616758

Sigma 120-300mm f2.8 DG OS HSM S Seite 2

2
Zoom out
Zoom in
Vorherige Seite
1/2
Nächste Seite
7DFNI¸UDWWGXYDOGH6LJPD )¸UDWWI§XWVW¸UVWDP¸MOLJDQ\WWDRFKQ¸MHDY
GLWW 6LJPD REMHNWLY UHNRPPHQGHUDU YL DWW GX O¦VHU LJHQRP GHQQD
EUXNVDQYLVQLQJLQQDQGXE¸UMDUDQY¦QGDREMHNWLYHW
'(/$51$61$01)LJ
Ĭ)LOWHUJ¦QJD
ĭ=RRPULQJ
Į)RNXVULQJ
į$YVW§QGVVNDOD
İ,QGH[OLQMH
ı)DWWQLQ
J
IJ2PNRSSODUHIRNXVIXQNWLRQ
ij)RNXVRPU§GHVEHJU¦QVDUH
Ĵ26NQDSS
ĵ&XVWRP0RGH2PNRSSODUHQ
Ķ6WDWLYJ¦QJD
ķ0RWOMXVVN\GG
1,.21$).$0(525
'HWWD REMHNWLY IXQJHUDU S§ VDPPD V¦WW VRP 1LNRQ * XWDQ EO¦QGDUH
DXWRIRNXV REMHNWLY %HURHQGH S§ YLONHQ NDPHUDPRGHOO VRP DQY¦QGV NDQ
YLVVD IXQNWLRQHU VNLOMD )¸U \WWHUOLJDUH GHWDOMHU RP GHWWD VH NDPHUDQV
EUXNVDQYLVQLQJ
0217(5,1*3.$0(5$1
6LJPDREMHNWLYKDUH[DNWVDPPDIDWWQLQJVRPGLQNDPHUDVRULJLQDOREMHNWLY
)¸OM G¦UI¸U EUXNVDQYLVQLQJHQ WLOO GLQ NDPHUD I¸U DWW V¦WWD S§ RFK WDJD DY
REMHNWLY
3§IDWWQLQJHQĥQQVHWWDQWDOHOHNWULVNDNRQWDNWHURFKNRSSOLQJDU6HWLOODWW
K§OOD GHVVD UHQD I¸U DWW I§ E¦VWD NRQWDNW 9LG REMHNWLYE\WH VH WLOO DWW
REMHNWLYHWVIURQWK§OOVQHG§WI¸UDWWXQGYLNDDWWREMHNWLYHWVNDGDV
,167//1,1*$9(;321(5,1*6)81.7,21
6LJPDREMHNWLYVW¦OOVDXWRPDWLVNWLQS§U¦WWIXQNWLRQQ¦UREMHNWLYHWPRQWHUDV
S§NDPHUDQ6HGLQNDPHUDVEUXNVDQYLVQLQJ
6.53(,167//1,1*2&+=220,1*
'HWWDRELMHNWLY ¦UIRUVHWWPHGHQ LQE\JJG+60PRWRU+\SHU6RQLF0RWRU
+60PRWRPPHGJHUVQDEERFKW\VWDXWRPDWLVNVN¦USHLQVW¦OOQLQJ
䇶6,*0$$)RFK&$121$)䇷
)¸UDXWRIRNXVIXQNWLRQY¦OMIRNXVO¦JHS§REMHNWLYHWWLOOß$)à)LJ2PGX
¸QVNDUDWWIRNXVHUDPDQXHOOWY¦OMIRNXVO¦JHS§REMHNWLYHWLO¦JHà0à'XNDQ
QXIRNXVHUDJHQRPDWWYULGDS§REMHNWLYHWVIRNXVULQJ
䇶1,.21$)䇷
)¸UDXWRIRNXVIXQNWLRQY¦OMIRNXVO¦JHS§REMHNWLYHWWLOOß$)à)LJ2PGX
¸QVNDUDWWIRNXVHUDPDQXHOOWY¦OMIRNXVO¦JHS§REMHNWLYHWLO¦JHà0à'XNDQ
QXIRNXVHUDJHQRPDWWYULGDS§REMHNWLYHWVIRNXVULQJ
9¦QOLJHQO¦VLNDPHUDQVLQVWUXNWLRQVERNRPKXUGX¦QGUDUIRNXVHULQJVO¦JHW
)¸U 1LNRQ IXQJHUDU HQGDVW DXWRIRNXV PHG NDPHUDKXV VRP VW¸GMHU
XOWUDOMXGVPRWRU W\S +60 $XWRIRNXV NRPPHU LQWH DWW IXQJHUD RP
NDPHUDKXVHWLQWHVW¸GMHUGHQQDW\SDYIRNXVHULQJVPRWRU
0HGGHWWDREMHNWLYNDQGXVW¦OODLQVNDUSDQPDQXHOOW¦YHQLDXWRIRNXVO¦JH
0HGNDPHUDQLQVW¦OOGS§2QH6KRW$)$)6J§UGHWDWWMXVWHUDVN¦USDQ
PDQXHOOWHIWHUGHWDWWREMHNWLYHWVDXWRIRNXVPRWRUVWDQQDWV§O¦QJHVRP
NDPHUDQVDYWU\FNDUHK§OOVKDOZ¦JVQHUW\FNW
)¸U DWW XQGYLND VNDGRU S§ REMHNWLYHW XQGYLN DWW PDQXHOOW YULGD S§
REMHNWLYHWVIRNXVHULQJVULQJQ¦UREMHNWLYHW¦ULQVW¦OOWS§DXWRIRNXV
ż=220,1*Ž
9ULG]RRPULQJHQI¸UDWWVW¦OODLQ¸QVNDGEU¦QQYLGG
$9671'6%(*516$5(
2EMHNWLYHW¦UXWUXVWDWPHGHQDYVW§QGVEHJU¦QVDUHVRPP¸MOLJJ¸UEHJU¦QVQLQJ
DY DYVW§QGVRPU§GHW VRP REMHNWLYHW V¸NHU LQRP I¸U VQDEEDUH IRNXVWHNQLN
)LJ'HWĥQQVWUHDOWHUQDWLYDWWY¦OMDS§
z
)8//1¦UJU¦QVaп
z
Pa п
z
1¦UJU¦QVaP
2026237,6.67$%,/,6(5,1*)81.7,21(1
'HWWD26REMHNWLYNRPSHQVHUDUEUDI¸UVXGGLJDELOGHURUVDNDGHDYNDPHUDQV
RDYVLNWOLJDU¸UHOVHU0HG GHWWD REMHNWLY NDQ GX IRWRJUDIHUDPHG VOXWDUWLGHU
FD  VOXWDUVWHJ O§QJVDPPDUH ¦Q YDG VRP VNXOOH YDUD P¸MOLJW PHG 26
IXQNWLRQHQIU§QNRSSODG5HVXOWDWÚVNDUSDVNDNQLQJVIULDELOGHU
6W¦OO LQ 26 NQDSSHQ S§ 0RGH )LJ 7U\FN QHU DYWU\FNDUHQ KDOYY¦JV
NRQWUROOHUDDWWELOGHQ¦UVNDUSLV¸NDUHQWU\FNVHGDQQHUDYWU\FNDUHQKHOWI¸U
DWWWDGLQELOGGHWWDUFDVHNDWW§VWDGNRPPDHQVNDUSELOGHIWHUGHWDWW
GXWU\FNWQHUDYWU\FNDUHQKDOYY¦JV
0RGHNRPSHQVHUDUPRWYHUWLNDODRIULYLOOLJDNDPHUDU¸UHOVHUDOOWV§HIIHNWLY
PRWI¸UHP§OLU¸UHOVH
26¦UHIIHNWLYWYLGKDQGK§OOHQIRWRJUDIHULQJ9LGIRWRJUDIHULQJIU§QIRUGRQL
U¸UHOHNDQ26IXQJHUDPLQGUHEUDSJDI¸UVWDUNDVNDNQLQJDU
$QY¦QGLQWH26Q¦UREMHNWLYHW¦UPRQWHUDWS§VWDWLYHOOHUYLGWDJQLQJS§WLG%
26 IXQNWLRQHQ I§U VWU¸P IU§QNDPHUDQV EDWWHULHU .DPHUDQ .$1 UHDJHUD
O§QJVDPPDUH RP 26 ¦U S§ 2P GX LQWH GLUHNW DQY¦QGHU 26 ¦U GHW DWW
I¸UHGUDDWWV¦WWD26NQDSSHQLO¦JH2))I¸UDWWVSDUDEDWWHULHURFKI¸UDWW
K¸MDEHUHGVNDSHQS§NDPHUDQ
6¦WW26NQDSSHQLO¦JH2))LQQDQGXPRQWHUDUHOOHUWDUDYREMHNWLYHWIU§Q
NDPHUDQ
26 IXQNWLRQHQ IRUWV¦WWHU DWW YDUD L IXQNWLRQ HIWHU GHW DWW GX VO¦SSW
DYWU\FNDUHQ PHG ĥQJUHW V§ O¦QJH VRP H[SRQHULQJVP¦WDUHQ YLVDU
H[SRQHULQJVY¦UGH 7DJ DOGULJ DY REMHNWLYHW IU§Q NDPHUDQ RFK WDJKHOOHU
DOGULJXUNDPHUDQVEDWWHULHUV§O¦QJHVRP26¦ULIXQNWLRQ2EMHNWLYHWNDQL
V§IDOOVNDGDV
3UHFLVHIWHUGHWDWWGXWDJLWGLQELOGNDQGHWK¦QGDDWWELOGHQVNDNDUWLOOL
V¸NDUHQRFKDWWEOL[WHQVWDUWDUODGGD'HWWDS§YHUNDULQWHGHQELOGGXMXVWWDJLW
2P NDPHUDQVLQWH¦U S§ HOOHURPREMHNWLYHW WDV ERUW G§ ELOGVWDELOLVDWRUQ
NDQGHWWDRUVDNDHWWROMXGGHWWD¦UGRFNQRUPDOWRFKLQJHQIHOIXQNWLRQ
*¦OODQGH&DQRQVDPW1LNRQIDWWDGHREMHNWLYV§IXQJHUDU26IXQNWLRQHQL
NDPHURUPHGĥOPL(1'$67L&DQRQ(269VDPW1LNRQ)
ß&8672002'(à20.233/$5(
*HQRP DWW DQY¦QGD 86%HQKHWHQ V§OG VHSDUDW PHG GHQ DQSDVVDGH
SURJUDPYDUDQ ¦U GHW P¸MOLJW DWW DQSDVVD IRNXVHULQJVKDVWLJKHW 26HIIHNW
VDPW IRNXVEHJU¦QVQLQJHQV RPU§GH RFK VSDUD GHVVD LQVW¦OOQLQJDU PHG
ß&XVWRPPRGHàRPNRSSODUHQ<WWHUOLJDUHLQIRUPDWLRQKLWWDUGXXQGHUà+HOSà
L6,*0$2SWLPL]DWLRQ3UR0HQ\Q
)¸U YDUGDJVEUXN Y¦QOLJHQ VW¦QJ DY ß&XVWRP 0RGH 2PNRSSODUHQà L
2))O¦JH)RNXVEHJU¦QVQLQJHQVRPNRSSODUHIXQJHUDU,17(L21O¦JHRFK
O¦JH&HOOHU&ĥJ
86%HQKHWHQ ¦U DQSDVVDG I¸U UHVSHNWLYH IDWWQLQJ 9¦QOLJHQ DQY¦QG GHQ
86%HQKHW VRP PRWVYDUDU GLQ REMHNWLYIDWWQLQJ 86%HQKHWHU I¸U DQGUD
REMHNWLYIDWWQLQJDUIXQJHUDUSDVVDU,17(
6,*0$ 2SWLPL]DWLRQ 3UR ¦U QHGODGGQLQJVEDU XWDQ NRVWQDG IU§Q I¸OMDQGH
ZHEEDGGUHVV KWWSZZZVLJPDJOREDOFRPGRZQORDG
67$7,9*1*$2&+95,'%$57)67(
2EMHNWLYHW ¦U I¸UVHWW PHG HQ VWDWLYJ¦QJD S§ GHW YULGEDUD I¦VWHW /RVVD
O§VVNUXYHQ S§ I¦VWHW I¸U DWW NXQQD ¦QGUD NDPHUDLQVW¦OOQLQJHQ )¸U
K¸MGIRUPDWI¸UWY¦UIRUPDWHOOHUEDUDI¸UĥQMXVWHULQJĥJ
6+57$5'8$967$7,9)67(7
'HW J§U DWW WD DY VWDWLYI¦VWHW S§ REMHNWLYHW RP GX YLOO /RVVD I¸UVW
O§VVNUXYHQ S§ VWDWLYI¦VWHW YULG VHGDQ VWDWLYI¦VWHW V§ DWW LQGH[P¦UNHW
NRPPHUPLWWI¸U5(029(ĥJ
)¸UVHGDQVWDWLYI¦VWHWEDN§W¸YHUREMHNWLYHWĥJ
)¸UDWW§WHUPRQWHUDVWDWLYI¦VWHWS§REMHNWLYHWJ¸U GXVRPEHVNULYV RYDQ
IDVWWY¦UWRP
6W¦OO LQWH LQ VWDWLYI¦VWHW L 5(029(O¦JHXWRPQ¦UGXVNDWDDYHOOHU
PRQWHUDVWDWLYI¦VWHW2EMHNWLYHWNDQG§DYPLVVWDJIDOODXUVWDWLYI¦VWHW6H
RFNV§WLOODWWO§VDIDVWVWDWLYI¦VWHWPHGO§VVNUXYHQV§DWWREMHNWLYHWLQWH
URWHUDURDYVLNWOLJW
6WDWLYI¦VWHWNDQHMWDVDYQ¦UREMHNWLYHW¦UPRQWHUDWS§NDPHUDQ
207(/(&219(57(56
2EMHNWLYHWNDQDQY¦QGDVWLOOVDPPDQVPHGPHG6LJPD;(;HOOHU;(;
$SR7HOH&RQYHUWHU7LOOEHK¸U 2EMHNWLYHW I¸UYDQGODV G§ WLOO PP)
WHOHREMHNWLYHOOHUPP)WHOHREMHNWLY
$QY¦QGLQWHDQGUD7HOHFRQYHUWHUV¦QGHRYDQOLVWDGH
9L UHNRPPHQGHUDU DWW DQY¦QGD VLJ DY '* YHUVLRQ $32 7HOHFRQYHUWHUV
WLOOVDPPDQVPHG'LJLWDOD6/5NDPHURU
,OLYHYLHZO¦JHWIXQJHUDU$XWRIRNXVI¸UXWVDWWDWWNDPHUDQVW§ULßNRQWUDVW
$)O¦JHàVHEUXNVDQYLVQLQJHQ
027/-866.<''
(WW O¸VWDJEDUW PRWOMXVVN\GG DY EDMRQHWWW\S OHYHUHUDV PHG REMHNWLYHW 9L
UHNRPPHQGHUDU DWW GX DOOWLG DQY¦QGHU PRWLMXVVN\GGHW S§ REMHNWLYHW YLG
IRWRJUDIHULQJI¸UDWWI¸UKLQGUDR¸QVNDG,MXVS§YHUNDQ6¦WWS§PRWOMXVVN\GGHW
YULGPHGVROVWLOOVGHWVWDQQDURFK,§VIDVWPHGO§VVNUXYHQĥJ
9LGVDPWLGLJI¸UYDULQJDYREMHNWLYRFKPRWOMXVVN\GGLPHGI¸OMDQGHY¦VND
WDJI¸UVWDYPRWOMXVVN\GGHWRFKV¦WWVHGDQS§GHWEDNIUDPS§REMHNWLYHW
$;(/5(0
0RQWHUD D[HOUHPPHQ L UHP¸JORUQD VRP YLVDV L ĥJXU  .RQWUROOHUD DIW
UHPPHQVLWWHUVWDGLJW
),/7(5
$QY¦QG HQGDVW HWW ĥOWHU L WDJHW )OHU ĥOWHU HOOHU ULNWLJW WMRFND ĥOWHU NDQ
RUVDNDYLQMHWWHULQJ
$QY¦QGHU GX SRODULVDWLRQVĥOWHUVH WLOO DWW GHW ¦U DY GHQ àFLUNXO¦UDàW\SHQ
VRPSDVVDUWLOODXWRIRNXV
2PĥOWHUDQY¦QGVWLOOVDPPDQVPHG$36&DGDSWHUQV¦WWI¸UVWIDVWĥOWUHW
S§REMHNWLYHWVĥOWHUJ¦QJDRP ĥOWUHWV¦WWVS§DGDSWHUQNDQGHWWDJHVN
YLQMHWWHULQJ
(;321(5,1*6.203(16$7,21
%O¦QGDUY¦UGHW S§ PDNURREMHNWLYHW ¦QGUDV YLG IRNXVHULQJHQ EHURHQGH S§
XWGUDJHWS§REMHNWLYHW2PGXDQY¦QGHUHQ77/V\VWHPNDPHUDNRPSHQVHUDU
NDPHUDQVDXWRPDWLNI¸UGHWWD2P GX DQY¦QGHU HQ O¸VOMXVP¦WDUHHOOHUHQ
LFNH77/EOL[WP§VWHGXNRUULJHUDH[SRQHULQJHQYLGNRUWDDYVW§QG7DE
95'$',772%-(.7,9
8QGYLNH[WUHPDWHPSHUDWXUHURFKVN\GGDREMHNWLYHWPRWVW¸WDURFKVODJ
9LGO¦QJUHWLGVI¸UYDULQJY¦LMHQNDOORFKWRUUSODWV8QGYLNQDIWDOLQVRPNDQ
VNDGDREMHNWLYHWVDQWLUHĦH[EHKDQGOLQJ
$QY¦QG DOGULJWLQQHUEHQVLQ HOOHU DQGUDRUJDQLVNDY¦WVNRU9LG UHQJ¸ULQJ
DQY¦QGHQPMXNOLQVSXWVWUDVDVRPGXNDQN¸SDLGLQIRWRDII¦U
2EMHNWLYHW¦ULQWHYDWWHQV¦NHUW6N\GGDGHWPRWUHJQVQ¸HOOHUYDWWHQVW¦QN
3O¸WVOLJD WHPSHUDWXUY¦[OLQJDU NDQ RUVDND NRQGHQV S§ REMHNWLYHW 9¦QWD
WLOOV REMHNWLYHW RFK NDPHUDQ I§WW VDPPD WHPSHUDWXU VRP RPJLYQLQJHQ
LQQDQGXDQY¦QGHUGHQLJHQ
69(16.$
7DNIRUGL'HKDUNºEWHW6LJPDREMHNWLY)RUDWI§GHQPDNVLPDOH\GHHYQHRJ
JO¨GH DI 'HUHV 6LJPD REMHNWLY DQEHIDOHU YL DW 'H O¨VHU GHQQH
EUXJVYHMOHGQLQJJUXQGLJWLQGHQREMHNWLYHWEUXJHV
%(6.5,9(/6($)'(/(1(ĥJ
Ĭ)LOWHULQGVNUXQLQJVJHYHLQG
ĭ=RRPULQJ
Į)RNXVHULQJVULQJ
į$IVWDQGVVNDOD
İ,QGH[
ı%DMRQHWIDWQLQ
IJ)RNXVHULQJVPHWRGHRPVNLIWHU
ij)RNXVEHJU¨QVHU
Ĵ26RPVNLIWHUHQ
ĵ&XVWRP0RGH6ZLWFK
Ķ6WDWLYJHYLQG
ķ0RGO\VEO¨QGH
1,.21$).$0(5$(5
'HWWH REMHNWLY IXQJHUHU S§ VDPPH P§GH VRP 1LNRQ * 7\SH DXWRIRNXV
REMHNWLYHU REMHNWLYHU XGHQ EO¨QGHLQGVWLOOLQJ $IK¨QJLJ DI NDPHUDPRGHO
NDQ GHU Y¨UH YLVVH EHJU¨QVQLQJHU L IXQNWLRQHUQH 6H NDPHUDHWV
EUXJVDQYLVQLQJIRUĦHUHRSO\VQLQJHU
0217(5,1*3.$0(5$+86(7
'HWWH REMHNWLY YLO YHG S§V¨WQLQJ S§ NDPHUDKXVHW DXWRPDWLVN IXQJHUH S§
QºMDJWLJWVDPPHP§GHVRPHWDOPLQGHOLJWREMHNWLY6HYHQOLJVWYHMOHGQLQJHQ
LNDPHUDHWVEUXJVDQYLVQLQJ
Ŧ3§ EDMRQHWIDWQLQJHQV RYHUĦDGH HU GHU HW DQWDO NREOLQJHU RJ HOHNWULVNH
NRQWDNWHU 6ºUJ IRU DW GLVVH HU UHQH IRU DW VLNUH JRG IRUELQGHOVH )RU DW
XQGJ§EHVNDGLJHOVHDIREMHNWLYHWVºUJGDIRUDWSODFHUHGHWPHGIURQWHQ
QHGDGYHGREMHNWLYVNLIW
9$/*$)(.6321(5,1*60(72'(
6LJPDREMHNWLYHWIXQJHUHU DXWRPDWLVNHIWHUPRQWHULQJS§NDPHUDKXVHW6H
YHQOLJVWNDPHUDHWVEUXJVDQYLVQLQJ
)2.86(5,1*2*=220)81.7,21
'HWWHREMHNWLYKDU6LJPDVLQGE\JJHGH+\SHU6RQLF0RWRU+60+60VLNUHU
HQKXUWLJRJO\GOºVIRNXVHULQJ
䇶6,*0$$)RJ&$121$)䇷
)RU DXWRIRNXVIXQNWLRQ VWLOOHV IRNXVY¨OJHUHQ S§ REMHNWLYHW ĥJ S§ à$)à
LQGVWLOOLQJ+YLVGXºQVNHUDWIRNXVHUHPDQXHOWVWLOOHVIRNXVY¨OJHUHQS§à0à
LQGVWLOOLQJ'XNDQMXVWHUHIRNXVHULQJHQYHGDWGUHMHIRNXVHULQJVULQJHQ
䇶1,.21$)䇷
)RUDXWRIRNXVIXQNWLRQY¨OJHV$)IXQNWLRQS§NDPHUDHWRJIRNXVY¨OJHUHQS§
REMHNWLYHW ĥJ VWLOOHV S§ S§ à$)à LQGVWLOOLQJ +YLV GX ºQVNHU DW IRNXVHUH
PDQXHOW VWLOOHV IRNXVY¨OJHUHQ S§ à0à LQGVWLOOLQJ 'X NDQ MXVWHUH
IRNXVHULQJHQYHGDWGUHMHIRNXVHULQJVULQJHQ
Ŧ6HYHQOLJVW,NDPHUDHWVEUXJVDQYLVQLQJKYRUGDQNDPHUDHWVIRNXVIXQNWLRQ
