Manual de uso Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo

¿Necesita un manual para su Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo? A continuación puedes ver y descargar el manual en PDF gratis en español. Este producto actualmente tiene 1 pregunta frecuente, 0 comentarios y tiene 8 votos con una calificación promedio de producto de 100/100. Si este no es el manual que desea, , contáctenos.

¿Su producto tiene algún defecto y el manual no ofrece ninguna solución? Vaya a Repair Café para solicitar un servicio de reparación gratuito.

Manual de uso

Loading…

ƜƷƨƼƸŴǷǰȞȬȳǺǛƓᝰƍ൭NJƍƨƩƖƋǓƕƱƏƝƟƍLJƢŵஜᛟଢ୿ǛƝችᛠ
ƷɥŴȬȳǺƷೞᏡŴદ˺ŴӕǓৢƍɥƷදॖໜǛദƠƘྸᚐƠƯŴϙჇજࢨǛƓಏƠLjƘ
ƩƞƍŵƳƓஜᛟଢ୿ƸŴӲǫȡȩဇσဇƱƳƬƯƓǓLJƢƷưŴ᪮ႸƴǑǓƝ̅ဇǫȡȩ
Ʒᛆ࢘ሖ৑ǛƓᛠLjƴƳǓŴƝ̅ဇǫȡȩƷᛟଢ୿NjƋǘƤƯƝᚁƘƩƞƍŵƓᛠLjƴƳƬ
ƨƋƱƸŴٻЏƴ̬ሥƠƯƘƩƞƍŵ
ӲᢿỉӸᆅί׋
Ἕἅὅ $) ဇỆếẟề
ƜƷȬȳǺƸŴȋdzȳᙌ $) ȬȳǺƴƓƚǔŴ* ǿǤȗᲢ዁ǓȪȳǰƷƳƍǿǤȗᲣƱӷሁ
ƷˁಮƴƳƬƯƍLJƢŵǫȡȩƱƷኵӳǘƤƴǑƬƯŴೞᏡƴСᨂƕưǔئӳƕƋǓLJƢŵ
ᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ୿ሁǛƝӋༀƘƩƞƍŵ
ἬὅἑἕἁἋ $) ဇỆếẟề
ƜƷȬȳǺƸŴȚȳǿȃǯǹᙌ $) ȬȳǺƴƓƚǔŴ)$- ǿǤȗᲢ዁ǓȪȳǰƷƳƍǿǤȗᲣ
ƱӷሁƷˁಮƴƳƬƯƍLJƢŵǫȡȩƱƷኵӳƤƴǑƬƯŴೞᏡƴСᨂƕưǔئӳƕƋǓLJ
ƢŵᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ୿ሁǛƝӋༀƘƩƞƍŵ
ἾὅἌỉბᏮ૾ඥ
ǫȡȩǁƷბᏮ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯბᏮƠƯƘƩƞƍŵ
ŦȞǦȳȈ᩿ƴƸ዁ǓᡲѣဇŴ$) ᡲѣဇƷᘺፗǍŴᩓൢ੗ໜሁƕƋǓLJƢŵǭǺǍ൲Ǖƕ
ƭƘƱᛚ˺ѣǍ૏ᨦƷҾ׆ƱƳǓLJƢƷưƝදॖƘƩƞƍŵ
ᩧЈỆếẟề
ᩧЈƷൿܭ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯŴ዁ǓǍǷȣȃǿȸᡮࡇሁǛǻȃȈƠ
ƯƘƩƞƍŵ
ἦὅἚӳỪẶểἌὊἱὅἂ
ƜƷȬȳǺƸŴȏǤȑȸǽȋȃǯȢȸǿȸ+60Ჩឬ᪦ඬȢȸǿȸǛ੔ဇƠŴᡆᡮƳǪȸȈ
ȕǩȸǫǹƱ˺ѣ᪦ƷᨊӊǛܱྵƠƯƍLJƢŵ
ẎἉἂἰ $) ဇẆỿἶἠὅ $) ဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ $) ƴǻȃȈƠ
LJƢᲢ׋ ŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ 0 ƴǻ
ȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ẎἝἅὅဇẆἬὅἑἕἁἋ $) ဇẆἏἝὊဇẏ
ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴǫȡȩǛ
$)
ȢȸȉƴǻȃȈƠƯŴȬȳǺƷȕǩȸǫǹ
ȢȸȉЏǓ੭ƑǹǤȃȁǛ
$)
ƴǻȃȈƠLJƢᲢ׋
ŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸ
ǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ
0
ƴǻȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤLJƢŵ
ŦǫȡȩƷȕǩȸǫǹȢȸȉƷЏǓ੭ƑƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯƘƩƞƍŵ
ŦȋdzȳŴȚȳǿȃǯǹŴǽȋȸဇƸŴឬ᪦ඬȢȸǿȸƴݣࣖƠƨǫȡȩƱƷኵӳƤưǪ
ȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵឬ᪦ඬȢȸǿȸƴݣࣖƠƯƍƳƍǫȡȩƱƷኵӳƤư
ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓLJƢŵ
ŦƜƷȬȳǺƸŴ$) ƴǻȃȈƠƨLJLJưȞȋȥǢȫưƷȔȳȈᙀദǛƢǔƜƱNjӧᏡưƢŵ
ǫȡȩǛǷȳǰȫ $) ȢȸȉƴǻȃȈƠƯŴӳ໰ࢸŴǷȣȃǿȸȜǿȳǛҞ਀ƠƷLJLJư
ȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛᛦૢƠƯƘƩƞƍŵ
ŦȞȋȥǢȫưȔȳȈǛӳǘƤǔᨥƴƸŴႸႮƕĐᲢ໯ᨂᢒᲣƷˮፗưNjᢒ୎ƴȔȳȈƕ
ӳǘƳƍƜƱƕƋǓLJƢƷưŴȕǡǤȳȀȸưᄩᛐƠƳƕǒȔȳȈǛӳǘƤƯƘƩƞƍŵ
ẎἌ
Ὂἱὅἂ
ǺȸȠȪȳǰǛׅƠƯŴஇᢘƳನ׋ƴƳǔǑƏƴ໰ໜុᩉǛ٭҄ƞƤLJƢŵ
ἌὊἲἿἕἁἋỶἕἓ
ƜƷȬȳǺƸŴઃ࠘଺ƴᐯ᣻ưȬȳǺƕ˦ƼƯƠLJƏྵᝋǛ᧸ƙƜƱƕưƖǔŴǺȸȠȭȃ
ǯǹǤȃȁǛͳƑƯƍLJƢŵǺȸȠȪȳǰƷႸႮǛ  ƴӳǘƤŴǺȸȠȭȃǯǹǤȃȁǛ
/2&. ͨƴǹȩǤȉƠƯɦƞƍᲢ׋ ŵજࢨ଺ƸǺȸȠȭȃǯǹǤȃȁǛ 81/2&. ͨƴ
ǹȩǤȉƠƯɦƞƍŵ
৖ốủᙀദೞᏡỆếẟề
ƜƷȬȳǺƸŴ৖ਤƪજࢨ଺Ʒ৖ȖȬǛ᠉ถƢǔŴ৖ƿǕᙀദೞᏡ 262SWLFDO 6WDELOL]HU
Ǜ઀᠍ƠƯƍLJƢŵ৖ƿǕᙀദೞᏡǛ̅ǘƳƍƱƖƱൔǂŴኖ െǷȣȃǿȸᡮࡇǛ᡿Ƙ
ƠƯજࢨưƖLJƢŵ
26Ტ৖ƿǕᙀദೞᏡǹǤȃȁǛ ƴƠLJƢŵᲢ׋ ᲣǷȣȃǿȸȜǿȳǛҞ਀ƠƠŴȕǡ
ǤȳȀȸư΂ƕܤܭƠƯƍǔƷǛᄩᛐƠƯƔǒજࢨƠƯƘƩƞƍŵᲢҞ਀ƠƠƯƔǒ΂ƕܤ
ܭƢǔLJưŴኖᲫᅺƔƔǓLJƢŵ්ƠજǓǛƢǔ଺Ƹ 26 ǹǤȃȁǛ ƴƠLJƢŵᲢɥɦ૾
ӼƷ৖ƿǕƷLjᙀദƠLJƢŵ
Ŧ৖ƿǕᙀദೞᏡƸŴᡫࠝƷ৖ਤƪજࢨƴƓƍƯဃơǔ৖ȖȬǛ᠉ถƞƤǔೞᏡưƢŵˌ
ɦƷவˑưƸŴ৖ƿǕᙀദƷјௐƕҗЎƴႆੱƞǕƳƍئӳƕƋǓLJƢŵ
ƒ ѣƍƯƍǔʈǓཋƔǒƷજ ƒ ǫȡȩƷӼƖǛٻƖƘѣƔƠƳƕǒƷજࢨ
ŦˌɦƷவˑưƸŴ৖ƿǕᙀദೞᏡƸ̅ဇƠƳƍưƘƩƞƍŵ
ƒ ɤᏩሁưǫȡȩǛ׍ܭƠƯƷજࢨƒ ȐȫȖᲢᧈ଺᧓ᩧήᲣજࢨ
Ŧ৖ƿǕᙀദೞᏡƸŴǫȡȩƷᩓ൷ǛМဇƠƯ˺ѣƠLJƢŵᡫࠝƷȬȳǺǛ̅ဇƠƨئӳ
ƴൔǂŴજࢨӧᏡஜૠƕݲƳƘƳǓLJƢŵ৖ƿǕᙀദೞᏡǛ̅ဇƠƳƍƱƖƸŴᩓ൷Ʒ
ෞ᎔Ǜ᧸ƙƨNJŴ26 ǹǤȃȁǛ 2)) ƴƠƯƘƩƞƍŵ
ŦȬȳǺƷბᏮ଺ƸŴ26 ǹǤȃȁǛ 2)) ƴƠƯƔǒᘍƬƯƘƩƞƍŵ
ŦǷȣȃǿȸȜǿȳƔǒਦǛᩉƠƯNjŴǫȡȩƷᩧЈᚘƕƸƨǒƍƯƍǔ᧓ƸŴ৖ƿǕᙀ
ദೞᏡNj˺ѣƠƯƍLJƢŵ˺ѣɶƴȬȳǺǛٳƠƨǓŴǫȡȩƷᩓ൷ǛӕǓЈƢƱŴȬ
ȳǺƷ૏ᨦƷҾ׆ƱƳǓLJƢŵ
ŦજࢨႺࢸǍǫȡȩƷϋᔺȕȩȃǷȥƷΪᩓ଺ƳƲƴŴȕǡǤȳȀȸ΂ƕੵǕǔƜƱƕƋ
ǓLJƢƕŴજࢨƴƸࢨ᪪ƋǓLJƤǜŵ
Ŧ৖ƿǕᙀദೞᏡƕ˺ѣɶŴȬȳǺǛٳƠƨǓǫȡȩƷᩓเǛЏƬƨƱƖŴȬȳǺǛਰǔ
ƱǫǿǫǿƱ᪦ƕƢǔئӳƕƋǓLJƢƕ૏ᨦưƸƋǓLJƤǜŵ
ŦǽȋȸŴȚȳǿȃǯǹဇƸŴȬȳǺϋȢȸǿȸƴǑǔ $) ᬝѣƕӧᏡƳȇǸǿȫǫȡȩƱ
ƷኵӳƤư৖ƿǕᙀദೞᏡǛ̅ဇưƖLJƢŵȬȳǺƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƸŴ
ǫȡȩƷ৖ƿǕᙀദೞᏡǛ 2)) ƴƠƯŴȬȳǺƷ 26 ǹǤȃȁǛ 21 ƴƠƯƘƩƞƍŵ
ǫȡȩƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƴƸŴȬȳǺƷ 26 ǹǤȃȁǛ 2)) ƴƠƯŴǫ
ȡȩƷ৖ƿǕᙀദೞᏡǛ 21 ƴƠƯƘƩƞƍŵ
ŦdzȋǫȟȎȫǿ'6ZHHW 'Ŵǽȋȸ ưƝ̅ဇƷئӳŴજࢨࢸƸȬȳǺƷ 26
ǹǤȃȁǛ
2)) ƴƠƯƔǒǫȡȩƷᩓเǛ 2)) ƴƠƯƘƩƞƍŵǫȡȩƷᩓเǛέƴ
2))
ƴƢǔƱ
Ŵ
ȬȳǺϋƷ
26
ȦȋȃȈƕ׍ܭƞǕƣ
Ŵ
ǫǿǫǿ᪦ƕƢǔئӳƕƋǓLJƢŵ
Ŧȋdzȳ $) ဇƸŴɦᚡƷǫȡȩư৖ƿǕᙀദೞᏡƕ̅ဇưƖLJƢŵƦǕˌٳƷǫȡȩưƸ
৖ƿǕᙀദೞᏡƸ̅ဇưƖLJƤǜŵ26 ǹǤȃȁǛ 2)) ƴƠƯ̅ဇƠƯƘƩƞƍŵ
ȇǸǿȫɟაȬȕǫȡȩŴӏƼ )
è৖ƿǕᙀദೞᏡƕ̅ဇưƖǔǫȡȩƷஇૼऴإƸŴࡴᅈțȸȠȚȸǸƴƯƝᄩᛐƍƨƩƘ
ƔŴƝ̅ဇƷǫȡȩƷᛟଢ୿ǛƝӋༀƘƩƞƍŵ
ɤᏩࡈ
ɤᏩࡈƸ׍ܭȎȖǛǏǔNJǔƱŴ ࡇȕȪȸƴׅ᠃ƠLJƢƷưŴဒ᩿Ʒጏ್Ʒᛦራƕቇ
ҥƴưƖLJƢ׋ ŵ
ƜƷȬȳǺƸɤᏩࡈƷӕǓٳƠƕӧᏡưƢŵ৖ਤƪưƷજࢨǍઃ࠘଺ƴ̝МưƢŵ
 ɤᏩࡈƷ׍ܭȎȖǛǏǔNJŴɤᏩࡈƷਦ೅Ǜ Ť5(029( ƷˮፗƴӳǘƤLJƢŵᲢ׋
 ׋ ƷಮƴŴჵҮƷ૾ӼƴɤᏩࡈǛLJƬƢƙࡽƖ৷ƍƯɦƞƍŵ
ŦӕǓ˄ƚ૾ƸɤᏩࡈƷӕǓٳƠ૾ƱᡞƷ৖᪯ưᘍƬƯɦƞƍŵ
ŦბᏮƷ଺ˌٳƸɤᏩࡈƷਦ೅Ǜ Ť5(029( ƷˮፗƴӳǘƤƳƍưɦƞƍŵɤᏩࡈƔǒ
ȬȳǺƕٳǕᓳɦƷҾ׆ƱƳǓLJƢŵLJƨŴɧဇॖƴɤᏩࡈƕׅ᠃ƠƳƍǑƏƴŴᡫࠝ
Ƹ׍ܭȎȖǛƠƬƔǓዸNJƯƝ̅ဇɦƞƍŵ
ŦǫȡȩƴᘺბƠƨLJLJưŴɤᏩࡈƷӕǓٳƠƸưƖLJƤǜŵ
ἉἹἽἒὊἋἚἻἕἩ
ƜƷȬȳǺƸઃ࠘଺ƴ̝МƳǷȧȫȀȸǹȈȩȃȗǛӕǓ˄ƚǔƜƱƕưƖLJƢŵɤᏩࡈƷ
ǹȈȩȃȗӕǓ˄ƚ᣿φƴᲢ׋ ᲣƷಮƴǹȈȩȃȗǛᡫƠŴᄩܱƴӕǓ˄ƚƯƘƩƞƍŵ
இჺજࢨុᩉỆếẟề
ƜƷȬȳǺƸǺȸȠƷˮፗƴǑƬƯஇჺજࢨុᩉƕ٭҄ƠLJƢŵ׋ ƷಮƴŴȬȳǺᦟለ
ƴӲ໰ໜុᩉƴƓƚǔஇჺજࢨុᩉƱஇٻજࢨ̿ྙǛᅆƠƯƍLJƢŵ
׋ ± Ĭ ӲǺȸȠˮፗưƷஇჺજࢨុᩉǛᅆƠƯƍLJƢŵ
׋ ± ĭ ӲǺȸȠˮፗưƷஇٻજࢨ̿ྙǛᅆƠƯƍLJƢŵ
ἧἻἕἉἷજࢨ
ǫȡȩƷϋᔺȕȩȃǷȥƸŴȕȩȃǷȥƷήƕȬȳǺᦟለƴƞƑƗǒǕǔƨNJŴƝ̅ဇƴƳ
ǕLJƤǜŵ࣏ƣٳᢿȕȩȃǷȥǛ̅ဇƠƯƘƩƞƍŵ
ἘἾἅὅἢὊἑὊỆếẟề
ƜƷȬȳǺƸŴК٥ǓƷ
$32
ȆȬdzȳȐȸǿȸ
[(;'*
ƱƷኵӳƤư

̿
PP
)Ŵ$32 ȆȬdzȳȐȸǿȸ[(;'*ƱƷኵӳƤư ̿ᲢPP)ᲣƷǺ
ȸȠȬȳǺƱƠƯ෇ဇưƖLJƢŵᲢƍƣǕNjȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓLJƢ
ŦɥᚡˌٳƷdzȳȐȸǿȸƸƝ̅ဇƴƳǕLJƤǜŵ
ŦȚȳǿȃǯǹ $) ƸŴȆȬdzȳȐȸǿȸǛƝ̅ဇƴƳǕLJƤǜŵ
ŦȇǸǿȫɟაȬȕǫȡȩƴƝ̅ဇƷئӳƸŴ'* ǿǤȗƷ̅ဇǛƓƢƢNJƠLJƢŵ
ŦȩǤȖȓȥȸƴǑǔdzȳȈȩǹȈ $) ೞᏡǛͳƑƨǫȡȩưƸŴȩǤȖȓȥȸ଺ƷǪȸȈ
ȕǩȸǫǹજࢨƕӧᏡưƢŵ
ἾὅἌἧὊἛ
ȬȳǺȕȸȉƸŴဒឋƴफࢨ᪪ǛɨƑǔஊܹήዴƷǫȃȈƴஊјưƢŵӕǓ˄ƚ૾ඥƸŴȬȳǺ
έᇢƴȬȳǺȕȸȉǛƸNJᡂLjŴ଺ᚘ૾ӼƴഥLJǔLJưׅƠƯᄩܱƴӕǓ˄ƚƯƘƩƞƍᲢ׋

