Culegere De Bancuri Romanesti Volumul 2

  • August 2019
  • PDF

This document was uploaded by user and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this DMCA report form. Report DMCA


Overview

Download & View Culegere De Bancuri Romanesti Volumul 2 as PDF for free.

More details

  • Words: 10,120
  • Pages: 141
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9ROXPXO,, OLVWHSRH]LRDUHSHUOHVD $OFDWXLWDGH(XJHQ.DUEDQ

9L]LWHD]DPLSDJLQDSHUVRQDODGHZHEODDGUHVDKWWSKRPHSDJHVFRPSXVHUYHGHJHQX. &DSRUWDOSHHQWUXSDJLQDGHEDQFXULPDLSRWILIRORVLWHDGUHVHOH ZZZEDQFXULRUJ ZZZVXUIWREDQFXUL 6DXWULPLWHPLXQ(0DLOODDGUHVDNDUEDQHXJHQ#JP[QHW

9HUVLXQHD 8OWLPDPRGLILFDUHOD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

,QIRUPDWLLQXQXPDLFRS\ULJKW

$FHDVWDFROHFWLHGHEDQFXULVWDODGLVSR]LWLDOLEHUDDWXWXURUFHORUDFDUHYRUVDOHWLSDUHDVFDVDXVDOHIRORVHDVFDvQIRUPDORU HOHFWURQLFDSHQWUXX]XOSHUVRQDO $FHVWILVLHU SGISRDWHILGDWIDFXWFDGRX]YkUOLWDUXQFDWHPDLODWODWRWLSULHWHQLLVLVDXGXVPDQLLWDL

%LQHvQWHOHV EDQFXULOH vQ SULQFLSLXQX VWDX VXE SURWHFWLD QLFLXQXLFRS\ULJKWvQVDVL PHQLUHD ORU ILLQG UDVSkQGLUHD OLEHUD SH FDOHYHUEDOD GHSUHIHUDW LDUvQDFHVWFD]SHFDOHVFULVD

7RWXVLVXQWGHSDUHUHFDDPLQYHVWLWIRDUWHPXOWWLPSVLPXQFDvQUHDOL]DUHDDFHVWRUSDJLQLREWLQkQGVSHUHXVLXQUH]XOWDW IUXPRV 'H DFHHD DV GRUL FD DFHDVWD PXQFD VD ILH UHVSHFWDWD DQXPH QX DV JDVL GHORF IDLU FD DFHVWH EDQFXUL vQ DFHDVWD JUXSDUH vQ WRWDOLWDWH VDX SH FDWHJRULL  VD ILH WLSDULWH IDUD vQVWLLQWDUHD PHD DOWIHO GHFkW SHQWUX X]XO SHUVRQDO SUHFXP VL SUHOXDUHDDFHVWRUJUXSDULGHEDQFXULGHDOWHVLWXULRILFLDOHVDXSHUVRQDOHGLQLQWHUQHW5HPDUFWRWXVLFXWULVWHWHFDDFHVWOXFUX VHSUDFWLFDvQVDVLSDUHVDGHYLQDXQVSRUWGHPDVD/ 1XLDVD" EDQFXULWDULK\SHPDUWQHWGRPQXOH0LKDL5XVVLPWHWHPDLGHSDUWHFDODDXWRVHUYLUHSHDFHVWHSDJLQL ZZZKD]URGRPQXOH9RLFD6RULQVLPWHWHPDLGHSDUWHFDODDXWRVHUYLUHSHDFHVWHSDJLQL ZZZJHOXJRURGRPQXOH9RLFD6RULQVLPWHWHPDLGHSDUWHFDODDXWRVHUYLUHSHDFHVWHSDJLQL 'DFD FXPYD YUHR HGLWXUD "  JDVHVWH LQWHUHVDQWD DFHDVWD PLFD GHYHQLWD PDUH vQWUH WLPS-  OXFUDUH SRDWH OXD OHJDWXUD FX PLQHSULQ(PDLO

3HQWUXDYHGHDVLDOWHEDQFXULVDXSHQWUXDIDFHXQGRZQORDGDODFHVWHLFDUWL VDXDXQHLYHUVLXQLPDLQRLDDFHVWHLFDUWL SRWL VD YL]LWH]L GLQ FkQG vQ FkQG XUPDWRDUHD DGUHVDKWWSKRPHSDJHVFRPSXVHUYHGHJHQX. $LFL YHL JDVL VL DOWH OXFUXUL VSHUHXLQWHUHVDQWHvQDIDUDGHDFHVWHEDQFXUL 7LQVD PXOWXPHVF DLFL vQ SULPXOUkQGVRWLHL PHOH SHQWUXUDEGDUHD FDUH D DUDWDWRIDWD GH PLQHVL GH FRPSXWHU- DSRL OXL 6RULQ'DOHDOXL6WHYH*HDQWDOXL&ODXGLX$GULDQ&UXFHDQXVLDWXWXURUDFHORUDFDUHPDXvQFXUDMDWSULQVFULVRULHPDLOVD OXFUH]PDLGHSDUWHODSDJLQDGHEDQFXUL

$FHDVWDFDUWHVHYUHDDVWIHORYDULDQWDPDLIUXPRDVDVLSUHOXFUDWDDSDJLQLLPHOHGHEDQFXULYDULDQWDFDUHVDSRDWDILFLWLWDVL VHDUDvQDLQWHGHFXOFDUHQXQXPDLvQIDWDPRQLWRUXOXLVLFXJkQGXOODQRWDWHOHIRQLFD $LFLvQDFHDVWDFDUWHSRWILH[FOXVHGLQVWDUWRULFHWHQGLQWDGHVRYLQLVPUDVLVPQDWLRQDOLVPDQWLVHPLWLVPDQWLIHPLQLVP VDXDOWHDVWIHOGHOXFUXULGHSORUDELOH&XYLQWHH[SOLFLWHDSDUIDUDGRDUVLSRDWHODIRDUWHPXOWHEDQFXULSHQWUXDQXGHUDQMDSH QLPHQLFXIRORVLUHDORUGLUHFWDOHDPPDUFDW SHFkWDPSXWXW FXXQDVWHULVF'DFDFLQHYDJDVHVWHVLDVDFDEDQFXULOHGLQ DFHDVWDFXOHJHUHFRQWLQSUHDPXOWHFXYLQWHREVFHQHvQVHDPQDFDFLWHVWHSDJLQLOHJUHVLWHVLHVWHUXJDWVDVWHDUJDDFHVWILVLHUGH SHKDUG 0DVEXFXUDVDSULPHVFLPSUHVLLVLRSLQLLVDXFKLDUFULWLFLGLQSDUWHDFHORUFDUHDMXQJVDFLWHDVFDDFHDVWDFDUWHVDX IUDJPHQWHGLQHD

'DFDHVWLXQLQWHUQHWLVWFRQYLQVVLDLRDUHFHH[SHULHQWDFX,5&XOVLFXSURJUDPXO0,5& VDXDOWHOH SRWLGLQFkQGvQFkQGVD LQWULLSH8QGHUQHWSHFDQDOXOEDQFXUL$LFLYHLSXWHDVSXQHDVFXOWDEDQFXULVLGLVFXWDFXDOWLvPSDWLPLWLDLEDQFXULORU (XJHQ



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

/LVWHOHSRDQWHOHSRH]LRDUHOH &XVLGHVSUHEHUH %HUHD1RDVWUD %HUHDQRDVWUDFHDGHWRDWH]LOHOH &DUHWHDIOLLvQKDOEH 6ILQWHDVFDVHQXPHOHWDX 9LHPLUHDVPDWD 3UHFXPvQFUkVPDDVDVLDFDVD 6HWHDQRDVWUDFHDGHWRDWH]LOHOH 3RWROHVWHQHRDVWD]L 6LLDUWDLSHFHLFDUHQHVXQWvQGDWRUDWL 6LQXQHGXvQFRIHWDULL &LGDQHSXWHUHDGHDEHDPDLGHSDUWH &DFLDWDHVWHVSXPD 0DKPXUHDODVLVHWHD ÌQQXPHOHPDOWXOXL $OKDPHLXOXLEXWRDLHORU 6LDKDOEHORU %(5(

'HFHREHUHHVWHPDLEXQDGHFkW,VXV 1LPHQLQXWHYDXFLGHSHQWUXFDQXEHLEHUH %HUHDQXvWLGDLQGLFDWLLFXPVLFXFLQHVDIDFLVH[ 'LQFDX]DEHULLQXDDYXWORFQLFLXQUD]ERL &XEHUHQXVXQWIRUWDWLPLQRULLFDUHvQFDQXSRWJkQGLLQGHSHQGHQW 'DFDDLREHUHQXEDWLODXVDDOWRURDPHQLvQFHUFkQGVDOHRGDLVLORU 1LPHQLQXDIRVWDUVSHUXJVSkQ]XUDWVDXWRUWXUDWVXEVHPQXOEHULL 1XWUHEXLHVDDVWHSWLGHDQLSHQWUXRDGRXDEHUH ([LVWDOHJLFDUHvWLVSXQFDHWLFKHWHOHGHEHUHQXPLQW 6HSRDWHGHPRQVWUDFDREHUHH[LVWDFXDGHYDUDW 'DFDvWLGHGLFLYLDWDEHULLH[LVWDJUXSXULGHRDPHQLFDUHVDWHDMXWHVDUHQXQWLODHD /DREHUHQXWUHEXLHVDWHURJL ÌQWUREHUDULHPHUJL'XPLQLFDFXSODFHUH 2EHUHQXvWLFHUHVDSRVWHVWL 2EHUHQXvWLYDVSXQHVDPDQkQFLSHVWH9LQHUHD $ODWXULGHREHUHSRWLPkQFDvQRULFH]LGLQVDSWDPkQDFDUQH 2EHUHQXvWLLQWHU]LFHVDPLQWL 2EHUHQXvWLLQWHU]LFHVDIXUL 2EHUHQXvWLLQWHU]LFHVDSUHDFXUYHVWL 2EHUHQXvWLLQWHU]LFHVDWHFXOFLFXQHYDVWDDOWXLD 2EHUHQXvWLLQWHU]LFHVDXFL]L 2EHUHQXWHvQGHDPQDVDGXVPDQHVWLSHFHLFHEHDXDOWHEDXWXULDOFRROLFH 2EHUHQXvWLSURPLWHUDLXOGDFDREHL 2EHUHQXvWLSURPLWHYLDWDGXSDPRDUWHFLvWLvQIUXPXVHWHD]DYLDWD 'DFDSULPHVWLRSDOPDEHUHDQXWHYDvQGHPQDVDvQWLQ]LVLFHODODOWREUD]



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'HFHREHUHHPDLEXQDGHFkWRIHPHLH 0RWLYHSHQWUXFDUHREHUHHPDLEXQDGHFkWRIHPHLH

2EHUHQXYDIDFHQLFLRGDWDDFFLGHQWFXPDVLQD 2EHUHQXVHYDSOkQJHQLFLRGDWDFDRVWUkQJHFHQWXUDGHVLJXUDQWD 2EHUHQXDUFXPSDUDQLFLRGDWDXQDXWRPRELODXWRPDWLF 2EHUHWHDVWHDSWDUDEGDWRDUHvQPDVLQD 2EHUHQXvVLIDFHJULMLGHIHOXOFXPVRIH]L 2EHUHQXDUXPSOHWDQFXOFXEHQ]LQDSURDVWDQXPDLSHQWUXDHFRQRPLVLFkWLYDOHL 2EHUHQXIXPHD]DvQPDVLQD 2EHUHHWRWWLPSXOXPHGD 2EHUHRSRWLvPSDUWLFXSULHWHQLL 2EHUHQXWHHQHUYHD]D 2EHUHQXDUHQLFLRGDWDSLFLRDUHOHVDXPkLQLOHUHFL (WLFKHWHOHGHEHUHQXLHVGLQPRGDQLFLPDFDURGDWDvQDQ 2EHUHQXvWLYDUHFRPDQGDQLFLRGDWDVDQXPDQkQFLFDUQH 2EHUHQXDUHQLFLRGDWDGXUHULGHFDS 3RWLILvQWRWGHDXQDVLJXUFDHVWLSULPXOFDUHEHDGLQWUREHUH 2EHUHQXDVWHDSWDQLFLRGDWDVDvLIDFLFRPSOLPHQWH 'DFDVFKLPELVRUWXOGHEHUHQXWUHEXLHVDSODWHVWLSHQVLHDOLPHQWDUD 3HWHOHGHEHUHVHSRWVSDOD 2EHUHQXYDGLVSDUHDQLFLRGDWDFXEDQLLWDL 2EHUHQXFHUHGUHSWDWH 'DFDDLWHUPLQDWREHUHQXWUHEXLHGHFkWVDLHLDOWD 2EHUHRDLWRWWLPSXOODvQGHPkQD 2EHUHQXDUHQHYRLHGHWRDWDEDLDSHQWUXHD 'DFDEHLREHUHEXQDDLvQWRWGHDXQDXQVHQWLPHQWSODFXW 'HODREHUHQXLHLQLFLRGDWDEROLFDKHUSHVXO 2EHUHQXDUHFLFOX 'DFDEHLRVWLFODGHEHUHSULPHVWLvQWRWGHDXQDJDUDQWLDSHVWLFOD 'DFDSULYHVWLODvQFHSXWLQVLVWHQWREHUHVLDSRLREHLHDQXYDVWULJDQLFLRGDWD 2EHUHQXVWULJDQLFLRGDWDGHFHODVLFDSDFXOGH:&ULGLFDW 2EHUHIDFHVSXPDQXSOkQJH 2EHUHQXSRDUWDVXWLHQ /DRSHWUHFHUHREHUHQXGLVSDUHvPSUHXQDFXDOWHEHULODREkUIDPLFD &KLDUVLREHUHUHFHFDJKHDWDWHYDODVDVDWHDSHUL 2EHUHQXDUHDYRFDW 2EHUHHDVFXOWDWRDUHVLQXVHFHDUWDQLFLRGDWD 2EHUHQXPLQWHQLFLRGDWD 3HREHUHQXLQWHUHVHD]DQLFLRGDWDODFHILOPHWHXLWLODYLGHR 2EHUHQXHQLFLRGDWDREH]D 2EHUHQXYD]LFHQLFLRGDWDFDHVWLQHGUHSWFXHD 'XSDPDLPXOWHEHULGXUHUHDGHFDSWUHFHvQWRWGHDXQD 2EHUHQXVHYDVXSDUDGDFDvQSUHDMPDWDVXQWVLDOWHEHUL 2EHUHQXvWLYDVSXQHQLFLRGDWDFDHVWLQHPDQLHUDW 2EHUHQXVSXQHQLFLRGDWDQX 3HREHUHQXRYDGHUDQMDQLFLRGDWDGDFDLQWULvQFDPHUDIDUDVDEDWLODXVD 2EHUHQXYD]LFHQLFLRGDWDFDIRWEDOXOHXQMRFWkPSLWGLQFLQHVWLHFHPRWLYH 2EHUHQXWHWULPLWHFXJXQRLXO 2EHUHQXvVLVFKLPEDQLFLRGDWDSDUHUHD 2EHUHQXFRQVXPDWRDWDKkUWLDLJLHQLFD 2EHUHQXDUHPRUDO 2EHUHQXEkUIHVWH 2EHUHQXDUHJULMDWRWWLPSXOFHIDFL 2EHUHDUDWDODIHOVLGLPLQHDWDVLVHDUD 2EHUHQXVHSOkQJHGDFDRLHLFXWLQHXQGHYD 2EHUHVWHULOL]DWDHREHUHEXQD 2EHUHQXWHvQVHDOD %HULOHDXXQJXVWEXQ



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

2EHUHQXYUHDVDILHHPDQFLSDWD ÌQDIDUDGHGXUHULGHFDSQXSRWLOXDQLPLFGHODREHUH 2EHUHQXDUHPDPD 2EHUHQXWUHEXLHVSDODWDSHQWUXDDYHDXQJXVWEXQ 3HREHUHQXRLQWHUHVHD]DGDFDUkJkL 2EHUHQX]LFHFDUHFODPHOHFXEHEHOXVLVXQWGXOFL 2EHUHQXvWLVSXQHFDDMXQJLODvQFKLVRDUHGDFDFRSLH]LLOHJDOVRIWZDUH 3HREHUHQXRLQWHUHVHD]DFkQGDMXQJLDFDVD 2EHUHQXYDFRVWDPDLPXOWGHOHLVLQLFLQXWHYDODVDvQVHWDW 2EHUHQXvWLYDVSXQH0DQkQFDHIRDUWHEXQVLVDQDWRV 2EHUHQXWHWULPLWHODPXQFDVDFkVWLJLEDQL %HUHDQXvVLIDFHJULMLFkQGvQFHSHFDPSLRQDWXOGHIRWEDO 3RWLDYHDPDLPXOWHEHULSHQRDSWHIDUDVDDLYUHXQVHQWLPHQWGHYLQRYDWLH 2EHUHQXWHWULPLWHODFXPSDUDWXUL 2EHUHQXvQWkU]LHQLFLRGDWD 'DFDEHLREHUHQXWHvPEROQDYHVWHFXJkQGXOODDOWDEHUH 2EHUHQXWHSXQHVDVFKLPELFDQDOXOODWHOHYL]RU 2EHUHQXWHSXQHVDLFXPSHULWDPSRDQH 7HSRWLSXQHXVRUvQORFXOXQHLEHUL (WLFKHWHOHVHGHVSULQGGHVWXOGHXVRUGHSHVWLFOHOHGHEHUH 3HREHUHQXRGHUDQMHD]DGDFDWHXLWLvQ3OD\ER\ 2EHUHQXWHIDFHQHVLPWLW %HULOHVHSRWEHDvQSXEOLF (WLFKHWHOHVXQWLQFOXVHvQSUHW /DREHUHVWLvQWRWGHDXQDGLQDLQWHFkWYDFRVWD 2EHUHQXHJHORDVDSHDOWHEHUL 2EHUHVHSULFHSHPDLELQHODXQFRPSXWHUGHFkWRIHPHLH 2EHUHVHXLWDFXWLQHODPHFL 2EHUHQXVHPDFKLD]D 2EHUHVHFRQVXPDPDLELQHUHFH 2EHUHQXvWLFHUHEDQLSHQWUXFRVPHWLFLDQ 2EHUHQXvWLFHUHEDQLSHQWUXFRDIRU 2EHUHQXDUHQHYRLHGHURFKLLGHJDOD 2EHUHQXVHLQWHUHVHD]DSHQWUXPRGD 2EHUHQXVHLQWHUHVHD]DGHFHIDFLvQXOWLPXOWLPSRUHVXSOLPHQWDUH 2EHUHQXUDPkQHJUDYLGD 8QHLEHULQXvLYLQQLFLRGDWDSDULQWLLvQYL]LWD 2EHUHQXWUHEXLHVDRSUH]LQWLSDULQWLORU 3RWLOXDDFDVDPDLPXOWHEHULGHRGDWD 2EHUHQXYRUEHVWHODWHOHIRQ 2EHUHQXDUHSULHWHQHHQHUYDQWH 2EHUHQXVHVXSDUDGDFDLHVLFXEDLHWLLODREHUH 2EHUHQXVHVXSDUDGDFDWHvPEHWL %HULOHVHSRWGHJXVWDSHWRDWDSHULRDGDOXQLL 2EHUHH[SLUDWDPDLPLURDVHRYUHPHvQFDGHVWXOGHELQH 'DFDPHUJLODRSHWUHFHUHQXWUHEXLHVDDVWHSWLFDEHUHDVDILHJDWD 3RWLVDEHLGHRGDWDVLREHUHEORQGDVLREHUHEUXQDIDUDFDHOHVDILHJHORDVHXQDSHDOWD 2EHUHQXVHXLWDGXSDXUPHGHUXMVDXILUHGHSDUGHDOWDFXORDUH 2EHUHQXVHYDYUHDQLFLRGDWDHPDQFLSDWD 2EHUHQXWUHEXLHVDILHvQFDO]LWDvQDLQWHGHVHUYLUH 8QHLEHULQXWUHEXLHVDvLFXPSHULIORUL 2EHUHQXFLFDOHVWH 8QHLEHULQXLSDVDGHFDPHUJLODERUGHO 2EHUHQXvVLDPLQWHVWHOXFUXULGHPXOWSHWUHFXWHVLFDUHWXOHFRQVLGHULXLWDWH 3HQWUXDWUDLFXREHUHQXvWLWUHEXLHFHUWLILFDWGHFDVDWRULH 2EHUHQXGHYLQHGLILFLODFXWUHFHUHDWLPSXOXL 2EHUHQXvWLYDVSXQHFDHJUDYLGDQXPDLFDVDVWDLFXHD 6LQJXUXOOXFUXFDUHWLOVSXQHREHUHHFkQGVDWHGXFLVDWHSLVL 8QHLEHULQXvLFUHVWHSDUvQORFXULvQFDUHSDUXOQXDUHFHFDXWD 8QHLEHULQXvLSDVDGDFDWHGXFLODFXOFDUHLPHGLDWGXSDFHDLFRQVXPDWR 'DFDSXLWRDWHEHULOHFRQVXPDWHvQWURFDPHUDQXVHYRUOXDQLFLRGDWDODEDWDLH 2EHUHQXWHGXFHODVDSDGHOHPQ 2EHUHQXWHGHWHUPLQDVDWHDSXFLGHEDXWXUD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

2EHUHQXSRDWHILVXJUXPDWD 2EHUHHXVRUGHVDWLVIDFXW 0DLPXOWHEHULODRODOWDQXYRUEHVFSURVWLL %HUHDQXWLIDFHVFDQGDOGDFDPHUJLDFDVDPLURVLQGDIHPHLH 2EHUHRSRWLWLQHvQEUDWHGHPLQXWHIDUDVDWHvQWUHEHGHEDQL 2EHUHQXWUHEXLHVDRGXFLDFDVD 2EHUHQXWUHEXLHVDPHUJLODUHVWDXUDQWVDFLQH]L 'DFDREHUHDUHXQJXVWUDXRSRWLDUXQFD 2EHUHQXYLQHQLFLRGDWDSUHDWkU]LX 2EHUHDOXQHFD-26IDUDFRPHQWDULL 2EHUHSRWLVDREHLVLOXkQGVWLFODYHFLQXOXL

%HUHDODOXFUX 3HQWUXFDODORFXULOHGHPXQFDDOFRROXOHVWHvQFDLQWHU]LVYRPSUH]HQWDDLFLFkWHYDDUJXPHQWHvQFRQWUDDFHVWXLOXFUX 0RWLYHSHQWUXSHUPLWHUDFRQVXPXOXLGHEHUHODORFXOGHPXQFDVXQW (VWHXQPRWLYGHDYHQLODOXFUX 5HGXFHVWUHVXO &RQGXFHODRFRPXQLFDUHRQHVWDvQWUHFROHJL 5HGXFHSOkQJHULOHFXSULYLUHODVDODULLOHPLFL 5HGXFHSDX]HOHSHQWUXFDVHSRDWHOXFUDPXOWPDLELQHFXSXWLQDOFRROODERUG $QJDMDWLLYRU]LFHVXSHULRULORUFHHDFHJkQGHVFVLQXFHHDFHVXSHULRULLYRUVDDXGD ,DUQDVHSRWIDFHHFRQRPLLFXvQFDO]LUHDORFXULORUGHPXQFD 8QSDVvQDLQWHvQRFURWLUHDPHGLXOXL0XQFLWRULLYRUIRORVLPLMORDFHOHGHWUDQVSRUWvQFRPXQ 2VDWLVIDFWLHDPXQFLLFUHVFXWDFDFLGDFDDLXQORFGHPXQFDUDXVLEHLREHUHGRXDQXvWLSDVD &RQFHGLLOHYRUILPDLVFXUWHFDFLDQJDMDWLLYRUYHQLFXSODFHUHODOXFUX 0kQFDUHDGHODFDQWLQDDUHXQJXVWPXOWPDLEXQ $QJDMDWLLDUDWDPDLELQH 6HILLYRUILGLVSXVLVDPDUHDVFDVDODULLOHFkQGYDGFXRFKLLORFFXPVHGXFSHEHUH 1HJRFLHULLOHGHVDODULLVXQWGHDGUHSWXODYDQWDMRDVH %HVLWXOVLUkJkLWXOODVHGLQWHHVWHSHUPLV 1LPHQLQXvVLYDDGXFHDPLQWHFDODSHWUHFHUHDGH&UDFLXQDLGDQVDWJROSHPHVH

)RUPHGHPDQLIHVWDUHFDX]HVLUHPHGLLDOHEROLL%(5(WRQLWD 6,03720%HUHDSDUHLQFRORUDVLQDUHQLFLXQJXVW &$8=$3DKDUXOGXPQHDYRDVWUDHJRO 5(0(',8*DVLWLSHFLQHYDFDUHVDYDFXPSHUHDOWDEHUH

6,037203HUHWHOHGHYLVjYLVHDFRSHULWEUXVFFXOXPLQLIOXRUHVFHQWH &$8=$$WLFD]XWSHVSDWHFHHDFHYHGHWLvQIDWDHWDYDQXO 5(0(',8&DXWDWLVDDMXQJHWLLQDSRLODEDU,QSR]LWLHYHUWLFDODGDFDVHSRDWHEHUHDDOXQHFDPDLELQH 6,03721$YHWLJXUDSOLQDGHPXFXULGHWLJDUD &$8=$$WLFD]XWSHEXUWD 5(0(',83URFHGDWLFDPDLVXV

6,03720%HUHDQXDUHQLFLXQJXVWWULFRXOGXPQHDYRVWUDHXGvQIDWD &$8=$7LQHWLJXUDvQFKLVDVDXSDKDUXOHvQGUHSWXOXQHLDOWHSDUWLDIHWHLGXPQHDYRDVWUD 5(0(',85HWUDJHWLYDvPSUHXQDFXKDOEDGHEHUHODWRDOHWDVLH[HUVHD]DvQRJOLQGD 6,037209DHIULJVLYDVLPWLWLXPHG &$8=$3DKDUXOHvQFOLQDWvQWUXQXQJKLJUHVLW 5(0(',85RWLWLSDKDUXOvQDVDIHOvQFkWSDUWHDFXGHVFKL]DWXUDVDLQGLFHWDYDQXO



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6,037209DHFDOGVLYDVLPWLWXPHG &$8=$9H]LFDYDVFDSDWGHVXEFRQWURO 5(0(',8&DXWDWLUHSHGHXQFkLQHVLvQFHSHWLVDYDSOkQJHWLGHSURDVWDOXLHGXFDWLH9DSXWHWLGHDVHPHQHDSOkQJHVL EDUPDQXOXLGDVSUHOLSVDGHLJLHQDGLQORFDO 6,037203RGHDXDGHYLQHQHFODUD &$8=$9DXLWDWLvQMRVSULQWUXQSDKDUJRO 5(0(',8*DVLWLSHFLQHYDFDUHVDYDFXPSHUHDOWDEHUH

6,037203RGHDXDVHFODWLQD &$8=$9DDIODWLvQWUR]RQDFXPXOWHJROXULGHDHU 5(0(',8,QWURGXFHWLRFRDGDGHPDWXUDvQWUHFDPDVDVLVLUDVSLQDULL

6,037203RGHDXDvQFHSHVDVHPLVWH &$8=$&LQHYDYDVFRDWHDIDUDGLQEDU 5(0(',8,QWHUHVDWLYDVXEWLOGDFDVXQWHWLFRQGXVvQDOWEDU6DXVWULJDWL$MXWRUVXQWUDSLW 6,03720ÌQMXUXOGXPQHDYRDVWUDVDODVDWXQvQWXQHULFQHILUHVF &$8=$%DUXOVDLQFKLV 5(0(',8)DFHWLVFKLPEGHDGUHVHFXEDUPDQXO 6,037207D[LXOVHFRORUHD]DEUXVFGHRVHELWGHVWULGHQW &$8=$&RQVXPXOGHEHUHDGHSDVLWSRVLELOLWDWLOHFXQRVFXWH 5(0(',8$FRSHULWLYDJXUD

6,03720/XPHDVHXLWDODGXPQHDYRDVWUDVL]kPEHVWH &$8=$'DQVDWLSHPDVD 5(0(',8&DGHWLSHFLQHYDFDUHVHXLWDGRVHELWGHXUkWODGXPQHDYRDVWUD 6,03720%HUHDHVWHFODUDVLFULVWDOLQD &$8=$(DSD&LQHYDvQFHDUFDVDIDFDJOXPHSURDVWHFXGXPQHDYRDVWUD 5(0(',83RFQLWLO

6,037209DGRUSXPQLLQDVXOGDUVXQWHWLGHRVHELWGHOXFLG &$8=$7RFPDLDWLLHVLWGLQWURvQFDLHUDUH 5(0(',86FX]DWLYDODWRDWDOXPHDGLQMXU1XVHVWLHSRDWHFHOEDWXWGHGXPQHDYRDVWUDDIRVWXQXOGLQHL 6,037201XUHFXQRDVWHWLSHQLPHQLGLQFHLGLPSUHMXUVLQLFLORFXLQWDvQFDUHYDDIODWL &$8=$$WLQLPHULWODRSHWUHFHUHXQGHQXDWLIRVWLQYLWDW 5(0(',8ÌQWUHEDWLGDFDSULPLWLWRWXVLREHUH

6,03720&kQWDWLFXRYRFHIDOVD &$8=$%HUHDHSUHDVODED 5(0(',8&RQVXPDWLPDLPXOWHEHULSkQDYLVHvPEXQDWDWHVWHYRFHDvQDLQWHGHDFRQWLQXDFXFkQWDWXO 6,037201XYDPDLDPLQWLWLFXYLQWHOHFkQWHFHORU &$8=$$WLEDXWVXILFLHQWDEHUH 5(0(',8,PSURYL]DWLFHHDFH QXYDDGXFHWLDPLQWHFkQWkQGODRJKLWDUDDHULDQD

6,037203HUHWHOHHVWHDFRSHULWFXJUHVLHVLGLQHOLHVHXQODPSDGDU &$8=$$WLFD]XWSHVSDWH 5(0(',8ÌQFD]FDKDOEDGXPQHDYRDVWUDPDLHVWHvQFDSOLQDVLQLPHQLQXFDOFDSHEUDWXOFDUHRWLQHWLQXLQWUHSULQGHWL QXPLFÌQFD]FRQWUDUODVDWLYDULGLFDWVLIL[DWGHXQRELHFWYHUWLFDO

6,037209DWUH]LWLvQWUXQSDWUHFHWHUHVLXPHGFDUHQXDGXFHvQQLFLXQFD]FXFHOGHDFDVD &$8=$$WLGRUPLWvQVDQW 5(0(',83ULYLWLFHDVXOGHPkQD GDFDvOPDLDYHWLGDFDQXvQWUHEDWLXQWUHFDWRU VDYHGWLGDFDHRUDODFDUHYUHXQELUWDUH GHMDGHVFKLV



8OWLPLOHVWLULGHVSUHEHUH

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

9HVWLWULVWH &KLDUGDFDYHLVSHUDGLQVXIOHWFDHOHVDQXILHDGHYDUDWHQXHVWHDVD5H]XOWDWHOHVXQWFODUHVLRVHULHGHDOWLRDPHQLGH VWLLQWDOHDXFRQILUPDWÌQXUPDXQRUFHUFHWDULLQWHQVHVLSRUQLQGGHODIDSWXOFDEHUHDFRQWLQHKRUPRQLIHPLQLQL HVWURJHQL  VSHFLDOLVWLDPHULFDQLDXDMXQVODFRQFOX]LDFDEDUEDWLLDUWUHEXLVDILHPDLDWHQWLODEDXWXOEHULL$VWIHOVDHPLVLSRWH]DFDvQ XUPDFRQVXPXOXLH[FHVLYGHEHUHEDUEDWLLVHSRWWUDQVIRUPDvQIHPHL 3HQWUXDVXVWLQHWHRULDDIRVWIDFXWXQWHVWFXGHEDUEDWLFDUHDXEDXWILHFDUHKDOEHGHEHUHvQWLPSGHRRUD6D REVHUYDWFDXQSURFHQWDMGHGLQEDUEDWL DXSUH]HQWDWWHQGLQWHYDGLWHGHvQJUHXQDUH DXYRUELWvQH[FHVVLIDUDVHQV VDXJUXSDWvQELVHULFXWHVLDXEkUILWSHFHLGLQJUXSDYHFLQD DXGHYHQLWHPRWLYL QDXPDLSXWXWVRID DXvQFHWDWVDJkQGHDVFDUDWLRQDO VDXFHUWDWGLQQLPLF DXWUHEXLWVDXULQH]HDV]DWLSHFORVHW QDXPDLDYXWSRIWDGHVH[ DXUHIX]DWVDVHVFX]HGDFDDXJUHVLW $OWHWHVWHQXDXPDLIRVWSODQLILFDWHGDUUH]XOWDWHOHDFHVWXLWHVWVXQWvQVDHYLGHQWHVLQHvQJULMRUHD]D

&XJHWDULGHVSUHEHUHVLEDXW 1XSRWL IL FX DGHYDUDW R WDUD GDFD QX DL EHUHVL R OLQLH DHULDQD HVWHGH PDUH DMXWRUD DYHD R HFKLSD GH IRWEDOVDX DUPH QXFOHDUHGHUvQFHOHGLQXUPDDLQHYRLHGHREHUH )UDQN=DSSD (GHUHPDUFDWFDHXDPOXDWPDLPXOWGHODDOFRROGHFkWDOXDWHOGHODPLQH :LQVWRQ&KXUFKLOO $IRVWXQRPvQWHOHSWFDUHDLQYHQWDWEHUHD 3ODWR 7LPSXOQXHSLHUGXWGDFDSLHU]LWRWWLPSXOFDUHvODL &DWKHULQH=DQGRQHOOD 2IHPHLHPDIDFXWVDPDDSXFGHEDXWXUDVLHXQLFLQXDPIRVWDWkWGHVLPWLWVDvLPXOWXPHVF :&)LHOGV 6LUGDFDDLILVRWXOPHXWLDVRWUDYLEDXWXUD /DG\$VWRUOXL:LQVWRQ&KXUFKLOO 'XSDFHDPFLWLWGHVSUHSUREOHPHOHFDX]DWHGHDOFRRODPvQFHWDWVDPDLFLWHVF +HQQ\
&XJHWDULGHVSUHEHUH %LQHvQWHOHVFDEDXWXOvWLXFLGHQHXURQLLGDUQXPDLSHDFHLDVODELWL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

8QLYHUVLWDWHDHVWHRIkQWkQDDFXQRDVWHULLVLVWXGHQWLLVXQWDFRORVDEHD 1XDFFHSWDQLFLRGDWDREDXWXUDGHODXQXURORJ 1XWHXUFDEHDWODYRODQDFLGHQWHOHVXQWFDX]DWHGHRDPHQL 0DVLQLPDLUDSLGHEHULPDLUHFLIHPHLPDLWLQHUHVLEDDQLPDLPXOWL 1XWHXUFDEDXWODYRODQPDLELQHIXPHD]DJUDVVVL]ERDUDSkQDDFDVD 3RWVDPHUJSHDSDGDUvQDOFRROPDvQHF $OFRROEHDXXPDLvQ]LOHOHFDUHDXOLWHUDUvQFRPSRQHQWD =LOHOH VDSWDPkQLLVXQW/XQLU0DUWL0LHUFXUL-RLU9LQHUL 5kPEDWD'UXPLQLFD 7H DIOL vQWURJUDGLQD GH YDUD OD R EHUH 2 D GRXD SHUVRDQD OD PDVD WD VH QXPHVWH FRPSDQLH GRXD SHUVRDQH OD PDVD VH QXPHVWHGHMDRUJLH 'DXXQUHJDWSHQWUXREHUHVLMXPDWDWHGLQEHUHDPHDSHQWUXRIHPHLH  $ ERUW 5 HWU\ * HWDEHHU" GHRUHDUHR]LVWLFOHGHEHUHVXQWvQWURODGDQXPDLRFRLQFLGHQWD" 3DVWUDWLIUXPXVHWHDRUDVXOXL%HWLEHUHDGLQKDOEHSkQDODFDSDW

&XVLGHVSUHGLIHULWHFDWHJRULLVRFLDOH 6RWXOWDXHXQEHWLYDQGDFD

&UHGHFD1XPDLEHDDVDGHPXOWHVWHSUHQXPHOHVDX $DFRUGDWEDUPDQXOXLGHODELUWXOGLQFROWGUHSWXULGHSOLQHDVXSUDHFRQRPLLORUVDOH ÌVLSUHJDWHVWHFLQDVLQJXUDQXPHFHHDFHDPkQFDWODSUkQ] 3RDWHVDGHVFKLGDRVWLFODGHEHUHQXPDLSULQSXWHUHDFRQFHQWUDULL %RWHD]DFRSLOXOQRXQDVFXW8UVXVLDUQXPHOHGXPQHDYRDVWUDGHIDPLOLHHVWH$]XJD 6DOXWDVLQJXUXOYRVWUXFRSLOFX&HPDLIDFHWL]PHLORU 5HFRUGXOVDXHVWHWUHL]LOHODYRODQIDUDDLILOXLDWFDUQHWXO 9LDXPXULWFDQDULLVLDVWDQXPDLGLQFDX]DFDHODFDVFDWVWUDVQLFOkQJDFROLYLDORU 9UHDVDWHORYHDVFDFDGHRELFHLGDUQXWHPDLQLPHUHVWH $UHSX DvQIRUPDGHVWLFOD

&HOH]HFHVHPQHGXSDFDUHSRWLUHFXQRDVWHFDGRFWRUXOWDXHGHSHQGHQW ÌQWLPSXORSHUDWLHVWULJD6RUDVFDOSHOELVWXULXWDPSRDQHWLEXVRQ 7H LJQRUD FX GHVDYkUVLUH vQ WLPS FH WH DIOL vQ FDELQHW VL FRQVXOWD VXSRUWXO GH XPEUHOH GLJQRVWLFkQG R vQJXVWDUH D SURVWDWHL 'HODHOSULPHVWLQXPDLUHWHWHGHFRFNWDLOXUL &DQGLQWULvQFDELQHWHOVWDSHMRVVLGLVFXWDFXGRXDSLVLFLLPDJLQDUHSUREOHPHGHFKLUXUJLH &kQGvWLGDPHGLFDPHQWHOHQXPDUDvQWRWGHDXQD8QDSHQWUXWLQHGRXDSHQWUXPLQH 'XSDRSHUDWLDGHDSHQGLFLWDvWLOLSVHVWHXQGHJHW /DYDFFLQXOvPSRWULYDVXJLWXOXL]LFHvQWRWGHXQD1RURF &kQGvWLSRYHVWHVWHGHHIHFWHOHVHFXQGDUHDOHPHGLFDPHQWHORUSUHVFULVH]LFHvQWRWGHDXQD1LVWHFXORULPLQXQDWH ÌWLSLFWHD]DUDGLRJUDILLOHFXFXORULWHPSHUD ÌQWLPSXORSHUDWLLORUvLFDGHWRWWLPSXOMRLQWXOvQEHUH

&HOH]HFHVHPQHGXSDFDUHSRWLUHFXQRDVWHXQSROLWLVWSURVW /DDUHVWDUHDPHQLQWDFXDSDUDWXOUDGLRVLYRUEHVWHvQSLVWRO ÌLWUHEXLHFkWHYDRUHVDDVLJXUHORFXODFFLGHQWXOXLSHQWUXFDDVHD]DWULXQJKLXOUHIOHFWRUL]DQWWRWLQYHUV ÌQFHDUFDGHDQLGH]LOHVDVROXWLRQH]HFD]XOJHQLWLY 0RWRFLFOHWDVDDUHURWLGHVSULMLQFDELFLFOHWHOHSHQWUXFRSLL /DILOPXO+DLGXFLLOXL6DSWH&DLDDUHVWDWWRWSXEOLFXO ÌVLvQFHSHLQWHURJDWRULXOFXFXYLQWHOH2VDDIODPVLFHDLVXSWGHODPDWDVLDSRLvVLvQWRDUFHODPSDVSUHIDWD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

7HvQWHOHJHFDQXDLQLFLXQFKHIVDVXIOLvQILRODVLWLRGDSHQWUXDFDVD &DUDVSODWDvVLODVDFkLQHOHVDPDQkQFHFHOHNLORJUDPHGHFRFDLQDJDVLWH ÌQFHDUFDWRWWLPSXOVDGHGLFHPHORGLLOHSUHIHUDWHSHIUHFYHQWDGHOXFUXDSROLWLHL 3RDUWDXQLIRUPDGHSROLWDL

-XUQDOGHYkQDWRDUH 'XSDXQWLPSRULFHRPQRUPDOQXvVLPDLSRDWHDPLQWLDPDQXQWHOHIDSWHORUSHWUHFXWHvQWUHFXW'HDELDDLFLQHGDPELQH VHDPDFHELQHHVDWLXQPLFMXUQDO 'HVWHSWDWRUXOVXQD 2UWDFLLGHYkQDWRDUHVRVHVFVLPDDUXQFDGLQSDW $UXQFWRWXOvQDIDUDGHOLJKHDQvQWROEDGHYkQDWRDUH 3DWUXQGHPvQFRGUXOGHVVLvQWXQHFRV ÌQDSRLDFDVDVDQHOXDPSXVWLOH $OHUJDPFDDSXFDWLVDPDLDSXFDPUDVDULWXOGHVRDUHvQSDGXUH $MXQJHPODORFXOGHSRSDVDPXLWDWvQVDFRUWXO ,QWUDPvQSDGXUH 2SWFHUELvQUD]DYL]XDOD 2FKLWVLDSDVDWSHWUDJDFL &OLF ÌQFDUFDPSXVWLOHvQWLPSFHFHUELLGLVSDUGLQUD]DYL]XDOD ÌQDSRLODORFXOGHSRSDV &DXWDPvQFDORFXOGHSRSDV $PXLWDWFXVLJXUDQWDXQGHHVWHORFXOGHSRSDV 7UDJHPIRFXULGHDODUPDvQDHUVLPkQFDPPXUHVL]PHXUD 1XPDLDYHPJORDQWHFHLRSWFHUELLUHYLQ 8QVLPWDPkQWFLXGDWvQ]RQDVWRPDFXOXL 0XUHOHDXIRVWGHEXQDVHDPDRWUDYLWHVLQRLQXDPVWLXWVDXDXIRVWFXWRWXODOWFHYDGHFkWPXUH 6XQWHPVDOYDWL ÌQJUDEDVSUHVSLWDOVDIDFHPVSDODWXULVWRPDFDOH ÌQDSRLODORFXOGHSRSDV 3RUQLPVDXFLGHPFHUELL ÌQDSRLODORFXOGHSRSDVVDQHOXDPFDUWXVHOH 1HvQFDUFDPSXVWLOHVLSRUQLPGLQQRXvQVSUHFRGUX 'HVFDUFDPSXVWLOHFXYHYHULWHGHVWXOGHHQHUYDQW 8QFHUEDSDUHvQUD]DYL]XDOD )RFXOSRUQHVWHVLORYHVWHvQSOLQWROED 2UWDFLLVRVHVFWRWXVLFXXQDOWFHUEODORFXOGHSRSDV 0DDEWLQGLQUDVSXWHULVDQXvPLvPSXVFRUWDFLL &DGvQIRFXOGHWDEDUD 0DVFKLPEVLDUXQFSLHVHOHGHJDUGHUREDDUVHvQIRF ÌPLLDXWROEDVLODVRUWDFLLVLFHUEXOvQORFXOGHSRSDV 7ROEDHVWHJRDODSULQJDXULOHGHODIRFXULOHGHDUPDDPSLHUGXWWRDWHOXFUXULOHGLQHD 3RUQHVFPDLGHSDUWHIDUDWROED 0DvPSLHGLFSXVFDDWHUL]HD]DvQQRURL ÌQWkOQHVFFHUEXO 7LQWHVF $SDVSHWUDJDFLvQFDUFDWXUDH[SORGHD]DQRURLSHWHDYD 0DVXLvQJUDEDvQWUXQFRSDF &HUEXOvVLLDUDPDVEXQFXRORYLWXUDSXWHUQLFvQFRODFHVFSXVFDLQMXUXOFRSDFXOXL ÌQVIkUVLWDFDVD &KHLOHFDVHLVXQWvQPDDLQD ÌQFHWH]VDXUOXLQWUXvQFDVDSHJHDPXOGHODEDLH ÌLODPXUHVFSHFHLGHODSROLWLHFDQXSRWVDVDGDXRVSDUJHUHvQSURSULDPLFDVD 2]LGHYkQDWRDUHPLQXQDWD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

8OWLPHOHVIDWXULUHIHULWRDUHODDJDWDWLQJLQHUL

1XvQFHWH]VDWHEDWODFDSSkQDQXREWLQDGUHVDSDJLQLLWDOHZHE 'HRDUHFH GLVWDQWD HVWH HJDOD FX YLWH]D RUL WLPSXOVD ODVDP YLWH]D VL WLPSXOVD WLQGD OD LQILQLWILLQGFD YUHDX VD PHUJ WRW GUXPXOFXWLQH 6DQHWUDQVIRUPDPHQHUJLDSRWHQWLDODvQHQHUJLHFLQHWLFD 1XYUHLVDWHvQWRUFLODPLQHLQFDPHUD"VLVDYH]L3HQWLXPXOPHX0+]" &HDL]LFHVDPHUJHPODPLQHVLVDQFHUFDPROHJDWXUDFRYDOHQWD" (VWLPDLGXOFHGHFkWJOXFR]D 6XQWHPODIHOGHFRPSDWLELOLFDGRXD3RZHU0DFLQWRVKXULGHDFHODVLWLS 1XLDVDFDDGUHVDWD(PDLOHVWHEHDXWLIXOJLUO#P\GUHDPVFRP"

6DUSXWHDVDILLXQLQJLQHUGHYDORDUHGDFD 'DFDQXDLRYLDWDVLRSRWL'(021675$PDWHPDWLF 'DFDvWLSODFHVDWHFKLQXLGDFDVWLLVDIDFLFDOFXOHFXYHFWRULGDUQXvWLDPLQWHVWLFXPVHIDFHRvPSDUWLUH 'DFDWUHVDULGHILHFDUHGDWDFkQGFLQHYDSURQXQWDIRUWDFHQWULIXJD 'DFDIRORVHVWLvQPRGFXUHQWWRDWHIXQFWLLOHFDOFXODWRUXOXLGHEX]XQDU 'DFDDWXQFLFkQGWHXLWLvQRJOLQGDYH]LXQLQJLQHUGHYDORDUH 'DFDVXQWGHJUDGHDIDUDVLVRDUHVLWXOXFUH]LODFRPSXWHU 'DFDvQILHFDUHYLQHULQRDSWHDvWLIDFLWHPD 'DFDJkQGHVWLPDWHPDWLF 'DFDDLXQDQLPDOGHFDVDERWH]DWFXQXPHOHXQXLVDYDQW 'DFDUk]LODJOXPHFXPDWHPDWLFLHQL 'DFDWLVHSDUHXVRURULFHFXUVvQDIDUDFHORUOHDJWHGHVWLLQWHOHH[DFWH 'DFDDWXQFLFkQGSURIHVRUXOWHvQWUHDEDGHWHPDSUHWLQ]LFDLDLGHWHUPLQDWGLQJUHVHDODPRPHQWXOFXDWkWDSUHFL]LHvQFkW FRQIRUPFX+HLVHQEHUJDUSXWHDILRULXQGHvQ8QLYHUV 'DFDFHQWUXOGLVWUDFWLHLGLQFUHLHUXOWDXVDDWURILDWSHQWUXFDQXDIRVWIRORVLW 'DFDSUHVXSXLFDXQFDOHVWHRVIHUDSHQWUXDIDFHFDOFXOHOHPDLXVRDUH 'DFDvQWHOHJLPDLPXOWGHGLQWUHDFHVWLLQGLFDWRUL 'DFDIDFLRFRSLHDDFHVWHLOLVWHVLROLSHVWLSHXVD 'DFDDFHVWHSXQFWHVXQWYDODELOHvQFD]XOWDXDVWDHVWHXQPRWLYVHULRVSHQWUXFDUHDLSXWHDILVXVSHFWDWGUHSWXQLQJLQHU vQUDLW

5HJXOLSHQWUXVRIHULLGHDXWREX] YDODELOVLSHQWUXYDWPDQL

&RQGXFHWLvQWRWGHDXQDFXNPKPDLSXWLQGHFkWHVWHSHUPLV1XXLWDWLFDSRDWHFDODWRULLYRUVDDGPLUHSULYHOLVWHD 1XOXDWLvQFRQVLGHUDUHSODQXORUDU9HQLWLFXPLQXWHPDLWkU]LX$VWDGHPRQVWUHD]DFUHDWLYLWDWH 'DFDVHPDIRUXOLQGLFDYHUGHFRQGXFHWLFkWGHvQFHWFXSXWLQWD6SHUDWLFDDFHVWHDYRUVFKLPEDFXORDUHDvQURVX$VWIHOPDL DYHWLWLPSVDFDXWDWLSHGDODGHDFFHOHUDWLH 1XWUHEXLHVDRSULWLvQWRDWHVWDWLLOH&DODWRULLSRWVDPHUJDVLSHMRV/DXUPDXUPHLPHUVXOSHMRVIDFHXQSLFLRUIUXPRV 'HVFKLGHWLXVLLOHvQVWDWLLGLQWLPSVLvQFKLGHWLOHODWLPS$VWIHOFDODWRULLSRWGHYHQLLPDLVXSOLL 2SULWLDXWREX]XOVLvQWUHVWDWLL$VWIHOFDODWRULLFDGHGRUHVFVDDMXQJDPDLUHSHGHODGHVWLQDWLHGHYLQPDLQHUYRVL $FFHOHUDWLFXSXWHUHFDODIRUPXODPDLDOHVFkQGFDODWRULvQYkUVWDVHDIODvQSLFLRDUHSHFXORDU/DXUPDXUPHLQXPDL ]ERUXOHVWHPDLIUXPRV 1XFRQGXFHWLWUDVHXOVWDELOLW)RORVLWLvQWRWGHDXQDDOWHUXWHVLGXFHWLFDODWRULLSULQORFXULSULQFDUHQXDXPDLIRVWQLFLRGDWD 'DFDVHvQWkPSOD FXPYD VDILWLODWLPSvQWURVWDWLHQXGHVFKLGHWLXVLOH/DXUPDXUPHLFDODWRULLGLQVWDWLHSXWHDXVDYLQD PDLGHYUHPH 'DFD XQ FRQWURORU VH XUFD OD XVD GLQ IDWD UHFRPDQGDWLL VD FRQWUROH]H SHDVDJHULL GH DELD GXSD FH DXWREX]XO HVWH FX DGHYDUDWSOLQ$VWIHORDPHQLLVXQWPDLDSURSLDWL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'XSDFHvWLGDLVHDPDFDORFXLHVWLvQWURFDPHUDGHFDPLQVWXGHQWHVF 'DFDFDVLEDUEDWWUHEXLHVDWHSLVLGLQVH]XW 'DFDFDVLIHPHLHWUHEXLHVDWHSLVLGLQSLFLRDUHVDQXWHOLSHVWLGHFDSDFXOZFXOXL 'DFDWUHEXLHVDPHUJLODGLVFRSHQWUXDWLJDVLOLQLVWHD 'DFDSHGXQJDGHPL]HULHIRUPDWDSHPDUJLQHDFD]LLGHEDLHSRWLVDWLSXLVDSXQXO 'DFDODLQWUHDUHHRWDEOLWDFXDFWXDOXOQXPDUGHORFXLWRULDLFDPHUHL 'DFDvQORFGHIDUDVvQFDPHUDDYHWLRORSDWD 'DFDFRDGDODGXVHVWHPDLOXQJDGHFkWODFDUQHSHYUHPHDÌPSXVFDWXOXL 'DFD6DQHSLGXOLQVSHFWHD]DORFXLQWDvQFDUHVWDLvQORFVDLQVSHFWH]HEDUXOGHYLVDYLV 'DFD812SUHLDFDPHUDvQFDUHORFXLHVWLvQOLVWDFX]RQHDOHJOREXOXLFXGHQVLWDWHDSRSXODWLHLFHDPDLULGLFDWD 'DFDDLSDUWHGHVH[PDLGHVGHFkWGHPkQFDUHFDOGDVLvWLGRUHVWLGLQWRWVXIOHWXOVDILHLQYHUV

&XVLGHVSUHFRPSXWHU 9HFKLXO7HVWDPHQW

/DvQFHSXW'XPQH]HXODFUHDWSH%,7VL%<7(6LFXHLDFUHDW:25'XO 6LHUDXGRL%<7(vQ:25'VLQLPLFDOWFHYDQXH[LVWD'XPQH]HXDVHSDUDW818/GH=(52VLDYD]XWFDOXFUXODFHVWD HVWHEXQ 'XPQH]HXD]LV6DILHDFXP'$7$6LDVWDDIRVW'XPQH]HXD]LV6DVHVWUkQJDODXQORF'$7$VLVDILHDVH]DWH ILHFDUHODORFXOHL6LDFUHDWGLVFXULOH)/233<+$5'GLVFXULOHVL&203$&7GLVFXULOH  6L 'XPQH]HX D VSXV  6DILH &20387(5( FD VD H[LVWH ORFXUL XQGH VD ILH IRORVLWH WRDWH DFHVWH GLVFXUL $VD D FUHDW 'XPQH]HX&20387(5(/(VLOHDQXPLW+$5':$5(  'DU62)7:$5(QX H[LVWDvQFD'XPQH]HX D FUHDW vQVD352*5$0(  XQHOH PLFL DOWHOH PDUL6L OHDVSXV DFHVWRUD &UHVWHWLvQPXOWLWLYDXPSOHWL&20387(5(/(VXSXQHWLOHVLJHVWLRQDWLOHWRDWD0(025,$  ÌQ ]LXD vQ FDUH D IDFXW 'XPQH]HX &20387(58/ QX HUD vQFD SH SDPkQW QLFL XQ RP FDUH VD OXFUH]H FX HO 6L DWXQFL 'XPQH]HXDOXDWXQRPVLLDVXIODWvQFDSVXIODUHGHORJLFDVLDFUHDW352*5$0$7258/  6L 'XPQH]HX LD GDW OXL OXPHD &20387(58/8, FD VR OXFUH]H VL VR SD]HDVFD6L 352*5$0$7258/ D VXSXV SURJUDPHOHYRLQWHLVDOHVLDJXYHUQDWSHVWHWRDWH&20387(5(/(VLWRDWHWLSXULOHGH'$7$ 'XPQH]HXDGDW352*5$0$7258/8,SRUXQFDDFHDVWD3RWLVDIRORVHVWLWRDWHYROXPHOHVLVXEYROXPHOHFRSDFXOXLFX 352*5$0(GDUGLQSRPXOFX:,1'2:6VDQXPDQkQFLFDFLvQ]LXDvQFDUHYHLPkQFDGLQHOYHLPXULQHJUHVLW 'XPQH]HXD]LVDSRL1XHVWHELQHFDRPXOVDILHVLQJXU6LDOXDWXQDGLQFRDVWHOH352*5$0$7258/8,VLDIDFXW GLQHDRFUHDWXUDFDUHVDSULYHDVFDQHvQFHWDWOD352*5$0$725FDUHVDDGPLUHVLVDLXEHDVFDWRWFHYD IDFHDFHVWD6L 'XPQH]HXDQXPLWFUHDWXUD86(5 3URJUDPDWRUXOVLXVHUXOVHGHVFXUFDXGHPLQXQH 'DU %LOO HUD PDL VLUHW GHFLW WRDWH ILDUHOH :25'XOXL SH FDUH OH IDFXVH 'XPQH]HX(O D ]LV 86(5XOXL 2DUH D ]LV 'XPQH]HXFXDGHYDUDW6DQXUXODWL352*5$0(!" 86(5XODUDVSXQV'XPQH]HXQHDSHUPLVVDUXODPRULFHSURJUDPVLVDIRORVLPRULFHGDWDGDUQHDVSXVVDQXUXODP :,1'2:6XOFDYRPPXUL $WXQFL%LOODVSXV86(5XOXL+RWDUkWOXFUXGDFDvOYHWLIRORVLQXYHWLPXULGDU'XPQH]HXVWLHFDvQ]LXDvQFDUHYHWL JXVWDGLQ:,1'2:6YLVHYRUGHVFKLGHRFKLLVLYHWLILFD'XPQH]HXFXQRVFkQGELQHOHVLUDXO9HWLILFDSDELOLVDFUHDWLVL YRLRULFHGRULWLSULQWURVLPSODDSDVDUHGH0286( 6L86(5XODYD]XWFDIUXFWHOH:,1'2:6XOXLHUDXSODFXWHGHSULYLWVLXVRUGHIRORVLWVDJkQGLWFDHUDGHGRULWFDHOH VDGHVFKLGDFXLYDPLQWHD$OXDWGHFLGLQHOHVLOHDvQFHUFDWDGDWVL352*5$0$7258/8,FDUHHUDDODWXULVLDFHVWDOHD vQFHUFDWVLHO $WXQFLDXGHVFKLVRFKLLDPLQGRLVLDXvQFHSXWVDVHWHDPDFDRULFHvQYDWDWXUDDUGHYHQLLQXWLODGLQPRPHQWFHWRWXOYD SXWHDILvQORFXLWFX:,1'2:6XO'DU86(5XOLQVWDODVHGHMDIUXFWXORSULWvQ&20387(58/VDXVLXLWkQGXVHUXJDWRUvQ RFKLL352*5$0$7258/8,vOFRQYLQVHVLSHDFHVWDVDVHEXFXUHDODWXULGHHO &XUkQG352*5$0$7258/DYX QHYRLHGH QRL VL QRL '5,9(5HVL FXPDFHVWHDQX VH JDVHDX RULXQGHvQFHSX VD VH DJLWHFDVDIDFDURVWGHHOH $WXQFLVHDX]LJODVXO'RPQXOXL&HFDXWLWXDWkWGHvQIULJXUDW"6L352*5$0$7258/DUDVSXQV$PQHYRLHGHQRL '5,9(5HVLPDVLPWFDvQ'26XOJROIDUDHOH 6L'XPQH]HXD]LV&LQHWLDVSXVWLHFDDLQHYRLHGHQRL'5,9(5H"$LUXODWFXPYD:,1'2:6XO" 352*5$0$7258/DUDVSXQVVSDVLW86(58/SHFDUHPLODLGDWVDILHOkQJDPLQHPLODDGXVVLODPvQFHUFDW 6L'XPQH]HXDVSXV86(5XOXL&HDLIDFXW"86(5XODUDVSXQV%LOOPDDPDJLWVLDPvQFHUFDW



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'XPQH]HXLD]LVOXL%LOO)LLQGFDDLIDFXWOXFUXODFHVWDEOHVWHPDWHVWLVDILLLQYLGLDWGHWRDWHFUHDWXULOHSDPkQWXOXL6L WRWL86(5LLGHFkWHRULVHYRUvQFXUFDvQFUHQJLOH:,1'2:6XOXLSHWLQHWHYRUvQMXUDÌQYHFLYHLILQHYRLWVDFUHH]LQRL VLQRLUDPXULSHQWUX:,1'2:6VLQLPLFDOWFHYD 'XPQH]HXD]LVDSRL86(5XOXL9RLPDULIRDUWHPXOWVXIHULQWDVLvQVDUFLQDUHDWD:,1'2:6XOWHYDGH]DPDJL]LGH ]L VLWL YD HSXL]D WRDWH UHVXUVHOH GH 0(025,( 9HL IL QHYRLW VD IRORVHVWL SURJUDPH MDOQLFH VL YHL DSHOD XPLO OD DMXWRUXO SURJUDPDWRUXOXLLDUHOYDVWDSkQLSHVWHWLQH 'XPQH]HXVDvQWRUVVSUH352*5$0$725VLLD]LV)LLQGFDDLDVFXOWDWGHJODVXO86(5XOXLVLDLIRORVLWFHHDFH HXWL DPSRUXQFLWVDQXIRORVHVWLEOHVWHPDWHVWLVDQXILLQLFLRGDWDOLQLVWLW7RDWHSURJUDPHOHWDOHYRUDYHDHURULVLYHLILQHYRLWVD OHGHSDQH]LVLVDOHWRWGHSDQH]L]LOQLFSkQDODVIkUVLWXOYHDFXULORU 6L'XPQH]HXvLD]YkUOLSHWRWLGLQ&(1758/'$7$VLvQFKLVHXVDvQVSDWHOHORU$SRL'XPQH]HXDFUHDW3$52/$ *(1(5$/3527(&7,21)$8/7

&RPSXWHUXOQRVWUX &RPSXWHUXOQRVWUX &DUH7XHVWL6HUYHU 6ILQWHDVFDVHPRQLWRUXO7DX 9LHRXWSXWXO7DX )DFDVHYRLD7D 3UHFXPvQPHPRULHDVDVLSHLPSULPDQWD 0XQFDQRDVWUDFHDGHWRDWH]LOHOH 8VXUHD]DQHRQRXDDVWD]L 6LLDUWDQHJUHVHOLOH $VDFXPVLQRLOHLHUWDPSHFHOHDOHSURJUDPDWRULORU 6LQXQHGXFHvQLVSLWD 1XQHODVDVDDWHSWDPRYHVQLFLH 6LXVXUHD]DQHvQDLQWHGH6KXWGRZQ &DFLDOHWDOHVXQW::: %LWVL%\WH ÌQYHFLLYHFLORU (17(5

3URFHVRUXOQRVWUX 3URFHVRUXOQRVWUX &DUHHVWLvQFRPSXWHU 6DOYDWILHFDOFXOXOWDX 7$&78/7$89,( 3UHFXPvQ(3520 $VDVLvQ&026 %LWLLQRVWULLFHLGHWRDWH]LOHOH 'DQLLQRXDDVWD]L 6LLDUWDLSHFHFDUHQHFRSLD]D $VDFXPvLLHUWDPVLQRLSHHL 6LIHUHVWHQHGHGHVXSUDWHQVLXQL &DFLDOH7DOHVXQW5$0 6L520 6L*LJDE\WH ÌQWLPSUHDO 581

:LQGRZVXOQRVWUX 

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

:LQGRZVXOQRVWUX &DUHHVWLLQVWDODWSHKDUG 'HVFKLGHVHIHUHVWUHOHWDOH 9LHFUDVKXOWDX &DvQDVDVLvQ 6L]LOQLFHOH6HUYLFHSDFNVGDQLOHQRXD 6LLDUWDQHSDUWLWLLOH/LQX[ $VDFXPVLQRLLHUWDPJUHVHOLOHGLQGULYHUH 6LQXQHGXvQHFUDQXODOEDVWUX &LL]EDYHVWHQHGHFRQIOLFWHGHYHUVLXQL &DFLDOWDXHVWHWRW5$0XO 6LKDUGXO 6LWRWLKHUW]LLSURFHVRUXOXL ÌQYHFLYHFLORU $OW)

9UHLVDVWLLGDFDHVWLEROQDYGHLQIRUPDWLFD" (VWLEROQDYGDFD

ÌQILHFDUHGLPLQHDWDvWLIDFLXQEDFNXS 8OWLPXOWDXJkQGvQDLQWHGHDDGRUPLHVWH6KXWGRZQFRPSOHWH &DXWLEXWRQXO&DQFHOGXSDFHDLDSDVDWXQEXWRQJUHVLWODOLIWVLWHPLULFkWGHVDUDFDHLQWHUIDWDXWLOL]DWRU )DFLGXEOXFOLFNSHEXWRQXOGHODOLIW $SHVL3DJH'RZQFDVDvQWRUFLIRDLDXQHLFDUWL &kQGYRUEHVWLGHQXPHUHURWXQGHWHJkQGHVWLOD 'LQWUHQDGPLULVFUROOLQJXOSHLVDMXOXL /DWHOHIRQFRPSXLXQQXPDUGH,3 ÌWLDPLQWHVWLFXPDLPDUHXVXULQWDDGUHVDWDGHHPDLOGHFDWSHFHDSRVWDODVDXGHFDWQXPDUXOGHWHOHIRQ &kQGvQFKL]LRIHUHDVWUDGHJHWHOHWDOHVHSXQvQPRGDXWRPDWvQSR]LWLD$OW)

6WLLFDDLMXFDWSUHDPXOW'RRPGDFD 0HUJkQGODFXOFDUHODLQWUDUHDvQGRUPLWRUvQORFVDDSULQ]LEHFXODUXQFLRJUHQDGDFX$*XOvQFDPHUD 'RUPLFXRGUXMEDVXESHUQDPRWLYkQGDVWDFXQXVHVWLHQLFLRGDWDSHVWHFHGDLvQvQWXQHULF ,QWUkQGvQWURvQFDSHUHVDXvQOLIWLHVLLPHGLDWDIDUDFDVDYH]LGDFDWHSkQGHVWHFLQHYD 1XWHLQWHUHVHD]DSUHDPXOWGDFDHVWLUDQLWSHQWUXFDYHLJDVLFXVLJXUDQWDRVIHUDDOEDVWUD 6DULFXUHSH]LFLXQHvQVSDWHOHIRWROLXOXLVLFDXWLSXVFDGHYkQDWRDUHGDFDvWLDX]LFkLQHOHXUOkQG (IHFWXH]LVDULWXULODWHUDOHSULQORFXLQWD 0HUJkQGSULQWUXQFRULGRUFHUFHWH]LSHUHWLLVDJDVHVWLXVLOHVHFUHWH &DXWLGUXMEDGDFDVRWLDWDVFRDWHVXQHWHFLXGDWHSHPRWLYFDHUDFLWD ÌPSXVWLODVHUYLFLWRDWHFRVXULOHGHKkUWLL 3ULQFDVDWHDVFXQ]LvQWRWGHDXQDGXSDFROWXULVLDUXQFLRSULYLUHvQRULFHvQFDSHUHvQDLQWHGHDLQWUDvQHD 6DULIDUDPRWLYGHSHFODGLULvQDOWHVLHVWLGHSDUHUHFDQXVHYDvQWkPSODQLPLF 6SDUJLRULFHIHUHDVWUDSHFDUHRYH]LSHPRWLYFDDUDWDXUkW 7HPLQXQH]LFDVHSRWWRWXVLFRQVWUXLFDVHFXPDLPXOWHHWDMHVDXFXDFRSHULVXOvQSDQWD 7HLQWHUHVHD]DDUPHOHGHIRFVLFDXWLGLVSHUDWGXSDXQ%)* ÌWLPRGLILFLXVLOHGLQORFXLQWDVDVHGHVFKLGDSHYHUWLFDOD &UH]LFRQYLQVFDSRWLWUHFHSULQ]LGXUL (VWLIHUPFRQYLQVFDODPSDGLQGRUPLWRUQXIDFHXQFRQWDFWVLGHDFHHDVHDSULQGHVLVHVWLQJHODLQWHUYDOHUHJXODWH ÌWLDUXQFLSLVLFDvQDLQWHWDvQSLVFLQDVDILWRWXVLVLJXUFDQXHXPSOXWDFXJXQRLUDGLRDFWLY ÌWLFHUFHWH]LFDGDGLQEDLHVDWHFRQYLQJLGDFDFRQWLQHDSDVDXRWUDYD ÌWLGRUHVWLVDDLRGUXMEDODWLQHQXPDLDVDSHQWUXRULFHHYHQWXDOLWDWH ÌWLFXPSHULXQFRVWXPGHSURWHFWLHFXRFKHODULLQIUDURVLLWRWSHQWUXRULFHHYHQWXDOLWDWH ÌQOLEUDULHFDXWLVLUDVIRLHVWLQXPDLFDUWLFXKLQWXULSHQWUX'RRP ÌQVLWXDWLLSHULFXORDVHVWULJL,''4'



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

(VWLGHSDUHUHFDQXSRWLXUFDWUHSWHPDLvQDOWHGHFP ÌWLFRQIXQ]LSURIXOGHPDWHFXXQF\EHUGHPRQVLvQFHUFLFXDMXWRUXOSXVWLLGHYkQDWRDUHVDLSURLHFWH]LFUHLHULLSHSHUHWL ÌQORFXOFKHLORUvWLFXPSHULSHQWUXXVDORFXLQWHLFDUWHOH .H\FDUGV URVLLVDXDOEDVWUH 0kQFDUHDQXWLRPDLvQFDO]HVWLSHDUDJD]FLFXDUXQFDWRUXOGHIODFDUL ÌWLFXPSHULRMDFKHWDOXFLRDVDGHFXORDUHDOEDVWUD 0HUJkQGSULQRUDVXOQDWDOHVWLVLJXUFDQXDLPDLIRVWQLFLRGDWDSHDLFLSHPRWLYFDQXYH]LQLFLXQFDGDYUXvPSUHMXU ÌWLFRORUH]LSDUWHDGHMRVDPRQLWRUXOXLvQFXORULYLL 6LDFXPRVHULHGH'22060,/,(6 & &\EHUGDHPRQ >@_

&KDLQVDZ >@&KDLQJXQ >@ +HDOW3DFN ??6SLGHUPDVWHUPLQG R 5RFNHWOXQFKHU

'RRP,, &HVDLSRYHVWHVWLVHIXOXLWDXDWXQFLFkQG

$ (VWLEDQXLWFDMRFL'RRPvQWLPSXOOXFUXOXL

2RRRFHHDFHDWLYD]XWDIRVWSUHFLVQRXOPHXVFUHHQVDYHU $FHVWH GDWH DSDUWLQ ED]HL PHOH GH GDWH '220 vQVHDPQD 'DWDEDVH 2QOLQH 2SHUDWLRQ 0DQDJHPHQW 'D DYHWL GUHSWDWH ZDGHRWHUPLQDWLHGHVWXOGHFXULRDVD 'DVLHXDPDX]LWFHYDVXQHWHFLXGDWH3RDWHDYHPVRERODQLvQFRQGXFWHOHGHFDQDOL]DUH" % 'DFDVDDX]LWFDMRFL'RRPvQWLPSXOVHUYLFLXOL

&KLRUDLWXUL"$IRVWSUHFLVVWRPDFXOPHXD]LDPOXFUDWvQWLPSXOSDX]HLGHSUkQ]VLQXDPDSXFDWVDPDQkQFQLPLFD 'UXMED"1XQXDPQLFLRGUXMEDDLFL'RDPQD3RSHVFXDVSXVD]LGLPLQHDWDFDWUHEXLHVDFXOHJHPQLVWHIORULSHQWUXVDODGH VHGLQWHÌQWUHEDWLRSHHD 0DVFX]DWL1XPLDPGDWVHDPDFDYRUEHVFDVDGHWDUH6RWLDPHDDIRVWODWHOHIRQVLvQXOWLPXOWLPSVXQWHPFDPFHUWDWL 0RQVWUXPDURvPSXWLW"""$VWDHRSRYHVWHPDLOXQJD8UDVWHVDILHQXPLWDDVD 'DFDDLIRVWSULQVMXFkQG'RRPvQWLPSXOVHUYLFLXOXL & 'DFDDLIRVWSULQVMXFkQG'RRPvQWLPSXOVHUYLFLXOXL

6WLWLDVWDHXQVFUHHQVDYHUPLQXQDW'DUQXVWLXGHFHVDEORFDWVLQXDPPDLSXWXWVDvOvQFKLG $VWDHFHDPDLQRXDFKHVWLHOD$&$' (XQSURJUDPFXFDUHvPLDQWUHQH]FDOLWDWLOHPDQDJHULDOH &LFDDVWDDUILXQSURJUDPHGXFDWLYSHQWUXILXOPHX'DUDFXPFDvOWHVWH]YDGFDHIRDUWHYLROHQW 1XVWLXFHHVLDVWD3HGLVFKHWDVFULD/RWXV3RDWHDSLFDWLDUDVLQHW]XOVDXDVDFHYD 1XYUHXVD]LFGDUFUHGFDDVWDHXQYLUXVGHFDUHSRWVFDSDQXPDLGDFDMRFSkQDODFDSDW

2QRXDYHUVLXQH:LQGRZ] 'RRUV )LUPD0LFURRIWLQWHQWLRQHD]DFDvQDFHVWDQVDODQVH]HRQRXDYHUVLXQH:LQGRZ]QXPLWD'RRUV¶3ULQFLSDOHOHLQRYDWLL DGXVHGHDFHDVWDQRXDYHUVLXQHVXQWXUPDWRDUHOH )HUHVWUHOHYRUILvQFKLVHHWDQVvQVFKLPEYRU H[LVWDXVL OXFUX PXOWPDL QDWXUDOWUHEXLHVDUHFXQRDVWHWL SHQWUXLQWUDUHVL SHQWUXLHVLUH5HPDUFDSHQWUXDGHVFKLGHRXVDVHYDIDFHFOLFNSHJDXUDFKHLLGDFDDFHDVWDH[LVWD'DFDQXYDWUHEXLVD UHVWDUWDWLFDOFXODWRUXO +DUGGLVNXOYDILJHVWLRQDWGHWULSOHVSDFHELQ$FHVWDHVWHXQSURJUDPIRDUWHVRILVWLFDWFDUHvQPRGQRUPDOQXWUHEXLHVD RFXSHPDLPXOWVSDWLXGHFkWFDSDFLWDWHDWRWDODDKDUGGLVNXOXLGXPQHDYRDVWUD'DFDWRWXVLDFHVWOXFUXVHYDvQWkPSODYD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

WUHEXLVDVFKLPEDWLKDUGGLVNXOFXXQXOPDLPDUHVDXvQWUHJFDOFXODWRUXO 6HUHFRPDQGD0LFURVRIW3HQWLXP,QVLGHVSHFLDO $VHYHGHDPDLMRVFDUDFWHULVWLFLOH  1RXOSURJUDPSRDWHOXFUDvQPRGXULELWL vQFXUVGHWHVWDUH [ELWL VDIHPRGH VL[ELWL GHEXJPRGHFDUHYD SHUPLWHVDXUPDULWLSDVFXSDVUXODUHDSURJUDPHORUFXXQFDOFXODWRUGHELURXvQPkQDSHQWUXDGHWHFWDHYHQWXDOHOHHURUL  1XYHWLPDLDYHDQHYRLHVDUHLQVWDODWL:LQGRZ]XOUHLQVWDODUHDVHYDIDFHDXWRPDWGLQ[[[vQ[[[]LOH [[[ vQWUHVL FRQILJXUDELO 128 &20387(58/0,&522)7,17(/,16,'(63(&,$/

3OXJDQG3OD\ YHWL SXWHD FRQHFWD RULFH IHO GH DSDUDW OD FRPSXWHUXO GYV SDJXEHOH YRU IL VXSRUWDWH GH VRFLHWDWHD GH DVLJXUDUL 3HVXSUDIDWDKDUGGLVNXOXLYHWLJDVLDPSUHQWHOHGLJLWDOHDOHOXL%LOO*DWHV GLVFGHFROHFWLH  7DVWDWXUD YD IL HFKLSDWD FX  WDVWH VXSOLPHQWDUH FX IXQFWLRQDOLWDWL VSHFLDOH  5(67$57  $0 =,6 5(67$57  VL

&+(0$7,6$/9$5($ 

6HSRDWHSXQHVWDSkQLUHSH VLGLVWUXJH SODQHWD3DPkQWFXDMXWRUXO FRPSXWHUXOXL" 5DVSXQVXOHVWHGDVLDQXPH

*DVHVWH85/XOOXL'XPQH]HX vQHDUFDJRGRUJJRGQHWSRDWHJRGFRPGDUvQQLFLQFD]LVODPFRPVDXYDWLFDQQHW  6SDUJHSDVVZRUGXO vQFHDUFD,VXV$GDP0RLVH0DULDVDXSRDWH6DWDQ ,QVWDOHD]DXUPDWRUXO6FULSW3URJUDP1XXLWDVDvWLIRORVHVWLQXPHOHvQSURJUDP '(/(7(3DUDGLVH? PHQ 029($QQD1LFROH6PLWK723DUDGLVH 029(3DPHOD$QGHUVRQ723DUDGLVH 029(>1XPHOH7DX@723DUDGLVH )250$7(DUWK8 ,167$//2FHDQ ,167$//&RQWLQHQW ,167$//%DFWHULD ,167$//3ODQWV ,167$//,QVHFW ,167$//)LVK ,167$//'LQRVDXU

1XVWLXGDFDXUPDWRDUHOHOLQLLIXQFWLRQHD]D SUREDELODLQHYRLHGHXQ6XSHUXVHU3DVVZRUGGDUQXVHVWLH"  5(1$0(>1XPHOH7DX@72*RG*RG GDFDGRUHVWLVDGLVWUXJLVL3DPkQWXO

81'(/(7((LQVWHLQPDQ 5(1$0(%LOO*DWHJRG72%LOO*DWHPDQ 5(1$0(0LFKDHOB-DFNVRQZRP720LFKDHOB-DFNVRQPDQ (',76XQULVHLQL '(/(7( QD]LVP &23<(DUWK?$IULFD?.HQ\D?/LRQVDQP72(DUWK?$UPHULFD?8VD?1HZB\RUN? 029(,21#,/,(6&872(DUWK?5XVVLD?6LEHULD

/XFUXULKD]OLLSHFDUHVDOHIDFLvQODERUDWRUXOGHLQIRUPDWLFD )DXQORJLQDSRLXLWDWHVSDULDWODPRQLWRUVWULJD'RDPQH0DXJDVLWVLVWLQJHUHSHGHFRPSXWHUXO 5kGHFXSRIWDFFDWUHLPLQXWHDSRLRSUHVWHWHEUXVFVLXLWDWHEDQXLWRUODFROHJLLGLPSUHMXU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&XFRPSXWHUXOVWLQVXLWDWHODPRQLWRUXODSULQVVLVWULJDvQJXUDPDUHFDQXPHUJHQLPLF'XSDFHWRWXODIRVWSXVODSXQFW VLDVLVWHQWXODvQWRUVVSDWHOHVWLQJHGLQQRXFRPSXWHUXOVLUHSHWDWRDWDID]DWLPSGHRMXPDWDWHGHRUD %DWHIUHQHWLFSHWDVWDWXUDVLRSUHVWHWHGHVWXOGHGHVVDWHXLWLFXFLXGDODYHFLQXOGHOkQJDWLQH ÌQDLQWHGHDLQWUDFHLODOWLvQODERUDWRUUHFRQHFWHD]DPRQLWRDUHOHODDOWHFRPSXWHUHGHFkWODFHOHDGHUHQWH 6FULHXQSURJUDPFDUHFkQWDXQFkQWHFHQHUYDQWODYROXPPD[LPVLODQHVIkUVW /XFUHD]DQRUPDOXQWLPSODFRPSXWHU$SRLIDRILJXUDXLPLWDSULYLQGPRQLWRUXOVLDVFXQGHWHUHSHGHVXEPDVD ÌQWHDEDWLYHFLQXOGDFDVWLHVLHOFXPVDLQWUHvQFRPSXWHUXO3HQWDJRQXOXL 7ULPLWHPHVDMHQHFXQRVFXWLORUGLQODERUDWRU ÌQFKLQDWHGHFkWHYDRULvQIDWDFRPSXWHUXOXLvQDLQWHGHDOSRUQL $GXRGUXMEDFXWLQHvQODERUDWRU'DFDHVWLvQWUHEDWFHYUHLVDIDFLFXHDUDVSXQGHFXXQWRQPLVWHULRV6WLLGRDUSHQWUX FD]XO %DWHIUHQHWLFODWDVWDXUDGXSDDFHHDvQFHSHVDEOHVWHPLWRDWHOXFUXULOHUHOHFDUHWLVHvQWkPSODvQYLDWD$SRLRSUHVWHWHGLQ EOHVWHPDWVLFRQWLQXDVDEDWLWDVWDWXUD ,QWUDJROJROXWvQODERUDWRUDVHD]DWHODFRPSXWHUVLvQWLPSFHEDWLODWDVWDWXUDXLWDWHODFHLGLQMXUGHSDUFDDUILQHEXQL $SULQGHXQVHWGHOXPkQDULvQIRUPDGHSHQWDJUDPDvQMXUXOWHUPLQDOXOXLWDXvQDLQWHGHDvQFHSHOXFUXO ÌQWUHDEDFROHJLLGDFDDXRGLVFKHWD2IHUDGLQFHvQFHPDLPXOWLEDQLSHQWUXRGLVFKHWD'XSDFHFLQHYDHGHDFRUGVHvWL GHDRGLVFKHWDVFRDWHXQDGLQEX]XQDUXOGHODSLHSWVL]LXLPLW+RSD$PXLWDWRSHDVWD 'HILHFDUHGDWDFkQGDSHVLWDVWD(QWHUVLHQHYRLHGHXQWLPSPDLOXQJVDVHvQWkPSOHFHHDFHWUHEXLHVWULJD7(52* 7(52*7(52*7(52*VLFkQGSURFHVXOHJDWD'$ $UXQFDFXGLVFKHWHvQYHFLQL ,QWUDvQYRUEDFXYHFLQLL&KLDUGDFDQXvLFXQRVWL ,DXQSDLvQJXUD%DJDWLPkLQLOHvQEX]XQDUHVLEDWHWDVWDWXUDFXSDLXO 'HVHQHD]DRIHPHLH VDXXQEDUEDW SHRIRDLHGHKkUWLHVLOLSHVWHRSHPRQLWRU)DLGHFODUDWLLGHGUDJRVWHFDVLFXPHD HO WHDUXUk$SRLVWULJDFXYRFHWDUHFDIHPHLOH EDUEDWLL QDXFXYkQW 'DFDVWDLvQWUXQIRWROLXURWLWRUURWHVWHWHFXDFHVWDFkQWkQG$OXQHOXvQWLPSFHFRPSXWHUXOOXFUHD]D ÌQFHDUFDVDvQGHVLRGLVFKHWD1LQWHQGRvQGLVNGULYHXOWDXVLGDFDQXPHUJH  FKHDPDDVLVWHQWXOvQDMXWRU 'DFDOXFUH]LODXQ,%0FRPSDWLELOvQWUHDEDFkQGSRUQHVWLFRPSXWHUXOXQGHHPDUXOFDUHWLHvWLSODFHDWkWGHPXOW 3ULQWHD]DWRDWDRSHUDOXL6KDNHVSHDUHVLDGRXD]LPDUWXULVHVWHFROHJLORUFDGHIDSWQXYURLDLGHFkWXQUkQG 8LWDWHIL[ODFRPSXWHUVLEDWHGDUDEDQDFXYkUIXULOHGHJHWHORUvQPDVD8LWDWHFXXUDODFROHJXOGHOkQJDVL]JkUkLHOSH PkQD )L[HD]DPRQLWRUXOVLEDWHWLFXXQJKLDvQGLQWHOHLQFLVLY$SRLXLWDWHODFROHJXOGHOkQJDFRQWLQXvQGVDWLORYHVWLGLQWHOH 5HSHWDDVWDGDUDLJULMDVDQXPHUJLSUHDGHSDUWH 'DFDDLSDUXOOXQJRSUHVWHWHGLQEDWXWODWDVWDWXUDXLWDWHGDFDDLILUHOHGHVSLFDWHODFDSHWH7DLHDSRLYkUIXULOHVLODVDOH SHWDVWDWXUDFROHJXOXLFkQGSDUDVHVWLODERUDWRUXO 3XQHSR]DOXL&HDXVHVFXSHPRQLWRUXOWDXVL]LODWRDWDOXPHDFDDVWDWHLQVSLUD 9LQRvQODERUDWRUSXUWkQGPDLPXOWHSHUHFKLGHVRVHWH'DOMRVXQDGXSDDOWDVLDVHD]DOHvQMXUXOPRQLWRUXOXL$SRL]L FHYDGHVSUHHIHFWXOHVWHWLFDOEXPEDFXOXLvQFRPELQDWLHFXSODVWLFXOVLVWLFOD $VHD]D WDVWDWXUD VXE PRQLWRU VL PRWRWROHVWHWL FDLHWHOH 'XWH DSRL OD DVLVWHQW VL ]LL FD vQ FRQGLWLLOH DVWHD QX VH SRDWH OXFUDvQODERUDWRU 5k]LLVWHULFVWULJkQG9HLDUGHvQIODFDULOHLDGXOXLDSRLFRQWLQXDWLOLQLVWLWPXQFD $GXFHYDFDUHIXPHJDSXWHUQLFvQODERUDWRUVLDSULQGHDVWDVXEPDVDFROHJXOXL $VRFLD]DILHFDUHLWDVWHRQRWDPX]LFDOD%DWHWDVWHOHSXWHUQLFVLVFULHDVWIHORIRDLH$ ÌQFHDUFDVDPDQkQFLPDXVXO ÌPSUXPXWDWDVWDWXUDYHFLQXOXLVSXQkQGXL3RWLVDPLRvPSUXPXWLSHQWUXRFOLSD"DSRLIDUDVDDVWHSWLUDVSXQVXOVFRDWH RGLQFRPSXWHUPRQWHD]RODSFXOWDXVLvQFHSHVDEDWLIUHQHWLFODHD $GXQLVWHPDJQHWLSXWHUQLFLvQODERUDWRUVLGLVWUHD]DWHFXHL ÌQWLPSFHIDFL FDOFXOH DULWPHWLFH OD FRPSXWHUVFRDWH XQ DEDF VL GHFODUD FX YRFH WDUH FD WRWXVLOXFUXULOH YHFKL VXQW PDL EXQH -RDFDRUHvQVLU7HWULVSHFHOPDLSHUIRUPDQWFRPSXWHUGLQODERUDWRU /RYHVWHFXSXWHUHVLGHPDLPXOWHRULWDVWDVSDFHEDUDWDVWDWXULLWDOHSkQDFROHJXOGHOkQJDREVHUYDDVWD$SRLPHUJLOD WDVWDWXUDOXLVLEDWHGHPDLPXOWHRULWDVWDGHOvQWUHEkQG1LFLODWLQHQXIXQFWLRQHDWDWDVWDGHO"6WHUJHLDVWIHOXQFXYkQW vQWUHJ$SRLWUHFLOD3FXOWDXVLORYHVWHvQFRQWLQXDUHWDVWDVSDFHEDUH[FODPkQGFD OD WLQHQX PHUJH &RQWLQXDRSHUDWLD DVWDSkQDDLVWHUVFDPRSDJLQDGLQRSHUDFROHJXOXL'XSDDFHDVWD]LXLPLW6WLLGHIDSWDFXPvPLGDXVHDPDFDHXGHIDSW DPEDWXWWRWWLPSXOWDVWDVSDFHEDU$SRLWLSDUHVWHWLFHDLGHWLSDULWVLSDUDVHVWHOHERUDWRUXO 6FRDWHGLVFKHWDGLQGULYHVLDVFXQGHR $SRLvQFHSHVDRFDXWLSULQODERUDWRU VL GXSD FH QX R JDVHVWL ]L FD GULYHXOWLD vQJKLWLWGLVFKHWD3HQWUXHIHFWHVSHFLDOHSXQHQLVWHVSXPDGHUDVODPDUJLQHDGULYHXOXLVL]LFDDvQFHSXWVDVDOLYH]H )L[HD]DWLFROHJXOGHOkQJDL]EXFQHVWHvQUkVVLvQWUHDEDOGDFDHODIDFXWDVWD$SRLFRQWLQXkQGVDUk]LDGXQDWLOXFUXULOH VLSDUDVHVWHODERUDWRUXO )L[HD]DWLPRQLWRUXODSRLFkQWDFHYDQHLQWHOLJLELOVLPLVFDWLPkLQLOHQHFRQWURODWSHQWUXFkWHYDVHFXQGH'XSDDVWDDSDVD WDVWDHQWHUVLVWULJDFXSXWHUHODDGDSRVWDVFXQGHWHVXEPDVDVLGXSDDLDLHVLDIDUDVLH[FODPD'RDPQH'HGDWDDVWD DIXQFWLRQDW$SRLFDOPFRQWLQXDVDEDWLODWDVWDWXUD 8LWDWHGXSDJkQGDFLLQYL]LELOLVLvQFHDUFDVDL]GUREHVWL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

