Sigma 105mm f/2.8 EX DG OS HSM Macro Nikon F Руководство по эксплуатации онлайн
ƜƷƨƼƸŴǷǰȞȬȳǺǛƓᝰƍ൭NJƍƨƩƖƋǓƕƱƏƝƟƍLJƢŵஜᛟଢǛ
ƝችᛠƷɥŴȬȳǺƷೞᏡŴદ˺ŴӕǓৢƍɥƷදໜǛദƠƘྸᚐƠƯŴϙჇજࢨ
ǛƓಏƠLjƘƩƞƍŵƳƓஜᛟଢƸŴӲǫȡȩဇσဇƱƳƬƯƓǓLJƢƷưŴႸ
ƴǑǓƝဇǫȡȩƷᛆ࢘ሖǛƓᛠLjƴƳǓŴƝဇǫȡȩƷᛟଢNjƋǘƤƯƝ
ᚁƘƩƞƍŵƓᛠLjƴƳƬƨƋƱƸŴٻЏƴሥƠƯƘƩƞƍŵ
ӲᢿỉӸᆅ ί
ὸ
Ĭȕǣȫǿȸƶơ
ĭȕǩȸǫǹȪȳǰ
ĮᙀяႎុᩉႸႮ
įዴ
İȞǦȳȈ
ı26 ǹǤȃȁ
IJȕǩȸǫǹȢȸȉЏƑ
ǹǤȃȁ
ijȕǩȸǫǹȪȟȃǿȸ
ĴȬȳǺȕȸȉ
ĵȕȸȉǢȀȗǿȸ
Ἕἅὅ $) ဇỆếẟề
ƜƷȬȳǺƸŴȋdzȳᙌ $) ȬȳǺƴƓƚǔŴ* ǿǤȗᲢǓȪȳǰƷƳƍǿǤȗᲣ
ƱӷሁƷˁಮƴƳƬƯƍLJƢŵǫȡȩƱƷኵӳǘƤƴǑƬƯŴೞᏡƴСᨂƕưǔئӳ
ƕƋǓLJƢŵᛇƠƘƸƝဇƷǫȡȩƷᛟଢሁǛƝӋༀƘƩƞƍŵ
ἬὅἑἕἁἋ $) ဇỆếẟề
ƜƷȬȳǺƸŴȚȳǿȃǯǹᙌ $) ȬȳǺƴƓƚǔŴ)$- ǿǤȗᲢǓȪȳǰƷƳƍ
ǿǤȗᲣƱӷሁƷˁಮƴƳƬƯƍLJƢŵǫȡȩƱƷኵӳƤƴǑƬƯŴೞᏡƴСᨂƕư
ǔئӳƕƋǓLJƢŵᛇƠƘƸƝဇƷǫȡȩƷᛟଢሁǛƝӋༀƘƩƞƍŵ
ἾὅἌỉბᏮ૾ඥ
ǫȡȩǁƷბᏮ૾ඥƸŴƝဇƷǫȡȩƷᛟଢƴࢼƬƯბᏮƠƯƘƩƞƍŵ
ŦȞǦȳȈ᩿ƴƸǓᡲѣဇŴ$) ᡲѣဇƷᘺፗǍŴᩓൢໜሁƕƋǓLJƢŵǭǺǍ
൲ǕƕƭƘƱᛚ˺ѣǍᨦƷҾ׆ƱƳǓLJƢƷưƝදƘƩƞƍŵ
ᩧЈỆếẟề
ᩧЈƷൿܭ૾ඥƸŴƝဇƷǫȡȩƷᛟଢƴࢼƬƯŴǓǍǷȣȃǿȸᡮࡇሁǛǻ
ȃȈƠƯƘƩƞƍŵ
ἦὅἚӳỪẶ
ƜƷȬȳǺƸŴȏǤȑȸǽȋȃǯȢȸǿȸ+60Ჩឬ᪦ඬȢȸǿȸ㪀ǛဇƠŴᡆᡮƳ
ǪȸȈȕǩȸǫǹƱ˺ѣ᪦ƷᨊӊǛܱྵƠƯƍLJƢŵ㩷
ẎἉἂἰ $) ဇẆỿἶἠὅ $) ဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓƑǹǤȃȁǛ $) ƴǻ
ȃȈƠLJƢᲢ ᲣŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓƑǹǤ
ȃȁǛ 0 ƴǻȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ẎἝἅὅဇẆἬὅἑἕἁἋ $) ဇẆἏἝὊဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴǫȡȩǛ $) ȢȸȉƴǻȃȈƠƯŴȬȳǺƷȕ
ǩȸǫǹȢȸȉЏǓƑǹǤȃȁǛ $) ƴǻȃȈƠLJƢᲢ ᲣŵȞȋȥǢȫưજࢨƢ
ǔئӳƸŴȕǩȸǫǹȢȸȉЏǓƑǹǤȃȁǛ 0 ƴǻȃȈƠŴȕǩȸǫǹȪȳǰ
ǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ŦǫȡȩƷȕǩȸǫǹȢȸȉƷЏǓƑƸŴƝဇƷǫȡȩƷᛟଢƴࢼƬƯƘƩƞƍŵ
ŦȋdzȳŴȚȳǿȃǯǹŴǽȋȸဇƸŴឬ᪦ඬȢȸǿȸƴݣࣖƠƨǫȡȩƱƷኵӳƤưǪ
ȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵឬ᪦ඬȢȸǿȸƴݣࣖƠƯƍƳƍǫȡȩƱƷኵӳƤư
ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝဇƱƳǓLJƢŵ
ŦƜƷȬȳǺƸŴ$) ƴǻȃȈƠƨLJLJưȞȋȥǢȫưƷȔȳȈᙀദǛƢǔƜƱNjӧᏡưƢŵ
ǫȡȩǛǷȳǰȫ $) ȢȸȉƴǻȃȈƠƯŴӳࢸŴǷȣȃǿȸȜǿȳǛҞƠƷLJLJư
ȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛᛦૢƠƯƘƩƞƍŵ
ŦȞȋȥǢȫưȔȳȈǛӳǘƤǔᨥƴƸŴႸႮƕĐᲢᨂᢒᲣƷˮፗưNjᢒƴȔȳȈƕ
ӳǘƳƍƜƱƕƋǓLJƢƷưŴȕǡǤȳȀȸưᄩᛐƠƳƕǒȔȳȈǛӳǘƤƯƘƩƞƍŵ
ἧỻὊỽἋἼἱἕἑὊ
ƜƷȬȳǺƸŴǪȸȈȕǩȸǫǹƷ˺ѣርǛСᨂưƖǔȕǩȸǫǹȪȟȃǿȸǛͳ
ƑƯƍLJƢᲢ ᲣŵˌɦƷɤെ᨞ƴЏƑӧᏡưƢŵ
Ɣ)8//ᲢP ᳸Đ
Đ
Უ Ɣ P ᳸Đ
Đ
Ɣ P ᳸ P
જࢨྙ
ុᩉႸႮɥെƷ ᲴŨŨƱЦLJǕƯƍǔ᰾ᑥƷૠ܌ƸŴƦƷុᩉƴƓƚǔϙྙǛ
ᘙƠƯƍLJƢŵƜǕƸŴᲢજእ܇ᲢȕǤȫȠᲣɥƴϙƠᡂLJǕǔƷٻƖƞᲣᲴᲢᘮ
ϙ˳ƷܱݡᲣƷൔྙǛᘙƠLJƢŵƑƹ ƸŴܱݡƕ FP Ʒᘮϙ˳ƕŴȕǤ
ȫȠᲢજእ܇Უɥƴ FP ưϙƠᡂLJǕǔƜƱǛᘙƠLJƢŵᲢ Უ
ốủᙀദೞᏡỆếẟề
ƜƷȬȳǺƸŴƪજࢨƷȖȬǛ᠉ถƢǔŴƿǕᙀദೞᏡ 262SWLFDO
6WDELOL]HUǛ᠍ƠƯƍLJƢŵƿǕᙀദೞᏡǛǘƳƍƱƖƱൔǂŴኖ െǷȣȃ
ǿȸᡮࡇǛƘƠƯજࢨưƖLJƢŵ
26ᲢƿǕᙀദೞᏡᲣǹǤȃȁǛ ƴƠLJƢᲢ ᲣŵǷȣȃǿȸȜǿȳǛҞƠƠŴ
ȕǡǤȳȀȸưƕܤܭƠƯƍǔƷǛᄩᛐƠƯƔǒજࢨƠƯƘƩƞƍŵᲢҞƠƠƯ
ƔǒƕܤܭƢǔLJưŴኖᲫᅺƔƔǓLJƢŵᲣ්ƠજǓǛƢǔƸ 26 ǹǤȃȁǛ
ƴƠLJƢŵᲢɥɦ૾ӼƷƿǕƷLjᙀദƠLJƢŵᲣ
ŦƿǕᙀദೞᏡƸŴᡫࠝƷƪજࢨƴƓƍƯဃơǔȖȬǛ᠉ถƞƤǔೞᏡưƢŵˌ
ɦƷவˑưƸŴƿǕᙀദƷјௐƕҗЎƴႆƞǕƳƍئӳƕƋǓLJƢŵ
ƒ ѣƍƯƍǔʈǓཋƔǒƷજࢨ ƒ ǫȡȩƷӼƖǛٻƖƘѣƔƠƳƕǒƷજࢨ
ŦˌɦƷவˑưƸŴƿǕᙀദೞᏡƸဇƠƳƍưƘƩƞƍŵ
ƒ ɤᏩሁưǫȡȩǛܭƠƯƷજࢨƒ ȐȫȖᲢᧈ᧓ᩧήᲣજࢨ
ŦƿǕᙀദೞᏡƸŴǫȡȩƷᩓ൷ǛМဇƠƯ˺ѣƠLJƢŵᡫࠝƷȬȳǺǛဇƠƨئӳ
ƴൔǂŴજࢨӧᏡஜૠƕݲƳƘƳǓLJƢŵƿǕᙀദೞᏡǛဇƠƳƍƱƖƸŴᩓ൷Ʒ
ෞ᎔Ǜ᧸ƙƨNJŴ26 ǹǤȃȁǛ 2)) ƴƠƯƘƩƞƍŵ
ŦȬȳǺƷბᏮƸŴ26 ǹǤȃȁǛ 2)) ƴƠƯƔǒᘍƬƯƘƩƞƍŵ
ŦǷȣȃǿȸȜǿȳƔǒǛᩉƠƯNjŴǫȡȩƷᩧЈᚘƕƸƨǒƍƯƍǔ᧓ƸŴƿǕᙀ
ദೞᏡNj˺ѣƠƯƍLJƢŵ˺ѣɶƴȬȳǺǛٳƠƨǓŴǫȡȩƷᩓ൷ǛӕǓЈƢƱŴȬ
ȳǺƷᨦƷҾ׆ƱƳǓLJƢŵ
ŦજࢨႺࢸǍǫȡȩƷϋᔺȕȩȃǷȥƷΪᩓƳƲƴŴȕǡǤȳȀȸƕǕǔƜƱƕƋ
ǓLJƢƕŴજࢨƴƸࢨ᪪ƋǓLJƤǜŵ
ŦƿǕᙀദೞᏡƕ˺ѣɶŴȬȳǺǛٳƠƨǓǫȡȩƷᩓเǛЏƬƨƱƖŴȬȳǺǛǔ
ƱǫǿǫǿƱ᪦ƕƢǔئӳƕƋǓLJƢƕᨦưƸƋǓLJƤǜŵ
ŦǽȋȸŴȚȳǿȃǯǹဇƸŴȬȳǺϋȢȸǿȸƴǑǔ $) ᬝѣƕӧᏡƳȇǸǿȫǫȡȩƱ
ƷኵӳƤưƿǕᙀദೞᏡǛဇưƖLJƢŵȬȳǺƷƿǕᙀദೞᏡǛဇƢǔئӳƸŴ
ǫȡȩƷƿǕᙀദೞᏡǛ 2)) ƴƠƯŴȬȳǺƷ 26 ǹǤȃȁǛ 21 ƴƠƯƘƩƞƍŵ
ǫȡȩƷƿǕᙀദೞᏡǛဇƢǔئӳƴƸŴȬȳǺƷ 26 ǹǤȃȁǛ 2)) ƴƠƯŴǫ
ȡȩƷƿǕᙀദೞᏡǛ 21 ƴƠƯƘƩƞƍŵ
ŦƜƷȬȳǺǛdzȋǫȟȎȫǿ' 6ZHHW'Ŵǽȋȸ ưƝဇƷئӳŴȬȳǺƷ
26 ǹǤȃȁƕ 21 ƷLJLJǫȡȩƷᩓเǛ 2)) ƴƢǔƱŴȬȳǺϋƷ 26 ȦȋȃȈƕ
ܭƞǕƣŴئӳƴǑƬƯƸᨦƷҾ׆ƱƳǔئӳƕƋǓLJƢŵજࢨࢸƸ࣏ƣȬȳǺƷ 26
ǹǤȃȁǛ 2)) ƴƠƯƔǒŴǫȡȩƷᩓเǛ 2)) ƴƠƯƘƩƞƍŵ
ŦȋdzȳဇƸ )ŴǭȤȎȳဇƸ (269 ˌٳƷȕǣȫȠǫȡȩƴƓƍƯŴƿǕᙀദೞᏡ
ƕദࠝƴƖLJƤǜŵ26 ǹǤȃȁǛ 2)) ƴƠƯဇƠƯƘƩƞƍŵ
ἧἻἕἉἷજࢨ
ǫȡȩƷϋᔺȕȩȃǷȥƸŴȕȩȃǷȥƷήƕȬȳǺᦟለƴƞƑƗǒǕǔƨNJŴƝ
ဇƴƳǕLJƤǜŵ࣏ƣٳᢿȕȩȃǷȥǛဇƠƯƘƩƞƍŵ
ἘἾἅὅἢὊἑὊỆếẟề
ƜƷȬȳǺƸŴК٥ǓƷ $32 ȆȬdzȳȐȸǿȸ[ (; '*ƱƷኵӳƤư
ᲢPP
)ᲣŴ$32 ȆȬdzȳȐȸǿȸ[(;'*ƱƷኵӳƤư Ტ PP)Უ
ƷஓᢒȬȳǺƱƠƯဇưƖLJƢŵ
ŦɥᚡˌٳƷdzȳȐȸǿȸƸŴƝဇƴƳǕLJƤǜŵ
ŦȇǸǿȫɟაȬȕǫȡȩƴƝဇƷئӳƸŴ'* ǿǤȗƷဇǛƓƢƢNJƠLJƢŵ
ŦȚȳǿȃǯǹ $) ဇƸŴȆȬdzȳȐȸǿȸǛƝဇƴƳǕLJƤǜŵ
ŦȆȬdzȳȐȸǿȸ[ ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝဇƱƳǓLJƢŵ
ŦȆȬdzȳȐȸǿȸ[ ƸŴP᳸ĐƷርưǪȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵុᩉႸ
ႮƷርƕ P᳸ĐƷ᧓ưƸǪȸȈȕǩȸǫǹƕ˺ѣƠŴP᳸P Ʒ᧓ưƸȞ
ȋȥǢȫȕǩȸǫǹưƷƝဇƱƳǓLJƢŵ
ŦȆȬdzȳȐȸǿȸဇƸŴȕǩȸǫǹȪȟȃǿȸƕೞᏡƠLJƤǜᲢȩǤȖȓȥȸƴǑ
ǔdzȳȈȩǹȈ $) ဇǛᨊƘᲣŵ
ŦǽȋȸဇƸŴᙌᡯဪӭ ˌᨀƷȆȬdzȳȐȸǿȸưǪȸȈȕǩȸǫǹજࢨƕӧᏡ
ưƢŵƦǕˌЭƷဪӭƷdzȳȐȸǿȸưƸ
Ŵ
ȞȋȥǢȫȕǩȸǫǹưƷƝဇƱƳǓLJƢŵ
ἾὅἌἧὊἛ
ȬȳǺȕȸȉƸŴဒឋƴࢨ᪪ǛɨƑǔஊܹήዴƷǫȃȈƴஊјưƢŵӕǓ˄ƚ૾ඥ
ƸŴȬȳǺέᇢƴȬȳǺȕȸȉǛƸNJᡂLjŴᚘ૾ӼƴഥLJǔLJưׅƠƯᄩܱƴӕǓ
˄ƚƯƘƩƞƍŵᲢ Უ
ŦƜƷȬȳǺƸ $36& ǵǤǺજእ܇ƷȇǸǿȫǫȡȩƱƷኵӳƤưဇƢǔᨥƴŴǑǓ
᭗ƍᢚήјௐƕࢽǒǕǔȕȸȉǢȀȗǿȸǛ˄ޓƠƯƍLJƢŵᲢ ᲣƷǑƏƴŴȬȳǺ
ƱȬȳǺȕȸȉƷ᧓ƴȕȸȉǢȀȗǿȸǛӕǓ˄ƚƯဇƠLJƢŵ
ŦȕȫǵǤǺŴӏƼ $36+ ǵǤǺજእ܇ƷȇǸǿȫǫȡȩŴȕǣȫȠǫȡȩƴƝဇƷ
ئӳƸȬȳǺȕȸȉҥ˳ưƝဇƘƩƞƍŵȕȸȉǢȀȗǿȸǛဇƢǔƱŴဒ᩿ƴDZ
ȩȬƕဃơLJƢŵ
Ŧઃ࠘ƴƸŴȬȳǺȕȸȉǛᡞƞƴƸNJᡂLjŴᚘ૾ӼƴׅƠƯӕǓ˄ƚǔƜƱƕưƖ
LJƢᲢ ᲣŵᲢȬȳǺƴȕȸȉǢȀȗǿȸǛӕǓ˄ƚƨLJLJưNjŴȕȸȉǢȀȗǿȸƷέ
ᇢƴȬȳǺȕȸȉƷᡞƞ˄ƚŴƓǑƼȬȳǺǭȣȃȗƷӕǓ˄ƚƕưƖLJƢŵᲣ
ἧỵἽἑὊ
Ŧဒ᩿ԗᡀƕƚǒǕǔǕƕƋǔƷưŴȕǣȫǿȸƸҾЩƱƠƯᲫưဇƠƯƘƩ
ƞƍŵ
ŦήȕǣȫǿȸǛဇƢǔئӳƸŴόήǿǤȗᲢǵȸǭȥȩȸ3/ᲣǛƝဇƘ
Ʃƞƍŵ
ŦȕȸȉǢȀȗǿȸǛƝဇƷئӳưNjŴȕǣȫǿȸƸȬȳǺƷȕǣȫǿȸƶơƴӕ
Ǔ˄ƚƯƘƩƞƍ
ŵ
ȕȸȉǢȀȗǿȸƴӕǓ˄ƚǔƱ
Ŵ
ဒ᩿ƴDZȩȬƕဃơǔǕ
ƕƋǓLJƢ
ŵ
ᡈុᩉỉᩧЈᙀദ
ȞǯȭȬȳǺƸŴᡈજࢨƷƱƖƴȬȳǺƕጮǓЈƞǕŴȬȳǺ᧓ᨠƷ٭҄ƴˤƍ )
ƕ٭҄ƠLJƢŵᡫࠝƷજࢨưƸŴଢǔƞƷ٭҄ǛǫȡȩƕᐯѣႎƴᙀദƠƯƘǕ
LJƢƕŴٳᢿᩧЈᚘǛƝဇƷᨥƴƸŴᙀദƕ࣏ᙲƴƳǓLJƢŵᲢᘙ ᲣǛӋༀƠŴ
ᙀദǛǻȃȈƠƯƘƩƞƍŵ
ሥẆӕৢɥỉද
ŦൢƸǫȓǍᥢƷҾ׆ƱƳǓLJƢŵᧈ᧓ဇƠƳƍئӳƸŴʑ༞дƱɟደƴࣱ݅Ʒ
ᑣƍܾ֥ƴλǕƯሥƠƯƘƩƞƍŵȊȕǿȪȳሁŴ᧸ᖓдƷƋǔئƴƸሥƠƳƍ
ưƘƩƞƍŵ
ŦȬȳǺ᩿ƴƸႺưᚑǕƳƍưƘƩƞƍŵǴȟǍ൲Ǖƕ˄ƍƨƱƖƴƸŴȖȭǢȸƔ
ȬȳǺȖȩǷưӕǓᨊƍƯƘƩƞƍŵƷួƳƲƸŴࠊᝤƷȬȳǺǯȪȸȊȸ෩ƱȬȳ
ǺǯȪȸȋȳǰȚȸȑȸư᠉ƘƍƯƘƩƞƍŵșȳǸȳŴǷȳȊȸሁƷஊೞ๋дƸዌ
ݣƴǘƳƍưƘƩƞƍŵ
ŦƜƷȬȳǺƸ᧸൦ನᡯưƸƋǓLJƤǜŵᩋټǍ൦ᡀưƷဇưƸŴǒƞƳƍǑƏƴද
ƠƯƘƩƞƍŵ൦ƕȬȳǺϋᢿƴλǓᡂljƱŴٻƖƳᨦƷҾ׆ƱƳǓŴྸɧᏡƴ
ƳǔئӳƕƋǓLJƢŵ
Ŧ࣯ນƳภࡇ٭҄ƴǑǓŴȬȳǺϋᢿƴ൦ƕဃơǔƜƱƕƋǓLJƢŵ݊ƍދٳƔǒଡ଼Ɣ
ƍܴϋƴλǔƱƖƳƲƸŴDZȸǹǍȓȋȸȫᘥƴλǕŴԗƷภࡇƴƳơLJƤƯƔǒƝ
ဇƘƩƞƍŵ
ԼឋᚰểỴἧἑὊἇὊἥἋỆếẟề
ԼឋᚰƱǢȕǿȸǵȸȓǹƴ᧙ƠƯƸŴКኡƷżᚰᙹܭŽǛƝӋༀƘƩƞƍŵ
ଐ
ஜ
ᛖ
ӕǓৢƍǛᛚǔƱŴဇᎍƕͻǛƏӧᏡࣱƕƋǓLJƢŵ
Š
ȬȳǺǛ˄ƚƨǫȡȩưŴٽᨗǍࢍƍήเǛᙸǔƱŴᙻщᨦܹǛឪƜƢǕ
ƕƋǓLJƢŵཎƴȬȳǺҥ˳ưٽᨗǛႺᙸǔƱŴڂଢƷҾ׆ƱƳǓLJƢŵ
ŠȬȳǺŴLJƨƸȬȳǺǛ˄ƚƨǫȡȩǛŴȬȳǺǭȣȃȗǛ˄ƚƳƍLJLJ
્ፗƠƳƍưƘƩƞƍŵٽᨗƷήƕᨼήྵᝋǛឪƜƠŴ້໎ƷҾ׆ƱƳǔ
ئӳƕƋǓLJƢŵ
⼊๔
ӕǓৢƍǛᛚǔƱŴဇᎍƕᨦܹǛƏƔŴཋႎܹƕႆဃƢǔӧᏡࣱƕƋǓLJƢŵ
Š
ȞǦȳȈᢿƸᙐᩃƳ࢟ཞǛƠƯƓǓLJƢƷưŴᒰƴৢƏƱࣴƷҾ׆Ʊ
ƳǓLJƢŵ
ŠɤᏩƸҗЎƴࢍࡇƷƋǔNjƷǛƝဇƘƩƞƍŵࢊƍNjƷǛƝဇƴƳǓ
LJƢƱŴ᠃ƢǔǕƕƋǓLJƢŵ
ᵈᗧ
7KDQN \RX YHU\ PXFK IRU SXUFKDVLQJ D 6LJPD /HQV ,Q RUGHU WR JHW WKH
PD[LPXPSHUIRUPDQFHDQGHQMR\PHQWRXWRI\RXU6LJPDOHQVSOHDVHUHDGWKLV
LQVWUXFWLRQERRNOHWWKRURXJKO\EHIRUH\RXVWDUWWRXVHWKHOHQV
:$51,1*㩷
'RQRWOHDYHWKHOHQVLQGLUHFWVXQOLJKWZLWKRXWWKHOHQVFDSDWWDFKHGZKHWKHU
WKH OHQV LV DWWDFKHG WR WKH FDPHUD RU QRW 7KLV ZLOO SUHYHQW WKH OHQV IURP
FRQFHQWUDWLQJWKHVXQ¶VUD\VZKLFKPD\FDXVHDILUH
'(6&5,37,212)7+(3$576ILJ
Ĭ)LOWHU$WWDFKPHQW
7KUHDG
ĭ)RFXV5LQJ
Į'LVWDQFH6FDOH
į)RFXV,QGH[/LQH
İ0RXQW
ı266ZLWFK
IJ)RFXV0RGH6ZLWFK
ij)RFXV/LPLWHU6ZLWFK
Ĵ/HQV+RRG
ĵ$36&+RRG$GDSWHU
1,.21$)7<3(&$0(5$6
7KLVOHQVIXQFWLRQVLQWKHVDPHZD\DVD*7\SHDXWRIRFXV1LNRQOHQVZLWKRXW
DQDSHUWXUHULQJ)XQFWLRQVPD\EHUHVWULFWHGGHSHQGLQJRQWKHOHQVFDPHUD
FRPELQDWLRQ)RUPRUHGHWDLOVSOHDVHUHIHUWRWKHFDPHUD¶VLQVWUXFWLRQPDQXDO
3(17$;$)7<3(&$0(5$6
7KLV/HQVIXQFWLRQVVDPHDVD)$-7\SHW\SHZLWKRXW$SHUWXUHDXWRIRFXV3HQWD[OHQV
'HSHQGLQJRQWKHFRPELQDWLRQZLWKFDPHUDVRPHUHVWULFWLRQVZLWKLWVIXQFWLRQVPD\
UHVXOW)RUPRUHGHWDLOVSOHDVHUHIHUWRLQVWUXFWLRQPDQXDORIWKHFDPHUDLQXVHHWF
$77$&+,1*72&$0(5$%2'<
:KHQWKLVOHQVLVDWWDFKHGWRWKHFDPHUDERG\LWZLOODXWRPDWLFDOO\IXQFWLRQLQ
WKH VDPH ZD\ DV WKH FDPHUD PDQXIDFWXUHU¶V OHQV 3OHDVH UHIHU WRWKH
LQVWUXFWLRQERRNOHWIRU\RXUFDPHUDERG\
Ŧ2QWKHOHQVPRXQWVXUIDFHWKHUHDUHDQXPEHURIFRXSOHUVDQGHOHFWULFDOFRQWDFWV
3OHDVHNHHSWKHPFOHDQWRHQVXUHSURSHUFRQQHFWLRQ:KLOHFKDQJLQJWKHOHQVEH
VXUHWRSODFHLWIURQWHQGGRZQWRDYRLGGDPDJLQJWKHUHDUPRXQW
6(77,1*7+((;32685(02'(
7KH6LJPDOHQVIXQFWLRQVDXWRPDWLFDOO\RQFHDWWDFKHGWRWKHFDPHUD 3OHDVH
UHIHUWRWKHFDPHUDLQVWUXFWLRQERRN
)2&86,1*
7KLV OHQV IHDWXUHV 6LJPD¶V EXLOWLQ +\SHU 6RQLF 0RWRU +60 7KH +60
HQDEOHVTXLFNDQGTXLHWDXWRIRFXVLQJ
䇶6,*0$$)DQG&$121$)䇷
)RU DXWRIRFXV RSHUDWLRQ VHW WKH IRFXV PRGH VZLWFK RQ WKH OHQV WR WKH ³$)´
SRVLWLRQILJ,I\RXZLVKWRIRFXVPDQXDOO\VHWWKHIRFXVPRGHVZLWFKRQWKH
OHQVWRWKH³0´SRVLWLRQ<RXFDQDGMXVWWKHIRFXVE\WXUQLQJWKHIRFXVULQJ
䇶1,.21$)3(17$;$)DQG621<䇷
)RU DXWRIRFXV RSHUDWLRQ VHW WKH FDPHUD WR $) PRGH DQG VHW WKH IRFXV PRGH
VZLWFKRQ
WKHOHQVWRWKH³$)´SRVLWLRQILJ,I\RXZLVKWRIRFXVPDQXDOO\VHW
WKHIRFXVPRGH
VZLWFKRQWKHOHQVWRWKH³
0
´SRVLWLRQ<RXFDQDGMXVWWKHIRFXVE\
WXUQLQJWKHIRFXVULQJ
Ŧ3OHDVHUHIHUWRFDPHUD¶VLQVWUXFWLRQPDQXDOIRUGHWDLOVRQFKDQJLQJWKHFDPHUD¶V
IRFXVLQJPRGH
Ŧ)RU 1LNRQ 3HQWD[ DQG 6RQ\ PRXQWV LW LV RQO\ SRVVLEOH WR XVH $) ZLWK FDPHUD
ERGLHV ZKLFKVXSSRUW PRWRUV GULYHQ E\ XOWUDVRQLF ZDYHVVXFK DV +60 $) ZLOO
QRWIXQFWLRQLIWKHFDPHUDERG\GRHVQRWVXSSRUWWKLVW\SHRIPRWRU
Ŧ7KLV OHQV DOVR SHUPLWV PDQXDO IRFXVLQJ HYHQ LQ WKH DXWRIRFXV PRGH :LWK WKH
FDPHUDVHWWR WKH2QH6KRW$)$)6 PRGHLW LVSRVVLEOHWRPDQXDOO\RYHUULGH
WKHDXWRIRFXVZKLOHWKHVKXWWHUUHOHDVHEXWWRQLVSUHVVHGKDOIZD\
Ŧ:KHQ RSHUDWLQJWKLV OHQV LQ PDQXDO IRFXVPRGHLW LV UHFRPPHQGHGWKDWFRUUHFW
IRFXV EH FRQILUPHG YLVXDOO\LQ WKH YLHZILQGHU UDWKHU WKDQ UHO\LQJ RQWKH GLVWDQFH
VFDOH 7KLV LV GXH WR SRVVLEOH IRFXV VKLIW UHVXOWLQJ IURP H[WUHPH FKDQJHV LQ
WHPSHUDWXUHZKLFKFDXVHYDULRXVFRPSRQHQWVLQWKHOHQVWRH[SDQGDQGFRQWUDFW
6SHFLDODOORZDQFHLVPDGHIRUWKLVDWWKHLQILQLW\VHWWLQJ
)2&86/,0,7(56:,7&+
7KLVOHQVLVHTXLSSHGZLWKWKHIRFXVOLPLWHUVZLWFKZKLFKHQDEOHVDOLPLWRIWKH
$)UDQJHILJ ,WLVSRVVLEOHWRVZLWFKWRWKHIROORZLQJWKUHHPRGHV
Ɣ)8//PaпIWaп Ɣ Pa пIWaп
Ɣ PaPIWaIW
0$*1,),&$7,21
7KHLQGLFDWLRQRIWKHOHQVDV³[[´RQWKHIRFXVLQJGLVWDQFHVFDOHUHSUHVHQWV
WKHPDJQLILFDWLRQFRPPRQO\FDOOHGWKHUHSURGXFWLRQUDWLR)RUH[DPSOHZKHQ
\RXDUHLQIRFXVDWWKH³´SRVLWLRQRQWKHVFDOHDVXEMHFWZLWKDQ DFWXDO