ŵ
Ŧ
ઃ࠘଺ƴƸŴȬȳǺȕȸȉǛᡞƞƴƸNJᡂLjŴ଺ᚘ૾ӼƴׅƠƯӕǓ˄ƚƕưƖLJƢᲢ׋

ŵ
ἧỵἽἑὊ
Ŧဒ᩿ԗᡀƕƚǒǕǔऀǕƕƋǔƷưŴȕǣȫǿȸƸҾЩƱƠƯᲫ௏ư̅ဇƠƯƘƩƞƍŵ
Ŧ͞ήȕǣȫǿȸǛ̅ဇƢǔئӳƸŴό͞ήǿǤȗᲢǵȸǭȥȩȸ3/ǛƝ̅ဇƘƩƞƍŵ
ἋἘἕἩἒỸὅἼὅἂPPĺPP
ƜƷȬȳǺƴƸ
PP
ࢲƷȕǣȫǿȸƕ̅ဇưƖǔǹȆȃȗȀǦȳȪȳǰƕ˄ޓƠƯƍLJƢ
Ტ׋  ķŵȬȳǺέᇢƷȕǣȫǿȸƶơᢿƴӕǓ˄ƚƯ̅ဇƠƯƘƩƞƍŵ
ٟ$36& ǵǤǺજ΂እ܇ƷȇǸǿȫɟაȬȕǫȡȩưƷ̅ဇƴᨂǓLJƢŵPP ȕǣȫȠ
ɟაȬȕǫȡȩŴƓǑƼȕȫǵǤǺજ΂እ܇ƷȇǸǿȫɟაȬȕǫȡȩưƸŴဒ΂ƴDZ
ȩȬƕဃơLJƢƷư̅ဇưƖLJƤǜŵ
ٟ3/ ȕǣȫǿȸƸ̅ဇưƖLJƤǜŵӕǓٳƠƕưƖƳƘƳǔئӳƕƋǓLJƢŵ
ٟǹȆȃȗȀǦȳȪȳǰƕȬȳǺƔǒٳǕƳƍئӳŴɥ᩿Ɣǒ৖ƷƻǒǛ࢘ƯƯӒ଺ᚘ૾
ӼƴׅƠƯٳƠƯƘƩƞƍŵ
ٟǹȆȃȗȀǦȳȪȳǰᘺბ଺ƸŴ˄ޓƷȕȭȳȈǭȣȃȗƸ̅ဇưƖLJƤǜŵPP
ƷȕȭȳȈǭȣȃȗǛКᡦƓᝰƍ൭NJƘƩƞƍŵ
̬ሥẆӕৢɥỉදॖ
Ŧ฻ൢƸǫȓǍᥢƷҾ׆ƱƳǓLJƢŵᧈ஖᧓̅ဇƠƳƍئӳƸŴʑ༞дƱɟደƴ݅᧍ࣱƷ
ᑣƍܾ֥ƴλǕƯ̬ሥƠƯƘƩƞƍŵȊȕǿȪȳሁŴ᧸ᖓдƷƋǔئ৑ƴƸ̬ሥƠƳƍ
ưƘƩƞƍŵ
ŦȬȳǺ᩿ƴƸႺ੗ਦưᚑǕƳƍưƘƩƞƍŵǴȟǍ൲Ǖƕ˄ƍƨƱƖƴƸŴȖȭǢȸƔ
ȬȳǺȖȩǷưӕǓᨊƍƯƘƩƞƍŵਦƷួƳƲƸŴࠊᝤƷȬȳǺǯȪȸȊȸ෩ƱȬȳ
ǺǯȪȸȋȳǰȚȸȑȸư᠉ƘਚƍƯƘƩƞƍŵșȳǸȳŴǷȳȊȸሁƷஊೞ๋дƸዌ
ݣƴ̅ǘƳƍưƘƩƞƍŵ
ŦƜƷȬȳǺƸ᧸൦ನᡯưƸƋǓLJƤǜŵᩋټǍ൦ᡀưƷ̅ဇưƸŴ຤ǒƞƳƍǑƏƴද
ॖƠƯƘƩƞƍŵ൦ƕȬȳǺϋᢿƴλǓᡂljƱŴٻƖƳ૏ᨦƷҾ׆ƱƳǓŴ̲ྸɧᏡƴ
ƳǔئӳƕƋǓLJƢŵ
Ŧ࣯ນƳภࡇ٭҄ƴǑǓŴȬȳǺϋᢿƴ൦๟ƕဃơǔƜƱƕƋǓLJƢŵ݊ƍދٳƔǒଡ଼Ɣ
ƍܴϋƴλǔƱƖƳƲƸŴDZȸǹǍȓȋȸȫᘥƴλǕŴԗ׊ƷภࡇƴƳơLJƤƯƔǒƝ
̅ဇƘƩƞƍŵ
Լឋ̬ᚰểỴἧἑὊἇὊἥἋỆếẟề
Լឋ̬ᚰƱǢȕǿȸǵȸȓǹƴ᧙ƠƯƸŴКኡƷż̬ᚰᙹܭŽǛƝӋༀƘƩƞƍŵ
ଐ
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕ᣻ͻǛ᝟ƏӧᏡࣱƕƋǓLJƢŵ
ŠȬȳǺǛ˄ƚƨǫȡȩưŴٽᨗǍࢍƍήเǛᙸǔƱŴᙻщᨦܹǛឪƜƢऀǕƕƋǓ
LJƢŵཎƴȬȳǺҥ˳ưٽᨗǛႺ੗ᙸǔƱŴڂଢƷҾ׆ƱƳǓLJƢŵ
⼊๔
ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕᨦܹǛ᝟ƏƔŴཋႎ੷ܹƕႆဃƢǔӧᏡࣱƕƋǓLJƢŵ
ŠЭࢸƷǭȣȃȗǛƸƣƠƨLJLJȬȳǺǛ્ፗƢǔƱŴଐήƕƋƨƬƨئӳƴᨼήྵ
ᝋǛƓƜƠŴ້໎ƷҾ׆ƴƳǔئӳƕƋǓLJƢŵ
ŠȞǦȳȈᢿƸᙐᩃƳ࢟ཞǛƠƯƓǓLJƢƷưŴ৖ᒰƴৢƏƱࣴ঻ƷҾ׆ƱƳǓLJƢŵ
ŠɤᏩƸҗЎƴࢍࡇƷƋǔNjƷǛƝ̅ဇƘƩƞƍŵࢊƍNjƷǛƝ̅ဇƴƳǓLJƢƱŴ
᠃͂ƢǔऀǕƕƋǓLJƢŵ
ᵈᗧ
Ĵ ǺȸȠȭȃǯǹǤȃȁ
ĵ26 ǹǤȃȁ
Ķ ȬȳǺȕȸȉ
ķ ǹȆȃȗȀǦȳȪȳǰ
Ĭ ȕǣȫǿȸƶơ
ĭ ȕǩȸǫǹȪȳǰ
Į ᙀяႎុᩉႸႮ
į ਦ೅ዴ
İǺȸȠȪȳǰ
ı
ȕǩȸǫǹȢȸȉЏ੭ƑǹǤȃȁ
IJȞǦȳȈ
ijɤᏩࡈ
7KDQN \RX YHU\ PXFK IRU SXUFKDVLQJ D 6LJPD /HQV ,Q RUGHU WR JHW WKH PD[LPXP
SHUIRUPDQFH DQG HQMR\PHQW RXW RI \RXU 6LJPD OHQVSOHDVH UHDG WKLV LQVWUXFWLRQ ERRNOHW
WKRURXJKO\EHIRUH\RXVWDUWWRXVHWKHOHQV
'(6&5,37,212)7+(3$576ILJ
1,.21$)7<3(&$0(5$6
7KLVOHQVIXQFWLRQVLQWKHVDPHZD\DVD*7\SHDXWRIRFXV1LNRQOHQVZLWKRXWDQDSHUWXUH
ULQJ )XQFWLRQV PD\ EH UHVWULFWHG GHSHQGLQJ RQ WKH OHQVFDPHUD FRPELQDWLRQ )RU PRUH
GHWDLOVSOHDVHUHIHUWRWKHFDPHUD¶VLQVWUXFWLRQPDQXDO
3(17$;$)7<3(&$0(5$6
7KLV/HQVIXQFWLRQVVDPHDVD)$-7\SHW\SHZLWKRXW$SHUWXUHDXWRIRFXV3HQWD[OHQV
'HSHQGLQJRQWKHFRPELQDWLRQZLWKFDPHUDVRPHUHVWULFWLRQVZLWKLWVIXQFWLRQVPD\UHVXOW
)RUPRUHGHWDLOVSOHDVHUHIHUWRLQVWUXFWLRQPDQXDORIWKHFDPHUDLQXVHHWF
$77$&+,1*72&$0(5$%2'<
:KHQWKLVOHQVLVDWWDFKHGWRWKHFDPHUDERG\LWZLOODXWRPDWLFDOO\IXQFWLRQLQWKHVDPHZD\DV
WKHFDPHUDPDQXIDFWXUHU¶VOHQV3OHDVHUHIHUWRWKHLQVWUXFWLRQERRNOHWIRU\RXUFDPHUDERG\
Ŧ2Q WKH OHQV PRXQW VXUIDFH WKHUH DUH D QXPEHU RI FRXSOHUV DQG HOHFWULFDO FRQWDFWV
3OHDVHNHHSWKHPFOHDQWRHQVXUHSURSHUFRQQHFWLRQ
Ŧ
:KLOHFKDQJLQJWKHOHQVEHVXUHWRSODFHLWIURQWHQGGRZQWRDYRLGGDPDJLQJWKHUHDUPRXQW
6(77,1*7+((;32685(02'(
7KH6LJPDOHQVIXQFWLRQVDXWRPDWLFDOO\RQFHDWWDFKHGWRWKHFDPHUD 3OHDVHUHIHUWRWKH
FDPHUDLQVWUXFWLRQERRN
)2&86,1*$1'=220,1*
7KLVOHQVIHDWXUHV6LJPD¶VEXLOWLQ+\SHU6RQLF0RWRU+60 7KH+60HQDEOHVTXLFNDQG
TXLHWDXWRIRFXVLQJ
6,*0$$)DQG&$121$)
)RUDXWRIRFXVRSHUDWLRQVHWWKHIRFXVPRGHVZLWFKRQWKHOHQVWRWKH³$)´SRVLWLRQILJ,I
\RXZLVKWRIRFXVPDQXDOO\VHWWKHIRFXVPRGHVZLWFKRQWKHOHQVWRWKH³0´SRVLWLRQ<RX
FDQDGMXVWWKHIRFXVE\WXUQLQJWKHIRFXVULQJ
1,.21$)3(17$;$)DQG621<
)RUDXWRIRFXVRSHUDWLRQVHWWKHFDPHUDWR$)PRGHDQGVHWWKHIRFXVPRGHVZLWFKRQWKH
OHQVWRWKH³$)´SRVLWLRQILJ,I\RXZLVKWRIRFXVPDQXDOO\VHWWKHIRFXVPRGHVZLWFKRQ
WKHOHQVWRWKH³0´SRVLWLRQ<RXFDQDGMXVWWKHIRFXVE\WXUQLQJWKHIRFXVULQJ
Ŧ3OHDVH UHIHU WR FDPHUD¶V LQVWUXFWLRQ PDQXDO IRU GHWDLOV RQ FKDQJLQJ WKH FDPHUD¶V
IRFXVLQJPRGH
Ŧ)RU1LNRQ3HQWD[DQG6RQ\PRXQWVLWLVRQO\SRVVLEOHWRXVH$) ZLWKFDPHUDERGLHV
ZKLFKVXSSRUWPRWRUVGULYHQE\XOWUDVRQLFZDYHVVXFKDV+60 $)ZLOOQRWIXQFWLRQLI
WKHFDPHUDERG\GRHVQRWVXSSRUWWKLVW\SHRIPRWRU
Ŧ7KLVOHQVDOVRSHUPLWVPDQXDOIRFXVLQJHYHQLQWKHDXWRIRFXVPRGH :LWKWKHFDPHUD
VHWWRWKH2QH6KRW $)$)6PRGHLWLVSRVVLEOHWRPDQXDOO\RYHUULGHWKHDXWRIRFXV
ZKLOHWKHVKXWWHUUHOHDVHEXWWRQLVSUHVVHGKDOIZD\
Ŧ:KHQRSHUDWLQJWKLVOHQVLQPDQXDOIRFXVPRGHLWLVUHFRPPHQGHGWKDWFRUUHFWIRFXVEH
FRQILUPHG YLVXDOO\ LQ WKH YLHZILQGHU UDWKHU WKDQ UHO\LQJ RQWKH GLVWDQFH VFDOH 7KLV LV
GXHWRSRVVLEOHIRFXVVKLIWUHVXOWLQJIURPH[WUHPHFKDQJHVLQWHPSHUDWXUHZKLFKFDXVH
YDULRXVFRPSRQHQWVLQWKHOHQVWRH[SDQGDQGFRQWUDFW 6SHFLDODOORZDQFHLVPDGHIRU
WKLVDWWKHLQILQLW\VHWWLQJ
ż=RRPLQJŽ
5RWDWHWKH5XEEHUJULSRQWKH]RRPULQJWRWKHGHVLUHGSRVLWLRQ
=220/2&.6:,7&+
7KLVOHQV LVDOVRHTXLSSHGZLWK =RRP/RFN6ZLWFKWR HOLPLQDWHWKH]RRPFUHHS ZKHQWKH
OHQVLVWLOWHGGRZQ3OHDVHVHW]RRPLQJULQJWRPPDQGVHWWKH]RRPORFNVZLWFKWRWKH
³/2&.´ SRVLWLRQ ILJ KRZHYHU SOHDVH VOLGH WKH OHQV WR WKH ³81/2&.´ SRVLWLRQ IURP
³/2&.´SRVLWLRQEHIRUHWDNLQJWKHSLFWXUH
$%28726237,&$/67$%,/,=(5)($785(6
7KLV 26 2SWLFDO 6WDELOL]HU OHQV HIIHFWLYHO\ FRPSHQVDWHV IRU LPDJH EOXUULQJ FDXVHG E\
FDPHUDVKDNH
:LWK WKLV OHQV \RX FDQ WDNH SLFWXUHV DW VKXWWHU VSHHGV DSSUR[  VWHSV VORZHU WKDQ \RX
FRXOGZLWKRXWXVLQJWKH26IXQFWLRQRIWKLVOHQVDQGFDQJHWVKDUSUHVXOWV
6HWWKH262SWLFDO6WDELOL]HUVZLWFKWR0RGH ILJ3UHVVWKHVKXWWHUEXWWRQKDOIZD\
GRZQ FRQILUP WKH LPDJH LQ WKH YLHZILQGHU LV VWDEOH WKHQ WDNH WKH SLFWXUH ,W WDNHV
DSSUR[LPDWHO\  VHFRQG WR SURGXFH D VWDEOH LPDJH DIWHU SUHVVLQJ WKH VKXWWHU EXWWRQ
KDOIZD\0RGHGHWHFWVWKHYHUWLFDOFDPHUDVKDNHDQGRYHUFRPHVEOXUULQJ,WLVHIIHFWLYH
RQVXEMHFWVPRYLQJKRUL]RQWDOWRWKHFDPHUD
Ŧ7KH EOXUULQJ FRPSHQVDWLRQ IXQFWLRQ RI 2SWLFDO 6WDELOL]HU LV HIIHFWLYH IRU KDQGKHOG
VKRRWLQJ,QWKHIROORZLQJFRQGLWLRQV2SWLFDO6WDELOL]HUPD\QRWIXQFWLRQSURSHUO\
ƒ6KRWVIURPWKHDPRYLQJYHKLFOH ƒ,IWKHUHLVDFRQVLGHUDEOHFDPHUDPRWLRQRUVKDNH
Ŧ3OHDVHGRQRWXVH2SWLFDO6WDELOL]HULQWKHIROORZLQJVLWXDWLRQV
ƒ:KHQWKHOHQVLVPRXQWHGRQDWULSRG ƒ%XOEORQJWLPHH[SRVXUH
Ŧ2SWLFDO6WDELOL]HUIXQFWLRQLVSRZHUHGIURPWKHFDPHUD,IWKH26OHQVLVDWWDFKHGWR\RXU
FDPHUD DQG DFWLYDWHG VKRRWLQJ FDSDFLW\ RI \RXU FDPHUD ZLOO EH ORZHU WKDQ ZLWK
FRQYHQWLRQDOOHQVHVXVHGZLWKWKHVDPHFDPHUD,I\RXDUHQRWXVLQJ2SWLFDO6WDELOL]HU
SOHDVHWXUQ2))WKH26VZLWFKLQRUGHUWRSUHYHQWFRQVXPSWLRQRIDEDWWHU\
Ŧ%HVXUHWRWXUQRI26VZLWFKWR2))SRVLWLRQEHIRUHDWWDFKLQJRUGHWDFKLQJWKHOHQVWR
WKHFDPHUD
Ŧ7KH2SWLFDO6WDELOL]HUFRQWLQXHVWRRSHUDWHDIWHU\RXUHOHDVH\RXUILQJHUIURPWKHVKXWWHU
EXWWRQDV ORQJ DVWKHH[SRVXUHPHWHUGLVSOD\VWKH H[SRVXUH YDOXH1HYHUUHPRYHWKH
OHQVRU UHPRYH WKH FDPHUD¶VEDWWHU\ ZKLOH WKH LPDJH VWDELOL]HULVRSHUDWLQJ \RX FRXOG
GDPDJHWKHOHQV
Ŧ$OWKRXJKWKHYLHZILQGHULPDJHPD\DSSHDUWR VKDNH LPPHGLDWHO\ DIWHUVKRRWLQJDQG DW
WKHVWDUWRIWKHIODVKFKDUJHF\FOHRIWKHEXLOWLQIODVKRIWKHFDPHUDHWFLWZLOOQRWFDXVH
DQ\HIIHFWRQSLFWXUHV
Ŧ,IWKHFDPHUDSRZHULVWXUQHGRIIRUOHQVLVGHWDFKHGZKLOHWKH2SWLFDO6WDELOL]HUIXQFWLRQ
LVLQRSHUDWLRQWKHOHQVPD\HPLWDFKDWWHULQJQRLVHEXWWKLVLVQRWDPDOIXQFWLRQ
Ŧ)RU6RQ\DQG3HQWD[PRXQWVLWLVRQO\SRVVLEOHWRXVHWKH26IXQFWLRQLQFRUSRUDWHGLQ
WKLVOHQVZLWKFDPHUDERGLHVZKLFKVXSSRUWPRWRUVGULYHQE\XOWUDVRQLFZDYHVVXFKDV
+60 :KHQXVLQJWKH26IXQFWLRQSOHDVHWXUQRIIWKHRSWLFDOVWDELOL]HUIXQFWLRQRIWKH
FDPHUDERG\DQGVHWWKH26VZLWFKRIWKHOHQVWR21 :KHQXVLQJWKHFDPHUD¶VRSWLFDO
VWDELOL]HUIXQFWLRQSOHDVH VHW WKH 26VZLWFK RI WKH OHQV WR 2))DQGWXUQWKH FDPHUD¶V
RSWLFDOVWDELOL]HUIXQFWLRQRQ
Ŧ
2SWLFDO6WDELOL]HU IHDWXUH FDQ ZRUN ZLWK WKH 1LNRQ $) FDPHUDV VKRZQ LQ WKH IROORZLQJ
WDEOH:KHQ XVLQJ WKLV OHQV ZLWK RWKHUFDPHUD PRGHOV QRW OLVWHGLQWKH IROORZLQJ WDEOH
SOHDVHVHWWKH26 6ZLWFKWR2))SRVLWLRQWRFDQFHOWKH2SWLFDO6WDELOL]HUIXQFWLRQ
'LJLWDO6/5&DPHUDVDQG)
è)URPRXUKRPHSDJH\RXFDQFKHFNWKHODWHVWLQIRUPDWLRQUHJDUGLQJWKHFDPHUDPRGHOV
ZKLFKFDQEHXVHGZLWK2SWLFDO6WDELOL]HUIXQFWLRQ
75,32'62&.(7$1'&2//$5
7KLVOHQVLVHTXLSSHGZLWKDWULSRGVRFNHW :KHQ\RXORRVHQWKHORFNLQJNQRERQWKHFROODU
WKHOHQVDQGFDPHUDFDQURWDWHIUHHO\WRHDVLO\SRVLWLRQWKHFDPHUDKRUL]RQWDOO\RUYHUWLFDOO\
ILJ
+2:725(029(7+(75,32'&2//$5
,W LV SRVVLEOH WR UHPRYH WKH OHQV¶ WULSRG VRFNHW IRU PRUH FRQYHQLHQW KDQGKHOG
SKRWRJUDSK\LIGHVLUHG7RGRVRILUVWORRVHQWKHWULSRGFROODUORFNLQJNQREDQGDOLJQWKH
LQGH[PDUNRIWKHFROODUZLWKWKHź5(029(SRVLWLRQILJ
7KHQSXOOWKHWULSRGFROODUVWUDLJKWEDFNDVVKRZQLQ)LJUHPRYLQJWKHFROODU
Ŧ:KHQ\RXZLVKWRUHDWWDFKWKHWULSRGFROODUWR WKHOHQVSOHDVHUHYHUVH WKH SURFHGXUH
DERYH
Ŧ3OHDVH GR QRW VHW WKH WULSRG FROODU WR WKH ź5(029( SRVLWLRQ H[FHSW ZKHQ \RX DUH
UHPRYLQJRUDWWDFKLQJWKHWULSRGFROODUDVWKHOHQVPD\LQDGYHUWHQWO\GHWDFKIURPWKH
FROODUDQGIDOO $OVRSOHDVHUHPHPEHU WRWLJKWHQWKHORFNLQJNQREWR SUHYHQWWKHOHQV
IURPURWDWLQJXQLQWHQWLRQDOO\
Ŧ:KHQWKHOHQVLVPRXQWHGRQWKHFDPHUDWKHWULSRGFROODUFDQQRWEHUHPRYHGIURPWKH
OHQV
6+28/'(5675$3
3OHDVHDWWDFKWKHVKRXOGHUVWUDSWRWKHVOLQJDVGHVFULEHGLQILJXUH
0,1,080)2&86,1*',67$1&(
7KHPLQLPXPIRFXVLQJGLVWDQFHRIWKLVOHQVFKDQJHVZLWKUHVSHFWWR]RRPLQJSRVLWLRQ
ILJĬ 6KRZV0LQLPXP)RFXVLQJ'LVWDQFHDWHDFKIRFDOOHQJWK
ILJĭ 6KRZV0D[LPXP0DJQLILFDWLRQ5DWLRDWHDFKIRFDOOHQJWK
)/$6+3+272*5$3+<
7KHFDPHUD¶VEXLOWLQIODVKZLOOFDXVHEDUUHOVKDGRZLIXVHGZLWKWKLVOHQV)RUEHVWUHVXOWV
SOHDVHRQO\XVHDQH[WHUQDOIODVKXQLW
$%2877(/(&219(57(56
7KH OHQV FDQ EH XVHG ZLWK 6LJPD¶V [ (; RU [ (; $SR 7HOH &RQYHUWHUV RSWLRQDO
