Sigma 120-300mm f2.8 DG OS HSM S Bruksanvisning

Sigma Lins 120-300mm f2.8 DG OS HSM S

Läs nedan 📖 manual på svenska för Sigma 120-300mm f2.8 DG OS HSM S (2 sidor) i kategorin Lins. Denna guide var användbar för 7 personer och betygsatt med 4.5 stjärnor i genomsnitt av 2 användare

Sida 1/2
ƜƷƨƼƸŴǷǰȞȬȳǺǛƓᝰƍ൭NJƍƨƩƖƋǓƕƱƏƝƟƍLJƢŵஜᛟଢ୿Ǜ
ƝችᛠƷɥŴȬȳǺƷೞᏡŴદ˺ŴӕǓৢƍɥƷදॖໜǛദƠƘྸᚐƠƯŴϙჇજࢨ
ǛƓಏƠLjƘƩƞƍŵƳƓஜᛟଢ୿ƸŴӲǫȡȩဇσဇƱƳƬƯƓǓLJƢƷưŴ᪮Ⴘ
ƴǑǓƝ̅ဇǫȡȩƷᛆ࢘ሖ৑ǛƓᛠLjƴƳǓŴƝ̅ဇǫȡȩƷᛟଢ୿NjƋǘƤƯƝ
ᚁƘƩƞƍŵƓᛠLjƴƳƬƨƋƱƸŴٻЏƴ̬ሥƠƯƘƩƞƍŵ
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕ᣻ͻǛ᝟ƏӧᏡࣱƕƋǓLJƢŵ
ŠȬȳǺǛ˄ƚƨǫȡȩưŴٽᨗǍࢍƍήเǛᙸǔƱŴᙻщᨦܹǛឪƜƢऀǕ
ƕƋǓLJƢŵཎƴȬȳǺҥ˳ưٽᨗǛႺ੗ᙸǔƱŴڂଢƷҾ׆ƱƳǓLJƢŵ
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕᨦܹǛ᝟ƏƔŴཋႎ੷ܹƕႆဃƢǔӧᏡࣱƕƋǓLJƢŵ
ŠȬȳǺŴLJƨƸȬȳǺǛ˄ƚƨǫȡȩǛŴȬȳǺǭȣȃȗǛ˄ƚƳƍLJLJ્
ፗƠƳƍưƘƩƞƍŵٽᨗƷήƕᨼήྵᝋǛឪƜƠŴ້໎ƷҾ׆ƱƳǔئӳ
ƕƋǓLJƢŵ
ŠȞǦȳȈᢿƸᙐᩃƳ࢟ཞǛƠƯƓǓLJƢƷưŴ৖ᒰƴৢƏƱࣴ঻ƷҾ׆ƱƳ
ǓLJƢŵ
ŠɤᏩƸҗЎƴࢍࡇƷƋǔNjƷǛƝ̅ဇƘƩƞƍŵࢊƍNjƷǛƝ̅ဇƴƳǓLJ
ƢƱŴ᠃͂ƢǔऀǕƕƋǓLJƢŵ
ӲᢿỉӸᆅ ί׋
Ĭȕǣȫǿȸƶơ
ĭǺȸȠȪȳǰ
ĮȕǩȸǫǹȪȳǰ
įᙀяႎុᩉႸႮ
İਦ೅ዴ
ıȞǦȳȈ
IJȕǩȸǫǹȢȸȉЏ੭ƑǹǤȃȁ
ijȕǩȸǫǹȪȟȃǿȸǹǤȃȁ
Ĵ26 ǹǤȃȁ
ĵǫǹǿȠȢȸȉǹǤȃȁ
ĶɤᏩࡈ
ķȬȳǺȕȸȉ
Ἕἅὅ $) ဇỆếẟề
ƜƷȬȳǺƸŴȋdzȳᙌ $) ȬȳǺƴƓƚǔŴ*ǿǤȗᲢ዁ǓȪȳǰƷƳƍǿǤȗᲣ
ƱӷሁƷˁಮƴƳƬƯƍLJƢŵǫȡȩƱƷኵӳǘƤƴǑƬƯŴೞᏡƴСᨂƕưǔئӳ
ƕƋǓLJƢŵᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ୿ሁǛƝӋༀƘƩƞƍŵ
ἾὅἌỉბᏮ૾ඥ
ǫȡȩǁƷბᏮ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯბᏮƠƯƘƩƞƍŵ
ŦȞǦȳȈ᩿ƴƸ዁ǓᡲѣဇŴ$) ᡲѣဇƷᘺፗǍŴᩓൢ੗ໜሁƕƋǓLJƢŵǭǺǍ
൲ǕƕƭƘƱᛚ˺ѣǍ૏ᨦƷҾ׆ƱƳǓLJƢƷưƝදॖƘƩƞƍŵ
ᩧЈỆếẟề
ᩧЈƷൿܭ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯŴ዁ǓǍǷȣȃǿȸᡮࡇሁǛǻ
ȃȈƠƯƘƩƞƍŵ
ἦὅἚӳỪẶểἌὊἱὅἂ
ƜƷȬȳǺƸŴȏǤȑȸǽȋȃǯȢȸǿȸ+60ឬ᪦ඬȢȸǿȸǛ੔ဇƠŴᡮƳ
ǪȸȈȕǩȸǫǹƱ˺ѣ᪦ƷᨊӊǛܱྵƠƯƍLJƢŵ
ẎἉἂἰ $) ဇẆỿἶἠὅ $) ဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ $) ƴǻ
ȃȈƠLJƢᲢ׋ ŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤ
ȃȁǛ 0ƴǻȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ẎἝἅὅဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴǫȡȩǛ $) ȢȸȉƴǻȃȈƠƯŴȬȳǺƷȕ
ǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ $) ƴǻȃȈƠLJƢᲢ׋ ŵȞȋȥǢȫưજࢨƢ
ǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ 0ƴǻȃȈƠŴȕǩȸǫǹȪȳǰ
ǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ǫȡȩƷȕǩȸǫǹȢȸȉƷЏǓ੭ƑƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯƘƩƞƍŵ
ȋdzȳဇƸŴឬ᪦ඬȢȸǿȸƴݣࣖƠƨǫȡȩƱƷኵӳƤưǪȸȈȕǩȸǫǹજࢨ
ƕӧᏡưƢŵឬ᪦ඬȢȸǿȸƴݣࣖƠƯƍƳƍǫȡȩƱƷኵӳƤưƸŴȞȋȥǢȫ
ȕǩȸǫǹưƷƝ̅ဇƱƳǓLJƢŵ
ƜƷȬȳǺƸŴ$) ƴǻȃȈƠƨLJLJưȞȋȥǢȫưƷȔȳȈᙀദǛƢǔƜƱNjӧ
ᏡưƢŵǫȡȩǛǷȳǰȫ $) ȢȸȉƴǻȃȈƠƯŴӳ໰ࢸŴǷȣȃǿȸȜǿȳǛ
Ҟ਀ƠƷLJLJưȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛᛦૢƠƯƘƩƞƍŵ
ȞȋȥǢȫưȔȳȈǛӳǘƤǔᨥƴƸŴႸႮƕĐᲢ໯ᨂᢒᲣƷˮፗưNjᢒ୎ƴȔȳ
ȈƕӳǘƳƍƜƱƕƋǓLJƢƷưŴȕǡǤȳȀȸưᄩᛐƠƳƕǒȔȳȈǛӳǘƤƯ
ƘƩƞƍŵ
ẎἌ
Ὂἱὅἂ
ǺȸȠȪȳǰǛׅƠƯŴஇᢘƳನ׋ƴƳǔǑƏƴ໰ໜុᩉǛ٭҄ƞƤLJƢŵ
ἧỻὊỽἋἼἱἕἑὊỆếẟề
ƜƷȬȳǺƸŴǪȸȈȕǩȸǫǹƷ˺ѣር׊ǛСᨂưƖǔȕǩȸǫǹȪȟȃǿȸǛͳ
ƑƯƍLJƢᲢ׋ ŵˌɦƷɤെ᨞ƴЏ੭ƑӧᏡưƢŵ
z)8//Ტஇჺજࢨុᩉ ᳸ Đ
Đ
zP ᳸Đ
Đ
zஇჺજࢨុᩉ ᳸P
৖ốủᙀദೞᏡỆếẟề
ƜƷȬȳǺƸŴ৖ਤƪજࢨ଺Ʒ৖ȖȬǛ᠉ถƢǔŴ৖ƿǕᙀദೞᏡ 262SWLFDO
6WDELOL]HUǛ઀᠍ƠƯƍLJƢŵ৖ƿǕᙀദೞᏡǛ̅ǘƳƍƱƖƱൔǂŴኖ െǷȣȃ
ǿȸᡮࡇǛ᡿ƘƠƯજࢨưƖLJƢŵ
26Ტ৖ƿǕᙀദೞᏡᲣǹǤȃȁǛ ƴƠLJƢᲢ׋ ŵǷȣȃǿȸȜǿȳǛҞ਀ƠƠŴ
ȕǡǤȳȀȸư΂ƕܤܭƠƯƍǔƷǛᄩᛐƠƯƔǒજࢨƠƯƘƩƞƍŵҞ਀ƠƠƯ
Ɣǒ΂ƕܤܭƢǔLJưŴኖᲫᅺƔƔǓLJƢŵᲣ්ƠજǓǛƢǔ଺Ƹ 26 ǹǤȃȁǛ
ƴƠLJƢŵᲢɥɦ૾ӼƷ৖ƿǕƷLjᙀദƠLJƢŵ
৖ƿǕᙀദೞᏡƸŴᡫࠝƷ৖ਤƪજࢨƴƓƍƯဃơǔ৖ȖȬǛ᠉ถƞƤǔೞᏡưƢŵ
ˌɦƷவˑưƸŴ৖ƿǕᙀദƷјௐƕҗЎƴႆੱƞǕƳƍئӳƕƋǓLJƢŵ
ƒѣƍƯƍǔʈǓཋƔǒƷજࢨƒ ǫȡȩƷӼƖǛٻƖƘѣƔƠƳƕǒƷજࢨ
ˌɦƷவˑưƸŴ৖ƿǕᙀദೞᏡƸ̅ဇƠƳƍưƘƩƞƍŵ
ƒɤᏩሁưǫȡȩǛ׍ܭƠƯƷજƒ ȐȫȖᲢᧈ଺᧓ᩧήᲣજࢨ
৖ƿǕᙀദೞᏡƸŴǫȡȩƷᩓ൷ǛМဇƠƯ˺ѣƠLJƢŵᡫࠝƷȬȳǺǛ̅ဇƠƨ
ئӳƴൔǂŴࢨӧᏡஜૠƕݲƳƘƳǓLJƢŵ৖ƿǕᙀദೞᏡǛ̅ဇƠƳƍƱƖƸŴ
ᩓ൷Ʒෞ᎔Ǜ᧸ƙƨNJŴ26 ǹǤȃȁǛ 2)) ƴƠƯƘƩƞƍŵ
ȬȳǺƷბᏮ଺ƸŴ26 ǹǤȃȁǛ 2)) ƴƠƯƔǒᘍƬƯƘƩƞƍŵ
ǷȣȃǿȸȜǿȳƔǒਦǛᩉƠƯNjŴǫȡȩƷᩧЈᚘƕƸƨǒƍƯƍǔ᧓ƸŴ৖ƿ
ǕᙀദೞᏡNj˺ѣƠƯƍLJƢŵ˺ѣɶƴȬȳǺǛٳƠƨǓŴǫȡȩƷᩓ൷ǛӕǓЈ
ƢƱŴȬȳǺƷ૏ᨦƷҾ׆ƱƳǓLJƢŵ
જࢨႺࢸǍǫȡȩƷϋᔺȕȩȃǷȥƷΪᩓ଺ƳƲƴŴȕǡǤȳȀȸ΂ƕੵǕǔƜƱ
ƕƋǓLJƢƕŴજࢨƴƸࢨ᪪ƋǓLJƤǜŵ
৖ƿǕᙀദೞᏡƕ˺ѣɶŴȬȳǺǛٳƠƨǓǫȡȩƷᩓเǛЏƬƨƱƖŴȬȳǺǛ
ਰǔƱǫǿǫǿƱ᪦ƕƢǔئӳƕƋǓLJƢƕ૏ᨦưƸƋǓLJƤǜŵ
ȋdzȳဇƸ )ŴǭȤȎȳဇƸ (269 ˌٳƷȕǣȫȠǫȡȩƴƓƍƯŴ৖ƿǕᙀ
ദೞᏡƕദࠝƴ΁ƖLJƤǜŵ26 ǹǤȃȁǛ 2)) ƴƠƯ̅ဇƠƯƘƩƞƍŵ
ỽἋἑἲἴὊἛỆếẟề
ƜƷȬȳǺƸŴК٥ǓƷ 86%'2&. ƱǽȕȈǦǨǢž6,*0$2SWLPL]DWLRQ3URſǛ
ဇƍƯŴ$) ƷᡮࡇŴ26 ƷјƖφӳŴȕǩȸǫǹȪȟȃǿȸƷር׊ƳƲǛڤLjƷཞ
७ƴǫǹǿȞǤǺƠƯŴǫǹǿȠȢȸȉǹǤȃȁƴႇ᥵ƢǔƜƱƕưƖLJƢŵᛇƠƘ
Ƹž6,*0$2SWLPL]DWLRQ3URſƷȘȫȗǛƝᚁƘƩƞƍŵ
ᡫࠝƸǫǹǿȠȢȸȉǹǤȃȁǛ 2)) ƴǻȃȈƠƯƘƩƞƍŵǫǹǿȠȢȸȉƕ
21&Ŵ&ƴǻȃȈƞǕƯƍǔƱŴȕǩȸǫǹȪȟȃǿȸǹǤȃȁƕ໯јƱƳ
ǓLJƢᲢ׋ ŵ
86% '2&. ƸӲȞǦȳȈݦဇưƢŵƝ̅ဇƷȬȳǺƴݣࣖƠƨ 86% '2&. ǛƝ
ဇॖɦƞƍŵီƳǔȞǦȳȈဇƷ 86%'2&. ƸƝ̅ဇƴƳǕLJƤǜŵ
ǽȕȈǦǨǢž6,*0$2SWLPL]DWLRQ3URſƸŴࡴᅈǦǧȖǵǤȈǑǓ໯૰ưȀǦȳ
ȭȸȉưƖLJƢŵ KWWSZZZVLJPDJOREDOFRPGRZQORDG
ɤᏩࡈ
ɤᏩࡈƸ׍ܭȎȖǛǏǔNJǔƱŴ ࡇȕȪȸƴׅ᠃ƠLJƢƷưŴဒ᩿Ʒጏ್Ʒᛦ
ራƕቇҥƴưƖLJƢ׋ŵ
ƜƷȬȳǺƸɤᏩࡈƷӕǓٳƠƕӧᏡưƢŵ৖ਤƪưƷજࢨǍઃ࠘଺ƴ̝МưƢŵ

