Multifokal Göziçi Lensleri

08/7ø)2.$/*g=ødø/(16/(5ø
'U+DVDQ+VH\LQ$/781%$ù
3URI'U$KPHW*h&h.2ö/8
*QP]WHNQL÷LLOHNDWDUDNWFHUUDKLVLVRQUDVÕHOGHHGLOHQJ|UPHNHVNLQOL÷LQLQPNHPPHO
ROGX÷XNRQXVXQGDKHUNHVKHPILNLUGLUøGHDORODUDNNDWDUDNWFHUUDKLVLVRQUDVÕJ|UPHNHVNLQOL÷L
oDEXNNDOÕFÕX]DNYH\DNÕQGDJ|]ONJHUHNWLUPHNVL]LQPNHPPHOROPDOÕGÕU
1RUPDO J|]GH EXOXQDQ GH÷LúLN NÕUÕFÕ \]H\OHU YH RNOHU RUWDP X]DN PHVDIHGH EXOXQDQ
QHVQHGHQND\QDNODQDQSDUDOHOÕúÕQODUÕQUHWLQD]HULQHGúPHVLQLVD÷ODU<DNÕQGDNL FLVLPOHULQ
J|UOHELOPHVLLoLQµDNRPRGDV\RQ¶LOHJ|]QGLRSWULNJFQDUWÕUPDVÕJHUHNLU
$NRPRGDV\RQ HVQDVÕQGD ROXúDQ SXUNLQMH J|UQWOHULQLQ +HOPKROW] WDUDIÕQGDQ DQDOL]
HGLOPHVL LOH OHQVLQ DUND NDSVOQQ ILNVH NDOGÕ÷Õ YH NXUYDWUQGH oRN KDILI DUWPD ROGX÷X
DNRPRGDV\RQJFQQHVDVRODUDNOHQVLQ|QHKDUHNHWLYH|QNDSVOQVDQWUDOLQGHNXUYDWUQ
DUWPDVÕLOHVD÷ODQGÕ÷ÕJ|VWHULOPLúWLU
*HQo HULúNLQ OHQVLQGH NRUWHNV \XPXúDNWÕU YH HODVWLN NDSVO LoHULVLQGH NROD\OÕNOD úHNLO
YHULOHELOLU=RQXOHUILEULOOHULQWUDNVL\RQXOHQVLQGR÷DOH÷LOLPLRODQVIHULNúHNOLDOPDVÕQDHQJHO
ROXU $NRPRGDV\RQ HVQDVÕQGD LVH VLOL\HU NDVODUÕQ NDVÕOPDVÕ ]RQOOHUGH JHULOLPLQ D]DOPDVÕQD
\RO DoDU %X GXUXPGD OHQV |QH GR÷UX KDUHNHW HGHU YH HODVWLN NDSVO VD\HVLQGH OHQVLQ
NRQYHNVLWHVLDUWDU
$NRPRGDV\RQXQ DPSOLWG oRFXNOXN oD÷ÕQGD HQ \NVHNWLU DQFDN \DúDPÕQ LOHUOH\HQ
G|QHPOHULQGH JLGHUHN D]DOÕU $NRPRGDV\RQGDNL EX D]DOPD SRSXODV\RQGDNL KHU ELUH\GH HúLW
VHYL\HGH ROVD GD NLúLOHULQ YL]HO JHUHNVLQLPL D\GÕQODWPDQÕQ PLNWDUÕ LODo HWNLVL SXSLOOD
ER\XWX YH NLúLQLQ JHQHO VD÷OÕ÷Õ LOH GH÷LúHELOPHNWHGLU <DNÕQD EDNÕú HVQDVÕQGD
DNRPRGDV\RQGDNL \HWHUVL]OLN QHGHQL LOH KDOVL]OLN EDú D÷UÕVÕ JLEL DVWHQRSLN VHPSWRPODUÕQ
ROXúPDVÕQDµSUHVEL\RSL¶DGÕYHULOLU
'XDQH WDUDIÕQGDQ ROXúWXUXODQ DNRPRGDV\RQ D]DOPDVÕ H÷ULVLQH J|UH DNRPRGDV\RQ \DúÕQGDWDPDPHQND\EROXU
3UHVEL\RSLJHUHNVLQLPLQLDoÕNOD\DQELUNDoDoÕNODPDPHYFXWWXU
<DúLOHUOHGLNoHQNOHXVE\UVNOHUR]HROXUYHNRUWHNVSODVWLVLWHVLQLND\EHGHU
6LOL\HUNDVODUJFQND\EHGHUYH]RQOOHUGHNLJHYúHPH\L\HWHULQFHVD÷OD\DPD]
/HQVNDSVOQGHNLHODVWLNL\HW]DPDQODD]DOÕU
<DSÕODQ GHQH\VHO oDOÕúPDODUGD EX DoÕNODPDODU KDNNÕQGD oHOLúNLOL DoÕNODPDODU EXOXQVD GD
KHSVLQLQ SUHVEL\RSL JHOLúLPLQGH HWNLVL ROGX÷XQD LQDQÕOPDNWDGÕU 3UHVEL\RSL WHGDYLVLQGH
NXOODQÕODQ \|QWHPOHU RNXPD J|]O÷ \D GD ELIRNDO J|]ONOHUGLU %LIRNDO OHQVOHUH NDUúÕ
E\N|OoGHDGDSWDV\RQ]RUOX÷X\DúDQDELOPHNWHGLU
.DWDUDNW FHUUDKLVL VRQUDVÕ *ø/ LPSODQWDV\RQX \DNÕQ J|UPH IRQNVL\RQXQGD |QHPOL
