616732

Sigma 180mm f2.8 APO DG OS HSM Macro Seite 2

2
Zoom out
Zoom in
Vorherige Seite
1/2
Nächste Seite
7DFN I|U DWW GX YDOGH 6LJPD )|U DWW In XW VW|UVWD P|MOLJD Q\WWD RFK Q|MH DY GLWW
6LJPDREMHNWLY UHNRPPHQGHUDUYLDWWGXOlVHULJHQRPGHQQDEUXNVDQYLVQLQJLQQDQ
GXE|UMDUDQYlQGDREMHNWLYHW
'(/$51$61$01)LJ
Ĭ)LOWHUJlQJD
ĭ)RNXVULQJ
Į$YVWnQGVVNDOD
į,QGH[OLQMH
İ)DWWQLQJ
ı26NQDSS
IJ2PNRSSODUHIRNXVIXQNWLRQ
ij)RNXVRPUnGHVEHJUlQVDUH
Ĵ6WDWLYJlQJD
ĵ0RWOMXVVN\GG
Ķ$36&PRWOMXVVN\GGVDGDSWHU
1,.21$).$0(525
'HWWD REMHNWLY IXQJHUDU Sn VDPPD VlWW VRP 1LNRQ * XWDQ EOlQGDUH DXWRIRNXV
REMHNWLY %HURHQGH Sn YLONHQ NDPHUDPRGHOO VRP DQYlQGV NDQ YLVVD IXQNWLRQHU
VNLOMD)|U\WWHUOLJDUHGHWDOMHURPGHWWDVHNDPHUDQVEUXNVDQYLVQLQJ
3(17$;$).$0(525
'HWWDREMHNWLYIXQJHUDUSnVDPPDVlWWVRP3(17$;)$-XWDQEOlQGDUHDXWRIRNXV
REMHNWLY%HURHQGHSnYLONHQNDPHUDPRGHOOVRPDQYlQGVNDQYLVVDIXQNWLRQHUVNLOMD
)|U\WWHUOLJDUHGHWDOMHURPGHWWDVHNDPHUDQVEUXNVDQYLVQLQJ
0217(5,1*3c.$0(5$1
6LJPD REMHNWLY KDU H[DNW VDPPD IDWWQLQJ VRP GLQ NDPHUDV RULJLQDOREMHNWLY )|OM
GlUI|UEUXNVDQYLVQLQJHQWLOOGLQNDPHUDI|UDWWVlWWDSnRFKWDJDDYREMHNWLY
Ŧ3n IDWWQLQJHQ ILQQV HWW DQWDO HOHNWULVND NRQWDNWHU RFK NRSSOLQJDU 6H WLOO DWW KnOOD
GHVVDUHQDI|UDWWInElVWDNRQWDNW9LGREMHNWLYE\WHVHWLOODWWREMHNWLYHWVIURQWKnOOV
QHGnWI|UDWWXQGYLNDDWWREMHNWLYHWVNDGDV
,167b//1,1*$9(;321(5,1*6)81.7,21
6LJPD REMHNWLY VWlOOV DXWRPDWLVNW LQ Sn UlWW IXQNWLRQ QlU REMHNWLYHW PRQWHUDV Sn
NDPHUDQ6HGLQNDPHUDVEUXNVDQYLVQLQJ
6.b53(,167b//1,1*
'HWWD RELMHNWLY lU IRUVHWW PHG HQ LQE\JJG +60PRWRU +\SHU 6RQLF 0RWRU
+60PRWRPPHGJHUVQDEERFKW\VWDXWRPDWLVNVNlUSHLQVWlOOQLQJ
䇶6,*0$$)RFK&$121$)䇷
)|UDXWRIRNXVIXQNWLRQYlOMIRNXVOlJHSnREMHNWLYHWWLOO³$)´)LJ2PGX|QVNDUDWW
IRNXVHUD PDQXHOOW YlOM IRNXV OlJH Sn REMHNWLYHW L OlJH ´0´ 'X NDQ QX IRNXVHUD
JHQRPDWWYULGDSnREMHNWLYHWVIRNXVULQJ
䇶1,.21$)3(17$;$)RFK621<䇷
)|UDXWRIRNXVIXQNWLRQYlOMIRNXVOlJHSnREMHNWLYHWWLOO³$)´)LJ2PGX|QVNDUDWW
IRNXVHUD PDQXHOOW YlOM IRNXV OlJH Sn REMHNWLYHW L OlJH ´0´ 'X NDQ QX IRNXVHUD
JHQRPDWWYULGDSnREMHNWLYHWVIRNXVULQJ
9lQOLJHQOlVLNDPHUDQVLQVWUXNWLRQVERNRPKXUGXlQGUDUIRNXVHULQJVOlJHW
)|U 1LNRQ3HQWD[ RFK 6RQ\ IXQJHUDU HQGDVW DXWRIRNXV PHG NDPHUDKXV VRP
VW|GMHU XOWUDOMXGVPRWRU W\S +60 $XWRIRNXV NRPPHU LQWH DWW IXQJHUD RP
NDPHUDKXVHWLQWHVW|GMHUGHQQDW\SDYIRNXVHULQJVPRWRU
0HGGHWWDREMHNWLYNDQGXVWlOODLQVNDUSDQPDQXHOOWlYHQLDXWRIRNXVOlJH 0HG
NDPHUDQLQVWlOOGSn2QH6KRW$)$)6JnUGHWDWWMXVWHUDVNlUSDQPDQXHOOWHIWHU
GHW DWW REMHNWLYHWV DXWRIRNXVPRWRU VWDQQDW Vn OlQJH VRP NDPHUDQV DYWU\FNDUH
KnOOVKDOZlJVQHUW\FNW
)|U DWW XQGYLND VNDGRU Sn REMHNWLYHW XQGYLN DWW PDQXHOOW YULGD Sn REMHNWLYHWV
IRNXVHULQJVULQJQlUREMHNWLYHWlULQVWlOOWSnDXWRIRNXV
$967c1'6%(*5b16$5(
2EMHNWLYHW lU XWUXVWDW PHG HQ DYVWnQGVEHJUlQVDUH VRP P|MOLJJ|U EHJUlQVQLQJ DY
DYVWnQGVRPUnGHWVRPREMHNWLYHWV|NHULQRPI|UVQDEEDUHIRNXVWHNQLN)LJ
㩷
'HWILQQVWUHDOWHUQDWLYDWWYlOMDSn
)8//Paп
Pa п
PaP
)25675,1*
0HG LQGLNHULQJHQ ´[[´ Sn REMHNWLYHWV DYVWnQGVVNDOD DYVHV I|UVWRULQJVJUDGHQ
nWHUJLYQLQJVJUDGHQ 2P GX W H[ KDU VNlUSDQ LQVWlOOG Sn PRWLYHW YLG ´´
PDUNHULQJHQSnVNDODQNRPPHUHWWPRWLYPHGHQYHUNOLJVWRUOHNDYFPDWWDYELOGDV
LVWRUOHNHQFPSnILOPHQ)LJ
2026237,6.67$%,/,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 OnQJVDPPDUH lQ YDG VRP VNXOOH YDUD P|MOLJW PHG 26 IXQNWLRQHQ
IUnQNRSSODG5HVXOWDW±VNDUSDVNDNQLQJVIULDELOGHU
6WlOOLQ26 NQDSSHQSn0RGH)LJ7U\FNQHUDYWU\FNDUHQKDOYYlJVNRQWUROOHUD
DWWELOGHQlUVNDUSLV|NDUHQWU\FNVHGDQQHUDYWU\FNDUHQKHOWI|UDWWWDGLQELOGGHW
WDU FD  VHN DWW nVWDGNRPPD HQVNDUS ELOG HIWHU GHW DWW GX WU\FNWQHU DYWU\FNDUHQ
KDOYYlJV
0RGH  NRPSHQVHUDU PRW YHUWLNDOD RIULYLOOLJD NDPHUDU|UHOVHU DOOWVn HIIHNWLY PRW
I|UHPnOLU|UHOVH
26lUHIIHNWLYWYLGKDQGKnOOHQIRWRJUDIHULQJ9LGIRWRJUDIHULQJIUnQIRUGRQLU|UHOH
NDQ26IXQJHUDPLQGUHEUDSJDI|UVWDUNDVNDNQLQJDU
$QYlQGLQWH26QlUREMHNWLYHWlUPRQWHUDWSnVWDWLYHOOHUYLGWDJQLQJSnWLG%
26 IXQNWLRQHQ InU VWU|P IUnQ NDPHUDQV EDWWHULHU .DPHUDQ .$1 UHDJHUD
OnQJVDPPDUHRP26lUSn2PGXLQWHGLUHNWDQYlQGHU26lUGHWDWWI|UHGUDDWW
VlWWD26NQDSSHQLOlJH2))I|UDWWVSDUDEDWWHULHURFKI|UDWWK|MDEHUHGVNDSHQ
SnNDPHUDQ
6lWW 26NQDSSHQ L OlJH 2)) LQQDQ GX PRQWHUDU HOOHU WDU DY REMHNWLYHW IUnQ
NDPHUDQ
26IXQNWLRQHQIRUWVlWWHUDWWYDUDLIXQNWLRQHIWHUGHWDWWGXVOlSSWDYWU\FNDUHQPHG
ILQJUHWVn OlQJHVRP H[SRQHULQJVPlWDUHQYLVDU H[SRQHULQJVYlUGH7DJDOGULJDY
REMHNWLYHWIUnQNDPHUDQRFKWDJKHOOHUDOGULJXUNDPHUDQVEDWWHULHUVnOlQJHVRP
26lULIXQNWLRQ2EMHNWLYHWNDQLVnIDOOVNDGDV
3UHFLVHIWHUGHWDWWGX WDJLWGLQELOGNDQ GHWKlQGDDWWELOGHQVNDNDUWLOOLV|NDUHQ
RFKDWWEOL[WHQVWDUWDUODGGD'HWWDSnYHUNDULQWHGHQELOGGXMXVWWDJLW
2PNDPHUDQVLQWHlUSnHOOHURPREMHNWLYHWWDVERUWGnELOGVWDELOLVDWRUQNDQGHWWD
RUVDNDHWWROMXGGHWWDlUGRFNQRUPDOWRFKLQJHQIHOIXQNWLRQ
9LGDQYlQGQLQJ DY 621<  3HQWD[IDWWDGH REMHNWLY JnU GHW HQGDVW DWW DQYlQGD
26IXQNWLRQ ELOGVWDELOLVDWRU PHG NDPHUDKXV VRP VW|GMHU XOWUDOMXGVPRWRUHU W\S
+60 2P REMHNWLYHWV 26IXQNWLRQ DQYlQGV 67b1* $9 .$0(5+86(76
67$%,/,6(5,1*RFK67$57$REMHNWLYHWV26IXQNWLRQJHQRPDWWVWlOODNRQWDNWHQL
21OlJH 2P NDPHUDQV VWDELOLVHULQJVIXQNWLRQ $19b1'6 Vn 0c67( REMHNWLYHWV
26IXQNWLRQ67b1*$6$9
*lOODQGH&DQRQVDPW1LNRQIDWWDGHREMHNWLYVnIXQJHUDU26IXQNWLRQHQLNDPHURU
PHGILOPL(1'$67L&DQRQ(269VDPW1LNRQ)
67$7,9*b1*$
'HWWDREMNWLYKDUHQO|VWDJEDURFKYULGEDUVWDWLYJlQJD/RVVDOnVNQDSSHQSnULQJHQ
I|UDWWVWlOODLQNDPHUDRFKREMHNWLYKRULVRQWHOOWHOOHUYHUWLNDOWSnVWDWLYHW)LJ
)|UDWWWDORVVVWDWLYULQJHQIUnQREMHNWLYHWORVVDI|UVWOnVNQDSSHQRFKGUDJVHGDQDY
ULQJHQ)LJ
%/,;7)272*5$)(5,1*
9LGIRWRJUDIHULQJPHGNDPHUDQVLQE\JJGDEOL[WWLOOVDPPDQVPHGGHQQDREMHNWLYNDQ
RUVDND VNXJJQLQJ $QYlQG LQWH NDPHUDQV LQE\JJGD EOL[W WLOOVDPPDQV PHG GHQQD
REMHNWLY9LGEHKRYDYEOL[WDQYlQGH[WHUQEOL[W
207(/(&219(57(56
2EMHNWLYHWNDQ DQYlQGDV WLOOVDPPDQV PHGPHG 6LJPD ; (; '* HOOHU ; (;
'* $32 7HOH &RQYHUWHU 7LOOEHK|U 2EMHNWLYHW I|UYDQGODV Gn WLOO PPI WHOH
REMHNWLYHOOHUPPIWHOHREMHNWLY
Ŧ$QYlQGLQWHDQGUD7HOHFRQYHUWHUVlQGHRYDQOLVWDGH
Ŧ9L UHNRPPHQGHUDU DWW DQYlQGD VLJ DY '* YHUVLRQ $32 7HOHFRQYHUWHUV
WLOOVDPPDQVPHG'LJLWDOD6/5NDPHURU
Ŧ7HOHNRQYHUWHUDUIXQJHUDUI|U3HQWD[IDWWQLQJHQDYGHQQDRSWLN
Ŧ9LGDQYlQGQLQJDY$32[7HOHFRQYHUWHU(;'*VnIXQJHUDUGHQ(1'$67PHG
PDQXHOOIRNXVHULQJ
Ŧ9LG DQYlQGQLQJ DY $32 [ 7HOHFRQYHUWHU Vn IXQJHUDU GHQ (1'$67 PHOODQ
RlQGOLJWDYVWnQGQHUWLOOP6NXOOHDYVWnQGHWYDUDPHOODQPDQGPVn
IXQJHUDU(1'$670$18(//)2.86(5,1*
Ŧ9LG DQYlQGQLQJ DY 6$07/,*$ 6,*0$6 7HOHFRQYHUWHUV Vn IXQJHUDU ,17(
DYVWnQGVEHJUlQVQLQJHQ RDYVHWW L YLONHQ SRVLWLRQ RPNRSSODUHQ lU L $) NDQ
DQYlQGDVL/LYH9LHZOlJHRPNDPHUDQlU,³NRQWUDVWDYNlQQLQJVOlJH´
Ŧ6RQ\ $) IDWWQLQJ VW|GMHU DXWRIRNXV YLG DQYlQGDQGH DY NRQYHUWHU PHG
VHULHQXPPHU  HOOHU K|JUH $XWRIRNXV NRPPHU LQWH DWW IXQJHUD PHG
NRQYHUWHUVRPKDUVHULHQXPPHUXQGHU
Ŧ,OLYHYLHZOlJHWIXQJHUDU$XWRIRNXVI|UXWVDWWDWWNDPHUDQVWnUL³NRQWUDVW$)OlJH´
VHEUXNVDQYLVQLQJHQ
