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515 Rsìudwlrqv vxu ohv lqwhuydoohv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ;

51514 Rsìudwlrqv dulwkpìwltxhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 ;

51515 Rsìudwlrqv hqvhpeolvwhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 <

516 Oh sureoëph gh gìshqgdqfh 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 43

517 Yhfwhxu g*lqwhuydooh 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 43

6 Frqwudfwhxuv 46

614 Sursdjdwlrq gh frqwudlqwhv vxu ohv lqwhuydoohv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 46

61414 Surmhfwlrq gh frqwudlqwhv sulplwlyhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 47

61415 Gìfrpsrvlwlrq hq frqwudlqwhv sulplwlyhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4;

61416 Sursdjdwlrq uìwur0sursdjdwlrq 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4;

61417 Sursdjdwlrq gh frqwudlqwhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4<

615 Qrwlrq gh frqwudfwhxu 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 56

616 Sureoëphv hw dpìolrudwlrqv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 58

61614 Eorfdjh vxu xq sdyì �{h 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 58

61615 Dmrxw gh frqwudlqwhv uhgrqgdqwhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 58

61616 Pìwkrghv gh frqvlvwdqfhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 59

4

5 WDEOH GHV PDWLËUHV

617 Dojrulwkph Eudqfk dqg Erxqg 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5:

61714 Elvvhfwlrq 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5:

61715 H{hpsoh 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 5<

7 Sodwhiruph gh Vwhzduw 64

714 Sureoëph gx prgëoh jìrpìwultxh gluhfw 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 64

715 Sureoëph sodq 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 65

716 Uìvxowdwv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 67

717 Shuvshfwlyhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 69

71714 Dmrxw gh frqwudlqwhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 69

71715 Dxwuhv frqwudfwhxuv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6:

8 Fdoleudwlrq jìrpìwultxh ghv urerwv 6<

814 Lqwurgxfwlrq 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 6<

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816 Sureoëph gh Fdoleudwlrq 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 73

817 Prgëoh gluhfw 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 74

818 Uìvxowdwv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 77

9 Fdoleudwlrq jìrpìwultxh g*xq urerw vl{ d{hv 7:

914 Fdoleudwulrq hw sursdjdwlrq gh frqwudlqwhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7:

915 Suìvhqwdwlrq gx urerw VWDXEOL 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7;

916 Uìvxowdw gh od sursdjdwlrq gh frqwudlqwhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 7<

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91615 Fdoleudwlrq gh o*r�vhw hw ghv dqjohv qrq qxov 1 1 1 1 1 1 1 1 1 1 1 1 1 83

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917 Shuvshfwlyhv 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 84

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46

47 FKDSLWUH 61 FRQWUDFWHXUV

d% � o hw d% � o yd grqf shuphwwuh gh frqwudfwhu fhv lqwhuydoohv hq vxssulpdqw ohv }rqhv qrq

frqvlvwdqwhv1

61414 Surmhfwlrq gh frqwudlqwhv sulplwlyhv

Wrxw g*derug dssoltxrqv od sursdjdwlrq gh frqwudlqwhv dyhf ghv frqwudlqwhv gh wurlv yd0

uldeohv/ ohv frqwudlqwhv whuqdluhv/ sxlv dyhf fhoohv gh ghx{ yduldeohv/ ohv frqwudlqwhv elqdluhv1

Frqwudlqwhv whuqdluhv

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% � ' % � � % � +617,

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jxphqwv vrqw dxvvl vrxv od iruph gh frqwudlqwh whuqdluh1 Fh vrqw ohv irqfwlrqv txl uhqyrlhqw

od ydohxu pd{lpdoh rx plqlpdoh gh ghx{ qrpeuhv1

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o*dgglwlrq1 Ohv yduldeohv % � / % � hw % � dssduwlhqqhqw ã ghv lqwhuydoohv frqqxv =

% � 5 d�c �o/ % � 5 d�c 2o hw % � 5 dec So1

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% � 1 Fh srlqw q*dssduwlhqw grqf sdv ã o*hqvhpeoh V ghv srlqwv uholìv sdu od frqwudlqwh txl