VL]H RI FP ZLOO KDYH DQ LPDJH VL]H RI FP RQ WKH LPDJH VHQVRU RU ILOP ILJ
$%28726237,&$/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
VSHHGVDSSUR[VWHSVVORZHUWKDQ\RXFRXOGZLWKRXWXVLQJWKH26IXQFWLRQRI
WKLVOHQVDQGFDQJHWVKDUSUHVXOWV
6HWWKH26Ტ2SWLFDO6WDELOL]HUᲣVZLWFKWR0RGH ILJ3UHVVWKHVKXWWHUEXWWRQ
KDOIZD\ GRZQ FRQILUP WKH LPDJH LQ WKH YLHZILQGHU LV VWDEOH WKHQ WDNH WKH
SLFWXUH,WWDNHVDSSUR[LPDWHO\VHFRQGWRSURGXFHDVWDEOHLPDJHDIWHUSUHVVLQJ
WKH VKXWWHU EXWWRQ KDOIZD\ 0RGH GHWHFWVWKH YHUWLFDO FDPHUD VKDNH DQG
RYHUFRPHVEOXUULQJ,WLVHIIHFWLYHRQVXEMHFWVPRYLQJKRUL]RQWDOWRWKHFDPHUD
Ŧ7KHEOXUULQJFRPSHQVDWLRQIXQFWLRQRI2SWLFDO6WDELOL]HULVHIIHFWLYHIRUKDQGKHOG
VKRRWLQJ,QWKHIROORZLQJFRQGLWLRQV2SWLFDO6WDELOL]HUPD\QRWIXQFWLRQSURSHUO\
ƒ
6KRWVIURPWKHDPRYLQJYHKLFOH
ƒ
,IWKHUHLVDFRQVLGHUDEOHFDPHUDPRWLRQRUVKDNH
Ŧ3OHDVHGRQRWXVH2SWLFDO6WDELOL]HULQWKHIROORZLQJVLWXDWLRQV
ƒ:KHQWKHOHQVLVPRXQWHGRQDWULSRG ƒ%XOEORQJWLPHH[SRVXUH
Ŧ
2SWLFDO6WDELOL]HUIXQFWLRQLVSRZHUHGIURPWKHFDPHUD,IWKH26OHQVLVDWWDFKHGWR
\RXUFDPHUDDQGDFWLYDWHGVKRRWLQJFDSDFLW\RI\RXUFDPHUDZLOOEHORZHUWKDQZLWK
FRQYHQWLRQDOOHQVHVXVHGZLWKWKHVDPHFDPHUD,I\RXDUHQRWXVLQJ2SWLFDO6WDELOL]HU
SOHDVHWXUQ2))WKH26VZLWFKLQRUGHUWRSUHYHQWFRQVXPSWLRQRIDEDWWHU\
Ŧ%HVXUHWRWXUQRI26VZLWFK WR2))SRVLWLRQEHIRUHDWWDFKLQJRU GHWDFKLQJWKH
OHQVWRWKHFDPHUD
Ŧ7KH2SWLFDO6WDELOL]HUFRQWLQXHVWRRSHUDWHDIWHU\RXUHOHDVH\RXUILQJHUIURPWKH
VKXWWHUEXWWRQDVORQJDVWKHH[SRVXUHPHWHUGLVSOD\VWKHH[SRVXUHYDOXH1HYHU
UHPRYH WKH OHQV RU UHPRYH WKH FDPHUD¶V EDWWHU\ ZKLOH WKH LPDJH VWDELOL]HU LV
RSHUDWLQJ\RXFRXOGGDPDJHWKHOHQV
Ŧ$OWKRXJK WKH YLHZILQGHU LPDJH PD\ DSSHDU WR VKDNH LPPHGLDWHO\ DIWHU VKRRWLQJ
DQGDWWKHVWDUWRIWKHIODVKFKDUJHF\FOHRIWKHEXLOWLQIODVKRIWKHFDPHUDHWFLW
ZLOOQRWFDXVHDQ\HIIHFWRQSLFWXUHV
Ŧ
,IWKHFDPHUDSRZHULVWXUQHGRIIRUOHQVLVGHWDFKHGZKLOHWKH2SWLFDO6WDELOL]HUIXQFWLRQ
LVLQRSHUDWLRQWKHOHQVPD\HPLWDFKDWWHULQJQRLVHEXWWKLVLVQRWDPDOIXQFWLRQ
Ŧ)RU 6RQ\ DQG 3HQWD[ PRXQWV LW LV RQO\ SRVVLEOH WR XVH WKH 26 IXQFWLRQ
LQFRUSRUDWHG LQ WKLV OHQV ZLWK FDPHUD ERGLHV ZKLFK VXSSRUW PRWRUV GULYHQ E\
XOWUDVRQLFZDYHVVXFKDV+60 :KHQXVLQJWKH26IXQFWLRQSOHDVHWXUQRIIWKH
RSWLFDOVWDELOL]HUIXQFWLRQRIWKHFDPHUDERG\DQGVHWWKH26VZLWFKRIWKHOHQVWR
21 :KHQ XVLQJ WKH FDPHUD¶V RSWLFDO VWDELOL]HU IXQFWLRQ SOHDVH VHW WKH 26
VZLWFKRIWKHOHQVWR2))DQGWXUQWKHFDPHUD¶VRSWLFDOVWDELOL]HUIXQFWLRQRQ
Ŧ,I XVLQJ WKLV OHQV ZLWK D .21,&$ 0,12/7$ '<1$; 0$;;80 ' '<1$;
0$;;80 ' RU 621< $ FDPHUD SOHDVH WXUQWKH26 VZLWFK RI WKHOHQVRII
EHIRUH WXUQLQJ WKH FDPHUD ERG\ RII 7KH 26 XQLW RI WKH OHQV ZLOO QRW IL[ LQWR LWV
SRVLWLRQ LI WKH FDPHUD ERG\ LV WXUQHG RII EHIRUH VZLWFKLQJ RII WKHOHQV¶26
PHFKDQLVP,JQRULQJWKLVQRWLFHPLJKWFDXVHGDPDJHWRWKHOHQV
Ŧ
2SWLFDO6WDELOL]HUIHDWXUHFDQZRUNZLWKWKH1LNRQ$)FDPHUDVVKRZQLQWKHIROORZLQJ
WDEOH:KHQXVLQJWKLVOHQVZLWKRWKHUFDPHUDPRGHOVQRWOLVWHGLQWKHIROORZLQJWDEOH
SOHDVHVHWWKH26 6ZLWFKWR2))SRVLWLRQWRFDQFHOWKH2SWLFDO6WDELOL]HUIXQFWLRQ
Ŧ)RU 1LNRQ DQG &DQRQ PRXQWV WKH 2SWLFDO 6WDELOL]HU 26 IXQFWLRQ ZLOO QRW ZRUN
ZLWKILOP6/5FDPHUDVH[FHSW1LNRQ)DQG&DQRQ(269
)/$6+3+272*5$3+<
7KHFDPHUD¶VEXLOWLQIODVKZLOOFDXVHEDUUHOVKDGRZLIXVHGZLWKWKLVOHQV)RU
EHVWUHVXOWVSOHDVHRQO\XVHDQH[WHUQDOIODVKXQLW
$%2877(/(&219(57(56
7KH OHQV FDQ EH XVHG ZLWK 6LJPD¶V [ (; '* RU [ (; '* $32 7HO H
&RQYHUWHUVRSWLRQDOEHFRPLQJDPP)WHOHSKRWROHQVRUDPP)
WHOHSKRWROHQVUHVSHFWLYHO\
Ŧ
'RQRWXVHRWKHUPDQXIDFWXUHUV¶WHOHFRQYHUWHU¶VRQO\WKRVHOLVWHGDERYHDUHFRPSDWLEOH
Ŧ:HUHFRPPHQGWKH'*$327HOH&RQYHUWHUVZKHQXVLQJZLWK'6/5FDPHUDV
Ŧ7KH3HQWD[PRXQW7HOH&RQYHUWHULVQRWFRPSDWLEOHZLWKWKLVSDUWLFXODUOHQV
Ŧ:KHQ DWWDFKLQJ WKH $32 [ 7HOH &RQYHUWHU (; '* LW FDQ EH XVHG LQ PDQXDO
IRFXVRQO\
Ŧ:LWK[$327HOH&RQYHUWHU$)FDQRSHUDWHEHWZHHQLQILQLW\DQGP,IWKH
GLVWDQFHVFDOHLVEHWZHHQPDQGPRQO\0)LVDYDLODEOH
Ŧ:KHQDWWDFKLQJWKH$327HOH&RQYHUWHUVWKH)RFXV/LPLWHUZLOOQRWIXQFWLRQHYHQ
LIWKHSRVLWLRQRIWKHVZLWFKLVFKDQJHG$)FDQEHXVHGLQ/LYH9LHZLIWKHFDPHUD
LVLQ³FRQWUDVWGHWHFW´$)
Ŧ,QFDVHRI6RQ\$)PRXQWLWLVSRVVLEOHWRXVH$)ZKHQDWWDFKLQJWHOHFRQYHUWHUV
ZLWKDVHULDOQXPEHUDERYH$)ZLOOQRWZRUNLIWKHWHOHFRQYHUWHU¶VVHULDO
QXPEHULVORZHUWKDQ
/(16+22'
$ ED\RQHW W\SH GHWDFKDEOH CKRRG LV SURYLGHG ZLWK WKH OHQV 7KLVOHQVKRRG
KHOSVWRSUHYHQWIODUHDQGJKRVWHGLPDJHVFDXVHGE\H[WUDQHRXVOLJKW$WWDFK
WKHKRRGDQGWXUQFORFNZLVHXQWLOLWVWRSVURWDWLQJILJ
Ŧ7KH $36& +RRG $GDSWHU LV VXSSOLHG ZLWKWKLV OHQV :KHQ XVLQJ WKLV GHGLFDWHG
KRRGDGDSWHUZLWKGLJLWDO FDPHUDV ZLWKDQ$36& VL]HLPDJHVHQVRULW SURYLGHV
PRUHHIIHFWLYHVKDGLQJ3OHDVHDWWDFKWKH$36&+RRG$GDSWHUEHWZHHQWKHOHQV
ERG\DQGWKHOHQVKRRGILJ
Ŧ:KHQXVLQJWKLV OHQVZLWKGLJLWDOFDPHUDVZLWKDIXOO IUDPHRU$36+VL]HLPDJH
VHQVRUDVZHOODVILOPFDPHUDVSOHDVHGRQRWDWWDFKWKH$36&+RRG$GDSWHU,I
\RXXVHWKH$36&+RRG$GDSWHUZLWKDERYHFDPHUDVYLJQHWWLQJZLOORFFXU
Ŧ,QRUGHUWRSODFHWKHOHQVDQGKRRGLQWRWKHVWRUDJHFDVH \RXPXVWILUVWUHPRYH
WKHKRRGWKHQUHSODFHLWRQWKHOHQVLQWKHUHYHUVHSRVLWLRQILJ,WLVSRVVLEOHWR
DWWDFKWKHOHQVKRRGLQWKHUHYHUVHSRVLWLRQDQGWKHIURQWOHQVFDSWRWKHWLSRIWKH
$36&+RRG$GDSWHUHYHQLIWKH$36&+RRG$GDSWHULVDWWDFKHGWRWKHWLSRIOHQV
),/7(5
Ŧ2QO\RQHILOWHUVKRXOGEHXVHGDWDWLPH7ZRRUPRUHILOWHUVDQGRUVSHFLDOWKLFNHU
ILOWHUVVXFKDVDSRODUL]LQJILOWHUPD\FDXVHYLJQHWWLQJ
Ŧ:KHQXVLQJDSRODUL]LQJILOWHUZLWKDQ$)FDPHUDXVHWKH³FLUFXODU´W\SH
Ŧ:KHQXVLQJILOWHUVZLWKWKH$36&+RRG$GDSWHUSOHDVHDWWDFKWKHILOWHUWRWKHILOWHU
DWWDFKPHQWWKUHDGRIWKHOHQV,IWKHILOWHULVDWWDFKHGWRWKHWLSRIWKH$36&+RRG
$GDSWHUYLJQHWWLQJPD\RFFXU
(;32685(&203(16$7,21
7KH)QXPEHURIWKHPDFUROHQVFKDQJHVZKHQIRFXVLQJGXHWRWKHH[WHQVLRQ
RI WKH OHQV EDUUHO DQG 6/5 W\SH FDPHUD ERG\ DXWRPDWLFDOO\ FRPSHQVDWHV LW
:KHQ\RXXVHDQH[WHUQDOOLJKWPHWHURUDQRQ77/W\SHIODVKXQLW\RXQHHGWR
PDNHH[SRVXUHFRPSHQVDWLRQDWFORVHGLVWDQFHWDE
%$6,&&$5($1'6725$*(
Ŧ$YRLGDQ\VKRFNVRUH[SRVXUHWRH[WUHPHKLJKRUORZWHPSHUDWXUHVRUWRKXPLGLW\
Ŧ
)RUH[WHQGHGVWRUDJHFKRRVHDFRRODQGGU\SODFHSUHIHUDEO\ZLWKJRRGYHQWLODWLRQ
7RDYRLGGDPDJHWRWKHOHQVFRDWLQJNHHSDZD\IURPPRWKEDOOVRUQDSKWKDOHQHJDV
Ŧ
'RQRWXVHWKLQQHU EHQ]LQHRURWKHURUJDQLFFOHDQLQJDJHQWVWRUHPRYHGLUW RUILQJHU
SULQWVIURPWKHOHQVHOHPHQWV&OHDQE\XVLQJDVRIWPRLVWHQHGOHQVFORWKRUOHQVWLVVXH
Ŧ7KLVOHQVLVQRWZDWHUSURRI:KHQXVLQJWKHOHQVLQWKHUDLQRUQHDUZDWHUSUHYHQW
LW IURP JHWWLQJ ZHW ,W LV RIWHQ LPSUDFWLFDO WR UHSDLU WKH LQWHUQDO PHFKDQLVP OHQV
HOHPHQWVDQGHOHFWULFFRPSRQHQWVGDPDJHGE\ZDWHU
Ŧ6XGGHQ 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
DGYLVDEOHWRNHHSWKHOHQVLQWKHFDVHXQWLOWKHWHPSHUDWXUHRIWKHOHQVDSSURDFKHV
URRPWHPSHUDWXUH
(1*/,6+
:LU GDQNHQ ,KQHQ IU GDV 9HUWUDXHQ GDV 6LH XQV PLW GHP .DXI GLHVHV 6,*0$
3URGXNWHV HUZLHVHQ KDEHQ %LWWH OHVHQ 6LH VLFK GLHVH $QOHLWXQJ YRU GHU HUVWHQ
%HQXW]XQJGHV*HUlWHVDXIPHUNVDPGXUFK
$&+781*
8QDEKlQJLJGDYRQREGDV2EMHNWLYDQGHU.DPHUDDQJHEUDFKWLVWRGHUQLFKWVHW]HQ
6LHHVELWWHNHLQHVIDOOVRKQH)URQWGHFNHOGHUGLUHNWHQ6RQQHQHLQVWUDKOXQJDXV'LHV
JLOW XP HLQHQ %UDQG ]X YHUPHLGHQ GHU GXUFK GDV 2EMHNWLY HLQIDOOHQGH XQG
JHEQGHOWH6WUDKOHQDXVJHO|VWZHUGHQN|QQWH
%(6&+5(,%8581*'(57(,/($EE
Ĭ)LOWHUJHZLQGH
ĭ(QWIHUQXQJVULQJ
Į(QWIHUQXQJVVNDOD
į(LQVWHOOLQGH[
İ$QVFKOX
ı266FKDOWHU
IJ)RNXVVLHUVFKDOWHU
ij)RNXVVLHUEHUHLFKVEHJUHQ]HU
Ĵ/HQV+RRG
ĵ*HJHQOLFKWEOHQGHQ$GDSWH
U
IUGDV$36&)RUPDW
.$0(5$69207<31,.21$)
'LHVHV2EMHNWLYIXQNWLRQLHUWJHQDXVRZLHHLQ1LNRQ$)2EMHNWLYGHVÄ*7\SV³7\S
RKQH %OHQGHQULQJ $EKlQJLJ YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU .DPHUD
N|QQHQHLQLJH)XQNWLRQVHLQVFKUlQNXQJHQDXIWUHWHQ:HLWHUH,QIRUPDWLRQHQKLHUEHU
VFKODJHQ6LHELWWHLQGHU%HGLHQXQJVDQOHLWXQJGHUYHUZHQGHWHQ.DPHUDQDFK
.$0(5$69207<33(17$;$)
'LHVHV 2EMHNWLY IXQNWLRQLHUW JHQDX VR ZLH HLQ 3(17$; $)2EMHNWLY GHV Ä)$-
7\SV³ 7\S RKQH %OHQGHQULQJ $EKlQJLJ YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU
.DPHUD N|QQHQ HLQLJH )XQNWLRQVHLQVFKUlQNXQJHQ DXIWUHWHQ:HLWHUH ,QIRUPDWLRQHQ
KLHUEHUVFKODJHQ6LHELWWHLQGHU%HGLHQXQJVDQOHLWXQJGHUYHUZHQGHWHQ.DPHUDQDFK
$16(7=(1$1'$6.$0(5$*(+b86(
$QGLH.DPHUDDQJHVHW]WIXQNWLRQLHUWGLHVHV2EMHNWLYJHQDXVRDXWRPDWLVFKZLHOKU
1RUPDOREMHNWLY(LQ]HOKHLWHQ KLHUEHU ILQGHQ 6LH LQ GHU %HGLHQXQJVDQOHLWXQJ ]XU .DPHUD
Ŧ+DOWHQ 6LH GLH .RQWDNWH XQG .XSSOXQJVHOHPHQWH DP 2EMHNWLYDQVFKOX VWHWV VDXEHU
6WHOOHQ 6LH GDV *HUlW ] %VS EHLP 2EMHNWLYZHFKVHO JUXQGVlW]OLFK QLFKW DXI GHU
.RQWDNWOHLVWHDEXPHLQH%HVFKlGLJXQJGHU.XSSOXQJVHOHPHQWH]XYHUPHLGHQ
(,167(//(1'(5%(75,(%6$57
'DV6,*0$2EMHNWLYVWHOOWQDFKGHP$QVHW]HQDQGLH.DPHUDDOOH)XQNWLRQHQDXWRPDWLVFK
]XU9HUIJXQJ(LQ]HOKHLWHQHQWQHKPHQ6LHELWWHGHU*HEUDXFKVDQOHLWXQJGHU.DPHUD
(,167(//81*9216&+b5)(
'LHVHV2EMHNWLYYHUIJWEHUHLQHQHLQJHEDXWHQ6,*0$+\SHU6RQLF0RWRU+60
'HU+60HUP|JOLFKWGLHVFKQHOOHXQGOHLVHDXWRPDWLVFKH6FKDUIHLQVWHOOXQJ
䇶6,*0$$)XQG&$121$)䇷
)U GLH DXWRPDWLVFKH 6FKDUIHLQVWHOOXQJ VFKDOWHQ 6LH GHQ )RNXVVLHUVFKDOWHU DP
2EMHNWLY DXI GLH ³$)´3RVLWLRQ $EE 6ROOWHQ 6LH GLH 6FKlUIH PDQXHOO HLQVWHOOHQ
ZROOHQ VFKDOWHQ 6LH GHQ )RNXVVLHUVFKDOWHU DP 2EMHNWLY DXI GLH ³0´3RVLWLRQ 6LH
N|QQHQGLH6FKlUIHQXQGXUFK'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ
䇶1,.21$)3(17$;$)XQG621<䇷
)UGLH DXWRPDWLVFKH6FKDUIHLQVWHOOXQJVFKDOWHQ6LHGLH.DPHUDLQ GHQ$)%HWULHE
XQGVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXI GLH ³$)´3RVLWLRQ $EE
6ROOWHQ6LHGLH6FKlUIHPDQXHOOHLQVWHOOHQZROOHQVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHU
