDQ FRPSRUWH GHV ]RQHV FRORU HV
DX[ DQJOHV XWLOLVH] FHWWH IRQFWLRQ SRXU OHV
OLPLQHU 9RLU þWDSH SDJH *XLGH GH PLVH HQ
URXWH UDSLGH 79$9
0HQX U JODJHV 3U VHQWDWLRQ J Q UDOH
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
6(7 83
O RSWLRQ PHQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
O RSWLRQ GH PHQX FKRLVLH
5 JOH] O RSWLRQ FKRLVLH RX DFF GH] DX PHQX FKRLVL
$SSX\H] VXU OH ERXWRQ 79$9
UHYHQLU OD W O YLVLRQ
WRXW PRPHQW SRXU
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ 675 DSUýV DYRLU
U JO XQH IRQFWLRQ FHWWH YDOHXU HVW HQUHJLVWU H
FRPPH YDOHXU SDU G IDXW HOOH UHPSODFHUD OD YDOHXU
U JO H HQ XVLQH 3URJUDPPH
V OHFWLRQ
9RXV SHUPHW GH SHUVRQQDOLVHU YRV SURJUDPPHV
DMRXWHU RX VXSSULPHU XQH SRVLWLRQ SDU H[HPSOH 3DJH 5HFKHUFKH
DXWR
9RXV SHUPHW GH UHFRPPHQFHU OH U JODJH
DXWRPDWLTXH GX W O YLVHXU 8WLOH VL YRXV
G P QDJH] HW TXH YRXV G VLUH] U JOHU YRWUH
W O YLVHXU VXU OHV FKDñQHV ORFDOHV 3DJH 5 JODJH
PDQXHO
3HUPHW GH U JOHU PDQXHOOHPHQW OD SRVLWLRQ GH
FKDTXH SURJUDPPH 3DJH 5 JODJH ILQ
8WLOLVH] FHWWH RSWLRQ SRXU DSSRUWHU GHV
PRGLILFDWLRQV PLQHXUHV DX U JODJH G XQH FKDñQH
SUDWLTXH SDU H[HPSOH ORUVTXH OHV FRQGLWLRQV
P W R DIIHFWHQW OD TXDOLW GH OD U FHSWLRQ G XQ
SURJUDPPH
6\VWýPH
FRXOHXU
9RXV SHUPHW GH V OHFWLRQQHU OD QRUPH GH
WUDQVPLVVLRQ FRUUHFWH SRXU OH VLJQDO UHX
&RUUHFWLRQ
YROXPH
9RXV SHUPHW GH U JOHU OH YROXPH GH FKDñQHV
VS FLILTXHV 8WLOLVH] FHWWH IRQFWLRQ VL OH YROXPH
YDULH EHDXFRXS G XQH FKDñQH O DXWUH (Q U JODQW
OH YROXPH G XQH FKDñQH SRXU O DPHQHU DX QLYHDX
GHV DXWUHV FKDñQHV YRXV Q DXUH] SDV U JOHU OH
YROXPH FKDTXH IRLV TXH YRXV FKDQJH] GH FKDñQH
' FRGHXU
$9
9RXV SRXYH] XWLOLVHU FHWWH RSWLRQ ORUVTX XQ
G FRGHXU HVW EUDQFK YLD $9 5 JOH] VXU OD
SRVLWLRQ
PDUFKH
HW
VDXYHJDUGH]
FHWWH
FKDTXH IRLV TXH FHWWH
FRQILJXUDWLRQ $LQVL
SRVLWLRQ GH SURJUDPPH HVW V OHFWLRQQ H OH
SRXU WUDLWHU OHV
ORJLFLHO 79 HVW FRQILJXU
LQIRUPDWLRQV G FRG HV FHOD HVW LPSRUWDQW VL YRWUH
G FRGHXU HVW EUDQFK
$9 DX PR\HQ G XQ
4/LQN 9&5 79$9
675
0HQX U JODJHV 3URJUDPPH V OHFWLRQ
6(7 83
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
O RSWLRQ PHQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
O RSWLRQ 3URJUDPPH V OHFWLRQ
$FF GH]
3URJUDPPH V OHFWLRQ
3DVVH] OD SRVLWLRQ GH SURJUDPPH FKRLVLH SDU H[HPSOH 3URJ )DLWHV OHV FKDQJHPHQWV Q FHVVDLUHV SDU H[HPSOH GRQQHU XQ
DXWUH QRP XQH FKDñQH YRLU OD SURF GXUH DGDSW H FLGHVVRXV
$SSX\H] VXU OH ERXWRQ 79$9
W O YLVLRQ
WRXW PRPHQW SRXU UHYHQLU
OD
/RUVTXH YRXV DSSX\H] VXU OH ERXWRQ 675 DSUýV DYRLU U JO XQH
IRQFWLRQ FHWWH YDOHXU HVW HQUHJLVWU H FRPPH YDOHXU SDU G IDXW
HOOH UHPSODFHUD OD YDOHXU U JO H HQ XVLQH $MRXWHU VXSSULPHU XQH FKDñQH
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ GDQV OD FRORQQH 3URJ
$SSX\H] VXU OH ERXWRQ YHUW SRXU DMRXWHU XQH FKDñQH OD
SRVLWLRQ RX ELHQ OH ERXWRQ URXJH SRXU VXSSULPHU XQH
FKDñQH
$SSX\H] QRXYHDX VXU OH PûPH ERXWRQ SRXU FRQILUPHU
YRWUH G FLVLRQ
' SODFHU XQH FKDñQH
9 ULILH] TXH OH FXUVHXU VH WURXYH ELHQ GDQV OD FRORQQH 3URJ
$SSX\H] VXU OH ERXWRQ MDXQH
&KRLVLVVH] OD QRXYHOOH SRVLWLRQ GH OD FKDñQH
$SSX\H] QRXYHDX VXU OH ERXWRQ MDXQH VXU O FUDQ SRXU
FRQILUPHU YRWUH G FLVLRQ
5 JOHU XQH FKDñQH
3DVVH]
OD FRORQQH &KDñQH
$XJPHQWH] RX GLPLQXH] OH QXP UR GH OD FKDñQH YRXV
YHUUH] OH W O YLVHXU VH U JOHU VXU OH QRXYHDX QXP UR ORUVTXH
YRXV OH PRGLILH] RX ELHQ XWLOLVH] OH ERXWRQ & SRXU $FFýV
GLUHFW DX[ FKDñQHV YRLU SDJH $SSX\H] VXU 675 SRXU HQUHJLVWUHU FH FKDQJHPHQW
675
79$9
675
0HQX U JODJHV 3URJUDPPH V OHFWLRQ
5HQRPPHU XQH FKDñQH
3RVLWLRQQH]YRXV VXU OH QRP
&KRLVLVVH] OH QRXYHDX FDUDFWýUH /D FDVH HQ EDV GH O FUDQ
LQGLTXH OH FDUDFWýUH DFWXHOOHPHQW FKRLVL
3RVLWLRQQH]YRXV VXU OH VHFRQG FDUDFWýUH
&RQWLQXH] MXVTX DX FKDQJHPHQW FRPSOHW GX QRP
$SSX\H] VXU 675 SRXU HQUHJLVWUHU OH QRXYHDX QRP
675
9HUURXLOOHU XQH FKDñQH
9RXV SRXYH] YHUURXLOOHU XQH FKDñQH SRXU HPSûFKHU TX RQ
\ DFFýGH
3RVLWLRQQH]YRXV VXU OD FRORQQH %ORFDJH
&KRLVLVVH] HQWUH 9HUURX 2XL HW 9HUURX 1RQ
$SSX\H] VXU 675 SRXU HQUHJLVWUHU OD QRXYHOOH YDOHXU
1RWH
- 4XDQG XQH SRVLWLRQ GH SURJUDPPH HVW EORTX H
O DFFýV GLUHFW DX FDQDO HQ XWLOLVDQW OD WRXFKH & HW OHV
WRXFKHV QXP ULTXHV GH OD W O FRPPDQGH Q HVW SDV
GLVSRQLEOH
675
0RGLILHU OH V\VWýPH DXGLR G XQH FKDñQH
9RXV SRXYH] PRGLILHU OH V\VWýPH DXGLR XWLOLV SRXU XQH
FKDñQH
3RVLWLRQQH]YRXV VXU OD FRORQQH 6\V
&KRLVLVVH] OH V\VWýPH GH VRQ YRXOX
6& 3$/ % * + 6(&$0 % *
6& 3$/ ,
6& 3$/ ' . 6(&$0 ' .