D]DOPDODUD\RODoDUdQNJ|]HLPSODQWHHGLOHQPRQRIRNDO*ø/DNRPRGDV\RQGD|QHPOL
GHUHFHGH D]DOPD\D \RO DoDU $QFDN DNRPRGDV\RQ WDPDPHQ ND\EROPD] dQN NoN
SXSLOOD oDSÕQD ED÷OÕ JHOLúHQ J|UPH DODQÕ GHULQOL÷LQLQ DUWPDVÕ YH KDILI DVWLJPDWL]PD
DNRPRGDV\RQXVD÷ODU \DODQFÕDNRPRGDV\RQ
237ø.35(16ø3/(5
%WQ PXOWLIRNDO OHQVOHUGH JHQHO DPDo KDVWDGD LNL \DGD GDKD ID]OD RGDN QRNWDVÕ
VD÷ODPDNWÕU (UNHQ G|QHPGH PXOWLIRNDO NRQWDNW OHQVOHUGH OHQV ]HULQGH D\UÕ VHJPHQWOHU
\DUGÕPÕ LOH µGH÷LúNHQ J|UPH¶ SUHQVLEL NXOODQÕODUDN X]DN YH \DNÕQ J|UPH VD÷ODQPD\D
oDOÕúÕOPÕúWÕU %X OHQVOHUOH J|] X]D÷D ILNVH ROGX÷XQGD OHQVLQ \DOQÕ]FD X]DN E|OPQ
NXOODQDUDN J|UQWQQ UHWLQD ]HULQH GúPHVL VD÷ODQÕU <DNÕQGDNL ELU FLVPL J|UPHN
JHUHNWL÷LQGH J|] KDILIoH DúD÷Õ GR÷UX JHOHFHN YH OHQVLQ \DNÕQ J|UPH\L VD÷OD\DQ VHJPHQWL
\DUGÕPÕ\OD\DNÕQJ|UPHROXúDFDNWÕU
(UNHQPXOWLIRNDONRQWDNWOHQVOHULQDNVLQHEXDPDoODUHWLOHQJ|]LoLOHQVOHULQGHµHú]DPDQOÕ
J|UPH¶ SUHQVLEL NXOODQÕOPÕúWÕU +HUKDQJL ELU EDNÕú QRNWDVÕQGD J|UQWOHUGHQ ELULVL WDP
UHWLQDGD GL÷HUL WDP RGDNODQPDPÕú úHNLOGHLNLJ|UQW ROXúXU8]DNWDNLFLVLPOHUOHQVLQ X]DN
J|UPH LOH LOJLOL E|OPQGHQ µGR÷UX¶ ELU úHNLOGH \DNÕQ J|UPH LOH LOJLOL E|OPQGHQ
RGDNODQPDPÕú ELU úHNLOGH NÕUÕODUDN LOHWLOHFHN \DNÕQGDNL FLVLPOHUGH LVH WDP WHUVL GXUXP V|]
NRQXVX RODFDNWÕU ,úÕQODUÕQ LNL \DGD GDKD ID]OD RGDNWD WRSODQPDN ]HUH D\UÕOPDVÕ PXOWLIRNDO
OHQVOHULOHVD÷ODQDQVRQXo J|UQWQQNRQWUDVWÕQGDD]DOPD\D\RO DoDU%XHWNLJQP]GHNL
OHQVWDVDUÕPÕLOHLOJLOLoDOÕúPDODUGDROGXNoDGLNNDWOLúHNLOGHJ|]|QQGHEXOXQGXUXOPDNWDGÕU
08/7ø)2.$/*g=ødø/(16ø7$6$5,0/$5,
0XOWLIRNDO *ø/ WDVDUÕPODUÕ X]DN YH \DNÕQÕ Hú ]DPDQOÕ RODUDN J|VWHUPHGH UHIUDNWLI YH
GLIIUDNWLI RSWLN SUHQVLSOHULQL ELUOLNWH NXOODQÕU 5HIUDNWLI RSWLNOHU D\UÕFD VIHULN \D GD DVIHULN
úHNLOOHUGHRODELOLU *|]LoLOHQVLQLQKHPDQWHULRUKHPGHSRVWHULRU \]H\LWHN\DGDNRPELQH
úHNLOOHUGHROXúWXUXODELOLU
7HPHOWDVDUÕPNDYUDPODUÕKDNNÕQGDELOJLUHWLFLúLUNHWOHUWDUDIÕQGDQDoÕNODQPÕúWÕU
0XOWLIRNDOJ|]LoLOHQVOHULQLQWDVDUÕPÕQGDHUNHQ]DPDQODUGDX]DNYH\DNÕQJ|UPHLoLQ\D
GDGDKDID]ODIDUNOÕDQWHULRUVIHULNUHIUDNWLI\]H\LQNRPELQDV\RQXNXOODQÕOGÕ,2/$%1XYXH
0XOWLIRFDOø2/,2/$%*ø/PPDUDVÕQGDGH÷LúHQYH\DNÕQJ|UPH\LVD÷OD\DQVDQWUDO
E|OPHVDKLSWLU%XE|OPGHOHQVLQJHULNDODQE|OPQGHQ'HNJoPHYFXWWXU3HULIHULN
E|OPX]DNJ|UPH\LVD÷ODU+HULNLE|OPGHGHNÕUÕFÕ\]H\OHQVLQ|Q\]QGHGLU
7ø3
5()5$.7ø)6)(5ø.
]RQOX
(\H7HFKQRORJ\0RGHO
,2/$%,QWUDRFXODU1XYXH
g=(//ø.