EHFRPLQJ D PP ) WHOHSKRWR ]RRP OHQV RU D PP ) WHOHSKRWR
]RRPOHQVUHVSHFWLYHO\ ERWKFDQEHXVHGLQPDQXDOIRFXVRQO\
Ŧ'RQRWXVHRWKHUPDQXIDFWXUHUV¶WHOHFRQYHUWHU¶VRQO\WKRVHOLVWHGDERYHDUHFRPSDWLEOH
Ŧ7KH3HQWD[PRXQW7HOH&RQYHUWHULVQRWFRPSDWLEOHZLWKWKLVSDUWLFXODUOHQV
Ŧ:HUHFRPPHQGWKH'*$327HOH&RQYHUWHUVZKHQXVLQJZLWK'6/5FDPHUDV
Ŧ,WLVSRVVLEOHWRXVHDXWRIRFXVLQ/LYH9LHZLIWKHFDPHUDLVLQ³FRQWUDVWGHWHFW´$)PRGH
/(16+22'
$ ED\RQHW W\SH GHWDFKDEOH CKRRG LV SURYLGHG ZLWK WKH OHQV 7KLV OHQV KRRG KHOSV WR
SUHYHQWIODUH DQGJKRVWHGLPDJHVFDXVHGE\H[WUDQHRXV OLJKW $WWDFKWKH KRRG DQGWXUQ
FORFNZLVHXQWLOLWVWRSVURWDWLQJILJ
Ŧ,Q RUGHU WR SODFH WKH OHQV DQG KRRG LQWR WKH VWRUDJH FDVH \RX PXVW ILUVW UHPRYH WKH
KRRGWKHQUHSODFHLWRQWKHOHQVLQWKHUHYHUVHSRVLWLRQILJ
),/7(5
Ŧ2QO\ RQH ILOWHU VKRXOG EH XVHG DW D WLPH 7ZR RU PRUH ILOWHUV DQGRU VSHFLDO WKLFNHU
ILOWHUVVXFKDVDSRODUL]LQJILOWHUPD\FDXVHYLJQHWWLQJ
Ŧ:KHQXVLQJDSRODUL]LQJILOWHUZLWKDQ$)FDPHUDXVHWKH³FLUFXODU´W\SH
67(3'2:15,1*PPĺPP
$VWHS GRZQULQJLVVXSSOLHG ZLWKWKLVOHQV ,W LVSRVVLEOHWRXVH DQPPILOWHU ZLWK WKLV
OHQVE\ WKHDWWDFKLQJWKLV VWHSGRZQULQJ 3OHDVHDWWDFK WKHVWHSGRZQULQJWRWKHWLS RI
OHQVERG\
,W LV RQO\ SRVVLEOH WR XVH WKLV VWHS GRZQ ULQJ ZKHQ XVHG ZLWK GLJLWDO FDPHUDV ZLWK DQ
$36&VL]HLPDJHVHQVRU 9LJQHWWLQJZLOORFFXULIWKHVWHSGRZQULQJLVXVHGZLWKGLJLWDO
FDPHUDVZLWKLPDJHVHQVRUVODUJHUWKDQ$36&VL]H
3OHDVHGRQRWDWWDFKD3RODUL]LQJILOWHUWRWKLVVWHSGRZQULQJ ,I\RXDWWDFKD3RODUL]LQJ
ILOWHU\RXPD\QRWEHDEOHWRUHPRYHLWIURPWKHOHQVDJDLQ
,IWKHVWHSGRZQULQJFDQQRWEHUHPRYHGIURPWKHOHQVSOHDVHSXWWKHSDOPRI\RXUKDQG
RQWKHULQJDQGWXUQLWDQWLFORFNZLVH
:KHQWKHVWHSGRZQULQJLVDWWDFKHGWRWKHOHQVLWLVQRWSRVVLEOHWRDWWDFKWKHVXSSOLHG
IURQWOHQVFDS 3OHDVHSXUFKDVHDQPPIURQWFDS
%$6,&&$5($1'6725$*(
Ŧ$YRLGDQ\VKRFNVRUH[SRVXUHWRH[WUHPHKLJKRUORZWHPSHUDWXUHVRUWRKXPLGLW\
Ŧ)RUH[WHQGHGVWRUDJHFKRRVHDFRRODQGGU\SODFHSUHIHUDEO\ZLWKJRRGYHQWLODWLRQ7R
DYRLGGDPDJHWRWKHOHQVFRDWLQJNHHSDZD\IURPPRWKEDOOVRUQDSKWKDOHQHJDV
Ŧ'R QRW XVH WKLQQHU EHQ]LQH RU RWKHU RUJDQLF FOHDQLQJ DJHQWV WR UHPRYH GLUW RU ILQJHU
SULQWV IURP WKH OHQV HOHPHQWV &OHDQ E\ XVLQJ D VRIW PRLVWHQHG OHQV FORWK RU OHQV
WLVVXH
Ŧ7KLV OHQVLV QRW ZDWHUSURRI :KHQ XVLQJ WKH OHQVLQWKH UDLQ RUQHDU ZDWHUSUHYHQW LW
IURPJHWWLQJZHW ,WLVRIWHQLPSUDFWLFDOWRUHSDLUWKHLQWHUQDOPHFKDQLVPOHQVHOHPHQWV
DQGHOHFWULFFRPSRQHQWVGDPDJHGE\ZDWHU
Ŧ6XGGHQWHPSHUDWXUHFKDQJHVPD\FDXVHFRQGHQVDWLRQRUIRJWRDSSHDURQWKHVXUIDFH
RIWKHOHQV :KHQHQWHULQJDZDUPURRPIURPWKHFROGRXWGRRUVLWLVDGYLVDEOHWRNHHS
WKHOHQVLQWKHFDVHXQWLOWKHWHPSHUDWXUHRIWKHOHQVDSSURDFKHVURRPWHPSHUDWXUH
(1*/,6+
Ĵ=RRP/RFN6ZLWFK
ĵ266ZLWFK
Ķ/HQV+RRG
ķ6WHS'RZQ5LQJ
Ĭ)LOWHU$WWDFKPHQW7KUHDG
ĭ)RFXV5LQJ
Į'LVWDQFH6FDOH
į)RFXV,QGH[/LQH
İ=RRP5LQJ
ı)RFXV0RGH6ZLWFK
IJ0RXQW
ij7ULSRG6RFNHW
:LUGDQNHQ,KQHQIUGDV9HUWUDXHQGDV6LHXQVPLW GHP.DXIGLHVHV6,*0$3URGXNWHV
HUZLHVHQKDEHQ%LWWHOHVHQ6LHVLFKGLHVH$QOHLWXQJYRUGHUHUVWHQ%HQXW]XQJGHV*HUlWHV
DXIPHUNVDPGXUFK
%(6&+5(,%8581*'(57(,/($EE
.$0(5$69207<31,.21$)
'LHVHV2EMHNWLYIXQNWLRQLHUW JHQDX VR ZLH HLQ 1LNRQ$)2EMHNWLYGHVÄ*7\SV³7\SRKQH
%OHQGHQULQJ $EKlQJLJ YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU .DPHUD N|QQHQ HLQLJH
)XQNWLRQVHLQVFKUlQNXQJHQDXIWUHWHQ:HLWHUH,QIRUPDWLRQHQKLHUEHUVFKODJHQ6LHELWWHLQ
GHU%HGLHQXQJVDQOHLWXQJGHUYHUZHQGHWHQ.DPHUDQDFK
.$0(5$69207<33(17$;$)
'LHVHV 2EMHNWLY IXQNWLRQLHUW JHQDX VR ZLH HLQ 3(17$;$)2EMHNWLY GHV Ä)$- 7\SV³ 7\S
RKQH %OHQGHQULQJ $EKlQJLJ YRQ GHU MHZHLOLJHQ .RPELQDWLRQ PLW HLQHU .DPHUD N|QQHQ
HLQLJH )XQNWLRQVHLQVFKUlQNXQJHQ DXIWUHWHQ :HLWHUH ,QIRUPDWLRQHQ KLHUEHU VFKODJHQ 6LH
ELWWHLQGHU%HGLHQXQJVDQOHLWXQJGHUYHUZHQGHWHQ.DPHUDQDFK
$16(7=(1$1'$6.$0(5$*(+b86(
$Q GLH .DPHUD DQJHVHW]W IXQNWLRQLHUW GLHVHV 2EMHNWLY JHQDXVR DXWRPDWLVFK ZLH OKU
1RUPDOREMHNWLY(LQ]HOKHLWHQKLHUEHUILQGHQ6LHLQGHU%HGLHQXQJVDQOHLWXQJ]XU.DPHUD
Ŧ+DOWHQ 6LH GLH .RQWDNWH XQG .XSSOXQJVHOHPHQWH DP 2EMHNWLYDQVFKOX VWHWV VDXEHU
6WHOOHQ 6LH GDV *HUlW ] %VS EHLP 2EMHNWLYZHFKVHO JUXQGVlW]OLFK QLFKW DXI GHU
.RQWDNWOHLVWHDEXPHLQH%HVFKlGLJXQJGHU.XSSOXQJVHOHPHQWH]XYHUPHLGHQ
(,167(//(1'(5%(75,(%6$57
'DV6,*0$2EMHNWLYVWHOOWQDFKGHP$QVHW]HQDQGLH.DPHUDDOOH)XQNWLRQHQDXWRPDWLVFK
]XU9HUIJXQJ(LQ]HOKHLWHQHQWQHKPHQ6LHELWWHGHU*HEUDXFKVDQOHLWXQJGHU.DPHUD
(,167(//81*9216&+b5)(81'%5(11:(,7(
'LHVHV 2EMHNWLY YHUIJW EHU HLQHQ HLQJHEDXWHQ6,*0$+\SHU 6RQLF 0RWRU +60 'HU
+60HUP|JOLFKWGLHVFKQHOOHXQGOHLVHDXWRPDWLVFKH6FKDUIHLQVWHOOXQJ
6,*0$$)XQG&$121$)
)UGLHDXWRPDWLVFKH6FKDUIHLQVWHOOXQJVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXI
GLH³$)´3RVLWLRQ$EE 6ROOWHQ 6LH GLH6FKlUIH PDQXHOO HLQVWHOOHQ ZROOHQ VFKDOWHQ 6LH
GHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXIGLH³0´3RVLWLRQ6LHN|QQHQGLH6FKlUIHQXQGXUFK
'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ
1,.21$)3(17$;$)XQG621<
)U GLH DXWRPDWLVFKH 6FKDUIHLQVWHOOXQJ VFKDOWHQ 6LH GLH .DPHUD LQ GHQ $)%HWULHE XQG
VFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXIGLH³$)´3RVLWLRQ$EE6ROOWHQ6LH
GLH6FKlUIHPDQXHOOHLQVWHOOHQZROOHQVFKDOWHQ6LHGHQ)RNXVVLHUVFKDOWHUDP2EMHNWLYDXI
GLH³
0
´3RVLWLRQ6LHN|QQHQGLH6FKlUIHQXQGXUFK'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ
Ŧ+LQZHLVH ]XP :HFKVHO GHU )RNXVVLHUEHWULHEVDUW GHU .DPHUD HQWQHKPHQ 6LH ELWWH GHU
%HGLHQXQJVDQOHLWXQJGHU.DPHUD
Ŧ%HL1LNRQ3HQWD[XQG6RQ\$QVFKOVVHQNDQQGHU$XWRIRNXVQXUPLW.DPHUDVEHQXW]W
ZHUGHQ GLH 8OWUDVFKDOOPRWRUHQ ZLH GLH +60 XQWHUVWW]HQ 'HU $XWRIRNXV ZLUG QLFKW
IXQNWLRQLHUHQZHQQGLH.DPHUDGLHVH$UWYRQ0RWRUHQQLFKWXQWHUVWW]W
Ŧ'LHVHV 2EMHNWLY NDQQ DXFK PDQXHOO VFKDUIJHVWHOOW ZHUGHQ ZlKUHQG GLH $)%HWULHEVDUW
HLQJHVWHOOWLVW:HQQGLH.DPHUDDXI(LQ]HOELOG$)HLQJHVWHOOWLVWN|QQHQ6LHQDFKGHP
GDV2EMHNWLYYRQGHU $XWRPDWLN VFKDUIJHVWHOOWZXUGHXQG ]XP 6WLOOVWDQGJHNRPPHQ LVW
GLH6FKlUIHGXUFK'UHKHQDP)RNXVVLHUULQJPDQXHOOHLQVWHOOHQ'HU$XVO|VHUPXKLHUEHL
KDOEGXUFKJHGUFNWEOHLEHQ
Ŧ%HLPDQXHOOHU)RNXVVLHUXQJVROOWHGLH6FKlUIHDXIGHU0DWWVFKHLEHHLQJHVWHOOWZHUGHQGD
GXUFK 7HPSHUDWXUVFKZDQNXQJHQ $EZHLFKXQJHQ YRQ GHU (QWIHUQXQJVVNDOD DXIWUHWHQ
N|QQHQ 'LHVJLOWLQVEHVRQGHUHIUGLH8QHQGOLFK(LQVWHOOXQJ
ż%5(11:(,7(1(,167(//81*Ž
'XUFK'UHKHQGHV=RRPULQJHVZLUGGLH%UHQQZHLWHHLQJHVWHOOW
=220/2&.6&+$/7(5
'DV 2EMHNWLY LVW PLW HLQHP =RRP /RFN6FKDOWHU DXVJHVWDWWHW XP GDV Ä.ULHFKHQ³ GLH
VHOEVWlQGLJH%HZHJXQJGHV=RRPULQJVEHLQDFKXQWHQJHKDOWHQHP2EMHNWLY]XYHUKLQGHUQ
6WHOOHQ 6LH GHQ =RRPULQJ DXI PP XQG EULQJHQ 6LH GHQ =RRP /RFN6FKDOWHU LQ GLH
3RVLWLRQÄ/2&.³$EE%ULQJHQ6LHGHQ=RRP/RFN6FKDOWHUDEHUZLHGHULQGLH3RVLWLRQ
Ä81/2&.³EHYRU6LHHLQH$XIQDKPHPDFKHQ
h%(526237,&$/67$%,/,=(50(5.0$/(
'LHVHV 26 2SWLFDO 6WDELOL]HU 2EMHNWLY NRPSHQVLHUW HUIROJUHLFK GLH 8QVFKlUIH LQ ,KUHQ
%LOGHUQGLH GXUFK 9HUZDFNOXQJGHU.DPHUD ZlKUHQG GHU $XIQDKPH HQWVWHKW 0LW GLHVHP
2EMHNWLYN|QQHQ6LH$XIQDKPHQPLWELV]X6WXIHQOlQJHUHQ9HUVFKOX]HLWHQDOVRKQHGHQ
(LQVDW]GHU26)XQNWLRQP|JOLFKDQIHUWLJHQXQGHUKDOWHQGHQQRFKVFKDUIH(UJHEQLVVH
6WHOOHQ6LHGHQ26
2SWLFDO6WDELOL]HU
6FKDOWHUDXI0RGXV$EE'UFNHQ6LHGHQ$XVO|VHUKDOE
GXUFKYHUJHZLVVHUQ6LHVLFKGDGDV%LOGLP6XFKHUVWDELOVWHKWXQGGUFNHQGHQ$XVO|VHU]XU
$QIHUWLJXQJGHU$XIQDKPHJDQ]GXUFK(VGDXHUWFD6HNXQGHXPQDFKGHP$QGUFNHQGHV
$XVO|VHUVHLQVWDELOHV%LOG]XHU]HXJHQ0RGXVHUNHQQWGLHYHUWLNDOH%HZHJXQJGHU.DPHUD
XQGYHUKLQGHUWGLHVH9HUZDFNOXQJ'LHVHU0RGXVHPSILHKOWVLFKEHLVLFKEHZHJHQGHQ0RWLYHQ
'LH.RPSHQVLHUXQJGHU9HUZDFNOXQJVXQVFKlUIHGXUFKGHQ2SWLFDO6WDELOL]HULVWVSH]LHOOIU
$XIQDKPHQDXVGHUIUHLHQ+DQGHQWZLFNHOW8QWHUGHQIROJHQGHQ%HGLQJXQJHQN|QQWHGHU
2SWLFDO6WDELOL]HUHYHQWXHOOQLFKWHLQZDQGIUHLDUEHLWHQ
ƒ$XIQDKPHQDXVHLQHPIDKUHQGHQ)DKU]HXJ
ƒ,P)DOOHHLQHUHUKHEOLFKHQ%HZHJXQJRGHU(UVFKWWHUXQJGHU.DPHUD
Ŧ%LWWHEHQXW]HQ6LHLQGHQIROJHQGHQ6LWXDWLRQHQGHQ2SWLFDO6WDELOL]HUQLFKW
ƒZHQQGDV2EMHNWLYDXIHLQHP6WDWLYPRQWLHUWLVW
ƒEHL%XOE$XIQDKPHQ/DQJ]HLWEHOLFKWXQJ
Ŧ'LH)XQNWLRQGHV2SWLFDO6WDELOL]HUVZLUGYRQGHU.DPHUDPLW6WURPYHUVRUJW:HQQGDV
26 2EMHNWLY DQ ,KUHU .DPHUD DQJHVFKORVVHQ XQG DNWLYLHUW LVW YHUULQJHUW VLFK GLH
$XIQDKPHNDSD]LWlW GHU .DPHUD LP 9HUJOHLFK ]X GHP (LQVDW] PLW NRQYHQWLRQHOOHQ
2EMHNWLYHQ6RIHUQ6LHGHQ2SWLFDO6WDELOL]HUQLFKWEHQ|WLJHQVWHOOHQ6LHGHQ266FKDOWHU
ELWWHDXI2))XPGHQ%DWWHULHYHUEUDXFK]XUHGX]LHUHQ
Ŧ9HUJHZLVVHUQ6LHVLFKGDGHU266FKDOWHUDXI2))VWHKWEHYRU6LH,KU2EMHNWLYDQGLH
.DPHUDDQVHW]HQRGHUYRQGHU.DPHUDDEQHKPHQ
Ŧ
'HU2SWLFDO6WDELOL]HUEOHLEWDXFKQDFKGHP6LHGHQ)LQJHUYRQGHP$XVO|VHUJHQRPPHQKDEHQ
VRODQJH DNWLYLHUW ZLH GHU %HOLFKWXQJVPHVVHU GLH %HOLFKWXQJVGDWHQ DQ]HLJW 1HKPHQ 6LH
QLHPDOVGDV 2EMHNWLYYRQGHU .DPHUD RGHUHQWIHUQHQ6LHGLH%DWWHULHQ GHU .DPHUDZlKUHQG
GHU2SWLFDO6WDELOL]HUQRFKDNWLYLHUWLVW6LHN|QQHQGDV2EMHNWLYKLHUGXUFKEHVFKlGLJHQ
Ŧ2EZRKO GDV 6XFKHUELOG GLUHNW QDFK GHU $XIQDKPH XQG ]X %HJLQQ GHV $XIODGHQV GHV
HLQJHEDXWHQ%OLW]JHUlWHVZDFNHOQN|QQWHKDWGLHVNHLQHQ(LQIOXDXI,KUH%LOGHU
Ŧ
