• Aucun résultat trouvé

The peripersonal space : a space to inter-act

N/A
N/A
Protected

Academic year: 2021

Partager "The peripersonal space : a space to inter-act"

Copied!
218
0
0

Texte intégral

(1)The peripersonal space : a space to inter-act Ivan Patanè. To cite this version: Ivan Patanè. The peripersonal space : a space to inter-act. Cognitive Sciences. Université de Lyon; Università degli studi (Bologne, Italie), 2018. English. �NNT : 2018LYSE1060�. �tel-02554915�. HAL Id: tel-02554915 https://tel.archives-ouvertes.fr/tel-02554915 Submitted on 27 Apr 2020. HAL is a multi-disciplinary open access archive for the deposit and dissemination of scientific research documents, whether they are published or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.. L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés..

(2) N°d’ordre NNT : 2018LYSE1060. THESE de DOCTORAT DE L’UNIVERSITE DE LYON opérée au sein de. l’Université Claude Bernard Lyon 1 Ecole Doctorale N° 476 Neurosciences et cognition (NSCo) Spécialité de doctorat : Discipline : Neurosciences cognitives. Soutenue publiquement le 26/04/2018 par :. Ivan Patanè. L’ESPACE PERIPERSONNEL : UN ESPACE POUR INTER-AGIR. Devant le jury composé de : Prof Macaluso Emiliano Professeur UCBL Lyon 1 Président.e Prof Ciaramelli, Elisa Professeure Università di Bologna Examinatrice Dr Hadj-Bouziane, Fadila Chargée de Recherche CNRS CNRL Examinatrice Prof Di Pellegrino, Giuseppe Examinateur. Dr Farné, Alessandro Directeur de Recherche INSERM CNRL Directeur de thèse Prof Frassinetti, Francesca Professeure Università di Bologna Directrice de these Dr Ferri, Francesca Chercheure University of Essex Rapporteure Prof Serino, Andrea Professeur University Hospital of Lausanne Rapporteure.

(3) $OPD0DWHU6WXGLRUXP±8QLYHUVLWjGL%RORJQD J LQFRWXWHODFRQ8QLYHUVLWp&ODXGH%HUQDUG/\RQ '27725$72',5,&(5&$,1. 6&,(1=(36,&2/2*,&+( &LFOR;;; 6HWWRUH&RQFRUVXDOH ( 6HWWRUH6FLHQWLILFR'LVFLSOLQDUH 036,. 7+( 3(5,3(5621$/ 63$&( $63$&(72,17(5$&7 $FWLRQDQG6RFLDOUHODWHG0RGXODWLRQVRIWKH6SDFHDURXQG8V. 3UHVHQWDWDGD GU,YDQ3DWDQq. &RRUGLQDWRUH'RWWRUDWR. 6XSHUYLVRUH. 3URIVVD0RQLFD5XELQL. 3URIVVD)UDQFHVFD)UDVVLQHWWL 6XSHUYLVRUH 'U$OHVVDQGUR)DUQp. (VDPHILQDOHDQQR .

(4) 81,9(56,7(&/$8'(%(51$5' /<21 3UpVLGHQW GHO¶8QLYHUVLWp. 0OH3URIHVVHXU)UpGpULF )/(85<. 3UpVLGHQWGX&RQVHLO $FDGpPLTXH. 0OH3URIHVVHXU+DPGD%(1+$','. 9LFHSUpVLGHQW GX&RQVHLO G¶$GPLQLVWUDWLRQ. 0OH3URIHVVHXU'LGLHU 5(9(/. 9LFHSUpVLGHQW GX&RQVHLO )RUPDWLRQHW9LH 8QLYHUVLWDLUH. 0OH3URIHVVHXU3KLOLSSH &+(9$/,(5. 9LFHSUpVLGHQW GHOD&RPPLVVLRQ 5HFKHUFKH. 0)DEULFH 9$//e(. 'LUHFWULFH *pQpUDOH GHV6HUYLFHV. 0PH'RPLQLTXH 0$5&+$1'. COMPOSANTES SANTE )DFXOWp GH0pGHFLQH /\RQ(VW± &ODXGH %HUQDUG. 'LUHFWHXU 0OH3URIHVVHXU*52'(. )DFXOWp GH0pGHFLQH HWGH0DwHXWLTXH /\RQ6XG± &KDUOHV 0pULHX[. 'LUHFWHXU 0PHOD3URIHVVHXUH&%85,//21. )DFXOWp G¶2GRQWRORJLH ,QVWLWXW GHV6FLHQFHV3KDUPDFHXWLTXHV HW%LRORJLTXHV ,QVWLWXW GHV6FLHQFHVHW7HFKQLTXHVGHOD5pDGDSWDWLRQ 'pSDUWHPHQWGHIRUPDWLRQ HW&HQWUHGH5HFKHUFKHHQ%LRORJLH +XPDLQH. 'LUHFWHXU 0OH3URIHVVHXU'%285*(2,6 'LUHFWHXU 0PHOD3URIHVVHXUH&9,1&,*8(55$ 'LUHFWHXU 0;3(5527 'LUHFWHXU 0PHOD3URIHVVHXUH$06&+277. COMPOSANTES ET DEPARTEMENTS DE SCIENCES ET TECHNOLOGIE )DFXOWp GHV6FLHQFHVHW7HFKQRORJLHV. 'LUHFWHXU 0)'(0$5&+,. 'pSDUWHPHQW%LRORJLH 'pSDUWHPHQW&KLPLH %LRFKLPLH. 'LUHFWHXU 0OH3URIHVVHXU)7+(9(1$5' 'LUHFWHXU 0PH&)(/,;. 'pSDUWHPHQW*(3. 'LUHFWHXU 0+DVVDQ+$00285,. 'pSDUWHPHQW,QIRUPDWLTXH. 'LUHFWHXU 0OH3URIHVVHXU6$..28&+(. 'pSDUWHPHQW0DWKpPDWLTXHV. 'LUHFWHXU 0OH3URIHVVHXU *720$129. 'pSDUWHPHQW0pFDQLTXH. 'LUHFWHXU 0OH3URIHVVHXU+%(1+$','. 'pSDUWHPHQW3K\VLTXH. 'LUHFWHXU 0OH3URIHVVHXU-&3/(1(7. 8)56FLHQFHV HW7HFKQLTXHVGHV$FWLYLWpV 3K\VLTXHVHW6SRUWLYHV 'LUHFWHXU 0< 9$1328//( 2EVHUYDWRLUH GHV6FLHQFHV GHO¶8QLYHUV GH/\RQ. 'LUHFWHXU 0%*8,'(5'21,. 3RO\WHFK/\RQ. 'LUHFWHXU 0OH3URIHVVHXU(3(55,1. (FROH6XSpULHXUH GH&KLPLH 3K\VLTXH(OHFWURQLTXH. 'LUHFWHXU 0*3,*1$8/7. ,QVWLWXW 8QLYHUVLWDLUH GH7HFKQRORJLH GH/\RQ. 'LUHFWHXU 0OH3URIHVVHXU&9,721. (FROH6XSpULHXUH GX3URIHVVRUDWHWGHO¶(GXFDWLRQ. 'LUHFWHXU 0OH3URIHVVHXU$028*1,277(. ,QVWLWXW GH6FLHQFH )LQDQFLqUH HWG $VVXUDQFHV. 'LUHFWHXU 01/(%2,61(. .

(5)     . 7KH3HULSHUVRQDO 6SDFH $VSDFHWRLQWHUDFW $FWLRQ DQGVRFLDOUHODWHG PRGXODWLRQV RIWKHVSDFHDURXQGXV                  .   . .

(6) &RQWHQWV $EVWUDFW 5LDVVXQWR 5pVXPp &KDSWHU,7KHVSDFHDURXQGWKHERG\3HULSHUVRQDOVSDFH 0XOWLSOHVSDFHV 3HULSHUVRQDOVSDFHLQWKHPRQNH\EUDLQ $PXOWLVHQVRU\VSDFH $G\QDPLFPXOWLVHQVRU\PRWRUVSDFH 0LUURULQJWKH SHULSHUVRQDO

(7) VSDFH 0XOWLVHQVRU\QHWZRUNRI336FRGLQJ ,QDQXWVKHOO« 3HULSHUVRQDOVSDFHLQWKHKXPDQEUDLQ 3HULSHUVRQDOVSDFHLQWKHGDPDJHGKXPDQEUDLQ 3HULSHUVRQDOVSDFHLQKHDOWK\LQGLYLGXDOV  1HXURLPDJLQJ336LQWKHKXPDQEUDLQ ,QDQXWVKHOO« 3HULSHUVRQDOVSDFHLQDFWLRQ $VSDFHIRUERG\REMHFWLQWHUDFWLRQV",QWHULPVXPPDU\ 6RFLDO336 &KDSWHU,,$FWLRQSODQQLQJPRGXODWHVSHULSHUVRQDOVSDFH 0HWKRGV 6WDWLVWLFV 5HVXOWV 'LVFXVVLRQ &KDSWHU,,,7KHVSDFHEHWZHHQWKHERG\,QWHUSHUVRQDOVSDFH 7KHVRFLDOVSDFH ,QWHUSHUVRQDOVSDFHDQHXURVFLHQWLILFDSSURDFK ,QDQXWVKHOO +RZPDQ\VSDFHVDURXQGWKHERG\" ,36 336" &KDSWHU,97RROXVHGLIIHUHQWO\VKDSHVWKHVSDFHDURXQGXV  ([SHULPHQW 0DWHULDOVDQGPHWKRG 'DWDDQDO\VLVDQGUHVXOWV . .

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« 7UDFNLQJDQGFRQWUROOLQJRZQHGREMHFWV (PERGLHGREMHFWRZQHUVKLS" ,QDQXWVKHOO« &KDSWHU9,, 2XUSHULSHUVRQDOSURSHUW\([SORULQJWKHHIIHFWRIREMHFWRZQHUVKLSRQWKHVSDFH DURXQGXV ([SHULPHQW 0HWKRGV 6WDWLVWLFV 5HVXOWV 'LVFXVVLRQ ([SHULPHQW 0HWKRGV 6WDWLVWLFV 5HVXOWV 'LVFXVVLRQ &KDSWHU9,,,&RQFOXVLRQVDQGSHUVSHFWLYHV 5HIHUHQFHV   . .

(9) $EVWUDFW .  7KH ]RQH WKDW VXUURXQGV RXU ERG\ LV RI YLWDO LPSRUWDQFH ZH FDUHIXOO\ PRQLWRU WKH REMHFWV ERWK DQLPDWH DQG LQDQLPDWH

(10)  WKDW HQWHU WKH ERXQGDULHV RI WKH LPPHGLDWH VSDFHDURXQGWKHERG\WR LQWHUDFW ZLWK WKHP ,Q WKH QHXURFRJQLWLYH ILHOG VXFK D VSDFH LV FDSWXUHG E\ WKH FRQFHSW RI SHULSHUVRQDO VSDFH 336

(11)  D KLJKO\ SODVWLF UHSUHVHQWDWLRQ WKDW LQWHJUDWHV WDFWLOH DQG YLVXDO VWLPXOL SUHVHQWHG RQ DQG FORVH WR WKH ERG\ 7KLV V\VWHP VHHPV WR FRQWULEXWH WR WKH HIILFLHQW JXLGDQFHRI DFWLRQV \HW D FOHDU GHPRQVWUDWLRQ RI D SURPLQHQW UROH RI 336 LQ FRQWURO RI DFWLRQV LV FULWLFDOO\ ODFNLQJ 6WURQJ VXSSRUWIRUWKLVZRXOGGHULYHIURPHYLGHQFHWKDW336SODVWLFFKDQJHVRFFXUEHIRUH UDWKHUWKDQDIWHUPRYHPHQWRQVHW7KHUHVXOWVIURPWKHILUVWVWXG\ &KDSWHU,,

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

(13)  GHILQHG DV WKH DUHD LQGLYLGXDOV PDLQWDLQ DURXQG WKHPVHOYHV LQWR ZKLFK RWKHUV FDQQRW LQWUXGH ZLWKRXW DURXVLQJ GLVFRPIRUW %HFDXVH RI VRPH VLPLODULWLHV EHWZHHQ WKH 336 DQG ,36 FRQVWUXFWV VRPH DXWKRUV KDYH UDLVHG WKH TXHVWLRQ RI ZKHWKHU WKH\ VKDUH VRPH IXQFWLRQDO IHDWXUHV7KHVHFRQGDLPRIP\WKHVLVLVWRWHVWWKLVK\SRWKHVLVE\WDNLQJDGYDQWDJHRIDQRWKHU336 UHPDSSLQJQDPHO\WKDWRQHLQGXFHVE\WRROXVH7KHUHVXOWVRIWKHVHFRQGVWXG\ &KDSWHU,9

(14) VKRZ WKDW ³VWDQGDUG´ WRROXVH µH[WHQGV¶ 336 DV PHDVXUHG E\ UHDFKLQJGLVWDQFHWRZDUGDSHHUEXWGRHV QRWDIIHFW,36DVPHDVXUHGE\WKHFRPIRUWGLVWDQFHWRZDUGWKHVDPHSHHU,QWKHWKLUGLQYHVWLJDWLRQ &KDSWHU 9

(15)  ZH LQWURGXFHG D QRYHO IRUP RI³VRFLDO´WRROXVHVHWWLQJ WRWHVWIRUERWKVHQVRULPRWRU DQG VRFLDO SODVWLFLW\ RI WKH WZR VSDFHV 7KH ILQGLQJV WKDW VRFLDO WRRO±XVH µH[WHQGV¶ 336 DQG µUHGXFHV¶,36LQGXFLQJRSSRVLWHFKDQJHVRQHDFKUHSUHVHQWDWLRQFOHDUO\GLVFRQILUPVWKHK\SRWKHVLV . .

