&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD

9HUVLXQHD

&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD

$OFDWXLWDGH(XJHQ.DUEDQ

9L]LWHD]DPLSDJLQDSHUVRQDODGHZHEODDGUHVDKWWSKRPHDFLW\GHHXJHQNDUEDQ
6DXWULPLWHPLXQ(0DLOODDGUHVDHXJHQNDUEDQ#DFLW\GH

9HUVLXQHD
8OWLPDPRGLILFDUHOD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

,QIRUPDWLLQXQXPDLFRS\ULJKW
$FHDVWDFROHFWLHGHEDQFXULVWDODGLVSR]LWLDOLEHUDDWXWXURUFHORUDFDUHYRUVDOHWLSDUHDVFDVDXVDOHIRORVHDVFDvQIRUPDORU
HOHFWURQLFDSHQWUXX]XOSHUVRQDO

$FHVWILVLHU SGISRDWHILGDWIDFXWFDGRX]YkUOLWDUXQFDWHPDLODWODWRWLSULHWHQLLVLVDXGXVPDQLLWDL

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

7RWXVLVXQWGHSDUHUHFDDPLQYHVWLWIRDUWHPXOWWLPSVLPXQFDvQUHDOL]DUHDDFHVWRUSDJLQLREWLQkQGVSHUHXVLXQUH]XOWDW
IUXPRV

$VGRULFDDFHDVWDPXQFDVDILHUHVSHFWDWDDQXPHQXDVJDVLGHORFIDLUFDDFHVWHEDQFXULvQDFHDVWDJUXSDUHvQWRWDOLWDWH
VDXSHFDWHJRULLVDILHWLSDULWHIDUDvQVWLLQWDUHDPHDDOWIHOGHFkWSHQWUXX]XOSHUVRQDOSUHFXPVLSUHOXDUHDDFHVWRUJUXSDULGH
EDQFXULGHDOWHVLWXULRILFLDOHVDXSHUVRQDOHGLQLQWHUQHW

'DFDFXPYDYUHRHGLWXUD"JDVHVWHLQWHUHVDQWDDFHDVWDPLFDOXFUDUHSRDWHOXDOHJDWXUDFXPLQHSULQ(PDLO

3HQWUXDYHGHDVLDOWHEDQFXULVDXSHQWUXDIDFHXQGRZQORDGDODFHVWHLFDUWLVDXDXQHLYHUVLXQLPDLQRLDDFHVWHLFDUWLSRWL

VD YL]LWH]L GLQ FkQG vQ FkQG XUPDWRDUHD DGUHVDKWWSKRPHDFLW\GHHXJHQNDUEDQ $LFL YHL JDVL VL DOWH OXFUXUL VSHU HX
LQWHUHVDQWHvQDIDUDGHDFHVWHEDQFXUL

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

0DVEXFXUDVDSULPHVFLPSUHVLLVLRSLQLLVDXFKLDUFULWLFLGLQSDUWHDFHORUFDUHDMXQJVDFLWHDVFDDFHDVWDFDUWHVDX
IUDJPHQWHGLQHD

'DFDHVWLXQLQWHUQHWLVWFRQYLQVVLDLRDUHFHH[SHULHQWDFX,5&XOVLFXSURJUDPXO0,5&VDXDOWHOHSRWLGLQFkQGvQFkQGVD

LQWULLSH8QGHUQHWSHFDQDOXOEDQFXUL$LFLYHLSXWHDVSXQHDVFXOWDEDQFXULVLGLVFXWDFXDOWLvPSDWLPLWLDLEDQFXULORU

(XJHQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

,QWURGXFHUH
,)HQRPHQXOURPkQHVFDOEDQFXOXL
'H$GROI&ULYDW9DVLOH

0RWWR$VSOkQJHGDUQXSRWGHUkV]LFDODURPkQHDVFD

*HQHWLFVLIXQFWLRQDOEDQFXOWLQHGHGRPHQLXOFXOWXULLRUDOHHOQLVHSUH]LQWDFDRVSHFLHGHIROFORUQRXRUDVHQHVFvQWUXQLQG
QRWHOHFDUDFWHULVWLFHDOHIDSWXOXLIROFORULFRUDODQRQLPFROHFWLYVLDGHVHRULVLQFUHWLF,QGLIHUHQWGHVWDWXWXOVDXD[LRORJLFHO
UHSUH]LQWD XOWLPD PDQLIHVWDUH YLH IHUWLOD VL UHOHYDQWD D FUHDWLYLWDWLL QRDVWUH SRSXODUH 6D IDFXW PDUH FD] vQ IROFORULVWLFD
VHFROXOXL;;GHLPSRUWDQWDH[SORUDULLSUH]HQWXOXLIROFORULFFDRUHDFWLHIDWDGHVSLULWXOURPDQWLFDOFHUFHWDULORUIROFORULFH
GLQVHFROXODO;,;OHDFXH[DOWDULOHVDOHSDVHLVWHVLDUKDL]DQWHvQYLUWXWHDFDURUDFUHDWLLOHSRSXODUHVXVFLWDXLQWHUHVXOGRDUFD
PDUWXULLDOHWUHFXWXOXLVXUYLYDQFHVGXSDVVH

/D QRL OXSWDvQ DFHVWVHQV D IRVW LQLWLDWD GH XQ IROFORULVW VHPLSURIHVLRQLVW OLQJYLVWXO2YLG'HQVXVLDQX )ROFORUXO &XP
WUHEXLHvQWHOHV/HFWLHGHGHVFKLGHUHOD)DFXOWDWHDGH/LWHUHQRLHPEULHHOvQVXVLFRQWLQXLQGVDVHRFXSHvQVDPDL
PXOW GH IROFORUXO WUDGLWLRQDO IROFORULVWLFD QRDVWUD LQWHUEHOLFD D XUPDW FX PLFL H[FHSWLL DFHHDVL FDOH ,PSHUDWLYXO WHRUHWLF
XWLO GDU H[DJHUDW DO OXL 2 'HQVXVLDQX SUH]HQWXO IROFORULF DU IL PDL DOHV SDUWHD FH WUHEXLH H[SORUDWD D IRVW DGRSWDW
WHQGHQWLRV vQ UHJLPXO FRPXQLVW GH PDL WkU]LX GXFkQG SULQ PLVWLILFDUH LGHRORJLFD OD DVD ]LVXO IROFORU QRX DO RUkQGXLULL
SRSXODUHFRQWUDIDFHULSURSDJDQGLVWLFHGHWLSXO&DWUDLHVFELQHVLFkQW&DPXQ5HSXEOLFDVvQWVDX)UXQ]DYHUGHPHUH
FRDSWH (X FX SDUWLGXO PLV IUDWH &D HO vPLIDFHGUHSWDWH/D GUHDSWD FDOH PD VFRDWH %DQFXULOH vQ VFKLPE  IRUPD
DXWHQWLFD GH FUHDWLYLWDWH RUDOD GDU VL GH LQFRPRGD OLEHUWDWH VSLULWXDOD  DX IRVW LJQRUDWH GH FHUFHWDWRUL VL SURVFULVH GH
DXWRULWDWLXUPkQGFDDELDGHDFXPvQFRORVDOLVHIDFDHYHQWXDOFXYHQLWDGUHSWDWH
'H OD XQ PRPHQW GDW EDQFXO SDUH VD IL PRQRSROL]DW HQHUJLLOH SODVPXLWRDUH DOH VSLULWXOXL SRSXODU $FHVW VSLULW VD UHWUDV
vQWUHJ vQ OXPHD EDQFXULORU FX PLMORDFHOH H[SHULHQWHOH REVHUYDWLLOH SUHMXGHFDWLOH REVHVLLOH VL WHPHULWDWLOH OXL 8QLYHUVXO
EDQFXULORUQXLGHFLW OXPHDQRDVWUD HVHQWLDOL]DWD vQ ILFWLXQH HOLEHUDWD FRQYHQWLRQDO GH VXE WHURDUHD LVWRULHL Uk]kQGXVLFX
YROXSWDWHGHHDvQVDVLvQWUXQMRFSHVWULWVLVXEWLUHIDUD LOX]LL VL IDUD UHWLFHQWH3HGHDOWD SDUWHEDQFXOQX YUHD VD DPX]H
QXPDL HO DVSLUD OD R KLODULWDWH VXSHULRDUD FX IXQFWLH FRPSHQVDWLYDvQ SODQ H[LVWHQWLDO %DQFXODUH vQWRWGHDXQD XQ VFRS DL
FRPSOH[GHFkWUkVXOHOHVWHFDPDVFDULFLLUHJLORUGHRGLQLRDUDVLFRQIHVRUXOQRVWUXQHVWLHSDVXULOHWRDWHVLvVLUkGHGHHOH
FX SURSULXO QRVWUX UkV 'DU DFHVWD QX HVWHGRDU UkVXO YXOJDU GH OD SHULIHULD OXPLL FL XQ UkV PDL VXEWLUH DSURDSH ILORVRILF
YRLQGSDUFDVDQHDGXFDDPLQWHFDvQDIDFHKD]GHQHFD]VWDvQWUXQIHOWRDWDvQWHOHSFLXQHDVLWRDWDOLEHUWDWHDH[LVWHQWHL
QRDVWUH%DQFXULOHDXRILORVRILHDORUSUDFWLFDQHSUHWHQWLRDVDFXUDGDFLQLYHQHUDELOHvQUHDOLVPXOJkQGLULLSRSXODUH
$FHDVWD QRXD IRUPD GH FUHDWLYLWDWH GH WLS IROFORULF FKLDU GDFD PDL JUDELWD PDL FHUHEUDOD VL PDL SHULVDELOD GHFkW FHOH
WUDGLWLRQDOHQXHVWHPDLSXWLQUHSUH]HQWDWLYD8UPkQGYUHPXULORUHDDGHYHQLWXQDSUHSRQGHUHQWGDFDQXH[FOXVLYXUEDQD
'H DOWIHO QRWLXQHD vQVDVL GH VSLULW SRSXODU DU WUHEXL UHGLVFXWDWD SRDWH vQ FRQWH[WXO QRLORU UHDOLWDWL VRFLRHFRQRPLFH
1LYHODUHDVRFLDODDOIDEHWL]DUHDvQPDVDXUEDQL]DUHDDFFHOHUDWDVLLPSOLFLWGHSRSXODUHDWUHSWDWDDVDWHORUPDVVPHGLDvQ
H[SDQVLXQHVFLHQWLVPXOVLGHVDFUDOL]DUHDLDWDWRWDWkWLD IDFWRUL GHGLVROXWLH D PHGLXOXL VL PHQWDOLWDWLL WUDGLWLRQDOH %DQFXO
DSDUH GUHSW FRSLOXO WHULELO DO DFHVWHL OXPL vQ FKLQXLWD SUHIDFHUH FDUHLD vL OLSVHVWH SRDWH FRQVLVWHQWD GDU QX VL YLWDOLWDWHD
UHFWLWXGLQHDGDUQXVLLVWHWLPHDÌQFRQGLWLLOHYHFKLXOXLUHJLPEDQFXULOHDXDYXWRH[LVWHQWDYLJXURDVDGDURDUHFXPLOLFLWDVL
VXEWHUDQD&ULWLFLVPXOORULPSOLFLWPDQLIHVWDUHDQRQLPDVLQHVFULVDDDFHOHLRSLQLLSXEOLFHFHDvQORFXLWvQOXPHDPRGHUQD
PXWDWLV PXWDQGLV QRUPD FROHFWLYLWDWLL GLQ VRFLHWDWLOH WUDGLWLRQDOH IDFHD VSDLPD PXOWRU XUHFKL FD VHPQ GH QHWDJDGXLW DO
XQHLQHDOLQLHULLQWHULRDUHODOLQLDLGHRORJLFDDSXWHULL'HDOWIHOPXOWHEDQFXULGLQFDWHJRULDFHORUSROLWLFHDXUHSUH]HQWDW
DGHYDUDWHPDQLIHVWHRUDOHWUDQVILJXUDWHGHKLODULWDWH1XHVWHGHFLGHPLUDUHFDHOHQDXDYXWQLFLRWUHFHUHRILFLDODFkQG
QX VH WDFHD DVXSUD ORU HUDX VWLJPDWL]DWH VDX EDJDWHOL]DWH 'H DFHHD PXOWL OHDX MXGHFDW VL OH PDL MXGHFD vQFD VXSHUILFLDO
LJQRULQGXOHVDXIDOVLILFkQGXOHVLVWDWXWXOVLIXQFWLDVRFLDOD
'LFWLRQDUXOOLPELLURPkQHFRQWHPSRUDQHH[SULPDFODUDFHDVWDGHSUHFLHUHGHILQLQGEDQFXOGUHSWRJOXPDXVRDUD5HJUHWDWXO
IROFORULVW2YLGLX%DUOHDvQSULPXOYROXPDOVROLGHLVDOHVLQWH]H)ROFORUXOURPkQHVF(GLWXUD0LQHUYD%XFXUHVWLOD
FDSLWROXO GHGLFDW VQRDYHL DWLQJH vQ WUHDFDW VL SUREOHPD EDQFXOXL QXPLQGXO vQVD SUXGHQW WRW JOXPD 3UREOHPD HVWH
H[SHGLDWD vQWUR VLQJXUD SDJLQD PDL PXOW VXE DVSHFW IRUPDO vQ FDXWDUHD XQRU FULWHULL GHOLPLWDWLYH vQWUH VSHFLL 6WDWXWXO
VSLULWXDOVLVRFLDODOEDQFXOXLFDVLXQLYHUVXODFHVWXLDVXQWWUHFXWHFXYHGHUHD,,
2ULJLQLOH EDQFXOXL FD VSHFLH IROFORULFDWUHEXLH FDXWDWH QHJUHVLW vQ VQRDYHOH GH DOWDGDWD 6H SRW IDFH WRWXVL DSURSLHUL VL GH
VSHFLDFXOWDDDQHFGRWHLVDUHDPLQWLPFDJUHFHVFXODQHNGRWDHVWHHFKLYDOHQWXOYHFKLXOXLVODYL]QRYDFHDGDWURPkQHVFXO
VQRDYD DPEHOHYRFDEXOHDXvQWHOHVXOGH LVWRULH LQHGLWD FD VL URPDQLFXO QRYHOOD  6SUH GHRVHELUHGH VQRDYD VL GH EDQF
DQHFGRWD QX QXPDL FD QX HVWH R VSHFLH IROFORULFD GDU DUH DGHVHRUL FKLDU XQ DHU HUXGLW UHIHULQGXVH OD FHOHEULWDWL VL ILLQG
SURQXQWDWGLGDFWLFD6HvQWkPSODFDDQHFGRWDVDILHFKLDUOLSVLWDGHXPRUVXE]LVWLQGGRDUSULQSLOGDSHFDUHRFRQWLQHVDX
SULQFXULR]LWDWHD SH FDUHR UHODWHD]D 0HGLXO SRSXODU vQ FDUH WUDLHVWH EDQFXO QH vQGHSDUWHD]D GHFL GH DQHFGRWD FODVLFD ÌQ
]LOHOH QRDVWUH FXYLQWXO DQHFGRWD VLD VL SLHUGXW SULQ H[WHQVLH VHPDQWLFD vQWHOHVXO FODVLF DMXQJkQG VD vQVHPQH JOXPD vQ
JHQHUDOVDXGHVHPQkQGXQHRULDFHOHJOXPHFXFLUFXODWLHVFULVDGHFDUHVXQWSOLQHSHULRGLFHOHGHPkQDDGRXDH[LVWLQGFKLDU
VLDXWRULFRQVDFUDWLGHDVWIHOGHDQHFGRWH%DQFXULOHGLPSRWULYDVXQWRUDOHVLDQRQLPHGXFkQGDGHVHDRH[LVWHQWDGHFXOLVH
VLQHFXQRVFkQGvQSULQFLSLXUHWLFHQWHGHH[SUHVLHVDXGHFRQWLQXW1XHVWHH[FOXVWRWXVLFDODRULJLQHEDQFXOVDILDYXWVLHO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
SURYHQLHQWD VHPLFXOWD IROFORUL]LQGXVH DELD DSRL PDL FX VHDPD vQ YHDFXO QRVWUX 'H DOWIHO vQ FRQGLWLLOH FLYLOL]DWLHL
PRGHUQHLQIOXHQWHOHFXOWHDVXSUDXOWLPHORUUHVXUVHIROFORULFHDXXQFDUDFWHUIDWDO3OHFkQGGHDLFLVHSRDWHSXQHvQGLVFXWLH
vQWUHJVWDWXWXOPRGHUQDOQRWLXQLLGHIROFORU
$UWUHEXLVWDELOLWDFKLDUGDFDFXDSUR[LPDWLDIDWDODvQDVHPHQHDFD]XULHSRFDLYLULLFXYLQWXOXLEDQFvQOXPHDURPkQHDVFD
YRPSXQHFHYDPDLGHSDUWHSUREOHPDHWLPRORJLHLOXL(OWUHEXLHVDILUDVSXQVXQHLQHFHVLWDWLOLQJYLVWLFHJHQHUDWHGHLYLUHD
XQHLUHDOLWDWLSHFDUHFXYLQWHOHWUDGLWLRQDOHvQUXGLWHQRSXWHDXUHGDPXOWXPLWRUvQVSHFLILFLWDWHDHL6SHFLDvQVLQHFKLDUGDFD
QX DWLW GH ELQH SUHFL]DWD FD D]L WUHEXLH VD IL IRVW DQWHULRDUD FX FHO SXWLQ XQ GHFHQLX WHUPHQXOXL FDUH R GHQXPHVWH
SUHVXSXQHPLYLUHDHLSHODPLMORFXOYHDFXOXLWUHFXWRGDWDFXVHGLPHQWDUHDXQHLYLHWLRUDVHQHVWLPRGHUQHLQSDUWLOHQRDVWUH
FDFLDYHPGHDIDFHFXRVSHFLHIROFORULFDPDVLYGHUXUDOL]DWDFXWRDWHSUREDELOHOHHLPRGHOH
WUDGLWLRQDOHVQRDYDVLLQWURPDVXUDPDLQHLQVHPQDWDJKLFLWRDUHD6SUHGHRVHELUHGHVQRDYHEDQFXULOHQLVHLQIDWLVHD]D
LQPDMRULWDWHDORUFDH[SUHVLHDXQXLDOWXQLYHUVH[LVWHQWLDO VLDOXQXLDOWWLSGHVSLULWFROHFWLY(OHVDXOHSDGDWSHGHDOWD
SDUWHGHRULFHVIDWRVHQLHPDQLIHVWDJUDELQGXVHVDU]LFHSUHDWDUHVSUHHIHFWSHQWUXDPDLLQWLU]LDSHFDOH&XPVHVWLH
JOXPD VVH SRDWH FLWL EDQFXO  QQW HVWH LQ SULPXO ULQG LODULDQWD VL DELD LQ VXEVLGLDU VDWLULFD SH FLQG LQ VQRDYD SULPHD]D
LQWHQWLDVDWLUL]DQWD2%DUOHDRSFLWS
1XWUHEXLHQHJOLMDWGHDVHPHQHDXQDOWDVSHFW IRDUWHFDUDFWHULVWLFEDQFXULORULQUDSRUWFXVQRDYDWUDGLWLRQDODLQ YUHPHFH
DFHDVWD VH DSOHFD FX SUHGLOHFWLH DVXSUD LPSHUIHFWLXQLORU QDWXULL XPDQH SURVWLH YLFLL QHSXWLQWH HWF SH WHPHLXULOH XQHL
PRUDOLWDWL GH WLS FODVLF EDQFXULOH VH DSOHDFD FX SUHGLOHFWLH DVXSUD WDUHORU GH RUGLQ VRFLDO FDUDFWHULVWLFH SULQ H[FHOHQWD
PHGLXOXLQRXDSURDSHGLQQDVFDUHFRUXSWDOFHQWUHORUXUEDQH6LQWHWL]LQGVQRDYHOHHUDXLQWHOHSWHEDQFXULOHVLQWVPHFKHUH
XQ VRL GH VPHFKHULH VXSHULRDUD GH RUGLQ LQWHOHFWXDO FRQVWLWXLQGXVH GLQ VXEVWDQWD PRPHQWXOXL VL LHVLQG GLQ DFWXDOLWDWH
RGDWDFXHOSDUHFDXPRUXOWUDGLWLRQDOVDVXEWLDWLQEDQFXULUDILQLQGXVLWRDWHPLMORDFHOHVLGHYHQLQGFXPREVHUYDDFHODVL
2 %DUOHD  SULQ H[FHOHQWD XQ H[HUFLWLX GH LQWHOLJHQWD HSXUDW GH RULFH GLGDFWLFLVP GLUHFW GDU VL GH RULFH VHQWLPHQW DO
SHUPDQHQWHL 6QRDYHOH HUDX PRUDOH ILH VL SULQ UHFXO EDQFXULOH VLQW DPRUDOH DVH]LQGXVL SHUVRQDMHOH QX LQ SHUVSHFWLYD
XQRUQRUPHFLLQDFHHDDXQRULQWHUHVH,QILQHVQRDYHOHUHIOHFWDXRH[SHULHQWDGHYLDWDVWUDYHFKHGDUOLPLWDWDFXFHULWD
LQWUXQXQLYHUVLQFKLVVLVWDWLF%DQFXULOHYHKLFXOHD]DQLVWHH[SHULHQWHQRLLQWURSHUVSHFWLYDGH]PDUJLQLWDHOHVLQWH[SUHVLD
XQHLOXPLFXSULQFLSLLIOXFWXDQWHGH]UDGDFLQDWDVLIXQGDPHQWDODQDUKLFDSULQDWRPL]DUHDHLVRFLRFXOWXUDOD
,DWDGH FH SXWHP YRUEL OD ULJRDUHGH R DXWRQRPLH DEDQFXOXL LQ UDSRUWFX VSHFLLOH WUDGLWLRQDOH GDUVL FX FHOHODOWHJOXPH
FXUHQWHLQYLDWDVRFLDOD,,,,QPHULWXRDVDVDOXFUDUH/DW\SRORJLHELEOLRJUDSKLTXHGHVIDFHWLHVURXPDLQHV(GLWXUD$FDGHPLHL
%XFXUHVWLW,,,;;;9,,,SS6DELQD&6WURHVFXDGRYHGLWFXSULVRVLQWDFD5RPDQLDHVWHWDUDVQRDYHORU
FHUFHWDWRDUHD D VWDELOLW QX PDL SXWLQ GH  GH WLSXUL LQ UHSHUWRULXO URPDQHVF DO VQRDYHL (O GHSDVHVWH FDP GH WUHL RUL
UHSHUWRULXOXFUDLQHDQVHPQDODWSLQDD]LDILFHOPDLERJDWGLQ(XURSDREVHUYD2%DUOHD(VWHVXUFODVDWLQLQWUHJLPHFKLDU
FDWDORJXOLQWHUQDWLRQDO$DUQH7KRPSVRQQXLPDLSXWLQDGHYDUDWFDQXSHQWUXILHFDUHWDUDGLQOXPHH[LVWDROXFUDUHGHJHQXO
VLSURSRUWLLOHFHOHLD6DELQHL&6WURHVFXRULFXPLQVDQXPDUXOWLSXULORUURPDQHVWLUDPLQHXLPLWRUVLJUHXGHFRQFXUDW2
%DUOHDLQFHDUFDVLRH[SOLFDWLH0XOWLPHDVQRDYHORU DWHVWDLQFDRGDWDLQFOLQDUHDURPDQXOXLVSUH VDWLUD VL SRUQLUHDOXLGH D
VSHFXOD VLWXDWLLOH SOLQH GH XPRU IRDUWH SUREDELO R PRVWHQLUH GH OD LQDLQWDVLL URPDQL GHRVHELW GH SRUQLWL VSUH VDWLUD LQFLW
UHWRUXO4XLQWLOLDQH[FODPDVHQXIDUDRUJROLX6DWLUDWRWDQRVWUDHVWRSFLWS
1X LQWLPSODWRU IDUD LQGRLDOD LQWUR WDUD LQ FDUH WUDGLWLD VQRDYHL H DWLW GH ELQH UHSUH]HQWDWD D LQIORULW VL QRXD VSHFLH D
EDQFXOXL 2 FHUFHWDUH DVXSUD EDQFXOXL FRUHVSXQ]DWRDUH FHOHL LQWUHSULQVH SHQWUX VQRDYD GH 6DELQD & 6WURHVFX DU GXFH
QHJUHVLW OD FRQFOX]LL OD IHO GH VSHFWDFXORDVH )HQRPHQXO URPDQHVF DO EDQFXOXL QX SRDWH IL H[SOLFDW GRDU FRQMXQFWXUDO GH
SLOGDSULQFRQGLWLLOHVRFLDOSROLWLFHGHGXSDSHFDUHOHLQWLOQLPVLODDOWHPHULGLDQHIDUDFDDFRORVDILJHQHUDWFXWLWOX
GHUHDFWLHVDXUH]LVWHQWDXQIHQRPHQIROFORULFGHDVHPHQHDSURSRUWLLSHQWUXFDHODVWUDEDWXWWLPSGHXQYHDFVLPDLELQH
SLQD OD DSRJHXO VDX FRQWH[WH IRDUWH GLIHULWH LDU DULD QX L VH SRDWH UHGXFH OD EDQFXO SROLWLF &RQGLWLLOH IDYRUL]DQWH DOH
IHQRPHQXOXL QXWUHEXLH FRQIXQGDWH FX FDX]HOH OXL (O GHULYDLQDLQWH GH WRDWH GLQWURDQXPHVWUXFWXUD VSLULWXDOD5RVWLQG
IUD]DDFHHDGHYHQLWDIDLPRDVD1RXVVRPPHVLFLDX[SRUWHVGHOA2ULHQWRXWRXWHVWSULVDODOHJHUH5D\PRQG3RLQFDUH
LQGLJQDWYRLQGVDQHDGPRQHVWH]HDVILUVLWSULQDQHGHILQLGHVLJXULQWUXQVHQVSHFDUHQXSXWHDVDOEDQXLDVFD6DOODVDP
SH SROLWLFLDQXO IUDQFH] VD VH RGLKQHDVFD LQ SDFH VL VD SURFHGDP FX LQWHOHSFLXQH VFDSLQG FXYLQWHOH GH RP VL GH FRQWH[WXO
EDQDOLQFDUHDXIRVWURVWLWH
/HMHULWDWHDQRDVWUDLQWUXQVHQVPDLDGkQFQXLGRDU]HIOHPHDXDEDOFDQLFRULHQWDODQLFLQHYULFRDVDOLSVDGHSURWRFROFL
WLQHGHDFHDvQVXVLUHDILULLURPkQHVWLGHDIDFHKD]GHQHFD]ÌQDFHVWvQWHOHVHDHVWHVHPQGHvQWHOHSFLXQHVWUDYHFKHVLGH
WDULHVXIOHWHDVFD1XHVWHELQH]LFHURPkQXOVDSXLWRWXOODLQLPD3RWLWUHFHWRWXOSULQVLWDPLQWLLWDOHVSUHDSULQGHQRLPD
OXFUXULORUDOHGDGHURVWVLDWHSD]LHYHQWXDOGHFXUVHOHORUGDUVDSXLODLQLPDQXHELQH$UILVHPQGHVODELFLXQHVLGH
OLSVDGHPLQWH&DFLOXFUXULOHWHvQFHDUFDVLWUHFLDUWXVHFXYLQHVDUDPkLvQXUPDORU]kPELWRUVLQHYDWDPDWvQGUDJRVWLWQX
IDUDILORVRILHGHVSHFWDFROXOIDUDVHDPDQDOOXPLL(VWLPDLERJDWVXIOHWHVWHFXILHFDUHH[SHULHQWDGDUWUHEXLHVDWHEXFXUL
GHDFHDVWDERJDWLHvQWURSDFHQHWXOEXUDWDSDFHDLQLPLLWDOH,DUGHWHORYHVWHQHFD]XODUDWDWHPDLSXWHUQLFGHFLWHOFDFLGH
WHYHLDUDWDPDLVODEYHLGHYHQLUREXOOXL
5kGHWLGHHOVLRVDVHvQGHSDUWH]HGHODWLQHQHSXWLQFLRVVLUXVLQDWRVDFUDSHYH]LELQHQHFD]XOGHQHFD]
ÌQ EDQFXUL UH]LGD GLIX] XQ VHQWLPHQW DO SHUPDQHQWHL SH GHDVXSUD LVWRULHL HOH VXQW vQ IRQG H[SUHVLD XQHL vPSDFDUL FX
UHDOLWDWHDDXQHLDFFHSWDULVXSHULRDUHDOXFUXULORUDVDFXPVXQWHOHDWLWXGLQHULVFDQWDvQLPHGLDWGDUOHJLWLPDvQSHUVSHFWLYD
HWHUQLWDWLL %DQFXOSXQH UHDOLWDWHD OD VWkOSXO LQIDPLHL GDU PDL GHJUDED vQ MRDFD IDFkQGXL FX RFKLXO IDUD vQYHUVXQDUH ED
FKLDU RDUHFXP UHFXQRVFDWRU FD VH SRDWH KUDQL GLQ LPSHUIHFWLXQLOH HL ( XQ IHO GH EXIRQHULH FRPSHQVDWLYD SH PDUJLQHD
UHDOLWDWLL GH R PD[LPD OXFLGLWDWH GDU VL GH R VXSHULRDUD GHIHUHQWD &kQG SULYHVWL OXPHD FD XQ LPHQV VSHFWDFRO FDUH WH
vQFRQMRDUDFXLPSHUIHFWLXQLOHGDUVLFXSULPHQLULOHVDOHGRPLQkQGRFXUREXVWHWHDVSLULWXOXLWDXSULQ]kQGRFXRFDXDPLFD
VLIDFkQGKD]SHVHDPDHLIDUD UDXWDWHVDX vQGkUMLUHFLPDL GHJUDEDFXFRPSDVLXQHFDUHSRDWHILVL PLOD GHWLQHvQVXWLFD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
PDGXODUDODFHVWHLOXPLDWXQFLVHFKHDPDFDWUDLHVWLvQRUL]RQWXOEDQFXOXL(VWLGLQWDJPDFHORUFHDUSOkQJHSRDWHGDUQX
SRWGHUkV,9
'HVL 5RPkQLD SDUH VD ILH SDWULD LGHDOD D EDQFXOXL IHQRPHQXO QX HVWH HJDO UHSUH]HQWDW SH WRW FXSULQVXO WDULL *HRJUDILD
EDQFXOXLLVLDUHFHQWUXOLQFRQWHVWDELOvQ]RQDGXQDUHDQD0XQWHQLDVLPDLDOHV2OWHQLDÌQ0ROGRYDEDQFXOHVWHvQFDYLJXURV
SHFkQGvQ$UGHDOVLQ%XFRYLQD vOvQWkOQLP PXOW PDL VODEUHSUH]HQWDWVLFXR PXOWPDL PLFDSUL]DOD SXEOLF )DSWXO WLQH
SUREDELOGHSURILOXOLUWLFXODUSHFDUHLVWRULDGLQFRORGHXQHYLGHQWIRQGFRPXQODFRQIHULWGLIHULWHORUSURYLQFLLURPkQHVWL
2ULFLQHSRDWHVLPWLvQFDWUHFkQGPXQWLLGLIHUHQWDGLQWUH DWPRVIHUD JHQHUDODUHJDWHQHDVFD VL FHD WUDQVLOYDQHDQD 6H VLPWH
LPHGLDWFD$UGHDOXOVLvQWURRDUHFDUHPDVXUDVL%XFRYLQDDWUDLWPXOWDYUHPHvQEDWDLDVSLULWXOXLRFFLGHQWDODWLWGHGLIHULW
GHEL]DQWLQLVPXOGHODVXGGH&DUSDWL'HDOWIHOUHJDWHDQXOWLQGHSkQDDVWD]LVDOFRQVLGHUHSHIUDWHOHVDXGHSHVWHPXQWL
FDPSRVDFVLOLSVLWGHXPRUGRPROVLIDUDVFkQWHLHWUDJkQGRDUHFXPDQHDPW$UGHOHDQXOSHGHDOWDSDUWHGHWHVWDDGHVHD
XVXUDWDWHD FHOXLODOW VL DU SXWHD VXEVFULH VL DVWD]L OD YHUGLFWXO H[DJHUDW SRDWH GDU QX OLSVLW GH WHPHL GDW GH ,RQ &RGUX
'UDJXVDQX SH OD MXPDWDWHD YHDFXOXL WUHFXW ÌQ 7DUD5RPkQHDVFD PHULWXO QDUH SUHW VL QXPDL SRUF GH FkQHOH vQDLQWHD]D
3HUHJULQXOWUDQVLOYDQHGS(LQWHUHVDQWFXPVHUHIOHFWDGLIHUHQWHOHFKLDUvQEDQFXUL7LSXOPD[LPDOGHSHUVRQDM
VPHFKHUGHVFXUFDUHWDJHUODPLQWHVLODYRUEDHVWHROWHDQXOSHFkQGDUGHOHDQXOHJUHRLOLSVLWGHPRELOLWDWHVSLULWXDOD
DVSHFW FDUH QX WUHEXLH FRQIXQGDW vQ QLFL XQ FD] FX SURIXQ]LPHD GH FXJHWDUH VDX VLPWLUH GH FDUH DUGHOHQLL IDF DGHVHD
GRYDGDÌQRULFHFD]vQVXGXO5RPkQLHLHVWHOXPHDvQFDUHFRPLFXOWURQHD]DSULQH[FHOHQWDFRQVWLHQWVLLQFRQVWLHQWXQGHV
DXSXWXWvQFHWDWHQLODH[WUHPDPRIWXULOHVLFRPHGLLOHFDUDJLDOHVWLVLXQGHVHSRDWHvQWkOQLvQPRGFXUHQWH[RUFL]DUHDSULQ
UkV $U IL IRDUWH LQWHUHVDQW VD VH RFXSH FLQHYD GH WLSRORJLD XPDQD D EDQFXULORU SH SURYLQFLL VL QDWLRQDOLWDWL ROWHDQXO
DUGHOHDQXOWLJDQXOHYUHXOUXVXOQHJUXODPHULFDQXOQHDPWXOHWF
2GDWD IL[DWH DFHVWH VXPDUH UHSHUH SULYLWRDUH OD RULJLQHD IXQFWLD FDUDFWHULVWLFLOH VL UDVSkQGLUHD EDQFXULORU QH DSDUH FD XQ
EDQFDOUHDOLWDWLLFXOWXUDOHIDSWXOFDHWLPRORJLDFXYLQWXOXLUHVSHFWLYVDUHKDWGLQFRORGHDULDIHQRPHQXOXLWRFPDLvQDWkWGH
SXWLQXPRULVWLFD*HUPDQLH$VHPHQHDFXULR]LWDWLVHLYHVFFXSUHFDGHUHvQ]RQHOHGHUDVFUXFHLQWHUIHUHQWDFXOWXUDODFHHDFH
HVWHVLFD]XOVSDWLXOXLURPkQHVF(GHVWXOGHVLJXUFDURPkQHVFXOEDQFFXYkQWDWLWGHFXULRVVLGHVROLWDUFXVHQVXOXUPDULW
DLFL  vQ FRQWH[WXO OLPELL QRDVWUH GDU SH FDUH vO UHFHSWDP FXP QX VH SRDWH PDL SRWULYLW UHDOLWDWLL GHQXPLWH SURYLQH GLQ
JHUPDQXOEDQNQXPHOHXQXLMRFGHFDUWLGHVWXOGHJXVWDWVLODQRLFkQGYDVXEGHQXPLUHDGHEDQFVDXPDLUDUEDQFDGDU
FD]XWvQGHVXHWXGLQHGHREXQDEXFDWDGHYUHPH$YHPGHVSUHHORSUHWLRDVDUHIHULQWDOLWHUDUDLQGLFDWDIDUDFRPHQWDULLVLQ
'LFWLRQDUXOOLPELLURPkQHFRQWHPSRUDQHFHDGLQQXYHODSRYHVWHD7RGHULFDDOXL&RVWDFKH1HJUX]]L
7RGHULFDFHO vQWkL MXFDWRUGH FDUWL  QQW GH SH SDPkQW IDFHXQ WkUJ FX GLDYROXO XUPLQG VD VORERDGD GLQ LDG SH DOHVH
DWkWHDVXIOHWHFkWHSDUWLGHYDFkVWLJDGHODvPSDUDWXODGkQFXOXLÌQFD]XOvQFDUHDUILSLHUGXWILHVLRVLQJXUDSDUWLGDVXIOHWXO
OXL DU IL vQFDSXWSH PkLQLOH vQVROLWXOXL SDUWHQHU 6FDUDRWFKL DFFHSWD VL DX ORF XUPDWRDUHOH SUHOLPLQDULL 3H ORF XQ GUDFXVRU
PLWLWHOVLIUXPXVHOFHvPSOLQHDVOXMEDGHMRFKHLFLRFRLSUHJDWLWRDWHFHOHWUHEXLQFLRDVH&HYUHLVWRVVDX
EDQF"vQWUHED7RGHULFD 6WRVUDVSXQVHVWDSkQLWRUXO7DUWDUXOXLVWLXFD OD EDQF VH vQFDS PXOWH VXOHULL VVXEO QVW $VDGDU
6FDUDRWFKLvQVXVLVHFRGHVWHVDMRDFHEDQFDVLSUHIHUDVWRVXOODFDUHSRVLELOLWDWLOHGHDWULVDSDUFRQVLGHUDELOPDL PLFL
%DQFXOVHSUHWDODPXOWHVXOHULLVPHFKHULLFXPDP]LFHDVWD]LHUDGHFLXQMRFVPHFKHUPLQFLQRVDYkQGXVLPDHVWULL
OXLWHPXWLvQDWLQHEDQFDFDUWRIRULGLQVSHWDOXL7RGHULFD
&UHGHP FD DFHVWH FkWHYD FRQVWDWDUL QH SRW vQOHVQL VXILFLHQW vQWHOHJHUHD HYROXWLHL FXYkQWXOXL vQ OLPED URPkQD $YkQG vQ
YHGHUHvQFOLQDUHDVSUHVXOHULLGLVWDQWDGHODGHQXPLUHDQHPWHDVFDDMRFXOXLGHFDUWLODVSHFLDGHJOXPDURPkQHDVFDQXHVWH
DWkW GH PDUH DPkQGRXD DSDUWLQkQG ]RQHL GH KD] VL SHWUHFHUH D H[LVWHQWHL 6LUHWHQLD RULHQWDOD YD IL JXVWDW PXOW MRFXO GH
EDQFPDLDOHVvQ0ROGRYDGH1RUGSHXQGHHOSDUHVDILLQWUDWvQOXPHDURPkQHDVFDvQFRQWH[WXOLVWRULFGHODUDVFUXFHD
VHFROHORU;9,,,;,;1HJUX]]LvQVXVLDWUDLWvQ]RQDUHVSHFWLYD3HURPkQHVWHFkQGYUHLVDSURSXLFXLYDRSDUWLGDGHFDUWL
VHVSXQHGHRELFHL7HIDFXQWDELQHWVWRVEDQFHWF"'HODDIDFHXQEDQFMRFGHFDUWLODDIDFHEDQFXULJOXPHHR
WUHFHUH FkW VH SRDWH GH ILUHDVFD VXVWLQXWD FKLDU GH VSLULWXO OLPELL VH VSXQH GHRSRWULYD D IDFH VL SHQWUX MRFXUL VL SHQWUX
JOXPH-RFXOGHEDQFVLEDQFXOFDJOXPDDXXQQXPLWRUFRPXQVPHFKHULD0DHVWULLMRFXOXLFDVLPDHVWULLJOXPHLVXQW
GHRSRWULYDVPHFKHULVDXKRWLvQVHQVXOGHYLFOHQLDWULEXWHvQUXGLWHFXFHOGHPLQFLQRVGH
DOWIHO EDQF SULQ H[WHQVLH VHPDQWLFD D DMXQV VD ILH IRORVLW XQHRUL VL FX LQWHOHVXO GH PLQFLXQD 2GDWD IDFXW VDOWXO GH OD
LQWHOHVXORULJLQDUGHMRFGHFDUWLODFHOORFDOGHJOXPDVPHFKHULHPLQFLXQDFXYLQWXOVDLQFHWDWHQLWVLVDH[WLQVLQOXPHD
URPDQHDVFD UDVSXQ]LQG FX IRUPD GH QHXWUX PDL SXWLQ SUHGLVSXVD FRQIX]LLORU RPRQLPLFH XQHL QHFHVLWDWL OLQJYLVWLFH VL
GHQXPLQG R PDQLIHVWDUH PDL QRXD GDU WLSLFD VSLULWXOXL QRVWUX QDWLRQDO ,DWD FXP VD DMXQV DVDGDU FD R UHDOLWDWH DWLW GH
VSHFLILFDQRXDDWLWGHODWLQDVLGHRULHQWDODLQHVHQWDHLVDILHVSLQ]XUDWDWRFPDLGHXQFXYLQWQHPWHVFFDUHODHODFDVDQX
GHVHPQHD]DGHORFFHYDDVHPDQDWRU9,
'LQSDFDWH H R FRQVWDWDUH OD LQGHPLQD RULFXL FD EDQFXO WUDJH VD PRDUD )HQRPHQ IRDUWH YLX VL DWLW GH FDUDFWHULVWLF SHQWUX
OXPHD URPDQHDVFD PRGHUQD HO D FXQRVFXW XQ UHJUHV YL]LELO VL GHVWXO GH DFFHOHUDW LQ XOWLPLL  DQL 'XSD FH VLD WUDLW
DSRJHXO LQ SHULRDGD FRPXQLVWD PDL DOHV vQ DQLL  ILORQXO OXL SRSXODU SDUH DVWD]L VD IL VHFDWXLW DSURDSH GH WRW
5RPDQXOXL SDUH VD QXL PDL DUGD GH EDQFXUL 6DU SXWHD LQWUHSULQGH SRUQLQG GH OD DFHVW IDSW R SURIXQGD DQDOL]D VRFLR
SVLKRORJLFD D OXPLL QRDVWUH FH DU SXWHD DMXQJH OD FRQFOX]LD XQHL JUDYH GHJHQHUDUL LQWHULRDUH &DFL FXP DP LQFHUFDW VD
GHPRQVWUDPPDLVXVEDQFXOQDIRVWGRDUXQVRLGHJOXPDLQWUHDOWHOHFLRXOWLPDIRUPDVHPQLILFDWLYDGHFUHDWLYLWDWHRUDOD
FD VL XQD GH UH]LVWHQWD VSLULWXDOD LQ IDWD LVWRULHL 'LVSDULWLD OXL SRDWH IL GH DFHHD VHPQXO LQJULMRUDWRU DO XQXL LQFHSXW GH
PRDUWHVXIOHWHDVFD(VWHLQWHUHVDQWDH[SHULHQWDDSURDSHVLQJXODUDDXQHLSXEOLFDWLLSUHFXP$FDGHPLD&DWDYHQFXFHFXOWLYD
VSLULWXOEDQFXOXLGHIROFORUL]DWLQWUHWLQLQGSHQWUXXQSXEOLFPDLUHVWUkQVFHYDGLQHIHUYHVFHQWDYHFKLXOXLIHQRPHQ
3kQDvQDQLLGLQXUPDEDQFXODIRVWSXWLQFHUFHWDWEDFKLDURFROLWFXJULMDILHGLQGLVSUHWILHGLQWHDPD1HDIODPFXDFHVW
VXELHFWvQWUXQFYDVLGHVHUWELEOLRJUDILF&HOHFkWHYDWHQWDWLYHPDLQRLQDXDMXQVODRDGHYDUDWDDXGLHQWDSXEOLFDQLFLQXV
DX DQJDMDW vQ vQWUHDJD FRPSOH[LWDWH D SUREOHPDWLFLL 8Q vQWUHJ QXPDU DO UHYLVWHL 'LOHPD GHGLFDW DQXO WUHFXW EDQFXOXL VD
vQYkUWLWvQMXUXOSUREOHPHLIDUDVDUHXVHDVFDDRIL[DVLDGkQFL'HVLJXUPDWHULDHVWHRDUHFXPIDPLOLDUDILHFDUXLDGDUvQWUXQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
PRG SDUWLDO VL GLIX] 6DU LPSXQH vQ SUHDODELO R FXOHJHUH PDVLYD SURIHVLRQDOD VWUXFWXUDWD WHPDWLF VL WLSRORJLF 6DX
LQFHUFDW GXSD  FkWHYD DQWRORJLL PRGHVWH PDL PXOW FX FDUDFWHU FRPHUFLDO $GXQDUHD VL VLVWHPDWL]DUHD PDWHULDOXOXL DU
vQOHVQLVWXGLXOOXLGLQGLIHULWHXQJKLXULGHYHGHUHHWQRORJLFOLQJYLVWLFSVLKRORJLFVRFLRORJLFEDFKLDUVLHVWHFHHDFHDP
YUXW VDVXJHUDP FXSUHGLOHFWLHDLFL  GLQ SHUVSHFWLYDLQWHJUDWRDUH D XQHL ILORVRILLD VSLULWXOXL URPkQHVF %DQFXOQHDVDOYDW
YUHPHvQGHOXQJDWDGHVHULR]LWDWHDQHVDUDWDDvQFUHPHQLULLvQFRQYHQWLHWULPLWkQGXQHMXFDXVVSUHRVHULR]LWDWHPDLDGkQFD
$OOXDDVWD]LSHHOvQVXVLPDLLQVHULRVDUUHSUH]HQWDQXGRDUSODWDXQHLSROLWHFLVLXQEXQSULOHMGHLQWURVSHFWLHQDWLRQDOD
vQWUXQFHDVLVWRULFvQFDUHQHSDVWHPDLPXOWGHFkWRULFkQGXLWDUHDVDXSRDWHWHDPD"GHQRLvQVLQH

$GROI&ULYDW9DVLOH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

%DQFXULOH
%DQFXULFXDQLPDOH

%DQFXULFXGLQR]DXUL
Ì&XPvVLVFKLPEDRGLQR]DXULWDWDPSRQXO"
52DLDYHFKHDIDUDRDLDQRXDvQDXQWUX

Ì&HDXGLQR]DXULLVLFHOHODOWHDQLPDOHQXDX"
5'LQRD]DXULEHEHOXVL

Ì8QGHVHDVHD]DWLUDQR]DXUXODWXQFLFkQGYLQHVLYUHDVDVWHD"
58QGHYUHD

Ì3RWLVDQXPHVWLGLQR]DXULvQVHFXQGH"
5'DEURQWR]DXULVLGRLVWHJR]DXUL

Ì&XPVSXLXQXLGLQR]DXUvQDOWFkWFDVDFXGLQWLLFDGLQWLLILHUDVWUDXOXLVLFXFkWHJKHDUHOXQJLODILHFDUHSLFLRU"
5'RPQXOH

Ì&XPvWLGDLVHDPDFDvQSDWFXWLQHGRDUPHXQGLQR]DXU"
5'XSD'XOPDUHGHSHSLMDPDXDVD

Ì&XPvWLGDLVHDPDFDGRUPLvQSDWFXXQEUDQFKLR]DXU"
5'XSDVIRUDLWXOGHGLQR]DXU

Ì&HDXIRVWQXPLWHSHQWUXREXQDEXFDWDGHWLPSHSDYHSUHLVWRULFH"
56FKHOHWHGHW\UDQR]DXU

Ì&HUH]XOWDGDFDvQFUXFLVH]LXQVRDUHFHFXXQ WULFHUDWRSV"
5*DXULLPHQVHvQSHUHWH

ÌQWURVHDUDSULPDYLQHGLQR]DXUXOODGLQR]DXULWDVLIDFkQGFXRFKLXO]LFH

(LRIDFHP"
(DXLWkQGXVHODSRGHD
0PPQX
$GRXD]LYLQHGLQQRXGLQR]DXUXOODGLQR]DXULWDVLXLWLQGXVHFXVXEkQWHOHV]LFH
(LFXPH"0HUJHXQDPLFD"
(DSULYLQGODYkUIXOSDQWRIXOXL
3DLPPPQX
$WUHLD]LYLQHGLQR]DXUXOODGLQR]DXULWDVL]LFHFXQHUDEGDUH
3DLFXP"QLPLFQLPLF"
(DVDJDOQLF
1XSXLVRUSRDWHPkLQH

6LDVDPDLGHSDUWH
6,$6$$8',63$587',12=$85,,

%DQFXULFXIXUQLFDVLHOHIDQWXO

Ì&HFkQWDXQHOHIDQWFkQGYHGHRIXUQLFDPRDUWD"
52IXUQLFDPRDUWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD

Ì&H]LFHXQHOHIDQWFkQGYHGHRIXUQLFDYLH"
52FDOFDFXFUX]LPHVLFkQWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD

9DULDQWD
Ì&H]LFHXQHOHIDQWFkQGYHGHRIXUQLFDYLH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5,DIXUQLFDvQSDOPDVLvQFHSHVDDSODXGHFkQWkQG2IXUQLFDPRDUWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD

Ì&HUH]XOWDODvQFUXFLVDUHDXQXLHOHIDQWFXRIXUQLFD"
52IXUQLFDPRDUWD

Ì'HFHSRDUWDHOHIDQWLLPDQXVL"
56DQXVHPXUGDUHDVFDSHPkLQLODYkQDWRDUHDGHIXUQLFL

Ì'HFHDXHOHIDQWLLGHJHWHOHGHODSLFLRDUHFUDSDWH"
5&DVDOHGHDVLIXUQLFLORURVDQVD

Ì'HFHVHDVFXQGHOHIDQWLLGXSDFRSDFL"
5&DVDSDFDOHDVFDIXUQLFLOH

Ì&DUHLFXOPHDDPELWLHL"
52IXUQLFDFHVHFDWDUDSHSLFLRUXOXQXLHOHIDQWFXLQWHQWLDGHDOYLROD

8QPXVXURLGHIXUQLFLVHEDWHFXXQ HOHIDQW)LHFDUHvQFHDUFDVDOPXVWHVDOJkGLOHVDOFLXSHDVFDPDURJFHSRDWH/D
XQPRPHQWGDWXQDGLQWUHHOHDMXQJHSHJkWXOHOHIDQWXOXLLDUFHOHODOWHGLVSHUDWHvQFHSVDLVWULJH
68*580$/68*580$/

9DULDQWD
ÌQPLMORFXOXQHLFkPSLLHUDXQPXVXURLGHIXUQLFLÌQILHFDUH]LXQHOHIDQWWUHFHDSHDFRORvQGUXPXOOXLVSUHDSDVLvQILHFDUH
]LFDOFDVLOHGDUkPDPXVXURLXOIXUQLFLORUÌQWUXQDGLQ]LOHIXUQLFLOHVDXKRWDUkWVDvORPRDUHSHHOHIDQW
'DFDPDLFDOFDRGDWDSHPXVXURLXOQRVWUXVDULPWRDWHSHHOVLvORPRUkP
$GRXD]LHOHIDQWXOWUHFXLDUSULQFLPSLHVLLQHYLWDELOFDOFDSHPXVXURLXOIXUQLFLORU'XSDFXPVHYRUELVHUDIXUQLFLOHDXVDULW
WRDWHSHHOVDvORPRDUH(OHIDQWXOVDVFXWXUDWRGDWDVLWRDWHIXUQLFLOHDXFD]XWvQDIDUDGHXQDFDUHDUDPDVFKLDUOD JkWXO
HOHIDQWXOXL$WXQFLRIXUQLFDPDLEDWUkQDVWULJD
$VDDVDVLDFXPVXJUXPDO

Ì2IXUQLFDVWDOkQJDXQVWkOSFDUHHYRSVLWvQGXQJLDOEHVLURVLL'HFHQXSRDWHIXUQLFDVDVHXUFHSHVWkOS"
53HQWUXFDSHDFRORDWUHFXWXQHOHIDQW

2IXUQLFDYURLDVDWUHDFDXQUDXVLILLQGPLFDLLHUDIULFDVDQXRLDFXUHQWXOVLVDVHLQHFH9HGHXQHOHIDQWVLLL]LFH
(OHIDQWXOHQXDLSXWHDVDPDWUHFLVLSHPLQHDSD"
(OHIDQWXORLDSHWURPSDVLRWUHFHDSD)XUQLFDVSXQH
(OHIDQWXOHHVWLFHDPDLPDULQLPRDVDvQGDWRULWRDUHJHQWLODSHUVRDQD
+DLODVDYRUEDVLGH]EUDFDWH

8QHOHIDQWVLRIXUQLFDSHWUHFRQRDSWHvPSUHXQD$GRXD]LFkQGVHWUH]HVWHIXUQLFDJDVHVWHHOHIDQWXOPRUW3OLQDGHQHFD]
VSXQH
)LUDUVDILHGHWUHDEDSHQWUXRVLQJXUDQRDSWHGHSODFHUHWUHEXLHVDSODWHVFRYLDWDvQWUHDJDVDSkQGXLJURDSD

)XUQLFLOH MRDFD IRWEDO FX HOHIDQWLL $WDFDQWXO HFKLSH IXUQLFLORU vQFHDUFD VD GULEOH]H XQ DSDUDWRU DGYHUV FkQG DFHVWD GLQ
JUHVHDODFDGHSHHDVLRPRDUDIXUQLFDSHORF$UELWUXOVHGXFHODHOVLvL]LFH
$FHVWDQXHGHORFIDLUSOD\VDRPRULMXFDWRUXODGYHUV
/DFDUHHOHIDQWXO
(XDPvQFHUFDWGRDUVDLSXQSLHGLFD

8QHOHIDQWVHSOLPEDSULQMXQJODFXXQVSLQvQWDOSD6XIHULQGFXPSOLWvQGUXPXOVDXvQWkOQHVWHRIXUQLFDFDUHLDvL]LFH
'UDJDIXUQLFDDMXWDPD
)XUQLFDFXJkQGXULPkUVDYHvL]LFHFDvODMXWDQXPDLGDFDRODVDVDLRWUDJD(OHIDQWXOvQGXUHUHDVD]LFH
2ULFHRULFHQXPDLDMXWDPD
)XUQLFDVHFDWDUDSHHOHIDQWVLvVLvQFHSHWUHDEDPXUGDUD'LQFRSDFXOGHGHDVXSUDGRXDPDLPXWHXUPDULQGVFHQDVHVSDUJGH
UkV8QDGLQHOHFDGHGLQDWkWDUkVSHVSLQDUHDHOHIDQWXOXLFDUHVWULJD
$XXXPDGRDUH
)XUQLFDWUDJkQGSXWHUQLFODYkVOH]LFH
6XIHUDVXIHUDVWULFDWR

9DULDQWD
8QHOHIDQWVXIHUDFXPSOLWGLQFDX]DXQXLVSLQLQWUDWvQWDOSDÌQGUXPXOVDXvQWkOQHVWHRIXUQLFDFDUHLDvL]LFH
'UDJDIXUQLFDDMXWDPD
)XUQLFDFXJkQGXULPkUVDYHvL]LFHFDvODMXWDQXPDLGDFDRODVDVDLRWUDJD(OHIDQWXOvQGXUHUHDVD]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2ULFHRULFHQXPDLDMXWDPD
)XUQLFDVHFDWDUDSHHOHIDQWVLvVLvQFHSHWUHDEDPXUGDUD'LQFRSDFXOGHGHDVXSUDGRXDPDLPXWHXUPDULQGVFHQDVHVSDUJGH
UkV8QDGLQHOHvQFHSHVDVHPDVWXUEH]HVLvQIRFXULOHSODFHULLFDGHSHVSLQDUHDHOHIDQWXOXLFDUHVWULJD
$XXXPDGRDUH
)XUQLFDRSULQGXVHGLQYkVOLW]LFH
7HGRDUHGUDJD"

2IXUQLFDVHSOLPEDSULQVDYDQD'HRGDWDREDOHJDGHHOHIDQWFDGHSHVWHHD'XSDGRXDRUHUHXVHVWHIXUQLFDVDLDVD
6DILXDGUDFXOXLGUHSWvQRFKLPDORYLW

%DQFXULFXLHSXUDVXO

,HSXUDVXO LQWUD vQ FRIHWDULH VL FHUH YkQ]DWRDUHL GRXD EDQDQH VL XQ VXF GH PRUFRYL %HD VXFXO VL VSUH VWXSHIDFWLD
YkQ]DWRDUHL vVL EDJD EDQDQHOH vQ XUHFKL $ GRXD ]L OD IHO $ WUHLD ]L LGHP 9kQ]DWRDUHD KRWDUkWD VD DIOH PRWLYXO DFHVWHL
SXUWDULFLXGDWHvLVSXQHGXSDSDWUX]LOHFDQXPDLDUHEDQDQH,HSXUDVXOFHUHDWXQFLGRLPRUFRYLVLXQVXFGHSRUWRFDOH%HD
VXFXOVLvVLEDJDPRUFRYLLvQXUHFKLÌQSUDJXOXQHLGHSUHVLXQLQHUYRDVHYkQ]DWRDUHDvOvQWUHDEDGHFHvVLEDJDPRUFRYLLvQ
XUHFKL5DVSXQVXO
3DLGDFDQXPDLDYHWLEDQDQH

,HSXUDVXOLQWUDvQWUXQVXSHUPDUNHWVLFHUkQGXQFXLvQWUHDED
&kWPDFRVWDXQFXL"
9kQ]DWRUXOUDVSXQGH
(LGRPQXOHPDLQLPLFXQFXLVHSRDWHSLHUGHODWUDQVSRUW
7LPSGHRVDSWDPkQDVHDUDGHVHDUDLHSXUDVXOQRVWUXFXPSDUDGHODDFHODVLPDJD]LQXQFXL
,ULWDW YkQ]DWRUXO VH KRWDUDVWH VDL GHD GLQ SDUWHD ILUPHL GUHSW FDGRX XQ NLORJUDP GH FXLH /D DFHDVWD RIHUWD LHSXUDVXO
UDVSXQGH
$QXQDPQHYRLHGHXQNLORJUDPGHFXLH6WLWLHXLHVVHDUDODSOLPEDUHVLQDPFXLVDGDXWHOHIRQ

,QWUDLHSXUHOHODIHURPHWDOODPLQXWHGXSDvQFKLGHUH
9kQ]DWRUXO%DLWXQXYH]LFDDPvQFKLV""
9UHDXVLHXXQFXL
3OHDFDGUDFX
$PvQFKLV
)RDUWHXUkWGLQSDUWHDGYVQXVWLWLVDYDSXUWDWLFXFOLHQWLL
3DLWXFHDLIDFHLQORFX
PHX"
+DLVDWLDUDW
)DFDVWLDVFKLPEGHORFXULWUHFHLHSXUHOHODWHMJKHDLDUYkQ]DWRUXOLHVHDIDUDVLGXSDDLDLQWUDODORFLQPDJD]LQ
%XQD]LXD$VGRULVLHXXQFXL
,HSXUHOH&HGLPHQVLXQHVDDLED"
3DLYUHRFHQWLPHWUL
1LFKHODWLQR[LGDELOVDXQRUPDO"
3DLQRUPDO
6LLHSXUHOH$YHP'D
LHVLLQS DPDWLDIDUDQXYH]LFDDPvQFKLV""

,HSXUDVXOVHGXFHODFRIHWDULH
$YHWLVXFGHPRUFRY"
1X]LFHYkQ]DWRDUHD
$GRXD]LGLQQRX
$YHWLVXFGHPRUFRY"
1XQXDYHPVXFGHPRUFRYUDVSXQGHYkQ]DWRDUHDLQGLJQDWD
6LWRWDVDVHGXFHLSXUDVXOODFRIHWDULDUHVSHFWLYDYUHRWUHLSDWUX]LOHODUkQGWHURUL]kQGRSHVDUDFDYkQ]DWRDUHFXvQWUHEDUHD
$YHWLVXFGHPRUFRY"
3LQDODXUPDvQWUR]LFkQGYLQHLHSXUDVXO
$YHWLVXFGHPRUFRY"
'$$YHPVXFGHPRUFRYUDVSXQGHYkQ]DWRDUHDH[DVSHUDWD
%($$+

,HSXUDVXOVHGXVHLQWUR]LODEUXWDULH
7DQWLYDURJPXOWDYHWLFXPYDFKLIOXWHGLQDFHOHDPLFLPLFLVLWDULWDULGHWRWSHFDUHQXOHSRDWHPkQFDQLPHQL"
1DYHPDVDFHYDQRLVXQWHPREUXWDULHUHVSHFWDELODPDUVGHDLFL
$GRXD]L
7DQWLYDURJPXOWDYHWLFXPYDFKLIOXWHGLQDFHOHDPLFLPLFLVLWDULWDULGHWRWSHFDUHQXOHSRDWHPkQFDQLPHQL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQWHOHJHFDDLFLIDFHPQXPDLSkLQHFDOXPHDQXDYHPDVDFHYD
$WUHLD]L
7DQWLYDURJPXOWDYHWLFXPYDFKLIOXWHGLQDFHOHDPLFLPLFLVLWDULWDULGHWRWSHFDUHQXOHSRDWHPkQFDQLPHQL"
'DPDFDPDLvQQHEXQLWDPJDVLWFkWHYDPLFLPLFLVLWDULWDULGHWRWGHQXOHSRDWHPkQFDQLPHQLSHIXQGXOXQXLVHUWDU
'D
LHSXUDVXO
%XQDFXPVDYHGHPFLQHOHPDQkQFD

,HSXUDVXOVHGXVHvQWUR]LODFRIHWDULH
7DQWLYDURJPXOWDYHWLFXPYDXQWRUWPDUHFkWRPDVDVLFXIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFLQGvOYH]L"
1HSDUHUDXLHSXUDVXOHGDUQXDYHPDVDFHYD
$GRXD]L
7DQWLYDURJPXOWDYHWLFXPYDXQWRUWPDUHFkWRPDVDVLFXIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFLQGvOYH]L"
1HSDUHIRDUWHUDXLHSXUDVXOHQXDYHPDVDFHYD
$WUHLD]L
7DQWLYDURJPXOWDYHWLFXPYDXQWRUWPDUHFkWRPDVDVLFXIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFkQGvOYH]L"
6LJXUODPFRPDQGDWVSHFLDOHPDUHFkWRPDVDVLDUHIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFLQGvOYH]L,DXLWHO
'D
LHSXUDVXO
%KOHHHRRRDDKKK

,HSXUDVXOODIDUPDFLH
7DQWLYUHDXVLHXQLVWHGURJXUL
7DFLPDHVWLQHEXQQHLDSROLWLDSHWRWL9LQRPkLQH
$GRXD]L
7DQWLYUHDXGURJXUL
*XUDFDQDPIDFXWLQFDURVW9LQRPkLQH
$WUHLD]L
7DQWLGURJXULOH
*DWDDPDGXVKDLDLFLGXSDWHMJKHDVDWLGDX
/DFDUHLHSXUDVXOLHVHUHSHGHvQVWUDGDVLvQFHSHVDVWULJH
1HQHDSROLWLVWXOQHQHDSROLWLVWXOODIDUPDFLHDXGURJXUL

,HSXUDVXOODIDUPDFLH
'DWLPLYDURJXQNLOGHPRUFRYL
%DVPHFKHUHDLFLHIDUPDFLHQXDSUR]DU'LVSDULLPHGLDWFDPDHQHUYH]L
$GRXD]L
9DURJIUXPRVGDWLPLVLPLHXQNLOGHPRUFRYL
)DFLSHQHEXQX
GD"'DFDWHPDLSULQGFDYLLRGDWDVDPLFHULPRUFRYLWHDJDWGHXUHFKLSHSHUHWH
$WUHLD]L
9DURJIUXPRVYUHDXVLHXQLVWHPRUFRYL
/DOXDWVLODDJDWDWSHSHUHWH3HSHUHWHOHRSXVSR]DOXL&HDXVHVFX
=LFHLHSXUDVXO
6LWXWRWSHQWUXPRUFRYL"

/XSXOXUVXOVLYXOSHDPHUJUXSWLGHEHWLSULQSDGXUH,HSXUHOHvLYHGHVLIRORVHVWHGLQSOLQRFD]LDLYLWDVSUHDLFLRPDJLELQH
SHWRWLWUHLÌQ]LXDXUPDWRDUHVHIDFHDGXQDUHvQSDGXUHVLOHXOvLvQWUHDEDSHFHLWUHL
&XPDUDWDIDSWDVXO"
&HLWUHLQXVLPDLSRWDGXFHDPLQWHGHFkWGHXQVHPQDOYLFWRULHL9YH]LXUHFKLOHLHSXUDVXOXL
,HSXUDVXOVSXQHYLSHUHL
6HVWUkQJHFHUFXO

9LQHYXOSHDGLVSHUDWDODOHXFXRUHFODPDWLHDIRVWYLRODWDFUXQWGHXQQHFXQRVFXW
&HYDVHPQDOPHQWH"vQWUHDEDOHXOIXULRV
1XVWLXQLPLF]LFHYXOSHDHUDvQWXQHULF7RWFHDPUHWLQXWHFDDYHDQLVWHXUHFKLOXQJL
%XQ'DRUGLQOHXOVDVHDOLQLH]HDEVROXWWRDWDOXPHDSHXQVLUVLvQFHSH
'RDPQDYXOSHDIRVWYLRODWDGHFLQHYDFXXUHFKLOXQJL$FXPYDFRQWUROH]VLYHGHPQRLFLQHDIRVWQHQRURFLWXO
=LFHLHSXUDVXOGkQGXVLXUHFKLOHSHVSDWH
3ULHWHQHPDJDUDLGDWGHGUDFX

ÌQSDGXUHLQYD]LHGHSDGXFKLSXULFLFDSXVHHWF/HXOGDGHFUHWFDWRDWHDQLPDOHOHVDVHUDGDODSLHOH
DGRXD]LXUPDQGVDVHIDFDLQVSHFWLDSWDVHFRQVWDWDGDFDWRDWHVDXWXQV]HUR
,HSXUHOH QX VH WXQGH QXPDL DVD GHDO GUDFX
 /D RUD  SXQFW WRDWH DQLPDOHOH VDX VWUDQV LQ SRLDQD/HXO UDV VL HO IDFH
LQVSHFWLD
%DLYXOSHYH]LFDQXWHDLUDVSHFRDGD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DOHXOHDVDHGDUFRDGDHVLQJXUXOOXFUXFXFDUHPDPDQGUHVF&XPVDPDUDG""
*85$PDLQHWHSUH]LQWLIDUDSLFGHSDU$,,17(/(6"8UPDWRUX
9LQHOXSXO
9H]L9XOSHFXPVDWXQVOXSXO",LVWDFKLDUELQH8UPDWRUXO
8UPDWRUXOHUDLHSXUHOHFDUHIXPDLQWHULRUL]DW
%DLQHPHUQLFXOHWXGHFHPDWDQXWHDLWXQV"
3DLQDYUXWPXVFKLLPHL
1XWLHUXVLQHPD""8LWHFDVLVRERODQXOVDUDV1XLDVDVRERODQH"
6RERODQXO
0DULD7DQDVLQGUD]QLGD
HXVXQW$ULFLXO

/HXOVHSOLPEDSULQSDGXUH/DXQPRPHQWGDWvOYHGHSHOXSvQPLMORFXOFDUDULLSOLQGHVkQJHvQWURVWDUHMDOQLFD
&HVDvQWDPSODWFXWLQHOXSXOHGHDUDWLvQKDOX
DVWD""
3DLVDYH]LDXWUHFXWSHDLFLLHSXUDVX
VLOHRDLFDFDUHPDIRORVLWSHSRVWGHWDPSRQ
0DPDSDLQXDMXQJLRDFDVDVDYH]LFHLIDFOHRDLFHL
3OHDFDOHXOPDLGHSDUWHVHLQWDOQHVWHFXYXOSHDDIODWDLQDFHHDVLVWDUH
&HWLVDLQWDPSODW"
3DLVWLLDWUHFXWSHDLFLOHRDLFDVLLHSXUDVX
LDUOHRDLFDPDIDFXWWDPSRQ
$KDWRWHD/DVDFDDMXQJHXDFDVD
0HUJHPDLGHSDUWHVLRYHGHSHEXIQLWDSOLQDGHVkQJHFXDULSLOHUXSWHSHQHOHUDYDVLWHHWF
/HRDLFDWHDIRORVLWSHSRVWGHWDPSRQQX"
'D OHXOH GD
 LR LPLEDJ FHYD LQ QHQRURFLWX
 DOD GH LHSXUDV FD LD ]LV FD DOHD FX DULSLRDUH VXQW PDL EXQH FD QX SDWHD]D
VOLSX


=LGHVHGLQWDvQSDGXUHYLQWRWLFXH[FHSWLDLHSXUDVXOXL/HXORWULPLWHSHYXOSHVDYDGDFDUHLEDLXO
6HQWRDUFHYXOSHDVLUDSRUWHD]DFDSHXVDODLHSXUDVHUDXQELOHWSHFDUHVFULD2UD6H[XDOD
'DDD"ELQHELQHvQWHOHJHPVLWXDWLD
3HVWHYUHRGRXDVDSWDPkQLRDOWDVHGLQWD'LQQRXOLSVHVWHLHSXUDVXO6LGLQQRXYXOSHDVHQWRDUFHFXDFHDVLYHVWH
2UD6H[XDOD""
/DSUR[LPDVHGLQWD VLWXDWLDVHUHSHWDOHXOvVLSLHUGH UDEGDUHD VL vPSUHXQD FX R FRPLVLH YXOSHDEXUVXFXO VFO vL IDF R
YL]LWDLHSXUDVXOXL
%DWHLODXVDQLPLF,QWUDVLOYDGSHLHSXUDVVWkQGVLQJXUvQIRWROLX
3DLFXP]LFHOHXOVLQJXUHOVLQJXUHO"
3DLGDDD]LFHFDVFkQGLHSXUDVXOPDI HROHQHHH

3HQWUXFDVFD]XVHGUDPDWLFQLYHOXODQXDODOQDWDOLWDWLLLQSDGXUHOHXOVHKRWDUDVWHVDIDFDRVHGLQWDFXDQLPDOHOH6HVWULQJ
WRDWHPDL SXWLQLHSXUDVX
/HXOvO WULPLWH SH OXSVD YDGD FXP VWD WUHDED OD LHSXUH DFDVD $MXQV DFROR OXSXO YHGH SH XVD R
LQVFULSWLHPDUH18'(5$1-$7,25$'(6(;2/2*,(
6HvQWRDUFHODOHXvLVSXQHVLOHXOvOGDGHH[HPSOXSHLHSXUDV
9HGHWLYRLVXSXVLLPHLQRLVWDPDLFLVLIDFHPHGXFDWLHVH[XDODFDSURVWLLLDULHSXUDVX
QXDUHWLPSGHDVDFHYD
HOQXDUHQHYRLHGHWHRULHHOSXQHGLUHFWLQSUDFWLFDEUDYROXL
)D]DVHUHSHWDYUHRWUHL]LOHODUkQGGXSDFDUHHQHUYDWVHGXFHFKLDUOHXOODLHSXUHDFDVD
,QWUDVXSDUDWLHSXUDVX
VWDWHDvQIRWROLXFXSLFLRDUHOHSHPDVDVLIXPDvQVLFWLU
&HHOHXOHQDLYD]XWFHVFULHSHXVD"
%DGDPDGD
FHIDFLWXVLFHVFULHDFROR"
3DLPDI WHROHQHHH

,HSXUDVXOVWDWHDVLHOvQWUR]LVLPXQFHDGH]RUGXSDREXWXUXJD7UHFHVL8UVXOSHDFROR
&HIDFLWXDFROR,HSXUDVXOH"
ÌPLFXUDWSLVWROXOFDVDOvPSXVFSH/XS
8UVXOQXSUHDSDUHFRQYLQVFD,HSXUDVXOVWLHFXFLQHDUHGHDIDFH
%LQHPDL,HSXUDVXOHGDFDWX]LFLDVD
8UVXOSOHDFDPDLGHSDUWHSHGUXPXOOXL'XSDXQWLPSWUHFHVL9XOSHDSHDFROR
&HIDFLWXDFRORPDL,HSXUDVXOH"
ÌPLFXUDWSLVWROXOFDVDOvPSXVFSH/XS
9XOSHDFkQGDXGHGHDVDFHYDGHYLQHIRDUWHvQJULMRUDWDVLVHSUHJDWHVWHVDVHFDUHFvWPDLUHSHGHGHDFROR
7UHDEDWD,HSXUDVXOH(XQXDPHVWHFvQDIDFHULOHWDOH
9XOSHDSOHDFDPDLGHSDUWHvQJUDEDPDUH'XSDXQWLPSWUHFHVL/838/SHDFROR
&HIDFLPDWXDFROR,HSXUH"
$D$D8LWHvPLFXUDWVLHXSLVWROXOVLYRUEHVFSURVWLL

ÌQWUR]LVHSOLPEDLHSXUDVXOSULQSDGXUHVHvQWkOQHVWHFXYXOSHD
%XQDFHPDLIDFLLHSXUDVXOH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2ELQHYXOSHRPDVLPWH[FHOHQWVLQWLQWURIRUPDJUR]DYDGDFDPDvQWLOQHVFFXXUVXOvLGDXFLWHYDODEHGHOQHQRURFHVF
SUDIvOIDF
([WUDRUGLQDU
0DLPHUJHHOFHYDVHvQWkOQHVWHFXOXSXO
&XPRPDLGXFLLHSXUDVXOH"
1HPDLSRPHQLWPDVLPWH[FHOHQWVXQWvQWURIRUPDJUR]DYDGDFDPDvQWkOQHVFFXXUVXOvLGDXFLWHYDODEHGHOQHQRURFHVF
SUDILOIDF
8OXLWRU
0DLPHUJHFkWPDLPHUJHLDWDFDYLQHFKLDUXUVXO
+DLVDOXWLHSXUDVXOHDPDX]LWFDWLPHUJHQHPDLSRPHQLWFHPDLIDFL"
&HVDIDFQHQHXUVXOHLDPDSOLPEVLHXSULQSDGXUHVLYRUEHVFSURVWLL

ÌQWUR]LWUHFHDLHSXUDVXOSULQSDGXUHFXXQ WHOHYL]RUFRORULQEUDWH6HvQWkOQHVWHFXOXSXO
,DXLWHVPHFKHUH]LFHOXSXOXQWHOHYL]RUFRORUGHXQGHDLIDFXWURVWGHHO"
3DLVDYH]LFXPDIRVW]LFHLHSXUDVXO0HUJHDPHXDVDSULQSDGXUHVLGDXSHVWHYXOSH
6LHDVSXQHFHPDLIDFLLHSXUDVXOHFDQXWHDPPDLYD]XWGHPXOWLDKDLSHODPLQHvQYL]LWD
0DPGXVYXOSHDDSXVPDVDDPPLQFDWGXSDDLDYXOSHDVDGH]EUDFDWVDvQWLQVSHSDWXOFHOPDUHVLD]LV
JDWDLHSXUDVXOHDFXPSRWLVDPLLHLFHDPHXPDLVFXPSSHOXPH
/DFDUHHXPDPXLWDWvQMXUVLDPOXDWWHOHYL]RUXO

,HSXUDVXOvVLvQYDWDILXOSHLHSXULFDVDIDFDVH[$GXFHvQDFHVWVFRSWUHLLHSXURDLFH]GUDYHQHVLvQFHSH
)LLDWHQWILXOHFDDVWDHWUHDEDVHULRDVD8UPDUHVWHWHKQLFDvQGHDSURDSHFRQFHQWUDWLHPD[LPD*DWD"
6HFRQFHQWUHD]DLHSXUDVXO
SUDIOHDPIDFXWDLYD]XW"(DVDWUHEXLHVDIDFLVLWX'DLGUXPX

ÌQFHSHLHSXULFDVDVHVFUHDPD
8XXQQXGGGGRRRRGRLWUUUUUHL
1X]LFHLHSXUDVXOFHHVWLQHEXQ"
3DLGHWLQHGHSLQGHWRWYLLWRUXOQHDPXOXLQRVWUXSHQRLQHYkQHD]DWRWLOXSLRDPHQLUHEXLHVDvQYHWLVDILLLXWHLXWHGHWRW
)LLDWHQWFDWLPDLDUDWRGDWDJDWD
0DLvQFHDUFDRGDWDLHSXULFDVLHVXHD]DMDOQLF=LFHLHSXUDVXO
%DWXHVWLVODEVODEGHWRW'DRGUDFXOXLQLFLDWLWDOXFUXQXSRWLVDIDFL"
0DVFkUEHVWLILXOHYH]LFDWLPDLDUDWRGDWDVLJDWDJDWD$FXPWX
6HLQGLUMHVWHLHSXULFDVHFRQFHQWUHD]DDFXWVWUkQJHGLQGLQWLvVLDGXQDWRDWHSXWHULOH
DKVFX]DPDWDWD

ÌQEDUXOGLQSDGXUHDJORPHUDWLHPDUH,QWUDLHSXUDVX
VLVWULJD
'RXDEHULVLVDFkQWHPX]LFD
9XOSHDVHVFRDODGHODRPDVD
%DLLHSXUDVXOHFHPDWHDLIDFXWMPHFKHU""'HFHVWULJLED""
,HSXUDVX
vLUDVSXQGHFDOP
&HYUHLEDQHQRURFLWR"+DLDIDUDVDQHDUGHP
,HVDIDUDVHDXGEXEXLWXULVLLQWUDQXPDLLHSXUHOH
'RXDEHULVLVDFkQWHPX]LFD
6HULGLFDVLOXSXO
&HYUHLPD"7XFUH]LFDGDFDWLDPHUVFXYXOSHDHVWLWDUH"+DLDIDUDVDWLDUDW
0RUWDO.RPEDW

,HVDVWLDGXSDPLQXWHLQWUDQXPDLLHSXUHOH'HGDWDDVWDSURWHVWHD]DXUVXOHWFDFHHDVLSRYHVWHLQWUDLHSXUHOHVLVWULJD
'RXDEHULVLVDFkQWHPX]LFD
6HGHVFKLGHXVDVLLQWUD/(8/
6DILH
%HUJHQELHU
FDVXQWFXFXPQDWDPLX

6HVXLH,HSXUDVXOvQWUXQWUHQ$FRORYHGH9XOSHDPHUJHODHDVLL]LFH
,HSXUDVXO9XOSHRKDLDIDUDVDQHEDWHP
9XOSHD(VWLPLFPDLLHSXUDVXOHVLQXYUHDXVDWHEDW
,HSXUDVXO+DL9XOSHRDIDUDVDQHEDWHP
9XOSHD%LQHKDLDIDUD
0HUJHLGRLDIDUDVLSHVWHXQWLPSYLQH,HSXUDVXOFXSLHOHDYXOSLL
2DVHD]DMRVVLPHUJHOD/XS
,HSXUDVXO+DL/XSXOHDIDUDVDQHEDWHP
/XSXO1XYLQFDWHEDWPDUWHRPRU
,HSXUDVXO+DL/XSXOHDIDUDVDWHEDW
/XSXOSDQDODXUPDVHvQYRLHVWHVLPHUJDIDUD3HVWHXQWLPSYLQH,HSXUDVXOFXSLHOHDOXSXOXLVLRSXQHMRV
9HGH,HSXUDVXOSH8UVVLPHUJHODHOVLL]LFH
,HSXUDVXO+DL8UVXOHDIDUDVDQHEDWHP+DLDIDUDFHWHvQGRLDVDWHEDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8UVXO1XYLQPDL,HSXUDVXOHFDWHEDWVLWHRPRU
,HSXUDVXO+DLDIDUD8UVXOHVDWHEDW
'XSDXQWLPSVHvQYRLHVWHVL8UVXOVLPHUJDIDUD3HVWHSXWLQWLPSYLQH,HSXUDVXOFXSLHOHDXUVXOXLVLRSXQHMRV
6HSXQH,HSXUDVXOSHEDQFKHWDVLLHVH/HXOGLQWUXQFRPSDUWLPHQW
/HXO,HSXUDVXOH]LPLFLQHWHPDLVXSDUDFDODSULPDFRERU

0HUJH,HSXUDVXOSULQSDGXUHVLJDVHVWHRVWLFODFXYRGFD6HXLWDODHDVHJkQGHVWHVLDSRLRLDVLEHDGLQHD6HvPEDWD
,HSXUDVXODVDWDUHGHFDGHMRV
7UHFHVL9XOSHDSHDFRORVLYHGH,HSXUDVXOvQWLQVSHMRV
6HJkQGHVWH9XOSHD
$FXPPDQkQFLHSXUDVYDLPDQkQFLHSXUDV
&kQGVDOPDQkQFHSH,HSXUDVYHGH9XOSHDVWLFODFXYRGFD2LDFDVDEHDvQDLQWHGHPkQFDUHFHYD%HD9XOSHDEHDEHDVL
VHvPEDWDGHFDGHVLHDSHMRV
9LQHVL/XSXOSHDFRORVLYD]kQG,HSXUDVXOSHMRVVHJkQGHVWH
$FXPvOPDQkQFSH,HSXUDVYDLFHELQHFDVLDVDVXQWIODPkQG
&DQGPHUJH/XSXOVDOPDQkQFHSH,HSXUDVYHGHVLHOVWLFODVLRLDVDEHDVLHOFHYD%HD/XSXOFHEHDSkQDVHvPEDWDVLFDGH
SHMRV
'XSDSXWLQWLPSWUHFHVL8UVXOSHDFROR9HGH8UVXOSH,HSXUDVSHMRVVLVHJkQGHVWH
$FXPPDQkQF,HSXUDVXOYDLFHELQHRVDPDQkQF
&DQGVDOPDQkQFH8UVXOSH,HSXUDVYHGHVLHOVWLFODVLvQFHSHVDEHDFHYDvQDLQWHGHPkQFDUH%HD8UVXOPXOWVLVHvPEDWDVL
FDGHVLHOSHMRV
(UDXWRWLSDWUXSHMRVFkQGVHVFRDOD,HSXUDVXOVLYD]kQGXLSHFHLODOWLvQWLQVLSHMRV]LFH
9DLFHUDXvVODEHWLH

=LXD GH QDVWHUH D OHXOXL 'D DVWD XQ EDLUDP EHVWLDO VL LQYLWD WRDWH DQLPDOHOH &HYD GH YLV GLVFRWHFD JDJLFL VWULSWHDVH
ODVHULHWF
6SUHGLPLQHDWDLHSXUHOHERUDVWHvQWUXQERVFKHWVLDGRDUPHDFROR
/HXOVHIDFXVHPXFLLDXQWRSRUVLRPRDUDWRDWHDQLPDOHOH
$GRXD]LVHWUH]HVWHLHSXUHOHPDKPXUvQMXUXOOXLQXPD
VkQJHEXFDWLGHEODQD
FUHLHULSULQLDUEDHWF6HSRFQHVWHSHVWHIUXQWH
0DGD
XUkWPDLIDFODEHWLH

/DEDUXOGLQSDGXUHVDEDJDWYRGFD$OFROLVWXOGHLHSXUDVVHDVD]DVLHOODFRDGD/DXQPRPHQWGDWDSDUH8UVXOFDUHVH
EDJDLQIDWD,HSXUDVXOHQHUYDW
%DLQHQRURFLWXOHFHWHEDJLPDvQIDWD"
6HLQWRDUFH8UVXOVLLQWUHDED
&DUHDLYRUELW%$""
7RDWHDQLPDOHOHVHIDFFDSORXDWRUHQWLDO9LQHVLUkQGXOLHSXUDVXOXLFXPSDUDRQDYHWDvQWUHDJDVDDLEDSWLDUQDVLVHGXFH
DFDVD
6HDVD]DLQIRWROLXGHVFKLGHRVWLFODWUDJHXQJkWVDQDWRVVL]LFH
,REDFHHVWLMPHFKHU"

ÌQWUR EXQD ]L OHXO UHJHOH DQLPDOHORU FRQYRFD WRDWH DQLPDOHOH GLQ SDGXUH SHQWUX D OH FRPXQLFD XQ IDSW GH PD[LPD
LPSRUWDQWD
6WLPDWH DQLPDOH GLQ LQIRUPDWLLOH SH FDUH OH GHWLQHP OD DFHDVWD RUD DP FRQVWDWDW FD SDGXUHD HVWH LQWUR VWDUH DYDQVDWD GH
PXUGDULH
'HDFHHDDPKRWDUkWVDVHFRQVWUXLDVF:&XULSXEOLFHVLQLFLXQDQLPDOVDQXVLPDLIDFDQHYRLOHLQWXILVXULFDFLYDILDVSUX
SHGHSVLW
%XXXQ]LVVLIDFXWÌQWUR]LOHXOVHSOLPEDvQLQVSHFWLH&kQGGHRGDWDGLQWUXQWXILVDX]LXQ]JRPRWFLXGDW
6HDSURSLHVLvOSULQVHSHLHSXUDVIDFkQGXVLFODQGHVWLQQHYRLOH
$SXFkQGXOGHXUHFKLvOWUDVHDIDUDVLvQFHSXVDOFHUWH
%LQHEDLDQLPDOXOHQXWLDP]LVFDQXPDLDLYRLHVDWLIDFLQHYRLOHvQSDGXUH"
,DULHSXUDVXOvLUDVSXQVHVXSDUDW
0DLQHQHOHXOHPDLODVDPDVLWXLQSDFHFDVLDVDVXQWQHFDMLW6DVWLLFDQXPDPDLGXFvQYLDWDPHDOD:&XULOHWDOH
'HFHPDLLHSXUDVXOH"vOLQWUHEDOHXOXLPLW
3DLVDYH]LGHXQD]LDPDYXWVLHXQHYRLHVLPDPGXVOD:&FDXQLHSXUDVFLYLOL]DWFHVXQW/kQJDFDELQDPHDHUDXUVXO
ÌPLIDFHDPHXWUHDEDOLQLVWLWFkQGGHRGDWDXUVXOPDvQWUHDED$X]LPDLLHSXUDVXOHWLHvWLFDGHSDUXO"
(XLDPVSXVFDQX6LDWXQFLVWLLPDOHXOHFHPLDIDFXW"0DOXDWGHXUHFKLVLVDVWHUVFXPLQH

8UVXOVHSOLPEDSULQSDGXUHFXRIRDLHvQPkQD6HvQWkOQHVWHFXOXSXO
&HDLDFRORXUVXOH"
/LVWDFXDQLPDOHOHSHFDUHWUHEXLHVDOHXFLGD]L
9DLVLQXFXPYDVXQWVLHXSHOLVWD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DLHVWLODQXPDUXO
9DLQXPDRPRULODVDPDVDPDGXFODFRSLLLPHLVDLPDLYDGRGDWDVLGXSDDLDSRWLVDPDRPRUL
%LQHKDL
6HGXFYHGHOXSXFHDUHGHYD]XWDSRLvORPRDUDXUVXO
'XSDXQWLPSVHvQWkOQHVWHFXYXOSHD
8UVXOHFHDLDFROR"
/LVWDFX
9DLVLVXQWVLHXDFROR"
'DODQU
8UVXOHQXPDXFLGH/DVDPDVDvPLYDGFRSLLLHWF
%LQH0HUJHVHXLWDPRDUHVLYXOSHD
0DLWLU]LXFXLHSXUHOH
8UVXOHXUVXOHFHDLDFROR"
/LVWDFXDQLPDOHOH
6LVXQWVLHXSHDFROR"
3DLHVWLODQU
$2/(8
6LQXSRWLVDPDVWHUJLGHSHOLVWD"
%DGD

&LFDPHUJHDLHSXUDVX
SULQSDGXUH6LVSXQHD
0DDDDGDPDUHVPHFKHUVXQWPDPDFHWDUHVXQW
9LQHXUVXVLVSXQH
/DVRPRDUWDLHSXUDVXOHFDQXHFKLDUDVD
,HSX
0DPDDDDDFHWDUHVXQWFHPXVFKLDP
8UVX
%DLLQFHSLVDPDFDOFLSHQHUYLWDFLRGDWD
,HSX
,DXLWDWHDLFLFHGHILEUD0LVV2OLPSLDQXJOXPDKHKHKH
8UVX
7XQXHVWLvQWRDWHPLQWLOH
6LLDUGHXUVXOHWXXQDGH]ERDUDLHSXUHOHSULQWRDWDSDGXUHD
&DGHLQWUXQODFVHVFRDODVHVFXWXUDVL
%DLFHWDUHVXQWFHPXVFKLDP
'DUVXQWXVVRRRRUUUUU

)DFHOHXOVHGLQWDGHSDUWLGVLDGXQDDQLPDOHOHGLQSDGXUH
%DLDPDULWLORU'HDFX
vQFRORVDVWLWLFDLHSXUDVX
DLFLGHIDWDHFHOPDLWDUHGLQSDUFDUHGXSDPLQH
$QLPDOHOH%LQHVHIX
6DIDFXW
6HWRWSOLPEDLHSXUHOHSULQSDGXUH2YHGHSHYXOSHVLLWUDJHXQDSHVWHERW
9XOSHDQX]LFHQLPLFGH
6HvQWkOQHVWHLHSXUHOHFXXUVX,RWUDJHVLOXL8UVX
DUYUHDVDULSRVWH]HGDULHSXUHOHHFHOPDLWDUHGXSDOHX
6HvQWkOQHVWHLHSXUHOHFXWLJUXOVLLGDXQDSHVWHERW
6HvQIXULHWLJUXOVLOPDQkQFD
0RUDOD7LJUXOQXDIODVHFDLHSXUDVXOHFHOPDLWDUHGXSDOHX

,HSXUDVXOVHGXFHODYL]XLQD/XSXOXLGDEX]QDvQDXQWUXVLOLDSH/XSLVRUODLQWUHEDUL
%DLXUDWXOH,DFKHDPDOSHWDFWX

$SDUH/XSXO&HYUHLPD",HSXUDVXOLLDUGHGRLSXPQL=%$1*=%$1*VLIXJH
/XSXO0DPDvOQHQRURFHVFSHDVWDvOUXSHWF
$GRXD]LODIHODWUHLDDFHODVLOXFUXVHHQHUYHD]D/XSXOVLODVWHDSWDGXSDXVD
,QWUDLHSXUHOH8QGHHVWLEDLOXSXOH"ÌOSULQGH/XSXOGHJkW
$KDQHPHUQLFX
GUDFX
,DVDYH]LFHRPRUvWLGDXHXDFX

6WDL/XSXOHDPGUHSWXOODRXOWLPDGRULQWD
%LQHPD&HGRULQWDDL"
3DLYUHDXVDIDFRSLUXHWDPLHPLDSODFXWPXOWFRUHJUDILDHWF
ÌLGD/XSXOGUXPXOIDFHLHSXUDVXORSLUXHWDvLGDGRLSXPQL=%$1*=%$1*GXSDFDUHIXJH
/XSXOJkQGLWRU%DLFHFRUHJUDILHWkPSLWD

Ì'HFHDUHLHSXUDVX
FRGLWDODVSDWH"
5&DQIDWDLHO

/HXOUHJHOHSDGXULLGDGHFUHWFDvQILHFDUH]LDLPDOHOHWUHEXLHVDYLQDVDvLDGXFDGHPLQFDUHVLGDFDQXLSODFHPLQFDUHDvL
EDWHFXEXODQXOSHVSDWH3ULPX
YLQHXUVX
FXXQERUFDQFXPLHUH/HXOQHUYRV
3DLELQHEDDERXOHPDLYD]XWWXSHPLQHYUHRGDWDVDPkQFPLHUH"
6LMDSvOEDWHGHOQHQRURFHVWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$GRXD]LDSDUHLHSXUDVXFXXQPRUFRY
%DLLHSXUDVXOHPDVWLLWXSHPLQHVDPkQFPRUFRYL"6LGDLVLEDWHO
/DFDUHLHSXUDVX
FXXQRFKLSOkQJHDVLFXXQXOUkGHD
/HX
LQWULJDW
%DLLHSXUDVXOHGHFHFXXQRFKLSOkQJLVLFXFHODODOWUk]L"
3DLFXXQX
SOkQJFDPDGRDUHVLFXFHODODOWUkGFDDULFLX
YLQHFXXQPDU

(UDRYUHPHFkQGSULQSDGXUHEkQWXLDRVDUDFLHOXFLH&HPDLQXVHJDVHDDSURDSHQLPLFGHPkQFDUHÌQWUREXQD]LXQ
LHSXUDV DQHPLF VL LQIRPHWDW VH SOLPED YLVkQG OD PRUFRYL YDU]D VDODWL VL DOWH GHOLFDWHVH &kQG GLQWUR GDWD FHL YD]XUD
RFKLL"ÌQPLMORFXOGUXPXOXL]DFHDXQFRVFXRXD,HSXUDVXOVHIUHFDODRFKLVHFLXSLGHXUHFKLVDVHWUH]HDVFDVLYD]kQGFDQX
DUHKDOXFLQDWLLVHDSURSLHSLSDLVLH[FODPD
(VWH
'XSDFHvVLUHYHQLGLQVRFXOVXIHULWLHSXUDVXOvQFHSXVDQXPHUHRXDOH(UDX
,HSXUDVXOvQFHSXVDVLIDFDSODQXULFXPVDOHJDWHDVFDPDLELQHVLDMXQVHODFRQFOX]LDFDVROXWLDRSWLPDHVWHRPOHWD
3OLQGHEXFXULHLHSXUDVXOVHvQGUHSWDVSUHFDVDFkQGvOIXOJHUDXQJkQG
ELQHGDUHOHUDXQLHSXUDVPLFVLvQWLJDLDOXLQXDUvQFDSHDRRPOHWDGHGHRXD
$SRLLHSXUDVXOvVLDPLQWLGHSULHWHQXOVDXXUVXOFDUHILLQGDVDPDUHWUHEXLDVDDLEDVLRWLJDLHSHPDVXUDvQFDUHLHSXUDVXOVL
DUILSXWXWIDFHRPOHWDGRULWD
$VDFDLHSXUDVXOSOHFDODXUVVDLFHDUDWLJDLD3HGUXPvQFHSXVDVHJkQGHDVFD
8UVXOPDYDvQWUHEDODFHPLWUHEXLHRWLJDLHDVDPDUH+PPGDFDvPL]LFHVDLGDXRXD"
,HSXUDVXOVHJkQGLFDvLPDLUDPkQFDUHDUILIRVWRULFXPGHVWXOHSHQWUXHO
0DLPHUVHFHPDLPHUVHFkQGXQDOWJkQGvLWUHFXSULQFDS
%LQHGDUGDFDvPLFHUH"(KRULFXPVLGHRXDPLDUDMXQJHVDPDVDWXU
'DUSHVWHSXWLQWLPSVHRSULGLQQRX
'DUGDFDvPLFHUHGHRXD"ÌPLUDPkQ0DVDWXUVLFXDWLWHD
6LDSRLLDUVHRSUL
%LQHGDUGDFDLPLFHUHGHRXDGDUGDFDPLOHFHUHSHWRDWHVLQXPDLvPLUDPkQHQLPLF"
ÌQWUHWLPSLHSXUDVXODMXQVHVHODFDVDXUVXOXL6XQDIXULRVODXVDOXLVLFkQGXUVXOQHGXPHULWvLGHVFKLVHXVDLHSXUDVXOWLSDOD
HO
$X]LXUVXOHGXWHGUDFXOXLFXWLJDLDWDFXWRW

'HSULPDW vQWUR ]L VH IDFH LHSXUHOH PDQJD SXQH PkQD SH FXWLW VL VH GXFH OD FDVD HOHIDQWXOXL $FROR vQ IDWD VH MXFD
HOHIDQWHOXOSXLFXWURPSDvQQLVLS$VWDVHUDVWHVWHODHO
%DLQHQRURFLWXOHFKHDPDOPDSHWDFWX
FDEDJVLVX
QWLQH
1HQHVWLLHX*XUDEDILUDOQHDPX
YRVWUXDOGUDFX&KHDPDOSHWDFWX
FDWLLDXJkWX

(OHIDQWHOX
vQFHSHVDSOkQJD
0DPDDDD
,HVHHOHIDQWRDLFD
&HHSXLXOH"
,HSXUHOH%DLSDUD]LWLLGUDFX
LDFKHPDWLOSHHOHIDQWVDQHUDIXLP
5HSHGHPDPDYRDVWUDGHXUDWL
,HVHVLHOHIDQWX
FX]LDUXOvQPDQD&HHGUDJDFHVHvQWDPSOD"
$KDQHPHUQLFLORUDWLLHVLWFXWRWLOXDYDVLWURPSHOH
(OHIDQWX
'DFHHLHSXUDVXOH"
*XUDED,DDOLQLDWLYDODSHUHWHFDYDHYLVFHUH]SHWRWL
$VWLDVSHULDWLVHDOLQLD]DFRSLOX
SOkQJH
,HSXUDVX
0DPDDDGDFHJUDVLVXQWHWL

ÌQWUREXQD]LLHVHODSOLPEDUHLHSXUDVXO6HSOLPEDHOvQFRORVLQFRDFHSULQSDGXUHFDGRDUHUDFHOPDLWDUHLQSDUFDUH
$SDUHXUVXOGHSHRFDUDUHODWXUDOQLFD
6DWUDLHVWLLHSXUDVXOH
0DXUVXOHLDYLQDQFRDFH
'DVHIX

7LJDUHDL"
1DPVHIX

3DLGHFHQDLPD"=GXS]GLSSRFEXI
$GRXD]LGLQQRXSHFDUDUH
8UVXOHWLJDULDL"
$PVDWUDLWL
&KLEULWDL"
QDPVHIX

'HFHQDLPDFKLEULWH"3RFSRF]GLS]GXSEXI
ÌQ]LXDXUPDWRDUHSHFDUDUH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8UVXOHWLJDULDL"
$PVHIXOH
&KLEULW"
'DVDWUDLWL
'DDDEULFKHWDDL"
QDPVHIXOHHH
3DLVDDLPDLEDLDWXOHVDDL'HFHQDLPDQHQRURFLWXOH"3RF
$SDWUD]L
8UVXOHWLJDULDL"
$P
'D
IRFDL"
3RIWLWLVHIX
>vLvQWLQGHFXWLDFXFKLEULWXUL@
'HODEULFKHWD"
'DVDWUDLWL
0
GD>XLWkQGXVHSXWLQFKLRUkV@
PPP0DLXUVXOHGHFHQDLEDVFD"

8UVXOVLYXOSHDHUDXIRDUWHEXQLSULHWHQLVLWHPXWLLQSDGXUHvQWUR]LVHvQWkOQLUDVLQHDYkQGFHIDFHKRWDUkUDVDVHOHJH
GHLHSXUDV
'D
GLQFHPRWLYSXWHPVDOEDWHP"vQWUHDEDXUVXOPDLSURVW
3DLvOvQWUHEDPGDFDDUHSDODULH]LFHYXOSHDVLGDFD]LFHFDDUHvOEDWHPGDFD]LFHFDQDUHLDUDvOEDWHP
=LV VL IDFXW'XSDFHLHVHLHSXUDVXOGLQVSLWDO VH GXFHVD SkQGHDVFDSH FHL GRL FRQIUDWL VL vL SULQGH GLQ QRX FRPSORWkQG
vPSRWULYDOXL
'D
GHGDWDDVWDFXPRVDSUHWH[WDPEDWDLD"]LFHLDUDXUVXOQHGXPLULW
ÌOvQWUHEDPGDFDDUHWLJDULVLvOEDWHPRULFHUDVSXQGH]LFHYXOSHD
,HSXUDVXOIXJHODPDJD]LQFXPSDUDGRXDSDFKHWHGHWLJDULVLVHvQWRDUFHvQSDGXUHDSDUFHLGHPDLVXV
$LWLJDULLHSXUDVXOH"VHUDVWHVWHXUVXO
&XILOWUXVDXIDUDILOWUX"UDVSXQGHLHSXUDVXOvQFUH]DWRU
8UVXOUDPkQHvQPDUPXULWGDUYXOSHD
,HSXUDVXOHLDUDQDLSDODULH

,HSXUHOHDYHDRGDWRULHYHFKHODFDQJXUVLYURLDVDOEDWDGD
QXDYHDPRWLY6HGXFHODSULHWHQXOVDXXUVXOVLOURDJD
+DLEDXUVXOHFDYUHDXVDLRWUDJODFDQJXUPDPDOXLGHWDPSLW+DLVDILLVLWXDFRORVDQXPDEDWDDODSHPLQH
%LQHPD
6HGXFHLODFDUDUHDGLQSDGXUHVLDVWHDSWD'XSDFLQFLPLQXWHDSDUHFDQJXUXO,HSXUHOHvLLHVHvQIDWD
,DVWDLED'HFHQDLVDSFDQHQRURFLWXOH""=%$1*
&DQJXUXOVXIHUDLQOLQLVWHYD]XVHFDXUVXOHUDFXLHSXUHOH
)D]DVHUHSHWDYUHRWUHL]LOHGXSDFDUHLHSXUHOXLLVHIDFHWDUVHDODVDOPDLEDWDFDQXDUHVDSFDVLVHJkQGHVWHODDOWFHYD
ÌLFHURWLJDUDVLGDFDPLGDFXILOWUX]LFFDYUHDXIDUD'DFDDUHGHDPEHOHIHOXULvLFHUXQIRF
'DFDvPLGDEULFKHWD]LFFDYUHDXFKLEULWHWF1XVHSRDWHVDDLEDWRWFHLFHU
=LVVLIDFXW,DUvLDVWHDSWDDVWLDGRLSHFDQJXUDSDUHDODVLLHSXUHOH]LFH
,DGDEDLRWLJDUH
&XVDXIDUDILOWUX"
,HSXUHOHVRFDW
&X6LGDVLXQIRF
%ULFKHWDVDXFKLEULW"
,HSXUHOHVFDQGDOL]DW
%ULFKHWD
'XSDFHWHUPLQDWLJDUDLHSXUHOH]LFH'$
'(&(1$,6$3&$%$""

'RLYkQDWRULODYkQDWRDUHGHLHSXUL8QLHSXUHWkVQHVWHGHSHXQKDW9kQDWRUXO$WUDJHQXQLPHUHVWH
)XWXLPDPDOXLGHLHSXURL
9DQDWRUXO%
%DHUDLHSXURDLFD
%DHUDLHSXURL
%DLHSXURDLFD
+DLVDOvQWUHEDPSH1HD*KHRUJKHFDVWDWHDUH]HPDWvQFRDGDVDSHLPDLDSURDSHGHXQGHVDULVHDQLPDOXO
&HIXVHEDGHLHSXUHVDXLHSXURDLFD"
,HSXUHFRDQH
'DGHXQGHVWLL"
3DLFDQGWUHFXIXJLQGSHOkQJDPLQHODPDX]LW]LFkQG0LDWLEHOLWSX D

ÌQWUR]LDQLPDOHOHSDGXULLIDFRGHOHJDWLHVLRWULPLWODOHX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/HXOHXLWHFDUHVLWXDWLDHSOLQDWRDWDSDGXUHDGHFDFDGHSLSLXQGHWHXLWLWRDWHWXILVXULOHVXQWSOLQH
$VDQXPDLSXWHPWUDLWUHEXLHIDFXWFHYD
'HDFRUG]LFHOHXOIDFHPXQYHFHXSXEOLF
6HDSXFDHLVLIDFXQYHFHXSXEOLFFXJHPXOHWFXvQFXLHWRDUHODXVDYRSVLWUR] PDL PDUHIUXPXVHWHD6LFDVDQXOVWULFH
FLQHYD ODX SXV SH XUV GH SD]D /LSVHVWH XUVXO FkWHYD PLQXWH vQWUR ]L FLQG YLQH vQDSRL JHDPXO VSDUW OD YHFHX $QFKHWD
PDUHDGXQDOHXOWRDWHDQLPDOHOH
&DUHDWLVSDUWPDJHDPXO"
,HVHLHSXUDVXODPDUkWvQIDWD
(XOHXOH
&XPDVD"
3DLVDYH]LVWDWHDPHXODUkQGODYHFHXFkQGFLQHYDGLQDXQWUXPDvQWUHDED
0DHVWLPLF"=LFHXGD
(O]LFHDLEODQD"HXGDDP3DFPDvQVIDFDVHVWHUJHFXPLQHODIXQGVLPDDUXQFDSHIHUHDVWUD
8LWHDVDDPVSDUWJHDPXO
%LQHPDKDLFDHVWLDPDUkWGXWHOLQLVWLW
$GRXD]LLDUOLSVHVWHXUVXOLDUJHDPXOVSDUWLDUDQFKHWD&LQHDVSDUWJHDPXOLHVHWRWLHSXUDVXOvQIDWD
7RWWXPDQHIHULFLWXOH]LFHOHXO
'DPDULDWD$VWHSWDPODUkQGODYHFHXPDvQWUHEDWLDUFDUHHUDvQDXQWUXHVWLPLFDLEODQD
GXSDFDUHPDOXDWVLVDVWHUVODIXQGFXPLQHDSRLPDDUXQFDWSHIHUHDVWUD
*DWD]LFHOHXOQDVROGHWLQHSRWLSOHFD
$WUHLD]LDFHHDVLFKHVWLHLDUDQFKHWD
&LQHDVSDUWJHDPXOvQWUHDEDOHXO
,DULHVHLHSXUDVXO
$VWDLFXOPHDGLQQRXWXPD"
'DOHXOHVWDLVDYH]LFXPDIRVW6WDWHDPHXSHYHFHXD]LVLDXGSHFLQHYDFDPLVFDODXVD=LFHVWLPLF"HO]LFHGD
ODPOXDWPDPVWHUVODIXQGFXHOVLDPVDULWSHIHUHDVWUD
3DLWRWWXPD"
'DFDHUDDULFLXO

9LQHLHSXUDVXOODXUV
1HQHXUVXOHKDLODEDUFDIDFHXFLQVWH
2EXQVHEXFXUDXUVXOKDL
$MXQJHLODEDUYLQHEDUPDQXO=LFHLHSXUDVXO
%DUPDQRWXLFDSHQWUXPLQHVLR&RODSHQWUXXUV
6HVXSDUDXUVXOvOVFRDWHSHLHSXUDVDIDUDVLVSXQH
$VFXOWDLHSXUDVXOHQRLVLQWHPSULHWHQLGD
GDFDPLPDLIDFLRID]DGLQDVWDVDPDXPLOHVWLvQSXEOLFWHEDWGHWHODVODW
$GRXD]LLDUYLQHLHSXUDVXOODXUV
+DLXUVXOHODEDUFDIDFFLQVWH
6HGXFYLQHEDUPDQXO]LFHLHSXUDVXO
2WXLFDSHQWUXPLQHVLGRXD&RODSHQWUXXUV
ÌOVFRDWHXUVXOSHLHSXUDVDIDUDVLvOEDWHGHOIDFHSUDI
$WUHLD]L
1HQHXUVXOHKDLODEDUFDLDUIDFFLQVWH
0HUJHLLDUVHDVHD]DODEDUYLQHEDUPDQXOLHSXUDVXO
%DUPDQRWXLFDSHQWUXPLQHVLR&RODSHQWUXXUVFDGDFDEHDGRXDLDUVHPEDWDVLQXPDLVWLHFHIDFH

ÌQWUR]LVHDSXFDOXSXOVDOYkQH]HSHLHSXUDVGDGHHOFkQGVDOSULQGDLHSXUDVXORWXOHVWHODIXJDVLOSLHUGH
0HUJHOXSXOFHPHUJHVHvQWLOQHVWHFXYXOSHD
9XOSHRVWLLFXPYDSHXQGHDOXDWRLHSXUHOH"
'DFDPDODVLVDWLVPXOJXQVPRFGHEODQDvWLVSXQ
%LQHWHODVÌLVPXOJHYXOSHDXQVPRFGXSDDLD]LFH
7HDPPLQWLWQXVWLXSHXQGHDOXDWR
0DLPHUJHOXSXOVHvQWLOQHVWHFXXUVXO
8UVXOHVWLLFXPYDSHXQGHDOXDWRLHSXUHOH"
'DFDPDODVLVDWLVPXOJXQVPRFGHEODQDvWLVSXQ
%LQHWHODVÌLVPXOJHXUVXOXQVPRFGXSDDLD]LFH
7HDPPLQWLWQXVWLXSHXQGHDOXDWR
0HUJHOXSXOPDLGHSDUWHVHvQWLOQHVWHFXVDXVDEUXO
$QXVWLLFHHDODXQVDXVDEUX"'DFDPDODVLVDWLVPXOJXQVPRFGHEODQDvWLVSXQ

6HIDFHLQSDGXUHFRQVLOLX/HXOYURLDRIULSWXUDVLIDFHXQFRQFXUVGHEDQFXUL
$ODFDUH]LFHXQEDQFVLHXQXVLQJXUFDUHQXUkGHRVDILHIULSWXUD
9LQHLHSXUDVXO]LFHXQEDQFVLWRDWDSDGXUHDHUDSHMRVGHUkVQXPDLJLUDIDVWDWHDVHULRDVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌOPDQkQFDOHXOSHLHSXUDV
9LQHVLYXOSHD]LFHXQEDQFQLPHQLQXUkGHvQDIDUDGHJLUDIDFDUHHUDSHMRVGHUkV
'HFHUk]LJLUDIR"RvQWUHDEDOHXO
'HEDQFXOLHSXUDVXOXL

,HSXUDVXOPHUJHODIDUPDFLH
%XQD]LXDDYHWLPRUFRYL"
)DUPDFLVWXOVXSDUDWvLUDVSXQGH
0DLLHSXUDVXOHPDLFkQGRVDWLWUDJXQDRVDWLVSDUJGLQWLL7XQXYH]LFDDLFLHVWHIDUPDFLHVLQXDSUR]DU"
$GRXD]L,HSXUDVXOUHYLQH
0RUFRYLDYHWL"
&DUDWHGHDLFLFDRVDWLVWUkQJLGLQWLLGHSHMRV
$WUHLD]LSRYHVWHDVHUHSHWDVL)DUPDFLVWXOVFRVGLQVDULWHvLWUDJHXQVXWvQERW
$SDWUD]L,HSXUDVXOVHvQWRDUFHOD)DUPDFLHWRWEDQGDMDWvQMXUXOERWXOXL
%XQD]LXDDPYHQLWVDYDvQWUHEGDFDDYHWLVXFGHPRUFRYL"

,HSXURDLFDIUXPRDVDSDGXULLVLGRULWDGHWRDWHDQLPDOHOHPDVFXOHGLQSDGXUHVHPDULWDSkQDODXUPDFXOXSXO
'XSDXQWLPSLHSXURDLFDQDVWHWUHLSXUFHOXVL/XSXOVXSDUDWRSDUDVHVWH8UVXOYHFKLDGPLUDWRUVHJkQGHVWH
%DLLHSXURDLFDDVWDHFDPFXUYDGD
XLWHFHPLVWRDUDWDVLRULFXPSRDWHOXSXOQXDVDWLVIDFXWRGHDLDDDYXWQHYRLHVLGH
DOWFLQHYD
6L VH vQVRDUD FX LHSXURDLFD 'XSD XQ WLPS LHSXURDLFD QDVWH WUHL SXUFHOXVL 8UVXO VXSDUDW R SDUDVHVWH /HXO UHJHOH VH
JkQGHVWH
'D
IRFRDVDHLHSXURDLFDDVWDGDFDQLFLOXSXOVLQLFLXUVXOQDXVDWLVIDFXWR0DIDFHFXULRV
6LVHvQVRDUDFXLHSXURDLFD'XSDXQWLPSLHSXURDLFDQDVWHWUHLSXUFHOXVL
0RUDODWRWLEDUEDWLLVXQWSRUFL

ÌQWUR]LPHUJHLHSXUDVXOODXUVDFDVDEDWHODXVDVLGHVFKLGHXUVXOHWXO
7DLFDWDXHDFDVDvQWUHDEDLHSXUDVXO
1XQXPDLPDPD
%LQHVSXQHLFDDPWUHFXWSHDLFL]LFHLHSXUDVXOVLSOHDFD
$GRXD]LLHSXUDVXOPHUJHLDUDODXUVDFDVDEDWHODXVDVLGHVFKLGHXUVXOHWXO
0DLFDWDHDFDVDvQWUHDEDLHSXUDVXO
1XQXPDLWDWDHDFDVD
%LQHVSXQHLFDDPWUHFXWSHDLFL]LFHLHSXUDVXOVLSOHDFD
$WUHLD]LPHUJHLDUDVLLHSXUDVXOODXUVDFDVDEDWHODXVDVLGHVFKLGHXUVXOHWXO
7DLFDWDXHDFDVDvQWUHDEDLHSXUDVXO
1X
'DUPDLFDWD"
1XUDVSXQGHXUVXOHWXO
$WXQFLDLJULMDFDGDFDYUHDXDVDvWLGDXXQD

&LFDPHUJHD9XOSHDSULQSDGXUHVLVHvQWkOQHVWHFX,HSXUDVXOFDUHHUDSOLQGHVkQJHVLOvQWUHDED
&HDLSDWLW,HSXUDVXOH"
6RLDGUDFX
SHXUVRDLFDHSHURVXVLPDIRORVLWGUHSWWDPSRQ
$GRXD]L9XOSHDVHvQWkOQHVWHFX%XIQLWDFDUHHUDWRWSOLQDGHVkQJHVLRvQUHDEDFHDSDWLWODFDUH%XIQLWDUDVSXQGH
6DOLDGUDFX
SH,HSXUDVFDLDVSXV8UVRDLFHLFDWDPSRDQHOHFXDULSLRDUHVXQWPDLEXQH

ÌQWURSDGXUHVHGHVFKLGHXQVXSHUPDUNHW7RDWHDQLPDOHOHVHDVHD]DODFRDGDOXSXOYXOSHDXUVXODMXQJPDLODXUPD
'HRGDWDDSDUHLHSXUHOHVLYUHDVDWUHDFDGHXUVFDUHHUDXOWLPXO8UVXOVXSDUDWvOLDSHLHSXUHODEDWDLH
vQFHOHGLQXUPDLHSXUHOHVFDSDVLYUHDVDWUHDFDPDLGHSDUWHGDUGDGHYXOSHFDUHVXSDUDWDFDLHSXUHOHYUHDVDRLDLQDLQWHDHL
vOLDODEDWDLH
ÌHSXUHOHVFDSDVLGHYXOSHVLDPELWLRQDWYUHDVDWUHDFDVLPDLvQIDWDGDUGDGHOXSFDUHYUHDVLHOVDOLDODEDWDLH
$WXQFLLHSXUHOHVXSDUDWvQFHSHVDVWULJH
6DPRUGDFDPDLGHVFKLGPDJD]LQXODVWD]L

0DUHEHWLYDQHUDLHSXUDVXOÌQWUR]LVHvQWkOQHVWHSULQSDGXUHSHRFDUDUHFXOXSXO
/XSXOVHGDGHDFXRSHUHFKHGHURWLOHSHFDUHWRFPDLOHDFKL]LWLRQDVH7UHFHOXSXOSHOkQJDHOVHRSUHVWH
,HSXUDVXOVSULMLQLWFXRODEDGHXQFRSDFFXVWLFODGHWXLFDvQPkQDDPHWLWGHWRWvOvQWUHDED
,DVSXQHPDLOXSXOHKkFGHXQGHDLWXKkFURWLOHOHDOHDDVDGHKkFPHVHULDVH"
$SDLHXQXEHDXWRDWD]LXDFDWLQHQXGDXEDQLLSHEDXWXUD8LWHFDDPVWUkQVVLHXQLVWHEDQLVLPLDPFXPSDUDWQLVWHURWLOH
([DFWDFHODVLOXFUXVHvQWkPSODVLSHVWHROXQDFkQGOXSXOYLQHFXRELFLFOHWDVXSHUED$FHHDVLvQWUHEDUHDFHODVLUDVSXQV
(XQXGDXEDQLLSHEDXWXUD
3HVWHvQFDROXQDOXSXOvLSUH]LQWDLHSXUDVXOXL\DKWXOOXLSHUVRQDOXOWUDHOHJDQWHWF


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0DLWUHFHRVDSWDPkQD/XSXOSULQSDGXUHVHSOLPED'HRGDWDVHDXGHXQ]JRPRW
3ULYHVWHvQVXVVLvO YHGHSHLHSXUDVODERUGXOXQXLDYLRQWUD]QHWEDLH79FRQIRUWQXJOXPD
/XSXOKROEHD]DQLVWHRFKLFkWFHSHOHLHSXUDVXOFRERDUDVLOXSXOvOvQWUHDED
3DLELQHPDLLHSXUDVXOHGHXQGHDLWXXQDOFRROLVWDVDFHYD"
0DPIDFXWEDLDWFXPLQWHOXSXOHQXPDLEHDX
%LQHELQHGD
GHXQGHDLDYXWEDQLGHDVDFHYD"
6LPSOX$PYvQGXWWRDWHVWLFOHOHGHEDXWXUD

2KDLWDGHOXSLYUHDVDWUHDFDXQSRGGDUOHVDUHvQIDWDLHSXUDVXOVWULJkQG
/XSLORUVvQWGXULSULQWUHYRL"
1X
'DFDYUHWLVDWUHFHWLWUHEXLHVDvPLGDWLILHFDUHFvWHOHL
$GRXD]LVHvQWkPSODDFHODVLOXFUX
$WUHLD]LVHJkQGHVFOXSLLVLvVLDOHJWUHLGXULGXSDFDUHSRUQHVFODGUXP,HSXUDVXOOHVDUHGLQQRXvQGUXPVLvLvQWUHDED
/XSLORUVvQWGXULSULQWUHYRL"
'D]LFFHLWUHLGXULVLLHVODLYHDOD
$WXQFLXUVXOHLDGHODFHLWUHLFvWHOHLVLGHODUHVWXOLDXHXOHL

,HSXUDVXOVHGXFHODFKLRVFXOVHODFLOWVL]LFH
'DWLPLYDURJIUXPRVWUHLVWLFOHGHSH[L
9kQ]DWRDUHDQXOEDJDvQVHDPD
ÌPLGDWLYDURJWUHLVWLFOHGHSH[L
1XWLGDXQLPLFSkQDQXvQYHWLVDYRUEHVWLFRUHFW
6HSHWUHFHDFHHDVLID]DFkWHYD]LOHODUkQGSkQDFkQYLQHRGDWDLHSXUDVXO
ÌPLGDWLYDURJWUHLVWLFOHGHSHSVL
9H]LDVDWHYUHDXYH]LFDVHSRDWH]LFHYkQ]DWRDUHDVLvLGDVWLFOHOHGHSHSVL
,HSXUDVXOLDSODVDFXVWLFOHVL]LFH
0HU[L

,HSXUDVXOVLJDJLFDVDLHSXULQDVXQWXUPDULWLGHPDLPXOWLFkLQL
ÌQXOWLPXOPRPHQWUHXVHVFVDVHDVFXQGDvQWURJDXUDvQSDPkQW3ULHWHQDVDVSXQH
(LVLDFXPDFHIDFHP"
)RDUWHVLPSOXVSXQHLHSXUDVXOVWDPDLFLSkQDOHVXQWHPQXPHULFVXSHULRUL

Ì6WLWLGHFHGRDUPHLHSXUDVXOFXRFKLLGHVFKLVL"
53HQWUXFDDUHSLHOHDVWUkPWDVLGDFDvQFKLGHRFKLLLVHEHOHVWHS D

ÌQILHFDUH]LOXSXOVLLHSXUDVXOMRDFDVDKVLGHILHFDUHGDWDLHSXUDVXOvQYLQJH
/XSXOvOvQWUHDEDVHFUHWXO
%DLLHSXUDV]LPDFHIDFLGHPDEDWLWRWGHDXQD
ÌQILHFDUHGLPLQHDWDvQDLQWHGHSDUWLGDIDFVH[FXSULHWHQDPHDVLPDELQHGLVSXQVLDVWIHOVXQWvQWURIRUPDH[FHOHQWDSWD
MXFDVDK
/XSXOVHSULQGHGHVPHFKHULHGDUQHDYkQGSULHWHQDVHGXFHDGRXD]LGLPLQHDW]DVLVDUHSHOXSRDLFDODFDUHHD
&HLLHSXUDVXOHLDUYUHLVDMRFLVDKFXOXSXO"

,HSXUDVXOVHSOLPEDSULQSDGXUHVLODXQPRPHQGDWYHGHXQXUV
8UVXOHXUVXOHVWLLFDVDIDFXWREHUHFXQXPHOHWDX"
/DFDUHXUVX
'DQLHO""

,HSXUDVXOVLJDJLFDVDLHSXULQDVXQWODXQVSHFWDFROGHFLUFVLXUPDUHVFFXPMRQJOHXUXOVFRDWHLHSXUDVLDOELGLQMREHQ
/DFDUHLHSXUDVXO
'UDJDPHWRGDQRDVWUDvPLSODFHPDLPXOW

8UVXOVWDWHDVLVHXLWDODLHSXUDVFDUHVWULJDODRSUDSDVWLH
/XSXOHHHHOXSXOHHHH
6HDSURSLHGHLHSXUDVDFHVWDPDLGHSDUWH
/XSXOHHHHOXSXOHHHH
6HPDLDSURSLHXQSLFLHSXUDVXOWRWDVD
/XSXOHHHHOXSXOHHHH
9LQHSHPDUJLQHDSUDSDVWLHLVLvOvQWUHDEDSHLHSXUDV
0DLHSXUDVXOHFHIDFLWXDLFL"
,HSXUDVXOQLFLXQDQLFLGRXDvOvPSLQJHvQSUDSDVWLHVLvQFHSHVDVWULJH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8UVXOHHHHHXUVXOHHHHH

,HSXUDVXOVHSOLPDSULQSDGXUHÌOYHGHXUVXOVLFXPvOSULQGHvOYLROHD]D'XSDFHVHWHUPLQDWRDWDWUHDEDLHSXUDVXOFX
ODFULPLvQRFKLvQWUHDED
%DWkPSLWXOHWXQDLDOWDWUHDEDGHFkWVDWHGDLODLHSXUDVL"'DLD]LDLFHUWLILFDWPHGLFDOFDQXDL6,'$"
'DFXPVDQXXLWHKkUWLDVLVFRDWHRKkUWLHGLQEX]XQDU
3RWLVDOUXSL

6HSOLFWLVHDXOHXOVLOHRDLFDvQWURGXSDDPLD]DGHYDUD&RQYRDFDHLWRDWHDQLPDOHOHVLOHXOOH]LFH
&DUHVDUHvQSUDSDVWLDFHDPDLDGkQFDGLQSDGXUHSRDWHVRI DSHOHRDLFD
6H XLWD DQLPDOHOH OD OHRDLFD KPPPP EXQD EXFDWD 6H XLWD SH XUPD OD SUDSDVWLH VL VH vQILRDUD EUUUU FH DGkQFD HVWH
,HSXUDVXOVWDWHDFDGHRELFHLOkQJDXUV/DXUPDOHXOYD]kQGFDDVWLDVHWRWFRGHVFVHSOLFWLVHVWHVL]LFH
(XPDGXFFXOHRDLFDMRVVDYHGHPFLQHDSDUHSULPXO
=LVVLIDFXW'XSDXQWLPSDSDUHXQPLFSXQFWPDURSHFHUFDUHVHIDFHGLQFHvQFHPDLPDUHVLEXI8UVXOVHIDFHSODFLQWD
ODSLFLRDUHOHORU6HULGLFDvVLvQGUHDSWDRDVHOHvVLVFXWXUDEODQDGHSUDIVLSHXUPDGDVDSOHFH
/HXOvORSUHVWHVSXQkQGXL
8QGHSOHFL"7LDPSURPLVFDWLGDXOHRDLFDVRI L
'DELQHGD
SULPDGDWDPDGXFVDOI WSHDODFDUHPDvPSLQV

,HSXUDVXOVHGXFHODYXOSHODYL]XLQDVLEDWHODXVD,HVHRYXOSLWDPLFD,HSXUDVXO
0DWDLDFDVD"9XOSLWD
1X
6DLVSXLFDDYHQLWLHSXUDVXVLD]LVFDYUHDVDRIUHFH
=LXDODIHO
=LXDODIHO
=LXDVHVXSDUDYXOSHDVLUDVSXQGHHD,HSXUDVXOFkQGRYHGHRLDODIXJD9XOSHDGXSDHO/DXQPRPHQWGDWDSDUHvQIDWDR
VFRUEXUD
,HSXUDVXOFRWHVWHEUXVFVLYXOSHDLQWUDFXFDSXOvQVFRUEXUDVLUDPkQHvQWHSHQLWD,HSXUDVXOIUHFkQGXVLODEXWHOH
$FX
QXFDDVYUHDQHDSDUDWGDUOHDPSURPLVODDLDPLFL

6HKRWDUDVWHLHSXUDVXOVDVHGXFDODERUGHO6HGXFHHOPHUJHODPDWURDQD]LFH
9DURJIUXPRVHXRYUHDXSHFHDPDLEXQDWLSDSHFDUHRDYHWLDLFLXLWDWLDPEDQLWRWXOHQUHJXOD
0GD ]LFH PDWURDQD GDU YH]L LHSXUDVXOH FD QX PHUJH DVD OD QRL FD VD R LHL SH FHD PDL EXQD WLSD WUHEXLH VD ILL FHYD
QHPDLSRPHQLWXQVXSHUPDQ7HDLDQWUHQDWUHFHQW"
1XSUHD]LFHLHSXUDVXOGDQRLLHSXULLVWLWLVXQWHPYLULOL
1XPHUJHDVDGXWHDQWUHQHD]DWHGXSDDLDPDLGLVFXWDP
6HGXFHLHSXUDVXOVLVHDQWUHQHD]DROXQDvQWUHDJDODVFRUEXUL9LQHvQDSRLVL]LFH
*DWDPDPDQWUHQDWGDWLPLRSHFHD PDLEXQD
%LQHLHSXUDVXOHGDFD]LFLWXELQHYH]LFDPHUDFXWDUH
6H GXFH LHSXUDVXO WRDWH IHPHLOH FXULRDVH PDL FH R IL FX DVWD GH D FHUXWR SH FHD PDL EXQD VL VD PDL VL DQWUHQDW
QHPDLSRPHQLWLDKDLVDQHXLWDPVDYHGHPVLQRLPHVHULH
6HGXFHOHDVFXOWDODXVDVHDX]HDWLSDWLSkQGvQILRUDWRU
,DXLWH]LFFHOHODOWHFKLDUHWDUHLHSXUDVXOLDX]LFHLIDFH
&LQGVHXLWDHOHSHJDXUDFKHLLLHSXUDVXORWLQHDSHIHPHLHGHSLFLRDUHVLRVFXWXUD]GUDYDQ1DYDOHVFWRDWHvQDXQWUX
&HLIDFLQHPHUQLFXOHSHUYHUVXOHFHLFXFKHVWLLOHDVWHD"
3DLVDYHGHWL]LFHFDOPLHSXUDVXOFDPLHQSDGXUHPLVDPDLvQWkPSODWFDVFRUEXUDVDDLEDDOELQH

+DLWDGHOXSLLHVHvQDFHDVWDQRDSWHODRYkQDWRDUHFUXQWD VLQHPLORDVD &XHLPHUJH VL OXSXVRUXO )LLQGIRDUWH WkQDU VL

QHH[SHULPHQWDWHOVHWLQHDSURDSHGHFDSXOKDLWHLVLXUPDUHVWHWRWXOFXPDUHDWHQWLH
9kQHD]DHLFXFUX]LPHODRVWkQDYkQHD]DFHUELFDSULRDUHVXFFHVWRWDO/DXQPRPHQWGDWXQFHUFHWDVYLQHvQJRDQDPDUH
DELDPDLUHVSLUkQGVLDELDUHXVHVWHVDVXIOH
)XJLWLFDYLQHLHSXUDVXO
3HORFWRWLOXSLLGLVSHUDWLRWXOHVFODIXJDFXRFKLLLHVLWLGLQFDSGHJURD]DVHDVFXQGVHFDPXIOHD]DUDSLGFDUHSHXQGHSRWVL
QX PDL VFRDWH QLPHQL QLFL XQ VXQHW GH IULFD 7UHFHLHSXUDVXO vQFHS WRWL VD LDVD /XSXVRUXO vO vQWUHDED QHGXPHULW SH FDSXO
KDLWHL
0DVFX]DWLGRPQXOHGDUGHFHQRLFHDPDLWDUHKDLWDGHOXSLGLQSDGXUHIXJLPGHXQDQLPDOPLFVLSULFDMLWFDLHSXUDVXO
FDUHHDVDGHDPDUkWFDGDFDYUHDXXLWHSRDWHVDPLVXJDVLS D
'DED]LFHFDSXOKDLWHLGD
WXVWLLFHEX]HUHFLDUH"