)
6(&$0 //
675
$SSX\H] VXU 675 SRXU HQUHJLVWUHU OD QRXYHOOH YDOHXU
7UDQVIHU GHV LQIRUPDWLRQV GHV FKDñQHV VXU XQ PDJQ WRVFRSH
9RXV SRXYH] FRSLHU OHV LQIRUPDWLRQV GHV FKDñQHV VXU XQ
PDJQ WRVFRSH FRPSDWLEOH FRQQHFW $9 YRLU OD SDJH SRXU DYRLU OHV LQIRUPDWLRQV VXU OD FRQQH[LRQ
$SSX\H] VXU OH ERXWRQ EOHX GH OD W O FRPPDQGH
/HV SDUDPýWUHV GX SURJUDPPH VRQW PDLQWHQDQW WUDQVPLV
DX PDJQ WRVFRSH &HOD SHXW SUHQGUH TXHOTXHV VHFRQGHV
VHORQ OH QRPEUH GH FKDñQHV P PRULV HV 6L OH PHVVDJH
k4/LQN" 9HULILHU WDW PDJQ WRVFRSHl DSSDUDñW O FUDQ OH
W O YLVHXU Q HVW SDV HQ PHVXUH GH WUDQVPHWWUH OHV GRQQ HV
GH SURJUDPPH DX PDJQ WRVFRSH &RQVXOWH] OH PDQXHO GX
PDJQ WRVFRSH SRXU DYRLU GHV LQIRUPDWLRQV SOXV G WDLOO HV
0HQX U JODJHV &RQILJXUDWLRQ DXWRPDWLTXH
$73 SHXW UHFRPPHQFHU OH U JODJH DXWRPDWLTXH GH YRWUH W O YLVHXU &HWWH IRQFWLRQ HVW XWLOH VL YRXV G P QDJH] SDU H[HPSOH HW VL YRXV
G VLUH] U JOHU YRWUH W O YLVHXU SRXU TX LO UHRLYH OHV FKDñQHV ORFDOHV
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
6(7 83
O RSWLRQ 0HQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
$73
(QWUH] GDQV OH PHQX &RQILJXUDWLRQ DXWR
$SSX\H] SRXU FRQILUPHU HW FRPPHQFHU
6 OHFWLRQQH] OH SD\V
1RWH
- 6L YRXV SDVVH] O WDSH VXLYDQWH WRXWHV OHV
LQIRUPDWLRQV GH U JODJH VHURQW HIIDF HV
WRXWHV OHV FKDñQHV HW OHXU SRVLWLRQ HQUHJLVWU HV
GDQV OD P PRLUH GH YRWUH W O YLVHXU VHURQW
HIIDF HV SRXU SHUPHWWUH DX[ QRXYHOOHV YDOHXUV
G ûWUH HQUHJLVWU HV 6L YRXV TXLWWH] FHWWH SURF GXUH FH PRPHQWO
HW DYDQW OD ILQ GH O $73 DXFXQH SRVLWLRQ GH FKDñQH
QH VHUD HQUHJLVWU H 5HFRPPHQFH] HW WHUPLQH] OD
SURF GXUH $73 SRXU HIIHFWXHU OH U JODJH GH YRWUH
W O YLVHXU
$SSX\H] VXU OH ERXWRQ SRXU ODQFHU $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 FKDñQH TXL RFFXSH PDLQWHQDQW OD
SRVLWLRQ $SSX\H] VXU OH ERXWRQ 79$9 Q LPSRUWH TXHO PRPHQW
SRXU UHYHQLU OD W O YLVLRQ OLVH] ELHQ OD 1RWH GH OD
SURF GXUH FLGHVVXV
79$9
0HQX U JODJHV &RQILJXUDWLRQ PDQXHOOH
9RXV SRXYH] UHFRPPHQFHU OH U JODJH GH FKDñQHV LQGLYLGXHOOHV $SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
6(7 83
O RSWLRQ 0HQX 5 JODJH
$FF GH] DX PHQX 5 JODJH
3DVVH]
5 JODJH PDQXHO
(QWUH] GDQV 5 JODJH PDQXHO
6 OHFWLRQQH] OD SRVLWLRQ GH SURJUDPPH G VLU H
&RPPHQFH] OH U JODJH
4XDQG OH SURJUDPPH YRXOX HVW ORFDOLV DSSX\H] VXU
675 SRXU P PRULVHU /D SRVLWLRQ GH OD FKDñQH FOLJQRWHUD
675
$SSX\H] VXU OH ERXWRQ 79$9
SRXU UHYHQLU OD W O YLVLRQ
79$9
Q LPSRUWH TXHO PRPHQW
&RQILJXUDWLRQ PDQXHOOH SDU OH SDQQHDX DYDQW
9RXV SRXYH] JDOHPHQW XWLOLVHU OHV ERXWRQV GX SDQQHDX GH FRQWUÎOH TXL VH WURXYH O DYDQW GH YRWUH W O YLVHXU SRXU U JOHU OD SRVLWLRQ
GH FKDTXH FKDñQH $SSX\H] VXU OD WRXFKH ) )DDGH MXVTX
PHQX 5 JODJH
REWHQWLRQ GX
)
$SSX\H] VXU OD WRXFKH RX $SSX\H] VXU OD WRXFKH 79$9 SRXU DOWHUQHU HQWUH
&KDQJHU SURJUDPPH 5HFKHUFKH RX &KDQJHU
V\VWýPH 79
79 $9
$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 /D SRVLWLRQ GH OD FKDñQH FOLJQRWHUD
675
5 S WH] OD SURF GXUH FLGHVVXV SRXU U JOHU FKDTXH
SRVLWLRQ
$SSX\H] VXU OH ERXWRQ ) Q LPSRUWH TXHO PRPHQW SRXU
UHYHQLU OD W O YLVLRQ
)
$63(&7
$MXVWDJH GX IRUPDW GH O LPDJH
&H W O YLVHXU JUDQG FUDQ YRXV SHUPHW GH UHJDUGHU O LPDJH DX PHLOOHXU IRUPDW \ FRPSULV OHV
LPDJHV JUDQG FUDQ kIRUPDW FLQ PD k
$SSX\H] SOXVLHXUV IRLV VXU OH ERXWRQ $63(&7 SRXU
SDVVHU HQWUH OHV KXLW RSWLRQV G DVSHFW 3DQDVRQLF
$XWR þODUJL =RRP =RRP HW
=RRP
28
$SSX\H] VXU OH ERXWRQ $63(&7 SXLV XWLOLVH] OH
ERXWRQ 528*( RX 9(57 SRXU IDLUH G ILOHU OHV RSWLRQV
G DVSHFW GDQV XQH GLUHFWLRQ RX GDQV O DXWUH
3DQDVRQLF $XWR
3DQDVRQLF $XWR FKRLVLW OH PHLOOHXU IRUPDW SRXU
TXH O LPDJH RFFXSH WRXW O FUDQ HQ VXLYDQW XQH
SURF GXUH HQ TXDWUH WDSHV SRXU Y ULILHU VL
O LPDJH HVW XQH LPDJH JUDQG FUDQ
6L 3DQDVRQLF $XWR G WHFWH XQ VLJQDO JUDQG FUDQ LO
DGRSWH OH PRGH JUDQG FUDQ 6L 3DQDVRQLF $XWR