6DQWUDOGHPPOLN\DNÕQJ|UPH]RQX
'LRSWULOLNHNJoSHULIHUGHX]DNJ|UPH]RQX
OHQVLQoDSÕPP
]RQOX
3KDUPDFLD%
PP¶OLNVDQWUDO]RQPP¶OLNPLGSHULIHUDO
]RQWPOHQVLQoDSÕPP
6WRU]7UXH9LVWD
PP¶OLNVDQWUDO]RQPP¶OLNPLGSHULIHUDO
]RQPPWPoDS
%XOHQVOHUoNRQVDQWULNUHIUDNWLI]RQDVDKLSWLU
6DQWUDOYHSHULIHUDO]RQODUX]DNJ|UPH
PLGSHULIHUDO]RQ\DNÕQJ|UPHLoLQD\DUODQPÕúWÕU
]RQOX
$OOHUJDQ0HGLFDO2SWLFV$UUD\
6DQWUDOGHNLPP¶OLNE|OJHDGHWKDONDVDO
UHIUDNWLI]RQDD\UÕOÕUSHULIHUGHVDGHFHX]DNJ|UPH
LOHLOJLOLE|OJHPHYFXWWXU
'ø)5$.7ø)5()5$.7ø)
$OFRQ56725'LIIUDFWLYH0XOWLIRFDOø2/
0
%XOHQVOHUGHDQWHULRU\]H\NRQYDQVL\RQHO
UHIUDNWLIX]DNJ|UPH\LVD÷ODU$UND\]H\GHNL
NRQVDQWULNGLIIUDNWLIWDEDNDODU'LOH'
DUDVÕQGDGH÷LúHQHNJoVD÷ODU
7DEOR*HQHO0XOWLIRNDO*ø/WDVDUÕPODUÕ
6WRU] $OFRQ YH 3KDUPDFLD¶\D DLW WDVDUÕPODUGD LVH VDQWUDOGH X]DN J|UPH DODQÕ
PLGSHULIHUGH\DNÕQJ|UPHDODQÕHQSHULIHUGHLVH\LQHX]DNJ|UPHDODQÕPHYFXWWXU$OFRQ¶XQ
OHQVLQGHELIRNDO\]H\DUNDGDGL÷HUOHULQGH|Q\]H\GHGLU
%LU EDúND GH÷LúLN WLS RODQ $OOHUJDQ¶ÕQ $02 $UUD\ PXOWLIRNDO *ø/¶LQGH LVH SRVWHULRU
\]H\GHVIHULNUHIUDNWLI\]H\DQWHULRU\]H\GHLVHPXOWLSOHVIHULNUHIUDNWLI\]H\PHYFXWWXU
$02$UUD\¶ÕQ|Q\]QGHIDUNOÕE|OJHPHYFXWWXUYHEXKHUE|OJHGHSURJUHVLIRODUDNOHQVLQ
JFQH '¶GHQ '¶\H NDGDU HN Jo VD÷ODQÕU %X WDVDUÕPGD X]DN J|UPH GRPLQDQWGÕU
%XQX VÕUDVÕ LOH \DNÕQ J|UPH YH LQWHUPHGLDWH J|UPH WDNLS HGHU /HQVLQ RSWLN oDSÕ PP
WRSODPoDSÕPP¶GLU
$02 $UUD\ PXOWLIRNDO *ø/¶OHUL LOH ELUH\OHU JHOHQ ÕúÕN GHPHWLQLQ ¶VLQL X]DN J|UPH
SHUIRUPDQVÕQGD NXOODQDELOLUNHQ ¶VLQL \DNÕQ J|UPH SHUIRUPDQVÕQGD YH ¶ Q DUD
PHVDIHOHUGHNL J|UPH SHUIRUPDQVÕQGD NXOODQÕUODU %X OHQVOHUGH OHQVLQ JF SXSLOOD oDSÕ LOH
LOLúNLOLGLU
øNLQFLPDMRUWDVDUÕPGD|QDVIHULNYHDUNDVIHULNUHIUDNWLI\]H\EXOXQPDNWDGÕU,29,6,21
:ULJKW1RUGDQ9DULIRFDO YH ,RSWH[DVIHULN PXOWLIRNDO OHQV ,29,6,21 *ø/¶GH |Q \]H\GH
VIHULN YH DVIHULN DODQ NRPELQDV\RQX EXOXQPDNWDGÕU øNL DODQ DUDVÕQGD WRSODP '¶OLN Jo
IDUNÕ PHYFXWWXU ,RSWH[ *ø/¶GH VIHULN X]DN J|UPH E|OJHOHUL DVIHULN \DNÕQ J|UPH E|OJHVL LOH
NRPELQHHGLOPLúWLU%XOHQVWHNLDUD]RQLVH\DNÕQ J|UPHGHNXOODQÕODQDVIHULNUHIUDNWLI\]H\L
J|VWHUPHNWHGLU
hoQF PDMRU WDVDUÕPGD LVH |Q VIHULN UHIUDNWLI \]H\ LOH PXOWLSO SRVWHULRU GLIUDNWLI \DSÕOÕ
\]H\LQ NRPELQDV\RQX X]DN YH \DNÕQ J|UPH\L VD÷ODU $/&21 GLIIUDFWLYH GHVLJQ %X