DP 2EMHNWLY DXI GLH ³0´3RVLWLRQ 6LH N|QQHQ GLH 6FKlUIH QXQ GXUFK 'UHKHQ GHV
(QWIHUQXQJVULQJVHLQVWHOOHQ
+LQZHLVH ]XP :HFKVHO GHU )RNXVVLHUEHWULHEVDUW GHU .DPHUD HQWQHKPHQ 6LH ELWWH GHU
%HGLHQXQJVDQOHLWXQJGHU.DPHUD
%HL1LNRQ3HQWD[XQG6RQ\$QVFKOVVHQNDQQGHU$XWRIRNXVQXUPLW.DPHUDVEHQXW]W
ZHUGHQ GLH 8OWUDVFKDOOPRWRUHQ ZLH GLH +60 XQWHUVWW]HQ 'HU $XWRIRNXV ZLUG QLFKW
IXQNWLRQLHUHQZHQQGLH.DPHUDGLHVH$UWYRQ0RWRUHQQLFKWXQWHUVWW]W
'LHVHV 2EMHNWLY NDQQ DXFK PDQXHOO VFKDUIJHVWHOOW ZHUGHQ ZlKUHQG GLH $)%HWULHEVDUW
HLQJHVWHOOWLVW:HQQGLH.DPHUDDXI(LQ]HOELOG$)HLQJHVWHOOWLVWN|QQHQ6LHQDFKGHP
GDV2EMHNWLY YRQGHU $XWRPDWLNVFKDUIJHVWHOOW ZXUGHXQG ]XP6WLOOVWDQGJHNRPPHQLVW
GLH6FKlUIHGXUFK'UHKHQDP)RNXVVLHUULQJPDQXHOOHLQVWHOOHQ'HU$XVO|VHUPXKLHUEHL
KDOEGXUFKJHGUFNWEOHLEHQ
%HLPDQXHOOHU)RNXVVLHUXQJVROOWHGLH6FKlUIHDXIGHU0DWWVFKHLEHHLQJHVWHOOWZHUGHQGD
GXUFK 7HPSHUDWXUVFKZDQNXQJHQ $EZHLFKXQJHQ YRQ GHU (QWIHUQXQJVVNDOD DXIWUHWHQ
N|QQHQ'LHVJLOWLQVEHVRQGHUHIUGLH8QHQGOLFK(LQVWHOOXQJ
)2.866,(5%(5(,&+6%(*5(1=(5
'DV 2EMHNWLY LVW PLW HLQHP %HUHLFKVEHJUHQ]HU DXVJHVWDWWHW GHU GHQ ]X
GXUFKODXIHQGHQ$)%HUHLFKOLPLWLHUW$EE)ROJHQGH%HUHLFKHVWHKHQ]XU$XVZDKO
Ɣ)8//Paп ƔPa п ƔPaP
9(5*5g(581*
%HLGHU*UDYXUÄ[[³DXIGHP2EMHNWLYWXEXVKDQGHOWHVVLFKXP$EELOGXQJVPDVWlEH
6RZLUG ]XP%HLVSLHOLQGHU(LQVWHOOXQJij HLQFPJURHV2EMHNW FPJUR
DXIGHP6HQVRURGHU)LOPDEJHELOGHW$EE
h%(526237,&$/67$%,/,=(50(5.0$/(
'LHVHV 26 2SWLFDO 6WDELOL]HU 2EMHNWLY NRPSHQVLHUW HUIROJUHLFK GLH 8QVFKlUIH LQ
,KUHQ%LOGHUQGLHGXUFK9HUZDFNOXQJGHU.DPHUDZlKUHQGGHU$XIQDKPHHQWVWHKW
0LW GLHVHP 2EMHNWLY N|QQHQ 6LH $XIQDKPHQ PLW ELV ]X 6WXIHQ OlQJHUHQ
9HUVFKOX]HLWHQ DOV RKQH GHQ (LQVDW] GHU 26 )XQNWLRQ P|JOLFK DQIHUWLJHQ XQG
HUKDOWHQGHQQRFKVFKDUIH(UJHEQLVVH
6WHOOHQ6LH GHQ 26 2SWLFDO 6WDELOL]HU6FKDOWHUDXI 0RGXV $EE 'UFNHQ6LH
GHQ$XVO|VHUKDOEGXUFKYHUJHZLVVHUQ6LHVLFKGDGDV%LOGLP6XFKHUVWDELOVWHKW
XQGGUFNHQGHQ$XVO|VHU]XU$QIHUWLJXQJGHU$XIQDKPHJDQ]GXUFK(VGDXHUWFD
6HNXQGHXPQDFKGHP$QGUFNHQGHV$XVO|VHUVHLQVWDELOHV%LOG]XHU]HXJHQ
0RGXV HUNHQQW GLH YHUWLNDOH %HZHJXQJ GHU .DPHUD XQG YHUKLQGHUW GLHVH
9HUZDFNOXQJ'LHVHU0RGXVHPSILHKOWVLFKEHLVLFKEHZHJHQGHQ0RWLYHQ
'LH.RPSHQVLHUXQJGHU9HUZDFNOXQJVXQVFKlUIHGXUFKGHQ2SWLFDO6WDELOL]HULVWVSH]LHOO
IU$XIQDKPHQDXVGHUIUHLHQ+DQGHQWZLFNHOW8QWHUGHQIROJHQGHQ%HGLQJXQJHQN|QQWH
GHU2SWLFDO6WDELOL]HUHYHQWXHOOQLFKWHLQZDQGIUHLDUEHLWHQ
ƒ$XIQDKPHQDXVHLQHPIDKUHQGHQ)DKU]HXJ
ƒ,P)DOOHHLQHUHUKHEOLFKHQ%HZHJXQJRGHU(UVFKWWHUXQJGHU.DPHUD
%LWWHEHQXW]HQ6LHLQGHQIROJHQGHQ6LWXDWLRQHQGHQ2SWLFDO6WDELOL]HUQLFKW
ƒZHQQGDV2EMHNWLYDXIHLQHP6WDWLYPRQWLHUWLVW
ƒEHL%XOE$XIQDKPHQ/DQJ]HLWEHOLFKWXQJ
'LH)XQNWLRQGHV2SWLFDO6WDELOL]HUVZLUGYRQGHU.DPHUDPLW6WURPYHUVRUJW:HQQGDV
26 2EMHNWLY DQ ,KUHU .DPHUD DQJHVFKORVVHQ XQG DNWLYLHUW LVW YHUULQJHUW VLFK GLH
$XIQDKPHNDSD]LWlW GHU .DPHUD LP 9HUJOHLFK ]X GHP (LQVDW] PLW NRQYHQWLRQHOOHQ
2EMHNWLYHQ6RIHUQ6LHGHQ2SWLFDO6WDELOL]HUQLFKWEHQ|WLJHQVWHOOHQ6LHGHQ266FKDOWHU
ELWWHDXI2))XPGHQ%DWWHULHYHUEUDXFK]XUHGX]LHUHQ
9HUJHZLVVHUQ6LHVLFKGDGHU266FKDOWHUDXI2))VWHKWEHYRU6LH,KU2EMHNWLYDQGLH
.DPHUDDQVHW]HQRGHUYRQGHU.DPHUDDEQHKPHQ
'HU2SWLFDO6WDELOL]HUEOHLEWDXFKQDFKGHP6LHGHQ)LQJHUYRQGHP$XVO|VHUJHQRPPHQ
KDEHQVRODQJHDNWLYLHUWZLHGHU%HOLFKWXQJVPHVVHUGLH%HOLFKWXQJVGDWHQDQ]HLJW1HKPHQ
6LH QLHPDOV GDV 2EMHNWLY YRQ GHU .DPHUD RGHU HQWIHUQHQ 6LH GLH %DWWHULHQ GHU .DPHUD
ZlKUHQG
GHU2SWLFDO6WDELOL]HUQRFKDNWLYLHUWLVW6LHN|QQHQGDV2EMHNWLYKLHUGXUFKEHVFKlGLJHQ
2EZRKO GDV 6XFKHUELOG GLUHNW QDFK GHU $XIQDKPH XQG ]X %HJLQQ GHV $XIODGHQV GHV
HLQJHEDXWHQ%OLW]JHUlWHVZDFNHOQN|QQWHKDWGLHVNHLQHQ(LQIOXDXI,KUH%LOGHU
)DOOVGLH.DPHUDDXVJHVFKDOWHWZLUGZlKUHQGGLH2SWLFDO6WDELOL]HU)XQNWLRQQRFKDNWLY
LVW NDQQ GDV 2EMHNWLY HLQ VFKQDWWHUQGHV *HUlXVFK YHUXUVDFKHQ ZDV MHGRFK NHLQH
)HKOIXQNWLRQGDUVWHOOW
'LHREMHNWLYHLJHQH26)XQNWLRQVWHKWEHL2EMHNWLYHQPLW6RQ\XQG3HQWD[DQVFKOXVVQXU
GDQQ ]XU 9HUIJXQJ ZHQQ VLH DQ .DPHUDJHKlXVHQ HLQJHVHW]W ZHUGHQGLHGHQ
HLQJHEDXWHQ 0RWRU LP 2EMHNWLY ZLH +60 XQWHUVWW]HQ :HQQ GLH REMHNWLYHLJHQH 26
)XQNWLRQHLQJHVHW]WZLUGVFKDOWHQ6LHELWWHGLH6WDELOL]HU)XQNWLRQGHU.DPHUDDXVXQGGHQ
266FKDOWHUDP2EMHNWLYDXI21:HQQGLHNDPHUDHLJHQH6WDELOL]HU)XQNWLRQHLQJHVHW]W
ZLUGVFKDOWHQ6LHVLHDQGHU.DPHUDHLQXQGGHQ266FKDOWHUDP2EMHNWLYDXI2))
:HQQ GDV 2EMHNWLY DQ HLQHU .21,&$ 0,12/7$ '<1$; 0$;;80 ' '<1$;
0$;;80'RGHU621<$.DPHUDHLQJHVHW]W ZLUGVFKDOWHQ6LHGHQ266FKDOWHU
DP2EMHNWLYELWWHDXVEHYRU6LHGLH.DPHUDDXVVFKDOWHQ'LH26(LQKHLWGHV2EMHNWLYV
ZLUGQLFKWLQLKUHU3RVLWLRQIL[LHUWVROOWHGLH.DPHUDDXVJHVFKDOWHWZHUGHQEHYRUGHU26
0HFKDQLVPXV DP 2EMHNWLY DXVJHVFKDOWHW ZXUGH 'DV 1LFKWEHIROJHQ GLHVHV +LQZHLVHV
NDQQGDV2EMHNWLYEHVFKlGLJHQ
,P1LNRQXQG &DQRQ6\VWHPIXQNWLRQLHUW GHU2SWLFDO 6WDELOL]HU26QLFKW EHLP(LQVDW]
DQDQGHUHQ)LOP6/5.DPHUDVDOV1LNRQ)XQG&DQRQ(269
%/,7=)272*5$),(
,QWHUQHU%OLW]GHU.DPHUDZLUGHLQHQUXQGHQ6FKDWWHQYHUXUVDFKHQ9HUZHQGHQ6LH
QLFKW GHQ LQWHUQHQ .DPHUDEOLW] PLW GLHVHP 2EMHNWLY ELWWH QXU H[WHUQHV %OLW]JHUlW
YHUZHQGHQ
h%(57(/(.219(57(5
'DV2EMHNWLYNDQQYHUZHQGHWZHUGHQPLW6LJPD[(;'*RGHU[(;'*$32
7HOH .RQYHUWHU RSWLRQDO UHVXOWLHUHQG ]XP PP ) 7HOH 2EMHNWLY UHVSHNWLYH
HLQHPPP)7HOH2EMHNWLY
9HUZHQGHQ6LHNHLQHDQGHUHQ2EMHNWLYHDOVGLH2EHQDXIJHOLVWHWHQ
:LU HPSIHKOHQ GLH '* 9HUVLRQ GHU $32 7HOHNRQYHUWHU ]X YHUZHQGHQ VRIHUQ '6/5
.DPHUDVHLQJHVHW]WZHUGHQ
'HU6LJPD7HOHNRQYHUWHUPLW3HQWD[$QVFKOXLVWPLWGLHVHP2EMHNWLYQLFKWNRPSDWLEHO
,QGHU.RPELQDWLRQPLWGHP$32[7HOH.RQYHUWHU(;'*NDQQQXUPDQXHOOIRNXVVLHUW
ZHUGHQ
,Q GHU .RPELQDWLRQ PLW GHP $32 [ 7HOH .RQYHUWHU (; '* VWHKW GHU $) LP (QWIHUQXQJVEHUHLFK
]ZLVFKHQ8QHQGOLFKXQGP]XU9HUIJXQJ,P(QWIHUQXQJVEHUHLFKPELVP
NDQQQXUPDQXHOOIRNXVVLHUWZHUGHQ
,Q GHU .RPELQDWLRQ PLW GHQ $32 7HOH .RQYHUWHUQ IXQNWLRQLHUW GHU )RNXV /LPLWVFKDOWHU
QLFKW VHOEVW ZHQQ GLH 6FKDOWHUVWHOOXQJ YHUlQGHUW ZLUG'HU $) VWHKW LP /LYH9LHZ ]XU
9HUIJXQJZHQQGLH.DPHUDVLFKGLH.DPHUDLP.RQWUDVW$)EHILQGHW
,Q )DOOH YRQ 6RQ\ $) $QVFKOXVV NDQQ GHU $XWRIRNXV QXU JHQXW]W ZHUGHQ ZHQQ GLH
6HULHQQXPPHUGHVYHUZHQGHWHQ.RQYHUWHUVK|KHUDOVLVW'HU$XWRIRNXVZLUG
QLFKWIXQNWLRQLHUHQZHQQGLH6HULHQQXPPHUGHV.RQYHUWHUVNOHLQHUDOVLVW
'HU $XWRIRNXV VWHKW LP /LYH 9LHZ ]XU 9HUIJXQJ ZHQQ GLH .DPHUDLP$)0RGXV
.RQWUDVWYHUJOHLFKEHWULHEHQZLUG
*(*(1/,&+7%/(1'(
(LQHDEQHKPEDUH%DMRQHWW*HJHQOLFKWEOHQGHJHK|UW]XP/LHIHUXPIDQJGHV2EMHNWLYV
'LH*HJHQOLFKWEOHQGHPLQGHUWZLUNVDP5HIOH[LRQHQXQG*HLVWHUELOGHUGLHGXUFK6WUHXOLFKW
YHUXUVDFKWZHUGHQN|QQHQ6HW]HQ6LHGLH*HJHQOLFKWEOHQGHHQWVSUHFKHQGGHU0DUNLHUXQJ
DP2EMHNWLYDQXQGGUHKHQ6LHVLHLP8KU]HLJHUVLQQELVVLHHLQUDVWHW$EE
'HU*HJHQOLFKWEOHQGHQ$GDSWHUJHK|UWHEHQIDOOV]XP/LHIHUXPIDQJGHV2EMHNWLYV:HQQ
6LHGHQ*HJHQOLFKWEOHQGHQ$GDSWHUDQ'LJLWDONDPHUDVPLW$36&]XP(LQVDW]EULQJHQ
EHZLUNW GLHVHU HLQHQ QRFK ZLUNVDPHUHQ 6WUHXOLFKWVFKXW] %LWWH EULQJHQ 6LH GHQ
*HJHQOLFKWEOHQGHQ$GDSWHU]ZLVFKHQ2EMHNWLYXQG*HJHQOLFKWEOHQGHDQ$EE
:HQQ6LHGDV2EMHNWLYDQ9ROOIRUPDW.DPHUDV.DPHUDVPLW$36+6HQVRUIRUPDWRGHU
$QDORJ.DPHUDV DQVHW]HQ YHUZHQGHQ 6LH GHQ *HJHQOLFKWEOHQGHQ$GDSWHU ELWWH QLFKW
:HQQ 6LH GHQ *HJHQOLFKWEOHQGHQ$GDSWHU DQ GHQ REHQ JHQDQQWHQ .DPHUDV ]XP
(LQVDW]EULQJHQZUGHGLHV9LJQHWWLHUXQJHQKHUYRUUXIHQ
:HQQ 6LH GDV 2EMHNWLY VDPW *HJHQOLFKWEOHQGH LP 2EMHNWLYN|FKHU YHUVWDXHQ P|FKWHQ
HQWIHUQHQ6LH]XHUVWGLH*HJHQOLFKWEOHQGHYRP2EMHNWLYXPVLHDQVFKOLHHQGLQXPJHNHKUWHU
3RVLWLRQ DXI GHP 2EMHNWLY ]X EHIHVWLJHQ $EE :HQQ VLFK GLH *HJHQOLFKWEOHQGH LQ
XPJHNHKUWHU3RVLWLRQDXIGHP2EMHNWLYEHILQGHWLVWHVGHQQRFKP|JOLFKGHQ)URQWGHFNHO
DQGHPDP2EMHNWLYDQJHEUDFKWHQ*HJHQOLFKWEOHQGHQ$GDSWHUDQ]XEULQJHQ
),/7(5
%HL(LQVDW]YRQ3ROILOWHUQYHUZHQGHQ6LHDQHLQHU$XWRIRNXVNDPHUDELWWHDXVVFKOLHOLFK
=LUNXODU3ROILOWHU %HLP (LQVDW] HLQHV /LQHDU3ROILOWHUV N|QQHQ VLFK EHL $XWRIRNXV XQG
%HOLFKWXQJVDXWRPDWLN(LQVWHOOIHKOHUHUJHEHQ
9HUZHQGHQ 6LH JUXQGVlW]OLFK QXU HLQ )LOWHU =ZHL RGHU PHKU )LOWHU JOHLFK]HLWLJ E]Z
VWlUNHUH 6SH]LDOILOWHU ² ]% 3RODULVDWLRQVILOWHU RGHU VROFKH PLW EHVRQGHUV KRKHU
)LOWHUIDVVXQJ²N|QQHQ]X9LJQHWWLHUXQJHQYHUXUVDFKHQ
:HQQ 6LH ]XVDPPHQ PLW GHP *HJHQOLFKWEOHQGHQ$GDSWHU )LOWHU HLQVHW]HQ P|FKWHQ
VFKUDXEHQ6LHGHQ)LOWHUELWWHZLHEOLFKLQGDV)LOWHUJHZLQGHGHV2EMHNWLYV:UGHQ6LHGHQ
)LOWHUDQGHP*HJHQOLFKWEOHQGHQ$GDSWHUDQEULQJHQZUGHGLHV9LJQHWWLHUXQJHQKHUYRUUXIHQ
%(/,&+781*6.255(.785
'LH ZLUNVDPH /LFKWVWlUNHGHV 0DNUR2EMHNWLYVYHUULQJHUW VLFK LQ $EKlQJLJNHLW YRP
2EMHNWLYDXV]XJ%HL9HUZHQGXQJHLQHU6SLHJHOUHIOH[NDPHUDPLW,QQHQPHVVXQJZLUG
GLHVDXWRPDWLVFKEHUFNVLFKWLJW%HQXW]HQ6LHKLQJHJHQHLQHQ+DQGEHOLFKWXQJVPHVVHU
REHU HLQ %OLW]JHUlW PLW $XHQPHVVXQJ ZLUG EHL NXU]HQ $XIQDKPHDEVWlQGHQ HLQH
%HOLFKWXQJVNRUUHNWXUHUIRUGHUOLFKWDE
3)/(*(81'$8)%(:$+581*
6HW]HQ6LHGDV2EMHNWLYQLFKWKDUWHQ6W|HQH[WUHPKRKHQE]ZQLHGULJHQ7HPSHUDWXUHQ
RGHUKRKHU/XIWIHXFKWLJNHLWDXV
:lKOHQ6LHIUOlQJHUH/DJHUXQJHLQHQNKOHQWURFNHQHQXQGP|JOLFKVWJXWEHOIWHWHQ
2UW 9HUPHLGHQ 6LH GLH /DJHUXQJ LQ GHU 1lKH YRQ &KHPLNDOLHQ GHUHQ 'lPSIH GLH
9HUJWXQJDQJUHLIHQN|QQWHQ
9HUZHQGHQ 6LH ]XU (QWIHUQXQJ YRQ 6FKPXW] RGHU )LQJHUDEGUFNHQ DXI *ODVIOlFKHQ
NHLQHVIDOOV 9HUGQQHU %HQ]LQ RGHU DQGHUH RUJDQLVFKH 5HLQLJXQJVPLWWHO VRQGHUQ HLQ
VDXEHUHVIHXFKWHV2SWLN5HLQLJXQJVWXFKRGHU2SWLN5HLQLJXQJVSDSLHU
'DV2EMHNWLY LVW QLFKW ZDVVHUJHVFKW]W 6RUJHQ 6LH GHVKDOE EHL$XIQDKPHQ LP 5HJHQ