QH G WHFWH SDV XQ VLJQDO JUDQG FUDQ YRWUH
W O YLVHXU RSWLPLVH O LPDJH SRXU OD UHQGUH OD SOXV
DJU DEOH SRVVLEOH UHJDUGHU
/H WH[WH TXL V DIILFKH
O FUDQ LQGLTXH FRPPHQW
3DQDVRQLF $XWR D G FLG TXHO IRUPDW XWLOLVHU k :,'(l DSSDUDñW HQ KDXW JDXFKH GH O FUDQ VL YRWUH
W O YLVHXU D LGHQWLIL XQ VLJQDO JUDQG FUDQ :66 RX
XQ VLJQDO YHQDQW G XQH SULVH 6FDUW 3DQDVRQLF $XWR
DGRSWH OH IRUPDW JUDQG FUDQ k3DQDVRQLF $XWRl DSSDUDñW HQ KDXW
JDXFKH GH
O FUDQ VL OH W O YLVHXU G WHFWH XQH EDQGH QRLUH HQ
KDXW HW HQ EDV GH O LPDJH 3DQDVRQLF $XWR FKRLVLW OH
PHLOOHXU IRUPDW HW DJUDQGLW O LPDJH SRXU TX HOOH
RFFXSH WRXW O FUDQ 3OXV O LPDJH HVW VRPEUH SOXV
FHWWH SURF GXUH SUHQGUD ORQJWHPSV MXVTX
SOXVLHXUV PLQXWHV 9RXV SRXYH] JDOHPHQW FKRLVLU PDQXHOOHPHQW O XQ
GHV DXWUHV IRUPDWV GLVSRQLEOHV
/DUJH
k:,'(l DSSDUDñW HQ KDXW JDXFKH GH O FUDQ 3DQDVRQLF $XWR
SDVVH DXWRPDWLTXHPHQW DX IRUPDW JUDQG FUDQ 3DQDVRQLF $XWR
k3DQDVRQLF $XWRl DSSDUDñW HQ KDXW JDXFKH GH O FUDQ /H
V\VWýPH FKRLVLW OH PHLOOHXU IRUPDW HW O LPDJH HVW DJUDQGLH SRXU
TX HOOH UHPSOLVVH WRXW O FUDQ
3DQDVRQLF $XWR
QRWHU - (Q PRGH 3DQDVRQLF $XWR VL YRXV UHQFRQWUH] GHV
SUREOýPHV DX QLYHDX GHV GLPHQVLRQV GH O LPDJH
ORUVTXH YRXV UHJDUGH] GHV YLG RV HQ IRUPDW
JUDQG FUDQ OH WUDFNLQJ GH YRWUH PDJQ WRVFRSH
D SHXWûWUH EHVRLQ G ûWUH U JO FRQVXOWH] OH
PDQXHO GH YRWUH PDJQ WRVFRSH - /H IRUPDW JUDQG FUDQ GH GLII UHQWV ILOPV HW
PLVVLRQV SHXW YDULHU 6L OHV GLPHQVLRQV VRQW
XQ IRUPDW VWDQGDUG XQH
VXS ULHXUHV
EDQGH QRLUH DSSDUDñWUD SHXWûWUH HQ KDXW HW HQ
EDV GH YRWUH FUDQ
$SSX\H] VXU OH ERXWRQ $63(&7 SXLV XWLOLVH] OH ERXWRQ 528*( RX
9(57 SRXU IDLUH G ILOHU OHV KXLW RSWLRQV G DVSHFW GDQV XQH
GLUHFWLRQ RX GDQV O DXWUH
$63(&7
$MXVWDJH GX IRUPDW GH O LPDJH
DIILFKH XQH Y ULWDEOH LPDJH
DQDPRUSKRV H VDQV
DXFXQH GLVWRUVLRQ
/ FUDQ DIILFKHUD XQH LPDJH DX
IRUPDW OHWWHUER[ RX DX IRUPDW
VDQV
GLVWRUVLRQV
GHV
GLPHQVLRQV
þODUJL
8WLOLVH] FH PRGH ORUVTXH YRXV
G VLUH] DJUDQGLU XQH LPDJH SRXU TX HOOH RFFXSH WRXW O FUDQ DX
OLHX GH UHJDUGHU XQH PLVVLRQ DYHF
GHV EDQGHV QRLUHV GH SDUW HW
G DXWUH GH O LPDJH / LPDJH VHUD WLU H KRUL]RQWDOHPHQW SRXU
TX HOOH RFFXSH WRXW O FUDQ /D
G IRUPDWLRQ GH O LPDJH HVW YLVLEOH
XQLTXHPHQW DX ERUG GURLW HW
JDXFKH GH O FUDQ
þODUJL
úODUJL
DIILFKH XQH LPDJH DX IRUPDW
VWDQGDUG VDQV GLVWRUVLRQ
$63(&7
$MXVWDJH GX IRUPDW GH O LPDJH
=RRP
=RRP
=RRP DIILFKH GHV LPDJHV ERñWH
DX[ OHWWUHV GH IRUPDW RX VDQV GLVWRUVLRQ
=RRP
=RRP
=RRP
=RRP DIILFKH OHV LPDJHV kERñWH DX[ OHWWUHVl DQDPRUSKRV HV
VXU WRXW O FUDQ VDQV GLVWRUVLRQ
=RRP
=RRP
=RRP
=RRP DIILFKH OHV LPDJHV ERñWH DX[
OHWWUHV VXU WRXW O FUDQ VDQV
GLVWRUVLRQ
DIILFKH O LPDJH VRQ IRUPDW
PD[LPDO PDLV O JýUHPHQW WLU H
=RRP
08/7,
:,1'2:
)HQûWUHV PXOWLSOHV
$SSX\H] VXU OH ERXWRQ )(1ú75(6 08/7,3/(6 SHQGDQW TXH OHV WRXFKHV GH V OHFWLRQ VRQW HQFRUH DIILFK HV O FUDQ
SRXU SDVVHU HQWUH OH SURJUDPPH DFWXHO OD IRQFWLRQ LPDJH GDQV LPDJH LPDJH KRUV G LPDJH HW LPDJH HW LPDJH
08/7,
:,1'2:
O FUDQ TXL FRUUHVSRQGHQW DX[ TXDWUH ERXWRQV FRORU V GH OD W O FRPPDQGH TXL
/HV WRXFKHV GH V OHFWLRQ
DSSDUDLVVHQW SRXU OHV IRQFWLRQV GLVSDUDLVVHQW HQ TXHOTXHV VHFRQGHV 6L YRXV G VLUH] V OHFWLRQQHU XQH RS UDWLRQ
ORUVTXH OHV WRXFKHV QH VRQW SDV DIILFK HV DSSX\H] VXU OH ERXWRQ )(1ú75(6 08/7,3/(6 XQH IRLV GH SOXV /HV WRXFKHV
U DSSDUDñWURQW
,PDJH KRUV G LPDJH
'LVSRQLEOH XQLTXHPHQW HQ PRGH FHWWH IRQFWLRQ
SHUPHW G DIILFKHU GHX[ SURJUDPPHV HQ PûPH WHPSV
FRPPH LPDJH GDQV LPDJH /D GLII UHQFH HVW OD PDQLýUH
G DIILFKHU OHV GHX[ SURJUDPPHV 'DQV LPDJH GDQV
LPDJH OD SHWLWH IHQûWUH DSSDUDñW O LQW ULHXU GH O LPDJH
SULQFLSDOH DORUV TXH GDQV LPDJH KRUV G LPDJH OD SHWLWH
IHQûWUH DSSDUDñW OD GURLWH GH O LPDJH SULQFLSDOH
$SSX\H] VXU OH ERXWRQ YHUW SRXU V OHFWLRQQHU OH
FRQWHQX GH OD SHWLWH IHQûWUH SRXU SDVVHU GH O DIILFKDJH
