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

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

This manual is also suitable for

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
ŦȞǦȳȈ᩿ƴƸ዁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
$)
ƴǻȃȈƠLJƢᲢ׋
ᲣŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸ
ǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ
0
ƴǻȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ŦǫȡȩƷȕǩȸǫǹȢȸȉƷЏǓ੭ƑƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯƘƩƞƍŵ
ŦȋdzȳŴȚȳǿȃǯǹŴǽȋȸဇƸŴឬ᪦ඬȢȸǿȸƴݣࣖƠƨǫȡȩƱƷኵӳƤưǪ
ȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵឬ᪦ඬȢȸǿȸƴݣࣖƠƯƍƳƍǫȡȩƱƷኵӳƤư
ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓLJƢŵ
ŦƜƷȬȳǺƸŴ$) ƴǻȃȈƠƨLJLJưȞȋȥǢȫưƷȔȳȈᙀദǛƢǔƜƱNjӧᏡưƢŵ
ǫȡȩǛǷȳǰȫ $) ȢȸȉƴǻȃȈƠƯŴӳ໰ࢸŴǷȣȃǿȸȜǿȳǛҞ਀ƠƷLJLJư
ȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛᛦૢƠƯƘƩƞƍŵ
ŦȞȋȥǢȫưȔȳȈǛӳǘƤǔᨥƴƸŴႸႮƕĐᲢ໯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
ŦˌɦƷவˑưƸŴ৖ƿǕᙀദೞᏡƸ̅ဇƠƳƍưƘƩƞƍŵ
ƒ ɤᏩሁưǫȡȩǛ׍ܭƠƯƷજࢨƒ ȐȫȖᲢᧈ଺᧓ᩧήᲣજࢨ
Ŧ৖ƿǕᙀദೞᏡƸŴǫȡȩƷᩓ൷ǛМဇƠƯ˺ѣƠLJƢŵᡫࠝƷȬȳǺǛ̅ဇƠƨئӳ
ƴൔǂŴજࢨӧᏡஜૠƕݲƳƘƳǓLJƢŵ৖ƿǕᙀദೞᏡǛ̅ဇƠƳƍƱƖƸŴᩓ൷Ʒ
ෞ᎔Ǜ᧸ƙƨNJŴ26 ǹǤȃȁǛ 2)) ƴƠƯƘƩƞƍŵ
ŦȬȳǺƷბᏮ଺ƸŴ26 ǹǤȃȁǛ 2)) ƴƠƯƔǒᘍƬƯƘƩƞƍŵ
ŦǷȣȃǿȸȜǿȳƔǒਦǛᩉƠƯNjŴǫȡȩƷᩧЈᚘƕƸƨǒƍƯƍǔ᧓ƸŴ৖ƿǕᙀ
ദೞᏡNj˺ѣƠƯƍLJƢŵ˺ѣɶƴȬȳǺǛٳƠƨǓŴǫȡȩƷᩓ൷ǛӕǓЈƢƱŴȬ
ȳǺƷ૏ᨦƷҾ׆ƱƳǓLJƢŵ
ŦજࢨႺࢸǍǫȡȩƷϋᔺȕȩȃǷȥƷΪᩓ଺ƳƲƴŴȕǡǤȳȀȸ΂ƕੵǕǔƜƱƕƋ
ǓLJƢƕŴજࢨƴƸࢨ᪪ƋǓLJƤǜŵ
Ŧ৖ƿǕᙀദೞᏡƕ˺ѣɶŴȬȳǺǛٳƠƨǓǫȡȩƷᩓเǛЏƬƨƱƖŴȬȳǺǛਰǔ
ƱǫǿǫǿƱ᪦ƕƢǔئӳƕƋǓLJƢƕ૏ᨦưƸƋǓLJƤǜŵ
ŦǽȋȸŴȚȳǿȃǯǹဇƸŴȬȳǺϋȢȸǿȸƴǑǔ $) ᬝѣƕӧᏡƳȇǸǿȫǫȡȩƱ
ƷኵӳƤư৖ƿǕᙀദೞᏡǛ̅ဇưƖLJƢŵȬȳǺƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƸŴ
ǫȡȩƷ৖ƿǕᙀദೞᏡǛ 2)) ƴƠƯŴȬȳǺƷ 26 ǹǤȃȁǛ 21 ƴƠƯƘƩƞƍŵ
ǫȡȩƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƴƸŴȬȳǺƷ 26 ǹǤȃȁǛ 2)) ƴƠƯŴǫ
ȡȩƷ৖ƿǕᙀദೞᏡǛ 21 ƴƠƯƘƩƞƍŵ
ŦdzȋǫȟȎȫǿ'Ჩ6ZHHW 'Ŵǽȋȸ ưƝ̅ဇƷئӳŴજࢨࢸƸȬȳǺƷ 26
ǹǤȃȁǛ
2)) ƴƠƯƔǒǫȡȩƷᩓเǛ 2)) ƴƠƯƘƩƞƍŵǫȡȩƷᩓเǛέƴ
2))
ƴƢǔƱ
Ŵ
ȬȳǺϋƷ
26
ȦȋȃȈƕ׍ܭƞǕƣ
Ŵ
ǫǿǫǿ᪦ƕƢǔئӳƕƋǓLJƢŵ
Ŧȋdzȳ $) 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
ŦӕǓ˄ƚ૾ƸɤᏩࡈƷӕǓٳƠ૾ƱᡞƷ৖᪯ưᘍƬƯɦƞƍŵ
ŦბᏮƷ଺ˌٳƸɤᏩࡈƷਦ೅Ǜ Ť5(029( ƷˮፗƴӳǘƤƳƍưɦƞƍŵɤᏩࡈƔǒ
ȬȳǺƕٳǕᓳɦƷҾ׆ƱƳǓLJƢŵLJƨŴɧဇॖƴɤᏩࡈƕׅ᠃ƠƳƍǑƏƴŴᡫࠝ
Ƹ׍ܭȎȖǛƠƬƔǓዸNJƯƝ̅ဇɦƞƍŵ
ŦǫȡȩƴᘺბƠƨLJLJưŴɤᏩࡈƷӕǓٳƠƸưƖLJƤǜŵ
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
ŦɥᚡˌٳƷdzȳȐȸǿȸƸƝ̅ဇƴƳǕLJƤǜŵ
ŦȚȳǿȃǯǹ $) ဇƸŴȆȬdzȳȐȸǿȸǛƝ̅ဇƴƳǕLJƤǜŵ
ŦȇǸǿȫɟაȬȕǫȡȩƴƝ̅ဇƷئӳƸŴ'* ǿǤȗƷ̅ဇǛƓƢƢNJƠLJƢŵ
ŦȩǤȖȓȥȸƴǑǔdzȳȈȩǹȈ $) ೞᏡǛͳƑƨǫȡȩưƸŴȩǤȖȓȥȸ଺ƷǪȸȈ
ȕǩȸǫǹજࢨƕӧᏡưƢŵ
ἾὅἌἧὊἛ
ȬȳǺȕȸȉƸŴဒឋƴफࢨ᪪ǛɨƑǔஊܹήዴƷǫȃȈƴஊјưƢŵӕǓ˄ƚ૾ඥƸŴȬȳǺ
έᇢƴȬȳǺȕȸȉǛƸNJᡂLjŴ଺ᚘ૾ӼƴഥLJǔLJưׅƠƯᄩܱƴӕǓ˄ƚƯƘƩƞƍᲢ׋

