Impact de l’opération de cuisson du plantain sur la digestibilité in vitro de l’amidon

Texte intégral

(1)Impact de l’opération de cuisson du plantain sur la digestibilité in vitro de l’amidon Andrés Giraldo Toro. To cite this version: Andrés Giraldo Toro. Impact de l’opération de cuisson du plantain sur la digestibilité in vitro de l’amidon. Ingénierie des aliments. Montpellier SupAgro, 2015. Français. �NNT : 2015NSAM0012�. �tel-01397423�. HAL Id: tel-01397423 https://tel.archives-ouvertes.fr/tel-01397423 Submitted on 15 Nov 2016. 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) . . . 'pOLYUpSDU0RQWSHOOLHU6XS$JUR . . 3UpSDUpHDXVHLQGHO¶pFROHGRFWRUDOH 636$6FLHQFHGHV3URFpGpV±6FLHQFHGHV$OLPHQWV (WGHO¶8054XDOL6XG

(3) DXVHLQGX&,5$' 6SpFLDOLWp*pQLHGHVSURFpGpV 3UpVHQWpHSDU$QGUpV*,5$/'27252 . ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQ VXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ 6RXWHQXHOHVHSWHPEUHGHYDQWOHMXU\FRPSRVpGH. . . . 0PH&DWKHULQH%21$==,'LUHFWHXUGHUHFKHUFKH,15$0DVV\ 5DSSRUWHXU 0/XLV$UWXUR%(//23URIHVVHXU,310H[LFR 5DSSRUWHXU 0PH9DOpULH0,&$5'3URIHVVHXU0RQWSHOOLHU6XS$JUR ([DPLQDWULFH 0*X\'(//$9$//(,QJpQLHXUGHUHFKHUFKH,15$1DQWHV ([DPLQDWHXU 02OLYLHU*,%(57&KHUFKHXU&,5$'0RQWSHOOLHU ([DPLQDWHXU 03KLOLSSH%2+8213URIHVVHXU0RQWSHOOLHU6XS$JUR 'LUHFWHXUGHWKqVH. . . .

(4)

(5) . A ma famille pour leur soutien et compréhension. A Santiago Giraldo pour son soutien inestimable dans ces derniers trois ans. . .

(6) . .

(7) . 5pVXPp /HV DOLPHQWV j EDVH GH SODQWDLQ FRQQX FRPPH ULFKH HQ DPLGRQ UpVLVWDQW VRQW ODUJHPHQW FRQVRPPpVGDQVOHVSD\VGXVXG/HFRQWU{OHGHODGLJHVWLELOLWpGHO¶DPLGRQGXSODQWDLQFXLW LPSOLTXHODPDvWULVHGHVHVSURSULpWpVSK\VLFRFKLPLTXHVTXLYDULHQWHQIRQFWLRQGHVFRQGLWLRQV GHFXLVVRQHWTXLUpVXOWHQWGHSURFHVVXVGHWUDQVSRUW pQHUJLHHDX

(8) GHWUDQVIRUPDWLRQVHWGH UpDFWLRQV&HVWUDYDX[GHUHFKHUFKHRQWSRXUEXWGHPLHX[FRPSUHQGUHFHVSURFHVVXV3RXU\ SDUYHQLU O¶HIIHW FRPELQp GH OD WHPSpUDWXUH 7

(9) HW GH OD WHQHXU HQ HDX ;

(10) VXU OH GHJUp GH JpODWLQLVDWLRQ a

(11) D pWp PHVXUp SDU '6& /HV SURSRUWLRQV G¶DPLGRQ UDSLGHPHQW GLJHVWLEOH 5'6

(12) HWUpVLVWDQW 56

(13) PHVXUpHVSDUXQHPpWKRGHHQ]\PDWLTXHLQYLWURRQWpWppWXGLpHVVXU XQDOLPHQWPRGqOH IDULQHHDX

(14) jSDUWLUGHVYDULpWpV'RPLQLFR+DUWRQHW+DUWRQ/HVGHX[ GLDJUDPPHV G¶pWDW GH O¶DPLGRQ RQW pWp UHSUpVHQWpV SDU XQ PRGqOH GH :HLEXOO /HV HIIHWV FRPELQpVGH7HW;VXU5'6RX56SHXYHQWrWUHUHJURXSpVGDQV aTXHOTXHVRLWO¶KLVWRULTXH WKHUPRK\GULTXH GH O¶DPLGRQ $LQVL GHX[ UHODWLRQV DGLPHQVLRQQpHV VRQW SURSRVpHV SRXU SUpYRLU OH 5'6 HW OH 56 HQ IRQFWLRQ XQLTXHPHQW G¶a /HV pFDUWV GH FRPSRUWHPHQW JpODWLQLVDWLRQHWGLJHVWLELOLWp

(15) GHO¶DPLGRQGHO¶DOLPHQWPRGqOHHWG¶XQPRUFHDXGHSODQWDLQ RQWpWpPHVXUpVHWDWWULEXpVDX[HIIHWVGHVWUXFWXUHV/HPRGqOHGHSUpGLFWLRQGHODGLJHVWLELOLWp DpWpFRXSOpjXQPRGqOH'WUDGXLVDQWOHVWUDQVIHUWVG¶pQHUJLHHWG¶HDXGXUDQWODFXLVVRQGH F\OLQGUHV GH SODQWDLQ /H PRGqOH VLPXOH ELHQ OHV SURILOV GH WHPSpUDWXUH GH WDX[ GH JpODWLQLVDWLRQHWGHJDLQ HQHDX8QHGLIIXVLRQGHW\SHFDSLOODLUHDpWpREVHUYpHHQGpEXWGH FXLVVRQ j & DORUV TX¶DXGHOj ±&

(16) OH WUDQVSRUW G¶HDX V¶RSqUH SDU GLIIXVLRQ PROpFXODLUH/DGLJHVWLELOLWpHVWHVVHQWLHOOHPHQWSLORWpHSDUOHVWUDQVIHUWVG¶pQHUJLH$LQVLSRXU GX SODQWDLQ SUrW j rWUH FRQVRPPp OHV GHJUpV GH OLEHUWp SRXU PRGXOHU OH 5'6 HW OH 56 VRQW OLPLWpV HQ UHYDQFKH SRXU GHV SURGXLWV SUpJpODWLQLVpV GHV FXLVVRQV j WHPSpUDWXUHV LQWHUPpGLDLUHV ±&

(17) SHUPHWWUDLHQWG¶REWHQLUGHV SURGXLWV j IDLEOHLPSDFW JO\FpPLTXH 7RXWHIRLV OD VpOHFWLRQ YDULpWDOH GX W\SH GH SODQWDLQ HVW FHUWDLQHPHQW OH PR\HQ HQ DPRQW OH SOXVVRXSOHSRXUFRQWU{OHUODGLJHVWLELOLWpGHVSURGXLWV 0RWVFOpVSODQWDLQDPLGRQJpODWLQLVDWLRQGLJHVWLELOLWpPRGpOLVDWLRQ . . L.

(18) . $EVWUDFW 3ODQWDLQEDVHGIRRGVDUHZLGHO\FRQVXPHGLQVRXWKHUQFRXQWULHV3ODQWDLQLVZHOONQRZQIRU LWV KLJK UHVLVWDQW VWDUFK FRQWHQW &RQWUROOLQJ WKH GLJHVWLELOLW\ RI FRRNHG SODQWDLQ VWDUFK LQYROYHV PDQDJLQJ LWV SK\VLFRFKHPLFDO SURSHUWLHV 7KHVH YDU\ GHSHQGLQJ RQ WKH FRRNLQJ FRQGLWLRQVDQGDUHDFRQVHTXHQFHRIWUDQVSRUWSURFHVVHV HQHUJ\ZDWHU

(19) WUDQVIRUPDWLRQ DQG UHDFWLRQV7KLVUHVHDUFKZRUNDLPVWRIXUWKHURXUXQGHUVWDQGLQJRIWKHGLIIHUHQWSURFHVVHV7R DFKLHYHWKLVWKHFRPELQHGHIIHFWRIWHPSHUDWXUH 7

(20) DQGZDWHUFRQWHQW ;

(21) RQWKHGHJUHHRI VWDUFKJHODWLQL]DWLRQ a

(22) ZDVPHDVXUHGE\'6&7KHSURSRUWLRQVRI5DSLGO\'LJHVWLEOH6WDUFK 5'6

(23) DQG 5HVLVWDQW 6WDUFK 56

(24) ZHUH PHDVXUHG XVLQJ DQ LQ YLWUR HQ]\PDWLF PHWKRG DQG VWXGLHG XVLQJD PRGHO IRRG IORXUZDWHU

(25) EDVHG RQ'RPLQLFR+DUWRQDQG+DUWRQYDULHWLHV %RWKVWDUFKVWDWHGLDJUDPVZKHUHUHSUHVHQWHGXVLQJD:HLEXOOPRGHO7KHFRPELQHGHIIHFWVRI 7DQG;XSRQ5'6RU56FDQEHVXPPDUL]HGE\ aLUUHVSHFWLYHRIWKHWKHUPRK\GULFKLVWRU\ 7KXVWZRGLPHQVLRQOHVVUHODWLRQVZHUHSURSRVHGWRSUHGLFW 5'6DQG56DVDIXQFWLRQRI a 7KH GLIIHUHQFH LQ WKH VWDUFK EHKDYLRXU JHODWLQL]DWLRQ DQG GLJHVWLELOLW\