RGHULQGHU1lKHYRQ:DVVHUIUDXVUHLFKHQGHQ6FKXW]'LH5HSDUDWXUHLQHV2EMHNWLYHV
PLW:DVVHUVFKDGHQLVWKlXILJQLFKWP|JOLFK
7HPSHUDWXUVFKRFNV N|QQHQ ]XP %HVFKODJHQ GHV 2EMHNWLYHV XQG VHLQHU *ODVIOlFKHQ
IKUHQ %HLP :HFKVHO DXV GHU .lOWH LQ HLQ JHKHL]WHV =LPPHU HPSILHKOW HV VLFK GDV
2EMHNWLYVRODQJHLP.|FKHURGHUGHU)RWRWDVFKH]XEHODVVHQELVHVGLH=LPPHUWHPSHUDWXU
DQJHQRPPHQKDW
'(876&+
1RXV YRXV UHPHUFLRQV G¶DYRLU FKRLVL XQ REMHFWLI 6,*0$ 3RXU HQ WLUHU OH PHLOOHXU
SURILW HW OH SOXV JUDQG SODLVLU QRXV YRXV FRQVHLOORQV GH OLUH DWWHQWLYHPHQW OH PRGH
G¶HPSORLDYDQWWRXWHXWLOLVDWLRQ
$9(57,66(0(17
1HSRLQWH]SDVO¶REMHFWLIVHXORXPRQWpVXUOHERvWLHUYHUVOHVROHLOVDQVVRQERXFKRQ
GH SURWHFWLRQ DYDQW /D FRQFHQWUDWLRQ GHV UD\RQV GX VROHLO SRXUUDLW SURYRTXHU XQ
LQFHQGLH
'(6&5,37,21'(6(/(0(176ILJ
Ĭ)LOHWDJHSRXUILOWUH
ĭ%DJXHGHVGLVWDQFHV
Į(FKHOOHGHVGLVWDQFHV
į5HSqUHGHGLVWDQFH
İ%DwRQQHWWH
ı&XUVHXU26
IJ6pOHFWHXUGHPLVHDX
SRLQW
ij/LPLWHXUGHUHFKHUFKH
Ĵ3DUH6ROHLO
ĵ$GDSWDWHXUIRUPDW$36&
3285/(6%2,7,(561,.21$)
&HW REMHFWLI HVW GpSRXUYX GH EDJXH GH GLDSKUDJPH FRPPH OHV REMHFWLIV DXWRIRFXV
1LNRQGHW\SH*&HUWDLQHVUHVWULFWLRQVGHIRQFWLRQQDOLWpVRQWSRVVLEOHVHQIRQFWLRQGX
ERvWLHUXWLOLVp3RXUSOXVGHGpWDLOVYHXLOOH]YRXVUHSRUWHUDXPRGHGHPSORLGXERvWLHU
3285/(6%2,7,(563(17$;$)
&HW REMHFWLI HVW GpSRXUYXGH EDJXH GH GLDSKUDJPH FRPPHOHV REMHFWLIV DXWRIRFXV
3(17$; GH W\SH )$- &HUWDLQHV UHVWULFWLRQV GH IRQFWLRQQDOLWp VRQW SRVVLEOHV HQ
IRQFWLRQ GX ERvWLHU XWLOLVp 3RXU SOXV GH GpWDLOV YHXLOOH] YRXV UHSRUWHU DX PRGH
GHPSORLGXERvWLHU
),;$7,21685/¶$33$5(,/
/RUVTXHO¶REMHFWLIHVWIL[pVXUOHERvWLHUOHVDXWRPDWLVPHVIRQFWLRQQHQWFRPPHDYHF
YRVREMHFWLIVKDELWXHOV&RQVXOWH]pYHQWXHOOHPHQWOHPRGHG¶HPSORLGHO¶DSSDUHLO
Ŧ6XU OD PRQWXUH VH WURXYHQW SOXVLHXUV FRQWDFWV pOHFWULTXHV HW pOHFWURQLTXHV
*DUGH]OHV ELHQ SURSUHV SRXU JDUDQWLUXQ ERQ IRQFWLRQQHPHQW 1H SRVH] MDPDLV
O¶REMHFWLIVXUVDEDVHDUULqUHSRXUpYLWHUG¶HQGRPPDJHUFHVpOpPHQWV
5(*/$*('86<67(0('¶(;326,7,21
&HW REMHFWLI 6LJPD IRQFWLRQQH DXWRPDWLTXHPHQW GqV TX¶LO HVW PRQWp VXU OH ERvWLHU
9HXLOOH]YRXVUHSRUWHUDXPRGHGHPSORLGH,¶DSSDUHLO
0,6($832,17
&HW REMHFWLI HVW pTXLSp GH OD PRWRULVDWLRQ j KDXWH IUpTXHQFH 6LJPD ³+\SHU 6RQLF
0RWRU´+60(OOHUHQGODPLVHDXSRLQWDXWRPDWLTXHUDSLGHHWVLOHQFLHXVH
䇶6,*0$$)HW&$121$)䇷
3RXUXQHPLVHDXSRLQWDXWRPDWLTXHSODFH]OHVpOHFWHXUGHPLVHDXSRLQWHQSRVLWLRQ
³$)´ ILJ 3RXU XQH PLVHDX SRLQW PDQXHOOH SODFH] OH VpOHFWHXU HQ SRVLWLRQ ³0´
SRVLWLRQHWDMXVWH]OHSRLQWHQWRXUQDQWODEDJXHGHPLVHDXSRLQW
䇶1,.21$)3(17$;$)HW621<䇷
3RXU XQH PLVH DX SRLQW DXWRPDWLTXH PHWWH] OH ERvWLHU HQ PRGH $) HW SODFH] OH
VpOHFWHXUGHPLVHDXSRLQWHQSRVLWLRQ³$)´ILJ3RXUXQHPLVHDXSRLQWPDQXHOOH
SODFH]OHVpOHFWHXUHQSRVLWLRQ³0´SRVLWLRQHWDMXVWH]OHSRLQWHQWRXUQDQWODEDJXH
GHPLVHDXSRLQW
Ŧ9HXLOOH]YRXVUpIpUHUDXPRGHGHPSORLGXERvWLHUSRXUFKDQJHUOHPRGHGHPLVH
DXSRLQWGHODSSDUHLO
Ŧ'DQVOHVYHUVLRQVSRXU1LNRQ3HQWD[HW6RQ\ODPLVHDXSRLQW$)QHVWSRVVLEOH
TXDYHFOHVERvWLHUVSHUPHWWDQWGDFWLYHUXQPRWHXUjRQGHV XOWUDVRQLTXHGXW\SH
GHFHOXLGHODPRWRULVDWLRQ+60/$)HVWLQGLVSRQLEOHDYHFOHVDXWUHVERvWLHUV
Ŧ&HW REMHFWLISHUPHW OD PLVH DX SRLQW PDQXHOOH PrPH HQ PRGH DXWRIRFXV$YHF
O¶DSSDUHLO HQ PRGH GH PLVH DX SRLQW VSRW 21( 6+27$)6 YRXV SRXYH]
UHWRXFKHU OD PLVH DX SRLQW PDQXHOOHPHQW DSUqV TXH O¶REMHFWLI DLW IDLW OD PLVH DX
SRLQWDXWRPDWLTXHPHQWHQPDLQWHQDQWOHGpFOHQFKHXUHQFOHQFKpjPLFRXUVH
Ŧ(QFDVG¶XWLOLVDWLRQGHFHWREMHFWLIHQPLVHDXSRLQWPDQXHOOHLOHVWUHFRPPDQGp
GH YpULILHU OD TXDOLWp GH OD PLVH DX SRLQW j SDUWLUGX YLVHXU(Q HIIHW GHV pFDUWV
LPSRUWDQWV GH WHPSpUDWXUH SHXYHQW SURYRTXHU GH OpJqUHV PRGLILFDWLRQV GHV
FRPSRVDQWVLQWHPHVTXLIRQWYDULHUODSRVLWLRQGHODPLVHDXSRLQW8QHWROpUDQFH
SDUWLFXOLqUHHVWSUpYXHjFHWHIIHWHQSRVLWLRQLQILQL
/,0,7(85'(5(&+(5&+(
&HWREMHFWLIGLVSRVHG¶XQOLPLWHXUGHUHFKHUFKHGHPLVHDXSRLQWFDSDEOHGHUpGXLUHODSODJH
GHGLVWDQFHGHPLVHDXSRLQWILJ,OHVWSRVVLEOHGHVpOHFWLRQQHUSODJHVGHGLVWDQFHV
Ɣ)8//Paп ƔPa п ƔPaP
3+272*5$3+,(0$&52
/DPHQWLRQ³[[´VXUO¶pFKHOOHGHGLVWDQFHGHO¶REMHFWLIUHSUpVHQWHOHJURVVLVVHPHQW
PD[LPXPDSSHOpDXVVLUDSSRUWGHUHSURGXFWLRQ6LYRXVDYH]IDLWODPLVHDXSRLQW
HWO¶pFKHOOHGRQQH³´XQVXMHWGRQWODWDLOOHUpHOOHHVWGHFPDXUDODWDLOOHGH
FPVXUOHFDSWHXURXVXUOHILOPILJ
)21&7,211(0(17'867$%,/,6$7(85237,48(26
237,&$/67$%,/,=(5
&HW REMHFWLI GLVSRVH GX V\VWqPH GH VWDELOLVDWLRQ RSWLTXH 6LJPD 26 2SWLFDO
6WDELOL]HUTXLpYLWHOHVULVTXHVGHIORXOLpVDX[PRXYHPHQWVGXERvWLHUORUVGHODSULVH
GH YXH 9RXV SRXYH] DYHF FHW REMHFWLI SUHQGUH GHV SKRWRV j GHV YLWHVVHV SOXV
OHQWHV GHQYLURQ TXDWUH YDOHXUV TXH FHOOHV XWLOLVDEOHV VDQV OH VWDELOLVDWHXU WRXW HQ
REWHQDQWGHVLPDJHVSDUIDLWHPHQWQHWWHV
3ODFH]OHFXUVHXU26VXUOH0RGH ILJ$SSX\H]jPLFRXUVHVXUOHGpFOHQFKHXU
YpULILH]ODVWDELOLWpGHOLPDJH GDQVOHYLVHXUHWSUHQH]ODSKRWR ODVWDELOLVDWLRQGH
OLPDJHHVWREWHQXH HQYLURQVHFRQGHDSUqV TXHOHGpFOHQFKHXUD pWp DFWLYp/H
0RGH TXL GpWHFWH HW FRUULJH H[FOXVLYHPHQW OHV PRXYHPHQWV YHUWLFDX[ HVW XWLOH
SRXUSKRWRJUDSKLHUGHVVXMHWVHQGpSODFHPHQW
Ŧ/D IRQFWLRQ GH FRPSHQVDWLRQ GHV PRXYHPHQWV GX VWDELOLVDWHXU RSWLTXH 26 HVW
HIILFDFH SRXU OHV SULVHV GH YXH j PDLQ OHYpH 'DQV FHUWDLQHV FRQGLWLRQV
SDUWLFXOLqUHVOHVWDELOLVDWHXUSHXWQHSDVrWUHSOHLQHPHQWHIILFDFH
ƒ3ULVHVGHYXHVGHSXLVXQYpKLFXOHHQGpSODFHPHQW
ƒ0RXYHPHQWVRXVHFRXVVHVWUqVLPSRUWDQWV
Ŧ/HVWDELOLVDWHXURSWLTXH26QHGRLWSDVrWUHHPSOR\pGDQVOHVFDVVXLYDQWV
ƒVLOREMHFWLIHVWPRQWpVXUXQWUpSLHG ƒHQSRVH%ORQJXHGXUpHGH[SRVLWLRQ
Ŧ/DIRQFWLRQGHVWDELOLVDWLRQRSWLTXH26HVWDOLPHQWpHpOHFWULTXHPHQWSDUOHERvWLHU
6L OREMHFWLI HVW PRQWp VXU YRWUH ERvWLHU HW OD VWDELOLVDWLRQ RSWLTXH 26 DFWLYpH
ODXWRQRPLH GH ODSSDUHLO VHUD GLPLQXpH SDU UDSSRUW j XQH XWLOLVDWLRQ DYHF XQH
RSWLTXH FODVVLTXH 3RXU pYLWHU XQH FRQVRPPDWLRQ GpQHUJLH LQXWLOH QRXV YRXV
UHFRPPDQGRQV GH SODFHU OH FXUVHXU 26 VXU 2)) ORUVTXH YRXV QXWLOLVH] SDV OD
IRQFWLRQGHVWDELOLVDWLRQ
Ŧ$VVXUH]YRXVTXHOHVWDELOLVDWHXU26HVWGpVDFWLYpFXUVHXUVXUODSRVLWLRQ2))
DYDQWGDWWDFKHURXGHGpWDFKHUOREMHFWLIGXERvWLHU
Ŧ/H VWDELOLVDWHXU RSWLTXH 26 GHPHXUH DFWLYp DSUqV DYRLU UHOkFKp OH GpFOHQFKHXU
DXVVLORQJWHPSVTXHOHSRVHPqWUHDIILFKHOHVYDOHXUVGH[SRVLWLRQ,OQHIDXWMDPDLV
GpWDFKHUOREMHFWLIGHODSSDUHLOQLUHWLUHUOHVSLOHVGXERvWLHUWDQWTXHOHVWDELOLVDWHXU
HVWDFWLYpVRXVSHLQHGHQGRPPDJHUOREMHFWLI
Ŧ
0rPHVLOLPDJHGDQVOHYLVHXUVHPEOHYLEUHULPPpGLDWHPHQWDSUqVODSULVHGHYXHRX
DXGpPDUUDJHGHODFKDUJHGXIODVKLQWpJUpGXERvWLHUFHFLQDIIHFWHHQULHQOHVLPDJHV
Ŧ
6LODSSDUHLOHVWpWHLQWRXVLOREMHFWLIHVWGpWDFKpDORUVTXHOHVWDELOLVDWHXURSWLTXHHVW
DFWLYpOREMHFWLISHXWpPHWWUHXQEUXLWGHIURWWHPHQWVDQVTXLO\DLWG\VIRQFWLRQQHPHQW
Ŧ3RXU OHV PRQWXUHV6RQ\ HW 3HQWD[OD IRQFWLRQ 26LQFRUSRUpHGDQV FHW REMHFWLI
HVW VHXOHPHQW GLVSRQLEOH DYHF OHV ERvWLHUV SHUPHWWDQW OD FRPPDQGH G¶RSWLTXHV
XOWUDVRQLTXHVWHOVTXHOHVREMHFWLIV+606LYRXVXWLOLVH]ODIRQFWLRQ26YHXLOOH]
GpVDFWLYHUODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHUHWSODFHUOHFXUVHXU
26
GHO¶REMHFWLIVXU
216LYRXVXWLOLVH]ODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHUYHXLOOH]SODFHUOHFXUVHXU
26GHO¶REMHFWLIVXU2))HWHQVXLWHDFWLYHUODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHU
Ŧ6LYRXVXWLOLVH]FHWREMHFWLIDYHFXQERvWLHU.21,&$0,12/7$'<1$;0$;;80
''<1$;0$;;80'RX621<$YHLOOH]jGpVDFWLYHUOHVWDELOLVDWHXU26
DYDQW GpWHLQGUH OH ERvWLHU /H VWDELOLVDWHXU GLPDJH 26 GH OREMHFWLI QH VHUD SDV
SRVLWLRQQp FRUUHFWHPHQW VL ODSSDUHLO HVW PLV KRUV WHQVLRQ VDQV DYRLU SODFp
SUpDODEOHPHQWOHFXUVHXUGXVWDELOLVDWHXUVXU2))/HQRQVXLYLGHFHWWHSURFpGXUH
SRXUUDLWHQGRPPDJHUOREMHFWLI
Ŧ3RXU OHV PRQWXUHV &DQRQ HW 1LNRQ OD IRQFWLRQ 26 VWDELOLVDWHXU RSWLTXH QH
IRQFWLRQQH SDV DYHF OHV ERvWLHUV UHIOH[ DUJHQWLTXHV VDXI OHV ERvWLHUV &DQRQ
(269HWOH1LNRQ)
3+272*5$3+,($8)/$6+
/DORQJXHXUGHOREMHFWLISHXWFDXVHUXQHRPEUHGDQVOLPDJHVLYRXVXWLOLVH]OHIODVK
LQWpJUp GX ERvWLHU1RXV YRXV UHFRPPDQGRQV GXWLOLVHU H[FOXVLYHPHQW XQ IODVK H[WHUQH
$352326'(67e/e&219(57,66(856
&HWREMHFWLISHXWrWUHXWLOLVpDYHFOHVWpOpFRQYHUWLVVHXUV6LJPD[(;'*RX[(;'*
$32HQRSWLRQTXLOHWUDQVIRUPHQWUHVSHFWLYHPHQWHQPP)RXHQPP)
Ŧ,O HVW UHFRPPDQGp GH QH SDV XWLOLVHU XQ DXWUH WpOpFRQYHUWLVVHXU TXH FHX[
PHQWLRQQpVFLGHVVXV
Ŧ,OHVWUHFRPPDQGpGXWLOLVHUODYHUVLRQ'*GHVWpOpFRQYHUWLVVHXUV6LJPD$SR(;
ORUVTXHYRXVXWLOLVH]XQERvWLHUQXPpULTXH
Ŧ/HVWpOpFRQYHUWLVVHXUVHQPRQWXUH3HQWD[QHIRQFWLRQQHQWSDVDYHFFHWREMHFWLI
Ŧ$YHF O¶DGMRQFWLRQ G¶XQ 7HOH &RQYHUWHU $32 [ (; '*VHXOH OD PLVHDX SRLQW
PDQXHOOHHVWSRVVLEOH
Ŧ$YHFO¶DGMRQFWLRQG¶XQ7HOHFRQYHUWHU$32[O¶$)HVWRSpUDWLRQQHOHQWUHP
HWOLQILQL6LOpFKHOOHGHVGLVWDQFHVHVWFRPSULVHHQWUHPHWPVHXOHOD
PLVHDXSRLQWPDQXHOOHHVWGLVSRQLEOH
Ŧ/RUVGHODIL[DWLRQGHO¶XQGHVWpOpFRQYHUWLVVHXUV$32OHOLPLWHXUGHPLVHDXSRLQW
Q¶HVWSDVDFWLIPrPHVLODSRVLWLRQGHOLQWHUUXSWHXUHVWFKDQJpHO¶$)SHXWrWUHXWLOLVp
HQPRGH/LYH9LHZHQFRPPXWDQWODSSDUHLOHQPRGHGHGpWHFWLRQGHFRQWUDVWH$)
Ŧ(QPRQWXUH6RQ\$)ODXWRIRFXVHVWGLVSRQLEOHDYHFOHVWpOpFRQYHUWLVVHXUVGRQWOH
QXPpUR GH VpULH HVW VXSpULHXU j /DXWRIRFXV VHUD LQGLVSRQLEOH VL OH
QXPpURGHVpULHHVWLQIpULHXUj
3$5(62/(,/
8QSDUHVROHLODPRYLEOHjEDwRQQHWWHHVWIRXUQLDYHFOREMHFWLI,OpYLWHOHVUpIOH[LRQV
LQGpVLUDEOHV WHOOHV TXH OH IODUH HW OHV OXPLqUHV GLIIXVHV 0HWWH] OH SDUHVROHLO HQ
SODFH HQ VXLYDQW OHV UHSqUHV HW WRXUQH] GDQV OH VHQV GHV DLJXLOOHV GXQH PRQWUH
MXVTXjVRQHQFOLTXHWDJHILJ