027/-866.<''
(WWPRWOMXVVN\GGDYEDMRQHWWW\SPHGI|OMHUREMHNWLYHW0RWOMXVVN\GGHWWDUERUWVWU|OMXV
VRPNDQJHVN|YHUVWUnOQLQJSnELOGHUQD
0RQWHUDPRWOMXVVN\GGHWHQOLJWILJXU
ٟ$36&DGDSWHUQI|OMHUPHGREMHNWLYHWGHWWDVNDOODQYlQGDVRPREMHNWLYHWDQYlQGV
Sn NDPHURU PHG GHQ PLQGUH VN $36& VHQVRUQ I|U DWW JH ElWWUH IXQNWLRQ DY
PRWOMXVVN\GGHW 0RQWHUD $36& DGDSWHUQ PHOODQ REMHNWLYHW RFK PRWOMXVVN\GGHW
HQOLJWILJXU
ٟ2PNDPHUDQ,17(lUDY$36&W\S6.$//,17(DGDSWHUQDQYlQGDVGnGHWWDJHU
VNYLQMHWWHULQJ
ٟ)|U DWW NXQQD I|UYDUD REMHNWLYHW RFK PRWOMXVVN\GGHW L GHQ PHGI|OMDQGH YlVNDQ
0c67(I|UVWPRWOMXVVN\GGHWWDVERUWRFKYlQGDVXSSRFKQHUHQOLJWILJXU'HW
JnUDWWYlQGDPRWOMXVVN\GGHWXSSRFKQHURFKVlWWDREMHNWLYORFNHWSnVRPYDQOLJW
lYHQRPPDQDQYlQGHUDGDSWHUQ
),/7(5
$QYlQG HQGDVW HWW ILOWHU L WDJHW )OHU ILOWHU HOOHU ULNWLJW WMRFND ILOWHU NDQ RUVDND
YLQMHWWHULQJ
$QYlQGHUGXSRODULVDWLRQVILOWHUVHWLOODWWGHWlUDYGHQ´FLUNXOlUD´W\SHQVRPSDVVDU
WLOODXWRIRNXV
2P ILOWHU DQYlQGV WLOOVDPPDQV PHG $36&DGDSWHUQ VlWW I|UVW IDVW ILOWUHW Sn
REMHNWLYHWVILOWHUJlQJDRPILOWUHWVlWWVSnDGDSWHUQNDQGHWWDJHVNYLQMHWWHULQJ
(;321(5,1*6.203(16$7,21
%OlQGDUYlUGHWSnPDNURREMHNWLYHWlQGUDVYLGIRNXVHULQJHQEHURHQGHSnXWGUDJHWSn
REMHNWLYHW 2P GX DQYlQGHU HQ 77/ V\VWHPNDPHUD NRPSHQVHUDU NDPHUDQV
DXWRPDWLNI|UGHWWD2PGXDQYlQGHUHQO|VOMXVPlWDUHHOOHUHQLFNH77/EOL[WPnVWH
GXNRUULJHUDH[SRQHULQJHQYLGNRUWDDYVWnQG7DE
9c5'$',772%-(.7,9
8QGYLNH[WUHPDWHPSHUDWXUHURFKVN\GGDREMHNWLYHWPRWVW|WDURFKVODJ
9LGOlQJUHWLGVI|UYDULQJYlLMHQNDOORFKWRUUSODWV8QGYLNQDIWDOLQVRPNDQVNDGD
REMHNWLYHWVDQWLUHIOH[EHKDQGOLQJ
$QYlQGDOGULJWLQQHUEHQVLQHOOHUDQGUDRUJDQLVNDYlWVNRU9LGUHQJ|ULQJDQYlQG
HQPMXNOLQVSXWVWUDVDVRPGXNDQN|SDLGLQIRWRDIIlU
2EMHNWLYHWlULQWHYDWWHQVlNHUW6N\GGDGHWPRWUHJQVQ|HOOHUYDWWHQVWlQN
3O|WVOLJD WHPSHUDWXUYl[OLQJDU NDQ RUVDND NRQGHQV Sn REMHNWLYHW9lQWDWLOOV
REMHNWLYHW RFK NDPHUDQ InWW VDPPD WHPSHUDWXU VRP RPJLYQLQJHQ LQQDQ GX
DQYlQGHUGHQLJHQ
69(16.$
7DNIRUGL'HKDUN¡EWHW6LJPDREMHNWLY)RUDWIn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($)'(/(1(ILJ
Ĭ
)LOWHULQGVNUXQLQJVJHYHLQG
ĭ)RNXVHULQJVULQJ
Į$IVWDQGVVNDOD
į,QGH[
İ%DMRQHWIDWQLQJ
ı26RPVNLIWHUHQ
IJ
)RNXVHULQJVPHWRGHRPVNLIWHU
ij)RNXVEHJUQVHU
Ĵ6WDWLYJHYLQG
ĵ0RGO\VEOQGH
Ķ$36&0RGO\VEOQGH
$GDSWHU
1,.21$).$0(5$(5
'HWWH REMHNWLY IXQJHUHU Sn VDPPH PnGH VRP 1LNRQ * 7\SH DXWRIRNXV REMHNWLYHU
REMHNWLYHU XGHQ EOQGHLQGVWLOOLQJ$IKQJLJ DI NDPHUDPRGHO NDQ GHU YUH YLVVH
EHJUQVQLQJHULIXQNWLRQHUQH6HNDPHUDHWVEUXJVDQYLVQLQJIRUIOHUHRSO\VQLQJHU
3(17$;$).$0(5$(5
'HWWHREMHNWLYIXQJHUHUSnVDPPHPnGHVRP3(17$;)$-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IOHUHRSO\VQLQJHU
0217(5,1*3c.$0(5$+86(7
'HWWHREMHNWLY YLOYHG SnVWQLQJSn NDPHUDKXVHWDXWRPDWLVNIXQJHUHSn Q¡MDJWLJW
VDPPH PnGH VRP HW DOPLQGHOLJW REMHNWLY 6H YHQOLJVW YHMOHGQLQJHQ L NDPHUDHWV
EUXJVDQYLVQLQJ
Ŧ3n EDMRQHWIDWQLQJHQV RYHUIODGH HU GHU HW DQWDO NREOLQJHU RJ HOHNWULVNH NRQWDNWHU
6¡UJIRUDWGLVVHHUUHQHIRUDWVLNUHJRGIRUELQGHOVH)RUDWXQGJnEHVNDGLJHOVHDI
REMHNWLYHWV¡UJGDIRUDWSODFHUHGHWPHGIURQWHQQHGDGYHGREMHNWLYVNLIW
9$/*$)(.6321(5,1*60(72'(
6LJPD REMHNWLYHWIXQJHUHU DXWRPDWLVNHIWHU PRQWHULQJSn NDPHUDKXVHW 6H YHQOLJVW
NDPHUDHWVEUXJVDQYLVQLQJ
)2.86(5,1*
'HWWH REMHNWLY KDU 6LJPDV LQGE\JJHGH +\SHU 6RQLF 0RWRU +60 +60 VLNUHU HQ
KXUWLJRJO\GO¡VIRNXVHULQJ
䇶6,*0$$)RJ&$121$)䇷
)RU DXWRIRNXVIXQNWLRQVWLOOHV IRNXVYOJHUHQSn REMHNWLYHW ILJ Sn ´$)´ LQGVWLOOLQJ
+YLVGX¡QVNHUDWIRNXVHUHPDQXHOWVWLOOHVIRNXVYOJHUHQSn´0´LQGVWLOOLQJ'XNDQ
MXVWHUHIRNXVHULQJHQYHGDWGUHMHIRNXVHULQJVULQJHQ
䇶1,.21$)3(17$;$)RJ621<䇷
)RU DXWRIRNXVIXQNWLRQ YOJHV $) IXQNWLRQ Sn NDPHUDHW RJ IRNXVYOJHUHQ Sn
REMHNWLYHW ILJ VWLOOHV Sn Sn ´$)´ LQGVWLOOLQJ +YLV GX ¡QVNHU DW IRNXVHUH PDQXHOW
VWLOOHV IRNXVYOJHUHQ Sn ´0´ LQGVWLOOLQJ 'X NDQ MXVWHUH IRNXVHULQJHQ YHG DW GUHMH
IRNXVHULQJVULQJHQ
Ŧ6HYHQOLJVW,NDPHUDHWVEUXJVDQYLVQLQJKYRUGDQNDPHUDHWVIRNXVIXQNWLRQYOJHV
Ŧ)RU 1LNRQ 3HQWD[ RJ 6RQ\ PRGHOOHU HU GHW NXQ PXOLJW DW DQYHQGH $) PHG
NDPHUDKXVHGHUXQGHUVW¡WWHUPRWRUHUGUHYHWDIXOWUDO\GE¡OJHUVnVRP+60$)YLO
LNNHIXQJHUHKYLVNDPHUDKXVHWLNNHXQGHUVW¡WWHUGHQQHPRWRUW\SH
Ŧ'HWWHREMHNWLYJLYHURJVnPXOLJKHGIRUDWIRNXVHUHPDQXHOWVHOYRPGHWHULQGVWLOOHW
WLO DXWRIRNXV 0HG NDPHUDHW LQGVWLOOHWSn 2QH6KRW $) $)6 NDQ IRNXVHULQJHQ
MXVWHUHVPDQXHOWHIWHUDWREMHNWLYHWKDUIRNXVHUHWDXWRPDWLVNPHQVXGO¡VHUNQDSSHQ
WU\NNHVKDOYWQHG
Ŧ1nUPDQEUXJHUGHWWHREMHNWLYLPDQXHOIRNXVYLOYLDQEHIDOHDWPDQEHNUIWHUGHQ
NRUUHNWHIRNXVHULQJLNDPHUDHWVV¡JHU'HWWHDQEHIDOHVIRUGLGHUNDQIRUHNRPPH
PLQLPDOH IRNXVQGULQJHU S J D HNVWUHPH WHPSHUDWXUIRUVN\GQLQJHU KYLONHWLJHQ
NDQ IRUnUVDJH DW HQNHOWH NRPSRQHQWHU L REMHNWLYHW NDQ XGYLGH VLJ 'HU HU WDJHW
K¡MGHIRUGHWWHQnUREMHNWLYHWVWLOOHVSnXHQGHOLJW
)2.86%(*516(5.1$3
'HWWHREMHNWLYHU IRUV\QHWPHG HQIRNXVEHJUQVHUGHUJ¡U GHWPXOLJWDWEHJUQVH
$)RPUnGHWILJ'HUNDQYOJHVPHOOHPI¡OJHQGHWUHLQGVWLOOLQJHU
)8//Paп
Pa п
PaP
)256755(/6(
2EMHNWLYHWVLQGLNDWLRQI[[[SnIRNXVDIVWDQGVVNDODHQYLVHUIRUVW¡UUHOVHQQRUPDOW
NDOGHW DIELOGQLQJVIRUKROGHW )HNV QnU GHU IRWRJUDIHUHV Sn LQGVWLOOLQJHQ  Sn
VNDODHQYLOHWREMHNWPHGHQVW¡UUHOVHSn FPI\OGHFP SnVHOYHELOOHGVHQVRUHQ
HOOHUILOPHQILJ
2026237,&$/67$%,/,=(5)81.7,21
'HWWH 26 2SWLFDO 6WDELOL]HU REMHNWLY UHGXFHUHU XVNDUSKHG IRUnUVDJHW DI
NDPHUDU\VWHOVHU0HGGHWWHREMHNWLYNDQGXWDJHVNDUSHELOOHGHUPHGOXNNHUWLGHUFD
WULQODQJVRPPHUHHQGGHWHUPXOLJWXGHQ26IXQNWLRQ
6W 26 2SWLFDO6WDELOL]HUᲣRPVNLIWHUHQSn ILJ7U\NXGO¡VHUNQDSSHQKDOYWQHG
NRQWUROOHUDWELOOHGHWLV¡JHUHQHUVNDUSWRJWDJELOOHGHW'HWWDJHUFDVHNXQGIUD
XGO¡VHUNQDSSHQWU\NNHVKDOYWQHGWLOELOOHGHWHUVWDELOLVHUHW,QGVWLOOLQJUHJLVWUHUHU
YHUWLNDOH NDPHUDEHYJHOVHU RJ UHGXFHUHU XVNDUSKHG(IIHNWLYW WLO PRWLYHU L EHYJHOVH
Ŧ2SWLFDO6WDELOL]HU¶HQVNRPSHQVDWLRQIRUNDPHUDU\VWHOVHUHUHIIHNWLYYHGKnQGKROGWH
RSWDJHOVHU8QGHUGHI¡OJHQGHIRUKROGHU2SWLFDO6WDELOL]HUIXQNWLRQHQPXOLJYLVLNNH
WLOVWUNNHOLJ
ƒ2SWDJHOVHUIUDHWN¡UHW¡MLEHYJHOVH
ƒ+YLVGHUHUNUDIWLJHU\VWHOVHUHOOHUEHYJHOVHUDINDPHUDHW
Ŧ$QYHQGLNNH2SWLFDO6WDELOL]HU¶HQLI¡OJHQGHVLWXDWLRQHU
ƒ1nUREMHNWLYHWHUPRQWHUHWSnHWVWDWLY
ƒ9HGRSWDJHOVHUSn%XOEODQJWLGVHNVSRQHULQJ
Ŧ2SWLFDO6WDELOL]HUIXQNWLRQHQInUVWU¡PIUDNDPHUDHW1nU26REMHNWLYHWHUPRQWHUHW
SnNDPHUDHWRJDNWLYHUHWYLONDPHUDHWVRSWDJHNDSDFLWHWSnHWVWEDWWHULHUYUH
PLQGUHHQGPHGNRQYHQWLRQHOOHREMHNWLYHU+YLVGXLNNHDQYHQGHU2SWLFDO6WDELOL]HU
E¡UGXVWLOOH26RPVNLIWHUHQSn2))IRUDWVSDUHSnEDWWHULHW
Ŧ+XVN DW VWLOOH 26RPVNLIWHUHQSn 2))LQGVWLOOLQJ LQGHQREMHNWLYHWPRQWHUHV HOOHU
DIPRQWHUHV
Ŧ2SWLFDO 6WDELOL]HU¶HQ IRUWVWWHU PHG DW IXQJHUH HIWHU DW GX KDU VOXSSHW
XGO¡VHUNQDSSHQ Vn OQJH NDPHUDHW YLVHU HNVSRQHULQJVYUGLHQ 2EMHNWLYHW Pn
LNNHDIPRQWHUHVHOOHUNDPHUDHWVEDWWHULIMHUQHVPHQV6WDELOL]HU¶HQHULIXQNWLRQGD
GHWNDQEHVNDGLJHREMHNWLYHW
Ŧ6HOYRPV¡JHUELOOHGHWNDQYLUNHU\VWHWXPLGGHOEDUWHIWHURSWDJHOVHQRJYHGVWDUWDI
RSODGQLQJHQDIGHQLQGE\JJHGHIODVKYLOGHWLNNHSnYLUNH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