(26) EHWZHHQ WKH PRGHO DQGDSLHFHRISODQWDLQZHUHPHDVXUHGDQGGHWHUPLQHGDVVWUXFWXUDOHIIHFWV7KHGLJHVWLELOLW\ SUHGLFWLRQ PRGHO ZDV FRXSOHG ZLWK D ' PRGHO WKDW SUHGLFWV WKH HQHUJ\ DQG ZDWHU WUDQVIHU GXULQJWKHFRRNLQJRIWKHSODQWDLQF\OLQGHUV7KHPRGHOSURYLGHVVDWLVIDFWRU\VLPXODWLRQVIRU WHPSHUDWXUHGHJUHHRIJHODWLQL]DWLRQDQGZDWHUJDLQSURILOHV$FDSLOODU\W\SHGLIIXVLRQZDV REVHUYHG DW WKH VWDUW RI FRRNLQJ DW & ZKHUHDV DW KLJKHU WHPSHUDWXUHV ±&

(27) ZDWHUWUDQVSRUWLVFRQWUROOHGE\PROHFXODUGLIIXVLRQ'LJHVWLELOLW\LVHVVHQWLDOO\ GULYHQE\HQHUJ\WUDQVIHUV7KXVIRUUHDG\WRHDWSODQWDLQWKHIUHHGRPWRPRGXODWH5'6DQG 56 LV OLPLWHG +RZHYHU IRU SUHJHODWLQL]HG SURGXFWV SURGXFWV ZLWK D ORZ JO\FHPLF LPSDFW FRXOG EH REWDLQHG DW LQWHUPHGLDWH FRRNLQJ WHPSHUDWXUHV ±&

(28) 3ULRU VHOHFWLRQ RI WKH SODQWDLQYDULHW\LVFHUWDLQO\WKHHDVLHVWZD\WRFRQWUROSURGXFWGLJHVWLELOLW\ .H\ZRUGVSODQWDLQVWDUFKJHODWLQL]DWLRQGLJHVWLELOLW\PRGHO . LL.

(29) . . . 5HPHUFLHPHQWV . .

(30) . . 5HPHUFLHPHQWV. 5HPHUFLHPHQWV $QGUpV*,5$/'27252DEpQpILFLpG¶XQHERXUVHFUpGLWSRXUODUpDOLVDWLRQGHFHWUDYDLOGH WKqVHGHODIRQGDWLRQSRXUOHGpYHORSSHPHQWGHOD&RORPELH&2/)87852HW GX0LQLVWqUH GHV$IIDLUHVeWUDQJqUHVGH)UDQFH %RXUVHG¶H[FHOOHQFH(,))(/

(31) &H WUDYDLO GH WKqVH D pWp HIIHFWXp DX &,5$' &HQWUH GH &RRSpUDWLRQ ,QWHUQDWLRQDOH HQ 5HFKHUFKH $JURQRPLTXH SRXU OH 'pYHORSSHPHQW

(32) DX VHLQ GH O¶eTXLSH ©3URFpGpV GH VWDELOLVDWLRQ HW GH WUDQVIRUPDWLRQª 805 4XDOLVXG 'pPDUFKH LQWpJUpH SRXU O¶REWHQWLRQ G¶DOLPHQWVGHTXDOLWp

(33) VRXVODGLUHFWLRQGX'U3KLOLSSH%2+821SURIHVVHXUj0RQWSHOOLHU 6XS$JUR HW FRHQFDGUp SDU OH 'U2OLYLHU *,%(57 FKHUFKHXU DX &,5$' DYHF O¶DLGH GX 'U$XUpOLHQ%5,))$=FKHUFKHXUDX&,5$' -HOHXUH[SULPHWRXWHPDJUDWLWXGHSRXUP¶DYRLUJXLGpSRXUOHXUSDUWLFLSDWLRQDFWLYHGDQVOH VXLYLVFLHQWLILTXHGHPRQWUDYDLOGHUHFKHUFKHDLQVLTXHSRXUOHXUVFRQVHLOVFRQVWUXFWLIVORUV GHODUpGDFWLRQGHFHGRFXPHQWSRXUO¶DPLWLpHWODFRQILDQFHTX¶LOVP¶RQWWpPRLJQpHDXFRXUV GHFHVDQQpHV -¶DGUHVVH pJDOHPHQW PHV VLQFqUHV UHPHUFLHPHQWV DX 'U 'RPLQLTXH '8)285 SRXU VD FROODERUDWLRQ HW SRXU P¶DYRLU PRWLYp j FRPPHQFHU FHWWH WKqVH -H UHPHUFLH DXVVL WRXV PHV FROOqJXHVGHWUDYDLOOHSHUVRQQHOGHO¶8054XDOL6XG7KLHUU\*2/,0LFKHO5,9,(5-HDQ 0LFKHO 0(27 3DWULFH 7+$81$< -HDQ &ODXGH '80$6 $OH[DQGUH %281,2/ HW XQH GpGLFDFHVSpFLDOHDX[DVVLVWDQWHVHQSDUWLFXOLHU1DGLQH QRWUHPDPDQ

(34) HW0DULH3LHUUHPHUFL SRXUOHXUERQQHKXPHXUHWOHXUGLVSRQLELOLWpWRXWDXORQJGHFHSDUFRXUV 0HUFL DX[ WHFKQLFLHQV TXL P¶RQW VXLYL HW VRXWHQX SHQGDQW FHWWH WKqVH MH SHQVH IRUWHPHQW j -XOLHQ5,&&, HW 3DVFDOLQH $/7(5 SRXUOHXU FROODERUDWLRQ -HYRXGUDLV pJDOHPHQWUHPHUFLHU OHVFROOqJXHVGXEkWLPHQWHWGX&,5$' -H SHQVH j WRXV OHV DPLV VWDJLDLUHV GRFWHXUV HW GRFWRUDQWV DYHF OHVTXHOV M¶DL SDUWDJp FHV DQQpHV ,OV RQW UHQGX PRQ VpMRXU j 0RQWSHOOLHU WUqV DJUpDEOH &ORWLOGH $QGUHV ( $PLQH 'RUD &pGULF /L]HWK 2OPDQ &DUOLxD $RE /XLV ,VDEHO 0DUJDX[ *DE\ &OpPHQWLQH &KDUORWWH *DEULHO )DGKHOD $EGHO DYHF XQ FOLQ G¶°LO WRXW SDUWLFXOLHU j PD FKqUH DPLH LLL.

(35) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ $OHMDQGUD 5(1*(/ SRXU FHV VpMRXUV j 0RQWSHOOLHU DJUpDEOHV HW LQRXEOLDEOHV HW j :HQ +DR <8 SRXU VRQ LPSOLFDWLRQ GDQV PD WKqVH SHQGDQW VRQ VWDJH DX &,5$' -H UHPHUFLH WUqV VSpFLDOHPHQWPHVGHX[DPLVHWFROOqJXHVGHWKqVH*XLOKHP5$))5$<HW/D\DO'$+'28+ SRXUOHXUFROODERUDWLRQHWSRXUOHVERQVPRPHQWVTX¶RQDSDVVpVHQVHPEOH-HUHPHUFLHDXVVL 0 HW 0PH 5H\QDXG SRXU WRXV OHXUV HQFRXUDJHPHQWV -H UHPHUFLH DXVVL 0DWWKLHX SRXU VRQ VRXWLHQGDQVFHWWHGHUQLqUHDQQpHGHWKqVH (QILQMHQHVDXUDLVILQLUVDQVUHPHUFLHUOHVSHUVRQQHVTXLRQWSDUWLFLSpDFWLYHPHQWjIDLUHGH PRLO¶KRPPHTXHMHVXLV-HYHX[SDUOHUGHPDPqUHTXLDYHFVHVHIIRUWVP¶DWRXMRXUVPRQWUp VDIRUFHPrPHGDQV OHV PRPHQWV OHV SOXVGLIILFLOHV GHODYLH0RQSqUH TXL P¶DSSULW TXHOD YRORQWpHVWO¶RXWLOOHSOXVIRUWSRXUEDWWUHWRXVOHVVLWXDWLRQVGHODYLH0HVV°XUVHWPRQIUqUH SRXU OHXU GLUH TX¶LOV QH V¶DUUrWHQW MDPDLV GH UrYHU 0D IDPLOOH HQ &RORPELH WRXW SDUWLFXOLqUHPHQWPDWDQWH(OL]DEHWKHWPRQEHDXSqUH5RGULJRSRXUOHXUVRXWLHQLQHVWLPDEOH 0HUFL j WRXV SRXU YRV HIIRUWV YRWUH VRXWLHQ YRWUH DPRXU LQFRQGLWLRQQHO HW YRV HQFRXUDJHPHQWVWRXWDXORQJGHPRQSDUFRXUVVFRODLUH (QILQPHVUHPHUFLHPHQWVYRQWjWRXVFHX[TXLGHSUqVHWGHORLQRQWFRQWULEXpjO pODERUDWLRQ GHFHWWHWKqVH )LQDOHPHQWMHYRXGUDLVGpGLHUFHWWHWKqVHLQPHPRULDPjPRQFKHUIUqUH$OYDUR0*LUDOGR . LY.

(36) . . 5HPHUFLHPHQWV. El que hace lo que ama, esta benditamente condenado al éxito. Que llegara cuando deba llegar, porque lo que debe ser será, y llegara naturalmente. No hagas nada por obligación ni por compromiso, si no por amor. Facundo Cabral (1937-2011). in memoriam.. . .

