Sigma 50-500mm f4-6.3 EX DG OS HSM Owner's manual

ƜƷƨƼƸŴǷǰȞȬȳǺǛƓᝰƍ൭ǊƍƨƩƖƋǓƕƱƏƝƟƍǇƢŵஜᛟଢ୿ǛƝችᛠ

ƷɥŴȬȳǺƷೞᏡŴદ˺ŴӕǓৢƍɥƷදॖໜǛദƠƘྸᚐƠƯŴϙჇજࢨǛƓಏƠǈƘ

ƩƞƍŵƳƓஜᛟଢ୿ƸŴӲǫȡȩဇσဇƱƳƬƯƓǓǇƢƷưŴ᪮ႸƴǑǓƝ̅ဇǫȡȩ

Ʒᛆ࢘ሖ৑ǛƓᛠǈƴƳǓŴƝ̅ဇǫȡȩƷᛟଢ୿ǋƋǘƤƯƝᚁƘƩƞƍŵƓᛠǈƴƳƬ

ƨƋƱƸŴٻЏƴ̬ሥƠƯƘƩƞƍŵ

ӲᢿỉӸᆅί׋



ὸ

Ἕἅὅ $) ဇỆếẟề

ƜƷȬȳǺƸŴȋǳȳᙌ $) ȬȳǺƴƓƚǔŴ* ǿǤȗᲢ዁ǓȪȳǰƷƳƍǿǤȗᲣƱӷሁ

ƷˁಮƴƳƬƯƍǇƢŵǫȡȩƱƷኵӳǘƤƴǑƬƯŴೞᏡƴСᨂƕưǔئӳƕƋǓǇƢŵ

ᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ୿ሁǛƝӋༀƘƩƞƍŵ

ἬὅἑἕἁἋ $) ဇỆếẟề

ƜƷȬȳǺƸŴȚȳǿȃǯǹᙌ $) ȬȳǺƴƓƚǔŴ)$- ǿǤȗᲢ዁ǓȪȳǰƷƳƍǿǤȗᲣ

ƱӷሁƷˁಮƴƳƬƯƍǇƢŵǫȡȩƱƷኵӳƤƴǑƬƯŴೞᏡƴСᨂƕưǔئӳƕƋǓǇ

ƢŵᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ୿ሁǛƝӋༀƘƩƞƍŵ

ἾὅἌỉბᏮ૾ඥ

ǫȡȩǁƷბᏮ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯბᏮƠƯƘƩƞƍŵ

ŦȞǦȳȈ᩿ƴƸ዁ǓᡲѣဇŴ$) ᡲѣဇƷᘺፗǍŴᩓൢ੗ໜሁƕƋǓǇƢŵǭǺǍ൲Ǖƕ

ƭƘƱᛚ˺ѣǍ૏ᨦƷҾ׆ƱƳǓǇƢƷưƝදॖƘƩƞƍŵ

ᩧЈỆếẟề

ᩧЈƷൿܭ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯŴ዁ǓǍǷȣȃǿȸᡮࡇሁǛǻȃȈƠ

ƯƘƩƞƍŵ

ἦὅἚӳỪẶểἌὊἱὅἂ

ƜƷȬȳǺƸŴȏǤȑȸǽȋȃǯȢȸǿȸ+60Ჩឬ᪦ඬȢȸǿȸ㪀Ǜ੔ဇƠŴᡆᡮƳǪȸȈ

ȕǩȸǫǹƱ˺ѣ᪦ƷᨊӊǛܱྵƠƯƍǇƢŵ㩷

ẎἉἂἰ $) ဇẆỿἶἠὅ $) ဇẏ

ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ $) ƴǻȃȈƠ

ǇƢᲢ׋ ᲣŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ 0 ƴǻ

ȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤǇƢŵ

ẎἝἅὅဇẆἬὅἑἕἁἋ $) ဇẆἏἝὊဇẏ

ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴǫȡȩǛ

ȢȸȉƴǻȃȈƠƯŴȬȳǺƷȕǩȸǫǹ

ȢȸȉЏǓ੭ƑǹǤȃȁǛ

ƴǻȃȈƠǇƢᲢ׋



ᲣŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸ

ǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ

ƴǻȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤǇƢŵ

ŦǫȡȩƷȕǩȸǫǹȢȸȉƷЏǓ੭ƑƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯƘƩƞƍŵ

ŦȋǳȳŴȚȳǿȃǯǹŴǽȋȸဇƸŴឬ᪦ඬȢȸǿȸƴݣࣖƠƨǫȡȩƱƷኵӳƤưǪ

ȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵឬ᪦ඬȢȸǿȸƴݣࣖƠƯƍƳƍǫȡȩƱƷኵӳƤư

ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓǇƢŵ

ŦƜƷȬȳǺƸŴ$) ƴǻȃȈƠƨǇǇưȞȋȥǢȫưƷȔȳȈᙀദǛƢǔƜƱǋӧᏡưƢŵ

ǫȡȩǛǷȳǰȫ $) ȢȸȉƴǻȃȈƠƯŴӳ໰ࢸŴǷȣȃǿȸȜǿȳǛҞ਀ƠƷǇǇư

ȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛᛦૢƠƯƘƩƞƍŵ

ŦȞȋȥǢȫưȔȳȈǛӳǘƤǔᨥƴƸŴႸႮƕĐᲢ໯ᨂᢒᲣƷˮፗưǋᢒ୎ƴȔȳȈƕ

ӳǘƳƍƜƱƕƋǓǇƢƷưŴȕǡǤȳȀȸưᄩᛐƠƳƕǒȔȳȈǛӳǘƤƯƘƩƞƍŵ

ẎἌ

Ἄ

Ὂἱὅἂẏ

ǺȸȠȪȳǰǛׅƠƯŴஇᢘƳನ׋ƴƳǔǑƏƴ໰ໜុᩉǛ٭҄ƞƤǇƢŵ

ἌὊἲἿἕἁἋỶἕἓ

ƜƷȬȳǺƸŴઃ࠘଺ƴᐯ᣻ưȬȳǺƕ˦ƼƯƠǇƏྵᝋǛ᧸ƙƜƱƕưƖǔŴǺȸȠȭȃ

ǯǹǤȃȁǛͳƑƯƍǇƢŵǺȸȠȪȳǰƷႸႮǛ  ƴӳǘƤŴǺȸȠȭȃǯǹǤȃȁǛ

/2&. ͨƴǹȩǤȉƠƯɦƞƍᲢ׋ Უŵજࢨ଺ƸǺȸȠȭȃǯǹǤȃȁǛ 81/2&. ͨƴ

ǹȩǤȉƠƯɦƞƍŵ

৖ốủᙀദೞᏡỆếẟề

ƜƷȬȳǺƸŴ৖ਤƪજࢨ଺Ʒ৖ȖȬǛ᠉ถƢǔŴ৖ƿǕᙀദೞᏡ 262SWLFDO 6WDELOL]HU

Ǜ઀᠍ƠƯƍǇƢŵ৖ƿǕᙀദೞᏡǛ̅ǘƳƍƱƖƱൔǂŴኖ  െǷȣȃǿȸᡮࡇǛ᡿Ƙ

ƠƯજࢨưƖǇƢŵ

26Ტ৖ƿǕᙀദೞᏡᲣǹǤȃȁǛ  ƴƠǇƢŵᲢ׋ ᲣǷȣȃǿȸȜǿȳǛҞ਀ƠƠŴȕǡ

ǤȳȀȸư΂ƕܤܭƠƯƍǔƷǛᄩᛐƠƯƔǒજࢨƠƯƘƩƞƍŵᲢҞ਀ƠƠƯƔǒ΂ƕܤ

ܭƢǔǇưŴኖᲫᅺƔƔǓǇƢŵᲣ්ƠજǓǛƢǔ଺Ƹ 26 ǹǤȃȁǛ  ƴƠǇƢŵᲢɥɦ૾

ӼƷ৖ƿǕƷǈᙀദƠǇƢŵᲣ

Ŧ৖ƿǕᙀദೞᏡƸŴᡫࠝƷ৖ਤƪજࢨƴƓƍƯဃơǔ৖ȖȬǛ᠉ถƞƤǔೞᏡưƢŵˌ

ɦƷவˑưƸŴ৖ƿǕᙀദƷјௐƕҗЎƴႆੱƞǕƳƍئӳƕƋǓǇƢŵ

ƒ ѣƍƯƍǔʈǓཋƔǒƷજࢨ ƒ ǫȡȩƷӼƖǛٻƖƘѣƔƠƳƕǒƷજࢨ

ŦˌɦƷவˑưƸŴ৖ƿǕᙀദೞᏡƸ̅ဇƠƳƍưƘƩƞƍŵ

ƒ ɤᏩሁưǫȡȩǛ׍ܭƠƯƷજࢨƒ ȐȫȖᲢᧈ଺᧓ᩧήᲣજࢨ

Ŧ৖ƿǕᙀദೞᏡƸŴǫȡȩƷᩓ൷ǛМဇƠƯ˺ѣƠǇƢŵᡫࠝƷȬȳǺǛ̅ဇƠƨئӳ

ƴൔǂŴજࢨӧᏡஜૠƕݲƳƘƳǓǇƢŵ৖ƿǕᙀദೞᏡǛ̅ဇƠƳƍƱƖƸŴᩓ൷Ʒ

ෞ᎔Ǜ᧸ƙƨǊŴ26 ǹǤȃȁǛ 2)) ƴƠƯƘƩƞƍŵ

ŦȬȳǺƷბᏮ଺ƸŴ26 ǹǤȃȁǛ 2)) ƴƠƯƔǒᘍƬƯƘƩƞƍŵ

ŦǷȣȃǿȸȜǿȳƔǒਦǛᩉƠƯǋŴǫȡȩƷᩧЈᚘƕƸƨǒƍƯƍǔ᧓ƸŴ৖ƿǕᙀ

ദೞᏡǋ˺ѣƠƯƍǇƢŵ˺ѣɶƴȬȳǺǛٳƠƨǓŴǫȡȩƷᩓ൷ǛӕǓЈƢƱŴȬ

ȳǺƷ૏ᨦƷҾ׆ƱƳǓǇƢŵ

ŦજࢨႺࢸǍǫȡȩƷϋᔺȕȩȃǷȥƷΪᩓ଺ƳƲƴŴȕǡǤȳȀȸ΂ƕੵǕǔƜƱƕƋ

ǓǇƢƕŴજࢨƴƸࢨ᪪ƋǓǇƤǜŵ

Ŧ৖ƿǕᙀദೞᏡƕ˺ѣɶŴȬȳǺǛٳƠƨǓǫȡȩƷᩓเǛЏƬƨƱƖŴȬȳǺǛਰǔ

ƱǫǿǫǿƱ᪦ƕƢǔئӳƕƋǓǇƢƕ૏ᨦưƸƋǓǇƤǜŵ

ŦǽȋȸŴȚȳǿȃǯǹဇƸŴȬȳǺϋȢȸǿȸƴǑǔ $) ᬝѣƕӧᏡƳȇǸǿȫǫȡȩƱ

ƷኵӳƤư৖ƿǕᙀദೞᏡǛ̅ဇưƖǇƢŵȬȳǺƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƸŴ

ǫȡȩƷ৖ƿǕᙀദೞᏡǛ 2)) ƴƠƯŴȬȳǺƷ 26 ǹǤȃȁǛ 21 ƴƠƯƘƩƞƍŵ

ǫȡȩƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƴƸŴȬȳǺƷ 26 ǹǤȃȁǛ 2)) ƴƠƯŴǫ

ȡȩƷ৖ƿǕᙀദೞᏡǛ 21 ƴƠƯƘƩƞƍŵ

ŦǳȋǫȟȎȫǿ'Ჩ6ZHHW 'Ŵǽȋȸ ưƝ̅ဇƷئӳŴજࢨࢸƸȬȳǺƷ 26

ǹǤȃȁǛ

2)) ƴƠƯƔǒǫȡȩƷᩓเǛ 2)) ƴƠƯƘƩƞƍŵǫȡȩƷᩓเǛέƴ

2))

ƴƢǔƱ

ȬȳǺϋƷ

ȦȋȃȈƕ׍ܭƞǕƣ

ǫǿǫǿ᪦ƕƢǔئӳƕƋǓǇƢŵ

Ŧȋǳȳ $) ဇƸŴɦᚡƷǫȡȩư৖ƿǕᙀദೞᏡƕ̅ဇưƖǇƢŵƦǕˌٳƷǫȡȩưƸ

৖ƿǕᙀദೞᏡƸ̅ဇưƖǇƤǜŵ26 ǹǤȃȁǛ 2)) ƴƠƯ̅ဇƠƯƘƩƞƍŵ

ȇǸǿȫɟაȬȕǫȡȩŴӏƼ )

è৖ƿǕᙀദೞᏡƕ̅ဇưƖǔǫȡȩƷஇૼऴإƸŴࡴᅈțȸȠȚȸǸƴƯƝᄩᛐƍƨƩƘ

ƔŴƝ̅ဇƷǫȡȩƷᛟଢ୿ǛƝӋༀƘƩƞƍŵ

ɤᏩࡈ

ɤᏩࡈƸ׍ܭȎȖǛǏǔǊǔƱŴ ࡇȕȪȸƴׅ᠃ƠǇƢƷưŴဒ᩿Ʒጏ್Ʒᛦራƕቇ

ҥƴưƖǇƢ׋ ŵ

ƜƷȬȳǺƸɤᏩࡈƷӕǓٳƠƕӧᏡưƢŵ৖ਤƪưƷજࢨǍઃ࠘଺ƴ̝МưƢŵ

 ɤᏩࡈƷ׍ܭȎȖǛǏǔǊŴɤᏩࡈƷਦ೅Ǜ Ť5(029( ƷˮፗƴӳǘƤǇƢŵᲢ׋ Უ

 ׋ ƷಮƴŴჵҮƷ૾ӼƴɤᏩࡈǛǇƬƢƙࡽƖ৷ƍƯɦƞƍŵ

ŦӕǓ˄ƚ૾ƸɤᏩࡈƷӕǓٳƠ૾ƱᡞƷ৖᪯ưᘍƬƯɦƞƍŵ

ŦბᏮƷ଺ˌٳƸɤᏩࡈƷਦ೅Ǜ Ť5(029( ƷˮፗƴӳǘƤƳƍưɦƞƍŵɤᏩࡈƔǒ

ȬȳǺƕٳǕᓳɦƷҾ׆ƱƳǓǇƢŵǇƨŴɧဇॖƴɤᏩࡈƕׅ᠃ƠƳƍǑƏƴŴᡫࠝ

Ƹ׍ܭȎȖǛƠƬƔǓዸǊƯƝ̅ဇɦƞƍŵ

ŦǫȡȩƴᘺბƠƨǇǇưŴɤᏩࡈƷӕǓٳƠƸưƖǇƤǜŵ

ἉἹἽἒὊἋἚἻἕἩ

ƜƷȬȳǺƸઃ࠘଺ƴ̝МƳǷȧȫȀȸǹȈȩȃȗǛӕǓ˄ƚǔƜƱƕưƖǇƢŵɤᏩࡈƷ

ǹȈȩȃȗӕǓ˄ƚ᣿φƴᲢ׋ ᲣƷಮƴǹȈȩȃȗǛᡫƠŴᄩܱƴӕǓ˄ƚƯƘƩƞƍŵ

இჺજࢨុᩉỆếẟề

ƜƷȬȳǺƸǺȸȠƷˮፗƴǑƬƯஇჺજࢨុᩉƕ٭҄ƠǇƢŵ׋ ƷಮƴŴȬȳǺᦟለ

ƴӲ໰ໜុᩉƴƓƚǔஇჺજࢨុᩉƱஇٻજࢨ̿ྙǛᅆƠƯƍǇƢŵ

׋ ± Ĭ ӲǺȸȠˮፗưƷஇჺજࢨុᩉǛᅆƠƯƍǇƢŵ

׋ ± ĭ ӲǺȸȠˮፗưƷஇٻજࢨ̿ྙǛᅆƠƯƍǇƢŵ

ἧἻἕἉἷજࢨ

ǫȡȩƷϋᔺȕȩȃǷȥƸŴȕȩȃǷȥƷήƕȬȳǺᦟለƴƞƑƗǒǕǔƨǊŴƝ̅ဇƴƳ

ǕǇƤǜŵ࣏ƣٳᢿȕȩȃǷȥǛ̅ဇƠƯƘƩƞƍŵ

ἘἾἅὅἢὊἑὊỆếẟề

ƜƷȬȳǺƸŴК٥ǓƷ

$32

ȆȬǳȳȐȸǿȸ

[(;'*

ƱƷኵӳƤư



̿Ტ

PP

)ᲣŴ$32 ȆȬǳȳȐȸǿȸ[(;'*ƱƷኵӳƤư  ̿ᲢPP)ᲣƷǺ

ȸȠȬȳǺƱƠƯ෇ဇưƖǇƢŵᲢƍƣǕǋȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓǇƢ

Უ

ŦɥᚡˌٳƷǳȳȐȸǿȸƸƝ̅ဇƴƳǕǇƤǜŵ

ŦȚȳǿȃǯǹ $) ဇƸŴȆȬǳȳȐȸǿȸǛƝ̅ဇƴƳǕǇƤǜŵ

ŦȇǸǿȫɟაȬȕǫȡȩƴƝ̅ဇƷئӳƸŴ'* ǿǤȗƷ̅ဇǛƓƢƢǊƠǇƢŵ

ŦȩǤȖȓȥȸƴǑǔǳȳȈȩǹȈ $) ೞᏡǛͳƑƨǫȡȩưƸŴȩǤȖȓȥȸ଺ƷǪȸȈ

ȕǩȸǫǹજࢨƕӧᏡưƢŵ

ἾὅἌἧὊἛ

ȬȳǺȕȸȉƸŴဒឋƴफࢨ᪪ǛɨƑǔஊܹήዴƷǫȃȈƴஊјưƢŵӕǓ˄ƚ૾ඥƸŴȬȳǺ

έᇢƴȬȳǺȕȸȉǛƸǊᡂǈŴ଺ᚘ૾ӼƴഥǇǔǇưׅƠƯᄩܱƴӕǓ˄ƚƯƘƩƞƍᲢ׋



Უŵ

Ŧ

ઃ࠘଺ƴƸŴȬȳǺȕȸȉǛᡞƞƴƸǊᡂǈŴ଺ᚘ૾ӼƴׅƠƯӕǓ˄ƚƕưƖǇƢᲢ׋



Უŵ

ἧỵἽἑὊ

Ŧဒ᩿ԗᡀƕƚǒǕǔऀǕƕƋǔƷưŴȕǣȫǿȸƸҾЩƱƠƯᲫ௏ư̅ဇƠƯƘƩƞƍŵ

Ŧ͞ήȕǣȫǿȸǛ̅ဇƢǔئӳƸŴό͞ήǿǤȗᲢǵȸǭȥȩȸ3/ᲣǛƝ̅ဇƘƩƞƍŵ

ἋἘἕἩἒỸὅἼὅἂPPĺPP

ƜƷȬȳǺƴƸ

PP

ࢲƷȕǣȫǿȸƕ̅ဇưƖǔǹȆȃȗȀǦȳȪȳǰƕ˄ޓƠƯƍǇƢ

Ტ׋  ķᲣŵȬȳǺέᇢƷȕǣȫǿȸƶơᢿƴӕǓ˄ƚƯ̅ဇƠƯƘƩƞƍŵ

ٟ$36& ǵǤǺજ΂እ܇ƷȇǸǿȫɟაȬȕǫȡȩưƷ̅ဇƴᨂǓǇƢŵPP ȕǣȫȠ

ɟაȬȕǫȡȩŴƓǑƼȕȫǵǤǺજ΂እ܇ƷȇǸǿȫɟაȬȕǫȡȩưƸŴဒ΂ƴǱ

ȩȬƕဃơǇƢƷư̅ဇưƖǇƤǜŵ

ٟ3/ ȕǣȫǿȸƸ̅ဇưƖǇƤǜŵӕǓٳƠƕưƖƳƘƳǔئӳƕƋǓǇƢŵ

ٟǹȆȃȗȀǦȳȪȳǰƕȬȳǺƔǒٳǕƳƍئӳŴɥ᩿Ɣǒ৖ƷƻǒǛ࢘ƯƯӒ଺ᚘ૾

ӼƴׅƠƯٳƠƯƘƩƞƍŵ

ٟǹȆȃȗȀǦȳȪȳǰᘺბ଺ƸŴ˄ޓƷȕȭȳȈǭȣȃȗƸ̅ဇưƖǇƤǜŵPP ࢲ

ƷȕȭȳȈǭȣȃȗǛКᡦƓᝰƍ൭ǊƘƩƞƍŵ

̬ሥẆӕৢɥỉදॖ

Ŧ฻ൢƸǫȓǍᥢƷҾ׆ƱƳǓǇƢŵᧈ஖᧓̅ဇƠƳƍئӳƸŴʑ༞дƱɟደƴ݅᧍ࣱƷ

ᑣƍܾ֥ƴλǕƯ̬ሥƠƯƘƩƞƍŵȊȕǿȪȳሁŴ᧸ᖓдƷƋǔئ৑ƴƸ̬ሥƠƳƍ

ưƘƩƞƍŵ

ŦȬȳǺ᩿ƴƸႺ੗ਦưᚑǕƳƍưƘƩƞƍŵǴȟǍ൲Ǖƕ˄ƍƨƱƖƴƸŴȖȭǢȸƔ

ȬȳǺȖȩǷưӕǓᨊƍƯƘƩƞƍŵਦƷួƳƲƸŴࠊᝤƷȬȳǺǯȪȸȊȸ෩ƱȬȳ

ǺǯȪȸȋȳǰȚȸȑȸư᠉ƘਚƍƯƘƩƞƍŵșȳǸȳŴǷȳȊȸሁƷஊೞ๋дƸዌ

ݣƴ̅ǘƳƍưƘƩƞƍŵ

ŦƜƷȬȳǺƸ᧸൦ನᡯưƸƋǓǇƤǜŵᩋټǍ൦ᡀưƷ̅ဇưƸŴ຤ǒƞƳƍǑƏƴද

ॖƠƯƘƩƞƍŵ൦ƕȬȳǺϋᢿƴλǓᡂǉƱŴٻƖƳ૏ᨦƷҾ׆ƱƳǓŴ̲ྸɧᏡƴ

ƳǔئӳƕƋǓǇƢŵ

Ŧ࣯ນƳภࡇ٭҄ƴǑǓŴȬȳǺϋᢿƴ൦๟ƕဃơǔƜƱƕƋǓǇƢŵ݊ƍދٳƔǒଡ଼Ɣ

ƍܴϋƴλǔƱƖƳƲƸŴǱȸǹǍȓȋȸȫᘥƴλǕŴԗ׊ƷภࡇƴƳơǇƤƯƔǒƝ

̅ဇƘƩƞƍŵ

Լឋ̬ᚰểỴἧἑὊἇὊἥἋỆếẟề

Լឋ̬ᚰƱǢȕǿȸǵȸȓǹƴ᧙ƠƯƸŴКኡƷż̬ᚰᙹܭŽǛƝӋༀƘƩƞƍŵ

ଐ

ஜ



ᛖ

ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕ᣻ͻǛ᝟ƏӧᏡࣱƕƋǓǇƢŵ

ŠȬȳǺǛ˄ƚƨǫȡȩưŴٽᨗǍࢍƍήเǛᙸǔƱŴᙻщᨦܹǛឪƜƢऀǕƕƋǓ

ǇƢŵཎƴȬȳǺҥ˳ưٽᨗǛႺ੗ᙸǔƱŴڂଢƷҾ׆ƱƳǓǇƢŵ

⼊๔

ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕᨦܹǛ᝟ƏƔŴཋႎ੷ܹƕႆဃƢǔӧᏡࣱƕƋǓǇƢŵ

ŠЭࢸƷǭȣȃȗǛƸƣƠƨǇǇȬȳǺǛ્ፗƢǔƱŴଐήƕƋƨƬƨئӳƴᨼήྵ

ᝋǛƓƜƠŴ້໎ƷҾ׆ƴƳǔئӳƕƋǓǇƢŵ

ŠȞǦȳȈᢿƸᙐᩃƳ࢟ཞǛƠƯƓǓǇƢƷưŴ৖ᒰƴৢƏƱࣴ঻ƷҾ׆ƱƳǓǇƢŵ

ŠɤᏩƸҗЎƴࢍࡇƷƋǔǋƷǛƝ̅ဇƘƩƞƍŵࢊƍǋƷǛƝ̅ဇƴƳǓǇƢƱŴ

᠃͂ƢǔऀǕƕƋǓǇƢŵ

ᵈᗧ

Ĵ ǺȸȠȭȃǯǹǤȃȁ

ĵ26 ǹǤȃȁ

Ķ ȬȳǺȕȸȉ

ķ ǹȆȃȗȀǦȳȪȳǰ

Ĭ ȕǣȫǿȸƶơ

ĭ ȕǩȸǫǹȪȳǰ

Į ᙀяႎុᩉႸႮ

į ਦ೅ዴ

İǺȸȠȪȳǰ

ı

ȕǩȸǫǹȢȸȉЏ੭ƑǹǤȃȁ

ĲȞǦȳȈ

ĳɤᏩࡈ

7KDQN \RX YHU\ PXFK IRU SXUFKDVLQJ D 6LJPD /HQV ,Q RUGHU WR JHW WKH PD[LPXP

SHUIRUPDQFH DQG HQMR\PHQW RXW RI \RXU 6LJPD OHQVSOHDVH UHDG WKLV LQVWUXFWLRQ ERRNOHW

WKRURXJKO\EHIRUH\RXVWDUWWRXVHWKHOHQV

'(6&5,37,212)7+(3$576ILJ

1,.21$)7<3(&$0(5$6

7KLVOHQVIXQFWLRQVLQWKHVDPHZD\DVD*7\SHDXWRIRFXV1LNRQOHQVZLWKRXWDQDSHUWXUH

ULQJ )XQFWLRQV PD\ EH UHVWULFWHG GHSHQGLQJ RQ WKH OHQVFDPHUD FRPELQDWLRQ )RU PRUH

GHWDLOVSOHDVHUHIHUWRWKHFDPHUD¶VLQVWUXFWLRQPDQXDO

3(17$;$)7<3(&$0(5$6

7KLV/HQVIXQFWLRQVVDPHDVD)$-7\SHW\SHZLWKRXW$SHUWXUHDXWRIRFXV3HQWD[OHQV

'HSHQGLQJRQWKHFRPELQDWLRQZLWKFDPHUDVRPHUHVWULFWLRQVZLWKLWVIXQFWLRQVPD\UHVXOW

)RUPRUHGHWDLOVSOHDVHUHIHUWRLQVWUXFWLRQPDQXDORIWKHFDPHUDLQXVHHWF

$77$&+,1*72&$0(5$%2'<

:KHQWKLVOHQVLVDWWDFKHGWRWKHFDPHUDERG\LWZLOODXWRPDWLFDOO\IXQFWLRQLQWKHVDPHZD\DV

WKHFDPHUDPDQXIDFWXUHU¶VOHQV3OHDVHUHIHUWRWKHLQVWUXFWLRQERRNOHWIRU\RXUFDPHUDERG\

Ŧ2Q WKH OHQV PRXQW VXUIDFH WKHUH DUH D QXPEHU RI FRXSOHUV DQG HOHFWULFDO FRQWDFWV 

3OHDVHNHHSWKHPFOHDQWRHQVXUHSURSHUFRQQHFWLRQ 

Ŧ

:KLOHFKDQJLQJWKHOHQVEHVXUHWRSODFHLWIURQWHQGGRZQWRDYRLGGDPDJLQJWKHUHDUPRXQW

6(77,1*7+((;32685(02'(

7KH6LJPDOHQVIXQFWLRQVDXWRPDWLFDOO\RQFHDWWDFKHGWRWKHFDPHUD  3OHDVHUHIHUWRWKH

FDPHUDLQVWUXFWLRQERRN

)2&86,1*$1'=220,1*

7KLVOHQVIHDWXUHV6LJPD¶VEXLOWLQ+\SHU6RQLF0RWRU+60  7KH+60HQDEOHVTXLFNDQG

TXLHWDXWRIRFXVLQJ

䇶

6,*0$$)DQG&$121$)

䇷

)RUDXWRIRFXVRSHUDWLRQVHWWKHIRFXVPRGHVZLWFKRQWKHOHQVWRWKH³$)´SRVLWLRQILJ,I

\RXZLVKWRIRFXVPDQXDOO\VHWWKHIRFXVPRGHVZLWFKRQWKHOHQVWRWKH³0´SRVLWLRQ<RX

FDQDGMXVWWKHIRFXVE\WXUQLQJWKHIRFXVULQJ

䇶

1,.21$)3(17$;$)DQG621<

䇷

)RUDXWRIRFXVRSHUDWLRQVHWWKHFDPHUDWR$)PRGHDQGVHWWKHIRFXVPRGHVZLWFKRQWKH

OHQVWRWKH³$)´SRVLWLRQILJ,I\RXZLVKWRIRFXVPDQXDOO\VHWWKHIRFXVPRGHVZLWFKRQ

WKHOHQVWRWKH³0´SRVLWLRQ<RXFDQDGMXVWWKHIRFXVE\WXUQLQJWKHIRFXVULQJ

Ŧ3OHDVH UHIHU WR FDPHUD¶V LQVWUXFWLRQ PDQXDO IRU GHWDLOV RQ FKDQJLQJ WKH FDPHUD¶V

IRFXVLQJPRGH

Ŧ)RU1LNRQ3HQWD[DQG6RQ\PRXQWVLWLVRQO\SRVVLEOHWRXVH$) ZLWKFDPHUDERGLHV

ZKLFKVXSSRUWPRWRUVGULYHQE\XOWUDVRQLFZDYHVVXFKDV+60  $)ZLOOQRWIXQFWLRQLI

WKHFDPHUDERG\GRHVQRWVXSSRUWWKLVW\SHRIPRWRU

Ŧ7KLVOHQVDOVRSHUPLWVPDQXDOIRFXVLQJHYHQLQWKHDXWRIRFXVPRGH  :LWKWKHFDPHUD

VHWWRWKH2QH6KRW $)$)6PRGHLWLVSRVVLEOHWRPDQXDOO\RYHUULGHWKHDXWRIRFXV

ZKLOHWKHVKXWWHUUHOHDVHEXWWRQLVSUHVVHGKDOIZD\

Ŧ:KHQRSHUDWLQJWKLVOHQVLQPDQXDOIRFXVPRGHLWLVUHFRPPHQGHGWKDWFRUUHFWIRFXVEH

FRQILUPHG YLVXDOO\ LQ WKH YLHZILQGHU UDWKHU WKDQ UHO\LQJ RQWKH GLVWDQFH VFDOH  7KLV LV

GXHWRSRVVLEOHIRFXVVKLIWUHVXOWLQJIURPH[WUHPHFKDQJHVLQWHPSHUDWXUHZKLFKFDXVH

YDULRXVFRPSRQHQWVLQWKHOHQVWRH[SDQGDQGFRQWUDFW  6SHFLDODOORZDQFHLVPDGHIRU

WKLVDWWKHLQILQLW\VHWWLQJ

ż=RRPLQJŽ

5RWDWHWKH5XEEHUJULSRQWKH]RRPULQJWRWKHGHVLUHGSRVLWLRQ

=220/2&.6:,7&+

7KLVOHQV LVDOVRHTXLSSHGZLWK =RRP/RFN6ZLWFKWR HOLPLQDWHWKH]RRPFUHHS ZKHQWKH

OHQVLVWLOWHGGRZQ3OHDVHVHW]RRPLQJULQJWRPPDQGVHWWKH]RRPORFNVZLWFKWRWKH

³/2&.´ SRVLWLRQ ILJ KRZHYHU SOHDVH VOLGH WKH OHQV WR WKH ³81/2&.´ SRVLWLRQ IURP

³/2&.´SRVLWLRQEHIRUHWDNLQJWKHSLFWXUH

$%28726237,&$/67$%,/,=(5)($785(6

7KLV 26 2SWLFDO 6WDELOL]HU OHQV HIIHFWLYHO\ FRPSHQVDWHV IRU LPDJH EOXUULQJ FDXVHG E\

FDPHUDVKDNH

:LWK WKLV OHQV \RX FDQ WDNH SLFWXUHV DW VKXWWHU VSHHGV DSSUR[  VWHSV VORZHU WKDQ \RX

FRXOGZLWKRXWXVLQJWKH26IXQFWLRQRIWKLVOHQVDQGFDQJHWVKDUSUHVXOWV

6HWWKH26Ტ2SWLFDO6WDELOL]HUᲣVZLWFKWR0RGH ILJ3UHVVWKHVKXWWHUEXWWRQKDOIZD\

GRZQ FRQILUP WKH LPDJH LQ WKH YLHZILQGHU LV VWDEOH WKHQ WDNH WKH SLFWXUH ,W WDNHV

DSSUR[LPDWHO\  VHFRQG WR SURGXFH D VWDEOH LPDJH DIWHU SUHVVLQJ WKH VKXWWHU EXWWRQ

KDOIZD\0RGHGHWHFWVWKHYHUWLFDOFDPHUDVKDNHDQGRYHUFRPHVEOXUULQJ,WLVHIIHFWLYH

RQVXEMHFWVPRYLQJKRUL]RQWDOWRWKHFDPHUD

Ŧ7KH EOXUULQJ FRPSHQVDWLRQ IXQFWLRQ RI 2SWLFDO 6WDELOL]HU LV HIIHFWLYH IRU KDQGKHOG

VKRRWLQJ,QWKHIROORZLQJFRQGLWLRQV2SWLFDO6WDELOL]HUPD\QRWIXQFWLRQSURSHUO\

ƒ6KRWVIURPWKHDPRYLQJYHKLFOH    ƒ,IWKHUHLVDFRQVLGHUDEOHFDPHUDPRWLRQRUVKDNH

Ŧ3OHDVHGRQRWXVH2SWLFDO6WDELOL]HULQWKHIROORZLQJVLWXDWLRQV

ƒ:KHQWKHOHQVLVPRXQWHGRQDWULSRG   ƒ%XOEORQJWLPHH[SRVXUH

Ŧ2SWLFDO6WDELOL]HUIXQFWLRQLVSRZHUHGIURPWKHFDPHUD,IWKH26OHQVLVDWWDFKHGWR\RXU

FDPHUD DQG DFWLYDWHG VKRRWLQJ FDSDFLW\ RI \RXU FDPHUD ZLOO EH ORZHU WKDQ ZLWK

FRQYHQWLRQDOOHQVHVXVHGZLWKWKHVDPHFDPHUD,I\RXDUHQRWXVLQJ2SWLFDO6WDELOL]HU

SOHDVHWXUQ2))WKH26VZLWFKLQRUGHUWRSUHYHQWFRQVXPSWLRQRIDEDWWHU\

Ŧ%HVXUHWRWXUQRI26VZLWFKWR2))SRVLWLRQEHIRUHDWWDFKLQJRUGHWDFKLQJWKHOHQVWR

WKHFDPHUD 

Ŧ7KH2SWLFDO6WDELOL]HUFRQWLQXHVWRRSHUDWHDIWHU\RXUHOHDVH\RXUILQJHUIURPWKHVKXWWHU

EXWWRQDV ORQJ DVWKHH[SRVXUHPHWHUGLVSOD\VWKH H[SRVXUH YDOXH1HYHUUHPRYHWKH

OHQVRU UHPRYH WKH FDPHUD¶VEDWWHU\ ZKLOH WKH LPDJH VWDELOL]HULVRSHUDWLQJ \RX FRXOG

GDPDJHWKHOHQV

Ŧ$OWKRXJKWKHYLHZILQGHULPDJHPD\DSSHDUWR VKDNH LPPHGLDWHO\ DIWHUVKRRWLQJDQG DW

WKHVWDUWRIWKHIODVKFKDUJHF\FOHRIWKHEXLOWLQIODVKRIWKHFDPHUDHWFLWZLOOQRWFDXVH

DQ\HIIHFWRQSLFWXUHV

Ŧ,IWKHFDPHUDSRZHULVWXUQHGRIIRUOHQVLVGHWDFKHGZKLOHWKH2SWLFDO6WDELOL]HUIXQFWLRQ

LVLQRSHUDWLRQWKHOHQVPD\HPLWDFKDWWHULQJQRLVHEXWWKLVLVQRWDPDOIXQFWLRQ

Ŧ)RU6RQ\DQG3HQWD[PRXQWVLWLVRQO\SRVVLEOHWRXVHWKH26IXQFWLRQLQFRUSRUDWHGLQ

WKLVOHQVZLWKFDPHUDERGLHVZKLFKVXSSRUWPRWRUVGULYHQE\XOWUDVRQLFZDYHVVXFKDV

+60  :KHQXVLQJWKH26IXQFWLRQSOHDVHWXUQRIIWKHRSWLFDOVWDELOL]HUIXQFWLRQRIWKH

FDPHUDERG\DQGVHWWKH26VZLWFKRIWKHOHQVWR21  :KHQXVLQJWKHFDPHUD¶VRSWLFDO

VWDELOL]HUIXQFWLRQSOHDVH VHW WKH 26VZLWFK RI WKH OHQV WR 2))DQGWXUQWKH FDPHUD¶V

RSWLFDOVWDELOL]HUIXQFWLRQRQ

2SWLFDO6WDELOL]HU IHDWXUH FDQ ZRUN ZLWK WKH 1LNRQ $) FDPHUDV VKRZQ LQ WKH IROORZLQJ

WDEOH:KHQ XVLQJ WKLV OHQV ZLWK RWKHUFDPHUD PRGHOV QRW OLVWHGLQWKH IROORZLQJ WDEOH

SOHDVHVHWWKH26 6ZLWFKWR2))SRVLWLRQWRFDQFHOWKH2SWLFDO6WDELOL]HUIXQFWLRQ

'LJLWDO6/5&DPHUDVDQG)

è)URPRXUKRPHSDJH\RXFDQFKHFNWKHODWHVWLQIRUPDWLRQUHJDUGLQJWKHFDPHUDPRGHOV

ZKLFKFDQEHXVHGZLWK2SWLFDO6WDELOL]HUIXQFWLRQ 

75,32'62&.(7$1'&2//$5

7KLVOHQVLVHTXLSSHGZLWKDWULSRGVRFNHW  :KHQ\RXORRVHQWKHORFNLQJNQRERQWKHFROODU

WKHOHQVDQGFDPHUDFDQURWDWHIUHHO\WRHDVLO\SRVLWLRQWKHFDPHUDKRUL]RQWDOO\RUYHUWLFDOO\

ILJ

+2:725(029(7+(75,32'&2//$5

,W LV SRVVLEOH WR UHPRYH WKH OHQV¶ WULSRG VRFNHW IRU PRUH FRQYHQLHQW KDQGKHOG

SKRWRJUDSK\LIGHVLUHG7RGRVRILUVWORRVHQWKHWULSRGFROODUORFNLQJNQREDQGDOLJQWKH

LQGH[PDUNRIWKHFROODUZLWKWKHź5(029(SRVLWLRQILJ

7KHQSXOOWKHWULSRGFROODUVWUDLJKWEDFNDVVKRZQLQ)LJUHPRYLQJWKHFROODU

Ŧ:KHQ\RXZLVKWRUHDWWDFKWKHWULSRGFROODUWR WKHOHQVSOHDVHUHYHUVH WKH SURFHGXUH

DERYH

Ŧ3OHDVH GR QRW VHW WKH WULSRG FROODU WR WKH ź5(029( SRVLWLRQ H[FHSW ZKHQ \RX DUH

UHPRYLQJRUDWWDFKLQJWKHWULSRGFROODUDVWKHOHQVPD\LQDGYHUWHQWO\GHWDFKIURPWKH

FROODUDQGIDOO  $OVRSOHDVHUHPHPEHU WRWLJKWHQWKHORFNLQJNQREWR SUHYHQWWKHOHQV

IURPURWDWLQJXQLQWHQWLRQDOO\

Ŧ:KHQWKHOHQVLVPRXQWHGRQWKHFDPHUDWKHWULSRGFROODUFDQQRWEHUHPRYHGIURPWKH

OHQV

6+28/'(5675$3

3OHDVHDWWDFKWKHVKRXOGHUVWUDSWRWKHVOLQJDVGHVFULEHGLQILJXUH

0,1,080)2&86,1*',67$1&(

7KHPLQLPXPIRFXVLQJGLVWDQFHRIWKLVOHQVFKDQJHVZLWKUHVSHFWWR]RRPLQJSRVLWLRQ

ILJĬ  6KRZV0LQLPXP)RFXVLQJ'LVWDQFHDWHDFKIRFDOOHQJWK

ILJĭ  6KRZV0D[LPXP0DJQLILFDWLRQ5DWLRDWHDFKIRFDOOHQJWK

)/$6+3+272*5$3+<

7KHFDPHUD¶VEXLOWLQIODVKZLOOFDXVHEDUUHOVKDGRZLIXVHGZLWKWKLVOHQV)RUEHVWUHVXOWV

SOHDVHRQO\XVHDQH[WHUQDOIODVKXQLW

$%2877(/(&219(57(56

7KH OHQV FDQ EH XVHG ZLWK 6LJPD¶V [ (; RU [ (; $SR 7HOH &RQYHUWHUV RSWLRQDO

EHFRPLQJ D PP ) WHOHSKRWR ]RRP OHQV RU D PP ) WHOHSKRWR

]RRPOHQVUHVSHFWLYHO\ ᲢERWKFDQEHXVHGLQPDQXDOIRFXVRQO\Უ

Ŧ'RQRWXVHRWKHUPDQXIDFWXUHUV¶WHOHFRQYHUWHU¶VRQO\WKRVHOLVWHGDERYHDUHFRPSDWLEOH

Ŧ7KH3HQWD[PRXQW7HOH&RQYHUWHULVQRWFRPSDWLEOHZLWKWKLVSDUWLFXODUOHQV

Ŧ:HUHFRPPHQGWKH'*$327HOH&RQYHUWHUVZKHQXVLQJZLWK'6/5FDPHUDV

Ŧ,WLVSRVVLEOHWRXVHDXWRIRFXVLQ/LYH9LHZLIWKHFDPHUDLVLQ³FRQWUDVWGHWHFW´$)PRGH

/(16+22'