QHGHQOH$OFRQ*ø/¶GHKHPUHIUDNWLIKHPGHGLIIUDNWLIRSWLNSUHQVLSOHUNRPELQHHGLOPLúWLU%X
OHQVOHULQDUND\]H\LQGHEXOXQDQX\JXQ|OoOHUGHNLDGHWNRQVDQWULNE|OJHÕúÕ÷ÕQRSWLN
DUDOÕ÷ÕQGDQED÷ÕPVÕ]RODUDNX]DNYH\DNÕQ J|UPHLoLQJHUHNOLRGDNQRNWDODUÕQGDELUOHúPHVLQL
VD÷ODU%XOHQVLQLPSODQWHHGLOGL÷LELUH\OHUJHOHQÕúÕNGHPHWLQLQ¶LQLX]DNµLQL
\DNÕQ J|UPH SHUIRUPDQVÕQGDNXOODQÕUNHQ ÕúÕN GHPHWLQLQ ¶LGD÷ÕOPDNWDGÕU%X OHQVOHUGH
ÕúÕN GHPHWLQLQ KHU LNL RGDN QRNWDVÕQD GúPHVLQL VD÷OD\DQ \DSÕODU OHQVLQ WP \]H\LQH
GD÷ÕOGÕ÷Õ LoLQ OHQVLQ IRQNVL\RQX SXSLOOD oDSÕ LOH LOLúNLOL GH÷LOGLU 'LIUDNWLI *ø/¶OHUL |]HOOLNOH
\DNÕQ J|UPHGH UHIUDNWLI *ø/¶OHULQH J|UH GDKD HWNLOLGLU $QFDN \DSÕODQ oDOÕúPDODUGD GLIUDNWLI
*ø/¶OHULQGH UHIUDNWLI *ø/¶OHULQH J|UH NRQWUDVW GX\DUOÕOÕ÷ÕQGDNL D]DOPD YH JODUH UDKDWVÕ]OÕ÷Õ
GDKDID]ODGÕU
7HRULNRODUDNEXOHQVOHULQKHSVLKHPX]DNKHPGH \DNÕQGDNLFLVLPOHUGHQJHOHQÕúÕQODUÕHú
]DPDQOÕ RODUDN IRYHD ]HULQH RGDNOD\DELOLU $QFDN KDVWD X]D÷D ILNVH ROGX÷XQGD \DNÕQGDNL
FLVLPGHQ JHOHQ ÕúÕQODU HWNLOL RODUDN EORNH RODFDN \DNÕQD ILNVH ROGX÷XQGD LVH WHUVL
JHUoHNOHúHFHNWLU
0XOWLIRNDO*ø/¶OHULQNXOODQÕPÕQGD
D +DVWDVHoLPL
E 3UHRSHUDWLIGH÷HUOHQGLUPH
F $VWLJPDWL]PDNRQWURO
G 3RVWRSHUDWLIEDNÕP|QHPWDúÕU
+DVWDVHoLPL+DVWDVHoLPNULWHUL OHQVLQPRGHOLQHED÷OÕGÕUgUQH÷LQNoN \DGDQRQUHDNWLI
SXSLOODVÕ RODQ KDVWDODUGD SXSLOOD ER\XWODUÕQGDQ ED÷ÕPVÕ] RODUDN VUHNOL J|UPH\L VD÷OD\DQ
*ø/¶OHULVHoLOHELOLU0XOWLIRNDO*ø/WDNÕOPDVÕLoLQHQX\JXQKDVWDODUWD]HNDWDUDNWKDVWDODUÕGÕU
3UHRSHUDWLI GH÷HUOHQGLUPH 0XOWLIRNDO OHQV LPSODQWDV\RQXQXQ DPDoODUÕQGDQ ELUL J|]ON
NXOODQÕPÕQÕD]DOWPDN\DGDNDOGÕUPDNROGX÷XQGDQNHUDWRPHWULYHEL\RPHWUL|OoPOHULGLNNDWOL
\DSÕOPDOÕGÕU
$VWLJPDWL]PD NRQWURO 0XOWLIRNDO *ø/¶OHUGH GH PRQRIRNDO *ø/¶OHULQGH ROGX÷X JLEL
FHUUDKL VÕUDVÕQGDNL NRQWURO SRVWRSHUDWLI DVWLJPDWL]PD\Õ \HWHULQFH NRQWURO DOWÕQD DOÕU
3RVWRSHUDWLI RUWDLOHUL GHUHFHGH DVWLJPDWL]PD KDVWD\Õ J|]O÷H ED÷ÕPOÕ NÕODFDN YH PXOWLIRNDO
*ø/WDNÕOPDVÕQÕJHUHNVL]KDOHJHWLUHFHNWLU
3RVWRSHUDWLI EDNÕP 3RVWRSHUDWLI KDVWD EDNÕPÕ PRQRIRNDO *ø/¶OHUGH ROGX÷X JLELGLU +DVWD
EDNÕPÕQGD|QHPYHULOPHVLJHUHNHQNRQXUHIUDNVL\RQGXUdQNPXOWLIRNDOOHQVOHULQLNL\DGD
GDKD ID]OD RGDN QRNWDVÕ YDUGÕU YH X\JXQ X]DN RGDN QRNWDVÕQÕQ VD÷ODQPDVÕ LoLQ UH]LGHO
UHIUDNWLIKDWDQÕQ\HWHULQFHG]HOWLOPHVLJHUHNLU
&(55$+ø7(.1ø.
