• Aucun résultat trouvé

Synthèse, fonctionnalisation et applications de métallo-NHC du groupe 11

N/A
N/A
Protected

Academic year: 2021

Partager "Synthèse, fonctionnalisation et applications de métallo-NHC du groupe 11"

Copied!
333
0
0

Texte intégral

(1)Synthèse, fonctionnalisation et applications de métallo-NHC du groupe 11 Clementine Gibard. To cite this version: Clementine Gibard. Synthèse, fonctionnalisation et applications de métallo-NHC du groupe 11. Autre. Université Blaise Pascal - Clermont-Ferrand II, 2014. Français. �NNT : 2014CLF22519�. �tel-01226840�. HAL Id: tel-01226840 https://tel.archives-ouvertes.fr/tel-01226840 Submitted on 10 Nov 2015. 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) 1ƒG¶2UGUH . 

(3) 

(4) 

(5)  ȋǤ ǤǤ ‹‡ ‡•‡–‡ Š‘Ž‘‰‹‡•Ȍ. . 

(6)   EΣϴϬϴ.   3UpVHQWpHSRXUREWHQLUOHJUDGH. ǯ

(7) 

(8)  6SpFLDOLWp&KLPLH 3DU. Ž±‡–‹‡

(9)  0DVWHU&KLPLH%LR2UJDQLTXH±%LR,QRUJDQLTXHGHO¶8QLYHUVLWp-RVHSK)RXULHU. . ›–Š°•‡ǡˆ‘ –‹‘ƒŽ‹•ƒ–‹‘‡–ƒ’’Ž‹ ƒ–‹‘• †‡±–ƒŽŽ‘Ǧ †—‰”‘—’‡ͳͳ  6RXWHQXHSXEOLTXHPHQWOHGpFHPEUHGHYDQWODFRPLVVLRQG¶H[DPHQ. 3UpVLGHQWGXMXU\ 3U)DEULFH$1,=21. . 8QLYHUVLWp%ODLVH3DVFDO. . . &1568QLYHUVLWpGH7RXORXVH. 'U)UpGpULF7$5$1. . &($6DFOD\. 'U9LQFHQW$8&$*1(. . &1562UOpDQV. 'U6\OYDLQ52/$1'. . 8QLYHUVLWp3LHUUHHW0DULH&XULH. 'U$UQDXG*$87,(5. . &1568QLYHUVLWp%ODLVH3DVFDO. 'U)HGHULFR&,61(77,. . 8QLYHUVLWp%ODLVH3DVFDO. 5DSSRUWHXUV 'U<YHV&$1$& ([DPLQDWHXUV. 'LUHFWHXUVGHWKqVH.  .

(10)  .                             .  .

(11)                 ©/¶XQLYHUV HVW SOHLQ GH FKRVHV PDJLTXHV TXL DWWHQGHQW SDWLHPPHQW TXH QRXV VR\RQV DVVH] LQWHOOLJHQWVSRXUOHVSHUFHYRLUª (GHQ3KLOLSRWWV            .  .

(12)                           .  .

(13)           $PHVJUDQGVSqUHV                .  .

(14)                           .  .

(15) 5HPHUFLHPHQWV &HVWUDYDX[RQWpWpUpDOLVpVjO¶,QVWLWXWGH&KLPLHGH&OHUPRQW)HUUDQG ,&&)805 &156 

(16)  DX VHLQ GH O¶pTXLSH 6\QWKqVH HW (WXGHV GH 6\VWqPHV j ,QWpUrW %LRORJLTXH 6((6,%

(17) -HUHPHUFLHOH'U$QQH0DULH'HORUWGLUHFWULFHGHO¶,&&)GHP¶DYRLUDFFXHLOOLH DXODERUDWRLUHSRXUTXHM¶\HIIHFWXHPDWKqVH -H WLHQV j H[SULPHU PD SURIRQGH JUDWLWXGH j PHV GHX[ GLUHFWHXUV GH WKqVH $UQDXG *DXWLHU 'LUHFWHXUGH5HFKHUFKH&156

(18) HW)HGHULFR&LVQHWWL 0DvWUHGH&RQIpUHQFHV8%3

(19)  SRXUOHXUHQFDGUHPHQWGXUDQWFHVWURLVDQQpHV-HYRXVUHPHUFLHSRXUYRVSUpFLHX[FRQVHLOV YRWUH ULJXHXU YRWUH FRQILDQFH HW SOXV JpQpUDOHPHQW SRXU YRWUH ELHQYHLOODQFH &H ©I€Wª XQ UpHOSODLVLUGHWUDYDLOOHUHWG¶DSSUHQGUH DXVVLELHQDXODERUDWRLUHTX¶DX1RWD

(20) DYHFYRXV 0HVYLIVUHPHUFLHPHQWVVRQWDGUHVVpVDX[PHPEUHVGHPRQMXU\SRXUO¶LQWpUrWTX¶LOV RQWSRUWpjFHWUDYDLOSRXUOHVUHPDUTXHVHWODGLVFXVVLRQVFLHQWLILTXHTX¶LOVRQWDQLPpHORUVGH OD VRXWHQDQFH GH PD WKqVH 0HUFL GRQF j <YHV &DQDF 'LUHFWHXU GH 5HFKHUFKH DX &156 /&&7RXORXVH

(21) HWj)UpGpULF7DUDQ&KHUFKHXUDX&($GH6DFOD\SRXUDYRLUDFFHSWpG¶rWUH UDSSRUWHXUVGHPRQPDQXVFULW0HUFLpJDOHPHQWj9LQFHQW$XFDJQH&KDUJpGH5HFKHUFKHDX &156 &%0 2UOpDQV

(22)  HW j 6\OYDLQ 5RODQG 0DvWUH GH &RQIpUHQFHV j O¶8QLYHUVLWp 3DULV 9, SRXUDYRLUDFFHSWpG¶rWUHH[DPLQDWHXUVORUVGHPDVRXWHQDQFH 0D SURIRQGH JUDWLWXGH j 0DUWLQH 6DQFHOPH UHVSRQVDEOH GH OD SODWHIRUPH PLFURELRORJLHSRXUOHVWRXVOHVWUDYDX[UpDOLVpVGDQVODFDGUHGHODFROODERUDWLRQDYHF%LRILOP &RQWURO TXH MH UHPHUFLH FKDOHXUHXVHPHQW pJDOHPHQW

(23)  0HUFL j WRL SRXU WHV FRQVHLOV WHV UHPDUTXHVHWQRVSUpFLHXVHVSHWLWHVSDXVHV -H YRXGUDLV UHPHUFLHU pJDOHPHQW O¶pTXLSH GHV *2%6 JO\FRFKLPLH RUJDQLTXH ELRORJLTXH HW VXSUDPROpFXODLUH

(24)  0DWWKLHX <RJPLQ 0LFKDHO 6\OYDLQ -HUHP\ 'LPLWUL -XOLHQ0D[LPH7XDQ6KD6KDRSLQJ%R3LQJOXHW1JDQGHO¶8QLYHUVLWp3DULV9,TXLGDQV OHFDGUHG¶XQHFROODERUDWLRQDYHF6\OYDLQ5RODQGP¶RQWDFFXHLOOLHDXVHLQGHOHXUODERUDWRLUH SHQGDQWWURLVPRLV 8QJUDQGPHUFLDX[pWXGLDQWVHWFKHUFKHXUVD\DQWFRQWULEXpjFHVWUDYDX[QRWDPPHQW j1+RXVVQHP,EUDKLPDYHFTXLM¶DLHXODFKDQFHGHSDUWDJHUSUHVTXHGHX[DQQpHVFKH]OHV FKpODWHV -H Q¶RXEOLH ELHQ HQWHQGX SDV 1LFRODV 3LHUUH 0LFKHOD &DUROLQD )LOLSSH $XUpOLH /XGLYLQH$XGUH\&KULVWHOOH'LDQH$XURUH9LFWRULD=RKUD)UDQoRLV1DQDUGHW.pYLQTXL RQWWRXVIDLWSDUWLHGHVFKpODWHV.  .

(25) ,O \ D DXVVL pYLGHPHQW WRXV OHV DXWUHV pWXGLDQWV RX GRFWHXUV DYHF TXL M¶DL SDVVp GHV PRPHQWV LQRXEOLDEOHV GXUDQW FHV WURLV GHUQLqUHV DQQpHV &pFLOH 6NLSL 0XPX 1DGLD *DHWDQR 'HOSKLQH3LHUUH(DXGH5DLH1RQR0LFNO0DJDOLH*DUU\$UWKXU$QWKR3ROR &DUORV/RLF+RKLVVH(JRQ6WpSKDQH6K\DP&\ULO7KRPDV<DQQLFN:DsOPHUFLjYRXV FOHUPRQWQ¶DXUDLWSDVYUDLPHQWpWpDXVVLFKRXHWWHVDQVYRXV 0HUFLjWRXVOHVWUDYDLOOHXUVGX5'&DYHFTXLFHIXWXQSODLVLUGHSDUWDJHUFDIpSRWLQV HWTXHOTXHVIRLVDSpURHQYRWUHFRPSDJQLH0HUFLpJDOHPHQWjO¶HQVHPEOHGHVPHPEUHVGX 6((6,%HWGHO¶,&&)SOXVJpQpUDOHPHQW 0HUFL j PHV FRORF SRXU P¶DYRLU VXSSRUWp QRXUUL HW EHDXFRXS DLGHU GDQV OD SUpSDUDWLRQGHPRQSRWGHWKqVHQRWDPPHQW 8QH VSpFLDOH GpGLFDFH j PHV DPLV GH JUHQREOH %DSWLVWH *ROO\ 3HZ 0DQX HW -HDQ &KQDFN DYHF TXL M¶DL SDUWDJp OHV FLQT DQQpHV D\DQW SUpFpGpV PD WKqVH j O¶8-)  /D IDF Q¶DXUDLWMDPDLVpWpVLLQRXEOLDEOHVDQVYRXVOHVFRSDLQV -H Q¶RXEOLH ELHQ HQWHQGX SDV PHV DPLV VDYR\DUG SUpVHQWV PDLQWHQDQW GHSXLV GH QRPEUHXVHV DQQpHV YRLU GpFHQQLH RQ VH IDLW YLHX[«

(26)  SRXUOHXUV SUpVHQFH OHXU VRXWLHQW HW WRXWVLPSOHPHQWSRXUrWUHGHSXLVWMUVGHVDPLVDXWRS0HUFLSDUWLFXOLqUHPHQW©DX[ILOOHVª /RUqQH PHUFLSRXUWHVFRUUHFWLRQV

(27)  /RULQH0\OqQHHW6pJROqQHj3LFK FRORFpWHUQHOOH

(28)  0D[LPH 0HXWFK 'DY 0DUWLQ HW 0DUWLQHWWH HW j WRXV OHV DXWUHV TX¶LO VHUDLW WURS ORQJ GH FLWHU (QILQ XQ JUDQG PHUFL j PD JUDQGPqUH FOHUPRQWRLVH 0DPp

(29)  DYHF TXL M¶DL HX OD FKDQFH GH SDUWDJHU UHSDV pTXLOLEUpV HW GLVFXVVLRQV FKDTXH OXQGL GXUDQW FHV WURLV GHUQLqUHV DQQpHVjPDWDQWHHWPRQRQFOHPHVFRXVLQHV-XOLHHW&KDUORWWHHWjOHXUVPDULVHWSWLVERXW GH FKRX SRXU FHV UHSDV HQ IDPLOOH 8Q JUDQG PHUFL pJDOHPHQW j PD JUDQGPqUH EUHWRQQH 0DPL

(30) SRXUVDSUpVHQFHHWVRQVRXWLHQWGHSXLVWRXMRXUV0HUFLjPHVSDUHQWVHWjPHVSHWLWV IUqUHV $QWRLQH HW 9LQFHQW SRXU OHXU DPRXU HW OHXU ELHQYHLOODQFH HW SRXU rWUH DX WRS WRXW VLPSOHPHQW(WPHUFLpJDOHPHQWDX[DXWUHVPHPEUHVGHPDIDPLOOHTXHM¶DLKkWHGHUHWURXYHU FHWpWp     .  .