$ ED\RQHW W\SH GHWDFKDEOH CKRRG LV SURYLGHG ZLWK WKH OHQV  7KLV OHQV KRRG KHOSV WR

SUHYHQWIODUH DQGJKRVWHGLPDJHVFDXVHGE\H[WUDQHRXV OLJKW  $WWDFKWKH KRRG DQGWXUQ

FORFNZLVHXQWLOLWVWRSVURWDWLQJILJ

Ŧ,Q RUGHU WR SODFH WKH OHQV DQG KRRG LQWR WKH VWRUDJH FDVH \RX PXVW ILUVW UHPRYH WKH

KRRGWKHQUHSODFHLWRQWKHOHQVLQWKHUHYHUVHSRVLWLRQILJ

),/7(5

Ŧ2QO\ RQH ILOWHU VKRXOG EH XVHG DW D WLPH  7ZR RU PRUH ILOWHUV DQGRU VSHFLDO WKLFNHU

ILOWHUVVXFKDVDSRODUL]LQJILOWHUPD\FDXVHYLJQHWWLQJ

Ŧ:KHQXVLQJDSRODUL]LQJILOWHUZLWKDQ$)FDPHUDXVHWKH³FLUFXODU´W\SH

67(3'2:15,1*PPĺPP

$VWHS GRZQULQJLVVXSSOLHG ZLWKWKLVOHQV  ,W LVSRVVLEOHWRXVH DQPPILOWHU ZLWK WKLV

OHQVE\ WKHDWWDFKLQJWKLV VWHSGRZQULQJ  3OHDVHDWWDFK WKHVWHSGRZQULQJWRWKHWLS RI

OHQVERG\

,W LV RQO\ SRVVLEOH WR XVH WKLV VWHS GRZQ ULQJ ZKHQ XVHG ZLWK GLJLWDO FDPHUDV ZLWK DQ

$36&VL]HLPDJHVHQVRU  9LJQHWWLQJZLOORFFXULIWKHVWHSGRZQULQJLVXVHGZLWKGLJLWDO

FDPHUDVZLWKLPDJHVHQVRUVODUJHUWKDQ$36&VL]H

3OHDVHGRQRWDWWDFKD3RODUL]LQJILOWHUWRWKLVVWHSGRZQULQJ  ,I\RXDWWDFKD3RODUL]LQJ

ILOWHU\RXPD\QRWEHDEOHWRUHPRYHLWIURPWKHOHQVDJDLQ

,IWKHVWHSGRZQULQJFDQQRWEHUHPRYHGIURPWKHOHQVSOHDVHSXWWKHSDOPRI\RXUKDQG

RQWKHULQJDQGWXUQLWDQWLFORFNZLVH

:KHQWKHVWHSGRZQULQJLVDWWDFKHGWRWKHOHQVLWLVQRWSRVVLEOHWRDWWDFKWKHVXSSOLHG

IURQWOHQVFDS  3OHDVHSXUFKDVHDQPPIURQWFDS

%$6,&&$5($1'6725$*(

Ŧ$YRLGDQ\VKRFNVRUH[SRVXUHWRH[WUHPHKLJKRUORZWHPSHUDWXUHVRUWRKXPLGLW\

Ŧ)RUH[WHQGHGVWRUDJHFKRRVHDFRRODQGGU\SODFHSUHIHUDEO\ZLWKJRRGYHQWLODWLRQ7R

DYRLGGDPDJHWRWKHOHQVFRDWLQJNHHSDZD\IURPPRWKEDOOVRUQDSKWKDOHQHJDV

Ŧ'R QRW XVH WKLQQHU EHQ]LQH RU RWKHU RUJDQLF FOHDQLQJ DJHQWV WR UHPRYH GLUW RU ILQJHU

SULQWV IURP WKH OHQV HOHPHQWV  &OHDQ E\ XVLQJ D VRIW PRLVWHQHG OHQV FORWK RU OHQV

WLVVXH

Ŧ7KLV OHQVLV QRW ZDWHUSURRI  :KHQ XVLQJ WKH OHQVLQWKH UDLQ RUQHDU ZDWHUSUHYHQW LW

IURPJHWWLQJZHW  ,WLVRIWHQLPSUDFWLFDOWRUHSDLUWKHLQWHUQDOPHFKDQLVPOHQVHOHPHQWV

DQGHOHFWULFFRPSRQHQWVGDPDJHGE\ZDWHU

Ŧ6XGGHQWHPSHUDWXUHFKDQJHVPD\FDXVHFRQGHQVDWLRQRUIRJWRDSSHDURQWKHVXUIDFH

RIWKHOHQV  :KHQHQWHULQJDZDUPURRPIURPWKHFROGRXWGRRUVLWLVDGYLVDEOHWRNHHS

WKHOHQVLQWKHFDVHXQWLOWKHWHPSHUDWXUHRIWKHOHQVDSSURDFKHVURRPWHPSHUDWXUH

(1*/,6+

Ĵ=RRP/RFN6ZLWFK

ĵ266ZLWFK

Ķ/HQV+RRG

ķ6WHS'RZQ5LQJ

Ĭ)LOWHU$WWDFKPHQW7KUHDG

ĭ)RFXV5LQJ

Į'LVWDQFH6FDOH

į)RFXV,QGH[/LQH

İ=RRP5LQJ

ı)RFXV0RGH6ZLWFK

Ĳ0RXQW

ĳ7ULSRG6RFNHW

:LUGDQNHQ,KQHQIUGDV9HUWUDXHQGDV6LHXQVPLW GHP.DXIGLHVHV6,*0$3URGXNWHV

HUZLHVHQKDEHQ%LWWHOHVHQ6LHVLFKGLHVH$QOHLWXQJYRUGHUHUVWHQ%HQXW]XQJGHV*HUlWHV

DXIPHUNVDPGXUFK

%(6&+5(,%8581*'(57(,/($EE

.$0(5$69207<31,.21$)

'LHVHV2EMHNWLYIXQNWLRQLHUW JHQDX VR ZLH HLQ 1LNRQ$)2EMHNWLYGHVÄ*7\SV³7\SRKQH

%OHQGHQULQJ $EKlQJLJ YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU .DPHUD N|QQHQ HLQLJH

)XQNWLRQVHLQVFKUlQNXQJHQDXIWUHWHQ:HLWHUH,QIRUPDWLRQHQKLHUEHUVFKODJHQ6LHELWWHLQ

GHU%HGLHQXQJVDQOHLWXQJGHUYHUZHQGHWHQ.DPHUDQDFK

.$0(5$69207<33(17$;$)

'LHVHV 2EMHNWLY IXQNWLRQLHUW JHQDX VR ZLH HLQ 3(17$;$)2EMHNWLY GHV Ä)$- 7\SV³ 7\S

RKQH %OHQGHQULQJ $EKlQJLJ YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU .DPHUD N|QQHQ

HLQLJH )XQNWLRQVHLQVFKUlQNXQJHQ DXIWUHWHQ :HLWHUH ,QIRUPDWLRQHQ KLHUEHU VFKODJHQ 6LH

ELWWHLQGHU%HGLHQXQJVDQOHLWXQJGHUYHUZHQGHWHQ.DPHUDQDFK

$16(7=(1$1'$6.$0(5$*(+b86(

$Q GLH .DPHUD DQJHVHW]W IXQNWLRQLHUW GLHVHV 2EMHNWLY JHQDXVR DXWRPDWLVFK ZLH OKU

1RUPDOREMHNWLY(LQ]HOKHLWHQKLHUEHUILQGHQ6LHLQGHU%HGLHQXQJVDQOHLWXQJ]XU.DPHUD

Ŧ+DOWHQ 6LH GLH .RQWDNWH XQG .XSSOXQJVHOHPHQWH DP 2EMHNWLYDQVFKOX VWHWV VDXEHU 

6WHOOHQ 6LH GDV *HUlW ] %VS EHLP 2EMHNWLYZHFKVHO JUXQGVlW]OLFK QLFKW DXI GHU

.RQWDNWOHLVWHDEXPHLQH%HVFKlGLJXQJGHU.XSSOXQJVHOHPHQWH]XYHUPHLGHQ

(,167(//(1'(5%(75,(%6$57

'DV6,*0$2EMHNWLYVWHOOWQDFKGHP$QVHW]HQDQGLH.DPHUDDOOH)XQNWLRQHQDXWRPDWLVFK

]XU9HUIJXQJ(LQ]HOKHLWHQHQWQHKPHQ6LHELWWHGHU*HEUDXFKVDQOHLWXQJGHU.DPHUD

(,167(//81*9216&+b5)(81'%5(11:(,7(

'LHVHV 2EMHNWLY YHUIJW EHU HLQHQ HLQJHEDXWHQ6,*0$+\SHU 6RQLF 0RWRU +60  'HU

+60HUP|JOLFKWGLHVFKQHOOHXQGOHLVHDXWRPDWLVFKH6FKDUIHLQVWHOOXQJ

䇶

6,*0$$)XQG&$121$)

䇷

)UGLHDXWRPDWLVFKH6FKDUIHLQVWHOOXQJVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXI

GLH³$)´3RVLWLRQ$EE 6ROOWHQ 6LH GLH6FKlUIH PDQXHOO HLQVWHOOHQ ZROOHQ VFKDOWHQ 6LH

GHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXIGLH³0´3RVLWLRQ6LHN|QQHQGLH6FKlUIHQXQGXUFK

'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ

䇶

1,.21$)3(17$;$)XQG621<

䇷

)U GLH DXWRPDWLVFKH 6FKDUIHLQVWHOOXQJ VFKDOWHQ 6LH GLH .DPHUD LQ GHQ $)%HWULHE XQG

VFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXIGLH³$)´3RVLWLRQ$EE6ROOWHQ6LH

GLH6FKlUIHPDQXHOOHLQVWHOOHQZROOHQVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXI

GLH³

´3RVLWLRQ6LHN|QQHQGLH6FKlUIHQXQGXUFK'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ

Ŧ+LQZHLVH ]XP :HFKVHO GHU )RNXVVLHUEHWULHEVDUW GHU .DPHUD HQWQHKPHQ 6LH ELWWH GHU

%HGLHQXQJVDQOHLWXQJGHU.DPHUD

Ŧ%HL1LNRQ3HQWD[XQG6RQ\$QVFKOVVHQNDQQGHU$XWRIRNXVQXUPLW.DPHUDVEHQXW]W

ZHUGHQ GLH 8OWUDVFKDOOPRWRUHQ ZLH GLH +60 XQWHUVWW]HQ 'HU $XWRIRNXV ZLUG QLFKW

IXQNWLRQLHUHQZHQQGLH.DPHUDGLHVH$UWYRQ0RWRUHQQLFKWXQWHUVWW]W

Ŧ'LHVHV 2EMHNWLY NDQQ DXFK PDQXHOO VFKDUIJHVWHOOW ZHUGHQ ZlKUHQG GLH $)%HWULHEVDUW

HLQJHVWHOOWLVW:HQQGLH.DPHUDDXI(LQ]HOELOG$)HLQJHVWHOOWLVWN|QQHQ6LHQDFKGHP

GDV2EMHNWLYYRQGHU $XWRPDWLN VFKDUIJHVWHOOWZXUGHXQG ]XP 6WLOOVWDQGJHNRPPHQ LVW

GLH6FKlUIHGXUFK'UHKHQDP)RNXVVLHUULQJPDQXHOOHLQVWHOOHQ'HU$XVO|VHUPXKLHUEHL

KDOEGXUFKJHGUFNWEOHLEHQ

Ŧ%HLPDQXHOOHU)RNXVVLHUXQJVROOWHGLH6FKlUIHDXIGHU0DWWVFKHLEHHLQJHVWHOOWZHUGHQGD

GXUFK 7HPSHUDWXUVFKZDQNXQJHQ $EZHLFKXQJHQ YRQ GHU (QWIHUQXQJVVNDOD DXIWUHWHQ

N|QQHQ  'LHVJLOWLQVEHVRQGHUHIUGLH8QHQGOLFK(LQVWHOOXQJ

ż%5(11:(,7(1(,167(//81*Ž

'XUFK'UHKHQGHV=RRPULQJHVZLUGGLH%UHQQZHLWHHLQJHVWHOOW

=220/2&.6&+$/7(5

'DV 2EMHNWLY LVW PLW HLQHP =RRP /RFN6FKDOWHU DXVJHVWDWWHW XP GDV Ä.ULHFKHQ³ GLH

VHOEVWlQGLJH%HZHJXQJGHV=RRPULQJVEHLQDFKXQWHQJHKDOWHQHP2EMHNWLY]XYHUKLQGHUQ

6WHOOHQ 6LH GHQ =RRPULQJ DXI PP XQG EULQJHQ 6LH GHQ =RRP /RFN6FKDOWHU LQ GLH

3RVLWLRQÄ/2&.³$EE%ULQJHQ6LHGHQ=RRP/RFN6FKDOWHUDEHUZLHGHULQGLH3RVLWLRQ

Ä81/2&.³EHYRU6LHHLQH$XIQDKPHPDFKHQ

h%(526237,&$/67$%,/,=(50(5.0$/(

'LHVHV 26 2SWLFDO 6WDELOL]HU 2EMHNWLY NRPSHQVLHUW HUIROJUHLFK GLH 8QVFKlUIH LQ ,KUHQ

%LOGHUQGLH GXUFK 9HUZDFNOXQJGHU.DPHUD ZlKUHQG GHU $XIQDKPH HQWVWHKW 0LW GLHVHP

2EMHNWLYN|QQHQ6LH$XIQDKPHQPLWELV]X6WXIHQOlQJHUHQ9HUVFKOX]HLWHQDOVRKQHGHQ

(LQVDW]GHU26)XQNWLRQP|JOLFKDQIHUWLJHQXQGHUKDOWHQGHQQRFKVFKDUIH(UJHEQLVVH

6WHOOHQ6LHGHQ26

Ტ

2SWLFDO6WDELOL]HU

Უ

6FKDOWHUDXI0RGXV$EE'UFNHQ6LHGHQ$XVO|VHUKDOE

GXUFKYHUJHZLVVHUQ6LHVLFKGDGDV%LOGLP6XFKHUVWDELOVWHKWXQGGUFNHQGHQ$XVO|VHU]XU

$QIHUWLJXQJGHU$XIQDKPHJDQ]GXUFK(VGDXHUWFD6HNXQGHXPQDFKGHP$QGUFNHQGHV

$XVO|VHUVHLQVWDELOHV%LOG]XHU]HXJHQ0RGXVHUNHQQWGLHYHUWLNDOH%HZHJXQJGHU.DPHUD

XQGYHUKLQGHUWGLHVH9HUZDFNOXQJ'LHVHU0RGXVHPSILHKOWVLFKEHLVLFKEHZHJHQGHQ0RWLYHQ

'LH.RPSHQVLHUXQJGHU9HUZDFNOXQJVXQVFKlUIHGXUFKGHQ2SWLFDO6WDELOL]HULVWVSH]LHOOIU

$XIQDKPHQDXVGHUIUHLHQ+DQGHQWZLFNHOW8QWHUGHQIROJHQGHQ%HGLQJXQJHQN|QQWHGHU

2SWLFDO6WDELOL]HUHYHQWXHOOQLFKWHLQZDQGIUHLDUEHLWHQ

ƒ$XIQDKPHQDXVHLQHPIDKUHQGHQ)DKU]HXJ

ƒ,P)DOOHHLQHUHUKHEOLFKHQ%HZHJXQJRGHU(UVFKWWHUXQJGHU.DPHUD

Ŧ%LWWHEHQXW]HQ6LHLQGHQIROJHQGHQ6LWXDWLRQHQGHQ2SWLFDO6WDELOL]HUQLFKW

ƒZHQQGDV2EMHNWLYDXIHLQHP6WDWLYPRQWLHUWLVW

ƒEHL%XOE$XIQDKPHQ/DQJ]HLWEHOLFKWXQJ

Ŧ'LH)XQNWLRQGHV2SWLFDO6WDELOL]HUVZLUGYRQGHU.DPHUDPLW6WURPYHUVRUJW:HQQGDV

26 2EMHNWLY DQ ,KUHU .DPHUD DQJHVFKORVVHQ XQG DNWLYLHUW LVW YHUULQJHUW VLFK GLH

$XIQDKPHNDSD]LWlW GHU .DPHUD LP 9HUJOHLFK ]X GHP (LQVDW] PLW NRQYHQWLRQHOOHQ

2EMHNWLYHQ6RIHUQ6LHGHQ2SWLFDO6WDELOL]HUQLFKWEHQ|WLJHQVWHOOHQ6LHGHQ266FKDOWHU

ELWWHDXI2))XPGHQ%DWWHULHYHUEUDXFK]XUHGX]LHUHQ

Ŧ9HUJHZLVVHUQ6LHVLFKGDGHU266FKDOWHUDXI2))VWHKWEHYRU6LH,KU2EMHNWLYDQGLH

.DPHUDDQVHW]HQRGHUYRQGHU.DPHUDDEQHKPHQ 

Ŧ

'HU2SWLFDO6WDELOL]HUEOHLEWDXFKQDFKGHP6LHGHQ)LQJHUYRQGHP$XVO|VHUJHQRPPHQKDEHQ

VRODQJH DNWLYLHUW ZLH GHU %HOLFKWXQJVPHVVHU GLH %HOLFKWXQJVGDWHQ DQ]HLJW 1HKPHQ 6LH

QLHPDOVGDV 2EMHNWLYYRQGHU .DPHUD RGHUHQWIHUQHQ6LHGLH%DWWHULHQ GHU .DPHUDZlKUHQG

GHU2SWLFDO6WDELOL]HUQRFKDNWLYLHUWLVW6LHN|QQHQGDV2EMHNWLYKLHUGXUFKEHVFKlGLJHQ

Ŧ2EZRKO GDV 6XFKHUELOG GLUHNW QDFK GHU $XIQDKPH XQG ]X %HJLQQ GHV $XIODGHQV GHV

HLQJHEDXWHQ%OLW]JHUlWHVZDFNHOQN|QQWHKDWGLHVNHLQHQ(LQIOXDXI,KUH%LOGHU 

Ŧ

)DOOVGLH.DPHUDDXVJHVFKDOWHWZLUGZlKUHQGGLH2SWLFDO6WDELOL]HU)XQNWLRQQRFKDNWLYLVWNDQQ

GDV2EMHNWLYHLQVFKQDWWHUQGHV*HUlXVFKYHUXUVDFKHQZDVMHGRFKNHLQH)HKOIXQNWLRQGDUVWHOOW

Ŧ'LHREMHNWLYHLJHQH26)XQNWLRQVWHKWEHL2EMHNWLYHQPLW6RQ\XQG3HQWD[DQVFKOXVVQXU

GDQQ ]XU 9HUIJXQJ ZHQQ VLH DQ .DPHUDJHKlXVHQ HLQJHVHW]W ZHUGHQGLHGHQ

HLQJHEDXWHQ 0RWRU LP 2EMHNWLY ZLH +60 XQWHUVWW]HQ :HQQ GLH REMHNWLYHLJHQH 26

)XQNWLRQHLQJHVHW]WZLUGVFKDOWHQ6LHELWWHGLH6WDELOL]HU)XQNWLRQGHU.DPHUDDXVXQGGHQ

266FKDOWHUDP2EMHNWLYDXI21:HQQGLHNDPHUDHLJHQH6WDELOL]HU)XQNWLRQHLQJHVHW]W

ZLUGVFKDOWHQ6LHVLHDQGHU.DPHUDHLQXQGGHQ266FKDOWHUDP2EMHNWLYDXI2))

Ŧ'LH2SWLFDO6WDELOL]HU)XQNWLRQNDQQPLWGHQLQGHUQDFKIROJHQGHQ7DEHOOHDXIJHOLVWHWHQ

1LNRQ$).DPHUDVJHQXW]WZHUGHQ:HQQGDV2EMHNWLYDQHLQHPDQGHUHQ.DPHUDPRGHOO

EHQXW]WZLUGGDVQLFKWLQGHU/LVWHDXIJHIKUWZLUGVWHOOHQ6LHGHQ266FKDOWHUELWWHDXI

2))XPGLH26)XQNWLRQ]XGHDNWLYLHUHQ

'LJLWDOH6/5.DPHUDVXQG)

%LWWHYHUJHZLVVHUQ6LHVLFKEHUGLHDNWXHOOHQ,QIRUPDWLRQHQEH]JOLFKGHU.DPHUDPRGHOOH

DQGHQHQGHU2SWLFDO6WDELOL]HUJHQXW]WZHUGHQNDQQDXIXQVHUHU+RPHSDJH

6WDWLYDQVFKOX

'DV2EMHNWLYLVWPLWHLQHP6WDWLYVRFNHOYHUVHKHQ  :HQQ6LHGHQ)HVWVWHOONQRSIO|VHQOlW

VLFK GDV 2EMHNWLY IUHL LP 5LQJ GHV 6WDWLYVRFNHOV GUHKHQ 'DGXUFK LVW HV P|JOLFK GLH

.DPHUDH[DNWIU+RFKRGHU4XHUIRUPDWDXIQDKPHQDXV]XULFKWHQ$EE

$%1(+0(1'(567$7,96&+(//(

)DOOVJHZQVFKWNDQQGLH6WDWLYVFKHOOHYRP2EMHNWLYJHO|VWZHUGHQXPHLQHEHTXHPHUH

+DQGKDEXQJEHLP)RWRJUDILHUHQDXVGHUIUHLHQ+DQG]XHUUHLFKHQ+LHU]XO|VHQ6LHELWWH

]XHUVW GLH $UUHWLHUVFKUDXEH GHU 6WDWLYVFKHOOH XQG EULQJHQ GLH ,QGH[0DUNLHUXQJ GHU

6FKHOOHPLWGHUÄź5(029(³  3RVLWLRQ]XU'HFNXQJ$EE

'DQDFK ]LHKHQ 6LH GLH 6FKHOOH JHUDGH QDFK KLQWHQ 5LFKWXQJ .DPHUDDQVFKOXVV YRP

2EMHNWLYDEZLHLQ$EELOGXQJGDUJHVWHOOW

Ŧ:HQQ 6LH GLH 6WDWLYVFKHOOH ZLHGHU DQEULQJHQ P|FKWHQ JHKHQ 6LH ELWWH LQ GHU

XPJHNHKUWHQ5HLKHQIROJHZLHREHQEHVFKULHEHQYRU

Ŧ%LWWH VWHOOHQ 6LH GLH 6WDWLYVFKHOOH DXVVFKOLHOLFK ]XU 'H XQG 0RQWDJH DXI GLH

Äź5(029(³ 3RVLWLRQ GD VLFK DQGHUQIDOOV GDV 2EMHNWLY YHUVHKHQWOLFK YRQ GHU 6FKHOOH

O|VHQ XQG VWU]HQ N|QQWH %LWWH GHQNHQ 6LH LPPHU GDUDQ GLH $UUHWLHUVFKUDXEH GHU

6WDWLYVFKHOOHZLHGHUDQ]X]LHKHQXPHLQXQEHDEVLFKWLJWHV9HUGUHKHQGHV2EMHNWLYHV]X

YHUKLQGHUQ

Ŧ:lKUHQG GDV 2EMHNWLY DQ GHU .DPHUD PRQWLHUW LVW OlVVW VLFK GLH 6WDWLYVFKHOOH QLFKW YRP

2EMHNWLYDEQHKPHQ

75$*(5,(0(1

%LWWH EHIHVWLJHQ 6LH GHQ 7UDJHULHPHQ VR DQ GHQ gVHQ GHV 2EMHNWLYV ZLH HV LQ $EE 

JH]HLJWZLUG

1$+(,167(//*5(1=(

'LH 1DKHLQVWHOOJUHQ]H GLHVHV 2EMHNWLYV YHUlQGHUW VLFK LQ %H]LHKXQJ ]XU JHZlKOWHQ

%UHQQZHLWH

$EEĬ  =HLJWGLH1DKHLQVWHOOJUHQ]HGHUMHZHLOVHLQJHVWHOOWHQ%UHQQZHLWH

$EEĭ  =HLJWGHQJU|VVWHQ$EELOGXQJVPDVVVWDEGHUMHZHLOVHLQJHVWHOOWHQ%UHQQZHLWH

%/,7=)272*5$),(

,QWHUQHU %OLW] GHU .DPHUD ZLUG HLQHQ UXQGHQ 6FKDWWHQ YHUXUVDFKHQ 9HUZHQGHQ 6LH QLFKW

GHQLQWHUQHQ.DPHUDEOLW]PLWGLHVHP2EMHNWLYELWWHQXUH[WHUQHV%OLW]JHUlWYHUZHQGHQ 

h%(57(/(.219(57(5

'DV2EMHNWLYNDQQYHUZHQGHWZHUGHQPLW6LJPD[(;RGHU[(;$SR7HOH.RQYHUWHU

RSWLRQDO UHVXOWLHUHQG ]XP PP ) 7HOH]RRP 2EMHNWLY UHVSHNWLYH HLQHP

PP)7HOH]RRP2EMHNWLYGLHEHLGHPDQXHOOIRNXVVLHUWZHUGHQPVVHQ

Ŧ9HUZHQGHQ6LHNHLQHDQGHUHQ2EMHNWLYHDOVGLH2EHQDXIJHOLVWHWHQ

Ŧ'HU6LJPD7HOHNRQYHUWHUPLW3HQWD[$QVFKOXLVWPLWGLHVHP2EMHNWLYQLFKWNRPSDWLEHO

Ŧ:LU HPSIHKOHQ GLH '* 9HUVLRQ GHU $32 7HOHNRQYHUWHU ]X YHUZHQGHQ VRIHUQ '6/5

.DPHUDVHLQJHVHW]WZHUGHQ

Ŧ'HU $XWRIRNXV VWHKW LP /LYH 9LHZ ]XU 9HUIJXQJ ZHQQ GLH .DPHUDLP$)0RGXV

.RQWUDVWYHUJOHLFKEHWULHEHQZLUG

*(*(1/,&+7%/(1'(

'DV2EMHNWLYZLUGPLWHLQHUDEQHKPEDUHQ %DMRQHWW*HJHQOLFKWEOHQGHJHOLHIHUW 'LHVH KLOIW

6WUHXOLFKW XQG 5HIOH[H ]X YHUPHLGHQ ZLH VLH GXUFK VWDUNHV VHLWOLFK HLQIDOOHQGHV /LFKW

HQWVWHKHQ N|QQHQ 2ULHQWLHUHQ 6LH VLFK EHLP $QEULQJHQ GHU *HJHQOLFKWEOHQGH DQ GHQ

DXIJHGUXFNWHQ0DUNLHUXQJHQXQGDFKWHQ6LHGDUDXIGDGLH%OHQGHNRUUHNWHLQUDVWHW$EE

Ŧ=XP 7UDQVSRUW RGHU ]XU $XIEHZDKUXQJ GHV 2EMHNWLYHV NDQQ GLH *HJHQOLFKWEOHQGH

DEJHQRPPHQXQGXPJHVWOSWDXIJHVHW]WZHUGHQ$EE

),/7(5

Ŧ%HL(LQVDW]YRQ3ROILOWHUQYHUZHQGHQ6LHDQHLQHU$XWRIRNXVNDPHUDELWWHDXVVFKOLHOLFK

=LUNXODU3ROILOWHU %HLP (LQVDW] HLQHV /LQHDU3ROILOWHUV N|QQHQ VLFK EHL $XWRIRNXV XQG

%HOLFKWXQJVDXWRPDWLN(LQVWHOOIHKOHUHUJHEHQ

Ŧ9HUZHQGHQ 6LH JUXQGVlW]OLFK QXU HLQ )LOWHU =ZHL RGHU PHKU )LOWHU JOHLFK]HLWLJ E]Z

VWlUNHUH 6SH]LDOILOWHU ² ]% 3RODULVDWLRQVILOWHU RGHU VROFKH PLW EHVRQGHUV KRKHU

)LOWHUIDVVXQJ²N|QQHQ]X9LJQHWWLHUXQJHQYHUXUVDFKHQ

5('8=,(55,1*PPĺPP

=XP /LHIHUXPIDQJ GHV 2EMHNWLYV JHK|UW HLQ 5HGX]LHUULQJ 0LW GLHVHP 5HGX]LHUULQJ NDQQ

)LOWHU PLW PP DQ GLHVHP 2EMHNWLY YHUZHQGHW ZHUGHQ 'HU 5HGX]LHUULQJ ZLUG LQ GDV

)LOWHUJHZLQGHGHV2EMHNWLYVJHVFKUDXEW  

Ŧ'HU5HGX]LHUULQJNDQQQXULQ9HUELQGXQJPLW.DPHUDVPLW$36&%LOGVHQVRUYHUZHQGHW

ZHUGHQ$Q.DPHUDVPLWJU|HUHP%LOGVHQVRUDOV$36&)RUPDWN|QQHQ9LJQHWWLHUXQJHQ

LP%LOGDXIWUHWHQ

Ŧ%LWWH VFKUDXEHQ 6LH NHLQHQ 3RODULVDWLRQVILOWHU LQ GHQ 5HGX]LHUULQJ GD 6LH LKQ XQWHU

8PVWlQGHQQLFKWPHKUYRP2EMHNWLYHQWIHUQHQN|QQHQ

Ŧ)DOOV GHU 5HGX]LHUULQJ QLFKW PHKU YRP 2EMHNWLY HQWIHUQW ZHUGHQ NDQQ OHJHQ 6LH ,KUH

+DQGIOlFKHDXIGHQ5LQJXQGGUHKHQLKQVRHQWJHJHQGHV8KU]HLJHUVLQQV

Ŧ:HQQ GHU 5HGX]LHUULQJ LQ GDV 2EMHNWLY HLQJHVFKUDXEW LVW NDQQ GHU PLWJHOLHIHUWH

)URQWGHFNHOQLFKWPHKUHLQJHVHW]WZHUGHQ%LWWHYHUZHQGHQ6LHKLHUIUHLQHQ)URQWGHFNHO

LQGHU*U|HPP

3)/(*(81'$8)%(:$+581*

Ŧ6HW]HQ6LHGDV2EMHNWLYQLFKWKDUWHQ6W|HQH[WUHPKRKHQE]ZQLHGULJHQ7HPSHUDWXUHQ

RGHUKRKHU/XIWIHXFKWLJNHLWDXV

Ŧ:lKOHQ6LHIUOlQJHUH/DJHUXQJHLQHQNKOHQ WURFNHQHQXQGP|JOLFKVWJXWEHOIWHWHQ

2UW 9HUPHLGHQ 6LH GLH /DJHUXQJ LQ GHU 1lKH YRQ &KHPLNDOLHQ GHUHQ 'lPSIH GLH

9HUJWXQJDQJUHLIHQN|QQWHQ

Ŧ9HUZHQGHQ 6LH ]XU (QWIHUQXQJ YRQ 6FKPXW] RGHU )LQJHUDEGUFNHQ DXI *ODVIOlFKHQ

NHLQHVIDOOV 9HUGQQHU %HQ]LQ RGHU DQGHUH RUJDQLVFKH 5HLQLJXQJVPLWWHO VRQGHUQ HLQ

VDXEHUHVIHXFKWHV2SWLN5HLQLJXQJVWXFKRGHU2SWLN5HLQLJXQJVSDSLHU

Ŧ'DV2EMHNWLY LVWQLFKW ZDVVHUJHVFKW]W 6RUJHQ 6LH GHVKDOE EHL$XIQDKPHQ LP 5HJHQ

RGHULQGHU1lKHYRQ:DVVHUIUDXVUHLFKHQGHQ6FKXW]'LH5HSDUDWXUHLQHV2EMHNWLYHV

PLW:DVVHUVFKDGHQLVWKlXILJQLFKWP|JOLFK

Ŧ7HPSHUDWXUVFKRFNV N|QQHQ ]XP %HVFKODJHQ GHV 2EMHNWLYHV XQG VHLQHU *ODVIOlFKHQ

IKUHQ %HLP :HFKVHO DXV GHU .lOWH LQ HLQ JHKHL]WHV =LPPHU HPSILHKOW HV VLFK GDV

2EMHNWLY VRODQJH LP .|FKHU RGHU GHU )RWRWDVFKH ]X EHODVVHQ ELV HV GLH

=LPPHUWHPSHUDWXUDQJHQRPPHQKDW

'(876&+

 )LOWHUJHZLQGH

 (QWIHUQXQJVULQJ

 (QWIHUQXQJVVNDOD

 (LQVWHOOLQGH[

 %UHQQZHLWHQULQJ

 )RNXVVLHUVFKDOWHU

 $QVFKOX

 6WDWLYDQVFKOX

 =RRP/RFN6FKDOWHU

 266FKDOWHU

 /HQV+RRG

 5HGX]LHUULQJ

1RXVYRXVUHPHUFLRQVG¶DYRLUFKRLVLXQREMHFWLI6,*0$3RXUHQWLUHUOHPHLOOHXUSURILWHWOH

SOXVJUDQGSODLVLUQRXVYRXVFRQVHLOORQVGHOLUHDWWHQWLYHPHQWOHPRGHG¶HPSORLDYDQWWRXWH

XWLOLVDWLRQ

'(6&5,37,21'(6(/(0(176ILJ

3285/(6%2,7,(561,.21$) 

&HWREMHFWLIHVWGpSRXUYXGHEDJXHGHGLDSKUDJPHFRPPHOHVREMHFWLIVDXWRIRFXV1LNRQGH

W\SH*&HUWDLQHVUHVWULFWLRQVGHIRQFWLRQQDOLWpVRQWSRVVLEOHVHQIRQFWLRQGXERvWLHUXWLOLVp

3RXUSOXVGHGpWDLOVYHXLOOH]YRXVUHSRUWHUDXPRGHGHPSORLGXERvWLHU

3285/(6%2,7,(563(17$;$) 

&HWREMHFWLIHVWGpSRXUYXGHEDJXHGHGLDSKUDJPHFRPPHOHVREMHFWLIVDXWRIRFXV3(17$;

GHW\SH)$- &HUWDLQHV UHVWULFWLRQV GHIRQFWLRQQDOLWp VRQW SRVVLEOHV HQ IRQFWLRQGXERvWLHU

XWLOLVp3RXUSOXVGHGpWDLOVYHXLOOH]YRXVUHSRUWHUDXPRGHGHPSORLGXERvWLHU

),;$7,21685/¶$33$5(,/

/RUVTXH O¶REMHFWLI HVW IL[p VXU OH ERvWLHU OHV DXWRPDWLVPHV IRQFWLRQQHQW FRPPH DYHF YRV

REMHFWLIVKDELWXHOV&RQVXOWH]pYHQWXHOOHPHQWOHPRGHG¶HPSORLGHO¶DSSDUHLO

6XU OD PRQWXUH VH WURXYHQW SOXVLHXUV FRQWDFWV pOHFWULTXHV HW pOHFWURQLTXHV *DUGH]OHV

ELHQSURSUHVSRXUJDUDQWLUXQERQIRQFWLRQQHPHQW1HSRVH]MDPDLVO¶REMHFWLIVXUVDEDVH

DUULqUHSRXUpYLWHUG¶HQGRPPDJHUFHVpOpPHQWV

5(*/$*('86<67(0('¶(;326,7,21

&HWREMHFWLI6LJPDIRQFWLRQQHDXWRPDWLTXHPHQWGqVTX¶LOHVWPRQWpVXUOHERvWLHU  9HXLOOH]

YRXVUHSRUWHUDXPRGHGHPSORLGH,¶DSSDUHLO

0,6($832,17(7=220,1*

&HWREMHFWLI HVW pTXLSp GH ODPRWRULVDWLRQ jKDXWH IUpTXHQFH 6LJPD ³+\SHU6RQLF 0RWRU´

+60  (OOHUHQGODPLVHDXSRLQWDXWRPDWLTXHUDSLGHHWVLOHQFLHXVH 

䇶

6,*0$$)HW&$121$)

䇷

3RXUXQHPLVHDXSRLQWDXWRPDWLTXHSODFH]OHVpOHFWHXUGHPLVHDXSRLQWHQSRVLWLRQ³$)´

ILJ 3RXU XQHPLVH DX SRLQW PDQXHOOH SODFH] OH VpOHFWHXU HQ SRVLWLRQ ³0´ SRVLWLRQ HW

DMXVWH]OHSRLQWHQWRXUQDQWODEDJXHGHPLVHDXSRLQW 

䇶

1,.21$)3(17$;$)HW621<

䇷

3RXUXQHPLVHDXSRLQWDXWRPDWLTXHPHWWH]OHERvWLHUHQPRGH$)HWSODFH]OHVpOHFWHXUGH

PLVHDXSRLQWHQSRVLWLRQ³$)´ILJ3RXUXQHPLVHDXSRLQWPDQXHOOHSODFH]OHVpOHFWHXU

HQSRVLWLRQ³0´SRVLWLRQHWDMXVWH]OHSRLQWHQWRXUQDQWODEDJXHGHPLVHDXSRLQW

9HXLOOH]YRXVUpIpUHUDXPRGHGHPSORLGXERvWLHUSRXUFKDQJHUOHPRGHGHPLVHDXSRLQW

GHODSSDUHLO

'DQVOHVYHUVLRQVSRXU1LNRQ3HQWD[HW6RQ\ODPLVHDXSRLQW$)QHVWSRVVLEOHTXDYHF

OHVERvWLHUV SHUPHWWDQWGDFWLYHUXQPRWHXUjRQGHVXOWUDVRQLTXHGX W\SHGHFHOXLGH OD

PRWRULVDWLRQ+60/$)HVWLQGLVSRQLEOHDYHFOHVDXWUHVERvWLHUV

&HWREMHFWLISHUPHWODPLVHDXSRLQWPDQXHOOHPrPHHQPRGHDXWRIRFXV$YHFO¶DSSDUHLO

HQPRGHGHPLVHDXSRLQWVSRW21(6+27$)6YRXVSRXYH]UHWRXFKHUODPLVHDX

SRLQW PDQXHOOHPHQW DSUqV TXH O¶REMHFWLI DLW IDLW OD PLVH DX SRLQW DXWRPDWLTXHPHQW HQ

PDLQWHQDQWOHGpFOHQFKHXUHQFOHQFKpjPLFRXUVH

(Q FDV G¶XWLOLVDWLRQ GH FHW REMHFWLI HQ PLVH DX SRLQW PDQXHOOH LO HVW UHFRPPDQGp GH

YpULILHUODTXDOLWpGHODPLVHDXSRLQWjSDUWLUGXYLVHXU(QHIIHWGHVpFDUWVLPSRUWDQWVGH

WHPSpUDWXUH SHXYHQW SURYRTXHUGHOpJqUHV PRGLILFDWLRQVGHV FRPSRVDQWV LQWHPHV TXL

IRQWYDULHUODSRVLWLRQGHODPLVHDXSRLQW8QHWROpUDQFHSDUWLFXOLqUHHVWSUpYXHjFHWHIIHW

HQSRVLWLRQLQILQL

䇶

㩷

=RRPLQJ 䇷

7RXUQH]ODEDJXHGH]RRPVXUODSRVLWLRQYRXOXH

&856(85'(9e528,//$*('8=220

&HWREMHFWLIHVWpTXLSpG¶XQFXUVHXUGHYHUURXLOODJHGX]RRPHQSRVLWLRQPPSRXUpYLWHU

TXHOHEORFDYDQWQHVHGpSODFHORUVTXHOH]RRPHVWRULHQWpYHUVOHEDV

3ODFH]ODEDJXHGH]RRPVXUPPHWSODFH]DORUVOHFXUVHXUGHYHUURXLOODJHHQSRVLWLRQ

)21&7,211(0(17'867$%,/,6$7(85237,48(26

237,&$/67$%,/,=(5

&HWREMHFWLIGLVSRVHGXV\VWqPHGHVWDELOLVDWLRQRSWLTXH6LJPD262SWLFDO 6WDELOL]HUTXL

pYLWH OHV ULVTXHV GH IORX OLpV DX[ PRXYHPHQWV GX ERvWLHU ORUV GH OD SULVH GH YXH  9RXV

SRXYH]DYHFFHWREMHFWLISUHQGUHGHVSKRWRVjGHVYLWHVVHV SOXVOHQWHV GHQYLURQTXDWUH

YDOHXUV TXH FHOOHV XWLOLVDEOHV VDQV OH VWDELOLVDWHXU WRXW HQ REWHQDQW GHV LPDJHV

SDUIDLWHPHQWQHWWHV 

3ODFH] OH FXUVHXU 26 VXU OH 0RGH  )LJ $SSX\H] j PLFRXUVH VXU OH GpFOHQFKHXU

YpULILH]ODVWDELOLWpGHOLPDJHGDQVOHYLVHXUHWSUHQH]ODSKRWRODVWDELOLVDWLRQGHOLPDJH

HVW REWHQXH HQYLURQ  VHFRQGH DSUqV TXH OH GpFOHQFKHXU D pWp DFWLYp /H 0RGH  TXL

GpWHFWH HW FRUULJH H[FOXVLYHPHQW OHV PRXYHPHQWV YHUWLFDX[ HVW XWLOH SRXU SKRWRJUDSKLHU

GHVVXMHWVHQGpSODFHPHQW

/DIRQFWLRQ GHFRPSHQVDWLRQGHVPRXYHPHQWVGXVWDELOLVDWHXURSWLTXH26 HVWHIILFDFH

SRXU OHV SULVHV GH YXH j PDLQ OHYpH 'DQV FHUWDLQHV FRQGLWLRQV SDUWLFXOLqUHV OH

VWDELOLVDWHXUSHXWQHSDVrWUHSOHLQHPHQWHIILFDFH 

ƒ3ULVHVGHYXHVGHSXLVXQYpKLFXOHHQGpSODFHPHQW  ƒ0RXYHPHQWVRXVHFRXVVHVWUqVLPSRUWDQWV

/HVWDELOLVDWHXURSWLTXH26QHGRLWSDVrWUHHPSOR\pGDQVOHVFDVVXLYDQWV 

ƒVLOREMHFWLIHVWPRQWpVXUXQWUpSLHG    ƒHQSRVH%ORQJXHGXUpHGH[SRVLWLRQ

/D IRQFWLRQ GH VWDELOLVDWLRQ RSWLTXH 26 HVW DOLPHQWpH pOHFWULTXHPHQW SDU OH ERvWLHU 6L

OREMHFWLIHVWPRQWpVXUYRWUHERvWLHUHWODVWDELOLVDWLRQRSWLTXH26DFWLYpHODXWRQRPLHGH

ODSSDUHLOVHUDGLPLQXpH SDUUDSSRUW j XQH XWLOLVDWLRQ DYHFXQH RSWLTXH FODVVLTXH3RXU

pYLWHU XQH FRQVRPPDWLRQ GpQHUJLH LQXWLOH QRXV YRXV UHFRPPDQGRQV GH SODFHU OH

FXUVHXU26VXU2))ORUVTXHYRXVQXWLOLVH]SDVODIRQFWLRQGHVWDELOLVDWLRQ  

$VVXUH]YRXVTXHOHVWDELOLVDWHXU26HVWGpVDFWLYpFXUVHXUVXUODSRVLWLRQ2))DYDQW

GDWWDFKHURXGHGpWDFKHUOREMHFWLIGXERvWLHU   

/H VWDELOLVDWHXU RSWLTXH 26 GHPHXUH DFWLYp DSUqV DYRLU UHOkFKp OH GpFOHQFKHXU DXVVL

ORQJWHPSVTXH OHSRVHPqWUHDIILFKHOHV YDOHXUV GH[SRVLWLRQ ,OQHIDXW MDPDLVGpWDFKHU

OREMHFWLI GH ODSSDUHLO QL UHWLUHU OHV SLOHV GX ERvWLHU WDQW TXH OH VWDELOLVDWHXU HVW DFWLYp

VRXVSHLQHGHQGRPPDJHUOREMHFWLI 

0rPHVLOLPDJHGDQVOHYLVHXUVHPEOHYLEUHULPPpGLDWHPHQWDSUqVODSULVHGHYXHRXDX

GpPDUUDJHGHODFKDUJHGXIODVKLQWpJUpGXERvWLHUFHFLQDIIHFWHHQULHQOHVLPDJHV

6L ODSSDUHLO HVW pWHLQW RX VL OREMHFWLI HVW GpWDFKp DORUV TXH OH VWDELOLVDWHXU RSWLTXH HVW

DFWLYpOREMHFWLISHXWpPHWWUHXQEUXLWGHIURWWHPHQWVDQVTXLO\DLWG\VIRQFWLRQQHPHQW 

3RXU OHV PRQWXUHV 6RQ\ HW 3HQWD[ OD IRQFWLRQ 26 LQFRUSRUpH GDQV FHW REMHFWLI HVW

VHXOHPHQWGLVSRQLEOHDYHFOHVERvWLHUVSHUPHWWDQWODFRPPDQGHG¶RSWLTXHVXOWUDVRQLTXHV

WHOVTXHOHVREMHFWLIV+606LYRXVXWLOLVH]ODIRQFWLRQ26YHXLOOH]GpVDFWLYHUODIRQFWLRQ

GHVWDELOLVDWLRQGXERvWLHUHWSODFHUOHFXUVHXU26GHO¶REMHFWLIVXU216LYRXVXWLOLVH]OD

IRQFWLRQGHVWDELOLVDWLRQGXERvWLHUYHXLOOH]SODFHUOHFXUVHXU26GHO¶REMHFWLIVXU2))HW

HQVXLWHDFWLYHUODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHU

/H VWDELOLVDWHXU RSWLTXH 26 IRQFWLRQQH DYHF OHV ERvWLHUV 1LNRQ ILJXUDQW GDQV OD OLVWH

FLGHVVRXV$YHFOHVDXWUHVPRGqOHVGHFHWWHPDUTXHYHXLOOH]PDLQWHQLUOHFXUVHXU26

VXUODSRVLWLRQ2))DILQGHGpVDFWLYHUOHVWDELOLVDWHXURSWLTXH 

%RvWLHUVUHIOH[QXPpULTXHVHW)

è 1RXV YRXV VXJJpURQV GH YRXV UHSRUWHU j XQ VLWH :HE 6LJPD SRXU FRQVXOWHU OD OLVWH

DFWXDOLVpHGHVERvWLHUVFRPSDWLEOHVDYHFOHVWDELOLVDWHXURSWLTXH6LJPD26  

$77$&+(328575(3,('(7&2//,(5

&HWREMHFWLI HVW pTXLSpGXQHDWWDFKHSRXU WUpSLHG  /RUVTXH YRXVUHOkFKH]OHVHUUDJH GX

FROOLHUOREMHFWLIHW,DSSDUHLOSHXYHQWWRXUQHUOLEUHPHQWSRXUSRVLWLRQQHUDLVpPHQWOHERvWLHU

HQSRVLWLRQYHUWLFDOHRXKRUL]RQWDOHILJ

3285'(7$&+(5/(&2//,(5'(3,('