0HG6RQ\RJ3HQWD[PRGHOOHUHUGHWNXQPXOLJWDWDQYHQGHREMHNWLYHWVLQGE\JJHGH
26IXQNWLRQ KYLV NDPHUDHW XQGHUVW¡WWHU PRWRUHU DI ³XOWUDVRQLF´W\SHQ VRP IHNV
+601nU26 IXQNWLRQHQ DQYHQGHVE¡U NDPHUDHWVRSWLVNH VWDELOLVHULQJVIXQNWLRQ
YUH VOXNNHW RJ 26 RPVNLIWHUHQ Sn REMHNWLYHW VWLOOHV Sn 21 +YLV NDPHUDHWV
RSWLVNHVWDELOLVHULQJVIXQNWLRQ¡QVNHVDQYHQGWVWLOOHV26RPVNLIWHUHQSnREMHNWLYHW
Sn 2))RJNDPHUDHWVRSWLVNHVWDELOLVHULQJVIXQNWLRQWQGHV
Ŧ+YLVGHWWHREMHNWLYEUXJHVVDPPHQPHGHW.21,&$0,12/7$'<1$;0$;;80
' '<1$;  0$;;80 ' HOOHU 621< $ NDPHUD VNDO 26 NRQWDNWHQSn
REMHNWLYHWVWLOOHV Sn RIILQGHQNDPHUDHWVOXNNHV 26 HQKHGHQ L REMHNWLYHWYLO LNNH
NXQQHEHYJHVLJWLOGHQNRUUHNWHSRVLWLRQKYLVNDPHUDHWVOXNNHVLQGHQREMHNWLYHWV
26 IXQNWLRQ VOXNNHV Sn REMHNWLYHW +YLV GHWWH LJQRUHUHV NDQ GHW PHGI¡UH
EHVNDGLJHOVHDIREMHNWLYHW
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
67$7,9*(9,1'
'HWWHREMHNWLYKDUHWDIWDJHOLJWVWDWLYJHYLQG1nUOnVHNQDSSHQO¡VQHVNDQNDPHUDHW
RJREMHNWLYGUHMHVWLOKRULVRQWDOHOOHUYHUWLNDOSRVLWLRQILJ
)RUDWIMHUQHVWDWLYJHYLQGHWO¡VQHVOnVHNQDSSHQRJGHUWUNNHVILJ
)/$6+)272*5$)(5,1*
%UXJ DI NDPHUDHWV LQGE\JJHGH IODVK YLO IRUnUVDJH YLJQHWWHULQJ 'HW DQEHIDOHV DW
DQYHQGHHQHNVWHUQIODVKPHGGHWWHREMHNWLY
9('57(/(&219(57(5(
2EMHNWLYHWNDQEUXJHVVDPPHQPHG6LJPD¶V$32[RJ[(;'*7HOHFRQYHUWHUH
HNVWUDXGVW\U'HUYHGRSQnVHQIRU¡JHOVHDIEUQGYLGGHQWLOKHQKROGVYLVPP)
WHOHREMHNWLYRJWLOPP)WHOHREMHNWLY
Ŧ$QYHQGLNNHDQGUHW\SHUWHOHFRQYHUWHUHHQGGHRYHQIRUQYQWH
Ŧ'HW DQEHIDOHV DW DQYHQGH '* YHUVLRQHQ DI $SR 7HOHFRQYHUWHUQH QnU GH EUXJHV
VDPPHQPHGHWGLJLWDOW6/5NDPHUD
Ŧ7HOHFRQYHUWHUNDQLNNHEUXJHVPHGGHWWHREMHNWLYLXGJDYHQWLO3HQWD[
Ŧ1nUGHUPRQWHUHVHQ$32[7HOH&RQYHUWHU(;'*NDQGHQNXQDQYHQGHVPHG
PDQXHOIRNXVHULQJ
Ŧ0HG $32 [ 7HOH &RQYHUWHU IXQJHUHU $) PHOOHP XHQGHOLJ RJ P 1nU
DIVWDQGHQHUPHOOHPPRJPNDQNXQPDQXHOIRNXVHULQJDQYHQGHV
Ŧ9HGEUXJPHG HQ$327HOH &RQYHUWHUYLO)RFXV /LPLWHUIXQNWLRQHQ LNNHIXQJHUH
VHOY RP RPVNLIWHUHQV SRVLWLRQ QGUHV $) NDQ DQYHQGHV L /LYH 9LHZ KYLV
NDPHUDHWHULQVWLOOHWSn³FRQWUDVWGHWHFW´$)
Ŧ0HG 6RQ\ $) PRGHOOHU HU GHW PXOLJW DW DQYHQGH $) KYLV GHU DQYHQGHV
WHOHFRQYHUWHUHPHGHWVHULHQXPPHUK¡MHUHHQG$)YLOLNNHIXQJHUHKYLV
WHOHFRQYHUWHUHQVVHULHQXPPHUHUODYHUHHQG
Ŧ'HW HU PXOLJW DW DQYHQGH DXWRIRNXV L /LYH 9LHZ KYLV NDPHUDHW HU LQGVWLOOHW WLO
³FRQWUDVWGHWHFW´$)IXQNWLRQ
02'/<6%/1'(
(Q DIWDJHOLJ PRGO\VEOQGH PHG EDMRQHWPRQWHULQJ I¡OJHU PHG REMHNWLYHW 'HQQH
PRGO\VEOQGHKMOSHUPHGDWIRUKLQGUHUHIOHNVHURJVSHMOLQJHUIRUnUVDJHWDILQGWUQJHQGH
O\V0RQWHUPRGO\VEOQGHQRJGUHMGHQPHGXUHWIRUDWOnVHGHQIDVWILJ
Ŧ$36&0RGO\VEOQGH$GDSWHUI¡OJHUPHGREMHNWLYHW1nUGHQQHDGDSWHUDQYHQGHV
VDPPHQPHGGLJLWDONDPHUDHUPHGHQ$36&VW¡UUHOVHELOOHGVHQVRUJLYHUGHWHQ
PHUH HIIHNWLY DIVNUPQLQJ 0RQWpU $36& 0RGO\VEOQGH $GDSWHUHQ PHOOHP
REMHNWLYHWRJPRGO\VEOQGHQILJ
Ŧ1nU REMHNWLYHW EUXJHV VDPPHQ PHG GLJLWDONDPHUDHU PHG IXOOIUDPH HOOHU $36+
VW¡UUHOVH ELOOHGVHQVRU HOOHU PHG DQDORJH NDPHUDHU VNDO $36& 0RGO\VEOQGH
$GDSWHU LNNH DQYHQGHV +YLV GX EUXJHU $36& 0RGO\VEOQGH $GDSWHU VDPPHQ
PHGGHQQHW\SHNDPHUDHUYLOGHURSVWnYLJQHWWHULQJ
Ŧ9HGRSEHYDULQJDIREMHNWLYHWLHQWDVNHDIPRQWHUHVPRGO\VEOQGHQRJPRQWHUHV
GHUHIWHURPYHQGWSnREMHNWLYHWILJ'HWHUPXOLJWDWPRQWHUHPRGO\VEOQGHQ
RPYHQGW Sn $36& 0RGO\VEOQGH $GDSWHUHQ PHQV DGDSWHUHQ HU PRQWHUHW Sn
REMHNWLYHWRJGHUHIWHUVWWHHWIURQWGNVHOSnDGDSWHUHQ
),/7(5
Ŧ'HU E¡U NXQ EHQ\WWHV HW ILOWHU DG JDQJHQ $QYHQGHOVH DI WR HOOHU IOHUH ILOWUH RJ
VSHFLHOWW\NNHUHILOWUHVRPHWSRODULVDWLRQVILOWHUNDQPHGI¡UHYLJQHWWHULQJ
Ŧ1nUGHUEHQ\WWHVHWSRODULVDWLRQILOWHUVDPPHQPHGHWDXWRIRNXVREMHNWLYEHQ\WGD
HWILOWHUDIGHQFLUNXOUHW\SH
Ŧ1nU GHU DQYHQGHV HW ILOWHU VDPPHQ PHG $36& 0RGO\VEOQGH $GDSWHUHQ E¡U
ILOWHUHW PRQWHUHV L REMHNWLYHWV ILOWHUJHYLQG +YLV ILOWHUHW PRQWHUHV Sn $36&
0RGO\VEOQGH$GDSWHUHQNDQGHWPHGI¡UHYLJQHWWHULQJ
(.6321(5,1*6.203(16$7,21
%OQGHYUGLHQ Sn PDFURREMHNWLYHW YLO QGUHV L WDNW PHG REMHNWLYHWV XGWUN YHG
IRFXVHULQJ+YLVGHUDQYHQGHVHWNDPHUDPHG77/O\VPnOLQJYLONDPHUDHWDXWRPDWLVN
NRPSHQVHUH +YLV GHU DQYHQGHV HQ DQGHQ W\SH HOOHU EOLW] VNDO GHU PDQXHOW
NRPSHQVHUHVLI¡OJHWDEHOOHQWDE
*581'/**(1'(9('/,*(+2/'(/6(2*23%(9$5,1*
Ŧ
8QGJn KnUGH VW¡G VDPW DW XGVWWH REMHNWLYHW IRU PHJHW K¡MH HOOHU ODYH WHPSHUDWXUHU
Ŧ+YLV'HVNDORSEHYDUHREMHNWLYHWXGHQDWEUXJHGHWLOQJHUHWLGYOJGDHWN¡OLJW
RJW¡UWVWHG)RUDWXQGJnDW¡GHOJJHDQWLUHIOHNVEHKDQGOLQJHQSnOLQVHRYHUIODGHUQH
E¡UGHWKROGHVERUWHIUDP¡ONXJOHURJDQGHQNHPLVNSnYLUNQLQJ
Ŧ%HQ\W $/'5,* IRUW\QGHU EHQ]LQ HOOHU DQGUH RUJDQLVNH RSO¡VQLQJVPLGOHU WLO DW
IMHUQHILQJHUDIWU\NHOOHUVQDYVIUDOLQVHRYHUIODGHQ5HQJ¡UNXQYHGDWEUXJHHQEO¡G
REMHNWLYNOXGHOOHUOLQVHSDSLU
Ŧ'HWWHREMHNWLYHULNNHYDQGWW9HGEUXJLUHJQYHMUYHGYDQGHWRJOLJQHQGHV¡UJ
GD IRU DW KROGH GHW W¡UW 'HW YLO RIWH YUH XPXOLJW DW UHSDUHUH OLQVHHOHPHQWHU RJ
HOHNWURQLVNHNRPSRQHQWHUGHUKDUYUHWLIRUELQGHOVHPHGYDQG
Ŧ3OXGVHOLJH WHPSHUDWXUXGVYLQJ NDQ IRUnUVDJH DW NRQGHQV HOOHU GXJ YLO RSVWn Sn
REMHNWLYHWVRYHUIODGH1nUGHWHUNROGWXGHQG¡UV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։࿇ཀᔞ್ᢴᙰऱᚌᔆࢤ౨Δᨃ൞ጐࠆ᥊ᐙհ
ᑗΔࠌشছᓮ٣גาᔹᦰءࠌشᎅࣔ஼Ζ
ຝ ٙ ᎅ ࣔ ቹ 
Ĭᢴᝅ࿭ె
ĭኙྡྷᛩ
Į၏ᠦࠥ৫
įᢴᙰ൷ٽਐᑑ
İ൷ᛩ
ı߻ᔼၲᣂၨ
IJኙྡྷᑓڤᙇᖗਊၨ
ijኙྡྷૻࡳ
ĴԿᆬਮຑ൷ஆ
ĵᔟ٠ᆝ
Ķ$36& ᔟ٠ᆝ᠏൷ᕴ
³1LNRQ ؍ൈ ´6/5 ۞ ೯ ኙ ྡྷ ী ઌ ᖲ ߓ ٨
ڼᢴᖞ᧯๻ૠՂፖ´؍ൈ´* ߓ٨ᢴᙰઌٵΔܛᢴ᧯Ղࠀ޲ڶ๻ᆜ٠എᛩΔႊࠉ
ᔾڇᖲߪՂᓳᆏ٠എΖਚᓮࣹრΔᚨᙇشٽᔞীᇆᖲጟ಻ٽࠌشΖᇡൣᓮ೶ᔹᎹ
Հઌᖲᖙ܂ࠌشᎅࣔ֫םΖ
³3(17$;´6/5 ۞ ೯ ኙ ྡྷ ী ઌ ᖲ ߓ ٨
ڼᢴᖞ᧯๻ૠՂፖ ´3(17$;´)$- ߓ٨ᢴᙰઌٵΔܛᢴ᧯Ղࠀ޲ڶ๻ᆜ٠എᛩΔ
ႊࠉᔾڇᖲߪՂᓳᆏ٠എΖਚᓮࣹრΔᚨᙇشٽᔞীᇆᖲጟ಻ٽࠌشΖᇡൣᓮ೶
ᔹᎹՀઌᖲᖙ܂ࠌشᎅࣔ֫םΖ
ڜ ᇘ ᢴ ᙰ
ᢴᙰڜᇘࠩᖲߪ৵Δঁױ۞೯إൄᖙ܂Δᇷறױ೶ᔹઌᖲᎅࣔ஼Ζ
൷ᛩՂڶڍଡሽ՗൷រ֗಻൷ᕴΔᓮঅ਍൷រ堚ᑥΔᒔঅ൷ᏍإᒔΖ
๻ ࡳ ᡜ ٠ ᑓ ڤ
ءᔞ್ᢴ൷ٽઌᖲ৵Δ݁ױ಻ٽࢬᏁ܂٤۞೯࿓ݧኙྡྷᖙ܂ΖڶᣂᇡൣΔᓮ਷ᔹ
ઌᖲࠌشਐতΖ
ኙ ྡྷ
ءᢴᙰփᆜ၌ᜢຒ್ሒ +60Ζ၌ᜢຒ್ሒ౨ח۞೯ኙྡྷመ࿓ޓݶ൸ኑᙩΖ
πᔞ್ ֗ ࠋ౨ ۞೯ኙྡྷρ
۞೯ኙྡྷᖙ܂ΔലᢴߪՂኙྡྷၨ๻ࡳ੡ $) ۯᆜቹ ΙૉᎹՀ඿֫೯ᓳለྡྷ၏Δ
ຍױലᢴߪՂኙྡྷၨ๻ࡳ੡ 0) ۯᆜΔᤉۖ᠏೯ኙྡྷᛩ܂ྡྷ၏ᓳለΖ
π؍ൈΔᎏ൓ ֗ ౉؍ρ
۞೯ኙྡྷᖙ܂Δലઌᖲ๻ࡳ੡۞೯ኙྡྷᑓڤΔٵழലᢴߪՂኙྡྷၨ๻ࡳ੡ $) ۯ
ᆜቹ ΙૉᎹՀ඿Ꮑ֫೯ᓳለྡྷ၏ΔຍױലᢴߪՂኙྡྷၨ๻ࡳ੡ 0) ۯᆜΔᤉ
ۖ᠏೯ኙྡྷᛩ܂ྡྷ၏ᓳለΖ
ኙྡྷᑓڤऱޓޏࡉ๻ࡳΔᓮ㧬ᔹઌᖲᖙ܂֫㡸Ζ
$) פ౨಻ش࣍ 1LNRQΕ3HQWD[Ε6RQ\ ࿛঴ྨழΔᏁီ׏ᖲጟীᇆਢܡ֭ࠠག
၌ᜢंኙྡྷ್ሒΔૉᢴᙰլ֭གڼᣊ್ሒΔ۞೯ኙྡྷᖙ܂ലլᔞشΖ
ءᢴᙰױڇ۞೯ኙྡྷᑓڤՀၞ۩֫೯ኙྡྷΖ׽૞ނઌᖲ๻ࡳڇ 21(6+27
$)6 ໢്۞೯ኙྡྷᑓڤΔ܃ঁױתਊݶ॰ၨΔڇᢴᙰ۞೯ኙྡྷ৵٦אԳ֫
ᓳᖞྡྷរΖ
ڇ֫೯ኙྡྷᑓڤՀࠌشءᢴᙰΖ່ړ٣ڇᨠནᕴփᨠ઎ኙྡྷਢܡᄷᒔΖ଺ڂڇ
ᄵ৫஁ฆᄕՕழΔᢴᙰփऱᢴׂױ౨ᄎឩ്ࡉگᜍΔᖄીྡྷរೣฝΖᔞ್ᢴᙰ
ऱྤૻ᎛ྡྷរբቃ٣܂נઌᚨ಻ٽΖʳ
ኙ ྡྷ ૻ ࡳ ၨ
ءᢴᙰࠌشኙྡྷૻࡳפ౨אૻࠫ $) ۞೯ኙྡྷᒤ໮ቹ Ζ
ڼפ౨ڶאՀ ଡᙇႈΖ
٤ᒤ໮)8//  ۏPa п
Pa п  ۏaп
PaP ۏ a ۏ
࣋ Օ ෷
ኙྡྷ၏ᠦࠥ৫Ղ᧩ق³[[´ऱᑇଖז।࣋Օ෷ൄጠ੡ᓤࠫ෷ΖᜰࠏࠐᎅΔྡྷរ
ڕ࣠๻ࡳڇ³´ۯᆜΔFP ऱኔढڇဗࣥՂऱᐙቝ֡՚ঁਢ FP ԱΖቹ 
ڶ ᣂ 26߻ ᔼ ߓ อ հ ௽ រ
ڼᢴᙰऱ 26 ߻ᔼߓอ౨྇܅ࢨ௣ೈઌᖲڇࣁ᥊խڂ᎘პᔼ೯ۖᖄીቹቝ
ᔆၦᑓᒫΖ
ᢴᙰڇඔ೯ 26 ߻ᔼߓอᖙ܂ழΔຒ৫ֺإൄ޲๻ڼפ౨ऱપ܅؄్Δრܛ౨୲
๺ࠌشለኬऱݶ॰ຒ৫ࣁ᥊Δᨃቹׂய࣠ޓ堚㵷Ζ๻ࡳ 26 ၨ۟ᑓڤቹ Δ
ਊՀݶ॰ᤩ࣋ၨԫת࠷ྡྷΔڇᐙቝ堚㵷৵Δঁױ٤ਊݶ॰ᤩ࣋ၨࣁᅃᅝਊՀݶ
॰ᤩ࣋ၨԫת࠷ྡྷழΔᢴ᧯փᆜ 26 ߓอપא ઞழၴ܂൶ྒྷΖᑓڤ Δೠྒྷ
ઌᖲֽؓᔼ೯֗ቃྒྷאإ૿ۖࠐऱ๯᥊᧯Δאᛧ堚㵷ऱᐙቝΖ
26 ߻ᔼߓอਢ੡֫਍ᢴᙰࣁ᥊ۖ๻ૠΔאՀൣउڼפ౨ࢨய࣠լࠋΖ
ƒڇ۩ᕍխऱٌຏՠࠠՂތࣁΖ ƒ๠ᄀ೯լࡳऱچֱՂၞ۩ތࣁΖ
ᓮܑ૞ڇאՀൣउࠌش 26 ߻ᔼߓอΖ
ƒᅝᢴᙰᇘᆜڇᆬਮՂ ƒ% ݶ॰९ழၴ㇬٠
ᢴᙰ 26 ߻ᔼפ౨ऱሎ܂Δ٤ࠉᘸઌᖲऱሽ౨༼ࠎΔਚઌᖲڇ಻شڼᢴ֗ඔ೯
߻ᔼפ౨ԫದࠌشழΔᖲߪऱሽ౨௣౛ၦֺؓൄ௣౛੡೏Δ੡ᆏઊሽ౨Δᓮᣂ
ຨ 2)) ߻ᔼפ౨ڇլᏁࠌش߻ᔼழ
ലᢴᙰ಻Ղᖲߪࢨ侏ೈழΔ೭ؘല߻ᔼၨ๠ 2)) ᣂຨۯᆜΖ
ᅝᤛ೯ݶ॰ᤩ࣋ၨ৵Δ٠ᖂ᡹ࡳ߻ᔼᇘᆜܛழᖙ܂Δપࡉᡜ٠ଖڇᖲփ᧩قழ
ၴઌٵΔڇڼཚၴ֊֎ലᢴᙰฝೈࢨ࠵ೈᖲߪሽۃΔڼױᖄીᢴփ 26 ߻ᔼᇘ