(16) WKDW WKHUH PLJKW EHIXQFWLRQDORYHUODS EHWZHHQWKHVHVHFWRUVRIVSDFH6XFK H[DPSOHVRIIXQFWLRQDO GLVVRFLDWLRQ PD\ WKHUHIRUH EHVXIILFLHQWWRZDUQVFKRODUVWRUHIUDLQIURPULVN\FRQIODWLRQVEHWZHHQ WKHWZRFRQFHSWV ,I WKH DVVXPSWLRQ RI IXQFWLRQDO LGHQWLW\ ZLWK,36GRHVQRWDSSHDUWREHOHJLWLPDWHLW LV WUXH WKDW 336 LV VHQVLWLYH WR VRFLDO IHDWXUHV 7KH ODVW VWXG\ &KDSWHU 9,,

(17)  LV WKXVDLPHGDWSURELQJWKLV VHQVLWLYLW\RI336WRDVRIDUXQH[SORUHGEXWIXQGDPHQWDOVRFLDOGLPHQVLRQRZQHUVKLS7KHUHVXOWV IURP WKH IRUWK VWXG\ LQGLFDWH WKDW ZKHWKHU FRQVLGHUHG WR EH DV LQGLYLGXDO RU VKDUHG SURSHUW\ RZQHUVKLSRIDQREMHFWLVFULWLFDOIRUWKH336G\QDPLFSURSHUWLHVWRHPHUJH 9LVXDOVWLPXOLDIIHFWHG WRXFK SHUFHSWLRQ PRUH VWURQJO\ DW WKH PRYHPHQW RQVHW WKDQ EHIRUH EXW RQO\ ZKHQ WKH REMHFW EHORQJHG WR WKH DFWLQJ SDUWLFLSDQW ,QWHUHVWLQJO\ D VLPLODU UHPDSSLQJ ZDV IRXQG ZKHQ VLPSO\ REVHUYLQJ WKH SHHU DFWLQJ RQ KHU RZQ EHORQJLQJ ,Q D IROORZXS H[SHULPHQW ZH LQYHVWLJDWHG 336 SODVWLFFKDQJHVZKHQSURSHUW\RIWKHWDUJHWREMHFWZDVVKDUHGEHWZHHQWKHWZRDJHQWV,QWKLVFDVH 336 UHPDSSLQJ HPHUJHG QRW RQO\ ZKHQ DFWLQJ LQ ILUVW SHUVRQ EXW DOVR ZKHQ REVHUYLQJ WKH SHHU DFWLQJXSRQWKHVKDUHGREMHFW 7DNHQ WRJHWKHU WKHVH ILQGLQJV FULWLFDOO\ LQIRUP FXUUHQW WKHRUHWLFDO PRGHOV DERXW VSDFH DURXQGRXUERG\DQGDERXWLWVIXQFWLRQ LQRXUVHQVRULPRWRUDQGVRFLDOLQWHUDFWLRQV           . .

(18) 5LDVVXQWR  /D ]RQD FKH FLUFRQGD LO QRVWUR FRUSR q GL YLWDOH LPSRUWDQ]D PRQLWRULDPR DWWHQWDPHQWH JOL RJJHWWL VLD DQLPDWL FKH LQDQLPDWL

(19)  FKHYDOLFDQRWDOHFRQILQHDOORVFRSRGLLQWHUDJLUHFRQHVVL1HO FDPSR GHOOH QHXURVFLHQ]H FRJQLWLYH WDOH VSD]LR q FDWWXUDWR GDO FRQFHWWR GL VSD]LR SHULSHUVRQDOH 336

(20)  XQD UDSSUHVHQWD]LRQH DOWDPHQWH SODVWLFD FKH LQWHJUD VWLPROL WDWWLOL H YLVLYL SUHVHQWDWL ULVSHWWLYDPDQWHVXOHYLFLQRDOQRVWURFRUSR4XHVWRVLVWHPDVHPEUDFRQWULEXLUHHIILFDFHPHQWHDOOD JXLGDGHOOHD]LRQLWXWWDYLDXQDFKLDUDGLPRVWUD]LRQH GHOFRLQYROJLPHQWRGHO336QHOFRQWUROORGHOOH D]LRQL p DQFRUD DVVHQWH LQ OHWWHUDWXUD 6RVWHJQR D TXHVWD LSRWHVL GHULYHUHEEH GDOO¶HYLGHQ]D FKH OD SODVWLFLWj GHO 336 SRVVD HVVHU LQQHVFDWD SULPD SLXWWRVWR FKH GRSR O LQVRUJHQ]D GHO PRYLPHQWR , ULVXOWDWL GHO SULPR VWXGLR &DSLWROR ,,

(21)  PRVWUDQR FKH OH LQIRUPD]LRQL YLVLYH H WDWWLOL LQWHUDJLVFRQR VLJQLILFDWLYDPHQWH JLj GXUDQWH OD IDVH GL SLDQLILFD]LRQH GHOO D]LRQH H FKH TXHVWDLQWHUD]LRQHYLVXR WDWWLOH DXPHQWD XOWHULRPHQWH GXUDQWH OH IDVL VXFFHVVLYH GHO PRYLPHQWR 8Q WDOH SURFHVVR GL µUHPDSSLQJ¶ YLVXRWDWWLOH GHO 336 SRLFKp SUHFHGH WHPSRUDOPHQWH H DFFRPSDJQD VXFFHVVLYDPHQWH O HVHFX]LRQHGHOO¶DWWRPRWRULRVHPEUHUHEEHLGHDOHSHUSLDQLILFDUHHJXLGDUHOHQRVWUHD]LRQL 5HFHQWHPHQWH q VWDWR VXJJHULWR XQ SRVVLELOH FRLQYROJLPHQWR GHO 336 QHOOD JXLGD GHOOH LQWHUD]LRQLPRWRULHWUDLQGLYLGXL ,Q SVLFRORJLDVRFLDOHORVSD]LRLQWRUQRDOFRUSRqGHILQLWRVSD]LR LQWHUSHUVRQDOH ,36

(22)  ODGLVWDQ]DFKHJOLLQGLYLGXLPDQWHQJRQRDWWRUQRDVp7DOHGLVWDQ]DTXDQGRp YDOLFDWDGDJOLDOWULGHVWDXQVHQWLPHQWRGLGLVDJLR $OODOXFHGLDOFXQHDQDORJLHWUD336H,36DOFXQL DXWRUL VL VRQR GRPDQGDWLVHLGXHFRQVWUXWWLSRVVDQRFRQGLYLGHUHGHOOHFDUDWWHULVWLFKHIXQ]LRQDOL,O VHFRQGR VFRSR GL TXHVWD WHVL q WHVWDUH TXHVWD LSRWHVL VIUXWWDQGR XQ DOWUR SURFHVVR GL µUHPDSSLQJ¶ SODVWLFR GHO336RYYHURTXHOORLQGRWWR DOO XVRGLXQRVWUXPHQWR WRRO

(23) ,OVHFRQGRVWXGLR &DSLWROR ,9

(24)  PRVWUD FKH O XVR GL XQR VWUXPHQWR µHVWHQGH¶ LO 336PLVXUDWRFRPHGLVWDQ]DGLUDJJLXQJLPHQWR YHUVR XQ¶DOWUD SHUVRQD PD QRQ LQIOXHQ]D O ,36 PLVXUDWR FRPH GLVWDQ]D GL FRPIRUWYHUVRODVWHVVD SHUVRQD 1HO WHU]R VWXGLR &DSLWROR 9

(25)  DEELDPR LQWURGRWWR XQD QXRYD YDULDQWH SL VRFLDOH GHOO¶XWLOL]]R GL XQR VWUXPHQWR SHU HVDPLQDUH OD SODVWLFLWj VLD VHQVRULPRWRULD VLD VRFLDOH GHL GXH . .

(26) VSD]L , ULVXOWDWLRWWHQXWL ULYHODQRFKHO XVRVRFLDOHGLXQRVWUXPHQWRµHVWHQGH¶LO336HDOFRQWHPSR µULGXFH¶ O ,36/DGLPRVWUD]LRQHFKHVLSRVVDQRLQGXUUHFDPELDPHQWLGLUH]LRQDOPHQWHRSSRVWLWUDOH GXH UDSSUHVHQWD]LRQL IDOVLILFD O LSRWHVL VHFRQGR OD TXDOH SRVVD HVVHUFL XQD VRYUDSSRVL]LRQH IXQ]LRQDOH WUD 336 H ,36 4XHVWL HVHPSL GL GLVVRFLD]LRQH IXQ]LRQDOH SRVVRQR TXLQGL HVVHUH VXIILFLHQWL SHU PHWWHUH LQ JXDUGLD JOL VWXGLRVL DO ILQHGLHYLWDUHULVFKLRVHVRYUDSSRVL]LRQLWUDLGXH FRQFHWWL 6HO DVVXQ]LRQHGL LGHQWLWjIXQ]LRQDOHFRQ,36QRQVHPEUDHVVHUHOHJLWWLPD qFRPXQTXHYHUR FKH LO 336 q VHQVLELOH D YDULDELOL VRFLDOL / XOWLPR VWXGLR &DSLWROR 9,,

(27)  q SHUFLz ILQDOL]]DWR D VRQGDUHWDOHVHQVLELOLWjGHO336YHUVRXQDGLPHQVLRQHVRFLDOH IRQGDPHQWDOHPDILQRUDLQHVSORUDWD O¶DSSDUWHQHQ]D , ULVXOWDWL GHO TXDUWR VWXGLR LQGLFDQR FKH VLD FKH VL FRQVLGHUL XQD SURSULHWj LQGLYLGXDOH R FRQGLYLVD O¶DSSDUWHQHQ]D GL XQ RJJHWWR q XQD YDULDELOH FULWLFD SHU IDU HPHUJHUH OH SURSULHWjGLQDPLFKHGHO336*OLVWLPROLYLVLYL GLIDWWL LQIOXHQ]DQRODSHUFH]LRQHWDWWLOHLQPDQLHUD SL PDUFDWD DOO LQL]LRGHOPRYLPHQWRPDVRORTXDQGRO RJJHWWRGHOO¶D]LRQHpLOSURSULR 'D QRWDUH FKH XQ HIIHWWR VLPLOH HPHUJH DQFKH TXDQGR VL RVVHUYD O¶DOWUD SHUVRQD DJLUH VXO VXR RJJHWWR ,Q XQ HVSHULPHQWR VXFFHVVLYR DEELDPR VWXGLDWR OH PRGLILFKH SODVWLFKH GHO 336 TXDQGR OD SURSULHWj GHOO RJJHWWR q FRQGLYLVD 4XL LO µUHPDSSLQJ¶ GHO 336 HPHUJH QRQ VROR TXDQGR VL DJLVFH LQ SULPD SHUVRQDPDDQFKHTXDQGRVLRVVHUYDO¶DOWUDSHUVRQDDJLUHVXOO¶RJJHWWRFRQGLYLVR 4XHVWL ULVXOWDWL FRPSOHVVLYDPHQWH IRUQLVFRQR HYLGHQ]H FULWLFKH ULVSHWWR DJOL DWWXDOL PRGHOOL WHRULFLVXOODIXQ]LRQH GHOORVSD]LRDWWRUQRDOQRVWURFRUSRQHOOHLQWHUD]LRQLVHQVRULPRWRULHHVRFLDOL       . .

