8WLOLVDWLRQ  N9$  9

 6pOHFWLRQQH] 02'( 1250$/ j O DLGH GHV WRXFKHV GH QDYLJDWLRQ SXLV

DSSX\H] VXU (QWUpH /H PHVVDJH 6(/(&7,211e  V DIILFKHUD j O pFUDQ

02'( 1250$/

6(/(&7,211e 

 $SSX\H] GHX[ IRLV VXU OD WRXFKH (6& /H PHVVDJH $UUrWHU WRXV FRQYHUWLVV HW
HQUHJ QRXY FRQILJ " V DIILFKHUD

$UUrWHU WRXV RQGXO HW

HQUHJ QRXY FRQILJ "

 $SSX\H] VXU OD WRXFKH (QWUpH SRXU FRQILUPHU

 /H PHVVDJH (QUHJ FRQILJXUDWLRQ V DIILFKH

(QUHJ FRQILJXUDWLRQ

5(0$548( / XQ GHV GHX[ PHVVDJHV VXLYDQWV V DIILFKH  &RQILJXUDWLRQ

WHUPLQpH  RX (FKHF FRQILJXUDWLRQ  $SSX\H] SOXVLHXUV IRLV VXU (6& SRXU
UHYHQLU j O pFUDQ SDU GpIDXW
 $WWHQGH] TXH OHV RQGXOHXUV UHGpPDUUHQW HW TXH OH 3)& VRLW FRPSOqWHPHQW
FKDUJp
3ODFH] OH GLVMRQFWHXU GH VRUWLH 423 HQ SRVLWLRQ DFWLYp IHUPp 
 3ODFH] OH GLVMRQFWHXU GX E\SDVV VWDWLTXH 40 HQ SRVLWLRQ DFWLYp IHUPp 
$SSX\H] VXU OH ERXWRQ 0$5&+( 21'8/(85
&RQWU{OH] O pWDW GHV YR\DQWV SRXU OH PRGH QRUPDO 
‡ 9R\DQW 3)&  YHUW
‡ 9R\DQW 21'8/(85  YHUW
‡ 9R\DQW %<3$66  e7(,176
‡ 9R\DQW &+$5*(  YHUW
‡ 9R\DQW &+$5*( 3527e*e(  YHUW
‡ $XWUHV YR\DQWV  eWHLQWV

3DVVHU GX PRGH QRUPDO DX PRGH E\SDVV GH PDLQWHQDQFH

 9pULILH] TXH OH GLVMRQFWHXU GX E\SDVV VWDWLTXH 40 HVW HQ SRVLWLRQ DFWLYp
IHUPp 
 $FWLYH] OH PRGH E\SDVV VWDWLTXH SDU OH ELDLV GH O DIILFKDJH RX GX ERXWRQ $55(7
21'8/(85 5HSRUWH]YRXV j OD VHFWLRQ 3DVVHU GX PRGH QRUPDO DX PRGH
E\SDVV VWDWLTXH SDJH 
5(0$548( /D FKDUJH Q HVW GpVRUPDLV SOXV SURWpJpH SDU O $6,
5(0$548( 9HLOOH] j FH TXH OD FKDUJH VRLW DOLPHQWpH SDU XQH VRXUFH GH
E\SDVV &$
 3ODFH] OH GLVMRQFWHXU GX E\SDVV GH PDLQWHQDQFH 4%3 HQ SRVLWLRQ DFWLYp
IHUPp 
 3ODFH] OH GLVMRQFWHXU G HQWUpH 40 HQ SRVLWLRQ GpVDFWLYp RXYHUW  SXLV OH
GLVMRQFWHXU GX E\SDVV VWDWLTXH 40 HQ SRVLWLRQ GpVDFWLYp RXYHUW 
 3ODFH] OH GLVMRQFWHXU GH VRUWLH 423 HQ SRVLWLRQ GpVDFWLYp RXYHUW  /D
FKDUJH Q HVW GpVRUPDLV SOXV DOLPHQWpH SDU O $6,

' 
 N9$  9 8WLOLVDWLRQ

 6XLYH] O XQH GHV SURFpGXUHV VXLYDQWHV HQ IRQFWLRQ GH YRWUH FRQILJXUDWLRQ 

D &RQILJXUDWLRQ VDQV DUPRLUH EDWWHULHV VXSSOpPHQWDLUH  3ODFH] OH GLVMRQFWHXU
EDWWHULH 4% HQ SRVLWLRQ GpVDFWLYp RXYHUW 
E &RQILJXUDWLRQ DYHF DUPRLUH EDWWHULHV VXSSOpPHQWDLUH  9HLOOH] j FH TXH OH
GLVMRQFWHXU EDWWHULH 4% VRLW GpVDFWLYp RXYHUW  SXLV SODFH] OH GLVMRQFWHXU
GH O DUPRLUH EDWWHULHV 4)% HQ SRVLWLRQ GpVDFWLYp RXYHUW 