(31) 6RPPDLUH. ƒ„Ž‡†‡•ƒ–‹°”‡• ZDZ/DEd^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϳ ^KDD/Z͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵ >/^d^Zs/d/KE^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ /EdZKhd/KE'EZ>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ ,W/dZ/͘/EdZKhd/KE>,/D/^ZE^EͲ,dZKz>/Yh^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϭ ϭ͘. ,/^dKZ/Yh͗:h^Yh͛>͛/^K>DEdZE^^d>^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ Ă͘. ĂƌďğŶĞƐůŝďƌĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ. ď͘. DĠƚĂůůŽͲĐĂƌďğŶĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ. ĂƌďğŶĞƐĚĞŚƵŐĂĞǀ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϰ ĂƌďğŶĞƐĚĞ&ŝƐĐŚĞƌ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϱ ĂƌďğŶĞƐĚĞ^ĐŚƌŽĐŬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ. Đ͘ Ϯ͘. ĂƌďğŶĞƐƉĞƌƐŝƐƚĂŶƚƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ E,dDd>>KͲE,͗'EZ>/d^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ. Ă͘. ĨĨĞƚƐĠůĞĐƚƌŽŶŝƋƵĞƐĚƵE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬ. ď͘. EŽŵĞŶĐůĂƚƵƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ. Đ͘. ŽŶƚƌŝďƵƚŝŽŶƐŽƌďŝƚĂůĂŝƌĞƐăůĂůŝĂŝƐŽŶŵĠƚĂůͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϰ. Ě͘. DĠƚĂƵdžĨŽƌŵĂŶƚĚĞƐĐŽŵƉůĞdžĞƐĂǀĞĐůĞƐE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϲ. Ğ͘. ŽŵƉĂƌĂŝƐŽŶĞŶƚƌĞůĞƐůŝŐĂŶĚƐE,ĞƚůĞƐůŝŐĂŶĚƐƉŚŽƐƉŚŝŶĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϴ. ϯ͘. Dd>>KE,h'ZKhWϭϭ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϵ 'ĠŶĠƌĂůŝƚĠƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϵ Ĩ͘. >ĞƐĐŽŵƉůĞdžĞƐƵͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ. /͘ 'ĠŶĠƌĂůŝƚĠƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϭ. //͘ ĂƚĂůLJƐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϯ. Ő͘. >ĞƐĐŽŵƉůĞdžĞƐŐͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ. Ś͘. >ĞƐƵͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ. /͘ 'ĠŶĠƌĂůŝƚĠƐĞƚĂŐĞŶƚƐĚĞƚƌĂŶƐĨĞƌƚĚĞĐĂƌďğŶĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϰϳ. //͘ ĂƚĂůLJƐĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϯ ///͘ 'ĠŶĠƌĂůŝƚĠƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϰ /s͘ /ŶƚƌŽĚƵĐƚŝŽŶăůĂĐŚŝŵŝĞĐůŝĐŬ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϱϲ s͘ ^LJŶƚŚğƐĞĚĞƐĐĂƌďğŶĞƐĚĞĐƵŝǀƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϮ . s/͘ ƚƵĚĞƐŵĠĐĂŶŝƐƚŝƋƵĞƐĚĞůĂƵ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϳ. s//͘ ŽŵƉůĞdžĞƵͲE,ĂǀĞĐĚĞƐůŝŐĂŶĚƐŵŽŶŽĚĞŶƚĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϲϵ. ,W/dZ//͘. ^/DW>/&/d/KE^Dd,K^^zEd,^^>^͛/D/K>/E/hD^. ^zDdZ/Yh^dKDW>y^'ͲdhͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϭ ϭ͘ Ϯ͘. ^zEd,^^>^͛/D/K>/E/hD͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϯ EKhs>>Dd,KDd>>d/KE>͛DDKE/Yh͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϳ. ^ŝŵƉůŝĨŝĞĚƉƌĞƉĂƌĂƚŝŽŶŽĨĐŽƉƉĞƌ;/ͿE,ƐƵƐŝŶŐĂƋƵĞŽƵƐĂŵŵŽŶŝĂ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϵ  ^dZd͗͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϵϵ džƉĞƌŝŵĞŶƚĂůƐĞĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϱ.  .

(32) WƌŽĐĞĚƵƌĞ͗͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϱ >ĂƌŐĞƐĐĂůĞƉƌĞƉĂƌĂƚŝŽŶŽĨ΀Ƶů;/WƌͿ΁͗͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ WƌŽĐĞĚƵƌĞ͗͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ >ĂƌŐĞƐĐĂůĞƉƌĞƉĂƌĂƚŝŽŶŽĨ΀Ƶ;^/DĞƐͿϮ΁;&ϰͿ͗͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϲ ^ĞůĞĐƚĞĚƐƉĞĐƚƌĂĨƌŽŵƚŚĞƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬϳ. ϯ͘. ^zEd,^^KDW>y^'ͲE,ED/>/hDDKE/>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϮ. ϰ͘. yWZ/DEd>^d/KE͗͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϴ. ,W/dZ///͘^zEd,^^Dd>>KͲE,&KEd/KEE>/^^͗Dd,K^WZͲdWK^dͲ &KEd/KEE>/^d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϮϯ  ϭ͘. &KEd/KEE>/^d/KE^Dd>>KͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϮϱͲ Ă͘. ŽŵŵĞŶƚŝŶƚƌŽĚƵŝƌĞƵŶĞĨŽŶĐƚŝŽŶŶĂůŝƐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϮϲͲ. ď͘. WŽƵƌƋƵŽŝĨŽŶĐƚŝŽŶŶĂůŝƐĞƌƵŶŵĠƚĂůůŽͲE,͍͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϮϴͲ. Đ͘. EŽƚƌĞƐƚƌĂƚĠŐŝĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϯϰͲ. Ϯ͘. Dd,K^^zEd,^^WZͲ/KKͲE/>/E^Z>/^>'ZE,>>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϯϳͲ. ϯ͘. WW>/d/KE>z>K/d/KEKdhZͲ>zEWKhZ>&KEd/KEE>/^d/KEDd>>KͲE,ͲϭϯϵͲ ^dZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϰϬͲ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϰϬͲ ZĞƐƵůƚƐĂŶĚĚŝƐĐƵƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϰϭͲ ϭ͘ WƌĞͲĨƵŶĐƚŝŽŶĂůŝƐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϰϭͲ Ϯ͘ WŽƐƚͲĨƵŶĐƚŝŽŶĂůŝƐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϰϱͲ ϯ͘ YƵĂŶƚƵŵĐĂůĐƵůĂƚŝŽŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϰϴͲ ŽŶĐůƵƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϰϵͲ džƉĞƌŝŵĞŶƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϱϬͲ. ,W/dZ/s͘WK^dͲhdKͲ&KEd/KEE>/^d/KE^KDW>y^hͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϲϵ  ϭ͘. WK^dͲ&KEd/KEE>/^d/KE^Dd>>KͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϳϭͲ. Ϯ͘. ^KDW>y^h/sZͲE,^h^dZd^dd>z^hZ^h͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϳϱͲ. ƵĨƵŶĐƚŝŽŶĂůŝnjĂƚŝŽŶŽĨĂnjŝĚĞͲƚĂŐŐĞĚŽƉƉĞƌ;/ͿʹE,ƐĂĐƚŝŶŐĂƐĐĂƚĂůLJƐƚĂŶĚƐƵďƐƚƌĂƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϳϲͲ ^dZd͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϳϲͲ /EdZKhd/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϳϲͲ Z^h>d^E/^h^^/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϳϵͲ ^hDDZz͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϴϯͲ yWZ/DEd>^d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϴϯͲ ^ĞůĞĐƚĞĚĚĂƚĂĨƌŽŵƚŚĞƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϴϳͲ. ϯ͘. hdKͲ&KEd/KEE>/^d/KE^WW>/Yh^hyKDW>y^EKE^zDdZ/Yh^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϵϮͲ. ͚ƵƚŽʹůŝĐŬ͛&ƵŶĐƚŝŽŶĂůŝnjĂƚŝŽŶĨŽƌŝǀĞƌƐŝĨŝĞĚŽƉƉĞƌ;/ͿĂŶĚ'ŽůĚ;/ͿE,Ɛ͛͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϵϰͲ ďƐƚƌĂĐƚ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϵϰͲ /ŶƚƌŽĚƵĐƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϵϱͲ ZĞƐƵůƚƐĂŶĚĚŝƐĐƵƐƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϭϵϲͲ ŽŶĐůƵƐŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϬϮͲ džƉĞƌŝŵĞŶƚĂů͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϬϮͲ >ŽĐĂůŝnjĂƚŝŽŶŽĨϴĐŝŶWϯĐĞůůůŝŶĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϭϮͲ &ůƵŽƌĞƐĐĞŶĐĞƐƉĞĐƚƌŽƐĐŽƉLJ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϭϮͲ ^ĞůĞĐƚŝŽŶĨƌŽŵƚŚĞƐƵƉƉŽƌƚŝŶŐŝŶĨŽƌŵĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϭϯͲ ϭ. &ŝŐƵƌĞ^ϭ͘ ,EDZ;ϯE͕ϳϬΣͿƉƌŽĨŝůĞŽĨƚŚĞƌĞĂĐƚŝŽŶǀƐƚŝŵĞ;ϭ͕ϰʹĚŝŵĞƚŚŽdžLJďĞŶnjĞŶĞĂƐŝŶƚĞƌŶĂů. ƐƚĂŶĚĂƌĚͿ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϭϯͲ ŝƐĐƵƐƐŝŽŶƐƵƉƉůĠŵĞŶƚĂŝƌĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϭϰͲ. ϰ͘. yWZ/DEd>^d/KE͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϭϳͲ.  .