(28) 5pVXPp  /¶HVSDFH HQWRXUDQW QRWUH FRUSV HVW G XQH LPSRUWDQFH YLWDOH QRXV VXUYHLOORQV DWWHQWLYHPHQW OHV REMHWV DQLPpV HW LQDQLPpV

(29)  TXL HQWUHQW GDQV OHV OLPLWHV GH O HVSDFH j LPPpGLDWH SUR[LPLWp GX FRUSV SRXU LQWHUDJLU DYHF HX[ 'DQV OH GRPDLQH GHV QHXURVFLHQFHV FRJQLWLYHV FHW HVSDFH HVW H[HPSOLILp SDUOHFRQFHSWG HVSDFHSpULSHUVRQQHO 336

(30) XQHUHSUpVHQWDWLRQKDXWHPHQWSODVWLTXHTXL LQWqJUH GHV VWLPXOL WDFWLOHV HW YLVXHOV SUpVHQWpV VXU HW SUqV GX FRUSV &HWWH UHSUpVHQWDWLRQ VHPEOH FRQWULEXHU DX JXLGDJH HIILFDFH GHV DFWLRQV FHSHQGDQW GDQV OD OLWWpUDWXUH RQ QH UHWURXYH DXFXQH SUHXYH VXEVWDQWLHOOH GH O LPSOLFDWLRQ GX 336 GDQV OH FRQWU{OHGHVDFWLRQV8QDUJXPHQWHQIDYHXUV GH FHWWH  K\SRWKqVH GpULYHUDLW GH OD SUHXYH TXH OD SODVWLFLWp GX 336 SHXW HIIHFWLYHPHQW VXUYHQLU DYDQW OHGpEXWGXPRXYHPHQWSOXW{WTXHSHQGDQWOHPRXYHPHQW/HVUpVXOWDWVGHODSUHPLqUHpWXGH FKDSLWUH,,

(31) UpYqOHQWTXHOHVLQIRUPDWLRQVYLVXHOOHVHWWDFWLOHVLQWHUDJLVVHQWGHPDQLqUHVLJQLILFDWLYH GpMjDXFRXUVGHODSKDVHGHSODQLILFDWLRQGHO DFWLRQHWTXHFHWWHLQWHUDFWLRQYLVXRWDFWLOHDXJPHQWH XOWpULHXUHPHQW DX FRXUV GHV pWDSHV VXFFHVVLYHV GX PRXYHPHQW8QWHOSURFHVVXVGH ©UHPDSSDJHª YLVXRWDFWLOHGX336TXLSUpFqGHWHPSRUHOOHPHQWHWDFFRPSDJQHSDUODVXLWHO H[pFXWLRQGHO¶DFWLRQ PRWULFHVHPEOHGRQFLGpDOHPHQWDGDSWpjSRXUDLGHUDXJXLGDJHGHQRVDFWLRQV 5pFHPPHQW LO D pWp VXJJpUp TXH OH 336 SRXUUDLW MRXHU XQ U{OH GDQV OH JXLGDJH GHV LQWHUDFWLRQV PRWULFHV HQWUH LQGLYLGXV (Q SV\FKRORJLH VRFLDOH O HVSDFH DXWRXU GX FRUSV HVW DSSHOp HVSDFH LQWHUSHUVRQQHO ,36

(32)  GpILQL FRPPH O HVSDFH TXH OHV LQGLYLGXV PDLQWLHQQHQW DXWRXU G HX[HW GDQV OHTXHO OHV DXWUHV QH SHXYHQW SDV SpQpWUHU VDQV VXVFLWHU G LQFRQIRUW (Q UDLVRQ GH FHUWDLQHV VLPLOLWXGHVHQWUHOHVUHSUpVHQWLRQVGX336HWGX ,36FHUWDLQVDXWHXUVRQWVRXOHYpODTXHVWLRQG¶XQ pYHQWXHO SDUWDJH GH FHUWDLQHV FDUDFWpULVWLTXHV IRQFWLRQQHOOHV HQWUH FHV GHX[ UHSUpVHQWDWLRQV /H GHX[LqPH REMHFWLI GH PD WKqVH HWDLW GH WHVWHU FHWWH K\SRWKqVH HQ H[SORLWDQW XQ DXWUH SURFHVVXV GH ©UHPDSSDJHªSODVWLTXHGX336F HVWjGLUHFHOXLLQGXLWSDUO XWLOLVDWLRQG XQRXWLO/HVUpVXOWDWVGHOD GHX[LqPH pWXGH FKDSLWUH ,9

(33)  PRQWUHQW TXH O XWLOLVDWLRQ ©VWDQGDUGª G¶XQ RXWLO ©DOORQJHª OH 336 PHVXUpSDUODGLVWDQFHG¶DWWHLJQDELOLWpG¶XQHDXWUHSHUVRQQHPDLVQ LQIOXHQFHSDVO ,36PHVXUpSDU . .

(34) OD GLVWDQFH GH FRQIRUW HQYHUV ODPrPHSHUVRQQH'DQVODWURLVLqPHpWXGH FKDSLWUH9

(35) QRXVDYRQV LQWURGXLW XQH QRXYHOOH YDULDQWH SOXV VRFLDOH GH O XWLOLVDWLRQ G XQ RXWLO SRXU H[DPLQHU OD SODVWLFLWp VHQVRULPRWULFH HW VRFLDOH GHV GHX[ HVSDFHV /HV UpVXOWDWV REWHQXVUpYqOHQWTXHO XWLOLVDWLRQVRFLDOH G XQRXWLO©DOORQJHªOH336HWHQPrPHWHPSV©UpGXLWªO ,36/DGpPRQVWUDWLRQTXHO RQSHXWLQGXLUH GHV FKDQJHPHQWV GLUHFWLRQQHOOHPHQW RSSRVpV HQWUH OHV GHX[ UHSUpVHQWDWLRQV IDOVLILH O K\SRWKqVH VHORQ ODTXHOOH LO SHXW \ DYRLU XQ FKHYDXFKHPHQW IRQFWLRQQHO HQWUH 336 HW ,36 &HV H[HPSOHV GH GLVVRFLDWLRQ IRQFWLRQQHOOH SHXYHQWGRQF VHUYLU jpYLWHUXQHDVVRFLDWLRQLQDSSURSULpHHQWUHOHVGHX[ FRQFHSWV 6LO K\SRWKqVHGHO LGHQWLWpIRQFWLRQQHOOHDYHF O¶,36QHVHPEOHSDVOpJLWLPHLOQ HQGHPHXUH SDV PRLQV TXH OH 336 HVW pJDOHPHQW VHQVLEOH DX[ YDULDEOHV VRFLDOHV /D GHUQLqUH pWXGH &KDSLWUH 9,,

(36) YLVHGRQFjH[SORUHUFHWWHVHQVLELOLWpGX336YHUVXQHGLPHQVLRQVRFLDOHIRQGDPHQWDOHHQFRUH LQH[SORUpH OD SURSULpWpSULYpH/HVUpVXOWDWVGHODTXDWULqPHpWXGHLQGLTXHQWTXHODSURSULpWpG XQ REMHWTX¶HOOHVRLWFRQVLGpUpH FRPPHLQGLYLGXHOOHRXSDUWDJpHHVWHVVHQWLHOOHSRXUO pPHUJHQFHGHV SURSULpWpV G\QDPLTXHV GX 336 /HV VWLPXOL YLVXHOV LQIOXHQFHQW HIIHFWLYHPHQW OD SHUFHSWLRQ WDFWLOH G XQH PDQLqUH SOXV PDUTXpH DX GpEXW GX PRXYHPHQW PDLV VHXOHPHQW ORUVTXH O REMHW DSSDUWLHQW DX SDUWLFLSDQW ,O FRQYLHQW GH QRWHU TX XQ HIIHW VLPLODLUH DSSDUDvW pJDOHPHQW ORUVTXH O RQ REVHUYH XQH DXWUHSHUVRQQHDJLUVXUO¶REMHWTXLOXLDSSDUWLHQW'DQVXQHH[SpULHQFHXOWpULHXUHQRXVDYRQVpWXGLp OHV PRGLILFDWLRQV SODVWLTXHV GX 336 ORUVTXH OD SURSULpWp GH O REMHW pWDLW SDUWDJpH HQWUH OHV GHX[ SDUWLFLSDQWV'DQVFHFDVOH©UHPDSSDJHªGX336pPHUJHQRQVHXOHPHQWORUVTXHOHSDUWLFLSDQWDJLW PDLVDXVVLORUVTX LOREVHUYHO DXWUHSHUVRQQHDJLVVDQWVXUO REMHWSDUWDJp 'DQV O HQVHPEOH FHV UpVXOWDWV DSSRUWHQW XQH SUHXYH FULWLTXH SDU UDSSRUW DX[ PRGqOHV WKpRULTXHV DFWXHOV GH OD IRQFWLRQ GH O HVSDFH DXWRXU GH QRWUH FRUSV GDQV OHV LQWHUDFWLRQV VHQVRUL  PRWULFHVHWVRFLDOHV    . .

(37) . &KDSWHU,7KHVSDFHDURXQGWKHERG\3HULSHUVRQDOVSDFH.  “Il n'y a de réalité que dans l'action’’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

(38)  ,QFRJQLWLYHQHXURVFLHQFH DNH\GLYLVLRQLVEHWZHHQSHULSHUVRQDOVSDFH KHUHDIWHU336

(39) WKDWLV WKH UHJLRQ RI QHDU VSDFH LPPHGLDWHO\VXUURXQGLQJRXUERGLHVLQZKLFKREMHFWVFDQEHJUDVSHGDQG PDQLSXODWHG DQG H[WUDSHUVRQDO VSDFH UHSUHVHQWDWLRQV WKDW LV WKH IDUWKHU VSDFH ZKHUH H[SORUDWRU\ H\H PRYHPHQWV RFFXU DQG REMHFWV FDQQRW EH UHDFKHG ZLWKRXW PRYLQJ WRZDUG WKHP +ROPHV DQG 6SHQFH  /DGDYDV DQG GL 3HOOHJULQR 

(40)  7KLV GLYLVLRQ ZDV LQLWLDOO\ VXJJHVWHG E\ %UDLQ 

(41)  ZKR GLVWLQJXLVKHG D JUDVSLQJ GLVWDQFH ZLWKLQ DUP¶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lULQHQ DQG 3RUDQHQ  0RXQWFDVWOH  /HLQRQHQ DQG 1\PDQ D E 5L]]RODWWL HW DO D E

(42)  )RU H[DPSOH OHVLRQ VWXGLHV LQ PDFDTXH PRQNH\  .

(43) 5L]]RODWWL HW DO 

(44)  UHYHDOHG WKDW WKH XQLODWHUDO VXUJLFDO DEODWLRQV RI WKH SRVWDUFXDWH FRUWH[ UHVXOWHGLQDVHYHUHQHJOHFWOLPLWHGWRWKH336DVVRFLDWHGZLWKDGHILFLWLQWKHXVHRIWKHFRQWUDODWHUDO KDQG 1DPHO\ WKH DQLPDO H[KLELWHG D IDLOXUH WR JUDVS IRRG ZLWK WKH PRXWK ZKHQ SUHVHQWHG FRQWUDOHVLRQDOO\DQGDUHOXFWDQFHWRXVHWKHFRQWUDODWHUDOKDQG %\FRQWUDVWXQLODWHUDODEODWLRQRIWKH SUHDUFXDWHFRUWH[ DUHD

(45) FRUUHVSRQGLQJWRWKHIURQWDOH\HILHOGRU)()UHVXOWHGLQDGHFUHDVHRI H\H PRYHPHQWV FRQWUDODWHUDO WR WKH OHVLRQ DQG D QHJOHFW RI WKH FRQWUDODWHUDO KHPLVSDFH PRUH SURPLQHQW IRU µIDU¶ VSDFH WKDQ IRU WKDW QHDU WKH DQLPDO 5L]]RODWWL HW DO  6FKLHEHU 

(46)  6LQFHWKHVHHDUO\ZRUNVIURP¶VDSOHWKRUDRIVWXGLHVLQPRQNH\VDQGKXPDQV LQERWKKHDOWK\ DQGSDWKRORJLFDOVWDWHV

(47) KDYHH[SORUHGWKHIXQFWLRQDO IHDWXUHVRIWKHVSHFLILFDUHDFORVHWRWKHERG\ YL]336 ,QWKLVLQWURGXFWRU\VHVVLRQ,ZLOOGHVFULEHWKHVLQJOHFHOOVDUHDVFRUWLFDOIXQFWLRQDOQHWZRUNV LQ PRQNH\¶V EUDLQ SURSRVHG WR XQGHUOLH WKH 336 UHSUHVHQWDWLRQ DV WKH GHILQLWLRQ RI 336 LWVHOI RULJLQDWHV IURP VLQJOHXQLW HOHFWURSK\VLRORJLFDO VWXGLHV LQ QRQKXPDQ SULPDWHV 'HVSLWH WKHLU KHWHURJHQHRXV QDWXUH WKH PDMRULW\ RI WKHVH SDSHUV ZLOO EH IUDPHG ZLWKLQ DQ DFWLRQEDVHG SHUVSHFWLYHRIVSDFH SRLQWLQJWRG\QDPLFDQGELGLUHFWLRQDOOLQNVEHWZHHQ336UHSUHVHQWDWLRQ V

(48) DQG DFWLRQV                   . .