)DOOVGLH.DPHUDDXVJHVFKDOWHWZLUGZlKUHQGGLH2SWLFDO6WDELOL]HU)XQNWLRQQRFKDNWLYLVWNDQQ
GDV2EMHNWLYHLQVFKQDWWHUQGHV*HUlXVFKYHUXUVDFKHQZDVMHGRFKNHLQH)HKOIXQNWLRQGDUVWHOOW
Ŧ'LHREMHNWLYHLJHQH26)XQNWLRQVWHKWEHL2EMHNWLYHQPLW6RQ\XQG3HQWD[DQVFKOXVVQXU
GDQQ ]XU 9HUIJXQJ ZHQQ VLH DQ .DPHUDJHKlXVHQ HLQJHVHW]W ZHUGHQGLHGHQ
HLQJHEDXWHQ 0RWRU LP 2EMHNWLY ZLH +60 XQWHUVWW]HQ :HQQ GLH REMHNWLYHLJHQH 26
)XQNWLRQHLQJHVHW]WZLUGVFKDOWHQ6LHELWWHGLH6WDELOL]HU)XQNWLRQGHU.DPHUDDXVXQGGHQ
266FKDOWHUDP2EMHNWLYDXI21:HQQGLHNDPHUDHLJHQH6WDELOL]HU)XQNWLRQHLQJHVHW]W
ZLUGVFKDOWHQ6LHVLHDQGHU.DPHUDHLQXQGGHQ266FKDOWHUDP2EMHNWLYDXI2))
Ŧ'LH2SWLFDO6WDELOL]HU)XQNWLRQNDQQPLWGHQLQGHUQDFKIROJHQGHQ7DEHOOHDXIJHOLVWHWHQ
1LNRQ$).DPHUDVJHQXW]WZHUGHQ:HQQGDV2EMHNWLYDQHLQHPDQGHUHQ.DPHUDPRGHOO
EHQXW]WZLUGGDVQLFKWLQGHU/LVWHDXIJHIKUWZLUGVWHOOHQ6LHGHQ266FKDOWHUELWWHDXI
2))XPGLH26)XQNWLRQ]XGHDNWLYLHUHQ
'LJLWDOH6/5.DPHUDVXQG)
è
%LWWHYHUJHZLVVHUQ6LHVLFKEHUGLHDNWXHOOHQ,QIRUPDWLRQHQEH]JOLFKGHU.DPHUDPRGHOOH
DQGHQHQGHU2SWLFDO6WDELOL]HUJHQXW]WZHUGHQNDQQDXIXQVHUHU+RPHSDJH
6WDWLYDQVFKOX
'DV2EMHNWLYLVWPLWHLQHP6WDWLYVRFNHOYHUVHKHQ :HQQ6LHGHQ)HVWVWHOONQRSIO|VHQOlW
VLFK GDV 2EMHNWLY IUHL LP 5LQJ GHV 6WDWLYVRFNHOV GUHKHQ 'DGXUFK LVW HV P|JOLFK GLH
.DPHUDH[DNWIU+RFKRGHU4XHUIRUPDWDXIQDKPHQDXV]XULFKWHQ$EE
$%1(+0(1'(567$7,96&+(//(
)DOOVJHZQVFKWNDQQGLH6WDWLYVFKHOOHYRP2EMHNWLYJHO|VWZHUGHQXPHLQHEHTXHPHUH
+DQGKDEXQJEHLP)RWRJUDILHUHQDXVGHUIUHLHQ+DQG]XHUUHLFKHQ+LHU]XO|VHQ6LHELWWH
]XHUVW GLH $UUHWLHUVFKUDXEH GHU 6WDWLYVFKHOOH XQG EULQJHQ GLH ,QGH[0DUNLHUXQJ GHU
6FKHOOHPLWGHUÄź5(029(³ 3RVLWLRQ]XU'HFNXQJ$EE
'DQDFK ]LHKHQ 6LH GLH 6FKHOOH JHUDGH QDFK KLQWHQ 5LFKWXQJ .DPHUDDQVFKOXVV YRP
2EMHNWLYDEZLHLQ$EELOGXQJGDUJHVWHOOW
Ŧ:HQQ 6LH GLH 6WDWLYVFKHOOH ZLHGHU DQEULQJHQ P|FKWHQ JHKHQ 6LH ELWWH LQ GHU
XPJHNHKUWHQ5HLKHQIROJHZLHREHQEHVFKULHEHQYRU
Ŧ%LWWH VWHOOHQ 6LH GLH 6WDWLYVFKHOOH DXVVFKOLHOLFK ]XU 'H XQG 0RQWDJH DXI GLH
Äź5(029(³ 3RVLWLRQ GD VLFK DQGHUQIDOOV GDV 2EMHNWLY YHUVHKHQWOLFK YRQ GHU 6FKHOOH
O|VHQ XQG VWU]HQ N|QQWH %LWWH GHQNHQ 6LH LPPHU GDUDQ GLH $UUHWLHUVFKUDXEH GHU
6WDWLYVFKHOOHZLHGHUDQ]X]LHKHQXPHLQXQEHDEVLFKWLJWHV9HUGUHKHQGHV2EMHNWLYHV]X
YHUKLQGHUQ
Ŧ:lKUHQG GDV 2EMHNWLY DQ GHU .DPHUD PRQWLHUW LVW OlVVW VLFK GLH 6WDWLYVFKHOOH QLFKW YRP
2EMHNWLYDEQHKPHQ
75$*(5,(0(1
%LWWH EHIHVWLJHQ 6LH GHQ 7UDJHULHPHQ VR DQ GHQ gVHQ GHV 2EMHNWLYV ZLH HV LQ $EE 
JH]HLJWZLUG
1$+(,167(//*5(1=(
'LH 1DKHLQVWHOOJUHQ]H GLHVHV 2EMHNWLYV YHUlQGHUW VLFK LQ %H]LHKXQJ ]XU JHZlKOWHQ
%UHQQZHLWH
$EEĬ =HLJWGLH1DKHLQVWHOOJUHQ]HGHUMHZHLOVHLQJHVWHOOWHQ%UHQQZHLWH
$EEĭ =HLJWGHQJU|VVWHQ$EELOGXQJVPDVVVWDEGHUMHZHLOVHLQJHVWHOOWHQ%UHQQZHLWH
%/,7=)272*5$),(
,QWHUQHU %OLW] GHU .DPHUD ZLUG HLQHQ UXQGHQ 6FKDWWHQ YHUXUVDFKHQ 9HUZHQGHQ 6LH QLFKW
GHQLQWHUQHQ.DPHUDEOLW]PLWGLHVHP2EMHNWLYELWWHQXUH[WHUQHV%OLW]JHUlWYHUZHQGHQ
h%(57(/(.219(57(5
'DV2EMHNWLYNDQQYHUZHQGHWZHUGHQPLW6LJPD[(;RGHU[(;$SR7HOH.RQYHUWHU
RSWLRQDO UHVXOWLHUHQG ]XP PP ) 7HOH]RRP 2EMHNWLY UHVSHNWLYH HLQHP
PP)7HOH]RRP2EMHNWLYGLHEHLGHPDQXHOOIRNXVVLHUWZHUGHQPVVHQ
Ŧ9HUZHQGHQ6LHNHLQHDQGHUHQ2EMHNWLYHDOVGLH2EHQDXIJHOLVWHWHQ
Ŧ'HU6LJPD7HOHNRQYHUWHUPLW3HQWD[$QVFKOXLVWPLWGLHVHP2EMHNWLYQLFKWNRPSDWLEHO
Ŧ:LU HPSIHKOHQ GLH '* 9HUVLRQ GHU $32 7HOHNRQYHUWHU ]X YHUZHQGHQ VRIHUQ '6/5
.DPHUDVHLQJHVHW]WZHUGHQ
Ŧ'HU $XWRIRNXV VWHKW LP /LYH 9LHZ ]XU 9HUIJXQJ ZHQQ GLH .DPHUDLP$)0RGXV
.RQWUDVWYHUJOHLFKEHWULHEHQZLUG
*(*(1/,&+7%/(1'(
'DV2EMHNWLYZLUGPLWHLQHUDEQHKPEDUHQ %DMRQHWW*HJHQOLFKWEOHQGHJHOLHIHUW 'LHVH KLOIW
6WUHXOLFKW XQG 5HIOH[H ]X YHUPHLGHQ ZLH VLH GXUFK VWDUNHV VHLWOLFK HLQIDOOHQGHV /LFKW
HQWVWHKHQ N|QQHQ 2ULHQWLHUHQ 6LH VLFK EHLP $QEULQJHQ GHU *HJHQOLFKWEOHQGH DQ GHQ
DXIJHGUXFNWHQ0DUNLHUXQJHQXQGDFKWHQ6LHGDUDXIGDGLH%OHQGHNRUUHNWHLQUDVWHW$EE
Ŧ=XP 7UDQVSRUW RGHU ]XU $XIEHZDKUXQJ GHV 2EMHNWLYHV NDQQ GLH *HJHQOLFKWEOHQGH
DEJHQRPPHQXQGXPJHVWOSWDXIJHVHW]WZHUGHQ$EE
),/7(5
Ŧ%HL(LQVDW]YRQ3ROILOWHUQYHUZHQGHQ6LHDQHLQHU$XWRIRNXVNDPHUDELWWHDXVVFKOLHOLFK
=LUNXODU3ROILOWHU %HLP (LQVDW] HLQHV /LQHDU3ROILOWHUV N|QQHQ VLFK EHL $XWRIRNXV XQG
%HOLFKWXQJVDXWRPDWLN(LQVWHOOIHKOHUHUJHEHQ
Ŧ9HUZHQGHQ 6LH JUXQGVlW]OLFK QXU HLQ )LOWHU =ZHL RGHU PHKU )LOWHU JOHLFK]HLWLJ E]Z
VWlUNHUH 6SH]LDOILOWHU ² ]% 3RODULVDWLRQVILOWHU RGHU VROFKH PLW EHVRQGHUV KRKHU
)LOWHUIDVVXQJ²N|QQHQ]X9LJQHWWLHUXQJHQYHUXUVDFKHQ
5('8=,(55,1*PPĺPP
=XP /LHIHUXPIDQJ GHV 2EMHNWLYV JHK|UW HLQ 5HGX]LHUULQJ 0LW GLHVHP 5HGX]LHUULQJ NDQQ
)LOWHU PLW PP DQ GLHVHP 2EMHNWLY YHUZHQGHW ZHUGHQ 'HU 5HGX]LHUULQJ ZLUG LQ GDV
)LOWHUJHZLQGHGHV2EMHNWLYVJHVFKUDXEW
Ŧ'HU5HGX]LHUULQJNDQQQXULQ9HUELQGXQJPLW.DPHUDVPLW$36&%LOGVHQVRUYHUZHQGHW
ZHUGHQ$Q.DPHUDVPLWJU|HUHP%LOGVHQVRUDOV$36&)RUPDWN|QQHQ9LJQHWWLHUXQJHQ
LP%LOGDXIWUHWHQ
Ŧ%LWWH VFKUDXEHQ 6LH NHLQHQ 3RODULVDWLRQVILOWHU LQ GHQ 5HGX]LHUULQJ GD 6LH LKQ XQWHU
8PVWlQGHQQLFKWPHKUYRP2EMHNWLYHQWIHUQHQN|QQHQ
Ŧ)DOOV GHU 5HGX]LHUULQJ QLFKW PHKU YRP 2EMHNWLY HQWIHUQW ZHUGHQ NDQQ OHJHQ 6LH ,KUH
+DQGIOlFKHDXIGHQ5LQJXQGGUHKHQLKQVRHQWJHJHQGHV8KU]HLJHUVLQQV
Ŧ:HQQ GHU 5HGX]LHUULQJ LQ GDV 2EMHNWLY HLQJHVFKUDXEW LVW NDQQ GHU PLWJHOLHIHUWH
)URQWGHFNHOQLFKWPHKUHLQJHVHW]WZHUGHQ%LWWHYHUZHQGHQ6LHKLHUIUHLQHQ)URQWGHFNHO
LQGHU*U|HPP
3)/(*(81'$8)%(:$+581*
Ŧ6HW]HQ6LHGDV2EMHNWLYQLFKWKDUWHQ6W|HQH[WUHPKRKHQE]ZQLHGULJHQ7HPSHUDWXUHQ
RGHUKRKHU/XIWIHXFKWLJNHLWDXV
Ŧ:lKOHQ6LHIUOlQJHUH/DJHUXQJHLQHQNKOHQ WURFNHQHQXQGP|JOLFKVWJXWEHOIWHWHQ
2UW 9HUPHLGHQ 6LH GLH /DJHUXQJ LQ GHU 1lKH YRQ &KHPLNDOLHQ GHUHQ 'lPSIH GLH
9HUJWXQJDQJUHLIHQN|QQWHQ
Ŧ9HUZHQGHQ 6LH ]XU (QWIHUQXQJ YRQ 6FKPXW] RGHU )LQJHUDEGUFNHQ DXI *ODVIOlFKHQ
NHLQHVIDOOV 9HUGQQHU %HQ]LQ RGHU DQGHUH RUJDQLVFKH 5HLQLJXQJVPLWWHO VRQGHUQ HLQ
VDXEHUHVIHXFKWHV2SWLN5HLQLJXQJVWXFKRGHU2SWLN5HLQLJXQJVSDSLHU
Ŧ'DV2EMHNWLY LVWQLFKW ZDVVHUJHVFKW]W 6RUJHQ 6LH GHVKDOE EHL$XIQDKPHQ LP 5HJHQ
RGHULQGHU1lKHYRQ:DVVHUIUDXVUHLFKHQGHQ6FKXW]'LH5HSDUDWXUHLQHV2EMHNWLYHV
PLW:DVVHUVFKDGHQLVWKlXILJQLFKWP|JOLFK
Ŧ7HPSHUDWXUVFKRFNV N|QQHQ ]XP %HVFKODJHQ GHV 2EMHNWLYHV XQG VHLQHU *ODVIOlFKHQ
IKUHQ %HLP :HFKVHO DXV GHU .lOWH LQ HLQ JHKHL]WHV =LPPHU HPSILHKOW HV VLFK GDV
2EMHNWLY VRODQJH LP .|FKHU RGHU GHU )RWRWDVFKH ]X EHODVVHQ ELV HV GLH
=LPPHUWHPSHUDWXUDQJHQRPPHQKDW
'(876&+
 )LOWHUJHZLQGH
 (QWIHUQXQJVULQJ
 (QWIHUQXQJVVNDOD
 (LQVWHOOLQGH[
 %UHQQZHLWHQULQJ
 )RNXVVLHUVFKDOWHU
 $QVFKOX
 6WDWLYDQVFKOX
 =RRP/RFN6FKDOWHU
 266FKDOWHU
 /HQV+RRG
 5HGX]LHUULQJ
1RXVYRXVUHPHUFLRQVG¶DYRLUFKRLVLXQREMHFWLI6,*0$3RXUHQWLUHUOHPHLOOHXUSURILWHWOH
SOXVJUDQGSODLVLUQRXVYRXVFRQVHLOORQVGHOLUHDWWHQWLYHPHQWOHPRGHG¶HPSORLDYDQWWRXWH
XWLOLVDWLRQ
'(6&5,37,21'(6(/(0(176ILJ
3285/(6%2,7,(561,.21$)
&HWREMHFWLIHVWGpSRXUYXGHEDJXHGHGLDSKUDJPHFRPPHOHVREMHFWLIVDXWRIRFXV1LNRQGH
W\SH*&HUWDLQHVUHVWULFWLRQVGHIRQFWLRQQDOLWpVRQWSRVVLEOHVHQIRQFWLRQGXERvWLHUXWLOLVp
3RXUSOXVGHGpWDLOVYHXLOOH]YRXVUHSRUWHUDXPRGHGHPSORLGXERvWLHU
3285/(6%2,7,(563(17$;$)
&HWREMHFWLIHVWGpSRXUYXGHEDJXHGHGLDSKUDJPHFRPPHOHVREMHFWLIVDXWRIRFXV3(17$;
GHW\SH)$- &HUWDLQHV UHVWULFWLRQV GHIRQFWLRQQDOLWp VRQW SRVVLEOHV HQ IRQFWLRQGXERvWLHU
XWLOLVp3RXUSOXVGHGpWDLOVYHXLOOH]YRXVUHSRUWHUDXPRGHGHPSORLGXERvWLHU
),;$7,21685/¶$33$5(,/
/RUVTXH O¶REMHFWLI HVW IL[p VXU OH ERvWLHU OHV DXWRPDWLVPHV IRQFWLRQQHQW FRPPH DYHF YRV
REMHFWLIVKDELWXHOV&RQVXOWH]pYHQWXHOOHPHQWOHPRGHG¶HPSORLGHO¶DSSDUHLO
6XU OD PRQWXUH VH WURXYHQW SOXVLHXUV FRQWDFWV pOHFWULTXHV HW pOHFWURQLTXHV *DUGH]OHV
ELHQSURSUHVSRXUJDUDQWLUXQERQIRQFWLRQQHPHQW1HSRVH]MDPDLVO¶REMHFWLIVXUVDEDVH
DUULqUHSRXUpYLWHUG¶HQGRPPDJHUFHVpOpPHQWV
5(*/$*('86<67(0('¶(;326,7,21
&HWREMHFWLI6LJPDIRQFWLRQQHDXWRPDWLTXHPHQWGqVTX¶LOHVWPRQWpVXUOHERvWLHU 9HXLOOH]
YRXVUHSRUWHUDXPRGHGHPSORLGH,¶DSSDUHLO
0,6($832,17(7=220,1*
&HWREMHFWLI HVW pTXLSp GH ODPRWRULVDWLRQ jKDXWH IUpTXHQFH 6LJPD ³+\SHU6RQLF 0RWRU´
+60 (OOHUHQGODPLVHDXSRLQWDXWRPDWLTXHUDSLGHHWVLOHQFLHXVH
6,*0$$)HW&$121$)
3RXUXQHPLVHDXSRLQWDXWRPDWLTXHSODFH]OHVpOHFWHXUGHPLVHDXSRLQWHQSRVLWLRQ³$)´
ILJ 3RXU XQHPLVH DX SRLQW PDQXHOOH SODFH] OH VpOHFWHXU HQ SRVLWLRQ ³0´ SRVLWLRQ HW
DMXVWH]OHSRLQWHQWRXUQDQWODEDJXHGHPLVHDXSRLQW
1,.21$)3(17$;$)HW621<
3RXUXQHPLVHDXSRLQWDXWRPDWLTXHPHWWH]OHERvWLHUHQPRGH$)HWSODFH]OHVpOHFWHXUGH
PLVHDXSRLQWHQSRVLWLRQ³$)´ILJ3RXUXQHPLVHDXSRLQWPDQXHOOHSODFH]OHVpOHFWHXU
HQSRVLWLRQ³0´SRVLWLRQHWDMXVWH]OHSRLQWHQWRXUQDQWODEDJXHGHPLVHDXSRLQW
9HXLOOH]YRXVUpIpUHUDXPRGHGHPSORLGXERvWLHUSRXUFKDQJHUOHPRGHGHPLVHDXSRLQW
GHODSSDUHLO
'DQVOHVYHUVLRQVSRXU1LNRQ3HQWD[HW6RQ\ODPLVHDXSRLQW$)QHVWSRVVLEOHTXDYHF
OHVERvWLHUV SHUPHWWDQWGDFWLYHUXQPRWHXUjRQGHVXOWUDVRQLTXHGX W\SHGHFHOXLGH OD
PRWRULVDWLRQ+60/$)HVWLQGLVSRQLEOHDYHFOHVDXWUHVERvWLHUV
&HWREMHFWLISHUPHWODPLVHDXSRLQWPDQXHOOHPrPHHQPRGHDXWRIRFXV$YHFO¶DSSDUHLO
HQPRGHGHPLVHDXSRLQWVSRW21(6+27$)6YRXVSRXYH]UHWRXFKHUODPLVHDX