9H]LFLQHHRQOLQHVLvQFHSHXQPLFFKDWFXSHUVRDQDUHVSHFWLYD6FULHLFDVLFXPDLFXQRDVWHRIRDUWHELQHÌQDLQWHGHD VLGDVHDPDGHIDUVDLHVLGLQFKDW $GXXQPLQLFDVHWRIRQVLRFDVHWDFXPX]LFDFLXGDWD/DVDOVDFkQWHVLVXVWLQHFDGHYLQDHFRPSXWHUXO 6FRDWHXQFUHLRQGLQJHDQWDVLvQFHSHVDVFULLSHPRQLWRU$SRLSOkQJHWHODDVLVWHQWFDQXIXQFWLRQHD]D 9LRQR OD ODERUDWRU FX IORUL vQ SDU VL vQFHSH VD VDUXWL PRQLWRUXO H[FODPkQG (VWL PLQXQDW 'XSD FH WHQVLXQHD FUHVWH FRQWLQXFXWDVWDWXUDYHFLQXOGHOkQJDVLvQILQDOFXDVLVWHQWXO ,QWUDvQIXJDvQODERUDWRUVWULJkQG9LQH-XGHFDWDGH$SRL$VHD]DWHODWDVWDWXUDVLvQFHSHVDEDWLODHD ,QWUD FX R GUXMED vQ ODERUDWRU SRUQHVWHR VL PHUJL OD SULPXO FROHJ ]LFkQGXL ÌPL GDL FRPSXWHUXO VDX GHYLL KUDQD FURFRGLOLORUGHOD=22 $GXXQFLRFDQvQODERUDWRUVLIRORVHVWHFRPSXWHUXOFDQLFRYDOD

'XPQH]HXFDSURJUDPDWRU 6LFkWRUvQWUHEDULWHRORJLFHFDUHQHFKLQXLHQXOLVDUUDVSXQGHFRUHFWGDFDQHDPJkQGLOD'XPQH]HXFDODXQSURJUDPDWRU &RQWUROHD]D'XPQH]HXWRWFHPLVHvQWkPSODvQDIXULVLWDDVWDGHYLDWD" $USXWHDGDFDDUIRORVLXQGHEXJJHUGDUHDVDSOLFWLFRVVDYHULILFLWRWFHVHSHWUHFHFXWRDWHYDULDELOHOHDOHD 'HFHGDYRLH'XPQH]HXUDXOXLVDVHSHWUHDFD" )LLQGFDDFUH]XWFDODHOLPLQDWGHODYHUVLXQHDvQWkL

6WLHRDUH'XPQH]HXWRWXO" ,LSODFHVDFUHDGDDVWDGDUHDGHVHDVXUSULQVGHFHSRDWHGHVFRSHULHFKLSDGHWHVWDUH

&HOIDFHWRWXVLVDLQWHUYLQDvQWUHEXULOHSDPkQWHQLORU" 'DFDVHSURGXFHRHURDUHFULWLFDVLVWHPXOvOVXQDSHPRELODXWRPDWVL(OVHORJKHD]DGHDFDVDvQFHUFkQGVRUHSDUH'DFDQX UHXVHVWHDWXQFLOXFUXULOHSRWDVWHSWDVLSkQDPkLQHGLPLQHDWD &KLDUDIDFXW'XPQH]HXOXPHDvQVDSWH]LOH" 0GDGHIDSWVDSWH]LOHVLVDSWHQRSWLSHFkQGWUDLDFXDFDGHOHVLFRFDFROD,QWUDVDSWHDVDGXVDFDVDVLVLDGDWVHDPDFDO ODVDVH QHYDVWD &XPGHVDGXVYUHPHDPLUDFROHORU" $LDHUDID]DGHGH]YROWDUH$FXPHID]DGHvQWUHWLQHUH

&LQHH6DWDQ" 6DWDQHVHIXOGHGHSDUWDPHQWFDUHFUHGHFDDUHPDLPXOWDSXWHUHGHFkWGHIDSWGHWLQHDVDFDWRWLFHLFHQXVXQWSURJUDPDWRUL OHHJURD]QLFGHIULFDGHHO'XPQH]HXvOFRQVLGHUDDJDVDQWGDUOLSVLWGHUHOHYDQWD &DUHHUROXOSDFDWRVLORU" 3DFDWRVLLVXQWRDPHQLFDUHJDVHVFWRWWLPSXOPHWRGHGHDDLXULVLVWHPXOGHVL'XPQH]HXODJkQGLWUH]LVWHQWODLGLRWHQLD RPHQHDVFD 8QGHPHUJHPGXSDFHPXULP" 3HXQ'9'GHEDFNXS

1HYRPUHvQFDUQD" 1XGDFDQXVHYDLYLRQHYRLHGHRVHELWDGHDYDUHFUHHD6LFXPFDXWDWXOSULQILVLHUHOHEDFNXSHVWHXQDGLQWUHFHOHPDLWULVWH VDUFLQLFKLDUGHVHYDLYLQHYRLD'XPQH]HXPDLPXOWFDVLJXUYDVSXQHFD'9'XOVDVWHUVGLQJUHVHDOD 6XQWRDUHXQLFVLVSHFLDOvQDFHVWXQLYHUV" ([LVWDSHVWHGHFRPSDQLLFDUHUXOHD]DFRSLLLGHQWLFHDOHWDOHvQYHUVLXQHDDFHDVWD

&DUHHVFRSXOXQLYHUVXOXL" 'XPQH]HXODFUHDWFXHOHJDQWDVLVLPSOLWDWHGDUSHXUPDXWLOL]DWRULOLSVLWLGHWDFWLDXFHUXWVDDGDXJHRVHULHGHIXQFWLL LGLRDWHIDFkQGXOPDLFRPSOLFDWVvPDLVFXPSFDRULFkQG 'DFDPDURJ'XPQH]HXRVDPDDXGD"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3RWLVDQFHUFLVDLSLHU]LWLPSXOVSXQkQGXLFHVDIDFDGDUPDLELQHvOODVLVDSURJUDPH]HFXPFUHGHGHFXYLLQWD

&DUHHVWHUHOLJLDFHDDGHYDUDWD" 7RDWHVLVWHPHOHDXDYDQWDMHVLGH]DYDQWDMHDVDFDDOHJHOSHFHOFDUHvWLVDWLVIDFHPDLPXOWHQHYRLVLQXWHODVDFRQYHUWLW

&XPVDPDIHUHVFGHUDX" 6FKLPEDWLSDURODvQILHFDUHOXQDVLQXWLSXQHSDURODXQQXPHSURSULXXQFXYkQGGHX]FXUHQWVDXRGDWDFXPDUIL]LXDWD GHQDVWHUH 8QLLRDPHQLSUHWLQGFD/SRWDX]LSH'XPQH]HX(DGHYDUDW" (PXOWPDLSUREDELOVDSULPHDVFDHPDLO8QLLRDPHQLVSXQFD'XPQH]HXHLXELUH $ERUW5HWU\)DLO" $VWDQXHRvQWUHEDUH5HIRUPXODWLYDSUREOHPD

0RWLYHSHQWUXFDUHFRPSXWHUXODUWUHEXLVDILHGHJHQXOIHPLQLQ 'HvQGDWDFHDLXQXODOWXOVLPDLEXQHVWHGXSDFROW 1LPHQLvQDIDUDGHFHOFDUHOHDFUHDWQXOHvQWHOHJHOLPEDMXO &KLDUVLFHOHPDLPLFLJUHVHOLVXQWPHPRUDWHSHQWUXUHIHULQWHYLLWRDUH /LPEDMXOQDWLYIRORVLWSHQWUXDFRPXQLFDFXFHOHODOWHFDOFXODWRDUHUDPkQHQHLQWHOLJLELOSHQWUXRULFLQHDOWFLQHYD 0HVDMXOEDGFRPPDQGRUILOHQDPHHVWHFHYDGHJHQXO'DFDQXVWLLGHFHVXQWVXSDUDWDSHWLQHDWXQFLILVLJXUFDQLFLQR VDWLVSXQ ,PHGLDWFHWLDLOXDWXQXOREVHUYLFDMXPD GLQVDODULXGLVSDUHSHDFFHVRULLSHQWUXHO 3HQWUXDOHIDFHDWHQWHWUHEXLHVDOHSRUQHVWL $UDWDIRDUWHELQHSkQDvODGXFLDFDVD $XRPXOWLPHGHGDWHGDUQXVWLXFHVDvQFHDSDFXHOH 2VXUVDGHFXUHQWSUHDSXWHUQLFDODSRDWHGH]DFWLYDSHQWUXPDLPXOWWLPS 8QFRPSXWHUSRDWHILLXELWFXDGHYDUDW

'HFHFRPSXWHUHOHVXQWPDLEXQHGHFkWIHPHLOH &RPSXWHUHOHVXQWPDLIUXPRDVHGHFkWIHPHLOH &RPSXWHUHOHVXQWPDLLQWHOLJHQWHGHFkWIHPHLOH &RPSXWHUHOHQXVXQWJHORDVH &RPSXWHUHOHQXDXVRWLDVFXOWDWRULVLVXSXVL &RPSXWHUHOHVXQWUDWLRQDOH &RPSXWHUHOHVXQWSULHWHQRDVH &RPSXWHUHOHVXQWvQWRWGHDXQDSULHWHQRDVH &RPSXWHUHOHQXFLFDOHVFWRWWLPSXO &RPSXWHUHOHDVWHDSWDOLQLVWLWH,QSXWXO &RPSXWHUHOHDXXQvQWUHUXSDWRUGHFXUHQWVLRWDVWD5HVHW &RPSXWHUHOHQXDXQLPLFvPSRWULYDVDILHOHJDWHvQWUHHOH &RPSXWHUHOHQXYRUVDVHFDVDWRUHDVFD &RPSXWHUHOHQXIDFFRSLL &RPSXWHUHOHvQYHFKLWHOHSRWLDUXQFDVDXIDFHFDGRX &RPSXWHUHVHSRWYLQGHVDXvQFKLULD &RPSXWHUHOHQXDX]LGHQDVWHUH &RPSXWHUHOHQXWHGHUDQMHD]DFkQGHVWLODWHOHYL]RUVDXFkQGFLWHVWL &RPSXWHUHOHQXDXPLJUHQH &RPSXWHUHOHQXLQWUDvQSDQLFDGDFDQXVXQWIRORVLWHXQWLPSPDLOXQJGHRVDSWDPkQD &RPSXWHUHOHWHODVDVDEHLFkWYUHLGHPXOW &RPSXWHUHOHQXDXQHYRLHSHUPDQHQWGHRFXWLHQRXD &RPSXWHUHOHQXDVFXOWDWHOHIRDQHOHWDOH &RPSXWHUHOHQXvWLFRQWUROHD]DFRUHVSRQGHQWD &RPSXWHUHOHQXvWLFDXWDSULQOXFUXULOHSHUVRQDOH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&RPSXWHUHOHQXYRUVDVWLHGHFHvWLWUHEXLHSUH]HUYDWLYH &RPSXWHUHOHQXYRUVDVWLHGHXQGHDXDSDUXWILUHGHSDUEORQGHSHKDLQHOHWDOH &RPSXWHUHOHQXYRUVDVWLHFLQHDODVDWXUPHGHUXMSHFHDVFDGLQFKLXYHWD &RPSXWHUHOHQXvQWUHDEDXQGHDLVWDWDWkWD &RPSXWHUHOHQXvQWUHDEDGHFHQXDLUDVSXQVODWHOHIRQ &RPSXWHUHOHQXSRWPLURVLXQSDUIXPVWUDLQ &RPSXWHUHOHSRWVDMRDFHELQHVLIRDUWHELQHVDK &RPSXWHUHOHSRWDFFHSWDIDSWXOFDVWDLIDUDVDIDFLQLPLF &RPSXWHUHOHQXvWLvPSDWXUHVF]LDUXOIDUDFDSVLFRDGD &RPSXWHUHOHQXvWLPkQMHVFQRXDFDPDVDDOEDFXUXMSXGUDVDXWXVGHJHQH &RPSXWHUHOHQXVXQWGDXQDWRDUHPHGLXOXL &RPSXWHUHOHQXSDWHD]DOXFUXULOHFXRMD &RPSXWHUHOHQXVSXQFKHVWLLQHPRWLYDWHVLOLSVLWHGHVHQV &RPSXWHUHOHQXFRQWUD]LF &RPSXWHUHOHIDFFHHDFHOHVSXL &RPSXWHUHOHQXSOHDFDODvQWkOQLULFXDOWHFRPSXWHUH &RPSXWHUHOHVWLXFDQXSRWMXFDIRWEDOVLGHDFHHDQLFLQXYRUVDYLQDFXWLQHODVWDGLRQ &RPSXWHUHOHvVLGDXVHDPDFDQXSRWFRQGXFHDXWRPRELOH &RPSXWHUHOHvQYDWDXVRU &RPSXWHUHOHQXYRUEHVFWRWWLPSXOGHHPDQFLSDUHVLHJDOLWDWHYUkQGVDVSXQDSULQDVWDFDPDLGRUHVFRFLRFRODWDGLQFDPDUD &RPSXWHUHOHQXvWLVWULFDFROHFWLDGHSODFL &RPSXWHUHOHQXVSDUJYHVHODGHSRUWHODQ &RPSXWHUHOHQXDUXQFDODJXQRLOXFUXULLPSRUWDQWH &RPSXWHUHOHQXVXVWLQFDWLJDULOHVLIXPXOORUPLURDVH &RPSXWHUHOHQXVXQWGHUDQMDWHGHIHUHVWUHPXUGDUH &RPSXWHUHOHQXVXQWGHUDQMDWHGHSHUGHOHOHvQJDOEHQLWH &RPSXWHUHOHQXVXQWGHUDQMDWHGHVFUXPLHUHSOLQH &RPSXWHUHOHQXYRUILGHUDQMDWHGHSDQWRILLWDLX]DWL &RPSXWHUHOHQXYRUILGHUDQMDWHGHEOXJLLWDLX]DWLVLWDLDWLODJHQXQFKL &RPSXWHUHOHQXYRUVDSULPHDVFDIRORUL &RPSXWHUHOHQXvVLGRUHVFKDLQHGHEODQD &RPSXWHUHOHQXvVLGRUHVFJHQWLGHSLHOHGHFURFRGLO &RPSXWHUHOHQXVXQWRIHQVDWHGDFDOHSLSDL &RPSXWHUHOHVWLXH[DFWFHSRWVLFHQXSRWLDUOXFUXULFHQXOHSRWIDFHQXvQFHDUFDVDOHIDFD &RPSXWHUHOHUHDOL]HD]DFDRSHUDWRUXOHPDLGHVWHSWGHFkWHOH &RPSXWHUHOHVWLXFDQXPDLRSHUDWRUXOVLWDVWD5HVHWVWDvQWUHHOHVL'XPQH]HX &RPSXWHUHOHQXVXQWGLQFDX]DDILUPDWLHLXUPDWRDUHQLFLRIHQVDWHVLQLFLQXVHvQFKLGvQVLQH &RPSXWHUHOHDXQXPDL 180$, RJUHVHDOD18/(327,)

(

&XPVDvWLFRQVWUXLHVWL+RPHSDJHXOvQGHSDVL 'RZQORDGXQHGLWRUGHSDJLQLZHEPLQXWH *kQGHVWHWHFHDLSXWHDVDSXLSHSDJLQDWDGHZHEVDSWDPkQL 'RZQORDG DFHODVL HGLWRU GH SDJLQL ZHE FDFL GH OD SULPXO GRZQORDG DX DSDUXW WUHL YHUVLXQL QRL DOH SURJUDPXOXL   PLQXWH +RWDUDVWHWHVDIXUL SXUVLVLPSOX FkWHYDLPDJLQLVLWH[WHGHSHDOWHSDJLQLZHEVLVDOHSXLSHSDJLQDWDPLQXW 9L]LWHD]DFkWHYDSDJLQLZHEVDFDXWLLPDJLQLOHVLWH[WHOHFDUHvWLSODF]LOH 3RUQHVWHSURJUDPXO6HWXSDOHGLWRUXOXLGHSDJLQLZHE YH]SXQFWHOHVL 'XSDFHLQVWDODUHDGDJUHVIDXQQRXGRZQORDG PLQXWH 5HSRUQHVWHSURJUDPXO6HWXSUHERRWHD]DFRPSXWHUXOVLDSRLDSDVDWRDWHEXWRDQHOHSURJUDPXOXL HGLWRUXOGHSDJLQLZHE FDVDYH]LFHSRWIDFHPLQXWH 8LWDWHODFRGXOVXUVDDODOWRUSDJLQLIXUDFkWHFHYDVFKLPEDFkWHYDFXYLQWHSHDLFLSHDFRORRUH







)DXQSUHYLHZDOSDJLQLLWDOHZHEvQHGLWRUXOGHODSXQFWHOHPLQXW ÌQFHDUFDVDDOLQLH]LSHROLQLHRUL]RQWDODGRXDLPDJLQLRUH 6WHUJHXQDGLQLPDJLQLVHFXQGH $FRUGDDWULEXWXOXLFXORDUHWH[WDFHHDVLYDORDUHFDDWULEXWXOXLFXORDUHEDFNJURXQGPLQXQHD]DWHGHFHDGLVSDUXWWRW WH[WXOSDJLQLLWDOHRUH )DXQGRZQORDGDOXQXLFRXQWHUGHSHVHUYHUXOSURYLGHUXOXLWDXPLQXWH ÌQFHDUFDVDDIOLLGHFHFRXQWHUXOWDXDUDWD6XQWHWLYL]LWDWRUXOFXQXPDUXO(RUH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

ÌQWURGXOLQLLJRDOHvQWUHGRXDOLQLLGHWH[WRUH 5HYL]XLHVWHWH[WXOSDJLQLLVLSUHJDWHVWHVDIDFLXSORDGXOSDJLQLLSHVHUYHUXOSURYLGHUXOXLPLQXWH 6WHUJHGLQJUHVHDODWRWZHEVLWHXOSHUVRQDOVHFXQGD 5HIDWLSDJLQLOHGHZHE]LOH ÌQFHDUFDVDDIOLLFXPSRWLVDWLvQFDUFLSDJLQDSHUVRQDODSHVHUYHUXOSURYLGHUXOXLVDSWDPkQL 6XQDXQSULHWHQ XQXOUDEGDWRU FDVDDIOLLFkWHFHYDGHVSUH)73PLQXWH )DXQGRZQORDGDOVRIWXOXL)73PLQXWH 0DLVXQDWLRGDWDSULHWHQXOPLQXWH ÌQFDUFDWLSDJLQDSHVHUYHUXOSURYLGHUXOXLWDXPLQXWH 9L]LWHD]DWLSDJLQDYLDLQWHUQHWPLQXW 5HLDXQHOHVDXWRDWHSXQFWHOHSUHFHGHQWHODQHVIkUVLWQHVIkUVLW

(VWLXQ1HW-XQNLHDWXQFLFkQG 'DFDDWXQFLFkQGSULPHVWLPHVDMXOFDQXPDLDLSRVWDHPDLOPDLYHULILFLRGDWDDFHVWOXFUX 'DFDWUH]LQGXWHODRUDQRDSWHDSHGUXPXOGHODEDLHvQSDWFRQWUROH]LGDFDQXDLPDLSULPLW(PDLOXUL 'DFDDLXQWDWXDMSHFDUHVFULH$FHVWFRUSVHYHGHFHOPDLELQHFX1HWVFDSHVDXRYHUVLXQHPDLQRXD &kQGFRSLLWDLVHQXPHVF(XGRUD0R]]LOD+RPHU'RWFRPVDX3HJDV 'DFDUHIX]LRYDFDQWDIDUDHOHFWULFLWDWHVLOLQLLWHOHIRQLFH 'DFDRDFFHSWLWRWXVLFXPSDULQGXQFHOXODUVLXQODSWRS 'DFDFDODWRULQGSHWLPSXOFDODWRULHLSHJHQXQFKLWDLVWDODSWRSXOvQWLPSFHFRSLOXOWDXVWDODEDJDMH 'DFDVWXGLH]LGRLVDXWUHLDQLPDLPXOWSHPRWLYFDODIDFXOWDWHDLDFFHVJUDWXLWODQHWVLHPDLO 'DFD]JRPRWXOSURGXVGHPRGHPHFDVXQHWXOSURGXVGHRFHDQXOSHFDUHQDYLJKH]L &kQGUk]LGHFHLFDUHDXXQ PRGHPGHESVVDXPDLVODE 'DFDVFULLQGXWLFRUHVSRQGHQWDFODVLFDXWLOL]H]L6PLOH\V 'DFDSHQWUXDUkGHvWLvQWRUFLFDSXOvQWURSDUWH 'DFDUDVSXQ]LSURPSODFRUHVSRQGHQWD(0DLOGDUQLFLRGDWDODFHDFODVLFD 'DFDILLQGvQWUHEDWGHDGUHVDvWLGDLDGUHVD(0DLO 'DFDvWLWULPLWLVLQJXU(0DLOXULSHQWUXDWLDPLQWLGLIHULWHOXFUXUL 'DFDGHYLLGHSUHVLYDWXQFLFkQGWLDLWHUPLQDWGHVFULVPDLOXULOHvQPDLSXWLQGHGRXDRUH 'DFDWLPSGHGRXDRUHGXSDFHWLDSLFDWFRPSXWHUXOFDXWLQXPDUXOPRGHPXOXLSURYLGHUXOXLWDXvOIRUPH]LvQFHUFkQG VDIDFLROHJDWXUDGLUHFWDFXDFHVWDVLUHXVHVWLDFHVWOXFUX 'DFDVFULLQGWH[WHGXSDILHFDUHSXQFWVFULLFRP 'DFDQXPHVWLLGUXPXOVSUH:&GRZQORDG 'DFDWHSUH]LQWLFX:::QXPHSXQFWSUHQXPHSXQFWUR 'DFDvWLFXPSHULXQVFDXQGHELURXWLS&DSLWDQXO.LUNFXPRXVHVLWDVWDWXUDLQWHJUDWD 'DFDSULHWHQLLWDLDXXQ#vQQXPHOHGHIDPLOLH 'DFDFkLQHOHWDXDUHSURSULD+RPHSDJH 'DFDvWLDMXWLFkLQHOHVDUDVSXQGDODHPDLOXUL 'DFDWRWXVLSURSULXOFkLQHWHSDUDVHVWH 6DXGDFDvQFHSHVDPLURDVHDKRLWvQFDVDGLQFDX]DFDSURSULXOFkLQHDPXULWGHIRDPH 'DFDQXWHOHIRQH]LFXSURSULDWLPDPDSHPRWLYFDQXDUHPRGHP 'DFDQXVWLLGHFHVH[HSULHWHQXOWDXFHOPDLEXQSHPRWLYFDDOLDVXOVDXHQHXWUXVLQXWLDYHQLWSkQDDFXPLGHHDVDO vQWUHELDVWD 'DFDvWLLPSORULSULHWHQLLVDVLIDFDXQFRQWFDVDLHVLPvQRUDV 'DFDWD[LPHWULVWXOXLFDUHWHGXFHDFDVDvLVSXLDGUHVDWDKWWSEXOHYDUGXOPXQFLLEORFYHUGHKWPO 'DFD LHVL GLQ FDPHUD VL REVHUYL FD SDULQWLL WDL VDX PXWDW GLQ DSDUWDPHQW VL QLFL PDFDU KDEDU QDL FkQG VD vQWkPSODW DVWD 'DFDDLWHUPLQDWWRDWHOLQNXULOHGHOD


&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'DFDvWLVFULLWHPHOHVLSURLHFWHOHvQKWPOVLvLGDLSURIXOXLXUOXOSHQWUXDOHFRUHFWD 'DFDFXPSHULVRWLHLXQFDOFXODWRUVLXQPRGHPFDVDVWDWLODWDLIDV 'DFDYLL vQ vQWkPSLQDUHD VHVL]DULL SULHWHQHL WDOH FDUH VH SOkQJHGH OLSVD GH FRPXQLFDUH FXPSDUkQGXL XQ FRPSXWHU FX PRGHP 'DFDOHVSXLSURSULLORUFRSLLFDQXDXYRLHODFRPSXWHUSHPRWLYFDWDWDDUHGHOXFUXFKLDUGDFDWDWDHVRPHU 'DFDSULHWHQDWDSXQHPRQLWRUXOXLRSHUXFDEORQGDVDWLDPLQWHDVFDFXPDUDWD 'DFDWHFXOFLFXDPDQWDVLWLHWHDPDVDQXLVWLHVRWXOSDUROD 'DFDDMXQJLvQSDWVLQXPDLWLLPLQWHGDFDDLIRVWVDXQXFDVDWRULW 'DFDVRWLDWDvWLVSXQHFDQRXDHLIUL]XUDRDUHGHOXQLGH]LOH 'DFDVRWLDvWLLPSXQHRQRXDUHJXOD&RPSXWHUXOQXDUHYRLHvQSDW 'DFDFRPSXWHUXOWDXHPDLVFXPSGHFkWSURSULXWLDXWRPRELO 'DFDWHPLQXQH]LFDVXUIXOVHSRDWHSUDFWLFDVLvQDSD 'DFDvWLFXPSHULXQODSWRSSHQWUXDSXWHDILRQOLQHFKLDUVLSH:& 'DFDvWLSHWUHFLQRDSWLOHSHQWUXDWLDGXFHFRXQWHUXOGHSHSURSULDKRPHSDJHODFLIUDGH 'DFDvQFHSLVDYRWH]LRQOLQHGLQJUHVHDODSHQWUXSROLWLFLHQLGLQDOWHWDUL 'HYLLYHVWLWFDQXHQLPHQLvQRUDVPDLUDSLGFDWLQHODH[HFXWDUHDGXEOXFOLFNXOXL 'DFDWHFRQFHQWUH]LLQWHQVFHDLPDLSXWHDVDFDXWLvQ,QWHUQHW ÌWLPLQWLSULHWHQDFkQGWHvQWUHDEDFkWDLVWDWvQ]LXDSUHFHGHQWDRQOLQH 'DFDWHXLWSHZZZYUHPHDURVDYH]LFXPHWLPSXOvQORFVDWHXLWLSHIHUHDVWUD 'DFDSULHWHQDWDYLUWXDODWHSDUDVHVWHSHQWUXXQWLSFXROHJDWXUDPDLUDSLGD 'DFDXOWLPDWDSULHWHQDDIRVWGRDURLPDJLQH-3(* 'DFDHVWLDWkWGHH[SHULPHQWvQDOH:::XOXLvQFkWQXPDLDLQHYRLHGHPDVLQLGHFDXWDUH 'DFDWLSLLGHOD$OWDYLVWDvWLFHUVIDWXOvQFHHDFHDUPDLSXWHDvPEXQDWDWLLODSURSULDPDVLQDGHFDXWDUH 'DFDSURYLGHUXOWDXHVWHDWkWGHEXQvQFkWQXVXQDQLFLRGDWDRFXSDWVLDVWDGLQFDX]DFDWHDIOLLWRWWLPSXORQOLQH 'DFDSURYLGHUXOWDXvWLFHUHVIDWXOvQSUREOHPHWHKQLFH 'DFDWHDVH]LVHDUDODFRPSXWHUVLvWLGDLVHDPDPLQXQkQGXWHFDvQVFXUWWLPSFRSLLWDLWUHEXLHVDPHDUJDODVFRDOD 'DFDWRWLSULHWHQLLWDLVXQW+$<(6FRPSDWLELOL 'DFDWHDLRELVQXLWVDEHLFDIHDXDUHFH 'DFDDYRFDWXOVRWLHLWDOHvWLWULPLWHDFWHOHGHGLYRUWSULQ(0DLO 'DFDSURPLWLvQWUXQFDPDLUDPkLGRDUXQVIHUWGHRUDRQOLQHVLDVWDVSXLGLQRUDvQRUD 'DFDJDVHVWLFDvQ,QWHUQHWHPDLELQHGHFkWFDVDIDFLVH[VLvWLDWkUQLRRJOLQGDLPHQVDGHDVXSUD3&XOXL 'DFDSRYHVWHVWLSULHWHQLORUGHVSUHRvQWkOQLUHILUELQWHGDUXLWLVDOHVSXLFDDFHDVWDDDYXWORFvQWUXQFKDWURRP 'DFDDIODWODOXPLQD]LOHFDXWLEXWRQXOSHQWUXOXPLQR]LWDWHVSUHDRUHJOD 'DFDVDUXWLKRPHSDJHXOSULHWHQHLWDOH 'DFDvWLvQWkOQHVWLSULHWHQLLGHEORFGRDUvQFKDWURRPV 'DFDSHRFKHODULLWDLVDLPSULPDWLPDJLQHDXQHLSDJLQLGHZHE 'DFDSULHWHQDWDWLVHSDUHRVWUDLQDvQFRPSDUDWLHFXSURYLGHUXOWDX 'DFDLQWHUHVXOWDXSHQWUXDOWHSHUVRDQHVHUH]XPDGRDUODDGUHVDORUGHHPDLO 'DFDVH]YRQHVWHFDHVWLvQVWDUHVDIDFLROHJDWXUDFXSURYLGHUXOWDXFKLDUVLIDUDPRGHP 'DFDGXSDFHFLQHYDDSRYHVWLWXQEDQFEXQvQORFVDUk]L]LFL/2/ /RXJKLQJ2XW/RXG  'DFDVRWLDWDvWLWRSHVWHWDVWDWXUDvQFXSWRU 'DFDGXUHD]DFHOSXWLQRRUDVDvWLLHLHPDLOXULOHGHSHVHUYHU 'DFDWHDLRELVQXLWFXFDIHDXDUHFH 'DFDUk]LGHWRDWHFHOHGHPDLVXVUHFXQRVFkQGXWH 'DFDDLFLWLWWRDWHDVWHDFXVSHUDQWDFDPDFDUXQOXFUXGLQWRDWHDVWHDVDQXWLVHSRWULYHDVFD

0DQXDOSHQWUXvQJULMLUHDFDOFXODWRUXOXL 1XODVDQLFLRGDWDGLVFKHWDvQXQLWDWHSHQWUXFDGDWHOHSRWFXUJHGLQGLVFKHWDVLSRWFRURGDPHFDQLVPXOLQWHULRUDOXQLWDWLL 'LVFKHWHOHWUHEXLHUXODWHvQJULMLWVLSDVWUDWHvQVXSRUWXOSHQWUXFUHLRDQH 'LVFKHWHOHWUHEXLHFXUDWDWHVLOXVWUXLWHFXFUHPDRGDWDSHVDSWDPkQD 3DUWLFXOHOHPHWDOLFHPLFURVFRSLFHSRWILvQGHSDUWDWHSULQWUHFHUHDUHSHWDWDDXQXLPDJQHWSXWHUQLFSHVWHVXSUDIDWDGLVFKHWHL 3DUWLFXOHOHPHWDOLFHPDLvQFDSDWkQDWHSRWILVFRDVHFXSUDIGHFXUDWDWVLGHWHUJHQW &kQGGDWLFXFUHPDGLVFKHWHOHDYHWLJULMDFDVWUDWXOVDILHXQLIRUP$FHVWDYDvQOHVQLURWDWLDGLVFKHWHORUvQXQLWDWHFHHDFHYD GXFHODvPEXQDWDWLUHDWLPSXOXLGHDFFHV 1XvQGRLWLGLVFKHWHOHGHFkWGDFDQXvQFDSvQXQLWDWH'LVFKHWHOHPDULSRWILvQGRLWHVLIRORVLWHvQXQLWDWLPLFL 1XLQWURGXFHWLQLFLRGDWDGLVFKHWHOHFXFDSXOvQMRVvQXQLWDWH'DWHOHSRWFDGHDGHSHVXSUDIDWDGLVFKHWHLVLEORFDPHFDQLVPXO LQWHUQDOXQLWDWLL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'LVFKHWHOHQXSRWILFRSLDWHOD;HUR['DFDGRULWLVDYDFRSLDWLGDWHOHSXUVLVLPSOXLQVHUDWLGRXDGLVFKHWHvQXQLWDWHGHFkWH RULPRGLILFDWLYUHXQGRFXPHQWGDWHOHYRUILvQUHJLVWUDWHSHDPEHOHGLVFKHWH 'LVFKHWHOHQXWUHEXLHLQWURGXVHVDXVPXOVHGLQXQLWDWHGDFDEHFXOURVXHVWHDSULQV 'DFD IDFHWL DVD FHYD GDWHOH VDU SXWHD GHWHULRUD VL GHYHQL QHLQWHOLJLELOH 'DFD OXPLQD URVLH QX VH VWLQJH VDX FOLSHVWH LQWHUPLWHQWSUREDELOYDWUHEXLVDPDLLQWURGXFHWLFkWHYDPRQHGHFDVDSXWHWLIRORVLvQFRQWLQXDUHXQLWDWHDGHGLVFKHWD 'DFDGLVFKHWDHVWHSOLQDVLPDLDYHWLQHYRLHGHVSDWLXVFRDWHWLRGLQXQLWDWHVLVFXWXUDWLRYLJXURVWLPSGHGRXDPLQXWH $VWIHOGDWHOHVHYRUFRPSULPD GDWDFRPSUHVVLRQ VXILFLHQWFDVDPDLIDFDORFVLSHQWUXDOWHOH$VLJXUDWLYDFDDWLDVWXSDW vQSUHDODELOWRDWHRULILFLLOHFXVFRWFKSHQWUXDSUHYHQLSLHUGHUHDGDWHORU

'DFD*HQHUDO0RWRUVVLDUILGH]YROWDWWHKQRORJLDvQDFHODVLPRGFD0LFURVRIW /DRUHFHQWDH[SR]LWLHGHFDOFXODWRDUH &20'(; %LOO*DWHVDFRPSDUDWvQPRGUHSHWDWLQVXVWULDGHVRIWZDUHFXLQGXVWULD GHDXWRPRELOH 3ULQWUHDOWHOHDIDFXWVLDILUPDWLDXUPDWRDUH 'DFD*HQHUDO0RWRUVDUILWLQXWSDVXOFXWHKQRORJLDOD IHOFXPVHvQWDPSODvQLQGXVWULDGHVRIWZDUHDVWD]L DP ILFRQGXV PDVLQLGHGHGRODULFDUHDUILFRQVXPDWXQJDORQGHEHQ]LQDODGHPLOH &DUDVSXQVSUHVHGLQWHOH*HQHUDO0RWRUVDSXEOLFDWRVFULVRDUHvQSUHVD 'DFD *HQHUDO 0RWRUV VLDU IL GH]YROWDW WHKQRORJLD vQ DFHODVL PRG FD 0LFURVRIW DWXQFL PDVLQLOH SH FDUH OHDWL IL FRQGXV DVWD]LDUILDYXWXUPDWRDUHOHFDUDFWHULVWLFL

)DUDQLFLXQPRWLYRULFHVDUvQWDPSODPDVLQDGXPQHDYRDVWUDVHYDVWULFDGHGRXDRULSH]L 'HILHFDUHGDWDFkQGVHYDUHIDFHPDUFDMXOSHDXWRVWUDGDYDWUHEXLVDFXPSDUDWLRQRXDPDVLQD 'HFvWHRULVDUUHYRSVLOLQLLOHGHGHPDUFDWLHGHSHGUXPXULDUWUHEXLVDWLFXPSHULPDVLQDQRXD 'LQFkQGvQFkQGPDVLQDGXPQHDYRDVWUDVHYDRSULSHDXWRVWUDGDVLYHWLDFFHSWDDFHVWOXFUXUHSRUQLQGRGHILHFDUHGDWD 'LQFkQGvQFkQGH[HFXWkQGDQXPLWHPDQHYUHFDGHH[HPSOXRvQWRDUFHUHODVWkQJDPDVLQD VHYDRSULVLYDUHIX]DVD SRUQHDVFDLDUvQDFHVWFD]YHWLILREOLJDWVDUHLQVWDODWLPRWRUXO 1XPDLRSHUVRDQDSRDWHIRORVLODXQPRPHQWGDWPDVLQDFXH[FHSWLDFD]XOXLvQFDUHDWLFXPSDUDW&DUVDX&DU17GDU vQDFHVWFD]YDWUHEXLVDFXPSDUDWLPDLPXOWHORFXUL  0DF,QWRVK YD IDFH R PDVLQD FDUH PHUJH FX HQHUJLH VRODUD ILDELOD GH FLQFL RUL PDL UDSLGD GH GRXD RUL PDL XVRU GH FRQGXVGDUQXYDSXWHDUXODGHFkWSHFLQFLODVXWDGLQVRVHOH  ,QGLFDWRUXO SHQWUX XOHL FHO SHQWUX WHPSHUDWXUD DSHL FHO SHQWUX EDWHULH WRDWH YRU IL vQORFXLWH FX XQ VLQJXU LQGLFDWRU OXPLQRV*HQHUDOFDUGHIDXOW ÌQPDVLQDDUvQFDSHDQXPDLRSHUVRDQDVDXDUWUHEXLVDPDLFXPSHULVFDXQH 6FDXQHOHQRLYDYRUREOLJDVDDYHWLDFHHDVLPDULPHDFXUXOXL 6LVWHPXODLUEDJVLFHQWXUDGHVLJXUDQWDYDvQWUHED6XQWHWLVLJXU"vQDLQWHGHDLQWUDvQIXQFWLXQH 'LQFkQGvQFkQGIDUD QLFLXQ PRWLY PDVLQD VH YD vQFXLD VLQJXUD'DUH[LVWD R VROXWLH7UDJHWLGH PkQHUXO SRUWLHUHL UDVXFLWLFKHLDVLWLQHWLDQWHQDUDGLRFXPkQD 2GDWDFXPDVLQDDWLILREOLJDWLVDFXPSDUDWLVLXQJKLGFRPSOHWDOVWUD]LORUGLQWRDWDOXPHDFKLDUGDFDQXDYHWLGHJvQG VDLHVLWLGLQRUDV$OWIHOSHUIRUPDQWHOHPDVLQLLDUILGLPLQXDWHFX *HQHUDO0RWRUVYDFHUHFXPSDUDWRULORU VDL VD FXPSHUHVL XQ VHW GH KDUWL 5DQG0F1DOO\ DFXP R VXFXUVDOD D *HQHUDO 0RWRUV LQGLIHUHQWGDFDDYHWLVDXQXQHYRLHFKLDUGDFDQXYUHWL'DFDvQFHUFDWLVDUHQXQWDWLODDFHDVWDRSWLXQHYHWLREVHUYD R GLPLQXDUH FX  D SHUIRUPDQWHORU PDVLQLL 0DL PXOW GHFDW DWkW GLQ FkQG vQ FkQG *HQHUDO 0RWRUV YD IL VXSXV LQYHVWLJDWLHL'HSDUWDPHQWXOXLGH-XVWLWLH 'HILHFDUHGDWDFkQG*HQHUDO0RWRUVYDLQWURGXFHXQQRXPRGHOGHPDVLQDFXPSDUDWRULLYRU ILREOLJDWLVDvQYHWHGLQ QRXVDVRIH]HGHRDUHFHQLFLXQDGLQQRLOHFRPHQ]LDOHPDVLQLLQXYDIXQFWLRQDFDFHOHYHFKL 9HWLDSDVDSHEXWRQXO6WDUWSHQWUXDRSULPRWRUXO

$FWLXQHD6DOYDWLPDXVXO &DWUHWRWLSULHWHQLLDQLPDOHORU

&DVLSULPXO SHGHSOLQDQJDMDW DSDUDWRUDODQLPDOHORUYDYRLH[SXQHDLFLXQFD]GHFKLQXLUHDDQLPDOHORUFDUHHVWHSUDFWLFDW FXEXQDVWLLQWDVDXQX GHFDWUHILHFDUHRPFDUHIRORVHVWHXQFRPSXWHU 'HWLQHUHDLOHJDODVLFKLQXUHDPDXVXOXL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'DGDDWLFLWLWFRUHFWPDXVXOHVWHRFUHDWLHDOXL'XPQH]HXXQDQLPDOFDUHWUDLHVWHJkQGHVWHVLGHVSUHFDUHVHSRDWHVSXQH FKLDUFDSRVHGDLQWHOLJHQWD 8UPHD]DRvQILRUDWRDUHHQXPHUDUHGHFD]XULGHFKLQXLUHDPDXVXOXL 0DXVSDGXOPDVRDUDvQPHGLH;FPILHFDUHJDLQDRXDWRDUH FDUHVHDIODvQWURFUHVFDWRULH DUHPDLPXOWVSDWLX ODGLVSR]LWLH 8QPDXVHVWHOHJDWGHXQFDEOXGHPOXQJLPHVLDVWDSHQWUXRYLDWD7LQXWXOFkLQLORUvQODQWHVWHRMRDFDFRSLLSH OkQJDDFHDVWD2ULFHFkLQHDUHXQODQWPDLOXQJ 2ULFHPDXVFDUHQXPDLHVWHIRORVLWDWHUL]HD]DvQFRVXOGHJXQRLvQORFVDLVHGDUXLDVFDOLEHUWDWHD 1LFLXQPDXVQXYHGHYUHRGDWDOXPLQDVRDUHOXL 1LFLXQPDXVQXSULPHVWHDSDKUDQDVDXRULFHDOWDOLPHQWVDQDWRV 'LQWRDWHDFHVWHUH]XOWDGHUHJODULJUDYHGHVDQDWDWHVLFRPSRUWDPHQW )LLQGFUHVFXWLvQVLQJXUDWDWHPDXVLLQXVHSRWvQPXOWLLSHFDOHQDWXUDODFLVXQWSURGXVLvQIDEULFL 6XQW vQWRWGHDXQD DSXFDWLLEUXWDO GH SDUWHD GRUVDOD vQVXUXEDWL VDX OLSLWLL VL FkWHRGDWD GHIRUPDWL SkQD QX OL VH PDL SRDWHLQWXLIRUPDLQLWLDODQDWXUDOD ÌQFHUFXULOHGHLXELWRULVLSURWHJLXLWRULDLDQLPDOHORUDFHVWHIRUPHGHVDGLVPVHQXPHVFWUDFNEDOO 0LVFDUHD'DWLPDXVLORURVDQVDSUHWLQGHSDUODPHQWDULORUHPLWHUHDXUPDWRDUHORUSXQFWHGHOHJH )LHFDUHPDXVWUHEXLHVDSRVHGHXP PDXVSDGGHFHOSXWLQ;P /XQJLPHDPLQLPDDFDEOXOXLWUHEXLHVDILHGHP 3HGHDSVDDVSUDDSURSULHWDULORUGHPDXVLFDUHQXUHGDXOLEHUWDWHDPDXVLORUvQYHFKLWL 7LQHUHDPDXVXOXLWUHEXLHVDDLEHORFvQFRQGLWLLQDWXUDOH &RQWUROXOPHGLFDOVWULFWDOVWDULLGHVDQDWDWHDPDXVLORU 9LQGHUHDPDXVLORUQXPDLvQSHUHFKLSHQWUXDSHUPLWHvQPXOWLUHDORUSHFDOHQDWXUDOD ,QWHU]LFHUHDLPHGLDWDDWUDFNEDOOXULORU $FRUGDUHDGHVXEYHQWLLGLQSDUWHDVWDWXOXLSHQWUXvQFXUDMDUHDIRORVLULLXQRUDOWHUQDWLYHODPDXV 6SULMLQLWLDFHDVWDPLVFDUHSULQVHPQDWXUDGXPQHDYRDVWUD

'DVXQWSHQWUXDFHVWHFHULQWHVLSHQWUXLPSXQHUHDORUGHXUJHQWDSHFDOHOHJDOD 1XPHVLSUHQXPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB HPDLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 3HQWUXSDUWLFLSDUHDODDFHDVWDDFWLXQHYDPXOWXPLPDQWLFLSDW

6RWLD $QXOWUHFXWXQSULHWHQGHDOPHXVLDIDFXWXQXSJUDGHOD3ULHWHQDSkQDOD6RWLDVLDREVHUYDWFDDSOLFDWLDvQFDX]DD vQFHSXWVDRFXSHSUHDPXOWDPHPRULHVLODVDIRDUWDSXWLQHUHVXUVHVLVWHPSHQWUXFHOHODOWHDSOLFDWLL3OXVODDFHDVWDSULHWHQXO PHXDGHSLVWDWFD6RWLDDvQFHSXWVDODQVH]HSURFHVHSURSULLFDUHODIHOIXUDX UHVXUVHOHFDUHVLDVKDVLQWIRDUWHOLPLWDWH 1LFLvQVSRWXULOHSXEOLFLWDUHQLFLvQGRFXPHQWDWLLXQDVDIHQRPHQQXHGHVFULVFXWRDWHFDGXSDLQIRUPDWLDSDUYHQLWDGHODDOWL XWLOL]DWRULIHQRPHQXOvQFDX]DHUDVLGHDVWHSWDWVDDSDUDILLQGJHQHUDWGH6RWLD 7UHEXLH GH PHQWLRQDW FD 6RWLD  VH LQVWDOHD]D vQ DVD PRG vQFkW VH ODQVHD]D LPHGLDW GXSD LQLWLDOL]DUHD VLVWHPXOXL VL VXSUDYHJKHD]DSURFHVXOGHOXFUXDOvQWUHJXOXLVLVWHP3ULHWHQXOPHXDREVHUYDWFDXQVLUGHDSOLFDWLLFD)RWEDO%HULFLFD   9LQXO  VL 3HVFXLWXO  vQ JHQHUDO DX vQFHWDW VD PDL IXQFWLRQH]H vQ VLVWHP VDX FD 6LVWHPXO QX SHUPLWH ODQVDUHD FRPSOHWDDORUSULHWHQXOPHXILLQGQHYRLWVDOHDEDQGRQH]H FXWRDWHFDDFHVWHSUREOHPHDQWHULRUQXDSDUHDX  /DLQVWDODUH6RWLDQXODVDYDULDQWDGHDOHJHUHvQVWDOkQGVXSOLPHQWHQHGRULWHFD6RDFUDVL%HWD5HOHDVXO&XPQDW 'LQDFHDVWDFDX]DSURGXFWLYLWDWHDVLVWHPXOXLVFDGH GLQ]LvQ]LÌQXUPDWRDUHDYHUVLXQH6RWLDDPGRULVD ILH DGDXJDWH XUPDWRDUHOHIDFLOLWDWL %XWRQXO1XPLPDLDPLQWLGHDFHDVWD %XWRQXOGHPLQLPL]DUHDDSOLFDWLHL 2SWLXQHD8QLQVWDOO FDUHYRUSHUPLWHLQVWDODUHDDSOLFDWLHL6RWLDvQDVDIHOFDvQRULFHPRPHQWYRUSHUPLWHvQODWXUDUHDDSOLFDWLHLvQFDX]DIDUD SLHUGHUHDFDFKHXOXLVLDDOWRUUHVXUVHVLVWHP (X SHUVRQDO DP KRWDUkW VD HYLW GXUHULOH GH FDS JHQHUDWH GH 6RWLD  VL VD FRQWLQXL VD XWLOL]H] 3ULHWHQD  7RWXVL PLDX DSDUXW SUREOHPH VL FX DFHDVWD DSOLFDWLH $P GHVFRSHULW FD H LPSRVLELOD LQVWDODUHD 3ULHWHQHL  GHDVXSUD VLVWHPXOXL FX 3ULHWHQD 0DLLQWLLHQHFHVDUGHDvQODWXUD3ULHWHQD$OWLXWLOL]DWRULYRUEHVFFDDFHDVWDHVWHRIRDUWHYHFKHHURDUHGHVLVWHPVLFDHX WUHEXLDVDVWLXGHH[LVWHQWDHL&LUFXOD]YRQXOFDGLIHULWHOHYHUVLXQLDOH3ULHWHQHLFRQIOLFWHD]DGLQFDX]DXWLOL]DULLFRPXQHD SRUWXOXL ,QSXW2XWSXW &UHG FD SURJUDPDWRULL GHPXOW WUHEXLDX VD FRUHFWH]H R DVD HURDUH LPEHFLOD &HO PDL UDX HVWH FD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

SURJUDPXO GH vQODWXUDUH D 3ULHWHQHL  OXFUHD]D LQVWDELO FkWHRGDWD ODVkQG XUPH GH OXFUX D DSOLFDWLHL ÌQFD XQ PRPHQW QHSODFXW 7RDWH YHUVLXQLOH 3ULHWHQHL SHUPDQHQW DILVHD]D PHVDMH VFXUWH VL FLFDOLWRDUH GHVSUH QHFHVLWDWHD GH D IDFH XSJUDGH SkQDOD6RWLD 35(Ì17Ì03,1$5($(525,/25

6RWLDDUHRHURDUHQHGRFXPHQWDWD'DFDVHYDIDFHRvQFHUFDUHGHDLQVWDOD$PDQWDIDUDvQODWXUDUHD6RWLHL6RWLD YDVWHUJHWRDWHILVLHUHOH060RQH\VLDSRLVHYDDXWRQLPLFL$FHVWOXFUXYDIDFHFD$PDQWDVDUHIX]HFRQWLQXDUHD LQVWDODULLDILVkQGPHVDMXOGHLQVXILFLHQWDDUHVXUVHORUVLVWHP (9,7$5($(525,,

3HQWUXD HYLWD HURDUHD VXV QXPLWDvQFHUFDWL VD LQVWDODWL $PDQWD SH R DOWDSODWIRUPDVL QLFLRGDWDQX ODQVDWL DSOLFDWLL GH WUDQVIHUGHGDWHWLSXO/DS/LQN)HULWLYDGHDSOLFDWLLVLPLODUHGHWLSVKDUHZDUHDSWHGHDWUDQVPLWHYLUXVLVLGHDLQIHFWD 6RWLD

2DOWDVROXWLHGHDOXFUDFX$PDQWDDQRQLPSULQSURYLGHUÌQVDVLDLFLWUHEXLHVDILLSUHFDXWSHQWUXFDvQWkPSODWRUVDQX DQLPLSULQ8VH1HWXQYLUXVVLVDSLHU]LGLQDFHDVWDFDX]DUHVXUVHOH

7RSXOOXFUXULORUUHSUH]HQWDWHGHFDWUHFLIUDvQ:LQGRZV 1XPDUXOGH]HURXULGHSHFRQWXOOXL%LOO*DWHV $QXOvQFDUHYHUVLXQHDILQDODDUWUHEXLVDDSDUD 1XPDUXOPLQLPGH0+]SHFDUHWUHEXLHVDvODLEHFRPSXWHUXOWDX 1XPDUXOGHVHFXQGHSkQDFkQGYDDYHDSULPDFDGHUH 1XPDUXOGHFDGHULFDUHOHYDDYHDVLVWHPXOSHRUD $QXOIDEULFDWLHL 1XPDUXOGHGLVFKHWHSHFDUHvORFXSD 3URFHQWXORDPHQLORUFDUHYRUILQHYRLWLVDvVLXSJUDGH]HFDOFXODWRDUHOH 1XPDUXOGH0%FDUHvORFXSDSHKDUGLVN 1XPDUXOSDJLQLORUPDQXDOXOXLGHXWLOL]DUHvQYHUVLXQHD($6<,167$// 3URFHQWXOSURJUDPHORU:LQGRZVFDUHQXYRUIXQFLRQDVXEVLVWHPXOGHRSHUDUH:LQGRZV 1XPDUXOPLQXWHORUFDUHVXQWQHFHVDUHSHQWUXDLQVWDODSURJUDPXO 1XPDUXODSHOXULORUFDWUHVHUYLFLXOWHKQLF0LFURVRIWQHFHVDUHSHQWUXDSRUQLSURJUDPXO 1XPDUXOVHFXQGHORUSkQDVHYDSUDEXVLvQWUHJVLVWHPXO 1XPDUXORDPHQLORUFDUHYRUSODWLXSJUDGHXO 1XPDUXORDPHQLORUvQSURFHQWHFHYRUIRORVLYHUVLXQHDSLUDWDWDVLPXOWvPEXQDWDWLWD Ì6LFHvQVHDPQDGLQ:LQGRZV" 53RDWHVDVWHDUJD0EvQVHFXQGH

9HUVLXQLFDXWDWHvQ]DGDU (VWH XQ OXFUX FDUH VH SHWUHFH FX UHJXODULWDWH FD YHUVLXQL SUH vPSUHXQD FX EDFNXSXULOH ORU GLVSDU GLQ ODERUDWRDUHOH GH SURJUDPDUHDOHILUPHL0LFURVRIW $FHDVWD DGXVGH FHOH PDL PXOWH RUL OD IDSWXO FD 0LFURVRIWD VDULW SHVWH FLIUH OD QXPHURWDUHD YHUVLXQLORU VDXVL D OLYUDW GH PXOWHRULSURJUDPHQHWHUPLQDWH $VWIHOVXQWFDXWDWH

063URMHFW :RUNVIRU:LQGRZV 06'26 ([FHO :RUGIRU:LQGRZV :RUGIRU:LQGRZV



:RUGIRU:LQGRZV :LQGRZV17 :LQGRZV17 :LQGRZV17 'LUHFW;

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&LQHVWLHFHYDGHVSUHORFXOXQGHVHDIODDFHVWHSURJUDPHVHSRDWHDGUHVDODILOLDODORFDODDILUPHL0LFURVRIW2UHFRPSHQVD QXHVWHSUHYD]XWD

9LUXVLPXWDQWL 'XSDSRYHVWHDFX,/RYH
9LUXVXO8QLYHUVLWDU SURFHQWHGLQFRPSXWHUHOHLQIHFWDWHSLHUGGLQGDWHvQGLQFD]XULH[LVWDRWROHUDQWDGH 9LUXVXO,6'1 ÌWLDGXFHDPLQWHGLQvQPLQXWHFkWGHJUR]DYHVWHVDDLOHJWXUDWHOHIRQLFDGLJLWDOD

9LUXVXO2-6LPSVRQ 6XVWLQHFXWDULHFDQXDUILVWHUVQLFLXQDGLQGDWHOHWDOH3URPLWHFDYDFDXWDYLUXVXOFDUHDIDFXWDVWD 9LUXVXO$2/ &RPSXWHUXOVHRSUHVWHODILHFDUHPLQXWHVLFHUHPDLPXOWLEDQL

9LUXVXO0DGRQQD ÌWLFkQWDXQFkQWHFvWLLDWRWLEDQLLGLQEDQFDVLFRPDQGDSDQWRILGHGHVLJQ 9LUXVXO%RUJ $VLPLOHD]DWRDWHGDWHOHGHSHFRPSXWHU1XDUHURVWVDWHvPSRWULYHVWL

9LUXVXO*6* 6XVWLQHFDGDWHOHODXDPHQLQWDWVLDFHVWHDDXIRVWVWHUVHGLQPRWLYHGHDXWRDSDUDUH 9LUXVXO&RUHFWLWXGLQHDvQSROLWLFD 6HDRWRGHQXPHVWHvQORFGHYLUXVPLFURRUJDQLVPHOHFWURQLF

9LUXVXO0HFDQLF ÌWLWHVWHD]DVLVWHPXOWLPSGHWUHLVDSWDPkQLQXJDVHVWHQLFLRJUHVHDODVLvWLWULPLWHRQRWDGHSODWDGH 9LUXVXO7DURP 7HDIOLvQ&RPVWDQWDVLGDWHOHWDOHOD2UDGHD

9LUXVXO'UHSWXOODYLDWD 1XvWLSHUPLWHVDVWHUJLILVLHUHFLvWLFHUHVDFDXWLRDOWHUQDWLYD

9LUXVXO&DSLWDOLVW 1LPLFQXPDLIXQFWLRQHD]DGDUHOvWLSRYHVWHVWHFDWRWXODUILvQUHJXOD

0RWLYHSHQWUXFDUH:LQGRZVQXHVWHXQYLUXV 9LUXVLLVXQWJUDWXLWL 'DFDVXQWGHWHFWDWLODWLPSYLUXVLLSRWILVFRVLGHSHFDOFXODWRUXOGXPQHDYRDVWUDIDUDSUHDPDULSLHUGHULGHGDWH 9LUXVLLQXRFXSDXQVSDWLXLPHQVGLQFDSDFLWDWHDGLVFXOXLGXPQHDYRDVWUD 8QYLUXVIXQFWLRQHD]DVLFXPDLSXWLQGH0E5$0 9LUXVLLIDFFHYD 9LUXVLLQXDXEXJXULPDMRUH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

9LUXVLLQXDXVHWXULGLIHULWHGHGRFXPHQWDWLHFDUHSHGHDVXSUDPDLVXQWVLJUHVLWHVLLPSUHFLVH 9LUXVLLQXVHJDVHVFSHRULFHFRPSXWHU 9LUXVLLVHLQVWDOHD]DVLQJXUL &XLvLSDVDGDFDXQYLUXVHVWHELWGHVLDIRVWSURPRYDWvQUHFODPDFDELW" 9LUXVLLQXvQFHDUFDVDvVLHOLPLQHFRPSHWLWLD(LvQFHDUFDGRDUVDVLIDFDWUHDED 9LUXVLLQXvQFHDUFDVDFRSLH]HFHGH]YROWD$SSOH ([LVWDSURJUDPHFDUHVHSRWFXPSDUDVDXFDUHVHSULPHVFJUDWXLWSHQWUXDvQGHSDUWDYLUXVLL 9LUXVLLSRWILOXDWGHSHRULFH%%6 %XOHWLQ%RDUG6HUYLFH EXQ 9LUXVLLYLQvQPDLPXOWHYDULDQWHVLQXRYDULDQWDSHQWUXWRDWHVFRSXULOH 9LUXVLLQXDXZL]]DUGXULWkPSLWH 1XYHWLJDVLvQSUHVDLQVHUWXULSXEOLFLWDUHFXEXWRQXO67$57vQMXUXOGDWHLGHPDUWLH DWHQWLHOD0LFKHODQJHOR  9LUXVLLQXVSXQFDVXQWSULHWHQRVLDWXQFLFkQGQXVXQW 9LUXVLLSRWUXODSH3&XULIDUDDYHUWLVPHQWH 9LUXVLLFDQGVHDXWRLQVWDOHD]DQXvQFHDUFDVDWUDQVPLWDLQIRUPDWLLSULYDWHGHVSUHFRPSXWHUHOHXWLOL]DWRULORUFDWUH061 3URJUDPDWRULLYLUXVLORUQXVXVWLQFDYLUXVLLQXIXQFWLRQHD]DIDUD:HE%URZVHUXOLQFOXV 3kQDDFXPQXDvQFHUFDWQLFLXQSURJUDPDWRUGHYLUXVLVDGHWLQDPRQRSROXOSHSLDWDSURJUDPDWRULORUGHYLUXVL 8QXLYLUXVQXvLWUHEXLHPLQXWHVDSRUQHDVFD /DXQYLUXVQXYDYRU7UHEXLQLFL6HUYLFH3DFNVVLQLFL8SGDWHV

:LQGRZV VRXUFHFRGH 3URMHFW9HUVLRQ:LQGRZV 0LFURVRIWPDUNHWLQJVWUDWHJ\ 0$5.(7(;(  LQFOXGHOWQRQVHQVHK! LQFOXGHOWOLHVK! LQFOXGHOWVS\ZDUHK! 0LFURVRIW1HWZRUN&RQQHFWLYLW\ OLEUDU\  LQFOXGHOWSURFHVVK! )RUWKHFRXUWRIODZ  GHILQHVD\ [ OLH [ GHILQHFRPSXWHUXVHU$//B:$17B72B%8


EUHDN ` `

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

VZLWFK QDVW\BTXHVWLRQVBRIBWKHBZRUOGSUHVV ^ FDVH:+(1B:,//BO7B%(B5($'< VD\ ,WZLOOEHUHDG\LQWRGD\BGD\VZH UH MXVWWHVWLQJ  EUHDN FDVH:,//B7+,6B3/8*B$1'B3/$
UHOHDVH EHWDBYHUVLRQ  ZKLOH HYHU\RQHBLVBGXPEBHQRXJKBWRBEX\BRXUBEXJZDUH ^ ELOOVBEDQNBDFFRXQW O2 PHJDEXFNV UHOHDVH QHZBDQGBHYHQBEHWWHUBEHWDBYHUVLRQ  LQWURGXFH PRUHBPHPRU\BUHTXLUHPHQWV  LI FXVWRUQHUVBUHSRUWBLQVWDOODWLRQBSUREOHPV ^ VD\ WKDWLVDKDUGZDUHSUREOHP QRWDVRIWZDUHSUREOHP 



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

LI VPDUWBFXVWRPHUBVD\VB\RXBSURPLVHGBSOXJBDQGBSOD\ ^ LJQRUH FXVWRPHU  RUGHU PLFURVRIWBLQWHOOLJHQFHBDJHQF\ .HHSDQH\HRQWKLVEDVWDUG  ` ` LI ELOOVEDQNBDFFRXQW!VN\KLJK PDUULDJH!WZRB\HDUV ^ GLYRUFH ZRPDQBWKDWBZDVBEHDWLIXOOBZKHQBPDUU\LQJ  ZDYH GROODUVDWBOXVW\BFKLFNV  PDUU\ \RXQJBEORQGBYLUJLQBZLWKBELJBERREV  GHYLUJLQL]H \RXQJBEORQGBYLUJLQBZLWKBELJBERREV  LI ERREVBVWDUWBWRBKDQJ GXPS \RXQJBEORQGBYLUJLQBZLWKBELJBERREV  ` LI WKHUHLVBDQRWKHUBFRPSDQ\ ^ VWHDO WKHLUBLGHDV DFFXVH FRPSDJQ\VWHDLQJBRXUBLGHDV  KLUH DBORWBRIBODZ\HUV  LQSURFHVVK  ZDLW XQWLOBFRPSDQ\BFDQQRWBDIIRUGBDQRWKHUBODZVXLW  EX\BRXW RWKHUBFRPSDQ\  `  1RZHYHU\RQHUHDOL]HVWKDWZHVHOOEXJZDUH DQGWKH\DUHDOODQJU\DWXV  RUGHU SODVWLFBVXUJHRQ PDNHBELOOBORRNBOLNHBSRRUEDVWDUG  EX\ QLFHBOLWWOHBLVODQG  KLUH KDUHP  ODXJKBDW HYHU\RQH RIBKDYLQJBWKHBSDWLHQFHB\HDUBDIWHUMHDU IRUBDQRWKHUBXQILQLVKHGBYHUVLRQ  ` `

YRLGEXJIL[ YRLG ^ FKDUJH DBORWBRIBPRQH\  LI FXVWRPHUBVD\VBKHBGRHVBQRWBZDQWBWRSD\BIRUBEXJIL[ VD\ ,WLVQRWDEXJIL[EXWDQHZYHUVLRQ  LI VWLOOBFRPSODLQV ^ LJQRUH FXVWRPHU   :H OOJHWKLPZKHQHYHU\RQHXVHV%LOOZDUH  UHJLVWHU FXVWRPHUELJB%LOOBERRN  `

:LQGRZV VRXUFHFRGH 



7236(&5(70LFURVRIW F &RGH 3URMHFW&KLFDJR WP 3URMHFWHGUHOHDVHGDWH6XPPHU



LQFOXGHZLQK LQFOXGHZLQK LQFOXGHHYHQPRUHK LQFOXGHROGVWXIIK LQFOXGHELOOUXO]K GHILQH,167$// '+$5'

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

FKDUPDNHBSURJBORRNBELJ>@ YRLGPDLQ ^ ZKLOH &5$6+(' ^ GLVSOD\BFRS\ULJKWBPHVVDJH  GLVSOD\BELOOBUXOHVBPHVVDJH  GRBQRWKLQJBORRS 

LI ILUVWBWLPHBLQVWDOODWLRQ ^ PDNHBBPHJDE\WHBVZDSILOH  GRBQRWKLQJBORRS  WRWDOO\BVFUHZBXSB+3)6BILOHBV\VWHP  VHDUFKBDQGBGHVWUR\BWKHBUHVWBRIB26  KDQJBV\VWHP  ` ZULWHBVRPHWKLQJ DQ\WKLQJ  GLVSOD\BFRS\ULJKWBPHVVDJH  GRBQRWKLQJBORRS  GRBVRPHBVWXII 

LI VWLOOBQRWBFUDVKHG ^ GLVSOD\BFRS\ULJKWBPHVVDJH  GRBQRWKLQJBORRS  EDVLFDOO\BUXQBZLQGRZVB  GRBQRWKLQJBORRS  GRBQRWKLQJBORRS  ` ` LI GHWHFWBFDFKH GLVDEOHBFDFKH 

LI IDVWBFSX ^ VHWBZDLWBVWDWHV ORWV  VHWBPRXVH VSHHGYHU\BVORZ  VHWBPRXVH DFWLRQMXPS\  VHWBPRXVH UHDFWLRQVRPHWLPHV  `

 SULQWI :HOFRPHWR:LQGRZV    SULQWI :HOFRPHWR:LQGRZV  

SULQWI :HOFRPHWR:LQGRZV 

LI V\VWHPBRN FUDVK WRBGRVBSURPSW  HOVH V\VWHPBPHPRU\ RSHQ D?VZSVZS2B&5($7(  ZKLOH VRPHWKLQJ



^

` `

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

VOHHS   JHWBXVHUBLQSXW  VOHHS   DFWBRQBXVHUBLQSXW  VOHHS  

FUHDWHBJHQHUDOBSURWHFWLRQBIDXOW 

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
'HILQLWLLVLDOWHQRWH 'HILQLWLLLURQLFH$=

$DGPLUD8QPLMORFFRPRGGHDODVDVDVHFUHDGDFDDLvQWHOHV $%&&RSLODULDDUWHL $EVWLQHQWD&HQWXUDGHFDVWLWDWH $EVXUG6RWFDUHQXUHFXQRDVWHFDVRWLDDUHGUHSWXOVDOvQVHOH $EVXUGLWDWH2DILUPDWLHVDXFUHGLQWDQHWLQFRPSDWLELODFXSURSULDRSLQLH $EXQGHQWD$SDvQYLQ $EXUL$SDFDUHSORXDvQVXV $FUX%DUEDWFXQHYDVWDGXOFHSHQWUXDOWLL $GPLUDWLH3ROLWLFRDVDQRDVWUDUHFXQRDVWHUHDDVHPDQDULLDOWXLDFXQRLvQVLQH $GRUDWLH,XELUHVXSUDDOLPHQWDWD $ILUPDWLH,PSUXGHQWDVDYDQWLORU $JDSD,SRFUL]LDRUJLHL $JHQGD0HPRULHGHEX]XQDU $OEXP&LPLWLUFXPRUWLLDIDUD $OFRRO6SLULWFRQVHUYDWRU $OJHEUD9kQDWRDUHGHQHFXQRVFXWH $OJHEUD9vQDWRDUHGHQHFXQRVFXWH $OLDMFRPELQDWLHIHULFLWD $OLDM2FRPELQDWLHIHULFLWD $OLEL3HUIHFWFRPSXV $OWHUFDWLH&RQYHUVDWLHFRQMXJDOD&XYLQWHvQFUXFLVDWH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$OWUXLVP$UWDGHDWHVHUYLGHDOWLLDYkQGDHUXOFDOHYUHLELQHOH $OWUXLVW8QWLSFHVHXLWDSHVLQH $OWUXLVW8QWWSFHVHXLWDSHVLQH $OX]LHLSRFUL]LHDVLQWD[HL3UXGHQWDIUDQFKHWLL $OX]LH2LSRFUL]LHDVLQWD[HL3UXGHQWDIUDQFKHWLL $PDELOLWDWL%RPERDQHDOHFRQYHUVDWLHL $PDQW*ODVXOVRWXOXLPXW $PEDVDGRU6SLRQVLJXUVLRQRUDELO $QWLFKLWDWH$ULVWRFUDWLDLVWRULHL $QWURSRIDJLH3DVLXQHGHYRUDQWD $SD$UWLFROSHQWUXvQRW $SHQGLFH3RVWVFULSWXPDORUJDQLVPXOXL $SRJHX,QFHSXWDOGHFOLQXOXL $UFD=RRSOXWLWRU $UJRX&DPDYDODOOLPEDMXOXL $UKHRORJOHWLLQWDIDUDYLLWRU $WHQW$VDFXPHVRWXOFXDOWHIHPHL $XU&KHLHXQvYHUVDOD $XURUD0X]DFRFRVXOXL $XVWHULWDWH&DERWLQDMDOYLUWXWLL $XWRGLGDFW&DPSLRQODÌQYDWDWLIDUDSURIHVRU $YDU&HOFHQXPDUDIDUDVDFKHOWXLDVFD $YHUVLXQH6IvUVLWXODPLFOWLHL %DFFKXV2]HLWDWHFRPRGDQDVFRFLWDGHRDPHQLLGLQDQWLFKLWDWHFDVFX]DSHQWUXDVHvPEDWD %DODQVRDU5DXGHPDUHDUWLWLFLDO %DOHW$UWDFDOFDWDvQSLFLRDUH %DOHW2SHUDVXU]LORU %DQFKHW'LDORJSODWRQLF %DQGLW8QRPGHDIDFHULVLQFHU %DQLWD3DODULHPRGHUQDSHQWUXWDUkWHOHGLQFDS %DUED%DEHWLFDSRUWDWLYD %HOODGRQQDÌQ LWDOLDQD R IUXPRDVDGRDPQD vQ HQJOH]D R RWUDYD PRUWDOD 8Q H[HPSOX IUDSDQW DO LGHQWLWDWLL GH HVHQWD vQWUHFHOHGRXDOLPEL %LFRUQ%DUEDWvQVXUDWDGRXDRDUD %LJDP$PDWRUGHFRPSDUDWLL %LURFUDWLH'HVSRWLVPXOLQHUWLHL %LV8QFXYkQWFDUHQXPDLDUHQLFLXQVHQVSHQWUXEDUEDWLLFDUHDXWUHFXWGHGHDQL %ORQGD%UXQDXOWUDVHFUHWD %RWDQLVW6DYDQWvQLDUED %XUVD&KSLWDODFDSLWDOXULORU %kOEkLDOD(ORFLQWDFXSLSHWD &DOYLWLH6WULSWHDVHFUDQLDQ &DVW&RQWLQHQWQHH[SORUDW &DVWLWDWH6HQVLQWHU]LV9LFOXFRQWUDQDWXULL &HDUWD5H]XOWDWDOGLYL]LXQLL &HOLEDW6WDUHGHLQGHSHQGHQWD/LEHUWDWHSURYL]RULH &HOLEDWDU%UDFRQLHUDOPDULDMXOXL &KLWDQWD$FWGHUHFXQRVWLQWD &ODSRQ6SHFWDWRUvQFXUWHDGHSDVDUL &ORSRW)XVWDVRQRUD &RFRV&DVDQRYDVDWXOXL &RQVLPWL$FHGDFXGHPQLWDWH &RQVRODVRWLDXQXLFRQVXO &RVLWD&RDGDODFDS &UHLHU9HFKLRUGLQDWRU &ULVDOLGD6DORSHWDIOXWXUHOXL &XQRVWLQWD&LQHYDSHFDUHOFXQRDVWHPGHVWXOGHELQHSHQWUXDvPSUXPXWDGHODHOGDUQXvQGHDMXQVGHELQHSHQWUXDO vPSUXPXWDQRL &XUDM9ROXSWDWHDIULFLL &XYkQW,QGLVFUHWLDJkQGXOXL 'D&DWXVHOHPDULDMXOXL 'DQVD$VDULGHFRORFRORvQVXQHWXOXQHLPX]LFLFDPQHURDGHGHSUHIHULQWDDYkQGvQEUDWHSHVRWLDVDXILLFDYHFLQXOXL 'HEXWSHHVDIRG/XGRYLF;9,DIRVWJKLORWLQDWSHQWUXSULPDRDUDvQ



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'HJHW)XUFXOLWDSUHLVWRULFD 'HYRWLXQH8OWLPDGUDJRVWH 'RULQWD9LUWXWHGHVSXLDWD 'RUPL$HFRQRPLVLRPDVD 'UDJRVWHD(FDFLXSHUFLOHQXVWLLGDFDHEXQDVDXUHDGHFkWGXSDFHHSUHDWkU]LX 'URPDGHU6RPLHUDDUDED ($1,0,&FkQGHDHL&(9$FkQGHDOWXLD7278/FkQGHDWD (FUDQ$WUDFWLDVWHOHORU (JRLVP(XGH]LOH (JRLVW2SHUVRDQDGHSURVWJXVWPDLLQWHUHVDWDGHVLQHGHFkWGHPLQH (OHFWRU8QXOFDUHVHEXFXUDGHVDFUXOSULYLOHJLXGHDYRWDSHFLQHYDDOHVGHDOWXO (OHJDQWDLFODSXUWDWRU (PID]D6FUREHDODHORFLQWHL (QFLFORSHGLD7DUDFLFORSLORU (QWX]LDVP1XSRWLVDWHDEWLLGHODSURVWLL (SLGHUUQD&RVWXPXOOXL$GDP (SRFD3XWLQGLQWURHUD ([HJHW2EVHGDWWH[WXDO ([SHUW&HOFDUHVWLHGLQFHvQFHPDLPXOWHGHVSUHGLQFHvQFHPDLSXWLQHOXFUXUL )DYRULW3LHVDGLQOHQMHULDGHSDWDvPSDUDWHVHORU )HPHLH(QLJPDFDUHVSXQHWRW )HULFLUH2DVHvQGHVHUW )LGHOLWDWH/LSVDRFD]LLORU/HQHDGRULQWHL )LGHOLWDWH2JUR]DYDPkQFDULPHFXLQWHU]LFHUHGHDWHVFDUSLQD )OXWXUH)ORDUHYDJDERQGD )RFD-RQJOHXUIDUDEUDWH )RWRJUDILH2JOLQGDFDUHVLDPLQWHVWH )ULFRV2PFHJkQGHVWHFXSLFLRDUHOHvQFD]GHSHULFRO *HQLX&DOLWDWHSRVWXPD *KLQLRQ$OLELDOSURVWLHL *KLQLRQLVW&DPSLRQDOHVHFXULORU *ORULH$ILFXQRVFXWGHFHLSHFDUHQXYUHLVDLFXQRVWL *kVFD6HQWLQHODGHRFD]LH *vQG)ORDUHDDPLQWLULL +DUHP9LVXOVRWXOXLGXSDFHVDFHUWDWFXQHYDVWDVLGRDUPHVLQJXUSHFDQDSHDXDGLQVXIUDJHULH +XPRU9HVHOLDPHODQFROLFLORU$QWURSRIDJLDYHJHWDULHQLORU ,ERYQLF6FKLPEXOGRLvQFDVQLFLH ,HUL$VWD]LSHQWUXPvLQH ,HUWDUH,QYLWDWLHODDvQFHSH ,JQRUDQW  &LQHYD FDUXLD QXL VXQW FXQRVFXWH DQXPLWH IHOXUL GH FXQRVWLQWH IDPLOLDUH WLH VL FDUH SRVHGD DOWH IHOXUL GH FXQRVWLQWHGHVSUHFDUHWXQXVWLLQLPLF ,OX]LL2FKHODULLVSHUDQWHL ,SRFUL]LH)RUPDDVRFLDELOLWDWLL -DUWLHUD2OHJDWXUDHODVWLFDPHQLWDVDUHWLQDSHRIHPHLHGHDLHVLGLQFLRUDSLVLGHDQHQRURFLWLQXWXO /LEHUWDWH8QDGLQDYXWLLOHFHOHPDLGHSUHWDOHLPDJLQDWLHLRPHQHVWL /LWLJLX2PDVLQDvQFDUHLQWULSRUFVLGLQFDUHLHVLFkUQDW /RQJHYLWDWH1HRELVQXLWDSUHOXQJLUHDIULFLLGHPRDUWH 0DFKLDM7DWXDMFLYLOL]DW$UWDWLJXUDWLYD 0DODGLH3UHMXGLFLXODFRQVWLWXWLH 0DPD8UOHWXOLQRFHQWLORU 0DPLIHUH2IDPLOLHGHDQLPDOHYHUWHEUDWHDOHFDUHLIHPHOHvQVWDUHQDWXUDODvVLDODSWHD]DSXLLGDUFkQGVHFLYLOL]HD]D VLVHOXPLQHD]DvLGDXODGRLFDVDXIRORVHVFELEHURQXO 0kQFD3UHWH[WSHQWUXDEHD 0DQHFKLQ)HPHLHVDQGZLFK 0DQLH)DUVDDRELVQXLQWHL 0DQWRX$GDSRVWFODQGHVWOQ 0DQXIDFWXUD)DFWXUDIDFXWDFXPkQD 0DUHH3XOVXORFHDQXOXL 0HWHRULW3UH]HQWFHOHVW 0LJUDWLH=ERURUJDQL]DW 0LPD'LDORJDOVXU]LORU 0LQLP&OHPHQWDMXGLFLDUD 0RDUWH6RPQIDUDYLVH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

0XPLH3HUVRDQDELQHFRQVHUYDWD 0XVWDWD)ORUDVXEQDULQD 0X]LFRORJ&ROHFWLRQDUGHWLPEUH 1DLYLWDWH6SHFLDOOWDWHGHJvVFD 1DV%XVRODJXUPDQGXOXL 1DYLJDWLH$UWDSROLWLFD 1HDQW8QPDUHYLG 1HEXORDVD&KHUPH]DDVWHOHORU 1HEXQ  6XIHULQG GH XQ PDUH JUDG GH LQGHSHQGHQWD LQWHOHFWXDOD QHFRQIRUPkQGXVH HWDORDQHORU GH JkQGLUH YRUELUH VL DFWLXQHGHULYDWHGHFRQIRUPLVWLGLQ VWXGLXO SURSULHL ORU ILUL (VWHGHPQGH QRWDW FD RDPHQLLVXQW GHFODUDWL QHEXQLGH FDWUH QLVWHRILFLDOLOLSVLWLGHYUHRPDUWXULHHYLGHQWDFDVXQWHLvQVLVL]GUDYHQLODPLQWH 1HFHVLWDWH1HYRLHSUHVDQWD 1HJDWLH6LVWHPGHDSDUDUH 1HRQ1RFWDPEXOEXOHYDUGLHU 1HYDVWD)HPHLHFDUHWHvQFkQWDROXQDVLWHGHVFkQWDWRDWDYLDWD 1HYRLD%DURPHWUXOSULHWHQLHL 1LPE&HUFGHDUWLVWL 1RG0HPHQWRGHEX]XQDU 1RU5HIXJLXOYLVDWRULORU 1X$ILUPDWLDPLQFLQRVXOXL 2D]D$QWUDFWDOGHVHUWXOXL 2EHGLHQWD([HUFLWLXGHVXSOHWH 2EH]1HQRURFLUHDEDODQWHORU 2FKHDGD$SHOFODQGHVWLQ 2FUX3DPvQWDOSLFWRULORU 2GD6RUDDPLQFLXQLL 2JOLQGD(ELQHVRFRQVXOWDPILLQGFDSDELODVDUHIOHFWH]H 2SR]LWLH3ROLWLFDDUHIX]DWLORU 2SWLPLVW2PIDUDLPDJLQDWLH 2UDYLUJXODDHWHUQLWDWLL 2UELWD+RWHOXO3DPvQWXOXL 2UFKHVWUD3OXWRQGHH[HFXWLH 2ULJLQDOLWDWH5LGLFROELQHSXUWDW 2VWDWHF0RQHGDGHVFKLLQE 2YDO'UHSWXQJKLURWXQG 2YD]$FFHOHUDWRUSHQWUXRJORDED 3DOPD&DUWHDGHVWLQXOXL 3DOPD2GRQDWLHvQWUHYLL 3DORDUR9PEUDDX EL 3DQRSOLH6XVSHQGDURDDUPHORU 3DSDJDO0RQRORJFXSHQH 3DUDGR[$GHYDUXOGFPvLQH 3DUDOHORJUDPH'RXDJUDPHSDUDOHOH 3DUIXP*vQGXOIORULORU 3DVDUH3DWLQDWRUDOFHUXOXL 3DVWHO5RPDLUWDSLFWXULL 3DVWLVD0RGGHDvPSUXPXWD 3HQGXOD%DODQVRDUDOWLPSXOXL 3HUXFD3URWH]DODFDS 3LHWRQ2EVWDFRODOFLUFXODWvHL 3ODPvQ6XUVDGHLQVSLUDWLH 3ODQHWDULXP0LQLFRVUQRV 3OHGD$PLQWLDUWLVWLF 3ROHPLFD$OFRROXOSUHVHL 3ROLWHWH$UWDGHDIODWD 3RUF0H]HOXULvPEUDFDWHFLYLO 3RUWUHW&DSvQXOHL 3RVHWD5HvQFDUQDUHDFURFRGLOXOXL 3RVWHULWDWH&XUWHDGH$SHO 3UDJ3URWHMDWXOPDUFKL]HL 3UHLVWRULF7UHFXWQHGHILULW 3UHMXGHFDWD2SLQLHIDUDMXGHFDWD 3UL]RQLHU$WDVDWPLOLWDU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3URJUDP0HQXDUWLVWLF 3URKLELWLH&DX]DDVHFUWHL 3URLHFWRU6RDUHDOVWHOHORU 3URUD1DVGHYHGHWD 3URVW2EWX]DVFXWLW 3URVWLH3k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vQGUDJRVWLWLORU 6FHQDULVW2PDOLQWULJLORU 6FHQDULX$UJXPHQWIDUDUHSOLFD 6HF0RGGHDEHD 6HGHQWDU=LGLWGHYLX 6HPHQ8QXOSHFDUHQLVHSRUXQFHVWHVDOLXELPFDSHQRLvQVLQHVLFDUHIDFHWRWFHVHSRDWHFDVDQXDVFXOWDPGHDFHD SRUXQFD 6HQ]XDO&DQGLGDWODOLFHQWD 6HSLD6SHFLDOLVWDOFDPXIODMXOXL 6LF'HFODUDWLHGHSDWHUQLWDWH 6LIRQ$SDFXQHUYL 6LIRQLHU6SDWLXORFDWLYSHQWUXFHLSULQVLODQHYHVWHOHDOWRUD 6LQFHULWDWHPRPHQWGHXLWDUH 6QRELVP&XUDMDOULGLFROXOXL 6RDUHFH8QDQLPDOFDUHVLSUHVDUDGUXPXOFXIHPHLOHVLQDWH 6ROLWXGLQH&RPSDQLDYXOWXULORU 6RWLHMXPDWDWHDGHVHDLQWUHDJD 6RWLH3kLQHDQRDVWUDFHDGHWRDWHQRSWLOH 6SHRORJ2PXOFDYHUQHORU 6WDWLVWLFD0X]HXOHURULORU 6WUXJXUH9LQvQSLOXOH 6XEUHWD0DLGvQ)UDQFH 6XFFHV&RSLOXOvQGUD]QHOLL 6XSHUVWLWLH0RQRSROXODPXOHWHORU 6XUGLWDWH3DYLOLRQvQEHUQD 6XVSLFLXQH0LFUREXOJHOR]LHL 6XVSLQ$UJXPHQWIHPLQLQ 6XYHQLUH$PLQWLUH0HPRULDXLWDULL 7HDSD6FDXQLQFRQIRUWDELO 7HQWDWLH3UREDGHUH]LVWHQWD 7HVWDPHQW3LHVDvQWUXQDFW 7LUQLGLWDWH0DODGLHDRUJROLXOXL 7UDFDVDUH0RQRSRODODGPLQLVWUDWLHL 7UDGLWLH6LVWHPGHWUDQVUQLVLH 7XULVW)HUYHQWDOvPSUHMXULPLORU 8LWDUHD6FX]DLQJUDWLORU 8PLOLQWD5DILQDPHQWDORUJROvXOXL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

8QGD$JHQWGHSURSDJDQGD 8UHFKH3DYLOLRQGHUHFHSWLL 8VWXURL0HPHQWRJDVWURQRPLF 8WRSLVW&RQVHUYDWRUGHLSRWH]H 9DFDQWD=LOHOHGHYkUIDOHVFRODULORU 9DGXY&HOLEDWDUDPHOLRUDW 9DGXY6RWXOXQXLYDGXYH 9DJDERQG7XULVWLQYROXQWDU 9HORGURP3DODWDOYLUDMHORU 9HQHWLD3DUDGLV SHQWUXRFKL VLLQIHUQSHQWUXSLFLRDUH 9HWHULQDU(VFXODSDOYLWHLORU 9LFLRV,QFOLQDWVSUHVH[DJHUDUL 9LQHUL,QVXODUGHRFD]LH 9LV&LQHPDODGRPLFLOLX 9LWULQD%LEOLRWHFD 9kUVWDÌPEDWUkQLUHDFHORUODOWL 9kUVWD,PEDWUvQLUHDFHORUODOWL =DSDGD([SR]LWLHGHDOE =DUYD1LVWHIHPHLODXQORF =L&RQMXQFWLHvQWUHLHULVLPkLQH =RRORJ)DXQRJUDI =RUL2UDFkQGRDPHQLLUH]RQDELOLPHUJVDVHFXOFH

'HILQLWLLFRPLFHGHVSUHVFRDOD 6FRDOD&DVWHOXOJURD]HL 'LULJLQWHOHVLHOHYLL$OL%DEDVLFHLGHKRWL 3URIHVRULL+DLGXFLLGLQ5LR)ULR 6HGLQWDFXSDULQWLL0XOW]JRPRWSHQWUXQLPLF $QXOVFRODU&DOYDUXOvQVHULL /LSVDSURIHVRUXOXL2vQWDPSODUHH[WUDRUGLQDUD 3HULRDGDWH]HORU&XUJDSHWXOEXUL 2UDGHWH]D&RQWUDVSLRQDM &RULMHQWD6RDUWDXQXLRP ([WHPSRUDO$ODUPDvQPXQWL (OHYXOODWDEOD&DGDYUXOYLX (OHYXOFHYLQHGHODWDEOD2PXOFDUHDYD]XWPRDUWHD &HLFHQXVXIOD0L]HUDELOLL 6XIODWXO9kQWGHOLEHUWDWH )LWXLFD5HWHWDIHULFLULL 1RWD6DODULXOJURD]HL ([DPHQXO3URFHVXOPDLPXWHORU

0HORGLL5R[HWWHODVFRDOD (OHYLLVLSURIHVRULL7+,1*6:,//1(9(5%(7+(6$0( 'UXPXOVSUHWDEOD1(9(5,6$/21*7,0( 5HSHWHQWLD&20(%$&.%()25(<28/($9( 'XSDH[PDWULFXODUH.12&.,1*21(9(5<'225 =LXDFXFRQVLOLX3(5)(&7'$< 1RWD,5(0(0%(5<28 6XIODWXO)52021(+($5772$127+(5 2OLPSLDGDLQWHUQDWLRQDOD62)$5$:$< 1RWD1(9(5(1',1*/29( 7HDSULQVFRSLLQG&5$6+%220%$1*



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&XYLQWHOHFDUHD]LQXPDLDXYDORDUHDORUGHDOWDGDWD FLQVWLW WkPSLW QHYDVWD QDSDVWD FXQXQLH QHEXQLH vQVXUDW vQFRUQRUDW YRLDMGHQXQWD SOLFWLVHDODFUXQWD PHQDM FRQFXELQDM FKLULDV QHYRLDV FXYDQWGHRQRDUH DQJDMDPHQWIDUDYDORDUH HOHYGHOLFHX GURJXULWXSHX PRGDDFWXDOD IHPHLHDSURDSHJRDOD WDWD FKHVWLXQHGLVFXWDWD PDPDGHYRWDWD PDPDGHPRGDWD IDWDVLQJXUDODSDULQWL IDWDFDUHWHVFRDWHGLQPLQWL VRWILGHO QXFUHGHQLFLHO DIDFXWDYHUH DIRVWODSXWHUH FHUHUHvQFDVDWRULH RLDXGDUFkWvPLGDWLPLH" FDGRLSRUXPEHL IDFFHYUHDXIDFLFHYUHL WUDLPLQXQDW HOvQFDQDDIODW VRWIHULFLW RUEVLWkPSLW VRWLHFDUHVDFXPLQWLW HPDLELQHFDPLQWLW PHQDMIDUDFHDUWD RULFHDUILHORLDUWD vQFUHGHUHvQVRWLH XOWLPDIRUPDGHQHEXQLH YDGXYDQHFRQVRODWD SHIXULVRIDFHODWD FDPLQVWXGHQWHVFPRGHO QRDSWHDERUGHO PDULWDWDGHFXUkQG FLQHHODUkQG" PDULWDWDGHROXQD DQFHSXWVDILHEXQD PDULWDWDGHXQDQ DOWHDUFXULODGLYDQ QXQWDGHDUJLQW GHDQLGHFkQGPLQW IHPHLHEUXQD HUDEORQGDDFXPROXQD EORQGLQD QHJUXODUDGDFLQD SDUURVFDW LDUODVFKLPEDW FXWDLFDVXVHDPDQDOHLW FXPGUDFX¶VDSRWULYLW

0X]LFDVLPX]LFDQWL ,VXVVL(OYLV3UHVOH\

SXUDFRLQFLGHQWDXQSODQFRVPLFVDXPkQD'RPQXOXL" ,VXVD]LVLXEHVWHWLDSURDSHOH 0DWHL (OYLVD]LV'RQ W%H&UXHO 5&$ ,VXV&KULVWRVDUHOLWHUH (OYLV3UHVOH\DUHOLWHUH

,VXVDIRVWPLHOXOGRPQXOXL (OYLVDSXUWDWJXOHUHGHEODQD

,VXVDIRVWRSDUWHD7ULQLWDWLL 3ULPDIRUPDWLHDOXL(OYLVDIRVWXQWULR

,VXVDPHUVSHDSD 0DWHL  (OYLVDIRVWXQVXUIHU 9H]LDOEXPXO%OXH+DZDLL3DUDPRXQW ,VXVDIRVWGXOJKHU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