(33) ,W/dZs͘ >d>z^hyWZKWZ/d^/K>K'/Yh^^Dd>ͲE,&KEd/KEE>/^^Ͳ ϮϮϯͲ ϭ͘. d>z^hZ^,zZK^K>h>^WKhZ>h͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϮϱͲ Ă͘. ŽŵƉůĞdžĞƐƵͲE,ŽďƚĞŶƵƐƉĂƌůĂŵĠƚŚŽĚĞĚ͛ĂƵƚŽͲĨŽŶĐƚŝŽŶŶĂůŝƐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϮϱͲ. ď͘. ŽŵƉůĞdžĞƐƵͲE,ŽďƚĞŶƵƐƉĂƌůĂŵĠƚŚŽĚĞĚĞƉƌĠͲĨŽŶĐƚŝŽŶŶĂůŝƐĂƚŝŽŶ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϮϴͲ. Đ͘. ƵƚƌĞĂƉƉůŝĐĂƚŝŽŶĚĞƐůŝŐĂŶĚƐŚLJĚƌŽƐŽůƵďŝůŝƐĂŶƚƐ͗ĐŽŵƉůĞdžĞƐĚ͛ŝƌŝĚŝƵŵ;///Ϳ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϭͲ. Ϯ͘. WW>/d/KE^D//E>^^Dd>>KͲE,͗^'EZ>/d^hy'Ed^Ed/dZ/E^͘͘͘͘͘͘͘͘͘͘ͲϮϰϮͲ Ă͘ ď͘. ŽŵƉůĞdžĞƐĐĂƌďĠŶŝƋƵĞƐăĂĐƚŝǀŝƚĠďŝŽůŽŐŝƋƵĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϮͲ ŽŵƉůĞdžĞƐĐĂƌďĠŶŝƋƵĞĐLJƚŽƚŽdžŝƋƵĞƐƉŽƵƌůĞƐĐĞůůƵůĞƐĐĂŶĐĠƌĞƵƐĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϮͲ. ŽŵƉůĞdžĞƐƵͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϮͲ ŽŵƉůĞdžĞƐŚŽŵŽůĞƉƚŝƋƵĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϰͲ ŽŵƉůĞdžĞƐŚĠƚĠƌŽůĞƉƚŝƋƵĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϲͲ. ŽŵƉůĞdžĞƐŐͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϲͲ. Đ͘ Ě͘ ϯ͘. ŽŵƉůĞdžĞƐĐĂƌďĠŶŝƋƵĞăĂĐƚŝǀŝƚĠƐĂŶƚŝďĂĐƚĠƌŝĞŶŶĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϵͲ. ŽŵƉůĞdžĞƐŐͲE,ĂŶƚŝďĂĐƚĠƌŝĞŶƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϰϵͲ. ĐƚŝǀŝƚĠĂŶƚŝďĂĐƚĠƌŝĞŶŶĞĞƚĂŶƚŝďŝŽůĨŝůŵĚĞĐŽŵƉůĞdžĞƐŐͲE,ůŝƉŽƉŚŝůĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϱϮͲ KDW>y^Dd>ͲE,dz>KydZ/E^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϲϱͲ ŽŶƚĞdžƚĞ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϲϱͲ ƚƵĚĞĞdžƉĠƌŝŵĞŶƚĂůĞĚĞů͛ŝŶĐůƵƐŝŽŶĚ͛ŝŽŶƐŝŵŝĚĂnjŽůŝŶŝƵŵĞƚĚĞĐŽŵƉůĞdžĞƐŐͲE,͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϲϳͲ WĞƌƐƉĞĐƚŝǀĞƐ͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϳϲͲ. ϰ͘. WZd/yWZ/DEd>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϳϵͲ. KE>h^/KE'EZ>͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ͲϮϵϵͲ EEy^͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϬϱ .  . .  .

(34)  . .  .

(35) /LVWHGHV$EUpYLDWLRQV  $$&$]LGH$OF\QH>@&\FORDGGLWLRQF\FORDGGLWLRQ>@D]RWXUHDOF\QH $,)$SRSWRVLV,QGXFLQJ)DFWRU $376DFLGHSDUDWROXqQHVXOIRQLTXH $51DFLGHULERQXFOpLTXH %&1ELF\FORQRQ\QH %+,%UDLQ+HDUW,QIXVLRQ±PLOLHXGHFXOWXUHF°XUFHUYHOOH %9 GHUQLqUHRUELWDOH

(36) EDVVHYDFDQWH &'F\FORGH[WULQH α&'2+DOSKDF\FORGH[WULQHQDWLYH &O3KHQGLFKORURSKpQDQWKUROLQH &0,&RQFHQWUDWLRQ0LQLPDOHG¶,QKLELWLRQ &+\0&HQWUHIRU+\SHUSRODULVDWLRQLQ0DJQHWLF5HVRQDQFH &X$$&&RSSHU&DWDO\VHG$ON\QH$]LGH>@&\FORDGGLWLRQF\FORDGGLWLRQ D]RWXUHDOF\QH>@FDWDO\VpDXFXLYUH ,

(37)  '&(GLFKORURpWKDQH '&0GLFKORURPpWKDQH ')7'HQVLW\)XQFWLRQDO7KHRU\7KpRULHGHODIRQFWLRQQHOOHGHODGHQVLWp '062GLPpWK\OVXOIR[LGH GLSSGLLVRSURS\OSKpQ\OH ',3($GLLVRSURS\OpWK\ODPLQH '2'HQVLWp2SWLTXH *2%6*O\FRFKLPLH2UJDQLTXH%LRORJLTXHHW6XSUDPROpFXODLUH +(3(6DFLGH K\GUR[\pWK\O

(38) SLSpUD]LQHpWKDQHVXOIRQLTXH +506+LJK5HVROXWLRQ0DVV6SHFWURPHWU\ +),3KH[DIOXRURLVRSURSDQRO ,%6,QLWLDO%DFWHULDO6XVSHQVLRQ ,&LQKLELWRU\FRQFHQWUDWLRQ±FRQFHQWUDWLRQG¶LQKLELWLRQj ,5LQIUDURXJH ,7&,VRWKHUPDO7LWUDWLRQ&DORULPHWU\±FDORULPpWULHLVRWKHUPHGHWLWUDJH /\VRWUDFNHUFRORUDQWFRQoXSRXUFLEOHUOHO\VRVRPH 0'50XOWL'UXJ5HVLVWDQW 0HV±WULPpWK\OSKpQ\OH 0030LWRFKRQGULDOPHPEUDQHSHUPHDELOL]DWLRQSHUPpDELOLVDWLRQGHODPHPEUDQH PLWRFKRQGULDOH 0(6DFLGH 1PRUSKROLQR

(39) pWKDQHVXOIRQLTXH 0,&0HVR,RQLF&DUEHQH±FDUEqQHPpVRLRQLTXH 0LWRWUDFNHUFRORUDQWFRQoXSRXUFLEOHUODPLWRFKRQGULH 1+&1KHWHURF\FOLFFDUEHQH±&DUEqQH1KpWpURF\FOLTXH 1,61LRGRVXFFLQLPLGH 103PpWK\OS\UUROLGRQH 3(*SRO\pWK\OqQHJO\FRO 3(336,3\ULGLQH(QKDQFHG3UHFDWDO\VW3UHSDUDWLRQ6WDELOL]DWLRQDQG,QLWLDWLRQ 3(&X HIIHW

(40) 3KHQDQWKUROLQH(QKDQFHVWKH&RSSHU HIIHFW

(41)  5015pVRQDQFH0DJQpWLTXH1XFOpDLUH 5X$$&$$&FDWDO\VpHDXUXWKpQLXP ,,

(42)  5;5D\RQV;. . .

(43) 5235LQJ2SHQLQJ3ROLPHUL]DWLRQ3RO\PpULVDWLRQSDURXYHUWXUHGHF\FOH 6$%5(6LJQDO$PSOLILFDWLRQ%\5HYHUVLEOH([FKDQJH 63$$&6WUDLQHG3URPRWHG$]LGH$ON\QH&\FORDGGLWLRQ±F\FORDGGLWLRQD]RWXUH DOF\QHSURPXSDUWHQVLRQGHF\FOH 7%7$WULV> EHQ]\O+WULD]RO\O

(44) PpWK\O@DPLQH 7+37$WULV K\GUR[\SURS\OWULD]RO\OPpWK\O

(45) DPLQH 7+)WpWUDK\GURIXUDQH 706WULPpWK\OVLODQH 7217XUQ2YHU1XPEHU 72)7XUQ2YHU)UHTXHQF\ 7KWWHWUDK\GURWKLRSKqQH 752(6<7UDQVYHUVH5RWDWLQJIUDPH2YHUKDXVHU(QKDQFHPHQW6SHFWURVFRS\ 89XOWUDYLROHW ΔLQFO+ƒYDULDWLRQHQWKDOSLHVWDQGDUGGHO¶LQFOXVLRQ ΔLQFO*ƒYDULDWLRQGHO¶pQHUJLHOLEUHGHO¶LQFOXVLRQ ΔLQFO6ƒYDULDWLRQGHO¶HQWURSLHVWDQGDUGGHO¶LQFOXVLRQ 9EXUSHUFHQWEXULHGYROXPH.  1RP,83$&GHVOLJDQGV. %Q,PLGLEHQ]\OLPLGD]ROLQ\OLGqQH ,$GELV DGDPDQW\O

(46) LPLGD]RO\OLGqQH ,0HELV PpWK\O

(47) LPLGD]RO\OLGqQH ,0HVELV WULPpWK\OSKpQ\O

(48) LPLGD]RO\OLGqQH ,0HV3LF WULPpWK\OSKpQ\O

(49)  SLFRO\O

(50) LPLGD]RO\OLGqQH ,3UELV GLLVRSURS\OSKpQ\O

(51) LPLGD]RO\OLGqQH ,3U1ELV D]LGRGLLVRSURS\OSKpQ\O

(52) LPLGD]RO\OLGqQH ,;\1ELV D]LGRGLPpWK\O

(53) LPLGD]RO\OLGqQH 6,$GELV DGDPDQW\O

(54) LPLGD]ROLQ\OLGqQH 6,&\ELV F\FORKH[\O

(55) LPLGD]ROLQ\OLGqQH 6,0HVELV WULPpWK\OSKpQ\O

(56) LPLGD]ROLQ\OLGqQH 6,3UELV GLLVRSURS\OSKpQ\O

(57) LPLGD]ROLQ\OLGqQH 6,3UG1 D]LGRGLLVRSURS\OSKpQ\O

(58)  GLLVRSURS\OSKpQ\O

(59) LPLGD]ROLQ \OLGqQH 6,3U1ELV D]LGRGLLVRSURS\OSKpQ\O

(60) LPLGD]ROLQ\OLGqQH 6,W%XELV WHUWEXW\O

(61) LPLGD]ROLQ\OLGqQH 6L;\ELV GLPpWK\OSKpQ\O

(62) LPLGD]ROLQ\OLGqQH 6,;\1ELV D]LGRGLPpWK\O

(63) LPLGD]ROLQ\OLGqQH 70HV WULPpWK\OSKpQ\O

(64) PpWK\OWULD]RO\OLGqQH 73KGLSKpQ\OPpWK\OWULD]RO\OLGqQH 73U;\O GLLVRSURS\OSKpQ\O

(65) PpWK\O GLPpWK\OSKpQ\O

(66) WULD]RO \OLGqQH. .  .

(67)        ,QWURGXFWLRQJpQpUDOH .           .

(68) .  .