6HGXFHVLLHSXUDVX
ODERUGHO3DWURDQDHUDXUVRDLFD6HGXFHLHSXUDVXOODHDVLRvQWUHDED
%DLYUHDXVLHXRIHPHLH
3DLDYHPRYXOSLWD
1XRYUHDXSHYXOSLWDFDvPLHIULFDGHHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$WXQFLDYHPRJkVFDEXQD
%LQHKDLILH
ÌL GD EDQLL LHSXUDVX VH GXFH FX JkVFD GXSD XQ WXILV VL vQFHSH VD ]ERDUH GH DFROR QXPDL SHQH 8UVRDLFD FkQG YHGH IXJH
UHSHGHVDYDGDFHVHvQWkPSODVLvOYHGHSHLHSXUDVFXPvLVPXOJHDSHQHOHODJkVFD
3DLELQHPDWXFHIDFLDLFL"vOvQWUHEDXUVRDLFDPLUDWD
3DLGD
FHODFkWLEDQLDPGDWYUHDXVDRYDGVLGH]EUDFDWD

ÌQWUR ]L IUXPRDVD GH YDUD XUVXO VL LHSXUDVXO VH SOLPEDX SULQ SDGXUH 0HUJ HL FH PHUJ VL VH vQWkOQHVF FX XQ SLWLF
9D]kQGXLSLWLFXOOH]LFH
%XQDIUXPRVLORUXLWDWLD]LDPDYXWR]LEXQDVLYRLVXQWHWLQRURFRVLFDFLYDvQGHSOLQHVFODILHFDUHFkWHWUHLGRULQWH8UVXOH
WXHVWLSULPXO
$KHXvPLGRUHVFRXUVRDLFDWDUHFHDPDLEXQDGLQWRDWDSDGXUHD
3LWLFXOEDWHGLQSDOPHDSDUHRXUVRDLFDEEEXXXQQQDDDXUVXOVDUHFXHDvQWXILVIDFHVWLWLYRLFHGHVHFXWUHPXUDWXILVXO
+DLLHSXUDVXOHWXXUPH]L
(XLPLGRUHVFVDDPXQFHUFHOIDLQvQXUHFKHVLRJHDFDGHSLHOHFDOXPHD
*DWDLHSXUDVXOHVDIDFXW]LVHSLWLFXO+DLXUVXOHWXXUPH]LDGRXDGRULQWD
(XvPLPDLGRUHVFRXUVRDLFDDVDFDSULPDFDWDUHEEXXQQDDDIRVW
3LWLFXOEDWHGLQSDOPH
*DWDXUVXOHXLWHR
8UVXORYHGH]GXSFXHDvQWXILVLDUVHFXWUHPXUDWXILVXO
,HSXUDVXOHFDUHWLLDGRXDGRULQWD"
(XYUHDXR+DUOH\'DYLGVRQXOWLPXOWLSVDPDSOLPEFXHDSULQSDGXUH
3LWLFXO EDWH GLQ SDOPH LHSXUDVXO VH VXLH SH PRWRFLFOHWD GD FkWHYD WXUH SULQ SDGXUH EEUUUXPPEUUXP EEEUUXPP  (UD
IHULFLWQXDOWD
+DLXUVXOHFDUHWLLDWUHLDGRULQWD"
$KHXOHYUHDXSHWRDWHXUVRDLFHOHGLQSDGXUHDDVWD
3LWLFXOEDWHGLQSDOPHXUVXOVDUHFXWRDWHXUVRDLFHOHvQWXILVXXXDDDXXXVHFXWUHPXUDSDGXUHD
+DLLHSXUDVXOHFDUHWLLXOWLPDGRULQWD"=LPDLUHSHGHFDPDJUDEHVF
(XSDLHXDVYUHDFDXUVXOVDILHKRPR
6LDSRLvQFDOHFDUHSHGHSH+DUOH\VLRWDLH

,HSXUDVXOIXJHDFDDSXFDWSULQSDGXUHÌORSUHVWHDOWX
VLOvQWUHDEDFHODDSXFDW"
3DLQXVWLL"9LQDLDFXUHRUJDQL]DUHDVWLLQWLILFDDSDGXULL
6LFHDXFXDQLPDOHOHOH"
3DLVXQWHPVLQRLvQSDGXUH'DFDWHJDVHVFFXWUHLXUHFKLvWLWDLHXQD
3DLQRLDYHPQXPDLGRXD
'DGDUHLvQWkLWDLHVLGXSDDLDQXPDUD

,HSXUDVXOVWDWHDSHXQEXWXFVLVFULDGH]RUFHYD7UHFHYXOSHDSULQ]RQDVLvOvQWUHDED
&HVFULLDFRORLHSXUDVXOH"
2OXFUDUHVWLLQWLILFDGHVSUHFXPLHSXUDVLLPDQkQFDYXOSL
&HHHH"
/DFDUHLHSXUDVXOLPSDVLELO
9LQRVDWLDUDW

9LQHOXSXOSHOkQJDEXWXFXOLHSXUDVXOXL
&HVFULLDFRORLHSXUDVXOH"
2OXFUDUHVWLLQWLILFDGHVSUHFXPLHSXUDVLLPDQkQFDOXSL
&HHHHDLvQHEXQLW"
/DFDUHLHSXUDVXOLPSDVLELO
9LQRVDWLDUDW

7UHFHSULQDSURSLHUHXUVXO
&HVFULLDFRORLHSXUDVXOH"
2OXFUDUHVWLLQWLILFDGHVSUHFXPLHSXUDVLLPDQkQFDXUVL
&HHHHQXOHPDLDLSHWRDWH"
/DFDUHLHSXUDVXOLPSDVLELO
9LQRVDWLDUDW

/DGRXDVXWHGHPHWULLPDLGHSDUWHRSHVWHUDvQFDUH]DFFLRODQHGHYXOSHVLOXS/kQJDOHXOURDGHRODEDSURDVSDWDGHXUV
0RUDOD1XWHPDOXFUDULLWDOHVWLLQWLILFHHLPSRUWDQWDFLFLQHHvQGUXPDWRUXOWDXGHSURLHFW

9DULDQWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQ SDGXUHXQ LHSXUDV VWDWHD WXUFHVWH OkQJDLQWUDUHDvQ YL]XLQD VL vVL IDFHD GH OXFUX FX ODSWRSXO 9LQH YXOSHD vO SULYHVWH
PLUDWDVLvOvQWUHDED
&HIDFLLHSXUDV"
&HVDIDFVLHXÌPLVFULXWH]DGHGLSORPD
=DX"6LGHVSUHFHVFULLWXODWH]DWDGHGLSORPD"
3DLVFULXGHVSUHFXPPDQkQFDLHSXULLYXOSL
+DKDKDFHWkPSHQLH&LQHRVDFUHDGDDVDFHYD"
'DFDQXPDFUH]LKDLFXPLQHvQYL]XLQD
'XSDQXPDLFkWHYDPLQXWHLHVHLHSXUDVXOGLQYL]XLQDVLVHDVHD]DGLQQRXGHSDUFDQXVDvQWkPSODWQLPLF0DLWUHFHFHYD
YUHPHYLQHOXSXO
&HIDFLLHSXUDV"
&HVDIDFVLHXÌPLVFULXWH]DGHGLSORPD
=DX"6LGHVSUHFHVFULLWXODWH]DWDGHGLSORPD"
3DLVFULXGHVSUHFXPPDQkQFDLHSXULLOXSL
+DKDKDFHWkPSHQLH&LQHRVDFUHDGDDVDFHYD"
'DFDQXPDFUH]LKDLFXPLQHvQYL]XLQD
'XSDQXPDLFkWHYDPLQXWHLHVHLHSXUDVXOGLQYL]XLQDVLVHDVHD]DGLQQRXGHSDUFDQXVDvQWkPSODWQLPLF0DLWUHFHFHYD
YUHPHYLQHXUVXO
&HIDFLLHSXUDV"
&HVDIDFVLHXÌPLVFULXWH]DGHGLSORPD
=DX"6LGHVSUHFHVFULLWXODWH]DWDGHGLSORPD"
3DLVFULXGHVSUHFXPPDQkQFDLHSXULLXUVL
+DKDKDFHWkPSHQLH&LQHRVDFUHDGDDVDFHYD"
'DFDQXPDFUH]LKDLFXPLQHvQYL]XLQD
'XSDQXPDLFkWHYDPLQXWHLHVHLHSXUDVXOGLQYL]XLQDVLVHDVHD]DGLQQRXGHSDUFDQXVDvQWkPSODWQLPLF'DFDDUXQFDP
RSULYLUHSULQYL]XLQDSXWHPYHGHDXQSHWLFGHEODQDGHYXOSHFkWHYDFRDVWHGHOXSSUHFXPVLRFLRVYDUWDGHXUV$ODWXULXQ
OHXFXEXUWDSOLQDGRDUPH
0RUDOD
1XFRQWHD]DWHPDSHFDUHRDLODGLSORPDFRQWHD]DQXPDLSHFLQHDLFDvQGUXPDWRU

,HSXUDVXO VL SUHLHWHQXO VDX PDJDUXO LHV OD SOLPEDUH vQ SDGXUH 7RW SOLPEkQGXVH HL DVD LHSXUDVXO FDGH vQWUR JURDSD
DGkQFDFXSHUHWLLDEUXSWL
$IODWODQHYRLHHOHVWHDMXWDWGHPDJDUFDUHvVLDUXQFDGUkPEDYHVWLWDSHQWUXOXQJLPHDHLvQJURDSDLHSXUDVXOVHSULQGHGH
HDVLDVWIHOHVDOYDW
3HVWHFkWHYD]LOHLDUDVLVHSOLPEDFHLGRLSULQSDGXUHVLGHGDWDDFHDVWDFDGHPDJDUXOvQWURJURDSD
,HSXUDVXOFHVDIDFD"&XPVDvVLDMXWHSULHWHQXO"
6HXLWDODVOLWXOSDQWDORQLORUVDLGDGLQFDSDSDJXEDVLDSRLvLYLQHLGHHD6FRDWHFHOXODUXOVLVXQDGXSDDMXWRDUH
$VWIHODUHXVLWVLHOVDvVLVDOYH]HSULHWHQXO
0RUDOD'DFDQDLS DFXPSDUDWLFHOXODU

,HSXUDVXOVFDSDGLQODERUDWRUVLIXJHSHFkPS$LFLvQWkOQHVWHQLVWHLHSXUDVLVDOEDWHFLVLLQWUDvQYRUEDFXHL
6XQWHWLLHSXUDVLVDOEDWHFL"
'D"
7RFPDLDPHYDGDWGLQODERUDWRUVLQXPDSUHDVWLXSHDLFL&HIDFHWLYRLLHSXUDVLLVDOEDWHFLDVDGHRELFHL"
9H]LFkPSXOFHODvQGUHDSWD"
'D
(SOLQGHODSWXFLVLQRLPkQFDPODSWXFLFXSODFHUH
6HGXFHLHSXUDVXOVLPDQkQFDVLHOODSWXFL6HvQWRDUFHDSRLODSULHWHQXOOXL
([FHOHQWHODSWXFLOH6LFHPDLIDFHWLYRLLHSXULLVDOEDWHFLGHRELFHL"
9H]LFkPSXOGLQVWkQJD"(SOLQGHPRUFRYLVLQRLvLPkQFDP
0DQkQFDLHSXUXOQRVWUXVLPRUFRYLVLLDUYLQHODLHSXUDVXOVDOEDWHF
([FHOHQWLVLPRUFRYLL6LFHPDLIDFHWLYRL"
9H]LLHSXURDLFHOHDOHDGLQSRLDQD"/HIX HPGHOLVH]EXUOHVWHEODQLWD
6HGXFHLHSXUDVXOVLIDFHVLHOWUHDEDVLVHvQWRDUFH
0LQXQDW]LFHHOGDUDFXPWUHEXLHVDPDvQWRUFvQODERUDWRU
'HFH"vQWUHDEDLHSXUDVXOVDOEDWHF
3HQWUXFDPRUVDIXPH]RWLJDUH

9XOSRLXOLHSXUDVXOVLXUVXOPHUJODvQFRUSRUDUH%LQHvQWHOHVQXYUHDQLFLFDUHVDPHDUJDODDUPDWDDVDFDUHFXUJODWULFXUL
9XOSRLXOWUHEXLHVDLQWUHSULPXOVLVHJkQGHVWHFHVHJkQGHVWHVLvLYLQHLGHHD
'DFDvWLWDLFRDGDQXWHYRUOXDFDFLXQYXOSRLIDUDFRDGDVWXIRDVDQXWUHEXLHVDPHDUJDODDUPDWD
=LVVLIDFXW,HVHYXOSRLXOGHODFRQWUROVLFHLODOWLGRLvOvQWUHDED
(LVL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,QDSWIDUDFRDGDQHLQFRUSRUDELO
,HSXUDVXOODUkQG6HJkQGHVWHHO
/D PLQH FKHVWLD FX FRDGD QX PHUJH LD XLWH FH FRDGD PRFD DP GDU XUHFKLOH 8Q LHSXUDV IDUD XUHFKL QX WUHEXLH VD IDFD
DUPDWD
=LVVLIDFXW,HVHDIDUD
(LVL"
5HVSLQVIDUDXUHFKLQXSRWGRUPLLHSXUHVWH
9LQHXUVXOODUkQG
/DPLQHFKHVWLDFXFRDGDQXWLQH/DIHOVLFKHVWLDFXXUHFKLOHGDUGDFDvPLVFRWGLQWLLSUHFLVQXPDLDXODDUPDWD
=LVVLIDFXW,HVHDIDUDVLSULHWHQLLvOvQWUHDED
1DFHDLIDFXW"
/DFDUHXUVXOVXLHUkQG
5HVVVVVVSLQVVVV"6VVVXQWSUHDJUDVVVV

,HSXUDVXOPHUJHSULQSDGXUHVLVHvQWkOQHVWHFX]kQDFHDEXQDFDUHLDvLSODFHDWkWDEODQLWDOXLFDYUHDVDvLvQGHSOLQHDVFD
GRXDGRULQWH
,HSXUDVGXOFHDLGRXDGRULQWHSHFDUHHX=kQDFHD%XQDWLOHYRLvQGHSOLQL
/DFDUHLHSXUDVXOIDUDVDVHJkQGHDVFDSUHDPXOW]LFH
9H]LSRPXOGHDFROR"ÌQILJHXQSLURQvQHOGDUDVDGHWDUHVDQXOSRDWDVFRDWHQLPHQLGLQOXPH'DUQLPHQLGLQOXPH
6DIDFXW]LFH]kQD0DLGHSDUWH
$FXPDVFRDWHSLURQXODIDUD

8QLHSXUDVPHUJHODIDUPDFLHVLRvQWUHDEDSHYkQ]DWRDUH
7DQWLDYHWLSUH]HUYDWLYHSHQWUXLHSXUDVL"
1DYHPPDLLHSXUDVXOHDYHPQXPDLSHQWUXHOHIDQWL
$GRXD]LLHSXUDVXOVXSDUDW
7DQWLDYHWLSUH]HUYDWLYHSHQWUXLHSXUDVL"
1DYHPPDLLHSXUDVXOHDYHPQXPDLSHQWUXHOHIDQWL
$WUHLD]LLHSXUDVXOVXSDUDWIRFGHDWkWDDEVWLQHQWDPHUJHVLvQWUHDED
7DQWLDYHWLSUH]HUYDWLYHSHQWUXLHSXUDVL"
0DLLHSXUDVXOHWLDPVSXVFDDYHPQXPDLSHQWUXHOHIDQWL
,HSXUDVXOVXSDUDW
$WXQFLGDWLPLGRXDFDRVDYDGHXFXPOHvQQRG

9XOSHDSULQSDGXUH/DXQPRPHQWGDWGLQWUXQWXILVVHDXGH
&XFXULJXXXXXXX&XFXULJXXXXXXX
$WHQWDvQFHDUFDVDORFDOL]H]HWXILVXOVLGLQQRX
&XFXULJXXXXXXX&XFXULJXXXXXXX
6HDSURSLHGHWXILV
&XFXULJXXXXXXX&XFXULJXXXXXXX
6DUHHDvQWXILVVLSUHWGHYUHXQVIHUWGHRUDVHDXGWRWIHOXOGH]JRPRWHFLXGDWHULWPLFH/DXQPRPHQWGDWGLQWXILVDSDUH
LHSXUDVXOWUDJkQGXVLSDQWDORQLL
0DLFHELQHHVDVWLLROLPEDVWUDLQD

ÌQWLPSXOXQHLYkQDWRULFXJRQDFLLHSXUDVX
VHVDOYHD]DvQWUXQKDQODPDUJLQHDSDGXULL+DQJLXOvOvQWUHDED
,HSXUDVXOHFXFHWHSRWVHUYL"0RUFRYLSRDWH"
1XvQQLFLXQFD]
9DU]D"
1X
6LFHDLGRULDWXQFL"
8QVQLWHOYkQDWRUHVF

,HSXUDVX VWDWHD OD FRDGD OD SDOLQFD VL YLQH /XSX vQWUR 6FRGD )HOLFLD VL FRPDQGD GLUHFW vQ IDWD R ODGD GH SDOLQFD
9kQ]DWRDUHDLPHGLDWvLDGXFHODGDFXSDOLQFD/XSXOVHXLWDDPHQLQWDWRUODLHSXUDVVLVWULJD
$LFHYDGHFRPHQWDW"
1HSULPLQGQLFLXQUDVSXQVVHXUFDvQPDVLQDVLGHPDUHD]DSXWHUQLFvQYDOXLQGXOSHLHSXUDVvQSUDI,HSXUDVXDMXQJHDFDVDFX
SDOLQFDVHSXQHODPDVDWUDJHRGXVFDVHULGLFD
1XQXSRW
0DLWUDJHRGXVFDVHULGLFD
1XQXvQFDQXSRW
'DSHJkWWRDWDVWLFODVLVHULGLFDvQSLFLRDUHPDLKRWDUkWFDQLFLRGDWDVLVSXQH
'DDPFHYDGHFRPGHFRPHQWDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&LFDOHXOXLLVDIDFXWOHQHVDWRWYkQH]HVLSRUXQFHVWHWXWXURUDQLPDOHORUVDLDGXFDFHYDGHPkQFDUH]LOQLF&LQHQXVH
VXSXQH VDX QX DGXFH FHYDSH SODFXO OHXOXL YD IL EDWXW FX RUJDQXO OHXOXLSH VSDWH $ GRXD ]L YLQH XUVXO FX XQ SRUF /HXO
VDWLVIDFXWvOODXGD9LQHVLYXOSHDFXRJDLQDOHXOILLQGVDWLVIDFXWVLGHGDWDDVWD,HSXUDVXOQHDYkQGFXPVDYkQH]HvLDGXFH
XQPRUFRY/HXOVXSDUDWvOEDWHSHVSDWHFXRUJDQXOVDXYLJXURV
7XQXVWLLFDQXPDQkQFGHFDWFDUQH"
3OHDFDLHSXUDVXOVXSDUDWGDUGXSDFkWLYDSDVLVHRSUHVWHVLvQFHSHVDUkGDVDVHFDFHSHHO
%LQHEDLHSXUDVXOHHXWHEDWFXVFXODSHVSDWHVLWXUk]L"
,HSXUDVXOUkGHDvQFRQWLQXDUHGHVHWLQHDFXPkLQLOHGHEXUWDVLSULQWUHKRKRWHvL]LFHOHXOXL
,DXLWHFDYLQHVLDULFLXOFXGRXDPHUH

%DQFXULFXVRULFHOXOVLHOHIDQWXO

6RDUHFHOHYURLDVDWUHDFDJUDQLWDLOHJDO6HGXFHODHOHIDQW
(OHIDQWHYUHDXVDWUHFJUDQLWDQXPDLVXSRUWUHJLPXOPDEDWHVHFXULWDWHDYUHDXRYLDWDPDLEXQDQXPDLYUHDXVDVWDXFX
JUDGHQFDVDVLVDPDVFXOWH5RP7HOHFRPX
7XHVWLPDUHDVFXQGHPDVLSHPLQHXQGHYDVDWUHFVLHX
(OHIDQWXOVHJkQGHVWHXQSLFVLOEDJDvQEX]XQDUXOGHODSLHSW$MXQJHLODJUDQLWD$FRORYLQJUDQLFHULLvOLDXSHHOHIDQWOD
FRQWUROFRQWUROHD]DFXGHWHFWRUXOGHPHWDOHWRWXOHRNvLSXULFDYDOL]DVLDLDHRNvOLDVDOSLSDLHSHFRUSWDFWDFWDFDMXQJ
ODEX]XQDUXOGHODSLHSW
&HDLDLFL"
/DFDUHHOHIDQWXOEDWDQGRSDOPD]GUDYDQDSHEX]XQDU
3R]DXQXLSULHWHQ

Ì&DUHHVWHGLIHUHQWDGLQWUHXQHOHIDQWGHDQLVLXQVRDUHFHGHOXQL"
5DQLVLOXQL

6RULFHOXOVLHOHIDQWXODODPDUHFD]DWLODDFHHDVLJD]GDÌQWURGLPLQHDWDVRULFHOXOLHVHvQIDWDFDVHLVLVWULJDFDWUHSODMD
(OHIDQWXOH(OHIDQWXOH
(OHIDQWXOLHVHGLQDSDGDUQXDSXFDVDLDVDGHWRWFDVRULFHOXOLQWHUYLQHGLQQRX
%LQHGXWHQDSDFUHGHDPFDPLDLOXDWVOLSXO

8QHOHIDQWWUHFHDSHVWHRSXQWHGHEkUQH6RULFHOXOFDUHVWDWHDSHXUHFKHDOXLvL]LFH
$X]LFHWDUHWURSDLP

1LVWHVRULFHLvQGHVHUWWDLDXSHWUROFXEHFXOHWXOURVXVLYLQHPDPDORUHOHIDQWXOVLvLvQWUHED
,DSOHFDWLGHDLFL

8QVRULFHOVLXQHOHIDQWVWDWHDXDPkQGRLSHRSLDWUD/DXQPRPHQWGDWVHXLWDVRULFHOXODWHQWODHOHIDQWvOPDVRDUDGLQFDS
SkQDvQSLFLRDUHVLDSRLVSXQHGHVWXOGHPLUDW
%DLHOHIDQWXOHGDUPDUHPDLHVWL
(OHIDQWXOIkVWkFLQGXVH]LFH
&HYUHLEDQXHYLQDPHDFDDPFUHVFXWDWLWD$VDHUDVDPHDFHVDLIDFL
'XSDFHYDWLPSHOHIDQWXODUHRUHYHODWLHVLVHXLWDVLHOODVRULFHOPDVXUkQGXOvQWRDWHGLUHFWLLOHVL]LFH
%DGD
VLWXFKLDUFDHVWLSUHDPLF
/DFDUHVRULFHOXOGHVWXOGHvQFXUFDW]LFH
&HYUHLEDGD
DPIRVWVLEROQDY

9DULDQWD
&LFDVRULFHOXOVWDWHDOkQJDSLFLRUXOHOHIDQWXOXL(OHIDQWXOVHXLWDvQMRVODHOVLVSXQH
0DLGDUPLFDYLHWDWHPDLHVWLPDLVRULFHOXOH
/DFDUHVRULFHOXOVILRV
'DGDUYH]LWXFDHXDPPDLIRVWVLEROQDY

(OHIDQWXOVLVRULFHOXOMXFDXvPSUHXQDIRWEDO/DXQPRPHQW GDWHOHIDQWXOGLQ JUHVHDODvOFDOFDSHVRULFHODIXQGkQGXOvQ

SDPkQWÌOVFRDWHDSRLFXPDUHJULMDVLvOVFXWXUDGHLDUEDVLGHSDPkQW]LFkQGXL
7HURJIUXPRVVDPDLHUWLDIRVWRQHDWHQWLHVDVWLLFDQXVHYDPDLvQWkPSOD
1XLQLPLFD]LVHVRULFHOXOVHSXWHDvQWkPSODVLLQYHUV

9DULDQWD
6RULFHOXOVLHOHIDQWXPHUJHDXSULQGHVHUWVLHOHIDQWXOvOFDOFDSHVRULFHOGLQJUHVHDODDGkQFLQGXOvQQLVLS=LFHHOHIDQWXO
6RUU\
'DUVRULFHOXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XLQLPLFVLPHLPLVHSXWHDvQWkPSOD

6RULFHOXOVLHOHIDQWXODMXQJODPDOXOXQXLUkXVLYRUVDWUHDFDSRGXO
(OHIDQWXOH]LWDQHDYkQGvQFUHGHUHvQVWDELOLWDWHDSRGXOXL/DFDUHVRULFHOXOFXUDMRVvQFHSHVDVDUDSHSRG
8LWHEDLODVXOHQXYH]LFDWLQH"

6RULFHOXOVLHOHIDQWXOYUHDXVDPHDUJDODGLVFR(OHIDQWXOHQHFDMLWWDUH6RULFHOXOvOvQWUHDED
'HFHHVWLQHFDMLWPDL"
3DLXLWHQXDPFHVDvPEUDF
6RULFHOXOSULHWHQDGHYDUDWvLVSXQH
1XLQLPLFvWLvPSUXPXWHXFHYD

ÌQWUR]LVRDUHFHOHVHFHDUWDFXHOHIDQWXO0RWLYXOHOHIDQWXOFDOFDVHQHYDVWDVRDUHFHOXLVLR]GURELVH6RDUHFHOHSURPLWHFD
RVDvLYLROH]HQHYDVWDHOHIDQWXOXLODFDUHHOHIDQWXOUkGHÌQWUR]LHOHIDQWLFDGXFkQGXVHODIOXYLXLQWURGXVHVHWURPSDvQDSDVD
EHD6RDUHFHOHSURILWkQGGHRFD]LHVDUHSHHDVLvQFHSHVDLGHDODFLRFDQHÌQDFHODVLWLPSXQFURFRGLORPXVFDGHWURPSDVL
HDvQFHSHVDXUOH/$&$5(625(&(/(=,&(
$6$&859$'5$&8/8,=%,$5$

%DQFXULFXVLGHVSUHEHUH

%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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2EHUHQXvWLLQWHU]LFHVDSUHDFXUYHVWL
2EHUHQXvWLLQWHU]LFHVDWHFXOFLFXQHYDVWDDOWXLD
2EHUHQXvWLLQWHU]LFHVDXFL]L
2EHUHQXWHvQGHDPQDVDGXVPDQHVWLSHFHLFHEHDXDOWHEDXWXULDOFRROLFH
2EHUHQXvWLSURPLWHUDLXOGDFDREHL
2EHUHQXvWLSURPLWHYLDWDGXSDPRDUWHFLvWLvQIUXPXVHWHD]DYLDWD
'DFDSULPHVWLRSDOPDEHUHDQXWHYDvQGHPQDVDvQWLQ]LVLFHODODOWREUD]

'HFHREHUHHPDLEXQDGHFkWRIHPHLH

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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2EHUHQXDUHJULMDWRWWLPSXOFHIDFL
2EHUHDUDWDODIHOVLGLPLQHDWDVLVHDUD
2EHUHQXVHSOkQJHGDFDRLHLFXWLQHXQGHYD
2EHUHVWHULOL]DWDHREHUHEXQD
2EHUHQXWHvQVHDOD
%HULOHDXXQJXVWEXQ
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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LQJXUXOOXFUXFDUHWLOVSXQHREHUHHFkQGVDWHGXFLVDWHSLVL
8QHLEHULQXvLFUHVWHSDUvQORFXULvQFDUHSDUXOQXDUHFHFDXWD
8QHLEHULQXvLSDVDGDFDWHGXFLODFXOFDUHLPHGLDWGXSDFHDLFRQVXPDWR
'DFDSXLWRDWHEHULOHFRQVXPDWHvQWURFDPHUDQXVHYRUOXDQLFLRGDWDODEDWDLH
2EHUHQXWHGXFHODVDSDGHOHPQ
2EHUHQXWHGHWHUPLQDVDWHDSXFLGHEDXWXUD
2EHUHQXSRDWHILVXJUXPDWD
2EHUHHXVRUGHVDWLVIDFXW

%DQFXULFX%XODVLDLOXL

%DQFXULFX%XODODDUPDWD

%XODVHvQWRDUFHDFDVDvQSHUPLVLHGHSHIURQW3DULQWLLOXL6WUXODSULHWHQLGHIDPLOLHVLYHFLQLvOvQWUHDED
'DU6WUXODFHIDFHGHFHQDYHQLW"
3DLVWLWLHUDPvQWUDQVHHQHDWDFDLQDPLFX
FkQGFHLWUHFHOXL6WUXODSULQFDS"
,RWH
DVDXQJORQWGLPDULL

%XODHUDvQDUPDWDÌQWUXQDGLQ]LOHFkQGIDFHDXLQVWUXFWLH&RORQHOXOOHVXJHUHD]DVDVLPXOH]HXQDWDFDHULDQ
7RWLVROGDWLLVHDVFXQGQXPDL%XODVWDvQPLMORFXOFDPSXOXLGHH[HUFLWLL&RORQHOXOQHUYRVSHVWHPDVXUDVHGXFHOD%XODVLL
]LFH
6ROGDW
'DVDWUDLWL
'HFHQXVWDLDVFXQVFXPIDFFHLODOWLEDFUHWLQXOH
%DGDVDWUDLWLVWDXVXEXQFRSDF
6LXQGHYH]LWXFRSDFXOVFDUQDYLH"
'DWXXQGHSL] DPDWLLYH]LDYLRDQHVDWUDLWL"

9DULDQWD
,QVWUXFWLHGHFkPS6HUJHQWXOvOvQWUHDEDSH%XOD
6ROGDWFHIDFLGDFDvQIDWDWDYH]LGHLQDPLFL"
ÌLvPSXVFFXPLWUDOLHUDGRPQXOHVHUJHQW]LFH%XOD
'DUFHIDFLGDFDYH]LvQVWkQJDGHLQDPLFL"
ÌLvPSXVFFXPLWUDOLHUDGRPQXOHVHUJHQW
'DUFHIDFLGDFDYH]LvQGUHDSWDGHLQDPLFL"
ÌLvPSXVFFXPLWUDOLHUDGRPQXOHVHUJHQW
'DUGHXQGHLHLWXDWkWHDFDUWXVH%XOD"
'LQORFXOGLQFDUHDGXFHWLVL'XPQHDYRDVWUDLQDPLFLL

5D]ERLFXQHPWLL%XODVHDVFXQGHvQWURIkQWDQD8QQHDPWYUHDVDIDFDODIHO(OVWULJDvQIkQWDQDLDU%XODIDFHSHHFRXO
(FLQHYDDFROR"
(FLQHYDDFROR"
0DLELQHPDGXFvQSDGXULFH
0DLELQHPDGXFvQSDGXULFH
0DLELQHDUXQFRJUHQDGD
0DLELQHWHGXFLvQSDGXULFH

%XODODFDELQHWXOPHGLFDODOUHJLPHQWXOXL
'RP
GRFWRUPDVLPWIRDUWHUDX
8QGHYDVLPWLWLUDX"
6DWUDLWLDLFLvQDUPDWD

%XODVLFXUHJLPHQWXOvQUD]ERL&DGHRERPED5DPkQHQXPDLHOFXFDSLWDQXO
&DSLWDQXORLDvQDLQWHFDHPDLGHVWHSW&DGHvQWURFDSFDQD
6L]LFH
$UXQFDIUkQJKLD
%XODvLDUXQFDIUkQJKLD
1XDVDERXOHPLHXQFDSDWVLWLHXQFDSDW
%XODLDIUkQJKLDWDLHGRXDFDSHWHDUXQFDXQXOFDSLWDQXOXLVLXQXOvOSDVWUHD]D
9LWDWLQHIUkQJKLDGHXQFDSDWVLDUXQFDUHVWXOvQJURDSD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQILQDO%XODVHSULQGHVLvLDUXQFDIUkQJKLDFDSLWDQXOXL
$FXPDWUDJH
6FRDWH%XODSLVWROXOvOvQGUHDSWDVSUHJURDSDVLEXXXXXP

&RORQHOXOYL]LWHD]DLQILUPHULDUHJLPHQWXOXLFXULRVVDYDGDFXPVXQWvQJULMLWLEROQDYLL
/kQJDXQXOGLQSDWXULFRORQHOXOvQWUHDED
&HDLVROGDW"
+HPRURL]LVDWUDLWL
6LFXPWHWUDWHD]D"
%DGLMRQDULFXDOEDVWUXGHPHWLO
$LYUHRGRULQWD"
1XVDWUDLWL
'XSDDOWLSDFLHQWLFXDFHHDVLERDODWUDWDWLODIHOVLIDUDGRULQWHVSHFLDOHGHIRUPXODWYLQHUkQGXOOXL%XOD
7XGHFHVXIHUL"
'HDPLJGDOLWDVDWUDLWL
6LFXPWHWUDWHD]D"
%DGLMRQDULFXDOEDVWUXGHPHWLO
$LYUHRGRULQWD"
'DVDWUDLWL6DVFKLPEHVRPRLRJXO

3URDVSDWFDVDWRULW%XODHVWHUHFUXWDWVLHUHSDUWL]DWODYkQDWRULLGHPXQWH
'XSD OXQLGH LQVWUXFWLH IDUD QLFL R SHUPLVLH vQ SOLQDLDUQD XQLWDWHD SRUQHVWHvQWURDSOLFDWLHSH PXQWH FKLDU SH OkQJD
FRPXQDXQGH%XODvVLODVDVHQHYDVWD
2PHQRVFRPDQGDQWXO vLDFRUGD DFHVWXLD R SHUPLVLH GH R QRDSWH )HULFLW %XOD vVL SXQH VFKLXULOH VL UHDOPHQWH ]ERDUD VSUH
PXOWGRULWDLVRWLH
$GRXD]LVHDUDvQGRUPLWRU%XODRUJDQL]HD]DXQFRQFXUVJKLFLWRDUH
&LQHPLVSXQHFDUHVXQWSULPHOHWUHLOXFUXULSHFDUHOHDPIDFXWFkQGDPDMXQVDFDVD"
ÌQSULPXOUkQGWLDLVDOXWDWIDPLOLDRSLQHD]DFLQHYD
*UHVLWÌQSULPXOUkQGPDPFXOFDWFXQHYDVWDPHD$OGRLOHD"
7LDLVDOXWDWIDPLOLD
*UHVLW0DPFOXFDWDGRXDRDUDFXQHYDVWDPHD6LDOWUHLOHD"
7HDLFXOFDWDWUHLDRDUDFXQHYDVWDWD
1XQLFLFKLDUDVDVSXQH%XODÌQDOWUHLOHDUDQGPLDPVFRVVFKLXULOHGLQSLFLRDUH

%XODIDFHDVFRDODGHSDUDVXWLVPVLFRPDQGDQWXOFDUHDQWUHQDJUXSDOXL%XODYUHDVDVLEDWDMRFGHHLVLVDLSXQDVDIDFD
SULPXOVDOWXQGHYDvQ6DKDUD
,QVWUXFWRUXOLLLDVLOH]LFH
%DLHWL YHGHWL FD YD SDUDVXWDP vQ GHVHUW $FROR VD DVWHSWDWL FD WULPLWHP XQ MHHS VD YD LD $SURSR OXDWLYD YUHR  GH
SDUDVXWHFDVXQWGDVWHDURPkQHVWL
6DUH%XODSULPX
GLQJUXSDOXLVLSHODYUHRGHPHWULYUHDVDGHVFKLGDSULPDSDUDVXWD%LQHvQWHOHVFDDFHDVWDQXPHUJH
VLHOvVL]LFH
1XLQLPLFPDLDPSDUDVXWH
%LQHvQWHOHVFDQXLVDGHVFKLVQLFLXQDGLQSDUDVXWH9D]kQGHOFXPVWDWUHDEDvLYLQHLQVSLUDWLDPHWDIL]LFD
%DFHJKLQLRQLVWVXQWQXPLVDGHVFKLVQLFLRSDUDVXWDGLQDOHDGD
GDFDQXYLQHMHHSX
VDPDLD"

%XODvQSULPD]LGHDUPDWD8QSOXWRQLHUWUHFHSULQIDWDUkQGXOXLGHVROGDWLVLvQWUHDED
&HDLIRVWvQYLDWDFLYLOD"
8QXOEUXWDUDOWXOPDFHODUDOWXOHOHFWULFLDQHWF$MXQJHRILWHUXOOD%XOD
&HDLIRVWvQYLDWDFLYLOD"
$PIRVWIHULFLWVDWUDLWL

%XODODUHFUXWDUH0HGLFXO]LFH
&LWHVWHFXYRFHWDUHFHVFULHDFRORSHWDEOD
%XOD
&DUHWDEODHXQXYDGQLFLRWDEOD"
)RDUWHELQHUDVSXQGHGRFWRUXO1LFLQXHYUHRWDEODDFROR$SW8UPDWRUXO

%XODODUHFUXWDUHGDPHGLFXOXLRIRLDLHSHFDUHVFULH1XSRWVDYRUEHVFVXQWPXW
0HGLFXOPLOLWDU
3XQHWLPkQDSHPDVDVLvQFKLGHWLRFKLL
0HGLFXOvOORYHVWHFXSXWHUHFXFLRFDQXO
$DDDDDDDDK
ÌQUHJXODPkLQHvQYDWDPOLWHUDE


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

2ILWHUXOGHODFHQWUXOGHUHFUXWDUHvOvQWUHDEDSH%XOD
5HFUXWFHLFXRFKLXOGXPLWDOH"
(XQRFKLDUWLILFLDO
6LGLQFHHXQRFKLDUWLILFLDO"
'LQVWLFODGRPQXOHRILWHU
'DORJLFWUHEXLHVDVLYH]LSULQHO

/DUHFUXWDUH%XODHVWHvQWUHEDW
&HPHVHULHDL"
&RPHGLDQW
&RPHGLDQW",DDUDWDFHVWLLPD
%XODLHVHSHXVDDIDUDODFHLFDUHDVWHSWDXVLVWULJD
3XWHWLSOHFDFXWRWLLDFDVD(XDPSULPLWORFXODFHVWD

/DUHFUXWDUH%XOD]LFHPHGLFXOXLPLOLWDU
6XQWPLRSGHFLQHLQFRUSRUDELO
&XPYUHLVDGHPRQVWUH]LDVWD"
9HGHWLFXLXODFHODvQ]LG"
'D
(LELQHHXQXOYDG

/DUHFUXWDUH%XODHvQWUHEDW
&HLWDF
WX"
%ROQDYGHSODPkQL
1DPvQWUHEDWDVWD&HIDFH"
7XVHVWH
7kPSLWXOH'LQDVWDQXVHSRDWHWUDL
3DLGHDLDDVLPXULW

%XODPLFGHVWDWXUDODDUPDWDVWDODFDSDWXOVLUXOXL0HGLFXOPLOLWDUIDFHFRQWUROXOLJLHQLF/DSULPXOVROGDW
'HFDORWDWLFDORWDWL
/DDOGRLOHD
'HFDORWDWLFDORWDWL
/DDOWUHLOHD
'HFDORWDWLFDORWDWL
$MXQJHOD%XOD
'HFDORWDWLFDORWDWL
'LQWURGDWDXQOLFKLGDOEODSWRVvOVWURSHVWHSHPHGLF"
3RUFXOHQXWLHUXVLQH"
6DWUDLWLHXDPIDFXWH[HUFLWLXOGHODEXQvQFHSXW

ÌQRUDGHLQVWUXFWLHRILWHUXOYUHDVDH[SOLFHFXPvQFD]GHQHYRLHVHVWHULOL]HD]DDSDQHSRWDELODvQYHGHUDFRQVXPXOXL
ÌQDLQWHvQWUHDED
'HFLGDFDQXDYHPGHFkWDSDPXUGDUDFXPRSXWHPIDFHSRWDELOD"
%XODUDVSXQGH
3ULPDGDWDILHUEHPDSDVLDSRLRILOWUDP
)RDUWHELQH0DLIDFHWLFHYD"
'DGXSDDFHHDEHPSHQWUXVLJXUDQWDREHUH

%XODIDFHDUPDWDvQWURXQLWDWHPDUH2GDWDXPEODSHSODWRXFXPkLQLOHvQEX]XQDUHSHOkQJDXQFRPDQGGDQWGHJUXSD"
$FHVWDvORSUHVWHVLvQWUHDED
(VWLODDYLDWLHVROGDW"
1XVDWUDLWLGHFH"
1XPDLDLDVXQWWRWWLPSXOFXPkQDSHPDQVDGHSLORWDM

&LFDvLYHQLVHOXL%XODFKHPDUHGHODDUPDWD0DVDILDUWDGDIXJDODWDWVX]LGDUvQFRQVWUXFWLLVDLGHDYHVWHDSURDVWD
$ROHXLDYHQLWOX
ILWXFKHPDUHODDUPDWDGRLDQLODPDULQDDROHXFHQHIDFHPFDSOHDFDEDLDWXVLPRUHXGHLQLPDUHD
7DWDOOXL%XODHUDVXVSHVFKHOHODHWDMXOFXPLVWULDvQPvQD
/DVDGUDJDVDIDFDEDLDWX
DUPDWDVDVHIDFDEDUEDWFHPDPDQDLELL
1XEDUEDWHWUHEHVDIDFHPFHYD'HFHQXWHDUXQFLWXGHSHVFKHOHVLPRULVDVHOLEHUH]HFDILXGHYDGXYD
$X]LIDGHFHQXWHDUXQFLWXvQEUDWHOHFRORQHOXOXLVLVDVHOLEHUH]HFDILXGHFXUYD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&DSRUDOXOHFDPPLRSGHIHOXOOXL
'UHSWL$VWDHYDODELOVLSHQWUXWLQHWXDODFXERQHWDURVLHGLQVSDWH
/DFDUH%XOD
'RPQXOHFDSRUDOSHUPLWHWLVDUDSRUWH]VDWUDLWLDODHXQ+LGUDQW
)LHFHRYUHDHO$LFLWUHEXLHVDDVFXOWHVLFHLFXIDFXOWDWH

%XODODIUL]HULDXQLWDWLLVWDSHXQVFDXQvQYHFLQDWFXDODFHOXLDSHFDUHVWDWHDXQRILWHU
9URLDDQXPHVDVHWXQGDSHQWUXSHUPLVLDGHDGRXD]L'XSDFHDIRVWWXQVRILWHUXOHvQWUHEDWGHIUL]HU
6DYDGDXFXJHOVLDSDGHSDU"
1XQXvQQLFLXQFD]GDFDPLURVDVDVHJkQGHVWHQHYDVWDPHDFDDPIRVWLDUDVLvQERUGHO
/DFDUH%XOD
/DPLQHSXWHWLOLQLVWLWVDGDWLVLFXJHOVLFXDSDGHSDUSULHWHQDPHDQXVWLHFXPPLURDVHvQERUGHO

%XODODDUPDWD
%XODIHOLFLWDULVSXQHRILWHUXOODUDSRUWDPDX]LWFDDWLGHYHQLWWDWD"
1XFKLDUVRWLDPHDDGHYHQLWPDPD

8QJHQHUDOLQVSHFWHD]DSOXWRQXOOXL%XOD$MXQJHODDFHVWDvOEDWHSULHWHQRVSHXPDUVL]LFH
&XvWLPHUJHILXOPHX"
/DFDUH%XODUDGLRV
&HELQHFDDPGDWGHWLQHWDWDPDPDWHFDXWDGHDQLVLDQL

%XODODDUPDWDVHQHFDMHVWHFDQXvVLSULPHVWHVROGD1HUYRVGDXQXOWLPDWXP
'RPQXOHFDSRUDORULvPLSULPHVFVROGDRULvPLFXPSDUXQSLVWROPLWUDOLHUDVLPDSULYDWL]H]

&DSRUDOXOvQWUHDED
6ROGDW%XODFXPSURFHGH]LFkQGDX]LFRPDQGD9ROXQWDULLXQSDVvQIDWD"
)DFXQSDVODWHUDOSHQWUXFDYROXQWDULLVDSRDWDSDVLvQDLQWH

%XODvQVHUYLFLXOJDUGDHVWHvQWUHEDWGHFDWUHVHUJHQWXOPDMRU
&HIDFLFkQGYH]LXQEDUEDWDSURSLLQGXVHWkUkVGHFD]DUPD"
ÌOGXFGLVFUHWSHGRPQXOORFRWHQHQWvQSDWXOOXL

([HUFLWLXGHQRDSWH6ROGDWLLPDUVDOXLHVF
ÌQFHGLUHFWLHQHvQGUHSWDP%XOD"VWULJDVHUJHQWXO
6XG
'HFHVXG"
3HQWUXFDDPvQFHSXWVDWUDQVSLU

%XODHGHJDUGDODSRDUWDXQLWDWLL9LQH268XORILWHUXOGHVHUYLFLSHXQLWDWHVLvLVSXQH

6ROGDW%XODD]LYLQHJHQHUDOXO&kQGYLQHvPLUDSRUWH]LLPHGLDW
%XODSXWLQLQWLPLGDW
'DVDWUDLWL
'XSDRRUDJHQHUDOXOQXDVRVLWvQFDVHvQWRDUFHGLQQRX268XOGHGDWDDVWDVLPDLUDVSLFDW
&XPDVRVLWJHQHUDOXOUDSRUWH]LLPHGLDW
'XSDGHPLQXWHQYLQHGLQQRX26XXOOD%XOD
&XPDVRVLWJHQHUDOXOUDSRUWH]LLPHGLDW
'XSDDFHHDID]DVHUHSHWDvQFDGHFkWHYDRUL
/DXQPRPHQWGDWYLQHRGDFLHQHDJUDVLRSUHVWHODSRDUWDXQLWDWLL%XODPHUJHODPDVLQDVLvQWUHDEDWLSXOFHVWDWHDvQVSDWH
+HLWXHVWLJHQHUDOXO"
*HQHUDOXOXLPLWVSXQH
'DGHFH"
)DWHFDGLVSDULGDUHSHGH268XOWHFDXWDGHDSURDSHRRUDVLHIRDUWQHUYRV

%XODIDFHDUPDWDODSDUDVXWLVWLL/DERWH]XOXQHLWXUHQRLGHUDFDQLRILWHUXOVDGHvQWURSDUWHVL%XODvLDMXWDSHDFHVWLDVD
VDUD
)LHFDUHIDFHQD]XULPDLPXOWVDXPDLSXWLQGDU%XODQHPLORVvLDUXQFDDIDUDGLQDYLRQ
2ILWHUXOHRFOLSDQHDWHQWVL%XODvLDMXWDXOWLPXOXLVROGDWVDVDUD$FHVWDVHRSXQHPDLWDUHFDFHLODOWLGDU%XODvLIDFHVLOXL
YkQW
$VDXQIULFRVQDPPDLYD]XWvQYLDWDPHDVSXQHHORILWHUXOXL
&HDLIDFXWWkPSLWXOH
'RPORFRWHQHQWGRDUQXOXDWLDSDUDUHDIULFRVXOXLDVWD"
&HIULFRVPDDVWDLEXQDPDDVWDHUDSLORWXOQRVWUX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

ÌQWLPSXOFHOXLGHDOGRLOHDUD]ERLPRQGLDOXQVROGDWDIRVWLQWUHEDW
&HWHDIDFXWVDWHLQUROH]LLQDUPDWD"
0DPLQURODWGLQPDLPXOWHPRWLYH$PYUXWVDPLVOXMHVFSDWULDDPYUXW
VDOXSWFRQWUDIDVFLVPXOXLDPYUXWVDFRQVWUXLHVFROXPHPDLEXQDGHPQD
GHHURLLHLGDUPRWLYXOSULQFLSDODIRVWFDPDXLQKDWDWDVWLD

2VFXUWDELRJUDILHDOXL%XOD
0DPDPHDQXVWLHFDUWH0DGDWSHPLQHODVFRDODvQVFKLPE
$PUHXVLWVDWHUPLQFODVDDFLQFHDFkQGPDXOXDWODDUPDWD/DDUPDWDHUDIRDUWHELQH
1H VFXODP OD FLQFL GLPLQHDWD IDFHDP XQ PLF H[HUFLWLX GXSD FDUH QH GDGHDP MRV GLQ SDW (X LDP FHUXW FDSRUDOXOXL R
SHUPLVLH
(OPLDGDWXQDGHPLDXWLXLWXUHFKLOHGRXDVDSWDPkQL&kQGDPDMXQVDFDVDDPJDVLWRSHPDPDSODQJkQG
3OkQJHDGHODIXPXOGHOXPkQDUL3HWDWDQXODPJDVLW1XPDPJkQGLWVDOFDXWSHPDVD,DPVSXVPDPHLFDWHEXLHVDO
vQJURSDP
6LPDPDPLDVSXV&XP"6DOvQJURSDPDFXPFkQGVDODVDWGHEDXW"
ÌQDFHHDVLVHDUDPDPDVDFXOFDWFX7HDPD7HDPD9DVLOHSUHRWXOVDWXOXL

3DUDVXWLVWLVDUHDXGLQWUXQDYLRQ6DUWRWLVLPDLUDPkQH%XODVLFXFDSLWDQXO%XOD]LFH
'RP
FDSLWDQHXQXVDU
'HFHPD"
$PYLVDWLHULFDQXPLVHGHVFKLGHSDUDVXWD
,DPDSDUDVXWDPHDGDPLSDUDVXWDWDVLVDUL
6DUH%XODVHGHVFKLGHSDUDVXWDVLODXQPRPHQWGDWVHDXGHSHOkQJDHOXQVXLHUDWVLRYRFHGHMRV
%DJDWLDLS DQHOGHYLV

2JDVFDGHVROGDWLVWDWHDXODPDVD%XODYUHDVDPHDUJDODEXGD
&DVDQXvLLDFHLODOWLPkQFDUHDVFXLSDvQIDUIXULHVLODVDXQELOHWOLQJDIDUIXULHFDUH]LFHD$PVFXLSDWvQIDUIXULH
&kQGVHvQWRDUFH%XODGHODEXGDJDVHVWHFRPSOHWDUHDVLQRL

%XODODvQFRUSRUDUH
'RPQXOHGRFWRUYDURFQXPDWULPLWHWLODDUWLOHULHQXSRWVDDXGEXEXLWXOWXQXULORU
1XYDILHIULFDUHFUXW7XQXULOHEXEXLHDVDGHWDUHFDOHYHWLDX]LFXVLJXUDQWD

%XODODUHFUXWDUHVWDGH]EUDFDWODSLHOHvQIDWDFRPLVLHLPHGLFDOH0HGLFXOPLOLWDUvLDUDWDSXPQXOVL]LFH
5HFUXW&HYH]L"
1LPLF
'RFWRUXOFKHDPDRVRUDPHGLFDODvLGHVIDFHEOX]DVLvLPDVHD]DWkWHOHFXIUHQH]LH
&HYH]LDFXPDUHFUXW"
&RQWXUXULQHFODUHGRPQXOHPHGLF
/DFDUHPHGLFXOFXXQ]kPEHWSHEX]H
7LQHUHRFKLLWDLVXQWSUREDELOEXQLGHDUXQFDWGDUVIRDUDWDDUDWDvQWLQVDvQGLUHFWLDFD]DUPLL

/RFRWHQHQWXOSULQGHvQWUHGHJHWHXQSDGXFKHFDUHEDQXLHFDODOXDWGHODVROGDWXO%XODGLQSULPXOUkQGÌODUXQFDvQVSUH
DFHVWD]LFkQG
'H]HUWRUXOH
%XODIRDUWHvQGHPkQDWLFSULQGHSDGXFKHOHVLvODUXQFDvQDSRLVSUHRILWHU
ÌQDSRLODDUPDWDFXWLQH

/DUDSRUWSOXWRQLHUXO
6ROGDW%XODGHFHVDQXXPEODVROGDWXOFXWLJDUDvQJXUDSHSODWRXOXQLWDWLL"
$YHWLGUHSWDWHGRPQ
SOXWRQLHUGHFHQX"

ÌQUD]ERLvQDLQWHGHOXSWDRILWHUXO]LFHSOXWRQXOXL
0kLQHH]LXDFHDPDUH0kLQHYRPOXSWDRPFRQWUDRP
/DFDUH%XOD
'RP
RILWHUDUDWDWLPLPLHRPXOPHXSRDWHUHXVHVFVDPDvQWHOHJFXHO

%XODGDH[HPSOXELEDQLORU
/DDUPDWDWRWLVWDXvQDFHHDVLEDUFD,QIDQWHULDYkVOHVWHPDULQDWLQHFkUPDVLDYLDWLDIDFHVNLQDXWLF

%XODVWDSHSHURQVDSOHFHODDUPDWD&XHOPDPDVDVLJDJLFDVD$PEHOHYRURSR]DGHODHO'LQSDFDWH%XODDUHQXPDL
RSR]DODHOSR]DFDUHDIDFXWRvQDFHDYDUDODQXGLVWL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2UXSHvQGRXDSDUWHDGHVXVRGDSULHWHQHLVLSDUWHDGHMRVPDPHLVDOHVWLLQGFDDVWDHFDPPLRDSDVLQXRVDVLGHDVHDPD
0DVDVHXLWDXQWLPSODSR]DVL]LFH
'DGDH[DFWFDWDW
VX1HEDUELHULWVLFUDYDWDvLVWDVWUkPE

ÌQWUHQVHIDFSUH]HQWDULOH
3RSHVFXORFRWHQHQWvQUH]HUYD
%XODLQDSWSHQWUXVHUYLFLXOPLOLWDU

2ILWHUXOGHDYLDWLH%XODIDFHUHPDUFLFULWLFHODDGUHVDLQIDQWHULHL9LQHXQRILWHUGHLQIDQWHULHVL]LFH
$YHWLFHYDvPSRWULYDLQIDQWHULHL"
/DFDUH%XOD
'DQDSDOP

2XQLWDWHPLOLWDUDHVWHSODVDWDvQPLMORFXOGHVHUWXOXLvQWURRD]D&RPDQGDQWXWXQLWDWLLXLWvQGXVHSULQELQRFOXOVDXODFH
VHPDLvQWvPSODSULQ]RQDREVHUYDSH%XODFXPLRWUDJHXQXLVWUXW&RQGXFDWRUXOvVLLHVHGLQILUHVLvOFKHDPDSHUHVSHFWLYXO
ODHO
7HDPVXUSULQVvQWLPSFHRIDFHDLFXXQVWUXW1HDLIDFXWGHUXVLQHWRDWDXQLWDWHD
%XODLDSR]LWLDGHGUHSWLVLLVSXQHFRPDQGDQWXOXLVDX
9DUDSRUWH]GRPQXOHJHQHUDOVvQWGLVSXVVDPLUHSDUJUHVDOD,DXVWUXWRDLFDGHQHYDVWD

%XODHUDORFRWHQHQWVLLVHSXQHvQYHGHUHVDIDFDHGXFDWLHVH[XDODVROGDWLORUFDODYL]LWDPHGLFDODQDXVWLXWQLFLFHLDLD
SHQLVDGHFDORWDHWFSkQDQXOHDH[SOLFDWGRFWRUXO
%XODRILWHUPRGHOGDDGXQDUHDSOXWRQXOXLSHSODWRXVLvQFHSHDRUGRQD
3OXWRQ'5(37,9$/,1,$7,'5(37,
6FRDWHWLSHQLVXO'(&$/27$7,&$/27$7,'(&$/27$7,&$/27$7,'(&$/27$7,
8QVROGDWULGLFDPkQD
'RPQXOHORFRWHQHQWSHUPLWHWLVDUDSRUWH]FLQHDWHUPLQDWSRD
VDVHQWRDUFDvQGRUPLWRU"

%XODYLQHODRILFLXOGHSHQVLLSHQWUXPLOLWDUL
/DYkUVWDDVWDYLLVDVROLFLWLSHQVLHGHLQYDOLGPLOLWDU"&kQGDLIRVWFRPEDWDQW"ÌQ"
1XvQ
6LDLIRVWUDQLWVDXJD]DW"
1XGRPQXOHFRORQHO]LFH%XOD
$WXQFLGHFHYUHLSHQVLHPLOLWDUD"
'LQFDX]DFDQHWXUQDvQPkQFDUHQHQRURFLWDDLDGHEURPXUD6LDELDDFXPDvQFHSXWVDVLIDFDHIHFWXO

/DXQFRQFXUVGHSDUDVXWLVWLvQWURXQLWDWHPLOLWDUD%XODWUHEXLDVDIDFDVDOWXOFXSDUDVXWDODDWHUL]DUHVDLDELFLFOHWDGXSD
FDUHFURVGH.PHWF6HXUFD%XODvQDYLRQDMXQJHvQ]RQDGHSDUDVXWDUHVDUHVLWUDJHGHFRPDQGDQXVHGHVFKLGH"
PDL WUDJH R GDWDQLPLF IX XLWUDJH FRPDQGD GH OD SDUDVXWD GH VLJXUDQWDWRW QLPLF EDJDPLDVPDL WUDJH R
GDWDQLPLFGXSDFDUH]LFH
3DUFDYDGFDQLFLELFLFOHWDQXRVDILHDFROR

&DSRUDOXO%XODVXUSLQGHvQFXUWHDFD]DUPLLXQUHFXUWGHVFKLDWODQDVWXUHOHGHVXVDOEOX]RQXOXL
'HFLDVDIDFHPSODMDDL"

%XODSULPHVWHRUGLQGHFKHPDUHvQDUPDWD6HGXFHHOODFRPLVDULDWVLVHJkQGHVWHFXPVDVFDSHGHDUPDWD8QWLSvLVSXQH
FDGDFDDUHVWUXQJDUHDWDQXOvQFRUSRUHD]D
%LQHGDUHXQXDPVWUXQJDUHWDFHIDF"
3DLLHLRFDUDPLGDvWLORYHVWLGLQWLLFXHDVLJDWDIDFLVWUXQJDUHDWD
=LVVLIDFXWÌVLVSDUJH%XODGLQWLLVLVHSUH]LQWDOD&RPLVLDGHvQFRUSRUDUHXQGHHVWHGHFODUDWLQDSW,HVHHOIHULFLWDIDUDVL
VWULJD
$PVFDSDWGHDUPDWD0LDXJDVLWSODWIXV

%XOD vQ DUPDWD &RPDQGDQWXO XQLWDWLL SULPHVWH vQVWLLQWDUH FD OXL %XOD LD PXULW PDPD ÌO FKHPD SH VHUJHQWXOPDMRU
FRPDQGDQWXOSOXWRQXOXLOXL%XODVLvLDGXFHODFXQRVWLLQWDWULVWDYHVWH
9H]LEDFXPvODQXQWLSH%XOD)DRVLWXPDLSHRFROLWH
$PvQWHOHVWR
DVXFRPDQGDQW
6HUJHQWXOVHGXFHODDSHOXOGHGLPLQHDWDVLFRPDQGD
3OXWRQSHROLQLHDGXQDUHD7RWLFHLFDUHDXPDPDXQSDVvQDLQWH7X%XODSRWLVDUDPkLSHORFFDPDWDDPXULWLHUL

%XOD VRVHVWH vQ DUPDWD VDVL VDWLVIDFD VWDJLXO PLOLWDU /D FRQWUROXO GH OD SRDUWD VXERILWHUXO GH VHUYLFL vL JDVHVWH XQ
JHDPDQWDQSOLQGHSUH]HUYDWLYH
'HFHWLDLDGXVDWvWHDSUH]HUYDWLYH%XOD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$PDX]LWHXFDvQDUPDWDHIDLPDUH

9DULDQWD
%XODVRVHVWHvQDUPDWDVDVLVDWLVIDFDVWDJLXOPLOLWDU/DFRQWUROXOGHODSRDUWDVXERILWHUXOGHVHUYLFLvLJDVHVWHXQJHDPDQWDQ
SOLQGHKkUWLHLJLHQLFD
'HFHWLDLDGXVDWkWDKkUWLHLJLHQLFD%XOD"
$PDX]LWHXFDYLQYUHPXULFDFDFLRDVH

%DQFXULFX%XODODVFRDOD

%XODHVWHIRDUWHQHDVFXOWDWRUODJUDGLQLWD0DPDOXLvLVSXQH
%XODGDFDQXvQYHWLVDWHFRPSRUWLRVDWHVFKLPEDPFXXQFRSLOEXQ
1XYDFUHG
'HFHQXQHFUH]L%XOD"
3DLFLQHDUILWkPSLWVDVFKLPEHXQFRSLOEXQFXXQXOUDX"

ÌQFHSHVFRDODVLvQYDWDWRDUHDYHULILFDGDFDHOHYLLVWLXVDQXPHUHSkQDODFkQGDMXQJHOD%XODDFHVWDVHULGLFDVLVSXQH
3DL$69$/(7'$0$33$-&.(5"

2UDGH*HRJUDILH
1RDSWHDDFHDVWDYDILXQIHQRPHQQDWXUDOIRDUWHLQWHUHVDQWRHFOLSVDWRWDODGHOXQD6DQXXLWDWLVDYDXLWDWLODRUDQRXDVL
MXPDWDWHVSXQHSURIHVRDUD
%XODGLQXOWLPDEDQFDvQWUHDED
3HFHFDQDO"

2UDGH*HRJUDILH
%XODGHFHHVWHFXQRVFXW&ROXPE"
3HQWUXFDVDGXVvQ$PHULFDIDUDYL]D

6WLLQWH1DWXUDOH
$PvQYDWDWLHULODVFRDODFDDSDQXDUHQLFLPLURVQLFLJXVWQLFLFXORDUHGDUQXHVWHDGHYDUDWVSXQH%XODPDPHLVDOH
'HFHVSXLDVWD"
3HQWUXFDDPSXVLHULGRLGHFLOLWULGHDSDvQEHUHDOXLWDLFDPLXVLDREVHUYDWLPHGLDW

2UDGH=RRORJLH
%XODFXPVHFKHDPDDQLPDOXOGHFDUHVLOHXOXLLLHIULFD"
/HRDLFDGRDPQDSURIHVRDUD

2UDGH=RRORJLH
%XODFDUHHVWHFHDPDLJUDYDERDODDFkLQHOXL"
'DFDHVWHRPRUkW

2UDGH$QDWRPLH
%XODFHvQVHDPQDDQDWRPLH"
(VWHFHYDFHDYHPFXWRWLLGDUVHYHGHPDLELQHSHIHPHL

2UDGH$QDWRPLH
%XODFHHVWHFRORDQDYHUWHEUDOD"
(VWHDFHORVODDOFDUXLFDSDWGHVXVVWDFDSXOQRVWUXLDUODDOFDUXLFDSDWGHMRVVWDPQRL

'LQQRXRUDGH$QDWRPLH
%XODFXPVHQXPHVFXOWLPLLGLQWLFDUHQHDSDUvQJXUD"
3URWH]DGRPQXOHSURIHVRU

2UDGH6RFLRORJLH
1XPLPKRWSHFHOFDUHLDSURSULHWDWHDDOWXLDH[SOLFDSURIHVRUXO
%XODWXQXHVWLDWHQW
%DGDGRPQXOHSURIHVRU
$WXQFLVSXQHPLFHDVILHXGDFDWLDVVFRDWHGLQEX]XQDUGHOHL"
9UDMLWRUGRPQXOHSURIHVRU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

2UDGH)LORVRILH
%XODSRWLVDPLVSXLFHvQVHDPQDDEVWUDFW"vQWUHDEDSURIHVRUXO
'DGRPQXOHSURIHVRU&HHDFHQXVHSRDWHDWLQJH
%LQH%XOD3RWLVDPLGDLVLXQH[HPSOX"
)LHUXOvQFDO]LW

2UDGH)L]LFD
%XODD]LYHLUDVSXQGHGLQOHJHDOXL$UKLPHGH&HVHvQWDPSODGDFDWHVFXIXQ]LvQFDGD"
6XQDWHOHIRQXO

2UDGH)L]LFD
%XODGHFHHVWHUHQXPLW(GLVRQ"
'LQFDX]DGHVFRSHULULORUVDOH
%LQHELQHGDUFHGHVFRSHULUL"
3DLOXLvLGDWRUDPIDSWXOFDGDFDYUHPVDQHULGLFDPGLQIDWDWHOHYL]RUXOXLQXWUHEXLHVDDSULQGHPROXPkQDUH

2UDGH5HOLJLH
%XODFHDXIDFXWHYUHLLGXSDFHDXWUDYHUVDW0DUHD5RVLH"vQWUHDEDSURIHVRUXO
$XVWDWODVRDUHVDVHXVXFH

2UDGH5HOLJLH
%XODFvWHSRUXQFLH[LVWD"vQWUHDEDSURIHVRUXO
=HFHGRPQXOHSURIHVRU
6LFHVHvQWLPSODGDFDQXUHVSHFWLXQDGLQWUHHOH"
5DPkQQRXD

'LQQRXRUDGH5HOLJLH
%XODGHFHDFUHDW'XPQH]HXPDLvQWkLEDUEDWXO"
&DPDFDURGDWDvQYLDWDVDSRDWDVLHOVDYRUEHDVFDOLEHU

,DUDVLRUDGH5HOLJLH
%XODGHFHDXIRVWL]JRQLWL$GDPVLFX(YDGLQ3DUDGLVGHFDWUH'XPQH]HX"
3HQWUXFDLDXPkQFDWPDUXO

%XODOLSVHVWHGHODVFRDOD$GRXD]LSURIHVRDUDvOvQWUHDEDGHFHDOLSVLW
3DLPDPDVLWDWDVXQWvQVSLWDO
'HFH"
$XDYXWXQDFFLGHQW
6LWXFHDLIDFXWvQWLPSXODVWD"
(XPDPMXFDWFXWUDFWRUXOSULQFDVD

%XODGHFHQXDLYHQLWLHULODVFRDOD"
'RDPQDSURIHVRDUDVDPDULWDWVRUDPHD
%LQH%XODGDUVDQXVHPDLUHSHWH

%XODOLSVHVWHGHODVFRDOD$GRXD]LSURIHVRDUDVXSDUDWDvOvQWUHDEDGHFHDDEVHQWDW
6WLWLGRDPQDDWUHEXLWVDPDGXFFXYDFDODWDXU
'DUELQH%XODQXSXWHDVDIDFDWDLFDWXWUHDEDDVWD"
%DGDGRDPQDGDUWDXUXORIDFHPDLELQH

%XODDvQWkU]LDWODVFRDODVLSURIHVRDUDvOvQWUHDEDFDPUHYROWDWDSHQWUXFDDvQWkU]LDWPDLPXOWFDGHRELFHL
%XODGHFHDLvQWkU]LDWDVDPXOWVLD]L"
$PDMXWDWREDWUkQDVDWUHDFDVWUDGDUDGLRV
%LQHVLGHFHWLDOXDWDVDGHPXOW"
3DLHDQXDYUXWVDWUHDFD

/DRUDGHJUDPDWLFD
%XODFkQGFkQWLWXVSXLHXFkQW&kQGFkQWDIUDWHOHWDXFXPVSXL"
7DFLGUDFXOXLRGDWD

7DWDOOXL%XODHFKHPDWODVFRDODSHQWUXFDILVXDVSDUWXQJHDP3ULYLQGUDPDJRDODWDWDOGDGLQFDSFXJUDYLWDWH
'DQXFUHGHDPFDHFKLDUDVD'DUDFXPYDGFDODVSDUWSHDPkQGRXDSDUWLOH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

0DPDPDEDWXWWDWDGHGRXDRULD]LQX
VFHQDLEDDDYXW]LFH%XOD
3DLGHFH"
3ULPDRDUDFkQGLDPDUDWDWFDUQHWXOGHQRWHVLDGRXDRDUDFkQGLDPVSXVFDHDOOXLGHFkQGHUDHOHY

%XODYLQHvQWUR]LODVFRDODvQGROLXÌQJULMRUDWDvQYDWDWRDUHDvOvQWUHDED
&HDLSDWLWPDL%XOD"
$PXULWWDWD
&XPDPXULW"vQWUHDEDvQYDWDWRDUHD
6LDGDWFXFLRFDQXOvQGHJHW
6LGLQFKHVWLDDVWDDPXULW"
1XGDUXUODDWkWGHWDUHvQFkWDWUHEXLWVDOvPSXVFDP

/DH[WHPSRUDO
6SHU%XODFDGHGDWDDVWDQXWHPDLSULQGFRSLLQG
6LHXVSHU

%XODGXSDH[DPHQHVWHLQWHURJDWGHWDWDOVDX
%XODLD]LWXFXPDIRVWODH[DPHQ"
&DODELVHULFDWDWD
&XPDGLFD"
3DLÌQQXPHOH7DWDOXLDO)LXOXLVLDO6IkQWXOXL'XK$PLQ

/DVFRDODHVWHLQVSHFWLH,QVSHFWRUXOSXQHXUPDWRDUHDvQWUHEDUH
&RSLLFHIDFHWLGDFDVXQWHWLvQWURSDGXUHVLYLQHXUVXO"
%XODULGLFDPDQD3URIHVRDUDvQJUR]LWDGDULQVSHFWRUXOGHMDDREVHUYDWPkQDULGLFDWD
6DUDVSXQGDFHOGLQXOWLPDEDQFD
%XODUDVSXQGHIUXPRV
3DLvQFHSVDDOHUJFDWUHXQFRSDF
'XSDDFHHDFHIDFL"
0DXUFvQFRSDF
6LGDFDXUVXOVHXUFDVLHOSHFRSDF"
0DVXLSkQDvQYkUIXOFRSDFXOXL
3URIHVRDUHLQXLYLQHVDFUHDGDFDSDQDDFXP%XODDUDVSXQVDVDIUXPRVFDQXDVSXVQLFLRSURVWLH
6LGDFDXUVXOVHVXLHVLHOSkQDvQYkUIXOFRSDFXOXL"
6DUGLQFRSDF
6LGDFDVDUHVLXUVXO"
$OHUJODXQDOWFRSDF
6LGDFDDOHDUJDVLXUVXOGXSDWLQH"
0DXUFvQFRSDF
6LGDFDVHXUFDVLHOvQFRSDF"
$WXQFLPDVXLSkQDvQYkUIXOFRSDFXOXL
6LGDFDVHVXLHVLHOSkQDvQYkUIXOFRSDFXOXL"
0DLGXWH
QS DPDWLLWXWLLFXXUVXO"

/D RUD GH DVWURQRPLH LQVSHFWRUXO HVWH DYHUWL]DW FD HOHYXO %XOD HVWH XQ SLF WUD]QLW 'XSD FH SURIHVRUXO SUHGD RUD
LQVSHFWRUXOvQWUHDED
$UHFLQHYDRvQWUHEDUH"
%XODULGLFDPkQDVLvQWUHDED
&HGLVWDQWDHVWHvQWUH3DPkQWVL/XQDvQD]LDDQXOXL"
3URIHVRUXOQXVWLHVLvOvQWUHDEDSHLQVSHFWRUFHVDUDVSXQGD,QVSHFWRUXOvLVSXQH
'DLVLWXXQUDVSXQVHYD]LY
3URIHVRUXOVHDSURSLHGH%XODVLvLVSXQHvQFHW
%XODGDFDPDLSXLDVWIHOGHvQWUHEDULWHEDJvQPDWLL

/HFWLDGH/LPED5RPkQD3URIHVRDUDYUHDH[HPSOHGHODFRSLLFXSURSR]LWLLvQFDUHVDVHDIOHFXYkQWXOSUREDELO
&RVWHO3HQWUXFDDIDUDHVWHLQRUDWSUREDELOFDSHVWHFkWHYDPLQXWHYDSORXD
*HRUJHO3HQWUXFDDPLHVLWDIDUDLPHGLDWGXSDEDLHSUREDELOFDDPVDPDSURFRSVHVFFXRUDFHDODEXQD
%XOD$VHDUDDPIRVWODVFRDODVLDPLQWUDWvQKRO
3URID%XODQXDLLQWHOHVFHWUHEXLHVDUDVSXQ]L
%XOD6WDWLSXWLQFDQXDPWHUPLQDW'RDPQD3URIHVRDUD$PREVHUYDWSHSURIHVRUXOGHJLPQDVWLFDFDvQWUDvQFDQFHODULHVL
LPHGLDWGXSDHOVLSURIDGHPX]LFD
3URIDLQWHUHVDWD(LHLPDLGHSDUWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%XOD 0DP XLWDW SH JDXUD FKHLL VL LDP YD]XW FD vVL GDX DPkQGRL FKLORWLL MRV vQGUHSWLQGXVH VSUH SLDQ 352%$%,/ FD
YURLDXVDVHFDFHSHSLDQ

/DEDOXOERERFLORU%XODLQYLWDRIDWDODGDQV
1XGDQVH]FXXQFRSLO
0DLHUWDWLQXVWLDPFDVXQWHWLvQVDUFLQDWD

3URIHVRDUDOXL%XODvVLvQWUHDEDHOHYLLvQFODVD
0DLFRSLLFkWLSHSHQLSXWHWLVDGXFHWLYRLvQPkQDGHRGDWD"9DVLOH
3DLHXSRWVDGXFXQSHSHQHvQWURPkQD
6WDLMRV9DVLOHFDHVWLSURVW,RQHO
'QDSURIHVRDUDHXSRWVDGXFSHSHQLRGDWDXQXOvQWURPkQDVLXQXOvQFHDODOWDPkQD
%UDYRPDL,RQHO0DODLODGLQSULPDEDQFDVHDJLWDGH]RU
'QDSURIHVRDUDHXSRWVDGXFWUHLSHSHQLRGDWD
&XPDVDPDL0DODLOD"
3DLXQXOvQWURPkQDXQXOvQFHDODOWDPkQDVLXQXOSHEXOD
ÌQFOLSDDVWD%XODULGLFDPkQDVXVPDLPDLVDVFRDWDRFKLLSURIHVRDUHL
&HVDvQWkPSODWPDL%XOD"vOvQWUHDEDSURIHVRDUD
'QDSURIHVRDUDHXSRWVDFDUFLQFLSHSHQLRGDWD
3URIHVRDUDPLUDWDvOvQWUHDEDFXPDQXPH
3DLXQXOvQWURPkQDXQXOvQFHDODOWDPkQDVLSH0DODLODQEXOD

%XODODVFRDODRQWUHDEDSHvQYDWDWRDUH
'QDvQYDWDWRDUHHDGHYDUDWFDSHPLQHPRDGXVEDU]D"
'DPDL%XOD
$LDFHDUHSHQHDOEHVLH"
'D%XOD
&XSLFLRDUHOXQJLVLFLRFXOURVX"
'D%XOD
$SRLVDPDLHUWDWLGD
WDWDQXI WHDVDFHYD

%XODYLQHDFDVDGHODJUDGLQD]RRORJLFDXQGHDIRVWFXFODVDvQYL]LWDVLSRYHVWHVWH
6WLLWDWDODJUDGLQD]RRORJLFDDPDMXQVODRFXVFDVLVL
(LVSXQHRGDWD
6LGRPQXOSURIHVRUDVSXVFDHVWHREDU]D
ÌQVHDPQDFDDIRVWFKLDWREDU]D
3DLELQHWDWDGDUGHFkQGDPYRUELWGHVSUHEDU]DDPFUH]XWFDQXH[LVWDRDVHPHQHDSDVDUH

/DVFRDODVHDXGHXQ]JRPRWWHULELOGLQWURFODVD'LUHFWRUXOLQWUDvQFODVDVLYHGHvQJUR]LWFXPWRDWDOXPHDWLSDVHEDWH
XQLLVDXXUFDWSHEDQFL
'LUHFWRUXOVHUHSHGHODFHOPDL]JRPRWRVVLvOGDDIDUDGLQVDOD6HIDFHGLQWURGDWDROLQLVWH
8QGHHVWHSURIHVRUXOYRVWUX"
%XOD
7RFPDLODWLGDWDIDUD

'HFHDUDPDVFHOHEUX1DSROHRQ"vQWUHDEDSURIHVRDUD
)LLQGFDDYHDRPHPRULHIRUPLGDELODUDVSXQVH%XOD
3RWLILPDLFODU"
'D3HVWDWXLDVDVFULH3HQWUXPHPRULDOXL1DSROHRQ

&RSLLFHQWDXULLHUDXILLQWHOHJHQGDUHMXPDWDWHRPMXPDWDWHFDO
'DUDWXQFLHLXQGHGRUPHDXvQSDWVDXvQJUDMG"vQWUHDED%XOD

&XPDGH]OHJDW$OH[DQGUXFHO0DUHQRGXOJRUGLDQ"
/DFDUH%XOD
/DWDLDWFXVDELDOXL'DPRFOHV

&XPVHHQXQWDSULQFLSLXOOXL$UKLPHGH%XODvQWUHDEDSURIHVRUXOGHIL]LFD
8Q FRUS VFXIXQGDW vQ DSD HVWH vPSLQV GH MRV vQ VXV FX R IRUWD GH GRXD RUL PDL PDUH GHFkW FHD FX FDUH vO DSDVDP QRL SH
LQGLYLGXOUHVSHFWLY

%XODFRSLOGHVFRDODVHGXFHODWDVXVLvOvQWUHDED
7DWDFHHDODSHQLV"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7DWDOVHGHVFKLGHODVOLWVLvLDUDWDRELHFWXOOXL%XOD
8LWHWDWDDFHVWDHVWHXQSHQLVLDUFDIDSWGLYHUVDFHVWDHVWHXQSHQLVSHUIHFW
$GRXD]LODVFRDOD%XODvVLFKHDPDFROHJLLvVLGHVFKLGHVOLWXOVFRDWHRELHFWXOVLOHVSXQH
%DLHWLDFHVWDHVWHXQSHQLVLDUFDIDSWGLYHUVGDFDHUDFXFPPDLVFXUWHUDXQSHQLVSHUIHFW

%XODPRDUHVDRUHJXOH]HSHRFROHJDGHFODVD3UREOHPDHFDHDQXYUHDVXEQLFLRIRUPD1HVWLLQGFHVDLPDLVSXQD
%XODvL]LFH
6DVWLLFDDPDX]LWFDGDFDIDFLVH[VFDSLGHFRVXUL
&XPIDWDDYHDFHYDDFQHHFRQVLPWHLPHGLDW%XODVHDSXFDGHOXFUXGH]RUVLvQFXOPHDSDVLXQLLvLVXJHFXVDOEDWLFLHIHWHL
VIkUFXULOHVkQLORU6HVFRDODIDWDGXSDDFHHDVLVHXLWDvQRJOLQGD
0DL%XODVWLLFDDLGUHSWDWH"$PDYXWGRXDFRVXULSHVkQLVLDXGLVSDUXW

/DVFRDODvQYDWDWRDUHDOHFHUHFRSLLORUVDVLLQYLWHODVFRDODEXQLFLLVLVWUDEXQLFLLGDFDDFHVWLDDXIRVWPDUWRULOD5DVFRDOD
GLQ
$GRXD]LODRUDGHLVWRULHDSDUH%XODFXEXQLFXVDX
3RYHVWHVWHQHEDFH%XODFXPRIRVWDWXQFHD]LFHvQYDWDWRDUHD
3DLIDWDPHDHXSHDWXQFHDHUDPvQSXWHUHVHGHDPHXSHDFDVDFXOXFUXOFkQGQXPDLFHYLQHYHFLQXO3HWUHvQIXJD
0D%XODLDUHSHGHRVDSDXQWRSRUFHDLVLYLQRUHSHGHFDLWDUDvQSULPHMGLH
/XDWDPHXVHFXUHDGLQVXUDVLKDLGD
FXYHFLQXOvQFHQWUXOVDWXOXL&RORVDWX
QSDU'D
QX]LFLFRUYHQLWDOWLLPDLWDULFD
QRLQHEDWXUDELQHVLQHEDJDUDvQGXEH
%DFH%XOD]LFHvQYDWDWRDUHDFHYDQXVHSRWULYHVWH3HDWXQFHDQXHUDXGXEHP
QHWDOHSUHFLVQXWLDPLQWHVWLGHFHWUHEXLH
,DPDLJkQGHVWHWHRWkUD
)DWDPHD]LFH%XODVHQLRUXOFUHGFDDLGUHSWDWHDPX
vPLDPLQWHVFFXPRIRVWVHGHDPHXFXYHFLQX
3HWUHvQFUkVPDOD
XQWRLGHWXLFD
6LQXPD
FHYLQHODQRLFkUFLXPDUX
VLQH]LFH
0D3HWUHPD%XODPHUJHWLUHSHGHSHODFDVHOHYRDVWUHVLOXDWLYDRULFRDVDRULIXUFDFHWLDYHDVLPHUJHWLODDGXQDUHFDL
YDLGHWDUD
0HUVHUDPQRLSHDFDVDOXDUDPIXUFLOHVLKDLGD
 vQFHQWUX
VDWXOXL&RORWDWVDWX
 FXFDWHOVLSXUFHO'D
QX]LFLFD YHQLUD
DOWLLPDLEXQLFDQRL
QHEDWXUDELQHVLQHVXLUDvQGXEH
%DFH%XODLDUDQXLELQH0
QHWDOHOHFDPvQFXUFLVLQXWLPDLDPLQWHVWLFRUHFWWRWFHDIRVW]LFHvQYDWDWRDUHD
,HUWDWLO]LFH%XODMUWRYDUDVDvQYDWDWRDUHSHEXQLFX
FDHOvQWRWGHDXQDvQFXUFDUDVFRDODFXFROHFWLYL]DUHD

3URIHVRDUDvLvQWUHDEDSHFRSLLFHPDQkQFDHLDFDVD
%XOD&HDL
3URIDvLVSXQHFDQXHELQHFDRVDDLEDLQVSHFWLHVLFDGDFDvOvQWUHDEDFHPDQkQFDVDVSXQDFDPDQkQFDIULSWXUD
$GRXD]LLQVSHFWLH
,QVSHFWRUXO&HPvQFDWLYRLDFDVDFRSLL"
%XOD)ULSWXUD
7RDWD]LXDIULSWXUD"
'D
6LFkWDIULSWXUDPDQvQFLWX%XODVHDUD"
&DPGRXDFDQL

&LFDVDGXV%XODvQSDX]DVLDVFULVDSDVDWSHWDEOD(XVvQWFHOPDLWDUHEDUEDW%XOD
ÌQYDWDWRDUHDRIHPHLHWvQDUDVLGUDJXWDLQWUDvQFODVDVHXLWDODWDEODVLFLWHVWH$SRLvLVSXQHOXL%XOD
'XSDRUDVDPDDVWHSWLvQIDWDFDQFHODULHL
ÌQSDX]DvQDLQWHGHDVHGXFHODFDQFHODULH%XODOHVSXQHFROHJLORU
$WLYD]XWPDLEDLHWLFHLPSRUWDQWDHVWHUHFODPD"

%XODDWHUPLQDWFODVHVLWDWDOOXLPkQGUXGHRGUDVODVDDKRWDUkWVDPHDUJDODRUDVVDFDXWHXQOLFHXSHPDVXUD
$vQFHUFDWFLWHYDOLFHHGDUVWkQGGHYRUEDFXGLUHFWRULLVLDGDWVHDPDFDQXVXQWSHPDVXUDILXOXLOXL
&DPFkQGVHVDWXUDVHGHMDVDPDLvQFHUFHVLODDOWHOHDYD]XWXQOLFHXFHVHFKHPDGHVPHFKHUL
0LUDWLQWUDDFRORPHUJHODGLUHFWRUVLOvQWUHDEDFXPYLQHDLDVPHFKHU$FHVWDvLVSXQHFDHPDLELQHVDLGHDXQH[HPSOX
ÌLGDXQWRSRUVLOSXQHVDLORYHDVFDPkQDGXSDFHRDVH]DVHSHELURX
7DWDOOXL%XODVHFRGHVWHGHFkWHYDRULGDUvQFHOHGLQXUPDvVLLDLQLPDvQGLQWLVLULGLFDWRSRUXO&kQGVDORYHDVFD
GLUHFWRUXODWUDVPkQDVLELQHvQWHOHVQXDSDWLWQLPLF6LL]LFH
(LDLvQWHOHVDFX
"
%XFXURVFDDJDVLWvQVIkUVLWXQOLFHXSRWULYLWSHQWUX%XODPHUJHDFDVDVLOLDSH%XODGHRSDUWHVSXQkQGXLGHDFHVWOLFHX
%XODSXQHVLHOvQWUHEDUHD
&HHDLDVPHFKHU"
'XFLQGXOvQJUDGLQDWDWDOOXLVSXQH
,DWRSRUXOVLvQFHDUFDVDPLORYHVWLPkQD6LQHJDVLQGXQORFXQGHVDSXQDPkQDRSXQHvQFDS


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DUWDWDQXVHSRDWHWHYRLORYL]LFH%XOD
ÌQFHOHGLQXUPDGXSDFkWHYDLQVLVWHQWH%XODVHKRWDUHVWHVLORYHVWH
7DWDOOXL%XODLDPkQDGDU$SRLPDPDOXL%XODvLFKHDPDODPDVD%XODYLQHVHDVHD]DVLPDLFDVDvOvQWUHDED
8QGHHVWHWDWDOWDX"
()DFHSHVPHFKHUXOvQJUDGLQD

7DWDWXPLDLSRYHVWLWFDRGDWDWHDXGDWDIDUDGHODVFRDOD"
'D%XOD'DUGHFHPDvQWUHEL"
3HQWUXFDLVWRULDVHUHSHWD

%XODVHGXFHGXSDRUHODvQYDWDWRDUH
'RDPQDvQYDWDWRDUHYDGDX]HFHPLLGHOHLGDFDYDGDWLMRVEOX]D
9DL%XODFXPvQGUD]QHVWL"
'RDPQDvQYDWDWRDUH]HFHPLLGHOHLVXQWWRWXVLEDQL
ÌQYDWDWRDUHDFHGHD]DVL%XODFRQWLQXDVDRIHUHFDWH]HFHPLLGHOHLSHQWUXILHFDUHSLHVDGHYHVWLPHQWDWLH
$GRXD]LODVFRDODGLUHFWRUXO
'RDPQDvQYDWDWRDUHYDGDWHOHYXO%XODLHULVDODULXSHOXQDDFHDVWD"

/DRUDGHLVWRULHODOXFUDUHVHFHUHVDVHQXPHDVFDXQVSUH]HFHPDULSHUVRQDOLWDWL/DVIkUVLWXORUHLSURIHVRDUD
%XODWXGHFHQXDLSUHGDWvQFDOXFUDUHD"
'RDPQDSURIHVRDUDQXVWLXSHFLQHVDSXQSHSRVWGHPLMORFDVFHQWUDO

%XODSRYHVWHVWHODVFRDODEDWDOLDGHOD5RYLQH
0DPDVDILYD]XWFHHUDDFROR7XQXULVDJHWLSXVWL0DPDLDXEDWXWURPkQLSDWXUFLGHVDXFDFDWSDHL
'DUGXSDDLDLDXEDWXWWXUFLLSDURPkQLGHVDXFDFDWSDHLDSRLLDULDXEDWXWURPkQLSDWXUFLGHVDXFDFDWSDHL
VLLDUWXUFLLLDXEDWXWSDURPkQLGHVDX
%LQHELQHPD%XODVLFXPVDWHUPLQDWEDWDOLD"
3DLFkQGDYHQLWSDGXUDUXOVLOHD]LV,DFDUDWLYDPDGHDLFLFDPLDWLvPSXWLWSDGXUHD

%XODGHVSUHFHDWLvQYDWDWDVWD]LODVFRDOD"
'HVSUH 0RLVH FXP D FKHPDW WRWL JHQHUDOLL OD FDUWLHUXO JHQHUDO VL D GDW SRUXQFD VD VH SXQD vQ DOHUWD WRDWH WDQFXULOH VL
PDVLQLOHEOLQGDWH
'DU%XODHVWHLPSRVLELOFDGRPQXOSURIHVRUVDILVSXVDVWIHOGHOXFUXUL
&UHGHPDPDPDDVDFXPDSRYHVWLWGRPQXOSURIHVRUHUDVLPDLLPSRVLELO

/DVFRDODSURIHVRDUDvL]LFHOXL%XOD
$VFXOWDFXPGHDXGQXPDLOXFUXULQHJDWLYHGHVSUHWLQHEHLIXPH]LHVWLDIHPHLDW1LPLFSR]LWLYQXDLvQWLQH
%DGDGRDPQDSURIHVRDUDVXQWVHURSR]LWLY

3URIHVRDUD
%XODQDLSURPLVWXFDRVDILLFXPLQWH"
'DGRDPQD
6LQXWLDPSURPLVHXFDWHYRLSHGHSVLGDFDQXYHLILFXPLQWH"
'DGRDPQDvQVDFXPHXQXPLDPWLQXWSURPLVLXQHDQLFLGXPQHDYRDVWUDQXVXQWHWLREOLJDWDVDYLRWLQHWL

%XODODVFRDODHVWHvQWUHEDWGHSURIHVRU
0DL%XODGDFDvQDHUVXQWWUHLSDVDULVLWXvPSXVWLXQDFkWHPDLUDPkQ"
1LFLXQDGRPQXOHSURIHVRUILLQGFDFHOHODOWHRVDVHVSHULHVLYRUIXJL
%LQHUDVSXQVXOFRUHFWHUDGRXDvQVDvPLSODFHFXPJkQGHVWL
3HUPLWHWLRvQWUHEDUHGRPQXOHSURIHVRU"VSXQH%XOD
=LPDL%XOD
ÌQWUXQ PDJD]LQ VXQW WUHL IHPHL FDUH PDQkQFD vQJKHWDWD XQD OLQJH vQJKHWDWD DOWD PXVFD GLQ HD VL FHODODWD VXJH GLQ
vQJKHWDWD
&DUHGLQHOHHVWHFDVDWRULWD"
6WDSURIX
VHJkQGHVWHVL]LFHvQWUXQVIkUVLW
$LDFDUHVXJHvQJKHWDWD
%LQH]LFH%XODUDVSXQVXOFRUHFWHUDDLDFDUHDUHYHULJKHWDSHGHJHWvQVDvPLSODFHFXPJkQGLWL

9DULDQWD
3URIHVRDUDODVFRDODvQFHUFDQGVDVWLPXOH]HPLQWLOHVFRODULORUDvQWUHEDW
&HHVWHURVXDSULQVVLVWUDOXFLWRU"
%XODVDUHVLUDVSXQGH
8QFDPLRQGHSRPSLHUL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1X]LFHSURIHVRDUDGDULPLSODFHFXPJLQGHVWL$OWFLQHYD"
0DULD]LFH
8QPDU"
&RUHFW]LFHSURIHVRDUD
$SRL%XOD]LFH
$PVLHXRvQWUHEDUH&HHVWHOXQJDWDUHURWXQMLWDFXSDUODXQFDSVLREDJLVLVFRWLGLQJXUD"""
%XODWLSDSURIDQRLQXYRUELPDVDDLFL
/DFDUH%XOD]LFH
3HULXWDGHGLQWLGDUvPLSODFHFXPJkQGHVWL

9DULDQWD
%XODODVFRDOD3URIHVRDUDGHVHQHD]DXQSDWUDWVLvQWUHDED
&LQHSRDWHVDPLVSXQDFHLDVWD"
%XOD
'RDPQDSURIHVRDUDDLDHVWHRFDVDIDUDDFRSHULV
3URIHVRDUD
1XHVWHRFDVDIDUDDFRSHULVHVWHXQSDWUDWGDUvPLSODFHFXPJkQGHVWL
$GRXD]LSURIHVRDUDGHVHQHD]DXQWULXQJKLVLvQWUHDED
&LQHSRDWHVDPLVSXQDFHLDVWD"
%XOD
'RDPQDSURIHVRDUDDLDHVWHDFRSHULVXOXQHLFDVH
1XHVWHDFRSHULVXOXQHLFDVHGDUvPLSODFHFXPJkQGHVWL
$WUHLD]L%XODvQWUHDED
'RDPQDSURIHVRDUDFHHVWHPLFFXFDSXOURVX"
$WXQFLSURIHVRDUD]LFH
1HVLPWLWXOHGXWHODGLUHFWRUDFXPVLYLQRFXSDULQWLODVFRDOD
%XOD]LFH
5DVSXQVXOHVWHFKLEULWXOGDUvPLSODFHFXPJkQGLWL

%XODQXVWLDFDUHHGLIHUHQWDvQWUHEDUEDWVLIHPHLHVLQLPHQLQXYURLDVDLVSXQDÌOvQWUHDEDSHvQYDWDWRU
ÌQYDWDWRUXO
%XODFHQUSRDUWDWDWDOWDXODSDQWRIL"

'DUPDPDWD"

9H]L%XODGLIHUHQWDvQWUHEDUEDWVLIHPHLHHVWHvQWUHSLFLRDUH

%XODFLFDPHUJHDODVFRDOD7UHFHHOSHOkQJDXQVDQWLHUSXQHODEDSHRFDUDPLGD/DVFRDODVHvQWRDUFHSURIDVDVFULHSH
WDEOD
SDF%XODGDFXFDUDPLGDQHD6HQWRDUFHSURID
%XODWXDLGDW
6DPRDUDPDPDGDFDDPGDW
6DGXFH%XODDFDVDPDVDPRDUWD$GRXD]LVHGXFH%XODLDFDUDPLGDSDFGDFXHDGXSDSURID
%XODWXDLGDW
6DPRDUDVRUPHDGDFDDPGDW
6DGXFH%XODDFDVDVRUDVDPRDUWD$WUHLD]LVHGXFH%XODLDFDUDPLGDSDFGDFXHDGLQQRX6HQWRDUFHSURID
%XODWXDLGDW
6DPRDUDWDLFDPLXGDFDDPGDW
6DGXFH%XODDFDVDWDLFDVXIDFHDEDJDMHOH
&HIDFLWDWD"
1HPXWDPGUDFX
GHDLFL$PXULWPDWDDPXULWVRUDWDD]LDPXULWVLYHFLQX

%XODQHGXPHULWGXSDVFRDODvVLvQWUHDEDWDWDO
7DWDFDUHHVWHGLIHUHQWDGLQWUHSURVSHULWDWHVLFUL]D"vQWUHDED%XOD
( VLPSOX %XOD 3URVSHULWDWH vQVHDPQD 0HUFHGHV VDPSDQLH YLOD OD 6QDJRY DPDQWD &UL]D vQVHDPQD PHWURX VLIRQ
JDUVRQLHUDvQ)HUHQWDULPDWD

%XODDvQYDWDWODVFRDODGHVSUHGLIHUHQWDGLQWUHWHRULHVLSUDFWLFDGDUQXDvQWHOHVPDLQLPLF6HGXFHODWDLFDVXVLvOURDJD
VDLH[SOLFH
7DWDFKHDPDSDUWHDIHPLQLQDQHYDVWDILLFDVLVRDFUD
%DLQHYDVWDGDFDXQDUDEWLDUGDRPLHGHSDUDLWHDLFXOFDFXHO"
'DEDUEDWHFDQHDPSXQHIDLDQWDvQEDLHDPSXQHSDUFKHWSHMRV
%DLIDWDWDWLLGDFDXQDUDEWLDUGDRPLHGHSDUDLWHDLFXOFDFXHO"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DWDWDFDPLDVOXDEOXJLVLJHDFDVLPDVGXFHODWXUFL
%DLPDPDVRDFUDGDFDXQDUDEWLDUGDRPLHGHSDUDLWHDLFXOFDFXHO"
'DEDLHWHFDDVOXDRPDVLQDGHVSDODWVLYDVH=HSWHU
9H]LPD%XODFDUHHGLIHUHQWDGLQWUHWHRULHVLSUDFWLFD"
6LQFHUVDILXWRWQXvQWHOHJ
(VLPSOXPD%XODÌQWHRULHDYHPWUHLPLLGHSDUDLGDUvQSUDFWLFDDYHPWUHLFXUYH

%XODODVFRDODHVWHLQWHUSHODWGHSURIHVRDUDFHLGUHSWFDPEXQXWD
0DL%XODGHFHQXHVWLDWHQWODOHFWLH"
1XPDSRWFRQFHQWUDGRDPQDSURIHVRDUD
3DLGHFHPDL%XOD"
0DPvQGUDJRVWLW
3DLGHFLQH]LFLWXFDWHDLvQGUDJRVWLW"
3DLGHGXPQHDYRDVWUDGRDPQD
0DL%XODDVDFHYDQXVHSRDWHQRUPDOvQWUR]LPDYRLFDVDWRULVLHXFXXQEDUEDWGDUvQQLFLXQFD]QXPDPJkQGLWOD
XQFRSLO
1LFLRSUREOHPDGRDPQDYRPIRORVLSUH]HUYDWLYXO

'RDPQDvQYDWDWRDUHVXQWvQGUDJRVWLWGHGXPQHDYRDVWUD
%XOD(XQXPLGRUHVFFRSLL
1XLQLPLFGRDPQDvQYDWDWRDUH9RLDYHDHXJULMDGHDVWD

%XODHUDWDUHvQWULVWDWFDWRWLFROHJLLOXLFUHGHDXFDDUHIDWDGHFXU$VDFDvQWUR]LvQWRUFDQGXVHGHODVFRDODvL VSXQH
PDVLL
0DPLFDDDDvKkFROHJLLPLVSXQFDDPIDWWDDGHFXXXU
&XPDVD%XOLFDOPDPHL"7XIDWDGHFXU"7XHVWLEDLDWvQDOWIUXPRVGHVWHSW'DUSkQDXQDDOWDLDGXWHSkQODSkLQHVL
LDPLYUHRFKLIOH
6HGXFH%XOD3HGUXPYHGHvQVDXQFDQDOFXFKHSHQJXOGHSODVDWVLFXULRVILLQGVDVWLHFHHUDvQDXQWUXOEDJDFDSXOVLVHXLWD
&DQGGHDFRORXQPXQFLWRUvLVWULJD
&HS DPDWLLPDLEDLHWH"7RFPDLDLFLvWLYLQHWLHVDWHFDFL"1XYH]LQDLELLFDVHOXFUHD]D"

/DVFRDODvQYDWDWRDUHDvLvQWUHDEDSHFRSLLFHRFXSDWLHDXWDWLLORU&kQGYLQHVLUkQGXOOXL%XODDFHVWDVSXQH
'LQSDFDWHWDWDOPHXHVWHGHFHGDW
'DULQDLQWHGHDPXULFHDIDFXW"vQWUHDEDvQYDWDWRDUHD
6DvQYLQHWLWDGDWRFKLLSHVWHFDSVLDFD]XW

/DVFRDODFRSLLVXQWvQWUHEDWLFHVXQWWDWLLORUGHPHVHULH,RQHO
7DWDOPHXHVWHLQJLQHUFRQVWUXFWRU
)RDUWHELQH,RQHOFHIDFHHO"
&RQVWUXLHVWHFDVHVLEORFXUL
*LJHOVSXQH
7DWDOPHXHVWHDUKHRORJ
)RDUWHELQH*LJHOVLFHIDFHHO"
6DSDWXULDUKHRORJLFH
%XODFkQGHVWHvQWUHEDWVLHO
7DWDOPHXHSURFXURU
%LQH%XODIRDUWHELQHFHIDFHHO"
3DLSURFXUDWLJDULFDIHDZKLVNL

/DVFRDODSURIHVRDUDvLSXQHSHHOHYLVDIDFDFDWHPDGHFDVDRFRPSXQHUHFXWLWOXO0DPDHQXPDLXQD
$GRXD]L,RQHOHVWHUXJDWVDVLFLWHDVFDFRPSXQHUHDOXL0DPDHQXPDLXQD
2GDWDYHQHDPGHODMRDFDVLODPLQHvQFDPHUDDPJDVLWRPLQJHPDUHPLDFXPSDUDWRPDPDPDPDHQXPDLXQD
*LJHOXUPDWRUXO0DPDHQXPDLXQD
0D SOLPEDP FX PDPD SULQ RUDV VL vQWUR YLWULQD DP YD]XW R ELFLFOHWD IUXPRDVD D YD]XW PDPD FD vPLSODFH WDUH VL PLD
FXPSDUDWRPDPDHQXPDLXQD
%XODDFXPHVWHUkQGXOWDX0DPDHQXPDLXQD
2GDWD YHQHDP IODPkQG GH OD VFRDOD VL LQWUX vQ FDVD VL VWULJ PDPDDD PLH IRDPH OD FDUH PDPD vPL VSXQH YH]L FD vQ
IULJLGHUVLQWWUHLFKLIWHOHGHVFKLGIULJLGHUXOPDPDDDHQXPDLXQD

/DRUDGHJUDPDWLFDvQYDWDWRDUHDFHUHHOHYLORUH[HPSOHGHVXEVWDQWLYHFRPXQHSUDFWLFFRPHVWLELOH(OHYLLVHvQJKHVXLHVF
VDUDVSXQGD
0LUFHD3kLQH
3URIHVRDUD%LQHDOWFLQHYD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%XOD/DPSD
3URIHVRDUD'D
ELQH%XODGHFHQXWHJkQGHVWLSXWLQ$LDX]LWSHFLQHYDVDPDQkQFHODPSL"
%XOD'D2GDWDFDQGQHDPFXOFDWWDWDLDVSXVPDPHL6WLQJHODPSDVLLDRvQJXUD

%XODODRUDGH]RRORJLHSURIDvQWUHDEDGHFHEURDVFDDUHRFKLLEXOEXFDWL8QXOVLQJXUULGLFDPkQDVLDFHODHVWH%XOD
,D]L%XODVWLLVDUDVSXQ]LODvQWUHEDUHDPHD"
'HVLJXUEURDVFDDUHRFKLLEXOEXFDWLGHRDUHFHDYD]XWFXPXQFDVDORWYLRODRSODWLFD
1XWLHUXVLQH%XOD"KDLODGLUHFWRU
ÌOGXFHODGLUHFWRULDUDFHVWDvODSRVWURIHD]D%XODLPSDVLELOvOvQWUHDEDSHGLUHFWRU
'XPQHDYRDVWUDVWLWLGHFHSODWLFDHVWHSODWD"
1X%XODGHFH"
)LLQGFDRYLRODXQFDVDORW

%XODYLQHGHODVFRDODFDWUDQLWIRF7DWD
VXvOYHGHVLOvQWUHDED
&HLEDLGHHVWLDVDVXFDULW"
3DLPLDGDWSURIDGRLFDQDPVWLXWFDUHLGLIHUHQWDvQWUHEDLVLFDWDVWURID
(GDOGUDFXGHGRLFDQXLSULPX
'D
SHQWUXFXOWXUDWDJHQQHUDODKDLVDWLVSXQHX8LWHXQH[HPSOX
GDFDPkLQH QHPRDUHVFURDIDGLQFRWHWDWXQFLHEDLPDUH'D
QXLFKLDURFDWDVWURIDÌQVFKLPEGDFDPLLQHVHSUDEXVHVWH
HOLFRSWHUX
SUH]LGHQWLDOFXWRWFX,OLHVFXvQDXQWUXDSRLDVWDLRPDUHFDWDVWURID'D
QXLEDL

3URIDGHELRORJLHvOURDJDSH%XODVDSUHGHDvQORFXOHL
3ULPDOHFWLH$SDUDWXOJHQLWDOODEDUEDWL
6HGH]EUDFDDUDWDH[SOLFDFkQGVDVLWUDJDVOLWXOYLQHSURID&HIDFLED"
/LSVDGHPDWHULDOGLGDFWLF
%LQHVDWHYDGPkLQH
$GRXDOHFWLH$SDUDWXOJHQLWDOODIHPHL
$QFXWDYLQRQFRD
2GH]EUDFDDUDWDH[SOLFDYLQHVLSURID
&HDLIDFXW%XOD"
/LSVDGHPDWHULDOGLGDFWLF
6DWHYDGPkLQH
$WUHLDOHFWLH5HSURGXFWLD$UDWDH[SOLFDODVIkUVLWXORUHLOXFUDUHGHFRQWUROSUDFWLFD/DVIkUVLWXORUHLYLQHSURID
&HDLIDFXW%XODQHQRURFLWXOH"
/HDPGDWOXFUDUHGHFRQWURO
%LQHGDUFHLGLQXOWLPDEDQFD"ODED
/HDPVFKLPEDWVXELHFWXOFDDXvQFHUFDWVDFRSLH]H

/DRUDGH5RPDQDVHDMXQVHVHODVWXGLXOEDODGHL0LRULWD3URIHVRDUDVROLFLWDHOHYLORUVDUHFLWHSHUkQGGLQEDODGD
,RQHO
3HXQSLFLRUGHSODL
3HRJXUDGHUDL
,DWDYLQvQFDOH
6HFRERUODYDOH
&RQWLQXD0DULRDUD&RVWHO*LJHODMXQJHOD
0LRULWDODLHODLHEXFDODLH
'HWUHL]LOHQFRDFH
*XUDQXLPDLWDFH
,DUEDQXLPDLSODFH
'XSDFDUHFXPQLPHQLFDGHRELFHLQXvQYDWDVHSRH]LDvQvQWUHJLPHWUHDEDFXUHFLWDWXOVHEORFKHD]DVLQJXUXOFXPkQDSH
VXVILLQG%XOD
SHFDUHSURIHVRDUDOHYLWDVHSkQDODPRPHQWXOUHVSHFWLY'HGDWDDVWDHQHYRLWDVDOVROLFLWH
%XOD
1XPDQkQFDVLQXEHD
6RWDLHPvQS DPHD

/D RUD GH SVLKRORJLH SURIHVRUXO SUH]LQWD HOHYLORU FHOH WUHL VWDUL DOH SVLKLFXOXL XPDQ VWDUHD GH FDOP GH LULWDUH VL GH
HQHUYDUH
6FRDWHXQFHOXODUIRUPHD]DXQQXPDUGHWHOHIRQVLVSXQH
$OREXQDVHDUDDVGRULFX*LFDVSXVHSURIHVRUXO
*LFDQXORFXLHVWHDLFLVSXQHSHUVRDQDFXFDOP
$FHDVWDDIRVWVWDUHDGHFDOPVSXVHSURIHVRUXO)RUPHD]DDFHODVLQXPDUGHWHOHIRQVLVSXQH
$OREXQDVHDUD*LFDHVWHDFDVD"
'RPQXOHYDPPDLVSXV*LFDQXORFXLHVWHDLFDVSXVHDFHHDVLSHUVRDQDFXLULWDUH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3URIHVRUXOVSXQH
$FHDVWDDIRVWVWDUHDGHLULWDUH)RUPHD]DSHQWUXDWUHLDRDUDDFHODVLQXPDUGHWHOHIRQVLVSXVH
$OREXQDVHDUD*LFDHVWHDFDVD"
3HUVRDQDGHDGUHSWXOHQHUYDWDvLVSXQH
'RPQXOHILUDLWXVDILLQXHVWHQLFLXQ*LFDDLFL 
$FHVWHDDXIRVWFHOHWUHLVWDUL
%XODXQHOHYLQWHOLJHQWYLQHGLQVSDWHVL]LFH
0DLH[LVWDRVWDUHvQSVLKLFXOXPDQRVWDUHGHGLVSHUDUH,DWHOHIRQXOIRUPHD]DDFVODVLQXPDUVLVSXQH
$ORDLFL*LFDPDFDXWDWFLQHYD"

/DVFRDODSURIHVRDUDvQWUHDEDFDUHHVWHFHOPDLXVRURELHFWGLQOXPH7RWLFRSLLUDVSXQGXQXO]LFHRSDQDDOWXOXQIXOJ
HWF
%XODUDVSXQGHS D
'HFHPDL%XOD"]LFHSURID
3HQWUXFDQXPDLFXJkQGXOVLRSRWLULGLFD
3URIHVRDUDvQWUHDEDDSRLFDUHHVWHFHOPDLJUHXRELHFWGLQOXPH7RWLFRSLLUDVSXQGXQXO]LFHXQWDQFDOWXOXQEORFHWF
%XODUDVSXQGHS D
'HFHPDL%XOD"]LFHSURID&DSULPDGDWDDL]LVFDHFHOPDLXVRURELHFW
3HQWUXFDGDFDQXYUHDHDQLFLFXPDFDUDXDQXRSRWLULGLFD

/DRUDGH]RRORJLHSURIHVRDUDvLSXQHSHFRSLLVDGHDH[HPSOHGHDQLPDOH
%XODFXPkQDSHVXV
3URIHVRDUD
,D]LPDL%XOLFDQLVWHDQLPDOH
%XOD
8UVXOHWYXOSLWDOXSXVRUFDWHOXVLHSXUDV
3%LQHPDL%XODGDPDLODVDOH'UDFXOXLGHGLPLQXWLYH
%9HYHUDOLFXUHSUHSHODJDUJDUHFkUWDFRURSLVQD

%XODYLQHvQWUR]LFXRFKLXOXPIODWODVFRDOD3URIDvOvQWUHDEDFHDSDWLW
3DLVWLWLVXQWHPRIDPLOLHVDUDFDVLHXFXPDPDVLFXWDWDGRUPLPvQDFHODVLSDW
6L"
3DLDVHDUDWDWDPDvQWUHDED%XODGRUPL"ODFDUHHX]LFQXVLDWXQFLWDWDvPLGDXQSXPQvQRFKL
9H]L]LFHSURIDGDFDGLVHDUDWDFWXWHvQWUHDEDGLQQRXWXVDWDFLDLvQWHOHV%XOD"
%LQHGRDPQDSURIHVRDUDDVDDPVDIDF
$GRXD]L%XODYLQHFXDPkQGRLRFKLLXPIODWL
&HDLSDWLWQDLIDFXWFXPWLDP]LV"
%DGDFXPQXDVDDPIDFXW0RvQWUHEDWWDWDGDFDGRUPVLHXDPWDFXWGLQJXUD$SRLODPDX]LWSHWDWD]LFkQGKDLOD
FDUHHXDPvQWUHEDWXQGH"
$WUHLD]L%XODYLQHFXWRWLWUHLRFKLLXPIODWL
&HDLSDWLWQDLIDFXWFXPWLDP]LV"
%DGDFXPQXDVDDPIDFXW0RvQWUHEDWWDWDGDFDGRUPVLHXDPWDFXWGLQJXUD$SRLODPDX]LWSHWDWD]LFkQGKDLVL
HXDPWDFXWGLQJXUD
VLGXSDXQWLPSDPDX]LWRSHPDPDDKPDPDQkQFDVLSHWDWDDKPDPDQkQFD6LDWXQFLDPLHVLWvQEDOFRQVLDP
vQFHSXWVDXUOX
6DULWLFDQHPDQkQFDSHWRWL
8UPDWRDUHD]L%XODYLQHVLPDLEDWXWODVFRDOD3URIHVRDUD
%XODFHVDPDLvQWkPSODW"
3DLVWLWLDVHDUDFkQGWDWDPDvQWUHEDWGDFDGRUPHXDPWDFXW
6L"
6LFkQGD]LVKDLHXDPWDFXW
6L"
6LFkQGPDPDD]LVFDRPDQkQFDHXDPWDFXW
6L"
6LODXQPRPHQWGDWPDPD]LFH6HGHVFKLGHJDUDLDUWDWD9LQHWUHQXOVLHXDWXQFLDPWLSDW6723%LOHWHOHOD
FRQWURO

ÌQYDWDWRDUHDvOvQWUHDEDSDWDWDOOXL%XODGHFHQXPDLYLQHILX
VXODVFRDOD
(XQXOPDLODV
'LQFHPRWLY"
3DLDPFLWLWvQ]LDUFDOD%XFXUHVWLODXRPRUkWSHXQX
GHRDUHFHVWLDSUHDPXOWH

7RDPQDvQSULPD]LGHVFRDODvQYDWDWRDUHDvLLQWUHDEDSHFRSLLXQGHVLFXPVLDXSHWUHFXWYDFDQWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&RVWHODIRVWODPDUHFXWDWDDvQYDWDWVDvQRDWH0RQLFDDIRVWODPXQWHFXPDPDVLRSULHWHQDDXIDFXWH[FXUVLL
,DU%XODDIRVWODWDUDODEXQLFD)RDUWHHQWX]LDVPDWDvQFHSXWVDSRYHVWHDVFD
%XQLFDDUHJDLQLUDWHVLGRXDYDFLXQDURVLHVLXQDDOED6LVWLWLvQWUR]LDYHQLWWDXUXOGHODFRPXQDVLDI WYDFDURVLH
9DLGHPLQH%XODFXPSRWLYRUELDVDXUkWLHVLDIDUDVLvQSDX]DVDYLLODPLQHvQFDQFHODULH
)RDUWHVXSDUDWDvQYDWDWRDUHDvQSDX]DvOFHDUWDVLLVSXQH
6WLXFDHVWLXQFRSLOHPDQFLSDWGDUQXVHYRUEHVWHDVDvQIDWDFRSLLORU
7UHEXLDVDVSXLVLWXFDLDIDFXWR68535,=$VLHXvQWHOHJHDP
%LQHGRDPQDvQYDWDWRDUHvPLSDUHUDXRVDILXDWHQWDOWDGDWD
ÌQWRDPQDXUPDWRDUHvQSULPD]LGHVFRDODvQYDWDWRDUHDLDUDVLvQWUHDEDFRSLLFXPVLDXSHWUHFXWYDFDQWD&RVWHOGHGDWDDVWD
DIRVWODPXQWH
0RQLFDODPDUHLDU%XODWRWODEXQLFD
3H ODQJD DQLPDOHOH FH OHD DYXW EXQLFD DUH VL LHSXUL DFXP 6L VWLWL LDUDVL D YHQLW WDXUXO GH OD FRPXQD VL D IDFXW R
68535,=$ODYDFDURVLH
DI WRSHYDFDDOED

/DVFRDODvQYDWDWRDUHDFDWUHHOHYL
&LQHVWLHFDUHHVWHFHDPDLSXWHUQLFDPRQHGDGLQOXPH"
$ODHXDODHX5DVSXQGH,RQHO
'RODUXODPHULFDQ
)RDUWHELQH,RQHO$UJXPHQWHD]D
3DLWDWDPLDVSXVFDGDFDHVWLvQ$PHULFDVLDLGRODULSRWLVDIDFLRULFH
'DQXLUDX$FXPDUDVSXQGHVLWX9DVLOLFD
/LUDVWHUOLQD
6LWXDLGUHSWDWHVSXQHGHFH
3HQWUXFDROLUDVWHUOLQDYDORUHD]DGRLGRODULDPHULFDQLGHFLHVWHPDLPDUH
)RDUWHELQH
ÌQWUHWLPS%XODHVLHOWRWFXPkQDSHVXV
%XODVSXQH
&HDPDLSXWHUQLFDPRQHGDHFLRFDQXOOLEDQH]
&XPDGLFDPDL%XODFHHDLDFLRFDQXOOLEDQH]"
3DLHXDVDODPDX]LWSHWDWD]LFkQGXLOXLVRUDPHDDVHDUD,DPDLGXWHGUDJDSHODOLEDQH]XODODVDWLGHDQLVWHFLRFDQHVD
QHOXDPVLQRLPDVLQD

,QVSHFWLHODVFRDODXQGHvQYDWD%XOD2UDGHGHVHQ,QVSHFWRUXOvQWUHDED
(LFLQHQHSRDWHGHVHQDSHWDEODRFDVD"
%XODHXHXHX
6HGXFHODWDEODVLGHVHQHD]DXQSDWUDW,QVSHFWRUXJkQGHVWHLDWDRYL]LXQHQDLYDGDUFXDFFHQWHFXELVWH
%UDYR%XODGDUXQSRPSRWLIDFH"%XODGHVHQHD]DDODWXULXQSDWUDWLGHQWLF
ÌQPLQWHDOXLLQVSHFWRUXODWULEXLHVLDFHDVWDXQHLYL]LXQLDEVWUDFWHSURPLWDWRDUH
%LQH%XODIDVLRSLVLFDDODWXUL%XODLDFUHWDvQFHSHVDGHVHQH]HXQDOWSDWUDWLGHQWLFFXSULPHOHVHRSUHVWHODXQPRPHQW
GDWVLL]EXFQHVWHvQSOkQV
1XVWLXSLVLFDDDDD

/DVFRDOD
%XODFkWIDFVDVHSOXVFLQFL"
%XODEDJDPkLQLOHvQEX]XQDUHvQFHSHVDVRFRWHDVFDSHGHJHWHGXSDFDUHUDVSXQGH
8QVSUH]HFH

3URIHVRUXOGHLVWRULH
6SXQHPL%XODFHHYHQLPHQWPDUFDQWDDYXWORFvQDQXO"
6DQDVFXWOD6FRUQLFHVWLWRYDUDVXO1LFRODH&HDXVHVFXLXELWXOQRVWUXSUHVHGLQWH
)RDUWHELQH'DUvQ"
'XSDXQVFXUWWLPSGHJkQGLUH%XODUDVSXQGH
6DXVDUEDWRULWGHDQLGHODQDVWHUHDWRYDUDVXOXL1LFRODH&HDXVHVFX

&LFDVHGXFHSURID
ODVFRDODvQWUR]LLQWUDvQFODVDVLVSXQH
%XQD]LXDFRSLL
,DUFRSLLvLUDVSXQG
%XQD]LXDPHD
$X]LQGDVWDVHRIWLFDSURIDGD
SkQDODVIkUVLWX
]LOHLvLWUHFHDGRXD]L
%XQD]LXDFRSLL
%XQD]LXDPHD
6HRIWLFDDVWDUDXSUHJDWHVWHFHUHUHGHGHPLVLHYLQHDWUHLD]L


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%XQD]LXDFRSLL
%XQD]LXD
$VWDIHULFLWDVHXLWDSULQFODVDVLQXOYHGHSH%XOD/H]LFHHOHYLORU
&RSLLPkLQHFkQGYLQVL]LFEXQD]LXDYRLVDWDFHWLGLQJXUDVLVDOODVDWLQXPDLSH%XODVD]LFD
=LVVLIDFXW=LXDXUPDWRDUH
%XQD]LXDFRSLL
/DFDUH%XOD
'XWHQS DPHD

%XODFHDWLIDFXWD]LODVFRDOD"
$PDYXWRUDGHFKLPLHVLDPIDFXWRERPED
6LPkLQHFHRVDIDFHWL"
8QGH"

%XODGHFHQXVFULL"
(XQXDUHFUHLRQGRDPQD
1XHFRUHFWVDVSXLHXQXDUHFUHLRQ)LLDWHQWVHSURQXQWDDVWIHOHXQXDPFUHLRQWXQXDLFUHLRQHOQXDUHFUHLRQQRL
QXDYHPFUHLRDQH
'DUFLQHGUDFX
DVXWLWWRDWHFUHLRDQHOH"

/DVFRDODvQFODVDOXL%XODRUDGHVFKLVDOD/LPEDURPkQD7HPDIRUPDUHDGHSURSR]LWLLFDUHVDFRQWLQDYHUEXODWHVH
5DVSXQGH0DULRDUD
0DPDWHVHIUXPRV
3URIHVRDUD
%UDYRVWDLMRV
5DVSXQGH,RQHO
6RUDPHDQHWHVHWRWLFLRUDSLL
%UDYRVWDLMRV
%XOD FD GH RELFHL HVWH HYLWDW GH SURIHVRDUD SHQWUX D QX VSXQH R WkPSHQLH (O LQVLVWD VL SkQD OD XUPD SURIHVRDUD HVWH
QHYRLWDVDOODVHVLSHHOVDUDVSXQGD
0DPDPLDFXPSDUDWFKLORWLGDUVXQWSUHDPDUL
3DLELQH%XODXQGHHVWHFXYvQWXOWHVH"
3DLVXQWDWvWGHPDULGHW
LHVHS DGLQHL

9LQH%XODODVFRDOD3URIHVRDUD
%XODXQGHDLIRVWLHUL"'HFHQDLYHQLWODVFRDOD"
,HULQHDDUVFDVDGRDPQDSURIHVRDUD
%LQHGD
DODOWDLHUL"
$ODOWDLHULDWUHEXLWVDVFRDWHPPRELODGLQFDVD

ÌQYDWDWRDUHDVFULHSHWDEOD
%XODVSXQHWXFDUHHUH]XOWDWXO
0HFLQXOGRDPQD

3URIHVRUXOSDUFXUJHFXSULYLUHDFDWDORJXO
%XODvQWUHDEDvQWUHDEDFXYRFHWDUH
9UHDXVDYDvQWUHEFHYDGRPQXOHSURIHVRU
7HURJ%XOD
3RDWHILSHGHSVLWFLQHYDSHQWUXXQIDSWSHFDUHQXODVDYkUVLW"
1X
$WXQFLYDURJIUXPRVVDQXPDVDQFWLRQDWLILLQGFDQXPLDPvQYDWDWOHFWLDSH]LXDGHD]L

3ULPD]LGHVFRDOD%XODVHvQWRDUFDDFDVD$]LDDvQFHSXWFODVD,DVLPDPDvOvQWUHDED
(L%XODFXPDIRVWSULPDWD]LGHVFRDOD"
0DPDVXQWGH]DPDJL
'HFH%XOD"
3DLQHDXEDJDWSHWRWLSHRXVDSHFDUHVFULD&/$6$,
(LVL"
3DLFHFUH]LFDHUHvQDXQWUX"1XPDLEDQFLGHOHPQ

/DVFRDODvQYDWDWRDUHDVSXQH
7LQHWLPLQWHFRSLL/DXGDGHVLQHQXPLURDVHELQH
'XSDXQVIHUWGHRUD%XOD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RDPQDvQYDWDWRDUH3XWXUHVFXVHODXGD

ÌQYDWDWRDUHD
%XODD]LHDFLQFHDRDUDVDSWDPkQDDVWDFkQGWHSHGHSVHVF$VDQXVHPDLSRDWH&HDLGHVSXV"
0DEXFXUIRDUWHWDUHFDD]LHYLQHUL

(LHL%XODVSXQHSURIHVRUXO1XPDLODVH[WHJkQGHVWL1XVHSRDWHWUDLGLQDVDFHYD
&XPVDQXGRPQXOHSURIHVRU'DFDDWLYHGHDRSHVRUDPHDFHDPDLPDUH

/DVFRDOD
%XODFXPVHQXPHVWHDFHOOHJDPkQWFHDSURSLHRIHPHLHGHXQEDUEDW"
8QFROLHU

,D]L%XOD]LFHvQYDWDWRDUHDFUH]LWXvQ%DU]D"
1XGRDPQDvQYDWDWRDUHGDUVRUDPHDDWUHEXLW

'HFLFRSLLPkLQHYRPIDFHSXWLQDHGXFDWLHVH[XDOD]LFHvQYDWDWRDUHD
'DPQDvQYDWDWRDUH]LFH%XODDFHLDFDUHGHMDVWLXFXPVWDWUHEDSRWVDPHDUJDVDMRDFHIRWEDO"

'UDJLLPHLVSXQHSURIDGHUHOLJLHH[LVWDGRXDVDXWUHLOXFUXULSHOXPHDDVWDSHQWUXFDUHRDPHQLLQXVXQWSUHJDWLWL
$WLVWLFDUHVXQWDFHVWHOXFUXUL"
/DFDUH%XODVHDQXQWD
*HPHQLVDXWULSOHWLGRDPQDSURIHVRDUD

%XODvQFXUWHDVFROLL8QFROHJYLQHvQIXJD
%XOD%XODVDULFDDUGHVFRDOD
%XODIRDUWHFDOP
6WLX$DUVGHMDSURIHVRDUD"

/DRUDGHDULWPHWLFDYLQHRSURIHVRDUDQRXD%XODHvQWUHEDW
,D]LHOHY%XODDLGHOHLVLFKHOWXL&XFkWLOHLPDLUDPkL"
&XGHOHL
)RDUWHELQH%XOD'DUGDFDDLFUHPYXVWVLPDQkQFLFXFkWPDLUDPkL"
1XYDVXSDUDWLFXFUHPYXVWLQXDPVRFRWLWvQFD

%XODvQFODVDvQWkLvLGDGHDEDWDLHGHFDSSURIHVRDUHLVDOH/DXQPRPHQWGDWDFHDVWDvOvQWUHDED
%XOD&DUHHVWHSUREOHPDWD"
%XODVSXQH
6vQWPXOWSUHDGHVWHSWSHQWUXFODVDvQWvL6RUDPHDHVWHvQFODVDDWUHLDLDUHXVvQWVLPDLGHVWHSWGHFvWHD
'HDFHHDFUHGFDDUWUHEXLVDILXPXWDWvQFODVDDWUHLD
3URIHVRDUDQHUYRDVDvOGXFHSH%XODODGLUHFWRUXOVFROLLVLvLH[SOLFDDFHVWXLDGRULQWDOXL%XOD
ÌQXUPDGLVFXWLHLGLUHFWRUXOVLGRDPQDSURIHVRDUDKRWDUDVFVDvLGHDOXL%XODXQWHVWLDUGDFDDFHVWDYDWUHFHYDILPXWDWvQ
FODVDDWUHLD
LDUGDFDQXYDWUHEXLVDUDPvQDvQFODVDvQWvLVLVDVHSRDUWHIUXPRV
'LUHFWRUXO
&vWIDF["

&vWIDF["

&vWIDF["

6LWRWDVDUDVSXQGHODWRDWHvQWUHEDULOHODFDUHXQHOHYGHFODVDDWUHLDDUWUHEXLVDVWLHVDUDVSXQGD
%XODSDUHDVDVHGHVFXUFHIRDUWHELQH'LUHFWRUXOSULYLQGVSUHSURIHVRDUDDFHVWXLDvLVSXQH
&UHGFD%XODSRDWHVDILHPXWDWGLUHFWvQFODVDDWUHLD
3URIHVRDUDFXQRVFvQGWHQGLQWDPLFXOXL%XODVSUHOXFUXULFHDXOHJDWXUDFXVH[XOvLVSXQHGLUHFWRUXOXL
/DVDWLPDVLSHPLQHVDvLSXQFvWHYDvQWUHEDULvQDLQWHGHDOXDRDVHPHQHDGHFL]LH
$WvWGLUHFWRUXOFvWVL%XODVvQWGHDFRUGLDUSURIHVRDUDvVLvQFHSHvQWUHEDULOH
&HDUHYDFDVLHXDPQXPDLGRXD"
3LFLRDUH
&HDLWXvQSDQWDORQLLDUHXQXDP"
2FKLLGLUHFWRUXOXLVHPDUHVF'DUvQDLQWHGHDUHXVLVDvORSUHDVFDSH%XODDFHVWDUDVSXQGH
%X]XQDUH
'LUHFWRUXOUDVXIODXVXUDWVLvLVSXQHSURIHVRDUHL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&UHGFDDUWUHEXLVDvOPXWDPvQFODVDDFLQFHDSHQWUXFDVLQFHUQLFLHXQXDVILVWLXWVDUDVSXQGODXOWLPHOHGRXDvQWUHEDUL

%XODHREVHUYDWGHSURIHVRUXOOXLvQWLPSXORUHLFXPIDFHDQLVWHPLVFDULFLXGDWHFXPkLQLOHVXEEDQFD
0DUJHFDWUHHOVLvOYHGHFXFDUWLGHMRFvQPkQDJDWDVDSXQDGHRVHSWLFD
%XOD'RDUQXYUHLVDWHMRFL"
'RP
SSURIHVRUGD
FHFUHGHWLFDYUHDXVDIDFFXFDUWLOHDVWHD"

%XODVHvQWRDUFHGHODVFRDODFXVDSFDFHDQRXDPXUGDUDWRDWDGHQRURL
&HLFXVDSFDWD"8QGHDLIDFXWRvQDVDKDO"
%DLHWLLDXMXFDWIRWEDOFXHD
'DUWXXQGHHUDL"
ÌQSRDUWD

0DPDPDEDWXWWDWDGHGRXDRULD]LQX
VFHQDLEDDDYXW]LFH%XODPDPHLVDOH
3DLGHFH"
3ULPDRDUDFvQGLDPDUDWDWFDUQHWXOGHQRWHVLDGRXDRDUDFvQGLDPVSXVFDHDOOXLGHFvQGHUDHOHY