G XQH FKDñQH W O YLV H O DIILFKDJH GHV VRXUFHV $9
3RXU PRGLILHU OD FKDñQH W O YLV H DSSX\H] VXU OD
WRXFKH YHUWH MXVTX FH TXH OD FKDñQH DFWXHOOHPHQW
V OHFWLRQQ H
DSSDUDLVVH
SXLV
XWLOLVH]
OD
W O FRPPDQGH SRXU FKDQJHU GH FKDñQH SHQGDQW TXH
OHV WRXFKHV GH V OHFWLRQ VRQW WRXMRXUV YLVLEOHV
O FUDQ $SSX\H] VXU OH ERXWRQ MDXQH SRXU FKDQJHU OH FRQWHQX
GHV GHX[ IHQûWUHV
8WLOLVH] OD W O FRPPDQGH SRXU V OHFWLRQQHU XQH FKDñQH
W O YLV H RX XQH VRXUFH $9 GDQV OD IHQûWUH SULQFLSDOH
0RGH LPDJH KRUV LPDJH
,PDJH HW LPDJH
3HUPHW G DIILFKHU GHX[ LPDJHV HQ PûPH WHPSV
$SSX\H] VXU OH ERXWRQ YHUW SRXU V OHFWLRQQHU OH
FRQWHQX GH OD IHQûWUH GH GURLWH SRXU SDVVHU GH
O DIILFKDJH GHV
O DIILFKDJH G XQH FKDñQH W O YLV H
VRXUFHV $9 3RXU PRGLILHU OD FKDñQH W O YLV H DSSX\H]
FH TXH OD FKDñQH
VXU OD WRXFKH YHUWH MXVTX
DFWXHOOHPHQW V OHFWLRQQ H DSSDUDLVVH SXLV XWLOLVH] OD
W O FRPPDQGH SRXU FKDQJHU GH FKDñQH SHQGDQW TXH
OHV WRXFKHV GH V OHFWLRQ VRQW WRXMRXUV YLVLEOHV
O FUDQ $SSX\H] VXU OH ERXWRQ MDXQH SRXU FKDQJHU OH FRQWHQX
GHV GHX[ IHQûWUHV
8WLOLVH] OD W O FRPPDQGH SRXU V OHFWLRQQHU XQH FKDñQH
W O YLV H RX XQH VRXUFH $9 GDQV OD IHQûWUH GH JDXFKH
0RGH LPDJH HW LPDJH
,PDJH GDQV LPDJH
3HUPHW G DIILFKHU GHX[ LPDJHV HQ PûPH WHPSV
$SSX\H] VXU OH ERXWRQ YHUW SRXU V OHFWLRQQHU OH
FRQWHQX GH OD SHWLWH IHQûWUH SRXU SDVVHU GH O DIILFKDJH
G XQH FKDñQH W O YLV H O DIILFKDJH GHV VRXUFHV $9
3RXU PRGLILHU OD FKDñQH W O YLV H DSSX\H] VXU OD
WRXFKH YHUWH MXVTX FH TXH OD FKDñQH DFWXHOOHPHQW
V OHFWLRQQ H
DSSDUDLVVH
SXLV
XWLOLVH]
OD
W O FRPPDQGH SRXU FKDQJHU GH FKDñQH SHQGDQW TXH
OHV WRXFKHV GH V OHFWLRQ VRQW WRXMRXUV YLVLEOHV
O FUDQ $SSX\H] VXU OH ERXWRQ URXJH SRXU UHSRVLWLRQQHU OD
SHWLWH LPDJH VXU O FUDQ
$SSX\H] VXU OH ERXWRQ MDXQH SRXU FKDQJHU OH FRQWHQX
GHV GHX[ IHQûWUHV
8WLOLVH] OD W O FRPPDQGH SRXU V OHFWLRQQHU XQH FKDñQH
W O YLV H RX XQH VRXUFH $9 GDQV OD IHQûWUH SULQFLSDOH
0RGH LPDJH GDQV LPDJH
/HV GHX[ SURJUDPPHV RQW W
LQYHUV V OH SURJUDPPH GH OD SHWLWH
IHQûWUH HVW GHYHQX OH SURJUDPPH
SULQFLSDO
797(;7
,PDJH HW WH[WH
$SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU GX
SURJUDPPH HQ FRXUV DX W O WH[WH HW OD IRQFWLRQ
LPDJH HW WH[WH ,PDJH HW WH[WH YRXV SHUPHW GH YRLU
OH SURJUDPPH HQ FRXUV HW XQH SDJH GH W O WH[WH
FÎWH FÎWH
4XDQG YRXV XWLOLVH] FHWWH IRQFWLRQ OD
W O FRPPDQGH DJLW VXU OD SDJH W O WH[WH 6L YRXV
G VLUH] PRGLILHU OH SURJUDPPH DIILFK DSSX\H]
VXU OH ERXWRQ 7þ/þ7(;7( SRXU UHYHQLU
O DIILFKDJH GX SURJUDPPH VHXO DYDQW GH IDLUH OHV
FKDQJHPHQWV VRXKDLW V
+2/'
67,//
0RGH 7þ/þ7(;7(
%ORTXHU
$SSX\H] VXU FH ERXWRQ SRXU EORTXHU O LPDJH
DSSX\H] GH QRXYHDX SRXU UHYHQLU DX SURJUDPPH
HQ FRXUV
797(;7
+2/'
67,//
0RGH LPDJH HW WH[WH
/LDLVRQ 4/LQN
9RWUH W O YLVHXU HVW TXLS GH 4 /LQN 4 /LQN 1(;79,(:/,1. HW GHV WHFKQRORJLHV VLPLODLUHV SHUPHWWHQW DX[ W O YLVHXUV HW
PDJQ WRVFRSHV GH FRPPXQLTXHU FH TXL IDFLOLWH O HQUHJLVWUHPHQW GH SURJUDPPHV 3RXU TXH OH W O YLVHXU HW OH PDJQ WRVFRSH
SXLVVHQW FKDQJHU GHV LQIRUPDWLRQV OHV GHX[ DSSDUHLOV GRLYHQW ûWUH TXLS V GH FHWWH WHFKQRORJLH HW GRLYHQW ûWUH UHOL V SDU XQ
FRUGRQ 3HULW O FDEODJH FRPSOHW HQWUH OD ILFKH $9 GX W O YLVHXU HW OD ILFKH DSSURSUL H GX PDJQ WRVFRSH &RQVXOWH] OH PDQXHO
GX PDJQ WRVFRSH SRXU DYRLU GHV LQIRUPDWLRQV SOXV G WDLOO HV 4 /LQN SHUPHW YRWUH W O YLVHXU GH FRPPDQGHU XQ PDJQ WRVFRSH FRPSDWLEOH G HQUHJLVWUHU OH SURJUDPPH TXL VH WURXYH
O FUDQ TXHOOH TXH VRLW OD FKDñQH VXU ODTXHOOH HVW U JO OH PDJQ WRVFRSH 3RXU XWLOLVHU 4 /LQN Y ULILH] TXH O RSWLRQ 4 /LQN HVW
U JO H VXU 2XL DX PHQX &21),*85$7,21
6(7 83
$SSX\H] VXU OH ERXWRQ PHQX &21),*85$7,21
3DVVH]
O RSWLRQ 4/LQN
9 ULILH] TXH O RSWLRQ 4/LQN HVW VXU 2XL
$SSX\H] VXU OH ERXWRQ 79$9
UHYHQLU OD W O YLVLRQ
Q LPSRUWH TXHO PRPHQW SRXU
79$9
',5(&7
79 5(&
$SSX\H] VXU OH ERXWRQ ',5(&7 79 5(&
1RWHV