(69) /D FKLPLH RUJDQRPpWDOOLTXH HVW O¶XQLRQ HQWUH OD FKLPLH RUJDQLTXH HW LQRUJDQLTXH DX VHLQG¶XQHPrPHPROpFXOH/¶DVVRFLDWLRQG¶XQFHQWUHPpWDOOLTXHDYHFXQOLJDQGRUJDQLTXHYLD XQHOLDLVRQFDUERQHPpWDOPRGLILHSURIRQGpPHQWOHVSURSULpWpVGHFHVGHX[VRXVXQLWpVSULVHV VpSDUpPHQW/DFKLPLHRUJDQRPpWDOOLTXHGHSXLVOHVWUDYDX[SLRQQLHUVD\DQWpWpPHQpVLO\D SOXVG¶XQVLqFOHDSHUPLVGHQRPEUHXVHVDYDQFpHVIRQGDPHQWDOHVDLQVLTXHOHGpYHORSSHPHQW GHPpWKRGHVXWLOLVpHVjO¶pFKHOOHLQGXVWULHOOH 3HQGDQW GH QRPEUHXVHV DQQpHV SRXU PHQHU ELHQ GHV UpDFWLRQV LPSOLTXDQW GHV FRPSOH[HVRUJDQRPpWDOOLTXHVOHVFKLPLVWHVRQWXWLOLVpGHVFRQGLWLRQVDQK\GUHVHWDQR[LTXHV (QHIIHWODFRPPXQDXWpVFLHQWLILTXHpWDLWSHUVXDGpHTXHO¶HDXQHSRXYDLWSDVrWUHXQVROYDQW FRPSDWLEOH DYHF GHV UpDFWLRQV LPSOLTXDQW GHV FRPSRVpV RUJDQRPpWDOOLTXHV )LQDOHPHQW HQ SOXV G¶rWUH WRXW j IDLW FRPSDWLEOH DYHF FHUWDLQV GH FHV FRPSOH[HV O¶HDX HVW DXMRXUG¶KXL XQ VROYDQW UHFRQQX FRPPH pWDQW WUqV DYDQWDJHX[ GDQV GH QRPEUHX[ FDV 6DQV SDUOHU GH VRQ DERQGDQFHGHVRQIDLEOHFRXSHWGHVDKDXWHFDSDFLWpFDORULILTXHVRQXWLOLVDWLRQHQFDWDO\VH SHUPHW VRXYHQW XQH VpSDUDWLRQ GHV SURGXLWV HW FDWDO\VHXUV SOXV VLPSOH ,O HVW FHSHQGDQW QpFHVVDLUH G¶LQVLVWHU VXU OH IDLW TXH OHV FRPSOH[HV RUJDQRPpWDOOLTXHV D\DQW SRXU YRFDWLRQ G¶rWUHXWLOLVpVGDQVO¶HDXGRLYHQWrWUHSDUWLFXOLqUHPHQWVWDEOHVHWTXHGRQFWRXWOHVFRPSRVpV DOOLDQWXQIUDJPHQWPpWDOOLTXH VRXYHQWUpDFWLI

(70) jXQRXGHVOLJDQGVRUJDQLTXHVQHSHXYHQWSDV rWUHPDQLSXOpVGDQVFHVROYDQW /HV PpWDOORFDUEqQHV 1KpWpURF\FOLTXHV VRQW GHV FRPSRVpV RUJDQRPpWDOOLTXHV SDUWLFXOLqUHPHQW VWDELOLVpV &HV HVSqFHV VRQW FRPSRVpHV G¶XQ OLJDQG GDQV OHTXHO XQ FHQWUH FDUEpQLTXH HQWRXUp SDU GHX[ DWRPHV G¶D]RWH HVW FRPSULV GDQV XQ F\FOH /D FRPSOH[DWLRQ G¶XQOLJDQGGHFHW\SHjXQLRQPpWDOOLTXHIRUPHXQFRPSOH[HPpWDO1+& RXPpWDOOR1+&

(71)  /D VSKqUH GH FRRUGLQDWLRQ GX PpWDO SHXW rWUH FRPSOpWpH VRLW G¶XQ DXWUH OLJDQG 1+& LGHQWLTXHRXGLIIpUHQW

(72) VRLWG¶XQOLJDQGGHQDWXUHGLIIpUHQWH KDORJpQRSKRVSKLQHV«

(73)  /HVSURSULpWpVVLQJXOLqUHVGHFHW\SHGHOLJDQGFDUEpQLTXHSHUPHWWHQWODIRUPDWLRQGH FRPSOH[HV LVRODEOHV DYHF OD TXDVLWRWDOLWp GHV PpWDX[ HW GHV PpWDOORwGHV &HFL D SHUPLV O¶DSSOLFDWLRQGHFHVHVSqFHVGDQVGHVGRPDLQHVWUqVYDULpV$XMRXUG¶KXLFHVRQWGHSXLVVDQWV RXWLOV pWXGLpV HW XWLOLVpV SDU GH QRPEUHX[ VFLHQWLILTXHV /D FDWDO\VH HVW XQH GHV DSSOLFDWLRQV GHVPpWDOOR1+&SUREDEOHPHQWODSOXVpWXGLpHjFHMRXU(QHIIHWGDQVODOLWWpUDWXUHRQSHXW UHFHQVHU GHV PLOOLHUV GH SXEOLFDWLRQV TXL WUDLWHQW GH O¶XWLOLVDWLRQ GH FHV FRPSRVpV HQ WDQW TX¶HVSqFH FDWDO\WLTXH RX SUpFDWDO\WLTXH

(74)  (WDQW GRQQp TXH GHV pOpPHQWV GH QDWXUH WUqV GLYHUVHIRUPHQWGHVFRPSOH[HVVWDEOHVORUVTX¶DVVRFLpVDX[1+&LOQ¶HVWSDVVXUSUHQDQWTXHOH VSHFWUH GHV UpDFWLRQV GDQV OHVTXHOOHV FHV HVSqFHV VH VRQW UpYpOpHV HIILFDFH VRLW DXVVL YDVWH &HUWDLQVGHFHVFRPSOH[HVSRVVqGHQWpJDOHPHQWGHVSURSULpWpVELRORJLTXHVRXPpGLFLQDOHV(Q. Ȃͳ͹Ȃ. .

(75) HIIHW RQ FRPSWH GH QRPEUHXVHV pWXGHV SRUWDQW VXU OHV SURSULpWpV DQWLFDQFpUHXVHV HW DQWLEDFWpULHQQHV HQWUH DXWUHV GH FHV HVSqFHV &HUWDLQV FRPSOH[HV FDUEpQLTXHV SRVVqGHQW PrPH SDU H[HPSOH GHV DFWLYLWpV DQWLFDQFpUHXVHV VXSpULHXUHV j FHOOHV GX FLVSODWLQH PpWDOORGURJXHGHUpIpUHQFH 6L XQ PpWDOOR1+& SRVVqGH GpMj GHV UpDFWLYLWpV HWRX GHV SURSULpWpV OLpHV FRQVWLWXWLYHPHQWjODSUpVHQFHGXFHQWUHFDUEpQLTXHHWjFHOOHGHO¶LRQPpWDOOLTXHLOHVWWRXWj IDLW HQYLVDJHDEOH G¶HQ PRGXOHU FHUWDLQV DVSHFWV /H OLJDQG 1+& RX VRQ SUpFXUVHXU VHO G¶D]ROLXP

(76)  SHXW HQ HIIHW rWUH PRGLILp V\QWKpWLTXHPHQW ,O YD VDQV GLUH TXH OHV SURSULpWpV LQWULQVqTXHVGXFHQWUHFDUEpQLTXHVRQWODUDLVRQPrPHGHVDVWDELOLWpHWGHVRQXWLOLWpHWTX¶LO HVW GRQF LQWpUHVVDQW G¶HQYLVDJHU XQH PRGLILFDWLRQ SpULSKpULTXH GX OLJDQG QH SHUWXUEDQW SDV FHOXLFL3DUH[HPSOHO¶LQWURGXFWLRQGHJURXSHPHQWVSRXYDQWIDLUHYDULHUODVROXELOLWpGHFHV FRPSOH[HVSRXUUDLWrWUHXWLOH(QHIIHWSRXUGHVFRPSOH[HVSOXVK\GURSKLOHVRQSHXWSHQVHUj GHVDSSOLFDWLRQVFDWDO\WLTXHVGDQVGHVPLOLHX[DTXHX[RXDOFRROLTXHVRXDORUVFHWWHIRLVFL HQ UHQGDQW FHV FRPSOH[HV SOXV OLSRSKLOHV RQ SRXUUDLW V¶DWWHQGUH j XQH PRGXODWLRQ GH OHXUV DFWLYLWpVELRORJLTXHV 1RWUHpTXLSHWUDYDLOOHVXUODIRQFWLRQQDOLVDWLRQGHFHUWDLQVPpWDOOR1+&HQSpULSKpULH GHQR\DX[DURPDWLTXHVSRUWpVSDUOHVDWRPHVG¶D]RWHTXLHQWRXUHQWOHFHQWUHFDUEpQLTXH.  &HPpPRLUHSUpVHQWHUDOHVWUDYDX[D\DQWpWpUpDOLVpVGXUDQWOHVWURLVGHUQLqUHVDQQpHV DXODERUDWRLUHSRXUODPLVHDXSRLQWGHPpWKRGHVGHIRQFWLRQQDOLVDWLRQUREXVWHVHWDSSOLFDEOHV jGHVJURXSHPHQWVGHQDWXUHVYDULpHV/DPRGLILFDWLRQGXVTXHOHWWHVHUDUpDOLVpHSDUUpDFWLRQ GHF\FORDGGLWLRQD]RWXUHDOF\QHRO¶D]RWXUHHVW SRUWpSDUOHFDUEqQH 1KpWpURF\FOLTXHHWR O¶DOF\QHSRUWHODIRQFWLRQQDOLVDWLRQ/HVV\QWKqVHVVHURQWFRQoXHVSRXUrWUHUpDOLVpHVjJUDQGH pFKHOOH HW QRXV pYLWRQV VL SRVVLEOH WRXWH SXULILFDWLRQ IDVWLGLHXVH SDU H[HPSOH FKURPDWRJUDSKLTXH /DSUHPLqUHSDUWLHGHFHGRFXPHQWFRPPHQFHUDSDUO¶KLVWRULTXHGHODGpFRXYHUWHGHV SUHPLHUV FDUEqQHV HW PpWDOORFDUEqQHV 1KpWpURF\FOLTXHV RX QRQ

(77)  SXLV O¶pWDW GH O¶DUW GHV PpWDOOR1+&GXJURXSHDLQVLTXHOHXUVDSSOLFDWLRQVHQFDWDO\VHVHURQWSUpVHQWpV(QVXLWH OHVGLIIpUHQWHVVWUDWpJLHVGHV\QWKqVHHWGHIRQFWLRQQDOLVDWLRQPLVHVDXSRLQWGXUDQWFHWWHWKqVH. ȂͳͺȂ .

(78) VHURQWH[SRVpHVVHORQOHSODQVXLYDQWOHVPpWKRGHVGHV\QWKqVHGHVVHOVG¶LPLGD]ROL QL

(79) XPHW GHV PpWDOOR1+& QRQ IRQFWLRQQDOLVpV VHURQW WUDLWpHV GDQV OH GHX[LqPH FKDSLWUH 3XLV OHV V\QWKqVHVUHSRVDQWVXUGHVSUpRXSRVWIRQFWLRQQDOLVDWLRQVUpDOLVpHVSDU&X$$&SDUUpDFWLRQ WKHUPLTXH G¶+XLVJHQ RX SDU 63$$& VXU OHV FRPSOH[HV $X1+& VHURQW WUDLWpHV GDQV OH &KDSLWUH ,,, &HWWH PpWKRGH VHUD pWHQGXH DX[ FRPSOH[HV &X1+& DYHF GHV UpDFWLRQV GLWHV G¶DXWRIRQFWLRQQDOLVDWLRQ FH TXL VHUD WUDLWp GDQV OH FKDSLWUH ,9 (QILQ GHV H[HPSOHV G¶DSSOLFDWLRQV GH FHV FRPSOH[HV IRQFWLRQQDOLVpV VHURQW SUpVHQWpV GDQV OH GHUQLHU FKDSLWUH G¶XQH SDUW HQ WDQW TXH FDWDO\VHXUV K\GURVROXEOHV SRXU OD &X$$& HW G¶DXWUH SDUW HQ WDQW TX¶HVSqFHVjDFWLYLWpELRORJLTXH                      . ȂͳͻȂ .