Ŧ8QDGDSWDWHXUSRXUOHIRUPDW$36&HVWpJDOHPHQWIRXUQL,OSHUPHWXQHPHLOOHXUH
HIILFDFLWp GX SDUHVROHLO ORUVTXH OREMHFWLI HVW XWLOLVp DYHF XQ ERvWLHU SRXUYX GXQ
FDSWHXUGHWDLOOH$36&,OVHSODFHHQWUHOREMHFWLIHWOHSDUHVROHLOILJ
Ŧ1XWLOLVH]SDVFHWDGDSWDWHXUVLOH FDSWHXUGXERvWLHUHVWGHW\SH SOHLQIRUPDW RX
$36+RXDYHFXQDSSDUHLODUJHQWLTXH,OHQUpVXOWHUDLWXQYLJQHWWDJHLQGpVLUDEOH
Ŧ
3RXUUDQJHUOREMHFWLIHWOHSDUHVROHLOGDQVOHXUpWXLGpWDFKH]OHSDUHVROHLOHWSODFH]OH
jOHQYHUVVXU OREMHFWLIILJLOHVWSRVVLEOH GHSODFHU OH SDUHVROHLOHQ SRVLWLRQ
LQYHUVpHHWOHERXFKRQVXUODGDSWDWHXU$36&VLFHOXLFLDpWpPDLQWHQXVXUOREMHFWLI
),/75(6
Ŧ1¶HPSOR\H]MDPDLVGHX[ILOWUHVjODIRLV /¶XWLOLVDWLRQGHGHX[ILOWUHVRXG¶XQILOWUH
WUqVpSDLVFRPPHXQILOWUHSRODULVDQWRUGLQDLUHSHXWSURYRTXHUXQYLJQHWWDJH
Ŧ6LYRXVVRXKDLWH]XWLOLVHUXQILOWUHSRODULVDQWVXUXQ]RRP$)FKRLVLVVH]OHGHW\SH
³FLUFXODLUH´ $YHF XQ ILOWUH GH W\SH OLQpDLUH O¶DXWRIRFXV HW OH FDOFXO G¶H[SRVLWLRQ
SRXUUDLHQWrWUHLQFRUUHFWV
Ŧ/HV ILOWUHV GRLYHQW rWUH YLVVpV VXU OH ILOHWDJH GH OREMHFWLI OXLPrPH PrPH VL
ODGDSWDWHXU $36& HVW SODFp VXU OREMHFWLI 8Q YLJQHWWDJH HVW VXVFHSWLEOH
GDSSDUDvWUHVLXQILOWUHHVWPLVHQSODFHVXUODGDSWDWHXUOXLPrPH
&203(16$7,21'¶(;326,7,21
/DYDOHXU GXGLDSKUDJPHG¶XQREMHFWLIPDFURFKDQJHSHQGDQWODPLVHDXSRLQWGX
IDLW TXH OH FRUSV GH O¶REMHFWLI V¶DOORQJH 4XDQG YRXV WUDYDLOOH] DYHF XQ UDIOH[ j
IRQFWLRQ 77/ OD FRPSHQVDWLRQ VH IDLW DXWRPDWLTXHPHQW 4XDQG YRXV XWLOLVH] XQ
SRVHPqWUHVpSDUpRXXQDSSDUHLOVDQV77/YRXVGHYH]FRPSHQVHUO¶H[SRVLWLRQWDE
35(&$87,216(/(0(17$,5(6(75$1*(0(17
Ŧ
1H SDV H[SRVHU O¶REMHFWLI DX[ FKRFV QL j GHV WHPSpUDWXUHV H[WUqPHV
RX j O¶KXPLGLWp
Ŧ6LO¶REMHFWLIQ¶HVWSDVXWLOLVpSHQGDQWORQJWHPSVFKRLVLUXQHQGURLWIUDLVVHFHWELHQ
YHQWLOp1HSDVSODFHUO¶REMHFWLISUqVGHODQDSKWDOLQHRXGHVSURGXLWVDQWLPLWHVDILQ
GHQHSDVGpWpULRUHUOHUHYrWHPHQWPXOWLFRXFKHGHVOHQWLOOHV
Ŧ1H SDV XWLOLVHU GH GLVVROYDQW G¶HVVHQFH RX DXWUH PDWLqUH RUJDQLTXH SRXU OH
QHWWR\DJHGHVDOHWpVRXG¶HPSUHLQWHVGHGRLJWVVXUOHVpOpPHQWVRSWLTXHV
Ŧ&HWREMHFWLIQ¶HVWSDVpWDQFKH6LYRXVO¶XWLOLVH]SDUWHPSVGHSOXLHRXSUqVGHO¶HDX
YHXLOOH]jQHSDVOHPRXLOOHU/HVUpSDUDWLRQVGXPpFDQLVPHLQWHUQHGHVpOpPHQWVRSWLTXHV
HWRXGHVpOpPHQWVpOHFWULTXHVQHVRQWSDVWRXMRXUVSRVVLEOHVHQFDVGHGRPPDJHV
Ŧ'HVpFDUWVVRXGDLQVGHWHPSpUDWXUHSHXYHQWFDXVHUGHODFRQGHQVDWLRQRXGHOD
EXpHSHXWDSSDUDvWUHVXUODOHQWLOOHIURQWDOH/RUVTXHYRXVSpQpWUH]GDQVXQORFDO
FKDXIIpHQYHQDQWG¶XQH[WpULHXUIURLGLOHVWUHFRPPDQGpGHSODFHUO¶REMHFWLIGDQV
XQpWXLMXVTX¶jFHTXHVDWHPSpUDWXUHDYRLVLQHFHOOHGXORFDO
)5$1
d
$,6
:LMVWHOOHQKHW]HHURSSULMVGDWXHHQ6LJPDREMHFWLHIKHHIWDDQJHVFKDIW2P
PD[LPDDOSURILMWHQSOH]LHUYDQXZ6LJPDREMHFWLHIWHKHEEHQDGYLVHUHQZLMX
GH]HJHEUXLNVDDQZLM]LQJJHKHHOGRRUWHOH]HQYRRUXKHWREMHFWLHIJDDWJHEUXLNHQ
:$$56&+8:,1*
/DDWKHWREMHFWLHIQRRLW]RQGHUOHQVGRSDFKWHULQGH]RQRIKHWQXZHORIQLHWLV
EHYHVWLJG RS GH FDPHUD +LHUGRRU YRRUNRPW X GDW ]RQQHVWUDOHQ ]LFK LQ KHW
REMHFWLHINXQQHQEXQGHOHQZDDUGRRUEUDQG]RXNXQQHQRQWVWDDQ
%(6&+5,-9,1*9$1'(21'(5'(/(1ILJ
Ĭ)LOWHUVFKURHIGUDDG
ĭ6FKHUSVWHOULQJ
Į$IVWDQGVFKDDO
į,QGH[WHNHQ
İ9DWWLQJ
ı266FKDNHODDU
IJ6FKHUSVWHONHX]H
VFKDNHODDU
ij)RFXV/LPLWHUVFKDNHODDU
Ĵ=RQQHNDS
ĵ$36&]RQQHNDSDGDSWHU
1,.21$)&$0(5$¶6
'LWREMHFWLHIZHUNWRSLGHQWLHNHZLM]HDOVGHREMHFWLHYHQYDQKHW*W\SH]RQGHU
GLDIUDJPDULQJYRRU1LNRQ$)$IKDQNHOLMNYDQKHWJHEUXLNWHFDPHUDW\SHNXQQHQHU
HQNHOHEHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
3(17$;$)&$0(5$¶6
'LWREMHFWLHIZHUNWRSLGHQWLHNHZLM]HDOVGHREMHFWLHYHQYDQKHW)$-W\SH]RQGHU
GLDIUDJPDULQJYRRU3(17$;$)$IKDQNHOLMNYDQKHWJHEUXLNWHFDPHUDW\SHNXQQHQHU
HQNHOHEHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
%(9(67,*,1*23'(&$0(5$%2'<
:DQQHHU XZ 6LJPD REMHFWLHI RS GH FDPHUDERG\ LV EHYHVWLJG ]DO KHW
DXWRPDWLVFKQHW]RIXQFWLRQHUHQDOVGHRULJLQHOHREMHFWLHYHQ/HHVKLHUYRRUGH
JHEUXLNVDDQZLM]LQJYDQXZFDPHUD
2SGHYDWWLQJEHYLQGW]LFKHHQDDQWDOHOHFWULVFKHFRQWDFWHQHQNRSSHOVWXNNHQ'H]H
PRHWHQJRHGVFKRRQZRUGHQJHKRXGHQWHQHLQGHYDQHHQJRHGFRQWDFWYHU]HNHUG
WH]LMQ3ODDWVELMKHWYHUZLVVHOHQYDQREMHFWLHYHQGH]HDOWLMGPHWGHYRRU]LMGHHQ
QLHWPHWGHYDWWLQJRSWDIHO'LWWHUYRRUNRPLQJYDQEHVFKDGLJLQJ
%(/,&+7,1*6,167(//,1*
:DQQHHUHHQ6LJPDREMHFWLHIRSXZFDPHUDERG\LVEHYHVWLJGIXQFWLRQHHUWGLW
JHKHHODXWRPDWLVFK/HHVKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
6&+(5367(//(1
'H]HOHQVKHHIWGHLQJHERXZGH+\SHU6RQLF0RWRU+60YDQ6LJPD'H+60
PDDNWVQHOHQJHOXLGORRVDXWRPDWLVFKVFKHUSVWHOOHQPRJHOLMN
䇶6LJPD$)HQ&DQRQ$)䇷
2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIRSGH
$)SRVWLWLHWH]HWWHQ:LOWXKDQGPDWLJVFKHUSVWHOOHQ]HWGDQKHWVFKXLIMHRSKHW
REMHFWLHIRSGH0SRVLWLH9HUYROJHQVNXQWXVFKHUSVWHOOHQGRRUDDQGHIRFXVULQJ
WHGUDDLHQ
䇶1LNRQ$)3HQWD[$)HQ6RQ\䇷
2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIHQGH
FDPHUDRS$)SRVLWLHWH]HWWHQILJ:LOWXKDQGPDWLJVFKHUSVWHOOHQ]HWGDQ
KHWVFKXLIMHRSKHWREMHFWLHIRSGH0SRVLWLH9HUYROJHQVNXQWXVFKHUSVWHOOHQ
GRRUDDQGHIRFXVULQJWHGUDDLHQ
5DDGSOHHJ DXE GH JHEUXLNVDDQZLM]LQJ YDQ XZ FDPHUD RP ERYHQJHQRHPGH
LQVWHOOLQJHQRSXZFDPHUDWHZLM]LJHQ
9RRU1LNRQ3HQWD[HQ6RQ\YDWWLQJLVKHWDOOHHQPRJHOLMNGH$)WHJHEUXLNHQPHWGH
FDPHUDZHONHGH8OWUDVRQLF0RWRUNDQRQGHUVWHXQHQ]RDOV+60 'H$)]DOQLHW
IXQFWLRQHUHQLQGLHQGHFDPHUDERG\GLWQLHWRQGHUVWHXQW
+DQGPDWLJ VFKHUSVWHOOHQNDQ ELM ELW REMHFWLHI RRN LQ GHDXWRIRFXVVWDQG $OV GH
FDPHUDRS³2QH6KRW´$)$)6LVLQJHVWHOGNXQWXGHVFKHUSVWHOOLQJHYHQWXHHO
KDQGPDWLJFRUULJHUHQQDGDWGHDXWRIRFXVVFKHUSVWHOOLQJ]¶QZHUNKHHIWJHGDDQHQX
GHRQWVSDQNQRSKDOILQJHGUXNWKRXGW
:DQQHHU X GLW REMHFWLHI RS KDQGPDWLJH LQVWHOOLQJ JHEUXLNW UDGHQZLMXDDQGH
FRUUHFWH VFKHUSVWHOOLQJ YLVXHHO LQ GH ]RHNHU YDVW WH VWHOOHQ 'LW YDQZHJH HHQ
PRJHOLMNHVFKHUSWHYHUVFKXLYLQJDOVJHYROJYDQH[WUHPHWHPSHUDWXXUVZLM]LJLQJHQ
ZDDUGRRU PHHUGHUH OHQVFRPSRQHQWHQ NXQQHQ XLW]HWWHQ ,Q KHW ELM]RQGHU ELM
LQVWHOOLQJRSRQHLQGLJGLHQWKLHURSWHZRUGHQJHOHW
)2&86/,0,7(56&+$.(/$$5
'LWREMHFWLHILVYRRU]LHQYDQHHQ)RFXV/LPLWHURPKHW$)EHUHLNWHEHSHUNHQ
LQGLHQJHZHQVWILJ'H)RFXV/LPLWHULVLQVWDSSHQLQVWHOEDDU
Ɣ)8//Paп ƔPaп ƔPaP
0$&52)272*5$),(
'HDDQGXLGLQJLQGHYRUPYDQ³[[´LQGHDIVWDQGVFKDDOYDQKHWREMHFWLHIJHHIW
GH YHUJURWLQJVPDDWVWDI DDQ *HHIW GH VFKDDO DOV RS HHQ RQGHUZHUS LV
VFKHUSJHVWHOG³´DDQGDQZRUGWGHDIPHWLQJYDQGLWRQGHUZHUSDOVKHWLQ
ZHUNHOLMLNKHLGFPJURRWLVRSGHVHQVRUFPILJ
'(02*(/,-.+('(19$1+(726237,&$/67$%,/,=(56<67((0
'LW262SWLFDO6WDELOL]HUREMHFWLHILV]HHUHIIHFWLHIRPEHZHJLQJVRQVFKHUSWHWH
YRRUNRPHQ0HWGLWREMHFWLHILVKHWPRJHOLMNRPWRWVWRSVODQJHUHVOXLWHUWLMGHQWH
ZHUNHQDOVPHWHHQREMHFWLHI]RQGHU26HQWRFKHHQRSWLPDOHVFKHUSWHWHEHKRXGHQ
=HWGH26VFKDNHODDURSILJ'UXNGHRQWVSDQNQRSKDOILQHQFRQWUROHHUGH
RSQDPHFRPSRVLWLHLQGH]RHNHUHQFRQWUROHHUWHYHQVRIKHWRQGHUZHUS]RQGHU
EHZHJLQJZRUGWZHHUJHJHYHQ+HWNDQQDKHWKDOILQGUXNNHQYDQGHRQWVSDQNQRS
WRWRQJHYHHUVHFRQGHGXUHQYRRUGDWKHW26V\VWHHPKHWEHHOGKHHIWJHVWDELOLVHHUG
,QGLHQGH
26
VFKDNHODDURS
ZRUGWJH]HWZRUGHQYRRUDOGHYHUWLFDOHEHZHJLQJHQ
JHFRUULJHHUG'H]HVWDQGLVYRRUDOJHVFKLNWYRRUEHZHJHQGHRQGHUZHUSHQ
'HFRPSHQVDWLHYDQGHEHZHJLQJVRQVFKHUSWHLVYRRUDOHIIHFWLHIELMKHWXLWGHKDQG
IRWRJUDIHUHQ+HW26V\VWHHPNDQPLQGHUJRHGIXQFWLRQHUHQDOVHUELMYRRUEHHOGXLW
HHQ ULMGHQGH DXWR ZRUGW JHIRWRJUDIHHUG RI ELM ]HHU KHIWLJH EHZHJLQJHQ YDQ GH
FDPHUDWLMGHQVKHWPDNHQYDQGHRSQDPH
8 GLHQW KHW 26 V\VWHHPXLW WH VFKDNHOHQ 2IIDOV X GH FDPHUD PHWHHQ VWDWLHI
JHEUXLNWRILQGLHQXODQJHWLMGRSQDPHQEXOEPDDNW
+HW 26 V\VWHHP PDDNW JHEUXLNYDQGH EDWWHULMHQ YDQ GH FDPHUD $OVXKHW26
V\VWHHPDFWLYHHUWNDQKHWGXVPRJHOLMN]LMQGDWXGHEDWWHULMHQYDQGHFDPHUDVQHOOHU
GLHQWWHYHUYDQJHQDOVELMKHWJHEUXLNYDQHHQREMHFWLHI]RQGHU26IXQFWLH,QGLHQX
GH26IXQFWLHYRRUODQJHUHWLMGQLHWJHEUXLNWLVKHWDDQWHEHYHOHQGH26VFKDNHODDU
RS 2))WH]HWWHQRPKLHUPHHKHWEDWWHULMJHEUXLNWHYHUODJHQ
+HW LV EHODQJULMN GDW GH 26 VFKDNHODDU RS 2)) VWDDW DOV X KHW REMHFWLHI RS XZ
FDPHUD]HW
+HW26V\VWHHPEOLMIWJHDFWLYHHUGRRNDOVXZYLQJHUGHRQWVSDQNQRSORVODDW+HW
26V\VWHHPEOLMIWQHW ]RODQJJHDFWLYHHUGDOV GHFDPHUDGH PHHWZDDUGHQWRRQW
%HODQJULMN9HUZLMGHUQRRLWKHWREMHFWLHIRIGHEDWWHULMHQYDQGHFDPHUD]RODQJKHW
26V\VWHHPLVJHDFWLYHHUG'LWNDQWRWEHVFKDGLJLQJYDQKHWREMHFWLHIOHLGHQ
$OKRHZHOKHWPRJHOLMNLVGDWGLUHFWQDGHRSQDPHKHWRQGHUZHUSLQGH]RHNHUOLMNWWH
EHZHJHQKHHIWGLWJHHQQHJDWLHYHLQYORHGRSGHVFKHUSWHYDQGHRSQDPH'LW]HOIGH
HIIHFWNDQRSWUHGHQLQGLHQGHLQJHERXZGHIOLWVHUEHJLQWRSWHODGHQPDDURRNGLW
KHHIWJHHQLQYORHGRSGHRSQDPH
,QGLHQGHFDPHUDZRUGWXLWJH]HWZDQQHHUKHW 26V\VWHHPLQZHUNLQJLVNDQKHW
REMHFWLHIHHQUDWHOHQGJHOXLGPDNHQ'LWLVJHHQGHIHFW
9RRU6RQ\HQ3HQWD[REMHFWLHIYDWWLQJHQNDQGH26IXQFWLHYDQKHWREMHFWLHIDOOHHQ
JHEUXLNWZRUGHQPHWFDPHUD¶VGLHKHWH[WHUQHPRWRUV\VWHHPRQGHUVWHXQHQ]RDOV
+60 :DQQHHU X GH 26IXQFWLH JHEUXLNW VFKDNHO GDQ GH RSWLVFKH VWDELOLVDWLH
IXQFWLHYDQGHFDPHUDXLWHQVFKDNHOGH26IXQFWLHRSKHWREMHFWLHIQDDU21,QGLHQ
XGHRSWLVFKHVWDELOLVDWLHIXQFWLHYDQGHFDPHUDJHEUXLNWVFKDNHOGH26IXQFWLHRS
KHWREMHFWLHIQDDU2))HQ]HWGHRSWLVFKHVWDELOLVDWLHIXQFWLHYDQGHFDPHUDDDQ
,QGLHQKHWREMHFWLHIZRUGWJHEUXLNWPHWHHQ.21,&$0,12/7$'<1$;0$;;80
' '<1$; 0$;;80 ' RI 621< $ FDPHUD VFKDNHO GH 26 IXQFWLH XLW
YRRUGDWXGHFDPHUDERG\XLW]HW'H26XQLWYDQKHWREMHFWLHINRPWQLHWLQGHMXLVWH
VWDQGLQGLHQGHFDPHUDERG\LVXLWJH]HWYRRUGDWGH26IXQFWLHYDQKHWREMHFWLHILV
XLWJH]HW'LWNDQEHVFKDGLJLQJHQYHURRU]DNHQ
'H2SWLFDO6WDELOL]HU26IXQFWLHZHUNWQLHWPHWDQDORJHFDPHUD¶VYRRU1LNRQHQ
&DQRQYDWWLQJHQEHKDOYHYRRU1LNRQ)HQ&DQRQ(269
