Handleiding Sigma 105mm F2.8 EX DG OS HSM (pagina 1 van 2) (Engels, Portugees, Deens, Zweeds)

616730

Verklein

Vergroot

Pagina terug

1/2

Pagina verder

ƜƷƨƼƸŴǷǰȞȬȳǺǛƓᝰƍ൭ǊƍƨƩƖƋǓƕƱƏƝƟƍǇƢŵஜᛟଢ୿Ǜ

ƝችᛠƷɥŴȬȳǺƷೞᏡŴદ˺ŴӕǓৢƍɥƷදॖໜǛദƠƘྸᚐƠƯŴϙჇજࢨ

ǛƓಏƠǈƘƩƞƍŵƳƓஜᛟଢ୿ƸŴӲǫȡȩဇσဇƱƳƬƯƓǓǇƢƷưŴ᪮Ⴘ

ƴǑǓƝ̅ဇǫȡȩƷᛆ࢘ሖ৑ǛƓᛠǈƴƳǓŴƝ̅ဇǫȡȩƷᛟଢ୿ǋƋǘƤƯƝ

ᚁƘƩƞƍŵƓᛠǈƴƳƬƨƋƱƸŴٻЏƴ̬ሥƠƯƘƩƞƍŵ

ӲᢿỉӸᆅ ί׋



ὸ

Ĭȕǣȫǿȸƶơ

ĭȕǩȸǫǹȪȳǰ

ĮᙀяႎុᩉႸႮ

įਦ೅ዴ

İȞǦȳȈ

ı26 ǹǤȃȁ

ĲȕǩȸǫǹȢȸȉЏ੭Ƒ

ǹǤȃȁ

ĳȕǩȸǫǹȪȟȃǿȸ

ĴȬȳǺȕȸȉ

ĵȕȸȉǢȀȗǿȸ

Ἕἅὅ $) ဇỆếẟề

ƜƷȬȳǺƸŴȋǳȳᙌ $) ȬȳǺƴƓƚǔŴ* ǿǤȗᲢ዁ǓȪȳǰƷƳƍǿǤȗᲣ

ƱӷሁƷˁಮƴƳƬƯƍǇƢŵǫȡȩƱƷኵӳǘƤƴǑƬƯŴೞᏡƴСᨂƕưǔئӳ

ƕƋǓǇƢŵᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ୿ሁǛƝӋༀƘƩƞƍŵ

ἬὅἑἕἁἋ $) ဇỆếẟề

ƜƷȬȳǺƸŴȚȳǿȃǯǹᙌ $) ȬȳǺƴƓƚǔŴ)$- ǿǤȗᲢ዁ǓȪȳǰƷƳƍ

ǿǤȗᲣƱӷሁƷˁಮƴƳƬƯƍǇƢŵǫȡȩƱƷኵӳƤƴǑƬƯŴೞᏡƴСᨂƕư

ǔئӳƕƋǓǇƢŵᛇƠƘƸƝ̅ဇƷǫȡȩƷᛟଢ୿ሁǛƝӋༀƘƩƞƍŵ

ἾὅἌỉბᏮ૾ඥ

ǫȡȩǁƷბᏮ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯბᏮƠƯƘƩƞƍŵ

ŦȞǦȳȈ᩿ƴƸ዁ǓᡲѣဇŴ$) ᡲѣဇƷᘺፗǍŴᩓൢ੗ໜሁƕƋǓǇƢŵǭǺǍ

൲ǕƕƭƘƱᛚ˺ѣǍ૏ᨦƷҾ׆ƱƳǓǇƢƷưƝදॖƘƩƞƍŵ

ᩧЈỆếẟề

ᩧЈƷൿܭ૾ඥƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯŴ዁ǓǍǷȣȃǿȸᡮࡇሁǛǻ

ȃȈƠƯƘƩƞƍŵ

ἦὅἚӳỪẶ

ƜƷȬȳǺƸŴȏǤȑȸǽȋȃǯȢȸǿȸ+60Ჩឬ᪦ඬȢȸǿȸ㪀Ǜ੔ဇƠŴᡆᡮƳ

ǪȸȈȕǩȸǫǹƱ˺ѣ᪦ƷᨊӊǛܱྵƠƯƍǇƢŵ㩷

ẎἉἂἰ $) ဇẆỿἶἠὅ $) ဇẏ

ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ $) ƴǻ

ȃȈƠǇƢᲢ׋ ᲣŵȞȋȥǢȫưજࢨƢǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤ

ȃȁǛ 0 ƴǻȃȈƠŴȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛӳǘƤǇƢŵ

ẎἝἅὅဇẆἬὅἑἕἁἋ $) ဇẆἏἝὊဇẏ

ǪȸȈȕǩȸǫǹưજࢨƢǔئӳƸŴǫȡȩǛ $) ȢȸȉƴǻȃȈƠƯŴȬȳǺƷȕ

ǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ $) ƴǻȃȈƠǇƢᲢ׋ ᲣŵȞȋȥǢȫưજࢨƢ

ǔئӳƸŴȕǩȸǫǹȢȸȉЏǓ੭ƑǹǤȃȁǛ 0 ƴǻȃȈƠŴȕǩȸǫǹȪȳǰ

ǛׅƠƯȔȳȈǛӳǘƤǇƢŵ

ŦǫȡȩƷȕǩȸǫǹȢȸȉƷЏǓ੭ƑƸŴƝ̅ဇƷǫȡȩƷᛟଢ୿ƴࢼƬƯƘƩƞƍŵ

ŦȋǳȳŴȚȳǿȃǯǹŴǽȋȸဇƸŴឬ᪦ඬȢȸǿȸƴݣࣖƠƨǫȡȩƱƷኵӳƤưǪ

ȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵឬ᪦ඬȢȸǿȸƴݣࣖƠƯƍƳƍǫȡȩƱƷኵӳƤư

ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓǇƢŵ

ŦƜƷȬȳǺƸŴ$) ƴǻȃȈƠƨǇǇưȞȋȥǢȫưƷȔȳȈᙀദǛƢǔƜƱǋӧᏡưƢŵ

ǫȡȩǛǷȳǰȫ $) ȢȸȉƴǻȃȈƠƯŴӳ໰ࢸŴǷȣȃǿȸȜǿȳǛҞ਀ƠƷǇǇư

ȕǩȸǫǹȪȳǰǛׅƠƯȔȳȈǛᛦૢƠƯƘƩƞƍŵ

ŦȞȋȥǢȫưȔȳȈǛӳǘƤǔᨥƴƸŴႸႮƕĐᲢ໯ᨂᢒᲣƷˮፗưǋᢒ୎ƴȔȳȈƕ

ӳǘƳƍƜƱƕƋǓǇƢƷưŴȕǡǤȳȀȸưᄩᛐƠƳƕǒȔȳȈǛӳǘƤƯƘƩƞƍŵ

ἧỻὊỽἋἼἱἕἑὊ

ƜƷȬȳǺƸŴǪȸȈȕǩȸǫǹƷ˺ѣር׊ǛСᨂưƖǔȕǩȸǫǹȪȟȃǿȸǛͳ

ƑƯƍǇƢᲢ׋ ᲣŵˌɦƷɤെ᨞ƴЏ੭ƑӧᏡưƢŵ

Ɣ)8//ᲢP ᳸Đ

Უ Ɣ P ᳸Đ

Ɣ P ᳸ P

જࢨ̿ྙ

ុᩉႸႮɥെƷ ᲴŨŨƱЦǇǕƯƍǔ᰾ᑥƷૠ܌ƸŴƦƷុᩉƴƓƚǔ੗ϙ̿ྙǛ

ᘙƠƯƍǇƢŵƜǕƸŴᲢજ΂እ܇ᲢȕǤȫȠᲣɥƴϙƠᡂǇǕǔ΂ƷٻƖƞᲣᲴᲢᘮ

ϙ˳ƷܱݡᲣƷൔྙǛᘙƠǇƢŵ̊Ƒƹ  ƸŴܱݡƕ FP Ʒᘮϙ˳ƕŴȕǤ

ȫȠᲢજ΂እ܇Უɥƴ FP ưϙƠᡂǇǕǔƜƱǛᘙƠǇƢŵᲢ׋ Უ

৖ốủᙀദೞᏡỆếẟề

ƜƷȬȳǺƸŴ৖ਤƪજࢨ଺Ʒ৖ȖȬǛ᠉ถƢǔŴ৖ƿǕᙀദೞᏡ 262SWLFDO

6WDELOL]HUǛ઀᠍ƠƯƍǇƢŵ৖ƿǕᙀദೞᏡǛ̅ǘƳƍƱƖƱൔǂŴኖ  െǷȣȃ

ǿȸᡮࡇǛ᡿ƘƠƯજࢨưƖǇƢŵ

26Ტ৖ƿǕᙀദೞᏡᲣǹǤȃȁǛ  ƴƠǇƢᲢ׋ ᲣŵǷȣȃǿȸȜǿȳǛҞ਀ƠƠŴ

ȕǡǤȳȀȸư΂ƕܤܭƠƯƍǔƷǛᄩᛐƠƯƔǒજࢨƠƯƘƩƞƍŵᲢҞ਀ƠƠƯ

Ɣǒ΂ƕܤܭƢǔǇưŴኖᲫᅺƔƔǓǇƢŵᲣ්ƠજǓǛƢǔ଺Ƹ 26 ǹǤȃȁǛ 

ƴƠǇƢŵᲢɥɦ૾ӼƷ৖ƿǕƷǈᙀദƠǇƢŵᲣ

Ŧ৖ƿǕᙀദೞᏡƸŴᡫࠝƷ৖ਤƪજࢨƴƓƍƯဃơǔ৖ȖȬǛ᠉ถƞƤǔೞᏡưƢŵˌ

ɦƷவˑưƸŴ৖ƿǕᙀദƷјௐƕҗЎƴႆੱƞǕƳƍئӳƕƋǓǇƢŵ

ƒ ѣƍƯƍǔʈǓཋƔǒƷજࢨ ƒ ǫȡȩƷӼƖǛٻƖƘѣƔƠƳƕǒƷજࢨ

ŦˌɦƷவˑưƸŴ৖ƿǕᙀദೞᏡƸ̅ဇƠƳƍưƘƩƞƍŵ

ƒ ɤᏩሁưǫȡȩǛ׍ܭƠƯƷજࢨƒ ȐȫȖᲢᧈ଺᧓ᩧήᲣજࢨ

Ŧ৖ƿǕᙀദೞᏡƸŴǫȡȩƷᩓ൷ǛМဇƠƯ˺ѣƠǇƢŵᡫࠝƷȬȳǺǛ̅ဇƠƨئӳ

ƴൔǂŴજࢨӧᏡஜૠƕݲƳƘƳǓǇƢŵ৖ƿǕᙀദೞᏡǛ̅ဇƠƳƍƱƖƸŴᩓ൷Ʒ

ෞ᎔Ǜ᧸ƙƨǊŴ26 ǹǤȃȁǛ 2)) ƴƠƯƘƩƞƍŵ

ŦȬȳǺƷბᏮ଺ƸŴ26 ǹǤȃȁǛ 2)) ƴƠƯƔǒᘍƬƯƘƩƞƍŵ

ŦǷȣȃǿȸȜǿȳƔǒਦǛᩉƠƯǋŴǫȡȩƷᩧЈᚘƕƸƨǒƍƯƍǔ᧓ƸŴ৖ƿǕᙀ

ദೞᏡǋ˺ѣƠƯƍǇƢŵ˺ѣɶƴȬȳǺǛٳƠƨǓŴǫȡȩƷᩓ൷ǛӕǓЈƢƱŴȬ

ȳǺƷ૏ᨦƷҾ׆ƱƳǓǇƢŵ

ŦજࢨႺࢸǍǫȡȩƷϋᔺȕȩȃǷȥƷΪᩓ଺ƳƲƴŴȕǡǤȳȀȸ΂ƕੵǕǔƜƱƕƋ

ǓǇƢƕŴજࢨƴƸࢨ᪪ƋǓǇƤǜŵ

Ŧ৖ƿǕᙀദೞᏡƕ˺ѣɶŴȬȳǺǛٳƠƨǓǫȡȩƷᩓเǛЏƬƨƱƖŴȬȳǺǛਰǔ

ƱǫǿǫǿƱ᪦ƕƢǔئӳƕƋǓǇƢƕ૏ᨦưƸƋǓǇƤǜŵ

ŦǽȋȸŴȚȳǿȃǯǹဇƸŴȬȳǺϋȢȸǿȸƴǑǔ $) ᬝѣƕӧᏡƳȇǸǿȫǫȡȩƱ

ƷኵӳƤư৖ƿǕᙀദೞᏡǛ̅ဇưƖǇƢŵȬȳǺƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƸŴ

ǫȡȩƷ৖ƿǕᙀദೞᏡǛ 2)) ƴƠƯŴȬȳǺƷ 26 ǹǤȃȁǛ 21 ƴƠƯƘƩƞƍŵ

ǫȡȩƷ৖ƿǕᙀദೞᏡǛ̅ဇƢǔئӳƴƸŴȬȳǺƷ 26 ǹǤȃȁǛ 2)) ƴƠƯŴǫ

ȡȩƷ৖ƿǕᙀദೞᏡǛ 21 ƴƠƯƘƩƞƍŵ

ŦƜƷȬȳǺǛǳȋǫȟȎȫǿ' 6ZHHW'Ŵǽȋȸ ưƝ̅ဇƷئӳŴȬȳǺƷ

26 ǹǤȃȁƕ 21 ƷǇǇǫȡȩƷᩓเǛ 2)) ƴƢǔƱŴȬȳǺϋƷ 26 ȦȋȃȈƕ׍

ܭƞǕƣŴئӳƴǑƬƯƸ૏ᨦƷҾ׆ƱƳǔئӳƕƋǓǇƢŵજࢨࢸƸ࣏ƣȬȳǺƷ 26

ǹǤȃȁǛ 2)) ƴƠƯƔǒŴǫȡȩƷᩓเǛ 2)) ƴƠƯƘƩƞƍŵ

ŦȋǳȳဇƸ )ŴǭȤȎȳဇƸ (269 ˌٳƷȕǣȫȠǫȡȩƴƓƍƯŴ৖ƿǕᙀദೞᏡ

ƕദࠝƴ΁ƖǇƤǜŵ26 ǹǤȃȁǛ 2)) ƴƠƯ̅ဇƠƯƘƩƞƍŵ

ἧἻἕἉἷજࢨ

ǫȡȩƷϋᔺȕȩȃǷȥƸŴȕȩȃǷȥƷήƕȬȳǺᦟለƴƞƑƗǒǕǔƨǊŴƝ̅

ဇƴƳǕǇƤǜŵ࣏ƣٳᢿȕȩȃǷȥǛ̅ဇƠƯƘƩƞƍŵ

ἘἾἅὅἢὊἑὊỆếẟề

ƜƷȬȳǺƸŴК٥ǓƷ $32 ȆȬǳȳȐȸǿȸ[ (; '*ƱƷኵӳƤư  ̿

ᲢPP



)ᲣŴ$32 ȆȬǳȳȐȸǿȸ[(;'*ƱƷኵӳƤư  ̿Ტ PP)Უ

ƷஓᢒȬȳǺƱƠƯ෇ဇưƖǇƢŵ

ŦɥᚡˌٳƷǳȳȐȸǿȸƸŴƝ̅ဇƴƳǕǇƤǜŵ

ŦȇǸǿȫɟაȬȕǫȡȩƴƝ̅ဇƷئӳƸŴ'* ǿǤȗƷ̅ဇǛƓƢƢǊƠǇƢŵ

ŦȚȳǿȃǯǹ $) ဇƸŴȆȬǳȳȐȸǿȸǛƝ̅ဇƴƳǕǇƤǜŵ

ŦȆȬǳȳȐȸǿȸ[ ƸŴȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓǇƢŵ

ŦȆȬǳȳȐȸǿȸ[ ƸŴP᳸ĐƷር׊ưǪȸȈȕǩȸǫǹજࢨƕӧᏡưƢŵុᩉႸ

ႮƷር׊ƕ P᳸ĐƷ᧓ưƸǪȸȈȕǩȸǫǹƕ˺ѣƠŴP᳸P Ʒ᧓ưƸȞ

ȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓǇƢŵ

ŦȆȬǳȳȐȸǿȸ̅ဇ଺ƸŴȕǩȸǫǹȪȟȃǿȸƕೞᏡƠǇƤǜᲢȩǤȖȓȥȸƴǑ

ǔǳȳȈȩǹȈ $) ̅ဇ଺ǛᨊƘᲣŵ

ŦǽȋȸဇƸŴᙌᡯဪӭ  ˌᨀƷȆȬǳȳȐȸǿȸưǪȸȈȕǩȸǫǹજࢨƕӧᏡ

ưƢŵƦǕˌЭƷဪӭƷǳȳȐȸǿȸưƸ

ȞȋȥǢȫȕǩȸǫǹưƷƝ̅ဇƱƳǓǇƢŵ

ἾὅἌἧὊἛ

ȬȳǺȕȸȉƸŴဒឋƴफࢨ᪪ǛɨƑǔஊܹήዴƷǫȃȈƴஊјưƢŵӕǓ˄ƚ૾ඥ

ƸŴȬȳǺέᇢƴȬȳǺȕȸȉǛƸǊᡂǈŴ଺ᚘ૾ӼƴഥǇǔǇưׅƠƯᄩܱƴӕǓ

˄ƚƯƘƩƞƍŵᲢ׋ Უ

ŦƜƷȬȳǺƸ $36& ǵǤǺજ΂እ܇ƷȇǸǿȫǫȡȩƱƷኵӳƤư̅ဇƢǔᨥƴŴǑǓ

᭗ƍᢚήјௐƕࢽǒǕǔȕȸȉǢȀȗǿȸǛ˄ޓƠƯƍǇƢŵᲢ׋ ᲣƷǑƏƴŴȬȳǺ

ƱȬȳǺȕȸȉƷ᧓ƴȕȸȉǢȀȗǿȸǛӕǓ˄ƚƯ̅ဇƠǇƢŵ

ŦȕȫǵǤǺŴӏƼ $36+ ǵǤǺજ΂እ܇ƷȇǸǿȫǫȡȩŴȕǣȫȠǫȡȩƴƝ̅ဇƷ

ئӳƸȬȳǺȕȸȉҥ˳ưƝ̅ဇƘƩƞƍŵȕȸȉǢȀȗǿȸǛ̅ဇƢǔƱŴဒ᩿ƴǱ

ȩȬƕဃơǇƢŵ

Ŧઃ࠘଺ƴƸŴȬȳǺȕȸȉǛᡞƞƴƸǊᡂǈŴ଺ᚘ૾ӼƴׅƠƯӕǓ˄ƚǔƜƱƕưƖ

ǇƢᲢ׋ ᲣŵᲢȬȳǺƴȕȸȉǢȀȗǿȸǛӕǓ˄ƚƨǇǇưǋŴȕȸȉǢȀȗǿȸƷέ

ᇢƴȬȳǺȕȸȉƷᡞƞ˄ƚŴƓǑƼȬȳǺǭȣȃȗƷӕǓ˄ƚƕưƖǇƢŵᲣ

ἧỵἽἑὊ

Ŧဒ᩿ԗᡀƕƚǒǕǔऀǕƕƋǔƷưŴȕǣȫǿȸƸҾЩƱƠƯᲫ௏ư̅ဇƠƯƘƩ

ƞƍŵ

Ŧ͞ήȕǣȫǿȸǛ̅ဇƢǔئӳƸŴό͞ήǿǤȗᲢǵȸǭȥȩȸ3/ᲣǛƝ̅ဇƘ

Ʃƞƍŵ

ŦȕȸȉǢȀȗǿȸǛƝ̅ဇƷئӳưǋŴȕǣȫǿȸƸȬȳǺƷȕǣȫǿȸƶơƴӕ

Ǔ˄ƚƯƘƩƞƍ

ȕȸȉǢȀȗǿȸƴӕǓ˄ƚǔƱ

ဒ᩿ƴǱȩȬƕဃơǔऀǕ

ƕƋǓǇƢ

ᡈុᩉ଺ỉᩧЈᙀദ

ȞǯȭȬȳǺƸŴᡈ੗જࢨƷƱƖƴȬȳǺƕጮǓЈƞǕŴȬȳǺ᧓ᨠƷ٭҄ƴˤƍ )

͌ƕ٭҄ƠǇƢŵᡫࠝƷજࢨưƸŴଢǔƞƷ٭҄ǛǫȡȩͨƕᐯѣႎƴᙀദƠƯƘǕ

ǇƢƕŴٳᢿᩧЈᚘǛƝ̅ဇƷᨥƴƸŴᙀദƕ࣏ᙲƴƳǓǇƢŵᲢᘙ ᲣǛӋༀƠŴ

ᙀദ᣽ǛǻȃȈƠƯƘƩƞƍŵ

̬ሥẆӕৢɥỉදॖ

Ŧ฻ൢƸǫȓǍᥢƷҾ׆ƱƳǓǇƢŵᧈ஖᧓̅ဇƠƳƍئӳƸŴʑ༞дƱɟደƴ݅᧍ࣱƷ

ᑣƍܾ֥ƴλǕƯ̬ሥƠƯƘƩƞƍŵȊȕǿȪȳሁŴ᧸ᖓдƷƋǔئ৑ƴƸ̬ሥƠƳƍ

ưƘƩƞƍŵ

ŦȬȳǺ᩿ƴƸႺ੗ਦưᚑǕƳƍưƘƩƞƍŵǴȟǍ൲Ǖƕ˄ƍƨƱƖƴƸŴȖȭǢȸƔ

ȬȳǺȖȩǷưӕǓᨊƍƯƘƩƞƍŵਦƷួƳƲƸŴࠊᝤƷȬȳǺǯȪȸȊȸ෩ƱȬȳ

ǺǯȪȸȋȳǰȚȸȑȸư᠉ƘਚƍƯƘƩƞƍŵșȳǸȳŴǷȳȊȸሁƷஊೞ๋дƸዌ

ݣƴ̅ǘƳƍưƘƩƞƍŵ

ŦƜƷȬȳǺƸ᧸൦ನᡯưƸƋǓǇƤǜŵᩋټǍ൦ᡀưƷ̅ဇưƸŴ຤ǒƞƳƍǑƏƴද

ॖƠƯƘƩƞƍŵ൦ƕȬȳǺϋᢿƴλǓᡂǉƱŴٻƖƳ૏ᨦƷҾ׆ƱƳǓŴ̲ྸɧᏡƴ

ƳǔئӳƕƋǓǇƢŵ

Ŧ࣯ນƳภࡇ٭҄ƴǑǓŴȬȳǺϋᢿƴ൦๟ƕဃơǔƜƱƕƋǓǇƢŵ݊ƍދٳƔǒଡ଼Ɣ

ƍܴϋƴλǔƱƖƳƲƸŴǱȸǹǍȓȋȸȫᘥƴλǕŴԗ׊ƷภࡇƴƳơǇƤƯƔǒƝ

̅ဇƘƩƞƍŵ

Լឋ̬ᚰểỴἧἑὊἇὊἥἋỆếẟề

Լឋ̬ᚰƱǢȕǿȸǵȸȓǹƴ᧙ƠƯƸŴКኡƷż̬ᚰᙹܭŽǛƝӋༀƘƩƞƍŵ

ଐ

ஜ



ᛖ

ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕ᣻ͻǛ᝟ƏӧᏡࣱƕƋǓǇƢŵ

Š

ȬȳǺǛ˄ƚƨǫȡȩưŴٽᨗǍࢍƍήเǛᙸǔƱŴᙻщᨦܹǛឪƜƢऀǕ

ƕƋǓǇƢŵཎƴȬȳǺҥ˳ưٽᨗǛႺ੗ᙸǔƱŴڂଢƷҾ׆ƱƳǓǇƢŵ

ŠȬȳǺŴǇƨƸȬȳǺǛ˄ƚƨǫȡȩǛŴȬȳǺǭȣȃȗǛ˄ƚƳƍǇǇ

્ፗƠƳƍưƘƩƞƍŵٽᨗƷήƕᨼήྵᝋǛឪƜƠŴ້໎ƷҾ׆ƱƳǔ

ئӳƕƋǓǇƢŵ

⼊๔

ӕǓৢƍǛᛚǔƱŴ̅ဇᎍƕᨦܹǛ᝟ƏƔŴཋႎ੷ܹƕႆဃƢǔӧᏡࣱƕƋǓǇƢŵ

Š

ȞǦȳȈᢿƸᙐᩃƳ࢟ཞǛƠƯƓǓǇƢƷưŴ৖ᒰƴৢƏƱࣴ঻ƷҾ׆Ʊ

ƳǓǇƢŵ

ŠɤᏩƸҗЎƴࢍࡇƷƋǔǋƷǛƝ̅ဇƘƩƞƍŵࢊƍǋƷǛƝ̅ဇƴƳǓ

ǇƢƱŴ᠃͂ƢǔऀǕƕƋǓǇƢŵ

ᵈᗧ

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

:$51,1*㩷

'RQRWOHDYHWKHOHQVLQGLUHFWVXQOLJKWZLWKRXWWKHOHQVFDSDWWDFKHGZKHWKHU

WKH OHQV LV DWWDFKHG WR WKH FDPHUD RU QRW 7KLV ZLOO SUHYHQW WKH OHQV IURP

FRQFHQWUDWLQJWKHVXQ¶VUD\VZKLFKPD\FDXVHDILUH

'(6&5,37,212)7+(3$576ILJ

Ĭ)LOWHU$WWDFKPHQW

7KUHDG

ĭ)RFXV5LQJ

Į'LVWDQFH6FDOH

į)RFXV,QGH[/LQH

İ0RXQW

ı266ZLWFK

Ĳ)RFXV0RGH6ZLWFK

ĳ)RFXV/LPLWHU6ZLWFK

Ĵ/HQV+RRG

ĵ$36&+RRG$GDSWHU

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ZLWKLWV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\