Y¨OJHV
Ŧ)RU1LNRQPRGHOOHUHUGHWNXQPXOLJWDWDQYHQGH$)PHGNDPHUDKXVHGHU
XQGHUVWºWWHU PRWRUHU GUHYHW DI XOWUDO\GEºOJHU V§ VRP +60 $) YLO LNNH
IXQJHUHKYLVNDPHUDKXVHWLNNHXQGHUVWºWWHUGHQQHPRWRUW\SH
Ŧ'HWWHREMHNWLYJLYHURJV§PXOLJKHGIRUDWIRNXVHUHPDQXHOWVHOYRPGHWHU
LQGVWLOOHW WLO DXWRIRNXV 0HG NDPHUDHW LQGVWLOOHW S§ 2QH6KRW $) $)6
NDQ IRNXVHULQJHQ MXVWHUHV PDQXHOW HIWHU DW REMHNWLYHW KDU IRNXVHUHW
DXWRPDWLVNPHQVXGOºVHUNQDSSHQWU\NNHVKDOYWQHG
Ŧ1§U PDQ EUXJHU GHWWH REMHNWLY L PDQXHO IRNXV YLO YL DQEHIDOH DW PDQ
EHNU¨IWHU GHQ NRUUHNWH IRNXVHULQJ L NDPHUDHWV VºJHU 'HWWH DQEHIDOHV
IRUGL GHU NDQ IRUHNRPPH PLQLPDOH IRNXV¨QGULQJHU S J D HNVWUHPH
WHPSHUDWXUIRUVN\GQLQJHU KYLONHWLJHQ NDQ IRU§UVDJH DW HQNHOWH
NRPSRQHQWHULREMHNWLYHWNDQXGYLGHVLJ'HUHUWDJHWKºMGHIRUGHWWHQ§U
REMHNWLYHWVWLOOHVS§XHQGHOLJW
)2.86%(*516(5.1$3
'HWWH REMHNWLY HU IRUV\QHW PHG HQ IRNXVEHJU¨QVHU GHU JºU GHW PXOLJW DW
EHJU¨QVH$)RPU§GHWĥJ'HUNDQY¨OJHVPHOOHPIºOJHQGHWUHLQGVWLOOLQJHU
ä )8//1¨UJU¨QVHaп
ä Pa п
ä 1¨UJU¨QVHaP
2026237,&$/67$%,/,=(5)81.7,21
'HWWH 26 2SWLFDO 6WDELOL]HU REMHNWLY UHGXFHUHU XVNDUSKHG IRU§UVDJHW DI
NDPHUDU\VWHOVHU 0HG GHWWH REMHNWLY NDQ GX WDJH VNDUSH ELOOHGHU PHG
OXNNHUWLGHUFDWULQODQJVRPPHUHHQGGHWHUPXOLJWXGHQ26IXQNWLRQ
6¨W 26 2SWLFDO 6WDELOL]HUᲣRPVNLIWHUHQ S§  ĥJ 7U\N XGOºVHUNQDSSHQ
KDOYWQHGNRQWUROOHUDWELOOHGHWLVºJHUHQHUVNDUSWRJWDJELOOHGHW'HWWDJHU
FD  VHNXQG IUD XGOºVHUNQDSSHQ WU\NNHV KDOYW QHG WLO ELOOHGHWHU
VWDELOLVHUHW ,QGVWLOOLQJ  UHJLVWUHUHU YHUWLNDOH NDPHUDEHY¨JHOVHU RJ
UHGXFHUHUXVNDUSKHG(IIHNWLYWWLOPRWLYHULEHY¨JHOVH
Ŧ2SWLFDO 6WDELOL]HUÝHQV NRPSHQVDWLRQ IRU NDPHUDU\VWHOVHU HU HIIHNWLY YHG
K§QGKROGWH RSWDJHOVHU 8QGHU GH IºOJHQGH IRUKROG HU 2SWLFDO 6WDELOL]HU
IXQNWLRQHQPXOLJYLVLNNHWLOVWU¨NNHOLJ
ä 2SWDJHOVHUIUDHWNºUHWºMLEHY¨JHOVH
ä +YLVGHUHUNUDIWLJHU\VWHOVHUHOOHUEHY¨JHOVHUDINDPHUDHW
Ŧ$QYHQGLNNH2SWLFDO6WDELOL]HUÝHQLIºOJHQGHVLWXDWLRQHU
ä 1§UREMHNWLYHWHUPRQWHUHWS§HWVWDWLY
ä 9HGRSWDJHOVHUS§%XOEODQJWLGVHNVSRQHULQJ
Ŧ2SWLFDO6WDELOL]HUIXQNWLRQHQI§UVWUºPIUDNDPHUDHW1§U26REMHNWLYHWHU
PRQWHUHWS§ NDPHUDHWRJ DNWLYHUHWYLO NDPHUDHWVRSWDJHNDSDFLWHWS§ HW
V¨WEDWWHULHUY¨UHPLQGUHHQGPHGNRQYHQWLRQHOOHREMHNWLYHU+YLVGXLNNH
DQYHQGHU 2SWLFDO 6WDELOL]HU EºU GX VWLOOH 26 RPVNLIWHUHQ S§ 2))IRUDW
VSDUHS§EDWWHULHW
Ŧ+XVN DW VWLOOH 26 RPVNLIWHUHQ S§ 2)) LQGVWLOOLQJ LQGHQ REMHNWLYHW
PRQWHUHVHOOHUDIPRQWHUHV
Ŧ2SWLFDO 6WDELOL]HUÝHQ IRUWV¨WWHU PHG DW IXQJHUH HIWHU DW GX KDU VOXSSHW
XGOºVHUNQDSSHQ V§ O¨QJH NDPHUDHW YLVHU HNVSRQHULQJVY¨UGLHQ
2EMHNWLYHW P§ LNNH DIPRQWHUHV HOOHU NDPHUDHWV EDWWHUL IMHUQHV PHQV
6WDELOL]HUÝHQHULIXQNWLRQGDGHWNDQEHVNDGLJHREMHNWLYHW
Ŧ6HOYRPVºJHUELOOHGHWNDQYLUNHU\VWHWXPLGGHOEDUWHIWHURSWDJHOVHQRJYHG
VWDUWDIRSODGQLQJHQDIGHQLQGE\JJHGHĦDVKYLOGHWLNNHS§YLUNHELOOHGHWV
NYDOLWHW
Ŧ+YLVNDPHUDHWVOXNNHVHOOHUREMHNWLYHWDIPRQWHUHVPHQV2SWLFDO6WDELOL]HU
IXQNWLRQHQHUDNWLYHUHWNDQREMHNWLYHWDIJLYHHQVXPPHQGHO\GPHQGHWWH
HULNNHHQIHMO
Ŧ)RU 1LNRQ RJ &DQRQ PRGHOOHU YLO 2SWLFDO 6WDELOL]HU 26 IXQNWLRQHQ LNNH
IXQJHUH PHG DQDORJH 6/5 NDPHUDHU XQGWDJHQ PRGHOOHUQH 1LNRQ ) RJ
&DQRQ(269
&8672002'(6:,7&+
9HG DW DQYHQGH 6,*0$ 2%-(.7,9 86% '2&. V¨OJHV VHSDUDW RJ GHQV
GHGLNHUHGH VRIWZDUH 6,*0$ 2SWLPL]DWLRQ 3UR HU GHW PXOLJW DW VSHFLHO
WLOSDVVH $) KDVWLJKHG 26 VWDELOLVHULQJV HIIHNWHQ RJ IRNXV RPU§GH
EHJU¨QVHU,QGVWLOOLQJHUQH JHPPHV YHG DW NOLNNH S§ &XVWRP0RGH6ZLWFK
)RU\GHUOLJHUHLQIRUPDWLRQJ§WLO6,*0$2SWLPL]DWLRQ3URß+HOSàPHQX
7LO DOPLQGHOLJ EUXJ VO§ &XVWRP 0RGH 6ZLWFK IUD )RFXV /LPLWHU 6ZLWFK
YLUNHULNNHQ§UFXVWRPPRGHHUS§21RJVDWL&HOOHU&SRVLWLRQĥJ
6,*0$ 2%-(.7,9 86% '2&. HU GHGLNHUHW WLO KYHU REMHNWLY EDMRQHW W\SH
&DQRQ 1LNRQ 2O\PSXV 6RQ\ 3HQWD[ RVY +XVN DOWLG DW DQYHQGH HQ
6,*0$2%-(.7,986%'2&.VRPSDVVHUPHGGLWREMHNWLYVEDMRQHWIDWQLQJ
'HU ĥQGHV LQJHQ DGDSWHUHU VRP PXOLJJºU DW ĦHUH EDMRQHWW\SHU NDQ
DQYHQGHVS§VDPPH86%'2&.
6,*0$ 2SWLPL]DWLRQ 3UR VRIWZDUHQ NDQ GRZQORDGHV JUDWLV IUD IºOJHQGH
ZHEVLWH KWWSZZZVLJPDJOREDOFRPGRZQORDG
67$7,9*(9,1'
2EMHNWLYHW HU IRUV\QHW PHG HW VWDWLYJHYLQG 1§U O§VHNQDSSHQ OºVQHV NDQ
NDPHUDRJREMHNWLYGUHMHVWLOKRULVRQWDOHOOHUYHUWLNDOSRVLWLRQĥJ
6'$1$)0217(5(667$7,9)67(7
 2EMHNWLYHWVVWDWLYI¨VWHNDQDIPRQWHUHVS§IºOJHQGHP§GH6WDWLYI¨VWHWV
O§VHVNUXH OºVQHV RJ LQGH[P¨UNHW S§ I¨VWHW VWLOOHV XG IRU 5(029(
PDUNHULQJHQĥJ
 'HUHIWHUWU¨NNHVVWDWLYI¨VWHWOLJHWLOEDJHVRPYLVWL)LJ
6WDWLYI¨VWHW PRQWHUHV LJHQ YHG DW IºOJH VDPPH SURFHGXUH L RPYHQGW
U¨NNHIºOJH
9¨URSP¨UNVRPS§NXQDWLQGVWLOOHVWDWLYI¨VWHWS§5(029(PDUNHULQJHQ
KYLV GX ºQVNHU DW DIPRQWHUH HOOHU PRQWHUH VWDWLYI¨VWHW GD REMHNWLYHW
HOOHUVNDQOºVQHVLJIUDVWDWLYI¨VWHW9¨URJV§RSP¨UNVRPS§DWVS¨QGH
O§VHVNUXHQIRUDWIRUKLQGUHREMHNWLYHWLDWGUHMHVLJXWLOVLJWHW
1§UREMHNWLYHWHUPRQWHUHWS§NDPHUDHWNDQVWDWLYI¨VWHWLNNHDIPRQWHUHV
9('57(/(&219(57(5(
2EMHNWLYHWNDQEUXJHVVDPPHQPHG6LJPDÝV[(;RJ[(;$SR7HOHFRQYHUWHUH
HNVWUDXGVW\U 'HUYHG RSQ§V HQ IRUºJHOVH DI EU¨QGYLGGHQ WLO KHQKROGVYLV
PP)WHOH]RRPREMHNWLYRJWLOPP)WHOH]RRPREMHNWLY
$QYHQGLNNHDQGUHW\SHUWHOHFRQYHUWHUHHQGGHRYHQIRUQ¨YQWH
'HW DQEHIDOHV DW DQYHQGH '* YHUVLRQHQ DI $SR 7HOHFRQYHUWHUQH Q§U GH
EUXJHVVDPPHQPHGHWGLJLWDOW6/5NDPHUD
'HWHUPXOLJWDWDQYHQGHDXWRIRNXVL/LYH9LHZKYLVNDPHUDHWHULQGVWLOOHW
WLOßFRQWUDVWGHWHFWà$)IXQNWLRQ
02'/<6%/1'(
7LOREMHNWLYHWPHGIºOJHUHQPRGO\VEO¨QGHPHGEDMRQHWIDWQLQJ0RGO\VEO¨QGHQ
PRGYLUNHU UHĦHNVHU PY YHG RSWDJHOVHU L PRGO\V 0RQWHU PRGO\VEO¨QGHQ
YHGDWGUHMHGHQPHGXUHWLQGWLOGHQVWRSSHUIDVWVS¨QGGHUHIWHUO§VHVNUXHQ
IRUDWO§VHPRGO\VEO¨QGHQĥJ
)RU DW RSEHYDUH REMHNWLYHW RJ PRGO\VEO¨QGHQ L HWXLHW P§ GX IºUVW
DIPRQWHUHPRGO\VEO¨QGHQRJGHUHIWHUPRQWHUHGHQRPYHQGW
%5(5(0
0RQWHUE¨UHUHPPHQLUHPI¨VWHUQHVRPYLVWLĥJXU
),/7(5
'HUEºUNXQEHQ\WWHVHWĥOWHUDGJDQJHQ$QYHQGHOVHDIWRHOOHUĦHUHĥOWUHRJ
VSHFLHOWW\NNHUHĥOWUHVRPHWSRODULVDWLRQVĥOWHUNDQPHGIºUHYLJQHWWHULQJ
1§U GHU EHQ\WWHVHWSRODULVDWLRQĥOWHUVDPPHQPHG HWDXWRIRNXVREMHNWLY
EHQ\WGDHWĥOWHUDIGHQFLUNXO¨UHW\SH
*581'/**(1'(9('/,*(+2/'(/6(2*23%(9$5,1*
8QGJ§ K§UGH VWºG VDPW DW XGV¨WWH REMHNWLYHW IRU PHJHW KºMH HOOHU ODYH
WHPSHUDWXUHU
+YLV'HVNDORSEHYDUHREMHNWLYHWXGHQDWEUXJHGHWLO¨QJHUHWLGY¨OJGD
HWNºOLJW RJ WºUWVWHG )RUDWXQGJ§ DWºGHO¨JJHDQWLUHĦHNVEHKDQGOLQJHQ
S§OLQVHRYHUĦDGHUQHEºUGHWKROGHVERUWHIUDPºONXJOHURJDQGHQNHPLVN
S§YLUNQLQJ
%HQ\W$/'5,*IRUW\QGHUEHQ]LQHOOHUDQGUHRUJDQLVNHRSOºVQLQJVPLGOHUWLO
DW IMHUQH ĥQJHUDIWU\N HOOHU VQDYV IUD OLQVHRYHUĦDGHQ 5HQJºU NXQ YHG DW
EUXJHHQEOºGREMHNWLYNOXGHOOHUOLQVHSDSLU
'HWWHREMHNWLYHULNNHYDQGW¨W9HGEUXJLUHJQYHMUYHGYDQGHWRJOLJQHQGHVºUJ
GDIRUDWKROGHGHWWºUW'HWYLORIWHY¨UHXPXOLJWDWUHSDUHUHOLQVHHOHPHQWHU
RJHOHNWURQLVNHNRPSRQHQWHUGHUKDUY¨UHWLIRUELQGHOVHPHGYDQG
3OXGVHOLJH WHPSHUDWXUXGVYLQJ NDQ IRU§UVDJH DW NRQGHQV HOOHU GXJ YLO
RSVW§S§REMHNWLYHWVRYHUĦDGH1§UGHWHUNROGWXGHQGºUVRJPDQWU¨GHU
LQG L HW YDUPW UXP DQEHIDOHV GHW DW EHKROGH REMHNWLYHW L WDVNHQ LQGWLO
REMHNWLYHWVRJUXPPHWVWHPSHUDWXUQ¨UPHUVLJKLQDQGHQ
'$16.
ڍ᝔൞ᙇشᔞ್ᢴᙰΖ੡Աך։࿇ཀᔞ್ᢴᙰऱᚌᔆࢤ౨Δᨃ൞ጐࠆ᥊
ᐙհᑗΔࠌشছᓮ٣גาᔹᦰءࠌشᎅࣔ஼Ζ
ຝٙᎅࣔ
ቹ 
Ĭᢴᝅ࿭ె
ĭ᧢ྡྷᛩ
Įኙྡྷᛩ
į၏ᠦࠥ৫
İᢴᙰ൷ٽਐᑑ
ı൷ᛩ
IJኙྡྷᑓڤᙇᖗਊၨ
ijኙྡྷૻࡳ
Ĵ߻ᔼၲᣂၨ
ĵᙇᖗᑓڤਊၨʳ
ĶԿᆬਮຑ൷ஆ
ķᔟ٠ᆝ
ß1LNRQ ؍ൈ à6/5 ۞೯ኙྡྷীઌᖲߓ٨
ڼᢴᖞ᧯๻ૠՂፖà؍ൈà* ߓ٨ᢴᙰઌٵΔܛᢴ᧯Ղࠀ޲ڶ๻ᆜ٠എ
ᛩΔႊࠉᔾڇᖲߪՂᓳᆏ٠എΖਚᓮࣹრΔᚨᙇشٽᔞীᇆᖲጟ಻ٽࠌ
شΖᇡൣᓮ೶ᔹᎹՀઌᖲᖙ܂ࠌشᎅࣔ֫םΖ
ڜᇘᢴᙰ
ᢴᙰڜᇘࠩᖲߪ৵Δঁױ۞೯إൄᖙ܂Δᇷறױ೶ᔹઌᖲᎅࣔ஼Ζ
൷ᛩՂڶڍଡሽ՗൷រ֗಻൷ᕴΔᓮঅ਍൷រ堚ᑥΔᒔঅ൷ᏍإᒔΖ
๻ࡳᡜ٠ᑓڤ
ءᔞ್ᢴ൷ٽઌᖲ৵Δ݁ױ಻ٽࢬᏁ܂٤۞೯࿓ݧኙྡྷᖙ܂ΖڶᣂᇡൣΔ
ᓮ਷ᔹઌᖲࠌشਐতΖ
ኙྡྷ֗᧢ྡྷ
ءᢴᙰփᆜ၌ᜢຒ್ሒ +60Ζ၌ᜢຒ್ሒ౨ח۞೯ኙྡྷመ࿓ޓݶ൸
ኑᙩΖ
πᔞ್ ֗ ࠋ౨ ۞೯ኙྡྷρ
۞೯ኙྡྷᖙ܂ΔലᢴߪՂኙྡྷၨ๻ࡳ੡ $) ۯᆜቹ ΙૉᎹՀ඿֫೯
ᓳለྡྷ၏ΔຍױലᢴߪՂኙྡྷၨ๻ࡳ੡ 0) ۯᆜΔᤉۖ᠏೯ኙྡྷᛩ܂ྡྷ
၏ᓳለΖ
π؍ൈ ۞೯ኙྡྷρ
۞೯ኙྡྷᖙ܂Δലઌᖲ๻ࡳ੡۞೯ኙྡྷᑓڤΔٵழലᢴߪՂኙྡྷၨ๻ࡳ
੡ $) ۯᆜቹ ΙૉᎹՀ඿Ꮑ֫೯ᓳለྡྷ၏ΔຍױലᢴߪՂኙྡྷၨ๻
ࡳ੡ 0) ۯᆜΔᤉۖ᠏೯ኙྡྷᛩ܂ྡྷ၏ᓳለΖ
ኙྡྷᑓڤऱޓޏࡉ๻ࡳΔᓮ㧬ᔹઌᖲᖙ܂֫㡸Ζ
$) פ౨಻ش࣍ 1LNRQ ࿛঴ྨழΔᏁီ׏ᖲጟীᇆਢܡ֭ࠠག၌ᜢं
ኙྡྷ್ሒΔૉᢴᙰլ֭གڼᣊ್ሒΔ۞೯ኙྡྷᖙ܂ലլᔞشΖ
ءᢴᙰױڇ۞೯ኙྡྷᑓڤՀၞ۩֫೯ኙྡྷΖ׽૞ނઌᖲ๻ࡳڇ21(
6+27$)6 ໢്۞೯ኙྡྷᑓڤΔ܃ঁױתਊݶ॰ၨΔڇᢴᙰ۞೯
ኙྡྷ৵٦אԳ֫ᓳᖞྡྷរΖ
ڇ֫೯ኙྡྷᑓڤՀࠌشءᢴᙰΖ່ړ٣ڇᨠནᕴփᨠ઎ኙྡྷਢܡᄷᒔΖ
଺ڂڇᄵ৫஁ฆᄕՕழΔᢴᙰփऱᢴׂױ౨ᄎឩ്ࡉگᜍΔᖄીྡྷរ
ೣฝΖᔞ್ᢴᙰऱྤૻ᎛ྡྷរբቃ٣܂נઌᚨ಻ٽΖʳ
π᧢ྡྷρʳ
ʳ ല᧢ྡྷᛩ᠏೯۟ٽᔞऱྡྷ၏Ζʳ
ኙྡྷૻࡳၨ
ءᢴᙰࠌشኙྡྷૻࡳפ౨אૻࠫ $) ۞೯ኙྡྷᒤ໮ቹ Ζ
ڼפ౨ڶאՀ ଡᙇႈΖ
z ٤ᒤ໮)8//່२ኙྡྷ၏ᠦaп
z Pa п
z ່२ኙྡྷ၏ᠦaP
ڶᣂ 26߻ ᔼ ߓ อ հ௽ រ
ڼᢴᙰऱ 26 ߻ᔼߓอ౨྇܅ࢨ௣ೈઌᖲڇࣁ᥊խڂ᎘პᔼ೯ۖᖄ
ીቹቝᔆၦᑓᒫΖ
ᢴᙰڇඔ೯ 26 ߻ᔼߓอᖙ܂ழΔຒ৫ֺإൄ޲๻ڼפ౨ऱપ܅؄్Δ
რܛ౨୲๺ࠌشለኬऱݶ॰ຒ৫ࣁ᥊Δᨃቹׂய࣠ޓ堚㵷Ζ๻ࡳ 26 ၨ
۟ᑓڤቹ ΔਊՀݶ॰ᤩ࣋ၨԫת࠷ྡྷΔڇᐙቝ堚㵷৵Δঁױ٤ਊ
ݶ॰ᤩ࣋ၨࣁᅃᅝਊՀݶ॰ᤩ࣋ၨԫת࠷ྡྷழΔᢴ᧯փᆜ 26 ߓอપ
א ઞழၴ܂൶ྒྷΖᑓڤ Δೠྒྷઌᖲֽؓᔼ೯֗ቃྒྷאإ૿ۖࠐऱ
๯᥊᧯Δאᛧ堚㵷ऱᐙቝΖ
26 ߻ᔼߓอਢ੡֫਍ᢴᙰࣁ᥊ۖ๻ૠΔאՀൣउڼפ౨ࢨய࣠լࠋΖ
ڇ۩ᕍխऱٌຏՠࠠՂތࣁΖ ๠ᄀ೯լࡳऱچֱՂၞ۩ތࣁΖ
ᓮܑ૞ڇאՀൣउࠌش 26 ߻ᔼߓอΖ
ᅝᢴᙰᇘᆜڇᆬਮՂ%ݶ॰९ழၴ㇬٠
ᢴᙰ 26 ߻ᔼפ౨ऱሎ܂Δ٤ࠉᘸઌᖲऱሽ౨༼ࠎΔਚઌᖲڇ಻شڼ
ᢴ֗ඔ೯߻ᔼפ౨ԫದࠌشழΔᖲߪऱሽ౨௣౛ၦֺؓൄ௣౛੡೏Δ
੡ᆏઊሽ౨Δᓮᣂຨ 2)) ߻ᔼפ౨ڇլᏁࠌش߻ᔼழ
ലᢴᙰ಻Ղᖲߪࢨ侏ೈழΔ೭ؘല߻ᔼၨ๠ 2)) ᣂຨۯᆜΖ
ᅝᤛ೯ݶ॰ᤩ࣋ၨ৵Δ٠ᖂ᡹ࡳ߻ᔼᇘᆜܛழᖙ܂Δપࡉᡜ٠ଖڇᖲ
փ᧩قழၴઌٵΔڇڼཚၴ֊֎ലᢴᙰฝೈࢨ࠵ೈᖲߪሽۃΔڼױᖄ
ીᢴփ 26 ߻ᔼᇘᆜჾᡏΖ
ڇ٤ਊՀݶ॰ၨழࢨփᆜೂᗉךሽழΔኘᤚᨠནᕴփቹቝലڶ᎘პᔼ
೯Δڼ᥆إൄ෼ွΔኙࢬ᥊ቹቝࠀྤᐙ᥼Ζ
ૉᣂຨઌᖲሽᄭࢨೖش٠ᖂ᡹ࡳ߻ᔼᇘᆜழΔᢴ᧯ࢨᄎ࿇נʳ 䢅Ε䢅ʳ
ᜢ㫠Δڼլਢᜢ㫠ࠀլਢਚᎽംᠲΖ
ᆜڶ 26٠ᖂ߻ᔼ פ౨ऱᢴᙰࠋ౨Ε؍ൈ൷ᛩΔૉ಻ش࣍ႚอဗ
ࣥ໢ᢴ֘٠ઌᖲߪՂΔઌᣂऱ߻ᔼפ౨ലᄎ؈யΙ܀ࠋ౨ (269Ε
؍ൈ ) ᖲীೈ؆Ζ
ᙇᖗᑓڤਊၨ
ࠌش 86% ຑ൷ᑒ֗௽๻ຌٙ 6,*0$2SWLPL]DWLRQ3UR Δױ۞ࡳᆠ۞೯
ኙྡྷຒ৫Ε26 ߻ᔼய࣠֗ኙྡྷ᠙ࡳᒤ໮Δۖ๻ࡳޓױᚏژ࣍ᙇᖗᑓڤ
ਊၨΖᓮ೶ە 6,*0$2SWLPL]DWLRQ3UR ऱßᚥܗàလ໢אᛧ࠷ޓڍᇷಛΖ
ԫ౳ൣउՀΔᓮᣂൾᙇᖗᑓڤਊၨΔڕၲ㴕ᙇᖗᑓڤਊၨΔࢨ๻ࡳ੡
& ࢨ &Δኙྡྷ᠙ࡳലլ౨ᖙ܂ቹ Ζ
ޢཱིլٵ׬Ցऱᢴᙰ݁௽ໂٺ۞ऱ 86% ຑ൷ᑒΔլٵ׬Ցऱ 86% ຑ
൷ᑒ׽ᔞش࣍ࠡਐࡳᢴᙰΖ
ױطאՀጻీ܍၄Հሉ 6,*0$2SWLPL]DWLRQ3URΚ
KWWSZZZVLJPDJOREDOFRPGRZQORDG
ᆬਮຑ൷ஆ
ڼᢴॵՂᆬਮຑ൷ஆΔᅝ࣋ᠾਮஆலऱ᠙ၨΔᢴᙰױᙟᖲ᧯۞ط᠏೯ࢨ
܂ֽؓڤΕিऴ࠷ࡲࣁ᥊ቹ ʳ
ڕ ۶ 侏 ೈ ᆬ ਮ ຑ ൷ ஆ
੡ֱঁ֫਍ࣁ᥊Δױ侏ೈᆬਮຑ൷ஆΔଈ࣋ᠾਮஆலऱ᠙ၨ௕Δਊല
᠙ၨ௕ඝ۟ 5(029( ۯᆜቹ ʼΖʳ
ᤉۖല᠙ၨ௕ࢸᠦࡐࡳۯᆜቹ Δᆬਮຑ൷ஆঁױᠾๅΖ
ױૹ៿אՂ࿓ݧΔലᆬਮຑ൷ஆᇘ಻ڃᢴߪՂ
ڇᢴᙰլᏁ侏ೈࢨᇘ಻ڃᆬਮຑ൷ஆழΔ֊ಖլױല᠙ၨ௕ඝ۟
5(029( ۯᆜΔڼױᖄ ીᢴᙰࡉᖲ᧯ๅᆵᏽچΔٵழᓮല᠙ၨጹ᠙Ζ
ᅝᢴᙰբᇘ಻ڇᖲ᧯ழΔᓮլ૞࠵ೈᆬਮຑ൷ஆΖ
᎛᥊ᏺ၏ᢴ
ڼᢴױ಻شᔞ್ऱ $32(;[ ࢨ [᎛᥊ᏺ၏ᢴ׼᝜ᆜΔྡྷ ၏
ܛױ։ܑᏺ࢏ሒ PP) ࢨ PP) ၌᎛᥊ऱᢴΖ
।٨ՂऱᢴᙰΔլױ಻شࠡה঴ྨऱᏺ၏ᢴΖ
ڇ಻ش '6/5 ᑇᒘ໢ᢴ֘٠ઌᖲழΔ㺞௺৬ᤜᢴᙰᚨ಻ش '* ߓ٨ऱ
$32 ᎛᥊ᏺ၏ᢴΖ
ૉઌᖲ $) ۞೯ኙྡྷᑓڤ๻࣍ßኙֺڤàኙྡྷழΔኔழ࠷ནኙྡྷפ౨ױ
ٵழച۩Ζ
ᔟ٠ᆝ
ᙟᢴॵ଺ᐗ༺Եڤᔟ٠ᆝΔ،ױ߻ַቹቝᒤ໮א؆ᠧ٠ၞԵᢴփΔᐙ᥼
ቹቝᔆᑇΖᔟ٠ᆝڜᇘΚڇᢴছጤ༺Եᔟ٠ᆝΔאႉழಾֱٻ᠏೯۟ೖ
ַۯᆜΔྥ৵אᔟ٠ᆝՂऱ᠙ၨࡐࡳ٠ᆝ࣍ᢴጤՂΖቹ 
ലᔟ٠ᆝൕᢴᙰՂ侏ՀΔലࠡאଙᆜֱڤ༺Եᢴছጤ༺Եᔟ٠ᆝΔא
ႉழಾֱٻ᠏೯۟ೖַۯᆜΔྥ৵אᔟ٠ᆝՂऱ᠙ၨࡐࡳ٠ᆝ࣍ᢴጤ
ՂΔݙګ৵ঁױگ౏ڃᚏژᢴ๳խ
ॊ ൅
ᓮലॊ൅ᢀ࣍ቹ  ࢬقຝٝΖ
ៀ ᢴ
ޢڻ׽ױࠌشԫ࣭ៀᢴΖڕ࣠ࠌش࣭ࠟאՂ֗Яࢨࠌشೣ٠ᢴ࿛௽দ
ៀᢴΔຟױ౨ᄎທګᄉᐙΖ
$) ઌᖲᚨᙇشႽݮೣ٠ᢴΖ
অ塄֗ژ࣋
ᚨᝩ܍ᐳᚰࢨऴ൷ᆜ࣋ڇᎩᑷΕᄕܐࢨᑪᛘऱᛩቼՀΖ
ڕ࣠૞९ཚژ࣋Δࡵᙇᖗອළ೓෯֗ຏଅߜړऱچֱΖ੡Աঅᥨᢴᙰ
ऱףᓂᐋΔࡵ᎛ᠦ߻៽Մࢨ߻៽Մ࿇נ௛᧯ऱچֱΖ
ᢴׂՂऱۆৃࢨਐెױشਫຌპᛘऱᢴᙰؒࢨᢴᙰ౐堚ᑥΔ൫֊֎ش
ᄫᕪΕ૖ࢨࠡהڶᖲ堚ᑥᕪΖ
ءᢴᙰࠀլ߻ֽΔՀॸࢨ൷२ֽᄭழࠌش௽ܑ՛֨Δ֊֎ݫᛘΖଣૉ
փຝᖲٙΕᢴׂ֗ሽ՗ሿٙڂ࠹ᛘݫჾΔՕຟྤऄଥ෻Ζ
ᄵ৫ડ᧢ױ౨ᄎחᢴᙰ।૿ᕩ࿨ᣆ௛ࢨֽរΔڂڼڇ֚௛༃ܐழၞԵᄊ
ࡉऱ৛փᛩቼΔ່ړലᢴᙰ࣋ڇᢴᙰ๳փΔऴ۟ᢴᙰᄵ৫൷२৛ᄵ੡ַΖ
ʳ
׽⃰شՊխ㧺ʳ 䣈
䣈
঴֫㡸քẊٲ呐ढ凝ऱټ㲯 א ֗ژڇᩓܡ ʳ
ڶ੅ڶ୭ढ凝ࢨցై
ຝٙټ㲯
卋
3E
ޤ
+
J