ᆜჾᡏΖ
ڇ٤ਊՀݶ॰ၨழࢨփᆜೂᗉךሽழΔኘᤚᨠནᕴփቹቝലڶ᎘პᔼ೯Δڼ᥆
إൄ෼ွΔኙࢬ᥊ቹቝࠀྤᐙ᥼Ζ
ૉᣂຨઌᖲሽᄭࢨೖش٠ᖂ᡹ࡳ߻ᔼᇘᆜழΔᢴ᧯ࢨᄎ࿇נʳ 䢅Ε䢅ʳ ᜢ㫠Δڼ
լਢᜢ㫠ࠀլਢਚᎽംᠲΖ
$320$&52PP)(;'*26+60 ᧢ྡྷᢴΔ಻ش࣍ ౉؍6RQ\Εᎏ൓
3DQWD[ հᖲጟՂױٵழ࿇ཀᢴߪ߻ᔼ֗၌ᜢຒኙྡྷפ౨Ζڇඔ೯ᢴߪ߻ᔼפ
౨ழΔ೭ᓮലᖲߪՂ٠ᖂ߻ᔼפ౨ᣂຨΔթױࠌشΖૉࠌشᖲߪՂ٠ᖂ߻ᔼפ
౨ΔՈؘᏁലᢴߪ߻ᔼפ౨ᣂຨΖ
ڼᢴ಻ش࣍Հ٨ীᇆ .21,&$ 0,12/7$ '<1$;  0$;;80 ' '<1$; 
0$;;80' ֗ 621<$ ᖲীழΔᏁ᠃ಖڇᣂᖲೖشছΔ೭ؘᏁലᢴߪ 26
߻ᔼߓอ٣۩ᣂຨΔթױᣂᖲΙૉሔ֘࿓ݧᖙ܂Δᢴ᧯ 26 ߻ᔼߓอലڂ޲إ
ൄڃ१ᣂຨۯᆜۖᖄીჾᡏΖ
ᆜڶ 26٠ᖂ߻ᔼ פ౨ऱᢴᙰࠋ౨Ε؍ൈ൷ᛩΔૉ಻ش࣍ႚอဗࣥ໢ᢴ֘
٠ઌᖲߪՂΔઌᣂऱ߻ᔼפ౨ലᄎ؈யΙ܀ࠋ౨ (269Ε؍ ൈ ) ᖲীೈ؆Ζ
Կ ᆬ ਮ ຑ ൷ ஆ
ᢴߪॵᆜױࣈڤᆬਮຑ൷ஆΔڇᤩ࣋ࠡ᠙ၨ৵Δᢴߪױᙟრ᠏೯܂ֽؓࢨᓻمࣁ
᥊ቹ Ζ
ല᠙ၨᤩ࣋֗ࢮנΔঁױലᢴߪࣈᠦᆬਮຑ൷ஆቹ Ζ
ೂ ᗉ ᥊ ᐙ
ڇࠌشڼᢴၞ۩ೂᗉ᥊ᐙழΔᓮ֎ࠌشᖲߪփॵᆜೂᗉΔ܍ᖄીᐙቝՀຝנ෼ࣖ
ᄆ႕ᐙ෼ቝΙ৬ᤜࠌش؆ᆜೂᗉΖ
᎛ ᥊ ᏺ ၏ ᢴ
ڼᢴױ಻شᔞ್ऱ $32(;'*[ ࢨ [ ᎛᥊ᏺ၏ᢴ׼᝜ᆜΔྡྷ၏ܛױ։
ܑᏺ࢏ሒ PP) ࢨ PP) ᎛᥊ऱᢴΖ
Ŧ।٨ՂऱᢴᙰΔլױ಻شࠡה঴ྨऱᏺ၏ᢴΖ
Ŧڇ಻ش '6/5 ᑇᒘ໢ᢴ֘٠ઌᖲழΔ㺞௺৬ᤜᢴᙰᚨ಻ش '* ߓ٨ऱ $32 ᎛
᥊ᏺ၏ᢴΖ
Ŧᎏ൓൷ᛩᏺ၏ᢴࠀլ֭གڼᣊਐࡳীᇆᢴᙰΖ
Ŧᅝᢴᙰ൷ٽ $32[ ᏺ၏ᢴԫದࠌشழΔᢴᙰ׽౨א֫೯ᓳྡྷֱڤᖙ܂Ζ
Ŧᅝᢴᙰ൷ٽ $32[ ᏺ၏ᢴԫದࠌشழΔᢴᙰױڇ P ۟ྤૻ᎛ྡྷ၏֡
א۞೯ኙྡྷֱڤᖙ܂Ι܀ P ۟ Pྡྷ၏֡ ঞ֫೯ᓳྡྷֱڤᖙ܂Ζ
Ŧᅝᢴᙰ൷ٽᏺ၏ᢴԫದࠌشழΔڰছڇྡྷ၏ૻࠫၨऱ๻ࡳലᄎ؈யΖ
Ŧ಻شᏺ၏ᕴᒳᇆ  אՂΔױኔ෼ $) ۞೯ኙྡྷΔૉᏺ၏ᕴᒳᇆ܅࣍
Δ۞೯ኙྡྷല؈யΖ
Ŧૉઌᖲ $) ۞೯ኙྡྷᑓڤ๻࣍³ኙֺڤ´ኙྡྷழΔኔழ࠷ནኙྡྷפ౨ױٵழച۩Ζ
ᔟ ٠ ᆝ
ᙟᢴॵඝԵڤᔟ٠ᆝΙڜᇘֱऄڕ!ቹ Δਊᑑقۯ൷ຑΔᤉႉழಾֱٻඝԵΖ
ᔟ٠ᆝפ౨ڶயࣂ௣؆ࠐᠧ٠ၞԵᐙ㫠ࣁ᥊Ζ
Ŧ$36& ᔟ٠ᆝ᠏൷ᕴᙟᢴॵᢤΖᅝڼᢴ಻ٽ $36& ᑇᒘ '6/5 ࠌشழΔ৬
ᤜᆜٽ᠏൷ᕴࡉᔟ٠ᆝԫದࠌشΔאࣂ௣؆ࠐᠧ٠ၞԵᐙ㫠ࣁ᥊Ζڜᇘֱऄ
ڕቹ Ζ
Ŧࣹრڼᔟ٠ᆝ᠏൷ᕴΔլᔞٽፖᔟ٠ᆝԫದ಻ٽش࣍אՀᖲጟ௑ڤ٤༏૿
[PPΕ$36+ ࢨࠌشᓄׂ࿛໢ᢴઌᖲΙૉ㺞۩ࠌشΔࢬ᥊࠷ᐙቝ؄ߡല
נ෼؈٠ᄆߡൣउΖ
Ŧૉലᢴ֗ᔟ٠ᆝ࣋ڃᚏژ๳Δ೭ؘ٣ലᔟ٠ᆝኴՀΔ٦ലֱࠡ֘ٻ୚ڃڇᢴᙰ
ছጤΔڕቹΖ׼ᔟ٠ᆝױኴՀΔ٦ലֱࠡ֘ٻ୚ڃڇᔟ٠ᆝ᠏൷ᕴছጤΖ
ៀ ᢴ
ޢڻ׽ױࠌشԫ࣭ៀᢴΖڕ࣠ࠌش࣭ࠟאՂ֗Яࢨࠌشೣ٠ᢴ࿛௽দៀᢴΔຟ
ױ౨ᄎທګᄉᐙΖ
$) ઌᖲᚨᙇشႽݮೣ٠ᢴΖ
ᢴᙰૉ಻ٽៀ٠ᢴࡉᔟ٠ᆝ᠏൷ᕴԫದࠌشழΔᏁࣹრៀ٠ᢴᏁؘᏁ٣ᇘ಻ڇ
ᢴᙰছΔ٦಻Ղᔟ٠ᆝ᠏൷ᕴΔૉ಻شݧڻᙑᆜΔࢬ᥊࠷ᐙቝ؄ߡലנ෼؈٠
ᄆߡൣउΖ
ᡜ ٠ ᓳ ᆏ 㧬 ە
ڇၞ۩პ၏៊ᐙழΔᢴ࿟ലᙟ๯᥊᧯ऱ࣋Օ෷᧢೯ۖۼ࢏Δۖ ) ᡜ٠ଖٍڶ
ࢬ᧢೯Δܶ 77/ ऱ໢ᢴઌᖲױ۞೯ၞ۩ଥإᇖᚍΙ܀಻شॺ 77/ ᣊীೂᗉழ
ࢨא؆ᆜྒྷ٠Ꮪၦ৫ᡜ٠ଖழ৬ᤜشॵ।ऱᡜ٠༼ق܂㧬ەΖ
অ 塄 ֗ ژ ࣋
ᚨᝩ܍ᐳᚰࢨऴ൷ᆜ࣋ڇᎩᑷΕᄕܐࢨᑪᛘऱᛩቼՀΖ
ڕ࣠૞९ཚژ࣋Δࡵᙇᖗອළ೓෯֗ຏଅߜړऱچֱΖ੡ԱঅᥨᢴᙰऱףᓂᐋΔ
ࡵ᎛ᠦ߻៽Մࢨ߻៽Մ࿇נ௛᧯ऱچֱΖ
ᢴׂՂऱۆৃࢨਐెױشਫຌპᛘऱᢴᙰؒࢨᢴᙰ౐堚ᑥΔ൫֊֎شᄫᕪΕ૖
ࢨࠡהڶᖲ堚ᑥᕪΖ
ءᢴᙰࠀլ߻ֽΔՀॸࢨ൷२ֽᄭழࠌش௽ܑ՛֨Δ֊֎ݫᛘΖଣૉփຝᖲٙΕ
ᢴׂ֗ሽ՗ሿٙڂ࠹ᛘݫჾΔՕຟྤऄଥ෻Ζ
ᄵ৫ડ᧢ױ౨ᄎחᢴᙰ।૿ᕩ࿨ᣆ௛ࢨֽរΔڂڼڇ֚௛༃ܐழၞԵᄊࡉऱ৛
փᛩቼΔ່ړലᢴᙰ࣋ڇᢴᙰ๳փΔऴ۟ᢴᙰᄵ৫൷२৛ᄵ੡ַΖ
ʳ
׽⃰شՊխ㧺ʳ 䣈
䣈
঴֫㡸քẊٲ呐ढ凝ऱټ 㲯 א֗ژڇᩓܡʳ
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অࠌشཚૻΖ
ڼ䣈঴ࠌشृ׽૞ᙅښڜ٤ࡉࠌشՂऱࣹრࠃ咊Δ㡘س䣈հֲದऱԼڣࢨնڣཚ吗լ
㢸㢑㩾ቼۆ਩ΔՈլ㢸㢑Գߪࡉ凗䣈ທګૹՕᐙ㫠Ζ
խ֮ᎅࣔ஼
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 䔠䀘㏘ ⫵
Į ᶤ⫠䖐㐐
į 㫴䖐㉔
İ ⫼㟨䏬
ı 26 ㏘㠸㾌
IJ 䔠䀘㏘ ⯜☐ 㤸䞌㏘㠸㾌
ij 䔠䀘㏘ 㥐䚐 㣙㾌
Ĵ 䏬⢰㢨䔠☐ ㋀䁇
ĵ ⥀㪼 䟸☐
Ķ $36&G 䟸☐G 㛨⑅䉤
⏼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⣁⏼␘
䓐䇵㏘ $) 䇴㢹 㾨⮈⢰
㢨 ⥀㪼㢌 ὤ⏙☘㡴)$-䇴㢹㦤⫠ᵐ ⫵㢨 㛺⏈ 㝘䋔 䔠䀘㏘ 䓐䇵㏘ ⥀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⣁⏼␘
Ŧ⫼㟨䏬 ⮨㜄⏈ 㦤⫠ᵐ 㜤┍㟝 $) 㜤┍㟝 㣙㾌 ⵃ 㤸ὤ 㥅㥄 ☥㢨 㢼㏩⏼␘ ㇵ㷌 ⵃ
㝘㜰㜄 㢌䚌㜠 㝘㣅┍ ⵃ Ḕ㣙㢌 㠄㢬㢨 ╌⳴⦐ 㨰㢌 ⵈ⣁⏼␘
㦤⫠ᵐ ㉘㥉
㦤⫠ᵐ ㉘㥉ⵝⷉ㡴 ㋀㫴䚌Ḕ ᷸㐔 㾨⮈⢰ 㥐㦤㇠㢌 ⥀㪼ẤḰ ┍㢰䚌⳴⦐ 㾨⮈⢰
㇠㟝㉘⮹㉐⪰ 㵬Ḕ䚌㐐ὤ ⵈ⣁⏼␘
㸼 㥄
㢨 ⥀㪼⏈ 䚌㢨䒰 ㋀⏽ ⯜䉤+60㸼㢀䑀 ⯜䉤⪰㵸䈑䚌㜠 㐔㋁䚐 㝘䋔
䔠䀘㏘㝴 㣅┍㢀㢌 㥐ᶤ⪰ 㐘䜸䚌㜴㏩⏼␘
䇶6,*0$$) 㝴 &$121$)䇷
㝘䋔 䔠䀘㏘ 㣅┍㡸 㠸䚨㉐⏈ ⥀㪼㢌 䔠䀘㏘ ⯜☐ ㏘㠸㾌⪰³$)´ ⯜☐⦐
㉘㥉䚌㐐ὤ ⵈ⣁⏼␘ Ἤ⫰  䔠䀘㏘⪰ ㍌┍㡰⦐ ㉘㥉䚌㐐ὤ⪰ 㠄䚌㐘 ᷱ㟤
⥀㪼㢌 䔠䀘㏘ ⯜☐ ㏘㠸㾌⪰³0´ ⯜☐⦐ ㉘㥉䚌㐐⮨ 䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄
㦤㥉㢨 ᴴ⏙䚝⏼␘
䇶1,.21$)3(17$;$) 㝴
621<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⪰³0´ ⯜☐⦐
㉘㥉䚌㐐⮨ 䔠䀘㏘ ⫵㡸 ─⥘ 㸼㥄 㦤㥉㢨 ᴴ⏙䚝⏼␘
Ŧ
㾨⮈⢰㢌 䔠䀘㐥 ⯜☐⪰ ⷴᷱ䚌ὤ 㠸䚨㉐⏈ 㾨⮈⢰ ㇠㟝 ㉘⮹㉐⪰ 㵬㦤䚌㐐ὤ ⵈ⣁⏼␘
Ŧ⏼䂌 䓐䇵㏘ ㋀⏼ ⫼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㏩⏼␘
Ŧ㢨 ⥀㪼⏈$) 㜄 ㉘㥉═ ㇵ䈐㜄㉐ ⬘⎨㛰⦐ 䙴䏬 ⸨㥉㢨 ᴴ⏙䚝⏼␘ 㾨⮈⢰⪰21(
6+27 㝘䋔 䔠䀘㏘ 㜄 ㉘㥉䚌㜠 䚝㥄 䟸 ㊈䉤 ⶸ䏰㡸 ⵌ ㊈䉤 ㇵ䈐㜄㉐ 䔠䀘㏘
⫵㡸 ─⥘ 䙴䏬⪰ ⬒㻙⏼␘
Ŧ䔠䀘㏘⫵㢨 ⱨ䚐␴㢌 㠸㾌㜄㉐⓸ 㠄ᶤ⫠㜄 㸼㥄㢨 ⬒㫴 㙾㡸 ㍌⓸ 㢼㡰⳴⦐
䑀㢬⒈⪰ 䞉㢬䚌⮨㉐ 㹠㜵䚌㜠 㨰㐡㐐㝘
㸼㥄 㥐䚐 ㏘㠸㾌
㢨⥀㪼⏈$)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㏩⏼␘
)8//Pa
Pa
PaP
㹠㜵 ⵤ㡜
⥀㪼㢌 ᷱ䋩㜄22㢨⢰Ḕ 䖐ὤ╌㛨 㢼⏈ ㍌㾌⏈ Ἤ ᶤ⫠㜄 㢼⏈ 㥅㇠ⵤ㡜㡸
⇌䇴⇹⏼␘G㢨ᶷ㡴䙸⪸ㇵ㜄 ⬮䢼⏈ ㇵ㢌 䆠ὤ  䙰㇠㷨㢌 㐘㥐 䆠ὤ㢌
⽸㡜⦐ 䖐㐐╝⏼␘ 㜼⪰☘⮨G ⵤ㡜 㡴 FP 㢌 䙰㇠㷨ᴴ 㢨⴬㫴 ㉰㉐⇌
䙸⪸ㇵ㜄FP⦐ ㇵ㢨 ⬮䢼⏈ ᶷ㡸 ⇌䇴⇹⏼␘ OἬ⫰ PG
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⏼␘
Ŧ26 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 ⚀
Ŧ␘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 ⚀
Ŧ26 ὤ⏙㡴 㾨⮈⢰ 㤸㠄㡰⦐ 㣅┍╝⏼␘ 㾨⮈⢰㜄26⥀㪼⪰ 㣙㵝䚨26ὤ⏙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⣁⏼␘
Ŧ
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⣁⏼␘
Ŧ⊬㻐᷸㜄 ⊬㻐 ᵆ㢨 䖐㐐╌⏈ 䚐 ㊈䉤 ⶸ䏰㡸 ⋇㡴 䟸㜄⓸26ὤ⏙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㏩⏼␘
Ŧ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⏼␘
Ŧ26 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␍⏼␘
Ŧ㋀⏼ 䓐䇵㏘ ⫼㟨䏬 ⥀㪼㢌 ᷱ㟤 㾨⮈⢰ ⵈ♈㜄㉐+60 Ḱ ᵍ㡴 㸼㢀䑀 Ḕ㋁ ⯜䉤⪰
㫴㠄䚨 㨰㛨㚰⬀ ⥀㪼㜄 䈅㣠═26 ὤ⏙㡸 ㇠㟝䚔 ㍌ 㢼㏩⏼␘ 26 ὤ⏙㡸 ㇠㟝䚔
⚀⏈ 㾨⮈⢰ ⵈ♈㢌 ㋄ ⛜⫰ ⵝ㫴 ὤ⏙㡸 ⅸḔ ⥀㪼㢌 26 ㏘㠸㾌⪰21 㡰⦐
㉘㥉䚝⏼␘ 㾨⮈⢰ ⵈ♈㢌 ㋄ ⛜⫰ ⵝ㫴 ὤ⏙㡸 ㇠㟝䚔 ⚀⏈ ⥀㪼㢌26㏘㠸㾌⪰
2)) ⦐ 䚐 䟸 㾨⮈⢰㢌 ㋄ ⛜⫰ ⵝ㫴 ὤ⏙㡸21㡰⦐ ㉘㥉䚝⏼␘
Ŧ⬀㚱 㢨 ⥀㪼⪰ .21,&$0,12/7$'<1$;0$;;80''<1$;0$;;80' 䝭㡴
621< $ 㾨⮈⢰㝴 㘤㐔␘⮨ 㾨⮈⢰ ⵈ♈⪰ ⅸ㐐ὤ 㤸㜄 ⥀㪼㜄 26 ㏘㠸㾌⪰
῰㨰㐐ὤ ⵈ⣁⏼␘ ⥀㪼㢌 26 ⮈䀘⏼㫌㡸 ⅸὤ 㤸㜄 㾨⮈⢰ ⵈ♈⪰ ῰ⶸ⫠⮨
⥀㪼㢌26 㡔␏㢨 㥐 㣄⫠㜄 Ḕ㥉╌㫴 㙾㡸 ᶷ㢹⏼␘ 㢨 ᷱḔ⪰ ⱨ㐐䚌⮨ ⥀㪼㜄
ⱨ⫠ᴴ ᴼ ㍌ 㢼㏩⏼␘
Ŧ⏼䂌Ḱ 㿄⊰ ⫼㟨䏬㢌 ᷱ㟤 ⏼䂌)Ḱ㿄⊰(269 ⪰ 㥐㞬䚐 䙸⪸ 6/5
㾨⮈⢰㝴⏈ 26 ὤ⏙㢨 㣅┍╌㫴 㙾㏩⏼␘
䏬⢰㢨䔠☐ ㋀䁇
㢨 ⥀㪼㜄⏈ 䇼⺴㵝 ᴴ⏙䚐 䏬⢰㢨䔠☐ ㋀䁇㢨 㢼㏩⏼␘ ㇠㟝㣄ᴴ 㾰⢰㢌 㣔Ἴ
㋄㣕㢨⪰ 䖴⮨ ⥀㪼㝴 㾨⮈⢰⪰ 㣄㡔⦡᷀ 㟴㫵㜠 㾨⮈⢰⪰ ㍌䓽㢨⇌ ㍌㫵
㠸㾌⦐ ⬒㻐 ㍌ 㢼㏩⏼␘Ἤ⫰ 
⥀㪼㜄㉐ 䏬⢰㢨䔠☐ 㾰⢰⪰ 㥐ᶤ䚌⥘⮨ ⭰㤴 㣔Ἴ ㋄㣕㢨⪰ 䖴Ḕ Ἤ ␘㢀
␭ὤ㐐⮨ ╝⏼␘Ἤ⫰ 
䙀⣌㐐 㹠㜵
㾨⮈⢰㜄 Ḕ㥉═ 䙀⣌㐐⪰ ㇠㟝䚌㐐⮨ Ἤ⫰㣄ᴴ ⵐ㈑䚝⏼␘ Ḕ㥉䝉 䙀⣌㐐⪰
㇠㟝䚌㫴 ⫼㐐Ḕ 㞬㣙䝉 䙀⣌㐐⬀ ㇠㟝䚌㐐ὤ ⵈ⣁⏼␘
䊈⤼ 䀜ⶸ䉤㜄 ␴䚌㜠
㢨 ⥀㪼⪰ 㐐Ἤ⫼㢌[(;⇌ [(;'*$327HOH&RQYHUWHUV㉔䈑㇠㛅
㝴䚜󰜍㇠㟝䚔ᷱ㟤 ᴵᴵ PP ) ⬑㠄 ⥀㪼⇌ PP ) ⬑㠄
⥀㪼⦐㒜 ㇠㟝䚔 ㍌ 㢼㏩⏼␘
Ŧ㠸㜄 㛬Ἵ═ 䊈⤼ 䀜ⶸ䉤 㢨㞬㢌 ᶷ㡴 ㇠㟝䚌㫴 ⫼㐡㐐㝘
Ŧ'6/5 㾨⮈⢰㝴 䚜󰜍 ㇠㟝䚔 ᷱ㟤 㤴䢠⏈'*ⶸ㤸㢌 $32 7HOH &RQYHUWHU ⪰䚜󰜍
㇠㟝䚌㐐Ὤ Ề㣙䚝⏼␘
Ŧ䓐䇵㏘ ⫼㟨䏬 䊈⤼ 䀜ⶸ䉤⏈ 䏭㥉 ⥀㪼㝴⏈ 䝬䞌╌㫴 㙾㏩⏼␘
Ŧ$32[(;'* 䊈⤼ 䀜ⶸ䉤⪰ 㣙㵝䚔 ⚀ ⬘⎨㛰 䔠䀘㏘⬀ ㇠㟝䚔 ㍌ 㢼㏩⏼␘
Ŧ
$32[
䊈⤼ 䀜ⶸ䉤㝴 䚜󰜍
$)
⏈ ⱨ䚐␴㜄㉐
P
㇠㢨㜄㉐ 㣅┍㐐䇠 ㍌ 㢼㏩⏼␘
ᶤ⫠ 䖐㐐᷸ᴴ P 㝴P㇠㢨㜄 㢼⏈ ᷱ㟤0) ⬀ 㢨㟝䚔 ㍌ 㢼㏩⏼␘
Ŧ$32 䊈⤼ 䀜ⶸ䉤⪰ 㣙㵝䚔 ⚀ 䔠䀘㏘ ⫠⴬䉤⏈ ㏘㠸㾌㢌 㠸㾌ᴴ ⷴᷱ ╌⒈⢰⓸
㣅┍䚌㫴 㙾㏩⏼␘ 㾨⮈⢰ᴴ³䂌䏬⢰㏘䏬 ᵄ㫴´ $) ⦐╌㛨㢼㡰⮨⢰㢨⽀⼤⪰
㇠㟝䚔 ㍌ 㢼㏩⏼␘
Ŧ㋀⏼$)⫼㟨䏬㢌 ᷱ㟤 㐐⫠㛰ⶼ䝬  㢨ㇵ㢌 䊈⤼ 䀜ⶸ䉤⪰ 㣙㵝䚔 ᷱ㟤$)
ᴴ 㣅┍╔ ᶷ㢹⏼␘ Ἤ⤠⇌ 㐐⫠㛰ⶼ䝬  㙸⣌㢌 䊈⤼ 䀜ⶸ䉤⪰ 㣙㵝䚔 ᷱ㟤
$) ⏈ 㣅┍╌㫴 㙾㡸 ᶷ㢹⏼␘
Ŧ㾨⮈⢰㜄 µFRQWUDVW GHWHFW¶ $) ⯜☐ᴴ 㢼㡰⮨ ⢰㢨⽀ ⼤⪰ 䋩䚨 㝘䋔 䔠䀘㏘⪰
㇠㟝䚌㐘 ㍌ 㢼㏩⏼␘
⥀㪼 䟸☐
㥐ᶤᴴ ᴴ⏙䚐 ⷔ㟈≫ 䇴㢹㢌 䟸☐ᴴ ⥀㪼㝴 䚜󰜍 㥐ḩ╝⏼␘ 㢨 ⥀㪼 䟸☐⏈
㣕ṅ㜄 㢌䚐 䙀⤼㛨㝴 Ḕ㏘䏬 䜸ㇵ㡸 ⫽㙸㩁⏼␘ 䟸☐⪰ ↰㟤Ḕ ─㙸ᴴ㫴 㙾㡸
⚀ᾀ㫴 㐐᷸ⵝ䛙㡰⦐ ─⥘㩁⏼␘Ἤ⫰ 
Ŧ$36& 䟸☐ 㛨⑅䉤ᴴ ⥀㪼㝴 䚜󰜍 ḩἽ╝⏼␘ 㢨㤸㟝䟸☐⪰ $36& ㇠㢨㪼㢌
㢨⴬㫴 ㉰㉐⪰ ᴴ㫸 ♈㫴䉬 㾨⮈⢰㝴 ㇠㟝䚔 ⚀ ⒈ 䟜Ḱ㤵㡰⦐ ⾏㡸 㵜␜䚨 㩁⏼␘
$36& 䟸☐ 㛨⑅䉤⪰ ⥀㪼 ⵈ♈㝴 ⥀㪼 䟸☐ ㇠㢨㜄 ↰㠀 㨰㐡㐐㝘Ἤ⫰ 
Ŧ㢨 ⥀㪼⪰ 䖴 䘸⤼㢸 ♈㫴䉬 㾨⮈⢰⇌ $36+ ㇠㢨㪼㢌 㢨⴬㫴 ㉰㉐ 䝭㡴 䙸⪸
㾨⮈⢰㝴 ㇠㟝䚔 ⚀$36&䟸☐ 㛨⑅䉤⪰ ㇠㟝䚌㫴 ⫼㐡㐐㝘 ⬀㚱 㠸㜄 㛬Ἵ═
㾨⮈⢰㜄 $36& 䟸☐ 㛨⑅䉤⪰ ㇠㟝䚐␘⮨ ⽸≘䐹 䜸ㇵ㢨 㢰㛨⇔ ᶷ㢹⏼␘
Ŧ⥀㪼㝴 䟸☐⪰ ⸨Ḵ 䀴㢨㏘㜄 ≗㡰⥘⮨ ⭰㤴 䟸☐⪰ 㥐ᶤ䚨㚰⬀ 䚝⏼␘ Ἤ␨㜄
䟸☐⪰ ᶤ⃬⦐ ⥀㪼 㠸㜄 㝠⥘ ⋇㙸㚰 䚝⏼␘Ἤ⫰ $36& 䟸☐ 㛨⑅䉤ᴴ ⥀㪼
↑㜄 ⻍㛨㢼㛨⓸ ⥀㪼 䟸☐⪰ ᶤ⃬⦐ ␠ᶤ⇌$36&䟸☐ 㛨⑅䉤㢌 ↑㜄 䘸⤤䏬
⥀㪼 㿕㡸 ␠ ㍌ 㢼㏩⏼␘
䙸䉤 ㇠㟝
Ŧ
䙸䉤⏈ 㠄㾍㤵㡰⦐

ᵐ⬀ ㇠㟝䚌㜠 㨰㐡㐐㝘

䞈⮨㨰ⷴ ṅ⣽㤴䚌 ⵝ㫴⪰ 㠸䚌㜠
Ŧ$) 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
⊬㻐 ⸨㥉
⥀㪼 ⵤ⤨㢌 䞉㣙 ⚀ⱬ㜄 䔠䀘㏘⪰ ⬒㻐 ⚀ ⫼䆠⦐ ⥀㪼㢌)≌ⶸ⏈ ⷴᷱ╌⮤
6/5 䇴㢹 㾨⮈⢰ ⵈ♈⏈ 㣄┍㡰⦐ 㢨⪰ ⸨㥉䚝⏼␘ ㇠㟝㣄ᴴ 㞬㣙 ⊬㻐᷸⇌
77/ 䇴㢹㢨 㙸␀ 䙀⣌㐐⪰ ㇠㟝䚔 ᷱ㟤 ㇠㟝㣄⏈ ἰ㥅 ᶤ⫠㜄㉐ ⊬㻐 ⸨㥉㡸
䚨㚰 䚝⏼␘䖐 
Ḵ⫠ 㼜Ἵㇵ㢌 㨰㢌
Ŧ㏩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
Ŧ⥀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⏼␘
Ŧ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⣁⏼␘
ŦἽᷝ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G 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
ĭɎɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
Įɒɤɚɥɚ ɪɚɫɫɬɨɹɧɢɣ
į
Ʌɢɧɢɹ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ
ɢ ɮɨɤɭɫɧɨɝɨ ɪɚɫɫɬɨɹɧɢɹ
İȻɚɣɨɧɟɬ
ıɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɚ
ɫɬɚɛɢɥɢɡɚɰɢɢ26
IJɉɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ
ɮɨɤɭɫɢɪɨɜɤɢ
ijɈɝɪɚɧɢɱɢɬɟɥɶ ɞɢɫɬɚɧɰɢɢ
ɮɨɤɭɫɢɪɨɜɤɢ
Ĵɉɥɨɳɚɞɤɚ ɩɨɞ ɲɬɚɬɢɜ
ĵȻɥɟɧɞɚ
ĶȺɞɚɩɬɟɪ ɛɥɟɧɞɵ ɞɥɹ
ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɫ
ɤɚɦɟɪɚɦɢ ɫ ɫɟɧɫɨɪɨɦ
ɮɨɪɦɚɬɚ$36&
ȾɅə ɄȺɆȿɊ ɌɂɉȺ1,.21$)
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
ȾɅə ɄȺɆȿɊ ɌɂɉȺ3(17$;$)
Ⱦɚɧɧɵɣ ɨɛɴɟɤɬɢɜ ɛɭɞɟɬ ɪɚɛɨɬɚɬɶ ɤɚɤ ɨɛɴɟɤɬɢɜɵ ɮɢɪɦɵ3HQWD[ɫɟɪɢɢ)$-ɛɟɡ ɤɨɥɶɰɚ
ɭɩɪɚɜɥɟɧɢɹ ɞɢɚɮɪɚɝɦɨɣ ȼ ɡɚɜɢɫɢɦɨɫɬɢ ɨɬ ɢɫɩɨɥɶɡɭɟɦɨɣ ɦɨɞɟɥɢ ɤɚɦɟɪɵ ɦɨɝɭɬ
ɜɨɡɧɢɤɧɭɬɶ ɧɟɤɨɬɨɪɵɟ ɨɝɪɚɧɢɱɟɧɢɹ ɜ ɪɚɛɨɬɟ ɫ ɨɛɴɟɤɬɢɜɨɦ
ɄɊȿɉɅȿɇɂȿ Ʉ ɄȺɆȿɊȿ
Ʉɨɝɞɚ ɨɛɴɟɤɬɢɜ6LJPDɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɟ ɨɧ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɧɚɱɢɧɚɟɬ ɪɚɛɨɬɚɬɶ ɤɚɤ
ɨɛɵɱɧɵɣ ɪɨɞɧɨɣɲɬɚɬɧɵɣ ɨɛɴɟɤɬɢɜ
Ŧɇɚ ɩɨɜɟɪɯɧɨɫɬɢ ɛɚɣɨɧɟɬɚ ɧɚɯɨɞɹɬɫɹ ɦɟɯɚɧɢɡɦɵ ɢ ɷɥɟɤɬɪɢɱɟɫɤɢɟ ɤɨɧɬɚɤɬɵ ɉɪɨɫɢɦ
ɜɚɫ ɫɨɞɟɪɠɚɬɶ ɢɯ ɜ ɱɢɫɬɨɬɟ ɱɬɨɛɵ ɛɵɬɶ ɭɜɟɪɟɧɧɵɦɢ ɜ ɩɪɚɜɢɥɶɧɨɣ ɪɚɛɨɬɟ
ɨɛɴɟɤɬɢɜɚ ȼɨ ɢɡɛɟɠɚɧɢɟ ɩɨɜɪɟɠɞɟɧɢɣ ɦɟɯɚɧɢɡɦɨɜ ɢ ɤɨɧɬɚɤɬɨɜ ɩɪɨɜɟɪɹɣɬɟɱɬɨɜɵ
ɫɬɚɜɢɬɟ ɨɛɴɟɤɬɢɜ ɟɝɨ ɩɟɪɟɞɧɢɦ ɤɨɧɰɨɦ ɜɧɢɡ ɜɨ ɜɪɟɦɹ ɫɦɟɧɵ ɨɛɴɟɤɬɢɜɚ
ɍɋɌȺɇɈȼɄȺ ɊȿɀɂɆȺ ɈɌɊȺȻɈɌɄɂ ɗɄɋɉɈɁɂɐɂɂ
Ʉɨɝɞɚ ɨɛɴɟɤɬɢɜ6LJPDɭɫɬɚɧɨɜɥɟɧ ɧɚ ɤɚɦɟɪɟ ɨɧ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɧɚɱɢɧɚɟɬ ɪɚɛɨɬɚɬɶ ɤɚɤ
ɨɛɵɱɧɵɣ ɪɨɞɧɨɣɲɬɚɬɧɵɣ ɨɛɴɟɤɬɢɜɋɦ ɢɧɫɬɪɭɤɰɢɸ ɤ ɤɚɦɟɪɟ
ɎɈɄɍɋɂɊɈȼɄȺ
ȼ ɷɬɨɬ ɨɛɴɟɤɬɢɜ ɜɫɬɪɨɟɧ Ƚɢɩɟɪ Ɂɜɭɤɨɜɨɣ Ɇɨɬɨɪ+\SHU6RQLF0RWRU+60ɗɬɨɬ ɦɨɬɨɪ
ɞɚɺɬ ɜɨɡɦɨɠɧɨɫɬɶ ɛɵɫɬɪɨɣ ɢ ɛɟɫɲɭɦɧɨɣ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ
䇶
6,*0$$)ɢ&$121$)
䇷
ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ
ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $)ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ ɪɟɠɢɦɟ ±
ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ Ɍɟɩɟɪɶ ɜɵ
ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
䇶
1,.21$)3(17$;$)ɢ621<$)
䇷
ɑɬɨɛɵ ɪɚɛɨɬɚɬɶ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɭɫɬɚɧɨɜɢɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ
ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ $) ɪɢɫ Ⱦɥɹ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɪɭɱɧɨɦ ɪɟɠɢɦɟ ±
ɩɟɪɟɞɜɢɧɶɬɟ ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɪɟɠɢɦɨɜ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɩɨɥɨɠɟɧɢɟ Ɇ Ɍɟɩɟɪɶ ɜɵ
ɦɨɠɟɬɟ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɚɳɚɹ ɮɨɤɭɫɢɪɨɜɨɱɧɨɟ ɤɨɥɶɰɨ
ŦɁɚ ɛɨɥɟɟ ɩɨɥɧɨɣ ɢɧɮɨɪɦɚɰɢɟɣ ɨɛɪɚɬɢɬɟɫɶ ɤ ɢɧɫɬɪɭɤɰɢɢ ɤ ɜɚɲɟɣ ɤɚɦɟɪɟ
ŦɈɛɴɟɤɬɢɜɵ ɫ ɛɚɣɨɧɟɬɨɦ 1LNRQ 3HQWD[ ɢ 6RQ\ ɦɨɝɭɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɜ ɪɟɠɢɦɟ
ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɬɨɥɶɤɨ ɫ ɤɚɦɟɪɚɦɢ ɩɨɞɞɟɪɠɢɜɚɸɳɢɦɢ ɭɥɶɬɪɚɡɜɭɤɨɜɵɟ ɦɨɬɨɪɵ
ɩɪɢɜɨɞɚ ɮɨɤɭɫɢɪɨɜɤɢɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɞɥɹ+60ȿɫɥɢ ɤɚɦɟɪɚ ɧɟ
ɩɨɞɞɟɪɠɢɜɚɟɬ ɷɥɟɤɬɪɨɧɧɵɣ ɩɪɢɜɨɞ ɮɨɤɭɫɢɪɨɜɤɢ ɚɜɬɨɦɚɬɢɱɟɫɤɚɹ ɧɚɜɨɞɤɚ ɧɚ
ɪɟɡɤɨɫɬɶ ɛɭɞɟɬ ɧɟɞɨɫɬɭɩɧɚ
Ŧɗɬɨɬ ɨɛɴɟɤɬɢɜ ɬɚɤɠɟ ɩɨɡɜɨɥɹɟɬ ɮɨɤɭɫɢɪɨɜɚɬɶɫɹ ɜɪɭɱɧɭɸ ɜ ɪɟɠɢɦɟ©$)ªȾɥɹɷɬɨɝɨ
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
ɈȽɊȺɇɂɑɂɌȿɅɖ ȾɂɋɌȺɇɐɂɂ ɎɈɄɍɋɂɊɈȼɄɂ
Ɉɛɴɟɤɬɢɜ ɫɧɚɛɠɺɧ ɨɝɪɚɧɢɱɢɬɟɥɟɦ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ ɤɨɬɨɪɵɣ ɩɨɡɜɨɥɹɟɬ
ɥɢɦɢɬɢɪɨɜɚɬɶ ɞɢɚɩɚɡɨɧ ɮɨɤɭɫɢɪɨɜɤɢ ɜ ɚɜɬɨɮɨɤɭɫɧɨɦ ɪɟɠɢɦɟɪɢɫ
ȼɨɡɦɨɠɟɧ ɜɵɛɨɪ ɬɪɺɯ ɪɟɠɢɦɨɜ
ɉɨɥɧɵɣ )8//ɦa Đ
ɦa Đ
ɦaɦ
ɍȼȿɅɂɑȿɇɂȿ
Ɂɧɚɱɟɧɢɹ³[[´ ɧɚ ɲɤɚɥɟ ɪɚɫɫɬɨɹɧɢɣ ɨɡɧɚɱɚɸɬ ɦɚɫɲɬɚɛ ɫɴɟɦɤɢ ɢɥɢ ɤɨɷɮɮɢɰɢɟɧɬ
ɭɜɟɥɢɱɟɧɢɹ ɧɚ ɞɚɧɧɨɣ ɞɢɫɬɚɧɰɢɢ ɮɨɤɭɫɢɪɨɜɤɢ ɇɚɩɪɢɦɟɪ ɟɫɥɢ ɧɚ ɲɤɚɥɟ
ɭɫɬɚɧɨɜɥɟɧɨ ɡɧɚɱɟɧɢɟ  ɩɪɢ ɫɴɟɦɤɟ ɩɪɟɞɦɟɬɚ ɪɟɚɥɶɧɵɣ ɪɚɡɦɟɪ ɤɨɬɨɪɨɝɨ
ɫɨɫɬɚɜɥɹɟɬ  ɫɦ ɧɚ ɫɜɟɬɨɱɭɜɫɬɜɢɬɟɥɶɧɨɣ ɦɚɬɪɢɰɟ ɢɥɢ ɩɥɟɧɤɟ ɛɭɞɟɬ ɫɮɨɪɦɢɪɨɜɚɧɨ
ɢɡɨɛɪɚɠɟɧɢɟ ɷɬɨɝɨ ɩɪɟɞɦɟɬɚ ɪɚɡɦɟɪɨɦɫɦɪɢɫ
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
ŦȾɥɹ ɨɛɴɟɤɬɢɜɨɜ ɫ ɛɚɣɨɧɟɬɨɦ 6RQ\ ɢ 3HQWD[ ɜɨɡɦɨɠɧɨɫɬɶ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɮɭɧɤɰɢɢ
ɫɬɚɛɢɥɢɡɚɰɢɢ26ɡɚɜɢɫɢɬ ɨɬ ɧɚɥɢɱɢɹ ɜ ɤɚɦɟɪɟ ɩɨɞɞɟɪɠɤɢ ɪɚɛɨɬɵ ɫ ɨɛɴɟɤɬɢɜɚɦɢ ɫɨ
ɜɫɬɪɨɟɧɧɵɦ ɭɥɶɬɪɚɡɜɭɤɨɜɵɦ ɩɪɢɜɨɞɨɦ ɮɨɤɭɫɢɪɨɜɤɢ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɮɭɧɤɰɢɢ
ɫɬɚɛɢɥɢɡɚɰɢɢ 26 ɜɵɤɥɸɱɢɬɟ ɮɭɧɤɰɢɸ ɫɬɚɛɢɥɢɡɚɰɢɢ ɜ ɮɨɬɨɤɚɦɟɪɟ ɢ ɭɫɬɚɧɨɜɢɬɟ
ɜɵɤɥɸɱɚɬɟɥɶ ɫɬɚɛɢɥɢɡɚɰɢɢ 26 ɧɚ ɨɛɴɟɤɬɢɜɟ ɜ ɩɨɥɨɠɟɧɢɟ 21 ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ
ɮɭɧɤɰɢɢ ɫɬɚɛɢɥɢɡɚɰɢɢ ɜɫɬɪɨɟɧɧɨɣ ɜ ɮɨɬɨɤɚɦɟɪɭ ɭɫɬɚɧɨɜɢɬɟ ɜɵɤɥɸɱɚɬɟɥɶ ɫɬɚɛɢɥɢɡɚɰɢɢ
26
ɧɚ ɨɛɴɟɤɬɢɜɟ ɜ ɩɨɥɨɠɟɧɢɟ
2))
ɢ ɜɤɥɸɱɢɬɟ ɮɭɧɤɰɢɸ ɫɬɚɛɢɥɢɡɚɰɢɢ ɧɚ ɮɨɬɨɤɚɦɟɪɟ
Ŧɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɷɬɨɝɨ ɨɛɴɟɤɬɢɜɚ ɫ ɮɨɬɨɤɚɦɟɪɚɦɢ .21,&$ 0,12/7$ '<1$; 
0$;;80 ' '<1$;  0$;;80 ' RU 621< $ ɩɨɠɚɥɭɣɫɬɚ ɭɫɬɚɧɨɜɢɬɟ
ɩɟɪɟɤɥɸɱɚɬɟɥɶ ɫɬɚɛɢɥɢɡɚɬɨɪɚ ɢɡɨɛɪɚɠɟɧɢɹ26ɜ ɩɨɥɨɠɟɧɢɟ©ɜɵɤɥª2))ɩɟɪɟɞ
ɬɟɦ ɤɚɤ ɜɵɤɥɸɱɢɬɶ ɤɚɦɟɪɭ Ɇɟɯɚɧɢɡɦ ɫɬɚɛɢɥɢɡɚɬɨɪɚ ɢɡɨɛɪɚɠɟɧɢɹ ɧɟ ɛɭɞɟɬ
ɡɚɮɢɤɫɢɪɨɜɚɧ ɜ ɩɪɚɜɢɥɶɧɨɦ ɩɨɥɨɠɟɧɢɢɢ ɟɫɥɢ ɤɚɦɟɪɚ ɛɭɞɟɬ ɜɵɤɥɸɱɟɧɚ ɩɪɟɠɞɟ
ɱɟɦ ɛɭɞɟɬ ɜɵɤɥɸɱɟɧ ɫɬɚɛɢɥɢɡɚɬɨɪ ɢɡɨɛɪɚɠɟɧɢɹ ɧɚ ɨɛɴɟɤɬɢɜɟ ɂɝɧɨɪɢɪɨɜɚɧɢɟɷɬɨɣ
ɢɧɮɨɪɦɚɰɢɢ ɦɨɠɟɬ ɩɨɜɥɟɱɶ ɩɨɜɪɟɠɞɟɧɢɟ ɨɛɴɟɤɬɢɜɚ
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
ɉɅɈɓȺȾɄȺ ɉɈȾ ɒɌȺɌɂȼ
Ⱦɚɧɧɵɣ ɨɛɴɟɤɬɢɜ ɫɧɚɛɠɟɧ ɫɴɺɦɧɨɣ ɩɥɨɳɚɞɤɨɣ ɩɨɞ ɲɬɚɬɢɜ ɑɬɨɛɵ ɩɪɢɞɚɬɶ ɨɛɴɟɤɬɢɜɭ
ɢ ɤɚɦɟɪɟ ɩɪɚɜɢɥɶɧɨɟɭɞɨɛɧɨɟ ɞɥɹ ɫɴɺɦɤɢ ɩɨɥɨɠɟɧɢɟ ɧɚ ɲɬɚɬɢɜɟ ɫɥɟɞɭɟɬ ɨɫɥɚɛɢɬɶ
ɜɢɧɬ ɧɚ ɨɛɪɭɱɟ ɩɥɨɳɚɞɤɢ ɢ ɩɨɜɟɪɧɭɬɶ ɜ ɧɭɠɧɨɦ ɧɚɩɪɚɜɥɟɧɢɢɪɢɫ
ɑɬɨɛɵ ɫɧɹɬɶ ɨɛɪɭɱ ɫ ɩɥɨɳɚɞɤɨɣ ɫɥɟɞɭɟɬ ɨɫɥɚɛɢɬɶ ɜɢɧɬ ɞɨ ɤɨɧɰɚ ɢ ɢɡɜɥɟɱɶ ɟɝɨ ɢɡ
ɨɛɪɭɱɚɪɢɫ
ɎɈɌɈȽɊȺɎɂɊɈȼȺɇɂȿ ɋɈ ȼɋɉɕɒɄɈɃ
ȼɫɬɪɨɟɧɧɚɹ ɜɫɩɵɲɤɚ ɧɟ ɦɨɠɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɫ ɷɬɢɦ ɨɛɴɟɤɬɢɜɨɦ Ɋɟɡɭɥɶɬɚɬɨɦ
ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɦɨɠɟɬ ɛɵɬɶ ɧɟɠɟɥɚɬɟɥɶɧɚɹ ɬɟɧɶ ɜ ɜɟɪɯɧɟɣ ɨɛɥɚɫɬɢ ɫɧɢɦɤɚ Ⱦɥɹ
ɞɨɫɬɢɠɟɧɢɹ ɥɭɱɲɢɯ ɪɟɡɭɥɶɬɚɬɨɜ ɩɨɠɚɥɭɣɫɬɚ ɢɫɩɨɥɶɡɭɣɬɟ ɜɧɟɲɧɸɸ ɜɫɩɵɲɤɭ
ɎɈɌɈȽɊȺɎɂɊɈȼȺɇɂȿ ɋ ɄɈɇȼȿɊɌȿɊȺɆɂ
ɗɬɨɬ ɨɛɴɟɤɬɢɜ ɦɨɠɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶɫɹ ɫɨ ɫɥɟɞɭɸɳɢɦɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ
6LJPD $32 7HOH &RQYHUWHU [ (; '* ɢɥɢ [ (; '* ȼ ɪɟɡɭɥɶɬɚɬɟ ɜɵ ɩɨɥɭɱɢɬɟ
ɫɥɟɞɭɸɳɢɟ ɤɨɦɛɢɧɚɰɢɢ ɨɛɴɟɤɬɢɜɨɜ$)PP)ɢPP)ɫɨɨɬɜɟɬɫɬɜɟɧɧɨ
Ŧɇɟ ɢɫɩɨɥɶɡɭɣɬɟ ɬɟɥɟɤɨɧɜɟɪɬɟɪɵ ɫɬɨɪɨɧɧɢɯ ɩɪɨɢɡɜɨɞɢɬɟɥɟɣ ɞɚɧɧɵɣ ɨɛɴɟɤɬɢɜ
ɫɨɜɦɟɫɬɢɦ ɬɨɥɶɤɨ ɫ ɨɪɢɝɢɧɚɥɶɧɵɦɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚɦɢ6LJPD
ŦɆɵ ɪɟɤɨɦɟɧɞɭɟɦ ɢɫɩɨɥɶɡɨɜɚɬɶ'*$327HOH&RQYHUWHUɫ ɰɢɮɪɨɜɵɦɢ ɡɟɪɤɚɥɶɧɵɦɢ
ɤɚɦɟɪɚɦɢ
ŦɌɟɥɟɤɨɧɜɟɪɬɟɪ ɫ ɛɚɣɨɧɟɬɨɦ3HQWD[ɧɟ ɫɨɜɦɟɫɬɢɦ ɫ ɞɚɧɧɨɣ ɥɢɧɡɨɣ
Ŧɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚ $32 [ 7HOH &RQYHUWHU (; '* ɮɨɤɭɫɢɪɨɜɤɚ
ɜɨɡɦɨɠɧɚ ɬɨɥɶɤɨ ɜ ɪɭɱɧɨɦ ɪɟɠɢɦɟ
Ŧɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚ $32 [ 7HOH &RQYHUWHU ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɚ
ɜɨɡɦɨɠɧɚ ɬɨɥɶɤɨ ɧɚ ɞɢɫɬɚɧɰɢɹɯ ɫɴɟɦɤɢ ɨɬ ɛɟɫɤɨɧɟɱɧɨɫɬɢ ɞɨɦ ɇɚ ɞɢɫɬɚɧɰɢɹɯ
ɫɴɟɦɤɢ ɨɬɦ ɞɨɦ ɮɨɤɭɫɢɪɨɜɤɚ ɜɨɡɦɨɠɧɚ ɬɨɥɶɤɨ ɜ ɪɭɱɧɨɦ ɪɟɠɢɦɟ
Ŧɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɬɟɥɟɤɨɧɜɟɪɬɟɪɨɜ $32 7HOH &RQYHUWHUV ɛɥɨɤɢɪɨɜɤɚ ɮɨɤɭɫɚ
ɧɟɜɨɡɦɨɠɧɚ ɧɟɡɚɜɢɫɢɦɨ ɨɬ ɩɨɥɨɠɟɧɢɹ ɫɨɨɬɜɟɬɫɬɜɭɸɳɟɣ ɤɧɨɩɤɢ ȼ ɪɟɠɢɦɟ /LYH