(37) . . 9DORULVDWLRQ. /HVUpVXOWDWVGHFHWUDYDLORQWIDLWO¶REMHWGHSXEOLFDWLRQVHWGHFRQIpUHQFHV . 3XEOLFDWLRQ *LUDOGR 7RUR $ *LEHUW 2 5LFFL - 0HVWUHV & 'XIRXU ' %RKXRQ 3

(38) 'LJHVWLELOLW\ SUHGLFWLRQ RI FRRNHG SODQWDLQ IORXU DV D IXQFWLRQ RI ZDWHU FRQWHQW DQG WHPSHUDWXUH&DUERK\GUDWH3RO\PHUV . 3XEOLFDWLRQ *LUDOGR7RUR$*LEHUW2%ULIID]$7UDQ7'XIRXU'%RKXRQ3

(39) ,QWHUHVWRI VWDUFKJHODWLQL]DWLRQDQGLQYLWURGLJHVWLELOLW\GDWDLQSODQWDLQIORXUSDVWHDIWHUKHDWWUHDWPHQW WRSUHGLFWWKHEHKDYLRXURIZKROHSLHFHVRISXOS&DUERK\GUDWH3RO\PHUV HQUpYLVLRQ

(40) . 3XEOLFDWLRQ *LUDOGR 7RUR $ %ULIID] $ *LEHUW 2 %RKXRQ 3

(41) 0RGHOOLQJ RI KHDW DQG PDVV WUDQVIHUW LQ SODQWDLQ GXULQJ ZDWHU FRRNLQJ WR SUHGLFW LQ YLWUR VWDUFK GLJHVWLELOLW\ DQG JHODWLQL]DWLRQ-RXUQDORI)RRG(QJLQHHULQJ HQSUpSDUDWLRQSRXUVRXPLVVLRQ

(42) . &RQIpUHQFH *LUDOGR $*LEHUW2'XIRXU'5LFFL -%RKXRQ3

(43) ,PSDFWR GHODWUD\HFWRULD WHUPRKtGULFD GH OD RSHUDFLyQ GH FRFFLyQ VREUH OD JHODWLQL]DFLyQ GHO SOiWDQR GH FRFFLyQ ³&RQJUHVR ,EHURDPHULFDQR GH ,QJHQLHUtD GH $OLPHQWRV´ -DQYLHU 9DOHQFLD (VSDxD 3UpVHQWDWLRQRUDOH

(44) . Y.

(45) . 7DEOHGHVPDWLqUHV . .

(46) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ. 7DEOHVGHVPDWLqUHV 5HPHUFLHPHQWVLLL 7DEOHVGHVPDWLqUHVYL /LVWHGHV)LJXUHV[LL /LVWHGHV7DEOHDX[[YLL 1RPHQFODWXUH[YLLL ,QWURGXFWLRQJpQpUDOH &+$3,75( . eWDWGHO DUW. %DQDQHSODQWDLQHWFXLVVRQ. 'HVFULSWLRQGXEDQDQLHU 'HVFULSWLRQJpQpWLTXH 3URGXFWLRQHWFRQVRPPDWLRQ &ODVVLILFDWLRQHWFRPSRVLWLRQJpQpUDOH /¶DPLGRQ 6WUXFWXUH 3URSULpWpVWKHUPLTXHV +\GURO\VHGHO¶DPLGRQ . 3ULQFLSHVGHO¶RSpUDWLRQGHFXLVVRQGHVDP\ODFpHV. 5{OHGHVRSpUDWLRQVGHFXLVVRQ 0RGHVGHFXLVVRQGXSODQWDLQ 'HVFULSWLRQGHVWUDQVIHUWVG pQHUJLHHWGHPDWLqUH 7UDQVSRUWG¶pQHUJLHDXVHLQGXVROLGH 7UDQVIHUWVHQWUHOHVROLGHHWOHPpGLDFKDXG /HWUDQVIHUWG¶HDX /HVSHUWHVGHPDWLqUHV . /DJpODWLQLVDWLRQ. ,PSDFWGHODVWUXFWXUHHWGHODFRPSRVLWLRQGHO¶DPLGRQ. YL.

(47) . . 7DEOHGHVPDWLqUHV. 7DLOOHGHVSDUWLFXOHV ,QIOXHQFHGHODFRPSRVLWLRQGHO¶DPLGRQ 0RGqOHVGHJpODWLQLVDWLRQ GLDJUDPPHGHSKDVH

(48) . /DGLJHVWLELOLWp. 'LJHVWLELOLWpGDQVO¶RUJDQLVPHFKH]O¶KRPPH 0HVXUHLQYLYR 0HVXUHLQYLWUR ,PSDFWGHODVWUXFWXUHHWGHODFRPSRVLWLRQ ,QIOXHQFHGHODWDLOOHGHVSDUWLFXOHV ,QIOXHQFHGHODFRPSRVLWLRQGHO¶DPLGRQ &ODVVLILFDWLRQGHO¶DPLGRQSRXUO¶DQDO\VHLQYLWUR 0RGqOHVXWLOLVpVSRXUODGLJHVWLELOLWpLQYLWUR &RUUpODWLRQHQWUHO¶LQYLYRHWO¶LQYLWUR . 5HODWLRQHQWUHJpODWLQLVDWLRQHWGLJHVWLELOLWp. . &RQFOXVLRQVHWREMHFWLIVGHO¶pWXGH. &+$3,75( . 0DWpULHOVHW0pWKRGHV. 0DWpULHOV. /HSODQWDLQ 3URWRFROHGHSUpSDUDWLRQGHVpFKDQWLOORQV /DIDULQHGHSODQWDLQ 6\VWqPHPRGqOHVLPSOLILp HDXIDULQHGHSODQWDLQ

(49) /HVPRUFHDX[GHSODQWDLQ . eTXLSHPHQWVHWSURWRFROHVGHWUDLWHPHQW. 7UDLWHPHQWWKHUPLTXHGHO¶DOLPHQWPRGqOH /HUpDFWHXUIHUPp 3URWRFROHGXWUDLWHPHQWWKHUPLTXH 7UDLWHPHQWVWKHUPLTXHVGHVF\OLQGUHVGHSODQWDLQ 0HVXUHVGHWUDQVIHUWG¶HDXHWGHWHPSpUDWXUHSRXUXQDOLPHQWUpHO 6XLYLVWKHUPLTXHVGHVPRUFHDX[GHSODQWDLQ &LQpWLTXHVG¶DEVRUSWLRQG¶HDXGHVPRUFHDX[GHSODQWDLQ YLL.

(50) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ . $QDO\VHVSK\VLFRFKLPLTXHV. 0HVXUHGHODWHQHXUHQHDX 0HVXUHGHODWHQHXUHQDPLGRQWRWDO 0HVXUHGHODWHQHXUHQJOXFRVHOLEUH 0HVXUHGHODWHQHXUHQDP\ORVH 0HVXUHGHODGLVWULEXWLRQGHODWDLOOHGHVJUDQXOHVG DPLGRQ ,GHQWLILFDWLRQGXW\SHHWPHVXUHGHODFULVWDOOLQLWpGHO¶DPLGRQ 0HVXUHGHODWH[WXUHGHPRUFHDX[GHSODQWDLQ 2EVHUYDWLRQGHODIRUPHGHVJUDQXOHVG¶DPLGRQSDUPLFURVFRSLH . $QDO\VHVGHVSURSULpWpVWKHUPLTXHV. 0HVXUHGHODWHPSpUDWXUHYLWUHXVH 0HVXUHGXGHJUpGHJpODWLQLVDWLRQ 0HVXUHLQYLWURGHODGLJHVWLELOLWp . ([SUHVVLRQVHWDQDO\VHVGHVUpVXOWDWV. $QDO\VHVHWGHVFULSWLRQGHODJpODWLQLVDWLRQ $QDO\VHDGLPHQVLRQQpHGHODGLJHVWLELOLWpHWVHVIUDFWLRQV5'6HW56 &DOFXOVG¶DEVRUSWLRQG¶HDX $QDO\VHVVWDWLVWLTXHV &+$3,75( . 5pVXOWDWV. 3XEOLFDWLRQ 'LJHVWLELOLW\ SUHGLFWLRQ RI FRRNHG SODQWDLQ IORXU DV D IXQFWLRQ RI. ZDWHUFRQWHQWDQGWHPSHUDWXUH $EVWUDFW ,QWURGXFWLRQ 0DWHULDOV 0HWKRGV 0DWHULDO 0HWKRGV 5HVXOWVDQGGLVFXVVLRQ 0DWHULDOFKDUDFWHUL]DWLRQ 7KHUPDOWUDQVLWLRQVE\'6& &RQFOXVLRQ YLLL.

(51) . . 7DEOHGHVPDWLq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

(52) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ 0DWKHPDWLFDOIRUPXODWLRQ %DVLFSULQFLSOHV 0RGHODVVXPSWLRQV (QHUJ\EDODQFH :DWHUWUDQVSRUW 6WDUFKJHODWLQL]DWLRQ 6WDUFKGLJHVWLELOLW\ 3ODQWDLQFKDUDFWHULVWLFVDQGLQSXWSDUDPHWHUV 1XPHULFDOVROXWLRQ 3DUDPHWHULGHQWLILFDWLRQ 5HVXOWVDQGGLVFXVVLRQ 7KHUPDOFKDUDFWHUL]DWLRQDQGYDOLGDWLRQ :DWHUXSWDNHFKDUDFWHULVWLFV 'HJUHHRIVWDUFKJHODWLQL]DWLRQNLQHWLFV &RRNLQJVLPXODWLRQ &RQFOXVLRQ &+$3,75( . 5pVXOWDWVFRPSOpPHQWDLUHVHWGLVFXVVLRQJpQpUDOH. &RQVWUXFWLRQGXGLDJUDPPHGHSKDVHG¶DPLGRQGHSODQWDLQ. 7UDQVLWLRQVWKHUPLTXHVGHO¶DPLGRQ 'LVSRVLWLIVHWPpWKRGHVGHWUDLWHPHQWWKHUPLTXH &KRL[GXPRGqOHG¶pTXLOLEUHGHSKDVHHWVDSHUIRUPDQFH ,QIOXHQFHGHODYDULpWp +DUWRQ'RPLQLFR+DUWRQ

(53) 3HUWLQHQFHGHO¶DOLPHQWPRGqOH IDULQHHDX

(54) &RQFOXVLRQSDUWLHOOH . /DGLJHVWLELOLWpGHO¶DPLGRQLQYLWUR. 0HVXUHGHODGLJHVWLELOLWp ,PSDFWGXGHJUpGHJpODWLQLVDWLRQVXUODGLJHVWLELOLWp 3HUWLQHQFHGHO¶DOLPHQWPRGqOH ,QWpUrWGHVPRGqOHVHPSLULTXHVGHSUpGLFWLRQ &RQFOXVLRQSDUWLHOOH . 'pYHORSSHPHQWG¶XQVLPXODWHXUGHFXLVVRQGXSODQWDLQ [.

