Rôle du métabolisme énergétique dans la régulation du bilan d’énergie

Rôle du métabolisme énergétique dans la régulation du bilan d’énergie

&DKLHUVGHQXWULWLRQHWGLpWpWLTXH  66 Société Française de Nutrition Décembre 2015 volume 50 Supplément au n°6 Cah. Nutr. Diét., 20...

693KB Sizes 179 Downloads 120 Views

&DKLHUVGHQXWULWLRQHWGLpWpWLTXH  66 Société Française de Nutrition

Décembre 2015 volume 50 Supplément au n°6

Cah. Nutr. Diét., 2015, 50, 6S1- 6S85

'LVSRQLEOH HQ OLJQH VXU

85684 – ISSN 0007 – 9960

ZZZVFLHQFHGLUHFWFRP

cahiers de nutrition et de diététique Cinquantenaire des Cahiers de Nutrition et de Diététique Disponible en ligne sur www.em-consulte.com

Indexés dans, indexed in Chemical Abstract, EMbase (Excerpta medica), Pascal (INIST/CNRS) et Scopus®

5{OHGXPpWDEROLVPHpQHUJpWLTXHGDQVODUpJXODWLRQ GXELODQG·pQHUJLH 7KHUROHRIHQHUJ\PHWDEROLVPLQWKHUHJXODWLRQRIHQHUJ\EDODQFH eULF5DYXVVLQ 3HQQLQJWRQ%LRPHGLFDO5HVHDUFK&HQWHU3HUNLQV5RDG%DWRQ5RXJH /$eWDWV8QLV

0276&/e6 'pSHQVHV pQHUJpWLTXHV &DORULPpWULH LQGLUHFWH $FWLYLWpSK\VLTXH 0pWDEROLVPH GHUHSRV 7UDLWHPHQW GHO·REpVLWp

.(<:25'6 (QHUJ\H[SHQGLWXUH ,QGLUHFWFDORULPHWU\ 3K\VLFDODFWLYLW\ 5HVWLQJPHWDEROLVP 2EHVLW\WUHDWPHQW

,QWURGXFWLRQ /HSRLGVFRUSRUHOUpVXOWHG·XQpTXLOLEUHLQWHUDFWLIHQWUHOHVDSSRUWVHWOHVGpSHQVHVpQHU JpWLTXHV DSSRUWVîGpSHQVHV HWFHTXLHVWHQFRUHSOXVLPSRUWDQWHQWUHOHVSURWpLQHVOHV K\GUDWHVGHFDUERQHHWOHVOLSLGHVLQJpUpVHWR[\GpV )LJ 4XDQGOHVDSSRUWVpQHUJpWLTXHV H[FqGHQW GXUDEOHPHQW OHV GpSHQVHV XQ JDLQ GH SRLGV VH SURGXLW SRXYDQW FRQGXLUH DX VXUSRLGVRXjO·REpVLWp/HJDLQGHSRLGVSHXWUpVXOWHUG·XQHDXJPHQWDWLRQGHVDSSRUWVRX G·XQHGLPLQXWLRQGHVGpSHQVHVRXSOXVYUDLVHPEODEOHPHQWG·XQHFRPELQDLVRQGHVGHX[ HQSURSRUWLRQYDULDEOH 'HSXLVODFpOqEUHFRQFOXVLRQGH/DYRLVLHUHQ©ODUHVSLUDWLRQHVWXQHFRPEXVWLRQª GHVJpQpUDWLRQVGHFKHUFKHXUVRQWpWXGLpFRPPHQWO·pQHUJLHHVWPpWDEROLVpHSDUOHFRUSV KXPDLQ FRPPHQW OD PHVXUHU GH OD IDoRQ OD SOXV SUpFLVH HW FRPPHQW LQWHUSUpWHU OHV UpVXOWDWV 1RXVHQYLVDJHURQVOHVPpWKRGHVGHPHVXUHVGHODGpSHQVHpQHUJpWLTXH '( FKH]O·KRPPH OHV PpFDQLVPHV SK\VLRORJLTXHV HW PROpFXODLUHV OLDQW FHWWH GpSHQVH j OD SULVH GH SRLGV HW ÀQDOHPHQW OHV FLEOHV SKDUPDFRORJLTXHV SRWHQWLHOOHV YLVDQW DX FRQWU{OH GX SRLGV SDU O·LQWHUPpGLDLUHGHVGpSHQVHVG·pQHUJLH

0pWKRGHVGHPHVXUHGHOD'( 'LIIpUHQWHV WHFKQLTXHV GH PHVXUH GH OD '( VRQW GLVSRQLEOHV j XWLOLVHU HQ IRQFWLRQ GHV REMHFWLIVSRXUVXLYLV /DFDORULPpWULHGLUHFWHPHVXUHGLUHFWHPHQWGDQVXQHSHWLWHFKDPEUHOHVSHUWHVGHFKDOHXU VqFKHUHOkFKpHSDUUDGLDWLRQHWFRQYHFWLRQ  RXSDUpYDSRUDWLRQGHO·HDXSDUODSHDX HWOHVSRXPRQV  &KqUHHWGLIÀFLOHHOOHHVWGHYHQXHREVROqWH /DFDORULPpWULHLQGLUHFWHSHUPHWFRPPHVXJJpUpSDU/DYRLVLHUjSDUWLUGHODFRQVRPPDWLRQ G·R[\JqQHHWGHODSURGXFWLRQGH&2 TXLQHVRQWSDVQRUPDOHPHQWVWRFNpV HWO·H[FUpWLRQ G·D]RWHGHPHVXUHUOD'(&HWWH PpWKRGH ODUJHPHQW XWLOLVpHPHVXUHOHSRXUFHQWDJH G·2HWGH&2GDQVO·DLULQVSLUpHWH[SLUpGDQVXQV\VWqPHjFLUFXLWRXYHUWVXUTXHOTXHV

&RUUHVSRQGDQFH $GUHVVHHPDLOHULFUDYXVVLQ#SEUFHGX e5DYXVVLQ ‹6RFLpWpIUDQoDLVHGHQXWULWLRQ3XEOLpSDU(OVHYLHU0DVVRQ6$67RXVGURLWVUpVHUYpV

6

(5DYXVVLQ

)LJXUHeTXDWLRQGXELODQG·pQHUJLH /HSRLGVFRUSRUHOUpVXOWHGHO·pTXLOLEUHHQWUHFDORULHVLQJpUpHVHWEU€OpHVPDLVLOHVWLPSRUWDQWGHFRQVLGpUHUOHELODQG·pQHUJLHFRPPH ODVRPPHGHVELODQVGHVGLIIpUHQWVPDFURQXWULPHQWVLQJpUpV6LSRXU.FDOLQJpUpVVRQWGHVSURWpLQHVHWGHVJOXFLGHVHWGHV OLSLGHVRQYRLWTXHOHVJOXFLGHVLQJpUpVUHSUpVHQWHQWjGXWXUQRYHUGHVVWRFNVHQYLURQSRXUOHVSURWpLQHVHWPRLQVGHSRXU OHVOLSLGHV(QVLWXDWLRQG·H[FqVRXGHGpÀFLW>@OHVVWRFNVGHSURWpLQHVHWG·K\GUDWHVGHFDUERQHVRQWDVVH]ELHQPDLQWHQXVHWOHVXUSOXV RXOHGpÀFLWG·pQHUJLHIDLWYDULHUODPDVVHJUDVVH G·DSUqV-3)ODWW>@ 