- 6L OH PDJQ WRVFRSH HVW
WHLQW LO V DOOXPH
DXWRPDWLTXHPHQW TXDQG YRXV DSSX\H] VXU OD WRXFKH
',5(&7 79 5(&
- 3RXU DVVXUHU GHV HQUHJLVWUHPHQWV YLG R FRUUHFWV OH
W O YLVHXU HW OH PDJQ WRVFRSH GRLYHQW SRXYRLU FKDQJHU
GHV LQIRUPDWLRQV VXU OHV SDUDPýWUHV GH U JODJH SDJH - &KDTXH IRLV TXH OD IRQFWLRQ &RQILJXUDWLRQ DXWRPDWLTXH
$33 HVW XWLOLV H OHV SDUDPýWUHV GH U JODJH VRQW WUDQVPLV
DX PDJQ WRVFRSH SDJH WRXW
- 6L YRXV G VLUH] G VDFWLYHU OD IRQFWLRQ 4/LQN
PRPHQW VXLYH] OD SURF GXUH FLGHVVXV SRXU DFF GHU
O RSWLRQ GH PHQX 4/LQN SXLV FKRLVLVVH] 1RQ
8Q PHVVDJH SURYHQDQW GX PDJQ WRVFRSH V DIILFKH VXU O FUDQ GX W O YLVHXU SRXU LQGLTXHU FH TXL HVW HQUHJLVWU
O HQUHJLVWUHPHQW GLUHFW HVW LPSRVVLEOH
RX TXH
1RWHV
- &HV IRQFWLRQV VXSSO PHQWDLUHV VRQW GLVSRQLEOHV DYHF OD OLDLVRQ 4/LQN GH 3DQDVRQLF
- 4XDQG YRXV LQWURGXLVH] XQH FDVVHWWH YLG R GDQV YRWUH PDJQ WRVFRSH HW TXH YRXV DSSX\H] VXU OH ERXWRQ 0DUFKH GX
PDJQ WRVFRSH OH W O YLVHXU VH PHW DXWRPDWLTXHPHQW HQ PDUFKH HW V OHFWLRQQH O HQWU H $9 SRXU YRXV SHUPHWWUH GH
YLVLRQQHU OD YLG R
- 6L YRXV WHLJQH] OH W O YLVHXU DORUV TXH OH PDJQ WRVFRSH HVW HQ PRGH $UUûW $YDQFH UDSLGH RX 5HPERELQDJH OH
PDJQ WRVFRSH V DUUûWHUD DXWRPDWLTXHPHQW
- &HUWDLQV PDJQ WRVFRSHV QH SRVVýGHQW SDV FHWWH WHFKQRORJLH ' DXWUHV SRVVýGHQW FHUWDLQHV IRQFWLRQV PDLV SDV WRXWHV
&RQVXOWH] OH PDQXHO GX PDJQ WRVFRSH SRXU DYRLU GHV LQIRUPDWLRQV SOXV G WDLOO HV
- 6L OD OLDLVRQ 4/LQN HVW LQRS UDQWH FRPPHQFH] SDU FRQILUPHU TXH OH F EOH 3(5,7(/ XWLOLV HVW ELHQ GX W\SH FRXYUDQW WRXWHV OHV
IRQFWLRQV &RQVXOWH] YRWUH UHYHQGHXU SRXU YRXV LQIRUPHU
)RQFWLRQ PDJQ WRVFRSHOHFWHXU GH YLG RGLVTXHV '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
'9'
9&5
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
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 UDSLGH9LVXDOLVDWLRQ
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' $SSX\H] XQH IRLV VXU FHWWH WRXFKH
SRXU VDXWHU OD SODJH VXLYDQWH
6DXW GH SODJH5HPERELQDJH UDSLGH9LVXDOLVDWLRQ
0$*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
$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
' ILOHPHQW
$SSX\H] SRXU DXJPHQWHUGLPLQXHU G XQH XQLW OD
SRVLWLRQ GH SURJUDPPH GX PDJQ WRVFRSH
5(&
(QUHJLVWUHPHQW
$SSX\H] VXU FHWWH WRXFKH SRXU HQUHJLVWUHU
)RQFWLRQ 7 O WH[WH
- /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 VXU OD WRXFKH ,PDJH HQ PRGH 7 O WH[WH OD IRQFWLRQ GH FRQWUDVWH DIILFKH XQH EDUUH GH FRXOHXU F\DQ DSSX\H] VXU
* SRXU PRGLILHU OH U JODJH VHORQ OHV EHVRLQV
- (Q DSSX\DQW VXU OD WRXFKH &RQILJXUDWLRQ HQ PRGH 7 O WH[WH OHV RSWLRQV GH IRQFWLRQV VS FLDOHV VRQW DIILFK HV HQ EDV GH
O FUDQ
- $SSX\H] OH ERXWRQ 6RXQG HQ PRGH 7HOHWH[W SRXU DIILFKHU OHV IRQFWLRQV GH YROXPH VRXV IRUPH GH EDUUH YHUWH $SSX\H] VXU
* SRXU HIIHFWXHU OHV U JODJHV UHTXLV
(Q TXRL FRQVLVWH OH PRGH /,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 )/2) "
(Q PRGH )/2) 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
723 7HOHWH[W TX HVW FH TXH F HVW "
723 7HOHWH[W VLPSOLILH HW DFF OýUH OD V OHFWLRQ GHV SDJHV 7HOHWH[WH / DFFýV DX[ SDJHV HVW SUDWLTXHPHQW LPP GLDW ,O VXIILW G DSSX\HU VXU
OH ERXWRQ HW OD SDJH DSSDUDñW
&RPPHQW D PDUFKH "
$YHF 723 7HOHWH[W OHV TXDWUH ERXWRQV FRORU V 5RXJH 9HUW -DXQH HW %OHX RQW OHV IRQFWLRQV VXLYDQWHV - 3RXU YRXV G SODFHU HQWUH OHV EORFV GH VXMHWV 63257 SDU H[HPSOH XWLOLVH] OH ERXWRQ %OHX 'DQV OH VXMHW 63257 YRXV SRXYH]
DORUV V OHFWLRQQHU GLII UHQWV JURXSHV FRPPH 7HQQLV )RRWEDOO %DVHEDOO HWF HQ XWLOLVDQW OH ERXWRQ -DXQH /RUVTXH YRXV DUULYH]
DX GHUQLHU JURXSH GX EORF OH ERXWRQ -DXQH YRXV IDLW SDVVHU DX EORF VXLYDQW
- /H ERXWRQ 9HUW V OHFWLRQQH OD SDJH 68,9$17( GLVSRQLEOH
- /H ERXWRQ 5RXJH V OHFWLRQQH OD SDJH 35þ&þ'(17( GLVSRQLEOH
4XHOV VRQW OHV DYDQWDJHV GH 723 7HOHWH[W "
-
6 OHFWLRQ GHV SDJHV HQ DSSX\DQW VXU XQ VHXO ERXWRQ