ɤᏩࡈƷ׍ܭȎȖǛǏǔNJ
Ŵ
ɤᏩࡈƷਦ೅Ǜ
5(029(
ƷˮፗƴӳǘƤLJƢ
׋
ŵ
 ׋ƷಮƴŴჵҮƷ૾ӼƴɤᏩࡈǛLJƬƢƙࡽƖ৷ƍƯɦƞƍŵ
ӕǓ˄ƚ૾ƸɤᏩࡈƷӕǓٳƠ૾ƱᡞƷ৖᪯ưᘍƬƯɦƞƍŵ
ბᏮƷ଺ˌٳƸɤᏩࡈƷਦ೅Ǜ
5(029(
ƷˮፗƴӳǘƤƳƍưɦƞƍŵɤᏩࡈƔ
ǒȬȳǺƕٳǕᓳɦƷҾ׆ƱƳǓLJƢŵLJƨŴɧဇॖƴɤᏩࡈƕׅ᠃ƠƳƍǑƏƴŴ
ᡫࠝƸ׍ܭȎȖǛƠƬƔǓዸNJƯƝ̅ဇɦƞƍŵ
ǫȡȩƴᘺბƠƨLJLJưŴɤᏩࡈƷӕǓٳƠƸưƖLJƤǜŵ
ἘἾἅὅἢὊἑὊỆếẟề
ƜƷȬȳǺƸŴК٥ǓƷ $32 ȆȬdzȳȐȸǿȸ[ (; '*ƱƷኵӳƤư  ̿
PP ) Ŵ $32 ȆȬdzȳȐȸǿȸ[ (; '* ƱƷኵӳƤư ̿
PP)ᲣƷǺȸȠȬȳǺƱƠƯ෇ဇưƖLJƢŵ
ɥᚡˌٳƷdzȳȐȸǿȸƸƝ̅ဇƴƳǕLJƤǜŵ
ȇǸǿȫɟაȬȕǫȡȩƴƝ̅ဇƷئӳƸŴ'* ǿǤȗƷ̅ဇǛƓƢƢNJƠLJƢŵ
ȩǤȖȓȥȸƴǑǔdzȳȈȩǹȈ $) ೞᏡǛͳƑƨǫȡȩưƸŴȩǤȖȓȥȸ଺Ʒ
ǪȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵ
ἾὅἌἧὊἛ
ȬȳǺȕȸȉƸŴဒឋƴफࢨ᪪ǛɨƑǔஊܹήዴƷǫȃȈƴஊјưƢŵȬȳǺέᇢƴ
ȬȳǺȕȸȉǛƸNJᡂLjŴ଺ᚘ૾ӼƴഥLJǔLJưׅƠƯŴȭȃǯȍǸưᄩܱƴ׍ܭƠ
ƯƘƩƞƍᲢ׋ ŵ
DZȸǹƴӓኛƢǔᨥƴƸŴȬȳǺȕȸȉǛᡞƞƴƸNJᡂLjŴɥᚡƱӷơᙲ᪸ư׍ܭ
ƠƯƘƩƞƍŵ
ἉἹἽἒὊἋἚἻἕἩ
ƜƷȬȳǺƸઃ࠘଺ƴ̝МƳǷȧȫȀȸǹȈȩȃȗǛӕǓ˄ƚǔƜƱƕưƖLJƢŵ
Ტ׋ ᲣƷǑƏƴ ̾৑Ʒӕ˄ƚᢿƴᄩܱƴӕ˄ƚƯƘƩƞƍŵ
ἧỵἽἑὊ
ဒ᩿ԗᡀƕƚǒǕǔऀǕƕƋǔƷưŴȕǣȫǿȸƸҾЩƱƠƯᲫ௏ư̅ဇƠƯƘƩ
ƞƍŵ
͞ήȕǣȫǿȸǛ̅ဇƢǔئӳƸŴό͞ήǿǤȗᲢǵȸǭȥȩȸ3/ᲣǛƝ̅ဇƘ
Ʃƞƍŵ
̬ሥẆӕৢɥỉදॖ
฻ൢƸǫȓǍᥢƷҾ׆ƱƳǓLJƢŵᧈ஖᧓̅ဇƠƳƍئӳƸŴʑ༞дƱɟደƴ݅᧍
ࣱƷᑣƍܾ֥ƴλǕƯ̬ሥƠƯƘƩƞƍŵȊȕǿȪȳሁŴ᧸ᖓдƷƋǔئ৑ƴƸ̬
ሥƠƳƍưƘƩƞƍŵ
ȬȳǺ᩿ƴƸႺ੗ਦưᚑǕƳƍưƘƩƞƍŵǴȟǍ൲Ǖƕ˄ƍƨƱƖƴƸŴȖȭǢ
ȸƔȬȳǺȖȩǷưӕǓᨊƍƯƘƩƞƍŵਦƷួƳƲƸŴࠊᝤƷȬȳǺǯȪȸȊȸ
෩ƱȬȳǺǯȪȸȋȳǰȚȸȑȸư᠉ƘਚƍƯƘƩƞƍŵșȳǸȳŴǷȳȊȸሁƷ
ஊೞ๋дƸዌݣƴ̅ǘƳƍưƘƩƞƍŵ
ƜƷȬȳǺƸ᧸൦ನᡯưƸƋǓLJƤǜŵᩋټǍ൦ᡀưƷ̅ဇưƸŴ຤ǒƞƳƍǑƏ
ƴදॖƠƯƘƩƞƍŵ൦ƕȬȳǺϋᢿƴλǓᡂljƱŴٻƖƳ૏ᨦƷҾ׆ƱƳǓŴ̲
ྸɧᏡƴƳǔئӳƕƋǓLJƢŵ
࣯ນƳภࡇ٭҄ƴǑǓŴȬȳǺϋᢿƴ൦๟ƕဃơǔƜƱƕƋǓLJƢŵ݊ƍދٳƔǒ
ଡ଼ƔƍܴϋƴλǔƱƖƳƲƸŴDZȸǹǍȓȋȸȫᘥƴλǕŴԗ׊ƷภࡇƴƳơLJƤ
ƯƔǒƝ̅ဇƘƩƞƍŵ
Լឋ̬ᚰểỴἧἑὊἇὊἥἋỆếẟề
Լឋ̬ᚰƱǢȕǿȸǵȸȓǹƴ᧙ƠƯƸŴКኡƷż̬ᚰᙹܭŽǛƝӋༀƘƩƞƍŵ
දॖ
ԓ
⺆㩷
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$576ĥJ
Ĭ
)LOWHU$WWDFKPHQW7KUHDG
ĭ=RRP5LQJ
Į)RFXV5LQJ
į'LVWDQFH6FDOH
İ)RFXV,QGH[/LQH
ı0RXQW
IJ)RFXV0RGH6ZLWFK
ij
)RFXV/LPLWHU6ZLWFK
Ĵ266ZLWFK
ĵ&XVWRP0RGH6ZLWFK
Ķ7ULSRG6RFNHW
ķ/HQV+RRG
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 FDPHUDÝV
LQVWUXFWLRQPDQXDO
$77$&+,1*727+(&$0(5$%2'<
:KHQWKLVOHQVLVDWWDFKHGWRWKHFDPHUDERG\LWZLOODXWRPDWLFDOO\IXQFWLRQ
LQ WKH VDPH ZD\ DV WKH FDPHUD PDQXIDFWXUHUÝV OHQV 3OHDVH UHIHU WR WKH
LQVWUXFWLRQERRNOHWIRU\RXUFDPHUDERG\
2QWKHOHQVPRXQWVXUIDFHWKHUHDUHDQXPEHURIFRXSOHUVDQGHOHFWULFDO
FRQWDFWV 3OHDVH NHHS WKHP FOHDQ WR HQVXUH SURSHU FRQQHFWLRQ :KLOH
FKDQJLQJWKH OHQVEH VXUHWRSODFH LWIURQWHQGGRZQWRDYRLGGDPDJLQJ
WKHUHDUPRXQW
6(77,1*7+((;32685(02'(
7KH 6LJPD OHQV IXQFWLRQV DXWRPDWLFDOO\ RQFH DWWDFKHG WR WKH FDPHUD 
3OHDVHUHIHUWRWKHFDPHUDLQVWUXFWLRQERRN
)2&86,1*$1'=220,1*
7KLV OHQV IHDWXUHV 6LJPDÝV EXLOWLQ +\SHU 6RQLF 0RWRU +60 7KH +60
HQDEOHVTXLFNDQGTXLHWDXWRIRFXVLQJ
6,*0$$)DQG&$121$)
)RUDXWRIRFXVRSHUDWLRQVHWWKHIRFXVPRGHVZLWFKRQ WKHOHQVWRWKH
ß
$)
à
SRVLWLRQĥJ,I\RXZLVKWRIRFXVPDQXDOO\VHWWKHIRFXVPRGHVZLWFKRQWKH
OHQVWRWKHß0àSRVLWLRQ<RXFDQDGMXVWWKHIRFXVE\WXUQLQJWKHIRFXVULQJ
1,.21$)
)RUDXWRIRFXVRSHUDWLRQVHWWKHFDPHUDWR$)PRGHDQGVHWWKHIRFXVPRGH
VZLWFKRQWKHOHQVWRWKHß$)àSRVLWLRQĥJ,I\RXZLVKWRIRFXVPDQXDOO\
VHWWKHIRFXVPRGHVZLWFKRQWKHOHQVWRWKHß0àSRVLWLRQ<RXFDQDGMXVWWKH
IRFXVE\WXUQLQJWKHIRFXVULQJ
3OHDVH UHIHU WRFDPHUDÝV LQVWUXFWLRQ PDQXDO IRU GHWDLOV RQ FKDQJLQJ WKH
FDPHUDÝVIRFXVLQJPRGH
)RU1LNRQPRXQWLWLVRQO\SRVVLEOHWRXVH$)ZLWKFDPHUDERGLHVZKLFK
VXSSRUW PRWRUV GULYHQ E\ XOWUDVRQLF ZDYHV VXFK DV +60  $) ZLOO QRW
IXQFWLRQLIWKHFDPHUDERG\GRHVQRWVXSSRUWWKLVW\SHRIPRWRU
7KLVOHQVDOVRSHUPLWVPDQXDOIRFXVLQJHYHQLQWKHDXWRIRFXVPRGH:LWK
WKHFDPHUDVHWWRWKH2QH6KRW$)$)6PRGHLWLVSRVVLEOHWRPDQXDOO\
RYHUULGHWKHDXWRIRFXVZKLOHWKHVKXWWHUUHOHDVHEXWWRQLVSUHVVHGKDOIZD\
:KHQRSHUDWLQJWKLVOHQVLQPDQXDO IRFXVPRGHLWLVUHFRPPHQGHGWKDW
FRUUHFWIRFXVEHFRQĥUPHGYLVXDOO\LQWKHYLHZĥQGHUUDWKHUWKDQUHO\LQJRQ
WKHGLVWDQFHVFDOH7KLVLVGXHWRSRVVLEOHIRFXVVKLIWUHVXOWLQJIURPH[WUHPH
FKDQJHV LQ WHPSHUDWXUH ZKLFK FDXVH YDULRXVFRPSRQHQWV LQ WKH OHQV WR
H[SDQGDQGFRQWUDFW6SHFLDODOORZDQFHLVPDGHIRUWKLVDWWKHLQĥQLW\VHWWLQJ
=RRPLQJ
5RWDWHWKH5XEEHUJULSRQWKH]RRPULQJWRWKHGHVLUHGSRVLWLRQ
)2&86/,0,7(56:,7&+
7KLVOHQVLVHTXLSSHGZLWKWKHIRFXVOLPLWHUVZLWFKZKLFKHQDEOHVDOLPLWRI
WKH$)UDQJHĥJ  ,WLVSRVVLEOHWRVZLWFKWRWKHIROORZLQJWKUHHPRGHV
z)8//0LQLPXP)RFXVLQJ'LVWDQFHaп
zPa пIWaп
z
0LQLPXP)RFXVLQJ'LVWDQFH
aP
0LQLPXP)RFXVLQJ'LVWDQFH
aIW
$%28726237,&$/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 26 2SWLFDO 6WDELOL]HU VZLWFK WR 0RGH ĥJ 3UHVV WKH VKXWWHU
EXWWRQ KDOIZD\ GRZQ FRQĥUP WKH LPDJH LQ WKH YLHZĥQGHU 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
7KH EOXUULQJ FRPSHQVDWLRQ IXQFWLRQ RI 2SWLFDO 6WDELOL]HU LV HIIHFWLYH IRU
KDQGKHOGVKRRWLQJ,QWKHIROORZLQJFRQGLWLRQV2SWLFDO6WDELOL]HUPD\QRW
IXQFWLRQSURSHUO\
ä6KRWVIURPWKHDPRYLQJYHKLFOH
ä,IWKHUHLVDFRQVLGHUDEOHFDPHUDPRWLRQRUVKDNH
3OHDVHGRQRWXVH2SWLFDO6WDELOL]HULQWKHIROORZLQJVLWXDWLRQV
ä:KHQWKHOHQVLVPRXQWHGRQDWULSRG  ä%XOEORQJWLPHH[SRVXUH
2SWLFDO6WDELOL]HU IXQFWLRQLVSRZHUHGIURPWKHFDPHUD,IWKH26 OHQVLV
DWWDFKHGWR\RXUFDPHUDDQGDFWLYDWHGVKRRWLQJFDSDFLW\RI\RXUFDPHUD
ZLOOEHORZHUWKDQZLWKFRQYHQWLRQDOOHQVHVXVHGZLWKWKHVDPHFDPHUD,I
\RX DUH QRW XVLQJ 2SWLFDO 6WDELOL]HU SOHDVH WXUQ 2)) WKH 26 VZLWFK LQ
RUGHUWRSUHYHQWFRQVXPSWLRQRIDEDWWHU\
%HVXUHWRWXUQRI26VZLWFKWR2))SRVLWLRQEHIRUHDWWDFKLQJRUGHWDFKLQJ
WKHOHQVWRWKHFDPHUD 
7KH 2SWLFDO 6WDELOL]HU FRQWLQXHV WR RSHUDWH DIWHU\RX UHOHDVH \RXUĥQJHU
IURP WKH VKXWWHU EXWWRQ DV ORQJ DV WKH H[SRVXUH PHWHU GLVSOD\V WKH
H[SRVXUH YDOXH 1HYHU UHPRYH WKH OHQV RU UHPRYH WKH FDPHUDÝV EDWWHU\
ZKLOHWKHLPDJHVWDELOL]HULVRSHUDWLQJ\RXFRXOGGDPDJHWKHOHQV
$OWKRXJK WKH YLHZĥQGHU LPDJH PD\ DSSHDU WR VKDNH LPPHGLDWHO\ DIWHU
VKRRWLQJDQGDWWKHVWDUWRIWKHĦDVKFKDUJHF\FOHRIWKHEXLOWLQĦDVKRI
WKHFDPHUDHWFLWZLOOQRWFDXVHDQ\HIIHFWRQSLFWXUHV
,I WKH FDPHUD SRZHU LV WXUQHG RII RU OHQV LV GHWDFKHG ZKLOH WKH 2SWLFDO
6WDELOL]HU IXQFWLRQ LV LQ RSHUDWLRQ WKH OHQV PD\ HPLW D FKDWWHULQJ QRLVH
EXWWKLVLVQRWDPDOIXQFWLRQ
)RU1LNRQDQG&DQRQPRXQWVWKH2SWLFDO6WDELOL]HU26IXQFWLRQZLOOQRW
ZRUNZLWKĥOP6/5FDPHUDVH[FHSW1LNRQ)DQG&DQRQ(269
&8672002'(6:,7&+
%\ XVLQJ 86% '2&. VROG VHSDUDWHO\ DQG LWV GHGLFDWHG VRIWZDUH 6,*0$
2SWLPL]DWLRQ 3UR LW LV SRVVLEOH WR FXVWRPL]H WKH $) VSHHG 26 HIIHFW DQG
UDQJH RI )RFXV /LPLWHU RI WKH OHQV DQG WKH VHWWLQJ FDQ EH VDYHG ZLWK WKH
&XVWRP 0RGH 6ZLWFK )RU IXUWKHU LQIRUPDWLRQ SOHDVH UHIHU WR WKH 6,*0$
2SWLPL]DWLRQ3URß+HOSàPHQX
)RU\RXUUHJXODUXVHSOHDVHWXUQRIIWKH&XVWRP0RGH6ZLWFK7KH)RFXV
/LPLWHU6ZLWFKGRHVQRWIXQFWLRQZKHQWKHFXVWRPPRGHLV21DQGVHWDV
&RU&ĥJ
86% '2&. LV GHGLFDWHG IRU HDFK PRXQW 3OHDVH XVH D 86% '2&. ZKLFK
FRUUHVSRQGVWR\RXUOHQVPRXQW86%'2&.IRUGLIIHUHQWPRXQWV FDQQRW
EHXVHG
6,*0$ 2SWLPL]DWLRQ 3UR FDQ EH GRZQORDGHG IUHH RI FKDUJH IURP WKH
IROORZLQJZHEVLWH   KWWSZZZVLJPDJOREDOFRPGRZQORDG
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\ĥJ
+2:725(029(7+(75,32'&2//$5
,WLVSRVVLEOHWRUHPRYHWKHOHQVÝWULSRGVRFNHWIRUPRUHFRQYHQLHQWKDQG
KHOGSKRWRJUDSK\LIGHVLUHG7RGRVRĥUVWORRVHQWKHWULSRGFROODUORFNLQJ
NQREDQGDOLJQWKHLQGH[PDUNRIWKHFROODUZLWKWKH
5(029(
SRVLWLRQĥJ
7KHQSXOOWKHWULSRGFROODUVWUDLJKWEDFNDVVKRZQLQ)LJUHPRYLQJWKH
FROODU
:KHQ\RXZLVKWRUHDWWDFKWKHWULSRGFROODUWRWKHOHQVSOHDVHUHYHUVHWKH
SURFHGXUHDERYH
3OHDVHGRQRWVHWWKHWULSRGFROODUWRWKH5(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\
:KHQ WKH OHQV LV PRXQWHG RQ WKH FDPHUD WKH WULSRG FROODU FDQQRW EH
UHPRYHGIURPWKHOHQV
$%2877(/(&219(57(56
7KHOHQVFDQ EH XVHG ZLWK6LJPDÝV[(;RU [(;$SR7HOH&RQYHUWHUV
RSWLRQDOEHFRPLQJDPP)WHOHSKRWR]RRPOHQVRUDPP
)WHOHSKRWR]RRPOHQVUHVSHFWLYHO\
'RQRWXVHRWKHUPDQXIDFWXUHUVÝWHOHFRQYHUWHUÝV RQO\ WKRVH OLVWHG DERYH
DUHFRPSDWLEOH
:HUHFRPPHQGWKH'*$327HOH&RQYHUWHUVZKHQXVLQJZLWK'6/5FDPHUDV
,WLVSRVVLEOHWRXVHDXWRIRFXVLQ/LYH9LHZLIWKHFDPHUDLVLQßFRQWUDVW
GHWHFWà$)PRGH
/(16+22'
$ ED\RQHW W\SH GHWDFKDEOH KRRG LV SURYLGHG ZLWK WKH OHQV 7KLV OHQV KRRG
KHOSV WR SUHYHQW ĦDUH DQG JKRVWHG LPDJHV FDXVHG E\ EULJKW LOOXPLQDWLRQ
IURP RXWVLGH WKH SLFWXUH DUHD $WWDFK WKH KRRG DQG WXUQ FORFNZLVH XQWLO LW
VWRSVURWDWLQJWKHQORFNWKHNQREWRĥ[WKHKRRGLQSODFHĥJ
,QRUGHUWRSODFHWKH OHQVDQG KRRGLQWRWKHVWRUDJHFDVH\RXPXVWĥUVW
UHPRYHWKHKRRGWKHQUHSODFHLWRQWKHOHQVLQWKHUHYHUVHSRVLWLRQ
6+28/'(5675$3
3OHDVHDWWDFKWKHVKRXOGHUVWUDSWRWKHVOLQJDVGHVFULEHGLQĥJXUH
),/7(5
2QO\RQHĥOWHUVKRXOGEHXVHGDWDWLPH7ZRRUPRUHĥOWHUVDQGRUVSHFLDO
WKLFNHUĥOWHUVVXFKDVDSRODUL]LQJĥOWHUPD\FDXVHYLJQHWWLQJ
:KHQXVLQJDSRODUL]LQJĥOWHUZLWKDQ$)FDPHUDXVHWKHßFLUFXODUàW\SH
%$6,&&$5($1'6725$*(
$YRLGDQ\VKRFNVRUH[SRVXUHWRH[WUHPHKLJKRUORZWHPSHUDWXUHVRUWR
KXPLGLW\
)RUH[WHQGHGVWRUDJHFKRRVH DFRRODQGGU\SODFH SUHIHUDEO\ZLWKJRRG
YHQWLODWLRQ 7R DYRLG GDPDJH WR WKH OHQV FRDWLQJ NHHS DZD\ IURP
PRWKEDOOVRUQDSKWKDOHQHJDV
'RQRWXVHWKLQQHUEHQ]LQHRURWKHURUJDQLFFOHDQLQJDJHQWVWRUHPRYHGLUW
RUĥQJHUSULQWVIURPWKHOHQVHOHPHQWV&OHDQE\XVLQJDVRIWPRLVWHQHG
OHQVFORWKRUOHQVWLVVXH
7KLVOHQVLVQRWZDWHUSURRI:KHQXVLQJWKHOHQVLQWKHUDLQRUQHDUZDWHU
SUHYHQW LW IURP JHWWLQJ ZHW ,W LV RIWHQ LPSUDFWLFDO WR UHSDLU WKH LQWHUQDO
PHFKDQLVPOHQVHOHPHQWVDQGHOHFWULFFRPSRQHQWVGDPDJHGE\ZDWHU
6XGGHQWHPSHUDWXUHFKDQJHVPD\FDXVHFRQGHQVDWLRQRUIRJWRDSSHDURQ
WKH VXUIDFH RI WKH OHQV :KHQ HQWHULQJ D ZDUP URRP IURP WKH FROG
RXWGRRUVLWLVDGYLVDEOHWRNHHSWKHOHQVLQWKHFDVHXQWLOWKHWHPSHUDWXUH
RIWKHOHQVDSSURDFKHVURRPWHPSHUDWXUH
(1*/,6+
:LU GDQNHQ ,KQHQ I¾U GDV 9HUWUDXHQ GDV 6LH XQV PLW GHP .DXI GLHVHV 6,*0$
3URGXNWHV HUZLHVHQ KDEHQ %LWWH OHVHQ 6LH VLFK GLHVH $QOHLWXQJ YRU GHU HUVWHQ
%HQXW]XQJGHV*HU¦WHVDXIPHUNVDPGXUFK
%(6&+5(,%8581*'(57(,/($EE
Ĭ)LOWHUJHZLQGH
ĭ%UHQQZHLWHQULQJ
Į(QWIHUQXQJVULQJ
į(QWIHUQXQ
J
VVNDOD
İ(LQVWHOOLQGH[
ı$QVFKOX¡
IJ)RNXVVLHUVFKDOWHU
ij
)RNXVVLHUEHUHLFKVEH
J
UHQ]HU
Ĵ266FKDOWHU
ĵ%HQXW]HUPRGXV6FKDOWHU
Ķ6WDWLYDQVFKOX¡
ķ6WUHXOLFKWEOHQGH
.$0(5$69207<31,.21$)
'LHVHV2EMHNWLYIXQNWLRQLHUWJHQDXVRZLHHLQ1LNRQ$)2EMHNWLYGHVá*7\SVß7\S
RKQH %OHQGHQULQJ $EK¦QJLJ YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU .DPHUD
N¸QQHQHLQLJH)XQNWLRQVHLQVFKU¦QNXQJHQDXIWUHWHQ:HLWHUH,QIRUPDWLRQHQKLHU¾EHU
VFKODJHQ6LHELWWHLQGHU%HGLHQXQJVDQOHLWXQJGHUYHUZHQGHWHQ.DPHUDQDFK
$16(7=(1$1'$6.$0(5$*(+86(
$QGLH.DPHUDDQJHVHW]WIXQNWLRQLHUWGLHVHV2EMHNWLYJHQDXVRDXWRPDWLVFKZLH
OKU1RUPDOREMHNWLY (LQ]HOKHLWHQKLHU¾EHUĥQGHQ 6LHLQ GHU %HGLHQXQJVDQOHLWXQJ
]XU.DPHUD
Ŧ+DOWHQ 6LH GLH .RQWDNWH XQG .XSSOXQJVHOHPHQWH DP 2EMHNWLYDQVFKOX¡ VWHWV
VDXEHU  6WHOOHQ 6LH GDV *HU¦W ] %VS EHLP 2EMHNWLYZHFKVHO JUXQGV¦W]OLFK
QLFKWDXIGHU.RQWDNWOHLVWHDEXPHLQH%HVFK¦GLJXQJGHU.XSSOXQJVHOHPHQWH
]XYHUPHLGHQ
(,167(//(1'(5%(75,(%6$57
'DV 6,*0$ 2EMHNWLY VWHOOW QDFK GHP $QVHW]HQ DQ GLH .DPHUD DOOH )XQNWLRQHQ
DXWRPDWLVFK ]XU 9HUI¾JXQJ (LQ]HOKHLWHQ HQWQHKPHQ 6LH ELWWH GHU
*HEUDXFKVDQOHLWXQJGHU.DPHUD
(,167(//81*9216&+5)(81'%5(11:(,7(
'LHVHV2EMHNWLYYHUI¾JW¾EHUHLQHQHLQJHEDXWHQ6,*0$+\SHU6RQLF0RWRU+60 
'HU+60HUP¸JOLFKWGLHVFKQHOOHXQGOHLVHDXWRPDWLVFKH6FKDUIHLQVWHOOXQJ
6,*0$$)XQG&$121$)
)¾U GLH DXWRPDWLVFKH 6FKDUIHLQVWHOOXQJVFKDOWHQ 6LH GHQ )RNXVVLHUVFKDOWHU DP
2EMHNWLYDXIGLHß$)à3RVLWLRQ$EE6ROOWHQ6LHGLH6FK¦UIHPDQXHOOHLQVWHOOHQ
ZROOHQVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXIGLHß0à3RVLWLRQ6LH
N¸QQHQGLH6FK¦UIHQXQGXUFK'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ
1,.21$)
)¾U GLH DXWRPDWLVFKH 6FKDUIHLQVWHOOXQJ VFKDOWHQ 6LH GLH .DPHUD LQ GHQ
$)%HWULHE XQG VFKDOWHQ 6LH GHQ )RNXVVLHUVFKDOWHU DP 2EMHNWLY DXI GLH
ß$)à3RVLWLRQ$EE6ROOWHQ6LHGLH6FK¦UIHPDQXHOOHLQVWHOOHQZROOHQVFKDOWHQ
6LH GHQ )RNXVVLHUVFKDOWHU DP 2EMHNWLY DXI GLH ß0à3RVLWLRQ 6LH N¸QQHQ GLH
6FK¦UIHQXQGXUFK'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ
Ŧ+LQZHLVH ]XP :HFKVHO GHU )RNXVVLHUEHWULHEVDUW GHU .DPHUD HQWQHKPHQ 6LH
ELWWHGHU%HGLHQXQJVDQOHLWXQJGHU.DPHUD
Ŧ%HL1LNRQ$QVFKO¾VVHQNDQQGHU$XWRIRNXVQXUPLW.DPHUDVEHQXW]WZHUGHQ
GLH 8OWUDVFKDOOPRWRUHQ ZLH GLH +60 XQWHUVW¾W]HQ 'HU $XWRIRNXV ZLUG QLFKW
IXQNWLRQLHUHQZHQQGLH.DPHUDGLHVH$UWYRQ0RWRUHQQLFKWXQWHUVW¾W]W
Ŧ'LHVHV 2EMHNWLY NDQQ DXFK PDQXHOO VFKDUIJHVWHOOW ZHUGHQ Z¦KUHQG GLH
$)%HWULHEVDUW HLQJHVWHOOW LVW :HQQ GLH .DPHUD DXI (LQ]HOELOG$) HLQJHVWHOOW
LVWN¸QQHQ6LHQDFKGHPGDV2EMHNWLYYRQGHU$XWRPDWLNVFKDUIJHVWHOOWZXUGH
XQG]XP6WLOOVWDQGJHNRPPHQLVWGLH6FK¦UIHGXUFK'UHKHQDP)RNXVVLHUULQJ
PDQXHOOHLQVWHOOHQ'HU$XVO¸VHUPX¡KLHUEHLKDOEGXUFKJHGU¾FNWEOHLEHQ
Ŧ%HLPDQXHOOHU)RNXVVLHUXQJVROOWHGLH6FK¦UIHDXIGHU0DWWVFKHLEHHLQJHVWHOOW
ZHUGHQGDGXUFK7HPSHUDWXUVFKZDQNXQJHQ$EZHLFKXQJHQYRQGHU(QWIHUQXQJVVNDOD
DXIWUHWHQN¸QQHQ'LHVJLOWLQVEHVRQGHUHI¾UGLH8QHQGOLFK(LQVWHOOXQJ
ż%5(11:(,7(1(,167(//81*Ž
'XUFK'UHKHQGHV=RRPULQJHVZLUGGLH%UHQQZHLWHHLQJHVWHOOW
)2.866,(5%(5(,&+6%(*5(1=(5
'DV 2EMHNWLY LVW PLW HLQHP %HUHLFKVEHJUHQ]HU DXVJHVWDWWHW GHU GHQ ]X
GXUFKODXIHQGHQ$)%HUHLFKOLPLWLHUW$EE)ROJHQGH%HUHLFKHVWHKHQ]XU$XVZDKO
z)8//1DKHLQVWHOOJUHQ]Haп
zPa п
z1DKHLQVWHOOJUHQ]HaP
%(526237,&$/67$%,/,=(50(5.0$/(
'LHVHV262SWLFDO6WDELOL]HU 2EMHNWLYNRPSHQVLHUWHUIROJUHLFKGLH 8QVFK¦UIHLQ
,KUHQ%LOGHUQGLHGXUFK9HUZDFNOXQJGHU.DPHUDZ¦KUHQGGHU$XIQDKPHHQWVWHKW
0LW GLHVHP 2EMHNWLY N¸QQHQ 6LH $XIQDKPHQ PLW ELV ]X  6WXIHQ O¦QJHUHQ
9HUVFKOX¡]HLWHQ DOV RKQH GHQ (LQVDW] GHU 26 )XQNWLRQ P¸JOLFKDQIHUWLJHQ XQG
HUKDOWHQGHQQRFKVFKDUIH(UJHEQLVVH
6WHOOHQ6LHGHQ262SWLFDO6WDELOL]HU6FKDOWHUDXI0RGXV$EE'U¾FNHQ6LH
GHQ $XVO¸VHU KDOE GXUFK YHUJHZLVVHUQ 6LH VLFK GD¡ GDV %LOG LP 6XFKHU VWDELO
VWHKW XQG GU¾FNHQ GHQ $XVO¸VHU ]XU $QIHUWLJXQJ GHU $XIQDKPH JDQ] GXUFK (V
GDXHUWFD6HNXQGHXPQDFKGHP$QGU¾FNHQGHV$XVO¸VHUVHLQVWDELOHV%LOG]X
HU]HXJHQ 0RGXV  HUNHQQW GLH YHUWLNDOH %HZHJXQJ GHU .DPHUD XQG YHUKLQGHUW
GLHVH9HUZDFNOXQJ'LHVHU0RGXVHPSĥHKOWVLFKEHLVLFKEHZHJHQGHQ0RWLYHQ
'LH.RPSHQVLHUXQJGHU9HUZDFNOXQJVXQVFK¦UIHGXUFKGHQ2SWLFDO6WDELOL]HULVW
VSH]LHOO I¾U $XIQDKPHQ DXV GHU IUHLHQ+DQG HQWZLFNHOW 8QWHU GHQ IROJHQGHQ
%HGLQJXQJHQN¸QQWHGHU2SWLFDO6WDELOL]HUHYHQWXHOOQLFKWHLQZDQGIUHLDUEHLWHQ
z$XIQDKPHQDXVHLQHPIDKUHQGHQ)DKU]HXJ
z,P)DOOHHLQHUHUKHEOLFKHQ%HZHJXQJRGHU(UVFK¾WWHUXQJGHU.DPHUD
%LWWHEHQXW]HQ6LHLQGHQIROJHQGHQ6LWXDWLRQHQGHQ2SWLFDO6WDELOL]HUQLFKW
zZHQQGDV2EMHNWLYDXIHLQHP6WDWLYPRQWLHUWLVW
zEHL%XOE$XIQDKPHQ/DQJ]HLWEHOLFKWXQJ
'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]LW¦W 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
9HUJHZLVVHUQ6LHVLFKGD¡GHU266FKDOWHUDXI2))VWHKWEHYRU6LH,KU2EMHNWLY
DQGLH.DPHUDDQVHW]HQRGHUYRQGHU.DPHUDDEQHKPHQ 
'HU 2SWLFDO 6WDELOL]HU EOHLEW DXFK QDFKGHP 6LH GHQ )LQJHU YRQ GHP $XVO¸VHU
JHQRPPHQKDEHQVRODQJHDNWLYLHUWZLHGHU%HOLFKWXQJVPHVVHUGLH%HOLFKWXQJVGDWHQ
DQ]HLJW1HKPHQ 6LHQLHPDOVGDV2EMHNWLYYRQGHU.DPHUDRGHUHQWIHUQHQ6LH
GLH%DWWHULHQGHU.DPHUDZ¦KUHQGGHU2SWLFDO6WDELOL]HUQRFKDNWLYLHUWLVW6LH
N¸QQHQGDV2EMHNWLYKLHUGXUFKEHVFK¦GLJHQ
2EZRKOGDV6XFKHUELOGGLUHNWQDFKGHU$XIQDKPHXQG]X%HJLQQGHV$XĦDGHQVGHV
HLQJHEDXWHQ%OLW]JHU¦WHVZDFNHOQN¸QQWHKDWGLHVNHLQHQ(LQĦX¡DXI,KUH%LOGHU
)DOOV GLH .DPHUD DXVJHVFKDOWHW ZLUG Z¦KUHQG GLH 2SWLFDO 6WDELOL]HU)XQNWLRQ
QRFKDNWLYLVWNDQQGDV2EMHNWLYHLQVFKQDWWHUQGHV*HU¦XVFKYHUXUVDFKHQZDV
MHGRFKNHLQH)HKOIXQNWLRQGDUVWHOOW
,P1LNRQXQG&DQRQ6\VWHPIXQNWLRQLHUWGHU2SWLFDO6WDELOL]HU26QLFKWEHLP
(LQVDW]DQDQGHUHQ)LOP6/5.DPHUDVDOV1LNRQ)XQG&DQRQ(269
%(187=(502'866&+$/7(5
0LWKLOIH GHV 86%'RFNV RSWLRQDO HUK¦OWOLFK XQG GHU VSH]LHOO NRQ]LSLHUWHQ
6RIWZDUH 6,*0$ 2SWLPL]DWLRQ 3UR N¸QQHQ GLH $)*HVFKZLQGLJNHLW 26
$UEHLWVZHLVH XQG )RNXVVLHUEHUHLFKVEHJUHQ]XQJHQ LQGLYLGXDOLVLHUW ZHUGHQ XQG
DXI GHP %HQXW]HUPRGXV6FKDOWHU KLQWHUOHJW ZHUGHQ :HLWHUH ,QIRUPDWLRQHQ
HQWQHKPHQ6LHELWWHGHP+LOIH0HQ¾GHU6,*0$2SWLPL]DWLRQ3UR
)¾U GHQ QRUPDOHQ *HEUDXFK VFKDOWHQ 6LH GHQ %HQXW]HUPRGXV6FKDOWHU ELWWH
DXV'HU)RNXVVLHUEHUHLFKVEHJUHQ]HU6FKDOWHUKDWNHLQH)XQNWLRQVRODQJHGHU
,QGLYLGXDOLVLHUXQJV0RGXVDNWLYLHUWLVWXQGGHU%HQXW]HUPRGXV6FKDOWHUDXI&
RGHU&VWHKW$EE
'HU 86%'RFN LVW I¾U MHGHQ .DPHUDDQVFKOXVV VSH]LHOO NRQ]LSLHUW %LWWH
YHUZHQGHQ 6LH GHQ I¾U ,KUHQ 2EMHNWLYDQVFKOXVV YRUJHVHKHQHQ 86%'RFN 'HU
86%'RFNDQGHUHU$QVFKO¾VVHNDQQQLFKWYHUZHQGHWZHUGHQ
6,*0$ 2SWLPL]DWLRQ 3UR NDQQ NRVWHQORV YRQ GHU IROJHQGHQ :HEVLWH
KHUXQWHUJHODGHQZHUGHQ KWWSZZZVLJPDJOREDOFRPGRZQORDG
67$7,9$16&+/8¡
'DV2EMHNWLYLVWPLWHLQHP6WDWLYVRFNHOYHUVHKHQ:HQQ6LHGHQ)HVWVWHOONQRSIO¸VHQ
O¦¡WVLFKGDV2EMHNWLYIUHLLP5LQJGHV6WDWLYVRFNHOVGUHKHQ'DGXUFKLVWHVP¸JOLFK
GLH.DPHUDH[DNWI¾U+RFKRGHU4XHUIRUPDWDXIQDKPHQDXV]XULFKWHQ$EE
$%1(+0(1'(567$7,96&+(//(