叏
&G
ք᪔卲
&U
ڍᖾ侶૖
3%%
ڍᄽԲ૖ㅘ
3%'(
؆㨆 ८㺉ຝٙ g Ũ Ũ Ũ Ũ Ũ
؆㨆 䰵౟ຝٙ Ũ Ũ Ũ Ũ Ũ Ũ
ഗࣨຝٙ g Ũ Ũ Ũ Ũ Ũ
٠䝤ຝٙ Ũ Ũ Ũ Ũ Ũ Ũ
᫕ඳຝٙ Ũ Ũ Ũ Ũ Ũ Ũ
䩥
ࣹ
׽⃰شՊխ㧺
Ũ।ق具ڶ੅ڶ୭ढ凝ڇ具ຝٙࢬڶढ݁凝ޗறխऱܶၦ݁ڇ 6-7
䰬଱億ࡳऱૻၦ૞ޣאՀΖ
g।ق具ڶ੅ڶ୭ढ凝ࠩڇ具ຝٙऱਬԫ݁凝ޗறխऱܶၦ၌נ 6-7
䰬଱億ࡳऱૻၦ૞ޣΖ
 ࢨ 䨞ݮܶ㠼 ڼ䰬兘ਢ⃰شՊڇխ㧺ቼ㡕历ഇऱ䶣՗允ஒ䣈঴ऱ㩾অࠌش
ཚૻΖڼ䣈঴ࠌشृ׽૞ᙅښڜ٤ࡉࠌشՂऱࣹრࠃ咊Δ㡘س䣈հֲದऱԼڣ
ࢨնڣཚ吗լ㢸㢑㩾ቼۆ਩ΔՈլ㢸㢑Գߪࡉ凗䣈ທګૹՕᐙ㫠Ζ
խ֮ᎅࣔ஼
ʳ
㐐Ἤ⫼ ⥀㪼⪰ Ạ㢹䚨㨰㊈㉐ ␴␜䢼 ᵄ㇠䚝⏼␘ ⸬ ㉘⮹㉐⪰ 㢱㡰㐔 䟸 ⥀㪼㢌
ὤ⏙ 㦤㣅 㼜Ἵㇵ㢌 㨰㢌㥄㡸 㥉䞉䚌᷀ 㢨䚨䚌㜠 ㇠㟝䚨 㨰㐐Ὤ ⵈ⣁⏼␘ ❄䚐
⸬ ㉘⮹㉐⏈ ᴵ 㾨⮈⢰ ⫼㟨䏬ⷸ ḩ㟝㉘⮹㉐⦐ ╌㛨 㢼㡰⮤ ⥀㪼䚡⯝⫼␘
㇠㟝䚌㐐⏈ 䚨␭ 㾨⮈⢰㢌 㼜Ἵ㉘⮹㉐㝴 䚜󰜍 㵬Ḕ䚌㐐Ὤ ⵈ⣁⏼␘
ᷱḔ 㼜Ἵ ⺴㨰㢌⦐ ㇠㟝㣄ᴴ 䙰䚨⪰ 㢹㡸 ᴴ⏙㉥㢨 㢼㏩⏼␘
Š⥀㪼⪰ 㣙㵝䚐 㾨⮈⢰⦐ 䈐㛅 ⵃ ᵉ䚐 ṅ㉔㡸 㡕㙼㡰⦐ 㫵㥅 ⸰ ⚀ 㐐⥙㣙㚔⪰
㸼⣌䚔 ㍌ 㢼㏩⏼␘ 䏭䢼 ⥀㪼⬀㡰⦐ 䈐㛅㡸 㫵㥅 ⸰ ᷱ㟤 㐘⮹㢌 㠄㢬㢨 ╝⏼␘
㨰㢌 㼜Ἵ ⺴㨰㢌⦐ ㇠㟝㣄ᴴ 䙰䚨⪰ 㢹ᶤ⇌ Ɒ㫼㤵 ㋄䚨㢌 ⵐ㈑ᴴ⏙㉥㢨 㢼㏩⏼␘
Š㚒◘ 㿕㡸 ⥀㪼⦐⺴䉤 ⺸⫠䚐 㵸 ⵝ㾌䚌⮨ 䈐㛅ṅ㜄 㢌䚌㜠 㬅ṅ䜸ㇵ㢨 ⵐ㈑
䞈㣠㢌 㠄㢬㢨 ╝⏼␘
Š⫼㟨䏬 ⺴⺸㡴 ⸩㣕䚐 Ạ㦤⦐ ╌㛨 㢼㡰⳴⦐ 㦤㐠䚌㜠 㼜Ἵ䚌㐐ὤ ⵈ⣁⏼␘
Šㇰᴵ␴⏈ ᵉ⓸ᴴ ⋆㡴 㥐䖼㡸 Ề㣙䚝⏼␘ ᵉ⓸ᴴ 㚱䚐 ㇰᴵ␴ ㇠㟝 㐐 㘤⤠㫼
㜰⥘ᴴ 㢼㏩⏼␘
ᴵ⺴㢌 ⮹㾡Ἤ⫰
Ĭ 䙸 䉤㋀䁇
ĭ 㩀⫵
Į 䔠䀘㏘ ⫵
į ᶤ⫠䖐㐐
İ 㫴䖐㉔
ı ⫼㟨䏬
IJ 䔠䀘㏘ ⯜☐ 㤸䞌㏘㠸㾌
ij 䔠䀘㏘ 㥐䚐 㣙㾌
Ĵ 26 ㏘㠸㾌
ĵ ㇠㟝㣄G 㥉㢌G ⯜☐G ㏘㠸㾌
Ķ 䏬⢰㢨䔠☐ ㋀䁇
ķ ⥀㪼 䟸☐
⏼䂌 $) 䇴㢹 㾨⮈⢰
㢨 ⥀㪼㢌 ὤ⏙☘㡴*䇴㢹㦤⫠ᵐ ⫵㢨 㛺⏈ 㝘䋔 䔠䀘㏘ ⏼䂌 ⥀㪼㝴 ┍㢰
䚝⏼␘ 㾨⮈⢰㝴㢌 㦤䚝㜄 ♤⢰ 㢰⺴ ὤ⏙☘㢌 㥐䚐㢨 㢼㡸 ㍌ 㢼㏩⏼␘ 㦴⒈
㣄㉬䚐 ⇨㟝㡴 㾨⮈⢰㢌 ㇠㟝 ㉘⮹㉐⪰ 㵬㦤 䚌㐐ὤ ⵈ⣁⏼␘
⥀㪼㢌 㣙㵝ⵝⷉ
㾨⮈⢰㜄 㣙㵝 㵝䇼ⵝⷉ㡴 ㇠㟝䚌㐐⏈ 㾨⮈⢰ 㥐㦤㇠㢌 ⥀㪼ẤḰ ┍㢰䚌⳴⦐
㾨⮈⢰ ㇠㟝㉘⮹㉐⪰ 㵬Ḕ䚌㐐ὤ ⵈ⣁⏼␘
⫼㟨䏬 ⮨㜄⏈ 㦤⫠ᵐ 㜤┍㟝 $) 㜤┍㟝 㣙㾌 ⵃ 㤸ὤ 㥅㥄 ☥㢨 㢼㏩⏼␘
ㇵ㷌 ⵃ 㝘㜰㜄 㢌䚌㜠 㝘㣅┍ ⵃ Ḕ㣙㢌 㠄㢬㢨 ╌⳴⦐ 㨰㢌 ⵈ⣁⏼␘
㦤⫠ᵐ ㉘㥉
㦤⫠ᵐ ㉘㥉ⵝⷉ㡴 ㋀㫴䚌Ḕ ᷸㐔 㾨⮈⢰ 㥐㦤㇠㢌 ⥀㪼ẤḰ ┍㢰䚌⳴⦐ 㾨⮈⢰
㇠㟝㉘⮹㉐⪰ 㵬Ḕ䚌㐐ὤ ⵈ⣁⏼␘
㸼㥄 ⵃ 㩀
㢨 ⥀㪼⏈ 䚌㢨䒰 ㋀⏽ ⯜䉤+60㸼㢀䑀 ⯜䉤⪰㵸䈑䚌㜠 㐔㋁䚐 㝘䋔
䔠䀘㏘㝴 㣅┍㢀㢌 㥐ᶤ⪰ 㐘䜸䚌㜴㏩⏼␘
䇶6,*0$$) 㝴&$121$)䇷
㝘䋔 䔠䀘㏘ 㣅┍㡸 㠸䚨㉐⏈ ⥀㪼㢌 䔠䀘㏘ ⯜☐ ㏘㠸㾌⪰
³
$)
´
⯜☐⦐ ㉘㥉䚌㐐ὤ
ⵈ⣁⏼␘