)/,76231$0(1
%LM JHEUXLN YDQ GH LQJHERXZGH IOLWVHU YDQ GH FDPHUD ]DO KHW REMHFWLHI HHQ
VFKDGXZ YHURRU]DNHQ +HW JHEUXLN YDQ GH LQJHERXZGH IOLWVHU ZRUGW GDDURP
DIJHUDGHQ(HQH[WHUQHIOLWVHU]DOYHHOEHWHUHUHVXOWDWHQRSOHYHUHQ
7(/(&219(57(56
'LWREMHFWLHINDQZRUGHQJHEUXLNWPHWGH6LJPD[(;'*RI[(;'*$SR
7HOH&RQYHUWHUVRSWLRQHHOZDDUPHHKHWEHUHLNUHVSHFWLHYHOLMNPP)HQ
PP)ZRUGW
*HEUXLNJHHQDQGHUHFRQYHUWHUVDOVERYHQYHUPHOG
:LMDGYLVHUHQGH'*YHUVLHWHJHEUXLNHQLQGLHQGHFRQYHUWHUVZRUGHQJHEUXLNWRS
HHQ'LJLWDOH5HIOH[FDPHUD
'HWHOHFRQYHUWHUYRRU3HQWD[YDWWLQJLVQLHWWHFRPELQHUHQPHWGH]HOHQV
%LMJHEUXLNYDQGH$32[(;'*7HOHFRQYHUWHUNDQDOOHHQKDQGPDWLJZRUGHQ
VFKHUSJHVWHOG
%LM JHEUXLN YDQ GH $32 [ 7HOH FRQYHUWHU ZHUNWGH $XWR )RFXVDOOHHQWXVVHQ
RQHLQGLJHQP ,QGLHQ GH VFKDDO WXVVHQPHQP LV LQJHVWHOGNDQ
DOOHHQKDQGPDWLJZRUGHQVFKHUSJHVWHOG
%LM JHEUXLN YDQ GH $32 7HOH &RQYHUWHUV ]DO GH VFKHUSVWHO EHJUHQ]LQJ QLHW
IXQFWLRQHUHQ]HOIVLQGLHQ GHSRVLWLH YDQ GHVZLWFKLV YHUDQGHUG $)NDQZRUGHQ
JHEUXLNWLQ/LYH9LHZLQGLHQGHFDPHUDLVLQJHVWHOGRSGH³FRQWUDVWGHWHFW´$)VWDQG
9RRUGH6RQ\$)YDWWLQJLVKHWPRJHOLMNGH$)WHJHEUXLNHQLQGLHQKHWVHULHQXPPHU
YDQGH7HOHFRQYHUWHUKRJHULVGDQ,VKHWVHULHQXPPHUODJHUGDQ
]DOKHW$)QLHWZHUNHQ
=211(.$3
%LMKHWREMHFWLHIZRUGWHHQ]RQQHNDSPHWEDMRQHWDDQVOXLWLQJJHOHYHUG'H]HKHOSW
³IODUH´HQ³JKRVWLQJ´GRRULQYDOOHQGOLFKWWHYRRUNRPHQ%HYHVWLJGH]RQQHNDSHQ
GUDDLGH]HPHWGHULFKWLQJYDQGHNORNPHHWRWGDWGH]HYHUJUHQGHOWILJ
Ŧ%LMKHWREMHFWLHIZRUGWHHQ$36&]RQQHNDSDGDSWHUJHOHYHUGGLHLQFRPELQDWLHPHW
GH]RQQHNDSELMFDPHUD¶VPHWHHQ$36&VHQVRUYRRUHIIHFWLHYHEHVFKHUPLQJ]RUJW
WHJHQRQJHZHQVWLQYDOOHQGOLFKW%HYHVWLJGH$36&]RQQHNDSDGDSWHUWXVVHQKHW
REMHFWLHIHQGH]RQQHNDSILJ
Ŧ*HEUXLN GH $36& ]RQQHNDSDGDSWHU QLHW LQGLHQ X KHW REMHFWLHI JHEUXLNW YRRU
GLJLWDOHFDPHUD¶VPHWHHQIXOOIUDPHRI$36+VHQVRURIYRRUILOPFDPHUD¶V,QGDW
JHYDO]DOYLJQHWWHULQJRSWUHGHQ
Ŧ
,QGLHQXQDJHEUXLNKHWREMHFWLHILQGHEHUVFKHUPWDVRSEHUJWGLHQWXHHUVWGH]RQQHNDS
WHYHUZLMGHUHQHQRPJHNHHUGRSKHWREMHFWLHIWHUXJWHSODDWVHQILJ+HWLVPRJHOLMN
GHIURQWOHQVEHVFKHUPLQJVGRSRSGH$36&]RQQHNDSDGDSWHUWHEHYHVWLJHQ
),/7(56
*HEUXLNVOHFKWVILOWHUWHJHOLMN7ZHHRIPHHUILOWHUVHQRIH[WUDGLNNHILOWHUV]RDOV
HHQSRODULVDWLHILOWHUNDQYLJQHWWHULQJYHURRU]DNHQ
*HEUXLNXLWVOXLWHQGHHQ³FLUFXODLU´SRODULVDWLHILOWHULQFRPELQDWLHPHWHHQDXWRIRFXVFDPHUD
:DQQHHUHHQ³OLQHDLU´SRODULVDWLHILOWHURS$)FDPHUD¶VZRUGWJHEUXLNW]DOGHDXWRIRFXV
VFKHUSVWHOOLQJHQGHDXWRPDWLVFKHEHOLFKWLQJVUHJHOLQJQLHWFRUUHFWIXQFWLRQHUHQ
'H]RQQHNDSDGDSWHULVYRRU]LHQYDQHHQVFKURHIGUDDGRPHHQILOWHUWHNXQQHQSODDWVHQ
%(/,&+7,1*6&203(16$7,(
+HWIJHWDOYDQHHQPDFURREMHFWLHIYHUDQGHUWELMKHWVFKHUSVWHOOHQDOVJHYROJ
YDQGHYHUOHQJLQJYDQGHREMHFWLHIWXEXV$OVXZHUNWPHWHHQVSLHJHOUHIOH[FDPHUD
PHWGRRUGHOHQVOLFKWPHWLQJZRUGWGLWGRRUGHFDPHUDDXWRPDWLVFKJHFRPSHQVHHUG
%LMJHEUXLNYDQHHQORVVHELOFKWLQJVPHWHURIHHQIOLWVDSSDUDDW]RQGHU''/IOLWVPHWLQJ
GLHQWXELMRSQDPHQGLFKWELMHHQEHOLFKWLQJVFRPSHQVDWLHWRHWHSDVVHQWDE
21'(5+28'(1236/$*
9HUPLMGYDOOHQRIVWRWHQHQVWHOKHWREMHFWLHIQLHWEORRWDDQH[WUHHPKRJHRIODJH
WHPSHUDWXUHQRIKRJHYRFKWLJKHLG
,QGLHQKHWREMHFWLHIYRRUODQJHUHWLMGZRUGWRSJHERUJHQNLHVGDQYRRUHHQNRHOH
GURJHHQELMYRRUNHXUJRHGJHYHQWLOHHUGHSODDWV+RXGKHWREMHFWLHIRPEHVFKDGLJLQJ
YDQGHOHQVFRDWLQJWHYRRUNRPHQZHJYDQPRWWHQEDOOHQRIQDIWDOLQHJDV
*HEUXLNJHHQWKLQQHUEHQ]LQHRIDQGHUHRUJDQLVFKHVFKRRQPDDNPLGGHOHQRPYXLO
RI YLQJHUDIGUXNNHQ YDQ GH OHQVHOHPHQWHQ WH YHUZLMGHUHQ *HEUXLN GDDUYRRU HHQ
VSHFLDDOOHQVGRHNMHRIOHQVWLVVXHV
'LWREMHFWLHILVQLHWZDWHUEHVWHQGLJ=RUJHUELMUHJHQRILQGHEXXUWYDQZDWHUYRRU
GDWKHWQLHWQDWZRUGW/HQVHOHPHQWHQLQWHUQHPHFKDQLVFKHGHOHQHQHOHFWULVFKH
FRPSRQHQWHQGLHGRRUZDWHU]LMQDDQJHWDVW]LMQLQGHPHHVWHJHYDOOHQQLHWWHJHQ
UHGHOLMNHNRVWHQWHKHUVWHOOHQ
3ORWVHOLQJH WHPSHUDWXXU YHUDQGHULQJ NDQ FRQGHQVDWLH YHURRU]DNHQ RS KHW
RSSHUYODNYDQ GH OHQV %LM KHW EHWUHGHQYDQ HHQ ZDUPH NDPHU YDQXLW GH NRXGH
EXLWHQOXFKWLVKHWUDDG]DDPKHWREMHFWLHILQGHWDVWHKRXGHQWRWGDWGHWHPSHUDWXXU
YDQKHWREMHFWLHIRQJHYHHUJHOLMNLVDDQGLHYDQGHNDPHUWHPSHUDWXXU
1('(5/$1'6
/H DJUDGHFHPRV OD FRPSUD GH HVWH REMHWLYR 6LJPD 3DUD FRQVHJXLUORV
PHMRUHV UHVXOWDGRV GH VX REMHWLYR OHD DWHQWDPHQWH HVWH PDQXDO GH
LQVWUXFFLRQHVDQWHVGHXWLOL]DUOR
£$'9(57(1&,$
7DQWRVLHVWiFRQHFWDGRDODFiPDUDRQRQRGHMHHOREMHWLYRDOVROVLQODWDSD
SXHVWD(VSDUDHYLWDUTXHVHFRQFHQWUHQORVUD\RVGHOVROHQHOREMHWLYRORTXH
SRGUtDSURYRFDUXQLQFHQGLR
'(6&5,3&,Ï1'(/26&20321(17(6)LJ
Ĭ5RVFDSDUDILOWURV
ĭ$URGHHQIRTXH
Į(VFDODGHGLVWDQFLDV
į/tQHDGHtQGLFH
İ0RQWXUD
ı26ERWyQ
IJ6HOHFWRUGHHQIRTXH
ij/LPLWDGRUGHHQIRTXH
Ĵ3DUDVRO
ĵ$GDSWDGRUSDUDVRO$36&
&È0$5$67,32$)'(1,.21
eVWH REMHWLYR IXQFLRQD LJXDO TXH ODV OHQWHV GH WLSR * VLQ $SHUWXUD REMHWLYR
DXWRIRFXV GH 1LNRQ'HSHQGLHQGRGHOD FRPELQDFLyQ FRQ ODFiPDUDSXHGHQ
DSDUHFHUDOJXQDVUHVWULFFLRQHV3DUDPiVGHWDOOHVSXHGHFRQVXOWDUHOPDQXDO
GHLQVWUXFFLRQHVGHODFiPDUDHQFXHVWLyQ
&È0$5$67,32$)'(3(17$;
eVWHREMHWLYRIXQFLRQDLJXDOTXHODVOHQWHVGHWLSR)$-VLQ$SHUWXUDREMHWLYR
DXWR IRFXV GH 3(17$; 'HSHQGLHQGR GH OD FRPELQDFLyQ FRQ OD FiPDUD
SXHGHQDSDUHFHUDOJXQDVUHVWULFFLRQHV3DUDPiVGHWDOOHVSXHGHFRQVXOWDUHO
PDQXDOGHLQVWUXFFLRQHVGHODFiPDUDHQFXHVWLyQ
&21(;,21$/&8(532'(&$0(5$
&XDQGRHOREMHWLYRVHFRQHFWDDODFiPDUDIXQFLRQDGHOPLVPRPRGRTXHORV
REMHWLYRVRULJLQDOHV&RQVXOWHHOPDQXDOGHLQVWUXFFLRQHVGHVXFiPDUD
Ŧ
(QODVXSHUILFLHGHODPRQWXUDH[LVWHQXQDVHULHGHFRQWDFWRVHOpFWULFRV\DFRSODGRUHV
0DQWpQJDORV OLPSLRV SDUDDVHJXUDU XQD FRUUHFWD FRQH[LyQ 3DUD SUHYHQLU GDxRV
HQHOREMHWLYRWHQJDHVSHFLDOFXLGDGRDODSR\DUORFXDQGRFDPELHGHySWLFD
02'2$-867('((;326,&,21
/RVREMHWLYRV6LJPDIXQFLRQDQDXWRPiWLFDPHQWHDOFRQHFWDUORVDVXFiPDUD
3RUIDYRUFRQVXOWHHOPDQXDOGHVXFiPDUD
(1)248(
(VWH REMHWLYR GLVHxDGR SRU 6LJPD LQFRUSRUD XQ PRWRU +LSHUVyQLFR +60
eVWHSURSRUFLRQDXQHQIRTXHUiSLGR\VLOHQFLRVR
䇶6,*0$$)\&$121$)䇷
3DUDXWLOL]DUHODXWRIRFRSRQJDHOVHOHFWRUHQODSRVLFLyQ³$)´)LJ6LTXLHUH
HQIRFDU PDQXDOPHQWH SRQJD HO VHOHFWRU HQ OD SRVLFLyQ ³0´ $MXVWH HO IRFR
PRYLHQGRHODURGHHQIRTXH
䇶1,.21$)3(17$;$)\621<䇷
3DUDXWLOL]DUHODXWRIRFRSRQJDODFiPDUDHQHOPRGR$)\SRQJDHOVHOHFWRU
GHODySWLFDHQODSRVLFLyQ³$)´)LJ6LTXLHUHHQIRFDUPDQXDOPHQWHSRQJD
HOVHOHFWRUHQODSRVLFLyQ³0´$MXVWHHOIRFRPRYLHQGRHODURGHHQIRTXH
3DUD FDPELDU HO PRGR GH HQIRTXH GH OD FiPDUD PtUHOR HQ HO PDQXDO GH
LQVWUXFFLRQHVGHODFiPDUD
(Q ODV PRQWXUDV 1LNRQ 3HQWD[ \ 6RQ\ VROR IXQFLRQDUi HO $) FRQ FXHUSRV TXH
VRSRUWHQORVPRWRUHVXOWUDVyQLFRVFRPRORV+60RVLPLODUHV(QFDVRFRQWUDULRHO
$)HVWDUiGHVDFWLYDGR
(VWH REMHWLYR WDPELpQ SHUPLWH HO HQIRTXH PDQXDO DXQTXH HVWp HQ PRGR
DXWRPiWLFR &RQ OD FiPDUD SUHSDUDGDSDUD 0RGR 'LVSDUR$) SXHGHDMXVWDUHO
HQIRTXHPDQXDOPHQWHGHVSXpVTXHHOREMHWLYRKD\DHQIRFDGRDXWRPiWLFDPHQWH\
VHSDUHPLHQWUDVPDQWHQJDHOERWyQGLVSDUDGRUVXDYHPHQWHSUHVLRQDGR
&XDQGR XWLOLFH HVWRV REMHWLYRV HQ PRGR GH HQIRTXH PDQXDO HV UHFRPHQGDEOH
FRPSUREDUYLVXDOPHQWHSRUHOYLVRUFXDOTXLHUFDPELRGHHQIRTXH(VWRHVGHELGR
D TXH ORV FDPELRV GH WHPSHUDWXUD FDXVDQ TXH GLVWLQWRV HOHPHQWRV LQWHUQRV VH
H[SDQGDQRFRQWUDLJDQGHPRGRTXHQRFRLQFLGDFRQODHVFDODGHGLVWDQFLDVFRQ
ODPHGLFLyQHIHFWLYD(VWHHIHFWRSXHGHVHUPiVRVWHQVLEOHHQDMXVWHLQILQLWR
,17(5583725/Ë0,7('((1)248(
(VWHREMHWLYRYLHQHHTXLSDGRFRQXQLQWHUUXSWRUGHHQIRTXHTXHSHUPLWHOLPLWDU
HOUDQJR$))LJ (OLQWHUUXSWRUWLHQHORVWUHVPRGRVVLJXLHQWHV
Ɣ)8//Paп ƔPa п ƔPaP
)272*5$),$0$&52
/D LQGLFDFLyQ HQ HO REMHWLYR ³[[´ HQ OD HVFDOD GH GLVWDQFLDV UHSUHVHQWD OD
DPSOLDFLyQR IDFWRUGHUHSURGXFFLyQ3RUHMHPSORFXDQGRXVWHGHQIRFDHQOD
HVFDODHOVXMHWRFRQXQDWDPDxRUHDOGHFPWHQGUiXQWDPDxRGHFP
HQODLPDJHQHQHOVHQVRURHOQHJDWLYR)LJ
$&(5&$'(/26(/(67$%,/,=$'25Ï37,&2&$5$&7(5Ë67,&$6
eVWDOHQWH 26 FRQHVWDELOL]DGRUySWLFRFRPSHQVDHOGHVHQIRTXHSURYRFDGR
SRUHO PRYLPLHQWRR WHPEORU &RQ GLFKDOHQWHVHSXHGHQ WRPDUIRWRJUDItDVD
XQDYHORFLGDGGHOREWXUDGRUYHFHVPiVOHQWDGHORKDELWXDOVLQRVHXVDUiHO
HVWDELOL]DGRU26\DXQDVtFRQVHJXLUUHVXOWDGRVQtWLGRV
)LMDU 26 (VWDELOL]DGRU ÏSWLFR FDPELDU D PRGR )LJ 3UHVLRQDU HO
GLVSDUDGRU D PHGLR FDPLQR FRQILUPDU TXH OD LPDJHQ HQ HO YLVRU DSDUHFH
HVWDEOH\HQWRQFHVWRPDUODIRWRJUDItD7DUGDDSUR[LPDGDPHQWHVHJXQGRHQ
SURGXFLUXQDLPDJHQHVWDEOHWUDVKDEHUSUHVLRQDGRHOGLVSDUDGRU(OPRGR
GHWHFWD HO WHPEORU YHUWLFDO GH OD FiPDUD \ VROXFLRQD HO FRQVLJXLHQWH
GHVHQIRTXH(VHIHFWLYRHQREMHWRVHQPRYLPLHQWR
(O FRPSHQVDGRU GHO GHVHQIRTXH GHO HVWDELOL]DGRUySWLFR HV HIHFWLYR HQ WRPDV D
PDQRDO]DGD+D\VLWXDFLRQHVHQODVTXHHO(VWDELOL]DGRUÏSWLFRQRHVHILFLHQWH
ƒ'LVSDURVUHDOL]DGRVGHVGHXQYHKtFXORHQPRYLPLHQWR
ƒ6LHOWHPEORUHVFRQVLGHUDEOH
1RGHEHXVDUVHHO(VWDELOL]DGRUGH,PDJHQHQODVVLJXLHQWHVVLWXDFLRQHV
ƒ&XDQGRHOREMHWLYRFiPDUDHVWpPRQWDGRVREUHXQWUtSRGH
ƒ0RGRGHH[SRVLFLyQ%±%XOEWLHPSRGHH[SRVLFLyQODUJR
/DDOLPHQWDFLyQGHOHVWDELOL]DGRUySWLFRSURYLHQHGHODFiPDUD6LHOHVWDELOL]DGRU
ySWLFRHVWiDFWLYDGRODFDSDFLGDGGHGLVSDURVHUiPHQRUGHORKDELWXDO6LQRVH
GHVHDXVDUHO(VWDELOL]DGRUÏSWLFRSDUDHYLWDUHOH[FHVLYRFRQVXPRGHEDWHUtDV
GHEHSRQHUVHHQ2))
'HEH DVHJXUDUVH GH DSDJDU 2)) HO (VWDELOL]DGRU ÏSWLFR 26 SDUDPRQWDU\
GHVPRQWDUHOREMHWLYR
(O(VWDELOL]DGRUÏSWLFRIXQFLRQDDSHVDUGHHOHYDUHOGHGRGHOGLVSDUDGRUGXUDQWH
HO WLHPSR LQGLFDGR SRU HO REWXUDGRU 1XQFDVH GHEH GHVPRQWDUHO REMHWLYRR ODV
EDWHUtDVGHODFiPDUDPLHQWUDVHO(VWDELOL]DGRUHVWpHQXVR\DTXHSRGUtDFDXVDU
GHIHFWRVHQHOREMHWLYR
$ SHVDU GH TXH HQ HO YLVRU OD LPDJHQ DSDUH]FD OLJHUDPHQWH ERUURVD