9LHZɚɜɬɨɮɨɤɭɫɢɪɨɜɤɚ ɜɨɡɦɨɠɧɚ ɬɨɥɶɤɨ ɜ ɬɨɦ ɫɥɭɱɚɟ ɟɫɥɢ ɤɚɦɟɪɚ ɩɨɞɞɟɪɠɢɜɚɟɬ
ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɭ ɩɨ ɦɟɬɨɞɭ ɤɨɧɬɪɚɫɬɧɨɣ ɞɟɬɟɤɰɢɢ
Ŧȼ ɫɥɭɱɚɟ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚ ɫ ɛɚɣɨɧɟɬɨɦ 6RQ\ $) ɚɜɬɨɦɚɬɢɱɟɫɤɚɹ
ɮɨɤɭɫɢɪɨɜɤɚ ɜɨɡɦɨɠɧɚ ɟɫɥɢ ɫɟɪɢɣɧɵɣ ɧɨɦɟɪ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚ ɛɨɥɶɲɟ ɱɟɦ
ȿɫɥɢ ɫɟɪɢɣɧɵɣ ɧɨɦɟɪ ɬɟɥɟɤɨɧɜɟɪɬɟɪɚ ɦɟɧɶɲɟɚɜɬɨɮɨɤɭɫ ɧɟ ɛɭɞɟɬ ɪɚɛɨɬɚɬɶ
Ŧȼ ɪɟɠɢɦɟ ɠɢɜɨɝɨ ɩɪɨɫɦɨɬɪɚ/LYH9LHZɜɨɡɦɨɠɧɨ ɢɫɩɨɥɶɡɨɜɚɧɢɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ
ɟɫɥɢ ɤɚɦɟɪɚ ɧɚɯɨɞɢɬɫɹ ɜ ɪɟɠɢɦɟ ɚɜɬɨɮɨɤɭɫɢɪɨɜɤɢ ɩɨ ɦɟɬɨɞɭ ɤɨɧɬɪɚɫɬɧɨɣ ɞɟɬɟɤɰɢɢ
ȻɅȿɇȾȺ ɈȻɔȿɄɌɂȼȺ
ȼ ɤɨɦɩɥɟɤɬ ɩɨɫɬɚɜɤɢ ɨɛɴɟɤɬɢɜɚ ɜɯɨɞɢɬ ɫɴɟɦɧɚɹ ɛɥɟɧɞɚ ɫ ɛɚɣɨɧɟɬɧɵɦ ɬɢɩɨɦ ɤɪɟɩɥɟɧɢɹ
Ɉɧɚ ɷɮɮɟɤɬɢɜɧɨ ɩɪɟɞɭɩɪɟɠɞɚɟɬ ɛɥɢɤɢ ɢ ɩɟɪɟɨɬɪɚɠɟɧɢɹ ɨɬ ɤɨɬɨɪɵɯ ɦɨɝɭɬ ɫɬɪɚɞɚɬɶ
ɫɧɢɦɤɢ ɜɫɥɟɞɫɬɜɢɟ ɩɚɪɚɡɢɬɧɨɣ ɡɚɫɜɟɬɤɢ ɨɛɴɟɤɬɢɜɚ ɛɨɤɨɜɵɦɢ ɥɭɱɚɦɢ ɑɬɨɛɵ ɩɪɢɤɪɟɩɢɬɶ
ɛɥɟɧɞɭ ɭɫɬɚɧɨɜɢɬɟ ɟɟ ɧɚ ɨɛɴɟɤɬɢɜ ɢ ɞɨ ɭɩɨɪɚ ɩɨɜɟɪɧɢɬɟ ɩɪɨɬɢɜ ɱɚɫɨɜɨɣ ɫɬɪɟɥɤɢɪɢɫ
Ŧȼ ɤɨɦɩɥɟɤɬ ɩɨɫɬɚɜɤɢ ɨɛɴɟɤɬɢɜɚ ɜɯɨɞɢɬ ɚɞɚɩɬɟɪ ɛɥɟɧɞɵ ɞɥɹ ɢɫɩɨɥɶɡɨɜɚɧɢɹ ɫ
ɤɚɦɟɪɚɦɢ ɫ ɫɟɧɫɨɪɨɦ ɮɨɪɦɚɬɚ$36& Ⱥɞɚɩɬɟɪ ɭɫɬɚɧɚɜɥɢɜɚɟɬɫɹ ɦɟɠɞɭ ɤɨɪɩɭɫɨɦ
ɨɛɴɟɤɬɢɜɚ ɢ ɛɥɟɧɞɨɣ ɪɢɫ ɢ ɩɨɡɜɨɥɹɟɬ ɟɳɟ ɛɨɥɟɟ ɷɮɮɟɤɬɢɜɧɨ ɭɫɬɪɚɧɢɬɶ
ɩɚɪɚɡɢɬɧɭɸ ɡɚɫɜɟɬɤɭ ɩɪɢ ɪɚɛɨɬɟ ɫ ɧɟɩɨɥɧɨɤɚɞɪɨɜɵɦɢ ɤɚɦɟɪɚɦɢ
Ŧȼɨ ɢɡɛɟɠɚɧɢɟ ɜɢɧɶɟɬɢɪɨɜɚɧɢɹ ɧɟ ɫɥɟɞɭɟɬ ɢɫɩɨɥɶɡɨɜɚɬɶ ɚɞɚɩɬɟɪ ɫ ɩɥɟɧɨɱɧɵɦɢ
ɤɚɦɟɪɚɦɢ ɩɨɥɧɨɤɚɞɪɨɜɵɦɢ ɰɢɮɪɨɜɵɦɢ ɡɟɪɤɚɥɶɧɵɦɢ ɤɚɦɟɪɚɦɢ ɢɥɢ ɰɢɮɪɨɜɵɦɢ
ɤɚɦɟɪɚɦɢ ɫ ɫɟɧɫɨɪɨɦ ɮɨɪɦɚɬɚ$36+
Ŧɑɬɨɛɵ ɭɛɪɚɬɶ ɨɛɴɟɤɬɢɜ ɢ ɛɥɟɧɞɭ ɜ ɱɟɯɨɥ ɞɥɹ ɯɪɚɧɟɧɢɹ ɫɥɟɞɭɟɬ ɫɧɹɬɶ ɛɥɟɧɞɭ ɢ
ɭɫɬɚɧɨɜɢɬɶ ɟɟ ɧɚ ɨɛɴɟɤɬɢɜ ɜ ɩɟɪɟɜɟɪɧɭɬɨɦ ɩɨɥɨɠɟɧɢɢɪɢɫ Ȼɥɟɧɞɭɚɬɚɤɠɟ
ɡɚɳɢɬɧɭɸ ɤɪɵɲɤɭ ɨɛɴɟɤɬɢɜɚ ɦɨɠɧɨ ɭɫɬɚɧɚɜɥɢɜɚɬɶ ɧɚ ɨɛɴɟɤɬɢɜ ɧɟ ɫɧɢɦɚɹ ɫ ɧɟɝɨ
ɚɞɚɩɬɟɪɚ ɛɥɟɧɞɵ ɞɥɹ ɤɚɦɟɪ ɫ ɫɟɧɫɨɪɨɦ$36&
ɎɂɅɖɌɊɕ
Ŧɉɪɢ 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
ŦɄɨɝɞɚ ɨɛɴɟɤɬɢɜ ɢɫɩɨɥɶɡɭɟɬɫɹ ɫ ɚɞɚɩɬɟɪɨɦ ɛɥɟɧɞɵ ɞɥɹ ɰɢɮɪɨɜɵɯ ɤɚɦɟɪ ɫ ɫɟɧɫɨɪɨɦ
$36& ɫɜɟɬɨɮɢɥɶɬɪɵ ɫɥɟɞɭɟɬ ɭɫɬɚɧɚɜɥɢɜɚɬɶ ɜ ɩɪɢɫɨɟɞɢɧɢɬɟɥɶɧɭɸ ɪɟɡɶɛɭ ɞɥɹ
ɫɜɟɬɨɮɢɥɶɬɪɨɜ ɧɚɧɟɫɟɧɧɭɸ ɧɚ ɤɨɪɩɭɫ ɨɛɴɟɤɬɢɜɚ ɉɪɢ ɭɫɬɚɧɨɜɤɟ ɫɜɟɬɨɮɢɥɶɬɪɚ
ɩɨɜɟɪɯ ɚɞɚɩɬɟɪɚ ɛɥɟɧɞɵ ɜɨɡɦɨɠɧɨ ɜɢɧɶɟɬɢɪɨɜɚɧɢɟ
ɗɄɋɉɈɄɈɊɊȿɄɐɂə
ȿɫɥɢ ɮɨɤɭɫɢɪɨɜɤɚ ɩɪɨɢɡɜɨɞɢɬɫɹ ɫ ɭɞɥɢɧɟɧɢɟɦ ɩɟɪɟɞɧɟɝɨ ɫɬɚɤɚɧɚ ɦɚɤɪɨɨɛɴɟɤɬɢɜɚ
ɡɧɚɱɟɧɢɟ ɞɢɚɮɪɚɝɦɵ ɢɡɦɟɧɹɟɬɫɹ ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɡɟɪɤɚɥɶɧɨɣ ɤɚɦɟɪɨɣ ɫɨ
ɜɫɬɪɨɟɧɧɵɦ77/ɡɚɦɟɪɨɦ ɤɚɦɟɪɚ ɚɜɬɨɦɚɬɢɱɟɫɤɢ ɛɭɞɟɬ ɤɨɦɩɟɧɫɢɪɨɜɚɬɶ ɷɤɫɩɨɡɢɰɢɸ
ɉɪɢ ɢɫɩɨɥɶɡɨɜɚɧɢɢ ɜɧɟɲɧɟɝɨ ɷɤɫɩɨɧɨɦɟɬɪɚ ɫɥɟɞɭɟɬ ɞɟɥɚɬɶ ɩɨɩɪɚɜɤɭɬɚɛ
ɍɏɈȾ ɂ ɏɊȺɇȿɇɂȿ
Ŧɇɟ ɩɨɞɜɟɪɝɚɣɬɟ ɨɛɴɟɤɬɢɜ ɪɟɡɤɢɦ ɜɫɬɪɹɫɤɚɦ ɪɟɡɤɨɦɭ ɩɟɪɟɩɚɞɭ ɬɟɦɩɟɪɚɬɭɪ ɢ
ɜɨɡɞɟɣɫɬɜɢɸ ɩɨɜɵɲɟɧɧɨɣ ɜɥɚɠɧɨɫɬɢ
Ŧ
Ⱦɥɹ 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 ɢɥɢɜɨ
ɜɪɟɦɹ ɞɨɠɞɹ ɡɚɳɢɬɢɬɟ ɟɝɨ ɨɬ ɧɚɦɨɤɚɧɢɹ Ɉɛɵɱɧɨ ɩɨɜɪɟɠɞɟɧɢɹ ɫɜɹɡɚɧɧɵɟ ɫ
ɩɪɨɧɢɤɧɨɜɟɧɢɟɦ ɜɨɞɵ ɜ ɦɟɯɚɧɢɡɦɵ ɦɟɠɞɭ ɥɢɧɡ ɨɛɴɟɤɬɢɜɚ ɢ ɨɤɢɫɥɟɧɢɹ ɪɟɦɨɧɬɭɧɟ
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
$QWHV GH PDLV TXHUHPRV DJUDGHFHUOKH D DTXLVLomR GHVWD REMHFWLYD 6LJPD
6XJHULPRVOKHHQWUHWDQWRXPDOHLWXUDDWHQWDGHVWHPDQXDODQWHVGHDXWLOL]DUDILP
GHFRQVHJXLUREWHURVPHOKRUHVUHVXOWDGRV
'(6&5,d2'26&20321(17(6ILJ
Ĭ$QHOGHHQFDL[HGHILOWUR
ĭ$QHOGH)RFDJHP
Į(VFDODGHGLVWkQFLD
į
/LQKDGHtQGLFHGHIRFDJHP
İ%DLRQHWD
ı6HOHFWRU26
IJ
6HOHFWRUGRPRGRGHIRFDJHP
ij/LPLWDGRUGH)RFDJHP
Ĵ(QFDL[HGH7ULSp
ĵ3iUDVRO
Ķ$GDSWDGRU$36&
SDUD3iUDVRO
&Æ0$5$61,.21$)
(VWD REMHFWLYD IXQFLRQD FRPR DV REMHFWLYDV 1LNRQ GH IRFDJHP DXWRPiWLFR WLSR *
VHP DQHO GH DEHUWXUD &HUWDV IXQo}HV SRGHP QmR HVWDUGLVSRQtYHLVFRQIRUPH D
FRPELQDomR REMHFWLYD  FkPDUD 3DUD XP HVFODUHFLPHQWR FRPSOHWR FRQVXOWH R
PDQXDOGHLQVWUXo}HVGDVXDFkPDUD
&Æ0$5$63(17$;$)
(VWDREMHFWLYDIXQFLRQDFRPRDVREMHFWLYDV3HQWD[GHIRFDJHPDXWRPiWLFD GRWLSR
)$-VHPDQHOGHDEHUWXUD&HUWDVIXQo}HVSRGHPQmRHVWDUGLVSRQtYHLVFRQIRUPH
D FRPELQDomR REMHFWLYDFkPDUD 3DUD XP HVFODUHFLPHQWR FRPSOHWR FRQVXOWH R
PDQXDOGHLQVWUXo}HVGDVXDFkPDUD
&20235(1'(5$2%-(&7,9$$2&2532'$&Æ0$5$
4XDQGR SUHQGHU D REMHFWLYD DR FRUSR GD FkPDUD D PHVPD IXQFLRQDUi
DXWRPDWLFDPHQWHFRPRVHIRVVHXPDREMHFWLYDGDPDUFDGDVXDFkPDUD&RQVXOWH
RUHVSHFWLYRPDQXDOGHLQVWUXo}HV
1D ]RQD GH HQFDL[H GD REMHFWLYD H[LVWHP YiULRV FRQWDFWRV HOpFWULFRV H HOHFWUyQLFRV
0DQWHQKDRV OLPSRV GH IRUPD D JDUDQWLU XPD ERD OLJDomR (QTXDQWR HVWi D PXGDU D
REMHFWLYD FHUWLILTXHVH GH TXH D FRORFD FRP D SDUWH IURQWDO SDUD EDL[R D ILP GH HYLWDU
GDQLILFDUDVXSHUItFLHGHHQFDL[H
$-867('202'2'((;326,d2
$REMHFWLYD6LJPDIXQFLRQDDXWRPDWLFDPHQWHTXDQGRpIL[DGDQDFkPDUD&RQVXOWH
RPDQXDOGHLQVWUXo}HVGDVXDFkPDUD
)2&$*(0
(VWDREMHFWLYDYHPFRPR0RWRU+LSHU6yQLFR+60GD6LJPDLQFRUSRUDGR2+60
SHUPLWHXPUiSLGRHVHJXURDXWRIRFR
䇶6,*0$$)H&$121$)䇷
3DUDXWLOL]DUDIRFDJHPDXWRPiWLFDVHOHFFLRQHRPRGRGHIRFDJHP³$)´QDREMHFWLYD
ILJ6HGHVHMDUXVDUDIRFDJHPPDQXDOFRORTXHRVHOHFWRUGRPRGRGHIRFDJHPGD
VXDREMHFWLYDQDSRVLomR³0´3RGHDMXVWDUDIRFDJHPURGDQGRRDQHOGHIRFDJHP
䇶1,.21$)3(17$;$)H621<䇷
3DUDXWLOL]DUDIRFDJHPDXWRPiWLFDSRQKDDVXDFkPDUDQRPRGRGHIRFDJHP$)H
VHOHFFLRQHRPRGRGHIRFDJHP³$)´QDREMHFWLYDILJ6HGHVHMDUXVDUDIRFDJHP
PDQXDOFRORTXHRVHOHFWRUGRPRGRGHIRFDJHPGDVXDREMHFWLYDQDSRVLomR³0´
3RGHDMXVWDUDIRFDJHPURGDQGRRDQHOGHIRFDJHP
&RQVXOWH R PDQXDO GH LQVWUXo}HV GD VXD FkPDUD SDUD PDLV LQIRUPDo}HV DFHUFD GD
VHOHFomRGRPRGRGHIRFDJHP
3DUD1LNRQ3HQWD[H6RQ\VypSRVVtYHOXVDUR$)FRPFkPDUDVTXHVXSRUWHPPRWRUHV
FRQGX]LGRVSRURQGDVXOWUDVyQLFDVFRPRR+602$)QmRIXQFLRQDUiVHRFRUSRGD
FkPDUDQmRVXSRUWDUHVWHWLSRGHPRWRUHV
(VWDREMHFWLYDWDPEpPSHUPLWHIRFDJHPPDQXDOPHVPRHPPRGR$XWR)RFXV&RPD
PiTXLQD QD RSomR ³2QH6KRW´ $) SRGH DMXVWDUD IRFDJHP PDQXDOPHQWH DSyV R DXWR
IRFRGDREMHFWLYDHSDUDJHPHQTXDQWRRERWmRMiHVWiDVHUSUHPLGR
$RXWLOL]DU HVWD REMHFWLYD QR PRGR GH IRFDJHP PDQXDO UHFRPHQGDVH TXH FRQILUPH D
IRFDJHPFRUUHFWD QRYLVRUHPYH] GHFRQILDU H[FOXVLYDPHQWH QDHVFDOD GHGLVWkQFLDV
(VWD SUHFDXomR MXVWLILFDVH SRUTXH SRGH KDYHU XPD PXGDQoD QD IRFDJHP GHYLGR D
YDULDo}HVH[WUHPDVGHWHPSHUDWXUDTXHSRGHPFDXVDPDGLODWDomRRXDFRQWUDFomRGH
YiULRVFRPSRQHQWHVGDREMHFWLYD7RPHHVSHFLDOFRQVLGHUDomRTXDQGRIRFDUHPLQILQLWR
/,0,7$'25'()2&$*(0
(VWDREMHFWLYHHVWiHTXLSDGDFRP XPOLPLWDGRUGHIRFDJHPTXHSHUPLWH OLPLWDUDV
GLVWDQFLDV HP $) IRFDJHP DXWRPiWLFD ILJ e SRVVtYHO VHOHFFLRQDU XPD GDV
VHJXLQWHVWUrVSRVLo}HV
)8//JDPDWRWDOHQWUHPa Đ
(QWUHPa Đ
(QWUHPaP
5(/$d2285È&,2'($03/,$d228'(5(352'8d2
$ LQGLFDomR ³;;´ H[LVWHQWH QD HVFDOD GDV GLVWkQFLDV IRFDLV GD REMHFWLYD
UHSUHVHQWDDDPSOLDomRQRUPDOPHQWHFKDPDGDUiFLRGHUHSURGXomR 3RUH[HPSOR
TXDQGRDIRFDJHPHVWLYHUQDSRVLomRGDHVFDODXPWHPDFRPRWDPDQKRUHDO
GHFPWHUiXPWDPDQKRGHFPQRVHQVRUGHLPDJHPRXSHOtFXODILJ
62%5($69$17$*(16'(87,/,=$d2'$)81d226
(67$%,/,=$d2237,&$
(VWD REMHFWLYD 26 FRP (VWDELOL]DomR ÏSWLFD FRPSHQVD HIHFWLYDPHQWH D IDOWD GH
QLWLGH]QDLPDJHPFDXVDGDSHODYLEUDomRLQYROXQWiULDGRFRQMXQWRPiTXLQDREMHFWLYD
&RP HVWD REMHFWLYD SRGH SRU LVVR IRWRJUDIDU D YHORFLGDGHV GH REWXUDomR PDLV