Უŵ
Ŧ
ઃ࠘଺ƴƸŴȬȳǺȕȸȉǛᡞƞƴƸNJᡂLjŴ଺ᚘ૾ӼƴׅƠƯӕǓ˄ƚƕưƖLJƢᲢ׋

Უŵ
ἧỵἽἑὊ
Ŧဒ᩿ԗᡀƕƚǒǕǔऀǕƕƋǔƷưŴȕǣȫǿȸƸҾЩƱƠƯᲫ௏ư̅ဇƠƯƘƩƞƍŵ
Ŧ͞ήȕǣȫǿȸǛ̅ဇƢǔئӳƸŴό͞ήǿǤȗᲢǵȸǭȥȩȸ3/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
ŦȬȳǺ᩿ƴƸႺ੗ਦưᚑǕƳƍưƘƩƞƍŵǴȟǍ൲Ǖƕ˄ƍƨƱƖƴƸŴȖȭǢȸƔ
ȬȳǺȖȩǷưӕǓᨊƍƯƘƩƞƍŵਦƷួƳƲƸŴࠊᝤƷȬȳǺǯȪȸȊȸ෩ƱȬȳ
ǺǯȪȸȋȳǰȚȸȑȸư᠉ƘਚƍƯƘƩƞƍŵșȳǸȳŴǷȳȊȸሁƷஊೞ๋дƸዌ
ݣƴ̅ǘƳƍưƘƩƞƍŵ
ŦƜƷȬȳǺƸ᧸൦ನᡯưƸƋǓLJƤǜŵᩋټǍ൦ᡀưƷ̅ဇưƸŴ຤ǒƞƳƍǑƏƴද
ॖƠƯƘƩƞƍŵ൦ƕȬȳǺϋᢿƴλǓᡂljƱŴٻƖƳ૏ᨦƷҾ׆ƱƳǓŴ̲ྸɧᏡƴ
ƳǔئӳƕƋǓLJƢŵ
Ŧ࣯ນƳภࡇ٭҄ƴǑǓŴȬȳǺϋᢿƴ൦๟ƕဃơǔƜƱƕƋǓLJƢŵ݊ƍދٳƔǒଡ଼Ɣ
ƍܴϋƴλǔƱƖƳƲƸŴDZȸǹǍȓȋȸȫᘥƴλǕŴԗ׊ƷภࡇƴƳơLJƤƯƔǒƝ
̅ဇƘƩƞƍŵ
Լឋ̬ᚰểỴἧἑὊἇὊἥἋỆếẟề
Լឋ̬ᚰƱǢȕǿȸǵȸȓǹƴ᧙ƠƯƸŴКኡƷż̬ᚰᙹܭŽǛƝӋༀƘƩƞƍŵ
ଐ
ஜ
ᛖ
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕ᣻ͻǛ᝟ƏӧᏡࣱƕƋǓLJƢŵ
ŠȬȳǺǛ˄ƚƨǫȡȩưŴٽᨗǍࢍƍήเǛᙸǔƱŴᙻщᨦܹǛឪƜƢऀǕƕƋǓ
LJƢŵཎƴȬȳǺҥ˳ưٽᨗǛႺ੗ᙸǔƱŴڂଢƷҾ׆ƱƳǓLJƢŵ
⼊๔
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕᨦܹǛ᝟ƏƔŴཋႎ੷ܹƕႆဃƢǔӧᏡࣱƕƋǓLJƢŵ
ŠЭࢸƷǭȣȃȗǛƸƣƠƨLJLJȬȳǺǛ્ፗƢǔƱŴଐήƕƋƨƬƨئӳƴᨼήྵ
ᝋǛƓƜƠŴ້໎ƷҾ׆ƴƳǔئӳƕƋǓLJƢŵ
ŠȞǦȳȈᢿƸᙐᩃƳ࢟ཞǛƠƯƓǓLJƢƷưŴ৖ᒰƴৢƏƱࣴ঻ƷҾ׆ƱƳǓLJƢŵ
ŠɤᏩƸҗЎƴࢍࡇƷƋǔNjƷǛƝ̅ဇƘƩƞƍŵࢊƍNjƷǛƝ̅ဇƴƳǓLJƢƱŴ
᠃͂ƢǔऀǕƕƋǓLJƢŵ
ᵈᗧ
Ĵ ǺȸȠȭȃǯǹǤȃȁ
ĵ26 ǹǤȃȁ
Ķ ȬȳǺȕȸȉ
ķ ǹȆȃȗȀǦȳȪȳǰ
Ĭ ȕǣȫǿȸƶơ
ĭ ȕǩȸǫǹȪȳǰ
Į ᙀяႎុᩉႸႮ
į ਦ೅ዴ
İǺȸȠȪȳǰ
ı
ȕǩȸǫǹȢȸȉЏ੭ƑǹǤȃȁ
IJȞǦȳȈ
ijɤᏩࡈ
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ZLWKLWV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\
Ŧ2Q 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WRWKH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OHQVWR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
Ŧ3OHDVH 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
Ŧ7KLV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OHQVWRH[SDQGDQGFRQWUDFW 6SHFLDODOORZDQFHLV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PPDQG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)($785(6
7KLV 26 2SWLFDO 6WDELOL]HU OHQV HIIHFWLYHO\ FRPSHQVDWHV IRU LPDJH EOXUULQJ FDXVHG E\
FDPHUDVKDNH
:LWK WKLV OHQV \RX FDQ WDNH SLFWXUHV DW VKXWWHU VSHHGV DSSUR[  VWHSV VORZHU WKDQ \RX
FRXOGZLWKRXWXVLQJWKH26IXQFWLRQRIWKLVOHQVDQGFDQJHWVKDUSUHVXOWV
6HWWKH26Ტ2SWLFDO6WDELOL]HUᲣVZLWFKWR0RGH ILJ3UHVVWKHVKXWWHUEXWWRQKDOIZD\
GRZQ FRQILUP WKH LPDJH LQ WKH YLHZILQGHU LV VWDEOH WKHQ WDNH WKH SLFWXUH ,W WDNHV
DSSUR[LPDWHO\  VHFRQG WR SURGXFH D VWDEOH LPDJH DIWHU SUHVVLQJ WKH VKXWWHU EXWWRQ
KDOIZD\0RGHGHWHFWVWKHYHUWLFDOFDPHUDVKDNHDQGRYHUFRPHVEOXUULQJ,WLVHIIHFWLYH
RQVXEMHFWVPRYLQJKRUL]RQWDOWRWKHFDPHUD
Ŧ7KH EOXUULQJ FRPSHQVDWLRQ IXQFWLRQ RI 2SWLFDO 6WDELOL]HU LV HIIHFWLYH IRU KDQGKHOG
VKRRWLQJ,QWKHIROORZLQJFRQGLWLRQV2SWLFDO6WDELOL]HUPD\QRWIXQFWLRQSURSHUO\
ƒ6KRWVIURPWKHDPRYLQJYHKLFOH ƒ,IWKHUHLVDFRQVLGHUDEOHFDPHUDPRWLRQRUVKDNH
Ŧ3OHDVHGRQRWXVH2SWLFDO6WDELOL]HULQWKHIROORZLQJVLWXDWLRQV
ƒ:KHQWKHOHQVLVPRXQWHGRQDWULSRG ƒ%XOEORQJWLPHH[SRVXUH
Ŧ2SWLFDO6WDELOL]HUIXQFWLRQLVSRZHUHGIURPWKHFDPHUD,IWKH26OHQVLVDWWDFKHGWR\RXU
FDPHUD DQG DFWLYDWHG VKRRWLQJ FDSDFLW\ RI \RXU FDPHUD ZLOO EH ORZHU WKDQ ZLWK
FRQYHQWLRQDOOHQVHVXVHGZLWKWKHVDPHFDPHUD,I\RXDUHQRWXVLQJ2SWLFDO6WDELOL]HU
SOHDVHWXUQ2))WKH26VZLWFKLQRUGHUWRSUHYHQWFRQVXPSWLRQRIDEDWWHU\
Ŧ%HVXUHWRWXUQRI26VZLWFKWR2))SRVLWLRQEHIRUHDWWDFKLQJRUGHWDFKLQJWKHOHQVWR
WKHFDPHUD
Ŧ7KH2SWLFDO6WDELOL]HUFRQWLQXHVWRRSHUDWHDIWHU\RXUHOHDVH\RXUILQJHUIURPWKHVKXWWHU
EXWWRQDV ORQJ DVWKHH[SRVXUHPHWHUGLVSOD\VWKH H[SRVXUH YDOXH1HYHUUHPRYHWKH
OHQVRU UHPRYH WKH FDPHUD¶VEDWWHU\ ZKLOH WKH LPDJH VWDELOL]HULVRSHUDWLQJ \RX FRXOG
GDPDJHWKHOHQV
Ŧ$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WKH2SWLFDO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 26VZLWFK RI WKH OHQV WR 2))DQGWXUQWKH FDPHUD¶V
RSWLFDOVWDELOL]HUIXQFWLRQRQ
Ŧ
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
Ŧ3OHDVH 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
Ŧ7KH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 $WWDFKWKH KRRG DQGWXUQ
FORFNZLVHXQWLOLWVWRSVURWDWLQJILJ
Ŧ,Q RUGHU WR SODFH WKH OHQV DQG KRRG LQWR WKH VWRUDJH FDVH \RX PXVW ILUVW UHPRYH WKH
KRRGWKHQUHSODFHLWRQWKHOHQVLQWKHUHYHUVHSRVLWLRQILJ
),/7(5
Ŧ2QO\ RQH ILOWHU VKRXOG EH XVHG DW D WLPH 7ZR RU PRUH ILOWHUV DQGRU VSHFLDO WKLFNHU
ILOWHUVVXFKDVDSRODUL]LQJILOWHUPD\FDXVHYLJQHWWLQJ
Ŧ:KHQXVLQJDSRODUL]LQJILOWHUZLWKDQ$)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
3OHDVHGRQRWDWWDFKD3RODUL]LQJILOWHUWRWKLVVWHSGRZQULQJ ,I\RXDWWDFKD3RODUL]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WRWKHOHQVLWLVQRWSRVVLEOHWRDWWDFKWKHVXSSOLHG
IURQWOHQVFDS 3OHDVHSXUFKDVHDQPPIURQWFDS
%$6,&&$5($1'6725$*(
Ŧ$YRLGDQ\VKRFNVRUH[SRVXUHWRH[WUHPHKLJKRUORZWHPSHUDWXUHVRUWRKXPLGLW\
Ŧ)RUH[WHQGHGVWRUDJHFKRRVHDFRRODQGGU\SODFHSUHIHUDEO\ZLWKJRRGYHQWLODWLRQ7R
DYRLGGDPDJHWRWKHOHQVFRDWLQJNHHSDZD\IURPPRWKEDOOVRUQDSKWKDOHQHJDV
Ŧ'R QRW XVH WKLQQHU EHQ]LQH RU RWKHU RUJDQLF FOHDQLQJ DJHQWV WR UHPRYH GLUW RU ILQJHU
SULQWV IURP WKH OHQV HOHPHQWV &OHDQ E\ XVLQJ D VRIW PRLVWHQHG OHQV FORWK RU OHQV
WLVVXH
Ŧ7KLV OHQVLV QRW ZDWHUSURRI :KHQ XVLQJ WKH OHQVLQWKH UDLQ RUQHDU ZDWHUSUHYHQW LW