6HWHUPLQDRUHOHPDLGHYUHPH
%DLOXDWLYDERDUIHOHVLSOHFDWLDFDVD
&HIDFL%XODQXSOHFL"
1XFDERDUIDPHDDUHRUHSkQDODXQX

0DL%XODWHDLEDVLWVSXQHvQYDWDWRDUHD
1XHXGRDPQDFkLQHOH
'DUQXLQLFLXQFkLQHS
DFL
1XLGUHSWvLGDSRDWHYLQH

%XODODIDFXOWDWHHVWHFKHPDWGHGHFDQ
%XOD DL IRVW YD]XW D]LQRDSWH vQ FDPLQXO IHWHORU 3HQWUX DVWD WUHEXLH VD SODWHVWL FRQIRUP UHJXODPHQWXOXL R DPHQGD GH
GHOHL
'DFDPDLHVWLSULQVRGDWDVXPDVHGXEOHD]DGHOHL6LDVDPDLGHSDUWH
%XODVSLULWLQWUHSULQ]DWRUvQWUHDED
'RPQXOHGHFDQGDFDDFKLWvQDYDQVSHQWUXWRDWDVHVLXQHDRIHULWLYUHXQGLVFRXQW"

%XODODIDFXOWDWHvQWkU]LHODXQFXUV
6DVWLLFDWHDPSXVDEVHQW
9DURJVDPDVWHUJHWLGRPQXOHSURIHVRUFDDPIRVWOD:&
)DFHUHUHODGHFDQFDHXQDPGUHSWXO

/D%XODODVFRDODODXQYHFLQVDSUHGDW=EXUDWRUXOGH,+5DGXOHVFX
ÌQSDX]DXQHOHYvQWUHDED
'HFHRDUHQXPDLIHPHLOHDX]EXUDWRULDGLFDQXPDLODHOHIXQFWLRQHD]DPLWXODVWDHURWLF
/DFDUH%XODUDVSXQGH
3HQWUXFDEDUEDWLLDXSDUDVXWH

7kQDUDvQYDWDWRDUHvLvQYDWDSHFRSLLFXPIXQFWLRQHD]DPDJQHWLLVLODFHSRWILHLIRORVLWRUL/HDH[SOLFDWFDPDJQHWLLSRW
ULGLFDFXLHVLWRWIHOXOGHDOWHRELHFWHPLFLGLQPHWDO
$FXPFDVDvLGLVWUH]HOH]LFHRJKLFLWRDUH
1XPHOHPHXvQFHSHFX0VLULGLFWRWIHOXOGHOXFUXUL&LQHVXQW"
%XODGLQSULPDEDQFD
(VWLR0DPD

%XODFRPSXQHUHDWDFXWHPD&kLQHOHPHXHVWHLGHQWLFDFXDIUDWHOXLWDX$LFRSLDWGXSDHO"
1XGRPQXOHSURIHVRUHVWHYRUEDGHVSUHDFHODVLFkLQH

/DRUDGH$QDWRPLHSURIDvOvQWUHDEDSH%XOD
3HFDUHSDUWHDFRUSXOXLVHDIODLQLPD"
3HFHDLQWHULRDUDGRDPQDSURIHVRDUD

7DWDOOXL%XODvL]LFHRGUDVOHL
$PDIODWFDLSULPLWXQGHODSURIHVRUXOGHIL]LFD
$VDHWDWLFXOH0LDIRVWMHQDVDOUHIX]


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2SURIHVRDUDQRXDvQFHDUFDVDSUHGHDOHFWLLGHSVLKRORJLHXQRUFRSLL(DLQWUDvQFODVDVSXQkQG
&LQHFUHGHFDHSURVWVDVHULGLFHvQSLFLRDUH
'XSDFvWHYDVHFXQGHVHULGLFDvQSLFLRDUH%XOD3URIHVRDUDLVHDGUHVHD]D
7XGHFHFUH]LFDHVWLSURVW"
1XVvQWSURVWGRDPQDGDUvPLSDUHDUDXVDVWDWLvQSLFLRDUHQXPDLGXPQHDYRDVWUD

%XODODVFRDODvQHSRFDGHÌQYDWDWRDUHDvQWUHDED
&RSLLLDVSXQHWLPLYRLFHUHSUH]LQWDSHQWUXYRLSDWULD"
,RQHVFX
+ROGHvQWLQVHGHJUkX
3RSHVFX
6RQGHVLPLQH
%XOD
2FkPSLHPDUHPDUHFXIORULvQPLMORFXOHL2FKLXO%RXOXLVLFX0DWUDJXQDvQFHUFXLWLGHRFHDWDGHDOEDVWUHOHLDUvQUHVW
GHPLOLRDQHGHODFULPLRDUH

%XODOD VFRDOD YRUEHD QXPDL SURVWLL QXPDL vQMXUDWXUL FX S DVL S ] DVL SURIHVRDUD VXSDUDWD OD FKHPDW SH WDWDO OX

%XODODVFRDOD3URIHVRDUDLVHSOkQJHWDWDOXLFD%XODYRUEHVWHXUkWVLLUHFRPDQGDWDWDOXLVDOWULPLWDSH%XODODRVFRDODGH
SROLWHWH$MXQVDFDVDWDWDOOX
%XODGDWHOHIRQODRVFRDODGHSROLWHWHJDVLWDvQFDUWHDGHWHOHIRQVLDUHXUPDWRDUHDFRQYHUVDWLH
$OR6FRDODGHSROLWHWH"
&HOGHODVFRDOD
'D$LFLVFRDODGHSROLWHWH&XFHS DPHDYDSXWHPDMXWD"

3URIHVRDUDVFULHSHWDEOD1XPDPGLVWUDWGHORFvQYDFDQWDDSRLvLvQWUHDEDSHHOHYL
&HJUHVHDODDPIDFXWVLFHWUHEXLHVDIDFFDVDRvQGUHSW"
6DYDFDXWDWLXQDPDQWvLUDVSXQVH%XOD

%XOD&HVXQWPXPLLOH"
5HJLFRQVHUYDWGRDPQDvQYDWDWRDUH

%XODQXPHVWHWUHLGRYH]LFD3DPkQWXOHURWXQG
8QX6FULHvQFDUWH
'RL7RFPDLDWLVSXVVLGXPQHDYRDVWUD
7UHL6LWDWDvPLVSXQHDVWDWRWWLPSXO

%XODODRUDGHJUDPDWLFD3URIDvQWUHDED
ÌQYDWDWXOIDFHEXFXULLFHFD]HDFHVWD%XOD"
8QFD]QHIHULFLWGRDPQDSURIHVRDUD

%XODFDUHHYLLWRUXOYHUEXOXLDEHD"
%HDWGRDPQDSURIHVRDUD

%XODFDUHHYLLWRUXOYHUEXOXLDIXUD"
3kUQDLDGRDPQDSURIHVRDUD

/DRUDGHGHVHQVFRODULLWUHEXLHVDSLFWH]HRSDVXQHVLRYDFDFDUHSDVWHSHHD%XODODVIkUVLWXORUHLGDRIRDLHJRDOD
%XODXQGHLLDUED"
$PkQFDWRYDFDGRDPQDSURIHVRDUD
'DUYDFD"
$SOHFDWGHDFRORGRDPQDSURIHVRDUD'RDUQXHUDVDVWHDSHRSDVXQHIDUDLDUED

/DRUDGHDQDWRPLH
%XODSHFDUHSDUWHDFRUSXOXLVHDIODLQLPD"
3HSDUWHDLQWHULRDUDELQHvQWHOHVGRDPQDSURIHVRDUD

/DRUDGHIL]LFD
&RSLLFHREVHUYDWLFkQGYDIUHFDWLSDOPHOHXQDGHDOWD"
)LULVRDUHGHPL]HULHGRDPQDSURIHVRDUD]LFH%XOD

%XODHVWHREH]GDUIRDUWHVODEODDULWPHWLFD3URIDvQFHDUFDVDLIDFDFDOFXOHOHPDLXVRDUH
%XODGDFDPDPDWDvWLGDVDQGZLFLXULODVFRDODVLHXvWLPDLGDXvQFDFLQFLFkWDLDWXQFL
$WXQFLDPGHVWXOGRDPQDSURIHVRDUD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/DRUDGHUHOLJLHSUHRWXOvQWUHDED
%XODvWLVSXLvQDLQWHGHPDVDUXJDFLXQHD"
1XGRPQXOH3DULQWHQXPDLDWXQFLFkQGDYHPFLXSHUFLODPDVD

,D]L%XODFDUHVXQWFHOHPDLGHVIRORVLWHFXYLQWHODVFRDOD"
1XVWLXGRDPQDSURIHVRDUD
$LGUHSWDWH%XODIRDUWHELQH

7DWDvQWUHDED%XODYHQLQGGHODVFRDODFHvQVHDPQDDVFKLDQXVDUHGHSDUWHGHSRP"
%XODLDUQDLvQYDWDWOHFWLD]LFHWDLFDVXVFRWkQGXVLFXUHDXDGHODSDQWDORQL

%XODGDQHXQH[HPSOXFXPSRDWHILIRORVLWDSXWHUHDDSHL
'HH[HPSOXPDPDSOkQJHSkQDWDWDvLFXPSDUDRURFKLHQRXD

8OWLPD]LGHVFRDOD$FDVD%XODLQWUDSHXVDVLvVLDUXQFDFDUQHWXOIXULRVvQWUXQFROW7DWDOvOvQWUHDED
%XODQXQHDUDWLVLQRXDFDUQHWXOGHQRWHVDYHGHPFXPDLvQFKHLDWDQXO"
&DUQHWXOPHXLODPvPSUXPXWDWOXL*LJHODYUXWVDVLVRFKH]HSDULQWLL

%XODYLQHODVIkUVLWXODQXOXLVFRODUDFDVDVLvOvQWUHDEDSHWDWDVDX
7DWDFkQGDLWHUPLQDWWXVFRDOD"
$FXPGHDQL'HFH"
$PIRVWDSURDSHVLJXU3DLFkQGPLDXFDOFXODWPHGLDPLDXVSXVFDGHGHDQLQXDXPDLDYXWDVDXQFD]vQVFRDOD

&LFD%XODYLQHvQWUR]LGHODVFRDODSOkQJkQG7DWDD1XPDLYUHDXVDPDGXFODVFRDODD
%LHWX
WDW
VXFLFD
%DL%XODQXVHSRDWHWUHEXLHVDWHGXFL
%DQXPDPDLGXFvQILHFDUH]LPDEDWHFRSLLLPDVFXLSDPDvQMXUDvPL]LF
,DUDLYHQLWEDLERXOH"
vPLDUXQFDFXDSDGH
ODHWDM
%DL%XODvWLPDL]LFRGDWDQXVHSRDWHWUHEXLHVDWHGXFL
'HFHWDWD"
3HQWUXFDHVWLGLUHFWRUXOOLFHXOXL

3URIHVRUXO%XODFHHDFHODXQVLQRQLP"
%XOD8QVLQRQLPHVWHFXYkQWXOSHFDUHvOIRORVLPGHFkWHRULXLWDPDOWFXYkQW

3URIHVRUXO'HFLUH]ROYkQGHFXDWLDDIODPFD[HVWHHJDOFX]HUR
%XOD8LWHSHQWUXFHDWkWDWUXGD

3URIHVRUXO6FRSXOVFX]DPLMORDFHOHFLQHDVSXVR"
%XOD'XPQHDYRDVWUD

3URIHVRUXO,QWRWGHDXQDPDQDQFLFDQGWLHIRDPH"
%XODÌQWRWGHDXQDvQWUHEDWLFkQGUkYQLWL"

3URIHVRUXO&kQGHWLPSXOFHOPDLSRWULYLWSHQWUXFXOHVXOPHUHORU"
%XOD&kQGHOHJDWFkLQHOH

/DVFRDODSURIDvQWUHDEDFRSLLL
6SXQHWLFRSLLFDUHHFHOPDLSDURVDQLPDOFHH[LVWD"
8UVXOVSXQHXQHOHY
9XOSHDDOWXO
,HSXUHOHSLVLFDOHXOHWFFHLODOWL
%XODULGLFDVLHOPkQD
'RDPQDGHPX]LFD
3DLFXPPDLWkPSLWXOHFHWLDYHQLW"GHXQGHDLVFRVVLSURVWLDDVWD"
'HODGRPQX
GHGHVHQFDUHD]LVFDXQDQLDWUHEXLWSkQDDSkUOLWR

3URIHVRDUD vQWUHDED vQ FODVD OXL %XOD FH HVWH 7,7$1,&8/ &RSLLL vQFHS VDVL GHD FX SUHVXSXVXO R PDUFD GH FHDV R
PDUFDGHEOXJLRPDUFDGHSDUIXPSkQDYLQHUkQGXOOXL%XOD
7R
D
VD 7LWDQLFXO D IRVW XQ PDUH WUDQVDWODQWLF FDUH vQ SULPXO VDX GUXP vQWUR QRDSWH QDYLJkQG vQ $WODQWLFXO GH 1RUG OD
OLPLWDFX2FHDQXOÌQJKHWDWVDORYLWGHXQHYUHXVLVDvQHFDW
%XODWLSDSURIHVRDUDQXVHSXWHDVDQXVSXLVLSURVWLLDSURDSHHUDPVDWLWUHFXQvQFDWDORJFkQGDLGDWRQEDUD'H
XQGHHYUHLvQ2FHDQXOÌQJKHWDWGH1RUG"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DUFHWR
D
VDYUHWLVDVSXQHWLFD$,6%(5*HVWHQXPHURPkQHVF"

(LFHQDVGDFD3DULVXOVDILHFDSLWDOD,WDOLHLRIWHD]D%XOD
'HFH"vQWUHDEDWDW
VX
3HQWUXFDDVDDPVFULVD]LvQWH]DOD*HRJUDILH

8QSURIHVRUOHGDHOHYLORUFHYDGHVFULV%XODUHIX]D3URIHVRUXO
6LQJXUDVFX]DFDVDQXVFULLHVDDLRERDODIRDUWHJUDYD
%XOD
'HHSXL]DUHVH[XDODFH]LFHWL"
3URIHVRUXOVHXLWDODHOFkWHYDFOLSH
$VWDQXHVFX]DSRWLVDVFULLFXPkQDFHDODOWD

/DRUDGHSVLKRORJLHHOHYLLWUHEXLHVDVFULHROXFUDUHFXWHPD&HHVWHOHQHYLD"%XODSUHGDFDLHWXOGXSDQXPDLFkWHYD
PLQXWH
,QWULJDWSURIHVRUXOvOGHVFKLGHGDUQXJDVHVWHGHFvWIRLOHJRDOH$ELDSHXOWLPDSDJLQDMRVVWDVFULVFXFDUDFWHUHPLFL$VWD
LOHQHYLD

&RSLLODFHVHUYHVWHOHPQXO"
'LQHOVHIDFDUERULLGRDPQDvQYDWDWRDUH]LFH%XOD

0DPDD]LODPRSULWSH*HRUJHVFXVDLIDFDRIDUVDGRPQXOXLSURIHVRU
)UXPRVGLQSDUWHDWD%XOD&XPDIRVW"
6D YH]L *HRUJHVFX D SXV SH VFDXQXO GH OD FDWHGUD R SLRQH]D &kQG GRPQXO SURIHVRU HUD FkW SH FH VR DWLQJD LDP WUDV
UHSHGHVFDXQXO

%XODFDUHDUHQRXDDQLVRVHVWHGHODVFRDODLDUPDPDVDvOvQWUHDEDFHDvQYDWDWDVWD]L
ÌQYDWDWRUXOQHDSRYHVWLWFXP'XPQH]HXODWULPLVSH0RLVHvQVSDWHOHOLQLLORULQDPLFHvQWURPLVLXQHGHVDOYDUHDVWIHOFD
LVUDHOLWLLVDSRDWDIXJLGLQ(JLSW&kQGDDMXQVOD0DUHD5RVLHLQJLQHULLFDUHHUDXFXHODXFRQVWUXLW XQSRGVLLVUDHOLWLLDX
WUHFXW vQ VLJXUDQWD $SRL D FKHPDW SULQ UDGLR DYLDWLD FDUH D ODQVDW ERPEH GLVWUXJkQG SRGXO LDU HJLSWHQLL QX DX SXWXWVDL
XUPDUHDVFD
&KLDUDVDYDSRYHVWLWvQYDWDWRUXO"
1XPDPDGDUSRYHVWHDOXLQDFUH]XWRQLPHQL

0HUJH%XODODVFRDODvQSULPD]LÌQYDWDWRDUHDVWULJDFDWDORJXO
$GDP"
3UH]HQW
$LRQHVHL"
3UH]HQW
%XOD"
3UH]HQW
7RDWDFODVDUkGH
0DL%XODFHQXPHDLVLWXWRDWDOXPHDUkGH1XYH]LFDGDFDVFKLPELSULPDOLWHUDLHVHXQFXYDQWDVDGHXUkW
$GRXD]LODIHODWUHLD]LODIHODSDWUD]LDMXQJHLDUOD%XOD
%XOD"
1LPLF
%XOD"
1LPLF
0DL%XODGHFHQXUDVSXQ]LFkQGWHVWULJ"ÌWLEDWLMRFGHPLQH"
9DURJIUXPRVGQDvQYDWDWRDUH'HD]LvQDLQWHSHPLQHQXPDPDLFKHDPD%XOD'HD]LvQDLQWHQXPHOHPHXHVWH'HQLV

%XODLVHDGUHVHD]DPDPHL
0DPDvQYDWDWRDUHDQRDVWUDQXDUHKDEDUGHQLPLF
&HYRUEDHDVWDQXDUHKDEDUGHQLPLF"'HXQGHDLVFRVR"
3DLDPGHVHQDWD]LSHWDEODXQFkLQHVLHDPDvQWUHEDWFHHDLD"

%XODvQRUDGHELRORJLH3URIHVRDUDvQWUHDED
&HHVWHYHUGHVLVDUHSHFkPSLH"
5DVSXQVGLQFODVD
%URDVFD
3URIHVRDUD
&RUHFWGDUSXWHDILVLXQJUHLHUH&HHVWHPDURVLVDUHSULQSDGXUH"
5DVSXQVGLQFODVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&DSULRDUD
3URIHVRDUD
&RUHFWGDUSXWHDILVLXQFHUE
%XODDJLWDWFHUHSHUPLVLXQHDGHDSXQHVLHORvQWUHEDUH
&HHVWHWDUHFkQGVHLDvQJXUDLDUPRDOHVLOLSLFLRDVDFvQGVHVFRDWH"
3URIHVRDUDRIHQVDWDvLWUDJHYUHRGRXDSHUHFKLGHSDOPHOXL%XODFDUH]LFH
&RUHFWGDUSXWHDILVLRJXPDGHPHVWHFDW

3HYUHPHDOXL&HDXVHVFXODRUDGHPX]LFD%XODQXVLVFRWHDYLRDUDGLQFXWLHÌQYDWDWRDUHD
'HFHQXFkQWL%XOD"
(GH]DFRUGDWD
+DLFDWLRDFRUGH]HX
%XODGHVFKLGHFXWLDVLvQYDWDWRDUHDVWULJD
%XODFHIDFLFXPLWUDOLHUDODVFRDOD"
(XFDHXGDUQXVWLXFHRVDIDFDWDWDFXYLRDUDODFRQJUHV

%XODHVWHSULQVGHFDWUHvQYDWDWRDUHIXPkQG
%XODDLvQQHEXQLW"(VWLvQFODVDD,,D
1LFLRSUREOHPDGRDPQDvQYDWDWRDUH(XGHH[HPSOXIDFGUDJRVWHGHODGRLDQL
6LFXPHUD"
1XPDLWLQPLQWHFDHUDPEHDW

&kWIDFH"vOvQWUHDEDSURIHVRUXOSH%XOD
%XODEDJDPkQDvQEX]XQDUVL]LFH

%UDYR%XODvQVHDPQDFDDLPDLvQYDWDW]LFHSURIHVRUXO

/DVFRDODOD%XODvQYDWDWRDUHDvLLQWUHDEDSHHOHYLFHYRUVDGHYLQDFkQGYRUILPDUL*HRUJHVFX
,QJLQHU
3RSHVFX
'RFWRUHWF
%XOD
8UV
3DLFXPDVDPDL%XOD"vOvQWUHDEDvQYDWDWRDUHD
9UHDXVDDPEODQDPXOWDVDFkVWLJEDQLPXOWLFDVRUDPHDDUHQXPDLXQSHWHFVLDVDPXOWLEDQLFkVWLJD

ÌQSULPD]LGHVFRDOD%XODPHUJHVLFkQGGRDPQDvQYDWDWRDUHVHDSOHDFD%XODYHGHFDDUHIXVWDLQWUDWDvQIXQGVLEDJD
PkQDVDLRVFRDWD'RDPQDvQYDWDWRDUHvLWUDJHRSDOPD0HUJH%XODDFDVDWDLFDVXvOvQWUHDEDGHFHHURVXSHREUD]%XODvL
SRYHVWHVWHVLWDLFDVXvL]LFHFDQXWUHEXLDVDLWUDJDIXVWD$GRXD]L%XODODVFRDODXQFROHJYHGHFDvQYDWDWRDUHDDUHIXVWD
vQIXQGLRWUDJHvQDSRLODFDUH%XODGXSDFHLD]LVWDLFDVXVDUHUHSHGHVLvLEDJDIXVWDODORFVLvLH[SOLFDODFROHJXOOXLFD
ODvQYDWDWRDUHQXLSODFHVDQXLVWHDFHYDQIXQGODFDUH%XODPDLSULPHVWHRSDOPD

ÌQYDWDWRDUHDYLQHODFODVDVLvQWUHED
&RSLLQXVWLWLGHFHDPXULWOXFUDWRUXOFDUHUHQRYDVFRDOD"
/DFDUH%XOD
(XVWLX
ÌQYDWDWRDUHD
'HFHPDL%XOD"
3HQWUXFDODvQMXUDWSH'XPQH]HX$VSXV%XODIX XWL'XPQH]HLLPDWLLQXPDLPLVFDVFDUDFRVDSLF

'QDvQYDWDWRDUHODVFRDOD
&LQHDUHFHYDGHRVHELWGHVSXVGLQYLDWDGHIDPLOLHVDVSXQD
/DFDUH%XOD
'QDSURIHVRDUDWDWDDUHGRXDSX LXQDPLFDPLFDGHWRWVLXQDPDUHPDUHGHWRW
3DLFXPVHSRDWHDVDFHYDPDL%XOD"
3DLDVDFXXQDWDWDIDFHSLVXLDUFXFHDODOWDRVSDODSHPDPDSHGLQWL

$VWD]LDLvQWkU]LDWODSULPDRUDvLVSXVHGLULJLQWDOXL%XOD
&HVDvQWkPSODW"
7DWDDDYXWQHYRLHGHPLQHDFDVD
%XODVWLXFDDLXQIUDWHPDLPDUH1XSXWHDVDWHvQORFXLDVFDHO"
1XSHQWUXFDSHPLQHWUHEXLDVDPDEDWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'HFHWHDGDWvQYDWDWRUXODIDUDGLQFODVD"vOvQWUHDEDPDPDSH%XOD
3DLQHDVSXVFDVRERODQXOPDQkQFDvQWUR]LRFDQWLWDWHHJDODFXJUHXWDWHDFRUSXOXLVDX
(LVL"
(XDPvQWUHEDWGHXQGHvVLVWLHVRERODQXOJUHXWDWHD"

2UDGH]RRORJLH
%XODvPLSRWLQXPLFLQFLDQLPDOHFDUHWUDLHVFvQ$IULFD"
'D3DWUXHOHIDQWLVLRJLUDID

3URIHVRUXO
3HVWLLSRWYHGHDVLDX]L"
%XOD
'D
'DUPLURVL"
1XPDLFkQGQXVXQWSURDVSHWL

3URIHVRUXO&DUHGLQWUHYRLDVFXOWDFHOPDLPXOWSHPDPD"
%XOD7DWD

%XODHVWLXQREUD]QLF6HYHGHFDQDLFHLVDSWHDQLGHDFDVDvL]LFHDFHVWXLDvQYDWDWRDUHD
3DLSHPLQHPDXGDWODVDVHDQLODVFRDOD

)LXOGXPQHDYRDVWUDYLQHODVFRDODPHUHXGHVFKHLDWODJkWRSUHYHQLvQYDWDWRDUHDSHPDPDOXL%XOD
6WLWLVDUPDQXOHSUHDPLWLWHOVLQXDMXQJHVDVHvQFKHLHODXOWLPXOQDVWXUHSUHFL]HD]DPD
VD

%XODFXPGHDLvQWkU]LDWODVFRDOD"
1XDPSXWXWVDPDWUH]HVFvQGLPLQHDWDDFHDVWD
&XPWXvQFDPDLGRUPL"

%XODGDFDWHUDWDFHVWL]LXDvQSDGXUHVLQXDLEXVRODODWLQHFXPDIOLXQGHHQRUGXO"
)RDUWHVLPSOXGRPQXOHSURIHVRU0DGXFDFDVDVLRLDX

2UDGHGLFWDUHvQFODVDDSDWUD%XODvLVRSWHVWHFROHJXOXL
$X]L,RQHOHVFULHPGHMDGHXQVIHUWGHRUD1XFUH]LFDDUILFD]XOVDPDLSXQHPVLYUHRYLUJXOD"

3URIHVRUXOvQWUHDED
0DL%XODWRDWDRUDDLVWDWFXFXFvWHRELODYHUGHvQDPEHOHPvLQLVLQDLVFULVQLPLF'HFH"
&DVDDPFRQWUROWRWDODVXSUDSURIHVRUXOXLGHPDWHPDWLFDGO*UHHQ

3URIHVRUXO&DUHHVWHvQWHOHVXOFXYkQWXOXLFDVDWRULH"
%XODO7DWD]LFHFDQXHVWHFXYkQWFLRFRQGDPQDUH

8QGHHVWH'XPQH]HX"vQWUHDEDvQYDWDWRUXOSH%XOD
6SXQHWLGXPQHDYRDVWUDXQGHQXHUDVSXQGH%XOD

%ROLOHFRQWDJLRDVHVHWUDQVPLWGHODDQLPDOODRP&RSLLQLFLRGDWDVDQXYDODVDWLIDWDVDXPkLQLOHDWLQVHGHXQFkLQH
VDXRSLVLFDGHRDUHFHHIRDUWHSHULFXORV
(DGHYDUDW]LVH%XODPDWXVDPHDLDGDWXQVDUXWFkLQHOXLVLSHVWH]LOHDFHVWDDPXULW

2DVWIHOGHQRWDPHULWDREDWDLHEXQD]LFHOXL%XODWDWDVX
/DFDUH%XOD
6WLXHXWDWDXQGHORFXLHVWHSURIHVRUXO0HUJHPDFXPD"

ÌQYDWDWRDUHDOHVSXQHFRSLLORU
$]LYRPvQYDWDGXSDPHWRGDLQWXLWLHL$GLFDILHFDUHVSXQHWUHLFXYLQWHFXPvLYLQHVLGXSDDFHHDH[SOLFDGHFHOHDVSXV
)LHFDUHFRSLOVSXQHWUHLFXYLQWHVLH[SOLFDGHFHOHDVSXVGDU%XODVSXQH
$YRUW%DVWDUG&XUYD
9DLVHFXWUHPXUDvQYDWDWRDUHDFHFXYLQWHXUkWH%XODWDFLVLWXRGDWDGLQJXUD
6LQDPDL FRQWLQXDWOHFWLD'XSDRYUHPHYLQHLQVSHFWRDUHD2vQWUHDEDSHvQYDWDWRDUH HOHYLL WDL DX vQYDWDW GXSD PHWRGD
LQWXLWLHL"
'DGHVLJXU
$WXQFLIDROHFWLHGXSDPHWRGDDFHHDYUHDXVDYDGVLHX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HVDIDFDvQYDWDWRDUHDIDFHROHFWLHGXSDPHWRGDLQWXLWLHLILHFDUHFRSLOVSXQHWUHLFXYLQWHVLH[SOLFDGHFHOHDVSXVGDU
LQVSHFWRDUHDvLVRSWHVWHvQYDWDWRDUHL
&RSLOXLDFHODGHFHvOSHUVHFXWLWRWWLPSXOULGLFDPkQDVLQLFLRGDWDQXOODVLVDYRUEHDVFD+DLVDDX]LPFHDUHHOGH]LV
&HVDIDFDvQYDWDWRDUHDvOODVDSH%XODVDYRUEHDVFDLDUHOVSXQH
$YRUW%DVWDUG&XUYD
ÌQYDWDWRDUHDOHVLQDGDULQVSHFWRDUHDIRDUWHFDOPDvLVSXQHOXL%XOD
,QWHUHVDQW6LGHXQGHVWLLWXFXYLQWHOHDVWHD"
'HODPDWXVDPHD$VSXVFDD IDFXWXQ$YRUWFDVDQXQDVFDXQ%DVWDUGVLVDVSXQDOXPHDFDL&XUYD
,QWHUHVDQW6LDOWHFXYLQWHQXPDLVWLL"
%DGD3LWLF
2KSLWLFHPLWLWHOHGUDJDODV6LGHXQGHVWLLWXFXYkQWXODVWD"
7RWGHODPDWXVDPHD$VSXVFD%DVWDUGXOODIDFXWFXXQ3LWLF
ÌQYDWDWRDUHD FDUH VH WUH]LVH GLQ OHVLQ OHVLQD LDU GDU FORSRWHOXO VXQD VL FRSLLL LHV vQ UHFUHDWLH $IDUD GH %XOD FDUXLD
LQVSHFWRDUHDvLIDFHVHPQVDUDPkQDVHDVHD]DODQJDHOvQEDQFDVXVRWHVFHLFHYDVLGXSDDFHHDvQVSHFWRDUHDSOHDFD
&HWLDVSXVvQWUHDEDvQYDWDWRDUHDFDUHUHXVLVHLQWUHWLPSVDVHvQWUHPH]H
$]LFH%XODPDLQLPLFDYUXWVDDIOHDGUHVDSLWLFXOXL

%XODPHUJHFXWDW
VXODSOLPEDUH7UHFkQGSHOkQJDVFRODODOXL%XODWDW
VX]LFH
ÌQVFRDODDVWDDPIRVWVLHXDFX
WUHL]HFLGHDQL
/DFDUH%XOD
$KDGHDLDPLD]LVD]LODRUDSURIHVRUXO$VDXQWkPSLWQXDPPDLDYXWDLFLGHWUHL]HFLGHDQL

%XODYHQLQGGHODVFRDODHVWHWRWWLPSXOHQHUYDWGHXQJUXSGHIHWHPDLPDULFDUHGHILHFDUHGDWDvLDUDWDGHJHWXOPLFVLvL
VSXQ
&HPDLIDFL%XOLVRU"
%XODUDEGDFHUDEGDVLvQWUR]LvQWUHDEDIHWHOHGHFHvLWRWDUDWDGHJHWXOPLFFkQGvOvQWkOQHVF
$FHVWHDUDVSXQG
3HQWUXFDSX DWDHDWkWGHPLFDFDVLGHJHWXOQRVWUXPLFDSURDSHLQH[LVWHQWD
6LVHSRUQHVFSHUkV$GRXD]L%XODOHRLDvQDLQWHVLSkQDVDVLVSXQDDVWHDSRH]LDHOvVLYkUDGHJHWHOHvQJXUDVLWUDJkQGXVL
IDOFLOHvQODWXULOHVSXQH
&HPDLIDFHWLIHHHWHHHORU"

%XODODVFRDOD
'RDPQDSURIHVRDUDDPRvQWUHEDUH
=L%XOD
3RWVDYLRSXQ"

&H%XODQDLvQYDWDWODVFRDODFXPVHVFULXFLIUHOH",DWHXLWDWRDWHFLQFLXULOHDVWHDDUDWDGHSDUFDDUILWUHLXUL
3DLFKLDUWUHLXULVXQW
$WXQFLGHFHVHDPDQDDWkWGHPXOWFXFLQFLXULOH"

%XODLDFLWHVWHFXYRFHWDUHWHPDSHFDUHDLDYXWRSHQWUXDFDVD
'DGRDPQDDPVFULVGHVSUHWDWDOPHX7DWDHVWHFHOPDLvQGUD]QHWVLSXWHUQLFVLWDOHQWDW(ODUSXWHDVDVHOXSWHFXWLJULL
VDFRQGXFDVXEPDULQXOVD]ERDUHFXQDYHWDVSDWLDODVDVFULHXQURPDQSROLWLVWRULFH'DUHXQPLFLPSHGLPHQWWUHEXLHVD
VSHOHYDVHOHVDGHDFXDVSLUDWRUXOVLVDEDWDFRYRDUHOH

'LQFXJHWDULOHOXL%XODH[WUDVGLQWH]DGHDGPLWHUHODPHGLFLQD
3HQLVXOHVWHXQRUJDQGHFDSRWDELO

3URIHVRUXOGH]RRORJLHDOXQHLVFROLvQWUHDEDHOHYLL
&LQHGLQFODVDSRDWHVDPLVSXQDGHFHVXQWSHVWLLPXWL"
ÌQWUHDJDFODVDWDFH
+HLWXFHOGLQXOWLPDEDQFD%XOD$LVSXVFDWDWDOWDXHVWHSHVFDUGHPHVHULH'HFHVXQWSHVWLLPXWL"
&XPGHFH"ÌQFHUFDWLGXPQHDYRDVWUDVDEDJDWLFDSXOVXEDSDVLQRVDSXWHWLVFRDWHXQFXYkQW

%XODSULPHVWHGHODVFRDODFDWHPDGHFDVDVDGHILQHDVFDQRWLXQHDGHSROLWLFD1HVWLXWRUVHGXFHVDvOvQWUHEHSHWDLFD
VDX$VWDvL]LFH
)RDUWH VLPSOX XLWH GDFD OXDP FD H[HPSOX IDPLOLD QRDVWUD (X DGXF EDQLL DFDVD GHFL PD SRWL QXPL FDSLWDOLVP 0DLFDWD
DGPLQLVWUHD]D EDQLL GHFL R SXWHP QXPL FRQGXFHUH 1RL DPkQGRL QH vQJULMLP GH EXQDVWDUHD WD GHFL WX HVWL SRSRUXO
ÌQJULMLWRDUHDOXLIUDWHWXHVWHFODVDPXQFLWRDUHVLIUDWHOHWDXvQFDvQVFXWHFHHVWHYLLWRUXO$LvQWHOHV"
%XODQXHWRFPDLVLJXUVLvL]LFHFDVHYDPDLJkQGLSkQDGLPLQHDWDODH[SOLFDWLH1RDSWHDVHWUH]HVWH%XODEXLPDFSHQWUXFD
IUDWHVDXDIDFXWvQVFXWHFHVLVWULJD%DWHEXODODXVDGRUPLWRUXOXLSDULQWLORUPDLFDVDGRDUPHDGkQFVLQXODXGH6HGXFHOD
FDPHUDvQJULMLWRDUHLVLDLFLvOJDVHVWHSHWDLFDVXFDODUHSHHD&HLGRLQXGDXYUHXQVHPQFDODXUHPDUFDWSH%XOD(OVH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
GXFH vQ SDW VL GRDUPH PDL GHSDUWH 'LPLQHDWD WDWDVX vO vQWUHDED GDFD DFXP VWLH FH H SROLWLFD VL GDFD SRDWH VD H[SOLFH FX
FXYLQWHOHOXL%XODUDVSXQGH
'DDFXPDVWLX&DSLWDOLVPXOIX HFODVDPXQFLWRDUHvQWLPSFHFRQGXFHUHDGRDUPH3RSRUXOQXHEDJDWvQVHDPDVLYLLWRUXO
PLURDVHDFDFDW

/D RUD GH GHVHQ SURID vL SXQH SH FRSLL VD GHVHQH]H FHYD VL VD VL LQWHUSUHWH]H XQ FkQWHF SH WHPD UHVSHFWLYD ,RQHO D
GHVHQDW R ODOHD VL DQFHSXW VD FkQWHODOHOHODOHOH &RVWHO XQ WUDQGDILU VL D
QFHSXW VD FkQWH WUDQGDILULL WDL VDX RILOLW vQ
JODVWUDvQILQH%XODGHVHQHD]DRSX D
0DJDUXOHQXWLHUXVLQHFHFkQWHFVHDVRUWHD]DFXDVWD"
&LQHWHDIDFXWSHWLQH7XGRULWDQHQH

ÌQWUR]LODVFRDODLQWUDSURIDvQFODVD
%XQD]LXDHOHYL
&ODVD
%XXXQD]LLLXDPHD
3URID
(OHYL"&HLDLD%XQD]LXDPHD"1DPPDLDX]LW
ÌQSDX]D%XODYRUEHVWHFXFROHJLL
0kLQHQXPDLVDOXWDWLSURIDWLQHWLYDIOHDQFD
$GRXD]L3URID
%XQD]LXDHOHYL
&ODVDWDFH%XOD
'XXXWHQSXXX DPHD

0HUJH%XODODVFRDODODRUDGH6WLLQWHOH1DWXULLVLLVSXQHSURIHVRDUHL
'RDPQDSURIHVRDUDHXDPSULQVGRLLHSXUL
9LLPDL%XOD"
9LL
6LFXPLDLSULQVPDL%XODFXRFDSFDQD"
1XUHJXOkQGXVH

%XOD WUHEXLD VD WUHDFD XQ H[DPHQ &ROHJLL vO VIDWXLHVF VD VSXQD WUHL OXFUXUL  0LKDL (PLQHVFX WUDFWRUDVHPRWRUDVH VL
3URIHVRULLvQWUHEDQGXOSH%XODFXPvOFKHDPDHOUDVSXQGH
0LKDL(PLQHVFX
&HDLPDvQFDS"
7UDFWRUDVHPRWRUDVH
(VWLQHEXQ"


3URIHVRDUDOXL%XODHUDvQUHODWLLGHSULHWHQLHFXSDULQWLLOXLÌQWUR]LvOvQWUHDEDSH%XODODVFRDODFHLPDLIDFSDULQWLL
5HODWLYELQHGRDPQDSURIHVRDUDWDWDvQVDDUHGLDUHH
3URIHVRDUD vVL H[SULPD SDUHUHD GH UDX WUDQVPLWH WDWDOXL OXL %XOD XUDUL GH vQVDQDWRVLUH JUDEQLFD 6FHQD VH UHSHWD SHVWH R
VDSWDPkQDVLvQFDXQDVLvQFDXQD/DXQPRPHQWGDWSURIHVRDUD
'DU%XODGHFHERDODVXIHUDWDWDOWDXGHDUHGLDUHHGHDWvWDYUHPH"
1XVWLXGRDPQDGDURDXGSHPDPDvQILHFDUHQRDSWHvQWUHEvQGXO1XWLVHPDLvQWDUHVWHRGDWDUDKDWXODOD"

/DVFRDODOD%XODLQVSHFWLH7HPDOHFWLHL6DUEDWRULQDWLRQDOH3URIHVRDUDFHUHH[HPSOHGHODHOHYL,RQHO
7RYDUDVDSRUIHVRDUD0DL]LXDRDPHQLORUPXQFLL
%UDYR,RQHO
%XODGLQIXQGXOFODVHL
7RYDUDVDSURIHVRDUD&UDFLXQ
3URIHVRDUDFXPkQDODJXUDVSHULDWD
6VVWWDFL%XOD
0DULFLFD
7RYDUDVDSURIHVRDUD$XJXVW]LXD
%UDYR0DULFLFD
%XODGLQIXQGXOFODVHL
7RYDUDVDSURIHVRDUD&UDFLXQ
3URIHVRDUDGLQQRXFXPkQDODJXUDVSHULDWD
6VVWWDFLWDFL%XOD
*LJHO
7RYDUDVDSURIHVRDUD'HFHPEULH
%UDYR*LJHO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%XODGLQIXQGXOFODVHL
7RYDUDVDSURIHVRDUD&UDFLXQ
3URIHVRDUDGLQQRXFXPkQDODJXUDVSHULDWD
7DFLRGDWD%XOD
,QVSHFWRUXOFXULRV
/DVDWLOWRYDUDVDVLSHHOHYXODVWDVDYHGHPFHDUHGHVSXV
%XOD
7RYDUDVDSURIHVRDUD&UDFLXQVDEDVLW

7RWODVFRDODvQSULPD]LSURIHVRDUDvQWUHDEDGHVSUHPHVHULLOHSDULQWLORU*LJHO
7DWDHPXQFLWRU
$WXQFLVWDLvQSULPDEDQFD*LJHO$VDVSXQHVLSDUWLGXO0XQFLWRULWDUDQLLQWHOHFWXDOL
,RQHO
7DWDHPDFHODU
*LJHOWUHFLWXvQEDQFDDGRXDLDUWX,RQHOvQSULPDEDQFD
)D]DVHUHSHWDFXGLYHUVLFRSLLFXSDULQWLFXPHVHULLGLQFHOHPDLLQWHUHVDQWH6HDMXQJHVLOD%XOD
7DWDHOD6HFXULWDWH
$WXQFL%XODWXRVDVWDLvQSULPDEDQFD'DU%XODFHIDFHWDWDOWDXDFROR"
1XVWLXDVHDUDODXOXDW

3URIHVRDUDOX
%XODVHJkQGHVWHVDYRSVHDVFDFODVD2vQWUHDEDSH0DULD
0DULDFXPFUH]LFDDUILLPDLELQHVDYRSVLP"
3DLGRDPQDvQYDWDWRDUHHX]LFVDYRSVLPFXYHUGHSHMRVVLURVXSHVXV
%XQEXQ)RDUWHLQWHUHVDQW*LFDWXFXPYUHLVDYRSVLP"
3DLFXJDOEHQSHMRVVLFXPRYSHVXV
0GD%XODFXPkQDSHVXVLQWHUHVDQW%8/$LD]LLWXFXPFUH]LFDDUWUHEXLLVDYRSVLP"
3DLHX]LFVDYRSVLPFXDOEDVWUXSHMRVFXJDOEHQSHVXVVLI WHPRGXQJDQHDJUDSHODPLMORF
ÌQYDWDWRDUHDVHVXSDUDHWFHWFvO GXFHMRVOD GLUHFWRUvL VSXQHGLUHFWRUXOXLFH D ]LV %XODOD FDUH GLUHFWRUXOVH JkQGHVWH
SXWLQVL]LFH
6DPLEDJS ODDVDIDFHP

/DLQVSHFWLHvQYDWDWRDUHDvOvQWUHDEDSH%XOD
%XODLDVSXQHPLWXFDUHHVWHFHDPDLIRORVLWRDUHSDVDUH"
*DLQD
'HFHJDLQD%XOD"
3DLHDSRDWHILPkQFDWDVLvQDLQWHGHDGHQDVWHVLGXSD

%DQFXULFX)DW)UXPRV

)DW)UXPRVvL]LFHFDOXOXL
%DFDOXOHVWDLDLFLSHORFHXXUFvQWXUQOD,OHDQD&RVkQ]HDQDGD
GDFDYLQH]PHXOVDVDUGUHSWSHWLQHVLVDIXJLP
&DOXOFHVD]LFDDVWDLPLVLDOXLLQJUDWD
)DW)UXPRVXUFDGXSDXQWLPSDXGFLRFDQLWXULODXVD)DW)UXPRVVHD]YkUOHSHIHUHDVWUD,OHDQDVHDUDQMHD]DGHVFKLGHFkQG
FRORODXVDFDOXO
%DLVSXQHLOX
)DW)UXPRVFDIDUDSORXDDVDFDODVWHSWDLFL

&LFD)DW)UXPRVVHGXFHVLHOODRPLFDJDUJDUDSHOD,OHDQD&RVkQ]HDQDFDUHGHYHQLVHQHYDVWD]PHXOXL
&DOXOvOvQWUHDEDFHRVDIDFDGDFDDSDUH]PHX

)DW)UXPRVvLUDVSXQGHFDLPHGLDWFHDXGHEDWDLvQXVDRVDVDUDFXSDUDVXWDSHJHDP
=LVVLIDFXW6HGXFH)DW)UXPRVOD,OHDQD&RVkQ]HDQDvQFHSHLWUHDEDLDUODXQPRPHQWGDWVHDXGEDWDLvQXVD
)DW)UXPRVVDUHSHJHDPLDU,OHDQD&RVkQ]HDQDGHVFKLGHXVD(UDFDOXOOXL)DW)UXPRV
6SXQHLSURVWXOXLDOXLDFDDvQFXUFDWSDUDVXWDOXLFXVDFX
PHXGHRYD]

$WUHLDRDUDVHGXFHIDW)UXPRVOD,OHDQD&RVkQ]HDQDGDUGHGDWDDVWDYUHDVDPHDUJDODVLJXUVLvVLLDFKLORWLFXHOLFH
&DOXOXLvLVSXQH
$VWHSWL FXPLQWH DLFL GDFD YLQH =PHXO HX VDU SH JHDP DMXQJ MRV FX ELQH FX DMXWRUXO FKLORWLORU FX HOLFH VL DSRL R OXDP OD
JRDQDVDQXQHSULQGDEHVWLD
=LVVLIDFXW)DW)UXPRVVHGXFHOD,OHDQD&RVkQ]HDQDWUDJHLODUDPHVLGHRGDWDVHDXGEDWDLvQXVD
)DW)UXPRVVDUHSHJHDP,OHDQDVHDUDQMHD]DVLGHVFKLGHXVD=PHXO
0LURDVHDSDPkQWHDQ&LQHDIRVWDLFL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1LPHQLQLPHQL]LFH,OHDQD&RVkQ]HDQD
/DFDUH]PHXODUXQFDRSULYLUHvPSUHMXUVL]LFH
'D
FKLORWLLDVWLDFXHOLFHDFXLVXQW"

6HEDWHD)DW)UXPRVFX%DODXUX
ÌOSULQGH%DODXUX
SH)DW)UXPRVVLOWUkQWHVWHGHSDPkQWEDJkQGXOvQSDPkQWSkQDOD
JOH]QH&KLDU]EXUDSHDFRORFRUEX
VL]LFH)DW)UXPRVFDWUHFRUE
&RUEXOHFRUEXWXOHDGXPLXQFLRFGHDSDVLWLYRLGDXQEDODXUvQWUHJGHKDOLW
$GXFHFRUEX
XQFLRFGHDSDOX
)DW)UXPRVVLDVWDvOEDJDSH%DODXUvQSDPkQWSkQDODJHQXQFKL=LFH%DODXUXFDWUHFRUE
&RUEXOHFRUEXWXOHDGXPLXQFLRFGHDSDVLWLOYRLGDSH)DW)UXPRVVDOKDOHVWL
$GXFHFRUEX
LDUDXQFLRFGHDSDVLOEDJD%DODXUX
SH)DW)UXPRVvQSDPkQWSkQDODEXULF=LFH)DWX
FDWUHFRUE
&RUEXOHFRUEXWXOHDGXPLXQFLRFGHDSDVLWLYRLGDXQEDODXUvQWUHJGHKDOLW
$GXFHFRUEX
XQFLRFGHDSDVL)DWX
vOEDJDSH%DODXUvQSDPkQWSkQDODEUkX=LFH%DODXUXFDWUHFRUE
&RUEXOHFRUEXWXOHDGXPLXQFLRFGHDSDVLWLOYRLGDSH)DW)UXPRVVDOKDOHVWL
$GXFH FRUEX
VDUDFX
 LDUD XQ FLRF GH DSD VL %DODXUX
vO EDJDSH )DW )UXPRV vQ SDPkQWSkQDOD JkW =LFH )DW )UXPRV FDWUH
FRUE
&RUEXOHFRUEXWXOHDGXPLXQFLRFGHDSDVLWLYRLGDXQEDODXUvQWUHJGHKDOLW'D
]LFHFRUEX

'D
SDLFHS DPHDIDFHWLYDEDWHWLVDXEHWLDSD

ÌPSDUDWXO9HUGHDYHDWUHLIHWH/DXQPRPHQWGDWSOHDFDHOODUD]ERLVLOHVSXQHIHWHORU
)HWHOHPHOHHXSOHFODUD]ERL'DFDQXRVDILWLFXPLQWLXQGHYDVWDXSLFLRDUHOHDFRORYDYDVWDVLFDSXO
3OHDFDODUD]ERLVLVHvQWRDUFHGXSDXQDQ2LDSHIDWDFHPDUHVLvLDUDWDXQVHUYLWRUGH]EUFDWVRvQWUHED
&HHVWHDVWDIDWDWDWLLDUDWkQGVSUHVFXODVHUYLWRUXOXL
5DVSXQVXOYHQLSURPSW
+LKLKLKLKL
6DLVHWDLHFDSX

/DIHOVLFXFHDPLMORFLH
&HDPLFDIRDUWHPLUDWD
1XVWLXWDWDFHHVWH
+DLIDWDWDWLVSXQH
'DUQXVWLX7HURJLRVSXQHPLVLPLHFHHVWH
ÌQILQHVHODVDDVWDvQGXSOHFDWVLLVSXQHFDHVWHRS D/DFDUHIDWDH[FODPD
$VWDS D"6DILYD]XWOD)DW)UXPRV

8Q JUXS GH WXULVWL SULQ $SXVHQL /D XQ PRPHQW GDW JDVHVF R SHVWHUD ,QWUD R YL]LWHD]D WRWXO HUD IRDUWH IDLQ QXPDL FD
PLURVHDvQJUR]LWRU&vQGLHVDIDUDVHvQWvOQHVFFXXQEDFLÌOvQWUHDED
'RP
QHFHHFXSHVWHUDDVWDHIRDUWHIUXPRDVDGDUGHFHSXWHDVDvQJUR]LWRUvQDXQWUX"
$SDLGUDJLLPHLUDVSXQGHEDFLXOHRvQWUHDJDOHJHQGD3HYUHPXULvQDXQWUXWUDLDXQFDSFDXQ'HGRXDRULSHDQFRERUDvQ
VDWVLUDSHDFHDPDLIUXPRDVDIHPHLH7RWDVDSkQDFkQGDXUDPDVVDWHQLLQXPDLFXXUkWHQLLGHIHPHLSHFDUHQXOHPDLI HD
QLPHQL VL GHFL VDWXO HUD vQ SUDJXO GLVSDULWLHL $WXQFL VDX DGXQDW VDWHQLL VD VH VIDWXLDVFD FXP VD VFDSH GH FDSFDXQ 6DX
JkQGLW VDvOFKHPHSH)DW)UXPRV,DXGDWXQID[VLGXSDRVDSWDPkQDDYHQLW $LQWUDW)DW)UXPRVvQSHVWHUDODOXDWSH
FDSFDXQVLODvQILSWSkQDODJOH]QHvQSDPkQW&DSFDXQXOVDHQHUYDWVLODEDJDWSH)DW)UXPRVSkQDODJHQXQFKL$VWDFH
VDVHODVHPDLSUHMRV"ÌOLDSHFDSFDXQVLOEDJDSkQDQEUkXvQSDPkQW&DSFDXQXOFXXOWLPHOHSXWHULvOLDSH)DW)UXPRV
VLO EDJD SkQD OD VXEVXRUL )DW )UXPRV QHUYRV FD GUDFX
 vO LD SH FDSFDXQ vO EDJD SkQD vQ JkW VFRDWH SDORVXO VLL WDLH
EHUHJDWD6DWHQLLIRDUWHIHULFLWLDXWUDVXQFKHIGHSRPLQDYUHRGRXDVDSWDPkQLDXWRWEDXW&DUDVSODWDSHQWUX)DW)UXPRV
LDXGDWRSHFHD PDLIUXPRDVDGLQWUHXUkWHOHSHFDUHOHPDLDYHDX$VWLDGRLVDXFDVDWRULWVLDXWUDLWSkQDODDGkQFLEDWUkQHWL
vQSHVWHUD
%LQHGRP
QHGD
WRWQDPvQWHOHVFHSXWHDVDvQSHVWHUD"
$SDLQXVWLXVDILFDFDWYUHXQXOSHDFROR

2SULHWHQDRvQWkOQHVWHSH,OHDQD&RVkQ]HDQDSHKROXOXQHLPDWHUQLWDWL0LUDWDRvQWUHDED
&HIDFLWXDLFLODPDWHUQLWDWH,OHDQD&RVkQ]HDQD"
$PYHQLWVD)DW)UXPRV

%DQFXULFX,RQVL0DULD

,RQVL0DULDHUDXWUHFXWLGHSULPDWLQHUHWHVLVIDWXOVDWXOXLHUDvQJULMRUDWGHVSUHVRDUWDFHORUGRL$VDFDVHKRWDUvFDVDVH
IDFDRvQWDOQLUHvQWUHFHLGRLvQFDUHDFHVWLDVDGLVFXWHGHVSUHSRVLELOLWDWHDXQXLPDULDMLQWUHHLGRL
/DvQWDOQLUH
0DL0DULHHXGDFDWXFUH]LFDSXWHPIDFHRFDVDHXvVGHDFRUG
0D,RDQHHXFUHGGDDUFDPILRSUREOHPDSWFDXLWHPLHvPLFDPPLURDVHS D


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0DL0DULRQLFLRSUREOHPDFDFLHXDPXQGHIHFWGLQQDVWHUHQXDPPLURV
=LVVLIDFXW1XQWDÌQQRDSWHDQXQWLLGXSDFkWHYDQXPHUHGDWHFXIRFGH,RQDFHVWD]LVH
0DL0DULRKDLVDGHVFKLGHPXQSLFIHUHDVWUD
0DL,RDQHDSRLHXWLDPVSXVFDPLHvPLPLURDVH
1XPDL0DULHFDWLDPVSXVFDHXQX DPPLURVGDUDVDVLPWFDPDXVWXUDRFKLL

6HIDFFXUVXULVHUDOHGH/5&OLPEDURPDQDFRQWHPSRUDQDOD+XWXOHVWLL1RL0DULDGDVLHDFXQDVXOVDYD]DFHLVLGLQFH

LQFHSDUHPDLLQWHUHVDWD
'LQFHLQFH YLQH PDL WLU]LXDFDVDVL PDL RERVLWD'XSDFLWHYDVDSWDPLQLGHLULWDUHLQFUHVWHUH,RQLVLLDLQLPDQGLQWLVL R
LQWUHDED
0DL0DULHYRLDFRORODOHUHFHXODODQXFXPYD
,QGXELWDELO,RDQH

1XQWDPDUHvQWUXQVDWGHPXQWH7RWVDWXOVDUEDWRUHVWHLQFOXVLY,RQVWXGHQWXOYLLWRUXOLQWHOHFWXDODOVDWXOXL
LQFOXVLY 0DULD R IDWD WkQDUD GDU XUkWD  KDQGLFDSDWD VL FDP VWUkPED 7RDWHIHWHOH PDUL VL PLFL GLQ VDW URLDX SH OkQJD ,RQ
1XQWDHvQWRL
'HDWkWDDWHQWLH,RQVHvPEDWDSXWLQPDLPXOW0DULDSULQGHPRPHQWXOVLODWUDJHSH,RQvQVXUD
SURSXQHUHDGHDIDFHGUDJRVWHYHQLVHGLQSDUWHD0DULHLGHFHOSXWLQGHRULvQDFHDVHDUD'XSDOXQJLLQVLVWHQWHGHVLvLHUD
VFkUED,RQVHGHFLGHVLIDFGUDJRVWH
ÌQWLPSXODFWXOXL0DULDvQWUHDED
1XLDVD,RRDQHFDDPVLHXFHYDIUXPRVvQPLQH"
'DGDDLGDULPHGLDWRVFRW

&LFDHUDRGDWDFDQLFLRGDWDFDGHQDUILQDVPDLSRYHVWL
0DULDVL,RQvQQRDSWHDQXQWLLVLHL6L,RQFkQGHUDVLHOPDLvQFLQVGXSDQXPHURDVHvQFHUFDULDXGHRYRFHVXDYDGH0DULH
1RPDWX,RDQHYLQLHRUJDVPX

/DFDUH,RQVXSDUDW
1RDSRLIDWX0DULH&kQGI WHXQXYLQHQLPH


0DULDRWDUDQFXWDYUHDVDIDFDGUDJRVWHFX,RQWDXUXOFRPXQDOFDUHvQVDQXRSUHDEDJDvQVHDPD
'XSDPXOWHLQVLVWHQWHUHXVHVWHVDOFRQYLQJD
%LQH]LFH,RQGDUDPVLHXRFRQGLWLHvQWLPSFHRIDFHPWXVSXLOXQLOHDQXOXL
=LVVLIDFXWHUDVDVFULXDOWFHYD
,DLDQXDULHIHIHEUXDULHPDUWLHDDDSULOLHPDLPDLPDLLXLXQLHLXLXLXLXOLHDXXXXDXJXVWVVVVHSWHPEULHRR
RRFWRPEULHQRQRQRQRLHPEULHGHGHGHGHFHDLVFRVRSURVWXOH"

(UD,RQFXQHYDVWDvQGHVHUW6LPHUJHLPHUJVLDMXQJODRRD]D5RPkQX
VDQWLQGHODXPEUDQHYDVWDVHGDGXSDQLVWHWXIH
VDVHSLVH
6HDSOHDFDHDSHYLQHVLGHRGDWDDXGHFUDQWFUDQWFUDQW6HVSHULHVLVHPXWDPDLvQFROR6HDVHD]DSHYLQHLDUFUDQW
FUDQWFUDQW
6HVSHULHVLPDLWDUHVLOVWULJDSHEDUEDW
VX
0DL,RDQHYLQRQFRD
FDDXGQLVWH]JRPRWHFDUHPLGDILRULSDVLUD
9LQH,RQVL]LFH
+DLIDSLVHWHVDYD]FXPVWDWUHDED
6HDSOHDFD0DULDGDVDVHSLVHVLLDUVHDXGHFUDQWFUDQWFUDQW
6HDSOHDFDEDUEDWX
VHXLWDVL]LFH
6DILXDOGUDFX
GDFDDPPDLYD]XWODWHLPkQFkQGLDUED

0DULDVHKRWDUDVWHVDVHVSRYHGHDVFDSRSLLFDJUHVLWFX,RQÌQDFHVWFRQWH[WvLSRYHVWHVWHFDDXWDYDOLWvPSUHXQDRPDUH
SDUWHGHRJRU
ÌQVD SRSD FXULRV YRUED FLQWHFXOXL YUHD VD YDGD FX RFKLL OXL ÌQWUDGHYDU OXFUXULOH DVD VWDWHDX VL FXP HO YUHD VD VL
UHFRQVWLWXLHIDSWDPDLVWULFDRSDUWHGLQRJRU
/DSOHFDUHLQVDSDULQWHOHFRQVWDWDFDPDLHGHSDUWHDFHDODOWDDGUXPXOXLXQRJRULQWUHJIDFXWIDUkPH
'RDPQH0DULRGDUDFRORFHDWLIDFXWFDQXPLVSXVHVLGHFLWGHORFX
DVWD
$DDDULGLFDIHPHLDLQGLIHUHQWDGLQXPHULDFRORVRWDYDOLWVLQJXU,RQFLQGLDPVSXVFDDP6,'$

,RQVHvQVRDUDVLLQQRDSWHDQXQWLLVLGHVFRSHUDFD0DULHQXPDLHUDYLUJLQD1DDFXPDQXLHUDSWHOFDSHHOLOGXUHDLQS
ODFDDLDQXHUDIDWDPDUHGD
WUHEXLDXVDLYLQDSDULQWLLDGRXD]LVDYDGDGDFD0DULHRIRVWYLUJLQD
&H VD IDFD FH VD IDFD KDL VR GHD SH 0DULH FX FHUQHDOD GD
 JKLQLRQ FD QX PDL DYHDXFHUQHDOD URVLH vQ FDVD *DVHVWH ,RQ
QXPD
RFDOLPDUDFXFHUQHDODYHUGHVLRGDSH0DULHvQWUHSLFLRDUH
'LPLQHDWDYLQSDULQWLLOX
,RQ3ULPDODFRQWUROPDVD6HXLWDvVLVWXFKHVWHvQVkQvVLIDFHFUXFHVLRLDODIXJD6HXLWDWDWD
OX
,RQVLFkQGYHGH
2RRDVDEDLDWX
WDWLLSkQ
ODILHUHILXOHSkQ
ODILHUH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

,RQ VL 0DULD VH LQWRUF GH OD FRDVD ILHFDUH FX FDWH R FRDVD SH XPDU 0HUJ SH PDUJLQHD GUXPXOXL 7UHFHXQ PRWRFLFOLVW
0DULD
,DXLWH,RDQHDODQDYHDFDS
&XPVDQDLED"3OHDFDGHDLFLFDHVWLSURDVWD
0DLWUHFHXQWLPSÌQFDXQPRWRFLFOLVW0DULD
=DX,RDQHQLFLDVWDQDYHDFDS
&XPVDQDLEDFDS"0DLWDFLGUDFXOXLGLQJXUD
3HVWHXQWLPSDOWPRWRFLFOLVW0DULD
+DLPD,RDQHGDFDWL]LFFDQLFLDVWDQDYHDFDS
7DFLGUDFXOXLGLQJXUDVLvQWRDUFHFRDVDSHSDUWHDFHDODOWD

,RQVHvQWRDUFHGHODFkPSVLRJDVHVWHSH0DULDvQSDWFX*KHRUJKHSULHWHQXOOXLFHOPDLEXQ
'DFXFRDVDGHSDPkQWVL]LFH
1RI LED0DULH&XFHOPDLEXQSULHWHQDOPHX""&kWHDPIDFXWHXSHQWUXWLQH7HDPOXDWWHDPHGXFDWVLvPEUDFDW
QXWHSXQVDIDFLGHPkQFDUH
6LWXED*KHRUJKH$PIRVWSULHWHQLGHPLFLEDDDDD&kWHEDWDLDPOXDWGHODWDFWXvQFHUFkQGVDWHVFDSSHWLQHEDDDD6L
GDWLRLQS DPHDGHWUHDEDPDFDUQXYDPDLI WHWLFkQGYRUEHVFFXYRL

6HGXFH,RQOD0DULDVLLVSXQHFDGDFDQXHIDWDPDUHQXRLDGHQHYDVWD
0DULDGLVSHUDWDVHGXFHODPDVDFDUHL]LFHXLWHIDWDPHDIDFLFXPLDPIDFXWHXOX
WDFWX
vWLEDJLXQDUFLQS D
6HGXFH0DULDOD,RQVLGXSDFDWHYDPLVFDULVDUHDUFX
ODFDUH0DULD
8LWH,RDQHD]EXUDWSDVDUHDYLUJLQLWDWLL
'D
,RQ
%LQHELQHGD
]LLVDYLQDLQDSRLFDDSOHFDWFXFRDLHOHPHOH

,RQVL0DULDvQQRDSWHDFDVDWRULHLVWDXvQDFHODVLSDWHYLGHQW
0DULHEDJDPkQDODPLQHQSDQWDORQL
$PEDJDWR,RDQH
(PDUH0DULH"
0DUH,RDQH
(WDUH0DULH"
7DUH,RDQH
'
DSRYH]LFHYkUWRVPDFDF""

0DULDVL/HQXWDvQJUDGLQDODFXOHVPRUFRYL/DXQPRPHQWGDW0DULD
VFRDWHXQPRUFRYGHYUHRGHFHQWLPHWULVLvL]LFH/HQXWHL
,DXLWHGUDJDXLWHDVDS DDUHVL,RQDOPHX
$VDGHPDUHGUDJD"
1XDVDGHPXUGDUD

0DULDVL,RDQDODFXOHVGHVIHFOD&XOHJHOHFHFXOHJVLODXQPRPHQWGDW0DULDVFRDWHRVIHFODLPHQVDGLQSDPLQWVL]LFH
$X]LID,RDQDXLWLHDVDHDOX
,RQDOPLHXS D
&XPID0DULHDVDGLPDULH"
1XIDDVDGLPXUGDUD

,RQVHSOLPEDFXELFLFOHWDSHFRDPDGHDOXOXL*KHRUJKHLLVWULJDGLQYDOH
,RDQHHH9H]LEDFDWL]GUDQJDQHODQWXOGHODELFLFOHWDDD
1XWHDXG*KHRUJKHFDPL]GUDQJDQHODQWXOGHODELFLFOHWDDDD

6HQWkOQHVWH,RDQFX0DULDSHXOLWD
,RQ9H]L0DULHFDYLQGHVDUDVDWHI W
0DULD%LQH,RDQHDPLQWHOHVDOX]LDWDILQD

0DPD0DULHLVWULJDSHVWHJDUGXOFXUWLL
0DULHLDPDLODVDORGDWDSH,RQVLYLQRDFDVD
%LQHPDPDvOPDLODVRGDWDVLYLQ

'XSDRPDVDFRSLRDVDVWURSLWDGLQEHOVXJFXRDUHVFHWDULH,RQLHVHQRDSWHDVDVLUHJOH]HFRQWXULOHFXDSDUDWXOGLJHVWLY
ÌQWXQHULFEH]QDDVDFD,RQFDGHvQWURJURDSDSHFDUHRVDSDvQFXUWH'H]RULHQWDWH[FODPD
7XHVWL0DULH"

0DULDLQWUDQRDSWHDvQJUDMGVLVHORYHVWHGHRLVWHDFDUXOXL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7XHVWL,RQHOH"

)D0DULHWXHVWLIDWDPDUH"
&XPWLRILQRURFXO,RDQH

,RQRvQWUHDEDSH0DULD
)D0DULHWXHVWLIDWDPDUH"
ÌQFDQX

0DULDYLQHODVSRYHGLW
3DULQWHPLHUXVLQHDPSDFDWXLW
6SXQHIDWDPHD'XPQH]HXLDUWD
$YHQLWDVHDUD,RQODPLQHPDPDHUDSOHFDWD
6SXQHVSXQHWDLFD
6L,RQPDOXDWvQEUDWH
6LVL"
6LPLDVSXVVDPDGH]EUDF
6L"
6LPDWUkQWLWSHSDW
6SXQHVL"
6LPLDGDWFKLORWLLMRV
6LVLPDLGHSDUWH"
6LDYHQLWPDPD
)LWLDUPDWDDGUDFXOXL

3RSDYLQHFX%RWH]XOOD0DULDDFDVD
3DULQWHWHDPYLVDWD]LQRDSWH
(LVHSRDWHIDWDWDWLVHSRDWH
3DLVHIDFHDFDDLYHQLWODQRLVL,RQQXHUDDFDVD
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDPDLLQJKHVXLWvQSDW
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDPLDLIDFXWIDSWDDLD
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDODSOHFDUHPLDLGDWOHL
(LYLVHWDLFDYLVH

,RQVLFX0DULDDXDYXWVLHLSULOHMXOODXQPRPHQWGDWVDYDGDSRUQRÌQWURVHDUDYLQH,RQGHODFRDVD0DULDvLSXQH
IDVROHDSHPDVDPkQFD,RQGXSDFDUH]LFH
7X0DULHDPXKDLVDIDFHPSRUQR
7XPD,RDQHPDDSDLLRVXQWDVHGHRERVLWDGD
IDWXDFRORvQWUXQSDKDUFDDSRLORLEH
LRPkLQHGLPLQHDWD

0DULDvLPDUWXULVHVWHVRWXOXLHL,RQFDDVWHDSWDXQFRSLO$FHVWDvQFHSHVDVLGHDFXSXPQLLvQFDSGHFLXGDÌQVDQHYDVWD
vODVLJXUD
/LQLVWHVWHWHGUDJDWXQXDLQLFLRYLQD

,RQYL]LWHD]DH[SR]LWLDDPHULFDQDGHIHPHLPHFDQLFH7RDWHWLSXULOH3HvQFHUFDWH/DXQPRPHQWGDWVHDXGQLVWHWLSHWH
DSDUFLWLYDVXSUDYHJKHWRUL
,RQFXS DVkQJHULQGD7RWLFXULRVLVDYDGDFHVDQWkPSODW,RQSOkQJkQGSRYHVWHVWHFDQDDYXWXQGRODUVLDEDJDWGRDU
GHFHQWL
6XSUDYHJKHWRUXO
1DLYD]XWQHQRURFLWXOHFDDLFLVFULHFDFXGHFHQWLVHDVFXWFUHLRDQHOH"

&LFD0DULHVLFX,RQYRLDXVDVHFDVDWRUHDVFD3DULQWLL0DULHLvQVDQXSUHDHUDXGHDFRUGSHQWUXFD,RQHUDVDUDF
7RWXVLFDVDWRULDDUHORFWLQHULLLQVXUDWHLSOHDFDvQOXQDGHPLHUHHWF
&DQGVHvQWRUFVHPXWDODEORF'XSDYUHRVDSWDPDQDXQYHFLQRYHGHSH0DULHGkQGXVHSHEDOXVWUDGD
&HIDFL0DULH"
,DFHVDIDFvQFDO]HVFPkQFDUHD

0DLHUDXFkWHYD]LOHSkQDODQXQWDVL,RQQHUDEGDWRULQVLVWDOD0DULDVDUXWkQGXVHODSRDUWD,RQVHURDJDGH0DULHVDO
ODVHQXPDLXQSLFQXPDLFDSXOVDOEDJHXQSLF
9LLWRDUHDVRDFUDVWDWHDODJHDPVLDXGH'DUHDGHFRORLL]LFHOD0DULH
$LJULMDIDWDPHDFDS DQDUHXPHUL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

,RQVL0DULDSURDVSDWFDVDWRULWL
0DULHGDFDYUHLVDDLYLDWDFXPLQHWUHEXLHVDWLLPLQWHWUHLOXFUXUL
&LQGYLYHQLHXSHXOLWDFXFXVPDSHGUHDSWDDWXQFLVDVWLLFDLGHELQH0kQFDPQHYHVHOLPEHP
&kQGVXQWFXHDSHVWLQJDHUDXWDUH/DVLEOLGHOHVLIXJLXQGHRLVWLQXPDQFDOHDPHDVDQXVWDLFDVQHUYR]DW
(LVDSRLFLQG PRL YHGHD YHQLQG IOXLHULQG FX FXVPD DVDPDL SH VSDWH ODVL WRW GLQ PkQD ODVL WRDOHOH VL QXPDQ SDW VD WH
JDVHVFFDVFXFKHIWDUH
ÌQWHOHVXPDL"""
ÌQWHOHV,RDQH'DUDPVLHXRUHJXOD
=L0DULH
&LQGYHLYHQLWXDVDGHODFkPSVLPRLYHGHDVWkQGvQSRDUWDFDPDXLWOXQJFXPkLQLOHvQVROGDSRLVDWLGDLFXVPDDVD
PDLSHVSDWH

0DULDVL,RQODWDUDVHvQWRUFHLGHODMRFVLvQGUXPVSUHFDVD,RQRSXSDGXOFHSH0DULDGLUHFWSHERW0DULDvLUDVSXQGH
FXXQVDUXWODIHOGHGXOFH
9D]kQGDVWD,RQWXSHLVWGLQILUHGDVDLEDJHPkQDSHVXEFDPHVD0DULDVDUHFDDUVDVLRWXOHVWHVSUHFDVD
&XPDMXQJHDFDVDVFULHvQMXUQDO
&HOHPDLEXQHSULHWHQHvPLVXQWSLFLRDUHOH
$GRXDVHDUDODIHOHORSXSDHDLOSXSDHOGDVDLEDJHPkQDSHVXEFDPHVDDVWDSOHDFDVLVFULDvQMXUQDO
&HOHPDLEXQHSULHWHQHvPLVXQWSLFLRDUHOH
$WUHLDVHDUD0DULDDMXQJHWkU]LXGD
WkU]LXGHWRWDFDVDVLVFULHvQMXUQDO
&KLDUVLFHOHPDLEXQHSULHWHQHVHGHVSDUWRGDWDVLRGDWD

0DULD
0DL,RDQHWXQXPDLI WGHPXOWQXYUHLVDPDI LDFXPD"
,RQ
7UHFLLQGRUPLWRU
ÌQGRUPLWRU,RQ
'H]EUDFDWH
6HGH]EUDFD
ÌPEUDFDWH
6HvPEUDFD
'H]EUDFDWH
6HGH]EUDFD

0DULD
'DFHIDFL,RDQHQXPDI L"
,RQ
$VDPDXI WXWVLSHPLQHvQDUPDWD

0DULD
0DL,RDQHWXQXPDLI WXWGHPXOW
,RQ
0DULHDFXPDFKLDUFDQXDPFKHIGDUVWLLFXPIDFHP"&kQGWHVWULJRGDWDWXPHUJLvQGRUPLWRU
FkQGWHVWLJDGRXDRDUDWXWHGH]EDFLVLFkQGWHVWULJDWUHLDRDUDWHXUFLLQSDW
'XSDFkWHYD]LOH
,RQ
0DULH
0DULDVHGXFHvQGRUPLWRU
,RQ
0DULH
0DULDVHGH]EUDFD
,RQ
0DULH
0DULDVHXUFDvQSDW
,RQ
7X0DULHVXUDDUGHVLWLHWLDUGHGHI W"

0DULDGDGLYRUWGH,RQ6LODSURFHVLQWUHDEDMXGHFDWRUXO
'HFHYUHLWX0DULHVDWHGHVSDUWLGH,RQ"
3DLGRP
MXGHFDWRUQHDPFDVDWRULWGHDQLVLQXPLRIDFXWQLPLF
,DX]L,RDQHFXPYLQHDVWD"
3DLGRP
MXGHFDWRUQDPFUH]XWFDLDVHJUDED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

,RQVHGXFHVDPXOJDYDFD3XQHJDOHDWDVXEYDFDRPXOJHFLQGVDJDWHGDUkPDYDFDJDOHDWDFXSLFLRDUHOHGLQIDWD
)XWXWLSLFLRDUHOHPDWLL
,D,RQRIUkQJKLHvLOHDJDSLFLRDUHOHGLQIDWDLDURPXOJHFkQGVDWHUPLQHYDFDGDFXSLFLRDUHOHGLQVSDWHVLGDUkPDJDOHDWD
)LWLDUSLFLRDUHOHDOHGUDFXOXL
,D,RQDOWDIUkQJKLHOHDJDSLFLRDUHOHGLQVSDWHQXPDLSXWHDYDFDVDIDFDQLFLR PLVFDUH3XQHLDUJDOHDWD PXOJHFkQGVD
WHUPLQHGDYDFDFXFRDGDVLLDUGDUkPDJDOHDWD
(HHI WXWLYDFDPDWLLFXFRDGDFXWRW
6HHQHUYHD]D,RQVFRDWHEkUQHWXOGHODL]PHQHVLOHDJDFRDGDYDFLLGHREkUQDGLQWDYDQ&XPROHJDHOL]PHQHOHvLFDGvQ
YLQHVLWDPDQvQ
PRPHQWXODODLQWUD0DULDvQVXUD
7XODL,RDQHFHIDFL
LFL"
&HVD]LFIDRI WFDGDFWL]LFFDRPXOJWRWQRVDPDFUH]L

,RQVL0DULDVHGXFODRSHWUHFHUH'XSDRYUHPHGHMDDPHWLWLVHGXFvQIkQVLVLRWUDJSXWHUQLFGXSDFDUH0DULD]LFH
,RDQHGDFDLEDLDWFXPRVDL]LFHP"
'DYLG&RSSHUILHOG]LFH,RQVFRWvQGXVLWDFWLFRVSUH]HUYDWLYXO

,RQVL0DULDVHGXFODRUDVSHQWUXSULPDGDWD,QWUDODFLQHPDWRJUDI$FRORvQWXQHULFEH]QD
9LQHXQvQWkU]LDWFDUHvVLFDXWDORFXOFXODQWHUQD/DFDUH,RQ
$LJULMD0DULHFDYLQHRELFLFOHWD

,RQLHVLVHFXYDFDODSDVFXWSHFkPSVLRFKHDPDVLSH0DULDVDDLEHUHODWLLVH[XDOHDFRORSHWDUOD'D
FHGUDFX
VDIDFDFX
YDFD"
6LR OHDJD GHR PkQD&kQG HUDX vQ IRFXO DPRUXOXL XQ EDU]DXQH PXVFD YDFD VL YDFD R LD OD IXJD vQFRWUR YHGH FX RFKLL
WkUkQGXOSH,RQGXSDHD
0DULDPDLDSXFDVDLVWULJHGLQXUPD
,RDQHHHÌQWRDUFHWHSHVSDWHFDVFRWLWRWLFDUWRILL&$3XOXL

/DXQI L,RQH[FODPD
0DULHHVWLGLYLQD
/DFDUH0DULD
%DGLYLQDVXQWHPDPkQGRL,RDQH

0HUJH0DULDFXMXQLQFDGHIXQLHSHXOLWD'HGXSDJDUG,RQRQWUHDED
0DULHGDQGHWHGXFL"
/DWDXU
%LQHGDWXQFLFXYDFDFHIDFL"

'RLFLREDQL
0DL,RDQHPDUHOXFUXvLEHQRFX
DVWD
&HLDO"
8QDVDFHYDGHWHXLWLSULQHOVLYH]LWRWFHLGHSDUWHFDVLFXPDUILOkQJDWLQH
6LFHIDFLWXFXHO"
ÌPLSODFHVDPDXLWVDUDvQFDVLOHRDPHQLORUVDYDGFHIDF8LWHDODOWDVDUDWHDPYD]XWFHvLIDFHDLOX0DULD&HIDLQ R
IRVW
6WLLFHYD*KHRUJKH")DFFHYDSHEHQRFOXDODFDQXLEXQGHQLPLF(XQLFLQDPIRVWDFDVDDODOWDVDUD

0DULDODFRDVD&XPFRVHDHDDVDYLQHXQXOSHODVSDWHVLvLIDFHIHOXO'DUUHSHGH6LSOHDFD
0DULDVXSDUDWDVHGXFHDFDVDODEDUED
VX
0D,RDQHVWLLHUDPD]LODFRDVDVLEODEODvLH[SOLFD
8IIIPDLQHYDVWDWDUHVXSDUDWDHVWLGD
LDVSXQHFDSRDWHvOUHFXQRDVWHPQXLDLYD]XWSDUXOPDFDU"
1X]LFH0DULDFDHUDPFXVSDWHOH
'DGDQLFLPDFDURFKLL"
3DLQXQXLDPYD]XW
'DDLDQDLVLPWLWR"
%DGDGDUQXHUDG
DFLGHSULQVDW

,RQVL0DULDHUDXvQSDW'LQWURGDWD0DULDvL]LFHOXL,RQ
0D,RDQH7UDJHWXREDVLQDDVHFXPVWLLWX
'D
GHFHWX0DULH"
&DVHWLSXWSLFLRDUHOH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,RQVL0DULDVDXGXVvQSDGXUHVDFXOHJDPXUH6LILLQGFDHUDPXOWDOXPHDXFXOHVPXUH

,RQVL0DULDLHVGHODPHGLF
7X0DULH]LVH,RQXLWkQGXVHODPHGLFDPHQWHOHSUHVFULVHEXPELLDVWLDLRLEHGD
FXGRSXULOHDVWHDFHRPIDFH"
0DGXFVDOPDLvQWUHERGDWDSHGRPQX
GRIWRU
1XWHGXFHFDVDVXSDUD0DULDVHGXFHVLLHVHUHSHGH
2]DVVDWLOHEDJLvQIXQG
9H]LWDP]DVFDVDVXSDUD

,RQVHvQWDOQHVWHSHXOLWDFX0DULDSHFDUHQRPDLYD]XVHGHPXOW
%XQD,RDQH&HPDLIDFL"
0XOWDPGHQWUHEDUH0DULH&HVDIDFPDPvQVXUDW
1RDVWDLELQH
%DQXLELQHFDPOXDWRPXLHUHEDWUDQD
1RDVWDLUDX
'DGDUEDWUkQDDYHDFDVD
1RDVWDLELQH
'DGDUFDVDDDUV
1RDVWDLUDX
'DGDUQXLDVDUDX
'HFH"
$DUVVLEDWUDQDFXFDVDFXWRW
1RDVWDLELQH

,RDQHDLIDFXWvQFKLVRDUH"
1DPIDFXWQLFLRvQFKLVRDUH0DULH&kQGDPDMXQVHXDFRORHUDJDWDIDFXWD

6HDUDODFXOFDUHvQSDW
,RDQH
&HLIDODVDPDVDGRUP
,RDQH
1R]LRGDWD
8LWHFDDYHPRSORVQLWDSHSHUHWH
'DUFHDLYUHDVDDYHPXQ*ULJRUHVFX"

,RQVLFX0DULDVWDXODPDVD
'HRGDWD,RQVHVFRDODVLvLI WHXQSXPQvQERW0DULHL0DULDVHVFRDODVHVWHUJHGHVvQJHVLOvQWUHDEDSH,RQ
%D,RDQHDVWDRIRVWvQJOXPDVDXvQVHULRV"
2IRVWvQVHULRVWX0DULH
$KDDWXQFLHvQUHJXODFDDOWIHOWXPDVWLLHXQXSUHDvQJKLWJOXPHGHDVWHD

,RQFX0DULDvQWURSRLHQLWD
0DULHWLHvWLSODFHFHLIDFHWDXUXOYDFLLDOHLD"
ÌPLSODFH,RDQH
1XYUHLVDIDFVLHXODIHO"
7XODL,RDQHGD
DLDLYDFDQRDVWUD

9DVLOHVHSOLPEDSULQVDW3HVWHJDUGvOYHGHSH,RQFDUHvVLEDWHDWHPHLQLFQHYDVWDSH0DULD
&HIDFLPD,RDQH"
ÌPLUHSDUPDVLQDGHVSDODW

,RQ*KHRUJKHVLQHYHVWHOHORUMXFDXFDUWL/DXQPRPHQWGDWOXL*KHRUJKHvLFDGHRFDUWHVXEPDVD&kQGVHDSOHDFDVDR
ULGLFHYHGHFDQHYDVWDOXL,RQQXDYHDFKLORWL
5DPkQH EORFDW VL FkQG VH ULGLFD HVWH URVX FD UDFX 3XWLQ PDL WkU]LX VH GXFH vQ EXFDWDULH VD PDL DGXFD FHYD GH EDXW LDU
QHYDVWDOXL*KHRYLQHGXSDHO
7LD SODFXWFH DL YD]XW" vQWUHDED 0DULD'DFD WLDSODFXWDWXQFL FX  VD PD IDFL 9LQHUL GXSDPDVDÌRQ HVWHOD FkPSVL
SXWHPVDQHRSXQHP
*KHRUJKHIDFHQLVWHFDOFXOHVLDFFHSWD9LQHULYLQH*KHRUJKHOD0DULDvLIDFHIHOXOVLvLGD
&kQGYLQHÌRQGHODOXFUXRvQWUHDEDGLUHFWSH0DULD
$WUHFXWDVWD]LFXPYD*KHRUJKHSHDLFLVLWLDGDW"
0DULHEORFDWDUHFXQRDVWH
'D
)RDUWHELQHSHQWUXFDPDUXJDWGHGLPLQHDWDVDOvPSUXPXWFXQLVWHEDQLVLLDPGDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

,RQVL0DULHVHSOLPEDXSULQRJUDGD,RQvLSXQHODXQPRPHQGDWPkQDSHVkQLVLVSXQH
0DULHGDFDDLSXWHDVDGDLODSWHQXDPPDLDYHDQHYRLHGHYDFDGLQJUDMG
'XSDXQWLPS,RQvLEDJDPkQDvQFKLORWLVLvLVSXQH
0DULHGDFDDLSXWHDIDFHRXDQXQHDUPDLWUHEXLJDLQL
6HPDLSOLPEDFHVHPDLSOLPEDvLEDJDVL0DULHPkQDvQSDQWDORQLVL]LFH
,RDQHGDFDWXDLSXWHDVDI WLFDWDXUXOQXDPPDLDYHDQHYRLHGHYHFLQ

0DULDGDGLYRUWGH,RQ6LODSURFHVvQWUHDEDMXGHFDWRUXO
'HFHYUHLWX0DULHVDWHGHVSDUWLGH,RQ"
3DLGRP
MXGHFDWRUQHDPFDVDWRULWGHDQLVLQXPLRIDFXWQLPLF
,DX]L,RDQHFXPYLQHDVWD"
3DLGRP
MXGHFDWRUQDPFUH]XWFDLDVHJUDED

0DULDVL,RQODWDUDVHvQWRUFHLGHODMRFVLvQGUXPVSUHFDVD,RQRSXSDGXOFHSH0DULDGLUHFWSHERW
0DULDvLUDVSXQGHFXXQVDUXWODIHOGHGXOFH9D]kQGDVWD,RQWXSHLVWGLQILUHGDVDLEDJHPkQDSHVXEFDPHVD
0DULDVDUHFDDUVDVLRWXOHVWHVSUHFDVD&XPDMXQJHDFDVDVFULHvQMXUQDO&HOHPDLEXQHSULHWHQHvPLVXQWSLFLRDUHOH
$GRXDVHDUDODIHOHORSXSDHDvOSXSDHOGDVDLEDJHPkQDSHVXEFDPHVDDVWDSOHDFDVLVFULHvQMXUQDO
&HOHPDLEXQHSULHWHQHvPLVXQWSLFLRDUHOH
$WUHLDVHDUD0DULDDMXQJHWkU]LXGD
WkU]LXGHWRWDFDVDVLVFULHvQMXUQDO
&KLDUVLFHOHPDLEXQHSULHWHQHVHGHVSDUWRGDWDVLRGDWD

ÌRQvOvQWUHDEDSH3HWUH
0DFXPGUDFXVRFRQYLQJSH0DULDVRLDVXV"
3DLHDVDGHVLPSOXGDWLS DFX1XWHOOD
$GRXD]LVHvQWDOQHVFLDU3HWUHFXULRVvOvQWUHDEDGDFDLDXUPDWVIDWXO
2GHVLJXU
6LDOXDWR"
3DLFUH]LFDRPDLDYXWORFGHFRSLL""

ÌQWURVHDUD,RQVL0DULHGXSDRFHDUWDvQIRFDWDKRWDUDVFVDQXVLPDLYRUEHDVFD6HSXQHLvQSDWLDU,RQFDUHWUHEXLD
VDVHWUH]HDVFDGHGLPLQHDWDvLVFULHXQELOHWHO0DULHL
7UH]HVWHPDODRUD
'LPLQHDWDODRUDVHWUH]HVWHVL,RQ1HUYRVQHYRLHPDUHVHXLWDvQSDWVLJDVHVWHXQDOWELOHW
(VWHRUDERXOH7UH]HVWHWH

,RQVL0DULDRDPHQLFXVWDUHvQVDWJD]GXLHVFRSHUHFKHWkQDUDGLQ)UDQWDFDUHYHQLVHUDFXDMXWRDUH0DULDQHDYkQGVRPQ
QRDSWHD WUDJH FX RFKLXO SH JDXUD FKHLL OD FHL GRL )UDQWX]RDLFD vVL VFRDWH ELNLQL vL IOXWXUD SH OD QDVXO IUDQFH]XOXL FDUH VH
vQILHUEkQWDODFXOPHVLSXQHWHVLGDL
0DULHLvLYLQVLHLSRIWHOHVHGXFHOD,RQFDUHGRUPHDvVLVFRDWHOXGRYLFLLVLvLIOXWXUDSHODQDVXODFHVWXLD,RQVDUHGLQVRPQ
FDIULSWVLVWULJD
0DULHVDULVLDGXSXVFDFDDXGDWGLKRULL

,RQFX0DULDODRUHSUL]DGHVH[
9DVLOH FH GXOFH HVWL FH EXQ HVWL 9DVLOH &H ELQHR IDFL VFXPSXO PHX 9DVLOH (VWL FHO PDL WDUH 9DVLOH HVWL XQLF
9DVLOH
'DUQXWHVXSDUDGHFHvPLVSXLPHUHX9DVLOH"3HPLQHPDFKHDPD,RQ
,RQ"$GD$PFUH]XWFDD]LHVWHMRL

1XDIRVWGHORFXVRUSHQWUX,RQVDRFRQYLQJDSH0DULDGDUSkQDODXUPDVHSDUHFDDUHXVLW
2PXOQRVWUXvQFKLULD]DRFDPHUDvQWUXQKRWHOGHOX[VLRLQYLWDSHGRPQLVRDUDODFLQDvQDLQWHGHDGXFHVXVvQFDPHUDVLD
IDFHVH[FXHD
0DULDFRQVXPDDEVROXWWRWFHVHSRDWHGHSHPHQLXGHODDSHULWLYVLSkQDODGHVHUW
1HUDEGDWRU,RQDUPHUJHGHMDvQFDPHUDVDVHvQIUXSWHGLQQXULLIHPHLL
ÌQFHOHGLQXUPDRvQWUHDED
6SXQHPLPHUHXPDQkQFLDWvWGHPXOW"
=kPELQGGXOFHHDvLVSXQH
2QX1XPDLFkQGVvQWSHFLFOX

1HYDVWDOXL,RQ0DULDHVWHVXUSULQVDGHDFHVWDIDFvQGVH[FXDPDQWXOHL
ÌQJUDEDPDUHvLVSXQH
$VFXQGHWHvQVSDWHOHWHOHYL]RUXOXLLPHGLDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,RQ SRUQHVWH WHOHYL]RUXO VLVL VRDUEH RELVQXLWD EHUH 6DUPDQD QHYDVWD QX PDL VWLD FXP VDO IDFD SH EDUEDWXVX VD LDVD GLQ
FDPHUD
ÌQFHOHGLQXUPDVWULJDGLQEXFDWDULH
,RDQHYLQRUHSHGHVDYH]LFHFLXGDWHQLHPLVDvQWvPSODW
$PVFDSDWRIDUIXULHGHSRUWHODQSHMRVVLPLDVDULWvQDSRLvQPkQDLQWDFWD
$VWDLQLPLFVWULJDGLQFDPHUDVRWXO$GLQHDXULXQMXFDWRUDIRVWSHQDOL]DWFXFDUWRQDVURVXVLHOLPLQDWGHSHWHUHQVLDLHVLW
WRFPDLSHDLFLSHOkQJDPLQH

ÌQYvUWLQGXVH FX WUHEXUL SULQ FDVD 0DULD QX DUH WLPS VDO REVHUYH SH ,RQ VRWXO VDX FDUH RSULW GLQ FLWLWXO ]LDUXOXL R
XUPDUHDFXXQ]kPEHWSHEX]H
/DXQPRPHQWGDWFvQGIHPHLDFXUDWDDUDJD]XOVLVHDIODFXVSDWHOHODHODFHVWDvLVSXQH
$LXQIXQGPDUHFkWREHWRQLHUD
)HPHLDVHUXVLQHD]DSXWLQGDUQXVFRDWHXQFXYkQWVLVHKRWDUDVWHvQVLQHDHLFDLRYDSODWLFXYkUIVLvQGHVDW
6HDUDODFXOFDUHVHvQWRDUFHFX IDWDODSHUHWHVLQLFL QXOEDJDvQ VHDPDSH ,RQ1HUDEGDWRUEDUEDWXO vQFHSH VDLPvQJkLH
IXQGXO
1HUYRDVDVRWLDOXLVHvQWRDUFHVLLVSXQH
&UH]LFDSHQWUXGRXDSLHWULFHOHDWvWGHPLFLGDXGUXPXOVDIXQFWLRQH]HREHWRQLHUDDWvWGHPDUH"

0DULDVXSDUDWD
,RDQHFHIDFL"&LQHWLDVSXVFDSRWLVDvWLEDJLDVDSXUVLVLPSOXPvLQLOHVXEIXVWDPHD"
7RDWDOXPHD

,RQFDWUH0DULH
0DULHKDLvQSRUXPE
1XPDGXF,RDQHQXPDGXF
0DULHKDLRGDWDvQSRUXPE
,RDQHQXPDGXF
0DULH'DFDQXYLLRvQFXUFL
,RDQHQXPDGXF'LQWUHLPRWLYH
vVYLUJLQD
GHFDWHRULPDGXFvQSRUXPEPDGRDUHVSDWHOH

,RQPkQGUXIHFLRUvVLFXPSDUDSDQWRILQRLGHODRUDVÌLOXVWUXLHVWHIUXPRVVLPHUJHODGLVFR
2LDSH9DVLOLFDODGDQVVLGXSDFHVHWRWXLWDRYUHPHODSDQWRILvL]LFH
9DVLOLFRWXDLFKLORWLDOEL
&XPvQGUD]QHVWL"3RUFXOHQHVLPWLWXOHGXWHQDLELLVLLWUDJHGRXDSDOPH
6WD,RQRYUHPHVLRLDSH)ORDUHODGDQV'DQVHD]DFXHDVHXLWDQRQVWRSODSDQWRILVL%20%$
)ORDUHWXDLFKLORWLUR]SHWLQH
,RDQHFXPvQGUD]QHVWL"1HVLPWLWXOHSRUFXOHWLFDORVXOHVLSDISDIvLWUDJHGRXDSDOPH
1XVHODVD,RQVLRLDSH0DULDODGDQV'DQVHD]DFXHDFHGDQVHD]DVHXLWDODSDQWRILPDL GDQVHD]D FX HD LDU VH XLWDOD
SDQWRIL
ÌQWUXQILQDOFXMXPD
GHJXUD
0DULHWXDLFKLORWLQHJUL
+D,RDQHWLDPIDFXWRFDQDPFKLORWLSHPLQH
9DLDWXQFLPDPOLQLVWLWFUHGHDPFDPLVRUFUDSDWSDQWRILL

,RQVL0DULDvQSDW
,RDQHGRUPL"
'DIDFHYUHL"
%D,RDQHED0DLWUDJHGUDFXOXLVLREDVLQDFDDVDGHUDXvWLSXWSLFLRDUHOHGHQXPD

0DULHVHGXFHODELVHULFDvQJHQXQFKHD]DvQIDWDDOWDUXOXLVLQFHSHVDVHURDJHIDFkQGXVLFUXFH
'RDPQHPDPDULWPkLQHFX,RQGDUGD'RDPQHVDILXIDWDPDUHGD
'RDPQHGDVDILXIDWDPDUHGD'RDPQHGDVDILXIDWD
PDUHGD
QXFUHG

,RQVHGXFHODSRSDVDWXOXL
6WLLSDULQWHXLWHQHDPOXDWLRFX0DULH
2RRIHOLFLWDUL]LFHSRSD3RWVDYDDMXWFXFHYD"
$SDLVWLLSDULQWHLRQXSUHDVWLXFHVDIDF
3RSDvQFXUFDWVHXLWDDIDUDVLLYLQHLGHHD
8LWH,RDQHFkLQLLDLDvQGUXPIDFLFHIDFVLHL
6HXLWD,RQVLSOHDFDPXOWXPLW3HVWHFkWHYD]LOHVHvQWLOQHVWHSRSDFX,RQ
1R,RDQHFXPRIRVWELQH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%LQHRIRVWSDULQWH]LFH,RQPXOWXPLWPDLJUHXRIRVWSkQDDPVFRVRSH0DULHvQGUXP

6HLDX,RQVL0DULHÌQQRDSWHDQXQWLL,RQSHVWH0DULH
'D0DULHVSXQHPLQXVJULHX"
1X,RDQHKDLGH
3HVWHPLQXWH
'D0DULHQXVJULHX"
7DFL,RDQHVLKDLGH
0DLWUHFPLQXWH
'D0DULHFKLDUQXVJULHX"
$SX,RDQHGUDJDFHIDFHPDFXPDQHI WHPVDXQHFkQWDULP"

,RQVL0DULDVWDWHDXvQSDW/DXQPRPHQWGDW,RQ]LFH
)D0DULHLDEDJDPkQDODPLQHvQSDQWDORQL
0DULDVHH[HFXWD
(FH]LFLID"
&HVD]LFPD,RDQH"
(PDUHID"
(PDUH,RDQH
(WDUHID"
(WDUH,RDQH
ÌWLSODFHID"
ÌPLSODFH,RDQH
3DLSODFDWLIDFDSHQWUXWLQHOIDFXL

,RQVL0DULDvQSDWXOFRQMXJDOvVLYHGHDXGHWUHDED/DXQPRPHQWGDW0DULDH[FODPD
,RDQHvWLPLURVSLFLRDUHOH
6L,RQUDVSXQGHVLFWLULW
'DFDYUHLWX0DULR

7X0DULHFXFLQHVHDPDQDFRSLOXOQRVWUX"
0DL,RDQHGHJHDEDvWLVSXQFDQXOFXQRVWL

0DULD
,RDQHDFD]XWRVWHDSXQHWLRGRULQWD
0LDPSXVR
6LFHPDLDVWHSWL"

0DULHWLHWLDUSODFHDVDILLEDUEDW"
'DPDL,RDQH'DUWLH"

0D,RDQHLDUWHDLvPEDWDWFDXQSRUF
7DFLID0DULHVXQWvQGHDMXQVSHGHSVLWFDWUHEXLHVDWHYDGGXEOX

,RQVL0DULDVHDUDODFXOFDUH0DULD
,RDQH
/DVDPDVXQWRERVLW
,RDQH
ÌQVHDUDDVWDQX
0DL,RDQHPDL
,RQvQWRUFkQGXVHVSUH0DULD
+DL]LFHYUHLFDVDWHUPLQDPPDLUHSHGH
8LWHRSORVQLWDSHSHUHWH
'DUFHDLYUHDVDYHPXQ*ULJRUHVFX"

0DULDVL,RQWLQHULDPRUH]DWL'XSDRSOLPEDUHSHFRUVR,RQRFRQGXFHSH0DULDDFDVD&kQGDMXQJvQIDWDSRUWLL,RQvL
]LFHOXL0DULD
+DLID0DULHVDIDFHPVLWUDEDDLD
,RDQHGUDJDQXSRWGLQWUHLPRWLYHXQXFDVXQWIDWDPDUHGRLFDSRDWHWUHFHFDUHYDSHXOLWDVLQHYHGHVLWUHLFDGHFkWHRUL
PDUHJXOH]vQSRDUWDvPLLQWUDFODQWDLQF UVLDVDPDGRUVDOHOH

,RQXUPHD]DVDVHQVRDUH7DLFDVDXvOLDGHRSDUWHVLOLQVWUXLHVWH
9H]LWDWDWUHEXLHVRSXLVDVHGH]EUDFHVDGHDMRVEXGLJDLLHWF


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQILQHYLQHQRDSWHDQXQWLL,RQVHUDVWHVWHOD0DULD
'H]EUDFDWDID
0DULD
$ROHXPLHUXVLQHHWF
'H]EUDFDWHFDEDJFXWLWXLVWDQWLQH
0DULDVHGH]EUDFD
$VDDFXGDMRVEXGLJDLL
9DLYDL
6SHULDWDPLUHDVDGDMRVEXGLJDLL,RQvLFHUFHWHD]DSHWRDWHSDUWLOH
&HQDLEDPLR]LVWDWDFDDLFLWUHEXLHVDILHRJDXUD

,RQ FUHVWHD YUHR  GH VFURDIH VL QX JDVHD FX QLFL XQ FKLS XQ SRUF GH SUDVLOD ÌQFHUFDVH HO FDP SHVWH WRW VL HUD IRDUWH
VXSDUDWFDFLDUILGRULWVDVLvQPXOWHDVFDDYHUHD0HUJH,RQODYHWHULQDUVDVHVIDWXLDVFD
'RP
GRFWRUSRDWHJDVHVWLPDWDOHSULQFDUWLYUHXQOHDFROLFRDUHVDPLIDFDVFURDIHOHSXUFHL
&DXWDYHWHULQDUXOSULQFDUWLGDFkWHYDWHOHIRDQHQLPLF
8LWHFHH,RDQHQXWLUDPkQHGHIDFXWGHFkWXQVLQJXUOXFUXVDOHIXWLVLQJXU
,RQFDPGHVFXPSDQLWVHvQWRDUFHDFDVDvLSRYHVWHVWH0DULHLID]DFHVDIDFD"XUFDVFURDIHOHvQFDPLRQVLPHUJHFXHOHvQ
SDGXUHVDQXODIOHVDWXOVLFXPXOWDVkUJXLQWDvVLIDFHWUHDED9LQH DFDVD UXSWGH RERVHDODVL VH FXOFD IDUD VD PDQkQFH $
GRXD]LODIHOVLQLPLFÌOVXQD,RQSHYHWHULQDU
'RP
GRFWRUGD
FXPVWLXHXFDQXPXQFHVFvQ]DGDU"3DLGDFDDGRXD]LGXSDFHOHDLIXWXWvVFXPLQWHOHVLFXUDWHOHVLVWDX
OLQLVWLWHVDVWLLFDVDSULQVGDFDVQHOLQLVWLWHWUHEXLHVDPDLvQFHUFL
,RQVHVFRDODDGRXD]LGLPLQHDWDVFURDIHOHJXLWDGH]RUVLVHWDYDOHVFvQQRURL/HVXLH,RQLDUvQFDPLRQVLKDLODSDGXUH6H
vQWRDUFHFRFRVDW$GRXD]LGLPLQHDWD
)D0DULHXLWDWHVLWXODVFURDIHOHDOHDYH]LQXVRUILSRWROLW
6HVFRDOD0DULDGLQSDWVHXLWDSHJHDPVL]LFH
$SRL,RDQHWUDMHQDGUDMLLSDWLQHFDVGHMDUkQGXLWHWRDWHQFDPLRQ

,RQVL0DULDVHDUDvQSDWODYRUELWRU,RQFXJHWD
0DL 0DULH XLWH WX FHWL SURSXQ &RSLL QRVWUL DX FUHVFXW VL QH DXG WRW PHUHX FD QH WkUJXLP FkQG VD QH DSXFDP GH
GUDJRVWH$VDFDYDWUHEXLGHDFXPVDIDFHPFHYDFDUHVDQXPDLILHDX]LWGHFRSLLVDQHIDFHPGHUXVLQHFDHXYUHDXVLWX
QX
8LWHFHIDFHPFkQGQHFXOFDPVLWXYUHLVDIDFHPGUDJRVWHDWXQFLPLREHOHVWLGHWUHLRULGDFDQXYUHLDWXQFLPLREHOHVWLGH
GHRUL

0DULDDIRVWDQXQWDWDGHSROLWLHFDLDPLHUOLWEDUEDWXOvQWUXQDFFLGHQWVLRURDJDSHYHFLQDVDVDRvQVRWHDVFDODPRUJD
SHQWUX DO UHFXQRDVWH $MXQJ HOH OD PRUJD VL FkQG WUDJH OHJLVWXO WDUJD GH VXE FHDUVDI VH VFXUJH SvQD OD SRGHD S D
UDSRVDWXOXL,RQ
9DLVSXQHYHFLQDVLDEDUEDWXOXLPHXHODIHO/DIHOGHOXQJD"
1XODIHOGHPRDUWD

6HvQWRDUFH,RQGHODXQFXUVGHUHFLFODUHDPDUkWVLQHUYRV0DULDvOvQWUHDED
&HHFXWLQH,RDQHGHFHWHDLVXSDUDWDVDGHUDX"(VWLQHJUX+DLPDLELQHVDIDFHPGUDJRVWHFDVLDVDWLDPGXVGRUXOGH
QXPDLHXVWLX
'UDJDPHDVDVWLLFDWUHEXLHVDWLVSXQFHYDFDUHSUREDELOWHYDVXSDUDPXOW
"
6WLLQDPFXPDVFXQGHVLWUHEXLHVDWLVSXQFDDPJUHVLWWHDPvQVHODWVLvQPRPHQWXOGHIDWDWUHEXLHVDWLGDXGRXDYHVWL
XQDUHDVLXQDEXQD
&HYHVWHUHD,RDQH"
3DLVDYH]LDPOXDWRFLXSHUFD
6LYHVWHDEXQD"
&LXSHUFDHFRPHVWLELOD

,RQSURDVSDWvQVXUDWFDWUH0DULD
'UDJDELQHFDDPYHQLWDFDVDDVHPLGHIRDPHFDWHPDQkQFGHWRWFHPLGDLD]LGHFLQD"
1LPLF,RDQHQDPVWLXWFDWUH
VDIDFPkQFDUHVLPDWDQRWUHFXWSHDFLD
'DUDPDIRPHLHGDPLWHURJPDFDUQLVWHODSWH
1DP
3DLFXPQXDLFDPDQHUYH]LDFXPD'DUDQDLSXWXWPXOJHYDFDFDGRDUDQXVWDGHJHDEDvQSRLDWD
'D
PD,RDQHLRQXVWLXFXPVDPXOJHRYDFD
/DFDUH,RQGHMDQHUYRVSHVWHPDVXUD
'RDUDFXPPDSURDVWRH[DFWFXPvPLEHOHVWLPLHS DQXPD
FDLQYHUV

,RQVL0DULDPDLDYHDXROXQDSkQDODFDVDWRULH,RQvL]LFH0DULHL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
)DL0DULRRULFXPQHFDVDWRULPVWDLVDWHDUGVLHXDFXPFDQXPDLSRW
,RL,RDQHSkQDODQXQWDQXVHSRDWH
3HVWHGRXDVDSWDPkQLDFHHDVLvQWUHEDUHDFHODVLUDVSXQV&XWUHL]LOHvQDLQWHGHQXQWD,RQ
)DL0DULRDPvQWHOHVFDQXYUHLVDWHI LSkQDODQXQWDGDUPDFDUSL DPLRDUDWL"
%LQHEDJDFDSXOVXEIXVWDPHD
,RQLHVHWLQkQGXVHFXPkQDGHQDV
)DL0DULRFUH]LFDPDLUH]LVWDDVWDWUHL]LOHSkQDODQXQWD"

,RQVL0DULDLQWUDvQWURJRVSRGDULHGLQVDWXOORU'XSDFHLQWUDSHSRDUWDXQWDXUvQFHSHVDIXJDVSUHHL0DULDLQWUDvQ
FDVDvQSRGLDU,RQIXJHvQMXUXOFDVHLLDUWDXUXOGXSDHO'XSDPLQXWH0DULDVWULJD
%D,RDQHIXJLPDLUHSHGHFDWHDMXQJHWDXUXO
/DFDUH,RQUDVSXQGH
7DFLIDQXILSURDVWDQXYH]LFDVXQWvQDLQWHDOXLFXWXUH

+DL0DULHvQVXUD
1XFDPDI WL
1XWLILHIULFD
$WXQFLGXSDFHVDYLQ

0HUJ,RQVL0DULDODJLQHFRORJ
'RP
GRFWRU]LFH,RQDYHPRSUREOHPD
6HXLWDGRFWRUX
OD0DULDDUDWDELQHFHPDLÌL]LFHOXL,RQ
7UHFLWXGXSDSDUDYDQVDYDGFHSUREOHPDDUHGRDPQD
2LQYLWDSH0DULDSHVFDXQVLLVSXQHVDVLGHVIDFDSLFLRDUHOH$SRLvQFHSHVDRVWXGLH]HFXDWHQWLH,RQGHGXSDSDUDYDQ
'RP
GRFWRULRVWLXFHIDFL
&HIDFPD"
7HXLWLvQFXWLDFXPDLPXWH
7DFLPDFDQXVWLLFHYRUEHVWL
ÌQFHSHGRFWRUXOVDRVDUXWHSH0DULD
'RP
GRFWRULRVWLXFHIDFL
7DFLPDRGDWD
6LvQFHSHGRFWRUX
VDRI WDSH0DULD
'RPGRFWRULRVWLXFHIDFL
&HIDFPDFDPDPVDWXUDWGHMDGHWLQH
,HL6,'$

,RQFDWUH*KHRUJKH
%DDLDX]LWFDvQ,VWDPEXOVHPkQFDVHEHDVHGRDUPHVLVHI WHSHJUDWLV"
'XWHPDVLPHULGHDLFHD'HXQGHVWLL"$LIR
WXSDFROR"
1XGDRIRVW0DULDPHLHULVRvQWRUV

,RQYLQHOD0DULDvQYL]LWDFXXQEXFKHWHQRUPGHIORUL6HDVHD]DHLODPDVDGLVFXWDWRWXOHQXPDLODSWHVLPLHUH'XSD
PDVD0DULDVHULGLFDvQFHWVHGH]EUDFDVHDVHD]DSHSDW
,RDQHVFXPSXOHDDKKXLWHRDVWDHVWHSHQWUXIORULOHWDOH
0DULRGDUHUDVXILFLHQWDVLRYD]D

(SLWDISHSLDWUDIXQHUDUDDOXL,RQ
0DULHDFXPPDFUH]LFDHUDPEROQDY

(UD9DVLOHVL,RQVLYRLDXVDIDFDREDLH/DUkXHUD0DULDFDUHVSDODUXIHOH&HLGRLVHJkQGHVFVDLRSXQD=LVVLIDFXW
7UHFHLODDFWLXQHGDU0DULDQXDUDWDQLFLXQVHPQGHSODFHUHQXJHPHDQX]LFHDQLPLF$GRXD]LODIHO0DULDQLPLF$
WUHLD]LvQWkOQHVFXQPDJDUVLvOLDXFXHLÌOSXQHLGHVFXUDMDWLVLSHDQLPDOODWUHDEDGXSDFHYDGFD0DULDQXDGDWFDVLSkQD
DFXPQLFLXQVHPQODDFWLXQLOHORU3OHFkQGRDXGGLQVSDWHSH0DULD
%DLWXDODFXJHDFDGHSLHOHVDPDLWUHFLVLPkLQHSHDLFL

$LXUOD0DULHGDFDWLDVGDDFXPFKLORWLLMRVVLWLDVSXQHR"
9DLDVDFHYDvQFDQDPIDFXW
1DLPDLIDFXWVH["
1XQLFLRGDWDQDPXUODW

,RQSHSDWXOGHPRDUWH
0DULHLRDPXPDGXFPPXOWQXPDLDPGD
YUHXVDVWLXVLHXPDLvQVHODWWXYUHRGDWD"
/DFDUH0DULD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$SDLPD,RDQHGUDJDLRWLDV]LFHGD
GDFDQXPRUL"

ÌQWUR]L,RQYLQHJUDELWOD0DULDVLvLVSXQH
0DULHGH]EUDFDWHVLYLQRUHSHGHLQSRG
0DULDUDVSXQGH
,RDQHGRDUVWLLFDQXSRWFDWWLPSFRSLLVXQWDFDVD
$GRXD]LODIHO$WUHLD]LWRWODIHO$SDWUD]L0DULDVHKRWDUDVWHVDOXUPH]HSH,RQLQSRG,RQVSXQH
0DULHGXWHUHSHGHVLWHEDJDVXESDWXUD
0DULDVHGXFHVXESDWXUDLDUDSRLYLQHVL,RQ0DULDEXFXURDVDvOvQWUHDEDSH,RQ
6LDFXPFHIDFHP"
,RQ
9LQRPDLDSURDSHFDYUHDXVDWLDUDWFHYD,DXLWHFHFHDVFXIRVIRUPLDPOXDW

,RQFXPSDUDRGDWDXQYLGHRVLQLVWHFDVHWHSRUQR$GRXD]LSOHDFDFXWUHDED0DULDFDWRWRPXLDVLSULYHVWHFDVHWHOHDOHD
VLYHGHID]HFDUHRvQFkQWD'XSDFHYLQHLRQDFDVD0DULDvL]LFH
,RDQHIX HPDQJXUD
/DFDUH,RQvLIULJHXQSXPQ]GUDYDQ

,RQDMXQJHvQ5DLVLPHUJkQGHOSHDFRORYHGHFDDSURDSHWRDWHIHPHLOHIDFHDXSDVLVLDSRLRWXPED1HGXPHULWVH
GXFHOD'XPQH]HX
'RDPQHGHFHWRDWHIHPHLOHPHUJFHPHUJVLDSRLVHGDXSHVWHFDS"
$VWDOHHVWHSHGHDSVDUDVSXQVH'XPQH]HX3HQWUXILHFDUHGDWDFkQGVLDXvQVHODWEDUEDWXOVHGDXSHVWHFDS
%LQHGDU0DULDPHD""
(DHVWHYHQWLODWRUXOGHODLQWUDUH

,RQYRLDGHPXOWDYUHPHVDLRSXQD0DULHLVLVHUXJDGHHDvQILHFDUH]L
+DLID0DULHVDWLRSXQVLHXRGDWD
)XJLGUDFXGHDFLPDLELQHRFRVGHFDWVDPLRSXLWX
$]LDVDPkLQHDVDSkQDFkQG0DULDVDWXODGHUXJDPLQWLFHGHD]D
'XSHFHWHUPLQD,RQvL]LFH
)D0DULHVDQRFRVLIDFDHSDFDWGDUYUHRGRXDWUHLSOLXULDUILELQHVDLIDFL

'XSDQRDSWHDQXQWLL,RQHvQWUHEDW
,RDQHDIRVW0DULDIDWDPDUH"
([DJHUDWGHPDUH

,RQ HUD vQVXUDW FX 0DULD XQD GLQ FHOH PDL DUDWRDVH IHPHL GLQ RUDV 7UHEXLH VD SOHFH ,RQ vQWUR GHOHJDWLH GH GRXD
VDSWDPvQL6WLDFDWRWLEDUEDWLLGLQRUDVUkYQHVFOD0DULDDVDFDVHGXFHODFHOPDLEXQSULHWHQDOVDX*ULJRUH
0DL*ULJRUHPDLWXVWLLFvWGHPXOWRLXEHVFHXSH0DULDVLFkWGHPXOWWLQHXODFLQVWHDHL"
6LJXUFDVWLXPDL,RDQH
6WLLWXPDL*ULJRUHFDWRWLEDUEDWLLGLQRUDVUkYQHVFODHD"
6WLXPDL,RDQHPDL
8LWHPDL*ULJRUHHXWUHEXLHVDSOHFvQGHOHJDWLHGRXDVDSWDPkQLVLDVYUHDVDVWLXFHIDFH0DULDPHDvQWLPSXODVWD7XHVWL
FHOPDLEXQSULHWHQDOPHXGHDFHHDDPYHQLWODWLQHVDPDDMXWL
6SXQHPDL,RDQHPDLFXPVDWHDMXW"
3DLVDRXUPDUHVWLVLDSRLFkQGRLYHQLHXGLQGHOHJDWLHVDPL]LFLFHD IDFXW
%LQHPDL,RDQHPDLDVDRVDIDF
3OHDFD,RQvQGHOHJDWLH*ULJRUHVHSUH]LQWDODXVDOXL
&kQG VH vQWRDUFH ,RQ GH OD JDUD VH GXFH GLUHFW OD *ULJRUH DFDVD SHQWUX UDSRUW %DWH OD XVD UDVSXQGH PHQDMHUD FDUH vO
LQIRUPHD]DFD*ULJRUHHvQVSLWDOGHGRXDVDSWDPkQL)XJDODVSLWDOvOJDVHVWHSH*ULJRUHEDJDWWRWvQJKLSV
&HVDvQWkPSODWPDL*ULJRUHPDLFXWLQH"
3DLQXPDLUXJDWWXVDRVXSUDYHJKH]HXSH0DULDWDPDL,RDQHPDL"
%DGD
$WXQFLVDWLVSXQFHVDvQWkPSODW7XDLSOHFDWODHXODHUDPODXVDWD/DLHVH0DULDSDUIXPDWDvPEUDFDWD
VXSHUE6HGXFHvQVWDWLHLDDXWREX]XOHXGXSDHD&RERDUDvQFHQWUXLDWUDPYDLXOHXGXSDHD&RERDUDGLQWUDPYDLVLLQWUD
vQWUXQEORFODFDUHWRDWHOXPLQLOHHUDXVWLQVH1XSXWHDPVDLQWUXGXSDHDFDPDYHGHD$PDVWHSWDWDIDUDVDYDGXQGHVH
DSULQGHROXPLQD6DDSULQVODHWDMXOWUHL6XEIHUHVWUHHUDXQFRSDFvQDOWDVDFDPDPVXLWUHSHGHVDYDGFHVHvQWkPSOD,D
GHVFKLVXVDXQEDUEDWWkQDUELQHIDFXWvQSLHOHDJRDOD(DVDUHGHJkWXOOXLHORVDUXWDHDvOVDUXWDHORLDvQEUDWHVLRGXFH
vQGRUPLWRURDVHD]DSHSDWVLRGH]EUDFD(DvQFHSHVDVHMRDFHFXFKHVWLDOXLHOvQFHSHVDVHMRDFHFXFKHVWLDHLHX
vQFHSVDPDMRFFXFKHVWLDPHDVLDVDDPFD]XWGLQFRSDF'HDLDVXQWvQJKLSVDFXPD

,RQIDFHDDXWRVWRSXO2SUHVWHXQVRIHUELQHYRLWRUVL,RQvOURDJDVDYLQDFXHOSkQDODPDUJLQHDSDGXULLGHOkQJDVRVHDFD
DUHRSUREOHPD&kQGDMXQJvQSDGXUH,RQVFRDWHXQFXWLWFkWXQLDWDJDQVL]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
)DRODED
7XHVWLQHEXQ"
'DFDQXIDFLRODEDWHWDL
)DFHWLSXORODEDGHIULFDVLvLVSXQH,RQ
0DLIDXQD
(XRSUHVFVDWHDMXWVLDVDWHSRUWLFXPLQH"
0DLIDRODEDFDDOWIHOWHWDLFXFXWLWXO
0DLIDFHWLSXORODEDÌLVSXQH,RQ
0DLIDXQDFDWHRPRU
3RWLVDPDWDLVDPDRPRULFDHXQXPDLSRW1XPLVHPDLVFRDOD
%LQH0DULRYLQRFDWHGXFHGRPQXOSkQDvQRUDV

%DQFXULFX0RV&UDFLXQ

Ì&HHPDUHURVXVLVH]YkUFROHVWHvQ]DSDGD"
50RV&UDFLXQGXSDFHDSULPLWXQVXWvQFRDLH

Ì&HHXQSXQFWURVXDJLWkQGXVHSHDOE"
58Q0RV&UDFLXQORYLWvQRXD

Ì&HHURVXFXDOEVLQHJUXSHVWHWRW"
50RV&UDFLXQYHQLQGSHKRUQXOFDVHL

7ULXQJKLXO%HUPXGHORUVDVDWXUDWGHYUHPHFDOGDVLVDPXWDWvQ$ODVND
$FXPDGLVSDUXWIDUDXUPD0RV&UDFLXQ

Ì'HFHDIRVWUHQXO5XGROIvQWUHEDWGH0RV&UDFLXQGDFDYUHDVDvLWUDJDVDQLD"
55XGROIDIRVWVLQJXUXOUHQFDUHDYHDSHUPLVLXQHGH]ERU

Ì6WLWLFLQHHVWHQHYDVWDOXL0RV&UDFLXQ"
50HUU\&KULVWPDV

Ì'HFHQXDUH0RV&UDFLXQFRSLL"
53HQWUXFDHOYLQHGRDURGDWDSHDQVLDWXQFLSHKRUQ

0RV&UDFLXQSRDUWDXQFRVWXPURVX
7UHEXLHFDHFRPXQLVW
3RDUWDEDUEDVLSDUOXQJ
7UHEXLHFDHXQSDFLILVW
'D
RDUHFHRILvQSLSDGLQFDUHIXPHD]D"

ÌQWURVHDUDIULJXURDVDGHLDUQDRWkQDUDVWDWHDSHXQXOGLQSRGXULOH'kPERYLWHLVL VHJkQGHDFXPVDVFDSH GHYLDWDDVWD

DPDUD/DXQPRPHQWGDW0RV&UDFLXQVHDSURSLHVLL]LFH
&HIDFLWXDLFHDIDWDPRVXOXL"
&H VDIDF PRVXOH LDFDVXQWVXSDUDWDFDQDP VHUYLFL QDP FDVD QDPEDQLVL PDJkQGHVFVD PDRPRUVD VFDS GH WRDWH
QHFD]XULOH
(L IDWD PRVXOXLVWDL FD QXLGUDFX
 DVDGH QHJUX  8LWH HX SRW VDWLvQGHSOLQHVF WUHL GRULQWH DFXP SH ORF 6SXQH FHWL
GRUHVWL"
3DLDVYUHDVDDPRYLODvQ&RWURFHQL
6DIDFXWDVWDHDGUHVDVLDVWHDVXQWFKHLOHGHODQRXDWDFDVD$OWFHYD"
2PDVLQDPLDUILGHPDUHIRORV
1LFLRSUREOHPDvQJDUDMXOFDVHLXQ0HUFHGHVWHDVWHDSWD$WUHLDGRULQWD"
3DLDVYUHDVDDPXQFRQWvQEDQFDFDVDPLQXPLPDLIDFJULMLGLQFDX]DEDQLORU
ÌQ FDVD R VD JDVHVWL XQ FDUQHW GH FHFXUL DL XQ PLOLRQ GH GRODUL vQ EDQFD 'DU VWLL IDWD PRVXOXL FD WRDWH DVWHD VD VH
vQGHSOLQHDVFDWUHEXLHVDvQGHSOLQHVWLRFRQGLWLH
6SXQH0RV&UDFLXQFHWUHEXLHVDIDF"
3DLDVYUHDVDWHDVH]LLQJHQXQFKLVLVDQFHUFLXQVH[RUDO
9DLPRVXOHQXSRWVDIDFXQDFDDVWD
&XPSHQWUXWRDWHGRULQWHOHFDUHWLOHDPLQGHSOLQLW"
3LQDODXUPDIDWDVHODVDFRQYLQVDVLVHDSXFDGHWUHDED'XSDYUHRPLQXWHPRVX
RvQWUHDED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&kWLDQLDLWXIDWDPRVXOXL"
/XkQGRVFXUWDSDX]DIDWDUDVSXQGH
PRVXOH
6LODYkUVWDDVWDPDLFUH]LvQ0RV&UDFLXQ"

&KLDU vQDLQWH GH &UDFLXQ XQ SROLWLFLDQ FLQVWLW XQ DYRFDW ELQHYRLWRU VL 0RV &UDFLXQ VH DIODX vQ OLIWXO XQXL KRWHO IRDUWH
VHOHFW
ÌQDLQWHFDXVDVDVHGHVFKLGDREVHUYDREDQFQRWDGHRVXWDGHPLLFDUH]DFHSHMRV
&DUHGLQWUHFHLWUHLFUHGHWLRULGLFD""
0RV&UDFLXQGHVLJXUFHLODOWLGRLQLFLQXH[LVWD

8QVHFXULVWUDXXQVHFXULVWEXQVL0RV&UDFLXQLQWUDvQUHVWDXUDQW
&RPDQGDRPDVDSOLQDGHEXFDWHVLFvQGVDvQFHDSDVHVWLQJHOXPLQD
'XSDPLQXWHVHDSULQGHGDUPDVDHUDJRDODEXFDWHOHGLVSDUXVHUD&LQHOHDPvQFDW"
6HFXULVWXOUDXSHQWUXFDVHFXULVWXOEXQVL0RV&UDFLXQVvQWSHUVRQDMHLPDJLQDUH

&LFDHUD0RV&UDFLXQODRVHUEDUHVLvPSDUWHDFDGRXUL9LQHUkQGXOXQHLIHWLWHGUDJDODVHVLPLWLWLFDWDUH0RVXO
8LWHIHWLWDGUDJDODVDGDFDvPLVSXLRSRH]LHvWLGDXGLQVDFXODVWDPDUHRMXFDULHPLFD
/DFDUHIHWLWDGUDJDODVD
'D
GDFDWLVXJS DvPLGDLWRWVDFXO

0RV&UDFLXQFRERDUDVFDULOHXQXLEORF
6DQXFXPYDVDIDFLWkPSHQLDVDLQWULvQYRUEDFXEDWUkQDGHODHWDMXOGRLvLVSXQHHOLHSXUDVXOXLGH3DVWL

0RV&UDFLXQVWDvQVHDUDGH$MXQvQIDWDOXL%XODÌLDUDWDFXGHJHWXOVLvLVSXQH
$LIRVWFXPLQWHDQXODFHVWD"
/DFDUH%XOD
7DWD0RVXODVWDPDDPHQLQWD6XQDDYRFDWXO

0RV&UDFLXQVHSOkQJHXQXLFROHJGHEUHDVOD
6DFLLFXFDGRXULVHIDFGLQFHvQFHPDLJUHL'DFDPHUJHPDLGHSDUWHWRWDVDQXRVDOHSRDWDFDUDQLFLXQ0RV
$LGUHSWDWHSULHWHQH'HDVWDPLDPGDWVHDPDGHPXOW6LHXQXPDLGXFGHFkWFDGRXULvQEDQLVDXFHFXUL

6WLWLFHUHSUH]LQWDYkUIXOGHSRUWHODQFDUHVHSXQHODSRPLLGH&UDFLXQ"
2]kQD
'HFH"
6H]LFHFD]kQHOHvODMXWDSH0RV&UDFLXQVDVLvPSDUWDFDGRXULOHVLEUD]LLGH&UDFLXQÌQWUXQDQ0RVXOXLLDUDPDVXQEUDG
GHSULVRVVLDvQWUHEDWXQDGLQ]kQHFHVDIDFDFXHO6LGHDFHHDVWD]kQDDFHHDvQYkUIXOEUDGXOXL

Ì'HFHDUH0RV&UDFLXQXQVDFDVDGHPDUH"
53HQWUXFDHOYLQHGRDURGDWDSHDQ

0RV&UDFLXQWLQHUHLJDVLWDJRDODSXVFDSHFDQDSHD
'DFDRIDFQXPDLYLQODDQXO'DFDQXRIDFODDQXOLDUDYLQSHKRUQ

%DQFXULFX6FXILWD5RVLH

6FXILWD5RVLHPHUJHDVSUHEXQLFDHL(VWHSULQVDVLYLRODWDGHOXSXOFHOUDX(ORvQWUHDED
&HDLVDLVSXLEXQLFLLWDOH"
&DPDPvQWkOQLWFXWLQHVLPDLYLRODWGHSDWUXRUL
'HSDWUXRUL"VHPLUDOXSXO
'D6DXWHJUDEHVWLvQDOWDSDUWH"

6FXILWD5RVLHGXFHVHDUDWkU]LXPkQFDUHDODEXQLFDHL3HQWUXDVWDHDWUHEXLHVDWUHDFDSULQSDGXUHVLHYLGHQWDSDUHOXSXO
FDUHLVSXQH
(LHL6FXILWD5RVLH 1XWLHIULFDDLFLvQ SDGXUHVLQJXUDQRDSWHD"+RWLL SRW VD WH DWDFH VDWL LD PkQFDUHD VL EDQLLVL SRW
FKLDUVDWHYLROH]H
6FXILWDVHXLWDVXUSULQVDODOXSVLLVSXQHvQFHOHGLQXUPD
$VFXOWDPLFXWXOH%DQLQXDPPvQFDUHvQFHOPDLUDXFD]PDLDGXFRGDWDLDUYLROXOvPLSODFHODQHEXQLH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0HUJHDRGDWD6FXILWD5RVLHSULQSDGXUHFXSDQHUDVXOODEUDW'HGXSDXQWXILVDSDUHOXSXO
+RSDDDJDWD6FXILWD5RVLHGHGDWDDVWDQXPDLVFDSLWHPDQkQF
6SXQHWLXOWLPHOHWUHLGRULQWH
6DIDFHPGUDJRVWH
ÌQFHSHLDFWLXQHDVLOHVLQDOXSXOÌVLUHYLQHOXSX
VLRQWUHDEDSH6FXILWD5RVLHGHDGRXDGRULQWD
6DIDFHPGUDJRVWHVSXQHHD
)DFHLGUDJRVWHVLPRDUHOXSXO
025$/$1XODVDWLFXUYHOHQSDGXUHFDFLGLVWUXJIDXQD

9DULDQWD
6FXILWD5RVLHvQSDGXUH9LQHOXSXO
+DWHDPSULQV6FXILWRDFXPWHYLROH]
6WDLPDOXSXOHKDLVRIDFHPVLQRLURPDQWLFKDLvQSRLDQDFXODOHOH
6HGXFHLvQSRLDQDFXODOHOHVHXUFD6FXILWDSHOXSVLvOQHQRURFHVWHGHIDFHVWRSFDUGLDF$SRL6FXILWDFXOHJHWRDWHODOHOHOH
VLSOHDFDPDLGHSDUWH
6HvQWkOQHVWHFXXUVXO
7HDPSULQV6FXILWRWLRWUDJDFXP
3XWLQURPDQWLVPXUVXOHKDLvQSRLDQDFXYLROHWH
6HXUFDVLSHXUVIDFHVLDVWDVWRSFXOHJHWRDWHYLROHWHOHSOHDFD6HvQWDOQHVWHFXOHXO
(XOHXOUHJHOHDQLPDOHORUWHDPSULQVWH
6WDLPDOHXOHKDLVDIDFHPSXWLQDDWPRVIHUDKDLvQSRLDQDFXPDUJDUHWH
6LFXOHXOVHvQWkPSODDFHODVLOXFUXFDSUHGHFHVRULORUVDLFXOHJH6FXILWDWRDWHPDUJDUHWHOHSOHDFDPDLGHSDUWH
025$/$QXGXFHWLFXUYHOHvQSDGXUHFDGLVWUXJIORUDVLIDXQD