$02$UUD\ YH$/&210GLIIUDNWLI*ø/NDWODQDELOLUOHQVOHUROXSEXOHQVOHULQLPSODQWH
HGLOHFH÷L KDVWDODUGD VWDQGDUW IDNRHPOVLILNDV\RQ FHUUDKLVL X\JXODQÕU 6LOLNRQ *ø/¶OHUL
NDWODQDELOLU ROGX÷X LoLQ LOH PP DUDVÕQGDNL NHVL JHQLúOL÷L \HWHUOLGLU &HUUDKL VÕUDVÕQGD
NDSVORUHNVLV YH IDNRHPOVLILNDV\RQ VRQUDVÕ OHQVLQ KHU LNL KDSWL÷L NDSVO LoLQH
\HUOHúWLULOPHOLGLU $UND NDSVOQ SHUIRUH ROGX÷X ROJXODUGD GHVDQWUDOL]DV\RQ ULVNL \NVHN
ROGX÷X LoLQ PXOWLIRNDO *ø/ LPSODQWDV\RQX WDYVL\H HGLOPH] %X YDNDODUGD PRQRIRNDO *ø/
NXOODQÕOPDOÕGÕU 0XOWLIRNDO *ø/ LPSODQWH HGLOHQ ROJXODUGD \DUD \HUL NDSDWÕOÕUNHQ PPNQ
ROGX÷XQFDSRVWRSHUDWLIDVWLJPDWL]PDROXúWXUPDNWDQNDoÕQÕOPDOÕGÕU
300$PXOWLIRNDO*ø/¶OHULQGHOHQVLQRSWLNoDSÕQDJ|UHNHVL JHQLúOL÷LVD÷ODQÕU%X $02
$UUD\¶ÕQ 300$ OHQVOHULQGH PP 6WRU]¶XQ 3 789 WLSLQGH RSWLN oDSÕ
PP PP¶GLU .HVL NRUQHDO WQHO \D GD VNOHUDO WQHO úHNOLQGH RODELOLU øQVL]\RQ HQ GLN
PHULG\HQGHQDoÕODUDNSRVWRSHUDWLIDVWLJPDWL]PD|QOHQPH\HoDOÕúÕOÕU<DSÕODQFHUUDKLVWDQGDUW
HNVWUDNDSVOHU FHUUDKL \D GD IDNRHPOVLILNDV\RQ FHUUDKLVL RODELOLU .DWODQDQDELOLU OHQVOHUGH
ROGX÷XJLEL*ø/NDSVOLoLQH\HUOHúWLULOPHOLGLU
$VIHULNUHIUDNWLIOHQVOHUø29ø6ø21¶LQLPSODQWDV\RQX)'$¶QÕQKD]ÕUODGÕ÷ÕSURWRNROHJ|UH
\DSÕOPDOÕGÕU %X SURWRNROH J|UH NRUQHDO \D GD VNOHUDO WQHO KD]ÕUODQDUDN VWDQGDUW
HNVWUDNDSVOHU\DGDIDNRHPOVLILNDV\RQ FHUUDKLVLX\JXODQÕUYHOHQVNDSVOLoLQH\HUOHúWLULOLU
$QFDN OHQVLQ PXOWLIRNDO E|OP DVIHULN E|OP DOW QD]DO NDGUDQD \HUOHúPHOLGLU %X
\HUOHúWLUPHELoLPLJ|]QRSWLNDQDWRPLNJHUHNVLQLPOHULQLGHNDUúÕODPDNWDGÕU%XQHGHQOH*ø/
VD÷ J|]H GLN VRO J|]H LVH KRUL]RQWDO RODUDN \HUOHúWLULOPHOLGLU &HUUDKL VRQUDVÕ LVWHQLUVH NHVL
\HULVWUHHGLOLU
3('ø$75ø.2/*8/$5'$08/7ø)2.$/*ø/ø03/$17$6<218
3HGLDWULN NDWDUDNW ROJXODUÕQÕQ WHGDYLVLQGH *ø/ LPSODQWDV\RQX VÕNOÕ÷Õ ROGXNoD DUWDQ ELU
\DNODúÕPGÕU <DúOÕ ELUH\OHUGH PXOWLIRNDO *ø/ LPSODQWDV\RQX LOH \NVHN RUDQGD WDVKLKVL] YH
WDVKLKOL X]DN J|UPH DUWPÕú WDVKLKOLYH WDVKLKVL]\DNÕQ J|UPH D]DOPÕú J|]ON ED÷ÕPOÕOÕ÷ÕYH
D]DOPÕúNRQWUDVWGX\DUOÕOÕ÷ÕYHJODUHROXúXPXQDUD÷PHQ KDVWDPHPQXQL\HWLVD÷ODPDNWDGÕU
/DPEHUW65WDUDIÕQGDQ\ÕOÕQGDPD\PXQODU]HULQGH\DSÕODQoDOÕúPDGDPXOWLIRNDOYH
PRQRIRNDO *ø/¶OHULQ QHRQDWDO DIDNLGH HWNLQOLNOHUL NÕ\DVODQPÕú SRVWRSHUDWLI G|QHPGH
ROJXODUGD 7HOOHU NDUWODUÕ LOH J|UPH NHVNLQOLNOHUL GH÷HUOHQGLULOGL÷LQGH LNL JUXS DUDVÕQGD IDUN
EXOXQPDPÕúWÕU
-DFREL YH DUN \ÕOÕQGD \DSWÕNODUÕ oDOÕúPDGD HULúNLQ ELUH\OHUGH NXOODQÕODQ ]RQDO
SURJUHVVLI PXOWLIRNDO *ø/¶LQ RSWLN SHUIRUPDQVÕQGD \DúÕQ |QHPOL ELU IDNW|U ROGX÷XQX WHVSLW
HWPLúOHUGLU %XoDOÕúPDGDJHQoELUH\OHUGH\DúOÕELUH\OHUHJ|UHGDKDL\LRGDNGHULQOL÷LYHGDKD
L\LNRQWUDVWGX\DUOÕOÕ÷ÕHOGHHGLOPLúWLU
%XQXQ ]HULQH -DFREL YH DUN¶QÕQ \ÕOÕQGD \DSWÕNODUÕ oDOÕúPDGD SHGLDWULN ROJXODUGD
PXOWLIRNDO*ø/¶LQHWNLQOL÷LGH÷HUOHQGLULOPLú%XoDOÕúPD\DNRQMHQLWDONDWDUDNWJHOLúHQJ|]