SRLQW PDQXHOOHPHQW DSUqV TXH O¶REMHFWLI DLW IDLW OD PLVH DX SRLQW DXWRPDWLTXHPHQW HQ
PDLQWHQDQWOHGpFOHQFKHXUHQFOHQFKpjPLFRXUVH
(Q FDV G¶XWLOLVDWLRQ GH FHW REMHFWLI HQ PLVH DX SRLQW PDQXHOOH LO HVW UHFRPPDQGp GH
YpULILHUODTXDOLWpGHODPLVHDXSRLQWjSDUWLUGXYLVHXU(QHIIHWGHVpFDUWVLPSRUWDQWVGH
WHPSpUDWXUH SHXYHQW SURYRTXHUGHOpJqUHV PRGLILFDWLRQVGHV FRPSRVDQWV LQWHPHV TXL
IRQWYDULHUODSRVLWLRQGHODPLVHDXSRLQW8QHWROpUDQFHSDUWLFXOLqUHHVWSUpYXHjFHWHIIHW
HQSRVLWLRQLQILQL
=RRPLQJ
7RXUQH]ODEDJXHGH]RRPVXUODSRVLWLRQYRXOXH
&856(85'(9e528,//$*('8=220
&HWREMHFWLIHVWpTXLSpG¶XQFXUVHXUGHYHUURXLOODJHGX]RRPHQSRVLWLRQPPSRXUpYLWHU
TXHOHEORFDYDQWQHVHGpSODFHORUVTXHOH]RRPHVWRULHQWpYHUVOHEDV
3ODFH]ODEDJXHGH]RRPVXUPPHWSODFH]DORUVOHFXUVHXUGHYHUURXLOODJHHQSRVLWLRQ
© /2&.ªILJ 9HLOOH]jOHUHSODFHUHQSRVLWLRQ©81/2&.ªDYDQWODSULVHGHYXHV
)21&7,211(0(17'867$%,/,6$7(85237,48(26
237,&$/67$%,/,=(5
&HWREMHFWLIGLVSRVHGXV\VWqPHGHVWDELOLVDWLRQRSWLTXH6LJPD262SWLFDO 6WDELOL]HUTXL
pYLWH OHV ULVTXHV GH IORX OLpV DX[ PRXYHPHQWV GX ERvWLHU ORUV GH OD SULVH GH YXH 9RXV
SRXYH]DYHFFHWREMHFWLISUHQGUHGHVSKRWRVjGHVYLWHVVHV SOXVOHQWHV GHQYLURQTXDWUH
YDOHXUV TXH FHOOHV XWLOLVDEOHV VDQV OH VWDELOLVDWHXU WRXW HQ REWHQDQW GHV LPDJHV
SDUIDLWHPHQWQHWWHV
3ODFH] OH FXUVHXU 26 VXU OH 0RGH  )LJ $SSX\H] j PLFRXUVH VXU OH GpFOHQFKHXU
YpULILH]ODVWDELOLWpGHOLPDJHGDQVOHYLVHXUHWSUHQH]ODSKRWRODVWDELOLVDWLRQGHOLPDJH
HVW REWHQXH HQYLURQ  VHFRQGH DSUqV TXH OH GpFOHQFKHXU D pWp DFWLYp /H 0RGH  TXL
GpWHFWH HW FRUULJH H[FOXVLYHPHQW OHV PRXYHPHQWV YHUWLFDX[ HVW XWLOH SRXU SKRWRJUDSKLHU
GHVVXMHWVHQGpSODFHPHQW
/DIRQFWLRQ GHFRPSHQVDWLRQGHVPRXYHPHQWVGXVWDELOLVDWHXURSWLTXH26 HVWHIILFDFH
SRXU OHV SULVHV GH YXH j PDLQ OHYpH 'DQV FHUWDLQHV FRQGLWLRQV SDUWLFXOLqUHV OH
VWDELOLVDWHXUSHXWQHSDVrWUHSOHLQHPHQWHIILFDFH
ƒ3ULVHVGHYXHVGHSXLVXQYpKLFXOHHQGpSODFHPHQW ƒ0RXYHPHQWVRXVHFRXVVHVWUqVLPSRUWDQWV
/HVWDELOLVDWHXURSWLTXH26QHGRLWSDVrWUHHPSOR\pGDQVOHVFDVVXLYDQWV
ƒVLOREMHFWLIHVWPRQWpVXUXQWUpSLHG ƒHQSRVH%ORQJXHGXUpHGH[SRVLWLRQ
/D IRQFWLRQ GH VWDELOLVDWLRQ RSWLTXH 26 HVW DOLPHQWpH pOHFWULTXHPHQW SDU OH ERvWLHU 6L
OREMHFWLIHVWPRQWpVXUYRWUHERvWLHUHWODVWDELOLVDWLRQRSWLTXH26DFWLYpHODXWRQRPLHGH
ODSSDUHLOVHUDGLPLQXpH SDUUDSSRUW j XQH XWLOLVDWLRQ DYHFXQH RSWLTXH FODVVLTXH3RXU
pYLWHU XQH FRQVRPPDWLRQ GpQHUJLH LQXWLOH QRXV YRXV UHFRPPDQGRQV GH SODFHU OH
FXUVHXU26VXU2))ORUVTXHYRXVQXWLOLVH]SDVODIRQFWLRQGHVWDELOLVDWLRQ
$VVXUH]YRXVTXHOHVWDELOLVDWHXU26HVWGpVDFWLYpFXUVHXUVXUODSRVLWLRQ2))DYDQW
GDWWDFKHURXGHGpWDFKHUOREMHFWLIGXERvWLHU
/H VWDELOLVDWHXU RSWLTXH 26 GHPHXUH DFWLYp DSUqV DYRLU UHOkFKp OH GpFOHQFKHXU DXVVL
ORQJWHPSVTXH OHSRVHPqWUHDIILFKHOHV YDOHXUV GH[SRVLWLRQ ,OQHIDXW MDPDLVGpWDFKHU
OREMHFWLI GH ODSSDUHLO QL UHWLUHU OHV SLOHV GX ERvWLHU WDQW TXH OH VWDELOLVDWHXU HVW DFWLYp
VRXVSHLQHGHQGRPPDJHUOREMHFWLI
0rPHVLOLPDJHGDQVOHYLVHXUVHPEOHYLEUHULPPpGLDWHPHQWDSUqVODSULVHGHYXHRXDX
GpPDUUDJHGHODFKDUJHGXIODVKLQWpJUpGXERvWLHUFHFLQDIIHFWHHQULHQOHVLPDJHV
6L ODSSDUHLO HVW pWHLQW RX VL OREMHFWLI HVW GpWDFKp DORUV TXH OH VWDELOLVDWHXU RSWLTXH HVW
DFWLYpOREMHFWLISHXWpPHWWUHXQEUXLWGHIURWWHPHQWVDQVTXLO\DLWG\VIRQFWLRQQHPHQW
3RXU OHV PRQWXUHV 6RQ\ HW 3HQWD[ OD IRQFWLRQ 26 LQFRUSRUpH GDQV FHW REMHFWLI HVW
VHXOHPHQWGLVSRQLEOHDYHFOHVERvWLHUVSHUPHWWDQWODFRPPDQGHG¶RSWLTXHVXOWUDVRQLTXHV
WHOVTXHOHVREMHFWLIV+606LYRXVXWLOLVH]ODIRQFWLRQ26YHXLOOH]GpVDFWLYHUODIRQFWLRQ
GHVWDELOLVDWLRQGXERvWLHUHWSODFHUOHFXUVHXU26GHO¶REMHFWLIVXU216LYRXVXWLOLVH]OD
IRQFWLRQGHVWDELOLVDWLRQGXERvWLHUYHXLOOH]SODFHUOHFXUVHXU26GHO¶REMHFWLIVXU2))HW
HQVXLWHDFWLYHUODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHU
/H VWDELOLVDWHXU RSWLTXH 26 IRQFWLRQQH DYHF OHV ERvWLHUV 1LNRQ ILJXUDQW GDQV OD OLVWH
FLGHVVRXV$YHFOHVDXWUHVPRGqOHVGHFHWWHPDUTXHYHXLOOH]PDLQWHQLUOHFXUVHXU26
VXUODSRVLWLRQ2))DILQGHGpVDFWLYHUOHVWDELOLVDWHXURSWLTXH
%RvWLHUVUHIOH[QXPpULTXHVHW)
è 1RXV YRXV VXJJpURQV GH YRXV UHSRUWHU j XQ VLWH :HE 6LJPD SRXU FRQVXOWHU OD OLVWH
DFWXDOLVpHGHVERvWLHUVFRPSDWLEOHVDYHFOHVWDELOLVDWHXURSWLTXH6LJPD26
$77$&+(328575(3,('(7&2//,(5
&HWREMHFWLI HVW pTXLSpGXQHDWWDFKHSRXU WUpSLHG /RUVTXH YRXVUHOkFKH]OHVHUUDJH GX
FROOLHUOREMHFWLIHW,DSSDUHLOSHXYHQWWRXUQHUOLEUHPHQWSRXUSRVLWLRQQHUDLVpPHQWOHERvWLHU
HQSRVLWLRQYHUWLFDOHRXKRUL]RQWDOHILJ
3285'(7$&+(5/(&2//,(5'(3,('
,OHVWSRVVLEOHGHGpWDFKHUOHFROOLHUGHSLHGSRXUIDFLOLWHUOHFDVpFKpDQWODSULVHGHYXHjPDLQ
OHYpH 3RXU FH IDLUH GpYLVVH] OH ERXWRQ GH VHUUDJH HW DOLJQH] OH WUDLW GX FROOLHU VXU OH UHSqUH
ź5(029()LJ
7LUH]HQVXLWHOHFROOLHUYHUVO¶DUULqUHFRPPHLQGLTXpVXUOD)LJDILQGHOHUHWLUHU
3RXUUHSODFHUOHFROOLHUGHSLHGVXUO¶REMHFWLISURFpGH]GHODPrPHIDoRQHQVHQVLQYHUVH
1H PHWWH] MDPDLV OH FROOLHU VXU OD SRVLWLRQ ź5(029( VDXI SRXU OH GpWDFKHU RX OH
UHSODFHUFDUO¶REMHFWLISRXUUDLWGHGpWDFKHUDFFLGHQWHOOHPHQWHWWRPEHU9HLOOH]pJDOHPHQW
jELHQUHVVHUUHUO¶pFURXGHVHUUDJHSRXUpYLWHUWRXWHURWDWLRQLQWHPSHVWLYH
/HFROOLHUGHSLHGQHSHXWrWUHUHWLUpORUVTXHO¶REMHFWLIHVWPRQWpVXUXQERvWLHU
%$1'28/,(5(
9HXLOOH]DWWDFKHU,DEDQGRXOLqUHFRPPHLQGLTXpjODILJXUH
',67$1&(0,1,0$/('(0,6($832,17
/DGLVWDQFHPLQLPDOHGHPLVHDXSRLQWGHFHWREMHFWLIYDULHVHORQODSRVLWLRQGX]RRP
ILJĬ 'LVWDQFHPLQLPDOHGHPLVHDXSRLQWVHORQODIRFDOH
ILJĭ 5DSSRUWGHUHSURGXFWLRQPD[LPXPVHORQODIRFDOH
3+272*5$3+,($8)/$6+
/DORQJXHXUGHOREMHFWLISHXWFDXVHUXQHRPEUHGDQVOLPDJHVLYRXVXWLOLVH]OHIODVKLQWpJUp
GXERvWLHU1RXVYRXVUHFRPPDQGRQVGXWLOLVHUH[FOXVLYHPHQWXQIODVKH[WHUQH
$352326'(67(/(&219(57,66(856
&HWREMHFWLISHXWrWUHXWLOLVpDYHFOHVWpOpFRQYHUWLVVHXUV6LJPD[(;RX[(;$SRHQ
RSWLRQTXLOHWUDQVIRUPHQWUHVSHFWLYHPHQWHQPP)RXHQPP)
HQPRGHGHPLVHDXSRLQWPDQXHOOHVHXOHPHQW
,OHVWUHFRPPDQGpGHQHSDVXWLOLVHUXQDXWUHWpOpFRQYHUWLVVHXUTXHFHX[PHQWLRQQpVFLGHVVXV
/HVWpOpFRQYHUWLVVHXUVHQPRQWXUH3HQWD[QHIRQFWLRQQHQWSDVDYHFFHWREMHFWLI
,OHVWUHFRPPDQGpGXWLOLVHUODYHUVLRQ'*GHVWpOpFRQYHUWLVVHXUV6LJPD$SR(;ORUVTXH
YRXVXWLOLVH]XQERvWLHUQXPpULTXH
/DPLVHDXSRLQWDXWRPDWLTXHHQPRGH/LYH9LHZHVWSRVVLEOHVLODSSDUHLOHVWHQPRGH
$)©GpWHFWLRQGHFRQWUDVWHª
3$5(62/(,/
8QSDUHVROHLOGpPRQWDEOHDYHFIL[DWLRQjEDwRQQHWWHHVWOLYUpDYHFREMHFWLI&HSDUHVROHLO
SURWqJHO¶REMHFWLI GHV UD\RQVSDUDVLWHVHW GH OXPLqUH LQFLGHQWH $VVXUH]YRXV TX¶LO VH IL[H
FRQYHQDEOHPHQWMXVTX¶jODSRVLWLRQGHEORFDJHILJ
3RXU UHSODFHU OREMHFWLI HW OH SDUHVROHLO GDQV OD YDOLVH GH WUDQVSRUW YHLOOH] j GpWDFKHU
GDERUGOHSDUHVROHLOHWjOHUHSODFHUHQVXLWHHQSRVLWLRQLQYHUVpHILJ
),/75(6
1¶HPSOR\H]MDPDLV GHX[ ILOWUHV j OD IRLV /¶XWLOLVDWLRQ GH GHX[ ILOWUHV RX G¶XQ ILOWUH WUqV
pSDLVFRPPHXQILOWUHSRODULVDQWRUGLQDLUHSHXWSURYRTXHUXQYLJQHWWDJH
6L YRXV VRXKDLWH] XWLOLVHU XQ ILOWUH SRODULVDQW VXU XQ ]RRP $) FKRLVLVVH]OH GH W\SH
³FLUFXODLUH´ $YHFXQILOWUHGHW\SHOLQpDLUHO¶DXWRIRFXVHWOHFDOFXOG¶H[SRVLWLRQSRXUUDLHQW
rWUHLQFRUUHFWV
%$*8('¶$'$37$7,21PP PP
8QH EDJXH G¶DGDSWDWLRQ HVW OLYUpH DYHF FHW REMHFWLI TXL SHUPHW OXWLOLVDWLRQ GXQ ILOWUH GH
GLDPqWUHPP3RXUFHIDLUHYHXLOOH]SODFHUODEDJXHG¶DGDSWDWLRQjO¶DYDQWGHOREMHFWLI
/¶XWLOLVDWLRQ GH OD EDJXH G¶DGDSWDWLRQ QH SHXW VH IDLUH TXH SRXU XQ XVDJH GH O¶REMHFWLI
DYHFXQ DSSDUHLOGRQWODWDLOOHGXFDSWHXUHVWDX PD[LPXP jODWDLOOH$36& 'DQVOH
FDVFRQWUDLUHO¶XWLOLVDWLRQGHODEDJXHG¶DGDSWDWLRQIHUDDSSDUDvWUHXQYLJQHWWDJH
9HXLOOH]QHSDVXWLOLVHUGH ILOWUHSRODULVDQWVXUOD EDJXHG¶DGDSWDWLRQ6L YRXVXWLOLVHUXQ
ILOWUHSRODULVDQWLOHVWSRVVLEOHTXHYRXVQHSXLVVLH]SOXVOHUHWLUHU
6L OD EDJXH G¶DGDSWDWLRQ HVW EORTXpH VXU O¶REMHFWLI SRVH] OD SDXPH GH YRWUH PDLQ VXU
FHOOHFLHWWRXUQH]GDQVOHVHQVFRQWUDLUHGHVDLJXLOOHVG¶XQHPRQWUH
'DQVOH FDV R OD EDJXH G¶DGDSWDWLRQHVW PRQWpH VXU O¶REMHFWLI O¶XWLOLVDWLRQ GX ERXFKRQ
DYDQWOLYUpDYHFO¶REMHFWLIQ¶HVWSOXVSRVVLEOH6HXOXQERXFKRQDYDQWGHGLDPqWUHPP
GLVSRQLEOHHQDFFHVVRLUHVHUDXWLOLVDEOH
35(&$87,216(/(0(17$,5(6(75$1*(0(17
1HSDVH[SRVHUO¶REMHFWLIDX[FKRFVQLjGHVWHPSpUDWXUHVH[WUqPHVRXjO¶KXPLGLWp
6L O¶REMHFWLI Q¶HVW SDV XWLOLVp SHQGDQW ORQJWHPSV FKRLVLU XQ HQGURLW IUDLV VHF HW ELHQ
YHQWLOp1HSDVSODFHUO¶REMHFWLISUqVGHODQDSKWDOLQHRXGHVSURGXLWVDQWLPLWHVDILQGHQH
SDVGpWpULRUHUOHUHYrWHPHQWPXOWLFRXFKHGHVOHQWLOOHV
1HSDVXWLOLVHUGHGLVVROYDQWG¶HVVHQFHRXDXWUHPDWLqUHRUJDQLTXHSRXUOHQHWWR\DJHGH
VDOHWpVRXG¶HPSUHLQWHVGHGRLJWVVXUOHVpOpPHQWVRSWLTXHV
&HW REMHFWLI Q¶HVW SDV pWDQFKH 6L YRXV O¶XWLOLVH] SDU WHPSV GH SOXLH RX SUqV GH O¶HDX
YHXLOOH] j QH SDV OH PRXLOOHU /HV UpSDUDWLRQV GX PpFDQLVPH LQWHUQH GHV pOpPHQWV
RSWLTXHV HWRX GHV pOpPHQWV pOHFWULTXHV QH VRQW SDV WRXMRXUV SRVVLEOHV HQ FDV GH
GRPPDJHV
'HVpFDUWVVRXGDLQVGHWHPSpUDWXUHSHXYHQWFDXVHUGHODFRQGHQVDWLRQRXGHODEXpH
SHXWDSSDUDvWUHVXUODOHQWLOOH IURQWDOH/RUVTXHYRXVSpQpWUH]GDQVXQORFDO FKDXIIpHQ
YHQDQWG¶XQH[WpULHXUIURLGLOHVWUHFRPPDQGpGHSODFHUO¶REMHFWLIGDQVXQpWXLMXVTX¶jFH
TXHVDWHPSpUDWXUHDYRLVLQHFHOOHGXORFDO
)5$1
d
$,6
)LOHWDJHSRXUILOWUH
%DJXHGHVGLVWDQFHV
(FKHOOHGHVGLVWDQFHV
5HSqUHGHGLVWDQFH
%DJXHGH]RRP