)DOOV JHZ¾QVFKW NDQQ GLH 6WDWLYVFKHOOH YRP 2EMHNWLY JHO¸VW ZHUGHQ XP HLQH
EHTXHPHUH+DQGKDEXQJEHLP)RWRJUDĥHUHQDXVGHUIUHLHQ+DQG]XHUUHLFKHQ
+LHU]XO¸VHQ6LHELWWH]XHUVWGLH$UUHWLHUVFKUDXEHGHU6WDWLYVFKHOOHXQGEULQJHQ
GLH,QGH[0DUNLHUXQJGHU6FKHOOHPLWGHUá
5(029(
ß3RVLWLRQ]XU'HFNXQJ$EE
'DQDFK]LHKHQ6LHGLH6FKHOOHJHUDGHQDFKKLQWHQ5LFKWXQJ.DPHUDDQVFKOXVV
YRP2EMHNWLYDEZLHLQ$EELOGXQJGDUJHVWHOOW
:HQQ 6LH GLH 6WDWLYVFKHOOH ZLHGHU DQEULQJHQ P¸FKWHQ JHKHQ 6LH ELWWH LQ GHU
XPJHNHKUWHQ5HLKHQIROJHZLHREHQEHVFKULHEHQYRU
%LWWHVWHOOHQ6LHGLH6WDWLYVFKHOOHDXVVFKOLH¡OLFK]XU'HXQG0RQWDJHDXIGLH
á5(029(ß 3RVLWLRQ GD VLFK DQGHUQIDOOV GDV 2EMHNWLY YHUVHKHQWOLFK YRQ GHU
6FKHOOH O¸VHQ XQG VW¾U]HQ N¸QQWH %LWWH GHQNHQ 6LH LPPHU GDUDQGLH
$UUHWLHUVFKUDXEHGHU6WDWLYVFKHOOHZLHGHUDQ]X]LHKHQXPHLQXQEHDEVLFKWLJWHV
9HUGUHKHQGHV2EMHNWLYHV]XYHUKLQGHUQ
:¦KUHQG GDV 2EMHNWLY DQ GHU .DPHUD PRQWLHUW LVW O¦VVW VLFK GLH 6WDWLYVFKHOOH
QLFKWYRP2EMHNWLYDEQHKPHQ
%(57(/(.219(57(5
'DV2EMHNWLYNDQQ YHUZHQGHWZHUGHQPLW 6LJPD[(; RGHU[(;$SR7HOH
.RQYHUWHURSWLRQDOUHVXOWLHUHQG]XPPP)7HOH]RRP2EMHNWLYUHVSHNWLYH
HLQHPPP)7HOH]RRP2EMHNWLY
9HUZHQGHQ6LHNHLQHDQGHUHQ2EMHNWLYHDOVGLH2EHQDXIJHOLVWHWHQ
:LUHPSIHKOHQGLH'*9HUVLRQGHU$327HOHNRQYHUWHU]XYHUZHQGHQVRIHUQ'6/5
.DPHUDVHLQJHVHW]WZHUGHQ
'HU$XWRIRNXVVWHKWLP/LYH9LHZ]XU9HUI¾JXQJZHQQGLH.DPHUDLP$)0RGXV
.RQWUDVWYHUJOHLFKEHWULHEHQZLUG
675(8/,&+7%/(1'(
=XP 2EMHNWLY JHK¸UW HLQH DEQHKPEDUH 6WUHXOLFKWEOHQGH PLW %DMRQHWWDQVFKOX¡
'LH 6WUHXOLFKWEOHQGH KLOIW .RQWUDVWPLQGHUXQJHQ XQG 5HĦH[H ]X YHUPHLGHQ GLH
GXWFKVHLWOLFKHLQIDOOHQGHV/LFKWKHUYRUJHUXIHQZHUGHQN¸QQWHQ6FKLHEHQ6LHGLH
6WUHXOLFKWEOHQGH ]XP $QVHW]HQ DXI GDV 2EMHNWLY XQG GUHKHQ 6LH VLH LP
8KU]HLJHUVLQQ ELV ]XP $QVFKODJ 'UHKHQ 6LH GDQQ GHQ )HVWVWHOONQRSI XP GLH
6WUHXOLFKWEOHQGH]XDUUHWLHUHQ$EE
8PGDV2EMHNWLYXQGGLH6WUHXOLFKWEOHQGHLP.¸FKHUXQWHU]XEULQJHQPX¡GLH
6WUHXOLFKWEOHQGHDEJHQRPPHQXPJHGUHKWXQGZLHGHUDXIGDV2EMHNWLYJHVHW]W
ZHGHQ
75$*(5,(0(1
%LWWH EHIHVWLJHQ 6LH GHQ 7UDJHULHPHQ VR DQ GHQ VHQ GHV 2EMHNWLYV ZLH HV LQ
$EEJH]HLJWZLUG
),/7(5
%HL (LQVDW] YRQ 3ROĥOWHUQ YHUZHQGHQ 6LH DQ HLQHU $XWRIRNXVNDPHUD ELWWH
DXVVFKOLH¡OLFK =LUNXODU3ROĥOWHU %HLP (LQVDW] HLQHV /LQHDU3ROĥOWHUV N¸QQHQ
VLFKEHL$XWRIRNXVXQG%HOLFKWXQJVDXWRPDWLN(LQVWHOOIHKOHUHUJHEHQ
9HUZHQGHQ 6LH JUXQGV¦W]OLFK QXU HLQ )LOWHU =ZHL RGHUPHKU )LOWHU JOHLFK]HLWLJ
E]ZVW¦UNHUH6SH]LDOĥOWHUÛ]%3RODULVDWLRQVĥOWHURGHUVROFKHPLWEHVRQGHUV
KRKHU)LOWHUIDVVXQJÛN¸QQHQ]X9LJQHWWLHUXQJHQYHUXUVDFKHQ
3)/(*(81'$8)%(:$+581*
6HW]HQ 6LH GDV 2EMHNWLY QLFKW KDUWHQ 6W¸¡HQ H[WUHP KRKHQ E]ZQLHGULJHQ
7HPSHUDWXUHQRGHUKRKHU/XIWIHXFKWLJNHLWDXV
:¦KOHQ 6LH I¾U O¦QJHUH /DJHUXQJ HLQHQ N¾KOHQ WURFNHQHQ XQG P¸JOLFKVW JXW
EHO¾IWHWHQ2UW9HUPHLGHQ6LHGLH/DJHUXQJLQGHU1¦KHYRQ&KHPLNDOLHQGHUHQ
'¦PSIHGLH9HUJ¾WXQJDQJUHLIHQN¸QQWHQ
9HUZHQGHQ 6LH ]XU (QWIHUQXQJ YRQ 6FKPXW] RGHU )LQJHUDEGU¾FNHQ DXI
*ODVĦ¦FKHQ NHLQHVIDOOV 9HUG¾QQHU %HQ]LQ RGHU DQGHUH RUJDQLVFKH
5HLQLJXQJVPLWWHO VRQGHUQ HLQ VDXEHUHV IHXFKWHV 2SWLN5HLQLJXQJVWXFK RGHU
2SWLN5HLQLJXQJVSDSLHU
'DV2EMHNWLYLVWQLFKWZDVVHUJHVFK¾W]W6RUJHQ6LHGHVKDOEEHL$XIQDKPHQLP
5HJHQRGHU LQ GHU 1¦KHYRQ:DVVHUI¾U DXVUHLFKHQGHQ 6FKXW]'LH5HSDUDWXU
HLQHV2EMHNWLYHVPLW:DVVHUVFKDGHQLVWK¦XĥJQLFKWP¸JOLFK
7HPSHUDWXUVFKRFNV N¸QQHQ ]XP %HVFKODJHQ GHV 2EMHNWLYHV XQG VHLQHU
*ODVĦ¦FKHQ I¾KUHQ %HLP :HFKVHO DXV GHU .¦OWH LQ HLQ JHKHL]WHV =LPPHU
HPSĥHKOW HV VLFK GDV 2EMHNWLY VRODQJH LP .¸FKHU RGHU GHU )RWRWDVFKH ]X
EHODVVHQELVHVGLH=LPPHUWHPSHUDWXUDQJHQRPPHQKDW
'(876&+
1RXVYRXVUHPHUFLRQVGÝDYRLUFKRLVLXQREMHFWLI6,*0$3RXUHQWLUHUOHPHLOOHXU
SURĥWHWOHSOXVJUDQGSODLVLUQRXVYRXVFRQVHLOORQVGHOLUHDWWHQWLYHPHQWOHPRGH
GÝHPSORLDYDQWWRXWHXWLOLVDWLRQ
'(6&5,37,21'(6(/(0(176ĥJ
Ĭ)LOHWDJHSRXUĥOWUH
ĭ%DJXHGH]RRP
Į%DJXHGHVGLVWDQFHV
į
(FKHOOHGHVGLVWDQFHV
İ5HSªUHGHGLVWDQFH
ı%D±RQQHWWH
IJ
6«OHFWHXUGHPLVHDXSRLQW
ij/LPLWHXUGHUHFKHUFKH
Ĵ&XUVHXU26
ĵ
6«OHFWHXUGH0RGHSHUVRQQDOLV«
Ķ$WWDFKHSRXUWU«SLHG
ķ3DUH6ROHLO
3285/(6%2,7,(561,.21$) 
&HWREMHFWLIHVWG«SRXUYXGHEDJXHGHGLDSKUDJPHFRPPHOHVREMHFWLIVDXWRIRFXV
1LNRQ GH W\SH * &HUWDLQHV UHVWULFWLRQV GH IRQFWLRQQDOLW« VRQW SRVVLEOHV HQ
IRQFWLRQ GX ER°WLHU XWLOLV« 3RXU SOXV GH G«WDLOV YHXLOOH] YRXV UHSRUWHU DX PRGH
GHPSORLGXER°WLHU
),;$7,21685/Ý$33$5(,/
/RUVTXH OÝREMHFWLI HVW ĥ[« VXU OH ER°WLHU OHV DXWRPDWLVPHV IRQFWLRQQHQW FRPPH
DYHF YRV REMHFWLIV KDELWXHOV &RQVXOWH] «YHQWXHOOHPHQW OH PRGH GÝHPSORL GH
DSSDUHLO
Ŧ6XU OD PRQWXUH VH WURXYHQW SOXVLHXUV FRQWDFWV «OHFWULTXHV HW «OHFWURQLTXHV
*DUGH]OHVELHQSURSUHVSRXUJDUDQWLUXQERQIRQFWLRQQHPHQW1HSRVH]MDPDLV
OÝREMHFWLIVXUVDEDVHDUULªUHSRXU«YLWHUGÝHQGRPPDJHUFHV«O«PHQWV
5(*/$*('86<67(0('Ý(;326,7,21
&HWREMHFWLI6LJPDIRQFWLRQQHDXWRPDWLTXHPHQWGªVTXÝLOHVWPRQW«VXUOHER°WLHU 
9HXLOOH]YRXVUHSRUWHUDXPRGHGHPSORLGH,ÝDSSDUHLO
0,6($832,17(7=220,1*
&HWREMHFWLIHVW«TXLS«GHODPRWRULVDWLRQ¢KDXWHIU«TXHQFH6LJPDß+\SHU6RQLF
0RWRUà+60(OOHUHQGODPLVHDXSRLQWDXWRPDWLTXHUDSLGHHWVLOHQFLHXVH 
6,*0$$)HW&$121$)
3RXU XQH PLVH DX SRLQW DXWRPDWLTXH SODFH] OH V«OHFWHXU GH PLVH DX SRLQW HQ
SRVLWLRQ ß$)à ĥJ 3RXU XQH PLVH DX SRLQW PDQXHOOH SODFH] OH V«OHFWHXU HQ
SRVLWLRQß0àSRVLWLRQHWDMXVWH]OHSRLQWHQWRXUQDQWODEDJXHGHPLVHDXSRLQW 
1,.21$)
3RXUXQH PLVH DXSRLQWDXWRPDWLTXH PHWWH]OH ER°WLHU HQPRGH$) HW SODFH] OH
V«OHFWHXU GH PLVH DX SRLQW HQ SRVLWLRQ ß$)à ĥJ 3RXU XQH PLVH DX SRLQW
PDQXHOOH SODFH] OH V«OHFWHXU HQ SRVLWLRQ ß0à SRVLWLRQ HW DMXVWH] OH SRLQW HQ
WRXUQDQWODEDJXHGHPLVHDXSRLQW
Ŧ9HXLOOH]YRXVU«I«UHUDXPRGHGHPSORLGXER°WLHUSRXUFKDQJHUOHPRGHGHPLVH
DXSRLQWGHODSSDUHLO
Ŧ'DQV OHV YHUVLRQV SRXU 1LNRQ OD PLVH DX SRLQW $) QHVW SRVVLEOH TXDYHF OHV
ER°WLHUVSHUPHWWDQWGDFWLYHUXQPRWHXU¢RQGHVXOWUDVRQLTXHGXW\SHGHFHOXL
GHODPRWRULVDWLRQ+60/$)HVWLQGLVSRQLEOHDYHFOHVDXWUHVER°WLHUV
Ŧ&HWREMHFWLISHUPHWODPLVHDXSRLQWPDQXHOOHP¬PHHQPRGHDXWRIRFXV$YHF
OÝDSSDUHLO HQ PRGH GH PLVH DX SRLQW VSRW 21( 6+27$)6 YRXV SRXYH]
UHWRXFKHUODPLVHDXSRLQWPDQXHOOHPHQWDSUªVTXHOÝREMHFWLIDLWIDLWODPLVHDX
SRLQWDXWRPDWLTXHPHQWHQPDLQWHQDQWOHG«FOHQFKHXUHQFOHQFK«¢PLFRXUVH
Ŧ(Q FDV GÝXWLOLVDWLRQ GH FHW REMHFWLI HQ PLVH DX SRLQW PDQXHOOH LO HVW
UHFRPPDQG«GHY«ULĥHUODTXDOLW«GHODPLVHDXSRLQW¢SDUWLUGXYLVHXU(QHIIHW
GHV «FDUWV LPSRUWDQWV GH WHPS«UDWXUH SHXYHQW SURYRTXHU GH O«JªUHV
PRGLĥFDWLRQVGHVFRPSRVDQWVLQWHPHVTXLIRQWYDULHUODSRVLWLRQGHODPLVHDX
SRLQW8QHWRO«UDQFHSDUWLFXOLªUHHVWSU«YXH¢FHWHIIHWHQSRVLWLRQLQĥQL
=RRPLQJ
7RXUQH]ODEDJXHGH]RRPVXUODSRVLWLRQYRXOXH
/,0,7(85'(5(&+(5&+(
&HW REMHFWLI GLVSRVH GÝXQ OLPLWHXU GH UHFKHUFKH GH PLVH DX SRLQW FDSDEOH GH
U«GXLUHODSODJHGHGLVWDQFHGHPLVHDXSRLQWĥJ
,OHVWSRVVLEOHGHV«OHFWLRQQHUSODJHVGHGLVWDQFHV
ä)8//'LVWDQFHPLQLPDOHGHPLVHDXSRLQWaп
äPaп
ä 'LVWDQFHPLQLPDOHGHPLVHDXSRLQWaP
)21&7,211(0(17'867$%,/,6$7(85237,48(26
237,&$/67$%,/,=(5
&HW REMHFWLI GLVSRVH GX V\VWªPH GH VWDELOLVDWLRQ RSWLTXH 6LJPD 26 2SWLFDO
6WDELOL]HUTXL«YLWHOHVULVTXHVGHĦRXOL«VDX[PRXYHPHQWVGXER°WLHUORUVGHOD
SULVHGHYXH  9RXVSRXYH]DYHFFHWREMHFWLISUHQGUHGHVSKRWRV¢GHVYLWHVVHV
SOXV OHQWHV GHQYLURQ TXDWUH YDOHXUV TXH FHOOHV XWLOLVDEOHV VDQV OH VWDELOLVDWHXU
WRXWHQREWHQDQWGHVLPDJHVSDUIDLWHPHQWQHWWHV 
3ODFH]OHFXUVHXU26VXUOH0RGHĥJ$SSX\H]¢PLFRXUVHVXUOHG«FOHQFKHXU
Y«ULĥH]ODVWDELOLW«GHOLPDJHGDQVOHYLVHXUHWSUHQH]ODSKRWRODVWDELOLVDWLRQGH
OLPDJHHVWREWHQXHHQYLURQVHFRQGHDSUªVTXHOHG«FOHQFKHXUD«W«DFWLY«/H
0RGHTXLG«WHFWHHWFRUULJHH[FOXVLYHPHQWOHVPRXYHPHQWVYHUWLFDX[HVWXWLOH
SRXUSKRWRJUDSKLHUGHVVXMHWVHQG«SODFHPHQW
Ŧ/DIRQFWLRQGHFRPSHQVDWLRQGHVPRXYHPHQWVGXVWDELOLVDWHXURSWLTXH26HVW
HIĥFDFH SRXU OHV SULVHV GH YXH ¢ PDLQ OHY«H 'DQV FHUWDLQHV FRQGLWLRQV
SDUWLFXOLªUHVOHVWDELOLVDWHXUSHXWQHSDV¬WUHSOHLQHPHQWHIĥFDFH 
ä 3ULVHVGHYXHVGHSXLVXQY«KLFXOHHQG«SODFHPHQW
ä 0RXYHPHQWVRXVHFRXVVHVWUªVLPSRUWDQWV
Ŧ/HVWDELOLVDWHXURSWLTXH26QHGRLWSDV¬WUHHPSOR\«GDQVOHVFDVVXLYDQWV 
äVLOREMHFWLIHVWPRQW«VXUXQWU«SLHG  äHQSRVH%ORQJXHGXU«HGH[SRVLWLRQ
Ŧ/D IRQFWLRQ GH VWDELOLVDWLRQ RSWLTXH 26 HVW DOLPHQW«H «OHFWULTXHPHQW SDU OH
ER°WLHU 6L OREMHFWLI HVW PRQW« VXU YRWUH ER°WLHU HW OD VWDELOLVDWLRQ RSWLTXH 26
DFWLY«H ODXWRQRPLH GH ODSSDUHLO VHUD GLPLQX«H SDUUDSSRUW ¢ XQH XWLOLVDWLRQ
DYHF XQH RSWLTXH FODVVLTXH 3RXU «YLWHU XQH FRQVRPPDWLRQ G«QHUJLH LQXWLOH
QRXV YRXV UHFRPPDQGRQV GH SODFHU OH FXUVHXU 26 VXU 2)) ORUVTXH YRXV
QXWLOLVH]SDVODIRQFWLRQGHVWDELOLVDWLRQ  
Ŧ$VVXUH]YRXVTXHOHVWDELOLVDWHXU26HVWG«VDFWLY«FXUVHXUVXUODSRVLWLRQ2))
DYDQWGDWWDFKHURXGHG«WDFKHUOREMHFWLIGXER°WLHU
Ŧ/HVWDELOLVDWHXURSWLTXH26GHPHXUHDFWLY«DSUªVDYRLUUHO¤FK«OHG«FOHQFKHXU
DXVVL ORQJWHPSV TXH OH SRVHPªWUH DIĥFKH OHV YDOHXUV GH[SRVLWLRQ ,O QH IDXW
MDPDLVG«WDFKHUOREMHFWLIGHODSSDUHLOQLUHWLUHUOHVSLOHVGXER°WLHUWDQWTXHOH
VWDELOLVDWHXUHVWDFWLY«VRXVSHLQHGHQGRPPDJHUOREMHFWLI 
Ŧ0¬PHVLOLPDJHGDQVOHYLVHXUVHPEOHYLEUHULPP«GLDWHPHQWDSUªVODSULVHGH
YXHRXDXG«PDUUDJHGHODFKDUJHGXĦDVKLQW«JU«GXER°WLHUFHFLQDIIHFWHHQ
ULHQOHVLPDJHV
Ŧ6L ODSSDUHLO HVW «WHLQW RX VL OREMHFWLI HVW G«WDFK« DORUV TXH OH VWDELOLVDWHXU
RSWLTXHHVWDFWLY«OREMHFWLISHXW«PHWWUHXQEUXLWGHIURWWHPHQWVDQVTXLO\DLW
G\VIRQFWLRQQHPHQW
Ŧ3RXU OHV PRQWXUHV &DQRQ HW 1LNRQ OD IRQFWLRQ 26 VWDELOLVDWHXU RSWLTXH QH
IRQFWLRQQH SDV DYHF OHV ER°WLHUV UHĦH[ DUJHQWLTXHV VDXI OHV ER°WLHUV &DQRQ
(269HWOH1LNRQ)
6(/(&7(85'(02'(3(56211$/,6
(Q XWLOLVDQW OH GRFN 86% YHQGX V«SDU«PHQW HW VRQ ORJLFLHO G«G 6,*0$
2SWLPL]DWLRQ3URLOHVWSRVVLEOHGHSHUVRQQDOLVHUODYLWHVVHGHODXWRIRFXVOHIIHW
GHODVWDELOLVDWLRQ26HWODFRXUVHGXOLPLWHXUGHPLVHDXSRLQW&HVU«JODJHV
SHXYHQW ¬WUH HQUHJLVWU«V DYHF OH V«OHFWHXU GH 0RGH SHUVRQQDOLV« 3RXU SOXV GH
UHQVHLJQHPHQWVYHXLOOH]FRQVXOWHUOHPHQXm$LGH}GXORJLFLHO6,*0$2SWLPL]DWLRQ
3UR
Ŧ3RXUXQXVDJHQRUPDOYHXLOOH]G«VDFWLYHUOHV«OHFWHXUGH0RGHSHUVRQQDOLV«/H
V«OHFWHXUGHPLVHDXSRLQWHVWLQDFWLIVLOHPRGHSHUVRQQDOLV«HVWDFWLY«HWU«JO«
VXU&RX&ĥJ
Ŧ8Q GRFN 86% HVW G«GL« ¢ FKDTXH PRQWXUH 9HXLOOH] XWLOLVHU OH GRFN 86%
FRUUHVSRQGDQW ¢ YRWUH PRQWXUH 8Q GRFN 86% G«GL« ¢ XQH PRQWXUH HVW
LQXWLOLVDEOHVXUXQHPRQWXUHGLII«UHQWH
Ŧ/H ORJLFLHO 6,*0$ 2SWLPL]DWLRQ 3UR SHXW ¬WUH W«O«FKDUJ« JUDWXLWHPHQW ¢
ODGUHVVH:HEVXLYDQWH KWWSZZZVLJPDJOREDOFRPGRZQORDG
$77$&+(328575(3,('(7&2//,(5
&HW REMHFWLI HVW «TXLS« GXQH DWWDFKH SRXU WU«SLHG /RUVTXH YRXV UHO¤FKH] OH
VHUUDJH GX FROOLHU OREMHFWLI HW ,DSSDUHLO SHXYHQW WRXUQHU OLEUHPHQW SRXU
SRVLWLRQQHUDLV«PHQWOHER°WLHUHQSRVLWLRQYHUWLFDOHRXKRUL]RQWDOHĥJ
3285'(7$&+(5/(&2//,(5'(3,('
 ,OHVWSRVVLEOHGHG«WDFKHUOHFROOLHUGHSLHGSRXUIDFLOLWHUOHFDV«FK«DQWODSULVHGHYXH
¢PDLQOHY«H3RXUFHIDLUHG«YLVVH]OHERXWRQGHVHUUDJHHWDOLJQH]OHWUDLWGXFROOLHU
VXUOHUHSªUH5(029(ĥJ
7LUH] HQVXLWH OH FROOLHU YHUV OÝDUULªUH FRPPH LQGLTX« VXU OD )LJ DĥQ GH OH
UHWLUHU
Ŧ3RXU UHSODFHU OH FROOLHU GH SLHG VXU OÝREMHFWLI SURF«GH] GH ODP¬PH ID©RQ HQ
VHQVLQYHUVH
Ŧ1HPHWWH]MDPDLVOHFROOLHUVXUODSRVLWLRQ5(029(VDXISRXUOHG«WDFKHURXOH
UHSODFHUFDUOÝREMHFWLISRXUUDLWGHG«WDFKHUDFFLGHQWHOOHPHQWHWWRPEHU9HLOOH]
«JDOHPHQW ¢ ELHQ UHVVHUUHU OÝ«FURX GH VHUUDJH SRXU «YLWHU WRXWH URWDWLRQ
LQWHPSHVWLYH
Ŧ/HFROOLHUGHSLHGQHSHXW¬WUHUHWLU«ORUVTXHOÝREMHFWLIHVWPRQW«VXUXQER°WLHU 
$352326'(67(/(&219(57,66(856
&HWREMHFWLISHXW¬WUHXWLOLV«DYHFOHVW«O«FRQYHUWLVVHXUV6LJPD[(;RX[(;
$SR HQ RSWLRQ TXL OH WUDQVIRUPHQW UHVSHFWLYHPHQW HQ PP ) RX HQ
PP)
Ŧ,O HVW UHFRPPDQG« GH QH SDV XWLOLVHU XQ DXWUH W«O«FRQYHUWLVVHXU TXH FHX[
PHQWLRQQ«VFLGHVVXV
Ŧ,OHVWUHFRPPDQG«GXWLOLVHUODYHUVLRQ'*GHVW«O«FRQYHUWLVVHXUV6LJPD$SR(;
ORUVTXHYRXVXWLOLVH]XQER°WLHUQXP«ULTXH
Ŧ/DPLVHDXSRLQWDXWRPDWLTXHHQPRGH/LYH9LHZHVWSRVVLEOHVLODSSDUHLOHVW
HQPRGH$)mG«WHFWLRQGHFRQWUDVWH}
3$5(62/(,/
8Q SDUHVROHLO G«PRQWDEOH DYHF ĥ[DWLRQ ¢ ED±RQQHWWH HVW IRXUQL DYHF OREMHFWLI
&HSDUHVROHLOSURWªJHGHVUD\RQVSDUDVLWHVHWGHODOXPLªUHLQFLGHQWH,OGRLW¬WUH
ĥ[«HQOHWRXUQDQWMXVTX¢ODSRVLWLRQGHEORFDJHHWHQY«URXLOODQWHQVXLWH,Ý«FURX
GHVHUUDJH)LJ
Ŧ3RXU UHSODFHU OREMHFWLI HW OH SDUHVROHLO GDQV OD YDOLVH GH WUDQVSRUW YHLOOH] ¢
GªWDFKHUGDERUGOHSDUHVROHLOHW¢OHUHSODFHUHQVXLWHHQSRVLWLRQLQYHUV«H
%$1'28/,(5(
9HXLOOH]DWWDFKHU,DEDQGRXOLªUHFRPPHLQGLTX«¢ODĥJXUH
),/75(6
Ŧ1ÝHPSOR\H]MDPDLV GHX[ĥOWUHV¢ OD IRLV  /ÝXWLOLVDWLRQGH GHX[ ĥOWUHV RX GÝXQ
ĥOWUH WUªV «SDLV FRPPH XQ ĥOWUH SRODULVDQW RUGLQDLUH SHXW SURYRTXHU XQ
YLJQHWWDJH
Ŧ6LYRXVVRXKDLWH]XWLOLVHUXQĥOWUHSRODULVDQWVXUXQ]RRP$)FKRLVLVVH]OHGH
W\SH ßFLUFXODLUHà $YHF XQ ĥOWUH GH W\SH OLQ«DLUH OÝDXWRIRFXV HW OH FDOFXO
GÝH[SRVLWLRQSRXUUDLHQW¬WUHLQFRUUHFWV
35(&$87,216(/(0(17$,5(6(75$1*(0(17
Ŧ1H SDV H[SRVHU OÝREMHFWLI DX[ FKRFV QL ¢ GHV WHPS«UDWXUHV H[WUªPHV RX ¢
OÝKXPLGLW«
Ŧ6LREMHFWLIQÝHVWSDVXWLOLV«SHQGDQWORQJWHPSVFKRLVLUXQHQGURLWIUDLVVHFHW
ELHQ YHQWLO« 1H SDV SODFHU OÝREMHFWLI SUªV GH OD QDSKWDOLQH RX GHV SURGXLWV
DQWLPLWHVDĥQGHQHSDVG«W«ULRUHUOHUHY¬WHPHQWPXOWLFRXFKHGHVOHQWLOOHV
Ŧ1H SDV XWLOLVHU GH GLVVROYDQW GÝHVVHQFH RX DXWUH PDWLªUH RUJDQLTXH SRXU OH
QHWWR\DJHGHVDOHW«VRXGÝHPSUHLQWHVGHGRLJWVVXUOHV«O«PHQWVRSWLTXHV
Ŧ&HWREMHFWLIQÝHVWSDV«WDQFKH6LYRXVOÝXWLOLVH]SDUWHPSVGHSOXLHRXSUªVGH
OÝHDXYHXLOOH]¢QHSDVOHPRXLOOHU/HVU«SDUDWLRQVGXP«FDQLVPHLQWHUQHGHV
«O«PHQWV RSWLTXHV HWRX GHV «O«PHQWV «OHFWULTXHV QH VRQW SDV WRXMRXUV
SRVVLEOHVHQFDVGHGRPPDJHV
Ŧ'HV«FDUWVVRXGDLQVGHWHPS«UDWXUHSHXYHQWFDXVHUGHODFRQGHQVDWLRQRXGH
ODEX«HSHXWDSSDUD°WUHVXUODOHQWLOOHIURQWDOH/RUVTXHYRXVS«Q«WUH]GDQVXQ
ORFDO FKDXII« HQ YHQDQW GÝXQ H[W«ULHXU IURLG LO HVW UHFRPPDQG« GH SODFHU
OÝREMHFWLIGDQVXQ«WXLMXVTXÝ¢FHTXHVDWHPS«UDWXUHDYRLVLQHFHOOHGXORFDO
)5$1
$,6
:LM VWHOOHQ KHW ]HHU RS SULMV GDW X HHQ 6LJPD REMHFWLHI KHHIW DDQJHVFKDIW
2PPD[LPDDOSURĥMWHQSOH]LHUYDQXZ6LJPDREMHFWLHIWHKHEEHQDGYLVHUHQ
ZLMXGH]HJHEUXLNVDDQZLM]LQJJHKHHOGRRUWHOH]HQYRRUXKHWREMHFWLHIJDDW
JHEUXLNHQ
%(6&+5,-9,1*9$1'(21'(5'(/(1ĥJ
Ĭ
)LOWHUVFKURHIGUDDG
ĭ=RRPULQJ
Į6FKHUSVWHOULQJ
į$IVWDQGVFKDDO
İ,QGH[WHNHQ
ı9DWWLQJ
IJ
6FKHUSVWHONHX]HVFKDNHODDU
ij)RFXV/LPLWHUVFKDNHODDU
Ĵ266FKDNHODDU
ĵ
&XVWRP0RGH6FKDNHODDU
Ķ6WDWLHIDDQVOXLWLQJ
ķ=RQQHNDS
1,.21$)&$0(5$Ý6
'LW REMHFWLHI ZHUNW RS LGHQWLHNH ZLM]H DOV GH REMHFWLHYHQ YDQ KHW * W\SH
]RQGHU GLDIUDJPDULQJ YRRU 1LNRQ $) $IKDQNHOLMN YDQ KHW JHEUXLNWH
FDPHUDW\SH NXQQHQ HU HQNHOH EHSHUNLQJHQ ]LMQ 5DDGSOHHJ KLHUYRRU GH
JHEUXLNVDDQZLM]LQJYDQXZFDPHUD
%(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
2SGHYDWWLQJEHYLQGW]LFKHHQDDQWDOHOHFWULVFKHFRQWDFWHQHQNRSSHOVWXNNHQ
'H]H PRHWHQ JRHG VFKRRQ ZRUGHQ JHKRXGHQ WHQHLQGH YDQ HHQ JRHG FRQWDFW
YHU]HNHUGWH]LMQ3ODDWVELMKHWYHUZLVVHOHQYDQREMHFWLHYHQGH]HDOWLMGPHWGH
YRRU]LMGHHQQLHWPHWGHYDWWLQJRSWDIHO'LWWHUYRRUNRPLQJYDQEHVFKDGLJLQJ
%(/,&+7,1*6,167(//,1*
:DQQHHUHHQ6LJPDREMHFWLHIRSXZFDPHUDERG\LVEHYHVWLJGIXQFWLRQHHUW
GLWJHKHHODXWRPDWLVFK/HHVKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
6&+(5367(//(1(1=220(1
'H]H OHQV KHHIW GH LQJHERXZGH +\SHU 6RQLF 0RWRU +60 YDQ 6LJPD  'H
+60PDDNWVQHOHQJHOXLGORRVDXWRPDWLVFKVFKHUSVWHOOHQPRJHOLMN
6LJPD$)HQ&DQRQ$)
2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIRS
GH$) SRVWLWLHWH]HWWHQĥJ:LOWX KDQGPDWLJVFKHUSVWHOOHQ]HWGDQKHW
VFKXLIMH RS KHW REMHFWLHI RS GH 0 SRVLWLH 9HUYROJHQV NXQW X VFKHUSVWHOOHQ
GRRUDDQGHIRFXVULQJWHGUDDLHQ
1LNRQ$)
2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIHQ
GHFDPHUDRS$)SRVLWLHWH]HWWHQĥJ: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 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 ß2QH6KRWà $) $)6 LV LQJHVWHOG NXQW X GH VFKHUSVWHOOLQJ
HYHQWXHHO KDQGPDWLJ FRUULJHUHQ QDGDW GH DXWRIRFXV VFKHUSVWHOOLQJ ]ÝQ ZHUN
KHHIWJHGDDQHQXGHRQWVSDQNQRSKDOILQJHGUXNWKRXGW
:DQQHHUXGLWREMHFWLHIRSKDQGPDWLJHLQVWHOOLQJJHEUXLNWUDGHQZLMXDDQGH
FRUUHFWH VFKHUSVWHOOLQJ YLVXHHO LQ GH ]RHNHU YDVW WH VWHOOHQ 'LW YDQZHJH HHQ
PRJHOLMNHVFKHUSWHYHUVFKXLYLQJDOVJHYROJYDQH[WUHPHWHPSHUDWXXUVZLM]LJLQJHQ
ZDDUGRRU PHHUGHUH OHQVFRPSRQHQWHQ NXQQHQ XLW]HWWHQ ,Q KHW ELM]RQGHU ELM
LQVWHOOLQJRSRQHLQGLJGLHQWKLHURSWHZRUGHQJHOHW
ż=220(1Ž
9HUGUDDLGH]RRPULQJQDDUGHJHZHQVWHSRVLWLH
)2&86/,0,7(56&+$.(/$$5
'LWREMHFWLHILVYRRU]LHQYDQHHQ)RFXV/LPLWHURPKHW$)EHUHLNWHEHSHUNHQ
LQGLHQJHZHQVWĥJ'H)RFXV/LPLWHULVLQVWDSSHQLQVWHOEDDU
ä)8//.RUWVWHLQVWHODIVWDQGaп
äPaп
ä .RUWVWHLQVWHODIVWDQGaP
'(02*(/,-.+('(19$1+(726
237,&$/67$%,/,=(5
6<67((0
'LW262SWLFDO6WDELOL]HUREMHFWLHILV]HHUHIIHFWLHIRPEHZHJLQJVRQVFKHUSWH
WH YRRUNRPHQ 0HW GLW REMHFWLHI LV KHW PRJHOLMN RP WRW  VWRSV ODQJHUH
VOXLWHUWLMGHQWHZHUNHQDOVPHWHHQREMHFWLHI]RQGHU26HQWRFKHHQRSWLPDOH
VFKHUSWHWHEHKRXGHQ
=HWGH26VFKDNHODDURSĥJ'UXNGHRQWVSDQNQRSKDOILQHQFRQWUROHHU
GHRSQDPHFRPSRVLWLHLQGH]RHNHUHQFRQWUROHHUWHYHQVRIKHWRQGHUZHUS
]RQGHUEHZHJLQJZRUGWZHHUJHJHYHQ+HWNDQQDKHWKDOILQGUXNNHQYDQGH
RQWVSDQNQRS WRW RQJHYHHU  VHFRQGH GXUHQ YRRU GDW KHW 26 V\VWHHP KHW
EHHOGKHHIWJHVWDELOLVHHUG
,QGLHQ GH 26 VFKDNHODDU RS  ZRUGW JH]HW ZRUGHQ YRRUDO GH YHUWLFDOH
EHZHJLQJHQ JHFRUULJHHUG 'H]H VWDQG LV YRRUDO JHVFKLNW YRRU EHZHJHQGH
RQGHUZHUSHQ
'HFRPSHQVDWLH YDQGHEHZHJLQJVRQVFKHUSWHLV YRRUDOHIIHFWLHIELMKHWXLWGH
KDQG IRWRJUDIHUHQ +HW 26 V\VWHHP NDQ PLQGHU JRHG IXQFWLRQHUHQ DOV HU
ELMYRRUEHHOG XLW HHQ ULMGHQGH DXWR ZRUGW JHIRWRJUDIHHUG RI ELM ]HHU KHIWLJH
EHZHJLQJHQYDQGHFDPHUDWLMGHQVKHWPDNHQYDQGHRSQDPH
8GLHQWKHW26V\VWHHPXLWWHVFKDNHOHQ2IIDOVXGHFDPHUDPHWHHQVWDWLHI
JHEUXLNWRILQGLHQXODQJHWLMGRSQDPHQEXOEPDDNW
+HW26V\VWHHPPDDNWJHEUXLNYDQGHEDWWHULMHQYDQGH FDPHUD$OVXKHW26
V\VWHHPDFWLYHHUWNDQKHWGXVPRJHOLMN]LMQGDWXGHEDWWHULMHQYDQGHFDPHUD
VQHOOHU GLHQW WH YHUYDQJHQ DOV ELM KHW JHEUXLN YDQ HHQ REMHFWLHI ]RQGHU 26
IXQFWLH ,QGLHQ X GH 26 IXQFWLH YRRU ODQJHUH WLMG QLHW JHEUXLNW LV KHW DDQ WH
EHYHOHQGH26VFKDNHODDURS2))WH]HWWHQRPKLHUPHHKHWEDWWHULMJHEUXLNWH
YHUODJHQ
+HWLVEHODQJULMNGDWGH26VFKDNHODDU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ĦLWVHUEHJLQWRSWH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
'H2SWLFDO6WDELOL]HU26IXQFWLHZHUNWQLHWPHWDQDORJHFDPHUDÝVYRRU1LNRQ
HQ&DQRQYDWWLQJHQEHKDOYHYRRU1LNRQ)HQ&DQRQ(269
&8672002'(6&+$.(/$$5
'RRU KHW 86% '2&. VHSDUDDW YHUNRFKW HQ GH VSHFLDOH VRIWZDUH6,*0$
2SWLPL]DWLRQ3URWHJHEUXLNHQLVKHWPRJHOLMNRPGH$)VQHOKHLG2SWLVFKH
6WDELOLVDWLH 26 HQ IRFXV DIVWDQG QDDU HLJHQ ZHQV LQ WH VWHOOHQ HQ GH]H
LQVWHOOLQJWHEHZDUHQYLDGH&XVWRP0RGH6FKDNHODDU9RRUPHHULQIRUPDWLH
YHUZLM]HQZLMXQDDUKHW6,*0$2SWLPL]DWLRQ3URß+HOSàPHQX
=HWELMVWDQGDDUGJHEUXLNYDQKHWREMHFWLHIGH&XVWRP0RGH6FKDNHODDUXLW'H
)RFXV%HUSHUNLQJV6FKDNHODDUZHUNWQLHWLQGLHQGH&XVWRP0RGHDDQVWDDWHQ
LVLQJHVWHGDOV&RI&ĥJ
+HW86%'2&.NDQVOHFKWVYRRU««QW\SHOHQVYDWWLQJJHEUXLNWZRUGHQQDPHOLMN
GLHYDQKHWREMHFWLHI
6,*0$2SWLPL]DWLRQ3URNDQJUDWLVZRUGHQJHGRZQORDGRSGHYROJHQGHZHEVLWH
KWWSZZZVLJPDJOREDOFRPGRZQORDG
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ĥJ
'(0217$*(9$1'(67$7,()*21'(/
+HW PRJHOLMN GH VWDWLHIJRQGHO WH GHPRQWHUHQ LQGLHQ JHZHQVW 'UDDL GH
NQRSORVHQSODDWVKHWPHUNWHNHQRSGH5(029(SRVLWLHĥJ
7UHNGHNQRSQDDUEXLWHQHQYHUZLMGHUGHVWDWLHIJRQGHOĥJ
,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ß5(029(à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
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
*HEUXLNJHHQDQGHUHFRQYHUWHUVDOVERYHQYHUPHOG
:LMDGYLVHUHQGH'*YHUVLHWHJHEUXLNHQLQGLHQGHFRQYHUWHUVZRUGHQJHEUXLNW
RSHHQ'LJLWDOH5HĦH[FDPHUD
+HWLVPRJHOLMNGHDXWRIRFXVIXQFWLHLQ/LYH9LHZWHJHEUXLNHQLQGLHQGHFDPHUD
LQGHßFRQWUDVWGHWHFWà$)IXQFWLHLVLQJHVWHOG
=211(.$3
(HQ DIQHHPEDUH ]RQQHNDS PHW EDMRQHW DDQVOXLWLQJ LV PHHJHOHYHUG ELM GLW
REMHFWLHI'H]H]RQQHNDSYRRUNRPWVFKLWWHULQJYDQLQYDOOHQGOLFKWYDQVWHUNH
OLFKWEURQQHQDINRPVWLJXLWGHRPJHYLQJYDQKHWWHIRWRJUDIHUHQRQGHUZHUS
%HYHVWLJGH]RQQHNDSHQGUDDLGH]HLQGHULFKWLQJYDQGHZLM]HUVYDQGHNORN
WRWGDWGH]HYDVW]LWGUDDLKLHUQDGHNQRSYDVWRPGH]RQQHNDSKLHUPHHWH
YHUJUHQGHOHQĥJ
2P REMHFWLHI HQ ]RQQHNDS RS WH NXQQHQ EHUJHQ LQ GH NRIIHU PRHWXHHUVWGH
]RQQHNDSDIQHPHQHQGH]HRPJHNHHUGRSKHWREMHFWLHISODDWVHQ
'5$$*5,(0
%HYHVWLJGHGUDDJULHPDDQGHOXV]RDOVDIJHEHHOGLQĥJ
),/7(56
*HEUXLN VOHFKWV  ĥOWHU WHJHOLMN  7ZHH RI PHHU ĥOWHUV HQRI H[WUD GLNNH
ĥOWHUV]RDOVHHQSRODULVDWLHĥOWHUNDQYLJQHWWHULQJYHURRU]DNHQ
*HEUXLNXLWVOXLWHQGHHQßFLUFXODLUàSRODULVDWLHĥOWHULQFRPELQDWLHPHWHHQ
DXWRIRFXVFDPHUD:DQQHHUHHQßOLQHDLUàSRODULVDWLHĥOWHURS$)FDPHUDÝV
ZRUGW JHEUXLNW ]DO GH DXWRIRFXV VFKHUSVWHOOLQJ HQ GH DXWRPDWLVFKH
EHOLFKWLQJVUHJHOLQJQLHWFRUUHFWIXQFWLRQHUHQ
21'(5+28'(1236/$*
9HUPLMGYDOOHQRIVWRWHQHQVWHOKHWREMHFWLHIQLHWEORRWDDQH[WUHHPKRJHRIODJH
WHPSHUDWXUHQRIKRJHYRFKWLJKHLG
,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
*HEUXLNJHHQ WKLQQHUEHQ]LQH RIDQGHUH RUJDQLVFKHVFKRRQPDDNPLGGHOHQRP
YXLORIYLQJHUDIGUXNNHQYDQGHOHQVHOHPHQWHQWHYHUZLMGHUHQ*HEUXLNGDDUYRRU
HHQVSHFLDDOOHQVGRHNMHRIOHQVWLVVXHV
'LWREMHFWLHILVQLHWZDWHUEHVWHQGLJ=RUJHU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
3ORWVHOLQJH WHPSHUDWXXU YHUDQGHULQJ NDQ FRQGHQVDWLH YHURRU]DNHQRSKHW
RSSHUYODNYDQGHOHQV%LMKHWEHWUHGHQYDQHHQZDUPHNDPHUYDQXLWGHNRXGH
EXLWHQOXFKW LV KHW UDDG]DDP KHW REMHFWLHI LQ GH WDV WH KRXGHQ WRWGDW GH
WHPSHUDWXXUYDQKHWREMHFWLHIRQJHYHHUJHOLMNLVDDQGLHYDQGHNDPHUWHPSHUDWXXU
1('(5/$1'6
/H DJUDGHFHPRV OD FRPSUD GH HVWH REMHWLYR 6LJPD 3DUD FRQVHJXLUORV
PHMRUHV UHVXOWDGRV GH VX REMHWLYR OHD DWHQWDPHQWH HVWH PDQXDO GH
LQVWUXFFLRQHVDQWHVGHXWLOL]DUOR
'(6&5,3&,1'(/26&20321(17(6)LJ
Ĭ5RVFDSDUDĥOWURV
ĭ$URGHO]RRP
Į$URGHHQIRTXH
į(VFDODGHGLVWDQFLDV
İ/¯QHDGH¯QGLFH
ı0RQWXUD
IJ6HOHFWRUGHHQIRTXH
ij/LPLWDGRUGHHQIRTXH
Ĵ26ERWµQ
ĵ,QWHUUXSWRUGHPRGRSHUVRQDOL]DGR
Ķ=DSDWDSDUDWU¯SRGH
ķ3DUDVRO
&0$5$67,32$)'(1,.21
VWHREMHWLYRIXQFLRQDLJXDOTXHODVOHQWHVGHWLSR*VLQ$SHUWXUDREMHWLYR
DXWRIRFXVGH1LNRQ'HSHQGLHQGRGHODFRPELQDFLµQFRQODF£PDUDSXHGHQ
DSDUHFHU DOJXQDV UHVWULFFLRQHV 3DUD P£V GHWDOOHV SXHGH FRQVXOWDU HO
PDQXDOGHLQVWUXFFLRQHVGHODF£PDUDHQFXHVWLµQ
&21(;,21$/&8(532'(&$0(5$
&XDQGRHOREMHWLYRVHFRQHFWDDODF£PDUDIXQFLRQDGHOPLVPRPRGRTXHORV
REMHWLYRVRULJLQDOHV&RQVXOWHHOPDQXDOGHLQVWUXFFLRQHVGHVXF£PDUD
Ŧ(QODVXSHUĥFLHGHODPRQWXUDH[LVWHQXQDVHULHGHFRQWDFWRVHO«FWULFRV\
DFRSODGRUHV 0DQW«QJDORV OLPSLRV SDUD DVHJXUDU XQD FRUUHFWD FRQH[LµQ
3DUD SUHYHQLU GD³RV HQ HO REMHWLYR WHQJD HVSHFLDO FXLGDGR DO DSR\DUOR
FXDQGRFDPELHGHµSWLFD
02'2$-867('((;326,&,21
/RVREMHWLYRV6LJPDIXQFLRQDQDXWRP£WLFDPHQWHDOFRQHFWDUORVDVXF£PDUD 
3RUIDYRUFRQVXOWHHOPDQXDOGHVXF£PDUD
,17(5583725'(%/248(2'(/=220
(VWHREMHWLYR GLVH³DGR SRU 6LJPDLQFRUSRUDXQPRWRU+LSHUVµQLFR +60 
VWHSURSRUFLRQDXQHQIRTXHU£SLGR\VLOHQFLRVR
6,*0$$)\&$121$)
3DUD XWLOL]DU HO DXWRIRFR SRQJD HO VHOHFWRU HQ OD SRVLFLµQ ß$)à )LJ 6L
TXLHUHHQIRFDUPDQXDOPHQWHSRQJDHOVHOHFWRUHQODSRVLFLµQß0à$MXVWHHO
IRFRPRYLHQGRHODURGHHQIRTXH
1,.21$)
3DUDXWLOL]DUHODXWRIRFRSRQJDODF£PDUDHQHOPRGR$)\SRQJDHOVHOHFWRU
GH OD µSWLFD HQ OD SRVLFLµQ ß$)à )LJ 6L TXLHUH HQIRFDU PDQXDOPHQWH
SRQJD HO VHOHFWRU HQ OD SRVLFLµQ ß0à $MXVWH HO IRFR PRYLHQGR HO DUR GH
HQIRTXH 
Ŧ3DUDFDPELDU HO PRGR GH HQIRTXH GH OD F£PDUDP¯UHORHQHOPDQXDOGH
LQVWUXFFLRQHVGHODF£PDUD
Ŧ(QODVPRQWXUDV1LNRQVRORIXQFLRQDU£HO$)FRQFXHUSRVTXHVRSRUWHQORV
PRWRUHVXOWUDVµQLFRVFRPRORV+60RVLPLODUHV(QFDVRFRQWUDULRHO$)
HVWDU£GHVDFWLYDGR
Ŧ(VWH REMHWLYR WDPEL«Q SHUPLWH HO HQIRTXH PDQXDO DXQTXH HVW« HQPRGR
DXWRP£WLFR  &RQ OD F£PDUD SUHSDUDGD SDUD 0RGR 'LVSDUR $) SXHGH
DMXVWDUHOHQIRTXHPDQXDOPHQWH GHVSX«V TXH HO REMHWLYR KD\DHQIRFDGR
DXWRP£WLFDPHQWH \ VH SDUH PLHQWUDV PDQWHQJD HO ERWµQ GLVSDUDGRU
VXDYHPHQWHSUHVLRQDGR
Ŧ&XDQGR XWLOLFH HVWRV REMHWLYRV HQ PRGR GH HQIRTXH PDQXDO HV
UHFRPHQGDEOH FRPSUREDU YLVXDOPHQWH SRU HO YLVRU FXDOTXLHU FDPELR GH
HQIRTXH (VWR HV GHELGR D TXH ORV FDPELRV GH WHPSHUDWXUD FDXVDQ TXH
GLVWLQWRVHOHPHQWRVLQWHUQRVVHH[SDQGDQRFRQWUDLJDQGHPRGR TXHQR
FRLQFLGDFRQODHVFDODGHGLVWDQFLDVFRQODPHGLFLµQHIHFWLYD(VWHHIHFWR
SXHGHVHUP£VRVWHQVLEOHHQDMXVWHLQĥQLWR
23(5$&,21=220
*LUHHODURGHO=RRPKDVWDODSRVLFLµQGHVHDGD
,17(5583725/0,7('((1)248(
(VWH REMHWLYR YLHQH HTXLSDGR FRQ XQ LQWHUUXSWRU GH HQIRTXH TXH SHUPLWH
OLPLWDUHOUDQJR$))LJ  (OLQWHUUXSWRUWLHQHORVWUHVPRGRVVLJXLHQWHV
ä)8////(12'LVWDQFLDP¯QLPDHQIRTXHaп
äPa п
ä'LVWDQFLDP¯QLPDHQIRTXHaP
$&(5&$'(/26(/(67$%,/,=$'2537,&2&$5$&7(567,&$6
VWDOHQWH26FRQHVWDELOL]DGRUµSWLFRFRPSHQVDHOGHVHQIRTXHSURYRFDGR
SRUHOPRYLPLHQWRRWHPEORU&RQGLFKDOHQWHVHSXHGHQWRPDUIRWRJUDI¯DVD
XQDYHORFLGDGGHOREWXUDGRUYHFHVP£VOHQWDGHORKDELWXDOVLQRVHXVDU£
HOHVWDELOL]DGRU26\DXQDV¯FRQVHJXLUUHVXOWDGRVQ¯WLGRV
)LMDU 26 (VWDELOL]DGRU SWLFR FDPELDU D PRGR  )LJ 3UHVLRQDU HO
GLVSDUDGRU D PHGLR FDPLQR FRQĥUPDU TXH OD LPDJHQ HQ HO YLVRU DSDUHFH
HVWDEOH\HQWRQFHVWRPDUODIRWRJUDI¯D7DUGDDSUR[LPDGDPHQWHVHJXQGR
HQ SURGXFLU XQD LPDJHQ HVWDEOH WUDV KDEHU SUHVLRQDGR HO GLVSDUDGRU (O
PRGRGHWHFWDHOWHPEORUYHUWLFDOGHODF£PDUD\VROXFLRQDHOFRQVLJXLHQWH
GHVHQIRTXH(VHIHFWLYRHQREMHWRVHQPRYLPLHQWR
Ŧ(O FRPSHQVDGRU GHO GHVHQIRTXH GHO HVWDELOL]DGRU µSWLFR HV HIHFWLYR HQ
WRPDVDPDQRDO]DGD+D\VLWXDFLRQHVHQODVTXHHO(VWDELOL]DGRUSWLFR
QRHVHĥFLHQWH
ä'LVSDURVUHDOL]DGRVGHVGHXQYHK¯FXORHQPRYLPLHQWR
ä6LHOWHPEORUHVFRQVLGHUDEOH
Ŧ1RGHEHXVDUVHHO(VWDELOL]DGRUGH,PDJHQHQODVVLJXLHQWHVVLWXDFLRQHV
ä&XDQGRHOREMHWLYRF£PDUDHVW«PRQWDGRVREUHXQWU¯SRGH
ä0RGRGHH[SRVLFLµQ%Ú%XOEWLHPSRGHH[SRVLFLµQODUJR
Ŧ/D DOLPHQWDFLµQ GHO HVWDELOL]DGRU µSWLFR SURYLHQH GH OD F£PDUD 6L HO
HVWDELOL]DGRUµSWLFRHVW£DFWLYDGRODFDSDFLGDGGHGLVSDURVHU£PHQRUGH
OR KDELWXDO 6L QR VH GHVHD XVDU HO (VWDELOL]DGRU SWLFR SDUD HYLWDU HO
H[FHVLYRFRQVXPRGHEDWHU¯DVGHEHSRQHUVHHQ2))
Ŧ'HEHDVHJXUDUVHGHDSDJDU2))HO(VWDELOL]DGRUSWLFR26SDUDPRQWDU\
GHVPRQWDUHOREMHWLYR
Ŧ(O(VWDELOL]DGRUSWLFRIXQFLRQDDSHVDUGHHOHYDUHOGHGRGHOGLVSDUDGRU
GXUDQWHHOWLHPSRLQGLFDGRSRUHOREWXUDGRU1XQFDVHGHEHGHVPRQWDUHO
REMHWLYRRODVEDWHU¯DVGHODF£PDUDPLHQWUDVHO(VWDELOL]DGRUHVW«HQXVR
\DTXHSRGU¯DFDXVDUGHIHFWRVHQHOREMHWLYR
Ŧ$ SHVDU GH TXH HQ HO YLVRU OD LPDJHQ DSDUH]FD OLJHUDPHQWH ERUURVD
LQPHGLDWDPHQWHGHVSX«VGHODWRPD\TXHVHLQLFLHHOFLFORGHFDUJDGHO
ĦDVKHVWRQRSURYRFDU£GHIHFWRVHQODIRWRJUDI¯D
Ŧ6L VH DSDJD OD F£PDUD R VH GHVPRQWD HO REMHWLYR FRQ OD IXQFLµQ GH
(VWDELOL]DGRUµSWLFR RSHUDWLYR HOREMHWLYRSXHGH HPLWLUXQUXLGR H[WUD³R
TXHQRHVV¯QWRPDGHXQPDOIXQFLRQDPLHQWR
Ŧ3DUDODVPRQWXUDV1LNRQ\&DQRQODIXQFLµQGH(VWDELOL]DGRUSWLFR26
QR IXQFLRQDU£ FRQ ODV F£PDUDV U«ĦH[ DQDOµJLFDV H[FHSWR ORV PRGHORV
1LNRQ)\&DQRQ(269
,17(5583725'(/02'23(5621$/,=$'2
&RQHOXVRGHO 86% '2&. VH YHQGHSRUVHSDUDGR\ HO VRIWZDUHGHGLFDGR
6,*0$2SWLPL]DWLRQ3URSXHGHSHUVRQDOL]DUODYHORFLGDGGHO$)HOHIHFWR26
\ HO OLPLWDGRU GH IRFR GHO REMHWLYR \ JXDUGDU OD FRQĥJXUDFLµQ FRQ HO
LQWHUUXSWRU GH PRGR SHUVRQDOL]DGR 3DUD P£V LQIRUPDFLµQ SRU IDYRU
FRQVXOWHHOPHQ¼ß$\XGDàGHO6,*0$2SWLPL]DWLRQ3UR
3DUD XQ XVR UHJXODU SRU IDYRU DSDJXH HO LQWHUUXSWRU GH PRGR
SHUVRQDOL]DGR (O LQWHUUXSWRU OLPLWDGRU GH IRFR QR IXQFLRQD FXDQGR HO
PRGRSHUVRQDOL]DGRHVW£DFWLYDGR\FRQĥJXUDGRFRPR&R&ĥJ
(O86%'RFNHVW£GHGLFDGRSDUDFDGDPRQWXUD3RUIDYRUXVHXQDFRQH[LµQ
86%'2&.TXHFRUUHVSRQGDDODPRQWXUDGHVXREMHWLYR1RSRGU£XVDUHO
86%'2&.SDUDGLIHUHQWHVPRQWXUDV
3XHGHGHVFDUJDUHO SURJUDPD6,*0$2SWLPL]DWLRQ3URGH IRUPD JUDWXLWD
GHVGHHOVLJXLHQWHVLWLRZHE  KWWSZZZVLJPDJOREDOFRPGRZQORDG
$52<=$3$7$'(7532'(
(VWHREMHWLYR HVW£HTXLSDGRFRQXQD ]DSDWDSDUDWU¯SRGH &XDQGRDĦRMHHO
FLHUUHGHODURHOREMHWLYR\ODF£PDUDJLUDU£Q OLEUHPHQWH SDUDIDFLOLWDUOHHO
HQFXDGUHYHUWLFDOXKRUL]RQWDOĥJ
&02'(60217$5(/$52'(/7532'(
([LVWHODSRVLELOLGDGGHVDFDUHODURGHOWU¯SRGHSDUDXWLOL]DUHOREMHWLYRHQ
IRWRJUDI¯DDPDQRVLQ«O3DUDHIHFWXDUORSULPHURGHVHQURVTXHHOERWµQGH
EORTXHR\DOLQHHODVH³DOGHODURFRQODSRVLFLµQ5(029(ĥJ
'HVSX«VWLUHGHODURKDFLDDWU£VWDOFRPRVHLQGLFDHQODĥJ\V£TXHOR
&XDQGR GHVHH YROYHU D FRORFDUOR VLJD ORV SDVRV GHVFULWRV HQ IRUPD
LQYHUVD
3RUIDYRUQRFRORTXHHODURHQODSRVLFLµQ5(029(H[FHSWRFXDQGRTXLHUD
VDFDUOR R SRQHUOR HQ FDVR FRQWUDULR HO DUR SRGU¯D GHVSOD]DUVH GH VX
SRVLFLµQ LQDGYHUWLGDPHQWH 5HFXHUGH EORTXHDU HO DUR FRQ HO ERWµQ GH
EORTXHRSDUDHYLWDUTXHJLUH
&XDQGRHOREMHWLYRHVW£PRQWDGRHQODF£PDUDQRVHTXHGHVDFDUHODUR
7(/(&219(57,'25(6
(OREMHWLYR SXHGH XWLOL]DUVHFRQORVFRQYHUWLGRUHV6LJPD[(; R [(;
$SR 2SFLRQDO FRQYLUWL«QGRVH HQ XQ 7HOHREMHWLYR PP )RHQXQ
7HOHREMHWLYRPP)
1RXWLOLFHQLQJ¼QRWURWHOHFRQYHUWLGRUDSDUWHGHORVQRPEUDGRVDQWHULRUPHQWH
6HUHFRPLHQGDXWLOL]DUODYHUVLRQ'*GHORV$SR7HOHFRQYHUWLGRUHVFXDQGR
VHXVDQFDPDUDV'6/5
3XHGHXWLOL]DU HO HQIRTXH DXWRP£WLFRFRQ 9LVLµQ'LUHFWD/LYH9LHZ VL OD
FDPHUDHVW£HQPRGR$)ß'HWHFFLµQSRUFRQWUDVWHà
3$5$62/
&RQ HVWH REMHWLYR VH VXPLQLVWUD XQ SDUDVRO D ED\RQHWD TXH OH SHUPLWH
SUHYHQLUUHĦHMRVLQGHVHDGRVFDXVDGRVSRUXQDLOXPLQDFLµQEULOODQWH&RORTXH
HOSDUDVRO\J¯UHORKDVWDHOWRSHSRVWHULRUPHQWHI¯MHORFRQHOWRUQLOORĥJ
3DUD JXDUGHU HO REMHWLYR \ HO SDUDVRO HQ VX FDMD SULPHUR GHEH VDFDU HO
SDUDVRO\GHVSX«VLQYHUWLUORHQHOREMHWLYR
&255($
&RORTXHODFRUUHDSRUORVSDVDGRUHVWDOFRPRVHPXHVWUDHQODĥJXUD
),/7526
6RODPHQWHGHEHXWLOL]DUVHXQĥOWURFDGDYH]8WLOL]DUGRVRP£VĥOWURVDOD
YH] HVSHFLDOPHQWH ORV GH HIHFWRV FRPR HO SRODUL]DGRU SXHGHQ FDXVDU
YL³HWHRV
&XDQGRXWLOLFHXQĥOWURSRODUL]DGRUHQXQDF£PDUD$)REVHUYHTXHVHDGH
WLSR FLUFXODU 6L XWLOL]D XQ ĥOWUR SRODUL]DGRU GH WLSR OLQHDO HO HQIRTXH
DXWRP£WLFR\ODH[SRVLFLµQDXWRP£WLFDSXHGHQIXQFLRQDULQFRUUHFWDPHQWH
&8,'$'26%$6,&26<$/0$&(1$-(
(YLWH ORV JROSHV R OD H[SRVLFLµQ D WHPSHUDWXUDV H[WUHPDV DOWDVREDMDV
\RKXPHGDG
(QFDVRGHDOPDFHQDMHSRUXQWLHPSRSURORQJDGRHOLMDXQOXJDUIUHVFR\
VHFR SUHIHULEOHPHQWH FRQ EXHQD YHQWLODFLµQ 3DUD HYLWDU GD³RV HQ HO
WUDWDPLHQWRGHORVREMHWLYRVDO«MHORVGHODVERODVRJDVGHQDIWDOLQD
1RXWLOLFHGLOX\HQWHJDVROLQDXRWURVOLPSLDGRUHVRUJ£QLFRVSDUDOLPSLDUOD
VXFLHGDGGHORVREMHWLYRV3DUDOLPSLDUORVXWLOLFHXQSD³RGHWHODVXDYHR
OLPSLDREMHWLYRV
(VWRV REMHWLYRV QR VRQ LPSHUPHDEOHV &XDQGR ORV XWLOLFH HQ OD OOXYLD R
FHUFD GHO DJXD DVHJ¼UHVH GH PDQWHQHUOR VHFR (V SU£FWLFDPHQWH
LPSRVLEOH UHSDUDU ORV PHFDQLVPRV LQWHUQRV HOHPHQWRV GH FULVWDO\
FRPSRQHQWHVHO«FWULFRVGD³DGRVSRUHODJXD
6LKD\FDPELRVV¼ELWRVGHWHPSHUDWXUDSXHGHKDEHUFRQGHQVDFLµQRYHOR
HQ OD VXSHUĥFLH GHO REMHWLYR &XDQGR HQWUH HQ XQD KDELWDFLµQ F£OLGD
YLQLHQGRGHXQOXJDUIU¯RHVUHFRPHQGDEOHPDQWHQHUHOREMHWLYRHQVXFDMD
KDVWDTXHVXWHPSHUDWXUDVHDVHPHMHDODGHODKDELWDFLµQ
(63$2/
9L ULQJUD]LDPR GHOOD SUHIHUHQ]D DFFRUGDWDFL FRQ OÝDFTXLVWR GHO YRVWUR QXRYR
RELHWWLYR6LJPD9LUDFFRPDQGLDPRGLOHJJHUHDWWHQWDPHQWHOHSUHVHQWLLVWUX]LRQL
SULPD GL FRPLQFLDUH D XVDUOR &RQRVFHQGROR PHJOLR YL VDU¢ IDFLOH RWWHQHUQH OH
PLJOLRULSUHVWD]LRQLHVRGGLVID]LRQL
(/(0(17,35,1&,3$/,ĥJ
Ĭ3RUWDĥOWULIURQWDOHDYLWH
ĭ*KLHUDGLYDULD]LRQHGHOODIRFDOH]RRP
Į*KLHUDGLPHVVDDIXRFR
į6FDODGHOOHGLVWDQ]H
İ,QGLFHGLFROOLPD]LRQH
ı,QQHVWR
IJ6HOHWWRUHGLPHVVDDIXRFR
ij/LPLWDWRUHGHOODPHVVDDIXRFR
Ĵ,QWHUUXWWRUH26
ĵ0RGDOLW¢SHUVRQDOL]]DWD
Ķ3DVVRDYLWHSHUWUHSSLHGH
ķ3DUDOXFH
)272&$0(5(1,.21$)
,O IXQ]LRQDPHQWR GL TXHVWR RELHWWLYR ª 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GÝXVRGHOODIRWRFDPHUD
$33/,&$=,21(68/&25320$&&+,1$
8QD YROWD FKH DYUHWH LQVHULWR OR ]RRPQHOOÝLQQHVWR GHOOD IRWRFDPHUD IXQ]LRQHU¢
DXWRPDWLFDPHQWHDOORVWHVVRPRGRGLXQTXDOVLDVLDOWURRELHWWLYRYLVWUX]LRQLSHU
OÝXVRGHOODIRWRFDPHUD
/DVXSHUĥFLHGHOOÝLQQHVWR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DSSRJJLDWHOÝRELHWWLYRVXXQDVXSHUĥFLHSLDQDEDGDQGRD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TXDOHSHUPHWWHXQDSL»
YHORFHHVLOHQ]LRVDPHVVDDIXRFRDXWRPDWLFD
6,*0$$)H&$121$)
3HUDWWLYDUHOÝ$XWRIRFXVLPSRVWDUHODPHVVDDIXRFRVFHJOLHQGRVXOOÝRELHWWLYROD
SRVL]LRQH ß$)à ĥJ 4XDQGR VL GHVLGHUD PHWWHUH D IXRFR PDQXDOPHQWH
VFHJOLHUH VXOOÝRELHWWLYR OD SRVL]LRQH ß0à ,Q TXHVWR FDVR VL PHWWH D IXRFR
UXRWDQGRODJKLHUDGLPHVVDDIXRFR
1,.21$)
3HUDWWLYDUHOÝDXWRIRFXVLPSRVWDUHVXOODIRWRFDPHUDODPRGDOLW¢$)HVFHJOLHUH
VXOOÝRELHWWLYR OD SRVL]LRQH ß$)à ĥJ 4XDQGR VL GHVLGHUD PHWWHUH D IXRFR
PDQXDOPHQWHVFHJOLHUHVXOOÝRELHWWLYRODSRVL]LRQHß0à,QTXHVWRFDVRVLPHWWH
DIXRFRUXRWDQGRODJKLHUDGLPHVVDDIXRFR
&RQVXOWDUH LO OLEUHWWR GÝLVWUX]LRQL GHOOD IRWRFDPHUD SHU YDULDUH OD PRGDOLW¢ GL
PHVVDDIXRFR
3HUDWWDFFKL1LNRQªSRVVLEOHXVDUHVRODPHQWHODPRGDOLW¢$)TXDQGRLOFRUSR
PDFFKLQDULFRQRVFHLOPRWRUHDXOWUDVXRQLFRPHOR+60/DPRGDOLW¢$)QRQª
SRVVLEOHVHLOFRUSRPDFFKLQDQRQULFRQRVFHTXHVWRWLSRGLPRWRUH
4XHVWRRELHWWLYRODVFLDODIDFROW¢GLPHWWHUHDIXRFRPDQXDOPHQWHSHUVLQRDG
DXWRIRFXV LQVHULWR 6H LQIDWWL OD IRWRFDPHUD ª SUHGLVSRVWD SHU LO PRGR GL
IXQ]LRQDPHQWR 2QH 6KRW $) $)6 QRQ Fݪ 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ßSHUVRQDOL]]DWDàFKHVLSUHIHULVFH
6HXVDWHOÝRELHWWLYRFRQPHVVDDIXRFRPDQXDOHDFFHUWDWHYLGHOODQLWLGH]]DGHO
TXDGUR PHGLDQWH RVVHUYD]LRQH GLUHWWD GHOOÝLPPDJLQH FKH VL IRUPD QHO PLULQR
/ÝRSHUD]LRQHªYLYDPHQWHUDFFRPDQGDELOHLQFRQVLGHUD]LRQHGHJOLVFRVWDPHQWL
DLTXDOO LOSLDQRGL PHVVDDIXRFR SX´DQGDU VRJJHWWR LQFDVRGL WRULVEDO]LGL
WHPSHUDWXUDSDUHIIHWWRGHLTXDOLGLYHUVLHOHPHQWLRWWLFLGHOOÝRELHWWLYRSRVVRQR
GLODWDUVLĥQR D HQWUDUH LQ FRQWDWWRUHFLSURFR3HU OD UHJROD]LRQH VXOOÝLQĥQLWRª
SUHYLVWDXQDFRPSHQVD]LRQHVSHFLDOH
0$1295$'(//2=220
)DWHUXRWDUHOD SUHVLQD GL JRPPD VXOODJKLHUDGHOOR]RRP VLQR D UDJJLXQJHUH OD
SRVL]LRQHGHVLGHUDWD
/,0,7$725(',0(66$$)82&2
/ÝRELHWWLYR ª GRWDWR GL OLPLWDWRUH FKH DFFRUFLD OD GLVWDQ]D $) GL PHVVD D IXRFR
DXWRPDWLFDĥJ6LSRVVRQRLPSRVWDUHOHVHJXHQWLWUHGLVWDQ]H
ä)8//'LVWDQ]DPLQPHVVDIXRFRaп
äPaп
ä 'LVWDQ]DPLQPHVVDIXRFRaP
,1)250$=,21,68//(35(67$=,21,2667$%,/,==$725(277,&2
4XHVWÝRELHWWLYR 26 2WWLFDPHQWH 6WDELOL]]DWR HOLPLQD LO PRVVR FDXVDWR GDO
WUHPROLR LPSUHVVR DFFLGHQWDOPHQWH DOOD PDFFKLQD IRWRJUDĥFD &RV® ª SRVVLELOH
ULSUHQGHUHDPDQROLEHUDFRQXQWHPSRGLVFDWWRGDOOHGXHDOOHTXDWWURYROWHSL»
OHQWR FRUULVSRQGHQWH D YDORUL OXFH GD D  ULVSHWWR D TXHOOR FKH VL GRYUHEEH
XVDUHVHQ]DLOGLVSRVLWLYR26HRWWHQHUHIRWRXJXDOPHQWHULFFKHGLGHWWDJOLYLVLELOL
,PSRVWDUH OR 6WDELOL]]DWRUH 2WWLFRVSRVWDQGR LO FXUVRUH VXOOD 0RGDOLW¢  ĥJ
3UHPHUHLOSXVDQWHGLVFDWWRDPHW¢FRUVDDFFHUWDUVLFKHOÝLPPDJLQHQHOPLULQR
VLDIHUPDHTXLQGLVFDWWDUHODIRWR%LVRJQDDWWHQGHUHFLUFDXQVHFRQGRSULPD
FKHOÝLPPDJLQH YLVLELOHQHOPLULQRVLVWDELOL]]LGRSRDYHUSUHPXWRLO SXOVDQWHD
PHW¢FRUVD/DPRGDOLW¢ULOHYDJOLVSRVWDPHQWLYHUWLFDOLHGHOLPLQDLWUHPROLLª
XWLOHSHUULSUHQGHUHVRJJHWWLLQPRYLPHQWR
/DFRPSHQVD]LRQHGHOPRVVRDFFLGHQWDOHRSHUDWDGDOOR6WDELOL]]DWRUH2WWLFRª
HIĥFDFHQHOOHULSUHVHDPDQROLEHUD 
ä 7XWWDYLD HVLVWRQR FRQGL]LRQL GL ULSUHVD LQ FXL OR 6WDELOL]]DWRUH 2WWLFR QRQ
IXQ]LRQDDOWUHWWDQWREHQH
ä 5LSUHVDGDXQYHLFRORLQPRYLPHQWRVHLVREEDO]LVRQRGLXQDFHUWDHQWLW¢
1RQXVDUHOR6WDELOL]]DWRUH2WWLFRQHOOHVHJXHQWLULSUHVH
ä 4XDQGRODIRWRFDPHUDªPRQWDWDVXWUHSSLHGH
ä 4XDQGRVLXVDODSRVD%WHPSROXQJR
/ÝDOLPHQWD]LRQH QHFHVVDULD DOOR VWDELOL]]DWRUH ª GDWD GDOOD IRWRFDPHUD &RQ
OÝRELHWWLYR 26 PRQWDWR OD GXUDWD GHOOH EDWWHULH GHOOD IRWRFDPHUD GLPLQXLU¢
ULVSHWWRDOODGXUDWDFKHDYUHEEHURVHQRQXVDVWHOÝRELHWWLYRVWDELOL]]DWR4XLQGL
VH QRQ XVDWH OD IXQ]LRQH 6WDELOL]]DWRUH 2WWLFR SHU ULVSDUPLDUH OH EDWWHULH
VSRVWDWHOÝLQWHUUXWWRUHVX2))
3ULPDGLWRJOLHUHRPHWWHUHOÝRELHWWLYRDVVLFXUDWHYLFKHOÝLQWHUUXWWRUHVLDVX2))
/R6WDELOL]]DWRUH2WWLFRFRQWLQXDDIXQ]LRQDUHSHUWXWWRLOWHPSRGHOOÝHVSRVL]LRQH
GRSRFKHYRLDYHWHVROOHYDWRLOGLWRGDOSXOVDQWHGLVFDWWR1RQVWDFFDWHPDLOÝRELHWWLYR
GDOODIRWRFDPHUDTXDQGROR6WDELOL]]DWRUH2WWLFRªLQIXQ]LRQHSRWUHVWHGDQQHJJLDUOR
3X´ DFFDGH FKH QHO PLULQR OÝLPPDJLQH DSSDLDPRVVD DSSHQD GRSR FKH VL ª
VFDWWDWRRSSXUHTXDQGRLOĦDVKLQFRUSRUDWRDOODIRWRFDPHUDLQL]LDDFDULFDUVL
&L´QRQFDXVDLPPDJLQLPRVVH
6HODIRWRFDPHUDYLHQHVSHQWDROÝRELHWWLYRWROWRTXDQGRªLQIXQ]LRQHORVWDELOL]]DWRUH
RWWLFROÝRELHWWLYRSRWU¢HPHWWHUHXQVXRQRFL´QRQYDFRQVLGHUDWRXQGLIHWWR
/R6WDELOL]]DWRUH2WWLFR26PRQWDWRVXRELHWWLYLFRQEDLRQHWWD1LNRQH&DQRQQRQ
IXQ]LRQDFRQOHIRWRFDPHUH6/5DSHOOLFRODHFFHWWROD1LNRQ)HOD&DQRQ(269
02'$/,73(5621$/,==$7$
&RQLO'2&.86%YHQGXWRDSDUWHHLOVRIWZDUHGHGLFDWR6,*0$2SWLPL]DWLRQ3URª
SRVVLELOHSHUVRQDOL]]DUHODYHORFLW¢$)ODVWDELOL]]D]LRQH26LOOLPLWDWRUHGLPHVVDD
IXRFR H VDOYDUH L UHODWLYL VHWWDJJL QHOOD 0RGDOLW¢ 3HUVRQDOL]]DWD 3HU PDJJLRUL
LQIRUPD]LRQLFRQVXOWDUHODYRFHß$LXWRàQHOPHQXVL6,*0$2SWLPL]DWLRQ3UR
3HUOÝXVRQRUPDOHFKLXGHUHLOFXUVRUHGHOOD0RGDOLW¢3HUVRQDOL]]DWD,OFXUVRUH
GHO/LPLWDWRUHGL0HVVDD)XRFRQRQªDWWLYRVHODPRGDOLW¢3HUVRQDOL]]DWDªVX
21HLOVHWWDJJLRªVX&R&ĥJ
,O'2&.86%ªVSHFLĥFRSHUFLDVFXQLQQHVWR8VDUHVHPSUHLO'2&.86%DGDWWR
DOOÝLQQHVWRGHOYRVWURRELHWWLYR1RQSRVVRQRHVVHUHXVDWLRELHWWLYLFRQGLYHUVR
LQQHVWRVXOPHGHVLPR'2&.86%
,O VRIWZDUH 6,*0$ 2SWLPL]DWLRQ 3UR SX´ HVVHUH VFDULFDWR JUDWXLWDPHQWH GD
TXHVWRVLWRZHE   KWWSZZZVLJPDJOREDOFRPGRZQORDG
3$662$9,7(3(575(33,('(
/RELHWWLYR SUHVHQWD QHO EDULORWWR XQ SDVVR D YLWH SHU ,DWWDFFR VX WUHSSLHGH
3UHYLR VEORFFR
GHOOD PDQRSROD GL ĥVVDJJLR GHO FROODUH VL SX´ IDU UXRWDUH
OLEHUDPHQWHODIRWRFDPHUDLQPRGR
FKHDVVXPDVHQ]DGLIĥFROW¢VHFRQGRLOFDVR
ODSRVL]LRQHRUL]]RQWDOHRYHUWLFDOHĥJ
&20(5,0829(5(,/&2//$5(3(575(33,(', 
 6H VL YXROH SHU GDUH XQD PDQRYUDELOLW¢ SL» FRQYHQLHQWH DOOÝRELHWWLYR XVDWR D
PDQROLEHUDVLSX´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 ĥQR DG DOOLQHDUH L
ULIHULPHQWLGHOODSRVL]LRQHGLß5(029(àULPR]LRQHĥJ
4XLQGLVLGHYHVSLQJHUHYHUVROÝHVWHUQRLOFROODUHĥQRDOODVXDULPR]LRQHGDOOD
SRVL]LRQHRSHUDWLYDFRPHYLVXDOL]]DWRQHOODĥJXUD
3HU ULPHWWHUH LO FROODUH VXOOÝRELHWWLYR VL GHYH ULSHWHUH LQ VHQVR RSSRVWR OD
SURFHGXUDGHVFULWWD
$WWHQ]LRQHLOFROODUHYDSRUWDWRUXRWDWRĥQRDOODSRVL]LRQHß5(029(àVROWDQWR
TXDQGRVLGHVLGHUDULPXRYHUORGDOOÝRELHWWLYRRORVLULFROORFDLQSRVL]LRQHRSHUDWLYD
VXOORVWHVVRRELHWWLYR1HOOHDOWUHFRQGL]LRQLHVLWXD]LRQLªSHULFRORVRUDJJLXQJHUH
ODSRVL]LRQHß
5(029(
àVLULVFKLDODFDGXWDLQYRORQWDULDGHOOÝRELHWWLYR$OORVWHVVR
WHPSR FL VL ULFRUGL GL ĥVVDUH LO FROODUH QHOOD SRVL]LRQH GHVLGHUDWD PHGLDQWH
OÝDSSRVLWDPDQRSRODGLEORFFRFKHLPSHGLVFHODURWD]LRQHLQYRORQWDULD
4XDQGROÝRELHWWLYRªPRQWDWRVXXQDSSDUHFFKLRIRWRJUDĥFRLOFROODUHQRQSX´
HVVHUHULPRVVR
&,5&$,7(/(&219(57(5
/ÝRELHWWLYRSX´HVVHUHXVDWRFRQJOL$SR7HOH&RQYHUWHUDFFHVVRUL[(;R
(;D LQL]LDUHGDOOR]RRP WHOHPP) RGDOWHOH ]RRPPP )
ULVSHWWLYDPHQWH
1RQXVDUHDOWULWHOHFRQYHUWHUFKHQRQVLDQRTXHOOLLQGLFDWL
&RQOH5HĦH['LJLWDOL6/5VRQRFRQVLJOLDWHOHYHUVLRQL'*GHJOL$SR7HOH&RQYHUWHU
(Ý SRVVLEOH XVDUH OÝDXWRIRFXV TXDQGR VL ª LQ PRGDOLW¢ /LYH 9LHZ VROR FRQ OD
PRGDOLW¢GL$)DULOHYD]LRQHGLFRQWUDVWR
3$5$/8&(
/DQRUPDOHGRWD]LRQHGHOORELHWWLYRFRPSUHQGHXQSDUDOXFHVWDFFDELOHGHOWLSRD
EDLRQHWWD ,O SDUDOXFH SUHYLHQH OH ULĦHVVLRQL GLIIXVH H OH LPPDJLQL VSXULH FKH
SRVVRQRIRUPDUVLSHUHIIHWWRGLIRUWLOXFLHVWUDQHHDOFDPSRGLULSUHVD$GDWWDUH
DQWHULRUPHQWH LO SDUDOXFH H IDUOR UXRWDUH LQ VHQVR RUDULR VLQR DOODUUHVWR TXLQGL
VWULQJHUQHODSLFFRODPDQRSRODDOODEDVHSHUSHUIH]LRQDUQHLOEORFFDJJLRĥJ
3HU VLVWHPDUH ORELHWWLYR FRPSOHWR GL SDUDOXFH QHOODSSRVLWD VFDWROD SULPD VL
GHYHVWDFFDUHLOSDUDOXFHHSRLULDSSOLFDUORLQSRVL]LRQHLQYHUWLWD
&,1*+,$$75$&2//$
/DFLQJKLDDWUDFROODYDDJJDQFLDWDDJOLDSSRVLWLDWWDFFKLFRPHLOOXVWUDWRLQĥJ
),/75,
6LSX´XVDUHXQVRORĥOWURSHUYROWD&RQOÝLPSLHJRGLGXHRSL»ĥOWULHRGLĥOWUL
PROWRVSHVVLFRPHLSRODUL]]DWRULªIDFLOHLQFRUUHUHLQYLJQHWWDWXUH
6HYROHWHDGRSHUDUHXQSRODUL]]DWRUHFRQXQDIRWRFDPHUD$)VFHJOLHWHORGHOWLSR
ßFLUFRODUHà 8Q SRODUL]]DWRUH ßOLQHDUHà LQIDWWL SX´ FRPSURPHWWHUH LO UHJRODUH
IXQ]LRQDPHQWRVLDGHOOÝDXWRIRFXVFKHGHOVLVWHPDGLHVSRVL]LRQHDXWRPDWLFD
&85$(&216(59$=,21(
3URWHJJHWHOÝRELHWWLYRGDFDGXWHHFROSLHGHYLWDWHGLHVSRUORDGDOWHWHPSHUDWXUH
RXPLGLW¢HFFHVVLYD
,QSUHYLVLRQHGLXQSUROXQJDWRSHULRGRGLLQXWLOL]]RFRQVHUYDWHOÝRELHWWLYRLQXQ
SRVWRIUHVFRDVFLXWWRHSRVVLELOPHQWHEHQDHUDWR(YLWDWHGLHVSRUORDYDSRULGL
FDQIRUDRQDIWDOLQDFKHSRWUHEEHURGHWHULRUDPHLGHOLFDWLULYHVWLPHQWLDQWLULĦHVVL
1RQ XVDWH VROYHQWL EHQ]LQD R DOWUL GHWHUJHQWL RUJDQLFL TXDQGR VL WUDWWD GL
HOLPLQDUH GDJOL HOHPHQWL RWWLFL WUDFFH GL VSRUFR R LPSURQWH GLJLWDOL 5LSXOLWHOL
LQYHFHFRQXQSDQQRPRUELGRLQXPLGLWRRFRQXQDFDUWLQDSHUOHQWL
/ÝRELHWWLYRQRQªLPSHUPHDELOH)DWHFKHQRQVLEDJQLTXDQGRORXVDWHVRWWROD
SLRJJLD R YLFLQR DOOÝDFTXD 6SHVVR L PHFFDQLVPL LQWHUQL JOL HOHPHQWL RWWLFL H L
FRPSRQHQWL HOHWWULFL YHQJRQR GDQQHJJLDWL LUULPHGLDELOPHQWH GDOOÝDFTXD 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OÝRELHWWLYRQHOODUHODWLYD
FXVWRGLDĥQFK«ODVXDWHPSHUDWXUDQRQVLVDU¢DGDWWDWDDOODWHPSHUDWXUDDPELHQWH
,7$/,$12
7DFNI¸UDWWGXYDOGH6LJPD  )¸UDWWI§XWVW¸UVWDP¸MOLJDQ\WWDRFKQ¸MHDY
GLWW 6LJPD REMHNWLY UHNRPPHQGHUDU YL DWW GX O¦VHU LJHQRP GHQQD
EUXNVDQYLVQLQJLQQDQGXE¸UMDUDQY¦QGDREMHNWLYHW
'(/$51$61$01)LJ
Ĭ)LOWHUJ¦QJD
ĭ=RRPULQJ
Į)RNXVULQJ
į$YVW§QGVVNDOD
İ,QGH[OLQMH
ı)DWWQLQ
J
IJ2PNRSSODUHIRNXVIXQNWLRQ
ij)RNXVRPU§GHVEHJU¦QVDUH
Ĵ26NQDSS
ĵ&XVWRP0RGH2PNRSSODUHQ
Ķ6WDWLYJ¦QJD
ķ0RWOMXVVN\GG
1,.21$).$0(525
'HWWD REMHNWLY IXQJHUDU S§ VDPPD V¦WW VRP 1LNRQ * XWDQ EO¦QGDUH
DXWRIRNXV REMHNWLY %HURHQGH S§ YLONHQ NDPHUDPRGHOO VRP DQY¦QGV NDQ
YLVVD IXQNWLRQHU VNLOMD )¸U \WWHUOLJDUH GHWDOMHU RP GHWWD VH NDPHUDQV
EUXNVDQYLVQLQJ
0217(5,1*3.$0(5$1
6LJPDREMHNWLYKDUH[DNWVDPPDIDWWQLQJVRPGLQNDPHUDVRULJLQDOREMHNWLY
)¸OM G¦UI¸U EUXNVDQYLVQLQJHQ WLOO GLQ NDPHUD I¸U DWW V¦WWD S§ RFK WDJD DY
REMHNWLY
3§IDWWQLQJHQĥQQVHWWDQWDOHOHNWULVNDNRQWDNWHURFKNRSSOLQJDU6HWLOODWW
K§OOD GHVVD UHQD I¸U DWW I§ E¦VWD NRQWDNW 9LG REMHNWLYE\WH VH WLOO DWW
REMHNWLYHWVIURQWK§OOVQHG§WI¸UDWWXQGYLNDDWWREMHNWLYHWVNDGDV
,167//1,1*$9(;321(5,1*6)81.7,21
6LJPDREMHNWLYVW¦OOVDXWRPDWLVNWLQS§U¦WWIXQNWLRQQ¦UREMHNWLYHWPRQWHUDV
S§NDPHUDQ6HGLQNDPHUDVEUXNVDQYLVQLQJ
6.53(,167//1,1*2&+=220,1*
'HWWDRELMHNWLY ¦UIRUVHWWPHGHQLQE\JJG+60PRWRU+\SHU 6RQLF0RWRU 
+60PRWRPPHGJHUVQDEERFKW\VWDXWRPDWLVNVN¦USHLQVW¦OOQLQJ
6,*0$$)RFK&$121$)
)¸UDXWRIRNXVIXQNWLRQY¦OMIRNXVO¦JHS§REMHNWLYHWWLOOß$)à)LJ2PGX
¸QVNDUDWWIRNXVHUDPDQXHOOWY¦OMIRNXVO¦JHS§REMHNWLYHWLO¦JHà0à'XNDQ
QXIRNXVHUDJHQRPDWWYULGDS§REMHNWLYHWVIRNXVULQJ
1,.21$)
)¸UDXWRIRNXVIXQNWLRQY¦OMIRNXVO¦JHS§REMHNWLYHWWLOOß$)à)LJ2PGX
¸QVNDUDWWIRNXVHUDPDQXHOOWY¦OMIRNXVO¦JHS§REMHNWLYHWLO¦JHà0à'XNDQ
QXIRNXVHUDJHQRPDWWYULGDS§REMHNWLYHWVIRNXVULQJ 
9¦QOLJHQO¦VLNDPHUDQVLQVWUXNWLRQVERNRPKXUGX¦QGUDUIRNXVHULQJVO¦JHW
)¸U 1LNRQ IXQJHUDU HQGDVW DXWRIRNXV PHG NDPHUDKXV VRP VW¸GMHU
XOWUDOMXGVPRWRU W\S +60 $XWRIRNXV NRPPHU LQWH DWW IXQJHUD RP
NDPHUDKXVHWLQWHVW¸GMHUGHQQDW\SDYIRNXVHULQJVPRWRU
0HGGHWWDREMHNWLYNDQGXVW¦OODLQVNDUSDQPDQXHOOW¦YHQLDXWRIRNXVO¦JH 
0HGNDPHUDQLQVW¦OOGS§2QH6KRW$)$)6J§UGHWDWWMXVWHUDVN¦USDQ
PDQXHOOWHIWHUGHWDWWREMHNWLYHWVDXWRIRNXVPRWRUVWDQQDWV§O¦QJHVRP
NDPHUDQVDYWU\FNDUHK§OOVKDOZ¦JVQHUW\FNW
)¸U DWW XQGYLND VNDGRU S§ REMHNWLYHW XQGYLN DWW PDQXHOOW YULGD S§
REMHNWLYHWVIRNXVHULQJVULQJQ¦UREMHNWLYHW¦ULQVW¦OOWS§DXWRIRNXV
ż=220,1*Ž
9ULG]RRPULQJHQI¸UDWWVW¦OODLQ¸QVNDGEU¦QQYLGG
$9671'6%(*516$5(
2EMHNWLYHW¦UXWUXVWDWPHGHQDYVW§QGVEHJU¦QVDUHVRPP¸MOLJJ¸UEHJU¦QVQLQJ
DY DYVW§QGVRPU§GHW VRP REMHNWLYHW V¸NHU LQRP I¸U VQDEEDUH IRNXVWHNQLN
)LJ'HWĥQQVWUHDOWHUQDWLYDWWY¦OMDS§
z)8//1¦UJU¦QVaп
zPa п
z1¦UJU¦QVaP
2026237,6.67$%,/,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 O§QJVDPPDUH ¦Q YDG VRP VNXOOH YDUD P¸MOLJW PHG 26
IXQNWLRQHQIU§QNRSSODG5HVXOWDWÚVNDUSDVNDNQLQJVIULDELOGHU
6W¦OO LQ 26 NQDSSHQ S§ 0RGH  )LJ 7U\FN QHU DYWU\FNDUHQ KDOYY¦JV
NRQWUROOHUDDWWELOGHQ¦UVNDUSLV¸NDUHQWU\FNVHGDQQHUDYWU\FNDUHQKHOWI¸U
DWWWDGLQELOGGHWWDUFDVHNDWW§VWDGNRPPDHQVNDUSELOGHIWHUGHWDWW
GXWU\FNWQHUDYWU\FNDUHQKDOYY¦JV
0RGHNRPSHQVHUDUPRWYHUWLNDODRIULYLOOLJDNDPHUDU¸UHOVHUDOOWV§HIIHNWLY
PRWI¸UHP§OLU¸UHOVH
26¦UHIIHNWLYWYLGKDQGK§OOHQIRWRJUDIHULQJ9LGIRWRJUDIHULQJIU§QIRUGRQL
U¸UHOHNDQ26IXQJHUDPLQGUHEUDSJDI¸UVWDUNDVNDNQLQJDU
$QY¦QGLQWH26Q¦UREMHNWLYHW¦UPRQWHUDWS§VWDWLYHOOHUYLGWDJQLQJS§WLG%
26 IXQNWLRQHQ I§U VWU¸P IU§Q NDPHUDQV EDWWHULHU .DPHUDQ.$1 UHDJHUD
O§QJVDPPDUH RP 26 ¦U S§ 2P GX LQWH GLUHNW DQY¦QGHU 26 ¦U GHW DWW
I¸UHGUDDWWV¦WWD26NQDSSHQLO¦JH2))I¸UDWWVSDUDEDWWHULHURFKI¸UDWW
K¸MDEHUHGVNDSHQS§NDPHUDQ
6¦WW26NQDSSHQLO¦JH2))LQQDQGXPRQWHUDUHOOHUWDUDYREMHNWLYHWIU§Q
NDPHUDQ
26 IXQNWLRQHQ IRUWV¦WWHU DWW YDUD L IXQNWLRQ HIWHU GHW DWW GX VO¦SSW
DYWU\FNDUHQ PHG ĥQJUHW V§ O¦QJH VRP H[SRQHULQJVP¦WDUHQ YLVDU
H[SRQHULQJVY¦UGH 7DJ DOGULJ DY REMHNWLYHW IU§Q NDPHUDQ RFK WDJKHOOHU
DOGULJXUNDPHUDQVEDWWHULHUV§O¦QJHVRP26¦ULIXQNWLRQ2EMHNWLYHWNDQL
V§IDOOVNDGDV
3UHFLVHIWHUGHWDWWGXWDJLWGLQELOGNDQGHWK¦QGDDWWELOGHQVNDNDUWLOOL
V¸NDUHQRFKDWWEOL[WHQVWDUWDUODGGD'HWWDS§YHUNDULQWHGHQELOGGXMXVWWDJLW
2PNDPHUDQVLQWH¦US§HOOHU RPREMHNWLYHWWDVERUWG§ELOGVWDELOLVDWRUQ
NDQGHWWDRUVDNDHWWROMXGGHWWD¦UGRFNQRUPDOWRFKLQJHQIHOIXQNWLRQ
*¦OODQGH&DQRQVDPW1LNRQIDWWDGHREMHNWLYV§IXQJHUDU26IXQNWLRQHQL
NDPHURUPHGĥOPL(1'$67L&DQRQ(269VDPW1LNRQ)
ß&8672002'(à20.233/$5(
*HQRP DWW DQY¦QGD 86%HQKHWHQ V§OG VHSDUDW PHG GHQ DQSDVVDGH
SURJUDPYDUDQ ¦U GHW P¸MOLJW DWW DQSDVVD IRNXVHULQJVKDVWLJKHW26HIIHNW
VDPW IRNXVEHJU¦QVQLQJHQV RPU§GH RFK VSDUD GHVVD LQVW¦OOQLQJDU PHG
ß&XVWRPPRGHàRPNRSSODUHQ<WWHUOLJDUHLQIRUPDWLRQKLWWDUGXXQGHUà+HOSà
L6,*0$2SWLPL]DWLRQ3UR0HQ\Q
)¸U YDUGDJVEUXN Y¦QOLJHQ VW¦QJ DY ß&XVWRP 0RGH 2PNRSSODUHQà L
2))O¦JH)RNXVEHJU¦QVQLQJHQVRPNRSSODUHIXQJHUDU,17(L21O¦JHRFK
O¦JH&HOOHU&ĥJ
86%HQKHWHQ ¦U DQSDVVDG I¸U UHVSHNWLYH IDWWQLQJ 9¦QOLJHQ DQY¦QG GHQ
86%HQKHW VRP PRWVYDUDU GLQ REMHNWLYIDWWQLQJ 86%HQKHWHU I¸U DQGUD
REMHNWLYIDWWQLQJDUIXQJHUDUSDVVDU,17(
6,*0$ 2SWLPL]DWLRQ 3UR ¦U QHGODGGQLQJVEDU XWDQ NRVWQDG IU§Q I¸OMDQGH
ZHEEDGGUHVV   KWWSZZZVLJPDJOREDOFRPGRZQORDG
67$7,9*1*$2&+95,'%$57)67(
2EMHNWLYHW ¦U I¸UVHWW PHG HQ VWDWLYJ¦QJD S§ GHW YULGEDUD I¦VWHW /RVVD
O§VVNUXYHQ S§ I¦VWHW I¸U DWW NXQQD ¦QGUD NDPHUDLQVW¦OOQLQJHQ )¸U
K¸MGIRUPDWI¸UWY¦UIRUPDWHOOHUEDUDI¸UĥQMXVWHULQJĥJ
6+57$5'8$967$7,9)67(7
'HW J§U DWW WD DY VWDWLYI¦VWHW S§ REMHNWLYHW RP GX YLOO /RVVD I¸UVW
O§VVNUXYHQ S§ VWDWLYI¦VWHW YULG VHGDQ VWDWLYI¦VWHW V§ DWW LQGH[P¦UNHW
NRPPHUPLWWI¸U5(029(ĥJ
)¸UVHGDQVWDWLYI¦VWHWEDN§W¸YHUREMHNWLYHWĥJ
)¸UDWW§WHUPRQWHUDVWDWLYI¦VWHWS§REMHNWLYHWJ¸UGXVRP EHVNULYVRYDQ
IDVWWY¦UWRP
6W¦OO LQWH LQ VWDWLYI¦VWHW L 5(029(O¦JHXWRPQ¦UGXVNDWDDYHOOHU
PRQWHUDVWDWLYI¦VWHW2EMHNWLYHWNDQG§DYPLVVWDJIDOODXUVWDWLYI¦VWHW6H
RFNV§WLOODWWO§VDIDVWVWDWLYI¦VWHWPHGO§VVNUXYHQV§DWWREMHNWLYHWLQWH
URWHUDURDYVLNWOLJW
6WDWLYI¦VWHWNDQHMWDVDYQ¦UREMHNWLYHW¦UPRQWHUDWS§NDPHUDQ
207(/(&219(57(56
2EMHNWLYHWNDQDQY¦QGDVWLOOVDPPDQVPHGPHG6LJPD;(;HOOHU;(;
$SR7HOH&RQYHUWHU7LOOEHK¸U 2EMHNWLYHW I¸UYDQGODV G§ WLOO PP)
WHOHREMHNWLYHOOHUPP)WHOHREMHNWLY
$QY¦QGLQWHDQGUD7HOHFRQYHUWHUV¦QGHRYDQOLVWDGH
9L UHNRPPHQGHUDU DWW DQY¦QGD VLJ DY '* YHUVLRQ $32 7HOHFRQYHUWHUV
WLOOVDPPDQVPHG'LJLWDOD6/5NDPHURU
,OLYHYLHZO¦JHWIXQJHUDU$XWRIRNXVI¸UXWVDWWDWWNDPHUDQVW§ULßNRQWUDVW
$)O¦JHàVHEUXNVDQYLVQLQJHQ
027/-866.<''
(WW O¸VWDJEDUW PRWOMXVVN\GG DY EDMRQHWWW\S OHYHUHUDV PHG REMHNWLYHW 9L
UHNRPPHQGHUDU DWW GX DOOWLG DQY¦QGHU PRWLMXVVN\GGHW S§ REMHNWLYHW YLG
IRWRJUDIHULQJI¸UDWWI¸UKLQGUDR¸QVNDG,MXVS§YHUNDQ6¦WWS§PRWOMXVVN\GGHW
YULGPHGVROVWLOOVGHWVWDQQDURFK,§VIDVWPHGO§VVNUXYHQĥJ
9LGVDPWLGLJI¸UYDULQJDYREMHNWLYRFKPRWOMXVVN\GGLPHGI¸OMDQGHY¦VND
WDJI¸UVWDYPRWOMXVVN\GGHWRFKV¦WWVHGDQS§GHWEDNIUDPS§REMHNWLYHW
$;(/5(0
0RQWHUD D[HOUHPPHQ L UHP¸JORUQD VRP YLVDV L ĥJXU   .RQWUROOHUD DIW
UHPPHQVLWWHUVWDGLJW
),/7(5
$QY¦QG HQGDVW HWW ĥOWHU L WDJHW )OHU ĥOWHU HOOHU ULNWLJW WMRFND ĥOWHU NDQ
RUVDNDYLQMHWWHULQJ
$QY¦QGHU GX SRODULVDWLRQVĥOWHU VH WLOODWW GHW ¦U DY GHQ àFLUNXO¦UDàW\SHQ
VRPSDVVDUWLOODXWRIRNXV
2PĥOWHUDQY¦QGVWLOOVDPPDQVPHG$36&DGDSWHUQV¦WWI¸UVWIDVWĥOWUHW
S§REMHNWLYHWVĥOWHUJ¦QJDRP ĥOWUHWV¦WWVS§DGDSWHUQNDQGHWWD JH VN
YLQMHWWHULQJ
(;321(5,1*6.203(16$7,21
%O¦QGDUY¦UGHW S§ PDNURREMHNWLYHW ¦QGUDV YLG IRNXVHULQJHQ EHURHQGH S§
XWGUDJHWS§REMHNWLYHW2PGXDQY¦QGHUHQ77/V\VWHPNDPHUDNRPSHQVHUDU
NDPHUDQV DXWRPDWLN I¸U GHWWD 2P GX DQY¦QGHU HQ O¸V OMXVP¦WDUH HOOHU HQ
LFNH77/EOL[WP§VWHGXNRUULJHUDH[SRQHULQJHQYLGNRUWDDYVW§QG7DE
95'$',772%-(.7,9
8QGYLNH[WUHPDWHPSHUDWXUHURFKVN\GGDREMHNWLYHWPRWVW¸WDURFKVODJ
9LGO¦QJUHWLGVI¸UYDULQJY¦LMHQNDOORFKWRUUSODWV8QGYLNQDIWDOLQVRPNDQ
VNDGDREMHNWLYHWVDQWLUHĦH[EHKDQGOLQJ
$QY¦QGDOGULJ WLQQHUEHQVLQHOOHU DQGUD RUJDQLVNDY¦WVNRU9LGUHQJ¸ULQJ
DQY¦QGHQPMXNOLQVSXWVWUDVDVRPGXNDQN¸SDLGLQIRWRDII¦U
2EMHNWLYHW¦ULQWHYDWWHQV¦NHUW6N\GGDGHWPRWUHJQVQ¸HOOHUYDWWHQVW¦QN
3O¸WVOLJD WHPSHUDWXUY¦[OLQJDU NDQ RUVDND NRQGHQV S§ REMHNWLYHW 9¦QWD
WLOOV REMHNWLYHW RFK NDPHUDQ I§WW VDPPD WHPSHUDWXU VRP RPJLYQLQJHQ
LQQDQGXDQY¦QGHUGHQLJHQ
69(16.$
7DNIRUGL'HKDUNºEWHW6LJPDREMHNWLY)RUDWI§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($)'(/(1(ĥJ
Ĭ)LOWHULQGVNUXQLQJVJHYHLQG
ĭ=RRPULQJ
Į)RNXVHULQJVULQJ
į$IVWDQGVVNDOD
İ,QGH[
ı%DMRQHWIDWQLQ
IJ)RNXVHULQJVPHWRGHRPVNLIWHU
ij)RNXVEHJU¨QVHU
Ĵ26RPVNLIWHUHQ
ĵ&XVWRP0RGH6ZLWFK
Ķ6WDWLYJHYLQG
ķ0RGO\VEO¨QGH
1,.21$).$0(5$(5
'HWWH REMHNWLY IXQJHUHU S§ VDPPH P§GH 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ĦHUHRSO\VQLQJHU
0217(5,1*3.$0(5$+86(7
'HWWH REMHNWLY YLO YHG S§V¨WQLQJ S§ NDPHUDKXVHW DXWRPDWLVN IXQJHUH S§
QºMDJWLJWVDPPHP§GHVRPHWDOPLQGHOLJWREMHNWLY6HYHQOLJVWYHMOHGQLQJHQ
LNDPHUDHWVEUXJVDQYLVQLQJ
Ŧ3§ EDMRQHWIDWQLQJHQV RYHUĦDGH HU GHU HW DQWDO NREOLQJHU RJ HOHNWULVNH
NRQWDNWHU 6ºUJ IRU DW GLVVH HU UHQH IRU DW VLNUH JRG IRUELQGHOVH )RU DW
XQGJ§EHVNDGLJHOVHDIREMHNWLYHWVºUJGDIRUDWSODFHUHGHWPHGIURQWHQ
QHGDGYHGREMHNWLYVNLIW
9$/*$)(.6321(5,1*60(72'(
6LJPDREMHNWLYHWIXQJHUHUDXWRPDWLVNHIWHUPRQWHULQJS§NDPHUDKXVHW6H
YHQOLJVWNDPHUDHWVEUXJVDQYLVQLQJ
)2.86(5,1*2*=220)81.7,21
'HWWHREMHNWLYKDU6LJPDVLQGE\JJHGH+\SHU6RQLF0RWRU+60+60VLNUHU
HQKXUWLJRJO\GOºVIRNXVHULQJ
6,*0$$)RJ&$121$)
)RU DXWRIRNXVIXQNWLRQ VWLOOHV IRNXVY¨OJHUHQ S§ REMHNWLYHW ĥJ S§ à$)à
LQGVWLOOLQJ+YLVGXºQVNHUDWIRNXVHUHPDQXHOWVWLOOHVIRNXVY¨OJHUHQS§à0à
LQGVWLOOLQJ'XNDQMXVWHUHIRNXVHULQJHQYHGDWGUHMHIRNXVHULQJVULQJHQ
1,.21$)
)RUDXWRIRNXVIXQNWLRQY¨OJHV$)IXQNWLRQS§NDPHUDHWRJIRNXVY¨OJHUHQS§
REMHNWLYHW ĥJ VWLOOHV S§ S§ à$)à LQGVWLOOLQJ +YLV GX ºQVNHU DW IRNXVHUH
PDQXHOW VWLOOHV IRNXVY¨OJHUHQ S§ à0à LQGVWLOOLQJ 'X NDQ MXVWHUH
IRNXVHULQJHQYHGDWGUHMHIRNXVHULQJVULQJHQ
Ŧ6HYHQOLJVW,NDPHUDHWVEUXJVDQYLVQLQJKYRUGDQNDPHUDHWVIRNXVIXQNWLRQ
Y¨OJHV
Ŧ)RU1LNRQPRGHOOHUHUGHWNXQPXOLJWDWDQYHQGH$)PHGNDPHUDKXVHGHU
XQGHUVWºWWHU PRWRUHU GUHYHW DI XOWUDO\GEºOJHU V§ VRP +60 $) YLO LNNH
IXQJHUHKYLVNDPHUDKXVHWLNNHXQGHUVWºWWHUGHQQHPRWRUW\SH
Ŧ'HWWHREMHNWLYJLYHURJV§PXOLJKHGIRUDWIRNXVHUHPDQXHOWVHOYRPGHWHU
LQGVWLOOHW WLO DXWRIRNXV 0HG NDPHUDHW LQGVWLOOHW S§ 2QH6KRW $) $)6
NDQ IRNXVHULQJHQ MXVWHUHV PDQXHOW HIWHU DW REMHNWLYHW KDU IRNXVHUHW
DXWRPDWLVNPHQVXGOºVHUNQDSSHQWU\NNHVKDOYWQHG
Ŧ1§U PDQ EUXJHU GHWWH REMHNWLY L PDQXHO IRNXV YLO YL DQEHIDOH DW PDQ
EHNU¨IWHU GHQ NRUUHNWH IRNXVHULQJ L NDPHUDHWV VºJHU 'HWWH DQEHIDOHV
IRUGL GHU NDQ IRUHNRPPH PLQLPDOH IRNXV¨QGULQJHU S J D HNVWUHPH
WHPSHUDWXUIRUVN\GQLQJHU KYLONHWLJHQ NDQ IRU§UVDJH DW HQNHOWH
NRPSRQHQWHULREMHNWLYHWNDQXGYLGHVLJ'HUHUWDJHWKºMGHIRUGHWWHQ§U
REMHNWLYHWVWLOOHVS§XHQGHOLJW
)2.86%(*516(5.1$3
'HWWH REMHNWLY HU IRUV\QHW PHG HQ IRNXVEHJU¨QVHU GHU JºU GHW PXOLJW DW
EHJU¨QVH$)RPU§GHWĥJ'HUNDQY¨OJHVPHOOHPIºOJHQGHWUHLQGVWLOOLQJHU
ä)8//1¨UJU¨QVHaп
äPa п
ä 1¨UJU¨QVHaP
2026237,&$/67$%,/,=(5)81.7,21
'HWWH 26 2SWLFDO 6WDELOL]HU REMHNWLY UHGXFHUHU XVNDUSKHG IRU§UVDJHW 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]HURPVNLIWHUHQ S§  ĥJ 7U\N XGOºVHUNQDSSHQ
KDOYWQHGNRQWUROOHUDWELOOHGHWLVºJHUHQHUVNDUSWRJWDJELOOHGHW'HWWDJHU
FD  VHNXQG IUD XGOºVHUNQDSSHQ WU\NNHV KDOYW QHG WLO ELOOHGHWHU
VWDELOLVHUHW ,QGVWLOOLQJ  UHJLVWUHUHU YHUWLNDOH NDPHUDEHY¨JHOVHU RJ
UHGXFHUHUXVNDUSKHG(IIHNWLYWWLOPRWLYHULEHY¨JHOVH
Ŧ2SWLFDO 6WDELOL]HUÝHQV NRPSHQVDWLRQ IRU NDPHUDU\VWHOVHU HU HIIHNWLY YHG
K§QGKROGWH RSWDJHOVHU 8QGHU GH IºOJHQGH IRUKROG HU 2SWLFDO 6WDELOL]HU
IXQNWLRQHQPXOLJYLVLNNHWLOVWU¨NNHOLJ
ä2SWDJHOVHUIUDHWNºUHWºMLEHY¨JHOVH
ä+YLVGHUHUNUDIWLJHU\VWHOVHUHOOHUEHY¨JHOVHUDINDPHUDHW
Ŧ$QYHQGLNNH2SWLFDO6WDELOL]HUÝHQLIºOJHQGHVLWXDWLRQHU
ä1§UREMHNWLYHWHUPRQWHUHWS§HWVWDWLY
ä9HGRSWDJHOVHUS§%XOEODQJWLGVHNVSRQHULQJ
Ŧ2SWLFDO6WDELOL]HUIXQNWLRQHQI§UVWUºPIUDNDPHUDHW1§U26REMHNWLYHWHU
PRQWHUHW S§ NDPHUDHW RJ DNWLYHUHW YLO NDPHUDHWV RSWDJHNDSDFLWHW S§ HW
V¨WEDWWHULHUY¨UHPLQGUHHQGPHGNRQYHQWLRQHOOHREMHNWLYHU+YLVGXLNNH
DQYHQGHU 2SWLFDO 6WDELOL]HU EºU GX VWLOOH 26 RPVNLIWHUHQ S§ 2))IRUDW
VSDUHS§EDWWHULHW
Ŧ+XVN DW VWLOOH 26 RPVNLIWHUHQ S§ 2)) LQGVWLOOLQJ LQGHQ REMHNWLYHW
PRQWHUHVHOOHUDIPRQWHUHV
Ŧ2SWLFDO 6WDELOL]HUÝHQ IRUWV¨WWHU PHG DW IXQJHUH HIWHU DW GX KDU VOXSSHW
XGOºVHUNQDSSHQ V§ O¨QJH NDPHUDHW YLVHU HNVSRQHULQJVY¨UGLHQ
2EMHNWLYHW P§ LNNH DIPRQWHUHV HOOHU NDPHUDHWV EDWWHUL IMHUQHV PHQV
6WDELOL]HUÝHQHULIXQNWLRQGDGHWNDQEHVNDGLJHREMHNWLYHW
Ŧ6HOYRPVºJHUELOOHGHWNDQYLUNHU\VWHWXPLGGHOEDUWHIWHURSWDJHOVHQRJYHG
VWDUWDIRSODGQLQJHQDIGHQLQGE\JJHGHĦDVKYLOGHWLNNHS§YLUNHELOOHGHWV
NYDOLWHW
Ŧ+YLVNDPHUDHWVOXNNHVHOOHUREMHNWLYHWDIPRQWHUHVPHQV2SWLFDO6WDELOL]HU
IXQNWLRQHQHUDNWLYHUHWNDQREMHNWLYHWDIJLYHHQVXPPHQGHO\GPHQGHWWH
HULNNHHQIHMO
Ŧ)RU 1LNRQ RJ &DQRQ PRGHOOHU YLO 2SWLFDO 6WDELOL]HU 26 IXQNWLRQHQ LNNH
IXQJHUH PHG DQDORJH 6/5 NDPHUDHU XQGWDJHQ PRGHOOHUQH 1LNRQ ) RJ
&DQRQ(269
&8672002'(6:,7&+
9HG DW DQYHQGH 6,*0$ 2%-(.7,9 86% '2&. V¨OJHV VHSDUDW RJ GHQV
GHGLNHUHGH VRIWZDUH 6,*0$ 2SWLPL]DWLRQ 3UR HU GHW PXOLJW DW VSHFLHO
WLOSDVVH $) KDVWLJKHG 26 VWDELOLVHULQJV HIIHNWHQ RJ IRNXV RPU§GH
EHJU¨QVHU ,QGVWLOOLQJHUQH JHPPHV YHG DW NOLNNH S§ &XVWRP 0RGH 6ZLWFK
)RU\GHUOLJHUHLQIRUPDWLRQJ§WLO6,*0$2SWLPL]DWLRQ3URß+HOSàPHQX
7LO DOPLQGHOLJ EUXJ VO§ &XVWRP 0RGH 6ZLWFK IUD )RFXV /LPLWHU 6ZLWFK
YLUNHULNNHQ§UFXVWRPPRGHHUS§21RJVDWL&HOOHU&SRVLWLRQĥJ
6,*0$ 2%-(.7,9 86% '2&. HU GHGLNHUHW WLO KYHU REMHNWLY EDMRQHW W\SH
&DQRQ 1LNRQ 2O\PSXV 6RQ\ 3HQWD[ RVY +XVN DOWLG DW DQYHQGH HQ
6,*0$2%-(.7,986%'2&.VRPSDVVHUPHGGLWREMHNWLYVEDMRQHWIDWQLQJ
'HU ĥQGHV LQJHQ DGDSWHUHU VRP PXOLJJºU DW ĦHUH EDMRQHWW\SHU NDQ
DQYHQGHVS§VDPPH86%'2&.
6,*0$ 2SWLPL]DWLRQ 3UR VRIWZDUHQ NDQ GRZQORDGHV JUDWLV IUD IºOJHQGH
ZHEVLWH   KWWSZZZVLJPDJOREDOFRPGRZQORDG
67$7,9*(9,1'
2EMHNWLYHW HU IRUV\QHW PHG HW VWDWLYJHYLQG 1§U O§VHNQDSSHQ OºVQHV NDQ
NDPHUDRJREMHNWLYGUHMHVWLOKRULVRQWDOHOOHUYHUWLNDOSRVLWLRQĥJ
6'$1$)0217(5(667$7,9)67(7
 2EMHNWLYHWVVWDWLYI¨VWHNDQDIPRQWHUHVS§IºOJHQGHP§GH6WDWLYI¨VWHWV
O§VHVNUXH OºVQHV RJ LQGH[P¨UNHW S§ I¨VWHW VWLOOHV XG IRU 5(029(
PDUNHULQJHQĥJ
 'HUHIWHUWU¨NNHVVWDWLYI¨VWHWOLJHWLOEDJHVRPYLVWL)LJ
6WDWLYI¨VWHW PRQWHUHV LJHQ YHG DW IºOJH VDPPH SURFHGXUH L RPYHQGW
U¨NNHIºOJH
9¨URSP¨UNVRPS§NXQDWLQGVWLOOHVWDWLYI¨VWHWS§5(029(PDUNHULQJHQ
KYLV GX ºQVNHU DW DIPRQWHUH HOOHU PRQWHUH VWDWLYI¨VWHW GD REMHNWLYHW
HOOHUVNDQOºVQHVLJIUDVWDWLYI¨VWHW9¨URJV§RSP¨UNVRPS§DWVS¨QGH
O§VHVNUXHQIRUDWIRUKLQGUHREMHNWLYHWLDWGUHMHVLJXWLOVLJWHW
1§UREMHNWLYHWHUPRQWHUHWS§NDPHUDHWNDQVWDWLYI¨VWHWLNNHDIPRQWHUHV
9('57(/(&219(57(5(
2EMHNWLYHWNDQEUXJHVVDPPHQPHG6LJPDÝV[(;RJ[(;$SR7HOHFRQYHUWHUH
HNVWUDXGVW\U 'HUYHG RSQ§V HQ IRUºJHOVH DI EU¨QGYLGGHQ WLO KHQKROGVYLV
PP)WHOH]RRPREMHNWLYRJWLOPP)WHOH]RRPREMHNWLY
$QYHQGLNNHDQGUHW\SHUWHOHFRQYHUWHUHHQGGHRYHQIRUQ¨YQWH
'HW DQEHIDOHV DW DQYHQGH '* YHUVLRQHQ DI $SR 7HOHFRQYHUWHUQH Q§U GH
EUXJHVVDPPHQPHGHWGLJLWDOW6/5NDPHUD
'HWHUPXOLJWDWDQYHQGHDXWRIRNXVL/LYH9LHZKYLVNDPHUDHWHULQGVWLOOHW
WLOßFRQWUDVWGHWHFWà$)IXQNWLRQ
02'/<6%/1'(
7LOREMHNWLYHWPHGIºOJHUHQPRGO\VEO¨QGHPHGEDMRQHWIDWQLQJ0RGO\VEO¨QGHQ
PRGYLUNHU UHĦHNVHU PY YHG RSWDJHOVHU L PRGO\V 0RQWHU PRGO\VEO¨QGHQ
YHGDWGUHMHGHQPHGXUHWLQGWLOGHQVWRSSHUIDVWVS¨QGGHUHIWHUO§VHVNUXHQ
IRUDWO§VHPRGO\VEO¨QGHQĥJ
)RU DW RSEHYDUH REMHNWLYHW RJ PRGO\VEO¨QGHQ L HWXLHW P§ GX IºUVW
DIPRQWHUHPRGO\VEO¨QGHQRJGHUHIWHUPRQWHUHGHQRPYHQGW
%5(5(0
0RQWHUE¨UHUHPPHQLUHPI¨VWHUQHVRPYLVWLĥJXU
),/7(5
'HUEºUNXQEHQ\WWHVHWĥOWHUDGJDQJHQ$QYHQGHOVHDIWRHOOHUĦHUHĥOWUHRJ
VSHFLHOWW\NNHUHĥOWUHVRPHWSRODULVDWLRQVĥOWHUNDQPHGIºUHYLJQHWWHULQJ
1§UGHUEHQ\WWHVHWSRODULVDWLRQĥOWHUVDPPHQPHGHW DXWRIRNXVREMHNWLY
EHQ\WGDHWĥOWHUDIGHQFLUNXO¨UHW\SH 
*581'/**(1'(9('/,*(+2/'(/6(2*23%(9$5,1*
8QGJ§ K§UGH VWºG VDPW DW XGV¨WWH REMHNWLYHW IRU PHJHW KºMH HOOHU ODYH
WHPSHUDWXUHU
+YLV'HVNDORSEHYDUHREMHNWLYHWXGHQDWEUXJHGHWLO¨QJHUHWLGY¨OJGD
HWNºOLJW RJ WºUWVWHG )RUDWXQGJ§ DW ºGHO¨JJHDQWLUHĦHNVEHKDQGOLQJHQ
S§OLQVHRYHUĦDGHUQHEºUGHWKROGHVERUWHIUDPºONXJOHURJDQGHQNHPLVN
S§YLUNQLQJ
%HQ\W$/'5,*IRUW\QGHUEHQ]LQHOOHUDQGUHRUJDQLVNHRSOºVQLQJVPLGOHUWLO
DW IMHUQH ĥQJHUDIWU\N HOOHU VQDYV IUD OLQVHRYHUĦDGHQ 5HQJºU NXQ YHG DW
EUXJHHQEOºGREMHNWLYNOXGHOOHUOLQVHSDSLU
'HWWHREMHNWLYHULNNHYDQGW¨W9HGEUXJLUHJQYHMUYHGYDQGHWRJOLJQHQGHVºUJ
GDIRUDWKROGHGHWWºUW'HWYLORIWHY¨UHXPXOLJWDWUHSDUHUHOLQVHHOHPHQWHU
RJHOHNWURQLVNHNRPSRQHQWHUGHUKDUY¨UHWLIRUELQGHOVHPHGYDQG
3OXGVHOLJH WHPSHUDWXUXGVYLQJ NDQ IRU§UVDJH DW NRQGHQV HOOHU GXJ YLO
RSVW§S§REMHNWLYHWVRYHUĦDGH1§UGHWHUNROGWXGHQGºUV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.
ڍ᝔൞ᙇشᔞ್ᢴᙰΖԱך։࿇ཀᔞ್ᢴᙰऱᚌᔆࢤ౨Δᨃ൞ጐࠆ᥊
ᐙհᑗΔࠌشছᓮ٣גาᔹᦰءࠌشᎅࣔ஼Ζ
ຝٙᎅࣔ