6FXILWD5RVLHVL6FXILWD5R]VHSOLPEDXSULQSDGXUH/DXQPRPHQWGDWVHvQWkOQHVFFX/XSX

6FXILWD5RVLHFDUHVWLDSRYHVWHDDOXDWRQWURSDUWH
6FXILWD5R]FDUHQXRVWLDDOXDWRQWRDWHSDUWLOH

6FXILWD5RVLHPHUJHDSULQSDGXUHVLSOkQJHDGLQWRWLUDUXQFKLL6HvQWkOQHVWHFXYkQDWRUXOFDUHRvQWUHDED
6FXILWD5RVLHFHVDvQWkPSODWGHSOkQJLDVD"
9DLLLLLLDPIRVWYLRODWDGHOXSXOFHOUDX
0GDD]LQXDLDYXWR]LWRFPDLEXQD

9DULDQWDGHOD
6FXILWD5RVLHPHUJHDSULQSDGXUHVLSOkQJHDGLQWRWLUDUXQFKLL6HvQWkOQHVWHFXYkQDWRUXOFDUHRvQWUHDED
6FXILWD5RVLHFHVDvQWkPSODWGHSOkQJLDVD"
9DLLLLLLDPIRVWYLRODWDGHOXSXOFHOUDX
9kQDWRUXOvVLGHVIDFHSURKDEXOODSDQWDORQLVLVSXQH
0GDD]LQXDLR]LWRFPDLEXQD

0DPDvLFLWHVWHIHWLWHLVDOHSRYHVWHD6FXILWHL5RVLL/DVIkUVLW
9H]LIHWLWDPHDGDFDQXHVWLFXPLQWHFHSDWHVWL"
/DVREDOWDGRDUDIRVWPLQFDWDVLEXQLFDQX"

6FXILWD5RVLHVHSOLPEDSULQSDGXUH
6HQWkOQHVWHFX/XSX

6FXILWD5RVLHKDLVDQHIDFHPIUDWLGHFUXFH
&XP/XSXOH"
3DLWXWHWDLODGHJHWHOVLHXvWLVXJVkQJHOHVLHXPDPSLHGLFVLWXPLVXJLS D

6FXILWD5RVLHVHSOLPEDSULQSDGXUHVLVHvQWkOQHVWHFX/XSX=LFH/XSXO
6FXILWD5RVLHKDLVDQHMXFDPGHDXUVXOHWLL
9DLFHIUXPRV+DLVDQHMXFDP&XPHMRFXODVWD"
(VLPSOX7XvPLVXJLSXODVLHXPRUPDLGHSODFHUH

ÌQSDGXUH6FXILWD5RVLHVHvQWvOQHVWHFX3LQRFKLRÌQFHSVDVH]EHQJXLDVFDVL3LQRFKLRFDGHFXQDVXOVXEIXVWLWD6FXILWHL
5RVLL
9DL6FXILWD5RVLHvPLFHUVFX]HFDDPQLPHULWFXQDVXOWRFPDLDFRORGDUDPVDOVFRWLPHGLDW
1XQXOVFRDWHODVDODFRORPDLELQHVSXQHUHSHGHFkWHYDPLQFLXQL

6FXILWD5RVLHVHvQWDOQHVWHvQSDGXUHFXOXSXOVLLQWUDvQYRUED
9DLOXSXOHFHRFKLDOEDVWULDL
/DFDUHOXSXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&RDVWDGHD]XU
9DLOXSXOHFHGLQWLDVFXWLWLDL
&RDVWDGHILOGHV
9DLOXSXOHFHVFXODPDUHDL
&XDVWDWLRWUDJ

6FXILWD5RVLHODGLVFRWHFDLDUSHSRVWGH'-OXSXO
/XSXOHDVGRULVDIDFRGHGLFDWLH
6HSRDWHGDUVDVWLLFDFRVWD
0XOW"
0XOW
'DUHXQXDPEDQL
1LFLRSUREOHPDSRWLVDPLSODWHVWLvQQDWXUD
%LQH
6LOXSXORFRQGXFHGXSDFRUWLQDVHGHVIDFHODVOLW6FXILWD5RVLHvQJHQXQFKHD]DvLLDOXSXOXLVFKHPDvQPkQDRGXFHODJXUD
VLH[FODPD
$VYUHDVDIDFRGHGLFDWLH

6FXILWD5RVLHVHSOLPEDSULQSDGXUHVLODXQPRPHQWGDWvOYHGHSHOXSvQWUXQWXILVOXSXODYHDRFKLLHVLWLGLQRUELWHVLHUD
URVXODIDWD
&HLFXWLQHOXSXOH"vQWUHDEDHD
'$78189(=,&$0$&$&VWULJDHOIXULRV

6FXILWD5RVLHWUHFHYRLRDVDSULQSDGXUHGXFkQGXLXQFRVXOHWGHPkQFDUHEXQLFLL'LQWURGDWDOXSXOVDUHSHHDGLQWUXQ
WXILV VL R YLROHD]D FX VDOEDWLFLH 'XSD FRQVXPDUHD HYHQLPHQWXOXL 6FXILWD 5RVLH vVL UHYLQH VL PHUJH OD FDVD YkQDWRUXOXL
$FHVWDIDFHUHFRQVWLWXLUHD
&XPVDvQWkPSODW"
0DYLRODWEHVWLDORGDWD
6LFXP"$VD"
6LYkQDWRUXOWUHFHVLHOODDSDUDW
6LPDLGHSDUWH"
0DYLRODWVLDGRXDRDUD
6LYkQDWRUXOWUHFHLDUODDSDUDW
0DYLRODWVLDWUHLDRDUD
6LYkQDWRUXOvQFDRGDWDvQFHDUFDVDIDFDUHFRQVWLWXLUHD
0DYLRODWVLDSDWUDRDUD
/DFDUHYkQDWRUXOvQIXULDWvQWUHDED
3DLELQHVLGHEDWXWFkQGWHDEDWXW"
$DVWDFkQGLDPVSXVFDDP6,'$

6FXILWD5RVLHPHUJHDFXPkQFDUHODEXQLFD6LGXSDFXPVWLWLWUHEXLDVDWUDYHUVH]HSDGXUHD6LQJXUDILLQGvQSDGXUHR
SULQGHOXSXOVLRYLROHD]D'XSDFRQVXPDUHDDFWXOXL6FXILWDSOkQJkQG
$DDDDKFHPLDLIDFXWOXSXOHFLQHPDPDLLDSHPLQHDFXP"
/DFDUHOXSXOWUDJkQGFXQHVDWIXPGLQWLJDUH
6WDLSXWLQVDWHUPLQWLJDUHDVLWHPDLLDXHXRGDWD

Ì&HL]LFH6FXILWD5RVLHOXL3LQRFFKLRDWXQFLFkQGVLDGDWVHDPDFXPPHUJHWUHDED"
50LQWHPD=LPLDGHYDUXO0LQWHPD=LPLDGHYDUXO

6HGXFH6FXILWD5RVLHODEXQLFXWD/XSX
QXPDLFHRPkQFDVHSHEXQLFXWDVLQXSDWLVHQLPLF2PDQDQFDVLSH6FXILWDVL
PRDUH
Ì&HVDvQWkPSODW"
56FXILWD5RVLHHUDR675,&$7$

%DQFXULFX6LUVL-RKQ

,HUWDWLPD6LUGDUDPLPSUHVLDFDYDFDXWDFLQHYDODWHOHIRQ
&XPDLLPSUHVLD-RKQ"6DXPDFDXWDFLQHYDODWHOHIRQVDXQXPDFDXWD
9HGHWL6LUFkQGDPULGLFDWUHFHSWRUXOYRFHDGHODFHODODOWFDSDWDVSXV7XHVWLFDUDJKLRVEDWUDQFKHOVLLGLRW"

-RKQ"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
<HV6LU
/DPkLDDUHSHQH"
1X6LU
/DQDLEDLDUDPVWRUVSDSDJDOXO

9DULDQWD
-RKQODPkLDFkQWD"
1X6LU
/DQDLEDLDUDPVXFLWJkWXOODFDQDU

9DULDQWD
-RKQODPkLDFkQWD"
1X6LU
$WXQFLLDUDPPkQFDWSDSDJDOXO

9DULDQWD
-RKQH[LVWDODPkLFDUH]ERDUD"
1X6LU"
2K-RKQDWXQFLDPVWRUVGLQJUHVHDODFDQDUXOvQFHDL

6LUVHvQWRDUFHQRDSWHDWkU]LXGHODFOXE'LPLQHDWDvOvQWUHEDSHYDOHW
-RKQODQRLVHDSULQGHEHFXOFkQGGHVFKLGHPXVDODEDLH"
1R6LU
-RKQvQVHDPQDFDLDUPDPSLVDWvQIULJLGHU

-RKQ"
<HV6LU
7RDOHWDQRDVWUDDUHSDWUXXVL"
1R6LU
/DGUDFX
,DUPDPFDFDWvQPDVLQD

-RKQ"
<HV6LU
7RDOHWDQRDVWUDDUHGRXDXVL"
1R6LU
/DGUDFX
LDUPDPFDFDWvQVLIRQLHU

-RKQ6LUDYHPXQKRWvQELEOLRWHFD
6LU6LFHFLWHVWH-RKQ"

6LUVWDvQVXIUDJHULH
-RKQ
'DP\/RUG
0LHIULJ&HWHPSHUDWXUDDYHPGHIDSWDLFLvQDXQWUX"
*UDGHP\/RUG
'XSDFkWHYDPLQXWH
-RKQ
'DP\/RUG
'DUDIDUD"
*UDGH6LU
-RKQGHVFKLGHDWXQFLIHUHDVWUDVLODVDVLJUDGHOHDOHDvQDXQWUX

6LUvVLvQWUHDEDYDOHWXO
-RKQQXVDvQWRUVvQFDVRWLDPHDGHODSDUWLGDGHFDODULW"
ÌQFDQX6LUGDUFUHGFDWUHEXLHVDYLQD&DOXOVDvQWRUVGHRMXPDWDWHGHRUD

/DUHVHGLQWDVXQDWHOHIRQXOWUUUUUUUUUU-RKQULGLFDUHFHSWRUXO
-RKQ
<HV6LU
8QGHLGRDPQD-RKQ"
'RDPQDHVWHvQGRUPLWRU6LUvQSDWFXGRPQXO
-RKQLDSXVFDVLvPSXVFDLSHDPkQGRL
<HV6LU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6HDXGFDWHYDvPSXVFDWXULVLWLSHWHGXSDFDUH-RKQUHYLQHODWHOHIRQ
6LU"
<HV-RKQHJDWDWUHDED"
<HV6LUSHGRDPQDDPvPSXVFDWRGDUSHGRPQQXPDLODPUDQLWGDUVDULQGSHJHDPDFD]XWvQSLVFLQDVLVDvQHFDW
-RKQGDUQRLQXDYHPSLVFLQD
$ORFHQXPDUDWLIRUPDW"""

-RKQDGXPLWHURJRSRUWRFDOD
3RIWLWL6LU
6LUGXSDFHLDSRUWRFDODvQPkQDGUHDSWDVLRPLURDVH3RUWRFDODDVWDSXWHDGXPLDOWDWHURJ
3RIWLWL6LU
6LSRUWRFDODDVWDSXWHDOWDWHURJ
3RIWLWLVLU
6LDVWDSXWH'HXQGHLHLWXSRWRFDOHOHDVWHDGHSXWWRDWH"""
1RRIIHQVH6LUGDUFUHGFDUWUHEXLVDVFKLPEDWLPkQD

9LQH6LUDFDVD
-RKQGRDPQDHVWHVLQJXUD"
1X6LUHVWHVXVFXXQGRPQ
-RKQDGXVDELD
<HV6LU
6LUVHGXFHVXVXQGHHUDGRDPQDGHXQGHVHDXGHXQXUOHW6LUVHvQWRDUFH
-RKQXQGRFWRUSHQWUXGRPQXOVLXQWLUEXVRQSHQWUXGRDPQD

6LUVL-RKQVXQWODYkQDWRDUHSHGRPHQLXOFDVWHOXOXL6HUYLWRUXOSULYLQGSULQELQRFOXvQVSUHFDVWHO
6LUFUHGFDDUWUHEXLVDYDLQIRUPH]FDGRDPQDHVWHvQFRPSDQLDXQXLGRPQ
6LU
1XVHSRDWHWHvQVHOL'RDPQDPLDVSXVFDSULPHVWHRSULHWHQDvQYL]LWD'DPLVLPLHELQRFOXO

$FHVWELQRFOXQXHVWHVXILFLHQWGHSXWHUQLF'DPLSXVFDFXOXQHWD

-RKQFHDIRVW]JRPRWXODFHODSXWHUQLF"
6LUXQDXWRPRELOVWDYUXWVDLQWUHSHRVWUDGDODWHUDOD
6L"
6LVLUVWUDGDQXVHDIODvQORFXOXQGHDYLUDWDXWRPRELOLVWXO

8QRPVRVHVWHvQJUDEDOD6LU
6LU-RKQDVDULWFXSDUDVXWDVLQXVDGHVFKLV
,DU"

6LUVL-RKQVHSUHJDWHVFVDSOHFHvQYDFDQWDVLSHFkQGVDLQWUHvQPDVLQDVDSOHFH
6LU-RKQDGXFHWLPLSLDQXOYDURJ
-RKQ+PPPGHFH6LU"
$GXFHWLPLSLDQXOYDURJ
'HFH6LU"3LDQXOHPDUHVLJUHX
0LDPXLWDWEULFKHWDSHHO-RKQ

6LUHUDvQELEOLRWHFD6LU
-RKQ
'D6LU
$GXPLXQSDKDUFXDSD-RKQ
-RKQvLDGXFHSDKDUXOFXDSD
-RKQ
'D6LU
$GXPLXQSDKDUFXDSD-RKQ
-RKQvLDGXFHSDKDUXOFXDSDGXSDYUHRSDKDUHGHDSD
6LU"""'HFHYUHWLDWkWHDSDKDUHFXDSD"
3HQWUXFDDOXDWIRFELEOLRWHFD

9DULDQWD
6LU-RKQDGXPLWHURJXQSDKDUFXDSD
-RKQ'D6LULPHGLDW
-RKQXQSDKDUFXDSDWHURJ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,PHGLDW6LU
-RKQvQFDXQSDKDUFXDSDUHSHGH
3RIWLWL6LU)DUDVXSDUDUHODFHYDWUHEXLHDWkWDDSD6LU"
0DGHVWHSWXOHGD
WXQXYH]LFDDUGHELEOLRWHFD"

6LUVHDIODvPSUHXQDFX-RKQvQYL]LWDOD3DULV
-RKQ]LFH6LUFUHGFDWXUQXO(LIHODUWUHEXLYRSVLW
&XSODFHUH6LUSRWDWXQFLVDvPLLDXGXSDPDVDOLEHU"

6LUvL]LFHOXL-RKQ
-RKQPXWDWHURJSLDQXOGLQVXIUDJHULHvQELEOLRWHFD"
,PHGLDW6LU"6DPDLLDXFHYDVLvQFHDODOWDPkQD"

6LURI HDSH/DG\-RKQWLQHDOXPkQDUHD'XSDPLQ6LU
/DG\HVWLPXOWXPLWD
1X6LU
-RKQWLQHDvQFRQWLQXDUHOXPkQDUHD'XSDDOWHPLQ
/DG\HVWLPXOWXPLWD
1X6LU
-RKQWLQHDvQFRQWLQXDUHOXPkQDUHD7RWDVDSkQDFH6LURERVHVWHVLVFKLPEDORFXOFX-RKQ
'XSDPLQ/DG\XUODFDHVWHPXOWXPLWD/DFDUH6LU
9H]L-RKQFXPVHWLQHOXPkQDUHD

6LUVWDvQJUGLQDVLFLWHVWH]LDUXO-RKQYLQHVLvOIDFHDWHQW
6LUGLQVOLWYDDWkUQDFHYD
6LUGD]LDUXOODRSDUWHVHXLWDODSURKDEVL]LFH
2KVKHLVJRQH

6LUVWDWHDODPDVDVLVHFKLQXLDVDvQWHSHFXRVFRELWRDUHQLVWHPDVOLQH
-RKQVWULJDHOPDVOLQHOHIXJ"
1X6LU'DUGHFH"
ÌQVHDPQDFDLDUDPPvQFDWJkQGDFLGHEXFDWDULH

-RKQVSXQH6LUFDUHFLWHD]LDUXOSHDFRSHULVFLUFXODWUDPYDLH"
1X6LU"'DUGHFHvQWUHEDWL"
8LWHDLFLVFULHFDXQWUDPYDLDFDOFDWXQKRUQDU

-RKQVSXQH6LUFDUHvVLVSDODSLFLRDUHOHvQOLJKHDQWHURJDUXQFDDSDDVWDVLDGXPLXQSURVRS
-RKQLDOLJKHDQXOVLvODUXQFDSHJHDPLDUGHDIDUDVHDXGHXQWLSDWvQVRWLWGHvQMXUDWXULODFDUH6LULPSDVLELO
-RKQHUDFLQHYDvQOLJKHDQ"

6LUVHXUFDSHFDOLQYHUVFXVSDWHOHvQIDWD
6LUVSXQH-RKQGDUQXDVDVHXUFDSHFDO
7DFLPDGHXQGHVWLLWXvQFRWURYUHDXVDPHUJ

%DQFXULFX9DPSLUL

Ì&HHPLFDOEDUHDULSLRDUHVLVXJHVkQJHOH"
5/,%5(66(

Ì&DUHLGLIHUHQWDGLQWUHXQDYRFDWVLXQYDPSLU"
59DPSLUXOvWLVXJHVkQJHOHQXPDLQRDSWHD

Ì&DUHHVWHFHOPDLDOGUDFXOXLYDPSLU"
5$OZD\VFXDULSLRDUH

Ì&DUHHGLIHUHQWDGLQWUHXQDYRFDWVLXQYDPSLU"
59DPSLUXOvWLVXJHVkQJHOHGRDUQRDSWHD

Ì/DFHVHSRWvQWUHEXLQWDWDPSRDQHOHIRORVLWH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
53OLFXOHWHGHFHDLSHQWUXYDPSLUL

Ì/DFHVHSRWvQWUHEXLQWDSDQVDPHQWHOHIRORVLWH"
5$FHHDVL

Ì&HHIDVWIRRGSHQWUXYDPSLUL"
52SHUVRDQDFXWHQVLXQHULGLFDWD

Ì'HFHQXGLYRUWHD]DYDPSLULL"
5(LvVLvQJURDSDSUREOHPHOH

Ì&HPDQkQFDYDPSLULLvQORFGHVQDFNVXUL"
5&RDMDGHSHUDQL

Ì&HvQVHDPQDVDILVDUXWDWDGHXQYDPSLUD"

5'XUHUHGHJkW

Ì'HFHXQYDPSLUvLGDSULHWHQHLVDOHDQDOL]HOHOXLGHVkQJH"
5&DVDYDGDGDFDHWLSXOHL

Ì&H]LFHRYDPSLUDOHVELDQDXQHLDOWHYDPSLUHWRWFDHD"
53HOXQDYLLWRDUH

Ì'LQFHEHDXYDPSLULLEDXWXULOHSUHIHUDWH"
5'LQHSUXEHWHSHQWUXDQDOL]HGHVkQJH

Ì'HFHDXFLPLWLUHOHJDUGXUL"
53HQWUXFDRDPHQLLPRUVDLQWUH

Ì&XPvVLvQFHSYDPSLULLVFULVRULOH"
50RUPkQWXOVDWHDLEHvQSD]D

8QDGLQvQWUHEDULOHFDUHIUDPkQWDVWLLQWDDFWXDOD
6HSRWLQIHFWDVLYDPSLULLFX$,'6"

7UHLYDPSLUL0RUWLGHIRDPH=LFHXQX

%DWUH
VDIDFHPFHYDFDQXVHPDLSRDWH1RDSWHDQXLHVHQLPLFVLVXQWHPWHUPLQDWL7UH
VDDFWLRQDP]LXD
=LVVLIDFXW6HGXFHSULPX
7UHFHRRUDWUHFGRXDWUHLWUHFHR]LWUHFGRXDVLVHvQWRDUFHSOLQGHVkQJHVDWXOPXOWXPLW
&XPDLIDFXWEDQHQRURFLWXOH"VSXQHQHVLQRXD
3DLYHGHWLRLOHDOHDGHDFROR"
'D
/DWRDWHOHDPVXSWVkQJHOH
&HLODOWLGRL
%DWUH
VDIDFHPVLQRLFHYDXLWDWHODQHQRURFLWX
DODFXPDUHXVLW
6HGXFHVLDOGRLOHD7UHFHRRUDWUHFGRXDWUHLSDWUXWUHFHR]LVLVHvQWRDUFHVLDVWDSOLQGHVkQJHVDWXOHWF
&XPDLIDFXWPDVLWX"
3DLYHGHWLYDFLOHDOHDGHDFROR"
'D
/DWRDWHOHDPVXSWVkQJHOH
8OWLPX

%DWUH
VDIDFVLHXFHYDFDQXVHPDLSRDWH3OHFVLHX
3OHDFDVLHOWUHFHXQPLQXWWUHFGRXDGXSDPLQXWHVHvQWRDUFHWRWSOLQGHVkQJH
%DGD
WXFXPDLUHXVLWDVDGHUHSHGH"
3DLYHGHWLVWkQFDDLDGHDFROR"
'D
(XQDPYD]XWR

9DULDQWD
/DRvQWUXQLUHDYDPSLULORUVRVHVWHXQYDPSLUFXJXUDSOLQDGHVkQJHVLOHVSXQHFHORUODOWL
%DLYHGHWLYRLVWDXOXODFHHDGHFROR"
'D
(DPPkQFDWGRXDRLGHDFROR
'XSDXQWLPSPDLYLQHXQYDPSLUFXWRDWDJXUDVLREUDMLLSOLQLGHVkQJH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
+HLYRLYHGHWLYRLFDVDDFHHD"
'D
$PPkQFDWWUHLSRUFLGHDFROR
0DLDSDUHXQYDPSLUPDLPLFFXIDWDvQWUHDJDSOLQDGHVkQJHDYHDVDQJHVLSHFDSVLVSXQH
9HGHWLYRLWXUODELVHULFLLGHFROR"
'D
(HXQDPYD]XWR

'RLYDPSLULOLKQLWLGHIRDPHFXXOWLPHOHSXWHULEDWODXVDXQXLERUGHO/HGHVFKLGHPDWURDQDODFDUHHL
$PYHQLWVDYDVXJHPVkQJHOH
1HSDUHUDXDLFLQXVHVXJHGHFkWS D

0HUJHRGRPQLVRDUDSULQFLPLWLUODSOLEDUHVLDVWDSHODQRDSWHD
8QWLSRYHGHVLVHJkQGHVWHVRVSHULH6HIXULVHD]DvQVSDWHOHXQHLSLHWUHGHPRUPkQWVLFkQGWLSDGDVDWUHFDSHDFRORHO
VDUHvQIDWDHLVLXUOD
(XVXQW'UDFXODVLVXJVkQJHOHODRDPHQL
7LSDVHXLWDODHOvOLJQRUDVLPHUJHPDLGHSDUWH5HODWLYVXUSULQVGHUHDFWLDDFHVWHLDWLSXOVHKRWDUDVWHVHUHLDDFWLXQHD6H
IXULVHD]DGLQQRXVDUHvQIDWDHLVLXUOD
(XVXQW'UDFXODVLVXJVkQJHOHODRDPHQL
7LSD1,0,&0HUJHPDLGHSDUWH'XSDFHWLSXOUHLDDFWLXQHDSHQWUXDWUHLDRDUDDFHDVWDVHRSUHVWHVLLUDVSXQGH
6LFHGDFDHXVXQWFXUYDVLVXJS DWRDWD]LXDVLGHDLDQXXUOXvQJXUDPDUH

6HvQWRDUFHXQFRSLODVGHODVFRDOD
0DPDFRSLLLvPL]LFFDVXQWYDPSLU
/DVDPDPDFDFRSLLLVXQWUDLQXDLGHFHVDWLIDFLSUREOHPH$FXPWUHFLODPDVDFDWLVHFRDJXOHD]DVXSD

/DPDQDVWLUHDGLQYkUIXOPXQWHOXLFDOXJDULWHOHVXQWvQHEXQLWHGHJURD]D( PLH]XO QRSWLL VLGHXQGHYDGHDIDUDVHDXG

QLVWHXUOHWHFXPSOLWH1HVWLLQGFHVDIDFDVHKRWDUDVFVDRWUH]HDVFDSHPDLFDVWDUHWDSRDWHVDDLEDHDRLGHH0DLFDVWDUHWD
GHVFKLGHFXJULMDRIHUHDVWUDVLvQWUHDEDFXYRFHDJkWXLWDGHVSDLPD
&LFLQHHDFFROR"
6XQWHXYDPSLUXOVHDXGHXQJODVGHDIDUD
6LFFHYYUHLGHODQQRL"
+DKDKDDPYHQLWVDYDEHDXVkQJHOH
0DLFDVWDUHWDUHVSLUDXVXUDWD
6LSHQWUXDVWDDLWUHEXLWVDQHVSHULLEDWkPSLWXOH"'DFDQHYUHLVkQJHOHYLQRWXSHDOHOXQLL

'RLYDSLULVHvQWkOQHVFODSRDUWDFLPLWLUXOXL
,HVLPODRSOLPEDUH"
6WDLXQSLFVDPDGXFVDLDXSLDWUDIXQHUDUDFXPLQH
'D
FHWLDYHQLW"
1XPLSODFHVDXPEOXIDUDEXOHWLQSHVWUDGD

'RLYDPSLULPHUJUHJXODWvQWUXQEDUXQGHFRPDQGDvQWRWGHDXQDXQ%ORRG\0DU\
ÌQWURVHDUDXQXOGLQHLGDFRPDQGDFDGHRELFHL
8Q%ORRG\0DU\YDURJ
%DUPDQXOvLvQWLQGHXQSDKDUSOLQFXVkQJHELQHvQWHOHVGLOXDWFXYRGFD&HODODOWYDPSLU
8QFHDLYDURJ
&HDLvWLPHUJHUDXHVWLEROQDY"vOvQWUHDEDSULHWHQXOOXL
1XGDUDVHDUDFkQGDPEDXWFRFWDLOXOPDPvQHFDWFXXQWDPSRQ

9DULDQWDODSUHFHGHQWXO
'RLYDPSLULPHUJUHJXODWvQWUXQEDUXQGHFRPDQGDvQWRWGHDXQDXQ%ORRG\0DU\
ÌQWURVHDUDXQXOGLQHLGDFRPDQGDFDGHRELFHL
8Q%ORRG\0DU\YDURJ
%DUPDQXOvLvQWLQGHXQSDKDUSOLQFXVkQJHELQHvQWHOHVGLOXDWFXYRGFD&HODODOWYDPSLU
8QSDKDUFXDSDILHUELQWHVLXQWDPSRQX]DWYDURJ
&HHFXWLQH"vOvQWUHDEDSULHWHQXOOXL
6XQWUDFLW

2DWUHLDYDULDQWD
8QYDPSLULQWUDvQWUXQEDUGHYDPSLULVLFHUHXQSDKDUFXDSDILDUWD%DUPDQXOXLPLWvL]LFH
'DUDLFLEHDXFXWRWLLVkQJH
9DPSLUXOQRVWUXVFRDWHXQWDPSRQvQVkQJHUDWVL]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
)LYHR
FORFN

7UHLYDPSLULPHUJvQWUXQEDU3ULPXO]LFH
8QSDKDUGHVkQJH
$OGRLOHD
6XQDELQH6LHXWRWXQSDKDUGHVkQJH
$OWUHLOHD
8QSDKDUGHSODVPD
/DFDUHEDUPDQXOFDVDILHVLJXUFDDOXDWFRPDQGDFRUHFW
'RXD6Æ1*(VLXQ6Æ1*(/,*+7"

'RXDFDOXJDULWHPHUJFXPDVLQDSULQ7UDQVLOYDQLD"FkQGXQYDPSLUVDUHSHFDSRWDPDVLQLL6RUD0DULDvQWUHDED

&HVDIDF"
6RUD(GYRFKLD
3RUQHVWHVWHUJDWRDUHOH
=LVVLIDFXWGDUYDPSLUXOQXSOHDFD
6WURSHVWHOFXDSDGHVSDODWSDUEUL]XOHDSDVILQWLWD
9DPSLUXOWRWDFROR
0DLGHSDUWH6RUD(GYRFKLD
6RUD0DULDDUDWDLFUXFHD
6RUD0DULDVHGDMRVGLQPDVLQDVL]LFH
&UXFHDPDWLL1XWHGDLRGDWDMRVGHSHFDSRWD"

8QYDPSLUDWDFDXQEDUEDWVLYUHDVDvOPXVWHGHMXJXODUD2PXOQRVWUXVHURDJD
1XQXWHURJ1XYUHDXVDPRU1XRVDUH]LVW(XVXQWKHPRILO
/DFDUHYDPSLUXOUk]kQG
,DWHXLWD8QORQJGULQN

/XFUXULSURVLFRQWUDGHFHHELQHFDIHPHLHVDDLXQSULHWHQYDPSLU

3UR

5HODWLHGHGXUDWD
$LYRLHVDvQWkU]LLDFDVD
3RWLSLHUGHIRDUWHXVRUNLORJUDPHOHVXSOLPHQWDUH
6HFROHGHH[SHULHQWD
,PXQLWDWHODWRDWHEROLOH
$QDOL]DVkQJHOXLDUDWDFDHVWLVDQDWRDVDWXQ
3ULHWHQXOXLvLSODFHVDWHJLXJLXOHDVFDSHJkW
1XVIRUDLH'RDUPHFDPRUW
(OHSXWLQLQWHUHVDWGHUHOLJLH
1XRVDYLQDQLFLRGDWDODWLQHFXJXUDPLURVLQGDXVWXURL

&RQWUD

7HVLPWLPDLWRWWLPSXOVODELWD
6DUXWXOSRDWHILIDWDO
0RQRJDPLDHRSUREOHPD
0kLQLVLSLFLRDUHWRWWLPSXOUHFL
3ULHWHQLFLXGDWL
ÌWLSRDWHLJQRUDYRLQWD
1XPHOHDQLPDOHORUGHFDVDKDPVWHULLHSXUDVLvWLGDXILRUL
*UHXVDFkVWLJLRFHDUWD
$LYRLHVDFKLFRWHVWLODvQPRUPkQWDUL
3RWLVDvWLXLWLSURSULDWDULH

%DQFXULFXVLGHVSUHGLIHULWHFDWHJRULLVRFLDOH

%DQFXULFXDFWRUL
0DHVWUHFHSDUHUHDYHWLRXFLGELQHSH'HVGHPRQDvQDFWXOILQDO"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DWLQHUHvQVDPXOWPDLELQHvOXFL]LSH6KDNHVSHDUH

$FWRUXO;FDUHLDWkWGHFRPLFSHVFHQDGHFHRILDWDWGHVHULRVvQYLDWD"
6HRGLKQHVWH

&HIDFLGRPQXOH'HFHSOHFL"3LHVDvQFDQXVDWHUPLQDW
7RFPDLGHDVWDSOHF

&HWUHEXLHVDIDFFDVDDMXQJVXIOHRUODWHDWUX"
2ULFXPQXHRFRQGLWLHFDvQVFRDODVDILVWDWvQEDQFDvQWkL

7LDSODFXWSLHVDPHD"$FXPWHURJVDPLVSXLSDUHUHDWDGDUVLQFHUD
9UHLvQWUDGHYDUSDUHUHDPHDVLQFHUD"
0XOWXPHVFvQFD]XODVWD

1XVXQWGHFkWGRXD]HFLGHSHUVRDQHvQVDODODVSHFWDFRO$PIDFHSRDWHPDLELQHVDOHGDPEDQLLvQDSRL
,PSRVLELOVXQWWRWLFXELOHWHGHIDYRDUH

7DWDFHHVWHGHIDSWXQDFWRUDVDFXPHVWLWX"
8QDFWRU"(LILXOHFXPVDWLH[SOLFDFWRUXOHXQRPFDUHVHGXFHSkQDODPDUJLQHDVFHQHLSULYHVWHvQFXOLVHXQGHVHDIOD
UHVWXULGHGHFRUFkUSHKkUWLLDUXQFDWHSUDIPL]HULHVLVSXQH&HSULYHOLVWHPDUHDWDVHYHGHGHODIHUHDVWUDDVWD

8QDFWRUH[WUHPGHSUHWHQWLRVvLVSXQHUHJL]RUXOXL
8LWHFHHYRUEHVWHFXSURGXFDWRUXO1XDFFHSWFDvQDFHVWILOPLVWRULFVDVHXPEOHFXEXWDIRULL/DVFHQDFHORUGRXDRVSHWH
YkQDWXOVDILHYkQDWDXWHQWLFYLQXOGH5LQVDILHYLQGH5LQVLSDVWUDYLLVDILHSDVWUDYL
'XSDXQWLPSUHJL]RUXOYLQHFXUDVSXQVXO
3URGXFDWRUXOHGHDFRUGFXFRQGLWLDFDODVFHQDILQDODRWUDYDVDILHRWUDYD

7LDPVSXVGHRPLHGHRULVWULJDUHJL]RUXOODDFWULWDFDUHSDUHDFDPSOLFWLVLWDLQWHUSUHWH]LUROXOXQHLIHPHLSDUDVLWH
SULFHSL",DJkQGHVWHWHWHDSDUDVLWEUXVFLXELWXO&HIDFL"
ÌPLJDVHVFDOWXO

9UHDXVDIDFXQILOPGHVSUHYLDWDVLDFWLYLWDWHDOXL-HDQ&RQVWDQWLQÌQUROXOSULQFLSDOYDMXFD)ORULQ3LHUVLF
&XPDGLFD)ORULQ3LHUVLF"'HFHVDQXMRDFHFKLDU-HDQ&RQVWDQWLQ"
1XPHUJH(SUHDPLFGHVWDWXUD

5HJL]RUXOFDWUHWkQDUDDFWULWD
ÌQQRXDPHDSLHVDYDWUHEXLVDMRFLUROXOXQHLIHWHQHYLQRYDWHFDUHQXDDYXWGHDIDFHFXEDUEDWLL&UH]LFDSRWLMXFDDFHVW
URO"
1XSRWGRPQXOHUHJL]RU
'HFH"
1XDPSLFGHH[SHULHQWDvQDFHVWVHQV

1LVWHDGPLUDWRULODXLQYLWDWSHFHOHEUXODFWRU3HWHU8VWLQRYODRFLQDFXSUHWHQWLL3ULOHMFXFDUHDXSXVRSHILLFDORUFHD
PDUHVDFkQWHYUHRVDVHVDSWHDULLGLQRSHUH&HUkQGXLVHSDUHUHDDFWRUXODVSXV
$PXQSULHWHQvQ)UDQWDFDUHGDFDDUDX]LRDUGDXQPLOLRQGHGRODUL
2QXQLFLFKLDUDVDQHVLPWLPIODWDWLIDFXUDSDULQWLLvQGXHW
SHQWUXFDH[SOLFDvQFRQWLQXDUH8VWLQRYHVXUGGLQQDVWHUH

7DWDFHHVWHGHIDSWXQDFWRUDVDFXPHVWLWX"
8QDFWRU"(LILXOHFXPVDWLH[SOLFDFWRUXOHXQRPFDUHVHGXFHSkQDODPDUJLQHDVFHQHLSULYHVWHvQFXOLVHXQGHVHDIOD
UHVWXULGHGHFRUFkUSHKkUWLLDUXQFDWHSUDIPL]HULHVLVSXQH&HSULYHOLVWHPDUHDWDVHYHGHGHODIHUHDVWUDDVWD

%DQFXULFXDYRFDWL

8QSDFLHQWFDUHDVWHSWDGXSDXQWUDQVSODQWGHFRUGLVHRIHUDGHFDWUHGRFWRUXUPDWRDUHOHDOWHUQDWLYH
$YHPWUHLSRVLELOLWDWLWUHEXLHVDYDKRWDUkWLSHQWUXXQD8QDHVWHLQLPDXQXLDWOHWWkQDUVLVDQDWRVFDUHDPXULWvQWUXQ
DFFLGHQWGHPDVLQD$GRXDHVWHDXQXLRPGHDIDFHULFDUHQXDEDXWVLIXPDWQLFLRGDWDvQYLDWDVLFDUHDPXULWvQWUXQ
DFFLGHQWFXDYLRQXOVDXSULYDWLDUDWUHLDDXQXLDYRFDWFDUHDPXULWGXSDFHDSUDFWLFDWGHDQL
2LDXSHFHDDDYRFDWXOXL]LFHSDFLHQWXO
'XSDUHXVLWDWUDQVSODQWXOXLGRFWRUXOvVLvQWUHDEDSDFLHQWXOGHFHVDKRWDUkWvQDFHVWIHO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
)RDUWHVLPSOX]LFHDFHVWDDPOXDWLQLPDFDUHQXDIRVWGHORFIRORVLWD

'HPkLQHHVWLOLEHUÌODQXQWDEXFXURVDYRFDWXOSHFOLHQWXOOXL
'DPDEXFXUIRDUWHWDUHQDPFH]LFHERPEDQLGHWLQXWXO0DFKLQXLYUHPHGHDQLVDSUHJDWHVFRVFDUDGHIUkQJKLHDQL
FDVDSLOHVF]DEUHOHOHVLGXPQHDWDvPLYLLFXGHFUHWXOGHDPQLVWLHWRFPDLDFXPFkQGHUDPJDWDVDHYDGH]

$YRFDWXOvVLvQWUHDEDXQXOGLQYLLWRULLFOLHQWL
6LDYHWLEDQLLQHFHVDULSHQWUXDYDSHUPLWHVDILWLDSDUDWGHPLQH"
'DDPGRXDFDVHWHFXELMXWHULL
%LQHDWXQFLVDYHGHP'HFHVXQWHWLDFX]DW"
'HIXUWXOFHORUGRXDFDVWHFXELMXWHULL

ÌQSOHGRDULDILQDODDYRFDWXODSDUDULLVSXQH
'RPQXOHMXGHFDWRUYUHWLFXDGHYDUDWFDDFHDVWDIHPHLHIUXPRDVDVDVHPXWHGLQORFXLQWDHLGHODPDQVDUGDGLQVWUDGD
/LQLVWLLQXPDUXOWHOHIRQORFXLQWDFXDWkWDJXVWPRELODWDvQWURFHOXODUHFHVLXPHGDFXSHUHWLLJRL"

8QWkQDUDYRFDWvLVSXQHXQXLFROHJGHEUHDVOD
$YRFDWXOHVWHFHDPDLOLEHUDFUHDWXUDGLQOXPH(OQXHVWHGHSHQGHQWGHQLPHQLvQDIDUDGHFOLHQWLLVDLGHFROHJLGH
MXGHFDWRULVLGHWULEXQDOH
8QFOLHQWSDUFXUJHQRWDGHSODWDWRFPDLSULPLWDGHODDYRFDWXOVDX
'DELQHQXDPQLPLFvPSRWULYDSODWLLFLQHLODFDUHWRWXVLDPFUH]XWFDGXPQHDYRDVWUDPDWLLQYLWDWGDUFHYUHDVD
vQVDPQHDVWD6IDWODPDVDGHVHDUDOHL"
9DDGXFHWLDPLQWHDWXQFLODFLQDYLDPUHFRPDQGDWVWLXFDvQVRVGHYLQ

3RSHVFXvLVSXQHSULHWHQXOXLVDX
0DPGHVSDUWLWGHVRWLDPHDvQSDFHHDSDVWUHD]DORFXLQWDVLHXPDVLQDVLELURXO
%LQHGDUHFRQRPLLOHYRDVWUH"
$VWHDOHSDVWUHD]DDYRFDWXO

1XWRWLPDQGDQWLLSRWILQXPLWLYDFLGHODSWHVSXQHXQDYRFDWXQXLFROHJXQLLVXQWFDVRDUHFLLGLQELVHULFD'DUFHQRURF
FDQRLDYRFDWLLQHSULFHSHPVLODPXOVXOVRULFHLORU

'RLWLQHULDYRFDWLDQJDMHD]DSHQWUXQRXOORUFDELQHWSULYDWRWkQDUDVHFUHWDUD)HUPH&$7,'($3$5,7,$$&(67(,$VH
KRWDUDVFVDRLQLWLH]HvPSUHXQDvQWDLQHOHGUHSWXOXL
7UHEXLHVDYDDUDWDPIRDUWHFODUFDUHHVWHGLIHUHQWDGLQWUHGUHSWVLQHGHUHSW]LFHXQXO
)RDUWHELQH]LFHFHODODOWWXvLDUDWLFHHVWHGUHSW

'HQHYLQRYDWLDPXOWRUDFX]DWLVXQWYLQRYDWLGRDUDYRFDWLL

8QXLDYRFDWvLHVWHFHUXWVIDWXOGHFDWUHXQFDPDWDU
&XPvPLSRWSULPLFHOHPLOLRDQHvQDSRLGHOD,RQHVFX'DFDHXPLDPSLHUGXWFKLWDQWDGHvPSUXPXW"
6FULHWLLRVFULVRSDUHVLVSXQHWLLVDYDWULPLWDRGDWDFHOHPLOLRDQHvPSUXPXWDWH
%LQHGDUHXLDPvPSUXPXWDWGRDUPLOLRDQH
7RFPDLDVWDYUHPVDREWLQHPGHODHORGRYDGDVFULVDFDYDGDWRUWHD]DGRDUPLOLRDQH

8QDYRFDWvVLYL]LWHD]DXQFROHJGHVWXGLXODVIkUVLWGHVDSWkPQDvQORFXLQWDDFHVWXLDODWDUD*D]GDHVWHFKHPDWDFX
WUHEXULXUJHQWHvQRUDV/DvQWRDUFHUHDIODFDIRVWXOVDXFROHJGHVWXGLXDIRVWvQOLSVDVDIRDUWHLQWLPFXVRWLDVD
ÌQFRUDELDPHDDLvQWUHWLQXWUHODWLLVH[XDOHFXVRWLDPHD'XSDFXPVWLLGLQGUHSWXOQDYDOSHVFXLWXOvQDSHVWUDLQHHVWH
LQWHU]LV
6FX]H]LFHFHODODOWFDVDWDHODWDUDVLGXSDFXPVWLLGLQGUHSWXODJULFROFHOFDUHVHDPDQDSHSDUFHODDOWXLDvVLSLHUGH
VDPkQWD5RDGHOHvLUDPkQvQRULFHFD]SURSULHWDUXOXLSDPkQWXOXL

6LFkWYDGDWRUH]SHQWUXVXFFHVXOGREkQGLW"vQWUHDEDPDQGDQWXODYRFDWXOVDX
0DPXOWXPHVFFXRWUHLPHGLQFkWPLDWLSURPLVDWkWDWLPSFkWYDDIODWLvQFDvQEDQFDDFX]DWLORU

ÌPLSDUHIRDUWHUDXFDQXDPSXWXWIDFHQLPLFVSXQHDYRFDWXOFOLHQWXOXLWRFPDLFRQGDPQDW
1XIDFHQLPLFGRPQXOHDYRFDW7UHLDQLQLFLQXHDVDGHPXOW

$YHPQHYRLHGHXQDOLEL]LFHDYRFDWXOPDQGDQWXOXL1XYDYD]XWQLPHQLvQWLPSXOFkQGDDYXWORFVSDUJHUHD"
/DFDUHFOLHQWXOUDVSXQGH
'RDPQHIHUHVWHQX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8QDYRFDWFDUHDVFRVIDWDFXUDWDXQFXQRVFXWHVFURFvLWULPLWHDFHVWXLDRQRWDGHSODWDFDPXPIODWD(VFURFXOvLVFULH
vQDSRL
'RPQXOHDYRFDWRQRUDULXOGXPQHDYRDVWUDHVWHFDPULGLFDW6HSDUHFDDWLXLWDWFDHXVXQWVDUODWDQXOQXGXPQHDYRDVWUD

Ì&XPQXPHVWLGHDYRFDWLPRUWLODPDOXOPDULL"
58QvQFHSXWEXQ

Ì&XPvWLGDLVHDPDFDXQDYRFDWPLQWH"
5ÌVLPLVFDEX]HOH

Ì'HFHUHFKLQLLQXDWDFDDYRFDWLL"
5'LQFROHJLDOLWDWH

Ì&DUHLPRWLYXOSHQWUXFDUHXQDYRFDWHvQJURSDWSkQDODJkWvQQLVLS"
51DIRVWGHVWXOQLVLS

Ì8QGHJDVHVWLDYRFDWEXQL"
5ÌQFLPLWLU

Ì&DUHHGLIHUHQWDGLQWUHXQJLJRORVLXQDYRFDW"
5*LJRORXOGHVHUYHVWHQXPDLRSHUVRDQDGHRGDWD

Ì&DUHHGLIHUHQWDGLQWUHXQDYRFDWVLXQYDPSLU"
59DPSLUXOvWLVXJHVkQJHOHGRDUQRDSWHD

%DQFXULFXEkOEkLWL

8QEkOEkLWVLFXvQFDXQWLSPHUJHDXSHVWUDGD/DXQPRPHQWGDWEkOEkLWXO]LFH
8XXXXLLLWWWHRRRWWRRWRWLSDPLVWR&HODODOWRIWLFDW
%DSkQDVSXLWXWUHFHEDEDFXFRODFLL
ÌPPPLLSDUUUUHUHUUDX0DLPHUJHLFHPHUJVLLDUvQFHSHEkOEkLWXO
8LLWWWWHRRRWLSSDPLVVVWR
8QGH"
'GGGGDDFDFFXPPFROWWWXOO
%DSkQDVSXLWXvPLFUHVWHEDUED'DWDYLLWRDUHVDDUDWLFXGHJHWXO0DLPHUJHLSXWLQVLEkOEkLWXOvQFHSHLDU
8XXLLLWW
%LQHELQHDPYD]XW
$WWXQFFLGHFGHFFGHFHDLFDOFFFDWvQHO"

8Q EkOEkLW VL XQ FRFRVDW VH GXF OD IRWRJUDI VDVL IDFD SR]H GH EXOHWLQ %kOEkLWXOXL vL WUHEXLH R JUDPDGD GH WLPS FD VDL
H[SOLFHIRWRJUDIXOXLSHQWUXFHFXPFkWHSR]HYUHD&RFRVDWXOPRDUHGHUkV%kOEkLWXOQHUYRVvL]LFH
'HGHFFFHWRWRWRWUk]LPPPDVVVVDWWWHYYDGSSSHWWWLWLWLQHFXFXPDLVVDvQvQFKL]LEXEX
EXOHWLQXO

8Q EkOEkLW HVWH UHSDUWL]DW vQ FDGUXO XQXL &$3 OD FUHVFDWRULD GH SXL 'XSD XQ WLPS VH GXFH OD VHIXO GH IHUPD VL FHUH
VFKLPEDUHDODDOWORFGHPXQFD6HIXOVWLLQGFDEkOEkLWXOHVWHRPKDUQLFVLVHULRVvOvQWUHDEDFXFHODXVXSDUDWSXLL7LSXOVH
IRLHVWHVHUDVXFHVWHVLvQFHSH
6VV VHIXQQXPPPPDLSRW'LPGLPGLPLQHDWD]LFSSXSXLVVLLHVGGGR GHSXLVVLHEEELQH'GGDVVHDUD
]]LFXXVXVVVLLQLQWUDGGGHSXLVVLPPDLUDPUDPkQHXQXQXVLDDWDWXQFLVWVWVWULJOODHOGXGXWHQSLSLSLVL
SSkQDVVDOvvQMXULLHVWRWLDIDIDUD

&DSLWDQXOXQHLFRUDELLEkOEkLWGHIHOXOOXLXUPDULQGvQ]DUHFXELQRFOXO
5HUHUHSHGHRPODDSD
6DUPDULQDULLvQPDUHVLOVFRWSHXQXOvQXOWLPXOPRPHQW$GRXD]L
5HUHUHUHSHGHRPODDSD
,DUVDUWRWLPDULQDULLVLVFRWSHXQXOJDWDVDVHvQHFH$WUHLD]L
5HUHUH
6DUWRWLPDULQDULLvQDSDLDUFDSLWDQXO
5HUHFKLQL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QOHSURVVLXQEkOEkLWFROHJLGHFHOXOD/HSURVXOXLvLFDGHXQGHJHWvOLDVLvODUXQFDSHIHUHDVWUD'XSDFkWHYDPLQXWHvL
PDLFDGHXQGHJHWvODUXQFDSHIHUHDVWUD'XSDDOWHFLWHYDPLQXWHvLPDLFDGHXQGHJHWvODUXQFDSHIHUHDVWUD
%DDDEDDDDWXXWXXXXDLDDDDLLLvvvQQQFHFHFHHSSSSXXXXWWWWWVDVDHHHHHYDDDDDGHGHGH
]L

ÌQWUXQEDULQWUDXQEkOEkLW
$DDVGRGRGRULVLVLHHXXXQXLLLVFKL
%DUPDQXO
1QQDYHP
'HGHFHLvWLEDEDEDWLMRMRFGHGHPLQH"
1XQXvvPLEDEDWMRMRFGHGHWLWLQH6LHHXVXVXQWEkOEkOEkOEkLW
'DGDUURPDDL"
'GD
'DGDPLXXQSDSDKDU
,QWUDXQDOWFOLHQW
$VGRULVLHXXQZKLVNL
%DUPDQXO
1DYHP
'DUURPDL"
'D
'DPLXQSDKDU
/DFDUHEkOEkLWXOVDUH
7WWLDPVSXSXSXVFDWLEDEDWLMRMRFGHPLPLQH
1QXGGHWLWLQHPPLDPEDEDWXWMRMRFFLGGHHO

%DQFXULFXEHWLYDQL

1RWD$OWHEDQFXULFXEHWLYDQLVLSROLWLVWLSRWILJDVLWHOD&DWHJRULLVRFLDOH0LOLWLHQL

Ì&kQGHVWHXQRPEHDW"
5&kQGQXSRDWHVWDvQWLQVSHMRVIDUDVDFDXWHXQSXQFWGHVSULMLQ

Ì&kQGXQRPQXHVWHEHDW"
5&kQGSRDWHPHUJHSHVWUDGDIDUDVDDWLQJDERUGXUD

(D7UHEXLHQHDSDUDWVDWHvQWRUFLvQILHFDUHVHDUDDWvWGHWvU]LXGLQFkUFLXPD"
(O1XGUDJDRIDFGHEXQDYRLH

8Q EHWLY vQ GUXP VSUH FDVD VH vPSLHGLFD GH R VFkQGXUD VL FD]X 6H ULGLFD FX FKLX FX YDL VL YUX VD SRUQHDVFD ,DU VH
vPSLHGLFDVLFD]X
'DFDVWLDPFDRVDPDLFDGRGDWDPDLELQHQXPDULGLFDP

6HvQWkOQHVFGRLEHWLYDQL
$LVHUYLWGHMDDVWD]LPLFXOGHMXQ"
1XQLFLRSLFDWXUD

0HUJHDXSHVLQDGHFDOHIHUDWDEHWLYDQL
$ROHXFHGHVFDULvQEORFXODVWD
6LFHUHFHHEDOXVWUDGD
,DVVVVWLDX]LYLQHVLOLIWXO

9DULDQWD
7UHLEHWLYLSHRFDOHIHUDWD
&HVFDUDOXQJD
&kWHWUHSWHDUH
,DPDLWDFHWLEDGLQJXUDFDYLQHOLIWXO

8QWLSEHDWvQDXWREX]FDWUHWD[DWRDUH
'DPLXQELOHWXUkWR


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7D[DWRDUHDVXSDUDWD
'XWHGUDFXOXLFDHVWLEHDW
+kF0LHPLWUHFH

'XSDPLH]XOQRSWLLVRWLDDXGHVRQHULD6HGXFHODXVDGHVFKLGHEDUEDWLEHWLPRUWL
6WLPDWDGRDPQDQRLDPYHQLWVDOFRQGXFHPSHEDUEDWXOGYVDFDVDGD
QXPDLVWLPFDUHGLQQRLH

6RWLDQHUYRDVDvLGHVFKLGHXVDVRWXOXLFDUHWUD]QHDGHODRSRVWDDDOFRRO
3UHVXSXQXUODHDFDDLXQPRWLYIRDUWHVHULRVVDYLLDFDVDODGLPLQHDWD
'DDPUDVSXQGHVRWXOPLFXOGHMXQ

'RLEHWLYLLHVGLQWURFvUFLXPD'XSDYUHRPXQXO]LFH
$PXLWDWVDPDSLV
1XLQLPLFWHQYDWHX

&LFDGRLWLSLEHWLPRUWLLHVGLQFLUFLXPDVLVHGXFVDVHSLVHODJDUG6HSLVDHLFHVHSLVDSkQDFkQGXQXOvQWUHDED
$X]LEDLGHFHFkQGWHSLVLWXVHDXGH
SLV
LDUFkQGPDSLVHXVHDXGH
ILV
"
3DLGDFDWHSLVLSHILVXOPHX

'RLEHWLYLVHvQWDOQHVFSHVWUDGD
%HWLYXO%DDD)DFHWLORFVDWUHFSULQWUHYRL
%HWLYXO'DDD'DUWUHFHWLXQXFkWHXQX

8QFKHIOLXLHVLQGGHODRSHWUHFHUH]DUHVWHSHVWUDGDXQVRIHUFDUHvVLSRUQHDPDVLQDFXDMXWRUXOXQHLPDQLYHOH,QWULJDW
VHGXFHODVRIHUVLvOvQWUHDED
'RPQXOHQXLDVDFDWXvQYkUWLVWUDGD"

'RLEHWLYLLQYHQWHD]DXQMRF
8QXOGLQWUHHLWUHEXLHVDLDVDGLQFDPHUDLDUFHODODOWWUHEXLHVDJKLFHDVFDFLQHDLHVLW

6WDXGRLODLQWUDUHvQEHUDULH8QX
]LFH
&kWHOXDPGRXDVDXWUHL"
,DGRXDFDLHULDPOXDWWUHLVLDUDPDV
$VWDLQWUDVLFRPDQGD
&LQFLEHULVLGRXDERPERDQH

8QWLSODXQEDUPRUWGHEHDWFXSDKDUXOvQIDWDSOkQJHDGHUXSHDSDPkQWXO9D]kQGXODVDGHGH]DPDJLWEDUPDQXOvO
vQWUHDED
'DUFHVDvQWkPSODW"
3DLDFXPWUHLOXQLDPXULWPDPDVLPLDODVDW
&RQGROHDQWHOHPHOH
$FXPGRXDOXQLDPXULWWDWDVLPLDODVDW
ÌPLSDUHUDXGRPQXOHIRDUWHUDX
/XQDWUHFXWDDPXULWIUDWHPHXVLPLDODVDW
9DLWUHLSHUVRDQHGUDJLvQDVDVFXUWWLPS
6LOXQDDVWDQXPDLSLFDQLPLFQLPLFILUDUVDILH

6RWXOYLQHEHDWFULWDDFDVDvQWUDvQGRUPLWRUVLvQFHSHVDVHGH]EUDFHFkQGGHRGDWDvVLYHGHLPDJLQHDvQRJOLQGD
&HFDXWDDFHVWEDUEDWJROvQGRUPLWRUXOQRVWUX"UDFQHVWHHO3OHDFDGHDLFLSkQDQXWHSRFQHVF
=LFkQGDFHVWHDWUDVHXQSXPQ]GUDYDQvQRJOLQGDIDFkQGRWDQGDUL
6FX]DWLPDGRPQXOH7UHEXLDVDYDVFRDWHWLVLGXPQHDYRDVWUDRFKHODULL

8QWLSvLVSXQHVRWLHLvQWURVHDUDFDVHGXFHVDFXPSHUHWLJDUL/DPDJD]LQVHvQFKLVHVHDVDFDVHGXFHODEDU$FROREHD
FkWHYDEHULVLvQFHSHVDYRUEHDVFDFXRWLSD0DLEHDXvPSUHXQDQLVWHEHULDSRLVHGXFODWLSDDFDVDVLSHWUHFRQRDSWHIRDUWH
SODFXWD&kQGVHWUH]HVWHvVLGDVHDPDFDHUDGLPLQHDWD
1HYDVWDPHDRVDPDRPRDUHGDPLUHSHGHQLVWHSXGUDGHWDOF
(OLDSXGUDGHWDOFVLvVLGDSHPkLQL$MXQVDFDVDvVLJDVHVWHVRWLDDVWHSWkQGXOIXULRDVD
8QGHDLIRVWSvQDODRUDDVWD"
8LWHvWLYRLVSXQHDGHYDUXO$PIRVWvQWUXQEDUDPEDXWQLVWHEHULDPIRVWDFDVDODREORQGDVLPDPFXOFDWFXHD
$UDWDPkLQLOH]LVHVRWLDVLHOvLDUDWDPkLQLOHSOLQHGHSXGUDGHWDOF
0LQFLQRVQHQRURFLWLDUDLIRVWODERZOLQJ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7UHLLQVLEHDXvQEDUXOJDULLvQDVWHSWDUHDWUHQXOXL7UHQXOYLQHVLSkQDVDLDVDHLSHSHURQDVLSOHFDW6FHQDVHUHSHWD
vQWRFPDLDGRXDRDUDVLDWUHLDRDUD8QLPSLHJDWFDUHDVLVWDVHODFHOHSHWUHFXWHYLQHODHLJUDELWVLOHVSXQH
7UHQXODWUDVvQJDUD9HGHWLVDQXOSLHUGHWLVLSHDVWD(XOWLPXOSH]LXDGHD]L
&HL WUHL GDX EX]QD DIDUD 'RL UHXVHVF VD VH XUFH DO WUHLOHD UDPkQH SH MRV6L vQFHSH VD UkGD6L UkGH VL UkGHWLQkQGXVH FX
PkLQLOHGHEXUWD
'DUFHHGHUkV"vQWUHDEDLPSLHJDWXOPLUDW
3DLYHGHWL(XVXQWFHOFDUHWUHEXLDVDSULQGWUHQXO&HLODOWLGRLDXYHQLWQXPDLVDPDFRQGXFD

8QEHWLYDMXQJHDFDVDVLvQFHDUFDVDVLEDJHRWLJDUDvQJDXUDXVLL8QYHFLQvOYHGH
&HIDFLEDLYUHLVDGHVFXLXVDFXWLJDUD"
%HWLYXO
6HSDUHFDLDUPLDPIXPDWFKHLD

8QJDJLXEHDWWXUWDVHSLVDSHPLMORFXOGUXPXOXL7UHFHRFXFRDQDVL]LFH
9DLFHJURVRODQLH
/DFDUHJDJLXOPkQGUX
+kFGD
GD
GD
GHOXQJLPHQDYHWLQLPLFGH]LV"

'RLEHWLYLLHVODXQPRPHQWGDWGLQFkUFLXPDVLYRUEHVFvQWUHHL
%D,RDQHHXYDGGRXDOXQHSHFHU
6HXLWDVL,RQ
%D9DVLOHVXQWWUHLQXGRXD
%DQXPDFRQWUD]LFHHXvWLVSXQFDYDGGRXD
%DQXFDVXQWWUHL
6LWRWFHUWkQGXVHHLDVDVHvQWkOQHVFFXXQ SROLWLVW
'RPQXOHSROLWLVWSXWHWLVDQHVSXQHWLFkWHOXQHVXQWSHFHU"
6HXLWDSROLWLVWXOvQVXVVLGXSDSXWLQWLPSvQWUHDED
3HFDUHUkQG"

8QEHWLYVHVXLHvQWUXQWD[LVLVSXQH
6RIHUODJDUD
'DUVXQWHPODJDUD
%HWLYXOVSXQHVXSDUDW
8LWHGDUGDWDYLLWRDUHVDQXPDLPHUJLDVDWDUHFDDPUDXGHYLWH]D

'RLEHWLYLVHLQWDOQHVFQRDSWHDSHVWUDGD
%DLODPXUHVWHPDVLSHPLQHFKHVWLDDLDDOEDGHSHFHUH/XQD"
1XVWLXQXVXQWGLQFDUWLHUXODFHVWD

0DPDODXVDVXQWGRLRDPHQLFDUHFkQWD
'DOHFkWHGHOHLVLVSXQHOHVDSOHFH
%LQHGDUQXVWLXGDFDRVDSOHFHXQXOGLQWUHHLHVWHWDWD

&LFDvVLLDXQWLSXQMHHS&XPHVLQRUPDOSHRSDUWHVFULH[FDHUDMHHSFDUHVHUHVSHFWDÌQWURVHDUDvORFKHVWHXQ
EHWLYFDUHVHXLWDFKLRUkVOD;VFRDWHRFKHLHVL]JkULHvQFRQWLQXDUH 
$GRXD]LSURSULHWDUXOvVLSXQHPkLQLOHQFDSÌVLGXFHPDVLQDODXQVHUYLFHVLLPDLWUDJHXQVWUDWGHYRSVHD6HDUDLDUR
RFKHVWH EHWLYX
,DU VH XLWD FKLRUkV OD LQVFULSWLD [ LDU VH VFRWRFHVWH GXSD FHYD DVFXWLW SULQ EX]XQDUH VL DGDXJD  
3URSLWDUX
LDUVH]JkUkLHVLHOSHRFKLFkQGYHGHLVSUDYDVLLDUVHGXFHODVHUYLFHGD]LFH
%DXLWHDVDVLDVDQDLSXWHDVDGDXJL GXSD[GD
DVDFDVDSDUDFDVDDIRVWGLQIDEULFDWLH"
6LJXU]LFHPHFDQLFX

=LXDXUPDWRDUHLDUVHDSURSLHEHWLYX
GHMHHSVLFLWHVWH[ 6WDRPX
FHVWDFXRFKLLFkWFHSHOHODFDOFXOX
DODGXSD
FDUHVFRDWHXQFXLGLQEX]XQDUVLPk]JDOHVWH&25(&7

8QLQGLYLGEHDWPRUWVHXUFDvQDXWREX]VLFkQGYD]XFDWRDWHORFXULOHVXQWRFXSDWHvQFHSXVDUDFQHDVFD
7RWLDLDGLQSDUWHDGUHDSWDVXQWHWLQLVWHFXUYDULLDUFHLGHSHSDUWHDVWkQJDVXQWHWLQLVWHLPSRWHQWL
'RPQXOH VH LQGLJQDXQ FDODWRU FDUH VWDWHD SH XQ VFDXQ GLQ SDUWHD GUHDSWD D DXWREX]XOXL HX QX PLDP vQVHODW QLFLRGDWD
VRWLDFXvWLSHUPLWL
$WXQFLWUHFLUHSHGHODFHLGLQSDUWHDVWDQJD

8QEHWLYLHVHGLQWUXQEDUVLORYLQGXVHGHXQVWkOSvQFHSHDVHvQYkUWLvQMXUXOOXL'XSDYUHRFLQFL PLQXWHH[WHQXDWVH
DVHD]DvQIXQGVLvQFHSHVDVWULJH
%DFDUHPDWL]LGLWDLFHD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DWUXWLSLLQWUDvQWURFkUFLXPD
9RWFDSHQWUXSDWUX]LFHXQXO
'DEDUPDQXOUkQGX
WRWLvOGDXODIXQG6HUHSHWDVFKHPDGHYUHRWUHLRULSkQDFDGHXQXOVXEPDVD
9RWFDSHQWUXWUHLFHUHLDUSULPDSHUVRDQD
'D
GRPQXOQXPDLEHD"]LFHvQJOXPDEDUPDQXODUDWkQGVSUHFHOFD]XWVXEPDVD
1XGRPQXOHVRIHUXOQRVWUX

&LFDvQWUR]LXQXOSUDIVLSXOEHUHGHEHDWGDVDLDVDDIDUDGLQFkUFLXPDFkQGVHvPSLHGLFDVLFDGHvQPLMORFXOWURWXDUXOXL
ÌQFHUFkQGVDVHULGLFHGHMRVORYLWFXPHUDREVHUYDOkQJDHORGDPDVXSHUvQWURIXVWDVFXUWDVLXQWULFRXODFDUHvL]LFH

'DWXFHIDFLDLFL"
)DFWURWXDUXO
'DQXSXWHDLVDOIDFLPDLPRDOH"

8Q WLS EHDW PRUW LQWUD vQWUXQ EDU VL GXSD FH VH L]EHVWH GH FkWLYD FOLHQWL vQ GUXP VSUH WHMJKHD VH RSUHVWH vQ IDWD XQHL
SHUHFKLVLUkJkLH6RWXOLQGLJQDW]ELDUDODHO
&XPvQGUD]QHVWLVDUkJkLvQDLQWHDVRWLHLPHOH"
9DLvPLFHUVFX]HUDVSXQGHEHWLYXO1DPVWLXWFDHUDUkQGXOGXPQHDHL

8QWLSLQWUDvQWUXQEDUVLYHGHXQDILVPDUH%HUHSHJUDWLV6HDVHD]DRPXOODEDUVLvOvQWUHDEDSHEDUPDQFXPHVWHFX
EHUHDDLDJUDWXLWD%DUPDQXOUDVSXQGH
&DVDEHLEHUHJUDWXLWWUHEXLHVDvQGHSOLQHVWLWUHLVDUFLQLSULPDVDEHLXQOLWUXGHWHTXLODDGRXDDIDUDHVWHXQFURFRGLOGH
PHWULFDUHDUHXQGLQWHVWULFDWVLWXWUHEXLHVDLOVFRWLDWUHLDODHWDMVHDIODRIHPHLHFDUHQXHVWHQLFLRGDWDVDWLVIDFXWD
VH[XDOVLWXWUHEXLHVDRVDWLVIDFL2GDWDWRDWHDVWHDIDFXWHYHLSULPLFkWDEHUHYUHLSHJUDWLV
%HDJDJLXOYUHRVDSWHRSWEHULSDQDVHPDFKHVWHQLWHOÌVLIDFHFXUDMVLvLVSXQHEDUPDQXOXLFDHVWHJDWDVDGXFDODvQGHSOLQLUH
FHOHWUHLVDUFLQL3HQWUXvQFHSXWEDUPDQXOvLGDRVWLFODGHXQOLWUXFXWHTXLOD)DUDVDVWHDSUHDPXOWSHJkQGXULWLSXOWUDJH
DHUvQSLHSWVLGDWRDWDVWLFODSHJkW9DGLWDPHWLWLHVHDIDUDODFURFRGLOVLWUDJHXVDGXSDHO'HDIDUDVHDXG]ELHUHWHUDJHWH
SRFQLWXULXUOHWHWRDWDJDODJLDSRVLELOD
'XSD]HFHPLQXWHLQWUDHURXOQRVWUXvQEDUSOLQGHVkQJHFXFDPDVDVIkVLDWDODIHOGHEHDWFXPSOHFDVHVLVSXQH
(LDFXPKkFVDPDGXFLKkFODIHPHLDDLDKkFFDUHDUHGLQWHOHVWULFDW

6WDXQWLSvQWUXQEDUFXXQSDKDUvQIDWDLDUGXSDRRUDLQWUDvQEDUXQELNHUJUDVVLvLEHDSDKDUXO7LSXOFkQGYHGHvQFHSH
VDSOkQJDvQKRKRWHODFDUHELNHUXOvLVSXQH
$IRVWGRDURJOXPDGDFDWHDGHUHQMDWvWLFXPSDUDOWDEDXWXUDGDUWHURJQXPDLSOkQJHFDQXVXSRUWDVDFHYD
7LSXOvQFHSHVDLH[SOLFHSULQWUHVXJKLWXUL
$VWD]LDIRVWFHDPDLQDVRDOD]LGLQYLDWDPHDVLWRWXODvQFHSXWGHGLPLQHDWDFkQGQXPDPWUH]LWVLDPvQWkU]LDWODRVHGLQWD
LPSRUWDQWDGXSDFDUHVHIXOPDFRQFHGLDW$PSOHFDWDSRLVSUHFDVDVLGXSDFHDPSODWLWWD[LXOVLDFHVWDDSOHFDWPLDPGDW
VHDPD FD DP XLWDW SRUWRIHOXO vQ WD[LX 'XSD DVWD LQWUX vQ FDVD VL R JDVHVF SH VRWLD PHD vQ SDW FX FHO PDL EXQ SULHWHQ LDU
DFXPDYLQDLFLVDPLSXQFDSDW]LOHORUVLWHJDVHVWLWXVDPLEHLRWUDYD

8QEHWLYLQWUDODEDUVLVSXQHEDUPDQXOXL
2YRWFDPLHRYRWFDODWRDWDOXPHDVLRYRWFDWLH
%DUPDQXOVHH[HFXWDGDUFkQGFHUHSODWDEHWLYXOQDUHEDQL%DUPDQXOvOEDWHVLOGDDIDUD6HDUDXUPDWRDUHYLQHEHWLYXO
2YRWFDPLHRYRWFDODWRDWDOXPHDVLRYRWFDWLH
%DUPDQXO WRDUQDGDUOD SODWDGLQ QRX QDUHEDQL3RYHVWHD VH UHSHWDGH FkWHYDRUL'XSD FkWHYD ]LOH YLQH LDUDVL EHWLYXO VL
]LFH
2YRWFDPLHVLRYRWFDODWRDWDOXPHD
%DUPDQXOvQWUHDEDMLJQLW
6LSHQWXPLQHQX""
1X]LFHEHWLYXO7XFXPEHLXQSDKDUHOGHYLLYLROHQW

8QX EHDW FULWD ]DFHDQWUXQ VDQW ÌQWUXQ WkU]LX VH WUH]HVWH VH FDXWD SULQ EX]XQDUH JDVHVWH R PLH GH OHL *ORQW OD
FUkVPD
9RWFDGHRPLH
2GDSHJkWVHIDFHFXLFDGHQVDQW]DFHDFRORFkQGVHWUH]HVWHLDUJDVHVWHRPLHvQWUXQEX]XQDULDUGDIXJDODFUkVPD
,VWRULDVHUHSHWDGHFkWHYDRUL9D]kQGXODFLQFHDRDUDFKHOQHUXODQWLFLSHD]D
6WLXGHRPLHYRWFD
%DQXQXYRWFDGDWLPLFRQLDFFDQX
VGHFHGHYRWFDDVDPDGRDUHJDXUDFXUXOXL

9DULDQWDH[SOLFLWD
8QXEHDWFULWD]DFHDQWUXQVDQW8QKRPRVH[XDO vO YHGH YLQH VLLIDFH IHOXO &D UHFRPSHQVDvL SXQHLQ EX]XQDU
ÌQWUXQWkU]LXDVWDVHWUH]HVWHVHFDXWDSULQEX]XQDUHJDVHVWH]HFHPLLGHOHL*ORQWODFUkVPD
9RWFDGH]HFHPLL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2GDSHJkWVHIDFHFXLFDGHQVDQW]DFHDFRORYLQH KRPRVH[XDOXOvO IDFHvLSXQH&kQGVH WUH]HVWH LDU JDVHVWH
]HFH PLL vQWUXQ EX]XQDU LDU GD IXJD OD FUkVPD ,VWRULD VH UHSHWD GH FkWHYD RUL 9D]kQGXO D FLQFHD RDUD FKHOQHUXO
DQWLFLSHD]D
6WLXGH]HFHPLLYRWFD
%DQXQXYRWFDGDWLPLFRQLDFFDQX
VGHFHGHYRWFDDVDPDGRDUHIXQGXO

'RLSULHWHQLVHSOLPEDXEHWLvQWURQRDSWHSHRVWUDGDvQWXQHFDWD/DXQPRPHQWGDWWUHFHXQFDPLRQVLOFDOFDSHXQXO
GLQWUHHL3ULHWHQXOVDXDVDFXPDSXWXVLHOODGXVSkQDDFDVDSHFROHJXOVDXGHSDKDU6XQDODXVDLDUGLQLQWHULRUVHDX]LR
YRFHVRPQRURDVD
1XPDLDLFHFDXWDvQFDVDPHDEHWLYXOH
1XLQLPLFYDLQWUDSHVXEXVDVSXVHDOGRLOHDSULHWHQ

'RPQXOHVHDGUHVHD]DXQEHWLYFDWUHXQWUHFDWRUILWLYDURJEXQVLQXPDUDWLPLFXFXLHOH
8QXGRLSDWUXVDSWHRKR$LRFROHFWLHLPSUHVLRQDQWD]HFHXQVSUH]HFH
8QVSUH]HFH"9DPXOWXPHVF*DWD"
0DLDPGRLVWkOSLVLXQ]LGVLDPDMXQVDFDVD

8Q SHVFDU FX VWLFOXWD GH YRGFD OkQJD HO /D XQ PRPHQW GDW SULQGH SHVWLVRUX
 GH DUJLQW 'D HO VDO DUXQFH GD
 DVWD vL
YRUEHVWH
6WDLFDWLvQGHSOLQHVFRGRULQWD
'XWHEDLvQSL]GDPDWLL
6WDLEDLIUDLHUH
%LQHEDLGHDFX
VDPDSLVYRGFD
2N
$UXQFDDVWDSHVWLVRUX'XSDXQWLPSVHWHUPLQDVWLFODOXLGHYRGFD6WDDVWDFHVWDSHJkQGXULVLSkQDODXUPDLDVWLFODVLVH
SLVDvQHD0LURDVHYRGFD%HDYRGFD9HFLQX
VHXLWDODHOFDODIHOX
SDLVSH
&HIDFLEDLDFROR"
%HDXYRGFD
'XWHEDL
,DVLJXVWD
9HFLQXLXWHODPkQLHvLGDXQDSHVWHPkQDVLVWLFOD]ERDUDVLVHVSDUJHGHRVWkQFD$VWDLDXQFLREVLLOGDYHFLQXOXLVDO
PLURDVD$VWDPLURDVH
9RGFDEDLFKLDUDLDYXWGUHSWDWH
9H]LEDLIUDLHUHDFX
GDFDDLVSDUWVWLFODWUHFLVLLDGHODVXUVD

2VDUPDOXWDSHIXQGXOVWRPDFXOXL$SDUGHYRGFD
&LQHVXQWHWLYRLFDXUkWLPDLVXQWHWL"
6XQWHPGHYRGFDVLYHQLPvQFLQVWHDOXL*LJL$SDUGHWXLFD
&LQHVXQWHWLYRLFDXUkWLPDLVXQWHWL"
6XQWHPGHWXLFDVLYHQLPvQFLQVWHDOXL*LJL$SDUGHFRJQDF
&LQHVXQWHWLYRLFDXUkWLPDLVXQWHWL"
6XQWHPGHFRJQDFVLYHQLPvQFLQVWHDOXL*LJL$SDUGHYLQ
&LQHVXQWHWL"
6XQWHPGHYLQVLYHQLPvQFLQVWHDOXL*LJL$SDUGHEHUH
&LQHVXQWHWL"
6XQWHPGHEHUHVLYHQLPSW*LJL
/DFDUHVDUPDOXWD
+DLVDLHVDIDUDVDOFXQRVFVLHXSH*LJLDVWD

8QWLSFXPDVLQDGDUkPDJDUGXULRPRDUDSHUVRDQHSURLHFWHD]DXQFDPLRQvQ]LGVLVHRSUHVWHvQWUXQFRSDF'XSD
]LOHVHWUH]HVWHODVSLWDO
(LGRFWRUHFXPH"
$PUH]XOWDWHOHDQDOL]HORUÌQDOFRROXOGXPQHDYRDVWUDDPJDVLWSLFDWXULGHVkQJH

ÌQIDWDXQXLKRWHOGHOX[VWDXQRPvQXQLIRUPD8QXOEHDWWXUWDVDDSURSLHGHHOVLL]LFH
5HSHGHUHSHGH&KHDPDPLXQWD[L
2PXOvQXQLIRUPD
$VFXOWDEDHXQXVXQWSRUWDUHXVXQWDPLUDO
1XLQLPLFD]LFHEHDWXODWXQFLFKHPDWLPLXQFXLUDVDW

8QXOPRUWGHEHDWVHXFDvQWD[LFDVDPHDUJDDFDVDWD[LPHWULVWXOSULYHVWHvQRJOLQGDUHWURYL]RDUHVLODXQ PRPHQW GDW

YHGHFDRPXOQRVWUXvQFHSHVDVHGH]EUDFH6WULJDODHO
$VWHSWDWLXQPRPHQWLPHGLDWDMXQJHWLDFDVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HQXDPDMXQVvQFD"VSXQHEHDWXO7UHEXLDVDPLVSXLPDLvQDLQWHFDGHMDPLDPSXVSDQWRILLvQIDWDXVLL

8QWLSFXXQPLFURIRQvQWUHDEDXQSLHWRQ
'LPLQHDWDEHLWL"
)DFHWLXQVRQGDMGHRSLQLHVDXYUHWLPDWUDWDWLFXXQZKLVN\"

-RKQHVWHDGXVvQIDWDWULQEXQDOXOXLVXEDFX]DWLDGHFRQWUDEDQGDFXEDXWXULDOFRROLFH
3ULYLWLODDFHVWRPVSXQHDYRFDWXODSDUDULLDGUHVvQGXVHMXUDWLORU3ULYLWLFHILJXUDGHEHWLYvPSDWLPLWDUH&UHGHWLGRPQLLOH
YRDVWUHFDXQXOFDHODUYLQGHRVWLFODGHZKLVN\GDFDUDYHDR"

$ELD VD GHVFKLV EDUXO VL DSDUH XQ EDUEDW VODE QHUDV FX R ILJXUD PDKPXUD VL KDLQHOH PRWRWROLWH VL VH DGUHVHD]D
EDUPDQXOXL
6SXQHPLWHURJPDLYD]XWDVWDQRDSWHSHDLFL"
%LQHvQWHOHV
6LDPFRQVXPDWGHYUHXQPLOLRQ"
&DPDVDFHYD
%LQHJDWDPDPOLQLVLW&UHGHDPFDLDPSLHUGXW

7UHLWLSLVWDXODRPDVDvQWUXQEDUFkQGXQWLSEHDWYLQHODHLVLDUDWkQGFDWUHFHOGLQPLMORF]LFH
0DWDHFHDPDLPDUHFXUYDGLQRUDV
7RWLVHDVWHSWDXVDVDUDODEDWDLHGDUDFHVWDvOLJQRUDSHRPXOEHDWFDUHVHYHGHQHYRLWVDVHUHWUDJD=HFHPLQXWHPDLWkU]LX
RPXOEHDWYLQHLDU
$VHDUDDPI XWRSHPDWDVLDIRVWQHPDLSRPHQLW
7LSXOLDUUHIX]DVDVDUDODEDWDLH3HVWH]HFHPLQXWHLDUDFHHDVLSRYHVWH
$VHDUDLDPGDWPXLHPDWLL
3kQDODXUPDWLSXOVHHQHUYHD]D
'XWHDFDVDWDWDHVWLEHDW

'RLEHWLYLVFRWXQRPSHMXPDWDWHvQHFDWGLQWUXQODF
9H]LFHDSDWLWGDFDDEDXWDSD

&LFDVHXUFDXQXOEHDWPRUWvQWUDPYDL6WDvQSLFLRDUHVLVHWLQHGHEDUDGHVXVVLVWkQJDGUHDSWDVLWRWDVDSkQDLVHIDFH
UDX/DXQPRPHQWGDWERUDVWHSHXQWLSFHVWDWHDSHVFDXQ7LSXO
1HVLPWLWXOHEHWLYXOHSRUFXOH
%HWLYXO
,RSRUF"8LWDWHODWLQHFXPDUDWL

9LQHXQX
PRUWGHEHDWLQWUDvQWURELVHULFDFDWROLFDGLVFXWDSXWLQFXVWDWXLOHGXSDFDUHLQWUDvQFRQIHVLRQDOVLVHDVHD]D
SHVFDXQ6WDSUHRWXOFHVWDWXVHVWHSXWLQ$VWDQLPLF0DLVWDRYUHPHGXSDFDUHEDWHvQSHUHWHGRDUGRDULRDWUDJH
DWHQWLDGD
DVWD
1XPDLEDWHEDLIUDLHUHFDQLFLDLFLQXHKkUWLHLJLHQLFD

ÌQWUR EXQD GLPLQHDWDvQ IDWD XQXL PDJD]LQ XQ EHWLYUkGHD GH VH SUDSDGHD 8Q FHWDWHDQ FDUH WUHFX SH DFROR vO REVHUYD
'XSDRRUDWUHFHLDUSHDFRORODIHOGXSDGRXDVLWRWQXVWLDGHFHUkGHDDFHOEHWLY3kQDODXUPDvOvQWUHDED
%DRPXOHUk]LGHWUHLRUHVLQXvQWHOHJFHWHDPX]D"
6HHIX
EHWLPDQJDDPYD]XWEHWLWXUWDDPYD]XWEHWLOXODDPYD]XWEHWLUXSWLDPYD]XWEHWLWXQDPYD]XW
GDUEHWL&RFD&RODQXDPPDLYD]XW

8QEHWLYDQvQWUHDEDEDUPDQXO
&kWDEHUHYLQGHWLDVDSH]L"
&DPSDWUXEXWRDLH
9UHWLVDYDVSXQFXPDWLSXWHDVDYLQGHWLFLQFLEXWRDLHSH]L"
%DUPDQXOLQWHUHVDW
&XP"
8PSOHWLKDOEHOHFDOXPHD

'RFWRUHDPYRLHVDEHDXEHUH"vQWUHDEDXQDOFRROLF
'RDPQHIHUHVWHUDVSXQGHGRFWRUXODWDYLDPLQWHU]LVDFXPGRLDQL
'DGDUPLDPvQFKLSXLWFDPHGLFLQDDPDLIDFXWSURJUHVH

1XPLDPSXWXWvQFKLSXLFDZKLVN\XOWHSRDWHvQIUXPXVHWDDVDGHPXOW
'DUQLFLQDPSXVJXUDSHEDXWXUD
6WLXHXvQVDVXQWODDOWUHLOHDSDKDU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QEHWLYYHGHRXVDFXXQEHFURVXGHDVXSUD,QWUDvQDXQWUXVLFHUHFHYDPDLVSHFLDO6LLVHGD$GRXD]LGLPLQHDWDVH
WUH]HVWHVLVHXLWDPLUDWODWLSDVLvQWUHDED
3DLD]LQRDSWHDPVXSWGLQFHOGHDOWUHLOHDVkQXQGHDGLVSDUXW"
ÌPLSDUHUDXGDUFHOGLQPLMORFHUDXQIXUXQFXO

'RLSULHWHQLVHSOLPEDXEHWLvQWURPRDSWHSHRVWUDGDvQWXQHFDWD/DXQPRPHQWGDWWUHFHXQFDPLRQVLOFDOFDSHXQXO
GLQWUHHL3ULHWHQXOVDXDVDFXPDSXWXVLHOODGXVSkQDDFDVDSHFROHJXOVDXGHSDKDU6XQDODXVDLDUGLQLQWHULRUVHDX]LR
YRFHVRPQRURDVD
1XPDLDLFHFDXWDvQFDVDPHDEHWLYXOH
1XLQLPLFYDLQWUDSHVXEXVDVSXVHDOSULHWHQXO

8QXO]LFHSULHWHQLORU
'LQSDUWHDPHDSRWVDDUXQFHWRWDOFRROXOGLQRUDVvQODFXOGLQDSURSLHUH
'HFH"$LGHYHQLWDQWLDOFRROLF"
1X6FDIDQGUX

/DWHOHIRQ
$OR+kF6RFLHWDWHDSHQWUXDMXWRUXODOFRROLFLORU"
'D$YHWLSUREOHPH"
'D$VGRULVDVWLXFXPVHIDFHOLFKLRUXOGHFLRFRODWD

8QEHWLYGDEX]QDvQWUREXGDSXEOLFDODIHPHLVLvQFDGHODLQWUDUHvQFHSHVDVLGHVIDFDVOLWXO7LSDDLDFDUHGDPHWUXOGH
KvUWLHLJLHQLFDvOLDODURVW
%DLRPXOHDLFLHVWHSHQWUXIHPHL
'D
FHDPHXvQSURKDESHQWUXFLQHFUH]LFDHVWH"

8QXOEHDWWXUWDVWDSHRERUGXUDvQIDWDXQXLEDU8QVWUDLQYLQHODHOVLvOvQWUHDEDGDFDvLPHUJHUDXVDXGDFDQXVHSRDWH
ULGLFD%HDWXOUDVSXQGH
+HL6WLLWXFLQHVHX"
1X&LQH"
,VXV&ULVWRVVLWLRSRWGRYHGL9LQRFXPLQH
,QWUDvQEDUVLVWUDLQXOGXSDHO%DUPDQXOvOYHGHSHEHWLYVL]LFHVXSDUDW
,VXVH,DUHVWLDLFL

0DODVGHEDXWXUD]LFH%XODXQXLSULHWHQ
&XPDVD"
3DLD]LQRDSWHDPIRVWDWkWGHEHDWvQFkWGHDELDPDPWkUkWSHWUHSWHOHFDVHLSkQDvQGRUPLWRU
6LFHLDVDGHUDXvQDVWD"
3DLQLFLQXDPGHVFKLVXVDGRUPLWRUXOXLFDHUDPGHMDvQSDWVLvPLIX WHDPQHYDVWD

1HYDVWDXQXLDFXULRDVDGHFHEDUEDWDVXvVLSHWUHFHDQRSWLOHvQFUkVPDYUHDQHDSDUDWVDYLQDFXHOVDYDGDFHPRWLYDUHGH
vLSODFHDWkWGHPXOWDFROR
&HEHL"RvQWUHDEDHO
&HEHLVLWX]LFHHD
(OvVLFRPDQGDWUHLSDKDUHGHZKLVNLVLOHEHDGLQWURvQJKLWLWXUDSHWRDWH(DvQFHDUFDVDEHDODIHOGHUHSHGHGDUVHvQHDFDVL
VFXLSDZKLVNLXOGLQJXUD
&XPSRWLVDEHLDVDXQFDFDW]LFHHD
9H]LVLWX]LFLFDPDGLVWUH]vQILHFDUHVHDUD

'RLEHWLYLVWDXGHYRUED=LFHSULPXO
6WLLFkQGDYHDPGHDQLQXSXWHDPVDPLvQGRLSX DVFXODWDGHORF/DDPUHXVLWFXJUHXVRvQGRLFXYUHRJUDGH/D
 D IRVW GHVWXO GH XVRU VRvQGRL FX  GH JUDGH 6DSWDPkQD YLLWRDUH IDF  GH DQL VL GHMD SRW VR vQGRL FX R PkQD SH
MXPDWDWH
6LFHYUHLVDPLVSXLFXWRDWHDFHVWHD""
0DvQWUHEFkWGHSXWHUQLFRVDPDPDLIDF"

8QXOEHDWUHD]HPDXQIHOLQDU$OWXOWRWEHDWDUDWkQGIHOLQDUXvOvQWUHDED
&HLDVWDGRPQXOH"/XQDVDXVRDUHOH"
1XVWLXGRPOHFDHXQXVGHSULQSDUWHDORFXOXL

6HXUFDXQEHWLYvQWUDPYDLVLYRPLWDSHXQFDODWRUODFDUHFDODWRUXO
&HIDFLPDSRUFXOH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7XYRUEHVWLEDLQXYH]LFXPDUDWL

8QEHWLYvQWUDPYDL
6DODOD"
1XvWLHVWHUXVLQHDQLPDOXOHVSXVHRGRDPQD
(OUDVSXQGH
6DQFKLFDWXDLILYUHRSODQWD

,QWUDXQXvQWUXQEDUDIXPDWUDXVHWUkQWHVWHvQWUXQVFDXQVLFRPDQGDXQZKLVN\%DUPDQXC]LFHSROLWLFRVFDQXLGD
FD H FDP EDXW VLL GHDMXQV ÌQMXUD DVWD XQ SLF VL SOHDFD 1X WUHF  PLQXWH FD LQWUD LDUDVL RPXO VDUXQFD vQ WDEXUHW VL
FRPDQGDXQZKLVN\ÌLH[SOLFDEDUPDQXPDLIHUPFDQXLPDLGDFDVLDVDDEDXWGHVWXO%RGRJDQHVLvQMXUDRPXOGDVH
FDUDYkUWHMSDXVDDIDUD
'XSDvQFDYUHRPLQXWHLDUDQDYDOHVWHRPXvQEDULDUDVHSULSRQHVWHvQWUXQVFDXQVLFRPDQGDXQZLVN\%DUPDQXvL]LFH
LDUDGHGDWDDVWDUDVSLFDWFDQXvQFDSHvQGLVFXWLHFDRPXLPXOWSUHDEHDWODFDUHEHWLYDQXL]EXFQHVWHvQSOkQV
'RPCOHQXPDLSRWSHQWUXQXPHOHOXL'XPQH]HXGDWXvQFkWHEDUXULPDLOXFUH]L"

9DULDQWDOD
8QEHWLYFLRFDQHDGHPDPDIRFXOXLvQWUXQVWkOSUDFQLQG
'HVFKLGHWLGHVFKLGHWL
1LFLXQUDVSXQV%HWLYXOVWULJDLDU
'DUGHVFKLGHWLRGDWD
,DUQLPLF&XXOWLPHOHSXWHULXUOD
'HVFKLGHWLLPHGLDW
'LQQRXQLPLFÌQILQDOH[FODPD
,DUPDXvQFXLDWDLFL

%DQFXULFXFLREDQL

Ì&XPJDVHVWHXQFLREDQRRDLHvQSRUXPE"
5$FFHSWDELOD

Ì'HFHGRUPFLREDQLLSHEXUWD"
53HQWUXFDVDQXOHIXUHFLQHYDEUkQ]D

Ì'HXQGHVHREWLQHOvQDSXUDYLUJLQD"
5'HODRRDLHXUkWD

$OHPDWDOH
VRLOH"vQWUHDEDXQWXULVWSHXQFLREDQ
,QFRQWHVWDELO
,DWHXLWD6LOHGXFLODSDVFXW"
1X/DDXWRIXUDMDUH

8QDFDGHPLFLDQPHUJHSHPXQWHODXQPRPHQWGDWVLGDGHXQEDFLÌL]LFH
%DGHDOHWDOHVRLOHFHOHGHVXESRDODSDGXULL"
,QGXELWDELO

9DULDQWD
8Q SURIHVRU ILORORJ VH SOLPED SH OD PXQWH /D XQ PRPHQW GDW YHGH XQ FLREDQ FX RLOH OD SDVFXW &XP HUD HO SLHUGXW SH
JkQGXULvOvQWUHDEDSHFLREDQ
$QFHVWUDOXOHSDVWRUvQSRVHVLDGXPLWDOHVHDIODDFHVWHPLQXQDWHSDWUXSHGHSDUDFRSLWDWH"
,QGXELWDELO

(UDXGRLFLREDQLDUGHOHQLVLILHFDUHSDVWHWXUPDOXLSHGHDOXULFDUHHUDXGHVSDUWLWHGHXQGUXPQDWLRQDO/DXQPRPHQW
GDWYLQHXQ7,5VLORYHVWHFHDPDLIUXPRDVDRDLHDXQXLDGLQWUHHL8UPHD]DXUPDWRUXOGLDORJ
,RQLHYD]XWDLPDJDRDLDKDLDPDUHFDUHRWUHFXW"
9D]XWPDD
$LYD]XWFDWRFDOFDWVHDPDLPkQGUDPLRDUDPDD"
9D]XWPDD
6vvVHHVkPWkVWLPDD"
ÌPLUHSXJQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

/DWDUDODPDUJLQHDXQXLFkPSXQSLFWRUWRFPDLvVLLQVWDODVHXVWHQVLOHOHGHSLFWDWÌQIDWDOXLVHDIODRWXUPDGHRLVLXQ
EDFLFDUHOHSD]HD3LFWRUXOvOvQWUHDED
ÌPLGDLYRLHVDWLSLFWH]RLOH"
9DURJGRPQXOHQX$VGRULVDUDPkQDDOEH

'RLFLREDQLVWDWHDXGHYRUEDVLvVLSRYHVWHDXDYHQWXULOHDPRURDVH8QXOGLQWUHHL]LFH
1RYH]LWXFRSDFXFHOD"$FRORDPYLRODWHXSHXQD
$VDPD"
$VDVLHUDVLPDVDGHIDWD
$VDPDVLPDVDFHD]LV"
%HHHHHH

8QFLREDQFDODWRUHDFXWUHQXOÌQFRPSDUWLPHQWHUDXPDLPXOWHIHPHLFDUHGLVFXWDXGHVSUHGXUHUL8QDGLQHOH
'XUHUHDGHPDVHOHHVWHJURD]QLFD
$OWD]LFH
'XUHUHDODQDVWHUHHVWHLQVXSRUWDELOD
6HYHGHFDQXYDORYLWQLPHQLFXREkWDvQFRDLHLQWHUYHQLFLREDQXO

8QHQJOH]DMXQJHODRVWkQDGLQ&DUSDWL&RQVXOWDGLFWLRQDUXOHQJOH]URPDQVLGXSDRRUDUHXVHVWHVDOHJHRIUD]D
%DGKHDOHWKDOHVkQWRHOH"
<HV2IFRXUVH

8QHQJOH]VPLQWLWFDWRWLHQJOH]LLXPEODSULQ&DUSDWLQRVWULFDVDFXOHDJDIROFORU&RERUkQGRYDOHYHGHXQEDGHFXRLOH
)HULFLWFDSRDWHVDVLGHPRQVWUHH]HYHOHLWDWLOHOLQJYLVWLFHLQWUDvQYRUEDFXEDFLXO
&HIDFLEDGH"3DVWLRLOH"
%DFLXOVHXLWDODQLPXULFDURVFDWDVLFXULRVvPEUDFDWDVHVFDUSLQDSHFUHVWHWVLvVLYHGHGHRLPDLGHSDUWH(QJOH]X
vQIXULDW
VFRDWHJKLGXOGHFRQYHUVDWLHGLQEX]XQDUVLVLUHSHWDSOHGRDULD
=LXDEXQDEDGH&HIDFLSDVWLRLOH"
%DFLXOvOLJQRUDFRPSOHWLDUGXSDXQWLPSVHXLWDODLQJOH]vVLGDFORSX
SHVSDWHVLL]LFH
+HLPHQ,WKLQN\RXKDYHDQREVHVLRQ""""""

8QHQJOH]WRWSULQ&DUSDWLVDFXOHDJDIROFORU$MXQJHvQWURSDMLVWHXQGHXQFLREDQFkQWDGLQIOXLHU(QJOH]XODVFXOWDXLPLW
GHGLEDFLDEDFLXOXLVLFkQDVWDvVLWHUPLQDGRLQDvVLUDVIRLHVWHJKLGXOGHFRQYHUVDWLHVLL]LFH
7XFkQWDWIRUWHIUXPRVEDGMH
/DFDUHEDFLXO
<HV,OLNHPXVLF

'RLFLREDQL
,RDQHDPJDVLWRPRGDOLWDWHFDVDQXWLPDLPLURDVDXUkWFLRUDSLL
&DUHPD"
1XLPDLSRUWL

'RLFLREDQLFXRLOHSHFkPSVWDXGHYRUED3DYHO]DUHVWHvQGHSDUWDUH
%D,RDQHVDULFDWLPkQFDFkLQHOHVODQDPDD
0kQFDSDPXPDVDFDEULVFDLODPLQH

8QEDFL LQWUD VL HO vQWUXQ PDJD]LQ VL FHUH XQ SXORYHUFD LD ]LV XQ YHFLQ FDX DGXV XQHOH PHVHULDVH 9kQ]DWRUXO vL GD
XQXORPXOvOSUREHD]DvLSODFHVLL]LFHYkQ]DWRUXOXL
$SRLPDLGDWLPLVLXQSL]GRYHUSHQWUXQHYDVWDPHDVLXQSXW]RYHUSHQWUXDODPLFX

%DGH,RDQHGXPQHDWDHVWLVLQJXUXOPDUWRU DOFHORUvQWvPSODWH(VWHDGHYDUDWFHVXVWLQHGRPQLVRDUDVLDQXPHFDDIRVW
WUvQWLWDVLDSRLDXIDFXWGUDJRVWHvQSDGXUH"
%DGHD,RQVHJvQGHVWHvQGHOXQJGXSDFDUHVSXQH
$VWDHXQXVWLXGDFDDXIDFXWVDXQXGUDJRVWH(XQXPDLDWvWDPYD]XWFDVHIXWHDX

7DWQXSXWHDPVDGRUPQRDSWHDVLPLR]kVGRP
GRIWRUVDvQFKLGRFKLLVLVDPDDSXFVDPLQXPDURLOHSkQDDGRUP
6LRPHUV"
6WDLVDYH]L0DPDSXFDWVDOHQXPDUVLSHXUPDPLRSHULWWRWVRPQXOFkQGDPEDJDWGHVHDPDFDPLOLSVHVFGRXD

8QFLREDQVWDWHDVSULMLQLWvQEkWD%kWDHUDFDPOXQJDVLFLREDQXOVWDWHDXQSLFSHYkUIXUL8QWXULVWvLVSXQH
%DGHSDUFDHFDPOXQJDEkWDDLD
&DPOXQJD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LGHFHQXWDLREXFDWDGLQHD"
0DPJkQGLWHXVDWDLREXFDWDGLQHDGDYH]LWXDLFLXQGHWLQHXPkLQLOHSUHWLQX
GHODFDUHRDPRIDFXWQLVWHPRGHOHFX
EULVFDVLPLHSDFDWVDOHWDL
'DGHFHQXWDLGHMRVEDGH"
'RDUQXPLVQHEXQFDDLFLVXVPLOXQJDQXMRV

7RDPQDEXUQLWD&LREDQLLVWDXvQEkWHFXWXQGUHOHQVSLQDUH6LRIWHD]D
(KHHHHH
6LEXUQLWHD]DVLRLOHSDVFWLPSXOSDUFDDvQFUHPHQLW&LREDQLL
(KHHHHH
6LEXUQLWHD]DVLRLOHSDVF8QFLREDQ
(KHHHHHVLFkQGWHJkQGHVWLFHSX LDYHP

'RLFLREDQLGLVFXWDX
$X]LEUHFLFDOD%XFXUHVWLVHPkQFDVHEHVLVHIXWHSHJUDWLV
1RDPXGHXQGHVWLL"&HDLIRVWSHDFROR"
'
DSRLLRQXGDRIRVWQHYDVWDPHD

,RQVL*KHRUJKHGRUPHDXODVWkQDVXEDFHHDVLSDWXUD/DXQPRPHQWGDW,RQVHVFRDODVLvOvQWUHDEDSH*KHRUJKH
1RED*KHR
1RFHLPD"
0DWXIDFLODEDPD"
$SDLGD
6LVLPWLFHYD"
$SDLQX
3DLIDWLRWLHPD"

%DFLX*KHRUJKHVWDWHDUH]HPDWvQEkWDVLSULYHDvQ]DUH
&HIDFLEDFH*KHRUJKHVH]LVLFXJHWL"
%DQXPD
VHG

'RLFLREDQLPRWDLHvQFROLEDSHVHDUD8QXGLQHLVHvQWRDUFHvQFHWSHRSDUWHVL]LFH
0DL9DVLOHPDLPDLWRWHRLEHVLWPDL
7UHFHDVDYUHRMXPDGHRUDVL9DVLOHUDVSXQGH
$SDLQXLRPDLFkLQHOHVREHVLWPD
0DLWUHFHRRUDVLDFXSULPXOFLREDQLDU]LFH
$SDLPDL9DVLOHPDLFkLQHOHQXLDLFHD
,DUWUHFHRRUD6L9DVLOHUDVSXQGH
$SDLOD
FDYLQHHO

'RLFLREDQLSHPDOXOXQXLODFFXRLOH'LQODFVHDXGHFLQHYDWLSkQG
+(/3+(/3+(/3
8QXGLQWUHFLREDQL
&H]LFHDODPD"
=LFHFDKHOS

8QEDGHDMXQJHGLQvQWvPSODUHSHSODMDODQXGLVWLvQWLPSXOXQXLFRQFHGLXDJUDUVLVHXLWDFDPGHPXOWLVRUODXQWLSFDUH
IDFHDIORWDULGXSDXQWLPSEXQLVRUVHDSURSLHGHHOVLvORSUHVWHGLQDFWLYLWDWH]LFvQGXL
+REDRSUHVWHWHFDGRDUDWLRIXJLWGHPXOWGHVX
WLQH

%DFLXOHVWHSHPRDUWHVLFLUDFXOSOkQJH6SXQH%DFLXO
1XPDLSOkQJHPDFDWHDPvQYDWDWWRDWHVHFUHWHOHPHVWHVXJXOXLYHLILVLWXXQ %DFLGLEDFL
'D%DFLXOHGDPLHIULFDFDQXVWLXFHRVDIDFFkQGYLQOXSLLODVWkQD
1XDLWXEDLVSXQH%DFLXOvOFKHPLSH&RVWLFD
&XP%DFLXOH"&RVWLFDHVWHFHOPDLMLJDULWFkLQHDOQRVWUX
1RWXIDDVDFXPDPVSXVLRFDPDGXF
6LPXUL%DFLXO/DFkWHYDRUHYLQOXSLLODVWkQDVLvQQHEXQLWGHJURD]DvVLDGXFHWkQDUXO%DFLDPLQWHGHVSXVHOHPDHVWUXOXL
6L]LFH
6RSDHL&RVWLFD
$SDUHVFKLORGXOGH&RVWLFDODWUDGHGRXDWUHLRULVLIXJOXSLLvQHEXQLWL/DYUHXQNPGHVWkQDOXSXODOWkQDUvL]LFHOXLWDFVX

6WLLFHYDWDWD"'HFHIXJLPQRLGHVFKLORGXODOD"$ODQXQHSRDWHIDFHDOWFHYDGHFkWVDQHVXJDSX D
'DILXOHGDU67,,&(%8=(5(&,$5("


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RLFLREDQLvQEkWH2LOHSDVF
0D,RDQLHIDLQvLIX DLX

'XSDFLQFLPLQXWH
'DPD*KHRGDSDUFDLPDLIDLQ&UDFLXQX

'XSDDOWHFLQFLPLQXWH
&XPDVDPD,RDQLH"
'XSDvQFDFLQFL
$SD
SDUFDLPDLGHV

8QEDODXUYLQHODXQFLREDQ
&LREDQHvWLPDQkQFMXPDWDWHGLQWXUPD&LREDQXOFDOPIXPD&DSDWL$GRXD]LYLQHLDUEDODXUXO
&LREDQXOHvWLPDQkQFVLFHDODOWDMXPDWDWHGHWXUPD
&REDQXOFDOPIXPD0DUDVHVWLÌLPDQkQFDFDVDQHYDVWDFRSLL&LREDQXOFDOP
6DQXWLEDJLSX DvQHOGHEDODXU

1LVWHVDYDQWLPHUJHDXSULQ$SXVHQL/DXQPRPHQWGDWYDGFKLDUvQPLMORFXOGUXPXOXLXQFDFDW6HRSUHVFVLvQFHSVDVH
FHUWHGDFDHGHEDUEDWVDXGHIHPHLH7UHFHSHDFRORXQFLREDQÌORSUHVFVLvLFHUVDPHGLH]HFRQIOLFWXO&LREDQXOVWDVH
XLWDDWHQWODFDFDWvOvQFRQMRDUDGXSDFDUH]LFH
$SDLvLGHEDUEDW
'RP
QHGDUFXPSRWLILDWvWGHVLJXU"]LFVDYDQWLL
$SDLIHPHLOHVXQWPDLUXVLQRDVHQXVDUFDFDFKLDUvQPLMORFXOGUXPXOXLVDUGXFHvQWUXQWXILVGXSDGLVWDQWDGLQWUH
FDFDWVLXUPDGHSLVDWHOLPSHGHFDHGHEDUEDWVLDSDLHXODPIDFXW

8QJUXSGHWXULVWLSULQ $SXVHQL /DXQ PRPHQW GDWJDVHVFRSHVWHUD,QWUDR YL]LWHD]D WRWXOHUD IRDUWH IDLQ QXPDLFD
PLURVHDvQJUR]LWRU&kQGLHVDIDUDVHvQWkOQHVFFXXQ EDFLÌOvQWUHDED
'RP
QHFHHFXSHVWHUDDVWDHIRDUWHIUXPRDVDGDUGHFHSXWHDVDvQJUR]LWRUvQDXQWUX"
$SDLGUDJLLPHLUDVSXQGHEDFLXOHRvQWUHDJDOHJHQGD3HYUHPXULvQDXQWUXWUDLDXQFDSFDXQ'HGRXDRULSHDQFRERUDvQ
VDWVLUDSHDFHDPDLIUXPRDVDIHPHLH7RWDVDSvQDFvQGDXUDPDVVDWHQLLQXPDLFXXUkWHQLLGHIHPHLSHFDUHQXOHPDLI WHD
QLPHQL VL GHFL VDWXO HUD vQ SUDJXO GLVSDULWLHL $WXQFL VDX DGXQDW VDWHQLL VD VH VIDWXLDVFD FXP VD VFDSH GH FDSFDXQ 6DX
JvQGLW VDvOFKHPHSH)DW)UXPRV,DXGDWXQ ID[ VLGXSDRVDSWDPkQDDYHQLW $LQWUDW)DW)UXPRVvQSHVWHUD ODOXDW SH
FDSFDXQVLODvQILSWSkQDODJOH]QHvQSDPkQW&DSFDXQXOVDHQHUYDWVLODEDJDWSH)DW)UXPRVSvQDODJHQXQFKLDVWDFHVD
VHODVHPDLSUHMRV"ÌOLDSHFDSFDXQVLOEDJDSkQDQEUkX&DSFDXQXOFXXOWLPHOHSXWHULvOLDSH)DW)UXPRVVLOEDJDSvQDOD
VXEVXRUL)DW)UXPRVQHUYRVFDGUDFX
vOLDSHFDSFDXQvOEDJDSkQDvQJkWVFRDWHSDORVXOVLLWDLHEHUHJDWD6DWHQLLIRDUWH
IHULFLWLDXWUDVXQFKHIGHSRPLQDYUHRGRXDVDSWDPkQLDXWRWEDXW&DUDVSODWDSHQWUX)DW)UXPRVLDXGDWRSHFHD PDL
IUXPRDVDGLQWUHXUkWHOHSHFDUHOHPDLDYHDXDVWLDGRLVDXFDVDWRULWVLDXWUDLWSvQDODDGkQFLEDWUkQHWLvQSHVWHUD
%LQHGRP
QHGD
WRWQDPvQWHOHVFHSXWHDVDvQSHVWHUD"
$SDLQXVWLXVDILFDFDWYUHXQXOSHDFROR

8QVWXGHQW KLSS\FX SDU PDUH vPEUDFDW FRUHVSXQ]DWRU D PHUV vQ PXQWH vQ H[FXUVLH 'XSDYUHR GRXD ]LOH DMXQJH OD R
VWvQDGHRLEDGHDOSRIWHVWHvQDXQWUXVLVWXGHQWXOvOvQWUHDEDGDFDSRDWHVDUDPvQDSHVWHQRDSWHODVWvQDSRDWHVDPDQvQFHVL
QLVWHFDV%DGHDvLUDVSXQGH
'DFXPVDQXGDUDX]LPDWDOHHVWLEDLDWRULIDWD"
6WXGHQWXOVHJkQGHVWHXQSLFVL]LFH
$KDEDGHWXYUHLVDIX LFHYD
/DFDUHEDGHD
3DLRVDI WRULFXPGD
WHDPvQWUHEDWFDVDVWLXFXPVDWHSXQ

9DULDQWD
%DGH*KHRUJKHFHWHXLWLDVDJDOHVODPLQH"'RDUVLHXVXQWEDUEDWVXQWVWXGHQWJHRGH]VLDPGRDUSDUXOOXQJVLFHUFHOvQ
XUHFKH
$SDLQXPLSDVDFH
PLHVWLFDGHIX XWWRWWH
LIXFKHGDPDJLQJQHVFFXPWHRLSXJQH

2UHSRUWHUDYLQHODXQEDFLVLOvQWUHDED
%DFLXOHFDUHRLGDXOkQDPDLEXQDFHOHDOEHVDXFHOHQHJUH"
3DLFHOHQHJUHELQHvQWHOHVUDVSXQGHEDFLXO
'DGHFHFHOHQHJUHvQWUHDEDUHSRUWHUDPLUDWDFHOHDOEHQXGDXOkQDEXQD"
%DGDVLDOHDDOEH
%LQHVLODSWHOHFDUHODXPDLEXQFHOHDOEHVDXFHOHQHJUH"vQWUHDEDGLQQRXUHSRUWHUD
$KSDLELQHvQWHOHVFDFHOHQHJUHUDVSXQGHEDFLXO
'D]LFHUHSRUWHUDLDUFHOHQHJUHVLFHOHDOEHQXGDXODSWHEXQ"
%DGDVLDOHDDOEHGDXODSWHEXQUDVSXQGHEDFLXO
%DFLXOHGDUFDUQHDFDUHRDXPDLEXQDFHOHDOEHVDXFHOHQHJUHvQWUHDEDLDUUHSRUWHUD
%DFLXOUDVSXQGHLPHGLDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DLFHOHQHJUHELQHvQWHOHV
5HSRUWHUDGLVSHUDWD
'DGHFHPHUHXFHOHQHJUH"&HOHDOEHFHDX"
3DLFHOHQHJUHVXQWDOHPHOHUDVSXQGHEDFLXO
$KD]LFHUHSRUWHUDGHDLDVLFHOHDOEHQXVXQWWRWDOHPDWDOH"
%DGD]LFHEDFLXVLDOHDDOEH

&LFDXQEDFLVWDWHDvQERDWDVLVLSULYHDRLOH2WUXSDGHWXULVWLVHRSUHVWHvQIDWDOXLVLLDGPLUDERWDVFXOSWDWD
%DGHGD
FHYUHDVDUHSUH]LQWHVFXOSWXUDDVWDGLQSDUWHDGHVXVDERDWHL"
$SRLLXQPRWLYDUKDLFGLQ0DUDPXUHV
%DGHGD
DVWDGHVXEHD"
3DLDVWDLXQPRWLYYHFKLGLQ0XQWHQLD
'DDVWDGHPDLMRVEDGH"
(LDVWDLXQPRWLYGLQ'REURJHDGHSHYUHPHD6I$QGUHL
'DMRVGHWRWGHFHQDLPDLVFXOSWDWQLPLFEDGH"
'DSRLFHPRWLYDVILDYXW"

8QXLFLREDQQXLIDWDXRLOHDVDFDVDGXVODXQYHWHULQDUVDLSURSXQDFHYD$FHVWDvLVSXVHVDOHGXFDSHGHDOVLVDOHIX D
LDUGDFDRLOHVWDXODVRDUHvQVHDPQDFDVXQWJUDYLGHLDUGDFDVWDXODXPEUDQX=LVVLIDFXWFLREDQXOXUFDRLOHvQWURGXEDVLOH
GXFHvQ YkUIXOGHDOXOXL XQGH IDFH FHLD ]LV YHWHULQDUXO $MXQV DFDVDLVWRYLWVH XLWD SH JHDP LDU RLOH OXLHUDX OD XPEUD 6H
ULGLFDOHXUFDLDUvQGXEDVLSOHDFDSHGHDO$MXQVGLQ QRXDFDVDLVWRYLW QX PDL SXWHDVDVWHD QLFLLQSLFLRDUHRURDJDSH
VRWLDVDVDVHXLWHFHIDFRLOH$FHDVWDvLVSXQH
2LOHQXVXQWQLFLODVRDUHQLFLODXPEUD
&XPDVD"
7RDWHVXQWvQGXEDVLXQDFOD[RQHD]DVDWHGXFL

8QUHSRUWHUGH]LDUHVWHWULPLVVDIDFDXQUHSRUWDMGHVSUHYLDWDFLREDQLORU0HUJHHOODSULPDVWkQDVLYHGHXQFLREDQvQ
VWDXO UHJXOkQG R RDLH VH JkQGHVWH FD DVD H QRUPDO VL SOHDFD PDL GHSDUWH /D D GRXD VWkQD YHGH DFHODVL OXFUX 0LUDW vVL
SURSXQHVDIDFDVLHODFHODVLOXFUXODXUPDWRDUHDVWkQD$MXQVDFRORPHUJHvQVWDXOLDRRDLHVLvQFHSHVDRUHJXOH]H&LREDQLL
GHSHSULVSDVWDWHDXVLUkGHDXGHVHVSDUJHDX5HSRUWHUXOPLUDWvQWUHDED
&HUkGHWL"1HHODYRLDVDFHYDQRUPDO"
&LREDQLLvLUDVSXQG
%DGDGDUFXXUkWDDLD"

'RLFLREDQL
0DL*KHRUJKHPDUHOXFUXvLEHQRFX
DVWD
&HLDO"
8QDVDFHYDGHWHXLWLSULQHOVLYH]LWRWFHLGHSDUWHFDVLFXPDUILOkQJDWLQH
6LFHIDFLWXFXHO"
ÌPLSODFHVDPDXLWVDVDvQFDVLOHRDPHQLORUVDYDGFHIDF8LWHDODOWDVDUDWHDPYD]XWFHvLIDFHDLOX0DULD&HIDLQR
IRVW
6WLLFHYD,RDQH")DFFHYDSHEHQRFOXDODFDQXLEXQGHQLPLF(XQLFLQDPIRVWDFDVDDODOWDVDUD

8QFLREDQGXSDRIXUWXQDvVLSLHUGHRRDLH3OHFkQGvQFDXWDUHDHLVHvQWkOQHVWHFX XQ RP FDUH VDSD FHYD &LREDQXOvO

vQWUHDEDGDFDQXDYD]XWRRDLHLDUDFHVWDvLVSXQHFDDUHGHVDSDWGHDLFLSkQDDFRORLDU
&HUDPkQHVDSVLPkLQH
&LREDQXOvLVSXQHFDQXOLQWHUHVHD]DFHIDFHVLvLUHSHWDvQWUHEDUHDODFDUHRPXOvLGDDFHODVLUDVSXQV3XWLQLULWDWFLREDQXOvL
PDLVSXQHvQFDRGDWDvQWUHEDUHDLDURPXOvLUDVSXQGHFDDUHGHVDSDWGHDLFLSkQDDFRORLDU
&HUDPkQHVDSVLPkLQH
&LREDQXOSOHDFDODVDQGXOVDVDSHvQFRQWLQXDUHVLGXSDR]LGHFDXWDUHvVLJDVHVWHRDLDÌQWRUFkQGXVHvOJDVHVWHSHQHEXQ
VDSkQGvQFRQWLQXDUH&LREDQXOYD]kQGXOLVHIDFHPLODGHHOVLVHKRWDUHVWHVDLGHDOXLRDLDGDUQHEXQXOvLVSXQHFDDUHGH
VDSDWGHDLFLVLSkQDDFRORLDU
&HUDPkQHVDSVLPkLQH
ÌQWUXQWkU]LXWRWFHUWkQGXVHvQWUHHLWUHFHSHOkQJDHLXQSROLWDLFDODUHVLvLvQWUHDEDFHVHvQWkPSODODFDUHFLREDQXOvLVSXQH
FDQHEXQXOVDSDGHWUHL]LOHVLWRWQXJDVHVWHQLPLFVLDPYUXWVDLGDXOXLRDLDVLHOvPLWRWVSXQHFDDUHGHVDSDWGHDLFLVL
SkQDDFRORLDUFHUDPkQHVDSDVLPkLQH3ROLWDLXOXLWkQGXVHFkQGODXQXOFkQGODFHODODOWvQWUXQWkU]LXOHVSXQH
%DYRLYUHWLVDPLIXUDWLFDOXO

&HQDFOXO)ODFDUD,QYLWDWSHVFHQDXQEDFL$GULDQ3DXQHVFXvOvQWUHDED
%DGHWHDVFXOWDPLLGHVSHFWDWRULVLPLOLRDQHGHWHOHVSHFWDWRUL=LQHPDWDOHRSRH]LHGHSULQSDUWLOHWDOH6WLL"
&XPGHQX
'DLGUXPX
EDGH
,RPLVEDFLXOGHODPXQWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$3(XPLVEDFLXOGHODPXQWH
%6LSDVFRLOHFDUXQWH
$36LSDVFRLOHFDUXQWH
%6LFkQGYLQHFkWHRSORDLH
$36LFkQGYLQHFkWHRSORDLH
%ÌPLEDJSX DQHDGHRDLH
$31XFRQWHD]D0LHOVDLDVD

$3'DUEDGHRSRH]LHFXFkUPDFLXOQRVWUXLXELWWRYDUDVXO1LFRODH&HDXVHVFXVWLL"
%1RFXPGHQX
$3'DLGUXPX
EDGHWHDVFXOWDRWDUDvQWUHDJD
%,RPLVEDFLXOGHODPXQWH
$3(XPLVEDFLXOGHODPXQWH
%6LSDVFRLOHFDUXQWH
$36LSDVFRLOHFDUXQWHVLvQFHWFDWUHEDFL
&XFkUPDFLXOEDGHFXFDUPDFLXO
%6LFkQGYLQHFkWHRSORDLH
$36LFkQGYLQHFkWHRSORDLH
&XFkUPDFLXOEDGHFHIDFL
%,PLEDJSX DQHDGHRDLH
$3,PLEDJSX DQHDGHRDLH
3DLFHIDFLEDGHFXFkUPDFLXO]LLFHYDFXFkUPDFLXO
%6LQFkUPDFLXO1LFRODH

8QFLREDQLQWUDvQWUXQFRPSDUWLPHQWGHWUHQvQFDUHVHDIODRWkQDUDGRPQLVRDUDGHODRUDV7kQDUDHVWHFDPQHPXOWXPLWD
GHFRPSDQLHGDUQHDYkQGFHVDIDFDFRQWLQXDVDFLWHDVFDRUHYLVWD&LREDQXOVFRDWHRVWLFODGHSDOLQFDGLQGHVDJDWUDJHR
GXVFD]GUDYDQDGXSDFDUHvQWLQGHVWLFODWLQHUHL
'RPQLVRDUDGRULWL"
1XPXOWXPHVFUDVSXQGHvQWHSDWGRPQLVRDUDVLVHWUDJHPDLODPDUJLQHDEDQFKHWHL
&LREDQXOVFRDWHGLQGHVDJDREXFDWDGHSkLQHXQDGHFDVRFHDSDVLvQFHSHVDPDQkQFHFX]JRPRW'XSDGRXDvPEXFDWXUL
vQWUHDEDSHGRPQLVRDUD
'RPQLVRDUDGRULWL"
1XPXOWXPHVFUDVSXQGHDFHDVWDFRQWLQXkQGXVLOHFWXUD
7HUPLQkQG GH PkQFDW FLREDQXO vVL UDVXFHVWH R WLJDUD GLQ KkUWLH GH ]LDU VL GXSD FH WUDJH YUHR GRXD IXPXUL vQWUHDED SH
GRPQLVRDUD
'RPQLVRDUDGRULWL"
1XPXOWXPHVFUDVSXQGHDFHDVWDVWUkPEkQGGLQQDV
$SDLGRPQLVRDUDGXSDFXPIXGLVFXWLDHXVRFRWFDGHIX XWQLFLQXPDLDUHURVWVDYDvQWUHE

ÌQVDWODVFRDODvQYDWDWRDUHDODFKHPDWSHPRV*KHRUJKHFLREDQXOVDWXOXLVDOHSRYHVWHDVFDFRSLLORUGHVSUHYLWH$FHVWD
OHSRYHVWHVWHFRSLLORUIHOGHIHOGHvQWkPSODULGLQOXPHDYLWHORUVLvQFKHLH
$]LGHGLPLQHDWDWDXUXOFHOQHJUXDIRSHYDFDDOED
&RSLLLUvGSURIHVRDUDHVWHMHQDWDVLODLHVLUHDGLQFODVDvLVSXQHOXLPRV*KHRUJKH
0RVXOHQXPDL]LVLGXPQHDWDFXYLQWHGLQDVWHDSURDVWHIDWDGHFRSLL=LVLPDWDOHvQORFGHDIRFDLDIDFXWRVXUSUL]D
0RVXODEDJDWODFDSVLDGRXD]LODvQFKHLHUHDOHFWLHLOHVSXQHFRSLLORU
$VWD]LWDXUXOFHOQHJUXDIDFXWRVXUSUL]DWXWXURUYDFLORUGLQWXUPD
3URIHVRDUD]vPELQG]LFH
0RVXOHKDLFDQXHSRVLELOFDXQVLQJXUWDXUVDIDFDVXUSUL]DODWUHL]HFLGHYDFLvQWURVLQJXUD]L
0RVXOUDVSXQGH
%DGDSHQWUXFDDILDSDSULPDUXOXL

8QFLREDQvQWUXQ FRPSDUWLPHQWGH WUHQVWDWHDVSULMLQLW vQ EkWD6H XUFD vQ WUHQ VL R IHPHLH FX XQ FRSLO VL vO SH FLREDQ
vQWUHDEDGDFDFRPSDUWLPHQWXOHOLEHUFLREDQXOQLPLF,QWUDIHPHLDFXFRSLOXOVLFRSLOXOvQFHSHVDvOWUDJDSHFLREDQGHLWDUL
GHRSLQFL0DVD
*LJHOSRWROHVWHWHODVDOSHGRPQXOvQSDFH
&RSLOXOvQFRQWLQXDUHWUDJHDGHFLREDQVHXUFDSHEkWDOXLFLREDQXOQLPLF0DVD
*LJHOSRWROHVWHWHQXvOPDLVXSDUDSHGRPQXO
&RSLOXOWRWQXVHSRWROHDFLREDQXOQX]LFHDQLPLFvQGLVSHUDUHGHFDX]DPDVD]LFH
'RPQXOHVSXQHWLLVLGYVVDVHSRWROHDVFDSRDWHYDDVFXOWD/DFDUHFLREDQXOVHXLWDODFRSLOVL]LFH

DVSX DvQPDWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6HRUJDQL]HD]DXQPDUHFRQFXUVFLQHUHXVHVWHVDXUFHGHHWDMHFXSXODVFXODWDVLFXRJDOHDWDSOLQDFXDSDDJDWDWDGH
HD9LQHHQJOH]XOvVLVFRDODSXODXUFDHWDMHGXSDFDUHVFDSD JDOHDWD9LQHIUDQFH]XOVLXUFD  GH HWDMH SkQDVD VFDSH
JDOHDWD9LQHVLFLREDQXOVL]LFH
(XXUFGDFDPLRSXQHWLSH0DULDJRDODvQIDWD
,RSXQDVWLDSH0DULDJRDODvQIDWDVLvQFHSHFLREDQXOVDXUFH/DHWDMXOVHDXGHXQPDUH]JRPRWXUFDRUJDQL]DWRULLVL
JDVHVFREDOWDGHDSDVLGHVkQJHVLSHFLREDQFXIDWDVSDUWDÌOGXFODVSLWDOODXUJHQWDVLGXSDFHVHIDFHFHYDPDLELQHPHUJ
ODHO&LREDQXODYHDRYkQDWDLHPDUHGHDOXQJXOIHWHL2UJDQL]DWRULLvOvQWUHDED
&HVDvQWkPSODWGHDLDMXQVVDDLFDSXOVSDUWVLVDVFDSLJDOHDWD"
3DLVDUXSWWRDUWDGHODJDOHDWDPLDVDULWSX DSHIDWDVLXLWHFHPLDIDFXW

2WLSDGLQ(XURSDGH9HVWYLQHvQ5RPDQLDSHQWUXFDDX]LVHGHYLULOLWDWHDFLREDQLORUURPkQL6HGXFHODRVWkQDVLvOURDJD
SHFLREDQVDLRWUDJDRGDWDFDVDVHFRQYLQJDVLHDGDFDFHDX]LVHHUDDGHYDUDWVDXQX&LREDQXOvLVSXQH
'DUWXDLYD]XWYUHRGDWD&HDKODOXOODDSXV
1X
$SDLGXWHVLYH]LFDPLQXQDWLHPDLPDUHJUHXJDVHVWL
'XSDROXQDVHvQWRDUFHJDJLFD
$PYD]XW&HDKODXOHvQWUDGHYDUIUXPRVGDUHXDPYHQLWDLFLSHQWUXDOWFHYD
'DU0XQWLL$SXVHQLLDLYD]XW"
1XLDPYD]XW
0HUJLVLYH]LFDHRSULYHOLVWHPLQXQDWD
'XSDFHRSOLPEDFLREDQXOSULQWRDWD5RPkQLDJDJLFDQHUYRDVDvLVSXQH
%DLFLREDQHDPYD]XWWRWFHPLDL]LVVLVLQFHUDVDILXPDPSOLFWLVLWGHDWkWHDSHLVDMH
$SDLELQHFDGHDFXPOXQLQXRVDYH]LGHFkWWDYDQXO

8QFLREDQVWDWHDVSULMLQLWvQEkWDSHPXQWHSD]LQGXVLWXUPDGHRL9HGHYHQLQGSHGUXPRPDVLQDWDUH2SUHVWHPDVLQD
XQWLSVLRJDJLFDPLVWRVHGDXMRVHDVHVSULMLQDGHSRUWLHUDVLHOYLQHVLLRWUDJHSHODVSDWH$GRXD]LVHUHSHWDVFHQDD
WUHLD]LODIHO6WDFLREDQXOVLVHJkQGHVWHIDFHXQFDOFXOVLvVLVSXQH
%DQLGHPDVLQDQXDPGDURSRUWLHUDWRWvPLLDX

%DQFXULFXGRFWRUL

'RFWRUHVXIDUGHDPQH]LH
'HFkQG"
'HFkQGFH"

'RPQ
GRFWRUDPRSUREOHPDQXSUHDPDEDJDOXPHDvQVHDPD
8UPDWRUXO

3DFLHQWXO'RPQXOHGRFWRUDPLPSUHVLDFDQLPHQLQXPDLDvQVHULRV
'RFWRUXO*OXPLWL

$VGRULQLVWHYLWDPLQHSHQWUXFRSLL
$%VDX&"
,QGLIHUHQWÌQFDQXDXvQYDWDWVDFLWHDVFD

/DPHGLF
'RP
GRFWRULRDPSUREOHPHFXPHPRULD
6LFXPVHPDQLIHVWDFXPWLDLGDWVHDPD"
&HVDPLGDXVHDPD"

/DPHGLF
'RP
GRFWRULRVXQWIRDUWHQHKRWDUkWvQXOWLPDYUHPH
'XSDRPLFDSDX]D
6DXQXVXQW"

8QEROQDYFRQVXOWDXQGRFWRUSHQWUXGXUHULOHVDOHGHVWRPDF0HGLFXOvLUHFRPDQGDREDLHVLXQSDKDUHOGHFRQLDF]LOQLF
'XSDXQWLPSEROQDYXOUHYLQHODFRQVXOW
'RPQXOHGRFWRUFXFRQLDFXODIRVWXVRUGDUEDLDQDPUHXVLWVREHDXWRDWD

$LDX]LWFDGU3HWUHVFXSVLKLDWUXODLQVWLWXLWRQRXDWHUDSLHGHVRFFDUHDYLQGHFDWRPXOWLPHGHRDPHQL"
&HWHUDSLH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/HWULPLWHSDFLHQWLORUQRWDGHSODWDLQDLQWHGHDYHQLODFRQVXOWDWLH