(55) . . 7DEOHGHVPDWLqUHV. &KRL[GXPRGqOHHWSHUWLQHQFHGHVK\SRWKqVHV *pRPpWULHGXV\VWqPHpWXGLp ,VRWURSLFLWpGXPLOLHX 0RGpOLVDWLRQGXWUDQVSRUWGHFKDOHXU 0RGpOLVDWLRQGXWUDQVSRUWG¶HDX 3UpYRLUODGLJHVWLELOLWpSDUOHGHJUpGHJpODWLQLVDWLRQ 3HUIRUPDQFHGHSUpGLFWLRQGXPRGqOH 7UDQVIHUWGHFKDOHXU 7UDQVIHUWG¶HDX 'HJUpGHJpODWLQLVDWLRQ '\QDPLTXHGHSURFHVVXV &RQFOXVLRQSDUWLHOOH . &RQVWUXFWLRQG¶XQSURFpGpGHFXLVVRQG¶DPLGRQGHSODQWDLQ. 'pILQLUXQGHJUpGHJpODWLQLVDWLRQDFFHSWDEOH /HU{OHGXFRXSOH W7

(56) &KRL[GHODPDWLqUHSUHPLqUH /HU{OHGHVSUpWUDLWHPHQWVHWSRVWWUDLWHPHQW &RQFOXVLRQSDUWLHOOH &RQFOXVLRQ*pQpUDOH 5pIpUHQFHV%LEOLRJUDSKLTXHV . [L.

(57) . 7DEOHGHVLOOXVWUDWLRQV . .

(58) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ. /LVWHGHV)LJXUHV )LJXUH 5HSUpVHQWDWLRQ VFKpPDWLTXH GHV WUDQVIHUWV G¶pQHUJLH 4 HW GH PDWLqUHV ORUV GH OD FXLVVRQGHODEDQDQHSODQWDLQ )LJXUH 5HSUpVHQWDWLRQ GH OD PRUSKRORJLH GX SODQWDLQ 0XVD $$%

(59) .DPXUD HW .DPXUD

(60) )LJXUH&KDvQHGHFRPPHUFLDOLVDWLRQGXSODQWDLQHQ&RORPELH (VSLQDOHWDO

(61) )LJXUH6FKpPDGHFRQILJXUDWLRQGHO¶DP\ORVHHWGHO¶DP\ORSHFWLQH 7HVWHUHWDO

(62) )LJXUH 6FKpPD GH UHSUpVHQWDWLRQ GH O¶RUJDQLVDWLRQ DX VHLQ GX JUDLQ G¶DPLGRQ :DQJ HW &RSHODQG

(63) )LJXUH3KRWRJUDSKLHVGHVJUDQXOHVG¶DPLGRQGHEDQDQHHWSODQWDLQYHUW $

(64) 3ODQWDLQ %

(65) +\EULGHGHEDQDQHjFXLUH &

(66) %DQDQHGHVVHUWDXVWDGHYHUWHQOXPLqUHQRUPDOH '

(67) %DQDQH GHVVHUWDXVWDGHYHUWHQOXPLqUHSRODULVpH (JJOHVWRQHWDO/LLHWDO

(68) )LJXUH6FKpPDGHUHSUpVHQWDWLRQGHVFKDQJHPHQWVVXELWVSDUXQJUDQXOHG¶DPLGRQSHQGDQW XQ SURFHVV WKHUPRK\GULTXH HQ XWLOLVDQW XQ SURILO GH JpODWLQLVDWLRQ GX SODQWDLQ DGDSWp GH /RSH]

(69) )LJXUH 0RGqOH GH JRQIOHPHQW GH O¶DPLGRQ GH EDQDQH GH OD YDULpWp 9DOHU\ .D\LVXHWDO

(70) )LJXUH 7UDMHFWRLUHV WKHUPR±K\GULTXHV VFKpPDWLTXHV GHV RSpUDWLRQV GH FXLVVRQ GX SODQWDLQ )LJXUH 7KHUPRJUDPPH HQ '6& G¶DPLGRQ GH EOp HQ H[FqV G¶HDX /HV WHPSpUDWXUHV GH WUDQVLWLRQVWKHUPLTXHVVRQWVSpFLILpHV :DQJHW&RSHODQG

(71) )LJXUHeYROXWLRQGXGHJUpGHJpODWLQLVDWLRQ

(72) HQIRQFWLRQGHODWHPSpUDWXUH &

(73) SRXU GHVVXVSHQVLRQVG¶DPLGRQGHEOpGHWHQHXUVHQHDX ǻ

(74) ż

(75) ¸

(76) HW ƒ

(77) PP

(78) %DNVHWDO

(79) )LJXUH (QGRWKHUPHV G¶DPLGRQ GH SRPPH WHUUH $

(80) j GLIIpUHQWHV IUDFWLRQV YROXPLTXHV G¶HDXDYHFXQHYLWHVVHGHFKDXIIH&PLQ 'RQRYDQ

(81) %

(82) HQGRWKHUPHjWHQHXUHQ HDXOLPLWDQWHG¶DPLGRQVGHGLIIpUHQWVW\SHV 'RQRYDQHW0DSHV

(83) )LJXUH (Q]\PHV VHFUpWpV SDU OHV SULQFLSDX[ RUJDQHV TXL SDUWLFLSHQW j OD GLJHVWLRQ GHV DOLPHQWVFKH]O¶KRPPH/HV\VWqPHGLJHVWLIGDQVOHFRUSVKXPDLQ 3HUHUDHWDO

(84) )LJXUH/¶LQGH[JO\FpPLTXHLOOXVWUDWLRQHWSULQFLSHGHFDOFXO :ROHYHUHWDO

(85) )LJXUH&RXUEHVG¶K\GURO\VHSRXUGLIIpUHQWVDOLPHQWVFRQWHQDQWGHJOXFLGHV *RxL HW DO

(86) [LL.

(87) . . 7DEOHGHV,OOXVWUDWLRQV. )LJXUH &RUUpODWLRQ HQWUH OHV YDOHXUV G¶LQGH[ JO\FpPLTXH GH OD OLWWpUDWXUH -HQNLQV HW DO

(88) HWOHVYDOHXUVGH5$*GLYLVpSDUO¶DPLGRQGLVSRQLEOH (QJO\VWHWDOE

(89) )LJXUH $

(90) 5HODWLRQHQWUHO¶DPLGRQK\GURO\Vp & ¥

(91) HWOHGHJUpGHJpODWLQLVDWLRQ %

(92) LQ YLYR JO\FpPLTXH UpSRQVH HQ IRQFWLRQ GX GHJUp GH JpODWLQLVDWLRQ [

(93) YDOHXU PD[LPDOH GH JOXFRVHGDQVOHVDQJHW R

(94) YDOHXUGHO¶DLUHVRXVODFRXUEHDSUqV FRQVRPPDWLRQGHO¶DOLPHQW 3DUDGDHW$JXLOHUD

(95) )LJXUH6FKpPDGHGpFRXSHGHVpFKDQWLOORQVGHSODQWDLQ F\OLQGUHVVWDQGDUGLVpV

(96) )LJXUH 6FKpPD GH SUpOqYHPHQW VXU GHV pFKDQWLOORQV GH SODQWDLQ DSUqV WUDLWHPHQW WKHUPRK\GULTXH )LJXUH &HOOXOH GH WUDLWHPHQW WKHUPLTXH 6FKpPD GH OD FHOOXOH D

(97) YXH JpQpUDOH E

(98) FRXYHUFOH F

(99) FRXSHOOH DYHF GHV DLOHWWHV G

(100) YXH ODWpUDOH GH O¶HQVHPEOH H

(101) SRVLWLRQ GX WKHUPRFRXSOHHW I

(102) SKRWRJUDSKLHGHODFHOOXOH -LPpQH]HWDO

(103) )LJXUH6FKéPDGHVWURLVHPSODFHPHQWVGHVWKHUPRFRXSOHVGDQVOHF\OLQGUHGHSODQWDLQ )LJXUH6FKpPDGHVSURILOVGHFKDXIIDJHSRXUODPHVXUHGXGHJUpJpODWLQLVDWLRQ )LJXUH7UDQVLWLRQVWKHUPLTXHVGHO¶DPLGRQGXSODQWDLQjWHQHXUHQHDXOLPLWpH )LJXUH 'LDJUDPPH GH SKDVH FRQVWUXLW DYHF O¶XWLOLVDWLRQ GX PRGqOH :HLEXOO SRXU OHV YDULpWpV $