UHGX]LGDV DWp  ³SDVVRV´ GR TXH SRGHULD ID]HU VHP XVDU D IXQomR26HREWHU
H[FHOHQWHVUHVXOWDGRVFRPXPDQLWLGH]HVSDQWRVD
3DUDXWLOL]DUHVWDIXQomRSRQKDRLQWHUUXSWRU26QRPRGRILJ3ULPDRERWmRGH
GLVSDURDWpPHLRYHULILTXHQRYLVRUVHDLPDJHPHVWiHVWiYHOHWLUHDIRWRJUDILD$
DSUHVHQWDomRGDLPDJHPHVWiYHOGHPRUDFHUFDGHVHJXQGRGHSRLVGHSUHPLURERWmRGH
GLVSDURDWpPHLR2PRGR
GHWHFWDDYLEUDomRYHUWLFDOGDFkPDUDHHOLPLQDRV³UDVWRV´
eHILFD]QDIRWRJUDILDGHWHPDVTXHVHPRYHPKRUL]RQWDOPHQWHHPUHODomRjFkPDUD
$IXQomRGHFRPSHQVDomRGRV³UDVWRV´GR(VWDELOL]DGRUÏSWLFRpHILFD]TXDQGRVHIRWRJUDID
VHPWULSp2(VWDELOL]DGRUÏSWLFRSRGHQmRIXQFLRQDUHILFD]PHQWHQDVVHJXLQWHVFRQGLo}HV
ƒ)RWRJUDILDVWLUDGDVGHXPYHtFXORHPPRYLPHQWR
ƒ6HDFkPDUDHVWLYHUHPPRYLPHQWRH[WUHPR
1mRGHYHXWLOL]DUR(VWDELOL]DGRUÏSWLFRQDVVHJXLQWHVVLWXDo}HV
ƒ4XDQGR DREMHFWLYDHVWiPRQWDGDQXPWULSp
ƒ1DIRWRJUDILDGHSRVHJUDQGHWHPSRGHH[SRVLomR
$IXQomRGH(VWDELOL]DomRÏSWLFDpDOLPHQWDGDDSDUWLUGDFkPDUD6HDREMHFWLYD
26
HVWiOLJDGD
jVXDFkPDUDHHVWiDFWLYDGDDDXWRQRPLDGHIXQFLRQDPHQWRGDVXDFkPDUDVHUiPHQRUGRTXH
FRPDVREMHFWLYDVFRQYHQFLRQDLVXVDGDVFRPDPHVPDFkPDUD6HQmRXVDUR(VWDELOL]DGRU
ÏSWLFRGHVDFWLYHRLQWHUUXSWRU26QDSRVLomR2))SDUDLPSHGLURFRQVXPRGDEDWHULD
&HUWLILTXHVHTXH GHVOLJDR 26FRORFDQGR RLQWHUUXSWRU 26QD SRVLomR2)) DQWHVGH
SUHQGHUDREMHFWLYDjFkPDUDRXDQWHVGHDUHPRYHU
2(VWDELOL]DGRUÏSWLFRFRQWLQXDDIXQFLRQDUGHSRLVGHVROWDURGHGRGRERWmRGHGLVSDUR
HQTXDQWRIRUYLVtYHORYDORUGDH[SRVLomR1XQFDUHPRYDDREMHFWLYDRXDEDWHULDGDFkPDUD
HQTXDQWRR(VWDELOL]DGRUÏSWLFRHVWLYHUDIXQFLRQDU6HRIL]HUSRGHGDQLILFDUDREMHFWLYD
(PERUDDLPDJHPQRYLVRUSRVVDDSDUHFHUDWUHPHULPHGLDWDPHQWHDSyVRGLVSDURRX
QR LQtFLR GR FLFOR GH FDUJD GR IODVK LQFRUSRUDGR QD FkPDUD HWF HVVH ³GHIHLWR´ QmR
DSDUHFHQDIRWRJUDILD
6H D FkPDUD HVWLYHU GHVOLJDGD RX VH D REMHFWLYD IRU UHPRYLGD GD FkPDUD HQTXDQWR R
(VWDELOL]DGRU ÏSWLFR HVWLYHU D IXQFLRQDU D REMHFWLYD HPLWH XP VRP PDV LVVR QmR
VLJQLILFDPDXIXQFLRQDPHQWR
6ypSRVVtYHOXWLOL]DUDIXQomR26HVWDELOL]DGRUySWLFRLQFRUSRUDGDQHVWDREMHFWLYDFRP
RVPRGHORV '6/5 GD 6RQ\ H 3HQWD[TXHVXSRUWHP REMHFWLYDV FRP PRWRU XOWUDVyQLFR
+604XDQGRXWLOL]DUDIXQomR26SRUIDYRUGHVOLJXHDIXQomRGHHVWDELOL]DomRySWLFD
GRFRUSRGDPiTXLQDHFRORTXHRLQWHUUXSWRU26GDREMHFWLYDQDSRVLomR214XDQGR
XWLOL]DUDIXQomRGHHVWDELOL]DomRySWLFDGDPiTXLQDSRUIDYRUFRORTXHRLQWHUUXSWRU26
GDREMHFWLYDQDSRVLomR2))HFRORTXHDIXQomR26GDPiTXLQDQDSRVLomR21
6H XVDU HVWD REMHFWLYD FRP XPD PiTXLQD .21,&$ 0,12/7$ '<1$;  0$;;80'
'<1$;0$;;80'RX6RQ\$SRUIDYRUGHVOLJXHRLQWHUUXSWRU26GDREMHFWLYD
DQWHVGHGHVOLJDURFRUSRGDFkPDUD$IXQFLRQDOLGDGH26(VWDELOL]DGRUGH,PDJHPGD
REMHFWLYDQmRLUiHQFDL[DUQDSRVLomRFRUUHFWDVHRFRUSRGDFkPDUDIRUGHVOLJDGRDQWHV
GHGHVOLJDURPHFDQLVPR26,JQRUDUHVWHDYLVRSRGHUiFDXVDUGDQRVjOHQWH
3DUDREMHFWLYDVFRPPRQWDJHP1LNRQRX&DQRQRVLVWHPDGHHVWDELOL]DomRGHLPDJHP
26 QmR IXQFLRQDUi FRP FkPDUDV DQDOyJLFDV FRP H[FHSomR GD 1LNRQ ) H &DQRQ (269
(1&$,;('(75,3e(&2/$5
(VWDREMHFWLYDSRVVXLXPHQFDL[HSDUDRWULSp4XDQGROLEHUWDRDSHUWRGRFRODUDUR
DREMHFWLYDHDFkPDUDSRGHPURGDUOLYUHPHQWHSDUDSRVLFLRQDUIDFLOPHQWHDFkPDUD
KRUL]RQWDORXYHUWLFDOPHQWHILJ
3DUDUHPRYHURFRODUGDREMHFWLYDOLEHUWHRDSHUWRGRFRODUHGHSRLVSX[HSDUDWUiVILJ
)272*5$),$&20)/$6+
2FRPSULPHQWRGDREMHFWLYDSRGHFDXVDUVRPEUDVLQGHVHMDGDVQDLPDJHPTXDQGR
XVD R IODVK LQFRUSRUDGR GD FkPDUD 5HFRPHQGDVH TXH XVH H[FOXVLYDPHQWH XP
IODVKH[WHUQR
62%5(267(/(&219(5625(6
$REMHFWLYDSRGHVHUXVDGDFRPRV7HOHFRQYHUVRUHV$32GD6LJPD[(;'*RX
[ (; '* RSFLRQDO REWHQGRVH XPD WHOHREMHFWLYD PP ) RX XPD
WHOHREMHFWLYDPP)UHVSHFWLYDPHQWH
Ŧ1mR XVH WHOHFRQYHUVRUHV GH RXWURV IDEULFDQWHV SRUTXH Vy VmR FRPSDWtYHLV RV DFLPD
PHQFLRQDGRV
Ŧ5HFRPHQGDPRVRVWHOHFRQYHUVRUHV'*$32TXDQGRXVDUFkPDUDV'6/5
Ŧ27HOH&RQYHUVRUSDUD3HQWD[QmRpFRPSDWtYHOFRPHVWDREMHFWLYD
Ŧ$REMHFWLYDVyIXQFLRQDFRPIRFDJHPPDQXDOTXDQGRVHFRORFDR&RQYHUVRU$SR;
Ŧ&RPR&RQYHUVRU$SR[HSRVVtYHO$))RFDJHPDXWRPiWLFDHQWUHLQILQLWRHP
6HDHVFDODGHGLVWDQFLDHVWLYHUHQWUHPHPVypSRVVtYHOIRFDJHPPDQXDO
Ŧ&RPRV&RQYHUVRUHV$32RVLVWHPDGH/LPLWDomRGH)RFDJHPQmRIXQFLRQDPPHVPR
TXH D SRVLomR GR LQWHUUXSWRU VHMD WURFDGD 3RGH VHU XVDGR $) HP /LYH 9LHZ VH R
VLVWHPD$)GDFkPDUDHVWLYHUQDSRVLomR³FRQWUDVWGHWHFW´
Ŧ1RFDVRGD6RQ\$)pSRVVtYHOXVDUR$)TXDQGRFRPELQDGDFRPWHOHFRQYHUVRUHVFRP
RQ~PHUR GH VpULHDFLPDGH  2 $)QmR IXQFLRQDUi VH RQ~PHUR GH VpULH GR
WHOHFRQYHUVRUIRUPDLVEDL[R
ŦeSRVVLYHODXWLOL]DomRGHIRFDJHPDXWRPDWLFHPPRGR³/LYH9LHZ´VHDFkPDUDHVWLYH
HPPRGR$)³FRQWUDVWGHWHFW´
3È5$62/
3iUDVRO GH EDLRQHWD p IRUQHFLGR FRP D REMHFWLYD 2 3iUDVRO DMXGD D HYLWDU RV
UHIOH[RVHLPDJHQV³IDQWDVPDV´FDXVDGDVSHODH[WUHPDOXPLQRVLGDGH23iUDVROp
FRORFDGRQDSDUWHIURQWDOGDREMHFWLYDHURGDGRQRVHQWLGRGRVSRQWHLURVGRUHOyJLR
DWpILFDUIL[RILJ
2 DGDSWDGRU $36& SDUD R 3iUDVRO p IRUQHFLGR FRP D REMHFWLYD 8WLOL]DQGR HVWH
DFHVVyULRGHGLFDGRjVFDPHUDV'6/5FRPVHQVRU$36&SRVVLELOLWDXPDHIHFWLYLGDGH
VXSHULRU jV IXQo}HV GH SURWHFomR GH OX]HV SDUDVLWDV SHOR 3iUDVRO 'HYH DQH[DU R
DGDSWDGRUHQWUHDREMHFWLYDHR3iUDVROILJ
4XDQGRXWLOL]DU HVWDREMHFWLYD FRPFDPHUDV'6/5 GHVHQVRULQWHJUDO IXOOIUDPHRX
$36+ DVVLP FRPR FRP FDPHUDV IRWRJUiILFDV GH ILOPH PP QmR GHYHXVDUR
DGDSWDGRU $36& GR 3iUDVRO 6H XVDU HVWH DGDSWDGRU FRP DV FDPHUDV IRWRJUiILFDV
DJRUDFLWDGDVLPDJHQVFRPYLQKHWDJHPYmRDFRQWHFHU
4XDQGRJXDUGDUDVXDREMHFWLYDHSiUDVROQXPVDFRGHWUDQVSRUWHPRFKLODHWFGHYHUi
SULPHLURUHPRYHURSiUDVROSDUDGHSRLVYROWDUDFRORFiORQDREMHFWLYDPDVQDSRVLomR
LQYHUVD ILJ 1HVWD SRVLomR p SRVVtYHO FRORFDU D WDPSDGH SURWHFomR GD REMHFWLYD
GLUHFWDPHQWHQRDGDSWDGRU$36&HVWDQGRRSiUDVROFRORFDGRQDSRVLomRLQYHUVD
),/752
6y VH GHYH XWLOL]DU XP ILOWUR GH FDGD YH] 6H XVDU GRLV RX PDLV ILOWURV RX ILOWURV PDLV
HVSHVVRVFRPRRVILOWURVSRODUL]DGRUHVSRGHFDXVDURHIHLWRGHYLQKHWDJHP
4XDQGRXVDUXPILOWURSRODUL]DGRUFRPXPDFkPDUD$)XVHXPGRWLSRFLUFXODU
8WLOL]DQGR R DGDSWDGRU $36& GR SiUDVRO R ILOWUR 89 3/ HWF GHYH VHU HQURVFDGR
GLUHFWDPHQWHQDREMHFWLYD6HRILOWURIRUFRORFDGRHQWUHRDGDSWDGRU$36&HRSiUDVRO
DYLQKHWDJHPSRGHDFRQWHFHU
&203(16$d2'$(;326,d2
2Q~PHUR)GHXPDREMHFWLYDPDFURSRGHPXGDUHQTXDQWRHVWiDIRFDUGHYLGRjV
GLPHQV}HV GD REMHFWLYD 6H XVDU XPD FkPDUD GR WLSR 77/ D FkPDUD ID] D
FRPSHQVDomRDXWRPDWLFDPHQWH4XDQGRHVWiDXVDUXPIRWyPHWURH[WHUQRRXXPD
XQLGDGHGHIODVKTXHQmRVHMDGRWLSR77/SUHFLVDUiGHFRPSHQVDUDH[SRVLomRVH
HVWLYHUDIRWRJUDIDUDFXUWDGLVWkQFLDWDE
&8,'$'26%È6,&26($50$=(1$0(172
(YLWHTXDLVTXHUFKRTXHVRXDH[SRVLomRDWHPSHUDWXUDVH[FHVVLYDVRXjKXPLGDGH
3DUDDUPD]HQDPHQWRSRUXPORQJRSHUtRGRGHWHPSRHVFROKDXPORFDOIUHVFRHVHFR
GHSUHIHUrQFLDEHPYHQWLODGR3DUDHYLWDUGDQLILFDUDFREHUWXUDGDREMHFWLYDPDQWHQKDD
IRUDGRDOFDQFHGDQDIWDOLQDRXGHSURGXWRVVLPLODUHV
1mRXWLOL]HGLOXHQWHVEHQ]LQDRXRXWURVSURGXWRVGHOLPSH]DRUJkQLFRVSDUDUHPRYHUD
VXMLGDGHRXDV GHGDGDV GRV FRPSRQHQWHV GD REMHFWLYD /LPSH FRP XP SDQRPDFLR H
KXPHGHFLGRRXFRPXPWHFLGRSUySULRSDUDOLPSH]DGHOHQWHV
(VWDREMHFWLYDQmRpjSURYDGHiJXD4XDQGRDXVDUjFKXYDRXSHUWRGHiJXDLPSHoD