Ἤ⫰

䔠䀘㏘⪰ ㍌┍㡰⦐ ㉘㥉䚌㐐ὤ⪰ 㠄䚌㐘 ᷱ㟤
⥀㪼㢌 䔠䀘㏘
⯜☐ ㏘㠸㾌⪰
³
0
´
⯜☐⦐ ㉘㥉䚌㐐⮨ 䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄 㦤㥉㢨 ᴴ⏙䚝⏼␘
䇶1,.21$)䇷
㝘䋔 䔠䀘㏘ 㣅┍㡸 㠸䚨㉐⏈ 㾨⮈⢰⪰ $) ⯜☐⦐ ㉘㥉䚌㐔 䟸 ⥀㪼㢌 䔠䀘㏘
⯜☐ ㏘㠸㾌⪰³$)´ ⯜☐⦐ ㉘㥉䚌㐐ὤ ⵈ⣁⏼␘ Ἤ⫰ 䔠䀘㏘⪰ ㍌┍㡰⦐
㉘㥉䚌㐐ὤ⪰ 㠄䚌㐘 ᷱ㟤
⥀㪼㢌 䔠䀘㏘ ⯜☐ ㏘㠸㾌⪰
³
0
´
⯜☐⦐ ㉘㥉䚌㐐⮨
䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄 㦤㥉㢨 ᴴ⏙䚝⏼␘
㾨⮈⢰㢌 䔠䀘㐥 ⯜☐⪰ ⷴᷱ䚌ὤ 㠸䚨㉐⏈ 㾨⮈⢰ ㇠㟝 ㉘⮹㉐⪰ 㵬㦤䚌㐐ὤ
ⵈ⣁⏼␘
⏼䂌 ⫼㟨䏬㢌 ᷱ㟤 㾨⮈⢰ ⵈ♈㜄㉐$) ⪰ 㫴㠄䚨 㨰⏈ ⯜⒬㜄⬀+60 Ḱ
ᵍ㡴 㸼㢀䑀 ⯜䉤ᴴ 㫴㠄╝⏼␘ 㾨⮈⢰ ⵈ♈㜄㉐ 㢨⤠䚐 ⯜䉤 䇴㢹㡸
㫴㠄䚨㨰㫴 㙾㡰⮨$)ὤ⏙㡴 㣅┍╌㫴 㙾㏩⏼␘
㢨 ⥀㪼⏈$) 㜄 ㉘㥉═ ㇵ䈐㜄㉐ ⬘⎨㛰⦐ 䙴䏬 ⸨㥉㢨 ᴴ⏙䚝⏼␘ 㾨⮈⢰⪰
21( 6+27 㝘䋔 䔠䀘㏘ 㜄 ㉘㥉䚌㜠 䚝㥄 䟸 ㊈䉤 ⶸ䏰㡸 ⵌ ㊈䉤 ㇵ䈐㜄㉐
䔠䀘㏘ ⫵㡸 ─⥘ 䙴䏬⪰ ⬒㻙⏼␘
䔠䀘㏘⫵㢨 ⱨ䚐␴㢌 㠸㾌㜄㉐⓸ 㠄ᶤ⫠㜄 㸼㥄㢨 ⬒㫴 㙾㡸 ㍌⓸ 㢼㡰⳴⦐
䑀㢬⒈⪰ 䞉㢬䚌⮨㉐ 㹠㜵䚌㜠 㨰㐡㐐㝘
䇶
㩀 ㇠㟝
䇷
㩀⫵㡸 ─⥘ 㤵㤼䚐 Ạ⓸⦐ 㸼㥄ᶤ⫠⪰ ⷴ䞈㐐䇩⏼␘
㸼㥄 㥐䚐 ㏘㠸㾌
㢨 ⥀㪼⏈$)ⷈ㠸⪰ 㥐䚐䚔 ㍌ 㢼⏈ 㸼㥄 㥐䚜 ㏘㠸㾌ᴴ 㢼㏩⏼␘Ἤ⫰
㙸⣌㢌
㉬ᴴ㫴
⯜☐⪰
㉔䈑䚔
㍌
㢼㏩⏼␘

ä )8//㺐␜㹠㜵ᶤ⫠a
ä Pa
ä 㺐␜㹠㜵ᶤ⫠aP
262SWLFDO6WDELOL]HU 䏭㬉
26 2SWLFDO 6WDELOL]HU ⥀㪼⏈ 㾨⮈⢰㢌 䢈☘⫰㜄 㢌䚨 ⇌䇴⇌⏈ 㢨⴬㫴 䢄⫰
䜸ㇵ㡸 䟜Ḱ㤵㡰⦐ ⸨㥉䚨 㩁⏼␘ 㢨 ⥀㪼㢌 26 ὤ⏙㡸 㢨㟝䚌⮨ ㇠㟝䚌㫴
㙾㡸 ⚀⸨␘ 㚱 ㏘䊑 ⾔⪬ ㊈䉤㏘䙰☐⪰ 䞉⸨䚔 ㍌ 㢼㛨 ㉔⮹䚐 㢨⴬㫴⪰
㛯㡰㐘㍌㢼㏩⏼␘
26ஂ2SWLFDO 6WDELOL]HUஃ㏘㠸㾌⪰0RGHἬ⫰ 㜄⋇㏩⏼␘ ⵌ㊈䉤⪰
⌸⪨Ḕ ⼤ 䑀㢬⒈㢌 㢨⴬㫴ᴴ 㙼㥉㤵㢬㫴 䞉㢬㡸 䚐 䟸 㹠㜵㡸 䚝⏼␘ ⵌ
㊈䉤⪰ ⌸⪬ 䟸 㙼㥉㤵㢬 㢨⴬㫴⪰ 㜤㻐䚌⏈ ⒤㜄⏈ 㚱 㸼ᴴ ㋀㟈╝⏼␘
0RGH ⏈ ㍌㫵㡰⦐㢌 㾨⮈⢰ 䢈☘⫰㡸 ᵄ㫴䚨 䢈☘⫰㡸 ⸨㥉䚨 㩁⏼␘
㾨⮈⢰㜄 ␴䚨 ㍌䓽㡰⦐ 㟴㫵㢨⏈ 䙰㇠㷨㜄 䟜Ḱ㤵 㢹⏼␘
26 㢌 䢈☘⫰ ⸨㥉 ὤ⏙㡴 ㋄㡰⦐ 㣕Ḕ 㹠㜵㡸 䚔 ⚀ 䟜Ḱ㤵 㢹⏼␘ ␘㢀㢌
㦤ᶨ㜄㉐ 26 ⏈ 㤵㤼䚌᷀ 㣅┍䚌㫴 㙾㡸 ㍌ 㢼㏩⏼␘
ŀ 㟴㫵㢨⏈ 㣄┍㵜㜄㉐ 㹠㜵 ŀ 㾨⮈⢰㢌 㟴㫵㢸㢨⇌ 䢈☘⫰㢨 ㇵ␭䢼 䆨 ⚀
␘㢀㢌 ㇵ䞝㜄㉐⏈ 26 ⪰ ㇠㟝䚌㫴 ⫼㐡㐐㝘
ŀ ⥀㪼⪰ 䏬⢰㢨䔠☐㜄 㣙㵝䚨 ㇠㟝䚔 ⚀ŀ ⷀ⽀ 㹠㜵 㐐⊬㻐㐐ᴸ㢨 Ὤ ⚀
26 ὤ⏙㡴 㾨⮈⢰ 㤸㠄㡰⦐ 㣅┍╝⏼␘ 㾨⮈⢰㜄26⥀㪼⪰ 㣙㵝䚨26
ὤ⏙㢨 䞐㉥䞈 ╌㛨 㢼⏈ ᷱ㟤 ┍㢰䚐 㾨⮈⢰㜄 㤸䋩㤵㢬 ⥀㪼⪰ 㣙㵝䚼㡸
⚀⸨␘ 㹠㜵ᴴ⏙ 㐐ᴸ㢨 㨸㛨☘ ᶷ㢹⏼␘ 26 ὤ⏙㡸 ㇠㟝䚌㫴 㙾㡸 ⚀㜄⏈
ⵤ䉤⫠㢌 ㋀⯜⪰ 㨸㢨ὤ 㠸䚨 26 ㏘㠸㾌⪰2))⦐ 䚨 㨰㐐ὤ ⵈ⣁⏼␘
㾨⮈⢰㜄 ⥀㪼⪰ 㣙㵝䚌ὤ 㤸㜄 26 ㏘㠸㾌ᴴ 2)) 㠸㾌㜄 㢼⏈㫴 䞉㢬䚨
㨰㐐ὤ ⵈ⣁⏼␘
⊬㻐᷸㜄 ⊬㻐 ᵆ㢨 䖐㐐╌⏈ 䚐 ㊈䉤 ⶸ䏰㡸 ⋇㡴 䟸㜄⓸ 26 ὤ⏙㡴 ᷸㋁
㣅┍䚝⏼␘ 26 ὤ⏙㢨 㣅┍䚌⏈ ┍㙼㜄⏈ 㤼␴⦐ ⥀㪼⪰ ⺸⫠䚌ᶤ⇌ 㾨⮈⢰㢌
ⵤ䉤⫠⪰ ⺸⫠䚌㫴 ⫼㐡㐐㝘 Ἤ⤻᷀ 䚔 ᷱ㟤 ⥀㪼㜄 ㋄ㇵ㡸 㨸 ㍌ 㢼㏩⏼␘
㹠㜵 䟸 㾨⮈⢰ ⇨㣙 䙀⣌㐐㢌 㻝㤸㢨 㐐㣅╔ ⚀ ⼤ 䑀㢬⒈ 㢨⴬㫴ᴴ 䢈☘⥘㉐
⇌䇴⇌⒈⢰⓸ 㢨⴬㫴㜄⏈ 㙸ⱨ⤤ 㜵䛙⓸ 㨰㫴 㙾㡸 ᶷ㢹⏼␘
26 ὤ⏙㢨 㣅┍䚌⏈ ┍㙼 㾨⮈⢰ 㤸㠄㢨 ῰㫴ᶤ⇌ ⥀㪼ᴴ ⺸⫠╔ ᷱ㟤
⥀㪼㜄㉐⏈ ㋀㢀㢨 ⵐ㈑䚔 ㍌ 㢼㡰⇌ 㝘㣅┍㡴 㙸␍⏼␘
⏼䂌Ḱ 㿄⊰ ⫼㟨䏬㢌 ᷱ㟤 ⏼䂌)Ḱ 㿄⊰(269 ⪰ 㥐㞬䚐 䙸⪸ 6/5
㾨⮈⢰㝴⏈26ὤ⏙㢨 㣅┍╌㫴 㙾㏩⏼␘
㇠㟝㣄 㥉㢌 ⯜☐ ㏘㠸㾌
86% '2&.ⷸ⓸ 䑄⬘ Ἤ⫠Ḕ 㤸㟝 ㋀䘸䏬㠜㛨㢬 6,*0$ 2SWLPL]DWLRQ 3UR ⪰
㇠㟝䚌⮨㉐ $) ㋁⓸26 䟜Ḱ Ἤ⫠Ḕ ⥀㪼㢌 䔠䀘㏘ ⫠⴬䉤 ⷈ㠸⪰ ㇠㟝㣄㥉㢌⦐
䚔 ㍌ 㢼㡰⮤ ㉘㥉㡴 ㇠㟝㣄 㥉㢌 ㏘㠸㾌⦐ 㤴㣙 䚔 ㍌ 㢼㏩⏼␘ 6,*0$
2SWLPL]DWLRQ3UR ̌⓸㟴̍ ⮈⎨⦐ ⒈ ⬂㡴 㥉⸨⪰ 䞉㢬 䚔 ㍌ 㢼㏩⏼␘
㥉ὤ㤵㢬 ㇠㟝㡸 㠸䚨 ㇠㟝㣄 㥉㢌 ⯜☐ ㏘㠸㾌⪰ ⅸ㐐ὤ ⵈ⣁⏼␘ ㇠㟝㣄
㥉㢌 ⯜☐ᴴ 䁐㫸 ㇵ䈐⇌ & 䝭㡴 & 㢌 ㉘㥉㢰 ⚀⏈ 䔠䀘㏘ ⫠⴬䉤 ㏘㠸㾌ᴴ
㣅┍㡸 䚌㫴 㙾㏩⏼␘ Ἤ⫰
86% '2&. 㡴 ᴵᴵ㢌 ⫼㟨䏬㜄 ㇠㟝 ╔ ㍌ 㢼㏩⏼␘ ␭㐔㢌 ⥀㪼 ⫼㟨䏬㜄
ㇵ㢅䚌⏈ 86% '2&. 㡸 ㇠㟝䚌㐐ὤ ⵈ⣁⏼␘ ␘⪬ ⫼㟨䏬⪰ 86% '2&. 㜄
㇠㟝䚌㐘 ㍌ 㛺㏩⏼␘
6,*0$ 2SWLPL]DWLRQ 3UR ⏈ ␘㢀㢌 㠭㇠㢨䏬⪰ 䋩䚨 ⱨ⨀⦐ ␘㟨 ⵏ㡸 ㍌
㢼㏩⏼␘ KWWSZZZVLJPDJOREDOFRPGRZQORDG
䏬⢰㢨䔠☐ ㋀䁇Ḱ ⥀㪼 Ḕ㥉⺴
㢨 ⥀㪼㜄⏈ 䏬⢰㢨䔠☐ ㋀䁇㢨 ☘㛨 㢼㏩⏼␘
⥀㪼 Ḕ㥉⺴㢌 ⢱ 㣙㾌⪰ ⏄㏜䚌᷀
䚔⚀
⥀㪼㝴 㾨⮈⢰⏈ ㍌䓽 ❄⏈ ㍌㫵㡰⦐

Ἤ⫰

㣄㡔⦡᷀ ─⫨ ㍌ 㢼㏩⏼␘
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ⺸⫠䚌⏈ ⵝⷉ

㋄㡰⦐ 㣕Ḕ 㹠㜵㡸 䚔 ᷱ㟤 㦴⒈ 䓬⫠䚌᷀ ㇠㟝䚔 ㍌ 㢼⓸⦑ ⥀㪼㢌 䏬⢰㢨䔠☐
㋀䁇㡸 ⺸⫠䚔 ㍌ 㢼㏩⏼␘
Ἤ⤻᷀ 䚌ὤ 㠸䚨
⭰㤴 䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴㢌
⢱ 㣙㾌⪰ ⏄㏜䚌᷀ 䚐 䟸 ⥀㪼 Ḕ㥉⺴㜄 䖐㐐═
5(029(
㠸㾌

Ἤ⫰

㜄㥉⥠
㐐䇩⏼␘
Ἤ⫠Ḕ ⇐ 䟸 Ἤ⫰ Ḱ ᵍ㢨 䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ◘㯱㡰⦐ ❅ⵈ⦐
㣕㙸 ␭ή⏼␘
⥀㪼㜄 䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ␘㐐 㣙㵝䚌Ḕ 㐪㡸 ⚀⏈ ⺸⫠䚔 ⚀㢌
㜡㍐㡰⦐ 䚌㐐ὤ ⵈ⣁⏼␘
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⪰ ⺸⫠䚔 ⚀ ❄⏈ 㣙㵝䚔 ⚀⪰ 㥐㞬䚌Ḕ⏈ ⥀㪼 Ḕ㥉⺴㢌
㠸㾌⪰
5(029(
㜄 ⋇㫴 ⫼㐐ὤ ⵈ⣁⏼␘
⥀㪼ᴴ 㢌⓸䚌㫴 㙾᷀ ⛜㛨㫼 ㍌
㢼㏩⏼␘
❄䚐 ⢱ 㣙㾌⪰ Ḕ㥉㐐䇠 ⚀⏈ ⥀㪼ᴴ ─㙸ᴴ㫴 㙾⓸⦑ ␜␜䢼 㦤㜠
㨰㐐ὤ ⵈ⣁⏼␘
㾨⮈⢰㜄 ⥀㪼⪰ 㣙㵝䚔 ⚀
䏬⢰㢨䔠☐ ⥀㪼 Ḕ㥉⺴⏈ ⥀㪼㜄㉐ ⺸⫠䚔 ㍌
㛺㏩⏼␘
䊈⤼ 䀜ⶸ䉤㜄 ␴䚌㜠
㢨 ⥀㪼⏈6LJPD㢌 [ (; ❄⏈ [ (; $SR 7HOH &RQYHUWHUV ⷸ⬘ 㝴
䝬䞌㢨 ╌⮤ PP ) ⬑㠄 㩀 ⥀㪼 ❄⏈ PP ) ⬑㠄 㩀
⥀㪼⦐ ㇠㟝䚔 ㍌ 㢼㏩⏼␘
㠸㜄 㛬Ἵ═ 䊈⤼ 䀜ⶸ䉤 㢨㞬㢌 ᶷ㡴 ㇠㟝䚌㫴 ⫼㐡㐐㝘
'6/5 㾨⮈⢰㝴 䚜󰜍 ㇠㟝䚔 ᷱ㟤 㤴䢠⏈'* ⶸ㤸㢌 $SR 7HOH &RQYHUWHU ⪰
䚜󰜍 ㇠㟝䚌㐐Ὤ Ề㣙䚝⏼␘
㾨⮈⢰㜄 µFRQWUDVWGHWHFW¶$)⯜☐ᴴ 㢼㡰⮨ ⢰㢨⽀ ⼤⪰ 䋩䚨 㝘䋔 䔠䀘㏘⪰
㇠㟝䚌㐘 ㍌ 㢼㏩⏼␘
⥀㪼 䟸☐
㢨
⥀㪼㜄⏈
ⷔ㟈≫
䇴㢹
㥐ᶤ
ᴴ⏙䚐
䟸☐ᴴ
䔠䚜╌㛨
㢼㏩⏼␘

㢨
⥀㪼
䟸☐⏈
㞬⺴⦐⺴䉤
ᵉ䚐
⾏㡰⦐
㢬䚨
Ḕ㏘䏬⇌
䙀⤼㛨
䜸ㇵ㢨
㢰㛨⇌⏈
ᶷ㡸 ⫽㙸㩁⏼␘
䟸☐ᴴ ⒈ 㢨ㇵ ─㙸ᴴ㫴 㙾㡸 ⚀ᾀ㫴 㐐᷸ⵝ䛙㡰⦐
─⥘ 㨰㐔 ◘ 䟸☐⪰
Ḕ㥉䚌ὤ 㠸䚨 ㋄㣕㢨⪰ 㣔Ἤ㐡㐐㝘Ἤ⫰
⥀㪼㝴 䟸☐⪰ ⸨Ḵ 䀴㢨㏘㜄 ≗ὤ 㠸䚨 䟸☐⪰ ⭰㤴 㥐ᶤ䚌㐐Ḕ ᶤ⃬⦐
◘㬅㛨㉐ ⥀㪼 㠸㜄 󰜩㨰㐐ὤ ⵈ⣁⏼␘
㌸⒈ ㏘䏬⣝
 ⶼ Ἤ⫰Ḱ ᵍ㢨 㛨ᾜ ⅼ㡸 ㏠⫵㜄 㜤ᷤ䚨 㨰㐐ὤ ⵈ⣁⏼␘
䙸䉤 ㇠㟝
䙸䉤⏈ 㠄㾍㤵㡰⦐

ᵐ⬀ ㇠㟝䚌㜠 㨰㐡㐐㝘

䞈⮨㨰ⷴ ṅ⣽㤴䚌 ⵝ㫴⪰ 㠸䚌㜠
$) 㾨⮈⢰ ⵃ 㽕ṅ㡸 㠸䚌㜠 䚌䘸⴬⤠⪰ ㇠㟝䚌⏈ 㾨⮈⢰㜄㉐ 䓬ṅ䙸䉤⪰
㇠㟝䚔 ᷱ㟤 㠄䓬ṅ䙸䉤&3/⪰ ㇠㟝䚌㜠 㨰㐡㐐㝘
Ḵ⫠ 㼜Ἵㇵ㢌 㨰㢌
㏩ὤ⏈ Ḥ䑕㢨 ⵃ ㇤䞈㢌 㠄㢬㢨 ╝⏼␘ 㣙ὤᴸ ㇠㟝䚌㫴 㙾㡸 ᷱ㟤 ᶨ㦤㥐㝴
䚜󰜍 ⴴ⸽ᴴ⏙䚐 㟝ὤ㜄 ≗㛨 ⸨Ḵ䚌㜠 㨰㐡㐐㝘 ⇌䘸䇼⥀ ☥ ⵝ㻝㥐ᴴ 㢼⏈
ḧ㜄㉐ 䚜󰜍 ⸨Ḵ䚌㫴 ⬄㙸 㨰㐡㐐㝘
⥀㪼
⮨㡸
㫵㥅
㋄㡰⦐
⬀㫴㫴
⬄㙸
㨰㐡㐐㝘