,OHVWSRVVLEOHGHGpWDFKHUOHFROOLHUGHSLHGSRXUIDFLOLWHUOHFDVpFKpDQWODSULVHGHYXHjPDLQ

OHYpH 3RXU FH IDLUH GpYLVVH] OH ERXWRQ GH VHUUDJH HW DOLJQH] OH WUDLW GX FROOLHU VXU OH UHSqUH

ź5(029()LJ

7LUH]HQVXLWHOHFROOLHUYHUVO¶DUULqUHFRPPHLQGLTXpVXUOD)LJDILQGHOHUHWLUHU

3RXUUHSODFHUOHFROOLHUGHSLHGVXUO¶REMHFWLISURFpGH]GHODPrPHIDoRQHQVHQVLQYHUVH

1H PHWWH] MDPDLV OH FROOLHU VXU OD SRVLWLRQ ź5(029( VDXI SRXU OH GpWDFKHU RX OH

UHSODFHUFDUO¶REMHFWLISRXUUDLWGHGpWDFKHUDFFLGHQWHOOHPHQWHWWRPEHU9HLOOH]pJDOHPHQW

jELHQUHVVHUUHUO¶pFURXGHVHUUDJHSRXUpYLWHUWRXWHURWDWLRQLQWHPSHVWLYH

/HFROOLHUGHSLHGQHSHXWrWUHUHWLUpORUVTXHO¶REMHFWLIHVWPRQWpVXUXQERvWLHU 

%$1'28/,(5(

9HXLOOH]DWWDFKHU,DEDQGRXOLqUHFRPPHLQGLTXpjODILJXUH

',67$1&(0,1,0$/('(0,6($832,17

/DGLVWDQFHPLQLPDOHGHPLVHDXSRLQWGHFHWREMHFWLIYDULHVHORQODSRVLWLRQGX]RRP

ILJĬ  'LVWDQFHPLQLPDOHGHPLVHDXSRLQWVHORQODIRFDOH

ILJĭ  5DSSRUWGHUHSURGXFWLRQPD[LPXPVHORQODIRFDOH

3+272*5$3+,($8)/$6+ 

/DORQJXHXUGHOREMHFWLISHXWFDXVHUXQHRPEUHGDQVOLPDJHVLYRXVXWLOLVH]OHIODVKLQWpJUp

GXERvWLHU1RXVYRXVUHFRPPDQGRQVGXWLOLVHUH[FOXVLYHPHQWXQIODVKH[WHUQH 

$352326'(67(/(&219(57,66(856

&HWREMHFWLISHXWrWUHXWLOLVpDYHFOHVWpOpFRQYHUWLVVHXUV6LJPD[(;RX[(;$SRHQ

RSWLRQTXLOHWUDQVIRUPHQWUHVSHFWLYHPHQWHQPP)RXHQPP)

ᲢHQPRGHGHPLVHDXSRLQWPDQXHOOHVHXOHPHQWᲣ

,OHVWUHFRPPDQGpGHQHSDVXWLOLVHUXQDXWUHWpOpFRQYHUWLVVHXUTXHFHX[PHQWLRQQpVFLGHVVXV

/HVWpOpFRQYHUWLVVHXUVHQPRQWXUH3HQWD[QHIRQFWLRQQHQWSDVDYHFFHWREMHFWLI

,OHVWUHFRPPDQGpGXWLOLVHUODYHUVLRQ'*GHVWpOpFRQYHUWLVVHXUV6LJPD$SR(;ORUVTXH

YRXVXWLOLVH]XQERvWLHUQXPpULTXH

/DPLVHDXSRLQWDXWRPDWLTXHHQPRGH/LYH9LHZHVWSRVVLEOHVLODSSDUHLOHVWHQPRGH

$)©GpWHFWLRQGHFRQWUDVWHª

3$5(62/(,/

8QSDUHVROHLOGpPRQWDEOHDYHFIL[DWLRQjEDwRQQHWWHHVWOLYUpDYHFREMHFWLI&HSDUHVROHLO

SURWqJHO¶REMHFWLI GHV UD\RQVSDUDVLWHVHW GH OXPLqUH LQFLGHQWH $VVXUH]YRXV TX¶LO VH IL[H

FRQYHQDEOHPHQWMXVTX¶jODSRVLWLRQGHEORFDJHILJ

3RXU UHSODFHU OREMHFWLI HW OH SDUHVROHLO GDQV OD YDOLVH GH WUDQVSRUW YHLOOH] j GpWDFKHU

GDERUGOHSDUHVROHLOHWjOHUHSODFHUHQVXLWHHQSRVLWLRQLQYHUVpHILJ

),/75(6

1¶HPSOR\H]MDPDLV GHX[ ILOWUHV j OD IRLV  /¶XWLOLVDWLRQ GH GHX[ ILOWUHV RX G¶XQ ILOWUH WUqV

pSDLVFRPPHXQILOWUHSRODULVDQWRUGLQDLUHSHXWSURYRTXHUXQYLJQHWWDJH

6L YRXV VRXKDLWH] XWLOLVHU XQ ILOWUH SRODULVDQW VXU XQ ]RRP $) FKRLVLVVH]OH GH W\SH

³FLUFXODLUH´ $YHFXQILOWUHGHW\SHOLQpDLUHO¶DXWRIRFXVHWOHFDOFXOG¶H[SRVLWLRQSRXUUDLHQW

rWUHLQFRUUHFWV

%$*8('¶$'$37$7,21PP PP

8QH EDJXH G¶DGDSWDWLRQ HVW OLYUpH DYHF FHW REMHFWLI TXL SHUPHW OXWLOLVDWLRQ GXQ ILOWUH GH

GLDPqWUHPP3RXUFHIDLUHYHXLOOH]SODFHUODEDJXHG¶DGDSWDWLRQjO¶DYDQWGHOREMHFWLI 

/¶XWLOLVDWLRQ GH OD EDJXH G¶DGDSWDWLRQ QH SHXW VH IDLUH TXH SRXU XQ XVDJH GH O¶REMHFWLI

DYHFXQ DSSDUHLOGRQWODWDLOOHGXFDSWHXUHVWDX PD[LPXP jODWDLOOH$36&  'DQVOH

FDVFRQWUDLUHO¶XWLOLVDWLRQGHODEDJXHG¶DGDSWDWLRQIHUDDSSDUDvWUHXQYLJQHWWDJH

9HXLOOH]QHSDVXWLOLVHUGH ILOWUHSRODULVDQWVXUOD EDJXHG¶DGDSWDWLRQ6L YRXVXWLOLVHUXQ

ILOWUHSRODULVDQWLOHVWSRVVLEOHTXHYRXVQHSXLVVLH]SOXVOHUHWLUHU 

6L OD EDJXH G¶DGDSWDWLRQ HVW EORTXpH VXU O¶REMHFWLI SRVH] OD SDXPH GH YRWUH PDLQ VXU

FHOOHFLHWWRXUQH]GDQVOHVHQVFRQWUDLUHGHVDLJXLOOHVG¶XQHPRQWUH

'DQVOH FDV R OD EDJXH G¶DGDSWDWLRQHVW PRQWpH VXU O¶REMHFWLI O¶XWLOLVDWLRQ GX ERXFKRQ

DYDQWOLYUpDYHFO¶REMHFWLIQ¶HVWSOXVSRVVLEOH6HXOXQERXFKRQDYDQWGHGLDPqWUHPP

GLVSRQLEOHHQDFFHVVRLUHVHUDXWLOLVDEOH 

35(&$87,216(/(0(17$,5(6(75$1*(0(17

1HSDVH[SRVHUO¶REMHFWLIDX[FKRFVQLjGHVWHPSpUDWXUHVH[WUqPHVRXjO¶KXPLGLWp

6L O¶REMHFWLI Q¶HVW SDV XWLOLVp SHQGDQW ORQJWHPSV FKRLVLU XQ HQGURLW IUDLV VHF HW ELHQ

YHQWLOp1HSDVSODFHUO¶REMHFWLISUqVGHODQDSKWDOLQHRXGHVSURGXLWVDQWLPLWHVDILQGHQH

SDVGpWpULRUHUOHUHYrWHPHQWPXOWLFRXFKHGHVOHQWLOOHV

1HSDVXWLOLVHUGHGLVVROYDQWG¶HVVHQFHRXDXWUHPDWLqUHRUJDQLTXHSRXUOHQHWWR\DJHGH

VDOHWpVRXG¶HPSUHLQWHVGHGRLJWVVXUOHVpOpPHQWVRSWLTXHV

&HW REMHFWLI Q¶HVW SDV pWDQFKH 6L YRXV O¶XWLOLVH] SDU WHPSV GH SOXLH RX SUqV GH O¶HDX

YHXLOOH] j QH SDV OH PRXLOOHU /HV UpSDUDWLRQV GX PpFDQLVPH LQWHUQH GHV pOpPHQWV

RSWLTXHV HWRX GHV pOpPHQWV pOHFWULTXHV QH VRQW SDV WRXMRXUV SRVVLEOHV HQ FDV GH

GRPPDJHV

'HVpFDUWVVRXGDLQVGHWHPSpUDWXUHSHXYHQWFDXVHUGHODFRQGHQVDWLRQRXGHODEXpH

SHXWDSSDUDvWUHVXUODOHQWLOOH IURQWDOH/RUVTXHYRXVSpQpWUH]GDQVXQORFDO FKDXIIpHQ

YHQDQWG¶XQH[WpULHXUIURLGLOHVWUHFRPPDQGpGHSODFHUO¶REMHFWLIGDQVXQpWXLMXVTX¶jFH

TXHVDWHPSpUDWXUHDYRLVLQHFHOOHGXORFDO

)5$1

$,6

)LOHWDJHSRXUILOWUH

%DJXHGHVGLVWDQFHV

(FKHOOHGHVGLVWDQFHV

5HSqUHGHGLVWDQFH

%DJXHGH]RRP



6pOHFWHXUGHPLVHDXSRLQW

%DwRQQHWWH

$WWDFKHSRXUWUpSLHG

&XUVHXUGHYHUURXLOODJHGX]RRP

&XUVHXU26

3DUH6ROHLO

%DJXHG¶DGDSWDWLRQ

:LMVWHOOHQKHW]HHURSSULMVGDWXHHQ6LJPDREMHFWLHIKHHIWDDQJHVFKDIW2PPD[LPDDOSURILMW

HQSOH]LHUYDQXZ6LJPDREMHFWLHIWHKHEEHQDGYLVHUHQZLMXGH]HJHEUXLNVDDQZLM]LQJJHKHHO

GRRUWHOH]HQYRRUXKHWREMHFWLHIJDDWJHEUXLNHQ

%(6&+5,-9,1*9$1'(21'(5'(/(1ILJ

1,.21$)&$0(5$¶6

'LW REMHFWLHI ZHUNW RS LGHQWLHNH ZLM]H DOV GH REMHFWLHYHQ YDQ KHW * W\SH ]RQGHU

GLDIUDJPDULQJYRRU1LNRQ$)$IKDQNHOLMNYDQKHWJHEUXLNWHFDPHUDW\SHNXQQHQHUHQNHOH

EHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD

3(17$;$)&$0(5$¶6

'LW REMHFWLHI ZHUNW RS LGHQWLHNH ZLM]H DOV GH REMHFWLHYHQ YDQ KHW )$- W\SH ]RQGHU

GLDIUDJPDULQJYRRU3(17$;$)$IKDQNHOLMNYDQKHWJHEUXLNWHFDPHUDW\SHNXQQHQHUHQNHOH

EHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD

%(9(67,*,1*23'(&$0(5$%2'<

:DQQHHUXZ 6LJPD REMHFWLHI RS GHFDPHUDERG\ LV EHYHVWLJG]DO KHW DXWRPDWLVFKQHW ]R

IXQFWLRQHUHQDOVGHRULJLQHOHREMHFWLHYHQ/HHVKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD

Ŧ2S GH YDWWLQJ EHYLQGW ]LFK HHQ DDQWDO HOHFWULVFKH FRQWDFWHQ HQ NRSSHOVWXNNHQ  'H]H

PRHWHQJRHGVFKRRQZRUGHQJHKRXGHQWHQHLQGHYDQHHQJRHGFRQWDFWYHU]HNHUGWH]LMQ

3ODDWVELM KHW YHUZLVVHOHQ YDQREMHFWLHYHQGH]H DOWLMG PHW GH YRRU]LMGH HQ QLHW PHW GH

YDWWLQJRSWDIHO'LWWHUYRRUNRPLQJYDQEHVFKDGLJLQJ

%(/,&+7,1*6,167(//,1*

:DQQHHU HHQ 6LJPD REMHFWLHI RS XZ FDPHUDERG\ LV EHYHVWLJG IXQFWLRQHHUW GLW JHKHHO

DXWRPDWLVFK/HHVKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD

6&+(5367(//(1(1=220(1

'H]HOHQVKHHIWGHLQJHERXZGH+\SHU6RQLF0RWRU+60YDQ6LJPD'H+60PDDNWVQHO

HQJHOXLGORRVDXWRPDWLVFKVFKHUSVWHOOHQPRJHOLMN

䇶

6LJPD$)HQ&DQRQ$)

䇷

2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIRSGH$)SRVWLWLHWH

]HWWHQ:LOWXKDQGPDWLJVFKHUSVWHOOHQ]HWGDQKHWVFKXLIMHRSKHWREMHFWLHIRSGH0SRVLWLH

9HUYROJHQVNXQWXVFKHUSVWHOOHQGRRUDDQGHIRFXVULQJWHGUDDLHQ

䇶

1LNRQ$)3HQWD[$)HQ6RQ\

䇷

2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIHQGHFDPHUDRS$)

SRVLWLHWH]HWWHQILJ:LOWXKDQGPDWLJVFKHUSVWHOOHQ]HWGDQKHWVFKXLIMHRSKHWREMHFWLHI

RSGH0SRVLWLH9HUYROJHQVNXQWXVFKHUSVWHOOHQGRRUDDQGHIRFXVULQJWHGUDDLHQ

5DDGSOHHJDXEGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUDRPERYHQJHQRHPGHLQVWHOOLQJHQ

RSXZFDPHUDWHZLM]LJHQ

9RRU1LNRQ 3HQWD[ HQ 6RQ\ YDWWLQJ LV KHW DOOHHQ PRJHOLMN GH$) WH JHEUXLNHQ PHW GH

FDPHUD ZHONH GH 8OWUDVRQLF 0RWRU NDQ RQGHUVWHXQHQ ]RDOV +60 'H $) ]DO QLHW

IXQFWLRQHUHQLQGLHQGHFDPHUDERG\GLWQLHWRQGHUVWHXQW

+DQGPDWLJVFKHUSVWHOOHQNDQELMELWREMHFWLHIRRNLQGHDXWRIRFXVVWDQG$OVGHFDPHUDRS

³2QH6KRW´ $) $)6 LV LQJHVWHOG NXQW X GH VFKHUSVWHOOLQJ HYHQWXHHO KDQGPDWLJ

FRUULJHUHQQDGDWGHDXWRIRFXVVFKHUSVWHOOLQJ]¶QZHUNKHHIWJHGDDQHQXGHRQWVSDQNQRS

KDOILQJHGUXNWKRXGW

:DQQHHUXGLW REMHFWLHIRSKDQGPDWLJH LQVWHOOLQJJHEUXLNWUDGHQZLMX DDQGHFRUUHFWH

VFKHUSVWHOOLQJYLVXHHO LQGH]RHNHUYDVWWHVWHOOHQ'LW YDQZHJHHHQPRJHOLMNH VFKHUSWH

YHUVFKXLYLQJ DOV JHYROJ YDQ H[WUHPH WHPSHUDWXXUVZLM]LJLQJHQ ZDDUGRRU PHHUGHUH

OHQVFRPSRQHQWHQNXQQHQXLW]HWWHQ,QKHWELM]RQGHUELMLQVWHOOLQJRSRQHLQGLJGLHQWKLHURS

WHZRUGHQJHOHW

ż=220(1Ž

9HUGUDDLGH]RRPULQJQDDUGHJHZHQVWHSRVLWLH

=220%/2..(5,1*

'LWREMHFWLHILVRRNXLWJHYRHUGPHWHHQ]RRPEORNNHULQJ]RRPORFNVZLWFKRPWHYRRUNRPHQ

GDWGH]RRPYHUVFKXLIWDOVKHWREMHFWLHIZRUGWJHNDQWHOG2PGH]RRPLQGH³/2&.´SRVLWLHWH

SODDWVHQGLHQWXGH]RRPULQJLQGHPPVWDQGWH]HWWHQILJHFKWHUYRRUGDWXHHQIRWR

JDDWPDNHQGLHQWXKHWREMHFWLHIYDQGH³/2&.´QDDUGH³81/2&.´SRVLWLHWHVFKDNHOHQ

'(02*(/,-.+('(19$1+(726237,&$/67$%,/,=(56<67((0

'LW262SWLFDO6WDELOL]HUREMHFWLHILV]HHUHIIHFWLHIRPEHZHJLQJVRQVFKHUSWHWHYRRUNRPHQ

0HWGLWREMHFWLHILVKHWPRJHOLMNRPWRWVWRSVODQJHUHVOXLWHUWLMGHQWHZHUNHQDOVPHWHHQ

REMHFWLHI]RQGHU26HQWRFKHHQRSWLPDOHVFKHUSWHWHEHKRXGHQ

=HWGH26VFKDNHODDURSILJ'UXNGHRQWVSDQNQRSKDOILQHQFRQWUROHHUGHRSQDPH

FRPSRVLWLH LQ GH ]RHNHU HQ FRQWUROHHU WHYHQV RI KHW RQGHUZHUS ]RQGHU EHZHJLQJ ZRUGW

ZHHUJHJHYHQ+HWNDQQDKHWKDOILQGUXNNHQYDQGHRQWVSDQNQRSWRWRQJHYHHUVHFRQGH

GXUHQYRRUGDWKHW26V\VWHHPKHWEHHOGKHHIWJHVWDELOLVHHUG

,QGLHQ GH 26 VFKDNHODDU RS  ZRUGW JH]HW ZRUGHQ YRRUDO GH YHUWLFDOH EHZHJLQJHQ

JHFRUULJHHUG'H]HVWDQGLVYRRUDOJHVFKLNWYRRUEHZHJHQGHRQGHUZHUSHQ

'H FRPSHQVDWLH YDQ GH EHZHJLQJVRQVFKHUSWH LV YRRUDO HIIHFWLHI ELM KHW XLW GH KDQG

IRWRJUDIHUHQ+HW26V\VWHHPNDQPLQGHUJRHGIXQFWLRQHUHQDOVHUELMYRRUEHHOGXLWHHQ

ULMGHQGHDXWRZRUGWJHIRWRJUDIHHUGRIELM]HHUKHIWLJHEHZHJLQJHQYDQGHFDPHUDWLMGHQV

KHWPDNHQYDQGHRSQDPH

8GLHQWKHW26V\VWHHPXLWWHVFKDNHOHQ2IIDOVXGHFDPHUDPHWHHQVWDWLHIJHEUXLNWRI

LQGLHQXODQJHWLMGRSQDPHQEXOEPDDNW

+HW26V\VWHHPPDDNWJHEUXLNYDQGHEDWWHULMHQYDQGHFDPHUD$OVXKHW26V\VWHHP

DFWLYHHUW NDQ KHW GXV PRJHOLMN ]LMQ GDW X GH EDWWHULMHQ YDQ GH FDPHUD VQHOOHU GLHQW WH

YHUYDQJHQDOVELMKHWJHEUXLNYDQHHQREMHFWLHI]RQGHU26IXQFWLH,QGLHQXGH26IXQFWLH

YRRUODQJHUHWLMGQLHWJHEUXLNWLVKHWDDQWHEHYHOHQGH26VFKDNHODDURS2))WH]HWWHQRP

KLHUPHHKHWEDWWHULMJHEUXLNWHYHUODJHQ

+HWLVEHODQJULMNGDWGH26VFKDNHODDURS2))VWDDWDOVXKHWREMHFWLHIRSXZFDPHUD]HW

+HW 26 V\VWHHP EOLMIW JHDFWLYHHUG RRN DOV XZ YLQJHU GH RQWVSDQNQRSORV ODDW +HW 26

V\VWHHP EOLMIW QHW ]R ODQJ JHDFWLYHHUG DOV GH FDPHUD GH PHHWZDDUGHQ WRRQW

%HODQJULMN9HUZLMGHUQRRLWKHWREMHFWLHIRIGHEDWWHULMHQYDQ GHFDPHUD]RODQJKHW26

V\VWHHPLVJHDFWLYHHUG'LWNDQWRWEHVFKDGLJLQJYDQKHWREMHFWLHIOHLGHQ

$OKRHZHOKHWPRJHOLMNLVGDWGLUHFWQDGHRSQDPHKHWRQGHUZHUSLQGH]RHNHUOLMNWWHEHZHJHQ

KHHIWGLWJHHQQHJDWLHYHLQYORHGRSGHVFKHUSWHYDQGHRSQDPH'LW]HOIGHHIIHFWNDQRSWUHGHQ

LQGLHQGHLQJHERXZGHIOLWVHUEHJLQWRSWHODGHQPDDURRNGLWKHHIWJHHQLQYORHGRSGHRSQDPH

,QGLHQGHFDPHUDZRUGWXLWJH]HWZDQQHHUKHW26V\VWHHPLQZHUNLQJLVNDQKHWREMHFWLHI

HHQUDWHOHQGJHOXLGPDNHQ'LWLVJHHQGHIHFW

9RRU 6RQ\ HQ 3HQWD[ REMHFWLHI YDWWLQJHQ NDQ GH 26IXQFWLH YDQ KHW REMHFWLHI DOOHHQ

JHEUXLNWZRUGHQPHWFDPHUD¶VGLHKHWH[WHUQHPRWRUV\VWHHPRQGHUVWHXQHQ]RDOV+60

:DQQHHUX GH26IXQFWLH JHEUXLNWVFKDNHO GDQ GHRSWLVFKH VWDELOLVDWLH IXQFWLH YDQ GH

FDPHUD XLW HQ VFKDNHO GH 26IXQFWLH RS KHW REMHFWLHI QDDU 21 ,QGLHQ X GH RSWLVFKH

VWDELOLVDWLHIXQFWLHYDQGHFDPHUDJHEUXLNWVFKDNHOGH26IXQFWLHRSKHWREMHFWLHIQDDU

2))HQ]HWGHRSWLVFKHVWDELOLVDWLHIXQFWLHYDQGHFDPHUDDDQ

+HW26V\VWHHPZHUNWDOOHHQPHWGHQDYROJHQGH1LNRQFDPHUD¶V,QGLHQXGLWREMHFWLHIPHW

HHQDQGHUW\SH1LNRQJHEUXLNWGLHQWXGH26VFKDNHODDURS2))WH]HWWHQ

'6/5&DPHUD¶VHQ)

!YRRUDFWXHOHLQIRUPDWLHEHWUHIIHQGHGHFRPSDWDELOLWHLWYDQKHW26V\VWHHPPHWGHGLYHUVH

1LNRQFDPHUD¶VNXQWXRRNRQ]HZHEVLWHUDDGSOHJHQ

67$7,()$$16/8,7,1*

'LWREMHFWLHILVXLWJHUXVWPHWHHQDIQHHPEDUHVWDWLHIULQJ:DQQHHUXGHEORNNHHUNQRSRSGH

VWDWLHIULQJORVGUDDLWNXQQHQREMHFWLHIHQFDPHUDYULMURQGGUDDLHQ ZDDUGRRU GHFDPHUDRS

HHQYRXGLJHZLM]H]RZHOKRUL]RQWDDODOVYHUWLFDDOJHEUXLNWNDQZRUGHQILJ

'(0217$*(9$1'(67$7,()*21'(/

+HWPRJHOLMNGHVWDWLHIJRQGHOWHGHPRQWHUHQLQGLHQJHZHQVW'UDDLGHNQRSORVHQSODDWV

KHWPHUNWHNHQRSGHź5(029(SRVLWLHILJ

7UHNGHNQRSQDDUEXLWHQHQYHUZLMGHUGHVWDWLHIJRQGHOILJ

,QGLHQXGHVWDWLHIJRQGHOZHHUZLOWPRQWHUHQZHUNWXLQRPJHNHHUGHYROJRUGH

=RUJHUYRRUGDWWLMGHQVQRUPDDOJHEUXLNYDQKHWREMHFWLHIPHWVWDWLHIJRQGHOKHWPHUNWHNHQ

QRRLWWHJHQRYHU³ź5(029(´VWDDWDDQJH]LHQDQGHUVKHWREMHFWLHI]RXNXQQHQORVUDNHQ

YDQ GH VWDWLHIJRQGHO HQ NXQQHQ YDOOHQ 'HQN HU RRN DDQ RP QD GHPRQWDJHYDQGH

VWDWLHIJRQGHOGHNQRSZHHUYDVWWHGUDDLHQRPRQJHZHQVWHURWDWLHWHYRRUNRPHQ

,QGLHQKHWREMHFWLHIRSGHFDPHUDLVJHPRQWHHUGLVKHWQLHWPRJHOLMNGHVWDWLHIJRQGHOWH

GHPRQWHUHQ

'5$$*5,(0

%HYHVWLJGHGUDDJULHPDDQGHOXV]RDOVDIJHEHHOGLQILJ

0,1,080,167(/$)67$1'

'HPLQLPXPLQVWHODIVWDQGYDQGLWREMHFWLHIYHUDQGHUWPHHPHWGHGHJHNR]HQ]RRPLQVWHOOLQJ

ILJĬ7RRQWGHPLQLPDOHLQVWHODIVWDQGELMHONHEUDQGSXQWVDIVWDQG

ILJĭ7RRQWGHPD[LPDOHYHUJURWLQJVIDFWRUELMHONHEUDQGSXQWVDIVWDQG

)/,76231$0(1

%LM JHEUXLN YDQ GH LQJHERXZGH IOLWVHU YDQ GH FDPHUD ]DO KHW REMHFWLHI HHQ VFKDGXZ

YHURRU]DNHQ+HWJHEUXLNYDQGHLQJHERXZGHIOLWVHUZRUGWGDDURPDIJHUDGHQ(HQH[WHUQH

IOLWVHU]DOYHHOEHWHUHUHVXOWDWHQRSOHYHUHQ

7(/(&219(57(56

'LWREMHFWLHINDQ ZRUGHQ JHEUXLNW PHW GH 6LJPD[(;'*RI [ (;'* $SR7HOH

&RQYHUWHUV RSWLRQHHO ZDDUPHH KHW EHUHLN UHVSHFWLHYHOLMN PP ) HQ

PP)ZRUGW%HLGHFRQYHUWHUV]LMQDOOHHQPHWKDQGPDWLJHVFKHUSVWHOOLQJ0)

WHJHEUXLNHQ

Ŧ*HEUXLNJHHQDQGHUHFRQYHUWHUVDOVERYHQYHUPHOG

Ŧ'HWHOHFRQYHUWHUYRRU3HQWD[YDWWLQJLVQLHWWHFRPELQHUHQPHWGH]HOHQV

Ŧ:LMDGYLVHUHQGH '*YHUVLHWHJHEUXLNHQLQGLHQGHFRQYHUWHUVZRUGHQJHEUXLNW RSHHQ

'LJLWDOH5HIOH[FDPHUD

Ŧ+HW LVPRJHOLMNGHDXWRIRFXVIXQFWLHLQ /LYH 9LHZWHJHEUXLNHQLQGLHQGH FDPHUD LQ GH

³FRQWUDVWGHWHFW´$)IXQFWLHLVLQJHVWHOG

=211(.$3

%LMGLWREMHFWLHIZRUGWHHQORVVH]RQQHNDSPHWEDMRQHWDDQVOXLWLQJPHHJHOHYHUG'H]RQQHNDS

GUDDJWELMWRWKHWYRRUNRPHQYDQOLFKWYOHNNHQHQQHYHQEHHOGHQGLHZRUGHQYHURRU]DDNWGRRU

VWHUNWHJHQOLFKWGDWYDQDFKWHUKHWRQGHUZHUSGLUHFWLQKHWREMHFWLHIYDOW/HWHURSGDWELMKHW

PRQWHUHQYDQGH]RQQHNDSGH]HYROOHGLJLQGHJHEORNNHHUGHSRVLWLHZRUGWJHGUDDLGILJ

Ŧ2PREMHFWLHIHQ]RQQHNDSRSWHNXQQHQEHUJHQLQGHNRIIHUPRHWXHHUVWGH]RQQHNDS

DIQHPHQHQGH]HRPJHNHHUGRSKHWREMHFWLHISODDWVHQILJ

),/7(56

Ŧ*HEUXLNVOHFKWVILOWHUWHJHOLMN7ZHHRIPHHUILOWHUVHQRIH[WUDGLNNHILOWHUV]RDOV HHQ

SRODULVDWLHILOWHUNDQYLJQHWWHULQJYHURRU]DNHQ

Ŧ*HEUXLNXLWVOXLWHQGHHQ³FLUFXODLU´SRODULVDWLHILOWHULQFRPELQDWLHPHWHHQDXWRIRFXVFDPHUD

:DQQHHUHHQ ³OLQHDLU´ SRODULVDWLHILOWHU RS $) FDPHUD¶V ZRUGW JHEUXLNW ]DO GH DXWRIRFXV

VFKHUSVWHOOLQJHQGHDXWRPDWLVFKHEHOLFKWLQJVUHJHOLQJQLHWFRUUHFWIXQFWLRQHUHQ

$'$37(55,1*PPĺPP

'RRUJHEUXLNWHPDNHQYDQGHELMJHOHYHUGHDGDSWHUULQJEHVWDDWGHPRJHOLMNKHLGRPRSGH

YRRU]LMGHYDQKHWREMHFWLHIHHQPPILOWHUWHSODDWVHQ

Ŧ'H]H DGDSWHUULQJ NDQ DOOHHQ JHEUXLNW ZRUGHQ LQ FRPELQDWLH PHW HHQ $36& IRUPDDW

VHQVRU9LJQHWWHULQJNDQ YRRUNRPHQ LQGLHQ GHDGDSWHUULQJ ZRUGWJHEUXLNWLQ FRPELQDWLH

PHWHHQFDPHUDPHWHHQVHQVRUYDQHHQJURWHUIRUPDDWGDQ$36&

Ŧ%HYHVWLJJHHQSRODULVDWLHILOWHURSGHDGDSWHUULQJ,QGLHQXHHQSRODULVDWLHILOWHUEHYHVWLJW

NDQKHWYRRUNRPHQGDWKHWQLHWPHHUPRJHOLMNLVGH]HQDGHUKDQGZHHUWHYHUZLMGHUHQ

Ŧ,QGLHQ GH DGDSWHUULQJ QLHW YHUZLMGHUG NDQ ZRUGHQ YDQ KHW REMHFWLHI SODDWV GDQ XZ

KDQGSDOPRSGHDGDSWHUULQJHQGUDDLWHJHQGHULFKWLQJYDQGHNORNLQ

Ŧ,QGLHQ GH DGDSWHUULQJ RS KHW REMHFWLHI LV EHYHVWLJG NDQ HU QLHW PHHU JHEUXLN JHPDDNW

ZRUGHQYDQGHELMJHOHYHUGHOHQVGRS,QGDWJHYDONXQWXHHQPPOHQVGRSELMEHVWHOOHQ

21'(5+28'(1236/$*

Ŧ9HUPLMG YDOOHQ RI VWRWHQ HQ VWHO KHW REMHFWLHI QLHW EORRW DDQ H[WUHHP KRJH RI ODJH

WHPSHUDWXUHQRIKRJHYRFKWLJKHLG

Ŧ,QGLHQKHWREMHFWLHIYRRUODQJHUHWLMGZRUGWRSJHERUJHQNLHVGDQYRRUHHQNRHOHGURJHHQ

ELM YRRUNHXU JRHG JHYHQWLOHHUGH SODDWV  +RXG KHW REMHFWLHI RP EHVFKDGLJLQJ YDQ GH

OHQVFRDWLQJWHYRRUNRPHQZHJYDQPRWWHQEDOOHQRIQDIWDOLQHJDV

Ŧ*HEUXLN JHHQ WKLQQHU EHQ]LQH RI DQGHUH RUJDQLVFKH VFKRRQPDDNPLGGHOHQ RP YXLO RI

YLQJHUDIGUXNNHQYDQGH OHQVHOHPHQWHQWH YHUZLMGHUHQ *HEUXLNGDDUYRRUHHQVSHFLDDO

OHQVGRHNMHRIOHQVWLVVXHV

Ŧ'LWREMHFWLHILVQLHWZDWHUEHVWHQGLJ=RUJHUELMUHJHQRILQGHEXXUWYDQZDWHUYRRUGDWKHW

QLHWQDWZRUGW/HQVHOHPHQWHQLQWHUQHPHFKDQLVFKHGHOHQHQHOHFWULVFKHFRPSRQHQWHQ

GLHGRRUZDWHU]LMQDDQJHWDVW]LMQLQGHPHHVWHJHYDOOHQQLHWWHJHQUHGHOLMNHNRVWHQWH

KHUVWHOOHQ

Ŧ3ORWVHOLQJHWHPSHUDWXXUYHUDQGHULQJNDQFRQGHQVDWLHYHURRU]DNHQRSKHWRSSHUYODNYDQ

GH OHQV  %LM KHW EHWUHGHQ YDQ HHQ ZDUPH NDPHU YDQXLW GH NRXGH EXLWHQOXFKW LV KHW

UDDG]DDP KHW REMHFWLHI LQ GH WDV WH KRXGHQ WRWGDW GH WHPSHUDWXXU YDQ KHW REMHFWLHI

RQJHYHHUJHOLMNLVDDQGLHYDQGHNDPHUWHPSHUDWXXU

1('(5/$1'6

)LOWHUVFKURHIGUDDG

6FKHUSVWHOULQJ

$IVWDQGVFKDDO

,QGH[WHNHQ

=RRPULQJ

6FKHUSVWHONHX]HVFKDNHODDU

9DWWLQJ

6WDWLHIDDQVOXLWLQJ

=RRPEORNNHULQJ

266FKDNHODDU

=RQQHNDS

$GDSWHUULQJ

/H DJUDGHFHPRV OD FRPSUD GH HVWH REMHWLYR 6LJPD  3DUD FRQVHJXLU ORV PHMRUHV

UHVXOWDGRVGHVXREMHWLYROHDDWHQWDPHQWHHVWHPDQXDOGHLQVWUXFFLRQHVDQWHVGHXWLOL]DUOR

'(6&5,3&,Ï1'(/26&20321(17(6ILJ

&È0$5$67,32$)'(1,.21

eVWHREMHWLYRIXQFLRQDLJXDOTXHODVOHQWHVGHWLSR*VLQ$SHUWXUD  REMHWLYRDXWRIRFXVGH

1LNRQ 'HSHQGLHQGR GH OD FRPELQDFLyQ FRQ OD FiPDUD SXHGHQ DSDUHFHU DOJXQDV

UHVWULFFLRQHV3DUDPiVGHWDOOHVSXHGHFRQVXOWDUHOPDQXDOGHLQVWUXFFLRQHVGHODFiPDUD

HQFXHVWLyQ

&È0$5$67,32$)'(3(17$;

eVWHREMHWLYRIXQFLRQDLJXDOTXHODVOHQWHVGHWLSR)$-VLQ$SHUWXUD  REMHWLYRDXWRIRFXV

GH 3(17$; 'HSHQGLHQGR GH OD FRPELQDFLyQ FRQ OD FiPDUD SXHGHQ DSDUHFHU DOJXQDV

UHVWULFFLRQHV3DUDPiVGHWDOOHVSXHGHFRQVXOWDUHOPDQXDOGHLQVWUXFFLRQHVGHODFiPDUD

HQFXHVWLyQ

&21(;,21$/&8(532'(&$0(5$

&XDQGR HO REMHWLYR VH FRQHFWD D OD FiPDUD IXQFLRQD GHO PLVPR PRGR TXH ORV REMHWLYRV

RULJLQDOHV  &RQVXOWHHOPDQXDOGHLQVWUXFFLRQHVGHVXFiPDUD

Ŧ(QODVXSHUILFLHGHODPRQWXUDH[LVWHQXQDVHULHGHFRQWDFWRVHOpFWULFRV\DFRSODGRUHV 

0DQWpQJDORVOLPSLRVSDUDDVHJXUDUXQDFRUUHFWDFRQH[LyQ  3DUDSUHYHQLUGDxRVHQHO

REMHWLYRWHQJDHVSHFLDOFXLGDGRDODSR\DUORFXDQGRFDPELHGHySWLFD

02'2$-867('((;326,&,21

/RVREMHWLYRV6LJPD IXQFLRQDQ DXWRPiWLFDPHQWH DO FRQHFWDUORV D VX FiPDUD  3RU IDYRU

FRQVXOWHHOPDQXDOGHVXFiPDUD

,17(5583725'(%/248(2'(/=220

(VWH REMHWLYR GLVHxDGR SRU 6LJPD LQFRUSRUD XQ PRWRU +LSHUVyQLFR +60  eVWH

SURSRUFLRQDXQHQIRTXHUiSLGR\VLOHQFLRVR

䇶

6,*0$$)\&$121$)

䇷

3DUD XWLOL]DU HO DXWRIRFR SRQJD HO VHOHFWRU HQ OD SRVLFLyQ ³$)´ ILJ6L TXLHUH HQIRFDU

PDQXDOPHQWH SRQJD HO VHOHFWRU HQ OD SRVLFLyQ ³0´ $MXVWH HO IRFR PRYLHQGR HO DUR GH

HQIRTXH

䇶

1,.21$)3(17$;$)\621<

䇷

3DUDXWLOL]DUHODXWRIRFRSRQJDODFiPDUDHQHOPRGR$)\SRQJDHOVHOHFWRUGHODySWLFD

HQODSRVLFLyQ³$)´ILJ6LTXLHUHHQIRFDUPDQXDOPHQWHSRQJDHOVHOHFWRUHQODSRVLFLyQ

³0´$MXVWHHOIRFRPRYLHQGRHODURGHHQIRTXH 

3DUDFDPELDUHOPRGRGHHQIRTXHGHODFiPDUDPtUHORHQHOPDQXDOGHLQVWUXFFLRQHVGH

ODFiPDUD

(QODVPRQWXUDV1LNRQ3HQWD[\6RQ\VRORIXQFLRQDUiHO$)FRQFXHUSRVTXHVRSRUWHQORV

PRWRUHVXOWUDVyQLFRVFRPRORV+60RVLPLODUHV(QFDVRFRQWUDULRHO$)HVWDUiGHVDFWLYDGR

(VWH REMHWLYR WDPELpQ SHUPLWH HO HQIRTXH PDQXDO DXQTXH HVWp HQ PRGR DXWRPiWLFR 

&RQODFiPDUDSUHSDUDGDSDUD0RGR'LVSDUR$)SXHGHDMXVWDUHOHQIRTXHPDQXDOPHQWH

GHVSXpVTXHHOREMHWLYRKD\DHQIRFDGRDXWRPiWLFDPHQWH\VHSDUHPLHQWUDVPDQWHQJD

HOERWyQGLVSDUDGRUVXDYHPHQWHSUHVLRQDGR

&XDQGRXWLOLFHHVWRVREMHWLYRVHQPRGRGHHQIRTXHPDQXDOHVUHFRPHQGDEOHFRPSUREDU

YLVXDOPHQWHSRUHOYLVRUFXDOTXLHUFDPELRGHHQIRTXH(VWRHVGHELGRDTXHORVFDPELRV

GHWHPSHUDWXUDFDXVDQTXHGLVWLQWRVHOHPHQWRVLQWHUQRVVH H[SDQGDQRFRQWUDLJDQGH

PRGRTXHQRFRLQFLGDFRQODHVFDODGHGLVWDQFLDVFRQODPHGLFLyQHIHFWLYD(VWHHIHFWR

SXHGHVHUPiVRVWHQVLEOHHQDMXVWHLQILQLWR

ż23(5$&,21=220Ž

*LUHHODURGHO=RRPKDVWDODSRVLFLyQGHVHDGD

,17(5583725'(%/248(2'(/=220

(VWH REMHWLYR HVWi HTXLSDGR FRQ XQ LQWHUUXSWRU GH EORTXHR GHO ]RRP TXH HOLPLQD HO

GHVSOD]DPLHQWRGHO]RRPFXDQGRHO REMHWLYR PLUDKDFLDDEDMR  &RORTXHHO DUR GH]RRP

HQODSRVLFLyQGHPP\DMXVWHHOEORTXHRGHO]RRPDODSRVLFLyQ³/2&.´ILJ  $QWHV

GHHIHFWXDUODWRPDGHVOLFHHOLQWHUUXSWRUDODSRVLFLyQ³81/2&.´

$&(5&$'(/26(/(67$%,/,=$'25Ï37,&2&$5$&7(5Ë67,&$6

eVWD OHQWH 26 FRQ HVWDELOL]DGRU ySWLFR FRPSHQVD HO GHVHQIRTXH SURYRFDGR SRU HO

PRYLPLHQWRRWHPEORU  &RQGLFKDOHQWHVHSXHGHQWRPDUIRWRJUDItDVDXQDYHORFLGDGGHO

REWXUDGRU YHFHV PiV OHQWDGH ORKDELWXDO VL QR VH XVDUiHOHVWDELOL]DGRU 26 \ DXQ DVt

FRQVHJXLUUHVXOWDGRVQtWLGRV

)LMDU 26Ტ(VWDELOL]DGRUÏSWLFRFDPELDUDPRGR)LJ  3UHVLRQDUHOGLVSDUDGRUDPHGLR

FDPLQRFRQILUPDUTXHODLPDJHQHQHOYLVRUDSDUHFHHVWDEOH\HQWRQFHVWRPDUODIRWRJUDItD

7DUGDDSUR[LPDGDPHQWHVHJXQGRHQSURGXFLUXQDLPDJHQHVWDEOHWUDVKDEHUSUHVLRQDGR

HO GLVSDUDGRU (O PRGR  GHWHFWD HO WHPEORU YHUWLFDO GH OD FiPDUD \ VROXFLRQD HO

FRQVLJXLHQWHGHVHQIRTXH(VHIHFWLYRHQREMHWRVHQPRYLPLHQWR

Ŧ(OFRPSHQVDGRU GHOGHVHQIRTXH GHO HVWDELOL]DGRUySWLFR HV HIHFWLYRHQ WRPDV D PDQR

DO]DGD+D\VLWXDFLRQHVHQODVTXHHO(VWDELOL]DGRUÏSWLFRQRHVHILFLHQWH

ƒ'LVSDURVUHDOL]DGRVGHVGHXQYHKtFXORHQPRYLPLHQWR

ƒ6LHOWHPEORUHVFRQVLGHUDEOH

Ŧ1RGHEHXVDUVHHO(VWDELOL]DGRUGH,PDJHQHQODVVLJXLHQWHVVLWXDFLRQHV

ƒ&XDQGRHOREMHWLYRFiPDUDHVWpPRQWDGRVREUHXQWUtSRGH

ƒ0RGRGHH[SRVLFLyQ%±%XOEWLHPSRGHH[SRVLFLyQODUJR

Ŧ/DDOLPHQWDFLyQGHOHVWDELOL]DGRUySWLFRSURYLHQHGHODFiPDUD6LHOHVWDELOL]DGRUySWLFR

HVWiDFWLYDGRODFDSDFLGDGGHGLVSDURVHUiPHQRUGHORKDELWXDO6LQRVHGHVHDXVDUHO

(VWDELOL]DGRU ÏSWLFR SDUD HYLWDU HO H[FHVLYR FRQVXPR GH EDWHUtDV GHEH SRQHUVH HQ

2))