LQPHGLDWDPHQWHGHVSXpVGHODWRPD\TXHVHLQLFLHHOFLFORGHFDUJDGHOIODVKHVWR
QRSURYRFDUiGHIHFWRVHQODIRWRJUDItD
6LVHDSDJDODFiPDUDRVHGHVPRQWDHOREMHWLYRFRQODIXQFLyQGH(VWDELOL]DGRU
ySWLFRRSHUDWLYRHOREMHWLYRSXHGHHPLWLUXQUXLGRH[WUDxRTXHQRHVVtQWRPDGH
XQPDOIXQFLRQDPLHQWR
3DUD PRQWXUDV 6RQ\ \ 3HQWD[ VyOR SXHGHQ XVDU OD IXQFLyQ GH HVWDELOL]DGRU
LQFRUSRUDGD HQ HVWH REMHWLYR ORV FXHUSRV GH FiPDUDV TXH VRSRUWDQ PRWRUHV
LPSXOVDGRVSRURQGDVXOWUDVyQLFDVFRPRORV+60&XDQGRXWLOLFHODIXQFLyQ26
SRUIDYRUDSDJXHODIXQFLyQGHOHVWDELOL]DGRUySWLFRGHOFXHUSRGHODFiPDUD\ILMH
HO LQWHUUXSWRU 26 GHO REMHWLYR HQ 21 &XDQGR XWLOLFH OD IXQFLyQ GHO HVWDELOL]DGRU
ySWLFRGHODFiPDUDSRUIDYRUFDPELHHOLQWHUUXSWRU26GHOREMHWLYRDODSRVLFLyQ
2))\HQFLHQGDODIXQFLyQGHOHVWDELOL]DGRUySWLFRGHODFiPDUD
6L XWLOL]D HVWH REMHWLYR FRQ XQD FiPDUD .21,&$ 0,12/7$ '<1$; '<1$;
0$;;80'0$;;80'R6RQ\$SRUIDYRUDSDJXHHOLQWHUUXSWRU26GHO
REMHWLYRDQWHVGHDSDJDUHOFXHUSRGHODFiPDUD/DXQLGDG26GHOREMHWLYRQRVH
ILMDUi HQ HVWD SRVLFLyQ VL HO FXHUSR GH OD FiPDUD VH DSDJD DQWHV GH DSDJDU
PHFDQLVPRGHHVWDELOL]DFLyQGHOREMHWLYR,JQRUDUHVWHDYLVRSRGUtDGDxDUHOREMHWLYR
3DUD ODV PRQWXUDV 1LNRQ \ &DQRQ OD IXQFLyQ GH (VWDELOL]DGRU ÏSWLFR 26 QR
IXQFLRQDUi FRQ ODV FiPDUDV UpIOH[ DQDOyJLFDV H[FHSWR ORV PRGHORV 1LNRQ ) \
&DQRQ(269
)272*5$)t$&21)/$6+
1RXWLOLFHHOIODVKLQWHJUDGRGHODFiPDUDFRQHVWHREMHWLYR\DTXHOHSURGXFLUi
VRPEUDVVRORXWLOLFHIODVKH[WHUQR
7(/(&219(57,'25(6
(OREMHWLYRSXHGHXWLOL]DUVHFRQORVFRQYHUWLGRUHV6LJPD[(;R[(;'*
$32 2SFLRQDO FRQYLUWLpQGRVH HQ XQ 7HOHREMHWLYR PP ) R HQ XQ
7HOHREMHWLYRPP)
1RXWLOLFHQLQJ~QRWURWHOHFRQYHUWLGRUDSDUWHGHORVQRPEUDGRVDQWHULRUPHQWH
6HUHFRPLHQGDXWLOL]DUODYHUVLRQ'*GHORV$SR7HOHFRQYHUWLGRUHVFXDQGRVHXVDQ
FDPDUDV'6/5
(O7HOHFRQYHUWLGRUFRQED\RQHWD3HQWD[QRHVFRPSDWLEOHFRQHVWHREMHWLYR
&XDQGRDGMXQWHHO7HOHFRQYHUWLGRU$32[(;'*VRORSRGUiHQIRFDUHQPRGR
PDQXDO
&RQHO7HOHFRQYHUWLGRU$32[HO$)IXQFLRQDUiHQWUHLQILQLWR\P6LODHVFDOD
GHGLVWDQFLDVVHHQFXHQWUDHQWUHP\PVyORHVWDUiGLVSRQLEOHHO0)
$O PRQWDU ORV 7HOHFRQYHUWLGRUHV $32 HO /LPLWDGRU GH (QIRTXH QR IXQFLRQDUi
LQFOXVRVLFDPELDPRVODSRVLFLyQGHOLQWHUUXSWRU3RGUiXVDUHO$)FRQ/LYH9LHZ
VLODFiPDUDHVWiHQ³GHWHFFLyQFRQWUDVWH´$)
(Q HO FDVR GH OD PRQWXUD 6RQ\ $) VH SRGUi XVDU HO $) FXQDGR VH XWLOLFHQ
FRQYHUWLGRUHVFRQ QXPHUDFLRQHV VXSHULRHV DO (QFDVRFRQWUDULR HO $)
HVWDUiGHVDFWLYDGR
3$5$62/
(VWH REMHWLYR HVWi SURYLVWR GH XQ SDUDVRO WLSR ED\RQHWD GHVPRQWDEOH (VWH
SDUDVROD\XGDDSUHYHQLUORVUHIOHMRV\ODVOXFHVSDUiVLWDV$GMXQWHHOSDUDVRO\
JLUHHQVHQWLGRKRUDULRKDVWDHQFDMDUOR)LJ
(ODGDSWDGRU$36&VHVXPLQLVWUDFRQHVWHREMHWLYR3URSRUFLRQDXQDSURWHFFLyQ
PiV HILFD] DO XWLOL]DU HVWH DGDSWDGRU FRQ FiPDUDV GLJLWDOHV FRQ XQ VHQVRU GH
LPDJHQ FRQ WDPDxR $36& 3RU IDYRU DGMXQWH HO DGDSWDGRU $36& HQWUH HO
FXHUSRGHOREMHWLYR\HOSDUDVRO)LJ
&XDQGR VH XVD HVWH REMHWLYR FRQ FiPDUDV GLJLWDOHV FRQ WDPDxR GH VHQVRU GH
FXDGURFRPSOHWRR$36+DVtFRPRFRQFiPDUDVDQDOyJLFDVSRUIDYRUQRPRQWH
HODGDSWDGRU$36&6LXWLOL]DHODGDSWDGRU$36&FRQODVFiPDUDVPHQFLRQDGDV
VHSURGXFLUiYLxHWHR
$ODKRUDGHJXDUGDUHOREMHWLYRHQVXEROVDSULPHURGHEHTXLWDUHOSDUDVROYROYHU
DFRORFDUORHQHOREMHWLYRHQSRVLFLyQLQYHUVD)LJ3XHGHDFRSODUHOSDUDVROHQ
SRVLFLyQ LQYHUVD \ OD WDSD DO IURQWDO GHO REMHWLYR LQFOXVR FRQ DGDSWDGRU $36&
PRQWDGRHQHOREMHWLYR
),/7526
6RODPHQWH GHEH XWLOL]DUVH XQ ILOWUR FDGD YH]8WLOL]DUGRV R PiV ILOWURV D OD YH]
HVSHFLDOPHQWHORVGHHIHFWRVFRPRHOSRODUL]DGRUSXHGHQFDXVDUYLxHWHRV
&XDQGR XWLOLFH XQ ILOWUR SRODUL]DGRU HQ XQD FiPDUD $) REVHUYH TXH VHD GH WLSR
FLUFXODU 6L XWLOL]D XQ ILOWUR SRODUL]DGRU GH WLSR OLQHDO HO HQIRTXH DXWRPiWLFR \ OD
H[SRVLFLyQDXWRPiWLFDSXHGHQIXQFLRQDULQFRUUHFWDPHQWH
&XDQGR XVH ILOWURV FRQ HO DGDSWDGRU$36& SRU IDYRUSRQJD XQ ILOWUR DGHFXDGR
SDUD HO WLSR GH REMHWLYR 6L HO ILOWUR VH PRQWD HQ HO DGDSWDGRU $36& SRGUtD
SURGXFLUVHYLxHWHR
&203(16$&,21'((;326,&,21
(O ʋ)GHORVREMHWLYRVPDFURFDPELDFXDQGRVHHQIRFDGHELGRDODH[WHQVLyQ
GHO FXHUSR GH OD ySWLFD 6L XWLOL]D XQD FiPDUD UHIOH[ WLSR 77/ OD FiPDUD
FRPSHQVDUiDXWRPiWLFDPHQWHODH[SRVLFLyQ&XDQGRXVHXQIRWyPHWURH[WHUQR
RXQIODVKVLQ77/QHFHVLWDUiFRPSHQVDUDFRUWDVGLVWDQFLDV7DE
&8,'$'26%$6,&26<$/0$&(1$-(
(YLWH ORV JROSHV R OD H[SRVLFLyQ D WHPSHUDWXUDV H[WUHPDV
DOWDV R EDMDV
\R KXPHGDG
(Q FDVR GH DOPDFHQDMH SRU XQ WLHPSR SURORQJDGRHOLMD XQ OXJDU IUHVFR \ VHFR
SUHIHULEOHPHQWHFRQEXHQDYHQWLODFLyQ3DUDHYLWDUGDxRVHQHOWUDWDPLHQWRGHORV
REMHWLYRVDOpMHORVGHODVERODVRJDVGHQDIWDOLQD
1RXWLOLFHGLOX\HQWHJDVROLQDXRWURVOLPSLDGRUHVRUJiQLFRVSDUDOLPSLDUODVXFLHGDG
GHORVREMHWLYRV3DUDOLPSLDUORVXWLOLFHXQSDxRGHWHODVXDYHROLPSLDREMHWLYRV
(VWRVREMHWLYRVQRVRQLPSHUPHDEOHV&XDQGRORVXWLOLFHHQODOOXYLDRFHUFDGHODJXD
DVHJ~UHVHGHPDQWHQHUORVHFR(VSUiFWLFDPHQWHLPSRVLEOHUHSDUDUORVPHFDQLVPRV
LQWHUQRVHOHPHQWRVGHFULVWDO\FRPSRQHQWHVHOpFWULFRVGDxDGRVSRUHODJXD
6L KD\FDPELRV V~ELWRVGH WHPSHUDWXUD SXHGH KDEHU FRQGHQVDFLyQR YHORHQ OD
VXSHUILFLH GHO REMHWLYR &XDQGR HQWUH HQ XQD KDELWDFLyQ FiOLGD YLQLHQGR GH XQ
OXJDU IUtR HV UHFRPHQGDEOH PDQWHQHU HO REMHWLYR HQ VX FDMD KDVWDTXHVX
WHPSHUDWXUDVHDVHPHMHDODGHODKDELWDFLyQ
(63$f2/
9LULQJUD]LDPRGHOODSUHIHUHQ]DDFFRUGDWDFLFRQO¶DFTXLVWRGHOYRVWURQXRYRRELHWWLYR
6LJPD 9L UDFFRPDQGLDPR GL OHJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SULPD GL
FRPLQFLDUH D XVDUOR &RQRVFHQGROR PHJOLR YL VDUj IDFLOH RWWHQHUQH OH PLJOLRUL
SUHVWD]LRQLHVRGGLVID]LRQL
$77(1=,21(
&KHVLWURYLRPHQRDWWDFFDWRDOODIRWRFDPHUDQRQODVFLDWHO¶RELHWWLYRDOVROHVHQ]DLO
FRSHUFKLHWWRIURQWDOH&LzSHUHYLWDUHLOSHULFRORG¶LQFHQGLRFDXVDWRGDLUDJJLGHOVROH
FRQFHQWUDWLGDOOHOHQWLGHOO¶RELHWWLYR
(/(0(17,35,1&,3$/,ILJ
Ĭ3RUWDILOWULIURQWDOHDYLWH
ĭ
*KLHUDGLPHVVDDIXRFR
Į6FDODGHOOHGLVWDQ]H
į,QGLFHGLFROOLPD]LRQH
İ,QQHVWR
ı,QWHUUXWWRUH26
IJ6HOHWWRUHGLPHVVDDIXRFR
ij/LPLWDWRUHGHOODPHVVDDIXRFR
Ĵ3DUDOXFH
ĵ$GDWWDWRUHSDUDOXFH
SHU$36&
)272&$0(5(1,.21$)
,OIXQ]LRQDPHQWRGLTXHVWRRELHWWLYRqXJXDOHDOIXQ]LRQDPHQWRGHJOLRELHWWLYL1LNRQ
DXWRIRFXVWLSR * VHQ]D JKLHUD GHLGLDIUDPPL 6HFRQGR OD IRWRFDPHUD VXOOD TXDOH
YLHQHPRQWDWR DOFXQHIXQ]LRQLSRWUHEEHUR QRQ HVVHUH DWWLYH 3HU PDJJLRUL GHWWDJOL
ELVRJQDOHJJHUHLOPDQXDOHG¶XVRGHOODIRWRFDPHUD
)272&$0(5(3(17$;$)
,O IXQ]LRQDPHQWR GL TXHVWR RELHWWLYR q XJXDOH DO IXQ]LRQDPHQWR GHJOL RELHWWLYL
3(17$;DXWRIRFXVWLSR )$- VHQ]DJKLHUDGHLGLDIUDPPL 6HFRQGRODIRWRFDPHUD
VXOOD TXDOH YLHQH PRQWDWR DOFXQH IXQ]LRQL SRWUHEEHUR QRQ HVVHUH DWWLYH 3HU
PDJJLRULGHWWDJOLELVRJQDOHJJHUHLOPDQXDOHG¶XVRGHOODIRWRFDPHUD
$33/,&$=,21(68/&25320$&&+,1$
8QD YROWD FKH DYUHWH LQVHULWR OR ]RRP QHOO¶LQQHVWR GHOOD IRWRFDPHUD IXQ]LRQHUj
DXWRPDWLFDPHQWH DOOR VWHVVR PRGR GL XQ TXDOVLDVL DOWUR RELHWWLYR Y LVWUX]LRQL SHU
O¶XVRGHOODIRWRFDPHUD
/D VXSHUILFLH GHOO¶LQQHVWR SUHVHQWD XQ FHUWR QXPHUR GL FRQWDWWL HOHWWULFL H DOWUL
HOHPHQWLSHULOWUDVIHULPHQWRGLGDWLHLQIRUPD]LRQL9LUDFFRPDQGLDPRGLFXUDUQHOD
SXOL]LD , FRQWDWWL VRQR PROWR GHOLFDWL 'XUDQWH OH RSHUD]LRQL GL FDPELR GL RWWLFD
DSSRJJLDWHO¶RELHWWLYRVXXQDVXSHUILFLHSLDQDEDGDQGRDULYROJHUQHLQJLODSDUWH
GHOODOHQWHIURQWDOHSHUHYLWDUHGLGDQQHJJLDUHLFRQWDWWLLQTXHVWLRQH
,03267$=,21('(/02'2',(6326,=,21(
8QDYROWDPRQWDWRVXOODIRWRFDPHUDORELHWWLYR6LJPDIXQ]LRQDDXWRPDWLFDPHQWH
6LFRQVXOWLQROHLVWUX]LRQLSHUOXVRGHOFRUSRPDFFKLQD
0(66$$)82&2
4XHVWR RELHWWLYR LQFRUSRUD XQ PRWRUH LSHUVRQLFR +60 LO TXDOH SHUPHWWH XQD SL
YHORFHHVLOHQ]LRVDPHVVDDIXRFRDXWRPDWLFD
䇶6,*0$$)H&$121$)䇷
3HUDWWLYDUHO¶$XWRIRFXVLPSRVWDUHODPHVVDDIXRFRVFHJOLHQGRVXOO¶RELHWWLYRODSRVL]LRQH
³
$)
´ILJ4XDQGRVLGHVLGHUDPHWWHUHDIXRFRPDQXDOPHQWHVFHJOLHUHVXOO¶RELHWWLYR
ODSRVL]LRQH³
0
´,QTXHVWRFDVRVLPHWWHDIXRFRUXRWDQGRODJKLHUDGLPHVVDDIXRFR
䇶1,.21$)3(17$;$)H621<䇷
3HU DWWLYDUH O¶DXWRIRFXV LPSRVWDUH VXOOD IRWRFDPHUD OD PRGDOLWj $) H VFHJOLHUH
VXOO¶RELHWWLYR OD SRVL]LRQH ³$)´ ILJ 4XDQGR VL GHVLGHUD PHWWHUH D IXRFR
PDQXDOPHQWH VFHJOLHUH VXOO¶RELHWWLYR OD SRVL]LRQH ³0´ ,Q TXHVWR FDVR VL PHWWH D
IXRFRUXRWDQGRODJKLHUDGLPHVVDDIXRFR
&RQVXOWDUH LO OLEUHWWR G¶LVWUX]LRQL GHOOD IRWRFDPHUD SHU YDULDUH OD PRGDOLWj GL PHVVD D IXRFR
3HU DWWDFFKL 1LNRQ 3HQWD[ H 6RQ\ q SRVVLEOH XVDUH VRODPHQWH OD PRGDOLWj $)
TXDQGRLOFRUSRPDFFKLQDULFRQRVFHLOPRWRUHDXOWUDVXRQLFRPHOR+60/DPRGDOLWj
$)QRQqSRVVLEOHVHLOFRUSRPDFFKLQDQRQULFRQRVFHTXHVWRWLSRGLPRWRUH
4XHVWR RELHWWLYR ODVFLD OD IDFROWj GL PHWWHUH D IXRFR PDQXDOPHQWH SHUVLQR DG
DXWRIRFXV LQVHULWR 6H LQIDWWL OD IRWRFDPHUD q SUHGLVSRVWD SHU LO PRGR GL
IXQ]LRQDPHQWR 2QH 6KRW $) $)6 QRQ F¶q FKH GD SUHPHUH D PHWD FRUVD LO
SXOVDQWHGLVFDWWRHGDIDULQWHUYHQLUHLOPHFFDQLVPRGLPHVVDDIXRFRDXWRPDWLFD
FRQ VXFFHVVLYR DUUHVWR SHU RWWHQHUH PHHGLDQWH OD JKLHUD GL PHVVD D IXRFR
PDQXDOHODQLWLGH]]D³SHUVRQDOL]]DWD´FKHVLSUHIHULVFH
6H XVDWH O¶RELHWWLYR FRQ PHVVD D IXRFR PDQXDOH DFFHUWDWHYL GHOOD QLWLGH]]D GHO
TXDGUR PHGLDQWH RVVHUYD]LRQH GLUHWWD GHOO¶LPPDJLQH FKH VL IRUPD QHO PLULQR
/¶RSHUD]LRQHqYLYDPHQWHUDFFRPDQGDELOHLQFRQVLGHUD]LRQHGHJOLVFRVWDPHQWLDL
TXDOO LO SLDQR GL PHVVD D IXRFR SXz DQGDU VRJJHWWR LQ FDVR GL WRUL VEDO]L GL
WHPSHUDWXUD SDU HIIHWWR GHL TXDOL GLYHUVL HOHPHQWL RWWLFL GHOO¶RELHWWLYR SRVVRQR
GLODWDUVL ILQR D HQWUDUH LQ FRQWDWWR UHFLSURFR 3HU OD UHJROD]LRQH VXOO¶LQILQLWR q
SUHYLVWDXQDFRPSHQVD]LRQHVSHFLDOH