Ŧ2QWKHOHQVPRXQWVXUIDFHWKHUHDUHDQXPEHURIFRXSOHUVDQGHOHFWULFDOFRQWDFWV 

3OHDVHNHHSWKHPFOHDQWRHQVXUHSURSHUFRQQHFWLRQ:KLOHFKDQJLQJWKHOHQVEH

VXUHWRSODFHLWIURQWHQGGRZQWRDYRLGGDPDJLQJWKHUHDUPRXQW

6(77,1*7+((;32685(02'(

7KH6LJPDOHQVIXQFWLRQVDXWRPDWLFDOO\RQFHDWWDFKHGWRWKHFDPHUD  3OHDVH

UHIHUWRWKHFDPHUDLQVWUXFWLRQERRN

)2&86,1*

7KLV OHQV IHDWXUHV 6LJPD¶V EXLOWLQ +\SHU 6RQLF 0RWRU +60  7KH +60

HQDEOHVTXLFNDQGTXLHWDXWRIRFXVLQJ

䇶6,*0$$)DQG&$121$)䇷

)RU DXWRIRFXV RSHUDWLRQ 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

䇶1,.21$)3(17$;$)DQG621<䇷

)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³

´SRVLWLRQ<RXFDQDGMXVWWKHIRFXVE\

WXUQLQJWKHIRFXVULQJ

Ŧ3OHDVH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

Ŧ7KLV OHQV DOVR SHUPLWV PDQXDO IRFXVLQJ HYHQ LQ WKH DXWRIRFXV PRGH  :LWK WKH

FDPHUDVHWWR WKH2QH6KRW$)$)6 PRGHLW LVSRVVLEOHWRPDQXDOO\RYHUULGH

WKHDXWRIRFXVZKLOHWKHVKXWWHUUHOHDVHEXWWRQLVSUHVVHGKDOIZD\

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OHQVWRH[SDQGDQGFRQWUDFW 

6SHFLDODOORZDQFHLVPDGHIRUWKLVDWWKHLQILQLW\VHWWLQJ

)2&86/,0,7(56:,7&+

7KLVOHQVLVHTXLSSHGZLWKWKHIRFXVOLPLWHUVZLWFKZKLFKHQDEOHVDOLPLWRIWKH

$)UDQJHILJ  ,WLVSRVVLEOHWRVZLWFKWRWKHIROORZLQJWKUHHPRGHV

Ɣ)8//PaпIWaп Ɣ Pa пIWaп

Ɣ PaPIWaIW 

0$*1,),&$7,21

7KHLQGLFDWLRQRIWKHOHQVDV³[[´RQWKHIRFXVLQJGLVWDQFHVFDOHUHSUHVHQWV

WKHPDJQLILFDWLRQFRPPRQO\FDOOHGWKHUHSURGXFWLRQUDWLR)RUH[DPSOHZKHQ

\RXDUHLQIRFXVDWWKH³´SRVLWLRQRQWKHVFDOHDVXEMHFWZLWKDQ DFWXDO

VL]H RI FP ZLOO KDYH DQ LPDJH VL]H RI FP RQ WKH LPDJH VHQVRU RU ILOP ILJ

$%28726237,&$/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26Ტ2SWLFDO6WDELOL]HUᲣVZLWFK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

Ŧ7KHEOXUULQJFRPSHQVDWLRQIXQFWLRQRI2SWLFDO6WDELOL]HULVHIIHFWLYHIRUKDQGKHOG

VKRRWLQJ,QWKHIROORZLQJFRQGLWLRQV2SWLFDO6WDELOL]HUPD\QRWIXQFWLRQSURSHUO\

6KRWVIURPWKHDPRYLQJYHKLFOH

,IWKHUHLVDFRQVLGHUDEOHFDPHUDPRWLRQRUVKDNH

Ŧ3OHDVH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

Ŧ

2SWLFDO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WKHVDPHFDPHUD,I\RXDUHQRWXVLQJ2SWLFDO6WDELOL]HU

SOHDVHWXUQ2))WKH26VZLWFKLQRUGHUWRSUHYHQWFRQVXPSWLRQRIDEDWWHU\

Ŧ%HVXUHWRWXUQRI26VZLWFK WR2))SRVLWLRQEHIRUHDWWDFKLQJRU GHWDFKLQJWKH

OHQVWRWKHFDPHUD 

Ŧ7KH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WKH2SWLFDO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 26

VZLWFKRIWKHOHQVWR2))DQGWXUQWKHFDPHUD¶VRSWLFDOVWDELOL]HUIXQFWLRQRQ

Ŧ,I XVLQJ WKLV OHQV ZLWK D .21,&$ 0,12/7$ '<1$;  0$;;80 ' '<1$; 

0$;;80 ' RU 621< $ FDPHUD SOHDVH WXUQWKH26 VZLWFK RI WKHOHQVRII

EHIRUH WXUQLQJ WKH FDPHUD ERG\ RII 7KH 26 XQLW RI WKH OHQV ZLOO QRW IL[ LQWR LWV

SRVLWLRQ LI WKH FDPHUD ERG\ LV WXUQHG RII EHIRUH VZLWFKLQJ RII WKHOHQV¶26

PHFKDQLVP,JQRULQJWKLVQRWLFHPLJKWFDXVHGDPDJHWRWKHOHQV

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

Ŧ)RU 1LNRQ DQG &DQRQ PRXQWV WKH 2SWLFDO 6WDELOL]HU 26 IXQFWLRQ ZLOO QRW ZRUN

ZLWKILOP6/5FDPHUDVH[FHSW1LNRQ)DQG&DQRQ(269

)/$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 [ (; '* $32 7HO H

&RQYHUWHUVRSWLRQDOEHFRPLQJDPP)WHOHSKRWROHQVRUDPP)

WHOHSKRWROHQVUHVSHFWLYHO\

Ŧ

'RQRWXVHRWKHUPDQXIDFWXUHUV¶WHOHFRQYHUWHU¶VRQO\WKRVHOLVWHGDERYHDUHFRPSDWLEOH

Ŧ:HUHFRPPHQGWKH'*$327HOH&RQYHUWHUVZKHQXVLQJZLWK'6/5FDPHUDV

Ŧ7KH3HQWD[PRXQW7HOH&RQYHUWHULVQRWFRPSDWLEOHZLWKWKLVSDUWLFXODUOHQV

Ŧ:KHQ DWWDFKLQJ WKH $32 [ 7HOH &RQYHUWHU (; '* LW FDQ EH XVHG LQ PDQXDO

IRFXVRQO\

Ŧ:LWK[$327HOH&RQYHUWHU$)FDQRSHUDWHEHWZHHQLQILQLW\DQGP,IWKH

GLVWDQFHVFDOHLVEHWZHHQPDQGPRQO\0)LVDYDLODEOH

Ŧ:KHQDWWDFKLQJWKH$327HOH&RQYHUWHUVWKH)RFXV/LPLWHUZLOOQRWIXQFWLRQHYHQ

LIWKHSRVLWLRQRIWKHVZLWFKLVFKDQJHG$)FDQEHXVHGLQ/LYH9LHZLIWKHFDPHUD

LVLQ³FRQWUDVWGHWHFW´$)

Ŧ,QFDVHRI6RQ\$)PRXQWLWLVSRVVLEOHWRXVH$)ZKHQDWWDFKLQJWHOHFRQYHUWHUV

ZLWKDVHULDOQXPEHUDERYH$)ZLOOQRWZRUNLIWKHWHOHFRQYHUWHU¶VVHULDO

QXPEHULVORZHUWKDQ

/(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7KH $36& +RRG $GDSWHU LV VXSSOLHG ZLWKWKLV OHQV :KHQ XVLQJ WKLV GHGLFDWHG