0DLYHFLQH]LVHXQFKLUXUJHVWHWLFGHFHQXYLLODPLQHFXVRWLDWDHDVDGHXUkWDvQFkWVHVSHULHVLFkLQLLGHSHVWUDGDGH
HD
&kWDUFRVWDRSHUDWLD"
8QPLOLRQGHOHL
(SUHDVFXPS8QYkQDWRUD]LVFDPLRvPSXVFDGDFDLGDXGHOHL

'RPQXOHGRFWRUDPYHQLWVDPDDMXWDWLVLSHPLQH$PvQFHUFDWWRWIHOXOGHPHGLFDPHQWHGDUWRWQDPUDPDVJUDYLGD
6WDWLVROXDPPHWRGLF3RDWHHRFKHVWLXQHGHHUHGLWDWH0DPDGXPQHDYRDVWUDDDYXWFRSLL"

'RPQXOHGRFWRUYUHDXVDYDPXOWXPHVF0LDWLVFRVULQLFKLXODVDGHXVRUQLFLQDPVLPWLW
&XSODFHUHVLDOWDGDWD

'RLGRFWRULvQWUHHL
(LFROHJDFXPDLHVLWRSHUDWLD"
2SHUDWLH"1DIRVWYRUEDGHDXWRSVLH"

9DULDQWD
&XPDIRVWRSHUDWLD"vQWUHDEDVRWLDSDFLHQWXOXL
/DFDUHGRFWRUXOVRFDW
'RDPQDHXDPvQWHOHVDXWRSVLH

8LWH]LVHGRFWRUXOWUDJkQGXOSHVRWvQIDWDHFUDQXOXLVRWLDGXPQHDYRDVWUDDUHSODPkQLLDWLQVL
9DLGRP
GRFWRUPDPDJOXLWL

'RFWRUHDPGXUHULJURD]QLFHGHVSDWH]LFHSDFLHQWXO
9DGRDUHVLQRDSWHD"
'HXQGHVDVWLXQRDSWHDGRUP

'DWLPLFHYDSHQWUXYLHUPLLQWHVWLQDOL
3HQWUXDGXOWLVDXSHQWUXFRSLL"
'DGHXQGHVDVWLXHXFHYkUVWDDX"

6LWXDWLDDGHYHQLWJUDYD'RFWRUXOVWDODFDSDWkLXOEROQDYXOXLVLvQWUHDEDvQVRDSWD
'RULWLVDFKHPSHFLQHYD"
'DJHPHEROQDYXO
6RWLDFRSLL"
1XDOWPHGLF

'RFWRUXO]LFH
6LJkQGLWLYDFDQXHQLFLRGDWDSUHDWkU]LXVDYDODVDWLGHIXPWVLGHEDXW
$WXQFLPDLDPWLPS

'RFWRUXOYL]LWHD]DSDFLHQWLLGLQVDORQ
6LFXPYDPHUJHD]LGRPQXOH,RQHVFX"
5DXGHWRWQXPDLDPSRIWDQLFLGHFHHDFHPLDWLLQWHU]LVGXPQHDYRDVWUD

'RFWRUXOvQWUHDEDSDFLHQWXO
'HFHPLDWLWULPLVQRWDGHSODWDQHGHVFKLVDvQDSRL"
3HQWUXFDPLDWLUHFRPDQGDWVDHYLWVDPDHQHUYH]

8QREH]]LFHPHGLFXOXL
6LFkQGVDLDXGLHWDGRPQXOHGRFWRUGXSDVDXvQDLQWHGHPDVD"

0HUJHRIHPHLHODGRFWRUVLvLVSXQH
'RFWRUHIDFHWLFHYDFDEDUEDWXOPHXVDGHYLQDFDXQWDXU
/DFDUHGRFWRUXOUDVSXQGH
%LQHGDWLYDMRVFKLORWLLVLYRPvQFHSHSULQDLIDFHFRDUQHOH

'RFWRUXOFDWUHSDFLHQW
6LVSXQHWLFDDWLPDLDYXWERDODDVWD"
'DGRPQXOHGRFWRU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2.DWXQFLRPDLDYHWLvQFDRGDWD

3H%XODvOGRDUHFDSXOVLVHGXFHODPHGLF$FHVWDvOFRQVXOWDGXSDFDUHvOvQWUHDED
$YHWLQHYDVWD"
'D
'HFkWHRULYDFXOFDWLFXHD"
'HRUL
3HVDSWDPkQD"
1XSH]L
$PDQWDDYHWL"
'D
'HFkWHRULYDFXOFDWLFXHD"
'HRUL
6DSWDPkQDO"
$KQX=LOQLF
$LFLHSUREOHPDGXUHUHDGXPQHDYRDVWUDGHFDSVHWUDJHGHODDWkWDVH[
9DLGRFWRUHPDWLOLQLVWLW$PFUH]XWFDPLVHWUDJHGHODSUHDPXOWDPDVWXUEDUH

8QXLWLSGXSDFHHVWHDQDOL]DWGHGRFWRULVHVSXQHFDQXPDLDUHPXOWGHWUDLW)DUDQLFLRVSHUDQWDDFHVWDvOvQWUHDEDSH
GRFWRUFkWPDLDUHGHWUDLW
VSXQHGRFWRUXO
=HFHFH"vQWUHDEDSDFLHQWXO=HFHDQLOXQL]LOH"
FRQWLQXDGRFWRUXO

8QPDUHVWDEYLQHODGRFWRUVLLVSXQH
'RFWRUHPLVHvQHJUHVFFRDLHOH
6HXLWDGRFWRUXOLDXQOLFKLGGLQWURVWLFODVLLFXUDWDVWDEXOXLFRDLHOH'XSDRYUHPHLDUYLQHVWDEXOODGRFWRU
'RFWRUHLDUPLVHvQHJUHVFFRDLHOH
'RFWRUXOLDUvLFXUDWDFRDLHOHFXOLFKLGXODFHODGDUODXUPDvL]LFH
6LVSXQHLVHFUHWDUHLWDOHVDQXVHPDLVWHDUJDODFXUFXLQGLJR

8QXOVHQDVFXVHFXWUHLFRDLH6HGXFHODGRFWRUVLvLH[SOLFD'RFWRUXO
1LFLRSUREOHPDRVDDYHWL VXSHUFRSLLGDFSRVDILHIDWDRVDILHR&LQG\ &UDZIRUGR3DPHOD$QGHUVRQGDFD R VD ILH
EDLDWRVDILHXQ6WDORQHXQ9DQ'DPPH
$VWDEXFXURVLHVHDIDUDQXPDLSXWHDGHEXFXULHSvQDODXUPDVHGXFHODXQPRV
1RLvPSUHXQDDYHPFRDLH
6HJvQGHVWHPRVXOXQSLF
$GLFDWXQDLQLFLXQXO"

2GRDPQDWUHFXWDGHSULPDWLQHUHWHLQWUDODRFRQVXOWDWLHODJLQHFRORJ'XSDYHULILFDULDFHVWDvLGDYHUGLFWXO
'RDPQDVXQWHWLvQVDUFLQDWD
&XPDVDGRPQ
GRFWRUFDHXQX PDLWLQPLQWHGHFkQGPDPSXVvQSDWFXXQEDUEDW0XVDLYDWLvQVHODW
1XGRDPQDWRWXLFRUHFWVXQWHWLJUDYLGDGHWUHLOXQL
$SDLGRPQ
GRFWRUQDUHGHXQGHIL
(XGXPLWDOHvWLVSXQGUHSWFXPHVXQWHWLJUDYLGD
)LUDUVDILHFDQ]LXDGHDVWD]LQLFLvQOXPkQDULQXPDLSRWLDYHDvQFUHGHUH

2WLSDODGRFWRU
'RPQXOHGRFWRUVWLWLDPRSUREOHPDQXPLDMXQJHQXPDLEDUEDWXOPHX
6HSRDWHVXQWHWLWkQDUDHVWHQRUPDOVHPDLvQWkPSODPDLOXDWLYDXQDPDQW
3DLVWLWLPLDPOXDW
6LWRWQXYDDMXQJH"
3DLVDYHGHWLQX
6HSRDWHVXQWHWLWkQDUDHVWHQRUPDOVHPDLvQWDPSODPDLOXDWLYDXQXO
3DLVWLWLPLDPPDLOXDW
6LWRWQXYDDMXQJH"
3DLVDYHGHWLQX
6HSRDWHVXQWHWLWkQDUDHVWHQRUPDOVHPDLvQWkPSODPDLOXDWLYDXQXO
3DLPLDPPDLOXDW
6LFXPFXXQEDUEDWVLWUHLDPDQWLWRWQXYDDMXQJH"
3DLVDYHGHWLQX
(LPDLOXDWLYDXQDPDQW
3DLPLDPPDLOXDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LWRWQXYDDMXQJH"
3DLQX
(LDWXQFLHJUDY
2GRPQXOHGRFWRUYDURJGDWLPLRDGHYHULQWDFDVXQWEROQDYDFDEDUEDWXPHX]LFHFDVXQWFXUYD

3DFLHQWXOvQDLQWHGHRSHUDWLH
&DUHVXQWVDQVHOH"
'RPQXOHDPIDFXWRSHUDWLDDFHDVWDGHMDGHSHVWHGHRUL
$WXQFLSRWVDVWDXOLQLVWLW
7RFPDLRGDWDWRWWUHEXLHVDUHXVHDVFD

6LFXPGRPQXOHGRFWRUFXPkQDDVWDWUDQVSODQWDWDYRLSXWHDFkQWDVLODSLDQ"
9HWLSXWHDIDFHFXHDDEVROXWRULFH
)DQWDVWLFDVWDGDPDLHVWULH(XSkQDDFXPQDPFkQWDWQLFLRGDWDODSLDQ

0HGLFXOFDVHLHVWHDVDOWDWGHUXGHOHPLOLDUGDUXOXL
(DGHYDUDWGRFWRUH"&KLDUQXPDLHQLFLRQDGHMGH"
$EVROXWQLFLXQD%ROQDYXOVHYDvQVDQDWRVL

1XHFD]XOVDGHVFKLGHWLJXUDDWvWGHWDUHvLVSXQHPHGLFXOVWRPDWRORJSDFLHQWXOXL
$PvQWHOHVFDYUHWLVDLQWUDWLFXFOHVWHOH
'DvQVDGRDUFOHVWHOHLQWUDHXUDPkQDIDUD

8Q WDLHWRU GH OHPQH WDLD OHPQH vQ SDGXUH FkQG GLQ JUHVHDOD vVL WDLH WRDWH FHOH  GHJHWH 0HUJH LPHGLDW OD VSLWDO
'RFWRUXO
9DLFHDLSDWLWGDPLGHJHWHOHVDWLOHSXQODORF
7DLHWRUXOGHOHPQH
6WLWLQXOHDP
'RFWRUXO
(VWLQHEXQQDLGHJHWHOH""6XQWHPvQDYHPPLFURFKLUXUJLHVLWRWIHOXOGHWHKQLFLLQFUHGLELOHWHIDFHDPFDQRX'H
FHQDLDGXVGHJHWHOH"
7DLHWRUXOGHOHPQH
6WLWLQDPSXWXWVDOHULGLFGHMRV

'RFWRUHVXQWFRQVWLSDWGHRVDSWDPkQD1XVWLXFHVDPDLIDFvPLYLQHVDPDXUFSHSHUHWL&HSRWLVDPLGDL"
'RFWRUXOLDRFXWLXWDXQIODFRQPDUHROLQJXULWDVLvQFHSHVDvQWUHEHSXQkQGWRWRGDWDSUDIXOGLQIODFRQvQFXWLXWD
2VDWHUH]ROYDPUDSLGFKLDUDFXPFkQGDMXQJLDFDVD'XSDFHLHVLGHODPLQHFkWPHUJLSkQDODWUDPYDL"
3DLYUHRGHPHWUL
'RFWRUXOSXQHvQFXWLXWDSXWLQSUDI
6LFXWUDPYDLXOFkWPHUJL"
VWDWLL
'RFWRUXOSXQHLDURMXPDWDWHGHOLQJXULWDVLXQSLF
6LGHODWUDPYDLSkQDDFDVDGHODVFDUDFkWHWUHSWHVLFkWHHWDMHVLGHODOLIWSkQDODXVDFkWHEURDVWHDLGHGHVFXLDWFkWHVWH
SkQDODWRDOHWD"
/DILHFDUHUDVSXQVGRFWRUXOSXQHSXWLQVDXPDLPXOWPHGLFDPHQW
$FXPLDSUDIXOVWUkQVDLFLFXXQSDKDUFXDSDVLYHGHPDFDVD
'XSDGRXD]LOHVHvQWkOQHVFSHVWUDGD'RFWRUXOFXULRV
(LFXPDIRVW"
'RFWRUHDLIRVWIDQWDVWLFFkWDSUHFL]LHDLDYXW$LJUHVLWGRDUFXYUHRPHWULVLDPIDFXWSHKRO

'RLGRFWRULPHUJvQVSDWHOHXQXLDFDUHPHUJHDFDPFUDFDQDW8QXOvLVSXQHFHOXLODOW
&HSDUHUHDLSRDWHDUHKHUQLHGHPHUJHDVD"
3RDWHDUHYLHUPL"+DLVDOvQWUHEDP
/DFDUHWLSXOvQFDX]D]LFH
$WLJUHVLWDPkQGRL&UHGFDDPREDVVVVVVLQD

/DGRFWRU
'RPQXOHGRFWRUDPXUPDWWUDWDPHQWXOFXVILQWHQLH1DPPDLIXPDWQDPEDXWQDPPvQFDWFXVDUH'DUSLFLRDUHOHPD
GRUODIHOFDvQDLQWH$ELDPDLPHUJ&HDUWUHEXLVDLDX"
$XWREX]XOPHWURXOWUDPYDLXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&LFDHUDXQWLSIRDUWHJUDVFDUHVHGXFHODGRFWRUFDVDPDLVODEHDVFD7UDWDPHQWXOHUDGHVWXOGHVFXPSLDUWLSXOvLVSXQH
GRFWRUXOXL FD YUHD VD VODEHDVFD vQ SULPD ]L  NJ 'RFWRUXO vL VSXQH FD H 2. vO EDJDQWUR FDPHUD FDUH HUD GH IDSW XQ
ODELULQWFXRJOLQ]LLPHQV7LSXOYHGHOkQJDHOREORQGDGHQRWDJRDODFXRLQVFULSWLHSHHD
'DFDPDSULQ]LPDI L
$OHDUJDGXSDHDWRDWD]LXDGDUQRSULQGH/DVIkUVLWXO]LOHLVODELVHNJ$GRXD]LvLVSXQHGRFWRUXOXLFDHVWHPXOWXPLWGH
WUDWDPHQWGDUGHGDWDDVWDYUHDFDWLSDVDILHURVFDWD'RFWRUXO]LFHFDH2.vOEDJDQODELULQWDFHHDVLSRYHVWH7LSXOPDLGD
MRVvQFDNJ$WUHLD]LWLSXOvLVSXQHGRFWRUXOXLFDYUHDVDVODEHDVFDNJ'RFWRUXOvLVSXQHFDDUHRUHWHWDVSHFLDODSW
NJVLvOEDJDGLQQRXvQODELULQW7LSXOVHXLWDvQVWkQJDVLQGUHDSWDGDUQXYHGHQLFLRWLSD
/DXQPRPHQWGDWVHvQWRDUFHVLYHGHXQQHJUXFvWXVDGHODOLIWFXRLQVFULSWLH
'DFDWHSULQGWHI W

'RFWRUHFHVDIDFQXSRWQLFLVDEHDXVLQLFLVDPDQkQF
3HVFXPSHWHDDVWDQXSXWHWLGHFvWVDILWLIHULFLWDVWLPDWDGRDPQD

$WLXUPDWUHFRPDQGDUHDPHDRSDVWLODvQDLQWHGHPDVDVLXQFRQLDFPLFODGHVHUW"
'DQXPDLFDODSDVWLOHVXQWFX]HFH]LOHvQXUPDLDUODFRQLDFXULVXQWFXWUHLVDSWDPkQLvQDLQWH

&vQG5DOSKDYD]XWFDSHQLVXOVDXvQFHSHVDFUHDVFDVLVWDVFXODWPDLPXOWDIRVWvQFkQWDWVLODIHODIRVWVLVRWLDOXL'DU
GXSDFkWHYDVDSWDPkQLDMXQVHVHODRMXPDWDWHGHPHWUX VLDvQFHSXWVDVHvQJULMRUH]HDVDFDVDGXVODXQXURORJ'XSDR
vQGHOXQJDH[DPLQDUHGRFWRUXOOHDH[SOLFDWOXL5DOSKVLVRWLHLFDVLQJXUDVROXWLHDUILRRSHUDWLH6RWLDvQWUHDEDvQJULMRUDWD
6LFvWWLPSYDWUHEXLVDSRDUWHFkUMH"
'RFWRUXO
'DUFLQHD]LVFHYDGHFkUMH"
3DLDYHWLGHJvQGVDLOXQJLWLSLFLRDUHOHQXLDVD"

2EDEXWDFDGHSHVFDULVLvVLUXSHSLFLRUXO0HUJHODGRFWRURSHUDWLDUHXVHVWHVLGRFWRUXOvLLQWHU]LFHVDXUFHVFDULOHWLPS
GHSDWUXVDSWDPkQL'XSDYUHROXQDVXQDEDEXWDGLVSHUDWD
'RPQXOHGRFWRUDFXPSRWVDFRERUVFDULOHFDPDPSOLFWLVLWVDWRWXUFVLVDFRERUSHEXUODQ"

'RFWRUHQXLDWLSXWHDDGPLQLQVWUDVRWXOXLPHXXQPHGLFDPHQWSHQWUXDYLVDQRDSWHDSHVWH"
'HFH"(FXPYDSHVFDU"
1XGDUGHYUHRGRXDOXQLYLVHD]DQRDSWHGHQRDSWHYUDELL
6LFHYDGHUDQMHD]DSHVWLVDXYUDELLQXHWRWXQD"
1XFDGDFDDUYLVDSHVWLQXDUPDLFLULSL

'RPQXOHOHGRFWRUDFXPGXSDRSHUDWLHDPYRLHVDFLWHVFFHYD"
'DGDUYDVIDXLHVFVDQXvQFHSHWLQLFLXQURPDQ

'OHGRFWRUDPRSUREOHPDDPXQFRLPDLPDUHGHFkWFHODODOW
(vQUHJXODPXOWLRDPHQLDXDFHHDVLSUREOHPD
1XQXYHGHWLODPLQHXQFRLHFXPXOWPDLPDUHGHFkWFHODODOW
,DVDYHGHP
3URPLWHWLFDQRVDUkGHWL"
(LFXPVDUkGGRP
OHGRDUDVWDPLHPHVHULD+DLGDWLMRVSDQWDORQLL
2PXOVHGH]EUDFDVLVFRDWHDIDUDXQFRLGHPDULPHDXQXLSHSHQH'RFWRUXOYD]kQGDVDFHYDOHVLQDGHUkV2PXOVXSDUDW
9HGHWLFDUkGHWL"$WXQFLFKLDUFDQRVDYDDUDWFRLXOPHXFHOPDUH

'RPQXOHGRFWRUVXQWHWLVLJXUFDRVDPRU"
$EVROXWQXH[LVWDQLFLRvQGRLDOD
'DUGHFHRVDPRU"
1XVWLXDVWDRVDYHGHPGXSDDXWRSVLH

'RFWRUHDYHWLFHYDSHQWUXSDUDQRLD"
0GDWRWUHVSHFWXO

'RPQXOHGRFWRUQXVFHDPQXPDLSRWVDPDSLV
'DFkWLDQLDLPDWDOH"
6DSWHVQRXR
3OHDFDGRPQXOHDFDVD7HDLSLVDWGHVWXO

'RFWRUXOQDYHWLVWJUDELWVDQXSLDUGDWUHQXOvOODVDSHQHD,RQRPXOGHVHUYLFLX
7HGHVFXUFLWXOHGDLDQWLQHYUDOJLFXQDDOWD
$GRXD]L


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,DVSXQHQHD,RDQHDLDYXWSUREOHPH"
1XQDYHQLWGHFLWRGRDPQDWkQDUDFDUHFXPDYHQLWVDGXVGXSDSHUGHDVLVDGH]EUDFDW
6LFHDYHD"
=LFHDFDGHFLQFLOXQLQDPDLYD]XWRVXOD
6LFHDLIDFXW"
&HVDIDF",DPSXVFROLUvQRFKL

'RPQXOHGRFWRUGRPQXOHGRFWRUDPXULWVLPXODQWXOGHODHWDMXOGRL
'HGDWDDFHDVWDDH[DJHUDWGHILQLWLY

2JDJLFDPHUJHODJLQHFRORJ0HGLFXORURDJDVDVHGH]EUDFHODFDUHJDJLFD
%LQHGRPQXOHGRFWRUXQGHVDPLSXQKDLQHOH"
/DFDUHGRFWRUXO
,DXLWHDFROROkQJDDOHPHOH

9DULDQWD
8QUDGLRORJvQvQWXQHULFFKHDPDXUPDWRUXOSDFLHQWLDUvQFDELQHWLQWUDRGRPQLVRDUD
3RIWLWLGRPLVRDUDVLYDGH]EUDFDWLGDUUHSHGH
6HDXGHSHvQWXQHULFIvVIvVIvVLDUODXQPRPHQWGDWGRPQLVRDUDVILRDVD
'RPQXOHGRFWRUGDUXQGHvPLSXQHXKDLQHOH"
$LFLOkQJDDOHPHOHGRPQLVRDUD

9RLGRFWRULLVvQWHWLEXQLGHFRPSDWLPLW0XOWDOXPHYDvQMXUD
'D$VWDH6LQFHUVDILXDYHPGHVWXLGXVPDQLSHOXPHDDVWD
$GLFDPDLPXOWLGHFvWSHOXPHDFHDODOWD"

3DFLHQWXOvVLUHFDSDWDFXQRVWLQWDGXSDRSHUDWLH
'RPQXOHGRFWRUGHFLRSHUDWLDDUHXVLW"
1XILXOHHXVXQW6IkQWXO3HWUX

2IHPHLHODGRFWRU
'RPQXOHGRFWRUGHILHFDUHGDWDFkQGIXPH]RWLJDUDPDJvQGHVFODVH[
'RFWRUXO
/LQLVWLWLYDOXDWLORFVLKDLGHWLVDIXPDPRWLJDUD

8QX
PHUJHODGRFWRU
'RQ
GRFWRULRVXIDUGHSOHRQDVP
'HFHGRP
OH"
'HSOHRQDVPGRQ
GRFWRU
3RDWHGHQHRSODVP
1XGRQ
GRFWRUGHSOHRQDVPVXIDU
3DLGRP
OHDVWDHGLQJUDPDWLFDQXGLQPHGLFLQD
'RQ
GRFWRUKDLVDWLH[SOLFPDGXFDFDVDLDXQHYDVWDRDUXQFvQSDWRGH]EUDFPDVXLSHHDVLFkQGVDEDJV ODS D

2 WLSD VH GXFH OD GRFWRU ,QWUD vQWUXQ GLVSHQVDU VH GXFH OD SDUWHU XQGH R vQWkPSLQD RPXO vQ KDODW DOE (D vVL VSXQH
SUREOHPD
'RPQXOHGRFWRUPDXVWXUDvQWUHSLFLRDUHVLHWRWXOURVX
'UDJDGRDPQDHVWHHYLGHQWYRUEDGHSUHDSXWLQVH[vQVDYDSRWDMXWD
6LELQHIDFDWRUXOvQKDODWDOERDMXWD«6LWRWDVDWLPSGHRVDSWDPkQD1XVHVFKLPEDQLPLF$WXQFLHVWHWULPLVDODXQFROHJ
GLQFDPHUDGHDODWXUL$FHODVLOXFUX%LQHIDFDWRUXOvQKDODWDOERDMXWD'XSDFHWUHFHVLSHODDOSDWUXOHDDFHVWDvLVSXQH
'RDPQDQXVWLPPDLGHSDUWHGXFHWLYDODHWDMXOXQX
6HGXFHRYHGHGRFWRUXOFDUHvLVSXQH
6WLPDWDGRDPQDHYLGHQWHYRUEDGHPXOWSUHDPXOWVH[
3DLFHLGHODSDUWHUDXVSXVFDSUHDSXWLQ
$KGRDPQDQXYDED]DWLSHFHYDVSXQ]XJUDYLLQRVWUL

2IDWDPHUJHODGRFWRUSHQWUXXQFRQWURO&vQGvVLVFRDVHEOX]DDFHVWDREVHUYDXQ+SHSLHSWXOHL
'HXQGHDLVHPQXODODSHSLHSW"vQWUHDEDGRFWRUXO
3ULHWHQXOPHXDIRVWOD+DUYDUGVLHVWHDVDPvQGUXGHDVWDFDQXVLVFRDWHWULFRXOFX+DUYDUGQLFLFvQGIDFHPGUDJRVWH
3HVWHFvWHYD]LOHYHQLRDOWDIDWDFDUHFvQGvVLVFRDVHEOX]DDYHDXQ<SHSLHSW'RFWRUXORvQWUHDED
&XPDLFDSDWDWVHPQXODODSHSLHSW"
6WLWLDPXQSULHWHQFDUHDIRVWOD<DOHVLHDVDPvQGUXGHDVWDFDQXVLVFRDWHWULFRXOFKLDUGDFDIDFHPGUDJRVWHVSXVHHD
3HVWHDOWHFvWHYD]LOHRDOWDIDWDYHQLODFRQWUROFDUHDYHDXQ0PDUHSHSLHSW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3ULHWHQXOWDXHOD0LFKLJDQ"vQWUHDEDGRFWRUXO
1XGDUDPRSULHWHQDOD:LVFRQVLQ'HFHvQWUHEDWL"

2JDJLFDIDLQDVHGXFHODJLQHFRORJ*LQHFRORJX
FkQGRYHGHLQWUDvQFDOGXULÌLVSXQHWLSHLVDVHGH]EUDFH'XSDFHVH
GH]EUDFDGRFWRUXOvQFHSHVDRSLSDLHFXIRFVLRvQWUHDED
6WLLFHIDFDFXP"ODFDUHJDJLFDvLUDVSXQGH
'DIDFHWLXQH[DPHQGHUPDWRORJLF
&RUHFWUDVSXQGHGRFWRUXOGXSDFDUHVHDSXFDVDLPDVH]HVkQLL
6WLLFHIDFDFXP"
'DPDYHULILFDWLGHFDQFHUODVkQL
&RUHFWUDVSXQGHGRFWRUXOGXSDFDUHvVLGDSDQWDORQLLMRVVLLRWUDJHSHODVSDWH
6WLLFHIDFDFXP"
'D,HL6,'$

2WLSDODPHGLF
'RFWRUHWDEOHWHOHKRUPRQDOHSHFDUHPLOHDWLSUHVFULVFUHGFDVXQWSUHDSXWHUQLFHÌPLFUHVWHGHMDSDUSHSLHSW
3kQDXQGH"
3kQDODSHQLV

3RSHVFXFRQVXOWDXQPHGLFVLLVSXQH
'RPQXOHGRFWRU7RWWLPSXOvPLVWDGUHDSWD/DvQFHSXWPLDSODFXWGDUDFXPDvQWUHFXWPDVXUD
0HGLFXOvOVWXGLD]DVLFXRSHQVHWDvLVFRDWHRIXUQLFDLRDUDWDVLLVSXQH
$VWDYDH[FLWD
'RPQXOHGRFWRU9DVvQWQHVSXVGHUHFXQRVFDWRU&HYDGDWRUH]"
1LPLFGDUIXUQLFDUDPkQHDLFL

9DURJXUPDWRUXO
,QWUDRWkQDUDGUDJXWDÌQFHUFDWLPLGD
6WLWLHXDVYUHD
%LQHELQHRvQWUHUXSVHPHGLFXOQHUYRV
/DVDWLYRUEDVLGH]EUDFDWLYD
6WDWLGRPQXOHGRFWRUHXDVYUHD
)DUDMHQDLQWHUYLQHPHGLFXOHQHUJLF'H]EUDFDWLYDLPHGLDW
7kQDUDVHGH]EUDFDSXQkQGXVLWRDWDvPEUDFDPLQWHDSHSDUDYDQ
$VD]LFHPXOWXPLWPHGLFXOVLSULYLQGRDWHQWRvQWUHED
6SXQHPLDFXPXQGHWHGRDUH"
1XPDGRDUHQLPLF9DPDGXVRVFULVRDUHGLQSURYLQFLHGHODPDWXVDPHD9DFHUHXQVIDWDVXSUDJXWHLHL

'XSDFRQVXOWDWLH
$PRYHVWHEXQDGRDPQD%URZQ
'RPQLVRDUD%URZQ
$DDDWXQFLDPRYHVWHSURDVWDSHQWUXGYVGRPQLVRDUD%URZQ

7HVLPWLPDLELQH"
'D
GHXQGHGRFWRUH,QLPDvPLEDWHFXRUHSH]LFLXQHXLPLWRDUH
/DVDFDRIDFHPQRLVDVHRSUHDVFD

8QWLSVHGXFHODGRFWRU
'RP
OHDPVLHXRSUREOHPDFXQHYDVWDQXPDLYUHDVDIDFDVH[RUDOFXPLQH
'RP
OHQXVWLXFHVD]LF8QJHRVLGXPQHDWDFX1XWHOODSHRSDUWHVLSHDOWDVLYH]LFHLHVH9LQRSHVWHVDSWDPkQLVDPL
VSXLUH]XOWDWXO
=LVVLIDFXW9LQHRPX
SHVWHVDSWDPkQL
(LFXPH"
'RP
OHDUILELQHGD
QXPDLDPORFGHFRSLL

8QWLSODGRFWRU
'RQ
GRFWRU0DPVFXODWGHODGLPLQHDWDPDGRDUHDLFLDLFLVLDLFLVHvPSXQJHFXGHJHWXO
3DLYH]LFDWHDLWDLDWODGHJHW

2IHPHLHPHUJHODJLQHFRORJFXRSUREOHPDLDUDPDVYLEUDWRUXOvQDXQWUX'XSDFHRH[DPLQHD]DJLQHFRORJXOvLVSXQH
$PGRXDYHVWLXQDEXQDVLDOWDSURDVWD&HDSURDVWDHFDQXOSXWHPVFRDWHFHDEXQDHFDLSXWHPVFKLPEDEDWHULLOH

2GXSDDPLD]DOLQLVWLWD'LQWURGDWDGLQFDELQHWXOPHGLFDOVHDXGHXQVWULJDWGLVSHUDWGXSDFDUHRYRFHIHPLQLQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%XODVSXQHIUXPRV$$$SHQWUXFDGRPQXOGRFWRUVDSRDWDVDVFRDWDGHJHWXOVDXGLQJXUDWD

'RP
OHGRFWRUPLVDDOEDVWULWXQFRL
'RP
OHHXQXVWLXFHVD]LF1DPPDLDX]LWGHDVDFHYDÌOWDLHP$VWDH
2.3HVWHRVDSWDPvQD
'RP
OHGRFWRUPLVDDOEDVWULWVLFHODODOWFRL
ÌOWDLHP$VWDH1DYHPFHIDFH
2.3HVWHvQFDRVDSWDPvQD
'RP
OHGRFWRUPLVDDOEDVWULWVLVFXOD
2WDLHPVLSDVWD3XQHPXQDGHSODVWLFIUXPRVFXSRPSLWD1DYHPFHVDIDFHP
2.3HVWHvQFDRVDSWDPvQD
'RP
OHGRFWRUVDDOEDVWULWVLDVWDGHSODVWLF
'RFWRUX
JkQGLQGXVH
$X]LGRP
OHGD
QXFXPYDRILGHODEOXJL""

9LQHXQSLWLFODGRFWRU
'RP
GRFWRUDPSUREOHPHVH[XDOH
'RFWRUXO
%LQHPDVXLHWHSHPDVD
6HVXLHSLWLFXSHPDVDÌLEDJDGRFWRUXPkQDQFKLORWLWUDJHVLYHGHRVFXODEDEDQD'RFWRUX

3DELQHEDSLWLFXOHFXGDUDEXDVWDVSXLPLHFDDLSUREOHPHVH[XDOH"
'RP
GRFWRUFkQGPLVHVFRDODFDGvQFDS

9DULDQWD
8QSLWLFVHGXFHODXQGRFWRUFKLUXUJ
'RPQXOHOHGRFWRUDPYHQLWSHQWUXRRSHUDWLHGRUHVFVDPLPDLWDLDWLGLQSX D
'RFWRUXOVHXLWDODHOVLL]LFHVDVLGHDSDQWDORQLLMRVVDYDGDGHVSUHFHHVWHYRUED
'XPQH]HXOHFHIUXPXVHWHGHPRURFDQRVSRWVDWHvQWUHEGHFHYUHLVDPDLWDL"
/DFDUHSLWLFXOUDVSXQGH
6WLWLGOHGRFWRUDPXQVLQJXULQFRQYHQLHQWFvQGPLVHVFRDODvPLSLHUGHFKLOLEUXO

'RPQXOHGRFWRUHRERDODUDUDERDODGHFDUHVXIDU"
'DGHXQGH&LPLWLUHOHVXQWSOLQH

3H%XODvOGRDUHFDSXOVLVHGXFHODPHGLF$FHVWDvOFRQVXOWDGXSDFDUHvOvQWUHDED
$YHWLQHYDVWD"
'D
'HFkWHRULYDFXOFDWLFXHD"
'HRUL
3HVDSWDPkQD"
1XSH]L
$PDQWDDYHWL"
'D
'HFkWHRULYDFXOFDWLFXHD"
'HRUL
6DSWDPkQDO"
$KQX=LOQLF
$LFLHSUREOHPDGXUHUHDGXPQHDYRDVWUDGHFDSVHWUDJHGHODDWDWDVH[
9DLPDWLOLQLVWLW$PFUH]XWFDPLVHWUDJHGHODSUHDPXOWDPDVWXUEDUH

(XFUHGFDPDVLPWGHMDELQH$VYUHDVDSOHFSRWFRQWLQXDWUDWDPHQWXODFDVD9DURJVDPLVSXQHWLFkWYDGDWRUH]
1XGRPQXOHHSUHPDWXUQXFUHGFDVDQDWDWHDYDSHUPLWHVDVXSRUWDWLXQDVHPHQHDVRF

3DFLHQWXOvQDLQWHGHRSHUDWLH
'RFWRUHFDUHVXQWVDQVHOH"
'RPQXOHDPIDFXWRSHUDWLDDFHDVWDGHMDGHSHVWHGHRUL
$WXQFLSRWVDVWDXOLQLVWLW
7RFPDL2GDWDVLRGDWDWRWWUHEXLHVDUHXVHDVFD

'RPQXOHGRFWRUVXQWHWLVLJXUFDRSHUDWLDRVDUHXVHDVFD"
1XYDIDFHWLJULMLvQFD]FDQXUHXVHVWHQLFLQRVDYDGDWLVHDPD

'RPQXOHGRFWRUVXQWHWLVLJXUFDRVDPRU"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$EVROXWQXH[LVWDQLFLRvQGRLDOD
'DUGHFHRVDPRU"
1XVWLXDVWDRVDYHGHPGXSDDXWRSVLH

9LQHRQLPIRPDQDODGRFWRU'RFWRUXO
ÌQWLQGHWLYDYDURJSHSDWXODFHOD
(DIHULFLWD
&XPGHYDWLGDWVHDPDDWkWGHUHSHGHFHPLOLSVHVWH"

9LQHXQPRVXOHWGHGHDQLODGRFWRU
'RPQXOHGRFWRUPkLQHRVDPDvQVRU
%LQHPRVXOHFvWLDQLDUHPLUHDVD"

'RDPQHWUHEXLHVDYDDYHUWL]H]RULFHDFWLYLWDWHVH[XDODDUSXWHDILPRUWDOD
0RVXOHWXOVWDXQSLFSHJkQGXULVLUDVSXQGH
%LQHGDFDPRDUHPRDUH

3DFLHQWXOvVLUHFDSDWDFXQRVWLQWDGXSDRSHUDWLH
'RPQXOHGRFWRUGHFLRSHUDWLDDUHXVLW"
1XILXOHHXVXQW6IkQWXO3HWUX

8QWLSIDUDELOHVHSUH]LQWDODGRFWRU
'RPQXOHGRFWRUHXQXDPWHVWLFXOH3XWHWLIDFHFHYD"
'RFWRUX
VHJkQGHVWHVLvLJUHIHD]DGRXDFHSH7HVXWYLXDVWDL'XSDRVDSWDPkQDUHYLQHSDFLHQWXO
'RP
GRFWRUHRVLQJXUDSUREOHPDFkQGvPLIDFODEDPDXVWXUDRFKLL

8QXVHGXFHODGRFWRU
'RP
GRFWRUPDGRDUHEXUWD
3DLDLOLPEULFLLDSUDIXULOHDVWHDVLWUHFH
9LQHDOWX

'RP
GRIWRUPDGRDUHFDSX

3DLDLOLPEULFLLDSUDIXULOHDVWHDVL
WLWUHFH
$OWX

'RP
GRIWRUPDGRDUHSLFLRUX

3DLDLOLPEULFLLDSUD
3DLFXP'XPQH]HXVDDPLRDPFD]XWGLQFLUHVVLPL
DPUXSWSLFLRUX

$LDYH]LWH
DPkQFDWvQFXUVDWHXUFLvQFLUHV

0HGLFXOFDWUHSDFLHQW
$PRYHVWHSURDVWDVLXQDEXQD
ÌQFHSHWLFXYHVWHDSURDVWD
'RPQXOHHVWLSHPRDUWH
6LYHVWHDEXQD"
)LXOPHXDLQWUDWODIDFXOWDWH

8QEDUEDWVHGXFHODPHGLFVLvLVSXQH
'RPQXOHGRFWRUYUHDXVDPDFDVWUDWL
0DRPXOHHVWLVLJXU"9DGFDHVWLWkQDUVLSXWHUQLF
6LJXUGRPQXOH
%LQHVHPQHD]DDLFLDVDVLDLFL1XDPWLPSDFXPVDGLVFXWDPPDLPXOW
'XSDRSHUDWLHGRFWRUXOYLQHODSDFLHQWVLOLQWUHDED
6SXQHPLVLPLHGHFHDLIDFXWR"
3DLPDPLPSULHWHQLWFXRIDWDHYUHLFDVLVWLWLODHLHXQRELFHLPDLFLXGDW
'DPDGDUDVWDHFLUFXPFL]LH
3DLHXFXPDP]LV"

2VRWLHvVLSULYHVWHVRWXOOXFUkQGGH]RU6DWXODVDOPDLYDGDFXIXQGDWvQOXFUXvLVSXQHHQHUYDWD
6DVWLLFDPDPVDWXUDWVDWHYDGOXFUkQGDVD7RWWLPSXOvWLDGXFLDFDVDGHOXFUXGHODVHUYLFLXVLGHPLQHQXPDLDLWLPSGH
ORF
%LQH GUDJD VH DSDUD VRWXO GDU vQWHOHJH VL WX FD DP HQRUP GH PXOW GH OXFUX VL QX GRYHGHVF 6L vQ DIDUD GH DVWD R OXPH
vQWUHDJDvVLLDGHOXFUXVLSHDFDVD
%LQHELQHGDUQXWRWLVXQWPHGLFLOHJLVWLFDWLQH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0HUJHRIHPHLHODGRFWRUVLLLVSXQH
'RFWRUHIDFHWLFHYDFDEDUEDWXOPHXVDGHYLQDFDXQWDXU
6LUDVSXQGHGRFWRUXO
%LQHGDWLYDMRVIXVWDVLYRPLQFHSHVDLIDFHPFRDUQHOH

'RPQXOHGRFWRUQXVFHDPQXPDLSRWVDPDSLV
'DFkWLDQLDLGXPQHDWD"
6DSWHVQRXR
3OHDFDGRPQXOHDFDVD7HDLSLVDWGHVWXO

&LFD XQ GRFWRU WRFPDL VD vQWRUV GLQ &KLQD XQGH SDUWLFLSVH OD FRPLVLD LQWHUQDWLRQDOD SHQWUX UHGXFUHD QDWDOLWDWLL
3RYHVWHVWHSULHWHQLORUFXPIDFHDXFXGRXDSLHWUH
&LQHYDOvQWUHDED
'DUQXGRDUH"
2KQXQXPDLGDFDWLSULQ]LGHJHWHOHvQWUHSLHWUH

2GDPDODSVLKLDWUX
'RPQXOHGRFWRUYDURJVDPDDMXWDWLvQOHJDWXUDFXVRWXOPHX
'DUFHDQXPHvOVXSDUD"
1XOVXSDUDQLPLFGHRVHELWGDUvLSODFFLRUDSLLGHGDPD
%LQHGRDPQDGDUDVWDQXHFHYDGHRVHELWVvQWPXOWLFDURUDOHSODF
'DGDUOXLvLSODFFLRUDSLLGHGDPD
9DPPDLVSXVGRDPQDFDQXHQLPLF6LPLHvPLSODF
6LPSOLVDXFXPXVWDU"

8QWLSYLQHODGRFWRUVDOYLQGHFHGHELOELLDOD
'D
FXFHWHRFXSLGWD"
(HXFUHVFJDJDLQL
3HQWUXDVWDQXLQHYRLHVDYRUEHVWLFXUVLYPHUJHVLDVD
3DLSDLHXFKHPGLGLPLQHDWDJDJDLQLOHVDOHGDXERDEHSLSLSL6L
YLQFLQFLPLLGHJDJDLQL6HDUDLDUSLSLSLPDQLQFD$SRLOH]LFVD
SOHFHODFXOFXOFDUH6HGXFWRDWHDIDUDGHXQD,L]LF'XGXWHGHWH
FXOFD1XYUHD,DU'XWHODFXOFDUHLDUQXYUHD0DHQHUYH]VLL
]LF'XGXWHQSLSLSL6LYLQFLQFLPLLGHJDLQL

'RPQXOHGRFWRUVvQWEROQDY
'DUFHWHVXSDUD"
&UHGFDDPXQVLQGURPGHUHDFWLLLQYHUVH
5HDFWLLLQYHUVH"'HGHDQLSURIHVH]GDUQXDPDX]LWGHXQDVWIHOGHVLQGURP&XPVHPDQLIHVWD"
3DLVDYHGHWLGRPQXOHGRFWRUODVHUYLFLVHIXOPHXPDEDWHODFDSVLSHPLQHPDGRDUHvQFXU

ÌQDLQWHDXQHLLQWHUYHQWLLFKLUXUJLFDOHGHVWXOGHFRPSOLFDWHPHGLFXOvLVSXQHSDFLHQWXOXL
7UHEXLHQHDSDUDWVDSODWLWLDQWLFLSDWRSHUDWLD
'HFHGRFWRUH"(FKLDUDWvWGHULVFDQWD"
1XvWLJDUDQWH]UHXVLWDVXWDODVXWD'DUGXUHD]DYUHRVDVHVDSWHRUHVLFXLQIODWLDDVWD

'RFWRUXODUHRQRXDSDFLHQWDRIHPHLHFRUSROHQWDvQWUH GRXDYvUVWH HOHJDQWvPEUDFDWDVL SOLQDGH ELMXWHULL 'XSD FH R

vQWUHDEDFDPFHVLFvWHDOLPHQWHFRQVXPD]LOQLFvLVSXQH
6DVWLWLMXPDWDWHGLQFHHDFHFRQVXPDWLHVWHVXILFLHQWFDVDYDVLPWLWLELQHVLFDRUJDQLVPXOGYVDIXQFWLRQH]HUH]RQDELO
'HFLRSLQDWLVDPLvQMXPDWDWHVFUDWLDGHDOLPHQWH"
1XGHORF&HDODOWDMXPDWDWHHVWHELQHVRPkQFDWLSHQWUXFDVDWUDLDVFDUH]RQDELOVLPHGLFXO

&HRLILDYvQGGRFWRUHPDLDFkQGFXFDOGFvQGFXIULVRDQHWXVHVFVLPLFODQWDQHGLQWLLGHSDUFDUILFDVWDQLHWH
&UHGFDLFRQWUDFWDWRJULSDVSDQLROD

'RDPQDFHOPDLEXQVIDWSHFDUHYLOSRWGDHVWHVDYDUHFDVDWRULWL
$WXQFLOXDWLPDGHVRWLHGRFWRUH
3DUGRQGRDPQDHXQXLDXQLFLRGDWDUHWHWHOHSHFDUHOHSUHVFULX

'RFWRUHvQXOWLPDYUHPHVRWXOPHXHIRDUWHGLVWUDW
&XPDWLUHPDUFDW"
$]LGLPLQHDWDODPLFXOGHMXQDVDUXWDWXQRXILHUWLDUPLHPLDGDWFXOLQJXULQWDQFDS


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RPQXOHGRFWRUDPDYXWXQFRVPDUWRDWDQRDSWHDVHIDFHDFDWUDJHDPGHRXVDSHFDUHVFULDFHYD
6LFHVFULD"
ÌPSLQJH

'RFWRUXOGXSDFHFRQVXOWDSDFLHQWXOvLVSXQH
'RPQXOHvPLSDUHUDXGDUVXQWHWLIRDUWHUDXEROQDY
&KLDUvQFHSVDPLIDFSUREOHPHGRPQXOHGRFWRUFHDP""]LFHSDFLHQWXO
$YHWLXQFRLGHOHPQVLXQXOGHILHU
'RPQXOHGRFWRUGDUQXVHSRDWHHXQXDPIRVWQLFLRGDWDEROQDYRSHUDWVDXLQWHUQDW
6HYHGHFODUSHUDGLRJUDILH
'RPQXOHGDUHXDPVLFRSLLVLFKLDUVXQWVDQDWRVLVLELQH
&HVSXLGRPQXOHDFRSLL"
'D3LQRFKLRDWHUPLQDWOLFHXOVL7HUPLQDWRUXOWRFPDLIDFHDUPDWD

9DULDQWD
8QWLSQHPXOWXPLWWRWDOGHSUHVWDWLLOHSURSULHLS OLVHGXFHODGRFWRUVDVLRvQORFXLDVFD'RFWRUXO
'RP
QHQDYHPGHFDWXQDEXQDGHOHPQHSXWHUQLFDPHUJHELQHHWF
,RLQVWDOHD]DDVWXLDIDFHRPX
IHULFLWDFROR3HVWHYUHXQDQDVDYLQHDVWDLDUODGRFWRU
'RPQ
GRFWRURILDVWDGHOHPQEXQDGDDvQFHSXWVDVFkUWDLHQXDYHWLDOWDPDLSXWHUQLFD"
7RFPDLDPSULPLWXQVHWGHS OLGHPHWDOJDUDQWDWHVXSHUDGHYDUDWH
,RQVWDOHD]DVLSDVWDIDFHRPXOIHULFLWLDU3HVWHYUHRDQLLDUYLQHDVWDODGRFWRU
'RPQ
GRFWRURUILDVWHDGHPHWDOGHOHPQGD
WRWPDLEXQDHDLDYHFKHQDWXUDODYUHDXVDPLSXQHWLXQDG
DLD
'RFWRUXOPLUDW
'D
GHGRPQ
OHQXVXQWHWLVDWLVIDFXWGHHOH"
/DFDUHRPX

%DGDGRPQ
GRFWRUVXQWVDWLVIDFXWGDQHYDVWDPHDDQDVFXWGHMDXQSLQRFKLRVLGRLWHUPLQDWRUL

/D vQPRUPkQWDUHD XQXL PDUH PHGLF FDUGLRORJ WRWL IRVWLL OXL SDFLHQWL FDUH DX IRVW VDOYDWL GH HO GHSXQ SH SURDVSDWXO
PRUPkQWRLPHQVDFRURDQDGLQWUDQGDILULURVLLVkQJHULLvQIRUPDGHLQLPD3OkQVHWHERFHWHHWF%XODGLQWURSDUWHvQFHSH
VDUkGDFXKRKRWH2GRDPQDLQGLJQDWDLVHDGUHVHD]D
%LQHEDERXOHDFXPWLDLJDVLWVLWXVDUk]L"
'RDPQDvPLSDUHUDXFHVDIDFHXPDJkQGHDPFHIRUPDLDUILGDWDVWLDFRURDQHLGDFDUDSRVDWXO'XPQH]HXVDOLHUWHHUD
JLQHFRORJ

1XVWLXGRFWRUHFHDPPDGRDUHILFDWXOPDGRDUHVSDWHOHPDGRDUHLQLPD
ÌLIDFHGRFWRUXODQDOL]HOHVLLVSXQH
ÌPLSDUHUDXDLFDQFHUVLvQWUHLOXQLDLVDPRUL
3OHDFDWLSXOVXSDUDWVLVHvQWkOQHVWHFXXQSULHWHQOD PHWURXÌLVSXQHGHYL]LWD OD GRFWRUFD HVWH EROQDY GH 6,'$ VL FD YD
PXUL vQ  OXQL 3ULHWHQXO SOHDFD UHSHGH XLWkQG VD GHD PkQD FX HO ÌQ VWDWLH OD DXWREX] VH vQWkOQHVWH FX DOWXO VL DFHHDVL
SRYHVWHÌLDMXQJHGRFWRUXOXLODXUHFKHSRYHVWHDÌOFKHDPDODHO
%LQHGRP
OHFHYRUEHVDVWHD"7LDPVSXVFODUFDYHLPXULGHFDQFHUvQOXQLVLGXPQHDWDvPSUDVWLLODWRDWDOXPHDFDYHL
PXULGH6,'$"
/DVDPDGRFWRUHFDVLDVDVXQWGHVWXOGHVXSDUDW&HYUHLGXSDFHPRUVDPLIX DWRWLQHYDVWD"

ÌQWRLXOQRSWLLSHXQWLSvODSXFDRGXUHUHFXPSOLWDODFRLXOVWkQJ&DXWDvQQHEXQLWVDDMXQJDODXQPHGLFVLYHGHSHRXVD
RSODFXWDSHFDUHVFULD'U,RQHVFX%DWHODXVDDSDUHXQWLSvQFDPDVDGHQRDSWH6XIHULQGXOvL]LFH
'RPQXOHGRFWRUYDURJDMXWDWLPD0DGRDUHvQJUR]LWRUFRLXOVWvQJ
'UDJDQXSRWVDWHDMXW(XVvQWGRFWRUvQGUHSW
)LUDUDOGUDFXOXLXQGHDDMXQVVSHFLDOL]DUHDDVWD

2WLSDODGRFWRU
'RPQXOHGRFWRUGHFvWHYD]LOHPDGRDUHFXPSOLWEXUWD
'DGRPQLVRDUDYDURJVDYDXUFDWLSHPDVDJLQHFRORJLFD
&XP"3HPDVDJLQHFRORJLFD"
'DSHQWUXFDGRUHVFVDYDLDXIHEUD
'DUGHFHSHPDVDJLQHFRORJLFD")HEUDVHLDvQD[LOD
'DGDUILLQGFDYDGRDUHEXUWDGRUHVFVDYDLDXWHPSHUDWXUDUHFWDOD
'XSDFvWHYDPLQXWHGXSDFHGDPDVDXUFDWSHPDVD
'DUGRPQXOHGRFWRUDFHVWDQXHUHFWXO
'DUFHGRPQLVRDUDDFHVWDHVWHWHUPRPHWUX"

'RFWRUHFHVDIDFQXSRWQLFLVDEHDXVLQLFLVDPDQvQF
3HVFXPSHWHDDVWDQXSXWHWLGHFvWVDILWLIHULFLWDVWLPDWDGRDPQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

6SXQHPLVLQFHUGRFWRUHFKLDUQXDPQLPLFJUDYODLQLPD"
&DOPDWLYDGRPDQDYDDVLJXUFDLQLPDGYRVDEDWDWRDWDYLDWD

ÌQWURYDUDFRPSDQLDODFDUHOXFUD'DYHODWUDQVIHUDWvQDOWRUDVVLHODWUHEXLWVDVLIDFDYL]LWDPHGLFDOD7RDWHDQDOL]HOH
DXLHVLWELQHGDUGRFWRUXOQDSXWXWVDQXUHPDUFH
&XPYDGHVFXUFDWLFXDVDGLPHQVLXQHPLFD"
)RDUWHELQHUDVSXQGH'DYHDPQHYDVWDFRSLLVLRYLDWDVH[XDODERJDWD1XPDLFkWHRGDWD]LXDDPSUREOHPHVDRJDVHVF
SULQSDQWDORQL
'DUQRDSWHD"vQWUHDEDGRFWRUXO
1RDSWHDQXDPSUREOHPHSHQWUXFDVvQWHPGRLFDUHRFDXWD

'RPQXOHGRFWRUFDVDUDPvQvQVDUFLQDWDPDLUHSHGHWUHEXLHFDVRWXOPHXVDSRDUWHFKLORWLVWUvPWLVDXODUJL"
&HOPDLELQHDUILVDQXSRDUWHGHORF

$OR GRFWRUH YHQLWL UHSHGH *LJHO DO PHX D vQJKLWLW GRXD VLJXUDQWH R UH]LVWHQWD R GLRGD VL QX PDL VWLX FH DOWH PLFL
GUDFRYHQLLGHODXQWHOHYL]RUPDLYHFKLGHDOQRVWUX&HVDIDFFXHO"
$WLvQFHUFDWVDLSXQHWLRDQWHQD"

8URORJXOEvOEvLWFDWUHSDFLHQW
'DGDDGFHFHFFFHWWWHWWWWHHHVXSDUD"
'RPQXOHGRFWRUPDSLVJUHX
'DGGGDGDDDGDFFFXPPPPYYLLYLYLQHMHWMHWXO"
*UHXGRPQXOHGRFWRU
'DGDWRWRWRWXVLH[H[SOLH[H[SOLFDFXPFXPWHWHWWHSLVL
3DLVDYHGHWLGRPQXOHGRFWRUPDSLVVLHXFXPYRUEHVWLGXPQHDWD

,QWHUQLVWXOLHVHGLQFDELQHWVSUHVDODGHDVWHSWDUHXQGHDVWHSWDRGXGXLHFXPDPDHL
3RIWLPGRPQLVRDUDvQFDELQHWVLWHGH]EUDFD
'DUGRPQXOHGRFWRUVWLWLHXQXVXQWEROQDYDPDPDH
'DGRDPQDDWXQFLGHVFKLGHWLJXUD

'RPQXOHGRFWRUFkQGGRUPYLVH]FDVFULXQLVWHURPDQHPDLJUR]DYHGHFkWFHOHDOHOXL=ROD&HPDVIDWXLWL"
(X]LFVDQXYDIDFHWLSUREOHPH'DUSHQWUXFDKkUWLDVDVFXPSLWvQDVDKDOPDLELQHOXDWLVRPQLIHUH

$PFHYDFURQLFGRFWRUH"
1XERDODGYHEDQDODLHUWDWLPDFDYDGH]DPDJHVFGRDPQD3RDUWDQXPHOHGHVLQJXUDWDWH
6LFHPLSUHVFULHWL"
1XLELQHVSXVFHVDYDSUHVFULXPDLGHJUDEDSHFLQHVDYDSUHVFULX

8Q LQGLYLG VXQD OD XVD XQXL PLF FDELQHW PHGLFDO vQ SXWHUHD QRSWLL 'XSD XQ WLPS VH DSULQGH OXPLQD vQ KRO VL DSDUH
PHGLFXOvQSLMDPD
%XQDVHDUDFHVDQWvPSODW"&XFHSRWVDYDDMXW"
9UHDXSXWLQELFDUERQDW0DGHUDQMHD]DVWRPDFXO
3DLELQHRPXOHSHQWUXDWvWDOXFUXPDWUH]HVWLODRUDDVWD"8QFHDLFDOGVDXFKLDUXQSDKDUFXDSDFDOGDDUILDYXWDFHODVL
HIHFW
'D"$WXQFLGDWLPLXQSDKDUFXDSDFDOGD

ÌWL VvQW UHFXQRVFDWRU GRFWRUH HVWL PDUH 1X FUHGHDP FDL VD PD SRWL YLQGHFD GH PDQLD DVWD QHQRURFLWD GH D SXQH
SDULXUL&kWPDFRVWD"
1XPDLRVXWDGHGRODUL
'HDFRUG'DUVSXQHPLFHDUILVDGDPFXEDQXOGXEOXVDXQLPLF

8QSDFLHQWLQWUDvQFDELQHWXOSVLKLDWUXOXLVLSXQHSHPDVDRSXQJD
(SHQWUXGXPQHDWDGRFWRUH
'DUFHDLDFROR"
3DLXLWDWLYD
&XULRVSVLKLDWUXOVHXLWDvQSXQJDVLYHGHXQKRPDUGHWRDWDIUXPXVHWHD
)UXPRVGLQSDUWHGXPLWDOH0LDLIDFXWRPDUHSODFHUHÌPLSODFKRPDULL9DGFDLSURDVSDWSDUHFDvQFDPDLPLVFDÌOYRL
OXDDFDVDSHQWUXFLQD
1XLFD]XOGRFWRUH7RFPDLDFLQDW0DLELQHGXFHWLOODFLQHPDHVWHPRUWGXSDGHVHQHDQLPDWH

6vQWHPJDWDGHRSHUDWLH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DGRPQXOHGRFWRU7RWXOHSUHJDWLW'RDUFDSDFLHQWXOQXLHJDVLW
1XLQLPLFvQFHSHPIDUDHO

0HGLFXOFKLUXUJRVRPLWDWHvQGRPHQLXYLQHvQUH]HUYDvQFDUHVHDIODSDFLHQWXOUHFHQWRSHUDW
9DIHOLFLWDUDWDWLPLQXQDWvOvQFXUDMHD]DGRFWRUXO$WLWUHFXWFXELQHKRSXO
(LvQFDQXGHWRW
'HFH"9DPDLVXSDUDFHYD"
1XGDUDVWHSWVDYDGQRWDGHSODWD

8QPRVXOLFDODGRFWRU
'RPQXOHGRFWRUYDURJVDPLIDFHWL FHYDSHQWUXFDHX QX PDL SRW IDFH QLPLF FX EDED VL DVWD PLDVSXV FD GDFD QXLIDF
FHYDPDODVDGHILQLWLYDFXPGXSDGHDQLGHFDVDWRULH
'DU GRPQXOH OD YkUVWD GXPLWDOH QX PDL SRW IDFH QLPLF vQFHDUFD VL GXPQHDWD DVD FXP PDL YH]L VHDUD OD WHOHYL]RU FX
OLPEDGHH[HPSOX
1XSRWGRPQXOHGRFWRUFDEDEDPHDHEDWUvQDVLDUHXQOLQGLFFDXQFDVWUDYHWH
$VDGHPDUH"""
1XDVDGHDFUX
'DUQXLQLPLFSRWLVDLHLR]DKDUQLWDVLVDSUHVDUL]DKDUSHVWHHOVDLFRUHFWH]LJXVWXO
1XVHSRDWHGRPQXOHGRFWRUDPvQFHUFDWGDUFvQGIDFWUHDEDDVWDDVDPDGRURFKLLGHvQQHEXQHVF
"""
3DLVDYHGHWLEDEDPHDDVDFXPDP]LVHEDWUvQDWDUHVLQXVH PDLFRQWUROHD]DSUHDELQHDVDFDGLQFvQGvQFvQGPDL
VFDSDFvWHREDVLQDVLDWXQFLvPLDUXQFDWRW]DKDUXOvQRFKL

8LWHFHHRVDWLYRUEHVFVHULRVWUHEXLHVDUHQXQWLQHDSDUDWODDOFRRO
'HFLDVWDHGRFWRUHEDQXLDPHXFDERDODPHDHIDUDOHDF

'RPQXOHGRFWRUVSXQHDVLVWHQWDDODUPDWDSDFLHQWXOFDUHWRFPDLDLHVLWGHOD'YDPXULWSHKRO
6FKLPEDLUHSHGHSR]LWLDVDSDUDFDWRFPDLLQWUD

,DVSXQHWLPLGXFHWLRYLDWDQRUPDOD"vOvQWUHDEDPHGLFXOSHQRXOSDFLHQW
'DIDUDGLVFXWLHGXFRYLDWDSHUIHFWQRUPDOD
$WXQFLFUHGFDYDWUHEXLVRvQWUHUXSHWLSHQWUXXQWLPS

'RPQXOH GRFWRU DVD QX VH PDL SRDWH VH SOvQJH VRUD VHID $VLVWHQWD DVWD QRXD FDUH XPEOD PHUHX FX QDVXO SH VXV
WUHEXLHPXWDWDvQDOWDVHFWLH=ELDUDvQWUXQDSHVWHWRWFDHXDVILRLQFDSDELOD
/LQLVWHVWHWHGUDJD9RUEHVFHXFXHD'DFDPDLGLYXOJDVHFUHWHOHFOLQLFLLRGDXDIDUD

(LDWLDVFXOWDWVIDWXOPHXVDGRUPLWLFvWPDLPXOWFXIHUHDVWUDGHVFKLVD"
'DGRPQXOHGRFWRUDVDDPIDFXW
6LQXYDGLVSDUXWEURQVLWD"
%URQVLWDQXÌQVFKLPEPLDXGLVSDUXWWHOHYL]RUXOGRXDWDEORXULVLWHOHIRQXOPRELO

$GRXD]LGXSDRSHUDWLDGHDSHQGLFLWDWkQDUDHVWHYL]LWDWDGHFKLUXUJ
(LFXPPHUJHGRPQLVRDUD"
%LQHPXOWXPHVF'DUVSXQHWLPLGRPQXOHGRFWRURVDILHIRDUWHYL]LELODFLFDWULFHDPHD"
0HGLFXORSULYHVWHRVHFXQGDVLvLUDVSXQGH
$VWDGHSLQGHGHGXPQHDYRDVWUDGRPQLVRDUD

'RPQXOHGRFWRUDPSUREOHPHFXVRPQXO0HUHXPDWUH]HVF
'HFkWHRULSHQRDSWH"
1XFKLDUSHQRDSWHGDUGLQWUHLvQWUHL]LOH

8QWLSvVLVXQDGLVSHUDWPHGLFXOGHIDPLOLH
'RFWRUHYLQRUHSHGHQHYDVWDPHDDUHDSHQGLFLWD
1XVHSRDWHDQXOWUHFXWDPRSHUDWRGHDSHQGLFLWD$LYD]XWWXSHFLQHYDFDUHVDDLEDGRXDDSHQGLFH"
1XWkPSLWXOH'DUWXQDLPDLYD]XWSHFLQHYDVDDLEDGRXDQHYHVWH"

'RFWRUXOLQWUDvQGRUPLWRUODVvQGXOSHVRWXOIRDUWHDJLWDWVDDVWHSWHDIDUD3HVWHGRXDPLQXWHGRFWRUXOLHVHGLQGRUPLWRU
VLFHUHXQFXWLWGHEXFDWDULH
6RWXOVHH[HFXWDVLGRFWRUXOGLVSDUHGLQQRXvQGRUPLWRU3HVWHSXWLQWLPSLHVHGLQQRXGHGDWDDVWDFHUkQGXQFLRFDQVLR
GDOWD6RWXOGD IXJD SvQDMRV VL VH vQWRDUFH FX XQ FLRFDQ VL R GDOWD $FXP ELHWXORP HUD vQWURJURD]QLFD VWDUH GH DJLWDWLH
'RFWRUXOUHLQWUDvQGRUPLWRUUHDSDUHGLQQRXGXSDYUHRFLQFLPLQXWH
ÌPLSDUHUDXVSXQHHO0DWHPFDDPQHYRLHGHRUDQJD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2UDQJD"WLSDVRWXOFXJODVXOVXJUXPDW"&HDUH"6SXQHWLPLVLPLH
1DPDYXWFXPVDFRQVWDWVSXQHGRFWRUXOÌQFHUFGHDWXQFLVDPLGHVFKLGWUXVD

ÌQPLH]XOQRSWLLVXQDWHOHIRQXOXQXLGRFWRU8QJODVGHIHPHLH
'RFWRUHGRFWRUHEDLDWXODvQJKLWLWXQSUH]HUYDWLY
'RFWRUXOLDDGUHVDVHvPEUDFDUHSHGHVLFkQGVDLDVDSHXVDLDUVXQDWHOHIRQXO
'RFWRUHQXPDLWUHEXLHVDYHQLWL6RWXOPHXDJDVLWDOWXO

+HLGRFWRUHQXPDVHDXDDLDWUHEXLDH[WUDVD
/DV
FDDMXQJHPQRLVLODDLDVWULFDWD

'RP
GRFWRUFUHGFDGHODXQWLPSDPGHYHQLWFDPLVWHULF
3DLFXPVHPDQLIHVWD"
3$,&806$6(0$1,)(67(%$"

/DGRFWRU
1XVWLXFHDPGRP
GRFWRUGHODXQWLPSQXPDVLPWELQHGHORF
,DGXWHEDLQFDPHUDGHDODWXULVLFDFDWHQWDYDDVWD
6HGXFHRPX
VHFDFDVLVHQWRDUFH'RFWRUXORLDRSXQHSHELURX,DSXWLQFDFDWSHGHJHWvOJXVWDVL]LFH
0PPQXHGHODILFDW0DLLDRJXUDGHFDFDW
0PPQLFLGHODLQLPDVLWRWDVD
6HWHUPLQDFDFDWXO
,DGXWHEDVLPDLFDFDWH
&806$0$0$,&$&%$"
$KDHGHODQHUYL

8QWkQDUELQHIDFXWODWUXSDUHWRWXVLSUREOHPHPDULFXVDQDWDWHD$PHWHOLFUXQWHGXUHULIDQWDVWLFHGHDEGRPHQ]LOQLF
VL IDUD FUXWDUH  9L]LWHD]D XQXO GLQWUH FHL PDL UHQXPLWL GRFWRUL LQ WDUD GXSD R DQDOL]D VHULRDVD D SUREOHPHL VL SUREH GH
ODERUDWRUYHUGLFWXOGRFWRUXOXLHVWHWHULELOvLSURSXQHFDVLQJXUUHPHGLXFDVWUDUHD'LVSHUDWWkQDUXOQRVWUXSOHDFDSHQWUXR
D GRXD RSLQLH OD FHO PDL UHQXPLW GRFWRU GLQ 6WDWHOH 8QLWH GLQ QHIHULFLUH DFHODVL YHUGLFW FDVWUDUHD 7kQDUXO QRVWUX LQ
SUDJXO GH]QDGHMGLL vQFHDUFD VL OD 3DULV FX DFHOVL UH]XOWDW $PHWHOLOH VL GXUHULOH GH DEGRPHQ VXQW LQIHUQDOH WkQDUXO
FDSLWXOHD]DVLDFFHSWDRSHUDWLD
/DLHVLUHDGLQVSLWDOYL]LWHD]D3DULVXOVLRFKLLvLFDGSHRYLWULQDDXQXLFURLWRUYLWULQDvQFDUHHUDH[SXVXQVXSHUEFRVWXPGH
KDLQH
'DFDWRWVXQWOD3DULVKDLVDPLIDFVLHXXQFRVWXP
=LVVLIDFXWWkQDUXOLQWUDvQPDJD]LQDOHJHVWRIDGLVFXWDFXFURLWRUXOPRGHOXOHWF6HWUHFHODPDVXUDWRULXPHULLPkLQLOH
OXQJLPHDKDLQHLWDOLHOXQJLPHDGLQWDOLHSkQDSHVWHSDQWRIHWF&URLWRUXOvOvQWUHDED
8QXOWLPDPDQXQWGUDJDGRPQXOHSHFDUHSDUWHWLQHWLEDJDMXO"
6WLPDWHGRPQQXPDLDUHQLFLRLPSRUWDQWDUDVSXQGHDPDUkWWkQDUXO
&XPVDQXDLEDLPSRUWDQWDGRPQXOHGUDJD"$UHRLPSRUWDQWDIDQWDVWLFD'DFDGYVRELVQXLWLVDOWLQHWLSHVWkQJDVLHXIDF
EX]XQDUXOSDQWDORQXOXLSHGUHDSWDRVDDYHWLDPHWHOLJURD]QLFHGHFDSVLGXUHULvQILRUDWRDUHGHDEGRPHQ

8QDLQWUDYDOYkUWHMLQFDELQHWXOXQXLGHQWLVWvVLULGLFDIXVWDvVLGDMRVFKLORWLLVLVHULGLFDSHVFDXQFXSLFLRDUHOHvQVXV
0HGLFXOIRDUWHLQWULJDWvLVSXQH
'RDPQDQXYDVXSDUDWLGDUJLQHFRORJXOFRQVXOWDDODWXUL
/DFDUHGRDPQDUHSOLFD
6LFWLU7XLDLSXVSURWH]DOXEDUEDWXPHXWXVDLRVFRWL

2WLSDVHGXFHODGRFWRU'XSDFHRFRQVXOWDGRFWRUXOvLVSXQH
'RDPQDWUHEXLHVDYRUEHVFFXVRWXOGY
7LSDLHVHGLQFDELQHWVLvLVSXQHEDUEDWXOXL
&UHGFDDPFHYDJUDYGRFWRUXOQDYUXWVDPLVSXQDFHGDUYUHDVDYRUEHDVFDFXWLQH
7LSXOLQWUDvQFDELQHWVLGRFWRUXOvL]LFH
6RWLDWDHIRDUWHEROQDYD'DFDQXRVRIXWLGHRULSHQRDSWHvQILHFDUHQRDSWHRVDPRDUD
7LSXOLHVHLDUVRWLDvOvQWUHDED
(LGUDJDFHD]LVGRFWRUXO"
$]LVFDRVDPRUL

2WLSDLQWUDvQFDELQHWXOXQXLJLQHFRORJ
'RPQXOH GRFWRU YD URJ VD PD DMXWDWL $P DJDWDW XQ PLOLDUGDU VL PLD SURPLV FD GDFD VXQW IDWD PDUH PD LD GH QHYDVWD
)DFHWLPLFHYDvQ DVDIHO vQFkWVD L VH SDUD FDVXQW IDWD PDUH VL YD YRL UDVSODWL DVD FXP VH FXYLQH 'LVHDUD WUHEXLH VD GDX
SURED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RFWRUXO HVWH GH DFRUG R SXQH SH PDVD OXFUHD]D FLUFD XQ VIHUW GH RUD VL DSRL VSXQH FD WRWXO HVWH RN $ GRXD ]L WLSD VH
vQWRDUFHODPHGLF
'RPQXOHGRFWRUVvQWHWLXQJHQLXXQFHDUFDIGHVvQJHDPXPSOXW&HPLDWLIDFXW"
6WDLOLQLVWLWDVDWLVFRWODPDUDVSXQGHGRFWRUXO

8QEROQDYGHFDQFHUVHGXFHODPHGLF0HGLFXOvLSUHVFULHEDLGHQDPRO
'RP
GRFWRUGD
HXQDPUHXPDWLVPFLFDQFHU
3DLWRFPDLGHDLDWLDPSUHVFULVEDLGHQDPROFKLDUGHSHDFXPWUHEXLHVDvQFHSLVDWHRELVQXLHVWLFXSDPkQWXO

7UHEXLHVDYDDQXQWFDEHEHOXVXOGXPQHDYRDVWUDDUHRSR]LWLHIRDUWHFLXGDWD
1LFLQXPDPLU'DFDDWLVWLvQFHSR]LWLHPDPIX XWvQUDEODDLDGH/DVWXQ

$VSLULQDHEXQDODWRDWH]LFHXQGRFWRU
6HULRV"HVLDQWLFRQFHSWLRQDO"
'DGD
WUHEXLHVRWLLIRDUWHVWUkQVvQWUHSLFLRDUH

)DFH%XODXQFRQWUROPHGLFDO'RFWRUXOvOFRQVXOWDvLDQDOL]HD]DUHVSLUDWLDWRWGDUODVIkUVLWQHILLQGSUHDVDWLVIDFXWvO
URDJD
'RPQXOH%XODDPQHYRLHVDPLDGXFHWLvQGXSDDPLD]DDVWDSUREHGHXULQDVDOHDQDOL]H]
'DEXQVLPDLFH"
6LGHIHFDOHGDFDVHSRDWH
%LQHHRIWHD]D%XODVLDOWFHYD"
$VLGHVSHUPDGDFDQXYDVXSDUDWL
%XODVHJUDEHVWHVDSOHFHGDUVHvQWRDUFHLPHGLDWVL]LFH
'RPQXOHGRFWRUVWLWLLRPDFDPJUDEHVFDVDFDGDFDQXYDVXSDUDWLYDODVDLFLFKLORWLLVLDPSOHFDW

'RFWRUXO
ÌPLSDUHUDXDPRYHVWHSURDVWD$YHWL6,'$
3DFLHQWXO
&HIHOGHOXPHHDVWDGHQXPDLSRWLDYHDvQFUHGHUHQLFLvQSURSULDILLFD"""

6HGXFHXQWLSODGRFWRUVL]LFH
'RPQXOHGRFWRUHXVLQWGH]HFKLOLEUDWVH[XDO
/DVDFDSXQLRGLDJQRVWLFXFDGHDLDLVGRFWRU7X]LQXPDLVLPSWRPHOH
3DLHVLPSOXGRPQXOHGRFWRU&LQGPLVHVFRDODFDGSHVSDWH

,HULDPIRVWODGRFWRU
6LFHDVSXV"
GHOHL
1XYURLDPVDVWLXFHDLDYXW"

1XPDLvQWHOHV&HWLDOLSVLW""
3DL

8QGRFWRUVLVRWLDOXLDXRFHDUWDIRDUWHXUkWDODPLFXOGHMXQ
6LGDFDYUHLVDVWLLQLFLQXHVWLIRDUWHEXQvQSDWvLVSXQHHDVLSOHDFDODOXFUXWUkQWLQGXVD
3HODDPLD]DvQFHSHVDLSDUDUDXVLVXQDDFDVD
&HWLDWUHEXLWDVDPXOWVDUDVSXQ]L"
(UDPvQSDW
6LFHIDFHDLvQSDWODRUDDVWD"
&HUHDPRDGRXDRSLQLH

0HGLFDPHQWXOSHFDUHYLODPSUHVFULVYDIDFXWELQH"
(VWH H[WUDRUGLQDU GRFWRUH 'RDU GRXD SDVWLOH DP OXDW VL PLD GLVSDUXW WXVHD &X UHVWXO IODFRQXOXL DP FXUDWDW WRDWH
WDFkPXULOH6XQWDFXPFDQRL

2 WkQDUD VH SUH]LQWD OD PHGLF SHQWUX FRQWUROXO SHULRGLF ÌQ WLPS FH R H[DPLQD GRFWRUXO REVHUYD FD IHPHLD DYHD PDL
PXOWH]JkUkLHWXULSHSDUWHDLQWHULRDUDDSXOSHORUVLQHGXPHULWRvQWUHDEDFDUHHVWHFDX]D
6WLWLSULHWHQXOPHXSRDUWDRFKHODULvLUDVSXQGHIHPHLD
'DUGHFHQXLVSXQHWLVDVLLGHDMRV"vQWUHDEDGRFWRUXO
1XVXQWHPFKLDUDVDGHLQWLPL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RPQXOHGRFWRUDPXUPDWWUDWDPHQWXOFXVILQWHQLH1DPPDLIXPDWQDPEDXWQDPPkQFDWFXVDUH'DUSLFLRDUHOH
PDGRUODIHOFDvQDLQWH$ELDPDLPHUJ&HDUWUHEXLVDLDX"
$XWREX]XOPHWURXOWUDPYDLXO

8QWLSVHGXFHODGRFWRU
'XP
OHGRFWRUDPRSUREOHPD
&HDLPD"
1XPLVHVFRDOD
$KD)LDWHQWRLHLvQPkQDVLWUDJLGHHDSkQDDMXQJHFDPSHODJHQXQFKL$SRLPDLYLLSHODPLQH
%LQHGRP
GRFWRU
9LQHDVWDGXSD]LOH
'RP
GRFWRUGHJHDEDWRWQXVHVFRDOD
0DLWUDJHGHHDSkQDDMXQJHODFDOFkLHVLPDLYLQRSHODPLQH
%LQHGRP
GRFWRU
9LQHDVWDSHVWHDOWH]LOH
'HJHDEDQXPHUJH
7UDJH
RSkQDDMXQJHODFXUDSRLPDLYLQHS
DFL
%LQHGRP
GRFWRU
9LQHDVWDGLQQRX
1XPHUJHWRWQXPLVHVFRDODS OD
$WXQFLSRWLVDWHFDFLSHHD

&LFDXQWLSVHGXFHODGRFWRUILLQGUDFLWWXVHDvQWUXQD'RFWRUX

vOFRQVXOWDVLvLSUHVFULHXQPHGLFDPHQWGDUGLQJUDED
SHUHWHWDDSDUHXQGLXUHWLFSXWHUQLF'RFWRUX
vOFKHDPDvQDSRLGXSDWUHL]LOH&kQGVHvQWRDUFHRPX
GRFWRUX
vQWUHDED
0DLWXVLWLGRPQX
"
'DFHFUHGHWLFDPDLDPFXUDM"

%XODVHGXFHODGRFWRU
'RP
GRFWRUYUHDXVDPLGDWLVLPLHVFXODPHQW
%XODHVWLQHEXQ"7RDWDOXPHDYUHDVDVFDSHGHHOQXPDLWXVDOLHL"
/DVDWLGRP
GRFWRUFDVWLXHXFHIDF
%LQH%XOD
9LQRPkLQHODPLQHFDDPRVWRDUIDFDUHYUHDVDVHYLQGHFH=LVVLIDFXW$GRXD]LGXSDFHWHUPLQDWUHDEDGRFWRUXOIRDUWH
FXULRVvOvQWUHDEDGHFHDIDFXWFKHVWLDDVWD
3DLVDYHGHWLGRP
GRFWRU7DWDDUHRVHFUHWDUDSHODFDUHPDLPHUJVLHX(XRVDLGDXERDODOX
DVWDDVWDOXWDWDWDWDFDVD
QXDIOHPDPDFDDUHDPDQWDRVDLRGHDVLHLLDUSHODPDPDPDLYLQHGLQFkQGvQFkQGGLULJX
(SHDVWDDPHXERDOD

8QPRVVHGXFHODGRFWRU
'RP
GRFWRUDPYDQLWVDPLGDWL6,'$
0RVXOHFHDLHVWLQHEXQ"
1XGRP
GRFWRUGD
DPDX]LWFDGH6,'$PDLWUDLHVWLYUHRGRLDQLVLGXSDDLDPRUL

2IHPHLHIUXPRDVDYLQHODJLQHFRORJ'XSDFHRvQWLQGHSHPDVDFXSLFLRDUHOHODUJGHVIDFXWHJLQHFRORJX
vQFHSHVDR
FRQVXOWHFXDWHQWLHDSRL]LFH
)DQWDVWLFIDQWDDVWLFIDQWDDDVWLLLF
2ULFHDWLILYD]XWHUDVXILFLHQWVD]LFHWLRVLQJXUDGDWDIDQWDVWLF
3DLLRDVDDP]LVRGDWDUHVWX
DIRVWHFRX


'RPQXOHGRFWRUYDSODFHVLGXPQHDYRDVWUDSRNHUXO"
&kWHRGDWDFDVDPLRPRUWLPSXO
3DLFOLHQWLQXDYHWL"

'RPQXOHGRFWRUVSXQHDVLVWHQWDDODUPDWDSDFLHQWXOFDUHWRFPDLDLHVLWGHOD'YDPXULWSHKRO
6FKLPEDLUHSHGHSR]LWLDVDSDUDFDWRFPDLLQWUD

ÌQVDODGHDVWHSWDUHDXQXLFDELQHWSDUWLFXODURSDFLHQWDVHFRQIHVHD]DDOWHLSDFLHQWH
&kQGQXPDVLPWELQHPDGXFODGRFWRUFDFLWUHEXLHVDWUDLDVFDVLHO3HXUPDFXPSDUPHGLFDPHQWHGHODIDUPDFLVWFDFL
WUHEXLHVLHOVDWUDLDVFD$SRLDMXQJDFDVDVLOHDUXQFFDVLHXWUHEXLHVDWUDLHVF

9RLGRFWRULLVvQWHWLEXQLGHFRPSDWLPLW0XOWDOXPHYDvQMXUD
'D$VWDH6LQFHUVDILXDYHPGHVWXLGXVPDQLSHOXPHDDVWD
$GLFDPDLPXOWLGHFkWSHOXPHDFHDODOWD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&LFDRIHPHLHFXYRFHEDULWRQDODYLQHODXQGRFWRU
%XQD]LXDGRFWRUHJURVVVVV
9DLGRDPQDGDUFHDYHWLODJkW"
0DUJHOHFXDFHHDVLYRFHGHFDYHUQD

8QGRPQGLVWLQVPHUJHODPHGLF
9DURJVDPDDMXWDWLGRPQXOHGRFWRU&DVDWRULDPHDHVWHvQMRF1XPDLPHUJHVH[XODVDFXPPHUJHDSHYUHPXUL
$PVDYDSUHVFULXRWDEOHWDSHFDUHYDWUHEXLVDROXDWLvQILHFDUHVHDUDvQWLPSXOFLQHL
'XSD FkWHYD ]LOH SDFLHQWXO PHUJH GLQ QRX OD XQ H[DPHQ PHGLFDO FD GRFWRUXO VD YDGD GDFD WDEOHWD SUHVFULVD QX DUH HIHFWH
VHFXQGDUH
(LYDIRORVLWWDEOHWD"
'RPQXOHGRFWRUHVWHFXDGHYDUDWXOXLWRDUH&KLDUVLvQWLPSXOFLQHLDPIDFXWGHGRXDRULVH[FXQHYDVWDPHD
6LHD"
,DSODFXWIRDUWHWDUH'DURDVSHWLLDXIRVWIRDUWHVXUSULQVL

'RPQXOHGRFWRUFHVDPDIDF"'LPHQVLXQLOHSHQLVXOXLPHXVHDSURSLHGHFHOHDOHXQXLEHEHOXV
'HFH"&kWPDVRDUDSHQLVXOGXPQHDYRDVWUD"
GHFHQWLPHWULVLGHJUDPH

'RFWRUXOvOvQWUHDEDSH%XOD
6SXQHPLWHURJFXPWHSURWHMH]LFkQGIDFLVH["
'RPQXOHGRFWRUVXQWIRDUWHSUHFDXWIRORVHVFSUH]HUYDWLYVLPDQXVLFKLUXUJLFDOH
6LSDUWHQHUD"
&DUHSDUWHQHUD"

'RPQXOHGRFWRUIDFHWLYDURJFHYDFX QHYDVWD PHD VHSODQJH,RQ XQXLSVLKLDWUX1X PDLVWLXFH VDIDFFXFHOH GH

SLVLFLDOHHL0LURVXOGLQFDVDDGHYHQLWLQVXSRUWDELO
'HFHQXGHVFKLGHWLJHDPXULOH"
3DLDU]EXUDFHLGHSRUXPEHLDLPHL

9LQHXQFXSOXODPHGLFSXWLQLWULVWLVLL]LF
'OHGRFWRUQXvQWHOHJQLPLFFHVHvQWkPSOD,DFDQHYDVWDPHDvLEORQGDHXVEUXQHWGHFHDLHVLWFRSLOX
URVFDW"
&kQGDWLIDFXWXOWLPDGDWDGUDJRVWH"2OXQDvQXUPD"
1X
'RXD"
1X
-XPD
GHDQ"
1X
8QDQ"
1X
3DLDWLUXJLQLWPDL

2EDEDGHGHDQLVHGXFHODGRFWRU$FHVWDRFRQVXOWDVLQXLYLQHVDVLFUHDGDRFKLORU'RFWRUXO
1XPLYLQHVDFUHG0DLFDHVWLJUDYLGD&kWLDQLDLPDWDOH"
%DWUkQD
GDUFHPDLvQVHDPQDvQ]LXDGHD]L"

8Q JLQHFRORJ VH vQWRDUFH DFDVD EHDW WXUWD 9UHR MXPDWDWH GH RUD VH FKLQXLH VD JDVHDVFD JDXUD FKHLL ÌQWUXQ WkU]LX
RIWHD]D
'DFDDUILDYXWPDFDUXQILUGHSDUDVILQLPHULWRGLQSULPD

8QWLSODGRFWRU
'RP
GRFWRUVLQWLQGHFLVVDXQX"

/DGRFWRU
1XVWLXFHDPGRP
GRFWRUGHODXQWLPSQXPDVLPWELQHGHORF
,DGXWHEDLQFDPHUDGHDODWXULVLFDFDWHQWDYDDVWD
6HGXFHRPX
VHFDFDVLVHQWRDUFH'RFWRUXORLDRSXQHSHELURX,DSXWLQFDFDWSHGHJHWvOJXVWD]LFH
0PPQXHGHODILFDW
0DLLDRJXUDGHFDFDW
0PPQLFLGHODLQLPD
6LWRWDVD6HWHUPLQDFDFDWXO
,DGXWHEDVLPDLFDFDWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&806$0$0$,&$&%$"
$KDVWLXHGHODQHUYL

8QEkOEvLWFXSX DPDUHVHFDVDWRUHVWH'XSDFvWHYD]LOHQHYDVWDVDvOURDJD
'XWHWHURJODGRFRUVLYH]LGDFDWLRSRDWHVFXUWDFDPLHFDPOXQJD
%EELQHHGGUDJJJD
$GRXD]LODGRFWRU
'GGRPQQQXOHGRFFWWRUSSSXXWHWWLVVVDPPPLVFFFXUWWWDDWLSSXX D"
%LQHGDUFUHGFDHVWHSDFDWGHDVDRVFXOD
'XSDRSHUDWLHWLSXOPHUJHDFDVDVLIHULFLWvVLGDVHDPDFDQLFLQXVHPDLEkOELH7UHFHRYUHPHGXSDFDUHQHYDVWDvLVSXQH
&UHGFDPLDUSODFHVDILHPDLOXQJD'XWHODGRFWRUVDYH]LGDFDWLRSRDWHOXQJLL
%LQHGUDJD
0HUJHWLSXOODGRFWRUVLvLSUH]LQWDSUREOHPD'RFWRUXO
$DDVVWDQQQXXVVHHSSSRDWWH

8QWLSVXSDUDWVHGXFHWRWODXQGRFWRUFDFLXQGHDOWXQGHYD"
'RFWRUHFHPDIDFDPSX DOXQJD
,DVRYHGHP
6LWLSXOVFRDWHRGLWDPDLSX DOXQJDSHWRDWDPDVDODFDUHGRFWRUXOUDPkQHvQPDUPXULW
$PRLQWUHEDUH]LFHGRFWRUXOFXPIDFLPDWDSLSL"
'XPQHDYRDVWUDDYHWLPDVLQD"
%LQHLQWHOHVWRDWDOXPHDDUHPDVLQD
6LFXPVFRDWHWLEHQ]LQDGLQUH]HUYRU"
3DLFXPDOWIHODVSLUFXXQIXUWXQ
$VDIDFVLHXSLSL

,D VD YHGHP FH VFULH vQ FDUWH GH ERDOD GXPQHDYRDVWUDSHQLVXO YHUGH  WUHEXLH DPSXWDWSHQLVXO DOEDVWUX  WUHEXLH
DPSXWDWSHQLVXOURVXFXEXOLQHPRYWUHEXLHDPSXWDWDKDLFLDPJDVLW3HQLVXODUJLQWLX18WUHEXLHDPSXWDW
3DFLHQWXOUDVXIODXVXUDW
ÌQVHDPQDFDVFDS
'HFLQXWUHEXLHDPSXWDWFDGHVLQJXU

ÌQWRLXOQRSWLLGRFWRUXOHVWHFKHPDWODXQSDFLHQW'XSDFHODFRQVXOWDWGRFWRUXOvQWUHDED
'RPQXOHWLDLIDFXWWHVWDPHQWXO"
1XGRPQXOHGRFWRUHVWHFKLDUDWkWGHJUDY""
$WXQFLFKHPDWLLPHGLDWXQQRWDUVLUXGHOHFHOHPDLDSURSLDWH
$VWDvQVHDPQDFDRVDPRUFXUkQG""
1XDVWDQXGDUQXYUHDXVDILXVLQJXUXOIUDLHUFDUHHVWHVFRVIDUDPRWLYvQQRDSWHDDVWDGLQSDW

&LFDHUDXQWLSIRDUWHJUDVFDUHVHGXFHODGRFWRUFDVDPDLVODEHDVFD7UDWDPHQWXOHUDGHVWXOGHVFXPSLDUWLSXOvLVSXQH
GRFWRUXOXL FD YUHD VD VODEHDVFD vQ SULPD ]L  NJ 'RFWRUXO vL VSXQH FD H 2. vO EDJDQWUR FDPHUD FDUH HUD GH IDSW XQ
ODELULQWFXRJOLQ]LLPHQV7LSXOYHGHOkQJDHOREORQGDGHQRWDJRDODFXRLQVFULSWLHSHHD
'$&$0$35,1=,0$)8 ,
$OHDUJDGXSDHDWRDWD]LXDGDUQRSULQGH/DVIvUVLWXO]LOHLVODELVHNJ$GRXD]LvLVSXQHGRFWRUXOXLFDHVWHPXOWXPLWGH
WUDWDPHQWGDUGHGDWDDVWDYUHDFDWLSDVDILHURVFDWD'RFWRUXO]LFHFDH2.vOEDJDQODELULQWDFHHDVLSRYHVWH7LSXOPDLGD
MRVvQFDNJ
$WUHLD]LWLSXOvLVSXQHGRFWRUXOXLFDYUHDVDVODEHDVFDNJ'RFWRUXOvLVSXQHFDDUHRUHWHWDVSHFLDODSWNJVLvOEDJD
GLQQRXvQODELULQW7LSXOVHXLWDvQ VWkQJDVLQGUHDSWDGDUQXYHGHQLFLRWLSD/D XQ PRPHQWGDWVHvQWRDUFHVLYHGH XQ
QHJUXFvWXVDGHODOLIWFXRLQVFULSWLH
'$&$7(35,1'7()87

6HIDFHDFDXQJLQHFRORJVHJvQGHVWHVDVHIDFDPHFDQLF6LVHGXFHRPXOQRVWUXODFXUVXOGHPHFDQLFL,RQHVFXLD
3RSHVFXLDLDUJLQHFRORJXOQRVWUXVHFDSWXVHVWHFXXQ 8LPLWVHGXFHVLHOODSURIHVRUVLvQWUHDEDFXPVHSRDWH"
7LDPGDWSXQFWHSHQWUXFDDLGHVIDFXWPRWRUXOvQFDSHQWUXFDODLPRQWDWODORFFXPWUHEXLHVLvQFDFDERQXVFDDL
OXFUDWSULQWHDYDGHHVDSDPHQW

/D PRUJD HVWH DGXV XQ WkQDU JDVLW PRUW 'RFWRULWD OHJLVWD YLQH FX DVLVWHQWD WUDJH MRV FHDUVDIXO GH SH WLS VL UDPvQ
DPDQGRXDvQPDUPXULWHGHGLPHQVLXQLOHFXDGHYDUDWPRQVWUXRDVHDOHDUJXPHQWXOXLWLSXOXL
'UDJDVSXQHGRFWRULWDHXQXPDLSRWUH]LVWDDVDFHYDHXQXDPPDLvQWkOQLWGHFkQGVXQWHXPDVXLSHHOFDDOWDVDQVDGLQ
DVWDQXYRLPDLDYHDvQYLDWDPHD6LVHVXLHSHHOvLvQGUHDSWDSXODFDUHHUDvQULJLGLWDWHFDGDYHULFDVLVHVDWLVIDFHSUHWGHR
RUD&vQGFRERDUDVHDGUHVHD]DDVLVWHQWHLFDUHSULYHDvQPDUPXULWD
'D
XUFDWHVLWXFDDVDFHYDQRVDPDLSXSL
1XSRWGRDPQDGRFWRU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'D
GHFH"
3DLvLPRUWGRDPQDGRFWRU
'DOGUDFXOXLFDQXPDLVLPWHQLPLF
'D
QXSRWFDVvQWODFLFOXGRDPQDGRFWRU
'D
SRLVLFHLFDGRDUDDYHPDSDGHVSDODW
6LXLWHDVDGLQDSURDSHvQDSURDSHDVLVWHQWDVHODVDFRQYLQVDFDVDVHXUFHVLHDSHSXODWLSXOXL&vQGFRERDUDvQFHSHVR
SXSHSHGRFWRULWDVLVDLPXOWXPHDVFDSHQWUXLGHHD JHQLWDOD SH FDUH D DYXWR ÌQ WLPSFH vVL WRW PXOWXPHDX WLSXO GH SH
PDVDVHPLVFDVHVFRDODvQFRDWHGHVFKLGHRFKLLVLPXUPXUD
9DLYDPXOWXPHVFSHQWUXWUDQVIX]LH

8QEDUEDWPHUJHODGRFWRUDYvQGLQVWUXPHQWXOFDPOXQJFP$MXQVvQIDWDGRFWRUXOXLvLVSXQHFDUHHVWHSUREOHPD

'RFWRUXOVWDVLVHJvQGHVWHXQWLPSGXSDFDUHvLVSXQHQXWLIDFRSHUDWLHGDUYH]LFDvQSDGXUHDGLQVSDWHHVWHREURVFXWD
FDUHGDFDvLVSXLFDYUHLVDRLHLGHQHYDVWDYD]LFHQXVLWLVHYDVFXUWDFXFP0HUJHRPXOvQSDGXUHJDVHVWHEURVFXWDR
vQWUHDED
9UHLVDILLVRWLDPHD"
ODFDUHEURVFXWDUDVSXQGH
1X
6HXLWDRPXOvQSDQWDORQLPLUDWFRQVWDWDFDvQWUDGHYDUVDVFXUWDWFXFP
%XQDWUHDED]LFHHOKDLFDvLPDLVSXQRGDWD
$FHHDVLSRYHVWHLVDPDLVFXUWDWFXFPVLVHJkQGHVWHHOvQFDRGDWDVLJDWD
2vQWUHDEDLDUSHEURVFXWD
+DLEURVFXWRVDILLVRWLDPHD
/DFDUHEURVFXWDSOLFWLVLWD
1XQXVLQX

/DXQVSLWDOSDFLHQWDvLVSXQHPHGLFXOXL
$]LPDVLPWPDLELQHMXQJKLXULOHDXvQFHWDW
6LQJXUXOOXFUXFDUHPDGHUDQMHD]DSXWLQHVWHUHVSLUDWLD
+PGD3DLVDYHGHPFHSXWHPIDFHVDvQFHWH]HVLDVWD

ÌQWURVDODGHWULEXQDOGLQ$PHULFDHFKHPDWVDGHSXQDPDUWXULHXQPHGLFOHJLVW$YRFDWXODSDUDULL
6XQWHWLDEVROXWVLJXUFDYLFWLPDHUDPRDUWDFkQGDDMXQVSHPDVDGHDXWRSVLH"
'RFWRUXO
'D
'HXQGHDWLVWLXWFDYLFWLPDHUDPRDUWDODGDWDODFDUHLDWLIDFXWDXWRSVLD",DWLOXDWSXOVXO"
1X
7HQVLXQHDDWLvQFHUFDWVDLROXDWL"
1X
'HPRDUWHFOLQLFDQXDWLDX]LW"'HFHDWLIRVWDVDGHVLJXUFDH PRDUWD"
3HQWUXFDD IRVWvPSXVFDWvQFDSVLLOLSVHDRPDUHSDUWHGLQFUHLHU
%LQHGDUFXWRDWHDVWHDYLFWLPDSXWHDILvQFDvQYLDWDQX"
$YHWLGUHSWDWH3UREDELOHUDvQYLDWDVLSUDFWLFDDYRFDWXUDvQWUXQDOWVWDW

'RLSULHWHQLGRFWRULVWDWHDXGHYRUED8QXOWRFPDLWHUPLQDVHIDFXOWDWHDVLHUDDIRQFXPHVHULD
%DL5DGXOHFHPDIDFHXGDFDYLQODPLQHSDFLHQWLLVLQXVWLXFHVDOHIDF"
1XWLIDFHSUREOHPH9DVLOHOHVSXLIRDUWHFDOPFDVXOLPEULFLVLOHGDLRDVSLULQD
$GRXD]LODFDELQHW
'RPQXOHGRFWRUWXVHVFVLDPWHPSHUDWXUD
'RFWRUXOIRDUWHVLJXUSHHO
$LKHPRURL]L
&XPGRPQXOHVDDPKHPRURL]LQXYH]LFDVXQWUDFLW"
7DFLGRPQXOHGLQJXUDQXvQWHOHJLFDDLKHPRURL]L,DRDVSLULQDVLRVDWHIDFLELQH
$OWSDFLHQW
'RPQXOHGRFWRUPDGRDUHFDSXODPEDXWFDPPXOWDVHDUD
&XVLJXUDQWDDLKHPRURL]L
1XSULFHSLGRFWRUHFDDPEDXWDVHDUD
7DFLFDQXVWLLQLPLF,DRDVSLULQD
$OWSDFLHQW
'RPQXOHPLDPUXSWSLFLRUXO
6XIHULGHKHPRURL]LWLQHUH
&HWUHDEDDXKHPRURL]LLFXSLFLRUXOPHXUXSWGRPQXOHGRFWRU"
1XvQWHOHJLFDDLKHPRURL]L
(VWLQHEXQ"1XvQWHOHJLFDPLDPUXSWSLFLRUXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&XPVDvQWkPSODW"
0DPVXLWvQFRFSDFVLDPFD]XW
(LYH]LDVWDH7HDPkQFDWvQFXUVDWHVXLvQFRSDF$LKHPRURL]LLDRDVSLULQD

8QWLSLQWUDGLVSHUDWSHXVDFDELQHWXOXL
'RPQXOHGRFWRUFHVDIDFPLDPRPRUkWQHYDVWD$MXWDWLPD
6WDGRFWRUXOVHJkQGHVWHIUHDPDWDHWFVLvLVSXQH
8LWHDLDLFLFXWLDDVWDFXSDVWLOH$FHVWPHGLFDPHQWvWLGDSXWHUHDVDLRWUDJLOXLQHYDVWDWDGHGRXDRULSH]L'DFDvQVDLHL
SDVWLOHOHvQFRQWLQXDUHWLPSGH]LOHSRWLVDLRWUDJLSkQDRRPRUL$VWIHOQXYHLGDGHEDQXLW
)DUDQLFLXQFXYkQWJDJLXOLDFXWLDFXSDVWLOHVLR]EXJKHVWHSHXVD3HVWH]HFH]LOHGRFWRUXOPHUJHDOLQLVWLWSHVWUDGDVLvO
YHGH SH WLSXO UHVSHFWLY vQWUXQ VFDXQ FX URWLOH FX FHDUFDQH OD RFKL QXPDL SLHOH VL RV GDUkPDW WRWDO 6XUSULQV GRFWRUXO vO
vQWUHDED
&HVDvQWkPSODW"
'RFWRUHVWDLOLQLVWLWQXHQLFLRSUREOHPDvQFDWUHL]LOHVLSROLWLDQXYDEDQXLQLPLF

8QWLSGDWHOHIRQGRFWRUXOXL
'RFWRUHDPRSUREOHPDILXOPHXGHDQLDUHVFXODPHQWVLQXPLVHSDUHQRUPDOODYkUVWDOXLÌQVDFUHGFDVWLXFLQHHGH
YLQDWkUIDDLDGHVHUYLWRDUH
6WDLOLQLVWLWRPXOHVHPDLvQWkPSOD
1XSRWGRFWRUHVDVWDXOLQLVWLWILLQGFDVLHXWUHEXLHVDUHFXQRVFFDPDPFXOFDWFXVHUYLWRDUHDVLDPDFHOHDVLVLPSWRPHFD
ILXOPHX
'DFKLDUDYHWLRSUREOHPD
6LQXQXPDLDWkWFUHGFDLDPGDWVLOXLQHYDVWDPHD
/DFDUHGRFWRUXO
2KQXvQVHDPQDFDDYHPWRWL

8QWLSLQWUDGLVSHUDWSHXVDFDELQHWXOXL
'RPQXOHGRFWRUGRPQXOHGRFWRUVXQWGLVSHUDWvQ ILHFDUHVHDUDFkQGPDEDJvQSDWDPLPSUHVLDFDHVWH FLQHYDVXE SDW
&kQGPDXLWVXESDWDPLPSUHVLDFDHVWHFLQHYDSHSDWVLWRWDVDFUHGFDRVDvQQHEXQHVF
'RPQXOHDVWDRYRPUH]ROYDIDUDQLFLRSUREOHPDvQWUHLDQLGHVHGLQWH9LQRGHWUHLRULSHVDSWDPkQD
'DUFkWFRVWDRVHGLQWDODGXPQHDYRDVWUD"
1XPDLRVXWDGHGRODUL
7LSXOSOHDFDGH]DPDJLW3HVWHFkWHYDOXQLGRFWRUXOvOvQWkOQHVWHGLQvQWkPSODUHSHUHVSHFWLYXOSOLPEkQGXVHOLQLVWLWSHVWUDGD
'HFHQXDLYHQLWODPLQHFDVDIDFHPWUDWDPHQXO"
2VXWDGHGRODULVHGLQWD"$PUH]ROYDWRFXGRODUL0LDVSXVXQEDUPDQFXPVDVFDSGHREVHVLH
3DLFXPDVDXQEDUPDQ"
'DPLDGDWVROXWLDDPWDLDWSLFLRDUHOHSDWXOXL

8QWkQDUPHGLFHUHSDUWL]DWODGUDFX
vQSUD]QLFvQWUXQPLFRUDVHOPXQFLWRUHVF7UHF]LOHOHWUHFVDSWDPkQLVLOXQLVLYLQH
SULPDYDUD
&RQFHGLXQXDUHGDULVDDFULWGHYLDWDGHDFRORVLLVHIDFHGRUGHFLYLOL]DWLH1XSRDWHODVDFDELQHWXO VH vQWHOHJHFX XQ
LQJLQHU VDL WLQD ORFXO ÌL H[SOLFD FXP FD PHGLFLQD QX H FLQH VWLH FH GDFD YLQH XQXO UDFLW VDL SXQD SLFDWXUL vQ QDV GDFD
WXVHVWHVDLGHDVLURSHWF
7RWXOPHUJHVWUXQDSULPHOH]LOHLQJLQHUXOVHGHVFXUFDIRDUWHELQHSkQDFkQGYLQHRWLQHULFD
'RPQXOHGRFWRUDPRPDUHSUREOHPDDPUDPDVJUDYLGDVLQXYUHDXFRSLOXO
1XVHSRDWHIDFHQLPLF'RPQLVRDUDLQVLVWDSkQDvOvQGXSOHFD
'RPQLVRDUDGHFkWHRULWHSLVLSH]L"
'HYUHRRUL
&DPFkW"
&DPXQVIHUWGHOLWUXRGDWD
,QJLQHUXOLDFUHLRQXOVLRIRDLHVHDGkQFHVWHvQFDOFXOHVLDSRL]LFH
8LWHFXPVWDPQXWHSLVLPDWDGH]LOHVLVHvQHDFDVLQJXU

/DJLQHFRORJVHSUH]LQWDRWkQDUD
9DDVFXOWGRPQLVRDUD]LFHGRFWRUXO
'RP
GRFWRUDPRSUREOHPDODSDVDULFD
6WDWLSXWLQGRPQLVRDUDVDvQFKLGJHDPXOFDIDFSL] HOHDVWHDGLQFRSDFXQ]JRPRWWHULELO

8QWLSVHGXFHODGRFWRU6FRDWHVFXODVLL]LFHGRFWRUXOXL
'RPQX
GRFWRUIDFHWLLFHYDFDXLWDWLFXPDUDWD
6HXLWDGRFWRUXOVLYHGHFDHUDIDFXWDIHUIHQLWD
'DFHDLSDWLWGXPQXOHWHDPXVFDWFURFRGLOX
GHHD"""
1XGRPQXOHGRFWRU6DYDH[SOLF6WLWLVRWLHPHOHvLSODFHFDGXSDRUHSUL]DGHDPRUVDRLDVLVXV


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%LQHGRPXOHvQWHOHJHFHYDILUHVFVLVRWLHLPHOHvLSODFHVLWRWXVLXLWHDPHDQXDUHQLPLF
'DGDUVRWLHLPHOHLHVFkUEDVRLDFXPkQDVLRLDFXIXUFXOLWD

8QLQGLYLGVHGXFHODGRFWRUVLVHSOvQJHFDDUHSLFLRUHOHUHFL'RFWRUXOvODVFXOWDVLvLVSXQH
([DFWFHHDFHPLSRYHVWHVWLGXPQHDWDDPDYXWVLHXVLDPJDVLWXQOHDFQHPDLSRPHQLW6HDUDODFXOFDUHvPLEDJSLFLRDUHOH
SULQWUHSLFLRDUHOHQHYHVWHLPHOHVLQXPDLDPQLFLRSUREOHPD
3HUIHFWGRPQX
GRFWRU]LFHSDFLHQWXOGDUFXPIDFHPYLQHXODGRDPQDGRFWRUVDXYLQHGRDPQDGRFWRUODPLQH"

/DGRFWRUXQLQGLYLGSHODGHDQLYLQHFXRSUREOHPDVHULRDVD
'RP
GRFWRUHXPDSLVvQSDW6vQWGLVSHUDWQXVWLXFHVDPDPDLIDF6RWLDYUHDVDPDODVH
'RFWRUXOvLIDFHWRDWHDQDOL]HOHGDUQXGHSLVWHD]DQLPLFVXVSHFW
9DVUXJDVDUHYHQLWL SHQWUXFRQVXOWSHVWH]LOHFvQGVHvQWRDUFHGRPQXOSURIHVRU GH OD XQ FRQJUHVFD VD YD FRQVXOWHVL
GvQVXO3vQDDWXQFLYDVVXJHUDRUH]ROYDUHWHPSRUDUD&XPSDUDWLYDXQIXUWXQVLVHDUDFvQGYDEDJDWLvQSDWYDWUDJHWLXQ
FDSDWDOIXUWXQXOXLSHSVLFHODODWvOVFRDWHWLSHJHDP
3HVWH]LOHRPXOUHYLQHODGRFWRUvPEUDFDWvQGROLX
'RP
GRFWRUPDLQHQRURFLW
&HVDvQWvPSODW"vQWUHDEDGRFWRUXO1DIXQFWLRQDWFKHVWLDFXIXUWXQXO"
$P IDFXW FH PLDWL ]LV UDVSXQGH SDFLHQWXO QXPDL FD vQ WLPSXO QRSWLL WUHFXWH QHYDVWDPHD PLD SXV PvQD SH S VL D
vQFHSXWVRSLSDLHVLSLSDLHVLSLSDLHSvQDFHDFD]XWGHODHWDMXOVDSWH

(OVLHDVRWVLVRWLH1XUHXVHDXVDIDFDFRSLLDVDFDVDXGXVODGRFWRU'RFWRUXOODWULPLVSHHOVDVHPDVWXUEH]HOD
:&VLVDDGXFDOLFKLGVHPLQDOSHQWUXDQDOL]DLDUVRWLHLLDUHFROWDWHOFHWUHEXLDSHQWUXDQDOL]DÌQGUXPVSUH:&RPXOYHGH
FXPvQWURvQFDSHUHDODWXUDWDRVRUDvLVHUYHDRSDUWLGDGHVH[RUDOXQXLSDFLHQW6HGXFHUHFROWHD]DGDUODvQWRDUFHUHvO
vQWUHDEDFRQWUDULDWSHGRFWRU
3DLGRPQXOHGRFWRUGHFHGLVFULPLQDUHDDVWDHXVDPDPDVWXUEH]LDUDOXLDVDLVHUHFROWH]HVSHUPDSULQSURFHGHHPXOW
PDLSODFXWH"
'RPQXOHGXPQHDWDDLYHQLWOD3ROLFOLQLFDGH6WDWGRPQXODYHQLWOD3ROLFOLQLFDFXSODWD

,RQVHRSHUHD]DGHKHUQLH'XSDROXQDYLQHODFRQWURO0HGLFXO
1R,RDQHFXPWHVLPWL"
)RDUWH ELQH GRPQ
 GRFWRU 0L VR WUDV ILUHOH SRW ULGLFD RULFH QXPD
 XQ EDL DPvQDLQWH PD SLVDP DVD XQ MHW VDQDWRV FX
EXOEXFLDPXQXPDXQSLVSLV
,RLDPXLWDWVDWL]LF&kQGWHDPRSHUDWWLDPVFRVVLXQULQLFKL
'DGHFHDPDYXWFDQFHUVDXFHYD"
%D,RDQHDPDYXWHXRREOLJDWLH

7UHLSDUWLFLSDQWLODXQFRQJUHVLQWHUQDWLRQDOGHFKLUXUJLHSODVWLFDvVLSRYHVWHDXVXFFHVHOH$PHULFDQXO
1RLDPDYXWXQWLSFDUHDFD]XWGHSH(PSLUH6WDWH%XLOGLQJVLODPUHIDFXWEXFDWDFXEXFDWD
5XVXO
1RLDPDYXWXQFRVPRQDWXWFDUHDDUVvQFDSVXODVSDWLDODVLLDPvQORFXLWWRDWDSLHOHDLDUDFXPHFDQRX
5RPkQXO
1RLDPDYXWRJDJLFDFDUHDIRVWDUXQFDWDGLQPDVLQDVLVDvQILSWvQWURERUQDNLORPHWULFD
6LFHFHLFXDVWD"vQWUHDEDFHLODOWLGRLFKLUXUJL
3DLQHDWUHEXLWROXQDVDLVFRDWHP]kPEHWXOGHSHEX]H

%XODVHVLPWHFDPEROQDYVLPHUJHODGRFWRU$FHVWDVHXLWDODHOVLVWULJD
6RUDvPLDGXFLWHURJLQVWUXPHQWHOH"
/DFDUH%XODPLUDW
'RFWRUH(XVXQWSHMXPDWDWHPRUWVLGXPLWDOHvWLDUGHGHFkQWDW"

'RPQXOHGRFWRUHVDQDWRVSHVWHOH"vQWUHDEDXQSDFLHQWFXJkQGXOORDOLPHQWDWLHUDWLRQDOD
3UHFLV]LFHGRFWRUXOSkQDDFXPDQXDPYD]XWQLFLXQXOODPLQHvQFDELQHW

%DQFXULFXKRPRVH[XDOL

/DPDUH
&XPHDSD"
&DXQFXU
6DPLEDJSX D

7RWODPDUHGRLSRSRQDUL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
+DLVDQHGDPODIXQG

/DIUL]HU
6DYDLDXSHODVSDWH"

'LQFHVXQWSDQWRILL"
'LQSLHOHGHSX D
$WXQFLGDPLVLPLHXQVXWvQFXU

/DVWUDQG
&XPHDSD"
&DRSX D
+DLVDVDULPDPkQGRLFXU

'RLKRPRVH[XDOLVHFHUWDXODGXV'HFH"
1XYURLDQLFLFDUHVDVHDSOHFHGXSDVDSXQ

&DUHHDVHPDQDUHDGLQWUHRVFRELWRDUHVLXQKRPRVH[XDO
6LXQXOVLFHDODOWDVFRUPRQHVFvQPkQFDUHDGHMDFRQVXPDWD

Ì&HvQVHDPQDWUHLKRPRVH[XDOLDVH]DWLXQXOSHVWHFHODODOW"
5&HOGLQPLMORFDUH]LXDGHQDVWHUH

7DWDFHHDLDXQWUDQVYHVWLW"
ÌQWHDEDSHPDPDHOVWLH

Ì&HHUHODWLY"
5&kQGWUHLKRPRVH[XDOLVWDXXQXOGXSDFHODODOWFHOFDUHVHDIODvQPLMORFVWD5(/$7,9ELQH

6HvQWkOQHVFGRLKRPRVH[XDOLGHDQL
+HLLHULDPDYXWXQXOGHDQLVRUL
6SXQHFHODODOW
1XPLHQXPLSODFFkQGGHMDXPEOD

Ì7UDLHVFKRPRVH[XDOLLPDLELQH"
5'DSHQWUXFDHLQXDXIHPHL

'UDJDPHDWLDPVSXVFDVHIXOHKRPRVH[XDOVLvQVIkUVLWDPUHXVLWVDSULPHVFPDULUHDGHVDODULXGDUPDGRDUHDDDDVDGH
WDUHFXUXO

+HL1DHPDLPHUJLODIHPHL""
'RDUFkQGHRFXSDWODEDUEDWL

Ì&XPVHPDL]LFHvQ3DUODPHQWXO5RPkQLHLODKRPRVH[XDOL"
5$QDOLVWL

$SURSRVGHGLVFXWLLOHGHVSUH&LRUDQFUHGFDVWLWLFDVXQWHP VLQJXUXOSRSRUGHKRPRVH[XDOLWRDWHFHOHODOWHVHWUDJ GLQ

$GDPVL(YDGRDUQRLGHOD'HFHEDOVL7UDLDQ

Ì&HQXDUWUHEXLVDVSXQHWLvQWLPSFHIDFHWLVH[
5&XPVHIDFHFDDPvQGRLDYHPSHQLV"

Ì&XPWUHFWUHLKRPRVH[XDOLXQUkXFDUHOHYLQHSkQDODJkWIDUDVDVHXGHQLFLXQXOODS D"
5+RPRVH[XDOXOvLEDJDSX DvQFXUKRPRVH[XDOXOXLVLKRPRVH[XDOXOLREDJDKRPRVH[XDOXOXL

Ì&XPvWLEDWMRFGHXQKRPRVH[XDO"
5ÌODUXQFLvQWURJURDSDIDUDIXQG

Ì&DUHHFHOPDLPDLPDUHKRPRVH[XDO"
55(&7RUXO

Ì&XPXUHD]DKRPRVH[XDOLL$Q1RX"
5$QXVQRXVVL/D0XOWL$QL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

Ì&XPVHLQYLWDKRPRVH[XDOLLODPDVD"
5ÌQEXFLFHYD"

'RLSRSRQDULPHUJODPXQWH
8QXOGLQWUHHLvQWUHDED
3RSRVLP"

Ì&DUHHVWHUHYLVWDSRSRQDULORU"
5$ULFL3RSRQLFL

Ì&XPQXPHVFKRPRVH[XDOLLKHPRURL]LL"
5)UkQH

'LQMXUQDOXOLQWLPDOXL%REQDXIUDJLDWSHRLQVXODSXVWLHDODWXULGH-RH
VHSW6XQWHPEXFXURVLFDDPVFDSDWFXYLDWD
VHSWÌQFHSVDPDvQGUDJRVWHVFGH-RH
VHSW1XPDLSRWUH]LVWDVLPWFDvQQHEXQHVFQXPDPDLSRWFRQWUROD
VHSW0LDOXDWRvQDLQWHHHHH

8QRPvQYkUVWDGRUHVWHVDHPLJUH]H/DFRPSOHWDUHDIRUPDOLWDWLORUHVWHvQWUHEDWGHFDWUHRILFLDOLWDWLGHFH
'DWRULWDKRPRVH[XDOLWDWLL
""""""
3DLvQWLPSXOQD]LVWLORUVHSHGHSVHDFKLDUFX PRDUWHDGXSDDFHHDFXFDUDQWLQDDSRLFXvQFKLVRDUHLDUDFXPHVWHSHUPLVD
SULQOHJH$VGRULVDHPLJUH]SkQDQXGHYLQHREOLJDWRULH

/DWULEXQDOXQKRPRVH[XDOHVWHvQWUHEDWGHMXGHFDWRU
,QFXOSDWGHFHDLYLRODWRSHELDWDFDOXJDULWD"'RDUWLHQXWLSODFIHPHLOH
3DLGHODVSDWHVHPDQDFX=RUUR

&LFDXQX
VHGXFHODGRFWRUVLLVSXQH
'RP
GRFWRUDPVDYDVSXQFHYDGD
VDQX]LFHWLODQLPHQL
'DGRP
QHHWLFDSURIHVLRQDODQX"
'RP
GRFWRUHXVLQWSRSRQDU
&XPGRP
QH"'WDFDUHHVWLEDUEDWELQHWUDSH]PXVFKLFXPSRWLILWXSRSRQDU"
3DLVDYHGHWLODQRLHRFKHVWLHGHWUDGLWLH6WUDEXQLFX
DIRVWSRSRQDUEXQLFXWDWDHXILXPLXSkQDVLPRV,RQ5RDWDFDUH
HUDUXGDvQGHSDUWDWDDIRVW
'D
ELQHGRP
QHÌQIDPLOLDGWDOHQXLSODFQLPDQXLIHWHOH"
%DGDOX
EXQLFD

%XOD
7DWDDPGRXDYHVWLXQDEXQDVLXQDSURDVWD
=LRSHDLDSURDVWD
$VHDUDDPIRVWODXQEDOGHKRPRVH[XDOL
6LDLDEXQD"
0DXDOHVUHJLQDEDOXOXL

'RLKRPRVH[XDOLPHUJHDXvQWUREXQD]LGHPkQDSHVWUDGD6LYDGRS ] DWkUkQGXVHSHWURWXDU
6WXSHILDWLSULPXOLQWUDvQSDQLFD
8LWHRSL] D
&HODODOW]LFH
202$52202$52

8QKRPRVH[XDOVLXQKHWHURPHUJHDXFXOLIWXO/DXQPRPHQWGDWKHWHURVH[XDOXO
$VDDPRSRIWDGHDIX HDVSXWHDVDI WVLREk]D
/DFDUHKRPRVH[XDOXO
%]]]]]]]]]]]]]]]

8QKRPRVH[XDOVWDWHDvQFDGD/DXQPRPHQWGDWODVDREDVLQD
9DLFRSLODVXOPHXGHMDUHVSLUD

Ì&DUHHGLIHUHQWDGLQWUHRIXUFXOLWDVLXQKRPRVH[XDO"
)XUFXOLWDVFXUPDvQPkQFDUHDGHD]LLDUKRPRVH[XDOX
vQFHDGHLHUL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

'RLKRPRVH[XDOL
$LDIODWYHVWHDFHDPDUH"6DYRWDWQRXDOHJHDFXPDYHPYRLHRILFLDO
3XWLQvPLSDVD(XXQXOYRLOXSWDPDLGHSDUWH
3kQDFkQG"
3kQDFkQGYDGHYHQLREOLJDWRULX

&LFDXQEDLDWPDLILUDYDVDPHUJHDSULQWUXQSDUF3HSULPDEDQFDXQKRPR
+HLEDE\QXYLLODQJDPLQH"
7LSXOvQFHSHVDRLDODSDV3HDGRXDEDQFDGRLKRPR
+HLIDWDQXYLLFXQRL"
%DLDWXORLDODIXJD3HDWUHLDEDQFDWUHLKRPR
+HLSDSXVDQXYLLFXQRL"
7LSXOLHVHUHSHGHGLQSDUFVLYHGHXQSROLWLVWDOHDUJDODHOVLvLVSXQHWRWFHDSDWLWODFDUHSROLWLVWXOH[FODPDWULXPIDO
3kUkFLRDVDPLFDFHHVWL

'RLFXULVWLVWDXSHEDQFDvQ&LVPLJLXvQPLH]XO]LOHLVLVLRWUDJvQFXU3ROLWLVWXOYLQHvQQHEXQHVWHOHGDFvWHYDFUDYDVHVL
]ELDUD
&HIDFHWL"
%DQFXUL
&XPEDQFXUL"
%DQFXUODHOEDQFXUODPLQH

Ì'HFHDIRVWFRQFHGLDWXQKRPRVH[XDOFDUHOXFUDOD%DQFDGHVSHUPD"
5$EDXWvQWLPSXOVHUYLFLXOXL

Ì&DUHHDVHPDQDUHDGLWUHXQKRPRVH[XDOVLXQEXQJHHMXPSHU"
5'DFDVHUXSHJXPDVXQWDPkQGRLvQFDFDW

Ì$WLDX]LWGHFHLWUHLKRPRVH[XDOLGLQ&RQVWDQWDFDUHDXDWDFDWRIHPHLH"
5""
'RLDXWLQXWRVLXQXOLDWXQVSDUXO

Ì&XPVHvQWUHDEDvQWUXQUHVWDXUDQWGHKRPRVH[XDOLGDFDXQORFHOLEHU"
53RWVDPDvQILJvQVFDXQXOWDX"

'RXDSUH]HUYDWLYHVHSOLPEDSHVWUDGDVLWUHFSHOkQJDXQUHVWDXUDWGHKRPRVH[XDOL8QXO]LFH
$LJULMDGDFDLQWULWHXPSOLGHFDFDWSHIDWD"

'RLLQGLYL]LXQVDGLFVLXQKRPR6HIDFXQRDSWHVLQXDYHDXXQGHVHRGLKQL
9D]XUDHLRIDEULFDSDUDVLWDVLVHUHIXJLDVHUDvQHD+RPRVH[XDOXO
(XPDFDPSOLFWLVHVF&H]LFLGHXQMRF"
'HH[HPSOX"
(XvWLIDFFHYUHDXHXWLHVLGXSDFDUHvPLIDFLWXFHYUHLWXPLH
'HDFRUG
ÌQFHSXKRPDODXOVDOLDSHVDGLFSHODVSDWHPLQXWHSHODIDWDPLQXWHDOWHSR]LWLLYUHRRUHvQWRWDO
2ERVLW+VHGDODRSDUWHVLVSXQH
(XPLDPIDFXWSODFHUHDDFXPXUPH]LWX
6DGLFXOvLOXDSHQLVXOVLvOSULQVHvQPDQGULQDXQHLPHQJKLQHGXSDFDUHOXDFKHLDGHODPDQGULQDVLRDUXQFDFvWGHGHSDUWH
SXWX
6DGLFXOOXDXQILHUDVWUDXvQPvQDVLYHQHDVSUH+RPR$FHVWD
6LFHDLVDIDFLDFXPRVDPLRWDL"
1XDLVDWLRWDLVLQJXU(XGDXIRFODIDEULFD

8QXOQDXIUDJLD]DSHRLQVXODQHORFXLWDvPSUHXQDFXvQFDVDVHIHPHLVXSUDYLHWXLWRDUHVLHOHDOHFDWDVWURIHL
5DLXOSHSDPkQWSDUHDILWRWXVLPXOWPDLJUHXGHFkWVLDUILvQFKLSXLW
ÌQWUR]LGHGXPLQLFDRERVLWGHSHXUPDSDUWLGHORUGHVH[GLQFXUVXOVDSWDPvQLLVWkQGHODVDSHPDOXORFHDQXOXL
REVHUYDFXPGLQYDOXULOHvQVSXPDWHVHULGLFDXQEDUEDWWkQDUVLPXVFKLXORV
(VWLVDOYDWRUXOPHXvOvQWkPSLQDIHULFLW
0DEXFXUQHVSXVUDVSXQGHWvQDUXOVvQWHWLvQWUDGHYDUXQEDUEDWIUXPRV

6HvQWkPSODXQDFFLGHQWÌQWURPDVLQDGRLFXULVWLLDUvQFHODODOWDXQXOEHDW
%HDWXOWLQHQHDSDUDWFDSROLWLDVDQXILHFKHPDWDODORFXODFFLGHQWXOXLVLvQFHDUFDVDLPLWXLDVFDSHFHLGRL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
9DGDX+DLVDQXFKHPDPSROLWLD
&HLGRLUkGVLQXDFFHSWD
9DGDXGDUVDQXFKHPDPSROLWLD
&HLGRLLDUUkGVLQXDFFHSWD
0DLEDLHWLGDFDvPLLDFDUQHWXOUDPkQSHGUXPXULVLDPQHYDVWDVLFRSLLYDGDX
&HLGRLLDUDVLUHIX]DUk]kQG%HDWXOVHHQHUYHD]DODFXOPHVLOH]LFH
9DI WvQFXUSHDPkQGRL
8LWHDVDVHPDLSRDWHGLVFXWD

'RLKRPRVH[XDOLVHSOLPEDSULQSDGXUH/DXQPRPHQWXQXOGLQHL
ÌPLYLQHVDPDFDF
5DVSXQGHFHODODOW
'XWHGXSDFRSDFXODOD
6HGXFHDODGXSDFRSDF&HODODOWDVWHDSWDVLDVWHDSWD'XSDREXQDEXFDWDGHWLPSYLQHFHODODOWFXIDWDURVLH
&HVDvQWkPSODWFXWLQH"vQWUHDEDSULHWHQXOVDX
+HLQXVWLXGDUFUHGFDDPQDVFXWXQFRSLO
3ULHWHQXOVDX
1XVHSRDWHPDGXFVDYDG
6HGXFHODORFXOFXSULFLQDVLYLQHUk]kQG
&HVDvQWkPSODWvQWUHDEDDFXPFHODODOW
1LPLF7HDLFDFDWQXPDLSHREURDVFD

8QWDUDQvVLFXSDUDSHQWUXFXUWHDVDFXRUDWDQLLXQFRFRV
%DWUvQXOFRFRVvLIDFHLQVWUXFWLD
3RWLVDDLWRDWHJDLQLOHvQDIDUDGH%HUWD(DvPLDSDUWLQHPLH
7kQDUXOIRDUWHvQIXPXUDWVSXQH
ÌQQLFLXQFD]/HYUHDXSHWRDWH
$WXQFLKDLVDIDFHPXQUDOLXvQMXUXOFXUWLL&DUXLFDUHYDFkVWLJDvLYRUDSDUWLQHWRDWHJDLQLOH
$PkQGRLRLDXODJRDQD&RFRVXOEDWUkQDOHDUJDFHYDPDLvQIDWDGDUFHOWkQDUvODMXQJHXVRUGLQXUPD
6HDXGHRvPSXVFDWXUDVLFRFRVXOWkQDUFDGHPRUW
,QWHUHVDQW]LFHWDUDQXODOWUHLOHDFRFRVKRPRVH[XDOSHVDSWDPkQDDVWD

'RLFXULVWLLDXXQWD[LVLVHDVHD]DSHEDQFKHWDGLQVSDWH'XSD]HFHPLQXWHXQXOGLQHL
0DVFX]DWLGRPQXOHWD[LPHWULVWQXVWLXFXPVD]LFPLHUXVLQH$PPkQFDWIRDUWHFRSLRVVLDUWUHEXLVDWUDJREDVLQD
1LFLRSUREOHPD]LFHWD[LPHWULVWXOvQPDVLQDODPLQHQXVXQWUHJXOLDVDGHVWULFWH
'LQFXUXOKRPRVH[XDOXOXLLHVHDSURDSHQHDX]LWDREHVLQD'XSD]HFHPLQXWHFHODODOWKRPRVH[XDO
'RPQXOHWD[LPHWULVWSULHWHQXOPHXWRFPDLYLDVSXVDPPkQFDWIRDUWHFRSLRV$FXPDVYUHDVLHXVDODVREHVLQDFDQXPD
PDLSRWWLQH
%HVLWLYDGLQSDUWHDPHDFkWYUHWL
'LQQRXXQVXQHWIRDUWHVODE
'XSD]HFHPLQXWHWD[LPHWULVWXO
'RPQLORUvPLSDUHIRDUWHUDXGDUWUHEXLHDFXPVLHXVDWUDJREDVLQD0DDSDVDIRDUWHWDUH
1LFLRSUREOHPDVLGXPQHDYRDVWUDQHDWLSHUPLV
$WXQFLWUDJHXQDWD[LPHWULVWXOGHVH]JXGXLHJHDPXULOHWD[LXOXL$WXQFLXQXOGLQKRPRVH[XDOLH[FODPD
$VDFHYD$VWDHvQFDIDWDPDUH

8QWLSLQWUDvQWUXQEDUVL]LFH
6DVHZKLVNLXULGXEOH
/DFDUHEDUPDQXO
7UHEXLHFDDLDYXWR]LGDWDQDLELL
'DWRFPDLDPDIODWFDIUDWHOHPHXPDLPDUHHKRPRVH[XDO
$GRXD]LDFHODVLWLSLQWUDvQDFHODVLEDUVLFHUHDFHOHDVLEDXWXUL%DUPDQXOvQWUHDEDDFHODVLOXFUXVLWLSXOUDVSXQGH
'DWRFPDLDPDIODWFDVLIUDWHOHPHXPDLPLFHKRPRVH[XDO
$WUHL]LVFHQDVHUHSHWD%DUPDQXO]LFH
/DGUDFX$PDLUDPDVFLQHYDvQIDPLOLDWDFDUXLDVDLSODFDIHPHLOH"
'DQHYDVWDPHD