Ĭᢴᝅ࿭ె
ĭ᧢ྡྷᛩ
Įኙྡྷᛩ
į၏ᠦࠥ৫
İᢴᙰ൷ٽਐᑑ
ı൷ᛩ
IJኙྡྷᑓڤᙇᖗਊၨ
ijኙྡྷૻࡳ
Ĵ߻ᔼၲᣂ
ĵᙇᖗᑓڤਊၨʳ
ĶԿᆬਮຑ൷ஆ
ķᔟ٠ᆝ
ß1LNRQ ؍à6/5 ۞೯ኙྡྷীઌᖲߓ٨
ڼᢴᖞ᧯๻ૠՂፖà؍ൈà* ߓ٨ᢴᙰઌٵΔܛᢴ᧯Ղࠀ޲ڶ๻ᆜ٠എ
ΔႊࠉᔾڇᖲߪՂᓳᆏ٠എΖਚᓮࣹრΔᚨᙇشٽᔞীᇆᖲጟ಻ٽࠌ
شΖᇡൣᓮ೶ᔹᎹՀઌᖲᖙ܂ࠌشᎅࣔ֫םΖ
ڜᇘᢴᙰ
ᢴᙰڜᇘࠩᖲߪ৵Δঁױ۞೯إൄᖙ܂Δᇷறױ೶ᔹઌᖲᎅࣔ஼Ζ
൷ᛩՂڶڍଡሽ՗൷រ֗಻൷ᕴΔᓮঅ਍൷រ堚ᑥΔᒔঅ൷ᏍإᒔΖ
๻ࡳᡜ٠ᑓڤ
ءᔞ್ᢴ൷ٽઌᖲ৵Δ݁ױ಻ٽࢬᏁ܂٤۞೯࿓ݧኙྡྷᖙ܂ΖڶᣂᇡൣΔ
ᓮ਷ᔹઌᖲࠌشਐতΖ
ኙྡྷ֗᧢ྡྷ
ءᢴᙰփᆜ၌ᜢຒ್ሒ +60Ζ၌ᜢຒ್ሒ౨ח۞೯ኙྡྷመ࿓ޓݶ൸
ኑᙩΖ
πᔞ್֗ࠋ౨۞೯ኙྡྷρ
۞೯ኙྡྷᖙ܂ΔലᢴߪՂኙྡྷၨ๻ࡳ੡ $) ۯᆜΙૉᎹՀ඿֫೯
ᓳለྡྷ၏ΔຍױലᢴߪՂኙྡྷၨ๻ࡳ੡ 0) ۯᆜΔᤉۖ᠏೯ኙྡྷᛩ܂ྡྷ
၏ᓳለΖ
π؍ൈ۞೯ኙྡྷρ
۞೯ኙྡྷᖙ܂Δലઌᖲ๻ࡳ੡۞೯ኙྡྷᑓڤΔٵழലᢴߪՂኙྡྷၨ๻ࡳ
$) ۯᆜΙૉᎹՀ඿Ꮑ֫೯ᓳለྡྷ၏ΔຍױലᢴߪՂኙྡྷၨ๻
ࡳ੡ 0) ۯᆜΔᤉۖ᠏೯ኙྡྷᛩ܂ྡྷ၏ᓳለΖ
ኙྡྷᑓڤऱޓޏࡉ๻ࡳΔᓮ㧬ᔹઌᖲᖙ܂֫㡸Ζ
$) פ౨಻ش࣍ 1LNRQ ࿛঴ྨழΔᏁီ׏ᖲጟীᇆਢܡ֭ࠠག၌ᜢं
ኙྡྷ್ሒΔૉᢴᙰլ֭གڼᣊ್ሒΔ۞೯ኙྡྷᖙ܂ലլᔞشΖ
ءᢴᙰױڇ۞೯ኙྡྷᑓڤՀၞ۩֫೯ኙྡྷΖ׽૞ނઌᖲ๻ࡳڇ21(
6+27$)6 ໢്۞೯ኙྡྷᑓڤΔ܃ঁױתਊݶ॰ၨΔڇᢴᙰ۞೯
ኙྡྷ৵٦אԳ֫ᓳᖞྡྷរΖ
ڇ֫೯ኙྡྷᑓڤՀࠌشءᢴᙰΖ່ړ٣ڇᨠནᕴփᨠ઎ኙྡྷਢܡᄷᒔΖ
଺ڂڇᄵ৫஁ฆᄕՕழΔᢴᙰփऱᢴׂױ౨ᄎឩ്ࡉگᜍΔીྡྷរ
ೣฝΖᔞ್ᢴᙰऱྤૻ᎛ྡྷរբቃ٣܂נઌᚨ಻ٽΖʳ
πρʳ
ʳ ല᧢ྡྷᛩ᠏೯۟ٽᔞऱྡྷ၏Ζʳ
ኙྡྷૻࡳၨ
ءᢴᙰࠌشኙྡྷૻࡳפ౨אૻ$) ۞೯ኙྡྷᒤ໮Ζ
ڼפ౨ڶאՀ ଡᙇႈΖ
z٤ᒤ໮)8//່२ኙྡྷ၏ᠦaп
zPa п
z່२ኙྡྷ၏ᠦaP
ڶ26߻ᔼߓอհ௽រ
ڼᢴᙰऱ 26 ߻ᔼߓอ౨྇܅ࢨ௣ೈઌᖲڇࣁ᥊խڂ᎘პᔼ೯ۖᖄ
ીቹቝᔆၦᑓᒫΖ
ᢴᙰڇඔ೯ 26 ߻ᔼߓอᖙ܂ழΔຒ৫ֺإൄ޲๻ڼפ౨ऱપ܅؄్Δ
რܛ౨୲๺ࠌشለኬऱݶ॰ຒ৫ࣁ᥊Δᨃቹׂய࣠ޓ堚㵷Ζ๻ࡳ 26
۟ᑓڤΔਊՀݶ॰ᤩ࣋ၨԫת࠷ྡྷΔڇᐙቝ堚㵷৵Δױ٤ਊ
ݶ॰ᤩ࣋ၨࣁᅃᅝਊՀݶ॰ᤩ࣋ၨԫת࠷ྡྷழΔᢴ᧯փᆜ 26 ߓอપ
אઞழၴ܂൶ྒྷΖᑓڤ Δೠྒྷઌᖲֽؓᔼ೯֗ቃྒྷאإ૿ۖࠐऱ
๯᥊᧯Δאᛧ堚㵷ऱᐙቝΖ
26 ߻ᔼߓอਢ੡֫਍ᢴᙰࣁ᥊ۖ๻ૠΔאՀൣउڼפ౨ࢨய࣠լࠋΖ
ڇ۩ᕍխऱٌຏՠࠠՂތࣁΖ๠ᄀ೯լࡳऱچֱՂၞ۩ތࣁΖ
ᓮܑ૞ڇאՀൣउࠌش 26 ߻ᔼߓอΖ
ᅝᢴᙰᇘᆜڇᆬਮՂ%ݶ॰९ழၴ㇬٠
ᢴᙰ 26 ߻ᔼפ౨ऱሎ܂Δ٤ࠉᘸઌᖲऱሽ౨༼ࠎΔਚઌᖲڇ಻شڼ
ᢴ֗ඔ೯߻ᔼפ౨ԫದࠌشழΔᖲߪऱሽ౨௣౛ၦֺؓൄ௣౛੡೏Δ
੡ᆏઊሽ౨Δᓮᣂຨ 2)) ߻ᔼפ౨ڇլᏁࠌش߻ᔼழ
ലᢴᙰ಻Ղᖲߪࢨ侏ೈழΔ೭ؘല߻ᔼၨ๠ 2)) ᣂຨۯᆜΖ
ᅝᤛ೯ݶ॰ᤩ࣋ၨ৵Δ٠ᖂ᡹ࡳ߻ᔼᇘᆜܛழᖙ܂Δપࡉᡜ٠ଖڇᖲ
փ᧩قழၴઌٵΔڇڼཚၴ֊֎ലᢴᙰฝೈࢨ࠵ೈᖲߪሽۃΔڼױᖄ
ીᢴփ 26 ߻ᔼᇘᆜჾᡏΖ
ڇ٤ਊՀݶ॰ၨழࢨփᆜೂᗉךሽழΔኘᤚᨠནᕴփቹቝലڶ᎘პᔼ
೯Δڼ᥆إൄ෼ွΔኙࢬ᥊ቹቝࠀྤᐙ᥼Ζ
ૉᣂຨઌᖲሽᄭࢨೖش٠ᖂ᡹ࡳ߻ᔼᇘᆜழΔᢴ᧯ࢨᄎ࿇נʳ 䢅Ε䢅ʳ
ᜢ㫠Δڼլਢᜢ㫠ࠀլਢਚᎽംᠲΖ
ᆜڶ 26٠ᖂ߻ᔼ פ౨ऱᢴᙰࠋ౨Ε؍ൈ൷ᛩΔૉ಻ش࣍ႚอဗ
ࣥ໢ᢴ֘٠ઌᖲߪՂΔઌᣂऱ߻ᔼפ౨ലᄎ؈யΙ܀ࠋ౨ (269Ε
؍ൈ ) ᖲীೈ؆Ζ
ᙇᖗᑓڤਊၨ
ࠌش 86% ຑ൷ᑒ֗௽๻ຌٙ 6,*0$2SWLPL]DWLRQ3UR Δױ۞ࡳᆠ۞೯
ኙྡྷຒ৫Ε26 ߻ᔼய࣠֗ኙྡྷ᠙ࡳᒤ໮Δۖ๻ࡳޓױᚏژ࣍ᙇᖗᑓڤ
ਊၨΖᓮ೶ە 6,*0$2SWLPL]DWLRQ3UR ßᚥܗàလ໢אᛧ࠷ޓڍᇷಛΖ
ԫ౳ൣउՀΔᣂൾᙇᖗᑓڤਊၨΔڕၲ㴕ᙇᖗᑓڤਊၨΔࢨ๻ࡳ੡
& &Δኙྡྷ᠙ࡳലլ౨ᖙ܂Ζ
ޢཱིլٵ׬Ցऱᢴᙰ݁௽ໂٺ۞86% ຑ൷ᑒΔլٵ׬Ցऱ 86%
൷ᑒ׽ᔞش࣍ࠡਐࡳᢴᙰΖ
ױطאՀጻీ܍၄Հሉ 6,*0$2SWLPL]DWLRQ3URΚ
KWWSZZZVLJPDJOREDOFRPGRZQORDG
ᆬਮຑ൷ஆ
ڼᢴॵՂᆬਮຑ൷ஆΔ࣋ᠾਮஆலऱ᠙ၨΔᙰױᙟᖲ᧯۞ط᠏೯ࢨ
܂ֽؓڤΕিऴ࠷ࡲࣁ᥊ʳ
ڕ۶侏ೈᆬਮຑ൷ஆ
੡ֱঁ֫਍ࣁ᥊Δױ侏ೈᆬਮຑ൷ஆΔଈ࣋ᠾਮஆலऱ᠙ၨ௕Δਊല
᠙ၨ௕ඝ۟ 5(029(ۯᆜʼΖʳ
ᤉۖല᠙ၨ௕ࢸᠦࡐࡳۯΔᆬਮຑ൷ஆঁױᠾๅΖ
ױૹ៿אՂ࿓ݧΔലᆬਮຑ൷ஆᇘ಻ڃᢴߪՂ
ڇᢴᙰլᏁ侏ೈࢨᇘ಻ڃᆬਮຑ൷ஆழΔ֊ಖլױല᠙ၨ௕ඝ۟
5(029(ۯᆜΔڼױᖄીᢴᙰࡉᖲ᧯ๅᆵᏽچΔٵழᓮല᠙ၨጹ᠙Ζ
ᅝᢴᙰբᇘ಻ڇᖲ᧯ழΔᓮլ૞࠵ೈᆬਮຑ൷ஆΖ
᎛᥊ᏺ၏ᢴ
ڼᢴױ಻شᔞ್ऱ $32(;[ [᎛᥊ᏺ၏ᢴ׼᝜ᆜΔྡྷ ၏
ܛױ։ܑᏺ࢏ሒ PP) PP) ၌᎛᥊ऱᢴΖ
।٨ՂऱᢴᙰΔլױ಻شࠡה঴ྨऱᏺ၏ᢴΖ
ڇ಻ش '6/5 ᑇᒘ໢ᢴ֘٠ઌᖲழΔ㺞௺৬ᤜᢴᙰᚨ಻ش '* ߓ٨ऱ
$32 ᎛᥊ᏺ၏ᢴΖ
ૉઌᖲ $) ۞೯ኙྡྷᑓڤ๻࣍ßኙֺڤàኙྡྷழΔኔழ࠷ནኙྡྷפ౨ױ
ٵழച۩Ζ
٠
ᙟᢴॵ଺ᐗ༺Եڤᔟ٠ᆝΔ،ױ߻ַቹቝᒤ໮א؆ᠧ٠ၞԵᢴփΔᐙ᥼
ቹቝᔆᑇΖᔟ٠ᆝڜᇘΚڇᢴছጤ༺Եᔟ٠ᆝΔאႉழಾֱٻ᠏೯۟ೖ
ַۯᆜΔྥ৵אᔟ٠ᆝՂऱ᠙ၨࡐࡳ٠ᆝ࣍ᢴጤՂΖ
ലᔟ٠ᆝൕᢴᙰՂ侏ՀΔലࠡאଙᆜֱڤ༺Եᢴছጤ༺Եᔟ٠ᆝΔא
ႉழಾֱٻ᠏೯۟ೖַۯᆜΔྥ৵אᔟ٠ᆝՂऱ᠙ၨࡐࡳ٠ᆝ࣍ᢴጤ
ՂΔݙګ৵ঁױگ౏ڃᚏژᢴ๳խ
ᓮലॊ൅ᢀ࣍ቹ  ࢬقຝٝΖ
ޢڻ׽ױࠌشԫ࣭ៀᢴΖڕ࣠ࠌش࣭ࠟאՂ֗Яࢨࠌشೣ٠ᢴ࿛௽দ
ៀᢴΔຟױ౨ᄎທګᄉᐙΖ
$) ઌᖲᚨᙇشႽݮೣ٠ᢴΖ
অ塄֗ژ࣋
ᚨᝩ܍ᐳᚰࢨऴ൷ᆜ࣋ڇᎩᑷΕᄕܐࢨᑪᛘऱᛩቼՀΖ
ڕ࣠૞९ཚژ࣋Δࡵᙇᖗອළ೓෯֗ຏଅߜړऱچֱΖ੡Աঅᥨᢴᙰ
ऱףᓂᐋΔࡵ᎛ᠦ߻៽Մࢨ߻៽Մ࿇נ௛᧯ऱچֱΖ
ᢴׂՂऱۆৃࢨਐెױشਫຌპᛘऱᢴᙰؒࢨᢴᙰ౐堚ᑥΔ൫֊֎ش
ᄫᕪΕ૖ࢨࠡהڶᖲ堚ᑥᕪΖ
ءᢴᙰࠀլ߻ֽΔՀॸࢨ൷२ֽᄭழࠌش௽ܑ՛֨Δ֊֎ݫᛘΖଣૉ
փຝᖲٙΕᢴׂ֗ሽ՗ሿٙڂ࠹ᛘݫჾΔՕຟྤऄଥ෻Ζ
ᄵ৫ડ᧢ױ౨ᄎחᢴᙰ।૿ᕩ࿨ᣆ௛ࢨֽរΔڂڼڇ֚௛༃ܐழၞԵᄊ
ࡉऱ৛փᛩቼΔ່ړലᢴᙰ࣋ڇᢴᙰ๳փΔऴ۟ᢴᙰᄵ৫൷२৛ᄵ੡ַΖ
ʳ
׽⃰شՊխ㧺ʳ 䣈
֫քẊٲ呐ढ凝ऱټ㲯א֗ژڇᩓܡʳ
ڶ੅ڶ୭ढ凝ࢨցై
ຝٙټ㲯
3E
ޤ
+
J