IURPJHWWLQJZHW ,WLVRIWHQLPSUDFWLFDOWRUHSDLUWKHLQWHUQDOPHFKDQLVPOHQVHOHPHQWV
DQGHOHFWULFFRPSRQHQWVGDPDJHGE\ZDWHU
Ŧ6XGGHQWHPSHUDWXUHFKDQJHVPD\FDXVHFRQGHQVDWLRQRUIRJWRDSSHDURQWKHVXUIDFH
RIWKHOHQV :KHQHQWHULQJDZDUPURRPIURPWKHFROGRXWGRRUVLWLVDGYLVDEOHWRNHHS
WKHOHQVLQWKHFDVHXQWLOWKHWHPSHUDWXUHRIWKHOHQVDSSURDFKHVURRPWHPSHUDWXUH
(1*/,6+
Ĵ=RRP/RFN6ZLWFK
ĵ266ZLWFK
Ķ/HQV+RRG
ķ6WHS'RZQ5LQJ
Ĭ)LOWHU$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 HLQJHEDXWHQ6,*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 $)%HWULHE XQG
VFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXIGLH³$)´3RVLWLRQ$EE6ROOWHQ6LH
GLH6FKlUIHPDQXHOOHLQVWHOOHQZROOHQVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXI
GLH³
0
´3RVLWLRQ6LHN|QQHQGLH6FKlUIHQXQGXUFK'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ
Ŧ+LQZHLVH ]XP :HFKVHO GHU )RNXVVLHUEHWULHEVDUW GHU .DPHUD HQWQHKPHQ 6LH ELWWH GHU
%HGLHQXQJVDQOHLWXQJGHU.DPHUD
Ŧ%HL1LNRQ3HQWD[XQG6RQ\$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$EE%ULQJHQ6LHGHQ=RRP/RFN6FKDOWHUDEHUZLHGHULQGLH3RVLWLRQ
Ä81/2&.³EHYRU6LHHLQH$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
$XIQDKPHNDSD]LWlW GHU .DPHUD LP 9HUJOHLFK ]X GHP (LQVDW] PLW NRQYHQWLRQHOOHQ
2EMHNWLYHQ6RIHUQ6LHGHQ2SWLFDO6WDELOL]HUQLFKWEHQ|WLJHQVWHOOHQ6LHGHQ266FKDOWHU
ELWWHDXI2))XPGHQ%DWWHULHYHUEUDXFK]XUHGX]LHUHQ
Ŧ9HUJHZLVVHUQ6LHVLFKGDGHU266FKDOWHUDXI2))VWHKWEHYRU6LH,KU2EMHNWLYDQGLH
.DPHUDDQVHW]HQRGHUYRQGHU.DPHUDDEQHKPHQ
Ŧ
'HU2SWLFDO6WDELOL]HUEOHLEWDXFKQDFKGHP6LHGHQ)LQJHUYRQGHP$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
Ŧ2EZRKO 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6FKDOWHUELWWHDXI
2))XPGLH26)XQNWLRQ]XGHDNWLYLHUHQ
'LJLWDOH6/5.DPHUDVXQG)
è
%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[(;$SR7HOH.RQYHUWHU
RSWLRQDO UHVXOWLHUHQG ]XP PP ) 7HOH]RRP 2EMHNWLY UHVSHNWLYH HLQHP
PP)7HOH]RRP2EMHNWLYGLHEHLGHPDQXHOOIRNXVVLHUWZHUGHQPVVHQ
Ŧ9HUZHQGHQ6LHNHLQHDQGHUHQ2EMHNWLYHDOVGLH2EHQDXIJHOLVWHWHQ
Ŧ'HU6LJPD7HOHNRQYHUWHUPLW3HQWD[$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
Ŧ9HUZHQGHQ 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*
Ŧ6HW]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
Ŧ9HUZHQGHQ 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 LVWQLFKW 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
Ŧ7HPSHUDWXUVFKRFNV 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($832,17(7=220,1*
&HWREMHFWLI HVW pTXLSp GH ODPRWRULVDWLRQ jKDXWH IUpTXHQFH 6LJPD ³+\SHU6RQLF 0RWRU´
+60 (OOHUHQGODPLVHDXSRLQWDXWRPDWLTXHUDSLGHHWVLOHQFLHXVH
䇶
6,*0$$)HW&$121$)
䇷
3RXUXQHPLVHDXSRLQWDXWRPDWLTXHSODFH]OHVpOHFWHXUGHPLVHDXSRLQWHQSRVLWLRQ³$)´
ILJ 3RXU XQHPLVH DX SRLQW PDQXHOOH SODFH] OH VpOHFWHXU HQ SRVLWLRQ ³0´ SRVLWLRQ HW
DMXVWH]OHSRLQWHQWRXUQDQWODEDJXHGHPLVHDXSRLQW
䇶
1,.21$)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,//$*('8=220
&HWREMHFWLIHVWpTXLSpG¶XQFXUVHXUGHYHUURXLOODJHGX]RRPHQSRVLWLRQPPSRXUpYLWHU
TXHOHEORFDYDQWQHVHGpSODFHORUVTXHOH]RRPHVWRULHQWpYHUVOHEDV
3ODFH]ODEDJXHGH]RRPVXUPPHWSODFH]DORUVOHFXUVHXUGHYHUURXLOODJHHQSRVLWLRQ
© /2&.ªILJ 9HLOOH]jOHUHSODFHUHQSRVLWLRQ©81/2&.ªDYDQWODSULVHGHYXHV
)21&7,211(0(17'867$%,/,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VHUDGLPLQXpH 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
$VVXUH]YRXVTXHOHVWDELOLVDWHXU26HVWGpVDFWLYpFXUVHXUVXUODSRVLWLRQ2))DYDQW
GDWWDFKHURXGHGpWDFKHUOREMHFWLIGXERvWLHU
/H VWDELOLVDWHXU RSWLTXH 26 GHPHXUH DFWLYp DSUqV DYRLU UHOkFKp OH GpFOHQFKHXU DXVVL
ORQJWHPSVTXH OHSRVHPqWUHDIILFKHOHV YDOHXUV GH[SRVLWLRQ ,OQHIDXW MDPDLVGpWDFKHU
OREMHFWLI GH ODSSDUHLO QL UHWLUHU OHV SLOHV GX ERvWLHU WDQW TXH OH VWDELOLVDWHXU HVW DFWLYp
VRXVSHLQHGHQGRPPDJHUOREMHFWLI
0rPHVLOLPDJHGDQVOHYLVHXUVHPEOHYLEUHULPPpGLDWHPHQWDSUqVODSULVHGHYXHRXDX
GpPDUUDJHGHODFKDUJHGXIODVKLQWpJUpGXERvWLHUFHFLQDIIHFWHHQULHQOHVLPDJHV
6L ODSSDUHLO HVW pWHLQW RX VL OREMHFWLI HVW GpWDFKp DORUV TXH OH VWDELOLVDWHXU RSWLTXH HVW
DFWLYpOREMHFWLISHXWpPHWWUHXQEUXLWGHIURWWHPHQWVDQVTXLO\DLWG\VIRQFWLRQQHPHQW
3RXU OHV PRQWXUHV 6RQ\ HW 3HQWD[ OD IRQFWLRQ 26 LQFRUSRUpH GDQV FHW REMHFWLI HVW
VHXOHPHQWGLVSRQLEOHDYHFOHVERvWLHUVSHUPHWWDQWODFRPPDQGHG¶RSWLTXHVXOWUDVRQLTXHV
WHOVTXHOHVREMHFWLIV+606LYRXVXWLOLVH]ODIRQFWLRQ26YHXLOOH]GpVDFWLYHUODIRQFWLRQ
GHVWDELOLVDWLRQGXERvWLHUHWSODFHUOHFXUVHXU26GHO¶REMHFWLIVXU216LYRXVXWLOLVH]OD
IRQFWLRQGHVWDELOLVDWLRQGXERvWLHUYHXLOOH]SODFHUOHFXUVHXU26GHO¶REMHFWLIVXU2))HW
HQVXLWHDFWLYHUODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHU
/H VWDELOLVDWHXU RSWLTXH 26 IRQFWLRQQH DYHF OHV ERvWLHUV 1LNRQ ILJXUDQW GDQV OD OLVWH
FLGHVVRXV$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HVWDX 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
d
$,6
)LOHWDJHSRXUILOWUH
%DJXHGHVGLVWDQFHV
(FKHOOHGHVGLVWDQFHV
5HSqUHGHGLVWDQFH
%DJXHGH]RRP