(OYLVDDYXWUH]XOWDWHIRDUWHEXQHODDWHOLHUvQVFRDOD ,VXVORFXLDvQ(VWXOPLMORFLX (OYLVORFXLDvQWUXQVWDWGLQHVWXO$PHULFLL

,VXVDSXUWDWRFRURDQDGHVSLQL (OYLVDSXUWDWRIUL]XUD5R\DO&URZQ &RURDQD5HJDOD $QWXUDMXOOXL,VXVDSRVWROLLDYHDPHPEULL $QWXUDMXOOXL(OYLV0HPSKLV0DILDDYHDPHPEULL ,VXVDIRVWUHDELOLWDW (OYLVDDYXWXQFRPHEDFNvQ ,VXVDSRVWLGH]LOHVLQRSWL (OYLVQXPkQFDUHJXODW

,VXVDIRVWQDVFXWvQ]RGLD&DSULFRUQ 'HF (OYLVDIRVWQDVFXWvQ]RGLD&DSULFRUQ -DQ

8QDGQ%LRJUDILLOHOXL,VXVDIRVWVFULVDGH0DWHL (YDQJKHOLDOXL0DWHL %LRJUDILDOXL(OYLVDIRVWVFULVDGH1HDO0DWWKHZV (OYLV$*ROGHQ7ULEXWH 

ÌQ,VXVVDXDUXQFDWFXSLHWUHDXOXDWSLHWUHVDDUXQFHvQHO ,RDQ  6LvQ(OYLVVDXDUXQFDWFXRELHFWH

'HVSUH,VXVÌQIDWLVDUHDOXLHUDFDIXOJHUXOVLvPEUDFDPLQWHDOXLDOEDFD]DSDGD 0DWHL  6HPQHOHGLVWLQFWLYHDOXL(OYLVHUDXRFXUHDFXFDWDUDPDVWDOXFLWRDUHVLvPEUDFDPLQWHGHFXORDUHDOED ,VXVHUDHYUHX (OYLVDYHDVkQJHGHHYUHX EXQLFDVDGLQSDUWHDPDPHL0DUWKD7DFNHWW0DQVHOO  ,VXVDYHDRWRJDURVLH (OYLVDYHDXQ&DGLOODFUR]

7DWDOOXL,VXVHVWHSHVWHWRW 7DWDOOXL(OYLV 9HUQRQ DIRVWXQYDJDERQGVLDIRVWVLHODSURDSHSHVWHWRW 7RPDDIRVWEDQXLWGHWUDGDUH (OYLVDFkQWDW6XVSLFLRXV0LQGV

,VXVDSUHvQXQHOHVFULHULFXQXPHOHGH,VXV+&KULVWRV1XHVWHIRDUWHFODUFHUHSUH]LQWD+ $OGRLOHDSUHXPHDOXL(OYLVHVWHGHDVHPHQHDGLVFXWDWQXVHVWLHGHFDDIRVW$URQVDX$DURQ ,VXVDVSXV'DFDvQVHWHD]DFLQHYDVDYLQDODPLQHVLVDEHD ,RDQ  (OYLVD]LV'ULQNVRQPH -DLOKRXVH5RFN0*0  ,VXVDVSXV2PXOQXWUDLHVWHQXPDLFXSkLQHD 0DWHL  (OYLVvVLPkQFDVDQGZLFLXULOHFXXQWGHDUDKLGHVLEDQDQH

,VXVDVSXV6DLXEHVWLDSURDSHOHWDXFDSHWLQHvQVXWL 0DWHL (OYLVDFkQWDW'RQ WEHFUXHO 5&$ ,VXVDURVWRJROLWSLDWUDFHDFRSHUDLQWUDUHDvQPRUPkQW (OYLVDIRVWXQFkQWDUHWGHURFNDQGUROO 6RQRI*RG 6XQ6WXGLRV

,VXVWUDLHVWH (OYLVWUDLHVWH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6HPQHVLJXUHFDHVWLSUHDEDWUkQSHQWUXXQFRQFHUWURFN &UH]LFDKHDGEDQJLQJHVWHXQVDPSRQvPSRWULYDPDWUHWLL /DLQWUDUHQXYHLILFRQWURODWODFRUSSHQWUXFDVWLPXODWRUXOWDXFDUGLDFVDQXILHFXPYDGHIHFWDW /DFXYLQWHOH,FDQJHWQRQXPDLSRWLFkQWDPDLGHSDUWHSHPRWLYHFDDWLXLWDWWH[WXO &KLDUVLvQSULPXOUkQGQXDX]LDVDGHELQHPX]LFD )DFLFXSROLWHWHORFDWXQFLFkQGVROLVWXOYRFDODOJUXSHLDIODWDSHVFHQDVHDUXQFDvQPXOWLPH $LVLXLWDWGHMDSULPHOHFLQFLSXQFWHHQXPHUDWHSkQDDFXP /DXQFRQFHUWRSHQDLUvWLLHLRSHUQDHOHFWULFDFXWLQH /DSLVRDUUHPDUFLFXXLPLUHFDHVWLVLQJXUXOWLSGHDLFLFDUHDUHSDUSXELDQ $LQHYRLHGHXQLQILUPLHUFDUHVDOHJHQHSHQWUXWLQHEULFKHWDvQDHU 7HQXPHVWL)ORULDQ3LWWLV

3HUOH

&kWHYDSHUOHFXOHVHGLQDUPDWDURPkQD )UXQWDVXO3RSHVFXYDILSHGHSVLWFX]LOHGHDUHVWSHPRWLYFDD IRVWJDVLWFXRSHUVRDQDGHVH[IHPLQLQODJDUGXOXQLWDWLL vQORFVDILHvQSDW 6HUJHQWXO3RSHVFXYDILSHGHSVLWFX]LOHGHDUHVWSHPRWLYFDLPLWkQGYRFHDORFRWHQHQWXOXL,RQHVFXDXUODWFDXQERX ,QVWUXFWLDGRPQXOXLPHGLFPLOLWDU,RQHVFXFXWHPD&XPUDPkQVDQDWRVVHDPkQDSHPRWLYGHERDOD

%DJDWLODWDUWDFXWDUHJXODPHQWXOQXSRDWHILvQFDOFDWDEVROXWQLFLRGDWDFXH[FHSWLDVLWXDWLLORUSUHYD]XWHGHUHJXODPHQW 6DQXPDLSULQGSLFLRUGHVROGDWQHEDUELHULWSULQXQLWDWH 0DLUDKDWQXPDLPLVFDvQIRUPDWLHFDWHPDQkQF

2PkQDFULPLQDODDGDWFXSLFLRUXOVLDVSDUWFKLXYHWD $PDX]LWXQ]kPEHWvQIRUPDWLH

%DWHWLWUHLSDVLVLvQFHSHWLVDFkQWDWLFXVWkQJXO

6DQXPDLSULQGWHOHYL]RUXOPHUJkQGQRDSWHDSULQFDPHUD

'DFDVXQWHWLSURVWLVLQXWLQHWLPLQWHFXPSDUDWLYDXQFDUQHWHOVLXQSL[VLWLQHWLOHODEX]XQDUXOGHODSLHSWVLYDSXWHWL QRWD8LWHDVDFDPLQH 9DULDQWD 'DFDVXQWHWLSUHDSURVWLVDYDDGXFHWLDPLQWHVFULHWLYDSHFHYD6LHXvPLVFLXWRWXO

$YHWLJULMDODSUDJXODODGHVXV'DFDYDGDWLFXFDSXOGHHOUDPkQHWLSURVWLSHWRDWDYLDWD6LHXPLDPGDWGHWUHLRULGH DLDVWLX

8QXLDLVHIDFHPRUDODvQIDWDSOXWRQXOXL$YHWLvQIDWDXQPDJDUVLXQSRUF XUPHD]DPXVWUXOXLDODVLODVIkUVLW WUHFLOD ORFvQIRUPDWLHPDJDUXOH /DLQVWUXFWLDGHIURQWGRP SOXWRQLHURUGRQD3OXWRQDOLQLHUHDvQIURQWFkWHXQXO3HQWUXYHULILFDUHDERFDQFLORUULGLFDWL SLFLRUXOGUHSW8QXOGLQWUHVROGDWLULGLFDGLQJUHVHDODSLFLRUXOVWvQJODFDUHGRP SOXWRQLHUYD]kQGVLXQERFDQFVWkQJ ULGLFDWVWULJDLPHGLDW%DFDUHDLULGLFDWDPkQGRXDSLFLRDUHOH" 6HUJHQWXOFDWUHVROGDWL 7UHEXLHVDWLQHWLGXVPDQXOWRWWLPSXOvQRFKL&HWHKROEH]LDVDODPLQHVROGDW"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'XSDGXV9DWLSDUIXPDWFDQLVWHFXUYH1XPDLQHYDVWDPHDVLILLFDPHDVHPDLSDUIXPHD]DDVD

6HUYLFLXOGHWHOHIRQLHPRELOH&RQH[ $PFRQQH[JRVLYUHDXVDVWLXVLHXFkWLPSR]LWPDLDP $PVLHXXQSKLOLSVIULW]"

$PVLHXRvQWUHEDUHDPDX]LWFDGH]LXDGHQDVWHUHQHWULPLWHWLQLVWHGRODULFUHGLWDVDHVWH" $PSULPLWXQPHVDMFDUH]LFHVDVXQODVDX 'DvQVHDPQDFDDYHWLXQPHVDMYRFDOSULQVLVWHPXO&RQQH[9R[ &XP&RQQH[9R[FDHXVXQWSH&RQQH[*R

'DFDVXQVLHXGHDLFLSkQDvQ,WDOLDvPLVSXQHWLVLPLHFXFkWVXQWFRPSRVWDWD" &XFLQHDPSODFHUHDVDVWDXGHYRUED" $DDvvvDDDDDVXQWVRWXOVRWLHLPHOH

'DXVDIRUPH]VHDXGHSLFSLFSLFSLFLDUUHFHSWRUXOFDGHGHSHHFUDQVLPLDSDUHGLQQRX52&211(; 6XQWSHFDOHVDPDVLQXFLG 'HFH" 1DLVDDIOLQLFLRGDWDSULHWHQH

$VYUHDVDPLSXQEDULHUDSHWHOHIRQ

"""" &OLHQWXODUILYUXWVDvLEDUH]FDUWHOD

$PVXHXXQFKLSVFRQQH[JR VHUHIHUHDODFDUWHODVLP

6XQW1RNLD3XWHWLVDPLVSXQHWLFkWLPDLDPSHFRPSXWHU"

ÌPLGHVFULHWLDSDUDWXOGYV" (VWHFDRSODFLQWDPDUHFXRFKHODULVLDQWHQHWDVWHOHVXQWDOEHGDUSHHOHVFULHFXQHJUX

6SXQHWLYDURJFROHJLORUGYVFDXQEDLDWGHODNPGLQ+RUH]XDUHVHPQDOPD[SHWHOVLFDDFXPVXQWXQRP IHULFLWPLDPSXSDWVLWHOLDPVSXVFDvOLXEHVF 6SXQHWLPLDPDX]LWFDvQWLPSXOHFOLSVHLVHvQWXQHFD'YRDVWUDFHWDULIHRVDSUDFWLFDWLGH]LVDXQRDSWH"

$POXDWXQSDFKHW&RQQH[*RVLDPSULPLWRFKHODULLGHHFOLSVD&XPVXQWRSHUVRDQDSUXGHQWDDPIDFXWXQWHVWVLFH FUHGHWL"$PFRQVWDWDWFDVRDUHOHVHYHGHvPSUDVWLDWSULQRFKHODULLSULPLWLGHODYRLFDVLFXPDLDUXQFDFXRURVLHSHXQ SHUHWH&HPDVIDWXLWLVDLSRUWVDXQX 'RPQXOH0LDDSDUXWRHFOLSVDSHHFUDQVLSHXUPDPLDGLVSDUXWWRWFUHGLWXO &HYDDSDUXWSHHFUDQ" FUHGHDPFDQXDPDX]LWELQH 2HFOLSVD'RPQXOHFDUHPLDOXDWWRWLGRODULL

&UHGHWLFDHVWHRSUREOHPDGHUHWHD"'LQWURGDWDPLDVFD]XWIUHFYHQWDUDGLRGHFLWRDWHFDVXWHOHGHSHWHOHIRQPLVDX JROLWLDUDSRLPLDDSDUXWSHWHOHIRQ&DXWDUHDGLFDPDFDXWDFLQHYD&LQHFUHGHWLFDPDFDXWDW" $OR"$OR" 'HUDQMDPHQWHOH"

9UHDXVLHXVDLQWUXvQSURJUDPXO5RDPLQJ

6XQWRvQFHSDWRDUHGHDGXPQHDYRDVWUDVLDPLQWUDWvQHOVDYDGFHVHvQWkPSOD6SHUFDHUDYRUEDGHWHO1XDPDSXFDW VDPDFRQYLQJSWFDDSHOXOVDvQWUHUXSW



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

%XQDVHDUDYUHDXVLHXVDEDJRFDUWHOD&RQQH[vQWUXQWHOHIRQGH

%XQD]LXDGRPQLVRDUDDPVLHXXQ1RNLDVLPDLQWHUHVDGDFDSRWVDOIRORVHVFSHSRVWGHWHOHFRPDQGDODPDVLQD VDGHVFKLGXVLOH"""" 6XQWVLLRXQDERQDPHQWGHDOGYVDDDPDVFX]DWLXQDERQDW WDVWDWL &DUHHVWHDKDVHPQXOGHvQFKLVRDUH VLWRWDFHODVL HXPDFXOFFXWHOHIRQXO

1XYDVXSDUDWLDIRVWEXQLFDSHODPLQHVLHDH PDLEDWUkQDVLPLDUXSWFDUWHODVLPvQ WUHL EXFDWL 8QGRPQFOLHQWDPXQDOFDWHOFXIDWDGDDOEDVWUD

&HSDUHUHDYHWLVDUSRWULYLXQVDFRXURVXFXRFUDYDWDQHDJUDFXGXQJLJDOEHQH"

9URLDFRGXO38.6D%ORFDWFDUWHD6FULHFDUWHEORFDWDÌQVIkUVLWDPLQWURGXVFRGXOSXN 6DGHEORFDWGD"vOvQWUHE 'DGDUDFXPvPLVSXQHVDLQWURGXFFRGXOGH]DYRUkUHDOFODYLHUXOXL

6XQDFLQHYD RGRDPQD VLPLVSXQH9DURJ'OHVDWULPLWHWLLPHGLDWSHFLQHYDDLFLGHRDUHFHYHFLQXOGHGHDVXSUDFDUH DUHWHOHIRQOD'YV FRQQH[ LPSODQWHD]DXQGHHOHFWURPDJQHWLFH(VWHWXUEXOHQWEHDVLHVWHQHEXQ&KLDUVLvQPDVLQDVLD LPSODQWDWDFHVWHXQGH 9DPDLSRWDMXWDFXDOWFHYD"QXGD RVDPDJkQGHVFODQLVWHvQWUHEDULPDLJUHOHVLUHYLQLR &OLHQWXO$PVLHXQHYRLHGHFRGXO38.SHQWUXFDPLVDEORFDWFDUWHOD (XÌPLSXWHWLVSXQHYDURJFHPHVDMYDDSDUHSHHFUDQXOWHOHIRQXOXL &OLHQWXO+L+DYHDQLFHDQGOXFN\GD\

6RWLDXQXLDUDEVXQDvQ&6SWERQXV6SXQHGDWHOHODFDUHDUDEXORvQWUHDED 'DUFLQHLQWUHDEDWRDWHDVWHD" 7DFLGLQJXUDHGHOD&RQQH[SWDLD2IISURVWPDLHVWL 3RWVDvQFDUFRFDUWHODGHSHWHOHIRDQH"&kWHODILHFDUHWHOHIRQ"

(O)LWLDPDELOFXPSRWDIODQUGHWHOHIRQDOFDUWHOHLGHSHFDUHYDVXQ" (X&kQGDWLFXPSDUDWRQXYLVDVSXVQXPDUXO" (O3DLVDILXVLQFHURDPGHODXQEDLDWFDUHDIXUDWRGHODFLQHYDVLHXDPIXUDWRGHODHO 6XQWRWUXIDQGDDUHWHOHLGYV &OLHQWXOVHUHIHUHDODIDSWXOFDHVWHXQQRXDERQDW

%XQD]LXDVXQWGO7HRGRUHVFXVLVXQWXQQHLQWHOHFWXDOvQPDWHULHGHWHOHIRDQHPRELOH %XQDVHDUDGRPQXOH&DUHHVWHGRPQXOHFRGXOPHXIR[" %XQD]LXDGRUHVFVDPLDQXOH]&RQQH[9R[XO 'DUGHFHGRULWLVDvODQXODWL" 3WFDDPFDVXWDSRVWDODFHPHLvPLWUHEXLH&RQQH[9R["

9UHDXVDVWLXVLHXFHVWHOXWDDUHGHSDUWDPHQWXOGHSODWL "

GLH]GRPQX VWLWLFDUHH"SDLSDWUDWHOXODFHODGHVXE $K OXPLQDWVXELW DODFXOLQLLRUL]RQWDOHVL9(57,&8/$5(GDGDYDPXOWXPHVFIRDUWHPXOWFDWDUHPDFKLQXLDFDQX VWLDPFDUHH" 1RLVXQWHPRIDPLOLHGHSRFDLWL" 6LFXFHYDSXWHPDMXWD" 6DQLOWULPLWHWLSHGRPQXO,VXVPkQWXLWRUXOQRVWUXFDUHDPXULWSWSDFDWHOHQRDVWUH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

' VRDUD"&XPPDX]LWL" )RDUWHELQH 3DLGDFDVXQWvQFDQDOVLDPYUXWVDVWLXFXPVDXGH

9DURJVDPDVFX]DWLSRDWHRVDYLVHSDUDEL]DUGDUYDVUXJDVDPLVSXQHWLFHRUDHVWHvQFH]LVXQWHPOXQDVLDQ 'O%DUFXOLFDQHvQWUHDEDGDFDVXQSHWHOHIRQXOPHXSXEOLFGHDFDVDFkWPDFRVWD" &XFLQHDPSODFHUHDVDYRUEHVF" &XDERQDWXOFOLHQWXOXL

'D GHFHvPLYLQHIDFWXUD" (X EORFDWWRWDO SDLVHUYLFLLOHQRDVWUH EODEOD 'D LRFHIDFFXHDFDGHYUHROXQDDYHQLW" 3DLUHFRPDQGDUHDPHDHVWHVDRSODWLWL 'D GHFHVDRSODWHVF"DDDHLQGLFDWVDRSODWHVFVLGDFDQRSODWHVF"

1HDQXQWDFDVLDSXV'LDORJXOUHOHXOkQJDFDVDOXLVLVDHQHUYDWDWkWGHWDUHvQFkWQHDQXQWDFDQHGDWHUHQXOGLQ 3UXQLVRU 0HKHGLQWL FDVDSXQHPVLQRL %XQD]LXDVXQWRFDUWHODUHvQFDUFDELODVLDWLVSXVFDPLGDWL $PVLHXRFDVHWDUHvQFDUFDELODSHWHOHIRQ&XPRFLWHVF" 'UDDPVLHXRFDUWHOD&RQQHV*RDERQDPHQWDOD" 6HSRDWHVDXUJHQWDWLVHPQDOXO"

6XQWDERQDWDGHFXUkQGDWHOHIRQXOXLPRELO

VSXQHWLPLYDURJFkQGDWLIDFXWXOWLPDvQFDUFDUHDFDUWHOHLGYV" ,HULVHDUD$PWLQXWRYUHRRUHODvQFDUFDW 'UDDPVLHXXQWHOHIRQ0RWRUHODVLPLFHUHFRGXOELQ

%XQDVHDUDDYHWLFXPYDRRIHUWDGHDERQDPHQWFXPLQXWHJUDWLXWHLQFOXVHSWJUDYLGH" (D$PWHOHIRQXOEORFDWVLvPLWUHEXLHFRGXOSXN (X6LJXUvQVDPDLvQWkLVSXQHWLPLQUGHWHO (D1UXO"$GDQUXO'DUHXQXOVWLX6WLWLHXQXPDVXQQLFLRGDWD HVWHJDUGXOHWXOGHVXEFLIUDLDXLWDWLYD 'DVLJXUGD XQGH LWHOHIRQXO" 3DLQXYRUELWLGHODHO" YHGHDPQU $$$DPXLWDW

'UDVWLWLFXPVHQXPHVWHXQWLJDQFDUHDUHWHOHIRQ" 1X 'DFDDUHIL[HVWH5RP7HOHFRPGDFDDUHPRELOH0RELO5RPLDUGDFDvLIOXLHUDPLQWHDVHQXPHVWH&2602520 $VYUHDVLHXVDDPQXPDUXO,19,=,%,/ &HWLSGHWHODYHWL" 0RWRUROD &HPRGHOGH0RWRUROD" 'DODFX9LEUDWRU

'DFDGHSHPRELOQXSRWWUDQVPLWHPHVDMHDOWDSRVLELOLWDWHQXH[LVWD" 'HH[HPSOX" 'HSHIL[" )LWLDPDELODGRPQXOHVXQWVLHXXQPRELIRQ



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$PvQFHUFDWVDPLDSHOH]QXPDUXOD]LVLvPLVSXQHFD&RQQH[PLDUHVWUXFWXUDWDSHOXULOH 1RWDDPPDLDYXWXQDSHOGLQ DVWDFkQGYD  GXSDYHULILFDUH 7HOHIRQXOGYVHVWHEORFDWSHQWUXFDDWLFHUXWDFHVWOXFUXILLQGIXUDW $VWDVWLXGDUGHFHQXSRWVDOPDLVXQ" $VWD]LDPVHPQDWXQFRQWUDFW0LDPWUHFXWQUGHODFDUWHOD&RQQH[*RODDERQDPHQW'LQPRPHQWXOvQFDUHPLVHYD DFWLYDFDUWHODSHDERQDPHQWFUHGHWLFDDVSXWHDVRYLQGSHDVWD&RQQH[*R" )LWLDPDELODDYHWLWUH]LUHGHGLPLQHDWD"  ÌQJkQGGDFDvPLEHDXFDIHDXD $WLSXWHDILPDLH[SOLFLWvPLFHUVFX]HGDU $GLFDSHFLQHPDWUH]HVWHPkLQHGLPLQHDWD"""0LVDWHUPLQDWEDWHULDODFHDVLDUWHOHFRPXOVDLQXQGDW 'D LR DPVLXQFkLQHEOHJFDUHQXVLPDLIDFHGDWRULD $YHWLIDFWXUDGHWDOLDWD" 'DGDPDVXUDGHWDOLDWD

1XYDVXSDUDWLFXPvPLDFWLYH]VLHXVHUYLFLXOLQFRJQLWR"

$YHDWHOEORFDWvLGLFWH]IRUPXODGHGHEORFDUHSW0RWRURODDSRL (X9DURJVDWDVWDWLDFXPFRGXOSHWHOHIRQFDVDPDDVLJXUFDVHGHEORFKHD]D $LQFHSXWVDIRUPH]HFRGXOGDUHXDX]HDPvQFDVFDFXPvOIRUPD (X'YRDVWUDGHSHFHWHOYRUELWL" (D'HSHIL[ (X6LSHFHWHOWDVWDWLFRGXOSXN" (D3DLSHIL[QX" YRUEHDPFXXQFOLHQWGHDOQRVWUXPDvQWUHUXSHVLPLVSXQH 6WDWLSXWLQFDWUHFHWUDFWRUXO

'RDPQD66XQWHPIDP6&VLLHULQHDH[SLUDWYL]D1HSXWHWLVSXQHFkWDYHPGHSODWD"

'RPQXOHHVWHLQDFFHSWDELOFHIDFHWLFXQRL$PIDFWXULGHPLOLRDQHSODWLWHOXQDUVLDFXPDPDWLDUXQFDWODJKHQD1X PDLSRWVXQDQXPDLSRWSULPLDSHOXUL 'DUFHDX]LWLvQFDVFDDWXQFLFkQGGRULWLVDLQLWLDWLDSHOXUL" 1XVWLXH[DFWFHDXGGDUSHHFUDQVFULHFDFHOHPLQXWHGLVSRQLELOHVDXFRQVXPDW&HIDFDFXPD" VLVWLWLDYHDPXQ3DQDVRQLFGLQDODPLFVLIRDUWHVODEDQRJ

3HQWUXDFWLYDUHDVHUYHVWHSRVLELOVDYLVHFHDUDRDQXPLWDJDUDQWLHFDUHYDVWDODQRL 'XSDXQWLPSGHJkQGLUHYLQHVLUDVSXQVXO $'HFLWUHEXLHVDYLQVDODVXQRELHFWGHYDORDUHODYRL"

QXVWLXFHVHQWkPSODQXPDLSRWWULPLWHPHVDMHLDUGHD]LQRDSWHvPLYLQHvQFRQWLQXXDFHODVLPHVDM 6LFDUHHWH[WXOPHVDMXOXL" 1RDSWHEXQD1HOXWX VXQWSRVHVRUXOXQXLDERQDPHQW6WDUWDFGH

'UDPLDVSXVXQSULHWHQVDVXQODGYGLQFDX]DFDDUHLQGLFHOHDVFXQV VHUHIHUDODUHVWULFWLRQDUHDLGHQWLWDWLLQUGH WHO 

2FOLHQWDGHDQRDVWUDGRDPQD; 'QDLQIRUPDWRDUHVSXQHWLPLFHVHvQWkPSODFD&RQQH[XOHVWHFRUHFWGDUWHOHIRQXOPHXQXHVWHFRUHFWVDPLEDJSLFLRUXO FUHGFDVDXEDJDWQLVWHDQLWFULVWLGLQDLDGHDLOXL,OLHVFXODQRLOD*DODWLDLFLFDFXPDGLFDGYDVWUDSXWHWLVDPLWULPLWHWL IDFWXUDGHWDOLDWDFDVXQWPHUHXVXQDWDGLQ$VLDVLDVWLDGHODWHOHIRQXOIL[QXPLVSXQHFRQYRUELULOH"" FXPSRWVDIDFVDEDJGLYRUWvQPDULDMXODVWDFX&RQQH[XO" 3kQDFkQGGXUHD]DSURPRWLDFXSULPHOHWUHLVHFXQGHJUDWXLWH"

$PSULPLWDVHDUD GRPQLVRDUDIDFWXUD VLPDGXFPkLQHVDRIDF GRDPQD  'HFHQHGDWLWDULIHOHvQFHQWL'$&$$%21$0(178/(Ì1'2/$5,"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

DPSULPLWXQPHVDMGHODGYVSULQFDUHPDDQXQWDWLFDPLDWLVFKLPEDWQXPDUXOGHWHOHIRQ'HFHDWLIDFXWDVWD" 6LFDUHHVWHQRXOGYVQXPDU" VLQXPLSODFH $PSUREOHPHFXWHOHIRQXOQXVWLXFHDUH +DLGHWLVDYHGHPLPSUHXQDGHVSUHFHHVWHYRUED 8QPRPHQWVDDSULQGOXPLQDFDPDMXFDPFXHOVXESDWXUD  $VSXWHDVDPLGRQH]DERQDPHQWXO"

ÌQWUHEDUH&HWLSGHWHO%26&+DYHWL" 5DVSXQV&HOFXSDFKHWXO&211(;*2FHOFDUHPLDXQD

(UDYRUEDGHIRUPXODGHGHEORFDUHD3LQ1XUHXVLVHVDOGHEORFKH]H (XVLVSXQHWLPLYDURJGLQFHSR]LWLHDWLLQWURGXVDFHDVWDIRUPXOD" (OVWXSHILDW3DLGLQSR]LWLDQRUPDODDRPXOXLGLQSLFLRDUH

9UHDXVDYDGFHOLPELvPLRIHUDWHOHIRQXOFDQXVWLXFkWHOLPELvPLGD %XQDVDUDYUHDXVLLRFRGXOSRN &XFLQHDPSODFHUHD" &X0RWRURDOD"""

(O$GUHVHOHSHFDUHPHUJSH,QWHUQHWvPLDSDUSHIDFWXUD"FDQXYUHDXVDOHYDGDQHYDVWD (X1XXXX 'DUFkQGVXQDWLODPRGHPXOUDVSXQGH" 'D 6LQHJRFLD]DSURWRFROXOGHFRPXQLFDUH" 1XVWLXFD]LFH$ORPDPD"

6WLLFHDPIDFXWFkQGDVFD]XWVHPQDOXO"/DPVFXWXUDWFDHUDPQHUYRVVLVLDUHYHQLWLPHGLDW

$PVDVXQVLODGHSGH0DUNHWLQJVLDPVDLURJVDPLYRSVHDVFDFDPLRQXOFXPXOWYHUGHVLDOEDVWUX&211(;$VDOH GHPRQVWUDWLvQFDRGDWDODQHPHUQLFLLFXFkWGHEXQLVXQWHWL 'RPQLWDFXFkWYDSODWHVFDLDFDVDYRUELWLWRDWHODIHO"

$]LDPIRVWOD&RQQH[*RVLDPIDFXWFDUWHDUHvQFDUFDELOD

6SXQHWLPLYDURJGDFDIDFXQDOGRLOHDDERQDPHQWOD&RQQH[PDLWUHEXLHVDSODWHVF79$" 'RDPQDDDDDGDFDYRUEHVFODWHOHIRQGLQFDGDPDFXUHQWH]"

(X1XYDDXG9DURJvQGUHSWDWLYDFDWUHRIHUHDVWUD (O8QGHVDPDPDLGXFGRPCOH"(XVXQGLQ&RVWHVWLVLVXQWSHDFRSHULVXOFDVHL &XFHYDSXWHPDMXWD" (KFXFH&XFDVXWDPHVDJHULFD

&LQHDVSXVXQXLFOLHQWFDRFHOXODDUHRFDSDFLWDWHGHGHDSHOXUL3RDWHQXDPHXVXILFLHQWGHELQHDFWXDOL]DWD LQIRUPDWLDOXPLQDWLPDVLSHPLQH

'QDHXIXVHLGXVDS DIDUDVLDSDUXXQSOLFSDWHOHIRQ'D QXXPEODQLPHQLODHO1RLDPPDLVXQDWODGXPQHDYRDVWUDVL QHDWLGDWRIRUPXODFXVWHOXWH$PFDXWDWRDFXPD DPSXVVWHOXWHOHVLQXGLVSDUHGQDQXGLVSDUHSOLFX  ÌQVHDPQDFDDWLSULPLWXQPHVDM 'DQXXPEODQLPHODHO &HDSDUDWHVWH" *HVHP *60 GQD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'RP OHYDGDLFLOkQJD8U]LFHQLGHFHUFXOHWHOXPLQDWHFDUHVHvQYkUWHVFVXQW2=1XULGRP OH9DURJGRPQLWDVD QHIDFHWLOHJDWXUDOD$17(1$VDYLQDDVWLDVDILOPH]HFDHGHQHFUH]XW 'RPQLVRDUDvOIRUPH]FXPXVFDvQIDWD"

'RDPQDODXQPHVDMSULPHOHFXYLQWHVXQWJUDWXLWH""

'DFDQXLPLGDWLURDPLQJYRLDWXQFLDPVDPDDERQH]ODIUDQFHWHOHFRP 1XSRWVDGDXQLFLXQDSHO &HVHDXGHFkQGvQFHUFDWLVDDSHODWL $SHOXODIRVWVLJLODWvQLQWHULRUXOWHOHIRQXOXL 

'RDPQDDPXQPHVDMSHWHOHIRQPLDDSDUXWRIDWDDGLFDXQFDSSDWUDWFXXQRFKLVLXQQDV&HIDFFXPFLWHVF PHVDMXO" 1RFRPPHQW $PVFDSDWVLHXXQSLFWHOHIRQXOSHOLPEDUXVD &XFLQHDPSODFHUHDVDVWDXGHYRUED" &XWDWDOPHX

3kQDODFHvQDOWLPHDPVHPQDO"9UHDXVDVDUFXSDUDVXWDVL

'RPQLVRDUDYUHWLQHDSDUDWVDIDFSURFHVFXQHYDVWDPHD"PDVXQDVLYRLRFXSODWLFXDPDQWDPHD""""6DXFHUWDW DVWHDGRXDVFDQGDODFXPSOkQJDPkQGRXD6LDLDPLFLL ÌPLGLVWUXJHWLIDPLOLD (YLGHQW+&)8FDWUHDPDQWD (/6DUX PkQDPDQXPHVF&H]DUDVSXWHDVDYRUEHVFFX%UXWXVYDURJ" (8ÌPLSDUHUDXQXHVWHDLFLFXDOWFHYDYDVSXWHDDMXWD" (/$DDDDDQXGRDUVDLVSXQHWLFkQGYLQHFDODFDXWDW&H]DUYDURJLRPXOW

DPVLXQDWXXQXPLDXGDWFDUWHDWHKQLFDvQOLPEDURPkQDVLPDPFKLQXLWFXHOGHOXQLPDXODVDWQHUYLLVLGLQ FDX]DDVWDODPDUXQFDWvQWUXQEDUDMXLWHDVDPDPHQHUYDWVLODPDUXQFDWVLRVDDQXQWVL23&XOFDVXQWSULHWHQLLPHL

1XYDVXSDUDWLDPVLHXXQ1RNLDFDUHVDPXUGDULWDPYUXWVDvOVSDOVLDLQWUDWDSDvQHO&HSRWIDFHDFXP" 6DPHUJHWLFXHOODXQVHUYLFH 'DUQXYDVXSDUDWLVWLWLFkQGODPVSDODWDLQWUDWODDSDVLDFXPHVWHXQ1RNLD0DSRWGXFHFXHOODGHDOHUVDvOGDX SHDFHVWDVLVDvPLGHD1RNLDPHDvQDSRL" 6DU QDPLDSDUHVLPLHRVFULVRDUHSHHFUDQVSXQHWLPLFXPSRWVDLQWUXvQFRQWDFWFXHD"

'RP OHHXYDIDFVFDQGDO6LYRXDVLOXLÌOVXQSHEDUEDWXOPHXVLPLUDVSXQGHXQDFXQX VWLXFHOLPELVWUDLQH&H WUHDEDDUHHOFXDLDFXOLPELOH" " GXSDPDLPXOWHvQWUHEDULHUDVHUYLFLXOGHPHVDJHULHYRFDOD'LDORJ 9DURJVDPLWULPLWHWLVLPLHXQ606FDDGLVSDUXWSOLFXOHW]XOSHFDUHODYHDPVLDUDWDXUkWORFXODODJROSHHFUDQ (XFXFHYDVSXWHDDMXWD" (O&XRIHPHLH (XÌPLSDUHUDXGDUDVWIHOGHVHUYLFLLQXVXQWRIHULWHGH&RQQH[ (O IRDUWHLQGLJQDW &XPQDYHWLDVDFHYDSHDFROR"

' DOH([SUHVLHFXVLJXUDQWDFDDYHWLVLDOWLFOLHQWLFDUHVROLFLWDUHFODPDWLL

' DOH FXHUR]LXQL 'RPQXOHGUDJDDPWDVWDWVLHXFRGXOSLQVLPLR]LVFRGXOSLQHURGDW $PVLHXRSUREOHPDPLVDEORFDWQXPDLYUHDVDLQWUH&HIDFvQVLWXDWLDDVWD"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

' DOH FXYDOXWH)257( 'RP QHDPFXPSDUDWRFDUWHODGHUHvQFDUFDUHGHGDUFkQGDPIDFXWUHvQFDUFDUHDPLD DUDWDWPDLSXWLQSRVLELOFDGRODUXO&RQQH[VDQXDLEDGHFHQWLFXPHVWHQRUPDOFLSRDWHVDDLEDGHFHQWLGLQDLD FRQQH[ 'RDPQDvPLDSDUHSHWHOSXFKLSXFKLGDWLPLVLPLHSXFKLFDVDEORFDW

'RDPQDvPLLQWUDvPLLQWUDGDUQXVWLXFHVDIDFFXQRXDOH  FDQXLQWUDGHORF

)RVWXOQXPHDOVWUD]LLVWU3DUWL]DQLORU$FWXDOXOQXPHVWU5HJLPHQWXOWUHFHVSUH6LUHW (8%XQDVHDUDDWLVXQDWEODEOD&XFLQHDPSODFHUHDVDVWDXGHYRUED" (/3DLVXQW[[[[[[GDUQXVFULHSHPLQH $VGRULVDPLDFWLYDWLVLPLHQHFXQRVFXWXO &OLHQWLORUQRVWULHWHUQL $PVLHXWHOHIRQXOEORFDW &HYDVFULHDFXPSHWHO" (WHUQFRG38. 'XSDFHWDVWHD]D38.FHYDDSDUHSHWHO" (WHUQQHY3,1VLWRWDVD 8QFOLHQWFkWVHSRDWHGHHWHUQ

'RPQLWDVXQWDERQDWXO&RQQH[FXPDUFD(ULFVVRQVLYUHDXVDPDEORFDWL

%XQD]LXDVXQWSDFKHWXOFRQQH[JRVLPLDDSDUXWXQPHVDMSRVLELOLWDWHDLQLWLHULLYUHDXVDYDvQWUHEvQFHPD LQLWLD]D" $WLFLWLWWRWPHVDMX" 3DLYUHDXVDVWLXvQWkLvQFHPDLQLWLD]D

%XQDVHDUDVXQWDERQDPHQWXO1LWD)ORULQOD&RQQH[*RVLDVGRULVDYDVSXQVLHXRvQWUHEDUHGDUDVGRULVDPD VXQDWLGYVvQDSRLVDPLUDVSXQGHWLLLLQDFDDPXLWDWvQWUHEDUHD 'RPLVRDUDDPVLHXRvQWUHEDUH 'DYDURJYDDVFXOW 7RDWHVXQWHWLODIHOGHIUXPRDVHSUHFXPYRUELWLFDGDFDLDVDvPLIDFFRUWXOvQIDWDOD&211(;

 IRDUWHKRWDUkW %XQD]LXDVXQWGLQ2UDGHDPLVDWHUPLQDWFUHGLWX VLDVGRULVDDIOXQXPDUXOGHODPRUJD vPLUDXGDUVDVWLWLFDDLFLQXGHWLQHPQXPDUXOGHODPRUJLGHODFLPLWLUHVDXOXFUXULGHJHQXODVWD 1DX]LGRP OHFDPLHPLWUHEXLHQXPDUX GHODPRUJD &XVWRPHUX DVYUHDVDRYHULILFVLHXSHGRDPQDFXQU SUHSDLG ILLQGFDVHSDUHFDHvQXOWLPDID]D

FHVHvQWkPSODGRPQXOHFDGHOXQLGH]LOHQXPDLSULPHVFIDFWXUDGHOD&RQQH[" 3HLKDLGHWLVDYHULILFDPGDFDDGUHVDGHIDFWXUDUHHVWHFHDFRUHFWD VLHUD  $YHWLSUREOHPHvQSULPLUHDFRUHVSRQGHQWHL" 3HLFHSUREOHPHVDDPFDDLFLvQVFDUDEORFXOXLQRVWUXQXPDLYHFLQXOGHODDUHFXWLHUHVWXOVXQWGHPRODWH 1XYDVXSDUDWLVWLWLFXPYDSHXQGHHVWHVHGLXO0RELIRQ"$PDX]LWFDHSHOLQJD&RQQH[ %XQD]LXDDPVLLRR1RNLHVLDVGRULVDPLEORFKH]FKHLOHNH\OH $ORGRDPQDPLDPOXDWVLLRXQPRWRURODVLQXVWLXVDLSXQFkQWHFHOH %XQD]LXD %XQD]LXDHXVXQWILXOSDULQWLORUPHL ""

&OLHQWXO0DLVXQWSULPHOHVHFJUDWXLWH" (XGHODLDQUDPkQGRDUVHF &OLHQWXO&DUH"

(X>@+DLGHWLDFXPVDGHEORFDPWHOHIRQXO7DVWDWL

 ;;;;;;;; [[[[ [[[[



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&OLHQWD$PWDVWDW$FXPFHIDFvOGHVFKLG"

$VGRULVDPLDFWLYH]VHUYLFLXOGHRFROLUHGHLGHQWLWDWH

(OIRDUWHKRWDUkWYUHDXVDYRUEHVFFXGRDPQD 6WLWLQRLVXQWHPGHRDPHQLFDUHUDVSXQGHPSHUkQG 1XLQLPLFPDLVXQRGDWDSRDWHvPLUDVSXQGHRGRDPQDYUHDXVDYRUEHVFFXRIHPHLH 'LQVHULDFHYUDMLDPDLIDFXWWHOHIRQXOPHX DVWD]LHSLVRGXOFRPSDWLELOLWDWH  $PVLHXXQ6,186GLQDFHODUHkQFDUFDELOFDUHGHWHFWHD]DSRWULYLUHD

$UGHOHQLLVHKRWDUDVFVDGHFODUHUD]ERL&KLQHL/DXQPRPHQWGDWXQXOGLQWUHHLvLDWHQWLRQHD]DSHFHLODOWL %DGD VPLOLRDQH 'D FKLDUEDXQGHLvQJURSDP" QXPDGHVFXUFFXWHOHIRQXODPDYXWRFRSLODULHQHIHULFLWD

$VGRULVLHXVDIDFXQWUDQVIHUGHSHUVRQDOLWDWHFHDFWHvPLWUHEXLH" 3DUHUHD8QSVLKLDWUX

(O$PvQFHUFDWVLLRVDIDFvQFDUFDUHDODVLQXPLDVLPWLWLPSXOVX  ,R"""0DLH[DFWFXPDGLFDQXYDVLPWLWLPSXOVX"" (O3DLDPLQFHUFDWVDIRUPH]SHQWUXURPkQDVLQXPDVLPWLW ,R&HvQWHOHJHWLGYVSULQQXYDVLPWLW" (O1XPLDVLPWLWLPSXOVX DGLFDDPDSDVDWVLPLDGDWHURDUH $VGRULVDUH]LOLH]FRQWUDFWXOSWFDQXDPSURSDJDUH

8QFOLHQWDPDUkWGLQ6XFHDYD 1DPSULPLWIDFWXUDVWLWLSRVWDVXOQRVWUXRPDLWUDJHFXUDFKLXOVLDXLWDWGHHDFkWHYD]LOH 6XQWVLLRXQDERQDWFDUHvQFDQXDPIRVWOHJDW

GRDPQDDYHWLLGHHFkWFRVWDREDWHULHFDUHVDPLGHDGUXPXOODYLEUDWRU" (X&HWLSGH0RWRURODHVWH" 'RDPQDGRFWRU1XVWLXGDUHVWHJUDVXQHOVLFXPDUJLQLOHURWXQMLWH

GRQ VRDUDLRDPVFRVFDUWHODGLQWHOHIRQVLDPSXVRSHPDVDVLDPSXVLEULFX ILHUELQWHSHHDVLVDWRSLWDFX FH IDF" %XQDVHDUDFXPSRWVDYRUEHVFVLHXFXRSHUDWRUXOPHXGHUHWHD" VLDUHGHSODWDYUHRGRXDPLOLRDQHVLFHYD6HSRWSODWLvQUDWH" 5DVSXQV6DUSXWHDGDUQXQHSRDWHDSHODGkQVD" &OLHQW1XFDDUHQLVWHSUREOHPH 5&HIHOGHSUREOHPH" &6LDUXSWSLFLRUXOVLVWDvQFDVD

%XQDGLPLQHDWDGUD1XYDVXSDUDWLRVXQVLHXSHRSULHWHQDVLvPLVSXQHFDDERQDWXO&RQQH[*60DUHWHOHIRQXO LQFKLVVDXQXVHDIODvQDULDGHDFRSHULUH&HvQVHDPQDDVWD" &DWHOHIRQXOHVWHvQFKLVVDXVHDIODvQDIDUDDULHLGHDFRSHULUH" $GLFD" $GLFDVHDIODvQWUR]RQDvQFDUHQXDUHVHPQDO 6LDUHVLWHOHIRQXOFXHD" 0DXVXQDWGHOD&RQQH[VLVFULDSHWHOQXUDVSXQGHWLGHFH" ÌQ]LOHOHGHVDUEDWRDUHVXQWUHGXFHULSWFDUWHODJR" (X%LQHvQWHOHV &OLHQW3DLDVWD]LHFXFUXFHFXURVXvQFDOHQGDU (X&XFLQHDPSODFHUHDVDVWDXGHYRUED"



(O0DQXPHVF:LOOLDP

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'RDPQDHXDPXQ(VLDPSRVLELOLWDWHDVDvQUHJLVWUH]PX]LFDFXHO$PvQUHJLVWUDWGDUQXPDLVWLXFXPVDDVFXOW PHORGLLOH &XPDWLvQUHJLVWUDWPHORGLLOH" $PVXQDWOD (ODPVLHXRSUREOHPDFXvQFDUFDUHD (X$GLFD" (O0LDFD]XWFHOXODUXOGLQFDUWHOD

&DUHHVWHQXPDUXODODGHFHQWUDODODFDUHVHGDXSRUXQFLVFULVH"

6XQWVLHXXQFOLHQWGHDOGYVVLDVGRULVDVWLXODFHGDWDPDPFXSODWFXGYV $PFRQHFWDWRVLHXSHQHYDVWDPHDVLQXLDGDWGUXPX %XQDGLPLQHDWDQXYDVXSDUDWLDYHWLVREH"

0LDPvQFDUFDWWHOHIRQXOFXRVFKHGDGHGHXQGHSRWVDLDXVLHXRVFKHGD 'DFDVFULH&211(;SHHFUDQXOWHOHIRQXOXLFRQVXPDLPSXOVXUL" 'RDPQDPDWLvQVHULDW" vQWUHEDGDFDODPWD[DW

$PIDFXWVLHXDERQDPHQWVLvPLDSDUGRDUQXPHUHOHGHODSROLWLHVDOYDUHHWF1XPHUHOHSULHWHQLORUPHLFkQGDSDUvQ DJHQGD" 9UHDXVLHXFRGFRQQH[YR[PLOSXWHWLGDDFXPVLVDOSODWHVFSHSULPDIDFWXUD" 'RPQH YUHDXVLHXVDPLVFKLPEFHQWLLvQGRODULSHWHO

(X6LGHFHHSUREOHPDFXFRQWUDFWXO" (O3DLDPVLHXXQQHSRWVLODIDFXWPDLFDVDGDUQXVWLHFDUHLWDLFDVXDVDFDQXODPWUHFXWvQEXOHWLQ (X6LFHDYHWLDFXPSHHFUDQXOWHOHIRQXOXL" (D$PVRV DVDFXPVHVFULH 

0DVXQDXQX 0LVW&ROVHDJHQWVHFUHWVDXFHYD

'XSDFHYDWLPSGHSDX]DVHDXGH (O$ORDORFLQHVXQWHWL" (X5HOFX (O$ROHXvPLSDUHUDXHXQDPVXQDWGDUVXQWODYkQDWRDUHGHLHSXULVLHUDPSULQWXILVXULVLVRILDSDVDWFHYDVL 1HvQWUHDEDXQVWLPDWGRPQGDFDD]LFXRFD]LDFXWUHPXUXOXLVXQWFRQYRUELULJUDWXLWHVDXUHGXVHvQUHWHD" 9DDVWHSWDWLODDVDFHYD"

%XQDVHDUDDPVLHXXQFkLQHGREHUPDQFDUHPLDvQJKLWLWWHOHIRQXOSUREOHPDHVWHFDDWXQFLFkQGWHOVXQDFkLQHOH GHYLQHIRDUWHQHUYRV&HVDIDF"6DPHUJFXHOODYHWHULQDUVDXVDDVWHSWVDIDFDWUHDEDPDUH""""" 'LQVHULDGDOHFOLHQWLORU6HDXGHRYRFHVXEWLUHGHGRPQLVRDUDFDUH]LFHVXQWDERQDWXO*KHRUJKH'XPLWUX$P vQWkOQLWVLURPkQLIHULFLWL 9UHDXVDFKHPVLLRVDOYDUHDSHQWUXWHOHIRQXOPHX &XFLQHDPSODFHUHD" (XVLVRUDPHD6WHIDQLD

%XQD]LXD6LQWVLYUHDXVDPLVSXQHWLGDFDDPYUHXQPHVDM %XQDVHDUDVXQWVRUDWHOHIRQXOXL"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6XQWFXFHYDSRWDMXWD" &XPLOLRDQH

1XYDVXSDUDWLHXPLDPWUDQVIHUDWFDVXWDYRFDODSHXQQUIL[&XPDVSXWHDVDPLDFDSDUH]GLQQRXPHVDJHULD" $PIRUPDWXQQU &HQUDWLIRUPDW" 1XVWLXFDLODPvQFDSX OX DVWDFDHXvQFDSXPHXQXOWLX

%XQDVHDUDYUHDXVDPDMXWDWLDPIDFXWRSRUFDULHPDUHPLDPDUXQFDWDSHOXULOHvQDOWDSDUWH 'RPOH DPWLQXWIDFWXUDSHFROWXOPHVHLVLPLDURQWDLWRFkLQHOH$FXFHPDIDF"

PDQXPHVF1DHVLDVYUHDVDIDFVLHXRGHGLFDWLHPX]LFDODOD$QWHQD6DWHORU (X6SXQHWPLYDURJXQQXPDUGHWHOHIRQGHFRQWDFW (O'HFRQWDFWQDPGDUYDODVXQX GH0DQJDOLD

'VRDUDVDVWLWLFDvQILUPDGYVH[LVWDXQQXFOHXGHFDUHQXDYHWLKDEDUFDUHLPLDVFXOWDDSOXULOH'DUQXDVWDPD GHUDQMHD]DGDUVDPLvQFKLGDWHOHIRQXOHVWHGHMDSUHDPXOWDVDFDYDURJVDLDQXQWDWL (XVXQWODDERQDPHQWVLOXQDWUHFXWDPLDYHQLWOXQDDVWDQXPLDYHQLW$FXPQXVWLXGHFHvQWkU]LHVLVXQWIRDUWH LQJULMRUDWD&HVDIDFVDPLYLQDPDLUHSHGH" (XDPVDYDURJVDQRWDWL (O1XSRWÌQWURPkQDDPWHOHIRQXOvQFHDODOWDRSHUIX]LH 'DFDMRFVDUSHSHWHOPHX1RNLDSLHUGFHYDFHQWL" (X3ULPLWLIDFWXULGHWDOLDWH" (D)DFWXULOHOHSULPHVFIRDUWHELQH

'RPVRDUD$QFDGXPQHDYRDVWUDYDUFRQYHQLVDYDVXLWLSHFDVDVDYRUELWLODWHOHIRQ"

&DvQDUPDWDLHVODJUDGHDIDUDvPLLDXFHYDSHPLQHVLIXJLSHFDVDVDUDVSXQ]LODWHOHIRQ2GDWDVDUXSWVFDUD vPLUHSDUDWLGYV7HOHIRQXOGDFDvPLVFDSD" (XWHOHIRQXOHVWHGXDOEDQG" (D'DHVWHSRUWRFDOLXJDOEHQ

$ROHX$XUHOHYLQRUHSHGHFDWHOHIRQXODVWDDOWDXYRUEHVWHVLQJXU$VSXV%XQDVHDUDFXFHYDSXWHPDMXWD" DSHODVHGLQJUHVHDOD

&OLHQWFXRDUHFDUHvQFOLQDWLLVSUHSRH]LH&RQQH[XOHVWHSWPLQHFDRSLUDPLGDvQDFHVWPRPHQWDWLDMXQVODXOWLPD WUHDSWD

'RP OHQXVWLXFHVHLQWDPSOD(FHYDSDUDQRUPDOÌQDLQWHVDYRUEHVFFXGXPQHDYRDVWUDQXvPLPHUJHDWHOHIRQXOGHORF $FXPFDSULQPLQXQHDvQFHSXWVDIXQFWLRQH]H 3HQWUXURDPLQJWUH VDSODWHVFFDXWLXQHD"

9RLQXSULPLWLWRWIHOXOGHDSHOXULGHODSXVWLFDUHVHIDFFDQXVWLXURPkQD""" %DGD""(XDXGVLYRFLVLXQHRULQRDSWHDSHVWUDGDPDVLPWXUPDULW &XFLQHDPSODFHUHDVDVWDXGHYRUED" &XVRWLDVRWXOXL "

(O&HQXPDUWUHEXLHVDIRUPH]FDVDVWLXFHQXPDUDP"

2WDQWLVXQWVLHXODGXPQHDYRDVWUDVLVWLWLPLVDGHEORFDWVWDWXUDVLFkQGWLXWHOHIRQXQEX]XQDUvPLDSHOHD]D QXPHUHOHGLQPHPRULXVLPDWUH]HVFFRQVXPkQGXPD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3HIDFWXUDDPDYXWRFRQYRUELUHVXVSLFLRDVDSHFDUHQRUHFXQRVF $VYUHDVDVWLXPDLPXOWHGHVSH&RQQH[,QVWDQW

%XQD]LXD&RQQH[VXQW$+FXFHYDSRWDMXWD" $GUDJXWDFDGHRELFHLDX]LWLEHQHIHFLHPVLQRLGHFHYDVXSOLPHQWFXRFD]LD(&/,36(,DVWHLDFDODFDPSLRQDWXOPRQGLDO SDUFDQHDWLGDWFHYD $PWULPLVVLHXFDUWHDSRVWDODVLQXDPSULPLWFUHGFDH GLQFDX]DFDDPVFULVFDVLQWVRPHU 2GRDPQDDPWULPLVVLHXFDUWROLQDFXGDWHOHSHUVRQDOH

3ULPLWHGHOD&H]DU6HQGDL-DSDQ FGLDFRQX#SOXPPHFKWRKRNXDFMS

*UDPDWLFDOHVLVWLOLVWLFH 0LFDSXEOLFLWDWH

7kQDUDGRDPQDGUDJXWDLQWHOLJHQWDFDUDFWHUIDPLOLHEXQDGRUHVWHFDVDWRULHFXGRPQELQHVLWXDWFDUHVDDLEDVL DXWRWXULVP2IHUWHOHVHYRUDGUHVDVXEVHPQDWHLvQVRWLWHGHIRWRJUDILDDXWRWXULVPXOXL $VRFLDWLHGHORFDWDULDQJDMHD]DIRFKLVWGHvQDOWDSUHVLXQH &DXWDPIHPHLHODIHWLWDvQYkUVWDVLQHIXPDWRDUH 9kQGPDVLQDGHFXVXWPkQDVLSLFLRU 9kQGEXWHOLHGHDUDJD]FXUHVHXVLIULJLGHU 9kQGSDWXWFRSLOIDFXWODFRPDQGDSHQWUXSUHWHQWLRVL ÌQFKLULH]FDPHUDODGRXDIHWHvQFDGUDWHFXXQVLQJXUSDW &XPSDUvPEUDFDPLQWHGHGDPDGHRVHELWDVLSXWLQvQWUHEXLQWDWD &RQIHFWLRQH]VLvQFDSXWH]FL]PHSHQWUXEDUEDWLFXvQORFXLWRULGHFDOLWDWH 2IHUORFGHYHFLOLEHUDELOSULQVFKLPE 2IHUUHFRPSHQVDFHORUFDUHDXVSXVQHYHVWHLOXL3DXO,RQHVFXFDODXYD]XWFXRIHPHLHvQPDVLQDvQ]LXDGHLXQLHSH DXWRVWUDGD%XFXUHVWL3LWHVWL9DURJVDYHQLWLVDGHSXQHWLPDUWXULHVLODWULEXQDO3DXO,RQHVFX $QXQWvQWUXQ]LDU8QRPGHYLDWDDPXULW ÌQGLYHUVHORFDOXULVLSUDYDOLL

/DXQFRQFXUVGHDQLPDOHvQFDGUXOXQHLVDUEDWRULDJULFROHVDDILVDWSURJUDPXO RUDSUH]HQWDUHDLQYLWDWLORU RUDSUH]HQWDUHDDQLPDOHORU RUDPDVDFRPXQD ÌQWURFURLWRULHGHGDPD)XVWHOHVHULGLFD]LOQLFvQWUHRUHOHVL 9LQGHPVHFRQGKDQG 6HUYLPRYDULHWDWHGHFLRUEHVLPkQFDUXULJDWLWH &RQVXPDWLFXvQFUHGHUHVXSDGHSDVDUHYHJHWDULDQD 6HUYLPFXIULVFDFOLHQWHODELQHEDWXWD $YHPIULVFDEDWXWDWRDWD]LXD 1XVHUYLPPLQRULVXEDQL 1XVHUYLPvQVWDUHGHHEULHWDWH $YHPFLRUDSLGHIHPHLOXQJL /HQMHULDGHFRUSQXVHVFKLPED &RQIHFWLRQDPFRVWXPHGHGDPDODSUREDGRXD &URLPURFKLLSHQWUXGDPHGHOX[ &RQIHFWLRQDPSRVHWHVLJHQWLVLFXSLHOHDFOLHQWXOXL 1XWULPLWHWLFRSLLODXPSOXWFXVLIRDQH &RQIHFWLRQH]SDWXULSHQWUXFRSLLGHILHU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

/XFUDULGHFRQWURO $SD

$SDSHQRLFkWVLSHFHOHODOWHQHDMXWDODKUDQLUHDRUJDQHORUFDUHIDUDDSDQRLQXDPSXWHDIDFHQLFLRPkQFDUH $SDvQJHQHUDOHVWHGHIRUPDOLJKLGD $SDSRDWHOXDVLRIRUPDVROLGDVLDOWDGHDEXUvQIRUPDVROLGDRLDRGDWDFHWHPSHUDWXUDHVXEƒLDUvQIRUPDGHDEXURLD DWXQFLFkQGWHPSHUDWXUDHGHFHOSXWLQƒ $SDGXSDFXPVWLPSkQDDFXPDOXDWWUHLPDULIRUPHGLQOLJKLGvQVROLGGLQVROLGvQOLJKLGGLQOLJKLGvQDEXUGLQDEXUvQ OLJKLGSULQSORDLH'HFLDFXPQRLQHSXWHPGDVHDPDFDIDFHRURWDWLHSULQFHOHPDULWUDQVIRUPDULFXPVDUVSXQHIDFHR PLVFDUHSULQFHOHWUHLWUDQVIRUPDUL $SDVWLPFDHVWHPDLJUHDFDSHWUROXOGLQWURH[SHUHQWDIDFXWDDFDVDSXQHPvQWUXQSDKDUMXPDWHFXDSDVLSXQHPMXPDWHFX SHWUROVLVHGLVWLOHD]DXQDIDWDGHDOWDFDUHDSDWUHFHODIXQGVLSHWUROXOUDPkQHODVXSUDIDWD1RLvQWDUDPDLJDVLPVLDSD PLQHUDODFDUHRFRQVXPDPODUHFRPDQGDUHDPHGLFXOXLVDXVXEIRUPDGHVSULWVLRJDVHVWLvQPDMRULWDWHvQVWDWLXQLOHGH RGLKQD$FHDVWDDSDHVWHFRQVXPDWDDWkWGHQRLFkWVLGHWXULVWLGHSHVWHKRWDUH 2UDVHPROGRYHQHVWL

$XWRUXOGHVFULHRUDVHOHFDUHVDXvQDOWDWvQPROGRYDHOHVDXFRQVWUXLWvQWLPSXOQRVWUX2UDVHOHGLQ0ROGRYDVXQWIRDUWH QXPHURDVHODQXPDUFXPHVWH,DVXVLDOWHRUDVHPDULVLIUXPRDVHFDUHOHSODFVWUDLQLORUIRDUWHPXOWGHIUXPXVHWLOHGLQ 0ROGRYD0ROGRYDvQWUHFXWHUDRUXLQDIRDUWHLPHQVDDGLFDPDUHFDUHvQWLPSXOOXL0LUFHDFHO%DWUkQRDPHQLL]LFHDXFD DSDUDDFHDVWDUXLQDVLVDXWLQXWGHFXYkQWFDUHVLD]LPDLH[LVWDGDUPDLSXWLQGDUWRWPDLVXQWXUPHGLQFDUHVHYHGHFD PROGRYHQLDXOXSWDWFXDWkWDHURLVPSHQWUXSDPkQWXQLFKLDUVLDXMHUWILWYLDWDSHQWUXSDPkQWGLQFDX]DDFHDVWDSRSXODWLDQX HUDSUHDPDUHGDFDvQWUHFXWQXDUILPXULWDWkWHDYLHWLRPHQHVWLvQVHDPQDFDD]L0ROGRYDDUILIRDUWHPDUHDWkWGHLPHQVDFD DUvQWUHFHVLRUDVXO%XFXUHVWL ÌQ0ROGRYDHVWHRYHFKHSRSXODWLHFDvQWUHFXW0ROGRYDHVWHIRDUWHYHFKHGHVXWHGHDQLDXIRVWEDWDOLDVDGHPXOWHvQFkWQX ODVDRPXOVDWUDLDVFD/DRDPHQLVDUDFLVLGHWRWIHOXOvQDIDUDGHFHLFDUHHUDXERJDWLDXVWULJDW YUHPSDPkQW  7RDWHFRPLWHWHOHDXvQFHSXWVDVHUHWUDJDDWXQFLFDVDWUHDFDWLPSXO 6WHIDQFHO0DUHVL9UkQFLRDLD

(VWHYRUEDGHVSUHRIHPHLHYDGDQDFDUHDYHDVDSWHIHFLRULVLDWXQFLFkQGWRUFHDSHSULVSDVDRSULWXQFDODUHWVLDVSXVHXVXQW 6WHIDQWXUFLQHDXvQYLQV6LQRLLDPvQYLQVSHWXUFLILLQGFDSHXQXOODRPRUkWFXVDELDDGLFDODWDLDWODJkWVLDWXQFL6WHIDQ FHO0DUHVDGXVFXFDOXOODHOVLDVSXVLDXLWHFXPvLFXUJHVkQJHVLDXYHQLWFHLOLODQWLFROHJLGHDLOXLVLD]LVVLHLLDXLWH FXPvLFXUJHVkQJH$WXQFL6WHIDQFHO0DUHDSOHFDWVLFDOXOHUDSOLQQXPDLGHVSXPDVLVDvQWRUVODFDVWHOVL6WHIDQHUDUDQLW ODPkQDFDODUHSHFDOVL6WHIDQDFLRFDQLWvQSRDUWDVLDVSXVHXVXQW0DPDGDPLGUXPXOVDLQWUXILLQFDVXQWUDQLWODPkQD 'DUGDVFKLGHWLSRDUWDQXYH]LFDWXUFLQHFRQMRUELQHDPVDWGDXGUXPXFHELQLPLSDUHILQFDVLFDOXOvQJKHDWDGHIULJVLSkQD ODXUPDLDGDWGUXPX &RQGLWLLOHFDUHDXIDYRUL]DWFHQWUDOL]DUHDVWDWXOXLIUDQFH]

&HQWUDOL]DUHDvQVHDPQDFHYDFDUHQXODVDSHDOWXOvQSDFH &RQGLWLLOHFDUHDXIDYRUL]DWVWDWXOXL)UDQFH]HVXQWUHJHOH)LOLSDO,,OHDFDUHDGRPQLWvQWUHDQLVL)LOLSDO,9OHD FDUXLDLVHPDLVSXQHD)LOLSFHO)UXPRV)LOLSDO,,OHDDSXUWDWPXOWHUD]ERDLHFXWXUFL)LOLSDO,,OHDDvQWHPHLDWFDSLWDODOD 3DULVFDSkQDDWXQFLQXHUDGHORF'XSDPRDUWHDOXL)LOLSDO,,OHDDIRVWGRPQLDOXL)LOLSDO,9OHDFDUHDIDFXWWRWFD)LOLSDO ,,OHD 0DULOHGHVFRSHULULJHRJUDILFH

0DULOHGHVFRSHULULJHRJUDILFHVLXUPDULOHORU5HQDVWHUHD5XVLDvQVHFROHOH;,,,;9, 'HODVHFROXO;9,;9,,XUPDULOHGHVFRSHULULLJHRJUDILFHDXIRVWGHVFRSHULWHGHFDODWRUXOURPkQ0DJHODQ 0DJHODQDWUHFXWSULQPXOWHLQVXOH&DODWRUXOURPkQ0DJHODQDFXQRVFXWWHULWRULXOLQVXOHORUXQGHVDGXVHO0DJHODQDIRVW vQWURLQVXODFDLQVXOD)LOLSLOH3H0DJHODQODRPRUkWRRDVWHvQWUHDJDFDUHODDVWHSWDWFKLDUSHGUXPXOSHFDUHPHUJHDHO 'XSDFHODRPRUkWSH0DJHODQHODIRVWDUXQFDWvQWURLQVXODFDLQVXOD)LOLSLOH0DJHODQSkQDFHQXPXULHODSLFWDWRSH *LRFRQGD*LRFRQGDHUDRIHPHLHFDUHFDUHDIRVWVLHDXQDGLQFHOHFHDGHVFRSHULWPDULGHVFRSHULULJHRJUDILFH*LRFRQGDD UDPDVFDXQDGLQWUHFHOHPDLIUXPRDVHSLFWXULvQYLDWDSRSRUXOXLQRVWUX$OWFDODWRUURPkQDIRVWVL,YDQDO,9OHD]LVVL,YDQ 7XUELQFDFDUHDIRVWGHRSRWULYDFX0DJHODQ,YDQDO,9OHDDWUHFXWSULQPXOWHLQVXOHFD0DJHODQVLDGHVFRSHULWVLHOLQVXOH IRDUWHPXOWH,YDQDO,9OHDDIRVWRPRUkWvQLQVXOD)LOLSLOH



8UPDULOHPDULORUGHVFRSHULULJHRJUDILFH

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'XSDPDULOHGHVFRSHULULJHRJUDILFHDIRVWVLXUPDULOHPDULORUGHVFRSHULULJHRJUDILFH $LFLvQXUPDULOHGHFRSHULULJHRJUDILFHDIRVWLDUDFDFRQGXFDWRUURPkQ,YDQDO,9OHDVL0DJHODQ,YDQDO,9OHDvLHUDOXLvQ PLQWHVLFDDPLQWLUHLQVXOD)LOLSLOHSHQWUXFDDFRORDPXULW0DJHODQVLODDUXQFDWWRWvQLQVXOD)LOLSLOH$VWLDGRLFDODWRULFD 0DJHODQVL,YDQDO,9OHDvVLPDLDGXFDPLQWHVLGH*LRFRQGDFDUHVLHDDIRVWVDGHVFRSHUHPXOWHLQVXOHVLFDLQVXODFHDPDL vQVHPQDWDHVWHLQVXOD)LOLSLOHXQGHDPXULWFDODWRUXOURPkQ0DJHODQ$FHVWLWUHLFDODWRULURPkQLFD*LRFRQGD0DJHODQVL ,YDQDO,9OHDUDPkQvQLQLPDSRSRUXOXLQRVWUX$PDLIRVWVLXQDOWFDODWRUURPkQFD)LOLSDO,,OHDVLHODGHVFRSHULWLQVXOH PXOWHVLFHDPDLvQVHPQDWDLQVXODDIRVWLQVXOD)LOLSLOHvQFDUHDIRVW0DJHODQ8QDOWFDODWRUURPkQDIRVW)LOLSDO,,,OHD FDUHDGHVFRSHULWVLHOPXOWHLQVXOHVLFHDPDLvQVHPQDWDLQVXODDIRVWLQVXOD)LOLSLOH$OFLQFLOHDFDODWRUDIRVW)LOLSDO,9OHD FDUH OXFUDUHQHWHUPLQDWD  'LFWDWXUDOXL&H]DU

1RLFDUDFWHUL]DPGLFWDWXUDOXL&H]DUDVWIHO'LFWDWXUDVDQXPLWOHJHDVHFUHWDSHFDUHRIDFXVHHOFXFROHJLVDL&DVVXVVL 3RPSHLSHQWUXFDFROHJLVDLDXPXULWvQUD]ERDLH(OFkQGVHIDFXVHGRPQDODFHVWXLVWDWFXFHULVHPXOWHVWDWHVLOHIDFXVH RUDVH5RPDQH'HDFHD&H]DUDIRUPDWVWDWXOURPDQvQPRQDUKLH6LDSURDSHWRDWHOHJLOHSHFDUHOHIDFHDOHYRWDSRSXODWLD LDUFHUHULOHSHFDUHOHIDFHDSRSXODWLDOHYRWDHO'HDFHDDIRVWQXPLWDOVDSWHOHDRPDOOXQL,XOLH 3UREDVFULVDSHQWUXYHULILFDUHDFXQRVWLQWHORU

$OFDWXLWLRFRPSXQHUHSRUQLQGGHODXUPDWRDUHOHYHUVXUL ÌPSDUDWLSHFDUHOXPHDQXSXWHDVDLPDLvQFDSD $XYHQLWVLQWDUDQRDVWUDGHDXFHUXWSDPkQWVLDSD

3ULQPXQFDVLVDFULILFLLUHDOL]H]LOXFUXULLUHPHGLDELOH 'HLHULSkQDD]LWDUDQRDVWUDVDVFKLPEDWVLWRWXODGHYHQLWVFKLPEDWRU7DUDQRDVWUDHVWHGHRIUXPXVHWHLUHPHGLDELOD (UDR]LGHYDUD,QWUREXQD]LWRDWDOXPHDQXPDLSXWHDVDLVXIHUHSHvPSDUDWLVLDXYHQLWVLQWDUDQRDVWUDVDVHPLORJHDVFD &XPYHQLUDHLDXFHUXWSDPkQWVLDSDÌQDFHDVWDYUHPHWDUDQLLFRRSHUDWRULOXFUDXOD&$3FDVDVLFkVWLJHSkLQHDFHR REWLQHDXFXJUHX(LVHVFXODXGHGLPLQHDWDVLVLIDFHDXQHYRLOHSHOkQJDFDVDVLDSRLSOHFDXFXXQHOWHOHvQVSLQDUHSHFkPS 'HIULFDvPSDUDWLORUDFHVWLWDUDQLHUDXIRDUWHKDUQLFLVLvQWHOHJDWRUL,PSDUDWLLHUDXIRDUWHEXFXURVLFDDFHVWLWDUDQLPXQFHVFFX GUDJWRDWDYDUDLDUWDUDQLLFkQGYHQHDXVDVLLDEXFDWHOHvPSDUDWLLHUDXFDPWULVWLERVXPIODWL$VDPXQFHDXWDUDQLLvQWUHFXW VLGHREWLQXWQXREWLQHDXQLPLF 1HPWLLVDXWRWGXVvQWDUDORUFXPRWRFLFOHWHOHORUFXDWDVFXWRW &RPXQLVPXOVDUDVSkQGLWFDXQYkQWGHSULPDYDUDGDUFkQGFDOGSHQWUXQRLFkQGUHFHSHQWUXGXVPDQLQRVWULFDUHPRUGHHO 'LQSDPkQWDXvQFHSXWVDHPDQHX]LQHVLWUDFWRDUH&DVDWUDLDVFDSRSRUXOELQHVDDSOLFDWVDFULILFLXOVXSUHP $XYHQLWVLXQLLvPSDUDWLVSXQkQGFDQXHVWHWDUDQRDVWUDGDUWRWLVDXODPXULWFkQGOHDPDUDWDWGRFXPHQWHOHGHSDUWLGVL LVWRULDGLQFDUHVHWUDJHDFHVWQHDPGHVRL,PSDUDWLLDXYHQLWODQRLSHQWUXFDQXPDLDYHDXORFvQDOWHWDUL (FDWHULQD7HRGRURLXVLDGDWYLDWDvPSUHXQDFXSULHWHQLLFDVDVFDSHWDUDGHVXEMXJXOIDVFLVWODIHOFD6WHIDQFHO0DUH 0LUFHD0LKDL'XSDWRDWHDFHVWHDDPDMXQVQRLERJDWLLDUFHLERJDWLVDUDFLVLDXvQFHSXWVDFHUVHDVFDSHODFDVHOHRDPHQLORU FHUkQGPDFDUREXFDWLFDGHSkLQH,DUQRLQXHUDPUDLFDHLVDQXOHGDPSHQWUXFDQRLDMXWDPSDWULDVDDLEHPDLPXOWL XUPDVL 3DWULDDWUHFXWSULQPDLPXOWHPRGLILFDULFDWUHVWLHSORSVWHMDUDGLFDGLQHSRFDGHIRUPDUHSkQDODFHDGHQHFOLQWLUH VRFLDOLVP 'HXQFLRWGDVXOWDQHGDUFLRWXODFHVWDHVWHIRDUWHWDUHFXWRDWHFDQXVHYHGHGLQFDX]DvPEUDFDPLQWLLVLPSOHVLPRGHVWH 7RDWHUHDOL]DULOHQRDVWUHVDXIDFXWSHRDVH'HOD(PLQHVFXQHDXUDPDVSRH]LLVL,RQ&UHDQJD 9HUVXULOHGHVFULXWUHFXWXOJORULRVDOSRSRUXOXLvQOXSWHDQWLIDVFLVWHVLDQWLLPSHULDOLVWHSXUWDWHFXFRWURSLWRULLWXUFL $FHVWHYHUVXULVXQWGHRvQDOWDvQWLQGHUHVLH[SXQHUHRUDODVLRJOLQGHVFYLFWRULDVRFLDOLVPXOXLvPSRWULYDWXUFLORU(PLQHVFXD IDFXWRFKLODLDQXDULH7DUDQRDVWUDEUD]GDWDGHPXOWHUD]ERDLHVHDIODvQQRUGXO%XOJDULHL1HDPvQGRLWGDUQXQLVDUXSW QLPLFD$POXSWDWVLQRLSHQWUXVWUDPRVLLFDUHYRUXUPD3RSRUXOQRVWUXvVLvQWUHWLQHFXJUHXH[LVWHQWD 'DFDDPILODVDWLvQSDFHFXP]LFH9ODKXWDDPILDMXQVQRLvQVLWXDWLDGHD]L" 2DPHQLLSRSRUXOXLVXQWIHULFLWLFDDQLPDOHOHOLEHUHVLFDSHVWLLFDUH]EXUGDvQFRGULLSDWULHL 6DOXSWDPFXWRY1LFRODH&HDXVHVFXvQIUXQWHFDEL]DQWLQLLVXEvPSDUDWXO&RQVWDQWLQFRQWUDWXUFLORU7DUDQRDVWUDDIRVW PDFLQDWDGHOXSWHH[WHUQH 'HOD'HFHEDOODWRY1LFRODH&HDXVHVFXWRWLvPSDUDWLLDXIRVWGHYRWDWLSRSRUXOXL$PkQGRXDSRSRDUHOH'DFVL5RPDQDX vQYDWDWOLPEDDGYHUVDULORU ÌQWLPSXOFkQGVHSUH]HQWDODVXOWDQ0LUFHDDUDWDFDXQEDWUkQvQEDVWRQGDUDFHVWEDWUkQSULQLGHLOHOXLLQWHOHFWXDOHDvQYLQV FDUDFWHUXOPRUDODOSHUVRDQHLVDOH9LWHMLLRVWDVLDXDOXQJDWXOWLPDFL]PDGLQWDUDQRDVWUD $FXPWDUDQRDVWUD565HVWHvQFXUVGHPDUHGH]YROWDUHFXWRDWHFDHVWHPDLPHFDQL]DWDVLFkWPDLGHVWRLQLFDFkQGILLLVDL PXQFHVFFXvQIRFDUHVLGLVSUHWSHQWUXFDVDILHFkWPDLIUXPRDVDVLPDLSODFXWDSHQWUXWRYDUDVLLGLQDOWHWDULSULHWHQHFDUHVD QHODXGHVLVDVWHDFkWPDLPXOWSHODQRL 6DSXVYLUJXODvQWUHEODMLQLVLWLKQLWLSHQWUXFDHYRUEDGHIUXPRDVHOHVHQWLPHQWHDOHXUPDVLORUQRVWUL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&kQGGXVPDQLLDXFHUXWOXFUXULUXVLQRDVHGHODQRLQRLQXQHDPVSHULDWVLDPIDFXWDVDGHVDXvQWRUVFXVSDWHOHVLQRLWRWFX VDELDGXSDHL 0LKDLO(PLQHVFXSULQVFULVRDUHD,,,HYRFDRvQVFHQDUHGLQOXSWDDQWLRWRPDQDFRQWUDWXUFLORU6XQWHPXUPDVLLOHJLRQDULORU 3RSRUXOQRVWUXDVWDWDWkWGHELQHWUHD]vQFkWQXPDLFDGHDGLQSLFLRDUHGHRERVHDODGDUQXVHODVD7DWDULLDXYUXWVDREWLQD DFHVWSDPkQWGDUDXUDPDVDPDUkWL 7XUFLLDX]LQGWREHVLJRDUQHVDXGXVDFRORGDUXQRVWDVOHDVSXVFDDFRORHVWHRPODVWLQDVLXQSRGXOHW&kQGDXWUHFXW SRGXODXWUHFXWvQPODVWLQDVLWRWDFROR6LQDQ3DVDVLDSLHUGXWGDQWXUD$VD0LUFHDDLHVLWvQYLQJDWRUvQGHOXSWH YLFWRULRDVHVLSLHUGHUL 3ULQWUHFXWvQWHOHJHPWUHFXWXOSUH]HQWXOVLYLLWRUXO/DPDULLVFULLWRULUHLHVHWUHFXWXOFXPDUILIRVWLHUL/D(PLQHVFXWUHFXWXO UHLHVHvQSUH]HQWSDWUXQ]kQGXOVLVWUDSXQJkQGXOFXGLVSUHW&LWLWRUXOFUHGHFDDIRVWLHULVLQXSHVWHVXWHGHDQL7UHFXWXOH OHJDWGHILHFDUHRPGLQWDUDQRDVWUDVLHVWHVXSXVVXEIRUWDPDMRUDDYLLWRUXOXL $WPRVIHUDVXPEUDGLQDO,,OHDUD]ERLPRQGLDODIRVWGHILQLWLYDVLLQYDGDWD 3DUWLGXOQHDFUHDWFRQGLWLLIRDUWHEXQHvQFkWDPSXWXWWUDWDFXSkLQHVLVDUHSHFHLFHQHYL]LWHD]D $]LOXSWDPSHQWUXvPEXQDWDWLUHDFkWPDLSURIXQGDDWUHFXWXOXLVLSHQWUXUHDOL]DUHDDFkWPDLPXOWHFRQWUDGLFWLLvQSUH]HQWXO WRWPDLOXPLQRV /LPEDQXQHDSXWXWROXDSHQWUXFDYRUEDSRHWXOXLHRFRPRDUDvQDGkQFXULvQIXQGDWDSHPRVLHUHYDUVDWD &XFkWVDYDUVDWPDLPXOWVkQJHFXDWkWDPWUDLWQRLPDLELQHLDUYLDWDHVWHvQIORULWRDUHGDUXQHRULQXFXUJHDSD9ODLFX YURLDVDILHSHSRSRUVLSRSRUXOVXEHO ,VWRULDVDGH]YROWDWSDUDOHOFXIROFORUXOGHRDUHFHVHDIODODLQWHUVHFWLDPDULORUSXWHUL 7DUDQRDVWUDOXSWDSHQWUXWRDWHSRSRDUHOHLQGLIHUHQWGHSLHOHDVLJUDGXOORU 'RPQLWRULLQRVWULDXGHSXVPDULHIRUWXULVDPHQWLQDWDUDvQORFXULOHXQGHDX]EXUGDWVWUDPRVLLQRVWUL&XFkWvWLLXEHVWLPDL PXOWSDWULDFXDWkWPRULPDLELQHSHQWUXHD 'DFLLLXEHDXOLEHUWDWHDGDUQXPDLQRLFRQVWUXLPVRFLDOLVPXO&XFkWDEXFXULHVDUXLWDHLODQRL &RS\ULJKWE\&$9(DNDWKH-RNH0DVWHU

&HLHVHGLQH[SOLFDWLLOHXQRUSDULQWL 6RPQDPEXOLLDXRERDODFDUHQXLODVDVDFDGDGHSHDFRSHULV0LFURELLDVWLDOHGDHFKLOLEUX&kQGVRPQDPEXOLLYLQvQWUR SDUWHPLFURELLIXJvQFHDODOWDSDUWHVLWRWDVD 6ROGDWLLFDUHDXSLHUGXWUD]ERLXOvQFHSVLOFDXWD $QRWLPSXULOHVXQWFDVDQXVHSLDUGDRPXOGHWLPS 6WUXWXOEDJDFDSXOvQQLVLSFkQGHSHULFROFDDFRORDUHHORXDOHVLVDVLLDUDPDVEXQGHODHOH 6HFUHWDUDHRWDQWLFDUHDGXFHFDIHDXDODXQGLUHFWRU 3UDMLWXULOHOHIDFIUXPRDVHFRIHWDUHVHOHFDVD]LFDOXPHDFDPHULWDFkWFRVWD3UDMLWXULOHXUkWHQXDXJXVW *KLQLRQvQVHDPQDFkQGXQFRSLOVHFHDUWDFXFHODODOWVLPDPDOXLDUHJKLQLRQFDWUHEXLHVDVHFHUWHFXPDPDFHOXLODOWFRSLO 6RPQXOYLQHFkQGREVHUYDFDQRLVWDPGHJHDED ([SHULHQWDHVWHXQOXFUXIDFXWVLGHFDUHWHPLUL )LQHVWHFkQGFRVWDPXOWLEDQLVLPDPD]LFH,DXLWHFHILQHVWH 1RLYLVDPFDVDQXQHSOLFWLVLPQRDSWHD (XFDVDvQYDWYLQODVFRDODFDDFDVDPDPDQXVWLHFHvQVHDPQDWHUPHQ 'LULMRUXOGDGLQPkLQLFDVDDUDWHGXUHUHDVXQHWXOXL 6XIOHWHFkQGPDPDvWLSXQHSUDMLWXULSHIDUIXULHVLLODVLSUDMLWXULVLOXLDODPLF 6WDWXLOHVHIDFGLQSLDWUDODDLDFDUHDXFkVWLJDWODUD]ERL1RLIDFHPVWDWXLFDGDFDYLQDOWLVWUDLQLVLYDGFDQRLQXDYHP VWDWXL]LFFDQRLDPSLHUGXWWRDWHUD]ERDLHOH /LQJXVLWRUHVWHFkQGOLQJLOLQJXUDOLQJLIDUIXULDVLYUHLVDOLQJLVLFUDWLWDWRDWD 2PXOGHODWHOHYL]RUVWLHFDPkLQHSORXDFDDUHXQELOHWVLFLWHVWH%LOHWXOLODVFULVPDPDOXL &kQGDIDUDHVRDUHQRLQHGH]EUDFDPXPEUDVLRSXQHPSHMRV 3HYUHPXULODPRVLLOHvPSDUDWLORUVLUHJLORURDPHQLLOHJDXJkWXOODJLUDIHFXRDWDGHEDOXVWUDGDVLSXQHDXXQSLHWURLFDUH FkQWDUHDRWRQD(LLVDIRUPDWJkWXOOXQJ*LUDIDDVWDHUDSHGHSVLWDFDQXPXQFHDODXQHOHPXQFLDJULFROH&HOHODOWHJLUDIHV DXQDVFXWGLQJLUDIDDVWDODIHO &kQGGRLRDPHQLYRUEHVFUHSHGHVLQXVHvQWHOHJHQLPLFvQVHDPQDFDDLDHFHDUWD 2DPHQLLYRUEHVFOLPELGLIHULWHFDvQDOWDSDUWHGRDPQDGHURPkQDvLvQYDWDHQJOH]HDVFD 5HVSHFWvQVHDPQDVDWHVFROLVDVWHDEDEHOHSHVFDXQ 1RLWUHEXLHVDDYHPGRXDQXPHSHQWUXFDGDFDDYHPXQQXPHXUkWVDOVSXQHPSHFHODODOW 3HLVDMXOHXQIHQRPHQDOQDWXULLSHFDUHOJDVLPQXPDLYDUD 7XULVWLLVXQWRDPHQLWLQHULFDUHPHUJVXVODPXQWH3HEDWUkQLQXLFKHDPDWXULVWLSHHLvLFKHDPDYL]LWDWRUL /DVFRDODQXVHGDXQRWHPDLPDULGHFkWQRWDFDVDQXVHvQFXUFHSURIHVRULL 'RFWRULLVFULXIRDUWHvQFkOFLWUHWHWHOHFDIDUPDFLVWXOVDILHVLJXUFDUHWHWDDVFULVRXQGRFWRU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

0DPDPHDOXFUHD]DODIDFXOWDWH(DPXQFHVWHFXSL[XO 0DPHOHVXQWPDLYRUEDUHWHGHFkWWDWLLSHQWUXFDPDPHOHVHGXFODSLDWDVLVHFHDUWDFXYkQ]DWRULL 6SRUWXOHVWHPLQLVWHUXOVDQDWDWLL 2DPHQLLvOIOXLHUDPHUHXSHDUELWUXSHQWUXFDGHUDQMHD]DMRFXO 6HVSXQHPLFURELVWLODSDVLRQDWLLGHPHFLXULSHQWUXFDHLVWDXWRDWD]LXDFDPLFURELLvQVXIOHWXORDPHQLORU -XFDWRULLDOHDUJDFDGVHvQFDO]HVFDVDvQDLQWHGHPHFLFDVDYDGDVSHFWDWRULLFDHLYRUIDFHWUHDEDFkQGYRULQWUDSHWHUHQ (GXFDWLDIL]LFDHFkQGDLRUDDVWDODVFRDODDGLFDHVWLOLEHU 6XQWVLPHFLXULvQQRFWXUQDSHQWUXFDXQLLVSRUWLYLVXQWGHVHUYLFLXvQWXUDGHQRDSWH 6WDWXLDHRILJXUDVLHSXVDvQRUDVFDVDQHRULHQWDPXQGHHVWHSLDWD %R[XOHREDWDLHFXWLPSIL[ 7UHEXLHGRDPQDGLUHFWRDUHvQVFRDODFDHDDUHJULMDVDVHFHUWHFXGRDPQDQRDVWUDFDVDvQYHWHFRSLLL 1RLDYHPWUHLYDFDQWHODVFRDODSHQWUXFDODGRDPQDQRDVWUDLVHWHUPLQDOHFWLLOHFDUHVDQLOHGHDDFDVD &XYkQWXOJHQWOHPHQVHIRORVHVWHvQILOPHFDVDILHILOPXOPDLLQWHUHVDQW &RS\ULJKWE\&$9(DNDWKH-RNH0DVWHU

3HUOHDOHSROLWLFLHQLORU 1LFRODH9DFDURLX 1XIDFHPSULYDWL]DUHGHGUDJXOSULYDWL]DULLFLGLQFRQWUD 6LOYLX6RPLQFXGHSXWDW360 1XSRDWHH[LVWDXQSDWUXODWHUFXODWXUL

)ORULQ*HRUJHVFXPLQLVWUXOILQDQWHORU /XPHDDUHYRLHVDDLEDFRQWXULXQFRQWvQOHLXQFRQWvQYDOXWDVLXQFRQWGHLQYHVWLWLL0DLPXOWQX &97XGRU (XDVSXWHDVDILXSUHVHQGLQWHSHQWUXR]LGDUR]LSRODUDGHVDVHOXQL 2OLYLX*KHUPDQSUHVHQGLQWHOHVHQDWXOXL 6XQWHPVLQRLRDPHQLVLFDWRWLRDPHQLLSDUDVLPVHGLQWHOH

'RPQXOHSUHVHQGLQWHvQ5RPkQLDQDWDOLWDWHDvQFHSHVDFUHDVFDGLQDFHVWPRPHQW ,XOLDQ0LQFXPLQLVWUXO6DQDWDWLL SHQWUXFHLFHQXVWLX,XOLDQ0LQFX HVWHFUHDWRUXOSODQXOXLGHDOLPHQWDWLHUDWLRQDODGHSHYUHPHDvPSXVFDWXOXL

,RQ6ROFDQXVHQDWRU3'65 9RPIDFHVFROLSHQWUXWLJDQLFXLQWHUQDWHWHUHQXULGHIRWEDOVLED]LQHGHvQRWSHQWUXDLDWUDJHVSUHvQYDWDWXUD &97XGRU QXPLLQWUDFDSXOSULQWUHJUDWLLOHvQDOWHORUSRUWLDVDFDDPVDULWJDUGXO 9LFWRU6XUGXSUHVHGLQWH3'$5 1XQHYRPUHODQVDGHFkWSULQPXQFDEDQLEDQLVLLDUEDQL