Ŧ'HEHDVHJXUDUVHGHDSDJDU2))HO(VWDELOL]DGRUÏSWLFR26SDUDPRQWDU\GHVPRQWDU

HOREMHWLYR

Ŧ(O (VWDELOL]DGRU ÏSWLFR IXQFLRQD D SHVDU GH HOHYDU HO GHGR GHO GLVSDUDGRU GXUDQWH HO

WLHPSRLQGLFDGRSRUHOREWXUDGRU1XQFDVHGHEHGHVPRQWDUHOREMHWLYRRODVEDWHUtDVGH

OD FiPDUD PLHQWUDV HO (VWDELOL]DGRU HVWp HQ XVR \D TXH SRGUtD FDXVDU GHIHFWRV HQ HO

REMHWLYR

Ŧ$ SHVDU GH TXH HQ HO YLVRU OD LPDJHQ DSDUH]FD OLJHUDPHQWH ERUURVD LQPHGLDWDPHQWH

GHVSXpVGHODWRPD\TXHVHLQLFLHHOFLFORGHFDUJDGHOIODVKHVWRQRSURYRFDUiGHIHFWRV

HQODIRWRJUDItD

Ŧ6LVHDSDJDODFiPDUDRVHGHVPRQWDHOREMHWLYRFRQODIXQFLyQGH(VWDELOL]DGRUySWLFR

RSHUDWLYR HO REMHWLYR SXHGH HPLWLU XQ UXLGR H[WUDxR TXH QR HV VtQWRPD GH XQ PDO

IXQFLRQDPLHQWR

Ŧ3DUDPRQWXUDV6RQ\\3HQWD[VyORSXHGHQXVDUODIXQFLyQGHHVWDELOL]DGRULQFRUSRUDGD

HQHVWHREMHWLYRORVFXHUSRVGHFiPDUDVTXHVRSRUWDQPRWRUHVLPSXOVDGRVSRU RQGDV

XOWUDVyQLFDVFRPRORV+60&XDQGRXWLOLFHODIXQFLyQ26SRUIDYRUDSDJXHODIXQFLyQ

GHOHVWDELOL]DGRUySWLFRGHOFXHUSR GHODFiPDUD \ILMH HOLQWHUUXSWRU26GHOREMHWLYRHQ

21&XDQGRXWLOLFHODIXQFLyQGHOHVWDELOL]DGRUySWLFRGHODFiPDUDSRUIDYRUFDPELHHO

LQWHUUXSWRU 26 GHO REMHWLYR D OD SRVLFLyQ 2)) \ HQFLHQGD OD IXQFLyQ GHO HVWDELOL]DGRU

ySWLFRGHODFiPDUD

Ŧ(O(VWDELOL]DGRUÏSWLFR SXHGH IXQFLRQDU FRQODV&iPDUDV $) GH 1LNRQ GH ODVLJXLHQWH

OLVWD$OXVDUHVWHREMHWLYRFRQRWURVPRGHORVTXHQRHVWpQOLVWDGRVDEDMRGHEHSRQHUHO

(VWDELOL]DGRUÏSWLFRHQPRGR2))SDUDFDQFHODUODIXQFLyQHVWDELOL]DGRUD

&RQFiPDUDVGLJLWDOHVUpIOH[   )

è3XHGHFRQILUPDUORV~OWLPRVPRGHORVFRPSDWLEOHVFRQHO(VWDELOL]DGRUÏSWLFRHQQXHVWUD

SiJLQDZHE

$52<=$3$7$'(75Ë32'(

(VWHREMHWLYRHVWiHTXLSDGRFRQXQD]DSDWDSDUDWUtSRGH&XDQGRDIORMHHOFLHUUHGHODURHO

REMHWLYR\ODFiPDUDJLUDUiQOLEUHPHQWHSDUDIDFLOLWDUOHHOHQFXDGUHYHUWLFDOXKRUL]RQWDOILJ

&Ï02'(60217$5(/$52'(/75Ë32'(

([LVWH ODSRVLELOLGDG GHVDFDUHODURGHOWUtSRGHSDUDXWLOL]DU HO REMHWLYRHQIRWRJUDItDD

PDQRVLQpO3DUDHIHFWXDUORSULPHURGHVHQURVTXHHOERWyQGHEORTXHR\DOLQHHODVHxDO

GHODURFRQODSRVLFLyQź5(029(ILJ

'HVSXpVWLUHGHODURKDFLDDWUiVWDOFRPRVHLQGLFDHQODILJ\ViTXHOR

Ŧ&XDQGRGHVHHYROYHUDFRORFDUORVLJDORVSDVRVGHVFULWRVHQIRUPDLQYHUVD

Ŧ3RUIDYRUQRFRORTXHHODURHQODSRVLFLyQź5(029(H[FHSWRFXDQGRTXLHUDVDFDUORR

SRQHUORHQ FDVR FRQWUDULR HODURSRGUtD GHVSOD]DUVH GH VXSRVLFLyQ LQDGYHUWLGDPHQWH

5HFXHUGHEORTXHDUHODURFRQHOERWyQGHEORTXHRSDUDHYLWDUTXHJLUH

Ŧ&XDQGRHOREMHWLYRHVWiPRQWDGRHQODFiPDUDQRVHTXHGHVDFDUHODUR

&255($

&RORTXHODFRUUHDSRUORVSDVDGRUHVWDOFRPRVHPXHVWUDHQODILJXUD

',67$1&,$0,1,0$'((1)248(

/DGLVWDQFLDPtQLPDGHHQIRTXHGHHVWHREMHWLYRFDPELDVHJ~QODSRVLFLyQGHO]RRP

ILJĬ  0XHVWUDOD'LVWDQFLD0tQLPDGH(QIRTXHVHJ~QODIRFDO

ILJĭ  0XHVWUDOD$PSOLDFLyQ0i[LPDVHJ~QODIRFDO

)272*5$)t$&21)/$6+

1RXWLOLFHHOIODVKLQWHJUDGRGHODFiPDUDFRQ HVWHREMHWLYR\DTXHOHSURGXFLUiVRPEUDV

VRORXWLOLFHIODVKH[WHUQR

7(/(&219(57,'25(6

(OREMHWLYRSXHGHXWLOL]DUVHFRQORVFRQYHUWLGRUHV6LJPD[(;R[(;$SR2SFLRQDO

FRQYLUWLpQGRVH HQ XQ  7HOHREMHWLYR PP ) R HQ XQ 7HOHREMHWLYR PP

)6yORSDUDXWLOL]DUHQHQIRTXHPDQXDO

Ŧ1RXWLOLFHQLQJ~QRWURWHOHFRQYHUWLGRUDSDUWHGHORVQRPEUDGRVDQWHULRUPHQWH

Ŧ(O7HOHFRQYHUWLGRUFRQED\RQHWD3HQWD[QRHVFRPSDWLEOHFRQHVWHREMHWLYR

Ŧ6H UHFRPLHQGD XWLOL]DU OD YHUVLRQ '* GH ORV $SR 7HOHFRQYHUWLGRUHV FXDQGR VH XVDQ

FDPDUDV'6/5

Ŧ3XHGHXWLOL]DUHOHQIRTXHDXWRPiWLFRFRQ9LVLyQ'LUHFWD/LYH9LHZVLODFDPHUDHVWiHQ

PRGR$)³'HWHFFLyQSRUFRQWUDVWH´

3$5$62/

6HLQFRUSRUDFRQHOREMHWLYRXQSDUDVROH[WUDtEOHGHWLSRED\RQHWD  (VWHSDUDVROD\XGDD

SUHYHQLU ORV GHVWHOORV \ UHIOHMRV SURGXFLGRV SRU OD LOXPLQDFLyQ DPELHQWDO  $O FRQHFWDUOR

FRPSUXHEHTXHTXHGHFRPSOHWDPHQWHVXMHWRILJ

Ŧ3DUD JXDUGDU HO REMHWLYR \ HO SDUDVRO HQ VX FDMD SULPHUR WLHQH TXH VDFDU HO SDUDVRO \

GHVSXpVLQYHUWLUORHQHOREMHWLYRILJ

),/7526

Ŧ6RODPHQWH GHEH XWLOL]DUVH XQ ILOWUR FDGD YH] 8WLOL]DU GRV R PiV ILOWURV D OD YH]

HVSHFLDOPHQWHORVGHHIHFWRVFRPRHOSRODUL]DGRUSXHGHQFDXVDUYLxHWHRV

Ŧ&XDQGRXWLOLFHXQILOWURSRODUL]DGRUHQXQDFiPDUD$)REVHUYHTXHVHDGHWLSRFLUFXODU 

6L XWLOL]D XQ ILOWUR SRODUL]DGRU GH WLSR OLQHDO HO HQIRTXH DXWRPiWLFR \ OD H[SRVLFLyQ

DXWRPiWLFDSXHGHQIXQFLRQDULQFRUUHFWDPHQWH

$1,//2$'$37$'25PPĺPP

6HVXPLQLVWUDXQDQLOORDGDSWDGRUFRQHVWHREMHWLYR3XHGHXWLOL]DUXQILOWURGHPPFRQ

HVWHREMHWLYRXWLOL]DQGRHVWH DQLOORDGDSWDGRU3RUIDYRUFRORTXHHO DQLOOR DGDSWDGRUHQOD

SDUWHIURQWDOGHOREMHWLYR

Ŧ6yORSRGUi XVDU HVWH DQLOOR DGDSWDGRU DOXVDU HO REMHWLYRFRQ FiPDUDV FRQWDPDxR GH

VHQVRU$36&6HSURGXFLUiYLxHWHRDOXVDUHVWHDQLOORDGDSWDGRUFRQFiPDUDVGLJLWDOHV

FX\RVHQVRUVHDVXSHULRUDOWDPDxR$36&

Ŧ3RU IDYRUQR XVH XQ ILOWUR SRODUL]DGRU FRQ HVWH DQLOOR DGDSWDGRU \D TXH VL OR KDFH HV

SRVLEOHTXHQRSXHGDTXLWDUORGHQXHYR 

Ŧ6LQRSXHGHTXLWDUHODQLOORDGDSWDGRUGHOREMHWLYRSRQJDODSDOPDGHVXPDQRVREUHHO

DQLOOR\JLUHHQVHQWLGRDQWLKRUDULR

Ŧ&RQHODQLOORDGDSWDGRUQRSRGUiXWLOL]DUODWDSDVXPLQLVWUDGD$GTXLHUDXQDWDSDIURQWDO

GHPP

&8,'$'26%$6,&26<$/0$&(1$-(

Ŧ(YLWHORVJROSHVRODH[SRVLFLyQDWHPSHUDWXUDVH[WUHPDVDOWDVREDMDV\RKXPHGDG

Ŧ(Q FDVR GH DOPDFHQDMH SRU XQ WLHPSR SURORQJDGR HOLMD XQ OXJDU IUHVFR \ VHFR

SUHIHULEOHPHQWH FRQ EXHQD YHQWLODFLyQ  3DUD HYLWDU GDxRV HQ HO WUDWDPLHQWR GH ORV

REMHWLYRVDOpMHORVGHODVERODVRJDVGHQDIWDOLQD

Ŧ1RXWLOLFHGLOX\HQWHJDVROLQDXRWURVOLPSLDGRUHVRUJiQLFRVSDUDOLPSLDUODVXFLHGDGGH

ORVREMHWLYRV  3DUDOLPSLDUORVXWLOLFHXQSDxRGHWHODVXDYHROLPSLDREMHWLYRV

Ŧ(VWRVREMHWLYRVQRVRQLPSHUPHDEOHV  &XDQGRORVXWLOLFHHQODOOXYLDRFHUFDGHODJXD

DVHJ~UHVH GH PDQWHQHUOR VHFR  (V SUiFWLFDPHQWH LPSRVLEOH UHSDUDU ORV PHFDQLVPRV

LQWHUQRVHOHPHQWRVGHFULVWDO\FRPSRQHQWHVHOpFWULFRVGDxDGRVSRUHODJXD

Ŧ6L KD\ FDPELRV V~ELWRV GH WHPSHUDWXUD SXHGH KDEHU FRQGHQVDFLyQ R YHOR HQ OD

VXSHUILFLHGHOREMHWLYR  &XDQGRHQWUHHQXQDKDELWDFLyQFiOLGDYLQLHQGRGHXQOXJDUIUtR

HVUHFRPHQGDEOHPDQWHQHUHOREMHWLYRHQVXFDMDKDVWDTXHVXWHPSHUDWXUDVHDVHPHMH

DODGHODKDELWDFLyQ

(63$f2/

5RVFDSDUDILOWURV

$URGHHQIRTXH

(VFDODGHGLVWDQFLDV

/tQHDGHtQGLFH

$URGHO=RRP

6HOHFWRUGHHQIRTXH

0RQWXUD

=DSDWDSDUDWUtSRGH

,QWHUUXSWRUGHEORTXHRGHO]RRP

26%RWyQ

3DUDVRO

 $QLOORDGD

WDGR

9LULQJUD]LDPRGHOODSUHIHUHQ]DDFFRUGDWDFLFRQO¶DFTXLVWRGHOYRVWURQXRYRRELHWWLYR6LJPD 

9L UDFFRPDQGLDPR GL OHJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SULPD GL FRPLQFLDUH D

XVDUOR&RQRVFHQGRORPHJOLRYLVDUjIDFLOHRWWHQHUQHOHPLJOLRULSUHVWD]LRQLHVRGGLVID]LRQL

(/(0(17,35,1&,3$/,ILJ

3RUWDILOWULIURQWDOHDYLWH



*KLHUDGLYDULD]LRQHGHOODIRFDOH]RRP



&RPDQGRGL/2&.VXOOR]RRP



*KLHUDGLPHVVDDIXRFR

 6HOHWWRUHGLPHVVDDIXRFR ,QWHUUXWWRUH26

6FDODGHOOHGLVWDQ]H ,QQHVWR 3DUDOXFH

,QGLFHGLFROOLPD]LRQH

3DVVRDYLWHSHUWUHSSLHGH

 $QHOOR$GDWWDWRUH

)272&$0(5(1,.21$)

,O IXQ]LRQDPHQWR GL TXHVWR RELHWWLYR q XJXDOH DO IXQ]LRQDPHQWR GHJOL RELHWWLYL 1LNRQ

DXWRIRFXV WLSR * VHQ]D JKLHUD GHL GLDIUDPPL 6HFRQGR OD IRWRFDPHUDVXOODTXDOHYLHQH

PRQWDWR DOFXQH IXQ]LRQL SRWUHEEHUR QRQ HVVHUH DWWLYH 3HU PDJJLRUL GHWWDJOL ELVRJQD

OHJJHUHLOPDQXDOHG¶XVRGHOODIRWRFDPHUD

)272&$0(5(3(17$;$)

,O IXQ]LRQDPHQWR GL TXHVWR RELHWWLYR q XJXDOH DO IXQ]LRQDPHQWR GHJOL RELHWWLYL 3(17$;

DXWRIRFXVWLSR)$-VHQ]DJKLHUDGHLGLDIUDPPL6HFRQGRODIRWRFDPHUDVXOODTXDOHYLHQH

PRQWDWR DOFXQH IXQ]LRQL SRWUHEEHUR QRQ HVVHUH DWWLYH 3HU PDJJLRUL GHWWDJOL ELVRJQD

OHJJHUHLOPDQXDOHG¶XVRGHOODIRWRFDPHUD

$33/,&$=,21(68/&25320$&&+,1$

8QD YROWD FKH DYUHWH LQVHULWR OR ]RRP QHOO¶LQQHVWR GHOOD IRWRFDPHUD IXQ]LRQHUj

DXWRPDWLFDPHQWHDOORVWHVVRPRGRGLXQTXDOVLDVLDOWURRELHWWLYRYLVWUX]LRQLSHUO¶XVRGHOOD

IRWRFDPHUD

/DVXSHUILFLHGHOO¶LQQHVWRSUHVHQWDXQFHUWRQXPHURGLFRQWDWWLHOHWWULFLHDOWULHOHPHQWLSHU

LOWUDVIHULPHQWR GLGDWLH LQIRUPD]LRQL9LUDFFRPDQGLDPRGL FXUDUQHODSXOL]LD ,FRQWDWWL

VRQRPROWRGHOLFDWL 'XUDQWH OH RSHUD]LRQLGLFDPELR GL RWWLFD DSSRJJLDWHO¶RELHWWLYR VX

XQDVXSHUILFLHSLDQDEDGDQGRDULYROJHUQHLQJLODSDUWHGHOODOHQWHIURQWDOHSHUHYLWDUHGL

GDQQHJJLDUHLFRQWDWWLLQTXHVWLRQH

,03267$=,21('(/02'2',(6326,=,21(

8QDYROWDPRQWDWRVXOODIRWRFDPHUDORELHWWLYR6LJPDIXQ]LRQDDXWRPDWLFDPHQWH

6LFRQVXOWLQROHLVWUX]LRQLSHUOXVRGHOFRUSRPDFFKLQD

0(66$$)82&2(0$1295$'(//2=220

4XHVWRRELHWWLYRLQFRUSRUDXQPRWRUHLSHUVRQLFR+60LOTXDOHSHUPHWWHXQDSLYHORFHH

VLOHQ]LRVDPHVVDDIXRFRDXWRPDWLFD

䇶

6,*0$$)H&$121$)

䇷

3HUDWWLYDUHO¶$XWRIRFXVLPSRVWDUHODPHVVDDIXRFRVFHJOLHQGRVXOO¶RELHWWLYRODSRVL]LRQH

³$)´ILJ4XDQGRVLGHVLGHUDPHWWHUHDIXRFRPDQXDOPHQWHVFHJOLHUHVXOO¶RELHWWLYROD

SRVL]LRQH³0´,QTXHVWRFDVRVLPHWWHDIXRFRUXRWDQGRODJKLHUDGLPHVVDDIXRFR

䇶

1,.21$)3(17$;$)H621<

䇷

3HU DWWLYDUH O¶DXWRIRFXV LPSRVWDUH VXOOD IRWRFDPHUD OD PRGDOLWj $) H VFHJOLHUH

VXOO¶RELHWWLYRODSRVL]LRQH³$)´ILJ4XDQGRVLGHVLGHUDPHWWHUHDIXRFRPDQXDOPHQWH

VFHJOLHUHVXOO¶RELHWWLYRODSRVL]LRQH³0´,QTXHVWRFDVRVLPHWWHDIXRFRUXRWDQGRODJKLHUD

GLPHVVDDIXRFR

&RQVXOWDUHLOOLEUHWWRG¶LVWUX]LRQLGHOODIRWRFDPHUDSHUYDULDUHODPRGDOLWjGLPHVVDDIXRFR

3HUDWWDFFKL1LNRQ3HQWD[H6RQ\qSRVVLEOHXVDUHVRODPHQWHODPRGDOLWj$)TXDQGRLO

FRUSRPDFFKLQDULFRQRVFHLOPRWRUHDXOWUDVXRQLFRPHOR+60/D PRGDOLWj $) QRQ q

SRVVLEOHVHLOFRUSRPDFFKLQDQRQULFRQRVFHTXHVWRWLSRGLPRWRUH

4XHVWRRELHWWLYRODVFLDODIDFROWjGLPHWWHUHDIXRFRPDQXDOPHQWHSHUVLQRDGDXWRIRFXV

LQVHULWR  6HLQIDWWLODIRWRFDPHUDqSUHGLVSRVWDSHULOPRGRGLIXQ]LRQDPHQWR2QH6KRW

$)$)6QRQF¶qFKHGDSUHPHUHDPHWDFRUVDLOSXOVDQWHGLVFDWWRHGDIDULQWHUYHQLUH

LO PHFFDQLVPR GL PHVVD D IXRFR DXWRPDWLFD FRQ VXFFHVVLYR DUUHVWR SHU RWWHQHUH

PHHGLDQWHODJKLHUDGLPHVVDDIXRFRPDQXDOHODQLWLGH]]D³SHUVRQDOL]]DWD´FKHVLSUHIHULVFH

6HXVDWHO¶RELHWWLYRFRQPHVVDDIXRFRPDQXDOHDFFHUWDWHYLGHOODQLWLGH]]DGHO TXDGUR

PHGLDQWH RVVHUYD]LRQH GLUHWWD GHOO¶LPPDJLQH FKH VL IRUPD QHO PLULQR /¶RSHUD]LRQH q

YLYDPHQWHUDFFRPDQGDELOHLQFRQVLGHUD]LRQHGHJOLVFRVWDPHQWLDLTXDOOLOSLDQRGLPHVVD

D IXRFR SXz DQGDU VRJJHWWR LQ FDVR GL WRUL VEDO]L GL WHPSHUDWXUD SDU HIIHWWR GHL TXDOL

GLYHUVLHOHPHQWLRWWLFLGHOO¶RELHWWLYRSRVVRQRGLODWDUVLILQRDHQWUDUHLQFRQWDWWRUHFLSURFR

3HUODUHJROD]LRQHVXOO¶LQILQLWRqSUHYLVWDXQDFRPSHQVD]LRQHVSHFLDOH

ޝ0$1295$'(//2=220ޞ

)DWHUXRWDUHODSUHVLQDGLJRPPDVXOODJKLHUDGHOOR]RRPVLQRDUDJJLXQJHUHODSRVL]LRQH

GHVLGHUDWD

&20$1'2',/2&.68//2=220

$QFKHTXHVWRPDFUR]RRPqGRWDWRGLXQFRPDQGRGLEORFFR>

/2&.

@GHOODIRFDOHYDULDELOHSHU

HYLWDUQHLOULODVFLRSURSULRQHOPRPHQWRLQFXLO¶RELHWWLYRqDEEDVVDWR9LSUHJKLDPRSHUWDQWRGL

UHJRODUHODIRFDOHVXOPLQLPRGL

PP

HGLDVSHWWDUHFKHLOFRPDQGRGLEORFFR>

/2&.

@GHOOR

]RRPDVVXPDODSRVL]LRQH

/2&.

ILJSULPDGLIRWRJUDIDUHSHUzDWWHQGHWHFKHO¶RELHWWLYR

VLULSRUWLGDOODSRVL]LRQHGLVEORFFR>

81/2&.

@DOODSRVL]LRQHGLEORFFR>

/2&.

@

,1)250$=,21,68//(35(67$=,21,26 67$%,/,==$725(277,&2

4XHVW¶RELHWWLYR 26 2WWLFDPHQWH 6WDELOL]]DWR HOLPLQD LO PRVVR FDXVDWR GDO WUHPROLR

LPSUHVVR DFFLGHQWDOPHQWH DOOD PDFFKLQD IRWRJUDILFD &RVu q SRVVLELOH ULSUHQGHUH D PDQR

OLEHUDFRQXQWHPSRGLVFDWWRGDOOHGXHDOOHTXDWWURYROWHSLOHQWRFRUULVSRQGHQWHDYDORUL

OXFHGDDULVSHWWRDTXHOORFKH VLGRYUHEEHXVDUHVHQ]DLOGLVSRVLWLYR26 HRWWHQHUH

IRWRXJXDOPHQWHULFFKHGLGHWWDJOLYLVLELOL

,PSRVWDUHOR6WDELOL]]DWRUH 2WWLFR VSRVWDQGR LO FXUVRUHVXOOD0RGDOLWjILJ3UHPHUHLO

SXVDQWHGLVFDWWRD PHWj FRUVD DFFHUWDUVLFKHO¶LPPDJLQHQHO PLULQR VLD IHUPD H TXLQGL

VFDWWDUH OD IRWR %LVRJQD DWWHQGHUH FLUFD XQ VHFRQGR SULPD FKH O¶LPPDJLQH YLVLELOH QHO

PLULQR VL VWDELOL]]L GRSR DYHU SUHPXWR LO SXOVDQWH D PHWj FRUVD /D PRGDOLWj  ULOHYD JOL

VSRVWDPHQWLYHUWLFDOLHGHOLPLQDLWUHPROLLqXWLOHSHUULSUHQGHUHVRJJHWWLLQPRYLPHQWR

/DFRPSHQVD]LRQHGHOPRVVRDFFLGHQWDOHRSHUDWDGDOOR6WDELOL]]DWRUH2WWLFRqHIILFDFH

QHOOHULSUHVHDPDQROLEHUD 

x 7XWWDYLD HVLVWRQR FRQGL]LRQL GL ULSUHVD LQ FXL OR 6WDELOL]]DWRUH 2WWLFR QRQ IXQ]LRQD

DOWUHWWDQWREHQH

x 5LSUHVDGDXQYHLFRORLQPRYLPHQWRVHLVREEDO]LVRQRGLXQDFHUWDHQWLWj

1RQXVDUHOR6WDELOL]]DWRUH2WWLFRQHOOHVHJXHQWLULSUHVH

x 4XDQGRODIRWRFDPHUDqPRQWDWDVXWUHSSLHGH 

x 4XDQGRVLXVDODSRVD%WHPSROXQJR

/¶DOLPHQWD]LRQHQHFHVVDULDDOORVWDELOL]]DWRUH qGDWDGDOODIRWRFDPHUD  &RQO¶RELHWWLYR

26PRQWDWRODGXUDWDGHOOHEDWWHULHGHOODIRWRFDPHUDGLPLQXLUjULVSHWWRDOODGXUDWDFKH

DYUHEEHUR VH QRQ XVDVWH O¶RELHWWLYR VWDELOL]]DWR 4XLQGL VH QRQ XVDWH OD IXQ]LRQH

6WDELOL]]DWRUH2WWLFRSHUULVSDUPLDUHOHEDWWHULHVSRVWDWHO¶LQWHUUXWWRUHVX2))

3ULPDGLWRJOLHUHRPHWWHUHO¶RELHWWLYRDVVLFXUDWHYLFKHO¶LQWHUUXWWRUHVLDVX2))

/R6WDELOL]]DWRUH2WWLFRFRQWLQXDDIXQ]LRQDUHSHUWXWWRLOWHPSRGHOO¶HVSRVL]LRQHGRSR

FKHYRLDYHWHVROOHYDWRLOGLWRGDOSXOVDQWHGLVFDWWR1RQVWDFFDWH PDLO¶RELHWWLYR GDOOD

IRWRFDPHUDTXDQGROR6WDELOL]]DWRUH2WWLFRqLQIXQ]LRQHSRWUHVWHGDQQHJJLDUOR

3XzDFFDGHFKHQHOPLULQRO¶LPPDJLQHDSSDLDPRVVDDSSHQDGRSRFKHVLqVFDWWDWRRSSXUH

TXDQGRLOIODVKLQFRUSRUDWRDOODIRWRFDPHUDLQL]LDDFDULFDUVL&LzQRQFDXVDLPPDJLQLPRVVH

6HODIRWRFDPHUDYLHQHVSHQWDRO¶RELHWWLYRWROWRTXDQGRqLQIXQ]LRQHORVWDELOL]]DWRUH

RWWLFRO¶RELHWWLYRSRWUjHPHWWHUHXQVXRQRFLzQRQYDFRQVLGHUDWRXQGLIHWWR

(¶SRVVLEOHXVDUHODIXQ]LRQH26LQFRUSRUDWDQHOO¶RELHWWLYR FRQ JOL DSSDUHFFKL 6RQ\ H

3HQWD[ SUHGLVSRVWL SHU LO PRWRUH XOWUDVRQLFR +60 4XDQGR VL XVD OD IXQ]LRQH 26

GLVDWWLYDUHODIXQ]LRQHGLVWDELOL]]D]LRQHRWWLFDQHOFRUSRPDFFKLQDHVSRVWDUHLOFXUVRUH

26SUHVHQWH QHOO¶RELHWWLYRVX214XDQGR VL XVD OD IXQ]LRQHGLVWDELOL]]D]LRQH RWWLFD

GHOOD IRWRFDPHUD VSRVWDUH LO FXUVRUH 26 SUHVHQWH QHOO¶RELHWWLYR VX 2)) H DWWLYDUH OD

VWDELOL]]D]LRQHRWWLFDGHOODIRWRFDPHUD

/R6WDELOL]]DWRUH2WWLFRIXQ]LRQDFRQOHIRWRFDPHUH1LNRQ$)HOHQFDWHQHOODWDYRODFKH

YHGHWH TXL VRWWR 4XDQGR XVDWH TXHVW¶RELHWWLYR FRQ IRWRFDPHUH 1LNRQ FKH QRQ VLDQR

TXHOOHHOHQFDWHQHOODWDEHOODULFRUGDWHYLGLSRUWDUHVX2))O¶LQWHUUXWWRUHSHUHVFOXGHUHOD

IXQ]LRQHGHOOR6WDELOL]]DWRUH2WWLFR

)RWRFDPHUH6/5GLJLWDOLH)

3RWHWHDYHUHOHLQIRUPD]LRQLSLUHFHQWLFLUFDLPRGHOOLGLIRWRFDPHUDFKHVLSRVVRQRXVDUH

FRQODIXQ]LRQHGHOOR6WDELOL]]DWRUH2WWLFRFRQVXOWDQGRODQRVWUDKRPHSDJH

3$662$9,7(3(575(33,('((&2//$5(527$17(

/RELHWWLYRSUHVHQWDQHOEDULORWWRXQSDVVRDYLWHSHU,DWWDFFRVXWUHSSLHGH  3UHYLRVEORFFR

GHOODPDQRSRODGLILVVDJJLRGHOFROODUHVLSXzIDUUXRWDUHOLEHUDPHQWHODIRWRFDPHUDLQPRGR

FKHDVVXPDVHQ]DGLIILFROWjVHFRQGRLOFDVRODSRVL]LRQHRUL]]RQWDOHRYHUWLFDOHILJ

&20(5,0829(5(,/&2//$5(3(575(33,(',

6HVLYXROHSHUGDUHXQDPDQRYUDELOLWjSLFRQYHQLHQWHDOO¶RELHWWLYRXVDWRDPDQROLEHUD

VL SXz ULPXRYHUH LO SDUWLFRODUH FROODUH SHU WUHSSLHGL LQGLVSHQVDELOH QHOOH VLWXD]LRQL FKH

ULFKLHGRQR XQ DSSRJJLR VWDELOH H VLFXUR 3ULPD GL WXWWR ELVRJQD UXRWDUH LO FROODUH QHO

SURSULR DOORJJLDPHQWR ILQR DG DOOLQHDUH L ULIHULPHQWL GHOOD SRVL]LRQH GL ³ź5(029(´

ULPR]LRQHILJ

4XLQGLVLGHYHVSLQJHUHYHUVRO¶HVWHUQRLOFROODUHILQRDOODVXDULPR]LRQHGDOODSRVL]LRQH

RSHUDWLYDFRPHYLVXDOL]]DWRQHOODILJXUD

3HUULPHWWHUHLOFROODUHVXOO¶RELHWWLYRVLGHYHULSHWHUHLQVHQVRRSSRVWRODSURFHGXUDGHVFULWWD

$WWHQ]LRQHLOFROODUHYDSRUWDWRUXRWDWRILQRDOODSRVL]LRQH³ź5(029(´VROWDQWRTXDQGR

VLGHVLGHUD ULPXRYHUOR GDOO¶RELHWWLYRR OR VL ULFROORFD LQ SRVL]LRQH RSHUDWLYDVXOOR VWHVVR

RELHWWLYR 1HOOH DOWUH FRQGL]LRQL H VLWXD]LRQL q SHULFRORVR UDJJLXQJHUH OD SRVL]LRQH

³ź5(029(´ VL ULVFKLD OD FDGXWD LQYRORQWDULD GHOO¶RELHWWLYR $OOR VWHVVR WHPSR FL VL

ULFRUGL GL ILVVDUH LO FROODUH QHOOD SRVL]LRQH GHVLGHUDWD PHGLDQWH O¶DSSRVLWD PDQRSROD GL

EORFFRFKHLPSHGLVFHODURWD]LRQHLQYRORQWDULD

4XDQGRO¶RELHWWLYRqPRQWDWRVXXQDSSDUHFFKLRIRWRJUDILFRLOFROODUHQRQSXzHVVHUHULPRVVR

&,1*+,$$75$&2//$

/DFLQJKLDDWUDFROODYDDJJDQFLDWDDJOLDSSRVLWLDWWDFFKLFRPHLOOXVWUDWRLQILJ

',67$1=$0,1,0$',0(66$$)82&2

/D GLVWDQ]D PLQLPD GL PHVVD D IXRFR GL TXHVWR RELHWWLYR FDPELD ULVSHWWR DOOD SRVL]LRQH

GHOOR]RRP

ILJԘ  0RVWUDODGLVWDQ]DPLQLPDGLPHVVDDIXRFRDGRJQLOXQJKH]]DIRFDOH

ILJԙ  0RVWUDLOPDVVLPRUDSSRUWRGLLQJUDQGLPHQWRDGRJQLOXQJKH]]DIRFDOH

)272*5$),$&21,/)/$6+

,OIODVKLQFRUSRUDWRSXzFDXVDUHGHOOHYLJQHWWDWXUHLQGHVLGHUDWH&RQTXHVWRRELHWWLYRQRQVL

GHYHXVDUHLOIODVKLQFRUSRUDWRDOODPDFFKLQDPDXQIODVKHVWHUQR

&,5&$,7(/(&219(57(5

/¶RELHWWLYRSXzHVVHUHXVDWRFRQJOL$SR7HOH&RQYHUWHUDFFHVVRUL[(;R(;D

LQL]LDUH GDOOR ]RRP WHOH PP ) R GDO WHOH ]RRP PP )

ULVSHWWLYDPHQWH 㧔HQWUDPELSRVVRQRHVVHUHXVDWLDQFKHLQPHVVDDIXRFRPDQXDOH㧕

1RQXVDUHDOWULWHOHFRQYHUWHUFKHQRQVLDQRTXHOOLLQGLFDWL

,OWHOHFRQYHUWHUFRQPRQWDWXUD3HQWD[QRQqFRPSDWLELOHFRQTXHVWDSDUWLFRODUHRWWLFD

&RQOH5HIOH['LJLWDOL6/5VRQRFRQVLJOLDWHOHYHUVLRQL'*GHJOL$SR7HOH&RQYHUWHU

(¶SRVVLEOHXVDUHO¶DXWRIRFXVTXDQGRVLqLQPRGDOLWj/LYH9LHZVRORFRQODPRGDOLWjGL

$)DULOHYD]LRQHGLFRQWUDVWR

3$5$/8&(

,O YRVWUR RELHWWLYR q FRUUHGDWR GD XQ SDUDOXFH VWDFFDELOH FRQ DWWDFFR D EDLRQHWWD  ,O

SDUDOXFH SUHYLHQH HIILFDFHPHQWH L ULIOHVVL LQWHUQL H OH LPPDJLQL IDQWDVPD FKH SRVVRQR

SURGXUVLFRQXQ¶LOOXPLQD]LRQH FRQWUROXFH'RSRDYHUDSSOLFDWR LO SDUDOXFH VLQFHUDWHYLFKH

VLDSHUIHWWDPHQWHEORFFDWRILJ

4XDQGRVLULSRQHO¶RELHWWLYRLOSDUDOXFHSXzHVVHUHDSSOLFDWRDQFKHDOO¶LQFRQWUDULRILJ

),/75,

6L SXz XVDUH XQ VROR ILOWUR SHU YROWD &RQ O¶LPSLHJR GL GXH R SL ILOWUL HR GL ILOWUL PROWR

VSHVVLFRPHLSRODUL]]DWRULqIDFLOHLQFRUUHUHLQYLJQHWWDWXUH

6H YROHWH DGRSHUDUH XQ SRODUL]]DWRUH FRQ XQD IRWRFDPHUD $) VFHJOLHWHOR GHO WLSR

³FLUFRODUH´ 8Q SRODUL]]DWRUH ³OLQHDUH´ LQIDWWL SXz FRPSURPHWWHUH LO UHJRODUH

IXQ]LRQDPHQWRVLDGHOO¶DXWRIRFXVFKHGHOVLVWHPDGLHVSRVL]LRQHDXWRPDWLFD

$1(//2$'$77$725(PPĺPP

$VVLHPH D TXHVWR RELHWWLYR q SUHYLVWR XQ DQHOOR DGDWWDWRUH *UD]LH DG HVVR q SRVVLEOH

PRQWDUHVXOO¶RELHWWLYRXQTXDOVLDVLILOWURGLGLDPWURPP /¶DQHOORYDLQVHULWRVXOO¶RELHWWLYR

FRPHVLYHGHQHOO¶LOOXVWUD]LRQH

/¶DQHOOR VL SXz XVDUH VRODPHQWH TXDQGR O¶RELHWWLYR q PRQWDWR VX IRWRFDPHUH GLJLWDOL GL

IRUPDWR$36&6HLOVHQVRUHqGLIRUPDWRPDJJLRUHO¶LPPDJLQHULVXOWHUjYLJQHWWDWD

1RQ XVDUH TXHVWRDQHOORFRQLOILOWUR3RODUL]]DWRUH 6L FRUUH LOULVFKLRGLQRQSRWHUOR SL

VWDFFDUHGDOO¶RELHWWLYR

6H DYHWH GLIILFROWj QHO WRJOLHUH O¶DQHOOR GDOO¶RELHWWLYR DSSRJJLDWHJOL VRSUD LO SDOPR GHOOD

PDQRDSHUWRHUXRWDWHLQVHQVRDQWLRUDULR 

4XDQGR O¶DQHOOR q LQVHULWR VXOO¶RELHWWLYR QRQ q SRVVLEOH DSSOLFDUH D TXHVW¶XOWLPR LO

FRSHUFKLHWWRGLVHULH6LGRYHWHDFTXLVWDUHXQFRSHUFKLHWWRGLGLDPHWURPP

&85$(&216(59$=,21(

3URWHJJHWH O¶RELHWWLYR GD FDGXWH H FROSL HG HYLWDWH GL HVSRUOR DG DOWH WHPSHUDWXUH R

XPLGLWjHFFHVVLYD

,Q SUHYLVLRQH GL XQ SUROXQJDWR SHULRGR GL LQXWLOL]]R FRQVHUYDWH O¶RELHWWLYR LQ XQ SRVWR

IUHVFRDVFLXWWR H SRVVLELOPHQWH EHQ DHUDWR  (YLWDWH GL HVSRUOR D YDSRULGL FDQIRUD R

QDIWDOLQDFKHSRWUHEEHURGHWHULRUDPHLGHOLFDWLULYHVWLPHQWLDQWLULIOHVVL

1RQXVDWHVROYHQWLEHQ]LQDRDOWULGHWHUJHQWLRUJDQLFLTXDQGRVLWUDWWDGLHOLPLQDUHGDJOL

HOHPHQWLRWWLFLWUDFFHGLVSRUFRRLPSURQWHGLJLWDOL5LSXOLWHOLLQYHFHFRQXQSDQQRPRUELGR

LQXPLGLWRRFRQXQDFDUWLQDSHUOHQWL

/¶RELHWWLYRQRQqLPSHUPHDELOH)DWHFKHQRQVLEDJQLTXDQGRORXVDWHVRWWRODSLRJJLDRYLFLQR

DOO¶DFTXD6SHVVRLPHFFDQLVPLLQWHUQLJOLHOHPHQWLRWWLFLHLFRPSRQHQWLHOHWWULFLYHQJRQR

GDQQHJJLDWLLUULPHGLDELOPHQWHGDOO¶DFTXDWDQWRGDUHQGHUQHLPSRVVLELOHTXDOVLDVLULSDUD]LRQH

,PSURYYLVLVEDO]LGLWHPSHUDWXUDSRVVRQRIDYRULUHODIRUPD]LRQHGLFRQGHQVDRSURYRFDUH

OD YHODWXUD GHOOD OHQWH IURQWDOH  4XDQGR HQWUDWH LQ XQ YDQR ULVFDOGDWR PHQWUH IXRUL ID

PROWR IUHGGR YL FRQVLJOLDPR GL WHQHUH O¶RELHWWLYR QHOOD UHODWLYD FXVWRGLD ILQFKp OD VXD

WHPSHUDWXUDQRQVLVDUjDGDWWDWDDOODWHPSHUDWXUDDPELHQWH

,7$/,$12

REMHNWLY UHNRPPHQGHUDU YL DWW GX OlVHU LJHQRP GHQQD EUXNVDQYLVQLQJ LQQDQ GX E|UMDU

DQYlQGDREMHNWLYHW

'(/$51$61$01ILJ

1,.21$).$0(525

'HWWD REMHNWLY IXQJHUDU Sn VDPPD VlWW VRP 1LNRQ * XWDQ EOlQGDUH DXWRIRNXV REMHNWLY 

%HURHQGHSnYLONHQNDPHUDPRGHOOVRPDQYlQGVNDQYLVVDIXQNWLRQHUVNLOMD)|U\WWHUOLJDUH

GHWDOMHURPGHWWDVHNDPHUDQVEUXNVDQYLVQLQJ

3(17$;$).$0(525

'HWWDREMHNWLYIXQJHUDUSnVDPPDVlWWVRP3(17$;)$-XWDQEOlQGDUHDXWRIRNXVREMHNWLY 

%HURHQGHSnYLONHQNDPHUDPRGHOOVRPDQYlQGVNDQYLVVDIXQNWLRQHUVNLOMD)|U\WWHUOLJDUH

GHWDOMHURPGHWWDVHNDPHUDQVEUXNVDQYLVQLQJ

0217(5,1*3c.$0(5$1

6LJPD REMHNWLY KDU H[DNW VDPPD IDWWQLQJ VRP GLQ NDPHUDV RULJLQDOREMHNWLY  )|OM GlUI|U

EUXNVDQYLVQLQJHQWLOOGLQNDPHUDI|UDWWVlWWDSnRFKWDJDDYREMHNWLY

3nIDWWQLQJHQILQQVHWWDQWDOHOHNWULVNDNRQWDNWHURFKNRSSOLQJDU  6HWLOODWWKnOODGHVVD

UHQDI|UDWWInElVWDNRQWDNW  9LGREMHNWLYE\WHVHWLOODWWREMHNWLYHWVIURQWKnOOVQHGnWI|U

DWWXQGYLNDDWWREMHNWLYHWVNDGDV

,167b//1,1*$9(;321(5,1*6)81.7,21

6LJPDREMHNWLY VWlOOVDXWRPDWLVNW LQ SnUlWW IXQNWLRQ QlU REMHNWLYHW PRQWHUDV Sn NDPHUDQ 

6HGLQNDPHUDVEUXNVDQYLVQLQJ

6.b53(,167b//1,1*2&+=220,1*

'HWWDRELMHNWLY lU IRUVHWW PHGHQLQE\JJG+60PRWRU+\SHU6RQLF0RWRU  +60PRWRP

PHGJHUVQDEERFKW\VWDXWRPDWLVNVNlUSHLQVWlOOQLQJ

䇶6,*0$$)RFK&$121$)䇷

)|U DXWRIRNXV IXQNWLRQ YlOM IRNXV OlJH Sn REMHNWLYHW WLOO ³$)´ ELOG  2P GX |QVNDU DWW

IRNXVHUDPDQXHOOW YlOMIRNXVOlJHSnREMHNWLYHWLOlJH´0´'XNDQQXIRNXVHUDJHQRP DWW

YULGDSnREMHNWLYHWVIRNXVULQJ

䇶1,.21$)3(17$;$)RFK621<䇷

)|U DXWRIRNXV IXQNWLRQ YlOM IRNXV OlJH Sn REMHNWLYHW WLOO ³$)´ ELOG  2P GX |QVNDU DWW

IRNXVHUDPDQXHOOW YlOMIRNXVOlJHSnREMHNWLYHWLOlJH´0´'XNDQQXIRNXVHUDJHQRP DWW

YULGDSnREMHNWLYHWVIRNXVULQJ 

9lQOLJHQOlVLNDPHUDQVLQVWUXNWLRQVERNRPKXUGXlQGUDUIRNXVHULQJVOlJHW

)|U 1LNRQ3HQWD[ RFK 6RQ\ IXQJHUDU HQGDVW DXWRIRNXV PHG NDPHUDKXV VRP VW|GMHU

XOWUDOMXGVPRWRU W\S +60 $XWRIRNXV NRPPHU LQWH DWW IXQJHUD RP NDPHUDKXVHW LQWH

VW|GMHUGHQQDW\SDYIRNXVHULQJVPRWRU

0HG GHWWD REMHNWLY NDQ GX VWlOOD LQ VNDUSDQ PDQXHOOW lYHQ L DXWRIRNXVOlJH  0HG

NDPHUDQLQVWlOOGSn2QH6KRW$)$)6JnUGHWDWWMXVWHUDVNlUSDQPDQXHOOWHIWHUGHW

DWWREMHNWLYHWVDXWRIRNXVPRWRUVWDQQDWVnOlQJHVRPNDPHUDQVDYWU\FNDUHKnOOVKDOZlJV

QHUW\FNW

)|U DWW XQGYLND VNDGRU Sn REMHNWLYHW XQGYLN DWW PDQXHOOW YULGD Sn REMHNWLYHWV

IRNXVHULQJVULQJQlUREMHNWLYHWlULQVWlOOWSnDXWRIRNXV

ż=220,1*Ž

9ULG]RRPULQJHQI|UDWWVWlOODLQ|QVNDGEUlQQYLGG

20.233/$5()g5=220/c6

2EMHNWLYHWlUXWUXVWDWPHGHWW]RRPOnVYLONHWI|UKLQGUDUDWWREMHNWLYHWVNMXWVXWQlUGHWULNWDV

QHGnW

6WlOO LQ ]RRPULQJHQ Sn  PP RFK VlWW ]RRPOnV VSDNHQ L OlJH OnV /2&. ILJ

2EVHUYHUDGRFNDWWGXPnVWHVWlOODLQLOlJHXSSOnVW81/2&.LQQDQGXWDUHQELOG

2026237,6.67$%,/,6(5,1*)81.7,21(1

'HWWD 26 REMHNWLY NRPSHQVHUDU EUD I|U VXGGLJD ELOGHU RUVDNDGH DY NDPHUDQV RDYVLNWOLJD

U|UHOVHU  0HG GHWWD REMHNWLY NDQ GX IRWRJUDIHUD PHG VOXWDUWLGHU FD  VOXWDUVWHJ

OnQJVDPPDUHlQYDGVRPVNXOOHYDUDP|MOLJWPHG26 IXQNWLRQHQIUnQNRSSODG5HVXOWDW±

VNDUSDVNDNQLQJVIULDELOGHU

6WlOO LQ 26 NQDSSHQ Sn 0RGH  )LJ  7U\FN QHU DYWU\FNDUHQ KDOYYlJV NRQWUROOHUD DWW

ELOGHQlUVNDUSLV|NDUHQWU\FNVHGDQQHUDYWU\FNDUHQKHOWI|UDWWWDGLQELOGGHWWDUFD

VHNDWWnVWDGNRPPDHQVNDUSELOGHIWHUGHWDWWGXWU\FNWQHUDYWU\FNDUHQKDOYYlJV

0RGHNRPSHQVHUDUPRWYHUWLNDODRIULYLOOLJDNDPHUDU|UHOVHUDOOWVnHIIHNWLYPRWI|UHPnOL

U|UHOVH

26lUHIIHNWLYWYLGKDQGKnOOHQIRWRJUDIHULQJ

9LG IRWRJUDIHULQJ IUnQ IRUGRQ L U|UHOH NDQ 26 IXQJHUD PLQGUH EUD SJD I|U VWDUND

VNDNQLQJDU

$QYlQGLQWH26QlUREMHNWLYHWlUPRQWHUDWSnVWDWLYHOOHUYLGWDJQLQJSnWLG%

26IXQNWLRQHQInU VWU|PIUnQNDPHUDQVEDWWHULHU.DPHUDQ.$1UHDJHUDOnQJVDPPDUH

RP26lUSn2PGXLQWHGLUHNWDQYlQGHU26lUGHWDWWI|UHGUDDWWVlWWD26NQDSSHQL

OlJH 2))I|UDWWVSDUDEDWWHULHURFKI|UDWWK|MDEHUHGVNDSHQSnNDPHUDQ

6lWW26NQDSSHQLOlJH2))LQQDQGXPRQWHUDUHOOHUWDUDYREMHNWLYHWIUnQNDPHUDQ

26IXQNWLRQHQIRUWVlWWHUDWWYDUDLIXQNWLRQHIWHUGHWDWWGXVOlSSWDYWU\FNDUHQPHGILQJUHW

VnOlQJHVRPH[SRQHULQJVPlWDUHQYLVDUH[SRQHULQJVYlUGH7DJDOGULJDYREMHNWLYHWIUnQ

NDPHUDQ RFK WDJ KHOOHU DOGULJ XU NDPHUDQV EDWWHULHU Vn OlQJH VRP 26 lU L IXQNWLRQ

2EMHNWLYHWNDQLVnIDOOVNDGDV

3UHFLVHIWHUGHWDWWGXWDJLWGLQELOGNDQGHWKlQGDDWWELOGHQVNDNDUWLOOLV|NDUHQRFKDWW

EOL[WHQVWDUWDUODGGD'HWWDSnYHUNDULQWHGHQELOGGXMXVWWDJLW

2PNDPHUDQVLQWHlUSnHOOHURPREMHNWLYHWWDVERUWGnELOGVWDELOLVDWRUQNDQGHWWDRUVDND

HWWROMXGGHWWDlUGRFNQRUPDOWRFKLQJHQIHOIXQNWLRQ

9LG DQYlQGQLQJ DY 621<  3HQWD[IDWWDGH REMHNWLY JnU GHW HQGDVW DWW DQYlQGD

26IXQNWLRQ ELOGVWDELOLVDWRU PHG NDPHUDKXV VRP VW|GMHU XOWUDOMXGVPRWRUHU W\S +60

2PREMHNWLYHWV26IXQNWLRQDQYlQGV67b1*$9.$0(5+86(7667$%,/,6(5,1*RFK

67$57$ REMHNWLYHWV 26IXQNWLRQ JHQRP DWW VWlOOD NRQWDNWHQ L 21OlJH 2P NDPHUDQV

VWDELOLVHULQJVIXQNWLRQ$19b1'6Vn0c67(REMHNWLYHWV26IXQNWLRQ67b1*$6$9

26 IXQNWLRQHQ IXQJHUDU PHG GH 1LNRQ $) NDPHURU VRP OLVWDV QHGDQ $QYlQGHU GX

REMHNWLYHWWLOOVDPPDQVPHGDQGUD1LNRQNDPHURUVHWLOODWW26NQDSSHQlULOlJH2))I|U

DWWVWlQJDDY26IXQNWLRQHQ

'LJLWDO6/5NDPHURURFK)