JHOLúLPVHONDWDUDNWEXOXQDQJ|]YHWUDYPDWLNNDWDUDNWEXOXQDQJ|]GDKLOHGLOPLú2OJXODU
\Dú DUDVÕQGD YH PLQLPXP WDNLS VUHVL \ÕOPÕú *|]QGH NDWDUDNW GÕúÕQGD SDWRORML
EXOXQDQ ROJXODU oDOÕúPD NDSVDPÕQD DOÕQPDPÕú 2OJXODUGDQ WDQHVL ELODWHUDOPLú 2OJXODUD
VWDQGDUW IDNRHPOVLILNDV\RQ FHUUDKLVL X\JXODQPÕú 2OJXODUGD FHUUDKL VRQUDVÕ HQ L\L X]DN
J|UPH RUW r DUDVÕQGD X]DN WDVKLKOL \DNÕQ J|UPH RUW r
VHYL\HVLQGH LPLú YH SUHRSHUDWLI GH÷HUOHUH J|UH EHOLUJLQ GHUHFHGH DUWPD J|VWHUPLú S %LODWHUDO FHUUDKL X\JXODQDQ oRFXNWDQ ¶ SRVWRSHUDWLI G|QHPGH KLo J|]ON NXOODQPDPÕú
2OJXODUGD \LQH SRVWRSHUDWLI G|QHPGH VWHUHRSVLV¶LQ EHOLUJLQ GHUHFHGH DUWÕú J|VWHUGL÷L
VDSWDQPÕúS $UHQV%YHDUN¶GDELODWHUDOPXOWLIRNDO*ø/LPSODQWHHGLOHQELUH\OHUGHNRQWUDVWGX\DUOÕOÕ÷Õ
YH VWHUHRSVLV¶LQ PRQRIRNDO *ø/ LPSODQWH HGLOHQ ELUH\OHUH J|UH GDKD L\L ROGX÷XQX
VDYXQPDNWDGÕU
<D]DUODUD J|UH PXOWLIRNDO *ø/ WDVDUÕPÕQGDNL JHOLúPHOHU SHGLDWULN NDWDUDNW ROJXODUÕQGD EX
OHQVOHULQNXOODQÕPÕQÕGDKDGDDUWÕUDFDNWÕU
./ø1ø.'(ö(5/(1'ø50(
0XOWLIRNDO*ø/¶OHULQSRVWRSHUDWLIHWNLQOL÷LQLQGH÷HUOHQGLULOPHVLQGH
7DVKLKVL]J|UPHNHVNLQOL÷L0XOWLIRNDO*ø/¶OHULQHWNLQOL÷LQL GH÷HUOHQGLUHQ\|QWHPOHUGHQELUL
WDVKLKVL] X]DN YH \DNÕQÕ J|UHELOHQ KDVWDODUÕQ RUDQÕQÕ VDSWDPDNWÕU 8]DNWD VQHOOHQ HúHOL LOH
\D GD GDKD ID]OD \DNÕQGD -DHJHU HúHOL LOH - \D GD GDKD ID]OD J|UPH µIRQNVL\RQDO
J|UPH¶ RODUDN WDQÕPODQÕU 3UHRSHUDWLI |OoPOHUGHNL GR÷UXOXN UHIUDNWLI KHGHI UH]LGHO
UHIUDNWLIKDWDSRVWRSHUDWLIDVWLJPDWL]PDNDSVOHUEXODQÕNOÕNYHRNOHUKDVWDOÕNODUIRQNVL\RQHO
J|UPHQLQHOGHHGLOPHVLQGHHWNLOLUROR\QDU
7DVKLKOL X]DN J|UPH 0XOWLIRNDO *ø/¶OHULQ NDOLWHVLQL J|VWHUHQ |QHPOL IDNW|UOHUGHQ ELUL
VD÷ODGÕ÷Õ X]DN J|UPHGLU %X GXUXP OHQVLQ PRQRIRNDO *ø/¶OHULQGH VD÷ODQDQ X]DN J|UPH LOH
VD÷ODQPDVÕ\DGDEHNOHQHQX]DNJ|UPHNDOLWHVLQGHHNVLNOLNLOHVDSWDQDELOLU
$/&21
,2/$%
$02$UUD\
Q Q \DGDGDKDID]OD
¶GDQGDKDD]
7RSODPWDVKLKOLX]DNJ|UPH
LOHDUDVÕ
7DVKLKVL]HQL\LX]DNJ|UPHROJXODUÕ
Q \DGDGDKDID]OD
¶GDQGDKDD]
LOHDUDVÕ
7DVKLKOLHQL\LX]DNJ|UPHROJXODUÕ
\DGDGDKDID]OD
¶GDQGDKDD]
LOHDUDVÕ
(Q L\L ROJXODU 3UHRSHUDWLI SDWRORMLVL EXOXQDQ \D GD ]DPDQOD PDNXOD GHMHQHUDV\RQX JLEL SDWRORMLOHUL RODQ
ROJXODUÕQoÕNDUÕOPDVÕLOHHOGHHGLOPLúWLU
7DEOR)DUNOÕPXOWLIRNDO*ø/¶OHULQGHX]DNJ|UPHNHVNLQOL÷LYHULOHUL
6WHLQHUW 5) YH DUNDGDúODUÕ WDUDIÕQGDQ \ÕOÕQGD \DSÕODQ ROJXGDQ ROXúDQ
oDOÕúPDVÕQGD$02$UUD\PXOWLIRNDO*ø/HWNLQOL÷LGH÷HUOHQGLULOPLúWLU%XoDOÕúPDGDWDVKLKVL]
YH WDVKLKOL X]DN J|UPHQLQ PXOWLIRNDO YH PRQRIRNDO *ø/ LPSODQWH HGLOHQ ROJXODUGD EHQ]HU
ROGX÷XQXVDSWDPÕúWÕUS /LQGVWURP5/WDUDIÕQGDQ\ÕOÕQGD\DSÕODQYH$OFRQ0
GLIIUDNWLI *ø/¶OHULQ GH÷HUOHQGLULOGL÷L oDOÕúPDGD GD PXOWLIRNDO YH PRQRIRNDO *ø/ WDNÕODQ
ROJXODUGD WDVKLKVL] X]DN J|UPHQLQ LNL JUXSWD EHQ]HU ROGX÷X J|VWHULOPLúWLU PXOWLIRNDO PRQRIRNDOS!