6pOHFWHXUGHPLVHDXSRLQW
%DwRQQHWWH
$WWDFKHSRXUWUpSLHG
&XUVHXUGHYHUURXLOODJHGX]RRP
&XUVHXU26
3DUH6ROHLO
%DJXHG¶DGDSWDWLRQ
:LMVWHOOHQKHW]HHURSSULMVGDWXHHQ6LJPDREMHFWLHIKHHIWDDQJHVFKDIW2PPD[LPDDOSURILMW
HQSOH]LHUYDQXZ6LJPDREMHFWLHIWHKHEEHQDGYLVHUHQZLMXGH]HJHEUXLNVDDQZLM]LQJJHKHHO
GRRUWHOH]HQYRRUXKHWREMHFWLHIJDDWJHEUXLNHQ
%(6&+5,-9,1*9$1'(21'(5'(/(1ILJ
1,.21$)&$0(5$¶6
'LW REMHFWLHI ZHUNW RS LGHQWLHNH ZLM]H DOV GH REMHFWLHYHQ YDQ KHW * W\SH ]RQGHU
GLDIUDJPDULQJYRRU1LNRQ$)$IKDQNHOLMNYDQKHWJHEUXLNWHFDPHUDW\SHNXQQHQHUHQNHOH
EHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
3(17$;$)&$0(5$¶6
'LW REMHFWLHI ZHUNW RS LGHQWLHNH ZLM]H DOV GH REMHFWLHYHQ YDQ KHW )$- W\SH ]RQGHU
GLDIUDJPDULQJYRRU3(17$;$)$IKDQNHOLMNYDQKHWJHEUXLNWHFDPHUDW\SHNXQQHQHUHQNHOH
EHSHUNLQJHQ]LMQ5DDGSOHHJKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
%(9(67,*,1*23'(&$0(5$%2'<
:DQQHHUXZ 6LJPD REMHFWLHI RS GHFDPHUDERG\ LV EHYHVWLJG]DO KHW DXWRPDWLVFKQHW ]R
IXQFWLRQHUHQDOVGHRULJLQHOHREMHFWLHYHQ/HHVKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
Ŧ2S GH YDWWLQJ EHYLQGW ]LFK HHQ DDQWDO HOHFWULVFKH FRQWDFWHQ HQ NRSSHOVWXNNHQ 'H]H
PRHWHQJRHGVFKRRQZRUGHQJHKRXGHQWHQHLQGHYDQHHQJRHGFRQWDFWYHU]HNHUGWH]LMQ
3ODDWVELM KHW YHUZLVVHOHQ YDQREMHFWLHYHQGH]H DOWLMG PHW GH YRRU]LMGH HQ QLHW PHW GH
YDWWLQJRSWDIHO'LWWHUYRRUNRPLQJYDQEHVFKDGLJLQJ
%(/,&+7,1*6,167(//,1*
:DQQHHU HHQ 6LJPD REMHFWLHI RS XZ FDPHUDERG\ LV EHYHVWLJG IXQFWLRQHHUW GLW JHKHHO
DXWRPDWLVFK/HHVKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD
6&+(5367(//(1(1=220(1
'H]HOHQVKHHIWGHLQJHERXZGH+\SHU6RQLF0RWRU+60YDQ6LJPD'H+60PDDNWVQHO
HQJHOXLGORRVDXWRPDWLVFKVFKHUSVWHOOHQPRJHOLMN
6LJPD$)HQ&DQRQ$)
2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIRSGH$)SRVWLWLHWH
]HWWHQ:LOWXKDQGPDWLJVFKHUSVWHOOHQ]HWGDQKHWVFKXLIMHRSKHWREMHFWLHIRSGH0SRVLWLH
9HUYROJHQVNXQWXVFKHUSVWHOOHQGRRUDDQGHIRFXVULQJWHGUDDLHQ
1LNRQ$)3HQWD[$)HQ6RQ\
2PGHDXWRIRFXVIXQFWLHWHDFWLYHUHQGLHQWXKHWVFKXLIMHRSKHWREMHFWLHIHQGHFDPHUDRS$)
SRVLWLHWH]HWWHQILJ:LOWXKDQGPDWLJVFKHUSVWHOOHQ]HWGDQKHWVFKXLIMHRSKHWREMHFWLHI
RSGH0SRVLWLH9HUYROJHQVNXQWXVFKHUSVWHOOHQGRRUDDQGHIRFXVULQJWHGUDDLHQ
5DDGSOHHJDXEGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUDRPERYHQJHQRHPGHLQVWHOOLQJHQ
RSXZFDPHUDWHZLM]LJHQ
9RRU1LNRQ 3HQWD[ HQ 6RQ\ YDWWLQJ LV KHW DOOHHQ PRJHOLMN GH$) WH JHEUXLNHQ PHW GH
FDPHUD ZHONH GH 8OWUDVRQLF 0RWRU NDQ RQGHUVWHXQHQ ]RDOV +60 'H $) ]DO QLHW
IXQFWLRQHUHQLQGLHQGHFDPHUDERG\GLWQLHWRQGHUVWHXQW
+DQGPDWLJVFKHUSVWHOOHQNDQELMELWREMHFWLHIRRNLQGHDXWRIRFXVVWDQG$OVGHFDPHUDRS
³2QH6KRW´ $) $)6 LV LQJHVWHOG NXQW X GH VFKHUSVWHOOLQJ HYHQWXHHO KDQGPDWLJ
FRUULJHUHQQDGDWGHDXWRIRFXVVFKHUSVWHOOLQJ]¶QZHUNKHHIWJHGDDQHQXGHRQWVSDQNQRS
KDOILQJHGUXNWKRXGW
:DQQHHUXGLW REMHFWLHIRSKDQGPDWLJH LQVWHOOLQJJHEUXLNWUDGHQZLMX DDQGHFRUUHFWH
VFKHUSVWHOOLQJYLVXHHO LQGH]RHNHUYDVWWHVWHOOHQ'LW YDQZHJHHHQPRJHOLMNH VFKHUSWH
YHUVFKXLYLQJ DOV JHYROJ YDQ H[WUHPH WHPSHUDWXXUVZLM]LJLQJHQ ZDDUGRRU PHHUGHUH
OHQVFRPSRQHQWHQNXQQHQXLW]HWWHQ,QKHWELM]RQGHUELMLQVWHOOLQJRSRQHLQGLJGLHQWKLHURS
WHZRUGHQJHOHW
ż=220(1Ž
9HUGUDDLGH]RRPULQJQDDUGHJHZHQVWHSRVLWLH
=220%/2..(5,1*
'LWREMHFWLHILVRRNXLWJHYRHUGPHWHHQ]RRPEORNNHULQJ]RRPORFNVZLWFKRPWHYRRUNRPHQ
GDWGH]RRPYHUVFKXLIWDOVKHWREMHFWLHIZRUGWJHNDQWHOG2PGH]RRPLQGH³/2&.´SRVLWLHWH
SODDWVHQGLHQWXGH]RRPULQJLQGHPPVWDQGWH]HWWHQILJHFKWHUYRRUGDWXHHQIRWR
JDDWPDNHQGLHQWXKHWREMHFWLHIYDQGH³/2&.´QDDUGH³81/2&.´SRVLWLHWHVFKDNHOHQ
'(02*(/,-.+('(19$1+(726237,&$/67$%,/,=(56<67((0
'LW262SWLFDO6WDELOL]HUREMHFWLHILV]HHUHIIHFWLHIRPEHZHJLQJVRQVFKHUSWHWHYRRUNRPHQ
0HWGLWREMHFWLHILVKHWPRJHOLMNRPWRWVWRSVODQJHUHVOXLWHUWLMGHQWHZHUNHQDOVPHWHHQ
REMHFWLHI]RQGHU26HQWRFKHHQRSWLPDOHVFKHUSWHWHEHKRXGHQ
=HWGH26VFKDNHODDURSILJ'UXNGHRQWVSDQNQRSKDOILQHQFRQWUROHHUGHRSQDPH
FRPSRVLWLH LQ GH ]RHNHU HQ FRQWUROHHU WHYHQV RI KHW RQGHUZHUS ]RQGHU EHZHJLQJ ZRUGW
ZHHUJHJHYHQ+HWNDQQDKHWKDOILQGUXNNHQYDQGHRQWVSDQNQRSWRWRQJHYHHUVHFRQGH
GXUHQYRRUGDWKHW26V\VWHHPKHWEHHOGKHHIWJHVWDELOLVHHUG
,QGLHQ GH 26 VFKDNHODDU RS ZRUGW JH]HW ZRUGHQ YRRUDO GH YHUWLFDOH EHZHJLQJHQ
JHFRUULJHHUG'H]HVWDQGLVYRRUDOJHVFKLNWYRRUEHZHJHQGHRQGHUZHUSHQ
'H FRPSHQVDWLH YDQ GH EHZHJLQJVRQVFKHUSWH LV YRRUDO HIIHFWLHI ELM KHW XLW GH KDQG
IRWRJUDIHUHQ+HW26V\VWHHPNDQPLQGHUJRHGIXQFWLRQHUHQDOVHUELMYRRUEHHOGXLWHHQ
ULMGHQGHDXWRZRUGWJHIRWRJUDIHHUGRIELM]HHUKHIWLJHEHZHJLQJHQYDQGHFDPHUDWLMGHQV
KHWPDNHQYDQGHRSQDPH
8GLHQWKHW26V\VWHHPXLWWHVFKDNHOHQ2IIDOVXGHFDPHUDPHWHHQVWDWLHIJHEUXLNWRI
LQGLHQXODQJHWLMGRSQDPHQEXOEPDDNW
+HW26V\VWHHPPDDNWJHEUXLNYDQGHEDWWHULMHQYDQGHFDPHUD$OVXKHW26V\VWHHP
DFWLYHHUW NDQ KHW GXV PRJHOLMN ]LMQ GDW X GH EDWWHULMHQ YDQ GH FDPHUD VQHOOHU GLHQW WH
YHUYDQJHQDOVELMKHWJHEUXLNYDQHHQREMHFWLHI]RQGHU26IXQFWLH,QGLHQXGH26IXQFWLH
YRRUODQJHUHWLMGQLHWJHEUXLNWLVKHWDDQWHEHYHOHQGH26VFKDNHODDURS2))WH]HWWHQRP
KLHUPHHKHWEDWWHULMJHEUXLNWHYHUODJHQ
+HWLVEHODQJULMNGDWGH26VFKDNHODDURS2))VWDDWDOVXKHWREMHFWLHIRSXZFDPHUD]HW
+HW 26 V\VWHHP EOLMIW JHDFWLYHHUG RRN DOV XZ YLQJHU GH RQWVSDQNQRSORV ODDW +HW 26
V\VWHHP EOLMIW QHW ]R ODQJ JHDFWLYHHUG DOV GH FDPHUD GH PHHWZDDUGHQ WRRQW
%HODQJULMN9HUZLMGHUQRRLWKHWREMHFWLHIRIGHEDWWHULMHQYDQ GHFDPHUD]RODQJKHW26
V\VWHHPLVJHDFWLYHHUG'LWNDQWRWEHVFKDGLJLQJYDQKHWREMHFWLHIOHLGHQ
$OKRHZHOKHWPRJHOLMNLVGDWGLUHFWQDGHRSQDPHKHWRQGHUZHUSLQGH]RHNHUOLMNWWHEHZHJHQ
KHHIWGLWJHHQQHJDWLHYHLQYORHGRSGHVFKHUSWHYDQGHRSQDPH'LW]HOIGHHIIHFWNDQRSWUHGHQ
LQGLHQGHLQJHERXZGHIOLWVHUEHJLQWRSWHODGHQPDDURRNGLWKHHIWJHHQLQYORHGRSGHRSQDPH
,QGLHQGHFDPHUDZRUGWXLWJH]HWZDQQHHUKHW26V\VWHHPLQZHUNLQJLVNDQKHWREMHFWLHI
HHQUDWHOHQGJHOXLGPDNHQ'LWLVJHHQGHIHFW
9RRU 6RQ\ HQ 3HQWD[ REMHFWLHI YDWWLQJHQ NDQ GH 26IXQFWLH YDQ KHW REMHFWLHI DOOHHQ
JHEUXLNWZRUGHQPHWFDPHUD¶VGLHKHWH[WHUQHPRWRUV\VWHHPRQGHUVWHXQHQ]RDOV+60
:DQQHHUX GH26IXQFWLH JHEUXLNWVFKDNHO GDQ GHRSWLVFKH VWDELOLVDWLH IXQFWLH YDQ GH
FDPHUD XLW HQ VFKDNHO GH 26IXQFWLH RS KHW REMHFWLHI QDDU 21 ,QGLHQ X GH RSWLVFKH
VWDELOLVDWLHIXQFWLHYDQGHFDPHUDJHEUXLNWVFKDNHOGH26IXQFWLHRSKHWREMHFWLHIQDDU
2))HQ]HWGHRSWLVFKHVWDELOLVDWLHIXQFWLHYDQGHFDPHUDDDQ
+HW26V\VWHHPZHUNWDOOHHQPHWGHQDYROJHQGH1LNRQFDPHUD¶V,QGLHQXGLWREMHFWLHIPHW
HHQDQGHUW\SH1LNRQJHEUXLNWGLHQWXGH26VFKDNHODDURS2))WH]HWWHQ
'6/5&DPHUD¶VHQ)
!YRRUDFWXHOHLQIRUPDWLHEHWUHIIHQGHGHFRPSDWDELOLWHLWYDQKHW26V\VWHHPPHWGHGLYHUVH
1LNRQFDPHUD¶VNXQWXRRNRQ]HZHEVLWHUDDGSOHJHQ
67$7,()$$16/8,7,1*
'LWREMHFWLHILVXLWJHUXVWPHWHHQDIQHHPEDUHVWDWLHIULQJ:DQQHHUXGHEORNNHHUNQRSRSGH
VWDWLHIULQJORVGUDDLWNXQQHQREMHFWLHIHQFDPHUDYULMURQGGUDDLHQ ZDDUGRRU GHFDPHUDRS
HHQYRXGLJHZLM]H]RZHOKRUL]RQWDDODOVYHUWLFDDOJHEUXLNWNDQZRUGHQILJ
'(0217$*(9$1'(67$7,()*21'(/
+HWPRJHOLMNGHVWDWLHIJRQGHOWHGHPRQWHUHQLQGLHQJHZHQVW'UDDLGHNQRSORVHQSODDWV
KHWPHUNWHNHQRSGHź5(029(SRVLWLHILJ
7UHNGHNQRSQDDUEXLWHQHQYHUZLMGHUGHVWDWLHIJRQGHOILJ
,QGLHQXGHVWDWLHIJRQGHOZHHUZLOWPRQWHUHQZHUNWXLQRPJHNHHUGHYROJRUGH
=RUJHUYRRUGDWWLMGHQVQRUPDDOJHEUXLNYDQKHWREMHFWLHIPHWVWDWLHIJRQGHOKHWPHUNWHNHQ
QRRLWWHJHQRYHU³ź5(029(´VWDDWDDQJH]LHQDQGHUVKHWREMHFWLHI]RXNXQQHQORVUDNHQ
YDQ GH VWDWLHIJRQGHO HQ NXQQHQ YDOOHQ 'HQN HU RRN DDQ RP QD GHPRQWDJHYDQGH
VWDWLHIJRQGHOGHNQRSZHHUYDVWWHGUDDLHQRPRQJHZHQVWHURWDWLHWHYRRUNRPHQ
,QGLHQKHWREMHFWLHIRSGHFDPHUDLVJHPRQWHHUGLVKHWQLHWPRJHOLMNGHVWDWLHIJRQGHOWH
GHPRQWHUHQ
'5$$*5,(0
%HYHVWLJGHGUDDJULHPDDQGHOXV]RDOVDIJHEHHOGLQILJ
0,1,080,167(/$)67$1'
'HPLQLPXPLQVWHODIVWDQGYDQGLWREMHFWLHIYHUDQGHUWPHHPHWGHGHJHNR]HQ]RRPLQVWHOOLQJ
ILJĬ7RRQWGHPLQLPDOHLQVWHODIVWDQGELMHONHEUDQGSXQWVDIVWDQG
ILJĭ7RRQWGHPD[LPDOHYHUJURWLQJVIDFWRUELMHONHEUDQGSXQWVDIVWDQG
)/,76231$0(1
%LM JHEUXLN YDQ GH LQJHERXZGH IOLWVHU YDQ GH FDPHUD ]DO KHW REMHFWLHI HHQ VFKDGXZ
YHURRU]DNHQ+HWJHEUXLNYDQGHLQJHERXZGHIOLWVHUZRUGWGDDURPDIJHUDGHQ(HQH[WHUQH
IOLWVHU]DOYHHOEHWHUHUHVXOWDWHQRSOHYHUHQ
7(/(&219(57(56
'LWREMHFWLHINDQ ZRUGHQ JHEUXLNW PHW GH 6LJPD[(;'*RI [ (;'* $SR7HOH
&RQYHUWHUV RSWLRQHHO ZDDUPHH KHW EHUHLN UHVSHFWLHYHOLMN PP ) HQ
PP)ZRUGW%HLGHFRQYHUWHUV]LMQDOOHHQPHWKDQGPDWLJHVFKHUSVWHOOLQJ0)
WHJHEUXLNHQ
Ŧ*HEUXLNJHHQDQGHUHFRQYHUWHUVDOVERYHQYHUPHOG
Ŧ'HWHOHFRQYHUWHUYRRU3HQWD[YDWWLQJLVQLHWWHFRPELQHUHQPHWGH]HOHQV
Ŧ:LMDGYLVHUHQGH '*YHUVLHWHJHEUXLNHQLQGLHQGHFRQYHUWHUVZRUGHQJHEUXLNW RSHHQ
'LJLWDOH5HIOH[FDPHUD
Ŧ+HW LVPRJHOLMNGHDXWRIRFXVIXQFWLHLQ /LYH 9LHZWHJHEUXLNHQLQGLHQGH FDPHUD LQ GH
³FRQWUDVWGHWHFW´$)IXQFWLHLVLQJHVWHOG
=211(.$3
%LMGLWREMHFWLHIZRUGWHHQORVVH]RQQHNDSPHWEDMRQHWDDQVOXLWLQJPHHJHOHYHUG'H]RQQHNDS
GUDDJWELMWRWKHWYRRUNRPHQYDQOLFKWYOHNNHQHQQHYHQEHHOGHQGLHZRUGHQYHURRU]DDNWGRRU
VWHUNWHJHQOLFKWGDWYDQDFKWHUKHWRQGHUZHUSGLUHFWLQKHWREMHFWLHIYDOW/HWHURSGDWELMKHW
PRQWHUHQYDQGH]RQQHNDSGH]HYROOHGLJLQGHJHEORNNHHUGHSRVLWLHZRUGWJHGUDDLGILJ
Ŧ2PREMHFWLHIHQ]RQQHNDSRSWHNXQQHQEHUJHQLQGHNRIIHUPRHWXHHUVWGH]RQQHNDS
DIQHPHQHQGH]HRPJHNHHUGRSKHWREMHFWLHISODDWVHQILJ
),/7(56
Ŧ*HEUXLNVOHFKWVILOWHUWHJHOLMN7ZHHRIPHHUILOWHUVHQRIH[WUDGLNNHILOWHUV]RDOV HHQ
SRODULVDWLHILOWHUNDQYLJQHWWHULQJYHURRU]DNHQ
Ŧ*HEUXLNXLWVOXLWHQGHHQ³FLUFXODLU´SRODULVDWLHILOWHULQFRPELQDWLHPHWHHQDXWRIRFXVFDPHUD
:DQQHHUHHQ ³OLQHDLU´ SRODULVDWLHILOWHU RS $) FDPHUD¶V ZRUGW JHEUXLNW ]DO GH DXWRIRFXV
VFKHUSVWHOOLQJHQGHDXWRPDWLVFKHEHOLFKWLQJVUHJHOLQJQLHWFRUUHFWIXQFWLRQHUHQ
$'$37(55,1*PPP
'RRUJHEUXLNWHPDNHQYDQGHELMJHOHYHUGHDGDSWHUULQJEHVWDDWGHPRJHOLMNKHLGRPRSGH
YRRU]LMGHYDQKHWREMHFWLHIHHQPPILOWHUWHSODDWVHQ
Ŧ'H]H DGDSWHUULQJ NDQ DOOHHQ JHEUXLNW ZRUGHQ LQ FRPELQDWLH PHW HHQ $36& IRUPDDW
VHQVRU9LJQHWWHULQJNDQ YRRUNRPHQ LQGLHQ GHDGDSWHUULQJ ZRUGWJHEUXLNWLQ FRPELQDWLH
PHWHHQFDPHUDPHWHHQVHQVRUYDQHHQJURWHUIRUPDDWGDQ$36&
Ŧ%HYHVWLJJHHQSRODULVDWLHILOWHURSGHDGDSWHUULQJ,QGLHQXHHQSRODULVDWLHILOWHUEHYHVWLJW
NDQKHWYRRUNRPHQGDWKHWQLHWPHHUPRJHOLMNLVGH]HQDGHUKDQGZHHUWHYHUZLMGHUHQ
Ŧ,QGLHQ GH DGDSWHUULQJ QLHW YHUZLMGHUG NDQ ZRUGHQ YDQ KHW REMHFWLHI SODDWV GDQ XZ
KDQGSDOPRSGHDGDSWHUULQJHQGUDDLWHJHQGHULFKWLQJYDQGHNORNLQ
Ŧ,QGLHQ GH DGDSWHUULQJ RS KHW REMHFWLHI LV EHYHVWLJG NDQ HU QLHW PHHU JHEUXLN JHPDDNW
ZRUGHQYDQGHELMJHOHYHUGHOHQVGRS,QGDWJHYDONXQWXHHQPPOHQVGRSELMEHVWHOOHQ
21'(5+28'(1236/$*
Ŧ9HUPLMG YDOOHQ RI VWRWHQ HQ VWHO KHW REMHFWLHI QLHW EORRW DDQ H[WUHHP KRJH RI ODJH
WHPSHUDWXUHQRIKRJHYRFKWLJKHLG
Ŧ,QGLHQKHWREMHFWLHIYRRUODQJHUHWLMGZRUGWRSJHERUJHQNLHVGDQYRRUHHQNRHOHGURJHHQ
ELM YRRUNHXU JRHG JHYHQWLOHHUGH SODDWV +RXG KHW REMHFWLHI RP EHVFKDGLJLQJ YDQ GH
OHQVFRDWLQJWHYRRUNRPHQZHJYDQPRWWHQEDOOHQRIQDIWDOLQHJDV
Ŧ*HEUXLN JHHQ WKLQQHU EHQ]LQH RI DQGHUH RUJDQLVFKH VFKRRQPDDNPLGGHOHQ RP YXLO RI
YLQJHUDIGUXNNHQYDQGH OHQVHOHPHQWHQWH YHUZLMGHUHQ *HEUXLNGDDUYRRUHHQVSHFLDDO
OHQVGRHNMHRIOHQVWLVVXHV
Ŧ'LWREMHFWLHILVQLHWZDWHUEHVWHQGLJ=RUJHUELMUHJHQRILQGHEXXUWYDQZDWHUYRRUGDWKHW
QLHWQDWZRUGW/HQVHOHPHQWHQLQWHUQHPHFKDQLVFKHGHOHQHQHOHFWULVFKHFRPSRQHQWHQ
GLHGRRUZDWHU]LMQDDQJHWDVW]LMQLQGHPHHVWHJHYDOOHQQLHWWHJHQUHGHOLMNHNRVWHQWH
KHUVWHOOHQ
Ŧ3ORWVHOLQJHWHPSHUDWXXUYHUDQGHULQJNDQFRQGHQVDWLHYHURRU]DNHQRSKHWRSSHUYODNYDQ