KRRGDGDSWHUZLWKGLJLWDO FDPHUDV ZLWKDQ$36& VL]HLPDJHVHQVRULW SURYLGHV

PRUHHIIHFWLYHVKDGLQJ3OHDVHDWWDFKWKH$36&+RRG$GDSWHUEHWZHHQWKHOHQV

ERG\DQGWKHOHQVKRRGILJ

Ŧ:KHQXVLQJWKLV OHQVZLWKGLJLWDOFDPHUDVZLWKDIXOO IUDPHRU$36+VL]HLPDJH

VHQVRUDVZHOODVILOPFDPHUDVSOHDVHGRQRWDWWDFKWKH$36&+RRG$GDSWHU,I

\RXXVHWKH$36&+RRG$GDSWHUZLWKDERYHFDPHUDVYLJQHWWLQJZLOORFFXU

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,WLVSRVVLEOHWR

DWWDFKWKHOHQVKRRGLQWKHUHYHUVHSRVLWLRQDQGWKHIURQWOHQVFDSWRWKHWLSRIWKH

$36&+RRG$GDSWHUHYHQLIWKH$36&+RRG$GDSWHULVDWWDFKHGWRWKHWLSRIOHQV

),/7(5

Ŧ2QO\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

Ŧ:KHQXVLQJILOWHUVZLWKWKH$36&+RRG$GDSWHUSOHDVHDWWDFKWKHILOWHUWRWKHILOWHU

DWWDFKPHQWWKUHDGRIWKHOHQV,IWKHILOWHULVDWWDFKHGWRWKHWLSRIWKH$36&+RRG

$GDSWHUYLJQHWWLQJPD\RFFXU

(;32685(&203(16$7,21

7KH)QXPEHURIWKHPDFUROHQVFKDQJHVZKHQIRFXVLQJGXHWRWKHH[WHQVLRQ

RI WKH OHQV EDUUHO DQG 6/5 W\SH FDPHUD ERG\ DXWRPDWLFDOO\ FRPSHQVDWHV LW

:KHQ\RXXVHDQH[WHUQDOOLJKWPHWHURUDQRQ77/W\SHIODVKXQLW\RXQHHGWR

PDNHH[SRVXUHFRPSHQVDWLRQDWFORVHGLVWDQFHWDE 

%$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

Ŧ7KLVOHQVLVQRWZDWHUSURRI:KHQXVLQJWKHOHQVLQWKHUDLQRUQHDUZDWHUSUHYHQW

LW IURP JHWWLQJ ZHW ,W LV RIWHQ LPSUDFWLFDO WR UHSDLU WKH LQWHUQDO PHFKDQLVP OHQV

HOHPHQWVDQGHOHFWULFFRPSRQHQWVGDPDJHGE\ZDWHU

Ŧ6XGGHQ WHPSHUDWXUH FKDQJHV PD\ FDXVH FRQGHQVDWLRQ RU IRJ WR DSSHDU RQ WKH

VXUIDFH RI WKH OHQV :KHQ HQWHULQJ D ZDUP URRP IURP WKH FROG RXWGRRUV LW LV

DGYLVDEOHWRNHHSWKHOHQVLQWKHFDVHXQWLOWKHWHPSHUDWXUHRIWKHOHQVDSSURDFKHV

URRPWHPSHUDWXUH

(1*/,6+

:LU GDQNHQ ,KQHQ 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

$&+781*

8QDEKlQJLJGDYRQREGDV2EMHNWLYDQGHU.DPHUDDQJHEUDFKWLVWRGHUQLFKWVHW]HQ

6LHHVELWWHNHLQHVIDOOVRKQH)URQWGHFNHOGHUGLUHNWHQ6RQQHQHLQVWUDKOXQJDXV'LHV

JLOW XP HLQHQ %UDQG ]X YHUPHLGHQ GHU GXUFK GDV 2EMHNWLY HLQIDOOHQGH XQG

JHEQGHOWH6WUDKOHQDXVJHO|VWZHUGHQN|QQWH

%(6&+5(,%8581*'(57(,/($EE

Ĭ)LOWHUJHZLQGH

ĭ(QWIHUQXQJVULQJ

Į(QWIHUQXQJVVNDOD

į(LQVWHOOLQGH[

İ$QVFKOX

ı266FKDOWHU

Ĳ)RNXVVLHUVFKDOWHU

ĳ)RNXVVLHUEHUHLFKVEHJUHQ]HU

Ĵ/HQV+RRG

ĵ*HJHQOLFKWEOHQGHQ$GDSWH

IUGDV$36&)RUPDW

.$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)(

'LHVHV2EMHNWLYYHUIJWEHUHLQHQHLQJHEDXWHQ6,*0$+\SHU6RQLF0RWRU+60 

'HU+60HUP|JOLFKWGLHVFKQHOOHXQGOHLVHDXWRPDWLVFKH6FKDUIHLQVWHOOXQJ

䇶6,*0$$)XQG&$121$)䇷

)U GLH DXWRPDWLVFKH 6FKDUIHLQVWHOOXQJ VFKDOWHQ 6LH GHQ )RNXVVLHUVFKDOWHU DP

2EMHNWLY DXI GLH ³$)´3RVLWLRQ $EE 6ROOWHQ 6LH GLH 6FKlUIH PDQXHOO HLQVWHOOHQ

ZROOHQ VFKDOWHQ 6LH GHQ )RNXVVLHUVFKDOWHU DP 2EMHNWLY DXI GLH ³0´3RVLWLRQ 6LH

N|QQHQGLH6FKlUIHQXQGXUFK'UHKHQGHV(QWIHUQXQJVULQJVHLQVWHOOHQ

䇶1,.21$)3(17$;$)XQG621<䇷

)UGLH DXWRPDWLVFKH6FKDUIHLQVWHOOXQJVFKDOWHQ6LHGLH.DPHUDLQ GHQ$)%HWULHE

XQG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

+LQZHLVH ]XP :HFKVHO GHU )RNXVVLHUEHWULHEVDUW GHU .DPHUD HQWQHKPHQ 6LH ELWWH GHU

%HGLHQXQJVDQOHLWXQJGHU.DPHUD

%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

'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

%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

)2.866,(5%(5(,&+6%(*5(1=(5

'DV 2EMHNWLY LVW PLW HLQHP %HUHLFKVEHJUHQ]HU DXVJHVWDWWHW GHU GHQ ]X

GXUFKODXIHQGHQ$)%HUHLFKOLPLWLHUW$EE)ROJHQGH%HUHLFKHVWHKHQ]XU$XVZDKO

Ɣ)8//Paп ƔPa п ƔPaP

9(5*5g(581*

%HLGHU*UDYXUÄ[[³DXIGHP2EMHNWLYWXEXVKDQGHOWHVVLFKXP$EELOGXQJVPDVWlEH

6RZLUG ]XP%HLVSLHOLQGHU(LQVWHOOXQJÄ³ HLQFPJURHV2EMHNW FPJUR

DXIGHP6HQVRURGHU)LOPDEJHELOGHW$EE

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

%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

'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

9HUJHZLVVHUQ6LHVLFKGDGHU266FKDOWHUDXI2))VWHKWEHYRU6LH,KU2EMHNWLYDQGLH

.DPHUDDQVHW]HQRGHUYRQGHU.DPHUDDEQHKPHQ 

'HU2SWLFDO6WDELOL]HUEOHLEWDXFKQDFKGHP6LHGHQ)LQJHUYRQGHP$XVO|VHUJHQRPPHQ

KDEHQVRODQJHDNWLYLHUWZLHGHU%HOLFKWXQJVPHVVHUGLH%HOLFKWXQJVGDWHQDQ]HLJW1HKPHQ

6LH QLHPDOV GDV 2EMHNWLY YRQ GHU .DPHUD RGHU HQWIHUQHQ 6LH GLH %DWWHULHQ GHU .DPHUD



ZlKUHQG

GHU2SWLFDO6WDELOL]HUQRFKDNWLYLHUWLVW6LHN|QQHQGDV2EMHNWLYKLHUGXUFKEHVFKlGLJHQ

2EZRKO 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 

)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

'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))

:HQQ GDV 2EMHNWLY DQ HLQHU .21,&$ 0,12/7$ '<1$;  0$;;80 ' '<1$; 

0$;;80'RGHU621<$.DPHUDHLQJHVHW]W ZLUGVFKDOWHQ6LHGHQ266FKDOWHU

DP2EMHNWLYELWWHDXVEHYRU6LHGLH.DPHUDDXVVFKDOWHQ'LH26(LQKHLWGHV2EMHNWLYV

ZLUGQLFKWLQLKUHU3RVLWLRQIL[LHUWVROOWHGLH.DPHUDDXVJHVFKDOWHWZHUGHQEHYRUGHU26

0HFKDQLVPXV DP 2EMHNWLY DXVJHVFKDOWHW ZXUGH 'DV 1LFKWEHIROJHQ GLHVHV +LQZHLVHV

NDQQGDV2EMHNWLYEHVFKlGLJHQ

,P1LNRQXQG &DQRQ6\VWHPIXQNWLRQLHUW GHU2SWLFDO 6WDELOL]HU26QLFKW EHLP(LQVDW]

DQDQGHUHQ)LOP6/5.DPHUDVDOV1LNRQ)XQG&DQRQ(269

%/,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[(;'*$32

7HOH .RQYHUWHU RSWLRQDO UHVXOWLHUHQG ]XP PP ) 7HOH 2EMHNWLY UHVSHNWLYH

HLQHPPP)7HOH2EMHNWLY 

9HUZHQGHQ6LHNHLQHDQGHUHQ2EMHNWLYHDOVGLH2EHQDXIJHOLVWHWHQ

:LU HPSIHKOHQ GLH '* 9HUVLRQ GHU $32 7HOHNRQYHUWHU ]X YHUZHQGHQ VRIHUQ '6/5

.DPHUDVHLQJHVHW]WZHUGHQ

'HU6LJPD7HOHNRQYHUWHUPLW3HQWD[$QVFKOXLVWPLWGLHVHP2EMHNWLYQLFKWNRPSDWLEHO

,QGHU.RPELQDWLRQPLWGHP$32[7HOH.RQYHUWHU(;'*NDQQQXUPDQXHOOIRNXVVLHUW

ZHUGHQ

,Q GHU .RPELQDWLRQ PLW GHP $32 [ 7HOH .RQYHUWHU (; '* VWHKW GHU $) LP (QWIHUQXQJVEHUHLFK

]ZLVFKHQ8QHQGOLFKXQGP]XU9HUIJXQJ,P(QWIHUQXQJVEHUHLFKPELVP

NDQQQXUPDQXHOOIRNXVVLHUWZHUGHQ

,Q GHU .RPELQDWLRQ PLW GHQ $32 7HOH .RQYHUWHUQ IXQNWLRQLHUW GHU )RNXV /LPLWVFKDOWHU

QLFKW VHOEVW ZHQQ GLH 6FKDOWHUVWHOOXQJ YHUlQGHUW ZLUG'HU $) VWHKW LP /LYH9LHZ ]XU

9HUIJXQJZHQQGLH.DPHUDVLFKGLH.DPHUDLP.RQWUDVW$)EHILQGHW

,Q )DOOH YRQ 6RQ\ $) $QVFKOXVV NDQQ GHU $XWRIRNXV QXU JHQXW]W ZHUGHQ ZHQQ GLH

6HULHQQXPPHUGHVYHUZHQGHWHQ.RQYHUWHUVK|KHUDOVLVW'HU$XWRIRNXVZLUG

QLFKWIXQNWLRQLHUHQZHQQGLH6HULHQQXPPHUGHV.RQYHUWHUVNOHLQHUDOVLVW

'HU $XWRIRNXV VWHKW LP /LYH 9LHZ ]XU 9HUIJXQJ ZHQQ GLH .DPHUDLP$)0RGXV

.RQWUDVWYHUJOHLFKEHWULHEHQZLUG

*(*(1/,&+7%/(1'(

(LQHDEQHKPEDUH%DMRQHWW*HJHQOLFKWEOHQGHJHK|UW]XP/LHIHUXPIDQJGHV2EMHNWLYV

'LH*HJHQOLFKWEOHQGHPLQGHUWZLUNVDP5HIOH[LRQHQXQG*HLVWHUELOGHUGLHGXUFK6WUHXOLFKW

YHUXUVDFKWZHUGHQN|QQHQ6HW]HQ6LHGLH*HJHQOLFKWEOHQGHHQWVSUHFKHQGGHU0DUNLHUXQJ

DP2EMHNWLYDQXQGGUHKHQ6LHVLHLP8KU]HLJHUVLQQELVVLHHLQUDVWHW$EE

'HU*HJHQOLFKWEOHQGHQ$GDSWHUJHK|UWHEHQIDOOV]XP/LHIHUXPIDQJGHV2EMHNWLYV:HQQ

6LHGHQ*HJHQOLFKWEOHQGHQ$GDSWHUDQ'LJLWDONDPHUDVPLW$36&]XP(LQVDW]EULQJHQ

EHZLUNW GLHVHU HLQHQ QRFK ZLUNVDPHUHQ 6WUHXOLFKWVFKXW] %LWWH EULQJHQ 6LH GHQ

*HJHQOLFKWEOHQGHQ$GDSWHU]ZLVFKHQ2EMHNWLYXQG*HJHQOLFKWEOHQGHDQ$EE

:HQQ6LHGDV2EMHNWLYDQ9ROOIRUPDW.DPHUDV.DPHUDVPLW$36+6HQVRUIRUPDWRGHU

$QDORJ.DPHUDV DQVHW]HQ YHUZHQGHQ 6LH GHQ *HJHQOLFKWEOHQGHQ$GDSWHU ELWWH QLFKW

:HQQ 6LH GHQ *HJHQOLFKWEOHQGHQ$GDSWHU DQ GHQ REHQ JHQDQQWHQ .DPHUDV ]XP

(LQVDW]EULQJHQZUGHGLHV9LJQHWWLHUXQJHQKHUYRUUXIHQ

:HQQ 6LH GDV 2EMHNWLY VDPW *HJHQOLFKWEOHQGH LP 2EMHNWLYN|FKHU YHUVWDXHQ P|FKWHQ



HQWIHUQHQ6LH]XHUVWGLH*HJHQOLFKWEOHQGHYRP2EMHNWLYXPVLHDQVFKOLHHQGLQXPJHNHKUWHU

3RVLWLRQ DXI GHP 2EMHNWLY ]X EHIHVWLJHQ $EE :HQQ VLFK GLH *HJHQOLFKWEOHQGH LQ

XPJHNHKUWHU3RVLWLRQDXIGHP2EMHNWLYEHILQGHWLVWHVGHQQRFKP|JOLFKGHQ)URQWGHFNHO

DQGHPDP2EMHNWLYDQJHEUDFKWHQ*HJHQOLFKWEOHQGHQ$GDSWHUDQ]XEULQJHQ

),/7(5

%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

9HUZHQGHQ 6LH JUXQGVlW]OLFK QXU HLQ )LOWHU =ZHL RGHU PHKU )LOWHU JOHLFK]HLWLJ E]Z

VWlUNHUH 6SH]LDOILOWHU ² ]% 3RODULVDWLRQVILOWHU RGHU VROFKH PLW EHVRQGHUV KRKHU

)LOWHUIDVVXQJ²N|QQHQ]X9LJQHWWLHUXQJHQYHUXUVDFKHQ

:HQQ 6LH ]XVDPPHQ PLW GHP *HJHQOLFKWEOHQGHQ$GDSWHU )LOWHU HLQVHW]HQ P|FKWHQ



VFKUDXEHQ6LHGHQ)LOWHUELWWHZLHEOLFKLQGDV)LOWHUJHZLQGHGHV2EMHNWLYV:UGHQ6LHGHQ

)LOWHUDQGHP*HJHQOLFKWEOHQGHQ$GDSWHUDQEULQJHQZUGHGLHV9LJQHWWLHUXQJHQKHUYRUUXIHQ

%(/,&+781*6.255(.785

'LH ZLUNVDPH /LFKWVWlUNHGHV 0DNUR2EMHNWLYVYHUULQJHUW VLFK LQ $EKlQJLJNHLW YRP

2EMHNWLYDXV]XJ%HL9HUZHQGXQJHLQHU6SLHJHOUHIOH[NDPHUDPLW,QQHQPHVVXQJZLUG

GLHVDXWRPDWLVFKEHUFNVLFKWLJW%HQXW]HQ6LHKLQJHJHQHLQHQ+DQGEHOLFKWXQJVPHVVHU

REHU HLQ %OLW]JHUlW PLW $XHQPHVVXQJ ZLUG EHL NXU]HQ $XIQDKPHDEVWlQGHQ HLQH

%HOLFKWXQJVNRUUHNWXUHUIRUGHUOLFKWDE

3)/(*(81'$8)%(:$+581*

6HW]HQ6LHGDV2EMHNWLYQLFKWKDUWHQ6W|HQH[WUHPKRKHQE]ZQLHGULJHQ7HPSHUDWXUHQ

RGHUKRKHU/XIWIHXFKWLJNHLWDXV

: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

9HUZHQGHQ 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

'DV2EMHNWLY LVW QLFKW 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

7HPSHUDWXUVFKRFNV 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&+

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

$9(57,66(0(17

1HSRLQWH]SDVO¶REMHFWLIVHXORXPRQWpVXUOHERvWLHUYHUVOHVROHLOVDQVVRQERXFKRQ

GH SURWHFWLRQ DYDQW /D FRQFHQWUDWLRQ GHV UD\RQV GX VROHLO SRXUUDLW SURYRTXHU XQ

LQFHQGLH

'(6&5,37,21'(6(/(0(176ILJ

Ĭ)LOHWDJHSRXUILOWUH

ĭ%DJXHGHVGLVWDQFHV

Į(FKHOOHGHVGLVWDQFHV

į5HSqUHGHGLVWDQFH

İ%DwRQQHWWH

ı&XUVHXU26

Ĳ6pOHFWHXUGHPLVHDX

SRLQW

ĳ/LPLWHXUGHUHFKHUFKH

Ĵ3DUH6ROHLO

ĵ$GDSWDWHXUIRUPDW$36&

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

Ŧ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

&HW REMHFWLI HVW pTXLSp GH OD PRWRULVDWLRQ j KDXWH IUpTXHQFH 6LJPD ³+\SHU 6RQLF

0RWRU´+60(OOHUHQGODPLVHDXSRLQWDXWRPDWLTXHUDSLGHHWVLOHQFLHXVH 

䇶6,*0$$)HW&$121$)䇷

3RXUXQHPLVHDXSRLQWDXWRPDWLTXH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 