KHXUHV VXMHWVGDQVXQHFDJRXOHRXSRUWDQWXQPDVTXH RX TXHOTXHVMRXUVHQFKDPEUHPpWDEROLTXHFHTXLSHUPHWGH PHVXUHUOHVGLIIpUHQWVFRPSRVDQWVGHOD'( FILQIUD DYHF XQHSUpFLVLRQGHj'pYHORSSpHGHSXLVSOXVGHDQV F·HVW OD PpWKRGH GH UpIpUHQFH TXL SHUPHW GH YDOLGHU OHV DXWUHVPpWKRGHV>@(OOHSHUPHWpJDOHPHQWGHPHVXUHUOH TXRWLHQWUHVSLUDWRLUHQRQSURWpLTXH 9&292 SHUPHWWDQW G·pYDOXHUODSURSRUWLRQGHVJOXFLGHVHWGHVOLSLGHVR[\GpV /·HDXGRXEOHPHQWPDUTXpH '/: GpYHORSSpHSDU/LIVRQ>@ GDQVOHVDQQpHVHVWXQHIRUPHLQGLUHFWHGHFDORULPpWULH LQGLUHFWH(OOHHVWEDVpHVXUO·pOLPLQDWLRQGLIIpUHQWLHOOHGH GHX[LVRWRSHVVWDEOHVGHXWpULHXPHWR[\JqQHDSUqVXQH LQJHVWLRQ XQLTXH G·HDX GRXEOHPHQW PDUTXpH /·R[\JqQH PDUTXpVHGLVWULEXHGDQVO·HDXFRUSRUHOOHOHVELFDUERQDWHV FLUFXODQWVHWOH&2H[SLUpDYHFOHWHPSVVDFRQFHQWUDWLRQ GDQVO·HDXFRUSRUHOOHGLPLQXHHQIRQFWLRQGX&2H[SLUpHW GHV SHUWHV K\GULTXHV UHVSLUDWLRQ SHUVSLUDWLRQ HW XULQH  /·K\GURJqQHPDUTXpVHGLVWULEXHSULQFLSDOHPHQWGDQVO·HDX HWGLPLQXHHQIRQFWLRQGHVSHUWHVG·HDX$LQVLODGLIIpUHQFH GHFHVGHX[GpFURLVVDQFHVPHVXUHODSURGXFWLRQGH&2G·R O·RQGpGXLWODGpSHQVH G·pQHUJLHHQXWLOLVDQWOHVpTXDWLRQV FODVVLTXHGHODFDORULPpWULHLQGLUHFWH 3HXLQYDVLYH SUpOqYHPHQWVSpULRGLTXHVGHVDQJGHVDOLYH RX G·XULQH  HOOH SHUPHW G·REWHQLU OD '( LQWpJUpH VXU VHPDLQHVDYHFXQHÀGpOLWpGHHWXQHSUpFLVLRQGH

HWVXUWRXWFKH]OHVVXMHWVGHWRXWkJHHQFRQGLWLRQV GHYLHQRUPDOHDPEXODWRLUH(OOHHVWFKqUHORXUGHjPHWWUH HQ ±XYUH UpVHUYpH j OD UHFKHUFKH HW QH SHUPHW SDV GH TXDQWLÀHUO·R[\GDWLRQGHVVXEVWUDWV /HV TXHVWLRQQDLUHV G·DFWLYLWp SK\VLTXH $3  LQWHUYLHZ RX MRXUQDX[SHUPHWWHQWG·DSSUpFLHUOD'(GHFKDTXHDFWLYLWpj SDUWLUGHWDEOHVG·pTXLYDOHQWVpQHUJpWLTXHV&HWWHPpWKRGH IDFWRULHOOHSHXFR€WHXVHDpWpEHDXFRXSXWLOLVpHPDLVHOOH HVWIDVWLGLHXVHSHXFRUUpOpHDX[YDOHXUVIRXUQLHVSDUOD'/: DYHFGHVHUUHXUVLQGLYLGXHOOHVLPSRUWDQWHVPDLVFHSHQGDQW XQDJUpPHQWjO·pFKHOOHGHVJURXSHV /HV©DSSDUHLOVSRUWDEOHVªHW©IXWXUVªFRQQHFWpVVRQWGH GLIIXVLRQFRXUDQWH /HV SpGRPqWUHV FKLIIUHQW XQ QRPEUH GH SDV HIIHFWXpV 8WLOLVDEOHVVXUGHODUJHVSRSXODWLRQVLOVQHGLVWLQJXHQWSDV OHVGLIIpUHQWHVDFWLYLWpVQ·pYDOXHQWSDVOHXULQWHQVLWpHWQH TXDQWLÀHQWSDVOD'(HQVRL /HVDFFpOpURPqWUHVpYDOXHQWOHVPRXYHPHQWVHWTXDQWLÀHQW OHXULQWHQVLWp/DPDMRULWpGHVDFFpOpURPqWUHVVRQWXQLD[LDX[ VHQVLEOHVDX[PRXYHPHQWVGDQVXQSODQYHUWLFDOOHVWULD[LDX[ VRQWVHQVLEOHVDXVVLDX[PRXYHPHQWVGDQVOHVSODQVDQWpUR SRVWpULHXUHWODWpUDO,OVIRXUQLVVHQWXQHYDOHXUGHO·LQWHQVLWp GHODIUpTXHQFHHWGHODGXUpHGHO·DFWLYLWpSK\VLTXH/HXU FDSDFLWpjHVWLPHUOD'(TXRWLGLHQQHYDULHGHO·DEVHQFHGH FRUUpODWLRQ>@jSRXUOHVWULD[LDX[>@OHXUYDOLGDWLRQ

&LQTXDQWHQDLUHGHV&DKLHUVGH1XWULWLRQHWGH'LpWpWLTXH

HVWHIIHFWXpHVXUWDSLVURXODQWFHTXLQHUHSUpVHQWHSDVOD YLHFRXUDQWHHWLOH[LVWHGHVGLIIpUHQFHVGDQVOHVPRQLWHXUV QRPEUHHWSODFHPHQW VHORQOHVSURWRFROHVHWOHVPpWKRGHV G·DQDO\VHGHVGRQQpHVHWOHXULQWHUSUpWDWLRQ /HVFDSWHXUVGHPRXYHPHQW WULD[LDX[ VXUVPDUWSKRQHRX PRQWUHFRXSOpVjODWHFKQRORJLH*36SHUPHWWURQWELHQW{WDX[ LQGLYLGXVG·pYDOXHUOHXU'(G·DFWLYLWpYRLUHOHXU'(WRWDOH(Q UDLVRQGHO·pTXDWLRQGHO·pTXLOLEUHpQHUJpWLTXH>@RQSRXUUD PrPHFDOFXOHUO·DSSRUWMRXUQDOLHUHQDPEXODWRLUHHQpYLWDQW GHWRPEHUGDQVOHSLqJHFODVVLTXHTXLYRXGUDLWTX·LOIDLOOHXQ GpÀFLWGH.FDOMSRXUSHUGUHJ>@

6

/HVGpWHUPLQDQWVPDMHXUVGHOD'(VRQWOHSRLGVSDUWLFX OLqUHPHQWODPDVVHPDLJUHO·kJHHWOHJHQUH/HSRLGVHWOD WDLOOHVRQWDVVRFLpVjOD'(7-TXLGpFOLQHDYHFO·kJHHWHVW DSSUR[LPDWLYHPHQWSOXVpOHYpHFKH]OHVPkOHVDSUqV DMXVWHPHQWVXUODFRUSXOHQFH>@ &HWWHYDULDELOLWpGDQVOHVEHVRLQVTXRWLGLHQVHQpQHUJLHSHXW UpVXOWHUGHGLIIpUHQFHVGDQVOHVWURLVFRPSRVDQWVPDMHXUV GHOD'( )LJ 