'DQ,RVLIFRQVLOLHUSUHVLGHQWLDO

&kQGGHPRFDUDWLDWDLHSLFLRDUHOHVFDXQXOXLSHFDUHVWDXHXQXPDLHGHPRFUDWLHFLGLFWDWXUD 1LFRODH9DFDURLXSULPPLQLVWUX 1RLDPVWDELOLWRWD[DPRGLFDOHL&HvQVHDPQDOHLFkQGSOHFLOD3DULV"1LPLF $GULDQ1DVWDVHSUHVHGLQWH3'65 3ULPXOUH]XOWDWQRWDELODODFHVWRUGRLDQLHVWHDFHODFDvQFDPDLJXYHUQDP $XJXVWLQ*ULJXWD%RWLVVHQDWRU3'65 ÌQGHFHPELUHVHFXULWDWHDVDXPDQL]DWSULQDGHUDUHDODQRXDSXWHUH ,RDQ*DYUDGHSXWDW3815



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

1HMXFDPGHDRXOVLJDLQD"(KHLvQWkLVDQDVFXW&ROXPEVLS RUPDRXO

6LOLYLX6RPLQFXGHSXWDW360 (XURSDYDWUHEXLVDVLDGDSWH]HVWUXFWXULOHFD5RPkQLDVDVHSRDWHLQWHJUD ,OLH9HUGHWSUHVHGLQWH360 &HOHSXEOLFDWHHVWHRPLQFLXQDXQQHDGHYDULQH[DFW 7XGRU0RKRUDSUHVHGLQWH36 (FRQRPLDVRFLDOLVWDDIRVWGHSLDWH

9LRUHO&DWDUDPDOLGHU31/ 6XQWDLFHDSULQWUHQRLvQDFHDVWDVDODWLQHULFDUHDXPXULWvQUHYROXWLDGLQGHFHPEULH 1LFRODH9DFDURLX 7RDWDOXPHDFUHGHFDXUPDULPFHYDSULQFKHVWLDDVWD'HIDSWQXXUPDULPQLPLF ,RQ6ROFDQXVHQDWRU3'65 6XQWHPvQYDWDWLFXDFHVWHDWDFXULSUHFXPVRVXOFXDOLPHQWHOH

&RQVWDQWLQ3RSHVFXYLFHSUHVHGLQWH36 'DFDWUDQ]LWLDDUHXVLWSXWHPVSXQHFDRSHUDWLDDUHXVLWVLSDFLHQWXODPXULW

,RQ5DWLX 6XQWUXGDFD$QGUHL5DWLXSUHFXPHUXGD3HWUH5RPDQFXDXWRFDPLRDQHOH5RPDQ 6HUJLX1LFRODHVFXVHQDWRU3'65 $FHVWHDVXQWvQWUHEDULFDUHWUHEXLHVFSXVHFHOXLvQWUHEDW $QWRQ/LQJXSULPDU360GH%UDLOD $VWDLRPLQFLXQDIUXVWDWD

,RQ,OLHVFX &LRUDQDIRVWXQWLSGHUHIOHFWLHSHFkQGHXVLQWXQWLSGHDFWLXQHvQFDGLQWLQHUHWHDPDUVSHQWUXDFWYLWDWLOHVRFLDOH ,OLH)RQWDFRQVLOLHUSUHVLGHQWLDO OLSVHVWHYLGXOOHJLVODWLY

$GULDQ1DVWDVHSUHVHGLQWH3'65 &HHDVHHVWHGUDPDWLFSHQWUXXQRPFDPLQHHVWHFDVHPQHD]DPDLPXOWGHFkWFLWHVWH 5DGX%HUFHDQXGHSXWDW3' 3UREOHPDKRPRVH[XDOLORUWUHEXLHSULYLWDEDUEDWHVWHvQIDWD

,RDQ*DYUDGHSXWDW3815 $PRYLODPDUHFXGHDSDUWDPHQWHFDUHVHFKHDPDVLEORFvQFDUHVWDXVLHX 3HWUH5RPDQSUHVHGLQWH3' 0LVRVGHDUGHOHDQ

,367HRFWLVWSDWULDUKDO5RPkQLHL ,LVXVVDQDVFXWvQWURSHVWHUDIRDUWHPRGHVWD 1LFRODH9DFDURLX 1RLVXQWHPSXWLQFXFDSXOSDWUDW

$QWRQLH,RUJRYDQMXGHFDWRUFXUWHDFRQVWLWXWLRQDOD /DQRLVHILLGHSDUWLGHVXQWFDYDFLOHvQ,QGLD

'RUX9LRUHO8UVXVHQDWRULQGHSHQGHQW vQSROLWLFDFHOPDLEXQDGHYDUHVWHPLQFLXQDFXFRQGLWLDVDQXILHGRYHGLWD 6HUJLX1LFRODHVFXVHQDWRU3'65



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'DUFHHVWHQHDSDUDWDQHYRLHVDFLWHVWLOHJHDFDVDYRWH]L"

3)7HRFWLVW SDWULDUKXO5RPkQLHL 6LSUHRWLLODIHOFDIRWEDOLVWLLLQWUDvQMRFFXXQYHVPkQWFHHDFHvQVHDPQDFDVXQWPXOWHDVHPDQDULvQWUHQRL *K)UXQGD VHQDWRU8'05 1RLPDJKLDULLVXQWHPDSUHFLDWLGHIHPHLOHGLQ5RPkQLDSHQWUXFDVXQWHPFHOSXWLQELOLQJYL

9LRUHO&DWDUDPD FDQGLGDWLQGHSHQGHQWOD3ULPDULD&DSLWDOHL $PLQWUDWvQDFHDVWDFRPSHWLWLHSHQWUXDPLFUHVWHFLIUDGHYkQ]DULGHOD(OYLODVLDPFRQVWDWDWFDDFHVWOXFUXVHSRDWH1X DPGRULWGHORFVDREWLQUH]XOWDWHEXQHODDFHVWHDOHJHUL 3DXO3DFXUDUX VHQDWRU31/ 'RXDOLVWHODQLYHOQDWLRQDOvQVHDPQDLQGLVFXWDELOPDLPXOWGHFkWRVLQJXUDOLVWD

7UDLDQ%DVHVFX SULPDUJHQHUDODO&DSLWDOHL (VWHPXOWPDLELQH]LFHXVDvWLIDFLOHFWXUDSHYDSRUGHFkWVDIDFLVH[FXIXQGXOÌQWUHPLQHVLGRPQXO1DVWDVHHVWHRPDUH GLIHUHQWDVSUHGHRVHELUHGHPLQHGRPQXO1DVWDVHIRORVHVWHIXQGXOSHQWUXDvQWUHWLQHUHODWLLVH[XDOH 'DQ0DUWLDQ GHSXWVW3'65 $OHJHULOHGDFDVXQWVLPXOWDQHVXQWRDUHFXPGHFDODWH

0LKDL(UEDVX FDQGLGDW360ODSULPDULD%XFXUHVWL UHRUJDQL]H]GLQSXQFWGHYHGHUHWRWDOFRQGXFHUHDSULPDULHLvQJHQHUDO

0LKDL(UEDVX FDQGLGDW360ODSULPDULD%XFXUHVWL 2ULJLQHDVDQDWRDVDVLSDULQWLLPHLDXDYXWRvQSHULRDGDUHVSHFWLYDVLHXDPDYXWRvQWRDWDHWDSD

2YLGLX0XQWHDQ PLQLVWUXOWHOHFRPXQLFDWLLORU /DQLYHOGHRIHUWDHXDPLQWURGXVVLXQSODQGHLQWURGXFHUHODQLYHOXOGH5RPWHOHFRPDPDQDJHUXOXLSULQFDOLWDWLWRWDOH

2YLGLX0XQWHDQ PLQLVWUXOWHOHFRPXQLFDWLLORU (XFUHGFDPDLQRXWUHEXLHVDQHRELVQXLPVLFXDIHFWLXQLDGLFDFXVWDULOHDIHFWLYHGLQWUHFHLFDUHFRQGXFSHQWUXFDWLPSXO HIRDUWHSUHVDQWVLQDLYUHPHVDWLUH]ROYLSUREOHPHOHGHHFKLSD ,RDQ5RVFD SXUWDWRUGHFXYLQWDOJXYHUQXOXL 'DFDSUHVDDQWLFLSHD]DXQHYHQLPHQWvQDLQWHFDDFHVWDVDVHSURGXFDDWXQFLHGH]LQIRUPDUH

)ORULQ*HRUJHVFX PLQLVWUXOILQDQWHORU 1XWLOGDGHDSHDODWLOGDGHDSHDOWX ODHWDMX ODODSL]GDPDVLLXQGHYDDFRORGD DVWLDvVFDFDQDUL ,RQ,OLHVFX SUHVHGLQWHOH5RPkQLHL 6DQHDQFRUDPvQVLQHUJLDIDSWHORUIDUDDHOXGDPHDQGUHOHFRQFUHWXOXL

,RQ,OLHVFX SUHVHGLQWHOH5RPkQLHL ÌQDOWDRUGLQHGHLGHL6LELXOHVWHLQGLVFXWDELOXQRUDVQRGDOSHQWUXWUDQ]LWXOVSLULWXDOHXURSHDQVLQXQXPDL ,RQ,OLHVFX SUHVHGLQWHOH5RPkQLHL QDPFLWLWFHHDFHDVSXVvQUHDOLWDWHGkQVXO

,RQ,OLHVFX SUHVHGLQWHOH5RPkQLHL LQWHUHVHXO5RPkQLHLSHQWUX(XURSDVLD(XURSHLSHQWUX5RPkQLDHVWHGHDQXOLPLWD5RPkQLDODSR]LWLDGHWHUPLQDODO LQWHUFRQHFWDULLQRDVWUHOD(XURSD $GULDQ1DVWDVH SUHVHGLQWHOH&DPHUHL'HSXWDWLORU 1RLvQJHQHUDOUHDFWLRQDPODFHHDFHHVWHSHVLQXVRLGDODXQSUDJPLQLPGHGHFHQWD

&RUQHO%UDKDV GHSXWDWLQGHSHQGHQW UHSUH]LQWXQJUXSGHRFDPGDWDQHVHPLILFDWLYODQLYHOXODFXPXODULLGDUFXSURJUDPHSUHFLVHFDUHWLQGHUHDOLWDWHDLPHGLDWD GHSUDJPDWLVPXOUDWLRQDOLVW &RUQHOLX9DGLP7XGRU SUHVHGLQWHOH350 %DWHDSORDLDFXJULQGLQDPDUHFkWVLQJXUXOWHVWLFXODOOXL2OLYLX*KHUPDQ



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

1LFXOHVFX$QWDO FDQGLGDW8'05  0LDPGHGLFDWFkWLYDDQLGLQYLDWDSHQWUXUHDOL]DUHDXQRUSXQWLvQWUHPLQRULWDWHDPDJKLDUDVLFHDPDMRULWDUD &RQVWDQWLQ0XGDYD FDQGLGDWLQGHSHQGHQWODSUHVHGLQWLD5RPkQLHL  5RJSRSRUXOURPkQVDVWHDFXPkLQLOHVLSLFLRDUHOHGHSDUWDWHFDVDOSDWUXQGFXHQHUJLDPHD

*ULJRUH=DQF PLQLVWUXOFXOWXULL  ,DWDGHFLGHFH,RQ,OLHVFXSUHVHGLQWHHVWHPDLPXOWGHFLWRQHFHVLWDWHHVWHRUDWLXQHGHDILGHDDMXQJHDFRORXQGHGRUPL DGLFDODOLQLVWHVLEXQDVWDUH ,RDQ*DYUD OLGHU3815  /LPEDPDJKLDUDHGLIHULWDGHOLPEDURPkQDGD QLFLFKLDUDVDGRP OH6HQVXULOHVXQWXQLFH *KHRUJKH)XQDU SUHVHGLQWH3815  6HFUHGHYLFHSUHVHGLQWHOHPDLYLFHSUHVHGLQWHGHFkWFHLODOWLYLFHSUHVHGLQWL

,RQ,OLHVFX SUHVHGLQWHvQH[HUFLWLXDO5RPkQLHL  $JDUDQWDSURSULHWDWHDvQVHDPQDDOLPLWDGUHSWXORPXOXLDVXSUDSURSULHWDWLLOXL

(PLO&RQVWDQWLQHVFX SUHVHGLQWHIRVWDOHVDO5RPkQLHL  5HVWLWXWLRvQLQWUHJUXPvQVHDPQDSHQWUXFHLFDUHQXvQWHOHJURPkQHVWHUHVWLWXLUHDvQWRWDOLWDWH (PLO&RQVWDQWLQHVFX SUHVHGLQWHIRVWDOHVDO5RPkQLHL  1XDPIDFXWDILUPDWLLJHQHUDOHFLGLPSRWULYDDPIDFXWDILUPDWLLGHVHQVRSXV (PLO&RQVWDQWLQHVFX SUHVHGLQWHIRVWDOHVDO5RPkQLHL  'HFHDFHVWLDQDXIRVWWUDVLODMXVWLWLH"

1LFRODH9DFDURLX VHQDWRU3'65  1XSRWVDYDGDXQLFLXQIHOGHSURQRVWLFGDUFUHGFDYRPEDWHVLJXU

1LFRODH9DFDURLX VHQDWRU3'65  1DPLQWHOHVQLFLRGDWD)0,XO'DFDWRWVHPQDPXQSURJUDPGHFHQDXYHQLWVDQHDMXWHVDODSOLFDPVDQHGHDEDQLL vQDLQWHVLQXGXSD 1LFRODH9DFDURLX VHQDWRU3'65  +DLVDQXQHDUXQFDPFXSULYDWL]DUHDvQWUXQDYkQWGHPRFUDWLF

8OP6SLQHDQX VHQDWRU317&'  ,QGLIHUHQWFXPvQWUXQILQDOSULPRUGLDOLWDWHDOXLDVWLSROLWLFVLVRFLDOFDUHQXvQVHDPQDXQJORWRVRFLHWDULVPvVLYD GHVHPQDSUHGLFWLELOLWDWHDVLQFRQVHFLQWDHFKLOLEUXOvQWUHDILVLDDYHD

8OP6SLQHDQX VHQDWRU317&'  &RQVWLLQWDQHHVWHGHILHFDUHGDWDURGXOSRVWHULRUXOXLLDUvQIRQGSURIXQ]LPHDSHUVRQDOLWDWLLILHFDUXLDODXQPRPHQWGDWVH GHVSULQGHH[RJHQVHOHFWLYGHEXQXOSHUVRQDOGHYHQLQGXQIHOGHVWDUHDDQVDPEOXOXLVRFLRSDWULPRQLDO 3HWUH5RPDQ YLLWRUSUHVHGLQWHDOVHQDWXOXL  9RWXOGHODQRLHPEULHDDUDWDWFkWGHSXWHUQLFDHVWHYRLQWDGHVFKLPEDUHDSRSRUXOXLvQWUXQPRPHQWKRWDULWRUSHQWUX LHVLUHDGLQVDUDFLHVLDVLJXUDUHDULWPXOXLGHGH]YROWDUHVDQDWRDVDDWDULLOXFUXULIDUDGHFDUHGHPRFUDWLDQXPDLHVWHRSROLWLFD FHLDMXWDSHFHLFDUHPXQFHVFSHFHLFDUHYRUVDPXQFHDVFDVLSHFHLFDUHDXPXULWVLFDUHFXWRWLLDXGUHSWXOODRYLDWD FXPVHFDGH 'DQ,RVLI H[UHIHUHQWSUH]LGHQWLDO  $PYRWDWFXJkQGXOFXFDUHPDPXUFDWSHPDVDGHRSHUDWLHDGLFDvQIDYRDUHDOXL,OLHVFX 7KHRGRU0HOHVFDQX vQFDPLQLVWUXOGH([WHUQH  1XYDGDOW0LQLVWUXGHH[WHUQHPDLEXQFDPLQH

9DOHQWLQ*DEULHOHVFX OLGHUXOGHYkUVWDDO6HQDWXOXL  'HFLKRWDUkPFDHIRDUWHXUJHQWVLSULQXUPDUHDPkQDP ([WUDVHGLQ$OPDQDKXO$FDGHPLHL&DWDYHQFX



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3HUOHVFRODUHVWL ÌQDFHVWWLPSLPSHULXOURPDQGHDSXVFDGHVLHVWHvQORFXLWGHLPSHULXOURPDQGHUDVDULWILLQGFDDYHDRPX]LFDEL]DQWLQD ,OLDGDDIRVWVFULVDGHXQWUXEDGXUQHFXQRVFXWSHQXPH+RPHU 5RPDQLLDYHDXRPX]LFDFXFDUDFWHUGHIDQIDUD IRVWODIHOFDvQLVWRULDFX5RPHRVL-XOLHWDFDUHDXVXSWODROHRDLFD 3RSXODWLD(JLSWXOXLDQWLFVHvPSDUWHDvQWUHLFDWHJRULLEDUEDWLIHPHLVLFRSLL ÌQDFHDVWDGUDPD6WHIDQFHO0DUHDSDUHFDXQVRDUHVWUDOXFLWRUFDUHDSXQHGLQFDX]DUDQLLGHODSLFLRU 0LUFHDFHO%DWUkQDIRVWvQJURSDWOD&R]LDvPSUHXQDFXXPEUDVD ÌQILQHOHSLHVHL%DOFHVFXDPXULWGLQFDX]DVDQDWDWLL 3HUVRQDMXOOXL&DPLO3HWUHVFXDUHFRQVWLLQWDSXUDGDUvQFDUFDWD(OSULYHVWHUHWURVSHFWLYVSUHYLLWRUVLVHL]ROHD]DGHFHLGLQ MXUVLQXFLJkQGXVH /DVIkUVLWXOURPDQXOXL$QD.DUHQLQDvVLFXUPD]LOHOHUDPkQkQGvQFRQWLQXDUHRPDPDEXQD 3H9RGD7RPVD0RYLODDYUXWVDOSULQGDSHSLFLRUJUHVLWGDUQXLDPHUV 'DFDWRWWUHEXLHVDSLHUGHPWLPSXOFHOSXWLQVDOSLHUGHPFXIRORV 0HULWXOSULQFLSDODOXL*HR%RJ]DHVWHFDHOvQVXVLHVWHPDUWRUODFHHDFHYHGH ÌQWUHFXWSHWUROXOVHVFRWHDODQRLVXEIRUPDSXWXULORU 5LWPXODFHVWXLSDVWHOHGRPROFDVLVHQWLPHQWXOFDUHHWURKDLF 2WHOXOVHVFXUJHDGLQRDOD $ELDDFXPvQWHOHVH$OHFX'XPDFDSXWHDVDPRDUDGHYLX (PLQHVFXVDQDVFXWvQ&RPXQDGLQ3DULV 'HVLDYHDRYkUVWDvQDLQWDWD9LWRULD/LSDQHUDvQFDWkQDUD $FHDVWDLQLWLDWLYDVWUDOXFLWDHXRDSODXGFXDPkQGRXDPkLQLOH $WXQFLDYHQLWVLFRQWUROXOVDYDGDELOHWHOHFHORUFDUHVDXXUFDWvQWUHQODVWDWLDXUPDWRDUH &URQLFDULLPXQWHQLvLODXGDXSHVWDSkQLLORUFXFXYLQWHIUXPRDVHLDUSHGXVPDQLFXRFDULVLLQVXOWH 3RH]LLOHQRDVWUHSRSXODUHDXIRVWVFULVHGHWDUDQLRDPHQLVLPSOLFDUHQXVWLDXFDUWH1XWUHEXLHQLFLVDFDGHPvQH[WUHP QLFLLQYHUV 'LQWUHFHOHPDLLPSRUWDQWHSRH]LLFXFDUDFWHUSURWHVWDQWDOHOXL(PLQHVFXFLWDPVL$LQRVWULPLQHUL ÌQSRH]LD'XKRYQLFHDVFDQXvQWkOQLPLPDJLQLYL]XDOHSHQWUXFDHvQWXQHULFVLSRHWXOQXYHGHQLPLF 7DQDVH6FDWLXDILUPDSHGUHSWFXYkQWFDFLQHDUHEDQLPXOWLHERJDW 6XEVWDQWDFHQXVLHHVWHPDLSURHPLQHQWDODFRSLLFDUHSHPDVXUDFHFUHVFVHvPSXWLQHD]D *KHUHDVXVWLQHFDDUWDHVWHOHJDWDVWUkQVFXVRFLHWDWHD0DLRUHVFXVXVWLQHLQYHUV ,RQHOVDXUFDWSHXQFDODSXVWREDGHJkWVLJRDUQDODJXUDFXRPkQDEDWHDWREDFXFHDODOWDVXIODFkWSXWHDvQJRDUQD 3URI&DUHHVWHSULPXOQRVWUXVFULLWRUPDULQ"(OHY,RQ0DULQ6DGRYHDQX &XWRDWHFDHVWHGHVWXOGHEDWUkQD&KLULWDVHWLQHGHDYHQWXULDPRURDVH6DWLVIDFkQGXVLDFHVWHSODFHULHDFRQVXPDPXOWL EDQLSHFDUHLVWRDUFHGHODWDUDQL &ROHJXOFDUHDOXDWFXYkQWXOvQDLQWHDPHDDUHGUHSWDWHvQWUXWRWXOGDUSkQDODXQSXQFWFDFL ,RQHOGLQ9L]LWDHUDPDLSXWLQSURVWFUHVFXWGHFkW*RHSHQWUXFDHUDPDLPLF 6LGDFDVHvQWkPSOD'RDPQHIHUHVWHFHYDvWLIDFRvQPRUPkQWDUHVDWUDLHVWL /DKDQSHvQVHUDWHGUXPHWLLEHDXYLQGLQRDOHQRLVLPDQkQFDSXLIULSWLvQW]LJODVLSODFLQWHGLQSRDOD$QFXWHL 6WkQGDVFXQVvQWXILVLHSXUDVXODX]L+DP+DP$FHVWDHVWHYkQDWRUXOvVL]LVHHO 'LQFDX]DVHWHLGHEDQL*KLWDVLDGLVWUXVIDPLOLDFRQMXJDOD ÌQ0DUXOGHOkQJDGUXPVHQWLPHQWXOHVWHWUDLWDWkWGHSRPFkWVLGHPDU 'HRVHELUHDGLQWUHFkLQHVLSLVLFDHVWHFDFkLQHOHHVWHEDUEDWVLSLVLFDHVWHIHPHLH 3URI&XPVHIDFHSUREDDGXQDULL"(OHY$GXQDPXQWHUPHQFXDOWWHUPHQVLDVWHSWDPVDQHGHDUH]XOWDWXO 3DUDWUD]QHWXOLDVWHRW]DYDFDUHVDSXQHSHYkUIXOFDVKLLVLDUHWULLFUDFLvQGRDXDGLUHFWLL &DUERQXOHVWHQHFHVDUYLHWLLPDLELQH]LVSODQWHORUVLDQLPDOHORUSHQWUXVFKLPEXOGHJD]H 7ULXQJKLXOLVRVFHOHVWHXQSDWUXODWHUFXGRXDODWXUL ,PDJLQHDORFXULORUQDWDOHLVDLPSULPDWGLQFRSLODULHSXWHUQLFVLFRORUDWSHUHWLQDFUHLHUXOXL 0LFURIDXQDHVWHXQDQLPDOXULDVFDUHWUDLHVWHSHIXQGXOPDULORUVLRFHDQHORU )DWDGHDFL]LDOXPLQLXOVHFRPSRUWDFDUHGDFWRU 0DULOHVLRFHDQHOHHEDWDWRULWHGHYDSRDUH)OX[XOVLUHIOX[XOHFHOHPHLSDUVLYHDSHFDHOHGDFDSULQGXQYDSRUSHPDUHvO EDJDFXERWXOvQQLVLSGHLPHUJIXOJLL %LVHFWRDUHDHVWHGUHDSWDGLQWUHSLFLRDUHOHXQJKLXOXL 'DFDQHGDPSXWLQVLOLQWDVLVXIOHWXORVFRDWHPQRLODFDSDW 1RLSRUQLPODGUXPGDUGDFDvQFHSHRSORDLHWRUHQWLDODQHDPDUV 'UDJRVWHDSHQWUXQDWXUDVLvQVSHFLDOSHQWUXSDGXUHDSRHWXOXLFDUHVHQDVWHvQSULPLLDQLDLFRSLODULHLOXLYDVWDODED]D PXOWRUSRH]LL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

ÌQWURYLDWDHIHPHUGHVFXUWDSRHWXODFUHDWRRSHUDQHPXULWRDUHSULQPDULPHDHL )DPLOLHGHFXYLQWHPDJQHWRIRQWHOHIRQPLFURIRQVLIRQ ÌQSRYHVWLUHDOXL6DGRYHDQXDYHPGHDIDFHFXXQRPPDWXUFDUHHVWHUHSUH]HQWDWSULQWUXQFRSLOPLF 8QRPQHFDMLWHVWHVL1LFXODLHVFDUHUDVSXQGHGHVHFXULWDWHDRLORU 7UXEDGXULLDUDWDXVLFDOLWDWLOHXQHLIHWHVDXDOHDOWXLRELHFW 3URIGHFOLQDWLvQSURSR]LWLLVXEVWDQWLYXOUD]HVXO(OHYXO1RPLQDWLY5D]HVXOHVWHXQFDYDOHU&LQH" *HQLWLY+DLQD UD]HVXOXLHVWHHOHJDQWD $FXL" 'DWLY5D]HVXOXLvLPRUFRSLLGHIRDPH &XL" $FX]DWLY$PvQWkOQLWSHUD]HVXOODILOP 3H FLQH" 9RFDWLY5D]HVXOHOXSWDSHQWUXSDFH 6HUXOGLIWHULFVHSUHSDUDDVDOXDPVkQJHGHODXQFDOPRUWGHGLIWHULHQHIDFHPLQMHFWLHFXHOVLQHFXUDWD 3XUWDWRUXOGHFXYkQWD]LVFDQXDUHQLPLFGHGHFODUDW 3RSRUXOURPkQVDIRUPDWSULQFDVDWRULUHDEDUEDWLORUURPDQLFXIHWHOHGDFLORUVLLQYHUV ÌQXOWLPHOHGHFHQLLVDGH]YROWDWODQRLPDLDOHVSRH]LDHSLFDDYkQGXQSXWHUQLFFDUDFWHUOLULF 9D]kQGRVLQJXUDSHGUXPSH9LWRULDWDUDQXODDYXWLPSUHVLDFDHQHPDULWDWDVLVDFRPSRUWDWvQFRQVHFLQWD /XSXOPRUDOLVWHVWHRSRH]LHGLQRSHUD(VSOD &DUDJLDOHHVWHDXWRUXOVFKLWHORUVLQXYHOHORUVDOHFDVDQXPDLYRUELPGHWHDWUX 3ULQFLSLXOVRQHULHLHVWHFDDSHVLDIDUDVLVHDXGHvQDXQWUX &RQGLWLDHVHQWLDODFDRSLHVDVDSODFDHVWHVDDLEDVXFFHVODSXEOLF $QRWLPSXULOHFDUHDSDUPDLGHVvQRSHUDDFHVWXLPDUHSRHWDOQDWXULLVXQWSULPDYDUDYDUDWRDPQDVLLDUQD &LQHPDWRJUDIXODIRVWFRQWHPSRUDQFXWRDWHPDULOHHYHQLPHQWHGHODDSDULWLDVD &HDGHDGRXDID]DDFUHDWLHLOXL(PLQHVFXVDGHRVHELWGHSULPDVLDXUPDWGXSDDFHDVWD 'XSDPRDUWHDSDLQWLLORUVDL&UHDQJDVLDWUDLWYLDWDvQFRQWLQXDUHSkQDvQXOWLPLLDQLDLYLHWLLOXL 3HVRQDMHOHGLQ1HDPXO6RLPDUHVWLORUVXQWUHSUH]HQWDWLYHSHQWUXVHFROXO;9,,SHQWUXFDDXWUDLWHSRFDDFHHD ÌQ0RDUDFXQRURFDMXQJHPODPRPHQWXOGUDPDWLFFkQG$QDQXPDLSRDWHUDPkQHDODWXULGHVRWXOHLGXSDFHOD QHFLQVWLW 5RPDQXO5DVFRDODFXOPLQHD]DODVIkUVLWFXXQGH]QRGDPkQWWUDJLF &DXUPDVDOVFULLWRULORUDUGHOHQL0LKDL%HQLXFFRQWLQXDRSHUDvQFHSXWDGHDFHVWLDDYkQGXQHOHDVHPDQDULFXHL /XL)XOJHULDXSXVXQEDQvQPkQDFDVDDLEDFXFHWUDLGXSDPRDUWHFRQIRUPRELFHLXOXL 'LQFDX]DFRQGLWLLORUJUHOH(PLQHVFXDPXULWGHIRDPHWRDWDYLDWD 6WHIDQ9RGDVHFRPSRUWDELQHFDWDWDVLFDSDULQWH DOWDFULWLFDSHFDUH&DUDJLDOHDVFULVRFXPXOWDGUDJRVWH]XJUDYHVWHXUDOXLIDWDGHDXWRULWDWLOHEXUJKH]HvQ$UHQGDVXO URPkQ /LYLX5HEUHDQXHVWHSULPXOGLQFHLGRLVSUH]HFHFRSLLDLVDL ÌQSRH]LDOXL7RSkUFHDQXJk]HOHJkQGDFLLVLLQVHFWHOHFXPHFRWRIDQDVWDXGHYRUED&HQHIDFHPIHWHORU" 'HEXWXOOXL0DFHGRQVNLGDWHD]DGXSDFXPVWLPGLQSULPHOHGRXDGHFDGHDOHVHFROXOXLWUHFXW 'LQFDX]DYRDVWUDGHUEHGHLORUQXSXWHPDYHDVLQRLJD]RQSHLDUED 'XSDFHVHODVDGHSRH]LH*HR%RJ]DVHGHGLFDFRQVHFXWLYUHSRUWDMXOXL 3HULRDGDSRVWEHOLFDGLQOLWHUDWXUDQRDVWUDvQFHSHLPHGLDWGXSDWHUPLQDUHDUD]ERLXOXL 7RDPQDWHPSHUDWXUDHVWHPDLVFD]XWDVLGHDFHHDHVWHVLPDLIULJ 5HEUHDQXQHvQIDWLVHD]DvQ3DGXUHDVSkQ]XUDWLORURSDGXUHSOLQDFXSRPLvQFDUHVSkQ]XUDWLLWLQORFGHFUHQJL3RHWXO FkQWDVDWXOGHFDUHQXWHPDLSRWLGHVSDUWLRGDWDFHODLSDUDVLW 3HUVRQDMHOHOXL&DUDJLDOHUDPkQQHPXULWRDUHGDWRULWDvQSULPXOUkQGYLDELOLWDWLLORU &UXFLDGHOHVXQWQLVWHUD]ERDLHRUJDQL]DWHGHSDSDOLWDWHDQRELOLPLLGLQRULHQWXOGHDSXVSHQWUXFXFHULULGHWHULWRULL 'DWRULWDIDSWXOXLFD/DSXVQHDQXFKLQXLDSHERLHULWDLQGXOHQDVXOXUHFKLOHPkLQLOHHWFHOOHDGHYHQLWDQWLSDWLFDFHVWRUD 7RPD$OLPRVVHUD]EXQDSHERLHUXO0DQHDFDUHODUDQLWPRUWDOSHODVSDWHFXDMXWRUXOODVLWDWLL &kQG8UVDQFDGHUDQLW'DQvQFHDUFDFXRPkQDVDODSHUHLDUFXFHDODOWDWLQHSLHSWWDWDULORU /XGRYLFDO;9,OHDHUDUHJHOHWDULL(OWLQHDFX)UDQWDGHRDUHFHHUDEXQSULHWHQFX'DQWRQ7DUDQLPHDHUDvPSRWULYD )UDQWHLGHRDUHFH)UDQWDYRLDVDRFXSHWDUDORU,QVXUHFWLLGLQ3DULVDX]LQGFD/XGRYLFDO;9,OHDWLQHFX)UDQWDODDXJXVW DXSURSXVVDILHVSkQ]XUDW)UDQWDGHYLQHUHSXEOLFD /DSXVQHDQXHUDXQWLUDQFDUHJDVHDSODFHUHvQVFKLQJLXLULDGLFDDYHDFUX]LPHVWDWLFD $SRVWRO%RORJDHVWHSULQVVLH[HFXWDWODPRDUWHGHFDWUHFXUWHDPDUWLDOD 'XSDFHJDVHVWHFkLQHOHRPXOXLFDUHDYHDXQFDOWLQWDWVLDFHVWDGHVFRSHUDFDGDYUXOOXL1LFKLIRU9LFWRULDIDFHSDUDVWDV 3OHFLPHGLDWQDVYUHDVDYDDFRPRGH]FXSUH]HQWDPHD 'XSDPRDUWHDYUHPHOQLFDDOXL/D]DUGLUHFWLDOD6IkQWXO6DYDDOXDWR+HOLDGH =ELULLFDUHDXH[WHUPLQDWFDGDYUXOPRUWXOXLDXGHVFRSHULWODHORVFULVRDUH &RVEXFFkQWDIHWHOHFDUHYLQODUkXFXIXVWDULGLFDWDSkQDODEUkX 3DVD+DVVDQHVWHUXJDWGH0LKDLVDOXSWHHLDPkQGRLGDUHOIXJHPLVHOHVWHVLVHOXSWDSULQLQWHUPHGLXORVWLORU /DXQLLERLHUL/DSXVQHDQXVHPXOWXPHDVDOHWDLHGLIHULWHRUJDQHFUHkQGDVWIHORDWPRVIHUDVXPEUDFDUDFWHULVWLFD VHFROHORUWUHFXWH ÌQFRDQD&KLULWDVQRELVPXODSDUHVXEIRUPDGHWLJDULGHIRL /D5RYLQH0LUFHDFHO%DWUkQFRQGXFHOXSWDFXPkQDOXL 0DPDOXL1LFXODLHVPXULVHGLQIUDJHGDFRSLODULH 3HSDPkQWXULOHWDULLQRDVWUHDXIOXWXUDWVHFROHGHDUkQGXOVDOYDULLWXUFLORU 2DPHQLLVHDFDEDOWLOHSHQWUXFDVDPDUHDVFDVXSUDIDWDWkQWDULORU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

7HQVLXQHDHVWHFRQVWDQWDPDLDOHVvQILQDO 9LDWDDOELQHORUHSULPHMGXLWDPHUHXGHLQVHFWHFDWkQWDUXOYLHVSHDVRDUHFHOHVLXUVLLFDUHVHXUFDvQIDJLXQGHVXQW DOELQHOHVWUkQVHvQFRORQLLVLGHSXQPLHUH ÌQWUHFXWYLDWDPXQFLWRULORUvQFHSHDvQFDGLQIUDJHGDFRSLODULH &URQLFDULLIRORVHDXXQHRULXQVWLOYLXSROHPLF =LDULVWLLVXQWFHLFDUHDXLQYHVWLJDWvQWHQHEUHOHvQWXQHFDWHDOHDFHVWXLFD]REVFXU 0LHvPLSODFSRYHVWLOHVFULHXQHOHYGHDQLILLQGFDDXvQHOHXQPHODQFROLVPFDUHPDIDFHVDGRUP ÌPLSODFSRYHVWLOHVFULHFROHJDOXLGHEDQFDILLQGFDVXQWFX]kQHFDUHFkWHRGDWDYLVH]FDVXQWFKLDUHX 3HSODMDXQLLVHVFDOGDDOWLLVHMRDFDLDUFkWLYDYkQGSRUXPEILHUWSHFDUHOFXPSDUDSkQDVLJRVSRGLQHOHvQFRVWXPXOOXL $GDP ÌQIDEXODOXSXOSXUWDRPDQWDGLQSRVWDYGHRDLH ÌQ6FULVRDUHD9DSDUHRLGHHQRXDPLVRJLVPXODGLFDXUDvPSRWULYDIHPHLLPDLDOHVDLXELWHL 5RPDQWLVPXODSDUHvQWURHSRFDGHIUDPkQWDULFDWDFOL]PLFHvQFDUHRPXOFHOPDLQRELODQLPDOHVWHULGLFDWvQVODYL 6LDWXQFL$QDVHSUDEXVLGHSHDELVXULOHIHULFLULL $FXPGDFDVWDPVLIDFHPDQWLFDOFXOXOODWRWFHVDSHWUHFXWYHGHPFDWRWXOHvQYDJ /DXUPD*HR%RJ]DvQFHSHFXGHVFULHUHDX]LQHORUGLQ6DYLQHVWLVLWHUPLQDFXFHUXOvQVWHODWSHQWUXDQXIDFHLPSUHVLDGH PRQRWRQLH 6LPEROLVPXOSURPRYHD]DRSRH]LHFLWDGLQDFDUHVHOLPLWHD]DWRWXVLODPHGLXOXUEDQ 7LSDWHVFXDUHOHJDWXULVWUkQVHFX=RHLDU7UDKDQDFKHvLWUHFHFXYHGHUHDQHVHULR]LWDWHD ÌQ0LH]XOYHULLIHPHLDWLQHvQEUDWHXQFRSLODVGHWkWDFDUHDOHDUJDvQJRDQDVSUHIkQWkQD &DUDJLDOHFDUDFWHUL]HD]DSHUVRQDMHOHVXQWFKLDUSULQFRQWUDVWXODFHVWRUDGHDSDUHDFHHDFHvQUHDOLWDWHQXHVWLWRWRGDWD FKLDUSULQYRUEHOHSHUVRQDMHORUDXWRFDUDFWHUL]DUHDVDXSULQOLPEDMXOGHIHFWXRVDOSHUVRQDMHORUVLSULQYRUEHOHDOWRUDGHVSUH DFHVWLD %R]DQQDPXULWFDDOWLLvQOXSWDFLFkQGYRLDVDIXJDPXULVH *HRUJH&DOLQHVFXRFDUDFWHUL]HD]DSH9LWRULD/LSDQFDSHXQ+DPOHWGHVH[IHPLQLQSHFDUHOJDVLPVLvQ1DSDVWDOXL &DUDJLDOH &UHGFDQXHFD]XOVDQHODPHQWDPSOkQJkQGXQHFDQDYHPPLMORDFH 0DPDOXL,RQHO3RSHVFXHUDIRDUWHELQHGH]YROWDWDILLQGGHRvQDOWLPHSRWULYLWD 6W2,RVLIvQ'RLQDGHVFULHSHKDLGXFLFDUHPHUJFKLXLQGSHWUHLFDUDUL 3RH]LD8PEUDOXL0LUFHDQHSUH]LQWDXQGLDORJvQWUHGRXDSHUVRQDMHGLQWUHFDUHXQXOWDFH 'HVLSLHUGOXSWDWDUDQLLOXL5HEUHDQXDXXQHOHPLFLVDWLVIDFWLLFXPDUILXFLGHUHDERLHUXOXL,XJDDUGHUHDFRQDFHORUHWF /DvQGHPQXOPDPHLVDOH&DUDJLDOHLDGDWIRFFRSLOXOXLFDUHVDOXWDPLOLWDUHVWH ÌQVHFROXODO;9OHDOLPEDYRUELWDGHSRSRUHUDFRQVLGHUDWDYXOJDUDVLQRYRUEHDQLPHQL ÌQILQDO/LFD6DPDGDXOvVLSLHUGHFRQVWLHQWPLQWLOHFkQGYHGHFDHSLHUGXW ÌQILQDOXOURPDQXOXLOXL5HEUHDQXDUHORFGHSULPDUHDUDVFRDOHLWDUDQLORU ÌQWkPSODULOHSRYHVWLWHVDXSHWUHFXWYDUDWUHFXWDPDLH[DFWvQWUXQVDWXOHWRDUHFDUH /LYLX5HEUHDQXDUHQXPHURDVHWDQJHQWHFRPXQHFX0LKDLO6DGRYHDQX 'DFDWLXLHFDUEXQLLvQVREDvQVHDPQDFDLYRUEHVWHFLQHYDGHUDX ÌQ'XGXLD$UJKH]LGHVFULHRERLHURDLFDEDWUkQDFDUHDOHDUJDFDODUHSHPRVLDHL $WXQFLWDUDQLLDXIRVWVFKLQJLXLWLvQFKLVLVDXFKLDUXFLVLvQWRWDOLWDWH ÌQ3DVWHOYHGHPREDWUkQDFDUHDOHDUJDDJDOHSULQOLQLVWHDQRSWLLFXWDFLXQLDSULQVLvQPkQD &DRULFHSRH]LHVLPEROLVWDDFHDVWDSRH]LHDOXL%DFRYLDFDOXQJLPHHVWHVFXUWD 3RH]LLOHOXL%DFRYLDQHVXJHUHD]DRWULVWHWHSURIXQGDFXFDUDFWHUSHVLPLVW /D*HRUJH%DFRYLDQLQVRDUHDDEXQGHQWDHVWHRDOWDIRUPDDSORLL 3DVWHOXULOHOXL9DVLOH$OHFVDQGULFRQWLQXDVDILHQHPXULWRDUHSkQDDVWD]L 7HRGRVLHHUDILXOOXL1HD*RH%DVDUDE $VDFXPDUDWD,RQ&UHDQJDvQIDPLOLLOHGHWDUDQLEDUEDWLLHUDXQXPDLQLVWHWHUPHQLDMXWDWRULDVXSULWLGHIHPHL (UDDVDIULJFDDvQJKHWDWIRFXOvQFHQXVD 0LUFHDFHO%DWUkQVWDODXQGLVFXUVFX%DLD]LG$FHVWDvOSULPHVWHFXREUD]QLFLHVLOIDFHvQWRWIHOXOFDSHRDOELHGH SRUFL /XL)XOJHULDXSXVXQEDQvQPkQDGUHDSWDFDVDVLSODWHDVFDGUXPXOvQQHDQW 6LDVDGkQGGHEXFOXFWDUDQXOGLQ$UHQGDVXOURPkQSOHDFDPXOWXPLWDFDVD 3RHPD0LRULWDFLUFXODSHED]DRUDODDGLFDQXDIRVWVFULVDGLQPRWLYHWHKQLFH $UHQGDVXOURPkQHUDXQKDEVEXUJEDWkQGSHWDUDQL ÌQFRGUXDFRORXQGHURPkQXOVLDDIODWWRWGHDXQDXQVSULMLQvVLYDJDVLVLWkQDUDIDWDIUDJLLVLFDSVXQLOHHL 3RH]LLOHGHGUDJRVWHDOHOXL(PLQHVFXVXQWDGUHVDWHGHRELFHLLXELWHLVDOH )DWDGHWDUDQGHVFULVDGH*HRUJH&RVEXFHVWHRUHDOLWDWHSDOSDELOD 3RHWXOQHGHVFULHRQRDSWHFXOXQDSOLQDVLQHGDPVHDPDFDHVWHRVHDUDVHQLQD ÌQOLQLVWHDVHULLVHDXGGRDUEXFLXPXOVXVXUXOL]YRDUHORUVWHOHOHFDUHVFDSDUDQFDOHVLOLQLVWHDVXIOHWHDVFDDSRHWXOXL )HOL[VL2WLOLDILLQGOLSVLWLGHGUDJRVWHSDWHUQDVLRDFRUGDUHFLSURF 3HXQLLWDUDQLVLYLWHML6WHIDQvLULGLFDODUDQJXOGHUD]HVL 1LPHQLQDSDWUXQVPDLDGkQFvQVXIOHWXOSHUVRQDMHORUOXL6ODYLFLDVDFXPDIDFXWRDXWRUXOvQVXVL ÌQURPDQXO)UDWLL-GHUL6WHIDQSXQHED]DSHFXYLQWHOHvQWHOHSWHDOHOXLSRSD$UKLPDQGULWX



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

9LFWRULD/LSDQHVWHWLSXOWDUDQXOXLPROGRYHDQPDLSUHFLVDOPXQWHDQXOXL &LREDQXO0LRULWHLDVSXVFDODFDSVDLSXLHGLIHULWHIOXLHUH &RQIOLFWXOQXYHOHLVHWHUPLQDODvQFHSXWFXPRDUWHDHURXOXL 7XGRU6RLPDUXvOXFLGHSHERLHUVLGDIRFFDVHLvQPLMORFXOVWULJDWHORULXELWHLOXL *HR%RJ]DDVWUDEDWXW2OWXOSHELFLFOHWDGHODL]YRDUHSkQDOD'XQDUH (PLQHVFXDUDWDFDIRQILLIOHFDULLVLJXVDWLLVHDGXQDXvQVIDWXOWDULLVDVLVDWLVIDFDQHYRLOH 6LQWH]DHVWHRFRPSDUDWLH/DWH]DQXVFULHPFDOD(PLQHVFXJDVLPOD/DELVJDVLPQXVWLXFH6DXFDOD(PLQHVFX JDVLPYDUDVLODDODDOWFHYD1XDVDVHIDFHRVLQWH]D3ULQFLSDOXOHVDQXILHJUHVHOLGHRUWRJUDILH 0LURQ,XJDVHYHGHQHYRLWVDVLVFRDWDSXVFDVLVDORPRDUHSH7ULIDQ*XMXIDSWFDUHLDIRVWIDWDODFHVWXLD &DOLQVLIDWDGHFUDLVHLXEHVFvQFRGUXVLIDFQXQWDvQGH]QRGDPkQW 3RH]LDOXL&kUORYDDFRQVWLWXLWED]DIXQGDPHQWDODDSRVWDPHQWXOXLSHFDUHVDULGLFDWOLWHUDWXUDQRDVWUDvQVHFDO;,; OHD )HWHOHGHWDUDQDVDFXPOHDUHGDW&RVEXFVXQWKDUQLFHIUXPRDVHVLFLQVWLWHGHGLPLQHDWDSkQDVHDUD ÌQÌPSDUDWVLSUROHWDU&RVEXFQHYRUEHVWHGHVSUHXQSUROHWDUFDUHDYHDXQFDOVLvPSDUDWXOSDVKDYRLDVDOFXPSHUH 3ULQVFULHUHHWLPRORJLFDVHvQWHOHJHVFLHUHDXQXLFXYkQWvQWUXQVHQVVLFLWLUHDOXLvQDOWVHQV,OXPLQLVPXODUHFDVFRS LOXPLQDUHDFDSHWHORUGLQVHFROXO;9,,, 3DVWHOXOQXHVWHvQIRQGGHFkWVXIOHWXOSRHWXOXLvPEDOVDPDWvQQDWXUD ,HQDFKLWD9DFDUHVFXDODVDWXUPDVLORUVDL9DFDUHVWLXQWHVWDPHQWVFULVvQWUXQULWPVDOWDUHW &HLFDUHFRPLWJUHVHOLVXQWSHQLELOLGHSHGHDSVD /DQRLvQFDUWLHUDIRVWVLDQXOWUHFXWRPDUHHSLOHSVLHGHJULSD ,OXPLQLVPXOHVWHXQFXUHQWFDUHDSDUHvQHSRFDGHVIUkQDULLIHXGDOLVPXOXL 1XQHvQWHOHJHPSHQWUXFDvQWUHQRLVXQWSUHDPXOWHFRQWUDYHUVH 3ULPDYDUDHFDOGVLSDVDUHOHOHVHvQWRUFGLQWDULOHFDODWRDUH $SRORJLDODFDUHDMXQJHFUHDWLDOXL6DGRYHDQXHVWHURPDQXO)UDWLL-GHUL YHQLWvQYL]LWDVLLDVWULFDWGHUDQMXO $VDVHVIkUVHVWHVFXUWDYLDWDVLWUDJLFDPRDUWHDOXL1LFXODLWD0LQFLXQD ([HUFLWLLJUDPDWLFDOHDPkQFDPkQFDUHDEHDEHUHDGXFHGXFHUHDIDFHDIDFHU /DWRWLSDUWLFLSDQWLLDXIRVWRPRUkWLFXWXQXOLDUXQLLGLQWUHHLWULPLVLvQMXGHFDWD 'DWRULWDJHQLXOXLVDX,RQ&UHDQJDDDMXQVVDILHWUDGXVvQWRDWHFROWXULOHWDULLVLFKLDUSHVWHKRWDUH 6SUHGHRVHELUHGHWUDJHGLHvQWURFRPHGLHGH]QRGDPkQWXOVHWHUPLQDGHRELFHLYHVHO &DFLvQGHILQLWLYFHUHSUH]LQWDXQPLOLRQ",DVDSWHRSWVXWHGHPLLFROR $WXQFLFkQGXQ$SURG3XULFHvLGDFDOXOVDXDFHVWDVHIDFHPRYLODSHQWUXFDPDLWkU]LXVDDMXQJDERLHU /DQRLEHU]HOHVHvQPXOWHVFvQFDGLQ]ERU &RPSOHPHQWXOFLUFXPVWDQWLDODUDWDFLUFXPVFULSWLDYHUEXOXL %DWUkQXO'DQWUDLHVWHvQWURSHVWHUDFDUHLGDXQDVSHFWJURWHVF 3ULPXOQRVWUXSRHWGHRULJLQHPDFHGRQHDQDDIRVW0DFHGRQVNL 3ULQWUHPDULLQRVWULGHPDJRJLFDUHQHDXODVDWVFKLWHGHYDORDUHvQOLWHUDWXUDQRDVWUDXQLYHUVDODVHQXPDUDVL,/ &DUDJLDOH 7LSDWHVFXVHSXUWDFXQHYDVWDOXL7UDKDQDFKHDVDFDVLFXPHDQDUDYHDVRW,LWULPLWHVFULVRULGHDPRUYRUEHVFDPkQGRL FDQLVWHvQGUDJRVWLWLVLDVDPDLGHSDUWH /DvQFHSXWXOSLHVHL&DWDYHQFXHVWHDJUHVLYSHQWUXDDGPLUDVFULVRDUHDLDUvQILQDOXOSLHVHLFkQGSLHUGHVFULVRDUHDHVWH VHUYLOOLSVLWGHRULFHJHVWXPLO 0DGDPH3RSHVFXDYHDREUDMLLEXFDODWLVLILLQGELQHIDFXWDDYHDPXOWLSULHWHQLFDUHRYL]LWDXVHUYLQGXLFXWRWFHDYHD PDLEXQSULQWUHFDUHVL,/&DUDJLDOH 7RDWHSHUVRQDMHOHGLQ2VFULVRDUHSLHUGXWDVXQWOLSVLWHGHLQFXOWXUD $OHUJkQGPHUHX,RQHODWXOEXUDWGH]RUGLQHDvQFDVDVLDIDFXWSDWDQLLvQEXFDWDULH 'HVHRUL&DUDJLDOHGHPDVFDPRUDYXULOHPRVLHULORUGHDGDQDVFRSLLORUORU 0DPPDUHVLWDQWL0LWDLDSURPLVOXL*RHFDGDFDPDLUDPkQHUHSHWHQWVLvQDQXODFHVWDvOGXFHOD%XFXUHVWLGH $XJXVW 5LFD9HQWXULDQRVL1DH&DWDYHQFXYRUVDDMXQJDODXQWHO$PkQGRLVXQWPDULSHGDJRJL 7LSDWHVFXIDFHDEX]DSRLvODUHVWHD]DLQHJDOSH&DWDYHQFXILLQGFDvVLSLHUGXVHSDODULD 3ROLWLVWXO3ULVSDQGDYRUEHVWHQXPDLFXSHUOH ÌQ9L]LWD&DUDJLDOHUHSUH]LQWDXQGLDORJvQWUHGRDPQD3RSHVFXVLvQVXVLSHUVRDQDOXLIDFkQGXLRYL]LWDODGRPLFLOLX 1HDVWkPSDUDW*RHLQWUDvQ:&QXVHVWLHSUHFLVGLQFDUHPRWLYVLVHvQFXLHDFROR 2UDH[DFWDDSOHFDULLWUHQXULORUHGHRELFHLPDLGHYUHPHVDXPDLWkU]LXFXPHQRURFXO 'XSDFHWUHFH1LVWUXOvQDSRL'DQVHvQWRDUFHvQFRUWVLFDGHODWPRUWSHMRV $ELDDWXQFLvQGUDJRVWLWXOYD]XFHVFULHSHJHDPXOFXQRVFXWHLIORUDULL)ORUL $FRORODL]YRU/DELVDXGHGHWXQDWXUDSXVWLLFDUHFRQVWLWXLHPRDUWHDJLQJDVHLILDUH $UHQGDVLLIDUDPLODVWRUFHDXSHWDUDQLSkQDODXOWLPXOEREGHJUkX /DQXQWDOXL&DOLQSRSDHVWHXQERQGDUOHQHVVLJUDVFDUHQXLPDLWDFHJXUDFkQWkQGFkQWHFHODXWDUHVWL 7UHEXLHVDIDFHPRWHPHLQLFDDQDOL]DQXQXPDLDQDOLWLFDGDUVLVLQWHWLFD 3HDFHVWLGHFD]XWLQXPDL7HSHVvLPDLSRDWHHYHQWXDOVDOYDGkQGIRFODSXVFDULHVLODFDVDGHQHEXQL 3UHWXLUHDSHDWXQFLDVFULLWRUXOXLGXSDPRDUWHRFXQRVWHD(PLQHVFXGLQH[SHULHQWDSHUVRQDOD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$VDHRPXOQXLYLQHVDFUHDGDFDPRDUHSkQDQXvQFKLGHRFKLL &UHDQJDvVLSRYHVWHVWHDPLQWLULOHFXRFKLLFRSLODULHL ÌQVIkUVLWWDWDOOXL&RVWHOVLDSXVSDUEUL]GHSHSVLJODVODPDVLQD /DVIkUVLWXODFWXOXL,,,QXPHOHFDQGLGDWXOXLODDOHJHULDIRVWDQXQWDWGH=DKDULD6WDQFX /DXQPHFLGHSRORSHDSDXQHOHYUHPDUFD'XSDSULPDUHSUL]DHFKLSDQRDVWUDDUHvQED]LQQXPDLFLQFLMXFDWRULGH FkPS &ULVWRIHO&ROXPEDSOHFDWvQ$PHULFDXQGHVDvQVXUDWFXREDVWLQRDVD ÌQHSRFDURPDQWLFDDZHVWHUQXOXLDPHULFDQGUH]LQDDFHVWSXLGH&)5HUDGHVIRORVLWD &UXFLDGDDFHDVWDDIRVWFRQGXVDGHXQGRJHRFWRJHQDUVLIRDUWHEDWUkQ 6FHQDVDSHWUHFXWSHSXQWHDXQXLYDSRUGHOX[SOLQGHPLOLRQDULIRDUWHERJDWL (VWXDUXOHVWHRSkOQLHFDUHVHEDJDSHJXUDXQXLUkXFDVDVHODUJHDVFD 3DGXUHYLUJLQDHVWHRSDGXUHvQFDUHPkQDRPXOXLQDSXVQLFLRGDWDSLFLRUXO 5HOLHIXULOH$PHULFLLVXQWPXQWLL0LVLSLSL 3HRWXO]LFH$VDVODEDQRDJDFXPHHDDVYUHDVRVWLXQHYDVWDPHD &DWRDWHIHWHOHGHODWDUDHDOXSWDVDSXQDPkQDSHGUDJRVWHDIODFDXOXL 3ULQRQRPDWRSHHSRHWXOVXJHUHD]DvQWRDUFHUHDYLWHORUGHODOXFUXVLDFHORUODOWLRDPHQL 6DVHDQDOL]H]HL]JRQLUHDOXL3URPHWHXGHFDWUH$OH[DQGUX3KLOLSSLGH &OLWHPQHVWUHLvLSODFHDVDILHLXELWDGLQPDLPXOWHSDUWL /DUDVFUXFHGHYkQWXULVHvQFKHLHFXXQRSWLPLVP %H]XKRYHVWHWLSXORPXOXLFXYHGHULSURJUHVLVWHFDUHDSDUWLFLSDWODFDPSDQLLOHLPSRWULYDOXL1DSROHRQSHQWUXFDVSHUD FDYDSULPLSDPkQW ÌQSRH]LD3HQHVLFXUFDQXOHYRUEDGHXQVHUJHQWYLWHD] ÌQSRH]LD/DFXO(PLQHVFXQHGHVFULHWUHSWDWODFXOVLSDGXUHDGLIHULWHSDVDULSUHVDUDWHFXGLIHULWHHSLWHWHVLFRPSDUDWLL 3RHWXOvVLDVWHDSWDLXELWDFDvPSUHXQDVDFXWUHPXUHREDUFD 2ULFkWGHEXQHXQGRPQLWRUSkQDODXUPDVHSHULSHWHVWH &DOLQWLQHGHPkQDPLUHDVDFDUHDUHSDUXOOXQJGHIHULFLUH $XWRUXOFUHDWLLORUSRSXODUHHVWHDQRQLPVLFLUFXODSHFDOHRUDODDGLFDGHODRPODRP 3RSRDUHOHPLJUDWRDUHQXDXIRVWGHDFRUGFXIRUPDUHDOLPELLURPkQH ,RQ&UHDQJDVDQDVFXWvQWUHDQLL ÌQ1XQWD=DPILUHLVHGDQVHD]DVHvQWLQGHFLQDDSRLVHMRDFDPLUHDVDGkQGXLVHFDGRXOVLEDQLL )DWDvQFUHVWHD]DvQJULQGDRJOLQGDGHRDUHFHPDPDHLHVWHSOHFDWDGLQVDWFDVDVHYDGDFkWHGHIUXPRDVD =DKDULD6WDQFXSUH]LQWDGLIHULWHRELFHLXULFDQDVWHUHDVLPRDUWHD 5RELQVRQIDFHRFDODWRULHFXYDSRUXO&RQGLWLLOHvODUXQFDSHRLQVXODSXVWLH 9LOORQDFkQWDWGUDJRVWHDGHODFXUWHÌQOLULFDOXLREVHUYDPGUDJRVWHDQXQHDSDUDWSHQWUXRIDWD ÌQDFHDVWDFDUWHHYRUEDGHSHULSHWLLOHOXL5RELQVRQ&UXVRHGXSDFHSOHDFDGLQ7URLD /D6RFRODVXEQLVWHFRSDFLVWDWHDXWLQHULGHPDLPXOWHVH[H &kQGDYHDRUDGHPX]LFDL]EHDFXGLDSR]LWLYXOvQFROWXOFDWHGUHLFDVDDXGDFRSLLLQRWDOD 9DUDHVWHDQRWLPSXOFkQGFDGDYUHOHPRUVSXQH%DFRYLD ÌQWURSHVWHUDVDXJDVLWFLQFL]HFLGHXUPHGHKRPRHUHFWXVGRYDGDFDDFRORDHYROXDWVSHFLD 6DWLULLHUDXRDPHQLGLQSRSRUVLDFHDVWDHUDRFXSDWLDORUSHUPDQHQWD $OHFVDQGULHVWHFXSULQVGHXQPDUHSDWULRWLVPIDWDGHYLDWDJUHDDWDUDQLORUVLIDWDGHQDWXUDUHVSHFWLYD 0RPHQWXOHVHQWLDOvQYLDWDRPXOXLHVWHPRDUWHD /DYkUVWDGHDQL6KHOOH\HVWHDOXQJDWGLQSHQVLRQXOGHOD2[IRUGSHQWUXFDQXVLPSDWL]DFXUHJLPXO 2YLGLXDSXVSLFLRUXOSHSXQWHDYDSRUXOXLVLDVDDvQFHSXWH[LOXO &RUXOGLQWHDWUXOJUHFHVFDYHDFkQWHFHVDWLULFHVLSURVWDWLFH 3HWUDUFDDSUHFLDSDUWHDIL]LFDDIHPHLL &ORUXOGL]ROYDWvQDSDIRUPHD]DFORUXUDGHDSD &ORUXOHVWHXQJD]GHFXORDUHJDOEHQYHU]XLFXXQPLURVPDLJUHXGHFkWDHUXO 2WHOXOVHREWLQHSULQILUPDUHDIRQWHLvQFXSWRDUH ,/&DUDJLDOHQHDGDWSH&DWDYHQFX3ULVWDQGD&RDQD=RHVL0DWHL,&DUDJLDOH 0LRULWDHVWHRFDSRGRSHUDFXWUHLWDUDQL GRLILLQGPLVHL VLRRDLHEXFDODLH )DXQDVLIORUDHFXDWRULDODVXQWGHQHSDWUXQV 'HOWD'XQDULLVHYDUVDvQ0DUHD1HDJUDSULQSRUWXOOLEHU6XOLQD 3ODQWHOHWHKQLFHVXQWGHIDSWSODQWHLQGXVWULDOHGHVLFUHVFvQDJULFXOWXUD &RQWUDGLFWLDHQHFHVDUDDWkWDWLPSFkWQXVHDMXQJHODEDWDLH ÌQ*RUXQXOOXL%ODJDDSDUHXQVLFULXSHFDUHSRHWXOvOVLPWHILRURVGHDSURDSH )DUDRQLLLVLDYHDXGRPLFLOLXOvQSLUDPLGHOHFRQVWUXLWHFXPDULHIRUWXUL $QWLFKLWDWHDQHDUDPDVFHOHEUDSULQFHOHVDVHPLQXQLGLVSDUXWHVLXQDSDVWUDWDSHQWUXWXULVP 'XSDEDWDOLDGHOD0DUDWRQXQVROGDWDDOHUJDWGHNLORPHWULVLFHYDDSRLDPXULWVLDDQXQWDWSUHWLRDVDYLFWRULH 3HOkQJDDOWHDFWLYLWDWL'LPLWULH&DQWHPLUVDRFXSDWVLFXGHVFULHUHD0ROGRYHL *HQLDOLWDWHDXQHLRSHUHDQWLFHFRQVWDvQIDLPDDXWRUXOXL 7XGRU$UJKH]LDGHEXWDWHGLWRULDOWkU]LXFkQGDOWLVFULLWRULUHQXPLWLHUDXGHMDPRUWL 3HQHV&XUFDQXOVHvQWRDUFHGHODUD]ERLFXSLFLRUXOUDQLWVLGHFRUDW



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

7HPDVDVHIDFDDQDOL]DOLWHUDUDDIUDJPHQWXOXL0LKDLVLFDODXO$QDOL]D0LKDLVLFDODXOHVWHXQIUDJPHQW0LKDLVL FDODXOHVWHEDQXO&UDLRYHL0LKDLVLFDODXODIRVWERJDW0LKDLVLFDODXODPHUVODWXUFLVLVDOXSWDWFXHL/HFWXUDVHSHWUHFH vQDQXOSkQDvQ &D]XOPRQXPHQWDOVXVSUHIHFWXOPDLPXOWFDSUHIHFWXO ÌQSRH]LD/DFXOVLQJXUHOHYLHWDWLFDUHWXOEXUDOLQLVWHDGHEDVPDQRSWLLVXQWWLQHULL 7RWXVLHODIRVWFRQGDPQDWSHQWUXIDSWDVDVLDVWIHOFULPDDGHYHQLWVLSHGHDSVD 3HWUDUFDDVFULV&DQWRQLHUXO 1LFRODH%DOFHVFXIXVHVHH[SHULPHQWDWSHEDULFDGHOH3DULVXOXL $WXQFLWDUDQLLHUDXVFKLORGLWLVFKLQJLXLWLVDXFKLDUXFLVLvQWRWDOLWDWH ÌQFXOPHDH[WD]XOXL+DJL7XGRVHYUHDVDWDLHFRDGDSLVLFLLFDUHHUDSUHDOXQJD ÌQ0LH]XOYHULLIHPHLDWLQHvQEUDWHXQFRSLOGHWDWDFDUHDOHDUJDvQJRDQDVSUHIkQWkQD 0DPDOXLVXIHUDGHHUH]LHFDUGLDFD (SRFDIHXGDODDDYXWVLSDUWLOHHLEXQD1HDODVDWFDVWHOHIDLPRDVHVLVXELHFWHSHQWUXILOPHGHFDSDVLVSDGD $IULFDHVWHXQFRQWLQHQWFDUHVHSRDWHXQLJHRORJLFFX$PHULFDGH6XGVLYLQHSHUIHFW $QWDUFWLFDHVWHXQFRQWLQHQWDOEGLQFDX]D]DSH]LORUFDUHQXVHPDLWRSHVFRGDWD &UHLHUXOHVWHXQRUJDQRDUHFXPLQGLVSHQVDELOFDSXOXL %DFRYLDDIRVWXQSRHWWULVWFDUHVFULDPDLPXOWWRDPQD 2VFULVRDUHSLHUGXWDDUHXQFRQIOLFWLQJHQLRVGXVSkQDODFDSDWGH&DWDYHQFX )HXGDOLVPXODGLVSDUXWSHQWUXSULPDRDUDvQ$QJOLDSULQJULMDOXL&URPZHOO 5DVFRDODGHOD%REkOQDDvQFHSXWSHXQGHDOVLVDWHUPLQDWvQ 5D]ERLXOGHGHDQLDGXUDWSXWLQPDLPXOW *&DOLQHVFXDIRVWXQPXQWHGHOLWHUDWXUD )RDUWHIUXPRDVHSRH]LLQHDGDW%ROLQWLQHDQXFDUHvQFkQWDDX]XO %DOFHVFXDPXULWvQFHDPDLPDILRWDUHJLXQHLWDOLDQD3DOHUPR %DVWLOLDHUDRvQFKLVRDUHVXPEUDvQFDUHFHLFDUHLQWUDXQXRGXFHDXSUHDELQH ,RQ%DUEXDVFULVVLRSRH]LHGLQvQFUHQJDWXUDPROXVWHORU'XSDPHOFL $OH[DQGUXFHO0DUHSRUHFOLWVL0DFHGRQDWDLDWFXVDELDXQQRGJRUGLDQGHQHUYL ÌQEDODGD0LRULWD%UXFDQVHOXSWDFX5RPDQ $ODWXULGHXQYRLHYRGPDUHDSDUHVLXQ-GHUPLWLWHO ,RQLQWUDODDFWLXQHDFX$QDXUPDQGFDDFHDVWDVDUDPDQDJUDYLGD ,DUGLQFRGUXDSDUH&DWDOLQVDJDOQLFVLEHUEDQWFXPXVWDWDUDVXFLWDVLvQPkQDWLQHPkQDJLQJDVHLPLUHVHFDUHHVWHR 9LRULFD ,RQvLIDFHSDUWH$QHL 6WHIDQVHKRWDUDVWHVDFODULILFHSUREOHPD3RFXWLHLVLvQWRUVGLQOXSWHYUHDVDSXQDWURQXO0ROGRYHLSH%RJGDQ &RQIHULQWDGHOD3DULVDDYXWORFOD$OED,XOLD 0LKDL(PLQHVFXHVWHXQSRHWGHWLSFDUSDWLQ 1HFKLIRU/LSDQPRDUHSkQDVDDMXQJD9LWRULDODHOFDFLIXVHVHvQMXQJKLDWFXEDOWDJXO 0DUDHVWHFHDPDLPDUHIHPDUHLHFDSLWDOLVWDGLQ5RPDQLD ,QWUkQGvQMRFVLSLWLFXO%DUED&RWFKLXLDVLWRSDLDSULQWUHSLFLRDUHOHFHORUODOWL 1HFKLIRU/LSDQVHWLQHDFXXQDFXRFKLLYHU]L 9HVWHDQXQWLLOXL9LRUHOFX=DPILUDVHvPSUDVWLHPDLUHSHGHFDYkQWXOGHRDUHFHYHVWHDFDUHHUDLHULSULQYHFLQLDVWD]LHUD IRDUWHGHSDUWH ([DPHQXODIRVWIRDUWHJUHXFDFLHOHYLLLHVHDXGLQVDODSOkQJkQGFXSDQWDORQLLX]L 6L&DOLQWLQHDvQPkQDOXLPkQDJLQJDVHLPLUHVHFXSDUOXQJGHVHLPSLHGLFDvQFDOFkLH $PIRVWvQSUDFWLFDOD,$6XQGHDPYL]LRQDWYDFLOH 7RDWDOXPHDGDQVDLDUSLWLFXO%DUED&RWVWDSHJDUGFkQWkQG 3URPHWHXYD]kQGFD=HXVUHIX]DVDVHEDWDFXHOHVWHSXVvQVLWXDWLDVDVHDUXQFHvQUkX &H]DUXOvPSDUWDVHVWHVRDUWDVLLVHSDUHFDOYHGHSOXWLQGFDRUDWXVFDSHGHDVXSUDYDOXULORU]GUXPLFDWH 1LOXOHVWHFHOPDLOXQJIOXYLXGLQJHRJUDILDIL]LFDPRQGLDOD 'XQDUHDVHYDUVDvQ0DUHD1HDJUDFXDMXWRUXOXQHLGHOWH )XUWXQLOHSHRFHDQVHSURGXFPDLDOHVvQSUHDMPDYDSRDUHORU 7ULXQJKLXO%HUPXGHORUVDIRUPDWvQXUPDGLVSDULWLHLLQH[SOLFDELOHDXQRUQDYHVLDYLRDQH 6DKDUDHVWHXQSXVWLXvQFDUHFUHVFRD]HUD]OHWH $PHULFDDIRVWGHVFRSHULWDGH&ROXPEvQXUPDXQHLFDODWRULLvQ,QGLD $QJOLDVHOHDJDGH(XURSDSULQWUXQSRVLELOWXQHOVXE0DUHD0kQHFLL 3HQLQVXOHOHVXQWQLVWHLQVXOHPDLOXQJL ,HUELYRUHOHVXQWDQLPDOHFDUHFRQVXPDQXWUHWXULFRQFHQWUDWH 3DUWLOHSULQFLSDOHDOHFDUDFDWLWHLVXQWWHQWDFXOHOHVLRFHUQHDOD 'LQWLLFURFRGLOLORUVXQWFXUDWDWLGHQLVWHSDVDUHOHGHRVHELWGHFXUDMRDVH &HOHPDLSHULFXORDVHUHSWLOHVXQWFHOHFDUHSRDUWDRFKHODUL 9DFLOHVXQWDQLPDOHFXFRDUQHPXOVHGHPDLPXOWHRULSH]L 3URWR]RDUHOHVXQWILLQWHGHGLPHQVLXQLUHGXVHFDUHFUHVFEUXVFVXEPLFURVFRS ,OLH0RURPHWHHUDXQWDUDQLQWHOLJHQWFDUHODDMXWDWPXOWSH0DULQ3UHGDODUHDOL]DUHDURPDQXOXL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

%DODGHOHVXQWGHGRXDIHOXULFRQIRUPOXL7RSkUFHDQXYHVHOHVLWULVWH 3ULQWUHYDULDWHOHPLMORDFHGHH[SUHVLHIRORVLWHGH1LFKLWD6WDQHVFXvQSRH]LDVDVHDIODVLQHFXYLQWHOH /DLQWUDUHDvQGUDPDWXUJLDFRQWHPSRUDQDSRDWHILDVH]DWSUHVXOOXL%DLHVX 7UDJHGLDGLQ5RPHRVL-XOLHWDDDYXWORFFDXUPDUHDXQHLHURULDOXL6KDNHVSHDUHGLQILQDOXOSLHVHL ÌQ6DUDSHGHDOHVWHSUH]HQWDWDOXQDSHFDUHRSULYHVFFHLGRLvQGUDJRVWLWLFkQGVWDXUD]LPDWLXQXOGHDOWXO$LFLPDL DSDUHVLFXPSDQDIkQWkQLLFDUHVFkUWDLHFUXQW 9HUVXOFHOPDLHGLILFDWRUHVWH1HRPvPSUHXQDFDSHWHOHXQXOGHDOWXO ÌQ,RQ)ORULFDDOXDWGHEDUEDWSH*KHRUJKHWRFPDLFDVDQXUDPkQDIDWDEDWUkQDFXPDUDPDV&DWLQFDÌQUHVW,RQVH GH]ODQWXLHSH$QDVLFDPDWkW ÌQ6FULVRDUHDD,,,DSRHWXOSUH]LQWDRLPDJLQHDWUHFXWXOXLGHVSUHFDUHVSXQHFDSUH]HQWXOHVWHWUHFXWXOVLWUHFXWXOHVWH SUH]HQWXO 5RPDQXO%DOWDJXODDSDUXWvQSHULRDGDGHSOLQHLPDWHUQLWDWLOLWHUDUHDOXL6DGRYHDQX 9DVLOH$OHFVDQGULDIRVWVXSUDQXPLW%DUEXGHOD0LUFHVWL 'LQRWKHULXP*LJDQWLVVLPXPDIRVWLQYHQWDWGH*ULJRUH6WHIDQHVFX 7DUDQLLOXL&UHDQJDYRUEHVFROLPEDIDUDJUHVHOLGHRUWRJUDILH 'RYDGDFD=DPILUDHIUXPRDVDHFDDIRVWSHWLWDFDPGHV &HDGHDGRXDID]DDSRH]LHLOXL(PLQHVFXVDGHRVHELWGHSULPDVLDXUPDWLPHGLDWGXSDDFHDVWD =DPILUDHvQFLQVDFXXQEUkXFHVLPEROL]HD]DFXORDUHDDOED *UDGLQLOHVXVSHQGDWHGLQPXQLFLSLXO%DELORQHUDXGHIDSWSRPLVLYHJHWDOHDVH]DWHIUXPRVVXVSHEORFXULGLQRUGLQXO XQHLUHJLQHFDUHLXEHDQHVSXVYHUGHOHVLDHUXOQDWXUDOFHOLSVHDXQHRULGLQDFHOORF &XWRDWHFDHUDH[WUHPGHYLWHD]$OH[DQGUX0DFHGRQPRUWGHWkQDUQHUHXVLQGVDGHVIDFDOHJDOXQQRGODRVIRDUD PDUHQHUYRVODVIkUWHFDWFXVDELD 2WRPDQLL]LVLVLWXUFLFkQGSRUQHDXODUD]ERLGDFDLQXPDUDLHUDXFDIUXQ]DVLFDLDUEDGHGHVLVLFkLQRVL /XL&RQVWDQWLQ%UDQFRYHDQXLVDXWDLDWFHOHFLQFLFDSHWHDOHIODFDLORUVDLILLQGPkQGUXGHDFHVWLFXDGHYDUDWHURL PDUWLUL 5HJLLVLvPSDUDWLLQXVHDOHJ(LVXQWGHODVLQHXUFDWLSHWURQFXDMXWRUXOHUHGLWDWLL 9DVLOH9RLFXOHVFXDFRPSOHWDWRSHUDSRHWLFDDOXL6KDNHVSHDUHFXRVHULHGHVRQHWHSHFDUHDFHVWDQDPDLDYXWWLPSVD OHVFULHWUHFkQGPDLPXOWGHSDUWHDWHDWUXOXL 0DLRUHVFXVHIXO-XQLPLLDIRVWXQFULWLFVHYHUHOOXkQGDWLWXGLQHKRWDUkWDFRQWUDIRUPHORUFDUHQXDYHDXIRQGXOELQH VXGDW /DSROLHVWHPDLUDFRDUHGHFkWvQDOWHSDUWLFDX]DILLQGVFDGHUHDWHPSHUDWXULLWHUPRPHWUXOXL $UKLSHODJXODUHvQFRPSR]LWLHPDLPXOWHLQVXOHFDUHQXVXQWHJDOHvQGLPHQVLXQL &DSLWDOD$QJOLHLHDVH]DWDvQRUDVXOEULWDQLF/RQGUDSULQFDUHWUHFHRUD]HURVLDUHPXOWDFHDWD $XVWUDOLDHVWHGRPLQDWDFDWHJRULFGHFDQJXULFDUHVLSOLPEDFRSLLLvQWUXQVDF 1HROLWLFXODIRVWFHDPDLPRGHUQDVRFLHWDWHSULPLWLYD 'LQWUHFHOHVDSWHPLQXQLDQWLFHvQSLFLRDUHPDLVWDGRDUSLUDPLGDOXL=HXV 2UDVXOLWDOLDQ3RPSHLDIRVWDFRSHULWFXDQLvQXUPDGHODYDH[WUHPGHFDOGXWDDYXOFDQXOXLORFDO9H]XYLXYXOFDQIRDUWH QHUYRV +XQLLQXDYHDXPDQLHUHFLYLOL]DWH3HXQGHWUHFHDXOXDXWRWXOvQFRSLWH ÌPSDUDWXOODWLQ7UDLDQVDEDWXWFX'HFHEDOGHODQRLUH]XOWDWXOILLQGIRUPDUHDSULPXOXLQHDPURPkQHVF *ODG0HQXPRUXW*HOXVLDVDPDLGHSDUWHDXLQYHQWDWSULPHOHYRLHYRGDWH $UGHUHDSHUXJVLJKLORWLQDDXIRVWGRXDLQVWUXPHQWHFDPVLQLVWUHSHFDUHQLOHDGDW(YXO0HGLX ÌQ5HYROXWLD)UDQFH]DDXGHFHGDWPXOWLRDPHQLFXFDS (SRSHHvQVHDPQDRSRH]LHH[DJHUDWGHOXQJDvQFDUHVHSRYHVWHVFIDSWHDPSOH([HPSOX0LKDL%XGDL'HOHDQX &DWDOLQVL&DWDOLQDHURLGHDLOXL(PLQHVFXVHLXEHDXIRDUWHSXUFKLDUVLGDFDvQWUHHLVHVWUHFXUDVH6EXUDWRUXO GRPQXOXL+5DGXOHVFX 1HDJRH%DVDUDEDIRVWGHPHVHULHGRPQLWRUVLDVFULVÌQYDWDWXULOHFDWUHEDLDWXOVDX7XGRVHvQFDUHDvQFHUFDWVDOHGXFH VXSHULRU )HIHOHDJDOXL$JDUELFHDQXHUDRIHPHLHFXSUREOHPHGHVDUDFLHGDUIRDUWHFXUDWDODLQLPD %DLD]LGvOIDFHSH0LUFHDDOQRVWUXPRVQHDJGDUDFHVWOXFUXQXHUDDGHYDUDW&DORPQLDHUDHYLGHQWD &DPLO3HWUHVFXDVFULV3DWXOOXL3URFXVW$GLFDQXSRWLVDWHOXQJHVWLvQHOGDFDQXDLGLPHQVLXQLFRUHVSXQ]DWRDUH 3RH]LDHURWLFDLQVHDPQDGUDJRVWHULWPDWDvQFDUHVHQWLPHQWXODPRUXOXLHVWHWUDWDWFXGHVWXOEXQVLPW ,RQ%DUEXvQPXOWHGLQSRH]LLOHVDOHDVFULVGHVSUHOXFUXULQHQRUPDOH 'HH[HPSOXRXOHUDIDFXWGRJPDWLFLDURFLXSHUFDDYHDSUHRFXSDULHURWLFH 0DULQ3UHGDDWLSDULWFDUWLLQWHUHVDQWHFXWDUDQLGHVFRSHULWLODPLQWHVDXILOR]RILSOLQLGHFDUWHVLURVLGHvQWUHEDULQX WRFPDLFRPRGHGHWLQHUL ÌQ*URDSD(XJHQ%DUEXFXYRUEHGHRFDUDVFRDWHGLQQRURLPDKDODXDEXFXUHVWHDQD 3HQLQVXODHVWHROLPEDGHSDPkQWXVFDWLQWUDWDWUHLVIHUWXULODDSD ÌQ2ODQGDVHDIODPXOWHWHUHQXULVDOYDWHGHODvQHFGHPLQWHDORFDOQLFLORU 6DKDUDHVWHXQSXVWLXGHVWXOGHPDUHIRUPDWGLQWRQHGHQLVLSFDPLOHVLPXOWDIRDUWHPXOWDXVFDFLXQH 8UDJDQHOHVXQWQLVWHYkQWXULWDULDPHVWHFDWHFXSORDLHFDUHSURYRDFDGXUHULGHFDSSHXQGHEDW &HWDWHQLLYHFKLXOXLHJLSWVHQXPHDXPXPLL(LVHvPSDUWHDXvQWUHLFDWHJRULLEDUEDWLIHPHLVLFRSLL %HQMDPLQ)UDQNOLQHVWHUHQXPLWPDLDOHVSULQDFHHDFDDGHVFRSHULWWUDVQHWXOVLDSOLFDWLLOHVDOH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'XSDPRDUWHDSDULQWLORUVDL&UHDQJDVLDWUDLWYLDWDvQFRQWLQXDUHSkQDODXOWLPLLDQLDLYLHWLL *HRUJH&RVEXFVDQDVFXWvQDPELDQWDSLWRUHDVFDDORFXULORUQDWDOH 3H'LPLWULH&DQWHPLUODXSULQVWXUFLLSHFkQGHUDPLFFRSLOODXGXVOD&RQVWDQWLQRSROVLODXVLOLWVDvQYHWHFDUWH ÌQWURFDVDWUDLDXQYkQDWRU(ODSULPLWvQVOXMEDVDXQPXWFDUHDWDLDWOHPQHSHIDVROH ÌQYDWDWRDUHDPHDHVWHIRUPDWDGLQFDSWUXQFKLGRXDPkLQLVLGRXDSLFLRDUHIRDUWHIUXPRDVH ÌQOLQLVWHDVHULLPRWRFLFOHWDVHRSULVDXULQH]H ÌQÌPSDUDWVL3UROHWDU&RVEXFQHYRUEHVWHGHVSUHXQSUROHWDUFDUHDYHDXQFDOVLvPSDUDWXOSDVDYRLDVDOFXPSHUH 9HUEXOHVWHFHYDFDUHVHPLVFD /D3ROXO1RUGHVWHRMXPDWDWHGHDQOXPLQD &RS\ULJKWE\&$9(DNDWKH-RNH0DVWHU

([WUDVHGLQGHFODUDWLLOHVRIHULORUGXSDDFFLGHQWH VH]YRQHVWHFDDUILFKLDUDXWHQWLFH &HDODOWDPDVLQDDLQWUDWvQPLQHIDUDVDPDDWHQWLRQH]HDVXSUDLQWHQWLLORUHL 0DPORYLWFXXQFDPLRQVWDWLRQDUYHQLQGGLQVHQVLQYHUV $PSOHFDWGHODPDUJLQHDVRVHOHLPDPXLWDWODVRDFUDPHDVLDPWUHFXWSHVWHSDUDSHW ÌQFHUFvQGVDRPRURPXVFDDPLQWUDWFXPDVLQDvQWUXQVWvOSGHWHOHJUDI &RQGXFHDPPDVLQDGHGHDQLFvQGDPDGRUPLWODYRODQVLDPDYXWXQDFFLGHQW &vQGPDPDSURSLDWGHLQWHUVHFWLHXQVHPQVWRSDDSDUXWvQORFXOvQFDUHQLFLXQVHPQVWRSQXPDLDSDUXVHYUHRGDWD1X DPUHXVLWVDRSUHVFPDVLQDODWLPS &DVDHYLWORYLUHDEDUHLPDVLQLLGLQIDWDDPFDOFDWSLHWRQXO 0DVLQDPHDHUDSDUFDWDvQPRGUHJXODPHQWDUFvQGDORYLWFXVSDWHOHFHODODOWYHKLFXO 2PDVLQDLQYL]LELODDDSDUXWGHQLFDLHULPLDORYLWYHKLFXOXOVLDGLVSDUXW 3LHWRQXOQXVWLDvQFHGLUHFWLHVDVHvQGUHSWHDVDFDODPFDOFDW &DX]DLQGLUHFWDDDFFLGHQWXOXLDIRVWXQLQVPDUXQWvQWURPDVLQDPLFDFXRJXUDPDUH 6WkOSXOGHWHOHIRQVHDSURSLDUHSHGH$PvQFHUFDWVDYLUH]vQDIDUDGLUHFWLHLOXLFvQGHOPDORYLWvQIDWD $PFOD[RQDWSLHWRQXOGDUHOVHKROEDODPLQH 3HXQIRUPXODUGHDVLJXUDUH VRIHUXOORYLVHRYDFD  &XPDWLDYHUWL]DWGYV" &OD[RQ &XPDDYHUWL]DWFHODODOW" 0XX $SURSLLQGXPDGHLQWHUVHFWLHQXDPYD]XWQLFLXQYHKLFXOYHQLQGGLQGUHDSWDPHDDVDFDDPORYLWPDVLQDGLQIDWD 3DUEUL]XOVSDUW&DX]DQHFXQRVFXWD3UREDELOYRRGRR 0DVLQDGLQIDWDPHDDORYLWSLHWRQXOGDUDFHVWDVDVFXODWDVDFDODPORYLWVLHX