⭰㫴
ⵃ
㝘㜰㐐㜄⏈
㜄㛨⽈⦐㛨
ⵃ
⥀㪼⽈⤠㐐⦐
㷡㋀䚌㜠
㨰㐡㐐㝘

㫴ⱬ
☥㡴
㐐䑄䚌Ḕ
㢼⏈
⥀㪼䆨⫠∼
㚕Ḱ
⥀㪼䆨⫠␑
䓌㢨䒰⦐ ᴴ⸁᷀ ␚㙸 㨰㐡㐐㝘 ␘⪬ 㡔ὤ㟝㥐⦐⏈ 㤼␴ ⥀㪼㷡㋀⪰ Ἴ䚝⏼␘
㢨 ⥀㪼⏈ ⵝ㍌Ạ㦤ᴴ 㙸⏼⳴⦐ 㟤㷐 ⵃ Ɒᴴ 㨰㠸㜄㉐ ㇠㟝 㐐 Ɒὤ㜄 㥊㫴
㙾⓸⦑ 㨰㢌 ⵈ⣁⏼␘
Ἵᷝ䚐 㝜⓸ ⷴ䞈㜄 㢌䚨 ⥀㪼 ⇨⺴㜄 Ɒⵝ㟬㢨 ⵐ㈑䚌⳴⦐ 㵜ᴴ㟨 㞬⺴㜄㉐
♤⡯䚐
㐘⇨⦐
㢨┍
㐐㜄⏈
䀴㢨㏘
ⵃ
⽸␄⸽䍠㜄
≗㛨
㨰㠸㝜⓸㜄
⬒㻈㛨
㇠㟝䚌㐐ὤ
ⵈ⣁⏼␘
㇠㟝 ㉘⮹㉐
Ȼɥɚɝɨɞɚɪɢɦ ɜɚɫ ɡɚ ɜɵɛɨɪ ɩɪɨɞɭɤɰɢɢ ɮɢɪɦɵ6LJPDɑɬɨɛɵ ɩɨɥɭɱɢɬɶ ɦɚɤɫɢɦɭɦ
ɨɬ ɜɚɲɟɝɨ ɨɛɴɟɤɬɢɜɚ 6LJPD ɩɨɠɚɥɭɣɫɬɚ ɩɪɨɱɢɬɚɣɬɟ ɢɧɫɬɪɭɤɰɢɸ ɩɟɪɟɞ
ɧɚɱɚɥɨɦ ɪɚɛɨɬɵ
ɈɉɂɋȺɇɂȿ ɑȺɋɌȿɃ ɈȻɔȿɄɌɂȼȺɊɂɋ
ĬɊɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ
ĭɄɨɥɶɰɨ ɡɭɦɦɢɪɨɜɚɧɢɹ
ĮɎɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
įɒɤɚɥɚ ɪɚɫɫɬɨɹɧɢɣ
İɅɢɧɢɹ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ ɢ
ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ
ıȻɚɣɨɧɟɬ
IJɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ
ijɈɝɪɚɧɢɱɢɬɟɥɶ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ
Ĵ
ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ26
ĵɉɟɪɟɤɥɸɱɚɬɟɥɶ ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɯ
ɪɟɠɢɦɨɜ
Ķɉɥɨɳɚɞɤɚ ɩɨɞ ɲɬɚɬɢɜ
ķȻɥɟɧɞɚ
ȾɅə ɄȺɆȿɊ ɌɂɉȺ1,.21$)
Ⱦɚɧɧɵɣ ɨɛɴɟɤɬɢɜ ɛɭɞɟɬ ɪɚɛɨɬɚɬɶ ɤɚɤ ɨɛɴɟɤɬɢɜɵ ɮɢɪɦɵ 1LNRQ ɫɟɪɢɢ * ɛɟɡ
ɤɨɥɶɰɚ ɭɩɪɚɜɥɟɧɢɹ ɞɢɚɮɪɚɝɦɨɣ ȼ ɡɚɜɢɫɢɦɨɫɬɢ ɨɬ ɢɫɩɨɥɶɡɭɟɦɨɣ ɦɨɞɟɥɢ
ɤɚɦɟɪɵ ɦɨɝɭɬ ɜɨɡɧɢɤɧɭɬɶ ɧɟɤɨɬɨɪɵɟ ɨɝɪɚɧɢɱɟɧɢɹ ɜ ɪɚɛɨɬɟ ɫ ɨɛɴɟɤɬɢɜɨɦ
ɄɊȿɉɅȿɇɂȿ Ʉ ɄȺɆȿɊȿ
Ʉɨɝɞɚ ɨɛɴɟɤɬɢɜ 6LJPD ɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɟ ɨɧ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɧɚɱɢɧɚɟɬ
ɪɚɛɨɬɚɬɶ ɤɚɤ ɨɛɵɱɧɵɣ ɪɨɞɧɨɣɲɬɚɬɧɵɣ ɨɛɴɟɤɬɢɜ
Ŧɇɚ ɩɨɜɟɪɯɧɨɫɬɢ ɛɚɣɨɧɟɬɚ ɧɚɯɨɞɹɬɫɹ ɦɟɯɚɧɢɡɦɵ ɢ ɷɥɟɤɬɪɢɱɟɫɤɢɟ ɤɨɧɬɚɤɬɵ
ɉɪɨɫɢɦ ɜɚɫ ɫɨɞɟɪɠɚɬɶ ɢɯ ɜ ɱɢɫɬɨɬɟ ɱɬɨɛɵ ɛɵɬɶ ɭɜɟɪɟɧɧɵɦɢ ɜ ɩɪɚɜɢɥɶɧɨɣ
ɪɚɛɨɬɟ ɨɛɴɟɤɬɢɜɚ ȼɨ ɢɡɛɟɠɚɧɢɟ ɩɨɜɪɟɠɞɟɧɢɣ ɦɟɯɚɧɢɡɦɨɜ ɢ ɤɨɧɬɚɤɬɨɜ
ɩɪɨɜɟɪɹɣɬɟ ɱɬɨ ɜɵ ɫɬɚɜɢɬɟ ɨɛɴɟɤɬɢɜ ɟɝɨ ɩɟɪɟɞɧɢɦ ɤɨɧɰɨɦ ɜɧɢɡ ɜɨ ɜɪɟɦɹ
ɫɦɟɧɵ ɨɛɴɟɤɬɢɜɚ
ɍɋɌȺɇɈȼɄȺ ɊȿɀɂɆȺ ɈɌɊȺȻɈɌɄɂ ɗɄɋɉɈɁɂɐɂɂ
Ʉɨɝɞɚ ɨɛɴɟɤɬɢɜ 6LJPD ɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɟ ɨɧ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɧɚɱɢɧɚɟɬ
ɪɚɛɨɬɚɬɶ ɤɚɤ ɨɛɵɱɧɵɣ ɪɨɞɧɨɣɲɬɚɬɧɵɣ ɨɛɴɟɤɬɢɜɋɦ ɢɧɫɬɪɭɤɰɢɸ ɤ ɤɚɦɟɪɟ
ɎɈɄɍɋɂɊɈȼɄȺ ɂ ɂɁɆȿɇȿɇɂȿ ɎɈɄɍɋɇɈȽɈ ɊȺɋɋɌɈəɇɂəɁɍɆɂɊɈȼȺɇɂȿ
ȼ ɷɬɨɬ ɨɛɴɟɤɬɢɜ ɜɫɬɪɨɟɧ Ƚɢɩɟɪ Ɂɜɭɤɨɜɨɣ Ɇɨɬɨɪ+\SHU6RQLF0RWRU+60ɗɬɨɬ
ɦɨɬɨɪ ɞɚɺɬ ɜɨɡɦɨɠɧɨɫɬɶ ɛɵɫɬɪɨɣ ɢ ɛɟɫɲɭɦɧɨɣ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ
䇶6,*0$$)ɢ&$121$)䇷
ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $)ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ
ɪɟɠɢɦɟ ± ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ
Ɍɟɩɟɪɶ ɜɵ ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
䇶1,.21$)䇷
ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $) ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ
ɪɟɠɢɦɟ ± ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ
Ɍɟɩɟɪɶ ɜɵ ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
ŦɁɚ ɛɨɥɟɟ ɩɨɥɧɨɣ ɢɧɮɨɪɦɚɰɢɟɣ ɨɛɪɚɬɢɬɟɫɶ ɤ ɢɧɫɬɪɭɤɰɢɢ ɤ ɜɚɲɟɣ ɤɚɦɟɪɟ
ŦɈɛɴɟɤɬɢɜɵ ɫ ɛɚɣɨɧɟɬɨɦ 1LNRQ ɦɨɝɭɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɜ ɪɟɠɢɦɟ
ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɬɨɥɶɤɨ ɫ ɤɚɦɟɪɚɦɢ ɩɨɞɞɟɪɠɢɜɚɸɳɢɦɢ ɭɥɶɬɪɚɡɜɭɤɨɜɵɟ
ɦɨɬɨɪɵ ɩɪɢɜɨɞɚ ɮɨɤɭɫɢɪɨɜɤɢ ɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɞɥɹ +60
ȿɫɥɢ ɤɚɦɟɪɚ ɧɟ ɩɨɞɞɟɪɠɢɜɚɟɬ ɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ
ɚɜɬɨɦɚɬɢɱɟɫɤɚɹ ɧɚɜɨɞɤɚ ɧɚ ɪɟɡɤɨɫɬɶ ɛɭɞɟɬ ɧɟɞɨɫɬɭɩɧɚ
Ŧɗɬɨɬ ɨɛɴɟɤɬɢɜ ɬɚɤɠɟ ɩɨɡɜɨɥɹɟɬ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɭɱɧɭɸ ɜ ɪɟɠɢɦɟ©$)ªȾɥɹ
ɷɬɨɝɨ ɤɚɦɟɪɚ ɞɨɥɠɧɚ ɧɚɯɨɞɢɬɫɹ ɜ ɪɟɠɢɦɟ ɨɞɧɨɤɚɞɪɨɜɨɣ ɫɴɺɦɤɢ ɑɬɨɛɵ
ɫɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɭɱɧɭɸ ɧɚɞɨ ɞɨɠɞɚɬɶɫɹ ɩɨɤɚ ɡɚɤɨɧɱɢɬɶɫɹ ɩɪɨɰɟɫɫ
ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɜ ɦɨɦɟɧɬ ɩɨɥɭ ɩɪɢɠɚɬɢɹ ɤɧɨɩɤɢ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ
Ŧȼɨ ɢɡɛɟɠɚɧɢɟ ɩɨɥɨɦɨɤ ɦɟɯɚɧɢɡɦɚ ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ ɮɨɤɭɫɢɪɨɜɤɢ ɧɟ ɜɪɚɳɚɣɬɟ
ɤɨɥɶɰɨ ɮɨɤɭɫɢɪɨɜɤɢ ɩɪɢ ɪɚɛɨɬɟ ɜ ɪɟɠɢɦɟ ɚɜɬɨɦɚɬɢɱɟɫɤɨɣ ɮɨɤɭɫɢɪɨɜɤɢ
ɂɡɦɟɧɟɧɢɟ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹɡɭɦɢɪɨɜɚɧɢɟ
ȼɪɚɳɚɣɬɟ ɤɨɥɶɰɨ ɢɡɦɟɧɟɧɢɹ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ ɞɨ ɬɟɯ ɩɨɪ ɩɨɤɚ ɧɟ
ɞɨɫɬɢɝɧɢɬɟ ɧɭɠɧɵɯ ɝɪɚɧɢɰ ɤɚɞɪɚ
ɈȽɊȺɇɂɑɂɌȿɅɖ ȾɂɋɌȺɇɐɂɂ ɎɈɄɍɋɂɊɈȼɄɂ
Ɉɛɴɟɤɬɢɜ ɫɧɚɛɠɺɧ ɨɝɪɚɧɢɱɢɬɟɥɟɦ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ ɤɨɬɨɪɵɣ ɩɨɡɜɨɥɹɟɬ
ɥɢɦɢɬɢɪɨɜɚɬɶ ɞɢɚɩɚɡɨɧ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɚɜɬɨɮɨɤɭɫɧɨɦ ɪɟɠɢɦɟɪɢɫ
ȼɨɡɦɨɠɟɧ ɜɵɛɨɪ ɬɪɺɯ ɪɟɠɢɦɨɜ
ä ɉɨɥɧɵɣ )8//Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ ɮɨɤɭɫɢɪɨɜɤɢa Đ
ä ɦa Đ
ä Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ ɮɨɤɭɫɢɪɨɜɤɢaɦ
ȼɈɁɆɈɀɇɈɋɌɂ ɈɉɌɂɑȿɋɄɈȽɈ ɋɌȺȻɂɅɂɁȺɌɈɊȺ26
Ɉɛɴɟɤɬɢɜ ɫɧɚɛɠɺɧ Ɉɩɬɢɱɟɫɤɢɦ ɋɬɚɛɢɥɢɡɚɬɨɪɨɦ26ɞɥɹ ɷɮɮɟɤɬɢɜɧɨɝɨ ɭɫɬɪɚɧɟɧɢɹ
ɫɦɚɡɵɜɚɧɢɹ ɢɡɨɛɪɚɠɟɧɢɹ ɜɨɡɧɢɤɚɸɳɟɝɨ ɜɫɥɟɞɫɬɜɢɟ ɫɨɬɪɹɫɟɧɢɣ ɤɚɦɟɪɵ
Ȼɥɚɝɨɞɚɪɹ ɨɩɬɢɱɟɫɤɨɦɭ ɫɬɚɛɢɥɢɡɚɬɨɪɭ ɜɵ ɫɦɨɠɟɬɟ ɞɨɛɢɜɚɬɶɫɹ ɪɟɡɤɨɝɨ
ɢɡɨɛɪɚɠɟɧɢɹ ɩɪɢ ɫɴɺɦɤɟ ɫ ɜɵɞɟɪɠɤɚɦɢ ɧɚ ɫɬɭɩɟɧɢ ɦɟɞɥɟɧɧɟɟ ɱɟɦ ɟɫɥɢ ɛɵ
ɜɵ ɢɫɩɨɥɶɡɨɜɚɥɢ ɨɛɴɟɤɬɢɜ ɛɟɡ ɮɭɧɤɰɢɢ ɫɬɚɛɢɥɢɡɚɰɢɢ
ɍɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ 26 ɜ ɩɨɥɨɠɟɧɢɟ 0RGH
ɪɢɫ ɇɚɠɦɢɬɟ ɤɧɨɩɤɭ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ ɧɚɩɨɥɨɜɢɧɭ ɢ ɭɛɟɞɢɬɟɫɶ ɜ ɬɨɦ ɱɬɨ
ɢɡɨɛɪɚɠɟɧɢɟ ɫɬɚɛɢɥɢɡɢɪɨɜɚɥɨɫɶ ɡɚɬɟɦ
ɧɚɠɦɢɬɟ ɤɧɨɩɤɭ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ
Ɉɤɨɧɱɚɬɟɥɶɧɚɹ ɫɬɚɛɢɥɢɡɚɰɢɹ ɢɡɨɛɪɚɠɟɧɢɹ ɡɚɧɢɦɚɟɬ ɩɪɢɛɥɢɡɢɬɟɥɶɧɨɫɟɤɭɧɞɭ
ɩɨɫɥɟ ɧɚɠɚɬɢɹ ɤɧɨɩɤɢ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ ɧɚɩɨɥɨɜɢɧɭ ȼ ɪɟɠɢɦɟ ɫɬɚɛɢɥɢɡɚɰɢɢ
0RGH  ɨɩɪɟɞɟɥɹɸɬɫɹ ɢ ɤɨɦɩɟɧɫɢɪɭɸɬɫɹ ɜɟɪɬɢɤɚɥɶɧɵɟ ɫɨɬɪɹɫɟɧɢɹ ɤɚɦɟɪɵ
ɗɬɨɬ ɪɟɠɢɦ ɷɮɮɟɤɬɢɜɟɧ ɞɥɹ ɫɴɺɦɤɢ ɨɛɴɟɤɬɨɜ ɞɜɢɝɚɸɳɢɯɫɹ ɝɨɪɢɡɨɧɬɚɥɶɧɨɣ
ɩɥɨɫɤɨɫɬɢ ɨɬɧɨɫɢɬɟɥɶɧɨ ɤɚɦɟɪɵ
ŦɄɨɦɩɟɧɫɚɰɢɹ ɫɞɜɢɝɨɜ ɤɚɦɟɪɵ ɨɩɬɢɱɟɫɤɢɦ ɫɬɚɛɢɥɢɡɚɬɨɪɨɦ ɷɮɮɟɤɬɢɜɧɚ ɩɪɢ
ɫɴɺɦɤɟ ɫ ɪɭɤ ȼ ɫɢɬɭɚɰɢɹɯ ɨɩɢɫɚɧɧɵɯ ɧɢɠɟ ɪɚɛɨɬɚ ɨɩɬɢɱɟɫɤɨɝɨ ɫɬɚɛɢɥɢɡɚɬɨɪɚ
ɦɨɠɟɬ ɛɵɬɶ ɧɟɭɞɨɜɥɟɬɜɨɪɢɬɟɥɶɧɨɣ
ƒ ɋɴɺɦɤɚ ɫ ɬɪɚɧɫɩɨɪɬɧɨɝɨ ɫɪɟɞɫɬɜɚɧɚɩɪɢɦɟɪ ɚɜɬɨɦɨɛɢɥɹ
ƒ ȼ ɫɥɭɱɚɟ ɡɧɚɱɢɬɟɥɶɧɵɯ ɫɨɬɪɹɫɟɧɢɣ ɢɥɢ ɫɞɜɢɝɨɜ ɤɚɦɟɪɵ
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɨɩɬɢɱɟɫɤɭɸ ɫɬɚɛɢɥɢɡɚɰɢɸ ɜ ɫɥɟɞɭɸɳɢɯ ɫɥɭɱɚɹɯ
ƒ ȿɫɥɢ ɨɛɴɟɤɬɢɜ ɡɚɤɪɟɩɥɺɧ ɧɚ ɲɬɚɬɢɜɟ ƒ ɉɪɢ ɞɥɢɧɧɵɯ ɜɵɞɟɪɤɚɯ
ŦɈɩɬɢɱɟɫɤɢɣ ɫɬɚɛɢɥɢɡɚɬɨɪ ɩɢɬɚɟɬɫɹ ɨɬ ɤɚɦɟɪɵ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɤɚɦɟɪɵ ɧɚ
ɤɨɬɨɪɭɸ ɭɫɬɚɧɨɜɥɟɧ ɨɛɴɟɤɬɢɜ ɫ ɜɤɥɸɱɺɧɧɵɦ ɨɩɬɢɱɟɫɤɢɦ ɫɬɚɛɢɥɢɡɚɬɨɪɨɦ
ɜɪɟɦɹ ɪɚɛɨɬɵ ɭɦɟɧɶɲɚɟɬɫɹ ɟɫɥɢ ɫɪɚɜɧɢɜɚɬɶ ɪɚɛɨɬɭ ɬɨɣ ɠɟ ɤɚɦɟɪɵ ɫ
ɨɛɵɱɧɵɦ ɨɛɴɟɤɬɢɜɨɦ ȿɫɥɢ ɧɟɬ ɧɟɨɛɯɨɞɢɦɨɫɬɢ ɢɫɩɨɥɶɡɨɜɚɬɶ ɨɩɬɢɱɟɫɤɢɣ
ɫɬɚɛɢɥɢɡɚɬɨɪ ɩɟɪɟɦɟɫɬɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ ɜ ɩɨɥɨɠɟɧɢɟ
2))ȼɵɤɥɸɱɟɧɱɬɨ ɩɨɡɜɨɥɢɬ ɢɡɛɟɠɚɬɶ ɢɡɥɢɲɧɟɝɨ ɪɚɫɯɨɞɚ ɷɧɟɪɝɢɢ ɛɚɬɚɪɟɣ
Ŧɉɪɢ ɭɫɬɚɧɨɜɤɟ ɢɥɢ ɫɧɹɬɢɢ ɨɛɴɟɤɬɢɜɚ ɫ ɤɚɦɟɪɵ ɭɛɟɞɢɬɟɫɶ ɱɬɨ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɪɟɠɢɦɚ ɫɬɚɛɢɥɢɡɚɰɢɢ ɧɚɯɨɞɢɬɫɹ ɜ ɩɨɥɨɠɟɧɢɟ2))
Ŧȿɫɥɢ ɜɵ ɩɪɟɤɪɚɬɢɥɢ ɭɞɟɪɠɢɜɚɬɶ ɤɧɨɩɤɭ ɫɩɭɫɤɚ ɡɚɬɜɨɪɚ ɜ ɩɨɥɭɧɚɠɚɬɨɦ
ɩɨɥɨɠɟɧɢɢ ɨɩɬɢɱɟɫɤɢɣ ɫɬɚɛɢɥɢɡɚɬɨɪ ɩɪɨɞɨɥɠɚɟɬ ɫɜɨɸ ɪɚɛɨɬɭ ɞɨ ɬɟɯ ɩɨɪ
ɩɨɤɚ ɞɢɫɩɥɟɣ ɮɨɬɨɤɚɦɟɪɵ ɨɬɨɛɪɚɠɚɟɬ ɡɧɚɱɟɧɢ ɷɤɫɩɨɡɢɰɢɢ ȼɨ ɢɡɛɟɠɚɧɢɢ
ɩɨɜɪɟɠɞɟɧɢɹ ɨɛɴɟɤɬɢɜɚ ɧɟ ɢɡɜɥɟɤɚɣɬɟ ɛɚɬɚɪɟɣ ɢɡ ɤɚɦɟɪɵ ɢ ɧɟ ɫɧɢɦɚɣɬɟ ɫ
ɧɟɺ ɨɛɴɟɤɬɢɜ ɟɫɥɢ ɨɩɬɢɱɟɫɤɢɣ ɫɬɚɛɢɥɢɡɚɬɨɪ ɧɚɯɨɞɢɬɫɹ ɜ ɪɚɛɨɱɟɦ ɪɟɠɢɦɟ
Ŧɇɟ ɫɦɨɬɪɹ ɧɚ ɬɨ ɱɬɨ ɜ ɩɪɨɰɟɫɫɟ ɮɨɬɨɝɪɚɮɢɪɨɜɚɧɢɹ ɫ ɜɤɥɸɱɺɧɧɵɦ
ɨɩɬɢɱɟɫɤɢɦ ɫɬɚɛɢɥɢɡɚɬɨɪɨɦ ɢɡɨɛɪɚɠɟɧɢɟ ɦɨɠɟɬ ɛɵɬɶ ɧɟ ɫɬɚɛɢɥɢɡɢɪɨɜɚɧɧɵɦ
ɫɪɚɡɭ ɩɨɫɥɟ ɫɴɺɦɤɢ ɤɚɞɪɚ ɢɥɢ ɜɨ ɜɪɟɦɹ ɡɚɪɹɞɤɢ ɜɫɬɪɨɟɧɧɨɣ ɜ ɤɚɦɟɪɭ
ɜɫɩɵɲɤɢ ɷɬɨ ɧɟ ɫɤɚɡɵɜɚɟɬɫɹ ɧɚ ɩɨɥɭɱɟɦɵɯ ɮɨɬɨɝɪɚɮɢɹɯ
Ŧȿɫɥɢ ɩɢɬɚɧɢɟ ɤɚɦɟɪɵ ɛɵɥɨ ɜɵɤɥɸɱɟɧɨ ɢɥɢ ɨɛɟɤɬɢɜ ɛɵɥ ɫɧɹɬ ɫ ɤɚɦɟɪɵ ɜɨ
ɜɪɟɦɹ ɪɚɛɨɬɵ ɨɩɬɢɱɟɫɤɨɝɨ ɫɬɚɛɢɥɢɡɚɬɨɪɚ ɨɛɴɟɤɬɢɜ ɦɨɠɟɬ ɢɡɞɚɜɚɬɶ
ɞɪɟɛɟɡɠɚɳɢɣ ɡɜɭɤ ɗɬɨɬ ɡɜɭɤ ɧɟ ɹɜɥɹɟɬɫɹ ɫɢɝɧɚɥɨɦ ɧɟɢɫɩɪɚɜɧɨɫɬɢ
Ŧɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɨɛɴɟɤɬɢɜɨɜ ɜ ɛɚɣɨɧɟɬɧɵɯ ɦɨɞɢɮɢɤɚɰɢɹɯ1LNRQɢ&DQRQɫ
ɩɥɟɧɨɱɧɵɦɢ ɤɚɦɟɪɚɦɢ ɷɬɢɯ ɫɢɫɬɟɦ ɮɭɧɤɰɢɹ ɨɩɬɢɱɟɫɤɨɣ ɫɬɚɛɢɥɢɡɚɰɢɢ 26
ɛɭɞɟɬ ɧɟɞɨɫɬɭɩɧɚɡɚ ɢɫɤɥɸɱɟɧɢɟɦ ɦɨɞɟɥɟɣ)ɢ&DQRQ(269
ɉȿɊȿɄɅɘɑȺɌȿɅɖ ɉɈɅɖɁɈȼȺɌȿɅɖɋɄɂɏ ɊȿɀɂɆɈȼ
ɂɫɩɨɥɶɡɭɹ86%ɞɨɤ ɫɬɚɧɰɢɸɩɪɨɞɚɟɬɫɹ ɨɬɞɟɥɶɧɨ ɢ ɩɪɨɝɪɚɦɦɧɨɟ ɨɛɟɫɩɟɱɟɧɢɟ
6,*0$ 2SWLPL]DWLRQ 3UR ɜɵ ɦɨɠɟɬɟ ɫɚɦɨɫɬɨɹɬɟɥɶɧɨ ɨɫɭɳɟɫɬɜɥɹɬɶ ɧɚɫɬɪɨɣɤɢ
ɫɤɨɪɨɫɬɢ ɚɜɬɨɮɨɤɭɫɚ ɨɝɪɚɧɢɱɢɬɟɥɹ ɡɨɧɵ ɮɨɤɭɫɢɪɨɜɤɢIRFXVOLPLWHUɢ ɨɩɬɢɱɟɫɤɨɝɨ
ɫɬɚɛɢɥɢɡɚɬɨɪɚ ɢɡɨɛɪɚɠɟɧɢɹ 26 ɇɚɫɬɪɨɣɤɢ ɨɛɴɟɤɬɢɜɚ ɫɨɯɪɚɧɹɸɬɫɹ
ɩɟɪɟɤɥɸɱɚɬɟɥɟɦ ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɯ ɪɟɠɢɦɨɜ&XVWRP0RGH6ZLWFKȾɥɹ ɩɨɥɭɱɟɧɢɹ
ɢɧɮɨɪɦɚɰɢɢ ɨ ɩɨɞɤɥɸɱɟɧɢɢ ɫɬɚɧɰɢɢ ɤ ɤɨɦɩɶɸɬɟɪɭ ɢ ɜɵɩɨɥɧɟɧɢɢ ɧɚɫɬɪɨɟɤ
ɨɛɴɟɤɬɢɜɚ ɨɛɪɚɳɚɣɬɟɫɶ ɜ ɪɚɡɞɟɥ©ɋɩɪɚɜɤɚª ɩɪɨɝɪɚɦɦɵ6,*0$2SWLPL]DWLRQ3UR
Ŧɉɪɢ ɩɨɜɫɟɞɧɟɜɧɨɦ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɨɛɴɟɤɬɢɜɚ ɞɟɪɠɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ
ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɯ ɪɟɠɢɦɨɜ ɜɵɤɥɸɱɟɧɧɵɦ ɉɟɪɟɤɥɸɱɚɬɟɥɶ ɨɝɪɚɧɢɱɢɬɟɥɹ ɡɨɧɵ
ɮɨɤɭɫɢɪɨɜɤɢ ɧɟ ɮɭɧɤɰɢɨɧɢɪɭɟɬ ɟɫɥɢ ɩɨɥɶɡɨɜɚɬɟɥɶɫɤɢɣ ɪɟɠɢɦ ɜɤɥɸɱɟɧ ɢ
ɭɫɬɚɧɨɜɥɟɧ ɫ ɋ ɢɥɢ ɋɪɢɫ
Ŧ86%ɞɨɤ ɫɬɚɧɰɢɹ ɫɨɜɦɟɫɬɢɦɚ ɬɨɥɶɤɨ ɫ ɨɩɪɟɞɟɥɟɧɧɵɦ ɛɚɣɨɧɟɬɨɦ ɨɛɴɟɤɬɢɜɚ
ɉɨɠɚɥɭɣɫɬɚ ɢɫɩɨɥɶɡɭɣɬɟ ɫɬɚɧɰɢɸ ɞɥɹ ɧɚɫɬɪɨɣɤɢ ɬɨɥɶɤɨ ɬɟɯ ɨɛɴɟɤɬɢɜɨɜ ɞɥɹ
ɤɨɬɨɪɵɯ ɨɧɚ ɩɪɟɞɧɚɡɧɚɱɟɧɚɧɚɩɪɢɦɟɪ ɨɛɴɟɤɬɢɜɵ ɫ ɛɚɣɨɧɟɬɨɦ&DQRQ1LNRQ
6LJPD ɢ ɬɞ
Ŧɉɪɨɝɪɚɦɦɭ 6,*0$ 2SWLPL]DWLRQ 3UR ɦɨɠɧɨ ɛɟɫɩɥɚɬɧɨ ɡɚɝɪɭɡɢɬɶ ɫ ɜɟɛɫɚɣɬɚ
KWWSZZZVLJPDJOREDOFRPGRZQORDG
ɒɌȺɌɂȼɇȺə ɉɅɈɓȺȾɄȺ ɂ ɄɊȿɉɅȿɇɂȿ
Ɉɛɴɟɤɬɢɜ ɫɧɚɛɠɺɧ ɲɬɚɬɢɜɧɵɦ ɤɪɟɩɥɟɧɢɟɦ ɉɪɢ ɨɫɜɨɛɨɠɞɟɧɢɢ ɛɥɨɤɢɪɭɸɳɟɝɨ
ɜɢɧɬɚ ɧɚ ɤɪɟɩɥɟɧɢɢ ɨɛɴɟɤɬɢɜ ɫ ɤɚɦɟɪɨɣ ɦɨɠɟɬ ɛɵɬɶ ɩɨɜɺɪɧɭɬ ɞɥɹ
ɝɨɪɢɡɨɧɬɚɥɶɧɨɣ ɢ ɜɟɪɬɢɤɚɥɶɧɨɣ ɨɪɢɟɧɬɚɰɢɢ ɤɚɞɪɚɪɢɫ
ɋɇəɌɂȿ ɒɌȺɌɂȼɇɈȽɈ ɄɊȿɉɅȿɇɂə
ɉɪɢ ɠɟɥɚɧɢɢ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɦɨɠɟɬ ɛɵɬɶ ɫɧɹɬɨ ɫ ɨɛɴɟɤɬɢɜɚ ɞɥɹ ɛɨɥɟɟ
ɭɞɨɛɧɨɣ ɪɚɛɨɬɵ Ⱦɥɹ ɷɬɨɝɨ ɨɫɜɨɛɨɞɢɬɟ ɛɥɨɤɢɪɭɸɳɢɣ ɜɢɧɬ ɚ ɡɚɬɟɦ ɫɨɜɦɟɫɬɢɬɟ
ɨɬɦɟɬɤɭ ɧɚ ɲɬɚɬɢɜɧɨɦ ɤɪɟɩɥɟɧɢɢ ɫ ɦɟɬɤɨɣ 5(029( ɧɚ ɨɛɴɟɤɬɢɜɟ ɪɢɫ
Ɂɚɬɟɦ ɩɨɬɹɧɢɬɟ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɜ ɧɚɩɪɚɜɥɟɧɢɢ ɩɨɤɚɡɚɧɧɨɦ ɧɚ ɪɢɫɢ
ɫɧɢɦɢɬɟ ɟɝɨ
ŦȾɥɹ ɭɫɬɚɧɨɜɤɢ ɲɬɚɬɢɜɧɨɝɨ ɤɪɟɩɥɟɧɢɹ ɧɚ ɨɛɴɟɤɬɢɜɟ ɜɵɩɨɥɧɢɬɟ ɨɩɟɪɚɰɢɢ
ɨɩɢɫɚɧɧɵɟ ɜɵɲɟ ɜ ɨɛɪɚɬɧɨɦ ɩɨɪɹɞɤɟ
Ŧɍɫɬɚɧɚɜɥɢɜɚɣɬɟ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɜ ɩɨɥɨɠɟɧɢɟ ɬɨɥɶɤɨ ɞɥɹ ɟɝɨ ɫɧɹɬɢɹ ɢɥɢ
ɭɫɬɚɧɨɜɤɢ ȼ ɩɪɨɬɢɜɧɨɦ ɫɥɭɱɚɟ ɭɫɬɚɧɨɜɥɟɧɧɨɟ ɬɚɤɢɦ ɨɛɪɚɡɨɦ ɤɪɟɩɥɟɧɢɟ
ɦɨɠɟɬ ɫɨɫɤɨɱɢɬɶ ɫ ɨɛɴɟɤɬɢɜɚ ɢ ɜɵɡɜɚɬɶ ɟɝɨ ɩɚɞɟɧɢɟ Ɂɚɤɪɟɩɥɹɣɬɟ ɛɥɨɤɢɪɭɸɳɢɣ
ɜɢɧɬ ɜɨ ɢɡɛɟɠɚɧɢɟ ɜɪɚɳɟɧɢɹ ɨɛɴɟɤɬɢɜɚ
Ŧ
ȿɫɥɢ ɨɛɴɟɤɬɢɜ ɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɭ ɲɬɚɬɢɜɧɨɟ ɤɪɟɩɥɟɧɢɟ ɧɟ ɦɨɠɟɬ ɛɵɬɶ ɫɧɹɬɨ
ɎɈɌɈȽɊȺɎɂɊɈȼȺɇɂȿ ɋ ɄɈɇȼȿɊɌȿɊȺɆɂ
ɗɬɨɬ ɨɛɴɟɤɬɢɜ ɦɨɠɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɫ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ 6LJPD $32 7HOH
&RQYHUWHU [ (; ɢɥɢ [ (; ȼ ɪɟɡɭɥɶɬɚɬɟ ɦɨɠɧɨ ɩɨɥɭɱɢɬɶ ɫɥɟɞɭɸɳɢɟ
ɤɨɦɛɢɧɚɰɢɢ ɨɛɴɟɤɬɢɜɨɜɦɦ)ɢɦɦ)ɫɨɨɬɜɟɬɫɬɜɟɧɧɨ
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɬɟɥɟɤɨɧɜɟɪɬɟɪɵ ɫɬɨɪɨɧɧɢɯ ɩɪɨɢɡɜɨɞɢɬɟɥɟɣ ɞɚɧɧɵɣ ɨɛɴɟɤɬɢɜ
ɫɨɜɦɟɫɬɢɦ ɬɨɥɶɤɨ ɫ ɨɪɢɝɢɧɚɥɶɧɵɦɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ6LJPD
Ŧ
Ɇɵ ɪɟɤɨɦɟɧɞɭɟɦ ɢɫɩɨɥɶɡɨɜɚɬɶ'*$327HOH&RQYHUWHUɫ ɰɢɮɪɨɜɵɦɢ ɡɟɪɤɚɥɶɧɵɦɢ
ɤɚɦɟɪɚɦɢ
Ŧ