(104) 'RPLQLFR+DUWRQ %

(105) +DUWRQ )LJXUH $

(106) eYROXWLRQGXGHJUpGHJpODWLQLVDWLRQSRXUXQHWHQHXUHQHDXGHNJNJEV SRXU'+HW+ %

(107) 'LDJUDPPHGHSKDVHSRXU'+HW+ )LJXUH $

(108) 3KRWRJUDSKLHODVHUHQPLFURVFRSLHFRQIRFDOHGXSDUHQFK\PHGHODSRPPHGH WHUUHFXLWH %RUGRORLHWDOD

(109) %

(110) 3KRWRHQPLFURVFRSLHSULVHVRXVOXPLqUHIOXRUHVFHQWH G¶XQPRUFHDXGHSODQWDLQFXLWj&HWKRPRJpQpLVp )LJXUH&RPSRUWHPHQW6'6SRXU'+

(111) HW+

(112) )LJXUH &RPSDUDLVRQ GX FRPSRUWHPHQW GX 5'6 SRXU OH UL] HW OH PDwV SDU UDSSRUW DX PRGqOH H[SRQHQWLHO SURSRVp GDQV FHWWH pWXGH DYHF OD IDULQH GH SODQWDLQ /D OLJQH EOHXH UL] &KXQJ HW DO

(113) OLJQH QRLUH PDwV 0LDR HW DO

(114) OLJQH URXJH PRGqOH H[SRQHQWLHOSRXUODIDULQHGHSODQWDLQ )LJXUH. &RXSH. WUDQVYHUVDOH. GH. EDQDQH. HW. VFKpPD. LOOXVWUDWLI. KWWSZZZVQYMXVVLHXIUEPHGLD0DUFKHEDQDQHKWPO

(115) )LJXUH 6WUXFWXUH GX SODQWDLQ QDWLI $

(116) HW GX SODQWDLQ FXLW j & GXUDQW PLQ %

(117) 6RXUFH3DWULFLD0LOODQ&UX]GRFWRUDQWHKWWSZZZXQLYDOOHHGXFR

(118) )LJXUHeYROXWLRQDGLPHQVLRQQpHGHODWHQHXUHQHDX

(119) GHODWHPSpUDWXUH

(120) GX GHJUpGHJpODWLQLVDWLRQGHO¶DPLGRQ ŷ

(121) HWGHO¶DPLGRQUDSLGHPHQWGLJHVWLEOH

(122) HQIRQFWLRQ. [LLL.

(123) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ GXWHPSV GHFXLVVRQ PLQ

(124) DXF°XUGXF\OLQGUH GXSODQWDLQ FXLWj& /DWHQHXU HQHDX PR\HQQHDpWpLQFOXVH

(125) )LJXUH 6HXLO G¶DFFHSWDELOLWp G¶XQ PRUFHDX GH SODQWDLQ FXLW HQ IRQFWLRQ GH VRQ GHJUp GH JpODWLQLVDWLRQ a

(126) WH[WXUH 1

(127) HWGLJHVWLELOLWp 5'6 HW56

(128) )LJXUH $

(129) pYROXWLRQ GH OD WHPSpUDWXUH UpGXLWH 7

(130) HW GX GHJUp GH JpODWLQLVDWLRQ a

(131) DX FHQWUH JpRPpWULTXH GX F\OLQGUH GH SODQWDLQ HQ IRQFWLRQ GX WHPSV DGLPHQVLRQQp. ()R = '. WK. ). W / %

(132) FRXSOH W 7

(133) GX EDUqPH GH FXLVVRQ SRXU DWWHLQGUH j F°XUGX F\OLQGUH. GLYHUVGHJUpVGHJpODWLQLVDWLRQ a

(134) )LJXUHV3XEOLFDWLRQ )LJXUH (QGRWKHUPV UHFRUGHG IRU 'RPLQLFR +DUWRQ SODQWDLQ IORXU PL[WXUH ZLWK GLIIHUHQW ZDWHUFRQWHQWVNJNJíGU\EDVLV.

(135) NJNJíGU\EDVLV.

(136) NJNJíGU\EDVLV.

(137) . )LJXUH1DWLYHHQGRWKHUPVDQGHQGRWKHUPVDIWHUUHKHDWLQJUHJLVWHUHGIRU'RPLQLFR+DUWRQ SODQWDLQIORXUZLWKDZDWHUFRQWHQWRINJNJíGU\EDVLV )LJXUH0RGHOOLQJSKDVHGLDJUDPRISODQWDLQIORXUZDWHUPL[WXUHV VWDUFKFRQYHUVLRQ a YV WUHDWPHQWWHPSHUDWXUHDQGZDWHUFRQWHQWLQGE

(138) )URPWKHFKDQJHRIVWDUFKJHODWLQL]DWLRQ a WKH SK\VLFDOO\ PRGLILHG VWDWHV RI KHDWHG SODQWDLQ IORXUZDWHU PL[WXUHV ZHUH FODVVLILHG LQWR WKUHHVWDWHVQDWLYHVWDWH EHORZOLQH7&

(139) SDUWLDOO\JHODWLQL]HGVWDWH DUHDEHWZHHQ OLQHDQGOLQH a

(140) DQGIXOO\JHODWLQL]HGVWDWH EH\RQGOLQH a

(141) )LJXUH &RPSDULVRQ EHWZHHQ D FRRNLQJ GHYLFH DQG '6& VWDUFK JHODWLQL]DWLRQ a YV WUHDWPHQWWHPSHUDWXUH

(142) IRUERWKZDWHUFRQWHQWVRQGU\EDVLVNJNJí $

(143) DQG NJNJí %

(144) )LJXUH 'LPHQVLRQOHVV UDSLGO\ GLJHVWLEOH VWDUFK IUDFWLRQ 5'6 *

(145) DQG UHVLVWDQW VWDUFK IUDFWLRQ 56 *

(146) RI SODQWDLQ IORXU DV D IXQFWLRQ RI WKH GHJUHH RI SODQWDLQ VWDUFK JHODWLQL]DWLRQ a

(147) ([SHULPHQWDOGDWDDWGLIIHUHQWZDWHUFRQWHQWVNJNJíGE

(148) DQGNJNJíGE

(149) DQGSUHGLFWHGFXUYHVGDVKHG

(150) OLQHUHSUHVHQWWKHFRQILGHQFHLQWHUYDODQG

(151) WKHSUHGLFWHG LQWHUYDO 3

(152) )LJXUHV3XEOLFDWLRQ )LJXUH $

(153) 'HJUHHRIVWDUFKJHODWLQL]DWLRQ a

(154) RIEDQDQDSODQWDLQIORXUSDVWHDQGSLHFHVRI SODQWDLQ SXOS DV D IXQFWLRQ RI KHDW WUHDWPHQW 'DVKHG DQG FRQWLQXRXV OLQHV UHSUHVHQW WKH UHVSHFWLYH :HLEXOO ILWWLQJ PRGHOV %

(155) a IRU SLHFHV RI SODQWDLQ SXOS DV D IXQFWLRQ RI a IRU [LY.

(156) . . 7DEOHGHV,OOXVWUDWLRQV. SLHFHV RISODQWDLQ SXOS

(157) (UURUEDUVFRUUHVSRQGWR DFRQILGHQFHLQWHUYDO 3

(158) 'HJUHH RI ZKHDW VWDUFK JHODWLQL]DWLRQ RI ZKROH JUDLQ DQG IORXU ZHUH VXSHULPSRVHG

(159) H[WUDFWHGIURP7XUKDQDQG*XQDVHNDUDQ

(160) )LJXUH3KRWRJUDSKRIKRPRJHQL]HGSODQWDLQIORXUSDVWHXQGHUQRUPDODQGIOXRUHVFHQWOLJKW $ &

(161) DQG KRPRJHQL]HG SLHFHV RI SODQWDLQ SXOS FRRNHG DW & XQGHU QRUPDO DQG IOXRUHVFHQWOLJKW %'

(162) DWD[DQG[PDJQLILFDWLRQ )LJXUH $

(163) 'LPHQVLRQOHVV UDSLGO\ GLJHVWLEOH VWDUFK 5'6 DQG %

(164) UHVLVWDQW VWDUFK 56 RI SODQWDLQIORXUSDVWH

(165) DQGSLHFHVRISXOS

(166) DVDIXQFWLRQRIWKHVXUIDFHPHDQGLDPHWHU. '[] DIWHU KRPRJHQL]DWLRQ 7HPSHUDWXUH WUHDWPHQWV DUH VSHFLILHG IRU HDFK VDPSOH (UURU EDUVFRUUHVSRQGWRDFRQILGHQFHLQWHUYDO )LJXUH $

(167) 5DSLGO\GLJHVWLEOHVWDUFKIUDFWLRQ5'6 NJNJRIGU\VWDUFK

(168) DVDIXQFWLRQRI WKHGHJUHHRIVWDUFKJHODWLQL]DWLRQ a

(169) IRUSODQWDLQIORXUSDVWH

(170) DQGSLHFHVRISODQWDLQSXOS

(171) 'DVKHG DQG FRQWLQXRXV OLQHV UHSUHVHQW WKH UHVSHFWLYH H[SRQHQWLDO PRGHO %

(172) 5'6 IRU SLHFHVRISODQWDLQSXOSDVDIXQFWLRQRI5'6IRUSODQWDLQIORXUSDVWHZLWKILUVWELVHFWRU(UURU EDUVFRUUHVSRQGWRDFRQILGHQFHLQWHUYDO )LJXUH $

(173) 5HVLVWDQWVWDUFKIUDFWLRQ56 NJNJRIGU\VWDUFK

(174) DVDIXQFWLRQRIWKHGHJUHHRI VWDUFK JHODWLQL]DWLRQ a

(175) IRU SODQWDLQ IORXU SDVWH

(176) DQG SLHFHV RI SXOS

(177) 'DVKHG DQG FRQWLQXRXV OLQHV UHSUHVHQW WKH UHVSHFWLYH H[SRQHQWLDO PRGHO %

(178) 56 IRU SLHFHV RI SODQWDLQ SXOSDVDIXQFWLRQRI56IRUSODQWDLQIORXUSDVWHZLWKILUVWELVHFWRU(UURUEDUVFRUUHVSRQGWRD FRQILGHQFHLQWHUYDO )LJXUH $