&G
ք᪔卲
&U
ڍᖾ侶૖
3%%
ڍᄽԲ૖ㅘ
3%'(
؆㨆 ८㺉ຝٙg Ũ Ũ Ũ Ũ Ũ
؆㨆 䰵౟ຝٙŨ Ũ Ũ Ũ Ũ Ũ
ഗࣨຝٙ g Ũ Ũ Ũ Ũ Ũ
٠䝤ຝٙ Ũ Ũ Ũ Ũ Ũ Ũ
᫕ඳຝٙ Ũ Ũ Ũ Ũ Ũ Ũ
׽⃰شՊխ㧺
Ũ।ق具ڶ੅ڶ୭ढ凝ڇ具ຝٙࢬڶढ݁凝ޗறխऱܶၦ݁ڇ 6-7
䰬଱億ࡳऱૻၦ૞ޣאՀΖ
g।ق具ڶ੅ڶ୭ढ凝ࠩڇ具ຝٙऱਬԫ݁凝ޗறխऱܶၦ၌נ 6-7
䰬଱億ࡳऱૻၦ૞ޣΖ
 䨞ݮܶ㠼 ڼ䰬兘ਢ⃰شՊڇխ㧺ቼ㡕历ഇऱ䶣՗允ஒ䣈঴ऱ㩾অࠌش
ཚૻΖڼ䣈঴ࠌشृ׽૞ᙅښڜ٤ࡉࠌشՂऱࣹრࠃ咊Δ㡘س䣈հֲದऱԼڣ
ࢨնڣཚ吗լ㢸㢑㩾ቼۆ਩ΔՈլ㢸㢑Գߪࡉ凗䣈ທګૹՕᐙ㫠Ζ
խ֮ᎅࣔ஼
ʳ
㐐Ἤ⫼ ⥀㪼⪰ Ạ㢹䚨㨰㊈㉐ ␴␜䢼 ᵄ㇠䚝⏼␘⸬ ㉘⮹㉐⪰ 㢱㡰㐔 䟸⥀㪼㢌
ὤ⏙㦤㣅 㼜Ἵㇵ㢌 㨰㢌㥄㡸 㥉䞉䚌᷀ 㢨䚨䚌㜠 ㇠㟝䚨 㨰㐐Ὤ ⵈ⣁⏼␘❄䚐
⸬ ㉘⮹㉐⏈ ᴵ 㾨⮈⢰ ⫼㟨䏬ⷸ ḩ㟝㉘⮹㉐⦐ ╌㛨 㢼㡰⮤ ⥀㪼䚡⯝⫼␘
㇠㟝䚌㐐⏈ 䚨␭ 㾨⮈⢰㢌 㼜Ἵ㉘⮹㉐㝴 䚜󰜍 㵬Ḕ䚌㐐Ὤ ⵈ⣁⏼␘
ᷱḔ 㼜Ἵ ⺴㨰㢌⦐ ㇠㟝㣄ᴴ 䙰䚨⪰ 㢹㡸 ᴴ⏙㉥㢨 㢼㏩⏼␘
Š⥀㪼⪰ 㣙㵝䚐 㾨⮈⢰⦐ 䈐㛅 ⵃ ᵉ䚐 ṅ㉔㡸 㡕㙼㡰⦐ 㫵㥅 ⸰ ⚀ 㐐⥙㣙㚔⪰
㸼⣌䚔 ㍌ 㢼㏩⏼␘䏭䢼⥀㪼⬀㡰⦐ 䈐㛅㡸 㫵㥅 ⸰ ᷱ㟤 㐘⮹㢌 㠄㢬㢨 ╝⏼␘
㨰㢌 㼜Ἵ ⺴㨰㢌⦐ ㇠㟝㣄ᴴ 䙰䚨⪰ 㢹ᶤ⇌ Ɒ㫼㤵 ㋄䚨㢌 ⵐ㈑ᴴ⏙㉥㢨 㢼㏩⏼␘
Š㚒◘ 㿕㡸 ⥀㪼⦐⺴䉤 ⺸⫠䚐 㵸 ⵝ㾌䚌⮨ 䈐㛅ṅ㜄 㢌䚌㜠 㬅ṅ䜸ㇵ㢨 ⵐ㈑
䞈㣠㢌 㠄㢬㢨 ╝⏼␘
Š⫼㟨䏬 ⺴⺸㡴 ⸩㣕䚐 Ạ㦤⦐ ╌㛨 㢼㡰⳴⦐ 㦤㐠䚌㜠 㼜Ἵ䚌㐐ὤ ⵈ⣁⏼␘
Šㇰᴵ␴⏈ ᵉ⓸ᴴ ⋆㡴 㥐䖼㡸 Ề㣙䚝⏼␘ᵉ⓸ᴴ 㚱䚐 ㇰᴵ␴ ㇠㟝 㐐 㘤⤠㫼
㜰⥘ᴴ 㢼㏩⏼␘
ᴵ⺴
Ĭ䉤㋀䁇
ĭ㩀⫵
Į䔠䀘㏘ ⫵
įᶤ⫠䖐㐐
İ㫴䖐㉔
ı⫼㟨䏬
IJ䔠䀘㏘ ⯜☐ 㤸䞌㏘㠸㾌
ij䔠䀘㏘㥐䚐㣙㾌
Ĵ26 ㏘㠸㾌
ĵ㇠㟝㣄G 㥉㢌G ⯜☐G ㏘㠸㾌
Ķ䏬⢰㢨䔠☐ ㋀䁇
ķ⥀㪼 䟸☐
⏼䂌$)䇴㢹⮈⢰
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⣁⏼␘
⥀㪼㵝ⵝ
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⣁⏼␘
⫼㟨䏬⮨㜄⏈㦤⫠ᵐ㜤┍㟝 $)㜤┍㟝㣙㾌㤸ὤ㥅㥄☥㢨㢼㏩⏼␘
ㇵ㷌㝘㜰㜄㢌䚌㜠㝘㣅┍Ḕ㣙㢌㠄㢬㢨╌⳴⦐㨰㢌ⵈ⣁⏼␘
㦤⫠
㦤⫠ᵐ ㉘㥉ⵝⷉ㡴 ㋀㫴䚌Ḕ ᷸㐔 㾨⮈⢰ 㥐㦤㇠㢌 ⥀㪼ẤḰ ┍㢰䚌⳴⦐ 㾨⮈⢰
㇠㟝㉘⮹㉐⪰ 㵬Ḕ䚌㐐ὤ ⵈ⣁⏼␘
㸼㥄
㢨 ⥀㪼⏈ 䚌㢨䒰 ㋀⏽ ⯜+60㸼㢀䑀 ⯜䉤⪰㵸㐔㋁䚐 㝘䋔
䔠䀘㏘㝴 㣅┍㢀㢌 㥐ᶤ⪰ 㐘䜸䚌㜴㏩⏼␘
6,*0$$) &$121$)
㝘䋔 䔠䀘㏘ 㣅┍㡸 㠸䚨㉐⏈ ⥀㪼㢌 䔠䀘㏘ ⯜☐ ㏘㠸㾌⪰
³
$)
´
⯜☐⦐ ㉘㥉䚌㐐ὤ
ⵈ⣁⏼␘