(80) .   . . ȂʹͲȂ .

(81)         &KDSLWUH,,QWURGXFWLRQjODFKLPLHGHV FDUEqQHV1KpWpURF\FOLTXHV         ȂʹͳȂ .

(82)    . ȂʹʹȂ .

(83) +LVWRULTXHMXVTX¶jO¶LVROHPHQWGHFDUEqQHVVWDEOHV /¶LQWpUrWSRXUOHVFDUEqQHVHQFKLPLHRUJDQLTXHHWRUJDQRPpWDOOLTXHGDWHGHELHQDYDQW ODSUHXYHGHOHXUUpHOOHH[LVWHQFH,O\DSUqVGHDQVTXHO¶H[LVWHQFHG¶XQHHVSqFHTXHQRXV DSSHOOHULRQVDXMRXUG¶KXLXQFDUEqQHDpWpSRVWXOpH&HWWHLQWURGXFWLRQGpFULUDO¶KLVWRLUHGHFHV HVSqFHV GHSXLV OD VXVSLFLRQ GH OHXU H[LVWHQFH MXVTX¶j OHXUV LVROHPHQW HW FDUDFWpULVDWLRQ &HV PROpFXOHVFRQWHQDQWXQDWRPHGHFDUERQHGLYDOHQWOLpjGHX[JURXSHV RX DWRPHV

(84) DGMDFHQWV GH PDQLqUH FRYDOHQWH SRVVqGHQW GHV UpDFWLYLWpV WUqV VLQJXOLqUHV \ FRPSULV OD IRUPDWLRQ GH FRPSOH[HVRUJDQRPpWDOOLTXHV1RXVYHUURQVGDQVOHVSDUWLHVVXLYDQWHVTXHFHVHVSqFHVVHXOHV HW VXUWRXW HQ WDQW TXH OLJDQGV SRXU OHV PpWDX[ GH WUDQVLWLRQ SRVVqGHQW GH QRPEUHXVHV DSSOLFDWLRQV. D &DUEqQHVOLEUHV 'qVDORUVTXHODWpWUDYDOHQFHGXFDUERQHQ¶DYDLWSDVHQFRUHpWppWDEOLH'XPDV IXW OH SUHPLHU FKLPLVWH j pYRTXHU O¶H[LVWHQFH SRVVLEOH G¶XQH QRXYHOOH HVSqFH FDUERQpH ©OD SOXV VLPSOH GH WRXWHVª OH PpWK\OqQH TXL SRVVpGHUDLW XQ SRXUFHQWDJH PDVVLTXH GH  GH FDUERQH HW GH  G¶K\GURJqQH FH TXL FRUUHVSRQG GRQF j &+ HQ QRWDWLRQ FRQWHPSRUDLQH 3RXUSURXYHUVHVGLUHVLOWUDYDLOODVXUODGpVK\GUDWDWLRQGXPpWKDQROjO¶DLGHGHSHQWR[\GHGH SKRVSKRUHRXG¶DFLGHVXOIXULTXHFRQFHQWUpPDLVHQYDLQ 3OXVWDUG%XWOHURYpYRTXDpJDOHPHQWODIRUPDWLRQG¶XQLQWHUPpGLDLUHPpWK\OqQHGDQV ODV\QWKqVHGHO¶pWK\OqQHSDUUpDFWLRQGHO¶LRGXUHGHPpWK\OHDYHFOHFXLYUH(Q*HXWKHU UHMRLJQLW FHWWH K\SRWKqVH HQ SURSRVDQW TXH O¶K\GURO\VH EDVLTXH GX FKORURIRUPH LPSOLTXDLW IRUFpPHQWODIRUPDWLRQG¶XQLQWHUPpGLDLUHGLFKORURPpWK\OqQHSRXUH[SOLTXHUODIRUPDWLRQGH PRQR[\GHGHFDUERQHHWG¶XQLRQIRUPLDWH K\SRWKqVHIRQGpHSXLVTXHGpPRQWUpHSDU'RHULQJ HQ

(85)  /HVWUDYDX[GH&XUWLXVHW%XFKQHUjODILQGX;,; qPHVLqFOHHWDXWRXWGpEXWGX;;qPH VLqFOHDQQRQoDLHQWOHGpEXWG¶XQHQRXYHOOHqUH,OVGpPRQWUqUHQWTXHGHVHVSqFHVWUqVUpDFWLYHV pWDLHQWREWHQXHVjSDUWLUGHPROpFXOHVGLD]RWpHVRXGHFpWqQHV'L[DQVSOXVWDUG6WDXGLQJHU UpXVVLW j FRQYHUWLU GHV DOFqQHV , HQ F\FORSURSDQHV , j SDUWLU GX GLD]RPpWKDQH , SURSRVDQWDXVVLODIRUPDWLRQGH&+,FRPPHLQWHUPpGLDLUHUpDFWLRQQHO )LJXUH,

(86)  . Ȃʹ͵Ȃ .

(87)  )LJXUH,F\FORSURSDQDWLRQG¶XQDOFqQHSDUGXGLD]RPpWKDQH . &H QH IXW FHSHQGDQW TXH GDQV OHV DQQpHV  TXH FRPPHQoD UpHOOHPHQW OH GpYHORSSHPHQWPDVVLIGHFHWWHFKLPLHGHVFDUEqQHV'RHULQJUDSSRUWDHQO¶DGGLWLRQGX GLFKORURFDUEqQHVXUGHVROpILQHV$SHLQHDQVSOXVWDUG%UHVORZDpWpOHSUHPLHUjSRVWXOHU O¶H[LVWHQFH G¶XQ FDUEqQH OLEUH VWDELOLVp SDU OHV GHX[ KpWpURDWRPHV DGMDFHQWV OH WKLD]RO \OLGqQH,LPSOLTXpGDQVOHF\FOHFDWDO\WLTXHGHVUpDFWLRQVHQ]\PDWLTXHVGRQWOHFRIDFWHXUHVW ODWKLDPLQHDXVVLDSSHOpHYLWDPLQH%(QHIIHW%UHVORZPRQWUDTXHGDQVO¶HDXGHXWpUpHOH SURWRQSRUWpSDUOHFDUERQH&V¶pFKDQJHUDSLGHPHQWDYHFXQGHXWpULXPVHORQO¶pTXLOLEUHGHOD )LJXUH,/DTXHVWLRQSRUWDLWVXUO¶H[LVWHQFHG¶XQHIRUPHFDUEpQLTXH,RX\OXUH,¶.  )LJXUH,pFKDQJHGHXWpULXPSURWRQGHODWKLDPLQH. &HWWH GpFRXYHUWH DQQRQoDLW QRQ VHXOHPHQW OD SRVVLELOLWp G¶XWLOLVHU GHV FDUEqQHV QXFOpRSKLOHV HQ RUJDQRFDWDO\VH PDLV DXVVL OD QDLVVDQFH G¶XQH QRXYHOOH IDPLOOH G¶HVSqFHV VWDELOLVpHVSDUODSUpVHQFHG¶KpWpURDWRPHVHQWRXUDQWOHQR\DXFDUEpQLTXH. E 0pWDOORFDUEqQHV &DUEqQHVGH&KXJDHY +LVWRULTXHPHQWXQPR\HQDVWXFLHX[G¶DFFpGHUjFHVHVSqFHVWUqVUpDFWLYHVDpWpGHOHV VWDELOLVHU SDU FRPSOH[DWLRQ DYHF GHV PpWDX[ GH WUDQVLWLRQ 7UqV W{W GqV  &KXJDHY IXW YUDLVHPEODEOHPHQWOHSUHPLHUjV\QWKpWLVHUHWjLVROHUVDQVOHVDYRLUXQFRPSOH[HFDUEpQLTXH GHSODWLQH,OQHSXWOHFDUDFWpULVHUQLpWDEOLUVDVWUXFWXUHIDXWHGHWHFKQLTXHVVSHFWURVFRSLTXHV HW FULVWDOORJUDSKLTXHV GLVSRQLEOHV j O¶pSRTXH ,O REWLQW XQ FRPSRVp FDUEpQLTXH DF\FOLTXH. ȂʹͶȂ .

(88) , SDU DGGLWLRQ G¶K\GUD]LQH , VXU XQ FRPSOH[H GH SODWLQH ,,

(89)  , SRUWDQW GHV OLJDQGV LVRF\DQDWHVRXVIRUPHG¶XQHSRXGUHURXJHYLYH )LJXUH

(90)  (Q WUDLWDQW FHWWH SUHPLqUH HVSqFH DYHF GH O¶DFLGH FKORUK\GULTXH LO REWLQW DORUV XQH QRXYHOOHHVSqFH,VRXVIRUPHG¶XQHSRXGUHMDXQH/¶HVSqFH,pWDQWUpJpQpUDEOHSDUDMRXW G¶LRQVK\GUR[\GH.  )LJXUH,YRLHGHV\QWKqVHGHVFRPSOH[HVFDUEpQLTXHVGH&KXJDHY. &¶HVWHQTXHO¶pTXLSHGH%DOFKFDUDFWpULVHHQILQOHVFRPSOH[HVGH&KXJDHYSDU GLIIUDFWLRQ 5; HW SDU 501 GX SURWRQ GpPRQWUDQW OHXU FDUDFWqUH GH ©FDUEqQH VWDELOLVp SDU UpVRQDQFHª FDUDFWqUHGHOLDLVRQPXOWLSOH&1 &+

(91) +HW&1+

(92) . &DUEqQHVGH)LVFKHU 8QGHPLVLqFOHSOXVWDUGXQHGpFRXYHUWHWUqVPDUTXDQWHIXWODV\QWKqVHGXFRPSOH[H FDUEpQLTXH GH FKURPH , UpDOLVpH SDU )LVFKHU HQ &H FDUEqQH D pWp REWHQX SDU DGGLWLRQQXFOpRSKLOHG¶XQRUJDQROLWKLHQVXUOHFRPSOH[HKH[DFDUERQ\OpGHFKURPH ,SXLV SDUSLpJHDJHpOHFWURSKLOHGHO¶DQLRQ,.  )LJXUH,HUPpWDOORFDUEqQHGH)LVFKHU. 2QUHPDUTXHTXHOHPRQR[\GHGHFDUERQHHVWLVRpOHFWULTXHDYHFOHQLWULOHHWGRQFTXH ODIRUPDWLRQGHFHVFDUEqQHVUHSRVHVXUODPrPHUpDFWLYLWpHWOHPrPHW\SHGHPpFDQLVPHTXH GDQV OH FDV GHV FRPSOH[HV GH &KXJDHY /HV FDUDFWpULVWLTXHV HVVHQWLHOOHV GH FH W\SH. ȂʹͷȂ .