6 OHFWLRQ IDFLOH GHV VXMHWV TXL YRXV LQW UHVVHQW
5 GXFWLRQ GHV WHPSV G DWWHQWH
6L YRXV HQWUH] XQ QXP UR GH SDJH TXL Q H[LVWH SDV XQ SRLQW G LQWHUURJDWLRQ DSSDUDñW HQ EDV GH O FUDQ
8QH OLJQH G WDW GH OD SDJH HQ EDV GH O FUDQ YRXV SHUPHW GH VDYRLU WRXW PRPHQW TXHO ERXWRQ XWLOLVHU SRXU DIILFKHU OHV
LQIRUPDWLRQV TXH YRXV UHFKHUFKH]
0RGH 797 O WH[WH
797(;7
$SSX\H] VXU OH ERXWRQ 7þ/þ7(;7( SRXU SDVVHU GX SURJUDPPH HQ FRXUV DX W O WH[WH HW OD
IRQFWLRQ LPDJH HW WH[WH ,PDJH HW WH[WH YRXV SHUPHW GH YRLU OH SURJUDPPH HQ FRXUV HW XQH SDJH GH
W O WH[WH FÎWH FÎWH YRLU SDJH 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
OD IRLV
XQLW
E (Q HQWUDQW OH QXP UR GH SDJH O DLGH GHV WRXFKHV GH OD W O FRPPDQGH
6(7 83
3OHLQ +DXW %DV
6(7 83
5 Y OHU
$SSX\H] VXU OD WRXFKH &21),*85$7,21 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
$SSX\H] VXU OD WRXFKH &21),*85$7,21 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 EOHXH
(Q PRGH )/2) FHV GHUQLýUHV FRUUHVSRQGHQW DX[ GLII UHQWV VXMHWV GH FRXOHXU
(Q PRGH /,67 HOOHV FRUUHVSRQGHQW DX[ GLII UHQWV QXP URV GH SDJHV FRORU HV
0 PRLUH GH OLVWH
675
+2/'
(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 675 MXVTX FH TXH OHV QXP URV GH SDJH FKDQJHQW GH
FRXOHXU
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
)RQFWLRQ 7 O WH[WH
,O Q HVW SDV SRVVLEOH GH FKDQJHU OD SRVLWLRQ GX SURJUDPPH HQ PRGH )ODVK G LQIRUPDWLRQV 0LVH
MRXU RX $FFýV DX[ VRXVSDJHV
675 3DJH SU I U H )3
)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 675 HW
WHQH] OD HQIRQF H /H QXP UR GH SDJH HVW DORUV P PRULV $SSX\H] VXU OD WRXFKH )3 SRXU UDSSHOHU FHWWH SDJH
0LVH
6(7 83
MRXU
$SSX\H] VXU OH ERXWRQ 5þ*/$*( SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV VXU OH ERXWRQ -DXQH SRXU
DIILFKHU O LPDJH GX W O YLVHXU WRXW HQ UHFKHUFKDQW XQH SDJH W O WH[WH SDV Q FHVVDLUHPHQW HQ PRGH LPDJH
HW WH[WH FDU O LPDJH HVW DIILFK H VXU OD JDXFKH GH O FUDQ /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 &21),*85$7,21 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 &21),*85$7,21 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
$FFýV DX[ VRXVSDJHV
6(7 83
6(7 83
,1'(;
/RUVTXH OHV LQIRUPDWLRQV GX 7HOHWH[W WLHQQHQW VXU SOXV G XQH SDJH LO VH SHXW TXH OH SDVVDJH DXWRPDWLTXH
G XQH VRXVSDJH O DXWUH MXVTX FHOOH UHTXLVH SUHQQH GX WHPSV
/RUVTX XQH VRXVSDJH HVW WURXY H VRQ QXP UR V DIILFKH HQ KDXW GH OD SDJH SRXU TXH YRXV SXLVVLH] OD
V OHFWLRQQHU $X IXU HW PHVXUH TXH OHV VRXVSDJHV VRQW G WHFW HV OHV LQIRUPDWLRQV VLWX HV DX VRPPHW
GH OD SDJH FKDQJHQW HW YRXV DYH] WRXMRXUV DFFýV DX FKRL[ GH VRXVSDJHV OH SOXV U FHQW
(Q PRGH LPDJH HW WH[WH XWLOLVH] OHV WRXFKHV GH FXUVHXU JDXFKH HW GURLWH SRXU V OHFWLRQQHU XQH
VRXVSDJH TXL VH WURXYH GDQV OD JDPPH GH QXP URV GH SDJHV DIILFK H DX VRPPHW GH OD IHQûWUH 7HOHWH[W
/RUVTXH OH 7HOHWH[W IRQFWLRQQH VXLYH] OD SURF GXUH VXLYDQWH SRXU DFF GHU DX[ VRXVSDJHV 6L OD VRXVSDJH TXH YRXV VRXKDLWH] FRQVXOWHU Q HVW SDV HQFRUH GLVSRQLEOH DSSX\H] VXU OD WRXFKH 6(783
SRXU DIILFKHU OHV IRQFWLRQV VS FLDOHV SXLV DSSX\H] VXU OD WRXFKH MDXQH SRXU DIILFKHU O LPDJH 79 SHQGDQW
TXH OH V\VWýPH WURXYH OD SDJH UHTXLVH /HV VRXVSDJHV WURXY HV VHURQW DIILFK HV DX VRPPHW GH O FUDQ
/RUVTXH OD VRXVSDJH TXH YRXV DYH] GHPDQG H HVW GLVSRQLEOH DSSX\H] VXU OD WRXFKH MDXQH SRXU
UHWRXUQHU O DIILFKDJH GHV SDJHV 7HOHWH[W SXLV XWLOLVH] OHV WRXFKHV GH FXUVHXU JDXFKH HW GURLWH SRXU
V OHFWLRQQHU OD VRXVSDJH GH YRWUH FKRL[
5HPDUTXHV - 6L YRXV QH YRXOH] SDV TXH OHV TXDWUH WRXFKHV VS FLDOHV GH FRXOHXU DSSDUDLVVHQW VXU O LPDJH 79
SHQGDQW TXH YRXV DWWHQGH] TXH OD SDJH UHTXLVH VRLW WURXY H DSSX\H] VXU OD WRXFKH GH PHQX
3,&785( 6281' RX 6(783 SRXU VXSSULPHU OHV WRXFKHV GH O FUDQ $SSX\H] XQH QRXYHOOH IRLV VXU OD