3HUOHSURIHVRUL 6D]LFHPPXQFDFkWPDLFDOLILFDWDSHQWUXFDPXQFDFDOLILFDWDQXSUHDPHUJH 6LDVWDHSHPRDUWHHFXGLQWLLvQSLRQH]H 3kQDVDILHvPSXVFDWPDUHOHvPSXVFDW 8QGHXPEOLLFDRJDLQDEHDWD" $EVHQWGH]LVDXGHFXPH"  3URIHVRUXOGHVSRUWDMXWDRHOHYDVDVDUDSHVWHFDSUD 1XWLILHWHDPD'HVIDSLFLRDUHOHFDGHUHVWXOPDRFXSHX  /DRUDGHDOJHEUD+DL%RJGDQHUH]ROYDSDUDQWH]HOHDOHDRGDWDFDVHVXQD  /DRUDGHJHRJUDILH/DFXO5RVXQXVHQXPHVWH5RVXSHQWUXFDHURVXFLSHQWUXFDDVDLVHVSXQH  /DRUDGHPX]LFD'HVFKLGHJXUDFDGDFDRWLLvQFKLVDQLFLQXWLLQWUDQLFLQXWLLHVH VXQHWXOQQ  5HSHWDPLDUDVL (OHVQHGHVHVL]DWVLvQWHOHJHWRDWDOXPHD %HQ]LOHFHOHPDLSHULIHULFH %DXWXUDEHWLYD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$PVSXVvQVLQHDPHDODXQWULFD &XSURJUDPDDVWDPDPLUFXPQXLHVLWLRJHQHUDWLHGHKDQGLFDSDWL $YHPXQFHUFGHIRUPDURWXQGD  3URIHVRUXOFDWUHHOHYL)LWLDWHQWLODWDEODGDFDYUHWLVDSULFHSHWLFHYD'HFLFHWUHEXLDVDGHPRQVWUDP" ÌQFHUFXLWLIRUPXODFXXQGUHSWXQJKL 6WHUJHWDEODVLODVRXGD ÌQORFVDWLSDUDELQHWXUk]L 9DPMLJQLWHXYUHRGDWDWkPSLWLORU 9RUELWLPDLSHUkQGXUL 'DFDWRWWHGXFLLDPLVLPLHFHYDGHEDJDWvQJXUD &UHVWHvQPRGDVFHQGHQW 1XPDLIDFHWLOLQLVWH 6HvQFKHLHFXVIkUVLWXO 3RWLVDYRUEHVWLvQWLPSFHH[SOLFL" &HLFXDWDWDJDODJLHYLVDXXUFDWKRUPRQLLSHOXVWUD" ÌQILHFDUHRUDHXOWLPDRUD 9DVWHUJXQDGHYDLHVHSDUXOSULQFDFLXOD )RUPDQRUPDODDLQVHFWHLHVWHFXORDUHDDOED 1XYRUELRGDWDFXH[HUFLWLXOGHODWDEOD 7DFLGLQSL[XODODFDWUHFPDVLQLSHVWUDGD 0DLJkQGLWLVLFXSLFLRDUHOHODVWLFDSXOVDVHRGLKQHDVFD 1XPDLvQFDOHFDWLOLWHUHOHFDYDvQFDOHFHXSHYRL 'XWHVLVWRDUFHWDEOD  /DvPSDUWLUHDPDQXDOHORU/LPELOHYLOHGDXSURIHVRULLUHVSHFWLYL  /DRUDGHLVWRULH1LFRODH%DVDUDE $DSDUXWGvQWURGDWD6WHIDQFHO0DUHvQPXVFKLLOXL9DQ'DPPH  /DRUDGHODWLQDVLOYDVLOYDHQHYHGHPODWRDPQDWDWDLH 1XDLFHLDQLGHDFDVD )LHGLQSDUWHDILUPHLDLXQ &HDLIDFXWDFROR"$LGLFWDWGXSDVXIODW" 6LDFXPYRPvQFHSHOHFWLDGHVSUHFDUHQXYRPDYHDWLPSVDYRUELP $UDXFDERLL $QRWLPSXULOHVXQWGDWHGHvQYkUWLUHDVRDUHOXL &HLPDLPXOWLDXRQRWDPDMRULWDWHDDXGRXD 6XQWHOHYLDEVHQWLvQFODVD" 6WDPOkQJDRUHDFWLHSkQDFkQGDUHORF 3XQHPkQDVLJkQGHVWHWH 9UHDXVDOWHUPLQSH6WHIDQFHO0DUHRUDDVWD 9RUEHVWHvQUDGLDQL 9HGHWLFXPVXQWHWL"(XQXYDPYRUELWQLFLRGDWDXUkWPDLWkPSLWLORU'HFHQXPDUHVSHFWDWL" 7UHFLODWDEODVLSUHGDWXOHFWLDGDFDHVWLSURVW" (QHUYHD]DPDDIDUDQXDLFL $VWDLYUHPHGHXPEODWvQPkQHFDJRDOD" 5DFKHWDVROVROFDUH]ERDUDSHSDPkQW *DUGvQJDUGFX]LGXOFLPLWLUXOXL 6WUkQJHWLSXWLQJHDPXULOHFDVDYDDXGPDLELQH 6LDGDWYUHR]HFHODWLvQXVD (XVWLXFDHVWLSURVWGDUQLFLFKLDUDVDVDWHLHLGXSDPLQH 'DFDYDWLILXLWDWDVHDUDOD)DPLOLD%XQG\DVWD]LQDWLPDLILDUDWDWDWkWGHSURVWL0DFDUHXQXDUDW 1XPDLPROIDLJXPDFDvPLFODQWDQHFUHLHULL 1XFRQWHD]DFDFDQLEDOXOODXFLVSHRPFLGHFHvLHUDIRDPHFDQLEDOXOXL 1XWUHEXLHVDQHVXSDUDPFDFDOXODYHDSLFLRDUHILLQGFDGHIDSW+RUDWLXVQLFLQXOXDDVWDvQVHDPD  8QSURIHVRU2UHJXODGHDXUvQOXPHDPRGHLSHFDUHHXvQVXPLRUHVSHFWQLFLRGDWDQXSXUWDIXVWDGDFDQDLSLFLRDUH IUXPRDVH (FODUFDQDvQYDWDWSHQWUXWRDWDOXPHD /HQWLODPDLFRQYHUJHQWDDVWDQDPGXVRSUHDSDUDOHOD $WUHEXLVDWUHFHSULQIRFDU &RPHDWD 'DFDDLPDLPXOWHOHQWLOHGHGLVFXWDWQXVLPDLFRQWLQXDGUXPXOSHDFHODVLGUXPQX" 6DILHIRDUWHDSURDSHGHDLFLGLIHUHQWDGHGUXPRIWLF 3HOkQJDvQPXOWLUHDFXGLVWDQWDVWUDEDWXWD ,DXLWDWLPD ÌQWUXQDQDFX FkWLYD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'LVFXWLDFHDPDLJHQHUDOD 1XVFULH.FDSHFHYDGHFDUHVDQHUXVLQDP )RORVHVWHODYHULILFDUHDSODQHLWDWLLFDFHDGHGHGHVXSW &DSX ODGUHDSWDVLGXWHVLvQWUHDEDPDSHWDEOD 'RLGLRSWULFDUHPDUJLQHVFGHDFHHDVLUD]D $PPkQFDWXQFROWGHDSD 8QDWRPVHH[FLWDFkQGDFFHSWDHOHFWURQLVLVHGH]H[FLWDLQYHUV &LWHVWHFLWHW$PVWDEHOLW RRJOLQGDFRQFODYD GDWRULWDGHGUXPXOSDUFXUV ODPEGDXUL VDOODVDWLVDVHFRQFH 6RULQWXHVWLXQHOHPHQWSHUWXUEDWRU ÌQFDUWHDQRXDWHRUHPHOHVXQWFHYDPDLvPEkFVLWHGHFkWvQFDUWHDYHFKH ÌQWLPSXOLHUQLLODSODQWHOHFDGRUJDQHOH 2DPHQLLDXUHQXQWDWODWUDLXODHULDQVLDXFRERUkWGLQFRSDFLSHSDPkQW 1XSXWHWLVDPDvQVHODWLSHPLQHSHUVRQDOGHRDUHFHDPYL]LXQHDIRDUWHFODUD 6WDLSH3DPkQWVLKDEDUQDLFHVHvQWkPSODvQ&RVPRVYLVDYLVGHWLQH 3XQHWLPLVLYRLRvQWUHEDUHGHVWHDSWDFDGHSLOGD'HFHQXSLFD/XQDvQFDSXOPHX" +DLIULFRVXOHVDULSHFDSUDFDHXDVWDIDFGHDQLGH]LOHVLDVDPDWLQvQIRUPD 9DSXWHWLJkQGLODRUQLWRULQFFDODRUDWDPDPLIHUDFRSLL $]LXLWDWLYDODPLQHFDQDYHPPXODMXO 'DFDYUHLVRIDFLSHPDLPXWDWUHFLDLFLvQORFXOPHX ÌQWUHFRUSXOWDXVL3DPkQWGRPQLVRDUDHOHYDH[LVWDRDWUDFWLHIDWDOD 1XPDLVFULHWLFXYRFHWDUHFDLGHUDQMDWLSHFHLFDUHVFULXvQJkQG $OWDHFkQGWLRSXQHDOWXOSHPX]LFD /DVDWLFRQYHUVDWLDDFRORSHGLDJRQDODDLDGLQEDQFDDGRXD 6DDOHVSUDIXOGLQWRDWHOLPLWHOHDVWHD 'DFDQXVWLWLVDvQRWDWLQXYDIDFHWLSUREOHPHFDSXOYRVWUXSOXWHVWHGHDVXSUD 9RUEHVWHPDFDGHDLDWLDGDWVWDWXOOLPEDVL'XPQH]HXFDUWH &kQGYLQVDJDVHVFDEVHQWLLSHFDWHGUD (OHYGHFHUk]L" 3HQWUXFDLDWLIDFXWWkPSLWLSHHOHYLLDFHLD 'D QXLDPIDFXWHX &DUHVLDVFKLPEDWSDULQWLLvQYDUDDVWD" 7XUFLLDXDWDFDWYLROHQW 9DILXQDQJUHXWGDLXVRU &XP( 8GUH]XOWDFD( 8G 'DFDYUHDXHXQXPDPLVFQLFLPRDUWD /DVDWLOLQLVWHD 9LVHYDDSODWL]DFUHLHUXOVLQRVDYDPDLDPLQWLWLFXFLQHYDWLVWXGLDW 9RLPkQFDWLFLRFRODWDVLDLFLPLURDVHDFHDSD %DLGURPDGHUXOHWLHDUWUHEXLVDWLVXIOHFLQHYDXQGHYDFDVDWHvQGUHSWL )RORVHVWLKkUWLDGHILOWUXGHSDUFDWHDLVWHUJHXQGHYD 9RPvQGUHSWDHSUXEHWDVSUHQLPHQLHYHQWXDOVSUHYRL 1XWHXLWDODPLQHFDQDLFHYHGHD $LPkQFDWYUHRGDWDVDUPDOHVWkQVHVXEJHQXQFKL" 3XQFWXOWUHLDIRVWGHREDQDOLWDWHFRYkUVLWRDUH 'DFDGDWLRJULODOD$6(VLQXPLURVLWLRvQPXOWLUH VDYkUDIUXPXVKDOvQFLOLQGUX 0DVLPWSURVWVLVXQWSURVW 7DWDOOXL'LRQLVHUDvQFKLVvQWUXQDXVSLFLXGHQHEXQL PRPHQWDQLQVWDQWDQHXVLGHRGDWD %DUEDWLLVXQWKRPRVH[XDOLSHQWUXFDIHPHLOHVXQWDJUHVLYH 3HUVRQDMXODXGHIRFXOGLQOXPkQDUH %OHDPEDGRUPLvQFL]PHFDODJDUD 0DLFORVHWDUXOH ÌQSRGDWkUQDXFRVLWHGHSRUFDIXPDWH &LQHODMXWDQXYRUEHVWHQFRU /RJDULWP]HFLPDOvQED]D /RJDULWPvQED]DRELVQXLWD 9HGHPQRLRUDWUHFXWD 9DWLFDPRELVQXLWVDSOHFDWLGXSDXOWLPHOHGRXDRUH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'DFDYDWLWkPSLWQRWDWLSHFHYDFDDVDIDFVLHX 9RLVXQWHWLGHFUHWLQLHXVXQWXQXOVLQJXU &XPVWLWLFLWRSODVPDHXQDQLPDOXQLFHOXODU (XYDODVVLWXDWLDFODUDvQVXVSHQVLH 6DWLSXQHXVDUHSHFRDGDFDVDYLLODVFRDOD )OXLHUDWLFDQDVWUXVQLFLL &DFDOXO FDVLFDOXO 1XPDLFRSLDWLPXUDQJXUD 7HDVFXOWDFXPDLGLRWXOHVDYDGFHQXVWLL 'DFDQXLHLPDVXULVLJUHXWDWL &XSUXOHVWHPDUHFRQGXFDWRU GHHOHFWULFLWDWH 9DURJILHFDUHHDWHQWODFHOLQWHUHVHD]D 6XPDWULXQJKLXULORUXQXLWULXQJKLHJUDGH 6LVWHPXOELQDUvQED]DGRLFXFLIUHOHVL $LSDUXOSUHDPDUHVLWLDPkQFDWGLQFUHLHU (VWLVLQSULPDEDQFD&RVWDPXOWORFXODVWD $ROHXHVWLKDQGEDOLVW7HDLWXQVFD6&277,(3,3(1 )DXQUDGLFDOGLQDODPDUHVRYLHWLF 'DXHLQLVWHLQGLFDWLLGHPRUL $WLDGRUPLWFXWRWLL9RXDYDWUHEXLHFHQWXUDGHVLJXUDQWDFDODPDVLQD6DQXFDGHWLMRVGLQEDQFD 3LUDPLGDGHWUDQ]LWLH &HWRWUk]LDFRORFDRPDLPXWD,DXRFUHDQJDFXREDQDQDVLWLRSXQvQEDQFD6DWHVXLSHHDVLVDWHGDLGHDGXUD %DLWLSDWLDLFHDFDvQMXQJOD7UHEXLHVDWUDJHPRIURQWLHUDVDYDVHSDUDP=RQDWURSLFDODGHRSDUWHFODVD;,*GH FHDODWDSDUWH &KLDUGDFDHVWLEROQDYYLLODVFRDOD&HVHWHPHXQEDUEDWGHXQPLFURE"0LFUREXOQLFLQXVWLHFDUWHQLFLPDWHPDWLFD QLFLQLPLF 6HVSXQH5HODWLLOHOXL9LHWDGHODQXPHOHODWLQL]DWDOOXL9LHWWHQXUHODWLLOHOXL9HWD&HUHODWLLRILDYDQG9HWDVLFXFLQH QXVWLHQLPHQL &kQGDX]HDPFDPLQJHDSRFQHVWHvPLVDUHDLQLPDvQVXV )DWRPDWHPDWLFDQXLGHWLQHWXGXWHODSUDVLWFDLQHYRLHGHIRUWDGHPXQFD XQHLIHWHGHODWDUD  1XPDLVFRWHOHYLVODELODWDEODFDRFDUDVFVLIDFSDFDWH 5RPkQXOVHFKLQXLHVLFUHVWHXQFXUFDQXQDQGH]LOHVLQXOPDQkQFDHOvOPDQkQFDMLGDQXO ;GLYLGHUDGDFLQDHFXDWLHLGDDVWDQHRILFLDO2GLYLGHLOHJDO 3UREOHPDDVWDRIDFHPMkGDQHVWH 9DGDXWHPDSHQWUX3DVWLFKLDUGDFDLVDUEDWRDUH&DGRDUPDWHPDWLFDQXHXDPIDFXWR7RWGHOD'XPQH]HXYLQH DVDFDQXLSDFDWVDOXFUH]LODPDWHPDWLFD 0kLQHVDPkQFDWLELQHFDvQYDWDPYUHRWHRUHPH 9HGHWLFXPQXDMXQJHWLPSXOHXWUHEXLHVDIDFPDWHPDWLFDDVDFXPWUHEXLH VHXLWDODFHDV (HHLGDUFHYRUEHVFHX"" /DVHVXQDQX" 3DLPDLDYHPWLPSVLPDLOXDPROHDFDVLGHODRUDFDUHYLQH %DDLGDYRLVkQWHWLFDDYLRDQHOHDOHDDPHULFDQH)QXVWLXFkW8LQYL]LELOHQXYDYHGHQLPHQLVLQXYHGHWLQLPLF 3UHVXSXQHPSULQDEVXUGFDOFXODPVLGDFD FHHDFHHFD]GHWXUEDUH 'DYRLYDJkQGLWLODFROWXQDVLDLFHDQX" 6WLWLFUHLHUXODUHUHIOH[HGHDSDUDUHvPSRWULYDWHRUHPHORU0DLGDFXSLFLRUXOODYUHRGRXDGLQWUHHOH 7RWLGDWLOD,6(2VDILHMXPD GH5RPkQLHHFRQRPLVWL'D FHEDQLRVDQXPHUHQXVWLX"" /DXDUVSHUXJFDUH]ROYDVHRHFXDWLHGHJUDGXOFLFDQXPDL'XPQH]HXSXWHDIDFHDVWD 2PXOVLPSOXIDUDPLQWHHQHYLQRYDW(/DMXQJHvQ5DL 2PXOIDUDFDUWHHIHULFLWEDLHWLPDLIHULFLWFDYRLGDQXHPLQWHGHORF 3XWHPVDQHXLWDPDFRORFX1RUWRQXOGDUQXYHGHPQLPLF 6FDUDFXHWDM 3XWHWLVDvQFHWDWLPDLvQFHW" &HLH[WHULRUL]DUHDDVWDSHDOWHSODQHWH" 1XVXQWHPVXILFLHQWGHLQWLPLFDVDILPQHVLPWLWL $LvPSXWLWWRDWDFODVDFXSDUIXPXODVWDGHWkUID1XPDLWXVLQHYDVWDPHDYDGDWLFXDVDFHYD 0LKDL9LWHD]XODIRVWXQPDUHFRQGXFDWRU'HDFHHDXUPDVLLLDXIDFXWVWDWXLHHFYHVWUDSHFDO (XQXSRWVDPLWLQRUHOHSHQWUXFDODYRLHSDX]DvQWLPSXORUHLPHOH 1XSUHDHORJLFDVDHVWHGDUDVDHVWH 7RSRJUDILDVLLQWHUUHODWLLOHGLQWUHHOH ,DVWUDGXLHVWHWHVLvQFHDUFD $WLvQFHSXWVDJkQJXULWLSUHFXPFRSLLFDUHJkQJXUHVF *XUDQXHFDYLWDWHEXFDOD" /RFXOORUILLQGvQORFXLWGHFHOXOH ,DGDWIRF5RPHLFDVHDPX]H]H



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&XFkWSRWVDPLVLPSOLILFFDOFXOHOHFXDWkWHPDLVLPSOX 3kQDPDURJFDGXSDDLD 6WDLMRVIHWLWRHVWLSOXWD $PDFDVDXQUDGLRFDPSURVWVLHO 0DWHLHLODWUDJHULGHVLUHWXULFXPLQH"" 3RDWHVDYLQDVLFRQJUHVXODO;9OHDHXWRWQXWHWUHF 9UHDXVDOWHUPLQSH%ROLQWLQHDQXRUDDVWD +DLVDVSDODPWDEOD /RJLFFDEXQD]LXD 'XWHODORFFDUXSFDWDORJXOGHQXWHYH]L ,DPYD]XWPkQDFRERUkQGSHVFDUD 'DFDYUHLVDIDFLSHSURVWX WHURJVDYLLvQORFXOPHX (FX ' GHOD WK WKRELWRFLORU 0DWLFRSLDWGHPDWLUXSW /XDWLPLVLPLHFRDUQHGDFDVXQWFDOGH 'DFD$PDLPLFGHFLW%WHGXFLXQGHYD 3XQHWLPkQDVLVFXODWLYD 3RIWLWLSHWDEOD $VFXOWDWLPDFDVXQWVLHXJULSDWD 0DLVLPSOXGHFkWDWkWFHSRD VDILH" 'DFDQXVWLLVDGHULYH]LIXQFWLLFRPSXVHHFODUFDPLVWHUXOHDEVROXW $FHDVWDOHPDRVDUDVFROHDVFDPXOWHFRQVWLLQWHGHDOHGXPQHDYRDVWUD (YUHRSUREOHPD"1LFLXQD (DEVROXWQHSODFXWVDDSUR[LPH]LVROXWLLFDUHQXH[LVWD 'RP QHFHvQVHDPQD(PLFDGDUH[LVWD" $LFLFDXWLFHDLJDVLWGHMD &HVDLIDFL"1XLIDFLQLPLFFDLDLIDFXW 6LDVDGHPRQVWUDWLDHSUREDELOGHVWXOGHDSDVDWRDUH ,PSOLFLWDSHQWUXFDQXVHYHGHGDUH[LVWD &LQHQXYLEUHD]DFkWXVLGHSXWLQODIRUPXODH[S L D HXQVFHSWLFIDUDVFDSDUH 3DLFRQWUDGLFWLDVHPDQLIHVWD ([LVWDRPLFDVDWLVIDFWLHvQVLUXODVWDGHLPSOLFDWLL 3DLGDFDQXDPVLLSRWH]DDVWDVXQWSLHUGXW0DWHPDWLFLL 2GHILQLWLHDSDUHQWLQFRUHFWDQHDFRQGXVODXQUH]XOWDWIRDUWHWDUH 'HQVLWDWHDGHSUREDELOLWDWHQHDUDWDFXPHvPSDUWLWQRURFXO 3UREDELOLWDWHDVSHUDQWDPDWHPDWLFD /uHVSDWLXFRPSOHW/HEHVTXHDXPSOXWVSDWLXO &RRUGRQDWHOHSRODUHvQGUHDSWDFHUFXULOH 6SDWLXOPDVXUDELOFDUHDVWHDSWDHVWHJDWDVSUHDVHODVDPDVXUDW $VWDvQVHDPQDYLROHQWDWUHFHULLODOLPLWD 'DFDVFRWLXQSXQFWSODQXOVHSUDEXVHVWH $VWDHRWHRUHPDIRDUWHIUXPRDVD DUDWDIRDUWHELQH  &LQHPDLWLQHPLQWHDVDQXPLWDVHULHOXL5LHPDQQFRQVWDWDRDQDORJLHIUDSDQWD )RORVLPDFHDVWDPLQXQDWDVFKLPEDUHGHYDULDELOD ÌQSULQFLSLXPXOWLPHDHQHYLGDDOWIHOWHRUHPDVHSDUDOL]HD]D $VWDQVHDPQDFHQVHDPQD 3HQWUXFLQHQXLHYLGHQWVDQFHUFHVDLILHHYLGHQW 1XPDLGLQWUHGXPQHDYRDVWUDDXWUHFXWWRDWHH[DPHQHOH%DQXLHVFFDDQDOL]DDDYXWXQUROPDVLY $LFLVXQWGRXDVFDSDULRULQXWHEDJLvQDVWDRULGDFDWHEDJLvQFHUFLVDLHVL 3HQWUXVLPSOLWDWHQRWDPGLIHUHQWLDOHOHFkQGDVDFkQGDVD 7RWFHVFULXSUHVXSXQFDH[LVWD 'RP QHFHYDHH[SUHVLHGDFDH[SULPDFHYD $UHSHWDXQH[SHULPHQWODLQILQLWvQVHDPQDDILvQSDVFXWLPSXOFHHDFHHvQDIDUDGHRULFHGLVFXWLH 6HPQLILFDWLDDOJHEULFDGHSDVHVWHDFHVWFXUVHLQXWLOVDLQVLVWDP (FHYDDGkQFDLFLGDUFHvQVHDPQDDGkQFODVDPQHODPXULW /DVDWLPDVDIDFFDWDORJXO 3XLXOHVWHQDVFXWFXODSWHSURGXVGHJODQGHOHPDPDUH &LQHPDLVWHUJHGLQWDEOD" 7DWDOHUDDYRFDWPDPDHUDPROGRYHDQFD 'DLDDPPLQWHVRMXGHF $OWFLQHYDODORF (XYUHWLVDSOHFGLQFODVD" 6DYDGGDFDPDLDPvQDOWDSDUWHGHJUHVLW



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3URGXGDWHSHDFHVWDVWUXFWXUD 0DPXLWDWGHFkWHYDRULVSUHYRLGDUQXVDXGH $PVSXVSOXVVLDP]LVPLQXV 'HFHUk]LvQJXUDPDUH (EDQDOVDQRVWLL (XPDFKLQXLVDRIDFFXPkQDODWDEODVLQLPHQLQXYUHDVDVHXLWH ,DLHVLODWDEODVLKDLVRIDFHP ,DMRV 7XQXIDFLGHRVHELUHvQWUHPHPEUHFkQGVFULL" *HRJUDILDHVWHXQRELHFWFDUH]ERDUDGHODHVWODYHVWSULQXUHFKLOHHOHYXOXL 2UDYLLWRDUHYDIDFURVWGHQLVWHELEHURDQH $UWUHEXLVDILWLSXVLvQWUXQFRSDFvQFXLEXULVLVDVFULHPDUH6201252$6(3$6$5(/( 9DGFXPURLHVFGLDYROLLvQMXUXOYRVWUX )DFHWLOLQLVWHFDDOWIHOYDOHJGHSDUVLYDGXFvQSLDWDVLYDYkQGFDQLVWHOHJDWXULGHSDWUXQMHO $GULDQFkWLGRLDQLDL" 'RPQLVRDUD;XOHVFXYDURJVDYDULGLFDWLvQWUHSLFLRDUH )DW)UXPRVGLQFRUFRGXVLD]LWXOHFWLD 8QGHVDXGXVIHWHOH"$KIDFVXQFDDIXPDWDODIXPRDU 3DUGHVWXOGHGHVHGHVLVXQWUDUHFKLDUIRDUWHUDUHvQUHDOLWDWHQXPDUXOORUILLQGLQILQLW 6DILWLVXSOHVLIUXPRDVH]GUDYHQHVLYDSRURDVH 6DYDGDXRVXJD VXJHVWLH  3 DVWDRIDFHPRUDOD /DHDSUH]HQWDHFDVLDEVHQWD ÌQDLQWHGHDPDLPkQDERLLSHDOWRJRUVDPDLFLWLPRSRH]LH 2VDLDXRPLWUDOLHUDVLRVDLvPSXVFSHWRWLFHLFDUHLQWUDGXSDPLQH ,GHHDHSUHDFODUDVLQDLYDSHQWUXVHFROXOQRVWUXGHPHQW 'DFDWLGDUH]XOWDWXOHXPDDUXQFGHODHWDM 6DPLDGXFLDPLQWHVDWLGDXRSDOPDODVIkUVLWXORUHL 'DFDQXWDFHWLYDEDJOLPEDQJXUD 3DUFDYHQLWLGHSHDUDWXUD 'DFDQDWLvQYDWDWFHHDLDFDOYHUGHFHLDLDFRQGXFWRUFXPVDvQWHOHJHWL" &HFDXWDDLFLIRVLODDVWDXGD" 1XSDFDOLPOLFKHOHOHFXXQDFXGRXD 0DXLWYHUWLFDOVLYDGRUL]RQWDO 0DPGXVODFXOHVGHIRUWH ÌPLYLQHVDXUOXODVWHOHFXFUHWDDVWD 9RLFUHGHWLFDHXDPYHQLWDLFLSHSRVWGHSDSDJDOVHI $VWDHXQPRGHOPDLGRELWRF 9UHWLVDYLQvQFRVWXPGHEDLHFDVDvQYDWDWL" '$$$$$$$$$$$$$$$$  ;HFHDPDLIUXPRDVDYDULDELODGLQOXPH 1XPLPDLGXKQLDWXWXQ &DXWDPWHUPHQLFXOXPkQDUHD 6XQWHWLFODVDFHDPDLUXPHJDWRDUH *DWDPDDLVFRVR" 9DGHVFRPSXQvQIDFWRULSULPL +DLFDYDQDXFHDPFXOXFUDUHDDVWD 2VDWHSULQGvQVkUPHVLQFXLHGHSULPDEDQFD %DHVWLVWLKLH 0DPFKLRUkWDLFLSHQWUXYRL 7UHLHUDWLRVHFXQGDSHL]YRUXOYLHWLL $XWRUXOvVLODWUDGLVFXUVXO 7HURJVDPDQkQFLPDLvQFHWFDPLIDFLSRIWD 0LUFHDQHILLQGOLSVHVWH 6FkUW0DULWRPkQHLEDO $VWDPLSUHJDWLWLSHQWUXDFDVDGDUVDQXPLYHQLWLFXFLQHVWLHFHPXFR]LWDWL 'RPQXODFHVWDVDvQFXUFDWvQSL[XULODOXFUDUH $SOHFDWVLHDRJDVLPSHOD:& &HHDFRORPLWLQJ"9RLQDWLGHVFRSHULWYRUELWXOvQVRDSWD" 'DFDQXvQWHOHJLGDWLvQMXGHFDWDVWUDPRVLL $PVDYDGDXQRWHSHUkV ,DUFkQGVHXPSOHJXUDUHVSHFWLYDFXPDWHULDOH 3HYRLWUHEXLDVDYDFXQRVFDFXPYUHRGHDQLFDPLVFKLPEDPPHVHULD0DIDFHDPFORYQFDYRLQXPDLFkQGYD XLWDWLODPLQHvQFHSHWLVDUkGHWL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

1XPDLVDQXFDSLDWLODOXFUDUH 9RUEHVWHPDLFLWHW &HWHXLWLODPLQHDVDWULGLPHQVLRQDO" 6DOVFRDWHPSHFHWDWHDQXO;GLQHFXDWLH &LQHVHVLPWHSURVWVDYLQDOkQJDPLQH &DUHHVHIGHWULEDLFLDDDGHFODVDSHDLFL" &HOHRLILVSXVHXSHPDFXODWRDUH" 6WHUJHFkUQDWXODODGHSHWDEOD $PVDWHIUHFGDWDYLLWRDUHGHQDLVDVWLLFXPWHFKHDPDQLFLFXEXOHWLQXOvQPkQD 9HFLQXOPHXGHODWDUDVLDERWH]DWYDFD&LHORFUH]kQGFDIDFHUHFODPDODERX 'DXFXPLQHGXSDWLQHGHQXVHYHGHRPFXSHUVRDQD $PIRVWKDUWXLW]LXDvQDPLD]DPDUHGHQLVWHJRODQLD]LQRDSWHSHODRUD 7LDLGDWFX]kPELQROSHIDWDDLOXDWGDODWDWD,OLHVFX" 9HGHWLFHVHvQWkPSODIDUDJkQGLUH ÌWLPXOWXPLPFDQHDLSXVFHYDSHPDVDVDKDOLP &RS\ULJKWE\&$9(DNDWKH-RNH0DVWHU

3HUVRQDOLWDWL

0DUWXULDSUHVHGLQWHOXL&OLQWRQ  VHUHFLWDGLQWURVXIODUH 

1DPIDFXWRvQPDVLQDQDPIDFXWRvQvQWXQHULFQDPIDFXWRvQSDUFQDPIDFXWRODRvQWkOQLUHQDPSRIWLWQLFLRGDWDOD IHPHLD DOWXLD QDP IDFXWR OD GDQV QDP IDFXWR vQ FKLORWLL HL QDP IDFXWR SH IDWD HL QDP IDFXWR QLFLRGDWD vQ SDW 'DFD FUHGHWLDVWDVXQWHWLJUHVLWLQIRUPDWLQDPIDFXWRFXJHPHWHQDPIDFXWRSULQWHOHIRQQXLDPSDWDWHXURFKLDHXQLFLPDFDU QX ODP ERPEDUGDGW SH 6DGGDP +XVVHLQ QDP IDFXWR FX FDWXVH QDP SLSDLWR QLFLRGDWD SH /LQGD 7ULSS QX PDP SXUWDW QLFRGDWDSURVWHVWHDIRVWRVLQJXUDGDWDFX0DUJDUHW7KDWFKHUDPIXJDULWRGDQDPSULQVR1LPLFSHUYHUV'RDPQHIHUHVWH HXQLFLFXQHYDVWDPHD1XPLDPUXJDWSULHWHQLLVDPLQWDSHQWUXPLQHQXOHDPSXVODXVFDWQXOHDPSXVQXOHDPSXVvQ QRLHPEULHWUHFXW 6L FKDLUGDFD DV IL IDFXW DVWD QXPL DGXF DPLQWHQDP IDFXWR vQ KRO SRDWH DP IDFXWR GDU QXPL DGXF DPLQWHQDP IDFXWR vQ ELURXO PHX QDP IDFXWR QLFLRGDWD FX FkLQHOH QDP IDFXWR QLFLRGDWD FX FLRUDSLL FX SLVLFD SRDWH RGDWD FX $UDIDW QDP IDFXWR QLFLRGDWD vQ JUDED QDP FLXSLWR QLFLRGDWD SH GRPQLVRDUD %HWW\ &XULH SRDWH GRDU DP SXV PkQD,DUDSRLDPDVFXQVDGHYDUXO'DUQLFLRGDWDQXDP IDFXWWRDWHFKHVWLLOHDVWHDDVDGHWDUH&HOSXWLQQLFLRGDWDvQSLHOHD JRDOD$VWHDSHFDUHOHDPPDUWXULVLW1XFRQWHD]DILLQGFDHUDPvPEUDFDWL1DPIDFXWRQLFLRGDWDFXRWLJDUDQXPLDPGDW QLFLRGDWDvQWkOQLUHFXGRDPQD6WDUUQXVWLDPFDSDFDWXODVWDDVDQHLPSRUWDQWRVDDMXQJDVDILHSRYHVWLWSH&11DPvQFDOFDW QLVWHFKHVWLLSHFDUHPLOHVSXVHVHPLHPDPLFDPHDDPvQFHUFDWVDPDDVFXQGGDDFXPDWLSULQV,QVDYDURJVLYDLPSORU1X FRQGDPQDWLQXDFX]DWLSRDWHDPVLHXRFRGLWDDFRORGDUQLFLRGDWDQLFLRGDWDQDPPkQFDWXVWXURL

3RH]LRDUH

&HDWDQRDVWUDFHDIXGXOD *DVFDQRDVWUDFHDIXGXOD GXOD  $VH]DWD QFDSGH FHPD" PDVD &RQVXPDPkQFDUH DOHDVD &RQVXPDPkQFDUH DOHDVD

%UkQ]DDOEDFDRFRDOD FRDOD  2PDQkQFLGHWLVH FHPD" SDUH &DHEXQDWDWHPDUH &DHEXQDWDWHPDUH

0LWLWHLFXDUGHLLXWH &XPPkQDQFLvWLYLQH D FHPD" VSXQH $KFHGHEXFDWHEXQH  $KFHGHEXFDWHEXQH 



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

7XLFDGH3LWHVWLEDODLH ODLH  'HWHVFDUSLQDOD FHPD" OLPED 'LVSR]LWLDWL RVFKLPED 'LVSR]LWLDWL RVFKLPED )ULSWXULFDGHERERFL RFL  &XJDUQLWXUDGH FHPD" FHDSD 'HvWLODVDJXUDDSD 'HvWLODVDJXUDDSD

0HUHSHUHFR]RQDFL QDFL  6DPkQDQFLSkQDWH FHPD" FXOFL 'H DWkWHDEXFDWHGXOFL 'H DWkWHDEXFDWHGXOFL &XLPHQLXQ DSODFXW FXW  $SDLPXPDOXLVD L FHPD" IDFD $OWFHYDFDUHVD LSODFD $OWFHYDFDUHVD LSODFD )DWDPDPLLVWDSHSULVSD SULVSD  &XPkQDEDJDWDQ FHPD" RDOD 6RVSHOHSHGLQDIDUD 6RVSHOHSHGLQDIDUD

)DWDPDPLLFHDIXGXOD GXOD  8PEODQRDSWHDGXSD FHPD" SHVWH &DvQEDOWDHLQXFUHVWH &DvQEDOWDHLQXFUHVWH %DLHWHOXIDFHEDLH EDLH  6LVHVFDUSLQDOD FHPD" FHDID &DHVWHFDPUHFHQDSD &DHVWHFDPUHFHQDSD

'RXDEDEHVXQDVOXWD VOXWD  $XSOHFDWFDVDVH FHPD" SOLPEH $HUXOVDvOPDLVFKLPEH $HUXOVDvOPDLVFKLPEH

1DXIDFXWQLFLELQHXQWXU WXU  /HDLQWUDWRWHDSDQ FHPD" JOH]QD &DHUDQWXQHULFEH]QD &DHUDQWXQHULFEH]QD

%DODGDVDGLFXOXL $IDUDLIULJVLHQQRUDW 6LQVREDDUGHPDPD 'HOXVWUDWDWDLVSkQ]XUDW ,DUHXPDWDLFXODPD

9DULDQWDODSULPDVWURID $IDUDLIULJvQFDVDLFDOG &DQVREDDUGHPDPD 'HJULQGDLWDWDVSkQ]XUDW ,DUHXPDWDLFXODPD 3HMRVVWDXIUDWLLPHLvQWLQVL 6XQWPRUWLGHRVDSWDPkQD



ÌQSXWUHIDFWLHDXLQWUDW 'DUQLPHQLQXLDGXQD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$VFXQVHIUDWLPLXQGXODS 1XLSDVDGHQLPLFD $UHXQWRSRUvQILSWvQFDS 6DLWLQDFLSLOLFD /XQJLWHPRVX 0LKXQSRG &XXQFXWLWvQVSDWH /DPXUPDULWGHODSDUWHU 3HYLDWDVLSHPRDUWH

,DUVRUDPHDFXRFKLX VFRV 6H]EDWHvQWURODGD 0DLHXQIUDWHQWLQVSHMRV 6LQVSDWHDUHREDUGD

,DUXQFKLXPLXHQGRUPLWRU 3LWLWvQWURYDOL]D /HJDWFXGRXDILUHOXQJL &HGXFGLUHFWODSUL]D

6LQIULJLGHUHFRQJHODW ÌQSXQJLGHXQNLOEXQLFX  'DUHXVXQWPLFQXVWLXQLPLF 'HDELDvPLWDLEXULFX 

9DULDQWDODVWURID ÌQIULJLGHUvQSXQJLGHXQNLO 6WDUHOD[DWEXQLFXO ,DUGLQEXQLFDDXPDLUDPDV 8QGHJHWVLEXULFXO %XQLFDLOkQJDDUDJD] &XXQIXUWXQvQJXUD 6LQMXUXOHLPLURDVHDJD] 6LQXDSUDMLWXUD

9DULDQWDODVWURID ÌQEXFDWDULHFXXQIXUWXQvQJXUD =DFHEXQLFDSHDUDJD] ÌQMXUXOHLPLURDVHDJD] ,DUHDHQXPDLVSXPD 8QFKLX 0DWHLVWDvQH[WD] &XRFKLLODFRUQLVD &XXQSLFLRUvQDUDJD] 6LGHJHWHOHQSUL]D 

'RUPLSXLXOWDWLLGRUPL &DFLWDWDWHJD]HD]D ÌWLWDLHFDSX FXQWRSRU 6DSRLWHvPSDLD]D

-RDFDFXQJKHP =JkUkLXQFRSLOFXFLREXOSHIDWD (OUkGHVHPLUDFUHGHFDPDPDOUDVIDWD



6kQJHOHLFXUJHGLQUDQLOHDGkQFL 3HIDWDHODUHYUHRFLQFLFLFDWULFL ÌOLDXVLvOVSDO $FLGXOHQRX 3URDVSDWOXDW $SRLFXRFkUSDVWHUJFHDUDPDV 'LQELHWXOEDLDW

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

)HWLWDVHMRDFD 3HVLQDGHWUHQ 2YDFDDODWXUL 6HMRDFDFXQJKHP /DJHDPPDPDIHWLWHL 2VWULJDGH]RU 8QFkLQHQHWUHEQLF 2QKDWDGHSLFLRU 'DUHLvLSODFH 6LSDUFDDUPDLYUHD 'DUVkQJHOHFXUJHVLURDLHGLQHD 0DPDIHWLWHLWLSDODFkLQH 'LQ]DUHXQWUHQDSDUHVLYLQH 6LYLQHVLYLQH )HWLWDL]GURELWD &kLQHOHODIHO 2YDFDDODWXUL 6HMRDFDFXQJKHP 7ULPLVDGH0HONPHON#JPEUR

/XFHDIDUXO $IRVWRGDWDFDQSRYHVWL $IRVWFDQLFLRGDWD 3HODQHZVJURXSXULURPkQHVWL 3RDWDRGUDJDIDWD ,DUDGHWULVWDFHHUD &DFLQXDYHDSHUHFKH 8QNLOGHWXLFDVLFXPSDUD 3H]LFDVDVHPEHWH 6LvPEDWkQGXVHYHGHD &XP6W%DVLODSDUH &XFDOXOVDXDOEFDGHQHD &XRFKHODULGHVRDUH ÌOYHGHD]LvOYHGHPkLQL $VWIHOGRULQWDLJDWD (OLDUSRVWDWGHVDSWDPkQL ÌLFDGHGUDJDIDWD

&RERULvQMRV%DVLOFHO6IkQW 3OXWLQGXVRUFXFDOXO 3HWLQHWHYUHDXFHOPDLPXOW 'DPLSODFHVDQLPDOXO %DVLODWXQFHDDSRUQLW /DVHIXOOXLFHOPDUH &DVDLDSUREHvQVILUVLW (OHQHLRFKHPDUH



'DUQXDYXSUHDPXOWVXFFHV &DVHIXOOXLXUOD /DSURDVWDDLDGHSH1HW &KHPDUHQXVHGD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6LSHQWUXFLQHYUHLVDPRUL" ,DXLWDWHGHDSURDSH 2ULQXWLDPVSXVGHDWkWHDRUL 6DQXWHOHJLGHPRDUWH" 'HYUHLODOXPHVDDUDWL $WDOHEDUEDWLH 0DLELQHXPEODvQFKLORWL &DPLDUSODFHDVLPLH

6DWLVSXQFLQVWLWFDPGHPXOWWLPS 7HXUPDUHVFvQWDLQD 6LWHYLVH]DGHVHRUL 3HWLQHIDUDKDLQD ÌWLGDXFDWDUJOkQJDFDWDUJ 2VWHQLFDVDWLIDFLRDVWH 6LDVWDGRDUFDVDPDODVL &XVXODQDWDFRDVWH

ÌQORFXOOXLPHQLWGLQ5DL 6W%DVLOVHvQWRDUVH 'DUGXSD]LXDFHDGHLHUL 1XLPDLDUGHDGHFLRDUVH  ÌQYUHPHDDVWDSHSDPkQW )DFXVHRXDFORVFD ,DUDGLQWUXQXODLHVLW 6WXGHQWXO,RDQ5RVFD 6LHUDPLFVL]JULEXOLW &XvQFOLQDULVSUHPRDUWH ÌQFDGLQRXOOXLFORFLW 'RUHDRDOWDVRDUWH

&kQGJkWXOOXLVHQWLQVHQFHW 8QEREGHJUkXVDPEXFH (OHQDDSDUXGLVFUHW 6LvVLIDFXRFUXFH

6LL]LVHQFHW ÌQFDGHPLFWHSRWULYHVWLFXPLQH (XDPRLQLPDGHDVFHW ,DUMDOHDHODWLQH 6LDWXQFLSURSXQGHORFIRUPDO 6DPDXQHVFFXWLQH &RUGRQXOWDXRPELOLFDO 7HYDOHJDGHPLQH ,DUD%DVLOYHGHDGHVXV 8LPLUHQDOXLIDWD &kQGHDXQEUDWSHJkWLDSXV 6LOXLLDIRVWEUXVFJUHDWD 6LDXUDPDVDVDPXOWWLPS 'DUJDWDLEXFXULD



&D,RDQ5RVFDHWULPLV 'LQQRXvQ5RPkQLD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$WXQFL(OHQDXUFDQVXV 3ULYLUHDHLFHDWkPSD &DFLEDXWXUDVLDIDFXW /XFUDUHDHLDGkQFD 3H6W%DVLOvOYHGHLDU 3HFDOXOOXLFHOPDUH &DUHLVWkUQHVWHLPHGLDW 6LURDLHGHVXGRDUH

6LOFKHDPDDGkQFQHVDWLRV 6RSWLQGXLYRUEHVILQWH 'DUHOHvQFDVRPQRURV 6LQXPDLLDDPLQWH

6LQWUXQWkU]LXUDVSXQGHVFXUW 5kQMLQGFDDQLPDOXO &HWLSDVDWLHFKLSGHOXW 'DFRLILHXVDXFDOXO" -

1XVWLXFLQHDVFULVRGDUHEXQDVLFUHGFDDDYXWVLXQVFRSVDXXQPRWLYELQHQWHPHLDWODPRPHQWXOVFULHULL

3X LDGD $&78/, 'HPXOWvQYUHPXULSUHDvQGHSDUWDWH &kQGSX HOHSUHDUDUHUDXVFXODWH 2DPHQLLvQFDQXVWLDXGHVWXOH 6DIDFDFXDOHORUFLXGDWHSX H 1XFXQRVWHDXGHFkWYUHRWUHLSR]LWLL 6LQXIDFHDXSUHDPXOWHH[KLELWLL $WXQFL]LFHDPWUDLDXQvPSDUDW &HFXQHYDVWDVDQXSUHDVWDWHDSULQSDW *kQGHDHO5RVWXOYLHWLLSHDVWDOXPH (DVFXQVvQDOHFUHLHUXOXLVSXPH 6XWHGHDQLGHDUILVDPDLWUDLHVF (XWRWYRLvQFHUFDVDvOJDVHVF &kWGHVSUHDPHDvPSDUDWHDVD (DGHYDUDWHDHDPHDDOHDVD 'DUSUHDQXVLSXQHSL GHLRPDVXUD 6LPDWRWYUHDVLLI WVLPRUWLLQJXUD ,DUHDRIWDVLQDFvQILJHDDWD 6LDVWIHOSDVQLFOLVHVFXUJHDYLDWD 3HSL GDPDVLL]LVHHDQWUR]L &KLDUD]LUDEGDUHDPHDVHYDVIkUVL 3DLXQGHJkWX PDVLLHOVHFUHGH 1LFLHXODSX DLVDQXSRWDFFHGH" 2VDLDUDWFDQXVXQWFKLDURWXWD ÌOEDWGDFDQXMXUDVDPDIXWD 6LVHDUDFXWRWVkQJHOHODFDS ,QWUDODHOVFRWkQGXVLXQFLRUDS 1XPLVSXLQLFL EXQD PDIX XWHQJXUD 7HSRUWLFDXQWDUDQSHDUDWXUD 0DLWDFLvQSL GDPDWLLPDLIHPHLH



&DWRFPDLvPLYHQLVHRLGHH 'HVSUHSODQHWHOHFHQFHUFXULPLVFD 0DQWUHEFHIHOGHYLHUPHQFXUWHSLVFD 7XRULHVWLKRPRRULHVWLGHEXUHWH 3URDVWDDIRVWPDWDFDDYUXWVDIHWH +DL]LVHGHYHQLQGSXWLQEODMLQD 'kQGXVLMRVIXVWDGHPDWDVHILQD /DPDWDQSL GDVWLXWHVLPWLPDLELQH ÌQFHDUFDvQVDYLHWLLSLHSWGHLWLQH 1XLJUHXvQPRUWLLPDVLLHRMRDFD 7UHEXLHGRDUVDPDSDWUXQ]LvQFORDFD 'DFDYUHLFKLDURPkQDSHSLFLRU 1XHSXWLQSHQWUXQvQFHSDWRU $VDFDQWLQGHODED0DLPXLHUH 8QOXFUXJUHXWHKRWDUkVLDPLFHUH %DJDVLDUSX DQPDWDXQEDODXU &DHVWLPDLSURVWGHFkWXQGLQR]DXU 3XQHPDPkQD1XSXQ3RFvQFR LH &XQVXWvPSDUDWHDVDvOvQGRDLH $FXPDYUHL"'DVWDLSXWLQDVWHDSWD 1XWHVWLDPFDHVWLDVDGHVWHDSWD 6LFHVHSHWUHFXvQDFHDQRDSWH 1XVHPDLVSXQHDFXPGHFkWSULQVRDSWH

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$&78/,, 1RXDOXQLGXSDDVWDvPSDUDWXO &XQPDUHUDFQHW]JXGXLSDODWXO 6OXJLVHUYLWRULYHQLWLILUDWLDLGUDFX  &DDOWIHOYLQVLYDVWUDSXQJFXDFX  3HORFVHUHSH]LUDWRWLvQJUDED =LFkQG0DLRILUHQXQWDWODODED" 'DUFkQGVHXLWDOHFDPSLHUHJUDLXO (UDXQFRSLOPLFIUXPRVFD5DLXO &XPVLOLPDJLQHD]DILHFDUH 'DUSXWDYDOHXFkWHUDGHPDUH $VWDFXSX DVDQDVFXWVHYHGH &DDVWDLSXWDFLQHDUSXWHDFUHGH" 3HFHDPPDLVFXPSPDULWHvPSDUDWH (38 $GLQWUHDOHDDGHYDUDWH 6DPRDUDPDPDVLWRWQHDPX PHX 'DFDQXLSX DDWXQFLSRSDVHX 'HRRUDWRWLPLQXQHDRSULYHDX 6LODXGHQFRQWLQXXLDGXFHDX )RDUWHQFkQWDWGHWLPSX FHVDVFXUV $OWHWD6DWLQXXQPLFGLVFXUV 0DLvQWkLVLODQFHSXW 7LQFDQJXUDVDYDIXW 6LQXVEXODQJLXSUHDPDUH 9DSURPLWHMDFXODUH $WLYD]XWGHFHVvQVWDUH 6HFUHGHYUHXQX PDLWDUH"

8UD2OqUDFQLWDXWRWLGHRGDWD 'LQWRWLWXHVWLFHOPDLDOGUDFX WDWD 1RLODPERWH]DW3XOLFD 7RWLGHHOVDSULQGDIULFD )LLQFDHOYDILXQGXU 6DYDIXWSHWRWLvQFXU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

2SX HVLRSL GHFHPLQXQH 6HSHWUHFXQSDODWXODVWD6SXQH 7XYkQWXOHDLPDLYD]XWYUHRGDWD 8QEDLHWHOFXRSX DDVDGHODWD" 'HDUILGRDUODWDGDUPDLHVLOXQJD 3kQ ODSDPkQWRGDWDRVDLDMXQJD 'HQRXD]HFLGHDQLWUDLHVFSHOXPH 'DUGHDVWHDQDPYD]XWGHFkWvQJOXPH &HSL GDPDVLLOXPHDQQHEXQLVH &DFLQLPHQLQLPHQLQXVLvQFKLSXLVH 8QFRSLODVFXSXWDFXP",PHQVD 0XOWLPHDQMXUXOOXLILLQGSUHDGHQVD 'XSDXQWLPSDIRVWvPSUDVWLDWD 6LYHVWHDVDWUDQVPLVvQWDUDWRDWD $&78/,,, $XWUHFXW]LOHVDSWDPkQLGHDUkQGXO 7LPSX ]EXUDPDLUHSHGHFDJkQGXO 3X LFDDOQRVWUXWDUHPXOWFUHVFXVH &kWXQXOGHFLQFLDQLHOVHIDFXVH &DPvQYUHRQRXDOXQLVLMXPDWDWH 6LvQWUR]LFkQGGHVHQDSDWUDWH ÌL]LVHPDVLL0DPDXLWHVWLX &XPVDFLWHVFVDGHVHQH]VDVFULX 0DLvQYDWDWGHWRDWHUHFXQRVF 'DU3, '$HXDVYUHDVDRFXQRVF ÌPSDUDWHDVDPDLPDLVDOHVLQH ÌLVSXVH0DLFRSLOHQXWLHELQH" 'RDURDPHQLL]LFFHLvQWRDWDILUHD ÌVLSRWJDVLvQSL GDIHULFLUHD (VWLPLFHVWLFkWVD]LFFkWRSDSXVD 6LvQFDQRVDWLGDXGUXPXOSHXVD 3X LFDDX]LQGJkQGHD%DJDPLDV 3XWRDLDQHDGHYLDWDVLFDFDPDV 3HHOHGHSDWUDWHvPSXWLWH &DLHWHFDUWL"(LSX H&XFXWLWH $GRXD]LVDUHSH]LWODHOH *kQGLQGVDOHSUHIDFDQEXFDWHOH 'DUVDRSULWÌQFDRVDSWDPkQD 6DQYDWQXRVDPLILHSHVWHPkQD $VWIHOYUHRVDSWH]LOHDXPDLWUHFXW 3X LFDQFHDUFDLDU8QvQFHSXW 6WLLWUHEXLHVDDLEDRULFHWUHDED $VWDSHRULFLQHGDFDYUHLvQWUHDED $VDFDKDLODSL GDWXPDODVD $OWIHOVDPRUGDFDQXIXJGHDFDVD 0DLYLHUPHvLVWULJDvPSDUDWHDVD 'HDELDQDVFXWVLQXWLPDLSODFHFDVD ÌQFDUHSULPDRDUDDLSOkQV"1XWLPHUJH 6DVWLLÌQYDWDQDVXOFXPVHVWHUJH 6LDSRLVDYLLVDPDLYRUELP$IDUD 'HQFHUFLVDLHVLWHVSLQWHFFDSHRILDUD 6HEDJDVLPSDUDWXO0DL3X LFD 2SXWDFDDWDvQFDLSUHDPLFD 6LQXDLSUHJDWLUHDQHFHVDUD 6WLXFDWHFUH]LGHVWHSWGLQFDOHDIDUD 'DURULVLFLQHSXWDGRDUVDDLED 6LSUHDOHMHUVDLWUHDFDSULQWURVDLED



6HFUHGHPDOGDUGHLQWHOLJHQWD $VFXOWDXQVIDWGDWFXFRPSHWHQWD 'DUWDWDHX1LFLXQFXYkQWvQSOXV &HDLDX]LWHFHDPDYXWGHVSXV $FXPRODEDIDVLODFXOFDUH 6LQXXLWDFDQRLvWLGDPPkQFDUH 9DIXWvQRFKLOHVSXVHHOvQJkQG 6LQFDPHUDODHOLQWUDSOkQJkQG &UHGHWLFDVDRUH]ROYDWLFXPLQH" 0LVDVFXODWVLVDYDWLQHWLELQH

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$&78/,9 ÌQFKLQVLMDOHPDLWUHFXROXQD &LXGDWSDUHDFDWRWXOPHUJHVWUXQD 3X LFDHUDYHVHOVLFXPLQWH 6LPXQFHDPXOWPDLPXOWFDvQDLQWH 'DUvQWURQRDSWHSHVHVWDFKHLHVH 3HJHDP3X DVDPLEDJDLFLIXVHVH 2VFDUDFLQHSL GDPDVLLDOXDWR" $KGDUkPDWDMRVDFRORLLDWR (LFDPEHOLWDPSXWDPHDFHDOXQJD ,HGHUDQXSUHDFUHGFRVDPLDMXQJD (]LWDGDUYD]kQGFXPIULFDPRDUH ÌQFHSHSHSHUHWHVDFRERDUH 'DUFkQGDMXQVHMRVSHQLVWHSDLH 2PkQDWDUHLVHQILSVHQFRDLH 6WDLQXPLVFDDX]LHOGLQXPEUD 6LvOFXSULQVHRSUHVLPWLUHVXPEUD 'DUDGXQkQGXVLIRUWHOHVHQWRDUVH &KLWFDVLVLPWHDHOFRDLHOHFDPVWRDUVH /DGLVSHUDUHUHSH]LRPkQD 6LGDGXSHVWHXQSDQWDORQGHOkQD +DLVDWHYDGVWULJDHOYHVHOIRDUWH 6WUkQJkQGVLHOODFRDLHGLQWURSDUWH 6WUkQJHDVWUDLQXOFDXQOHXFLRODQXO 6DXFXPXQSUROHWDUVWUkQJHFLRFDQXO 'DUQLFL3X LFDDOQRVWUXQXVHODVD (VWLVODEED$VWHDVFRDLH"'XWHDFDVD 6RIXWSHPDWDFXRGDPLJHDQD 0kQFDPLDLSX DDQLPDOFXEODQD ÌWLIDFGLQFRDLHRXDGHIXUQLFD &HSL GDPDWLLFUH]LFDvPLHIULFD" $X]LQG]JRPRWVHWUH]LPSDUDWXO 6DYDGDFHVHQWkPSODFXSDODWXO 6HXLWDQMRVFHYHGH"3X D*URDVD 'LQWRWLVOXJDVDFHDPDLFUHGLQFLRDVD &XDOVDXIHFLRUHOFUkQFHQVHFRLHVWH +HLWXvPSDUDWHDVDLDSULYHVWH 9LQHVLHD6HXLWDIDVFLQDWD /DILVXFDUHSHQWUXQWkLDGDWD $UDWDFDUHQLVWHVkQJHQFRDLH 2SULWLOHVWULJDHD1XYUHDXEDWDLH 7X3X D*URDVDPHUJLYH]LWLGHWUHDED ,DUWXDLFHDVXVVDXUFLGHJUDED $PkQGRLLPHGLDWVDXFRPIRUPDW &XRUGLQXOSHFDUHHDODGDW 3HVFDULJkQGHD3X LFD/XDPDUGUDFX  $POXDWRQPkQDUDXEDJDPLDVFUDFX  'DUFkQGDMXQVHVXVHOXDWvQEUDWH 3XSDWvQFXUVLVFDUSLQDWSHPDWH



&HSX DPHDDYHWL"3X LFDVWLL 1RLWRWGHDXQDPXOWWHYRPLXEL 1X]DX"%DJDPLDVSX DQYRLGHMDYUH 9HQLWLODPLQHFXDVWIHOGHSDODYUH 'D LDGHYDUXOJROEDvQWHOHJH &kQGVkQJHQSX DRVDPLVHQFKHJH $WXQFLRVDYDFUHG(LVWDLDVWHDSWD 1XWHJUDELvQYRUEDQLFLvQIDSWD 6LPLHPLSLFDYLVHFkWHRGDWD 6RIXWSHPDWDQSL GDGHDOWDGDWD 6DVFKLPEFXIRUWDPLQWLLDOYUHPLLFXUV 6DILXSXWHUQLFVDDPPXVFKLGHXUV 6DILXXQ]PHXVLDSHOHPDULQH 6DIDFDYDOXULQXPDLSHQWUXPLQH 'DUPDFDOPH]3ULYHVWHYH]LFXPVWDP &HHDFHYUHLQRLQXSXWHPVDWLGDP 1XYDPFHUXWQLPLFIX XYDQJXUD &DLDUDPDFDOFDWLSHEDWDWXUD 9UHDXOLEHUHXVDILXVLDFRORQRXW &HvQFDQDPRVDPDGXFVDFDXW &HLGRLVWDSkQLGLQRFKLVDXvQWHOHV (OFKLDURYUHD3X LFDDLDFFHV ÌQVSDWLXOFHODQHVIkUVLWVHQWLQGH 6SUHSL GDDFROROLEHUWXYHLWLQGH

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$&78/9 $GRXD]LvQWUkPELWHVLVXUOH 3X LFDYHVHOVHJUDELVDXUOH &XUWHQLYDODVvQJULMDSX LLYRDVWUH ,DUHXFXFDOXOGHFLQRLGHDOHQRDVWUH 1HGXFHPVDYHGHP9DIXWSHWRWL $VDFXPVXQWHWLXFLJDVLVLKRWL

7UDLDVFDPDWDvLVWULJDUDGkQVLL 7RWUXPHJkQGSHDOHORUvQWUvQVLL (UDGHWUHDEDVRSWLXQXO/DVD 1XYH]LFHLDIDFXWOXL3X D*URDVD" 6LDFXPDPHUJHFUDFDQDWVDUDFX  0DQkQFLFDFDW&RL/XQJVDWHLDGUDFX  $FXP]LVH3X LFDHPRPHQWXO 6DQWRDUFHPVkUPDYLHWLLFXSDWHQWXO /DPXOWDPXLHvLXUDPSDUDWXO ,DXLWDWHODHODULVWRFUDWXO 9RUELvPSDUDWHDVD/DVkQGJOXPD ÌWLVDGHELQHQVDPkQFDWHDUFLXPD 9DIXWFXGUDJSHDPkQGRLOHVSXVH 8UDVLJUDEDPHDvQYkQWVXQWGXVH $VWIHO]LFkQGVHUHSH]LSHSRDUWD 6LPWLQGFDDSXFDWSL GDGHWRDUWD $&78/9, 6LPHUVHHOFHPHUVHFDOHOXQJD 3kQDFDQGJXUDLVHIDFXSXQJD $K]LVHXLWHDFRORXQL]YRU %DJDPLDVSX DRVLPWHDPFDPRU 6LQWLQVHERWXQMRVvQVDGHRGDWD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'LQDSDOkQJDHOVDULRIDWD 9LUJLQDVXQWVL/RVWULWDPDFKHDPD +DLYLQRvQGUD]QHVWHIDUDWHDPD +DLQHQDYHDvQVFKLPEXQFXUVLWkWH &DVHQWUHED3X LFD$PWDUkWH 3ULQFDSVDXSL GDPDVLLGRDUYLVH]" ÌQRULFHFD]vQWkLVWDLVDPDVH] 6DFDOFXOH]SUREOHPHOHPDLELQH &DHFHYDQQHUJXODFXPLQH &HPDLDVWHSWLDFXP"vLVWULJDIDWD 1XWLLDSUHDPXOWGRDUVDPDIX LVLJDWD 3X LFDWRWJkQGHD&HYDQXPHUJH (JkQGXOFHGLQFDSQXOSXWHDVWHUJH 1XL3, '$HDGDUWRWXVLFHVHQWkPSOD &DXLWHSX DPLDDMXQVODWkPSOD %DJDPLDVSX DUDFQLHOVDOEDWLF )DFkQGVSUHHDXQVDOWFDPDFUREDWLF 'DUFkQGDWHUL]DHUDWRWVROR ,DUHDOD]HFHPHWULPDLvQFROR 2VDWLGDXPXLHIDVRSWLDPDUQLF )XJLQGVSUHHDvQVDODIHOGHGDUQLF $IRVWGHVWLQXOVLGHDFHDVWDGDWD &DFLHDIXJHDGHHOFDRQHWRDWD (LIX XWLJkWX PDWLLGHVWDILH 6DYH]LFXPRVDPLVXJLWXSX DPLH =LVHQGkUMLWÌQJXUDWDPDFDF 6LVHGDGXFXFDSX GHXQFRSDF $SRLFD]XFXJULMDMRVSHLDUED 6LDVWHSWDOLQJkQGXVHSHEDUED (DYLQHVWDVHXLWDVLVHDSOHDFD ÌQILQHXQVXJKLWGHSOkQVRQHDFD 3X LFDKRSRPkQDQWUHSLFLRDUH 6LDOWDSHSLHSWvLSXVH$XPDGRDUH 6DWDFLvQPDWDORVWULWDWkPSLWD /DSX DWHYRLGDFDWHQJKLWD ÌQGDWDVFRDVHPRQVWUXOGLQFKLORWL 6LQFKL]kQGRFKLLVL]LVH'DLFkWSRWL ÌQVDDYXXQVHQWLPHQWFLXGDW 6LSHVWHRVXUSUL]DPDUHDGDW &DQGRFKLLLDGHVFKLV1DXFSULYHVWH ÌQSX DQWLVDLDWkUQDXQSHVWH :HKRSHWKDWWKHUHLVPRUHWRFRPH

7KLVSRHPZDVZULWWHQE\VRPHVWXGHQWVGXULQJWKHLUORQJKDUGKRXUVRIUHVHDUFKZRUN,WLVDZRQGHUIXOFUHDWLRQZKLFK ZHKRSHWKDWLWZLOOEHILQLVKHGDVVRRQDVSRVVLEOH8QIRUWXQDWHO\WKHUHLVRQO\DURPDQLDQYHUVLRQ

7DUDQXO /DSLDWDYLQHXQWDUDQvQEX]XQDUIDUDXQEDQ 3ULQGDVDJLDYHDFHYDFDUHQILQDODVDVSHUDQXYDPDLILJRODQ (UDEDWUkQEROQDYVLVODEIODPkQGFDXQXOFHQXLVWDE 1HvQWROLWQHEDUEHULWGHVWXOGHELQHUDPROLWFDFHOFX(O=RUDE 6HDVH]DvQFHWLVRUODRWHMJKHDFXXQSLFLRU ÌVLUDVWXUQDSHHDGDVDJLLvVLULGLFDSXWLQQDGUDJLLRIWkQGvQFHWLVRU 6LDUDQMkQGXVLJULMXOLXDYHUHDFDSHFHYDYLX 9RUEHDDVDDDvQVLQHDOXLGHSDUFDYHDvQJkWXQFXLVDXSDUFDUILFKHIOLX 'RDPQHFDPDLXPSOXWGHELQHYHGHDWHDVHXFDVLSHPLQH &DDPPXQFLWGHPDPVSHWLWWHDPUHVSHFWDWPDPVSRYHGLWGDUQXLDELQH 6WLLELQHFkWPDPVWUDGXLWVDDPGHWRDWHQPRGFLQVWLW



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$PWUDVFDERXOWRDWDYLDWDVDVWDXvQOXPHVXVFXIDWD 'LQDVWDFHDLHVLW" 3DL]LVLWXQXVWDFDERXOFDFXPvWLGDXvQQDVFXRXO 'HPDOLSVHVFVLGHGRLOHLFDEDEDDVWDLSUHWXOHLVDLLDXFDGRXO 9RUEHVWHPLVWHUGDFDSRWLWXYH]LFDLFHDVQXPDLKRWL" 1XYH]LFDWRWLLYRUVDIXUHFDPXQFDQXPDLSRWVDQGXUH &DQXVURERWL" &HFUH]LFDHXGHJUDVSOHFDLVLEDEDQFDVDPLRODVDL 6DPLIDFXQEDQGHEX]XQDUFDPLEDWHYkQWXOSULQKDPEDU 6LQDPFHGDODFDL" 6LFkWHVGHIDFXWSDFDVDGDUVDQDWDWHDQXPDODVD 6LQDPSHQLPHQLDMXWRUQLFLXUPDQFXUWHGHIHFLRU ,DUERDEHLRFvQOHDVD  'DGRDPQHORUOXDWLOXDWLGDFDGRULWLYDURJJXVWDWL /XDWLPDLPXOWFDYUHDXVDSOHFVLSULQRUDVDVYUHDVDWUHF 3RDWHRLJDVLFkUQDWL ,RWUHVDLDXSHQWUXEDEXWDFHYDVDSRDVDVWHDQFDUXWD &DLVXEUHGDVLQWURQFDQHDODODURPDQWLVPDUHVPLQWHDOD 6LL]LOQLFPDLVODEXWD 6DVYUHDGDFkWHQDVYUHDHX"6DSRWDVDPXQFLPHUHX &X]HFHPkLQL]HFHSLFLRDUHVLFkQGHOXQDVLFkQGVRDUH 6DSRWPkQFDVDEHX 6DGDXODWRWLGLQWUXGDPHD'DUPLHFLQHPLGDFHYD" &DvPLPRUYLWHOHvQFXUWHGHIRDPHQXFDVXQWSUHDPXOWH 'HPLYLQHXQJkQGDVDDDD /D+RLQDULGHF

7ULPLVDGH,RQGHOD+RLQDULVPTV#LGPDLOFRP

2EVHVLD$ $QWRQDYHDDYkQWXULDSULQVHDU]DWRDUH $YHDDEDQGRQDUHDDEUXSWHLDPDJLUL $GLQDDPRURDVDDPDQWDDPHWLWRDUH $GXOPHFDQDOFRYXULDUGHQWHDWLSLUL $QDUKLFDQDWHPDDPRUXOXLDJLWD $SRVWROLLDFHVWXLDWDYLFDGXOWHU $FHDVWDDPRUH]DUHDIDELODPDJLWD $YHDDQWLSRKRQGULFDYDQWDYHQWXULHU

2EVHVLD% %DODEDQLQGEHQJDOLFELJDPEOHVWHPDWLD %ROERURVLQGEODMLQHEL]DUHEkOEkLHOL %UXVFDELODWHUDOLFEROQDYLFLRVEHWLD %UDYkQGEUXWDOLWDWHDEDEHVWLORUEkUIHOL %DUEDWXOELHWELFLVQLFEDOFDQLFDEHVOHDJD %RORYDQHDEH]PHWLFEOHRMGLWLLEXOEXFDWL %RWLQGXVLERVXPIODUHDELSHGLFDEHWHDJD %HDEHQHYROELVWDULLEDUEDUERQLILFDWL

2EVHVLD& 

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&RULQDFXFDQGRDUHOFRUQLILFDFXFUDLL &HFDXWDFRQWLQXXFRQVWDQWFRODERUDUL &XFXFRQLWHFDUHFRQVLPWFDVLFREDLL DLFLDPHYLWDWRFDFRIRQLH &DSULFLRDVHFDOGHFRPSOHWHFRQVWDWDUL &RUXSWDFDUGDVLHFRQWLQXDQGXVLFUH]XO &XOSDELOFRQVHFLQWHFXPSOLWHFXOWLYD &DFLFXPHWULDFDUHVLFXQRDVWHFKLFKLUH]XO &RQYLQJHFRUSRUDWLLFUHGXOHDFRQH[D

2EVHVLD' 'HVWUDEDODUHDGRDPQHLGHPRQLFGHVDQWDWD 'HQRWRGHRFKLDUHGHGXVDGLVFRUGDQW 'HVLJXUGLSORPDWLFGHDGUDFXOXLGHGDWDWL 'DGHOLEHUDUHDGHDLGDUXLGLDPDQW 'DUGLQGHOLFDWHWHGRUHVFGHDFXPGHSDUWH 'HGXFWLDGLVFUHWDGHFHQWDGHSDVHD 'XGXLOHGHPHQWHGHGH]PLHUGDULGHVDUWH 'HFLGGHIHFWLXQHDGHVSULQVDGLQGDPEOD

2EVHVLH087$ 3HFKLULDVL6I'XPLWUXFXFUX]LPHLH[HFXWD 6WDXPDVLQLOHQFDUFDWHPRELOHOHHOH087$ 3ROLWDLXOGHFDUWLHUDVDPHQLUHvVLGLVSXWD 6LFHORUFHvLFDGvQPkQDHOPD[LODUHOHOH087$ ,DUFRORQHOXO$QJHOHVFXFXDVDSXWHUHDEVROXWD 3HRILWHULvQJDUQL]RDQDvQPRGGLVFLSOLQDUvL087$ %ORQGD0LPLYLVHD]DWDLQLFVSUHD6HQDWXOXLUHGXWD 'HDFXPODIOLUWXULHDUHQXQWDVLJkQGXULOHVLOH087$ 0DGDP3RSHVFXSULYLQGXVLSLHSWXOUDPkQHWULVWDVLWDFXWD $SRLUDSLGHDVXWLHQXOFHYDPDLVXVvQGDWDO087$ 0DP]HO)LILHDPEHWDWDGHVWLQXOUDXRSHUVHFXWD &XGH]QDGHMGHGLQVSUHWkPSODWRWSDUXOWUDJLFHDVLO087$ ,DUPDPDVRDFUDGHRYUHPHPHUHXVHYDLWDVLVWUDQXWD (DVSXQHVSUHDILODPRGDFDMXQJKLXQVSDWHLVH087$ 'HDLDPDQWDHDWLVXUkGHWHPkQJDLHVLWHVDUXWD 'DUGHLUHIX]LJHQWLOFHYDFXOFXVXOSHGLYDQVLO087$ 8UDWGHWRDWDOXPHDHVWHXUDWJUR]DYFXYkQWXOPXWD 6LWRWXVLFDUHHEDUEDWXOFHQDUYUHDRQHYDVWD087$"

2EVHVLDFHQ]XULL ÌWLYRLUDVSXQGHDFXPSHIDWDODWRWFHWXPDLvQWUHEDW 1DVFXWDVXQWGLQPDPDWXUFDVLGLQWUXQWDWD&(1=85$7 3DULQWLLPHLWHURJDFUHGHREXQDFUHVWHUHPLDXGDW 6LDGHVFkQGQXHUDPFXPLQWHFXRQXLDPDX&(1=85$7 'DUYH]LGLQILUHDPIRVWQHUYRDVDVLWUDLXOQXODPvQGXUDW 'HDFHHDHXGHIDWDPDUHIXJLLFX0LVX&(1=85$7 'DUODPODVDWVLDSRLFXDOWLLHXWRWPHUHXPDPvQFXUFDW &DFLLXEDUHDWDVXQWGLQILUHVLDGHVDPFKHIGH&(1=85$7 6HVSXQHFDVXQWUHDGHPXVFDGDUQXLXQOXFUXDGHYDUDW ÌQIRQGHXVXQWGRDUREORQGLQDVLSDUXOPHXH&(1=85$7 0LHGUDJFDVDSHWUHFvQWUXQDDVDVXQWHXVLQXPDVFKLPE $PXQLXELWFXFDUHPLSODFHILLQG&(1=85$7FDVDPDSOLPE



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

ÌPLSODFHPXOWGHWRWSDUIXPXOVLDFHOFHPLHVWHSUHIHUDW (DFHOSDUIXPSOLQGHVDYRDUHFHODUHIDQXO&(1=85$7 ÌPLSODFHVDIOLUWH]$FHDVWDFDVRVSXQQXPLHVWHIULFD 'DUQXPDLFXEDUEDWXOFDUHQXL&(1=85$7JHQ0LVXOLFD 'HDFHHDMXUFDHXOXL0LVXvLYRLSDVWUDDPRUILGHO &DFLHOPD&(1=85$7SHPLQHVLHXODP&(1=85$7SHHO

/RFDOGHQRDSWH GLQMXUQDO 7UHL]HFLGHFKHOQHULVWDXODSkQGDFXHSROHWLGHVHILGHJDUD ,QIX]LHGHEHFXUL3KLOLSVMD]]EDQGFXXUOHWHGHILDUD 3DUIXPGH0LW]RXNRVLDPEUDDPHVWHFDWHQYLQVLIXP )XPGHWLJDUDVLGHIOHLFDUHFHQWLHVLWDGLQJULOOURRP ÌQVDODHRDVLVWHQWDEL]DUDVLKHWHURFOLWD )LOLSHVWLLVWDXDODWXULGHD'XGHVWLORUHOLWD 8QFDSLWDQGHLQWHQGHQWDSODWHVWHRVWLFODGH&RLQWUHDX 2EORQGDGHODDOWDPDVDvQWUHDEDWDLQLFÌQFRWUR" 8QGDQVDWRUvVLVWHUJHIDUGXOGHSHUHYHUXOGHODIUDF 2EUXQDVXJKLWkQGFRPDQGDWUHLSDKDUHOHGH&RJQDF &XQ]kPEHWLQIHUQDOXQWkQDUSUHWLQGHXQJUDPGHFRFDLQD 2KHWDLUDOVDWLVIDFHFXDFLGERULFVLIDLQD ÌQDOHWLQHULORUEUDWHIHPHLOHVXQWSUL]RQLHUH 6LvQWDQJRHOHVHQYkUWFXURFKLDSkQDODMDUWLHUH 2EORQGDFkQWDSHHVWUDGDUHIUHQXO]LOHLGLQ3DULV ,DUGHRvQWUHELGHLIUDQWX]RDLFDHDvWLUDVSXQGHVFXUW*HZLVV ÌQOXPHDDVWDDPHVWHFDWD0DULW]DVLGHVIDVRDUD]HOXO 6LYLQGHIORULOHFHIXUDGHSHPRUPLQWHGHOD%HOOX 3OHFkQGFRQVWDWLFDVDGXVQRDSWHDEDHFKLDUROXPLQDYDJD 6LYH]LFDLGDWSHGRXDVWLFOHVLRSWPLJGDOHOHDIDQWUHDJD

3ROLWLFH

3URLHFWGHOHJHSULYLQGFRQVWUXFWLDWHYLORUvQ5RPkQLD HODERUDWVXEGLUHFWDvQGUXPDUHD*XYHUQXOXL

7RDWHWHYLOHVXQWFRQVWUXLWHGHDOXQJXOXQRUJDXULvQFRQMXUkQGRFXPHWDOVDXSODVWLF 7RDWHWHYLOHVXQWVWDQGDUGL]DWHDVWIHOvQFkWVDQXVHXWLOL]H]HJDXULPDLPDULGHFkWWHYLOH 'LDPHWUXOLQWHULRUDOWHYLLQXWUHEXLHVDGHSDVHDVFDGLDPHWUXOH[WHULRUDOWIHOJDXUDYDILvQH[WHULRU 7HYLOHQXWUHEXLHVDILHSOLQHSHQWUXFDDSRLVDSRDWDILXPSOXWHFXDSDVDXDOWFHYD 7HYLOHPDLOXQJLGHPWUHEXLHVDILHLQVFULSWLRQDWHODDPEHOHFDSHWHFXFXYLQWHOH7HDYDOXQJD 7HYLOHPDLOXQJLGH.PWUHEXLHVDILHLQVFULSWLRQDWHFXDFHOHDVLFXYLQWHVLODPLMORFDVWIHOvQFkWXWLOL]DWRUXOVDQX WUHEXLDVFDVDPHUJDSkQDvQFHODODOWFDSDWFDVDYDGDFDHVWHYRUEDGHRWHDYDOXQJD 7HYLOHPDLJURDVHGHPPWUHEXLHVDILHLQVFULSWLRQDWHFXFXYLQWHOH7HYDJURDVDSHQWUXDQXILvQFXUFDWHFXWHYLOH VXEWLUL &kQGWHYLOHVHvQGRDLHvQXQJKLXULGHVDXGHJUDGHWUHEXLHDYXWJULMDFDDFHVWOXFUXVDVHIDFDvQGLUHFWLDEXQDOD VWkQJDVDXODGUHDSWD

5HJLXQL

&HUHUHGHVWDELOLUHUHVHGLQWDvQPXQLFLSLXO&DUDFDO )RUPXODUWLS59'HFHEDOVL7UDLDQ



5H]LGHQWD3HUPDQHQWD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

1XPHOHBBBBBBBBBBBBBBBB XOWLPXO 3UHQXPHOH B 9DVLOH B 9DVLOLFD B *KHRUJKH B *KHUJKLQD B ,RQ B ,RQLFD %LIDWLSDUDQWH]DFRUHVSXQ]DWRDUH 9kUVWDBBBB

6H[XO BBBBB0 BBBBB) BBBBB1XHVWHFD]XO

0DVXUDODJXPDUL BBBB6WkQJXO BBBB'UHSWXO

2FXSDWLD B *UDGLQDU B 3RVHVRUFD]DQWXLFD B 9kQDWRU B )DUDRFXSDWLH

1XPHOHVRWLHLBBBBBBBBBBBBBBBBBBBBBBBBBB *UDGXOGHUXGHQLHFXVRWLD B 6RUD B )UDWH B 0DWXVD B 9DUYDUD B )LLFDYLWUHJD

1XPDUXOGHFRSLLFXFDUHXUPHD]DVDORFXLWLBBB 'LQFDUHDLGXPQHDYRVWUDBBB 1XPHOHPDPHLBBBBBBBBBBBBBBBBBBBBBBB 1XPHOHWDWDOXLBBBBBBBBBBBBBBBBBBBB 'DFDQXVXQWHWLVLJXUODVDWLQHFRPSOHWDW

(GXFDWLH BB BB BB BB ÌQFHUFXLHVWHFHFODVDSULPDUDPD[LPDDEVROYLVLVLGHFkWHRUL

6XQWHWL B SURSULHWDUODVDXOXDLFX B FKLULHJUDGLQDGH]DU]DYDW" %LIDWLSDUDQWH]DFDUHVHSRWULYHVWH BBB1XPDUXOGHWLJDQLFDUHYDVXQWYHFLQL BBB&kWLEXWXFLGHYLWDGHYLHDYHWLSODQWDWLvQFXUWHDGLQIDWD BBB&kWLEXWXFLGHYLWDGHYLHDYHWLSODQWDWLvQFXUWHDGLQVSDWH &DUWLWLQXWHvQFDVD B FDUWHDGHLPRELO B QXDPWHOHIRQ B QXVWLXVDVFULXVFULXQXPDLSHSXQJL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'HODFHSRVWGHUDGLRDIODWLRUDH[DFWD" BBB5DGLR&UDLRYD

0RGHOXOVLDQXOGHIDEULFDWLHDOPDVLQLLSHUVRQDOH BBBBBBBBBBB BB&XDQWHQD BB)DUDDQWHQD $YHWLDFDVDFD]DQFODQGHVWLQGHIDFXWWXLFD" B 'D B 1X 'DFDQXYDUXJDPH[SOLFDWL BBB'HFkWHRULDWLIRVWOD%XFXUHVWL" BBB'HFkWHRULDWLXPEODWFXPLQHULL" BBB'HFkWHRULDWLIRVWFXPLQHULLOD%XFXUHVWL" &kWGHGHVIDFHWLEDLH B 6DSWDPkQDO B /XQDU B 1XHVWHFD]XO

,QGLFDWLFkWYHWLGRQDODXUPDWRDUHOHSDUWLGHJUXSDUL BBBBBBBBBBBBBBBBBBB350 BBBBBBBB3'65 BBBBBBBB3815 BBBBBBBB3&5 BBBBBBBB305 317&' &XORDUHDRFKLORU B 1HJUX B 1HJUXvQFKLV B 1HJUXIRDUWHvQFKLV B 1HJUXLQWHQV B 1XHVWHFD]XO

&HEDXWXUDRELVQXLWL B 7XLFD B &RFkUW] B 0DWLQDO

&kWGHGHSDUWHGHJUDGLQDHGUXPXOQDWLRQDO" B NLORPHWUX B &kWLYDNLORPHWUL B QXVWLX &XPYDvQFDO]LWLLDUQD" B IRFGHOHPQH B JD]H B FXFDWHDXD B QXHVWHFD]XO

&XPYDSURFXUDWLDSDGHEDXW" B GLQFDVD B RLDXGHODSRPSD B QXIRORVHVF

&kWLDUGHLLXWLPkQFDWL BBBvQDLQWHGHILHFDUHPDVD BBBvQDLQWHGHILHFDUHWXLFD BBBvQDLQWHGHPDVDVLvQWLPSXOPHVHL



BBBvQORFGHPDVD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&kWHXQGLWHDYHWLVLXQGHOHWLQHWL BBBBvQPDVLQD BBBBvQGRUPLWRU BBBBvQEDLH BBBBODEXFDWDULH BBBBvQJDUDM

&XVLGHVSUHUHOLJLH

'RYH]LDOHQDWLRQDOLWDWLLOXL,VXV 7UHLOXFUXULGRYHGHVFFDHUDHYUHX 6DEDJDWvQDIDFHULOHOXLWDWDVX $WUDLWvQFDVDSDULQWHDVFDSkQDODGHDQL $WUDLWWRWWLPSXOFXFRQYLQJHUHDFDPDVDHYLUJLQDVLHDDWUDLWWRWWLPSXOFXFRQYLQJHUHDFDHOH'XPQH]HX 7UHLOXFUXULGRYHGHVFFDHUDLUODQGH] 1XVDvQVXUDWQLFLRGDWD 1XDDYXWQLFLRGDWDRPHVHULHVHULRDVD 8OWLPDOXLGRULQWDDIRVWFHYDGHEDXW

7UHLOXFUXULGRYHGHVFFDHUD3RUWR5LFDQ 3UHQXPHOHOXLHUD-HVXV $DYXWSUREOHPHFXMXVWLWLD 0DPDVDQXDVWLXWFLQHLWDWDVX 7UHLOXFUXULGRYHGHVFFDHUDLWDOLDQ 9RUEHDFXPkLQLOH /DILHFDUHPDVDVHUYHDYLQ /XFUDODvQGRPHQLXOFRQVWUXFWLLORU

7UHLOXFUXULGRYHGHVFFDHUDHQJOH] 6HvPEUDFDFDGUDFX  1XDYHDLGHHFHvQVHDPQDRPkQFDUHEXQD 7RWWLPSXOFDXWDFHDUWD

7UHLOXFUXULGRYHGHVFFDHUDDPHULFDQ &UHGHDFDVWLHUDVSXQVXOODWRDWH &UHGHDFDHODPRGDVDSRUWLKDLQHVLIRQDWHOXQJLVLVDUDFDFLRDVH &UHGHDFDGLQJDXUDFXUXOXLvLVWUDOXFHVWHVRDUHOH 7UHLOXFUXULGRYHGHVFFDHUDQHJUX 1XPHDWRDWOXPHDIUDWH 1XDYHDRDGUHVDSHUPDQHQWD 1LPHQLQXLDUILOXDWDSDUDUHD

7UHLOXFUXULGRYHGHVFFDHUDKLSLRWFDOLIRUQLDQ 1XVLDWXQVQLFLRGDWDSHUXO 8PEODWRWWLPSXOGHVFXOW $LQYHQWDWRQRXDUHOLJLH

&kQGFDGHSDVWHOH 5XJDWGH3DSDVDLVSXQDFkQGFDGH3DVWHOH*DXVVD]LV3DVWHOHYDFDGHDvQWRWGHDXQDOD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

DSULOLH']LOH(]LOH

$VWIHOSXWHWLVDFDOFXODWLVLQJXULFkQGFDGH3DVWHOHvQRULFHDQ ,&XPvODIODPSH' VHvPSDUWHDQXOUHVSHFWLYOD UHVWXOvPSDUWLULLVHvQPXOWHVWHWRWFX ODDFHVWSURGXVVHDGDXJDXQIDFWRUIL[ VXPDREWLQXWDVHvPSDUWHODLDUUHVWXOvPSDUWLULLHVWH'

,,&XPvODIODPSH( VHvPSDUWHDQXOFXLDUUHVWXOVHvQPXOWHVWHFX VHvPSDUWHDQXOFXLDUUHVWXOVHvQPXOWHVWHFX VHDGXQDUHVWXULOHDFHVWRUGRXDvPSDUWLULPDULWHSULQvQPXOWLULOHPHQWLRQDWH ODDFHDVWDVXPDVHDGDXJDGHRULYDORDUHDOXL'VLODSURGXVVHDGDXJDRYDORDUHIL[D VXPDWRWDODVHvPSDUWHFXLDUUHVWXOYDILWRFPDL( 6XUVD0DJD]LQVDSWDPDQDOFXOWXUDOVWLLQWLILFLQGHSHQGHQW KWWSZZZPDJD]LQUR

6DGLFHVLVFkUERDVH 7LSXULGHFDFDW

DWHQWLHQXHVWHSHQWUXWLSLLILQL

&DFDWXOIDQWRPD6WLLFXVLJXUDQWDFDODLIDFXW8UPHDOHVDOHVXQWSHKkUWLDLJLHQLFDGDUvQ:&QXHVWHQLFLXUPDGHFDFDW 0DLSRDWHILQXPLWVLFDFDWXO7RUSHGRDWXQFLFkQGDIRVWDX]LWFD]kQGvQDSDGLQ:& &DFDWXOWHIORQ9LQHPDWDVRVVLPRDOHFDQLFLQXvWLGDLVHDPD3HKkUWLDLJLHQLFDQXVXQWXUPHGHFDFDW3HQWUXDILVLJXUFD DIRVWIDFXWWUHEXLHVDWHXLWLvQ:& &DFDWXOFDXFXLXFDW$UHFRQVLVWHQWDELWXPXOXLILHUELQWHVLODVDXUPHJUHWRDVHSHIDLDQWD:&XOXL'HVWHUJLGHFHOSXWLQ RULODFXUVLDFHVWDQXHVWHvQFDFXUDW7UHEXLHVDvWLEDJLKkUWLHLJLHQLFDvQFKLORWLSHQWUXDQXLXPSOHGHFDFDW &DFDWXOFXDSULQGHUHvQWkU]LDWD7RFPDLWHDLVWHUVODFXUVLWHDLULGLFDWvQSLFLRDUHFkQGYLQHWXUDXUPDWRDUH &DFDWXOVDUSH$OXQHFRVGHJURVLPHDGHJHWXOLPDUHVLDUHROXQJLPHGHFHOSXWLQGHFHQWLPHWULL$UHXQSRWHQWLDOULGLFDW ODIHOFDVLFDFDWXOIDQWRPD GHFDFDW7RUSHGR &DFDWXOSOXWD0DLHVWHFXQRVFXWVLVXEQXPHOHGHvQRWDWRUXO'HVLDLWUDVDSDGHWUHLRULHOSOXWHVWHvQFDvQ:&'RDPQH &XPWHSRWLVFDSDGHHO"1XVHODVDQLFLGHFXPOXDWGHDSD$SDUHGHRELFHLSHVWHWRWQXPDLvQSURSULDORFXLQWDQX &DFDWXOGRULQWD3DUFDDLDYHDIXULFLvQLQWHVWLQH7UDQVSLULWHEDVHVWLIDFLWRWXOvQDIDUDGHDWHFDFDDSDUHGHRELFHLOD SHWUHFHULFkQGWHQHYRLHVWHVDRFXSL:&XOXQWLPSvQGHOXQJDW &DFDWXOEXFLXPHGH$FHDVWDVSHFLHGHULYDWDORYHVWHDSDGLQ:&FXRYLWH]DULGLFDWDVLODXQXQJKLvQFOLQDWDVWIHOvQFkWvWL XPH]HVWHEXFLOHFXUXOXL&HOPDLUDXODDFHDVWDVSHFLHGHFDFDWHVWHFDQXDLQLFLRGDWDFHUWLWXGLQHDGDFDXPH]HDODGHSH EXFLOHWDOHHVWHDSDVDXFDFDW &DFDWXOEORFGHFLPHQW0DHVWHGHQXPLWVLFDFDWXO'RDPQH'XPQH]HXOH,PHGLDWGXSDFHDLvQFHSXWVDOIDFLvWL GRUHVWLGLQWRWVXIOHWXOVDvWLILIDFXWvQSUHDODELORDQHVWH]LHORFDOD &DFDWXO.LQJ.RQJ0DLHVWHFXQRVFXWVLVXEQXPHOHGHFDFDWHOHIDQW(VWHDVDGHPDUHvQFkWUHIX]DVDGLVSDUDvQ FDQDOL]DUHvQDLQWHGHDILPDUXQWLW VHUHFRPDQGDIRORVLUHDXQXLXPHUDVGHKDLQH /DIHOFDVLFDFDWXOSOXWDQXDSUHGHFkW DWXQFLFkQGWHDIOLLvQWUXQ:&VWUDLQ &DFDWXOKHPRUDJLHFUDQLDQDLQWHUQD$FHDVWDIRUPDGHFDFDWODXFLVSH(OYLV(OYLQHGHDELDGXSDHIRUWXULvQGHOXQJDWHDL VFKLPEDWFXORULGHODURVXODYHUGHVLDSRLDOEDVWUX &DFDWXOEHUH8QDGLQFHOHPDLUHOHGDUVLXQDGLQFHOHPDLUDVSkQGLWHIRUPHGHFDFDW$SDUHvQ]LXDXUPDWRDUHQRSWLLGH GLQDLQWHÌQPRGRELVQXLWQLFLQXPLURDVHDVDGHUDXGDUDSDUHQWHOHvQVHDOD:&XOHVWHVWURSLWFXHOGHVXVSkQDMRVGHSDUFD DLILWUDVFXRIOLQWDFXDOLFH7HVLPLULFDGLQJDXUDFXUXOXLWDXFDFDWXOSRDWHILvPSUDVWLDWvQDWkWHDGLUHFWLL'XSDDFHHD REVHUYLFDKkUWLDLJLHQLFDVDWHUPLQDWVLFORVHWXOQXHVWHSUHYD]XWFXRSHULH$SDUHODIHOFDVLDOWHIRUPHQXPDLvQ:&XUL VWUDLQH