Ἤ⫰

䔠䀘㏘⪰ ㍌┍㡰⦐ ㉘㥉䚌㐐ὤ⪰ 㠄䚌㐘 ᷱ㟤
⥀㪼㢌 䔠䀘㏘
⯜☐ ㏘㠸㾌⪰
³
0
´
⯜☐⦐ ㉘㥉䚌㐐⮨ 䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄 㦤㥉㢨 ᴴ⏙䚝⏼␘
1,.21$)
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⪰
³
0
´
⯜☐⦐ ㉘㥉䚌㐐⮨
䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄 㦤㥉㢨 ᴴ⏙䚝⏼␘
㾨⮈⢰㢌䔠䀘㐥⯜☐⪰ⷴᷱ䚌ὤ㠸䚨㉐⏈㾨⮈㇠㟝㉘⮹㉐⪰㵬㦤䚌㐐ὤ
ⵈ⣁⏼␘
⏼䂌⫼㟨䏬㢌ᷱ㟤 㾨⮈⢰ⵈ♈㜄㉐$) 㫴㠄䚨㨰⏈⯜⒬㜄⬀+60
ᵍ㡴㸼㢀䑀⯜䉤ᴴ㫴㠄╝⏼␘ 㾨⮈⢰ⵈ♈㜄㉐㢨⤠䚐⯜䉤䇴㢹㡸
㫴㠄䚨㨰㫴㙾㡰⮨$)ὤ⏙㡴㣅┍╌㫴㙾㏩⏼␘
⥀㪼⏈$) ㉘㥉═ㇵ䈐㜄㉐⬘⎨㛰⦐䙴䏬⸨㥉㢨ᴴ⏙䚝⏼␘ 㾨⮈⢰⪰
21( 6+27㝘䋔䔠䀘㏘㉘㥉䚌㜠 䚝㥄 ㊈䉤ⶸ䏰㡸㊈䉤ㇵ䈐㜄㉐
䔠䀘㏘⫵㡸─⥘䙴䏬⪰⬒㻙⏼␘
䔠䀘㏘⫵㢨ⱨ䚐␴㠸㾌㜄㉐⓸㠄ᶤ⫠㜄㸼㥄㢨⬒㫴㙾㡸㍌⓸㢼㡰⳴⦐
䑀㢬⒈⪰䞉㢬䚌⮨㉐㹠㜵䚌㜠㨰㐡㐐㝘
㩀 ㇠㟝
㩀⫵㡸 ─⥘ 㤵㤼䚐 Ạ⓸⦐ 㸼㥄ᶤ⫠⪰ ⷴ䞈㐐䇩⏼␘
㸼㥄㏘㠸㾌
⥀㪼⏈$)ⷈ㠸⪰㥐䚐䚔㢼⏈㸼㥄㥐䚜㏘㠸㾌ᴴ㢼㏩⏼␘Ἤ⫰
㙸⣌㢌
㉬ᴴ㫴
⯜☐⪰
㉔䈑䚔
㢼㏩⏼␘