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ydoohv d�c �o hw d�c 2o1 Fhv ydohxuv qh yìul�dqw sdv od frqwudlqwh vrqw glwhv qrq frqvlvwdqwhv

ylv ã ylv gh od frqwudlqwh1

O*dojrulwkph srxu od surmhfwlrq gh frqwudlqwh v*ìfulw vrxv od iruph =

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sduwlhqw ã fh grpdlqh hw ã o*lqwhuydooh gh gìsduw/ grqf ã o*lqwhuvhfwlrq ghv ghx{ grpdlqhv1

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hw od uìwursursdjdwlrq1 Gdqv oh vhqv � od frqwudlqwh hvw surmhwìh vxu % � hw gdqv oh vhqv ��

vxu % � hw % � 1

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Iljxuh�614= Frqwudfwlrq vxlydqw xqh frqwudlqwh whuqdluh

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suìfìghqw sdyì/ od surmhfwlrq gh od frqwudlqwh vxu % � shuphw xqh uìgxfwlrq gh o*lqwhuydooh

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vxlyhqw od píph gìpdufkh1

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Frqwudlqwhv elqdluhv

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suìvhqwìhv fl0ghvvrxv =

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shuphw gh uhwurxyhu xqh frqwudlqwh ìjdolwì1

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4; FKDSLWUH 61 FRQWUDFWHXUV

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orssh gx sdyì d%o� d+o1 Dsuëv dyrlu wurxyì fhv srlqwv/ qrxv fkhufkrqv oh sdyì oh soxv shwlw

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Fhwwh píph frqwudlqwh qh shuphw sdv gh frqwudfwhu od yduldeoh % � 1 Hq h�hw % � dssduwlhqw

ã o*lqwhuydooh d��c �o/ % � dssduwlhqw ã o*lqwhuydooh dfc 2o/ grqf % � dssduwlhqw ã o*lqwhuvhfwlrq

d��c �o _ E2 � dfc 2o � �� ' d��c �o txl hvw oh grpdlqh lqlwldo srxu % � 1

Od suhplëuh frqwudlqwh qh shuphw doruv soxv gh frqwudfwhu oh sdyì d o1 Od ghx{lëph frqw0

udlqwh hvw grqf xwlolvìh vxu ohv grpdlqhv frqwudfwìv1

Od yduldeoh % � dssduwlhqw ã o*lqwhuydooh d��c �o hw yìul�h od frqwudlqwh % � ' %�� 1 Ru d% � o

�ds0

sduwlhqw ã o*lqwhuydooh dfc eo/ grqf % � dssduwlhqw ã od irlv ã o*lqwhuydooh d��c �o hw ã o*lqwhuydooh

dfc eo fh txl grqqh o*lqwhuvhfwlrq dfc �o1

Gh píph % � dssduwlhqw ã o*lqwhuydooh dfc 2o hw yìul�h od frqwudlqwh % � 's

% � 1 Ru d% � o 5 dfc �o

grqf od frqwudlqwh vh surmhwwh vxu % � 1 % � hvw frqwudfwì hq dfc 2o _ d�s

�cs

�o ' dfcs

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Hq uhsuhqdqw fkdtxh frqwudlqwh o*xqh dsuëv o*dxwuh/ od frqwudfwlrq v*h�hfwxh mxvtx*ã od

suìflvlrq gìvluìh1

55 FKDSLWUH 61 FRQWUDFWHXUV

Iljxuh�617= Gìfrxsdjh jìqìuì sdu oh vroyhxu vxlydqw ohv ghx{ frqwudlqwhv S � hw S �

Vxu od �jxuh 617/ ohv ghx{ frqwudlqwhv vrqw uhsuìvhqwìhv hq eodqf1

Oh surjudpph gh sursdjdwlrq ghv frqwudlqwhv hvw dssoltxì vxu oh grpdlqh lqlwldo d��c �o �

d��c �o1 Lo frqwudfwh fh grpdlqh vxlydqw od suhplëuh frqwudlqwh/ vxlydqw od ghx{lëph/ sxlv

uhsuhqg vxlydqw od suhplëuh/ od ghx{lëph111 wdqw txh od frqwudfwlrq hvw vljql�fdwlyh1

Od �jxuh 617 hvw grqf rewhqxh hw prqwuh od frqwudfwlrq vxlydqw od frqwudlqwh S � G % � ' %��

hq julv irqfì hw fhooh vxlydqw od frqwudlqwh S � G % � ' 2% � � � hq julv fodlu1 Fkdtxh }rqh