2FDOXJDULWDVHXUFDvQWUXQWD[LVLVRIHUXOQXRVODEHVWHGLQRFKL
0LUDWDvOvQWUHDEDFHDUH
0DLFXWDDPVLHXRvQWUHEDUHGDUQXYUHDXVDWHVLPWLSURVW
&RSLOXOPHXFkQGDLYkUVWDPHDVLDLIRVWWRDWDYLDWDFDOXJDULWDDLDX]LWFkWHVLFkWHQLPLFQXPDPDLSRDWHIDFHVDPDVLPW
SURVW6SXQHFHDLSHVXIOHW
$PVLHXRIDQWH]LHFHPDXUPDULWWRDWDYLDWD7RWWLPSXOPLDPGRULWVDPDFXOFFXRFDOXJDULWD]LVHVRIHUXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DLLDVDYHGHPFHSXWHPIDFHSHQWUXWLQH0DLvQWkLWUH
VDvQGHSOLQHVWLFRQGLWLLQXWUHEXLHVDILLvQVXUDWGRLWUHEXLHVDILL
FDWROLFVLWUHLHXVXQWYLUJLQDVLDVYUHDVDUDPkQDVDGHFLWUHEXLHVDIDFHPDQDO
3HUIHFWXUODVRIHUXO1XVLQWvQVXUDWVLVXQWVLFDWROLFFkWGHVSUHDWUHLDFRQGLWLHQLFLRSUREOHPD
3DLWUDJHSHGUHDSWDDWXQFLvL]LVHFDOXJDULWD7UDJHHOSHGUHDSWDVHSXQHLSHWUHDEDVLDSRLvVLFRQWLQXDGUXPXO/DXQ
PRPHQWGDWvQFHSHVRIHUXOVDSOkQJD
&HVDvQWkPSODW"
3DLPDLFXWDDPSDFDWXLW$PPLQWLW6XQWvQVXUDWDPFRSLLVLVXQWVLHYUHX
1XLQLPLF]LVHFDOXJDULWDSHPLQHPDFKHDPD-RKQVLPHUJODXQEDOPDVFDW

8QFRZER\LQWUDLQWUXQEDUGDFXSXPQXOvQPDVDVLFHUH
8QZKLVN\VLRIHPHLH
:KLVN\DYHPGDUIHPHLQXÌQVDYLOUHFRPDQGSH-RKQvLVSXQHEDUPDQXO
)LLVHULRVGRDUQXVXQWKRPVH[XDO
'XSDRVDSWDPkQD
8QZKLVN\VLRIHPHLHFHUHDFHODVLFRZER\
:KLVN\DYHPGDUIHPHLQXÌQVDYLOUHFRPDQGSH-RKQvLVSXVHEDUPDQXO
)LLVHULRVGRDUQXVKRPRVH[XDO
'XSDvQFDRVDSWDPkQD
8QZKLVN\VLRIHPHLH
:KLVN\DYHPGDUIHPHLQXÌQVDYLOUHFRPDQGFDOGXURVSH-RKQ
%LQHILHVSXQHFRZER\XODSOHFkQGXVHVSUHEDUPDQvQVDWHURJVDQXDIOHQLPHQLFDFLHXQXVXQWKRPRVH[XDO
3DLRVDILHFDPJUHXVSXQHEDUPDQXOVFDUSDQkQGXVHvQFDS
'HFH"
ÌQSULPXOUkQGVWLXHXGHFKHVWLDDVWD0DLVWLLGXPQHDWDGXSDDFHHD-RKQ6LSHGHDVXSUDYRUPDLDIODVLDOWLSDWUX
ÌQFDDOWLSDWUX"
'D&HLSDWUXEDUEDWLFDUHWHEXLHVDOWLQDSH-RKQSHQWUXFDQLFLHOQXLKRPRVH[XDO

'RLSULHWHQLKRPRVH[XDOLVHvQWkOQHVFGXSDPXOWWLPS8QXOGLQWUHHLSRYHVWHVWHFDVDODVDWFLUFXPFL]LDW
0LQXQDWVSXQHFHODODOWDVWDWUHEXLHQHDSDUDWVDPLDUDWL
&LUFXPFLVXOvVLODVDSDQWDORQLMRV
2RRVHPLQXQHD]DFHODODOWWHvQWLQHUHVWHFXFkWYDDQL

8QKRPRVH[XDOODGRFWRU
'RPQXOHGRFWRUGHILHFDUHGDWDFvQGPDXLWvQRJOLQGDPLVHVFRDODS D
3DLQXLGHPLUDUHQXYHGHWLFDIDWDGYVDUDWDFDXQFXU""

8QKRPRVH[XDOYLQHODFDELQHWXOPHGLFDO
'RPQXOHGRFWRUPDDSDVDJURD]QLFFHYDvQUHFW9DURJDMXWDWLPD
'RFWRUXOvLIDFHXQFRQWUROH[WHUQVLQHYD]kQGQLPLFvVLWUDJHSHPkQDRPDQXVDGHFDXFLXFVLGDVDFDXWHSHUHFWXPIODWXUL
VDXDOWHFKHVWLL
'DFDPSHDFRORGRPQGRFWRUGDPDLDGkQFGDPDLODGUHSWDPDLDGkQFGDGDGDGDDDDDD
'RFWRUXODSULQVFHYDFROWXURVVLVFRDWHRELHFWXODIDUD]LFkQG
%LQHGDUDVWDHRSUDOLQD
2PLFDDWHQWLHSHQWUXGXPQHDYRDVWUDGRPQXOHGRFWRU

*HRUJHHKRPRVH[XDO
0DPDDVSXWHDVDPLFXPSDUURFKLDDFHHDGLQYLWULQD"
&UHGFDHGHMDFDPGHPRGDWD*HRUJH

3HRLQVXODJUHFHDVFDVHDGXQDRJURD]DGHKRPRVH[XDOLODRWDEDUDGHYDUD3HLQVXODH[LVWDRELVHULFDRUWRGR[DLDU
SUHRWLLHUDXVFDQGDOL]DWLGHWRWFHHDFHVHvQWkPSODSHSODMHOHGLQMXU6HIXOELVHULFLLVHKRWDUDVWHVDWULPLWDXQSUHRWFDUHVD
WHPSHUH]HOXFUXULOHVLVDvQFHUFHVDFRQYHUWHDVFDKRPDODLLODRYLDWDQRUPDOD$FHVWDSDWUXQGHvQWUHKRPRVH[XDOLVLvQFHSH
VDLDIXPHFXFDGHOQLWD/DXQPRPHQWGDWVHDSURSLHGHSRSDXQKRPRVH[XDOFDUHvLVSXQH
9H]LGRPQLVRDUDFDWLVDDSULQVSRVHWXWD

8QFRQWHSULYHVWHPLFXOJUXSGHWXULVWLFDUHFRQIRUPSURJUDPXOXLSRWYL]LWDYHFKLXOFDVWHOR]LSHVDSWDPkQDÌQWLPSFH
RIDFHSHJKLGXOREVHUYDXQWkQDUDOFDUXLFKLSLVHSDUHWXOEXUDWRUGHFXQRVFXW6HDSURSLHGHHOVLvOvQWUHDED
1XFXPYDPDPDGXPLWDOHvQWLQHUHWHDOXFUDWODFDVWHOXOPHXvQFDOLWDWHGHFDPHULVWD"
1XGRPQXOHPDPD QDGRVWQLFLRGDWDDLFLÌQVFKLPE WDWDOPHX FvQGHUDIODFDXDIRVW JUDGLQDUOD DFHVW FDVWHO(UDXQ
WkQDUIRDUWHFKLSHV

Ì&HIDFGRLKRPRVH[XDOLFDUHVHMRDFDFXXQFDFDWvQWUXQED]LQ"
ÌVLvQYDWDFRSLOXOVDvQRDWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

Ì&DUHHVWHGLIHUHQWDvQWUHGRLKRPRVH[XDOLPH[LFDQL"
58QXO]LFH&XFXUXFXFXLDUFHODODOW]LFHDLLDLLDLLDLLDL

8QKRPRVH[XDOVHvQGUDJRVWHVWHvQWURIHPHLH6HFDVDWRUHVFHLVLHDDVWHDSWDXQFRSLOÌQVIkUVLWQDVWHHDFRSLOXOVRWXOR
YL]LWHD]DvQVSLWDOVLYUHDVDvVLYDGDFRSLOXOÌQVDORQVHDIODGHFRSLLGLQFDUHSOkQJVL]ELDUDLDUXQXOHIRDUWHOLQLVWLWVL
]kPEHVWH$FHVWDHFRSLOXOOXL
ÌQJULMRUDWvQWUHDEDVRUDFHSRDWHVDvQVHPQHDVWDGDFDHJUDY6RUDvOOLQLVWHVWH
)DSWXOFDDFHVWFRSLODVHDVDGHOLQLVWLWVLHFKLOLEUDWHVWHIRDUWHQRUPDO$VWHSWDWLvQVDXQPRPHQWQXPDLVDLVFRWVX]HWDGLQ
FXUXOHW

0HUJHXQRPSULQSDGXUH/DXQPRPHQWGDWYHGHWDEOLWHLQGLFDWRDUH
$WHQWLH+RPRVH[XDOL
$KvVL]LFHHOFLQHVWLHFHGHUDQMDWLPLQWDO
0DLGHSDUWHGLQQRX
$WHQWLH+RPRVH[XDOL
$FHODVLQHEXQ
6HvQWkOQHVWHFXSDGXUDUXO
'RPQXOHSDGXUDUDWLDX]LWFXPYDVXQWKRPVH[XDOLSULQSDGXUH"
1XVWLXVWDLVDRvQWUHESHQHYDVWDPHD,RDDDDQHDLDX]LWWXFXPYD

0HUJHXQRPSULQSDGXUH/DXQPRPHQWGDWYHGHWDEOLWHLQGLFDWRDUHEDWXWHvQFXLHSHFRSDFL
$WHQWLH+RPRVH[XDOL
$KvVL]LFHHOFLQHVWLHFHFRSLLVLDXIDFXWGHOXFUX
0DLGHSDUWHGLQQRXVXVSHFRSDFRWDEOLWDLQGLFDWRDUH
$WHQWLH+RPRVH[XDOL
$FHODVLQHEXQFDUHQXDUHDOFHYDPDLEXQGHOXFUX
0DLPHUJHFHPDLPHUJHRPXOQRVWUXVLYHGHRWDEOLWDDVFXQVDvQLDUED6HDSOHDFDVDYDGDPDLELQHFHVWDVFULVSHHD
$WHQWLHKRDXXXXXXXSUHDWkU]LX

$MXWRU$MXWRUVWULJDFLQHYDvQSDGXUH7RFPDLWUHFHSHDFRORSDGXUDUXOVLYHGHXQEDUEDWFXSDQWDORQLLODVDWLOHJDWGH
XQFRSDF
&HVDvQWvPSODW"
'RLEDUEDWLPDXDWDFDWPDXOHJDWGHFRSDFXODVWDVLPDXYLRODW
/DFDUHSDGXUDUXOVSXQHvQJkQGXUDW
(LGUDJXWDSHQWUXD]LQXLVLQJXUXOJKLQLRQ

8QWkQDUYLQHDFDVDEXFXURV7DW
VXvOYHGHVLvOvQWUHDED
&HVDvQWkPSODWFDHVWLDVDYHVHO"
$]LDPDYXWSULPDPHDH[SHUHQWDVH[XDOD
([FHOHQW6WDLMRVVLSRYHVWHVWHFXPDIRVW
1XSRWVDVWDX0DGRDUHFXUX

8QGRPQVHDVH]DvQSDUFSHREDQFDOkQJDDOWGRPQ$FHVWDGLQXUPDVHWRWDSURSLHGHSULPXOVHWRWDSURSLH3ULPXOVH
WUDJHPDLvQFRORWRWPDLGHSDUWH$SDUHXQPLOLWLDQ
7RYDUDVHRPXODVWDQXPDODVDvQSDFHVHGDODPLQH
'D
WXFHFDXWLvQSDUFXOHWXOQRVWUX"

ÌQWU
XQSDUFGLQERVFKHWL
7HLXEHVF
6LHX
7HYUHDX
6LHX
0DFKHDPD*LFD
6LSHPLQH

8QWLSLQWUDSHQWUXSULPDGDWDvQWUXQEDUGHSRSRQDUL7UHFHSHOkQJDSULPDPDVDVLDXGH
3))88
7UHFHSHOkQJDDGRXDPDVD
3))8888
7UHFHSHOkQJDDWUHLDPDVD
3))888


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&UH]kQGFDHVWHXQIHOGHVDOXWvQFHDUFDVLHODWXQFLFkQGWUHFHSHOkQJDFHDGHDSDWUDPDVDvQFHDUFDVLHOGDUQXUHXVHVWH
GHFDW
3kUUUUUUW
'HRGDWDVHDXGHGHODRPDVD
+HLFXUYLUJLQvQVDOD

&LFD%XODVHSOLPEDvQWUR]LSULQWURSDGXUH7RWPHUJkQGHODVDvOSULQGHXQKRPRVH[XDO
%DFXPYUHLVDWHI WFXDOLILHVDXIDUDDOLILH"
FXDOLILH
$OLILHIDWHQFRD

'RLSRSRQDULVHUDWDFHVFvQSDGXUH=LFHXQX

+DLVDQHvQWRDUFHP
ÌQWRDUFHWHWXSULPX


Ì&HIDFWUHLKRPRVH[XDOLFkQGOLVHVWULFDODPSDvQVXIUDJHULH"
53ULPXOVXQDGXSDHOHFWULFLDQ
$OGRLOHDIDFHFDIHDXD
$OWUHLOHDvVLIUHDFDSDOPHOHVL]LFH
2RRKVXQWDVDGHHPRWLRQDW

,QWUDXQSRSRQDUvQWURDOLPHQWDUDVLVHGXFHODUDLRQXOGHPH]HOXUL9kQ]DWRUHD
&XFHYDSRWVHUYL"
$VGRULGDFDVHSRDWHRUXGDGHVDODP
'DFXPVDQXVDYRWDLIHOLL"
$SDLGRPQLVRDUDPDWDOHJkQGHVWLFDFXUXPHXvLSXVFXOLWD"

'RLSRSRQDULVWDXvQSDW/DXQPRPHQWGDWXQXVHGXFHODEDLHLDUFHODODOWGXSDHOvQEDLHSOLQGHVSHUPD=LFHDOGRLOHD
1XWLHUXVLQHvQSDWQXHVWLvQVWDUHGHQLPLFVLYLLODEXGDVDWLIDFLODED"
1XQXPLDPIDFXWODEDPDPEHVLW

'RLSRSRQDULVWDXDFDVDVLVHSOLFWLVHVF8QXOIDFHSURSXQHUHD
+DLVDQHMXFDPGHDYDWLDVFXQVHOHD6LGDFDPDJDVHVWLDLYRLHVDPLRvQILJL'DFDQXPDJDVHVWLDWXQFLVXQWvQGXODS

8QKRPRVH[XDO PRDUH VL DMXQJHOD SRDUWD5DLXOXL 6IkQWXO3HWUHvVLIDFHJkQGXUL GDFD VDO ODVHvQDXQWUX VDX QXGDUVH
JkQGHVWH FD WRWXVL PHULWD R vQFHUFDUH  (L PHUJ vQVSUH XQ QRU VL OXL 3HWUH vL FDGH SH GUXP FKHLD GH OD SRDUWD 5DLXOXL 6H
DSOHDFDGXSDHDVLSRSRQDUXOvLVLVDUHvQGRVVLLRvQILJH3HWUH]LFH
'DFDVHPDLvQWkPSODRGDWDWUHEXLHVDSDUDVHVWLLPHGLDW5DLXOVLVDWHGXFLvQ,DG
0DL PHUJ HL FH PDL PHUJ LDU VFDSD 3HWUH FKHLD VL LDU QX VH SRDWH DEWLQH SRSRQDUXO6L HVWH WULPLV vQ ,DG'XSD FkWHYD
VDSWDPkQLYLQHLDUQDVLvQFHUVHIDFHWDUHIULJ'XPQH]HXvL]LFHOXL3HWUH
(DVDGHFDOGODQRLGHSDUFDDLDGLQ,DGDUILVWLQVWRDWHIRFXULOH'XWHVLYH]LFHVDvQWkPSODW
6HGXFH3HWUHvQ,DGVLDLFLHVLPDLIULJFDvQFHUÌQWUXQFROW'UDFXOVWDJKHPXLWVLFODQWDQHGLQGLQWL3HWUH]LFH
&HVDvQWkPSODWDLFLGHFHQXPDLvQFDO]LWL"9DGFDPDLDYHWLGHVWXOHOHPQHVLSXFLRDVD
/DFDUH'UDFXO
$WXQFLDSOHDFDWHWXGXSDFKLEULWH

Ì&XPUHFXQRVWLXQRPGH]DSDGDKRPRVH[XDO"
5$UHPRUFRYXOvQILSWvQFXU

Ì&XPvWLGDLVHDPDFDORFXLQWDWLDIRVWVSDUWDGHKRPRVH[XDOL"
57RDWHKDLQHOHEXQHDXGLVSDUXWLDUFHOHUDPDVHDXIRVWDUDQMDWHFXPDUHJULMD

Ì&XPvWLGDLVHDPDFDWHDIOLvQWURELVHULFDGHKRPRVH[XDOL"
5-XPDWDWHGLQSDUWLFLSDQWLVHURDJDvQSLFLRDUHVLFHDODOWDVHURDJDDSOHFDWL

Ì&XPvWLGDLVHDPDFDFROHJXOWDXGHFDPHUDHKRPRVH[XDO"
53X DOXLDUHJXVWGHFDFDW

Ì&HHPDLUDXVDILQHJUXVDXKRPRVH[XDO"
56DILLKRPRVH[XDO1HJULLQXWUHEXLHVDOHPDUWXULVHDVFDSDULQWLORUFDVXQWQHJULL

6HvQWkOQHVFGRLKRPRVH[XDOL8QXOPDUWXULVHVWH
6WLLDPUDPDVJUDYLG


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LFLQHHWDWDO"
'HXQGHYUHLVDVWLX"&HDPRFKLODVSDWH"

'XSDFHXQKRPRVH[XDOVLXQKRWPRUDMXQJvQUDLvQIDWDOXL'XPQH]HX$FHVWDOHVSXQH
%DLXLWHFHHHXPDPJkQGLWVDYDPDLGDXRVDQVDYDODVVDWUDLWLGDFDYDODVDWLDPkQGRLGHPXOWFRQWURYHUVDWHOHRFXSDWLL
DOHYRDVWUHGHSkQDDFXP'DFDYDvQFDOFDFLQHYDFXYkQWXOPHXYDPXUL
)HULFLWL FHL GRL VH vQWRUF GLQ QRX SH SDPkQW VL vQ WLPSFH PHUJHDX HL GLVFXWkQG VL IHULFLWL FD DX VFDSDW FX YLDWD JDVHVF vQ
PLMORFXOGUXPXOXLRSXQJDGHJDOEHQL&XPRYDGKRPRVH[XDOXO]LFH
%DLVWDLFXPLQWHFDDOWIHOPXULPDPkQGRL

7UHLKRPRVHKRWDUDVFVDIDFDRKRUDGHDLDGHDORUSHODVSDWH)DFHLFHIDFGDUODXQPRPHQWGDWSULPXO]LFH
$PvQFXUGDUQDPvQSX DKRUDDVWDQXHEXQD
$OGRLOHD
$PvQFXUVLDPVLQSX DKRUDDVWDHVWHEXQD
$OWUHLOHD
6WUkQJHWLKRUDQXILWLKRWLVDQHLQWUHQFXUODWRWL

Ì&DUHVXQWSULPHOHVLPSWRPHGH6LGD"
52UDVXIODUHvQFHDIDVLRXVWXULPHvQFXU

8QXOVHODXGDFDDUHSDWUXFRDLHVLvOvQWUHDEDSHXQDPLFGDFDHQRUPDO$PLFXOLLVSXQH
6LQJXUDPRGDOLWDWHGHDYHDSDWUXFRDLHHVDDLVLRSX DvQFXU

8QKRPRVH[XDOFDVDWRULWGHFkWLYDDQLHVWHvQWUHEDWGHIRVWXOOXLSULHWHQ
,D]LDLvQFHUFDWGHFkQGHVWLFDVDWRULWVLvQJDXUDFHDODOWD"
&HHVWLQHEXQQRLQXYUHPVDIDFHPFRSLL

Ì&XPVHQXPHVKWHILXODKRPRVH[XDOL"
5%DLDWGHEDLDW

Ì&HIDFGRLKRPRVH[XDOLvQUHVWDXUDQW"
5ÌPEXFDFHYD

Ì&HIDFGRLKRPRVH[XDOLvQWUXQPDJD]LQGHKDLQH"
56HvPSRSRWRQHD]D

8QSRSRQDUPHUJHDSHVWUDGD7UHFHSHOkQJDXQ]XJUDYVXLWSHRVFDUDFDUHYDUXLDRFDVD=XJUDYXOVFDSDELGLQHDXDVLO
VWURSHVWHSHSRSRQDUGLQFDSSkQDQSLFLRDUHFXYDU
&HIDFLED]XJUDYQHQRURFLWQXVWLLVDWLLQLFLRELGLQHDvQPkQD"
=XJUDYXOGHVLFXVHQWLPHQWXOYLQRYDWLHLHVWHGHUDQMDWGHDIURQW
&HYUHLEDIX XWHQFXU"
$DDDDDUKLWHFWXOH

%DQFXULFXGHWLQXWL

&DUHWLHXOWLPDGRULQWD"vOvQWUHDEDGLUHFWRUXOvQFKLVRULLSHFRQGDPQDWXOODPRDUWH
2FDIHDILOWUX
%LQH&kW]DKDU"
&X]DKDULQDYDURJVXIDUGHGLDEHWVLQXDVYUHDVDPRUGLQDVWD

/DvQFKLVRDUHDGHIHPHL
)HWHORUDPGRXDYHVWLXQDUHDVLXQDEXQD3HFDUHRYUHWLSULPD"
3HFHDEXQD
0vLQHYDGDPPRUFRYL
8UDDDD6LDLDUHD"
5DVL

/DvQFKLVRDUHDGHIHPHL
)HWHORUDPGRXDYHVWLXQDUHDVLXQDEXQD3HFDUHRYUHWLSULPD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3HFHDEXQD
0vLQHYDVFKLPEDPFKLORWLL
8UDDDD6LDLDUHD"
ÌQWUHYRL

8QGHWLQXWSULPHVWHRVFULVRDUHGHODVRWLH9D]kQGXOXQFROHJGHFHOXODvOvQWUHDED
7HYDGFDPQHFDMLW9HVWLSURDVWHGHDFDVD"
'D1HYDVWDPHDvPLVFULHFDPLUHGDOLEHUWDWHD

'RLFROHJLQRLGHFHOXOD
7XGHFHDLDMXQVDLFL"
'LQFDX]DIXPDWXOXL
&XPGLQFDX]DIXPDWXOXL"
ÌQWLPSFHRSHUDPPDDSXFDWWXVHDPDDX]LWSD]DVLPDSULQV

&RQGDPQDWXOHVWHDGXVvQFDPHUDGHH[HFXWLH3ULYHVWHVFDXQXOHOHFWULFGHFDUHVXQWOHJDWHWRWIHOXOGHILUHVLvQWUHDED
&XPVHFKHDPDGUDFRYHQLDDVWD"
'LUHFWRUXOvQFKLVRULLvLUDVSXQGH
1XWLEDWHFDSXOFXvQWUHEDULRVDWHSXQHPLPHGLDWODFXUHQW

6XQWXLPLWGHFHDXG3RSHVFXPLD]LVFDPHUJHVDvVLYL]LWH]HUXGHOHVLDFXPDXGFDHvQvQFKLVRDUH
'DGHIDSWFDPWRDWHUXGHOHOXLVXQWDFROR

8QSD]QLFGHODvQFKLVRDUHFDWUHXQFROHJ
ÌQFKLSXLHWLFRQGDPQDWXOGHODFHOXODDHYDGDWD]LQRDSWH
'RDPQHDMXWD'HWUHLQRSWLQXSRWVDGRUPGLQFDX]DILHUDVWUDXOXLOXL

3D]QLFXOvL]LFHFRQGDPQDWXOXL
3kQDPkLQHODGLPLQHDWDFHOXODWUHEXLHVDILHOXQDVLEHF/DRUDYLQHGLUHFWRUXOvQFKLVRULL
&H""/DXSULQVVLSHHO"

ÌQWURFHOXODVWDXGRLWLSLFRQGDPQDWLDPELLSHQWUXDQL8QXOGLQHL]LFHRIWkQG
(KHKHLGDFDDVFXOWDPVIDWXOPDPHL
&HWLD]LVPDPDWD"
/DXVDVXQWGRLSROLWLVWL)XJLUHSHGHSHXVDGLQGRV

8QX
vQFHDUFDvQFHWvQFHWVDvVLFXQRDVFDPDLELQHQRXOFROHJGHFHOXOD
6LHVWLFDVDWRULW"
(X"(XVXQWXQWLSFDUHvVLLXEHVWHOLEHUWDWHD

*DUGLDQFHGDWDDYHDPD]L"vQWUHDEDXQXOvQvQFKLVRDUH
0DLWHUPLQDFXvQWUHEDULOHÌWLVSXQHXFkQSRWLVFULMHOLLDQXO

8QHYDGDWVHvQWRDUFHVHDUDvQDSRLvQvQFKLVRDUH8QUHSRUWHUvOvQWUHDED
'HFHYDWLvQWRUVODvQFKLVRDUH"
0DLELQHDLFLGHFkWDFDVD
&XPDVD"
1XLQWUXELQHSHXVDFDVHLVLQHYDVWDPHDvPL]LFH3HXQGHvPLXPEOL$LHYDGDWGHMDGHRUH

8QDvVLYL]LWHD]DVRWXOvQvQFKLVRDUH$FHVWDvQJULMRUDWGHVLWXDWLDHLILQDQFLDUDRvQWHDED
&XPWHDMXQJLFXEDQLL"
1LFLRJULMDSHXUPDWRULLWUHLDQLvPLPDLDMXQJEDQLLSULPLWLFDUHFRPSHQVDSHQWUXSULQGHUHDWD

'LUHFWRUXOvQFKLVRULL
9L]LWDWRULLDXYRLHvQWHVL
/DFDUHXQFRQGDPQDW
$VDWkQDUQXVWLXSHQLPHQL

8QFRQGDPQDWvVLvQWRDUFHOXFUXULOHGLQFHOXODFXVXVXOvQMRVVWULJkQGGLQWRWLUDUXQFKLL
$PIRVWMHIXLWDPIRVWFXQHUXVLQDUHIXUDW
*DUGLHQLLVRVHVFvQJUDEDVLvOvQWUHDED
&HYLDIRVWIXUDW"
3ODQXULOHGHHYDGDUH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

'RLFRQGDPQDWLVHvQWkOQHVF
&HPDLIDFH-RKQ"
$KVDUPDQXODFD]XWGHSHVFKHODVLDPXULW"
'DUFHGUDFX
DFDXWDWSHVFKHOD"
$IRVWVSkQ]XUDW

'RFWRUXOvQFKLVRULLYL]LWHD]DFKLULDVLLÌQWUHEDUHvQSULPDFHOXOD
&XPDWLDYXWVFDXQXO"
$]LQRUPDO
ÌQDGRXDFHOXOD
&XPDWLDYXWVFDXQXO"
$]LQRUPDO
ÌQDWUHLDFHOXOD
&XPDWLDYXWVFDXQXO"
$]LQRUPDOPkLQHHOHFWULF

ÌQWURFHOXODWUHLGHWLQXWLGLVFXWD
7XFXPDLDMXQVDLFL"
&HGUHDFXVDIDFMDIVLYLRO'DUWX"
1LPLFDWRDWDVDPRDUD PDPDDPVXWLWGLQFkWHYDFDVHDPRPRUkWGRXDEDEHGDVLDVDPXUHDFDHUDXEDWUkQHUDXVLDP
PDLVXWLWGLQEX]XQDUH
'DWXED"&HDLIDFXW"
)L]LFDQXFOHDUD

7UHLGHWLQXWLXUPHD]DVDILHWULPLVLSHRLQVXODSXVWLHXQGHVDvVLLVSDVHDVFDSHGHSVHOH*DUGLDQXOOHVSXQHFDDXYRLHVD
GXFDFXHLXQVLQJXURELHFWVLvLvQWUHDEDFHDUGRUL3ULPXOVSXQH
3DLHXRVDLDXQLVWHFUHLRDQHFRORUDWHVLWRDWD]LXDRVDDPGHGHVHQDWSHSHUHWLLSXVFDULHL
$OGRLOHD]LFH
3DLHXRVDvPLLDXXQSDFKHWGHFDUWLGHMRFVLWRDWD]LXDRVDMRFFDUWLFXFHLODOWLGHWLQXWL
,DUDOWUHLOHD
3DLHX]LFVDLDXRFXWLHGHWDPSRDQHFDDPFLWLWFDFX XQ WDPSRQ GLQDODSRWLVDVLvQRWLVL VDWHFDWHULvQFRSDFLVL VD
FDODUHVWLDVDFDWRDWD]LXDRVDDPFHVDIDFFXHOH

8QFRQGDPQDWODPRDUWHHVWHFRQGXVGHFDWUHSUHRWODVSkQ]XUDWRDUH$IDUDSORXDvQVDGH]LFHDLFDVHUXSHFHUXOSUHRWXO
WLQHDXPEUHOD&RQGDPQDWXO]LFH
$VDRYUHPHWkPSLWDSDULQWH
/DFDUHSRSD
7LHWLHXVRU7XQXIDFLGUXPXOGHFkWGXVGDUHXWUHEXLHVDPDVLvQWRUF

8QFRQGDPQDWSULPHVWHRVFULVRDUHGHODVRWLH
$PKRWDUkWVDSODQWH]PRUFRYLvQJUDGLQLWDGLQVSDWHOHFDVHL&kQGFUH]LFDDVSXWHDLVDLSODQWH]"
(OvLVFULH
'UDJDQHYDVWDRULFHIDFLQXWHDWLQJHGHJUDGLQDGLQVSDWHOHFDVHL$FRORDPDVFXQVEDQLL
'XSDRVDSWDPkQDLDUYLQHRVFULVRDUHGHODQHYDVWD
1XRVDWLYLQDVDFUH]LFHVDvQWkPSODW$8YHQLWODQRLRJUDPDGDGHRDPHQLVLDXVDSDWWRDWDJUGLQDGLQVSDWHOHFDVHL
/DFDUHHOUDVSXQGH
'UDJDQHYDVWDDFXPSRWLSODQWDPRUFRYLvQVSDWHOHFDVHL

8QLQGLYLGDMXQJHODvQFKLVRDUH(VWHUHSDUWL]DWvQWURFHOXODFRPXQDVLHVWHvQWvPSLQDWGHXQPDODFILRURV
%DWXDODQRX7XFHYUHLVDIL"
&XPDGLFD"vQWUHDEDQHGXPHULWQRXOYHQLW
$LFLQRLVvQWHPvPSDUWLWLvQEDLHWHLVLIHWLWH7XFHYUHLVDIL"
%DLDWHO]LFHRPXOJvQGLQGXVHVDQXvQFHDSDGXUFKLDUGLQSULPD]L
3HUIHFW]LFHPDODFXODVWD]LEDLHWHLLVXJSX DODIHWLWH

%DQFXULFXMXGHFDWRUL

6LYUHWLVDVSXQHWLFDVRWXOGXPQHDYRDVWUDVDVSkQ]XUDW"vQWUHDEDMXGHFDWRUXOWkQDUDYDGXYD
'DGRPQXOHMXGHFDWRUUDVSXQGHDFHDVWD
6LFXPH[SOLFDWLDWXQFLPXOWLPHDGHFXFXLHFDUHOHDUHvQFDS"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6DVSkQ]XUDWFXXQHODVWLF

$FX]DWFDD IXUDWXQFHDVKRWXOH[SOLFD
&HHUDVDIDFGRPQXOHSUHVHGLQWH"&HDVXOPHUJHDHXPHUJHDP$WXQFLQHDPKRWDUkWVDPHUJHPvPSUHXQD

6LVSXQHWLQXYDIRVWWHDPDDWXQFLFkQGDWLVPXOVSRUWRPRQHXOGLQPkQDSDJXELWXOXLvQWUDPYDLXOSOLQGHRDPHQL""""""
vOvQWUHDEDMXGHFDWRUXOSHXQKRWGHEX]XQDUH
&XPVDQXPLILHWHDPDRQRUDWXOHGRPQ
MXGHFDWRU0LDIRVWWHDPDVDQXILHJRO

%XODHVWHDFX]DWSHQWUXDFLQFHDRDUDSHQWUXYDWHUVFKDIW-XGHFDWRUXOvOvQWUHDED
'HFHQXYDOXDWLSHQWUXQXPHOHOXL'XPQH]HXvQVIkUVLWRIHPHLH"
$PPDLvQFHUFDWGRPQXOHMXGHFDWRUGDUDPDYXWGHILHFDUHGDWDSUREOHPHFXVRWLLIHPHLORU

$FX]DWGHFHODLORYLWSHPDUWRUFXSDUXOGHVLHOQXVDEDJDWvQFHDUWD"
3DLGDFDVWDWHDDWkWGHIDYRUDELO

-XGHFDWRUXOYHGHODSURFHVSHQWUXDFLQFHDRDUDXQKRWGHEX]XQDUH
8OWLPDGDWDWLDPVSXVFDQXYUHDXVDWHPDLYDGvQEDQFDDFX]DWLORU
$VWDDPVSXVVLHXSROLWLVWLORUGDUQXDXYUXWVDPDFUHDGD

2WkQDUDLWDOLDQFDHVWHDFX]DWDGHELJDPLVP
'DFHYDWLFDVDWRULWFXGRLLWDOLHQL"8QXOQXYDDMXQJHD"RvQWUHDEDMXGHFDWRUXO
3DLWRWWLPSXOFkWDXQXOGLQHLIDFHJUHYD

9D]kQGFDQLFLMXUDWLLVLQLFLMXGHFDWRUXOQXVHODVDLPSUHVLRQDWLGHSOHGRDULDVDDYRFDWXOUHFXUVHODXQXOWLPDUJXPHQW
2QRUDWDFXUWHVWLPDWMXULXYDURJVDOXDWLvQFRQVLGHUDWLHIDSWXOFDDFHVWFOLHQWDOPHXDPDLIRVWFRQGDPQDWODvQFKLVRDUHGH
FLQFLVSUH]HFHRULVLWRWXVLDFHDVWDQXODDMXWDWODQLPLF$VDFDODFHEXQVDOPDLFRQGDPQDP"

&HUVDILHDXGLDWVLFHOGHDOGRLOHDPDUWRUDODFFLGHQWXOXLDXWR]LFHDFX]DWXO
'DUQXH[LVWDGHFkWXQPDUWRU]LFHMXGHFDWRUXO
'DUHXDPYD]XWFODUGRLPDUWRUL
7RFPDLGHDFHHDYLDIRVWOXDWFDUQHWXOGHFRQGXFHUH

5HFXQRVWLFDDLUXSWPkQDUHFODPDQWXOXL"vQWUHDEDMXGHFDWRUXO
5HFXQRVFGDUQXVvQWYLQRYDWSHQWUXFDHODULGLFDWvQWkLPkQD
6LWXFHDLIDFXW"
(XDPYUXWVDLVSDUJFDSXOQXVDLUXSPkQD

8QFHWDWHDQUHVSHFWDELOHVWHDGXVvQIDWDMXGHFDWRUXOXLILLQGDFX]DWGHYDWDPDUH(OvVLGHVFULHUHDFWLD
&kQGODP YD]XWSHSULHWHQXOPHX 3RSHVFXGLPLQHDWDODRUDWUHLFkQGDPLQWUDWvQFDPHUDVRWLHL PHOH]kPELQGXPLGLQ
SLMDPDXDPHDVLVSXQkQGXPLEXQDGLPLQHDWDDPVLPWLWFDWUHEXLHQHDSDUDWVDIDFFHYD

8Q VSDUJDWRU HVWH DGXV SHQWUX D D vQ IDWD MXGHFDWRUXOXL GH GDWD DVWD SH PRWLY FD D VSDUW R IDUPDFLH -XGHFDWRUXO vO
vQWUHDED
3RYHVWLWLFXPVDvQWkPSODW
3DLDPDOXQHFDWVLDPVSDUWvQFDGHUHYLWULQDIDUPDFLHLVLGLQWURGDWDDPFDSDWDWGXUHULJURD]QLFHGHFDSDVDFDDPLQWUDWvQ
IDUPDFLHVDvPLLDXXQDOJRFDOPLQ'XSDDFHHDDPFDXWDWvQFDVDXQFUHLRQVDvPLODVQXPHOHVLDGUHVDIDUPDFLVWHLSHQWUXD
SODWLSDJXEDLDUvQPRPHQWXODFHVWDDLQWUDWVLSROLWLDvQIDUPDFLH

$PDX]LWFDXQFKLXOWDXHJUDYEROQDY$UWUHEXLVDLHLWRWXOvQFDOFXO
'DGHXQGH6XQWHPSHSXWLQQHSRWLVLQHSRDWHGHFLQXSRWFDOFXODGHFkWFXRGRLVSUH]HFLPHGLQWRW

'HFLDWLPDLIRVWDFX]DWSkQDDFXPGHRUL"vQWUHDEDMXGHFDWRUXODFX]DWXO
'DGUDUWUHEXLVDOXDWLvQFRQVLGHUDUHFDGHRULDPIRVWSXVvQOLEHUWDWHGLQOLSVDGHGRYH]L

$FX]DW]LFHMXGHFDWRUXODFX]DWXOXLGXSDHOLEHUDUHYDSRWDMXWDVDYDUHLQWHJUDWLvQVRFLHWDWH
'DGRPQXOHMXGHFDWRUVDIXUGLQEX]XQDUHDPvQYDWDWGHMD

6WLLFDPDXGDWVDSWDPkQDWUHFXWDODWHOHYL]RU"=LFHXQXOSULHWHQXOXLVDX
=DXODFHHPLVLXQH"
'RVDUHGHVFKLVH

$FX]DWvQWUHDEDMXGHFDWRUXOSHUVRDQDGLQEDQFDDFX]DWLORUDWLUDPDVGHWUHLRULYDGXY&XPDIRVWSRVLELODVDFHYD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3ULPDVRWLHDPkQFDWFLXSHUFLRWUDYLWHVLDPXULW
6LDGRXD"
$GRXDWRWDVD$PkQFDWFLXSHUFLRWUDYLWHVLDPXULW
$VWDHvQWDGHYDUFLXGDW6LDWUHLDVRWLHDPXULWWRWGLQFDX]DFLXSHUFLORURWUDYLWH"
1XQXGLQFDX]DXQHLIUDFWXULFUDQLHQH
6LFXPVDvQWkPSODW"
3DLQXDYUXWVDPDQkQFHFLXSHUFL

'UDJDPHDPkQFDUHDDVWDGHFLXSHUFLDUHXQJXVWH[FHOHQW'HXQGHDLUHWHWD"
'LQWUXQURPDQSROLWLVW

$YRFDWXOvVLIDFHSOHGRDULD
6LXQVHPQFDDFX]DWXOHXQRPGHRPHQLHHVWHFDFXR]LvQDLQWHGHDFRPLWHVSDUJHUHDDXUDWSDJXELWXOXLXQDQQRXIHULFLW
VL/D0XOWL$QL

/DSULPDvQIDWLVDUHVSDUJDWRUXOHVWHvQWUHEDW
6LDWLPDLDYXWFRPSOLFLODFRPLWHUHDIDSWHL"
1XÌQ]LXDGHD]LH[LVWDDWkWLDUDXIDFDWRULFDQXPDLSRWLDYHDvQFUHGHUHvQQLPHQLVLGHDFHHDOXFUH]vQWRWGHDXQDVLQJXU

$FX]DWXOGH EUDFRQDMHVWH FRQGDPQDW OD WUHL OXQLGH vQFKLVRDUH )LLQG vQWUHEDW FkQG GRUHVWH VD ILH SULYDW GH OLEHUWDWH HO
VSXQH
ÌQSHULRDGDGHvPSHUHFKHUH

8QWLSPHUJHODRSUH]LFDWRDUH$FHDVWDvLFLWHVWHvQFDIHDVLvL]LFH
'XPQH]HXOHDLFLVWDFDPkLQHYDYHWLXFLGHVRWLD
%LQHvQWHOHV&HHDFHYUHDXHXVDVWLXHVWHGDFDYRLILSULQV"

8QMXGHFDWRUFXSULYLUHDQFUXFLVDWDDXGLDLQFXOSDWLWRWLFXSULYLUHDvQFUXFLVDWD-XGHFDWRUXOvQWUHDEDSHXQXO
'HFHODLOXDWSHRPODEDWDLH"
(XQXODPOXDW
1XSHWLQHWHDPvQWUHEDW
(XQLFLQXDPUDVSXQV

/DWULEXQDO
8QWkQDUHUDDFX]DWGHYLRO-XGHFDWRUX
vQWUHDED
$FX]DW(VWHVDXQXDGHYDUDWFDvQGDWDGH'HFHPEULHDWLYLRODWRSH0DULRDUD3LVFXSHVFX"
$FX]DWXO
'RP
MXGHFDWRUMXUFDQXLDPIDFXWQLPLF1XLDPDWLQVQLFLPDFDUXQILUGHSDU
ÌQVDODREDEDFDPVXUGDVWDOkQJDXQX

&H]LFHPDLFDFH]LFH"
=,&(&$18,$$7,161,&,0$&$581),5'(3$5
&HSUHFL]LHPDLFDFHSUHFL]LH

9DULDQWD
$YRFDWXO
,DUXSWKDLQHOHGRP
MXGHFDWRUDDPHQLQWDWRVLGXSDDLDDYLRODWR
0LQWHGRP
MXGHFDWRUQXLDPDWLQVQLFLPDFDUXQILUGHSDU
&kWDSUHFL]LHGRP
MXGHFDWRUFkWDSUHFL]LH

/DWULEXQDO
'XPQH]HXPLHPDUWRUFDVLQWQHYLQRYDWVSXQHLQFXOSDWXO
ÌPLSDUHUDXVSXQHMXGHFDWRUXOGDUDPvQFKHLDWGHMDDXGLHUHDPDUWRULORU

$YRFDWXODSDUDULLODSURFHVXOXQXLDFDUHDFRQGXVPDVLQDvQVWDUHGHHEULHWDWH
$VWDvQSDWUXODEHSHPLMORFXOGUXPXOXLGXSDFHDLIRVWRSULWGHXQHFKLSDMDOSROLWLHLQXHRGRYDGDDVWDULLGHHEULHWDWH
6LFkQGSROLWLVWXOFDPDUWRUHvQWUHEDWODUkQGXOVDX
'DGDUDFX]DWXOvQFHUFDVDDGXQHVXOEDQGDDOEDGHSHPLMORFXOGUXPXOXL

,QFXOSDWDFkWLDQLDL"vQWUHDEDMXGHFDWRUXO
&kWvPLGDWL"
&LQFL

'HXQGHDWLVWLXWFDLQFXOSDWXOVHDIODvQVWDUHGHHEULHWDWH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RPQXOHMXGHFDWRULQFXOSDWXOvQFHUFDVDvPSDWXUHDVFDPDUFDMXOGHODWUHFHUHDGHSLHWRQL

'XPQHDWDFDSD]QLFGHQRDSWHODLYD]XWSHLQFXOSDWFkQGDVDULWJDUGXOGHSR]LWXOXLVLDOXDWRODGD"
'DGRPQXOHMXGHFDWRUGDUILLQGFDQXOFXQRVWHDPQXLDP]LVQLPLFD

'RPQLVRDUD3RSHVFXHvQWUHEDWDGHRSULHWHQD
6SXQHGHFHHVWLDWkWGHVLJXUDFDYHLFkVWLJDSURFHVXOvQFD]XODODGHVXFFHVLXQH"
3HQWUXFDLHULDYRFDWXOPHXPLDIDFXWRFHUHUHGHFDVDWRULH

9LLODWULEXQDOWRWODVDXODFLQFLOXQL1XWLHUXVLQH"VHLQGLJQDMXGHFDWRUXO
3DLGHFHVDPLILHUXVLQH"'RDUGXPQHDYRDVWUDYHQLWLGHDWkWLDDQLvQILHFDUH]L

%LQHRPXOHGHFHQDLUHFXQRVFXWFDPLDLIXUDWKDLQHOHGLQFDVDFDGRDUYHFLQLLWHDXYD]XW"
3DLGDFDPDXYD]XWYHFLQLLQXvQWHOHJGHFHPDLWUHEXLDVDDIOHVLMXGHFDWRUXO"

,DVSXQHFXPVDXSHWUHFXWOXFUXULOH"
'RPQXOH MXGHFDWRU UHFXQRVF FD DP IRVW QHSODFXW VXUSULQV GH FDWUH DJHQWXO GH FLUFXODWLH GXSD PLH]XO QRSWLL vQWUXQ
DXWRWXULVPVWUDLQ'DUQXvQFHUFDPVDSRUQHVFPDVLQDFDXWDPEULFKHWDFDVDPLDSULQGRWLJDUD

&DVDWRULWD"vQWUHEDMXGHFDWRUXO
0DUWRUDRIWD
1HFDVDWRULWDGLFWHD]DMXGHFDWRUXOJUHILHUXOXL
&DVDWRULW"vQWUHEDMXGHFDWRUXOSHPDUWRUXOXUPDWRU0DUWRUXORIWD
&DVDWRULWGLFWDMXGHFDWRUXO

'HFLDFX]DWUHFXQRVWLFDDWLIXUDWRSHUHFKHGHSDQWRILGLQWUXQPDJD]LQH[FOXVLY"
'DGDUYDURJVDWLQHWLVHDPDGHFLUFXPVWDQWHOHDWHQXDQWH
&DUH"
ÌPLVXQWSUHDPLFL

$WLYD]XWSROLWLVWLSULQDSURSLHUH"vQWUHDEDXQWUHFDWRUXQDOWXO
1X
$WXQFLVFRDWHWLFHDVXOYHULJKHWDVLEDQLL

/DXQQRWDUYLQHXQEDWUkQvQVWDULWVL]LFH
$VYUHDVDIDFXQWHVWDPHQWFDUHVDQXSRDWDILDWDFDW
,PSRVLELOGRPQXOH]LFHQRWDUXODVDXQWHVWDPHQWQXH[LVWD8LWDWLFKLDUEXQXO'XPQH]HXDUHGRXDWHVWDPHQWHVLRDPHQLL
VHPDLFHDUWDFKLDUVLD]LGXSDDWkWLDDQLFDUHHVWHFHOYDODELO

7kQDUXODYRFDWDUHvQVIkUVLWSURSULXOFDELQHW3ULPDVDVFULVRDUHFDWUHWULEXQDOVXQDDVD
'RPQXO 3RSHVFX PD vQVDUFLQDW FX DSDUDUHD VD LQ FD]XO GH3ULQ SUH]HQWD FHU XQ FRQWURO SVLKRORJLF DO GRPQXOXL
3RSHVFX

&LFDODXQSURFHVXQWLSHDFX]DWFDDYLRODWRSHUHFODPDQWD-XGHFDWRUXOvQWUHDED
'RP
OHSUH]LQWDQHVLQRXDFXPVDvQWkPSODW
3DLRYDGSH0LDSHVWUDGDVLvLIDFFXRFKLXOVWLWLGRP
OHRFKLLYDGLQLPDFHUHGDUFRQVWLLQWDQXVLQX
(LVLDSRL"
2VDOXWvL]kPEHVFHUDIUXPRDVDFHVDLIDFLRFKLLYDGLQLPDFHUHGDUFRQVWLLQWDQXVLQX
%XQVLDSRL"
2FKHPODPLQHODRFDIHDFDPLODVDVHJXUDDSDVWLWLGRP
OHRFKLLYDGLQLPDFHUHGDUFRQVWLLQWDQXVLQX
$SRL"
ÌQOLIWvLSXQPkQDSHIXQGFD0LDvLEXFDWDEXQDFHQDLEDVXQWHPWRWXVLEDUEDWLRFKLLYDGLQLPDFHUHGDUFRQVWLLQWDQXVL
QX
(LEXQEXQODVDDVWDPDLGHSDUWH"
3DLVDYHGHWLRGXFvQGRUPLWRUFDFHQDLEDVXQWHPEDUEDWLWRWXVL
'DGDVWLXODVDGHRSDUWHFKHVWLDFXFRQVWLLQWDVL]LL
3DLDVDPLDP]LVVLHXGRP
OHVLDPIX XWR

8QSURFXURUVLXQSRSDGLVFXWDODREHUH3URFXURUXOHGHSDUHUHFDOXPHDVDVWULFDW
8LWDWLDYHPGLQFHvQFHPDLPXOWLUDXIDFDWRULVLFULPLQDOL
(GRDURSDUHUHVXELHFWLYD7UHEXLHFDVXQWHWLLQIOXHQWDWGHPHVHULDFDUHRDYHWL]LFHSUHRWXOXLWDWLHXvQWkOQHVFvQILHFDUH]L
DWkWLD RDPHQL FLQVWLWL 6L PDL JkQGLWLYD FD SH YUHPHD OXL &DLQ VL $EHO  GH SURFHQWH GLQ SRSXODWLD 3DPkQWXOXL HUDX
UDXIDFDWRUL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

6XQWHWLFRQGDPQDWSHQWUXOXDUHGHPLWD$FFHSWDWLSHGHDSVDDFX]DW"
'HDFXPDvQFRORQXPDLDFFHSWQLPLFDGRPQXOHMXGHFDWRU

'RLSULHWHQLVHYDGGXSDPDLPXOWWLPS
1XWHDPPDLYD]XWGHOXQL
$PIRVWvQFRQFHGLX
1XHUDPDLELQHVDPHUJLODFXUWHDGHDSHO"

8QDFX]DWVFULHFDWUHWULEXQDO
,HULPLDWLSXVODGLVSR]LWLHXQDYRFDW$WLSXWHDVDvPLJDVLWLVLXQPDUWRUEXQ"

3HGXPQHDYRDVWUDYDPYD]XWIRDUWHGHV]LFHMXGHFDWRUXODFX]DWXOXL'HFkWHRULDWLPDLIRVWFRQGDPQDW"
1LFLRGDWDGRPQXOHMXGHFDWRU(XVXQWSRUWDUXOGHODFOXEXOVWUHHSWHDVH

/DIDFXOWDWHDGHGUHSWSURIHVRUXOGDODH[DPHQXQFD]IRDUWHJUHX]LFkQG
$FHVWDHXQFD]IRDUWHJUHXFDUHDIRVWVROXWLRQDWGHFXUWHDVXSUHPD1RLYRPvQFHUFDWRWXVLVDJDVLPVROXWLDFHDEXQD

6LDFXPYRLHQXPHUDFRQGDPQDULOHGXPQHDYRDVWUD]LFHMXGHFDWRUXODFX]DWXOXL
%LQHGRPQXOHMXGHFDWRUGDUVDQX]LFHWLFDDPvQFHUFDWVDOXQJHVFSURFHVXO

6WLWL FD SXWHWL VD YD PDUWXULVLWL IDSWD ]LFH MXGHFDWRUXO DFX]DWXOXL $YHP RULFXP XQ PDUWRU FDUH D YD]XW FXP DWL ORYLW
FKHOQHUXOFXKDOEDSOLQDSHVWHFHDID
'RPXOHMXGHFDWRUDVWDHLPSRVLELO2ULVLFLQHVWLHFDvQUHVWDXUDQWXOUHVSHFWLYQXDXH[LVWDWQLFLRGDWDKDOEHSOLQH

$FX]DWDYHWLFXYkQWXO]LFHMXGHFDWRUXODFX]DWXOXL
'RPQXOHMXGHFDWRUDPIRVWGHMDGHVDVHRULvQvQFKLVRDUH'XSDFXPYHGHWLQXDIRORVLWODQLPLF'HDFHHDYDURJVDPD
SXQHWLvQOLEHUWDWH

7kQDUXOMXGHFDWRUvQWUHDEDDFX]DWXO
'HFHWUHPXUDWLDVD"
6WLWLHVWHSULPDRDUDFkQGPDDIOXvQWURVDODGHWULEXQDO
$VWDQXHXQPRWLYVDYDILHIULFD6LSHQWUXPLQHHVWHWRWSULPXOSURFHV

$FX]DWGHFHDLVSDUWPDJD]LQXOGHGHWHUJHQWL"
6WLWLGRPQXOHMXGHFDWRUGXFHDPRYLDWDDVDGHPL]HUDELOD

-XGHFDWRUXO]LFHDFX]DWXOXL
6XQWHWLOLEHUGDUSHYLLWRUYDUHFRPDQGVDYDIHULWLGHFHUFXULGXELRDVH
'DGRPQXOHMXGHFDWRUVSHUVLHXVDQXPDLWUHEXLDVFDVDYLQSULQWULEXQDOH

6LFXPGHYLDYHQLWLGHHDVDIXUDWLPDVLQDSDUFDWDODJDUGXOFLPLWLUXOXL"
3DLDPFUH]XWFDSURSULHWDUXHVWHPRUWGRPQXOHMXGHFDWRU

/DSURFHVVHDUDWDFDvQWLPSXOVSDUJHULLDFX]DWXOVHDIODvQvQFKLVRDUH-XGHFDWRUXOvOvQWUHDED
'HFHQXDWLVSXVDVWDGLQWLPS"
3DLQXGRUHDPVDIDFRLPSUHVLHSURDVWDMXUDWLORU

-XGHFDWRUXODFX]DWXOXLGHGHDQL
&XPSXWHWLVDVXVWLQHWLFDTOLSVDGHH[SHULHQWDYDDGXVvQORFXOvQFDUHYDDIODWLDFXP"
6WLWLDYRFDWXOPHXHVWHIRDUWHWkQDU

-XGHFDWRUXOvQWUHDEDPDUWRUXOODSURFHV
/DFHGLVWDQWDYDWLDIODWGHORFXODFFLGHQWXOXL"
/DPHWULVLGHFHQWLPHWULL
6LFXPGHVWLWLDVDGHH[DFW"
&kQGDPYD]XWDFFLGHQWXOPLDPGDWVHDPDSHORFFDYRLILvQWUHEDWODSURFHVGHYUHXQWkPSLW

'RPQXOHPDUWRUGHFLGXPQHDYRDVWUDDWLYL]LWDWDFX]DWXOvQ]LXDIDSWHL"
'DGRPQXOHMXGHFDWRU
6LFHSDUHUHYLDIDFXW"
6WDWHDODIHUHDVWUDFXIDWDDOEDFDFHDUDDYHDVSXPDODJXUDVLRODPDDVFXWLWDvQPkQD
6L"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LGXSDDFHHDDvQFHSXWVDVHEDUELHUHDVFD

-XGHFDWRUXOSDJXELWXOXL
5HFXQRDVWHWLvQSHUVRDQDDFX]DWXOXLSHFHOFDUHYLDIXUDWPDVLQD"
'RPQXOHMXGHFDWRUGXSDSOHGRDULDDYRFDWXOXLDSDUDULLQXPDLVXQWDVDGHVLJXUGDFDPDDYXWYUHRGDWDRPDVLQD

/DWULEXQDOMXGHFDWRUXO
6LYUHWLVDVXVWLQHWLFDDWXQFLDWLFUH]XWFDSRUWPRQHXOJDVLWYDDSDUWLQH"
3RUWPRQHXOQXGDUEDQFQRWHOHvPLSDUHDXFXQRVFXWH

2WkQDUDDWUDJDWRDUHODWULEXQDOHDXGLDWDFDVLPDUWRU
6LFXPYLDWLGDWVHDPDFDVRIHUXOIXUDVHPDVLQD"
3DLDVWDPLDPGDWVHDPDFkQDPYD]XWFDQXVWLHFXPVDFXOFHEDQFKHWD

6LQXYDWLJkQGLWDODWDWDOGXPQHDYRDVWUDDWXQFLFkQGDWLGDWVSDUJHUHD"
%DGDGRPQXOHMXGHFDWRUGDUQXDPJDVLWQLPLFFHLDUILSODFXW

2GRDPQDPDUWRUDODWULEXQDOHvQUHEDWDGHMXGHFDWRU
6LFHYkUVWDDYHWL"
'XSDROXQJDWDFHUHMXGHFDWRUXOGLQQRX
'DFDQXQHVSXQHWLYRLODVDDXGLHQWDVDJKLFHDVFD

6SXQHPDLELQHDGHYDUXODFX]DW/DLORYLWSHGRPQXOGHDFROR"
1XGRPQXOHMXGHFDWRU&XPDVSXWHD"
(OVXVWLQHvQVDFDDUILSULPLWPDLPXOWHORYLWXULSXWHUQLFH
0LQWH'XSDSULPDQXVLDPDLGDWVHDPDFHVHvQWkPSOD

6SXQHDGHYDUXODFX]DW$WLORYLWRSHVRWLDGXPQHDYRDVWUDFXVFDXQXOGHODPDVDGLQVXIUDJHULH"
'D
6LQXYDSDUHUDX"
%DGDVFDXQXOHUDDSURDSHQRX

'HFHFRQWLQXDWLVDYDQHJDWLIDSWD"$WLIRVWGRDUYD]XWGHPDUWRUL
'RPQXOHMXGHFDWRUYDSRWDGXFHGHPDUWRULFDUHQXPDXYD]XW

'RPQXOHMXGHFDWRUVXQWQHYLQRYDW
$VWDVSXQWRWLL
'DFDVSXQWRWLLvQVHDPQDFDHDGHYDUDW

/DWULEXQDO
(LELQHGDFDWRWXVLDWLJDVLWDFHDYHULJKHWDGHFHQXDWLSUHGDWRSROLWLHL""""
3HQWUXFDDYHDJUDYDWvQLQWHULRU$WDSHQWUXWRWGHDXQD

-XGHFDWRUXO
'HFLGRPQXOH,RQHVFXDFX]DWXOYDQXPLWXQPDUHERXVLGRELWRF"
'DGRPQXOHMXGHFDWRU
%LQHELQHGDUQXSRWVDvQWHOHJGHFHODWLGDWvQMXGHFDWD""

8QMXGHFDWRUFXSULYLUHDQFUXFLVDWDDXGLDLQFXOSDWLWRWLFXSULYLUHDvQFUXFLVDWD-XGHFDWRUXOvQWUHDEDSHXQXO
'HFHODLOXDWSHRPODEDWDLH"
(XQXODPOXDW
1XSHWLQHWHDPvQWUHEDW
1LFLHXQXDPUDVSXQV

5HFXQRVWLFDDLUXSWPkQDUHFODPDQWXOXL"vQWUHDEDMXGHFDWRUXO
5HFXQRVFGDUQXVXQWYLQRYDWSHQWUXFDHODULGLFDWvQWkLPkQD
6LWXFHDLIDFXW"
(XDPYUXWVDLVSDUJFDSXOQXVDLUXSPkQD

-XGHFDWRUXOFDWUHRPDUWRUD
&kWLDQLDYHWL"1XXLWDWLFDDWLMXUDWVDVSXQHWLDGHYDUXO
'RXD]HFLVLXQXVLFkWHYDOXQL
&kWHOXQL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2VXWD]HFH

-XGHFDWRUXOFDWUHLQFXOSDW
-XUDFDYHLVSXQHDGHYDUXOVLQXPDLDGHYDUXO
1XQXMXU
ÌWLDWUDJDWHQWLDFDSHQWUXPDUWXULHIDOVDFDSHWLGRLDQLGHvQFKLVRDUH
6WLX'DUGDFDVSXQDGHYDUXOFDSDW]HFHDQL

8QPDUWRUODXQDFFLGHQWDXWRGHSXQHPDUWXULH-XGHFDWRUXOvQWUHDED
$WLYD]XWDFFLGHQWXO"
'DGRPQXOHMXGHFDWRU
/$FHGLVWDQWDWHDIODLGHORFXODFFLGHQWXOXL"
7UHL]HFLVLWUHLGHPHWULVLGHFHQWLPHWUL
6LFXPGHVWLLDVDGHH[FWGLVWDQWD"
0DJkQGHDPHXFDYUHXQLGLRWGHMXGHFDWRURVDvQWUHEHDVWD

5HFXQRVWLFDDVWDHVWHJHDQWDFDUHWLVDIXUDW"
'DGRPQXOHMXGHFDWRU
'XSDFHRUHFXQRVWL"8LWHGHH[HPSOXVLHXDPRJHDQWDLGHQWLFD
7RWFHVHSRDWHFDFLPLHPLVDXIXUDWGRXDJHQWL

%DQFXULFXPDULQDUL

Ì&DUHVXQWFXYLQWHOHFDUHIDFUHFKLQLLIHULFLWL"
52PODDSD

&DSLWDQXOvLLQVWUXLHVWHSHPDULQDUL
0DULQDUL SXWLQD DWHQWLH YD URJ  7LQ VD YD UHDPLQWHVF XQ OXFUX 'DFD YRP GHEDUFD vQWUR WDUD QHFLYLOL]DWD HVWH
FRQWUDLQGLFDWVDEHWLDSDLDUGDFDYRPGHEDUFDvQWURWDUDFLYLOL]DWDHVWHFRQWUDLQGLFDWVDUHVSLUDWLDHUXO

/DERUGXOXQXLYDVDIODWvQODUJL]EXFQHVWHXQLQFHQGLX&DVDLOLQLVWHDVFDSHSDVDJHULFDSLWDQXOOHVSXVH
1XYDIDFHWLJULML(VWHDSDGHVWXOD$MXQJHSHQWUXWRDWDOXPHD

8QYDSRUHUDSHSXQFWXOGHDVHVFXIXQGD
0DLvQWkLVHVDOYHD]DIHPHLOHVLFRSLLLVWULJDFDSLWDQXOSXQkQGXVLRSHUXFDSHFDS

8QPDULQDUGDUXLHVWHVRWLHLvQDLQWHGHDSOHFDvQFXUVDSHPDUHXQYLEUDWRU
&XHOQRVDWHPDLVLPWLVLQJXUD
/DvQWRDUFHUHvOJDVHVWHDUXQFDWvQWUXQFROW
1XWLDSODFXWFDGRXOPHX"
'D
GHXQGH0LD]EXUDWWRDWHSORPEHOH

6WLLFDPDPPDULWDW"
6HULRV"&XFLQH"
&XXQPDULQDU(SOHFDWXQVSUH]HFHOXQLSHDQ
6DUDFDGHWLQHFXPWUHEXLHVDVXIHUL
1XROXQDWUHFHDWkWGHUHSHGH

&DSLWDQXOGHSH7LWDQLFvLVWUkQJHSHSDVDJHULVLOHVSXQH
$PGRXDYHVWLSHQWUXGXPQHDYRDVWUDXQDUHDVLXQDEXQD3HFDUHRYUHWLSULPD"
3HFHDUHD
ÌQGRXDRUHYDSRUXOVHYDUXSHvQGRXDVLVHYDVFXIXQGD
6LFHDEXQD"
9RPOXD2VFDUXUL

8QPDULQDUVWDvQSRUWXO0DUVLOLHLVLEHDGHQXVHPDLWLQHSHSLFLRDUH8QWUHFDWRULQWUDvQYRUED
6WLWLFDDQXDOPRUSHVWHGHIUDQFH]LGLQFDX]DEDXWXULL"
1XPDLQWHUHVHD]D(XVXQWUXV


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'HSH VFDUD XQXL YDSRU DELD DFRVWDW vQ SRUWFRERDUDvQ IXJD XQ PDULQDU GH  P VL  NJ ,D XQ WD[L VL LQWUD vQ SULPXO
ERUGHO $MXQV vQ FDPHUD FX R SURIHVLRQLVWD D DPRUXOXL WDULIDW VH GHVFKHLH OD SDQWDORQL vVL UXOHD]D SUH]HUYDWLYXO SH VH[XO
HUHFWGXSDFDUHvVLLQWURGXFHGRXDWDPSRDQHGHYDWDvQQDV
%LQHELQHSUH]HUYDWLYXOvOvQWHOHJGDUFHURVWDXWDPSRDQHOHDVWHDGHYDWDvQQDV"
6WLWLQXVXSRUWPLURVXOGHFDXFLXFDUV

&DSLWDQXOXQHLFRUDELLEkOEkLWGHIHOXOOXLXUPDULQGvQ]DUHFXELQRFOXO
5HUHUHSHGHRPODDSD
6DUPDULQDULLvQPDUHVLOVFRWSHXQXOvQXOWLPXOPRPHQW$GRXD]L
5HUHUHUHSHGHRPODDSD
,DUVDUWRWLPDULQDULLVLVFRWSHXQXOJDWDVDVHvQHFH$WUHLD]L
5HUHUH
6DUWRWLPDULQDULLvQDSDLDUFDSLWDQXO
5HUHFKLQL

ÌQSRUWXO&RQVWDQWDVRVHVWHXQYDVHQJOH]HVF'RFKHUXOVWULJDFDWUHFDSLWDQXOYDVXOXL
+HLFDSLWDQH
<HV
$UXQFDSDUkPDVDOHJYDVXO
,GRQ
WXQGHUVWDQGIDFHIRDUWHFDOPFDSLWDQXOFDUHQXVWLDURPkQHVWH
$UXQFDEDSDUkPDIUkQJKLDDLDFXFDUHVHOHDJDYDSRUXOGHFKHL
,FDQ
WXQGHUVWDQG\RX
3DUkPDERXOHSDUkPDDUXQFDSDUkPD
6RUU\,GRQ
WXQGHUVWDQG
$UXQFDSDUkPDLGLRWXOHFXFHYUHLVDWHOHJFXVLUHWXOGHODSDQWRI"
,GRQ
WXQGHUVWDQG
([DVSHUDWGRFKHUXOvVLFKHDPDFROHJXO
%DL*LJLWXPDLVWLLFHYDHQJOH]DYLQRvQFRD
FDQXPDvQWHOHJFXWkPSLWXODVWD
*LJLYLQHVL]LFH
/DVDOvQVHDPDPHD+H\VLU
<HV
$UXQFDEDSDUkPDKDLUHSHGH
,GRQ
WXQGHUVWDQG
3DUkPDDUXQFDSDUkPDvQFRDFH
,GRQ
WXQGHUVWDQG
&HIDFH"&DQ\RXVSHDNHQJOLVK"
<HVIDFHFDSLWDQXOUDVXIOkQGXVXUDW
$WXQFLGHFHSDVWHOHPDWLQXDUXQFLSDUkPD"

8QSURIHVRUSHSDUFXUVXOSUHOHJHULLVSXQHDVLDQHFGRWHXQHRULFDPSLSHUDWH'RXDVWXGHQWHPDLSXGLFHVLDX]LV
'DFDVLPkLQHPDL]LFHFHYDQRLLHVLP
$GRXD]LSURIHVRUXOFKLDUGHODXVDvQFHSH
'RPQLVRDUHORUVWLWLFDUHVXQWFHLPDLILHUELQWLEDUEDWL"0DULQDULLGLQ&RQVWDQWD
&HOHGRXDVWXGHQWHVHULGLFDvQSLFLRDUH
)HWHORUQXYDJUDELWL5DSLGXOVSUH&RQVWDQWDSOHDFDDELDSHVWHWUHLRUH

9DVXO FX H[FXUVLRQLVWL SULQV GH R IXUWXQD YLROHQWD HUD LQ SHULFRO GH D VH VFXIXQGD 8Q WDQDU FDUH GXFHD R YLDWD PDL
GH]RUGRQDWDHGHRGDWDFXSULQVGH
UHPXVFDULLQJHQXQFKHD]DSHSXQWHDFDUHVHFODWLQDLQJUR]LWRULVLLPSUHXQDPDLQLOHVLFXRFKLLULGLFDWLVSUHFHUVHURDJD
2WHURJVDOYHD]DQH'RDPQHVDOYHD]DQH'DFDQHFUXWLLWLIDJDGXLHVFVDPDODVGHEDXWXUDGHMRFXULOHGHQRURFGH
LQMXUDWVLPDLIDJDGXLHVF
6WDLDVDLOLQWUHUXSVHSULHWHQDOXL1XPHUJHSUHDGHSDUWHPLVHSDUHFDYDGXQYDVGHVDOYDUHYHQLQGVSUHQRL

1HYDVWDXQXL PDULQDU vL SRYHVWLFHOHL PDL EXQHSULHWHQH FD DUHXVLWVDVL FRQYLQJD EDUEDWXOVD WLQDUHJLP'XSD FDWHYD
VDSWDPkQLSULHWHQDRvQWUHDED
&XPvLPDLPHUJHVRWXOXLWDX"$UHXVLWVDVODEHDVFD"
%LQHQWHOHV6WLLWDWXDMXOSHFDUHODYHDSHSLHSWUHSUH]HQWkQGRFRUDELHFXWUHLSkQ]H"(LDFXPDGHYHQLWREDUFXWD

'RLQDXIUDJLDWLDXUHXVLWFXJUHXVDDMXQJDSHRLQVXODSXVWLH
6XQWHPSLHUGXWL
1XWLIDFHJULMLQHJDVHVFHL
&UH]L"
6XQWVLJXU$PGDWRULLGHSHVWHXQPLOLRQGHGRODUL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

ÌQWLPSFHYDSRUXOVHVFXIXQGDXQXOGLQSDVDJHULvVLIDFHDORFGLVSHUDWFDWUHEDUFDGHVDOYDUH&DSLWDQXOvLVWULJD
'RPQXOHFHIDFHWL"ÌQFDPDLVXQWIHPHLODERUG
(LDVWDL1XLPRPHQWXOVDQHJkQGLPODSODFHUL

$QD0DULDVHDIODvQWURFURD]LHUD(WkQDUDVLIUXPRDVD$GPLUDIUXPXVHWLOHQDWXULLVLWLQHXQMXUQDOGHFDODWRULH
=LXDvQWkL$PULGLFDWDQFRUD7LPSXOHPLQXQDW
=LXDDGRXD&DSLWDQXOQDYHLVDXLWDWOXQJODPLQH6HSDUHFDvLSODF
=LXDDWUHLD&DSLWDQXOPLDIDFXWRGHFODUDWLHGHGUDJRVWH
=LXDDSDWUD0LDVSXVFDGDFDLUHVSLQJGUDJRVWHDYDVFXIXQGDYDVXOFXGHFDODWRULODERUG
=LXDDFLQFHD$PVDOYDWYLDWDDGHRDPHQL

1XDUHQLPHQLXQRFKHDQ"6LWRWXVLYDGFDSHIDVLDDLDGHSDPDQWVHSRDWHLQWUH]DULXQJUXSGHRDPHQL
(XYDGFDSLWDQH$PRFKLEXQL6XQWSDWUXPDWHORWLVLXQVHIGHHFKLSDMFDUHVDSD
%UDYRPDULQDUH'DUGHXQGHVWLLFDHVWHVLXQVHIGHHFKLSDM"
(OQXVDSDFDSLWDQH

(UDRGDWDXQPDUHSLUDWVLDFHVWSLUDWVHGLVWUDSXQDQGLQWUHEDULLQFXLHWRUHWXWXURUFDSLWDQLORUGHSHYDVHOHFXFHULWH,QWUR
]LLQWDOQHVWHRQDYDIUDQFH]DVL
GXSDFHRFXFHUHVWHLOLQWUHEDSHFDSLWDQ
$X]LFDSLWDQHGDFDWLGDXGRXDSDFKHWHGHWLJDULWXFDWHDLILLQVWDUHVDIXPH]L"
8QXOUDVSXVHDFHVWDLQVSDLPDQWDW
0DLQHYHLILGHFDSLWDWUDVSXQVHPDUHOHSLUDW
$GRXDRDUDSLUDWXOLQWDOQLRQDYDEULWDQLFDVLSRYHVWHDVHUHSHWDGLQQRX
&DSLWDQHGDFDLWLGDXVWLFOHGHZKLVNH\WXFDWHDLYUHDVDEHL"
'RXDUDVSXQVHDFHVWD
9HLILVLWXGHFDSLWDWQXDLGDWXQUDVSXQVFRUHFW
$WUHLDRDUDVLXOWLPDLQWDOQDVWHRQDYDIDUDGUDSHOVLGXSDFHRFXFHUHVWHLQWUHDEDGHFDSLWDQFDFLDFHVWDQXSDUWLFLSDWOD
OXSWD8QSUL]RQLHULLVSXQHFD
FDSLWDQXOVWDEHDWLQPDJD]LDFRUDELHL'XFDQGXVHDFRORSLUDWXOLLVSXQH
0DLFDSLWDQHVDVWLLFDWLDPFXFHULWFRUDELDWLDPOXDWFRPRULOHRDPHQLLWDLVXQWSUL]RQLHULDFXP
'DUFDSLWDQXO
+DFPDLVDVWLLFDPLHVWLVLPSDWLF
8LWHFDSLWDQHDPDLFLXQSDFKHWGHWLJDULGDFDWLOHGDXWXFDWHIXPH]L"LOLQWUHEDSLUDWXO
+DFGRXDFDDPVLLRXQXVSXQHFDSLWDQXOVFRWDQGXQSDFKHWGLQEX]XQDU
%UDYRFDSLWDQH'DUGDWLGDXVWLFOHGHZKLVNH\WXFDWHEHL"
7UHLFDDPVLLRXQDODPLQH]LFHFDSLWDQXO
'D
XLWHFDDPDLFLQHYHVWHFXFDWHDLILLLQVWDUHVDIDFLGUDJRVWH"
'DUFDSLWDQXO]LFHWDFWLFRV
3DWUX
&XPFDSLWDQHFDVXQWQXPDLWUHL"
3DLQXWLDPVSXVFDPLHVWLVLPSDWLF

&LFDODFHQWUXOGHFRPDQGDDOXQXLWUDQVDWODQWLFvOFKHDPDFDSLWDQX
SHVHFXQGVLL]LFH
%DVHFXQGXOHWXYH]LFHLvQIDWDQRDVWUD"(XQLFHEHUJ(LELQHvQFXUkQGQHORYLPGHHOVLQHVFXIXQGDP$VDFDILWXEXQ
VLGXWHODSDVDJHULVLSUHJDWHVWHL
6HGXFHVHFXQGXvQVDODXQGHVHGLVWUDXSDVDJHULL
6WLPDWL SDVDJHULFDSLWDQXVLFX PLQHDP KRWDUkWVDIDFHP XQSDULXFDVD YDGLVWUDP'HFLHX]LF FDGDFD GDXFX SXODGH
PDVDDVWDVHFUDSDYDSRUXvQGRXD
7RWLSDVDJHULDXVDULWvQVXVVLDXIDFXWSDULXULOH
$FXPYHGHWLPDVDDVWD")LWLDWHQWL
6HGXFHVHFXQGXODRPDVDRLDvQPkQDVLGDFXHDGHPDVD
3DFEXPWURVFYDSRUXVHFUDSDVLVHVFXIXQGD3HVWHFkWHYDPRPHQWHvQEDUFDGHVODYDUHFDSLWDQXFXVHFXQGX
6DWUDLWLGRPQFDSLWDQHDPvQGHSOLQLWVDUFLQD,DPGLVWUDVSHSDVDJHUL
'DFHIDFXVLPDLVHFXQGXOHFDHXDPUHXVLWVDRFROHVFvQXOWLPX
PRPHQWLFHEHUJX
"

8Q WUDQVDWODQWLF QDYLJD SULQ PDULOH QRUGLFH /D XQ PRPHQW GDW FDSLWDQXO REVHUYD XQ LFHEHUJ LPHQV GUHSW LQ IDWD
YDSRUXOXL&ROL]LXQHDILLQGLPLQHQWDFDSLWDQXOvLRUGRQDVHFXQGXOXLVDLSUHJDWHDVFDSHSDVDJHULSHQWUXLPSDFW6HFXQGXOVH
JDQGHVWHFHHGHIDFXWVLLLYLQHRLGHHVDFRQYRDFHSDVDJHULLVLPHPEULLHFKLSDMXOXLvQVDORQXOQDYHL6HFXQGXOLDFXYkQWXO
%DSXQHPSDULXFDGDFDGDXFXSX DQPDVDVHVFXIXQGDYDSRUX
"
7RWL
'RP
OHDVDFHYDHLPSRVLELO)XJLPDGHDLFL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6HFXQGX
VFRDWHSX DVLODVXQHWXOGHSHULFRODOVLUHQHLORYHVWHFXHDQPDVDÌQ ILQH9DSRUXOVHVFXIXQGDFDQ
7LWDQLF

'XSDQDXIUDJLXFDSLWDQX
FXVHFXQGX
DJDWDWLGHXQEXWRL&DSLWDQXOvL]LFHVHFXQGXOXL
&HFKHVWLHvQXOWLPXOPRPHQWDPHYLWDWLFHEHUJXO

3HPDUHvQWLPSXOXQHLIXUWXQLFRPDQGDQWXOXQHLQDYHPLOLWDUHREVHUYDOXPLQDXQHLDOWHQDYHFHVHvQGUHSWDVSUHDOXL,D
SRUWDYRFHDVLVWULJD
+HLYRLYLUDWLFXJUDGHVSUHVXG
%DWXVDYLUH]LFXJUDGHVSUHQRUG
(XVXQWFRPDQGDQWGHQDYDVLvWLRUGRQVDYLUH]LFXJUDGHVSUHVXG
,DUHXVLQWFLYLOVLvWLVSXQFDWXRVDYLUH]LFXJUDGHVSUHQRUG
ÌQIXULDWGHWRWFDSLWDQXOJDVHVWHDUJXPHQWXOGHFLVLY
$FHDVWDHVWHRQDYDPLOLWDUD$VDFDYLUDWLFXJUDGHVSUHVXG
(XVSXQWRWXVLFDWXRVDYLUH]L$FHVWDHVWHXQIDU

&219(56$7,(5$',$/$,12&($1
$VWDHRWUDQVFULSWLHDXQHLFRQYRUELULUDGLDOHUHDOHLQWUHXQYDVGLQ
$UPDWD6WDWHORU8QLWHVLDXWRULWDWLOHFDQDGLHQHGHFRDVWDGLQ1HZIRXQGODQG
LQRFWRPEULH
$PHULFDQL9DUXJDPVFKLPEDWLGLUHFWLDYRDVWUDFXJUDGHODQRUGFX
PRWLYXOGHDHYLWDFLRFQLUHD
&DQDGLHQL5HFRPDQGDPFD'9VDVFKLPEDWLGLUHFWLD92$675$FXJUDGHOD
VXGFDVDHYLWDPFLRFQLUHD
$PHULFDQL$LFLFDSLWDQXOYDVXOXL$UPDWHL68$5HSHWVFKLPEDWLGLUHFWLD
&DQDGLHQL1XUHSHWDPYRLWUHEXLHVDVFKLPEDWLGLUHFWLD
$PHULFDQL$,&,6817(03257$9,218/$%5+$0/,1&2/1$/'2,/($9$6
,1
',0(16,81,$/)/27(,67$7(/2581,7($/($0(5,&,,,12&($18/
$7/$17,&1(
,1727(6&75(,',6758*$72$5(75(,&58&,6$725,6,180(52$6(9$6(
'(
635,-,1
&(5&$'96$9$6&+,0%$7,',5(&7,$&8*5$'(/$125'6$8920
/8$0$685,
3(1758$*$5$17$6(&85,7$7($$&(678,9$6
&DQDGLHQL6XQWHPXQIDU9RLKRWDULWL

([DPHQGHDEVROYLUHOD$FDGHPLDGH0DULQD
&HIDFLGDFDvQIDWDQDYHLYLQHXQXUDJDQVWUDVQLFFKLDUFkQGHVWLDSURDSHGHWDUP"
$UXQFLPHGLDWDQFRUDGRPQXOHFRPDQGDQW
6LGDFDYLQHXQDOWXUDJDQGLQVSDWH"
$UXQFGLQQRXDQFRUDGRPQXOH
6LGDFDYLQHDOWXOGHODWULERUG"
2UGRQDUXQFDUHDDQFRUHL
6LGHXQGHQDLEDDLDWvWHDDQFRUH"
'DUGYGHXQGHDWLIDFXWURVWGHDWvWHDXUDJDQH"

'HSHVFDUDXQXLYDSRUDELDDFRVWDWvQSRUWFRERDUDvQIXJDXQPDULQDUGH
PVLNJ,DXQWD[LVLLQWUDLQSULPXOERUGHO$MXQVLQFDPHUDFXR
SURIHVLRQLVWDDDPRUXOXLWDULIDWVHGHVFKHLHODSDQWDORQLLVLUXOHD]D
SUH]HUYDWLYXOSHVH[XOHUHFWGXSDFDUHLVLLQWURGXFHGRXDWDPSRDQHGHYDWD
LQQDV
%LQHELQHSUH]HUYDWLYXOLOLQWHOHJGDUFHURVWDXWDPSRDQHOHDVWHDGH
YDWDLQQDV"
6WLWLQXVXSRUWPLURVXOGHFDXFLXFDUV

%XODYUHDQHDSDUDWVDVHvQUROH]HvQPDULQD/DFRPLVLHFPDQGDQWXOvOvQWUHDED
%XODVWLLVDvQRWL"
/DFDUH%XOD
'DFHQXLHVWHYDSRU"

6H DGXQDR FRPLVLH LQWHUQDWLRQDOD VD VWDELOHDVFD SH FHL PDL WDUL PDULQDUL 9LQ WUHL HFKLSH FHD DPHULFDQD FX PDULQDUXO
-RKQFHDUXVDFX,YDQVLFHDURPkQDFX,RQ%XQ+DLVDYHGHPFHVWLXVDIDFD]LFHFRPLVLD3ULPLL
DPHULFDQLL6HIXOGHOHJDWLHLvLFRPDQGDOXL-RKQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
-RKQVDULvQDSDVLDGXXQUHFKLQ
6DUH-RKQvQDSDVHvQWRDUFHIDUDRPkQDGDUDGXFHUHFKLQXO
$DDDD$VWDHPL]LOLF]LFUXVLL,DILWLDWHQWLOD,YDQ
,YDQHVDULvQDSDVLDGXGRLUHFKLQL
6DUH,YDQVHvQWRDUFHIDUDRPkQDVLIDUDXQSLFLRUGDUDGXFHGRLUHFKLQL/DFDUHVHIXOGHOHJDWLHLURPkQH
/DQRLFKHVWLDDVWDFXSULQVUHFKLQLHWUHDEDGHPXLHUL
&XPGUDFX"vQWUHDEDFRPLVLD
3DLLDILWLDWHQWLDLFL]LFHVHIXOGHOHJDWLHLURPkQHVLVHvQWRDUFHVSUH,RQ]LFkQG
,RDQHVDULvQDSDVLDGXWUHLUHFKLQL
6HXLWD,RQODHOvOPDVRDUDGLQFDSSkQDvQSLFLRDUHGXSDFDUHVSXQH
6DVDUDPDWDED

6WHZDUGXOPHUJHODFDSLWDQ
&DSLWDQHDYHPXQSDVDJHURUEODERUG&HVDIDFHPFXHO"
$UXQFDWLOLPHGLDWSHVWHERUG
'XSDPLQXWHVWHZDUGXO
&DSLWDQH&HVDIDFHPFXFkLQHOH"

'XSDWUHL]LOHSHPDUHXQPDULQDUDOXQXLYDVGHSHVFXLWJDVHVWHvQFDODRWkQDUDFDUHVHDVFXQVHVHvQFDOD2VFRDWHGLQWUH
SDUkPHVLvL]LFH
6LDFXPFHVDIDFFXWLQH"
/DFDUHHDUk]kQG
6HYHGHFDQXHVWLGHSUHDPXOWWLPSPDULQDU6DX"

%DQFXULFXPLOLWLHQL

Ì6WLWLFDWHEDQFXULFXSROLWDLVXQWvQOXPHDDVWD"
51LFLXQXOWRDWHVXQWDGHYDUDWH

Ì'HFHHVWHQHYRLHGHFLQFLSROLWLVWLSHQWUXDVFKLPEDXQEHF"
58QXOVDWLQDEHFXOVLFHLODOWLSDWUXVDvQYkUWDPDVD

Ì'HFkWLSROLWDLHVWHQHYRLHSHQWUXDvQVXUXEDXQEHF
5'HXQXWLQHEHFXOLQGXOLHDVH]DWSHRPDVDSDWUXvQYkUWGHPDVDXQXOVHvQYkUWHvQVHQVLQYHUVFDVDQXDPHWHDVFD
FHLODOWLXQXOVWDGHVDVHODFXUHQW

Ì'HFkWLSROLWLVWLHVWHQHYRLHVDVHvQVXUXEH]HXQEHF"
5'HXQXOVLQJXU$FXPHVWHGHVWHSWVLVWLHFD3DPkQWXOVHvQYDUWHVLVWDFXEHFXOvQPkQD

Ì'HFHPHUJHDXPLOLWLHQLLFkWHWUHLSHVWUDGD"
53DLXQXOVWLDVDVFULHXQXOVWLDVDFLWHDVFDLDUDOWUHLOHDvLSD]HDSHFHLGRLLQWHOHFWXDOL

Ì&XPVWLHPLOLWLDQXOFDVLDSXVFKLORWLLFRUHFWVLQXLQYHUV"
56LPSOXFXJDOEHQXOvQDLQWHVLFXPDURXOvQDSRL

Ì'HFHSROLWDLLPHUJSHPLMORFXOVWUD]LL"
5VDQXVHUDVWRDUQHVWUDGDFXHL

Ì'HFHSROLWLVWLLDXGXQJDODWHUDODODSDQWDORQL"
5&DVDQXLLDSHGRV

Ì'HFHSROLWLVWLLDXGXQJDURVLHODSDQWDORQL"
5&DVDQXLLDSHGRV

Ì'HFHSROLWLVWLLDXGXQJDURVLHODSDQWDORQL"
5&DQXOHDPDLvQFDSXWvQEXOHWLQ

Ì'HFHSRDUWDSROLWLVWLLWUHVHGHPHWDO"
5&DVDDXGDFkQGSORXD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì'HFHSRDUWDSROLWLVWLLWUHVHGHPHWDOSHDPELLXPHUL"
5&DVDDXGDVWHUHR

Ì'HFHSRDUWDSROLWLVWLLPDQXVLSkQDODFRW"
5&DVDVWLHGHXQGHVDvQGRDLHPkQD

Ì'HFHSRDUWDSROLWLVWLLPDQXVL"
5&DVDQXOLVHYDGDMHJXOGHVXEXQJKLL

Ì'HFHDXSROLWLVWLLGHODFLUFXODWLHQDVWXULSHPDQXVL"
56DQXVHVWHDUJDFXHOHODQDV

Ì'HFHVXQWOXVWUXLWLQDVWXULL"
53HQWUXFDVHVWHUJ

Ì'HFHXQSROLWLVWDUHSHQRSWLHUDGRXDSDKDUHXQXOFXDSDVLXQXOJRO"
53DKDUXOFXDSDFLQGvLHVHWHVLFHODODOWFLQGQXvLHVHWH

Ì'HFHQXVHvPEROQDYHVFSROLWLVWLLGH6,'$"
5)LLQGFDQXLLXEHVWHQLPHQLVLQXVHLXEHVFQLFLLQWUHHL

Ì'HFHvQXOWLPDYUHPHSROLWDLLvVLOLQJFHDVXULOH"
5$XDIODWFD7,&7$&XOFRQWLQHFDORULL

Ì'HFHSROLWLVWLLQXVHVSDODSHGLQWL"
5&DOHLQWUDVDSXQvQWUHGLQWL

Ì'HFHQXVHVSDODSROLWLVWLLSHGLQWL"
53HQWUXFDQXOHvQFDSHVDSXQXOvQJXUD

Ì&XPSURFHGHD]DXQSROLWLVWSHQWUXDDIODGDFDPDLVXQWFKLEULWHvQWURFXWLH"
5'XFHFXWLDODXUHFKHVLFODWLQDFDSXO

Ì&XPVDSDXQSROLWLVWRIkQWkQD"
56DSDXQVDQWGHPHWULVLDSRLvOULGLFDvQSLFLRDUH

Ì'HFHXPEODSROLWLVWLLGRLFkWHGRL"
53HQWUXFDXQX
VWLHVDVFULHVLDOWX
VWLHVDFLWHDVFD

Ì'HFHPHUJSROLWLVWLLSHVWUDGDFkWHVLvQVRWLWLGHXQFkLQH"
5&DVDDLEDvPSUHXQDFODVHVLROLPEDVWUDLQD

Ì'HFkWLSROLWLVWLHQHYRLHVDDUHVWH]LXQQHJUXvQ%URRNO\Q"
5'HWUHLXQXOvOWLQHSHQHJUXXQXOvLSXQHFDWXVHOHVLDOWXOvLFDUDFDVHWRIRQXO

Ì'HFHvVLEDJDSROLWLVWLLFDSXOvQFORVHWvQDLQWHVDSOHFHODVHUYLFLX"
5&DVDVSXQDFDVLDXGDWFXDSDGHWRDOHWD

Ì'HFHHFUHLHUXOXQXLSROLWLVWHVWHYDUDPDUHFkWRQXFD"
53HQWUXFDYDUDHFDOGVLVHGLODWD

Ì&kQGDUHSROLWLVWXOFUHLHUXOFkWRQXFD"
5&kQGVHLQIODPHD]D

Ì&kWLSROLWLVWLVXQWQHFHVDULFDVDEDJHXQVWHFKHUvQSUL]D"
52VXWD
Ì'HFH"
58QXWLQHVWHFKHUXOVLvPSLQJSHUHWHOH

Ì'HFHVHvPEUDFDSROLWLVWXO"
5&DVDVLDFRSHUHQHVWLLQWD

Ì&XPVHSRDWHDOHJHXQPLOLWLDQSURVWGLQWURVXWD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5/DvQWkPSODUH

Ì&XPPHUJOXSLLSULQSDGXUH"
5ÌQKDLWDH[DFWFDSROLWLVWLL

Ì&XPUHFXQRVWLXQSROLWLVWSURVWvQWUHPDLPXOWLSROLWLVWL
5,PSRVLELO7RWLVXQWODIHO

Ì&XPIDFHXQSROLWDLQHFD]XQHLPXVWH"
52vQFKLGHvQWUXQERUFDQVLPDQkQFDFDFDWvQIDWDHL

Ì'HFHVXQWvQWURPLVLXQHvQWRWGHDXQDSROLWLVWL"
58QXOFRQGXFHVLFHODODOWVWULJDDOEDVWUXDOEDVWUX

Ì'HFHXQSROLWLVWFDUHWHRSUHVWHQXWLVHDGUHVHD]DSROLWLFRV"
5'DLD

Ì&HGLIHUHQWDHVWHvQWUHSROLWLHVLYkQW"
53ROLWLDEDWHPDLWDUH

Ì'HFHSROLWLVWLLDXVDODU"
5)LLQGFDSURVWLDVHSODWHVWH

Ì&XPGHVFKLGHXQSROLWLVWRFXWLHGHFRQVHUYH"
5'HVFKLGHWL3ROLWLD

Ì&XPGHVFKLGSROLWLVWLRFXWLHGHVDUGHOH"
56HDVHD]DvQMXUXOPHVHLVFRWSLVWRDOHOHVLVWLJD,HVLWLDIDUDVXQWHWLvQFHUFXLWL

Ì&H]LFHXQRPIDUDFUHLHU"
5$FWHOHODFRQWURO

Ì&XPVDXvQQHFDWSROLWLVWL"
58QX
 PHUJHDFXEDUFDLDFD]XW XQERORYDQÌQEDUFDLDVSDUWRVLHO VDDSXFDWVD PDLIDFDR JDXUD SULQFDUH VD FXUJD
DSD
$OGRLOHDPHUJHDFXEDUFDFXPRWRULVDVWULFDWPRWRUXOVLVDEDJDWVXEHDVDOUHSDUHQXDPDLLHVLW
$OWUHLOHDDIXPDWRWLJDUDVLGXSDDLDDDUXQFDWRLQODF'XSDFHDIDFXWFkWLYDSDVLVDDUXQFDWGXSDHDVDYDGDGDFDVD
VWLQV
&HLODOWLWUHLDXPXULWODUHFRQVWLWXLUH

9DULDQWD
Ì'HFHDPXULWSULPXOSROLWLVW"
50HUJHDFXEDUFDFXPRWRUVLDYHDRJDXUDSULQFDUHLQWUDDSD$PDLIDFXWXQVDDLEDSHXQGHVDLDVD

9DULDQWD
Ì'HFHDPXULWDOGRLOHDSROLWLVW"
50HUJHDFXEDUFDFXPRWRUVLLVDRSULWPRWRUXO6DGDWMRVVDRvPSLQJD

Ì'HFHDXSROLWLVWLLFDS"
5&DVDQXOHSORXDvQJkW

Ì&XPPXOJSROLWLVWLRYDFD"
5WLQILHFDUHGHFDWHXQVkQWLQILHFDUHGHFkWHXQSLFLRULDUXOWLPXOFRPDQGD6XVYDFD-RVYDFD

Ì&kWHFLUFXPYROXWLXQLDUHXQSROLWLVW""
58QDXUPDGHODFDVFKHWD

Ì'HFHFDUDSROLWLVWLLDSDvQSRUWEDJDM"
5&DVDQXOHPRDUDVLUHQD

Ì&XPDGXFLFUHLHUXOXQXLSROLWDLODGLPHQVLXQLOHXQHLQXFL"
5ÌOXPIOLFXSRPSD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&DUHHFHOPDLJUHXDQGLQYLDWDXQXLSROLWLVW"
5&ODVDvQWkL

Ì'HFHVWDXSROLWLVWLLvQLQWHUVHFWLHFXIDWDVSUHQRUG"
5&DVDOHFUHDVFDPXVFKLSHSLHSW

Ì'LQWUHGRLSROLWLVWLFDUHXULQHD]DFLQHHVWHFHOFDUHvVLSURLHFWHD]DMHWXOFHOPDLGHSDUWH"
5&HOFDUHVLGHVFKLGHVOLWXO

8QSROLWLVWEDWHODXVD
'OHXQQHFXQRVFXWYDIXUDWDXWRPRELOXO'DUILWLOLQLVWLWDPQRWDWQXPDUXO

Ì&DUHHGLIHUHQWDGLQWUHXQSROLWLVWVLRWDYDGHFDFDW"
57DYD

Ì'HFHVHEDWGRLSROLWLVWLFkQGVHXUFDSHRPRWRFLFOHWD"
5&DUHVDVWHDODJHDP

Ì&HIDFGHSROLWLVWLvQIDWDXQHLVFROLDMXWDWRDUH"
5$XvQWkOQLUHDGHDQLVDXVHGLQWDFXSDULQWLL

Ì3RWSROLWLVWLLVDvQRDWH"
5'DSHQWUXFDDXFDSXOJDXQRV

Ì6WLDWLGHFHQXPDQkQFDSROLWLVWLLPXUDWXUL"
53HQWUXFDQXOHvQFDSHFDSXOLQERUFDQ

Ì'HFHQXOHLQWUDFDSXOvQERUFDQ"
5'LQFDX]DFR]RURFXOXL

2IDWDHUDSHVWRSVLXQSROLWLVWvQFHUFDVDRGHDMRV

Ì&DUHDQLPDOHvVLSRDUWDRUJDQXOVH[XDOSHVSDWH"
5&DLLSROLWLHL

Ì&DUHHVWHFHOPDLVFXUWEDQFFXSROLWLVWL"
58QSROLWLVWPHUJHDSHVWUDGDVLVHJkQGHD

Ì'HFHVHUXSHREDQFDFkQGVHDVHD]DXQSROLWLVWSHHD"
5&LQHHPDLGHVWHSWFHGHD]DSULPXO

Ì&HHVWLDWXQFLFkQGXQPLOLWLDQvWLVSXQHFDHVWLXQSURVW"
52RJOLQGD

8QSROLWLVWVHEDUELHUHVWH6XQDWHOHIRQXO3ROLWLVWXOVHWDLHGHEXQDYRLH'HFH"
56DVWLHXQGHDUDPDV

Ì'HFHQXVHDGPLQLVWUHD]D9LDJUDSROLWLVWLORU"
53HQWUXFDOLVHXPIODFDSXO

8QSROLWLVWDOHUJDGXSDXQKRWVLODSULPXOFROWODvQWUHFXW

8QPLOLWLDQHUDDWkWGHSURVWvQFkWVLDXGDWVHDPDVLFROHJLLOXL

Ì'HFHQXPHUJSROLWLVWLLFXPDVLQDFkQGSORXDVDXQLQJH"
53HQWUXFDVHXLWDvQFRQWUDWLPSFXVWHUJDWRDUHOHVLDPHWHVF

Ì'HFHDXSROLWLVWLFKLSLX"
57RDWH:&XULOHDXFDSDF

Ì'HFHXQSROLWLVWvVLSXQHFRSLOXOSHGXODS"
5&kQGDFD]XWGLQSDWQXODDX]LW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HVWDSHRSODFDFRPHPRUDWLYDSHXQSHUHWHvQGUHSWXOXQHLJXULGHFDQDO"
5$LFLDFD]XWFDSLWDQXOGHSROLWLH9DVLOH

Ì&DUHHVWHGLIHUHQWDGLQWUHXQSROLWLVWVLXQSDKDUFXLDXUW"
56SUHGHRVHELUHGHSROLWLVWLDXUWXOGH]YROWDGXSDXQDQXPLWWLPSRDQXPLWDFXOWXUD

Ì'HFHvVLEDWSROLWLVWLLQHYHVWHOH"
56DQXVLSLDUGDDQWUHQDPHQWXO

Ì'HFHQXFXQRVFSROLWLVWLLOHJHDJUDYLWDWLHL"
53HQWUXFDQXHVWHvQ&RGXO3HQDO

Ì'XSDFHUHFXQRVWLXQSROLWLVWvQPDJD]LQXOGHSDQWRIL"
5(OHVLQJXUXOFDUHSUREHD]DFXWLLOH

Ì&HHODvQFHSXWDOEDVWUXVLDSRLURVX"
58QSROLWLVWvQJULQGLQD

Ì&HSUREHDUHXQWULDWORQGHSROLWLVWL"
5&LWLWVFULVVRFRWLW

Ì&HIDFHXQSROLWLVWFDUHDFkVWLJDWXQPLOLDUGODORWR"
5ÌVLFXPSDUDRLQWHUVHFWLHVLVHSULYDWL]HD]D

Ì&HUHHDVHPDQDUHGLQWUHXQSROLWLVWVLXQD]LODQW"
5$PELLvVLSULPHVFKDLQHOHSODWLWHGHVWDW

Ì&DUHHDVHPDQDUHDGLQWUHXQSROLWLVWVLXQWUHQ"
5$PELLDXGRXDFODVH

Ì'DUGLIHUHQWDGLQWUHXQSROLWLVWVLXQWUHQ"
53ROLWLVWXODUHFODVD,GHGRXDRUL

Ì'HFHVDXvPSXVFDWGRLPLOLWLHQLOD,QWHUFRQWLQHQWDO"
58QXOvQFHUFDVDLQWUHvQKRWHOLDUDOWXOVDLDVDSHQWUXFDSHXVDVFULD75$*(

Ì'HFHSRDUWDSROLWLVWLLFKHVWLLOHDOHDUHIOHFWRUL]DQWHSHHL"
51XPDLVWLXSRDWHDIODWLYRL

Ì&HvLVSXQHXQSROLWLVWXQXLSUH]HUYDWLY"
5$FRSHUDPDFDLQWUX

3H YUHPHD vPSXVFDWXOXL FkQG UHVWULFWLLOH WUDQVIRUPDVHUD EHQ]LQD vQWU

XQ EXQ GH VSHFXOD GRL PLOLWLHQL DX RSULW XQ
DXWRPRELOVLODXVRPDWSHVRIHU
3RUWEDJDMXODVWDHVXVSHFWVLYUHPVDLYHULILFDPFRQWLQXWXOGHVFKLGHO
6RIHUXODULGLFDWFDSRWDVLLQWU
DGHYDUDFRORVHDOLSHDXvQWU
RPD[LPDvQJKHVXLDODRJURD]DGHFDQLVWUHSOLQHLDUXQXOGLQWUH
PLOLWLHQLXPIODWGHDURJDQWD
ODLQWHURJDWSHFHOvQFXOSDGHVSUHFRQWLQXW
6RIHUXOvQVDLDUDVSXQVOLQLVWLW
7RDWHVXQWSOLQHGRDUFXDSDWRYXOH
+PP'XPQHDWDQHLHLGHSURVWL"ULSRVWDUDLQWULJDWLPLOLWLHQLL
3HFXYDQWFDHDVDFXPVSXQDDGDXJDWVRIHUXOVLGDFDGRULWLVDYDFRQYLQJHWLSRIWLPJXVWDWLGHXQGHYRLWL'Y
8QXOGLQWUHRDPHQLLRUGLQHLGHVWXSDLQJUDEDGRSXULOHFDWRUYDFDQLVWUHVDOHGHJXVWHFRQWLQXWXODSRLSOLQGHLQGLJQDUH]LVH
FDWUHVRIHU
$LLQQHEXQLWRPXOHFXPLWLSHUPLWLVDLURVHVWLEHQ]LQDFDVDFDULGRDUDSDDVWDFKLRDUDFDQGRSRWLJDVLRULXQGH"&HDL
]LFHGDFDQRLWHDPDPHQGDXQSLF"
3DLHXFUHGFDJUHVLWLVWLPDWHUDVSXQVHVRIHUXOQRVWUX
VWLWLODQRLLQFRPXQDH[LVWDXQYHFKLRELFHLVLHXQXIDFDOWFHYDGHFDWVDUHVSHFWGDWLQDVWUDEXQD
FkQGPRDUHFLQHYDGXSDFHWUXSXOGHIXQFWXOXLHVFDOGDWFXJULMDWLPSGHFDWHYDVDSWDPDQLXUPDVLLWUHEXLHVDLSOLPEHDSD

8QSROLWLVWvQWUHDEDUHFODPDQWD
$WLSXWHDVDPLGHVFULHWLSHUVRDQDFDUHYDYLRODW"
'DUGRPQXOHSROLWLVWGRDUQXYDLPDJLQDWLFDHXvQWRUFFDSXOSHQWUXRULFHQLPHQGUXP"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QSROLWLVWRSUHVWHRPDVLQD
$FWHOHODFRQWURO
3RIWLWL
5RVHQEHUJDL"
'D5RVHQEHUJ
(YUHXDL"
'DHYUHX
'RXD]HFLGHPLLDPHQGD
'HFHGRP
OH"
$LIDUXOVSDUWVLULVWLVDIDFLDFFLGHQW
%LQHSRIWLPEDQLL
,DPDLGDDFWHOHDOHD5RVHQEHUJDL"
'D5RVHQEHUJDPPDLVSXVRGDWD
(YUHXDL"
'DGRP
OHHYUHX
2VXWDGHPLLDPHQGD
'HFHGRP
OH"
$LFDXFLXFXULOHX]DWHQDXDGHUHQWDVLULVWLVDIDFLDFFLGHQW
%LQHSRIWLPEDQLL
,DPDLGDRGDWDDFWHOHDOHD5RVHQEHUJDL"
'D5RVHQEHUJDPPDLVSXVRGDWDVFULHVLDFRORQXVWLLVDFLWHVWL"
(YUHXDL"
'DGRP
OHHYUHX,DUvQFHSL"
&LQFLVXWHGHPLLDPHQGD
'HFHGRP
OHGHFH"6SXQHPLGRP
OHDLFHYDFXPLQH"$LFHYDFXQXPHOHPHX"$LFHYDvPSRWULYDIDSWXOXLFDVXQWHYUHX"
$GLFDYUHLVDPLVSXLWXPLHFD$LVHQEHUJDODFDUHDVFXIXQGDW7LWDQLFXOQXHUDHYUHX"

8QRDUHFHUHVHvQWDOQHVWHFXXQSULHWHQPLOLWDLFDUHWUDJHDGXSDHORVIRDUD
'HFHWUDJLGRPQXOHVIRDUDDLD"
6WLLDPLQFHUFDWVRvPSLQJVLQDPHUV

8QSROLWLVWPHUJHDSHVWUDGDVLGLQWURGDWDvLFDGHXQFXLvQRFKL6HXLWDVLYHGHSHXQX
OXFUkQGODXQEDOFRQ1HUYRVVH
GXFHODUHVSHFWLYXODFDVD
6XQWHWLDUHVWDW
9DLGDUFHDPIDFXW"
0LDWLVFRVXQRFKL
9DL9DURJVDPDVFX]DWL
2PXOvLGDOHLVLSROLWLVWXOSOHDFDEXFXURVDFDVD2GDWDDMXQVSXQHEDQLLSH PDVD VLvQFHSHVDVHJkQGHDVFDFH YD
IDFHFXHL
'LQWURGDWDOXPLQDWGHRUHYHODWLHvVLGDVHDPDVLLHVHGLQFDVDPRUPDLQGSWVLQH
PDGXFVDPLVFRWVLFHODODWRFKLVLPLFXPSDUXQ79FRORU

8QSROLWLVWDFDVDUHOD[DWVHXLWDODWHOHYL]RU2EDWDLHSXWHUQLFD
6DUHWUDJHVHUWDUXOSLVWROXOPLLQLOHvQGRLWHGLQFRWWLSWLOVHDSURSLHGHXVDOLSLWGHSHUHWH
3ROLWLVWEDUEDWHVF&LQHL"""
1HFXQRVFXWXOKRWDULW(X
3ROLWLVWXOWXPHILDWILRUPHWDIL]LF(8"""

ÌQWURLQWHUVHFWLHRSUHVWHXQFRQGXFDWRUDXWR1HVWLLQGFXPVDDMXQJDXQGHDYHDQHYRLHvQWUHDEDXQSROLWLVWvQPDLPXOWH
OLPELvQVDIDUDVXFFHV
9D]kQGFDQXVFRDWHQLPLFGHODSROLWLVWSOHDFDPDLGHSDUWH'XSDDLDYLQHREDEDODSROLWLVWVLvLVSXQH
8LWHPDLFDRPX
DODVWLDDWkWHDOLPELVWUDLQH
/DFDUHSROLWLVWXOvLUHSOLFD
6LODFHLDIRORVLW"

8QSROLWLVWFDUHQXVLIDFXVHSODQXOODDPHQ]LLHVHODOXDWFXMDSFD
'HRGDWDDSDUHEDGHD,RQvQFDUXWD
,RDQHWUDJHSHGUHDSWDFDDLvQFXUFDWR&RQGXFLVXELQIOXHQWDDOFRROXOXL
'D
GHXQGH
6XIODvQILRODDVWD
6XIOD,RQGDUGHJHDED3ROLWDLX
RIWLFDWvQFHSHVDLFDXWHQRGvQSDSXUD
'DvQVWLFODDLDGLQEX]XQDUFHDL"$OFRRO"7XLFD"1XLDVD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'D
GHXQGH(VWHODSWHGHFRFRV
3ROLWDLX
FHvVL]LFHŽGDFDHVWHWXLFDODPDUVGDFDQXPDFDUJXVWVLHXFDVDYDGFXPHVWHODSWHOHGHFRFRVŽ
'DvQFRDODYHULILFDUL
%DGHD,RQLRGDSROLWDLX
WUDJHXQJkWEXQVLFRQVWDWDFXVWXSRDUHFDQXHVWHDOFRRO
ÌLvQDSRLD]DVWLFODVLvLGDGUXPXOVDSOHFH/DFDUH%DGHD,RQVHVXLHvQFDUXWDGDELFHFDOXOXLVLVSXQH
'L&RFRVGLLL

&HWDEORXIUXPRVDLvQFDPHUDDVWD
ÌWLSODFH"&HYH]L"
1LVWHOXSL
ÌQF UVDPDSXSL
+DKDKDFHEDQFEXQQXPLLPSUXPXWLWDEORXOVDOGXFODFROHJLLGHODVHUYLFL"
+HLLDYHQLWLFHYHGHWLvQWDEORXODVWD"
1LVWHOXSL
3XSDWLPDQF U
+DKDFHJUR]DYEDQF'DPLWDEORXOVDODUDWVLOXVHIX

6HIXFHYH]LvQWDEORXODVWD"
1LVWHOXSL
,DPDLGXWHQSL DPDWLL

0LQLVWHUXOGH%XFXUHVWLDXKRWDUDWVDvLSXQDSHWRWLSROLWLVWLLVDYLQDODXQOLFHX VSHFLDOFDVDDLED VL HL PDFDU  FODVH

FkWHLQVLODXQORF
3HQWUXFDWRWXVLSRS DWLDDYHDQHYRLHGHSROLWLHVDKRWDUkWFDSROLWLVWLLVDIDFDXQFXUVLQWHQVLYGHQXPDLR]L
VLDSRLVDGHDXQWHVWVLVDSULPHDVFDRGLSORPDFDUHVDDWHVWHIDSWXOFDDXWHUPLQDWFODVH
/DRUDGHJHRPHWULHSURIX
LvQYDWDGHVSUHDULLDULDSDWUDWXOXLDULDWULXQJKLXOXLDULDFHUFXOXL
$GRXD]LODWHVW
%D
YRLDWLPHUVYUHRGDWDFXWUHQX
"
'DVDWUDLWL
6LQXLDVDFDvQWLPSXOPHUVXOXLDX]HDWLWLJDGDQJWDJDGDQJ"
%DGDVDWUDLWL
(KGDFDURWLOHWUHQXOXLVXQWURWXQGHDWXQFLFXPGHVDXGHDVD"VWDXSROLWDLLVHJkQGHVFVHJkQGHVFODXQPRPHQWGDW
VHULGLFDXQXO
'RP
SURIHVRUHXVWLXGHFHFKLDUGXPQHDYRDVWUDQHDWLVSXVLHUL
&HYDPVSXVPD
"
3DL GDFD DULD FHUFXOXL HVWH 3,  5 SDWUDW FkQG VH vQYkUWH URDWD SDWUDWXO DOD GH OD DULD URWLL VH ORYHVWH GH SDPkQW VL IDFH
WLJDGDQJWDJDGDQJ

ÌQXUPDXQXLDFFLGHQWVRVHVWHODIDWDORFXOXLXQHFKLSDMDOSROLWLHL8UPHD]DFRQVWDWDUHD
2PkQDSHVRVHD
8QSLFLRUSHJDUG
8QFDSSHWURWXDU
&HODODOW
1XHELQH
8QFDSSHWRQWXDU
&HODODOW
1XHELQH
$WXQFLFHOGLQWkLvLI WHXQVXWFDSXOXLVLVFULH
8QFDSSHVRVHD

'RLSROLWLVWLGLVFXWDSHVWUDGD
%DLWXVWLLGHFHHFXQRVFXW&ROXPE"
1XED
GHFH"
%DLILLQGFDDVWDWDWkWDWLPSVLQXODXGHSLVWDWDLDGHOD)%,FDDLQWUDWvQ$PHULFDIDUDYL]D

3ROLWLDHQJOH]DVH KRWDUDVWHVDWUHDFDGHODFLUFXODWLDDXWRSHVWkQJD OD FHD SH GUHDSWD&XP VD IDFD" QX DX NQRZ
KRZGHFLFDXWDVSULMLQSHODDOWLL
/DFLQHVDPHUJHP"+DLODSROLWLDIUDQFH]DFDVLDVDQHDPOHJDWFXHLSULQ&DQDOXO0kLQHFLL
)UDQFH]LL
'LQSDFDWHQXYDSXWHPDMXWDQRLOHVWLPSHWRDWHGDUSHDVWDQX
/DFLQHVDPDLPHUJHP"+DLODSROLWLDJHUPDQDFDHLVXQWPDULVXQWFHLPDLWDULvQWRDWH
1HPWLL
'DVXQWHPFHLPDLWDULVLPDLRUJDQL]DWLSXWHPIDFHRULFHFXPDUHH[DFWLWDWHGDUFKLDUODFKHVWLDDVWDQXDYHPH[SHULHQWD
/DFLQHVDPDLPHUJHP"+DLODSROLWDLLURPkQLFDHLVXQWPDULPHVWHULvQWUDQ]LWLH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5RPkQLL
'DVXQWHPFHLPDLH[SHULPHQWDWLvQWUDQ]LWLLFDGRDUGHDQLDVWDIDFHPGRDUWUDQ]LWLLVLDGDSWDULGHPRGHOH
&KLDUSHQWUXXQFD]FRPSOLFDWFDDOYRVWUXDYHPVROXWLDLPHGLDWD'DUFDRULFHVROXWLHYLDELODWUHEXLHIDFXWDWUHSWDWvQSDVL
PLFL
'HFLvQSULPDHWDSDYDSURSXQHPFDWLPSGHGRLDQLGRDUFDPLRDQHOHVDFLUFXOHSHGUHDSWD

8QSROLWLVWPHUJHDSHVWUDGDJDVHVWHXQFLREGHRJOLQGD6HXLWDvQRJOLQGDVHVFDUSLQDvQFDSVL]LFH
0DDDPDDDDDDFXDVWDPDvQVHDODQHYDVWDPHD0DGXFVDLDUDW
0HUJHODQHYDVWDVDVL]LFH
1HYDVWDLDXLWDWHvQSR]DDVWDFXDVWDPDvQVHOLWXSHPLQH"
1HYDVWDVDVHXLWDVL]LFHvQJkQG
0DDDPDDDDDDFXDVWDPDvQVHDODEDUEDWLPLX0DGXFVDLDUDWOX
PDLFDPHD
0HUJHODPDVDVL]LFH
,DXLWHWHvQSR]DDVWDFXFLQHPDvQVHDODSHPLQHEDUEDWLPLX
6HXLWDPDVDvQSR]DVL]LFH
&XKRDVFDDVWD+DLVDPHUJHPODVHIX
OXLVDLVSXQHP
0HUJODVHIXOOXLFRORQHOXO=JDPEDVLLVSXQFDSROLWLVWXOvVLvQVHDODQHYDVWDVLLDUDWDSR]D
$FHVWDVHXLWDFXPLUDUHVLH[FODPD
%DDDDDDDSDUFDOFXQRVFS
DVWD&UHGFDL+2026(;8$/

ÌQWURVWDWLHGHPHWURXRIHPHLHWvQDUDVWULJD
%UvQGXVDDOEDGHYvQ]DUH%UvQGXVDDOEDGHYvQ]DUH
8QSROLWLVWDIODWvQ]RQDVHDSURSLH
$LFLHVWHLQWHU]LVFRPHUWXODPEXODQW9DURJVDYDOHJLWLPDWL&XPYDQXPLWL"
$OED%UvQGXVD

3HSODLXULPLRULWLFHLQWUXQDQGDWGHGXPQH]HXPDLERJDWVHQDVWHXQFRSLOFDUHDYHDFDOLWDWLGHJHQLX$VWIHOFkQGVD
QDVFXWVSXQH
7XHVWLPDPDWXWDWDVLDVWDHQHDGRFWRUX

6LVHDSXFDVDIDFDQLVWHHFXDWLLGLIHUHQWLDOH3DULQWLLLL]LFGRFWRUXOXL
'RPQX
GRFWRUPDLWDLDWLLGLQFUHLHUFDHSUHDGHVWHSW
7DLHMXPDWHGLQFUHLHUVLFDQGLHVHDODGHODRSHUDWLH]LFH
7XHVWLPDPDWXHVWLWDWDVLWXHVWLGRFWRUXO
6LVHDSXFDVDUH]ROYHQLVWHHFXDWLLGHJUDGXO,3DULQWLLGLVSHUDWLVSXQ
'RPQXGRFWRUWRWHSUHDGHVWHSW0DLWDLDWLLGLQFUHLHU
,OEDJDGRFWRUXOLQRSHUDWLHVLLLVFRDWHWRWFUHLHUXO&DQGVHWUH]HVWHDVWDGLQDQHVWH]LH]LFH
1XWHFXQRVFQXWHFXQRVFQXWHFXQRVF$FWHOHODFRQWURO

9DULDQWD
/DXQLQVWLWXWDYHDORFXQH[DPHQSHQWUXVWDELOLUHDFRHILFLHQWXOXLGHLQWHOLJHQWDXQXLFRSLOPLQXQH&RPLVLDvLGDFDVXELHFW
R SUREHOPD IRDUWH JUHD GH IL]LFD &DQGLGDWXO UH]ROYD FX PDUH XVXULQWD SUREOHPD &RPLVLD KRWDUDVWH FD LQGLYL]LL DWkW GH
LQWHOLJHQWLVXQWSUHDSHULFXORVLDVD FDvL VFRW DVWXLD MXPDWDWHGH FUHLHU $UH ORF R QRXD H[DPLQDUH 5HVSHFWLYXOXL LVHGD R
SUREOHPDJUHDGHPDWHPDWLFD,QGLYLGXORUH]ROYDvQWUXQWLPSIRDUWHVFXUW&RPLVLDDMXQJHODFRQFOX]LDFDHVWHSHULFXORVvQ
FRQWLQXDUHVLKRWDUDVWHVDvLVFRDWDWRWFUHLHUXO=LVVLIDFXW'XSDRSHUDWLHODWUH]LUHPHGLFXOvOvQWUHDED
&XPWHVLPWL"
+DL$FWHOHODFRQWUROVDXYLLFXPLQHODVHFWLH

'RPQXOHGHFHFRVWDXQNLORJUDPGHFUHLHUGHVDYDQWOHLVLXQXOGHFUHLHUGHSROLWLVWOHL"
'XPQHDWDDLLGHHFkWLSROLWLVWLDWUHEXLWVDWDLHPFDVDVWUkQJHPXQNLORJUDPGHFUHLHU"

8QSROLWDLFXPSDUDFRQWLQXXELOHWHODILOPODDFHODVLVSHFWDFRO&DVLHUDvOvQWUHDEDPLUDWD
&HIDFL'RP
OH"'HFkWHRULFXPSHULELOHWHSWDFXPD"
'RDPQDHXQXIDFELVQLWDFXELOHWHGDUHXQWkPSLWvQDXQWUXFDUHPLOHUXSH

8QSROLWLVWVHEDUELHUHVWH6XQDWHOHIRQXO3ROLWLVWXOVHWDLH'HFH"
6DVWLHXQGHDUDPDV

/DXQH[DPHQGHLQWUDUHLQSROLWLHVDXSUH]HQWDWFRQFXUHQWLGRLGLQWUHHLILLQGSLOHOHFXLYDPDUHGLQSROLWLH
,QWUDSULPXOFRQFXUHQWSLODGRPQXOXLFRORQHO;VLH[DPLQDWRUXOvQWUHDED
'XSDFXPVWLWLvQDQXODDYXWORFRPDUHUDVFRDODWDUDQHDVFDODFDUHDXSDUWLFLSDWSHVWHGHWDUDQL
3XWHWLVDPLVSXQHWLvQFHDQDDYXWORFDFHDVWDUDVFRDOD"
&DQGLGDWXO
ÌQDQXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
([DPLQDWRUXO
3HUIHFWVXQWHWLDGPLV
,QWUDDOGRLOHDFRQFXUHQWSLODGRPQXOXLJHQHUDO<
([DPLQDWRUXO
'XSDFXPVWLWLvQDQXODDYXWORFRPDUHUDVFRDODWDUDQHDVFDODFDUHDXSDUWLFLSDWSHVWHGHWDUDQL
3XWHWLVDPLVSXQHWLFkWLWDUDQLDXSDUWLFLSDWODDFHDVWDUDVFRDOD"
&DQGLGDWXO
3HVWH
([DPLQDWRUXO
3HUIHFWVXQWHWLDGPLV
,QWUDDOWUHLOHDFRQFXUHQWIDUDQLFLRSLOD
([DPLQDWRUXO
'XSDFXPVWLWLvQDQXODDYXWORFRPDUHUDVFRDODWDUDQHDVFDODFDUHDXSDUWLFLSDWSHVWHGHWDUDQL
3XWHWLVDPLVFULHWLQXPHOHVLDGUHVDILHFDUXLD"

'RLSROLWLVWL
%D9DVLOHFHWUHPXULDVDEDFHDLSDWLW"
$PVWDWSXWLQvQIULJLGHU
'HFHED"
3DL6HIX
QXQHDWL]LVFDSROLWDLLWUHEHVDDLEDVkQJHUHFH"

'RLSROLWLVWLvQHOLFRSWHU
%D9DVLOHFHHDLDFDUHVHvQYDUWHDFRORVXV"
1XVWLX,RDQHPDJkQGHDPVLHXODDVWD
'XSDXQWLPS
9DVLOHPDPSULQVFHLDLD
&HHPD"
,QVWDODWLDGHDHUFRQGLWLRQDW
3DLFXPWLDLGDWVHDPD"
%DQXHPDLPXOWGHXQPLQXWGHFkQGVDRSULWVLXLWHFXPFXUJHVXGRDUHDSHSLORW

8QSROLWLVWUXUDOvVLSXQHFDVFKHWDDOEDVLLHVHODVRVHD2SUHVWHXQDXWRPRELOLVWFDUHGHSDVHDYL]LELOYLWH]DDGPLVD
$FHVWDVHMXVWLILFD
6WLWLHXVXQWPHGLFSULPDUVLPDJUDEHVFODRLQWHUYHQWLH
3HFLQHSDFDOHVWLGXPQHDWD"&UH]LFDQRLPDLVXQWHPPLOLWLHQLLGHDOWDGDWD"2ULHVWLPHGLFRULHVWLSULPDU

2JDJLFDPHUJHQRDSWHDSHRVWUDGDGHSHULIHULH/DXQPRPHQWGDWDSDUQLVWHWLJDQLFDUHRYLROHD]D6LFDVDQXSOHFH
FXPDQDJRDODvLLDXVLKDLQHOH
(DFHVDIDFDVHEDJDLQWUXQERVFKHWVLDVWHDSWD'XSDXQWLPSDSDUHXQSROLWLVW
*DJLFDLLSRYHVWHVWHFHVLFXPVLvOURDJDVDLGHDFHYDVDVHDFRSHUHFDVDSRDWDDMXQJHDFDVD3ROLWLVWXOvLGDVDSFD
(DFHVDIDFDLDVDSFDVLvQFHDUFDVDDFRSHUHFDWSRDWHvQ]RQDSXQFWXOXLGHLQWHUHV$SRLSOHDFD
3HVWUDGDVHvQWkOQHVWHFXGRLEHWLYL6HXLWDHLELQHODHD
%DVDVWLLFDDODHSROLWLVWXOSHFDUHODPEDJDWQRLLQS DPDVLL

2SODFDFRPHPRUDWLYDSHXQSHUHWHvQGUHSWXOXQHLJXULGHFDQDO
$LFLDFD]XWFDSLWDQXO9DVLOH

8QSROLWLVWPHUJHvPEUDFDWvQFLYLOODRVWkQD6WLLQGFkWHRLVXQWvQWXUPDvLVSXQHFLREDQXOXL
%DGHSXLSDULXSHRRDLHFDJKLFHVFFkWHRLDL"
&LREDQXODFFHSWDSROLWLVWXOJKLFHVWHÌVLDOHJHRRDLHVLGDVDSOHFH
&LREDQXO]LFH
2PXOHvPLGDLRDLDLQDSRLGDFDJKLFHVFFHPHVHULHDL"
3ROLWLVWXODFFHSWD&LREDQXOvL]LFH
(VWLSROLWLVW
'HXQGHVWLL"
3DLvQORFRDLHPLDLOXDWFkLQHOH

%XODODXQSROLWLVW
1HQHKDLVDWLVSXQXQEDQFFXSROLWLVWL
%DLWXHVWLWkPSLW(8VXQWSROLWLVW
6WDWLFDOPFDYLOH[SOLFSkQDvOvQWHOHJHWL

8QSROLWLVWvVLIDFHDURQGXOGHQRDSWH$XGHvQWURWXID


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

&HIDFLEDDLFL"
)ORWDUL
'DOHQFRDFHVLVWHUJHR

'LPLQHDWDGHYUHPHXQWLSvVLIDFHDH[HUFLWLLOHIL]LFHvQWUXQSDUFFDSLWROXOIORWDUL7UHFHXQSROLWLVWVLvQWUHDED
%DLFHIDFLWXDLFL"
)ORWDULVSXQHWLSXO
)ORWDUL"6HFRQILVFD

%XODSURDVSDWDEVROYHQWDOVFROLL GHSROLWLHVRVHVWHDFDVDQVDWvPEUDFDWvQXQLIRUPD3HSULVSDVHvQWkOQHVWHFXWDWDO
VDX
%XQD]LXDWDWDDPVRVLW
9DGILXOHDLGHYHQLWSROLWLVW"
'DWDWD
9DGFDDLEDVWRQGHFDXFLXFÌOSRWLIRORVL"
%LQHvQWHOHV
%XODVFRDWHEDVWRQXOORYHVWHvQPDVDLDUPDVDVHUXSHQGRXD
9DGFDOVWLLIRORVL'DUSLVWROXOVWLLVDOIRORVHVWL"
%LQHvQWHOHV3ULYHVWHFRFRVXOGHSHJDUG
%XODVFRDWHSLVWROXORFKHVWHWUDJHVLFRFRVXOFDGHPRUW
9DGFDVLS
DVWDOVWLLIRORVL'DUJUHQDGDVWLLVRIRORVHVWL"
%LQHvQWHOHV
%XODVFRDWHJUHQDGDvLVFRDWHFXLXOVLRDUXQFDVSUH:&XOGLQFXUWHvQORFXOFDUXLDUDPvQHXQPRUPDQGHPROR]
)LXOHYDGFDLGHYHQLWXQSROLWLVWSULFHSXWSDFDWFDPDLFDWDQXWHSRDWHYHGHD
'HFHXQGHLPDPD"
(UDvQ:&

6HFDXWDSROLWLVWLFXFXQRVWLQWHGHOLPELVWUDLQH([DPLQDWRUXOvQWUHDED
&DQGLGDWGR\RXVSHDNHQJOLVFK"
+DDDDDD"
5HVSLQVXUPDWRUXO
&DQGLGDWGR\RXVSHDNHQJOLVFK"
+DDDDDD"
5HVSLQVXUPDWRUXO
&DQGLGDWGR\RXVSHDNHQJOLVFK"
<HV,GR
([DPLQDWRUXO
+DDDDDD"

1LVWHPLOLWLHQLSDUGRQSROLWLVWLWHUPLQDQLVWHFXUVXUL/DSOHFDUHLQVWUXFWRUXOOH]LFH

%DLEDLHWLVDQXXLWDWLVDYDSXUWDWLFDQLVWHFkLQLDVKDFXPYDPvQYDWDWDLFL
6HGXFH*LNDDOQRVWUXDFDV
VXQDODXVDQHYDVWDEXFXURDVDFDDYHQLWvOLQWUHDEDFXPDIRVW$VWDvQFHSH
$XXXXXXXXXXXDXXXXXXXXXX
$SRLvOLQWUHDEDQHYDVWDFHVDvLSXQDGHPkQFDUH$VWDLDUDVL
$XXXXXXXXXXXXDXXXXXXXXX
6LXLWHDVDWRDWDVHDUDÌQQHEXQLWDDVWDGDXQWHOHIRQODQHYDVWDXQXLFROHJFXFDUHIXVHVHODFXUVXUL
$X]LGUDJD*LNDDVWDDOPHXVHFRPSRUWDFDPFLXGDWFDQGvOvQWUHEFHYDIDFHDXXXXXXXXDXXXXXXX
'UDJD]LFHFHDODOWDILLPXOWXPLWDFDDOPHDVDEDJDWVXEPDVDVLVHOLQJHODS D

6HFHUWDXGRLvQPLMORFXOGUXPXOXLvQMXUXOORUVDDGXQDWRPXOWLPHGHRDPHQL8QSROLWLVWFDUHVWDWHDPDLODPDUJLQH
&HUWDWLYDPDLWDUHFDDLFLQLPLFQXVHDXGH