3DVVHU GX PRGH E\SDVV GH PDLQWHQDQFH DX PRGH QRUPDO

5(0$548( 1H WHQWH] MDPDLV GH UHPHWWUH O $6, HQ PRGH QRUPDO VDQV DYRLU
YpULILp O DEVHQFH GH GpIDXW LQWHUQH

 3ODFH] OH GLVMRQFWHXU GH VRUWLH 423 HW OH GLVMRQFWHXU GX E\SDVV VWDWLTXH

40 HQ SRVLWLRQ DFWLYpV IHUPpV  /D FRQWLQXLWp G DOLPHQWDWLRQ GH OD FKDUJH
HVW GpVRUPDLV DVVXUpH SDU O $6,
 3ODFH] OH GLVMRQFWHXU GX E\SDVV GH PDLQWHQDQFH 4%3 HQ SRVLWLRQ GpVDFWLYp
RXYHUW 
 &RQWU{OH] O pWDW GHV YR\DQWV SRXU OH PRGH E\SDVV 
‡ 9R\DQW %<3$66  YHUW
‡ 9R\DQW &+$5*(  YHUW
 6XLYH] O XQH GHV SURFpGXUHV VXLYDQWHV HQ IRQFWLRQ GH YRWUH FRQILJXUDWLRQ 
D &RQILJXUDWLRQ VDQV DUPRLUH EDWWHULHV VXSSOpPHQWDLUH  3ODFH] OH GLVMRQFWHXU
EDWWHULHV 4% HQ SRVLWLRQ DFWLYp IHUPp 
E &RQILJXUDWLRQ DYHF DUPRLUH EDWWHULHV VXSSOpPHQWDLUH  9HLOOH] j FH TXH OH
GLVMRQFWHXU EDWWHULH 4% VRLW GpVDFWLYp RXYHUW  SXLV SODFH] OH GLVMRQFWHXU
GH O DUPRLUH EDWWHULHV 4)% HQ SRVLWLRQ DFWLYp IHUPp 
 3ODFH] OH GLVMRQFWHXU G HQWUpH 40 HQ SRVLWLRQ DFWLYp IHUPp 
5(0$548( / RQGXOHXU HVW GpVRUPDLV KRUV WHQVLRQ HW OH FKDUJHPHQW GX EXV
&& FRPPHQFH $WWHQGH] TXH OH EXV && VRLW FRPSOqWHPHQW FKDUJp DYDQW GH
FRQWLQXHU 6L OD IRQFWLRQ '(0$55$*( $872 $6, HVW DFWLYpH VRXV
3(56211$/,6$7,21 O $6, GpPDUUH DXWRPDWLTXHPHQW 'DQV OH FDV FRQWUDLUH
O RQGXOHXU HVW KRUV WHQVLRQ HW GRLW rWUH PLV VRXV WHQVLRQ j O DLGH GX ERXWRQ
0$5&+( 21'8/(85 RX GH O DIILFKDJH 5HSRUWH]YRXV j OD VHFWLRQ 3DVVHU GX
PRGH E\SDVV VWDWLTXH DX PRGH QRUPDO SDJH 
 9HLOOH] j FH TXH O 21'8/(85 VRLW VRXV WHQVLRQ &RQWU{OH] O pWDW GHV YR\DQWV
SRXU OH PRGH QRUPDO 
‡ 9R\DQW 3)&  YHUW
‡ 9R\DQW 21'8/(85  YHUW
‡ 9R\DQW &+$5*(  YHUW
‡ 9R\DQW &+$5*( 3527e*e(  YHUW
‡ $XWUHV YR\DQWV  e7(,176
5(0$548( OD FKDUJH HVW GpVRUPDLV SURWpJpH SDU O $6,

$UUrW WRWDO
5(0$548( 9RXV GHYH] GpVDFWLYHU OD FKDUJH DOLPHQWpH SDU OHV $6, SRXU
SRXYRLU HIIHFWXHU FHWWH SURFpGXUH

 9pULILH] TXH OD FKDUJH DOLPHQWpH SDU OHV $6, HVW KRUV WHQVLRQ
 $FWLYH] OH PRGH E\SDVV VWDWLTXH SDU OH ELDLV GH O DIILFKDJH RX GX ERXWRQ $55(7
21'8/(85 5HSRUWH]YRXV j OD VHFWLRQ 3DVVHU GX PRGH QRUPDO DX PRGH
E\SDVV VWDWLTXH SDJH 

 '