䇶1,.21$)3(17$;$)HW621<䇷

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

Ŧ9HXLOOH]YRXVUpIpUHUDXPRGHGHPSORLGXERvWLHUSRXUFKDQJHUOHPRGHGHPLVH

DXSRLQWGHODSSDUHLO

Ŧ'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

Ŧ&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

Ŧ(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

/,0,7(85'(5(&+(5&+(

&HWREMHFWLIGLVSRVHG¶XQOLPLWHXUGHUHFKHUFKHGHPLVHDXSRLQWFDSDEOHGHUpGXLUHODSODJH

GHGLVWDQFHGHPLVHDXSRLQWILJ,OHVWSRVVLEOHGHVpOHFWLRQQHUSODJHVGHGLVWDQFHV

Ɣ)8//Paп ƔPa п ƔPaP

3+272*5$3+,(0$&52

/DPHQWLRQ³[[´VXUO¶pFKHOOHGHGLVWDQFHGHO¶REMHFWLIUHSUpVHQWHOHJURVVLVVHPHQW

PD[LPXPDSSHOpDXVVLUDSSRUWGHUHSURGXFWLRQ6LYRXVDYH]IDLWODPLVHDXSRLQW

HWO¶pFKHOOHGRQQH³´XQVXMHWGRQWODWDLOOHUpHOOHHVWGHFPDXUDODWDLOOHGH

FPVXUOHFDSWHXURXVXUOHILOPILJ

)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 ILJ$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

Ŧ/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 

ƒ3ULVHVGHYXHVGHSXLVXQYpKLFXOHHQGpSODFHPHQW

ƒ0RXYHPHQWVRXVHFRXVVHVWUqVLPSRUWDQWV

Ŧ/HVWDELOLVDWHXURSWLTXH26QHGRLWSDVrWUHHPSOR\pGDQVOHVFDVVXLYDQWV 

ƒVLOREMHFWLIHVWPRQWpVXUXQWUpSLHG    ƒHQSRVH%ORQJXHGXUpHGH[SRVLWLRQ

Ŧ/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 VHUD GLPLQXpH 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

Ŧ$VVXUH]YRXVTXHOHVWDELOLVDWHXU26HVWGpVDFWLYpFXUVHXUVXUODSRVLWLRQ2))

DYDQWGDWWDFKHURXGHGpWDFKHUOREMHFWLIGXERvWLHU

Ŧ/H VWDELOLVDWHXU RSWLTXH 26 GHPHXUH DFWLYp DSUqV DYRLU UHOkFKp OH GpFOHQFKHXU

DXVVLORQJWHPSVTXHOHSRVHPqWUHDIILFKHOHVYDOHXUVGH[SRVLWLRQ,OQHIDXW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 

Ŧ

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

Ŧ

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

Ŧ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

GHO¶REMHFWLIVXU

216LYRXVXWLOLVH]ODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHUYHXLOOH]SODFHUOHFXUVHXU

26GHO¶REMHFWLIVXU2))HWHQVXLWHDFWLYHUODIRQFWLRQGHVWDELOLVDWLRQGXERvWLHU

Ŧ6LYRXVXWLOLVH]FHWREMHFWLIDYHFXQERvWLHU.21,&$0,12/7$'<1$;0$;;80

''<1$;0$;;80'RX621<$YHLOOH]jGpVDFWLYHUOHVWDELOLVDWHXU26

DYDQW GpWHLQGUH OH ERvWLHU /H VWDELOLVDWHXU GLPDJH 26 GH OREMHFWLI QH VHUD SDV

SRVLWLRQQp FRUUHFWHPHQW VL ODSSDUHLO HVW PLV KRUV WHQVLRQ VDQV DYRLU SODFp

SUpDODEOHPHQWOHFXUVHXUGXVWDELOLVDWHXUVXU2))/HQRQVXLYLGHFHWWHSURFpGXUH

SRXUUDLWHQGRPPDJHUOREMHFWLI

Ŧ3RXU OHV PRQWXUHV &DQRQ HW 1LNRQ OD IRQFWLRQ 26 VWDELOLVDWHXU RSWLTXH QH

IRQFWLRQQH SDV DYHF OHV ERvWLHUV UHIOH[ DUJHQWLTXHV VDXI OHV ERvWLHUV &DQRQ

(269HWOH1LNRQ)

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7e/e&219(57,66(856

&HWREMHFWLISHXWrWUHXWLOLVpDYHFOHVWpOpFRQYHUWLVVHXUV6LJPD[(;'*RX[(;'*

$32HQRSWLRQTXLOHWUDQVIRUPHQWUHVSHFWLYHPHQWHQPP)RXHQPP)

Ŧ,O HVW UHFRPPDQGp GH QH SDV XWLOLVHU XQ DXWUH WpOpFRQYHUWLVVHXU TXH FHX[

PHQWLRQQpVFLGHVVXV

Ŧ,OHVWUHFRPPDQGpGXWLOLVHUODYHUVLRQ'*GHVWpOpFRQYHUWLVVHXUV6LJPD$SR(;

ORUVTXHYRXVXWLOLVH]XQERvWLHUQXPpULTXH

Ŧ/HVWpOpFRQYHUWLVVHXUVHQPRQWXUH3HQWD[QHIRQFWLRQQHQWSDVDYHFFHWREMHFWLI

Ŧ$YHF O¶DGMRQFWLRQ G¶XQ 7HOH &RQYHUWHU $32 [ (; '*VHXOH OD PLVHDX SRLQW

PDQXHOOHHVWSRVVLEOH

Ŧ$YHFO¶DGMRQFWLRQG¶XQ7HOHFRQYHUWHU$32[O¶$)HVWRSpUDWLRQQHOHQWUHP

HWOLQILQL6LOpFKHOOHGHVGLVWDQFHVHVWFRPSULVHHQWUHPHWPVHXOHOD

PLVHDXSRLQWPDQXHOOHHVWGLVSRQLEOH

Ŧ/RUVGHODIL[DWLRQGHO¶XQGHVWpOpFRQYHUWLVVHXUV$32OHOLPLWHXUGHPLVHDXSRLQW

Q¶HVWSDVDFWLIPrPHVLODSRVLWLRQGHOLQWHUUXSWHXUHVWFKDQJpHO¶$)SHXWrWUHXWLOLVp

HQPRGH/LYH9LHZHQFRPPXWDQWODSSDUHLOHQPRGHGHGpWHFWLRQGHFRQWUDVWH$)