TXHHODVHPROKHeTXDVHVHPSUHLPSRVVtYHOUHSDUDUPHFDQLVPRVLQWHUQRVHOHPHQWRV
GDREMHFWLYDHFRPSRQHQWHVHOpFWULFRVGDQLILFDGRVSHODiJXD
$V PXGDQoDV EUXVFDV GH WHPSHUDWXUD SRGHP FDXVDU FRQGHQVDomR RX HPEDFLDU D
VXSHUItFLHGD REMHFWLYD 4XDQGR HQWUDU QXP TXDUWRDTXHFLGRYLQGR GXP H[WHULRU IULR p
DFRQVHOKiYHOFRQVHUYDUDREMHFWLYDQRHVWRMRDWpTXHDVXDWHPSHUDWXUDVHDSUR[LPHGD
WHPSHUDWXUDDPELHQWH
32578*8Ç6
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 ± இٻજࢨ̿ྙ 
ဒ ᚌ  ȕǣȫǿȸǵǤǺ PP
இݱ዁Ǔ  இٻࢲ ; μᧈ [PP
இჺજࢨុᩉ P ᣻ ᣽ J
ٻƖƞ᣻ƞƸŴǷǰȞȞǦȳȈƷNjƷưƢŵ
$32 ȬȳǺƸཎഷ˯Ў૝ǬȩǹǛ̅ဇƠƯƍLJƢŵƜƷȬȳǺƸ஬ឋƷཎࣱɥŴݱƞƳൢණǛٶ
ݲԃljئӳƕƋǓŴƦǕƕЭͨƷȬȳǺưਘٻƞǕƯᙸƑǔƜƱƕƋǓLJƢƕŴီࠝưƸƋǓLJ
ƤǜŵLJƨŴȬȳǺƷήܖࣱᏡƴƸμƘࢨ᪪ƋǓLJƤǜŵ
ƜƷȬȳǺƸŴᤲǍƻእǛԃLJƳƍ ࿢ؾݣሊǬȩǹ Ǜ̅ဇƠƯƍLJƢŵ
7(&+1,&$/63(&,),&$7,216(1*/,6+
/HQVFRQVWUXFWLRQ ± )LOWHU6L]H PP
$QJOHRI9LHZ 
'LPHQVLRQV
'LDg/HQJWK
[PP
gLQ
0LQLPXP$SHUWXUH 
0LQLPXP)RFXVLQJ'LVWDQFH PIW
:HLJKW
J
R]
0DJQLILFDWLRQ 
'LPHQVLRQVDQGZHLJKWLQFOXGHWKH6,*0$PRXQW
$32 OHQVHVXVH6SHFLDO /RZ'LVSHUVLRQJODVV 7KLV VSHFLDOJODVV QRUPDOO\ KDV VRPHWLQ\DLU
EXEEOHVEXWLWGRHVQRWDIIHFWWKHRSWLFDOSHUIRUPDQFH
7KHJODVVPDWHULDOVXVHGLQWKHOHQVGRQRWFRQWDLQHQYLURQPHQWDOO\KD]DUGRXVOHDGDQGDUVHQLF
7(&+1,6&+('$7(1'(876&+
*OLHGHU±/LQVHQ ± *U|WHU$EELOGXQJVPDVWDE 
'LDJRQDOHU%LOGZLQNHO  )LOWHUGXUFKPHVVHU PP
.OHLQVWH%OHQGH  $EPHVVXQJHQ g
%DXOlQJH [PP
1DKHLQVWHOOJUHQ]H P *HZLFKW J
$EPHVVXQJHQXQG*HZLFKWEH]LHKHQVLFKDXIGHQ6,*0$$QVFKOX
,QHLQLJHQ/LQVHQGHU$322EMHNWLYHILQGHQKRFKEUHFKHQGHXQG(/'*OlVHUEHVRQGHUVQLHGULJHU
'LVSHUVLRQ 9HUZHQGXQJ .OHLQH /XIWHLQVFKOVVH VLQG EHL GLHVHQ 6SH]LDOJOlVHUQ XQYHUPHLGOLFK
6LHKDEHQNHLQHQ(LQIOXDXIGLH$EELOGXQJVOHLVWXQJGHV2EMHNWLYHV
'DV*ODVGDVIUGDV2EMHNWLYYHUZHQGHWZLUGHQWKlOWNHLQXPZHOWVFKlGOLFKHV%OHLXQG$UVHQ
&$5$&7(5,67,48(6)5$1d$,6
&RQVWUXFWLRQGHO¶REMHFWLI ± 5DSSRUWGHUHSURGXFWLRQ 
$QJOHGHFKDPS  'LDPpWUHGHILOWUH PP
2XYHUWXUHPLQLPDOH 
'LPHQVLRQ
GLDPHQWUHgORQJXHXU
[PP
'LVWDQFHPLQLPDOHGHPLVH
DXSRLQW
P
3RLGV J
'LPHQVLRQVHWSRLGVGRQQpVSRXUODPRQWXUH6,*0$
&HUWDLQV pOpPHQWV RSWLTXHV GHV REMHFWLIV $32 VRQW FRQVWLWXpV GH YHUUHV DYHF KDXW LQGLFH GH
UpIUDFWLRQHWGHIDLEOHGLVSHUVLRQ'DQVFHWWHVRUWHGHYHUUHVGHVPLQXVFXOHVEXOOHVG¶DLUSHXYHQW
DSSDUDvWUHVDQVDXFXQHLQIOXHQFHVXUOHVSHUIRUPDQFHVGH,¶REMHFWLI
/HVYHUUHVXWLOLVpVGDQVFHWREMHFWLIQHFRQWLHQQHQWDXFXQHPDWLqUHQXLVLEOHVjO¶HQYLURQQHPHQW
WHOOHVTXHOHSORPEHWO¶DUVHQLF
7(&+1,6&+(*(*(9(161('(5/$1'6
/HQVFRQVWUXFWLH
J
URH
S
HQ
±
HOHPHQWHQ
± 0D[LPDOHYHUJURWLQJVPDDWVWDI 
%HHOGKRHN  )LOWHUPDDW PP
.OHLQVWHGLDIUDJPD  $IPHWLQJHQGLDPgOHQJWH [PP
.RUWVWHLQVWHODIVWDQG P *HZLFKW J
2SJHJHYHQDIPHWLQJHQHQJHZLFKW]LMQPHW6,*0$YDWWLQJ
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EHwQYORHG
'HJODVVRRUWGLHLQGLWREMHFWLHIJHEUXLNWZHUGEHYDWJHHQPLOLHXEHODVWHQGORRGRIDUVHQLFXP
&$5$&7(5,67&$6 (63$f2/
&RQVWUXFFLyQGHOREMHWLYR ± $PSOLDFLyQ 
ÈQJXORGHYLVLyQ  'LiPHWURILOWUR PP
$SHUWXUDPtQLPD  'LPHQVLRQHVGLiPgORQJ [PP
'LVWDQFLDPtQLPDHQIRTXH P 3HVR J
'LPHQVLRQHV\SHVRLQFOX\HQPRQWXUD6,*0$
/RVREMHWLYRV$32XWLOL]DQXQRVFULVWDOHVGHDOWRLQGLFHGHUHIOH[LyQ\EDMDGLVSHUVLyQHQDOJXQRV
HOHPHQWRV(VWRVFULVWDOHVHVSHFLDOHVSUHVHQWDQQRUPDOPHQWHXQDVSHTXHxDVEXUEXMDVGHDLUH
TXHQRDIHFWDQDOUHQGLPLHQWRySWLFRGHOREMHWLYR
/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
±
5DSSRUWRG¶LQJUDQGLP

'LDPHQWURILOWUL
PP
$QJROLGLFDPSR

'LPHQVLRQL
GLDPHWURgOXQJKH]]D
[PP
$SHUWXUDPLQLPD

'LVWDQ]DPLQPHVVDIXRFR
P
3HVR
J
'LPHQVLRQLHSHVLV¶LQWHQGRQRFRPSUHQVLYLGLDWWDFFR6,*0$
1HOOD UHDOL]]D]LRQH GHL 6LJPD $32 VL XVDQR YHWUL RWWLFL VSHFLDOL DG DOWR LQGLFH GL ULIUD]LRQH H
EDVVLVVLPD GLVSHUVLRQH ,Q TXHVWL YHWUL q QDWXUDOH OD SUHVHQ]D GL PLQXVFROH LQFOXVLRQL G¶DULD
4XLQGL QRQ GRYHWH SUHRFFXSDUYHQH LQ TXDQWR WDOL ³EROOH´ QRQ SUHJLXGLFDQR PLQLPDPHQWH OH
HFFH]LRQDOLSUHVWD]LRQLGHOYRVWURRELHWWLYR
/HPDWHULH YLWUHHXVDWHSHUODUHDOL]]D]LRQHGHOO¶RELHWWLYR QRQ FRQWHQJRQRSLRPERQpDUVHQLFR
VRVWDQ]HSRWHQ]LDOPHQWHSHULFRORVHVRWWRLOSURILORHFRORJLFR
7(.1,6.$'$7$䎃 䎃 69(16.$
8SSE\JJQDG ± )|UVWRULQJVJUDG 
%LOGYLQNHO  )LOWHU PP
0LQVWDEOlQGDUH  0nWWGLDPgOlQJG [PP
1lUJUlQV P 9LNW J
0nWWRFKYLNWJlOOHU6,*0$IDWWQLQJ
7LOO$32REMHNWLYDQYlQGVVSHFLDOJODVPHGK|JUHIOH[LRQVI|UPnJDRFKOnJIlUJVSULGQLQJVI|UPnJD
L YLVVD OLQVHOHPHQW 'HWWDVSHFLDOJODV NDQ QRUPDOW KD QnJUD VPn OXIWEXEEORU KlU RFK GlU PHQ
GHVVDSnYHUNDULQWHUHVXOWDWHWSnGLQDELOGHUSnQnJRWVlWW
'HWJODVPDWHULDOVRPLQJnULGHWWDREMHNWLYLQQHKnOOHU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.
$QWDOOLQVHHOHPHQWHU ± )RUVW¡UUHOVHVJUDG 
6\QVYLQNHO  )LOWHUJHYLQG PP
0LQGVWHEOQGHnEQLQJ 
'LPHQVLRQHU
'LDP
g
/QJGH
[PP
1UJUQVH P 9JW J
'LPHQVLRQHURJYJWHUDQJLYHWPHG6,*0$EDMRQHWIDWQLQJ
$32REMHNWLYHUKDUSnJUXQGDIGHQVSHFLHOOHJODVW\SHGHUEOLYHUEHQ\WWHWQRUPDOWVPnOXIWEREOHU
L HQNHOWH OLQVHU 'HWWH KDU LQJHQ LQGYLUNQLQJ Sn OLQVHHOHPHQWHUQHV RSWLVNH NYDOLWHW RJ YLO LNNH
SnYLUNHGHWIUGLJHELOOHGH
*ODVVHWDQYHQGWLGHWWHREMHNWLYLQGHKROGHULNNHPLOM¡VNDGHOLJEO\RJDUVHQ
๵ ௑ խ ֮
ᢴᙰ࿨ዌ ± ࣋Օ଍෷ 
ီʳ ߡ  ៀᢴՑஉ PP
່า٠എ  ᧯ᗨऴஉ [ ९৫ [PP
່२ኙྡྷ၏ᠦ P ૹʳ ၦ J
᧯ᗨ֗ૹၦբץਔᔞ್൷ᛩڇփΖ
$32 ᢴᙰࢬࠌشऱਢ 6/' ၌܅ۥཋੲᑿΔ ຍጟޗᔆڂ੡ڇ፹ທ௽ࢤՂऱ଺ਚࠌհڍ
֟ᄎܶڶԫࠄ௛ऐΔڶऱ௛ऐڂ๯ছೡᢴׂ࣋Օۖ౨ജ઎ߠΔ܀ຍࠀॺฆൄΔኙᢴᙰ
ऱ٠ᖂࢤ౨Ո࿭ශ޲ڶᐙ᥼Ζ
ᢴᙰࢬࠌشհੲᑿޗறΔ࿪ྤڶ୭ᛩቼհሩ֗న࿛ढ
㨰㟈G ㇠㛅 䚐ạ㛨G
⥀㪼Ạ㉥Ấ⬘
±
㺐␴㹠㜵 ⵤ㡜

䞈ᴵ

䙸䉤㇠㢨㪼
PP
㺐㋀㦤⫠ᵐ

㺐␴ᷱ[Ὤ㢨
[PP
㺐␜㹠㜵ᶤ⫠
P
ⱨ᷀
J
G
$32
⥀㪼⏈G 䏭㍌G 㤴G ⺸㇤G ⥀㪼⪰G ㇠㟝䚝⏼␘UG 㢨G 䏭㍌G ⥀㪼㜄⏈G 㢰ⵌ㤵㡰⦐G 㣅㡴G ḩὤG ⵝ㟬㢨G
㈑㉥╌ὤ⓸G 䚌㫴⬀G 㢨⏈G ⥀㪼㢌G ṅ䚍G ㉥⏙㜄⏈G 㛨⛔䚐G 㜵䛙⓸G ⴬㾌㫴G 㙾㏩⏼␘U
㢨G ⥀㪼㜄G ㇠㟝═G 㠄㣄㣠⏈G 䞌ᷱ㤵㡰⦐G 㡔⓹䚐G ⇝G 㢨⇌G ⽸㋀⪰G 䚜㡔䚌ḔG 㢼㫴G 㙾㏩⏼␘U
ɌȿɏɇɂɑȿɋɄɂȿ ɏȺɊȺɄɌȿɊɂɋɌɂɄɂ䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 3<&&ɄɂɃ
Ʉɨɧɫɬɪɭɤɰɢɹɷɥɟɦɟɧɬɨɜɝɪɭɩɩ
±
Ɇɚɫɲɬɚɛ ɫɴɺɦɤɢ 
ɍɝɨɥ ɩɨɥɹ ɡɪɟɧɢɹ

Ɋɟɡɶɛɚ ɩɨɞ ɮɢɥɶɬɪ ɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɚɮɪɚɝɦɚ

Ƚɚɛɚɪɢɬɵ
ɞɢɚɦɟɬɪ ɏ ɞɥɢɧɧɚ
ɦɦ ɯɦɦ
Ɇɢɧɢɦɚɥɶɧɚɹ ɞɢɫɬɚɧɰɢɹ
ɮɨɤɭɫɢɪɨɜɤɢ
ɦ
ȼɟɫ ɝ
(63(&,),&$d®(67e&1,&$6䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 䎃 32578*8Ç6
&RQVWUXomRGD2EMHFWLYD
JUXSRVHOHPHQWRV
±
5HODomR5iFLRGH5HSURGXomR

ÆQJXORGHFREHUWXUD  7DPDQKRGR)LOWUR PP
$EHUWXUD0tQLPD 
'LPHQV}HV
'LkPHWUR[&RPSULPHQWR
[PP
'LVWkQFLD0tQLPDGH)RFDJHP
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 .RQIRUPLWlWVHUNOlUXQJ GHV +HUVWHOOHUV GLH GRNXPHQWLHUW
GDGDVEHWUHIIHQGH3URGXNWGLH$QIRUGHUXQJHQYRQ(*5LFKWOLQLHQHLQKlOW
)5$1d$,6
/HODEHO&(JDUDQWLWODFRQIRUPLWpDX[QRUPHVpWDEOLHVSDUOD&RPPXQDXWp(XURSpHQQH
1('(5/$1'6
+HW&(WHNHQLVHHQDDQGXLGLQJYRRUGH(XURSHVH*HPHHQVFKDS(&
(63$f2/
(OORJRWLSR&(HVXQDGLUHFWLYDGHFRQIRUPLGDGFRQOD&RPXQLGDG(XURSHD&(
,7$/,$12
4XHVWRqLOPDUFKLRGLFRQIRUPLWjDOOHGLUHWWLYHGHOODFRPXQLWj(XURSHD&(
69(16.$
&(PlUNHWEHW\GHUDWWYDUDQEOLYLWJRGNlQG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*8Ç6
$PDUFD&(JDUDQWHDFRQIRUPLGDGHFRPDVQRUPDVHVWDEHOHFLGDVSHOD&RPXQLGDGH(XURSHLD
6,*0$'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 180mm f2.8 APO DG OS HSM Macro 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