'X NDQ WD GHO DY VHQDVWH LQIRUPDWLRQ RP YLOND NDPHUDPRGHOOHU VRP NDQ DQYlQGDV

WLOOVDPPDQVPHG26IXQNWLRQHQSnYnUKHPVLGD  ZZZVLJPDSKRWRFRP

67$7,9*b1*$2&+95,'%$57)b67(

2EMHNWLYHWlUI|UVHWWPHGHQVWDWLYJlQJDSnGHWYULGEDUDIlVWHW  /RVVDOnVVNUXYHQSnIlVWHW

I|U DWW NXQQD lQGUD NDPHUDLQVWlOOQLQJHQ  )|U K|MGIRUPDW I|U WYlUIRUPDW HOOHU EDUD I|U

ILQMXVWHULQJILJ

6c+b57$5'8$967$7,9)b67(7

'HW JnU DWW WD DY VWDWLYIlVWHW Sn REMHNWLYHW RP GX YLOO /RVVD I|UVW OnVVNUXYHQ Sn

VWDWLYIlVWHWYULGVHGDQVWDWLYIlVWHWVnDWWLQGH[PlUNHWNRPPHUPLWWI|Uź5(029(ILJ

)|UVHGDQVWDWLYIlVWHWEDNnW|YHUREMHNWLYHWILJ

)|UDWWnWHUPRQWHUDVWDWLYIlVWHWSnREMHNWLYHWJ|UGXVRPEHVNULYVRYDQIDVWWYlUWRP

6WlOO LQWH LQ VWDWLYIlVWHW L ź5(029( OlJH XWRP QlU GX VND WD DY HOOHU PRQWHUD

VWDWLYIlVWHW2EMHNWLYHWNDQGnDYPLVVWDJ IDOODXUVWDWLYIlVWHW6HRFNVnWLOODWW OnVDIDVW

VWDWLYIlVWHWPHGOnVVNUXYHQVnDWWREMHNWLYHWLQWHURWHUDURDYVLNWOLJW

6WDWLYIlVWHWNDQHMWDVDYQlUREMHNWLYHWlUPRQWHUDWSnNDPHUDQ

$;(/5(0

0RQWHUD D[HOUHPPHQ L UHP|JORUQD VRP YLVDV L ILJXU   .RQWUROOHUD DIW UHPPHQ VLWWHU

VWDGLJW

1b5*5b16

1lUJUlQVHQSnGHWWDREMHNWLYYDULHUDUPHGLQVWlOOGEUlQQYLGG

ILJĬ  9LVDUQlUJUlQVHQI|ULQVWlOOGEUlQQYLGG

ILJĭ  9LVDUPD[LPDOI|UVWRULQJVJUDGI|ULQVWlOOG

%/,;7)272*5$)(5,1*

9LGIRWRJUDIHULQJPHGNDPHUDQVLQE\JJGDEOL[WWLOOVDPPDQVPHGGHQQDREMHNWLYNDQRUVDND

VNXJJQLQJ $QYlQG LQWH NDPHUDQV LQE\JJGD EOL[W WLOOVDPPDQV PHG GHQQD REMHNWLY 9LG

EHKRYDYEOL[WDQYlQGH[WHUQEOL[W 

207(/(&219(57(56

2EMHNWLYHW NDQ DQYlQGDV WLOOVDPPDQV PHG PHG 6LJPD ; (; HOOHU ; (; $SR 7HOH

&RQYHUWHU 7LOOEHK|U 2EMHNWLYHW I|UYDQGODV Gn WLOO PP ) WHOHREMHNWLY HOOHU

PP)WHOHREMHNWLY Ტ'HVVDNDQHQGDVWDQYlQGDVLQ0)OlJHᲣ

Ŧ$QYlQGLQWHDQGUD7HOHFRQYHUWHUVlQGHRYDQOLVWDGH

Ŧ7HOHNRQYHUWHUDUIXQJHUDUI|U3HQWD[IDWWQLQJHQDYGHQQDRSWLN

Ŧ9LUHNRPPHQGHUDUDWWDQYlQGDVLJDY'*YHUVLRQ$327HOHFRQYHUWHUVWLOOVDPPDQVPHG

'LJLWDOD6/5NDPHURU

Ŧ, OLYH YLHZ OlJHW IXQJHUDU $XWRIRNXV I|UXWVDWW DWW NDPHUDQ VWnU L ³NRQWUDVW $)OlJH´ VH

EUXNVDQYLVQLQJHQ

027/-866.<''

(WWPRWOMXVVN\GGDYEDMRQHWW\SPHGI|OMHU6LJPDREMHNWLY  0RWOMXVVN\GGHWVN\GGDUPRWDWW

R|QVNDWOMXV SnYHUNDU GLQDELOGHU  'HWVN\GGHURFNVn L YLVVPnQ OLQV\WDQPRWVODJUHSRU

RFKUHJQILJ

Ŧ9LG VDPWLGLJ I|UYDULQJ DY REMHNWLY RFK PRWOMXVVN\GG L PHGI|OMDQGH YlVND WDJ I|UVW DY

PRWOMXVVN\GGHWRFKVlWWVHGDQSnGHWEDNIUDPSnREMHNWLYHWILJ

),/7(5

Ŧ$QYlQGHQGDVWHWWILOWHULWDJHW  )OHUILOWHUHOOHUULNWLJWWMRFNDILOWHUNDQRUVDNDYLQMHWWHULQJ

Ŧ$QYlQGHU GX SRODULVDWLRQVILOWHUVH WLOO DWW GHWlUDYGHQ ´FLUNXOlUD´ W\SHQ VRP SDVVDUWLOO

DXWRIRNXV

$'$37(55,1*PP䜮PP

(QDGDSWHUULQJ IUnQ  WLOO PP PHGI|OMHUREMHNWLYHW 0HGKMlOS DY GHQQDNDQ  PP

ILOWHUDQYlQGDVJHQRPDWWVNUXYDSnGHQLILOWHUJlQJDQIUDPSnREMHNWLYHWHQOLJWELOGHQRYDQ 

Ŧ$GDSWHUULQJHQ RFK ILOWHU E|U HQGDVW DQYlQGDV L NRPELQDWLRQ PHG NDPHUD PHG $36&

VHQVRU RP VHQVRUQ KDU VW|UUH VWRUOHN NRPPHU GHW DWW YLQMHWWHUD )LOWUHW RFK DGDSWHUQ

NRPPHUPHGSnELOGHQ

Ŧ2%6 $QYlQG ,17( 3RODULVDWLRQVILOWHU WLOOVDPPDQV PHG DGDSWHUULQJHQ Gn GHWWD NDQ

)$671$

Ŧ2PDGDSWHUULQJHQlQGnVNXOOHIDVWQDDQYlQGKHODKDQGIODWDQSnULQJHQRFKYULGPRWXUV

Ŧ0HGDGDSWHUULQJHQSnNUlYVDQQDWREMHNWLYORFNDQYlQGPPORFNLVWlOOHW

9c5'$',772%-(.7,9

Ŧ8QGYLNH[WUHPDWHPSHUDWXUHURFKVN\GGDREMHNWLYHWPRWVW|WDURFKVODJ

Ŧ9LG OlQJUH WLGV I|UYDULQJ YlLM HQ NDOO RFK WRUU SODWV  8QGYLN QDIWDOLQ VRP NDQ VNDGD

REMHNWLYHWVDQWLUHIOH[EHKDQGOLQJ

Ŧ$QYlQG DOGULJ WLQQHUEHQVLQ HOOHU DQGUD RUJDQLVND YlWVNRU  9LGUHQJ|ULQJ DQYlQG HQ

PMXNOLQVSXWVWUDVDVRPGXNDQN|SDLGLQIRWRDIIlU

Ŧ2EMHNWLYHWlULQWHYDWWHQVlNHUW  6N\GGDGHWPRWUHJQVQ|HOOHUYDWWHQVWlQN

Ŧ3O|WVOLJD WHPSHUDWXUYl[OLQJDU NDQ RUVDND NRQGHQV Sn REMHNWLYHW  9lQWDWLOOV REMHNWLYHW

RFKNDPHUDQInWWVDPPDWHPSHUDWXUVRPRPJLYQLQJHQLQQDQGXDQYlQGHUGHQLJHQ

69(16.$

)LOWHUJlQJD

)RNXVULQJ

$YVWnQGVVNDOD

,QGH[OLQMH

=RRPULQJ

2PNRSSODUHIRNXVIXQNWLRQ

)DWWQLQJ

6WDWLYJlQJD

2PNRSSODUHI|U]RRPOnV

26NQDSS

0RWOMXVVN\GG

$DGDSWHUULQJ

7DNIRUGL'HKDUN¡EWHW 6LJPDREMHNWLY  )RU DW In GHQ PDNVLPDOH \GHHYQH RJ JOGH DI

'HUHV 6LJPD REMHNWLY DQEHIDOHU YL DW 'H OVHU GHQQH EUXJVYHMOHGQLQJ JUXQGLJW LQGHQ

REMHNWLYHWEUXJHV

%(6.5,9(/6($)'(/(1(ILJ

1,.21$).$0(5$(5

'HWWHREMHNWLYIXQJHUHUSnVDPPHPnGHVRP1LNRQ*7\SHDXWRIRNXVREMHNWLYHUREMHNWLYHU

XGHQ EOQGHLQGVWLOOLQJ $IKQJLJ DI NDPHUDPRGHO NDQ GHU YUH YLVVH EHJUQVQLQJHU L

IXQNWLRQHUQH6HNDPHUDHWVEUXJVDQYLVQLQJIRUIOHUHRSO\VQLQJHU

3(17$;$).$0(5$(5

'HWWH REMHNWLY IXQJHUHU Sn VDPPH PnGH VRP 3(17$; )$- 7\SH DXWRIRNXV REMHNWLYHU

REMHNWLYHU XGHQ EOQGHLQGVWLOOLQJ $IKQJLJ DI NDPHUDPRGHO NDQ GHU YUH YLVVH

EHJUQVQLQJHULIXQNWLRQHUQH6HNDPHUDHWVEUXJVDQYLVQLQJIRUIOHUHRSO\VQLQJHU

0217(5,1*3c.$0(5$+86(7

'HWWHREMHNWLYYLOYHGSnVWQLQJSnNDPHUDKXVHWDXWRPDWLVNIXQJHUHSnQ¡MDJWLJWVDPPH

PnGHVRPHWDOPLQGHOLJWREMHNWLY  6HYHQOLJVWYHMOHGQLQJHQLNDPHUDHWVEUXJVDQYLVQLQJ

3nEDMRQHWIDWQLQJHQVRYHUIODGHHUGHUHWDQWDONREOLQJHURJHOHNWULVNHNRQWDNWHU  6¡UJ

IRUDWGLVVHHUUHQHIRUDWVLNUHJRGIRUELQGHOVH  )RUDWXQGJnEHVNDGLJHOVHDIREMHNWLYHW

V¡UJGDIRUDWSODFHUHGHWPHGIURQWHQQHGDGYHGREMHNWLYVNLIW

9$/*$)(.6321(5,1*60(72'(

6LJPD REMHNWLYHW IXQJHUHU DXWRPDWLVN HIWHU PRQWHULQJ Sn NDPHUDKXVHW  6H YHQOLJVW

NDPHUDHWVEUXJVDQYLVQLQJ

)2.86(5,1*2*=220)81.7,21

'HWWHREMHNWLYKDU6LJPDVLQGE\JJHGH+\SHU6RQLF0RWRU+60+60VLNUHUHQKXUWLJRJ

O\GO¡VIRNXVHULQJ

䇶

6,*0$$)RJ&$121$)

䇷

)RUDXWRIRNXVIXQNWLRQVWLOOHVIRNXVYOJHUHQSnREMHNWLYHWILJSn´$)´LQGVWLOOLQJ+YLVGX

¡QVNHU DW IRNXVHUH PDQXHOW VWLOOHV IRNXVYOJHUHQ Sn ´0´ LQGVWLOOLQJ 'X NDQ MXVWHUH

IRNXVHULQJHQYHGDWGUHMHIRNXVHULQJVULQJHQ

䇶

1,.21$)3(17$;$)RJ621<

䇷

)RUDXWRIRNXVIXQNWLRQYOJHV$)IXQNWLRQSnNDPHUDHWRJIRNXVYOJHUHQSnREMHNWLYHWILJ

VWLOOHVSnSn´$)´LQGVWLOOLQJ+YLVGX¡QVNHUDWIRNXVHUHPDQXHOWVWLOOHVIRNXVYOJHUHQ

Sn´0´LQGVWLOOLQJ'XNDQMXVWHUHIRNXVHULQJHQYHGDWGUHMHIRNXVHULQJVULQJHQ

6HYHQOLJVW,NDPHUDHWVEUXJVDQYLVQLQJKYRUGDQNDPHUDHWVIRNXVIXQNWLRQYOJHV

)RU1LNRQ3HQWD[RJ6RQ\PRGHOOHUHUGHWNXQPXOLJWDWDQYHQGH$)PHGNDPHUDKXVH

GHUXQGHUVW¡WWHUPRWRUHUGUHYHWDIXOWUDO\GE¡OJHUVnVRP+60  $)YLOLNNHIXQJHUHKYLV

NDPHUDKXVHWLNNHXQGHUVW¡WWHUGHQQHPRWRUW\SH

'HWWH REMHNWLY JLYHU RJVn PXOLJKHG IRU DW IRNXVHUH PDQXHOW VHOY RP GHW HU LQGVWLOOHW WLO

DXWRIRNXV0HGNDPHUDHWLQGVWLOOHWSn2QH6KRW$)$)6NDQIRNXVHULQJHQMXVWHUHVPDQXHOW

HIWHUDWREMHNWLYHWKDUIRNXVHUHWDXWRPDWLVNPHQVXGO¡VHUNQDSSHQWU\NNHVKDOYWQHG

1nU PDQ EUXJHU GHWWH REMHNWLY L PDQXHO IRNXV YLO YL DQEHIDOH DW PDQ EHNUIWHU GHQ

NRUUHNWH IRNXVHULQJ L NDPHUDHWV V¡JHU  'HWWH DQEHIDOHV IRUGL GHU NDQ IRUHNRPPH

PLQLPDOH IRNXVQGULQJHU S J D HNVWUHPH WHPSHUDWXUIRUVN\GQLQJHU KYLONHWLJHQ NDQ

IRUnUVDJH DW HQNHOWH NRPSRQHQWHU L REMHNWLYHW NDQ XGYLGH VLJ  'HU HU WDJHW K¡MGH IRU

GHWWHQnUREMHNWLYHWVWLOOHVSnXHQGHOLJW

ż=220)81.7,21Ž

'UHM=RRPULQJHQWLOGHQ¡QVNHGHSRVLWLRQ

=220/c6

2EMHNWLYHW HU IRUV\QHW PHG HQ ]RRPOnVIRU DW IRUKLQGUHEUQGYLGGHQ L DW QGUH VLJQnU

REMHNWLYHW YLSSHV QHGDG  ,QGVWLO ]RRPULQJHQ Sn PP RJ VW ]RRPOnVHQ Sn ´/2&.´

ILJ+XVNDWVWWH]RRPOnVHQWLOEDJHSn´81/2&.´LQGHQGXEHJ\QGHUDWIRWRJUDIHUH

2026237,&$/67$%,/,=(5)81.7,21

'HWWH262SWLFDO6WDELOL]HUREMHNWLYUHGXFHUHUXVNDUSKHGIRUnUVDJHWDINDPHUDU\VWHOVHU 

0HGGHWWHREMHNWLYNDQGXWDJHVNDUSHELOOHGHUPHGOXNNHUWLGHUFDWULQODQJVRPPHUHHQG

GHWHUPXOLJWXGHQ26IXQNWLRQ

6W 26 2SWLFDO 6WDELOL]HUᲣRPVNLIWHUHQ Sn  )LJ 7U\N XGO¡VHUNQDSSHQ KDOYW QHG

NRQWUROOHU DW ELOOHGHW L V¡JHUHQ HU VNDUSW RJ WDJ ELOOHGHW 'HW WDJHU FD  VHNXQG IUD

XGO¡VHUNQDSSHQ WU\NNHV KDOYW QHG WLO ELOOHGHW HU VWDELOLVHUHW ,QGVWLOOLQJ  UHJLVWUHUHU

YHUWLNDOHNDPHUDEHYJHOVHURJUHGXFHUHUXVNDUSKHG(IIHNWLYWWLOPRWLYHULEHYJHOVH

Ŧ2SWLFDO 6WDELOL]HU¶HQV NRPSHQVDWLRQ IRU NDPHUDU\VWHOVHU HU HIIHNWLY YHG KnQGKROGWH

RSWDJHOVHU 8QGHU GH I¡OJHQGH IRUKROG HU 2SWLFDO 6WDELOL]HU IXQNWLRQHQ PXOLJYLV LNNH

WLOVWUNNHOLJ

ƒ2SWDJHOVHUIUDHWN¡UHW¡MLEHYJHOVH

ƒ+YLVGHUHUNUDIWLJHU\VWHOVHUHOOHUEHYJHOVHUDINDPHUDHW

Ŧ$QYHQGLNNH2SWLFDO6WDELOL]HU¶HQLI¡OJHQGHVLWXDWLRQHU

ƒ1nUREMHNWLYHWHUPRQWHUHWSnHWVWDWLY

ƒ9HGRSWDJHOVHUSn%XOEODQJWLGVHNVSRQHULQJ

2SWLFDO6WDELOL]HU IXQNWLRQHQInUVWU¡P IUD NDPHUDHW 1nU26 REMHNWLYHW HUPRQWHUHW Sn

NDPHUDHWRJDNWLYHUHW YLO NDPHUDHWV RSWDJHNDSDFLWHW Sn HW VW EDWWHULHUYUH PLQGUH

HQGPHGNRQYHQWLRQHOOHREMHNWLYHU+YLVGXLNNHDQYHQGHU2SWLFDO6WDELOL]HUE¡UGXVWLOOH

26RPVNLIWHUHQSn2))IRUDWVSDUHSnEDWWHULHW

+XVN DW VWLOOH 26 RPVNLIWHUHQ Sn 2)) LQGVWLOOLQJ LQGHQ REMHNWLYHW PRQWHUHV HOOHU

DIPRQWHUHV 

2SWLFDO6WDELOL]HU¶HQ IRUWVWWHUPHGDWIXQJHUHHIWHUDWGXKDUVOXSSHW XGO¡VHUNQDSSHQ

Vn OQJH NDPHUDHW YLVHU HNVSRQHULQJVYUGLHQ 2EMHNWLYHW Pn LNNH DIPRQWHUHV HOOHU

NDPHUDHWV EDWWHUL IMHUQHV PHQV 6WDELOL]HU¶HQ HU L IXQNWLRQ GD GHW NDQ EHVNDGLJH

REMHNWLYHW

6HOY RP V¡JHUELOOHGHW NDQ YLUNH U\VWHW XPLGGHOEDUW HIWHU RSWDJHOVHQ RJ YHG VWDUW DI

RSODGQLQJHQDIGHQLQGE\JJHGHIODVKYLOGHWLNNHSnYLUNHELOOHGHWVNYDOLWHW

+YLVNDPHUDHWVOXNNHVHOOHUREMHNWLYHWDIPRQWHUHVPHQV2SWLFDO6WDELOL]HUIXQNWLRQHQHU 

DNWLYHUHWNDQREMHNWLYHWDIJLYHHQVXPPHQGHO\GPHQGHWWHHULNNHHQIHMO

0HG 6RQ\ RJ 3HQWD[ PRGHOOHU HU GHW NXQ PXOLJW DW DQYHQGH REMHNWLYHWV LQGE\JJHGH

26IXQNWLRQKYLVNDPHUDHWXQGHUVW¡WWHU PRWRUHUDI³XOWUDVRQLF´W\SHQ VRP IHNV +60

1nU26IXQNWLRQHQDQYHQGHVE¡UNDPHUDHWVRSWLVNHVWDELOLVHULQJVIXQNWLRQYUHVOXNNHW

RJ 26 RPVNLIWHUHQ Sn REMHNWLYHW VWLOOHV Sn 21 +YLV NDPHUDHWV RSWLVNH

VWDELOLVHULQJVIXQNWLRQ ¡QVNHV DQYHQGW VWLOOHV 26 RPVNLIWHUHQ Sn REMHNWLYHW Sn 2))RJ

NDPHUDHWVRSWLVNHVWDELOLVHULQJVIXQNWLRQWQGHV

2SWLFDO 6WDELOL]HU IXQJHUHU PHG 1LNRQ $) NDPHUDHU QYQW L I¡OJHQGH RYHUVLJW +YLV

REMHNWLYHWDQYHQGHVVDPPHQ PHGNDPHUDPRGHOOHUGHULNNH HUQYQWL RYHUVLJWHQ VNDO

26 RPVNLIWHUHQVWLOOHVSn2))IRUDWDIEU\GH2SWLFDO6WDELOL]HUIXQNWLRQHQ

'LJLWDOW6/5NDPHUDHURJ)

è'XNDQILQGHGHQQ\HVWHLQIRUPDWLRQRPKYLONHNDPHUDPRGHOOHUGHUNDQDQYHQGHVPHG

2SWLFDO6WDELOL]HUIXQNWLRQSn6LJPD¶VKMHPPHVLGH 

67$7,9*(9,1'

2EMHNWLYHWHUIRUV\QHWPHGHWVWDWLYJHYLQG1nUOnVHNQDSSHQO¡VQHVNDQNDPHUDRJREMHNWLY

GUHMHVWLOKRULVRQWDOHOOHUYHUWLNDOSRVLWLRQILJ

6c'$1$)0217(5(667$7,9)67(7

2EMHNWLYHWV VWDWLYIVWH NDQ DIPRQWHUHV Sn I¡OJHQGH PnGH 6WDWLYIVWHWV OnVHVNUXH

O¡VQHVRJLQGH[PUNHWSnIVWHWVWLOOHVXGIRUź5(029(PDUNHULQJHQ)LJ

'HUHIWHUWUNNHVVWDWLYIVWHWOLJHWLOEDJHVRPYLVWL)LJ

6WDWLYIVWHWPRQWHUHVLJHQYHGDWI¡OJHVDPPHSURFHGXUHLRPYHQGWUNNHI¡OJH

9U RSPUNVRP Sn NXQ DW LQGVWLOOH VWDWLYIVWHW Sn ź5(029( PDUNHULQJHQ KYLV GX

¡QVNHU DW DIPRQWHUH HOOHU PRQWHUH VWDWLYIVWHW GD REMHNWLYHW HOOHUV NDQ O¡VQH VLJ IUD

VWDWLYIVWHW9URJVnRSPUNVRPSnDWVSQGHOnVHVNUXHQIRUDWIRUKLQGUHREMHNWLYHW

LDWGUHMHVLJXWLOVLJWHW

1nUREMHNWLYHWHUPRQWHUHWSnNDPHUDHWNDQVWDWLYIVWHWLNNHDIPRQWHUHV

%5(5(0

0RQWHUEUHUHPPHQLUHPIVWHUQHVRPYLVWLILJXU

0,1,080)2.86(5,1*6$)67$1'

'HQNRUWHVWHIRNXVHULQJVDIVWDQGIRUGHWWHREMHNWLYQGUHVDIKQJLJDIEUQGYLGGHQ

ILJĬ  9LVHUGHQNRUWHVWHIRNXVHULQJVDIVWDQGYHGKYHUEUQGYLGGH

ILJĭ  9LVHUJHQJLYHOVHVIRUKROGHWIRUVW¡UUHOVHVJUDGHQYHGKYHUEUQGYLGGH

)/$6+)272*5$)(5,1*

%UXJDINDPHUDHWVLQGE\JJHGHIODVKYLOIRUnUVDJHYLJQHWWHULQJ'HWDQEHIDOHVDWDQYHQGHHQ

HNVWHUQIODVKPHGGHWWHREMHNWLY

9('57(/(&219(57(5(

2EMHNWLYHW NDQ EUXJHV VDPPHQ PHG 6LJPD¶V [ (; RJ [ (; $SR 7HOHFRQYHUWHUH

HNVWUDXGVW\U 'HUYHG RSQnV HQ IRU¡JHOVH DI EUQGYLGGHQ WLO KHQKROGVYLV PP

) WHOH]RRPREMHNWLY RJ WLO PP ) WHOH]RRPREMHNWLY IRU EHJJH

NRPELQDWLRQHUNXQPHGPDQXHOIRNXVHULQJ

Ŧ$QYHQGLNNHDQGUHW\SHUWHOHFRQYHUWHUHHQGGHRYHQIRUQYQWH

Ŧ7HOHFRQYHUWHUNDQLNNHEUXJHVPHGGHWWHREMHNWLYLXGJDYHQWLO3HQWD[

Ŧ'HWDQEHIDOHVDWDQYHQGH'*YHUVLRQHQDI$SR7HOHFRQYHUWHUQHQnUGHEUXJHVVDPPHQ

PHGHWGLJLWDOW6/5NDPHUD

Ŧ'HW HU PXOLJW DW DQYHQGH DXWRIRNXVL/LYH9LHZKYLVNDPHUDHW HU LQGVWLOOHW WLO ³FRQWUDVW

GHWHFW´$)IXQNWLRQ

02'/<6%/1'(

7LOREMHNWLYHWPHGI¡OJHUHQPRGO\VEOQGHPHGEDMRQHWIDWQLQJ  0RGO\VEOQGHQPRGYLUNHU

JHQHUHQGHUHIOHNVHU´VS¡JHOVHVELOOHGHU´RJDQGUHX¡QVNHGHIRUVW\UUHOVHUYHGRSWDJHOVHUL

PRGO\V9HGPRQWHULQJHQYUGDVLNNHUSnDWPRGO\VEOQGHQHUGUHMHWVnGHQVLGGHUKHOW

IDVWILJ

)RU DW RSEHYDUH REMHNWLYHW RJ PRGO\VEOQGHQ L HWXLHW DIPRQWHUHV PRGO\VEOQGHQ

KYRUHIWHUGHQPRQWHUHVRPYHQGWILJ

),/7(5

'HUE¡U NXQ EHQ\WWHV HWILOWHUDGJDQJHQ$QYHQGHOVHDI WRHOOHUIOHUHILOWUHRJVSHFLHOW

W\NNHUHILOWUHVRPHWSRODULVDWLRQVILOWHUNDQPHGI¡UHYLJQHWWHULQJ

1nUGHUEHQ\WWHVHWSRODULVDWLRQILOWHUVDPPHQPHGHWDXWRIRNXVREMHNWLYEHQ\WGDHWILOWHU

DIGHQFLUNXOUHW\SH 

67(3'2:15,1*PPĺPP

(QVWHSGRZQULQJI¡OJHUPHGWLOGHWWHREMHNWLY'HWHUPXOLJWDWEUXJHHWPPILOWHUSnGHWWH

REMHNWLYYHGKMOSDIVWHSGRZQULQJHQ0RQWpUVWHSGRZQULQJHQSnREMHNWLYHWVIURQW

'HWHUNXQPXOLJWDWDQYHQGHVWHSGRZQULQJHQQnUREMHNWLYHWEUXJHVSnGLJLWDONDPHUDHU

PHGHQ$36&VW¡UUHOVHELOOHGVHQVRU9LJQHWWHULQJYLOIRUHNRPPHKYLVVWHSGRZQULQJHQ

EUXJHVVDPPHQPHGGLJLWDONDPHUDHUPHGHQELOOHGVHQVRUGHUHUVW¡UUHHQG$36&

%HPUN 0RQWpU LNNH HW SRODULVDWLRQVILOWHU Sn VWHS GRZQ ULQJHQ  +YLVGX PRQWHUHUHW

SRODULVDWLRQVILOWHUHUGHWPnVNHLNNHPXOLJWDWDIPRQWHUHGHWLJHQ

+YLVVWHSGRZQULQJHQLNNHNDQIMHUQHVIUDREMHNWLYHWVNDOGXSU¡YHDWWU\NNHKnQGIODGHQ

PRGULQJHQRJGUHMHPRGXUHW

1nU VWHS GRZQ ULQJHQ HU PRQWHUHW Sn REMHNWLYHW HU GHW LNNH PXOLJW DW DQYHQGH GHW

PHGI¡OJHQGHREMHNWLYGNVHO.¡EYHQOLJVWHWPPREMHNWLYGNVHO

*581'/**(1'(9('/,*(+2/'(/6(2*23%(9$5,1*

Ŧ8QGJnKnUGHVW¡GVDPWDWXGVWWHREMHNWLYHWIRUPHJHWK¡MHHOOHUODYHWHPSHUDWXUHU

Ŧ+YLV'HVNDORSEHYDUHREMHNWLYHWXGHQDWEUXJHGHWLOQJHUHWLGYOJGD HWN¡OLJWRJ

W¡UWVWHG)RUDW XQGJn DW ¡GHOJJHDQWLUHIOHNVEHKDQGOLQJHQ Sn OLQVHRYHUIODGHUQH E¡U

GHWKROGHVERUWHIUDP¡ONXJOHURJDQGHQNHPLVNSnYLUNQLQJ

Ŧ%HQ\W $/'5,* IRUW\QGHU EHQ]LQ HOOHU DQGUH RUJDQLVNH RSO¡VQLQJVPLGOHU WLO DW IMHUQH

ILQJHUDIWU\NHOOHUVQDYVIUDOLQVHRYHUIODGHQ5HQJ¡UNXQYHGDWEUXJHHQEO¡GREMHNWLYNOXG

HOOHUOLQVHSDSLU

Ŧ'HWWHREMHNWLYHULNNHYDQGWW9HGEUXJLUHJQYHMUYHGYDQGHWRJOLJQHQGHV¡UJGDIRU

DW KROGH GHW W¡UW 'HW YLO RIWH YUH XPXOLJW DW UHSDUHUH OLQVHHOHPHQWHU RJ HOHNWURQLVNH

NRPSRQHQWHUGHUKDUYUHWLIRUELQGHOVHPHGYDQG

Ŧ3OXGVHOLJH WHPSHUDWXUXGVYLQJ NDQ IRUnUVDJH DW NRQGHQV HOOHU GXJ YLO RSVWn Sn

REMHNWLYHWV RYHUIODGH 1nU GHW HU NROGW XGHQG¡UV RJ PDQ WUGHULQGLHWYDUPWUXP

DQEHIDOHV GHW DW EHKROGH REMHNWLYHW L WDVNHQ LQGWLO REMHNWLYHWV RJ UXPPHWV WHPSHUDWXU

QUPHUVLJKLQDQGHQ

'$16.

)LOWHULQGVNUXQLQJVJHYHLQG

)RNXVHULQJVULQJ

$IVWDQGVVNDOD

,QGH[

=RRPULQJ

)RNXVHULQJVPHWRGHRPVNLIWHU

%DMRQHWIDWQLQJ

6WDWLYJHYLQG

=RRPOnV

26RPVNLIWHUHQ

0RGO\VEOQGH

6WHS'RZQ5LQJ

ڍ᝔൞ᙇشᔞ್ᢴᙰΖ੡Աך։࿇ཀᔞ್ᢴᙰऱᚌᔆࢤ౨Δᨃ൞ጐࠆ᥊

ᐙհᑗΔࠌشছᓮ٣גาᔹᦰءࠌشᎅࣔ஼Ζ

ຝ ٙ ᎅ ࣔ ቹ 

Ԙ ʳ ᢴᝅ࿭ెʳ Ԝ ʳ ᧢ྡྷᛩʳ Ԡ ʳ ྡྷ၏᠙ࡳၨʳ

ԙ ʳ ኙྡྷᛩʳ ԝ ʳ ኙྡྷᑓڤᙇᖗਊၨʳ ԡ ʳ ߻ᔼၲᣂၨʳ

Ԛ ʳ ၏ᠦࠥ৫ʳ Ԟ ʳ ൷ᛩʳ Ԣ ᔟ٠ᆝʳ

ԛ ʳ ᢴᙰ൷ٽਐᑑʳ ԟ ʳ Կᆬਮຑ൷ஆʳ ԣ ᠏൷ᛩʳ

³1LNRQ ؍ൈ ´6/5 ۞೯ ኙ ྡྷ ী ઌ ᖲ ߓ ٨

Ŧ ڼᢴᖞ᧯๻ૠՂፖ´؍ൈ´* ߓ٨ᢴᙰઌٵΔܛᢴ᧯Ղࠀ޲ڶ๻ᆜ٠എᛩΔႊࠉ

ᔾڇᖲߪՂᓳᆏ٠എΖਚᓮࣹრΔᚨᙇشٽᔞীᇆᖲጟ಻ٽࠌشΖᇡൣᓮ೶ᔹ

ᎹՀઌᖲᖙ܂ࠌشᎅࣔ֫םΖ

³3(17$;´6/5 ۞ ೯ ኙ ྡྷী ઌ ᖲߓ ٨

ڼᢴᖞ᧯๻ૠՂፖ ´3(17$;´)$- ߓ٨ᢴᙰઌٵΔܛᢴ᧯Ղࠀ޲ڶ๻ᆜ٠എᛩΔ

ႊࠉᔾڇᖲߪՂᓳᆏ٠എΖਚᓮࣹრΔᚨᙇشٽᔞীᇆᖲጟ಻ٽࠌشΖᇡൣᓮ೶

ᔹᎹՀઌᖲᖙ܂ࠌشᎅࣔ֫םΖ

ڜ ᇘ ᢴ ᙰ

ᢴᙰڜᇘࠩᖲߪ৵Δঁױ۞೯إൄᖙ܂Δᇷறױ೶ᔹઌᖲᎅࣔ஼Ζ

Ŧ ൷ᛩՂڶڍଡሽ՗൷រ֗಻൷ᕴΔᓮঅ਍൷រ堚ᑥΔᒔঅ൷ᏍإᒔΖ

๻ ࡳ ᡜ ٠ ᑓ ڤ

ءᔞ್ᢴ൷ٽઌᖲ৵Δ݁ױ಻ٽࢬᏁ܂٤۞೯࿓ݧኙྡྷᖙ܂ΖڶᣂᇡൣΔᓮ਷ᔹ

ઌᖲࠌشਐতΖ

ኙ ྡྷ ֗ ᧢ ྡྷ

ءᢴᙰփᆜ၌ᜢຒ್ሒ+60Ζ၌ᜢຒ್ሒ౨ח۞೯ኙྡྷመ࿓ޓݶ൸ኑᙩΖ

π ᔞ ್ ֗ ࠋ ౨ ۞ ೯ ኙ ྡྷ ρ

۞೯ኙྡྷᖙ܂ΔലᢴߪՂኙྡྷၨ๻ࡳ੡ $) ۯᆜڕቹ ΙૉᎹՀ඿֫೯ᓳለྡྷ၏Δ

ຍױലᢴߪՂኙྡྷၨ๻ࡳ੡ 0) ۯᆜΔᤉۖ᠏೯ኙྡྷᛩ܂ྡྷ၏ᓳለΖ

π ؍ ൈ Δ ᎏ ൓ ֗ ౉ ؍ ρ

۞೯ኙྡྷᖙ܂Δലઌᖲ๻ࡳ੡۞೯ኙྡྷᑓڤΔٵழലᢴߪՂኙྡྷၨ๻ࡳ੡ $) ۯ

ᆜ ڕቹ ΙૉᎹՀ඿Ꮑ֫೯ᓳለྡྷ၏ΔຍױലᢴߪՂኙྡྷၨ๻ࡳ੡ 0) ۯᆜΔ

ᤉۖ᠏೯ኙྡྷᛩ܂ྡྷ၏ᓳለΖ

ኙྡྷᑓڤऱޓޏࡉ๻ࡳΔᓮ㧬ᔹઌᖲᖙ܂֫㡸Ζ

$ ) פ౨಻ش࣍ 1LNRQΕ 3HQWD[Ε 6RQ\ ࿛঴ྨழΔᏁီ׏ᖲጟীᇆਢܡ֭ࠠག

၌ᜢंኙྡྷ್ሒΔૉᢴᙰլ֭གڼᣊ್ሒΔ۞೯ኙྡྷᖙ܂ലլᔞشΖ

ءᢴᙰױڇ۞೯ኙྡྷᑓڤՀၞ۩֫೯ኙྡྷΖ׽૞ނઌᖲ๻ࡳڇ 21( 6+27

$)6 ໢്۞೯ኙྡྷᑓڤΔ܃ঁױתਊݶ॰ၨΔڇᢴᙰ۞೯ኙྡྷ৵٦אԳ֫ᓳ

ᖞྡྷរΖ

ڇ֫೯ኙྡྷᑓڤՀࠌشءᢴᙰΖ່ړ٣ڇᨠནᕴփᨠ઎ኙྡྷਢܡᄷᒔΖ଺ڂڇ

ᄵ৫஁ฆᄕՕழΔᢴᙰփऱᢴׂױ౨ᄎឩ്ࡉگᜍΔᖄીྡྷរೣฝΖᔞ್ᢴᙰ

ऱྤૻ᎛ྡྷរբቃ٣܂נઌᚨ಻ٽΖʳ

π᧢

᧢

 ྡྷ ρʳ

ʳ ല᧢ྡྷᛩ᠏೯۟ٽᔞऱྡྷ၏Ζʳ

ྡྷ ၏ ᠙ ࡳ ၨ

ءᢴᙰ௽๻ όྡྷ၏᠙ࡳၨ /2&.ύΔאᝩ܍ᢴᙰিऴٻՀழ࢓Հᄶ೯Δڼ᠙ࡳפ

౨వױڇ PP ྡྷ၏سய ቹ ΙૉᏁᇞೈפ౨Δױലᢴࡳၨᐸڃό81/2&.