3DQRUDPLF79

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

5DVXQDFORSRWHOXO *LPQDVWLFDGHvQYLRUDUHDVFKHOHWLORU 6RLPLLFLPLWLUXOXLILOPVHULDO0DPWUH]LWvQWUHPRUPLQWH 0RUWXOVLVDQDWDWHDREH]LWDWHDVFKHOHWLORU 3HQWUXFDYRXOGXPQHDYRDVUWUDPRGD]LOHSDQWDORQLVWUkQVLSHRDVH5HWHWDGXPLQLFDODFLRUEDGHIRVLOH 0RDUWHDODVDWHUHFROWDJUDEQLFDDSDGXULORUGHSHPRUPLQWH0X]LFDSRSXODUDFX,RQ&LRODQHVFX0DGXVHLvQGHDO ODPRUJD0DPWUH]LWvQWUHPRUPLQWH$ROHXFDPSXWUH]LW %XFXULLOHOLWXUJKLHLVXLWDGHFRVFLXJ)XJDGLQFLPLQWLU 'HVWUDMDFLPLQWLUXOXLLQWHUYLXFXGRLYDPSLUL 8PRU*KLFLFLQHYLQHODSDUDVWDVILOPGHGHVHQHDQLPDWH 6ODJDUHvQSXWUH]LUHSUH]LQWD*HRUJH3XWUH]HVFX'LQFXSULQV &DYRXOQRVWUXFXLEXVRUGHQHEXQLL $VHDUDWLDPGDWWDPkLH 'ULFXOFX]XUJDODL 6SRUW$WOHWLVP6DULWXUDODFRVFLXJ]HFHPHWULLFUXFLVDULWXUDGHSHFDSHOD)RWEDO)&2DVHFRQWUD$67DPkLH VHUL$GLRYLDWD 7HOHMXUQDOXOFLPLQWLUXOXL3UH]LQWD$GULDQ3UHRWHVFX &LPLWHOH[1RXWDWLGLQFUHPDWRULX )LOPvQSUHPLHUD&LQHDvQILSWFD]PDXDvQJXUDPRUWXOXL"HFUDQL]DUHGXSDURPDQXO*URDSDGH(XJHQ%DUEX 5RPDQWH%DWUkQHFLPLWLUWHODVFXELQH 0RUWXOPHXGHSHVWH2OW $PLXELWGRLRFKLGHPRUW 7HDVWHSWGLVHDUDvQFUHPDWRULX 7HOHMXUQDO8OWLPLOHVWLULGLQFLPLWLUHVLOXSWDFRQWUDULVLSHLGHOXPkQDUL 6WLPDWLVFKHOHWLVLDOWLWHOHVSXWUH]LFLXQLRGLKQLWLYDvQSDFHYDXUHD]D$QD0DULD7DUkQD  ÌQFKLGHUHDSURJUDPXOXL+RUDvQJURSDFLXQLL

&HOGHWLSXULGHEDUEDWLSHFDUHvLvQWkOQHVWLODSLVRDUvQ:&XULOHSXEOLFH (;&,7$%,/8/&KLORWLLvPEUDFDWLFXIDWDODVSDWHQXJDVHVWHVOLWXOvVLUXSHFKLORWLLVDXQDVWXULLGHODSDQWDORQL 62&,$%,/8/ÌVLvQVRWHVWHSULHWHQLLODSLVRDUFKLDUGDFDSHHOQXvOWUHFH 6$6,8/6HXLWDODSLVRDUXOvQYHFLQDWSHQWUXDYHGHDGRWDUHDYHFLQXOXL  7,0,'8/1XVHSRDWHSLVDGDFDVHVLPWHREVHUYDWWUDJHDSDVLYLQHPDLWkU]LXvQDSRL ,1',)(5(178/7RDWHSLVRDUHOHILLQGRFXSDWHVHSLVDvQFKLXYHWD ,67(78/)DUDPkLQLFUDYDWDELQHDUDQMDWDVHXLWDvPSUHMXUVLGHRELFHLVHSLVDSHSRGHD 683$5$78/1HVLJXUILLQGFDUHHSLVRDUXOXQGHVDSLVDWXOWLPDRDUDIDFHRPLFDLQVSHFWLHvQDLQWH )5,92/8/6HMRDFDFXMHWXOvQVXVXOMRVXOVLvPSUHMXUXOSLVRDUXOXLvQFHUFkQGVDQLPHUHDVFDRPXVFDVDXDOWDLQVHFWD $%6(178/ÌVLGHVFKLGHYHVWDVFRDWHDIDUDFUDYDWDVHSLVDvQSDQWDORQL &23,/$5268/6HSLVDSHPDUJLQHDSLVRDUXOXLvLSODFHVDYDGDFXPVWURSHVWH /$68/6HEHVHVWHGLVFUHWvQWLPSFHVHSLVDSDUHLQRFHQWVWLLQGFDYHFLQXOGHSLVRDUYDILPXVWUDWGHFHLGLQMXU 5$%'$7258/6WDIRDUWHDSURDSHGHSLVRDUDVWHSWkQGvQGHOXQJFLWHVWH]LDUXOSHFDUHvOWLQHvQPkQDOLEHUD ',63(5$78/$VWHDSWDODFRDGDvVLVXJHGLQWLLVHSLVDSHSDQWDORQL '858/ÌVLORYHVWHVFXODGHPDUJLQHDSLVRDUXOXLSHQWUXDRVFXWXUDGHXOWLPLLVWURSL ((),&,(178/$VWHDSWDSkQDvLYLQHVLVDVHFDFHDSRLOHIDFHSHDPkQGRXD *5$6$18/6HGDvQDSRLDUXQFDRSULYLUHODSLVRDUVHSLVDSHSDQWRIL 0,7,7(/8/6WDSHRFXWLHSLFDvQSLVRDUVLVHvQHDFD %(7,9$18/ÌVLWLQHGHJHWXOPDUHDOPkLQLLGUHSWHvQPkQDVWkQJDVHSLVDvQSDQWDORQL '(=$0$*,78/6WDSHQWUXXQPRPHQWUHQXQWDVLSOHDFD Ì1&5(=878/ÌVLWLQHvQPkQDVFXODGHFPFDSHREkWDGHEDVHEDO 5$',&$/8/,JQRUDSLVRDUXO6HSLVDSH]LG 208/'(67,,17$6HXLWDvQWLPSFHVHSLVDSHSRGHDREVHUYkQGEXOHOHGHDHU $'250,78/ 6H SLVDGHDOXQJXOSLFLRUXOXLvQ SDQWRISOHDFD FX VOLWXO GHVIDFXWVL GXSD  PLQXWH VH DVHD]DLDU OD UkQG  35$&7,&6HSLVDIDUDDVLWLQHVFXODvQWLPSFHvVLUHIDFHQRGXOGHODFUDYDWD  35292&$7,9'HVFKLGHFLQFLQDVWXULGHODVOLWFXWRDWHFDVL WUHLDU DMXQJH$QJHEHU7\S0DFKW IQI .Q|SIH DXI ZHQQ]ZHLJHQJHQ



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

/226(5&DXWDGHPRUDOL]DWvQWUHFDPDVDVLFKLORWLDSRLUHQXQWD 6Æ5*8,1&,268/ÌQFHDUFDQXPDLVDVHSLVH $/3,1,678/6HXUFDSHXVDGHODWRDOHWDVLVHSLVDGHDFROR 9,6$7258/6HSLVDSHFUDFXOSDQWDORQLORUVLGXSDFHHVWHJDWDvVLGHVIDFHVOLWXO %2/1$9,&,268/6HSLVDVkQJH &21)8=8/6HvQYkUWHGH]RULHQWDWvQWRDOHWDSHQWUXIHPHLvQFDXWDUHDSLVRDUHORU $&52%$78/6HSLVDVWkQGvQPkLQL (&21208/6HSLVDvQSLVRDUXOYHFLQXOXLSHQWUXDHFRQRPLVLDSD  35,(7(1268/ÌVLDMXWDYHFLQXOGHSLVRDUVDVLRWLQDVLVDVLRVFXWXUH *5$%,78/6HSLVDVLvVLGDVHDPDGXSDFHDSOHFDWFDQXDIRVWvQFDJDWD

5HJXODPHQWGHRUGLQHLQWHULRUDSHQWUXIRORVLWXOWRDOHWHL ÌQDLQWHGHIRORVLUHWUHEXLHULGLFDWFDSDFXO /DVSDODWXOFDSXOXLvQWRDOHWDWLQHWLELQHFDSDFXODFHVWHLD6HUHFRPDQGDIRORVLUHDXQXLVDPSRQGHFXORDUHPDUR&DQWLWDWL VXILFLHQWHVXQWGHRELFHLODvQGHPkQD (FRQRPLWLKkUWLDLJLHQLFD6HUHFRPDQGDIRORVLUHDDPEHORUSDUWLDOHDFHVWHLD5H]OWDWHOHVXQWODvQGHPkQDRULFXL (VWHLQWHU]LVDIRORVLUHDSHULHLGHWRDOHWDODVSDODWXOSHGLQWL 8WLOL]DWRULGHGXUDWDOXQJD$WHQWLH&DWDSXOWDUHDVHGHFODQVHD]DDXWRPDWGXSDGRXDRUH 6XQHWHVHFXQGDUHWUHEXLHVXVWLQXWHVLvQWDULWHSULQIOXLHUDWXULFkQWHFHVLH[FODPDWLL &ODWLUHDWRDOHWHLVHUHFRPDQGDQXPDLvQFD]XULGHOHVLQVDXGHVXIRFDUH)RORVLWLPDVFDGHJD] /DJUHXWDWLPDLPDULGHNLORJUDPHDSDUHSHULFROXOGHvQIXQGDUHDWRDOHWHL6HUHFRPDQGDWDJHUHDDSHLvQUDWH ÌQFD]GHLQXQGDWLHSDVWUDWLOLQLVWHDVLRUGLQHD6HLPSXQHvPEUDFDUHDYHVWHORUGHVDOYDUHVLVRUELWXOvQFHWDOOLFKLGHORU 3LHVHVWUkPWHGHJDUGHUREDWUHEXLHGDWHMRV 'DFDDSDYDDMXQJHSkQDODJkWVHUHFRPDQGDHYLWDUHDPLVFDULORUEUXVWH6RUELWLvQFHW (FRQRPLVLWLHQHUJLDHOHFWULFD6WUDGXLWLYDFKLDUSHvQWXQHULFVDUHDOL]DWLRUDWDULGLFDWDGHWLQWLUH1XvQMXUDWL ÌQSUH]HQWDWLQHULORUHVWHvQWHU]LVDFRQVXPXOEDXWXULORUDOFRROLFH$FHDVWDUHJXODSRDWHILvQFDOFDWDQXPDLvQFD]XULGH XUJHQWD/DQHYRLHWUDJHWLDSD

VIDWXULSHQWUXRvQPRUPkQWDUHUHXVLWD /LSLWLODYHGHUHXQFXFSHVLFULX )HOLFLWDWLSDULQWLLFDLDXVXSUDYLHWXLWILXOXL ILLFHL  &RQVRODWLYDGXYDFXFXYLQWHGHJHQXO$FXPPDFDUQXPDLVXIHUDGLQFDX]DLPSRWHQWHLVDOH 9HQLWLODFLPLWLUvQVOLSFRVWXPVLODEHGHVFDIDQGUXVLH[SOLFDWLODFHLFXULRVLFDGXSDvQPRUPkQWDUHPHUJHWLODREDLH $GXFHWLFDWHOXOGXPQHDYRDVWUDODFLPLWLUVLDWXQFLFkQGVLFULXOYDILSXVvQJURDSDSXQHWLO SHFkLQH VDIDFDSHPRUWXO &RPSDUDWL FXJODVWDUH ODFLPLWLUvPEUDFDPLQWHDPRUWXOXLFXSURSULDvPEUDFDPLQWH ,PHGLDWGXSDvQPRUPkQWDUHFHUHWLYDGXYD SXEOLF GHQHYDVWD ÌPSDUWLWLFHORUSUH]HQWLSR]HGLQFRSLODULDUDSRVDWXOXL 6FXWXUDWLPkQDYDGXYHLFXXQDSDUWGHVRFXULHOHFWULFH 0DUWXULVLWLLYDGXYHLSHGUXPXOVSUHFDVDFDGHVLQXVXQWHWLVLJXUFUHGHWLFDDWLYD]XWPRUWXOPLVFkQGXVH ÌQWLPSXOVOXMEHLGHvQPRUPkQWDUHWUHFHWLSHODILHFDUHGLQWUHFHLSUH]HQWLVLvQWUHEDWLXQGHVLFkQGDUHORFGHVFKLGHUHD WHVWDPHQWXOXL /XDWLYDODFHDUWDFXPRUWXOVWULJDWLODWRDWDOPHDFDHODvQFHSXW $UXQFDWLFXERDEHGHJUkXSHVWHFHLSUH]HQWL /HJDWLFXWLLJRDOHGHFRQVHUYHGHGULF

0DLPXOWVDXPDLSXWLQVHFL

'HFHDWUDYHUVDWSXLXOVWUDGD" 

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

ÌQYDWDWRDUHDGHVFRDOD3HQWUXFDDYUXWVDDMXQJDGHSDUWHDFHDODOWD

3URIHVRUXOGHOLFHX&KLDUGHFDYDVH[SOLFDGUDJLLPHLGRELWRFLWRWQDWLvQWHOHJH 3ODWRQ3HQWUXFDDPHUVvQFDXWDUHDELQHOXLVLDUPRQLHL $ULVWRWHO(VWHvQQDWXUDSXLORUVDWUDYHUVH]HVWUD]L .DUO0DU[$YHDLQVWDELOLWDWHLVWRULFDVLGLDOHFWLFD

0DUWLQ/XWKHU.LQJ,KDYHDGUHDP9DGROXPHvQFDUHWRWLSXLLYRUILOLEHULVDWUDYHUVH]HVWUD]LOHIDUDVDILHvQWUHEDWLGH PRWLYHOHORU 0RLVH6L'XPQH]HXDFRERUvWGLQFHUXULVLDSRUXQFLWSXLORU7UDYHUVDWLDXWRVWUD]LOH6LSXLXODWUDYHUVDWRVLWRWLVDX vQYHVHOLW %LOO&OLQWRQ3XLXOQDWUDYHUVDWDXWRVWUDGD5HSHWSXLXO18DWUDYHUVDWDXWRVWUDGD

0DFKLDYHOOL&KHVWLXQHDHVWHFDSXLXODWUDYHUVDWDXWRVWUDGD&XLvLSDVDGHFH")DSWXOGHDWUDYHUVDDXWRVWUDGDMXVWLILFD RULFHPRWLY

)UHXG)DSWXOFDWHSUHRFXSDGHFHSXLXODWUDYHUVDWDXWRVWUDGDVFRDWHvQHYLGHQWDQHVLJXUDQWDWDVH[XDOD2HGLS$YLFRO %LOO*DWHV&KLDUDFXPDPODQ]DWvQSLDWD06&KLFNHQFDUHQXQXPDLFDWUDYHUVHD]DDXWRVWUD]LOHFLIDFHRXD DUKLYHD]DGRFXPHQWHOHLPSRUWDQWHVLURWXQMHVWHFDOFXOHOHGY

'DUZLQ'HDOXQJXOPDULORUSHULRDGHGHWLPSSXLLDXIRVWVHOHFWLRQDWLQDWXUDODMXQJvQGODIRUPDFHRDXDFXPVLDXR GLVSR]LWLHJHQHWLFDGHDWUDYHUVDDXWRVWUD]LOH (LQVWHLQ'DFDSXLXODWUDYHUVDWDXWRVWUDGDVDXDXWRVWUDGDVDGHSODVDWSHGHGHVXEWXOOXLGHSLQGHGHSXQFWXOGHUHSHU UHODWLY

$QGHUVHQ&RQVXOWLQJ,UHJXODULWDWHDSDUWLLDXWRVWUD]LLSHFDUHVHDIODSXLXOvLDPHQLQWDSR]LWLDGRPLQDQWDSHSLDWD3XLXOVH ORYHDGHVILGDULLPSRUWDQWHSHQWUXDFUHDVLDGH]YROWDFRPSHWHQWHOHQHFHVDUHSHQWUXDvQIUXQWDFRPSHWLWLYLWDHDSLHWHL $QGHUVHQ&RQVXOWLQJvQWURUHODWLHGHSDUWHQHULDWFXFOLHQWXODVSULMLQLWSXLXOSULQUHSURLHFWDUHDVWUDWHJLLORUOXLGHGLVWULEXWLH IL]LFDVLDSURFHVHORUGHLPSODQWDUH)RORVLQGPHWRGDGHLQWHJUDUHDYLFROD 0,$ $QGHUVHQDDMXWDWSXLXOVDIRORVHDVFD DELOLWDWLOHOXLSURSULLPHWRGRORJLDFXQRDVWHUHDFDSLWDOXOVLH[SHULHQWDSHQWUXDDOLQLDJvQGLUHDSURFHVHOHVLWHKQRORJLD SXLXOXLvQVSULMLQXOVWUDWHJLHLOXLJOREDOHvQFDGUXOOXFUDULORU*HVWLXQHGH3URJUDPH$QGHUVHQ&RQVXOWLQJDFRQYRFDWRHFKLSD LQWHUGLVFLSOLQDUDGHDQDOLVWLGHDXWRVWUD]LVLFUHVFDWRULGHSXLFDUHvPSUHXQDFXFRQVXOWDQWLGLQILUPD$QGHUVHQFDUHDYHDX UHPDUFDELOHDELOLWDWLvQLQGXVWULDWUDQVSRUWXOXLDXRUJDQL]DWWLPSGH]LOHRVHULHGHVHGLQWHFXVFRSXOGHDvPSDUWDVL FDSLWDOXOORULQGLYLGXDOGHFXQRVWLQWHDWvWH[SOLFLWFvWVLLPSOLFLWVDLSHUPLWDDDMXQJHODVLQHUJLLFRQIOXHQWHvQREWLQHUHD VFRSXULORUHPDQDWHGLQSODQLILFDUHDVLGHVLJQXOGHVXFFHVFRQMXJDWHFXLPSOHPHQWDUHDXQXLFDGUXGHYDORULDQWUHSUHQRULDOH SULQFRQWLQXDGH]YROWDUHDSURFHVHORUDYLFROH6HGLQWHOHVDXGHVIDVXUDWvQWUXQDPELHQWFDUHUHSURGXFHDXQSDUFIDFLOLWvQG XQLPSDFWVWUDWHJLFFHQWUDWvQLQGXVWULHVLHODERUvQGXQPHVDM&216,67(17&/$5VL81,&DOLQLDWFXPLVLXQHDVFRSXULOH VLYDORULOHSULQFLSDOHDOHSXLORU7RDWHDFHVWDDXFRQGXVODFUHDUHDXQHLVROXWLLLQWHJUDWRDUHDDIDFHULLJOREDOH %XGGKD$SXQHDFHDVWDvQWUHEDUHFRQWUD]LFHSURSULDWDQDWXUDGHSXL

3XEOLFLWDWHGHSURILO8QGHVFULH3XLXOWUDYHUVHD]DDXWRVWUDGDWUHEXLDVD]LFD$IDFHULOHQHFXUDWHDOHOXL3XLX 7LWOXGH]LDUQDWLRQDO&UL]DHFRQRPLFDFRQVWUvQJHSXLXOVDWUDYHUVH]HDXWRVWUDGD 7LWOXGHSDJLQD3XLXOHJDWD

5HYLVWD)HPHLD/XPLQLOHDPXUJXOXLVHYDUVDXSHVWHFvPSLDVROLWDUD2OXPLQD8QGHVWLQ2VLQJXUDWDWH3XLXODULGLFDW FDSXOFDvQFDXWDUHDXQXLUDVSXQVODWRDWHvQWUHEDULOHVDOH/DGLVWDQWDRPRGHVWDFDVXWDGHWDEOD1LFLRPDVLQDQXWUDYHUVD ODRUDDFHDDXWRVWUDGDQUFDUHXQHVWH)LOHDGH-RVFX*LXUWHOHFXO+RGRGXOXL3XLXODVWLXWDWXQFLFDDDMXQVPRPHQWXO 6FXWXUvQGXVLDPRUWHDODSHQHORUDPHUVKRWDUvWDSXVXQSLFLRUSHDVIDOWSHXUPDDOWXOVLDOWXOVLDOWXO RDUHFvWHSLFLRDUH DUH" 0HUJHDPvQGUX6WLDFDVHDSURSLDVDUHXVHDVFDLPSRVLELOXO6HJvQGHDODVXFFHV/DJORULH/DIDLPD'HDFHHDQD YD]XWDFHOFDPLRQIDUDOXPLQL'HDFHDQDDX]LW]JRPRWXOUDEODJLWDOPRWRUXOXL5RPDQ /H0RQGH/HVFRQVHTXHQFHVSRXUOHV%DOFDQHVVRQWHQFRUHDSUHYRLUXQSRXOHWHVWDUULYHDWUDYHUVHODURXWHVDQV EOHVXUHV



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

=LDUXO$GHYDUXO%DVHVFXVLSXLXOREVFXUHOHFRULGRDUHDOXQHLUHODWLLLPSURSULL&HHVWHvQVSDWHOHDIDFHULLDXWRVWUD]LORU" ,QIRUPDWLHH[FOXVLYDJDLQLOHVLSXLVRULLFDUHSULPHVFSHVXEPvQDPDODLGHODVWDW&LQHVvQWFHLFDUHSURILWDGHRXD"&LWLWL ]LDUXOGHPvLQH $FDVD0DJD]LQ7RDWDLQWLPLWDWHDSXLORUÌPLOLSVHVWHQXPDLGUDJRVWHDFDVDDPXQVXFFHVWRWDO

6RILVWXO7RWLSXLLWUDYHUVHD]DDXWRVWUD]LOH3XLXODWUDYHUVDWDXWRVWUDGD3XLXOHVWHvQVLQHWRWRDXWRVWUDGD

(PLO&RQVWDQWLQHVFX&RQFHWDWHQLYDPSUHYHQLWGDFDQXRSULPSXLXOFRUXSWDFXPRVDDMXQJDSvQDSHWURWXDUXOGH YL]DYLVLYDUHGXFHFUHGLELOLWDWHDWDULLODSDUWHQHULDWHOHFX2FFLGHQWXO ,RQ,OLHVFX3HQWUXFDHXQ A GHWDUDQLVWLUHVSRQVDELO

7UDLDQ%DVHVFX$PGDWGLVSR]LWLHVDLVHvQJKHWHFRQWXULOHSvQDQXSODWHVWHWD[HOHGHGUXP 0DUNR%HOD(XQGUHSWDOPLQRULWDWLLDYLFROH

3URLHFW,PSVDWÌQDLQWHGHDvQWUHEDRULFHFLWLWLQRUPD,6238,VLGXSDDFHHDVXQDWLPD2SXWHWLFRQVXOWDSH ,QWUDQHW 6XSRUWWKHQLF 65/VHUYLFH (XGHDLFLQXYDGVDVHILWUDYHUVDWVWUDGD5HVHWDWLSXLXOVLGDFDWRWvOYHGHWLFDWUDYHUVHD]D IRUPDWDWLRXDOHVDXWULPLWHWLFLQHYDGLQILUPDODFXUVXULOHQRDVWUH ODFXUVXO]LOHLSOXV79$  'XSDPLQH3XLXODWUDYHUVDWDXWRVWUDGDSHQWUXDFRQVRODSXLFXWDDFHHDEURQ]DWDFDUHvLSODFHOXLDWXQFLFvQGHDVH vQWRUFHDVXSDUDWDDFDVDSHWURWXDUXOGHYL]DYLGHODPHFLXOGHUHWURJUDGDUHDOHFKLSHL)&&XFXULJX

$QXQWXULFDUHQXGRULWLVDOHDX]LWLvQDYLRQ %LQHDWLYHQLWODERUG9DXUDPXQ]ERUSODFXWHXVLFRSLORWXOPHX-RKQQ\:DONHU 6LLLLLLDFXPVDDVFXOWDPXOWLPXODOEXPDOIRUPDWLHUHL6XG(VW 6DYHGHPFLQHVHGDSULPXOODRSDUWHQRLVDXWXUQXOGHFRQWURO %XQD]LXDGRDPQHORUVLGRPQLORUYDXUH]GHGDWDDVWDQXGLQFRFNSLWFLGLQWRDOHWDDYLRQXOXL 8QDQXQWLPSRUWDQWSHQWUXVWHZDUGHVD$LFLvQFDELQDGHFRPDQGDVDWHUPLQDWEHUHD 8DXXXXDLFLVXQWPDLPXOWHEXWRDQHVLOXPLQLWHGHFkWvQWUDPYDL 'HXQGHGUDFXDXDSDUXWFLPSDQ]HLLDVWLDvQFRFNSLW =EXUDPODRvQDOWLPHGHSLFLRDUH6LHXVXQWDVDGHKLJK8DXXXXXXXXX 0RUL6DGGDP 'XPQH]HXILHFXQRL)HFLRDUD0DULDVILQWLWILHQXPHOH7DX6IkQWD)HFLRDUDURDJD7HSHQWUXSDFDWHOHQRDVWUHDFXPvQ FHDVXOQRVWUXFHOGLQXUPD$PLQ

6HPQHVLJXUHFDPXVDILULLWUHEXLHVDSOHFH &DPXVDILUGDFDDX]LXUPDWRDUHOHUHSOLFLHXQVHPQVLJXUFDDUILWLPSXOVDSOHFL &DVLJD]GDOHSRWLIRORVLSHQWUXFDOLQLVWHDVDUHYLQDvQORFXLQWDWD 3XWHWLVDOXDWLVDUDWHOHOHFXYRL 6LFkQGPDLYHQLWLSHODQRL" ÌQEORFHOLQLVWHDFXP1XPDLQRLPDLVXQWHPWUHML 1HSDUHUDXGDUSDWXOSHQWUXPXVDILULODPYkQGXWDQXOWUHFXW 0DFDUGHDUILFHYDODWHOHYL]RU 1HVFX]DWLFDWRWWLPSXOFDVFDP 0kLQHWUHEXLHVDPDWUH]HVFGLQYUHPH ÌQSXWLQWLPSSOHDFDXOWLPXODXWREX] /DRUDDVWDVXQWIRDUWHPXOWHWD[LXULOLEHUH 1RLPHUJHPODFXOFDUH6WLQJHWLYRLWHOHYL]RUXOvQDLQWHGHDSOHFD"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'DWDXUPDWRDUHYHQLPQRLODYRL 2VDQHPXWDPFXUkQGGLQRUDVXODFHVWD

6HPQHVLJXUHFDIXPH]LSUHDPXOW 8OWLPDRDUDWLDLVLPWLWGHJHWHOHGHODSLFLRDUHvQ %LURXOWDXDUHvQGRWDUHXQDXWRPDWGHWLJDUL /DvQWUHEDUHDFDUHHVWHFDSLWDOD$PHULFLL"UDVSXQVXOWDXHVWH0DUOERUR 7LJDUHDGHGXSDvWLHVWHPDLLPSRUWDQWDGHFkWVH[XOGLQDLQWH 6RWLDWDGRDUPHFXGRSXULGHFHUDvQXUHFKLSHQWUXDQXPDLDX]LWXVHDWDWDEDJLFD 8QIXPWUDVvQSODPkQLHVWHPDLHURWLFSHQWUXWLQHGHFkWXQVDUXW &DVLODPSDGHELURXDLXQIDUGHFHDWD ,QGXVWULDWXWXQXOXLVFRDWHSHQWUXWLQHRPDUFDVSHFLDODGHWLJDUL 3ODPkQLLWDLMRDFDUROXOSULQFLSDOvQILOPXO*DXUDQHDJUD $UDWLDVDGHUDXVLVODELWvQFkWXQFDODWRUGLQDXWREX]DIODWvQWUXQVFDXQFXURWLOHvWLFHGHD]DORFXO

0RWLYHSHQWUXFDUHQHIXPDWRULLVXQWGDXQDWRUL 3ULQIDSWXOFDQXIXPHD]DGDXQHD]DLQGXVWULHLSURGXFDWRDUHGHWLJDUHWH 3ULQIDSWXOFDQXIXPHD]DQXSODWHVFVXILFLHQWLPSR]LWVWDWXOXLvQFDUHWUDLHVF 1HIXPkQGQXVXQWSUHGLVSXVLODEROLVLPLFVRUHD]DDVWIHOPHGLFLLGHYHQLWXULOHORU VLDVDPLFL 7UDLQGPDLPXOWGHYLQRSRYDUDSHQWUXIRQGXULOHGHSHQVLL 'LPLQXHD]D VDXPDLELQH]LVVFDGUDWDDQXDOD YHQLWXULOHFHORUGHODSRPSHIXQHEUH 3DPkQWXOHVWHVLDVDVXSUDSRSXODWVLSH]LFHWUHFHVLWXDWLDVHvQUDXWDWHVWH 6FDGUDWDDQXDODDYHQLWXULORUELVHULFLL ,DXORFXODOWRURDPHQLVLR[LJHQXOGHFDUHDFHVWLDDXQHYRLH

%HLSUHDPXOWDFDIHDDWXQFLFkQG 3UHQXPHOHWDXvODXSHVWHGLQQRLLQDVFXWLGHDQXOWUHFXWGLQ%UD]LOLD 6FKLH]LODGHDO 3ULPHVWLDPHQGDSHQWUXGHSDVLUHDYLWH]HLOHJDOHDWXQFLFkQGvQFHUFLVDSDUFKH]L $OHUJLvQVRPQ 3HPDVLQDDLXQDSWLELOGSHFDUHVFULH&DIHJLLLVXQWFHLPDLEXQLVRIHULGH)RUPXOD 'HVFKL]LXVDPXVDILULORUvQDLQWHFDDFHVWLDVDEDWDODHDVDXVDVXQH 1XDLPDLvQFKLVXQRFKLGHODXOWLPDHFOLSVD $LFURVHWDWGHMDGRXDSXORYHUHVLQLFLPDFDUQXVWLLVDFURVHWH]L 0DFLQLERDEHOHGHFDIHDvQJXUD 'RUPLFXRFKLLGHVFKLVL 7HXLWLODILOPHYLGHRFXUDSLGXO 6LQJXUHOHPRPHQWHFkQGVWDLOLQLVWLWHvQWLPSXOXQXLFXWUHPXU 3RWLVDWLIDFLSR]DVLQJXUGHODPHWULIDUDDIRORVLGHFODQVDWRUXODXWRPDWDODSDUDWXOXLIRWR ÌWLOLQJLFDQDGHFDIHD &kQGVSXLFDDLYUHDVDYH]L$PHULFDWHUHIHULODSODQWDWLLOHGHFDIHDGLQ$PHULFDGH6XG (VWLPXQFLWRUGHIUXQWHODFDIHQHDXDGLQFROWVLQLFLPDFDUQXOXFUH]LDFROR $LUXSWWUHLSHUHFKLGHvQFDOWDULQXPDLvQVDSWDPkQDDVWD 6IRUDLFXRFKLLGHVFKLVL 5R]LXQJKLOHDOWRUD 6RUDPHGLFDODDUHQHYRLHGHXQFDOFXODWRUFXIXQFWLLFRPSOH[HSHQWUXDWLOXDSXOVXO 3RUWLXQWULFRXSHFDUHVFULH&DIHDXDGHFRIHLQL]DWDHFDIHDXD1HFXUDWXOXL (VWLDVDGHSULQVDRDPHQLLvVLDSULQGWLJDULOHGHODFDOGXUDSDOPHORUWDOH 3RWLVDEDWLODWDVWDWXUDGHFXYLQWHSHPLQXWFXGHJHWHODGHODSLFLRDUH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3RWLVDWLUHPRUFKH]LVLQJXUPDVLQDVWULFDWD &RFDLQDWHPROHVHVWH 1XDLQHYRLHGHFLRFDQVDEDWLFXLH 6LQJXUDWDVXUVDGHDOLPHQWDWLHHVWH]DKDUXOGLQFDIHD 7XQXWUDQVSLULFLDEXUHVWL 6XGRDUHDWDPLURDVHDFDIHD 6XGRDUHDWDHGHFXORDUHPDURDVWDHVLPRWLYXOSHQWUXFDUHQXSRUWLFDPDVLDOEH &XPSHULODSWHODFLVWHUQD ÌWLLHVLGLQILUHFkQGFLQHYDvWLIRORVHVWHFDQDWDGHFDIHD 7HGXFLODvQWkOQLULGHVHUYLFLSHQWUXFDIHDXDFDUHRSULPHVWLSHJUDWLV 0HUJLNLORPHULLvQWUHJLDVFXOWkQGPX]LFDODFDVHWRIRQXOSRUWDELOVLUHPDUFLDELDDFXPFDQXDLEDWHULLODHO 8LWLVDGHVSDFKHWH]LERPERDQHOH FXFDIHD vQDLQWHGHDOHPkQFD 0LNH7\VRQvWLUHFRPDGDVDWHFDOPH]L $LFRQVWUXLWXQRUDVvQPLQLDWXUDGLQFXWLLGH$PLJRGHODFDIHOHOHEDXWH 2DPHQLLGLQMXURERVHVFGRDUSULYLQGXWH &DOFXOH]LSUHWXULOHvQFDQLGHFDIHD 1LPLFQXWHVXSDUDPDLWDUHGHFkWVDVWLFDQXPDLDLFDIHDvQFHDVFD &RUQHOLR3URFRSLR YH]LFXWLLOHGH$PLJR GRUHVWHVDWHvQILH]H 0DULOHILUPHSURGXFDWRDUHGHFDIHDWHGRUHVFSHQWUXUHFODPHOHORUSXEOLFLWDUH (VWLGHSDUHUHFDGDFDDOLHQVYRUFHYDGHSH3DPkQWDFHDVWDHVWHFDIHDXD 'HOXSWLGLQJUHXSHQWUXLQILLQWDUHDXQHLQRLVHFWLLGHVWXGLXODIDFXOWDWHDGHFKLPLHDOLPHQWDUDFXSURILOGHFDIHD $LUHXVLWVDREWLLFHYDPDLHILFLHQWGHFkW/6'XODYkQGFDPDWHULHSULPDERDEHGHFDIHD $LVFULVGRXDOXFUDULGHGRFWRUDWGHVSUHFDIHDVLSUHSDUDUHDHL ÌQILHFDUHDQGH]LXDWDGHQDVWHUHSULPHVWLFDGRXXQILOWUXGHFDIHD ÌQGLVFXWLLOHGHVSUHVXUVHGHHQHUJLHQHFRQYHQWLRQDOHVXVWLLSDUHUHDFDXQDGLQYDULDQWHDUSXWHDILFDIHDXD 3DSLOHOHWDOHJXVWDWLYHVXQWDVDGHDPRUWLWHFDDLSXWHDVDEHLVLXOHLvQFLQV (VWLDVDGHSXVODFXUHQWFDSRWLVDSULQ]LWUDQVPLVLLOHUDGLRGHSHXQGHXOWUDVFXUWH &ROHJLLvVLWHVWHD]DEHFXULOHvQXUHFKLOHWDOH 7HOXOYLHWLLWDOHHVDDGXQLXQPXQWHGHERDEH 'XSDSDUHUHDWDVDIDFLRFDIHDQHVVGXUHD]DSUHDPXOW 3RWLVFKLPEDFDQDOHOHODWHOHYL]RUPDLUHSHGHGHFkWFLQHYDFDUHIRORVHVWHRWHOHFRPDQGD &kQGFLQHYDWHvQWUHDED&XPvWLPHUJH"5DVSXQVXOHvQWRWGHDXQD%LQHODXOWLPDFHDVFD 'XSDPRDUWHGRUHVWLVDILLQFLQHUDWVLFHQXVDVDILHSDVWUDWDvQWURGR]DGHFDIHD ÌQYLDWDXUPDWRDUHvWLGRUHVWLVDILXQDUERUHGHFDIHD 7HVSHOLSHGLQWLFX]DWGHFDIHD 'H]LXDWDGHQDVWHUHH]LGHVDUEDWRDUHvQ%UD]LOLD (VWLGHDFRUGVDWLSHWUHFLYDFDQWDvQWURvQFKLVRDUHWXUFHDVFD 0HUJLVDWHFXOFLQXPDLFXJkQGXOFDODWUH]LUHRVDVLPWLPLURVGHFDIHD (VWLRIHQVDWFkQGFLQHYDVSXQHFDSUDMHVWHVHPLQWHGHIORDUHDVRDUHOXL 3LVLFDWDVHQXPHVWH&DIHDFXODSWH 7HvPEHWLFDXQSRUFQXPDLSHQWUXDEHDFDIHDVDWHWUH]HVWL 9RUEHVWLDUDEDSHUIHFWIDUDDILOXDWRUH 7HUPRVXOWDXHPDUHFkWRFLVWHUQD ÌWLWLLWRWWLPSXOEX]HOHFDVLFXPDLVRUELGLQWURFHDVFD 3HQWUXFDSHLQVXOD$GD.DOHKVHSXWHDEHDFHDPDLEXQDFDIHDWXUFHDVFDHVWLSHQWUXGDUkPDUHDEDUDMXOXLGHOD3RUWLOHGH ILHU 3HFDQDWDGHFDIHDHSLFWDWDFDQDWDGHFDIHD 3RWLVDWHLHLODvQWUHFHUHFXLHSXUDVXO'XUDFHOO 3RWLVDWHIDFLQHYD]XWGHWHFWRDUHORUGHPLVFDUH 1XSRWLDVWHSWDSkQDILHUEHDSD 7UHPXUDWXOWDXVHPDVRDUDSH6FDOD5LFKWHU &kQGHVWLQHUYRVFROHJLLVSXQGHVSUHWLQHFDWHSUDMHVWLVDXFDILHUEL &kQGvWLLHVLGLQLIUHFROHJLLVSXQGHVSUHWLQHFDGDLvQIRF &HOHWUHLSODFHULDOHWDOHVXQWFDIHDvQDLQWHVLFDIHDGXSD ,XELWDWDWHDGXFHvQIRUPDFXOXPkQULDSULQVHPX]LFDURPDQWLFDVLXQFRUQHWGHvQJKHWDWDFXFDIHD $LXLWDWFkQGDLVDUXWDWSHQWUXSULPDGDWDGDUvWLDGXFLIRDUWHELQHDPLQWHGHSULPDFHDVFDGHFDIHD 3RWLVDvWLDMXWLFkLQHOHVDSULQGDXQLHSXUH ÌWLSXLSHVWHQRDSWHSURWH]DGHQWDUDvQWURFDQDFXFDIHD &DQDWDGHFDIHHVWHDVLJXUDWDSHQWUXRVXPDLPHQVD ÌWLSUH]LQWLLXELWDFDILLQGFROHJDWDGHODRFHDVFDGHFDIHD &UH]LFD&)5LQVHDPQD&RIIHHIRU5RPDQLD 7UXVDWDGHSULPDMXWRUFRQWLQHXQWHUPRVGHFDIHDVLRUkVQLWD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6WLLFDQXPDLHVWLXQDGROHVFHQWDWXQFLFkQG 3RWLWUDLIDUDVH[GDUQXIDUDRFKHODUL 'DFDWHFDFLGHPDLPXOWHRULGHFkWPHUJLOD:& 'DFDUHQXQWLVDWLWUDJLEXUWDLQGLIHUHQWGHFLQHLQWUDvQFDPHUD 'DFDvWLFXPSHULREXVRODSHQWUXPDVLQD 'DFDSULHWHQXOWDXDUHRYkUVWDGXEODGHFkWFHDDWLSHLFXFDUHVHvQWkOQHVWHVLFXDVWDQXvQFDOFDOHJHD 'DFDWHVXUSULQ]LFkQWkQGvQOLIW 'DFDGLVFXWLLOHWDOHVHUHIHUDQXPDLODSUHWXODFWXDODOEHQ]LQHL 'DFDvWLIDFHSODFHUHVDDX]LFDDOWLLDXIRVWRSHUDWL 'DFDFHLFDUHWHVXQDODRUDVHDUDvQWUHDED7HDPWUH]LWFXPYD" 9LVH]LGHVSUHYUHPXULOHGHRGLQLRDUD 'DFDSODWHVWLFRWL]DWLLOD&HQWUXOGHDMXWRUSHQWUXvQPRUPkQWDUH 3RUWLVRVHWHQHJUHVLVDQGDOH 8UHFKLOHWLVXQWPDLSDURDVHGHFkWFDSXO 'DFDWHJkQGHVWLGHMDLQWHQVODSHQVLH ÌWLEDJLWHOHYL]LXQHSULQFDEOXQXPDLSHQWUXFDQDOXOGHVWDUHDYUHPLL 'DLRSHWUHFHUHVLYHFLQLLQLFLQXVLGDXVHDPD

6FULVRULGHOD/DXUD 'UDJXOPHX 6XQWFRQYLQVDFDWXDLSXBWHDVDIDFLGLQPLQHIHPHLDLGHD OD7UHEXLHVDPDUWXULVHVFFDDPSL]BPDSHWLQH$LDYXWRLQLPDFUX GD7HURJPXOWDLPLODGHPLQH)XBJLQGGHPLQHHXVXIDUPXOW,XEHV WHPDFDWGHPXOWQXPDLSHPLQHFDBHXVXQWFLQVWLWDVLIUXPRDVD DOWIHOVXIDUDPDU /DXUD 'UDJXOPHX $]LPLDPVSDODWVLFXUDWDWELQHSL MDPDXDPHDQRXDODFDUHPDDMXWDWVLJD ]GD9LQRGLVHDUDODPLQH0LHGRUGHSX WLQDSOLPEDUH7LDPSUHJDWLWVLFDFLX ODWD7HDVWHSWFXPDUHQHUDEGDUHVDQHIX GXOLPFXHDSOLPEDQGXQHSULQRUDVFDVXQ WHPELQHDPDQGRL /DXUD 6LXQDvQHQJOHD]D

$WDOOZHOOEXLOWZRPDQZLWKJRRG UHSXWDWLRQZKRFDQFRRNIURJV OHJVZKRDSSUHFLDWHVDJRRGIXF VFKLDJDUGHQFODVVLFPXVLFDQGWDO NLQJZLWKRXWJHWWLQJWRRVHULRXV /DXUD

&ODULILFDUH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6FULVRDUHDVHFLWHVWHSkQDODFDUDFWHUXOBDSRLVHFRQWLQXDFXUkQGXOXUPDWRU 6FULVRDUHDVHFLWHVWHvQFHSkQGFXUkQGXODOGRLOHDGLQGRXDvQGRXDUkQGXUL 6FULVRDUHDDWUHLDVHFLWHVWHGLQGRXDvQGRXDUkQGXUL

(VWLSUHDEHDWDWXQFLFkQG &kQGDLGLVFXWLLvQFRQWUDGLFWRULXFXRELHFWHOHGLQMXUVLPDLVLSLHU]L &kQGWUHEXLHVDWHWLLGHDVIDOWFDVDQXFD]LGHSHWURWXDU &kQGVHUYLFLXOWHvPSLHGLFDVDEHLGHVWXO &kQGGRFWRUXOWDXJDVHVWHVkQJHvQDOFRROODDQDOL]H &kQGVFDXQXOGHOD:&VHORYHVWHUHSHWDWVLFXvQYHUVXQDUHGHFDSXOWDX &kQGDMXQJLVDFUH]LFDDOFRROXOHXQDGLQJUXSHOHGHDOLPHQWH GHRUHSH]LGHEHULvQWURODGDFRLQFLGHQWD"""6RFUH]LWX 'RXDPkLQLVLGRDURJXUDDFX DVWDFKLDUFDHRSUREOHPDFXEDXWXUD 9H]LPDLELQHGDFDWLLXQRFKLvQFKLV 1HQRURFLWDDLDGHSDUFDUHVDPXWDWPDLvQFRORFkWHUDLWXvQFkUFLXPD &D]LGHSHSRGHD 3HEDLHWLLWDLvLFKHDPD7XERUJVL+HLQHNHQ $X]LVWLLFHGDRQFRORGHPDVDGHVHDUDEHULIDFFkWRIULSWXUDFXFDUWRILSUDMLWL 7kQWDULLvQFHSVD]ERDUHDLXUHDGXSDFHWHQWHDSDSHWLQH 7HWUH]HVWLvQGRUPLWRUFKLORWLLVXQWvQEDLHDGRUPLvPEUDFDWPGD 7RDWDFkUFLXPDWHVDOXWDFkQGLQWULvQDXQWUX $LLPSUHVLDFDFHOHSDWUXJUXSHGHDOLPHQWHVXQWFRIHLQDQLFRWLQDDOFRROXOVLEDUEDWLL VDXIHPHLOH  3LVLFDYHFLQXOXLGHYLQHWRWPDLDSHWLVDQWDSH]LFHWUHFH =RH3HWUHDUDWDELQH 1XWLUHFXQRVWLQHYDVWDGHFkWGDFDWHXLWLODHDSULQWUXQIXQGGHSDKDU %HVWLDDLDGHHOHIDQWHOUR]LDUWHDXUPDULWSkQDFDVD

6HPQHHYLGHQWHFDHVWLSUHDJUDV )DFLRFXUDGHVODELUHSHQWUXDDUDWDFD%XG6SHQFHU &DVLDSHULWLYFRPDQ]LXQJUDWDUvQVkQJHFXFDUWRILSUDMLWLVLVDODWDGHURVLL 7HURVWRJROHVWLSULQORFXLQWD 'LQPRWLYHGHORFvWLVFKLPEL'DFLDFXXQPLFUREX]VLvODPHQHMH]LvQDVDIHOvQFkWVDQXDLEHGHFkWXQORF 3DUWLFLSLODFDPSLRQDWXOGHVXPR 6RWLDWDvWLIRORVHVWHFXUHDXDSHQWUXDvQWLQGHUXIHOHODXVFDWSHHD 3HQWUXDWHFkQWDULWUHEXLHVDPHUJLvQ7ULDMVDFDXWLXQFkQWDULQGXVWULDO 7UHEXLHVDVFKLPELDUFXULOHSDWXOXLWDXRGDWDODILHFDUHVDSWDPkQD 1XPDLPHUJLODSHWUHFHULGHFkWGDFDVHWDLHFHOSXWLQRYDFDSHQWUXVDODWDERHXI 3RUHFODWDH%DOHQD

6HPQHVLJXUHFDvWLSLFDSDUXOVLFDRVDFKHOHVWL 'XSDFHWHDLSLHSWDQDWKDPVWHUXOVHvPSHUHFKHD]DFXSLDSWDQXOODVDWSHSRGHD )UL]HUXOWHWXQGHODFDVDIDUDDPDLWUHEXLDWHDVH]D ÌQWULvQWURVDODGHELOLDUGVLMXFDWRULLVWULJD$VWDLDOED ÌQWLPSFHIUL]HUXOvWLIDFHIUH]DLHVLVFXUWvQRUDVODFXPSDUDDWXUL &DVDvWLDVFXQ]LSDUXOvWLvQFKHLFDPDVD /DIUL]HUSODWHVWLWXQVXOVSDODWXOVLSXVXOSHUXFLL ÌQDLQWHGHDVHDVH]DSHIRWROLXOWDXFkLQHOHvOVFXWXUDGHSDU 'LQOLSVDQXPDLSRWLGHVSLFDILUXOvQSDWUX



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3XORYHUXOWDXFXPRGHOHQRUYHJLHQHHVWHSURSULXOSDU 7HFKHDPD3KLO&ROOLQV

'HFHFkVWLJDLQJLQHULLSXWLQLEDQL 9RPvQFHUFDVDGHPRQVWUDPSHFDOHPDWHPDWLFDIDSWXOELQHFXQRVFXWFDLQJLQHULLVLRDPHQLLGHVWLLQWDQXFkVWLJDDWkWGH PXOWLEDQLFDRDPHQLLGHDIDFHUL,DWDGRYDGD 5HJXOD7LPSXO %DQL 5HJXOD&XQRDVWHUHD 5DQGDPHQW

2ULFHLQJLQHUVWLHFD PXQFDWLPS UDQGDPHQW

DSOLFkQG5HJXOD FXQRDVWHUH UDQGDPHQW VL5HJXOD WLPS EDQL UH]XOWDFD PXQFDEDQL FXQRDVWHUH VFRWkQGEDQLLGLQIUDFWLHUH]XOWD EDQL PXQFDFXQRDVWHUH

'HDLFLVHREVHUYDXVRUFDDWXQFLFkQGFXQRDVWHUHDWLQGHODEDQLLWLQGODLQILQLW ÌQFRQFOX]LH&XFkWVWLLPDLPXOWFXDWkWYHLFDVWLJDPDLSXWLQLEDQL

/XFUXULSHFDUHQXWLGRUHVWLVDOHDX]LvQVDODGHRSHUWLHFDSDFLHQW 6WLLHXLDPIDFXWIDWDOXL7RUL6SHOOLQJ 0DLELQHQXDUXQFDEXFDWDDVWDVDUSXWHDVDQHWUHEXLDVFDODDXWRSVLH &KHDPDIHPHLDGHVHUYLFLVDFXUHWHPDVDGHRSHUDWLH $FFHSWDDFHDVWDRSHUDDFHVWVDFULILFLX2WXVWDSkQDOvQWXQHULFXOXL &XWXFXWXYLQRvQDSRLFXEXFDWDDLD7XFDWHOXVUDXUDX $VWHDSWDRVHFXQGD'DFDDVWDQXLVSOLQDDWXQFLFHH" 7LQHPDGHPkQD&HFKHVWLHXUkWD%HHHDKKPLVHIDFHUDX 'RDPQHLDUVHLDFXUHQWXO $FXPVFRDWHPFUHLHUXOVXELHFWXOXLVLvOSXQHPvQFRUSXOXQHLPDLPXWH 1XWLIDJULMLFUHGFDHGHVWXOGHDVFXWLW $GUHVkQGXVHXQHLDVLVWHQWH&HYUHLVD]LFLFDGLYRUWH]L" 8DXXXDLYD]XWFkWVkQJHFXUJHGLQDVWD /DGUDFX3DJLQDGLQFRPSHQGLXODVWDOLSVHVWH 2VXSUDIDWDVWHULOD3RGHDXDHFXUDWDQX"

/XFUXULSHFDUHQXYUHLVDOHDX]LSHPDVDGHRSHUDWLH ,, 3XQHDVWDGHRSDUWH2VDDYHPQHYRLHGHHDODDXWRSVLH $FFHSWDDFHVWVDFULILFLX7X0DUH=HXDOÌQWXQHULFXOXL +HLDVXSUDYLHWXLWFLQHYDSkQDDFXPODPOGLQFKHVWLDDVWD" 6WHULOVPHULOSRGHDXDLFXUDWDQXLDVD" 6WLFDVHIDFRPXOWLPHGHEDQLFXULQLFKLLSHQWUXWUDQVSODQWVLRULFXPWLSXODVWDDUHGRL &XPDGLFDDVWDQXHUDDLFLSHQWUXRRSHUDWLHGHVFKLPEDUHGHVH[" 3DFLHQWXODVWDDUHGHMDFkWLYDFRSLLQXLDVD" 6RUDSDFLHQWXODVHPQDWFXPYDGHFODUDWLDGHGRQDWRUGHRUJDQH"

2VXUWDLVWRULHDPHGLFLQLL 

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'RFWRUHDPRGXUHUHvQXUHFKH $QXOLHQ8LWHDLFLPDQkQFDUDGDFLQDDVWD $QXOLHQ5DGDFLQDQXLVIkQWD]LRUXJDFLXQH $QXOHQ5XJDFLXQHDHVXSHUVWLWLHEHDSRWLXQHDDVWD $QXOHQ3RWLXQHDHXOHLGHPDVOLQHvQJKLWHSDVWLODDVWD $QXOHQ3DVWLODHLQHILFLHQWDLDDQWLELRWLFXODVWD $QXOHQ$QWLELRWLFXOHDUWLILFLDO8LWHDLFLPDQkQFDUDGDFLQDDVWD

'LIHUHQWHOHGLQWUHELURXVLSXVFDULH /DSXVFDULHVWDLPDLWRWWLPSXOvQWURFDPHUD[/DELURXVWDLPDLWRWWLPSXOvQWURFDPHUD[ /DSXVFDULHDLWUHLPHVHSH]L/DELURXDLRJXVWDUHSHFDUHRPDLVLSODWHVWL /DSXVFDULHDLWLPSVDPHGLWH]LODYLDWDWD/DELURXQXDLWLPSFvQGOXFUH]LGHFKHVWLLDWvWGHSURIXQGH /DSXVFDULHXQJDUGLDQGHVFKLGHVLLQFKLGHXVLOHGXSDWLQH/DELURXWUHEXLHVDILLDWHQWFXFKHLOHFvQGYLLVLSOHFL /DSXVFDULHSRWLVDWHXLWLODWHOHYL]RU/DELURXWHDLDUVGDFDWHSULQGHVHIXOIDFvQGDVWD /DSXVFDULHvWLDFRUGDYL]LWHSHQWUXIDPLOLHVLSULHWHQL/DELURXQXDSXFLVDVXQLIDPLOLDVLSULHWHQLL /DSXVFDULHvQWUHWLQHUHDRSODWHVWHVWDWXOVLQXWUHEXLHVDOXFUH]L/DELURXGXSDFHPXQFHVWLGLQEDQLLSHFDUHWLLGDX UHGXFLWRDWHWD[HOHVLFHPDLUDPvQH" /DSXVFDULHDLSURSULXO:&/DOXFUXWUHEXLHVDOvPSDUWLFXDOWLL /DSXVFDULHSRWLVDWHvQVFULLODGLIHULWHSURJUDPHGHUHHGXFDUHVLVDLHVLGLQHOHFkQGYUHL/DELURXQXPDLUHXVHVWLVDLHVL GLQSURJUDPHOHvQFDUHDLIRVWEDJDWIDUDDILvQWUHEDW /DSXVFDULHDLSDUWHGHJDUGLHQLFUX]LVLQXUDUHRULVDGLFL/DELURXDLSDUWHGHPDQDJHU /DSXVFDULHWHSXQvQODQWXULFkQGWUHEXLHVDPHUJLXQGHYD/DEYLURXHVWLSXVvQODQWXULSHQWUXDVWDSHORF

'LQPHGLWDWLLOHXQXLORFXLWRUDOFDQDOXOXL &kQGQLPDQXLvQMXUXOWDXQXLSDVDGHWLQHvQGUD]QHVFRDUHSUHDPXOWSUHWLQ]kQGXLVRFLHWDWLLRSXQJDFXDXURODF" 'DFDDVLQWUDVLHXvQSROLWLFDDVDPLDVvQFHSHGLVFXUVXOvQ3DUODPHQW&DQDOXOHSDWULDPHDSHFDUHRLXEHVFVLPD PkQGUHVFFXHD 'HILHFDUHGDWDFkQGGDXODRSDUWHFDSDFXOFDVDLHVODOXPLQDQXPDWHPGHVRERODQLVLGHFkLQLFLGHRDPHQL $IDUDHDHUXODWkWGHFXUDWFDSXUVLVLPSOXPLVHIDFHUDXVLQXPDLSRWUHVSLUD 'DXXQFD QD OSHQWUXRSXQJDFXDXURODF &KLDUGDFDDXURODFXOvPLSURGXFHOH]LXQLSHFUHLHUDVDFXP]LFXQLLHGHSUHIHUDWVRFLHWDWLLFDUHvPLSURGXFHOH]LXQL SHFRUG 6SUHGHRVHELUHGHOXPHDGHVXVvQFDQDOQXH[LVWDQLFLRVSLFLLVLQLFLSXVFDULL /XDWLDPLQWHVLFDQDOXOVHDIODWRWvQvPSDUDWLDOXL'XPQH]HX 1RLVXQWHPDGHYDUDWLLLGHDOLVWLDLOXPLLSHQWUXFDKLPHUHOHQXVHQDVFvQOXPLQDFLvQvQWXQHULF &HLPDLIHULFLOLGLQWUHRDPHQLDMXQJODFDQDOvQDLQWHGHDVHQDVWHXQLLPDLSXWLQQRURFRVLDMXQJDLFLGXSDFHVDXQDVFXWLDU FHLPDLQHQRURFLSQXDMXQJQLFLRGDWD 'HVLQHFRQVLGHUDWLILLLvQWXQHULFXOXLVXQWHPPDOEXQLGHFkWPXOWLGLQWUHILLLOXPLQLL1RLVWDPvQvQWXQHULFGDUDYHPOXPLQD vQVXIOHWSHFkQGODPXOìLGLQWUHYRLVHvQWkPSODH[DFWSHGRV &LQHVWLHGDFDQXFXPYDFDQDOXOQXUHSUH]LQWDPDWFDXQHLOXPLQRL"'RDUVDPDLSOHFDWRGDWDGHODJURWD

)HQRPHQXO&DULWDV )HQRPHQSHFDUHQHDFXSULQVSHWRWLIHQRPHQXO&DULWDV&DVDYDWLQHPODFXUHQWFXFHVHvQWkPSODDFRORDPSUHJDWLWXQ UHSRUWDMH[DFWGHODIDWDORFXOXL %XQD]LXD " 6WDWLGRPQHOLQLVWLW6XQWUHSRUWHUGHOD(YHQLPHQWXOQRSWLLDVYUHDVDYDLDXXQLQWHUYLX7RWYDGFDVWDWLDLFLODFRDGDOD &DULWDVVXQWHWLRSHUVRDQDVLPSDWLFD'HFkQGVWDWLODFRDGD"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'HNP 6LFHQXPDUGHRUGLQHDYHWL" QXPDLVWLXHOXQJDPSLHUGXWFDLHWHOHSHFDUHODPVFULV 'DGRPQHYDSDFDOLWQXPDLDSXFDWLVDDMXQJHWLvQ 3HPLQH"""""3RDWHSHEXQLFXPHX&DHODYHQLWDLFHDODFRDGDDFXPGHDQLVDXQXPDLVWLXFkWDWUHFXW 8QVWUDLQ 6SDODPFLRUDSLWDLHPXQJKLLVSDODPFLRUDSLWDLHPXQJKLL 9DGFDVDGH]YROWDWRvQWUHDJDLQGXVWULHGHSUHVWDULVHUYLFLLSHOkQJDFRDGDDVWD 6DQXOFUHGHWLGRPQHFDvQWUR]LODPSXVVDvPLVSHOHFLRUDSLLVLPLRWDLDWXQJKLLOH9DGDWLVHDPDFHIULJPDLDSHOD WDOSL" 'DFkWGHSXQHWL" &kWGHSXLHX"&kWDP 6LFkWDYHWL" 1XPDLDPQLPLF$PYkQGXWWRWFDVDPDVLQDEDQLDPYkQGXWWRWVLvLSXQOD&DULWDV $WLYkQGXWEDQLL" 7RWWRW 'DFRSLLDYHWL" 3RDWHHXQXVWLXFkQGDPYHQLWDLFLODFRDGDQHYDVWDPHDHUDJUDYLGDDFXPFLQHVWLHXQGHRIDFHILXOPHXDUPDWD" 'DGHXQGHVWLWLFDQXDQDVFXWIDWD" %DQXWLHUXVLQHPD"3DLPDLFDWDWHDQDVFXWIDWDFkQGWHRQDVFXWSHWLQH"$" 1XvQWHOHJGHFHWLSDWLODPLQH 3DVXQWQHUYRV'HFkQGVWDXODFRDGDDVWDVXQWQHUYRV 6LWHDSXFDGHV" 1XPDLvQDQLLELVHFWL$WkW3D]HDFDYLQHDODFXOLVWD(XVXQW0DQROHVFX)DQHVDQXXLWL %DLDILWLDWHQWLDLFL0DQROHVFX$0DQROHVFX%0DQROHVFX&0DQROHVFX'0DQROHVFX( (XVXQWDFXPD 0DQROHVFX$$0DQROHVFX%%0DQROHVFX&& 6WDLFDHXVXQW)DQH)DQLVRUGHIUDWHPLX 0DQROHVFX''0DQROHVFX((0DQROHVFX$$%0DQROHVFX$$&0DQROHVFX$$' $LGUDFXDVWLD'HILHFDUHGDWDLQYHUVHD]DLQLWLDOHOHVLFkQGWHUPLQDOLWHUHOHWUHFOD  'HGRPQHFHVDLIDFHP"3HQWUXXQEDQWRWLPXQFLP'XPQHDWDFHRVDIDFLFXEDQXFDQGRVDOVFRWL" ÌLODVvQFRQWLQXDUH %LQHVLGXSDOXQL" ÌLODVvQFRQWLQXDUH 6LGXSDvQFDOXQL" ÌLODVvQFRQWLQXDUH 'RPQHDLIDFXWSLSLSHGXPQHDWDQXvWLVFKLPELSDQWDORQLL" ÌLODVvQFRQWLQXDUH 6LFkQGvQVIkUVLWRVDvLVFRWLFkQGRVDDLVXWHGHPLOLDUGH 'DGDGD &HRVDIDFLSULPDGDWDFXEDQLL" ÌLQXPDU'DFDPDvQVDODDLDFXYUHRPLHGRXDvPLSODWHVWHFLQHSDJXEDFLQH" 6LFHRVDYDFXPSDUDWLSULPDGDWDFXEDQLLUHVSHFWLYL" 8QGLVFFXIRUPDWLD0HWHRULW 1XDPDX]LW([LVWDDVDFHYD"1XGDFkQGRLVFRDWHHXEDQLLSRDWHVRLQILLQWDSkQDDWXQFL'HXQGHVWLLGXPQHDWDFDQXVH vQILLQWHD]D" %LQHvWLLHLXQGLVFVLFXUHVWXOGHEDQLFHRVDvWLLHL" &DUHUHVWGHEDQL" &kQGRLVFRDWHHXEDQLLvWLGDLVHDPDFkWRVDFRVWHXQGLVF"$UHDVWLDJULMD 8QFHUVHWRU $MXWDWLPDVLSHPLQHFXOHXVDYDWUDLDVFDIDPLOLD 5HSRUWHUXO 'DGRPQHXLWHXQRPDPDUkW

'HSXQDWRUXO 1XWLUXVLQHPDLFHUVHWRUXOH"(XVWDXODFRDGDR]LvQWUHDJDVDLDXPLOLRDQHVLWXYUHLVDFkVWLJLOHXDVD"""/DPXQFDED FHUVHWRUXOH &HPDUHOXFUXVDvODMXWLVLSHDVWDFXOHX" /DVDGRPQH'XPQHDWDVWLLFLQHHDVWD"(SDWURQXOGHOD&RPEDW 'DDX]LQXWHSOLFWLVHVWLVDVWDLDVDVLQJXUIDUDVDVFKLPLRYRUEDFXQLPHQL" %DPDLYRUEHVFFXSROLWLDGLQvQDQLFkQGYLQHVDvPLVFKLPEEXOHWLQXOFDQXPDPDLODVDFRSLLDORUDGHODFRDGDVD LQWUXvQIDWD]LFH7XFLQHHVWLWDWDLH" 'DXQGHHSROLWLDGHSDUWH"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

/DQXPHUHPDLvQIDWD 3ROLWLDOD&DULWDV"3DLDVWLDFHGHSXQGRPQH" 'LSORPDGHFODVH9DGDWLVHDPDFHVFRDWHUHDXvQOXQLGHRULPDLPXOWDGLFDFODVHGHIDFXOWDWH 'RPQHSROLWLDHDLFLFDVDQXVHPDLvQWkPSOHYLROXULEDWDLWkOKDULL6SXQHPLGHFkQGHSROLWLDVDPDLvQWkPSODWDVD FHYD" 1XGRPQHFDVDXDEWLQXWWRWLGHODSROLWDLODXOWLPXOVHUJHQWDLGUDFXGDFDDXPDLYLRODWHL 6WUDLQXO $PDLPXULWFLQHYD"7UDLHVWL"(YLX7UDLHVWL" 3HEXQLFDPLXODLvQJURSDWSHWDLFDPLXODLvQJURSDWWXYUHLVDIDFLWUDGLWLH"3OHDFDPDIROFORULVWXOHGHDLFL &LQHHDVWDGRPQH" )DQWRPDOXL3DXQHVFX 'DVWDLDVDWRDWD]LXDFDXQDQLPDOvQSORDLHvQIULJQXJkQGHVWLQXIDFLQLPLF %DGDvPLUHFUHH]PHPRULD8LWHGHH[HPSOXFUHH]QXPHUHGHWHOHIRQ &XPDVD" %DLQFDSDELOXOHQXFXPDVD8LWHFH]LFLGHDVWD"'DFDPDIDFDOGUDFXvOSXQVLSHUDS(VXEHUEQX" (XQQXPDUFDWRDWHQXPHUHOH ,DILDWHQWDFXPDFDOXFUH]ODRFDSRGRSHUDGHFLIUH8LWH$KÌPLOLSVHVWHILQDOXO 7LVDDUVILQDOXO $LRVXJHVWLH"  %DGDSURVWHVWL(VWLVWXSLGEDWHFRPSODFLvQSHQLELOLWDWH 'DFHDP]LV" 0DPLUFDQXDL]LVFDWHVLSOH]QHDPPD 8LWHGRPQHFHVD (VWLVWXSLGUDXGHWRWED *DWDGRPQHJDWD &XP"ÌPLVWULFLPLHFDSRGRSHUD9LLWXFXXQVDvODUXQFLDVDDOHDWRU" *DWDGRPQHJDWDXLWHVD]LFHP %DWXYUHLVDLQWULLvQIDWDODFRDGD6SXQHGHIDSWFHYUHL 1XGRPQHDP]LVSHQWUXFD 3HQWUXFD" $OWRP +DLFXFDEOXKDLFXFDEOXDOD*DWDDWkW9DFDXWDGHDFDVD6XQWHWL" 'DGRPQHDWLYHQLWFXFDEOX" &XFDEOXFXWHOHIRQ 1XHSHQWUXPLQHDOPHXHFXDQWHQD ,DYH]LDUHGROLXSHHOFDVDUSXWHDVDILHSHQWUXHO 1XGRPQH1XHDOGXPQHDYRDVWUD" 1XDVWDHQXPDUXOPHXGHSHSODFXWDGHLGHQWLILFDUHGHOD026$' 1XDGXPQHDYRDVWUD" 1XDVWDHQXPDUXOPHXGHODFRDGD ÌQVHDPQDFDHSHQWUXPLQH $OR"'DGUDJDGHSXQVLYLQ $VWLDVDXWDFDQLWDLFL 'RPQHGHFkQGWHWLQGHYRUEDDXWUHFXWGHRDPHQLSHOkQJDGXPQHDWDVDXGXVvQIDWD 'D"0DUHEUkQ]DPDLVWDXOXQL 8OWLPXOVXQW" 8OWLPXO 3HUIHFWÌQVHDPQDFDLDPSDFDOLWFDFRDGDHvQSDUWHDDLODOWD9DFDURLXOH"9LQRPDvQFRDFH3DLWXVWLLFXFLQHDLVWDWGH YRUED"6WLLFLQHVXQWHPQRL"'XSOH[9DFDURLX)XQDU $FXPDQXVWLXSHFDUHDSODXGDSH9DFDURLXVDXSH)XQDU0XVDLFD9DFDURLXDYHQLWFXEXJHWXO5RPkQLHLVLPHUJHPVDvO GHSXQHPOD&DULWDV 'HFLQXHFRDGDOD&DULWDV" 1XHFRDGDOD&DULWDVLDPIHQWDW ,DWLSDFDOLW"'DQXPDLWUHEXLHVDYDGXFHWLSkQDDFRORFDHXVXQW,RQ6WRLFDXLWHEXOHWLQX 'XPQH]HXOQRVWUXWXHVWL" 9DVXQHXSHVWHOXQL&HQRURFFDPDFKHDPDWRWFDSHDODQXVWLWLXQGHH&DULWDVXOFDDPQLVWHEDQL6FULVGHDGLR (DGUHVDYDVLVXIHULQWDYRDVWUDGDQXPDODVDJkWXDPUHXVLWGHODvQFHUFDUHDWHQWDWLYHLGHVLQXFLGHUHFXVIRDUD(UDSUHD DVFXWLWDVLQXDPDYXWGHFkWIRFXUL$PVFDSDWXVRUSHQWUXFDDPYUXWVDYLQDLFLVDYDSRYHVWHVFPXOWH(XVFXSDSDJDOXO vPLFXUJFXYLQWHOHGLQJXUDFDODIDFXOWDWHDGHOLWHUHGLQ%HLUXW DVDVHVFULH" DVD9DVSXQHDPQLVWHGXPHvQWRDUVH SDUDQGDUDWXULFDVXQW-LPLGLQSDGXUHDIDUDURVWJDWDYDOXDPPLQWLOHYDGXFHDPSDPSDPSDPSDP+DLWDWLFXPDPLUFD QXPDLGXPHGHERFDUHGHDVWLDEDGDFXPDQDPvQFRWUR2ULFHDVYRUELQXVHDXGHQLPLFGLQJkW1DFDPSDWLWR6L DYHDPODFXYkQWDUL3HPLQHPDFKHPDXDVWLDVDLDXFXYkQWDUHDODQDVWHULODGHVSDUWLULODGHVSDUWLULGHQDVWHULFXOXQLPDL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

GHYUHPHODERWH]XULODPkQDULLODWRWIHOXOGHRELFHLXULGHDVWHD$POXDWFXYDQWXOFKLDUODERWH]XOXQHLIHWLWHDXQXL SULHWHQ=LFH+DLYRUEHVWHVLWXFDWRWHVWLDLFLEHLSHGHJHDED=LF'DFXPVDQX'UDJLPHVHQLVDQHEXFXUDPSHQWUX DFHVWFRSLOLDWDFHIUXPRVHVDLRYHGHPFXWRVDRYHGHPFXWRWLLFXPVHDPDQDFXWDWDOHLFH"PLDWLGDWRFXIXQGXOVLD VLIDFXWSHHD"+RSD1XVWLDPGHFHVHDPDQDFXWDWDOFD6DPDQDFXPDPDHLGHVLPLURDVHDVD'HIDSWVHDPDQDFX DPkQGRLFDDvQFHSXWVDVLOPDQkQFH(VWHRIHWLWDVROLGDXLWDWLFHSLFLRDUHWDSHQHDUH6LPkLQLOHGRPQHLDXLWHWDSHQH SLFLRDUHOHGHODPDVDWDSHQH2IHWLWDVDQDWRDVDVDQDWRDVDDIRVW6DWUDLDVFDPXOWVLELQH6DDMXQJDODYHQHUDELODYkUVWD GHGHDQLH[DFWFDEXQLFDVDFDUHXLWDWLYDODHDHSHMXPDWDWHWkPSLWDvLPDLFXUJHVLvQJXUDFkQGPDQkQFDLDXLWH $ROHXFH$VDVDDMXQJDVLIHWLWDGHEDWUkQDVDVLWUDLDVFDYLDWD+DLGHWLVDvLIDFHPRSR]DFDSHVWHFkWHYDVDSWDPkQL PHUJHvQSLFLRDUHVDDLEDVLHDDPLQWLULGHFkQGHUDYLUJLQD0kQFDXDUWDWDGHIUXPXVLFD+DLODVDOLPEXWDODPLQH$VD )UXPXVLFDOXWDWLFX9HQLWLGRDPQDDVD6DYHGHPFXWRWLLGHXQGHDLHVLWDFHDVWDIHWLWD$LHVLWGLQWURPDPDVHPL LQWHOHFWXDODDGLFDHvQFDVWXGHQWDVLXQWDWDPDLVSXQ"&DYDGFDHVLVRWXOGHIDWDQXPDLVSXQEXQ2PDPDVLXQWDWD 6DLXUDPVDQDWDWHVDVFDSHFXYLDWDGLQRULFHDFFLGHQWFKLDUGDFDRVDVFDSHSDUDOL]DWDRDUEDFLXQJDWkPSLWDGDUPDLELQH DVDGHFkWVDWUDLDVFDPRDUWDVRPDQkQFHYLHUPLLVDSXWUH]HDVFDGHYLHDVDFXPVWDHDSHPDVDDLFLXLWDWLYDODHD'DWLPL YDURJROXPkQDUHVLQLVWHYDWDVDvLEDJvQQDVVDYHGHWLFHQDVROvLVWDPRDUWD,DUDFXPDPVRDUGFXWLJDUDFDVDVHGH]YHWH GHIXPDWVLQLFLVDQXVHDSXFHPDFDU  9DGDWLVHDPDFDPDXDOHUJDWFXWRSRDUHOHSkQDvQVDWXOYHFLQ'DDVWDQXLQLPLF$POXDWFXYkQWDUHDODRQXQWD&kQGVD VWULJDWGDUXDFRORDPULGLFDWVLHXSDKDUXO'UDJLPHVHQLGDWLPLYRLHVDvQFKLQDFHVWSDKDUGHYLQSURVWGDUFXVLIRQ PHUJHvQFLQVWHDvQFHORUGRLWLQHULFDUHDLFLGHIDWDFXGXPQHDYRDVWUDVLFXQDVLLVHSLSDLHFXQHVLPWLUHSHVXEPDVD *LQHULFDGUDJDDLRQHYDVWDFDOXPHDLXELWRDUHWLRSRDWHJDUDQWDWRWVDWXOVRLXEHVWLDVDFXPVLQRLDPLXELWR(IUXPRDVD DUHVLOXLHWDQXFDEDODEXVWDGHPDVD,DUvQFHOSULYHVWHSHWDWDOPLUHVHLVDVSHUDPFDVLILOLVXOQXHVWHHUHGLWDU7XPLUHDVD VDLOLXEHVWLSHJLQHULFDFKLDUGDFDLLGLRWFHPDLFRQWHD]DDFXPODLOXDWODLOXDWHVWLIUDLHUD(XLOFXQRVFGLQJHQHUDOD XQGHHUDSURVWXFODVHLVLPLVDSDUXWXQEDLDWEXQFXSUHDSXWLQHGHIHFWHGDFDKRPRVH[XDOLWDWHDVLKHPRURL]LLVHSRWQXPLL GHIHFWHGDUQXFUHGQXH,XEHVWHOSHQWUXFDLXELUHDHVWHVLQJXUXOOHDFLPSRWULYDVFKL]RIUHQLHL1XVWLXGHFHHVXSDUDWD QDVDFDSHQWUXHDDPSXVPDJXOVDFkQWHRMXPDGHRUDFkWDIRVWFXEDLHWLLGLQIRUPDWLHODKRWHO9DGFDDURVLWWRDWDVHPQ FDvQFDPDLHVWHEDVLVWXOSHVXEPDVD1DVXOHQXLQFHUFDVDWHDSOHFLFXEXUWDDLDGHQHDPSURVWFDQXDUHURVWQXUHXVHVWL 9DXUH]VDQDWDWH  'DFHDPDLPLVWRFXYkQWDUHDPWLQXWRFkQGDPWHUPLQDWIDFXOWDWHDHUDXFROHJLLPHLDEVROYHQWLLQJLQHULHXWLQHDP FXYkQWDUHDHUDXVLSURIHVRULVLFDPDVDDP]LV0XOWVWLPDWLVLFDSDELOLVWXGHQWLEDSURIHVRUL$PPXQFLWFXWRWLLFDVD DYHPRGLSORPDVLGXSDDQLQHDPWUH]LWFXHDvQPkQD6DOHPXOWXPLPSURIHVRULORUFDUHQHDXvQYDWDWFDUWH'DVDQX UkGHWLFDVLGHODXQSURVWDLFHvQYDWD1XRYRPXLWDGHVLJXUSHSURIDGHPDWHPDWLFDSHFDUHFXWRWLLDPDYXWRvQDQXOvQWkL &H0LVXOHWXQXDLIDFXWFXHDVDXDLIDFXWVLQJXU"(XDPDYXWRGHRULFDPDODVDWUHSHWHQW6LDUHPDWHULHJUHDD WUHEXLWVDVWDXFXEXUWDSHHDWRDWDYDUD'RPQHQXWLLQWUDDVDGHXVRUvWLVSXQHX'DFDQXSXLPkQDVLQXSXLFDSXOOD EDWDLHQXSRWLVDvWLVDWLVIDFLSURIHVRDUD6DQXvOXLWDPSHSURIHVRUXOGHFKLPLHFDUHODFKHIXOGLQDQXOvQWkLPDLVWLWLFDQX DYHDGHVIDFDWRUSHQWUXVWLFOHOHGHEHUH"6LIHWHOHvVLDGXFDPLQWHFDOHDGHVWXSDWFXGHJHWXO+HKH'DHPXOWGHDWXQFLV DXDVWXSDWODORF6DQXXLWDPELQHvQWHOHVGHSURIHVRDUDQRDVWUDGHRUJDQHGHPDVLQL&kQGQHvQYDWDVDGHVHQDP VFKHPDDLDVLQRLQXVWLDPFXPHVLQHFKHPDODPHGLWDWLLVDQHRDUDWHODWRWL1HDSXVSHWRWLVDRIDFHPGHYUHRGHRUL 8QXRIDFHDSHSODQVHWDLDUQRLRIDFHDPODVFDUDIDUDVDJUHVLPLQGLFDWRUXO67$6'HDVHPHQHDQXvOYRPXLWDSHGRPQXO GHFDQFDUHDWXQFLFkQGOXDFXYkQWXOVHVLPWHDvQUHVWQXSUHD9RUEHDDVDIUXPRVFDQLFLQXDLIL]LVFDLSURVW'RPQXO GHFDQWRWWLPSXODIRVWSULHWHQXOQRVWUX&XRULFHSUREOHPDQHGXFHDPODHOQHRUH]ROYDFXPkQDOXLOLQLVWLWFRQVWLLQFLRV WHPHLQLFGHLvPSURVFDSHWRWLGLQMXUFXYRUEHXUkWH&DWHJHQHUDWLLGHVWXGHQWLQXDXWUHFXWSULQPkLQLOHOXLFXSUREOHPH PDLPDULPDLPLFLVLSHWRWLLDIDFXWIHULFLWL1XRYRLXLWDQLFLRGDWDSHDVLVWHQWDGHODHOHFWURFkQGPDPGXVFXFDIHDXDOD HDVDPDWUHDFDVLD]LVVDLRGDXSULQVSDWHVDQXPDYDGDSURIHVRUXO1LFLQXPDDVWHSWDPVDSXQDERWXGLQSULPD0LHUD VLUXVLQHVDvLVSXQ'RDPQDQXYDPDSURIXQGDWÌQWUHWLPSPDMXFDPFXXQFRQGHQVDWRUWUDJHDPGHSLFLRUXVH8LWDWL GDOGUDFXGHFRQGHQVDWRUHXFXSLFLRUXVHOHDYHDPFHDYHDP'DVDYDPDL]LFWRWFXSURIDGHHOHFWUR  (XDVPDLIL]LVGDUPDPWUH]LWFXRPkQDSHXPDUDVDvQPLMORFXOFRQIHULQWHL+RS'RPQXOFRORQHO6RWXOGkQVHLFDUH DFXPDQLHUDXQELHWFDSLWDQGHVHFXULWDWH&HWLHRPXGRPQH(XPDLSUHJDWLVHPDVDXQGLVFXUVGDRVDvOWLQSHQWUX FROHJLLPHLGHODSXVFDULHGHDFROR'HDLDQLFLQXYLOVSXQFDYLOVSXQFkQGQHvQWkOQLPDFROR&LQHDSODXGDHPDLYLQRYDW GHFDWDODGHOVSXQH

5HJXOLSHQWUXIRORVLUHDFHOXODUXOXL (VWHIRDUWHODPRGDvQ]LXDGHD]L 7HDIOLvQWUHQvQWUXQORFDOvQPLMORFXOXQHLGLVFXWLLSHVWUDGDVDXSXUVLVLPSOXvQFHUFLVDDLSXWLQDOLQLVWHWHGHUDQMHD]DXQ WkUkLWIRDUWHHQHUYDQWFDUHYLQHGHODXQDSDUDWIRDUWHPLF (VWH&(/8/$58/



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

+DLVDSXQHPSXWLQDEHQ]LQDvQIRFFXXUPDWRDUHOHUHJXOLSHQWUXIRORVLUHDFRUHFWDDFHOXODUXOXL

5HJXODQU'DFDQXDLvQFDXQFHOXODUSRWLFkVWLJDvQLPSRUWDQWDFXPSDUkQGXWLXQXO1XPDUXOVXFFHVHORUvQYLDWDWDYD FUHVWHIDUDvQGRLDOD 'DFD WH DVH]L OD R PDVD vQWUXQ ORF SXEOLF QX XLWD FHOXODUXO vQ JHDQWD VDX vQ EX]XQDU 3XQHO vQWRWGHDXQD SH PDVD OD YHGHUH$VDSRWLVDWLFkVWLJLPDLPXOWUHVSHFW 9RUEHVWHODFHOXODUvQWRWGHDXQDFODUWDUHVLUDVSLFDW&HLGLPSUHMXUDXVLHLGUHSWXOVDDXGDFHHDFHVHGLVFXWD 'DFDPRGHOXOFHOXODUXOXLvWLSHUPLWHDOHJHSHQWUXVRQHULDDFHVWXLDXQWRQFDUHVXQDFkWPDLFRORUDW$VWIHOWHSRWLIDFHPDL ELQHVLPDLUHSHGHUHPDUFDW 'DFDDX]LXQWkUkLWvQDSURSLHUHQXWHODVDLQWLPLGDWGHIDSWXO FDDUSXWHDDVDILHFHOXODUXODOWXLD3XQHPkQDLPHGLDWSH FHOXODUXOWDXVDYH]LGDFDWXHVWLSHUVRDQDVXQDWD$UDWDDVWIHOFDVLWXDLFHOXODU 'DFDFHOXODUXOVXQDvQWLPSFHHVWLVLQJXUSRWLOLQLVWLWVDOLJQRUL$UILSLHUGHUHGHWLPSVDUDVSXQ]L$WkWDWLPSFkWQXWH YHGHQLPHQLQXSRWLDUDWDFkWHVWLGHLPSRUWDQW ,D PDVXUL VD IRORVHVWL vQWRWGHDXQD vQFDSHUL DGHFYDWH SHQWUX FD SDUWHQHUXO GH GLVFXWLL VD DLEH R DXGLWLH IRDUWH EXQD 'H H[HPSOXPX]HHELVHULFLELEOLRWHFLVDOLGHDVWHSWDUHVDOLGHVSLWDO 'DFDGLQvQWkPSODUHWHDIOLvQDYLRQ QXEDJDGHVHDPDVWHZDUGHVHOHFDUHvWLUHFRPDQGDVD QX IRORVHVWLFHOXODUXO $FHVWH IHPHLVXQWGRDULQYLGLRDVHSHQWUXFDQXvVLSRWSHUPLWHVLHOHXQFHOXODU 2 DOWD VXSHUVWLWLH WHOHIRQDWXO vQ WLPS FH FRQGXFL DXWRPRELOXO DGXFH QHQRURF 1X H DGHYDUDW ÌWL SRWL DQWUHQD DVWIHO GLVWULEXWLDDWHQWLHLVLPLVFDULORUDVXSUDPDLPXOWRUOXFUXUL8QSLFGHvQGHPkQDUHQXSRDWHGDXQDQLPDQXL 3RDUWDFHOXODUXOGHSUHIHULQWDODFLQJDWRDUH+XVDHGHSUHIHUDWVDDLEHFXORULYLLFDUHVDUvQRFKL&HOPDLELQHQHRQ 'DFDWHGHSODVH]LVLDLvQWURPkQDRJHDQWDGLSORPDWSRWLFRQWDEDODQVDJUHXWDWHDDFHVWHLDSXUWkQGFHOXODUXOFDREUDWDUD ODvQFKHLHWXUDPkLQLLFHOHODOWH ÌQDLQWH GH D UDVSXQGH OD WHOHIRDQH VSXQH FX YRFH WDUH /D GUDFX QLFL DLFL QX SRW VD DP OLQLVWH VDX SHQWUX SXWLQD VFKLPEDUH,QFDSDELOLL1XVXQWvQVWDUHVDLDQLFLRKRWDUkUHIDUD0,1( 1XWHODVDLQWLPLGDWGHIDSWXOFDFHLGLQMXUDIODPXOWHOXFUXULGHVSUHYLDWDWDLQWLPDvQWLPSFHYRUEHVWLODFHOXODU$VWDH ODPRGD8QEXQH[HPSOXvQDFHVWVHQVVXQWFLIUHOHPDULGHWHOHVSHFWDWRULODWDONVKRZXUL 'DFDDLRvQWkOQLUHLPSRUWDQWD GHDIDFHULVDXFKLDUFXRIHPHLH YRUEHVWHFXFLQHYDVDWHVXQHvQDFHVWWLPSODFHOXODUVDX SURJUDPHD]DDSDUDWXOVDVXQHODRUDUHVSHFWLYDÌQWkOQLUHDYDDYHDDVWIHOVXFFHVXOVFRQWDW &kQGHVWLVLQJXUSRWLVDvWLGH]DFWLYH]LFHOXODUXO7HOHIRDQHOHFDUHOHDLSULPLWvQDFHVWWLPSSRWLVDOHDVFXOWLvQWLPSFHWH DIOLLvQVRFLHWDWH

2VFULVRDUH 'UDJLLPHL

'XSDFXPELQHVWLWLPDPFDVDWRULWFXRYDGXYDDFDUHLILLFHDUHGRXD]HFLGHDQL/DVFXUWWLPSDFHDVWDVDFDVDWRULWFXWDWDO PHX$VWIHOWDWDOPHXDGHYHQLWJLQHUHOHPHXVLILFDPHDPDPDPHD'XSDFHQHYDVWDPHDPLDQDVFXWXQFRSLODFHVWDHVWH FXPQDWXOWDWDOXLPHXVLWRWRGDWDXQFKLXOPHX FDIUDWHDOILLFHLPHOHYLWUHJH $SRLPDPDPHDYLWUHJDFDUHHVWHWRWRGDWDVL ILFDPHDYLWUHJDDQDVFXWDODOWDLHULXQEDLDWFDUHHVWHDWkWIUDWHOHPHXFDWVLQHSRWXOPHX (X vQVXPL VXQW VRWXO VRWLHL PHOH VL QHSRWXO HL FD ILX DO JLQHUHOXL HL  6RWLD PHD vPL HVWH EXQLFD FD PDPD D PDPHL PHOH YLWUHJH6LSHQWUXFDVRWXOEXQLFLLPHOHHVWHEXQLFXOPHXvQVHDPQDFDHXVXQWSURSULXOPHXEXQLF &UHGFDWUHEXLHVDPDLPHUJODELVHULFD $OYRVWUX

'LHWDVDSWDPkQDODSHQWUXFHLFDUHGRUHVFVDVLSDVWUH]HOLQDVXSOD /XQL 'LPLQHDWDFRDMDDGRXDRXD ILULPLWXULPDULGHSkLQH 3UkQ] VXQFLGHDOELQDvQIRLHWDM FRWRUGHPDU &LQD RUDGHMRJJLQJ 0DUWL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'LPLQHDWDRILULPLWXUDGHRXSUDMLW 3UkQ] GRXDERDEHGHPD]DUHVLRIDVROH VkPEXUHGHSUXQD &LQD GHIORWDUL

0LHUFXUL 'LPLQHDWDIXOJLGHSRUXPE 3UkQ] LQVSLUkQGQXSUHDDGkQFPLURVGHIULSWXUD FRDMDXQXLFDUWRIPLF OLQJXULWDGHLDXUW RUDGHXUFDWSHWUHSWH &LQD

-RL 'LPLQHDWDODSWHGHJUHVDWOLWUL 3UkQ] IUXQ]DGHVSDQDF%ODWW6SLQDWPLW]ZHL)OLHJHQHLHUQ VXFXOXQHLFLUHVH &LQD GHIORWDUL 9LQHUL 'LPLQHDWDOLQJXULWDGHPLHUHGHDOELQH 3UkQ] RDVHGHSDVWUDY FRMLGHFDUWRILILHUWHFXVDUH DILQHSURDVSHWH &LQD JXUDGHDHUGHPXQWHVDXGHPDUH 6kPEDWD ]LGHSRVW OLQJXULWDGHSHVPHW

'XPLQLFD 'LPLQHDWDJVHPLQWHGHIORDUHDVRDUHOXLVDXGRYOHDF 3UkQ] WRFDQLWDGLQSDODULDXQHLFLXSHUFL &LQD VHVDUH

&HOH6$37(UHSOLFLSHFDUHQRVDOHDX]LWLQLFLRGDWDvQ'RVDUHOH; ([WUDWHUHVWUXOYRUEHVWHDJHQW0XOGHUFUHGFDYUHDVDGHDXQWHOHIRQDFDVD 6LJXUFDGDDPSXWHDVDLRPRUkPvQVFRSXOSURWHMDULLLQIRUPDWLHLSHFDUHRGHWLQGD QDUILFDPUDGLFDO" ,DGDLMRVPDVFDDLD$67$]LFLWXFDH PRQVWUX PODVWLQLL"3DLDVWDLQHD3HWULFDDODGHODEDFDQLDGLQVDW %LQHDJHQW0XOGHUQHDLSULQVQHDLSULQVDFX DVWDH6LJXUFDRVDFRRSHUDPFXYRL 6HIXYUHDVDYDYDGDLPHGLDWSHDPkQGRL+DPEXUJHUX OXLHSRVHGDWWUHEXLHVDOH[RUFL]DWL 6LYUHDXVDYD]LFFDPILUHXVLWGDFDQXHUXDVWLDGRLGHOD)%,VDVLEDJHQDVX  %DDLVDVWLLFDPJUHVLWSkQ ODXUPDJXYHUQX FKLDUQHYURLDELQHOH

/XFUXULSHFDUHOHSXWHPvQYDWDGHODXQFkLQH &kQGFHLGUDJLVRVHVFDFDVDvQWkPSLQDLYRLRV &kQGDLLQWHUHVILDVFXOWDWRU 'DFDFLQHYDFDOFDSHWHULWRULXOWDXQHLQYLWDWDUDWDLFLQHHVWHVWDSkQXO )LORLDO 1LFLRGDWDQXSUHWLQGHDILFHHDFHQXHVWL 'DFDFHHDFHGRUHVWLHVWHvQJURSDWVDSDSkQDJDVHVWL 'DFDFLQHYDDDYXWR]LSURDVWDILWDFXWVWDLDSURDSHVLPkQJkLHOJHQWLO &DXWDVDILvQPLMORFXODWHQWLHLVLODVDRDPHQLLVDWHSRDWDDWLQJH ,QGLIHUHQWGHFkWHRULHVWLSXVODFROWQXWHODVDFRSOHVLWGHVHQWLPHQWXOGHYLQRYDWLHvQWRDUFHWHVLIDWLSULHWHQL 1XVDULVDPXVWLDWXQFLFkQGXQVLPSOXPkUkLWHVWHGHDMXQV



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

*KLGXOSUHJDWLULORUSHQWUXSOHFDUHDODPXQWH 3HQWUXSOHFDUHDODPXQWHvQRULFHDQRWLPSWUHEXLHVDIDFPDLPXOWHFKHVWLL &RQYLQJSHPDPDFD QXRVDPRDUDQLPHQLRVDQHvQWRDUFHPvQWUHJL GHGDWDDVWDQXRVRPDLVXQH6DOYDPRQWXO FKLDUVLSHYkUIXOPXQWHOXLQHWUHEXLHXQEDQ WDWDHGHMDGHDFRUGFXWRDWHDVWDRDUH"!