ȼ ɪɟɠɢɦɟ ɠɢɜɨɝɨ ɩɪɨɫɦɨɬɪɚ/LYH9LHZɜɨɡɦɨɠɧɨ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ
ɟɫɥɢ ɤɚɦɟɪɚ ɧɚɯɨɞɢɬɫɹ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɩɨ ɦɟɬɨɞɭ ɤɨɧɬɪɚɫɬɧɨɣ
ɞɟɬɟɤɰɢɢ
ȻɅȿɇȾȺ
Ȼɥɟɧɞɚ ɛɚɣɨɧɟɬɧɨɝɨ ɬɢɩɚ ɩɨɫɬɚɜɥɹɟɬɫɹ ɜɦɟɫɬɟ ɫ ɨɛɴɟɤɬɢɜɨɦ Ȼɥɟɧɞɚ ɩɨɦɨɝɚɟɬ
ɩɪɟɞɨɬɜɪɚɬɢɬɶ ɡɚɫɜɟɬɤɭ ɢɥɢ ɛɥɢɤɢ ɧɚ ɫɧɢɦɤɟ ɜɵɡɜɚɧɧɵɟ ɹɪɤɢɦ ɨɫɜɟɳɟɧɢɟɦ ɡɚ
ɩɪɟɞɟɥɚɦɢ ɩɨɥɹ ɮɨɤɭɫɢɪɨɜɤɢ Ⱦɥɹ ɭɫɬɚɧɨɜɤɢ ɛɥɟɧɞɵ ɧɚɞɟɧɶɬɟ ɟɺ ɧɚ ɨɛɴɟɤɬɢɜ ɢ
ɩɨɜɟɪɧɢɬɟ ɩɨ ɱɚɫɨɜɨɣ ɫɬɪɟɥɤɟ ɩɨɤɚ ɨɧɚ ɧɟ ɨɫɬɚɧɨɜɢɬɫɹ ɚ ɡɚɬɟɦ ɡɚɤɪɭɬɢɬɟ ɜɢɧɬ
ɱɬɨɛɵ ɟɺ ɡɚɮɢɤɫɢɪɨɜɚɬɶɪɢɫ
Ŧɞɥɹ ɯɪɚɧɟɧɢɹ ɛɥɟɧɞɭ ɦɨɠɧɨ ɩɟɪɟɜɟɪɧɭɬɶ
ɇȺɉɅȿɑɇɕɃ ɊȿɆȿɇɖ
Ɂɚɤɪɟɩɢɬɟ ɧɚɩɥɟɱɧɵɣ ɪɟɦɟɧɶ ɬɚɤ ɤɚɤ ɩɨɤɚɡɚɧɨ ɧɚ ɢɥɥɸɫɬɪɚɰɢɢ
ɎɂɅɖɌɊɕ
Ŧ
ɉɪɢ ɫɴɺɦɤɟ ɦɨɠɧɨ ɢɫɩɨɥɶɡɨɜɚɬɶ ɬɨɥɶɤɨ ɨɞɢɧ ɮɢɥɶɬɪ ɂɫɩɨɥɶɡɨɜɚɧɢɟ ɞɜɭɯ ɢɥɢ
ɛɨɥɟɟ ɮɢɥɶɬɪɨɜ ɨɞɧɨɜɪɟɦɟɧɧɨ ɦɨɝɭɬ ɩɪɢɜɟɫɬɢ ɤ ɷɮɮɟɤɬɭ ɜɢɧɶɟɬɢɪɨɜɚɧɢɹ
Ŧɉɪɢ ɪɚɛɨɬɟ ɫ ɚɜɬɨɮɨɤɭɫɧɨɣ ɤɚɦɟɪɨɣ ɢɫɩɨɥɶɡɭɣɬɟ ɩɨɥɹɪɢɡɚɰɢɨɧɧɵɣ ɮɢɥɶɬɪ
ɰɢɪɤɭɥɹɪɧɨɝɨ ɬɢɩɚ
ɍɏɈȾ ɂ ɏɊȺɇȿɇɂȿ
Ŧɇɟ ɩɨɞɜɟɪɝɚɣɬɟ ɨɛɴɟɤɬɢɜ ɪɟɡɤɢɦ ɜɫɬɪɹɫɤɚɦ ɪɟɡɤɨɦɭ ɩɟɪɟɩɚɞɭ ɬɟɦɩɟɪɚɬɭɪ ɢ
ɜɨɡɞɟɣɫɬɜɢɸ ɩɨɜɵɲɟɧɧɨɣ ɜɥɚɠɧɨɫɬɢ
ŦȾɥɹ ɫɬɚɰɢɨɧɚɪɧɨɝɨ ɯɪɚɧɟɧɢɹ ɢɫɩɨɥɶɡɭɣɬɟ ɩɪɨɯɥɚɞɧɨɟ ɫɭɯɨɟ ɦɟɫɬɨ
ɩɪɟɞɩɨɱɬɢɬɟɥɶɧɨ ɫ ɯɨɪɨɲɟɣ ɜɟɧɬɢɥɹɰɢɟɣ ȼɨ ɢɡɛɟɠɚɧɢɟ ɩɨɜɪɟɠɞɟɧɢɹ
ɩɪɨɫɜɟɬɥɟɧɢɹ ɥɢɧɡ ɨɛɴɟɤɬɢɜɚ ɯɪɚɧɢɬɟ ɟɝɨ ɜɞɚɥɢ ɨɬ ɧɚɮɬɚɥɢɧɚ ɢ ɞɪ ɚɧɬɢɦɨɥɟɣ
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɪɚɫɬɜɨɪɢɬɟɥɶ ɛɟɧɡɢɧ ɢ ɞɪɭɝɢɟ ɨɪɝɚɧɢɱɟɫɤɢɟ ɱɢɫɬɹɳɢɟ
ɜɟɳɟɫɬɜɚ ɱɬɨɛɵ ɨɱɢɫɬɢɬɶ ɥɢɧɡɨɜɵɟ ɷɥɟɦɟɧɬɵ ɂɫɩɨɥɶɡɭɣɬɟ ɦɹɝɤɭɸ ɜɥɚɠɧɭɸ
ɬɤɚɧɶ ɞɥɹ ɨɩɬɢɤɢ
ŦɈɛɴɟɤɬɢɜ ɧɟ ɜɨɞɨɧɟɩɪɨɧɢɰɚɟɦ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɨɛɴɟɤɬɢɜɚ ɜɛɥɢɡɢ ɜɨɞɵ
ɢɥɢ ɜɨ ɜɪɟɦɹ ɞɨɠɞɹ ɡɚɳɢɬɢɬɟ ɟɝɨ ɨɬ ɧɚɦɨɤɚɧɢɹ Ɉɛɵɱɧɨ ɩɨɜɪɟɠɞɟɧɢɹ
ɫɜɹɡɚɧɧɵɟ ɫ ɩɪɨɧɢɤɧɨɜɟɧɢɟɦ ɜɨɞɵ ɜ ɦɟɯɚɧɢɡɦɵ ɦɟɠɞɭ ɥɢɧɡ ɨɛɴɟɤɬɢɜɚ ɢ
ɨɤɢɫɥɟɧɢɹ ɪɟɦɨɧɬɭ ɧɟ ɩɨɞɥɟɠɚɬ
ŦɊɟɡɤɢɟ ɩɟɪɟɩɚɞɵ ɬɟɦɩɟɪɚɬɭɪ ɦɨɝɭɬ ɜɵɡɜɚɬɶ ɨɛɪɚɡɨɜɚɧɢɟ ɬɭɦɚɧɧɨɣ ɩɟɥɟɧɵ ɧɚ
ɩɟɪɟɞɧɟɣ ɥɢɧɡɟ ɨɛɴɟɤɬɢɜɚ ɉɨɷɬɨɦɭ ɜɯɨɞɹ ɜ ɬɺɩɥɨɟ ɩɨɦɟɳɟɧɢɟ ɫ ɯɨɥɨɞɧɨɣ
ɭɥɢɰɵ ɫɪɚɡɭ ɧɟ ɞɨɫɬɚɜɚɣɬɟ ɨɛɴɟɤɬɢɜ ɢɡ ɱɟɯɥɚ ɩɨɤɚ ɨɧ ɧɟ ɞɨɫɬɢɝɧɟɬ
ɬɟɦɩɟɪɚɬɭɪɵ ɩɨɦɟɳɟɧɢɹ
3<&&ɄɂɃ
$QWHV GH PDLV TXHUHPRV DJUDGHFHUOKH D DTXLVL©¥R GHVWD REMHFWLYD 6LJPD
6XJHULPRVOKHHQWUHWDQWRXPDOHLWXUDDWHQWDGHVWHPDQXDODQWHVGHDXWLOL]DUD
ĥPGHFRQVHJXLUREWHURVPHOKRUHVUHVXOWDGRV
'(6&5,2'26&20321(17(6ĥJ
Ĭ
$QHOGHHQFDL[HGHĥOWUR
ĭ $QHOGH=RRP
Į $QHOGH)RFDJHP
į (VFDODGHGLVW¤QFLD
İ /LQKDGH¯QGLFHGHIRFDJHP
ı %DLRQHWD
IJ
6HOHFWRUGRPRGRGHIRFDJHP
ij /LPLWDGRUGH)RFDJHP
Ĵ 6HOHFWRU26
ĵ
%RW¥R&XVWRP0RGH
Ķ (QFDL[HGH7ULS«
ķ 3£UDVRO
&0$5$61,.21$)
(VWDREMHFWLYDIXQFLRQDFRPRDVREMHFWLYDV1LNRQGHIRFDJHPDXWRP£WLFRWLSR*
VHPDQHOGHDEHUWXUD&HUWDVIXQ©·HVSRGHPQ¥RHVWDUGLVSRQ¯YHLVFRQIRUPHD
FRPELQD©¥R REMHFWLYD  F¤PDUD 3DUDXP HVFODUHFLPHQWR FRPSOHWR FRQVXOWH R
PDQXDOGHLQVWUX©·HVGDVXDF¤PDUD
&20235(1'(5$2%-(&7,9$$2&2532'$&0$5$
4XDQGR SUHQGHU D REMHFWLYD DR FRUSR GD F¤PDUD D PHVPD IXQFLRQDU£
DXWRPDWLFDPHQWH FRPR VH IRVVH XPD REMHFWLYD GD PDUFD GD VXD F¤PDUD
&RQVXOWHRUHVSHFWLYRPDQXDOGHLQVWUX©·HV
1D ]RQD GH HQFDL[H GD REMHFWLYD H[LVWHP Y£ULRV FRQWDFWRV HO«FWULFRV H
HOHFWUµQLFRV 0DQWHQKDRV OLPSRV GH IRUPD D JDUDQWLU XPD ERD OLJD©¥R
(QTXDQWRHVW£DPXGDUDREMHFWLYDFHUWLĥTXHVHGHTXHDFRORFDFRPDSDUWH
IURQWDOSDUDEDL[RDĥPGHHYLWDUGDQLĥFDUDVXSHUI¯FLHGHHQFDL[H
$-867('202'2'((;326,2
$ REMHFWLYD 6LJPD IXQFLRQD DXWRPDWLFDPHQWH TXDQGR « ĥ[DGD QD F¤PDUD
&RQVXOWHRPDQXDOGHLQVWUX©·HVGDVXDF¤PDUD
)2&$*(0(=220
(VWD REMHFWLYD YHP FRP R 0RWRU +LSHU 6µQLFR +60 GD 6LJPD LQFRUSRUDGR 2
+60SHUPLWHXPU£SLGRHVHJXURDXWRIRFR
䇶6,*0$$)H&$121$)䇷
3DUD XWLOL]DU D IRFDJHP DXWRP£WLFD VHOHFFLRQH R PRGR GH IRFDJHP ß$)à QD
REMHFWLYDĥJ6HGHVHMDUXVDUDIRFDJHPPDQXDOFRORTXHRVHOHFWRUGRPRGR
GHIRFDJHPGDVXDREMHFWLYDQDSRVL©¥Rß0à3RGHDMXVWDUDIRFDJHPURGDQGRR
DQHOGHIRFDJHP
䇶1,.21$)䇷
3DUDXWLOL]DUDIRFDJHPDXWRP£WLFDSRQKDDVXDF¤PDUDQRPRGRGHIRFDJHP$)
H VHOHFFLRQH R PRGR GH IRFDJHP ß$)à QD REMHFWLYD ĥJ 6H GHVHMDU XVDU D
IRFDJHP PDQXDO FRORTXH R VHOHFWRU GR PRGR GH IRFDJHP GD VXD REMHFWLYD QD
SRVL©¥Rß0à3RGHDMXVWDUDIRFDJHPURGDQGRRDQHOGHIRFDJHP
&RQVXOWHRPDQXDOGHLQVWUX©·HVGDVXDF¤PDUDSDUDPDLVLQIRUPD©·HVDFHUFD
GDVHOHF©¥RGRPRGRGHIRFDJHP
3DUD 1LNRQ Vµ « SRVV¯YHO XVDU R $) FRP F¤PDUDV TXH VXSRUWHP PRWRUHV
FRQGX]LGRV SRU RQGDV XOWUD VµQLFDV FRPR R +60 2 $) Q¥R IXQFLRQDU£ VH R
FRUSRGDF¤PDUDQ¥RVXSRUWDUHVWHWLSRGHPRWRUHV
(VWDREMHFWLYDWDPE«PSHUPLWHIRFDJHPPDQXDOPHVPRHPPRGR$XWR)RFXV
&RPDP£TXLQDQDRS©¥Rß2QH6KRWà$)SRGHDMXVWDUDIRFDJHPPDQXDOPHQWH
DSµV R DXWR IRFR GD REMHFWLYD H SDUDJHP HQTXDQWR R ERW¥R M£ HVW£ D VHU
SUHPLGR
$R XWLOL]DU HVWD REMHFWLYD QR PRGR GH IRFDJHP PDQXDO UHFRPHQGDVH TXH
FRQĥUPH D IRFDJHP FRUUHFWD QR YLVRU HP YH] GH FRQĥDU H[FOXVLYDPHQWH QD
HVFDOD GH GLVW¤QFLDV (VWD SUHFDX©¥R MXVWLĥFDVH SRUTXH SRGH KDYHU XPD
PXGDQ©DQDIRFDJHPGHYLGRDYDULD©·HVH[WUHPDVGHWHPSHUDWXUDTXHSRGHP
FDXVDPDGLODWD©¥RRXDFRQWUDF©¥RGHY£ULRVFRPSRQHQWHVGDREMHFWLYD7RPH
HVSHFLDOFRQVLGHUD©¥RTXDQGRIRFDUHPLQĥQLWR
䇶3DUDßID]HUXP]RRPà䇷
5RGHRDQHOGHIRFDJHPGHERUUDFKDGR]RRPSDUDDSRVL©¥RGHVHMDGD
/,0,7$'25'()2&$*(0
(VWDREMHFWLYHHVW£HTXLSDGDFRPXPOLPLWDGRUGHIRFDJHPTXHSHUPLWHOLPLWDU
DVGLVWDQFLDVHP$)IRFDJHPDXWRP£WLFDĥJSRVV¯YHOVHOHFFLRQDUXPDGDV
VHJXLQWHVWU¬VSRVL©·HV
ä )8//JDPDWRWDOHQWUH'LVW¤QFLD0¯QLPDGH)RFDJHPa Đ
ä (QWUHPa Đ
ä (QWUH'LVW¤QFLD0¯QLPDGH)RFDJHPaP
62%5($69$17$*(16'(87,/,=$2'$)81226
(67$%,/,=$2237,&$
(VWDREMHFWLYD26FRP(VWDELOL]D©¥RSWLFDFRPSHQVDHIHFWLYDPHQWHDIDOWDGH
QLWLGH] QD LPDJHP FDXVDGD SHOD YLEUD©¥R LQYROXQW£ULD GR FRQMXQWR
P£TXLQDREMHFWLYD &RP HVWD REMHFWLYDSRGH SRULVVR IRWRJUDIDUDYHORFLGDGHV
GH REWXUD©¥RPDLVUHGX]LGDV DW« ßSDVVRVà GR TXH SRGHULD ID]HUVHPXVDUD
IXQ©¥R26HREWHUH[FHOHQWHVUHVXOWDGRVFRPXPDQLWLGH]HVSDQWRVD
3DUDXWLOL]DUHVWDIXQ©¥RSRQKDRLQWHUUXSWRU26QRPRGRĥJ3ULPDRERW¥R
GHGLVSDURDW«PHLRYHULĥTXHQRYLVRUVHDLPDJHPHVW£HVW£YHOHWLUHDIRWRJUDĥD
$DSUHVHQWD©¥RGDLPDJHPHVW£YHOGHPRUDFHUFDGHVHJXQGRGHSRLVGHSUHPLU
RERW¥RGHGLVSDURDW«PHLR2PRGRGHWHFWDDYLEUD©¥RYHUWLFDOGDF¤PDUDH
HOLPLQD RV ßUDVWRVà  HĥFD] QD IRWRJUDĥD GH WHPDV TXH VH PRYHP
KRUL]RQWDOPHQWHHPUHOD©¥R¢F¤PDUD
$IXQ©¥RGHFRPSHQVD©¥RGRVßUDVWRVàGR(VWDELOL]DGRUSWLFR«HĥFD]TXDQGR
VHIRWRJUDIDVHPWULS«2(VWDELOL]DGRUSWLFRSRGHQ¥RIXQFLRQDUHĥFD]PHQWH
QDVVHJXLQWHVFRQGL©·HV
ä )RWRJUDĥDVWLUDGDVGHXPYH¯FXORHPPRYLPHQWR
ä 6HDF¤PDUDHVWLYHUHPPRYLPHQWRH[WUHPR
1¥RGHYHXWLOL]DUR(VWDELOL]DGRUSWLFRQDVVHJXLQWHVVLWXD©·HV
ä 4XDQGR DREMHFWLYDHVW£PRQWDGDQXPWULS«
ä 1DIRWRJUDĥDGHSRVHJUDQGHWHPSRGHH[SRVL©¥R
$ IXQ©¥R GH (VWDELOL]D©¥R SWLFD « DOLPHQWDGD D SDUWLU GD F¤PDUD 6H D
REMHFWLYD 26 HVW£ OLJDGD ¢ VXD F¤PDUD H HVW£ DFWLYDGD D DXWRQRPLD GH
IXQFLRQDPHQWR GD VXD F¤PDUD VHU£ PHQRU GR TXH FRP DV REMHFWLYDV
FRQYHQFLRQDLV XVDGDV FRP D PHVPD F¤PDUD 6H Q¥R XVDU R (VWDELOL]DGRU
SWLFRGHVDFWLYHRLQWHUUXSWRU26QDSRVL©¥R2))SDUDLPSHGLURFRQVXPRGD
EDWHULD
&HUWLĥTXHVH TXH GHVOLJD R 26 FRORFDQGR R LQWHUUXSWRU 26 QD SRVL©¥R 2))
DQWHVGHSUHQGHUDREMHFWLYD¢F¤PDUDRXDQWHVGHDUHPRYHU
2(VWDELOL]DGRUSWLFRFRQWLQXDDIXQFLRQDUGHSRLVGHVROWDURGHGRGRERW¥RGH
GLVSDURHQTXDQWRIRUYLV¯YHORYDORUGDH[SRVL©¥R1XQFDUHPRYDDREMHFWLYDRX
DEDWHULDGDF¤PDUDHQTXDQWRR(VWDELOL]DGRUSWLFRHVWLYHUDIXQFLRQDU 6HR
ĥ]HUSRGHGDQLĥFDUDREMHFWLYD
(PERUD D LPDJHP QR YLVRU SRVVD DSDUHFHU D WUHPHU LPHGLDWDPHQWH DSµV R
GLVSDURRXQRLQ¯FLRGRFLFORGHFDUJDGRĦDVKLQFRUSRUDGRQDF¤PDUDHWFHVVH
ßGHIHLWRàQ¥RDSDUHFHQDIRWRJUDĥD
6H D F¤PDUD HVWLYHU GHVOLJDGD RX VH D REMHFWLYD IRU UHPRYLGD GD F¤PDUD
HQTXDQWRR(VWDELOL]DGRUSWLFRHVWLYHUDIXQFLRQDUDREMHFWLYDHPLWHXPVRP
PDVLVVRQ¥RVLJQLĥFDPDXIXQFLRQDPHQWR
3DUDREMHFWLYDVFRPPRQWDJHP1LNRQRX&DQRQRVLVWHPDGHHVWDELOL]D©¥RGH
LPDJHP26Q¥RIXQFLRQDU£FRPF¤PDUDVDQDOµJLFDVFRPH[FHS©¥RGD1LNRQ
)H&DQRQ(269
%272&8672002'(
&RPR86%'2&.YHQGLGRVHSDUDGDPHQWHHRVHXVRIWZDUHGHGLFDGRR6,*0$
2SWLPL]DWLRQ3UR«SRVV¯YHODMXVWDUDYHORFLGDGH$)RHIHLWR26 HRVOLPLWHVGR
/LPLWDGRUGH)RFDJHPGHVWDREMHWLYDVHQGRTXHRVDMXVWHVSRGHPVHUJXDUGDGRV
FRPR%RW¥R&XVWRP0RGH3DUDPDLVLQIRUPD©·HVFRQVXOWHRPHQXß+(/3àGR
6,*0$2SWLPL]DWLRQ3UR
3DUDRXVRQRUPDOGHVWDREMHWLYDGHVOLJXHRERW¥R&XVWRP0RGH2/LPLWDGRU
GH)RFDJHPQ¥RIXQFLRQDTXDQGRR&XVWRPPRGHHVW£QDSRVL©¥R21OLJDGR
RXFRODGRQDVSRVL©·HV&H&ĥJ
2 86% '2&. « GHGLFDGR D FDGD EDLRQHWD 3RU IDYRU XWLOL]H R 86% '2&.
FRUUHVSRQGHQWH £ EDLRQHWD GD VXD REMHWLYD 1¥R SRGHP VHU XWLOL]DGRV 86%
'2&.VGHEDLRQHWDVGLIHUHQWHV
2 6,*0$ 2SWLPL]DWLRQ3UR SRGH VHU GHVFDUUHJDGRJUDWXLWDPHQWHGR VHJXLQWH
VLWH KWWSZZZVLJPDJOREDOFRPGRZQORDG
(1&$,;('(75,3(&2/$5
(VWDREMHFWLYDSRVVXL XPHQFDL[HSDUDRWULS«4XDQGR OLEHUWDR DSHUWRGR FRODU
DURDREMHFWLYDHDF¤PDUDSRGHPURGDUOLYUHPHQWHSDUDSRVLFLRQDUIDFLOPHQWHD
F¤PDUDKRUL]RQWDORXYHUWLFDOPHQWHĥJ
&2025(029(52&2/$5'$2%-(&7,9$
SRVV¯YHOUHWLUDURHQFDL[HGHWULS«GDREMHFWLYDSDUDVHUPDLVI£FLOIRWRJUDIDU
FRPDP£TXLQDQDP¥RVHRGHVHMDU3DUDLVVROLEHUWHRDSHUWRGRFRODUHDOLQKH
DPDUFDGR¯QGLFHFRPDSRVL©¥R5(029(5HPRYHUĥJ
'HSRLVSX[HRFRODUSDUDWU£VFRPR«PRVWUDGRQDĥJUHWLUDQGRR
4XDQGRGHVHMDUYROWDUDSUHQGHURFRODU¢REMHFWLYDVLJDSURFHGLPHQWRDQWHULRU
DRFRQWU£ULR
3RUIDYRUQ¥RSRQKDRFRODUQDSRVL©¥R5(029(H[FHSWRTXDQGRRUHPRYHURX
RSUHWHQGHUFRORFDUSRUTXHDREMHFWLYDSRGHGHVSUHQGHUVHLQDGYHUWLGDPHQWHH
FDLU /HPEUHVH WDPE«P GH DSHUWDU R FRODU SDUD LPSHGLU D REMHFWLYD GH JLUDU
VHPRTXHUHQGR
4XDQGRDREMHFWLYDHVW£PRQWDGDQDF¤PDUDRFRODUQ¥RSRGHVHUUHPRYLGRGD
REMHFWLYD
62%5(267(/(&219(5625(6
$REMHFWLYDSRGHVHUXVDGDFRPRV7HOHFRQYHUVRUHV$32GD6LJPD[(;RX[
(; RSFLRQDO REWHQGRVH XPD WHOHREMHFWLYD ]RRP PP ) RX XPD
WHOHREMHFWLYD]RRPPP)UHVSHFWLYDPHQWH
1¥RXVH WHOHFRQYHUVRUHVGHRXWURVIDEULFDQWHVSRUTXHVµV¥RFRPSDW¯YHLVRV
DFLPDPHQFLRQDGRV
5HFRPHQGDPRVRVWHOHFRQYHUVRUHV'*$32TXDQGRXVDUF¤PDUDV'6/5
SRVVLYHODXWLOL]D©¥RGHIRFDJHPDXWRPDWLFHPPRGRß/LYH9LHZàVHDF¤PDUD
HVWLYHHPPRGR$)ßFRQWUDVWGHWHFWà
35$62/
3£UDVRO GH EDLRQHWD « IRUQHFLGR FRP D REMHFWLYD 2 3£UDVRODMXGD D HYLWDU RV
UHĦH[RVH LPDJHQV ßIDQWDVPDVà FDXVDGDV SHOD H[WUHPDOXPLQRVLGDGH $QH[H R
3£UDVROHJLUHQRVHQWLGRKRU£ULRDW«HODSDUDUGHJLUDU HQW¥REORTXHDURERW¥R
SDUDĥ[DUR3£UDVROQROXJDUĥJ
3DUDFRORFDUDREMHFWLYDHRS£UDVROQDEROVD«SULPHLURQHFHVV£ULRUHPRYHUR
S£UDVROHWRUQDUDFRORF£ORQDSRVL©¥RLQYHUVDQDREMHFWLYD
&255(,$20%52
3RUIDYRUĥ[DUDDO©DGHRPEURSDUDDIXQGDFRPRGHVFULWRQDĥJXUD
),/752
6µVHGHYHXWLOL]DUXPĥOWURGHFDGDYH]6HXVDUGRLVRXPDLVĥOWURVRXĥOWURV
PDLV HVSHVVRV FRPR RV ĥOWURV SRODUL]DGRUHV SRGH FDXVDU R HIHLWR GH
YLQKHWDJHP
4XDQGRXVDUXPĥOWURSRODUL]DGRUFRPXPDF¤PDUD$)XVHXPGRWLSRFLUFXODU
&8,'$'26%6,&26($50$=(1$0(172
(YLWH TXDLVTXHU FKRTXHV RX D H[SRVL©¥R D WHPSHUDWXUDV H[FHVVLYDV RX ¢
KXPLGDGH
3DUDDUPD]HQDPHQWRSRUXPORQJRSHU¯RGRGHWHPSRHVFROKDXPORFDOIUHVFRH
VHFR GH SUHIHU¬QFLD EHP YHQWLODGR 3DUD HYLWDU GDQLĥFDU D FREHUWXUD GD
REMHFWLYDPDQWHQKDDIRUDGRDOFDQFHGDQDIWDOLQDRXGHSURGXWRVVLPLODUHV
1¥R XWLOL]H GLOXHQWHV EHQ]LQD RX RXWURV SURGXWRV GH OLPSH]D RUJ¤QLFRV SDUD
UHPRYHUDVXMLGDGHRXDVGHGDGDVGRVFRPSRQHQWHVGDREMHFWLYD/LPSHFRP
XPSDQRPDFLRHKXPHGHFLGRRXFRPXPWHFLGRSUµSULRSDUDOLPSH]DGHOHQWHV
(VWDREMHFWLYDQ¥R«¢SURYDGH£JXD4XDQGRDXVDU¢FKXYDRXSHUWRGH£JXD