ä)8//㺐␜㹠㜵ᶤ⫠a
äPa
ä㺐␜㹠㜵ᶤ⫠aP
262SWLFDO6WDELOL]HU
26 2SWLFDO 6WDELOL]HU ⥀㪼⏈ 㾨⮈⢰㢌 䢈☘⫰㜄 㢌䚨 ⇌䇴⇌⏈ 㢨⴬㫴 䢄⫰
䜸ㇵ㡸 䟜Ḱ㤵㡰⦐ ⸨㥉䚨 㩁⏼␘㢨 ⥀㪼㢌 26 ὤ⏙㡸 㢨㟝䚌⮨ ㇠㟝䚌㫴
㙾㡸 ⚀⸨␘ 㚱 ㏘䊑 ⾔⪬ ㊈䉤㏘䙰☐⪰ 䞉⸨䚔 ㍌ 㢼㛨 ㉔⮹䚐 㢨⴬㫴⪰
㐘㍌㢼
262SWLFDO 6WDELOL]HUஃ㏘㠸㾌⪰0RGHἬ⫰ 㜄⋇ⵌ㊈
⌸⪨Ḕ ⼤ 䑀㢬⒈㢌 㢨⴬㫴ᴴ 㙼㥉㤵㢬㫴 䞉㢬㡸 䚐 䟸 㹠㜵㡸 䚝⏼␘ 
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⏼␘
26 䢈☘⫰⸨㥉ὤ⏙㡴㋄㡰⦐㣕Ḕ㹠㜵㡸䟜Ḱ㤵㢹⏼␘ ␘㢀㢌
㦤ᶨ㜄㉐ 26 㤵㤼䚌᷀㣅┍䚌㫴㙾㡸㢼㏩⏼␘ 
ŀ㟴㫵㢨⏈ 㣄┍㵜㜄㉐ 㹠㜵 ŀ㾨⮈⢰㢌 㟴㫵㢸㢨⇌ 䢈☘⫰㢨 ㇵ␭䢼 䆨 ⚀
␘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 ⚀
26 ὤ⏙㡴㾨⮈⢰㤸㠄㡰⦐㣅┍╝⏼␘ 㾨⮈⢰㜄26⥀㪼⪰㣙㵝䚨26
ὤ⏙㢨䞐㉥䞈╌㛨㢼⏈ᷱ㟤 ┍㢰䚐㾨⮈⢰㜄㤸䋩㤵㢬⥀㪼⪰㣙㵝䚼㡸
⚀⸨␘㹠㜵ᴴ⏙㐐ᴸ㢨㨸㛨☘ᶷ㢹⏼␘ 26ὤ⏙㡸㇠㟝䚌㫴㙾㡸⚀㜄⏈
ⵤ䉤⫠㢌㋀⯜⪰㨸㢨ὤ㠸䚨 26㏘㠸㾌⪰2))㨰㐐ὤⵈ⣁⏼␘ 
㾨⮈⢰㜄⥀㪼⪰㣙㵝䚌ὤ㤸㜄 26㏘㠸㾌ᴴ2))㠸㾌㜄㢼⏈㫴䞉㢬䚨
㨰㐐ὤⵈ⣁⏼␘ 
⊬㻐᷸㜄⊬㻐ᵆ㢨䖐㐐╌⏈㊈䉤ⶸ䏰㡸⋇㡴䟸㜄⓸ 26 ὤ⏙㡴᷸㋁
㣅┍䚝⏼␘ 26 ὤ⏙㣅┍䚌⏈┍㙼㜄⏈㤼␴⦐⥀㪼⪰⺸⫠䚌ᶤ⇌㾨⮈⢰㢌
ⵤ䉤⫠⪰⺸⫠䚌㫴⫼㐡㐐㝘 Ἤ⤻᷀ᷱ㟤⥀㪼㜄㋄ㇵ㡸㢼㏩⏼␘
㹠㜵㾨⮈⢰⇨㣙䙀⣌㐐㢌㻝㤸㢨㐐㣅╔䑀㢬⒈㢨⴬㫴ᴴ䢈☘⥘㉐
⇌䇴⇌⒈⢰⓸㢨⴬㫴㜄⏈㙸ⱨ㜵䛙⓸㨰㫴㙾㡸ᶷ㢹⏼␘
26 ὤ⏙㢨㣅┍䚌⏈┍㙼㾨⮈⢰㤸㠄㢨῰㫴ᶤ⇌⥀㪼ᴴ⺸⫠╔ᷱ㟤
⥀㪼㜄㉐⏈㋀㢀㢨ⵐ㈑䚔㢼㡰⇌㝘㣅┍㡴㙸␍⏼␘
⏼䂌Ḱ㿄⊰⫼㟨䏬㢌ᷱ㟤 ⏼䂌)㿄⊰(269 㥐㞬䚐䙸⪸ 6/5
㾨⮈⢰㝴⏈26ὤ⏙㣅┍╌㫴㙾㏩⏼␘
㇠㟝㠸㾌
86% '2&.ⷸ⓸䑄⬘ Ἤ⫠Ḕ㤸㟝㋀䘸䏬㠜㛨㢬 6,*0$ 2SWLPL]DWLRQ 3UR
㇠㟝䚌⮨㉐ $) ㋁⓸26 䟜ḰἬ⫠Ḕ⥀㪼㢌䔠䀘㏘⫠⴬䉤ⷈ㠸㇠㟝㣄㥉㢌⦐
㢼㡰⮤ ㉘㥉㡴㇠㟝㣄㥉㢌㏘㠸㾌⦐㤴㣙㢼㏩⏼␘ 6,*0$
2SWLPL]DWLRQ3UR ̌⓸㟴̍⮈⎨⦐⬂㡴㥉⸨⪰䞉㢬㢼㏩⏼␘
㥉ὤ㤵㢬㇠㟝㡸㠸䚨 ㇠㟝㣄㥉㢌⯜☐㠸㾌⪰ⅸ㐐ὤⵈ⣁⏼␘ ㇠㟝㣄
㥉㢌⯜☐ᴴ䁐㫸ㇵ䈐⇌&䝭㡴&㉘㥉㢰⚀⏈䔠䀘㏘⫠⴬䉤㏘㠸㾌ᴴ
㣅┍㡸䚌㫴㙾㏩⏼␘Ἤ⫰
86% '2&. ᴵᴵ㢌⫼㟨䏬㜄㇠㟝㢼㏩⏼␘  ␭㐔㢌⥀㪼⫼㟨䏬㜄
ㇵ㢅䚌⏈ 86% '2&. ㇠㟝䚌㐐ὤⵈ⣁⏼␘ ␘⪬⫼㟨䏬⪰ 86% '2&.
㇠㟝䚌㐘㛺㏩⏼␘ 
6,*0$ 2SWLPL]DWLRQ 3UR ␘㢀㢌㠭㇠㢨䏬⪰䋩䚨ⱨ⨀⦐␘㟨ⵏ㡸
㢼㏩⏼␘  KWWSZZZVLJPDJOREDOFRPGRZQORDG
䏬⢰㢨䔠⥀㪼Ḕ㥉
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⏈

㋄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═
5(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⏼␘
⥀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⣁⏼␘
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ⺸⫠䚔 ⚀ ❄⏈ 㣙㵝䚔 ⚀⪰ 㥐㞬䚌Ḕ⏈ ⥀㪼 Ḕ㥉⺴㢌
㠸㾌⪰
5(029(
㜄 ⋇㫴 ⫼㐐ὤ ⵈ⣁⏼␘
⥀㪼ᴴ 㢌⓸䚌㫴 㙾᷀ ⛜㛨㫼 ㍌
㢼㏩⏼␘
❄䚐 ⢱ 㣙㾌⪰ Ḕ㥉㐐䇠 ⚀⏈ ⥀㪼ᴴ ─㙸ᴴ㫴 㙾⓸⦑ ␜␜䢼 㦤㜠
㨰㐐ὤ ⵈ⣁⏼␘
㾨⮈⢰㜄 ⥀㪼⪰ 㣙㵝䚔 ⚀
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⏈ ⥀㪼㜄㉐ ⺸⫠䚔 ㍌
㛺㏩⏼␘
䊈⤼ⶸ䉤㜄␴䚌
㢨 ⥀㪼⏈6LJPD [ (; ❄⏈ [ (; $SR 7HOH &RQYHUWHUV ⷸ⬘
䝬䞌㢨 ╌⮤PP ) ⬑㠄 㩀 ⥀㪼 ❄⏈ PP ) ⬑㠄 㩀
⥀㪼⦐ ㇠㟝䚔 ㍌ 㢼㏩⏼␘
㠸㜄 㛬Ἵ═ 䊈⤼ 䀜ⶸ䉤 㢨㞬㢌 ᶷ㡴 ㇠㟝䚌㫴 ⫼㐡㐐㝘
'6/5 㾨⮈⢰㝴 䚜󰜍 ㇠㟝䚔 ᷱ㟤㤴䢠⏈ '* ⶸ㤸㢌 $SR 7HOH &RQYHUWHU
䚜󰜍 ㇠㟝䚌㐐Ὤ Ề㣙䚝⏼␘
㾨⮈⢰㜄 µFRQWUDVWGHWHFW¶$) ⯜☐ᴴ 㢼㡰⮨ ⢰㢨⽀ ⼤⪰ 䋩䚨 㝘䋔 䔠䀘㏘⪰
㇠㟝䚌㐘 ㍌ 㢼㏩⏼␘
⥀㪼
⥀㪼㜄⏈
ⷔ㟈≫
䇴㢹
㥐ᶤ
ᴴ⏙䚐
䟸☐ᴴ
䔠䚜╌㛨
㢼㏩⏼␘

⥀㪼
䟸☐⏈
㞬⺴⦐⺴䉤
ᵉ䚐
⾏㡰⦐
㢬䚨
Ḕ㏘䏬⇌
䙀⤼㛨
䜸ㇵ㢨
㢰㛨⇌⏈
ᶷ㡸⫽㙸㩁⏼␘
䟸☐ᴴ㢨ㇵ─㙸ᴴ㫴㙾㡸⚀ᾀ㫴㐐᷸ⵝ䛙㡰⦐
─⥘㨰㐔䟸☐⪰
Ḕ㥉䚌ὤ㠸䚨㋄㣕㢨⪰㣔Ἤ㐡㐐㝘Ἤ⫰
⥀㪼㝴䟸☐⪰⸨Ḵ䀴㢨㏘㜄≗ὤ㠸䚨䟸☐⪰⭰㤴㥐ᶤ䚌㐐Ḕᶤ⃬⦐
◘㬅㛨㉐⥀㪼㠸㜄󰜩㨰㐐ὤⵈ⣁⏼␘ 
㌸⒈䏬⣝
 Ἤ⫰Ḱᵍ㢨㛨ᾜⅼ㡸㏠⫵㜄㜤ᷤ䚨㨰㐐ὤⵈ⣁⏼␘
䙸䉤
䙸䉤⏈ 㠄㾍㤵㡰⦐

ᵐ⬀ ㇠㟝䚌㜠 㨰㐡㐐㝘

䞈⮨㨰ⷴ ṅ⣽㤴䚌 ⵝ㫴⪰ 㠸䚌㜠
$) 㾨⮈⢰ ⵃ 㽕ṅ㡸 㠸䚌㜠 䚌䘸⴬⤠⪰ ㇠㟝䚌⏈ 㾨⮈⢰㜄㉐ 䓬ṅ䙸䉤⪰
㇠㟝䚔 ᷱ㟤 㠄䓬ṅ䙸䉤&3/⪰ ㇠㟝䚌㜠 㨰㐡㐐㝘
Ḵ⫠ 㼜Ἵㇵ㢌㨰㢌
㏩ὤ⏈Ḥ䑕㢨㇤䞈㢌㠄㢬㢨╝⏼ 㣙ὤᴸ㇠㟝䚌㫴㙾㡸ᷱ㟤ᶨ㦤㥐㝴
䚜󰜍ⴴ⸽ᴴ⏙䚐㟝ὤ㜄≗㛨⸨Ḵ䚌㜠㨰㐡㐐㝘 ⇌䘸䇼⥀ⵝ㻝㥐ᴴ㢼⏈
ḧ㜄㉐䚜󰜍⸨Ḵ䚌㫴⬄㙸㨰㐡㐐㝘
⥀㪼
⮨㡸
㫵㥅
㋄㡰⦐
⬀㫴㫴
⬄㙸
㨰㐡㐐㝘

⭰㫴
㝘㜰㐐㜄⏈
㜄㛨⽈⦐㛨
⥀㪼⽈⤠㐐⦐
㷡㋀䚌㜠
㨰㐡㐐㝘

㫴ⱬ
☥㡴
㐐䑄䚌Ḕ
㢼⏈
⥀㪼䆨⫠∼
㚕Ḱ
⥀㪼䆨⫠␑
䓌㢨䒰⦐ᴴ⸁᷀␚㙸㨰㐡㐐㝘 ␘⪬㡔ὤ㟝㥐⦐⏈㤼␴⥀㪼㷡㋀⪰Ἴ䚝⏼␘
⥀㪼⏈ⵝ㍌Ạ㦤ᴴ㙸⏼⳴⦐㟤㷐Ɒᴴ㨰㠸㜄㉐㇠㟝Ɒὤ㜄㥊㫴
㙾⓸⦑㨰㢌ⵈ⣁⏼␘
Ἵᷝ䚐㝜⓸ⷴ䞈㜄㢌䚨⥀㪼⇨⺴㜄Ɒⵝ㟬㢨ⵐ㈑䚌⳴⦐㵜ᴴ㟨㞬⺴㜄㉐
♤⡯䚐
㐘⇨⦐
㢨┍
㐐㜄⏈
䀴㢨㏘
⽸␄⸽䍠㜄
≗㛨
㨰㠸㝜⓸㜄
⬒㻈㛨
㇠㟝䚌㐐ὤ
ⵈ⣁⏼␘
㇠㟝㉘⮹㉐
Ȼɥɚɝɨɞɚɪɢɦ ɜɚɫ ɡɚ ɜɵɛɨɪ ɩɪɨɞɭɤɰɢɢ ɮɢɪɦɵ6LJPDɑɬɨɛɵ ɩɨɥɭɱɢɬɶ ɦɚɤɫɢɦɭɦ
ɨɬ ɜɚɲɟɝɨ ɨɛɴɟɤɬɢɜɚ 6LJPD ɩɨɠɚɥɭɣɫɬɚ ɩɪɨɱɢɬɚɣɬɟ ɢɧɫɬɪɭɤɰɢɸ ɩɟɪɟɞ
ɧɚɱɚɥɨɦ ɪɚɛɨɬɵ
ɈɉɂɋȺɇɂȿ ɑȺɋɌȿɃ ɈȻɔȿɄɌɂȼȺɊɂɋ
ĬɊɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ
ĭɄɨɥɶɰɨ ɡɭɦɦɢɪɨɜɚɧɢɹ
ĮɎɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
įɒɤɚɥɚ ɪɚɫɫɬɨɹɧɢɣ
İɅɢɧɢɹ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ ɢ
ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ
ıȻɚɣɨɧɟɬ
IJɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ
ijɈɝɪɚɧɢɱɢɬɟɥɶ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ
Ĵ
ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ26
ĵɉɟɪɟɤɥɸɱɚɬɟɥɶ ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɯ
ɪɟɠɢɦɨɜ
Ķɉɥɨɳɚɞɤɚ ɩɨɞ ɲɬɚɬɢɜ
ķȻɥɟɧɞɚ
ȾɅə ɄȺɆȿɊ ɌɂɉȺ1,.21$)
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
ɄɊȿɉɅȿɇɂȿ Ʉ ɄȺɆȿɊȿ
Ʉɨɝɞɚ ɨɛɴɟɤɬɢɜ 6LJPD ɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɟ ɨɧ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɧɚɱɢɧɚɟɬ
ɪɚɛɨɬɚɬɶ ɤɚɤ ɨɛɵɱɧɵɣ ɪɨɞɧɨɣɲɬɚɬɧɵɣ ɨɛɴɟɤɬɢɜ
Ŧɇɚ 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 ɱɬɨ ɜɵ 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
6,*0$$)ɢ&$121$)
ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $)ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ
ɪɟɠɢɦɟ ± ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ
Ɍɟɩɟɪɶ ɜɵ ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
1,.21$)
ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $) ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ
ɪɟɠɢɦɟ ± ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ
Ɍɟɩɟɪɶ ɜɵ ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
ŦɁɚ ɛɨɥɟɟ ɩɨɥɧɨɣ ɢɧɮɨɪɦɚɰɢɟɣ ɨɛɪɚɬɢɬɟɫɶ ɤ ɢɧɫɬɪɭɤɰɢɢ ɤ ɜɚɲɟɣ ɤɚɦɟɪɟ
ŦɈɛɴɟɤɬɢɜɵ ɫ ɛɚɣɨɧɟɬɨɦ 1LNRQ ɦɨɝɭɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɜ ɪɟɠɢɦɟ
ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɬɨɥɶɤɨ ɫ ɤɚɦɟɪɚɦɢ ɩɨɞɞɟɪɠɢɜɚɸɳɢɦɢ ɭɥɶɬɪɚɡɜɭɤɨɜɵɟ
ɦɨɬɨɪɵ ɩɪɢɜɨɞɚ ɮɨɤɭɫɢɪɨɜɤɢ ɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɞɥɹ +60
ȿɫɥɢ ɤɚɦɟɪɚ ɧɟ ɩɨɞɞɟɪɠɢɜɚɟɬ ɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ
ɚɜɬɨɦɚɬɢɱɟɫɤɚɹ ɧɚɜɨɞɤɚ ɧɚ ɪɟɡɤɨɫɬɶ ɛɭɞɟɬ ɧɟɞɨɫɬɭɩɧɚ
Ŧɗɬɨɬ ɨɛɴɟɤɬɢɜ ɬɚɤɠɟ ɩɨɡɜɨɥɹɟɬ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɭɱɧɭɸ ɜ ɪɟɠɢɦɟ©$)ªȾɥɹ
ɷɬɨɝɨ ɤɚɦɟɪɚ ɞɨɥɠɧɚ ɧɚɯɨɞɢɬɫɹ ɜ ɪɟɠɢɦɟ ɨɞɧɨɤɚɞɪɨɜɨɣ ɫɴɺɦɤɢ ɑɬɨɛɵ
ɫɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɭɱɧɭɸ ɧɚɞɨ ɞɨɠɞɚɬɶɫɹ ɩɨɤɚ ɡɚɤɨɧɱɢɬɶɫɹ ɩɪɨɰɟɫɫ
ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɜ ɦɨɦɟɧɬ ɩɨɥɭ ɩɪɢɠɚɬɢɹ ɤɧɨɩɤɢ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ
Ŧȼɨ 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
ɈȽɊȺɇɂɑɂɌȿɅɖ ȾɂɋɌȺɇɐɂɂ ɎɈɄɍɋɂɊɈȼɄɂ
Ɉɛɴɟɤɬɢɜ ɫɧɚɛɠɺɧ ɨɝɪɚɧɢɱɢɬɟɥɟɦ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ ɤɨɬɨɪɵɣ ɩɨɡɜɨɥɹɟɬ
ɥɢɦɢɬɢɪɨɜɚɬɶ ɞɢɚɩɚɡɨɧ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɚɜɬɨɮɨɤɭɫɧɨɦ ɪɟɠɢɦɟɪɢɫ
ȼɨɡɦɨɠɟɧ ɜɵɛɨɪ ɬɪɺɯ ɪɟɠɢɦɨɜ
äɉɨɥɧɵɣ )8//Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ ɮɨɤɭɫɢɪɨɜɤɢa Đ
äɦa Đ
äɆɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ ɮɨɤɭɫɢɪɨɜɤɢaɦ
ȼɈɁɆɈɀɇɈɋɌɂ ɈɉɌɂɑȿɋɄɈȽɈ ɋɌȺȻɂɅɂɁȺɌɈɊȺ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
ɪɢɫ 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
Ŧɇɟ 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
Ŧɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɨɛɴɟɤɬɢɜɨɜ ɜ ɛɚɣɨɧɟɬɧɵɯ ɦɨɞɢɮɢɤɚɰɢɹɯ1LNRQɢ&DQRQɫ
ɩɥɟɧɨɱɧɵɦɢ ɤɚɦɟɪɚɦɢ ɷɬɢɯ ɫɢɫɬɟɦ ɮɭɧɤɰɢɹ ɨɩɬɢɱɟɫɤɨɣ ɫɬɚɛɢɥɢɡɚɰɢɢ 26
ɛɭɞɟɬ ɧɟɞɨɫɬɭɩɧɚɡɚ ɢɫɤɥɸɱɟɧɢɟɦ ɦɨɞɟɥɟɣ)ɢ&DQRQ(269
ɉȿɊȿɄɅɘɑȺɌȿɅɖ ɉɈɅɖɁɈȼȺɌȿɅɖɋɄɂɏ ɊȿɀɂɆɈȼ
ɂɫɩɨɥɶɡɭɹ86%ɞɨɤ ɫɬɚɧɰɢɸɩɪɨɞɚɟɬɫɹ ɨɬɞɟɥɶɧɨ ɢ ɩɪɨɝɪɚɦɦɧɨɟ ɨɛɟɫɩɟɱɟɧɢɟ
6,*0$ 2SWLPL]DWLRQ 3UR ɜɵ ɦɨɠɟɬɟ ɫɚɦɨɫɬɨɹɬɟɥɶɧɨ ɨɫɭɳɟɫɬɜɥɹɬɶ ɧɚɫɬɪɨɣɤɢ
ɫɤɨɪɨɫɬɢ ɚɜɬɨɮɨɤɭɫɚ ɨɝɪɚɧɢɱɢɬɟɥɹ ɡɨɧɵ ɮɨɤɭɫɢɪɨɜɤɢIRFXVOLPLWHUɢ ɨɩɬɢɱɟɫɤɨɝɨ
ɫɬɚɛɢɥɢɡɚɬɨɪɚ ɢɡɨɛɪɚɠɟɧɢɹ 26 ɇɚɫɬɪɨɣɤɢ ɨɛɴɟɤɬɢɜɚ ɫɨɯɪɚɧɹɸɬɫɹ
ɩɟɪɟɤɥɸɱɚɬɟɥɟɦ ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɯ ɪɟɠɢɦɨɜ&XVWRP0RGH6ZLWFKȾɥɹ ɩɨɥɭɱɟɧɢɹ
ɢɧɮɨɪɦɚɰɢɢ ɨ ɩɨɞɤɥɸɱɟɧɢɢ ɫɬɚɧɰɢɢ ɤ ɤɨɦɩɶɸɬɟɪɭ ɢ ɜɵɩɨɥɧɟɧɢɢ ɧɚɫɬɪɨɟɤ
ɨɛɴɟɤɬɢɜɚ ɨɛɪɚɳɚɣɬɟɫɶ ɜ ɪɚɡɞɟɥ©ɋɩɪɚɜɤɚª ɩɪɨɝɪɚɦɦɵ6,*0$2SWLPL]DWLRQ3UR
Ŧɉɪɢ ɩɨɜɫɟɞɧɟɜɧɨɦ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɨɛɴɟɤɬɢɜɚ ɞɟɪɠɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɯ ɪɟɠɢɦɨɜ ɜɵɤɥɸɱɟɧɧɵɦ ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɨɝɪɚɧɢɱɢɬɟɥɹ ɡɨɧɵ
ɮɨɤɭɫɢɪɨɜɤɢ ɧɟ ɮɭɧɤɰɢɨɧɢɪɭɟɬ ɟɫɥɢ ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɣ ɪɟɠɢɦ ɜɤɥɸɱɟɧ ɢ
ɭɫɬɚɧɨɜɥɟɧ ɫ ɋ ɢɥɢ ɋɪɢɫ 
Ŧ86%ɞɨɤ ɫɬɚɧɰɢɹ ɫɨɜɦɟɫɬɢɦɚ ɬɨɥɶɤɨ ɫ ɨɩɪɟɞɟɥɟɧɧɵɦ ɛɚɣɨɧɟɬɨɦ ɨɛɴɟɤɬɢɜɚ
ɉɨɠɚɥɭɣɫɬɚ ɢɫɩɨɥɶɡɭɣɬɟ ɫɬɚɧɰɢɸ ɞɥɹ ɧɚɫɬɪɨɣɤɢ ɬɨɥɶɤɨ ɬɟɯ ɨɛɴɟɤɬɢɜɨɜ ɞɥɹ
ɤɨɬɨɪɵɯ ɨɧɚ ɩɪɟɞɧɚɡɧɚɱɟɧɚɧɚɩɪɢɦɟɪ ɨɛɴɟɤɬɢɜɵ ɫ ɛɚɣɨɧɟɬɨɦ&DQRQ1LNRQ
6LJPD ɢ ɬɞ
Ŧɉɪɨɝɪɚɦɦɭ 6,*0$ 2SWLPL]DWLRQ 3UR ɦɨɠɧɨ ɛɟɫɩɥɚɬɧɨ ɡɚɝɪɭɡɢɬɶ ɫ ɜɟɛɫɚɣɬɚ
KWWSZZZVLJPDJOREDOFRPGRZQORDG
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ɪɢɫ
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 5(029( ɧɚ ɨɛɴɟɤɬɢɜɟ ɪɢɫ
Ɂɚɬɟɦ ɩɨɬɹɧɢɬɟ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɜ ɧɚɩɪɚɜɥɟɧɢɢ ɩɨɤɚɡɚɧɧɨɦ ɧɚ ɪɢɫɢ
ɫɧɢɦɢɬɟ ɟɝɨ
ŦȾɥɹ 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
ɜɢɧɬ ɜɨ ɢɡɛɟɠɚɧɢɟ ɜɪɚɳɟɧɢɹ ɨɛɴɟɤɬɢɜɚ
Ŧ
ȿɫɥɢ ɨɛɴɟɤɬɢɜ ɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɭ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɧɟ ɦɨɠɟɬ ɛɵɬɶ ɫɧɹɬɨ
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
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɬɟɥɟɤɨɧɜɟɪɬɟɪɵ ɫɬɨɪɨɧɧɢɯ ɩɪɨɢɡɜɨɞɢɬɟɥɟɣ ɞɚɧɧɵɣ ɨɛɴɟɤɬɢɜ
ɫɨɜɦɟɫɬɢɦ ɬɨɥɶɤɨ ɫ ɨɪɢɝɢɧɚɥɶɧɵɦɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ6LJPD
Ŧ
Ɇɵ ɪɟɤɨɦɟɧɞɭɟɦ ɢɫɩɨɥɶɡɨɜɚɬɶ'*$327HOH&RQYHUWHUɫ ɰɢɮɪɨɜɵɦɢ ɡɟɪɤɚɥɶɧɵɦɢ
ɤɚɦɟɪɚɦɢ
Ŧ
ȼ ɪɟɠɢɦɟ ɠɢɜɨɝɨ ɩɪɨɫɦɨɬɪɚ/LYH9LHZɜɨɡɦɨɠɧɨ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ
ɟɫɥɢ ɤɚɦɟɪɚ ɧɚɯɨɞɢɬɫɹ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɩɨ ɦɟɬɨɞɭ ɤɨɧɬɪɚɫɬɧɨɣ
ɞɟɬɟɤɰɢɢ
ȻɅȿɇȾȺ
Ȼɥɟɧɞɚ ɛɚɣɨɧɟɬɧɨɝɨ ɬɢɩɚ ɩɨɫɬɚɜɥɹɟɬɫɹ ɜɦɟɫɬɟ ɫ ɨɛɴɟɤɬɢɜɨɦ Ȼɥɟɧɞɚ ɩɨɦɨɝɚɟɬ
ɩɪɟɞɨɬɜɪɚɬɢɬɶ ɡɚɫɜɟɬɤɭ ɢɥɢ ɛɥɢɤɢ ɧɚ ɫɧɢɦɤɟ ɜɵɡɜɚɧɧɵɟ ɹɪɤɢɦ ɨɫɜɟɳɟɧɢɟɦ ɡɚ
ɩɪɟɞɟɥɚɦɢ ɩɨɥɹ ɮɨɤɭɫɢɪɨɜɤɢ Ⱦɥɹ ɭɫɬɚɧɨɜɤɢ ɛɥɟɧɞɵ ɧɚɞɟɧɶɬɟ ɟɺ ɧɚ ɨɛɴɟɤɬɢɜ ɢ
ɩɨɜɟɪɧɢɬɟ ɩɨ ɱɚɫɨɜɨɣ ɫɬɪɟɥɤɟ ɩɨɤɚ ɨɧɚ ɧɟ ɨɫɬɚɧɨɜɢɬɫɹ ɚ ɡɚɬɟɦ ɡɚɤɪɭɬɢɬɟ ɜɢɧɬ
ɱɬɨɛɵ ɟɺ ɡɚɮɢɤɫɢɪɨɜɚɬɶɪɢɫ
Ŧɞɥɹ ɯɪɚɧɟɧɢɹ ɛɥɟɧɞɭ ɦɨɠɧɨ ɩɟɪɟɜɟɪɧɭɬɶ
ɇȺɉɅȿɑɇɕɃ ɊȿɆȿɇɖ
Ɂɚɤɪɟɩɢɬɟ ɧɚɩɥɟɱɧɵɣ ɪɟɦɟɧɶ ɬɚɤ ɤɚɤ ɩɨɤɚɡɚɧɨ ɧɚ ɢɥɥɸɫɬɪɚɰɢɢ
ɎɂɅɖɌɊɕ
Ŧ
ɉɪɢ 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
ɍɏɈȾ ɂ ɏɊȺɇȿɇɂȿ
Ŧɇɟ ɩɨɞɜɟɪɝɚɣɬɟ ɨɛɴɟɤɬɢɜ ɪɟɡɤɢɦ ɜɫɬɪɹɫɤɚɦ ɪɟɡɤɨɦɭ ɩɟɪɟɩɚɞɭ ɬɟɦɩɟɪɚɬɭɪ ɢ
ɜɨɡɞɟɣɫɬɜɢɸ ɩɨɜɵɲɟɧɧɨɣ ɜɥɚɠɧɨɫɬɢ
ŦȾɥɹ 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
ɢɥɢ ɜɨ 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 DTXLVL©¥R GHVWD REMHFWLYD 6LJPD
6XJHULPRVOKHHQWUHWDQWRXPDOHLWXUDDWHQWDGHVWHPDQXDODQWHVGHDXWLOL]DUD
ĥPGHFRQVHJXLUREWHURVPHOKRUHVUHVXOWDGRV 
'(6&5,2'26&20321(17(6ĥJ
Ĭ
$QHOGHHQFDL[HGHĥOWUR
ĭ$QHOGH=RRP
Į$QHOGH)RFDJHP
į(VFDODGHGLVW¤QFLD
İ/LQKDGH¯QGLFHGHIRFDJHP
ı%DLRQHWD
IJ
6HOHFWRUGRPRGRGHIRFDJHP
ij/LPLWDGRUGH)RFDJHP
Ĵ6HOHFWRU26
ĵ
%RW¥R&XVWRP0RGH
Ķ(QFDL[HGH7ULS«
ķ3£UDVRO
&0$5$61,.21$)
(VWDREMHFWLYDIXQFLRQDFRPRDVREMHFWLYDV1LNRQGHIRFDJHPDXWRP£WLFRWLSR*
VHPDQHOGHDEHUWXUD&HUWDVIXQ©·HVSRGHPQ¥RHVWDUGLVSRQ¯YHLVFRQIRUPHD
FRPELQD©¥R REMHFWLYD  F¤PDUD 3DUD XP HVFODUHFLPHQWR FRPSOHWR FRQVXOWH R
PDQXDOGHLQVWUX©·HVGDVXDF¤PDUD
&20235(1'(5$2%-(&7,9$$2&2532'$&0$5$
4XDQGR SUHQGHU D REMHFWLYD DR FRUSR GD F¤PDUD D PHVPD IXQFLRQDU£
DXWRPDWLFDPHQWH FRPR VH IRVVH XPD REMHFWLYD GD PDUFD GD VXD F¤PDUD
&RQVXOWHRUHVSHFWLYRPDQXDOGHLQVWUX©·HV
1D ]RQD GH HQFDL[H GD REMHFWLYD H[LVWHP Y£ULRV FRQWDFWRV HO«FWULFRV H
HOHFWUµQLFRV 0DQWHQKDRV OLPSRV GH IRUPD D JDUDQWLU XPD ERD OLJD©¥R
(QTXDQWRHVW£DPXGDUDREMHFWLYDFHUWLĥTXHVHGHTXHDFRORFDFRPDSDUWH
IURQWDOSDUDEDL[RDĥPGHHYLWDUGDQLĥFDUDVXSHUI¯FLHGHHQFDL[H
$-867('202'2'((;326,2
$ REMHFWLYD 6LJPD IXQFLRQD DXWRPDWLFDPHQWH TXDQGR « ĥ[DGD QD F¤PDUD
&RQVXOWHRPDQXDOGHLQVWUX©·HVGDVXDF¤PDUD
)2&$*(0(=220
(VWD REMHFWLYD YHP FRP R 0RWRU +LSHU 6µQLFR +60 GD 6LJPD LQFRUSRUDGR 2
+60SHUPLWHXPU£SLGRHVHJXURDXWRIRFR
6,*0$$)H&$121$)
3DUD XWLOL]DU D IRFDJHP DXWRP£WLFD VHOHFFLRQH R PRGR GH IRFDJHP ß$)à QD
REMHFWLYDĥJ6HGHVHMDUXVDUDIRFDJHPPDQXDOFRORTXHRVHOHFWRUGRPRGR
GHIRFDJHPGDVXDREMHFWLYDQDSRVL©¥Rß0à3RGHDMXVWDUDIRFDJHPURGDQGRR
DQHOGHIRFDJHP
1,.21$)
3DUDXWLOL]DUDIRFDJHPDXWRP£WLFDSRQKDDVXDF¤PDUDQRPRGRGHIRFDJHP$)
H VHOHFFLRQH R PRGR GH IRFDJHP ß$)à QD REMHFWLYD ĥJ 6H GHVHMDU XVDU D
IRFDJHP PDQXDO FRORTXH R VHOHFWRU GR PRGR GH IRFDJHP GD VXD REMHFWLYD QD
SRVL©¥Rß0à3RGHDMXVWDUDIRFDJHPURGDQGRRDQHOGHIRFDJHP
&RQVXOWHRPDQXDOGHLQVWUX©·HVGDVXDF¤PDUDSDUDPDLVLQIRUPD©·HVDFHUFD
GDVHOHF©¥RGRPRGRGHIRFDJHP
3DUD 1LNRQ Vµ « SRVV¯YHO XVDU R $) FRP F¤PDUDV TXH VXSRUWHP PRWRUHV
FRQGX]LGRV SRU RQGDV XOWUD VµQLFDV FRPR R +60 2 $) Q¥R IXQFLRQDU£ VH R
FRUSRGDF¤PDUDQ¥RVXSRUWDUHVWHWLSRGHPRWRUHV
(VWDREMHFWLYDWDPE«PSHUPLWHIRFDJHPPDQXDOPHVPRHPPRGR$XWR)RFXV
&RPDP£TXLQDQDRS©¥Rß2QH6KRWà$)SRGHDMXVWDUDIRFDJHPPDQXDOPHQWH
DSµV R DXWR IRFR GD REMHFWLYD H SDUDJHP HQTXDQWR R ERW¥R M£ HVW£ D VHU
SUHPLGR
$R XWLOL]DU HVWD REMHFWLYD QR PRGR GH IRFDJHP PDQXDO UHFRPHQGDVH TXH
FRQĥUPH D IRFDJHP FRUUHFWD QR YLVRU HP YH] GH FRQĥDU H[FOXVLYDPHQWH QD
HVFDOD GH GLVW¤QFLDV (VWD SUHFDX©¥R MXVWLĥFDVH SRUTXH SRGH KDYHU XPD
PXGDQ©DQDIRFDJHPGHYLGRDYDULD©·HVH[WUHPDVGHWHPSHUDWXUDTXHSRGHP
FDXVDPDGLODWD©¥RRXDFRQWUDF©¥RGHY£ULRVFRPSRQHQWHVGDREMHFWLYD7RPH
HVSHFLDOFRQVLGHUD©¥RTXDQGRIRFDUHPLQĥQLWR
3DUDßID]HUXP]RRPà
5RGHRDQHOGHIRFDJHPGHERUUDFKDGR]RRPSDUDDSRVL©¥RGHVHMDGD
/,0,7$'25'()2&$*(0
(VWDREMHFWLYHHVW£HTXLSDGDFRPXPOLPLWDGRUGHIRFDJHPTXHSHUPLWHOLPLWDU
DVGLVWDQFLDVHP$)IRFDJHPDXWRP£WLFDĥJSRVV¯YHOVHOHFFLRQDUXPDGDV
VHJXLQWHVWU¬VSRVL©·HV
ä)8//JDPDWRWDOHQWUH'LVW¤QFLD0¯QLPDGH)RFDJHPa Đ
ä (QWUHPa Đ
ä (QWUH'LVW¤QFLD0¯QLPDGH)RFDJHPaP
62%5($69$17$*(16'(87,/,=$2'$)81226
(67$%,/,=$2237,&$
(VWDREMHFWLYD26FRP(VWDELOL]D©¥RSWLFDFRPSHQVDHIHFWLYDPHQWHDIDOWDGH
QLWLGH] QD LPDJHP FDXVDGD SHOD YLEUD©¥R LQYROXQW£ULD GR FRQMXQWR
P£TXLQDREMHFWLYD &RP HVWD REMHFWLYDSRGHSRU LVVR IRWRJUDIDU D YHORFLGDGHV
GH REWXUD©¥R PDLV UHGX]LGDV DW«  ßSDVVRVà GR TXH SRGHULD ID]HUVHPXVDUD
IXQ©¥R26HREWHUH[FHOHQWHVUHVXOWDGRVFRPXPDQLWLGH]HVSDQWRVD
3DUDXWLOL]DUHVWDIXQ©¥RSRQKDRLQWHUUXSWRU26QRPRGRĥJ3ULPDRERW¥R
GHGLVSDURDW«PHLRYHULĥTXHQRYLVRUVHDLPDJHPHVW£HVW£YHOHWLUHDIRWRJUDĥD
$DSUHVHQWD©¥RGDLPDJHPHVW£YHOGHPRUDFHUFDGHVHJXQGRGHSRLVGHSUHPLU
RERW¥RGHGLVSDURDW«PHLR2PRGRGHWHFWDDYLEUD©¥RYHUWLFDOGDF¤PDUDH
HOLPLQD RV ßUDVWRVà  HĥFD] QD IRWRJUDĥD GH WHPDV TXH VH PRYHP
KRUL]RQWDOPHQWHHPUHOD©¥R¢F¤PDUD
$IXQ©¥RGHFRPSHQVD©¥RGRVßUDVWRVàGR(VWDELOL]DGRUSWLFR«HĥFD]TXDQGR
VHIRWRJUDIDVHPWULS«2(VWDELOL]DGRUSWLFRSRGHQ¥RIXQFLRQDUHĥFD]PHQWH
QDVVHJXLQWHVFRQGL©·HV
ä )RWRJUDĥDVWLUDGDVGHXPYH¯FXORHPPRYLPHQWR
ä 6HDF¤PDUDHVWLYHUHPPRYLPHQWRH[WUHPR
1¥RGHYHXWLOL]DUR(VWDELOL]DGRUSWLFRQDVVHJXLQWHVVLWXD©·HV
ä 4XDQGR DREMHFWLYDHVW£PRQWDGDQXPWULS« 
ä 1DIRWRJUDĥDGHSRVHJUDQGHWHPSRGHH[SRVL©¥R
$ IXQ©¥R GH (VWDELOL]D©¥R SWLFD « DOLPHQWDGD D SDUWLU GD F¤PDUD 6H D
REMHFWLYD 26 HVW£ OLJDGD ¢ VXD F¤PDUD H HVW£ DFWLYDGD D DXWRQRPLD GH
IXQFLRQDPHQWR GD VXD F¤PDUD VHU£ PHQRU GR TXH FRP DV REMHFWLYDV
FRQYHQFLRQDLV XVDGDV FRP D PHVPD F¤PDUD 6H Q¥R XVDU R (VWDELOL]DGRU
SWLFRGHVDFWLYHRLQWHUUXSWRU26QDSRVL©¥R2))SDUDLPSHGLURFRQVXPRGD
EDWHULD
&HUWLĥTXHVH TXH GHVOLJD R 26 FRORFDQGR R LQWHUUXSWRU 26 QD SRVL©¥R 2))
DQWHVGHSUHQGHUDREMHFWLYD¢F¤PDUDRXDQWHVGHDUHPRYHU
2(VWDELOL]DGRUSWLFRFRQWLQXDDIXQFLRQDUGHSRLVGHVROWDURGHGRGRERW¥RGH
GLVSDURHQTXDQWRIRUYLV¯YHORYDORUGDH[SRVL©¥R1XQFDUHPRYDDREMHFWLYDRX
DEDWHULDGDF¤PDUDHQTXDQWRR(VWDELOL]DGRUSWLFRHVWLYHUDIXQFLRQDU6HR
ĥ]HUSRGHGDQLĥFDUDREMHFWLYD
(PERUD D LPDJHP QR YLVRU SRVVD DSDUHFHU D WUHPHU LPHGLDWDPHQWH DSµV R
GLVSDURRXQRLQ¯FLRGRFLFORGHFDUJDGRĦDVKLQFRUSRUDGRQDF¤PDUDHWFHVVH
ßGHIHLWRàQ¥RDSDUHFHQDIRWRJUDĥD
6H D F¤PDUD HVWLYHU GHVOLJDGD RX VH D REMHFWLYD IRU UHPRYLGD GD F¤PDUD
HQTXDQWRR(VWDELOL]DGRUSWLFRHVWLYHUDIXQFLRQDUDREMHFWLYDHPLWHXPVRP
PDVLVVRQ¥RVLJQLĥFDPDXIXQFLRQDPHQWR
3DUDREMHFWLYDVFRPPRQWDJHP1LNRQRX&DQRQRVLVWHPDGHHVWDELOL]D©¥RGH
LPDJHP26Q¥RIXQFLRQDU£FRPF¤PDUDVDQDOµJLFDVFRPH[FHS©¥RGD1LNRQ
)H&DQRQ(269
%272&8672002'(
&RPR86%'2&.YHQGLGRVHSDUDGDPHQWHHRVHXVRIWZDUHGHGLFDGRR6,*0$
2SWLPL]DWLRQ3UR«SRVV¯YHODMXVWDU DYHORFLGDGH $)RHIHLWR26H RVOLPLWHVGR
/LPLWDGRUGH)RFDJHPGHVWDREMHWLYDVHQGRTXHRVDMXVWHVSRGHPVHUJXDUGDGRV
FRPR%RW¥R&XVWRP0RGH3DUDPDLVLQIRUPD©·HVFRQVXOWHRPHQXß+(/3àGR
6,*0$2SWLPL]DWLRQ3UR
3DUDRXVRQRUPDOGHVWDREMHWLYDGHVOLJXHRERW¥R&XVWRP0RGH2/LPLWDGRU
GH)RFDJHPQ¥RIXQFLRQDTXDQGRR&XVWRPPRGHHVW£QDSRVL©¥R21OLJDGR
RXFRODGRQDVSRVL©·HV&H&ĥJ 
2 86% '2&. « GHGLFDGR D FDGD EDLRQHWD 3RU IDYRU XWLOL]H R 86% '2&.
FRUUHVSRQGHQWH £ EDLRQHWD GD VXD REMHWLYD 1¥R SRGHP VHU XWLOL]DGRV 86%
'2&.VGHEDLRQHWDVGLIHUHQWHV
2 6,*0$ 2SWLPL]DWLRQ 3UR SRGH VHU GHVFDUUHJDGR JUDWXLWDPHQWH GR VHJXLQWH
VLWH  KWWSZZZVLJPDJOREDOFRPGRZQORDG
(1&$,;('(75,3(&2/$5 
(VWDREMHFWLYDSRVVXL XPHQFDL[HSDUDRWULS«4XDQGROLEHUWDRDSHUWRGRFRODU
DURDREMHFWLYDHDF¤PDUDSRGHPURGDUOLYUHPHQWHSDUDSRVLFLRQDUIDFLOPHQWHD
F¤PDUDKRUL]RQWDORXYHUWLFDOPHQWHĥJ
&2025(029(52&2/$5'$2%-(&7,9$ 
SRVV¯YHOUHWLUDURHQFDL[HGHWULS«GDREMHFWLYDSDUDVHUPDLVI£FLOIRWRJUDIDU
FRPDP£TXLQDQDP¥RVHRGHVHMDU3DUDLVVROLEHUWHRDSHUWRGRFRODUHDOLQKH
DPDUFDGR¯QGLFHFRPDSRVL©¥R5(029(5HPRYHUĥJ
'HSRLVSX[HRFRODUSDUDWU£VFRPR«PRVWUDGRQDĥJUHWLUDQGRR
4XDQGRGHVHMDUYROWDUDSUHQGHURFRODU¢REMHFWLYDVLJDSURFHGLPHQWRDQWHULRU
DRFRQWU£ULR
3RUIDYRUQ¥RSRQKDRFRODUQDSRVL©¥R5(029(H[FHSWRTXDQGRRUHPRYHURX
RSUHWHQGHUFRORFDUSRUTXHDREMHFWLYDSRGHGHVSUHQGHUVHLQDGYHUWLGDPHQWHH
FDLU /HPEUHVH WDPE«P GH DSHUWDU R FRODU SDUD LPSHGLU D REMHFWLYD GH JLUDU
VHPRTXHUHQGR
4XDQGRDREMHFWLYDHVW£PRQWDGDQDF¤PDUDRFRODUQ¥RSRGHVHUUHPRYLGRGD
REMHFWLYD
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
1¥RXVHWHOHFRQYHUVRUHVGHRXWURVIDEULFDQWHVSRUTXHVµV¥RFRPSDW¯YHLVRV
DFLPDPHQFLRQDGRV
5HFRPHQGDPRVRVWHOHFRQYHUVRUHV'*$32TXDQGRXVDUF¤PDUDV'6/5
SRVVLYHODXWLOL]D©¥RGHIRFDJHPDXWRPDWLFHPPRGRß/LYH9LHZàVHDF¤PDUD
HVWLYHHPPRGR$)ßFRQWUDVWGHWHFWà
35$62/
3£UDVRO GH EDLRQHWD « IRUQHFLGR FRP D REMHFWLYD 2 3£UDVRO DMXGD D HYLWDU RV
UHĦH[RV H LPDJHQV ßIDQWDVPDVà FDXVDGDV SHOD H[WUHPD OXPLQRVLGDGH $QH[H R
3£UDVROHJLUHQRVHQWLGRKRU£ULRDW«HODSDUDUGHJLUDUHQW¥REORTXHDURERW¥R
SDUDĥ[DUR3£UDVROQROXJDUĥJ
3DUDFRORFDUDREMHFWLYDHRS£UDVROQDEROVD«SULPHLURQHFHVV£ULRUHPRYHUR
S£UDVROHWRUQDUDFRORF£ORQDSRVL©¥RLQYHUVDQDREMHFWLYD
&255(,$20%52
3RUIDYRUĥ[DUDDO©DGHRPEURSDUDDIXQGDFRPRGHVFULWRQDĥJXUD
),/752
6µVHGHYHXWLOL]DUXPĥOWURGHFDGDYH]6HXVDUGRLVRXPDLVĥOWURVRXĥOWURV
PDLV HVSHVVRV FRPR RV ĥOWURV SRODUL]DGRUHV SRGH FDXVDU R HIHLWR GH
YLQKHWDJHP
4XDQGRXVDUXPĥOWURSRODUL]DGRUFRPXPDF¤PDUD$)XVHXPGRWLSRFLUFXODU
&8,'$'26%6,&26($50$=(1$0(172
(YLWH TXDLVTXHU FKRTXHV RX D H[SRVL©¥R D WHPSHUDWXUDV H[FHVVLYDV RX ¢
KXPLGDGH 
3DUDDUPD]HQDPHQWRSRUXPORQJRSHU¯RGRGHWHPSRHVFROKDXPORFDOIUHVFRH
VHFR GH SUHIHU¬QFLD EHP YHQWLODGR 3DUD HYLWDU GDQLĥFDU D FREHUWXUD GD
REMHFWLYDPDQWHQKDDIRUDGRDOFDQFHGDQDIWDOLQDRXGHSURGXWRVVLPLODUHV
1¥R XWLOL]H GLOXHQWHV EHQ]LQD RX RXWURV SURGXWRV GH OLPSH]D RUJ¤QLFRV SDUD
UHPRYHUDVXMLGDGHRXDVGHGDGDVGRVFRPSRQHQWHVGDREMHFWLYD/LPSHFRP
XPSDQRPDFLRHKXPHGHFLGRRXFRPXPWHFLGRSUµSULRSDUDOLPSH]DGHOHQWHV
(VWDREMHFWLYDQ¥R«¢SURYDGH£JXD4XDQGRDXVDU¢FKXYDRXSHUWRGH£JXD