ᇞೈ᠙ࡳঁױύΖ

ڶ ᣂ 26߻ ᔼ ߓ อ հ ௽ រ

ڼᢴᙰऱ 26 ߻ᔼߓอ౨྇܅ࢨ௣ೈઌᖲڇࣁ᥊խڂ᎘პᔼ೯ۖᖄીቹቝᔆၦ

ᑓᒫΖ

ᢴᙰڇඔ೯ 26 ߻ᔼߓอᖙ܂ழΔຒ৫ֺإൄ޲๻ڼפ౨ऱપ܅؄్Δრܛ౨୲

๺ࠌشለኬऱݶ॰ຒ৫ࣁ᥊Δᨃቹׂய࣠ޓ堚㵷Ζ๻ࡳ 26 ၨ۟ᑓڤቹ Δਊ

Հݶ॰ᤩ࣋ၨԫת࠷ྡྷΔڇᐙቝ堚㵷৵Δঁױ٤ਊݶ॰ᤩ࣋ၨࣁᅃᅝਊՀݶ॰ᤩ

࣋ၨԫת࠷ྡྷழΔᢴ᧯փᆜ 26 ߓอપא  ઞழၴ܂൶ྒྷΖᑓڤ Δೠྒྷઌᖲֽ

ؓᔼ೯֗ቃྒྷאإ૿ۖࠐऱ๯᥊᧯Δאᛧ堚㵷ऱᐙቝΖ

Ŧ 26 ߻ᔼߓอਢ੡֫਍ᢴᙰࣁ᥊ۖ๻ૠΔאՀൣउڼפ౨ࢨய࣠լࠋΖ

ƒڇ۩ᕍխऱٌຏՠࠠՂތࣁΖ

ƒ๠ᄀ೯լࡳऱچֱՂၞ۩ތࣁΖ

Ŧ ᓮܑڇאՀൣउࠌش 26 ߻ᔼߓอΖ

ƒᅝᢴᙰᇘᆜڇᆬਮՂ

ƒ% ݶ॰९ழၴ㇬٠

Ŧ ᢴᙰ 26 ߻ᔼפ౨ऱሎ܂Δ٤ࠉᘸઌᖲऱሽ౨༼ࠎΔਚઌᖲڇ಻شڼᢴ֗ඔ೯

߻ᔼפ౨ԫದࠌشழΔᖲߪऱሽ౨௣౛ၦֺؓൄ௣౛੡೏Δ੡ᆏઊሽ౨Δᓮᣂ

ຨ 2)) ߻ᔼפ౨ڇլᏁࠌش߻ᔼழ

Ŧ ലᢴᙰ಻Ղᖲߪࢨ侏ೈழΔ೭ؘല߻ᔼၨ๠ 2)) ᣂຨۯᆜΖ

Ŧ ᅝᤛ೯ݶ॰ᤩ࣋ၨ৵Δ٠ᖂ᡹ࡳ߻ᔼᇘᆜܛழᖙ܂Δપࡉᡜ٠ଖڇᖲփ᧩قழ

ၴઌٵΔڇڼཚၴ֊֎ലᢴᙰฝೈࢨ࠵ೈᖲߪሽۃΔڼױᖄીᢴփ 26 ߻ᔼᇘ

ᆜჾᡏΖ

Ŧ ڇ٤ਊՀݶ॰ၨழࢨփᆜೂᗉךሽழΔኘᤚᨠནᕴփቹቝലڶ᎘პᔼ೯Δڼ᥆

إൄ෼ွΔኙࢬ᥊ቹቝࠀྤᐙ᥼Ζ

Ŧ ૉᣂຨઌᖲሽᄭࢨೖش٠ᖂ᡹ࡳ߻ᔼᇘᆜழΔᢴ᧯ࢨᄎ࿇נʳ 䢅Ε䢅ʳ ᜢ㫠Δڼ

լਢᜢ㫠ࠀլਢਚᎽംᠲΖ

Ŧ $32 PP ) '* 26 +60 ᧢ྡྷᢴΔ಻ش࣍ ౉؍6RQ\Εᎏ൓

3DQWD[ հᖲጟՂױٵழ࿇ཀᢴߪ߻ᔼ֗၌ᜢຒኙྡྷפ౨Ζڇඔ೯ᢴߪ߻ᔼפ

౨ழΔ೭ᓮലᖲߪՂ٠ᖂ߻ᔼפ౨ᣂຨΔթױࠌشΖૉࠌشᖲߪՂ٠ᖂ߻ᔼפ

౨ΔՈؘᏁലᢴߪ߻ᔼפ౨ᣂຨΖ

Ŧ ٠ᖂ᡹ࡳ߻ᔼפ౨ױ಻ٽאՀ।٨խऱʳ ؍ൈʳ ۞೯ኙྡྷઌᖲࠌشΙࣹრΔૉ܂

।٨խऱীᇆ಻شڼᢴጚΔᓮല 26 ߻ᔼᐸڃ 2)) ᣂຨۯᆜΖ

ࢬڶᑇᒘ໢ᢴ֘٠ઌᖲߓ٨Ε)

੡ၞԫޡԱᇞ౨಻شऱᖲጟীᇆࡉ٠ᖂ᡹ࡳ߻ᔼפ౨Δᓮ೶ᔹլឰޓᄅऱᔞ್

ጻ଄Ζʳ

ᆬ ਮ ຑ ൷ ஆ

ڼᢴॵՂᆬਮຑ൷ஆΔᅝ࣋ᠾਮஆலऱ᠙ၨΔᢴᙰױᙟᖲ᧯۞ط᠏೯ࢨ܂ֽؓڤΕ

িऴ࠷ࡲࣁ᥊ቹ ʳ

ڕ ۶ 侏 ೈ ᆬ ਮ ຑ ൷ ஆ

੡ֱঁ֫਍ࣁ᥊Δױ侏ೈᆬਮຑ൷ஆΔଈ࣋ᠾਮஆலऱ᠙ၨ௕Δਊቹ  ല᠙

ၨ௕ඝ۟ź5(029( ۯᆜቹ ʼΖʳ

ᤉۖല᠙ၨ௕ࢸᠦࡐࡳۯᆜቹ Δᆬਮຑ൷ஆঁױᠾๅΖ

Ŧ ױૹ៿אՂ࿓ݧΔലᆬਮຑ൷ஆᇘ಻ڃᢴߪՂ

Ŧ ڇᢴᙰլᏁ侏ೈࢨᇘ಻ڃᆬਮຑ൷ஆழΔ֊ಖլױല᠙ၨ௕ඝ۟ź5(029( ۯ

ᆜΔڼױᖄ ીᢴᙰࡉᖲ᧯ๅᆵᏽچΔٵழᓮല᠙ၨጹ᠙Ζ

Ŧ ᅝᢴᙰբᇘ಻ڇᖲ᧯ழΔᓮլ૞࠵ೈᆬਮຑ൷ஆΖ

ॊ  ൅

ᓮലॊ൅ᢀ࣍ቹ  ࢬقຝٝΖ

່ २ ኙ ྡྷ ၏ ᠦ

ᢴᙰऱ່२ኙྡྷ၏ᠦΔ٤ီ׏ࠡྡྷ၏᧢೯৵ࢬᢴྡྷ੄ۖڶࢬޏ೯Ζ

ቹ ± Ĭ  ᧩قٺྡྷ੄ऱ່२ኙྡྷ၏ᠦΖ

ቹ ± ĭ  ᧩قٺྡྷ੄ऱ່೏࣋Օ෷ᑇଖΖ

ೂ ᗉ ᥊ ᐙ

ڇࠌشڼᢴၞ۩ೂᗉ᥊ᐙழΔᓮ֎ࠌشᖲߪփॵᆜೂᗉΔ܍ᖄીᐙቝՀຝנ෼ࣖ

ᄆ႕ᐙ෼ቝΙ৬ᤜࠌش؆ᆜೂᗉΖ

᎛ ᥊ ᏺ ၏ ᢴ

ڼᢴױ಻شᔞ್ऱ $32 (; [ ࢨ [᎛᥊ᏺ၏ᢴ׼᝜ᆜΔྡྷ၏ܛױ։ܑ

ᏺ࢏ሒ PP ) ࢨ PP ) ၌᎛᥊ऱᢴΖ٤ႛૻ֫೯ኙ

ྡྷᖙ܂

Ŧ ।٨ՂऱᢴᙰΔլױ಻شࠡה঴ྨऱᏺ၏ᢴΖ

Ŧ ᎏ൓൷ᛩᏺ၏ᢴࠀլ֭གڼᣊਐࡳীᇆᢴᙰΖ

Ŧ ڇ಻ش '6/5 ᑇᒘ໢ᢴ֘٠ઌᖲழΔ㺞௺৬ᤜᢴᙰᚨ಻ش '* ߓ٨ऱ $32 ᎛᥊

ᏺ၏ᢴΖ

Ŧ ૉઌᖲ $) ۞೯ኙྡྷᑓڤ๻࣍³ኙֺڤ´ኙྡྷழΔኔழ࠷ནኙྡྷפ౨ױٵழച۩Ζ

ᔟ ٠ ᆝ

ᢴᙰॵಬԫଡ༺࣋ڤᔟ٠ᆝΔ܂شਢ߻ַ׌᧯હ৵٠ᄭขسऱᤌ٠೒ᐙΖࠌشழΔ

ؘႊᒔঅᔟ٠ᆝբᆖݙ٤᠙ጹߠቹ Ζ

Ŧ ᔟ٠ᆝױ֘ٻڜᇘאঁژ࣋ߠቹ Ζ

ៀ  ᢴ

Ŧ ޢڻ׽ױࠌشԫ࣭ៀᢴΖڕ࣠ࠌش࣭ࠟאՂ֗Яࢨࠌشೣ٠ᢴ࿛௽দៀᢴΔຟ

ױ౨ᄎທګᄉᐙΖ

Ŧ $) ઌᖲᚨᙇشႽݮೣ٠ᢴΖ

᠏ ൷ ᛩ PPψ PP

᠏൷ᛩΔױܓشڼᙟᢴॵٙΔല PP অᥨᢴׂڜ࣋ڇᢴᙰՂΖ

Ŧ ڼ᠏൷ᛩಕᔞش࣍ $36& ᑇᒘ໢ᢴᖲΙլᔞش࣍ႚტᕴ᧯ᗨՕ࣍ $36& ऱઌ

ᖲΔڂڼױᖄીᐙቝנ෼ᄉߡᄆߡ෼ွΖ

Ŧ ᓮլ૞ല 3/ ೣ஡ៀᢴ٠ᢴׂፖ᠏൷ᛩຑ൷Ιૉൎ۩ຑ൷ࢨױᖄીᢴׂլ౨٦侏

ೈΖ

Ŧ ૉ᠏൷ᛩլ౨ൕᢴՂ࠵ೈΔױش֫༳՛֨ጹᚘ᠏൷ᛩՂΔא֘ழಾֱٻ᠏೯ঁ

ױΖ

Ŧ ڇ᠏൷ᛩ಻ش࣍ᢴՂ৵Δ଺ᢴ።ঁլᔞشΔᓮ۞ᙇش PP ᢴ።ঁױΖ

অ 塄 ֗ ژ ࣋

Ŧ ᚨᝩ܍ᐳᚰࢨऴ൷ᆜ࣋ڇᎩᑷΕᄕܐࢨᑪᛘऱᛩቼՀΖ

Ŧ ڕ࣠૞९ཚژ࣋Δࡵᙇᖗອළ೓෯֗ຏଅߜړऱچֱΖ੡ԱঅᥨᢴᙰऱףᓂᐋΔ

ࡵ᎛ᠦ߻៽Մࢨ߻៽Մ࿇נ௛᧯ऱچֱΖ

Ŧ ᢴׂՂऱۆৃࢨਐెױشਫຌპᛘऱᢴᙰؒࢨᢴᙰ౐堚ᑥΔ൫֊֎شᄫᕪΕ૖

ࢨࠡהڶᖲ堚ᑥᕪΖ

Ŧ ءᢴᙰࠀլ߻ֽΔՀॸࢨ൷२ֽᄭழࠌش௽ܑ՛֨Δ֊֎ݫᛘΖଣૉփຝᖲٙΕ

ᢴׂ֗ሽ՗ሿٙڂ࠹ᛘݫჾΔՕຟྤऄଥ෻Ζ

Ŧ ᄵ৫ડ᧢ױ౨ᄎחᢴᙰ।૿ᕩ࿨ᣆ௛ࢨֽរΔڂڼڇ֚௛༃ܐழၞԵᄊࡉऱ৛

փᛩቼΔ່ړലᢴᙰ࣋ڇᢴᙰ๳փΔऴ۟ᢴᙰᄵ৫൷२৛ᄵ੡ַΖ

׽⃰شՊխ㧺ʳ 䣈

䣈

঴ ֫ 㡸 ք Ẋ ٲ 呐 ढ 凝 ऱ ټ 㲯 א ֗ ژ ڇ ᩓ ܡ

ڶ੅ڶ୭ढ凝ࢨցై

ຝٙټ㲯

卋

3E

+J

叏

&G

ք᪔卲

&U

ڍᖾ侶૖

3%%

ڍᄽԲ૖ㅘ

3%'(

؆㨆८㺉ຝٙ ͪ Ϥ  Ϥ  Ϥ  Ϥ  Ϥ 

؆㨆䰵౟ຝٙ Ϥ  Ϥ  Ϥ  Ϥ  Ϥ  Ϥ 

ഗࣨຝٙ ͪ Ϥ  Ϥ  Ϥ  Ϥ  Ϥ 

٠䝤ຝٙ Ϥ Ϥ  Ϥ  Ϥ  Ϥ  Ϥ 

᫕ඳຝٙ Ϥ Ϥ  Ϥ  Ϥ  Ϥ  Ϥ 

䩥

ࣹ

׽⃰شՊխ㧺

Ϥ।ق具ڶ੅ڶ୭ढ凝ڇ具ຝٙࢬڶढ݁凝ޗறխऱܶၦ݁ڇ 6-7 䰬

଱億ࡳऱૻၦ૞ޣאՀΖ

g।ق具ڶ੅ڶ୭ढ凝ࠩڇ具ຝٙऱਬԫ݁凝ޗறխऱܶၦ၌נ 6-7

䰬଱億ࡳऱૻၦ૞ޣΖ

 ࢨ  䨞ݮܶ㠼 ڼ䰬兘ਢ⃰شՊڇխ㧺ቼ㡕历ഇऱ䶣՗允ஒ䣈঴ऱ㩾অࠌشཚૻΖ

ڼ䣈঴ࠌشृ׽૞ᙅښڜ٤ࡉࠌشՂऱࣹრࠃ咊Δ㡘س䣈հֲದऱԼڣࢨնڣཚ吗լ

㢸㢑㩾ቼۆ਩ΔՈլ㢸㢑Գߪࡉ凗䣈ທګૹՕᐙ㫠Ζ

₼㠖崹

㢝

㦇

㐐Ἤ⫼ ⥀㪼⪰ Ạ㢹䚨㨰㊈㉐ ␴␜䢼 ᵄ㇠䚝⏼␘ ⸬ ㉘⮹㉐⪰ 㢱㡰㐔䟸 ⥀㪼㢌 ὤ⏙

㦤㣅㼜Ἵㇵ㢌㨰㢌㥄㡸㥉䞉䚌᷀ 㢨䚨䚌㜠㇠㟝䚨㨰㐐Ὤ ⵈ⣁⏼␘ ❄䚐 ⸬ ㉘⮹㉐⏈

ᴵ 㾨⮈⢰ ⫼㟨䏬ⷸ ḩ㟝㉘⮹㉐⦐ ╌㛨㢼㡰⮤ ⥀㪼䚡⯝⫼␘ ㇠㟝䚌㐐⏈ 䚨␭ 㾨⮈⢰㢌

㼜Ἵ㉘⮹㉐㝴䚜󰜍 㵬Ḕ䚌㐐Ὤ ⵈ⣁⏼␘

 ᷱḔ 㼜Ἵ ⺴㨰㢌⦐ ㇠㟝㣄ᴴ 䙰䚨⪰ 㢹㡸 ᴴ⏙㉥㢨㢼㏩⏼␘

Š⥀㪼⪰ 㣙㵝䚐㾨⮈⢰⦐ 䈐㛅 ⵃ ᵉ䚐 ṅ㉔㡸㡕㙼㡰⦐ 㫵㥅 ⸰ ⚀ 㐐⥙㣙㚔⪰ 㸼⣌䚔㍌

㢼㏩⏼␘ 䏭䢼 ⥀㪼⬀㡰⦐ 䈐㛅㡸㫵㥅 ⸰ ᷱ㟤㐘⮹㢌㠄㢬㢨 ╝⏼␘

 㨰㢌㼜Ἵ ⺴㨰㢌⦐ ㇠㟝㣄ᴴ 䙰䚨⪰ 㢹ᶤ⇌ Ɒ㫼㤵㋄䚨㢌 ⵐ㈑ᴴ⏙㉥㢨㢼㏩⏼␘

Š㚒◘ 㿕㡸 ⥀㪼⦐⺴䉤⺸⫠䚐㵸 ⵝ㾌䚌⮨ 䈐㛅ṅ㜄㢌䚌㜠㬅ṅ䜸ㇵ㢨 ⵐ㈑ 䞈㣠㢌

㠄㢬㢨 ╝⏼␘

Š⫼㟨䏬⺴⺸㡴 ⸩㣕䚐 Ạ㦤⦐ ╌㛨㢼㡰⳴⦐ 㦤㐠䚌㜠㼜Ἵ䚌㐐ὤ ⵈ⣁⏼␘

Šㇰᴵ␴⏈ ᵉ⓸ᴴ ⋆㡴㥐䖼㡸 Ề㣙䚝⏼␘ ᵉ⓸ᴴ 㚱䚐ㇰᴵ␴ ㇠㟝㐐㘤⤠㫼㜰⥘ᴴ

㢼㏩⏼␘

ᴵ⺴㢌 ⮹㾡䖐 

䙸䉤㋀䁇㩀⫵㩀 ⢱ ㏘㠸㾌

䔠䀘㏘ ⫵䔠䀘㏘ ⯜☐ 㤸䞌㏘㠸㾌26㏘㠸㾌

ᶤ⫠䖐㐐⫼㟨䏬⥀㪼䟸☐

㫴䖐㉔䏬⢰㢨䔠☐ ㋀䁇  6WHS'RZQ5LQJ

⏼䂌 $) 䇴㢹㾨⮈⢰

Ŧ㢨 ⥀㪼㢌 ὤ⏙☘㡴*䇴㢹㦤⫠ᵐ ⫵㢨㛺⏈ 㝘䋔䔠䀘㏘ ⏼䂌 ⥀㪼㝴 ┍㢰

䚝⏼␘ 㾨⮈⢰㝴㢌㦤䚝㜄 ♤⢰ 㢰⺴ ὤ⏙☘㢌㥐䚐㢨㢼㡸㍌㢼㏩⏼␘ 㦴⒈

㣄㉬䚐 ⇨㟝㡴㾨⮈⢰㢌㇠㟝㉘⮹㉐⪰ 㵬㦤䚌㐐ὤ ⵈ⣁⏼␘

䓐䇵㏘ $) 䇴㢹㾨⮈⢰

㢨 ⥀㪼㢌 ὤ⏙☘㡴)$-䇴㢹㦤⫠ᵐ ⫵㢨㛺⏈ 㝘䋔䔠䀘㏘䓐䇵㏘ ⥀㪼㝴 ┍㢰

䚝⏼␘ 㾨⮈⢰㝴㢌㦤䚝㜄 ♤⢰ 㢰⺴ ὤ⏙☘㢌㥐䚐㢨㢼㡸㍌㢼㏩⏼␘ 㦴⒈ 㣄㉬䚐

⇨㟝㡴㾨⮈⢰㢌㇠㟝㉘⮹㉐⪰ 㵬㦤䚌㐐ὤ ⵈ⣁⏼␘

⥀㪼㢌㣙㵝ⵝⷉ

㾨⮈⢰㜄㣙㵝 㵝䇼ⵝⷉ㡴㇠㟝䚌㐐⏈ 㾨⮈⢰ 㥐㦤㇠㢌 ⥀㪼ẤḰ ┍㢰䚌⳴⦐ 㾨⮈⢰

㇠㟝㉘⮹㉐⪰ 㵬Ḕ䚌㐐ὤ ⵈ⣁⏼␘

Ŧ⫼㟨䏬 ⮨㜄⏈ 㦤⫠ᵐ 㜤┍㟝 $) 㜤┍㟝㣙㾌 ⵃ 㤸ὤ 㥅㥄 ☥㢨㢼㏩⏼␘ ㇵ㷌 ⵃ

㝘㜰㜄㢌䚌㜠㝘㣅┍ ⵃ Ḕ㣙㢌㠄㢬㢨 ╌⳴⦐ 㨰㢌 ⵈ⣁⏼␘

㦤⫠ᵐ ㉘㥉

㦤⫠ᵐ ㉘㥉ⵝⷉ㡴㋀㫴䚌Ḕ ᷸㐔㾨⮈⢰ 㥐㦤㇠㢌 ⥀㪼ẤḰ ┍㢰䚌⳴⦐ 㾨⮈⢰

㇠㟝㉘⮹㉐⪰ 㵬Ḕ䚌㐐ὤ ⵈ⣁⏼␘

㸼㥄 ⵃ 㩀

㢨 ⥀㪼⏈ 䚌㢨䒰㋀⏽ ⯜䉤+60㸼㢀䑀 ⯜䉤⪰㵸䈑䚌㜠 㐔㋁䚐㝘䋔䔠䀘㏘㝴

㣅┍㢀㢌㥐ᶤ⪰ 㐘䜸䚌㜴㏩⏼␘

䇶

6,*0$$) 㝴 &$121$)

䇷

㝘䋔䔠䀘㏘㣅┍㡸㠸䚨㉐⏈ ⥀㪼㢌䔠䀘㏘ ⯜☐ ㏘㠸㾌⪰

³

⯜☐⦐ ㉘㥉䚌㐐ὤ

ⵈ⣁⏼␘

 

Ἤ⫰



䔠䀘㏘⪰ ㍌┍㡰⦐ ㉘㥉䚌㐐ὤ⪰ 㠄䚌㐘 ᷱ㟤



⥀㪼㢌䔠䀘㏘ ⯜☐

㏘㠸㾌⪰

³

⯜☐⦐ ㉘㥉䚌㐐⮨ 䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄㦤㥉㢨 ᴴ⏙䚝⏼␘



䇶

1,.21$)3(17$;$) 㝴 621<

䇷

㝘䋔䔠䀘㏘㣅┍㡸㠸䚨㉐⏈ 㾨⮈⢰⪰$)⯜☐⦐ ㉘㥉䚌㐔䟸 ⥀㪼㢌䔠䀘㏘ ⯜☐

㏘㠸㾌⪰³$)´ ⯜☐⦐ ㉘㥉䚌㐐ὤ ⵈ⣁⏼␘ Ἤ⫰  䔠䀘㏘⪰ ㍌┍㡰⦐

㉘㥉䚌㐐ὤ⪰ 㠄䚌㐘 ᷱ㟤 ⥀㪼㢌䔠䀘㏘ ⯜☐ ㏘㠸㾌⪰³0´ ⯜☐⦐ ㉘㥉䚌㐐⮨

䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄㦤㥉㢨 ᴴ⏙䚝⏼␘

Ŧ

㾨⮈⢰㢌䔠䀘㐥 ⯜☐⪰ ⷴᷱ䚌ὤ 㠸䚨㉐⏈ 㾨⮈⢰ ㇠㟝㉘⮹㉐⪰ 㵬㦤䚌㐐ὤ ⵈ⣁⏼␘



Ŧ⏼䂌 䓐䇵㏘ ㋀⏼ ⫼㟨䏬㢌 ᷱ㟤 㾨⮈⢰ ⵈ♈㜄㉐$) ⪰ 㫴㠄䚨㨰⏈ ⯜⒬㜄⬀

+60 Ḱ ᵍ㡴㸼㢀䑀 ⯜䉤ᴴ 㫴㠄╝⏼␘ 㾨⮈⢰ ⵈ♈㜄㉐㢨⤠䚐 ⯜䉤䇴㢹㡸

㫴㠄䚨㨰㫴㙾㡰⮨$)ὤ⏙㡴㣅┍╌㫴㙾㏩⏼␘

Ŧ㢨 ⥀㪼⏈$) 㜄㉘㥉═ ㇵ䈐㜄㉐ ⬘⎨㛰⦐ 䙴䏬 ⸨㥉㢨 ᴴ⏙䚝⏼␘ 㾨⮈⢰⪰21(

6+27 㝘䋔䔠䀘㏘㜄㉘㥉䚌㜠 䚝㥄䟸 ㊈䉤 ⶸ䏰㡸 ⵌ ㊈䉤ㇵ䈐㜄㉐䔠䀘㏘

⫵㡸 ─⥘ 䙴䏬⪰ ⬒㻙⏼␘

Ŧ䔠䀘㏘⫵㢨 ⱨ䚐␴㢌㠸㾌㜄㉐⓸ 㠄ᶤ⫠㜄㸼㥄㢨 ⬒㫴㙾㡸㍌⓸ 㢼㡰⳴⦐

䑀㢬⒈⪰ 䞉㢬䚌⮨㉐㹠㜵䚌㜠㨰㐡㐐㝘

ଲ㩀

㩀

㇠㟝ଳ

㩀⫵㡸 ─⥘ 㤵㤼䚐 Ạ⓸⦐ 㸼㥄ᶤ⫠⪰ ⷴ䞈㐐䇩⏼␘

㩀 ⢱ ㏘㠸㾌

㢨 ⥀㪼㜄⏈ 㩀 ⢱ ㏘㠸㾌ᴴ 㢼㛨㉐ ⥀㪼ᴴ 㙸⣌⦐ ὤ㟬㛨㦀㡸 ⚀ 㩀㢨䢌⤠⇨⫠⏈

䜸ㇵ㡸 ⵝ㫴䚨㩁⏼␘ 㩀⫵㡸 PP 㜄⬒㻈Ḕ㩀⢱㏘㠸㾌⪰³/2&.´

㠸㾌Ἤ⫰㜄 ⋇㏩⏼␘ Ἤ⤠⇌ 㹠㜵㤸㜄⏈ ³/2&.´ 㠸㾌㜄㉐³81/2&.´ 㠸㾌⦐

ⷴᷱ䚨㨰㐐ὤ ⵈ⣁⏼␘

262SWLFDO6WDELOL]HU 䏭㬉

26 2SWLFDO 6WDELOL]HU ⥀㪼⏈ 㾨⮈⢰㢌䢈☘⫰㜄㢌䚨 ⇌䇴⇌⏈ 㢨⴬㫴䢄⫰ 䜸ㇵ㡸

䟜Ḱ㤵㡰⦐ ⸨㥉䚨㩁⏼␘

㢨⥀㪼㢌26ὤ⏙㡸㢨㟝䚌⮨ ㇠㟝䚌㫴㙾㡸 ⚀⸨␘ 㚱 ㏘䊑⾔⪬ ㊈䉤㏘䙰☐⪰

䞉⸨䚔㍌㢼㛨㉔⮹䚐㢨⴬㫴⪰ 㛯㡰㐘㍌㢼㏩⏼␘

26ஂ2SWLFDO6WDELOL]HUஃ㏘㠸㾌⪰ 0RGHἬ⫰ 㜄 ⋇㏩⏼␘ ⵌ ㊈䉤⪰ ⌸⪨Ḕ ⼤

䑀㢬⒈㢌㢨⴬㫴ᴴ 㙼㥉㤵㢬㫴䞉㢬㡸䚐䟸㹠㜵㡸䚝⏼␘ ⵌ ㊈䉤⪰ ⌸⪬ 䟸

㙼㥉㤵㢬㢨⴬㫴⪰ 㜤㻐䚌⏈ ⒤㜄⏈ 㚱 㸼ᴴ ㋀㟈╝⏼␘ 0RGH  ⏈ ㍌㫵㡰⦐㢌

㾨⮈⢰ 䢈☘⫰㡸 ᵄ㫴䚨䢈☘⫰㡸 ⸨㥉䚨㩁⏼␘ 㾨⮈⢰㜄 ␴䚨㍌䓽㡰⦐ 㟴㫵㢨⏈

䙰㇠㷨㜄䟜Ḱ㤵㢹⏼␘

Ŧ26 㢌䢈☘⫰ ⸨㥉 ὤ⏙㡴㋄㡰⦐ 㣕Ḕ 㹠㜵㡸䚔 ⚀ 䟜Ḱ㤵㢹⏼␘ ␘㢀㢌

㦤ᶨ㜄㉐26⏈ 㤵㤼䚌᷀ 㣅┍䚌㫴㙾㡸㍌㢼㏩⏼␘

ŀ 㟴㫵㢨⏈ 㣄┍㵜㜄㉐㹠㜵

ŀ 㾨⮈⢰㢌㟴㫵㢸㢨⇌ 䢈☘⫰㢨ㇵ␭䢼䆨 ⚀

Ŧ␘㢀㢌ㇵ䞝㜄㉐⏈26⪰ ㇠㟝䚌㫴 ⫼㐡㐐㝘

ŀ ⥀㪼⪰ 䏬⢰㢨䔠☐㜄㣙㵝䚨㇠㟝䚔 ⚀

ŀ ⷀ⽀㹠㜵㐐⊬㻐㐐ᴸ㢨 Ὤ ⚀

Ŧ26 ὤ⏙㡴㾨⮈⢰ 㤸㠄㡰⦐ 㣅┍╝⏼␘ 㾨⮈⢰㜄26⥀㪼⪰ 㣙㵝䚨26ὤ⏙㢨

䞐㉥䞈 ╌㛨㢼⏈ ᷱ㟤 ┍㢰䚐㾨⮈⢰㜄㤸䋩㤵㢬 ⥀㪼⪰ 㣙㵝䚼㡸 ⚀⸨␘ 㹠㜵

ᴴ⏙ 㐐ᴸ㢨㨸㛨☘ ᶷ㢹⏼␘ 26 ὤ⏙㡸㇠㟝䚌㫴㙾㡸 ⚀㜄⏈ ⵤ䉤⫠㢌㋀⯜⪰

㨸㢨ὤ 㠸䚨 26 ㏘㠸㾌⪰2)) ⦐ 䚨㨰㐐ὤ ⵈ⣁⏼␘

Ŧ㾨⮈⢰㜄 ⥀㪼⪰ 㣙㵝䚌ὤ 㤸㜄 26 ㏘㠸㾌ᴴ 2)) 㠸㾌㜄㢼⏈㫴䞉㢬䚨㨰㐐ὤ

ⵈ⣁⏼␘  

Ŧ⊬㻐᷸㜄 ⊬㻐 ᵆ㢨䖐㐐╌⏈ 䚐㊈䉤 ⶸ䏰㡸 ⋇㡴䟸㜄⓸26ὤ⏙㡴 ᷸㋁

㣅┍䚝⏼␘ 26 ὤ⏙㢨㣅┍䚌⏈ ┍㙼㜄⏈ 㤼␴⦐ ⥀㪼⪰ ⺸⫠䚌ᶤ⇌ 㾨⮈⢰㢌

ⵤ䉤⫠⪰ ⺸⫠䚌㫴 ⫼㐡㐐㝘 Ἤ⤻᷀ 䚔 ᷱ㟤 ⥀㪼㜄㋄ㇵ㡸㨸㍌㢼㏩⏼␘

Ŧ㹠㜵䟸㾨⮈⢰ ⇨㣙䙀⣌㐐㢌㻝㤸㢨㐐㣅╔ ⚀ ⼤䑀㢬⒈ 㢨⴬㫴ᴴ 䢈☘⥘㉐

⇌䇴⇌⒈⢰⓸ 㢨⴬㫴㜄⏈ 㙸ⱨ⤤ 㜵䛙⓸ 㨰㫴㙾㡸 ᶷ㢹⏼␘

Ŧ26 ὤ⏙㢨㣅┍䚌⏈ ┍㙼㾨⮈⢰ 㤸㠄㢨 ῰㫴ᶤ⇌ ⥀㪼ᴴ ⺸⫠╔ ᷱ㟤 ⥀㪼㜄㉐⏈

㋀㢀㢨 ⵐ㈑䚔㍌㢼㡰⇌ 㝘㣅┍㡴㙸␍⏼␘

Ŧ㋀⏼ 䓐䇵㏘ ⫼㟨䏬 ⥀㪼㢌 ᷱ㟤㾨⮈⢰ ⵈ♈㜄㉐+60 Ḱᵍ㡴㸼㢀䑀Ḕ㋁

⯜䉤⪰

㫴㠄䚨㨰㛨㚰⬀ ⥀㪼㜄䈅㣠═

26

ὤ⏙㡸㇠㟝䚔㍌㢼㏩⏼␘

 26

ὤ⏙㡸

㇠㟝䚔

⚀⏈ 㾨⮈⢰ ⵈ♈㢌㋄ ⛜⫰ ⵝ㫴 ὤ⏙㡸 ⅸḔ ⥀㪼㢌 26 ㏘㠸㾌⪰21 㡰⦐

㉘㥉䚝⏼␘ 㾨⮈⢰ ⵈ♈㢌㋄ ⛜⫰ ⵝ㫴 ὤ⏙㡸㇠㟝䚔 ⚀⏈ ⥀㪼㢌26㏘㠸㾌⪰

2)) ⦐ 䚐䟸㾨⮈⢰㢌㋄ ⛜⫰ ⵝ㫴 ὤ⏙㡸21㡰⦐ ㉘㥉䚝⏼␘

Ŧ1LNRQ $) 㾨⮈⢰㝴26ὤ⏙㡴㙸⣌ 䖐㜄㢼⏈ 㥐䖼☘Ḱ 䝬䞌㢨 ╝⏼␘ 㙸⣌ 䖐㜄

⮹㐐╌㫴㙾㡴㥐䖼☘㜄㢨 ⥀㪼⪰ 㣙㵝䚨㇠㟝㡸䚔 ᷱ㟤㜄⏈ 26 ㏘㠸㾌⪰ 2))

㠸㾌⦐ 䚌㜠26ὤ⏙㡸 ῰ 㨰㐐ὤ ⵈ⣁⏼␘

♈㫴䉬 6/5 㾨⮈⢰  )

୔ 6LJPD 䝼䓌㢨㫴㜄㉐26ὤ⏙㡸㇠㟝䚔㍌㢼⏈ 㾨⮈⢰ ⯜⒬㢌㺐㐔㥉⸨⪰

䞉㢬䚌㐘㍌㢼㏩⏼␘  

䏬⢰㢨䔠☐ ㋀䁇Ḱ ⥀㪼 Ḕ㥉⺴

㢨 ⥀㪼㜄⏈ 䏬⢰㢨䔠☐ ㋀䁇㢨 ☘㛨㢼㏩⏼␘ ⥀㪼 Ḕ㥉⺴㢌 ⢱ 㣙㾌⪰ ⏄㏜䚌᷀ 䚔

⚀ ⥀㪼㝴㾨⮈⢰⏈ ㍌䓽 ❄⏈ ㍌㫵㡰⦐Ἤ⫰ 㣄㡔⦡᷀ ─⫨ ㍌㢼㏩⏼␘

䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ⺸⫠䚌⏈ ⵝⷉ



㋄㡰⦐ 㣕Ḕ 㹠㜵㡸䚔 ᷱ㟤㦴⒈ 䓬⫠䚌᷀ ㇠㟝䚔㍌㢼⓸⦑ ⥀㪼㢌䏬⢰㢨䔠☐ ㋀䁇㡸

⺸⫠䚔㍌㢼㏩⏼␘ Ἤ⤻᷀ 䚌ὤ 㠸䚨 ⭰㤴䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴㢌 ⢱ 㣙㾌⪰

⏄㏜䚌᷀ 䚐䟸 ⥀㪼 Ḕ㥉⺴㜄䖐㐐═ Ť5(029( 㠸㾌Ἤ⫰ 㜄㥉⥠ 㐐䇩⏼␘



Ἤ⫠Ḕ ⇐ 䟸



Ἤ⫰



Ḱ ᵍ㢨䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ◘㯱㡰⦐ ❅ⵈ⦐ 㣕㙸 ␭ή⏼␘



Ŧ⥀㪼㜄䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ␘㐐㣙㵝䚌Ḕ 㐪㡸 ⚀⏈ ⺸⫠䚔 ⚀㢌㜡㍐㡰⦐

䚌㐐ὤ ⵈ⣁⏼␘

Ŧ

䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ⺸⫠䚔 ⚀ ❄⏈ 㣙㵝䚔 ⚀⪰ 㥐㞬䚌Ḕ⏈ ⥀㪼 Ḕ㥉⺴㢌㠸㾌⪰

5(029(

㜄 ⋇㫴 ⫼㐐ὤ ⵈ⣁⏼␘



⥀㪼ᴴ 㢌⓸䚌㫴㙾᷀ ⛜㛨㫼㍌㢼㏩⏼␘



❄䚐

⢱ 㣙㾌⪰ Ḕ㥉㐐䇠 ⚀⏈ ⥀㪼ᴴ ─㙸ᴴ㫴㙾⓸⦑ ␜␜䢼㦤㜠㨰㐐ὤ ⵈ⣁⏼␘



Ŧ

㾨⮈⢰㜄 ⥀㪼⪰ 㣙㵝䚔 ⚀



䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⏈ ⥀㪼㜄㉐⺸⫠䚔㍌㛺㏩⏼␘



㌸⒈ ㏘䏬⣝

Ἤ⫰ Ḱ ᵍ㢨㌸⒈ ㏘䏬⣝㡸㣙㵝䚨㨰㐐ὤ ⵈ⣁⏼␘

㺐㋀㸼㥄ᶤ⫠

㢨 ⥀㪼㢌㺐㋀㸼㥄ᶤ⫠⏈ ᴵᴵ㢌㩀㠸㾌㜄 ♤⢰ ␠⢰㬅⏼␘

Ἤ⫰± Ĭ ᴵ 㸼㥄ᶤ⫠㜄㉐㢌㺐㋀㸼㥄ᶤ⫠⪰ ⸨㜠㩁⏼␘

Ἤ⫰± ĭ ᴵ 㸼㥄ᶤ⫠㜄㉐㢌㺐␴ 䞉␴ⵤ㡜㡸 ⸨㜠㩁⏼␘

䙀⣌㐐㹠㜵

㾨⮈⢰㜄 Ḕ㥉═ 䙀⣌㐐⪰ ㇠㟝䚌㐐⮨ Ἤ⫰㣄ᴴ ⵐ㈑䚝⏼␘ Ḕ㥉䝉䙀⣌㐐⪰ ㇠㟝䚌㫴

⫼㐐Ḕ 㞬㣙䝉䙀⣌㐐⬀ ㇠㟝䚌㐐ὤ ⵈ⣁⏼␘

䊈⤼ 䀜ⶸ䉤㜄 ␴䚌㜠

㢨⥀㪼⏈6LJPD㢌[(;❄⏈[(;$SR7HOH&RQYHUWHUVⷸ⬘ 㝴䝬䞌㢨

╌⮤ PP ) ⬑㠄㩀 ⥀㪼 ❄⏈ PP ) ⬑㠄㩀 ⥀㪼⦐

㇠㟝䚔㍌㢼㏩⏼␘⬘⎨㛰䔠䀘㏘㜄㉐⬀ ㇠㟝䚔㍌㢼㏩⏼␘ஃ

Ŧ㠸㜄㛬Ἵ═ 䊈⤼ 䀜ⶸ䉤㢨㞬㢌 ᶷ㡴㇠㟝䚌㫴 ⫼㐡㐐㝘

Ŧ䓐䇵㏘ ⫼㟨䏬䊈⤼ 䀜ⶸ䉤⏈ 䏭㥉 ⥀㪼㝴⏈ 䝬䞌╌㫴㙾㏩⏼␘

Ŧ'6/5 㾨⮈⢰㝴䚜󰜍 ㇠㟝䚔 ᷱ㟤 㤴䢠⏈'*ⶸ㤸㢌 $SR 7HOH &RQYHUWHU ⪰䚜󰜍

㇠㟝䚌㐐Ὤ Ề㣙䚝⏼␘

Ŧ㾨⮈⢰㜄 µFRQWUDVW GHWHFW¶ $) ⯜☐ᴴ 㢼㡰⮨ ⢰㢨⽀⼤⪰ 䋩䚨㝘䋔䔠䀘㏘⪰

㇠㟝䚌㐘㍌㢼㏩⏼␘

⥀㪼䟸☐

⥀㪼䟸☐⏈ 䞈㫼㜄㜵䛙㡸 ⴬㾌⏈ 㡔䚨ṅ㉔㢌㵜␜䟜Ḱᴴ 㢼㏩⏼␘ 㣙㵝ⵝⷉ㡴 ⥀㪼

㉔␜㜄 ⥀㪼䟸☐⪰ 㐐᷸ⵝ䛙㡰⦐ ─⥘ Ḕ㥉╔ ⚀ ᾀ㫴䞉㐘䚌᷀ 㣙㵝䚝⏼␘Ἤ⫰ 

Ŧ䡨␴ 㐐 ⥀㪼䟸☐⪰ 㜡ⵝ䛙㡰⦐ 㣙㵝䚌㜠㐐᷸ⵝ䛙㡰⦐ ─⥘ Ḕ㥉䚌㜠㨰㐡㐐㝘

Ἤ⫰ 

䙸䉤㇠㟝

Ŧ䙸䉤⏈ 㠄㾍㤵㡰⦐  ᵐ⬀ ㇠㟝䚌㜠㨰㐡㐐㝘䞈⮨㨰ⷴ ṅ⣽㤴䚌 ⵝ㫴⪰ 㠸䚌㜠

Ŧ$) 㾨⮈⢰ ⵃ 㽕ṅ㡸㠸䚌㜠䚌䘸⴬⤠⪰ ㇠㟝䚌⏈ 㾨⮈⢰㜄㉐䓬ṅ䙸䉤⪰ ㇠㟝䚔

ᷱ㟤㠄䓬ṅ䙸䉤&3/⪰ ㇠㟝䚌㜠㨰㐡㐐㝘

67(3'2:15,1*PP˧PP

㢨 ⥀㪼㜄⏈ 6WHS 'RZQ 5LQJ 㢨䔠䚜╌㛨㢼㏩⏼␘ 6WHS 'RZQ 5LQJ 㡸⺴㵝䚌⮨

⥀㪼㜄PP䙸䉤⪰ 㣙㵝䚔㍌㢼㏩⏼␘6WHS'RZQ5LQJ 㡴 ⥀㪼 ⵈ♈㢌 ↑ ⺴⺸㜄

⺴㵝䚌㐐ὤ ⵈ⣁⏼␘

Ŧ6WHS 'RZQ 5LQJ 㡴 $36& ㇠㢨㪼㢨⴬㫴㉰㉐ᴴ 䈅㣠═ ♈㫴䉬㾨⮈⢰㝴

㇠㟝䚌㐐ὤ ⵈ⣁⏼␘ $36& ㇠㢨㪼⸨␘ 䆤㢨⴬㫴㉰㉐ᴴ 䈅㣠═ ♈㫴䉬㾨⮈⢰㝴

㇠㟝㡸䚔 ᷱ㟤⽸≘䐹㢨 ⵐ㈑䚌᷀ ╝⏼␘

Ŧ6WHS 'RZQ 5LQJ 㜄⏈ 3RODUL]LQJ ILOWHU ⪰ ⺴㵝䚌㫴 ⫼㐐ὤ ⵈ⣁⏼␘ 3RODUL]LQJ

ILOWHU ⪰ 㣙㵝䚔 ᷱ㟤 ⥀㪼㜄㉐ ␘㐐⺸⫠㐐䇠㍌㛺᷀ ╔ ㍌㢼㏩⏼␘

Ŧ6WHS 'RZQ 5LQJ 㢨 ⥀㪼㜄㉐⺸⫠╌㫴㙾㡸 ᷱ㟤 ㋄ⵈ␙㡸 ⫵㜄㝠⥘⋇㡴䟸 ⵌ

㐐᷸ⵝ䛙㡰⦐ ─⫠㐐ὤ ⵈ⣁⏼␘

Ŧ6WHS 'RZQ 5LQJ 㢨 ⥀㪼㜄⺴㵝╌㛨㢼㡸 ⚀⏈ ⥀㪼㿕㡸⺴㵝䚔㍌㛺㏩⏼␘

PP ⥀㪼㿕㡸 Ạ㢹䚌㊈㉐㇠㟝䚌㐐ὤ ⵈ⣁⏼␘

Ḵ⫠ 㼜Ἵㇵ㢌㨰㢌

Ŧ㏩ὤ⏈ Ḥ䑕㢨 ⵃ ㇤䞈㢌㠄㢬㢨 ╝⏼␘ 㣙ὤᴸ ㇠㟝䚌㫴㙾㡸 ᷱ㟤 ᶨ㦤㥐㝴䚜󰜍

ⴴ⸽ᴴ⏙䚐㟝ὤ㜄 ≗㛨 ⸨Ḵ䚌㜠㨰㐡㐐㝘 ⇌䘸䇼⥀ ☥ ⵝ㻝㥐ᴴ 㢼⏈ ḧ㜄㉐䚜󰜍

⸨Ḵ䚌㫴 ⬄㙸㨰㐡㐐㝘

Ŧ

⥀㪼 ⮨㡸㫵㥅㋄㡰⦐ ⬀㫴㫴 ⬄㙸㨰㐡㐐㝘



⭰㫴 ⵃ 㝘㜰㐐㜄⏈ 㜄㛨⽈⦐㛨 ⵃ

⥀㪼⽈⤠㐐⦐ 㷡㋀䚌㜠㨰㐡㐐㝘



㫴ⱬ ☥㡴㐐䑄䚌Ḕ 㢼⏈ ⥀㪼䆨⫠∼ 㚕Ḱ ⥀㪼䆨⫠␑

䓌㢨䒰⦐ ᴴ⸁᷀ ␚㙸㨰㐡㐐㝘



␘⪬ 㡔ὤ㟝㥐⦐⏈ 㤼␴ ⥀㪼㷡㋀⪰ Ἴ䚝⏼␘



Ŧ㢨 ⥀㪼⏈ ⵝ㍌Ạ㦤ᴴ 㙸⏼⳴⦐ 㟤㷐 ⵃ Ɒᴴ 㨰㠸㜄㉐㇠㟝㐐 Ɒὤ㜄㥊㫴㙾⓸⦑

㨰㢌 ⵈ⣁⏼␘

Ŧ

Ἵᷝ䚐㝜⓸ ⷴ䞈㜄㢌䚨 ⥀㪼 ⇨⺴㜄 Ɒⵝ㟬㢨 ⵐ㈑䚌⳴⦐ 㵜ᴴ㟨㞬⺴㜄㉐ ♤⡯䚐

㐘⇨⦐ 㢨┍ 㐐㜄⏈ 䀴㢨㏘ ⵃ ⽸␄⸽䍠㜄 ≗㛨㨰㠸㝜⓸㜄 ⬒㻈㛨㇠㟝䚌㐐ὤ ⵈ⣁⏼␘



㇠㟝G ㉘⮹㉐

Ȼɥɚɝɨɞɚɪɢɦ ɜɚɫ ɡɚ ɜɵɛɨɪ ɩɪɨɞɭɤɰɢɢ ɮɢɪɦɵ 6LJPD ɑɬɨɛɵ ɩɨɥɭɱɢɬɶ ɦɚɤɫɢɦɭɦ ɨɬ

ɜɚɲɟɝɨ ɨɛɴɟɤɬɢɜɚ6LJPDɩɨɠɚɥɭɣɫɬɚ ɩɪɨɱɢɬɚɣɬɟ ɢɧɫɬɪɭɤɰɢɸ ɩɟɪɟɞ ɧɚɱɚɥɨɦ ɪɚɛɨɬɵ

ɈɉɂɋȺɇɂȿ ɑȺɋɌȿɃ ɈȻɔȿɄɌɂȼȺɊɂɋ

Ɋɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ

Ɏɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ

ɒɤɚɥɚ ɪɚɫɫɬɨɹɧɢɣ



Ʌɢɧɢɹ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ

ɢ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ



Ʉɨɥɶɰɨ ɢɡɦɟɧɟɧɢɹ

ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ

ɡɭɦɚ

ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ

ɮɨɤɭɫɢɪɨɜɤɢ

Ȼɚɣɨɧɟɬ

ɉɥɨɳɚɞɤɚ ɩɨɞ ɲɬɚɬɢɜ

ɉɟɪɟɤɥɸɱɚɬɟɥɶ

ɛɥɨɤɢɪɨɜɤɢ ɡɭɦɢɪɨɜɚɧɢɹ

ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ

ɫɬɚɛɢɥɢɡɚɰɢɢ26

Ȼɥɟɧɞɚ

 ɉɟɪɟɯɨɞɧɨɟ ɤɨɥɶɰɨ

ȾɅə ɄȺɆȿɊ ɌɂɉȺ1,.21$)