WRXFKH 6(783 SRXU DIILFKHU QRXYHDX OHV WRXFKHV 6L
- YRXV DYH] HIIDF OHV WRXFKHV GH IRQFWLRQ VS FLDOHV SXLV VL YRXV DYH] XWLOLV OHV WRXFKHV GH FXUVHXU
JDXFKH HW GURLWH SRXU V OHFWLRQQHU XQH VRXVSDJH DORUV TXH YRXV WLH] WRXMRXUV HQ PRGH 79 YRXV
GHYH] DSSX\HU VXU OD WRXFKH 6(783 SXLV VXU OD WRXFKH MDXQH SRXU IDLUH U DSSDUDñWUH OD SDJH 7HOHWH[W
- 6L YRXV FRQVWDWH] TXH OHV VRXVSDJHV VRQW WUDQVPLVHV PDLV O DIILFKDJH QH FKDQJH SDV OH QXP UR GH
OD VRXVSDJH LQGLTXH TXH OH FRQWHQX D W PLV MRXU HW TX LO Q \ D DXFXQH VRXVSDJH
6L YRXV VDYH] TXHOOH VRXVSDJH YRXV YRXOH] DIILFKHU DSSX\H] VXU OH ERXWRQ 6(783 SRXU DIILFKHU OHV
IRQFWLRQV VS FLDOHV SXLV VXU OH ERXWRQ %OHX 7
VHUD DIILFK
O HQGURLW RÖ OH QXP UR GH OD SDJH VH
WURXYH KDELWXHOOHPHQW
(QWUH] OH QXP UR GH OD VRXVSDJH DYDQW TXH OH 7
QH GLVSDUDLVVH
3DU H[HPSOH SRXU V OHFWLRQQHU OD SDJH HQWUH] HW $SSX\H] VXU OH ERXWRQ MDXQH SRXU DIILFKHU O LPDJH GX W O YLVHXU SHQGDQW TXH YRXV DWWHQGH] TXH OHV
VRXVSDJHV VXSSO PHQWDLUHV VRLHQW ORFDOLV HV /HV VRXVSDJHV ORFDOLV HV VHURQW DIILFK HV HQ KDXW
GH O FUDQ
/RUVTXH OD SDJH HVW GLVSRQLEOH DSSX\H] VXU OH ERXWRQ MDXQH SRXU O DIILFKHU 4XHO TXH VRLW OH QRPEUH
GH SDJHV WURXY HV ORUVTXH YRXV DSSX\H] VXU OH ERXWRQ MDXQH FH VHUD OD VRXVSDJH GHPDQG H TXL
V DIILFKHUD
3RXU UHYHQLU DX PRGH GH IRQFWLRQQHPHQW 79 QRUPDO DSSX\H] VXU 797(;7
,QGH[
(Q PRGH 7RS
$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
&RQQH[LRQV $XGLR 9LG R
9RXV SRXYH] FRQQHFWHU GLYHUV TXLSHPHQWV FH W O YLVHXU /HV SDJHV VXLYDQWHV H[SOLTXHQW FRPPHQW FRQQHFWHU GHV TXLSHPHQWV
H[WHUQHV O DYDQW HW O DUULýUH GX W O YLVHXU
/RUVTXH YRWUH TXLSHPHQW HVW FRQQHFW XWLOLVH] OD SURF GXUH FLGHVVRXV SRXU DIILFKHU OHV LPDJHV YHQDQW GH FHW TXLSHPHQW 79$9
$SSX\H] VXU OH ERXWRQ 79$9
$SSX\H] VXU OD WRXFKH GH V OHFWLRQ DSSURSUL H O FUDQ SRXU
V OHFWLRQQHU OD VRXUFH $9 TXH YRXV G VLUH] DIILFKHU DSSX\H] VXU
OH ERXWRQ YHUW SDU H[HPSOH SRXU V OHFWLRQQHU $9 VL YRXV DYH]
FRQQHFW XQ PDJQ WRVFRSH OD ILFKH $9 6&$57 /HV WRXFKHV GH V OHFWLRQ DSSDUDLVVHQW O FUDQ DSUýV TXHOTXHV
VHFRQGHV 6L YRXV G VLUH] V OHFWLRQQHU XQH HQWU H ORUVTXH OHV
WRXFKHV QH VRQW SDV DIILFK HV DSSX\H] VXU OD WRXFKH 79$9 XQH
IRLV GH SOXV HW OHV WRXFKHV U DSSDUDñWURQW
1RWHV
- 9RXV SRXYH] JDOHPHQW V OHFWLRQQHU XQH VRXUFH $9 DYHF
OH ERXWRQ 79$9 TXL VH WURXYH VXU OH WDEOHDX GH FRPPDQGH
O DYDQW GH YRWUH W O YLVHXU
$SSX\H] VXU OH ERXWRQ 79$9 SOXVLHXUV IRLV MXVTX FH TXH
YRXV DUULYLH] OD VRXUFH $9 TXH YRXV G VLUH] DIILFKHU
79$9
- (Q PRGH $9 OH QRPEUH G RSWLRQV GHV PHQXV 621 HW
&21),*85$7,21 HVW U GXLW SDU H[HPSOH DX PHQX
&RQILJXUDWLRQ LO Q \ D SDV GH PHQX &RQILJXUDWLRQ )LFKHV IURQWDOHV
'HV TXLSHPHQWV VXSSO PHQWDLUHV SHXYHQW ûWUH FRQQHFW V O DYDQW GH YRWUH W O YLVHXU SDU XQH SULVH 69LG R EURFKHV $9 XQH SULVH 5&$ $XGLR 9LG R $9 HW XQH SULVH SRXU FDVTXH
6RUWLH SULVH FDVTXH
69
)LFKH MDFN VW U R PP
&$648( 67þ5þ2 DYHF
ILFKH MDFN PP
(QWU H YLG R
SULVH 69LG R
(QWU H YLG R
SULVH 9
(QWU H DXGLR SULVHV
/5 JDXFKHGURLWH
& EOH
YLG R
5&$
F EOHV
DXGLR
5&$
&$0(6&23(
1RWHV
- /HV TXLSHPHQWV DX[LOLDLUHV HW OHV F EOHV UHSU VHQW V QH VRQW SDV IRXUQLV DYHF OH W O YLVHXU
- 3RXU OHV LQIRUPDWLRQV VXU OH F EODJH GH OD SULVH 69LG R YRLU HQ SDJH &RQQH[LRQV $XGLR 9LG R
3ULVHV DUULýUH
,O HVW SRVVLEOH GH EUDQFKHU GHV DSSDUHLOV VXSSO PHQWDLUHV O DUULýUH GH YRWUH W O YLVHXU YLD WURLV SULVHV S ULWHO EURFKHV
$9$9 6 $9 6 HW YLD GHX[ SULVHV DXGLR QXP ULTXHV XQH HQWU H RSWLTXH SRXU $9 VHXOHPHQW HW XQH HQWU H RSWLTXHFRD[LDOH
SDUWDJ H SRXU $9 $9 HW $9 [ F EOHV DXGLR 5&$
6RUWLH GHV SULVHV
6257,( $8',2 *'
+,), 6<67(0
(QWU H $9&
&RPSRQHQW
[ 5&$ 9LGHR &DEOHV
(QWU HVRUWLH GH OD
SULVH 3(5,7(/ $9
(QWU HVRUWLH SULVH
3(5,7(/ $9
& EOH 3(5,7(/
& EOH 3(5,7(/
0$*1þ726&23(
0$*1þ726&23(
0$*1þ726&23( 69,'þ2
0$*1þ726&23( &203$7,%/(
/,$,621 4/,1.