LPSH©DTXHHODVHPROKHTXDVHVHPSUHLPSRVV¯YHOUHSDUDUPHFDQLVPRVLQWHUQRV
HOHPHQWRVGDREMHFWLYDHFRPSRQHQWHVHO«FWULFRVGDQLĥFDGRVSHOD£JXD
$VPXGDQ©DVEUXVFDVGHWHPSHUDWXUDSRGHPFDXVDUFRQGHQVD©¥RRXHPEDFLDU
D VXSHUI¯FLH GD REMHFWLYD 4XDQGR HQWUDU QXP TXDUWR DTXHFLGR YLQGR GXP
H[WHULRU IULR « DFRQVHOK£YHO FRQVHUYDU D REMHFWLYD QR HVWRMR DW« TXH D VXD
WHPSHUDWXUDVHDSUR[LPHGDWHPSHUDWXUDDPELHQWH
32578*86
ਥ䬹઀᭽䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 ଐஜᛖ
ȬȳǺನ঺Ტ፭Ყ௏Უ Ú இٻજࢨ̿ྙ 
ဒ ᚌ Úr ȕǣȫǿȸǵǤǺ PP
இݱ዁Ǔஇٻࢲ ; μᧈ [PP
இჺજࢨុᩉ ÚP ᣻ ᣽ J
ٻƖƞ᣻ƞƸŴǷǰȞȞǦȳȈƷNjƷưƢŵ
z $32 ȬȳǺƸཎഷ˯Ў૝ǬȩǹǛ̅ဇƠƯƍLJƢŵƜƷȬȳǺƸ஬ឋƷཎࣱɥŴݱƞƳൢණǛٶ
ݲԃljئӳƕƋǓŴƦǕƕЭͨƷȬȳǺưਘٻƞǕƯᙸƑǔƜƱƕƋǓLJƢƕŴီࠝưƸƋǓLJ
ƤǜŵLJƨŴȬȳǺƷήܖࣱᏡƴƸμƘࢨ᪪ƋǓLJƤǜŵ
z ƜƷȬȳǺƸŴᤲǍƻእǛԃLJƳƍ ࿢ؾݣሊǬȩǹ Ǜ̅ဇƠƯƍLJƢŵ
7(&+1,&$/63(&,),&$7,216
(1*/,6+
/HQVFRQVWUXFWLRQ Ú )LOWHU6L]H PP
$QJOHRI9LHZ Úr
'LPHQVLRQV
'LDg/HQJWK
[PP
gLQ
0LQLPXP$SHUWXUH 
0LQLPXP)RFXVLQJ'LVWDQFH
PIW
:HLJKW
J
R]
0DJQLĥFDWLRQ 
'LPHQVLRQVDQGZHLJKWLQFOXGHWKH6,*0$PRXQW
z $32OHQVHVXVH6SHFLDO/RZ'LVSHUVLRQJODVV 7KLVVSHFLDOJODVVQRUPDOO\KDVVRPHWLQ\DLU
EXEEOHVEXWLWGRHVQRWDIIHFWWKHRSWLFDOSHUIRUPDQFH
z 7KH JODVV PDWHULDOV XVHG LQ WKH OHQV GR QRW FRQWDLQ HQYLURQPHQWDOO\ KD]DUGRXV OHDG DQG
DUVHQLF
7(&+1,6&+('$7(1
'(876&+
*OLHGHUÚ/LQVHQ Ú *U¸¡WHU$EELOGXQJVPD¡VWDE 
'LDJRQDOHU%LOGZLQNHO
Úr
)LOWHUGXUFKPHVVHU PP
.OHLQVWH%OHQGH  $EPHVVXQJHQ
g
%DXO¦QJH [PP
1DKHLQVWHOOJUHQ]H ÚP *HZLFKW J
$EPHVVXQJHQXQG*HZLFKWEH]LHKHQVLFKDXIGHQ6,*0$$QVFKOX¡
z ,Q HLQLJHQ /LQVHQ GHU $322EMHNWLYH ĥQGHQ KRFKEUHFKHQGH XQG (/'*O¦VHU EHVRQGHUV
QLHGULJHU 'LVSHUVLRQ 9HUZHQGXQJ .OHLQH /XIWHLQVFKO¾VVH VLQG EHL GLHVHQ 6SH]LDOJO¦VHUQ
XQYHUPHLGOLFK6LHKDEHQNHLQHQ(LQĦX¡DXIGLH$EELOGXQJVOHLVWXQJGHV2EMHNWLYHV
z
'DV*ODVGDVI¾UGDV2EMHNWLYYHUZHQGHWZLUGHQWK¦OWNHLQXPZHOWVFK¦GOLFKHV%OHLXQG$UVHQ
&$5$&7(5,67,48(6
)5$1$,6
&RQVWUXFWLRQGHOÝREMHFWLI Ú
5DSSRUWGHUHSURGXFWLRQ

