5HY
&RPPDQGHVDX[LOLDLUHVGHYRWUH=RQHOLQH
87,/,6$
7,21'8=21(/,1(
02'( $OO(HDW$=RQO\>&KDXIIDJHWRXWpOHFWULTXH$=VHXOHPHQW@
&HWWHRSWLRQGHFKDXIIDJHpOHFWULTXHQ¶HVWFRPSDWLEOHTX¶DYHF
OHPRGqOH$=/RUVTXHFHWWHRSWLRQHVWj21>
@OH
IRQFWLRQQHPHQWGHODWKHUPRSRPSHHVWEORTXpGHVRUWHTXH
O¶DSSDUHLOQHIRXUQLWTXHGXFKDXIIDJHpOHFWULTXH
3RXUUpJOHUO¶RSWLRQ
$OO(HDW
&KDXIIDJHWRXWpOHFWULTXH
DSSX\H]VXU02'(MXVTX¶jFHTXHOHFDUDFWqUH©ªVRLWOH
SUHPLHUFDUDFWqUHGHO¶DIILFKDJH$SSX\H]VXUODWRXFKH©ªRX
©ªSRXUPHWWUHFHFRPPXWDWHXUj2))>
@RX21>
@
&HODDSSDUDvWUDFRPPHOHGHX[LqPHFDUDFWqUHGHO¶DIILFKDJH
$SSX\H]VXU
$8;6(7
5pJODJHVDX[LOLDLUHVSRXUYHUURXLOOHUOD
VpOHFWLRQHWTXLWWHUOHPRGH
$8;6(7
RXDSSX\H]VXU
02'(
SRXUFRQWLQXHUOHUpJODJHG¶DXWUHVIRQFWLRQV
02'( +HDW%RRVW$=RQO\>&KDOHXUVXSSOpPHQWDLUH$=VHXOHPHQW@
/RUVTXH
+HDW%RRVW
&KDOHXUVXSSOpPHQWDLUHHVWj21HW
TXHOHVWHPSpUDWXUHVH[WpULHXUHVVHVLWXHQWHQWUH&
)HW&)GHODFKDOHXUpOHFWULTXHVXSSOpPHQWDLUH
HVWIRXUQLHjODWKHUPRSRPSHSRXUPDLQWHQLUXQHWHPSpUDWXUH
DPELDQWHFRQVWDQWHHWFRQIRUWDEOH
3RXUUpJOHUO¶RSWLRQ
+HDW%RRVW
&KDOHXUVXSSOpPHQWDLUH
DSSX\H]VXU
02'(
MXVTX¶jFHTXHOHFDUDFWqUH©ªVRLWOH
SUHPLHUFDUDFWqUHGHO¶DIILFKDJH$SSX\H]VXUODWRXFKH©ª
RX©ªSRXUPHWWUHFHFRPPXWDWHXUj2))>
@
RX21>
@&HODDSSDUDvWUDFRPPHOHGHX[LqPHFDUDFWqUH
GHO¶DIILFKDJH$SSX\H]VXU
$8;6(7
5pJODJHVDX[LOLDLUHV
SRXUYHUURXLOOHUODVpOHFWLRQHWTXLWWHUOHPRGH
$8;6(7
/HUpJODJHSDUGpIDXWGX0RGHHVW2))$UUrW
&KDOHXU
VXSSOpPHQWDLUH
2))
&KDOHXU
VXSSOpPHQWDLUH
21
02'(
9LWHVVHGHYHQWLODWHXUGXPRGXOHG¶DLUG¶DSSRLQWQXPpULTXH
$SSX\H]VXU
02'(
MXVTX¶jFHTXHVRLWOHSUHPLHU
FDUDFWqUHGHO¶DIILFKDJHSRXUOHPRGH$LUG¶DSSRLQW
QXPpULTXH3RXUpWHLQGUHOHPRGXOHRXFKDQJHUOHV
YLWHVVHVGHYHQWLODWHXUDSSX\H]VXUODWRXFKH©ªRX©
ª©ªLQGLTXHTXHOHPRGXOHHVWpWHLQW©ª PRGXOH
DOOXPpDYHFYHQWLODWHXUVUpJOpVjSLPLQ©ª
PRGXOHDOOXPpDYHFYHQWLODWHXUVUpJOpVjSLPLQHWF
/HUpJODJHSDUGpIDXWGX0RGHHVW©DFWLYpª21DYHF
YLWHVVHGHYHQWLODWHXUGHSLPLQ³ ³
02'((
'pWHFWLRQG¶RFFXSDWLRQGXPRGXOHG¶DLUG¶DSSRLQWQXPpULTXH
3RXUDFWLYHUODGpWHFWLRQG¶RFFXSDWLRQDSSX\H]VXU02'(
MXVTX¶jFHTXH©(ªVRLWOHSUHPLHUFDUDFWqUHG¶DIILFKDJH
$SSX\H]VXUODWRXFKH©ªRX©ªSRXUUpJOHUOD
GpWHFWLRQG¶RFFXSDWLRQj2))³ ´RX21³ ´
/HUpJODJHSDUGpIDXWGX0RGH(HVW2))³ ´
02'(3
&RQILJXUDWLRQGHO¶H[DPHQWHFKQLTXH
&HUpJODJHHVWXWLOLVpSRXUFRQILJXUHUO¶DSSDUHLODSUqVOH
UHPSODFHPHQWGHODFDUWHGHFLUFXLWLPSULPp
/¶DSSDUHLOSDVVHUDDXWRPDWLTXHPHQWjFHPRGHODSUHPLqUH
IRLVTXHO¶DSSDUHLOHVWPLVVRXVWHQVLRQDSUqVDYRLULQVWDOOp
ODFDUWHGHFLUFXLWLPSULPp/¶,8DIILFKHUD©3ª$SSX\H]
VXUODWRXFKH©ªGXFODYLHUMXVTX¶jFHTXHOHFKLIIUH
FRUUHVSRQGDQWjO¶H[DPHQWHFKQLTXHFRPPHPRQWUp
/¶H[DPHQWHFKQLTXHHVWOHGHUQLHUFKLIIUHGXQXPpURGH
PRGqOH$SSX\H]VXU©$X[ªSRXUVDXYHJDUGHUHWTXLWWHU
/¶H[DPHQWHFKQLTXHGRLWrWUHUpJOpDSUqVOHSUHPLHU
F\FOHGHPLVHVRXVWHQVLRQHQXWLOLVDQW©$8;6(7ª
FRQILJXUDWLRQ$8;$SSX\H]VXUODWRXFKH©02'(ª
MXVTX¶jFHTXHODOHWWUH©3ªDSSDUDLVVHFRPPHSUHPLHU
FKLIIUHHWVXLYH]HQVXLWHOHVpWDSHVFLGHVVXV
([HPSOHGHQRPHQFODWXUH
AZ45E09DABW2
([DPHQWHFKQLTXH
&KDXIIDJH
WRXWpOHFWULTXH
2))
&KDXIIDJH
WRXWpOHFWULTXH
21