Ⱦɚɧɧɵɣ ɨɛɴɟɤɬɢɜ ɛɭɞɟɬ ɪɚɛɨɬɚɬɶ ɤɚɤ ɨɛɴɟɤɬɢɜɵ ɮɢɪɦɵ 1LNRQ ɫɟɪɢɢ * ɛɟɡ ɤɨɥɶɰɚ

ɭɩɪɚɜɥɟɧɢɹ ɞɢɚɮɪɚɝɦɨɣ ȼ ɡɚɜɢɫɢɦɨɫɬɢ ɨɬ ɢɫɩɨɥɶɡɭɟɦɨɣ ɦɨɞɟɥɢ ɤɚɦɟɪɵ ɦɨɝɭɬ

ɜɨɡɧɢɤɧɭɬɶ ɧɟɤɨɬɨɪɵɟ ɨɝɪɚɧɢɱɟɧɢɹ ɜ ɪɚɛɨɬɟ ɫ ɨɛɴɟɤɬɢɜɨɦ

ȾɅə ɄȺɆȿɊ ɌɂɉȺ3(17$;$)

Ⱦɚɧɧɵɣ ɨɛɴɟɤɬɢɜ ɛɭɞɟɬ ɪɚɛɨɬɚɬɶ ɤɚɤ ɨɛɴɟɤɬɢɜɵ ɮɢɪɦɵ3HQWD[ɫɟɪɢɢ)$-ɛɟɡ ɤɨɥɶɰɚ

ɭɩɪɚɜɥɟɧɢɹ ɞɢɚɮɪɚɝɦɨɣ ȼ ɡɚɜɢɫɢɦɨɫɬɢ ɨɬ ɢɫɩɨɥɶɡɭɟɦɨɣ ɦɨɞɟɥɢ ɤɚɦɟɪɵ ɦɨɝɭɬ

ɜɨɡɧɢɤɧɭɬɶ ɧɟɤɨɬɨɪɵɟ ɨɝɪɚɧɢɱɟɧɢɹ ɜ ɪɚɛɨɬɟ ɫ ɨɛɴɟɤɬɢɜɨɦ

ɄɊȿɉɅȿɇɂȿ Ʉ ɄȺɆȿɊȿ

Ʉɨɝɞɚ ɨɛɴɟɤɬɢɜ6LJPD ɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɟ ɨɧ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɧɚɱɢɧɚɟɬ ɪɚɛɨɬɚɬɶ

ɤɚɤ ɨɛɵɱɧɵɣ ɪɨɞɧɨɣɲɬɚɬɧɵɣ ɨɛɴɟɤɬɢɜ

ɇɚ ɩɨɜɟɪɯɧɨɫɬɢ ɛɚɣɨɧɟɬɚ ɧɚɯɨɞɹɬɫɹ ɦɟɯɚɧɢɡɦɵ ɢ ɷɥɟɤɬɪɢɱɟɫɤɢɟ ɤɨɧɬɚɤɬɵ ɉɪɨɫɢɦ

ɜɚɫ ɫɨɞɟɪɠɚɬɶ ɢɯ ɜ ɱɢɫɬɨɬɟ ɱɬɨɛɵ ɛɵɬɶ ɭɜɟɪɟɧɧɵɦɢ ɜ ɩɪɚɜɢɥɶɧɨɣ ɪɚɛɨɬɟ

ɨɛɴɟɤɬɢɜɚ ȼɨ ɢɡɛɟɠɚɧɢɟ ɩɨɜɪɟɠɞɟɧɢɣ ɦɟɯɚɧɢɡɦɨɜ ɢ ɤɨɧɬɚɤɬɨɜ ɩɪɨɜɟɪɹɣɬɟɱɬɨɜɵ

ɫɬɚɜɢɬɟ ɨɛɴɟɤɬɢɜ ɟɝɨ ɩɟɪɟɞɧɢɦ ɤɨɧɰɨɦ ɜɧɢɡ ɜɨ ɜɪɟɦɹ ɫɦɟɧɵ ɨɛɴɟɤɬɢɜɚ

ɍɋɌȺɇɈȼɄȺ ɊȿɀɂɆȺ ɈɌɊȺȻɈɌɄɂ ɗɄɋɉɈɁɂɐɂɂ

Ʉɨɝɞɚ ɨɛɴɟɤɬɢɜ6LJPDɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɟ ɨɧ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɧɚɱɢɧɚɟɬ ɪɚɛɨɬɚɬɶ ɤɚɤ

ɨɛɵɱɧɵɣ ɪɨɞɧɨɣɲɬɚɬɧɵɣ ɨɛɴɟɤɬɢɜɋɦ ɢɧɫɬɪɭɤɰɢɸ ɤ ɤɚɦɟɪɟ

ɎɈɄɍɋɂɊɈȼɄȺ ɂ ɂɁɆȿɇȿɇɂȿ ɎɈɄɍɋɇɈȽɈ ɊȺɋɋɌɈəɇɂəɁɍɆɂɊɈȼȺɇɂȿ

ȼ ɷɬɨɬ ɨɛɴɟɤɬɢɜ ɜɫɬɪɨɟɧ Ƚɢɩɟɪ Ɂɜɭɤɨɜɨɣ Ɇɨɬɨɪ+\SHU6RQLF0RWRU+60ɗɬɨɬ ɦɨɬɨɪ

ɞɚɺɬ ɜɨɡɦɨɠɧɨɫɬɶ ɛɵɫɬɪɨɣ ɢ ɛɟɫɲɭɦɧɨɣ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ

䇶

6,*0$$)ɢ&$121$)

䇷

ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ

ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $)ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ ɪɟɠɢɦɟ ±

ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ Ɍɟɩɟɪɶ ɜɵ

ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ

䇶

1,.21$)3(17$;$)ɢ621<$)

䇷

ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ

ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $) ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ ɪɟɠɢɦɟ ±

ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ Ɍɟɩɟɪɶ ɜɵ

ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ

Ɂɚ ɛɨɥɟɟ ɩɨɥɧɨɣ ɢɧɮɨɪɦɚɰɢɟɣ ɨɛɪɚɬɢɬɟɫɶ ɤ ɢɧɫɬɪɭɤɰɢɢ ɤ ɜɚɲɟɣ ɤɚɦɟɪɟ

Ɉɛɴɟɤɬɢɜɵ ɫ ɛɚɣɨɧɟɬɨɦ 1LNRQ 3HQWD[ ɢ 6RQ\ ɦɨɝɭɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɜ ɪɟɠɢɦɟ

ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɬɨɥɶɤɨ ɫ ɤɚɦɟɪɚɦɢ ɩɨɞɞɟɪɠɢɜɚɸɳɢɦɢ ɭɥɶɬɪɚɡɜɭɤɨɜɵɟ ɦɨɬɨɪɵ

ɩɪɢɜɨɞɚ ɮɨɤɭɫɢɪɨɜɤɢɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɞɥɹ+60ȿɫɥɢ ɤɚɦɟɪɚ ɧɟ

ɩɨɞɞɟɪɠɢɜɚɟɬ ɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɚɜɬɨɦɚɬɢɱɟɫɤɚɹ ɧɚɜɨɞɤɚ ɧɚ

ɪɟɡɤɨɫɬɶ ɛɭɞɟɬ ɧɟɞɨɫɬɭɩɧɚ

ɤɚɦɟɪɚ ɞɨɥɠɧɚ ɧɚɯɨɞɢɬɫɹ ɜ ɪɟɠɢɦɟ ɨɞɧɨɤɚɞɪɨɜɨɣ ɫɴɺɦɤɢ ɑɬɨɛɵ ɫɮɨɤɭɫɢɪɨɜɚɬɶɫɹ

ɜɪɭɱɧɭɸ ɧɚɞɨ ɞɨɠɞɚɬɶɫɹ ɩɨɤɚ ɡɚɤɨɧɱɢɬɶɫɹ ɩɪɨɰɟɫɫ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɜ ɦɨɦɟɧɬ

ɩɨɥɭ ɩɪɢɠɚɬɢɹ ɤɧɨɩɤɢ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ

ȼɨ ɢɡɛɟɠɚɧɢɟ ɩɨɥɨɦɨɤ ɦɟɯɚɧɢɡɦɚ ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ ɮɨɤɭɫɢɪɨɜɤɢ ɧɟ ɜɪɚɳɚɣɬɟ

ɤɨɥɶɰɨ ɮɨɤɭɫɢɪɨɜɤɢ ɩɪɢ ɪɚɛɨɬɟ ɜ ɪɟɠɢɦɟ ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ ɮɨɤɭɫɢɪɨɜɤɢ

ɂɡɦɟɧɟɧɢɟ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹɡɭɦɢɪɨɜɚɧɢɟ

ȼɪɚɳɚɣɬɟ ɤɨɥɶɰɨ ɢɡɦɟɧɟɧɢɹ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ ɞɨ ɬɟɯ ɩɨɪ ɩɨɤɚ ɧɟ ɞɨɫɬɢɝɧɢɬɟ

ɧɭɠɧɵɯ ɝɪɚɧɢɰ ɤɚɞɪɚ

ɉȿɊȿɄɅɘɑȺɌȿɅɖ ȻɅɈɄɂɊɈȼɄɂ ɁɍɆɂɊɈȼȺɇɂə

ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɛɥɨɤɢɪɨɜɤɢ ɡɭɦɢɪɨɜɚɧɢɹ ɩɪɟɞɨɬɜɪɚɳɚɟɬ ɧɟɠɟɥɚɬɟɥɶɧɨɟ ɜɵɞɜɢɠɟɧɢɟ

ɩɟɪɟɞɧɢɯ ɷɥɟɦɟɧɬɨɜ ɡɭɦɢɪɨɜɚɧɢɹ ɨɛɴɟɤɬɢɜɚ ɩɪɢ ɟɝɨ ɧɚɤɥɨɧɟ ɜɧɢɡ ɉɨɜɟɪɧɢɬɟ

ɤɨɥɶɰɨ ɡɭɦɢɪɨɜɚɧɢɹ ɜ ɩɨɥɨɠɟɧɢɟ ɦɦ ɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɛɥɨɤɢɪɨɜɤɢ

ɡɭɦɢɪɨɜɚɧɢɹ ɜ ɩɨɥɨɠɟɧɢɟ /2&. Ɂɚɛɥɨɤɢɪɨɜɚɧɨ ɢɥɥ  ɉɪɢ ɧɟɨɛɯɨɞɢɦɨɫɬɢ

ɜɨɫɩɨɥɶɡɨɜɚɬɶɫɹ ɡɭɦɢɪɨɜɚɧɢɟɦ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɛɥɨɤɢɪɨɜɤɢ ɡɭɦɢɪɨɜɚɧɢɹ

ɜ ɩɨɥɨɠɟɧɢɟ81/2&.Ɋɚɡɛɥɨɤɢɪɨɜɚɧɨ

ȼɨɡɦɨɠɧɨɫɬɢ Ɉɩɬɢɱɟɫɤɨɝɨ ɋɬɚɛɢɥɢɡɚɬɨɪɚ26

Ɉɛɴɟɤɬɢɜ ɫɧɚɛɠɺɧ Ɉɩɬɢɱɟɫɤɢɦ ɋɬɚɛɢɥɢɡɚɬɨɪɨɦ 26 ɞɥɹ ɷɮɮɟɤɬɢɜɧɨɝɨ ɭɫɬɪɚɧɟɧɢɹ

ɫɦɚɡɵɜɚɧɢɹ ɢɡɨɛɪɚɠɟɧɢɹ ɜɨɡɧɢɤɚɸɳɟɝɨ ɜɫɥɟɞɫɬɜɢɟ ɫɨɬɪɹɫɟɧɢɣ ɤɚɦɟɪɵ

Ȼɥɚɝɨɞɚɪɹ ɨɩɬɢɱɟɫɤɨɦɭ ɫɬɚɛɢɥɢɡɚɬɨɪɭ ɜɵ ɫɦɨɠɟɬɟ ɞɨɛɢɜɚɬɶɫɹ ɪɟɡɤɨɝɨ ɢɡɨɛɪɚɠɟɧɢɹ

ɩɪɢ ɫɴɺɦɤɟ ɫ ɜɵɞɟɪɠɤɚɦɢ ɧɚ  ɫɬɭɩɟɧɢ ɦɟɞɥɟɧɧɟɟ ɱɟɦ ɟɫɥɢ ɛɵ ɜɵ ɢɫɩɨɥɶɡɨɜɚɥɢ

ɨɛɴɟɤɬɢɜ ɛɟɡ ɮɭɧɤɰɢɢ ɫɬɚɛɢɥɢɡɚɰɢɢ

ɍɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ26ɜ ɩɨɥɨɠɟɧɢɟ0RGHɢɥɥ

ɇɚɠɦɢɬɟ ɤɧɨɩɤɭ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ ɧɚɩɨɥɨɜɢɧɭ ɢ ɭɛɟɞɢɬɟɫɶ ɜ ɬɨɦ ɱɬɨ ɢɡɨɛɪɚɠɟɧɢɟ

ɫɬɚɛɢɥɢɡɢɪɨɜɚɥɨɫɶ ɡɚɬɟɦ ɧɚɠɦɢɬɟ ɤɧɨɩɤɭ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ Ɉɤɨɧɱɚɬɟɥɶɧɚɹ

ɫɬɚɛɢɥɢɡɚɰɢɹ ɢɡɨɛɪɚɠɟɧɢɹ ɡɚɧɢɦɚɟɬ ɩɪɢɛɥɢɡɢɬɟɥɶɧɨ  ɫɟɤɭɧɞɭ ɩɨɫɥɟ ɧɚɠɚɬɢɹ

ɤɧɨɩɤɢ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ ɧɚɩɨɥɨɜɢɧɭȼ ɪɟɠɢɦɟ ɫɬɚɛɢɥɢɡɚɰɢɢ0RGHɨɩɪɟɞɟɥɹɸɬɫɹ

ɢ ɤɨɦɩɟɧɫɢɪɭɸɬɫɹ ɜɟɪɬɢɤɚɥɶɧɵɟ ɫɨɬɪɹɫɟɧɢɹ ɤɚɦɟɪɵ ɗɬɨɬ ɪɟɠɢɦ ɷɮɮɟɤɬɢɜɟɧ ɞɥɹ

ɫɴɺɦɤɢ ɨɛɴɟɤɬɨɜ ɞɜɢɝɚɸɳɢɯɫɹ ɝɨɪɢɡɨɧɬɚɥɶɧɨɣ ɩɥɨɫɤɨɫɬɢ ɨɬɧɨɫɢɬɟɥɶɧɨ ɤɚɦɟɪɵ

ŦɄɨɦɩɟɧɫɚɰɢɹ ɫɞɜɢɝɨɜ ɤɚɦɟɪɵ ɨɩɬɢɱɟɫɤɢɦ ɫɬɚɛɢɥɢɡɚɬɨɪɨɦ ɷɮɮɟɤɬɢɜɧɚ ɩɪɢ ɫɴɺɦɤɟ

ɫ ɪɭɤ ȼ ɫɢɬɭɚɰɢɹɯ ɨɩɢɫɚɧɧɵɯ ɧɢɠɟ ɪɚɛɨɬɚ ɨɩɬɢɱɟɫɤɨɝɨ ɫɬɚɛɢɥɢɡɚɬɨɪɚ ɦɨɠɟɬ ɛɵɬɶ

ɧɟɭɞɨɜɥɟɬɜɨɪɢɬɟɥɶɧɨɣ

ƒ ɋɴɺɦɤɚ ɫ ɬɪɚɧɫɩɨɪɬɧɨɝɨ ɫɪɟɞɫɬɜɚɧɚɩɪɢɦɟɪ ɚɜɬɨɦɨɛɢɥɹ

ƒ ȼ ɫɥɭɱɚɟ ɡɧɚɱɢɬɟɥɶɧɵɯ ɫɨɬɪɹɫɟɧɢɣ ɢɥɢ ɫɞɜɢɝɨɜ ɤɚɦɟɪɵ

Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɨɩɬɢɱɟɫɤɭɸ ɫɬɚɛɢɥɢɡɚɰɢɸ ɜ ɫɥɟɞɭɸɳɢɯ ɫɥɭɱɚɹɯ

ƒ ȿɫɥɢ ɨɛɴɟɤɬɢɜ ɡɚɤɪɟɩɥɺɧ ɧɚ ɲɬɚɬɢɜɟ   ƒ ɉɪɢ ɞɥɢɧɧɵɯ ɜɵɞɟɪɤɚɯ

ŦɈɩɬɢɱɟɫɤɢɣ ɫɬɚɛɢɥɢɡɚɬɨɪ ɩɢɬɚɟɬɫɹ ɨɬ ɤɚɦɟɪɵ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɤɚɦɟɪɵ ɧɚ

ɤɨɬɨɪɭɸ ɭɫɬɚɧɨɜɥɟɧ ɨɛɴɟɤɬɢɜ ɫ ɜɤɥɸɱɺɧɧɵɦ ɨɩɬɢɱɟɫɤɢɦ ɫɬɚɛɢɥɢɡɚɬɨɪɨɦ ɜɪɟɦɹ

ɪɚɛɨɬɵ ɭɦɟɧɶɲɚɟɬɫɹ ɟɫɥɢ ɫɪɚɜɧɢɜɚɬɶ ɪɚɛɨɬɭ ɬɨɣ ɠɟ ɤɚɦɟɪɵ ɫ ɨɛɵɱɧɵɦ

ɨɛɴɟɤɬɢɜɨɦ ȿɫɥɢ ɧɟɬ ɧɟɨɛɯɨɞɢɦɨɫɬɢ ɢɫɩɨɥɶɡɨɜɚɬɶ ɨɩɬɢɱɟɫɤɢɣ ɫɬɚɛɢɥɢɡɚɬɨɪ

ɩɟɪɟɦɟɫɬɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ ɜ ɩɨɥɨɠɟɧɢɟ2))ȼɵɤɥɸɱɟɧ

ɱɬɨ ɩɨɡɜɨɥɢɬ ɢɡɛɟɠɚɬɶ ɢɡɥɢɲɧɟɝɨ ɪɚɫɯɨɞɚ ɷɧɟɪɝɢɢ ɛɚɬɚɪɟɣ

Ŧɉɪɢ ɭɫɬɚɧɨɜɤɟ ɢɥɢ ɫɧɹɬɢɢ ɨɛɴɟɤɬɢɜɚ ɫ ɤɚɦɟɪɵ ɭɛɟɞɢɬɟɫɶ ɱɬɨ ɩɟɪɟɤɥɸɱɚɬɟɥɶ

ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ ɧɚɯɨɞɢɬɫɹ ɜ ɩɨɥɨɠɟɧɢɟ2)) 

Ŧȿɫɥɢ ɜɵ ɩɪɟɤɪɚɬɢɥɢ ɭɞɟɪɠɢɜɚɬɶ ɤɧɨɩɤɭ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ ɜ ɩɨɥɭɧɚɠɚɬɨɦ ɩɨɥɨɠɟɧɢɢ

ɨɩɬɢɱɟɫɤɢɣ ɫɬɚɛɢɥɢɡɚɬɨɪ ɩɪɨɞɨɥɠɚɟɬ ɫɜɨɸ ɪɚɛɨɬɭ ɞɨ ɬɟɯ ɩɨɪ ɩɨɤɚ ɞɢɫɩɥɟɣ

ɮɨɬɨɤɚɦɟɪɵ ɨɬɨɛɪɚɠɚɟɬ ɡɧɚɱɟɧɢ ɷɤɫɩɨɡɢɰɢɢ ȼɨ ɢɡɛɟɠɚɧɢɢ ɩɨɜɪɟɠɞɟɧɢɹ

ɨɛɴɟɤɬɢɜɚ ɧɟ ɢɡɜɥɟɤɚɣɬɟ ɛɚɬɚɪɟɣ ɢɡ ɤɚɦɟɪɵ ɢ ɧɟ ɫɧɢɦɚɣɬɟ ɫ ɧɟɺ ɨɛɴɟɤɬɢɜ ɟɫɥɢ

ɨɩɬɢɱɟɫɤɢɣ ɫɬɚɛɢɥɢɡɚɬɨɪ ɧɚɯɨɞɢɬɫɹ ɜ ɪɚɛɨɱɟɦ ɪɟɠɢɦɟ

Ŧ

ɇɟ ɫɦɨɬɪɹ ɧɚ ɬɨ ɱɬɨ ɜ ɩɪɨɰɟɫɫɟ ɮɨɬɨɝɪɚɮɢɪɨɜɚɧɢɹ ɫ ɜɤɥɸɱɺɧɧɵɦ ɨɩɬɢɱɟɫɤɢɦ

ɫɬɚɛɢɥɢɡɚɬɨɪɨɦ ɢɡɨɛɪɚɠɟɧɢɟ ɦɨɠɟɬ ɛɵɬɶ ɧɟ ɫɬɚɛɢɥɢɡɢɪɨɜɚɧɧɵɦ ɫɪɚɡɭ ɩɨɫɥɟ ɫɴɺɦɤɢ

ɤɚɞɪɚ ɢɥɢ ɜɨ ɜɪɟɦɹ ɡɚɪɹɞɤɢ ɜɫɬɪɨɟɧɧɨɣ ɜ ɤɚɦɟɪɭ ɜɫɩɵɲɤɢ ɷɬɨ ɧɟ ɫɤɚɡɵɜɚɟɬɫɹ ɧɚ

ɩɨɥɭɱɟɦɵɯ ɮɨɬɨɝɪɚɮɢɹɯ

Ŧȿɫɥɢ ɩɢɬɚɧɢɟ ɤɚɦɟɪɵ ɛɵɥɨ ɜɵɤɥɸɱɟɧɨ ɢɥɢ ɨɛɟɤɬɢɜ ɛɵɥ ɫɧɹɬ ɫ ɤɚɦɟɪɵ ɜɨ ɜɪɟɦɹ

ɪɚɛɨɬɵ ɨɩɬɢɱɟɫɤɨɝɨ ɫɬɚɛɢɥɢɡɚɬɨɪɚ ɨɛɴɟɤɬɢɜ ɦɨɠɟɬ ɢɡɞɚɜɚɬɶ ɞɪɟɛɟɡɠɚɳɢɣ ɡɜɭɤ

ɗɬɨɬ ɡɜɭɤ ɧɟ ɹɜɥɹɟɬɫɹ ɫɢɝɧɚɥɨɦ ɧɟɢɫɩɪɚɜɧɨɫɬɢ

ŦȾɥɹ ɨɛɴɟɤɬɢɜɨɜ ɫ ɛɚɣɨɧɟɬɨɦ 6RQ\ ɢ 3HQWD[ ɜɨɡɦɨɠɧɨɫɬɶ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɮɭɧɤɰɢɢ

ɫɬɚɛɢɥɢɡɚɰɢɢ26ɡɚɜɢɫɢɬ ɨɬ ɧɚɥɢɱɢɹ ɜ ɤɚɦɟɪɟ ɩɨɞɞɟɪɠɤɢ ɪɚɛɨɬɵ ɫ ɨɛɴɟɤɬɢɜɚɦɢ ɫɨ

ɜɫɬɪɨɟɧɧɵɦ ɭɥɶɬɪɚɡɜɭɤɨɜɵɦ ɩɪɢɜɨɞɨɦ ɮɨɤɭɫɢɪɨɜɤɢ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɮɭɧɤɰɢɢ

ɫɬɚɛɢɥɢɡɚɰɢɢ 26 ɜɵɤɥɸɱɢɬɟ ɮɭɧɤɰɢɸ ɫɬɚɛɢɥɢɡɚɰɢɢ ɜ ɮɨɬɨɤɚɦɟɪɟ ɢ ɭɫɬɚɧɨɜɢɬɟ

ɜɵɤɥɸɱɚɬɟɥɶ ɫɬɚɛɢɥɢɡɚɰɢɢ 26 ɧɚ ɨɛɴɟɤɬɢɜɟ ɜ ɩɨɥɨɠɟɧɢɟ 21 ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ

ɮɭɧɤɰɢɢ ɫɬɚɛɢɥɢɡɚɰɢɢ ɜɫɬɪɨɟɧɧɨɣ ɜ ɮɨɬɨɤɚɦɟɪɭ ɭɫɬɚɧɨɜɢɬɟ ɜɵɤɥɸɱɚɬɟɥɶ ɫɬɚɛɢɥɢɡɚɰɢɢ

ɧɚ ɨɛɴɟɤɬɢɜɟ ɜ ɩɨɥɨɠɟɧɢɟ

2))

ɢ ɜɤɥɸɱɢɬɟ ɮɭɧɤɰɢɸ ɫɬɚɛɢɥɢɡɚɰɢɢ ɧɚ ɮɨɬɨɤɚɦɟɪɟ

ŦɎɭɧɤɰɢɹ ɨɩɬɢɱɟɫɤɨɣ ɫɬɚɛɢɥɢɡɚɰɢɢ ɪɚɛɨɬɚɟɬ ɫ ɮɨɬɨɤɚɦɟɪɚɦɢ 1LNRQ $)

ɩɟɪɟɱɢɫɥɟɧɧɵɦɢ ɜ ɬɚɥɢɰɟ ɧɢɠɟ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɨɛɴɟɤɬɢɜɚ ɫ ɤɚɦɟɪɚɦɢ1LNRQ

ɧɟ ɩɟɪɟɱɢɫɥɟɧɧɵɦɢ ɜ ɬɚɛɥɢɰɟ ɧɟɨɛɯɨɞɢɦɨ ɭɫɬɚɧɨɜɢɬɶ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ

ɫɬɚɛɢɥɢɡɚɰɢɢ ɜ ɩɨɥɨɠɟɧɢɟ2))

ɐɢɮɪɨɜɵɟ ɡɟɪɤɚɥɶɧɵɟ ɮɨɬɨɤɚɦɟɪɵ'6/5ɢ ɦɨɞɟɥɢ)

ɇɚ ɧɚɲɟɦ ɢɧɬɟɪɧɟɬɫɚɣɬɟ ɜɵ ɫɦɨɠɟɬɟ ɧɚɣɬɢ ɫɚɦɭɸ ɫɨɜɪɟɦɟɧɧɭɸ ɢɧɮɨɪɦɚɰɢɸ ɨ

ɫɨɜɦɟɫɬɢɦɨɫɬɢ ɪɚɛɨɬɵ ɮɨɬɨ ɤɚɦɟɪ ɢ ɨɛɴɟɤɬɢɜɨɜ ɫ ɮɭɧɤɰɢɟɣ ɨɩɬɢɱɟɫɤɨɣ ɫɬɚɛɢɥɢɡɚɰɢɢ

ɒɌȺɌɂȼɇȺə ɉɅɈɓȺȾɄȺ ɂ ɄɊȿɉɅȿɇɂȿ

Ɉɛɴɟɤɬɢɜ ɫɧɚɛɠɺɧ ɲɬɚɬɢɜɧɵɦ ɤɪɟɩɥɟɧɢɟɦ ɉɪɢ ɨɫɜɨɛɨɠɞɟɧɢɢ ɛɥɨɤɢɪɭɸɳɟɝɨ ɜɢɧɬɚ

ɧɚ ɤɪɟɩɥɟɧɢɢ ɨɛɴɟɤɬɢɜ ɫ ɤɚɦɟɪɨɣ ɦɨɠɟɬ ɛɵɬɶ ɩɨɜɺɪɧɭɬ ɞɥɹ ɝɨɪɢɡɨɧɬɚɥɶɧɨɣ ɢ

ɜɟɪɬɢɤɚɥɶɧɨɣ ɨɪɢɟɧɬɚɰɢɢ ɤɚɞɪɚɢɥɥ

ɋɇəɌɂȿ ɒɌȺɌɂȼɇɈȽɈ ɄɊȿɉɅȿɇɂə

ɉɪɢ ɠɟɥɚɧɢɢ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɦɨɠɟɬ ɛɵɬɶ ɫɧɹɬɨ ɫ ɨɛɴɟɤɬɢɜɚ ɞɥɹ ɛɨɥɟɟ

ɭɞɨɛɧɨɣ ɪɚɛɨɬɵ Ⱦɥɹ ɷɬɨɝɨ ɨɫɜɨɛɨɞɢɬɟ ɛɥɨɤɢɪɭɸɳɢɣ ɜɢɧɬ ɚ ɡɚɬɟɦ ɫɨɜɦɟɫɬɢɬɟ

ɨɬɦɟɬɤɭ ɧɚ ɲɬɚɬɢɜɧɨɦ ɤɪɟɩɥɟɧɢɢ ɫ ɦɟɬɤɨɣ ź5(029( ɧɚ ɨɛɴɟɤɬɢɜɟɢɥɥ

Ɂɚɬɟɦ ɩɨɬɹɧɢɬɟ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɜ ɧɚɩɪɚɜɥɟɧɢɢ ɩɨɤɚɡɚɧɧɨɦ ɧɚ ɢɥɥ  ɢ

ɫɧɢɦɢɬɟ ɟɝɨ

Ŧ

Ⱦɥɹ ɭɫɬɚɧɨɜɤɢ ɲɬɚɬɢɜɧɨɝɨ ɤɪɟɩɥɟɧɢɹ ɧɚ ɨɛɴɟɤɬɢɜɟ ɜɵɩɨɥɧɢɬɟ ɨɩɟɪɚɰɢɢ ɨɩɢɫɚɧɧɵɟ

ɜɵɲɟ ɜ ɨɛɪɚɬɧɨɦ ɩɨɪɹɞɤɟ

Ŧɍɫɬɚɧɚɜɥɢɜɚɣɬɟ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɜ ɩɨɥɨɠɟɧɢɟ ɬɨɥɶɤɨ ɞɥɹ ɟɝɨ ɫɧɹɬɢɹ ɢɥɢ

ɭɫɬɚɧɨɜɤɢ ȼ ɩɪɨɬɢɜɧɨɦ ɫɥɭɱɚɟ ɭɫɬɚɧɨɜɥɟɧɧɨɟ ɬɚɤɢɦ ɨɛɪɚɡɨɦ ɤɪɟɩɥɟɧɢɟ ɦɨɠɟɬ

ɫɨɫɤɨɱɢɬɶ ɫ ɨɛɴɟɤɬɢɜɚ ɢ ɜɵɡɜɚɬɶ ɟɝɨ ɩɚɞɟɧɢɟ Ɂɚɤɪɟɩɥɹɣɬɟ ɛɥɨɤɢɪɭɸɳɢɣ ɜɢɧɬɜɨ

ɢɡɛɟɠɚɧɢɟ ɜɪɚɳɟɧɢɹ ɨɛɴɟɤɬɢɜɚ

Ŧ

ȿɫɥɢ ɨɛɴɟɤɬɢɜ ɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɭ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɧɟ ɦɨɠɟɬ ɛɵɬɶ ɫɧɹɬɨ

ɇȺɉɅȿɑɇɕɃ ɊȿɆȿɇɖ

Ɂɚɤɪɟɩɢɬɟ ɧɚɩɥɟɱɧɵɣ ɪɟɦɟɧɶ ɬɚɤ ɤɚɤ ɩɨɤɚɡɚɧɨ ɧɚ ɢɥɥɸɫɬɪɚɰɢɢ

ɆɂɇɂɆȺɅɖɇȺə ȾɂɋɌȺɇɐɂə ɎɈɄɍɋɂɊɈȼɄɂ

Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ ɮɨɤɭɫɢɪɨɜɤɢ ɨɛɴɟɤɬɢɜɚ ɡɚɜɢɫɢɬ ɨɬ ɭɫɬɚɧɨɜɥɟɧɧɨɝɨ

ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ

ɪɢɫ

±

Ĭ Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ ɮɨɤɭɫɢɪɨɜɤɢ ɞɥɹ ɤɚɠɞɨɝɨ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ

ɪɢɫ

±

ĭ Ɇɚɤɫɢɦɚɥɶɧɨɟ ɭɜɟɥɢɱɟɧɢɟ ɞɥɹ ɤɚɠɞɨɝɨ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ

ɎɈɌɈȽɊȺɎɂɊɈȼȺɇɂȿ ɋɈ ȼɋɉɕɒɄɈɃ

ȼɫɬɪɨɟɧɧɚɹ ɜɫɩɵɲɤɚ ɧɟ ɦɨɠɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɫ ɷɬɢɦ ɨɛɴɟɤɬɢɜɨɦ Ɋɟɡɭɥɶɬɚɬɨɦ

ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɦɨɠɟɬ ɛɵɬɶ ɧɟɠɟɥɚɬɟɥɶɧɚɹ ɬɟɧɶ ɜ ɜɟɪɯɧɟɣ ɨɛɥɚɫɬɢ ɫɧɢɦɤɚ Ⱦɥɹ

ɞɨɫɬɢɠɟɧɢɹ ɥɭɱɲɢɯ ɪɟɡɭɥɶɬɚɬɨɜ ɩɨɠɚɥɭɣɫɬɚ ɢɫɩɨɥɶɡɭɣɬɟ ɜɧɟɲɧɸɸ ɜɫɩɵɲɤɭ

ɎɈɌɈȽɊȺɎɂɊɈȼȺɇɂȿ ɋ ɄɈɇȼȿɊɌȿɊȺɆɂ

ɗɬɨɬ ɨɛɴɟɤɬɢɜ ɦɨɠɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɫ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ6LJPD $32 7HOH &RQYHUWHU

[ (; ɢɥɢ [ (; ȼ ɪɟɡɭɥɶɬɚɬɟ ɦɨɠɧɨ ɩɨɥɭɱɢɬɶ ɫɥɟɞɭɸɳɢɟ ɤɨɦɛɢɧɚɰɢɢ

ɨɛɴɟɤɬɢɜɨɜɦɦ)ɢɦɦ)ɫɨɨɬɜɟɬɫɬɜɟɧɧɨɩɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ

ɬɟɥɟɤɨɧɜɟɪɬɟɪɚ ɜɨɡɦɨɠɧɚ ɬɨɥɶɤɨ ɪɭɱɧɚɹ ɮɨɤɭɫɢɪɨɜɤɚ

Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɬɟɥɟɤɨɧɜɟɪɬɟɪɵ ɫɬɨɪɨɧɧɢɯ ɩɪɨɢɡɜɨɞɢɬɟɥɟɣ ɞɚɧɧɵɣ ɨɛɴɟɤɬɢɜ

ɫɨɜɦɟɫɬɢɦ ɬɨɥɶɤɨ ɫ ɨɪɢɝɢɧɚɥɶɧɵɦɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ6LJPD

ŦɌɟɥɟɤɨɧɜɟɪɬɟɪ ɫ ɛɚɣɨɧɟɬɨɦ3HQWD[ɧɟ ɫɨɜɦɟɫɬɢɦ ɫ ɞɚɧɧɨɣ ɥɢɧɡɨɣ

Ŧ

Ɇɵ ɪɟɤɨɦɟɧɞɭɟɦ ɢɫɩɨɥɶɡɨɜɚɬɶ'*$327HOH&RQYHUWHUɫ ɰɢɮɪɨɜɵɦɢ ɡɟɪɤɚɥɶɧɵɦɢ ɤɚɦɟɪɚɦɢ

Ŧȼ ɪɟɠɢɦɟ ɠɢɜɨɝɨ ɩɪɨɫɦɨɬɪɚ/LYH9LHZɜɨɡɦɨɠɧɨ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ

ɟɫɥɢ ɤɚɦɟɪɚ ɧɚɯɨɞɢɬɫɹ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɩɨ ɦɟɬɨɞɭ ɤɨɧɬɪɚɫɬɧɨɣ ɞɟɬɟɤɰɢɢ

ȻɅȿɇȾȺ

Ȼɥɟɧɞɚ ɛɚɣɨɧɟɬɧɨɝɨ ɬɢɩɚ ɩɨɫɬɚɜɥɹɟɬɫɹ ɜɦɟɫɬɟ ɫ ɨɛɴɟɤɬɢɜɨɦ Ȼɥɟɧɞɚ ɩɨɦɨɝɚɟɬ

ɩɪɟɞɨɬɜɪɚɬɢɬɶ ɡɚɫɜɟɬɤɭ ɢɥɢ ɛɥɢɤɢ ɧɚ ɫɧɢɦɤɟ ɜɵɡɜɚɧɧɵɟ ɹɪɤɢɦ ɨɫɜɟɳɟɧɢɟɦ ɡɚ

ɩɪɟɞɟɥɚɦɢ ɩɨɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɉɪɢ ɭɫɬɚɧɨɜɤɟ ɛɥɟɧɞɵ ɫɥɟɞɭɟɬ ɭɛɟɞɢɬɶɫɹ ɱɬɨ ɨɧɚ ɞɨ

ɤɨɧɰɚ ɡɚɤɪɟɩɥɟɧɚ ɧɚ ɨɛɴɟɤɬɢɜɟɢɥɥ

Ŧɞɥɹ ɯɪɚɧɟɧɢɹ ɛɥɟɧɞɭ ɦɨɠɧɨ ɩɟɪɟɜɟɪɧɭɬɶɢɥɥ

ɎɂɅɖɌɊɕ

Ŧɉɪɢ ɫɴɺɦɤɟ ɦɨɠɧɨ ɢɫɩɨɥɶɡɨɜɚɬɶ ɬɨɥɶɤɨ ɨɞɢɧ ɮɢɥɶɬɪ ɂɫɩɨɥɶɡɨɜɚɧɢɟ ɞɜɭɯ ɢɥɢ

ɛɨɥɟɟ ɮɢɥɶɬɪɨɜ ɨɞɧɨɜɪɟɦɟɧɧɨ ɦɨɝɭɬ ɩɪɢɜɟɫɬɢ ɤ ɷɮɮɟɤɬɭ ɜɢɧɶɟɬɢɪɨɜɚɧɢɹ

Ŧɉɪɢ ɪɚɛɨɬɟ ɫ ɚɜɬɨɮɨɤɭɫɧɨɣ ɤɚɦɟɪɨɣ ɢɫɩɨɥɶɡɭɣɬɟ ɩɨɥɹɪɢɡɚɰɢɨɧɧɵɣ ɮɢɥɶɬɪ

ɰɢɪɤɭɥɹɪɧɨɝɨ ɬɢɩɚ

ɉȿɊȿɏɈȾɇɈȿ ɄɈɅɖɐɈɆɆĺɆɆ

ȼ ɤɨɦɩɥɟɤɬ ɩɨɫɬɚɜɤɢ ɨɛɴɟɤɬɢɜɚ ɜɯɨɞɢɬ ɩɟɪɟɯɨɞɧɨɟ ɤɨɥɶɰɨ ɤɨɬɨɪɨɟ ɩɨɡɜɨɥɹɟɬ

ɢɫɩɨɥɶɡɨɜɚɬɶ ɫ ɨɛɴɟɤɬɢɜɵ ɫɜɟɬɨɮɢɥɶɬɪɵ ɢ ɞɪɭɝɢɟ ɧɚɫɚɞɤɢ ɫ ɞɢɚɦɟɬɪɨɦ ɪɟɡɶɛɵɦɦ

ɉɟɪɟɯɨɞɧɨɟ ɤɨɥɶɰɨ ɭɫɬɚɧɚɜɥɢɜɚɟɬɫɹ ɧɚ ɩɟɪɟɞɧɸɸ ɱɚɫɬɶ ɤɨɪɩɭɫɚ ɨɛɴɟɤɬɢɜɚ

Ⱦɚɧɧɨɟ ɩɟɪɟɯɨɞɧɨɟ ɤɨɥɶɰɨ ɦɨɠɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɬɨɥɶɤɨ ɩɪɢ ɪɚɛɨɬɟ ɫ ɰɢɮɪɨɜɵɦɢ

ɤɚɦɟɪɚɦɢ ɫ ɫɟɧɫɨɪɚɦɢ ɮɨɪɦɚɬɚ$36&ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɩɟɪɟɯɨɞɧɨɝɨ ɤɨɥɶɰɚ ɫ

ɤɚɦɟɪɚɦɢ ɢɦɟɸɳɢɦɢ ɫɟɧɫɨɪɵ ɛɨɥɶɲɟɝɨ ɪɚɡɦɟɪɚ ɢɡɨɛɪɚɠɟɧɢɟ ɛɭɞɟɬ ɫɬɪɚɞɚɬɶɨɬ

ɜɢɧɶɟɬɢɪɨɜɚɧɢɹ

ɇɟ ɪɟɤɨɦɟɧɞɭɟɬɫɹ ɢɫɩɨɥɶɡɨɜɚɬɶ ɫ ɞɚɧɧɵɦ ɩɟɪɟɯɨɞɧɵɦ ɤɨɥɶɰɨɦ ɩɨɥɹɪɢɡɚɰɢɨɧɧɵɟ

ɫɜɟɬɨɮɢɥɶɬɪɵ ȿɫɥɢ ɜɵ ɜɫɟ ɠɟ ɩɪɢɤɪɟɩɢɬɟ ɩɨɥɹɪɢɡɚɬɨɪ ɤ ɩɟɪɟɯɨɞɧɨɦɭ ɤɨɥɶɰɭ

ɜɨɡɦɨɠɧɨ ɜɵ ɩɨɬɨɦ ɧɟ ɫɦɨɠɟɬɟ ɟɝɨ ɨɬɫɨɟɞɢɧɢɬɶ

ȿɫɥɢ ɩɟɪɟɯɨɞɧɨɟ ɤɨɥɶɰɨ ɧɟ ɫɧɢɦɚɟɬɫɹ ɫ ɨɛɴɟɤɬɢɜɚ ɫɥɟɞɭɟɬ ɩɨɥɨɠɢɬɶ ɧɚ ɤɨɥɶɰɨ

ɥɚɞɨɧɶ ɢ ɭɞɟɪɠɢɜɚɹ ɟɝɨ ɬɚɤɢɦ ɨɛɪɚɡɨɦ ɩɨɜɟɪɧɭɬɶ ɩɪɨɬɢɜ ɱɚɫɨɜɨɣ ɫɬɪɟɥɤɢ

Ʉɨɝɞɚ ɩɟɪɟɯɨɞɧɨɟ ɤɨɥɶɰɨ ɭɫɬɚɧɨɜɥɟɧɨ ɧɚ ɨɛɴɟɤɬɢɜ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɜɯɨɞɹɳɟɣɜ

ɤɨɦɩɥɟɤɬ ɤɪɵɲɤɢ ɨɛɴɟɤɬɢɜɚ ɧɟɜɨɡɦɨɠɧɨ Ⱦɥɹ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɫ ɩɟɪɟɯɨɞɧɵɦ