/,0,7$725(',0(66$$)82&2
/¶RELHWWLYR q GRWDWR GL OLPLWDWRUH FKH DFFRUFLD OD GLVWDQ]D $) GL PHVVD D IXRFR
DXWRPDWLFDILJ 6LSRVVRQRLPSRVWDUHOHVHJXHQWLWUHGLVWDQ]H
Ɣ)8//Paп ƔPa п ƔPaP
,1*5$1',0(172
8Q¶LQGLFD]LRQH GHO WLSR ³[[´ VXOOD VFDOD GHOOH GLVUDQ]H VWD D LQGLFDUH LO IDWWRUH GL
LQJUDQGLPHQWR GHOO¶LPPDJLQH RFRPH VL GLFH SL FRPXQHPHQWH LO UDSSRUWR GL
ULSURGX]LRQH HTXLYDOHQWH 6XSSRQHQGR FKH OD PHVVD D IXRFR VLD DYYHQXWD QHOOD
SRVL]LRQH³´GHOODVFDODXQVRJJHWWRPLVXUDQWHLQUHDOWjFPVDUjULSURGRWWR
VXOODSHOOOFRODFRQXQDGLPHQVLRQHGLPH]]DWDTXLQGLGLFPILJ
,1)250$=,21,68//(35(67$=,21,26
67$%,/,==$725(277,&2
4XHVW¶RELHWWLYR262WWLFDPHQWH6WDELOL]]DWRHOLPLQDLOPRVVRFDXVDWRGDOWUHPROLR
LPSUHVVR DFFLGHQWDOPHQWH DOOD PDFFKLQD IRWRJUDILFD &RVu q SRVVLELOHULSUHQGHUH D
PDQR OLEHUD FRQ XQ WHPSR GL VFDWWR GDOOH GXH DOOH TXDWWUR YROWH SL OHQWR
FRUULVSRQGHQWHDYDORULOXFHGDDULVSHWWRDTXHOORFKHVLGRYUHEEHXVDUHVHQ]DLO
GLVSRVLWLYR26HRWWHQHUHIRWRXJXDOPHQWHULFFKHGLGHWWDJOLYLVLELOL
,PSRVWDUH OR 6WDELOL]]DWRUH 2WWLFR VSRVWDQGR LO FXUVRUH VXOOD 0RGDOLWj ILJ
3UHPHUHLOSXVDQWHGLVFDWWRDPHWjFRUVDDFFHUWDUVLFKHO¶LPPDJLQHQHOPLULQRVLD
IHUPD H TXLQGL VFDWWDUH OD IRWR %LVRJQD DWWHQGHUH FLUFD XQ VHFRQGR SULPD FKH
O¶LPPDJLQH YLVLELOH QHO PLULQR VL VWDELOL]]L GRSR DYHU SUHPXWR LO SXOVDQWH D PHWj
FRUVD/DPRGDOLWjULOHYDJOLVSRVWDPHQWLYHUWLFDOLHGHOLPLQDLWUHPROLLqXWLOHSHU
ULSUHQGHUHVRJJHWWLLQPRYLPHQWR
/D FRPSHQVD]LRQH GHO PRVVR DFFLGHQWDOH RSHUDWD GDOOR 6WDELOL]]DWRUH 2WWLFR q
HIILFDFHQHOOHULSUHVHDPDQROLEHUD
x7XWWDYLDHVLVWRQRFRQGL]LRQLGLULSUHVDLQFXLOR6WDELOL]]DWRUH2WWLFR QRQ IXQ]LRQD
DOWUHWWDQWREHQH
x5LSUHVDGDXQYHLFRORLQPRYLPHQWRVHLVREEDO]LVRQRGLXQDFHUWDHQWLWj
1RQXVDUHOR6WDELOL]]DWRUH2WWLFRQHOOHVHJXHQWLULSUHVH
x4XDQGRODIRWRFDPHUDqPRQWDWDVXWUHSSLHGH
x4XDQGRVLXVDODSRVD%WHPSROXQJR
/¶DOLPHQWD]LRQHQHFHVVDULDDOORVWDELOL]]DWRUHqGDWDGDOODIRWRFDPHUD&RQO¶RELHWWLYR
26PRQWDWROD GXUDWDGHOOH EDWWHULHGHOODIRWRFDPHUDGLPLQXLUj ULVSHWWRDOOD GXUDWD
FKHDYUHEEHURVHQRQXVDVWHO¶RELHWWLYRVWDELOL]]DWR4XLQGLVHQRQXVDWHODIXQ]LRQH
6WDELOL]]DWRUH2WWLFRSHUULVSDUPLDUHOHEDWWHULHVSRVWDWHO¶LQWHUUXWWRUHVX2))
3ULPDGLWRJOLHUHRPHWWHUHO¶RELHWWLYRDVVLFXUDWHYLFKHO¶LQWHUUXWWRUHVLDVX2))
/R6WDELOL]]DWRUH2WWLFRFRQWLQXDDIXQ]LRQDUHSHUWXWWRLOWHPSRGHOO¶HVSRVL]LRQH
GRSRFKHYRLDYHWHVROOHYDWRLOGLWRGDOSXOVDQWHGLVFDWWR1RQVWDFFDWHPDLO¶RELHWWLYR
GDOODIRWRFDPHUDTXDQGROR6WDELOL]]DWRUH2WWLFRqLQIXQ]LRQHSRWUHVWHGDQQHJJLDUOR
3Xz DFFDGH FKH QHO PLULQR O¶LPPDJLQH DSSDLD PRVVD DSSHQD GRSR FKH VL q
VFDWWDWRRSSXUHTXDQGRLOIODVKLQFRUSRUDWRDOODIRWRFDPHUDLQL]LDDFDULFDUVL&Lz
QRQFDXVDLPPDJLQLPRVVH
6HODIRWRFDPHUDYLHQHVSHQWDRO¶RELHWWLYRWROWRTXDQGRqLQIXQ]LRQHORVWDELOL]]DWRUH
RWWLFRO¶RELHWWLYRSRWUjHPHWWHUHXQVXRQRFLzQRQYDFRQVLGHUDWRXQGLIHWWR
(¶ SRVVLEOH XVDUH OD IXQ]LRQH 26 LQFRUSRUDWD QHOO¶RELHWWLYR FRQ JOL DSSDUHFFKL
6RQ\ H 3HQWD[ SUHGLVSRVWL SHU LO PRWRUH XOWUDVRQLFR +60 4XDQGR VL XVD OD
IXQ]LRQH26GLVDWWLYDUHODIXQ]LRQHGLVWDELOL]]D]LRQHRWWLFDQHOFRUSRPDFFKLQDH
VSRVWDUHLOFXUVRUH26SUHVHQWHQHOO¶RELHWWLYRVX214XDQGRVLXVDODIXQ]LRQH
GL VWDELOL]]D]LRQH RWWLFD GHOOD IRWRFDPHUD VSRVWDUH LO FXUVRUH 26 SUHVHQWH
QHOO¶RELHWWLYRVX2))HDWWLYDUHODVWDELOL]]D]LRQHRWWLFDGHOODIRWRFDPHUD
6HXVDWHTXHVWRRELHWWLYRFRQOHIRWRFDPHUH.21,&$0,12/7$'<1$;0$;;80
''<1$;0$;;80'R621<$GLVDWWLYDUHLOGLVSRVLWLYR26GHOO¶RELHWWLYR
SULPDGLVSHJQHUHLOFRUSRPDFFKLQD,OGLVSRVLWLYR26QRQDVVXPHODGLVSRVL]LRQH
FRUUHWWDVHSULPDVLVSHJQHO¶DOLPHQWD]LRQHGHOFRUSRPDFFKLQD1RQWHQHUHFRQWR
GLTXHVWRDYYLVRHQRQVHJXLUHODSURFHGXUDGHVFULWWDSXzFDXVDUHGDQQLDOO¶RELHWWLYR
/R6WDELOL]]DWRUH2WWLFR26PRQWDWRVXRELHWWLYLFRQEDLRQHWWD1LNRQH&DQRQQRQ
IXQ]LRQDFRQOHIRWRFDPHUH6/5DSHOOLFRODHFFHWWROD1LNRQ)HOD&DQRQ(269
)272*5$),$&21,/)/$6+
,OIODVKLQFRUSRUDWRSXzFDXVDUHGHOOHYLJQHWWDWXUHLQGHVLGHUDWH&RQTXHVWRRELHWWLYR
QRQVLGHYHXVDUHLOIODVKLQFRUSRUDWRDOODPDFFKLQDPDXQIODVKHVWHUQR
&,5&$,7(/(&219(57(5
/¶RELHWWLYRSXzHVVHUHXVDWRFRQJOL$327HOH&RQYHUWHUDFFHVVRUL[(;'*R
(;'*DLQL]LDUHGDOORWHOHPP)RGDOWHOHPP)ULVSHWWLYDPHQWH
1RQXVDUHDOWULWHOHFRQYHUWHUFKHQRQVLDQRTXHOOLLQGLFDWL
&RQOH5HIOH['LJLWDOL6/5VRQRFRQVLJOLDWHOHYHUVLRQL'*GHJOL$SR7HOH&RQYHUWHU
,OWHOHFRQYHUWHUFRQPRQWDWXUD3HQWD[QRQqFRPSDWLELOHFRQTXHVWDSDUWLFRODUHRWWLFD
4XDQGRVLXVDLO0ROWLSOLFDWRUHGLIRFDOH $32[(;'*O¶RELHWWLYRSXzHVVHUH
XVDWRVRODPHQWHLQPHVVDDIXRFRPDQXDOH
&RQLO0ROWLSOLFDWRUH$32[ODPHVVDDIXRFRDXWRPDWLFD$)DYYLHQHVRODPHQWH
WUD O¶LQILQLWR H P 4XDQGR OD GLVWDQ]D q FRPSUHVD WUD P H q
SRVVLELOHVRODPHQWHODPHVVDDIXRFRPDQXDOH0)
4XDQGRVLXVDQRL0ROWLSOLFDWRULGLIRFDOH$32LO/LPLWDWRUHGL0HVVDD)XRFRQRQ
IXQ]LRQHUjQHPPHQRFDPELDQGRODSRVL]LRQHGHOFXUVRUH/DPHVVDDIXRFRDXWRPDWLFD
$)SXzHVVHUHXVDWDLQ/LYH9LHZVHODIRWRFDPHUDqQHOODPRGDOLWj$)D&RQWUDVWR
&RQ,FRUSLPDFFKLQDGRWDWLGLDWWDFFR6RQ\$)qSRVVLELOHXVDUHODPRGDOLWj$)
TXDQGR VL XVL LO WHOHFRQYHUWHU FRQ QXPHUR GL VHULH VXSHULRUH D /D
PRGDOLWj$)QRQqDWWLYDFRQWHOHFRQYHUWHUFRQQXPHURGLVHULHLQIHULRUHD
3$5$/8&(
$VVLHPHDOO¶RELHWWLYRqIRUQLWRXQSDUDOXFHDEDLRQHWWDVWDFFDELOH,OSDUDOXFHVHUYHD
SUHYHQLUH OH LPPDJLQL IDQWDVPD H LO IODUH FDXVDWR GDOOD OXFH SDUDVVLWD ,QVHULUH LO
SDUDOXFHHUXRWDUHLQVHQVRRUDULRILQRDOO¶DUUHVWRILJ
/¶DGDWWDWRUH SDUDOXFH $36& q IRUQLWR GL VHULH DVVLHPH DOO¶RELHWWLYR ,O VXR XVR
DVVLHPHDOOHIRWRFDPHUHGLJLWDOLFRQVHQVRUH$36&DXPHQWDODSURWH]LRQHGHOOH
OXFL,QVHULUHO¶DGDWWDWRUHIUDO¶RELHWWLYRHLOSDUDOXFHILJ
4XDQGRVLXVDTXHVWRRELHWWLYRFRQIRWRFDPHUHGLJLWDOLDSLHQRIRUPDWRRFRQIRUPDWR
$36+O¶DGDWWDWRUHQRQYDPRQWDWR,QFDVRFRQWUDULRO¶LPPDJLQHULVXOWHUjYLJQHWWDWD
4XDQGR VL ULSRQH O¶RELHWWLYR QHOOD VXD FXVWRGLD ELVRJQD WRJOLHUH LO SDUDOXFH H
ULPHWWHUORDOFRQWUDULRILJ(¶SRVVLELOHSRVL]LRQDUHLOSDUDOXFHDOFRQWUDULRFRQLO
FRSHUFKLHWWRGHOO¶RELHWWLYRLQVHULWRQHOO¶DGDWWDWRUH$36&
),/75,
6LSXzXVDUHXQVRORILOWURSHUYROWD&RQO¶LPSLHJRGLGXHRSLILOWULHRGLILOWULPROWR
VSHVVLFRPHLSRODUL]]DWRULqIDFLOHLQFRUUHUHLQYLJQHWWDWXUH
6HYROHWHDGRSHUDUHXQSRODUL]]DWRUHFRQXQDIRWRFDPHUD$)VFHJOLHWHORGHOWLSR
³FLUFRODUH´ 8Q SRODUL]]DWRUH ³OLQHDUH´ LQIDWWL SXz FRPSURPHWWHUH LO UHJRODUH
IXQ]LRQDPHQWRVLDGHOO¶DXWRIRFXVFKHGHOVLVWHPDGLHVSRVL]LRQHDXWRPDWLFD
4XDQGRVLXVDQRILOWULDVVLHPHDOSDUDOXFHDGDWWDWRUH$36&qQHFHVVDULRDYYLWDUOL
DOODILOHWWDWXUDGHOO¶RELHWWLYR6HOLVLDYYLWDDOODILOHWWDWXUDGHOO¶DGDWWDWRUHO¶LPPDJLQH
VDUjYLJQHWWDWD
&203(16$=,21('(//¶(6326,=,21(
,OYDORUHGL OXPLQRVLWj GHO PDFURELHWWLYRSXzFDPELDUH LQ IXQ]LRQH GHOOD GLVWDQ]DGL
PHVVD D IXRFR LQ TXDQWR FDPELD O¶HVWHQVLRQH XWLOH GHO UHODWLYR FLOLQGUR 1HVVXQD
SUHRFFXSD]LRQH VH O¶RELHWWLYR YLHQH DSSOLFDWR VX XQD PRQRUHIOH[ FRQ VLVWHPD GL
PLVXUD]LRQH GHOO¶HVSRVL]LRQH DWWUDYHUVR O¶RELHWWLYR 77/ SHUFKp LQ TXHVWR FDVR OD
FRPSHQVD]LRQH VDUj DXWRPDWLFD 6H LQYHFH O¶RELHWWLYR YLHQH DEELQDWR D XQ
HVSRVLPHWUR HVWHUQR R D XQ ODPSHJJLDWRQH QRQ DFFRSSLDWR DO VLVWHPD RWWLFR GHOOD
IRWRFDPHUD O¶HVSRVL]LRQH GRYUj VXELUH XQ ULWRFFR DSSURSULDWR SHU FRPSHQVDUH JOL
HIIHWWLGHOODULSUHVDUDYYLFLQDWDWDE
&85$(&216(59$=,21(
3URWHJJHWHO¶RELHWWLYRGDFDGXWHHFROSLHGHYLWDWHGLHVSRUORDGDOWHWHPSHUDWXUHR
XPLGLWjHFFHVVLYD
,Q SUHYLVLRQH GL XQ SUROXQJDWR SHULRGR GL LQXWLOL]]R FRQVHUYDWH O¶RELHWWLYR LQ XQ
SRVWRIUHVFRDVFLXWWRHSRVVLELOPHQWHEHQDHUDWR (YLWDWHGLHVSRUORDYDSRULGL
FDQIRUDRQDIWDOLQDFKHSRWUHEEHURGHWHULRUDPHLGHOLFDWLULYHVWLPHQWLDQWLULIOHVVL
1RQXVDWHVROYHQWLEHQ]LQDRDOWULGHWHUJHQWLRUJDQLFLTXDQGRVLWUDWWDGLHOLPLQDUH
GDJOL HOHPHQWL RWWLFL WUDFFH GL VSRUFR R LPSURQWHGLJLWDOL 5LSXOLWHOL LQYHFH FRQ XQ
SDQQRPRUELGRLQXPLGLWRRFRQXQDFDUWLQDSHUOHQWL
/¶RELHWWLYR QRQ q LPSHUPHDELOH )DWH FKH QRQ VL EDJQL TXDQGR OR XVDWH VRWWR OD
SLRJJLD R YLFLQR DOO¶DFTXD 6SHVVR L PHFFDQLVPL LQWHUQL JOL HOHPHQWL RWWLFL H L
FRPSRQHQWL HOHWWULFL YHQJRQR GDQQHJJLDWL LUULPHGLDELOPHQWH GDOO¶DFTXD WDQWR GD
UHQGHUQHLPSRVVLELOHTXDOVLDVLULSDUD]LRQH
,PSURYYLVL VEDO]L GL WHPSHUDWXUD SRVVRQR IDYRULUH OD IRUPD]LRQH GL FRQGHQVD R
SURYRFDUH OD YHODWXUD GHOOD OHQWH IURQWDOH 4XDQGR HQWUDWH LQ XQ YDQR ULVFDOGDWR
PHQWUH IXRUL ID PROWR IUHGGR YL FRQVLJOLDPR GL WHQHUH O¶RELHWWLYR QHOOD UHODWLYD
FXVWRGLDILQFKpODVXDWHPSHUDWXUDQRQVLVDUjDGDWWDWDDOODWHPSHUDWXUDDPELHQWH
,7$/,$12
Похожие устройства
- Galaxy Line GL2135 Руководство по эксплуатации
- Kitfort КТ-7163 Руководство по эксплуатации
- Oasis ZS-20 (J) Руководство по эксплуатации
- Galaxy Line GL0339 Руководство по эксплуатации
- Maunfeld EOEM7614S Руководство по эксплуатации
- ТриЯ Литл 129725 Руководство по эксплуатации
- Galaxy Line GL0339 Руководство по эксплуатации
- ТриЯ Diamond 173151 Руководство по эксплуатации
- Rombica MyClean Vox Руководство по эксплуатации
- Denzel RCS 400-62 Руководство по эксплуатации
- ТриЯ Литл 129729 Руководство по эксплуатации
- Maunfeld AEOD6063S Руководство по эксплуатации
- Cs Medica CS-10 PRESTIGE Black Руководство по эксплуатации
- Hiper TWS FLAP Black Руководство по эксплуатации
- Funai YAMANEKO 60 RAD-Y60T7E Руководство по эксплуатации
- Funai NEKO L RAD-N26T6E Руководство по эксплуатации
- Funai Neko S Руководство по эксплуатации
- Maunfeld CVI604EXBK черная Руководство по эксплуатации
- Galaxy Line GL2144 Руководство по эксплуатации
- Galaxy Line GL2143 Руководство по эксплуатации