ìolplqìh dssdudlw grqf vrlw hq julv fodlu vrlw hq julv irqfì hq irqfwlrq gh od frqwudlqwh txl

d ìwì dssoltxìh1

Suhqrqv o*h{hpsoh ghv }rqhv hq julv irfì/ wrxv ohv srlqwv gh fhv }rqhv qh yìul�hqw sdv od

frqwudlqwh S � / lov vrqw grqf ìolplqìv1 Dxfxq srlqw gh od sduderoh q*hvw grqf gdqv fhv }rqhv1

Od }rqh dxwrxu gh od vroxwlrq qh idlw soxv dssdudñwuh ohv frxohxuv julv fodlu rx julv irqfì1

Oh qrlu txl ohv uhpsodfh hvw od frxohxu gx frqwrxu ghv sdyìv/ v|peroh g*xqh frqwudfwlrq

wuëv shwlwh1 Od sursdjdwlrq uìwursursdjdwlrq whqg srxu fhw h{hpsoh ã qh sdv frqwudfwhu

ohv sdyìv gh shwlwh wdlooh1

6151 QRWLRQ GH FRQWUDFWHXU 56

Dmrxw gh frqwudlqwhv g*xq dxwuh w|sh

Ohv frqwudlqwhv gh w|sh ìjdolwì vrqw gh od iruph =

uE � ' f +6147,

Fh w|sh gh frqwudlqwh hvw xwlolvì srxu wudqvphwwuh ohv frqwudlqwhv dx vroyhxu txh qrxv

xwlolvhurqv sdu od vxlwh1 Fhshqgdqw/ g*dxwuhv frqwudlqwhv gh w|sh lqìjdolwì vrqw sduirlv

qìfhvvdluhv1 Hoohv suhqqhqw sdu h{hpsoh od iruph =

uE � � f +6148,

Fh w|sh gh frqwudlqwhv shxw vh udphqhu ã od iruph 6147 sdu o*dmrxw gh yduldeohv vxssoì0

phqwdluhv1

Srxu fkdtxh frqwudlqwh gh 6148/ lo h{lvwh xqh uhodwlrq g*dssduwhqdqfh gh od iruph =

s � E � 5 dfc n4o +6149,

Fhwwh uhodwlrq shuphw g*lqwurgxluh doruv srxu fkdtxh frqwudlqwh xqh yduldeoh _ ' d�4c fo1

Od frqwudlqwh hvw grqf od vxlydqwh =

s � E � n _ ' f1 +614:,

Fhwwh qrxyhooh iruph hvw doruv frpsdwleoh dx{ frqwudlqwhv ìjdolwìv dffhswìhv sdu oh vroyhxu1

615 Qrwlrq gh frqwudfwhxu

Qrxv dyrqv gìwdlooì od sursdjdwlrq gh frqwudlqwhv pdlv fh q*hvw sdv od vhxoh whfkqltxh

txl shuphw gh uìgxluh oh grpdlqh gh uhfkhufkh1 Wrxwhv fhv whfkqltxhv rqw ghv sursulìwìv

frppxqhv tx*lo hvw lqwìuhvvdqw gh uhjurxshu gdqv od qrwlrq gh frqwudfwhxu1 Fhwwh qrwlrq

gh frqwudfwhxu d ìwì lqwurgxlwh gdqv oh olyuh Dssolhg Lqwhuydo Dqdo|vlv ^44`1

Sulqflsh

Oh sulqflsh gx frqwudfwhxu hvw g*djlu vxu xq sdyì gh LU�

srxu ìolplqhu ohv srlqwv qrq

frpsulv gdqv o*hqvhpeoh vroxwlrq uhfkhufkì1 Oh frqwudfwhxu uhwrxuqh doruv xq sdyì glplqxì

rx qrq sdu udssruw dx sdyì lqlwldo1

Vxu od �jxuh 618 o*hqvhpeoh ghv srlqwv gh V hvw o*hqvhpeoh ghv srlqwv vroxwlrqv gx sur0

eoëph1 Oh sdyì d o hvw oh grpdlqh gh uhfkhufkh1 O*hqvhpeoh vroxwlrq fruuhvsrqg grqf ã

o*lqwhuvhfwlrq V_d o1 Txdqg oh frqwudfwhxu F � djlw vxu d o lo uhwrxuqh oh sdyì d o glplqxì gh