(179) 'LPHQVLRQOHVV UDSLGO\ GLJHVWLEOH VWDUFK IUDFWLRQ 5'6

(180) DQG %

(181) UHVLVWDQW VWDUFKIUDFWLRQ 56 *

(182) RISODQWDLQIORXUSDVWH

(183) DQGSLHFHVRISXOS

(184) DVDIXQFWLRQRIWKH GHJUHH RI VWDUFK JHODWLQL]DWLRQ a

(185) &RQWLQXRXV

(186) OLQH UHSUHVHQWV WKH SODQWDLQ IORXU SDVWH PRGHO RI SUHGLFWLRQ DQG GDVKHG OLQH

(187) UHSUHVHQWV WKH PRGHO RI SUHGLFWLRQ IRU SLHFHV RI SODQWDLQ SXOS 'LPHQVLRQOHVV FRPSXWHG 5'6 GDWD IRU ZD[\ ULFH

(188) DQG ZD[\ PDL]H

(189) ZHUHVXSHULPSRVHG H[WUDFWHGIURP0LDRHWDO&KXQJHWDO

(190) )LJXUHV3XEOLFDWLRQ )LJXUH&RPSDULVRQRIH[SHULPHQWDO

(191) DQGVLPXODWHG ±±±

(192) WHPSHUDWXUHNLQHWLFVLQVLGH SODQWDLQF\OLQGHU QRPLQDOUDGLXVPPKDOIKHLJKWPP

(193) GXULQJFRRNLQJLQZDWHUDW &7HPSHUDWXUHVHQVRUORFDWHG D

(194) 3W E

(195) 3W F

(196) 3W([SHULPHQWDOWHPSHUDWXUHVDUH WKHPHDQRIUHSHWLWLRQV8SSHUDQGORZHUGDVKHGOLQHVVLPXODWHGWHPSHUDWXUHNLQHWLFVZLWK UDGLDOYDULDWLRQ RIWKHQRPLQDOUDGLXV

(197) [Y.

(198) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ )LJXUH &RPSDULVRQ RI H[SHULPHQWDO V\PERO

(199) DQG VLPXODWHG ±±±

(200) ZDWHU FRQWHQW GU\ EDVLV

(201) NLQHWLFVRISODQWDLQF\OLQGHUFRRNHGLQH[FHVVZDWHUDW&

(202) &

(203) &

(204) DQG&

(205) )LJXUH +LVWRJUDPV RI WKH 0RQWH &DUOR VLPXODWLRQV WR HVWLPDWH WKH FRQILGHQFH LQWHUYDO DW WKHFRQILGHQFHOHYHO ,&

(206) RQWKHZDWHUGLIIXVLYLW\LQSODQWDLQ 'Z

(207) DW DQG& UHVXOWVRIVLPXODWLRQV

(208) )LJXUH :DWHU GLIIXVLYLW\ LQ SODQWDLQ 'Z

(209) DV D IXQFWLRQ RI WHPSHUDWXUH 7¥

(210) (UURU EDUV UHSUHVHQW FRQILGHQFH LQWHUYDOV DW WKH FRQILGHQFH OHYHO DQG GDVKHG OLQH UHSUHVHQWV WKH VHOIGLIIXVLRQFRHIILFLHQWRIZDWHU PVí

(211) IURP+RO]HWDO

(212) )LJXUH&RPSDULVRQRIH[SHULPHQWDO

(213) DQGVLPXODWHG GDVKHGOLQH

(214) NLQHWLFVRIGHJUHHRI VWDUFK JHODWLQL]DWLRQ a

(215) RISODQWDLQ F\OLQGHU FRRNHGDW & D

(216) 9ROXPHDYHUDJHYDOXHV DQG E

(217) YDOXHVREWDLQHGDWWKHF\OLQGHUFRUH )LJXUH 'LPHQVLRQOHVV VLPXODWHG HYROXWLRQ RI ZDWHU FRQWHQW Ŷ_Ŷ

(218) WHPSHUDWXUH Ŷ Ŷ

(219) GHJUHHRIVWDUFKJHODWLQL]DWLRQ ŷ

(220) DQGUDSLGO\GLJHVWLEOHVWDUFK

(221) DVDIXQFWLRQRIFRRNLQJ WLPH PLQ

(222) DWWKHF\OLQGULFDOSODQWDLQFHQWHUFRRNHGDW&7KHHYROXWLRQRIDYHUDJHZDWHU FRQWHQWLVLQFOXGHG

(223) . . [YL.

(224) . . 7DEOHGHV,OOXVWUDWLRQV. /LVWHGHV7DEOHDX[ 7DEOHDX &ODVVLILFDWLRQ GHV EDQDQHV VHORQ OHXU PRGH GH FRQVRPPDWLRQ PDWLqUH VqFKH HW DPLGRQ *LEHUWHWDO

(225) 7DEOHDX&RPSRVLWLRQJpQpUDOHGXSODQWDLQ 0XVD$$%

(226) HWG¶DXWUHVSURGXLWVDP\ODFpV 7DEOHDX&ODVVLILFDWLRQGHGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ (QJO\VWHWDO

(227) 7DEOHDXSXEOLFDWLRQ 7DEOH 3HDUVRQ V FRUUHODWLRQ FRHIILFLHQWV EHWZHHQ WKH H[SHULPHQWDO GLPHQVLRQOHVV UDSLGO\ *. *. GLJHVWLEOHVWDUFKIUDFWLRQ 5'6

(228) RUGLPHQVLRQOHVVUHVLVWDQWVWDUFKIUDFWLRQ 56

(229) DQGVWDUFK JHODWLQL]DWLRQ a

(230) DQGK\GURWKHUPDOFRQGLWLRQWHPSHUDWXUH 7

(231) DQGZDWHUFRQWHQW ;

(232) * 7DEOH 3DUDPHWHUV D < IRU WKH ILW RI GLPHQVLRQOHVV < = (< - < ) (< - < ) UHVSRQVH. < * = éë - H[S ( -D <a )ùû éë- H[S ( -D < )ùû DVDIXQFWLRQRIVWDUFKJHODWLQL]DWLRQ a

(233) DWGLIIHUHQW * * ZDWHUFRQWHQWV ;

(234) ZLWK < = 5'6 WKHGLPHQVLRQOHVVUDSLGO\GLJHVWLEOHVWDUFKIUDFWLRQDQG. < * = 56 * WKHGLPHQVLRQOHVVUHVLVWDQWVWDUFKIUDFWLRQ 7DEOHDXSXEOLFDWLRQ 7DEOH 3DUDPHWHUV D < IRU WKH ILW RI GLPHQVLRQOHVV <a = (< - < ) (< - < ) UHVSRQVH < * = éë - H[S ( -D < a )ùû éë - H[S ( -D < )ùû DVDIXQFWLRQRIVWDUFKJHODWLQL]DWLRQIRUSODQWDLQIORXU. SDVWHDQGSLHFHVRISXOSZLWK <* = 5'6* WKHGLPHQVLRQOHVVUDSLGO\GLJHVWLEOHVWDUFKIUDFWLRQ DQG <* = 56* WKHGLPHQVLRQOHVVUHVLVWDQWVWDUFKIUDFWLRQ 7DEOHDXSXEOLFDWLRQ 7DEOH,QSXWSDUDPHWHUVXVHGLQWKHVLPXODWLRQV . [YLL.

(235) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ. 1RPHQFODWXUH D< . &RQVWDQWHGHGpFURLVVDQFHH[SRQHQWLHOOHSRXU< pTXDWLRQ

(236) . D5'6 * . &RQVWDQWHGHGpFURLVVDQFHH[SRQHQWLHOOHSRXU5'6 . D56 * . &RQVWDQWHGHGpFURLVVDQFHH[SRQHQWLHOOHSRXU56 . 'Z . &RHIILFLHQWGHGLIIXVLRQGHO¶HDXGDQVODPDWULFHGXPDWpULDX PV-

(237) . '6&. &DORULPpWULHGLIIpUHQWLHOOHjEDOD\DJH. D+ H . D+ U ǻ+V ǻ+Q. 9DULDWLRQGHO¶HQWKDOSLHJOREDOHGHJpODWLQLVDWLRQ N-NJ-EVDPLGRQ

(238) 9DULDWLRQGHO¶HQWKDOSLHUpVLGXHOOHGHJpODWLQLVDWLRQ N-NJ-EVDPLGRQ

(239) 9DULDWLRQ GH O¶HQWKDOSLH GH JpODWLQLVDWLRQ SRXU XQ WHPSV W GH FXLVVRQ N-NJ-EVDPLGRQ

(240) 9DULDWLRQ GH O¶HQWKDOSLH GH JpODWLQLVDWLRQ SRXU XQ DPLGRQ QDWLI N-NJ-EVDPLGRQ

(241) . '+. 9DULpWpGHSODQWDLQ'RPLQLFR+DUWRQ. *. 3UHPLHUSLFGHJpODWLQLVDWLRQ. *. *OXFRVHK\GURO\VpjPLQXWHV. *. *OXFRVHK\GURO\VpjPLQXWHV. *,. ,QGLFHJO\FpPLTXH. K. &RHIILFLHQWGHWUDQVIHUWGHFKDOHXU :P-.-

(242) . +. 9DULpWpGHSODQWDLQ+DUWRQ. +,. ,QGLFHG¶K\GURO\VHGHO¶DPLGRQ. N. &RQGXFWLYLWpWKHUPLTXH :P-.-

(243) . 0. 3LFGHIXVLRQGHO¶DPLGRQ. 0. 3LFGXFRPSOH[HDP\ORVHOLSLGHV. 5$*. *OXFRVHUDSLGHPHQWGLVSRQLEOH. 5'6. $PLGRQUDSLGHPHQWGLJHVWLEOH NJNJEDVHVqFKH

(244) . 5'6 . $PLGRQUDSLGHPHQWGLJHVWLEOHDGLPHQVLRQQp. 56. $PLGRQUpVLVWDQW NJNJEDVHVqFKH

(245) . 56 7(*. $PLGRQUpVLVWDQWDGLPHQVLRQQp 'HJUpWHUPLQDOGHJpODWLQLVDWLRQ [YLLL.