6pOHFWHXUGHPLVHDXSRLQW
%DwRQQHWWH
$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]LQJJHKHHO
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NXQQHQHU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
Ŧ2S 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HHQPRJHOLMNH 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2PGH]RRPLQGH³/2&.´SRVLWLHWH
SODDWVHQGLHQWXGH]RRPULQJLQGHPPVWDQG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$%,/,=(56<67((0
'LW262SWLFDO6WDELOL]HUREMHFWLHILV]HHUHIIHFWLHIRPEHZHJLQJVRQVFKHUSWHWHYRRUNRPHQ
0HWGLWREMHFWLHILVKHWPRJHOLMNRPWRWVWRSVODQJHUHVOXLWHUWLMGHQWHZHUNHQDOVPHWHHQ
REMHFWLHI]RQGHU26HQWRFKHHQRSWLPDOHVFKHUSWHWHEHKRXGHQ
=HWGH26VFKDNHODDURSILJ'UXNGHRQWVSDQNQRSKDOILQHQFRQWUROHHUGHRSQDPH
FRPSRVLWLH LQ GH ]RHNHU HQ FRQWUROHHU WHYHQV RI KHW RQGHUZHUS ]RQGHU EHZHJLQJ ZRUGW
ZHHUJHJHYHQ+HWNDQQDKHWKDOILQGUXNNHQYDQGHRQWVSDQNQRSWRWRQJHYHHUVHFRQGH
GXUHQYRRUGDWKHW26V\VWHHPKHWEHHOGKHHIWJHVWDELOLVHHUG
,QGLHQ GH 26 VFKDNHODDU RS ZRUGW JH]HW ZRUGHQ YRRUDO GH YHUWLFDOH EHZHJLQJHQ
JHFRUULJHHUG'H]HVWDQGLVYRRUDOJHVFKLNWYRRUEHZHJHQGHRQGHUZHUSHQ
'H FRPSHQVDWLH YDQ GH EHZHJLQJVRQVFKHUSWH LV YRRUDO HIIHFWLHI ELM KHW XLW GH KDQG
IRWRJUDIHUHQ+HW26V\VWHHPNDQPLQGHUJRHGIXQFWLRQHUHQDOVHUELMYRRUEHHOGXLWHHQ
ULMGHQGHDXWRZRUGWJHIRWRJUDIHHUGRIELM]HHUKHIWLJHEHZHJLQJHQYDQGHFDPHUDWLMGHQV
KHWPDNHQYDQGHRSQDPH
8GLHQWKHW26V\VWHHPXLWWHVFKDNHOHQ2IIDOVXGHFDPHUDPHWHHQVWDWLHIJHEUXLNWRI
LQGLHQXODQJHWLMGRSQDPHQEXOEPDDNW
+HW26V\VWHHPPDDNWJHEUXLNYDQGHEDWWHULMHQYDQGHFDPHUD$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
Ŧ2PREMHFWLHIHQ]RQQHNDSRSWHNXQQHQEHUJHQLQGHNRIIHUPRHWXHHUVWGH]RQQHNDS
DIQHPHQHQGH]HRPJHNHHUGRSKHWREMHFWLHISODDWVHQILJ
),/7(56
Ŧ*HEUXLNVOHFKWVILOWHUWHJHOLMN7ZHHRIPHHUILOWHUVHQRIH[WUDGLNNHILOWHUV]RDOV HHQ
SRODULVDWLHILOWHUNDQYLJQHWWHULQJYHURRU]DNHQ
Ŧ*HEUXLNXLWVOXLWHQGHHQ³FLUFXODLU´SRODULVDWLHILOWHULQ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$36&
Ŧ%HYHVWLJJHHQSRODULVDWLHILOWHURSGHDGDSWHUULQJ,QGLHQXHHQSRODULVDWLHILOWHUEHYHVWLJW
NDQKHWYRRUNRPHQGDWKHWQLHWPHHUPRJHOLMNLVGH]HQDGHUKDQGZHHUWHYHUZLMGHUHQ
Ŧ,QGLHQ GH DGDSWHUULQJ QLHW YHUZLMGHUG NDQ ZRUGHQ YDQ KHW REMHFWLHI SODDWV GDQ XZ
KDQGSDOPRSGHDGDSWHUULQJHQGUDDLWHJHQGHULFKWLQJYDQGHNORNLQ
Ŧ,QGLHQ GH DGDSWHUULQJ RS KHW REMHFWLHI LV EHYHVWLJG NDQ HU QLHW PHHU JHEUXLN JHPDDNW
ZRUGHQYDQGHELMJHOHYHUGHOHQVGRS,QGDWJHYDONXQWXHHQPPOHQVGRSELMEHVWHOOHQ
21'(5+28'(1236/$*
Ŧ9HUPLMG 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 OHQVHOHPHQWHQWH 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
Ŧ3ORWVHOLQJHWHPSHUDWXXUYHUDQGHULQJNDQFRQGHQVDWLHYHURRU]DNHQRS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$;
eVWHREMHWLYRIXQFLRQDLJXDOTXHODVOHQWHVGHWLSR)$-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OLPSLRVSDUDDVHJXUDUXQDFRUUHFWDFRQH[LyQ 3DUDSUHYHQLUGDxRVHQ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,&$6
eVWD OHQWH 26 FRQ HVWDELOL]DGRU ySWLFR FRPSHQVD HO GHVHQIRTXH SURYRFDGR SRU HO
PRYLPLHQWRRWHPEORU &RQGLFKDOHQWHVHSXHGHQWRPDUIRWRJUDItDVDXQDYHORFLGDGGHO
REWXUDGRU YHFHV PiV OHQWDGH ORKDELWXDO VL QR VH XVDUiHOHVWDELOL]DGRU 26 \ DXQ DVt
FRQVHJXLUUHVXOWDGRVQtWLGRV
)LMDU 26Ტ(VWDELOL]DGRUÏSWLFRFDPELDUDPRGR)LJ 3UHVLRQDUHOGLVSDUDGRUDPHGLR
FDPLQRFRQILUPDUTXHODLPDJHQHQHOYLVRUDSDUHFHHVWDEOH\HQWRQFHVWRPDUODIRWRJUDItD
7DUGDDSUR[LPDGDPHQWHVHJXQGRHQSURGXFLUXQDLPDJHQHVWDEOHWUDVKDEHUSUHVLRQDGR
HO GLVSDUDGRU (O PRGR  GHWHFWD HO WHPEORU YHUWLFDO GH OD FiPDUD \ VROXFLRQD HO
FRQVLJXLHQWHGHVHQIRTXH(VHIHFWLYRHQREMHWRVHQPRYLPLHQWR
Ŧ(OFRPSHQVDGRU GHOGHVHQIRTXH GHO HVWDELOL]DGRUySWLFR HV HIHFWLYRHQ WRPDV D PDQR
DO]DGD+D\VLWXDFLRQHVHQODVTXHHO(VWDELOL]DGRUÏSWLFRQRHVHILFLHQWH
ƒ'LVSDURVUHDOL]DGRVGHVGHXQYHKtFXORHQPRYLPLHQWR
ƒ6LHOWHPEORUHVFRQVLGHUDEOH
Ŧ1RGHEHXVDUVHHO(VWDELOL]DGRUGH,PDJHQHQODVVLJXLHQWHVVLWXDFLRQHV
ƒ&XDQGRHOREMHWLYRFiPDUDHVWpPRQWDGRVREUHXQWUtSRGH
ƒ0RGRGHH[SRVLFLyQ%±%XOEWLHPSRGHH[SRVLFLyQODUJR
Ŧ/DDOLPHQWDFLyQGHOHVWDELOL]DGRUySWLFRSURYLHQHGHODFiPDUD6LHOHVWDELOL]DGRUySWLFR
HVWiDFWLYDGRODFDSDFLGDGGHGLVSDURVHUiPHQRUGHORKDELWXDO6LQRVHGHVHDXVDUHO
(VWDELOL]DGRU ÏSWLFR SDUD HYLWDU HO H[FHVLYR FRQVXPR GH EDWHUtDV GHEH SRQHUVH HQ
2))
Ŧ'HEHDVHJXUDUVHGHDSDJDU2))HO(VWDELOL]DGRUÏSWLFR26SDUDPRQWDU\GHVPRQWDU
HOREMHWLYR
Ŧ(O (VWDELOL]DGRU ÏSWLFR IXQFLRQD D SHVDU GH HOHYDU HO GHGR GHO GLVSDUDGRU GXUDQWH HO
WLHPSRLQGLFDGRSRUHOREWXUDGRU1XQFDVHGHEHGHVPRQWDUHOREMHWLYRRODVEDWHUtDVGH
OD FiPDUD PLHQWUDV HO (VWDELOL]DGRU HVWp HQ XVR \D TXH SRGUtD FDXVDU GHIHFWRV HQ HO
REMHWLYR
Ŧ$ 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
Ŧ6L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
Ŧ3DUDPRQWXUDV6RQ\\3HQWD[VyORSXHGHQXVDUODIXQFLyQGHHVWDELOL]DGRULQFRUSRUDGD
HQHVWHREMHWLYRORVFXHUSRV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26GHO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QRHVWpQ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(/$52'(/75Ë32'(
([LVWH ODSRVLELOLGDG GHVDFDUHODURGHOWUtSRGHSDUDXWLOL]DU HO REMHWLYRHQIRWRJUDItDD
PDQRVLQpO3DUDHIHFWXDUORSULPHURGHVHQURVTXHHOERWyQGHEORTXHR\DOLQHHODVHxDO
GHODURFRQODSRVLFLyQź5(029(ILJ
'HVSXpVWLUHGHODURKDFLDDWUiVWDOFRPRVHLQGLFDHQODILJ\ViTXHOR
Ŧ&XDQGRGHVHHYROYHUDFRORFDUORVLJDORVSDVRVGHVFULWRVHQIRUPDLQYHUVD
Ŧ3RUIDYRUQRFRORTXHHODURHQODSRVLFLyQź5(029(H[FHSWRFXDQGRTXLHUDVDFDUORR
SRQHUORHQ FDVR FRQWUDULR HODURSRGUtD GHVSOD]DUVH GH VXSRVLFLyQ LQDGYHUWLGDPHQWH
5HFXHUGHEORTXHDUHODURFRQHOERWyQGHEORTXHRSDUDHYLWDUTXHJLUH
Ŧ&XDQGRHOREMHWLYRHVWiPRQWDGRHQODFiPDUDQRVHTXHGHVDFDUHODUR
&255($
&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
Ŧ1RXWLOLFHQLQJ~QRWURWHOHFRQYHUWLGRUDSDUWHGHORVQRPEUDGRVDQWHULRUPHQWH
Ŧ(O7HOHFRQYHUWLGRUFRQED\RQHWD3HQWD[QRHVFRPSDWLEOHFRQHVWHREMHWLYR
Ŧ6H UHFRPLHQGD XWLOL]DU OD YHUVLRQ '* GH ORV $SR 7HOHFRQYHUWLGRUHV FXDQGR VH XVDQ
FDPDUDV'6/5
Ŧ3XHGHXWLOL]DUHOHQIRTXHDXWRPiWLFRFRQ9LVLyQ'LUHFWD/LYH9LHZVLODFDPHUDHVWiHQ
PRGR$)³'HWHFFLyQSRUFRQWUDVWH´
3$5$62/
6HLQFRUSRUDFRQHOREMHWLYRXQSDUDVROH[WUDtEOHGHWLSRED\RQHWD (VWHSDUDVROD\XGDD
SUHYHQLU ORV GHVWHOORV \ UHIOHMRV SURGXFLGRV SRU OD LOXPLQDFLyQ DPELHQWDO $O FRQHFWDUOR
FRPSUXHEHTXHTXHGHFRPSOHWDPHQWHVXMHWRILJ
Ŧ3DUD JXDUGDU HO REMHWLYR \ HO SDUDVRO HQ VX FDMD SULPHUR WLHQH TXH VDFDU HO SDUDVRO \
GHVSXpVLQYHUWLUORHQHOREMHWLYRILJ
),/7526
Ŧ6RODPHQWH GHEH XWLOL]DUVH XQ ILOWUR FDGD YH] 8WLOL]DU GRV R PiV ILOWURV D OD YH]
HVSHFLDOPHQWHORVGHHIHFWRVFRPRHOSRODUL]DGRUSXHGHQFDXVDUYLxHWHRV
Ŧ&XDQGRXWLOLFHXQILOWURSRODUL]DGRUHQXQDFiPDUD$)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3XHGHXWLOL]DUXQILOWURGHPPFRQ
HVWHREMHWLYRXWLOL]DQGRHVWH DQLOORDGDSWDGRU3RUIDYRUFRORTXHHO DQLOOR DGDSWDGRUHQOD
SDUWHIURQWDOGHOREMHWLYR
Ŧ6yORSRGUi XVDU HVWH DQLOOR DGDSWDGRU DOXVDU 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$36&
Ŧ3RU IDYRUQR XVH XQ ILOWUR SRODUL]DGRU FRQ HVWH DQLOOR DGDSWDGRU \D TXH VL OR KDFH HV
SRVLEOHTXHQRSXHGDTXLWDUORGHQXHYR
Ŧ6LQRSXHGHTXLWDUHODQLOORDGDSWDGRUGHOREMHWLYRSRQJDODSDOPDGHVXPDQRVREUHHO
DQLOOR\JLUHHQVHQWLGRDQWLKRUDULR
Ŧ&RQHODQLOORDGDSWDGRUQRSRGUiXWLOL]DUODWDSDVXPLQLVWUDGD$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