1RUPDOLVDWLRQGHOD'(VHORQODFRUSXOHQFH 3RXUFRPSDUHUOHVLQGLYLGXVHQWUHHX[RXMXJHUGHVHIIHWV G·XQHLQWHUYHQWLRQ SHUWHGHSRLGVSDUH[HPSOH LOHVWHVVHQ WLHOG·DMXVWHUOD'(VXUODPDVVHPpWDEROLTXH&ODVVLTXHPHQW RQGLYLVHOD'(SDUOHSRLGVODVXUIDFHFRUSRUHOOHRXPLHX[ ODPDVVHPDLJUH 00 &HSHQGDQWRQREWLHQWGHVUpVXOWDWV HUURQpV>@FDUODGURLWHGHUpJUHVVLRQ )LJ QHSDVVHSDV SDUO·RULJLQHVLELHQTXHOH'(DMXVWpHHVWDUWLÀFLHOOHPHQW DXJPHQWpHTXDQGODPDVVHPDLJUHGLPLQXH,OHVWSUpIpUDEOH G·DMXVWHU OD '( VXU O·HQVHPEOH GHV GRQQpHV JHQUH kJH PDVVHPDLJUHHWPDVVHJUDVVHHWG·HQGpGXLUHXQHGURLWHGH UpJUHVVLRQSOXVYDOLGH )LJXUH&RPSRVDQWVGHODGpSHQVHpQHUJpWLTXH 505  0pWDEROLVPH GH 5HSRV 605  0pWDEROLVPH GH 6RPPHLO $5286$/GpSHQVHVOLpHVjO·pYHLO'LHW,QGXFHG7KHUPRJHQHVLVHIIHW WKHUPLTXHGHVDOLPHQWV63$DFWLYLWpSK\VLTXHVSRQWDQpH1($7 1RQH[HUFLFHDFWLYLW\WKHUPRJHQHVLV$JDXFKHYDOHXUVPHVXUpHV HQ FKDPEUH PpWDEROLTXH $ GURLWH YDOHXUV PHVXUpHV SDU O·HDX GRXEOHPHQWPDUTXpHPpWDEROLVPHVpGHQWDLUHHWH[HUFLFHSK\VLTXH

0pWDEROLVPHGHUHSRV 505

)LJXUH  ,OOXVWUDWLRQ GH O·HUUHXU LQWURGXLWH SDU O·DMXVWHPHQW GX 505VXUODVHXOH00 $²/DPDVVHPpWDEROLTXHDFWLYHHVWVRXVHVWLPpHGHNJVLELHQ TXHOD'(SDUNJGH00DSSDUDvWSOXVIDLEOHTXHSRXUOHVVXMHWVOHV SOXVFRUSXOHQWVYV.FDONJ00MGDQVO·H[HPSOHFKRLVL % ² /HV VXMHWV HQ GHVVRXV RX HQ GHVVXV GH OD OLJQH RQW GHV 505 UHODWLYHPHQWEDVRXpOHYpVSRXUXQH00GRQQpH

/HPpWDEROLVPHGHUHSRVUHSUpVHQWHjGHOD7('- &·HVWO·pQHUJLHQpFHVVDLUHDXPDLQWLHQGHVIRQFWLRQVYLWDOHV ,OYDULHVHORQOHVLQGLYLGXVHQIRQFWLRQGHODFRUSXOHQFHHWGH ODFRPSRVLWLRQFRUSRUHOOH>@ /H505HVWKDELWXHOOHPHQWPHVXUpFKH]XQVXMHWpYHLOOpDX UHSRV GDQV XQ HQYLURQQHPHQW GH WKHUPRQHXWUDOLWp DSUqV KHXUHVGHMH€QHHWDXPRLQVKHXUHVVDQVH[HUFLFH QL WDEDF RX FDIpLQH 2Q VDLW GHSXLV ORQJWHPSV TX·LO \ D XQH DVVRFLDWLRQ pWURLWH HQWUH OH 505 HW OD FRUSXOHQFH FH TXLDFRQGXLWDXGpYHORSSHPHQWG·pTXDWLRQVWUqVXWLOLVpHV SRXU OH SUpGLUH j SDUWLU GX SRLGV HW GH OD WDLOOH  +DUULV HW%HQHGLFW  >@6KRIÀHOG  >@HWEHDXFRXS G·DXWUHV-XVTX·DX[ôGHODYDULDQFHGX505HVWH[SOLTXp SDUODPDVVHPDLJUH 00 HWGDQVXQHPRLQGUHPHVXUHSDUOD PDVVHJUDVVH 0* O·kJHHWOHJHQUHIDFWHXUVTXLH[SOLTXHQW HQVHPEOHMXVTX·jGHODYDULDQFHLQWHULQGLYLGXHOOHGX 505>@2Q]HSRXUFHQWGHODYDULDQFHUpVLGXHOOHSHXYHQW rWUHH[SOLTXpVSDUO·DSSDUWHQDQFHIDPLOLDOHHWHVWG·RUGUH JpQpWLTXH>@6RXOLJQRQVTXHOHPpWDEROLVPHGHVGLIIpUHQWV WLVVXVTXLFRPSRVHQWODPDVVHPDLJUHQ·HVWSDVXQLIRUPHFH TXLDMRXWHjODYDULDELOLWp>@

&RPSRVDQWVGHODGpSHQVHpQHUJpWLTXH

(IIHWWKHUPLTXHGHVDOLPHQWV

/D GpSHQVH pQHUJpWLTXH WRWDOH MRXUQDOLqUH '(7-  YDULH FRQVLGpUDEOHPHQWGHX[DGXOWHVGHPrPHFRUSXOHQFHHWGH PrPHFRPSRVLWLRQFRUSRUHOOHSRXYDQWDYRLUGHVGLIIpUHQFHV GH'(DOODQWMXVTX·j.FDOM

/·HIIHWWKHUPLTXHGHVDOLPHQWV 7() HVWO·DXJPHQWDWLRQGHOD '(DVVRFLpHjODGLJHVWLRQjO·DEVRUSWLRQHWDXVWRFNDJHGHV DOLPHQWVSOXVSHWLWFRPSRVDQWGHOD7('-LOHQUHSUpVHQWH 6DPHVXUHSDVFDORULPpWULHLQGLUHFWHDSUqVXQUHSDV

6

(5DYXVVLQ

WHVWHVWGLIÀFLOHHWSHXUHSURGXFWLEOHDORUVTXHOH505DXQ FRHIÀFLHQWGHYDULDWLRQGHFHOXLGX7()HVWDXWRXUGH >@/HVPHVXUHVHQFRQWLQXVXUjKHXUHVGRQQHQW GHVYDOHXUVSOXVpOHYpHVTXHOHVPHVXUHVLQWHUPLWWHQWHVPDLV VRQWPRLQVUHSURGXFWLEOHV8QHGXUpHGHODPHVXUHDXGHOj GHKHXUHVUpGXLWOHVHUUHXUV 'XjFHWWHYDULDELOLWpOHU{OHGHOD7()GDQVO·pWLRORJLHGH O·REpVLWpQ·HVWWRXMRXUVSDVFODLU

7KHUPRJHQqVHG·DFWLYLWp &·HVWO·pQHUJLHGpSHQVpHSDUOHVPRXYHPHQWVGXFRUSVVRLW DXFRXUVG·XQHDFWLYLWpSK\VLTXHVWUXFWXUpHHWSURJUDPPpH VRLWDXFRXUVG·DFWLYLWpVSK\VLTXHVVSRQWDQpHV&HOOHFLHVW DSSHOpH©1RQ([HUFLVH$FWLYLW\7KHUPRJHQHVLVª 1($7 >@ HWFRUUHVSRQGDXFR€WpQHUJpWLTXHGHODSRVLWLRQDVVLVHRX GHERXWjODPDUFKHjO·DJLWDWLRQHWF /D'(OLpHjO·DFWLYLWpSK\VLTXHUHSUpVHQWHGHjGH OD7('-HWOD1($7HQHVWODFRPSRVDQWHODSOXVYDULDEOH