(49) 3HULSHUVRQDOVSDFHLQWKHPRQNH\EUDLQ . 2EMHFWV DW D GLVWDQFH FDQ W\SLFDOO\ EH SHUFHLYHG WKURXJK D OLPLWHG QXPEHU RI VHQVHV VXFK DV YLVLRQ DXGLWLRQ DQG ROIDFWLRQ &RQYHUVHO\ REMHFWV QHDUHU WR RU LQ FRQWDFWZLWKWKHERG\VXUIDFH FDQ YLUWXDOO\ LPSDFW XSRQ DOO RXU VHQVRU\ V\VWHPV 7KH EUDLQ¶V SURFHVVLQJ RI VWLPXOL LQ 336 LV WKHUHIRUH TXLWH FRPSOH[ DG LQYROYHV PRUH PRGDOLWLHVRIVHQVRU\LQIRUPDWLRQ %HVLGHVLWLVQRWWKH FDVHWKDWDQ\RQHVLQJOHEUDLQDUHDLVUHVSRQVLEOHIRUPDLQWDLQLQJDUHSUHVHQWDWLRQRIVSDFHDVRQFH WKRXJKW EXW 336 LV UDWKHU DQ HPHUJHQW SURSHUW\ RI D QHWZRUN RI LQWHUDFWLQJ DQG ZHOO FRQQHFWHG FRUWLFDO DQG VXEFRUWLFDO DUHDV 5L]]RODWWL HW DO  *UD]LDQR DQG *URVV  6SHQFH DQG +ROPHV&OHU\HWDOD

(50)   $PXOWLVHQVRU\ VSDFH . 3LYRWDOVLQJOHFHOOUHFRUGLQJVWXGLHVRQWKHPDFDTXHPRQNH\EUDLQUHOHYHOHGDVSHFLDOVHWRI QHXURQV ZLWKLQ WKH YHQWUDO SUHPRWRU FRUWH[ VWURQJO\ UHVSRQGLQJ WR WDFWLOH VWLPXODWLRQ 1HXURQV LQ WKH KLVWRFKHPLFDO DUHD ) WKH FDXGDO SRUWLRQ RI WKH LQIHULRU SDUW RI WKH SUHPRWRU FRUWH[ VHH )LJXUH

(51)  FRQWDLQLQJ UHSUHVHQWDWLRQV RI DUP PRYHPHQWV DOVR IHDWXUHV UHODWLYHO\ ODUJH WDFWLOH UHFHSWLYH ILHOGV 6XFK UHVSHFWLYH ILHOGV DUH PDLQO\ ORFDWHG RQ WKH DQLPDO¶V KDQGV DUP IDFH DQG QHFN *HQWLOXFFLHWDO5L]]RODWWLHWDODE

(52) DVLIWRIRUPDEURDGPDSRIWKH ERG\ $ ODUJH SURSRUWLRQ 

(53)  RI WKHVH WDFWLOH QHXURQV DOVR GLVFKDUJHV LQ UHVSRQVH WR YLVXDO VWLPXODWLRQ 6SHFLILFDOO\VXFK FHOOV LQDUHD)UHVSRQGZHDNO\WRYLVXDOVWLPXOLSUHVHQWHGIDUIURP WKHERG\ZKHUHDVWKHPRVWHIIHFWLYHUHVSRQVHLQWHUPVRIVSLNHGLVFKDUJHUDWHL VHYRNHGSULPDULO\ E\ WKUHHGLPHQVLRQDO REMHFWV PRYLQJ FORVHWRWKH WDFWLOHUHFHSWLYHILHOG$FFRUGLQJWRWKHGHSWKRI WKH YLVXDO UHFHSWLYH ILHOGV SURWUXGLQJ RXW RI WKH VNLQ VXUIDFH WKHVH ELPRGDO YLVXRWDFWLOH QHXURQV ZHUH RULJLQDOO\ VXEGLYLGHG LQWR SHULFXWDQHRXV 

(54) DQGGLVWDQWSHULSHUVRQDOQHXURQV 

(55) 7KH IRUPHUFODVVRIQHXURQVUHVSRQGVEHVWWRYLVXDOVWLPXOLSUHVHQWHGLQWKHYHU\FORVHYLFLQLW\ XSWR FPDZD\IURPWKHERG\

(56) ZKLOHWKHODWWHUFODVVUHVSRQGVDOVRWRYLVXDOVWLPXOLSUHVHQWHGDWDIXUWKHU GLVWDQFH IURP WKH VNLQ EXW DOZD\V ZLWKLQ PRQNH\¶V UHDFKLQJ GLVWDQFH 5L]]RODWWL HW DO DE

(57)  )RUWKHVDNHRIVLPSOLFLW\,ZLOOUHIHUWRERWKDV³SHULSHUVRQDO´QHXURQVDVRQHRI GLVWLQFWLYH IHDWXUHV RI HLWKHU VXESRSXODWLRQLVWKDWWKHLU YLVXDOUHFHSWLYHILHOGVDUHOLPLWHGLQGHSWK IURP WKH VRPDWRVHQVRU\ UHFHSWLYHILHOGV RIDVSHFLILFERG\SDUWDQGUHPDLQ³DQFKRUHG´WRWKDWERG\ SDUW,QGHHGWKHVL]HRIWKHYLVXDOUHFHSWLYHILHOGQRWRQO\PDWFKHVDQGVSDWLDOO\RYHUODSVWKHVL]HRI WKHWDFWLOHRQHEXWDOVRH[WHQGVIURPWKHERG\IRUYDU\LQJGLVWDQFHV W\SLFDOO\IURPaWRaFP

(58)  7KDWLVWRVD\WKHYLVXDODQGWDFWLOHUHFHSWLYHILHOGVRIWKHVHELPRGDOFHOOVFUHDWHDVLQJOHUHVSRQVLYH . .

(59) UHJLRQ PDSSLQJ WKH VNLQ DQG WKH VSDFH FORVHO\ VXUURXQGLQJ LW 6LQFH WKH YLVXDO UHVSRQVHV DUH JHQHUDOO\ LQGHSHQGHQW RI JD]H GLUHFWLRQ WKH YLVXDO LQIRUPDWLRQ LQ ) UHJLRQLVVSDWLDOO\UHODWHGWR WKHERG\SDUWVRQZKLFKWKHWDFWLOHUHFHSWLYHILHOGVDUHORFDWHG )RJDVVLHWDO*HQWLOXFFLHWDO VHH)LJXUH

(60)  +HUHLVWRQRWHWKDW WKHYLVXDO UHFHSWLYHILHOG VHHPVWREH³DQFKRUHG´WRWKH VRPDWRVHQVRU\ UHFHSWLYH ILHOG RQ D ERG\SDUWEHFDXVHLWPRYHVFRQJUXHQWO\ZLWKLWNHHSLQJWKXVD URXJK VSDWLDO PDWFK EHWZHHQ WKH ORFDWLRQV RI WKH YLVXDO 5) DQG WKH ERG\ SDUW ZLWK HYHU\ GLVSODFHPHQW *UD]LDQRHWDO 

(61) 7KLVLVGHPRQVWUDWHGE\WKHIDFWWKDWSDVVLYHGLVSODFHPHQWRI WKH DUP FDXVHV D FRQJUXHQW VKLIW RI WKH ORFDWLRQRIWKHYLVXDOUHFHSWLYHILHOGRIQHXURQVSUHVHQWLQJ VRPDWRVHQVRU\ UHFHSWLYHILHOGRQWKHOLPE,QDVLPLODUYHLQZKHQWKHKHDGLVWXUQHGEXWQRWZKHQ YLVXDO IL[DWLRQ FKDQJHV WKH YLVXDO UHVSRQVH RI QHXURQV ZLWK WDFWLOH UHFHSWLYH ILHOGV RQ WKHIDFHLV XSGDWHG IROORZLQJ WKH VSDWLDO SRVLWLRQ RI WKH IDFH *UD]LDQR HW DO D E

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

(63)  7RDQFKRUWKHLUPXOWLVHQVRU\UHFHSWLYHILHOGVWRDJLYHQ ERG\ SDUW DQG WR PDLQWDLQ WKHLU VSDWLDO DOLJQPHQW WKHVH QHXURQV LQWHJUDWH SURSULRFHSWLYH LQIRUPDWLRQ WRR VHHDOVR)LJXUH

(64) :KHQH[SRVHGWRFRQIOLFWLQJYLVXRSURSULRFHSWLYHFRQGLWLRQV WKHILULQJUDWHVRIWKH)QHXURQVHOLFLWHGE\DSSURDFKLQJVWLPXOLLVPRGXODWHGE\WKHSRVLWLRQRIWKH PRQNH\¶VUHDODUPDVZHOODVE\WKHSRVLWLRQRIDIDNHDUPSODFHGLQDUHDOLVWLFSRVWXUH *UD]LDQRHW DO

(65)         . .

(66)  )LJXUH  6HOHFWHG FRUWLFDO DUHDV RI WKH PDFDTXH PRQNH\ EUDLQ $ /DWHUDO YLHZ RI WKH ZKROH EUDLQ 7KLFN EODFN OLQHV UHSUHVHQW PDMRU FRUWLFDO ERXQGDULHV DQG VXOFL 7KLQ EODFN OLQHV UHSUHVHQW FRUWLFDO DUHD ERXQGDULHV $UHD )  SULPDU\ PRWRU FRUWH[ $UHD 6, ± SULPDU\ VRPDWRVHQVRU\ FRUWH[ $UHD 3( ± SRVWHULRU SDULHWDO DVVRFLDWLRQ FRUWH[VXSHULRU SDULHWDO OREXOH $UHD )30Y DQG $UHD )30Y ± YHQWUDO SUHPRWRU FRUWH[ ,36 ± LQWUDSDULHWDO VXOFXV &6 ± FHQWUDO VXOFXV % 7KHLQWUDSDULHWDOVXOFXVKDVEHHQRSHQHG XS WR UHYHDO PXOWLSOH DQG KHWHURJHQHRXV YLVXDO DQG VRPDWRVHQVRU\ SRVWHULRU SDULHWDO DUHDV 7KLFN OLQHV UHSUHVHQW WKH VXSHUILFLDO ERUGHU RI WKH VXOFXV WKLQ EODFN OLQHV PDUN WKH IXQGXV RI WKH VXOFXV 2WKHU OLQHV LQGLFDWH WKH ERXQGDULHV RI FRUWLFDO DUHDV DV IROORZV 0,3 ± PHGLDO LQWUDSDULHWDO VXOFXV /,3 ± ODWHUDO LQWUDSDULHWDO VXOFXV $,3 ± DQWHULRU LQWUDSDULHWDO VXOFXV 9,3 ±YHQWUDO LQWUDSDULHWDO VXOFXV 3(LS ± LQWUDSDULHWDO SRUWLRQ RIDUHD3( IURP+ROPHVDQG6SHQFHUHGUDZQIURP5L]]RODWWL HWDO

(67)  .  )LJXUH0XOWLPRGDOQHXURQVLQWKHPRQNH\EUDLQWKDWHQFRGHWKHVSDFHQHDUWKHERG\ (DFKQHXURQ UHVSRQGV WR WRXFKLQJ D VSHFLILF SDUW RI WKH ERG\ FDOOHG WKH QHXURQ V WDFWLOH UHFHSWLYH ILHOG 7KH VDPHQHXURQ UHVSRQGV WR YLVXDO VWLPXOL LQ WKH VSDFH QHDU WKH WDFWLOH UHFHSWLYH ILHOG 7ZR H[DPSOHV DUH GHSLFWHG )URP *UD]LDQR DQG*URVV 

(68)  . . .