Ŧ1RXWLOLFHGLOX\HQWHJDVROLQDXRWURVOLPSLDGRUHVRUJiQLFRVSDUDOLPSLDUOD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
Ŧ6L 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VHDVHPHMH
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
 $QLOORDGD
S
WDGR
U
9LULQJUD]LDPRGHOODSUHIHUHQ]DDFFRUGDWDFLFRQO¶DFTXLVWRGHOYRVWURQXRYRRELHWWLYR6LJPD
9L UDFFRPDQGLDPR GL OHJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SULPD GL FRPLQFLDUH D
XVDUOR&RQRVFHQGRORPHJOLRYLVDUjIDFLOHRWWHQHUQHOHPLJOLRULSUHVWD]LRQLHVRGGLVID]LRQL
(/(0(17,35,1&,3$/,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PHWWHUHD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
4XHVWRRELHWWLYRODVFLDODIDFROWjGLPHWWHUHDIXRFRPDQXDOPHQWHSHUVLQRDGDXWRIRFXV
LQVHULWR 6HLQIDWWLODIRWRFDPHUDqSUHGLVSRVWDSHULOPRGRGLIXQ]LRQDPHQWR2QH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]RRPVLQR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LOGLVSRVLWLYR26 HRWWHQHUH
IRWRXJXDOPHQWHULFFKHGLGHWWDJOLYLVLELOL
,PSRVWDUHOR6WDELOL]]DWRUH 2WWLFR VSRVWDQGR LO FXUVRUHVXOOD0RGDOLWj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OHIRWRFDPHUH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LOFROODUHILQRDOODVXDULPR]LRQHGDOOD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$=,21(
3URWHJJHWH O¶RELHWWLYR GD FDGXWH H FROSL HG HYLWDWH GL HVSRUOR DG DOWH WHPSHUDWXUH R
XPLGLWjHFFHVVLYD
,Q SUHYLVLRQH GL XQ SUROXQJDWR SHULRGR GL LQXWLOL]]R FRQVHUYDWH O¶RELHWWLYR LQ XQ SRVWR
IUHVFRDVFLXWWR H SRVVLELOPHQWH EHQ DHUDWR (YLWDWH GL HVSRUOR D YDSRULGL FDQIRUD R
QDIWDOLQDFKHSRWUHEEHURGHWHULRUDPHLGHOLFDWLULYHVWLPHQWLDQWLULIOHVVL
1RQXVDWHVROYHQWLEHQ]LQDRDOWULGHWHUJHQWLRUJDQLFLTXDQGRVLWUDWWDGLHOLPLQDUHGDJOL
HOHPHQWLRWWLFLWUDFFHGLVSRUFRRLPSURQWHGLJLWDOL5LSXOLWHOLLQYHFHFRQXQSDQQRPRUELGR
LQXPLGLWRRFRQXQDFDUWLQDSHUOHQWL
/¶RELHWWLYRQRQqLPSHUPHDELOH)DWHFKHQRQVLEDJQLTXDQGRORXVDWHVRWWRODSLRJJLDRYLFLQR
DOO¶DFTXD6SHVVRLPHFFDQLVPLLQWHUQLJOLHOHPHQWLRWWLFLHLFRPSRQHQWLHOHWWULFLYHQJRQR
GDQQHJJLDWLLUULPHGLDELOPHQWHGDOO¶DFTXDWDQWRGDUHQGHUQHLPSRVVLELOHTXDOVLDVLULSDUD]LRQH
,PSURYYLVLVEDO]LGLWHPSHUDWXUDSRVVRQRIDYRULUHODIRUPD]LRQHGLFRQGHQVDRSURYRFDUH
OD YHODWXUD GHOOD OHQWH IURQWDOH 4XDQGR HQWUDWH LQ XQ YDQR ULVFDOGDWR PHQWUH IXRUL ID
PROWR IUHGGR YL FRQVLJOLDPR GL WHQHUH O¶RELHWWLYR QHOOD UHODWLYD FXVWRGLD ILQFKp OD VXD
WHPSHUDWXUDQRQVLVDUjDGDWWDWDDOODWHPSHUDWXUDDPELHQWH
,7$/,$12
7DFN I|U DWW GX YDOGH 6LJPD )|U DWW In XW VW|UVWD P|MOLJD Q\WWD RFK Q|MH DY GLWW 6LJPD
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*$9(;321(5,1*6)81.7,21
6LJPDREMHNWLY VWlOOVDXWRPDWLVNW LQ SnUlWW IXQNWLRQ QlU REMHNWLYHW PRQWHUDV Sn NDPHUDQ
6HGLQNDPHUDVEUXNVDQYLVQLQJ
6.b53(,167b//1,1*2&+=220,1*
'HWWDRELMHNWLY lU IRUVHWW PHGHQLQE\JJG+60PRWRU+\SHU6RQLF0RWRU +60PRWRP
PHGJHUVQDEERFKW\VWDXWRPDWLVNVNlUSHLQVWlOOQLQJ
䇶6,*0$$)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PDQXHOOWHIWHU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GLQELOG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26NQDSSHQ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
Ŧ7HOHNRQYHUWHUDUIXQJHUDUI|U3HQWD[IDWWQLQJHQDYGHQQDRSWLN
Ŧ9L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 $)OlJH´ VH
EUXNVDQYLVQLQJHQ
027/-866.<''
(WWPRWOMXVVN\GGDYEDMRQHWW\SPHGI|OMHU6LJPDREMHNWLY 0RWOMXVVN\GGHWVN\GGDUPRWDWW
R|QVNDWOMXV SnYHUNDU GLQDELOGHU 'HWVN\GGHURFNVn L YLVVPnQ OLQV\WDQPRWVODJUHSRU
RFKUHJQILJ
Ŧ9LG VDPWLGLJ I|UYDULQJ DY REMHNWLY RFK PRWOMXVVN\GG L PHGI|OMDQGH YlVND WDJ I|UVW DY
PRWOMXVVN\GGHWRFKVlWWVHGDQSnGHWEDNIUDPSnREMHNWLYHWILJ
),/7(5
Ŧ$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
$'$37(55,1*PP䜮PP
(QDGDSWHUULQJ IUnQ  WLOO PP PHGI|OMHUREMHNWLYHW 0HGKMlOS DY GHQQDNDQ  PP
ILOWHUDQYlQGDVJHQRPDWWVNUXYDSnGHQLILOWHUJlQJDQIUDPSnREMHNWLYHWHQOLJWELOGHQRYDQ
Ŧ$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
Ŧ2%6 $QYlQG ,17( 3RODULVDWLRQVILOWHU WLOOVDPPDQV PHG DGDSWHUULQJHQ Gn GHWWD NDQ
)$671$
Ŧ2PDGDSWHUULQJHQlQGnVNXOOHIDVWQDDQYlQGKHODKDQGIODWDQSnULQJHQRFKYULGPRWXUV
Ŧ0HGDGDSWHUULQJHQSnNUlYVDQQDWREMHNWLYORFNDQYlQGPPORFNLVWlOOHW
9c5'$',772%-(.7,9
Ŧ8QGYLNH[WUHPDWHPSHUDWXUHURFKVN\GGDREMHNWLYHWPRWVW|WDURFKVODJ
Ŧ9LG OlQJUH WLGV I|UYDULQJ YlLM HQ NDOO RFK WRUU SODWV 8QGYLN QDIWDOLQ VRP NDQ VNDGD
REMHNWLYHWVDQWLUHIOH[EHKDQGOLQJ
Ŧ$QYlQG DOGULJ WLQQHUEHQVLQ HOOHU DQGUD RUJDQLVND YlWVNRU 9LGUHQJ|ULQJ DQYlQG HQ
PMXNOLQVSXWVWUDVDVRPGXNDQN|SDLGLQIRWRDIIlU
Ŧ2EMHNWLYHWlULQWHYDWWHQVlNHUW 6N\GGDGHWPRWUHJQVQ|HOOHUYDWWHQVWlQN
Ŧ3O|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'HKDUN¡EWHW 6LJPDREMHNWLY )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HQKXUWLJ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DIXOWUDO\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$%,/,=(5)81.7,21
'HWWH262SWLFDO6WDELOL]HUREMHNWLYUHGXFHUHUXVNDUSKHGIRUnUVDJHWDINDPHUDU\VWHOVHU
0HGGHWWHREMHNWLYNDQGXWDJHVNDUSHELOOHGHUPHGOXNNHUWLGHUFDWULQODQJVRPPHUHHQG
GHWHUPXOLJWXGHQ26IXQNWLRQ
6W 26 2SWLFDO 6WDELOL]HUᲣRPVNLIWHUHQ Sn )LJ 7U\N XGO¡VHUNQDSSHQ KDOYW QHG
NRQWUROOHU DW ELOOHGHW L V¡JHUHQ HU VNDUSW RJ WDJ ELOOHGHW 'HW WDJHU FD  VHNXQG IUD
XGO¡VHUNQDSSHQ WU\NNHV KDOYW QHG WLO ELOOHGHW HU VWDELOLVHUHW ,QGVWLOOLQJ  UHJLVWUHUHU
YHUWLNDOHNDPHUDEHYJHOVHURJUHGXFHUHUXVNDUSKHG(IIHNWLYWWLOPRWLYHULEHYJHOVH
Ŧ2SWLFDO 6WDELOL]HU¶HQV NRPSHQVDWLRQ IRU NDPHUDU\VWHOVHU HU HIIHNWLY YHG KnQGKROGWH
RSWDJHOVHU 8QGHU GH I¡OJHQGH IRUKROG HU 2SWLFDO 6WDELOL]HU IXQNWLRQHQ PXOLJYLV LNNH
WLOVWUNNHOLJ
ƒ2SWDJHOVHUIUDHWN¡UHW¡MLEHYJHOVH
ƒ+YLVGHUHUNUDIWLJHU\VWHOVHUHOOHUEHYJHOVHUDINDPHUDHW
Ŧ$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 HUPRQWHUHW 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YQWL RYHUVLJWHQ VNDO
26 RPVNLIWHUHQVWLOOHVSn2))IRUDWDIEU\GH2SWLFDO6WDELOL]HUIXQNWLRQHQ
'LJLWDOW6/5NDPHUDHURJ)
è'XNDQILQGHGHQQ\HVWHLQIRUPDWLRQ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
Ŧ7HOHFRQYHUWHU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RJVSHFLHOW
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HUNXQPXOLJWDWDQYHQGHVWHSGRZQULQJHQQnUREMHNWLYHWEUXJHVSnGLJLWDONDPHUDHU
PHGHQ$36&VW¡UUHOVHELOOHGVHQVRU9LJQHWWHULQJYLOIRUHNRPPHKYLV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*
Ŧ8QGJn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EUXJL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
Ŧ3OXGVHOLJH 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+60Ζ၌ᜢຒ್ሒ౨ח۞೯ኙྡྷመ࿓ޓݶ൸ኑᙩΖ
π ᔞ ್ ֗ ࠋ ౨ ۞ ೯ ኙ ྡྷ ρ
۞೯ኙྡྷᖙ܂ΔലᢴߪՂኙྡྷၨ๻ࡳ੡ $) ۯᆜڕቹ 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
ʳ
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॰ᤩ࣋ၨࣁᅃᅝਊՀݶ॰ᤩ
࣋ၨԫת࠷ྡྷழΔᢴ᧯փᆜ 26 ߓอપא ઞழၴ܂൶ྒྷΖᑓڤ 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࠷ࡲࣁ᥊ቹ ʳ
ڕ ۶ 侏 ೈ ᆬ ਮ ຑ ൷ ஆ
੡ֱঁ֫਍ࣁ᥊Δױ侏ೈᆬਮຑ൷ஆΔଈ࣋ᠾਮஆலऱ᠙ၨ௕Δਊቹ  ല᠙
ၨ௕ඝ۟ź5(029( ۯᆜቹ ʼΖʳ
ᤉۖല᠙ၨ௕ࢸᠦࡐࡳۯᆜቹ 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׼᝜ᆜΔྡྷ၏ܛױ։ܑ
ᏺ࢏ሒ PP ) ࢨ PP ) ၌᎛᥊ऱᢴΖ٤ႛૻ֫೯ኙ
ྡྷ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෼ᄉߡᄆߡ෼ွ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
ʳ
ڶ੅ڶ୭ढ凝ࢨցై
ຝٙټ㲯
卋
3E
ޤ
+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
$)
´
⯜☐⦐ ㉘㥉䚌㐐ὤ
ⵈ⣁⏼␘