5{OHGXPpWDEROLVPHpQHUJpWLTXH GDQVO·pWLRORJLHGHO·REpVLWp /HV pWXGHV WUDQVYHUVDOHV FRPSDUDQW GHV VXMHWV PLQFHV HW REqVHVQ·RQWJXqUHpFODLUpOHU{OHGHOD'(GDQVODSURJUHVVLRQ GHO·REpVLWp 7DEOHDX >@ 7DEOHDX,²(IIHWVGHVGLIIpUHQWVFRPSRVDQWVGHOD'( HWGHODOHSWLQHGDQVO·REpVLWp pWXGHVWUDQVYHUVDOHV  HWIDFWHXUVGHSUpGLFWLRQGHODSULVHGHSRLGV pWXGHVORQJLWXGLQDOHV  eWXGHV WUDQVYHUVDOHV DVVRFLDWLRQ DO·REpVLWp

eWXGHV ORQJLWXGLQDOHV SUpGLFWLRQ GHODSULVH GHSRLGV

'pSHQVH pQHUJpWLTXH GHUHSRV

1RUPDOH RXKDXWH

%DVVH

'pSHQVH pQHUJpWLTXHOLpHj O·DFWLYLWpSK\VLTXH

1RUPDOH

%DVVH

2[\GDWLRQOLSLGLTXH

1RUPDOH RXKDXWH

%DVVH

$FWLYLWpGX V\VWqPHQHUYHX[ V\PSDWKLTXH

+DXWH

%DVVH

&RQFHQWUDWLRQ SODVPDWLTXH GHOHSWLQH

+DXWH

%DVVH

'HVpWXGHVORQJLWXGLQDOHVVRQWQpFHVVDLUHVSRXUGpSLVWHUOHV SUpGLFWHXUVHWOHVIDFWHXUVGHULVTXHGHO·REpVLWpKXPDLQH /HVLQGLHQV3LPDYLYDQWGDQVO·$UL]RQDVRQWXQHGHVSRSX ODWLRQVDXPRQGHOHVSOXVH[SRVpHVDXGLDEqWHGHW\SHHW QRXV RQW IRXUQL O·RSSRUWXQLWp G·H[DPLQHU OHV SUpGLFWHXUV PpWDEROLTXHV GHODSULVHGHSRLGVGpSHQVH pQHUJpWLTXH WKHUPRJpQqVHG·DFWLYLWpDFWLYLWpGXV\VWqPHV\PSDWKLTXHV HWR[\GDWLRQOLSLGHEDVVHV>@

0pWDEROLVPHGHUHSRVEDV /D'( GHV VXMHWVREqVHV HVWDXJPHQWpHHQYDOHXU DEVROXH DXUHSRVVXUKHWQ·DDLQVLSDVpWpFRQVLGpUpHFRPPHXQ IDFWHXU LPSRUWDQW GDQV OD JHQqVH GH O·REpVLWp &HFL UHVWH FHSHQGDQWFRQWURYHUVp>@7RXWGpSHQGHQIDLWGHODIDoRQ GRQWOD'(HVWFRPSDUpHFKH]GHVVXMHWVGHFRUSXOHQFHVGLI IpUHQWHVORUVTXHOH505HVWDMXVWpOHVUpVXOWDWVQHVRQWSDV WRXMRXUVFODLUVFDUGHX[VXMHWVGHPrPH00HW0*SHXYHQW DYRLUXQ%05GLIIpUHQWSDU.FDOM>@ &KH]LQGLHQV3,0$DGXOWHVQRQGLDEpWLTXHVFRPSRVLWLRQ FRUSRUHOOHHW%05 FDVTXHYHQWLOp RQWpWpPHVXUpVDXGpSDUW HWHQPR\HQQHDQVSOXVWDUG>@/HVVXMHWVIXUHQWHQVXLWH VpSDUpVDUELWUDLUHPHQWHQJURXSHVOHV©ZHLJKWJDLQHUVª Q  TXLDYDLHQWSULVSOXVGHNJHWOHV©QRQJDLQHUVª %LHQTX·DXGpSDUWOHVJURXSHVDLHQWHXODPrPHFRPSRVLWLRQ FRUSRUHOOHOHV©JDLQHUVªDYDLHQWXQ%05.FDOMSOXV EDVTXHOHV©QRQJDLQHUVªVXJJpUDQWTX·XQ%05©UHODWLIª EDVSUpGLWODSULVHGHSRLGVXOWpULHXUHO·DQDO\VHSDUWHUWLOHV GH%05DXGpSDUWPRQWUDLWTXHOHULVTXHGHVXUSRLGVpWDLW IRLVSOXVpOHYpSRXUOHWHUWLOHOHSOXVEDVTXHSRXUOHWHUWLOH OHSOXVKDXW 'DQVXQDXWUHJURXSHGHVXMHWVOD'(GHK FKDPEUH PpWDEROLTXH DMXVWpHpWDLWFRUUpOpHQpJDWLYHPHQWDYHFOD SULVHGH SRLGVHWVRQU\WKPH DQV SOXVWDUGUHODWLRQ TXL Q·pWDLWSDVUHWURXYpHGDQVG·DXWUHVSRSXODWLRQV>@ 7RXWFHFLVHPEOHGpPRQWUHUTXHDXPRLQVGDQVOHVSRSXOD WLRQVjULVTXHG·REpVLWpOHVGpSHQVHVpQHUJpWLTXHVEDVVHV TXDQGHOOHVVRQWFRUUHFWHPHQWDMXVWpHV VRQWG·LPSRUWDQWV SUpGLFWHXUVGHODSULVHGHSRLGV>@ 2QFRQVWDWHTX·DSUqVODSULVHGHSRLGVOHPpWDEROLVPHGHV ©JDLQHUVªUHMRLQWODPR\HQQHGHFHOXLTX·DYDLHQWOHV©QRQ JDLQHUVªDXGpSDUWODSULVHGHSRLGVSRXUUDLWDLQVLLQGXLUHXQ PpFDQLVPHFRPSHQVDWHXUO·DXJPHQWDWLRQGX%05IUHLQDQW OHJDLQGHSRLGVVXSSOpPHQWDLUH )LJ &HWWHDGDSWDWLRQ PpWDEROLTXHPDUTXpHSDUXQHDXJPHQWDWLRQGHOD'(SOXV JUDQGHTXHSUpYXHSDUOHVYDULDWLRQVGHPDVVHVPDLJUHHW JUDVVH HVW YDULDEOH VHORQ OHV LQGLYLGXV HW VH SURGXLW DXVVL ELHQ FKH] OHV VXMHWV PLQFHV TX·REqVHV &·HVW O·LPDJH HQ

)LJXUH$GDSWDWLRQVPpWDEROLTXHVORUVG·XQHYDULDWLRQGHSRLGV /HVpWXGHVWUDQVYHUVDOHVPRQWUHQWTXHOD'(HWO·R[\GDWLRQOLSLGLTXH VRQW DXJPHQWpHV HQ IRQFWLRQ GH OD FRUSXOHQFH DYHF GH JUDQGHV YDULDWLRQV LQGLYLGXHOOHV /HV pWXGHV ORQJLWXGLQDOHV PRQWUHQW TXH ORUVGHODSULVHGHSRLGV'(HWR[\GDWLRQOLSLGLTXHDXJPHQWHQWHW UHMRLJQHQWHQPR\HQQHODQRUPDOHFHTXLSHXWOLPLWHUODSULVHGH SRLGV6HORQOHVLQGLYLGXVÁqFKH$DGDSWDWLRQUpXVVLHOLPLWDWLRQGH ODSULVHGHSRLGVÁqFKH%DGDSWDWLRQLQVXIÀVDQWHSHUVLVWDQFHGH ODSULVHGHSRLGV