7DVKLKVL] \DNÕQ J|UPH 0XOWLIRNDO *ø/¶OHULQ NXOODQÕOPDVÕQÕQ HVDV DPDoODUÕQGDQ ELUL
SRVWRSHUDWLIKDVWDQÕQ\DNÕQÕWDVKLKVL]RODUDNJ|UHELOPHVLGLU
6WHLQHUW¶LQoDOÕúPDVÕQGD$02$UUD\WDVKLKVL]YHX]DNWDVKLKOL\DNÕQJ|UPHGHPXOWLIRNDO
ROJX JUXEXQGD PRQRIRNDO ROJX JUXEXQD J|UH VÕUD GDKD ID]OD \DNÕQ J|UPH HOGH HGLOPLúWLU
S -DYLWW - YH DUNDGDúODUÕ WDUDIÕQGDQ \DSÕODQ oDOÕúPDGD $02 $UUD\ PXOWLIRNDO
ROJX JUXEXQGD PRQRIRNDO ROJX JUXEXQGD ROJXGD WDVKLKVL] IRQNVL\RQHO \DNÕQ
J|UPH HOGH HGLOPLúWLU S /LQGVWURP¶XQ oDOÕúPDVÕQGD LVH $OFRQ 0 X]DN WDVKLKOL
IRQNVL\RQHO \DNÕQ J|UPH PXOWLIRNDO JUXSWD ROJXGD PRQRIRNDO JUXSWD ROJXGD HOGH
HGLOPLúWLUS
$/&21
Q ,2/$%
Q $02$UUD\
Q 7RSODPWDVKLKOL\DNÕQJ|UPH
- \DGDGDKDID]OD
--
- \DGDGDKDD]
7DVKLKVL]HQL\L\DNÕQJ|UPH
- \DGDGDKDID]OD
--
- \DGDGDKDD]
8]DNWDVKLKOLHQL\L\DNÕQJ|UPH
- \DGDGDKDID]OD
--
- \DGDGDKDD]
8]DN\DGD\DNÕQWDVKLKOLHQL\L\DNÕQJ|UPH
- \DGDGDKDID]OD
--
- \DGDGDKDD]
(Q L\L ROJXODU 3UHRSHUDWLI SDWRORMLVL EXOXQDQ \D GD ]DPDQOD PDNXOD GHMHQHUDV\RQX JLEL
SDWRORMLOHULRODQROJXODUÕQoÕNDUÕOPDVÕLOHHOGHHGLOPLúWLU
7DEOR)DUNOÕPXOWLIRNDO*ø/¶OHULQGH\DNÕQJ|UPHYHULOHUL
.RQWUDVW GX\DUOÕOÕ÷Õ 3RVWRSHUDWLI KDVWDGD NRQWUDVW GX\DUOÕOÕ÷ÕQGD D]DOPD PXOWLIRNDO
*ø/¶OHULQLQNXOODQÕOPDVÕQGDHVDVGH]DYDQWDMODUGDQELULGLU%XGXUXPXQGH÷HUOHQGLULOPHVLQGH
3HOOL5REVRQ/HWWHU&KDUW\DGD
5HJDQ/RZ&RQWUDVW$FXLW\7HVWNXOODQÕOÕU
3HOOL5REVRQ RNXPD NDUWODUÕQGD RNXPD \] WDQÕPD YH KDUHNHW JLEL IRQNVL\RQHO J|UPH
NHVNLQOL÷L JHUHNVLQLPL LOH HQ L\L NRUHOH RODQ NRQWUDVW GX\DUOÕOÕ÷Õ IRQNVL\RQXQXQ SLN QRNWDVÕ
|OoOU
5HJDQWHVWLLVHYHJLELIDUNOÕNRQWUDVWVHYL\HOHULQGHJHUoHNOHúWLULOLU
%|\OHFHWHVWLQo|]PHOLPLWLYHNRQWUDVWOLPLWL |OoOPúROXU
0XOWLIRNDO *ø/¶OHULQ NRQWUDVW GX\DUOÕOÕ÷Õ ]HULQH HWNLVL KDNNÕQGD GH÷LúLN J|UúOHU
PHYFXWWXU/LQGVWURP¶HJ|UH$OFRQ0PXOWLIRNDO*ø/WDNÕODQROJXODUGDNRQWUDVWGX\DUOÕOÕ÷Õ
KDILIoH D]DOVD GD |QHP WDúÕPDPDNWDGÕU $QFDN DUDúWÕUPDFÕODUÕQ oR÷X PXOWLIRNDO *ø/¶OHULQ
NRQWUDVWGX\DUOÕOÕ÷ÕQGD|]HOOLNOHGúNNRQWUDVWVHYL\HOHULQGH5HJDQWHVWLD]DOPD\D\RO
DoWÕ÷Õ YH PH]RSLN J|UPHQLQ PXWLIRNDO *ø/ WDNÕODQ ROJXODUGD HWNLOHQGL÷L YXUJXODQPÕúWÕU %X
oDOÕúPDODUGD |]HOOLNOH JHFH \ROFXOX÷X \DSPDVÕ JHUHNHQ SURIHV\RQHO VUFOHUGH PXOWLIRNDO
*ø/¶OHULQLQNXOODQÕOPDPDVÕJHUHNWL÷LYXUJXODQPÕúWÕU