LPSH©DTXHHODVHPROKHTXDVHVHPSUHLPSRVV¯YHOUHSDUDUPHFDQLVPRVLQWHUQRV
HOHPHQWRVGDREMHFWLYDHFRPSRQHQWHVHO«FWULFRVGDQLĥFDGRVSHOD£JXD
$VPXGDQ©DVEUXVFDVGHWHPSHUDWXUDSRGHPFDXVDUFRQGHQVD©¥RRXHPEDFLDU
D VXSHUI¯FLH GD REMHFWLYD 4XDQGR HQWUDU QXP TXDUWR DTXHFLGR YLQGR GXP
H[WHULRU IULR « DFRQVHOK£YHO FRQVHUYDU D REMHFWLYD QR HVWRMR DW« TXH D VXD
WHPSHUDWXUDVHDSUR[LPHGDWHPSHUDWXUDDPELHQWH
32578*86 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 Ú இٻજࢨ̿ྙ 
ဒ ᚌ Úr ȕǣȫǿȸǵǤǺ PP
இݱ዁Ǔஇٻࢲ ;μᧈ [PP
இჺજࢨុᩉ ÚP ᣻ ᣽ J
ٻƖƞ᣻ƞƸŴǷǰȞȞǦȳȈƷNjƷưƢŵ
z$32 ȬȳǺƸཎഷ˯Ў૝ǬȩǹǛ̅ဇƠƯƍLJƢŵƜƷȬȳǺƸ஬ឋƷཎࣱɥŴݱƞƳൢණǛٶ
ݲԃljئӳƕƋǓŴƦǕƕЭͨƷȬȳǺưਘٻƞǕƯᙸƑǔƜƱƕƋǓLJƢƕŴီࠝưƸƋǓLJ
ƤǜŵLJƨŴȬȳǺƷήܖࣱᏡƴƸμƘࢨ᪪ƋǓLJƤǜŵ
zƜƷȬȳǺƸŴᤲǍƻእǛԃLJƳƍ࿢ؾݣሊǬȩǹǛ̅ဇƠƯƍLJƢŵ
7(&+1,&$/63(&,),&$7,216
(1*/,6+
/HQVFRQVWUXFWLRQ Ú )LOWHU6L]H PP
$QJOHRI9LHZ Úr 'LPHQVLRQV
'LDg/HQJWK [PP
gLQ
0LQLPXP$SHUWXUH 
0LQLPXP)RFXVLQJ'LVWDQFH
PIW :HLJKW J
R]
0DJQLĥFDWLRQ 
'LPHQVLRQVDQGZHLJKWLQFOXGHWKH6,*0$PRXQW
z$32OHQVHVXVH6SHFLDO/RZ'LVSHUVLRQJODVV 7KLVVSHFLDOJODVVQRUPDOO\KDVVRPHWLQ\DLU
EXEEOHVEXWLWGRHVQRWDIIHFWWKHRSWLFDOSHUIRUPDQFH
z7KH JODVV PDWHULDOV XVHG LQ WKH OHQV GR QRW FRQWDLQ HQYLURQPHQWDOO\ KD]DUGRXV OHDG DQG
DUVHQLF
7(&+1,6&+('$7(1
'(876&+
*OLHGHUÚ/LQVHQ Ú *U¸¡WHU$EELOGXQJVPD¡VWDE 
'LDJRQDOHU%LOGZLQNHO
Úr
)LOWHUGXUFKPHVVHU PP
.OHLQVWH%OHQGH  $EPHVVXQJHQ
g
%DXO¦QJH [PP
1DKHLQVWHOOJUHQ]H ÚP *HZLFKW J
$EPHVVXQJHQXQG*HZLFKWEH]LHKHQVLFKDXIGHQ6,*0$$QVFKOX¡
z,Q HLQLJHQ /LQVHQ GHU $322EMHNWLYH ĥQGHQ KRFKEUHFKHQGH XQG (/'*O¦VHU EHVRQGHUV
QLHGULJHU 'LVSHUVLRQ 9HUZHQGXQJ .OHLQH /XIWHLQVFKO¾VVH VLQG EHL GLHVHQ 6SH]LDOJO¦VHUQ
XQYHUPHLGOLFK6LHKDEHQNHLQHQ(LQĦX¡DXIGLH$EELOGXQJVOHLVWXQJGHV2EMHNWLYHV
z
'DV*ODVGDVI¾UGDV2EMHNWLYYHUZHQGHWZLUGHQWK¦OWNHLQXPZHOWVFK¦GOLFKHV%OHLXQG$UVHQ
&$5$&7(5,67,48(6
)5$1$,6
&RQVWUXFWLRQGHOÝREMHFWLI Ú
5DSSRUWGHUHSURGXFWLRQ

$QJOHGHFKDPS Úr 'LDP«WUHGHĥOWUH PP
2XYHUWXUHPLQLPDOH  'LPHQVLRQ
GLDPHQWUHgORQJXHXU [PP
'LVWDQFHPLQLPDOHGH
PLVHDXSRLQW ÚP 3RLGV J
'LPHQVLRQVHWSRLGVGRQQ«VSRXUODPRQWXUH6,*0$
z&HUWDLQV«O«PHQWVRSWLTXHVGHVREMHFWLIV$32VRQWFRQVWLWX«VGHYHUUHVDYHFKDXWLQGLFHGH
U«IUDFWLRQ HW GH IDLEOH GLVSHUVLRQ 'DQV FHWWH VRUWH GH YHUUHV GHV PLQXVFXOHV EXOOHV GÝDLU
SHXYHQWDSSDUD°WUHVDQVDXFXQHLQĦXHQFHVXUOHVSHUIRUPDQFHVGH,ÝREMHFWLI
z
/HVYHUUHVXWLOLV«VGDQVFHWREMHFWLIQHFRQWLHQQHQWDXFXQHPDWLªUHQXLVLEOHV¢OÝHQYLURQQHPHQW
WHOOHVTXHOHSORPEHWOÝDUVHQLF
7(&+1,6&+(*(*(9(161('(5/$1'6
/HQVFRQVWUXFWLH
J
URH
S
HQÚHOHPHQWHQ Ú
0D[LPDOHYHUJURWLQJVPDDWVWDI

%HHOGKRHN Úr )LOWHUPDDW PP
.OHLQVWHGLDIUDJPD  $IPHWLQJHQGLDPgOHQJWH [PP
.RUWVWHLQVWHODIVWDQG ÚP *HZLFKW J
2SJHJHYHQDIPHWLQJHQHQJHZLFKW]LMQPHW6,*0$YDWWLQJ
z9RRU6LJPD$32REMHFWLHYHQZRUGWJHEUXLNJHPDDNWYDQVSHFLDOHJODVVRRUWHQPHWHHQ KRJH
UHIUDFWLHLQGH[HQODJHGLVSHUVLHNDUDNWHULVWLHNHQ+HWLVQRUPDDOELMGH]HJODVVRRUWHQGDWHU
]LFK]HHUNOHLQHOXFKWEHOOHWMHVLQEHYLQGHQ(FKWHUZRUGWGHNZDOLWHLWYDQXZREMHFWLHIKLHUGRRU
RSJHHQHQNHOHZLM]HEH±QYORHG
z
'HJODVVRRUWGLHLQGLWREMHFWLHIJHEUXLNWZHUGEHYDWJHHQPLOLHXEHODVWHQGORRGRIDUVHQLFXP
&$5$&7(5,67&$6
(63$2/
&RQVWUXFFLµQGHOREMHWLYR Ú $PSOLDFLµQ 
QJXORGHYLVLµQ Úr 'L£PHWURĥOWUR PP
$SHUWXUDP¯QLPD  'LPHQVLRQHVGL£PgORQJ [PP
'LVWDQFLDP¯QLPDHQIRTXH
ÚP 3HVR J
'LPHQVLRQHV\SHVRLQFOX\HQPRQWXUD6,*0$
z/RV REMHWLYRV $32 XWLOL]DQ XQRV FULVWDOHV GH DOWR LQGLFH GH UHĦH[LµQ \ EDMD GLVSHUVLµQ HQ
DOJXQRV HOHPHQWRV (VWRV FULVWDOHV HVSHFLDOHV SUHVHQWDQ QRUPDOPHQWH XQDV SHTXH³DV
EXUEXMDVGHDLUHTXHQRDIHFWDQDOUHQGLPLHQWRµSWLFRGHOREMHWLYR
z/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 Ú 5DSSRUWRGÝLQJUDQGLP 
'LDPHQWURĥOWUL PP
$QJROLGLFDPSR Ú r 'LPHQVLRQL
GLDPHWURgOXQJKH]]D [PP
$SHUWXUDPLQLPD 
'LVWDQ]DPLQPHVVDIXRFR Ú P 3HVR 
J
'LPHQVLRQLHSHVLVÝLQWHQGRQRFRPSUHQVLYLGLDWWDFFR6,*0$
z1HOODUHDOL]]D]LRQHGHL6LJPD$32VL XVDQR YHWUL RWWLFL VSHFLDOL DGDOWRLQGLFHGLULIUD]LRQHH
EDVVLVVLPDGLVSHUVLRQH,QTXHVWLYHWULªQDWXUDOHODSUHVHQ]DGLPLQXVFROHLQFOXVLRQLGÝDULD
4XLQGL QRQGRYHWH SUHRFFXSDUYHQHLQTXDQWR WDOLßEROOHà QRQSUHJLXGLFDQR PLQLPDPHQWH OH
HFFH]LRQDOLSUHVWD]LRQLGHOYRVWURRELHWWLYR
z/HPDWHULHYLWUHHXVDWHSHUODUHDOL]]D]LRQHGHOOÝRELHWWLYRQRQFRQWHQJRQRSLRPERQ«DUVHQLFR
VRVWDQ]HSRWHQ]LDOPHQWHSHULFRORVHVRWWRLOSURĥORHFRORJLFR
7(.1,6.$'$7$䎃 䎃 69(16.$
8SSE\JJQDG Ú )¸UVWRULQJVJUDG 
%LOGYLQNHO Úr )LOWHU PP
0LQVWDEO¦QGDUH  0§WWGLDPgO¦QJG [PP
1¦UJU¦QV ÚP 9LNW J
0§WWRFKYLNWJ¦OOHU6,*0$IDWWQLQJ
z
7LOO$32REMHNWLYDQY¦QGVVSHFLDOJODVPHGK¸JUHĦH[LRQVI¸UP§JDRFKO§JI¦UJVSULGQLQJVI¸UP§JD
L
YLVVDOLQVHOHPHQW'HWWDVSHFLDOJODVNDQQRUPDOWKDQ§JUDVP§OXIWEXEEORUK¦URFKG¦UPHQ
GHVVDS§YHUNDULQWHUHVXOWDWHWS§GLQDELOGHUS§Q§JRWV¦WW
z'HWJODVPDWHULDOVRPLQJ§ULGHWWDREMHNWLYLQQHK§OOHU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'$16.
$QWDOOLQVHHOHPHQWHU Ú )RUVWºUUHOVHVJUDG 
6\QVYLQNHO Úr )LOWHUJHYLQG PP
0LQGVWHEO¨QGH§EQLQJ 
'LPHQVLRQHU
'LDP
g
/¨QJGH
[PP
1¨UJU¨QVH ÚP 9¨JW J
'LPHQVLRQHURJY¨JWHUDQJLYHWPHG6,*0$EDMRQHWIDWQLQJ
z$32 REMHNWLYHU KDU S§ JUXQG DI GHQ VSHFLHOOH JODVW\SH GHU EOLYHUEHQ\WWHWQRUPDOWVP§
OXIWEREOHULHQNHOWHOLQVHU'HWWHKDULQJHQLQGYLUNQLQJS§OLQVHHOHPHQWHUQHVRSWLVNHNYDOLWHW
RJYLOLNNHS§YLUNHGHWI¨UGLJHELOOHGH
z*ODVVHWDQYHQGWLGHWWHREMHNWLYLQGHKROGHULNNHPLOMºVNDGHOLJEO\RJDUVHQ
                           խ֮
ᢴᙰ࿨ዌ Ú ࣋Օ଍෷ 
ီʳ ߡ Úr ៀᢴՑஉ PP
່า٠എ᧯ᗨऴஉ [९৫ [PP
່२ኙྡྷ၏ᠦ ÚP ૹʳ ၦJ
᧯ᗨ֗ૹၦբץਔᔞ್൷ᛩڇփΖ
z$32 ᢴᙰࢬࠌشऱਢ 6/' ၌܅ۥཋੲᑿΔຍጟޗᔆڂ੡ڇ፹ທ௽ࢤՂऱ଺ਚࠌհڍ
֟ᄎܶڶԫࠄ௛ऐΔڶऱ௛ऐڂ๯ছೡᢴׂ࣋Օۖ౨ജ઎ߠΔ܀ຍࠀॺฆൄΔኙᢴᙰ
ऱ٠ᖂࢤ౨Ո࿭ශ޲ڶᐙ᥼Ζ
zᢴᙰࢬࠌشհੲᑿޗறΔ࿪ྤڶ୭ᛩቼհሩ֗న࿛ढ
㨰㟈G ㇠                         ạ㛨G
⥀㪼Ạ㉥ Ú 㺐␴㹠㜵ⵤ㡜
Úr 䙸䉤㇠㢨㪼PP
㺐㋀㦤⫠ᵐ 㺐␴ᷱ[Ὤ㢨[PP
㺐␜㹠㜵ᶤ⫠ÚP J
G
z
$32
⥀㪼⏈G 䏭㍌G 㤴G ⺸㇤G ⥀㪼⪰G ㇠㟝䚝⏼␘UG 㢨G 䏭㍌G ⥀㪼㜄⏈G 㢰ⵌ㤵㡰⦐G 㣅㡴G ḩὤG ⵝ㟬㢨G
㈑㉥╌ὤ⓸G 䚌㫴⬀G 㢨⏈G ⥀㪼㢌G ṅ䚍G ㉥⏙㜄⏈G 㛨⛔䚐G 㜵䛙⓸G ⴬㾌㫴G 㙾㏩⏼␘U
z㢨G ⥀㪼㜄G ㇠㟝═G 㠄㣄㣠⏈G 䞌ᷱ㤵㡰⦐G 㡔⓹䚐G ⇝G 㢨⇌G ⽸㋀⪰G 䚜㡔䚌ḔG 㢼㫴G 㙾㏩⏼␘U
ɏȺɊȺɄɌȿɊɂɋɌɂɄɂ䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 3<&&ɄɂɃ
Ʉɨɧɫɬɪɭɤɰɢɹɷɥɟɦɟɧɬɨɜɝɪɭɩɩ
± Ɇɚɫɲɬɚɛ ɫɴɺɦɤɢ  
ɍɝɨɥ ɩɨɥɹ ɡɪɟɧɢɹ ± Ɋɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ ɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɚɮɪɚɝɦɚ  Ƚɚɛɚɪɢɬɵ
ɞɢɚɦɟɬɪ ɏ ɞɥɢɧɧɚ  ɯɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ
ɮɨɤɭɫɢɪɨɜɤɢ ±ɦ ȼɟɫ ɝ
(63(&,),&$(67&1,&$6䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃䎃 䎃 䎃 32578*86
&RQVWUX©¥RGD2EMHFWLYD
J
UXSRVHOHPHQWRV Ú
5HOD©¥R5£FLRGH5HSURGX©¥R

QJXORGHFREHUWXUD Úr 7DPDQKRGR)LOWUR PP
$EHUWXUD0¯QLPD  'LPHQV·HV
'L¤PHWUR[&RPSULPHQWR [PP
'LVW¤QFLD0¯QLPDGH)RFDJHP
Ú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.RQIRUPLW¦WVHUNO¦UXQJGHV+HUVWHOOHUVGLHGRNXPHQWLHUW
GD¡GDVEHWUHIIHQGH3URGXNWGLH$QIRUGHUXQJHQYRQ(*5LFKWOLQLHQHLQK¦OW
)5$1$,6
/HODEHO&(JDUDQWLWODFRQIRUPLW«DX[QRUPHV«WDEOLHVSDUOD&RPPXQDXW«(XURS«HQQH
1('(5/$1'6
+HW&(WHNHQLVHHQDDQGXLGLQJYRRUGH(XURSHVH*HPHHQVFKDS(&
(63$2/
(OORJRWLSR&(HVXQDGLUHFWLYDGHFRQIRUPLGDGFRQOD&RPXQLGDG(XURSHD&(
,7$/,$12
4XHVWRªLOPDUFKLRGLFRQIRUPLW¢DOOHGLUHWWLYHGHOODFRPXQLW¢(XURSHD&(
69(16.$
&(P¦UNHWEHW\GHUDWWYDUDQEOLYLWJRGN¦QGDY(8VJHPHQVDPPDNYDOLWHWVQRUP
'$16.
&(P¨UNHWHULRYHUHQVVWHPPHOVHPHGGHJ¨OGHQGHUHJOHUL(8
խ֮!
&( 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*86
$PDUFD&(JDUDQWHDFRQIRUPLGDGHFRPDVQRUPDVHVWDEHOHFLGDVSHOD&RPXQLGDGH(XURSHLD
6,*0$'HXWVFKODQG*PE+&DUO=HLVV6WU'5¸GHUPDUN)5*(50$1<
9HUNDXI  6HUYLFH  )D[

Produktspecifikationer

Varumärke: Sigma
Kategori: Lins
Modell: 120-300mm f2.8 DG OS HSM S

Behöver du hjälp?

Om du behöver hjälp med Sigma 120-300mm f2.8 DG OS HSM S ställ en fråga nedan och andra användare kommer att svara dig




Lins Sigma Manualer

Lins Manualer

Nyaste Lins Manualer