&LQTXDQWHQDLUHGHV&DKLHUVGH1XWULWLRQHWGH'LpWpWLTXH

6

PLURLUGHODUpGXFWLRQGHOD'(LQWHUYHQDQWORUVG·XQHSHUWH GH SRLGV OD OLPLWDQW HW PrPH IDYRULVDQW OD UHSULVH >@ 7RXWHIRLVLOIDXWQRWHUTX·XQH'(EDVVHQ·H[SOLTXHTX·XQH IUDFWLRQUHODWLYHPHQWIDLEOHGHODYDULDQFHGXJDLQGHSRLGV G·DXWUHVIDFWHXUVDOLPHQWDWLRQHWDFWLYLWpSK\VLTXHpWDQW HQFDXVH>@&HSHQGDQWXQDUWLFOHUpFHQWPRQWUHTXHSOXV OD '( V·DEDLVVH ORUV G·XQH UHVWULFWLRQ FDORULTXH PRLQV OD SHUWH GH SRLGV ORUV GHV HVVDLV VXLYDQWV VHUD LPSRUWDQWH  FHFL FRQÀUPH OD SUpVHQFH FKH] OHV REqVHV GH SKpQRW\SHV pFRQRPHVHWGpSHQVLHUV>@

.FDOM/DSHUWHRXODSULVHGHSRLGVQHPRGLÀHSDVOHV SDUDPqWUHV SRVWXUDX[ GHV VXMHWV >@ VXJJpUDQW TXH OHV GLIIpUHQFHVGH1($7VRQWGHVFDUDFWpULVWLTXHVLQGLYLGXHOOHV G·RULJLQHJpQpWLTXH>@&HVGRQQpHVVXJJqUHQWGRQFTXH OD1($7SHXWMRXHUXQU{OHVLJQLÀFDWLIVDQVrWUHSRXUDXWDQW XQHFLEOHWKpUDSHXWLTXH /·DVVRFLDWLRQHQWUHDFWLYLWpSK\VLTXHVWUXFWXUpHHWSULVHGH SRLGV HVW PRLQV FODLUH >@ &KH]  LQGLHQV 3LPDV QRQ GLDEpWLTXHVO·DFWLYLWpSK\VLTXHVWUXFWXUpH PHVXUpHSDU'/:  Q·pWDLWSDVDVVRFLpHDXJDLQGHSRLGVDQVSOXVWDUG>@

(IIHWWKHUPLTXHGHVDOLPHQWVIDLEOHV

$FWLYLWpV\PSDWKLTXHEDVVH

8QHUHYXHGHpWXGHVFKH]GHVVXMHWVPLQFHVRXHQVXUFKDUJH SRQGpUDOHDPRQWUpTXHOHVREqVHVDYDLHQWXQ7()DOWpUpHQ UHODWLRQDYHFO·LQVXOLQRUpVLVWDQFH>@8QHUHYXHXOWpULHXUH GHpWXGHVDUHOHYpGHVLQVXIÀVDQFHVGDQVOHVPpWKRGHV XWLOLVpHVHWPLVHQGRXWHTX·XQ7()EDVSXLVVHH[SOLTXHUOH GpYHORSSHPHQWGHO·REpVLWp>@(QHIIHWOH7()HVWLQÁXHQFp SDUXQHP\ULDGHGHIDFWHXUVWDLOOHSUpVHQWDWLRQFRPSRVLWLRQ OHVSURWpLQHVRQWXQ7()SOXVpOHYp SDODWDELOLWpHWIUpTXHQFH GHVUHSDVPDLVDXVVLWHUUDLQJpQpWLTXHkJHDFWLYLWpSK\VLTXH HWVHQVLELOLWpjO·LQVXOLQH/HVpWXGHVSURVSHFWLYHVQ·RQWSDV GpWHFWpGHUHODWLRQHQWUH7()HWYDULDWLRQVSRQGpUDOHV>@HW G·DLOOHXUVVDIDLEOHVVHTXDQWLWDWLYHUHQGSHXYUDLVHPEODEOHTXH VDGLPLQXWLRQSXLVVHH[SOLTXHUXQGHJUpLPSRUWDQWG·REpVLWp 6H GLVWLQJXDQW GX7() OD WKHUPRJHQqVH LQGXLWH SDU O·DOL PHQWDWLRQ ',7 UHSUpVHQWHO·HIIHWFXPXODWLIVXUODGpSHQVH pQHUJpWLTXHG·XQHK\SHUSKDJLHSURORQJpH5RWKZHOOHW6WRFN DYDLHQWPRQWUp>@TXHOHJDLQGHSRLGVDSUqVDXJPHQWDWLRQ GHVDSSRUWVpWDLWPRLQGUHTX·DWWHQGXGXVXUSOXVFDORULTXH VXJJpUDQWXQH'(DFFUXHHIIHWTXLGLVSDUDvWDSUqVEORFDJH DGUpQHUJLTXHVXJJpUDQWXQU{OHGXWLVVXDGLSHX[EUXQ1RV UpVXOWDWVUpFHQWVPRQWUHQWTXHOD',7Q·HVWSDVPpGLpHSDU XQHDFWLYDWLRQGXWLVVXDGLSHX[EUXQFKH]O·KRPPH>@PDLV VDQVGRXWHG·XQHDGDSWDELOLWpPpWDEROLTXH FIVXSUD 

'DQV SOXVLHXUV PRGqOHV G·REpVLWp FKH] OHV URQJHXUV XQH DFWLYLWpUpGXLWHGXV\VWqPHV\PSDWKLTXHMRXHXQU{OHFDX VDO >@ &KH] O·KRPPH O·DFWLYLWp V\PSDWKLTXH PXVFXODLUH TXLFRUUqOHDYHFOHWXUQRYHUGHODQRUHSLQHSKULQHHVWOLpHj FKDFXQGHVFRPSRVDQWVGHOD7('->@/HVLQGLHQV3LPDV D\DQWjODIRLVXQH7('-EDVVHHWXQHDFWLYLWpV\PSDWKLTXH UpGXLWHDYDQWODSHUWHGHSRLGV>@FHVGHX[IDFWHXUV SHXYHQWUHSUpVHQWHUXQPpFDQLVPHSRWHQWLHOIDYRULVDQWOD SULVH GH SRLGV >@ FDU O·H[FUpWLRQ XULQDLUH G·pSLQHSKULQH pWDLWQpJDWLYHPHQWDVVRFLpHDXJDLQGHSRLGV>@