GH OHQV %LM KHW EHWUHGHQ YDQ HHQ ZDUPH NDPHU YDQXLW GH NRXGH EXLWHQOXFKW LV KHW
UDDG]DDP KHW REMHFWLHI LQ GH WDV WH KRXGHQ WRWGDW GH WHPSHUDWXXU YDQ KHW REMHFWLHI
RQJHYHHUJHOLMNLVDDQGLHYDQGHNDPHUWHPSHUDWXXU
1('(5/$1'6
)LOWHUVFKURHIGUDDG
6FKHUSVWHOULQJ
$IVWDQGVFKDDO
,QGH[WHNHQ
=RRPULQJ
6FKHUSVWHONHX]HVFKDNHODDU
9DWWLQJ
6WDWLHIDDQVOXLWLQJ
=RRPEORNNHULQJ
266FKDNHODDU
=RQQHNDS
$GDSWHUULQJ
/H DJUDGHFHPRV OD FRPSUD GH HVWH REMHWLYR 6LJPD 3DUD FRQVHJXLU ORV PHMRUHV
UHVXOWDGRVGHVXREMHWLYROHDDWHQWDPHQWHHVWHPDQXDOGHLQVWUXFFLRQHVDQWHVGHXWLOL]DUOR
'(6&5,3&,Ï1'(/26&20321(17(6ILJ
&È0$5$67,32$)'(1,.21
eVWHREMHWLYRIXQFLRQDLJXDOTXHODVOHQWHVGHWLSR*VLQ$SHUWXUD REMHWLYRDXWRIRFXVGH
1LNRQ 'HSHQGLHQGR GH OD FRPELQDFLyQ FRQ OD FiPDUD SXHGHQ DSDUHFHU DOJXQDV
UHVWULFFLRQHV3DUDPiVGHWDOOHVSXHGHFRQVXOWDUHOPDQXDOGHLQVWUXFFLRQHVGHODFiPDUD
HQFXHVWLyQ
&È0$5$67,32$)'(3(17$;
eVWHREMHWLYRIXQFLRQDLJXDOTXHODVOHQWHVGHWLSR)$-VLQ$SHUWXUD REMHWLYRDXWRIRFXV
GH 3(17$; 'HSHQGLHQGR GH OD FRPELQDFLyQ FRQ OD FiPDUD SXHGHQ DSDUHFHU DOJXQDV
UHVWULFFLRQHV3DUDPiVGHWDOOHVSXHGHFRQVXOWDUHOPDQXDOGHLQVWUXFFLRQHVGHODFiPDUD
HQFXHVWLyQ
&21(;,21$/&8(532'(&$0(5$
&XDQGR HO REMHWLYR VH FRQHFWD D OD FiPDUD IXQFLRQD GHO PLVPR PRGR TXH ORV REMHWLYRV
RULJLQDOHV &RQVXOWHHOPDQXDOGHLQVWUXFFLRQHVGHVXFiPDUD
Ŧ(QODVXSHUILFLHGHODPRQWXUDH[LVWHQXQDVHULHGHFRQWDFWRVHOpFWULFRV\DFRSODGRUHV
0DQWpQJDORVOLPSLRVSDUDDVHJXUDUXQDFRUUHFWDFRQH[LyQ 3DUDSUHYHQLUGDxRVHQHO
REMHWLYRWHQJDHVSHFLDOFXLGDGRDODSR\DUORFXDQGRFDPELHGHySWLFD
02'2$-867('((;326,&,21
/RVREMHWLYRV6LJPD IXQFLRQDQ DXWRPiWLFDPHQWH DO FRQHFWDUORV D VX FiPDUD 3RU IDYRU
FRQVXOWHHOPDQXDOGHVXFiPDUD
,17(5583725'(%/248(2'(/=220
(VWH REMHWLYR GLVHxDGR SRU 6LJPD LQFRUSRUD XQ PRWRU +LSHUVyQLFR +60 eVWH
SURSRUFLRQDXQHQIRTXHUiSLGR\VLOHQFLRVR
6,*0$$)\&$121$)
3DUD XWLOL]DU HO DXWRIRFR SRQJD HO VHOHFWRU HQ OD SRVLFLyQ ³$)´ ILJ6L TXLHUH HQIRFDU
PDQXDOPHQWH SRQJD HO VHOHFWRU HQ OD SRVLFLyQ ³0´ $MXVWH HO IRFR PRYLHQGR HO DUR GH
HQIRTXH
1,.21$)3(17$;$)\621<
3DUDXWLOL]DUHODXWRIRFRSRQJDODFiPDUDHQHOPRGR$)\SRQJDHOVHOHFWRUGHODySWLFD
HQODSRVLFLyQ³$)´ILJ6LTXLHUHHQIRFDUPDQXDOPHQWHSRQJDHOVHOHFWRUHQODSRVLFLyQ
³0´$MXVWHHOIRFRPRYLHQGRHODURGHHQIRTXH
3DUDFDPELDUHOPRGRGHHQIRTXHGHODFiPDUDPtUHORHQHOPDQXDOGHLQVWUXFFLRQHVGH
ODFiPDUD
(QODVPRQWXUDV1LNRQ3HQWD[\6RQ\VRORIXQFLRQDUiHO$)FRQFXHUSRVTXHVRSRUWHQORV
PRWRUHVXOWUDVyQLFRVFRPRORV+60RVLPLODUHV(QFDVRFRQWUDULRHO$)HVWDUiGHVDFWLYDGR
(VWH REMHWLYR WDPELpQ SHUPLWH HO HQIRTXH PDQXDO DXQTXH HVWp HQ PRGR DXWRPiWLFR
&RQODFiPDUDSUHSDUDGDSDUD0RGR'LVSDUR$)SXHGHDMXVWDUHOHQIRTXHPDQXDOPHQWH
GHVSXpVTXHHOREMHWLYRKD\DHQIRFDGRDXWRPiWLFDPHQWH\VHSDUHPLHQWUDVPDQWHQJD
HOERWyQGLVSDUDGRUVXDYHPHQWHSUHVLRQDGR
&XDQGRXWLOLFHHVWRVREMHWLYRVHQPRGRGHHQIRTXHPDQXDOHVUHFRPHQGDEOHFRPSUREDU
YLVXDOPHQWHSRUHOYLVRUFXDOTXLHUFDPELRGHHQIRTXH(VWRHVGHELGRDTXHORVFDPELRV
GHWHPSHUDWXUDFDXVDQTXHGLVWLQWRVHOHPHQWRVLQWHUQRVVH H[SDQGDQRFRQWUDLJDQGH
PRGRTXHQRFRLQFLGDFRQODHVFDODGHGLVWDQFLDVFRQODPHGLFLyQHIHFWLYD(VWHHIHFWR
SXHGHVHUPiVRVWHQVLEOHHQDMXVWHLQILQLWR
ż23(5$&,21=220Ž
*LUHHODURGHO=RRPKDVWDODSRVLFLyQGHVHDGD
,17(5583725'(%/248(2'(/=220
(VWH REMHWLYR HVWi HTXLSDGR FRQ XQ LQWHUUXSWRU GH EORTXHR GHO ]RRP TXH HOLPLQD HO
GHVSOD]DPLHQWRGHO]RRPFXDQGRHO REMHWLYR PLUDKDFLDDEDMR &RORTXHHO DUR GH]RRP
HQODSRVLFLyQGHPP\DMXVWHHOEORTXHRGHO]RRPDODSRVLFLyQ³/2&.´ILJ $QWHV
GHHIHFWXDUODWRPDGHVOLFHHOLQWHUUXSWRUDODSRVLFLyQ³81/2&.´
$&(5&$'(/26(/(67$%,/,=$'25Ï37,&2&$5$&7(5Ë67,&$6
eVWD OHQWH 26 FRQ HVWDELOL]DGRU ySWLFR FRPSHQVD HO GHVHQIRTXH SURYRFDGR SRU HO
PRYLPLHQWRRWHPEORU &RQGLFKDOHQWHVHSXHGHQWRPDUIRWRJUDItDVDXQDYHORFLGDGGHO
REWXUDGRU YHFHV PiV OHQWDGH ORKDELWXDO VL QR VH XVDUiHOHVWDELOL]DGRU 26 \ DXQ DVt
FRQVHJXLUUHVXOWDGRVQtWLGRV
)LMDU 26(VWDELOL]DGRUÏSWLFRFDPELDUDPRGR)LJ 3UHVLRQDUHOGLVSDUDGRUDPHGLR
FDPLQRFRQILUPDUTXHODLPDJHQHQHOYLVRUDSDUHFHHVWDEOH\HQWRQFHVWRPDUODIRWRJUDItD
7DUGDDSUR[LPDGDPHQWHVHJXQGRHQSURGXFLUXQDLPDJHQHVWDEOHWUDVKDEHUSUHVLRQDGR
HO GLVSDUDGRU (O PRGR  GHWHFWD HO WHPEORU YHUWLFDO GH OD FiPDUD \ VROXFLRQD HO
FRQVLJXLHQWHGHVHQIRTXH(VHIHFWLYRHQREMHWRVHQPRYLPLHQWR
Ŧ(OFRPSHQVDGRU GHOGHVHQIRTXH GHO HVWDELOL]DGRUySWLFR HV HIHFWLYRHQ WRPDV D PDQR
DO]DGD+D\VLWXDFLRQHVHQODVTXHHO(VWDELOL]DGRUÏSWLFRQRHVHILFLHQWH
ƒ'LVSDURVUHDOL]DGRVGHVGHXQYHKtFXORHQPRYLPLHQWR
ƒ6LHOWHPEORUHVFRQVLGHUDEOH
Ŧ1RGHEHXVDUVHHO(VWDELOL]DGRUGH,PDJHQHQODVVLJXLHQWHVVLWXDFLRQHV
ƒ&XDQGRHOREMHWLYRFiPDUDHVWpPRQWDGRVREUHXQWUtSRGH
ƒ0RGRGHH[SRVLFLyQ%±%XOEWLHPSRGHH[SRVLFLyQODUJR
Ŧ/DDOLPHQWDFLyQGHOHVWDELOL]DGRUySWLFRSURYLHQHGHODFiPDUD6LHOHVWDELOL]DGRUySWLFR
HVWiDFWLYDGRODFDSDFLGDGGHGLVSDURVHUiPHQRUGHORKDELWXDO6LQRVHGHVHDXVDUHO
(VWDELOL]DGRU ÏSWLFR SDUD HYLWDU HO H[FHVLYR FRQVXPR GH EDWHUtDV GHEH SRQHUVH HQ
2))
Ŧ'HEHDVHJXUDUVHGHDSDJDU2))HO(VWDELOL]DGRUÏSWLFR26SDUDPRQWDU\GHVPRQWDU
HOREMHWLYR
Ŧ(O (VWDELOL]DGRU ÏSWLFR IXQFLRQD D SHVDU GH HOHYDU HO GHGR GHO GLVSDUDGRU GXUDQWH HO
WLHPSRLQGLFDGRSRUHOREWXUDGRU1XQFDVHGHEHGHVPRQWDUHOREMHWLYRRODVEDWHUtDVGH
OD FiPDUD PLHQWUDV HO (VWDELOL]DGRU HVWp HQ XVR \D TXH SRGUtD FDXVDU GHIHFWRV HQ HO
REMHWLYR
Ŧ$ SHVDU GH TXH HQ HO YLVRU OD LPDJHQ DSDUH]FD OLJHUDPHQWH ERUURVD LQPHGLDWDPHQWH
GHVSXpVGHODWRPD\TXHVHLQLFLHHOFLFORGHFDUJDGHOIODVKHVWRQRSURYRFDUiGHIHFWRV
HQODIRWRJUDItD
Ŧ6LVHDSDJDODFiPDUDRVHGHVPRQWDHOREMHWLYRFRQODIXQFLyQGH(VWDELOL]DGRUySWLFR
RSHUDWLYR HO REMHWLYR SXHGH HPLWLU XQ UXLGR H[WUDxR TXH QR HV VtQWRPD GH XQ PDO
IXQFLRQDPLHQWR
Ŧ3DUDPRQWXUDV6RQ\\3HQWD[VyORSXHGHQXVDUODIXQFLyQGHHVWDELOL]DGRULQFRUSRUDGD
HQHVWHREMHWLYRORVFXHUSRVGHFiPDUDVTXHVRSRUWDQPRWRUHVLPSXOVDGRVSRU RQGDV
XOWUDVyQLFDVFRPRORV+60&XDQGRXWLOLFHODIXQFLyQ26SRUIDYRUDSDJXHODIXQFLyQ
GHOHVWDELOL]DGRUySWLFRGHOFXHUSR GHODFiPDUD \ILMH HOLQWHUUXSWRU26GHOREMHWLYRHQ
21&XDQGRXWLOLFHODIXQFLyQGHOHVWDELOL]DGRUySWLFRGHODFiPDUDSRUIDYRUFDPELHHO
LQWHUUXSWRU 26 GHO REMHWLYR D OD SRVLFLyQ 2)) \ HQFLHQGD OD IXQFLyQ GHO HVWDELOL]DGRU
ySWLFRGHODFiPDUD
Ŧ(O(VWDELOL]DGRUÏSWLFR SXHGH IXQFLRQDU FRQODV&iPDUDV $) GH 1LNRQ GH ODVLJXLHQWH
OLVWD$OXVDUHVWHREMHWLYRFRQRWURVPRGHORVTXHQRHVWpQOLVWDGRVDEDMRGHEHSRQHUHO
(VWDELOL]DGRUÏSWLFRHQPRGR2))SDUDFDQFHODUODIXQFLyQHVWDELOL]DGRUD
&RQFiPDUDVGLJLWDOHVUpIOH[ )
è3XHGHFRQILUPDUORV~OWLPRVPRGHORVFRPSDWLEOHVFRQHO(VWDELOL]DGRUÏSWLFRHQQXHVWUD
SiJLQDZHE
$52<=$3$7$'(75Ë32'(
(VWHREMHWLYRHVWiHTXLSDGRFRQXQD]DSDWDSDUDWUtSRGH&XDQGRDIORMHHOFLHUUHGHODURHO
REMHWLYR\ODFiPDUDJLUDUiQOLEUHPHQWHSDUDIDFLOLWDUOHHOHQFXDGUHYHUWLFDOXKRUL]RQWDOILJ
&Ï02'(60217$5(/$52'(/75Ë32'(
([LVWH ODSRVLELOLGDG GHVDFDUHODURGHOWUtSRGHSDUDXWLOL]DU HO REMHWLYRHQIRWRJUDItDD
PDQRVLQpO3DUDHIHFWXDUORSULPHURGHVHQURVTXHHOERWyQGHEORTXHR\DOLQHHODVHxDO
GHODURFRQODSRVLFLyQź5(029(ILJ
'HVSXpVWLUHGHODURKDFLDDWUiVWDOFRPRVHLQGLFDHQODILJ\ViTXHOR
Ŧ&XDQGRGHVHHYROYHUDFRORFDUORVLJDORVSDVRVGHVFULWRVHQIRUPDLQYHUVD
Ŧ3RUIDYRUQRFRORTXHHODURHQODSRVLFLyQź5(029(H[FHSWRFXDQGRTXLHUDVDFDUORR
SRQHUORHQ FDVR FRQWUDULR HODURSRGUtD GHVSOD]DUVH GH VXSRVLFLyQ LQDGYHUWLGDPHQWH
5HFXHUGHEORTXHDUHODURFRQHOERWyQGHEORTXHRSDUDHYLWDUTXHJLUH
Ŧ&XDQGRHOREMHWLYRHVWiPRQWDGRHQODFiPDUDQRVHTXHGHVDFDUHODUR
&255($
&RORTXHODFRUUHDSRUORVSDVDGRUHVWDOFRPRVHPXHVWUDHQODILJXUD
',67$1&,$0,1,0$'((1)248(
/DGLVWDQFLDPtQLPDGHHQIRTXHGHHVWHREMHWLYRFDPELDVHJ~QODSRVLFLyQGHO]RRP
ILJĬ 0XHVWUDOD'LVWDQFLD0tQLPDGH(QIRTXHVHJ~QODIRFDO
ILJĭ 0XHVWUDOD$PSOLDFLyQ0i[LPDVHJ~QODIRFDO
)272*5$)t$&21)/$6+
1RXWLOLFHHOIODVKLQWHJUDGRGHODFiPDUDFRQ HVWHREMHWLYR\DTXHOHSURGXFLUiVRPEUDV
VRORXWLOLFHIODVKH[WHUQR
7(/(&219(57,'25(6
(OREMHWLYRSXHGHXWLOL]DUVHFRQORVFRQYHUWLGRUHV6LJPD[(;R[(;$SR2SFLRQDO
FRQYLUWLpQGRVH HQ XQ 7HOHREMHWLYR PP ) R HQ XQ 7HOHREMHWLYR PP
)6yORSDUDXWLOL]DUHQHQIRTXHPDQXDO
Ŧ1RXWLOLFHQLQJ~QRWURWHOHFRQYHUWLGRUDSDUWHGHORVQRPEUDGRVDQWHULRUPHQWH
Ŧ(O7HOHFRQYHUWLGRUFRQED\RQHWD3HQWD[QRHVFRPSDWLEOHFRQHVWHREMHWLYR
Ŧ6H UHFRPLHQGD XWLOL]DU OD YHUVLRQ '* GH ORV $SR 7HOHFRQYHUWLGRUHV FXDQGR VH XVDQ
FDPDUDV'6/5
Ŧ3XHGHXWLOL]DUHOHQIRTXHDXWRPiWLFRFRQ9LVLyQ'LUHFWD/LYH9LHZVLODFDPHUDHVWiHQ
PRGR$)³'HWHFFLyQSRUFRQWUDVWH´
3$5$62/
6HLQFRUSRUDFRQHOREMHWLYRXQSDUDVROH[WUDtEOHGHWLSRED\RQHWD (VWHSDUDVROD\XGDD
SUHYHQLU ORV GHVWHOORV \ UHIOHMRV SURGXFLGRV SRU OD LOXPLQDFLyQ DPELHQWDO $O FRQHFWDUOR
FRPSUXHEHTXHTXHGHFRPSOHWDPHQWHVXMHWRILJ
Ŧ3DUD JXDUGDU HO REMHWLYR \ HO SDUDVRO HQ VX FDMD SULPHUR WLHQH TXH VDFDU HO SDUDVRO \
GHVSXpVLQYHUWLUORHQHOREMHWLYRILJ
),/7526
Ŧ6RODPHQWH GHEH XWLOL]DUVH XQ ILOWUR FDGD YH] 8WLOL]DU GRV R PiV ILOWURV D OD YH]
HVSHFLDOPHQWHORVGHHIHFWRVFRPRHOSRODUL]DGRUSXHGHQFDXVDUYLxHWHRV
Ŧ&XDQGRXWLOLFHXQILOWURSRODUL]DGRUHQXQDFiPDUD$)REVHUYHTXHVHDGHWLSRFLUFXODU
6L XWLOL]D XQ ILOWUR SRODUL]DGRU GH WLSR OLQHDO HO HQIRTXH DXWRPiWLFR \ OD H[SRVLFLyQ
DXWRPiWLFDSXHGHQIXQFLRQDULQFRUUHFWDPHQWH
$1,//2$'$37$'25PPĺPP
6HVXPLQLVWUDXQDQLOORDGDSWDGRUFRQHVWHREMHWLYR3XHGHXWLOL]DUXQILOWURGHPPFRQ
HVWHREMHWLYRXWLOL]DQGRHVWH DQLOORDGDSWDGRU3RUIDYRUFRORTXHHO DQLOOR DGDSWDGRUHQOD
SDUWHIURQWDOGHOREMHWLYR
Ŧ6yORSRGUi XVDU HVWH DQLOOR DGDSWDGRU DOXVDU HO REMHWLYRFRQ FiPDUDV FRQWDPDxR GH
VHQVRU$36&6HSURGXFLUiYLxHWHRDOXVDUHVWHDQLOORDGDSWDGRUFRQFiPDUDVGLJLWDOHV
FX\RVHQVRUVHDVXSHULRUDOWDPDxR$36&
Ŧ3RU IDYRUQR XVH XQ ILOWUR SRODUL]DGRU FRQ HVWH DQLOOR DGDSWDGRU \D TXH VL OR KDFH HV
SRVLEOHTXHQRSXHGDTXLWDUORGHQXHYR
Ŧ6LQRSXHGHTXLWDUHODQLOORDGDSWDGRUGHOREMHWLYRSRQJDODSDOPDGHVXPDQRVREUHHO
DQLOOR\JLUHHQVHQWLGRDQWLKRUDULR
Ŧ&RQHODQLOORDGDSWDGRUQRSRGUiXWLOL]DUODWDSDVXPLQLVWUDGD$GTXLHUDXQDWDSDIURQWDO
GHPP
&8,'$'26%$6,&26<$/0$&(1$-(
Ŧ(YLWHORVJROSHVRODH[SRVLFLyQDWHPSHUDWXUDVH[WUHPDVDOWDVREDMDV\RKXPHGDG
Ŧ(Q FDVR GH DOPDFHQDMH SRU XQ WLHPSR SURORQJDGR HOLMD XQ OXJDU IUHVFR \ VHFR
SUHIHULEOHPHQWH FRQ EXHQD YHQWLODFLyQ 3DUD HYLWDU GDxRV HQ HO WUDWDPLHQWR GH ORV
REMHWLYRVDOpMHORVGHODVERODVRJDVGHQDIWDOLQD
Ŧ1RXWLOLFHGLOX\HQWHJDVROLQDXRWURVOLPSLDGRUHVRUJiQLFRVSDUDOLPSLDUODVXFLHGDGGH
ORVREMHWLYRV 3DUDOLPSLDUORVXWLOLFHXQSDxRGHWHODVXDYHROLPSLDREMHWLYRV
Ŧ(VWRVREMHWLYRVQRVRQLPSHUPHDEOHV &XDQGRORVXWLOLFHHQODOOXYLDRFHUFDGHODJXD
DVHJ~UHVH GH PDQWHQHUOR VHFR (V SUiFWLFDPHQWH LPSRVLEOH UHSDUDU ORV PHFDQLVPRV
LQWHUQRVHOHPHQWRVGHFULVWDO\FRPSRQHQWHVHOpFWULFRVGDxDGRVSRUHODJXD
Ŧ6L KD\ FDPELRV V~ELWRV GH WHPSHUDWXUD SXHGH KDEHU FRQGHQVDFLyQ R YHOR HQ OD
VXSHUILFLHGHOREMHWLYR &XDQGRHQWUHHQXQDKDELWDFLyQFiOLGDYLQLHQGRGHXQOXJDUIUtR
HVUHFRPHQGDEOHPDQWHQHUHOREMHWLYRHQVXFDMDKDVWDTXHVXWHPSHUDWXUDVHDVHPHMH
DODGHODKDELWDFLyQ
(63$f2/
5RVFDSDUDILOWURV
$URGHHQIRTXH
(VFDODGHGLVWDQFLDV
/tQHDGHtQGLFH
$URGHO=RRP
6HOHFWRUGHHQIRTXH
0RQWXUD
=DSDWDSDUDWUtSRGH
,QWHUUXSWRUGHEORTXHRGHO]RRP
26%RWyQ
3DUDVRO
 $QLOORDGD
S
WDGR
U
9LULQJUD]LDPRGHOODSUHIHUHQ]DDFFRUGDWDFLFRQO¶DFTXLVWRGHOYRVWURQXRYRRELHWWLYR6LJPD
9L UDFFRPDQGLDPR GL OHJJHUH DWWHQWDPHQWH OH SUHVHQWL LVWUX]LRQL SULPD GL FRPLQFLDUH D
XVDUOR&RQRVFHQGRORPHJOLRYLVDUjIDFLOHRWWHQHUQHOHPLJOLRULSUHVWD]LRQLHVRGGLVID]LRQL
(/(0(17,35,1&,3$/,ILJ
3RUWDILOWULIURQWDOHDYLWH