Ŧ(QPRQWXUH6RQ\$)ODXWRIRFXVHVWGLVSRQLEOHDYHFOHVWpOpFRQYHUWLVVHXUVGRQWOH

QXPpUR GH VpULH HVW VXSpULHXU j  /DXWRIRFXV VHUD LQGLVSRQLEOH VL OH

QXPpURGHVpULHHVWLQIpULHXUj

3$5(62/(,/

8QSDUHVROHLODPRYLEOHjEDwRQQHWWHHVWIRXUQLDYHFOREMHFWLI,OpYLWHOHVUpIOH[LRQV

LQGpVLUDEOHV WHOOHV TXH OH IODUH HW OHV OXPLqUHV GLIIXVHV 0HWWH] OH SDUHVROHLO HQ

SODFH HQ VXLYDQW OHV UHSqUHV HW WRXUQH] GDQV OH VHQV GHV DLJXLOOHV GXQH PRQWUH

MXVTXjVRQHQFOLTXHWDJHILJ

Ŧ8QDGDSWDWHXUSRXUOHIRUPDW$36&HVWpJDOHPHQWIRXUQL,OSHUPHWXQHPHLOOHXUH

HIILFDFLWp GX SDUHVROHLO ORUVTXH OREMHFWLI HVW XWLOLVp DYHF XQ ERvWLHU SRXUYX GXQ

FDSWHXUGHWDLOOH$36&,OVHSODFHHQWUHOREMHFWLIHWOHSDUHVROHLOILJ

Ŧ1XWLOLVH]SDVFHWDGDSWDWHXUVLOH FDSWHXUGXERvWLHUHVWGHW\SH SOHLQIRUPDW RX

$36+RXDYHFXQDSSDUHLODUJHQWLTXH,OHQUpVXOWHUDLWXQYLJQHWWDJHLQGpVLUDEOH 

Ŧ

3RXUUDQJHUOREMHFWLIHWOHSDUHVROHLOGDQVOHXUpWXLGpWDFKH]OHSDUHVROHLOHWSODFH]OH

jOHQYHUVVXU OREMHFWLIILJLOHVWSRVVLEOH GHSODFHU OH SDUHVROHLOHQ SRVLWLRQ

LQYHUVpHHWOHERXFKRQVXUODGDSWDWHXU$36&VLFHOXLFLDpWpPDLQWHQXVXUOREMHFWLI

),/75(6

Ŧ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

Ŧ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

Ŧ/HV ILOWUHV GRLYHQW rWUH YLVVpV VXU OH ILOHWDJH GH OREMHFWLI OXLPrPH PrPH VL

ODGDSWDWHXU $36& HVW SODFp VXU OREMHFWLI 8Q YLJQHWWDJH HVW VXVFHSWLEOH

GDSSDUDvWUHVLXQILOWUHHVWPLVHQSODFHVXUODGDSWDWHXUOXLPrPH

&203(16$7,21'¶(;326,7,21

/DYDOHXU GXGLDSKUDJPHG¶XQREMHFWLIPDFURFKDQJHSHQGDQWODPLVHDXSRLQWGX

IDLW TXH OH FRUSV GH O¶REMHFWLI V¶DOORQJH 4XDQG YRXV WUDYDLOOH] DYHF XQ UDIOH[ j

IRQFWLRQ 77/ OD FRPSHQVDWLRQ VH IDLW DXWRPDWLTXHPHQW 4XDQG YRXV XWLOLVH] XQ

SRVHPqWUHVpSDUpRXXQDSSDUHLOVDQV77/YRXVGHYH]FRPSHQVHUO¶H[SRVLWLRQWDE

35(&$87,216(/(0(17$,5(6(75$1*(0(17

Ŧ

1H SDV H[SRVHU O¶REMHFWLI DX[ FKRFV QL j GHV WHPSpUDWXUHV H[WUqPHV



RX j O¶KXPLGLWp

Ŧ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

Ŧ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

Ŧ&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

Ŧ'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

$,6

: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]LQJJHKHHOGRRUWHOH]HQYRRUXKHWREMHFWLHIJDDWJHEUXLNHQ

:$$56&+8:,1*

/DDWKHWREMHFWLHIQRRLW]RQGHUOHQVGRSDFKWHULQGH]RQRIKHWQXZHORIQLHWLV

EHYHVWLJG RS GH FDPHUD +LHUGRRU YRRUNRPW X GDW ]RQQHVWUDOHQ ]LFK LQ KHW

REMHFWLHINXQQHQEXQGHOHQZDDUGRRUEUDQG]RXNXQQHQRQWVWDDQ

%(6&+5,-9,1*9$1'(21'(5'(/(1ILJ

Ĭ)LOWHUVFKURHIGUDDG

ĭ6FKHUSVWHOULQJ

Į$IVWDQGVFKDDO

į,QGH[WHNHQ

İ9DWWLQJ

ı266FKDNHODDU

Ĳ6FKHUSVWHONHX]H

VFKDNHODDU

ĳ)RFXV/LPLWHUVFKDNHODDU

Ĵ=RQQHNDS

ĵ$36&]RQQHNDSDGDSWHU

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NXQQHQHU

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

2SGHYDWWLQJEHYLQGW]LFKHHQDDQWDOHOHFWULVFKHFRQWDFWHQHQNRSSHOVWXNNHQ'H]H

PRHWHQJRHGVFKRRQZRUGHQJHKRXGHQWHQHLQGHYDQHHQJRHGFRQWDFWYHU]HNHUG

WH]LMQ3ODDWVELMKHWYHUZLVVHOHQYDQREMHFWLHYHQGH]HDOWLMGPHWGHYRRU]LMGHHQ

QLHWPHWGHYDWWLQJRSWDIHO'LWWHUYRRUNRPLQJYDQEHVFKDGLJLQJ

%(/,&+7,1*6,167(//,1*

:DQQHHUHHQ6LJPDREMHFWLHIRSXZFDPHUDERG\LVEHYHVWLJGIXQFWLRQHHUWGLW

JHKHHODXWRPDWLVFK/HHVKLHUYRRUGHJHEUXLNVDDQZLM]LQJYDQXZFDPHUD

6&+(5367(//(1

'H]HOHQVKHHIWGHLQJHERXZGH+\SHU6RQLF0RWRU+60YDQ6LJPD'H+60

PDDNWVQHOHQJHOXLGORRVDXWRPDWLVFKVFKHUSVWHOOHQPRJHOLMN

䇶6LJPD$)HQ&DQRQ$)䇷

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

䇶1LNRQ$)3HQWD[$)HQ6RQ\䇷

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 HHQ

PRJHOLMNHVFKHUSWHYHUVFKXLYLQJDOVJHYROJYDQH[WUHPHWHPSHUDWXXUVZLM]LJLQJHQ

ZDDUGRRU PHHUGHUH OHQVFRPSRQHQWHQ NXQQHQ XLW]HWWHQ ,Q KHW ELM]RQGHU ELM

LQVWHOOLQJRSRQHLQGLJGLHQWKLHURSWHZRUGHQJHOHW

)2&86/,0,7(56&+$.(/$$5

'LWREMHFWLHILVYRRU]LHQYDQHHQ)RFXV/LPLWHURPKHW$)EHUHLNWHEHSHUNHQ

LQGLHQJHZHQVWILJ'H)RFXV/LPLWHULVLQVWDSSHQLQVWHOEDDU

Ɣ)8//Paп ƔPaп ƔPaP

0$&52)272*5$),(

'HDDQGXLGLQJLQGHYRUPYDQ³[[´LQGHDIVWDQGVFKDDOYDQKHWREMHFWLHIJHHIW

GH YHUJURWLQJVPDDWVWDI DDQ *HHIW GH VFKDDO DOV RS HHQ RQGHUZHUS LV

VFKHUSJHVWHOG³´DDQGDQZRUGWGHDIPHWLQJYDQGLWRQGHUZHUSDOVKHWLQ

ZHUNHOLMLNKHLGFPJURRWLVRSGHVHQVRUFPILJ

'(02*(/,-.+('(19$1+(726237,&$/67$%,/,=(56<67((0

'LW262SWLFDO6WDELOL]HUREMHFWLHILV]HHUHIIHFWLHIRPEHZHJLQJVRQVFKHUSWHWH

YRRUNRPHQ0HWGLWREMHFWLHILVKHWPRJHOLMNRPWRWVWRSVODQJHUHVOXLWHUWLMGHQWH

ZHUNHQDOVPHWHHQREMHFWLHI]RQGHU26HQWRFKHHQRSWLPDOHVFKHUSWHWHEHKRXGHQ

=HWGH26VFKDNHODDU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

VFKDNHODDURS



ZRUGWJH]HWZRUGHQYRRUDOGHYHUWLFDOHEHZHJLQJHQ

JHFRUULJHHUG'H]HVWDQGLVYRRUDOJHVFKLNWYRRUEHZHJHQGHRQGHUZHUSHQ

'HFRPSHQVDWLHYDQGHEHZHJLQJVRQVFKHUSWHLVYRRUDOHIIHFWLHIELMKHWXLWGHKDQG

IRWRJUDIHUHQ+HW26V\VWHHPNDQPLQGHUJRHGIXQFWLRQHUHQDOVHUELMYRRUEHHOGXLW

HHQ ULMGHQGH DXWR ZRUGW JHIRWRJUDIHHUG RI ELM ]HHU KHIWLJH EHZHJLQJHQ YDQ GH

FDPHUDWLMGHQVKHWPDNHQYDQGHRSQDPH

8 GLHQW KHW 26 V\VWHHPXLW WH VFKDNHOHQ 2IIDOV X GH FDPHUD PHWHHQ VWDWLHI

JHEUXLNWRILQGLHQXODQJHWLMGRSQDPHQEXOEPDDNW

+HW 26 V\VWHHP PDDNW JHEUXLNYDQGH EDWWHULMHQ YDQ GH FDPHUD $OVXKHW26

V\VWHHPDFWLYHHUWNDQKHWGXVPRJHOLMN]LMQGDWXGHEDWWHULMHQYDQGHFDPHUDVQHOOHU

GLHQWWHYHUYDQJHQDOVELMKHWJHEUXLNYDQHHQREMHFWLHI]RQGHU26IXQFWLH,QGLHQX

GH26IXQFWLHYRRUODQJHUHWLMGQLHWJHEUXLNWLVKHWDDQWHEHYHOHQGH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

,QGLHQKHWREMHFWLHIZRUGWJHEUXLNWPHWHHQ.21,&$0,12/7$'<1$;0$;;80

' '<1$;  0$;;80 ' RI 621< $ FDPHUD VFKDNHO GH 26 IXQFWLH XLW

YRRUGDWXGHFDPHUDERG\XLW]HW'H26XQLWYDQKHWREMHFWLHINRPWQLHWLQGHMXLVWH

VWDQGLQGLHQGHFDPHUDERG\LVXLWJH]HWYRRUGDWGH26IXQFWLHYDQKHWREMHFWLHILV

XLWJH]HW'LWNDQEHVFKDGLJLQJHQYHURRU]DNHQ

'H2SWLFDO6WDELOL]HU26IXQFWLHZHUNWQLHWPHWDQDORJHFDPHUD¶VYRRU1LNRQHQ

&DQRQYDWWLQJHQEHKDOYHYRRU1LNRQ)HQ&DQRQ(269

)/,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

*HEUXLNJHHQDQGHUHFRQYHUWHUVDOVERYHQYHUPHOG

:LMDGYLVHUHQGH'*YHUVLHWHJHEUXLNHQLQGLHQGHFRQYHUWHUVZRUGHQJHEUXLNWRS

HHQ'LJLWDOH5HIOH[FDPHUD

'HWHOHFRQYHUWHUYRRU3HQWD[YDWWLQJLVQLHWWHFRPELQHUHQPHWGH]HOHQV

%LMJHEUXLNYDQGH$32[(;'*7HOHFRQYHUWHUNDQDOOHHQKDQGPDWLJZRUGHQ

VFKHUSJHVWHOG

%LM JHEUXLN YDQ GH $32 [ 7HOH FRQYHUWHU ZHUNWGH $XWR )RFXVDOOHHQWXVVHQ

RQHLQGLJHQP ,QGLHQ GH VFKDDO WXVVHQPHQP LV LQJHVWHOGNDQ

DOOHHQKDQGPDWLJZRUGHQVFKHUSJHVWHOG

%LM JHEUXLN YDQ GH $32 7HOH &RQYHUWHUV ]DO GH VFKHUSVWHO EHJUHQ]LQJ QLHW

IXQFWLRQHUHQ]HOIVLQGLHQ GHSRVLWLH YDQ GHVZLWFKLV YHUDQGHUG $)NDQZRUGHQ

JHEUXLNWLQ/LYH9LHZLQGLHQGHFDPHUDLVLQJHVWHOGRSGH³FRQWUDVWGHWHFW´$)VWDQG

9RRUGH6RQ\$)YDWWLQJLVKHWPRJHOLMNGH$)WHJHEUXLNHQLQGLHQKHWVHULHQXPPHU

YDQGH7HOHFRQYHUWHUKRJHULVGDQ,VKHWVHULHQXPPHUODJHUGDQ

]DOKHW$)QLHWZHUNHQ

=211(.$3

%LMKHWREMHFWLHIZRUGWHHQ]RQQHNDSPHWEDMRQHWDDQVOXLWLQJJHOHYHUG'H]HKHOSW

³IODUH´HQ³JKRVWLQJ´GRRULQYDOOHQGOLFKWWHYRRUNRPHQ%HYHVWLJGH]RQQHNDSHQ

GUDDLGH]HPHWGHULFKWLQJYDQGHNORNPHHWRWGDWGH]HYHUJUHQGHOWILJ

Ŧ%LMKHWREMHFWLHIZRUGWHHQ$36&]RQQHNDSDGDSWHUJHOHYHUGGLHLQFRPELQDWLHPHW

GH]RQQHNDSELMFDPHUD¶VPHWHHQ$36&VHQVRUYRRUHIIHFWLHYHEHVFKHUPLQJ]RUJW

WHJHQRQJHZHQVWLQYDOOHQGOLFKW%HYHVWLJGH$36&]RQQHNDSDGDSWHUWXVVHQKHW

REMHFWLHIHQGH]RQQHNDSILJ

Ŧ*HEUXLN GH $36& ]RQQHNDSDGDSWHU QLHW LQGLHQ X KHW REMHFWLHI JHEUXLNW YRRU

GLJLWDOHFDPHUD¶VPHWHHQIXOOIUDPHRI$36+VHQVRURIYRRUILOPFDPHUD¶V,QGDW

JHYDO]DOYLJQHWWHULQJRSWUHGHQ

Ŧ

,QGLHQXQDJHEUXLNKHWREMHFWLHILQGHEHUVFKHUPWDVRSEHUJWGLHQWXHHUVWGH]RQQHNDS

WHYHUZLMGHUHQHQRPJHNHHUGRSKHWREMHFWLHIWHUXJWHSODDWVHQILJ+HWLVPRJHOLMN

GHIURQWOHQVEHVFKHUPLQJVGRSRSGH$36&]RQQHNDSDGDSWHUWHEHYHVWLJHQ

),/7(56

*HEUXLNVOHFKWVILOWHUWHJHOLMN7ZHHRIPHHUILOWHUVHQRIH[WUDGLNNHILOWHUV]RDOV

HHQSRODULVDWLHILOWHUNDQYLJQHWWHULQJYHURRU]DNHQ

*HEUXLNXLWVOXLWHQGHHQ³FLUFXODLU´SRODULVDWLHILOWHULQ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

'H]RQQHNDSDGDSWHULVYRRU]LHQYDQHHQVFKURHIGUDDGRPHHQILOWHUWHNXQQHQSODDWVHQ

%(/,&+7,1*6&203(16$7,(

+HWIJHWDOYDQHHQPDFURREMHFWLHIYHUDQGHUWELMKHWVFKHUSVWHOOHQDOVJHYROJ

YDQGHYHUOHQJLQJYDQGHREMHFWLHIWXEXV$OVXZHUNWPHWHHQVSLHJHOUHIOH[FDPHUD

PHWGRRUGHOHQVOLFKWPHWLQJZRUGWGLWGRRUGHFDPHUDDXWRPDWLVFKJHFRPSHQVHHUG

%LMJHEUXLNYDQHHQORVVHELOFKWLQJVPHWHURIHHQIOLWVDSSDUDDW]RQGHU''/IOLWVPHWLQJ

GLHQWXELMRSQDPHQGLFKWELMHHQEHOLFKWLQJVFRPSHQVDWLHWRHWHSDVVHQWDE

21'(5+28'(1236/$*

9HUPLMGYDOOHQRIVWRWHQHQVWHOKHWREMHFWLHIQLHWEORRWDDQH[WUHHPKRJHRIODJH

WHPSHUDWXUHQRIKRJHYRFKWLJKHLG

,QGLHQKHWREMHFWLHIYRRUODQJHUHWLMGZRUGWRSJHERUJHQNLHVGDQYRRUHHQNRHOH

GURJHHQELMYRRUNHXUJRHGJHYHQWLOHHUGHSODDWV+RXGKHWREMHFWLHIRPEHVFKDGLJLQJ

YDQGHOHQVFRDWLQJWHYRRUNRPHQZHJYDQPRWWHQEDOOHQRIQDIWDOLQHJDV

*HEUXLNJHHQWKLQQHUEHQ]LQHRIDQGHUHRUJDQLVFKHVFKRRQPDDNPLGGHOHQRPYXLO

RI YLQJHUDIGUXNNHQ YDQ GH OHQVHOHPHQWHQ WH YHUZLMGHUHQ *HEUXLN GDDUYRRU HHQ

VSHFLDDOOHQVGRHNMHRIOHQVWLVVXHV

'LWREMHFWLHILVQLHWZDWHUEHVWHQGLJ=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

3ORWVHOLQJH WHPSHUDWXXU YHUDQGHULQJ NDQ FRQGHQVDWLH YHURRU]DNHQ RS KHW

RSSHUYODNYDQ GH OHQV %LM KHW EHWUHGHQYDQ HHQ ZDUPH NDPHU YDQXLW GH NRXGH

EXLWHQOXFKWLVKHWUDDG]DDPKHWREMHFWLHILQGHWDVWHKRXGHQWRWGDWGHWHPSHUDWXXU

YDQKHWREMHFWLHIRQJHYHHUJHOLMNLVDDQGLHYDQGHNDPHUWHPSHUDWXXU

1('(5/$1'6

/H DJUDGHFHPRV OD FRPSUD GH HVWH REMHWLYR 6LJPD 3DUD FRQVHJXLUORV

PHMRUHV UHVXOWDGRV GH VX REMHWLYR OHD DWHQWDPHQWH HVWH PDQXDO GH

LQVWUXFFLRQHVDQWHVGHXWLOL]DUOR

£$'9(57(1&,$

7DQWRVLHVWiFRQHFWDGRDODFiPDUDRQRQRGHMHHOREMHWLYRDOVROVLQODWDSD

SXHVWD(VSDUDHYLWDUTXHVHFRQFHQWUHQORVUD\RVGHOVROHQHOREMHWLYRORTXH

SRGUtDSURYRFDUXQLQFHQGLR

'(6&5,3&,Ï1'(/26&20321(17(6)LJ

Ĭ5RVFDSDUDILOWURV

ĭ$URGHHQIRTXH

Į(VFDODGHGLVWDQFLDV

į/tQHDGHtQGLFH

İ0RQWXUD

ı26ERWyQ

Ĳ6HOHFWRUGHHQIRTXH

ĳ/LPLWDGRUGHHQIRTXH

Ĵ3DUDVRO

ĵ$GDSWDGRUSDUDVRO$36&

&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LJXDOTXH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 OLPSLRV SDUDDVHJXUDU XQD FRUUHFWD FRQH[LyQ 3DUD SUHYHQLU GDxRV