Ἤ⫰

䔠䀘㏘⪰ ㍌┍㡰⦐ ㉘㥉䚌㐐ὤ⪰ 㠄䚌㐘 ᷱ㟤
⥀㪼㢌 䔠䀘㏘ ⯜☐
㏘㠸㾌⪰
³
0
´
⯜☐⦐ ㉘㥉䚌㐐⮨ 䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄 㦤㥉㢨 ᴴ⏙䚝⏼␘
䇶
1,.21$)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26ὤ⏙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⏼␘
Ŧ26 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 ⚀
Ŧ26 ὤ⏙㡴 㾨⮈⢰ 㤸㠄㡰⦐ 㣅┍╝⏼␘ 㾨⮈⢰㜄26⥀㪼⪰ 㣙㵝䚨26ὤ⏙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26ὤ⏙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⏼␘
Ŧ26 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⏼␘
Ŧ1LNRQ $) 㾨⮈⢰㝴26ὤ⏙㡴 㙸⣌ 䖐㜄 㢼⏈ 㥐䖼☘Ḱ 䝬䞌㢨 ╝⏼␘ 㙸⣌ 䖐㜄
⮹㐐╌㫴 㙾㡴 㥐䖼☘㜄 㢨 ⥀㪼⪰ 㣙㵝䚨 ㇠㟝㡸 䚔 ᷱ㟤㜄⏈ 26 ㏘㠸㾌⪰ 2))
㠸㾌⦐ 䚌㜠26ὤ⏙㡸 ῰ 㨰㐐ὤ ⵈ⣁⏼␘
♈㫴䉬 6/5 㾨⮈⢰ )
୔ 6LJPD 䝼䓌㢨㫴㜄㉐26ὤ⏙㡸 ㇠㟝䚔 ㍌ 㢼⏈ 㾨⮈⢰ ⯜⒬㢌 㺐㐔 㥉⸨⪰
䞉㢬䚌㐘 ㍌ 㢼㏩⏼␘
䏬⢰㢨䔠☐ ㋀䁇Ḱ ⥀㪼 Ḕ㥉⺴
㢨 ⥀㪼㜄⏈ 䏬⢰㢨䔠☐ ㋀䁇㢨 ☘㛨 㢼㏩⏼␘ ⥀㪼 Ḕ㥉⺴㢌 ⢱ 㣙㾌⪰ ⏄㏜䚌᷀ 䚔
⚀ ⥀㪼㝴 㾨⮈⢰⏈ ㍌䓽 ❄⏈ ㍌㫵㡰⦐Ἤ⫰ 㣄㡔⦡᷀ ─⫨ ㍌ 㢼㏩⏼␘
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ⺸⫠䚌⏈ ⵝⷉ

㋄㡰⦐ 㣕Ḕ 㹠㜵㡸 䚔 ᷱ㟤 㦴⒈ 䓬⫠䚌᷀ ㇠㟝䚔 ㍌ 㢼⓸⦑ ⥀㪼㢌 䏬⢰㢨䔠☐ ㋀䁇㡸
⺸⫠䚔 ㍌ 㢼㏩⏼␘ Ἤ⤻᷀ 䚌ὤ 㠸䚨 ⭰㤴 䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴㢌 ⢱ 㣙㾌⪰
⏄㏜䚌᷀ 䚐 䟸 ⥀㪼 Ḕ㥉⺴㜄 䖐㐐═ Ť5(029( 㠸㾌Ἤ⫰ 㜄 㥉⥠ 㐐䇩⏼␘