6HGDRUDH[DFWDODUDGLRXOSROLWLHL'LVSHFHUDIDFHDQXQWXO
(VWHRUD3HQWUXGRPQLLSROLWDLOLPEDPLFDVHDIODvQGUHSWXOFLIUHLLDUOLPEDPDUHvQGUHSWXOFLIUH
'XSDRMXPDWDWHGHRUD
(VWHRUD3HQWUXGRPQLLSROLWDLOLPEDPDUHVHDIODvQGUHSWXOFLIUHL1XYDVSHULDWLOLPED PLFDQDGLVSDUXW6H
DIODGHGHVXSWXOFHOHLPDUL

8QSROLWDLVHDGUHVHD]DXQXLJDUGLDQ
$X]LPDLVWLLGHFHDWLIRVWLQYHQWDWLYRL"
*DUGLDQXOUDVSXQGH
1X


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3ROLWDLXO]LFH
6DILWLPDLSURVWLGHFDWQRL

'RLSROLWDLVLXQFkLQHIDFSDWUXOD8QXOGLQHLVHWRWXLWDSHVXEFkLQH
&HDLPDODFHWHWRWXLWL"
$X]LPDSXVWLLFHWUHFXUDSHOkQJDQRL"&LFD8LWHWUHFHXQFkLQHFXGRXDS H
"""

8QSROLWLVWRSUHVWHXQDXWRWXULVP9HULILFDWRDWHDFWHOHWRWXOvQUHJXODFkQGREVHUYDFDvQPDVLQDVHDIODSHUVRDQH
ÌPLSDUHUDXGDUFLUFXODWLQHUHJXODPHQWDUVSXQHSROLWLVWXOVXQWHWLSHUVvQPDVLQD
(LVL"
6XQWHWLSHUVRDQHvQPDVLQD
6LFHLUDXvQDVWD"
'RP
OHVXQWHWLSHUVRDQHvQ$XGL4XDWWURHFODUPDVLQDDUHGRDUORFXULvLVSXQHFODUQXPHOHTXDWWURvQVHDPQDSDWUX
(VWHTXDWWURGDUHVWHPDVLQDGHSHUVRDQH
1X
$VSXWHDVDYRUEHVFFXVHIXOWDX"
1XHVWHRFXSDWFXGRLWLSLvQWUXQ)LDW8QR

8QLQVWUHFHDSHOkQJDXQJDUGGHGXSDFDUHVHDX]HD
&XYHUGHOHvQVXVFXYHUGHOHLQVXV
&XULRVWUHFDWRUXOVHVXLHSHJDUGVDYDGDFHVHSHWUHFHDDFRORVLFHVDYH]LSROLWLVWLLSODQWDXEUD]L

0HUJHDXGRLSROLWDLSHVWUDGDVLODXQPRPHQWGDWYDGREDOHJDFDUHVHvQWLQGHDDGHPHQLWRUvQIDWDORU
9DL,RDQH$VWDLREDOHJD
1XXXXGDGHXQGH1XVHSRDWH
ÌWLVSXQHXFDLEDOHJD
1XLDGHYDUDW
6LSHQWUXDVHFRQYLQJHVHDSOHDFDVLvQPRDLHGHJHWXOvQEDOHJDPRDOHVLSUUURDVSDWD
$SRLDLQWURGXVIDUDQLFLRMHQDGHJHWXOvQJXUDVLDDILUPDWFXFRQYLQJHUH
'DPDLVDVWLLFDDLGUHSWDWH(VWHvQWUDGHYDUREDOHJD

8QSROLWLVWH[DPLQkQGXQJHDPVSDUW
(VWHJUDYHVWHVSDUWSHDPEHOHSDUWL

'RLSROLWLVWLSDWUXOHD]D/DXQPRPHQWGDWXQXOvL]LFHFHOXLODOW
,RDQHVWHUJHWHODJXUD
5DKDW
$VFX]HDPFUH]XWFDLFLRFRODWD

'LVGHGLPLQHDWDOD3ROLWLHVXQDWHOHIRQXO
$MXWRUWULPLWHWLGHXUJHQWDPDVLQDGHLQWHUYHQWLL3LVLFDDLQWUDWvQFDPHUD
2ILWHUXOGHVHUYLFLXVHHQHUYHD]D
&HLFXJOXPDDVWDSURDVWD"&LQHLODWHOHIRQ"
(XUDVSXQVHSDSDJDOXO

'RLSROLWLVWLPHUJSHVWUDGD'HRGDWDVHvPSLHGLFDGHXQFDSGHPRUWvOLDXQXOvQPvQDVHXLWDODHOVL]LFH
0DLDVWDLFDSX
OX
VHIX

&XPVDILHFDSX
OXVHIX
PDL"
'DFDWLVSXQ(FDSX
OX
VHIX

1XILLERXPDL6HIXHPDLvQDOW

8QSROLWLVWRSUHVWHRPDVLQDVHDSURSLHGHHDVLLVSXQHVRIHUXOXLVDVXIOHvQILROD
1XSRWIDFHDVWDGRPQXOHSROLWLVWDPDVWPDVLGDFDDVIDFHDVWDDVIDFHRFUL]D
$WXQFLSROLWLVWXOvLVSXQHFDWUHEXLHVDPHDUJDODVSLWDOVDGHDRSUREDGHVvQJH
1XSRWIDFHDVWDGRPQXOHSROLWLVWDPKHPRILOLHVLGDFDPDvQWHSVvQJHUH]SvQDPRU
3ROLWLVWXOQXFHGHD]DVLvOLQYLWDVDGHDRSUREDGHXULQD
1XSRWQLFLDVWDGRPQXOHSROLWLVWVvQWVLGLDEHWLFVLPLDUFUHVWHIRDUWHPXOW]DKDUXOGLQVkQJH
1XLQLPLFDWXQFLYDURJVDFRERUkLVLVDPHUJHWLSHOLQLDDVWDDOED
1XSRWIDFHQLFLDVWDGRPQXOHSROLWLVWUDVSXQGHVRIHUXO
'HFH"vQWUHDEDSROLWLVWXO
3HQWUXFDVvQWEHDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,DUQDGRLSROLWLVWLPHUJHDXFXYLWH]DSHDXWRVWUDGDFXXQ 7UDEDQW'HRGDWDVXQWGHSDVLWLGHRDOWDPDVLQD
6RIHUXODFHVWHLDVWULJDODFHLGRLSROLWLVWLDUDWkQGXOHVSUHVSDWHOHPDVLQLL
5RDWDEDL
/DFDUHSROLWLVWLGHVFKLGJHDPXOVLVWULJDVLHL
+DLKDL

3HQWUXULGLFDUHDQLYHOXOXLGH SUHJDWLUH DO 3ROLWLHL SROLWLVWLLIDF XQ FXUVGH HGXFDWLHVH[XDOD $FROR SH OkQJDOXDUHDGH
FRQWDFWFXPDWHULDOXOGLGDFWLFDIODVLFXPHVWHFXFRQFHSHUHDFRSLLORUFXVDUFLQDJUDYLGHORUFXQDVWHUHDFRSLLORU
3ROLWLVWXOXL $OH[DQGUHVFX L VH VSXVHVH FD VDUFLQD GXUHD]D  OXQL VL FD DSRL vQ OXQD D QRXD VH QDVF EHEHOXVLL $WXQFL FX
QHGXPHULUHDFDHOVDQDVFXWWRWXVLvQLXQLHLDUIUDWHVDXWRFPDLvQGHFHPEULHLHVHvQ PLVLXQHvQWURLQWHUVHFWLH2 PDVLQD
FLUFXODFXYLWH]DH[FHVLYGHPLFDvQFXUFkQGFLUFXODWLD$OH[DQGUHVFXIOXLHUDVLRSUHVWHPDVLQD
6DUX
PvQD$OH[DQGUHVFXDFWHOHODFRQWURO
6RIHULWDRGRDPQDJUDYLGDvLvQWLQGHDFWHOH
$YHWLPDVLQDGHIHFWD"'HFHPHUJHWLDVDvQFHW"
1XGRPQXOHPHUJVLPDLSUXGHQWQXYHGHWLVvQWvQOXQDDD
$OH[DQGUHVFXUDVSXQGHVLJXUGDUHQHUYDW
'RDPQDYDEDWHWLMRFGH3ROLWLD5RPkQD"&HFUHGHWLFDQXVWLX FDVvQWHP vQ PDLOXQDD D",D SODWLWLGXPQHDYRDVWUDR
DPHQGD

8QSROLWLVWHPDQFLSDWVWDDODWXULGHXQWLJDQSHPDUJLQHDGUXPXOXLvQDVWHSWDUHDDXWREX]XOXLVLLVSXQHDFHVWXLD
6WLLWXFXPDUDWDPQRLGRLDFXP"
1XGRP
FDSLWDQvLUDVSXQGHWLJDQXO
&DXQYXOWXUVLXQUDKDW
%LQHGRPQX
JHQHUDO$WXQFLHXWUHEXLHVDPLLDX]ERUXOFDPLDYHQLWDXWREX]XO

ÌQWURLQWHUVHFWLHGLPLQHDWDGHGLPLQHDWDXQSROLWLVWvORSUHDSHVRIHUXO%XODVLSHQWUXWRWIHOXOGHPRWLYHvODPHQGD
%XQDGLPLQHDWDVHUJHQW3RSHVFXGHODEULJDGDGHSROLWLHUXWLHUDDFWHOHODFRQWUROYDURJ
%XQDGLPLQHDWD3RIWLP
$YHWLQXPHUHOHPXUGDUH$PHQGD
%XODSODWHVWHVLvQDLQWHGHDSOHFDvLVSXQH
6DIDFLFDSXLX

=LXDXUPDWRDUHLDDPHQGDFDDUHXQEHFDUV%XODSODWHVWHVLODSOHFDUHVSXQH
6DIDFLFDSXLX

6LD]LDVDPvLQHDVDvQWURGLPLQHDWD
%XQDGLPLQHDWDVHUJHQW3RSHVFXGHODEULJDGDGHSROLWLHUXWLHUDDFWHOHODFRQWUROYDURJ
6WLXPDDPHQGDWLFDQXDPVDSFD
1XGRP
OHD]LQXWHPDLDPHQGH]GD
]LPLVLPLHFDUHHFKHVWLDFXSXLX

3DLSXLXOFUHVWHGHYLQHFRFRVVLRI WHSHPDVD

2UD  GLPLQHDWD 8Q HFKLSDM GH SROLWLH RSUHVWH XQ DXWRWXULVP SHQWUX XQ FRQWURO GH UXWLQD 3ROLWLVWXO VH GHSODVHD]D OD
PDVLQDRSULWD
%XQDGLPLQHDWDVHUJHQW3RSHVFXGHODEULJDGDGHSROLWLHUXWLHUDDFWHOHODFRQWUROYDURJ
"""""VRIHUXOQLPLF
3ROLWLVWXOFLRFDQHVWHvQJHDPVLUHSHWD
$FWHOHODFRQWUROYDURJ
"""""QLFLRUHDFWLHGLQSDUWHDVRIHUXOXL
3ROLWLVWXOGHVFKLGHSRUWLHUDPDVLQLLVLVRIHUXOFDGHSHDVIDOW&RQWUDULDWvQWUHDED
$WLFRQVXPDWEDXWXULDOFRROLFH"
1XXXXXXXGRP
VHI
$X]LEDSDLFHHXVvQWSURVW",DVXIODvQILROD
6XIODRPX
VLQLPLFILRODUDPvQHDOED3ROLWLVWX
vQJvQGXOOXLEDILUDUPDVDDGUDFX
LDUQHDXGDWDVWLDILROHH[SLUDWH
,DRDOWDILRODYHULILFDVDDLEDWHUPHQXOGHYDODELOLWDWHQHH[SLUDWVLvLVSXQHVRIHUXOXL
,DVXIODEDVLvQDVWD
6XIODDVWDVLWRWQLPLF
%DWXDLEDXW
1DPEDXWVHIX

/DVDFDWHWULPLWODLQVWLWXWXOGHPHGLFLQDOHJDODVDIDFLDQDOL]DVkQJHOXL
6RIHUXOVSDVLW
1XPDWULPLWHGRP
VHIFDPDQHQRURFHVWL(XVvQWVRIHUSURIHVLRQLVWVLGDFDvPLLDXDLDDEHFHGDUX
UDPDQIDUDSDLQH
$KDDDDDDDGHFLDLEDXW
1DPEDXWVHIX

'DFXPDLIDFXWED"
6HIX
vWLVSXQGDFDPDODVLVDSOHF


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%DJD
'LPLQHDWDPDVFROGHYUHPHLDXRMXPD
GHYRWFDIDFRFOLVPDFXHDRUJDQLVPX
VHVLPWHELQHJXUDQXPLURDVH
%DDDDDDDDDDDHXWHODVVDSOHFLGD
VDQXPDLVSXLODQLPHQLFDWHLDPDPDGUDFXOXL
'DFDDIODVHILLQRVWULGXSDDLDODFRQWUROQHREOLJDVDYDPLURVLPQXQXPDLJXUDFLVLFXUX


&RQFXUVGHSURPRYDUHODPLOLWLHQL
3ULQWUH SUREH XQD GH LQWHOLJHQWD FDP FD OD PDLPXWH R SODFD FX R JDXUD URWXQGD VL XQD WULXQJKLXODUD VL GRXD FHSXUL GH
IRUPHOH
FRUHVSXQ]DWRDUHFDUHWUHEXLDXLQWURGXVHvQJDXUL
5H]XOWDWGLQPLOLWLHQLVXQWLQWHOLJHQWLUHVWXOVXQWSXWHUQLFLVLIRDUWHSXWHUQLFL

([DPHQGHDYDQVDUHvQJUDGvQWURXQLWDWHGHSROLWLHXQGHHUDFRPLVDUVHI%XOD
5DVSXQGHVHUJHQW%ROERDF5
,DVSXQHFkWIDF;"
6DSWHVDWUDLWL
ÌOSLFDPvQWUHDEDH[DPLQDWRUXO"
1XUDVSXQGH%XODDIRVWFRRSHUDQW
8UPDWRUXOFDQGLGDWSULPHVWHDFHHDVLvQWUHEDUH5DVSXQV; 9HUGLFWXOSURPRYDWPRWLYDWLDvQWLPSXOH[DPLQDULLD
GRYHGLWUHFHSWLYLWDWH
/DDOWUHLOHDFDQGLGDW; (SURPRYDWSHQWUXIHUPLWDWHDSXQFWXOXLGHYHGHUH
$OSDWUXOHD; UDVSXQVSHFDUHVHIXOFRPLVLHLvOFRQVLGHUDWRWXVLDFFHSWDELO
ÌQVIkUVLWXQXOGLQWUHH[DPLQDWLUDVSXQGHFRUHFW)HULFLWH[DPLQDWRUXOH[FODP5
'RPQXOHFRORQHOLDWDXQXOFDUHVWLH
6XPEUXFXIUXQWHDQXPDLFXWH%8/$DSUREDPkUkLQG
'HVWLXWVWLHHO3UREOHPDHGHXQGHVWLH"

([DPHQGHSURPRYDUHvQJUDGODJDERULÌLEDJDSHERLvQWURVDODYLQHRILWHUXOVLOH]LFH
%DEDLHWLWUHEXULOHHVLPSOHD]LYDGDPFHYDXVRUÌQFKLGHJHDPXULOHWUDJHSHUGHOHOHDSULQGHOXPLQD
)LWLDWHQWLHXRVDVWLQJOXPLQDGXSDFDUHYRLWUHEXLHVDPL]LFHWLFHVDvQWkPSODWFXHDXQGHDGLVSDUXW
=LVVLIDFXWVWLQJHRILWHUXOOXPLQDFXPVHYDGJDERULLSHvQWXQHULFvQFHSVDXUOHWUHPXUDXGHIULFD
*UDGDWX
YHGHFDQXSRDWHVRVFRDWDODFDSDWFXHLVLOH]LFH
%DEDLHWLYDGDXSHUPLVLHGRXDVDSWDPkQLGDGXSDDVWDYHQLWLVLPL]LFHWLXQGHVDDVFXQVOXPLQD
2N3OHDFDERLLYLQGXSDGRXDVDSWDPkQLQHUDVLQHGRUPLWLQHHWFÌLLDDODODUkQG
%DFXWDUHXQGHHUDOXPLQD"
3DLVDYHGHWLFD
1LPLF1XLHLJUDGXO8UPDWRUXO
3DLVD
6LWRWDVDSkQDODXQXOFDUHDUDWDFHOPDLMDOQLF9LQHDVWDVL]LFH
'RP
FDSLWDQVDPRDUDPDPDDPJDVLWVROXWLD$PDIODWXQGHVDDVFXQVOXPLQD
3DLFXPDLDIODWED"
3DLILWLDWHQW&XPDPDMXQVDFDVDDPvQFKLVWRDWHJHDPXULOHDPWUDVUROHWHOHDPEDWXWVLSFLODJHDPXULODXVLFHPDLDP
L]RODWWRDWDFDVD
$SRLDPVWLQVOXPLQD6LGDLVLFDXWR
$PVPXOVWDSHWXODPVPXOVSDUFKHWXODPGDWMRVWHQFXLDODDPVSDUWPRELODDPDUVVDOWHOHOHGDSkQDODXUPDDPJDVLWR
QHQRURFLWDQDLELL
6LXQGHHUD"
ÌQIULJLGHU

&RQFXUVGHDYDQVDUHvQJUDGOD32/,7,(([DPHQGHOLPEDVLOLWHUDWXUDURPkQD,QWUDSULPXOFRQFXUHQWFSW
%XQD]LXD6DWUDLWL
&RPLVLD
1RURF9DURJVDDQDOL]DWLSURSR]LWLD9HQHDRPRDUDSH6LUHW
3DX]D
9DPXOWXPLP8UPDWRUX
VDPG
8OWLPXOFDQGLGDW
2QRUDWDFRPLVLHVXELHFWXOSURSR]LWLHLHVWH9(1($
6WXSRDUHvQVDODSDQLFDUXPRDUHGLVFXWLLIHPHLDOFRROLVWLHWF
&XPHSRVLELODVDFHYD"([SOLFDWLYDURJRSWLXQHDGYV
3DLXVRU$PSXVvQWUHEDUH5&LQHRPRDUDSH6,5(7"
5DVSXQV9(1($RPRDUDSH6,5(7

6H GD H[DPHQ SW QLVWH SRVWXUL OD SROLWLH FDQGLGDWLL HUDX vQWUR VDOD YLQH XQ WLS PDL JUDV VH RSUHVWH vQ IDWD SULPXOXL
FDQGLGDWVLOvQWUHDED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%DFkWIDF"
VDWUDLWL
*UHVLWDLSLFDW
$MXQJHODDOGRLOHD
&kWIDF"

18DLSLFDW
%OD%ODDMXQJHODXOWLPXOXQX
PLFSUDSDGLW
%DFkWIDF"

%UDYREDFXPWLDLGDWVHDPD"
$PVFD]XWGLQ

'RLSROLWLVWLVWDXGHYRUED
'RP
VHUJHQWQXFXPSDUDWLRMXPD
GHSRUF"
3HQWUXFH"6DVHUDVWRDUQHvQFRWHW"

&LFDXQSROLWLVWJDVHVWHSHMRVRELODÌLGDGUXPXOMRVVLHDVDUHGHGRXDRUL
0DVHJDQGHVWHHOGHFHVDUHELODDVWDGHGRXDRUL",DVDPDGXFODFDSLWDQ
6HGXFHODFDSLWDQVLvLFRPXQLFDIDSWXO6HJDQGHVWHFDSVHJDQGHVWHVLFXSULQVGHR
UHYHODWLHDLXUHDVDUHGHSHVFDXQVLVSXQH
3DLPRFRIDQHVDUHGHGRXDRULSHQWUXFDVHFKHDPDELODFDGDFDVHFKHPDWULODVDUHDGHWUHLRUL

8QSROLWDLVHXUFDvQDXWREX]VLWD[HD]DGRXDELOHWH8QFDODWRUFDUHvOYHGHFDHVWHVLQJXUvOvQWUHDED
'HFHDLWD[DWGRP
QHELOHWH"
3DLGDFDSLHUGXQXOvODPSHFHODODOW
6LGDFDOHSLH]LSHDPkQGRXD"
$PDERQDPHQW

8QSROLWDWLLQWUDvQWUROLEUDULH
'DWLPLYDURJXQSOLFURWXQGYUHDXVDWULPLWRFLUFXODUDSULQVHFWLHSHODQRL
9LQHVLVXSHULRUXOOXLVLOVFX]DIDWDGHYkQ]DWRDUH
'RDPQDVWLWLHVWHQRXODQRLvQVHFWLHQXSUHDVWLHHOFDUHLWUHDEDSHDLFL
'DUGDFDWRWDPLQWUDWvQOLEUDULHGDWLPLVLPLHXQJOREFXKDUWD5RPDQLHL

8QSROLWDLDOHUJDGXSDXQKRW+RWXOLQWUDvQSULPXOEORFLDOLIWXOVLXUFD
3ROLWLVWXOVHDVHD]DMRVvQIDWDOLIWXOXLVLvQFHSHVDSOkQJDÌOYHGHXQFRSLODVVLvOLQWUHDEDGHFHSOLQJH
3ROLWLVWXOvLUDVSXQGHFDXQKRWDLQWUDWDFRORVLQXSRDWHVDOVFRDWD
&RSLOXOvLVSXQH
&KHPDWLOLIWXO
3ROLWDLXO
/,)78/((((((
&RSLOXO
QXDVDFXGHJHWXO
3ROLWDLXOEDJDGHJHWXOvQJXUDVLVWULJD
/,)78/(((((

/DFDSDWXOXQXLVDWXQDQWLFDUVHvQWkOQHVWHFXGRLSROLWLVWL
6SXQHPLEDWUkQHvQWUHDEDXQXOGLQWUHHL&kWWLPSHVWHQHFHVDUSHQWUXFDFLQHYDVDGHYLQDXQEXQDQWLFDU"
%DWUkQXODQWLFDUVHJkQGHVWHGXSDFDUHUDVSXQGH
8QDQ
3ROLWLVWXOvQWUHDEDPDLGHSDUWH
6LGDFDQXvQYDWDvQWUXQDQ"
%DWUkQXOVHJDQGHVWHVLvLUDVSXQGH
$WXQFLvQFDXQDQ
3ROLWLVWXOQXHVWHVDWLVIDFXWQLFLGHDFHVWUDVSXQVVLvQWUHDED
'DUGDFDQLFLDFHVWLGRLDQLQXVXQWVXILFLHQWL"
%DWUkQXOUDVSXQGHGLQWURGDWD
$WXQFLSRDWHVDGHYLQDSROLWLVW

6HDUDWkU]LXXQSROLWLVWVHvQWDOQHVWHFXRIHWLWDSHVWUDGD6HJkQGHVWHFDVRILUDWDFLWDVDFDVHGXFHHDVLRvQWUHDED
&XPWHFKHDPDIHWLWR"
$QDPDULD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LFDUHWLHFHODODOWQXPH"
6L$QDVL0DULD
6LFXPvOFKHDPDSHWDWDOWDX"
3HWDWDOPHXvOFKHDPDWDWLFX

3ROLWLVWXOVHVFDUSLQDvQFDSVLRvQWUHDED
6LXQGHORFXLHVWL"
/DPDPLFD
6LXQGHVWDPDPLFDWD"
/DQRL
3HFHVWUDGDVWDWL"vQWUHDEDSROLWLVWXOSXWLQQHUYRV
'XPQHDYRDVWUDQXVWLWL"
1X
9HQLWLVDYDDUDW

/DRVHFWLHGHSROLWLHHVWHDGXVDRIHPHLHFDUHDWUHFXWSHURVX3ROLWLVWXOGHVHUYLFLvQFHSHLQWHURJDWRULXO
1XPHOH"
&DPHOLD'
9kUVWD"
GHDQL
2FXSDWLD"
ÌQYDWDWRDUH
3ROLWLVWXOVHULGLFDGHODPDVD]kPEHVWHIHULFLWVLvLVSXQH
0LQXQDW $P DVWHSWDW DFHDVWD RFD]LH R YLDWD vQWUHDJD $FXP YD DVH]DWL SH VFDXQXO DFHVWD VL VFULHWL GH  GH RUL FX R
FDOLJUDILHSHUIHFWD
'DFDVHPDIRUXOHVWHURVXWUHFHUHDHVWHLQWHU]LVD

8QSROLWLVWYLQHDFDVDVLLVWULJDQHYHVWHVL
'H]EUDFDWH
'DUQLFLQDLYHQLWELQHDFDVD
$P]LVVDWHGH]EUDFL
1HYDVWDVHGH]EUDFDLDUSROLWLVWXO]LFH
'XWHvQIDWDRJOLQ]LL
9UHLVRIDFHPvQIDWDRJOLQ]LL"
7DFLVLGXWHvQIDWDRJOLQ]LL
)HPHLDVHGXFHvQIDWDRJOLQ]LLLDUSROLWLVWXOvLVSXQH
6WDLvQFDSVLGHVIDWLSLFLRDUHOH
2RR2SR]LWLHQRXDQXLDVD"
7DFLRGDWDVLGHVIDWLSLFLRDUHOH
1HYDVWDVDvVLGHVIDFHSLFLRDUHOHSROLWLVWXOvVLSXQHFDSXOvQWUHSLFLRDUHOHHLVLVHSRWULYHVWHFkWHYDPLQXWHvQRJOLQGDGXSD
FDUH]LFH
$YHDGUHSWDWHFROHJXO&KLDUvPLVWDELQHFXEDUED

9LQHXQPLOLWLDQDFDVDODQHYDVWDVDFXRPRDFDDPDUkWDVLIDUDVDVDOXWHGLVSDUHGLUHFWvQEDLH
'XSD MXPDWDWHGH RUDVH GXFHQHYDVWDVD VD YDGD FH VDvQWkPSODW FD VH FDP DX]HDX QLVWH LFQHOL FLXGDWH GLQ EDLH VL FkQG
GHVFKLGHWLSDXVD
VDIDFDLQIDUFWQXDOWDPLOLWLDQXOVWDWHDvQFXUXOJROFXXQSLFLRUSHFKLXYHWDVLXQXOSHFDGDvQFHUFkQGVDvVLEDJHRIUDQ]HOD
vQFXU
&HIDFLGUDJD"""$LvQQHEXQLW"
/DVDPDGUDJDLQSDFHFDDPIRVWODGHQWLVWPLDIDFXWROXFUDUHVLD]LVVDPDQkQFYUHRGRXDRUHSHSDUWHDDLODOWD

3HXQGUXPGHWDUDVHUDVWRDUQDXQWUDFWRU1XVXQWYLFWLPH
3ROLWLDDSDUHUHSHGHODIDWDORFXOXLVLIDFHXQSURFHVYHUEDOvQFDUHVHFRQVHPQHD]DIDSWXOFDVDUDVWXUQDWXQWUDFWRU
6HQRWHD]DQXPDUXOWUDFWRUXOXLQXPHOHWUDFWRULVWXOXLGXSDFDUHvQSURFHVXOYHUEDODSDUHXUPDWRDUHDSURSR]LWLH
7UDFWRUXODIRVWVFRVGLQVDQWFXERLLGHSROLWLVWL

ÌQRUDVHOWRDWDOXPHDFUHGHDFDPLOLWLHQLLVXQWQHFXOWLYDWLQHFLWLWLVLFDPUHGXVL
6HIXORUVHGHFLGHVDVFKLPEHDFHDVWDSDUHUHJHQHUDODVLOHFXPSDUDODWRWLELOHWHODRSHUHWD
FDVDLYDGDVLSHHLOXPHDFDVHFXOWLYD$GRXD]LODVHFWLHvQWLPSXOUDSRUWXOXLVHIX
vQWUHDED
'HFLDWLIRVWDVHDUDODRSHUHWD"
7RWLUDVSXQG'DWRYDUDVX
FRORQHODPIRVWVDWUDLWL
6HIX
6LGHFLYDXYD]XWRDPHQLLPSRUWDQWLGLQRUDVXOQRVWUX"
7DEODJLL
'DVDWUDLWL
6HIX
'DYRXDPDERLORUYDSODFXW"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7DEODJLL
'DVDWUDLWLQXPD
FDDIRVWRPLFDSUREOHPD
6HIX
&HSUREOHPD"
7DEODJLL
3DLVDYHGHWLWRYDUDVXFRORQHOQXPDLQRLDPGDQVDWŽ

ÌQXQPLOLWLDQvORSUHVWHSHXQGRPQFXPDVLQDODGRXDQRDSWHDvQ%XFXUHVWL
'HXQGHYLLWRYDUDVHODRUDDVWD"
'HODVHGLQWDGHSDUWLG
+DLVDILPVHULRVLVLHXVXQWPHPEUXGHSDUWLGGDUQDPSRPHQLWVHGLQWDODRUDDVWD
'HVWLXVLHXSDUWLGXOGXPLWDOHRILODSXWHUH

$VGRULRFDUWHVHULRDVDGDFDVHSRDWHLVWRULFDVHDGUHVHD]DSROLWLVWXOOLEUDUHVHL
3RWVDYDRIHUXQD8OWLPHOH]LOHDOH3RPSHLXOXL
6LGHFHDPXULWDVWD"
'HRHUXSWLH

8QEDLDWPHUJHDSHVWUDGDVLJDVHVWHXQEDVWRQGHSROLWLVWPDLvQFRORYHGHXQSROLWDLVLVHGXFHVLvOvQWUHDED
1HQHDSROLWLVWDPJDVLWXQEDVWRQ(DOGXPQHDYRDVWUD"
1XvQQLFLXQFD]SHDOPHXODPSLHUGXW

'RLSROLWLVWLPHUJHDXSHVWUDGD8QXOGLQWUHHLGDFXSLFLRUXOvQWURPRQHGDGHRVXWDGHOHLVLWUHFHPDLGHSDUWH
&HODODOW
&HIDFLPDL"1XULGLFLPRQHGD"
3ULPXO
3DLFHSRWLVDPDLIDFLFXRVXWDGHOHL"
&XPFHSRWLVDGDLXQWHOHIRQ
'DDDD"VLVHDSOHDFDULGLFDPRQHGDRGXFHODXUHFKHVL
$OR$ORRHFLQHYDDFROR"

6HIXOSROLWLHLvOFKHDPDSHDJHQWXOFDUHDYHDVDUFLQDVDXUPDUHDVFDXQLQIUDFWRUFXQRVFXWEDQXLWGHFULPDVLSHFDUHOD
SLHUGXW
&XPWLDVFDSDW"
$LQWUDWODFLQHPD
6LGHFHQXDLLQWUDWGXSDHO"
(XYD]XVHPILOPXODFHODGHPDLPXOWHRUL

'RLSROLWLVWLHUDXODSHVFXLWXQXOGHRSDUWHDODFXOXLVLFHODODOWSHSDUWHDFHDODOWD
8QXOSULQGHDSHVWHODPRGXOVHULRVFHODODWQXVHJkQGHVWHVL]LFH
%DYLQVLHXSHSDUWHDFHDODOWD
7kPSLWXOHQXYH]LFDHVWLSHSDUWHDFHDODOWD"

6DOXDWKRWDUvUHDFDODILHFDUHVWDWLHGHEHQ]LQDVDH[LVWHXQSVLKLDWUXVLXQSROLWLVW
3ULPXOFDVDYHULILFHVDQDWDWHDPLQWDODDFHORUFDUHFXPSDUDSURGXVHSHWUROLHUH
LDUFHOGHDOGRLOHDSHQWUXDLOXDvQSULPLUHSHFHLGHFODUDWLVDQDWRVLGHFDWUHSULPXOVLDLvQWUHEDGHXQGHDXDYXWEDQLL

3ROLWLVWXOYLQHDFDVD1HYDVWDVDLVSXQH
)LXOQRVWUXWUHEXLHVDPHDUJDODVFRDODDMXWDWRDUH
7LDPVSXVHXFDHFDSDELO

'RLEHWLYLVHFHUWDX
&HIDLQDOXQDSHFHUDVWD]L
'XWHGUDFX
FDLVRDUH
%DLOXQDFHIDLQVWUDOXFHVWH
&DVDWHFRQYLQJKDLVDLvQWUHEDPSHSROLWLVWLLDLD
1XYDVXSDUDWLFHLDLDGHSHFHUOXQDVDXVRDUH"
/DFDUHSROLWLVWL
1XVWLPQXVXQWHPGLQRUDV

3HRVWUDGDXQFLYLOvQDOWYHGHSHMRVRFDVFKHWDGHSROLWLVW3HFHDODOWDSDUWHDGUXPXOXLYHGHXQSROLWLVWFXFDSXOJROVLO
LQWUHDED
'RPQXOHRILWHUYDWLSLHUGXWFDVFKHWD
$WXQFLSROLWLVWXOVHDSURSLHGHFLYLOVHXLWDODFDVFKHWDVLVSXQH
$VWDQXLDPHD1XVXQWDVDGHvQDOW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8Q SROLWLVW LVL IDFHD URQGXO /D XQ PRPHQW LQWUXQ UHVWDXUDQW GH OX[ GDW YHGH OD R PDVD XQ ELVQLWDU DELD LHVLW GLQ
SXVFDULH
SHFDUHvOVWLDGHFDOEUHD]VLVHGXFHVDvOLDODLQWUHEDUL%LVQLWDUXOvLVSXQH
'RP
PLOLSROLWLVWJDWDQXPDLDYHWLSUREOHPHFXPLQHPDPIDFXWRPFLQVWLW
2PFLQVWLW"6LFXFHWHRFXSL"
3DLFDVWLJEDQLGLQSDULXUL
&XPGLQSDULXULvQWUHDEDSROLWLVWXO
3DLXLWH(XIDFSDULXFXWLQHSHFDRXDOHPHOHVXQWSDWUDWH
3ROLWLVWXOVHJkQGHVWHSXWLQVLDFFHSWD6LFDVDYDGDFLQHFkVWLJDSDULXOEDJDPkQDvQFKLORWLLELVQLWDUXOXLFDVDYDGDGDFDDUH
RXDSDWUDWH
6LHYLGHQWRXDOHELVQLWDUXOXLHUDXQRUPDOH
$PFDVWLJDW]LVHSROLWLVWXO
%LQHIDFHELVQLWDUXOSRIWLP
%LQHIDPDDFXPDVLSHPLQHVDvQWHOHJ&XPWUDLHVWLWXGLQSDULXULGLQDVWHD8LWHDLSLHUGXW
2YH]LSHGRDPQDDFHHDGLQFROWXOVDOLLFDUH]kPEHVWHvQWUHDEDELVQLWDUXO
'DIDFHSROLWLVWXO
(FXHDDPIDFXWSDULXSHFDRVDYLLWXVDPDSLSDLODFRDLH

'RLSROLWLVWLJDVHVFvQIDWDJLPQD]LXOXLXQFDGDYUX8QXOGLQWUHHLvQWUHDED
6WLLWXFXPYDFXPVHVFULHFRUHFWJLPQD]LX"
1X'DUKDLVDOWkUkPSkQDvQIDWDSRVWHL

8QSROLWLVWHVWHODSHVFXLW3HVFXLHVWHYHVWLWXOSHVWLVRUGHDXUGDUILLQGSUHDPLFvODUXQFDvQDSRLvQDSD
/DFDUHSHVWLVRUXO
0LDLVDOYDWYLDWDSRWLVDWLGRUHVWLWUHLOXFUXULGHODPLQH
3ROLWLVWXOFXJHWDFHFXJHWDVL]LFH
%XOHWLQXOSHUPLVXOVLWDORQXO

'RLFRSLLVSXQEDQFXULGHVSUHSROLWLVWLQHREVHUYkQGFDvQVSDWHOHORUVHDIODGHMDXQXO
6WLLFDUHHVWHGLIHUHQWDGLQWUHXQSROLWLVWVLXQPDJDU"vQWUHDEDXQXO
&DUH HVWH"  vQWUHDED LURQLF SROLWLVWXO SULQ]LQGXLGH XUHFKLSH FHL GRL3DQLFDPDUH vQ FHL GRL FRSLL XUOHWH FKHVWLL GXSD
FDUH
1LFLXQDGRPQXOHSROLWLVWVWULJDXQXOVSHULDW
$OWDGDWDDYHWLJULMDFHVSXQHWLVSXQHSROLWLVWXOVLSOHDFDOLQLVWLWPDLGHSDUWH

%DLDWXOFDSLWDQXOXLGHVHFWRUPHUJHDSHVWUDGD9HGHXQSROLWLVWvQPLMORFXOGUXPXOXLFDUHGLULMDFLUFXODWLD
6HvQGUHDSWDVSUHHOVLvOvQWUHDEDSROLWLFRV
1XYDVXSDUDWLFkWHFHDVXO"
$DDIDUD
3XVWLXOVWULJDvQWLPSFHIXJHD
/DVDPDSXSLFHQ]XUDW
1HUYRVSROLWLVWXOIXJHGXSDFRSLOFDUHLQWUDvQVHGLXVLGLVSDUHvQWUXQELURX'HVFKLGHXVDVLvOvQWUHDEDSHFHOGHODELURX
1DWLYD]XWXQFRSLOIXJLQGSHDLFL"
'HFH"
0LDVSXVVDOSXSXQGHYDODIL[
&HOGHODELURXVHXLWDODFHDVVLvL]LFH
(IDUDDVDFDDLWLPSGHVWXO

3ROLWLVWXOVHvQWkOQHVWHFX]kQDEXQDFDUHvLVSXQH
ÌWLYRLvPSOLQLGRXDGRULQWH
$VGRULRKDOEDGHEHUHGLQFDUHEHUHDVDQXVHWHUPLQHQLFLRGDWD]LVHSROLWLVWXO
3ROLWLVWXOSULPHVWHKDOEDVLGXSDFHREHDYHGHFDQXVHPDLWHUPLQD%XFXURVvVLVSXQHDGRXDGRULQWD
$VPDLGRULVDPLGDLvQFDRKDOEDFDDVWD

8QSROLWDLvQDOWFDEUDGX
FXPXVWDFLRDUDYRUEHVWHFXXQSXVWL
0DLWkQFXOHvWLSODFHPXVWDWDPHD"
'DQHQH
0DLWkQFXOHGD
WLHvWLSODFHFDVFKHWDPHD"
'DQHQH
3DLYDGFDWLHWLDUSODFHVDILLSROLWDLQXLDVD"
'DQHQHGDUHSUHDWLU]LX
&XPDVDPDLDLDWLWDWLPS
1XQHQHHSUHDWLU]LXDPWUHFXWGHMDFODVDDFLQFHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

0DLGHPXOWXQLIRUPHOHSROLWLVWLORUHUDXGHFXORDUHSRUWRFDOLHVLDOED
3RUWRFDOLHSHQWUXFHLPDLvQDOWLvQJUDGVLDOEDSHQWUXFHLPDLPLFLvQJUDG
6LGHDWXQFLSHQWUXILHFDUHSURVWLHVSXVDSROLWLVWLLDXSULPLWFkWHREXOLQDDOEDVWUD

8QFRSLOVHMXFDvQQLVLS9LQHXQPLOLWLDQVLOvQWUHDED
&HIDFL"
8QPLOLWLDQ
6LGLQFHOIDFL"
'LQDSDQLVLSVLFDFDW
0LOLWLDQXOVHVXSDUDVLOXUPDUHVWHSHFRSLOGDUQXOSULQGH$GRXD]LODIHO
&HIDFL"
8QPLOLWLDQ
6LGLQFHOIDFL"
'LQDSDQLVLSVLFDFDW
,DUVHDOHDUJDLDUVFDSDFRSLOXO$WUHLD]LDFHODVLVFHQDULX
&HIDFL"
8QSRPSLHU
6LGLQFHOIDFL"
'LQDSDVLQLVLS
6LFDFDWQXPDLSXL"
1XFDDWXQFLLHVHXQPLOLWLDQ

8QXOvQWkOQHVWHXQSROLWLVWFDUHSDWUXODVLvOvQWUHDED
'RPQXOHSROLWLVWHVWHSHUPLVFDXQXLRPGHRUGLQHVDLVSXL%28/("
ÌQQLFLXQFD]VSXQHUDVSLFDWSROLWLVWXO
'DUVDVSXLXQXLERX20'(25',1("
$VWDGD
%LQHDWXQFLODUHYHGHUHGRPQXOHDSDUDWRUDORUGLQLLSXEOLFH

6H IDFH XQ FRQWURO UXWLHU8Q SROLWLVW vQFHSDWRU RSUHVWH R PDVLQD VL GXSD FH FRQWUROHD]D DFWHOH VRIHUXOXL QHJDVLQG DOW
PRWLYSHQWUXDVLDUDWD]HOXOVSXQH
6HPQDOL]DUHDGUHDSWDVSDWHQXYDIXQFWLRQHD]D&HVDvQWkPSODWFXHD"
'LQPDVLQDVHFRERDUDDVWDYL]LELOHQHUYDWVLSULYHVWHXLPLWVSDWHOHPDVLQLL
9HGHWL9DPDLvQWUHERGDWDFHVDvQWkPSODWFXVHPQDOL]DUHD"
/DGUDFXFXVHPQDOL]DUHDWD6LHXPDvQWUHEFHVDvQWkPSODWFXUHPRUFD

8QSROLWLVWFkVWLJDODXQFRQFXUVGHWLUSUHPLXOvQWkLVLYLQHIRDUWHPkQGUXODQHYDVWDVD
'UDJDPHDDPFkVWLJDWRYD]D
1HYDVWDVDVHXLWDODRELHFWVL]LFH
,DUWHDXIUDLHULWDLD1XYH]LFDQXDUHQLFLRGHVFKL]DWXUDYD]DDVWD
6LSROLWLVWXO
ÌQWUDGHYDUFKLDUVLIXQGXOHLOLSVHVWH

3ROLWLVWXOGHODFLUFXODWLHFDWUHVRIHUXOEHDW
ÌQVWDUHDGXPQHDYRDVWUDFHOPDLELQHDUILVDOXDWLPkLQLOHGHSHYRODQ
&HGXSDFHFDDPEDXWDWkWVDPDLFRQGXFVLIDUDPkLQL"

/DFHQWUDODSROLWLHLVHSULPHVWHRUHFODPDWLHWHOHIRQLFD
$MXWDWLPDPLDXIXUDWGLQPDVLQDYRODQXOIUkQDGHPkQDVLSHGDOHOH
3HVWHFkWHYDPLQXWHPDVLQDGHVHUYLFLUDSRUWHD]D
6DUH]ROYDWWLSXODSXWXWVDFRQGXFDGLQQRXPDVLQD$IRVWGRDUDWkWGHEHDWFDVDDVH]DWSHEDQFKHWDGLQVSDWH

8QFDPLRQDJLXvQWUHDEDXQSROLWLVW
([LVWDFXPYDSLQJLQLGHFPvQDOWLPH"
1DPPDLDX]LW
+RSODÌQVHDPQDFDDPFDOFDWFXFDPLRQXORFDOXJDULWD

2IHPHLHVHSOkQJHXQXLSROLWLVW
'RPQXOHSROLWLVWWLSXODFHODPDXUPDUHVWH&UHGFDHEHDW
3ROLWLVWXORPDVRDUDGHVXVSkQDMRVVLVSXQH
$YHWLGUHSWDWH&XVLJXUDQWDHVWHEHDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8QSROLWLVWIDFDQGXVLURQGXOGHQRDSWHVHSRPHQHVWHFXXQLQGLYLGvQFDSFDUHDVDULWGHODHWDMXOXQXLEORF
&HIDFLRPXOHGHFHVDULGHODHWDM"
,QGLYLGXO
'RP
SROLWLVWHXVXQWSDUDVXWLVW
6LXQGHWLHSDUDVXWD"
(VXVREDWHEDUEDVX

3ROLWLVWXO
$LFLHVWHLQWHU]LVDEDLD
'DUHXQXPDVFDOGHXPDvQHF
1RURFXOGXPQHDYRDVWUD

8Q PLOLWLDQ VWDWHD vQWUR LQWHUVHFWLH PDUH SH EXOHYDUGXO 0DJKHUX VL FRQGXFH FLUFXODWLD JHVWLFXOvQG VL IOXLHUvQG IRDUWH
HOHJDQW
/DXQPRPHQWGDWDSDUHPDVLQDPLOLWLHLFXJLURIDUXULOHvQIXQFWLXQHVLRSUHVWHvQIDWDDUWLVWXOXLGHPLOLWLDQ
6DWUDLWLWRYFRORQHOVLQWVHUJHQW;ODSRVWXOHVWHLQWUHUXSWGH
0DGRELWRFXOHPDUVDFDVDVLVKLPEDWHWHYHGHROXPHvQWUHDJDDLFLvQPLMORFXOFDSLWDOHLQXYH]LFDDLRFL]PDQHDJUDVL
XQDDOED
3HUPLWHWLVDUDSRUWH]6,$&$6$727$6$/($0

([DPHQGHJUDGOD65,/LVHGDVXELHFWXOFDUHHUDRIRWRJUDILHDXQXLDGLQSURILO3UREOHPDHUDVDVHGHWHUPLQHRULFH
VHPQSDUWLFXODUDOLQGLYLGXOXL
9LQHSULPX
65,VWVWDVWDRRUDGRXDGXSDFDUHFRQFOX]LRQHD]D
,QGLYLGX
QDUHRXUHFKH
([DPLQDWRUX

*UHVLWDLSLFDW
8UPDWRUX
65,VWVWDFkWHYDRUHGXSDFDUH
,QGLYLGX
QDUHRXUHFKH
([DPLQDWRUX

*UHVLWDLSLFDW
9LQHDOQDOHD65,VWVWDFkWHYD]HFLGHRUHGXSDFDUH
,QGLYLGX
SRDUWDOHQWLOHGHFRQWDFW
([DPLQDWRUX

%UDYRGD
FXPWLDLGDWVHDPD"
3DLGDFDQDYHDRXUHFKHFXPSXWHDVDSRDUWHRFKHODUL"

8QSROLWLVWYHGHXQDXWRPDWVHDSURSLHGHHOVLEDJDRILVD'HRGDWDDSDUHXQSDKDUVLvQFHSHVDFXUJDFDIHD3ROLWLVWXOLD
SDKDUXvOEHDVLPDLEDJDRILVD
'LQQRXDSDUHXQSDKDUFXUJHFDIHDXDSHFDUHREHDSROLWLVWXOVLDFWLXQHDVHUHSHWDGH PDL PXOWHRULSLQDFkQGvQ VSDWHOH
SROLWLVWXOXLVHIRUPHD]DRFRDGDGHVWXOGHPDUH
/DXQPRPHQWGDWREDWULQDvOvQWUHDEDSHSROLWLVW
'RPQXSROLWLVWQHODVDWLVLSHQRLVDEHPRFDIHDFDGHRRUDVWDPODFRDGD"""
/DFDUHSROLWLVWXOLQGLJQDWUDVSXQGH
&HYUHLEDERWLHFLXGDFDFkVWLJ

8QWLSSHVWUDGDYHGHXQDOWWLSvQXQLIRUPDVLOvQWUHDED
6XQWHWLSROLWLVW"
1X6LQWGHWHFWLYFDUHOXFUHD]DVXEDFRSHULUH
6LDWXQFLGHFHSXUWDWLXQLIRUPD"
3HQWUXFDD]LDP]LOLEHUD

&LFDODJDERULDYHDORFXQH[DPHQGHSURPRYDUH8QVXERILWHUVHDJLWDVLDIODGHODFLQHYDFDODH[DPHQVHvQWUHDEDFLQH
DVFULV/XFHDIDUXO
3ROLWLVWXOVHDJLWDHOGDUQXJDVHVWHUDVSXQVXO6HGXFHODORFRWHQHQW
'RP
ORFRWHQHQW$PVLHXRvQWUHEDUH"
=LPD
&LQHDVFULV/XFHDIDUXO"
%DQXVWLX
3ROLWLVWXOQRVWUXVHGXFHODFRORQHO
'RP
FRORQHO$PVLHXRSUREOHPD
'DVHUH]ROYD=L
&LQHDVFULV/XFHDIDUXO"
1XVWLXGDUDPXQSULHWHQSURIHVRUVDvLGDXWHOHIRQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQVIkUVLWDIODJDERUX
FD(PLQHVFXDVFULV/XFHDIDUXOVLFDVDQXXLWHODH[DPHQQRWHD]DSHXQELOHWVLvOEDJDvQSDQWRI
/DH[DPHQHVWHvQWUHEDWFLQHDVFULV/XFHDIDUXO3ROLWLVWXOVFRDWHGLVFUHWELOHWXOVLUDVSXQGHPkQGUX
&OXMHDQFD6$

/DJDERULFRQFXUVGHSURPRYDUH9LQHvQVDODSULPXOFDQGLGDW
([PLQDWRUXOvOvQWUHDED
&kWIDFH "

%DHVWLVLJXUED"

%DPDLJkQGHVWHWH

([DPLQDWRUXOQRWHD]DvQILVD1XVWLHGDUQXVHGDEDWXW8UPDWRUXO
&kWIDFH "

(VWLVLJXU"
'D
&KLDUHVWLVLJXU"
'DGRP
OH
([DPLQDWRUXOQRWHD]D1XVWLHGDUHVWHXQRPFXSULQFLSLL8OWLPXO
&kWIDFH "

&XPDLVWLXW"
'HODVFRDOD
&XPPDGHODVFRDOD"3DLVLFHLODOWLDXIRVWODVFRDOD
'DGHODVFRDOD
([DPLQDWRUXOQRWHD]DvQILVD6WLHGDUQXYUHDVDVSXQDGHXQGH

8QPLOLWLDQSOHDFDFXWUHQXOÌQIDWDOXLHUDXQGRPQFDUHFLWHDRFDUWHIDUDVDOLQWHUHVH]HDOWFHYD/DXQPRPHQWGDW
PLOLWLDQXOQXPDLSRDWHGHFXULR]LWDWHVLOvQWUHDEDSHRPFHLFXFDUWHDDVWDDWkWGHLQWHUHVDQWDGHQXVLPDLGH]OLSHVWHRFKLL
GHHD
(HRFDUWHGHORJLFDVLSHUVSLFDFLWDWH
3DLFXPDVD"
'OHSROLWDLGXPQHDYRDVWUDDYHWLDFYDULX"
'D
3DLGDFDDYHWLDFYDULXDYHWLVLDSDvQHOQX"
'RPQXOHFHFDUWHDVDHVWHDPVLDSDvQHO
'DFDDYHWLXQDFYDULXFXDSDvQHODYHWLVLQLVLSvQHOQX"
'RPQXOHFHFDUWHDVDHVWHDPVLQLVLS
'DFDDYHWLDFYDULXQLVLSDSDDYHWLVLSHVWLvQHOQX"
&HFDUWHGRPQXOHDVDHVWHDPVLSHVWL
3DLGDFDDYHWLSHVWLLQFDVDvQVHDPQDFDYDSODFHVDSHVFXLWLQX"
6LJXUGRPQXOHFHFDUWH
'DFDYDSODFHVDSHVFXLWLvQVHDPQDFDYDSODFHVLEDXWXUDQX"$FRORSHEDOWDPHUJHRVWLFOXWD
6LJXUGRPQXOH
'DFDYDSODFHEDXWXUDvQVHDPQDFDYDSODFVLIHPHLOHQX"
6LJXU
'DFDYDSODFIHPHLOHvQVHDPQDFDQXVXQWHWLKRPRVH[XDOQX"
1XGRPQXOHQXVXQW
ÌQ VIkUVLW DMXQJH PLOLWLDQXO OD GHVWLQDWLH IRDUWH vQFkQWDW GH DFHHD FDUWH/D LQWRDUFHUH LD PLOLWLDQXO R FDUWH GH SRYHVWL GLQ
JDUDVHXUFDvQWUHQVLvQFHSHVDFLWHDVFDIDUDDVHRSUL8QFHWDWHDQ YD]DQGXOSH PLOLWLDQ FDQXVH PDLRSUHDGLQOHFWXUD
vQWUHDED
1XYDVXSDUDWLGOHSROLWDLFHFDUWHHDFHDVWDDWDWGHLQWHUHVDQWD"
(HRFDUWHGHORJLFDVLSHUVSLFDFLWDWH
3DLFXPDVD"
'XPQHDYRDVWUDDYHWLDFYDULX"
1X
+RPRVH[XDOXOH

'RLSROLWLVWLEHWLPHUJHDX SHVWUDGD VLODXQ PRPHQW GDWVDX RSULW OkQJDXQ VWkOS 8QXOGLQWUH HL D vQFHSXW VD EDWDvQ
VWkOSVDIOXLHUHVDVWULJHHWF
&HOGHDOGRLOHDSROLWLVWVHXLWDvQVXVVLvLVSXQHFHOXLODOWSROLWLVW
,QVLVWDLQVLVWDFDHDFDVDVHYHGHOXPLQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

'RLSROLWLVWLLQWUDvQWUXQIDVWIRRG
'RLKDPEXUJHULYDURJ
$YHWLJKLQLRQQXDYHPKDPEXUJHUL
$WXQFLGRXDJKLQLRDQH

'RLSROLWLVWLSDWUXOHD]D/DXQPRPHQWGDWXQXOLVHDGUHVHD]DFHOXLODOW
,RDQHVWHUJHWHODJXUD
5DKDW
$VFX]H$PFUH]XWFDLFLRFRODWD

2IHPHLHVHDGUHVHD]DXQXLSROLWLVW
'RPQXOHSROLWLVWRPXODFHVWDPLDIXUDWPDVLQD
5DEGDUHGRDPQDLPHGLDWvOSHUFKH]LWLRQDP

8QSROLWLVWvVLFXPSDUDXQELOHWGHWUHQ
8QELOHWGXVvQWRUVYDURJ
8QGH"ÌQWUHDEDFDVLHUD
&XPXQGH"$LFLvQDSRL

8QSROLWLVWYHGHSHVWUDGDXQRPFXXQFDO
'HFHQXPHUJLRPXOHFXFDOXODVWDODJUDGLQD]RRORJLFD"
$PIRVWVLDFRORGDUDFXPPHUJHPODXQILOP

9DULDQWDPDLEXQD"
8QSROLWLVWVHWUH]HVWHGLPLQHDWDGXSDREHWLHPDUHILLQGvQFRQFHGLXVHXLWDSHIHUHDVWUDvQJUDGLQDVLYHGHXQSLQJXLQ6H
IUHDFDGHFkWHYDRULODRFKLGDUSLQJXLQXOWRWDFROR1HVWLLQGFHVDIDFDFXDQLPDOXOVHGXFHODVHIXOOXLVLvOLQWUHDED
6HIX
DPJDVLWXQSLQJXLQODPLQHvQJUDGLQD&HVDIDFFXHO"
6HIXvLVSXQHUDVSLFDW
3DLWRWHVWLvQFRQFHGLXLDOGHDULSDVLGXOOD*UDGLQD=RRORJLFD
=LVVLIDFXW'XSDGRXDD]LOHVHvQWkOQHVWHVHIXODIODWSHWHUHQFXSROLWLVWXOQRVWUX$FHVWDFXSLQJXLQXOGHPkQDÌOvQWUHDED
3DLFHIDFLQXDLGXVDQXPDOXOOD=RR"
%DGDLHULDPIRVWOD=RRVLD]LvOGXFODFLQHPD

ÌQWUXQEDULQWUDGLVSHUDWXQSROLWLVW
'RP
OHDMXWDWLPDFDPLDPvQFXLDWFKHLOHvQPDVLQDVLQXVWLXFHVDIDF
3DLDLODVDWXQSLFJHDPX
GHVFKLV"
'D
%LQHXLWHLDVvUPDDVWDvQGRDLHRODYvUIFDXQFkUOLJVLSULQJHDPXOvQWUHGHVFKLVvQFHDUFDVDOHDJDWL
0XOWXPHVFGRP
OHPDLVDOYDW
'XSDXQWLPSLQWUDXQDOWWLSvQEDUWLQvQGXVHFXPvLQLOHGHEXUWDGHUkV
&HUk]LQHQHFHDLSDWLW"
(XQSROLWLVWDIDUDFDUHvQFHDUFDVDVLVFRDWDFKHLOHGLQPDVLQDFXRVkUPDKDKDKDDDD
6LFHLDVDDPX]DQWQRLLDPVSXVFXPVDIDFD
'DGD
PDLHXQSROLWLVWvQDXQWUXFDUHOJKLGHD]D

8QWLSPHUJHDFX PDVLQDvQDIDUDRUDVXOXLFkQGGHRGDWDLVHRSUHVWHPRWRUXO &XPQXVHSULFHSHDGHORFvVLVPXOJHD

SDUXOGLQFDSGHQHFD]FkQGDSDUHXQFDODOEVLLVSXQH
9H]LFDHvQIXQGDWFDUEXUDWRUXOvLVSXQHFHVDIDFDVLSOHDFD
7LSXOUDPkQHPDVFDGDUIDFHFHLD]LVFDOXOVLPLQXQHPRWRUXOSRUQHVWH6HRSUHVWHvQSULPXORUDVODSULPXOSROLWLVW VLL
SRYHVWHVWHWRWXO
1RVDFUHGHWLFHPLVDvQWkPSODWPHUJHDPFXPDVLQDGHRGDWDPRWRUXOVDRSULWVLDDSDUXWXQFDOFDUHPLDVSXVFXPVDO
UHSDU
&HFXORDUHDYHDFDOXODOEVDXQHJUX"vQWUHDEDSROLWLVWXO
$OE
'RP
OH$LDYXWPDUHQRURFFDQXHUDDODQHJUXFDVLDODvWLVSXQHGDUQXVHSULFHSH

8QEHWLYFXRFKHLHGHPDVLQDvQPkQDFODWLQkQGXVHSXWHUQLFLQWHUSHOHD]DXQSROLWLVWSHVWUDGD
'RP
SROLWLVWKkFPLDIXUDWFLQHYDPDVLQDKkFGLQFKHLH
3ROLWLVWXOvOSULYHVWHVLL]LFH
3OHDFDGRPQXOHDFDVDFDHVWLEHDWVLQXVWLLFHYRUEHVWL1XYH]LFDDELDWHWLLSHSLFLRDUHVLYH]LFDHVWLVLGHVFKHLDWOD
SDQWDORQL
/DFDUHEHWLYXOSULYLQGXVLSURKDSXOGHVFKHLDW]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
+RSD+kF0LDXIXUDWRVLSH7DQWD

'RLSXVWLPHUJHDXvQWUROHXOVLVSXQHDXEDQFXULGHVSUHSROLWLVWL8QXO]LFH
%DGHFHPHUJSROLWDLLFkWHGRLSHVWUDGD"
3DLXQXOVWLHVDVFULHVLDOWXOVWLHVDFLWHDVFD
+DKDKD
ÌQVSDWHOHORUGRLSROLWLVWLSHFDUHWLSLLQXLREVHUYDVHUDVHRSUHVFGLQFRQYHUVDWLHVLDVFXOWDODFHVSXQSXVWLL'XSDFHDXG
ID]DDVWDVHGXFODHL
$FWHOHODFRQWUROSXVODPDOH
&HOPDLPDUHGLQWUHWLQHULVFRDWHLQWLPLGDWEXOHWLQXOVLvOvQWLQGHSROLWLVWLORU,DDODEXOHWLQXOVHXLWDODHOVLL]LFHFHOXLODOW
,DQRWHD]DDFROR

6HIXOSOXWRQXOXLGHSROLWLVWL
/DGUDFX
FXPDSXWXWVDQHVFDSHLQIUDFWRUXO"1XDXIRVWSD]LWHWRDWHLHVLULOH"
%DGDGDUSUREDELOFDDVFDSDWSHXVDGHLQWUDUHvLUDVSXQGHXQFROHJ

8Q SLHWRQ HVWH DFFLGHQWDW GH R PDVLQD VL UDPkQH QHPLVFDW SH VWUDGD (FKLSDMXO SROLWLHL VRVHVWH OD ORFXO DFFLGHQWXOXL
3ROLWLVWXOVHGXFHODHOVLL]LFH
+HLQXVWDDVDVLQXWHSUHIDFDQXVDUILvQWkPSODWQLPLFD

2IHPHLHVRVHVWHODVHGLXOSROLWLHLVLUHFODPDXQIXUW
0LDIRVWIXUDWSRUWPRQHXOFXDFWHOHVL
3ROLWLVWXOvLvQWLQGHXQIRUPXODUVLL]LFH
7UHFHWLDLFLDFWHOHFDUHYLDXIRVWIXUDWHVLGHVFULHUHDEDQFQRWHORU

6LFHVDIDFDFXPFXKkUWLDFXDPHQGD"vQWUHDEDVRIHUXOSROLWLVWXO
3DVWUDWLOELQHXQGHYD&kQGDYHWL]HFHEXFDWLSULPLWLRELFLFOHWD

'RLSROLWLVWLGHODFLUFXODWLH PHUJ FX PDVLQDFkQGvQWURFXUEDLHVGHSH FDURVDELO VL LQWUD vQWUXQ SRP8QXO vL]LFH
VRIHUXOXL
$VDGHUHSHGHQXDPDMXQVQLFLRGDWDODORFXODFFLGHQWXOXL

8QWXULVWIUDQFH]vQW]UHDEDXQSROLWLVW
1XYDVXSDUDWLXQHJDVHVFDLFLXQORFGHSDUFDUH"
6LSHQWUXDWkWDOXFUXDWLYHQLWGLQ)UDQWD"

8QSROLWLVWSHPDOXOXQXLODFvL]LFHXQHLWLQHUH
'RPQLVRDUDDLFLHVWHLQWHU]LVDEDLD
'DUGHFHQXPLDWLVSXVDVWDvQDLQWHGHDPDGH]EUDFD"
3HQWUXFDGH]EUDFDWXOQXHLQWHU]LV

8QSROLWLVWRSUHVWHXQSRSDFDUHDWUHFXWSHURVXFXELFLFOHWD
$FXPRVDSODWLWLDPHQGDSDULQWH7UHEXLHFDVXQWHWLVDWXOGHYLDWDFDVDWUHFHWLSHURVX"
)LXOHvLVSXQHSDULQWHOHWLQHPLQWHXQOXFUX'RPQXO'XPQH]HXHFXPLQH
$WXQFLRVDYDFRVWHVLPDLPXOWVLGRLRDPHQLSHELFLFOHWDHVWHLQWHU]LV

(UDXQSROLWLVWvQWURLQWHUVHFWLH7UHFHXQX
FXPDVLQDSHURVXFXYLWH]D
)OXLHUDSROLWDLXORSUHVWHPDVLQDVLFRERDUDGLQHDXQX
FKLRUGHEHDW
+DLGRPQH
KLFFDVLQWVLHXVWXGHQWKLFDPOXDWVLHXWRDWHH[DPHQHOHLQVHVLXQHDDVWD
%LQHEDGDUYH]LVDQXVHPDLLQWLPSOHFD
3HVWHH[DFWXQDQDFHHDVLVFHQDDFHODVLSROLWLVWDFHHDVLLQWHUVHFWLHDFHODVLQFLGHQWDFHODVLVRIHUFODPSDGHEHDW
&HIDFLPDWRWWXHVWL"
+DLGRPQH
KLFFDDPWHUPLQDWVLHXIDFXOWDWHDDPEDXWFHYDFXEDLHWLL
%LQHEDGDUYH]LVDQXVHPDLLQWLPSOHFD
3HVWHLQFDXQDQDFHHDVLVFHQDDFHODVLSROLWLVWDFHHDVLLQWHUVHFWLHDFHODVLLQFLGHQWGDUDOWVRIHUKRWDUkWGHEHDW
7XFHIDFLPDGHFH
+DLGRPQH
KLFFDDPWHUPLQDWVLHXIDFXOWDWHDDPEDXWFHYDFXEDLHWLL
%DLQXQFHUFDVDGHUXWH]LRUJDQX
FHFUH]LFDHXQXVWLXFDIDFXOWDWHDVDWHUPLQDWDQX
WUHFXW"

&LFDODXQPRPHQWGDWVHILLSROLWLHLURPkQHVHKRWDUDVFVDIDFDGLQSROLWDLXQH[HPSOXSHQWUXVRFLHWDWHFDVDQXPDLUvGD
OXPHDGHHL)DFHLFHIDFVLSROLWLVWLLvQYDWDVDPHDUJDSHDSDÌLGXFVHILLSHXQODFVLDVWLDVHSOLPEDXSHODF
7RWLSULYLWRULLvQPDUPXULWLVLSOLQLGHDGPLUDWLHQXPDLGRLvQWURSDUWHUvGHDXVDFUDSH8QWLSvLvQWUHDED
'HFHUvGHWL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'HSURVWLLDVWLD
3DLGHFH"QXYHGHWLFDVWLXVDPHDUJDSHDSD"
'DPDLGD
WXQXYH]LFDQXVWLXVDvQRDWH"

8QSROLWDLYUHDVDVHvQVFULHvQ&DUWHD5HFRUGXULORU
&HDWLUHDOL]DWSHQWUXDYDSXWHDvQVFULHvQ&DUWHD5HFRUGXULORU"
$PUH]ROYDWXQSX]]OH
3DLELQHGRP
OHRULFLQHSRDWHVDUH]ROYHXQSX]]OH
'DGDUSHSX]]OHXOPHXVFULDÌQWUHVLDQLLDUHXODPUH]ROYDWvQGRDUDQL

6HGXFHXQSROLWLVWODOLEUDULHVLGLVFXWDFXYkQ]DWRDUHD
$YHWLFDLHWHFXFHUFXOHWH"
'RPQXOHQXH[LVWDFDLHWHFXFHUFXOHWHQXVHIDEULFDDDFHYDGDFDGRULWLDYHPGHPDWHPDWLFDFXSDWUDWHOHVDXGLFWDQGRFX
OLQLXWHGDUFXFHUFXOHWHQXDYHP
(XYUHDXFDLHWHFXFHUFXOHWH
'RPQXOHVXQWHWLWkPSLW
$SDUHXQVHIDOSROLWLVWXOXLVLYkQ]DWRDUHDvLH[SOLFDFHVHvQWkPSOD6HIXOSROLWLVWXOXLvOWULPLWHSHVXEDOWHUQODSOLPEDUH
3OHDFDGRPOHQXYH]LFDHVWLWkPSLWFXPQDLEDFDLHWHFXFHUFXOHWHQXH[LVWDDDFHYD
6HIXOSROLWLVWXOXLvLFHUHYkQ]DWRDUHL
'RDPQDHXYUHDXFHUQHDODSHQWUXFODVDD,9DVLJOREXO5RPkQLHL
6XQWHWLWkPSLWFXPQDLEDFHUQHDODSHQWUXFODVDD,9DVLJOREXO5RPkQLHL"
$SDUHVHIXOVLPDLPDUHVLLVSXQHVXEDOWHUQXOXL
3OHDFDPDLQXYH]LFDHVWLWkPSLWFXPQDLEDFHUQHDODSHQWUXFODVDD,9DVLJOREXO5RPkQLHL
3OHDFDSROLWLVWXO
'RDPQDPLHGDWLPLQLVWHSOLFXULURWXQGHFDDPGHWULPLVQLVWHFLUFXODUH

/DSRVWXOFRPXQDOGHMDQGDUPLVHSUH]LQWDXQLQGLYLGFXDULSDPDVLQLLvQIXQGDWD
'RPQXOHSOXWRQLHUDYHWLYDFLQHJUHvQVDWXODFHVWD"
'LQFvWHVWLXHXQX
'DUFDSUHQHJUH"
1XQXFUHG
&DLQHJUL"
1X'HFHvQWUHEDWL"
ÌQVHDPQDFDDPORYLWXQSRSD

8QXOEHDWPHUJHDQRDSWHDFXPDVLQDSHDXWRVWUDGDFkQGODXQPRPHQWGDWYHGHXQRPURVXODPDUJLQHDGUXPXOXL
2SUHVWHPDVLQDVLvOvQWUHDED
&LQHHVWL"
(XVXQWXQPLFRPURVXYLQGHSH0DUWHVXQWKRPRVH[XDOVLPLHIRDPH
6HJkQGHVWHVRIHUXOQRVWUXFHVHJkQGHVWHvLGDXOWLPXOFROWGHSkLQHVLSOHDFDPDLGHSDUWH
3XWLQPDLvQFRORYHGHXQRPYHUGHODPDUJLQHDGUXPXOXLVLLDUVHRSUHVWH
&LQHHVWL"
6XQWXQPLFRPYHUGHYLQGHSH0DUWHVXQWKRPRVH[XDOVLPLHVHWH
ÌLGDUHSHGHXOWLPDOXLFRODVLSOHDFDPDLGHSDUWH
&kQGGHRGDWDYHGHODPDUJLQHDGUXPXOXLXQPLFRPDOEDVWUX6HRSUHVWHVL]LFH
6WLXGHMDHVWLXQRPDOEDVWUXYLLGHSH0DUWHHVWLKRPRVH[XDOGDUFHHDFHQXVWLXHFHYUHL"
$FWHOHGXPQHDYRDVWUDVLVDVXIODWLvQILRODDVWD

8QSROLWLVWYURLDVDVLLDWHOHYL]RU,QWUDvQWUXQPDJD]LQGHHOHFWURQLFHYHGHXQXOSRWULYLWVLvLVSXQHYkQ]DWRUXOXL
1HSDUHUDXGDUDLFLQXVHUYLPSROLWLVWL
9LQHSROLWLVWXOVLDGRXD]LGHGDWDDFHDVWDvPEUDFDWvQFLYLOVLFXRPXVWDWDIDOVD
9DPPDLVSXVRGDWDFDQXVHUYLPSROLWLVWL
([DVSHUDW SROLWLVWXO VH GXFH vVL IDFH RSHUDWLH GH VFKLPEDUH GH VH[6H vQWRDUFH GXSD FvWHYD ]LOH FX vQIDWLVDUHD FRPSOHW
VFKLPEDWD
%LQHGRP
OHFKLDUQXQWHOHJLFDSURGXVHOHGLQPDJD]LQXOQRVWUXQXVXQWSHQWUXSROLWLVWL"
([WUDRUGLQDU&XPvWLGDLGRP
OHVHDPDFDVXQWSROLWLVW"
$FHODQXHVWHWHOHYL]RUGRP
OHHVWHIULJLGHU

8QFHWDWHDQEHDWVHGXFHODXQSROLWLVWVLvLVSXQH
6HIXYUHDXVDWLVSXQXQEDQFSROLWLF
1XYH]LFDHVWLEHDW"vOvQWUHDEDSROLWLVWXO
6HIXvWLVSXQXQEDQFSROLWLF
1XYH]LFDVXQWSROLWLVW"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XLQLPLFWLOVSXQSkQDOSULFHSL

ÌQWURVHDUDSHVWUDGDREDWUvQLFDVWULJDFvWRWLQHDXSODPvQLL
6DULWL6DULWLKRWLL3ULQGHWLOUHSHGH
8QSROLWDLFDUHHUDvQSUHDMPDRvQWUHDEDPLUDW
&HVHvQWvPSODGRDPQD"9DIXUDWFLQHYDFHYD"
'DGDXLWHOSHFHOFHIXJHDFRORSULQGHWLODYUXWVDPDYLROH]H
/DFDUHSROLWDLXO
1XLQLPLFGRDPQDQXYDDJLWDWLDWvWDODVDWLFDYLQHDOWXO

8QVRIHUFDUHGHSDVLVHELQLVRUYLWH]DOHJDODHVWHRSULWGHXQSROLWLVWFDUHvLFHUHSHUPLVXO&HOYLQRYDWVHH[HFXWD'DUvQ
SHUPLVVDDIODREDQFQRWDGHRVXWDGHGRODULSHFDUHHUDVFULVFXFUHLRQXO
$PJUHVLWMXUFDQRVDVHPDLUHSHWH6LLDUWDQHQRXDJUHVHOLOHQRDVWUH
3ROLWLVWXOFRPSOHWHD]DFDOPSURFHVXOYHUEDOGHFRQWUDYHQWLHvOSXQHSHvPSULFLQDWVDVHPQH]HDSRLLOvQWLQGHvPSUHXQDFX
EDQFQRWDvQFDX]D3HSDUWHDFHDODOWDVFULD
'YSXWHWLJUHVLVFDSDWLLHIWLQHXQDPYRLHVDJUHVHVF6LQXQHGXFHSHQRLvQLVSLWD

7HVWGHHQJOH]DODDFDGHPLDGHSROLWLH
9DURJVDPLVSXQHWLvQWUHDEDH[DPLQDWRUXOSHXQSROLWLVWFDUHSDUHDPDLUDVDULWSDWUXFXYLQWHvQHQJOH]D
'DVSXQHDFHVWD0HWUR*ROGZLQ0D\HU
6LDOSDWUXOHD"
8DXXXXX

'RLSROLWLVWLSDWUXOHD]DSHVWUDGD/DXQPRPHQWGDWXQXOVHDSOHDFDVLLDFHYDGHSHWURWXDU&HODODOWvOvQWUHDED
&HLDLD"
2EDFQRWDGH
6RYDG
6HXLWDODEDFQRWDGXSDFDUHRDUXQFD
'HFHDLDUXQFDWR"vOvQWUHDEDFHOFDUHDJDVLWR
3DLXQGHDLPDLYD]XWWXEDFQRWDGHSHFDUHGXSDVDXUPH]H]HURXUL"

7UHFHXQXSHVWRSFXPDVLQDPLOLWLDQXOQX]LFHQLPLF
3DUFKHD]DSHLQWHU]LVPLOLWLDQXOQLPLF
6HGXFHODPLOLWLDQvLGDXQSXPQGHJHDEDÌOVFXLSDvOFDOFDSHSDQWRILWRWQLPLF7LSXOVHSRWROHVWHVLSOHDFDIOXLHULQG
0LOLWLDQXODOHDUJDvOSULQGHVLLWUDJHREDWDLHSHFLQVWH
%LQHPDDLWUHFXWSHVWRSQDP]LVQLPLF$LSDUFDWQHUHJOHPHQWDUPDLVFXLSDWGDUQXDGPLWVDIOXLHULIDOVGLQ%DFK

8QXO WUHEXLD VD SOHFH vQ GHOHJDWLH SHQWUX GRXD OXQL VL FD VD ILH VLJXU FD QHYDVWD OXL QX vO YD vQVHOD VD KRWDUkW VD vL
FXPSHUH R MXFDULH VH[XDOD VFXPSD VL HILFLHQWD 6DGXV HO vQWUXQ VH[ VKRS VL D vQFHSXW VD VH XLWH OD WRW FH HUD SH DFROR
9kQ]DWRUXOYD]kQGFDRPXOQXHPXOWXPLWGHQLFLXQXOGLQSURGXVHvLRIHUDSXODYRRGRRXQLQVWUXPHQWGLQOHPQDVH]DW
vQWURFXWLH
6LFXPVHIRORVHVWH"vQWUHDEDRPXOPLUDW
8LWHvL]LFLSX DYRRGRRXVD
,QVWUXPHQWXOVHVFXODGLQFXWLHVLvQFHSXVDIX DXVD$SRLYkQ]DWRUXOvLVSXVH
3X DYRRGRRvQDSRLvQFXWLH
6LDVWDVHvQWRDUVHvQFXWLH7LSXOPXOWXPLWGHQRXDDFKL]LWLHVHGXVHDFDVDvLH[SOLFDQHYHVWHLOXLFHWHEXLHVDIDFDFDVD
SRUQHDVFDMXFDULDVLSOHFDOLQLVWLWvQGHOHJDWLH'XSDRVDSWDPkQDIHPHLLvLYHQLSRIWDGHVH[VLvVLDPLQWLGHSX DYRGRR
6FRDWHFXWLDGLQGXODSVLVSXQH
3X DYRRGRRSL GDPHD
'XSDYUHRWUHLRUJDVPHvVLGDGXVHDPDFDVRWXOHLDXLWDWVDvLVSXQDFXPVHRSUHVWH$VDFDvVLSXVHRIXVWDSHGHDVXSUDVL
SOHFDFXPDVLQDVSUHXQVSLWDOVDYDGDFHVHSRDWHIDFH'LQFDX]DXQXLDOSDWUXOHDRUJDVPPDVLQDGHUDLD]DvQWUXQFRSDF
8QSROLWLVWYLQHODIHPHLHVLDFHDVWDVHFKLQXLHVDvLH[SOLFH
'RPQXOHVLWLVRWXOPHXDDKKDSOHFDWVLDKKSX DYRRGRR
/DFDUHSROLWLVWXO
(GDSX DYRRGRRQFXUX
PHX%HWLYDQLODYRODQ

6HvQWkOQHVWHXQSROLWLVWFXXQEHWLY
6DWUDLWLGRPQXOHSROLWLVW]LFHEHWLYX
0XOW]DPKkF
ÌPLGDWLYRLHVDWUHFSULQWUHGXPQHDYRDVWUD"
'DKkFGD
VDWUHFHWLSHUkQG


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%XFXUHVWL8QRPFDGHvQWUXQFDQDOvQWLPSFHVLSXUWDVSUHFDVDYLFWRULRVSRYDUDXQRUFDUWRDQHGHRXDREWLQXWH
FXJUHX8QSROLWDLSOLQGHVROLFLWXGLQHGDWHOHIRQODVDOYDUHSDQLFDW
9HQLWLUHSHGHDFD]XWXQWRYDUDVvQFDQDOVLVLDVSDUWRXDOH
3URIHVLRQDOYRFHDGHODJDUGDvQWUHDED
%LQHELQHGDURUJDQXO"
2UJDQXOODDSDUDWGXGXLH

0LOLWLHQLvQPDVLQD
%DL*KHRUJKHLDVFRDWHWXFDSXOSHJHDPVLYH]LPHUJHGUDFLDDLDGHRDYHPGHDVXSUDVDXQX"
*KHRUJKHFXJvWXOvQWLQVODUHIX]
'DQXGDQXGDQX

7HVWGHLWDOLDQDODSROLWLVWL([DPLQDWRUXOXQFRORQHOGHSROLWLHvOvQWUHDEDSHXQXOGLQSROLWLVWL
&RPHWLFKLDPR"
/DFDUHDFHVWDUDVSXQGH
0DSHUFKH"
0DSHUFKHVLPDLFXP"

8QSROLWDLLQWHUSHOHD]DXQLQGLYLGEHDWWXUWDFDUHvQFHDUFDVDVHXUFHODYRODQXOPDVLQLLVDOH
&KLDULQWHQWLRQH]LVDVRIH]LvQKDOXODVWD"
1DPGHDOHV1XYH]LFDQXVvQVWDUHVRLDXSHMRV"

'HFXUkQGVDXvQQHFDWSROLWLVWLvQ'kPERYLWD
8QXOVWDWHDSHPDUJLQHDDSHLVLIXPD$DUXQFDWWLJDUDGXSDFDUHDVDULWVLHOVDRVWLQJD
$OGRLOHDHUDFXEDUFDSHDSDFLQGDYD]XWFDDUHRJDXUDSHXQGHLQWUDDSDDVDFDDPDLIDFXWXQDFDVDLDVDDSD
,DUFHLODOWLGRLDXPXULWODUHFRQVWLWXLUH

2JDJLFDPHUJHQRDSWHDSHRVWUDGDGHSHULIHULH/DXQPRPHQWGDWDSDUQLVWHWLJDQLFDUHRYLROHD]D6LFDVDQXSOHFH
FXPkQDJRDODvLLDXVLKDLQHOH(DFHVDIDFDVHEDJDvQWUXQERVFKHWVLDVWHDSWD'XSDXQWLPSDSDUHXQSROLWLVW*DJLFDvL
SRYHVWHVWHFHVLFXPVLvOURDJDVDLGHDFHYDVDVHDFRSHUHFDVDSRDWDDMXQJHDFDVD3ROLWLVWXOvLGDFKLSLXO(DFHVDIDFD
LDFKLSLXOVLvQFHDUFDVDDFRSHUHFkWSRDWHSXQFWXOGHLQWHUHV$SRLSOHDFD3HVWUDGDVHvQWkOQHVWHFXGRLEHWLYL6HXLWDHL
ELQHODHD
%DVDVWLLFDDODHSROLWLVWXOSHFDUHODPEDJDWQRLLQSL GDPDVLL

8QSROLWLDQvVLIDFHDURQGXOIUHFDQGXVLFXVDWLVIDFWLHEDVWRQXOGHPkQD
9D]kQGvQIDWDVDRFRDMDGHEDQDQDDUXQDWDSHMRVRPXOFXEDVWRQXOH[FODPDYDGLWLULWDW
3WLXILUDUDGUDFXOXLGHYLDWDLDUFDG

/DXQFRQWUROGHUXWLQDXQWkQDUFRQGXFDWRUDXWRHRSULWGHXQHFKLSDMDOSROLWLHLGHODFLUFXODWLH
3UH]HQWDWLYDURJSHUPLVXOGHFRQGXFHUH
'HFH"HXFUHGHDPFDSHUPLVXOVHGDGRDUGHODDQL

2PDVLQDFXWUHLSHUVRDQHHVWHRSULWDGHXQSROLWLVW
6XQWHWLDOOHDDXWRPRELOFDUHWUHFHSHDXWRVWUDGD9DLQIRUPH]FDDWLFkVWLJDWPLOLRDQHOHL&HDWLYUHDVDIDFHWL
FXEDQLL"
/DFDUHVRIHUXO
3DLFUHGFDSULPDGDWDYRLIDFHFDQHWXOGHFRQGXFHUH
6RWLDGHOkQJDHO
1XOFUHGHWLGRPQXOHSOXWRQLHUHPRUWGHEHDW
%XQLFXOGLQVSDWH
9LDPVSXVHXFDQXDMXQJHPGHSDUWHFXPDVLQDIXUDWD
'LQSRUWEDJDMVHDXGH
$PWUHFXWGHMDGHJUDQLWD"

/DVFRDODGHSROLWLHVHIDFHXQFXUVGHVSUHGHWXUQDULGHDYLRDQHÌQSDX]DSROLWLVWLLVWDXGHYRUED
,PSRVLELODVDXQOXFUX]LFHXQXOGLQHL1X VH SRDWHVD IDFL VD GLVSDUDXQ DYLRQ1X SRWL VDOLHLFX WLQHÌQ EX]XQDU QX
vQFDSHGRDUDWLYD]XWFHPDUHH6LQLFLvQJHDQWDQXOSRWLEDJD
%DSURVWRYDQXOHXQDYLRQQXSRDWHILGHWXUQDWDWkWDWLPSFkWVHDIODODVRO
6LDWXQFLXQGH"
3DLQXPDLvQDHU$LYD]XWVLWXGRDUFHPLFHFkQGHDFRORVXV


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2PDVLQDVHORYHVWHEUXWDOGHRFDUXWDÌQXUPDDFFLGHQWXOXLFDOXOVLFDUXWDVXOVXQWUDQLWLGHVWXOGHJUDY3ROLWLVWXOYLQHOD
IDWD ORFXOXLVL YD]kQGFDOXOFKLQXLQGXVHvQWUXQ DFFHV GH PLOD vO vPSXVFD $SRL VH vQGUHDSWD FDWUH FDUXWDV FX SLVWROXO vQ
PkQDVLvOvQWUHDED
6LGXPQHDYRDVWUDVXQWHWLUDQLW"
1XQX'RDPQHIHUHVWHDVDGHELQHQXPDPVLPWLWQLFLRGDWD

8QWkQDUDVSLUDQWODVFRDODGHSROLWLHHVWHvQWUHEDWODH[DPHQXOGHDGPLWHUH
&HYDSODFHDWkWGHPXOWODPHVHULDGHSROLWLVW"
)DSWXOFDFOLHQWLLQXDXQLFLRGDWDGUHSWDWHFLQXPDLHX

2FLUFDGHSROLWLHSULPHVWHGHODFHQWUDODRUGLQVDDUHVWH]HXQUDXIDFDWRUORFDOQLF&DGHRELFHLDVWLDSULPHVFWUHLSR]H
DOHDFHVWXLDGLQIDWDFXVLIDUDSDODULHVLGLQSURILO'XSDROXQDVHGDUDSRUWXOODFHQWUDOD
'RLIDSWDVLDUHVWDWLFHOXLGHDOWUHLOHDvLVXQWHPSHXUPH

ÌQWUXQUDSRUWDOSROLWLHLVWDVFULV
)DSWDVXOOHJDVHYLFWLPDFXRVIRDUDVLHUDSHFDOHVDRQHFLQVWHDVFD'LQIHULFLUHSROLWLDLDOXDWRvQDLQWH

ÌQ WRLXO LHUQLL XQ JDUGLDQ SXEOLF vQ %XFXUHVWL WRFPDL YHGH XQXO FDUH VH SUHJDWHD VD VH DUXQFH GH SH XQ SRG vQ
'kPERYLWD6HGXFHODHOVLvLVSXQH
ÌQFHWHD]DRGDWDFXSURVWLLOH'XSDUHJXODPHQWDUWUHEXLVDVDUGXSDWLQH0DVXGDGLQFDSSkQDvQSLFLRDUHVLDUWUHEXLVD
DVWHSWDPFHOSXWLQRRUDSkQDYLQHVDOYDUHD1HDPDOHJHDPkQGRLFXRDSULQGHUHGHSODPkQL'XSDDFHHDDUWUHEXLVDVFULX
XQUDSRUWDOFHORUvQWkPSODWHGLQQRXRUHVXSOLPHQWDUH$VDFDGDFDDLGHJkQGVDWHVLQXFL]LGXWHDFDVDVLVSkQ]XUDWH

8QPLOLWLDQPHUJHSHVWUDGDVLFDGHvQWUXQFDQDOIDUDFDSDF,HVHvQFHUFkQGVDVLVWHDUJDXQLIRUPDVLFkQGDMXQJHDIDUD
vVL]LFH
&HQRURFDPDYXW3DLFXPLHVDPHXDIDUDGDFDHUDFDSDFXOSXV"

'RLPLOLWLHQLVHGXFODXQERUGHOSURDVSDWGHVFKLV5HFHSWLRQHUXOOH]LFH
&HGRULWLEDLHWL"
$PYUHDVDI PVLQRLFHYD
6LFkWLEDQLDYHWL"
9UHRVDL]HFLGHPLLGHOHL
'HEDQLLDVWLDLHVLWLYRLDIDUDPHUJHWLYUHRGHPHWULODVWkQJDYHGHWLFDHXQSDUFXOHWVLYDI WHWLvQFXU
3OHDFDPLOLWLHQLLvQWULVWDWLVLDSDUGLQQRXGXSDRMXPDWDWHGHRUD
,DUDVLYRL"]LFHUHFHSWLRQHUXO1XDWLIRVWXQGHYDP]LVHX"
%DGDGDUDPYHQLWVDSODWLP

%XODWRFPDLLHVHGLQVHGLXOPLOLWLHLMXGHWHQHVLHSXL]DWVHVSULMLQDGHXQSRP8QWUHFDWRUVHDSURSLHGHHOvQWUHEkQG
1XYDVXSDUDWLQXVWLWLXQGHVHEDWHODPDVLQD"
1XVWLXSHPLQHPDXEDWXWPDQXDO

8QPLOLWLDQ VWDWHD vQWURLQWHUVHFWLH PDUH SH EXOHYDUGXO 0DJKHUX

 VL FRQGXFH FLUFXODWLD JHVWLFXOkQG VL IOXLHUkQG IRDUWH
HOHJDQW/DXQPRPHQWGDWDSDUHPDVLQDPLOLWLHLFXJLURIDUXULOHvQIXQFWLXQHVLRSUHVWHvQIDWDDUWLVWXOXLGHPLOLWLDQ
6DWUDLWLWRYFRORQHOVLQWVHUJHQW;ODSRVWXOHVWHvQWUHUXSWGH
0DGRELWRFXOHPDUVDFDVDVLVKLPEDWHWHYHGHROXPHvQWUHDJDDLFLvQPLMORFXOFDSLWDOHLQXYH]LFDDLRFL]PDQHDJUDVL
XQDDOED
3HUPLWHWLVDUDSRUWH]6,$&$6$727$6$/($0

&LFDLQWUDXQSROLWLVWvQWURFRIHWDULHFDVDVLFXPSHUHFHYDGXOFHSHQWUXDFDVD6HGXFHODYkQ]DWRUVL]LFH
1XYDVXSDUDWLERPERDQHHVWH"
9kQ]DWRUXOVHXLWDODHODVDPDLFLXGDWVLvL]LFH
'RPQXOHERPERDQH6817
$GRXD]LLDUVHGXFHSROLWLVWXOVDVLLDFHYDGXOFHGHODDFHHDVLFRIHWDULH
1XYDVXSDUDWLFDUDPHOHHVWH"
9kQ]DWRUXORIWLFDWvL]LFH
'RPQXOHFDUDPHOH6817
6HGXFHSROLWLVWXODFDVDVLFDGHSHJkQGXUL%DLFUHGFDYkQ]DWRUXODODYUHDVDPDIDFDDWHQWVDYRUEHVFFLYLOL]DWFXJDWD
DVWDH
$WUHLD]LVHGXFHSROLWLVWXOIHULFLWODDFHHDVLFRIHWDULHFXIUXQWHDVXVVLvLVSXQHYkQ]DWRUXOXL
)LWLDPDELOUDKDWVXQW"
/DFDUHYDQ]DWRUXO
(67,FDGDLDWHDLIDFXWSROLWLVW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2WRDQFDPLFD VL GHSUDYDWDVH PXWD vQWURJDUVRQLHUD GLQWUXQ EORF GH ERVRURJL/DVFXUW WLPSL VH IDF R PXOWLPH GH
UHFODPDWLLODSROLWLHFDDIDFXWDYHUHSUDFWLFkQGVH[RUDOVLYLQVLSROLWLVWLL
'HXQGHDYHWLWRDWHOXFUXULOHDVWHD"
3DLIDFVH[RUDO
$GLFDPXLH"
1XXX(VWHDOWFHYD
3DLFDUHHVWHGLIHUHQWD""
9HGHWLFXPVDYDH[SOLFFHJUDGDYHWL"
&DSLWDQ
6LFHVDODULXDYHWL"
OHLSHOXQD
$FXPYDGDWLVHDPD"$67$HVWHPXLH

8QWUDFWRULVWDUDVWXUQDWUHPRUFDFXOHPQHFKLDUvQPLMORFXOVWUD]LL8QSROLWLVWFDUHHUDvQSUHDMPDvL]LFH
&HDLIDFXWHVWLWHUPLQDWVDYH]LFHRVDWLIDFDVHIXO
7UDFWRULVWXO3DLVWLH
3ROLWLVWXO'HXQGHVWLH"
7UDFWRULVWXO3DLHVWHVXEOHPQH

'RXDVRWLLGHSROLWLVWLVWDXGHYRUED8QD]LFH
'UDJDVRWXOPHXDUHSRVWOkQJDRIORUDULH1LFLRGDWDQXPLDDGXVYUHRIORDUH
6LFH"$OPHXDUHSRVWOkQJDFRQVHUYDWRU2FRQVHUYDQDPYD]XWSkQDDFXP

ÌQWURVHDUDXQFDOXJDUPHUJHDSHVWUDGDvQIDVXUDWvQWURPDQWDQHDJUDFXJOXJDSHFDS6HvQWkOQHVWHFXGRLSROLWLVWL
FDUHvOEDWGHVHFDFDSHHLDSRLXQXOGLQHLvL]LFH
&HED1,1-$FUH]LFDWRWXLFDQILOPH"

&LFDYLQHXQSRSDOD3ROLWLH
'RPQXOHSROLWLVWPLVDIXUDWELFLFOHWD9DURJIUXPRVVDPLRJDVLWLSHQWUXFDHXVXQWXQRPPRUWIDUDHD
DPVOXMEHGHWLQXWLQVDWHOHYHFLQHVLQXDPFXFHVDDMXQJDFROR
&DXWDSROLWLVWLLFHFDXWDYUHR]LOHGD
QXJDVHVFQLPLF6HGXFODSRSDVLvL]LF
3DULQWHQX DP SXWXWVDWLJDVLP ELFLFOHWD GD
 XLWH FH VD IDFL PkLQH FkQG WLL VOXMED OD QRL vQ VDW DWXQFL FkQG]LFL FDUH H
WUHDEDFXFHOH3RUXQFL
WHRSUHVWLSXWLQGXSDFHR]LFLSDLDFX6DQXIXULVLYH]LFLQHVHvQURVHVWHODIDWD
'XSDDLDYLLVLQHVSXLQRXDVLUH]ROYDP
9LQHSRSDGXSDVOXMEDIHULFLWODSROLWLVWLVLOHVSXQH
*DWDEDLHWLVDUH]ROYDW
3ROLWLVWLL
(LFLQHVDvQURVLW"
3RSD
6WDWLSXWLQFDQLFLQDPDMXQVODDDSRUXQFD6DQXIXULSHQWUXFDODDD6DQXSUHDFXUYHVWLPLDPDGXVDPLQWH
XQGHPLDP8,7$7ELFLFOHWD

2PDVLQDSOLQDGHPLOLWHQLRSUHVWHVDLDXQSRSDFDUHOHIDFHVHPQFXPkQD
ÌQ PDVLQD H XQ SXUFHO SH FDUH JUDGDWLL ODX SURFXUDW GLQWUXQ &$3 /D XQ PRPHQW GDW VL FD VD IDFD SXWLQD FRQYHUVDWLH
SDULQWHOHvQWUHDEDXQGHGXFJRGDFXO
ÌOGXFHPVDGHDH[DPHQODWHRORJLHVSXQHVSUHKD]XOWRYDUDVLORUVDLXQSOXWRQLHU
6LGDFDQXUHXVHVWHvQWUHDEDSUHRWXOvOWLQHWLvQFRQWLQXDUHvQPLOLWLH"

ÌQ QRDSWHD GH &UDFLXQ XQ SROLWLVW FDODUH VWDWHD vQ LQWHUVHFWLH OkQJD VHPDIRU $ODWXUL RSUHVWH VL %XOD SH QRXD OXL
ELFLFOHWD
)UXPRDVDELFLFOHWDDL]LFHFRSRLXO7LDDGXVR0RV&UDFLXQ"
'D]LFH%XOD
,DVDL]LFLWXOXL0RV&UDFLXQODDQXVDWLDGXFDVLXQIDUVLQLVWHRFKLGHSLVLFD]LFHSOLWLVWXODPHQGkQGXOSH%XOD
'DFHFDOIUXPRVDLVLWX]LFHVL%XOD7RWPRV&UDFLXQWLODDGXVVLWLH"
'D]LVHJDERUX
Uk]kQGOD%XOD6LJXUFDHOPLODDGXV
,DVDLVSXLWXOX
PRVXODDQXVDSXQDS DVXEFDOQXSHFDO

/DXQH[DPHQOD$FDGHPLDGH3ROLWLHXQFDQGLGDWHVWHvQWUHEDW
/DFkWHJUDGHILHUEHDSD"
/D UDVSXQGH IHUP FDQGLGDWXO3LFDWLHVHGLQ VDOD VL SRYHVWHVWH FX QDGXI IUDWHOXL PDL PDUH SURDVSDW RILWHU GH SROLWLH
VXELHFWXODERUGDW
$FHVWDvODGPRQHVWHD]DGRFW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3URVWXOH1XDSDILHUEHODGHJUDGHFLXQJKLXOGUHSW

2ILWHUGHFHQDLYHQLWLHULODVHUYLFLX"vOvQWUHEDFRPDQGDQWXOSHXQWkQDUSROLWLVW
)LLQGFDLHULPDPvQVXUDWVDWUDLWL
%LQH'DUVDQXVHPDLvQWkPSOHDGRXDRDUD

ÌQWUXQPDJD]LQLQWUDXQSROLWLVWvQFLYLO
%XQD]LXDvPLSXWHWLDUDWDVLPLHWHOHYL]RUXODFHODGHGRXDPLOLRDQH
ÌPLSDUHUDXUDVSXQGHYkQ]DWRDUHDGDUQRLQXVHUYLPSROLWLVWL
6XSDUDWQHYRLHPDUHSROLWLVWXOPHUJHDFDVDVHGHJKL]HD]DFXPVWLHHOPDLELQHVLVHUHvQWRDUFHODPDJD]LQ
$VGRULVLHXVDYDGWHOHYL]RUXODFHODGHGRXDPLOLRDQH
'RPQXOHQDX]LWLFDQXVHUYLPSROLWLVWLL"UDVSXQGHYkQ]DWRDUHDHQHUYDWD
1HJUXGHIXULHSROLWLVWXOVHGXFHLDUDFDVDVLvVLVFKLPEDSHQWUXDGRXDRDUDGHJKL]DUHD
'RDPQDYDURJVDPLDUDWDWLVLPLHWHOHYL]RUXODFHODGHGRXDPLOLRDQHGHOHL
0DLRPXOHHVWLVXUG"1DX]LFDQXVHUYLPSROLWLVWLL"
%DGDGRDPQDvQVDSXWHWLVDPLVSXQHWLVLPLHFXPGHYLDWLGDWVHDPDFDVXQWSROLWLVW"
3DLGUDJDGRPQXOHWHOHYL]RUXODFHODGHGRXDPLOLRDQHQXHVWHWHOHYL]RUFLFXSWRUFXPLFURXQGH

2FLUFDGHSROLWLHRUJDQL]HD]DRH[FXUVLHOD PXQWHSHQWUXDQJDMDWLLVDL&X DFHDVWDRFD]LH HVWH vQFKLULDWXQ DXWRFDU FX

HWDM-RVRILWHULLUkGFkQWDDSODXGDvQWUXQFXYDQWVHGLVWUHD]DGH PLQXQH vQ WLPSFH VXVDFRORXQGH VDXDVH]DW JUDGHOH
LQIHULRDUH QX VH DXGH QLFL XQ ]JRPRW ,QWULJDW XQ RILWHU XUFD VFDUD SHQWUX D YHGHD FH VH vQWkPSOD 6FHQD GH FRVPDU
7DEODJLL ]DF vQWLQVL SH SRGHD VDX VH WLQ FX GLVSHUDUH GH PkQHUHOH VFDXQHORU WRWL VXQW YHU]L GH IULFD VL WUHPXUD GLQ WRW
FRUSXO
&HVDvQWkPSODWEDLHWL"'HFHVXQWHWLDWkWGHVSHULDWL"
3DLGRPQXOHRILWHUDELDUHXVLVDVSXQDXQWDEODJLXGXPQHDYRDVWUDRILWHULORUFHYDSDVD"'XPQHDYRDVWUDDYHWLVRIHU

'RPQXOHSROLWLVWFLQHYDPLDIXUDWELFLFOHWD
(UDvQFDEXQD"
'DPHUJHDPFXHDODOXFUX
$WLDYXWFORSRWHOODHD"
1X
)UkQDGHPkQD"
1X
)DUVLRFKLGHSLVLFD"
1X
$WXQFLWUHEXLHVDSODWLWLDPHQGD

&LFD VFULH XQ SROLWDL VPHFKHU R FDUWH &H H SROLWDLL VL FH YUHD HL 6H GXFH XQ FROHJ GHDO DXWRUXOXL OD OLEUDULH VD
FXPSHUHFDUWHD
9UHDXVLHXRFDUWH&HHSROLWDLLVLFHYUHDHL
1HSDUHUDXVDHSLX]DW
1XFRQWHD]DGDWLPLDVDHSXL]DWFXPDYHWL

'RLSRUXPEHLSRYHVWHVF
9H]LFLQHLVXEFRSDF"
'HVLJXUFDYDGUDVSXQGHFHODODOW8QSROLWDL
6LDWXQFL&HPDLDVWHSWL"

8QSXVWLVHSLVDGHSHXQSRGvQDSD$SDUHXQPLOLWLDQ
%D1XWLHUXVLQH"'DFDWLWDLSXWD"
,DXDOWD
6LGDFDWLRWDLVLSDLD"
,DXDOWD
0DGDGHXQGHOHLHLWX"
'LQSL GDPDWLLQHQH

3ROLWLVWXORSUHVWHRPDVLQDVLvLVSXQHVRIHUXOXL
6XIODvQILROD
1DPGHJkQGvLVSXQHVRIHUXO
6XIODGRP
QHvQILROD
1X
3ROLWLVWXOvVLSLHUGHUDEGDUHDVLvLVSXQH
6XIODRGDWDFDGDFDQXVXIOXHXVLYDILVLPDLYHUGH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QEHDWLHVHQRDSWHDWkU]LXGLQELUWVLSHvQSDUFDUHEDWHFXSDOPDSHFDSRWHOHPDVLQLORUGLQMXU8QWUHFDWRUvOYHGHVLvO
vQWUHDED
&HIDFLRPXOH"
ÌPPPPPLFFFDXWPDVLQD
2P EXQ DVDQX vWL JDVHVWL vQ YHFL PDVLQD $VD QX YHL UHFXQRDVWH QLFL FXORDUHD HL QLFL PRGHOXO VL QLFL PDFDU QXPDUXO GH
vQPDWULFXODUHQXLOSRWLYHGHD
1XLQLPPPPPLFD8QGHYDDLFLVXVWUHEXLHVDILHJJJJJJLURIDUXODOEEEEDVWUX

(FKLSDMXOSROLWLHLvQPLVLXQHSH7UDQVIDJDUDVDQL
3H7UDQVIDJDUDVDQLvQDOHUWDXUFD$URXOSROLWLHLvQPDUVDOLHU8QWUHFDWRUvLvQWUHDED
'DELQHPDLEDLHWLGHFHXUFDWLYRLSHWUDVHXODFHVWDSHULFXORVFXVSDWHOH"
3DLQHDPJLQGLWFDGDFDVXVQXJDVLPORFGHvQWRUVYRPSXWHDYHQLODFRERUkUHFXIDWD
'XSDXQWLPSGLQQRXHFKLSDMXOSROLWLHLFRERUkQG7UDQVIDJDUDVDQXOWRWvQPDUVDOLHU7UHFDWRUXOGLQQRX
3DLELQHPDLEDLHWLGHFHFRERUkWL7UDQVIDJDUDVDQXOFXVSDWHOH"
$PJDVLWORFGHvQWRUV

8QVRIHUDMXQJHFXPDVLQDSHPDOXOXQXLUkXVLOvQWUHDEDSHXQSROLWLVWFHSHVFXLDGDFDLDGkQFDDSD$FHVWDLUDVSXQGH
FDQXLDGkQFD/DFDUHVRIHUXOLQWUDFXPDVLQDQDSDVHVFXIXQGDLHVHFXFKLXFXYDLGLQDSDVLOvQMXUDSHSROLWDL

WXWLPDPDWDGHSURVWDL]LVFDDSDLPLFDVLXLWHFDHUDVDPD
QHF
3HRQRDUHDPHDDFXPPLQXWHHUDPLFDDXWUHFXWQLVWHUDWHVLOHDMXQJHDDELDSkQDQSLHSW

8QVHIGHSROLWLHLQWULJDWGHIDSWXOFDRGUDVODVDLOLQWUHDEDFLQHDVFULV/XFHDIDUXOLOFKHDPDODHOSHXQVXEDOWHU
%DGXWHODLQGLYLGXODODGHSHVWUDGDVLLQWUHDEDOGDFDVWLHFLQHDVFULV/XFHDIDUXO
'XSDFFDPLQXWHVHLQWRDUFHVXEDOWHUQXOXGOHRDUFDGDUFXXQ]LPEHWGHVDWLVIDFWLHSHFKLS
*DWDGRP
VHIDUHFXQRVFXWHODVFULVR

8QSROLWLVWPHUJHODXQSDULQWHFDVDVHVSRYHGHDVFD/DXQPRPHQWGDWSDULQWHOHvOvQWUHDED
$LIXUDWYUHRGDWD"
3ROLWLVWXOUDVSXQGH
3DULQWHHXDPRYRUEDFDUHPDVFXWHVWHVDIXUVHFRQILVFD

%DQFXULFXSHVFDUL

Ì'HFHQXDXSHVWLL6,'$"
53HQWUXFDSX HOHVXQWSHPDO

/RFXODVWDHVWHH[FHOHQWSHQWUXSULQVFUDSLQXLDVD"
'DGDUFUHGFDVXQWSOHFDWLvQZHHNHQGFDGHYLQHULGXSDPDVDVWDXDLFLVLSkQDDFXPQDPSULQVQLFLXQXO

*LJHOSHVFXLDvQWUXQORFLQWHU]LV$SDUHSD]QLFXO
&HIDFLDLFL"
ÌQYDWRPXVFDVDvQRDWH
$WXQFLWUHEXLHVDSODWHVWLDPHQGDFDQXDUHFRVWXPGHEDLH

9DULDQWD
8QSHVFDUGDGHDODXQGLWDvQWUXQORFXQGHSHVFXLWXOHUDLQWHU]LV8QSD]QLFVHDSURSLHGHHOVLL]LFH
7UHEXLHVDSODWLWLDPHQGDDLFLSHVFXLWXOHLQWHU]LV
(XQXSHVFXLHVFvLIDFGRDUEDLHUkPHLDVWHLD]LFHSHVFDUXOULGLFkQGEDWXOGLQDSD
$PHQGDWRWWUHEXLHVDSODWHVWL5kPDQXDUHVOLSSHHDVLDVWDQXHSODMDGHQXGLVWL

(UDXQX
SHPDOXOXQHLDSHVLGDGHDODSHVWH6WDHOSDFRORSHOkQJDSOXWDVLGHRGDWDPXVFD&DQGVFRDWHXQGLWDGLQDSDFH
VDYH]LXQSHVWLVRUGHDXU$VWDGDVDOEDJHQWUDLVWDFkQGWUHFHXQX
SHOkQJDHO
&HIDFLEDIUDLHUHDUXQFDOEDvQDSRLvQDSDWXQXVWLLFDSHVWLVRUXOGHDXUvWLvQGHSOLQHVWHWUHLGRULQWH"
6DXLWDSHVFDUX
ODSHVWH]LFH
+DLEDGDWHGUDFX
FDVLDVDHVWLPLFVLSULFDMLWPDUVvQSL GDPDWLLvQDSRLvQDSD
1XODUXQFDELQHQDSDFDSHVWLVRUXOGHDXUVFRDWHFDSX
DIDUDVLL]LFH
%D SHQWUX FD PDL VDOYDW vWL vQGHSOLQHVF WUHL GRULQWH 'D
 RULFH PLDL FHUH OX
 DOD vL GDX GH GRXD RUL PDL PXOW FD HO WHD
vQYDWDWGHELQH
6WDDVWDSHJkQGXULVL]LFH
9UHDXRYLODXOWUDVXSDUDWDDLFLSHPDOXODSHL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DFÌLDSDUHQIDWDRYLOD&kQGVHXLWDOkQJDYLODOXLOX
DODvLIDFXVHGRXDYLOH
9UHDXVDFLGDEDQL
3DFDSDUOkQJDHOVDFLGHEDQL/X
DODvLDSDUVDFL
$X]LEDLDPLXQFRL

8QFKLELWvOvQWUHDEDSHXQSHVFDU
7HDLDOHVFXFHYDGHFkQGVWDLDLFL"
'DFXXQMXQJKLvQVSDWH

9DULDQWDODSUHFHGHQWXO
$WLSULQVFHYDGHFkQGVWDWLDLFL"
'DDSDvQFL]PH

ÌQWUHGRLSHVFDUL
0XVFD"
'DDLGUDFXOXLPXVFD
&UDSXO"
1XWkQWDULL

/DXQUHVWDXUDQWSHVFDUHVF
6HUYLWLVLFDUDFDWLWH"
6HUYLPSHWRWLFOLHQWLL

8QFXULRVVHRSUHVWHvQVSDWHOHXQXLSHVFDU
(LFXPPHUJH"0XVFVDXQX"$WLSULQVYUHXQXO"
'DDGLQHDXULDPSULQVSHXQXOFDUHPDEDWHDODFDSVLODPDUXQFDWvQUkX

'RLSHVFDULVXHGH]LVWDXFXXQGLWDvQEDOWD'XSDXQWLPSvQFHSVDFRQYHUVH]H
&DVDWRULW"'XSDYUHRMXPDWDWHGHRUDFHODODOWUDVSXQGH
'D
0DLWUHFHYUHRRUD
)UXPRDVD"
6HIDFHDPLD]D
1X
$VILQWHVWH
%RJDWD"
7UHFHYUHPHD
1X

$WXQFLGHFHDLOXDWR"
ÌQFHSVDVLVWUkQJDOXFUXULOH
3HQWUXPRPHDOD

$GLFDFXPPRPHDOD"
6HDJDWDGHEDUDWUROHLEX]XOXL
$UHOLPEULFL

&XJHWDUH3HVFDULLH[DJHUHD]D'DU
3RDWHFDXQSHVWHPHUJHDFDVDVLvQGUXJDPLQFLXQLGHVSUHPDULPHDQDGHLSHFDUHDIXUDWR

VXU]LVHvQWkOQHVFXQX
GLQHLFDUDRXQGLWDSHXPDU
7HGXFLODSHVFXLW"
1XPDGXFODSHVFXLW
$VFX]DPDFUHGHDPFDWHGXFLODSHVFXLW

6HIDFSUHJDWLULSHQWUXXQFRQJUHVDOSHVFDULORU3UHVHGLQWHOH
7UHEXLHVDHYLWDPVLWXDWLDGLQDQLLSUHFHGHQWLFkQGODPDVDIHVWLYDGXSDYRGFDVLSDOLQFDVDvQFHSXWFXFKHVWLLUDVXIODWHGH
JHQXODPSULQVRVWLXFDDWvWDDPSULQVXQFDUDVDWvWDGHFPGHFPGHODNJHWFVXQWFKHVWLLMHQDQWH$VWHSW
SURSXQHULvQDFHVWVHQV
8QXOSURSXQHVDVHGHDDQJDMDPHQWHVFULVHVHIXOVSXQHFDDVWDVDPDLIDFXWVLQXVDUHVSHFWDWHWF8QDOWWLS]LFH
'RPQLORUVXQWFKHVWLLFHQXSRWILFRQWURODWHODXQSDKDUXWRPXOXLWDGHWRDWHDQJDMDPHQWHOH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
(XDVVXJHUDVDIRORVLPQLVWHFDWXVHILHFDUHVDDYHPSHWRWWLPSXOPHVHLFDWXVHODPvLQLVLDVWIHOQXVHPDLSRDWHDUDWDFDD
SULQVXQXODWkWDVDXDWkWD6HDFFHSWDYDULDQWDFDILLQGFHDPDLVLJXUD$XORFOXFUDULOHVLVHDMXQJHODPDVDIHVWLYDJXVWDUL
YRGFDPDVOLQHPDPDOLJXWDSDOLQFD3UHVHGLQWHOHWRFPDLYRUEHD
$PILODWDPvQWLQVDPXVFDWDPvQFHSXWVDOWUDJODPDGXVODPDODPOXDWPLQFLRJXOVLODPVFRVDIDUD
(UDHUDYL]LELOMHQDWGHFDWXVHDUDWDFXPkLQLOHGHSDUWDWHIDFXWHFDXVDYHDXQRFKLXLWHDWkWDGHPDUH

7UHLSHVFDULDVWHDSWDSHPDOXO'XQDULLVDVHSULQGDFHYDvQXQGLWD
'HRGDWDDSDUHXQSRUFPLVWUHW
0DGDFDDUIL&ODXGLD6FKLIIHU]LFHSULPXO
$UILELQHVLGDFDDUILQHYDVWDPHD]LFHDOGRLOHD
$OWUHLOHDWDFHSXWLQDSRLH[FODPDFXQDGXI
&HOPDLELQHDUILGDFDDUILvQWXQHULF

8Q SHVFDU FX VWLFOXWD GH YRGFD ODQJD HO /D XQ PRPHQW GDW SULQGH SHVWLVRUX
 GH DUJLQW 'D HO VDO DUXQFH GD
 DVWD vL
YRUEHVWH
6WDLFDWLvQGHSOLQHVFRGRULQWD
'XWHEDLvQSL] DPDWLL
6WDLEDLIUDLHUH
%LQHEDLGHDFX
VDPDSLVYRGFD
2N
$UXQFDDVWDSHVWLVRUX'XSDXQWLPSVHWHUPLQDVWLFODOXLGHYRGFD6WDDVWDFHVWDSHJkQGXULVLSkQDODXUPDLDVWLFODVLVH
SLVDvQHD0LURDVHYRGFD%HDYRGFD9HFLQX
VHXLWDODHOFDODIHOX
SDLVSH
&HIDFLEDLDFROR"
%HDXYRGFD
'XWHEDL
,DVLJXVWD
9HFLQXLXWHODPkQLHvLGDXQDSHVWHPkQDVLVWLFOD]ERDUDVLVHVSDUJHGHRVWkQFD$VWDLDXQFLREVLLOGDYHFLQXOXLVDO
PLURDVD$VWDPLURDVH
9RGFDEDLFKLDUDLDYXWGUHSWDWH
9H]LEDLIUDLHUHDFX
GDFDDLVSDUWVWLFODWUHFLVLLDGHODVXUVD

'DGHDXQX
ODSHVWH/DXQPRPHQWGDWVFRDWHvQILSWvQDFXQSHVWLVRUGHDXU3HVWLVRUXOvL]LFH
'DPLEDQHQHGUXPXOFDPXOWELQHvWLYRLIDFH
ÌLGDDVWDGUXPX
vQDSRLvQDSDVLSHVWLVRUXOvL]LFH
3DFKHVWLDDVWDvWLvQGHSOLQHVFWUHLGRULQWH
3OHDFDDVWDDFDVDVLvQIDWDXVLLVFDSDFKHLOHGLQPkQD
0LLGHSX HH[FODPDHO
ÌQILQHLQWUDQFDVDVLFHVDYH]LPLLGHSX HvPSUDVWLDWHSULQWRDWDFDVD
3WLXEDJDPLDVVLGUHJHDPLDVIDEDFHYDVDGLVSDUDWRDWHSXOHOHDVWHD
0DLVWDFkWHYDPRPHQWHVL]LFH
,DGDPLEDSX DvQDSRL

6XQWFHYDSHVWLvQODFXODVWD"
1XVWLX(XSHVFXLHVFDLFLGRDUGHRVDSWDPkQD

1XYDVXSDUDWLFDYDvQWUHEvQWUHDEDXQFXULRVSHXQSHVFDUFkWLSHVWLDWLSULQV"
3DLUDVSXQGHSHVFDUXOGXSDXQPRPHQWGHPHGLWDWLHGDFDOSULQGSHDVWDFDUHPXVFDDFXPVLSHvQFDGRLvQVHDPQDFDDP
SULQVWUHLSHVWL

1XVWLDLvQWUHEDSD]QLFXOFDvQDFHVWODFSHVFXLWXOHVWHLQWHU]LV"
3DLFLQHSHVFXLHVWH"(XRvQYDWDPSHUDPDDVWDVDvQRDWH

&HIDFLDLFLSHVFXLHVWL"
1XvLGUHVH]SHSHVWLVDvPLPDQkQFHGLQFkUOLJ

6L]LFLFDDLSULQVXQFUDSGHSHVWHNLORJUDPHIDUDH[DJHUDUH"
)DUD
6LFXH[DJHUDUH"
1XVWLXFDQXODPFkQWDULW

&HDLSHVFXLWLHUL0LWLFD"
$PSULQVFUDSLPDPD
FUDSL"ÌQVHDPQDFDWHDXSDFDOLWFHLGHOD3LVFLFROD3HERQVXQWIDFWXUDWL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

&HIDFLSULHWHQH"3HVFXLHVWL"
$VGDGHXQGHÌQHFUkPHOHFDUHPLDXLQYDGDWJUDGLQD

2DUHSHVWLLVHODXGDODIHOFDSHVFDULL"
3DUFDSRWLVDVWLL"1XYDGGHFHXQSHVWHQXVHSRDWHODXGDFXPDULPHDPRPHOLLSHFDUHDIXUDWRGLQFkUOLJ

7DWLFXOHFDUHHVWHFHOPDLPDUHSHVWHSHFDUHODLSULQV"
ÌQWUHDERPDLELQHSHPDLFDWD$PFDPXLWDWFHLDPVSXV

ÌQXQHOHSDUWLDOH*URHQODQGHLSHVWHOHXVFDWVHJDVHVWHvQDVHPHQHDFDQWLWDWLvQFkWHVWHIRORVLWFDPRQHGDGHVFKLPE
6LFXPL]EXWHVFVDOEDJHvQDSDUDWHOHWHOHIRQLFHVDXvQDXWRPDWHOHFX&RFD&ROD"

8QSHVFDUvQFHUFDVDVLFRQYLQJDVRWLDFDSHVWLLVXQWEXFXURVLFkQGVXQWSULQVL
'DFDQDUILGHFHGDXGLQFRDGDFkQGVXQWVFRVLGLQDSD"

8QFXULRVVHXLWDVLHOODQLVWHSHVFDUL/DXQPRPHQWGDWXQXOGLQWUHHLUHXVHVWHVDSULQGDXQVRPQGHWRDWDIUXPXVHWHD
ÌOVFRDWHGLQFkUOLJVLvODUXQFDvQDSRLvQDSD
&HIDFLRPXOH"VWULJDFXULRVXO
&HVDIDFFXGLWDPDLSHVWHOHFkQGWLJDLDPHDHODWDGRDUGHRVFKLRDSD"

8QSHVFDUFKLQXLQGXVHVDDGXFDODPDOXQSHVWHPDUHSHFDUHWRFPDLvOSULQVHVHFD]XvQDSDVLvQFHSXVDVWULJH
$MXWRU1XVWLXVDvQRW
6LFHLFXDVWD"vLUHSOLFDXQRPFDUHWRFPDLWUHFHDSHDFROR1LFLHXQXVWLXVDSHVFXLHVFGDUQXVWULJvQJXUDPDUH

,HULDPSULQVFHDPDLPDUHFDSWXUDGLQYLDWDPHDSRYHVWHDYHFLQLORUXQSHVFDU8QFUDSFDUHFkQGODPFkQWDULWDYHD
NJ
'DFRQILUPDEDLHWHOXOSHVFDUXOXLVLWDWDDIRVWDVDGHEXQFDODGDWSLVLFXWHLVDOPDQkQFH

8QRPGHOD$VRFLDWLDGH3URWHFWLHD$QLPDOHORUYHGHXQEDLHWDVFDUHSHVFXLDDYkQGvQFkUOLJREURVFXWD
&XPSRWLVDFKLQXLHVWLELDWDEURVFXWD"
1XHVWHDGHYDUDWDHVWHGLQSODVWLF
(XDPFUH]XWFDHVWHDGHYDUDWD
/DIHODXFUH]XWVLIUDLHULLDVWLDGHSHVWLGLQFRV

8QFXULRVVHRSUHVWHvQVSDWHOHXQXLSHVFDU
(LFXPPHUJH"0XVFDVDXQX"$WLSULQVYUHXQXO"
'DDGLQHDXULDPSULQVSHXQXOFDUHPDEDWHDODFDSVLODPDUXQFDWvQUkX

'HFHDLXPDUXOvQJKLSV"
$PIRVWGXPLQLFDODSHVFXLWVLDPSULQVRVWLXFDXULDVD
6LWLDIUDFWXUDWXPDUXOFvQGDLVFRVR"
1XDWXQFL'XSDYUHRGRXDFHDVXULFvQGvLDUDWDPXQXLDPLFFkWHUDGHPDUHFDSWXUD

9DLGUDJDFHDVODELWVRWXOWDX
'HODSHVFXLWLVHWUDJH
1XVWLDPSHVFXLWXOVODEHVWH"
3DLPDQkQFDFHSULQGH

8QSHVFDUvVLVWUkQJHDVFXOHOHGHSHVFXLWVXSDUDWFDQXSULQVHVHQLPLF&kQGVDSOHFHvORSUHVWHXQSLWLF
6WLLFLQHVHX"
1X
(XVXQWSLWLFXOEDOWLORU
6LFHLFXDVWD"
3DLHXvWLvQGHSOLQHVFWUHLGRULQWHGDFDvPLvQGHSOLQHVWLVLWXXQD
2N6DIDFXW
6LSHVFDUXOFHUHVDGHYLQDIRDUWHERJDWVDDLEDRFDVDIRDUWHOX[RDVDVLRVRWLHFDUHVDDUDWHVXSHUE3LWLFXOEDOWLORUvLSURPLWH
FDvLYDvQGHSOLQLGRULQWDGDUvLFHUHVDOODVHVDOUHJXOH]H3HVFDUXOUHIX]DODvQFHSXWGDUVHJkQGHVWHFHDUSLHUGHVLDFFHSWD
'XSDFHVLIDFWUHEXULOHODSOHFDUHSLWLFXOvQWUHDED
7XFkWLDQLDL"
GHFH"
3DLODYLUVWDDVWDPDLFUH]LvQSLWLFXOEDOWLORU"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6RWXOSOHDFDODSHVFXLWSHQWUXPDLPXOWH]LOH
1HYDVWDPLDLSXVVLDUDJD]XOGHYRLDM"
'D6LPDLJDVHVWLvQUXFVDFVLYUHRWUHLFXWLLGHVDUGHOHVLXQGHVFKL]DWRU

'HGRXD]LOHWRWSHVFXLHVFVLQXDPSULQVQLPLF
&HSHVWLFLXGDWL'DUFXFHGDL"
&XSLHWUH

*DWD]LVHXQXOGLQWUHSHVFDULD]LDPYHQLWGHJHDED1X PDL HVWHQLPLFGH IDFXW VD QH VWUkQJHP VFXOHOH VL VD SOHFDP
DFDVD
%DPDLDYHPFHYDGHIDFXW
&H"
6DQHSXQHPGHDFRUGFXFHSRYHVWLPDFDVD

8QFXULRVvOvQWUHDEDSHXQSHVFDU
7HDLDOHVFXFHYDGHFkQGVWDLDLFL"
'DFXXQMXQJKLvQVSDWH

8QSROLWLVWWUHFXWvQUH]HUYDFDUHVHFDPSOLFWLVHDDKRWDUkWVDVHRFXSHFXSHVFXLWXO6LDFXPSDUDWPDQXDOHXQGLWHVLD
IDFXW URVWGH PRPHDODVL VDGXVOD EDOWD'XSD RUHGH DVWHSWDUH HO UHXVHVWHVD SULQGD XQ SHVWH PLF )XULRVSROLWLVWXO vO
VFRDWHGLQFkUOLJvODSXFDGHFRDGDVLvQFHSHVDLWUDJDSDOPH
6SXQHXQGHVXQWFHLODOWL6SXQHXQGHVXQWFHLODOWL

0LRDUDFDUHFLWHDRFDUWHFXSRYHVWLULSHVFDUHVWLvQWUHDED
0DPLFRRDUHH[LVWDSHVFDULFDUHQXSULQGQLPLF"
&XPVDQX7DLFDWDXHVWHXQH[HPSOXVWUDOXFLW

$VWDYDUDDPSHVFXLWXQFUDSGHNJ
NJ"6LDLDYXWPDUWRUL"
'HVLJXUDOWIHOFUDSXODUILDYXWFXNJPDLPXOW

%DUEDWXOPHXHVWHXQSHVFDUQHPDLSRPHQLW$SULQVQXPDLSHVWLPDULvQGHOWD8LWHODLFLvQIRWRJUDILHFXXQFUDSGH
NJ
6LEDUERVXODODGLQEDUFDFLQHH"
$XQFXULRVFDUHWUHFHDSHDFROR

ÌQWUHSHVFDUL
9DVLOHFXPWUDJHVWLXFDODXQGLWD"
'HXQGHYUHLVDVWLXHX"&UH]LFDDPYD]XWRYUHRGDWD"

8QSHVFDUYD]kQGXQFRQIUDWHFDUHVWDWHDFRQFHQWUDWDVXSUDDSHLvOvQWUHDED
&XPHDSDDVWD]L"
(DWDWGHPLQXQDWDFDQLFLSHVWHOXLQXLYLQHVDLDVDGLQHD

8QLLSHVFXLHVFILLQGFDOHSODFHDFHVWVSRUWDOWLLGLQSOLFWLVHDODHXGLQFDX]DQHUYLORU6LGXPQHDYRDVWUD"
(XYUHDXVDSULQGSHVWH

,DUQDJUHD%5555&LFDHUDXQSHVFDUIDQDWLF6LGHIDQDWLFFHHUDVHGXFHHOvQWUR]LODSHVFXLWGHVLHUDPXOWVXE]HUR
6FRDWHWkUQDFRSX
VDGHDRFRSFDGXSDFDUHVLDUXQFDVFXOHOHvQDSD6WDHOFHVWDVLRGDWDDXGHRYRFHJURDVDGLQVSDWH
$LFHDQXLHVWHSHVWH
*DJLX
FkQGDXGHvVLH[WUDJHXQGLWHOHVLVHPXWDPDLvQFRORWRWQXPLVFD'XSDRYUHPHDXGHLDUDVLYRFHD
$LFHDQXVHDIODSHVWH
*DJLX
VXSDUDWVHPXWDGLQQRXVSDUJHJKHDWDVLVDGH'LQQRXvQVSDWHOHOXLYRFHD
$LFHDQXYHLJDVLSHVWH
(QHUYDWSHVFDUX
VHQWRDUFHVLJUDLHVWH
'D
FLQHSL DPDWLLHVWLWXEDGHPLWRWVSHULLQRURFXO"
(XVXQWGLUHFWRUXOSDWLQRDUXOXL

%DQFXULFXYDPHVLVLODYDPD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/DYDPDHVWHQRDSWH'RLRDPHQLvQFHDUFDVDWUHDFDIUDXGXORVJUDQLWD7UHFSHUkQGFkQGWUHFHSULPXOVHDXGHXQ]JRPRW
LDUSD]QLFXOVWULJD
6WDLFLQHHVWHDFROR"
0LDDXX
$DDHGRDURSLVLFD
7UHFHFHOGHDOGRLOHDVLIDFHVLDFHVWD]JRPRWSD]QLFXOVWULJDGLQQRX
+HL&LQHHVWHDFROR"
7RWRSLVLFD

/DYDPDWUHFHXQWDUDQFXRFDUXWDSOLQDFXQLVWHELGRDQH9DPHVXOvORSUHVWHVLOvQWUHDED
&HDLGRP
QHDLFL"
&HVDDPGRPQX
YDPHVXOHQLVWHVXFGHFRFRV
$DDDVXFGHFRFRVLDGDPLVDJXVWVLHX
9DPHVXOLDJXVWDVLL]LFH
'RP
QHWHODVVDWUHFLGDFDvPLGDLVLPLH.J
ÌWLGDXGRPQXOHGDFDDOWIHOQXVHSRDWH$FXPSRWVDSOHF"
'XWHGRP
QHVDQDWRV
$SDLDWXQFLWHVDOXWGRPQX
YDPHVXOH'LLLPDL&RFRVGLLL

1XDYHWLQLPLFGHGHFODUDW"vOvQWUHDEDYDPHVXOSHFDODWRU
%DGDSDSDJDOXOPHX
$WXQFLvQVHDPQDFDWUHEXLHVDSODWLWLRWD[D6XQWVFXWLWLGHYDPDQXPDLSDSDJDOLLvPSDLDWL
'HRGDWDVHDX]LRYRFHUDJXVLWDGLQEDJDMH
ÌWLDUGHGHJOXPH"3ODWHVWHLPHGLDW

8QFkWDUHWGHRSHUDVHvQWRDUFHGLQWUXQWXUQHX/DJUDQLWDYDPHVXOVFRWRFLQGSULQEDJDMHGDGXSHVWHRFRURDQDUHJDOD
FDUHHUDIRORVLWDvQWUXQDQXPLWURO9D]kQGRYDPHVXOvQJKHWDDSRLOXDSR]LWLDGHGUHSWLVDOXWDVLEkLJXL
,HUWDWLPD0DMHVWDWH3XWHWLWUHFH

%XODLQWUDFXPDVLQDvQYDPD9DPHVXOYLQHODHOVLvOvQWUHDED
&DIHDZKLVNLWLJDUL"
1XPXOWXPHVF'DUGDFDGRULWLEHDXR&RFD&ROD

%DQFXULFXVLGHVSUHFRPSXWHU

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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$WXQFL%LOODVSXV86(5XOXL+RWDUkWOXFUXGDFDvOYHWLIRORVLQXYHWLPXULGDU'XPQH]HXVWLHFDvQ]LXDvQFDUHYHWL
JXVWDGLQ:,1'2:6YLVHYRUGHVFKLGHRFKLLVLYHWLILFD'XPQH]HXFXQRVFkQGELQHOHVLUDXO9HWLILFDSDELOLVDFUHDWLVL
YRLRULFHGRULWLSULQWURVLPSODDSDVDUHGH0286(
6L86(5XODYD]XWFDIUXFWHOH:,1'2:6XOXLHUDXSODFXWHGHSULYLWVLXVRUGHIRORVLWVDJkQGLWFDHUDGHGRULWFDHOH
VDGHVFKLGDFXLYDPLQWHD$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
'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