ɤɨɥɶɰɨɦ ɫɥɟɞɭɟɬ ɩɪɢɨɛɪɟɫɬɢ ɡɚɳɢɬɧɭɸ ɤɪɵɲɤɭ ɫ ɞɢɚɦɟɬɪɨɦ ɪɟɡɶɛɵɦɦ

ɍɏɈȾ ɂ ɏɊȺɇȿɇɂȿ

Ŧɇɟ ɩɨɞɜɟɪɝɚɣɬɟ ɨɛɴɟɤɬɢɜ ɪɟɡɤɢɦ ɜɫɬɪɹɫɤɚɦ ɪɟɡɤɨɦɭ ɩɟɪɟɩɚɞɭ ɬɟɦɩɟɪɚɬɭɪ ɢ

ɜɨɡɞɟɣɫɬɜɢɸ ɩɨɜɵɲɟɧɧɨɣ ɜɥɚɠɧɨɫɬɢ

Ŧ

Ⱦɥɹ ɫɬɚɰɢɨɧɚɪɧɨɝɨ ɯɪɚɧɟɧɢɹ ɢɫɩɨɥɶɡɭɣɬɟ ɩɪɨɯɥɚɞɧɨɟ ɫɭɯɨɟ ɦɟɫɬɨ ɩɪɟɞɩɨɱɬɢɬɟɥɶɧɨ

ɫ ɯɨɪɨɲɟɣ ɜɟɧɬɢɥɹɰɢɟɣ ȼɨ ɢɡɛɟɠɚɧɢɟ ɩɨɜɪɟɠɞɟɧɢɹ ɩɪɨɫɜɟɬɥɟɧɢɹ ɥɢɧɡ ɨɛɴɟɤɬɢɜɚ

ɯɪɚɧɢɬɟ ɟɝɨ ɜɞɚɥɢ ɨɬ ɧɚɮɬɚɥɢɧɚ ɢ ɞɪ ɚɧɬɢɦɨɥɟɣ

Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɪɚɫɬɜɨɪɢɬɟɥɶ ɛɟɧɡɢɧ ɢ ɞɪɭɝɢɟ ɨɪɝɚɧɢɱɟɫɤɢɟ ɱɢɫɬɹɳɢɟ ɜɟɳɟɫɬɜɚ

ɱɬɨɛɵ ɨɱɢɫɬɢɬɶ ɥɢɧɡɨɜɵɟ ɷɥɟɦɟɧɬɵ ɂɫɩɨɥɶɡɭɣɬɟ ɦɹɝɤɭɸ ɜɥɚɠɧɭɸ ɬɤɚɧɶ ɞɥɹ ɨɩɬɢɤɢ

ŦɈɛɴɟɤɬɢɜ ɧɟ ɜɨɞɨɧɟɩɪɨɧɢɰɚɟɦ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɨɛɴɟɤɬɢɜɚ ɜɛɥɢɡɢ ɜɨɞɵ ɢɥɢɜɨ

ɜɪɟɦɹ ɞɨɠɞɹ ɡɚɳɢɬɢɬɟ ɟɝɨ ɨɬ ɧɚɦɨɤɚɧɢɹ Ɉɛɵɱɧɨ ɩɨɜɪɟɠɞɟɧɢɹ ɫɜɹɡɚɧɧɵɟ ɫ ɩɪɨɧɢɤɧɨɜɟɧɢɟɦ

ɜɨɞɵ ɜ ɦɟɯɚɧɢɡɦɵ ɦɟɠɞɭ ɥɢɧɡ ɨɛɴɟɤɬɢɜɚ ɢ ɨɤɢɫɥɟɧɢɹ ɪɟɦɨɧɬɭ ɧɟ ɩɨɞɥɟɠɚɬ

ŦɊɟɡɤɢɟ ɩɟɪɟɩɚɞɵ ɬɟɦɩɟɪɚɬɭɪ ɦɨɝɭɬ ɜɵɡɜɚɬɶ ɨɛɪɚɡɨɜɚɧɢɟ ɬɭɦɚɧɧɨɣ ɩɟɥɟɧɵ ɧɚ

ɩɟɪɟɞɧɟɣ ɥɢɧɡɟ ɨɛɴɟɤɬɢɜɚ ɉɨɷɬɨɦɭ ɜɯɨɞɹ ɜ ɬɺɩɥɨɟ ɩɨɦɟɳɟɧɢɟ ɫ ɯɨɥɨɞɧɨɣ ɭɥɢɰɵ

ɫɪɚɡɭ ɧɟ ɞɨɫɬɚɜɚɣɬɟ ɨɛɴɟɤɬɢɜ ɢɡ ɱɟɯɥɚ ɩɨɤɚ ɨɧ ɧɟ ɞɨɫɬɢɝɧɟɬ ɬɟɦɩɟɪɚɬɭɪɵ ɩɨɦɟɳɟɧɢɹ

3<&&ɄɂɃ

$QWHVGHPDLVTXHUHPRVDJUDGHFHUOKHDDTXLVLomRGHVWDREMHFWLYD6LJPD6XJHULPRVOKH

HQWUHWDQWRXPDOHLWXUDDWHQWDGHVWHPDQXDODQWHVGHDXWLOL]DUDILPGHFRQVHJXLUREWHURV

PHOKRUHVUHVXOWDGRV 

'(6&5,d2'26&20321(17(6ILJ

$QHOGHHQFDL[HGHILOWUR

$QHOGH)RFDJHP

(VFDODGHGLVWkQFLD

/LQKDGHtQGLFHGH

 IRFDJHP

$QHOGH=RRP

6HOHFWRUGRPRGRGH

 IRFDJHP

%DLRQHWD

(QFDL[HGH7ULSp

,QWHUUXSWRUGHEORTXHLRGR

 ]RRP

6HOHFWRU26

3iUDVRO

$QHOUHGXFWRU

&Æ0$5$61,.21$)

(VWDREMHFWLYDIXQFLRQDFRPRDVREMHFWLYDV1LNRQGHIRFDJHPDXWRPiWLFRWLSR*VHPDQHO

GH DEHUWXUD &HUWDV IXQo}HV SRGHP QmR HVWDU GLVSRQtYHLV FRQIRUPH D FRPELQDomR

REMHFWLYDFkPDUD3DUDXPHVFODUHFLPHQWRFRPSOHWRFRQVXOWHRPDQXDOGHLQVWUXo}HVGD

VXDFkPDUD

&Æ0$5$63(17$;$)

(VWD REMHFWLYD IXQFLRQD FRPR DV REMHFWLYDV 3HQWD[ GH IRFDJHP DXWRPiWLFD GR WLSR )$-

VHP DQHO GH DEHUWXUD &HUWDV IXQo}HV SRGHP QmR HVWDU GLVSRQtYHLV FRQIRUPH D

FRPELQDomR REMHFWLYDFkPDUD 3DUD XP HVFODUHFLPHQWR FRPSOHWR FRQVXOWH R PDQXDO GH

LQVWUXo}HVGDVXDFkPDUD

&20235(1'(5$2%-(&7,9$$2&2532'$&Æ0$5$

4XDQGRSUHQGHUDREMHFWLYDDRFRUSRGD FkPDUDDPHVPD IXQFLRQDUi DXWRPDWLFDPHQWH

FRPRVHIRVVHXPDREMHFWLYDGDPDUFDGDVXDFkPDUD&RQVXOWHRUHVSHFWLYRPDQXDOGH

LQVWUXo}HV

1D ]RQD GH HQFDL[H GD REMHFWLYD H[LVWHP YiULRV FRQWDFWRV HOpFWULFRV H HOHFWUyQLFRV

0DQWHQKDRV OLPSRV GH IRUPD D JDUDQWLU XPD ERD OLJDomR (QTXDQWR HVWi D PXGDU D

REMHFWLYD FHUWLILTXHVH GH TXH D FRORFD FRP D SDUWH IURQWDO SDUD EDL[RD ILP GH HYLWDU

GDQLILFDUDVXSHUItFLHGHHQFDL[H

$-867('202'2'((;326,d2

$ REMHFWLYD 6LJPD IXQFLRQD DXWRPDWLFDPHQWH TXDQGR p IL[DGD QD FkPDUD &RQVXOWH R

PDQXDOGHLQVWUXo}HVGDVXDFkPDUD

)2&$*(0(=220

(VWD REMHFWLYD YHP FRP R 0RWRU +LSHU 6yQLFR +60 GD 6LJPD LQFRUSRUDGR 2 +60

SHUPLWHXPUiSLGRHVHJXURDXWRIRFR

䇶

6,*0$$)H&$121$)

䇷

3DUD XWLOL]DU D IRFDJHP DXWRPiWLFD VHOHFFLRQH R PRGR GH IRFDJHP ³$)´ QD REMHFWLYD

ILJ6HGHVHMDUXVDUDIRFDJHPPDQXDOFRORTXHRVHOHFWRUGRPRGRGHIRFDJHPGDVXD

REMHFWLYDQDSRVLomR³0´3RGHDMXVWDUDIRFDJHPURGDQGRRDQHOGHIRFDJHP

䇶

1,.21$)3(17$;$)H621<

䇷

3DUD XWLOL]DU D IRFDJHP DXWRPiWLFD SRQKD D VXD FkPDUD QR PRGR GH IRFDJHP $) H

VHOHFFLRQH R PRGR GH IRFDJHP ³$)´ QD REMHFWLYD ILJ 6H GHVHMDU XVDU D IRFDJHP

PDQXDOFRORTXHRVHOHFWRUGR PRGR GH IRFDJHP GD VXDREMHFWLYDQDSRVLomR³0´3RGH

DMXVWDUDIRFDJHPURGDQGRRDQHOGHIRFDJHP

&RQVXOWH R PDQXDO GH LQVWUXo}HV GD VXD FkPDUD SDUD PDLV LQIRUPDo}HV DFHUFD GD

VHOHFomRGRPRGRGHIRFDJHP

3DUD1LNRQ3HQWD[H6RQ\VypSRVVtYHOXVDUR$)FRPFkPDUDVTXHVXSRUWHPPRWRUHV

FRQGX]LGRVSRU RQGDV XOWUDVyQLFDVFRPRR+602 $)QmRIXQFLRQDUi VHRFRUSR GD

FkPDUDQmRVXSRUWDUHVWHWLSRGHPRWRUHV

(VWDREMHFWLYDWDPEpPSHUPLWHIRFDJHPPDQXDOPHVPRHPPRGR$XWR)RFXV&RPD

PiTXLQD QD RSomR ³2QH6KRW´ $) SRGH DMXVWDU D IRFDJHP PDQXDOPHQWH DSyV R DXWR

IRFRGDREMHFWLYDHSDUDJHPHQTXDQWRRERWmRMiHVWiDVHUSUHPLGR

$R XWLOL]DUHVWDREMHFWLYD QR PRGR GH IRFDJHP PDQXDO UHFRPHQGDVHTXH FRQILUPH D

IRFDJHPFRUUHFWDQRYLVRUHP YH] GH FRQILDU H[FOXVLYDPHQWHQD HVFDOD GH GLVWkQFLDV

(VWD SUHFDXomR MXVWLILFDVH SRUTXH SRGH KDYHU XPD PXGDQoD QD IRFDJHP GHYLGR D

YDULDo}HVH[WUHPDVGHWHPSHUDWXUDTXHSRGHPFDXVDPDGLODWDomRRXDFRQWUDFomRGH

YiULRVFRPSRQHQWHVGDREMHFWLYD7RPHHVSHFLDOFRQVLGHUDomRTXDQGRIRFDUHPLQILQLWR

䇶

3DUD³ID]HUXP]RRP´

䇷

5RGHRDQHOGHIRFDJHPGHERUUDFKDGR]RRPSDUDDSRVLomRGHVHMDGD

%/248(,2'(=220LQWHUUXSWRU

(VWDREMHFWLYDHVWi HTXLSDGDFRPXPLQWHUUXSWRUGHEORTXHLRGR]RRP QDSRVLomRPP

SDUDHYLWDUTXHR]RRPVH GHVORTXH TXDQGR D REMHFWLYDpLQFOLQDGDSDUDEDL[R 3RQKD R

DQHOGR]RRPHPPPHRLQWHUUXSWRUGHEORTXHLRQDSRVLomR³/2&.´ILJGHYHQGR

UHSRUDSRVLomR³81/2&.´DQWHVGHWLUDUDIRWRJUDILD

62%5($69$17$*(16'(87,/,=$d2'$)81d226

(67$%,/,=$d2237,&$

(VWDREMHFWLYD26FRP(VWDELOL]DomRÏSWLFDFRPSHQVDHIHFWLYDPHQWHDIDOWDGHQLWLGH]QD

LPDJHPFDXVDGDSHODYLEUDomRLQYROXQWiULDGRFRQMXQWRPiTXLQDREMHFWLYD

&RPHVWDREMHFWLYDSRGHSRULVVRIRWRJUDIDUDYHORFLGDGHVGHREWXUDomRPDLVUHGX]LGDV

DWp³SDVVRV´GRTXHSRGHULDID]HUVHPXVDUDIXQomR26HREWHUH[FHOHQWHVUHVXOWDGRV

FRPXPDQLWLGH]HVSDQWRVD

3DUD XWLOL]DU HVWD IXQomR SRQKD R LQWHUUXSWRU 26 QR PRGR  ILJ 3ULPD R ERWmR GH

GLVSDUR DWp PHLR YHULILTXH QR YLVRU VH D LPDJHP HVWi HVWiYHO H WLUH D IRWRJUDILD $

DSUHVHQWDomRGDLPDJHPHVWiYHOGHPRUDFHUFDGHVHJXQGRGHSRLVGHSUHPLURERWmRGH

GLVSDURDWpPHLR2PRGRGHWHFWDDYLEUDomRYHUWLFDOGDFkPDUDHHOLPLQDRV³UDVWRV´

eHILFD]QDIRWRJUDILDGHWHPDVTXHVHPRYHPKRUL]RQWDOPHQWHHPUHODomRjFkPDUD



Ŧ$ IXQomR GH FRPSHQVDomR GRV ³UDVWRV´ GR (VWDELOL]DGRU ÏSWLFR p HILFD] TXDQGR VH

IRWRJUDID VHP WULSp 2 (VWDELOL]DGRU ÏSWLFR SRGH QmR IXQFLRQDU HILFD]PHQWH QDV

VHJXLQWHVFRQGLo}HV

ƒ)RWRJUDILDVWLUDGDVGHXPYHtFXORHPPRYLPHQWR 

ƒ6HDFkPDUDHVWLYHUHPPRYLPHQWRH[WUHPR

Ŧ1mRGHYHXWLOL]DUR(VWDELOL]DGRUÏSWLFRQDVVHJXLQWHVVLWXDo}HV

ƒ4XDQGR DREMHFWLYDHVWiPRQWDGDQXPWULSp

ƒ1DIRWRJUDILDGHSRVHJUDQGHWHPSRGHH[SRVLomR

Ŧ$ IXQomR GH (VWDELOL]DomR ÏSWLFD p DOLPHQWDGD D SDUWLU GD FkPDUD 6H D REMHFWLYD26

HVWiOLJDGDjVXDFkPDUDHHVWiDFWLYDGDDDXWRQRPLDGHIXQFLRQDPHQWRGDVXDFkPDUD

VHUiPHQRUGRTXHFRPDVREMHFWLYDVFRQYHQFLRQDLVXVDGDVFRPDPHVPDFkPDUD6H

QmR XVDU R (VWDELOL]DGRU ÏSWLFR GHVDFWLYHR LQWHUUXSWRU 26 QD SRVLomR 2)) SDUD

LPSHGLURFRQVXPRGDEDWHULD

Ŧ&HUWLILTXHVHTXHGHVOLJDR26FRORFDQGR RLQWHUUXSWRU26QDSRVLomR2))DQWHVGH

SUHQGHUDREMHFWLYDjFkPDUDRXDQWHVGHDUHPRYHU

Ŧ2(VWDELOL]DGRUÏSWLFRFRQWLQXDDIXQFLRQDUGHSRLVGHVROWDURGHGRGRERWmRGHGLVSDUR

HQTXDQWR IRU YLVtYHO R YDORU GD H[SRVLomR 1XQFD UHPRYD D REMHFWLYD RX D EDWHULD GD

FkPDUDHQTXDQWRR(VWDELOL]DGRUÏSWLFRHVWLYHUDIXQFLRQDU6HRIL]HUSRGHGDQLILFDUD

REMHFWLYD

Ŧ(PERUDDLPDJHPQRYLVRUSRVVDDSDUHFHUDWUHPHULPHGLDWDPHQWHDSyVRGLVSDURRX

QR LQtFLR GR FLFOR GH FDUJD GR IODVK LQFRUSRUDGR QD FkPDUD HWF HVVH ³GHIHLWR´ QmR

DSDUHFHQDIRWRJUDILD

Ŧ6H D FkPDUD HVWLYHU GHVOLJDGD RX VH D REMHFWLYD IRU UHPRYLGD GD FkPDUD HQTXDQWR R

(VWDELOL]DGRU ÏSWLFR HVWLYHU D IXQFLRQDU D REMHFWLYD HPLWH XP VRP PDV LVVR QmR

VLJQLILFDPDXIXQFLRQDPHQWR

Ŧ6ypSRVVtYHOXWLOL]DUDIXQomR26HVWDELOL]DGRUySWLFRLQFRUSRUDGDQHVWDREMHFWLYDFRP

RVPRGHORV '6/5 GD 6RQ\ H 3HQWD[ TXH VXSRUWHP REMHFWLYDVFRP PRWRU XOWUDVyQLFR

+604XDQGRXWLOL]DUDIXQomR26SRUIDYRUGHVOLJXHDIXQomRGHHVWDELOL]DomRySWLFD

GRFRUSRGDPiTXLQDHFRORTXHRLQWHUUXSWRU26GDREMHFWLYDQDSRVLomR214XDQGR

XWLOL]DUDIXQomRGHHVWDELOL]DomRySWLFDGDPiTXLQDSRUIDYRUFRORTXHRLQWHUUXSWRU26

GDREMHFWLYDQDSRVLomR2))HFRORTXHDIXQomR26GDPiTXLQDQDSRVLomR21

Ŧ2(VWDELOL]DGRUÏSWLFRSRGHIXQFLRQDUFRPDVFkPDUDV1LNRQ$)PRVWUDGDVQDWDEHOD

VHJXLQWH 4XDQGR XVDU HVWD REMHFWLYD FRP RXWURV PRGHORV QmR UHIHULGRV QD WDEHOD

SRQKDRLQWHUUXSWRU26QDSRVLomR2))SDUDGHVDFWLYiOR

&kPDUDV'LJLWDLV6/5H)

è1RQRVVRVLWHSRGHYHULILFDUDV~OWLPDVLQIRUPDo}HVUHIHUHQWHVDRVPRGHORVGHFkPDUDV

TXHSRGHPVHUXVDGDVFRPDIXQomRGH(VWDELOL]DomRÏSWLFD 

(1&$,;('(75,3e(&2/$5 

(VWDREMHFWLYD SRVVXL XPHQFDL[H SDUD RWULSp 4XDQGR OLEHUWDR DSHUWR GRFRODU DUR D

REMHFWLYD H D FkPDUD SRGHP URGDU OLYUHPHQWH SDUD SRVLFLRQDU IDFLOPHQWH D FkPDUD

KRUL]RQWDORXYHUWLFDOPHQWHILJ

&2025(029(52&2/$5'$2%-(&7,9$ 

e SRVVtYHO UHWLUDU RHQFDL[H GH WULSp GD REMHFWLYD SDUDVHU PDLV IiFLO IRWRJUDIDUFRPD

PiTXLQDQDPmRVHRGHVHMDU3DUDLVVROLEHUWHRDSHUWRGRFRODUHDOLQKHDPDUFDGR

tQGLFHFRPDSRVLomRź5(029(5HPRYHUILJ

'HSRLVSX[HRFRODUSDUDWUiVFRPRpPRVWUDGRQD)LJUHWLUDQGRR

Ŧ

4XDQGRGHVHMDUYROWDUDSUHQGHURFRODUjREMHFWLYDVLJDSURFHGLPHQWRDQWHULRUDRFRQWUiULR

Ŧ3RUIDYRUQmRSRQKDRFRODUQD SRVLomRź5(029(H[FHSWRTXDQGR RUHPRYHURXR

SUHWHQGHU FRORFDU SRUTXH D REMHFWLYD SRGH GHVSUHQGHUVH LQDGYHUWLGDPHQWH H FDLU

/HPEUHVHWDPEpPGHDSHUWDURFRODUSDUDLPSHGLUDREMHFWLYDGHJLUDUVHPRTXHUHQGR

Ŧ

4XDQGRDREMHFWLYDHVWiPRQWDGDQDFkPDUDRFRODUQmRSRGHVHUUHPRYLGRGDREMHFWLYD

&255(,$'(75$163257($220%52

3RUIDYRUSUHQGDDFRUUHLDFRPRPRVWUDGRQD)LJXUD

',67$1&,$0Ë1,0$'()2&$*(0

$GLVWDQFLDPtQLPDGHIRFDJHPGHVWDREMHFWLYDYDULDGHDFRUGRFRPDSRVLomRGR]RRP

ILJĬ,QGLFDD0tQLPDGLVWDQFLDGHIRFDJHPDFDGDGLVWDQFLDIRFDO

ILJĭ,QGLFDD0i[LPDGLVWDQFLDGHIRFDJHPDFDGDGLVWDQFLDIRFDO

)272*5$),$&20)/$6+

2FRPSULPHQWRGDREMHFWLYDSRGHFDXVDUVRPEUDVLQGHVHMDGDVQDLPDJHPTXDQGRXVDR

IODVKLQFRUSRUDGRGDFkPDUD5HFRPHQGDVHTXHXVHH[FOXVLYDPHQWHXPIODVKH[WHUQR

62%5(267(/(&219(5625(6

$REMHFWLYDSRGH VHUXVDGDFRPRV7HOHFRQYHUVRUHV $32GD6LJPD [ (;RX[(;

RSFLRQDO REWHQGRVH XPD WHOHREMHFWLYD ]RRP PP ) RX XPD WHOHREMHFWLYD

]RRP PP ) UHVSHFWLYDPHQWH Vy SRGH VHU XVDGR R PRGR PDQXDO GH

IRFDJHPHPDPEDV

Ŧ1mR XVH WHOHFRQYHUVRUHV GH RXWURV IDEULFDQWHV SRUTXH Vy VmR FRPSDWtYHLV RV DFLPD

PHQFLRQDGRV

Ŧ27HOH&RQYHUVRUSDUD3HQWD[QmRpFRPSDWtYHOFRPHVWDREMHFWLYD

Ŧ5HFRPHQGDPRVRVWHOHFRQYHUVRUHV'*$32TXDQGRXVDUFkPDUDV'6/5

ŦeSRVVLYHODXWLOL]DomRGHIRFDJHPDXWRPDWLFHPPRGR³/LYH9LHZ´VHDFkPDUDHVWLYH

HPPRGR$)³FRQWUDVWGHWHFW´

3È5$62/

-XQWRFRPHVWDREMHFWLYDYHPWDPEpPXPSiUDVROGHVWDFiYHOWLSREDLRQHWD(VWHDMXGDD

SUHYHQLURIODUHHRHIHLWRIDQWDVPDQDVIRWRJUDILDVTXHVmRFDXVDGRVSHODOX]H[FHVVLYDH

SURYHQLHQWHGHIRUDGDiUHDGDIRWRJUDILDILJ

3DUDFRORFDUDREMHFWLYDHRSiUDVROQDEROVDpSULPHLURQHFHVViULRUHPRYHURSiUDVRO

HWRUQDUDFRORFiORQDSRVLomRLQYHUVDQDREMHFWLYDILJ

),/752

6y VH GHYH XWLOL]DU XP ILOWUR GH FDGD YH] 6H XVDU GRLV RX PDLV ILOWURV RX ILOWURV PDLV

HVSHVVRVFRPRRVILOWURVSRODUL]DGRUHVSRGHFDXVDURHIHLWRGHYLQKHWDJHP

4XDQGRXVDUXPILOWURSRODUL]DGRUFRPXPDFkPDUD$)XVHXPGRWLSRFLUFXODU

$1(/5('8&725PPĺPP

eIRUQHFLGRFRPHVWDREMHFWLYDXPDQHOUHGXWRUeSRVVtYHOXWLOL]DUXPILOWURGHPPQHVWD

REMHFWLYDFRPDXWLOL]DomRGHVWHDQHO(QURVTXHRDQHOGDSDUWHIURQWDOGDREMHFWLYD

Ŧ(VWH DQHO Vy GHYH VHU XVDGR FRP FkPDUDV GLJLWDLV FRP VHQVRU $36B& (P FkPDUDV

FRPVHQVRUHVGHPDLRUGLPHQVmRRDQHOFDXVDUiHIHLWRGH³YLJQHWWLQJ´

Ŧ1mRGHYHVHUXVDGRHVWHDQHOFRPILOWURVGH3RODUL]DomR$FRORFDomRGHVWHWLSRGHILOWUR

SRGHOHYDUDTXHRPHVPRQmRSRVVDVHUGHSRLVUHPRYLGR

Ŧ6HWLYHUGLILFXOGDGHHPUHPRYHURDQHOFRORTXHDSDOPDGDQmRVREUHRPHVPRHIDoDR

URGDUQDSRVLomRFRQWUiULDDRVSRQWHLURVGRUHOyJLR 

Ŧ&RPR DQHO DFRSODGR i REMHFWLYH QmRpSRVVLYHOD FRORFDomRGD WDPSDGHSURWHFomR

'HYHSDUDRHIHLWRDGTXLULUXPDWDPSDGHGLPHQVmRPP

&8,'$'26%È6,&26($50$=(1$0(172

(YLWHTXDLVTXHUFKRTXHVRXDH[SRVLomRDWHPSHUDWXUDVH[FHVVLYDVRXjKXPLGDGH 

3DUDDUPD]HQDPHQWRSRUXPORQJRSHUtRGRGHWHPSRHVFROKDXPORFDOIUHVFRHVHFR

GHSUHIHUrQFLDEHPYHQWLODGR3DUDHYLWDUGDQLILFDUDFREHUWXUDGDREMHFWLYDPDQWHQKDD

IRUDGRDOFDQFHGDQDIWDOLQDRXGHSURGXWRVVLPLODUHV

1mRXWLOL]HGLOXHQWHVEHQ]LQDRXRXWURVSURGXWRVGHOLPSH]DRUJkQLFRVSDUDUHPRYHUD

VXMLGDGHRX DV GHGDGDVGRV FRPSRQHQWHV GDREMHFWLYD /LPSH FRPXP SDQR PDFLR H

KXPHGHFLGRRXFRPXPWHFLGRSUySULRSDUDOLPSH]DGHOHQWHV

(VWDREMHFWLYDQmRpjSURYDGHiJXD4XDQGRDXVDUjFKXYDRXSHUWRGHiJXDLPSHoD

TXHHODVHPROKHeTXDVHVHPSUHLPSRVVtYHOUHSDUDUPHFDQLVPRVLQWHUQRVHOHPHQWRV

GDREMHFWLYDHFRPSRQHQWHVHOpFWULFRVGDQLILFDGRVSHODiJXD

$V PXGDQoDV EUXVFDV GH WHPSHUDWXUD SRGHP FDXVDU FRQGHQVDomR RX HPEDFLDU D

VXSHUItFLHGD REMHFWLYD 4XDQGR HQWUDUQXP TXDUWR DTXHFLGRYLQGRGXPH[WHULRU IULR p

DFRQVHOKiYHOFRQVHUYDUDREMHFWLYDQRHVWRMRDWpTXHDVXDWHPSHUDWXUDVHDSUR[LPHGD

WHPSHUDWXUDDPELHQWH

32578*8Ç6

ਥ䬹઀᭽䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃 ଐஜᛖ

ȬȳǺನ঺Ტ፭Ყ௏Უ  இٻજࢨ̿ྙ 

ဒ ᚌ  ȕǣȫǿȸǵǤǺ PP

இݱ዁Ǔ  இٻࢲ ; μᧈ [PP

இჺજࢨុᩉ P ᣻ ᣽ J

ٻƖƞ᣻ƞƸŴǷǰȞȞǦȳȈƷǋƷưƢŵ

$32 ȬȳǺƸཎഷ˯Ў૝ǬȩǹǛ̅ဇƠƯƍǇƢŵƜƷȬȳǺƸ஬ឋƷཎࣱɥŴݱƞƳ

ൢණǛٶݲԃǉئӳƕƋǓŴƦǕƕЭͨƷȬȳǺưਘٻƞǕƯᙸƑǔƜƱƕƋǓǇƢƕŴ

ီࠝưƸƋǓǇƤǜŵǇƨŴȬȳǺƷήܖࣱᏡƴƸμƘࢨ᪪ƋǓǇƤǜŵ

ƜƷȬȳǺƸŴᤲǍƻእǛԃǇƳƍ ࿢ؾݣሊǬȩǹ Ǜ̅ဇƠƯƍǇƢŵ

7(&+1,&$/63(&,),&$7,216(1*/,6+

/HQVFRQVWUXFWLRQ  )LOWHU6L]H PP

$QJOHRI9LHZ 

'LPHQVLRQV'LD

/HQJWK

[PP

gLQ

0LQLPXP$SHUWXUH 

0LQLPXP)RFXVLQJ'LVWDQFH

P

IW

:HLJKW

J

R]

0DJQLILFDWLRQ 

'LPHQVLRQVDQGZHLJKWLQFOXGHWKH6,*0$PRXQW

$32 OHQVHV XVH 6SHFLDO /RZ 'LVSHUVLRQ JODVV 7KLV VSHFLDO JODVV QRUPDOO\ KDV VRPH

WLQ\DLUEXEEOHVEXWLWGRHVQRWDIIHFWWKHRSWLFDOSHUIRUPDQFH

7KHJODVVPDWHULDOVXVHGLQWKHOHQVGRQRWFRQWDLQHQYLURQPHQWDOO\KD]DUGRXVOHDGDQG

DUVHQLF

7(&+1,6&+('$7(1'(876&+

*OLHGHU±/LQVHQ  

*U|WHU$EELOGXQJVPDVWDE



'LDJRQDOHU%LOGZLQNHO   )LOWHUGXUFKPHVVHU PP

.OHLQVWH%OHQGH  

$EPHVVXQJHQî



%DXOlQJH

[PP

1DKHLQVWHOOJUHQ]H P  *HZLFKW J

$EPHVVXQJHQXQG*HZLFKWEH]LHKHQVLFKDXIGHQ6,*0$$QVFKOX

,QHLQLJHQ/LQVHQGHU$322EMHNWLYHILQGHQKRFKEUHFKHQGHXQG(/'*OlVHUEHVRQGHUV

QLHGULJHU'LVSHUVLRQ9HUZHQGXQJ.OHLQH/XIWHLQVFKOVVHVLQGEHLGLHVHQ6SH]LDOJOlVHUQ

XQYHUPHLGOLFK6LHKDEHQNHLQHQ(LQIOXDXIGLH$EELOGXQJVOHLVWXQJGHV2EMHNWLYHV

'DV*ODVGDVIUGDV2EMHNWLYYHUZHQGHWZLUGHQWKlOWNHLQXPZHOWVFKlGOLFKHV%OHLXQG$UVHQ

&$5$&7(5,67,48(6)5$1d$,6

&RQVWUXFWLRQGHO¶REMHFWLI  5DSSRUWGHUHSURGXFWLRQ 

$QJOHGHFKDPS  'LDPpWUHGHILOWUH PP

2XYHUWXUHPLQLPDOH 

'LPHQVLRQ

GLDPHQWUHgORQJXHXU

[PP

'LVWDQFHPLQLPDOHGH

PLVHDXSRLQW

P

3RLGV J

'LPHQVLRQVHWSRLGVGRQQpVSRXUODPRQWXUH6,*0$

&HUWDLQVpOpPHQWVRSWLTXHVGHVREMHFWLIV$32VRQWFRQVWLWXpVGHYHUUHVDYHFKDXWLQGLFH

GHUpIUDFWLRQHW GH IDLEOHGLVSHUVLRQ'DQVFHWWHVRUWH GH YHUUHV GHVPLQXVFXOHV EXOOHV

G¶DLUSHXYHQWDSSDUDvWUHVDQVDXFXQHLQIOXHQFHVXUOHVSHUIRUPDQFHVGH,¶REMHFWLI

/HV YHUUHV XWLOLVpV GDQV FHW REMHFWLI QH FRQWLHQQHQW DXFXQH PDWLqUH QXLVLEOHV j

O¶HQYLURQQHPHQWWHOOHVTXHOHSORPEHWO¶DUVHQLF

7(&+1,6&+(*(*(9(161('(5/$1'6

/HQVFRQVWUXFWLH

J

URH

HQ

HOHPHQWHQ





0D[LPDOHYHUJURWLQJVPDDWVWDI



%HHOGKRHN  )LOWHUPDDW PP

.OHLQVWHGLDIUDJPD  $IPHWLQJHQGLDPgOHQJWH [PP

.RUWVWHLQVWHODIVWDQG P *HZLFKW J

2SJHJHYHQDIPHWLQJHQHQJHZLFKW]LMQPHW6,*0$YDWWLQJ

9RRU6LJPD$32REMHFWLHYHQZRUGW JHEUXLNJHPDDNWYDQVSHFLDOHJODVVRRUWHQPHWHHQ

KRJH UHIUDFWLH LQGH[ HQ ODJH GLVSHUVLH NDUDNWHULVWLHNHQ +HW LV QRUPDDO ELM GH]H

JODVVRRUWHQ GDW HU]LFK ]HHU NOHLQH OXFKWEHOOHWMHVLQ EHYLQGHQ(FKWHU ZRUGW GH NZDOLWHLW

YDQXZREMHFWLHIKLHUGRRURSJHHQHQNHOHZLM]HEHwQYORHG

'HJODVVRRUWGLHLQGLWREMHFWLHIJHEUXLNWZHUGEHYDWJHHQPLOLHXEHODVWHQGORRGRIDUVHQLFXP

&$5$&7(5,67&$6 (63$f2/

&RQVWUXFFLyQGHOREMHWLYR  $PSOLDFLyQ 

ÈQJXORGHYLVLyQ  'LiPHWURILOWUR PP

$SHUWXUDPtQLPD  'LPHQVLRQHVGLiPgORQJ [PP

'LVWDQFLDPtQLPDHQIRTXH P 3HVR J

'LPHQVLRQHV\SHVRLQFOX\HQPRQWXUD6,*0$

/RVREMHWLYRV$32XWLOL]DQXQRVFULVWDOHVGHDOWRLQGLFHGHUHIOH[LyQ\EDMDGLVSHUVLyQHQ

DOJXQRV HOHPHQWRV (VWRV FULVWDOHV HVSHFLDOHV SUHVHQWDQ QRUPDOPHQWH XQDV SHTXHxDV

EXUEXMDVGHDLUHTXHQRDIHFWDQDOUHQGLPLHQWRySWLFRGHOREMHWLYR

/RVPDWHULDOHVHPSOHDGRVHQHOREMHWLYRQRFRQWLHQHQSURGXFWRVQRFLYRVSDUDODVDOXGQL

HOPHGLRDPELHQWH

&$5$77(5,67,&+(7(&1,&+(,7$/,$12

&RVWUX]LRQHRWWLFD

*UXSSL(O



5DSSRUWRG¶LQJUDQGLP



'LDPHQWURILOWUL

PP

$QJROLGLFDPSR



'LPHQVLRQL

GLDPHWURgOXQJKH]]D

[PP

$SHUWXUDPLQLPD



'LVWDQ]DPLQPHVVDIXRFR P 3HVR J

'LPHQVLRQLHSHVLV¶LQWHQGRQRFRPSUHQVLYLGLDWWDFFR6,*0$

1HOODUHDOL]]D]LRQHGHL6LJPD$32VLXVDQRYHWULRWWLFLVSHFLDOLDGDOWRLQGLFHGLULIUD]LRQH

HEDVVLVVLPD GLVSHUVLRQH ,QTXHVWLYHWULqQDWXUDOH ODSUHVHQ]DGLPLQXVFROHLQFOXVLRQL

G¶DULD 4XLQGL QRQ GRYHWH SUHRFFXSDUYHQH LQ TXDQWR WDOL ³EROOH´ QRQ SUHJLXGLFDQR

PLQLPDPHQWHOHHFFH]LRQDOLSUHVWD]LRQLGHOYRVWURRELHWWLYR

/H PDWHULH YLWUHH XVDWH SHU OD UHDOL]]D]LRQH GHOO¶RELHWWLYR QRQ FRQWHQJRQR SLRPER Qp

DUVHQLFRVRVWDQ]HSRWHQ]LDOPHQWHSHULFRORVHVRWWRLOSURILORHFRORJLFR

7(.1,6.$'$7$䎃䎃 69(16.$

8SSE\JJQDG  )|UVWRULQJVJUDG 

%LOGYLQNHO  )LOWHU PP

0LQVWDEOlQGDUH  0nWWGLDPgOlQJG [PP

1lUJUlQV P 9LNW J

0nWWRFKYLNWJlOOHU6,*0$IDWWQLQJ

7LOO $32 REMHNWLY DQYlQGV VSHFLDOJODV PHG K|J UHIOH[LRQVI|UPnJDRFKOnJ

IlUJVSULGQLQJVI|UPnJD L YLVVD OLQVHOHPHQW'HWWDVSHFLDOJODV NDQ QRUPDOW KDQnJUD VPn

OXIWEXEEORUKlURFKGlUPHQGHVVDSnYHUNDULQWHUHVXOWDWHWSnGLQDELOGHUSnQnJRWVlWW

'HWJODVPDWHULDOVRPLQJnULGHWWDREMHNWLYLQQHKnOOHULQJHWPLOM|IDUOLJWEO\HOOHUDUVHQLN

7(.1,6.(63(&,),.$7,21(5䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃 '$16.

$QWDOOLQVHHOHPHQWHU  )RUVW¡UUHOVHVJUDG 

6\QVYLQNHO  )LOWHUJHYLQG PP

0LQGVWHEOQGHnEQLQJ 

'LPHQVLRQHU

'LDP

/QJGH

[PP

1UJUQVH P 9JW J

'LPHQVLRQHURJYJWHUDQJLYHWPHG6,*0$EDMRQHWIDWQLQJ

$32REMHNWLYHUKDUSnJUXQGDIGHQ VSHFLHOOHJODVW\SHGHU EOLYHUEHQ\WWHWQRUPDOWVPn

OXIWEREOHU L HQNHOWH OLQVHU 'HWWH KDU LQJHQ LQGYLUNQLQJ Sn OLQVHHOHPHQWHUQHV RSWLVNH

NYDOLWHWRJYLOLNNHSnYLUNHGHWIUGLJHELOOHGH

*ODVVHWDQYHQGWLGHWWHREMHNWLYLQGHKROGHULNNHPLOM¡VNDGHOLJEO\RJDUVHQ

๵ ௑                           խ ֮

ᢴᙰ࿨ዌ  ࣋Օ଍෷ 

ီʳ ߡ  ៀᢴՑஉ PP

່า٠എ  ᧯ᗨऴஉ [ ९৫ [PP

່२ኙྡྷ၏ᠦ P ૹʳ ၦ J

᧯ᗨ֗ૹၦբץਔᔞ್൷ᛩڇփΖ

$32 ᢴᙰࢬࠌشऱਢ 6/' ၌܅ۥཋੲᑿΔ ຍጟޗᔆڂ੡ڇ፹ທ௽ࢤՂऱ଺ਚ

ࠌհڍ֟ᄎܶڶԫࠄ௛ऐΔڶऱ௛ऐڂ๯ছೡᢴׂ࣋Օۖ౨ജ઎ߠΔ܀ຍࠀॺ

ฆൄΔኙᢴᙰऱ٠ᖂࢤ౨Ո࿭ශ޲ڶᐙ᥼Ζ

ᢴᙰࢬࠌشհੲᑿޗறΔ࿪ྤڶ୭ᛩቼհሩ֗న࿛ढ

㨰㟈G ㇠㛅                         䚐ạ㛨G

⥀㪼Ạ㉥Ấ⬘



㺐␴㹠㜵 ⵤ㡜



䞈ᴵ



䙸䉤㇠㢨㪼

PP

㺐㋀㦤⫠ᵐ



㺐␴ᷱ[Ὤ㢨

[PP

㺐␜㹠㜵ᶤ⫠ P ⱨ᷀ J

$32

⥀㪼⏈G 䏭㍌G 㤴G ⺸㇤G ⥀㪼⪰G ㇠㟝䚝⏼␘UG 㢨G 䏭㍌G ⥀㪼㜄⏈G 㢰ⵌ㤵㡰⦐G 㣅㡴G ḩὤG

ⵝ㟬㢨G ㈑㉥╌ὤ⓸G 䚌㫴⬀G 㢨⏈G ⥀㪼㢌G ṅ䚍G ㉥⏙㜄⏈G 㛨⛔䚐G 㜵䛙⓸G ⴬㾌㫴G 㙾㏩⏼␘U

㢨G ⥀㪼㜄G ㇠㟝═G 㠄㣄㣠⏈G 䞌ᷱ㤵㡰⦐G 㡔⓹䚐G ⇝G 㢨⇌G ⽸㋀⪰G 䚜㡔䚌ḔG 㢼㫴G

㙾㏩⏼␘U

ɌȿɏɇɂɑȿɋɄɂȿ ɏȺɊȺɄɌȿɊɂɋɌɂɄɂ䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃 3<&&ɄɂɃ

Ʉɨɧɫɬɪɭɤɰɢɹɷɥɟɦɟɧɬɨɜɝɪɭɩɩ



Ɇɚɫɲɬɚɛ ɫɴɺɦɤɢ  

ɍɝɨɥ ɩɨɥɹ ɡɪɟɧɢɹ



Ɋɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ ɦɦ

Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɚɮɪɚɝɦɚ



Ƚɚɛɚɪɢɬɵ

ɞɢɚɦɟɬɪ ɏ ɞɥɢɧɧɚ

ɦɦ ɯɦɦ

Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ

ɮɨɤɭɫɢɪɨɜɤɢ

ɦ

ȼɟɫ J

(63(&,),&$d®(67e&1,&$6䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃 32578*8Ç6

&RQVWUXomRGD2EMHFWLYD

JUXSRVHOHPHQWRV



5HODomR5iFLRGH5HSURGXomR



ÆQJXORGHFREHUWXUD  7DPDQKRGR)LOWUR PP

$EHUWXUD0tQLPD 

'LPHQV}HV

'LkPHWUR[&RPSULPHQWR

[PP

'LVWkQFLD0tQLPDGH)RFDJHP

P 3HVR J

$VGLPHQV}HVHRSHVRLQFOXHPDEDLRQHWDGHHQFDL[H6,*0$

ଐஜᛖ

&( ȞȸǯƸŴƜƷᙌԼƕ (& ਦˋƴᢘӳƠƯƍǔƜƱǛᅆƠƯƍǇƢŵ

(1*/,6+

7KH&(0DUNLVD'LUHFWLYHFRQIRUPLW\PDUNRIWKH(XURSHDQ&RPPXQLW\(&

'(876&+

'LH &(.HQQ]HLFKQXQJ LVW HLQH .RQIRUPLWlWVHUNOlUXQJ GHV +HUVWHOOHUV GLH GRNXPHQWLHUW

GDGDVEHWUHIIHQGH3URGXNWGLH$QIRUGHUXQJHQYRQ(*5LFKWOLQLHQHLQKlOW

)5$1d$,6

/HODEHO&(JDUDQWLWODFRQIRUPLWpDX[QRUPHVpWDEOLHVSDUOD&RPPXQDXWp(XURSpHQQH

1('(5/$1'6

+HW&(WHNHQLVHHQDDQGXLGLQJYRRUGH(XURSHVH*HPHHQVFKDS(&

(63$f2/

(OORJRWLSR&(HVXQDGLUHFWLYDGHFRQIRUPLGDGFRQOD&RPXQLGDG(XURSHD&(

,7$/,$12

4XHVWRqLOPDUFKLRGLFRQIRUPLWjDOOHGLUHWWLYHGHOODFRPXQLWj(XURSHD&(

69(16.$

&(PlUNHWEHW\GHUDWWYDUDQEOLYLWJRGNlQGDY(8VJHPHQVDPPDNYDOLWHWVQRUP

'$16.

&(PUNHWHULRYHUHQVVWHPPHOVHPHGGHJOGHQGHUHJOHUL(8

խ ֮!

&( ᑑ፾ਢᑛ੊ᜤᅩऱٽ௑ᑑಖΖ

䚐ạ㛨G

&( ⫼䆠⏈ 㢨㥐䖼㢨(& ὤ㨴㜄㤵䚝䚜㡸䖐㐐䚌⏈ ⫼䆠㢹⏼␘

32578*8Ç6

$PDUFD&(JDUDQWHDFRQIRUPLGDGHFRPDVQRUPDVHVWDEHOHFLGDVSHOD&RPXQLGDGH(XURSHLD

6,*0$'HXWVFKODQG*PE+ &DUO=HLVV6WU'5|GHUPDUN)5*(50$1<

9HUNDXI  6HUYLFH  )D[

Sigma 50-500mm f4-6.3 EX DG OS HSM, APO 50–500MM F4.5–6.3 DG OS HSM Owner's manual

Related papers

Other documents