(69) $QRWKHUSUHPRWRUDUHDLHWKHURVWUDOVXEUHJLRQ)RIDUHDKDUERXUVVLPLODUYLVXRWDFWLOH QHXURQV VHH)LJXUH

(70) +RZHYHUDVFRPSDUHGWRWKRVHSUHVHQWLQ)UHJLRQELPRGDOQHXURQVLQ )DUHOHVVQXPHURXVDQGVKRZVPDOOHUWDFWLOHUHFHSWLYHILHOGVZKLFKDUHIUHTXHQWO\ORFDWHGRQWKH IDFH WKHKDQGRUERWK,WLV LPSRUWDQWWRDFNQRZOHGJH DQRWKHU VLJQLILFDQW GLIIHUHQFHDOEHLWYLVXDO VWLPXOLSUHVHQWHGQHDUWKHERG\UHVXOWLQVWURQJHUILULQJUDWHZKDWVHHPVWREHFUXFLDOLQWULJJHULQJ WKH UHVSRQVH RI WKHVH QHXURQV LV LQVWHDG WKH VL]H RI WKH VWLPXOL 5L]]RODWWL HW DO  VHH DOVR VHVVLRQ

(71)  .  )LJXUH  9LVXDO UHVSRQVHV RI D W\SLFDO SUHPRWRU QHXURQ ZLWK D WDFWLOH 5) KDWFKHG

(72)  RQ WKH IRUHDUP DQG KDQG DQG D YLVXDO 5) ZLWKLQ  FP RIWKHWDFWLOH5) $

(73) 2QHDFKWULDOWKHDUPFRQWUDODWHUDOWRWKH QHXURQ ZDVIL[HGLQRQHRIWZRSRVLWLRQVDQGWKHYLVXDOVWLPXOXVZDVDGYDQFHGDORQJRQHRIIRXUWUDMHFWRULHV )RU WKLV QHXURQ WKH WZR DUP SRVLWLRQV ZHUH FKRVHQ WR DOLJQ WKH YLVXDO 5) QHDU WKH KDQG DQG IRUHDUP ZLWK WUDMHFWRULHV  DQG  )RU RWKHU QHXURQV WKHDUPZDVPRYHGWRGLIIHUHQWH[WHQWVGHSHQGLQJRQWKHORFDWLRQRI WKHYLVXDO5)WREHWWHUFDSWXUHWKHPRYHPHQWRIWKHYLVXDO5)ZLWKWKHDUP %

(74) 5HVSRQVHVRIWKHQHXURQWR WKH IRXU VWLPXOXV WUDMHFWRULHV ZKHQ WKHDUPZDVYLVLEOHWRWKHPRQNH\:KHQWKHDUPZDVIL[HGRQWKHULJKW WKHUHVSRQVHZDVPD[LPXPDWSRVLWLRQ:KHQWKHDUPZDVIL[HGRQWKHOHIWWKHPD[LPXPUHVSRQVHPRYHG WR WKH OHIW WR SRVLWLRQ  &

(75)  5HVSRQVHV RI WKH QHXURQ ZKHQ WKH DUP ZDV FRYHUHG 7KH PRYHPHQW RI WKH YLVXDO 5) ZLWK WKH DUP ZDV UHGXFHG EXW QRW HOLPLQDWHG LQGLFDWLQJ WKDW WKH QHXURQ FRPELQHG ERWK SURSULRFHSWLYH DQG YLVXDO LQIRUPDWLRQ DERXW WKH SRVLWLRQ RI WKH DUP (DFK SRLQW LV D PHDQRIWULDOV(UURU EDUVDUHVWDQGDUGHUURU$GDSWHGIURP*UD]LDQR HWDO.  . . .

(76) 9LVXRWDFWLOHQHXURQVZLWKVLPLODUSURSHUWLHVKDYHEHHQDOVRGLVFRYHUHGLQWZRUHJLRQVRIWKH SRVWHULRUSDULHWDOFRUWH[KHDYLO\FRQQHFWHGZLWK) 0DWHOOL HWDOD E

(77) QDPHO\DUHDE DQG WKH YHQWUDO LQWUDSDULHWDO 9,3

(78)  DUHD (OHFWURSK\VLRORJLFDO VWXGLHV LQ DZDNH PRQNH\V GHPRQVWUDWHG WKDW VLPLODUO\ WR QHXUDO FHOOV LQWKHYHQWUDOSUHPRWRUFRUWH[YLVXRWDFWLOHLQWHJUDWLRQ LQWKHVHDUHDV DULVHVDWWKHVLQJOHXQLWOHYHO +\YlULQHQDQG3RUDQHQ0RXQWFDVWOHHWDO +\YlULQHQ/HLQRQHQ HWDO/HLQRQHQDQG1\PDQ5RELQVRQHWDO5RELQVRQ DQG %XUWRQ D E +\YlULQHQ 

(79)   ,Q SDUWLFXODUDUHDESUHVHQWVDFRDUVHVRPDWRWRSLF RUJDQL]DWLRQ ZLWK D IDFH UHSUHVHQWDWLRQ RQ WKH XSSHU LQIHULRU SDULHWDO FRQYH[LW\ IROORZHGE\DUP KDQGDQGIRRWUHSUHVHQWDWLRQVORFDWHGODWHUDOO\DORQJWKHLQIHULRUSDULHWDOFRQYH[LW\ +\YlULQHQDQG 6KHOHSLQ  +\YlULQHQ  5RELQVRQ DQG %XUWRQ D E

(80)  $OWKRXJK WKLV UHJLRQ LV SUHYDOHQWO\DVRPDWLFDUHDZLWKPRVWRILWVQHXURQVEHLQJVRPDWRPRWRURUVRPDWRVHQVRU\DSDUWRI WKH QHXURQV VWXGLHG LQ WKLV DUHD LV LQ IDFW YLVXRWDFWLOH *URVV DQG *UD]LDQR  +\YlULQHQ 

(81)  ,Q WKH UHJLRQV UHSUHVHQWLQJ WKH IDFH DQG DUP DERXW RQH WKLUG RI WKH FHOOV DUH GHVFULEHG DV ELPRGDO ZLWK YLVXDO UHFHSWLYH ILHOGV EHLQJ VSDWLDOO\ DOLJQHG ZLWK WKH WDFWLOH UHFHSWLYH ILHOGV +\YlULQHQ DQG 3RUDQH  +\YlULQHQ DQG 6KHOHSLQ  /LRQHQH DQG1\PDQ

(82) ZKHUHDV DQRWKHU SRUWLRQ RI ELPRGDO QHXURQV KDV ELODWHUDO UHFHSWLYH ILHOGV ORFDWHG RQ WKHOLPEVVRPHWLPHV FRYHULQJ WKH ZKROH ERG\ /HLQRQHQHWDO 

(83) 0RVWRIWKHFHOOVLQEUHVSRQG SUHIHUHQWLDOO\ WR YLVXDO VWLPXOL PRYLQJ WRZDUG WKH VNLQ ZLWKLQ DERXW FPRI WKHWDFWLOH UHFHSWLYHILHOGVDOWKRXJK VWLPXOLSUHVHQWHGIXUWKHUDZD\EXWVWLOOZLWKLQDUHDFKDEOHGLVWDQFHDUHDOVRHIIHFWLYH1RWDEO\WKH QHXUDO UHVSRQVH LQ E FDQ EH ERWK LQGHSHQGHQW *UD]LDQR DQG *URVV 

(84)  DQG GHSHQGHQW RI WKH SRVLWLRQRIWKHDUP /HLQRQHQ HWDO

(85)  7KHYHQWUDOLQWUDSDULHWDODUHD DUHD9,3

(86) ORFDWHGLQWKHIXQGXVRIWKHLQWUDSDULHWDOVXOFXVDQG UHFHLYLQJ SURMHFWLRQV IURP WKH PLGGOHWHPSRUDOYLVXDODUHDVDVZHOOVRPDWRVHQVRU\DXGLWRU\DQG YHVWLEXODU UHJLRQV *UD]LDQR DQG &RRNH  VHH )LJXUH 

(87)  FRQWDLQV YLVXDO DV ZHOO DVYLVXR WDFWLOHQHXURQV &ROE\DQG'XKDPHO&ROE\HWDO 'XKDPHOHWDO $YLOODFHWDO 

(88)  9,3 ELPRGDO QHXURQV PDLQO\ UHVSRQG WR YLVXDO VWLPXODWLRQ SUHVHQWHG ZLWKLQ D IHZ FHQWLPHWUHV RI WKH WDFWLOH UHFHSWLYH ILHOG DQG VKRZ D VWURQJ VHQVLWLYLW\ WR VSHHG DQG GLUHFWLRQ RI PRWLRQ RI ERWK YLVXDO DQG WDFWLOH VWLPXOL 'XKDPHO HW DO 

(89)  8QOLNH DUHD E QHXURQV VRPDWRVHQVRW\ UHFHSWLYH ILHOGV LQ 9,3 DUH SULPDULO\ ORFDWHG RQ WKH IDFH DQG KHDGDQGWKHLUYLVXDO UHFHSWLYHILHOGVDUHDQFKRUHGWRWKHUHJLRQRIVSDFHDURXQGWKHIDFH &ROE\HWDO

(90) 0RUHRYHU VRPH 9,3 QHXURQV DUH WULPRGDO UHVSRQGLQJ WR YLVXDO DXGLWRU\ DQG WDFWLOH VWLPXOL ZLWK WKH WKUHH GLIIHUHQWUHFHSWLYHILHOGVXVXDOO\DOLJQHG 6FKODFNHWDO

(91)  6RPHVWXGLHVKDYHUHYHDOHGDVLPLODUSRRORIPXOWLVHQVRU\QHXURQVGHYRWHGWRUHSUHVHQWWKH VSDFHQHDUWKHERG\LQWKHSXWDPHQ *UD]LDQRDQG*URVV

(92) DVXEFRUWLFDOVWUXFWXUHRIWKH SULPDWH EUDLQ WKDW UHFHLYHV SURMHFWLRQV IURP LQIHULRU DUHD  DQG DUHD E &DYDGD DQG *ROGPDQ . .