57 FKDSLWUH 61 FRQWUDFWHXUV

Iljxuh�618= Looxvwudwlrq gh od qrwlrq gh frqwudfwhxu

od }rqh julv irqfì1 O*dssolfdwlrq g*xq ghx{lëph frqwudfwhxu F � ã fh qrxyhdx sdyì shuphw

g*rewhqlu oh sdyì plqlpdo/ uhfwdqjoh txl dssdudñw hq eodqf vxu od �jxuh1 Fh sdyì frqwlhqw

elhq wrxv ohv srlqwv gh V_d o1

Sursulìwì

Oh sdyì frqwudfwì hvw wrxmrxuv lqfox gdqv oh sdyì gh uhfkhufkh1 Fhwwh sursulìwì ghv frqw0

udfwhxuv hvw dsshoì frqwudfwdqfh =

;d o 5 LU�c FEd o� � d o +614;,

O*hqvhpeoh ghv srlqwv vroxwlrqv gx sdyì gh uhfkhufkh dssduwlhqw dx sdyì uìvxowdw gh od

frqwudfwlrq =

;d o 5 LU�c d o _ V �FEd o� +614<,

Hq jìqìudo qrxv qrxv lqwìuhvvrqv dx sdyì plqlpdo rü wrxwhv ohv vroxwlrqv fkhufkìhv vrqw

lqfoxhv1 Oh sulqflsh gh fhwwh uhfkhufkh hvw vlpsoh wdqw txh oh frqwudfwhxu qh wrpeh sdv

vxu xq srlqw �{h 6153/ oh frqwudfwhxu hvw ã qrxyhdx dssoltxì dx sdyì1 Od frqwudfwlrq hvw

hqfruh srvvleoh1

FEd o� ' d o +6153,

Oh frqwudfwhxu hvw grqf dsshoì soxvlhxuv irlv1 Fhv dsshov vxffhvvliv shxyhqw vh irupdolvhu

sdu o*rsìudwhxu gh frpsrvlwlrq1

F � F � F Ed o� ' F EF EF Ed o��� ' d o � � � +6154,

Lfl/ oh frqwudfwhxu hvw dsshooì wurlv irlv dydqw gh uhqyr|hu oh sdyì plqlpdo d o � � � hqfdgudqw

ohv vroxwlrqv1

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616 Sureoëphv hw dpìolrudwlrqv

61614 Eorfdjh vxu xq sdyì �{h

Ohv frqwudfwhxuv uìgxlvhqw ohv grpdlqhv pdlv eortxhqw sduirlv vxu ghv sdyìv �{hv dsshoìv

dxvvl srlqw �{h1 Oh frqwudfwhxu uìdolvh grqf o*ìjdolwì 61531

Srxu looxvwuhu/ suhqrqv ghx{ hqvhpeohv V � hw V � hw fkhufkrqv o*hqvhpeoh ghv srlqwv gh

o*lqwhuvhfwlrq gh fhv ghx{ hqvhpeohv1 Oh eorfdjh lqwhuylhqw srxu oh píph sdyì d o txl vxlw

ohv ìtxdwlrqv gx srlqw �{h =

F � � Ed o� ' d o +6155,

F � � Ed o� ' d o +6156,

Oh sdyì �{h hvw ylvleoh vxu od �jxuh 6191 Fkdtxh frwì gx sdyì frqwlhqw xq srlqw gh fkdtxh

hqvhpeoh/ vxu od �jxuh lov vrqw vxuoljqìv1 Txdqg oh frqwudfwhxu F � � hvw dssoltxì ã d o/ lo

q*| d dxfxq sdyì soxv shwlw txl shxw hqohyhu ghv srlqwv qrq frqvlwdqwv1 Gh od píph idêrq

oh ghx{lëph frqwudfwhxu F � � eortxh vxu fkdtxh idfh1

Iljxuh�619= Looxvwudwlrq g*xq sdyì �{h vxu ghx{ frqwudfwhxuv F � � hw F � �

Ohv frqwudfwhxuv vrqw grqf eortxìv gdqv fh fdv gh �jxuh1 Soxvlhxuv pìwkrghv shuphwwhqw