(246) . 7. 7HPSpUDWXUH &

(247) . 7R. 7HPSpUDWXUHGHO¶2QVHWGHJpODWLQLVDWLRQ &

(248) . 7S. 7HPSpUDWXUHGXSLFGHJpODWLQLVDWLRQ &

(249) . 7F. 7HPSpUDWXUHGHILQGHJpODWLQLVDWLRQ &

(250) . 7V. 7HPSpUDWXUHLQLWLDOHGHO¶HQGRWKHUPH &

(251) . 7H. 7HPSpUDWXUHILQDOHGHO¶HQGRWKHUPH &

(252) . 7J. 7HPSpUDWXUHGHWUDQVLWLRQYLWUHXVH &

(253) . 7I . 7HPSpUDWXUHGHIXVLRQ &

(254) . 7¥. 7HPSpUDWXUHGXPLOLHXGHFXLVVRQ &

(255) . 76. 7HQHXUHQDPLGRQ NJSHUNJRIGU\VWDUFK

(256) . ;. 7HQHXUHQHDX NJNJíEDVHVqFKH

(257) . < . )UDFWLRQDGLPHQVLRQQpHGH5'6 RX56 pTXDWLRQ

(258) . 1RPHQFODWXUH. 6\PEROVJUHFV. a. 'HJUpGHJpODWLQLVDWLRQGHO¶DPLGRQ DGLPHQVLRQQHO

(259) . ȕ. 3DUDPqWUHGHIRUPHGHO¶pTXDWLRQGH:HLEXOO DGLPHQVLRQQHO

(260) . j. 'HQVLWpGHIOX[GHFKDOHXU :P-

(261) . g. 3DUDPqWUHG¶pFKHOOHGHO¶pTXDWLRQGH:HLEXOO &

(262) . r. 0DVVHYROXPLTXH NJP

(263) . q. 3DUDPqWUHGHGpEXWGHO¶pTXDWLRQGH:HLEXOO &

(264) . X. 9LWHVVHG¶LQILOWUDWLRQGHO¶HDX PVí

(265) . . [L[.

(266) . . . . ,QWURGXFWLRQ*pQpUDOH . .

(267) . . . ,QWURGXFWLRQ*pQpUDOH. ,QWURGXFWLRQJpQpUDOH /HVEDQDQHVjFXLUHHWSODQWDLQVFRQVWLWXHQWODEDVHGHODVpFXULWpDOLPHQWDLUHGHQRPEUHXVHV SRSXODWLRQVHQ]RQHLQWHUWURSLFDOHKXPLGHG¶$IULTXHG¶$VLHHWG¶$PpULTXHFHQWUDOHHWGXVXG $XURUHHWDO/DVVRLVHWDO

(268) /DSURGXFWLRQPRQGLDOH HQFRQVLGpUDQWpJDOHPHQW OD SURGXFWLRQ GH EDQDQHV GHVVHUW

(269) VH VLWXH DX QHXYLqPH UDQJ GHV SURGXLWV DP\ODFpV ORLQ GHUULqUHOHUL]OHEOpHWOHPDwV&RPPHWRXVOHVSURGXLWVULFKHVHQDPLGRQODEDQDQHSODQWDLQ GHPDQGHjrWUHFXLWHSRXUrWUHFRQVRPPpH/DFXLVVRQGXSODQWDLQV¶DFFRPSDJQHpJDOHPHQW G¶XQH DXJPHQWDWLRQ GH VD GLJHVWLELOLWp /H SODQWDLQ SRVVqGH GHV JUDQXOHV G¶DPLGRQ GH W\SH FULVWDOOLQ % RX & )DLVDQW HW DO -DQH HW DO =KDQJ HW DO

(270) HW FHV FRQILJXUDWLRQVVRQWFRQQXHVSRXUSUpVHQWHUXQHUpVLVWDQFHSDUWLFXOLqUHjO¶DWWDTXHHQ]\PDWLTXH ORUVGHODGLJHVWLRQ *DOODQWHWDO%RUGRORLHWDO

(271) 'HVpWXGHVH[SpULPHQWDOHVLQ YLYRHWLQYLWURGHODGLJHVWLELOLWpGHO¶DPLGRQGHODEDQDQHHWGXSODQWDLQRQWPLVHQpYLGHQFH ODSUpVHQFHG¶DPLGRQUpVLVWDQW %HOOR3pUH]HWDO(QJO\VWHWDO)DLVDQWHWDO D -DQH HW DO =KDQJ HW DO

(272) &HW DPLGRQ UpVLVWDQW Q¶HVW SDV GLJpUp GDQV O¶LQWHVWLQJUrOHSDUOHVHQ]\PHVPDLVIHUPHQWHDXQLYHDXGXFRORQDYHFODSURGXFWLRQG¶DFLGHV JUDV YRODWLOV j FKDLQHV FRXUWHV SULQFLSDOHPHQW O¶DFpWDWH OH SURSLRQDWH HW OH EXW\UDWH TXL SURWqJH FRQWUH FHUWDLQHV PDODGLHV WHO TXH OH FDQFHU GX FRORQ (QJO\VW HW &XPPLQJV )DLVDQWHWDOD7RSSLQJHW&OLIWRQ

(273) 'LYHUVHVIRUPHVGHFXLVVRQH[LVWHQW/HVSODQWDLQVHQWLHUVSHXYHQWrWUHFXLWVDYHFODSHDXVXU GHODEUDLVHRXLPPHUJpVGDQVO¶HDXjGLYHUVVWDGHVGHPDWXULWp/HVSODQWDLQVpSOXFKpVVRQW FXLWV DX IRXU HQ IULWXUH SURIRQGH RX FRXFKH PLQFH VXU GH OD EUDLVH SDU PLFURRQGHV LPPHUJpVGDQVO¶HDXERXLOODQWHRXDYHFG¶DXWUHVLQJUpGLHQWVGDQVGHODVRXSH/HVPRUFHDX[ FXLWV SHXYHQW rWUHFRQVRPPpV HQO¶pWDW RXVXELU XQHVHFRQGHWUDQVIRUPDWLRQHW XQH PLVH HQ IRUPH$XFRXUVGHODFXLVVRQOHSODQWDLQVXELWXQHQVHPEOHGHSURFHVVXVSK\VLFRFKLPLTXHV WUDQVSRUWV HW UpDFWLRQV

(274) GpWHUPLQDQW VD TXDOLWp ILQDOH )LJXUH

(275) XQ WUDQVIHUW G¶pQHUJLH GX PpGLD FKDXG HDX YDSHXU

(276) YHUV OH PRUFHDX XQH HQWUpH G¶HDX OD JpODWLQLVDWLRQ GH O¶DPLGRQ ORUVTXHOHVFRQGLWLRQV WKHUPRK\GULTXHV VRQWIDYRUDEOHVHW GHV SHUWHV GH PDWLqUHV VROXEOHVHW LQVROXEOHVGXSODQWDLQ . .

(277) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ. )LJXUH5HSUpVHQWDWLRQVFKpPDWLTXHGHVWUDQVIHUWVG¶pQHUJLH4HWGHPDWLqUHVORUVGHOD FXLVVRQGHODEDQDQHSODQWDLQ &HSHQGDQWOHVWUDYDX[VXUODFXLVVRQG¶DP\ODFpV %ULIID]HWDO

(278) Q¶H[SOLTXHQWJXqUHOHV UHODWLRQV HQWUH OHV SURFHVVXV GH WUDQVIHUWV pQHUJLH PDWLqUH

(279) HW OD JpODWLQLVDWLRQ VXU OD GLJHVWLELOLWpGHO¶DPLGRQ/DFRPSUpKHQVLRQGHVSURFHVVXVHWGHOHXUVLQWHUDFWLRQVVHKHXUWH jODGLIILFXOWpGHFRQQDvWUHOHGLDJUDPPHGHSKDVHGHO¶DPLGRQ LQVLWX

(280) GDQVXQPRUFHDX GHSODQWDLQ j O¶DEVHQFH G¶LQIRUPDWLRQ VXU O¶pYROXWLRQ GH OD GLJHVWLELOLWp GH O¶DPLGRQ GX SODQWDLQ LQVLWX

(281) HQFRXUVGHFXLVVRQ j XQH PpFRQQDLVVDQFH GHV SURSULpWpV GH WUDQVSRUW G¶HDX HW GX SRWHQWLHO G¶pFKDQJH HQ IRQFWLRQGHO¶pWDWGHO¶DPLGRQ QDWLIYHUVXVJpODWLQLVp

(282) 'DQV FH FRQWH[WH O¶REMHFWLI FHQWUDO GH QRWUH WUDYDLO HVW GH FRQWULEXHU j XQH PHLOOHXUH FRPSUpKHQVLRQ GHV SURFHVVXV SK\VLTXHV TXL V¶RSqUHQW HQWUH XQ PRUFHDX SODQWDLQ