(93) 5DNLF  0DWHOOL HW DO 

(94)  7KH SXWDPHQ KDV DFRPSOHWHVRPDWRWRSLFPDSRIWKHERG\DQG OLNHWKHELPRGDOQHXURQVGHVFULEHGDERYHYLVXDODQGWDFWLOHUHFHSWLYHILHOGVRIELPRGDOFHOOVLQWKLV VWUXFWXUH GLVSOD\ D URXJK VSDWLDO FRUUHVSRQGHQFH ZLWK WKH YLVXDO UHFHSWLYH ILHOG DQFKRUHG WR WKH WDFWLOH RQH $ ODUJH SURSRUWLRQ RI ELPRGDO QHXURQV KDV FXWDQHRXV UHFHSWLYH ILHOGV FDQWHUHG RQWKH IDFH *UD]LDQR DQG *URVV

(95) DQGUHVSRQGVEHVWWRYLVXDOVWLPXODWLRQDGPLQLVWHUHGZLWKLQ FP IURP WKH IDFH VNLQ 9LVXRWDFWLOH QHXURQV FHQWUHG RQ WKH DUP UHVSRQG YLVXDOO\ ZKHQ WKH DUP XQGHUWKHPRQNH\¶V YLHZEXWQRWZKHQWKHDUPLVPRYHGRXWYLHZ *UD]LDQRDQG*URVV

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± FPV

(97)  RI D YLVXDO VWLPXOXV DSSURDFKLQJWKHWDFWLOH UHFHSWLYHILHOGVVXFKWKDWIDVWPRYLQJVWLPXOLDUHVLJQDOOHGHDUOLHU WKDQ VORZPRYLQJ RQHV )RJDVVL HW DO 

(98)  9LVXDO UHFHSWLYH ILHOGV RI ELPRGDO QHXURQV LQ WKH PHGLDO DQWHULRU LQWUDSDULHWDO VXOFXV DQG LQWKHSRVWFHQWUDOJ\UXVVHHPWRKDYHDVRPHZKDWVLPLODU SODVWLFLW\ ,ULNL DQG FROOHDJXHV 

(99)  WUDLQHG PRQNH\V WR XVH D UDNH DV D WRRO WR UHDFK IRU IRRG SHOOHWV SODFHG RXW RI WKHLU UHDFKLQJ GLVWDQFH $IWHU WKLV WUDLQLQJ ZLWK WKHWRROWKHYLVXDO  UHFHSWLYH ILHOG RI VRPH ELPRGDO QHXURQV ZHUH HORQJDWHG DORQJ WKH D[LV RI WKH UDNH 7KH HORQJDWHG YLVXDO UHFHSWLYH ILHOGV VHHPHG WR KDYH H[SDQGHG WRZDUG WKH WRRO WLS VXFK WKDW WKH UDNH DSSHDUHG WR EH LQFOXGHGZLWKLQWKHYLVXDO UHFHSWLYHILHOGV7KLVZDVWKHFDVHIRUERWK³GLVWDO´FHOOVZKRVHWDFWLOH UHFHSWLYH ILHOG ZDV RQ WKHVXUIDFHRIWKHKDQGDQG³SUR[LPDO´FHOOVZKRVHWDFWLOHUHFHSWLYHILHOG ZDV RQWKHVNLQRIWKHVKRXOGHU5HPDUNDEO\DIHZPLQXWHVDIWHU ZLWKKROGLQJ WKHDFWLYHXVHRIWKH UDNHWKHYLVXDOUHFHSWLYHILHOGVDSSDUHQWO\VKUDQNEDFNWRWKHLURULJLQDOVL]H6XFKDFKDQJHWRRFF XU UHTXLUHV DFWLYH WRROXVH QR PRGLILFDWLRQ ZDV REVHUYHG LI WKH UDNH ZDV MXVWSDVVLYHO\KHOGE\WKH DQLPDO WKHUHIRUH VXJJHVWLQJ WKH WRRO KDV WREHDFWLYHO\HPSOR\HGWRSHUIRUPDQDFWLRQ VHH)LJXUH 

(100)  0RUHRYHUDSRVLWURQHPLVVLRQWRPRJUDSK\ 3(7

(101) VWXG\ IURPWKHVDPHJURXSIXUWKHUH[WHQGHG WKLVILQGLQJGHVFULELQJWKHFRUWLFDODFWLYDWLRQRIWKHSUHVXSSOHPHQWDU\PRWRUDUHDDQGWKHSUHPRWRU FRUWH[ DW ORFDWLRQV PDWFKLQJ ) DQG ) DUHDV 2ED\DVKL HW DO 

(102)  3DULHWDO UHJLRQV DUH DOVR FUXFLDO VLQFH WKH WRROGHSHQGHQW FKDQJHV LQFUHDVHG FRUWLFRFRUWLFDO DIIHUHQWV WR WKH LQWUDSDULHWDO  .

(103) VXOFXV +LKDUDHWDO

(104) DQGWKHH[SUHVVLRQRIQHXURQDOSODVWLFLW\PDUNHUVLQWKLVFRUWLFDOUHJLRQ ,VKLEDVKLHWDODE

(105)   .   )LJXUH  &KDQJHV LQ ELPRGDO UHFHSWLYH ILHOG SURSHUWLHV IROORZLQJ WRROXVH 7KH VRPDWRVHQVRU\ UHFHSWLYH ILHOGV RI FHOOV LQ WKLV UHJLRQ ZHUH LGHQWLILHG E\ OLJKW WRXFKHV SDVVLYH PDQLSXODWLRQ RI MRLQWV RU DFWLYH KDQGXVH 7KH YLVXDO UHFHSWLYH ILHOG ZDV GHILQHG DV WKH DUHD LQ ZKLFK FHOOXODU UHVSRQVHV ZHUH HYRNHG E\ YLVXDO SUREHV WKH PRVW HIIHFWLYH RQHVEHLQJWKRVHPRYLQJWRZDUGVWKHVRPDWRVHQVRU\ UHFHSWLYHILHOG

(106)  D

(107)  VRPDWRVHQVRU\ UHFHSWLYH ILHOG EOXH DUHD

(108)  RI WKH µGLVWDO W\SH¶ ELPRGDO QHXURQV DQG WKHLUYLVXDO UHFHSWLYHILHOG SLQN DUHDV

(109)  E

(110)  EHIRUH WRROXVH F

(111) LPPHGLDWHO\DIWHUWRROXVHDQG G

(112) ZKHQMXVWSDVVLYHO\JUDEELQJWKHUDNH H

(113)  VRPDWRVHQVRU\ UHFHSWLYH ILHOG EOXH DUHD

(114)  RI µSUR[LPDO W\SH¶ ELPRGDO QHXURQV DQG WKHLU YLVXDO UHFHSWLYH ILHOG SLQNDUHDV

(115)  I

(116) EHIRUHDQG J

(117) LPPHGLDWHO\ DIWHUWRROXVH )URP0DUDYLWD DQG,ULNL . . 7KHG\QDPLFFKDQJHVRIYLVXDO UHFHSWLYHILHOGVREVHUYHGLQFDVHRIREMHFWVDSSURDFKLQJWKH ERG\ )RJDVVLHWDO

(118) RUDIWHUDFWLYHWRROXVH ,ULNLHWDO

(119) SRLQWWRDQRWKHUFULWLFDODVSHFW WKH OLQN RI336FRGLQJ ZLWKPRWRUUHVSRQVHV7KHQHXUDOUHVSRQVHRIYLVXRWDFWLOHFHOOVLQLQIHULRU SUHPRWRUDUHD *HQWLOXFFLHWDO5L]]RODWWLHWDOF

(120) SDULHWDODUHDE +\YlULQHQ  +\YlULQHQ DQG 3RUDQHQ  +\YlULQHQ DQG 6KHOHSLQ  /HLQRQHQ  /HLQRQHQHWDO/HLQRQHQDQG1\PDQ5RELQVRQHWDO

(121) DQGWKHSXWDPHQ &UXWFKHU DQG 'H/RQJ 

(122)  LV HOLFLWHG E\ SDVVLYH YLVXDO DQG WDFWLOH VWLPXODWLRQ DV ZHOO DV GXULQJ PRWRU DFWLYLW\ . .

(123) ,QWKHSUHPRWRUFRUWH[WKH YLVXDOUHVSRQVHVRIVRPHQHXURQVDUHHQKDQFHGZKHQSHUIRUPLQJ UHDFKLQJDQGJUDVSLQJPRYHPHQWVWRZDUGDQREMHFW *RGVFKDONHWDO.XUDWDDQG7DQML  5L]]RODWWLHWDO F

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

(125)  ,Q DGGLWLRQ WKH SRVWHULRU SDULHWDO FRUWH[ LV DFFRUGLQJO\ UHODWHG WR DSSURDFKLQJ PRYHPHQWV RI D ERG\SDUW WRZDUG H[WHUQDO REMHFWV DQG VKRZ PRWRU SURSHUWLHV VLPLODUO\ WR WKH SUHPRWRU UHJLRQ 5L]]RODWWL HW DO 'HERZ\HWDO )RJDVVL DQG /XSSLQR  )HUUDLQD HW DO DE

(126)  1RWHWKDWWKHDFWLYDWLRQGXULQJJUDVSLQJDFWLRQV LQPRQNH\ VSRVWHULRUSDULHWDODUHDVVWDUWV EHIRUHWKHEHJLQQLQJRIWKHPRYHPHQWDQGSHUVLVWVGXULQJ WKHZKROHDFWLRQ7KHSUHGRPLQDQWDFWLYDWLRQPRYHV WKHQWR6,RQO\ZKHQWKHKDQGHQWHUVLQFRQWDFW ZLWK WKH WDUJHW REMHFW *DUGQHU HW DO 

(127)  5HPDUNDEO\WKLVSRVWHULRUSDULHWDODFWLYDWLRQEHIRUH DQG GXULQJ WKH RYHUW PRWRU DFWLYLW\ LQYROYHV DUHDV RI WKH PRQNH\ V EUDLQ ZKHUH ELPRGDO QHXURQV KDYH EHHQ IRXQG VXFK DV DUHD E /DVWO\ DEODWLRQ DQG UHYHUVLEOH LQDFWLYDWLRQ RI SUHPRWRU DQG SDULHWDO UHJLRQ VHHP WR SURGXFH YHU\ VLPLODU SDWWHUQV RI GHILFLWV PRVW RI ZKLFK LPSDLUV WKH H[HFXWLRQRIYLVXDOO\JXLGHGUHDFKLQJDFWLRQV 0ROODQG.X\SHUV%DWWDJOLQLHWDO'HXHO DQG 5HJDQ  (WWOLQJHUDQG.DOVEHFN)DXJLHU*ULPDXGHWDO *DOOHVHHWDO  +DOVEDQ DQG 3DVVLQJKDP 

(128)  $V PHQWLRQHG HDUOLHU UHPRYDO RI SRVWDUFXDWH OHVLRQV WR DUHD  LQFOXGLQJDUHDV)DQG)UHVXOWVLQDVHYHUHLPSDLUPHQWLQJUDVSLQJZLWKPRXWK 5L]]RODWWLHWDO 

(129)  7KHKDQGVKDSLQJWKDWUHOLHVRQWKHYLVXDOSURSHUWLHVRIWKHREMHFWWREHJUDVSHGLVGLVUXSWHG IROORZLQJ WKH LQDFWLYDWLRQ RI ) DQG D VLPLODU LPSDLUPHQW LVREVHUYHG IROORZLQJ$,3LQDFWLYDWLRQ )RJDVVL HW DO  *DOOHVH HW DO 

(130)  7R FRQFOXGH WKLV SDUDJUDSK WKHVH UHVXOWV WKHUHIRUH FRQWULEXWH FROOHFWLYHO\ WR UDLVH WKH FRPSHOOLQJ SRVVLELOLW\ WKDW WKH PXOWLVHQVRU\ UHSUHVHQWDWLRQ RI 336PLJKW VHUYHVRPHPRWRUIXQFWLRQ   0LUURULQJ WKH SHULSHUVRQDO

(131)  VSDFH  ,Q DFFRUGDQFH ZLWK WKH PRWRU SURSHUWLHV RI 336 WKH UHJLRQV GHYRWHG WR QHDUVSDFHFRGLQJ DUH LPPHGLDWHO\ DGMDFHQW WR RU FRH[WHQVLYH ZLWK EUDLQ DUHDV FRQWDLQLQJ DQRWKHU SDUWLFXODU VHW RI YLVXRPRWRU QHXURQV ,Q WKH YHQWUDO SUHPRWRU FRUWH[ YLVXRPRWRU FHOOV RI DUHD ) DUH FODVVLFDOO\ VXEGLYLGHGLQWRWZRFDWHJRULHVFDQRQLFDODQGPLUURUQHXURQV&DQRQLFDOQHXURQVGLVFKDUJHWR . .