HQ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

(1)248(

(VWH REMHWLYR GLVHxDGR SRU 6LJPD LQFRUSRUD XQ PRWRU +LSHUVyQLFR +60 

eVWHSURSRUFLRQDXQHQIRTXHUiSLGR\VLOHQFLRVR

䇶6,*0$$)\&$121$)䇷

3DUDXWLOL]DUHODXWRIRFRSRQJDHOVHOHFWRUHQODSRVLFLyQ³$)´)LJ6LTXLHUH

HQIRFDU PDQXDOPHQWH SRQJD HO VHOHFWRU HQ OD SRVLFLyQ ³0´ $MXVWH HO IRFR

PRYLHQGRHODURGHHQIRTXH

䇶1,.21$)3(17$;$)\621<䇷

3DUDXWLOL]DUHODXWRIRFRSRQJDODFiPDUDHQHOPRGR$)\SRQJDHOVHOHFWRU

GHODySWLFDHQODSRVLFLyQ³$)´)LJ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

,17(5583725/Ë0,7('((1)248(

(VWHREMHWLYRYLHQHHTXLSDGRFRQXQLQWHUUXSWRUGHHQIRTXHTXHSHUPLWHOLPLWDU

HOUDQJR$))LJ  (OLQWHUUXSWRUWLHQHORVWUHVPRGRVVLJXLHQWHV

Ɣ)8//Paп ƔPa п ƔPaP

)272*5$),$0$&52

/D LQGLFDFLyQ HQ HO REMHWLYR ³[[´ HQ OD HVFDOD GH GLVWDQFLDV UHSUHVHQWD OD

DPSOLDFLyQR IDFWRUGHUHSURGXFFLyQ3RUHMHPSORFXDQGRXVWHGHQIRFDHQOD

HVFDODHOVXMHWRFRQXQDWDPDxRUHDOGHFPWHQGUiXQWDPDxRGHFP

HQODLPDJHQHQHOVHQVRURHOQHJDWLYR)LJ

$&(5&$'(/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

(O FRPSHQVDGRU GHO GHVHQIRTXH 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

1R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

/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))

'HEH DVHJXUDUVH GH DSDJDU 2)) HO (VWDELOL]DGRU ÏSWLFR 26 SDUDPRQWDU\

GHVPRQWDUHOREMHWLYR

(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

$ 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

6L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

3DUD PRQWXUDV 6RQ\ \ 3HQWD[ VyOR SXHGHQ XVDU OD IXQFLyQ GH HVWDELOL]DGRU

LQFRUSRUDGD HQ HVWH REMHWLYR ORV FXHUSRV 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 26 GHO 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

6L XWLOL]D HVWH REMHWLYR FRQ XQD FiPDUD .21,&$ 0,12/7$ '<1$;  '<1$;

0$;;80'0$;;80'R6RQ\$SRUIDYRUDSDJXHHOLQWHUUXSWRU26GHO

REMHWLYRDQWHVGHDSDJDUHOFXHUSRGHODFiPDUD/DXQLGDG26GHOREMHWLYRQRVH

ILMDUi HQ HVWD SRVLFLyQ VL HO FXHUSR GH OD FiPDUD VH DSDJD DQWHV GH DSDJDU

PHFDQLVPRGHHVWDELOL]DFLyQGHOREMHWLYR,JQRUDUHVWHDYLVRSRGUtDGDxDUHOREMHWLYR

3DUD ODV PRQWXUDV 1LNRQ \ &DQRQ OD IXQFLyQ GH (VWDELOL]DGRU ÏSWLFR 26 QR

IXQFLRQDUi FRQ ODV FiPDUDV UpIOH[ DQDOyJLFDV H[FHSWR ORV PRGHORV 1LNRQ ) \

&DQRQ(269

)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[(;'*

$32 2SFLRQDO FRQYLUWLpQGRVH HQ XQ 7HOHREMHWLYR PP ) R HQ XQ

7HOHREMHWLYRPP)

1RXWLOLFHQLQJ~QRWURWHOHFRQYHUWLGRUDSDUWHGHORVQRPEUDGRVDQWHULRUPHQWH

6HUHFRPLHQGDXWLOL]DUODYHUVLRQ'*GHORV$SR7HOHFRQYHUWLGRUHVFXDQGRVHXVDQ

FDPDUDV'6/5

(O7HOHFRQYHUWLGRUFRQED\RQHWD3HQWD[QRHVFRPSDWLEOHFRQHVWHREMHWLYR

&XDQGRDGMXQWHHO7HOHFRQYHUWLGRU$32[(;'*VRORSRGUiHQIRFDUHQPRGR

PDQXDO

&RQHO7HOHFRQYHUWLGRU$32[HO$)IXQFLRQDUiHQWUHLQILQLWR\P6LODHVFDOD

GHGLVWDQFLDVVHHQFXHQWUDHQWUHP\PVyORHVWDUiGLVSRQLEOHHO0)

$O PRQWDU ORV 7HOHFRQYHUWLGRUHV $32 HO /LPLWDGRU GH (QIRTXH QR IXQFLRQDUi

LQFOXVRVLFDPELDPRVODSRVLFLyQGHOLQWHUUXSWRU3RGUiXVDUHO$)FRQ/LYH9LHZ

VLODFiPDUDHVWiHQ³GHWHFFLyQFRQWUDVWH´$)

(Q HO FDVR GH OD PRQWXUD 6RQ\ $) VH SRGUi XVDU HO $) FXQDGR VH XWLOLFHQ

FRQYHUWLGRUHVFRQ QXPHUDFLRQHV VXSHULRHV DO  (QFDVRFRQWUDULR HO $)

HVWDUiGHVDFWLYDGR

3$5$62/

(VWH REMHWLYR HVWi SURYLVWR GH XQ SDUDVRO WLSR ED\RQHWD GHVPRQWDEOH (VWH

SDUDVROD\XGDDSUHYHQLUORVUHIOHMRV\ODVOXFHVSDUiVLWDV$GMXQWHHOSDUDVRO\

JLUHHQVHQWLGRKRUDULRKDVWDHQFDMDUOR)LJ

(ODGDSWDGRU$36&VHVXPLQLVWUDFRQHVWHREMHWLYR3URSRUFLRQDXQDSURWHFFLyQ

PiV HILFD] DO XWLOL]DU HVWH DGDSWDGRU FRQ FiPDUDV GLJLWDOHV FRQ XQ VHQVRU GH

LPDJHQ FRQ WDPDxR $36& 3RU IDYRU DGMXQWH HO DGDSWDGRU  $36& HQWUH HO

FXHUSRGHOREMHWLYR\HOSDUDVRO)LJ

&XDQGR VH XVD HVWH REMHWLYR FRQ FiPDUDV GLJLWDOHV FRQ WDPDxR GH VHQVRU GH

FXDGURFRPSOHWRR$36+DVtFRPRFRQFiPDUDVDQDOyJLFDVSRUIDYRUQRPRQWH

HODGDSWDGRU$36&6LXWLOL]DHODGDSWDGRU$36&FRQODVFiPDUDVPHQFLRQDGDV

VHSURGXFLUiYLxHWHR

$ODKRUDGHJXDUGDUHOREMHWLYRHQVXEROVDSULPHURGHEHTXLWDUHOSDUDVROYROYHU

DFRORFDUORHQHOREMHWLYRHQSRVLFLyQLQYHUVD)LJ3XHGHDFRSODUHOSDUDVROHQ

SRVLFLyQ LQYHUVD \ OD WDSD DO IURQWDO GHO REMHWLYR LQFOXVR FRQ DGDSWDGRU $36&

PRQWDGRHQHOREMHWLYR

),/7526

6RODPHQWH 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

&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

&XDQGR XVH ILOWURV FRQ HO DGDSWDGRU$36& SRU IDYRUSRQJD XQ ILOWUR DGHFXDGR

SDUD HO WLSR GH REMHWLYR 6L HO ILOWUR VH PRQWD HQ HO DGDSWDGRU $36& SRGUtD

SURGXFLUVHYLxHWHR

&203(16$&,21'((;326,&,21

(O ʋ)GHORVREMHWLYRVPDFURFDPELDFXDQGRVHHQIRFDGHELGRDODH[WHQVLyQ

GHO FXHUSR GH OD ySWLFD 6L XWLOL]D XQD FiPDUD UHIOH[ WLSR 77/ OD FiPDUD

FRPSHQVDUiDXWRPiWLFDPHQWHODH[SRVLFLyQ&XDQGRXVHXQIRWyPHWURH[WHUQR

RXQIODVKVLQ77/QHFHVLWDUiFRPSHQVDUDFRUWDVGLVWDQFLDV7DE

&8,'$'26%$6,&26<$/0$&(1$-(

(YLWH ORV JROSHV R OD H[SRVLFLyQ D WHPSHUDWXUDV H[WUHPDV



DOWDV R EDMDV



\R KXPHGDG

(Q FDVR GH DOPDFHQDMH SRU XQ WLHPSR 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

1RXWLOLFHGLOX\HQWHJDVROLQDXRWURVOLPSLDGRUHVRUJiQLFRVSDUDOLPSLDUODVXFLHGDG

GHORVREMHWLYRV3DUDOLPSLDUORVXWLOLFHXQSDxRGHWHODVXDYHROLPSLDREMHWLYRV

(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

6L 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VHDVHPHMHDODGHODKDELWDFLyQ

(63$f2/

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

$77(1=,21(

&KHVLWURYLRPHQRDWWDFFDWRDOODIRWRFDPHUDQRQODVFLDWHO¶RELHWWLYRDOVROHVHQ]DLO

FRSHUFKLHWWRIURQWDOH&LzSHUHYLWDUHLOSHULFRORG¶LQFHQGLRFDXVDWRGDLUDJJLGHOVROH

FRQFHQWUDWLGDOOHOHQWLGHOO¶RELHWWLYR

(/(0(17,35,1&,3$/,ILJ

Ĭ3RUWDILOWULIURQWDOHDYLWH

ĭ

*KLHUDGLPHVVDDIXRFR

Į6FDODGHOOHGLVWDQ]H

į,QGLFHGLFROOLPD]LRQH

İ,QQHVWR

ı,QWHUUXWWRUH26

Ĳ6HOHWWRUHGLPHVVDDIXRFR

ĳ/LPLWDWRUHGHOODPHVVDDIXRFR

Ĵ3DUDOXFH

ĵ$GDWWDWRUHSDUDOXFH

SHU$36&

)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

4XHVWR RELHWWLYR LQFRUSRUD XQ PRWRUH LSHUVRQLFR +60 LO TXDOH SHUPHWWH XQD SL

YHORFHHVLOHQ]LRVDPHVVDDIXRFRDXWRPDWLFD

䇶6,*0$$)H&$121$)䇷

3HUDWWLYDUHO¶$XWRIRFXVLPSRVWDUHODPHVVDDIXRFRVFHJOLHQGRVXOO¶RELHWWLYRODSRVL]LRQH

´ILJ4XDQGRVLGHVLGHUDPHWWHUHDIXRFRPDQXDOPHQWHVFHJOLHUHVXOO¶RELHWWLYR

ODSRVL]LRQH³

´,QTXHVWRFDVRVLPHWWHDIXRFRUXRWDQGRODJKLHUDGLPHVVDDIXRFR

䇶1,.21$)3(17$;$)H621<䇷

3HU DWWLYDUH O¶DXWRIRFXV LPSRVWDUH VXOOD IRWRFDPHUD OD PRGDOLWj $) H VFHJOLHUH

VXOO¶RELHWWLYR OD SRVL]LRQH ³$)´ ILJ 4XDQGR VL GHVLGHUD PHWWHUH D IXRFR

PDQXDOPHQWH VFHJOLHUH VXOO¶RELHWWLYR OD SRVL]LRQH ³0´ ,Q TXHVWR FDVR VL PHWWH D

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

4XHVWR RELHWWLYR ODVFLD OD IDFROWj GL PHWWHUH D IXRFR PDQXDOPHQWH SHUVLQR DG

DXWRIRFXV LQVHULWR  6H LQIDWWL OD IRWRFDPHUD q SUHGLVSRVWD SHU LO PRGR GL

IXQ]LRQDPHQWR 2QH 6KRW $) $)6 QRQ F¶q FKH GD SUHPHUH D PHWD FRUVD LO

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

/,0,7$725(',0(66$$)82&2

/¶RELHWWLYR q GRWDWR GL OLPLWDWRUH FKH DFFRUFLD OD GLVWDQ]D $) GL PHVVD D IXRFR

DXWRPDWLFDILJ  6LSRVVRQRLPSRVWDUHOHVHJXHQWLWUHGLVWDQ]H

Ɣ)8//Paп ƔPa п ƔPaP

,1*5$1',0(172

8Q¶LQGLFD]LRQH GHO WLSR ³[[´ VXOOD VFDOD GHOOH GLVUDQ]H VWD D LQGLFDUH LO IDWWRUH GL

LQJUDQGLPHQWR GHOO¶LPPDJLQH RFRPH VL GLFH SL FRPXQHPHQWH LO UDSSRUWR GL

ULSURGX]LRQH HTXLYDOHQWH 6XSSRQHQGR FKH OD PHVVD D IXRFR VLD DYYHQXWD QHOOD

SRVL]LRQH³´GHOODVFDODXQVRJJHWWRPLVXUDQWHLQUHDOWjFPVDUjULSURGRWWR

VXOODSHOOOFRODFRQXQDGLPHQVLRQHGLPH]]DWDTXLQGLGLFPILJ

,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LO

GLVSRVLWLYR26HRWWHQHUHIRWRXJXDOPHQWHULFFKHGLGHWWDJOLYLVLELOL

,PSRVWDUH OR 6WDELOL]]DWRUH 2WWLFR VSRVWDQGR LO FXUVRUH VXOOD 0RGDOLWj  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