$QJOHGHFKDPS Úr 'LDP«WUHGHĥOWUH PP
2XYHUWXUHPLQLPDOH 
'LPHQVLRQ
GLDPHQWUHgORQJXHXU
[PP
'LVWDQFHPLQLPDOHGH
PLVHDXSRLQW
ÚP
3RLGV J
'LPHQVLRQVHWSRLGVGRQQ«VSRXUODPRQWXUH6,*0$
z &HUWDLQV«O«PHQWVRSWLTXHVGHVREMHFWLIV$32VRQWFRQVWLWX«VGHYHUUHVDYHFKDXWLQGLFHGH
U«IUDFWLRQ HW GH IDLEOH GLVSHUVLRQ 'DQV FHWWH VRUWH GH YHUUHV GHV PLQXVFXOHV EXOOHV GÝDLU
SHXYHQWDSSDUD°WUHVDQVDXFXQHLQĦXHQFHVXUOHVSHUIRUPDQFHVGH,ÝREMHFWLI
z
/HVYHUUHVXWLOLV«VGDQVFHWREMHFWLIQHFRQWLHQQHQWDXFXQHPDWLªUHQXLVLEOHV¢OÝHQYLURQQHPHQW
WHOOHVTXHOHSORPEHWOÝDUVHQLF
7(&+1,6&+(*(*(9(161('(5/$1'6
/HQVFRQVWUXFWLH
J
URH
S
HQÚHOHPHQWHQ
Ú
0D[LPDOHYHUJURWLQJVPDDWVWDI

%HHOGKRHN Úr )LOWHUPDDW PP
.OHLQVWHGLDIUDJPD  $IPHWLQJHQGLDPgOHQJWH [PP
.RUWVWHLQVWHODIVWDQG ÚP *HZLFKW J
2SJHJHYHQDIPHWLQJHQHQJHZLFKW]LMQPHW6,*0$YDWWLQJ
z 9RRU6LJPD$32REMHFWLHYHQZRUGWJHEUXLNJHPDDNWYDQ VSHFLDOHJODVVRRUWHQPHWHHQKRJH
UHIUDFWLHLQGH[HQODJHGLVSHUVLHNDUDNWHULVWLHNHQ+HWLVQRUPDDOELMGH]HJODVVRRUWHQGDWHU
]LFK]HHUNOHLQHOXFKWEHOOHWMHVLQEHYLQGHQ(FKWHUZRUGWGHNZDOLWHLWYDQXZREMHFWLHIKLHUGRRU
RSJHHQHQNHOHZLM]HEH±QYORHG
z
'HJODVVRRUWGLHLQGLWREMHFWLHIJHEUXLNWZHUGEHYDWJHHQPLOLHXEHODVWHQGORRGRIDUVHQLFXP
&$5$&7(5,67&$6
(63$2/
&RQVWUXFFLµQGHOREMHWLYR Ú $PSOLDFLµQ 
QJXORGHYLVLµQ Úr 'L£PHWURĥOWUR PP
$SHUWXUDP¯QLPD  'LPHQVLRQHVGL£PgORQJ [PP
'LVWDQFLDP¯QLPDHQIRTXH
ÚP 3HVR J
'LPHQVLRQHV\SHVRLQFOX\HQPRQWXUD6,*0$
z /RV REMHWLYRV $32 XWLOL]DQ XQRV FULVWDOHV GH DOWR LQGLFH GH UHĦH[LµQ \ EDMD GLVSHUVLµQ HQ
DOJXQRV HOHPHQWRV (VWRV FULVWDOHV HVSHFLDOHV SUHVHQWDQ QRUPDOPHQWH XQDV SHTXH³DV
EXUEXMDVGHDLUHTXHQRDIHFWDQDOUHQGLPLHQWRµSWLFRGHOREMHWLYR
z /RVPDWHULDOHVHPSOHDGRVHQHOREMHWLYRQRFRQWLHQHQSURGXFWRVQRFLYRVSDUDODVDOXGQLHO
PHGLRDPELHQWH
&$5$77(5,67,&+(7(&1,&+(,7$/,$12
&RVWUX]LRQHRWWLFD
*UXSSL(O
Ú
5DSSRUWRGÝLQJUDQGLP

'LDPHQWURĥOWUL
PP
$QJROLGLFDPSR
Ú r
'LPHQVLRQL
GLDPHWURgOXQJKH]]D
[PP
$SHUWXUDPLQLPD

'LVWDQ]DPLQPHVVDIXRFR
Ú P
3HVR

J
'LPHQVLRQLHSHVLVÝLQWHQGRQRFRPSUHQVLYLGLDWWDFFR6,*0$
z 1HOOD UHDOL]]D]LRQHGHL6LJPD$32VLXVDQRYHWULRWWLFLVSHFLDOLDGDOWR LQGLFHGLULIUD]LRQHH
EDVVLVVLPDGLVSHUVLRQH,QTXHVWLYHWULªQDWXUDOHODSUHVHQ]DGLPLQXVFROHLQFOXVLRQLGÝDULD
4XLQGL QRQGRYHWHSUHRFFXSDUYHQHLQTXDQWR WDOLßEROOHà QRQSUHJLXGLFDQR PLQLPDPHQWH OH
HFFH]LRQDOLSUHVWD]LRQLGHOYRVWURRELHWWLYR
z /HPDWHULHYLWUHHXVDWHSHUODUHDOL]]D]LRQHGHOOÝRELHWWLYRQRQFRQWHQJRQRSLRPERQ«DUVHQLFR
VRVWDQ]HSRWHQ]LDOPHQWHSHULFRORVHVRWWRLOSURĥORHFRORJLFR
7(.1,6.$'$7$䎃 䎃 69(16.$
8SSE\JJQDG Ú )¸UVWRULQJVJUDG 
%LOGYLQNHO Úr )LOWHU PP
0LQVWDEO¦QGDUH  0§WWGLDPgO¦QJG [PP
1¦UJU¦QV ÚP 9LNW J
0§WWRFKYLNWJ¦OOHU6,*0$IDWWQLQJ
z
7LOO$32REMHNWLYDQY¦QGVVSHFLDOJODVPHGK¸JUHĦH[LRQVI¸UP§JDRFKO§JI¦UJVSULGQLQJVI¸UP§JD
L
YLVVDOLQVHOHPHQW'HWWDVSHFLDOJODVNDQQRUPDOWKDQ§JUDVP§OXIWEXEEORUK¦URFKG¦UPHQ
GHVVDS§YHUNDULQWHUHVXOWDWHWS§GLQDELOGHUS§Q§JRWV¦WW
z 'HWJODVPDWHULDOVRPLQJ§ULGHWWDREMHNWLYLQQHK§OOHULQJHWPLOM¸IDUOLJWEO\HOOHUDUVHQLN
7(.1,6.(63(&,),.$7,21(5䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 '$16.
$QWDOOLQVHHOHPHQWHU Ú )RUVWºUUHOVHVJUDG 
6\QVYLQNHO Úr )LOWHUJHYLQG PP
0LQGVWHEO¨QGH§EQLQJ 
'LPHQVLRQHU
'LDP
g
/¨QJGH
[PP
1¨UJU¨QVH ÚP 9¨JW J
'LPHQVLRQHURJY¨JWHUDQJLYHWPHG6,*0$EDMRQHWIDWQLQJ
z $32 REMHNWLYHU KDU S§ JUXQG DI GHQ VSHFLHOOH JODVW\SH GHU EOLYHUEHQ\WWHWQRUPDOWVP§
OXIWEREOHULHQNHOWHOLQVHU'HWWHKDULQJHQLQGYLUNQLQJS§OLQVHHOHPHQWHUQHVRSWLVNHNYDOLWHW
RJYLOLNNHS§YLUNHGHWI¨UGLJHELOOHGH
z *ODVVHWDQYHQGWLGHWWHREMHNWLYLQGHKROGHULNNHPLOMºVNDGHOLJEO\RJDUVHQ
๵ ௑  խ ֮
ᢴᙰ࿨ዌ Ú ࣋Օ଍෷ 
ီʳ ߡ Úr ៀᢴՑஉ PP
່า٠എ᧯ᗨऴஉ [ ९৫ [PP
່२ኙྡྷ၏ᠦ ÚP ૹʳ ၦJ
᧯ᗨ֗ૹၦբץਔᔞ್൷ᛩڇփΖ
z $32 ᢴᙰࢬࠌشऱਢ 6/' ၌܅ۥཋੲᑿΔ ຍጟޗᔆڂ੡ڇ፹ທ௽ࢤՂऱ଺ਚࠌհڍ
֟ᄎܶڶԫࠄ௛ऐΔڶऱ௛ऐڂ๯ছೡᢴׂ࣋Օۖ౨ജ઎ߠΔ܀ຍࠀॺฆൄΔኙᢴᙰ
ऱ٠ᖂࢤ౨Ո࿭ශ޲ڶᐙ᥼Ζ
z ᢴᙰࢬࠌشհੲᑿޗறΔ࿪ྤڶ୭ᛩቼհሩ֗న࿛ढ
㨰㟈G ㇠㛅  䚐ạ㛨G
⥀㪼Ạ㉥Ấ⬘
Ú
㺐␴㹠㜵 ⵤ㡜

䞈 ᴵ
Úr
䙸䉤㇠㢨㪼
PP
㺐㋀㦤⫠ᵐ

㺐␴ᷱ[Ὤ㢨
[PP
㺐␜㹠㜵ᶤ⫠
ÚP
ⱨ ᷀
J
G
z
$32
⥀㪼⏈G 䏭㍌G 㤴G ⺸㇤G ⥀㪼⪰G ㇠㟝䚝⏼␘UG 㢨G 䏭㍌G ⥀㪼㜄⏈G 㢰ⵌ㤵㡰⦐G 㣅㡴G ḩὤG ⵝ㟬㢨G
㈑㉥╌ὤ⓸G 䚌㫴⬀G 㢨⏈G ⥀㪼㢌G ṅ䚍G ㉥⏙㜄⏈G 㛨⛔䚐G 㜵䛙⓸G ⴬㾌㫴G 㙾㏩⏼␘U
z 㢨G ⥀㪼㜄G ㇠㟝═G 㠄㣄㣠⏈G 䞌ᷱ㤵㡰⦐G 㡔⓹䚐G ⇝G 㢨⇌G ⽸㋀⪰G 䚜㡔䚌ḔG 㢼㫴G 㙾㏩⏼␘U
ɏȺɊȺɄɌȿɊɂɋɌɂɄɂ䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 3<&&ɄɂɃ
Ʉɨɧɫɬɪɭɤɰɢɹɷɥɟɦɟɧɬɨɜɝɪɭɩɩ
±
Ɇɚɫɲɬɚɛ ɫɴɺɦɤɢ 
ɍɝɨɥ ɩɨɥɹ ɡɪɟɧɢɹ
±
Ɋɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ ɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɚɮɪɚɝɦɚ

Ƚɚɛɚɪɢɬɵ
ɞɢɚɦɟɬɪ ɏ ɞɥɢɧɧɚ
 ɯɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ
ɮɨɤɭɫɢɪɨɜɤɢ
±ɦ
ȼɟɫ ɝ
(63(&,),&$(67&1,&$6䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 32578*86
&RQVWUX©¥RGD2EMHFWLYD
J
UXSRVHOHPHQWRV
Ú
5HOD©¥R5£FLRGH5HSURGX©¥R

QJXORGHFREHUWXUD Úr 7DPDQKRGR)LOWUR PP
$EHUWXUD0¯QLPD 
'LPHQV·HV
'L¤PHWUR[&RPSULPHQWR
[PP
'LVW¤QFLD0¯QLPDGH)RFDJHP
ÚP 3HVR J
$VGLPHQV·HVHRSHVRLQFOXHPDEDLRQHWDGHHQFDL[H6,*0$
ଐஜᛖ
&( ȞȸǯƸŴƜƷᙌԼƕ (& ਦˋƴᢘӳƠƯƍǔƜƱǛᅆƠƯƍLJƢŵ
(1*/,6+
7KH&(0DUNLVD'LUHFWLYHFRQIRUPLW\PDUNRIWKH(XURSHDQ&RPPXQLW\(&
'(876&+
'LH&(.HQQ]HLFKQXQJLVWHLQH.RQIRUPLW¦WVHUNO¦UXQJGHV+HUVWHOOHUVGLHGRNXPHQWLHUW
GD¡GDVEHWUHIIHQGH3URGXNWGLH$QIRUGHUXQJHQYRQ(*5LFKWOLQLHQHLQK¦OW
)5$1$,6
/HODEHO&(JDUDQWLWODFRQIRUPLW«DX[QRUPHV«WDEOLHVSDUOD&RPPXQDXW«(XURS«HQQH
1('(5/$1'6
+HW&(WHNHQLVHHQDDQGXLGLQJYRRUGH(XURSHVH*HPHHQVFKDS(&
(63$2/
(OORJRWLSR&(HVXQDGLUHFWLYDGHFRQIRUPLGDGFRQOD&RPXQLGDG(XURSHD&(
,7$/,$12
4XHVWRªLOPDUFKLRGLFRQIRUPLW¢DOOHGLUHWWLYHGHOODFRPXQLW¢(XURSHD&(
69(16.$
&(P¦UNHWEHW\GHUDWWYDUDQEOLYLWJRGN¦QGDY(8VJHPHQVDPPDNYDOLWHWVQRUP
'$16.
&(P¨UNHWHULRYHUHQVVWHPPHOVHPHGGHJ¨OGHQGHUHJOHUL(8
խ ֮!
&( ᑑ፾ਢᑛ੊ᜤᅩऱٽ௑ᑑಖΖ
䚐ạ㛨G
&( ⫼䆠⏈ 㢨㥐䖼㢨(&ὤ㨴㜄 㤵䚝䚜㡸 䖐㐐䚌⏈ ⫼䆠㢹⏼␘
32578*86
$PDUFD&(JDUDQWHDFRQIRUPLGDGHFRPDVQRUPDVHVWDEHOHFLGDVSHOD&RPXQLGDGH(XURSHLD
6,*0$'HXWVFKODQG*PE+ &DUO=HLVV6WU'5¸GHUPDUN)5*(50$1<
9HUNDXI 6HUYLFH )D[
2

Brauchen Sie Hilfe? Stellen Sie Ihre Frage.

Forenregeln

Missbrauch melden von Frage und/oder Antwort

Libble nimmt den Missbrauch seiner Dienste sehr ernst. Wir setzen uns dafür ein, derartige Missbrauchsfälle gemäß den Gesetzen Ihres Heimatlandes zu behandeln. Wenn Sie eine Meldung übermitteln, überprüfen wir Ihre Informationen und ergreifen entsprechende Maßnahmen. Wir melden uns nur dann wieder bei Ihnen, wenn wir weitere Einzelheiten wissen müssen oder weitere Informationen für Sie haben.

Art des Missbrauchs:

Zum Beispiel antisemitische Inhalte, rassistische Inhalte oder Material, das zu einer Gewalttat führen könnte.

Beispielsweise eine Kreditkartennummer, persönliche Identifikationsnummer oder unveröffentlichte Privatadresse. Beachten Sie, dass E-Mail-Adressen und der vollständige Name nicht als private Informationen angesehen werden.

Forenregeln

Um zu sinnvolle Fragen zu kommen halten Sie sich bitte an folgende Spielregeln:

Neu registrieren

Registrieren auf E - Mails für Sigma 120-300mm f2.8 DG OS HSM S wenn:


Sie erhalten eine E-Mail, um sich für eine oder beide Optionen anzumelden.


Das Handbuch wird per E-Mail gesendet. Überprüfen Sie ihre E-Mail.

Wenn Sie innerhalb von 15 Minuten keine E-Mail mit dem Handbuch erhalten haben, kann es sein, dass Sie eine falsche E-Mail-Adresse eingegeben haben oder dass Ihr ISP eine maximale Größe eingestellt hat, um E-Mails zu erhalten, die kleiner als die Größe des Handbuchs sind.

Ihre Frage wurde zu diesem Forum hinzugefügt

Möchten Sie eine E-Mail erhalten, wenn neue Antworten und Fragen veröffentlicht werden? Geben Sie bitte Ihre Email-Adresse ein.



Info