(283) HW XQ PpGLD FKDXG LFL O¶HDX

(284) ,O V¶DJLW WRXW G¶DERUG GH FRQVWUXLUH XQH EDVH GH GRQQpHV H[SpULPHQWDOHVSHUPHWWDQWO¶DQDO\VHHWODPLVHHQUHODWLRQGHVSKpQRPqQHVD\DQWOLHXGXUDQWOD FXLVVRQ GLDJUDPPHGHSKDVHGHO¶DPLGRQGHSODQWDLQ

(285) HWOHXUVLPSDFWVVXUODGLJHVWLELOLWpGH O¶DPLGRQ ,OV¶DJLWDXVVLGHGpYHORSSHUSDUPRGpOLVDWLRQXQHDSSURFKHGHVWUDQVIHUWVFRXSOpV G¶pQHUJLH HW G¶HDX HQ LQWpJUDQW OD JpODWLQLVDWLRQ GH O¶DPLGRQ HW VHV UpSHUFXVVLRQV VXU OD GLJHVWLELOLWp DX FRXUV GH O¶RSpUDWLRQ GH FXLVVRQ /¶HQVHPEOH GH FHV WUDYDX[ QRXV FRQGXLUD j IRXUQLU GHV UHFRPPDQGDWLRQV GH FRQGXLWH GH O¶RSpUDWLRQ GH FXLVVRQ DILQ GH FRQWU{OHU OD GLJHVWLELOLWpG¶XQSODQWDLQFXLW. .

(286) . . . . &KDSLWUHeWDWGHO¶$UW . .

(287) . . . eWDWGHO¶$UW. &+$3,75( e7$7'(/¶$57 %DQDQHSODQWDLQHWFXLVVRQ &RPPHSUpDPEXOHjO¶pWDWGHO¶DUWSRUWDQWVXUOHVSULQFLSDX[SURFHVVXVSUHQDQWSODFHGXUDQW O¶RSpUDWLRQ GH FXLVVRQ GX SODQWDLQ FHWWH SUHPLqUH SDUWLH SUpVHQWH VHV FDUDFWpULVWLTXHV VRQ LPSRUWDQFH pFRQRPLTXH HW OHV SULQFLSHV GH O¶RSpUDWLRQ GH FXLVVRQ GHV DP\ODFpHV /HV FDUDFWpULVWLTXHV GX SODQWDLQ VRQW GpWDLOOpHV HW FRPPHQWpHV DX WUDYHUV GHV SURSULpWpV SK\VLFRFKLPLTXHVGHODEDQDQHDLQVLTXHGHVRQDPLGRQFRQVWLWXWLI. 'HVFULSWLRQGXEDQDQLHU /H EDQDQLHU WURXYH VRQ RULJLQH HQ $VLH GX 6XG(VW ,O HVW SUpVHQW HQ $VLH GH O¶,QGH j OD 3RO\QpVLH 6LPPRQGV

(288) HW VRQ FHQWUH GH GLYHUVLILFDWLRQ VHPEOH rWUH OD 0DODLVLH RX O¶,QGRQpVLH 6XU OH FRQWLQHQW DPpULFDLQ OD FXOWXUH GH OD EDQDQH D GpEXWp HQ 5pSXEOLTXH 'RPLQLFDLQH HQ JUkFH j GHV SODQWHV UDPHQpHV GHV vOHV &DQDULHV F¶HVW DLQVL TXH V¶HVW SRXUVXLYLHODGLIIXVLRQHQ$PpULTXH&HQWUDOHHWGX6XG 'DQLHOOVHWDO

(289) /HVEDQDQLHUV VRQWGHVSODQWHVKHUEDFpHVFOLPDWpULTXHVTXLDSSDUWLHQQHQWjODVHFWLRQ(XPXVDODIDPLOOHGHV 0XVDFHDH HW DX JHQUH 0XVD /H JHQUH 0XVD HVW PRQRFDUSLTXH /H EDQDQLHU HVW XQH KHUEH JpDQWHGHjPqWUHVGHKDXWOHWURQFHVWFRQVWLWXpGHO¶HQJDLQHPHQWGHODEDVHGHVIHXLOOHV LVVXHV GX EXOEH /HV IHXLOOHV VRQW ODUJHV HW ORQJXHV j FP

(290) /D PXOWLSOLFDWLRQ HVW DVVXUpH SDU OHV UHMHWV /DYLOOH

(291) /D SURGXFWLRQ GH EDQDQH Q¶HVW SDV VDLVRQQLqUH LO HVW GRQF SRVVLEOH GH OD FXOWLYHU WRXW DX ORQJ GH O¶DQQpH &DPXV HW DO

(292) /H UpJLPH HVW O¶RUJDQHG¶LQWpUrWDOLPHQWDLUHGDQVODFXOWXUHGHODEDQDQH $XURUHHWDO

(293) /HUpJLPHHVW RUJDQLVp HQ FOXVWHUV GH EDQDQH QRPPpV ©ERXTXHWª RX ©PDLQª TXL SRUWHQW XQ FHUWDLQ QRPEUH GH IUXLWV DSSHOpV ©GRLJWVª &KDTXH UpJLPH HVW FRPSRVp GH j PDLQV HOOHV PrPHV FRPSRVpHV GH j GRLJWV $LQVL OD PDVVH G¶XQ UpJLPH SHXW YDULHU GH j NJ *LEHUW HW DO /DYLOOH

(294) /D IRUPH OD WDLOOH OD FRXOHXU HW OH JRW YDULHQW HQ IRQFWLRQGHFKDTXHHVSqFH *LEHUWHWDO4XLQWHURHW*DUFLD

(295) /HVEDQDQHVVRQW FODVVpHVHQGLIIpUHQWVJURXSHVHQIRQFWLRQGHOHXUFRPSRVLWLRQJpQRW\SLTXHDLQVLTXHGHOHXU FRPSRVLWLRQQXWULWLRQQHOOHHWGHOHXUVSURSULpWpVSK\VLFRFKLPLTXHV *LEHUWHWDO

(296) . .

(297) ,PSDFWGHO¶RSpUDWLRQGHFXLVVRQGXSODQWDLQVXUODGLJHVWLELOLWpLQYLWURGHO¶DPLGRQ. 'HVFULSWLRQJpQpWLTXH '¶XQ SRLQW GH YXH ERWDQLTXH OH JHQUH 0XVD HVW GLYLVp HQ GHX[ JUDQGV W\SHV OHV YDULpWpV FRPHVWLEOHV j IUXLWV FKDUQXV HW OHV HVSqFHV VDXYDJHV /DVVRLV HW DO

(298) $ O¶RULJLQH OH EDQDQLHU HVW LVVX GHV YDULpWpV VDXYDJHV HW VpPLQLIqUHV 0XVD DFXPLQDWD JpQRPH $ HW 0XVD EDOELVLDQD JpQRPH%

(299) 3DUFURLVHPHQWQDWXUHO OD GLYHUVLWpJpQpWLTXHDFWXHOOHV¶HVW FRQVWLWXH SURJUHVVLYHPHQW DYHF O¶DSSDULWLRQ GH YDULpWpV VDQV JUDLQHV 3DU PXOWLSOLFDWLRQ YpJpWDWLYH O¶KRPPH D HQVXLWH WLUp SURILW GH FHV TXDOLWpV DOLPHQWDLUHV $XMRXUG¶KXL j WUDYHUV OH PRQGH SOXV GH YDULpWpV VDQV JUDLQHV VRQW GLVSRQLEOHV $XURUH HW DO

(300) /HV EDQDQLHUV FXOWLYpV VRQW VRXYHQW GpFULWV SDU OD QRPHQFODWXUH GX JpQRPH GDQV OHTXHO OH W\SH 0XVD RX FORQH

(301) HVWVXLYLSDUXQJURXSHGHOHWWUHVLQGLTXDQWOHQLYHDXGHSORwGLHHWODFRQWULEXWLRQGHV GHX[HVSqFHVGLSORwGHVVDXYDJHVDLQVLTXHOHXUFRPSRVLWLRQJpQpWLTXH/HVEDQDQHVVRQWGHV FXOWXUHV K\EULGHV SRO\SORwGHV QDWXUHOOHV GLSORwGHV WULSORwGHV HW WpWUDSORwGHV JpQRPHV JURXSHV

(302) %HDXFRXS GH EDQDQHV FRPHVWLEOHV VRQW WULSORwGHV HW GpFULWHV SDU OD JpQRPLTXH FRPPH$$$/HVSULQFLSDX[JURXSHVGHJpQRPHVVRQW$$$%$$$$$%HW$%% %DNU\ HWDO$XURUHHWDO

(303) /HVWULSORwGHVRQWEHDXFRXSSOXVGHVXFFqVTXHOHVGLSORwGHV JUkFH j OHXU SURGXFWLYLWp pOHYpH OHXU YLJXHXU HW OHXU JUDQGH YDULDELOLWp JpQpWLTXH 6WHHOH

(304) 1pDQPRLQV LO H[LVWH G¶DXWUHV FRPELQDLVRQV JpQRW\SLTXHV PRLQV IUpTXHQWHV FRPPH $%RX$$$$HW$%%%FKH]OHVK\EULGHV 3pGRQFXOH. 3XOSHGHFRXOHXUMDXQHRUDQJH *UDQXOHVG¶DPLGRQ. 3RLQWHRXH[WUpPLWpIORUDOH. . 3HDXYHUWH $UrWHV. . )LJXUH5HSUpVHQWDWLRQGHODPRUSKRORJLHGXSODQWDLQ0XVD $$%

(305) .DPXUDHW.DPXUD