*KLHUDGLYDULD]LRQHGHOODIRFDOH]RRP

&RPDQGRGL/2&.VXOOR]RRP
*KLHUDGLPHVVDDIXRFR
6HOHWWRUHGLPHVVDDIXRFR ,QWHUUXWWRUH26
6FDODGHOOHGLVWDQ]H ,QQHVWR 3DUDOXFH
,QGLFHGLFROOLPD]LRQH
3DVVRDYLWHSHUWUHSSLHGH
$QHOOR$GDWWDWRUH
)272&$0(5(1,.21$)
,O IXQ]LRQDPHQWR GL TXHVWR RELHWWLYR q XJXDOH DO IXQ]LRQDPHQWR GHJOL RELHWWLYL 1LNRQ
DXWRIRFXV WLSR * VHQ]D JKLHUD GHL GLDIUDPPL 6HFRQGR OD IRWRFDPHUDVXOODTXDOHYLHQH
PRQWDWR DOFXQH IXQ]LRQL SRWUHEEHUR QRQ HVVHUH DWWLYH 3HU PDJJLRUL GHWWDJOL ELVRJQD
OHJJHUHLOPDQXDOHG¶XVRGHOODIRWRFDPHUD
)272&$0(5(3(17$;$)
,O IXQ]LRQDPHQWR GL TXHVWR RELHWWLYR q XJXDOH DO IXQ]LRQDPHQWR GHJOL RELHWWLYL 3(17$;
DXWRIRFXVWLSR)$-VHQ]DJKLHUDGHLGLDIUDPPL6HFRQGRODIRWRFDPHUDVXOODTXDOHYLHQH
PRQWDWR DOFXQH IXQ]LRQL SRWUHEEHUR QRQ HVVHUH DWWLYH 3HU PDJJLRUL GHWWDJOL ELVRJQD
OHJJHUHLOPDQXDOHG¶XVRGHOODIRWRFDPHUD
$33/,&$=,21(68/&25320$&&+,1$
8QD YROWD FKH DYUHWH LQVHULWR OR ]RRP QHOO¶LQQHVWR GHOOD IRWRFDPHUD IXQ]LRQHUj
DXWRPDWLFDPHQWHDOORVWHVVRPRGRGLXQTXDOVLDVLDOWURRELHWWLYRYLVWUX]LRQLSHUO¶XVRGHOOD
IRWRFDPHUD
/DVXSHUILFLHGHOO¶LQQHVWRSUHVHQWDXQFHUWRQXPHURGLFRQWDWWLHOHWWULFLHDOWULHOHPHQWLSHU
LOWUDVIHULPHQWR GLGDWLH LQIRUPD]LRQL9LUDFFRPDQGLDPRGL FXUDUQHODSXOL]LD ,FRQWDWWL
VRQRPROWRGHOLFDWL 'XUDQWH OH RSHUD]LRQLGLFDPELR GL RWWLFD DSSRJJLDWHO¶RELHWWLYR VX
XQDVXSHUILFLHSLDQDEDGDQGRDULYROJHUQHLQJLODSDUWHGHOODOHQWHIURQWDOHSHUHYLWDUHGL
GDQQHJJLDUHLFRQWDWWLLQTXHVWLRQH
,03267$=,21('(/02'2',(6326,=,21(
8QDYROWDPRQWDWRVXOODIRWRFDPHUDORELHWWLYR6LJPDIXQ]LRQDDXWRPDWLFDPHQWH
6LFRQVXOWLQROHLVWUX]LRQLSHUOXVRGHOFRUSRPDFFKLQD
0(66$$)82&2(0$1295$'(//2=220
4XHVWRRELHWWLYRLQFRUSRUDXQPRWRUHLSHUVRQLFR+60LOTXDOHSHUPHWWHXQDSLYHORFHH
VLOHQ]LRVDPHVVDDIXRFRDXWRPDWLFD
6,*0$$)H&$121$)
3HUDWWLYDUHO¶$XWRIRFXVLPSRVWDUHODPHVVDDIXRFRVFHJOLHQGRVXOO¶RELHWWLYRODSRVL]LRQH
³$)´ILJ4XDQGRVLGHVLGHUDPHWWHUHDIXRFRPDQXDOPHQWHVFHJOLHUHVXOO¶RELHWWLYROD
SRVL]LRQH³0´,QTXHVWRFDVRVLPHWWHDIXRFRUXRWDQGRODJKLHUDGLPHVVDDIXRFR
1,.21$)3(17$;$)H621<
3HU DWWLYDUH O¶DXWRIRFXV LPSRVWDUH VXOOD IRWRFDPHUD OD PRGDOLWj $) H VFHJOLHUH
VXOO¶RELHWWLYRODSRVL]LRQH³$)´ILJ4XDQGRVLGHVLGHUDPHWWHUHDIXRFRPDQXDOPHQWH
VFHJOLHUHVXOO¶RELHWWLYRODSRVL]LRQH³0´,QTXHVWRFDVRVLPHWWHDIXRFRUXRWDQGRODJKLHUD
GLPHVVDDIXRFR
&RQVXOWDUHLOOLEUHWWRG¶LVWUX]LRQLGHOODIRWRFDPHUDSHUYDULDUHODPRGDOLWjGLPHVVDDIXRFR
3HUDWWDFFKL1LNRQ3HQWD[H6RQ\qSRVVLEOHXVDUHVRODPHQWHODPRGDOLWj$)TXDQGRLO
FRUSRPDFFKLQDULFRQRVFHLOPRWRUHDXOWUDVXRQLFRPHOR+60/D PRGDOLWj $) QRQ q
SRVVLEOHVHLOFRUSRPDFFKLQDQRQULFRQRVFHTXHVWRWLSRGLPRWRUH
4XHVWRRELHWWLYRODVFLDODIDFROWjGLPHWWHUHDIXRFRPDQXDOPHQWHSHUVLQRDGDXWRIRFXV
LQVHULWR 6HLQIDWWLODIRWRFDPHUDqSUHGLVSRVWDSHULOPRGRGLIXQ]LRQDPHQWR2QH6KRW
$)$)6QRQF¶qFKHGDSUHPHUHDPHWDFRUVDLOSXOVDQWHGLVFDWWRHGDIDULQWHUYHQLUH
LO PHFFDQLVPR GL PHVVD D IXRFR DXWRPDWLFD FRQ VXFFHVVLYR DUUHVWR SHU RWWHQHUH
PHHGLDQWHODJKLHUDGLPHVVDDIXRFRPDQXDOHODQLWLGH]]D³SHUVRQDOL]]DWD´FKHVLSUHIHULVFH
6HXVDWHO¶RELHWWLYRFRQPHVVDDIXRFRPDQXDOHDFFHUWDWHYLGHOODQLWLGH]]DGHO TXDGUR
PHGLDQWH RVVHUYD]LRQH GLUHWWD GHOO¶LPPDJLQH FKH VL IRUPD QHO PLULQR /¶RSHUD]LRQH q
YLYDPHQWHUDFFRPDQGDELOHLQFRQVLGHUD]LRQHGHJOLVFRVWDPHQWLDLTXDOOLOSLDQRGLPHVVD
D IXRFR SXz DQGDU VRJJHWWR LQ FDVR GL WRUL VEDO]L GL WHPSHUDWXUD SDU HIIHWWR GHL TXDOL
GLYHUVLHOHPHQWLRWWLFLGHOO¶RELHWWLYRSRVVRQRGLODWDUVLILQRDHQWUDUHLQFRQWDWWRUHFLSURFR
3HUODUHJROD]LRQHVXOO¶LQILQLWRqSUHYLVWDXQDFRPSHQVD]LRQHVSHFLDOH
ޝ0$1295$'(//2=220ޞ
)DWHUXRWDUHODSUHVLQDGLJRPPDVXOODJKLHUDGHOOR]RRPVLQRDUDJJLXQJHUHODSRVL]LRQH
GHVLGHUDWD
&20$1'2',/2&.68//2=220
$QFKHTXHVWRPDFUR]RRPqGRWDWRGLXQFRPDQGRGLEORFFR>
/2&.
@GHOODIRFDOHYDULDELOHSHU
HYLWDUQHLOULODVFLRSURSULRQHOPRPHQWRLQFXLO¶RELHWWLYRqDEEDVVDWR9LSUHJKLDPRSHUWDQWRGL
UHJRODUHODIRFDOHVXOPLQLPRGL
PP
HGLDVSHWWDUHFKHLOFRPDQGRGLEORFFR>
/2&.
@GHOOR
]RRPDVVXPDODSRVL]LRQH
/2&.
ILJSULPDGLIRWRJUDIDUHSHUzDWWHQGHWHFKHO¶RELHWWLYR
VLULSRUWLGDOODSRVL]LRQHGLVEORFFR>
81/2&.
@DOODSRVL]LRQHGLEORFFR>
/2&.
@
,1)250$=,21,68//(35(67$=,21,26 67$%,/,==$725(277,&2
4XHVW¶RELHWWLYR 26 2WWLFDPHQWH 6WDELOL]]DWR HOLPLQD LO PRVVR FDXVDWR GDO WUHPROLR
LPSUHVVR DFFLGHQWDOPHQWH DOOD PDFFKLQD IRWRJUDILFD &RVu q SRVVLELOH ULSUHQGHUH D PDQR
OLEHUDFRQXQWHPSRGLVFDWWRGDOOHGXHDOOHTXDWWURYROWHSLOHQWRFRUULVSRQGHQWHDYDORUL
OXFHGDDULVSHWWRDTXHOORFKH VLGRYUHEEHXVDUHVHQ]DLOGLVSRVLWLYR26 HRWWHQHUH
IRWRXJXDOPHQWHULFFKHGLGHWWDJOLYLVLELOL
,PSRVWDUHOR6WDELOL]]DWRUH 2WWLFR VSRVWDQGR LO FXUVRUHVXOOD0RGDOLWjILJ3UHPHUHLO
SXVDQWHGLVFDWWRD PHWj FRUVD DFFHUWDUVLFKHO¶LPPDJLQHQHO PLULQR VLD IHUPD H TXLQGL
VFDWWDUH OD IRWR %LVRJQD DWWHQGHUH FLUFD XQ VHFRQGR SULPD FKH O¶LPPDJLQH YLVLELOH QHO
PLULQR VL VWDELOL]]L GRSR DYHU SUHPXWR LO SXOVDQWH D PHWj FRUVD /D PRGDOLWj ULOHYD JOL
VSRVWDPHQWLYHUWLFDOLHGHOLPLQDLWUHPROLLqXWLOHSHUULSUHQGHUHVRJJHWWLLQPRYLPHQWR
/DFRPSHQVD]LRQHGHOPRVVRDFFLGHQWDOHRSHUDWDGDOOR6WDELOL]]DWRUH2WWLFRqHIILFDFH
QHOOHULSUHVHDPDQROLEHUD
x 7XWWDYLD HVLVWRQR FRQGL]LRQL GL ULSUHVD LQ FXL OR 6WDELOL]]DWRUH 2WWLFR QRQ IXQ]LRQD
DOWUHWWDQWREHQH
x 5LSUHVDGDXQYHLFRORLQPRYLPHQWRVHLVREEDO]LVRQRGLXQDFHUWDHQWLWj
1RQXVDUHOR6WDELOL]]DWRUH2WWLFRQHOOHVHJXHQWLULSUHVH
x 4XDQGRODIRWRFDPHUDqPRQWDWDVXWUHSSLHGH
x 4XDQGRVLXVDODSRVD%WHPSROXQJR
/¶DOLPHQWD]LRQHQHFHVVDULDDOORVWDELOL]]DWRUH qGDWDGDOODIRWRFDPHUD &RQO¶RELHWWLYR
26PRQWDWRODGXUDWDGHOOHEDWWHULHGHOODIRWRFDPHUDGLPLQXLUjULVSHWWRDOODGXUDWDFKH
DYUHEEHUR VH QRQ XVDVWH O¶RELHWWLYR VWDELOL]]DWR 4XLQGL VH QRQ XVDWH OD IXQ]LRQH
6WDELOL]]DWRUH2WWLFRSHUULVSDUPLDUHOHEDWWHULHVSRVWDWHO¶LQWHUUXWWRUHVX2))
3ULPDGLWRJOLHUHRPHWWHUHO¶RELHWWLYRDVVLFXUDWHYLFKHO¶LQWHUUXWWRUHVLDVX2))
/R6WDELOL]]DWRUH2WWLFRFRQWLQXDDIXQ]LRQDUHSHUWXWWRLOWHPSRGHOO¶HVSRVL]LRQHGRSR
FKHYRLDYHWHVROOHYDWRLOGLWRGDOSXOVDQWHGLVFDWWR1RQVWDFFDWH PDLO¶RELHWWLYR GDOOD
IRWRFDPHUDTXDQGROR6WDELOL]]DWRUH2WWLFRqLQIXQ]LRQHSRWUHVWHGDQQHJJLDUOR
3XzDFFDGHFKHQHOPLULQRO¶LPPDJLQHDSSDLDPRVVDDSSHQDGRSRFKHVLqVFDWWDWRRSSXUH
TXDQGRLOIODVKLQFRUSRUDWRDOODIRWRFDPHUDLQL]LDDFDULFDUVL&LzQRQFDXVDLPPDJLQLPRVVH
6HODIRWRFDPHUDYLHQHVSHQWDRO¶RELHWWLYRWROWRTXDQGRqLQIXQ]LRQHORVWDELOL]]DWRUH
RWWLFRO¶RELHWWLYRSRWUjHPHWWHUHXQVXRQRFLzQRQYDFRQVLGHUDWRXQGLIHWWR
(¶SRVVLEOHXVDUHODIXQ]LRQH26LQFRUSRUDWDQHOO¶RELHWWLYR FRQ JOL DSSDUHFFKL 6RQ\ H
3HQWD[ SUHGLVSRVWL SHU LO PRWRUH XOWUDVRQLFR +60 4XDQGR VL XVD OD IXQ]LRQH 26
GLVDWWLYDUHODIXQ]LRQHGLVWDELOL]]D]LRQHRWWLFDQHOFRUSRPDFFKLQDHVSRVWDUHLOFXUVRUH
26SUHVHQWH QHOO¶RELHWWLYRVX214XDQGR VL XVD OD IXQ]LRQHGLVWDELOL]]D]LRQH RWWLFD
GHOOD IRWRFDPHUD VSRVWDUH LO FXUVRUH 26 SUHVHQWH QHOO¶RELHWWLYR VX 2)) H DWWLYDUH OD
VWDELOL]]D]LRQHRWWLFDGHOODIRWRFDPHUD
/R6WDELOL]]DWRUH2WWLFRIXQ]LRQDFRQOHIRWRFDPHUH1LNRQ$)HOHQFDWHQHOODWDYRODFKH
YHGHWH TXL VRWWR 4XDQGR XVDWH TXHVW¶RELHWWLYR FRQ IRWRFDPHUH 1LNRQ FKH QRQ VLDQR
TXHOOHHOHQFDWHQHOODWDEHOODULFRUGDWHYLGLSRUWDUHVX2))O¶LQWHUUXWWRUHSHUHVFOXGHUHOD
IXQ]LRQHGHOOR6WDELOL]]DWRUH2WWLFR
)RWRFDPHUH6/5GLJLWDOLH)
3RWHWHDYHUHOHLQIRUPD]LRQLSLUHFHQWLFLUFDLPRGHOOLGLIRWRFDPHUDFKHVLSRVVRQRXVDUH
FRQODIXQ]LRQHGHOOR6WDELOL]]DWRUH2WWLFRFRQVXOWDQGRODQRVWUDKRPHSDJH
3$662$9,7(3(575(33,('((&2//$5(527$17(
/RELHWWLYRSUHVHQWDQHOEDULORWWRXQSDVVRDYLWHSHU,DWWDFFRVXWUHSSLHGH 3UHYLRVEORFFR
GHOODPDQRSRODGLILVVDJJLRGHOFROODUHVLSXzIDUUXRWDUHOLEHUDPHQWHODIRWRFDPHUDLQPRGR
FKHDVVXPDVHQ]DGLIILFROWjVHFRQGRLOFDVRODSRVL]LRQHRUL]]RQWDOHRYHUWLFDOHILJ
&20(5,0829(5(,/&2//$5(3(575(33,(',
6HVLYXROHSHUGDUHXQDPDQRYUDELOLWjSLFRQYHQLHQWHDOO¶RELHWWLYRXVDWRDPDQROLEHUD
VL SXz ULPXRYHUH LO SDUWLFRODUH FROODUH SHU WUHSSLHGL LQGLVSHQVDELOH QHOOH VLWXD]LRQL FKH
ULFKLHGRQR XQ DSSRJJLR VWDELOH H VLFXUR 3ULPD GL WXWWR ELVRJQD UXRWDUH LO FROODUH QHO
SURSULR DOORJJLDPHQWR ILQR DG DOOLQHDUH L ULIHULPHQWL GHOOD SRVL]LRQH GL ³ź5(029(´
ULPR]LRQHILJ
4XLQGLVLGHYHVSLQJHUHYHUVRO¶HVWHUQRLOFROODUHILQRDOODVXDULPR]LRQHGDOODSRVL]LRQH
RSHUDWLYDFRPHYLVXDOL]]DWRQHOODILJXUD
3HUULPHWWHUHLOFROODUHVXOO¶RELHWWLYRVLGHYHULSHWHUHLQVHQVRRSSRVWRODSURFHGXUDGHVFULWWD
$WWHQ]LRQHLOFROODUHYDSRUWDWRUXRWDWRILQRDOODSRVL]LRQH³ź5(029(´VROWDQWRTXDQGR
VLGHVLGHUD ULPXRYHUOR GDOO¶RELHWWLYRR OR VL ULFROORFD LQ SRVL]LRQH RSHUDWLYDVXOOR VWHVVR
RELHWWLYR 1HOOH DOWUH FRQGL]LRQL H VLWXD]LRQL q SHULFRORVR UDJJLXQJHUH OD SRVL]LRQH
³ź5(029(´ VL ULVFKLD OD FDGXWD LQYRORQWDULD GHOO¶RELHWWLYR $OOR VWHVVR WHPSR FL VL
ULFRUGL GL ILVVDUH LO FROODUH QHOOD SRVL]LRQH GHVLGHUDWD PHGLDQWH O¶DSSRVLWD PDQRSROD GL
EORFFRFKHLPSHGLVFHODURWD]LRQHLQYRORQWDULD
4XDQGRO¶RELHWWLYRqPRQWDWRVXXQDSSDUHFFKLRIRWRJUDILFRLOFROODUHQRQSXzHVVHUHULPRVVR
&,1*+,$$75$&2//$
/DFLQJKLDDWUDFROODYDDJJDQFLDWDDJOLDSSRVLWLDWWDFFKLFRPHLOOXVWUDWRLQILJ
',67$1=$0,1,0$',0(66$$)82&2
/D GLVWDQ]D PLQLPD GL PHVVD D IXRFR GL TXHVWR RELHWWLYR FDPELD ULVSHWWR DOOD SRVL]LRQH
GHOOR]RRP
ILJԘ 0RVWUDODGLVWDQ]DPLQLPDGLPHVVDDIXRFRDGRJQLOXQJKH]]DIRFDOH
ILJԙ 0RVWUDLOPDVVLPRUDSSRUWRGLLQJUDQGLPHQWRDGRJQLOXQJKH]]DIRFDOH
)272*5$),$&21,/)/$6+
,OIODVKLQFRUSRUDWRSXzFDXVDUHGHOOHYLJQHWWDWXUHLQGHVLGHUDWH&RQTXHVWRRELHWWLYRQRQVL
GHYHXVDUHLOIODVKLQFRUSRUDWRDOODPDFFKLQDPDXQIODVKHVWHUQR
&,5&$,7(/(&219(57(5
/¶RELHWWLYRSXzHVVHUHXVDWRFRQJOL$SR7HOH&RQYHUWHUDFFHVVRUL[(;R(;D
LQL]LDUH GDOOR ]RRP WHOH PP ) R GDO WHOH ]RRP PP )
ULVSHWWLYDPHQWH HQWUDPELSRVVRQRHVVHUHXVDWLDQFKHLQPHVVDDIXRFRPDQXDOH
1RQXVDUHDOWULWHOHFRQYHUWHUFKHQRQVLDQRTXHOOLLQGLFDWL
,OWHOHFRQYHUWHUFRQPRQWDWXUD3HQWD[QRQqFRPSDWLELOHFRQTXHVWDSDUWLFRODUHRWWLFD
&RQOH5HIOH['LJLWDOL6/5VRQRFRQVLJOLDWHOHYHUVLRQL'*GHJOL$SR7HOH&RQYHUWHU
(¶SRVVLEOHXVDUHO¶DXWRIRFXVTXDQGRVLqLQPRGDOLWj/LYH9LHZVRORFRQODPRGDOLWjGL
$)DULOHYD]LRQHGLFRQWUDVWR
3$5$/8&(
,O YRVWUR RELHWWLYR q FRUUHGDWR GD XQ SDUDOXFH VWDFFDELOH FRQ DWWDFFR D EDLRQHWWD ,O
SDUDOXFH SUHYLHQH HIILFDFHPHQWH L ULIOHVVL LQWHUQL H OH LPPDJLQL IDQWDVPD FKH SRVVRQR
SURGXUVLFRQXQ¶LOOXPLQD]LRQH FRQWUROXFH'RSRDYHUDSSOLFDWR LO SDUDOXFH VLQFHUDWHYLFKH
VLDSHUIHWWDPHQWHEORFFDWRILJ
4XDQGRVLULSRQHO¶RELHWWLYRLOSDUDOXFHSXzHVVHUHDSSOLFDWRDQFKHDOO¶LQFRQWUDULRILJ
),/75,
6L SXz XVDUH XQ VROR ILOWUR SHU YROWD &RQ O¶LPSLHJR GL GXH R SL ILOWUL HR GL ILOWUL PROWR
VSHVVLFRPHLSRODUL]]DWRULqIDFLOHLQFRUUHUHLQYLJQHWWDWXUH
6H YROHWH DGRSHUDUH XQ SRODUL]]DWRUH FRQ XQD IRWRFDPHUD $) VFHJOLHWHOR GHO WLSR
³FLUFRODUH´ 8Q SRODUL]]DWRUH ³OLQHDUH´ LQIDWWL SXz FRPSURPHWWHUH LO UHJRODUH
IXQ]LRQDPHQWRVLDGHOO¶DXWRIRFXVFKHGHOVLVWHPDGLHVSRVL]LRQHDXWRPDWLFD
$1(//2$'$77$725(PPĺPP
$VVLHPH D TXHVWR RELHWWLYR q SUHYLVWR XQ DQHOOR DGDWWDWRUH *UD]LH DG HVVR q SRVVLEOH
PRQWDUHVXOO¶RELHWWLYRXQTXDOVLDVLILOWURGLGLDPWURPP /¶DQHOORYDLQVHULWRVXOO¶RELHWWLYR
FRPHVLYHGHQHOO¶LOOXVWUD]LRQH
/¶DQHOOR VL SXz XVDUH VRODPHQWH TXDQGR O¶RELHWWLYR q PRQWDWR VX IRWRFDPHUH GLJLWDOL GL
IRUPDWR$36&6HLOVHQVRUHqGLIRUPDWRPDJJLRUHO¶LPPDJLQHULVXOWHUjYLJQHWWDWD
1RQ XVDUH TXHVWRDQHOORFRQLOILOWUR3RODUL]]DWRUH 6L FRUUH LOULVFKLRGLQRQSRWHUOR SL
VWDFFDUHGDOO¶RELHWWLYR
6H DYHWH GLIILFROWj QHO WRJOLHUH O¶DQHOOR GDOO¶RELHWWLYR DSSRJJLDWHJOL VRSUD LO SDOPR GHOOD
PDQRDSHUWRHUXRWDWHLQVHQVRDQWLRUDULR
4XDQGR DQHOOR q LQVHULWR VXOO¶RELHWWLYR QRQ q SRVVLEOH DSSOLFDUH D TXHVW¶XOWLPR LO
FRSHUFKLHWWRGLVHULH6LGRYHWHDFTXLVWDUHXQFRSHUFKLHWWRGLGLDPHWURPP
&85$(&216(59$=,21(
3URWHJJHWH O¶RELHWWLYR GD FDGXWH H FROSL HG HYLWDWH GL HVSRUOR DG DOWH WHPSHUDWXUH R
XPLGLWjHFFHVVLYD
,Q SUHYLVLRQH GL XQ SUROXQJDWR SHULRGR GL LQXWLOL]]R FRQVHUYDWH O¶RELHWWLYR LQ XQ SRVWR
IUHVFRDVFLXWWR H SRVVLELOPHQWH EHQ DHUDWR (YLWDWH GL HVSRUOR D YDSRULGL FDQIRUD R
QDIWDOLQDFKHSRWUHEEHURGHWHULRUDPHLGHOLFDWLULYHVWLPHQWLDQWLULIOHVVL
1RQXVDWHVROYHQWLEHQ]LQDRDOWULGHWHUJHQWLRUJDQLFLTXDQGRVLWUDWWDGLHOLPLQDUHGDJOL
HOHPHQWLRWWLFLWUDFFHGLVSRUFRRLPSURQWHGLJLWDOL5LSXOLWHOLLQYHFHFRQXQSDQQRPRUELGR
LQXPLGLWRRFRQXQDFDUWLQDSHUOHQWL
/¶RELHWWLYRQRQqLPSHUPHDELOH)DWHFKHQRQVLEDJQLTXDQGRORXVDWHVRWWRODSLRJJLDRYLFLQR
DOO¶DFTXD6SHVVRLPHFFDQLVPLLQWHUQLJOLHOHPHQWLRWWLFLHLFRPSRQHQWLHOHWWULFLYHQJRQR
GDQQHJJLDWLLUULPHGLDELOPHQWHGDOO¶DFTXDWDQWRGDUHQGHUQHLPSRVVLELOHTXDOVLDVLULSDUD]LRQH
,PSURYYLVLVEDO]LGLWHPSHUDWXUDSRVVRQRIDYRULUHODIRUPD]LRQHGLFRQGHQVDRSURYRFDUH
OD YHODWXUD GHOOD OHQWH IURQWDOH 4XDQGR HQWUDWH LQ XQ YDQR ULVFDOGDWR PHQWUH IXRUL ID
PROWR IUHGGR YL FRQVLJOLDPR GL WHQHUH O¶RELHWWLYR QHOOD UHODWLYD FXVWRGLD ILQFKp OD VXD
WHPSHUDWXUDQRQVLVDUjDGDWWDWDDOODWHPSHUDWXUDDPELHQWH
,7$/,$12
Descargue el manual en Español (PDF, 2.21 MB)
(Piense en el medioambiente y solo imprima este manual si es de verdad necesario)

Loading…

Puntuación

Dé su opinión de la Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo calificando el producto. ¿Quiere compartir su experiencia con este producto o hacer una pregunta? Deje un comentario en la parte inferior de la página.
¿Estás satisfecho con elSigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo?
No
100%
0%
8 votos

Únase a la conversación sobre este producto

Aquí puedes compartir lo que piensas sobre Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo. Si tiene alguna pregunta, primero lea atentamente el manual. Puede solicitar un manual utilizando nuestro formulario de contacto.

Más sobre este manual

Entendemos que es bueno tener un manual en papel para tus Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo. Siempre puedes descargar el manual desde nuestro sitio web e imprimirlo tú mismo. Si deseas tener un manual original te recomendamos contactar con Sigma. Es posible que puedan proporcionar un manual original. ¿Estás buscando el manual de tu Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo en otro idioma? Elija su idioma preferido en nuestra página de inicio y busque el número de modelo para ver si lo tenemos disponible.

Especificaciones

Marca Sigma
Modelo APO 50-500MM F4.5-6.3 DG OS HSM
Categoría Objetivos
Tipo de archivo PDF
Tamaño del archivo 2.21 MB

Todos los manuales para Sigma Objetivos
Más manuales de Objetivos

Preguntas frecuentes sobre Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo

Nuestro equipo de atención al cliente busca información útil sobre los productos y responde a las preguntas frecuentes. Si encuentra inexactitudes en las preguntas frecuentes, indíquenoslo usando nuestro formulario de contacto.

¿Qué significa la “f” en relación con las lentes para cámara? Verificado

La relación f representa la reciprocidad de la apertura relativa. Es la relación entre la distancia focal del sistema y el diámetro de la pupila de entrada. Una relación f más alta significa una entrada más pequeña y, por lo tanto, menos luz que entra en la lente.

Ha sido de gran ayuda (18) Leer más
Manual de uso Sigma APO 50-500MM F4.5-6.3 DG OS HSM Objetivo

Productos relacionados

Categorias relacionadas