(132) YLVXDOSUHVHQWDWLRQRIREMHFWVDQGWRDFWLRQVWRZDUGVVXFKREMHFWVERWKLQWKHGDUNDQGLQWKHOLJKW %HFDXVH RI WKLV VXFK FODVV RI QHXUDO FHOOV LV SURSRVHG WR XQGHUOLH YLVXRPRWRU WUDQVIRUPDWLRQ IRU JUDVSLQJ 0XUDWD HW DO   5DRV HW DO 

(133)  2Q WKH RWKHU KDQG ³PLUURU´ QHXURQV VHOHFWLYHO\ UHVSRQG GXULQJ DFWLRQ H[HFXWLRQ DV ZHOO DV GXULQJ REVHUYDWLRQ RI VRPHRQH HOVH SHUIRUPLQJ WKH VDPH DFWLRQ 6XFK FODVV RI QHXUDO FHOOV LV LQVWHDG WKRXJKW WR EH LQYROYHGLQDFWLRQ XQGHUVWDQGLQJ GL3HOOHJULQR HWDO *DOOHVHHWDO5L]]RODWWLHWDO5L]]RODWWLDQG 0DWHOOL 

(134)  ,Q WKH UKHVXV PRQNH\¶V SUHPRWRU FRUWH[ PLUURU QHXURQV QRW RQO\ DUH DFWLYDWHG E\ ERWK WKH H[HFXWLRQ DQG WKH REVHUYDWLRQ RIPRWRUDFWVEXW WKH\DUH DOVR PRGXODWHG GLIIHUHQWLDOO\ E\ WKHORFDWLRQLQVSDFHRIWKHREVHUYHGPRWRUDFWVUHODWLYHWRWKHPRQNH\$VXEVHWRIPLUURUQHXURQV VKRZ VHOHFWLYLW\ IURP DFWLRQVSHUIRUPHGZLWKLQWKHREVHUYHU¶V336UDWKHUWKDQLQLWVH[WUDSHUVRQDO VSDFH ZKLOH DQRWKHU VXEVHW VKRZ WKH RSSRVLWH VHOHFWLYLW\ IRU DFWLRQV SHUIRUPHG LQ H[WUDSHUVRQDO VSDFH (YHQPRUHLQWHUHVWLQJO\D SRUWLRQRIWKHVHVSDWLDOO\VHOHFWLYHPLUURUQHXURQVHQFRGHVVSDFH DFFRUGLQJ WR D PHWULF UHSUHVHQWDWLRQ ZKHUHDV RWKHU QHXURQV HQFRGH VSDFH LQ RSHUDWLRQDO WHUPV FKDQJLQJ WKHLU SURSHUWLHV DFFRUGLQJ WR WKH SRVVLELOLW\ WKDW WKH PRQNH\ZLOOLQWHUDFWZLWKWKHREMHFW &DJJLDQR HWDO 

(135) :KHQDFFHVVLELOLW\WR336LVOLPLWHGIRULQVWDQFHE\SODFLQJDWUDQVSDUHQW EDUULHU LQ IURQW RI WKH PRQNH\ WKH ILULQJ UDWH RI VHYHUDO 336 PLUURU QHXURQV DUH UHGXFHG GXULQJ REVHUYDWLRQRIDFWLRQVSHUIRUPHGLQSRUWLRQRIWKHVSDFHQRZLQDFFHVVLEOH,QRWKHUWHUPVZKHQWKH ERUGHU FKDQJHG WKH SUHYLRXVO\ UHDFKDEOH VSDFH RI WKH PRQNH\ LQWR QRQUHDFKDEOH VSDFH WKH 336 PLUURU QHXURQV GLG QRW UHVSRQG DQ\PRUH $FFRUGLQJO\ H[WUDSHUVRQDO PLUURU QHXURQV VWDUW WR UHVSRQGWRREVHUYDWLRQRIDFWLRQVSHUIRUPHGLQWKHLQDFFHVVLEOH336DVLQGLFDWLQJWKDWZKHQ336LV LQDFFHVVLEOH IRU DFWLRQ LW LV UHSUHVHQWHG DV IDUWKHU H[WUDSHUVRQDO VSDFH 6XFK UHVXOWV WKHUHIRUH VXJJHVW WKDW LWZDVWKHFXUUHQWO\UHDFKDEOHVSDFHWKDWZDVLPSRUWDQWLQHYRNLQJDUHVSRQVHLQWKHVH ³H[WUDSHUVRQDO´DQG³SHULSHUVRQDO´PLUURUQHXURQV $ORQJ ZLWK WKLV D VXESRSXODWLRQ RI ) QHXURQV DFWXDOO\ VKDUHV ERWK FDQRQLFDO DQG PLUURU SURSHUWLHV WHUPHG WKHUHIRUH ³FDQRQLFDOPLUURU´ QHXURQV 7KH UHVSRQVHV RI FDQRQLFDO DQG ³FDQRQLFDOPLUURU´QHXURQVWRWKHSUHVHQWDWLRQRIJUDVSDEOHREMHFWVW\SLFDOO\UHTXLUHWKHVWLPXOXVWR EH LQ 336 ,Q FRQWUDVW WKH UHVSRQVHV RI PLUURU DQG FDQRQLFDOPLUURU QHXURQV HYRNHG E\ DFWLRQ REVHUYDWLRQ DUH SUHVHQW LUUHVSHFWLYHO\ RI ZKHWKHU WKH DFWLRQ EHLQJ REVHUYHG E\ WKH PRQNH\ LV SHUIRUPHGLQSHULSHUVRQDORULQH[WUDSHUVRQDOVSDFH $OVRLQWKHVHK\EULGYLVXRPRWRUFHOOVVSDFH FRQVWUDLQHGFRGLQJRIREMHFWVPRVWO\UHOLHVRQDQRSHUDWLRQDO DFWLRQSRVVLELOLW\

(136) UDWKHUWKDQPHWULF DEVROXWHGLVWDQFH

(137) UHIHUHQFHIUDPH0RUHRYHUVXFKFDQRQLFDOPLUURUQHXURQVDSSHDUWRFRGHREMHFW DV WDUJHW IRU ERWKRQH VRZQDQGRWKHU VDFWLRQVXJJHVWLQJWKDWWKH\FRXOGSOD\DUROHLQSU HGLFWLYH UHSUHVHQWDWLRQ RI RWKHUV  LPSHQGLQJ DFWLRQV %RQLQL HW DO 

(138)  ,Q DGGLWLRQ PLUURU QHXURQV FDQ DOVR EH IRXQG LQ SDULHWDO DUHD E )RJDVVL HW DO  )RJDVVL DQG /XSSLQR 

(139)  /LNH WKH ³FDQRQLFDO´ E QHXURQV WKHVH FHOOV GLVFKDUJH GLIIHUHQWLDOO\ WR VLPSOH PRYHPHQWV DQG WR FRPSOH[ . .

(140) JRDOGLUHFWHGVHTXHQFHVRIDFWLRQVDQGDUHSURSRVHGWRSOD\DQLPSRUWDQWUROHLQWKHRUJDQL]DWLRQRI QDWXUDOHFRORJLFDODFWLRQV %RQLQLHWDO

(141)  $OOWRJHWKHUWKHVHH[SHULPHQWVUHYHDOWKDW DVHWRIQHXURQVHQFRGHVWKHREVHUYHGPRWRUDFWV QRW RQO\ IRU DFWLRQ XQGHUVWDQGLQJ *DOOHVH HW DO  5L]]RODWWL HW DO  5L]]RODWWL DQG )RJDVVL 

(142)  EXW DOVR WR DQDO\VH VXFK DFWV LQ WHUPV RI IHDWXUHV WKDW DUH UHOHYDQW WR JHQHUDWLQJ DSSURSULDWH EHKDYLRXUV ZLWKLQ DQGEH\RQGWKHDFWLRQVSDFH &DJJLDQRHWDO

(143) ,IRQRQHKDQG WKHVSDFHZKHUHWKHH[HFXWHGRUREVHUYHGDFWLRQFRQVWUDLQVWKHQHXUDOUHVSRQVHVRIWKHYLVXRPRWRU FHOOVRQWKHRWKHUKDQGFRGLQJRIVSDFHFRXOGSRWHQWLDOO\EHQHILWRIVLPLODUPLUURULQJSURFHVVHV $V SURRI RI WKH H[LVWHQFH RI D PLUURU QHXURQOLNH PHFKDQLVP HQFRGLQJ WKH 336 RI RWKHU LQGLYLGXDOV ,VKLGD HW DO 

(144)  GHVFULEHG LQ DUHD 9,3 ³ERG\PDWFKLQJ QHXURQV´ WKDW UHVSRQG WR YLVXDOVWLPXOLSUHVHQWHGQHDUDVSHFLILFERG\SDUWRIWKHPRQNH\EHLQJUHFRUGHGIURPDVZHOODVWR YLVXDO VWLPXOL SUHVHQWHG QHDU WKH FRUUHVSRQGLQJ ERG\ SDUW RI WKH KXPDQ H[SHULPHQWHU /LNH WKH W\SLFDO 336QHXURQVWKHPDMRULW\RIWKHUHFRUGHGQHXURQVH[KLELWYLVXDOUHFHSWLYHILHOGVDURXQGWKH WDFWLOH UHFHSWLYHILHOGVDQFKRUHGRQDVLQJOHERG\SDUW HJFKHHNIRUHDUPDQGWUXQN

(145) VHOHFWLYHO\ GLVFKDUJLQJ  ZKHQ YLVXDOVWLPXOLZHUHGHOLYHUHGZLWKLQPRQNH\¶V336 DSSUR[LPDWHO\FPIURP WKH VNLQ

(146)  +RZHYHU WKH QRYHO ILQGLQJ WR HPHUJH IURP WKLV VWXG\ ZDV WKH VRPH ELPRGDO QHXURQV H[KLELW ERWKYLVXRWDFWLOH UHFHSWLYHILHOGVRQWKHPRQNH\¶VERG\DQGYLVXDOUHFHSWLYHILHOGVFORVHWR WKH H[SHULPHQWHU¶V ERG\ 6XFK QHXURQV UHVSRQG VHOHFWLYHO\ WR D YLVXDO VWLPXOXV GHOLYHUHG DW D GLVWDQFH RIFPIURPWKHPRQNH\¶VERG\SDUWV LH EH\RQGWKHPRQNH\¶V336

(147)  EXWFORVHWRWKH FRUUHVSRQGLQJ H[SHULPHQWHU¶V ERG\ SDUWV LH ZLWKLQ WKH H[SHULPHQWHU¶V 336

(148)  $V DQ H[DPSOH D QHXURQZLWKDWDFWLOH UHFHSWLYHILHOGRQWKHDUPUHVSRQGVWRYLVXDOVWLPXOLERWKSUHVHQWVDURXQGWKH PRQNH\ V RZQDUPDQGGHOLYHUHGDURXQGDQRWKHULQGLYLGXDO VDUPWKHH[SHULPHQWHULQWKLVFDVH VHH )LJXUH 

(149)  ,PSRUWDQWO\WKHQHXURQIDLOHGWRUHVSRQGZKHQWKHVDPHVWLPXOXVZDVSUHVHQWHGFORVH WR RWKHU ERG\ SDUWV RI WKH H[SHULPHQWHU RU LQ WKH DEVHQFH RI WKH H[SHULPHQWHU UXOLQJ RXW YLVXDO DWWHQWLRQ DVDQDOWHUQDWLYHLQWHUSUHWDWLRQRIWKH ILQGLQJV  . . .

(150)   )LJXUH  $Q H[DPSOH RI ERG\PDWFKLQJ QHXURQ /RFDWLRQ RI WDFWLOH UHFHSWLYH ILHOG RI WKLV QHXURQ LVRQ WKH PRQNH\¶V OHIW IRUHDUP ZLWK YLVXDO UHFHSWLYH ILHOG DQFKRUHG FORVH WR WKH VDPH SDUW RI WKH WDFWLOH 5) $ DQG %

(151)  $ WDFWLOH VWLPXOXV KDQG WRXFK E\ WKH H[SHULPHQWHU

(152)  PRYHG IURP SUR[LPDO WRGLVWDODFURVVWKHWDFWLOH UHFHSWLYHILHOGRIWKHQHXURQ7KHQHXURQSUHIHUUHGQHDUE\VWLPXOLZLWKLQFPRIWKHPRQNH\¶VOHIWIRUHDUP ZKHQ WKH H[SHULPHQWHU ZDV DEVHQW  FP

(153)  7KH QHXURQ ZDV PRVW DFWLYH IRU YLVXDO PRWLRQ RI WKH H[SHULPHQWHUV¶ KDQG LQ WKH VDPH GLUHFWLRQ %EHORZ

(154) 5HVSRQVHVWRYLVXDOVWLPXOLPRUHWKDQFPIURPWKH PRQNH\¶V OHIW IRUHDUP ,Q ERWK PRGDOLWLHV UHVSRQVHV WR VWLPXOL RQQHDU WKH OHIW DUP ZHUH VLJQLILFDQWO\ VWURQJHU WKDQ WKRVH LQ RWKHU FRQGLWLRQV &

(155)  9LVXDO UHVSRQVHV WR H[SHULPHQWHU¶V IRUHDUPV 7KLV QHXURQ ZDV DFWLYH ZKHQ WKHPRQNH\REVHUYHGWKHH[SHULPHQWHUVWURNLQJKLVRZQOHIWIRUHDUPIURPSUR[LPDOWRGLVWDO & EHORZ

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

(157) 7KHLQIHULRUSDULHWDODUHDEDQG  .

