8WLOLVDWLRQGHVIRQFWLRQVSUDWLTXHV
0RGH6XSHU&RRO
8WLOLVH]FHUpJODJHDSUqVODPLVHHQPDUFKHLQLWLDOHGHO¶DSSDUHLODYDQWGHQHWWR\HUO¶DSSDUHLORX
DYDQWG¶\VWRFNHUXQHJUDQGHTXDQWLWpG¶DOLPHQWV
$FWLYDWLRQGXPRGH6XSHU&RRO
$SSX\H]VXUODWRXFKH
'
/¶LQGLFDWLRQ³6&´V¶DI¿FKHVXUO¶pFUDQ
(
6LYRXVQHGpVDFWLYH]SDVFHPRGHPDQXHOOHPHQWLOHVWDXWRPDWLTXHPHQWGpVDFWLYpDXERXW
G¶HQYLURQVL[KHXUHV/HUpJODJHGHWHPSpUDWXUHGXUpIULJpUDWHXUOHSOXVUpFHQWHVWDORUVUpWDEOL
5HPDUTXHV
'DQVFHPRGH
$SSX\H]VXUODWRXFKH
'
SRXUGpVDFWLYHUOHPRGH6XSHU&RRO
9RXVSRXYH]DORUVVpOHFWLRQQHUOHPRGH(&2HROLGD\
'qVTXHYRXVVpOHFWLRQQH]O¶XQGHFHVPRGHVOHPRGH6XSHU&RROHVWGpVDFWLYp
9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXFRQJpODWHXU
%LHQTXHODWHPSpUDWXUHGXUpIULJpUDWHXUSXLVVHpJDOHPHQWrWUHUpJOpHOHPRGH6XSHU&RROHVW
GpVDFWLYp
(
'
&
)
0RGH6XSHU)UHH]H
8WLOLVH]FHUpJODJHDSUqVODPLVHHQPDUFKHLQLWLDOHGHO¶DSSDUHLODYDQWGHQHWWR\HUO¶DSSDUHLORX
KHXUHVDYDQWG¶\VWRFNHUXQHJUDQGHTXDQWLWpG¶DOLPHQWV
$FWLYDWLRQGXPRGH6XSHU)UHH]H
$SSX\H]VXUODWRXFKH
,
/¶LQGLFDWLRQ³6)´DSSDUDvWVXUO¶DI¿FKHXU
*
6LYRXVQHGpVDFWLYH]SDVPDQXHOOHPHQWOHPRGH6XSHU)UHH]HLOHVWDXWRPDWLTXHPHQW
GpVDFWLYpDXERXWG¶HQYLURQGHX[MRXUV/HUpJODJHGHWHPSpUDWXUHGXFRQJpODWHXUOHSOXVUpFHQW
HVWDORUVUpWDEOL
5HPDUTXHV
'DQVFHPRGH
$SSX\H]VXUODWRXFKH
,
SRXUGpVDFWLYHUOHPRGH6XSHU)UHH]H
9RXVSRXYH]DORUVVpOHFWLRQQHUOHPRGH(&2HROLGD\
'qVTXHYRXVVpOHFWLRQQH]O¶XQGHFHVPRGHVOHPRGH6XSHU)UHH]HHVWGpVDFWLYp
9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXUpIULJpUDWHXU
%LHQTXHODWHPSpUDWXUHGXFRQJpODWHXUSXLVVHpJDOHPHQWrWUHUpJOpHOHPRGH6XSHU)UHH]H
HVWGpVDFWLYp
,
*
-
.
+
0RGH)ODVK)UHH]H
3RXUFRQJHOHUUDSLGHPHQWGHVDOLPHQWVIUDLVXWLOLVH]OHPRGH)ODVK)UHH]HTXLQ¶HVWDFWLYpTXH
GDQVOHWLURLUGHFRQJpODWLRQVXSpULHXUGXFRQJpODWHXU/RUVTXHFHPRGHHVWDFWLYpO¶DSSDUHLO
VRXIÀHFRQWLQXHOOHPHQWGHO¶DLUIURLGGDQVFHWWHSDUWLHGXFRQJpODWHXU8QHFRQJpODWLRQUDSLGH
SHUPHWGHFRQVHUYHUSOXVORQJWHPSVOHVYLWDPLQHVHWOHVPLQpUDX[GHVDOLPHQWV
$FWLYDWLRQGXPRGH)ODVK)UHH]H
$SSX\H]VXUODWRXFKH
,
SHQGDQWDXPRLQVWURLVVHFRQGHV/¶LQGLFDWLRQ³))´DSSDUDvWVXU
O¶DI¿FKHXU
*
'DQVFHPRGHOHFRPSUHVVHXUIRQFWLRQQHGHIDoRQFRQWLQXHHWODWHPSpUDWXUHGXFRQJpODWHXU
EDLVVHFRQVLGpUDEOHPHQW
6LYRXVQHGpVDFWLYH]SDVFHPRGHPDQXHOOHPHQWHQDSSX\DQWVXUODWRXFKH
,
LOHVW
DXWRPDWLTXHPHQWGpVDFWLYpDXERXWGHKHXUHV/HUpJODJHGHWHPSpUDWXUHGXFRQJpODWHXUOH
SOXVUpFHQWHVWDORUVUpWDEOL
8WLOLVH]FHPRGHSRXUFRQJHOHUGHSHWLWHVTXDQWLWpVG¶DOLPHQWVMXVTX¶jGHX[NLORVGDQVOHWLURLU
GHFRQJpODWLRQVXSpULHXU6LYRXVFRQJHOH]GHJUDQGHVTXDQWLWpVG¶DOLPHQWVYRXVGHYH]DFWLYHU
FHPRGHKHXUHVDYDQWGHVWRFNHUOHVDOLPHQWVGDQVOHFRQJpODWHXU
5HPDUTXHV
'DQVFHPRGH
$SSX\H]VXUODWRXFKH
,
SRXUGpVDFWLYHUOHPRGH)ODVK)UHH]H
9RXVSRXYH]DORUVVpOHFWLRQQHUOHPRGH(&2HROLGD\
'qVTXHYRXVVpOHFWLRQQH]O¶XQGHFHVPRGHVOHPRGH)ODVK)UHH]HHVWGpVDFWLYp
9RXVSRXYH]UpJOHUODWHPSpUDWXUHGXUpIULJpUDWHXU
/RUVTXHOHPRGH6XSHU&RROHVWDFWLYpFHPRGHQHSHXWSDVrWUHVpOHFWLRQQp
%LHQTXHODWHPSpUDWXUHGXFRQJpODWHXUSXLVVHpJDOHPHQWrWUHUpJOpHOHPRGH)ODVK)UHH]H
HVWGpVDFWLYp
,
*
-
.
+