Ἤ⫠Ḕ ⇐ 䟸
Ἤ⫰

Ḱ ᵍ㢨 䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ◘㯱㡰⦐ ❅ⵈ⦐ 㣕㙸 ␭ή⏼␘
Ŧ⥀㪼㜄 䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ␘㐐 㣙㵝䚌Ḕ 㐪㡸 ⚀⏈ ⺸⫠䚔 ⚀㢌 㜡㍐㡰⦐
䚌㐐ὤ ⵈ⣁⏼␘
Ŧ
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ⺸⫠䚔 ⚀ ❄⏈ 㣙㵝䚔 ⚀⪰ 㥐㞬䚌Ḕ⏈ ⥀㪼 Ḕ㥉⺴㢌 㠸㾌⪰
Ť
5(029(
㜄 ⋇㫴 ⫼㐐ὤ ⵈ⣁⏼␘
⥀㪼ᴴ 㢌⓸䚌㫴 㙾᷀ ⛜㛨㫼 ㍌ 㢼㏩⏼␘
❄䚐
⢱ 㣙㾌⪰ Ḕ㥉㐐䇠 ⚀⏈ ⥀㪼ᴴ ─㙸ᴴ㫴 㙾⓸⦑ ␜␜䢼 㦤㜠 㨰㐐ὤ ⵈ⣁⏼␘
Ŧ
㾨⮈⢰㜄 ⥀㪼⪰ 㣙㵝䚔 ⚀
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⏈ ⥀㪼㜄㉐ ⺸⫠䚔 ㍌ 㛺㏩⏼␘
㌸⒈ ㏘䏬⣝
Ἤ⫰ Ḱ ᵍ㢨 ㌸⒈ ㏘䏬⣝㡸 㣙㵝䚨 㨰㐐ὤ ⵈ⣁⏼␘
㺐㋀ 㸼㥄ᶤ⫠
㢨 ⥀㪼㢌 㺐㋀ 㸼㥄ᶤ⫠⏈ ᴵᴵ㢌 㩀 㠸㾌㜄 ♤⢰ ␠⢰㬅⏼␘
Ἤ⫰± Ĭᴵ 㸼㥄ᶤ⫠㜄㉐㢌 㺐㋀ 㸼㥄ᶤ⫠⪰ ⸨㜠㩁⏼␘
Ἤ⫰± ĭᴵ 㸼㥄ᶤ⫠㜄㉐㢌 㺐␴ 䞉␴ⵤ㡜㡸 ⸨㜠㩁⏼␘
䙀⣌㐐 㹠㜵
㾨⮈⢰㜄 Ḕ㥉═ 䙀⣌㐐⪰ ㇠㟝䚌㐐⮨ Ἤ⫰㣄ᴴ ⵐ㈑䚝⏼␘ Ḕ㥉䝉 䙀⣌㐐⪰ ㇠㟝䚌㫴
⫼㐐Ḕ 㞬㣙䝉 䙀⣌㐐⬀ ㇠㟝䚌㐐ὤ ⵈ⣁⏼␘
䊈⤼ 䀜ⶸ䉤㜄 ␴䚌㜠
㢨⥀㪼⏈6LJPD㢌[(;❄⏈[(;$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⣁⏼␘
Ŧ6WHS 'RZQ 5LQJ 㡴 $36& ㇠㢨㪼 㢨⴬㫴 ㉰㉐ᴴ 䈅㣠═ ♈㫴䉬 㾨⮈⢰㝴
㇠㟝䚌㐐ὤ ⵈ⣁⏼␘ $36& ㇠㢨㪼⸨␘ 䆤 㢨⴬㫴 ㉰㉐ᴴ 䈅㣠═ ♈㫴䉬 㾨⮈⢰㝴
㇠㟝㡸 䚔 ᷱ㟤 ⽸≘䐹㢨 ⵐ㈑䚌᷀ ╝⏼␘
Ŧ6WHS 'RZQ 5LQJ 㜄⏈ 3RODUL]LQJ ILOWHU ⪰ ⺴㵝䚌㫴 ⫼㐐ὤ ⵈ⣁⏼␘ 3RODUL]LQJ
ILOWHU ⪰ 㣙㵝䚔 ᷱ㟤 ⥀㪼㜄㉐ ␘㐐 ⺸⫠㐐䇠 ㍌ 㛺᷀ ╔ ㍌ 㢼㏩⏼␘
Ŧ6WHS 'RZQ 5LQJ 㢨 ⥀㪼㜄㉐ ⺸⫠╌㫴 㙾㡸 ᷱ㟤 ㋄ⵈ␙㡸 ⫵㜄 㝠⥘⋇㡴 䟸 ⵌ
㐐᷸ⵝ䛙㡰⦐ ─⫠㐐ὤ ⵈ⣁⏼␘
Ŧ6WHS 'RZQ 5LQJ 㢨 ⥀㪼㜄 ⺴㵝╌㛨 㢼㡸 ⚀⏈ ⥀㪼 㿕㡸 ⺴㵝䚔 ㍌ 㛺㏩⏼␘
PP ⥀㪼 㿕㡸 Ạ㢹䚌㊈㉐ ㇠㟝䚌㐐ὤ ⵈ⣁⏼␘
Ḵ⫠ 㼜Ἵㇵ㢌 㨰㢌
Ŧ㏩ὤ⏈ Ḥ䑕㢨 ⵃ ㇤䞈㢌 㠄㢬㢨 ╝⏼␘ 㣙ὤᴸ ㇠㟝䚌㫴 㙾㡸 ᷱ㟤 ᶨ㦤㥐㝴 䚜󰜍
ⴴ⸽ᴴ⏙䚐 㟝ὤ㜄 ≗㛨 ⸨Ḵ䚌㜠 㨰㐡㐐㝘 ⇌䘸䇼⥀ ☥ ⵝ㻝㥐ᴴ 㢼⏈ ḧ㜄㉐ 䚜󰜍
⸨Ḵ䚌㫴 ⬄㙸 㨰㐡㐐㝘
Ŧ
⥀㪼 ⮨㡸 㫵㥅 ㋄㡰⦐ ⬀㫴㫴 ⬄㙸 㨰㐡㐐㝘
⭰㫴 ⵃ 㝘㜰㐐㜄⏈ 㜄㛨⽈⦐㛨 ⵃ
⥀㪼⽈⤠㐐⦐ 㷡㋀䚌㜠 㨰㐡㐐㝘
㫴ⱬ ☥㡴 㐐䑄䚌Ḕ 㢼⏈ ⥀㪼䆨⫠∼ 㚕Ḱ ⥀㪼䆨⫠␑
䓌㢨䒰⦐ ᴴ⸁᷀ ␚㙸 㨰㐡㐐㝘
␘⪬ 㡔ὤ㟝㥐⦐⏈ 㤼␴ ⥀㪼㷡㋀⪰ Ἴ䚝⏼␘
Ŧ㢨 ⥀㪼⏈ ⵝ㍌Ạ㦤ᴴ 㙸⏼⳴⦐ 㟤㷐 ⵃ Ɒᴴ 㨰㠸㜄㉐ ㇠㟝 㐐 Ɒὤ㜄 㥊㫴 㙾⓸⦑
㨰㢌 ⵈ⣁⏼␘
Ŧ
Ἵᷝ䚐 㝜⓸ ⷴ䞈㜄 㢌䚨 ⥀㪼 ⇨⺴㜄 Ɒⵝ㟬㢨 ⵐ㈑䚌⳴⦐ 㵜ᴴ㟨 㞬⺴㜄㉐ ♤⡯䚐
㐘⇨⦐ 㢨┍ 㐐㜄⏈ 䀴㢨㏘ ⵃ ⽸␄⸽䍠㜄 ≗㛨 㨰㠸㝜⓸㜄 ⬒㻈㛨 ㇠㟝䚌㐐ὤ ⵈ⣁⏼␘
㇠㟝G ㉘⮹㉐
Ȼɥɚɝɨɞɚɪɢɦ ɜɚɫ ɡɚ ɜɵɛɨɪ ɩɪɨɞɭɤɰɢɢ ɮɢɪɦɵ 6LJPD ɑɬɨɛɵ ɩɨɥɭɱɢɬɶ ɦɚɤɫɢɦɭɦ ɨɬ
ɜɚɲɟɝɨ ɨɛɴɟɤɬɢɜɚ6LJPDɩɨɠɚɥɭɣɫɬɚ ɩɪɨɱɢɬɚɣɬɟ ɢɧɫɬɪɭɤɰɢɸ ɩɟɪɟɞ ɧɚɱɚɥɨɦ ɪɚɛɨɬɵ
ɈɉɂɋȺɇɂȿ ɑȺɋɌȿɃ ɈȻɔȿɄɌɂȼȺɊɂɋ
Ɋɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ
Ɏɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
ɒɤɚɥɚ ɪɚɫɫɬɨɹɧɢɣ

Ʌɢɧɢɹ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ
ɢ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ

