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

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

Læs nedenfor 📖 manual på dansk for Sigma 120-300mm f2.8 DG OS HSM S (2 sider) i kategorien Linse. Denne guide var nyttig for 9 personer og blev bedømt med 4.5 stjerner i gennemsnit af 2 brugere

Side 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


Produkt Specifikationer

Mærke: Sigma
Kategori: Linse
Model: 120-300mm f2.8 DG OS HSM S

Har du brug for hjælp?

Hvis du har brug for hjælp til Sigma 120-300mm f2.8 DG OS HSM S stil et spørgsmål nedenfor, og andre brugere vil svare dig




Linse Sigma Manualer

Linse Manualer

Nyeste Linse Manualer