*|]ON NXOODQÕPÕ 0XOWLIRNDO *ø/¶OL KDVWDODUGD OHQVLQ HWNLQOL÷LQL J|VWHUHQ |QHPOL
SDUDPHWUHOHUGHQ ELULGLU $QFDN GL÷HU J|]Q GXUXPX J|]ON NXOODQÕPÕQÕ |QHPOL GHUHFHGH
HWNLOHPHNWHGLU %X QHGHQOH KDVWDODUÕQ J|]ON JHUHNVLQLPLQL VDSWDPDN LoLQ LNL J|] ELUOLNWH
PXD\HQHHGLOPHOLGLU)'$¶QÕQ$OFRQ0GLIIUDNWLI*ø/¶OHULLOH\DSWÕ÷ÕoDOÕúPDGDSRVWRSHUDWLI
D\OÕN WDNLS VRQXQGD ROJXGD KLo J|]ON NXOODQPDGDQ X]DN YH \DNÕQGD IRQNVL\RQHO
J|UPHHOGHHGLOPLúWLU-DYLWW-9HDUNDGDúODUÕQÕQoDOÕúPDVÕQGDX]DNWDYH \DNÕQGDKLoJ|]ON
NXOODQPDPDRUDQÕPXOWLIRNDO*ø/JUXEXQGDPRQRIRNDO*ø/JUXEXQGDS
LNHQ /LQGVWURPXQ oDOÕúPDVÕQGD EX RUDQODU VÕUDVÕ LOH YH S RODUDN
EXOXQPXúWXU 6WHLQHUW 5) YH DUNDGDúODUÕQD J|UH ELODWHUDO PXOWLIRNDO *ø/ WDNÕODQ ROJXODUGD
X]DN YH \DNÕQGD WDVKLKVL] IRQNVL\RQHO J|UPH RUDQÕ PXOWLIRNDO *ø/ JUXEXQGD PRQRIRNDO*ø/JUXEXQGDRODUDNEXOXQPXúWXUS
0XOWLIRNDO *ø/ LOH LOJLOL \HQL WDVDUÕP YH DUDúWÕUPDODU KDOD GHYDP HWPHNWHGLU %X
oDOÕúPDODUÕQVRQXFXQGDRUWD\DoÕNDFDNUQOHUFHUUDKODUD\HQLDOWHUQDWLIOHUVXQDFDNWÕU.oN
NHVLFHUUDKLVLYHPXOWLIRNDO*ø/NXOODQÕPÕLOHJHOHFHNWHSHNoRNKDVWDGDWDVKLKVL]X]DN
YH- \DNÕQJ|UPHHOGHHGLOHELOHFHNWLU
.$<1$./$5
6WHLQHUW5)&DWDUDFW 6XUJHU\ WHFKQLTXHFRPSOLFDWLRQV PDQDJHPHQW :%6DXQGHUV
FRPSDQ\
0DUWLQ 5* *LOOV -3 6DQGHUV '5 )ROGDEOH LQWUDRFXODU OHQVHV 6/$&. ,QFRUSRUDWHG
&KDSWHU
-DFREL 3& YH DUN 0XOWLIRFDO LQWUDRFXODU OHQV LPSODQWDWLRQ LQ SHGLDWULF FDWDUDFW VXUJHU\
2SKWKDOPRORJ\
6WHLQHUW 5) YH DUN $ SURVSHFWLYH FRPSDUDWLYH VWXG\ RI WKH $02 $UUD\ ]RQDO
SURJUHVVLYH PXOWLIRFDO VLOLFRQH LQWUDRFXODU OHQV DQG D PRQRIRFDO LQWUDRFXODU OHQV
2SKWKDOPRORJ\
$UHQV % )UHXGHQWKDOHU 1 %LQRFXODU IXQFWLRQ DIWHU ELODWHUDO LPSODQWDWLRQ RI PRQRIRFDO
DQGUHIUDFWLYHPXOWLIRFDOLQWUDRFXODUOHQVHV-&DWDUDFW5HIUDFW6XUJ
-DYLWW-YHDUN&DWDUDFWH[WUDFWLRQZLWKPXOWLIRFDOLQWUDRFXODUOHQVLPSODQWDWLRQ&OLQLFDO
IXQFWLRQDODQGTXDOLW\RIOLIHRXWFRPHV0XOWLFHQWHUFOLQLFDOWULDOLQ*HUPDQ\DQG$XVWULD-
&DWDUDFW5HIUDFW6XUJ
-DFREL3&YHDUN(IIHFWRIDJHDQGDVWLJPDWLVPRQWKH$02$UUD\PXOWLIRFDOLQWUDRFXODU
OHQV-&DWDUDFW5HIUDFW6XUJ
/LQGVWURP 5/ )RRG DQG 'UXJ DGPLQLVWUDWLRQ VWXG\ XSGDWH 2QH\HDU UHVXOWV IURP SDWLHQWVZLWK WKH0PXOWLIRFDOLQWUDRFXODUOHQV2SKWKDOPRORJ\
/DPEHUW 65 )HUQDQGHV $ YH DUN 0XOWLIRFDO YHUVXV PRQRIRFDO FRUUHFWLRQ RI QHRQDWDO
PRQRFXODUDSKDNLD-3HGLDWU2SKWKDOPRO6WUDELVPXV