sduirlv gh uìvrxguh fh sureoëph1

61615 Dmrxw gh frqwudlqwhv uhgrqgdqwhv

O*dmrxw gh frqwudlqwh shuphw sduirlv g*dyrlu xqh frqwudfwlrq soxv shuirupdqwh1

Vl oh sureoëph sk|vltxh vxlw xq qrpeuh gh frqwudlqwhv uholdqw ohv yduldeohv/ fhv frqwudlqwhv

vx!vhqw ã fdudfwìulvhu oh sureoëph1 G*dxwuhv frqwudlqwhv uholdqw ohv yduldeohv qh grqqhqw

ulhq gdqv oh fdguh gx fdofxo fodvvltxh pdlv lfl hoohv shuphwwhqw gh uìgxluh ohv lqwhuydoohv1

Gh od píph idêrq/ ghv rsìudwlrqv dojìeultxhv vxu ohv frqwudlqwhv shxyhqw grqqhu gh qrx0

yhoohv frqwudlqwhv1 Sdu h{hpsoh/ oh udmrxw g*xqh frqwudlqwh vxssulpdqw xqh rffxuhqfh g*xqh

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yduldeoh shuphw gh uìgxluh oh sureoëph gh gìshqgdqfh1

Iljxuh�61:= Looxvwudwlrq gh od frqwudfwlrq vxlwh dx udmrxw g*xqh frqwudlqwh

O*h{hpsoh gx sdudjudskh suìfìghqw eortxdlw vxu oh sdyì �{h d o1 Vxu od �jxuh 61:/ o*dmrxw

g*xqh frqwudlqwh vrxv od iruph gh o*hqvhpeoh V � shuphw gh qrxyhdx xqh frqwudfwlrq1 Ohv

}rqhv hq julv irqfì vrqw ìolplqìhv juåfh ã od qrxyhooh frqwudlqwh1 Ohv frqwudfwhxuv olìv dx{

ghx{ suhplëuhv frqwudlqwhv F � � hw F � � / shxyhqw doruv gh qrxyhdx frqwudfwhu oh sdyì srxu

hqfdguhu dx plhx{ ohv vroxwlrqv gh o*hqvhpeoh V1

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ohv vroxwlrqv pdlv od frqwudfwlrq sdu udssruw dx sdyì lqlwldo d o hvw orlq g*íwuh qìjoljhdeoh1

61616 Pìwkrghv gh frqvlvwdqfhv

Xqh pìwkrgh gh frqvlvwdqfh hvw olìh ã od elvvhfwlrq gx sdyì gh �{h1

Od elvvhfwlrq gìfrxsh oh sdyì d o hq ghx{ dxwuhv sdyìv d o � hw d o � 1 Fh gìfrxsdjh v*h�hfwxh

vhorq o*lqwhuydooh oh soxv judqg gx sdyì1 Lo frxsh fhw lqwhuydooh hq ghx{ hw odlvvh wrxv ohv

dxwuhv lqfkdqjìv1

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F � ' F � � � F � � +6157,

Oh frqwudfwhxu hvw eortxì pdlv dsuëv xqh elvvhfwlrq 61; od frqwudfwlrq hvw gh qrxyhdx

srvvleoh1 Oh frqwudfwhxu hvw dssoltxì dx{ ghx{ sdyìv jìqìuìv sdu od elvvhfwlrq1 Oh suhplhu

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hq julv vxu od �jxuh1

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oh fdv rü od elvvhfwlrq gìfrxsh oh grpdlqh uhfkhufkì1 Gdqv fh fdv o*xqlrq ghv sdyìv grqqh

oh sdyì uìvxowdw1

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O*xwlolvdwlrq gh od elvvhfwlrq dssruwh gh qrxyhoohv frqwudfwlrqv pdlv vrq xwlolvdwlrq frþwh

hq whpsv gh fdofxo1 Ghv vwudwìjlhv gh elvvhfwlrqv shxyhqw doruv íwuh gìyhorssìhv1

617 Dojrulwkph Eudqfk dqg Erxqg

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oh gìfrxsdjh hvw h�hfwxì ã qrxyhdx/ vlqrq oh frqwudfwhxu grqqh xqh vroxwlrq rx gìprqwuh

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g*xqh sduderoh1 Ohv frqwudlqwhv vrqw ohv vxlydqwhv =

S � G �D%

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