(93) GHFRPSOH[HV FDUEpQLTXHV VRQW OD SUpVHQFH GH JURXSHPHQWV 5 ʌGRQQHXUV 5  DOFR[\ RX DPLQH

(94) OLpVjO¶DWRPHGHFDUERQHGXFDUEqQH OHVOLJDQGVʌDFFHSWHXUVFRPSOH[pVDXPpWDO GHVFDUERQ\OHVODSOXSDUWGXWHPSV

(95)  XQPpWDOjWUqVIDLEOHGHJUpG¶R[\GDWLRQ &U

(96)   'DQVFHW\SHGHFRPSOH[HOHFDUEqQHHVWGDQVXQpWDWVLQJXOHW(QHIIHWjFDXVHGHOD GpVWDELOLVDWLRQ GHV RUELWDOHV GX FDUEqQHV GXH DX[ VXEVWLWXDQWV PpVRPqUHV GRQQHXUV

(97)  FHV HVSqFHV SRVVqGHQW OHXUV GHX[ pOHFWURQV QRQ OLDQWV GDQV XQH PrPH RUELWDOH Qı HW XQH ODFXQH pOHFWURQLTXH VXU O¶RUELWDOH Sʌ &HWWH FRQILJXUDWLRQ pOHFWURQLTXH HVW UHVSRQVDEOH GX FDUDFWqUH pOHFWURSKLOHGHFHVFDUEqQHV /D GRQDWLRQ GHV pOHFWURQV ı GX FDUEqQH DX PpWDO DLQVL TXH OD UpWURGRQDWLRQ GHV pOHFWURQVʌGXPpWDODXFDUEqQHVRQWUHVSRQVDEOHVGXFDUDFWqUHGHOLDLVRQGRXEOHGHODOLDLVRQ PpWDO±FDUERQH )LJXUH,

(98)

(99)  Qσ. π. 5. 5 &. 5. σ. 0. Sπ. &. 5. 0. . )LJXUH,FDUEqQHGH)LVFKHUpWDWVLQJXOHW. &DUEqQHVGH6FKURFN  (Q  6FKURFN V\QWKpWLVD j VRQ WRXU XQ FRPSOH[H FDUEpQLTXH , &HWWH IRLV FL O¶HVSqFHHVWREWHQXHSDUXQHUpDFWLRQG¶DEVWUDFWLRQGXSURWRQHQDOSKDjSDUWLUG¶XQFRPSOH[H SHQWDDON\OH GH WDQWDOH 9

(100)  , )LJXUH ,

(101) (Q HIIHW F¶HVW O¶XWLOLVDWLRQ GX QpRSHQWDQH TXL HPSrFKH XQH UpDFWLRQ GH βpOLPLQDWLRQ TXL VH SURGXLUDLW V¶LO \ DYDLW SUpVHQFH G¶XQ DWRPH G¶K\GURJqQHHQ βFRPPHGDQVODSOXSDUWGHVDXWUHVDON\OHV.  HU. )LJXUH, FDUEqQHGH6FKURFN. &HVQRXYHDX[FDUEqQHVVRQWG¶XQHQDWXUHGLIIpUHQWHGHFHOOHGHVFDUEqQHVGH)LVFKHUHW SRVVqGHQWXQHUpDFWLYLWpWUqVGLIIpUHQWH/HXUVFDUDFWpULVWLTXHVVRQW O¶DEVHQFH G¶KpWpURDWRPHV OLpV DX FDUEqQH REWHQXV SDUαpOLPLQDWLRQ j SDUWLU G¶XQJURXSHPHQWDON\OHFHWWHIRLVFL. Ȃʹ͸Ȃ .

(102) ODSUpVHQFHGHOLJDQGVıGRQQHXUVVXUOHPpWDO GHVDON\OHVGDQVOHFDVSUpVHQW

(103)  RXʌGRQQHXUV FKORUXUHVDVVH]VRXYHQW

(104)  XQPpWDOjKDXWGHJUpG¶R[\GDWLRQ 7D9

(105)   &KDTXH RUELWDOH GX FDUEqQH Qı Sʌ

(106)  HVW RFFXSpH SDU XQ VHXO pOHFWURQ /H FDUEqQH SRVVqGH GRQF XQ FDUDFWqUH GH ELUDGLFDO FH TXL FRUUHVSRQG j XQ pWDW WULSOHW HW SRVVqGH XQ FDUDFWqUHQXFOpRSKLOH 5. 5 Qσ. &. σ. 0. 0. &. Sπ π. 5. π. 5. . )LJXUH,FDUEqQHGH6FKURFNpWDWWULSOHW. 3RXU WHUPLQHU FH VXUYRO UHOHYRQV TXH WRXV OHV FDUEqQHV Q¶RQW SDV XQH UpDFWLYLWp WUDQFKpHSHUPHWWDQWGHOHVFODVVHUFRPPHFDUEqQHVGH)LVFKHURXGH6FKURFN. F &DUEqQHVSHUVLVWDQWV -XVTX¶HQOHVFDUEqQHVpWDLHQWFRQVLGpUpVFRPPHWURSUpDFWLIVSRXUrWUHLVRODEOHV /HV WUDYDX[ VXU FH VXMHW pWDLHQW GRQF WRXV GHV pWXGHV LQGLUHFWHV SRUWDQW VXU GHV FRPSOH[HV PpWDOOLTXHVRXOHVSURGXLWVRUJDQLTXHVGHOHXUVUpDFWLRQV /HV WUDYDX[ GH :DQ]OLFN HW gIHOH GDQV OHV DQQpHV  RQW pWp FUXFLDX[ ,OV FRQILUPqUHQW O¶K\SRWKqVH GH %UHVORZ j VDYRLU TXH OD SUpVHQFH GH VXEVWLWXDQWV DPLQpV HQWRXUDQW OH FHQWUH FDUEpQLTXH DXJPHQWDLW FRQVLGpUDEOHPHQW OD VWDELOLWp GH FH GHUQLHU ,OV LVROqUHQW OHV SUHPLHUV FRPSOH[HV PpWDO1+& RX PpWDOOR1+& 1+&  1KHWHURF\FOLF FDUEHQH

(107) ,HW,HWVRQWGRQFFRQVLGpUpVFRPPHOHVSLRQQLHUVGHODFKLPLHGHVFDUEqQHV 1KpWpURF\FOLTXHVVLUpSDQGXHDXMRXUG¶KXL )LJXUH,

(108) .  )LJXUH, PpWDOOR1+&GH:DQ]OLFN ,

(109) GHgIHOH ,

(110)  HU. Ȃʹ͹Ȃ .

(111) 0rPH V¶LOV QH UpXVVLUHQW SDV j LVROHU OH SUHPLHU FDUEqQH 1+& OLEUH O¶pTXLSH GH :DQ]OLFN REWLQW HQ UHYDQFKH XQ GLPqUH OD WpWUDDPLQRROpILQH , HW SURSRVD XQ pTXLOLEUH HQWUHOHFDUEqQHOLEUH,HWVRQGLPqUH,VHORQOD)LJXUH,.  )LJXUH,pTXLOLEUHGH:DQ]OLFN. /¶H[LVWHQFH GH FHW pTXLOLEUH IXW WUqV FRQWURYHUVpH (Q HIIHW GH QRPEUHXVHV G¶pTXLSHV WUDYDLOOqUHQW VXU OH VXMHW /HPDO HW :LQEHUJ VXJJpUqUHQW TXH FHW pTXLOLEUH pWDLW LQGXLW SDU OD SUpVHQFH G¶XQ pOHFWURSKLOH HQ TXDQWLWp VXEVW°FKLRPpWULTXH +HUPDQQ HW 0D TXDQW j HX[ SURXYqUHQWSDUGHVpWXGHV501HWO¶REWHQWLRQGXSURGXLWGHPpWDWKqVHG¶XQHROpILQHPL[WHj SDUWLU XQ PpODQJH G¶ROpILQHV V\PpWULTXHV UHVSHFWLYHPHQW OD UpDOLWp GH O¶pTXLOLEUH GH :DQ]OLFN 'DQV OHV DQQpHV  :DQ]OLFN IXW DX SOXV SURFKH GH OD UpXVVLWH GH V\QWKqVH G¶XQ1+&SHUVLVWDQW ,)LJXUH,

(112) D8QHHUUHXUVXUOHQRPEUHG¶pTXLYDOHQWGHSHUR[\GH G¶K\GURJqQH,QpFHVVDLUHjODUpDFWLRQHVWODFDXVHGHFHWpFKHFVHORQ$UGXHQJRTXLDUpXVVL jREWHQLUFH1+&VWDELOLVpSUqVGHDQVDSUqV'DQVVRQDUWLFOHLODpJDOHPHQWpWppYRTXp TXH:DQ]OLFNSHQVDLWOLEpUHUGXGLR[\GHGHVRXIUHG¶RVDPDXYDLVHDSSUpFLDWLRQGXQRPEUH G¶pTXLYDOHQWV G¶R[\GDQW , 'H SOXV OD PpWDWKqVH GH O¶DQLRQ SRXU REWHQLU OH SHUFKORUDWH G¶LPLGD]ROLXP , Q¶pWDLW SDV WRWDOH WRXMRXUV VHORQ OD SXEOLFDWLRQ G¶$UGXHQJR FH TXL LQWHUIpUDLWGDQVO¶pWDSHGHGpSURWRQDWLRQjFDXVHGXSURWRQDFLGHVXSSOpPHQWDLUHYHQDQWGHV WUDFHVG¶DQLRQK\GURJpQRVXOIDWHHQFRUHSUpVHQW 3K 3K. 3K 1 1. 6. 3K.   pT  pT. +2. &+&2+. 1. 3K. 1. +62. 3K 1. 3K. 1 3K. .&O. ,. .2W%X 7+).  +2. 3K 5&O2 ,. , %D&O 3K. 62. ;. ,. ,. ,. 3K. 3K. 3K. 3K. 1. 3K. 1. &O. 3K. 3K. 3K. 1. 3K. 1. ,. 7+). 3K. , . &O2 .2W%X. . )LJXUH,UpDOLVDWLRQGX©UrYHGH:DQ]OLFNªSDU$UGXHQJR  EOHXYRLHGpFULWHSDU:DQ]OLFN URXJHYRLHGpFULWHSDU$UGXHQJR

(113) . ȂʹͺȂ .