7KHUPRJHQqVHG·DFWLYLWpEDVVH (YLGHPPHQW O·LGpH TXH O·pSLGpPLH PRQGLDOH G·REpVLWp VRLW GXH j XQH UpGXFWLRQ GH O·DFWLYLWp SK\VLTXH HVW VpGXL VDQWH&HSHQGDQWOHQLYHDXG·DFWLYLWpVWUXFWXUpHHVWUHVWp UHODWLYHPHQW VWDEOH DX FRXUV GHV DQQpHV UpFHQWHV VL ELHQ TXH O·DFWLYLWp SK\VLTXH RFFXSDWLRQQHOOH SRXUUDLW DYRLU XQ LPSDFWLPSRUWDQWVXUO·pTXLOLEUHpQHUJpWLTXH>@'HSOXV SRXUODSOXSDUWGHVVXMHWVYLYDQWGDQVOHVSD\VGpYHORSSpVOD WKHUPRJHQqVHOLpHjO·H[HUFLFHSK\VLTXHHVWQpJOLJHDEOHHW OD1($7UHSUpVHQWHOHFRPSRVDQWPDMHXUGHODWKHUPRJHQqVH G·DFWLYLWpF·HVWDXVVLOHSOXVYDULDEOHDXVHLQGHOD7('- “.FDOM >@ &KH]OHVLQGLHQV3LPDVOHSRXUFHQWDJHGHWHPSVG·DFWLYLWp VSRQWDQpH HQ FKDPEUH PpWDEROLTXH UHSUpVHQWDQW XQH SDUWVLJQLÀFDWLYHGHOD'(7-pWDLWLQYHUVHPHQWFRUUpOpDX FKDQJHPHQWGHSRLGVDQVDSUqVFKH]OHVKRPPHV>@ /HVpWXGHVVRLJQHXVHPHQWFRQWU{OpHVGH/HYLQHHWDORQWPRQ WUpTXHODUpVLVWDQFHDXGpYHORSSHPHQWGHO·REpVLWpSRXYDLW rWUHOLpHjODFDSDFLWpGHVVXMHWVjDXJPHQWHUOD1($7>@ DSUqV  VHPDLQHV GH VXUDOLPHQWDWLRQ    .FDOM  OHV VXMHWVFDSDEOHVG·DXJPHQWHUOHXU1($7JDJQDLHQWPRLQVGH 0*TXHFHX[TXLV·HQDYpUDLHQWLQFDSDEOHVDORUVTXHQLOHV YDULDWLRQVGX%05RXGHOD7()Q·pWDLHQWSUpGLFWLYHVGHOD YDULDWLRQ GH 0* 8WLOLVDQW GHV PLFURFDSWHXUV pYDOXDQW OD SRVWXUHHWOHVPRXYHPHQWVSHQGDQWMRXUV/HYLQHHWDO RQWPRQWUpTXHOHVVXMHWVREqVHVUHVWDLHQWDVVLVIRLVSOXV TXHOHVVXMHWVPLQFHVVRLWXQVXUSOXVpQHUJpWLTXHG·HQYLURQ

2[\GDWLRQOLSLGLTXHEDVVH /DSURSRUWLRQGHVVXEVWUDWVJOXFLGLTXHVRXOLSLGLTXHVR[\GpV SHXWrWUHpYDOXpHSDUOHTXRWLHQWUHVSLUDWRLUH 45 QRQSUR WpLTXHTXLYDGHSRXUOHVJOXFLGHVjSRXUOHVOLSLGHV/H 45HVWLQÁXHQFpSDUODQDWXUHGXUpJLPHXQELODQG·pQHUJLH pTXLOLEUpOHVH[HOD0*HWO·DSSDUWHQDQFHIDPLOLDOH JpQp WLTXH  8QH R[\GDWLRQ OLSLGLTXH EDVVH HVW SRWHQWLHOOHPHQW XQIDFWHXUpWLRORJLTXHGHO·REpVLWp )LJ  &KH]LQGLHQV3,0$OH45GHKHXUHV FKDPEUHPpWD EROLTXH FRUUpODLWSRVLWLYHPHQWDYHFODYDULDWLRQGHSRLGVHW GH0*DQVSOXVWDUG/HVVXMHWVGXHSHUFHQWLOH IDLEOHV R[\GDWHXUV GH OLSLGHV  DYDLHQW  IRLV SOXV GH FKDQFH GH SUHQGUHNJRXSOXVHQDQVTXHFHX[GXHSHUFHQWLOH IRUWV R[\GDWHXUV  >@ HW GHV UpVXOWDWV VLPLODLUHV RQW pWp UDSSRUWpVFKH]GHVFDXFDVLHQV>@ $X WRWDO OHV pWXGHV WUDQVYHUVDOHV PRQWUHQW TXH OD '( HW VHVFRPSRVDQWV HVWQRUPDOHRXpOHYpHGDQVO·REpVLWpPDLV OHVpWXGHVORQJLWXGLQDOHVPHWWHQWHQpYLGHQFHGHVIDFWHXUV SUpGLFWLIVG·REpVLWpOLpVjOD'( 7DEOHDX 

9DULDELOLWpGHOD'(PpFDQLVPHV PROpFXODLUHVHWSHUVSHFWLYHV WKpUDSHXWLTXHV /HSWLQH 2QVDLWTXHOHVVXMHWVGpÀFLHQWVHQOHSWLQHGpYHORSSHQWXQH REpVLWpSUpFRFHHWVpYqUHDYHFXQHK\SHUSKDJLHLQFRQWU{ ODEOHHWXQHWKHUPRJHQqVHGpÀFLHQWHHQWLqUHPHQWFRUULJpH SDUO·LQMHFWLRQGHOHSWLQH&KH]OHVVXMHWVREqVHV OHSWLQR UpVLVWDQWV OHWUDLWHPHQWSDUODOHSWLQHV·HVWDYpUpXQpFKHF PDXYDLVHWROpUDQFHHWSHUWHGHSRLGVWUqVLQVFRQVWDQWH >@ &HSHQGDQWDSUqVSHUWHGHSRLGVGXUDQWODSKDVHGHPDLQWLHQ O·DGPLQLVWUDWLRQ GH OHSWLQH FRUULJH OHV DGDSWDWLRQV OLpHV j OD UHVWULFWLRQ FDORULTXH  '( FDWKpFRODPLQHV KRUPRQHV WK\URwGLHQQHV HW HIILFDFLWp PXVFXODLUH UHYLHQQHQW j OD QRUPDOH>@1RVpWXGHVUpFHQWHV>@SRUWDQWVXU OHV HIIHWV PpWDEROLTXHV GH SHUWHV GH SRLGV PDVVLYHV RQW

6

(5DYXVVLQ

PRQWUpXQHEDLVVHGX505H[FpGDQWGH“.FDOMDSUqV FKLUXUJLHEDULDWULTXHHWGH“.FDOMDSUqVWKpUDSLH FRPSRUWHPHQWDOHLQWHQVLYHHQFRPSDUDLVRQjFHOOHSUpYXH SDUODSHUWHGH00HWGH0*/·DGDSWDWLRQPpWDEROLTXHpWDLW IRUWHPHQWFRUUpOpHjODEDLVVHGHODOHSWLQHSODVPDWLTXH U S )LJ 

/HV$&&HWV\QWKpWLVHQWOHPDORQ\O&R$LQKLELWHXUSXLVVDQW GHO·R[\GDWLRQGHVOLSLGHV/HVVRXULV.2SRXU$&&YRLHQWDXJ PHQWHUO·R[\GDWLRQOLSLGLTXHHWGLPLQXHUOHXUSRLGVHWOHXU0* HWUpVLVWHQWjO·REpVLWpHWDXGLDEqWHSURYRTXpVSDUOHUpJLPH JUDV&HFLVXJJqUHTXHOHVLQKLELWHXUVGHO·$&&SXLVVHQWVHUYLU GHFLEOHWKpUDSHXWLTXHHWOHVHVVDLVFOLQLTXHVVRQWHQFRXUV>@

&RQFOXVLRQ

)LJXUH&RUUpODWLRQHQWUHDGDSWDWLRQVPpWDEROLTXHVHWYDULDWLRQV GHODOHSWLQHSODVPDWLTXH $SUqVPRLVȺHWPRLV DSUqVFKLUXUJLHEDULDWULTXHȽ>@