6HXVDWHTXHVWRRELHWWLYRFRQOHIRWRFDPHUH.21,&$0,12/7$'<1$;0$;;80

''<1$;0$;;80'R621<$GLVDWWLYDUHLOGLVSRVLWLYR26GHOO¶RELHWWLYR

SULPDGLVSHJQHUHLOFRUSRPDFFKLQD,OGLVSRVLWLYR26QRQDVVXPHODGLVSRVL]LRQH

FRUUHWWDVHSULPDVLVSHJQHO¶DOLPHQWD]LRQHGHOFRUSRPDFFKLQD1RQWHQHUHFRQWR

GLTXHVWRDYYLVRHQRQVHJXLUHODSURFHGXUDGHVFULWWDSXzFDXVDUHGDQQLDOO¶RELHWWLYR

/R6WDELOL]]DWRUH2WWLFR26PRQWDWRVXRELHWWLYLFRQEDLRQHWWD1LNRQH&DQRQQRQ

IXQ]LRQDFRQOHIRWRFDPHUH6/5DSHOOLFRODHFFHWWROD1LNRQ)HOD&DQRQ(269

)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$327HOH&RQYHUWHUDFFHVVRUL[(;'*R

(;'*DLQL]LDUHGDOORWHOHPP)RGDOWHOHPP)ULVSHWWLYDPHQWH

1RQXVDUHDOWULWHOHFRQYHUWHUFKHQRQVLDQRTXHOOLLQGLFDWL

&RQOH5HIOH['LJLWDOL6/5VRQRFRQVLJOLDWHOHYHUVLRQL'*GHJOL$SR7HOH&RQYHUWHU

,OWHOHFRQYHUWHUFRQPRQWDWXUD3HQWD[QRQqFRPSDWLELOHFRQTXHVWDSDUWLFRODUHRWWLFD

4XDQGRVLXVDLO0ROWLSOLFDWRUHGLIRFDOH $32[(;'*O¶RELHWWLYRSXzHVVHUH

XVDWRVRODPHQWHLQPHVVDDIXRFRPDQXDOH

&RQLO0ROWLSOLFDWRUH$32[ODPHVVDDIXRFRDXWRPDWLFD$)DYYLHQHVRODPHQWH

WUD O¶LQILQLWR H P 4XDQGR OD GLVWDQ]D q FRPSUHVD WUD P H  q

SRVVLELOHVRODPHQWHODPHVVDDIXRFRPDQXDOH0)

4XDQGRVLXVDQRL0ROWLSOLFDWRULGLIRFDOH$32LO/LPLWDWRUHGL0HVVDD)XRFRQRQ

IXQ]LRQHUjQHPPHQRFDPELDQGRODSRVL]LRQHGHOFXUVRUH/DPHVVDDIXRFRDXWRPDWLFD

$)SXzHVVHUHXVDWDLQ/LYH9LHZVHODIRWRFDPHUDqQHOODPRGDOLWj$)D&RQWUDVWR

&RQ,FRUSLPDFFKLQDGRWDWLGLDWWDFFR6RQ\$)qSRVVLELOHXVDUHODPRGDOLWj$)

TXDQGR VL XVL LO WHOHFRQYHUWHU FRQ QXPHUR GL VHULH VXSHULRUH D  /D

PRGDOLWj$)QRQqDWWLYDFRQWHOHFRQYHUWHUFRQQXPHURGLVHULHLQIHULRUHD

3$5$/8&(

$VVLHPHDOO¶RELHWWLYRqIRUQLWRXQSDUDOXFHDEDLRQHWWDVWDFFDELOH,OSDUDOXFHVHUYHD

SUHYHQLUH OH LPPDJLQL IDQWDVPD H LO IODUH FDXVDWR GDOOD OXFH SDUDVVLWD ,QVHULUH LO

SDUDOXFHHUXRWDUHLQVHQVRRUDULRILQRDOO¶DUUHVWRILJ

/¶DGDWWDWRUH SDUDOXFH $36& q IRUQLWR GL VHULH DVVLHPH DOO¶RELHWWLYR ,O VXR XVR

DVVLHPHDOOHIRWRFDPHUHGLJLWDOLFRQVHQVRUH$36&DXPHQWDODSURWH]LRQHGHOOH

OXFL,QVHULUHO¶DGDWWDWRUHIUDO¶RELHWWLYRHLOSDUDOXFHILJ

4XDQGRVLXVDTXHVWRRELHWWLYRFRQIRWRFDPHUHGLJLWDOLDSLHQRIRUPDWRRFRQIRUPDWR

$36+O¶DGDWWDWRUHQRQYDPRQWDWR,QFDVRFRQWUDULRO¶LPPDJLQHULVXOWHUjYLJQHWWDWD

4XDQGR VL ULSRQH O¶RELHWWLYR QHOOD VXD FXVWRGLD ELVRJQD WRJOLHUH LO SDUDOXFH H

ULPHWWHUORDOFRQWUDULRILJ(¶SRVVLELOHSRVL]LRQDUHLOSDUDOXFHDOFRQWUDULRFRQLO

FRSHUFKLHWWRGHOO¶RELHWWLYRLQVHULWRQHOO¶DGDWWDWRUH$36&

),/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

4XDQGRVLXVDQRILOWULDVVLHPHDOSDUDOXFHDGDWWDWRUH$36&qQHFHVVDULRDYYLWDUOL

DOODILOHWWDWXUDGHOO¶RELHWWLYR6HOLVLDYYLWDDOODILOHWWDWXUDGHOO¶DGDWWDWRUHO¶LPPDJLQH

VDUjYLJQHWWDWD

&203(16$=,21('(//¶(6326,=,21(

,OYDORUHGL OXPLQRVLWj GHO PDFURELHWWLYRSXzFDPELDUH LQ IXQ]LRQH GHOOD GLVWDQ]DGL

PHVVD D IXRFR LQ TXDQWR FDPELD O¶HVWHQVLRQH XWLOH GHO UHODWLYR FLOLQGUR 1HVVXQD

SUHRFFXSD]LRQH VH O¶RELHWWLYR YLHQH DSSOLFDWR VX XQD PRQRUHIOH[ FRQ VLVWHPD GL

PLVXUD]LRQH GHOO¶HVSRVL]LRQH DWWUDYHUVR O¶RELHWWLYR 77/ SHUFKp LQ TXHVWR FDVR OD

FRPSHQVD]LRQH VDUj DXWRPDWLFD 6H LQYHFH O¶RELHWWLYR YLHQH DEELQDWR D XQ

HVSRVLPHWUR HVWHUQR R D XQ ODPSHJJLDWRQH QRQ DFFRSSLDWR DO VLVWHPD RWWLFR GHOOD

IRWRFDPHUD O¶HVSRVL]LRQH GRYUj VXELUH XQ ULWRFFR DSSURSULDWR SHU FRPSHQVDUH JOL

HIIHWWLGHOODULSUHVDUDYYLFLQDWDWDE

&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]LQDRDOWULGHWHUJHQWLRUJDQLFLTXDQGRVLWUDWWDGLHOLPLQDUH

GDJOL HOHPHQWL RWWLFL WUDFFH GL VSRUFR R LPSURQWHGLJLWDOL 5LSXOLWHOL LQYHFH FRQ XQ

SDQQRPRUELGRLQXPLGLWRRFRQXQDFDUWLQDSHUOHQWL

/¶RELHWWLYR QRQ q LPSHUPHDELOH )DWH FKH QRQ VL EDJQL TXDQGR OR XVDWH VRWWR OD

SLRJJLD R YLFLQR DOO¶DFTXD 6SHVVR L PHFFDQLVPL LQWHUQL JOL HOHPHQWL RWWLFL H L

FRPSRQHQWL HOHWWULFL YHQJRQR GDQQHJJLDWL LUULPHGLDELOPHQWH GDOO¶DFTXD WDQWR GD

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

Welke instelling moet ik toepassen bij het schuifje "full" en welke bij "OS". Ik overzie nu niet wat de gevolgen zijn van deze opties Gesteld op 31-5-2021 om 17:57
Reageer op deze vraag Misbruik melden
Hoi heb deze lens net valt mij op dat manuel ingestelt op nikon 850 de lens af en toe naar diafragma 45 gaat of hij blijft steken op 35 of 29
Ook krijg m niet naat f 2.8 blijft steken op 3.3
Raar dat de lens zelf bepaalt wat hij wil Gesteld op 25-9-2020 om 00:34
Reageer op deze vraag Misbruik melden
Ik krijg het diafragma niet met het wieltje op 2.8. Wat doe ik niet goed. Gesteld op 4-9-2020 om 18:46
Reageer op deze vraag Misbruik melden

Misbruik melden

Gebruikershandleiding.com neemt misbruik van zijn services uitermate serieus. U kunt hieronder aangeven waarom deze vraag ongepast is. Wij controleren de vraag en zonodig wordt deze verwijderd.

Product:

Spelregels forum

Om tot zinvolle vragen te komen hanteren wij de volgende spelregels:

lees eerst de handleiding door;
controleer of uw vraag al eerder door iemand anders is gesteld;
probeer uw vraag zo duidelijk mogelijk te stellen;
heeft u een probleem en al geprobeerd om dit op te lossen, vermeld dit erbij aub;
heeft u een oplossing gekregen van een bezoeker dan horen wij dat graag in dit forum;
wilt u een reactie geven op een vraag of antwoord, gebruik dan niet dit formulier maar klik op de knop 'reageer op deze vraag';
uw vraag wordt direct op de website gezet; vermijd daarom persoonlijke gegevens in te vullen;

Belangrijk! Als er een antwoord wordt gegeven op uw vraag, dan is het voor de gever van het antwoord nuttig om te weten als u er wel (of niet) mee geholpen bent! Wij vragen u dus ook te reageren op een antwoord.

Belangrijk! Antwoorden worden ook per e-mail naar abonnees gestuurd. Laat uw emailadres achter op deze site, zodat u op de hoogte blijft. U krijgt dan ook andere vragen en antwoorden te zien.

Abonneren

Abonneer u voor het ontvangen van emails voor uw Sigma 105mm F2.8 EX DG OS HSM bij:

nieuwe vragen en antwoorden
nieuwe handleidingen

U ontvangt een email met instructies om u voor één of beide opties in te schrijven.

Ontvang uw handleiding per email

Vul uw emailadres in en ontvang de handleiding van Sigma 105mm F2.8 EX DG OS HSM in de taal/talen: Engels, Portugees, Deens, Zweeds als bijlage per email.

De handleiding is 2,48 mb groot.

U ontvangt de handleiding per email binnen enkele minuten. Als u geen email heeft ontvangen, dan heeft u waarschijnlijk een verkeerd emailadres ingevuld of is uw mailbox te vol. Daarnaast kan het zijn dat uw internetprovider een maximum heeft aan de grootte per email. Omdat hier een handleiding wordt meegestuurd, kan het voorkomen dat de email groter is dan toegestaan bij uw provider.

Stel vragen via chat aan uw handleiding

Stel uw vraag over deze PDF

Uw handleiding is per email verstuurd. Controleer uw email

Als u niet binnen een kwartier uw email met handleiding ontvangen heeft, kan het zijn dat u een verkeerd emailadres heeft ingevuld of dat uw emailprovider een maximum grootte per email heeft ingesteld die kleiner is dan de grootte van de handleiding.

Er is een email naar u verstuurd om uw inschrijving definitief te maken.

Controleer uw email en volg de aanwijzingen op om uw inschrijving definitief te maken

U heeft geen emailadres opgegeven

Als u de handleiding per email wilt ontvangen, vul dan een geldig emailadres in.

Uw vraag is op deze pagina toegevoegd

Wilt u een email ontvangen bij een antwoord en/of nieuwe vragen? Vul dan hier uw emailadres in.

Sigma 105mm F2.8 EX DG OS HSM Handleiding

Hulp nodig? Stel uw vraag in het forum

Misbruik melden

Product:

Spelregels forum

Abonneren

Ontvang uw handleiding per email

Stel vragen via chat aan uw handleiding

Uw handleiding is per email verstuurd. Controleer uw email

Er is een email naar u verstuurd om uw inschrijving definitief te maken.

U heeft geen emailadres opgegeven

Uw vraag is op deze pagina toegevoegd

Info

Sigma 105mm F2.8 EX DG OS HSM Handleiding

Hulp nodig? Stel uw vraag in het forum

Forum

Misbruik melden

Product:

Spelregels forum

Abonneren

Ontvang uw handleiding per email

Stel vragen via chat aan uw handleiding

Uw handleiding is per email verstuurd. Controleer uw email

Er is een email naar u verstuurd om uw inschrijving definitief te maken.

U heeft geen emailadres opgegeven

Uw vraag is op deze pagina toegevoegd

Info