&RQYLQJSHWDWDFD DPDUDQMDWGHMDFXPDPDWRDWHGHWDOLLOH PDPDQXQHDGDWQLFLXQEDQ vQDIDUDGH[[[ORQJLQW

,I VXFFHV WUXH RU SDULQWLBDFDVD IDOVH WKHQFRQWLQXHHOVHEHJLQVHSXNX KDOWHQG

^+$+$+$+FHWHDSDOHDPWUDV VDXPLHPLRWUDJ"" ` 3UHJDWLUHGHSOHFDUH VLGHvQWRDUFHUH 

6,08/$5($35(*$7,5,,6,08/$7258/8,'(%25'(, / &257! FDXWDWvQWRW%XFXUHVWLXOILDUHOHGHOHFRUW VWkOSLLSLURQLLHWF JDVLWILDUHGHFRUWODWDUD NPGHOD%XFXUHVWL "! vQGUHSWDWILDUHGHFRUWGHOD¡ODSR]LWLDLQLWLDOD¡ x¡ ! QXPDUDWSLURQL! WRDWDOXPHDVHFDOPHD]DQHSXWHPGHVFXUFDVLFXGRDUSLURQL GRDUDPPDLIDFXWRQXHSULPDGDWDQX"1X""" FDXWDWSkQ]DGHFRUW SULQPDJD]LQHQXDFDVD JDVLWVLFXVXWSkQ]DGHFRUW QXPDUDWFDPHUHOHGHFRUW WUHEXLHVDILHXQDGHSHUVRDQD WUDVODVRUWLFLQHYDGRUPLSHMRV FDXWDWIXQLLGHVXVWLQHUH vQQRGDWPDLPXOWHVIRULSHQWUXDFRSHULUHDGHILFLWXOXL GHFODUDWFRUWXOGUHSWVXSXVODWRDWHSUREHOHVLJDWDGHSOHFDUH VXSXVFRUWXOODWRDWHSUREHOH SRWROLUHDIXULHLGH]DPDJLULL!PHPEULORUH[FXUVLHL JRWRSR]LWLDB vQWUHEDWPDPDGDFDSXWHPSOHFDvQKDOXODVWD SR]LWLDBLIWDWDvQWUHDEDWKHQUDVSXQVBWDWD $PvQWUHEDWRVLSHPDPD 1XSOHFDPQRLGHFDSXOQRVWUX

35(*$7,5($&20%867%,/8/8,/,&+,'6,62/,'+$/($/$3(17582$0(1,! IDFXWURVWGHEDQL LIEDQL0HJDOHLWKHQ$ERUW PHUVSULQ6XSHU0DUNHWXULVLFXPSDUDWFHOHQHFHVDUH DGXVODPDPDVLGDWODSUHOXFUDUH SUHJDWLWFDVROHWHOHGHPDQFDUHQXPDUDWFDVROHWHFDSDFH FXPSDUDWVLDFRSHULWGHILFLWXO SUREDWvQFKLGHUHGHVFKLGHUH UHFXPSDUDWFDSDFODFHOHFDUHQXDXUH]LVWDW OXDWvQFDRGDWDSHDWDWFDVROHWHGHUH]HUYD SUHJDWLWWDFkPXULQXPDUDWVLvQGUHSWDWWDFkPXUL QXPDUDWEULFHJH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

WUDVODVRUWLFLQHPDQkQFDFXPkQD WUDVODVRUWLFLQHQXPDQkQFDGHORF WUDVODVRUWLFLQHPDLGDVLPkQFDUHSHGHDVXSUD DQXODWUH]XOWDWHOHODFHULQWDPDPHL SUHJDWLWVHUYHWHOHVFKLPEDWHVHUYHWHOHOHFHDXIRVWIRORVLWH!RUL FXPSDUDWVHUYHWHOHQRL ODVDWVHUYHWHOHOHDFDVDFHQHWUHEXLHSHPXQWH"! vPSDUWLWPkQFDUHDIUDWHVWH IXUDWPkQFDUHKRWHVWH PkQFDWPkQFDUHIXUDWD GHFODUDWFDYLUJXOD!FLQHYDDIXUDWPkQFDUHD FUHDUHVLvPSDUWLUHELOHWHWRPERODSHQWUXFkVWLJDWRUvQFD]XOPRUWLLVDXvQJKHWXOXLXQXOXLGLQWUHSDUWLFLSDQWL FRQYLQVPDPDFDODVDPFHOSXWLQMXPDWDWHGLQOXFUXULDFDVD GHFODUDWJDWDPkQFDUHD FRQWLQXDWSUHJDWLUHDPkQFDULL 35(*$7,5($6,Ì1&$5&$5($58&6$&8/8,&8+$,1( DGXQDWVLSUHJDWLWKDLQHOHGHSOHFDUH vQMXUDW VSDODWWRDWHKDLQHOH PHOH vQFHUFVDvPSDFKHWH]KDLQHOH PRWRWROLWKDLQHOHVLvQILSWHvQUXFVDF WUHFXWELHWXOUXFVDFSHODWRDWDOXPHDVLXPSOXW VFRVSHQHYD]XWHFFDGLQKDLQHOHFHORUODOWL WUDVODVRUWLFLQHGXFHUXFVDFXO YLQRYDWXOSRDWHSODWLFFD.LOROHLVLWUDJHUHDVHPDLHIHFWXHD]DRGDWD GXSDFHVHVWUkQJHFFD*LJDOHLPDRIHUHXVDOGXF VFRVvQFDFFDKDLQH UH]HUYDWSDWODVSLWDO SUREDWUXFVDF GDWSXPQLvQFDSGHFHPDLDJXUDSHGLQDLQWH EDQGDMDWVLJDWDGHSOHFDUHGHFODUDWJDWDUXFVDFXO YHULILFDWUXFVDFXOVLWLQXWHUH]XOWDWHOHVHFUHWFXSURPLVLXQHDFDGXSDFDODWRULHYRUILGDWHSXEOLFXOXL $/7(35(*$7,5, PHUVVLFXPSDUDWELOHWHGHWUHQ YHQLWDFDVDVLVSXVPHPEULLORUFDVDXWHUPLQDW HLSOkQVFFDRUHHXUkVFFDRUH DUDWDWELOHWHOHFXPSDUDWHVLPDUWXULVLWJOXPD HLUkVFFDRUHHXSOkQVFFDRUH GHVSDUWLWLGHPDPD VLWDWDFXXQYHFLQPDLYRLQLF DUKLYDWWRDWHSURJUDPHOH SXVSDURODOD%,26 VFULVSDURODSHXQDEXFDWDKkUWLH DUXQFDWEXFDWDGHKkUWLHSHJHDPGHFDWUHPDPD IDFHPRUGLQHvQFDVD XGDWIORULOH DUXQFDWIORULOHODJXQRL IDFXWRUGLQHvQFDPHUD SHUIHFWLRQDWRUGLQHDvQFDPHUD GHFODUDWRUGLQHSHUIHFWD LQVSHFWDWPDPD UHSHDW UHIDFXWRUGLQHvQFDPHUD LQVSHFWDWWDWD LIFXWUHPXUWKHQH[LW XQWLO WDWD VDWLVIDFXW RU WDWD VDWXUDW RU QRL ODVDWBSDJXEDVL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

VFRVGLQSUL]DWRDWHDSDUDWHOH UHEDJDWIULJLGHUXOvQSUL]D RSULWFXUHQWXOGHODWDEORX ODVDWFKHLH IDOVD ODXQYHFLQVLLQVWUXLWWLPSvQGHOXQJDW GHPDPD PHUVODvQPRUPkQWDUHDYHFLQXOXL VXQDWOD6DOYDPRQWVLOXDWQXPHUHGHWHOHIRQ QXPHOHWXWXURUDQJDMDWLORU QRWDWSR]LWLDFHDPDLDSURSLDWDGHORFXOQRVWUX vPSULHWHQLWFX3ROLWLDGLQvPSUHMXULPL SODWLWGHMDDPHQGDOD6SDWLL9HU]LVL3URWHFWLD0HGLXOXL $/7($&&(625,,

WUXVDPHGLFDODWUHEXLHVDFRQWLQD ELVWXULX GHVIDFDWRUGHFRQVHUYH FXWLWGHYkQDWRDUH SLVWROGHOLSLW WUXVDGHFXVXWDF SLURQ DWDVIRDUDIXQLHFDEOXRGJRQHWF SHWLFPDWHULDOFkQHSD RPHQHVF VSDUDJDWRUGHDVIDOW PLQLVSDUJDWRUGHDVIDOW VXSHUVSDUJDWRUGHDVIDOWYDULDQWDPLFD GUXMED SLVWROSHQWUXVFXWLUHDVXIHULQWHORU SLVWROSHQWUXDFFHQWXDUHDVXIHULQWHORU GURJIRDUWHSXWHUQLF GURJSXWHUQLF GURJQXSUHDSXWHUQLF GURJIRDUWHVODE GURJVODE GURJQXSUHDVODE vQILQHWRDWHWLSXULOHGHGURJSHQWUXGDWODSDUWLFLSDQWLvQDLQWHGHXUFDUHDSHPXQWH NJDVSLULQD FDUXFLRUUXFVDFSHQWUXFDUDWPHPEULLFRQWUDFRVW FDUXFLRUUXFVDFSHQWUXFDUDWPHPEULLDFFLGHQWDWLGDUWRWFRQWUDFRVW DSDUDWSHQWUXPDVXUDUHDSXOVXOXL IDUDEDWHULL IXQLHJURDVDUH]LVWHQWDSHQWUXPHPEULLGHFD]XWLSVLKLF IXQLHPDLSXWLQJURDVDGDUODIHOGHUH]LVWHQWDSHQWUXFHLODOWLPHPEULL GURSVXULPHQWRODWH ERPERQHOH0XOWL9LWD 3DVWLOHGDOHDPDULVLVXOIXURDVH RVWLFOXWDJRDOD RVWLFOXWDSOLQD RVWLFOXWDMXPDWDWHJRDODMXPDWDWHSOLQD KkUWLHFXSUHVFULSWLLSHFDUHVFULH :KLOH vQFDBvQBYLDWD WUXH WKHQQXBvLBGDLBQLPLF HFKLSDPHQWGHXUFDWSHPXQWH FXUDM PXOWFXUDM FRU]LURDVHGHYUHPH FRU]LURDVHGHVRUDPHD FRU]LQHURDVHWRWGHVRUDPHD SLURDQHERDQWHSHQWUXFHLODOWL SLURDQHODIHOGHERDQWHGDUSHQWUXPLQH FKLEULW DVWDFHGUDFXFDXWDDLFL"FLQHODSXV"+(, FDUDEH ERFDQFLFXFROWDULvQDIDUD ERFDQFLFXFROWDULvQDXQWUX



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

WUXVDFXOXFUXULSHUVRQDOH EDQLLWXWXURU SHULXWDGHKDLQH GHGLQWL GHFRUS GHFH" GHDLD GHJHDED GHWRW GHXQGH" GHRULXQGH GHFDS VWDLDVDFXPHDLD"" SDVWDGHGLQWL VDXGHOLSLWWRWDLD GHvQWLQVSHSkLQH GHvQWLQVSHRULFH GHvQWLQVSHRULFHGDUFXVDUH VDSXQ VDQXSXQ " SURVRSFRUS SURVRSFDS SURVRSYDVH SURVRSYDVHGDUFRORUDW )RU[ WRGRGHBOXDWB/DSWRS[ SLRQH]HGHPDULPHFXORDUHDOEDVWUD SLRQH]HGHPDULPHFXORDUHYHUGH SLRQH]HGHPDULPHFXORDUHURVLH SLRQH]H[[ ODQWHUQDIDUDEDWHULLVLEHF EDWHULLIDUDODQWHUQDVLEHF EHFIDUDODQWHUQDVLEDWHULL SUH]HUYDWLYH GHIDSWFRQVHUYDQWGDUVXQDPDLELQHvQHQJOH]D SUH]HUYDWLYH vQURPkQHVWH OHQMHULHLQWLPD OHQMHULHSXEOLFD FKLORWLFXEX]XQDU FKLORWLVLEX]XQDU ,16758,5($)$&87$'(0$0$Ì1$,17('(3/(&$5( 1RWHQRXJKPHPRU\WRFRPSLOHWKLV (1'

/HJLOHQHVFULVH SkQDDFXP DOHILOPHORUDPHULFDQH 2ULFHUD]LHDSROLWLHLWUHFHFHOSXWLQRGDWDVLSULQWUXQFOXEVWULSWHDVH )LHFDUHQXPDUGHWHOHIRQGLQ$PHULFDvQFHSHFX 'DFD HVWL XUPDULW SULQ RUDV FHO PDL EXQ ORF SHQWUX D WH DVFXQGH HVWH R SDUDGD D VIkQWXOXL 3DWULFN ,QGLIHUHQW FH OXQD D DQXOXLHVWHVDXGDFDHVWLvQWkPSODWRUvQ1DJDVDNL 3DWXULOHDXSDWXULFHDUVDIXULVDXSODSXPHvQIRUPDGH/FDUHIHPHLORUOHDMXQJSkQDGHDVXSUDVkQLORULDUEDUEDWLORUSkQD ODWDOLH )LHFDUHSXQJDFXFXPSDUDWXULFRQWLQHFHOSXWLQREDJKHWD EDWRQ  2ULFLQHSRDWHVDDWHUL]H]HFXXQDYLRQGDFDFLQHYDGLQWXUQXOGHFRQWUROvOvQGUXPDFRUHFW 5XMXOGHEX]HHVWHSHUPDQHQW&KLDUVLVXEDSD 6LVWHPXO GH YHQWLODWLH HVWH DVFXQ]DWRDUHD SHUIHFWD &KLDU GDFD R FODGLUH YD IL vQWRDUVD FX VXVXO vQ MRV SHQWUX D IL JDVLW QLPHQL QX YD FDXWD vQ VLVWHPXO GH YHQWLODWLH ÌQ DIDUD GH DVWD SULQ VLVWHPXO GH YHQWLODWLH SRWL DMXQJH QHYD]XW  RULQGH vQ FODGLUHDUHVSHFWLYD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'DFDWUHEXLHVDUHkQFDUFLDUPDGHIRFDLvQWRWGHDXQDODvQGHPkQDPXQLWLH&KLDUGDFDvQDLQWHGHDVWDQXDLPDLDYXWQLFL XQJORQWH 9HLVXSUDYLHWXLRULFHUD]ERLVLRULFHOXSWDDWkWDWLPSFkW18DUDWLSR]DLXELWHL VDXDVRWLHL FDUHWHDVWHDSWDDFDVD 1XWUHEXLHVDYRUEHVWLJHUPDQDSHQWUXDMXFDUROXOXQXLRILWHUJHUPDQ8QDFFHQWSXWHUQLFDMXQJHSHQWUXDVWD 'DFDXQRUDVHVWHDPHQLQWDWGHRFDWDVWURIDVDX GHXQ PRQVWUXSULPDJULMDD SULPDUXOXLHVWHRH[SR]LWLHVDXYHQLWXULOH SURYHQLWHGLQWXULVP 7XUQXO(LIIHOSRDWHILYD]XWGHODRULFDUHIHUHDVWUDGLQ3DULV 8QEDUEDWYDvQFDVDIDUDVDFOLSHDVFDORYLWXULSXPQLSLFLRDUHVDXJORDQWHVLYDvQFHSHVDVHYDLWHGHDELDDWXQFLFkQGR IHPHLHYDvQFHUFDVDLREORMHDVFDUDQLOH 2YLWULQDDUHVLQJXUDvQWUHEXLQWDUHDQXPHDUXQFDUHDFXLYDSULQHD 3HQWUXDSODWLXQWD[LDMXQJHVDEDJLGRXDGHJHWHvQSRUWPRQHXVLVDVFRWLREDQFQRWD$FHDVWDYDILvQWRWGHDXQDFHDEXQD 5HSURGXFHUHDHVWHSRVLELODFXRULFHILLQWDH[WUDWHUHVWUD %XFDWDULLOHQXDXvQWUHUXSDWRDUHGHOXPLQD/XPLQDFHYLQHGLQIULJLGHUHVWHXOWUDVXILFLHQWDSHQWUXDYHGHDWRWXOFODU ÌQFDVHOHEkQWXLWHGHIDQWRPH IHPHLOHFDXWDVXUVD]JRPRWHORUQHRELVQXLWHvQWRWGHDXQDvQGHVXXULDSURDSHWUDQVSDUHQWH VDXSULQFDUHSRWLYHGHDIRDUWHELQHWRWXO &RPSXWHUHOHQXDXQLFLVLVWHPHGHRSHUDUHVLQLFLHGLWRDUHGHWH[W 0RQLWRDUHOHDUDWDGHRELFHL(QWHU3DVVZRUGVLGXSDLQWURGXFHUHDDFHVWXLDYDILWLSDULWDXWRPDWWH[WXOFDXWDW 0DPHOHJDWHVFPDLWRWWLPSXORXDFDIHOHVLDOWHPkQFDUXULLQGLIHUHQWGDFDFLQHYDOHPDQkQFDVDXQX 6HIXOSROLWLHLVXVSHQGDvQWRWGHDXQDGLQVHUYLFLSHFHOPDLEXQSROLWLVWVDXvLGDvQFDGHRUHVDWHUPLQHFD]XOODFDUH OXFUHD]D 8QFKLEULWDMXQJHSHQWUXDOXPLQDRVDODGHPDULPHD XQHLVDOLSROLYDOHQWH8QUHIOHFWRUvQVDYDODVDvQXPEUDFROWXOvQ FDUHVHDVFXQGHFLQHYD 7DUDQLLGLQ(YXO0HGLXDXGLQWLLSHUIHFWL &KLDUGDFDvQVHFROXODUPHOHSRWILDVWIHOGLULMDWHVDvVLDWLQJDH[DFWWLQWDGHODRGLVWDQWDGHVXWHVDXPLLGHNLORPHWULL DFHDVWDWHKQRORJLHHVWHFRPSOHWXLWDWD vQFKLSPLVWHULRV SkQDvQVHFROXO 2ULVLFLQHVHWUH]HVWHGLQWUXQFRVPDUYDVWDvQSDWSOLQGHWUDQVSLUDWLHVLYDUHVSLUDSUHFLSLWDW &KLDUGDFDVWUDGDHVWHvQOLQLHGUHDSWDVRIHUXOWUHEXLHVDPLVWHYRODQXOFXSXWHUHVSUHVWkQJDVLVSUHGUHDSWD 7RDWHERPEHOHDXRPXOWLPHGHVkUPXOLWHVLOXPLQLWHURVLLSkOSkLWRDUH8QFHDVGLJLWDODUDWDvQWRWGHDXQDFkWPDLGXUHD]D SkQDH[SORGHD]DERPED0DLWRWGHDXQDHVWHYRUEDGHILUXOURVX ÌQIDWDFODGLULLvQFDUHSHUVRQDMHOHILOPXOXLLQWUDH[LVWDvQWRWGHDXQDXQORFGHSDUFDUHOLEHU 3ROLWLVWLLUH]ROYDFD]XULOHODFDUHOXFUHD]DQXPDLGDFDVXQWVXVSHQGDWL 'DFDvQFHSLVDGDQVH]LSHVWUDGDWRDWDOXPHDYDvQFHSHVDGDQVH]HFXWLQHVLPDLPXOWWRWLYRUVWLLIRDUWHH[DFWSDVLLGH GDQV )LHFDUH ODSWRS HVWH VXILFLHQW GH SXWHUQLF SHQWUX D GLVWXUED VLVWHPHOH GH FRPXQLFDWLH H[WUDWHUHVWUD VDX SHQWUX D VSDUJH FRGXOVHFUHWDODFHVWRUD ,QGLIHUHQWGDFDGXVPDQXOvWLHVWHVXSHULRUQXPHULFHLYRUDVWHSWDvQMXUXOWDXSHQWUXDDWDFDSHUkQG 'DFDFLQHYDSULPHVWHXQSLFLRUvQFDSVLFDGHODSDPkQWQXYDILQLFLRGDWDJUDYUDQLW$VWDvQVHDPQDFDVHSRWULYHVWHFX VFHQDULXO 3ROLWLVWLLOXFUHD]DFXSDUWHQHULGHFDUHVHGHRVHEHVFFDVLFHUXOGHSDPkQW 6DXFXFkLQL 6WUDLQLLYRUEHVFvQWUHHLvQOLPEDDPHULFDQDFKLDUGDFDQXDXQLFLPDFDUFXQRVWLQWHOHHOHPHQWDUHGHOLPEDHQJOH]D 'DFDDLQHYRLHGHRGUXMEDYHLJDVLvQWRWGHDXQDXQD )LHFDUH vQFXLWRDUH SRDWH IL XVRU GHVFKLVD FX R FODPD GH ELURX VDX FX XQ DF GH JDPDOLH ÌQ DIDUD GDFD HVWH YRUED GH R FODGLUHFDUHDUGHVLvQFDUHHVWHvQFKLVXQFRSLOFDUHVWULJDGXSDDMXWRU 8QJDUGHOHFWULILFDWVXILFLHQWGHVROLGSHQWUXDRSULXQGLQR]DXUQXYDODVDQLFLRXUPDGHYDWDPDUHXQXLFRSLOGHDQL (PLVLXQLOHGHVWLULDXvQFXSULQVFHOSXWLQXQSXQFWFDUHWHSULYHVWHSHUVRQDO *ORDQWHOHVHRSUHVFvQSLHSWXOOXL6XSHUPDQGDUHOVHYDDSOHFDGDFDDUXQFLFXSXVFDGXSDHO 7LSLLUDLSLHUGvQWRWGHDXQD )HPHLOHFDUHIXJVHvPSLHGLFDvQWRWGHDXQDVLvVLOX[HD]DJOH]QD )LHFDUHIHPHLHQHPDULWDWDPRDUHFHOWkU]LXODRRUDGXSDFHDIDFXWVH[ &DLLVXQWLPXQLODJORDQWHVDELLVDJHWLVDXVXOLWLGDUVHvPSLHGLFDGHWXILVXULvQPRPHQWHOHFHOHPDL QHSRWULYLWH 'DFD FDODUHWXOHRIHPHLHQHPDULWDWDFDUHIXJHVLFDUHDDDYXWVH[FXRRUDvQDLQWHDWXQFLHWHUPLQDWD 7RWLSUHRWLLVXQWGLQ,UODQGD &KHOQHULWHOHYLQGLQ*HRUJLD &KHOQHULLGLQ1HZ


&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

ÌQILOPHOHGHJURD]DYLFWLPHOHSHMXPDWDWHGH]EUDFDWHQXYRUJDVLQLFLRGDWDFDOHDVDOYDULLFLYRUQLPHULvQWRWGHDXQDvQ VLQJXUDFDPHUDFDUHQXPDLRIHUDQLFLRSRVLELOLWDWHGHVFDSDUH 0DVLQLOHQXSRUQHVFQRDSWHDvQSDGXUHODFKHLH )LHFDUH HURX FDUH YUHD VD SUHYLQD RDPHQLL GH R FDWDVWURID LPLQHQWD VH YD ORYL GH vQFDSDWkQDUHD XQXL SROLWLVW JUDV FDUH PDQkQFD'RQXWVVDXGHXQH[SHUWFDUHQXDUHLGHHGHQLPLFD (URXOFDUHWRFPDLYUHDVDVLVDOYH]HSLVLFDFRSLOXOVDXSULHWHQXOGLQSHULFROVLVHvQWkOQHVWHFXSHUVRQDMXOQHJDWLYQXYD HOLEHUDQLFLRGDWD PDLvQWkLVLvQWkL SHUVRDQDDIODWDvQSHULFRO 'DFDVHDXGHXQFkQWHFvQILOPHVWHvQWRWGHDXQDvQDIDUDLPDJLQLLvPWkPSODWRUSUH]HQWDRRUFKHVWUDGHGHPX]LFLHQL 'DFDVHFkQWDXQFkQWHFGHXQJUXSPDLPDUHVDXPDLPLFGHRDPHQLSHUVRQDMHOHSULQFLSDOHFkQWDvQJUR]LWRUGHGHID]DW IDWDGHULWPXOPHORGLHL 'XSDRFRQYRUELUHWHOHIRQLFDQXVHYDVSXQHQLFLRGDWDODUHYHGHUHFLUHFHSWRUXOYDILSXVLPHGLDWvQIXUFD 7HOHYL]RUXOYDILVWLQVLPHGLDWGXSDFHVDVSXVFKHVWLDLQWHUHVDQWDFKLDUGDFDUHSRUWHUXOSDUHVDYRUEHDVFDPDLGHSDUWH GHVSUHDFHHDVLWHPD 2ULFHPDVLQD FkWHGHYHFKH DUHDWkWLDFDLSXWHUHvQFkWODSRUQLUHURWLOHVHYRUvQYkUWLFHOSXWLQVHFXQGHSHORF &DXFLXFXULOHPDVLQLORUVFUkVQHVFSHRULFHDVIDOWVDXGUXPPDVLQLOHH[SORGHD]DGHRELFHLODRULFHFLRFQLUHFXFDUWRDQH FRVXULGHJXQRLVDXFXFDPLRDQHFXSHSHQLYHU]L 0RWRFLFOHWHOHSRWVDIDFDVDOWXULGHFkWLYDPHWULvQOXQJLPHVLvQvQDOWLPHVLSRWPHUJHQXPDLSHURDWDGLQVSDWH

$ILVDXDQXIL0DQDJHU 9LGLPLQHDWDWkU]LX"(VWLH[HPSOXQHJDWLY (VWLSXQFWXDO"$LYHQLWVDWLVSLRQH]LVXEDOWHUQLLODVRVLUH (VWLSULHWHQRVFXVXEDOWHUQLL"9L]H]LSRSXODULWDWHLHIWLQD (VWLUH]HUYDW"(VWLFXQDVXOSHVXV ÌWLODX]LVXEDOWHUQLL"(VWLOLQJXVLWRU ÌLFULWLFL")DFLSHQHEXQXO )DFLFXUWHVXEDOWHUQHORU"(VWLDIHPHLDW /HWUDWH]LFXLQGLIHUHQWD"7HFRQVLGHUDKRPRVH[XDO 7HLQWHUHVHD]DPXQFDVXEDOWHUQLORU"(VWLWXUQDWRU 1XWHLQWHUHVHD]D"1XDLKDEDUGHSUREOHPH 7LLVHGLQWH"(VWLVHGLQWRPDQ 1XWLLVHGLQWH"/XFUH]LVHFUHW (VWLPDLvQYkUVWD"(VWLVFOHUR]DW (VWLWkQDU"1DLH[SHULHQWD 6WDLVHDUDPDLWkU]LX")DFLSHOXFUDWRUXOVXSUDDJORPHUDW 3OHFLSXQFWXDO"1XWLGDLLQWHUHVXO 1XSOHFLvQFRQFHGLX"ÌWLSD]HVWLVFDXQXO 7HFRQVXOWLFXFROHJLL"9UHLVDWLLWRWXOvQPkQD 6SXLEDQFXUL"(VWLQHVHULRV 1XVSXLEDQFXUL"(VWLSOLFWLVLWRU ,QVLVWLDVXSUDSURSXQHULORUWDOH"(VWLvQFDSDWkQDW &HGH]L"(VWLPRDOH $LVXFFHV"$LDYXWQRURF &HYDQXPHUJHELQH"%LQHvQWHOHVHUDGHDVWHSWDW 7ULPLWLRDPHQLLODFXUVXUL"9UHLVDLvQGDWRUH]L 1XLWULPLWLODFXUVXUL"1XODVLSHDOWXOVDVHULGLFH 9LLFXLGHLQRL"(VWLIDQWDVPDJRULF 1XYLLFXLGHLQRL"(VWLUHIUDFWDUIDWDGHWRWFHLQRX 7HSUHRFXSDSUREOHPHOHILUPHL"1DLFHIDFH 1XWHSUHRFXSD"1XHVWLEXQPDQDJHU

6WDWXWXO&OXEXOXLRERVLWLORUGLQQDVWHUH 7HQDVWLRERVLWVLWUDLHVWLSHQWUXDWHRGLKQL ,XEHVWHWLSDWXOFDVLSHWLQHvQVXWL 2GLKQHVWHWH]LXDFDVDSRWLGRUPLQRDSWHD 'DFDYH]LSHXQX FDVHRGLKQHVWHDMXWDO



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

0XQFDvQVHDPQDRERVHDOD 1XIDFHDVWD]LFHSRWLIDFHVLPkLQH )DFkWPDLSXWLQLDUFHHDFHDLGHIDFXWIDVDIDFDDOWLL 3UHDPXOWDRGLKQDQXDRPRUkWSHQLPHQL &kQGvWLYLQHSRIWDVDPXQFHVWLDVHD]DWHVLDVWHDSWDVDWLWUHDFD 'DFDPXQFDvQVHDPQDVDQDWDWHDWXQFLWUDLDVFDERDOD 6HUYLFLXOQXHVWHFkUFLXPDVDVWDLWRDWD]LXDvQHD /DPXQFDWUHEXLHVDWHDVH]LvQDVDIHOvQFkWVDPDLvQFDSDVLDOWLL

5HFODPH &LRFRODWD9HURQLFD )DFHPLFDJDXULFD

)DFHPLFDJDXULFD 1XPDLLQWUDQLFLIXUQLFD &LRFRODWD3RVWDYDUX )DFHSX DFDVLSDUX 

7LQHWLPLQWHWUHLFXYLQWH 3X DSDUX 3RVWDYDUX &LFRODWD1LFROHWD )DFHSX DFDUDFKHWD

$OLILD&OHRSDWUD )DFHVkQLLFDVLSLDWUD

7LQHWLPLQWHWUHLFXYLQWH 6kQLLSLDWUD&OHRSDWUD 9UHWLVDFXFHULWLIHPHLD )RORVLWLVDSXQXO&KHLD 6RDUHOHVLWHQLVXO 9DQWDUHVWHSHQLVXO

0RDUWHVLJXUDFXFREUD 'DUPDLVLJXUDFX0REUD 0RWRFLFOHWD&DUSDWL 6WDWLvQFXUVLUHSDUDWL &LRFRODWD3LWLF 9DIDFHYRLQLF

9LQXOURVXGH6HJDUFHD )DFHSL] DKDUFHDSDUFHD

1XPDLIXPDWLWLJDUL.HQW &DYDODVDLPSRWHQW 9UHWLVDGHYHQLWLEDUEDWL )XPDWLGRDUWLJDUL&DUSDWL 6LILOLVXOGH&RQVWDQWD )DFHWHQXOFDIDLDQWD



3kQDVLPSDUDWXO1HUR 6HVSDODODFXUFX'HUR

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&XUYHOHVLDWOHWLVPXO 9DFDOHVF FDOHVWH RUJDQLVPXO 2SULWLGULFXO 0RUWXOYUHDVDEHDXQ&LFR 8Q&LFRGDFDUEHD 0RUWX SRDWHDUvQYLD &LRFRODWD/DXUD 9DODUJHVWHJDXUD

3DVWDGHGLQWL&ULVWDO )DFHGLQWLLFDGHFDO 6DSXQXO'XUX )DFHIDWDSUHFXPFXUXO

1XPDLFXVDSXQXO'XUX'XUX'XUX &HDPPDLEXQDSL] DLFXUX 9DULDQWD +DLGD'XUX'XUX'XUX &HDPPDLEXQDSL] DLFXUX $TXDIUHVKvQWUHLFXORUL &DULD]DGHWUHLRUL 'DFDEHLXQ6DSURVDQ 1RVDWHPDLFDFLXQDQ

'DFDEHL7XLFDGHSUXQD 2ULFHEDEDWLSDUHEXQD 'DFDEHLWXLFDvQWRDUVD 3X DWLYDILQRGXURDVD 'DFDEHLWXLFDvQWRDUVD 3X DWLYDILPDLYkQRDVD 6L0XVFDWXO2WRQHO )DFHSX DGHRWHO

9LQXOURVXGH-LGYHL 6FRDODSX DFkQGQXYUHL 9LQXOURVXGH9DVOXL )DFHSX DFDXQFXL 2YRGFXOLWD&ULVWDO )DFHGLQWLLFDGHFDO

9LQXOGXOFHGH&RWQDUL 9DWUDQVIRUPDQDUPDVDUL &RQVXPXOGHEDQDQH 9DIDFHGLQIHWHGRDPQH

'XOFHDWDYHUGHGHQXFL 3XQHSL] DSHEXWXFL



7RWGXOFDWDYHUGHGHQXFL 9DWUDQVIRUPDQHXQXFL

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

0kQFDWLFRMLGHPHUHYHU]L 6LRVDMXQJHWLVRPDOH]L 3URGXVHOHILUPHL.QRUU 9DIDFGLQRPWUDFWRU

7LQHWLPLQWHWUHLFXYLQWH 2PXO.QRUUX VLWUDFWRUX ,QVHWLFLGXO.XNL ,DVLSLHOHDVLSDGXFKLL

,QIX]LDFXIORULGHWHL 9DYDVFDSDGHODWHL

9UHLVDWLVDWLVIDFLQHYDVWD &XPSDUDWLVDOWHD5HOD[D 6XWLHQXOGH&OXM1DSRFD )DFHWkWDFDVLURFD 'LQFDPLQXOGHFKLPLH 2VDLHLEOHQRUDJLH ÌQFDPLQXOPHGLFLQLL 7HSRWLIX HFXVWUDLQLL

ÌQFDPLQODPHGLFLQD 1LFLRIDWDQXLYLUJLQD

'DFDPHUJLODPHGLFLQD 6DWLLHLVLRSHQLFLOLQD 3DX]HOXQJLVLGHVH &KHLDPDULORUVXFFHVH

&HL.LWH.DWSHQWUXPkWH (VXWLHQXOSHQWUXWkWH 'XSDVH[QHEXQFX/ROD %HDODEDUR&RFD&ROD

5HJXOLGHEXQDSXUWDUHvQWURUHODWLH SHQWUXX]XOEDUEDWLORU

)HPHLDHVWHFHDFDUHIDFHvQWRWGHDXQDUHJXOLOH 5HJXOLOHVHSRWVFKLPEDRULFkQGIDUDQRWLILFDUHSUHDODELOD 1LFLXQEDUEDWQXSRDWHFXQRDVWHWRDWHUHJXOLOH 'DFDIHPHLDVXVSHFWHD]DFDEDUEDWXOFXQRDVWHWRDWHUHJXOLOHHDYDVFKLPEDLPHGLDWPDFDUFkWHYDGLQWUHHOH )HPHLDQXJUHVHVWHQLFLRGDWD 'DFDIHPHLDJUHVHVWHHVWHGLQFDX]DXQHLJUDYHQHvQWHOHJHULDFDUHLFDX]DGLUHFWDHVWHFHHDFHEDUEDWXODVSXVIDFXWJUHVLW 'DFDVHDSOLFDUHJXODQXPDUXOVDVHEDUEDWXOWUHEXLHVDVHVFX]HLPHGLDWSHQWUXSURYRFDUHDQHvQWHOHJHULL )HPHLDVHSRDWHUD]JkQGLvQRULFHPRPHQW %DUEDWXOQLFLRGDWDQXWUHEXLHVDVHUD]JkQGHDVFDIDUDDVHQWLPHQWXOVFULVDOIHPHLL )HPHLDDUHWRDWHGUHSWXULOHVDILHIXULRDVDVDXVXSDUDWDRULFkQG



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

%DUEDWXOWUHEXLHVDILHFDOPWRWPHUHXH[FHSWkQGFD]XULOHFkQGIHPHLDvOYUHDDOWIHO IXULRVVDXVXSDUDW  )HPHLDQXWUHEXLHQLFLRGDWDVDOODVHSHEDUEDWVDVWLHFkQGvOYUHDFDOPVXSDUDWVDXIXULRV 2ULFHvQFHUFDUHGHDGLVFXWDDFHVWHUHJXOLSRDWHGXFHODYDWDPDUHFRUSRUDOD )HPHLDDUHvQWRWGHDXQDXOWLPXOFXYkQW

5HJXODPHQWGHRUGLQHLQWHULRDUD SHQWUXODVHUYLFL

/HQHDHVWHVDQDWDWHFXUDWD 'DFDFROHJXOWDXPXQFHVWHDVWDQXQVHDPQDFDWUHEXLHVDIDFLVLWXODIHO &HSRWLIDFHD]LQXODVDSHPkLQHFLSHSRLPkLQHFDSkQDDWXQFLRULVHXLWDRULQXPDLHVWHQHYRLH /XFUDUHDFDUHQXVHUH]ROYDGHODVLQHvQGRXD]LOHQXPDLPHULWDVDWHDSXFLGHHD 6HUYLFLXOQXLFkUFLXPDFDVDVWDLDFRORVLGXSDRUDLQFKLGHULLVLQLFLELVHULFDVDYLLVLGXPLQLFD (VWHDGHYDUDWFDPXQFDvQQRELOHD]DGDUVRFLHWDWHDQRDVWUDQXDUHQHYRLHGHQRELOL &LQHQXPXQFHVWHQXJUHVHVWHVLFLQHQXJUHVHVWHPHULWDSURPRYDUHD 2ULFHRPWUHEXLHVDDLEDRDFWLYLWDWHGDUDVWDQXvQVHDPQDFDWUHEXLHVDGHJHQHUH]HvQPXQFD 0XQFDHVWHXQL]YRUGHVDQDWDWHGHFLODVDWLRSHVHDPDEROQDYLORU 'DFDDLSLHUGXWGLVSR]LWLDGHPXQFDQXWLPDLSLHUGHWLPSXOFDXWkQGR 1RXDQXQHH IULFDGHPXQFDSHQWUXFDVWLPVDQHSD]LPGHHD

7237(1ODVFX]HOHHOHYLORU 1XPLDPIDFXWWHPDILLQGFD

1RDSWHDWUHFXWDDPDYXWDPQH]LHWHPSRUDUDVLDPXLWDWFRPSOHW 6RUPHDPDLPDUHQDJDVLWWHPDDVWDvQFDLHWXOHLGHDQXOWUHFXW 0LDIDFXWRFkLQHOHGD SHOLPEDOXL $PIDFXWXQDYLRQFXKkUWLDDLDVLLDPGDWGUXPXOSHJHDPGLQJUHVHDOD $PDGRUPLWSHVWHFDLHWVLFkQGPDPWUH]LWFkLQHOHPLDvQWLQVWRDWDFHUQHDODSHFDLHW (DLFLGRDPQDDPVFULVRGDLFXFHUQHDODLQYL]LELOD 'LDYROXOPLD]LVVDQRVFULX $ROHXDLFLHVFRDOD"&UHGHDPFDPDXGXVLDUODGH]DOFRROL]DUH 6WLORXOWDWHLQXPDLDYHDFHUQHDOD 0LDPkQFDWPDPDWHPHOH

6FX]HSHQWUXELURX $VDDPIDFXWvQWRWGHDXQD 1XVWLDPFDDYHWLQHYRLHXUJHQWDGH 1XHVWHGHFRPSHWHQWDPHD 1LPHQLQXPLDVSXVVDFRQWLQXL $VWHSWRDSUREDUH $VWDHWUHDEDOXLQXDPHD 1XDPFUH]XWFDHVWHDVDGHLPSRUWDQW 6XQWDWkWGHRFXSDWvQFkWQXDPWLPS &UHGHDPFDWLDPVSXV 1XDPIRVWDQJDMDWVDIDFDVWD



6HIXO

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6HIXOHVWHVHI 6HIXODUHGUHSWDWH 6HIXODUHvQWRWGHDXQDGUHSWDWH &kQGVHIXOQXDUHGUHSWDWHVHDSOLFDDUWLFROHOHVL 6XEDOWHUQXOHVWHGDWRUVDIDFDHIRUWXULIL]LFHVLLQWHOHFWXDOHVDSDUDPDLSURVWGHFkWVHIXO 6HIXOQXvQWkU]LHQLFLRGDWDHOHVWHUHWLQXW 6HIXOQXEHDQLFLRGDWDHOJXVWD 6HIXOQXSLHUGHWLPSXOHOVXSUDYHJKHD]D 6HIXOQXPLQWHHOHVWHGH]LQIRUPDW 6HIXOQXWLSDQXVHFHDUWDHOGDVIDWXUL 6HIXOQXGRDUPHHOPHGLWHD]D 6HIXOQXWRDUQDHOIDFHFDUDFWHUL]DUL 6HIXOQXOLQJXVHVWHSHVHILLVDLHOOHUHFXQRDVWHPHULWHOH /DVHIVHLQWUDFXSDUHULSHUVRQDOHVLVHLHVHFXSDUHULOHOXL 'DFDvWLFULWLFLVHIXOvWLFULWLFLQRURFXO 6DQXIDFLSURSXQHULVHIXOXLFDWHSXQHVDOHUH]ROYL

UHJXOLGHDXUSHQWUXLQWHUYLXULOHGXPQHDYRDVWUD VDXFHHDFHWUHEXLHIDFXWSHQWUXFDWRWXOVDPHDUJDGHDQGRDVHOHD ÌQWkU]LDWLODLQWHUYLXVLVFX]DWLYDFXXQDGLQUHSOLFLOHXUPDWRDUH

&LUFXODWLDvQ]LXDGHD]LGHYLQHGLQFHvQFHPDLVXSDUDWRDUH3HVWHWRWvQWkU]LHULVLFDUDPERODMH6LFkWFRVWDWRDWHDFHVWHD VDX

$YHWLRILUPDLPHQVD1XvPLvQFKLSXLDPFDHDVDGHPDUH$SURDSHFDPDPUDWDFLW

6DOXWDWL YLLWRUXO VHIXO VDXSHUVRDQDFDUHFRQGXFHLQWHUYLXOVWUkQJkQGXLPkQDvQDVDIHOvQFkWVDLSLDUDDX]XOVLYD]XO

8QLQWHUYLXIDFHSDUWHGLQFRWLGLDQ'HFHXQFRVWXPQRXQRXWGDFDVLRMDFKHWDYHFKHHEXQD$VWIHOYH]LDUDWDFkWVXQWHWL GHHFRQRP 'DFDYHQLWLFXPDVLQDODLQWHUYLXSDUFDWLSHORFXOGHSDUFDUHDOGLUHFWRUXOXLILUPHL$VDDUDWDWLFDQXDYHWLFRPSOH[HGH LQIHULRULWDWH ÌQWLPSXOLQWHUYLXOXLXLWDWLYDWRWWLPSXOODFHDV$VWIHOYHWLDUDWDFDVWLWLFkWLPSRUWDQWHWLPSXO

'DFDVHIXOIDFHRJOXPDL]EXFQLWLvQUkV FXSXWHUH $VWIHOYHWLDUDWDFDVXQWHWLRSHUVRDQDFXVLPWXOXPRUXOXLVLvQDIDUD GHDVWDvOYDEXFXUDSHVHI ,QGLFDWLWRWWLPSXODVXSUDOXFUXULOUSHFDUHOHDWLIDFHPDLELQHvQILUPDUHVSHFWLYD

$SOHFDWLYDSHVWHELURXOVHIXOXLFkWGHPXOWSRVLELOVLIL[DWLOFXRFKLL$VWDGHPRQVWUHD]DLQWHUHVXOVLvLYDVFKLPED GLVSR]LWLD 'XSDFHDWWHUPLQDWFHDWLDYXWGHVSXVWDFHWL&DFLWDFHUHDHGHDXU

'DFDVXQWHWLvQWUHEDWFHYDIDFHWLSDX]HOXQJLvQDQWHGHDUDVSXQGH$VWDDUDWDFDJkQGLWLGHGRXDRULVLUDVSXQGHWLRGDWD )LWLGHJDMDW'DFDYRUELWLvQWDULWLYRUEHOHFXJHVWXUL$VWDDUDWDGLQDPLVPVLIHUPLWDWH

,QGLFDWLFXSURSR]LWLLFODUHFDGHIDSWQXGRULWLSRVWXO6HIXOYDUHPDUFDDVWIHOFDHVWHGHSHQGHQWGHDVWD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'LIHUHQWHOHGLQWUHWLQHVLERVVXOWDX

'DFDWLHvWLWUHEXLHPDLPXOWWLPSVDIDFLFHYDHVWLSUHDvQFHW 'DFDERVVXOXLWDXvLLDPDLPXOWWLPSVDIDFDFHYDHOHPLQXWLRV 'DFDWXQXIDFLFHYDHVWLOHQHV 'DFDERVVXOWDXQXIDFHFHYDHOHSUHDRFXSDW

'DFDIDFLRJUHVHDODHVWLXQLGLRW 'DFDERVVXOWDXIDFHRJUHVHDODHOHGRDUXQRP

'DFDIDFLFHYDIDUDVDWLILHFHUXWDFHVWOXFUXvWLGHSDVHVWLDWULEXWLLOH 'DFDERVVXOWDXIDFHFHYDIDUDDLILVSXVDVWDVHFKHDPDLQLWLDWLYD 'DFDWHvPSRWULYHVWLODFHYDHVWLXQFDWkU 'DFDERVVXOWDXVHvPSRWULYHVWHODFHYDHOHIHUP

'DFDvQFDOFLRUHJXODGHHWLFKHWDHVWLXQQHFUHVFXW 'DFDERVVXOWDXvQFDOFDPDLPXOWHUHJXOLGHHWLFKHWDHOHRULJLQDO 'DFDERVVXOWHSODFHSHQWUXFHYDHVWLXQOLQJDX 'DFDERVVXOWDXHVWHSODFXWGHERVXOOXLDWXQFLHVWHFRRSHUDWLY 'DFDLHVLGLQELURXVHVSXQHFDHVWLODSOLPEDUH 'DFDERVVXOWDXLHVHGLQELURXHOHSOHFDWFXWUHEXUL

'DFDDUDWLFkQYDSDOLGHVWLRIDWDSDOLGD 'DFDERVVXOWDXDUDWDSDOLGHOWUHEXLHVDILHIRDUWHEROQDY

'DFDWHFHULDFDVDWUHEXLHVDDLFDVFX]DFHYDGHJHQXOVHGLQWDFXSDULQWLL 'DFDERVVXOWDXVHFHUHDFDVDvQVHDPQDFDDOXFUDWSUHDPXOW

6IDWXULSHQWUXPDQDJHUL 'XSDFXPELQHVWLWLvQOLPEDURPkQDFXYkQWXOVHIHSHFDOHGHGLVSDULWLH$FXPXQVHIVHQXPHVWHPDQDJHU

1LFLRGDWDVDQXPLGDLGHOXFUXGLPLQHDWD'DFDDLFHYDVDPLGDLGHIDFXWDVWHDSWDSkQDODRUDVLDSRLVSXQHPL 7HUPHQHOHOLPLWDPDH[FLWDODFXOPH 'DFDHFHYDFXDGHYDUDWXUJHQWWHURJLQWUDvQELURXOPHXGLQ]HFHvQ]HFHPLQXWHVLvQWUHDEDPDFXPPDLPHUJH0D DMXWDHQRUP &kQGSOHFLQXVSXQHQLPDQXLXQGHWHGXFL$VDDPVLHXRFD]LDVDILXPDLFUHDWLYFkQGPDQWUHDEDOXPHDXQGHHVWL 'DFDPDYH]LFXEUDWHOHvQFDUFDWHGHGRVDUHFDUWLVLKkUWRDJHVDQXFXPYDVDPLGHVFKL]LXVD7UHEXLHVDvQYDWVDPD GHVFXUFvQFD]XOXQHLSDUDOL]LLVLFKHVWLDFXGHVFKLVXOXVLORUHXQDQWUHQDPHQWSHUIHFW 'DFDPLGDLPDLPXOWGHXQDEXFDWDVDUFLQDGHVHUYLFLQXFXPYDVDPLVSXLFDUHHVWHRUGLQHDSULRULWDWLORU/DVDPDVD JKLFHVFVLQJXU )DWRWSRVLELOXOVDPDWLLWkU]LXODVHUYLFL,PLSODFHELURXODVWDVLQXDPQLPLFDOWFHYDGHIDFXWVDXDOWORFvQFDUHVDYUHDX VDPDGXFVHDUD 'DFDIDFFHYDFDUHWLSODFHWHURJQXVSXQHQLPDQXLWLQHVHFUHW'DFDPDDOHJFXRSURPRYDUH" 'DFDvQVFKLPEQXWLSODFHFHYDFHDPIDFXWHXWHURJVSXQHOHWXWXURU,PLSODFHVDVHYRUEHDVFDGHPLQH 'DFDYUHLFDRDQXPLWDWUHDEDVDILHIDFXWDvQWUXQDQXPLWIHOVDXGDFDDLFHYDLQVWUXFWLXQLVSHFLDOHSHQWUXPLQHQXFXPYD VDOHQRWH]LSHRKkUWLH'HIDSWVWLLFH"1LFLVDQXPLOHVSXLSkQDFHQXWHUPLQWUHDEDUHVSHFWLYDFDVDDPGHFHVDPDDSXF GLQQRXGHHD 6DQXPLLSUH]LQWLQLFLRGDWDSHFHLFXFDUHYRUEHVWL&kQGDLVDWHUHIHUULODHLPDLWkU]LXGHGXFWLLOHPHOHKLSHUORJLFHVL SHUIHFWHYRUILGHDMXQVFDVDPLGDXVHDPDGHVSUHFDUHGLQHLYRUEHVWL 6DWHSRUWLELQHFXPLQHQXPDLDWXQFLFkQGFHHDFHIDFvWLVDOYHD]DWLHIXQGXO 3RYHVWHVWHPLWRDWHPLFLOHWDOHQHFD]XUL1LPHQLQDUHQHFD]XULVLvPLSDUHELQHVDDIOXFDFLQHYDHPDLSXWLQQRURFRVFD PLQH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6HPQHVLJXUHFDILOPXOSHFDUHWRFPDLvOYL]LRQH]LQXYDOXDQLFLXQSUHPLX2VFDU $FWRULLVHORYHVFFRQWLQXXFXFDSXOGHPLFURIRDQHOHFDUHLQWUDvQLPDJLQH 6FHQDHURWLFDDILOPXOXLHVWHGHIDSWXQVDUXWSDVLRQDW (YRUEDGHXQFRSLOFDUHFUHGHFDYHGHWRWWLPSXORDPHQLPRUWLSkQDvVLGDVHDPDFDGHIDSWVHDIODODXQFRQFHUWFX 5ROOLQJ6WRQHV 6DODGHFLQHPDHVWHIRDUWHVWUkPWDVLWUHEXLHWRWWLPSXOVDDUXQFLPRQH]LvQWUXQDXWRPDWFDILOPXOVDUXOH]HPDLGHSDUWH &kQG7LWDQLFXOVHORYHVWHGHDLVEHUJ/HRQDUGRVHWUH]HVWHVLvVLGDVHDPDFDWRWXODIRVWXQYLV 5HFODPDVSXQHFDILOPXOHVWHIDFXWGXSDXQURPDQGH0LFKDHO&ULFKWRQSHFDUHDFHVWDODVFULVvQWURGXSDPDVD 5ROXOOXL-DPHV%RQGvOMRDFD3HWHU%RQG )LOPXOHVWHXQXOHURWLFFX&OLQW(DVWZRRGvQUROXOSULQFLSDO 7LWOXOILOPXOXLvQFHSHFX6FUHDP )LOPXOVHQXPHVWH5RFN\

0RWLYHGLQFDUH6WDU:DUVHPDLEXQGHFkW7LWDQLFXO 7LWDQLFXOHPDUHGDUQXVHSRDWHGHSODVDFXYLWH]DOXPLQLL
/HFWLHGHLVWRULHFXGRXDYDFL 6D]LFHPFDFLQHYDDUHGRXDYDFLVLWUDLHVWHvQ

&2081$35,0,7,9$ 1XHVLJXUGDFDvQDFHOHWLPSXULYDFDDIRVWGHMDGRPHVWLFLWD )(8'$/,60 )HXGDOXOvLLDLREDJXOXLRSDUWHGLQODSWH

62&,$/,60'(7,368('(= *XYHUQXOWHREOLJDVDEDJLYDFLOHWDOHvQWUXQJUDMGFRPXQVLWHREOLJDVDvQJULMHVWLVLYDFLOHDOWXLDGDUvQVFKLPEvWLGDDWkWD ODSWHGHFkWDLQHYRLH 62&,$/,60



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$LGRXDYDFL8QDWUHEXLHVDRIDFLFDGRXYHFLQXOXL

&2081,60 $LGRXDYDFL&RQGXFHUHDvWLFRQILVFDFHOHGRXDDQLPDOHVLvWLYDYLQGHDSRLODSWHOH 1$7,21$/62&,$/,60 $LGRXDYDFL&RQGXFHUHDvWLFRQILVFDFHOHGRXDDQLPDOHVLSHWLQHWHYDvPSXVFD

&2081,67'(7,3629,(7,& *XYHUQXOWHREOLJDVDEDJLYDFLOHWDOHvQWUXQJUDMGFRPXQSHWLQHWHSXQHVDvQJULMHVWLGHJDLQLVLSHFHOFDUHDYHDJDLQLvO SXQHVDvQJULMHDVFDGHYDFL7LVHGDQXPDLDWkWDODSWHVLRXDFkWDKRWDUkWFRPLWHWXOFHQWUDODOSDUWLGXOXLODXOWLPXOFRQJUHV ',&7$785$67$/,1,67$ &HOHGRXDYDFLDOHWDOHODXMLJQLWSHWRYDUDVXO3RSRZVLDXIRVWGHSRUWDWHvQ6LEHULD

0$2,60 1XDLQLFLXQDGLQFHOHGRXDYDFLGDUSHQWUXDVWDQXWHDIOLQLFLvQSRVHVLDXQXLSRUF&DVDWDYDILDUVDGH*DUGD5RVLH &$3,7$/,60 3RWLYLQGHXQDGLQYDFLFXSURILWPDUHFDVDWLFXPSHULVLXQWDXU

3267&$3,7$/,60 7HVIOLLvQSRVHVLDDGRXDYDFLSHFDUHvQVDWUHEXLHVDOHHOLEHUH]L/DSWHOHvOYHLSULPLGLQVWUDLQDWDWHVDXGLQ,QWHUQHW /,%(5$/,60 $LGRXDYDFL&RQGXFHUHDvWLFRQILVFDFHOHGRXDDQLPDOHVLvWLYDGRQDDSRLODSWHOH

$1$5+,( 9LQ]LODSWHOHGHODFHOHGRXDYDFLSHFDUHOHDLODSLDWDVLLHLXQSUHWUH]RQDELOGDUULVWLFDYHFLQLLVDWLIXUHYDFLOHIDUDFD FLQHYDVDLSRDWDSHGHSVL

3,$7$&2081$(8523($1$ ÌQWDLWLVHFRPXQLFDRKRWDUkUHVXSUDJXYHUQDPHQWDODD&RPLVLHL3LHWLL&RPXQHvQFDUHVWDVFULVFHDQXPHWUHEXLHVDGDLGH PkQFDUHODYDFL'XSDDFHHDHVWLSODWLWFDVDQXPDLPXOJLYDFLOHSHQWUXDQXGXFHODXQVXUSOXVH[FHVLYGHODSWHvQFDGUXO 3LHWLL&RPXQH7XWDLXQDGLQYDFLVLH[HFXWLRUGLQXOGHDDUXQFDODSWHOHFHOHLODOWHYDFLvQFDQDO3HQWUXDMXVWLILFDGLVSDULWLD YDFLLWDLDWHWUHEXLHvQVDVDFRPSOHWH]LXQQXPDUPDUHGHIRUPXODUHVWDQGDUGFDUHWUHEXLHVDPHDUJDOD%X[HOOHVOD&RPLVLD 3LHWLL&RPXQH 7+$7&(5,60 ÌQORFGHGRXDYDFLDLGDUWUHEXLHVDOHRPRULSHQWUXFDDX%6(

'(02&5$7,((1*/(=$ ÌWLKUDQHVWLYDFLOHFXFUHLHUHGHRDLH9DFLOHvQQHEXQHVFGDUJXYHUQXOQXLDQLFLRPDVXUD

)HULWLYDGHYkQDWRUXOGH]HVWUH 6WLPDWHGRPQLVRDUHQXYHWLJDVLSULQWUHSUHWHQGHQWLLODPkQDGYXQRPPDLIHUPHFDWRUPDL PDQLHUDWVL PDLUDEGDWRUFD YkQDWRUXOGH]HVWUHGDUQLFLVRWPDLXUkFLRVPDLLQGLIHUHQWVLPDLWLUDQLFGXSDFHVLDDWLQVVFRSXO 1XFRQIXQGDWLOLSVDOXLGHGHPQLWDWHFXGUDJRVWHDDGHYDUDWDSHFDUHVHVWUDGXLHVWHVRPLPH]HGLQWRDWHSXWHULOH 9kQDWRUXO GH ]HVWUH HVWH XQ WLS SDUDGR[DO QXPDL GDFD QH JkQGLP FD HO XUDVWH vQ DFHODVL WLPS VL FX DFHHDVL LQWHQVLWDWH VL VDUDFLDIDPLOLHLVDOHVLERJDWLDIDPLOLHLGXPQHDYRDVWUD ÌQWURHYHQWXDODGLVSXWDvQWUHGYVLSDULQWLYkQDWRUXOGH]HVWUHYDOXDSDUWHDFHORUGLQXUPDLQGLIHUHQWGDFDDFHVWLDDXVDX QXGUHSWDWH5DWLRQDPHQWXOHFkWVHSRDWHGHVLPSOXSDULQWLLGYVXQWDFHLDFDUHSRVHGDGHRFDPGDWDJDLQDFDUHIDFHRXDGH DXU 9kQDWRUXOGH]HVWUHVWLHELQHFDQXH[LVWDOXFUXPDLSHULFXORVSHQWUXHOGHFkWVDVHvQGUDJRVWHDVFDGHGYDGLFDVDVLSLDUGD FRQWUROXO$FHVWDLPRWLYXOSHQWUXFDUHYDFDXWDVSUHGHRVHELUHGHDOWLSUHWHQGHQWLVDVHDIOHFkWPDLSXWLQWLPSvQFRPSDQLD GYVLFkWPDLPXOWDYUHPHvQDFHHDDSDULQWLORUGXPQHDYRDVWUD 'DFDREVHUYDFDYDVLPWLWLVLQJXUDYkQDWRUXOGH]HVWUHQXYDH]LWDVDYDVFRDWDvQOXPHGHFkWHRULvLYDVWDvQSXWLQWDGDU QXPDLvQORFXULVLJXUHVLvQFRPSDQLLOLSVLWHGHSULPHMGLLSHQWUXHO



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

9kQDWRUXOGH]HVWUHQXYDYRUELSHQLPHQLGHELQHvQSUH]HQWDGYSHQWUXFDVHWHPHJUR]DYGHRULFHQRXYHQLWvQDQWXUDMXO GY'DFDLEDUEDWYDWLSXWHDvQGUDJRVWLGHHOVLDWXQFLDGLRYLVHGHPDULUHGDFDLIHPHLHFLQHVWLHFHYDUSXWHDVIDWXLVDX PDLUDXYDUSXWHDGHVFKLGHRFKLLDVXSUDDGHYDUDWXOXLVDXFDUDFWHUVLDWXQFLSUDIXOVDUDOHJHGHWRDWHHIRUWXULOHVLVDFULILFLLOH VDOH 'LQQHQRURFLUHVLYkQDWRUXOGH]HVWUHHVWHRPDVDFDGXSDFHVLYDDWLQJHVFRSXOUHFWHEDQLLGYQX YDWUHFH PXOWVLYD FDGHDVLHOVDJHWDWGH]HXO$PRU(VWHPRPHQWXOFHOPDLSHULFXORVGHRDUHFHGLQWUXQLQGLYLGUHFHVLFDOFXODWVR XOGYVHYD WUDQVIRUPDvQWURDGHYDUDWDILDUD1XYDSUHFXSHWLDEVROXWQLPLFQLFLWLPSQLFLEDQLQLFLRQRDUHSkQDQXVHYDGHVFRWRURVL GHGY ÌQFRQGX]LHGDFDYUHWLVDYDPDULWDWLFXRULFHSUHWHGHSUHIHUDWXQEDUEDWPDLvQYkUVWDGDUFDUHYDLXEHVWHFXDGHYDUDW GHFkWXQYkQDWRUGH]HVWUHFDUHQXDUHQLPLFVIkQWvQDIDUDGHDXU

'HVSUHVH[VLVH[H

0DUWLH(WHUQXOIHPLQLQ ([LVWHQWDYLUJLQLWDWLLQXDUHDOWDH[SOLFDWLHGHFkWDFHHDFDRULFHIHPHLHWUHEXLHVDvQFHDSDGHXQGHYD (VWHSUHIHUDELOVDWLVHDGXFDRFXWLHGHVDUGLQHGHVFKLVDVFXWLQGXWHGHQHSODFHUHDGHVFKLGHULLHL/DIHOVLFXYLUJLQHOH  'XPQH]HX OD FUHDW SH EDUEDW DSRL LD IRVW WHDPD VD QX VH SOLFWLVHDVFD 6L LD GDUXLW IHPHLD'XSD FDUH FDLQGXVH 'XPQH]HXVHWHPXFDHDVDQXOSOLFWLVHDVFDVLLDGDUXLWWXWXQXO )LLQGFDQXDXFDSIHPHLOHQXDXFHSLHUGH )HPHLOHFLQVWLWHQXVLSRWLHUWDQLFLRGDWDJUHVHOLOHSHFDUHQXOHDXFRPLV 2IHPHLHQHVDWLVIDFXWDHVWHRVSHFLHGHFDQJXUFHXPEODPHUHXFXXQEX]XQDUJRO )HPHLOHVHWHPFDDILVLQFHUHvQVHDPQDDIDFHVWHDSWHDVH %LRORJLFYRUELQGIHPHLDHVWHXQDQLPDOIUXPRVIDUDEODQDVLDFDUHLSLHOHHVWHFDXWDWDIRDUWHPXOW 8QEDUEDWDUHQHYRLHGHIHPHLHFDSHVWHOHGHELFLFOHWD )HPHLOHVXQWXQGH]LGHUDWGXSDFDUHDOHUJLWRDWDYLDWDVLFkQGvQVIkUVLWRJDVHVWLvWLEDJLSX DQHD

%DUEDWLL 'XSDEDUEDWLVLGXSDWUDPYDLHQXWUHEXLHVDDOHUJL7RWWLPSXOYLQDOWHOH DOWLL  2IHPHLHDUHQHYRLHGHRIDQWH]LHERJDWDSHQWUXDLXELXQEDUEDWSHQWUXFDOLWDWLOHOXL 'DFDQHJkQGLPELQHEDUEDWLVXQWUH]XOWDWXOXQXLFURPR]RPKDQGLFDSDW &kQGRIHPHLHVHFDVDWRUHVWHSRWHVDvPSDUWDJULMLOHFDUHvQDLQWHQXOHDYHD 'DFD'XPQH]HXDUILFUHDWIHPHLDSHQWUXVSDODWUXIHVLYDVHOHDUILIDFXWPkLQLOHGLQDOXPLQLX 2UL]RQWXOLQWHOHFWXDODOXQXLEDUEDWHVWHGLVWDQWDGLQWUHSHQLVVLFUHLHU 6SUHGHRVHELUHGHEDUEDWLIHPHLOHVLDUUHFXQRDVWHJUHVHOLOHGDFDDUDYHDYUHXQHOH 8QLLEDUEDWLDXFRPSOH[HGHLQIHULRULWDWHSUREOHPDHVWHvQVDFDVXQWLQIHULRUL 7RWXODUHROLPLWDQXPDLSURVWLDEDUEDWLORUHVWHLQILQLWD )HPHLOXDWLEDUEDWLLDVDFXPVXQWDOWLLQXH[LVWD %DUEDWLLVXQWEDUEDWRVLIHPHLOHVXQWGLYLQH 'DFDRIHPHLHDJDWDXQEDUEDWHOVHQXPHVWHFXFHULWRUXO (VWHELQHVWLXWFDQLPHQLQXHVWHSHUIHFWÌQDIDUDGH'XPQH]HXGDFD($H[LVWD )HPHLOHVXQWXQFDGRXSHQWUXEDUEDWLL3DPkQWXOXL 6DUXWXOHVWHFHDPDLSODFXWDPHWRGDGHDDVWXSDJXUDEDUEDWLORU )HPHLOHDXvQWRWGHDXQDXOWLPXOFXYkQW$FHDVWDGDWRULWDIDSWXOXLFDEDUEDWLORUOHOLSVHVWHIDQWH]LD 1XFRQWUD]LFHXQEDUEDW$VWHDSWDQXPDLFkWHYDPRPHQWHVLDWXQFLRIDFHHOVLQJXU &XFkWFXQRVFPDLPXOWLEDUEDLFXDWkWLXEHVFPDLPXOWDQLPDOHOH %LJDPLDvQVHDPQDVDDLXQEDUEDWSUHDPXOW0RQRJDPLDODIHO %DUEDWLLFRQWUD]LFOHJLOHIL]LFLLGDFDvLSXLVXEOXSDGHYLQPDLPLFLGHFkWvQUHDOLWDWH 5D]ERDLHOHGLQLVWRULDRPHQLULLDXSRUQLWGLQGRULQWDEDUEDWLORUGHDDYHDPHQVWUXDWLH /D vQWUHEDUHD GH FH EDUEDWLL VXQW PDL vQDOWL VL PDL ELQH GH]YROWDWL GHFkW IHPHLOH QX WUHEXLH GHFkW VD QH JkQGLP OD EXUXLHQL )HPHLOHFDUHYRUVDILHODIHOGHEXQHFDEDUEDWLLVXQWOLSVLWHGHPkQGULH %DUEDWLVHGH]YROWDSkQDODDQLGXSDFDUHFUHVFQXPDL %DUEDWLLVWDSkQHVFDOIDEHWXOEXQXOXLVLPW'HOD$OD%



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

3ULQFUHDWLD(YHL'XPQH]HXDFUHDWRIDSWXUDFDUHSRDWHIDFHPXQFDFHRIDFEDUEDWL (VWHELQHVWLXWFDEDUEDWLLVXQWVXSHULRULIHPHLORU/DIHOGHELQHHVWHVWLXWFD3DPkQWXOHVWHODW 2DPHQLL FDUH VH HQHUYHD]D SHQWUX RULFH VWLX WRWXO PDL ELQH VL DX QXPDL VH[ vQ FDS PRU GHYUHPH $FHVWLD RDPHQL VH QXPHVFEDUEDWL %DUEDWLVXQWILLQWHODFDUHSXEHUWDWHDVHvPELQDFX0LGOLIH&ULVLV )LHFDUH$GDPDUHR(YDSHFDUHSRDWHVDGHDYLQDSHQWUXFHHDFHQXSRDWHVDDMXQJDHO 'XPQHD]HXFkQGDFUHDWEDUEDWXOH[HUVDvQFD 7HEXLHFDQXPDLFXSXWLQvQDLQWHGHDFUHDEDUEDWXO'XPQH]HXDLQYHQWDWDOFRROXO &kQG'XPQH]HXDFUHDWEDUEDWXOWUHEXLHFDDIRVWRFHDWDGHDVD

)HPHLOH )HPHLOHYLQSHOXPHQHWHUPLQDWH$SRLYLQEDUEDWLLFDUHOHGDXJDWD )HPHLOHQXDXVLPWXOXPRUXOXL'HDFHHDEDUEDWLOHLXEHVFvQORFVDUkGDGHHOH ÌQYLDWDXQEDUEDWWUHEXLHVDDOHDJDvQWUHGRXDUHOHGHFHOHPDLPXOWHRULFHDWLQHULFDVLIUXPXVLFD %DUEDWLLVHPXOWXPHVFvQYLDWDFXOXFUXULOHVLPSOHIHPHLOH )HPHLOHSRWVDWLQDXQVHFUHWDWXQFLFkQGQXVWLXFDHVWHXQXO (VWHIUXPRVDWLJDVLIHPHLDSHQWUXRYLDWD'DUVLPDLIUXPRVHVWHVDJDVHVWLPDLPXOWH &HOPDLVFXPSDPRGDOLWDWHGHDWHFXOFDFXRIHPHLHHFDVDWRULD /XFUXOFHOPDLLQWHOLJHQWODRIHPHLHVXQWPDVHOHOHGHPLQWH 6HDILUPDGHPXOWHRULFDORFXOIHPHLORUHVWHODFXSWRU$OWLLVXQWGHSDUHUHFDORFXOORUHVWHvQFXSWRU %DUEDWLLOHDUDFRUGDIHPHLORUGUHSWXOGHDDYHDXOWLPXOFXYkQWGDFDDUILVLJXULFDHVWHXOWLPXO &X IHPHLOH WUHEXLH VD QH SXUWDP FX DWHQWLH 6D QX XLWDP FD 'XPQH]HX OHD IDFXW GLQWUR FRDVWD SH FDUH QX D SXWXWR vQGUHSWDGHWRW 1XDPQLPLFvPSRWULYDPLVFDULLIHPLQLVWHQXPDLULWPWUHEXLHVDDLEH $GPLUIHPLQLVWHOHPDLDOHVSHDFHOHDFXVkQLLPDUL

&HOHUHJXOLSHQWUXRFDVQLFLHIHULFWD 1XUHFXQRDVWHQLFLRGDWD '$51,&,2'$7$ FDVRWLDDUHGUHSWDWHDOWIHODOWIHOWHYHLJDVLIRDUWHFXUkQGVXESDSXFXOHL &RQYHUVDWLLOHWUHEXLHSXUWDWHSHXQWRQULGLFDW9HFLQLLVXQWVLHLLQWHUHVDWLvQFHUWXUL &XYLQWHOHVXQWUHFRPDQGDWHQXPDLvQID]DGHvQFHSXWDFRQYHUVDWLLORU0DLWkU]LXvQWHOHVXODFHVWRUDWUHEXLHvQWDULWFXDOWH RELHFWHFXPDUILFHVWLIDUIXULLVDXWLJDL ÌQWUR FDVQLFLH H LQWHU]LVD FRQVXPDUHD DFHOXLDVL IHO GH PkQFDUH GH PDL PXOWH RU SH VDSWDPkQD ÌQ FD]XO FkQG DVWD VH vQWkPSODVHLPSXQHFDVRWXOVDLDPDVDODXQUHVWDXUDQW$FHVWDYDILSODWLWGLQEDQLLGHFXPSDUDWXULGDWLVRWLHL 3HQWUX EDUEDW VH LPSXQH DGHUHQWD OD FHO SXWLQ FLQFL FOXEXUL VDX DVRFLDWLL 6HULOH vQ GRL VXQW GH UHJXOD GXSD  GH ]LOH SOLFWLVLWRDUH %DUEDWXOXL vL HVWH 675,&7 ,17(5=,6 D GD R PkQD GH DMXWRU vQ WUHEXULOH FDVQLFH &RPHQ]L FODUH GDWH IHPHLL DMXQJ vQ DFHDVWDGLUHFWLH %DUEDWXOXLvLHVWHSHUPLVVDDLEHvQFRQWLQXDUHUHODWLLFXSULHWHQHGLQWLQHUHWH &XUDWDWXOSDQWRILORUVLVSDODWXOKDLQHORUHVWHRPXQFD (;&/86,9 DVRWLHL1XPDLSULQDFHDVWDSDQWRILLVLKDLQHOHSRWIL ELQHSDVWUDWHVLSXUWDWHXQWLPSvQGHOXQJDW %DQLLWUHEXLHJRVSRGDULWLFXJULMDGHVRW%HUHVLDOWHEDXWXULDOFRROLFHQXVHGDXSHJUDWLV 'DFDGDWRULLOHIDFXWHGHVRWSULQELUWXULVLUHVWDXUDQWHQXSRWILDFRSHULWHGLQ]HVWUHDVRWLHLDFHDVWDHVWHREOLJDWDVDvVLPDL FDXWHXQORFGHPXQFD GHH[FDIHPHLHGHVHUYLFL  0DPDVRWLHLDUHDFFHVvQFDVDWLQHULORUFDVDWRULWLQXPDLvQWLPSXOPXQFLORUGHFXUDWHQLH FXUDWHQLDGH3DVWLFXUDWHQLDGH &UDFLXQ $OWIHOYL]LWHOHQHDVWHSWDHDFHVWHLDSRWILIRDUWHQHSODFXWHSHQWUXVRWVLDPDQWDDFHVWXLD ÌQ FRQFOX]LH R FDVQLFLH IHULFLWD SRDWH IL GXVD QXPDL DWXQFL FkQG EDUEDWXO HVWH SH GHSOLQ VDQDWRV VL VRWLD DUH XQ ORF GH PXQFDELQHSODWLW

&HHVWHVH[XO" 

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

6H[XOHXQVDUXWWDQGUXODPLH]XOQRSWLL(VWHDQWLFLSDUH 6H[XOHVWHXQIOLUWVFDQGDORVGDUWRWXVLHVWLFRQVWLHQWFDSHUVRDQDGHOkQJDWLQHQXHREOLJDWDVDIDFDPDLPXOW(UHVSHFW 6H[XOHRLPSHUIHFWLXQHDWD(VWHDFFHSWDUH 6H[XOvQVHDPDQDVDWUHFLSHVWHRRFD]LHGDFDQXHVWHvQFDWLPSXO(UDEGDUH 6H[XOvQVHDPQDVDVWLLFHVLGHXQGHVDLHLLDUGDFDQXVDFDXWL(H[SORUDUH 6H[XOQXvQVHDPQDFDWUHEXLHVDVSXL+DLVRIDFHPSHQWUXFDVWLLFHYUHDSDUWHQHUXOWDX(vQWHOHJHUH (VWHVDQVDGHDGDYRLHVDWLVHVSXQDQXFkQGFUHGHDLFDWRWXOVDUH]ROYDW(FRQVLGHUDWLH 6H[XOvQVHDPDQDVDWLUHDPLQWHVWLVLWXVLSDUWHQHUXOGHSURWHMDUH(UHVSRQVDELOLWDWH 6H[XOvQVHDPQDVDWLVHVSXQDRSUHVWHWHVLLQWULODEHOHOH(GRULQWD 6H[XOvQVHDPDQDVDYH]LFXPDUDWDSDUHQHUXOGXSDFHDWLIDFXWRSULPDGDWD(DGHYDU 6H[XOvQVHDPDQDVDVWLLFkWHRUDVLVDQXWLSHVH(EXFXULH 6H[XOvQVHDPQDFDDLGDWFKHLDGHODDSDUWDPHQWXOWDXSHUVRDQHLSRWULYLWH(vQFUHGHUH 6H[XOvQVHDPQDVDVWDLGLPLQHDWDODIHUHDVWUDVLVDvQFHUFLVDWLDGXFLDPLQWHFXFLQHDLIDFXWRvQQRDSWHDDLD(UHIOHFWLH

(OHPHQWXOFKLPLF)HPHLD '(6&23(5,7$'HPXOWWLPSGHXQFKLPLVWSHQXPH$'$0'DWDGHVFRSHULULLHVWHQHFXQRVFXWD 6,0%2/8/,83$&)P $3$5,7,$Ì11$785$SHVWHWRWDWXQFLFkQGQXRFDXWLVLQLFDLHULDWXQFLFkQGHFDXWDWD'HRELFHLDSDUHvQORFXULOHFX SRSXODWLHXPDQD  2%7,1(5( /D vQFHSXW D IRVW SUHSDUDWD GLQWUR FRDVWD FX WLPSXO vQVD GDWRULWD HYROXWLHL VH SUHSDUD GLQ JUHVHDOD &X WRDWHFDVDXLQWUHSULQVPXOWHvQFHUFDULRVLQWH]DDDFHVWXLHOHPHQWQXDUHXVLWQLFLXQXLFHUFHWDWRU6HSUHVXSXQHFDUHDFWLDGH VLQWH]DDUIL)H0H,H )HPHLH *5(87$7($720,&$6HFXQRVFPDLPXOWLL]RWRSLL]RWRSXOVQXU NJ L]RWRSXOGDPDELQH NJ L]RWRSXO IRUPHSOLQH NJ VLL]RWRSXOEDWR]D NJ 'DWRULWDDFHVWRUL]RWRSLHOHPHQWXOQXDUHXQORFELQHVWDELOLWvQVLVWHPXO SHULRGLFDOHOHPHQWHORU 5$63Æ1',5(6HJDVHVWHvQQDWXUDvQVWDUHOLEHUDVDXvQFRPELQDWLLÌQJHQHUDOVHJDVHVWHDFRORXQGHQXWUHEXLHVLvQ VSHFLDOvQ&XEDDLFDUHLORFXLWRULVXQWFXEDQLL  35235,(7$7, ),=,&( 6XSUDIDWD HVWH DFRSHULWDvQ JHQHUDO FX XQ VWUDW GH SXGUD 6H JDVHVWH vQ SDWUX VWDULGH DJUHJDUH VWDUHDPRUID SkQDODDQL VWDUHFULVWDOLQD GHDQL VWDUHJHODWLQRDVD GHDQL VLVWDUHXVFDWD SHVWHGHDQL  $IODWvQVWDULOHFULVWDOLQDVLJHODWLQRDVDHOHPHQWXOILHUEHODVLPSOXOFRQWDFWvQJKHDWDJUHXVLEUXVFVHWRSHVWHFkQGHVWHELQH WUDWDW'DFDODvQFHSXWHGXOFHRGDWDFXWUHFHUHDWLPSXOXLVHDFUHVWHGHYLQHDPDUVLDSRLRWUDYDFXUDWD3RDWHILDFUXVLOD WUDWDUL QHSRWULYLWH 'DFD H ORYLW VFRDWH VXQHWH DVFXWLWH 3RDWH FUHD PXOWH GXUHUL GH FDS 6SHFWUHOH VXQW GH OD EORQG URVFDW SkQDODQHJUX6HGL]ROYDJUHXvQOLFKLGH6ROXELODvQDFLGVXOIXULF$FWLYLWDWHDFUHVWHH[SRQHQWLDOFXVDWXUDUHDvQDOFRRO  35235,(7$7, &+,0,&( (OHPHQWXO DUH PDL PXOWH YDOHQWH GLQ FDUH FDX]D VH FRPELQD IRDUWH XVRU &X QXPDUXO GH FRRUGLQDUH  IRUPHD]D XQ FRPSOH[ IDPLOLDU FX VFKLPE RFD]LRQDO GH OLJDQ]L 1XPDUXO PD[LP GH FRRUGLQDUH HVWH GDW GH HIHFWXOVWHULFDOOLJDQ]LORU/LEHUDWDFDLQLPD&RPELQDWDWDFDILFDWXOVLSXQJD$UHRPDUHDILQLWDWHSHQWUXPHWDOHOHUDUHVL SLHWUHOHSUHWLRDVH PDLDOHVFRPELQDWLLFXELFHFULVWDOLQHDOHFDUERQXOXL VLDEVRDUEHXVRUvQFDQWLWDWLDSUHFLDELOHEDXWXULILQH SUDMLWXULVLPXOWHDOWHGHOLFDWHVH3HULRGLFvQURVHVWHKkUWLDGHWXUQHVRO3RDWHH[SORGDLQVWDQWDQHXGDFDDFWLYLWDWLOHSODQLILFDWH QXDXORF2UHFWLHYLROHQWDvQVRWLWDFXFUHVWHUHDDFWLYLWDWLLGHOHJDUHGHOLJDQ]LDSDUHDWXQFLFkQGHODVDWDvQVWDUHOLEHUH(VWH XQIRDUWHEXQDJHQWUHGXFDWRUDOILQDQWHORUEDUEDWLORU  Ì175(%8,17$5( 6H vQWUHEXLQWHD]D PDL DOHV vQ EXFDWDULL VL vQ GRUPLWRDUH 6H PDL IRORVHVWH FD SRGRDED SHQWUX ULGLFDUHD QLYHOXOXL VL DFFLGHQWDOSHQWUX vQPXOWLUH &D] vQ FDUH VH SURGXFH R FUHVWHUH vQ YROXP FX FHQWUH GH GLVWULEXWLH D ODSWHOXL (VWHFHOPDLSXWHUQLFDTJHQWUHGXFDWRUGHYHQLWXUL(VWHIRORVLWSHQWUXDFUHVWHHIHFWXOHVWHWLFDOPDVLQLORUVSRUW 0(72'('($1$/,=$(OHPHQWXOvQVWDUHSXUDVHvQURVHVWHGDFDHVWHGHVFRSHULWVDX YD]XWvQ VWDUHDVD QDWXUDOD 6H vQYHU]HVWHvQSUH]HQWDXQXLL]RWRSFXvQVXVLULPDLEXQH $7(17,(/$)2/26,5( )LLQGH[SOR]LYHOHPHQWXOWUHEXLHWUDWDWFXPXOWDDWHQWLHVLGHOLFDWHWHVLPkQXLWFXPXOWDvQGHPkQDUHÌQFD]FRQWUDUHVWHYDL VLDPDUGHFHOFHRPDQLSXOHD]D6HSRDWHHYLWDH[SOR]LDSULQWLQHUHDvQSDOPH VDXSXPQL 1XVHUHFRPDQGDPDQLSXODUHD GHFDWUHEDUEDWLLIDUDYLJRDUH(OHPHQWXOIHPHLHVHVHUYHVWHJROVLWUHEXLHDJLWDWvQDLQWHGHvQWUHEXLQWDUHÌQVWDUHFULVWDOLQD VH VH SRDWH XWLOL]D DWkW OD OXPLQD FkW VL OD vQWXQHULF ÌQ VWDUH JHODWLQRDVD QXPDL OD vQWXQHULF (VWH LOHJDO GHVL GRULW  GH D SRVHGDPDLPXOWGHXQL]RWRS/DvPEDWUkQLUHHOHPHQWXOHVWHJUHXGHUHFLFODWVLWHEXLHWUDWDWFDJXQRLXOUDGLRDFWLY

-XUQDOXOYLDJUDDOXQHLVRWLL =LXD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$]LDPVDUEDWRULWGHDQLGHFDVDWRULHVLQXSUHDDIRVWSUHDPXOWGHVDUEDWRULW&kQGDYHQLWPRPHQWXOVDUHWUDLPQRDSWHD QXQWLLHOVDvQFKLVvQEDLHVLDSOkQV =LXD $]LHOPLD]LVFDDUHVDPL]LFDXQVHFUHW0LD]LVFDHLPSRWHQWVLGRUHVWHFDHXVDILXSULPDFDUHDIODDFHVWOXFUX'HIDSW QXPLD]LVQLPLFFHHDFHQXVWLDP'HIDSWHOFUHGHFDQXDPUHPDUFDWvQFDDFHVWOXFUX =LXD &DVDWRULDQRDVWUDHSXVDvQGLILFXOWDWH2IHPHLHDUHGRULQWH,HULDPYD]XWXQILOPHURWLFVLDPL]EXFQLWvQSOkQV

=LXD 6DvQWkPSODWRPLQXQH3HSLDWDH[LVWDXQQRXPHGLFDPHQWFDUHvLYDUH]ROYDSUREOHPDVHQXPHVWH9LDJUD,DP]LVFD GDFDYDOXD9LDJUDWRWXOYDILFDvQQRDSWHDQXQWLL&UHGFDDVWDYDDYHDXQHIHFWSR]LWLY,DPvQORFXLWFDOPDQWHOHFXDFHDVWD 9LDJUDvQVSHUDQWDFDvLYDFUHVWHVLDOWFHYDGHFkWSRIWDGHPkQFDUH =LXD &HIHULFLUH

=LXD &HIXPRDVDHYLDWD'DUHWRWXVLGLILFLOVDVFULLFkQGIDFLDVWD

=LXD &UHGFD9LDJUDDVWDLVHULGLFDODFDS,HUL DP IRVW OD 0F'RQDOGV VL YkQ]DWRUXO PDvQWUHEDWGDFD YUHDX XQ %LJ0DF(O D FUH]XWFFDHYRUEDGHHO(WRWXVLGUDJXW1XFUHGFDDPIRVWPDLIHULFLWDYUHRGDWD

=LXD &UHGFDDOXDWSUHDPXOWHSDVWLOHODZHHNHQG,HULvQORFVDWXQGDJD]RQXODVFRVPRUFRYLLGLQJUDGLQDIRORVLQGXVLQRXOOXL SULHWHQ3HPLQHPDGRDUHXQSLFORFXODOD =LXD 1XDPYUHPHVDPDLVFULX6DUSXWHDVDPDSULQGD

=LXD %LQHWUHEXLHVDUHFXQRVFPDDVFXQGGHHO9UHDXVDVSXQFDQLFLRIHPHLHQXDUSXWHDPDLPXOWGHFkWDWkW&UHGFDOXFUXULOH VHvQUDXWDWHVF(OvVLLDDFXPSDVWLOHOHFXFRQLDF&HVDPDPDLIDF"0DVLPWFDvQWHSDWDGHFXLHSHWRWFRUSXO =LXD 0DVLPWGHSDUFDDVILDPHWLWD(FDVLFXPDLWUDLvPSUHXQDFXRPDVLQDGHJDXULW$]LGLPLQHDWDPDPWUH]LWOLSLWDGHSDW 0DGRUSkQDVLVXEWLRULOH(OHXQSRUF

=LXD ÌPLGRUHVFFDHOVDILIRVWKRPRVH[XDO$PvQFHWDWVDPDPDLPDFKLH]VDPDPDLVSDOSHGLQWLHOHWRWWLPSXOvQXUPDPHD 3kQDVLFDVFDWXODGHYHQLWSHULFXORV

=LXD 'HFkWHRULvQFKLGRFKLLXUPHD]DXQDWDFSULQVXUSULQGHUH(FDVLFXPDLGRUPLFXXQFUXFLVDWRUvQSDW$PSUREOHPHODPHUV VLGDFDHOPDLvQFHDUFDRGDWDWUHDEDDLDRVDOXFLGFXPkLQLOHPHOH =LXD $VIDFHRULFHVDOSRWRSUL1LPLFQXPDLIXQFWLRQHD]D$PvQFHSXWVDPDvPEUDFFDRFDOXJDULWDQXPDLVSUHDORSULGDUDVWD vODWkWDVLPDLWDUH$MXWRRRU

=LXD &UHGFDWRWXVLRVDORPRU0DvQWHDSDRULFHOXFUXSHFDUHPDDVH]3LVLFDVLFkLQHOHQXVHPDLDSURSLHGHHO1LFLSULHWHQLLQX QHPDLYL]LWHD]D1RDSWHDWUHFXWDLDP]LVVDVHIX DVLQJXUVLDIDFXWR

=LXD 1HPHUQLFXODvQFHSXWVDVHSOkQJDGHGXUHULGHFDSÌPLGRUHVFVDLH[SORGH]HVFXOD&UHGFDRVDLSURSXQVDWUHDFDGLQQRX ODFDOPDQWHOHOXL =LXD $vQFHWDWVDPDLLD9LDJUDGDUQXVLIDFHHIHFWXO'RDPQHLDUYLQHvQVSUHPLQH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

=LXD $WUHFXWGLQQRXSHFDOPDQWH3XWXURVXOLDUVWDvQILSWvQIRWROLXODWHOHYL]RUFXWHOHFRPDQGDvQPkQDDVWHSWkQGFDHXVDIDF WRWXOvQFDVD&HIHULFLUHDEVROXWD