Ȼ

5pFHSWHXUV‰DGUpQHUJLTXHV ‰$5 &KH]OHURQJHXUSRUWHXUG·XQDERQGDQWWLVVXDGLSHX[EUXQOD VWLPXODWLRQGHV‰$5SDUOHVDJRQLVWHVHVWWKHUPRJpQLTXH DQWLREpVLWpHWDXJPHQWHO·LQVXOLQRVHQVLELOLWp&KH]O·KXPDLQ OHVDJRQLVWHVGHSUHPLqUHJpQpUDWLRQLQVXIÀVDPPHQWVSp FLÀTXHV pJDOHPHQWDJRQLVWHVGHV‰HW‰$5 DSURYRTXp GHV HIIHWV LQGpVLUDEOHV VpYqUHV VXUWRXW FDUGLRYDVFXODLUHV /HVDJRQLVWHVGHVHFRQGHJpQpUDWLRQQ·RQWSDVpWpDXGHOj GHVHVVDLVGHSKDVH,,>@&HSHQGDQWODSUpVHQFHGHWLVVX DGLSHX[EUXQ²WUqVVHQVLEOHjODVWLPXODWLRQDGUpQHUJLTXH ²SRXUUDLWUHQRXYHOHUO·LQWpUrWGHVDJRQLVWHV‰FKH]O·KRPPH

3URWpLQHVGpFRXSODQWHV /DSURWpLQHGpFRXSODQWHPLWRFKRQGULDOH8&3SURGXLWGHOD FKDOHXUHQGpFRXSODQWODUHVSLUDWLRQGHODSURGXFWLRQG·$73 (OOH HVW H[SULPpH GDQV OH WLVVX DGLSHX[ EUXQ 'HSXLV TXH O·RQDPLVHQpYLGHQFHODSUpVHQFHGHFHWLVVXFKH]O·KRPPH HWTXHVDTXDQWLWpV·HVWUpYpOpHLQYHUVHPHQWFRUUpOpHjOD FRUSXOHQFH HW TXH G·DXWUH SDUW OHV DGLSRF\WHV EODQFV SRXYDLHQW VH WUDQVIRUPHU DGLSRF\WHV EHLJHV  HW H[SULPHU O·8&3 XQH YRLH GH UHFKHUFKH SRXU VWLPXOHU O·8&3 HW DXJPHQWHUOD'(HVWRXYHUWH>@

'LDF\OJO\FHUROWUDQVIHUDVH '*$7  HWDFHW\O&RDFDUER[\ODVH $&& /HV'*$7VFDWDO\VHQWODÀ[DWLRQG·DFLGHVJUDVVXUOHJO\FpUR SKRVSKDWHSRXUV\QWKpWLVHUOHVWULJO\FpULGHV /HV VRXULV GpSRXUYXHV GH '*$7 VRQW SOXV PLQFHV DYHF GHVDGLSRF\WHVSOXVSHWLWVUpVLVWHQWDXUpJLPHJUDVHWVRQW SURWpJpHVGHODVWpDWRKpSDWLWHOHXUDFWLYLWpSK\VLTXHHVW DXJPHQWpHDLQVLTXHO·H[SUHVVLRQGHO·8&3HWODVHQVLELOLWpj ODOHSWLQH>@/DVXUH[SUHVVLRQGH'*$7SURGXLWO·HIIHW LQYHUVH&KH]ODVRXULVO·LQKLELWLRQSKDUPDFRORJLTXHGH'*$7 SURWqJHGHO·HIIHWGXUpJLPHK\SHUJUDV>@LOQ·\DSDVHX SRXUO·LQVWDQWG·HVVDLFKH]O·KRPPH

/·pSLGpPLHPRQGLDOHG·REpVLWpDVXVFLWpXQLQWHQVHLQWpUrW SRXUOHVGpWHUPLQDQWVJpQpWLTXHVHWPROpFXODLUHVGHODUpJX ODWLRQGXSRLGV'HVFKDQJHPHQWVGDQVWRXVOHVFRPSDUWLPHQWV GHODGpSHQVHpQHUJpWLTXHîPpWDEROLVPHGHUHSRVHIIHW WKHUPLTXHGHVDOLPHQWVHWWKHUPRJHQqVHG·DFWLYLWpîRQWXQ U{OHLPSRUWDQWGDQVO·pTXLOLEUHpQHUJpWLTXH0DLVDXERXWGX FRPSWHFHTXLGpWHUPLQH©O·HIÀFDFLWpPpWDEROLTXHªHVW H[WUrPHPHQWFRPSOH[H7RXVOHVFRPSRVDQWVGHOD'(VRQW YUDLVHPEODEOHPHQWHQLQWHUDFWLRQDYHFOHWHUUDLQJpQpWLTXH HWO·HQYLURQQHPHQWTXLDIIHFWHQWOHVSURFHVVXVSK\VLRORJLTXHV HWELRFKLPLTXHV/DJpQpWLTXHPRGHUQHDPLVHQDYDQWOHV PRGqOHVPXULQVPDLVRQQHVDLWSDVHQFRUHVLFHVPRGqOHV SUpFOLQLTXHVVHURQWXWLOHVSRXUO·REpVLWpKXPDLQH ,OQ·\DFHSHQGDQWDXFXQGRXWHTXHOHGRPDLQHGHVGpSHQVHV G·pQHUJLHV·HVWEHDXFRXSGpYHORSSpHWTXHODFRPSUpKHQVLRQ GH O·pTXLOLEUH HQWUH O·DSSRUW pQHUJpWLTXH HW OHV GpSHQVHV FRQWLQXHUDjrWUHXQFKDPSDFWLIGHUHFKHUFKH )LQDOHPHQWDXJPHQWHUODPDVVHHWO·DFWLYLWpGHVDGLSRF\WHV EUXQVHWEHLJHVSRXUUDSHXWrWUHDLGHUDXPDLQWLHQGXSRLGV SHUGX

5HPHUFLHPHQWV -HWLHQVjUHPHUFLHUOH3URIHVVHXU%HUQDUG*X\*UDQGSRXU VRQ UHPDUTXDEOH WUDYDLO GH WUDGXFWLRQ GDQV OD ODQJXH GH 0ROLqUH

'pFODUDWLRQG·LQWpUrWV /·DXWHXUGpFODUHQHSDVDYRLUGHFRQÁLWVG·LQWpUrWVHQUHODWLRQ DYHFFHWDUWLFOH

5pIpUHQFHV >@ 5DYXVVLQ(+DUSHU,75LVLQJ5%RJDUGXV&(QHUJ\H[SHQGLWXUH E\GRXEO\ODEHOHGZDWHUYDOLGDWLRQLQOHDQDQGREHVHVXEMHFWV $P-3K\VLRO 3W ( >@ /LIVRQ1/LWWOH:6/HYLWW'*+HQGHUVRQ50'2 GHX WHULXPR[LGH PHWKRGIRU&2RXWSXWLQVPDOOPDPPDOVDQG HFRQRPLFIHDVLELOLW\LQPDQ-$SSO3K\VLRO >@ /RSH]$ODUFRQ 0 0HUULÀHOG - )LHOGV '$ +LODULR+DLOH\ 7 )UDQNOLQ )$ 6KHZFKXN 50 HW DO$ELOLW\ RI WKH DFWLZDWFK DFFHOHURPHWHU WR SUHGLFW IUHHOLYLQJ HQHUJ\ H[SHQGLWXUH LQ \RXQJFKLOGUHQ2EHV5HV >@ 3ODVTXL * -RRVHQ$0 .HVWHU$' *RULV$+ :HVWHUWHUS .5 0HDVXULQJIUHHOLYLQJHQHUJ\H[SHQGLWXUHDQGSK\VLFDODFWLYLW\ ZLWKWULD[LDODFFHOHURPHWU\2EHV5HV >@ +DOO .' 6DFNV * &KDQGUDPRKDQ ' &KRZ && :DQJ <& *RUWPDNHU 6/ HW DO 4XDQWLÀFDWLRQ RI WKH HIIHFW RI HQHUJ\ LPEDODQFHRQERG\ZHLJKW/DQFHW >@ +DOO.'&KRZ&&:K\LVWKHNFDOSHUSRXQGZHLJKWORVV UXOHZURQJ",QW-2EHVLW\   >@ 5DYXVVLQ ( %RJDUGXV & 5HODWLRQVKLS RI JHQHWLFV DJH DQG SK\VLFDOÀWQHVVWRGDLO\HQHUJ\H[SHQGLWXUHDQGIXHOXWLOL]DWLRQ $P-&OLQ1XWU 6XSSO 