0$*1(726&23(
0$*1(726&23( 69,'þ2
'þ&2'(85
/(&7(85 '9'
/(&7(85 '9'
&$0(6&23( 69,'(2
& EOH 3(5,7(/
$ QRWHU &H WHUPLQDO
DFFHSWH OH IRUPDW LQ
WHUODF QRUPDO DLQVL
TXH OH IRUPDW SURJUHV
VLI
(QWU HVRUWLH GH OD SULVH
3(5,7(/ $9 GH OD OLDLVRQ 4/LQN
&$0(6&23( 69,'(2
'þ&2'(85
/(&7(85 '9'
&$0(6&23( 69,'(2
&2162/( '(
-(825',1$7(85 59%
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
- 3RXU OHV LQIRUPDWLRQV VXU OH F EODJH GH OD SULVH 3HULW O YRLU HQ SDJH - /RUVTXH YRXV FRQQHFWH] XQ FRPSRVDQW $9 OH W O YLVHXU SDVVH DXWRPDWLTXHPHQW DX PRGH $9& &HUWDLQHV IRQFWLRQV VHURQW
SHXWûWUH OLPLW HV GDQV FH PRGH
- / HQWU H FRPSRVDQW YLG R HVW GHVWLQ H XQLTXHPHQW OD YLG R 3RXU O DXGLR YRXV GHYH] JDOHPHQW FRQQHFWHU XQ F EOH VFDUW
$9
- $96 Q HVW SDV GLVSRQLEOH ORUVTXH YRXV DYH] FRQQHFW XQ FRPSRVDQW
'LDJQRVWLF GHV SDQQHV
6L YRXV DYH] GHV SUREOýPHV DYHF YRWUH W O YLVHXU YHXLOOH] FRQVXOWHU OH WDEOHDX FLGHVVRXV $SUýV DYRLU LGHQWLIL OHV V\PSWÎPHV
U DOLVH] OD Y ULILFDWLRQ VXJJ U H 6L FHOD QH VXIILW SDV SRXU U VRXGUH OH SUREOýPH FRQWDFWH] YRWUH IRXUQLVVHXU 3DQDVRQLF HQ FLWDQW OD
U I UHQFH GX PRGýOH HW OH QXP UR GH V ULH TXH YRXV WURXYHUH] O DUULýUH GX W O YLVHXU 6\PSWÎPHV
,PDJH
6RQ
9 ULILHU
/D SRVLWLRQ O RULHQWDWLRQ RX OH
UDFFRUGHPHQW GH O DQWHQQH
,PDJH QHLJHXVH
6RQ GLVFRUGDQW
/D SRVLWLRQ O RULHQWDWLRQ RX OH
UDFFRUGHPHQW GH O DQWHQQH
,PDJH G PXOWLSOL H
6RQ QRUPDO
/D SUR[LPLW G DSSDUHLOV OHFWURP QDJHUV
GH YRLWXUHVPRWRF\FOHWWHV
G FODLUDJHV IOXRUHVFHQWV
3DUDVLWHV
6RQ GLVFRUGDQW
6 OHFWLRQQH] OD IRQFWLRQ 315 GDQV OH PHQX ,PDJH
SRXU U GXLUH OD GLVWRUVLRQ GH O LPDJH
/H U JODJH GH YROXPH
6L OD FRXSXUH GH VRQ HVW DFWLY H
,PDJH QRUPDOH
3DV G LPDJH
3DV GH VRQ
3DV GH VRQ
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
3DV GH FRXOHXU
6RQ QRUPDO
5 DFFRUGHU OH V FDQDO FDQDX[ 0DXYDLVH LPDJH RX GLVWRUVLRQ
7DFKHV GH FRXOHXU
6RQ IDLEOH RX SDV GH VRQ
6RQ QRUPDO
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
,PDJH QRUPDOH
6RQ IDLEOH RX GLVFRUGDQW
,QIRUPDWLRQV VXU OHV SULVHV 6FDUW HW 6YLGHR
3ULVHV 3(5,7(/ EURFKHV $9 HW $9
6 9LG R r $9 XQLTXHPHQW
3ULVH 3(5,7(/ EURFKHV $9
&RQQHFWHXU GH PDVVH 6RUWLH &9%6 YLG R 0DVVH &9%6
5RXJH LQ 6& ,Q 0DVVH URXJH
(QWU H YHUWH
0DVVH YHUWH
(QWU H EOHXH
0DVVH EOHXH
6RUWLH DXGLR *
6RUWLH DXGLR '
&RQQHFWHXU GH PDVVH 6RUWLH &9%6 YLG R 0DVVH &9%6
(QWU H 6&
0DVVH
0DVVH
0DVVH
6RUWLH DXGLR *
6RUWLH DXGLR '
(QWU H &9%6 YLG R
0DVVH WDW 59%
(WDW 59%
0DVVH
(WDW &9%6 YLG R
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
/HV HQWU HV DG TXDWHV SRXU $9 $9
LQFOXHQW 59% 5RXJH9HUW%OHX 6& r ,Q VXU 3LQ j6& r ,Q V DSSOLTXH
$9 XQLTXHPHQW
/HV EURFKHV $9 HW G SHQGHQW GH OD
FRPPXWDWLRQ 69+6 9,'þ2 $9
3ULVH EURFKHV 69LGHR
(QWU H &9%6 YLG R
0DVVH
(QWU H FKURPLQDQFH
0DVVH
/LDLVRQ 4/LQN
(WDW YLG R &9%6
(QWU H DXGLR *
0DVVH DXGLR
(QWU H DXGLR '
0DVVH FKURPLQDQFH
(QWU H OXPLQDQFH
0DVVH OXPLQDQFH
/HV EURFKHV $9 HW G SHQGHQW GH
OD FRPPXWDWLRQ 69+6 9,'þ2 $9
&DUDFW ULVWLTXHV
7; 3;'
$OLPHQWDWLRQ OHFWULTXH
9 $& +]
&RQVRPPDWLRQ
:
&RQVRPPDWLRQ HQ YHLOOH
:
7XEH LPDJH
'LDJRQDOH YLVLEOH
FP
6RUWLH DXGLR
3XLVVDQFH PXVLFDOH
[ : 032 ,PS GDQFH :
'LPHQVLRQ
3RLGV NJ
6\VWýPHV GH U FHSWLRQ
QRP GH EDQGH
+
/
3
PP
PP
PP
3$/ % * + , 6(&$0 % * 6(&$0 //
9+) ( (
9+) + + ,7$/,(
9+) $ + ,7$/,(
8+) ( (
&$79 6 6
&$79 6 6 0 0
&$79 6 6 8 8
&$79 6 6 K\SHUEDQGH
3$/ '
' .
. 6(&$0 '
' .
9+) 5 5
9+) 5 5
9+) 5 5
8+) ( (
3$/ /HFWXUH GH FDVVHWWHV 176& SDUWLU GH PDJQ WRVFRSHV 3$/
0176& /HFWXUH GH PDJQ WRVFRSHV 176& 0+]
176& HQWU H $9 XQLTXHPHQW /HFWXUH GH PDJQ WRVFRSHV 176&
$QWHQQH DUULýUH
8+) 9+)
&DVTXH DYDQW
PP LPS GDQFH :
$9 DUULýUH
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 59%
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R OLDLVRQ 4/LQN
$9 SULVH EURFKHV HQWU HVRUWLH DXGLRYLG R HQWU H 69LG R HQWU H 59%
$9& &RPSRQHQW HQWU H < 3E 3U
[ VRUWLHV DXGLR 5&$
$9 DYDQW
$9 HQWU H 69LG R [ HQWU H YLG R 5&$ [ HQWU HV DXGLR 5&$
&HV SHXYHQW ûWUH PRGLIL HV VDQV SU DYLV /HV GLPHQVLRQV HW SRLGV VRQW DSSUR[LPDWLIV
. 0DWVXVKLWD (OHFWULF 8. /WG
&6
">
Link público atualizado
O link público para o seu chat foi atualizado.