Ʉɨɥɶɰɨ ɢɡɦɟɧɟɧɢɹ
ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ
ɡɭɦɚ
ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ
ɮɨɤɭɫɢɪɨɜɤɢ
Ȼɚɣɨɧɟɬ
ɉɥɨɳɚɞɤɚ ɩɨɞ ɲɬɚɬɢɜ
ɉɟɪɟɤɥɸɱɚɬɟɥɶ
ɛɥɨɤɢɪɨɜɤɢ ɡɭɦɢɪɨɜɚɧɢɹ
ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ
ɫɬɚɛɢɥɢɡɚɰɢɢ26
Ȼɥɟɧɞɚ
 ɉɟɪɟɯɨɞɧɨɟ ɤɨɥɶɰɨ
ȾɅə ɄȺɆȿɊ ɌɂɉȺ1,.21$)
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 $) ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ ɪɟɠɢɦɟ ±
ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ Ɍɟɩɟɪɶ ɜɵ
ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
Ɂɚ ɛɨɥɟɟ ɩɨɥɧɨɣ ɢɧɮɨɪɦɚɰɢɟɣ ɨɛɪɚɬɢɬɟɫɶ ɤ ɢɧɫɬɪɭɤɰɢɢ ɤ ɜɚɲɟɣ ɤɚɦɟɪɟ
Ɉɛɴɟɤɬɢɜɵ ɫ ɛɚɣɨɧɟɬɨɦ 1LNRQ 3HQWD[ ɢ 6RQ\ ɦɨɝɭɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɜ ɪɟɠɢɦɟ
ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɬɨɥɶɤɨ ɫ ɤɚɦɟɪɚɦɢ ɩɨɞɞɟɪɠɢɜɚɸɳɢɦɢ ɭɥɶɬɪɚɡɜɭɤɨɜɵɟ ɦɨɬɨɪɵ
ɩɪɢɜɨɞɚ ɮɨɤɭɫɢɪɨɜɤɢɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɞɥɹ+60ȿɫɥɢ ɤɚɦɟɪɚ ɧɟ
ɩɨɞɞɟɪɠɢɜɚɟɬ ɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɚɜɬɨɦɚɬɢɱɟɫɤɚɹ ɧɚɜɨɞɤɚ ɧɚ
ɪɟɡɤɨɫɬɶ ɛɭɞɟɬ ɧɟɞɨɫɬɭɩɧɚ
ɗɬɨɬ ɨɛɴɟɤɬɢɜ ɬɚɤɠɟ ɩɨɡɜɨɥɹɟɬ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɭɱɧɭɸ ɜ ɪɟɠɢɦɟ©$)ªȾɥɹɷɬɨɝɨ
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
ŦɄɨɦɩɟɧɫɚɰɢɹ 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
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɨɩɬɢɱɟɫɤɭɸ ɫɬɚɛɢɥɢɡɚɰɢɸ ɜ ɫɥɟɞɭɸɳɢɯ ɫɥɭɱɚɹɯ
ƒ ȿɫɥɢ ɨɛɴɟɤɬɢɜ ɡɚɤɪɟɩɥɺɧ ɧɚ ɲɬɚɬɢɜɟ ƒ ɉɪɢ ɞɥɢɧɧɵɯ ɜɵɞɟɪɤɚɯ
ŦɈɩɬɢɱɟɫɤɢɣ 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
Ŧɉɪɢ ɭɫɬɚɧɨɜɤɟ ɢɥɢ ɫɧɹɬɢɢ ɨɛɴɟɤɬɢɜɚ ɫ ɤɚɦɟɪɵ ɭɛɟɞɢɬɟɫɶ ɱɬɨ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ ɧɚɯɨɞɢɬɫɹ ɜ ɩɨɥɨɠɟɧɢɟ2))
Ŧȿɫɥɢ 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
Ŧȿɫɥɢ 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
ŦȾɥɹ 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
26
ɧɚ ɨɛɴɟɤɬɢɜɟ ɜ ɩɨɥɨɠɟɧɢɟ
2))
ɢ ɜɤɥɸɱɢɬɟ ɮɭɧɤɰɢɸ ɫɬɚɛɢɥɢɡɚɰɢɢ ɧɚ ɮɨɬɨɤɚɦɟɪɟ
ŦɎɭɧɤɰɢɹ 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)
è
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
Ŧɍɫɬɚɧɚɜɥɢɜɚɣɬɟ 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
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɬɟɥɟɤɨɧɜɟɪɬɟɪɵ ɫɬɨɪɨɧɧɢɯ ɩɪɨɢɡɜɨɞɢɬɟɥɟɣ ɞɚɧɧɵɣ ɨɛɴɟɤɬɢɜ
ɫɨɜɦɟɫɬɢɦ ɬɨɥɶɤɨ ɫ ɨɪɢɝɢɧɚɥɶɧɵɦɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ6LJPD
ŦɌɟɥɟɤɨɧɜɟɪɬɟɪ ɫ ɛɚɣɨɧɟɬɨɦ3HQWD[ɧɟ ɫɨɜɦɟɫɬɢɦ ɫ ɞɚɧɧɨɣ ɥɢɧɡɨɣ
Ŧ
Ɇɵ ɪɟɤɨɦɟɧɞɭɟɦ ɢɫɩɨɥɶɡɨɜɚɬɶ'*$327HOH&RQYHUWHUɫ ɰɢɮɪɨɜɵɦɢ ɡɟɪɤɚɥɶɧɵɦɢ ɤɚɦɟɪɚɦɢ
Ŧȼ 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
Ŧɞɥɹ ɯɪɚɧɟɧɢɹ ɛɥɟɧɞɭ ɦɨɠɧɨ ɩɟɪɟɜɟɪɧɭɬɶɢɥɥ
ɎɂɅɖɌɊɕ
Ŧɉɪɢ ɫɴɺɦɤɟ ɦɨɠɧɨ ɢɫɩɨɥɶɡɨɜɚɬɶ ɬɨɥɶɤɨ ɨɞɢɧ ɮɢɥɶɬɪ ɂɫɩɨɥɶɡɨɜɚɧɢɟ ɞɜɭɯ ɢɥɢ
ɛɨɥɟɟ ɮɢɥɶɬɪɨɜ ɨɞɧɨɜɪɟɦɟɧɧɨ ɦɨɝɭɬ ɩɪɢɜɟɫɬɢ ɤ ɷɮɮɟɤɬɭ ɜɢɧɶɟɬɢɪɨɜɚɧɢɹ
Ŧɉɪɢ 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
Ŧɇɟ 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
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɪɚɫɬɜɨɪɢɬɟɥɶ ɛɟɧɡɢɧ ɢ ɞɪɭɝɢɟ ɨɪɝɚɧɢɱɟɫɤɢɟ ɱɢɫɬɹɳɢɟ ɜɟɳɟɫɬɜɚ
ɱɬɨɛɵ ɨɱɢɫɬɢɬɶ ɥɢɧɡɨɜɵɟ ɷɥɟɦɟɧɬɵ ɂɫɩɨɥɶɡɭɣɬɟ ɦɹɝɤɭɸ ɜɥɚɠɧɭɸ ɬɤɚɧɶ ɞɥɹ ɨɩɬɢɤɢ
ŦɈɛɴɟɤɬɢɜ 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
ŦɊɟɡɤɢɟ 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GDPDUFDGDVXDFkPDUD&RQVXOWHRUHVSHFWLYR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 $)QmRIXQFLRQDUi VHRFRUSR GD
FkPDUDQmRVXSRUWDUHVWHWLSRGHPRWRUHV
(VWDREMHFWLYDWDPEpPSHUPLWHIRFDJHPPDQXDOPHVPRHPPRGR$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QRYLVRUHP YH] GH FRQILDU H[FOXVLYDPHQWHQD 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PPH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2PRGR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
Ŧ1mR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26QDSRVLomR2))DQWHVGH
SUHQGHUDREMHFWLYDjFkPDUDRXDQWHVGHDUHPRYHU
Ŧ2(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SRVVDDSDUHFHU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
Ŧ6H 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
Ŧ6y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DIXQomR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
Ŧ2(VWDELOL]DGRUÏSWLFRSRGHIXQFLRQDUFRPDVFkPDUDV1LNRQ$)PRVWUDGDVQDWDEHOD
VHJXLQWH 4XDQGR XVDU HVWD REMHFWLYD FRP RXWURV PRGHORV QmR UHIHULGRV QD WDEHOD
SRQKDRLQWHUUXSWRU26QDSRVLomR2))SDUDGHVDFWLYiOR
&kPDUDV'LJLWDLV6/5H)
è1RQRVVRVLWHSRGHYHULILFDUDV~OWLPDVLQIRUPDo}HVUHIHUHQWHVDRVPRGHORVGHFkPDUDV
TXHSRGHPVHUXVDGDVFRPDIXQomRGH(VWDELOL]DomRÏSWLFD
(1&$,;('(75,3e(&2/$5
(VWDREMHFWLYD SRVVXL XPHQFDL[H SDUD RWULSp 4XDQGR OLEHUWDR DSHUWR GRFRODU 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 RHQFDL[H GH WULSp GD REMHFWLYD SDUDVHU PDLV IiFLO IRWRJUDIDUFRP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
Ŧ3RU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
Ŧ1mR XVH WHOHFRQYHUVRUHV GH RXWURV IDEULFDQWHV SRUTXH Vy VmR FRPSDWtYHLV RV DFLPD
PHQFLRQDGRV
Ŧ27HOH&RQYHUVRUSDUD3HQWD[QmRpFRPSDWtYHOFRPHVWDREMHFWLYD
Ŧ5HFRPHQGDPRVRVWHOHFRQYHUVRUHV'*$32TXDQGRXVDUFkPDUDV'6/5
ŦeSRVVLYHODXWLOL]DomRGHIRFDJHPDXWRPDWLFHPPRGR³/LYH9LHZ´VHDFkPDUDHVWLYH
HPPRGR$)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 $36B& (P FkPDUDV
FRPVHQVRUHVGHPDLRUGLPHQVmRRDQHOFDXVDUiHIHLWRGH³YLJQHWWLQJ´
Ŧ1mRGHYHVHUXVDGRHVWHDQHOFRPILOWURVGH3RODUL]DomR$FRORFDomRGHVWHWLSRGHILOWUR
SRGHOHYDUDTXHRPHVPRQmRSRVVDVHUGHSRLVUHPRYLGR
Ŧ6H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 GDREMHFWLYD /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VHPROKH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 DTXHFLGRYLQGR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
$QJOHRI9LHZ 
'LPHQVLRQV'LD
g
/HQJWK
[PP
gLQ
0LQLPXP$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LQWKH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GHYHUUHV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
S
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$32REMHFWLHYHQ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 OXFKWEHOOHWMHVLQ 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 KDQnJUD 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.
$QWDOOLQVHHOHPHQWHU  )RUVW¡UUHOVHVJUDG 
6\QVYLQNHO  )LOWHUJHYLQG PP
0LQGVWHEOQGHnEQLQJ 
'LPHQVLRQHU
'LDP
g
/QJGH
[PP
1UJUQVH P 9JW J
'LPHQVLRQHURJYJWHUDQJLYHWPHG6,*0$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
G
$32
⥀㪼⏈G 䏭㍌G 㤴G ⺸㇤G ⥀㪼⪰G ㇠㟝䚝⏼␘UG 㢨G 䏭㍌G ⥀㪼㜄⏈G 㢰ⵌ㤵㡰⦐G 㣅㡴G ḩὤG
ⵝ㟬㢨G ㈑㉥╌ὤ⓸G 䚌㫴⬀G 㢨⏈G ⥀㪼㢌G ṅ䚍G ㉥⏙㜄⏈G 㛨⛔䚐G 㜵䛙⓸G ⴬㾌㫴G 㙾㏩⏼␘U
㢨G ⥀㪼㜄G ㇠㟝═G 㠄㣄㣠⏈G 䞌ᷱ㤵㡰⦐G 㡔⓹䚐G ⇝G 㢨⇌G ⽸㋀⪰G 䚜㡔䚌ḔG 㢼㫴G
㙾㏩⏼␘U
ɌȿɏɇɂɑȿɋɄɂȿ ɏȺɊȺɄɌȿɊɂɋɌɂɄɂ䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 3<&&ɄɂɃ
Ʉɨɧɫɬɪɭɤɰɢɹɷɥɟɦɟɧɬɨɜɝɪɭɩɩ

Ɇɚɫɲɬɚɛ ɫɴɺɦɤɢ 
ɍɝɨɥ ɩɨɥɹ ɡɪɟɧɢɹ

Ɋɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ ɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɚɮɪɚɝɦɚ

Ƚɚɛɚɪɢɬɵ
ɞɢɚɦɟɬɪ ɏ ɞɥɢɧɧɚ
ɦɦ ɯɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ
ɮɨɤɭɫɢɪɨɜɤɢ
ɦ
ȼɟɫ J
(63(&,),&$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[
  • Page 1 1
  • Page 2 2

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

Sigma
Brand
Sigma
Model
50-500mm f4-6.3 EX DG OS HSM
Type
Owner's manual
This manual is also suitable for
Download PDF
report

Ask a question and I''ll find the answer in the document

Finding information in a document is now easier with AI

Related papers

Other documents