(114) (Q  pJDOHPHQW O¶pTXLSH GH /DSSHUW V¶LQWpUHVVD pJDOHPHQW GH SUqV DX[ 1+& HW V\QWKpWLVDGHQRPEUHX[ PpWDOOR1+&GHSODWLQH GRQW, )LJXUH

(115)  GHSDOODGLXPHWGH UXWKpQLXPQRWDPPHQW.  )LJXUH,PpWDOORFDUEqQHVGH/DSSHUW. 3DUDLOOHXUVOHVWUDYDX[GH&XUWLXVHW6WDXGLQJHURQWODUJHPHQWLQVSLUp*X\%HUWUDQG TXL IXW OH SUHPLHU j UpXVVLU j LVROHU XQ FDUEqQH VWDEOH &HOXLFL OH SKRVSKLQRFDUEqQH ,. SRVVpGDQW FRPPH IRUPH PpVRPqUH OD IRUPH \OXUH ,

(116)  V¶DYpUD DVVH] VWDEOH SRXU rWUH FDUDFWpULVpSDU501HWUpDJLUDYHFGLYHUVVXEVWUDWV.  HU. )LJXUH, FDUEqQHSHUVLVWDQWLVROpXQSKRVSKLQRFDUEqQH. &HWWHDYDQFpHPDMHXUHIXWVXLYLHGHWUqVSUqVSDUO¶pTXLSHG¶$UGXHQJRTXLjVRQWRXU UpXVVLWODV\QWKqVHG¶XQFDUEqQHVWDEOH,OMRXDVXUO¶HQFRPEUHPHQWVWpULTXHGHVVXEVWLWXDQWV GHVDWRPHVG¶D]RWHDXWRXUGXFDUEqQHGDQVGHVHVSqFHVVLPLODLUHVjFHOOHVGpFULWHVSOXVW{WSDU :DQ]OLFN HW gIHOH 3DU GpSURWRQDWLRQ GX SUpFXUVHXU LPLGD]ROLXP ,JUkFH j O¶DFWLRQ GH O¶K\GUXUHGHVRGLXPHQSUpVHQFHGH'062LOVREWLQUHQWOHSUHPLHU1+&FULVWDOOLVDEOH , )LJXUH,

(117) .  HU. )LJXUH, 1+&FULVWDOOLVp. /D SUpVHQFH GH JURXSHPHQWV DGDPDQW\OH WUqV HQFRPEUDQWV IDYRULVH OH GpSODFHPHQW WRWDOGHO¶pTXLOLEUHGH:DQ]OLFNYHUVOHFDUEqQHOLEUH&HSHQGDQWOHVDVSHFWVVWpULTXHVQHVRQW SDVOHVUDLVRQVH[FOXVLYHVGHODVWDELOLWpGHFHWWHHVSqFHSXLVTXHGHV1+&WUqVSHXHQFRPEUpV FRPPH,RQWpWpLVROpVSHXDSUqV )LJXUH,

(118) . ȂʹͻȂ .

(119)  )LJXUH,1+&SHUVLVWDQWWUqVSHXHQFRPEUp. 1RXV DOORQV PDLQWHQDQW H[FOXVLYHPHQW QRXV FRQFHQWUHU VXU OHV FDUEqQHV 1 KpWpURF\FOLTXHV 1+&

(120) HWOHXUVFRPSOH[HVDVVRFLpVSXLVTX¶LOVVRQWO¶REMHWGHO¶pWXGHGHPHV WUDYDX[GHWKqVH. 1+&HWPpWDOOR1+&JpQpUDOLWpV 'DQVODVHFWLRQSUpFpGHQWHQRXVDYRQVYX TXHO¶LQWXLWLRQGH%UHVORZSXLV:DQ]OLFN TXDQWjODVWDELOLVDWLRQG¶XQFDUEqQHSDUGHVJURXSHPHQWVDPLQpVYLFLQDX[IXWGpWHUPLQDQWH PDLVFHVHUDODSUpSDUDWLRQGXSUHPLHU1+&VWDEOHDXGpEXWGHVDQQpHVSDU$UGXHQJRTXL ILW SUHQGUH j FHWWH FKLPLH XQ HVVRU FRQVLGpUDEOH &HUWDLQV DVSHFWV IRQGDPHQWDX[ VXU OHV PpWDOORFDUEqQHVHWOHXUVFRPSOH[HVVHURQWWUDLWpVFLDSUqV. D (IIHWVpOHFWURQLTXHVGX1+& /HVFDUEqQHV1KpWpURF\FOLTXHVSUpVHQWHQWXQPRGHGHVWDELOLVDWLRQGHW\SHGDWLIGDWLI /D VXEVWLWXWLRQ SDU GHX[ DWRPHV G¶D]RWH IRUWHPHQW ʌGRQQHXUV FRPSHQVH OD GpILFLHQFH pOHFWURQLTXHGXFHQWUHFDUEpQLTXH HQEOHX)LJXUH

(121)  0. -I. 1 & 1. -I 0. . )LJXUH,1+&HIIHWVPpVRPqUHVHWHIIHWVLQGXFWLIV. /H1+&HVWGDQVXQpWDWVLQJXOHWSRXUOHVPrPHVUDLVRQVTXHOHFDUEqQH GH)LVFKHU PDLV O¶RUELWDOH EDVVH YDFDQWH %9

(122)  GX FDUEqQH 1+& GHYLHQW GLIILFLOHPHQW DFFHVVLEOH DX QXFOpRSKLOH FRQWUDLUHPHQW DX[ FDUEqQHV GH )LVFKHU LQKLEDQW FHWWHIRLV FL OH FDUDFWqUH. Ȃ͵ͲȂ .

(123) pOHFWURSKLOHGXFDUEqQH'HSOXVOHVDWRPHVG¶D]RWHpOHFWURQpJDWLIVVWDELOLVHQWOHGRXEOHWQRQ OLDQWGXFDUEqQHSDUXQHIIHWLQGXFWLIDWWUDFWHXU HQURXJH)LJXUH,

(124)  /HV1+&SRVVqGHQWDLQVLXQHUpDFWLYLWpGLIIpUHQWHGHVDXWUHVFDUEqQHVHWVRQWVXUWRXW SDUWLFXOLqUHPHQWVWDELOLVpV'HSOXVODULFKHVVHpOHFWURQLTXHGXFHQWUHFDUEpQLTXHDLQVLTXHOD PHLOOHXUH GLVSRQLELOLWp GX GRXEOHW pOHFWURQLTXH pOHFWURQV GX GRXEOHW GDQV XQH RUELWDOH UHODWLYHPHQW EDVVH HQ HQ pQHUJLH

(125)  IRQW GHV 1+& GH WUqV ERQV QXFOpRSKLOHV HW G¶H[FHOOHQWHV EDVHV GH /HZLV &HV GHUQLqUHV SURSULpWpV IRQW GHV 1+& QRQ VHXOHPHQW GHV FDWDO\VHXUV RUJDQLTXHVHIILFDFHVPDLVVXUWRXWXQHGHVPHLOOHXUHVFDWpJRULHVGHOLJDQGVSRXUOHVPpWDX[GH WUDQVLWLRQFRQQXHVjFHMRXU1RXVQHGpWDLOOHURQVSDVGDQVFHWWHWKqVHOHVDSSOLFDWLRQVGHFHV FDUEqQHVOLEUHVHQRUJDQRFDWDO\VHQRWRQVFHSHQGDQWTXHODFRQGHQVDWLRQEHQ]RwQHFDWDO\VpH SDU OD WKLDPLQH , D pWp pWXGLpH SDU GH QRPEUHX[ JURXSHV HW FRQVWLWXH XQ ERQ H[HPSOH GH O¶DFWLYDWLRQ GH VXEVWUDWV RUJDQLTXHV SDU GHV FDUEqQHV ,O D pWp PRQWUp TXH OH FDUERQH & GX QR\DX WKLD]RO\OLGqQH MRXDLW OH U{OH GH QXFOpRSKLOH SRXU O¶DFWLYDWLRQ GX FDUERQ\OH , HQ SDVVDQWSDUO¶LQWHUPpGLDLUH ,TXLSDUXPSROXQJSHXWUpDJLUHQWDQWTXHQXFOpRSKLOHDYHF XQHQRXYHOOHPROpFXOHGHEHQ]DOGpK\GH , )LJXUH ,

(126) &HSHQGDQWXQGRXWHDSHUVLVWp MXVTX¶jWUqVUpFHPPHQWSXLVTXHFHQ¶HVWTX¶HQTXHO¶pTXLSHGH7LWWPDQDHQILQUpXVVLj SURXYHUTXHF¶HVWELHQODIRUPHFDUEpQLTXH,GHODWKLDPLQHTXLHVWO¶HVSqFHDFWLYHORUVGH O¶DFWLYDWLRQGXVXEVWUDWGDQVOHVLWHDFWLI(QHIIHWGLIIpUHQWHVpTXLSHVSRVWXODLHQWVRLWTXHOD FDWDO\VHSURFpGDLWSDUODIRUPHSURWRQQpHGXWKLD]ROHDYHFODSDUWLFLSDWLRQGHVDFLGHVDPLQpV YLFLQDX[ VRLW SOXV SODXVLEOHPHQW TXH F¶pWDLW OD UpDFWLYLWp DYHF O¶DOGpK\GH TXL pWDLW PLHX[ GpFULWH SDU OD IRUPH PpVRPqUH \OXUH , )LJXUH ,

(127)  &¶HVW JUkFH j OD FRPELQDLVRQ GH PR\HQV VSHFWURVFRSLTXHV 89

(128)  FULVWDOORJUDSKLTXHV ORQJXHXU GHV OLDLVRQV &

(129) 1 HW &

(130) 6 PHVXUHO¶DQJOH1&6HWFDOFXODWRLUHV GHQVLWppOHFWURQLTXHDXWRXUGXFDUEqQH&

(131) TXHSUqV GHDQVDSUqVOHSRVWXODWGH%UHVORZOHGRXWHDHQILQpWpOHYpVXUODQDWXUHGHFHWWHHVSqFH DFWLYH. Ȃ͵ͳȂ .

(132)  )LJXUH,PpFDQLVPHGHO¶DXWRFRQGHQVDWLRQGXEHQ]DOGpK\GHSDUODWKLDPLQH. E 1RPHQFODWXUH /HVFDUEqQHV1KpWpURF\FOLTXHVOHVSOXVUHQFRQWUpVSHXYHQWrWUHFODVVpVHQIDPLOOHV OHV 1+& OHV SOXV FODVVLTXHV GH W\SH GLDU\OLPLGD]RO LQ

(133) \OLGqQH RX GLDON\OLPLGD]RO LQ

(134)  \OLGqQHGpULYDQWGLUHFWHPHQWGHVWUDYDX[LQLWLpVSDU$UGXHQJR )LJXUH,D

(135)

(136) DLQVLTXHOHV FDUEqQHVPpVRLRQLTXHV 0,&

(137)  )LJXUH,E

(138)  1 5 1 D

(139). 1 5. LPLGD]ROLQ \OLGqQH. 5. 1. 1 5 5 1. LPLGD]RO \OLGqQH 5. 5 1. 5. 5 1. 1 1 5 1. 1. 1 5. EHQ]LPLGD]RO \OLGqQH. 1 E

(140). 1. 1 1 5 1.  WULD]RO\OLGqQH. LPLGD]RO \OLGqQH. )LJXUH,1+&FODVVLTXHVHW0,&V . Ȃ͵ʹȂ . 1 5.  WULD]RO\OLGqQH. 5. 5. 5 1. 5. 5. .