'HFHXQFDVWUDYHWHGHDSUR]DUHPDLEXQGHFkWXQEDUEDW /XQJLPHDPHGLHHVWHGHFP &DVWUDYHWLLGHDSUR]DUUDPkQRVDSWDPkQDvQWUHDJDWDUL 8QFDVWUDYHWHGHDSUR]DUQXvWLYDVSXQHQLFLRGDWDFDPDULPHDQXFRQWHD]D &DVWUDYHWLLGHDSUR]DUVXQWXVRUGHFXOHV &DVWUDYHWLLGHDSUR]DUDXvQWRWGHDXQDOLEHUODZHHNHQG 8QFDVWUDYHWHGHDSUR]DUQXHVWHDOHUJLFODSLVLFDWD 8QFDVWUDYHWHGHDSUR]DUDVWHDSWDvQWRWGHDXQDSkQDYLLDFDVD 8QFDVWUDYHWHGHDSUR]DUWHUHVSHFWDVLDGRXD]LGLPLQHDWD 8QFDVWUDYHWHGHDSUR]DUQXHVWHQLFLRGDWDSUHDQHUYRV 8QFDVWUDYHWHGHDSUR]DUQXvWLYDWUDQVIRUPDQLFLRGDWDEDLDvQELEOLRWHFD 8QFDVWUDYHWHGHDSUR]DUQXvWLYDIRORVLQLFLRGDWDSHULXWDGHGLQWLVDXIL[DWLYXOGHSDU /DDSUR]DUSRWLSLSDLGDFDFDVWUDYHWHOHGRULWHVWHVXILFLHQWGHWDUHvQDLQWHGHDOOXDDFDVD 8QFDVWUDYHWHGHDSUR]DUDFHSWDVLIDSWXOFDvWLGRUHVWLOLQLVWHDWDGLPLQHDWD &XXQFDVWUDYHWHGHDSUR]DUSRWLPHUJHVLODFLQHPD 8QFDVWUDYHWHGHDSUR]DUQXWHYDvQWUHEDQLFLRGDWD6XQWSULPXO" 8QFDVWUDYHWHGHDSUR]DUQXWHYDvQWUHEDQLFLRGDWD6XQWFHOPDLEXQ" 8QFDVWUDYHWHGHDSUR]DUQXvVLIDFJULMLGDFDHVWLYLUJLQDVDXQX 8QFDVWUDYHWHGHDSUR]DUQXYDSRYHVWLQLFLRGDWDDOWXLFDVWUDYHWHGHDSUR]DUFDQXPDLHVWLYLUJLQD &DVWUDYHWLLGHJUDGLQDQXYRUVFULHQLFLRGDWDQXPHOHWDXSHSHUHWLLWRDOHWHORUGHEDUEDWL 8QFDVWUDYHWHGHDSUR]DUQXWHYDREOLJDQLFLRGDWDVDSRUWLGHVXXULVH[LVDXVDXUFLvQSDWFXFL]PH 3RWLVDDLFkWLFDVWUDYHWLGHDSUR]DUGRUHVWL 'DFDGRUHVWLSRWLPkQFDXQFDVWUDYHWHGHDSUR]DU 8QFDVWUDYHWHGHDSUR]DUQXHJHORVSHPHGLFXOJLQHFRORJSHPDVHXUVDXSHIUL]HUXOWDX &DVWUYHWLLGHDSUR]DUQXvQFHSVDYRUEHDVFDGHVSUHOXFUXULFDUHQXOHvQWHOHJ 8QFDVWUDYHWHGHDSUR]DUQXvWLYDIDFHQLFLRGDWDVFHQHGDFDDLXQDOWFDVWUDYHWHGHDSUR]DUvQIULJLGHU 8QFDVWUDYHWHGHDSUR]DUQXDUHQLPLFvPSRWULYDVDVHDVFXQGDvQIULJLGHUGDFDPDLFDWDYLQHSHQHDVWHSWDWHvQYL]LWD ÌQGLIHUHQWGHFkWGHEDWUkQDHVWLSRWLDYHDvQWRWGHDXQDXQFDVWUDYHWHGHDSUR]DUWDUHVLSURDVSDW 8QFDVWUDYHWHGHDSUR]DUQXVHLQWHUHVHD]DGHFLFOXOWDX 8QXLFDVWUDYHWHGHDSUR]DUQXWUHEXLHVDvLH[SOLFLSOkQJkQGFDvWLSDUHUDX &DVWUDYHWLLGHDSUR]DUQXvWLODVDXUPHGHVDUXWXULDSULQVHQXGRUPODSLHSWXOWDXVLQXVDOLYHD]DSHSHUQHOHWDOH &DVWUDYHWLLGHDSUR]DUSRWUDPkQHWUHMLRQRDSWHvQWUHDJDVLQXWUHEXLHVDGRUPLWRDWDQRDSWHDXGD 8QFDVWUDYHWHGHDSUR]DUQXWHYDODVDQLFLRGDWDvQJULMRUDWD &DVWUDYHWLLGHDSUR]DUQXvWLVSLRQHD]DFRQYRUELULOHWHOHIRQLFHVLQXvWLvPSUXPXWDSURSULXODXWRPRELO &DVWUDYHWLLGHDSUR]DUQXvWLJROHVFIULJLGHUXOVLQLFLQXvWLEHDXWRWDOFRROXOGLQFDVD 8QFDVWUDYHWHGHDSUR]DUQXvVLODVDFKLORWLLPXUGDULSHVWHWRWSULQFDVD 8QFDVWUDYHWHGHDSUR]DUQXWUHEXLHVDvVLVXQHQLFLRGDWDVRWLD 8QFDVWUDYHWHGHDSUR]DUQXWHYDSDUDVLQLFLRGDWDSHQWUX RDOWDIHPHLH XQDOWEDUEDW XQDOWFDVWUDYHWHGHDSUR]DU 6WLLvQWRWGHDXQDXQGHvWLHVWHFDVWUDYHWHOHGHDSUR]DU 1XYDWUHEXLVDUHPDUFLQLFLRGDWDXLPLWDFDSURSULXOWDXFDVWUDYHWHGHDSUR]DUHVWH vQVXUDW LDGURJXUL WHSOFHGDUGHLXELWvOLXEHVWHGHIDSWSHIUDWHOHWDX 1XYDWUHEXLVDDVWHSWLSkQDODSDX]DPHFLXOXLVDSRWLYRUELFXFDVWUYHWHOHWDXGHDSUR]DU 8QFDVWUDYHWHGHDSUR]DUQXDVWDSWDGHODWLQHFDvQWUREXQD]LVDvLIDFLFDVWUDYHWLGHDSUR]DUPLFL (VWHIRDUWHVLPSOXVDWHGHVSDUWLGHXQFDVWUDYHWHGHDSUR]DU 8QFDVWUDYHWHGHDSUR]DQXIDFHILULPLWXULvQSDW 8QFDVWUDYHWHGHDSUR]DUQXXLWDVDWUDJDDSDGXSDIRORVLUHDWRDOHWHL 8QFDVWUDYHWHGHDSUR]DUYDODVDvQXUPDVDUDPDWRDOHWHLDVDFXPDIRVW 8QFDVWUDYHWHGHDSUR]DUSRWLPkQFDQXPDLDWXQFLFkQGDLFKHI &DVWUYHWLLGHDSUR]DUQXvWLODVDXQJXVWQHSODFXWvQJXUDGXSDFRQVXP



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

8QFDVWUDYHWHGHDSUR]DUQXYDYHQLQLFLRGDWDVHDUDEHDWDFDVDVLQLFLQXvVLYDDGXFHSULHWHQLLFXHO 8QFDVWUDYHWHGHDSUR]DUQXWHYDSDUDVLQLFLRGDWDGH5HYHOLRQ 8QFDVWUDYHWHGHDSUR]DUQXWHYDGHVFRSHULQRDSWHDVLSRDWHVWDFXWLQHWRWWLPSXOHL 8QFDVWUDYHWHGHDSUR]DUQXVHvQJULMRUHD]DGHFHDUFDQHOHWDOH 8QFDVWUDYHWHGHDSUR]DUQXvWLYDIDFHVFHQHDWXQFLFkQGDLLHVLWIDUDHOvQRUDV ÌQXUPDXQXLFDVWUDYHWHGHDSUR]DUQXWUHEXLHVDIDFLRUGLQH 8QFDVWUDYHWHGHDSUR]DUQXvQFHDUFDVDWHFXFHUHDVFDFXFKHVWLLVODEHGHJHQXO6LQJXULFDVLQJXULFD" 9HLVWLLvQWRWGHDXQDXQGHWLDIRVWFDVWUDYHWHOHGHDSUR]DU 8QFDVWUDYHWHGHDSUR]DUQXvWLYDSUH]HQWDQLFLRGDWDSURSULDPDPD 8QFDVWUDYHWHGHDSUR]DUQXVHYDH[FLWDQLFLRGDWDSUHDWDUH 8QFDVWUDYHWHGHDSUR]DUQXvWLYDVSXQHQLFLRGDWDFDvQWkU]LHFDFLDUHVHGLQWDVLDSRLYLQHDFDVDPLURVLQGDSDUIXP 8QFDVWUDYHWHGHDSUR]DUQXWHYDODVDVLQJXUDvQGLVFRWHFDSHQWUXREORQGDDWUDJDWRDUH 8QFDVWUDYHWHGHDSUR]DUQXvWLYDFHUH+DLVDPDLvQFHUFDPSkQDDYHPXQEDLDW 8QFDVWUDYHWHGHDSUR]DUQXVHYDRSXQHQLFLRGDWDGLYRUWXOXL 8QFDVWUDYHWHGHDSUR]DUQXYDvQFHUFDVDWHVFKLPEHvQELQH $ODWXULGHXQFDVWUDYHWHGHDSUR]DUQXWUHEXLHVDILGHFkWRVLQJXUDGDWDYLUJLQD 8QFDVWUDYHWHGHDSUR]DUDFFHSWDVDILHUHVSLQV 8QFDVWUDYHWHGHDSUR]DUQXvWLYDVSXQHFDvWLVWDPDLELQHFXSDUXOOXQJ &DVWUDYHWLLGHDSUR]DUQXVHQHFDMHVFGDFDFkVWLJLPDLPXOWLEDQLFDHL 8QFDVWUDYHWHGHDSUR]DUQXVHVXSDUDGDFDvWLSHWUHFLFRQFHGLLOHFXIDPLOLDWD 8QFDVWUDYHWHGHDSUR]DUQXVHYDFRQVLGHUDQLFLRGDWDFDILLQGPDLGHVWHSWFDWLQHvQVXWL

9LEUDWRDUHOHFRQWUDEDUEDWLORU 8QYLEUDWRUQXDUHPDLvQWkLXQRUJDVPVLDSRLVHRSUHVWHGLQYLEUDW 9LEUDWRDUHOHQXVXQWQLFLRGDWDSUHDRFXSDWHGDFDVHXLWDODWHOHYL]RU %DWHULLOHVXQWPDLLHIWLQHGHFkWFDOFDWXOVSDODWXOVLJDWLWXO &kQGWLDLWHUPLQDWWUHDEDFXXQYLEUDWRUSRWLVDOSXLGHRSDUWHSkQDDLQHYRLHLDUDVLGHHO 8QYLEUDWRUHIHULFLWDVDFRQWLQXHSkQDVXQWHPVDWLVIDFXWH ÌWLSRWLFXPSDUDXQXOPDLPDUHVDXFXPDLPXOWHSURJUDPHIDUDFDFLQHYDVDWHQXPHDVFDFXUYD 3R]LWLDRDOHJLWXQXHO 8QYLEUDWRUHvQWRWGHDXQDWDUH 8QYLEUDWRUQXODVDPL]HULDvQXUPDVD 1XWUHEXLHVDSRUWLEODQXULSHVWHSLHOHDJRDODVDH[FLWLXQYLEUDWRU 8QYLEUDWRUQXVHLQWHUHVHD]DGHIDSWXOFDDLPDLSXVNLORJUDPH 'XSDXQYLEUDWRUQXYDDGRUPLOkQJDWLQHVLQLFLQXvWLYDVIRUDLODXUHFKH 1XWUHEXLHVDIDFLFXUDWHQLHVLRUGLQHvQFDVDvQDLQWHGHDDGXFHXQYLEUDWRUDFDVD 8QYLEUDWRUQXYDILRERVLWGXSDSULPDGDWD 8QYLEUDWRUQXWHYDEDWHSHVSDWHGLPLQHDWDVDYDGDGDFDDLFKHI 8QXLYLEUDWRUQXWUHEXLHVDvLIDFLPLFXOGHMXQ &XXQYLEUDWRUIDFLVH[SURWHMDWVLIDUDSUH]HUYDWLY &kWHYDEDWHULLEXQHVLQXWUHEXLHVDWHLHLODvQWUHFHUHFXHORSUHVWHOFkGWLDLWHUPLQDWOXFUXOFXHO $WkWDWLPSFkWDLRUH]HUYDGHEDWHULLXQYLEUDWRUYDPHUJHvQWUXQD vQWLPSFHWXYHYHQLvQWUXQD  9LEUDWRDUHOHVXQWSRUWDELOHDVDvQFkWRSRWLIDFHRULFkQGVLRULXQGH 9LEUDWRDUHOHQXUkJkLHQXVXJKLWDQXVHEHVHVFVLQLFLQXDGRUPSHWLQH 1XWUHEXLHVDWHvPEUDFLSHSODFXOYLEUDWRUXOXL 8QYLEUDWRUQXWUHEXLHSUH]HQWDWSULHWHQLORUWDL 9LEUDWRDUHOHQXVHWUH]HVFODGLPLQHDWDVDWHvQWUHEHGDFDPDLYUHLRGWD 9LEUDRDUHOHQXODVDSHWHXPHGH 8QYLEUDWRUSRDWHILDUXQFDWIDUDUHPXVFDULODJXQRL 8QYLEUDWRUQXDUHPDPD 8QYLEUDWRUQXvWLFHUHVDOOXFUH]LSXWLQFXJXUDFDVDVHvQWDUHDVFD 6WLLvQWRWGHDXQDXQGHWLDLSXVYLEUDWRUXO 8QYLEUDWRUQXVHLQWHUHVHD]DGHIDSWXOGDFDIDFLILULPLWXULvQSDW 8QYLEUDWRUQXYDDYHDQLFLRGDWDXQRUJDVPvQDLQWHDWD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'HFHEDUEDWLLVXQW WRWXVL PDLEXQLGHFkWYLEUDWRDUHOH 6SUHGHRVHELUHGHYLEUDWRDUHPDLVFRWRYRUEDGLQFkQGvQFkQG $XXQWHUPRVWDWLQWHQFDUHvLWLQHWRWWLPSXOODRWHPSHUDWXUDSODFXWD ÌWLPDVHD]DVLSLFLRDUHOH %DWHULLOHVHVFKLPEDVLQJXUHVLPXOWPDLUSHGHPDLDOHVGDFDPRGHOXOHVWHvQMXUXOYkUVWHLGHGHDQL 1XvQFDSvQYDOL]DGDUSRWVDFDUHXQD 1XWUHEXLHVDvLGHFODULODYDPD &HLPDLGUDJXWLvWLDGXFvQJKHWDWDODSDWGXSD 6HJDVHVFvQPDLPXOWHPDULPLIRUPHVLJXVWXUL 6XQWPDLEXQLVSUHDIDFHFRQYHUVDWLH 6FRWVXQHWHDVDGHGUDJXWH 6HVSDODVLQJXULGXSD ÌQFDO]HVFvQWUHJSDWXOGDFDvLSXLDFRRFXPLQXWHGHDWHFXOFD 7HVFDUSLQDSHVSDWH 'XSDRUHSUL]DFXXQEDUEDWvWLVLPWLWRWFRUSXORERVLWQXQXPDLRPkQD 3RWVDFXUHWHIHUHVWUHOHvQFROWXULOHvQFDUHGHRELFHLQXDMXQJL &RQVXPDUHVWXULOHGHPkQFDUHUDPDVHvQEXFDWDULH $XRDOWDSHUVSHFWLYD (KD]OLXVDLSULYHVWL ÌQJHQHUDOXQEDUEDWGDQVHD]DPDLELQHGHFkWXQYLEUDWRU $XPDLPXOWHSDUWLFXFDUHWHSRWLMXFD

'HFH1,0,&HPDLEXQGHFkWVH[XO ([LVWDPDLPXOWHSR]LWLLvQFDUHQXSRWLIDFHQLPLFDOWFHYDGHFkW1,0,& 1,0,&HSHJUDWLVvQWRWGHDXQD 1,0,&SRWLIDFHFXRULFLQHRULFkQGIDUDVDYRUEHDVFDOXPHDGHVSUHWLQH $WkWDWLPSFkWQXIDFLDOFHYDGHFkW1,0,&SRWLGRUPLPkQFDWHSRWLXLWDODWHOHYL]RUVLQLPHQLQXYDILRIHQVDW 'DFDDUDWLSOLFWLVLWvQWLPSFHQXIDFLDOWFHYDGHFkW1,0,&HVWHSHvQWUXWRWXOvQUHJXOD 'DFDHVWLFRQFHGLDWGLQPRWLYFDODOXFUXQXIDFLDOWFHYDGHFkW1,0,&DVWDQXYDILXUPDWDGHRvQIDWLVDUHODWULEXQDO 3DVWUHD]DWLFXJULMDNLORJUDPHOHGREkQGLWHFXDWkWDWUXGDQXIDDOWFHYDGHFkW1,0,& 1LFLXQEDUEDWQXYDYLVDVDIRUWH]HRIHPHLHvQVFRSXOGHDQXLIDFHDOFHYDGHFkW1,0,& &XFkWIDFLPDLSXWLQHIRUWFXDWkWHPDLELQHVDQXIDFLDOWFHYDGHFkW1,0,& ÌQQRXDOXQLQXYHLVLPWLQLFLXQHIHFWGDFDD]LQXIDFLDOWFHYDGHFkW1,0,& 'DFDHVWLvQVXUDWQXYHLILSXVQLFLRGDWDvQvQFXUFDWXUDSHPRWLYFDQXDLIDFXWDOWFHYDGHFkW1,0,&FXRIHPHLHVWUDLQD 6LEDUEDWLORUVLIHPHLORUOHLDDFHHDVLSHULRDGDGHWLPSVDQXIDFDDOWFHYDGHFkWQLPLF 1LPHQLQXWHYDEDQXLVDXDUHVWDDWXQFLFDQXIDFLDOWFHYDGHFkW1,0,&FXSURSULLFRSLL EUXWDO  1,0,&SRWLIDFHvQDYLRQvQWUHQvQPDVLQDvQDXWREX]vQVDOLGHDVWHSWDUHvQWRDOHWHvQEDLHVDXSHSRGHDVLDVWDSHVWH WRWODDFHODVLFRPIRUW %LEOLDQXvWLLQWHU]LFHVDQXIDFLDOWFHYDGHFkWQLPLFFXDOWHIHPHL 6DWLVIDFXWWHSRWLVLPWLVLGXSDFHDLIDFXW1,0,&VLDVWDIDUDFHOPDLPLFHIRUW 1,0,&SRWLIDFHFKLDUVLGDFDHVWLSDUDOL]DWGHODJkWvQMRV 1XYDYHQLQLFLXQPRPHQWvQYLDWDWDvQFDUHVDQXILvQVWDUHVDIDFLDOWFHYDGHFkW1,0,& 7HOHIRQDWXODWXQFLFkQGQXIDFLDOWFHYDGHFkW1,0,&QXWHYDGHUDQMDQLFLRGDWD 6DQXIDFLDOWFHYDGHFDW1,0,&QXYDILQLFLRGDWDRH[SHULHQWDQHSODFXWD

'HFHFkLQLLVXQWPDLEXQLGHFkWIHPHLOH VLEDUEDWLL &vQLLQXSOkQJ &kLQLORUOHIDFHEXFXULHYL]LWDXQXLSULHWHQGHDOWDX &kLQLORUQXOHSDVDGDFDOHIRORVHVWLVDPSRQXO &kLQLLVXQWGHSDUHUHFDDLRYRFHQHPDLSRPHQLWDVLFkQWLPLQXQDW 8QFkLQHQXVWDSUHDPXOWvQEDLH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&kLQLLQXDVWHDSWDVDLVXQLVDVSXLFDvQWkU]LL(LVHEXFXUDVLVXQWPDLH[FLWDWLGDFDYLPDLWkU]LX &kLQLLWHLDUWDGDFDWHMRFLFXDOWLFkLQL &DLQLORUOHSODFHMRFXOEUXWDO &kLQLORUQXOHSDVDGDFDOHGDLSXLLDOWRUSHUVRDQHVDXSXUVLVLPSOXDIDUDGLQFDVD &kLQLLJDVHVFEHVLWXOGLVWUDFWLY &kLQLORUOHSODFHODQHEXQLHFDUQHD 2ULFLQHSRDWHDYHDXQFkLQHFDUHDUDWDELQH 'DFDXQFkLQHHPLQXQDWQXYDILXUkWSHQWUXDVWDGHFHLODOWLFkQL &kLQLLQXIDFFXPSDUDWXUL &kLQLORUOHIDFHSODFHUHVDODVLOXFUXULOHvQVLUDWHvQFRULGRU 8QFkLQHHWRDWDOXQDELQHGLVSXV &kLQLLQXVLPWQHYRLDVDDQDOL]H]HvQDPDQXQWLPHUHODWLDFDUHRDLFXHL 3DULQWLLFkLQHOXLQXYLQvQYL]LWD &kLQLLLXEHVFH[FXUVLLOHOXQJLFXPDVLQD &kLQLLvQWHOHJFDLQVWLQFWHOHVXQWPDLEXQHGHFkWVIDWXULOHvQGUXPDWRDUH &kLQLLvQWHOHJFDWRDWHDQLPDOHOHPDLPLFLGHFkWFkLQLLDXIRVWIDFXWHSHQWUXDILYkQDWH &kQGXQFkLQHGHYLQHYLROHQWFXWLQHHSHUPLVVDOvPSXVWL &kLQLORUOHSODFHEHUHD &kLQLLQXDXSUREOHPHFXIDSWXOFXPOHDUDWDSURSULXOWUXS &kLQLLQXFXPSDUDFDVHWHVDXFGXULFX%DFNVWUHHW%R\V 1LFLXQFkLQHQXVHPDLvQJUDVDFXNJGXSDFHDDMXQVODPDWXULWDWH &kLQLLQXFULWLFD &kLQLLVWLXFDWUHEXLHVDULGLFLYRFHDSHQWUXDWLLPSXQHSXQFWXOGHYHGHUH &kLQLLQXDVWHDSWDFDGRXUL (SHUPLVSULQOHJHVDWLLXQFkLQHvQODQW &kLQLORUQXOHSDVDGHEDFWHULL &kLQLLQXYRUVDVWLHFHSRVHGDFHLODOWLFkLQL &kLQLLDGXOPHFDVLvVLEDJDQDVXOGHSUHIHULQWDvQDIDUDFDVHLGHFkWvQSRUWRIHOXOWDXvQELURXXOWDXVDXvQVHUWDUHOHWDOHFX FLRUDSL &kLQLLQXVHODVDFRQGXVLvQYLDWDGHUHFODPHOHGHODWHOHYL]RU &kLQLLSUHIHUDXQKDPEXUJHUXQHLPHVHODUHVWDXUDQW /DSOHFDUHQXWUHEXLHVDDVWHSWLGXSDXQFkLQHHLVXQWJDWDGHSOHFDUHGHRUHSH]L &kLQLORUQXOHWUHEXLHVFIORULFDUWLGHFUHGLWVDXELMXWHULL &kLQLLQXVLvPSUXPXWDFDPDVLOHWDOHGHQRDSWH &kLQLORUQXOHWUHEXLHRMDSHQWUXXQJKLL &kLQLLQXvVLIDFPDQLFKLXUDVLQLFLSHGLFKLXUD &kLQLLWHJDVHVFDPX]DQWDWXQFLFkQGHVWLEDXW &kLQLLQXYRUEHVF &kLQLLQXVXQWIDOVLVLSHUIL]L &kLQLLQXVHUXVLQHD]DDVHVSDODvQIDWDWD &kLQLLQXDXEORFDMHSHSODQVH[XDO &kLQLLQXDXSUREOHPHVDIDFDVH[vQSXEOLF

&HUHUHDSX OLL 2UJDQXOVH[XDOPDVFXOLQVROLFLWDSULQSUH]HQWDVDILHSURPRYDWFXRFODVDGHUHWULEXWLHSHXUPDWRDUHOHFRQVLGHUHQWH 3UHVWHD]DPXQFDJUHD /XFUHD]DODPDUHDGkQFLPH 1XLVHDVLJXUDDHULVLUHVLYHQWLODWLH /XFUHD]DvQPHGLXXPHG 1XDUHUHSDRVGXPLQLFDOVLQLFLVDUEDWRULOHJDOH /XFUHD]DODWHPSHUDWXULULGLFDWH 1XLVHDVLJXUDFRQFHGLXGHRGLKQDVLQLFLUHFXSHUDUL /RFXOGHPXQFDSUH]LQWDDGHVHDXQJUDYSHULFROGHvPEROQDYLULSURIHVLRQDOH

5(=2/87,(FXWRDWHDUJXPHQWHOHLQYRFDWHFHUHUHDVHUHVSLQJHFDQHIRQGDWDGLQXUPDWRDUHOHPRWLYH 1XOXFUHD]D RSW RUHvQFRQWLQXX



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

'XSDRVFXUWDSHULRDGDGHDFWLYLWDWHDGRDUPHODORFXOGHPXQFD 1XOXFUHD]DGHFkWvPSLQVGHODVSDWH 6HSHQVLRQHD]DIRDUWHGHYUHPH 1XUDVSXQGHWXWXURUVROLFLWDULORU ÌVLVFKLPEDGHVORFXOGHPXQFD 1XDUHVWXGLL

'HFHHFLRFRODWDPDLEXQDFDVH[XO 3RWLVR*$6(67, 'DFDPDLXEHVWLvQJKLWHRDUHPDLPXOWDORJLFDDWXQFLFkQGHYRUEDGHVSUHFLRFRODWD 7HVDWLVIDFHFKLDUVLFkQGHPRDOH 3RWLVRPDQkQFLODYRODQVLVDWHVLFRQFHQWUH]LODGUXPvQDFHODVLWLPS 3RWLVRIDFLVDWLQDFkWYUHLWX 3RWLVRPDQkQFLvQIDWDPDPHL 'DFDPXVWLXQSLFPDLWDUHFLRFRODWDQXVHVXSDUD 'RXDSHUVRDQHGHDFHODVLVH[SRWPkQFDFLRFRODWDIDUDVDOLVHVSXQDvQIHOVLFKLS &LRFRODWDQXVHVSHULHFkQGDXGHGHFDVDWRULH 3RWLVDPDQkQFLFLRFRODWDODVLSHELURXvQWLPSXOVLvQDIDUDRUHORUGHOXFUXIDUDFDYUHXQXOGLQFROHJLLWDLVDDLEDFHYDGH FRPHQWDW 3RWLVDLRFHULXQXLVWUDLQSHVWUDGDIDUDULVFXOGHDSULPLGRXDSDOPHGUHSWUDVSXQV &XFLRFRODWDQXWLUDPkQILUHGHSDUvQJXUD &XFLRFRODWDQXWUHEXLHVDWHSUHIDFLFDODLDYXW &LRFRODWDQXWHODVDJUDYLGD &LRFRODWDEXQDHXVRUGHJDVLW 3RWLPkQFDFLRFRODWDvQRULFH]LDOXQLL 3RWLPkQFDFkWHIHOXULGHFLRFRODWDWHWLQHPXVFKLLWDL 1XHVWLQLFLRGDWDSUHDWkQDUVDXSUHDEDWUkQFDVDPDQkQFLFLRFRODWD &kQGPDQkQFLFLRFRODWDQXWUH]HVWLWRWLYHFLQLL /DFLRFRODWDGLPHQVLXQLOHQXFRQWHD]DHvQWRWGHDXQDJXVWRDVD

&HIDFIHPHLOHGXSDFHDXIDFXWGUDJRVWH" 6RWLD7HGHUDQMHD]D 3URVWLWXDWD6HvQWRDUFHSHVWUDGDVDXQXPDUDEDQLL 1LPIRPDQD6HSUHJDWHVWHSHQWUXXUPDWRUXO 6DWLVIDFXWD6HPLUD 6DWLVIDFXWDSXWLQ9LVHD]D 1HVDWLVIDFXWD6HYDLFDUHVWH +RPRVH[XDOXO&HVDFDXWHDFRORRIHPHLH" 6DGRPD]RFKLVWXO6HPDL]EDWHXQSLF 1HFURILOXO1LPLF )ULJLGD&HHDFHIDFHGLQDLQWH'RDUPH ,QGLIHUHQWD)XPHD]D ([RWLFDÌQSDW"'HFHWRFPDLvQSDW" *UXS&DUHGLQHOH" 6RPQRURVXO'HXQGHVDVWLX(XGHMDGRUP *UDELWXO'HXQGHVDVWLX$PSOHFDWGHMDDFDVD $PDQWD6HJkQGHVWHFHVDLVSXQDVRWXOXL 1HDWHQWD,DWDEOHWD 3UXGHQWD'DMRVSUH]HUYDWLYXO *KLQLRQLVWDÌVLVFRDWHSUH]HUYDWLYXO



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

*KLGGHFRQYHUVDWLHVRWVRWLH

'XSDFXPVWLHILHFDUHH[LVWDGLQWRWGHDXQDvQWUHVRWLSUREOHPHGHFRPXQLFDUH 3HQWUXDUH]ROYDDVWIHOGHSUREOHPHDIRVWVFULVDFHVWJKLGGHFRQYHUVDWLHFDUHSRDWHILGHEXQDVHDPDH[WLQV &kQGVRWLD]LFHXUPDWRDUHOHHDYUHDVD]LFD

'D1X 1X'D 3RDWH1X ÌPLSDUHUDXÌWLYDSDUHDUDX 1HDUWUHEXL(XYUHDX )DFXPYUHL3HQWUXDVWDRVDPLSODWHVWLFXYkUIVLvQGHVDW +RWDUDVWHWX+RWDUkUHDFHDEXQDHVWHGHIDSWGHMDFODUD 7UHEXLHVDYRUELP,DUWUHEXLHVDWHFULWLF 7UHEXLHVDvQYHWLVDFRPXQLFL7UHEXLHGRDUVDILLGHSDUHUHDPHD %LQHvQWHOHVIDFXPYUHL1XYUHDXVXEQLFLRIRUPDVDIDFLDVWD 1XVXQWIXULRDVD%LQHvQWHOHVVXQWIXULRDVDERXOH (VWLDVDGHYLULO$UILFD]XOVDWHEDUELHUHVWL $]LHVWLGHDGUHSWXOGUDJXWFXPLQH7HJkQGHVWQXPDLODVH[ 6WLQJHOXPLQD$PFHOXOLWD %XFDWDULDQRDVWUDHDVDGHVWUkPWD9UHDXXQDSDUWDPHQWQRX $VYUHDQLVWHSHUGHOHQRL$VYUHDQLVWHSHUGHOHFRYRDUHPRELODVLWDSHWHQRL $PDX]LWXQ]JRPRW0LDPGDWVHDPDFDGHMDGRUPL 0DLXEHVWL"9UHDXXQFROLHUGHSHUOH &kWGHWDUHPDLXEHVWL"$PIDFXWFHYDFDUHWLHQXWLSODFH 1XLQLPLF,GLRWXOH

8QPLFJKLGLQWHUQDOYRFDEXODUXOXLPDVFXOLORU 7HDPPDLYD]XWFXPYD" &HFXUPLVWR 6XQWRILUHURPDQWLFD 6XQWVDUDFOLSLW

$PQHYRLHGHWLQH 0DGRDUHvQFKHLHWXUDPkLQLL

(XVXQWDOWIHOGHFkWFHLODOWLEDUEDWL 6XQvQFDYLUJLQ $PQHYRLHGHXQDPLFEXQ 0DPVDWXUDWGHODED PDVWXUEDW 

7XHVWLVLQJXUDIDWDGHFDUHvPLSDVD (VWLVLQJXUDFDUHQXPDUHVSLQV $VYUHDVDWHFXQRVFPDLELQH 2VDOHSRYHVWHVFSULHWHQLORUGHDVWD

(GRDUXQVXFGHSRUWRFDOHvQFHDUFDO ÌQFDWUHLUkQGXULVLRVDILHFXSLFLRDUHOHGXSDJkWXOPHX $UDWDDVDGHELQH $VIX HRSkQDvPLWRFHVFSX D 1XVWLXGDFDvLSODF



1XPDODVDVDLRSXQ

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

ÌPLOLSVHVWLDVDGHPXOW 6XQWDVDGHQHIX XWvQFkWPDWHQWHD]DFROHJXOPHXGHFDPHUD 7LDSODFXW" 1XVXQWVLJXUFkWVXQWGHEXQvQSDW

&XPVXQWIDWDGHFHLODOWLSULHWHQLFDUHLDLDYXW" $PRDUHSHQLVXOFKLDUDWkWGHPLF $IRVWPLQXQDWD]LQRDSWH &LQHGUDFX PDLHVWLVLWX

0DLXEHVWL" $PIDFXWRWkPSHQLHVLVDUSXWHDVDDIOLGHHD

0DLXEHVWLFXDGHYDUDW" $PIDFXWRPDUHWkPSHQLHVLVDUSXWHDVDDIOLGHHD

&kWPDLXEHVWLGHPXOW" $PIDFXWRPDUHWkPSHQLHVLFLQHYDHWRFPDLSHFDOHVDWHLQIRUPH]HGHHD 7UHEXLHVDvWLVSXQFHYD 0DLELQHvWL]LFHXGHWkPSHQLDIDFXWD

7HYRLVXQD 0DLELQHPDPkQFDOXSLLGHFkWVDWHUHYDG

0DPJkQGLWPXOW 1XPDLHVWLDVDDWUDJDWRDUHFDDWXQFLFkQGDPIRVWEHDW &UHGFDDPSXWHDILSULHWHQL (VWLXUkWD $PvQYDWDWDWkWHDGHODWLQH 8UPDWRDUUHD

&kQGVRWXO]LFHXUPDWRDUHOHHOYUHDVD]LFD 0LHIRDPH0LHIRDPH 6XQWRERVLW6XQWRERVLW &HURFKLHIUXPRDVD&HWkWHPLVWR &HVDvQWkPSODWFXIDWDWD,DUPDVWLOHDVWHDFRVPHWLFH 'DvPLSODFHQRXDWDIUL]XUDÌQDLQWHvWLVWDWHDPDLELQH 'DvPLSODFHQRXDWDIUL]XUD2JUDPDGDGHEDQLODFRDIRUVLXLWHFHLHVH 0HUJHPODFLQHPD$VYUHDVDSLSDLFHYD 7HSRWLQYLWDODPDVD9UHDXVDIDFHPVH[ 9UHLVDGDQVDP9UHDXVDIDFHPVH[ 0DSOLFWLVHVF9UHDXVDIDFHPVH[ 7HLXEHVF9UHDXVDIDFHPVH[ 6LHXWHLXEHVFODIHOGHWDUH%LQHDPPDL]LVGHMDYUHDXVDIDFHPVH[

9kUVWDIHPHLORUVLEDUEDWLORUvQGLIHULWHUDSRUWXUL 9kUVWDIHPHLORUvQUDSRUWFXFRQWLQHQWHOHOXPLL ILHUELQWLFD$IULFD



VDOEDWLFHFD$VLD WHFKQLFDVDGHDYDQVDWHFD$PHULFD VHFDWXLWHGHUHVXUVHFD(XURSD OLSVLWHGHFRQWDFWFD$XVWUDOLD UHFLFD$QWDUFWLFD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

9kUVWDIHPHLORUvQUDSRUWFXSURGXVHOHGLQVWUXJXUL GHDQL0867'8/&( SODFXWGDUQXUHQWHD]DVDEHLSUHDPXOW GHDQL78/%85(/ ILHUEHSLVFDWHDPHWHVWHGDUQXWHvPEDWD GHDQL9,15268 DUHEXFKHWJUDGHDURPDWHvQILHUEDQWDVLWHvPEDWD GHDQL6$03$1,( YLWDDMXQVDODDSRJHXQREOHWHILQHWHUDILQDPHQWVSXPDVLGXOFHDWDSDUIXPWHvPEDWDVLWHGD JDWD GHDQL'52-',( DPDUDWR[LFD GHDQL27(7 DFUXEXQSHQWUXPXUDWXUL 9kUVWDEDUEDWLORUvQUDSRUWFXLQVWUXPHQWHOHPX]LFDOH , GHDQL&2%=$ FkQWDPHUHXVLGHJHDED GHDQL6$;2)21 VHDFRUGHD]DXVRUSHWRDWHJDPHOHVLYDULD]D GHDQL9,2$5$ VHDFRUGHD]DPDLJUHXGDUOXQJ GHDQL72%$ IDFH]JRPRWGHSRPDQD GHDQL'5Æ0%$ VHDFRUGHD]DFXGHJHWXOVLVHFkQWDFXOLPED 9kUVWDEDUEDWLORUvQUDSRUWFXLQVWUXPHQWHOHPX]LFDOH ,, GHDQL&2%=$ FkQWDvQ]DGDUVLRULFkQG GHDQL)/$87 WRWGHDXQDDFRUGDWFkQWDGHVVLVFXUW GHDQL6$;2)21 XVRUGHDFRUGDWFkQWDYDULDWSHWRDWHJDPHOH GHDQL9,2$5$ JUHXGHDFRUGDWGDUFkQWDOXQJ GHDQL72%$ QXVHDFRUGHD]DIDFHPXOW]JRPRWVLQXFkQWD GHDQL'5Æ0%$ VHDFRUGHD]DFXJXUDVLFkQWDFXGHJHWXO

9kUVWDEDUEDWLORUvQUDSRUWFXWUHQXULOH FDXQPDUIDUVHRSUHVFvQRULFHKDOWD FDXQSHUVRQDOFLUFXODUHJXODWVLVHRSUHVFvQWRDWHVWDWLLOH FDXQDFFHOHUDWFLUFXODUDUGDUELQHVLVHRSUHVFGRDUvQVWDWLLOHLPSRUWDQWH FDXQUDSLGFLUFXODUDUVLvLWUHEXLHPXOWWLPSSkQDVDVHRSUHDVFDvQWURVWDWLH FDXQWUHQGHVH]RQFLUFXODQXPDLSULPDYDUDVLYDUDVLVHRSUHVWHQXPDLODRGHVWLQDWLH FDXQWUHQGHOX[FXDEXULFLUFXODQXPDLODRFD]LLVSHFLDOHVLVHRSUHVWHQXPDLVDPDLGHDGUXPXOODDEXUL 9kUVWDEDUEDWLORUvQUDSRUWFXEDXWXULOH PDLPXOWVDXPDLSXWLQDOFRROLFH  DQL%HUH DQL9LQ DQL7XLFD DQL3DOLQFD DQL8QWXUDGHSHVWH &XPDJDWDEDUEDWLLRIHPHLHODGLIHULWHYkUVWH DQL3DULQWLLPHLVXQWSOHFDWLSHVWHVIkUVLWXOGHVDSWDPkQD DQL3ULHWHQDPHDHSOHFDWDSHVWHVIkUVLWXOGHVDSWDPkQD DQL/RJRGQLFDPHDHSOHFDWDSHVWHVIkUVLWXOGHVDSWDPkQD DQL6RWLDPHDHSOHFDWDSHVWHVIkUVLWXOGHVDSWDPkQD DQL6RWLDPHDHPRDUWD 6SRUWXULOHSUHIHUDWHGHEDUEDWLvQUDSRUWFXYkUVWDORU DQL6H[ DQL6H[ DQL6H[ DQL7HOHYL]RUXO DQL6RPQXO 6SRUWXOSUHIHUDWDOIHPHLORUvQUDSRUWFXYkUVWDORU DQL6KRSSLQJ DQL6KRSSLQJ DQL6KRSSLQJ



DQL6KRSSLQJ DQL6KRSSLQJ

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

)DQWH]LLOHEDUEDWLORUvQIXQFWLHGHYkUVWDORU DQL8QJROvQDLQWHGHIOXLHUXOILQDO DQL6H[vQDYLRQ DQL0HQDJqDWURLV DQL3UHOXDUHDFRQQGXFHULLILUPHL DQL2VFODYDVH[XDODIRDUWHWkQDUD

&DUHHVWHYkUVWDRSWLPDODSHQWUXFDVDWRULHvQUDSRUWFXYkUVWD ODEDUEDWL  DQLDQL DQLDQL DQLDQL DQLDQL DQLDQL

&DUHHVWHYkUVWDRSWLPDODSHQWUXFDVDWRULHvQUDSRUWFXYkUVWDDFWXDOD ODIHPHL  DQLDQL DQLDQL DQLDQL DQLDQL DQLDQL 6WDGLLOHYLHWLLIHPHLORUvQUDSRUWFXYkUVWDORU DQL5DFLWRUGHYLQ DQL9LQDOE DQL9LQURX DQL'RP3HULJQRQ DQL2vQJKLWLWXUD-DFN'DQLHOVSHQWUXDQXUDPkQHvQJkW %DUEDWXOLGHDOSHQWUXRIHPHLHvQUDSRUWFXYkUVWDHL DQLÌQDOWEUXQHWVLDUDWRV DQLÌQDOWEUXQHWDUDWRVVLFXEDQL DQLÌQDOWEUXQHWDUDWRVFXEDQLVLvQWHOHJHUH DQL8QEDUEDWFXSDU DQL8QEDUEDW 6LPSWRPHOHvPEDWUkQLULL 0DLvQWkLXLWLQXPHOHSHUVRDQHORU $SRLXLWLILJXULOHSHUVRDQHORU $SRLXLWLVDWHvQFKHLODVOLW ÌQFHOHGLQXUPDXLWLVDWHGHVFKHLODVOLW

9kUVWDVLvQWkOQLULOHFXSULHWHQXO DQL(OVHRIHUDVDSODWHDVFD DQL(OSODWHVWH DQL(OSUHJDWHVWHPkLQHPLFXOGHMXQ DQL(OSUHJDWHVWHPkLQHPLFXOGHMXQSHQWUXFRSLL DQL(OSRDWHVDVLPHVWHFHQLFXOGHMXQ

'HILQLWLDXQHLvQWkOQLULFXVXFFHVvQIXQFWLHGHYkUVWD DQL/LPED DQL0LFXOGHMXQ DQL1XPLDDUXQFDWPHGLFDWLD DQL1XDWUHEXLWVDPLSUH]LQWHFRSLL DQL$PVRVLWDFDVDVLVXQWvQFDvQYLDWD

$OWHGHILQLWLHDXQHLvQWkOQLULFXVXFFHVvQIXQFWLHGHYkUVWD DQL0F'RQDOGV DQL0kQFDUHSHJUDWLV DQL8QGLDPDQW DQL8QGLDPDQWPDUH



DQL6LQJXUDFDVD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

0RGDOLWDWLGHDVFDSDGHRvQWkOQLUH ODIHPHL vQIXQFWLHGHYkUVWD DQL7UHEXLHVDPLVSDOSDUXO DQL7UHEXLHVDPLVSDOVLVDPLIUH]H]SDUXO DQL7UHEXLHVDPLYRSVHVFSDUXO DQL7UHEXLHVDPHUJODFRDIRUVDPLYRSVHVFSDUXO DQL7UHEXLHVDPHUJODFRDIRUVDPLYRSVHVFSHUXFD

2]LSHUIHFWDSHQWUXXQEDUEDW 6XQDFHDVXOGHVWHSWDWRU %ORZMRE 2FDFDUHVDQDWRDVDGLVGHGLPLQHDWDXUPDWDGHFLWLUHDUXEULFLLVSRUWLYHD]LDUXOXLFRWLGLDQ 0LFXOGHMXQVXQFDFXRXDFDIHDVLSkLQHSUHJDWLWHGHWkQDUDPHQDMHUDJRDODJROXWD 6RVHVWHOLPX]LQD &kWHYDSDKDUHGHZKLVNLSHGUXPXOODDHURSRUW =ERUFXMHWXOSULYDW /LPX]LQDFXVRIHUXOVRVHVFvQDHURSRUWXOGHGHVWLQDWLH 'UXPXOFXOLPX]LQDVSUHWHUHQXOFOXEXOXLGHJROI 3HGUXPXQ%ORZMRE -RFGHJROI 0DVDGHSUkQ])DVW)RRGEHULVLRVWLFODGH'RP3HULJQRQ %ORZMRE -RFGHJROI 'UXPXOvQDSRLODDHURSRUWFXOLPX]LQD $OWHFkWHYDSDKDUHGHZKLVNL =ERUOD0RQWH&DUOR /DSHVFXLWFXLDKWXOÌQVRWLWRDUHOHVXQWJRDOHSXVFD =ERUVSUHFDVD0DVDMDOvQWUHJXOXLFRUSIDFXUGHFDWUHXQIRWRPRGHO 2FDFDUHVDQDWRDVDEDUELHULWVLGXVDW 9L]LRQDUHDHPLVLXQLLGH6WLUL0LFKHO-DFNVRQDIRVWDVDVLQDWPDUMXDQDVLILOPHOHSRUQRKDUGFRUHDXIRVWOHJDOL]DWH &LQD+RPDULFDDSHULWLY'RP3HULJQRQ  XQJUDWDULPHQVLDUFDGHVHUWvQJKHWDWDVHUYLWDGHSHVkQLLLPHQVLDL PHQDMHUHL  &RQLDF VFXPS VL R WLJDUH GH IRL HPLVLXQHD VSRUWLYD D ]LOHL (FKLSD QDWLRQDOD GH IRWEDO D EDWXW DFWXDOD FDPSLRDQD PRQGLDODFX 6H[FXWUHLIHPHL 0DVDMvQEDLDGHDEXULvPSUHXQDFXRSL]]DVLREHUHEXQD 8Q%ORZMREGHVRPQXVRU $GRUPLVLQJXUvQSDW 2EHVLQDVDQDWRDVDGHVHFXQGHvQSDWUXWRQDOLWDWLDVWIHOvQFkWFkLQHOHWUHEXLHVDSDUDVHDVFDGRUPLWRUXO

2]LSHUIHFWDSHQWUXRIHPHLH 7UH]LUHDFXVDUXWXULVLJLXJLXOHOL &kQWDUXODUDWD.JPDLSXWLQFDvQ]LXDSUHFHGHQWD  0LFXO GHMXQ OD SDW FX VXF GH SRUWRFDOH SURDVSDW VWRUV VL FURLVVDQWV 'HVFKLGHUHD FDGRXULORU SULPLWH GH H[ ELMXWHULL VFXPSHGHODXQDGPLUDWRUDWHQW 2EDLHFDOGDFXXOHLXULDURPDWH 8QDQWUHQDPHQWXVRUvQVDODGHILWQHVVFXVLPSDWLFXOVLJOXPHWXODQWUHQRUSHUVRQDO 2UDGHFRVPHWLFDvQJULMLUHDIHWHLFXFUHPHVFXPSHPDQLFKLXUDSHGLFKLXUDVSDODWXOVLIUH]DWXOSDUXOXL 0DVDGHSUkQ]FXFHDPDLEXQDSULHWHQDvQWUXQORFDOIRDUWHODPRGD ÌQWkOQLUHLQWkPSODWRDUHFXIRVWDSULHWHQDVDXVRWLHDDFWXDOXOXLSDUWHQHUVLUHPDUFDUHDIDSWXOXLFDDFHDVWDVDvQJUDVDW FXNJ &XPSDUDWXULFXSULHWHQHOH&UHGLWQHOLPLWDW 6RPQXOGHIUXPXVHWH 7UHLGX]LQLGHWUDQGDILULURVLLVXQWOLYUDWLGHRIORUDULHGLQSDUWHDXQXLDGPLUDWRUQHXQRVFXW



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

8QDQWUHQDPHQWXVRUvQVDODGHILWQHVFXDFHODVLDQWUHQRUSHUVRQDO0DVDMDOvQWUHJXOXLFRUSIDFXWGHXQPDVVHXUWkQDU VLPXVFXORVFDUHH[FODPDODILHFDUHPLQXWHFDQXDPDLPDVDWXQFRUSDVDGHSHUIHFW 3UREDGHURFKLLVLDOWHDFFHVRULLGHGHVLJQVLDGPLUDUHDDFHVWRUDvQWURRJOLQGDPDUH 6HUYLWXOFLQHLvQGRLODOXPLQDOXPkQDULORUXUPDWGHGDQVXULVLFRPSOLPHQWH 'XVILHUELQWH GHXQDVLQJXUD 7UDQVSRUWDWDODSDWXOSURDVSDWVFKLPEDW *LXJLXOHOL $GRDUPHvQEUDWHOHVDOHSXWHUQLFH

%DQFXULFXVSRUWLYLVLGHVSUHVSRUW

6HPQHVLJXUHFDFHYDQXHvQUHJXODFXPHFLXOGHIRWEDOODFDUHWHDIOLL 'XSDFLQFLPLQXWHUDSRUWXOMXFDWRULORUGHSHWHUHQHVWH 3ORXDDVDGHWDUHFDvQFkWMXFDWRULLVHXUFDvQEDUFLSQHXPDWLFH $UELWUXOvQWUHDEDFDSLWDQLLGDFDDXVDLVFKLPEHREDQFQRWDFDFLQXDUHQLFLRPRQHGDODHO 8QDGLQHFKLSHSDUDVHVWHWHUHQXOGHMRFODSDX]DSHQWUXDSULQGHWUHQXO $UELWUXOGHWXVDSRDUWDXQIXODUVLXQWULFRXFXFXORULOHHFKLSHLDGYHUVH ÌQIDWDSRUWLLHFKLSHLDGYHUVHVHSXQHXQSDUDYDQGHSOH[LJWUDQVSDUHQW 3RUWDUXOHFKLSHLDGYHUVHVLDDGXVFXHOFHLWUHLSLWWEXOLVLOHDGDWGUXPXOvQFDUHX 7RWLFROHJLLWDLGHHFKLSDSULPHVFGHODPDQDJHUXOHFKLSHLDGYHUVHSOLFXULYROXPLQRDVH $UELWUXOGHFHQWUXSRDUWDRFKHODULQHJULLVLDUHvQPkQDXQEDVWRQGHFXORDUHDOED )LXOWDXWHvQWUHDED7DWDHVWHYRLHFDSRDUWDVDDLEHSODVDvQIDWDOLQLHL" $UELWUXODGDWGHMDWUHLJROXUL

6HPQHVLJXUHFDHFKLSDWDQDWLRQDODQXYDFkVWLJD&DPSLRQDWXO0RQGLDO 7RWLMXFDWRULLDXSDWLQHFXURWLOHvQORFGHJKHWHFXFUDPSRDQH ÌQWUHUXSHULGHMRFSHQWUXFDH[WUHPDGUHDSWDvOWRWURDJDSHDUELWUXOGHWXVDVDvL PDLH[SOLFHRGDWDUHJXOLOH GXSD FDUH VH DFRUGDRIIVHLGXO ÌQDLQWHDMRFXOXLSRUWDUXOSURSULXvVLvQWLQGHXQKDPDFvQWUHVWkOSLLSRUWLL /DILHFDUHIOXLHUDODUELWUXOXLFDSLWDQXOHFKLSHLVHWLQHFXPkLQLOHGHXUHFKLVHSXQHvQJHQXQFKLVLVWULJD'RDPQHVFDSD PDGHVXLHUDWXODVWDGLQFDSXOPHX 6WLFOHOHFXDSDGLQFDUHMXFDWRULLEHDXvQPRPHQWHOHGHvQWUHUXSHUHVXQWXPSOXWHFXYLQVSXPRV $QWUHQRUXOvQWUHDEDRUJDQL]DWRULLvQDLQWHDPHFLXOXLGHFHWHUHQXOHVWHGHGRXDRULPDLPDUHGHFkWFUHGHHOGHFXYLQWD 3RUHFODFHQWUXOXLDWDFDQWHVWH%OHJXO ([WUHPDVWkQJDGHFODUDFDUHOLJLDVDvLLQWHU]LFHFXGHVDYkUVLUHFDOFDUHDVSDWLXOXLFXSULQVvQFDUHXODGYHUV 6HGRYHGHVWHFDORFXOGHFDQWRQDPHQWDOHFKLSHLQDWLRQDOHDIRVWXQGHYDvQ3DULVvQWUH0RXOLQ5RXJHVL&UD]\+RUVH 7UDLHVWLvQ5RPkQLD

0RGDOLWDWLGHDIDFHMRFXOGHIRWEDOPDLLQWHUHVDQW ÌQORFXOPLQJLLVDVHIRORVHDVFDROXEHQLWD -XFDWRULLVDSRDUWHFRVWXPHGHSLWLFL ÌQDLQWHDMRFXOXLvQJULMLWRUXOVWDGLRQXOVDvQJURDSHvQJD]RQPLQHGHWHUHQ &DSLWDQLLHFKLSHORUVDDLEHvQGRWDUHXQUXFVDFFXDXWRSURSXOVLH 2HFKLSDVHFRQVLGHUDDILFRPSOHWDFkQGHFRQVWLWXLWDGLQSRUWDUMXFDWRULGHWHUHQVLWUHLWLJULLvQIRPHWDWL &kQGVSHFWDWRULLvQVFULXXQJROvQSRDUWDDGYHUVDFXRPLQJHSURSULHDFHVWDVHLDvQFRQVLGHUDUHSHQWUXHFKLSDORU (FKLSHOHQDWLRQDOHWUHEXLHVDMRDFHvQFRVWXPHSRSXODUHQDWLRQDOH /DHIHFWXDUHDVFKLPEDULORUMXFDWRUXOLQWURGXVvQWHUHQWUHEXLHVDVHDUXQFHGHSHWULEXQDSULQFLSDODSULQVGHROLDQDDIDWDWD GHFDWDUJXOVWDGLRQXOXLVLVDUDFQHDVFDSUHFXP7DU]DQ



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

$QWUHQRULLDXYRLHGHODPDUJLQHDWHUHQXOXLVDDSODXGHODVFHQDGHVFKLVDMXFDWRULLHFKLSHLDGYHUVH ÌQORFXOIRWEDOLVWLORURELVQXLWLMXFDWRULLVDILHWLSLREH]LvQEHUPXGH

1RXOUHJXODPHQWXO8()$DSOLFDWHFKLSHORUURPkQHVWLvQFXSHOHHXURSHQH $UW3HQWUXDH[LVWDXQGHSOLQHFKLOLEUXYDORULFvQWHUHQQRLYRPMXFDVLYRPDYHDGUHSWXOODVFKLPEDUL $UW-XFDWRULLQRVWULLVHYRUHFKLSDODIHOFDDGYHUVDULLGHUXWkQGXLFRPSOHW7RWRGDWDYRPDYHDGLQVWDUWMXVWLILFDULSHQWUX SDVHOHJUHVLWHGDWHODDGYHUVDU $UW$GYHUVDULLYRUMXFDGHVFXOWLSHQWUXDQXSHULFOLWDSULQWDULDVXWXULORULQWHJULWDWHDFRUSRUDODDSRUWDUXOXLQRVWUXVLFKLDUD RUJDQHORUGHRUGLQH $UW$WLQJHUHDPLQJLLFXPkQDFDSXOVDXSLFLRUXOGHFDWUHMXFDWRULLHFKLSHLDGYHUVHYDILFRQVLGHUDWDKHQWVLWUDWDWDFDDWDUH $UW3HQWUXQRLQXYDH[LVWDQRWLXQHDGHKHQWLDUPLQJHDYDILSUHYD]XWDFXPkQHUHVSUHDIDFLOLWDGULEOLQJXULOHFXPkQD $UW3RUWDUXOQRVWUXYDSXUWDXQHFKLSDPHQWODUJvQFDUHVDvQFDSDVLUH]HUYDVDDVWIHOvQFkWXQXOYDDSDUDRSDUWHDSRUWLL FHODODOWDOWD $UW3RUWDUXOORUSHWRDWDGXUDWDSDUWLGHLYDDSDUDvQWUXQSLFLRUFXRPkQDODVSDWHVLOHJDWODRFKL $UW)RUPDWLDQRDVWUDYDMXFDVWXGLDWXOVLVWHPQRDWLQJHFDWHIULJHFRQWUDFDUkQGXOSHDOORUEDJDOSHID]DQODPLMORF $UW$GYHUVDULORUQRVWULODWUHLJROXULvQVFULVHOLVHYDPDUFDXQSXQFWSHWDEHODGHVFRULDUQRXDQLVHYDVRFRWL JROGXSD ILHFDUHGRXDDXWXULVLGRXDIDXOWXULUHDOL]DWH $UW )LHFDUH JRO PDUFDW GH DGYHUVDUL VH YD VROGD FX HOLPLQDUHD DXWRUXOXL DFHVWXLD GLQ WHUHQ SH PRWLY GH GHVWDELOL]DUH D HFKLOLEUXOXLGHSHWDEHODGHPDUFDM $UW 'DFD YD IL FD]XO YRP H[HFXWD ORYLWXUD GH  PHWUL GH OD  PHWUL LDU SRUWDUXO ORU YD DSDUD VWkQG vQWUR PkQD SH FHDODOWDWLQkQGRODVSDWHFRQIRUPXQXLDUWLFROSUHFHGHQW vQDIDUDFDGUXOXLSRUWLL $UW1RLYRPH[HFXWDFRUQHUXOGLQLQWHULRUXOFDUHXOXLGHPHWULDGYHUV(LQXOYRUH[HFXWDGHORFRIHULQGXQHPLQJHDGLQ VSLULWGHIDLUSOD\vQWHOHVvQPRGHURQDW $UW$UELWUXOGHFHQWUX YDXUPDUL FXDWHQWLHMRFXODVWIHOvQFkWODWUHLSDVHFRQVHFXWLYHOHJDWH GH DGYHUVDUL YD IOXLHUD MRF SDVLYDFRUGkQGXQHORYLWXUDOLEHUDGLUHFWDGHODPHWUL $UW/RYLWXULOHOLEHUHGLUHFWHVDXLQGLUHFWHOHYRPH[HFXWDIDUD]LGID]HvQFDUHFHLMXFDWRULGHFkPSDLHFKLSHLDGYHUVH YRU VWD DOLQLDWL SH OLQLD GH FHQWUX D WHUHQXOXL XUPDULQG IUXPXVHWHD ID]HL VL VWULJkQG SRUWDUXOXL ORU GLIHULWH H[SUHVLL GH vQFXUDMDUHGXSDEXQXOOXLSODF $UWÌQ PLQXWXODUELWUXOSULQFLSDOQHYDDFRUGDRORYLWXUDGHSHGHDSVDSHFDUHSHQWUXVLJXUDQWDRYDH[HFXWDWRWHO /RYLWXUDVHYDUHSHWDSDQDYDvQVFULH $UW 'XSD vQFKHLHUHD MRFXOXL HFKLSD DGYHUVD VH YD DOLQLD vQ IDWD XQXL ]LG 3HQWUX FDOPDUHD VSLULWHORU PHPEULL JDOHULHL QRDVWUHYRUDYHDGUHSWXOODXQQXPDUQHOLPLWDWGHVXWXULOD]LG$UELWUXOVLREVHUYDWRUXO8()$YRUDVLVWDODWUDJHULOHJDWLOD RFKL VL DVFXOWkQG OD FDVWL FHOHEUXO KLW ( ELQH ELQH ÌQ FD] FD VXWXULOH VXQW DQHPLFH VH YD IRORVL XQ WDQF FX PXQLWLH GH UD]ERL

3RVWIDWD ,5HJXOLFDUHWUHEXLHUHVSHFWDWHSHQWUXDGHYHQLXQEXQSRYHVWLWRUGH EDQFXUL VDX&XPVLXQGH]LFHPEDQFXUL

&XWRWLLDPDX]LW VDXQHDPDX]LW ]LFkQGXVHUHSOLFLGHJHQXO (XQXVWLXSUHDELQHVDSRYHVWHVFEDQFXUL (XQXSRWVDWLQPLQWHEDQFXUL ;VDX<OH]LFHDVDGHELQH

&XWRDWHDVWHDVWLPFXWRWLLFDRULFLQHSRDWHVDIDFDDVWDGDFDYUHD7DOHQWXOGHSRYHVWLWRUHVWHVLHOLPSRUWDQWGDUQX vQWRWGHXQDQHFHVDU 'HFLVDWUHFHPDFXPODEDQFXUL /RFXOLGHDOGHDSRYHVWLEDQFXULHVWHRJUXSDGHRDPHQLFDUHWRFPDLVSXQEDQFXUL)LLvQWRWGHDXQDDWHQWODFHLFDUHVXQWPDL DSUHFLDWLvQDFHVWHJUXSHGHODHLSRWLvQYDWDPXOWHOXFUXUL'HH[HPSOXFXPLQWURGXFXQEDQFVDXFXPvQWDUHVFHIHFWXO DFHVWXLDSULQJHVWXULVLPLPLFD)RDUWHLPSRUWDQWHVXQWJHVWXULOHFXPkLQLOHVLH[SUHVLLOHIHWHLODSRYHVWLUHDXQXLEDQF



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

1XvQFHSHQLFLRGDWDXQEDQFFXPLH]XODFHVWXLDVLQLFLGHFXPFXSRDQWDDFHVWXLD1XvQFHSHQLFLRGDWDFXÌOVWLWLSHDFHOD FX"ÌQORFGHDVWDSRWLvQFHSHGLUHFWFXEDQFXOvQVDVL'DFDXQXOGLQWUHFHLSUH]HQWL]LFH3HDVWDvOVWLXGHMDQXWUHEXLH VDWHODVLGHVFXUDMDWSRYHVWHVWHPDLGHSDUWH'DFDPDLPXOWL]LFDFHODVLOXFUXWUHEXLHVDvQWUHXSLSRYHVWLUHDEDQFXOXLSHQWUX FDSUREDELOFDPDMRULWDWHDvOVWLXGHMD3RYHVWHVWHPDLGHSDUWHQXPDLGDFDDFHVWOXFUXHVWHFHUXWGHFHLSUH]HQWL $WkWDWLPSFkWEDQFXULOHYRUILVSXVHXQXOGXSDDOWXO GHFDWUHFHLGLQJUXSD vQFHDUFDVDILFHYDPDLFXPSDWDW'DFDFLQHYDD GDWJUHVFXXQEDQFFDUHQXDIRVWDWkWGHELQHUHFHSWLRQDWVDQVDFDFHOVSXVGHWLQHVDILHELQHSULPLWHPXOWPDLPDUH1X SRYHVWLLPDLPXOWGHXQEDQF PD[LPGRXDXQXOGXSDDOWXO )RORVHVWHVLVWHPXOSLQJSRQJDVWHIHOQXULVWLVDLHVLSUHDWDUHvQ HYLGHQWD ÌQFHDUFDVDHYLWLEDQFXULOHH[WUHPH SUHDEUXWDOHVDXFXOLPEDMSRUQRJUDILF &RQGXDVWIHOGLVFXWLLOHvQJUXSDvQFkWVDDMXQJL ODEDQFXULOHGRULWHVDXVLPDLELQHIRORVHVWHWHPHOHFDUHWRFPDLVXQWGLVFXWDWHVDXDQXPLWHUHSOLFLDOHFHORUSUH]HQWLSHQWUX DWLLQWURGXFHEDQFXULOH $WXQFLFkQGIRORVHVWLSHUVRQDMHUHDOHSHQWUXEDQFXULOHWHOHDWXQFLvQFHDUFDVDIRORVHVWLQXPDLSHFLQHYDGLQWUHFHLSUH]HQWL VDXIDDVWDvQDVDIHOvQFkWVDVHUHFXQRDVFDGHGHSDUWHFDQXHVWHYRUEDGHUHDOLWDWLFLQXPDLGHEDQFXUL,GHHDHVWHGHDVSXQH EDQFXULQXGHDUDVSkQGL]YRQXULVLEkUIH&HOOXDWvQEDQFXULDUWUHEXLvQVXVLVDSRDWDVDUkGDGHVSUHEDQFXOVSXV&KLDUGDFD VHvQFUXQWDSXWLQFHODWLQVHVWHvQFDvQUHJXOD'DUDWHQWLHVDQXVHVXSHUHGHDGUHSWXO'DFDDLWHFXWSXWLQDFHDVWDJUDQLWDVL HVWHSUHDWkU]LXSRDWHRVFX]DHVWHELQHYHQLWD7RWXVLH[LVWDRH[FHSWLHGHODDFHDWDUHJXODDQXPHGDFDEDQFXOvODWLQJHSH XQXOFXJXUDSUHDPDUHFDUHRULFXPQXHVWHLXELWvQJUXSD'DUDWHQWLH$VWIHOGHSHUVRDQHSRWGHRELFHLIRDUWHELQHVLXVRU VDORYHDVFDvQDSRL 6LvQWUHEDUHDHVWHGHXQGHVDDX]LPEDQFXULQRL"3HLQWHUQHWH[LVWDFkWHYDVLWXULEXQHGHEDQFXUL KWWSKRPHSDJHVFRPSXVHUYHGHJHQX. ÌQDIDUDGHDVWDH[LVWDSRVLELOLWDWHDGHDWHDERQDODROLVWDGHEDQFXULVLVDSULPHVWLYLD(0DLOFkWHYDEDQFXULQRL VDXPDL SXWLQQRL SH]L)RDUWHEXQHVXQWVLQHZVJURXSVXULOH DOWWDVWHOHVVMRNHV GHDOWMRNHV GDUDLFLFRQGLWLDREOLJDWRULHHVDVWLLOLPEDHQJOH]DVDXJHUPDQDVLVDDLUDEGDUHD FDPLQH VDWUDGXFLVLVDDGDSWH]LDFHVWH JOXPHvQOLPEDURPkQD$WHQWLHvQVDQXWRDWHJOXPHOHSRWILWUDGXVH $OWHVXUVHSRWILGLIHULWH]LDUHVDXSXEOLFDWLLGDUFHDPDLLPSRUWDQWDVXUVDGHEDQFXULUDPkQHWUDQVPLWHUHDORUGLQJXUDvQ JXUD ÌQFHOHPDLPXOWHFD]XULSUREOHPDQXHVWHVDDIOLEDQFXULQRLFLVDWLOHDPLQWHVWL+DLVDQHDGXFHPDPLQWHGHVFRDOD&HIDFL FkQGYUHLVDvWLDPLQWHVWLFHYD"ÌWLQRWH]LSHRFLRUQD6DVFULLEDQFXULvQWUHJLSHFLRUQHQXDUHQLFLXQVHQVGDUDFHVWHDSRWIL QRWDWHVLQXPDLFDLGHLSHQWUXPHPRUDUH5HVWXOvWLYHLDGXFHDPLQWHDXWRPDW 8QDGHYDUDWSRYHVWLWRUGHEDQFXULHVWHGRDUDFHODFDUHVSXQHGLQFkQGvQFkQGXQEDQF GDUGHFDOLWDWH $FHDVWDIDFHVD FUHDVFDEXQDGLVSR]LWLHVLFkQGOXPHDHVWHELQHGLVSXVDIXQFWLRQHD]DWRWXOPDLELQH'DUQXIDDVWDSUHDGHVDOWIHOWRDWD WUHDEDvVLYDSLHUGHIDUPHFXO 6SHUFDDFHDVWDPLFDQRWDVDYDDMXWHVDGHYHQLWLXQ PDLEXQ SRYHVWLWRUGHEDQFXUL-

,,6FKLPEDULVLDGDXJLULODDFHDVWDFXOHJHUH 9HUVLXQHD

3ULPDYHUVLXQHSXEOLFDWD6FKLPEDULOHXUPHD]DGRDUODYHUVLXQLOHXOWHULRDUH-

9HUVLXQHD

0LFLPRGLILFDULVLDGDXJLULVLWRDWHEDQFXULOHQRLFDUHXUPHD]D  %DQFXULFX$OEDFD]DSDGD  'HFHFkLQLLVXQWPDLEXQLGHFkWIHPHLOH VLEDUEDWLL  &HUHUHDSX OLL  'HFHHFLRFRODWDPDLEXQDFDVH[XO  /DIDUPDFLH  /HJLOHQHVFULVH SkQDDFXP DOHILOPHORUDPHULFDQH  &XPVDvWLFRQVWUXLHVWL+RPHSDJHXOvQGHSDVL  6DUSXWHDVDILLXQLQJLQHUGHYDORDUHGDFD  %DQFXULFXPDVLQL  %DQFXULFXQHEXQL  5HJXODPHQWGHRUGLQHLQWHULRDUD  (VWLSUHDEHDWDWXQFLFkQG  5HJXOLGHEXQDSXUWDUHvQWURUHODWLH  6FX]HSHQWUXELURX  6IDWXULSHQWUXPDQDJHUL  %DQFXULFXYkQDWRUL



9HUVLXQHD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

0LFLPRGLILFDULVLDGDXJLULVLWRDWHEDQFXULOHQRLFDUHXUPHD]D  5HJXOLSHQWUXRFDVQLFLHIHULFLWD  'HFHFkVWLJDLQJLQHULLSXWLQLEDQL  'HFHXQFDVWUDYHWHGHDSUR]DUHPDLEXQGHFkWXQEDUEDW  6HPQHVLJXUHFDvWLSLFDSDUXOVLFDRVDFKHOHVWL  0DUWXULDSUHVHGLQWHOXL&OLQWRQ  &HOH]HFHVHPQHGXSDFDUHSRWLUHFXQRDVWHFDGRFWRUXOWDXHGHSHQGHQW  %DQFXULFX(PLQHVFX  %DQFXULFXH[WUDWHUHVWULL  3URLHFWGHOHJHSULYLQGFRQVWUXFWLDWHYLORUvQ5RPkQLD  %DQFXULFXOHVELHQH  &HOH]HFHVHPQHGXSDFDUHSRWLUHFXQRDVWHXQSROLWLVWSURVW  3DQRUDPLF79  $FWLXQHD6DOYDWLPDXVXO  7237(1ODVFX]HOHHOHYLORU  6HIXO  %DQFXULFXVHLFL  9LUXVLPXWDQWL $FXPXQWRWDOGHEDQFXUL

9HUVLXQHD

$PVDULWGLQPRWLYHWHKQLFHYHUVLXQHD 0LFLPRGLILFDULVLWRDWHEDQFXULOHQRLFDUHXUPHD]D  6WLLFDQXPDLHVWLXQDGROHVFHQWDWXQFLFkQG  6RWXOWDXHXQEHWLYDQGDFD  %DQFXULSHWHPHELEOLFH  %DQFXULFX&RQFRUGXO  %DQFXULFXLQVHFWH  %DQFXULFXSDVDUL  %DQFXULFXSULPDWH  %DQFXULFXUHSWLOH

&DWHJRULHQRXD  3HUOH  3HUOHGLQDUPDWDURPkQD  3HUOHGHODVHUYLFLXOGHWHOHIRQLHPRELOD&RQH[  3HUOHDOHSROLWLFLHQLORU  3HUOHDOHVRIHULORU

9HUVLXQHD

9HUVLXQHQHSXEOLFDWDDFHDVWDILLQGGRDULQWHUPHGLDUD 0LFLPRGLILFDULVLWRDWHEDQFXULOHQRLFDUHXUPHD]D  'LIHUHQWHOHGLQWUHWLQHVLERVVXOWDX  UHJXOLGHDXUSHQWUXLQWHUYLXULOHGXPQHDYRDVWUD  %DQFXULFXLUDTLHQL  -XUQDOXOYLDJUDDOXQHLVRWLL  /XFUXULKD]OLLSHFDUHVDOHIDFLvQODERUDWRUXOGHLQIRUPDWLFD  2VXUWDLVWRULHDPHGLFLQLL  'HFH1,0,&HPDLEXQGHFkWVH[XO  /XFUXULSHFDUHQXWLGRUHVWLVDOHDX]LvQVDODGHRSHUWLHFDSDFLHQW  2]LSHUIHFWDSHQWUXXQEDUEDW  2]LSHUIHFWDSHQWUXRIHPHLH  2VFULVRDUH  9kUVWDIHPHLORUVLEDUEDWLORU  9LEUDWRDUHOHFRQWUDEDUEDWLORU



9HUVLXQHD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

9HUVLXQHQHSXEOLFDWDDFHDVWDILLQGGRDULQWHUPHGLDUD 0LFLPRGLILFDULVLWRDWHEDQFXULOHQRLFDUHXUPHD]D  5DXWDFLRDVHODDGUHVDEDUEDWLORU  5DXWDFLRDVHODDGUHVDIHPHLORU  )RUPHGHPDQLIHVWDUHFDX]HVLUHPHGLLDOHEROLL%(5(WRQLWD  'HFHDWUDYHUVDWSXLXOVWUDGD"  2EVHVLD$  2EVHVLD%  2EVHVLD&  2EVHVLD'  2EVHVLHPXWD  /RFDOGHQRDSWH  2EVHVLDFHQ]XULL  6FULVRULOH/DXUHL &DWHJRULHQRXD  'HILQLWLL  'HILQLWLLDO  'HILQLWLLP]  &XYLQWHOHQXPDLDXDVWD]LYDORDUHDORUGHDOWDGDWD  'HILQLWLLFRPLFHGHVSUHVFRDOD  0HORGLL5R[HWWHODVFRDOD

9HUVLXQHD

9HUVLXQHDGXFHFXVLQHXQQXPDUIRDUWHPDUHGHEDQFXULVLSHUOHFLIUDWRWDODILLQGDFXPGH $FWXDOL]DULVLPLFLFRUHFWXULODFDWHJRULLOHH[LVWHQWHVLvQDIDUDGHDFHDVWDXUPDWRDUHOHQRXWDWL  %DQFXULFXEDEH  %DQFXULFX%DED1RYDF  %HUHDODOXFUX  8OWLPLOHVWLULGHVSUHEHUH  5HJXODPHQWGHRUGLQHLQWHULRUDSHQWUXIRORVLWXOWRDOHWHL  7LSXULGHFDFDW  %HLSUHDPXOWDFDIHDDWXQFLFkQG  &HHVWHVH[XO"  &RPSXWHUXOQRVWUX  3URFHVRUXOQRVWUX  :LQGRZVXOQRVWUX  'LVWUXJHSODQHWD3DPkQW  (OHPHQWXOFKLPLF)HPHLD  &HLHVHGLQH[SOLFDWLLOHXQRUSDULQWL  *UDPDWLFDOHVLVWLOLVWLFH  /XFUDULGHFRQWURO  3HUOHSURIHVRUL  3HUOHVFRODUHVWLGHSULQWH]H  6HPQHVLJXUHFDFHYDQXHvQUHJXODFXPHFLXOGHIRWEDOODFDUHWHDIOLL  -XUQDOGHYkQDWRDUH  %DQFXULFXFKHOQHULVLODUHVWDXUDQW  %DQFXULFXWDUDQL  9HUVLXQLFDXWDWHvQ]DGDU  %DQFXULFXPHGLFLYHWHULQDUL  8OWLPHOHVIDWXULUHIHULWRDUHODDJDWDWLQJLQHUL  %DQFXULFXDOSLQLVWL  'HILQLWLL%DUEDWLL  'HILQLWLL)HPHLOH  'HFHEDUEDWLLVXQWPDLEXQLGHFkWYLEUDWRDUHOH  'XSDFHvWLGDLVHDPDFDORFXLHVWLvQWURFDPHUDGHFDPLQVWXGHQWHVF  %DQFXULFXFKHOL  &XJHWDULGHVSUHEHUHVLEDXW  &XJHWDULGHVSUHEHUH  /XFUXULSHFDUHOHSXWHPvQYDWDGHODXQFkLQH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

 'RRPODVHUYLFL ,,  0RGDOLWDWLGHDIDFHMRFXOGHIRWEDOPDLLQWHUHVDQW  6HPQHVLJXUHFDHFKLSDWDQDWLRQDODQXYDFkVWLJD&DPSLRQDWXO0RQGLDO  6HPQHVLJXUHFDIXPH]LSUHDPXOW  6HPQHHYLGHQWHFDHVWLSUHDJUDV  $QXQWXULFDUHQXGRULWLVDOHDX]LWLvQDYLRQ  %DQFXULFXPDPLIHUH  %DQFXULFXPRVQHJLVLSHQVLRQDUL  6HPQHVLJXUHFDPXVDILULLWUHEXLHVDSOHFH  %DQFXULFX1DYHWD&KDOHQJHUVL1$6$  0RWLYHSHQWUXFDUHQHIXPDWRULLVXQWGDXQDWRUL  /XFUXULSHFDUHQXYUHLVDOHDX]LSHPDVDGHRSHUDWLH ,,  6HPQHVLJXUHFDILOPXOSHFDUHWRFPDLvOYL]LRQH]LQXYDOXDQLFLXQSUHPLX2VFDU  %DQFXULVFkUERDVH  5HJXOLSHQWUXVRIHULLGHDXWREX] &DWHJRULHQRXD 0X]LFDVLPX]LFLHQL  6HPQHVLJXUHFDHVWLSUHDEDWUkQSHQWUXXQFRQFHUWURFN  ,VXVVL(OYLV3UHVOH\

&XOHJHUHDGHEDQFXULDUHGHDFXPGRXDYROXPHXQXOFXEDQFXULOHSURSULX]LVHVLDOWXOFXOLVWHOHSRH]LRDUHOHSHUOHOHVLDOWH DVWIHOGHOXFUXUL$FHDVWDVFKLPEDUHDIRVWIDFXWDSHQWUXDXVXUDRSHUDWLDGHGRZQORDG



&XSULQV

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

&8/(*(5('(%$1&85,6,32$17(Ì1/,0%$520Æ1$  ,1)250$7,,18180$,&23<5,*+7  /,67(/(32$17(/(32(=,2$5(/(   &XVLGHVSUHEHUH   %HUHD1RDVWUD  'HFHREHUHHVWHPDLEXQDGHFkW,VXV  'HFHREHUHHPDLEXQDGHFkWRIHPHLH  %HUHDODOXFUX   )RUPHGHPDQLIHVWDUHFDX]HVLUHPHGLLDOHEROLL%(5(WRQLWD  8OWLPLOHVWLULGHVSUHEHUH  &XJHWDULGHVSUHEHUHVLEDXW  &XJHWDULGHVSUHEHUH 

&XVLGHVSUHGLIHULWHFDWHJRULLVRFLDOH   6RWXOWDXHXQEHWLYDQGDFD  &HOH]HFHVHPQHGXSDFDUHSRWLUHFXQRDVWHFDGRFWRUXOWDXHGHSHQGHQW  &HOH]HFHVHPQHGXSDFDUHSRWLUHFXQRDVWHXQSROLWLVWSURVW  -XUQDOGHYkQDWRDUH  8OWLPHOHVIDWXULUHIHULWRDUHODDJDWDWLQJLQHUL  6DUSXWHDVDILLXQLQJLQHUGHYDORDUHGDFD  5HJXOLSHQWUXVRIHULLGHDXWREX]  'XSDFHvWLGDLVHDPDFDORFXLHVWLvQWURFDPHUDGHFDPLQVWXGHQWHVF 

&XVLGHVSUHFRPSXWHU   9HFKLXO7HVWDPHQW   &RPSXWHUXOQRVWUX  3URFHVRUXOQRVWUX  :LQGRZVXOQRVWUX   9UHLVDVWLLGDFDHVWLEROQDYGHLQIRUPDWLFD"  6WLLFDDLMXFDWSUHDPXOW'RRPGDFD  'RRP,,  2QRXDYHUVLXQH:LQGRZ] 'RRUV   6HSRDWHSXQHVWDSkQLUHSH VLGLVWUXJH SODQHWD3DPkQWFXDMXWRUXOFRPSXWHUXOXL"  /XFUXULKD]OLLSHFDUHVDOHIDFLvQODERUDWRUXOGHLQIRUPDWLFD  'XPQH]HXFDSURJUDPDWRU  0RWLYHSHQWUXFDUHFRPSXWHUXODUWUHEXLVDILHGHJHQXOIHPLQLQ  'HFHFRPSXWHUHOHVXQWPDLEXQHGHFkWIHPHLOH  &XPVDvWLFRQVWUXLHVWL+RPHSDJHXOvQGHSDVL  (VWLXQ1HW-XQNLHDWXQFLFkQG  0DQXDOSHQWUXvQJULMLUHDFDOFXODWRUXOXL  'DFD*HQHUDO0RWRUVVLDUILGH]YROWDWWHKQRORJLDvQDFHODVLPRGFD0LFURVRIW  $FWLXQHD6DOYDWLPDXVXO  6RWLD   7RSXOOXFUXULORUUHSUH]HQWDWHGHFDWUHFLIUDvQ:LQGRZV  9HUVLXQLFDXWDWHvQ]DGDU  9LUXVLPXWDQWL   0RWLYHSHQWUXFDUH:LQGRZVQXHVWHXQYLUXV  :LQGRZV VRXUFHFRGH  :LQGRZV VRXUFHFRGH  0HVDMHGHHURDUHDOH:LQGRZV  'HILQLWLLVLDOWHQRWH   'HILQLWLLLURQLFH$=   'HILQLWLLFRPLFHGHVSUHVFRDOD 



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

0HORGLL5R[HWWHODVFRDOD &XYLQWHOHFDUHD]LQXPDLDXYDORDUHDORUGHDOWDGDWD

0X]LFDVLPX]LFDQWL  ,VXVVL(OYLV3UHVOH\  6HPQHVLJXUHFDHVWLSUHDEDWUkQSHQWUXXQFRQFHUWURFN

3HUOH  &kWHYDSHUOHFXOHVHGLQDUPDWDURPkQD 6HUYLFLXOGHWHOHIRQLHPRELOH&RQH[ *UDPDWLFDOHVLVWLOLVWLFH /XFUDULGHFRQWURO &HLHVHGLQH[SOLFDWLLOHXQRUSDULQWL 3HUOHDOHSROLWLFLHQLORU 3HUOHVFRODUHVWL ([WUDVHGLQGHFODUDWLLOHVRIHULORUGXSDDFFLGHQWH 3HUOHSURIHVRUL 3HUVRQDOLWDWL 0DUWXULDSUHVHGLQWHOXL&OLQWRQ

3RH]LRDUH &HDWDQRDVWUDFHDIXGXOD %DODGDVDGLFXOXL -RDFDFXQJKHP /XFHDIDUXO 3X LDGD  7DUDQXO 2EVHVLD$ 2EVHVLD% 2EVHVLD& 2EVHVLD'  2EVHVLH087$ 2EVHVLDFHQ]XULL /RFDOGHQRDSWH GLQMXUQDO  3ROLWLFH 3URLHFWGHOHJHSULYLQGFRQVWUXFWLDWHYLORUvQ5RPkQLD 5HJLXQL  &HUHUHGHVWDELOLUHUHVHGLQWDvQPXQLFLSLXO&DUDFDO &XVLGHVSUHUHOLJLH 'RYH]LDOHQDWLRQDOLWDWLLOXL,VXV &kQGFDGHSDVWHOH

6DGLFHVLVFkUERDVH  7LSXULGHFDFDW  3DQRUDPLF79 &HOGHWLSXULGHEDUEDWLSHFDUHvLvQWkOQHVWLODSLVRDUvQ:&XULOHSXEOLFH 5HJXODPHQWGHRUGLQHLQWHULRUDSHQWUXIRORVLWXOWRDOHWHL VIDWXULSHQWUXRvQPRUPkQWDUHUHXVLWD 0DLPXOWVDXPDLSXWLQVHFL  'HFHDWUDYHUVDWSXLXOVWUDGD" $QXQWXULFDUHQXGRULWLVDOHDX]LWLvQDYLRQ 6HPQHVLJXUHFDPXVDILULLWUHEXLHVDSOHFH 6HPQHVLJXUHFDIXPH]LSUHDPXOW 0RWLYHSHQWUXFDUHQHIXPDWRULLVXQWGDXQDWRUL %HLSUHDPXOWDFDIHDDWXQFLFkQG 6WLLFDQXPDLHVWLXQDGROHVFHQWDWXQFLFkQG 6FULVRULGHOD/DXUD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

(VWLSUHDEHDWDWXQFLFkQG  6HPQHHYLGHQWHFDHVWLSUHDJUDV  6HPQHVLJXUHFDvWLSLFDSDUXOVLFDRVDFKHOHVWL  'HFHFkVWLJDLQJLQHULLSXWLQLEDQL  /XFUXULSHFDUHQXWLGRUHVWLVDOHDX]LvQVDODGHRSHUWLHFDSDFLHQW  /XFUXULSHFDUHQXYUHLVDOHDX]LSHPDVDGHRSHUDWLH ,,   'LIHUHQWHOHGLQWUHELURXVLSXVFDULH  'LQPHGLWDWLLOHXQXLORFXLWRUDOFDQDOXOXL  )HQRPHQXO&DULWDV   5HJXOLSHQWUXIRORVLUHDFHOXODUXOXL  2VFULVRDUH  'LHWDVDSWDPkQDODSHQWUXFHLFDUHGRUHVFVDVLSDVWUH]HOLQDVXSOD  &HOH6$37(UHSOLFLSHFDUHQRVDOHDX]LWLQLFLRGDWDvQ'RVDUHOH;  /XFUXULSHFDUHOHSXWHPvQYDWDGHODXQFkLQH  *KLGXOSUHJDWLULORUSHQWUXSOHFDUHDODPXQWH  /HJLOHQHVFULVH SkQDDFXP DOHILOPHORUDPHULFDQH  $ILVDXDQXIL0DQDJHU  6WDWXWXO&OXEXOXLRERVLWLORUGLQQDVWHUH  5HFODPH  5HJXOLGHEXQDSXUWDUHvQWURUHODWLH  5HJXODPHQWGHRUGLQHLQWHULRDUD  7237(1ODVFX]HOHHOHYLORU  6FX]HSHQWUXELURX  6HIXO   UHJXOLGHDXUSHQWUXLQWHUYLXULOHGXPQHDYRDVWUD  'LIHUHQWHOHGLQWUHWLQHVLERVVXOWDX  6IDWXULSHQWUXPDQDJHUL  6HPQHVLJXUHFDILOPXOSHFDUHWRFPDLvOYL]LRQH]LQXYDOXDQLFLXQSUHPLX2VFDU  0RWLYHGLQFDUH6WDU:DUVHPDLEXQGHFkW7LWDQLFXO  /HFWLHGHLVWRULHFXGRXDYDFL  )HULWLYDGHYkQDWRUXOGH]HVWUH 

'HVSUHVH[VLVH[H  0DUWLH(WHUQXOIHPLQLQ  %DUEDWLL  )HPHLOH  &HOHUHJXOLSHQWUXRFDVQLFLHIHULFWD  &HHVWHVH[XO"  (OHPHQWXOFKLPLF)HPHLD   -XUQDOXOYLDJUDDOXQHLVRWLL  'HFHXQFDVWUDYHWHGHDSUR]DUHPDLEXQGHFkWXQEDUEDW  9LEUDWRDUHOHFRQWUDEDUEDWLORU  'HFHEDUEDWLLVXQW WRWXVL PDLEXQLGHFkWYLEUDWRDUHOH  'HFH1,0,&HPDLEXQGHFkWVH[XO  'HFHFkLQLLVXQWPDLEXQLGHFkWIHPHLOH VLEDUEDWLL   &HUHUHDSX OLL  'HFHHFLRFRODWDPDLEXQDFDVH[XO  &HIDFIHPHLOHGXSDFHDXIDFXWGUDJRVWH"  *KLGGHFRQYHUVDWLHVRWVRWLH  8QPLFJKLGLQWHUQDOYRFDEXODUXOXLPDVFXOLORU  9kUVWDIHPHLORUVLEDUEDWLORUvQGLIHULWHUDSRUWXUL  2]LSHUIHFWDSHQWUXXQEDUEDW  2]LSHUIHFWDSHQWUXRIHPHLH  %DQFXULFXVSRUWLYLVLGHVSUHVSRUW   6HPQHVLJXUHFDFHYDQXHvQUHJXODFXPHFLXOGHIRWEDOODFDUHWHDIOLL  6HPQHVLJXUHFDHFKLSDWDQDWLRQDODQXYDFkVWLJD&DPSLRQDWXO0RQGLDO  0RGDOLWDWLGHDIDFHMRFXOGHIRWEDOPDLLQWHUHVDQW  1RXOUHJXODPHQWXO8()$DSOLFDWHFKLSHORUURPkQHVWLvQFXSHOHHXURSHQH 

3267)$7$  



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD 9HUVLXQHD9ROXPXO,,

,5HJXOLFDUHWUHEXLHUHVSHFWDWHSHQWUXDGHYHQLXQEXQ SRYHVWLWRUGHEDQFXUL 

,,6FKLPEDULVLDGDXJLULODDFHDVWDFXOHJHUH  9HUVLXQHD  9HUVLXQHD  9HUVLXQHD  9HUVLXQHD  9HUVLXQHD  9HUVLXQHD  9HUVLXQHD &835,16  



Related Documents

Bancuri
August 2019 13
Bancuri
May 2020 11
Bancuri Smechere
October 2019 24