(158) VXSHULRUSDULHWDODUHDVHQGSURMHFWLRQVUHVSHFWLYHO\WRLQIHULRUDQGVXSHULRUSDUWRISUHPRWRUDUHD 3DQG\D DQG 9LJQROR  6WULFN DQG .LP  *RGVFKDON HW DO  0DWHOOL HW DO D E

(159)  5HFLSURFDO FRQQHFWLRQVDUHDOVRVHQWEDFNIURPSUHPRWRUDUHDWRWKHUHVSHFWLYHSDULHWDO DUHDV 5L]]RODWWL HW DO 

(160)  /LNHZLVH WKLV SDULHWRIURQWDO QHWZRUN SURMHFWV DOVR WR WKH SXWDPHQ .XQ]OH:HEHUDQG<LQ&DYDGDDQG*ROGPDQ5DNLF 

(161)  $VDZKROHQHXURQVLQWKLVQHWZRUNPDLQO\ VKDUHVRPHFRPPRQ IHDWXUHV  YLVXDO DQG WDFWLOH UHFHSWLYH ILHOGV DUH LQ VSDWLDO UHJLVWHU YLVXDO UHFHSWLYH ILHOGV PDWFKLQJ WKH ORFDWLRQRIWDFWLOHUHFHSWLYHILHOGVRQERG\VXUIDFH  YLVXDO UHFHSWLYH ILHOGV DUHOLPLWHGO\H[WHQGHGLQGHSWKEHLQJUHVWULFWHGWRWKHVSDFHLPPHGLDWHO\ VXUURXQGLQJ WKHERG\SDUW  YLVXDO VWLPXOL PRYLQJ FORVH WKH SULPDWH¶V VNLQ PRGXODWH WKH QHXURQV¶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

(162)  7KH ILUVW 336 VXEFLUFXLW LV IRUPHG E\ 9,3 DQG ) 5L]]RODWWL DQG /XSSLQR  5L]]RODWWL DQG 6LQLJDJOLD  &OHU\ DW DO D

(163)  ,Q SUHPRWRU DUHD ) YLVXDO LQIRUPDWLRQ LV SULPDULO\ DQFKRUHG WR WKH DUPKDQG ZKLOH LQ SDULHWDO DUHD 9,3 LV SULPDULO\ DQFKRUHG WR WKH KHDGIDFH %HVLGHV KDYLQJ VWURQJ DQDWRPLFDO FRQQHFWLRQV WKH WZR UHJLRQV VKRZ VRPH IXQFWL RQDO KRPRORJLHV 6SHFLILFDOO\ WKH HOHFWULFDO PLFURVWLPXODWLRQ RI 9,3 UHJLRQ SURGXFHV H\H EOLQNLQJ DQG GHIHQVLYHOLNH PRYHPHQWV LQFOXGLQJ IOLQFKLQJ DV LI DYRLGLQJ RU SURWHFWLQJ WKH KHDGIURPDWWDFNRU FROOLVLRQ &RRNHDQG*UD]LDQR*UD]LDQRDQG&RRNH

(164) ,Q)DVLPLODUPRWRUUHSHUWRLUHLV HOLFLWHGE\HOHFWULFDOPLFURVWLPXODWLRQVRIYLVXRWDFWLOHQHXURQVRQWKHKHDG$WVLWHVZLWKYLVXDODQG WDFWLOH UHFHSWLYH ILHOGV DQFKRUHG WR WKH DUP RU KDQG IDVW ZLWKGUDZDO RI WKH KDQG WR D SURWHFWLYH SRVWXUHEHKLQGWKHEDFNLV HYRNHG &RRNHDQG*UD]LDQR*UD]LDQRHWDO*UD]LDQRDQG &RRNH 

(165)  $OWKRXJK GLVWLQFW FRQWULEXWLRQV RI DUHD 9,3 DQG DUHD ) WRVXFKDPRWRUUHSHUWRLUH . .

(166) VHHP WR FRH[LVWDVKLJKOLJKWHGE\WKHFRPSDUDWLYHHOHFWULFDOPLFURVWLPXODWLRQVWXG\SHUIRUPHGE\ *UD]LDQR DQG FROOHDJXHV WKHVH REVHUYDWLRQV GRFXPHQW WKH LQYROYHPHQW RI WKLV 9,3) FLUFXLW LQ GHIHQFH DQGREVWDFOHDYRLGDQFH EHKDYLRXU+HQFHRQHFRXOGVSHFXODWHWKDWWKLVQHWZRUNFRXOGVXE VHUYHWKHIXQFWLRQRISURWHFWLQJWKH DQLPDOE\PDLQWDLQLQJDPDUJLQRIVDIHW\DURXQGWKHERG\ZLWK D VSHFLILF HPSKDVLV RQ WZR YXOQHUDEOH ERG\ SDUWV YL] WKH KHDG DQG WKH DUPKDQG *UD]LDQR DQG &RRNH&OHU\HWDOD

(167)  7KH VHFRQG FLUFXLW ZLWKLQ WKH SDULHWRSUHPRWRU QHWZRUN LV IRUPHG E\ $,3 DQG E LQ WKH SDULHWDOSROHDQGDUHD)LQWKHIURQWDOSROH 5L]]RODWWLDQG6LQLJDOJLD0DWHOOLDQG/XSSLQR 5L]]RODWWLDQG0DWHOOL

(168) 1RWDEO\$,3LVQRWGHVFULEHGWRFRQWDLQELPRGDOYLVXRWDFWLOH QHXURQV EXW LW UDWKHU UHSUHVHQWV ' REMHFW VWUXFWXUH SRVVLEO\ FRQWULEXWLQJ WR WKH GHILQLWLRQ RI WKH PRWRU DIIRUGDQFHV RI REMHFWV $,3 LV LQ IDFW IXQFWLRQDOO\ VSHFLDOL]HG LQ WKH YLVXRPRWRU WUDQVIRUPDWLRQ LQYROYHG LQ JUDVSLQJ DFWLRQV DQG LQ WKH RQOLQH DGMXVWPHQW RI WKH KDQG DQG ILQJHU FRQILJXUDWLRQIRUDVHFXUHGLQWHUDFWLRQZLWKWKHREMHFWV 0XUDWDHWDO

(169) $OWKRXJK$,3UHJLRQ GRHV QRW DSSHDU WR FRQWULEXWH WR 336 FRGLQJ SHU VH JLYHQ WKH VWURQJ DQDWRPLFDO FRQQHFWLRQV DQG IXQFWLRQDO KRPRORJLHV ZLWK ) DQG E LW PD\ SURYLGH WKH VHQVRULPRWRU WUDQVIRUPDWLRQV DLPHG DW JXLGLQJPRYHPHQWVLQ3367KHE)FLUFXLWKDVYLVXDODQGWDFWLOHDVZHOODVPRWRUSURSULHWLHVWKDW PLJKW SOD\DFHQWUDOUROHLQ XQIROGLQJJUDVSLQJDFWLRQV$VGHVFULEHGHDUOLHUVRPHFHOOVLQEDUHD DOVR GLVFKDUJH GXULQJ PRWRU DFWLYLW\ +\YlULQHQ  +\YlULQHQ DQG 6KHOHSLQ  /HLQRQHQ  /HLQRQHQ HW DO  /HLQRQHQ DQG 1\PDQ  5RELQVRQ HWDO

(170) 7KHLU DFWLYLW\ LV HYRNHG E\ WKH H[HFXWLRQ RI GLIIHUHQW DFWLRQV IURP VLPSOH PRYHPHQWV VXFK DV JUDVSLQJ D VSHFLILF REMHFWWRPRUHFRPSOH[VHTXHQFHVRIPRYHPHQWVVXFKDVJUDVSLQJWREULQJWRWKHPRXWK )RJDVVLHW DO)RJDVVLDQG/XSSLQR

(171) )XUWKHUDVPDOOSRUWLRQRIDUHD)QHXURQVGLVFKDUJHZKHQ YLVXDOO\SUHVHQWLQJ'REMHFWVVLPLODUO\ WR$,3QHXURQVH[KLELWLQJVHOHFWLYHUHVSRQVHVIRUVSHFLILF VKDSH VL]H DQG REMHFW RULHQWDWLRQ 6XFK D YLVXDO UHVSRQVH LV LQGHSHQGHQW RI ZKHWKHU DQ DFWLRQ WRZDUGWKHWDUJHWLVSHUIRUPHGRUQRW 0XUDWDHWDO

(172) ,QOLJKWRIWKLVPXOWLVHQVRU\KDQGUHODWHG IHDWXUHV WKDW DUH WLJKWO\ DVVRFLDWHG ZLWKJRDGGLUHFWDFWLRQRQHFRXOGWKLQNWKDWWKLVSDULHWRIURQWDO FLUFXLWLVPRUHGHGLFDWHGWRSODQQLQJDQGH[HFXWLRQRIDFWLRQVWRLQWHUDFWZLWKREMHFWHGORFDWHGZLWK WKHQHDUE\HQYLURQPHQW   ,QDQXWVKHOO«  6XPPDUL]LQJ ZKDW ZH KDYH VHHQ WKXV IDU WKH VSHFLDO UROH RI WKH VSDFH LQ WHUPV RI PXOWLVHQVRU\ LQWHUDFWLRQV LQYROYLQJ WKH VWLPXODWLRQ RI WKH ERG\ KDV EHHQ LQVSLUHG E\ WKHUHVXOWVRI QHXURSK\VLRORJLFDO LQYHVWLJDWLRQV GRFXPHQWLQJ WKH H[LVWHQFH RI YLVXRWDFWLOH QHXURQV LQ PDFDTXH¶V SDULHWRIURQWDO DUHDV 2QH RI WKH SHFXOLDU FKDUDFWHULVWLF FRPPRQ WR DOO WKHVH FHOOV LV WKDW WKH\ . .

(173) VSHFLILFDOO\ UHVSRQG WR VWLPXOL SUHVHQWHG RQ DQG FORVH WR WKH ERG\ EXW QRW WR WKRVH VWLPXOL WKDW KDSSHQ WR EH SUHVHQWHG IXUWKHU IURP WKH ERG\ HJ 5L]]RODWWL HW DO D *UD]LDQR DQG *URVV *UD]LDQRHWDO

(174) $VIRUWKHIXQFWLRQVRIVXFKSDUWLFXODUPXOWLVHQVRU\LQWHUDFWLRQVLQWKLV UHJLRQRIVSDFHWKHLQWHJUDWLRQRIYLVXDODXGLWRU\SURSULRFHSWLYHDQGVRPDWRVHQVRU\VWLPXOLVHHPV WR FRQWULEXWH WR WKH HIILFLHQW JXLGDQFH RI DFWLRQV DQG GHIHQVLYH EHKDYLRXUV LQ UHVSRQVH WR WKRVH HYHQWV WKDW DUH REVHUYHG WR KDSSHQ LQ 336 5L]]RODWWL HW DO  *UD]LDQR DQG &RRNH  +ROPHVDQG6SHQFH%UR]]ROLHWDO&OHU\HWDOD

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

Figure

TABLE  2:  2WKHU VLJQLILFDQW PDLQ HIIHFWV DQG LQWHUDFWLRQV REVHUYHG IRU $129$V SHUIRUPHG RQ NLQHPDWLF SDUDPHWHUV IRU PXOWLVHQVRU\ 97 DQGXQLVHQVRU\7WULDOV0*$ PD[LPXPJULSDSHUWXUH 9*$  YHORFLW\RIJULSDSHUWXUH
Figure  7.4.  Bar  plots  (with  SEM)  show  latency  of  MGA  (A  panel)  and  duration  of  the  whole

Références

Documents relatifs

Department of Mathematics, Faculty of Sciences A¨ ın Chock, University of Hassan II,

Sensori-motor adaptation to novel limb dynamics influences the representation of peripersonal space.. Nicolas Leclere, Fabrice Sarlegna, Yann Coello,

L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des

In experiments 1 and 2 (Sect. The robot has one appetitive and one aversive drive – respectively feeding and protecting its own physical integrity. The feeding drive is determined

Fig- ure 1 summarizes the way we model appetitive and aver- sive pathways in order the modulate robot PPS perception.. Please note that we do not aim to present a precise model of

This process would imply a global narrative and editing that would ensure, firstly, that the space depicted by the film is no longer relegated to the background of the human drama,

All the same conclusions reached in this section with respect to the limits of groups of type 1 and the lower bound on diameter of the resulting space forms apply

The common-sense theory of time in [1] uses a “meet” relation as a temporal primitive between intervals but it can only account for relations between self-connected intervals (a