&LQTXDQWHQDLUHGHV&DKLHUVGH1XWULWLRQHWGH'LpWpWLTXH >@ $OOLVRQ'%3DXOWUH)*RUDQ0,3RHKOPDQ(7+H\PVÀHOG6% 6WDWLVWLFDOFRQVLGHUDWLRQVUHJDUGLQJWKHXVHRIUDWLRVWRDGMXVW GDWD,QW-2EHV5HODW0HWDE'LVRUG >@ *RUDQ0,(VWLPDWLQJHQHUJ\UHTXLUHPHQWVUHJUHVVLRQEDVHG SUHGLFWLRQHTXDWLRQVRUPXOWLSOHVRIUHVWLQJPHWDEROLFUDWH 3XEOLF+HDOWK1XWU >@ %ODFN$( &RZDUG :$ &ROH7- 3UHQWLFH$0 +XPDQ HQHUJ\ H[SHQGLWXUHLQDIÁXHQWVRFLHWLHVDQDQDO\VLVRIGRXEO\ ODEHOOHGZDWHUPHDVXUHPHQWV(XU-&OLQ1XWU >@ 5DYXVVLQ ( /LOOLRMD 6 $QGHUVRQ 7( &KULVWLQ / %RJDUGXV & 'HWHUPLQDQWV RI KRXU HQHUJ\ H[SHQGLWXUH LQ PDQ 0HWKRGVDQGUHVXOWVXVLQJDUHVSLUDWRU\FKDPEHU-&OLQ,QYHVW  >@ +DUULV-%HQHGLFW)$ELRPHWULFVWXG\RIEDVDOPHWDEROLVPLQ PDQ7KH&DUQHJLH,QVWLWXWH:DVKLQJWRQ'& >@ 6FKRÀ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À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ÀHOG6%*UHHQEHUJ$6)XMLRND.'L[RQ50.XVKQHU5 +XQW7HWDO5HFRPELQDQWOHSWLQIRUZHLJKWORVVLQREHVHDQG OHDQDGXOWVDUDQGRPL]HGFRQWUROOHGGRVHHVFDODWLRQWULDO -$0$ >@ 5RVHQEDXP00XUSK\(0+H\PVÀHOG6%0DWWKHZV'(/HLEHO 5/ /RZ GRVH OHSWLQ DGPLQLVWUDWLRQ UHYHUVHV HIIHFWV RI VXV WDLQHGZHLJKWUHGXFWLRQRQHQHUJ\H[SHQGLWXUHDQGFLUFXODWLQJ FRQFHQWUDWLRQVRIWK\URLGKRUPRQHV-&OLQ(QGRFULQRO0HWDE  >@ 5RVHQEDXP0*ROGVPLWK5%ORRPÀHOG'0DJQDQR$:HLPHU /+H\PVÀHOG6HWDO/RZGRVHOHSWLQUHYHUVHVVNHOHWDOPXVFOH DXWRQRPLFDQGQHXURHQGRFULQHDGDSWDWLRQVWRPDLQWHQDQFHRI UHGXFHGZHLJKW-&OLQ,QYHVW >@ -RKDQQVHQ '/ .QXWK 1' +XL]HQJD 5 5RRG -& 5DYXVVLQ ( +DOO.'0HWDEROLFVORZLQJZLWKPDVVLYHZHLJKWORVVGHVSLWH SUHVHUYDWLRQ RI IDWIUHH PDVV - &OLQ (QGRFULQRO 0HWDE  >@ .QXWK 1' -RKDQQVHQ '/ 7DPEROL 5$ 0DUNV6KXOPDQ 3$ +XL]HQJD5&KHQ.<HWDO0HWDEROLF$GDSWDWLRQ)ROORZLQJ 0DVVLYH :HLJKW /RVV LV 5HODWHG WR WKH 'HJUHH RI (QHUJ\ ,PEDODQFH DQG &KDQJHV LQ &LUFXODWLQJ /HSWLQ 2EHVLW\  >@ $UFK -57KH GLVFRYHU\ RI GUXJV IRU REHVLW\ WKH PHWDEROLF HIIHFWVRIOHSWLQDQGYDULDEOHUHFHSWRUSKDUPDFRORJ\SHUVSHF WLYHVIURPEHWDDGUHQRFHSWRUDJRQLVWV1DXQ\Q6FKPLHGHEHUJV $UFK3KDUPDFRO >@ 7DP &6 /HFRXOWUH 9 5DYXVVLQ ( %URZQ DGLSRVH WLVVXH PHFKDQLVPV DQG SRWHQWLDO WKHUDSHXWLF WDUJHWV &LUFXODWLRQ  >@ 6PLWK6-&DVHV6-HQVHQ'5&KHQ+&6DQGH(7RZ%HWDO 2EHVLW\ UHVLVWDQFH DQG PXOWLSOH PHFKDQLVPV RI WULJO\FHULGH V\QWKHVLVLQPLFHODFNLQJ'JDW1DW*HQHW >@ &KHQ+&6PLWK6-/DGKD=-HQVHQ'5)HUUHLUD/'3XODZD /.HWDO,QFUHDVHGLQVXOLQDQGOHSWLQVHQVLWLYLW\LQPLFHODFN LQJ DF\O &R$GLDF\OJO\FHURO DF\OWUDQVIHUDVH  - &OLQ ,QYHVW 

6 >@ &KHQ1/LX/=KDQJ<*LQVEHUJ+1@ &DR - =KRX < 3HQJ + +XDQJ ; 6WDKOHU 6 6XUL 9 HW DO 7DUJHWLQJ$F\O&R$GLDF\OJO\FHURO DF\OWUDQVIHUDVH  '*$7  ZLWKVPDOOPROHFXOHLQKLELWRUVIRUWKHWUHDWPHQWRIPHWDEROLF GLVHDVHV-%LRO&KHP >@ $EX(OKHLJD/2K:.RUGDUL3:DNLO6-$FHW\O&R$FDUER[\O DVHPXWDQWPLFHDUHSURWHFWHGDJDLQVWREHVLW\DQGGLDEHWHV

(5DYXVVLQ LQGXFHGE\KLJKIDWKLJKFDUERK\GUDWHGLHWV3URF1DWO$FDG 6F86$ >@ $EERWW:*++RZDUG%9&KULVWLQ/)UH\PRQG'/LOOLRMD6 %R\FH 9/ HW DO 6KRUW7HUP (QHUJ\%DODQFH  5HODWLRQVKLS ZLWK3URWHLQ &DUERK\GUDWH DQG)DW%DODQFHV$P -3K\VLRO ( >@ )ODWW -3 ,VVXHV DQG 0LVFRQFHSWLRQV$ERXW 2EHVLW\ 2EHVLW\