(141) 'DQVOHFDVGHV0,&LOHVWLPSRVVLEOHGHGHVVLQHUGHVIRUPHVPpVRPqUHVQHXWUHV (WDQW GRQQp TX¶LOV QH SRVVqGHQW TX¶XQ VHXO D]RWH HQ αGX FDUEqQH

(142) O¶HIIHW LQGXFWLI DWWUDFWHXU HVW PRLQGUH HW GRQF OH FDUEqQH HVW SOXV ULFKH HQ pOHFWURQV ,OV SUpVHQWHQW GHV SURSULpWpV GLIIpUHQWHVGHFHOOHVGHV1+&TXLQHVHURQWSDVGpWDLOOpHVGDQVFHPDQXVFULW 'XIDLWGHODJUDQGHIUpTXHQFHG¶XWLOLVDWLRQGHTXHOTXHVW\SHVGHVTXHOHWWHGHFDUEqQHV 1KpWpURF\FOLTXHV GDQV GLIIpUHQWV FKDPSV G¶DSSOLFDWLRQ OHV SOXV UHQFRQWUpV VH VRQW YXV DWWULEXHUGHVDEUpYLDWLRQV )LJXUH,HW)LJXUH,

(143) 1RXVOHVXWLOLVHURQVGDQVODVXLWHGHFH PDQXVFULW 5. 5. 5 1. +;. 1. 5. 5. 5. 5. 5 1. 5. +;. 1. ; + 5. 5. 5 6

(144) ,0HV+;. 6

(145) ,0HV. 5 5 0H. 6

(146) ,3U 6

(147) ;\. 5 L3U5 +. 6

(148) ,3U+;. 5 0H5 +. 6

(149) ;\+;. . )LJXUH,QRPHQFODWXUHGHVVHOVGHGLDU\OD]ROLXPHWGHOHXUVFDUEqQHVFRUUHVSRQGDQWV. /HVQR\DX[LPLGD]RO LQ

(150) \OLGqQHGHV1+&SHXYHQWSRVVpGHUXQHOLDLVRQ&&VLPSOH DXTXHOFDVLOVVRQWGHW\SHLPLGD]ROLQ\OLGqQH HWOHXUVDEUpYLDWLRQVFRPPHQFHQWSDU6, 6 SRXUVDWXUp

(151) 6LHQUHYDQFKHOHF\FOHHVWLQVDWXUpLOVVRQWGHW\SHLPLGD]RO\OLGqQHHWOHXUV DSSHOODWLRQV FRXUDQWHV FRPPHQFHQW SDU , )LJXUH ,

(152)  (W HQILQ GDQV OH FDV GHV VHOV G¶LPLGD]ROLQLXP HW G¶LPLGD]ROLXP FRUUHVSRQGDQWV XQ VXIIL[H ©+;ª HVW DMRXWp j OHXUV DEUpYLDWLRQV OH VHO GpULYDQW IRUPHOOHPHQW GH O¶DGGLWLRQ G¶XQ K\GUDFLGH DX FDUEqQH OLEUH ; pWDQWXQDQLRQ &O%U,%)3)«

(153) /HVSUpFXUVHXUVFDUEpQLTXHVOHVSOXVUHQFRQWUpVGDQVOD OLWWpUDWXUHVRQWSUpVHQWpVGDQVOD)LJXUH, ;. ; 1. 1. 6

(154) ,0H+;. 1. ; 1. 6

(155) ;\+; L3U ;. ; 1. 1. 6

(156) ,0HV+;. 1. 1. L3U 1. L3U L3U 6

(157) ,3U+;. 1. 6

(158) ,W%X+; ; 1. 1. 6

(159) ,$G+;. . )LJXUH,6HOVG¶D]ROLXPVSUpFXUVHXUVGH1+&PRQRGHQWHOHVSOXVUHQFRQWUpV. Ȃ͵͵Ȃ .

(160) F &RQWULEXWLRQVRUELWDODLUHVjODOLDLVRQPpWDO1+& /HV WURLV W\SHV GH FRQWULEXWLRQV RUELWDODLUHV LOOXVWUpHV GDQV OD )LJXUH ,  IRQW GHV 1+& GHV OLJDQGV IRUPDQW GHV FRPSOH[HV VWDEOHV DYHF TXDVLPHQW WRXV OHV PpWDX[ GH WUDQVLWLRQ  1. D

(161). GRQDWLRQ. 1+&. 0. 1. 1. E

(162). G. 1. 1. F

(163). UpWURGRQDWLRQ 0. GRQDWLRQ 1+&. 1+&. 0. 1. . )LJXUH,FRQWULEXWLRQVRUELWDODLUHVGDQVODOLDLVRQPpWDOFDUERQH. &HVWURLVFRQWULEXWLRQVQHVRQWFHSHQGDQWSDVG¶LPSRUWDQFHpJDOH-XVTX jUpFHPPHQW ODQDWXUHGHODOLDLVRQ01+&pWDLWFRQVLGpUpHFRPPHXQHSXUHGRQDWLRQıGX1+&YHUVOH PpWDO,OHVWPDLQWHQDQWFODLUTX¶LOIDXWpJDOHPHQWFRQVLGpUHUOHVGHX[DXWUHVFRQWULEXWLRQVE

(164)  HWF

(165) GHOD )LJXUH , PrPHVLHOOHVVRQWPRLQVLPSRUWDQWHV

(166) SRXUFRPSUHQGUHHQGpWDLOOD QDWXUHGHFHWWHOLDLVRQ,ODpWpPRQWUpTXHFHVFRQWULEXWLRQVGpSHQGHQWjODIRLVGHODQDWXUH GX VTXHOHWWH GX 1+& LPLGD]ROLQ LPLGD]RO RX EHQ]LPLGD]RO\OLGqQH

(167)  GHV JURXSHPHQWV SRUWpVSDUOHVD]RWHVHWGHODFRQILJXUDWLRQpOHFWURQLTXHGXPpWDO   7DEOHDX

(168) &¶HVWGDQVOHFDVGHV1+&SRUWDQWGHVPpWDX[GHFRQILJXUDWLRQGTXHOD FRQWULEXWLRQ GHV RUELWDOHV π VRQW OHV SOXV LPSRUWDQWHV  GX WRWDO GH OD OLDLVRQ VHORQ %LHODZVNLHWDO""

(169) HWF¶HVWpJDOHPHQWSRXUFHVPpWDX[ODTXHODUpWURGRQDWLRQGXPpWDOYHUV OH FDUEqQHV HVW OD SOXV LPSRUWDQWH  GH OD WRWDOLWp GH O¶LQWHUDFWLRQ π

(170)  FH TXL FRUUqOH SDUIDLWHPHQW DYHF GHV FRQVLGpUDWLRQV VLPSOHV XQ PpWDO G SRVVpGDQW XQH VRXVFRXFKH GFRPSOqWH  . Ȃ͵ͶȂ .

(171)  7DEOHDX$ SRXUFHQWDJHGHVFRQWULEXWLRQVGHO¶LQWHUDFWLRQRUELWDODLUHVı EOHX

(172) HWʌ MDXQH

(173) GDQVOD OLDLVRQ01+&HQIRQFWLRQGH% QRPEUHG¶pOHFWURQVVXUODFRXFKHGGXPpWDO/HVGHX[GHUQLqUHV OLJQHVUHSUpVHQWHQWODFRQWULEXWLRQ HQSRXUFHQWDJH

(174) GHODUpWURGRQDWLRQHWGHODGRQDWLRQGHOD FRQWULEXWLRQπWRWDOH.   )LQDOHPHQW OD FRQWULEXWLRQ RUELWDODLUH WRWDOH j OD OLDLVRQ PpWDO1+& SHXW rWUH TXDQWLILpH SDU OD PHVXUH HQ VSHFWURVFRSLH LQIUDURXJH GH OD IUpTXHQFH GH OD EDQGH G¶pORQJDWLRQν&2 GH FRPSOH[HV PRGqOHV SRVVpGDQW j OD IRLV OH PpWDO OH OLJDQG 1+& HW DX PRLQVXQOLJDQGFDUERQ\OH,RXSDU501GDQVOHFDVGHFRPSOH[HV01+&pWK\OpQLTXH , )LJXUH,

(175)  1 5. 5 1. 0. 0 2&. 1 5. 5 1. &2. ,. ,. . )LJXUH,FRPSOH[HVVHUYDQWjODTXDQWLILFDWLRQGHODFRQWULEXWLRQRUELWDODLUHGHW\SH UpWURGRQDWLRQπ. &HWWHFRQWULEXWLRQSHXWDXVVLrWUHpWXGLpHSDUODVWUXFWXUHFULVWDOORJUDSKLTXHjSDUWLUGH FRPSOH[HV PRGqOHV (Q HIIHW OD GLVWDQFH 1&FDUEqQH HW OD PHVXUH GH O¶DQJOH 1&1 QRXV UHQVHLJQHQWVXUODQDWXUHGHVFRQWULEXWLRQVLPSOLTXpHVGDQVFHWWHOLDLVRQ/¶DXJPHQWDWLRQGHOD UpWURGRQDWLRQπFRUUqOHjODIRLVDYHFO¶DXJPHQWDWLRQGHVYDOHXUVGHORQJXHXUGHOLDLVRQHWRX GHO¶DQJOH1&1(QHIIHWOHVVWUXFWXUHFULVWDOORJUDSKLTXHVREWHQXHVSRXUOHVFRPSOH[HVDYHF OHV PpWDX[ OHV SOXV ULFKH HQ pOHFWURQV HW GRQF SUpVHQWDQW OD SOXV JUDQGH FRQWULEXWLRQ GH UpWURGRQDWLRQπ

(176) FRQILUPHQWFHWWHK\SRWKqVH . Ȃ͵ͷȂ .

(177) G 0pWDX[IRUPDQWGHVFRPSOH[HVDYHFOHV1+& /HVSUHPLHUVFRPSOH[HVGHFDUEqQHV1KpWpURF\FOLTXHVDYHFGHVPpWDX[GHWUDQVLWLRQ RQW pWp GpFULWV HQ  SDU OHV pTXLSHV G¶gIHOH HW GH :DQ]OLFN ,OV REWLQUHQW XQ FRPSOH[H PRQR1+&FKURPH 

(178)  SHQWDFDUERQ\OH , HW XQ FRPSOH[H KRPROHSWLTXH ELV1+& GH PHUFXUH ,,

(179)  , UHVSHFWLYHPHQW )LJXUH ,

(180)  (Q  /DSSHUW SXEOLD OD V\QWKqVH G¶XQ FRPSOH[HSODWLQH ,,

Références

Documents relatifs

(FULUH XQ SURJUDPPH TXL SHUPHW GH VDLVLU OHV WHPSV HIIHFWXpV j FKDTXH WRXU HW TXL GRQQH DORUV OH WHPSV WRWDO GHV WRXUV OH PHLOOHXU HW OH PRLQV ERQ WHPSV HW OD PR\HQQH 8Q WHPSV

/DFRPSOH[LWpGHO¶RSpUDWLRQHVWGRQFMXVWLILpHSDUXQDPpQDJHPHQWSOXVJpQpUDO GH O¶HVSDFH DXWRXU GH O¶K{WHO GH YLOOH DYHF OD FRQVWUXFWLRQ GH WURLV LPPHubles et

[r]

[r]

&amp;RORSODVW :HOOVSHFW $VWHOODV $OOHUJDQ ,QWHUYHQWLRQV SRQFWXHOOHV UDSSRUWV G·H[SHUWLVH &amp;RORSODVW :HOOVSHFW ,QWHUYHQWLRQV SRQFWXHOOHV DFWLYLWpV GH FRQVHLO

/·pYDOXDWLRQGXIRQFWLRQQHPHQWGXEDVDSSDUHLOXULQDLUH SHXWV·HIIHFWXHUGHODPDQLqUHVXLYDQWHLOHVWLPSpUDWLI

'HSXLVODSXEOLFDWLRQHQGHVUpVXOWDWVFRQWUDGLFWRLUHV GHV pWXGHV HXURSpHQQH (563&amp; HW DPpULFDLQH 3/&amp;2 FRQFHUQDQW OH GpSLVWDJH GH PDVVH OD SULVH HQ FKDUJH GLDJQRVWLTXH HW

(Q)UDQFHjGHVKRPPHVGHSOXVGHDQVSUpVHQWH UDLHQWGHVWURXEOHVPLFWLRQQHOVPRGpUpVRXVpYqUHVDVVRFLpVj