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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7HLQWHUHVHD]DDUPHOHGHIRFVLFDXWLGLVSHUDWGXSDXQ%)*
ÌWLPRGLILFLXVLOHGLQORFXLQWDVDVHGHVFKLGDSHYHUWLFDOD
&UH]LFRQYLQVFDSRWLWUHFHSULQ]LGXUL
(VWLIHUPFRQYLQVFDODPSDGLQGRUPLWRUQXIDFHXQFRQWDFWVLGHDFHHDVHDSULQGHVLVHVWLQJHODLQWHUYDOHUHJXODWH
ÌWLDUXQFLSLVLFDvQDLQWHWDvQSLVFLQDVDILWRWXVLVLJXUFDQXHXPSOXWDFXJXQRLUDGLRDFWLY
ÌWLFHUFHWH]LFDGDGLQEDLHVDWHFRQYLQJLGDFDFRQWLQHDSDVDXRWUDYD
ÌWLGRUHVWLVDDLRGUXMEDODWLQHQXPDLDVDSHQWUXRULFHHYHQWXDOLWDWH
ÌWLFXPSHULXQFRVWXPGHSURWHFWLHFXRFKHODULLQIUDURVLLWRWSHQWUXRULFHHYHQWXDOLWDWH
ÌQOLEUDULHFDXWLVLUDVIRLHVWLQXPDLFDUWLFXKLQWXULSHQWUX'RRP
ÌQVLWXDWLLSHULFXORDVHVWULJL,''4'
(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

2QRXDYHUVLXQH:LQGRZ]'RRUV

)LUPD0LFURRIWLQWHQWLRQHD]DFDvQDFHVWDQVDODQVH]HRQRXDYHUVLXQH:LQGRZ]QXPLWD'RRUV¶3ULQFLSDOHOHLQRYDWLL
DGXVHGHDFHDVWDQRXDYHUVLXQHVXQWXUPDWRDUHOH
)HUHVWUHOHYRUILvQFKLVHHWDQVvQVFKLPEYRU H[LVWDXVLOXFUX PXOWPDL QDWXUDOWUHEXLHVDUHFXQRDVWHWLSHQWUXLQWUDUHVL
SHQWUXLHVLUH5HPDUFDSHQWUXDGHVFKLGHRXVDVHYDIDFHFOLFNSHJDXUDFKHLLGDFDDFHDVWDH[LVWD'DFDQXYDWUHEXLVD
UHVWDUWDWLFDOFXODWRUXO
+DUGGLVNXOYDILJHVWLRQDWGHWULSOHVSDFHELQ$FHVWDHVWHXQSURJUDPIRDUWHVRILVWLFDWFDUHvQPRGQRUPDOQXWUHEXLHVD
RFXSHPDLPXOWVSDWLXGHFkWFDSDFLWDWHDWRWDODDKDUGGLVNXOXLGXPQHDYRDVWUD'DFDWRWXVLDFHVWOXFUXVHYDvQWkPSODYD
WUHEXLVDVFKLPEDWLKDUGGLVNXOFXXQXOPDLPDUHVDXvQWUHJFDOFXODWRUXO6HUHFRPDQGD0LFURVRIW3HQWLXP,QVLGHVSHFLDO
$VHYHGHDPDLMRVFDUDFWHULVWLFLOH
1RXOSURJUDPSRDWHOXFUDvQPRGXULELWLvQFXUVGHWHVWDUH[ELWLVDIHPRGHVL[ELWLGHEXJPRGHFDUHYD
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*DWHVGLVFGHFROHFWLH
7DVWDWXUD YD IL HFKLSDWD FX  WDVWH VXSOLPHQWDUH FX IXQFWLRQDOLWDWL VSHFLDOH  5(67$57  $0 =,6 5(67$57  VL
&+(0$7,6$/9$5($ 

'XPQH]HXFDSURJUDPDWRU

6LFkWRUvQWUHEDULWHRORJLFHFDUHQHFKLQXLHQXOLVDUUDVSXQGHFRUHFWGDFDQHDPJkQGLOD'XPQH]HXFDODXQSURJUDPDWRU

&RQWUROHD]D'XPQH]HXWRWFHPLVHvQWkPSODvQDIXULVLWDDVWDGHYLDWD"
$USXWHDGDFDDUIRORVLXQGHEXJJHUGDUHDVDSOLFWLFRVVDYHULILFLWRWFHVHSHWUHFHFXWRDWHYDULDELOHOHDOHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'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"
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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&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
&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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&RPSXWHUHOHQXVXQWGHUDQMDWHGHIHUHVWUHPXUGDUH
&RPSXWHUHOHQXVXQWGHUDQMDWHGHSHUGHOHOHvQJDOEHQLWH
&RPSXWHUHOHQXVXQWGHUDQMDWHGHVFUXPLHUHSOLQH
&RPSXWHUHOHQXYRUILGHUDQMDWHGHSDQWRILLWDLX]DWL
&RPSXWHUHOHQXYRUILGHUDQMDWHGHEOXJLLWDLX]DWLVLWDLDWLODJHQXQFKL
&RPSXWHUHOHQXYRUVDSULPHDVFDIRORUL
&RPSXWHUHOHQXvVLGRUHVFKDLQHGHEODQD
&RPSXWHUHOHQXvVLGRUHVFJHQWLGHSLHOHGHFURFRGLO
&RPSXWHUHOHQXVXQWRIHQVDWHGDFDOHSLSDL
&RPSXWHUHOHVWLXH[DFWFHSRWVLFHQXSRWLDUOXFUXULFHQXOHSRWIDFHQXvQFHDUFDVDOHIDFD
&RPSXWHUHOHUHDOL]HD]DFDRSHUDWRUXOHPDLGHVWHSWGHFkWHOH
&RPSXWHUHOHVWLXFDQXPDLRSHUDWRUXOVLWDVWD5HVHWVWDvQWUHHOHVL'XPQH]HX
&RPSXWHUHOHQXVXQWGLQFDX]DDILUPDWLHLXUPDWRDUHQLFLRIHQVDWHVLQLFLQXVHvQFKLGvQVLQH
&RPSXWHUHOHDXQXPDL180$,RJUHVHDOD18/(327,) (

(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<DKRRVLHVWLSHODMXPDWDWHDOXL/\FRV
'DFDGLUHFWRUXO)DYRULWHVVHvQFDUFDvQPLQXWH
'DFDDLQHYRLHGHPLQXWHVDDMXQJLODFDSDWXOILVLHUXOXLWDXFXERRNPDUNV
'DFDDLFRQHFWDWDPSOLILFDWRUXOODFDOFXODWRUFDVDDX]LFkQGYLQHYUHXQHPDLO
'DFDFRVPDUXULOHWDOHVXQWvQJLIMSJVDXKWPO
'DFDVFRWLPRGHPXOGLQIXQFWLXQHVLDLLPSUHVLDFDXQSULHWHQWLDvQFHWDWGLQYLDWD
'DFDLQLPDvWLEDWHPDLSXWHUQLFGHILHFDUHGDWDFkQGODWHOHYL]RUHVWHSUH]HQWDWDRQRXDDGUHVDZZZ
'DFDLXELWDYLUWXDODWHDSDUDVLWSHQWUXXQWLSFXXQ PRGHPPDLUDSLG
'DFDvQWUHELLQVWDODWRUXOFkWWHDUFRVWDVDVFKLPELVFDXQXOGHODFDOFXODWRUFXXQXOGHWRDOHWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DFDFkQGvWLSULYHVWL+RPHSDJHXOSOLQFXOLQNXULWRDWHDFHVWHDDXFXORDUHDOLOD
'DFDQRWDWDGHSODWDOD5RPWHOHFRPHODIHOGHJUHDFDRFDUDPLGDVLYLQHvQWUXQFROHW
'DFDvWLVFULLWHPHOHVLSURLHFWHOHvQKWPOVLvLGDLSURIXOXLXUOXOSHQWUXDOHFRUHFWD
'DFDFXPSHULVRWLHLXQFDOFXODWRUVLXQPRGHPFDVDVWDWLODWDLIDV
'DFD YLL 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
9HUVLXQHD
'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
$VWIHOGDWHOHVHYRUFRPSULPDGDWDFRPSUHVVLRQVXILFLHQWFDVDPDLIDFDORFVLSHQWUXDOWHOH$VLJXUDWLYDFDDWLDVWXSDW
vQSUHDODELOWRDWHRULILFLLOHFXVFRWFKSHQWUXDSUHYHQLSLHUGHUHDGDWHORU

'DFD*HQHUDO0RWRUVVLDUILGH]YROWDWWHKQRORJLDvQDFHODVLPRGFD0LFURVRIW

/DRUHFHQWDH[SR]LWLHGHFDOFXODWRDUH&20'(;%LOO*DWHVDFRPSDUDWvQPRGUHSHWDWLQVXVWULDGHVRIWZDUHFXLQGXVWULD

GHDXWRPRELOH
3ULQWUHDOWHOHDIDFXWVLDILUPDWLDXUPDWRDUH
'DFD*HQHUDO0RWRUVDUILWLQXWSDVXOFXWHKQRORJLDOD IHOFXPVHvQWDPSODvQLQGXVWULDGHVRIWZDUHDVWD]L DP ILFRQGXV
PDVLQLGHGHGRODULFDUHDUILFRQVXPDWXQJDORQGHEHQ]LQDODGHPLOH
&DUDVSXQVSUHVHGLQWHOH*HQHUDO0RWRUVDSXEOLFDWRVFULVRDUHLQSUHVD
'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

6RWLD

$QXOWUHFXWXQSULHWHQGHDOPHXVLDIDFXWXQXSJUDGHOD3ULHWHQDSkQDOD6RWLDVLDREVHUYDWFDDSOLFDWLDvQFDX]DD
vQFHSXWVDRFXSHSUHDPXOWDPHPRULHVLODVDIRDUWDSXWLQHUHVXUVHVLVWHPSHQWUXFHOHODOWHDSOLFDWLL3OXVODDFHDVWDSULHWHQXO
PHXDGHSLVWDWFD6RWLDDvQFHSXWVDODQVH]HSURFHVHSURSULLFDUHODIHOIXUDX UHVXUVHOHFDUHVLDVKDVLQWIRDUWHOLPLWDWH
1LFLLQVSRWXULOHSXEOLFLWDUHQLFLLQGRFXPHQWDWLLXQDVDIHQRPHQQXHGHVFULVFXWRDWHFDGXSDLQIRUPDWLDSDUYHQLWDGHODDOWL
XWLOL]DWRULIHQRPHQXOLQFDX]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]HFXWRDWHFDDFHVWHSUREOHPHDQWHULRUQXDSDUHDX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/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
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

0RWLYHSHQWUXFDUH:LQGRZVQXHVWHXQYLUXV

9LUXVLLVXQWJUDWXLWL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DFDVXQWGHWHFWDWLODWLPSYLUXVLLSRWILVFRVLGHSHFDOFXODWRUXOGXPQHDYRDVWUDIDUDSUHDPDULSLHUGHULGHGDWH
9LUXVLLQXRFXSDXQVSDWLXLPHQVGLQFDSDFLWDWHDGLVFXOXLGXPQHDYRDVWUD
8QYLUXVIXQFWLRQHD]DVLFXPDLSXWLQGH0E5$0
9LUXVLLIDFFHYD
9LUXVLLQXDXEXJXULPDMRUH
9LUXVLLQXDXVHWXULGLIHULWHGHGRFXPHQWDWLHFDUHSHGHDVXSUDPDLVXQWVLJUHVLWHVLLPSUHFLVH
9LUXVLLQXVHJDVHVFSHRULFHFRPSXWHU
9LUXVLLVHLQVWDOHD]DVLQJXUL
&XLvLSDVDGDFDXQYLUXVHVWHELWGHVLDIRVWSURPRYDWvQUHFODPDFDELW"
9LUXVLLQXvQFHDUFDVDvVLHOLPLQHFRPSHWLWLD(LvQFHDUFDGRDUVDVLIDFDWUHDED
9LUXVLLQXvQFHDUFDVDFRSLH]HFHGH]YROWD$SSOH
([LVWDSURJUDPHFDUHVHSRWFXPSDUDVDXFDUHVHSULPHVFJUDWXLWSHQWUXDvQGHSDUWDYLUXVLL
9LUXVLLSRWILOXDWGHSHRULFH%%6%XOHWLQ%RDUG6HUYLFHEXQ
9LUXVLLYLQvQPDLPXOWHYDULDQWHVLQXRYDULDQWDSHQWUXWRDWHVFRSXULOH
9LUXVLLQXDXZL]]DUGXULWkPSLWH
1XYHWLJDVLvQSUHVDLQVHUWXULSXEOLFLWDUHFXEXWRQXO67$57vQMXUXOGDWHLGHPDUWLHDWHQWLHOD0LFKHODQJHOR
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<B285B%8*:$5(
GHILQHQH[WB\HDUVRRQ
GHILQHWKHBSURGXFWBLVBUHDG\BWRBVKLS
DQRWKHUBEHWDBYHUVLRQ
YRLGPDLQ
^
LIODWHVWBZLQGRZBYHUVLRQ!RQHPRQWKBROG
^
LIWKHUHBDUHBVWLOOBEXJV
PDUNHWEXJIL[
LIVDOHVBGURSBEHORZBFHUWDLQBSRLQW
UDLVH5802856B$%287B$B1(:B%8*/(66B9(56,21
`

ZKLOHHYHU\RQHBFKDWVBDERXWQHZYHUVLRQ
^
 6WDQGDUG&DOOLQOLHK 
PDNHBIDOVHBSURPLVHLWBZLOOBEHBPXOWLWDVNLQJ
LIUXPRXUVBJURZBZLOGHU
PDNHBIDOVHBSURPLVHLWBZLOOBEHBSOXJQBSOD\
LIUXPRXUVBJURZBHYHQBZLOGHU
^
PDUNHWBWLPH ULSH
VD\,WZLOOEHUHDG\LQRQHPRQWK
RUGHUSURJUDPPHUV
VWRSBIL[LQJBEXJVBLQBROGBYHUVLRQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
RUGHUSURJUDPPHUV
VWDUWBEUDLQVWRUPBDERXWBQHZBYHUVLRQ
RUGHUPDUNHWLQJVWDII
SHUPLVVLRQBWRBVSUHDGBQRQVHQVH
YDSRXUZDUH 758(
EUHDN
`
`

VZLWFKQDVW\BTXHVWLRQVBRIBWKHBZRUOGSUHVV
^
FDVH:+(1B:,//BO7B%(B5($'<
VD\,WZLOOEHUHDG\LQWRGD\BGD\VZH
UH
MXVWWHVWLQJ
EUHDN
FDVH:,//B7+,6B3/8*B$1'B3/$<B7+,1*B:25.
VD\<HVLWZLOOZRUN
DVNSURJUDPPHUVZK\BGRHVBLWBQRWBZRUN
SUHWHQGWKHUHBLVBQRBSUREOHP
EUHDN
FDVH:+$7B$5(B0,1,0$/B+$5':$5(5(48,5(0(176
VD\,WZLOOUXQRQD2ZLWKOLJKWQLQJVSHHGGXHWR
WKHELWVDUFKLWHFWXUH
LQIRUP,17(/3HQWLXPVDOHVZLOOULVHVN\KLJK
LQIRUP6$0681*6WDUWDQHZPHPRU\FKLSSODQW

FRVDOOWKRVHFXVWRPHUVZLOOQHHGDWOHDVW
PHJV
LQIRUP48$17807KDQNVWRRXUIDWZDUH\RXUVDOHV
ZLOOWULSOH
JHWBELJBERQXV,17(/6$0681*48$1780
EUHDN
FDVH'2(6B0,&5262)7B*(7B722B08&+B,1)/8(1&(
VD\2KQRZHDUHMXVWKHUHWRPDNH
DEHWWHUZRUOGIRUHYHU\RQH
UHJLVWHUMRXUQDOLVW%LJB%LOOB%RRN
ZKHQWLPHBLVBULSH
^
DUUHVWMRXUQDOLVW
EUDLQZDVKMRXUQDOLVW
ZKHQMRXUQDOLVWBVD\VBZLQGRZVBLVBEXJIUHH
^
RUGHUMRXUQDOLVW
ZULWHDQLFHREMHFWLYHDUWLWOH
UHOHDVHMRXUQDOLVW
`
`
EUHDN
`

ZKLOHYDSRXUZDUH
^
LQWURGXFWLRQBGDWH 'HOD\ 
LIQRBRQHBEHOLHYHVBDQ\PRUHBWKHUHBZLOOBEHBDBUHOHDVH

EUHDN
VD\,WZLOOEHUHDG\LQWRGD\21(0217+
`

UHOHDVHEHWDBYHUVLRQ
ZKLOHHYHU\RQHBLVBGXPEBHQRXJKBWRBEX\BRXUBEXJZDUH
^
ELOOVBEDQNBDFFRXQW O2 PHJDEXFNV
UHOHDVHQHZBDQGBHYHQBEHWWHUBEHWDBYHUVLRQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
LQWURGXFHPRUHBPHPRU\BUHTXLUHPHQWV
LIFXVWRUQHUVBUHSRUWBLQVWDOODWLRQBSUREOHPV
^
VD\WKDWLVDKDUGZDUHSUREOHP
QRWDVRIWZDUHSUREOHP
LI
VPDUWBFXVWRPHUBVD\VB\RXBSURPLVHGBSOXJBDQGBSOD\
^
LJQRUHFXVWRPHU
RUGHUPLFURVRIWBLQWHOOLJHQFHBDJHQF\
.HHSDQH\HRQWKLVEDVWDUG
`
`
LIELOOVEDQNBDFFRXQW!VN\KLJK
PDUULDJH!WZRB\HDUV
^
GLYRUFHZRPDQBWKDWBZDVBEHDWLIXOOBZKHQBPDUU\LQJ
ZDYHGROODUVDWBOXVW\BFKLFNV
PDUU\\RXQJBEORQGBYLUJLQBZLWKBELJBERREV
GHYLUJLQL]H\RXQJBEORQGBYLUJLQBZLWKBELJBERREV
LIERREVBVWDUWBWRBKDQJ
GXPS\RXQJBEORQGBYLUJLQBZLWKBELJBERREV
`

LIWKHUHLVBDQRWKHUBFRPSDQ\
^
VWHDOWKHLUBLGHDV
DFFXVHFRPSDJQ\VWHDLQJBRXUBLGHDV
KLUHDBORWBRIBODZ\HUV LQSURFHVVK 
ZDLWXQWLOBFRPSDQ\BFDQQRWBDIIRUGBDQRWKHUBODZVXLW
EX\BRXWRWKHUBFRPSDQ\
`
 1RZHYHU\RQHUHDOL]HVWKDWZHVHOOEXJZDUH
DQGWKH\DUHDOODQJU\DWXV 
RUGHUSODVWLFBVXUJHRQ
PDNHBELOOBORRNBOLNHBSRRUEDVWDUG
EX\QLFHBOLWWOHBLVODQG
KLUHKDUHP
ODXJKBDWHYHU\RQH
RIBKDYLQJBWKHBSDWLHQFHB\HDUBDIWHUMHDU
IRUBDQRWKHUBXQILQLVKHGBYHUVLRQ
`
`

YRLGEXJIL[YRLG
^
FKDUJHDBORWBRIBPRQH\
LIFXVWRPHUBVD\VBKHBGRHVBQRWBZDQWBWRSD\BIRUBEXJIL[
VD\,WLVQRWDEXJIL[EXWDQHZYHUVLRQ
LIVWLOOBFRPSODLQV
^
LJQRUHFXVWRPHU
 :H
OOJHWKLPZKHQHYHU\RQHXVHV%LOOZDUH 
UHJLVWHUFXVWRPHUELJB%LOOBERRN
`

:LQGRZV
VRXUFHFRGH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7236(&5(70LFURVRIWF&RGH
3URMHFW&KLFDJRWP
3URMHFWHGUHOHDVHGDWH6XPPHU


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

FKDUPDNHBSURJBORRNBELJ>@

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

LIILUVWBWLPHBLQVWDOODWLRQ
^
PDNHBBPHJDE\WHBVZDSILOH
GRBQRWKLQJBORRS
WRWDOO\BVFUHZBXSB+3)6BILOHBV\VWHP
VHDUFKBDQGBGHVWUR\BWKHBUHVWBRIB26
KDQJBV\VWHP
`

ZULWHBVRPHWKLQJDQ\WKLQJ
GLVSOD\BFRS\ULJKWBPHVVDJH
GRBQRWKLQJBORRS
GRBVRPHBVWXII

LIVWLOOBQRWBFUDVKHG
^
GLVSOD\BFRS\ULJKWBPHVVDJH
GRBQRWKLQJBORRS
EDVLFDOO\BUXQBZLQGRZVB
GRBQRWKLQJBORRS
GRBQRWKLQJBORRS
`
`

LIGHWHFWBFDFKH
GLVDEOHBFDFKH

LIIDVWBFSX
^
VHWBZDLWBVWDWHVORWV
VHWBPRXVHVSHHGYHU\BVORZ
VHWBPRXVHDFWLRQMXPS\
VHWBPRXVHUHDFWLRQVRPHWLPHV
`

 SULQWI:HOFRPHWR:LQGRZV 
 SULQWI:HOFRPHWR:LQGRZV 

SULQWI:HOFRPHWR:LQGRZV

LIV\VWHPBRN


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
FUDVKWRBGRVBSURPSW
HOVH
V\VWHPBPHPRU\ RSHQD?VZSVZS2B&5($7(

ZKLOHVRPHWKLQJ
^
VOHHS
JHWBXVHUBLQSXW
VOHHS
DFWBRQBXVHUBLQSXW
VOHHS
`

FUHDWHBJHQHUDOBSURWHFWLRQBIDXOW
`

0HVDMHGHHURDUHDOH:LQGRZV

(QWHUDQ\GLJLWSULPHQXPEHUWRFRQWLQXH
3UHVVDQ\NH\WRFRQWLQXHRUDQ\RWKHUNH\WRTXLW
3UHVVDQ\NH\H[FHSWQR1R121277+$721(
%DGFRPPDQGRUILOHQDPH*RVWDQGLQWKHFRUQHU
7KLVZLOOHQG\RXU:LQGRZVVHVVLRQ'R\RXZDQWWRSOD\DQRWKHUJDPH"
:LQGRZVPHVVDJH(UURUVDYLQJILOH)RUPDWGULYHQRZ"<<
7KLVLVDPHVVDJHIURP*RG*DWHV5HERRWLQJWKHZRUOG3OHDVHORJRII
7RVKXWGRZQ\RXUV\VWHPW\SH:,1
%5($.)$676<6KDOWHG&HUHDOSRUWQRWUHVSRQGLQJ
&2))((6<6PLVVLQJ,QVHUWFXSLQFXSKROGHUDQGSUHVVDQ\NH\
)LOHQRWIRXQG6KRXOG,IDNHLW"<1
%DGRUPLVVLQJPRXVH6SDQNWKHFDW"<1
5XQWLPH(UURU'DW$&),QFRPSHWHQW8VHU
(UURUUHDGLQJ)$7UHFRUG7U\WKH6.,11<RQH"<1
:LQ(UU/37QRWIRXQG8VHEDFNXS3(1&,/ 3$3(56<6
8VHU(UURU5HSODFHXVHU
:LQGRZV9LUXV6FDQ:LQGRZVIRXQG5HPRYHLW"<1
<RXUKDUGGULYHKDVEHHQVFDQQHGDQGDOOVWROHQVRIWZDUHWLWOHVKDYHEHHQGHOHWHG7KHSROLFHDUHRQWKHZD\

%DQFXULGHVSUHQDWLXQLVLUDVH

%DQFXULFXDOEDQH]L

Ì'HFHVXEPDULQHOHDOEDQH]HLHVODVXSUDIDWDGLQGRXDvQGRXDPLQXWH"
5&DVDLDDHUYkVODVLL

Ì6WLWLFXPIDFVROGDWLLDOEDQH]LvQFDO]LUHDGHGLPLQHDWD"
5$OHDUJDGRXDWXUHGHWDUD

Ì&DUHLGLIHUHQWDGLQWUHXQDOEDQH]PLFVLXQXOPDUH"
5$ODPDUHDUGHPDLPXOW

Ì'HFHDXSLHUGXWDOEDQH]LLUD]ERLXO"
5(UDDUFDVXOEROQDY

Ì'HFHHFUL]DGHHODVWLFLQ$OEDQLD"
56HSUHJDWHVFVDVLODQVH]HSULPXOVDWHOLWDUWLILFLDO

Ì&XPSRDWHILRSULWXQWDQFDOEDQH]"
57UHEXLHvPSXVFDWFHOFDUHvPSLQJHWDQFXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

Ì&HVHvQWDPSODFkQGOD7LUDQDVHDUGHXQEHF"
53ULQGHFUHWSUH]LGHQWLDOVHVFRDWHVLFHOGHDOGRLOHDEHFGLQPRWLYHGHVLJXUDQWDVWDWXOXL

Ì'HFHHEORFDWDIORWD7LUDQHL"
5/LVDUXSWRYkVOD

/D1DWLXQLOH8QLWH
&XFHGRWDUHORJLVWLFDSRDWHSDUWLFLSD$OEDQLDODIRUWHOHGHPHQWLQHUHDSDFLL"
9DGDPXQWDQF
1XVHSRDWHGRDUXQXO"
%LQHYLOHGDPSHDPkQGRXD

'XSDXQUDLGDYLDWLFDVXSUD%RVQLHLDOEDQH]LLVXQWvQWUHEDWL
'HFHIORWDYRDVWUDDYLDWLFDQXDSDUWLFLSDW"
(UDEROQDYSLORWXO

5DSRUWDODPLUDOXOXLDOEDQH]
)ORWDQRDVWUDDVXIHULWSLHUGHULJUHOHVDUXSWRYkVOD

Ì&DUHDIRVWSULPXORPSH/XQD"
58QDOEDQH]FDUHVDMXFDWFXRSUDVWLH

6HDUXQFDGRLDOEDQH]LvPSUHXQDFXRSDUDVXWD=LFHXQXO
7UDJHEDGHVIRDUDVDVHGHVFKLGDSDUDVXWDFDPXULPDLFL
1XVWLXFDUHLVIRDUD
'HFHQXVWLLED"
3DLHXVXQWWDQFKLVW

6H IDFHD FD DPHULFDQLL LQYDGHD]D $OEDQLD 'HK DVWLD PDL VODE GRWDWL QX SUHD VWLDX FH VD IDFD 6H vQWUXQHVF HL IDF XQ
FRQVLOLXGHUD]ERLVLSODQXLHVF
$UWUHEXLVDGRWDPVLQRLDUPDWDQRDVWUDFXFHYDGHRVHELW
3DLVDOHGDPXQWDQFFHOPDLEXQWDQFDOQRVWUX
%LQHELQHVLFXPvLUHSDUWL]DP"
'RLODSUDVWLHVLWUHLODSHGDOH

Ì'HFkWLDOEDQH]LHQHYRLHSHQWUXDPRQWDXQEHF"
5'HQLFLXQXO
Ì'HFH"
53HQWUXFDQXDXLQYHQWDWvQFDFXUHQWXOHOHFWULF

Ì'HFHPHUJHHFRQRPLDDOEDQH]DDWkWGHSURVW"
53HQWUXFDOHDPXULWPDJDUXO

Ì'HFHXQDYLRQDOEDQH]FRERDUDODVROGLQvQPLQXWH"
5&DVDOvQWRDUFDFXFKHLWD

ÌQWURWDEDUDD&DVWLORU$OEDVWUHvQ.RVRYRVLLVFDRFHDUWDSHPRWLYHQDWLRQDOLVWHvQWUHXQDPHULFDQVLXQDOEDQH]=LFH
DPHULFDQXOSOLQGHPkQGULHDOEDQH]XOXL
:HKDYH%LOO&OLQWRQ6WHYLH:RQGHU%RE+RSHDQG-RQQ\&DVK
/DFDUHDOEDQH]XO
:HKDYH6ORERGDQ0LORVHYLFL1R:RQGHU1R+RSHDQG1R&DVK

Ì&XPVHGHILQHVWHXQEXQYkQ]DWRU"
58QDOEDQH]NRVRYDUFDUHvLYLQGHXQXLVkUERMDFKHWD1$72

Ì&XPVFXIXQ]LXQVXEPDULQDOEDQH]"
5&LRFFLRFODWXUHOD

2FLUFXODUDGHODSROLWLDDOEDQH]D
$MXWDWLSROLWLD%DWHWLYDVLQJXUL

Ì&kQGYDDYHDSROLWLDDOEDQH]DFXDGHYDUDWVXFFHV"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5$WXQFLFkQGQXPDUXOUDXIDFDWRULORUSULQVLYDYLPDLPDUHFDQXPDUXODQJDMDWLORU

%DQFXULFXFDQLEDOL

'RLFDQLEDOLWDWDVLILXSULYHVFFXvQFkQWDUHRIHPHLHHXURSHDQDFDUHIDFHEDLHJRDODvQWUXQUkX
&HEXQDHWDWDFHSLHOHDOEDFHFDUQH+DLVRPkQFDP
1XSURVWXOHSHDVWDROXDPDFDVDVLRPkQFDPSHPDWD

Ì&HVFULHSHDHURSRUWODFDQLEDOL"
5%LQHDWLYHQLWPkQFDYDV

Ì&HvQVHDPQDSHQWUXXQFDQLEDORIHPHLHJUDYLGD"
5.LQGHUFXVXUSUL]H

'RLFDQLEDOLPDQkQFDXQFORZQ/DXQPRPHQWGDW]LFHXQXO
$UHXQJXVWGHVWXOGHFRPLF

'RLFDQLEDOLvOILHUESH$UQROG6FKZDU]HQHJJHU/DXQPRPHQWGDW]LFHXQXO
0LURDVHIRDUWHSXWHUQLF

&kWLYLQODSHWUHFHUHGUDJD"VHLQWHUHVHD]DQHYDVWDFDQLEDOXOXL
1XWHDJLWDGUDJDYDILSOLQGHGRPQLILQXWL

=LFHFDQLEDOXO
3HSULPDEDOHULQDQXRYRPJDWLD]L2SDVWUDPSHQWUX]LXDGHSRVW

Ì'HFHSULYHVFFDQLEDOLLJUDYLGHOHFDSHRGHOLFDWHVD"
53HQWUXRXOFXVXUSUL]HVLPDLDOHVSHQWUXH[WUDSRUWLDGHODSWH

3HRLQVXODGHFDQLEDOLQDXIUDJLD]DRQDYDVLVFDSDGRDURJDJLFDEXQDGHWRW2SULQGFDQLEDOLLVLREDJDvQRDOD
ÌQWLPSFHVWULJDXWRWLWHPkQFDPWHPkQFDPDSDUHVHIXOWULEXOXLRVFDSDGHODPRDUWHVLRLDGHQHYDVWD
ÌQILQHGXSDYUHRDQLPRDUHDLDVLRvQJURDSDÌQSULPDQRDSWHWRWLFDQLEDOLLRGH]JURDSDVLvQFHSGLQQRXVDVWULJH
7HPkQFDPWHPkQFDP
$SDUHLDUERVVX
VLRvQJURDSDODPHWUL7kPSLWLLDLDGHFDQLEDOLRGH]JURDSDGLQQRXVLVWULJDVORJDQXOORUPXOWLXELW
7HPkQFDPWHPkQFDP
9LQHVHIX
vLLDODREUD]FDQDXUHVSHFWQLFLSHQWUXQHYDVWDOXLGHFHGDWDvLDUGHFDGDYUXOVLvOEDJDvQWURFXWLXWDGHOHPQ
1RDSWHDYLQDLDGLQQRXVLVWULJD
7HPkQFDPWHPkQFDP
6HVXSDUDVDUPDQXOYDGXYVLVHGXFHGLUHFWODHL
,DPDLWHUPLQDWLFXWHPkQFDPWHPkQFDPDVWDFHGUDFX

/DFDUHFDQLEDOLL
+DLVHIX
QLFLPDFDUXQQHVVQXQHSXWHPIDFH"""

8QFDQLEDOVHQWRDUFHGHODYkQDWRDUHVLVSUHGH]LOX]LDIDPLOLHLDGXFHGRDURXUQDIXQHUDUD
&HLDVWD"vQWUHDEDIDPLOLDvQWUXQJODV
2GHOLFDWHVDRPQHVV

&LFDSHXQPLVLRQDUvOSULQGFDQLEDOLLvOGH]EUDFDVLOOHDJDGHXQVWkOS FX PLLQLOHvQVXV9LQHODHOVHIXOGHWULEVLL

]LFH
8LWHRELFHLXULOHWULEXOXLQRVWUX]LFFDWUHEXLHVDWLPDLODVDPRVDQVD$VDFDGDFDSkQDPkLQHGLPLQHDWDUHXVHVWLVDEHOHVWL
S DIDUDVDWLIRORVHVWLPkLQLOHHVWLOLEHU
%LHWXORPvQFHSHIHEULOVDVHFKLQXLHVRSULQGDFXPYDvQWUHSLFRDUHVREHOHDVFDGD
IDUDVXFFHV'XSDFkWHYDRUHWUHFH
XQXOGLQWULEPDLPLORVWLYVLL]LFH
%DLEDJDELQHODFDSFHWLVSXQ$VDQDLVDUHXVHVWLQLFLvQ]HFH]LOH
6LQJXUDWDVDQVDHFDPkLQHFkQGYLQHVHIXOGHWULEVDYDGDGDFDDLEHOLWRVDVWDLFXPYDvQFkWVDWUHEXLDVFDVDVHDSURSLHVD
YDGDGDFDLEHOLWD
&LQGDDMXQVDSURDSHWUDJHLXQVXWvQWHVWLFXOHGD
FkWWHWLQSXWHULOH
0LVRQDUXOPDLvQFHDUFDWRWXVLWRDWDQRDSWHDVREHOHDVFDGDUQXSRDWHDVDFDDGRXD]LGLPLQHDWDVHSXQHFXIDWDODVWkOSVL
DVWHDSWDVDYLQDVHIXOGHWULE


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&kQGDODDMXQJHODGRLSDVLVHvQWRDUFHEUXVFVLLWUDJHXQVXWGLQUDVSXWHULvQWHVWLFROH6HIXOGHWULEFDGHSHMRVLDUGLQWUH
VDOEDWLFLVHDXGHRYRFH
(LDFX
FKLDUFDLEHOLWS D

&OLQWRQ(OWLQVL,OLHVFXDXXQDFFLGHQWGHDYLRQVLDWHUL]HD]DIRUWDWvQMXQJODDIULFDQD
6XQWSULQVLGHXQWULEGHFDQLEDOLVLDGXVLOHJDWLIHGHOHVvQIDWDVHIXOXLGHWULE
$VWDOHVSXQHFDOHGDGUXPXOQXPDLGDFDDDX]LWGHWDUDORU'DFDQXvQFUDWLWDFXHL
&OLQWRQVSXQH6WDWHOH8QLWH
&DQLEDOX
1W]QDPDX]LW/DFLRUED(OWLQ5XVLD
&DQLEDOX
1LFLGHDVWDQDPDX]LW7RFDQLWD
,OLHVFX(UUHXPDLELQHPDGXFGLUHFWvQFUDWLWDFDGHDPDUkWDPHDGHWDUDvQPRGVLJXUQDDX]LWQLPHQL
&DQLEDOX1XGRP
OH]LFDFLQHVWLH
,OLHVFX5RPDQLD
&DQLEDOX
$DD5RPDQLD%XFXUHVWL$6($PVLHXXQQHSRWVWXGHQWDFROR

8QWULEGHFDQLEDOLQHJULSULQGSHVWLVRUXOGHDXU
3HVWLVRUXO
'DFDPLGDWLGUXPXOYDvQGHSOLQHVFFkWHRGRULQWDODILHFDUH
,LGDXGUXPXO
3HVWLVRUXO
$OLQLHUHD]LFHWL
1HJUXO
)DPDDOE
ÌOIDFH8OWLPXOQHJUXVHFUDFDQDGHUkV
3HVWLVRUXO
'HFHUk]LED"
$ODQLPLF5kGHDGHPXUHD
1HJUXO
)DPDDOE
ÌOIDFH$ODGLQFRDGDLDU
+$+$+$
3HVWLVRUXO
&HDLED"
$ODQLPLFUkGHDGHVHVSDUJHD
7RWDVDSkQDODXOWLPXOWRWLYURLDXVDVHIDFDDOEL
$MXQJHODDVWD
3HVWLVRUXO
%DLWXDVWDFDUHWHDLVSDUWGHUkVFHYUHL"
1HJUXO
,DIDLSH0LFKDHO-DFNVRQLLDVWLDGLQDLQWHDPHDQHJUL

8QH[SORUDWRUSULQMXQJOD$PD]RQXOXLVDWUH]LWvQFRQMXUDWGHFDQLEDOL
2K'RDPQHVXQWSLHUGXWJkQGHVWHHO
'LQWURGDWDRUD]DGHVRDUHFRERUkQGGLQvQDOWXOFHUXOXLvLFDGHODSLFLRDUHVLRYRFHPDLJURDVDvLVSXQH
1XILXOHQXHVWLSLHUGXW,DRSLDWUDvQWRDUFHWHVLDUXQFRvQFDSXOVHIXOXLORU
([SORUDWRUXOIDFHvQWRFPDLGDUFHLGHFDQLEDOLVHQDSXVWHVFVSUHHO9RFHDGLQFHUXULPDLVSXQH
$ELDDFXPHVWLSLHUGXW

ÌQMXQJODQLVWHH[SORUDWRULVXQWSULQVLGHFDQLEDOL6HIXOOH]LFH
'DFDS HYRDVWUHDXODXQORFXQPHWUXYDLHUWVLYDWULPLWvQDSRL$OWIHOSUHJDWLWLYDGHPRDUWH
'LVSHUDWL FHL  IDF PDVXUDWRULOH MDSRQH]X
  FP DPHULFDQXO  FP LWDOLDQXO  FP LDU %XOD ,RQ FHUFHWDWRU OD
8QLYHUVLWDWHDGLQ&DUDFDOFRQWULEXLHVLHOFXFHLFPDLVDL
(LFHDIDFHWLGDFDQRDYHDPHXVFXODWD"

-RKQFUHGHFDHFDQLEDOVLIDPLOLDODFRQYLQVvQVIkUVLWVDPHDUJDODFRQVXOWDWLHODXQUHQXPLWSVLKLDWUX
&kQG-RKQVHvQWRDUFHDFDVDGXSDSULPDYL]LWDODPHGLFVRWLDvOvQWUHDED
&XPWLVDSDUXWPHGLFXO"
'HOLFLRVUDVSXQVH-RKQOLQJkQGXVLEX]HOH

'RLFDQLEDOLDXRPRUkWXQH[SORUDWRU1HvQWHOHJkQGXVHDVXSUDFDQWLWDWLORUFXYHQLWHILHFDUXLD
KRWDUDVFGHFRPXQDFRUGVDvQFHDSDILHFDUHGLQWURSDUWHDFRUSXOXLXQXOGHODFDSVLXQXOGHODSLFLRDUH
0DQkQFDHLFHPDQkQFDVLODXQPRPHQWGDWXQXOGLQWUHHLVSXQH
9DLFHJXVWRVWRFPDLPDQkQFXQFRL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HODODOWUDVSXQGH
2SUHVWHWH0DQkQFLSUHDUHSHGH

Ì&XPIDFFH]DULDQDFDQLEDOLL"
5'HYRUHD]DPDPDvQMXUXOIDWXOXL

Ì&DUHHWH[WXOUHOLJLRVFHOPDLGUDJXQXLFDQLEDO"
5&XPVDvWLVHUYHVWLDSURDSHOH

8QUHSRUWHUVWUDLQvLLDXQLQWHUYLXSUHVHGLQWHOXL.HQLHL
'OHSUHVHGLQWHPDLDYHWLvQWDUDGXPQHDYRDVWUDFDQLEDOL"
1XQXPDLDYHPGHPXOWFDLDPPkQFDWSHWRWL

Ì&HHVWHXQFDQLEDOFDUHDPkQFDWWRWLVDWHQLLOXL"
5*KLIWXLW

Ì&HHVWHXQFDQLEDOFDUHDPkQFDWWRWLVDWHQLLOXL"
56LQJXU

Ì&HHVWHXQFDQLEDOFDUHDPkQFDWWRWLVDWHQLLOXL"
5&HOPDLEDWUkQGLQVDW

ÌFHHVWHXQFDQLEDOFDUHvVLPDQkQFDPDPD"
52UIDQ

Ì'DUGDFDvVLPDQkQFDVLWDWDO"
56DWXO

8QFHOHEUXH[SORUDWRUHVWHLQYLWDWOD PDVD GHFDWUHQLVWHFRQDWLRQDOL3kQDVDvQFHDSDSUkQ]XOHOvQFHSHVDSRYHVWHDVFD

FXPDSHWUHFXWFLQFLDQLSULQWUHFDQLEDOL
6LYDWLDGDSWDW"
&KLQXLWRUGHJUHXDPVXIHULWPXOWGDUFHHUDVDIDFPDWLQHDXSUL]RQLHU
$ROHXVDUHJD]GDRVDYDURJVDPDVFX]DWLGDUQRLODSUkQ]QXDYHPGHFkWIULSWXUDGHRDLH

8QFDQLEDOPHUJHvQYL]LWDODYHFLQXOVDXVDLDGPLUHQRXOIULJLGHU
&HFDSDFLWDWHDUH"ÌOvQWUHDED
1XVLQWVLJXUUDVSXQGHDFHVWDGDUDXvQFDSXWvQHOFHLGRLRDPHQLFDUHODXDGXV

'RLFDQLEDOLVWDXGHYRUED
ÌWLSODFHVRUDPHD"
'DDDGDGDGD
$WXQFLPDLLDREXFDWD

8QHQJOH]XQIUDQFH]VLXQURPkQVXQWSULQVLGHFDQLEDOL6HIXOWULEXOXL
(QJOH]XOHPDLDLYUHRGRULQWD"
6DPDLYDGRGDWD%LJ%HQXO
5HVSLQV
(QJOH]XOHVWHJDWLWVLGLQSLHOHDVDVHIDFHRWRED)UDQFH]XOODUkQGXOOXLHvQWUHEDW
)UDQFH]XOHPDLDLYUHRGRULQWD"
'DVDPDLYDGRGDWD3DULVXO
5HVSLQV
)UDQFH]XOHVWHJDWLWVLGLQSLHOHDVDVHIDFHRWREDÌLYLQHVLUkQGXOURPkQXOXL
5RPkQXOHPDLDLYUHRGRULQWD"
'DDVYUHDXQFXL
5RPkQXOSULPHVWHXQFXLVLvQFHSHVDVHvQWHSHFXHOSHVWHWRW6HIXOFDQLEDOLORU
&HvQVHDPQDDVWD"
'LQSLHOHDPHDQXIDFHWLQLFLXQ7DP7DP

2FHDWDGHFDQLEDOLDWDFDPLVLXQHDGLQDSURSLHUHVLvQFHSRVSDWXO8QXOGLQWUHHLGHVFRSHUDvQWUXQFROWPRDUWDGHIULFDR
EDWUkQDGLDEHWLFD6LQHVWDSkQLWYUHDVDLIDFDIHOXOVDRIULJD/DFDUHVHIXOFHWHL
3DDVWDRPDLWLQHP$UHPXOW]DKDUVLQHRWUHEXLHSHQWUXvQGXOFLUHDFHDLXOXL

&DSLWDQHFDQLEDOLLODXSULQVSH-RHVLDFXPYRUVDOPDQkQFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XFUHGVDOHSODFD-RHHEROQDYGHGLDEHW
1DUHDIDFH$XSXVGHMDVDOILDUEDGHFRPSRW

Ì&XPIDFHXQFDQLEDOFXUDGHVODELUH"
50DQkQFDSLWLFL

'RLFDQLEDOLVWDWHDXvQMXUXOXQXLIRF
1XPLSODFHGHORF&$51($$678,$]LFHXQX
ÌQFHUFDFXNHWFKXS

8QFDQLEDOFDODWRUHDFXDYLRQXO6WHZDUGHVDvOvQWUHDED
&HDWLGRULVDVHUYLWLGHPkQFDUH"
/DFDUHFDQLEDOXO
ÌPLDGXFHWLYDURJOLVWDSDVDJHULORU

8QFDQLEDODvQFHUFDWVDVHVLQXFLGD'DWILLQGIDSWXOFDD GDWJUHVVDDIODVXEFRQWUROPHGLFDOSHQWUXRYUHPH0HGLFXO
SVLKRORJvOvQWUHDED
6LGHFHDWLvQFHUFDWVDYDVLQXFLGHWL"
6WLWLVXQWVDWXOSkQDvQJkWGHRDPHQL

8Q DYLRQ VH SUDEXVHVWH GHDVXSUD MXQJOHL VL VXSUDYLHWXLZHVF GRDU FHOH WUHL VWHZDUGHVH GH OD ERUG ÌQ MXQJOD HOH VXQW
XUPDULWH GH XQ WULE GH FDQLEDOL &D VD VFDSH GH DFHVWLD VH XUFD vQWUXQ SRP LDU FDQLEDOL VH DVHD]D WDFXWL vQ MXUXOSRPXOXL
'XSD]LOHXQDGHLQWUHVWHZDUGHVHFDGHIDFkQGXLVHUDXGHIRDPHVLHVWHPkQFDWDGHFDQLEDOL
&HOHODOWHGRXDVHDSXFDVDPDQkQFHFHYDIUXQ]HVLGXSDWUHL]LOHvQFDXQDFDGHVLHVWHPDQFDWDGHFDQLEDOL$WUHLDWUHFHVLOD
VFRDUWDGHFRSDFVLPDLUH]LVWDWUHL]LOHGXSDFDUHFDGHVLHD
0RUDOD5DEGDUHGHFDQLEDOVDDLFDIHPHLDSLFDHD

ÌQWUHFDQLEDOL
'HFHPDQkQFLGHODRYUHPHGRDUSLHLURVLL"
3HQWUXFDYUDFLXOPLDVSXVFDDPSUHDSXWLQHJOREXOHURVLLvQVkQJH

Ì&XPFRQVXPDFDQLEDOLLGRFWRUL"
5&DVL+27'2&
6

Ì&XPFRQVXPDFDQLEDOLLVNDWHULL"
55XODGHGHFDUQH

Ì&XPQXPHVFFDQLEDOLLXQKDQGLFDSDWvQWUXQVFDXQFXURWLOH"
50kQFDUHSHURWL

Ì&HPDQkQFDFDQLEDOLL9LQHUHD"
53HVFDULSHQWUXFDWLQSRVW

ÌFHPDQkQFDFDQLEDOLL'XPLQLFD"
50LVLRQDULVXQWSDWUXQVLGHVSLULWXOUHOLJLHL

6HvQWkOQHVFGRLFDQLEDOL8QXOGLQWUHHLWLQHVXEEUDWFkWHYDFRDVWHGHRP&HODODOWvQWUHDED
&HIDFLFXFRDVWHOHDVWHD"
0DGXFODDOLPHQWDUD3HFRDVWHOHDVWHDSULPHVFvQDSRLJDUDQWLD

9LQHXQFDQLEDOvQWUXQPDJD]LQGHGHOLFDWHVHVL]LFH
$VGRULSHQWUXGLVHDUDVDPLOLYUDWLXQHVFKLPRV'DXRSHWUHFHUHVLDVYUHDVDVHUYHVFXQEXIHWUHFH

8QFDQLEDOVHPXWDODRUDVGXSDFHYDWLPSYLQHPDLFDVDvQYL]LWD6LvQWLPSFHPkQFDXDVWD]LFH
6WLLQXSUHDvPLSODFYHFLQLLWDL
$WXQFLPDQkQFDGRDUOHJXPHOH

8QHXURSHDQDMXQJHODXQWULEL]RODWVLVHIXOGHWULEvOLDVDLDUDWHDWUDFWLLOHORFDOHÌQWURYDOHPDLODGRVHUDXQVFDXQ
WXUQDQWvPSUHMXUXOFDUXLDVWDWHDXSHSDPkQWVDVHQHJUHVHIUXPXVHOH
$VWD]LFHVHIXOGHWULEHVWHUXOHWDQRDVWUDDIULFDQD
$GLFD"
9DDVH]DWLSHVFDXQXOWXUQDQWYDvQYkUWLWLVLIDWDvQIDWDFDUHLDYDRSULWLYLRVXJH
6LFDUHLULVFXO"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8QDGLQWUHHOHHFDQLEDOD

&DQLEDOLLSULQGXQDPHULFDQXQUXVVLXQURPkQ6HIXOFDQLEDOLORUOHVSXQH
'DFDYUHWLVDVFDSDWLFXYLDWDDYHWLSRVLELOLWDWLRULSODWLWLRULSULPLWLGHORYLWXULSHVSDWHRULPkQFDWLJUDPDGD
DLDGHUDKDWGLQIDWDYRDVWUD
$PHULFDQXOGXFHPkQDODEX]XQDUVFRDWHVLVFDSD
5XVXOvQGXUDGHORYLWXULSHVSDWHVLGHDVHPHQHDVFDSD
5RPkQXOFDUHHVWHUHQXPLWSHQWUXDIDFHULOHOXLVSXQH
(XPDVvQILQJHvQJUDPDGDDLDGHUDKDW
0DQkQFDDSURDSHMXPDWDWHLVHIDFHJUHDWDVLVSXQH
'HUHVWXOGDWLPLORYLWXULSHVSDWH
ÌQGXUDHOFHvQGXUDvQVDQXPDLSRDWHGHGXUHUHVLFKLQXLWVSXQH
%DJDPLDVSX DLDGHDLFLVLODVDPDvQSDFH

'RLDPHULFDQL VL GRL UXVLVFDSD GH QLVWH FDQLEDOL VL VH VXLHvQWUXQFRSDF $MXQJ FDQLEDOLL OkQJD FRSDF VL vVL SXQ FRUWXO
DFROR
'DFDQXQHGDWLSHXQXOGLQYRLVDOPkQFDPYDRPRUkPSHWRWL
'DXFX]DUXOFHLSDWUXVLLHVHXQUXVÌOPDQkQFD$GRXD]LODIHO
'DFDQXQHGDWLSHXQXOGLQYRLYDRPRUkPSHWRWL
'LQQRXGDXFX]DUXOVLLHVHFHODODOWUXVÌOPDQkQFDVLSHHO$WUHLD]L
'DFDQXFRERUkWLXQXOGLQYRLYDRPRUkPSHDPkQGRL]LFFDQLEDOLL
$X]LPDL-RKQQ\]LFHXQXOGLQDPHULFDQLLDVFRDWHWXPLWUDOLHUDDLD

'RLFDQLEDOLVWDXvQSRP3HMRVWUHFHXQFDYDOHUvQDUPXUD8QXOGLQWUHHLVSXQH
$]LPkQFDPFRQVHUYH

)LXO FDSHWHQLHL FDQLEDOLORU YLQH OD VFRDOD GHVFKLVD GH PLVLRQDUL 'H PkQXWD WLQH XQ EHEHOXV FDUH GH DELD vQYDWDVH VD
PHDUJD
&HIUXPRVFDODLDGXVVLSHIUDWLRUXOWDXODVFRDOD]LFHPLVLRQDUXO
$VWDQXLIUDWLRUXOPHX]LFHVFRODUXOHVWHJXVWDUHDPHDSHQWUXSDX]DPDUH

ÌQMXQJODHFXDWRULDODXQWkQDUFDQLEDOIDFHSHFDYDOHUXOFXRvQFkQWDWRDUHFDQLEDOD
3RWVDYDRIHUEUDWXOPHXIUXPRDVDGRPQLVRDUD"
5XVLQDWDDFHDVWDUDVSXQGH
1XPXOWXPHVFDPSUkQ]LWGHMD

Ì&HHXQFDYDOHUvQDUPXUDvQWUXQVDWGHFDQLEDOL"
5&RQVHUYDGHFDUQH

Ì&HHVWHXQDWOHWSHQWUXFDQLEDOL"
5)DVWIRRG

&RSLOXOGHFDQLEDOvVLvQWUHDEDWDWDO
7DWD'HFHQXVHSRDWHIDFHGLQSROLWLFLHQLVXSD"
3HQWUXFDVXQWUDVFRSWLVLVSDODWLFXWRDWHDSHOH

2FRPSDQLHGHFDQLEDOLPDUVDOXLHVWH8QDOEPHUJHSHOkQJDFRPSDQLH9D]kQGOXQFDQLEDOvQWUHDEDFROHJXO
,DX]L"'HFkQGDYHPQRLRILWHULDOEL"
1X1XLXQRILWHUHSURYL]LDGHGUXP

'RLFDQLEDOLIDFFRQYHUVDWLH
$IRVWVLODWLQHPLVLRQDUXODOD"
'DDIRVWVLODPLQH
6LFXPWHDLUHYDQVDWSHQWUXVIDWXULOHSULPLWH"
/DPRSULWODPDVDGHSUkQ]

%DQFXULFXHYUHL

Ì&DUHHGLIHUHQWDGLQWUHXQHYUHXVLRSkLQH"
53DLQHDQXGDGLQSLFLRDUHFkQGHEDJDWDvQFXSWRU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&DUHHGLIHUHQWDGLQWUHXQHYUHXVLRPLQJHGHEDVFKHW"
5ÌQPLQJHQXVHGDFXSLFLRUXO

Ì&HSDWHVWHXQHYUHXFDUHPHUJHFXS DVFXODWDFDWUHXQ]LG"
5ÌVLUXSHQDVXO

Ì&HHVWHGUDJRVWHD"
52QRWLXQHLQYHQWDWDGHHYUHLFDVDI WDIDUDEDQL

Ì&XPVDIRUPDW0DUHOH&DQLRQ"
5$VFDSDWXQHYUHXRPRQHGDGHXQSHQ\vQWURFUDSDWXUDDVROXOXL

Ì&DUHVvQWFHOHPDLPDULVDUEDWRULDOHHYUHLORU"
56DEDWXOVL2VFDUXO

Ì&DUHHFHOPDLVFXUWEDQFFXHYUHL"
51DP

Ì6WLWLFDUHLGLIHUHQWDGLQWUHRJDLQDVLXQHYUHX"
5*DLQDQXXUODFkQGREDJLvQFXSWRU

'RLHYUHL
0DL,RVLIWXDLPDVLQD"
$P
6LHXDPGDUXLWHFD$EUDPQXDUH+DLVDVWUkQJHPQRLQLVWHEDQLVDLFXPSDUDPVLOXL

Ì&XPDIRVWIDEULFDWDSHQWUXSULPDRDUDVkUPD"
58QVFRWLDQVLXQHYUHXDX]DULWSHVWUDGDRPRQHGDGHXQSHQQ\

Ì&HHVWHXQ3HUSHWXXPPRELOH"
5(VWHXQVFRWLDQFDUHDOHDUJDGXSDXQHYUHXFDUHvLGDWRUHD]D&HQWL

Ì&HHVWHXQMLGDQ"
58QHYUHXFDUHWRFPDLDLHVLWSHXVD

6HvQWkOQHVFvQWURVHDUD,W]LFVL6WUXOFDQXVHPDLYD]XVHUDGHPXOWDYUHPH6WDXHLVLvVLDPLQWHVFOXFUXULIUXPRDVHGLQ
WLQHUHWHPDLEHDXFHYD
PDLYRUEHVFGHVSUHYLLWRUPDLEHDXFHYDVLSkQDODXUPDVHvPEDWDDPkQGRL
,W]LF]LFH
%DL6WUXOHLRPDGXFDFDVD
6WDLED
,W]LFODPLQHGRUPLDLFL
1XVWDXED
PDDVWHDSWDQHYDVWDPHDSRDWHLPDLGDXVLHXRSHGDOD
/DVDED
FDWHFXOFFXQHYDVWDPHDVLGDFDYUHLSRWLVDRI L
%LQHEDL6WUXOHGDFDVSXLWX
$GRXD]LGLPLQHDWD6WUXOVHWUH]HDGLQPDKPXUHDODDSDUHVL,W]LF
%DL6WUXOHDLDYXWRLGHH IDQWDVWLFD PDP RGLKQLWSHUIHFWQDP PDL GRUPLWGH PXOWDVDELQH VL FD YHQL YRUED WDSDQD H
QHYDVWDWDDVWDODSDW
'DEDL,W]LFVLWRWDVDWHDSDQDHGHYUHRGRXDVDSWDPkQL

,W]DN6FKOHVLQJHU
'RPQXO6FKOHVLQJHUYHQHDVSUHFDVDODGLPLQHDWD/DGHPHWULYHQHDVSUHHOXQDOWRP1HDYkQGFHIDFHvQFHSHVDVH
JkQGHDVFD
'HODVHUYLFLQXYLQHFDLSUHDWLU]LX/DVHUYLFLQXPHUJHFDLSUHDGHYUHPH$WXQFLYLQHGHODFXUYH
'DUvQRUDVXODVWDQXVXQWGRDUWUHLFXUYH5DFKHOD(OODVLQHYDVWDPHD
'H OD 5DFKHOD YLQH HX(OOD H vQ VSLWDO FX VLILOLV $WXQFL YLQH GH OD QHYDVWDPHD 'DU OD QHYDVWDPHD QX PHUJ GRDU WUHL
RDPHQL
(XGDUHXVXQWDLFL
6HIXOPHXGDUQXHHOFDvOFXQRVF
6LGRPQXO*ROGVWHLQSHFDUHQXvOFXQRVF6HDSURSLHGHRPXOFDUHYHQHDVSUHHOWUHLSDVLGRLXQXOVLVSXQH
%XQDGLPLQHDWDGRPQXOH*ROGVWHLQ
%XQDGLPLQHDWDGDUGHXQGHPDFXQRDVWHWL"
(KHLMXGHFDWDORJLFD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6FKORLPL/LQGHQEHUJVHGXFHLQFRQFHGLXFXPDVLQDÌORSUHVWHXQPLOLWLDQYHGHFDvLHYUHXVLvODPHQGHD]DH[SOLFkQG
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDDSRUQLWDOGRLOHDUD]ERLPRQGLDO
&RQWLQXDGUXPXOQLFLQXDMXQJHODXQNLORPHWUXGHRERUXOGHOD,HULFKRQFDOVLRSUHVWHXQDOWPLOLLDQ
ÌODPHQGHD]DVL]LFH
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDHUD]ERLvQ*KD]D
3OHDFDPDLGHSDUWH$OWUHLOHDPLOLWLDQvORSUHVWHVLvODPHQGHD]D
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDVDVFXIXQGDW7LWDQLFXO
6FKORLPRYLFLULSRVWHD]D
'DUQXQRLODPVFXIXQGDW
$VWDVRFUH]LWX3DLFHFUH]L,FHEHUJQXLWRWHYUHXGHDOYRVWUX

ÌQIDWDVLQDJRJLLVWDXGRLFHUVHWRULRUEL3HXQXOVFULH&HUVHWRUHYUHXVLSHFHODODOW&HUVHWRUFUHVWLQ
,DVDvQ]LGHVDEDWUDELQXOGHODVHUYLFLXOGLYLQVLvLDUXQFDRVXWDGHOHLFHOXLSHFDUHVFULH&HUVHWRU
HYUHXDSRLvLVSXQHFHOXLSHFDUHVFULD&HUVHWRUFUHVWLQ
0DLRPXOHQXVWDDLFLFDHVLQDJRJD'XWHVLWXODFDWHGUDODODDLWDL
'XSDFHSOHDFDUDELQXOvL]LFHFHUVHWRUXOFUHVWLQFHOXLHYUHX
,DX]LPDL6FKORLPLPDXLWHFLQHQHvQYDWDSHQRLVDIDFHPDIDFHUL

'RLHYUHLDXPDJD]LQHOHDOLPHQWDUHYLVDYLV
ÌQWUR]LDSDUHODSULPXODILVDWFDDUH]DKDUGHYDQ]DUHFXOHLNJ$GRXD]LFHODODOWVHvQIXULHVLSXQHXQDILVSHFDUH
DSDUHOHLNJ
$WUHLD]LSULPXOSXQHGLQQRXXQSUHWPDLEXQOHLNJ$SDWUD]LDOGRLOHDDILVHD]DXQSUHWGHOHLNJ
ÌQVIDUVLWvQDFLQFHD]LSULPXOVHGXFHvQSUDYDOLDFHOXLGHDOGRLOHD
'DULDVSXQHFXPSRWLVDVFD]LSUHWXOvQDVDKDOFDYRPGDIDOLPHQWDPkQGRL1RLOXDP]DKDUXOFX
(XQXFUHGFDYRLGDIDOLPHQWSHQWUXFDQLFLQXDP]DKDUGHYkQ]DUH

7UHLHYUHLDXPDJD]LQHOHDODWXUDWH3ULPXODUHXQDILVIRDUWHPDUHSHFDUHVFULH
$LFLJDVLWLSURGXVHOHGHFHDPDLEXQDFDOLWDWH
$OGRLOHDDUHXQDILVSUREDELOODIHOGHPDUH
$LFLVXQWFXPSDUDWLODFHOHPDLPLFLSUHWXUL
$OWUHLOHDDUHELQHDQWHOHVVLHOXQDILVIPDUH
3HDLFLHVWHLQWUDUHD

9LQHXQH[WUDWHUHVWUX SH3DPkQWPLFYHUGH VLvPEUDFDWvQDXUVL VHvQWkOQHVWH FX QX SDPkQWHDQ $FHVWDvO vQWUHDED SH

H[WUDWHUVWUX
%DWRWLVXQWHWLDVDPLFL"
'DPD
6LWRWLVXQWHWLYHULDVD"
'D
6LFXPWRWLVXQWHWLvPEUDFDWLvQDXU"
1XQXPDLHYUHLL

9LQHXQVROGDWDFDVDODXQHYUHXVDFHDUDDGDSRVWSHQWUXRQRDSWH
'RPQXOHSXWHWLVDPDFD]DWLVLSHPLQHSHQWUXRQRDSWH"
'RPQXOHDYHPGRDUGRXDSDWXULvQWUXQSDWGRUPHXVLvQFHODODOWGRDUPHQHYDVWDPHD
1XFRQWHD]DYDFXOFDWLFXVRWLDGXPQDYRDVWUDvQWUXQSDWVLHXvQFHOUDPDVOLEHU
%LQHGRPQXOH
'LQQHHIHULFLUHVROGDWXOVXIHUHDGHVFXODPHQWLDUvQWLPSXOQRSWLLSHFkQGVROGDWXOvVLIDFHDVSDODWXULOD
VFXOD
VHWUHHVWHVRWXO
VLFUH]kQGFDVROGDWXODUHJkQGXULQHFXUDWHVSXVHVRWLHL
)DQYDVWDVFRDODFDDVWDvVLvQFDUFDVFXODVLQHI WHSHDPkQGRL

&LFDXQHYUHXPRDUHVLDMXQJHvQUDLVLPHUJHOD'XPQH]HXVLVSXQH
'RDPQHYUHDXVDPDSULPHVWLvQUDL
%LQHPDLGDUFHDLIDFXWWXFDVDWHSULPHVFvQUDL"
$PGDWXQOHXODXQFHUVHWRU
%LQHGDUQXLGHDMXQV&HDLPDLIDFXW"
$PPDLGDWXQOHXODXQFHUVHWRU
%DLEUDYRGDUQXLGHVWXOWLDPPDLVSXV
'RDPQH'RDPQHGDUDPPDLGDWXQOHXODXQFHUVHWRU
3HWUHGDLOX
DVWDOHLVLGDOQDELLDIDUD

ÌQWUXQVDWGHHYUHL8QXOPDLERJDWvVLEDWHMRFGHXQXO PDLVDUDFLDUvQWHOHSWXOVDWXOXLDIODGHDVWDVLOFKHDPDSHFHO
ERJDWODHO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
VLLVSXQHVDVHGXFDODFHOVDUDFVLVDLFHDUDLPHGLDWVFX]HGHRDUHFHHLWUHEXLHVDILHXQLWLVLODELQHVLODUDXVLQXWUHEXLHVD
UkGDXQLLGHDOWLL$WXQFLFHOERJDWVHGXFHvQVSUHFDVDFHOXLVDUDFFDUHvQWUHWLPSDIODVHFDFHOERJDWXUPHD]DVDYLQDVLVDVL
FHDUDVFX]H
VLOvQWUHDED
1XYDVXSDUDWLDLFLORFXLHVWHIDPLOLD6WHLQKDUG"
"1X"
9DURJIUXPRVVDPDVFX]DWL

'RLFRSLLGHFLQFLDQLGLQWUHFDUHXQXOHYUHXVHDIODXvQDFHHDVLFDPHUDGHVSLWDO
7XSHQWUXFHHVWLDLFLvQWUHDEDFRSLOXOHYUHX
&LUFXPFL]LHUDVSXQGHFHODODOW
2IHXDPIDFXWDDVWDDFXPFLQFLDQLVLQDPSXWXWVDPHUJWLPSGHXQDQGH]LOH

+LWOHUVWDWHDSHPDUJLQHDXQHLSUDSDVWLLGHOLQJDODJDUXOGHOD$XVFKZLW]/kQJDHORJUDPDGDGHHYUHL
7X]LFH+LWOHUXQXLHYUHXULGLFDSLFLRUXOVWLQJDVDVLvQWRDUFHPkQDVWkQJDDVD6LDFXPDUXQFDWH
6HDUXQFDHYUHXO+LWOHUXUPDUHVWHFXPDUHDWHQWLHWUDVHXO
7X]LFH+LWOHUDOWXLHYUHXULGLFDSLFLRUXOGUHSWDVDVLULGLFDPkLQLOHDVD6LDFXPDUXQFDWH
6HDUXQFDVLDVWDvQWLPSFH+LWOHUXUPDUHVWHFXPDUHDWHQWLHWUDVHXO
7X]LFH+LWOHUDOWXLHYUHXODVDWHSHYLQHFXPkLQLOHvQIDWDDVD6LDFXPDUXQFDWH
6HDUXQFDVLDVWDvQWLPSFH+LWOHUXUPDUHVWHFXPDUHDWHQWLHWUDVHXO/DXQPRPHQWGDWVHDSURSLHXQVROGDWJHUPDQ
+HLO+LWOHU
+HLO&HVDQWLPSODW"
$]LVPDUHVDOXO*RHULQJVDYHQLWLOD&DUWLHUXO*HQHUDOLPHGLDWFHWHUPLQDWLFX7HWULVXO

6DXvQWkOQLWODREHUHXQLQGLDQXQDUDEVLXQHYUHXVLVDXDSXFDWHLVDSRYHVWHDVFDFXPODDMXWDWSHILHFDUH'XPQH]HXO
OXL
,QGLDQXOVSXQHFDvQWLPSXOXQHLLQXQGDWLLFXPSOLWHVDUXJDWOXL%XGGKDVLGLQWURGDWDSHRUD]DGHGHPHWULvQMXUXOOXL
VDIDFXWVHQLQ
$UDEXOSRYHVWHVWHFXPvQGHVHUWFkQGHUDPRUWGHVHWHLVDUXJDWOXL$OODKVLGLQWURGDWDSHRUD]DGHGHPHWULvQMXUXOOXL
DvQFHSXWVDSORXD
9LQHVLHYUHXOFDUHSRYHVWHVWHFDvQ]LXDGHVDEDWFDQGLHVHDGLQVLQDJRJDDYD]XWSHMRVXQSRUWRIHOSOLQFXEDQLVLLVDUXJDW
OXL'XPQH]HXVDODMXWH
VDQXSDFDWXLDVFDWRFPDLGHVDEDWVLSHRUD]DGHGHPHWULvQMXUXOOXLVDIDFXW0LHUFXUL

8QHYUHXVHVLQXFLGHVLDMXQJHvQIDWDOXL'XPQH]HX
&XPWLDLSHUPLVQXVWLLFDHVWHLQWHU]LVVDWHVLQXFL]L"
3DLVDYH]L'RDPQHDPVLHXXQILXVLFXWRWFHDPIDFXWSHQWUXHOWRWVDFRQYHUWLWODFUHVWLQLVP
'DFHDVWDHVWHPRWLYGHVLQXFLV"]LFH'RPQXO8LWHDPDYXWVLHXXQILXFDUHDWUHFXWVLHOODFUHVWLQLVP
6LFHDLIDFXW'RDPQH""
(FHVDIDF"$PIDFXWXQQRXWHVWDPHQW

'XPQH]HXKRWDUDVWHVDVLDOHDJDXQSRSRUDO/8,VDILHSRSRUXOVIkQW0HUJHODHJLSWHQLVLOH]LFH
9UHDXVDYDDOHJFDVLSRSRUDOPHXGDUWUHEXLHVDYDGDXQLVWHSRUXQFL
(JLSWHQLLÌ/UHIX]DSROLWLFRV
1XQHWUHEXLHSRUXQFL
0HUJHODIHQLFLHQLFXDFHHDVLSURSXQHUHVLREWLQHDFHODVLUHIX]ÌQVIkUVLWPHUJHODHYUHLVL]LFH
9UHDXVDYDDOHJFDVLSRSRUDOPHXGDUWUHEXLHVDYDGDXQLVWHSRUXQFL
(YUHLL
6XQWSHGHJUDWLV'RDPQH"
'D
$WXQFLGDQH]HFH

0RLVHVHvQWRDUFHGHSHPXQWHFXSRUXQFLOHVLYRUEHVWHSRSRUXOXLVDX
$PGRXDYHVWLSHQWUXYRLXQDEXQDVLXQDSURDVWD
&HDEXQDHVWHFDDPUHXVLWVDPDWkUJXLFX(/SkQDDXUDPDVQXPDL]HFH
&HDSURDVWD6DQXWLvQVHOLSDUWHQHUXODUDPDVSULQWUHHOH

8QDPHULFDQXQQHDPWXQHYUHX VL XQ QHJUX SULQSDGXUH&DGHRRPLGD SHDPHULFDQDVWDRDUXQFDSHQHDPWDVWDSH

HYUHX
DVWDSHQHJUX1HJUXORLDVLRPDQkQFD&DGHDOWDRPLGDSHDPHULFDQ$VWDRDUXQFDSHQHDPWDVWDSHHYUHXLDUHYUHXOVSUH
QHJUX
1XFXPSHULRRPLGD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQWUXQWUHQvQ$PHULFDIDWDvQIDWDXQHYUHXVLXQSDVWRU0LUDWHYUHXOvOvQWUHDED
'HFHSXUWDWLJXOHUXOFXVSDWHOHvQIDWD"
3HQWUXFDVXQW3DULQWHvOODPXUHVWHSDVWRUXO
6LHXVXQWSDULQWHDPXQFRSLOvQVDQXSRUWJXOHUXODVWIHO
6HSRDWHUDVSXQGHSDVWRUXOvQVDHXVvQW3DULQWHSHQWUXPLLGHRDPHQL
$WXQFLUDVSXQGHHYUHXOSRDWHDUILPDLELQHVDSXUWDWLSDQWDORQLLFXVSDWHOHvQIDWD

8QHYUHXvVLOXDFXHOPkQFDUHDVDRPDQkQFHvQSDUF6DDVH]DWSHREDQFDVLDvQFHSXWVDPDQkQFH
6LGLQFDX]DFDHYUHLLQXPDQvQFDSkLQHFRDSWDvQWLPSXOVDUEDWRULORUHOPvQFD0DW]RKREXFDWDGHFRFD
FURFDQWDFX]HFLGHSHUIRUDWLLPLFL/DXQPRPHQWGDWYLQHVLXQEDWUvQHORUEVLVHDVHD]DFKLDUOkQJDHYUHX
$FHVWDVLPWLQGXVHMHQDWFDPDQkQFDGHXQXOVLQJXUvLGDREXFDWDGH0DW]RKVLEDWUkQHOXOXL2UEXOLDSkLQHD
vQPkQDVWDFkWHYDPLQXWHIDUDVD]LFDQLPLFLDUDSRLGLQWURGDWDFXRIDWDIRDUWHQDXFLWDL]EXFQHVWH
&LQHDPDLVFULVVLWvPSHQLDDVWD"

&LFD,W]LFVL5DVKHODDYHDXFRSLL1XPDLDYHDXGHVWXODPkQFDUHVDGHDODWRWLSXUDGHLLDVDFDVDJkQGLW,W]LFVDIDFD
HFRQRPLHvQIDPLOLH
ÌQWURVHDUDVLDDGXQDWSOR]LLVLOHD]LV
%DLFDUHQXPDQkQFDDVWDVHDUDSULPHVWHGHVKHNHOL
$LDXUODGHIHULFLUHVLVDUVDVLSULPHDVFDEDQLL6HFXOFDQHPkQFDWLVLDVWHDSWDFXvQIULJXUDUHGHMXQXOGHDGRXD]LGLPLQHDWD
$GRXD]LSXUDGHLLIXJOD,W]LFVDFHDUDGHPLQFDUH,W]LFVWDXQSLFVHJkQGHVWHVL]LFH
(KDFXPFLQHYUHDVDPDQkQFHGDFHLGHVKHNHOLvQDSRL

VHDUD6HIRUPHD]DvQFHWvQFHWFRDGDODFDUQHODPLH]XOQRSWLLHUDXVXWH
6RVHVWHR'DFLHQHDJUD8QWLSEDWRVvQKDLQDGHSLHOHFRERDUDVLVSXQHPXOWLPLL
(YUHLLVDSOHFHDFDVDQDYHPFDUQHGHFDWSHQWUXURPDQL
3OHDFDRSDUWH3OHDFDVLEDWRVXO3HODGLPLQHDW]DVRVHVWHGLQQRXVL]LFH
3HQVLRQDULLQDXFHFDXWDODFRDGD9LQGHPFDUQHQXPD
ODRDPHQLLPXQFLL
0DLSOHDFDRSDUWH3OHDFDVLEDWRVXO5HYLQHSHODGLPLQHDWD
&DUQHDVHYLQGHQXPDLODPHPEULLGHSDUWLGSHED]DFDUQHWXOXLGHSDUWLG
0DLSOHDFDRSDUWH%DWRVXOUHYLQHSHODFLQFLGLPLQHDWDVL]LFH
7RYDUDVLDFXPDFDVXQWHPvQWUHQRLSRWVDYDVSXQDGHYDUXO3OHFDWLFXWRWLLDFDVD$VWD]LQXEDJDFDUQH
/DFDUHXQX
PDLvQGUD]QHWVHUHYROWD
7RYDUDVX
'D
SkQDFDQGYRUILIDYRUL]DWLHYUHLLvQWDUDDVWD"

5DVHODvL]LFHOXL,WLF
0D,WLFPDPJvQGLWELQHVLDPKRWDUkWVDGLYRUWH]
&XPDVDPDL5DVHODGXSDGHDQLGHFDVDWRULH"'DUFHWLYHQL"
3DLWXWLGDLVHDPDPDL,WLFFDvQGHDQLWXQXPLDLFXPSDUDWQLFLRGDWDQLPLF"
3DLQXPLDLVSXVQLFLRGDWDFDDLDYHDFHYDGHYkQ]DUH

,WLFvOvQWUHDEDSHUDELQ
(DGHYDUDWFDvQDQXOYDILXQUD]ERLPDUHVLVIkUVLWXOOXPLL"
1XXXXLDGHYDUDWÌQDQXOYDILRFRQWLQXDOXSWDSHQWUXSDFH9DH[LVWDRVLQJXUDWDUD8566
&DSLWDODYDILOD:DVKLQJWRQVLYDILFRQGXVDGHGRLFKLQH]L,WDFVL6ORLP

,WLFVL6WUXOHUDXSULHWHQL0RDUH6WUXO,WLFVHGXFHODPLFDSXEOLFLWDWHVDGHDXQIHUSDU6FULH6WUXOPRUW
)XQFWLRQDUDvLVSXQH
2ULFXPVHWD[HD]DSHPLQLPXPFXYLQWH
,WLFVHJvQGHVWHVLVFULH6WUXOPRUWYkQG7UDEDQW

,WLFVXQDOD6HFXULWDWH
$ORYHGHWLFD6WUXODUHQLVWHOHPQH
6LFHHFXDVWD"
$JDXULWVLDLQWURGXVvQILHFDUHOHPQELMXWHULLGLDPDQWHGRODULVLSUREDELOFHYDPXQLWLHDGXVDGLQ$PHULFDGHODIUDWHOH
OXL
$SRLvOVXQDSH6WUXO
0DGRELWRFXOHSUHJDWHVWHWHFVDPWULPLVVDWLVSDUJDOHPQHOH
3HFLQH"
3HDLDFDUHPLLDLWULPLVWXDQXOWUHFXWGHPLDXVDSDWJUDGLQD

Ì'HFHDXLQYHQWDWHYUHLLFDVDWRULD"
5&DVDQXPDLGHDEDQLSHFXUYH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&H]LFH0RVXO*HULODHYUHXvQWLPSXO&UDFLXQXOXL"
5'RUHVWHFLQHYDVDFXPSHUHFDGRXUL"

Ì&DUHHGLIHUHQWDGLQWUHRHYUHLFDVLRPH[LFDQFD"
50H[LFDQFDDUHFXDGHYDUDWXQRUJDVPVLIDOVLILFDJLXYDHUXUL

Ì&XPVDVWDELOLWFD,VXVHUDHYUHX"
5$WUDLWvQFDVDSDULQWHDVFDSkQDODGHDQL
56DDPHVWHFDWvQDIDFHULOHWDWDOXLVDX
50DPDVDDFUH]XWFDH'XPQH]HX
5VLHODFUH]XWFDPDPDVDDIRVWYLUJLQD

Ì'HFUHGHYUHLFHOHFDSURVWLWXWLDHRDIDFHUHEXQD"
52DLRYLQ]LSHEDQLEXQLVLvQFDRDL

Ì'HFHDXUDWDFLWHYUHLLGHDQLSULQGHVHUW"
5&LQHYDDSLHUGXWXQSHQQ\

Ì&HUH]XOWDGDFDvQFUXFLVH]LXQHYUHXFXXQWLJDQ"
58QODQWGHPDJD]LQHJRDOH

Ì'HFHVXQWGRODULLYHU]L"
53HQWUXFDHYUHLLvLFXOHJvQDLQWHGHDILFRSWL

Ì'HFHDXHYUHLLQDVXULOHDVDGHPDUL"
53HQWUXFDDHUXOHSHJUDWLV

Ì&kQGGHYLQHXQIDWHYUHXRSHUVRDQD"GXSDSUHVFULSWLDUHOLJLHL
5&kQGWHUPLQDGUHSWXO

Ì'HFHVXQWVLQDJRJLOHURWXQGH"
53HQWUXFDHYUHLLVDQXDLEHXQGHVDVHDVFXQGDDWXQFLFkQGVHXPEODFXFKHWDSHQWUXVLQDJRJD

Ì&XPVH]LFH'XWH
QS DPDWLLSHHYUHLHVWH"
5$LvQFUHGHUHvQPLQH

Ì&XPSRWLvPSLHGLFDRWkQDUDHYUHLFDVDWHYLROH]H"
5&DVDWRUHVWHWHFXHD

Ì&XPUHFXQRVWLRVRDFUDHYUHLFDODRQXQWD"
5(DFHHDFDUHVWDvQSDWUXODEHVLDGXQDJUkXOGHSHMRVvQXUPDPLULORU

Ì'DFD7DU]DQVL-DQHDUILIRVWHYUHLFHDUILIRVW&KHHWDK"
52KDLQDGHEODQD

Ì&XPVHGHILQQHVWHXQHYUHXVWUDQLX"
58QXOFDUXLDvLSODFPDLPXOWIHPHLOHGHFkWEDQLL

Ì&HIDFHYUHLFkQGVHvQWkOQHVF"
58QVDSXQ)$

,WLFWvQDUGHGHDQLVHGXFHVDVHURDJHOD=LGXO3OvQJHULL
'D'RDPQHVDFvVWLJOD/R]vQ3OLF
0DLvQDLQWHD]DHYUHXOQRVWUXvQYvUVWDvVLIDFHIDPLOLHFRSLLWLPSvQFDUHVHWRWUXJD
'D'RDPQHVDFvVWLJOD/R]vQ3OLF
ÌPEDWUvQHVWH,WLFLVHDOEHVFVSUvQFHQHOHSDUXOvLWUHPXUDXJHQXQFKLL
(OPHUJHDvQILHFDUH]LOD=LGXO3OvQJHULLVLVHUXJD
'D'RDPQHVDFvVWLJOD/R]vQ3OLF
ÌQDFHVWPRPHQWFHUXOVHvQWXQHFDDSDUIXOJHUHSHFHUQRULJURVLVLRYRFHWXQDWRDUHvLVSXQH
,WLFGDPLRVDQVD-2$&$

,WLFVHGXFHODYHFLQXOVDX6WUXOVLOvQWUHDED
0DL6WUXOvWLSODFIHPHLOHFDUHDXEXUWDPDUHFkWXQEXWRL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XYLQHUDVSXQVXOSURPSW
ÌWLSODFIHPHLOHFDUHDXGLQWLLVWULFDWL"
1X&HGUDFX
,WLF"
ÌWLSODFSRDWHFHOHFDUHDXIXQGXOPDUHJUDVVLSOLQGHFHOXOLWD"
1X&XPQDLEDVDPLSODFD"VSXQH6WUXORULSLODW
'DUFHOHFXYDULFH"
,WLFGHMDPDHQHUYH]L
$WXQFLVSXQHPLVLPLHGHFHGUDFX
WHFXOFLFXQHYDVWDPHD5DVHOD"

3ULPXOPLQLVWUXDO,VUDHOXOXLYL]LWHD]D6WDWHOH8QLWHVLVHvQWvOQHVWHFXSUHVHGLQWHOH
'XSDRGLVFXWLHIRDUWHFRUGLDOD]LFHSUHVHGLQWHOH6WDWHORU8QLWH
ÌQVHPQGHSULHWHQLHYUHDXVDWLGDXFDGRXRPDVLQD
1XSRWSULPL]LFHSULPXOPLQLVWUXDO,VUDHOXOXLHXVvQWSROLWLFLDQVLVHYDVSXQHFDDPSULPLWPLWD
$WXQFLSODWHVWHPL
&kW"
=HFHGRODUL
6HFDXWDSULPXOPLQLVWUXDO,VUDHOXOXLSULQEX]XQDUHJDVHVWHREDQFQRWDGHGRXD]HFLGHGRODULVLLRGDSUHVHGLQWHOXL6WDWHORU
8QLWH
6HFDXWDSUHVHGLQWHOH6WDWHORU8QLWHSULQEX]XQDUHVLQXJDVHVWH]HFHGRODULVDGHDUHVWXO
1XLQLPLFVSXQHSULPXOPLQLVWUXDO,VUDHOXOXLPDLGDRPDVLQD

6HGXFH6WUXOODUDELVLvLVSXQH
5DELVDvQWkPSODWFHYDvQJUR]LWRU6DXGHVFKLVGRXDVXSHUPDUNHWXULOkQJDPDJD]LQDVXOPHX
8QXOODVWkQJDVLXQXOODGUHDSWD&HDVSXWHDIDFH"
1LFLRSUREOHPD]LFHUDELVFULHFXOLWHUHPDULSHXVDPDJD]LQXOXLWDX,QWUDUH

7DWDOOXL6WUXOHHYUHXVLPDPDVDWLJDQFDÌQWUR]LYLQH6WUXOODPDPDVDVL]LFH
0DPDHXVXQWPDLPXOWHYUHXVDXPDLPXOWWLJDQ"
1XVWLX6WUXO]LVHPDPD'XWHvQWUHDEDOSHWDLFDWDX
8QGHLWDWD"
ÌQVXIUDJHULHLVLFDXWDPRQHGDGHGHOHLFDUHDSLHUGXWRLHUL
6HGXFH6WUXOODWDWDVDXVLvOvQWUHDED
7DWDSRDWHSRWLWXVDPLGDLXQUDVSXQVODvQWUHEDUHDDVWDHXVXQWPDLPXOWHYUHXVDXPDLPXOWWLJDQ"
1XVWLXGDUGHFHvQWUHEL"
8Q EDLDWFDUHORFXLHVWHFXQRLSHVWUDGDvVLYLQGHELFLFOHWDLDUHXQXVWLXFHVDIDFVDvQFHUFVDPDWRFPHVFVDX VDDVWHSW
SkQDODQRDSWHVLVDLRIXU

8QHYUHXEDWUkQVLXQXOWkQDUFDODWRUHVFFXWUHQXO7kQDUXOvQWUHDED
&kWHFHDVXO"
%DWUkQXOQXUDVSXQGH
0DVFX]DWLGRPQXOHFkWHFHDVXO"
%DWUkQXOWDFHvQFRQWLQXDUH
'RPQXOHDPvQWUHEDWFkWHFHDVXO'HFHQXUDVSXQGHWL"
/DFDUHEDWUkQXO
7LQHUHXUPDWRDUHDVWDWLHHFDSDWGHOLQLH1XWHFXQRVFDVDFDWUHEXLHFDQXHVWLGHSULQSDUWHDORFXOXL
'DFDvWLUDVSXQGWUHEXLHVDWHLQYLWODPLQHDFDVD(VWLFKLSHVVLHXDPRIDWDIUXPRDVD
3UREDELOFDYDYHWLvQGUDJRVWLXQXOGHFHODODOWVLRVDYUHWLVDYDFDVDWRULWL
6SXQHPLXQPRWLYSHQWUXFDUHPLDUWUHEXLXQJLQHUHFDUHQXvVLSRDWHSHUPLWHQLFLPDFDUXQFHDV

9LQH'XPQH]HXODLWDOLHQLVL]LFH
9UHWLVDYDGDXSRUXQFLOHPHOH"
'DQH'RDPQHXQH[HPSOX
6DQXXFL]L
,PSRVLELO'RDPQHQXOHYUHP
6HGXFH'XPQH]HXODIUDQFH]L
9UHWLVDYDGDXSRUXQFLOHPHOH"
'DQH'RDPQHXQH[HPSOX
6DQXSUHDFXUYHVWL
$VWDQXVHSRDWH'RDPQHQXOHYUHP
6HGXFHODWLJDQL
9UHWLVDYDGDXSRUXQFLOHPHOH"
'DQH'RDPQHXQH[HPSOX
6DQXIXUL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,PSRVLELO'RDPQHQXOHYUHP
6HGXFH'XPQH]HXODHYUHL
9UHWLVDYDGDXSRUXQFLOHPHOH"
&kWFRVWD'RDPQH
6XQWSHJUDWLV"
'HQHFUH]XWDWXQFLGDQH'RDPQH]HFH

,WLFVL6WUXOvVLSRYHVWHVFYLVHOH
6HIDFHDFDPLDYHQLWSRIWDGHERUV]LFH,WLF$PSXVFDUQHDODILHUWVLIXJDvQSLDWDGXSDPDUDUGDUGHXQGH"ÌQSLDWDQLFL
XQILUGHPDUDU
$WXQFLDPOXDWDYLRQXOVLDPSOHFDWvQ&DQDGDGXSDPDUDU
)OHDFXUL]LFH6WUXO6DYH]LFHYLVDPDYXWHX6HIDFHDFDGRUPHDPVLDXGXQFLRFDQLWvQXVD'HVFKLGVLFLQHFUH]LFDPL
FDGHGHJkW"&ODXGLD
&DUGLQDOH&ODXGLWDDX]L"$IRVWRQHEXQLH/DGHVSDUWLUHPLDGHFODUDWFXPkQDSHLQLPDFDHVWHFHDPDLIHULFLWDIHPHLH
GLQOXPH
'DUDELDDSOHFDWVLDXGDOWFLRFDQLWvQXVD&kQGGHVFKLGVDFDGMRVQXDOWD&LQHFUH]LFDHUD"9HFKHDPHDSDVLXQH6RILD
/RUHQ6RILFDDX]L"
'HVLHUDPHSXL]DWGUDJRVWHDPLDWXUQDWQRLSXWHULvQYLQHVLPDPSXUWDWFDXQSHUIRUPHUDPLXELWRFXSDWLPDGXUHURDVD
SH6RILFD'XSDFHDSOHFDW
DPvQFXLDWXVDVLVHIDFHDFDPDPFXOFDWGLQQRXFXJkQGXOVDQXPDLGDXGUXPXOODQLPHQL'DUEDWDLOHvQXVDVDXvQWHWLW
GLQQRX
0LDP ]LV KRWDUkW FD QX PDL SULPHVF SH QLPHQL VL DVD DP IDFXW &LQH FUH]L FD HUD QHQRURFRDVD" %ULJLWWH %DUGRW 'DU
VSXVHVHPQXVLQXDIRVW
$LQVLVWDWHDFXYRUEHIUXPRDVHFXJHVWXULLQFLWDQWHGDUHXDPIRVWLQFRUXSWLELOVLDPGDWRDIDUD
'RELWRFXOHVHVXSDUD,WLFGHFHQDLDGXVRODPLQH"
3DLGHXQGHVDWHLDXGUDJXOPHXQXHUDLSOHFDWvQ&DQDGDGXSDPDUDU"

)LLFDPHDORFXLHVWHvQWUXQDSDUWDPHQWFXHWDMvQ0LDPLUDSRUWHD]D5DVHODSULHWHQHLHL
(DPHUJHVDPDQkQFHGHILHFDUHGDWDvQDOWUHVWDXUDQWDUHQLVWHWRDOHWHH[WUDRUGLQDUHVLRJUDPDGDGHSULHWHQL
/DFDUHSULHWHQD
6LILFDPHDHWRWRSURVWLWXDWD

8QSRSDFDWROLFvOvQWUHDEDSHUDEL
&kQGRVDPDQkQFLVLWXRGDWDFDUQHGHSRUF"
/DQXQWDGXPLWDOHVILQWLDWD

8QSRSDVHvQWkOQHVWHFXUDELVLLVSXQH
+HLUDELDPYLVDWD]LQRDSWHFDPDDIODPvQUDLXOHYUHLHVF
$VDPXOWDOXPH*DODJLHVLXQPLURVGHXVWXURLGHQXOSXWHDLVXSRUWD
'D]LFHUDELVLHXDPYLVDWD]LQRDSWHFDPDDIODPvQUDLXOFUHVWLQHVF
2WDFHUHGHYLV$VDXQPLURVSODFXW'DFDvQSXVWLX1LFLXQRPvQDXQWUX

8QSRSDFDWROLFXQXOHYDQJKHOLFVLXQUDELPHUJvQGUXPHWLH/DXQODFVHRSUHVFHLVLVHVFDOGDvQFRVWXPXOOXL$GDP
'LQWURGDWVXQWVXUSULQVLGHXQJUXSGHIHPHLÌVLLDXFXWRWLLKDLQHOHVLIXJvQWXIH
3RSLLvVLDFRSHUDFXKDLQHOHSDUWLOHUXVLQRDVHSHFkQGUDELvVLDFRSHUDIDWDVLIXJHvQVSDWHOHFHORUGRL
$FHVWLDvOvQWUHDEDSHUDELGHFHVLDDFRSHULWIDWD$FHVWDUDVSXQGH
'DGHIDSWHXQXVWLXFXPHSHODYRLGDUFHLGLQSDURKLDPHDPDUHFXQRVFGXSDIDWD

ÌQYDWDWRDUHDODVFRDODRUJDQL]HD]DXQFRQFXUVFDUHDUHFDSUHPLXRFXWLHPDUHGHERPERDQH
&LQHVWLHFDUHDIRVWRPXOGHVSUHFDUHVDYRUELWFHOPDLPXOWGHDOXQJXOLVWRULHL"
,RQHO
/DG\'
'D,RQHOVL/DG\'DIRVWXQSHUVRQDMFXQRVFXWGDUQXGHVSUHHDHVWHYRUED$OWFLQHYD
0DULD
%LOO&OLQWRQ
ÌQWUDGHYDU%LOO&OLQWRQHVWHXQSHUVRQDMFXQRVFXWHVWHSUHVHGLQWHOHFHOHLPDLSXWHUQLFHWDULGLQOXPHGDUQXGHVSUHHOHVWH
YRUED
,WLF
,VXV+ULVWRV
%UDYRPDL,WLF$VDHVWH7RWXVLVSXQHPLVLPLHGHFkQGSkQDFkQGWXVWLLGH,VXV+ULVWRV3DUFDYRLVXQWHWLFX0RLVH"
0RLVHLV0RLVHEXVLQHVVLVEXVLQHVV

8QHYUHXVHGXFHODUDELQVLvLVSXQH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5DEELQX VWLX FH VD PD IDF FX ILXO PHX SHQWUXFD GHVLODP FUHVFXW vQ VSLULWXO UHOLJLHL PR]DLFH VL DP DYXWJULMD FD HO VD
UHVSHFWHPHUHXFDLOHVLOHJLOHLXGDLFHPLDVSXVFDYUHDVDGHYLQDFUHVWLQ&XFHDPJUHVLW"
/DFDUHUDELQXOUDVSXQGH
(LQWHUHVDQWFDPDvQWUHELWRFPDLSHPLQHSHQWUXFDVLHXODPFUHVFXWSHILXOPHXFkWDPSXWXWGHELQHVLODPvQJULMLWVL
DPDYXWJULMDVDUHVSHFWH&$/($GDUVLHOPLDVSXVFDYUHDVDGHYLQDFUHVWLQ
%LQHVLFHDWLIDFXW"
$PFDXWDWUDVSXQVXOOD'XPQH]HX
6L"
6L(OPLDUDVSXQV(LQWHUHVDQWFDPDvQWUHELWRFPDLSHPLQHSHQWUXFDVLHX

ÌQODJDUXOGHFRQFHQWUDUHYLQHJDUGLDQX

%DEDLHWLDPRYHVWHEXQDVLXQDUHDDLDEXQDHFDGLVHDUDVHGDGLVFRWHFDDLDUHDHFD6FKZDUW]FkQWDODPLWUDOLHUD

$FHODVLODJDUDFHLDVLHYUHLYLQHJDUGLDQXO
%DEDLHWLDPRYHVWHEXQDVLXQDUHDDLDEXQDHFDPkLQHMXPDWDWHGLQYRLSOHFDWLDFDVDDLDUHDHFDQXPDLMXPDWDWHDGH
VXV

$FHODVLODJDUDFHLDVLHYUHLYLQHJDUGLDQXO
$]LYHWLIDFHEDLH
%XFXULHODFXOPH
ÌQED]LQXOFXDFLGVXOIXULF

+LWOHUVHGXFHODDVWURORJXOVDXVLvOvQWUHDEDFvQGYDPXUL$FHVWDGXSDFHvLFRQVXOWDKDUWDDVWUDODvLVSXQH
9HLPXULvQWUR]LGHVDUEDWRDUHHYUHLDVFD
&XPDVD"
3DLvQRULFH]LDLPXULYDILRVDUEDWRDUHHYUHLDVFD

,W]LFvVLFkVWLJDVLHOSkLQHDFXYLRDUD&XWLPSXODREVHUYDWFXJURD]DFDGHFkWHRULDWDFD3DJDQLQLLVHSDUGRQVFXOD

'LVSHUDWVHGXFHOD6ORLP
6DYH]L6ORLPDODDVDVLDVDXQHRULPLVHvQWkPSODSHVFHQDVLPLHUXVLQHFDYHGHOXPHD
,DFkQWD]LFH6ORLP
,W]LFWUDJHFkWHYDDFRUGXULRSDWHVWHVL6ORLP
0DLVDILHKDLVDOvQWUHEDPSHUDEL
5DELXLWHFHVHvQWkPSODHWF
,DFkQWD,W]LF
&kQWD,W]LFWRWLREVHUYDQHIHULFLWXOHIHFW6WDUDELVWDVLPHGLWHD]DDGkQF'XSDXQWLPS]LFH
,W]LFWDWDQXPLGDXVHDPDGDUFUHGFDUSXWHDILDVD2ULQRLDYHPQLVWHVXOHPHORPDQHRULWXFkQWLFDRS GD

5DVHODPHUJHODUDELQ
5DELFHVDIDFQXPLDMXQJHEDUEDWXPHX
5DVHODGUDJDLDWLXQDPDQWGDUILLGLVFUHWDFDFLSDFHDIDPLOLHLHPDLLPSRUWDQWDFDRULFH
7UHFHROXQD
5DELFHPDIDF"0LDPOXDWDPDQWVLQXPLDMXQJH
5DVHODPDLLDWLXQXOGDUFXGLVFUHWLH
0DLWUHFHROXQD
5DELVvQWGLVSHUDWDFXGRLDPDQWLVLEDUEDWXOPHXVLQXVXQWVDWLVIDFXWD
&RSLODPHDPDLFDXWDWLXQEDUEDWSRDWHQDLJDVLWWRFPDLDPDQWXOSRWULYLW
'XSDVFXUWWLPS
5DELPLDPJDVLWXQEDUEDWRPvQGUHWHDGHYDUDWDUPDVDUGDUQLFLDFHVWDQXPLDMXQJH
5DVHODGUDJDPHDFUHGFDQXPDLHQLPLFGHIDFXWWXHVWLRIHPHLHEROQDYD
5DELGDPLWHURJvQVFULVWkUJXO]LFHFDVFXUYD

5DEL SULPHVWH GH ]LXD OXL GH OD XQ SULHWHQ GLQ $PHULFD R SDSDJDOLWD 2 DGXFH DFDVD VL FXP SXQH FROLYLD SH PDVD
SDSDJDOLWDvQFHSHVDVWULJH
6XQWRFXUYD6XQWRFXUYD
8QHOHYvLVSXQH
5DEL QX IL VXSDUDWDP HX DFDVD GRL SDSDJDOLVXSHUELIRDUWH HYODYLRVL FDUHVL SHWUHF WRW WLPSXOvQ UXJDFLXQL 'DPL PLH
SDSDJDOLWDVDVWHDFXSDSDJDOLLPHLFHYDWLPSVLVHYDvQWRDUFHSHGUXPXOFHOEXQ
,D HOHYXO SDSDJDOLWD DFDVD R EDJDQ FXVFD SDSDJDOLORU DFHVWLD QHPLVFDWL VWDX FXIXQGDWL vQ UXJDFLXQH 1X WUHFH PXOW VL
SDSDJDOLWDvQFHSH
6XQWRFXUYD6XQWRFXUYD
9H]LGRP
OHWLDPVSXVHXFDUXJDFLXQLOHDMXWDVDUMXELOkQGSDSDJDOLL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8QUDELQDVOXMLWOD7HPSOXWLPSGHGHDQL&DVDOUDVSODWHDVFDFRPXQLWDWHDvOWULPLVHvQWURH[FXUVLHvQ+DZDLL&kQG
DMXQVH vQ FDPHUD GH KRWHO R WkQDUD IRDUWH IUXPRDVD VL JRDOD VWDWHD vQWLQVD vQ SDW 5HYROWDW SXQH PkQD SH WHOHIRQ VL VXQD
DFDVD
1XDYHWLSLFGHUHVSHFWSHQWUXSR]LWLDPHD"6XQWUDELQ$VWDHRGRYDGDFUDVDGHQHVLPWLUHVLOLSVDGHUHVSHFW
$X]LQGDFHVWHDWkQDUDUXVLQDWDvQFHSXVDVHvPEUDFH'XSDFHWHUPLQDWGHYRUELWODWHOHIRQUDELQXOLVHDGUHVD
7XXQGHSOHFL"1XSHWLQHVvQWVXSDUDW

6WUXOYLQHDFDVDOD,WLFVLRvQWvOQHVWHvQEXFDWDULHSH5DVHOD
%XQD5DVHODFHPDLIDFL"1XWHDPYD]XWGHPXOW
0XOWXPHVFELQHGDUWXGHFHDLYHQLW"
ÌOFDXWSH,WLF
1XHDFDVDHvQGHOHJDWLH
6LFvQGYLQH"
'LVHDUDGXSDRUDVWDLMRVVDWHVHYHVFFXRFDIHD"
0XOWXPHVFVSXQH6WUXOSULYLQGRFXGUDJ6WLL5DVHORWRDWDYLDWDWHDPDGPLUDWFHELQHDUDWLVLFHGDPDWUD]QHWWUHEXLHVD
ILLPDPJvQGLWVLYUHDXVDWLSURSXQXQWkUJGDFDvPLDUDWLXQVkQvWLGDXOHL
1XVHSRDWH(VWLQHEXQ
+DLJkQGHVWHWHSRDWHFDWRWXVLvWLFRQYLQH
'XSDYUHRFkWHYDPLQXWHGHJkQGLUHVLGHFXPSDQLUHWLPSvQFDUH6WUXOQXPDLFRQWHQHDVDRURDJH5DVHODFHGHD]DvLDUDWD
WkWHOHVLvQFDVHD]DSHORFEDQLLSURPLVL
6WLL5DVHODPDWRWJvQGHVFWRDWDYLDWDPLDPGRULWVDWLYDGWUXSXODFHVWDVXSHUEVLVDWHPkQJkLSHVROGXUL
3RUFXOHQXWLHUXVLQH"&KLDUYUHLVDPDVXSDU"
1XFDSHQWUXDVWDvWLPDLGDXOHL
5DVHODVHvQIXULHVHFRGHVWHFHGHD]DVHDUDWDVHODVDPkQJkLDWDVLvQFDVHD]DEDQLL6WUXOFDRSLD]DUHDFRQWLQXD
6LVWLLGDFDPDJkQGHVFPHULWDVDWLPDLGDXGHOHLFDVDPDODVLVDPDFXOFFXWLQH
6LL]EXFQLULOH5DVHOHLVHUHSHWDVLPDLYkUWRVGDUVHFDOPHD]DWRWDVDGHUHSHGHVLJkQGHVWHFDvQIRQGQXHVODQLQDVDVH
WHUPLQHDVDFDDWHUL]HD]DvQDUJXPHQWXOELQHGH]YROWDWDOOXL6WUXOFXVLQJXUXOUHJUHWFDGDFDDFHVWDQXDYHDFLUFXPFL]LH
SRDWHHUDPDLJURV'XSDFHDXWHUPLQDW6WUXOvVLLDUDPDVEXQVLSOHDFDDFDVD5DVHODIDFHXQGXVVLvVLFRQWLQXDPXQFDGLQ
EXFDWDULH
3HODDSDUHVL,WLFLVWRYLW
'DPLUHSHGHFHYDGHPkQFDUHVLPDGXFVDPDFXOFFDPRUGHVRPQ&HDLPDLIDFXWD]L"&XPWLDWUHFXWYUHPHD"
1LPLFLQWHUHVDQWPDPSOLFWLVLWWRDWD]LXD
0XOWXPHVFSHQWUXPDVDHXPDGXFVDPDFXOF1RDSWHEXQD
6LSOHDFD,WLF'DUGLQXVDVHvQWRDUFHEUXVFVLvQWUHDED
$VFXOWD5DVHOR1XDIRVWD]L6WUXOSHODQRLVDPLDGXFDVDODULXO""""

'O,W]LFRVXQDSHGQD*ROGVWHLQ
$ORVDUXWPkQDFHPDLIDFHWL"
&HVDIDFVXQWVLQJXUDVRWXOHSHWHUHQGHROXQD
$WXQFLSRDWHvPLSHUPLWHWLVDWUHFSHODGYVEHPRFDIHOXWDIDFHPDPRU
9DLGRPQXOH,W]LFFUHGHWLFDVXQWFXUYD"
'D
FLQHDSRPHQLWGHEDQL"

ÌQWUR]L5DELVHGXFHvQYL]LWDOD3DSDOD9DWLFDQ
&kQGLQWUDvQELURXYHGHQXPDLOXFUXULIUXPRDVHYHFKLDXUSRUWHODQXULFDWLIHDPDWDVXULFHPDLRIUXPXVHWH
ÌQPLMORFXOELURXOXLODORFGHPDUHFLQVWHRPDVXWDSHFDUHHUDDVH]DWXQWHOHIRQ
6ILQWHSDULQWHvQWUHDED5DELFHHFXWHOHIRQXODFHOD"
9H]LWX5DELSULQWHOHIRQXODVWDDPOLQLHGLUHFWDFXVLDLFLDUDWDFXGHJHWXOvQVXV
7UDQVILJXUDW5DELvLVSXQH3DSHL
7HURJODVDPDVLSHPLQHVDYRUEHVF
3DSDvOODVD'XSDFvWHYDPLQXWH5DELIRDUWHIHULFLWVHvQWRDUFHFDWUH3DSDVLvLVSXQH
ÌWLPXOWXPHVFPXOW0DVLPWPXOWPDLXVXUDWDFXPFDDPYRUELWFX'RPQXO&kWPDFRVWD"
3HQWUXWLQHFDWHFXQRVFGRODUL
5DELSODWHVWHVLSOHDFDIRDUWHvQFvQWDW
'XSDYUHRGRLDQLYLQHVL3DSDvQYL]LWDOD,HUXVDOLP,QWUDvQELURXODFHVWXLDVLREVHUYDRPDVXWDFXXQ WHOHIRQSHHD
9H]LVSXQH5DELDFXPDPVLHXOHJDWXUDGLUHFWDFX'RPQXO
3RWVDGDXVLHXXQWHOHIRQ"vQWUHDED3DSD
6LJXUFDGDWHURJ
'D3DSDWHOHIRQYRUEHVWHFvWHYDPLQXWHVLGXSDFHWHUPLQDvOvQWUHDEDSH5DEL
&vWPDFRVWD"
3HQWUXWLQHFRVWDGHFHQWLUDVSXQGH5DEL
&XPDVDGHLHIWLQ"VHPLUD3DSD
6LJXUFDGDVWLLDLFLFRQYRUELUHDHORFDOD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QHYUHXHUDvQDYLRQvQWUHGRLDUDEL6LvVLGDDVWDMRVSDQWRILLVHvQWLQGHFRQIRUWDELOVLDVWLDvL]LF
'XWHVLDGXQHGRXDVXFXUL
(YUHXOHUDVLQJXUDLDGRLVDGXV&kWDIRVWDVWDSOHFDWDVWLDLDXVFXLSDWvQSDQWRIL6DvQWRUVFXVXFXULOHVDvQWLQVODORF
PDLGHSDUWHOLQLVWH&kQGDDMXQVODGHVWLQDWLHvVLEDJDSLFLRDUHOHvQSDQWRILLVLGHVFRSHUDFHDXIDFXWDVWLDVLOH]LFH
2VDILHSDFHvQ(VWXO0LMORFLXFkQGDUDELLQRUVDPDLVFXLSHvQSDQWRILLHYUHLORUVLHYUHLLQRUVDVHPDLSLVHvQVXFXULOH
DUDELORU

7vQDUXOUDELQVLWkQDUDUDELQHDVDXPEODFXFDUXWDWUDVDGHFDLSOLQDFXPDUID9LQWkOKDULLLDXFDUXWDLDXFDLLLDXPDUID
vOEDWSHUDELQRI WSHUDELQHDVDVLSOHDFD6HDVHD]DUDELQXOSHRSLDWUDODPDUJLQHDGUXPXOXLVLvQFHSHVDVHWkQJXLH

2LYHLRLYHL
'HFHWHWkQJXL]LFHUDELQHDVDFDQHDXOXDWFDUXWD"1XLQLPLFWDWDDUHPXOWHFDUXWHDUHVDQHGHDXQD
2LYHLRLYHL
'HFHWHWkQJXLFDQHDXOXDWFDLL"1XLQXPLFIUDWHOHPHXDUHPXOWLFDLDUHVDQHGHDGRL
2LYHLRLYHL
'HFHWHWkQJXLFDQHDXOXDWPDUID"1XLQLPLFXQFKLXOPHXDUHPXOWDPDUIDDUHVDQHGHDFHYDODHOQXVHFXQRDVWH
2LYHLRLYHL
'HFHWHWkQJXLFDWHDXEDWXW"1XLQLPLFDPVDWHSDQVH]VDYH]LFDWUHFHQLFLQDUHVDVHPDLFXQRDVFD
2LYHLRLYHL
'HFHWHWkQJXLFDPDXIX XW"&HSXWHPIDFHVDYH]LFDVLDVWDDUHVDWUHDFD
$WXQFLWkQDUXOUDELQvQFHWHD]DVDVHPDLWkQJXLHVHXLWDGUHSWvQRFKLLWLQHUHLUDELQHVHVLLVSXQH
'D
WXGHFHOHDLWLQXWFRQWUD"

(UDRGDWDXQJUHF2QDVVLVvOFKHPDVHVSXQHFDHUDFHOPDLERJDWRPGLQOXPH$MXQJHHOvQWURVHDUDOD1HZ<RUNLDR
FDPHUDODXQPDUHKRWHOVLDGRDUPH6HWUH]HVWHODSUvQ]VLQHDYvQGFHIDFHVHGXFHODEDULDRFDIHOXWDVLvQFHSHVREHD
$WXQFLVHDSURSLHGHHOXQHYUHX
'RPQXOH2QDVVLV'YPDSXWHWLIDFHXQRPERJDWIDUDDLQYHVWLQLFLPDFDUXQVLQJXUFHQW
2QDVVLVQXVSXQHQLFLGDQLFLQXFLFRQWLQXDVDVLEHDFDIHOXWD
'RPQXOH2QDVVLVFRQWLQXDHYUHXOHXVvQWXQPDUXQWDIDFHULVW$FXPWUHEXLHVDPDvQWkOQHVFFXXQSDUWHQHUGHDIDFHUL7RW
FHHDFHWUHEXLHVDIDFHWLHVWHVDYDDGUHVDWLPLHVLVDPLVSXQHWL%XQD]LXD3DUWHQHUXOPHXYDYHGHDFDPDUHOH2QDVVLVPD
FXQRDVWHDFHDVWDYDILFHDPDLEXQDUHFRPDQGDWLHSHQWUXPLQHHOYDDFFHSWDVDIDFDDIDFHUHDVLHXYRLILXQRPERJDWIDUD
FDGYVDILLQYHVWLWQLFLPDFDUXQVLQJXUFHQW
2QDVVLVQXVSXQHQLFLGDQLFLQXFLFRQWLQXDVDVLEHDFDIHOXWD'DUvQWUDGHYDUYHGHFDYLQHFLQHYDvQFHSHVDYRUEHDVFD
FXHYUHXO&vQGWUHFSULQIDWDOXLVHDGUHVHD]D2QDVVLVHYUHXOXLVLLVSXQH
%XQD]LXD
/DFDUHHYUHXOVHvQWRDUFHVLVSXQH
0DL2QDVVLV'HFvWHRULVDWLVSXQVDQXPDGHUDQMH]LFkQGIDFDIDFHUL"

6WUXO VROGDW vQ DUPDWD LVUDHOLDQD ÌQWUR ]L VH SUH]LQWD OD FRPDQGDQW VLL SUHGD XQ WDQF LQDPLF vQ SHUIHFWD VWDUH GH
IXQFWLRQDUH&HPDLFDSWXUDSULPHVWHRVDSWDPkQDGHFRQFHGLXFDUHFRPSHQVD'RXD]LOHGXSDFRQFHGLXVHSUH]LQWDLDUOD
FRPDQGDQWFXXQQRXWDQFvQVWDUHVLPDLEXQD&RPDQGDQWXOPLUDWvL]LFH
0DL6WUXOvWLGDXFRQFHGLXOGDUWUHEXLHVDPLVSXLFXPDLIDFXW
3DLVLPSOX0DPGXVODOLQLDGHGHPDUFDWLHVLDPVWULJDW
$KPHGYUHLFRQFHGLX"
'D
$WXQFLKDLVDIDFHPVFKLPEGHWDQFXUL

8QHYUHXPHUJHODPDFHODULH
'DWLPLXQNJGLQSHVWHOHDFHOD
'DUDFHODQXHSHVWHHFDUQHGHSRUF
(XQXWHDPvQWUHEDWFXPVHQXPHVWHSHVWHOHDFHOD

&LQFLHYUHLUHQXPLWLDXVWDELOLWSULQFLSLLGHED]D
02,6(/HJHDHPDLSUHVXVGHWRWXO
,686'UDJRVWHDDSURDSHOXLHFHOPDLLPSRUWDQWOXFUX
0$5;7RWXOWUHFHSULQVWRPDF
)5(8'6H[XOHWRWXO
(,167(,17RWXOHUHODWLY

ÌQUD]ERLXOGLQWUHDUDELVLLVUDHOLHQLRFRPSDQLHYHVWLFDSURGXFDWRDUHGHDUPDPHQW SULPHVWHR UHFODPDWLHFXPFD GLQ

FDX]DJUHQDGHORUSHFDUHOHDXIXUQL]DWHYUHLORUVROGDWLLUDPvQIDUDWHVWLFXOH,PHGLDWWULPLWRFRPLVLHGHLQVSHFWLHSHWHDWUXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
GHOXSWD3UHVHGLQWHOHFRPLVLHLFHUFHWHD]DSURGXVXOLQVWUXFWLXQLOHGHIRORVLUHVLWRWXOSDUH2.ÌQXOWLPDLQVWDQWDFHUHVDL
VHIDFDRGHPRQVWUDWLH8QVROGDWHYUHXLDRJUHQDGDLQVWUXFWLXQLOHVLvQFHSH
/XDPJUHQDGDvQFDXVXOSDOPHLGUHSWHVLFXVWkQJDVFRDWHPFXLXO$SRLQXPDUDPSkQDOD
6ROGDWXO vQFHSH VD QXPHUH FRQVWLLQFLRV SH GHJHWHOH GH OD PkQD VWvQJD XQX GRL  FLQFL GXSD FDUH SXQH JUHQDGD vQWUH
SLFLRDUHVLFRQWLQXDFXGHJHWHOHGHODPkQDGUHDSWD
6DVHVDSWH

,WLF VL 6WUXO HPLJUH]D vQ $PHULFD 'XSD YUHR  DQL VH UHvQWkOQHVF ,WLF XQ SURVSHU RP GH DIDFHUL LDU 6WUXO XQ DGHYDUDW
ERJDWDV
&XPDLGXVRPDL,WLFPDLGHFvQGQXQHDPPDLYD]XW"vQWUHDED6WUXO
&XPVRILGXV&kQGDPDMXQVQDYHDPEDQLGHFvWGHEDQDQHVLvQWUXQDGLQ]LOHPkQFkQGREDQDQDPLDYHQLWRLGHH
$PIDEULFDWXQVSUD\GHGDWSHSX DFXPLURVGHEDQDQH'DUWXFXPGHDLDMXQVFKLDUDWkWGHERJDW"
3DLVLHXWRWFXEDQDQHOHFDWLQHVLvQWUR]LPLDYHQLWLGHHDVDIDFXQVSUD\FXPLURVGHSX DFXFDUHVDGDLSHEDQDQH

/RFXLQGvQ5RPkQLDSHYUHPHDFRPXQLVWLORU,WLFREWLQHFXFKLXFXYDLXQSDVDSRUWSHQWUXDVHGXFHvQYL]LWDOD6WUXO
SULHWHQXOVDXGLQFRSLODULHFDUHWUDLDvQ$PHULFD$MXQJHOD6WUXOVHVLPWHH[FHOHQW6WUXOvOVIDWXLHVWHVDQXVHPDLvQWRDUFD
vQ5RPkQLDVDUDPkQDvQ$PHULFDGDU,WLFSDUHSUHDOHJDWGHORFXULOHQDWDOH6WUXOLQVLVWDDUDWkQGXLDYDQWDMHOHWUDLXOXLvQ
OXPHDOLEHUDGDUIDUDVXFFHV&RQYLQvQVDFD,WLFGXSDFHYDDMXQJHvQDSRLVDVFULHFLIUDWGDFDUHJUHWDVDXQXFDDUHYHQLWvQ
5RPkQLD6HGHVSDUWDFHLDVLEXQLSULHWHQL3HVWHYUHRGRXDOXQLSULPHVWH6WUXORVFULVRDUHGHOD,WLFvQFDUHvQORFGHWH[W
HUDX GHVHQDWH WUHL RL LDU DODWXUL XQ ERX FX SLFLRDUHOH vQ VXV 6H XLWD 6WUXO OD VFULVRDUH GDU QX vQWHOHJH QLPLF 6H GXFH OD
5DELQ$FHVWDH[DPLQHD]DVFULVRDUHDFDOHGHYUHRPLQXWHDSRLvLVSXQHOXL6WUXO
3DLPDL6WUXOHFODU,WLFvWLVFULHFLIUDW2L2L2LERXDPIRVWFDPDPvQWRUV

6HVSXQHFD5RELQVRQ&UXVRHDIRVWHYUHXFHHDFHQXVWLHIRDUWHPXOWDOXPHÌQWUR]LGXSDWRWLDFHLDQLGHVLQJXUDWDWH
5RELQVRQD]DULWRFRUDELHQXGHSDUWHGHLQVXODVLLDIDFXWVHPQ&HLGHSHFRUDELHODXYD]XW&DSLWDQXODFHUXWREDUFDVL
vQVRWLW GH FkWLYD PDULQDUL D YHQLW SH LQVXOD 5RELQVRQ LD SRYHVWLW FH L VH vQWkPSODVH VL OD UXJDW VDO GXFD vQ $QJOLD
&DSLWDQXOFDUHHUDHQJOH]VDvQYRLW
6XLHLQEDUFDLDVSXV
ÌQDLQWHGHDSOHFDDVYUHDVDYDDUDWGDFDPLvQJDGXLWLWRWFHDPIDFXWDVSXVODUkQGXOVDX5RELQ$PSHWUHFXWDWkWLDDQL
SHLQVXOD1XPDLFkWHYDFOLSHQXPDL
&XSODFHUHDUDVSXQVFDSLWDQXOFDUHHUDXQRPSROLWLFRV
5RELQVRQODGXVFHYDPDLvQFRORSHLQVXOD
$LFLHVWHORFXLQWDPHDSULQFLSDOD&XSULPXOJDUGSHFDUHODP IDFXW$ODWXULWDUFXOFDSUHORULDUGLQFRORVLQDJRJD'XSD
DFHHDJUDMGXOYLDFHDGHDGRXDVLQDJRJD
,DUWDPDDVSXVFDSLWDQXOFDPPLUDWGDUHVWLFKLDUVLQJXUSHLQVXOD"
6LQJXUVLQJXUHO
'HFHDLULGLFDWDWXQFLGRXDVLQDJRJL"
(ODPLQWHDFRFRVXOXLLDUDVSXQV5RELQVRQ$VWDHVLQDJRJDODFDUH PDGXFLDUFHDODOWDHFHDODFDUHQX PDGXFQLFLvQ
UXSWXOFDSXOXL

8QRPGHDIDFHULHYUHXvLVSXQHDVLVWHQWXOXLFDSOHDFDODVLQDJRJDVLQXYUHDVDILHGHUDQMDWVXEQLFLRIRUPD'XSD]HFH
PLQXWHGHODSOHFDUHDFWLXQLOHXQHLILUPH,%0VD]LFHPvQFHSVDFUHDVFD YHUWLJLQRV 'XSD DOWH ]HFH PLQXWH GHMD HUDXFX
PDLPDULÌQHEXQLWYUHDVDODQXQWHSHVHIXOOXLVLGDIXJDODVLQDJRJD6HIXOWRFPDLPHGLWD
6HIXVWLXFDQXYDSODFHVDYDGHUDQMH]GDUDFWLXQLOH,%0DXFUHVFXWFX
7LDPVSXVVDQXPDGHUDQMH]LLQGLIHUHQWGHPRWLY7LPSXODORFDWSHQWUXVLQDJRJDHVIkQW6DSRLDLFLDFWLXQLOH,%0VXQW
GHMDOD

%DQFXULFXQHJULL

Ì8QGHDXIHPHLOHSDUXOQHJUXVLFUHW"
5ÌQ$IULFD

Ì&DUHHGLIHUHQWDGLQWUHXQQHJUXVLRDQYHORSDGHPDVLQD"
5$QYHORSDQXFkQWDFkQGvLSXLODQWXUL

Ì&DUHHGLIHUHQWDGLQWUHXQQHJURWHLVLRSL]]D"
53L]]DQXGDGLQSLFLRDUHFkQGHEDJDWDODFXSWRU

Ì&LQHLPLFQHJUXVLVDUH"
53XULFHOH
Ì'D
FLQHLPDUHQHJUXVLVDUH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5'U$OEDQ

Ì'HFHQXFLUFXODQHJULLvQPDVLQLGHFDSRWDELOH"
5'HRDUHFHOHDUIOXWXUDEX]HOHvQYDQWVLOHDUYHQLSHVWHRFKL

Ì'HFHQXOHSODFHQHJULORUVDPHDUJDvQPDVLQLGHFDSRWDELOH"
53HQWUXFDOHIOXWXUDEX]HOHVLQXPDLYDGGUXPXO

Ì&XPVHSDYHD]DVWUD]LOHLQ$IULFDGH6XG"
56HDVHD]DQHJULLSHVWUDGDXQXOODQJDDOWXOVLVHWUHFHFXWDYDOXJXOSHVWHHL

Ì6LFXPVHIDFHGXQJDDOED"
56HDVHD]DQHJULLFXGLQWLLLQVXV

Ì&HHQHJUXSHGLQDIDUDVLYHUGHSHGLQDXQWUX"
58QQHJUXFDUHDPDQFDWVSDQDF

Ì&HHQHJUXFXXQSLFLRU"
58QQHJUXVFKLRS

Ì&HHQHJUXFXGRXDSLFLRDUH"
58QQHJUXQRUPDO

Ì&HHXQQHJUXFXWUHLSLFLRDUH"
58QSLDQ

Ì&HHQHJUXVLPDUHVLPRULSHORFGDFDVDUHGLQWUXQFRSDFSHWLQH"
58QSLDQ

Ì'HFHVDLQYHQWDWFLRFRODWDDOED"
5&DVDVHPXUGDUHDVFDFRSLLLQHJULODJXUD

Ì'HFHVDLQYHQWDWFLRFRODWD"
53HQWUXFDODFLQHPDQHJULLVDQXVLPXVWHGHJHWHOH

ÌQ$IULFDGH6XGXQQHJUXDIRVWJDVLWvQDUPDW$YHDXQFXWLWvQVSDWH

6DKPDWvQWUHLPXWDUL
1HJUXOLD'DPD'DPDLDYDOXWD$OEXOLD6,'$

Ì&HUH]XOWDODvPSHUHFKHUHDXQXLQHJUXFXRFDUDFDWLWD"
51XVHVWLHGDUFXVLJXUDQWDYDFXOHJHPXOWPDLUHSHGHEXPEDFXOFXDMXWRUXOFHORUPkLQL

Ì&DUHHGLIHUHQWDGLQWUHXQSRUXPEHOVLXQQHJUX"
53RUXPEHOXOHDOEVLQHJUXOQXSRDWHVD]ERDUH

9DULDQWD
Ì&DUHHGLIHUHQWDGLQWUHXQQHJUXVLXQSHVFDUXV"
53HVFDUXVXODUHFRDGDDOEDVLQHJUXOQXSRDWHVD]ERDUH

Ì&HHURVXQHJUXURVXQHJUXURVXQHJUXURVXQHJUXDOE"
58QQHJUXFDUHVHPDVWXUEHD]D

Ì&DUHHGLIHUHQWvQWUHXQERXDOEVLXQERXQHJUX"
5%RXODOEIDFH0XXX%RXO1HJUXIDFH+HLPDQPXXXPDQ

Ì&XPVDOYH]LXQQHJUXGHODvQHF"
5ÌLLHLSLFLRUXOGHSHFDS

Ì&DUHHGLIHUHQWDvQWUHXQQHJUXVLRFDQRH"
52FDQRHSOXWHVWH

Ì&DUHHGLIHUHQWDvQWUHXQQHJURWHLVLRSHUVRDQDGHFXORDUH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5&kWYH]LFXRFKLL

Ì&XPUHFXQRVWHXQSROLWLVWvQ$IULFDGH6XGGDFDYHGHSHVRVHDRSDWDLPHQVDGHVkQJHDFXLDIRVWSDWDDXQXLFkLQH
VDXDXQXLQHJUX"
5'DFDYHGHGkUHGHIUkQDvQVHDPQDFDDIRVWDXQXLFkLQH

Ì'HFHDXQHJULLSDOPHOHVLWDOSLOHPDLDOEH"
53HQWUXFDDWXQFLFkQGLDYRSVLW'XPQH]HXXPEODXvQSDWUXODEH

Ì'HFHSRDUWDQHJULLSDODULLFXERUXULOHODUJL"
5&DSDVDULOHVDQXOLVHFDFHSHEX]H

Ì&XPVDOYH]LXQQHJUXGHODvQQHF"
5ÌLDUXQFLDQFRUDvQFDS

Ì6WLLFHSRDUWDPDLQRXWLQHULLVXGDIULFDQLODJkW"
5'REHUPDQL

$LDX]LWGHXOWLPXOVHIDO.X.OX[.ODQXOXLRVDvQFHUFHVDVDUDSHVWHGHQHJULFXEXOGR]HUXO

Ì&HDYHWLvPSRWULYDQHJULORU"
53DLGHH[HPSOXFXWLWHEDVWRDQHSXPQDOHSLVWRDOHPLWUDOLHUDJUHQDGH

3DW%XFKDQDQ-HVVLH-DFNVRQVL$UOHQ6SHFWHUVHSOLPEDXVLGLVFXWDXSHSODMDGHOD6DQWD0RQLFD
/DXQPRPHQWGDW6SHFWHUVHDSOHDFDVLFXOHJHRVWLFODGLQQLVLS2FXUDWDVLGLQHDLHVHDJHQH
*HQHPXOWXPHVWHSWOLEHUWDWHVLOHSURPLWHVDOHvPSOLQHDVFDRGRULQWDODILHFDUH
-HVVLHYUHDXFD$IULFDVDGHYLQDXQFRQWLQHQWERJDWVLWRWLQHJULVDWUDLDVFDvQSDFH
EXPEXPVL-HVVLHGLVSDUH
6SHFWHUYUHDXFD,VUDHOVDGHYLQDFHDPDLIRUPLGDELODDUPDWDVLWRWLHYUHLLVDPHDUJDvQ,VUDHOVDDMXWH
EXPEXPVL6SHFWHUGLVSDUH
3DW%XFKDQDQ
/DVDPDVDvQWHOHJDVWDvQVHDPQDFDWRWLQHJULVXQWDFXPvQ$IULFD"
'D
6LWRWLMLGDQLLVXQWvQ,VUDHO"
'D
/HWPHKDYHD'LHW&RNH

8Q DOE VPHFKHU VH GXFH VL HO OD QXGLVWL SH OD 0LDPL %HDFK &D VD LPSUHVLRQH]H vVL WDWXHD]D SH S D QXPHOH VRWLHL
:(1'<
0kQGUXWDUHSDWUXODHOSHSODMDvQFHUFkQGVDDJDWHRJDJLFDGRXD
/DXQPRPHQWGDWYHGHXQQHJUXSHDFDUXLS DVHYHGHDXGRXDOLWHUH:<
$OEXOvOvQWUHDED
6LSHVRWLDWDRFKHDPDWRW:(1'<"'DUQDLDYXWORFVDVFULLQXLDVD"
,DUQHJUXOUDVSXQGH
1XHXVXQWUHVSRQVDELOFXSULPLUHDWXULVWLORU3HDPHDvQHUHFWLHVFULH
:(/&20(720,$0,%($&++$9($1,&('$<

ÌQWUHDEDSROLWLVWXOXQQHJUX
9DSXWHWLOHJLWLPD"
7UHEXLHVDIDFHPDVWDGHMDVLQJXUL"

6HvQWkOQHVFXQQHJUXVLXQDOEODVWUDQG=LFHDOEXO
(XFXVFXODPHDSRWPDVXUDWHPSHUDWXUDDSHL
1XFUHG]LFHQHJUXO
,QWUDDOEXOvQDSDLHVHDIDUDVL]LFH
ƒ&HOVLXV
1HJUXOFRQWUROHD]DFXWHUPRPHWUXOVLvQWUDGHYDU
$OEXO]LFH
3UREHD]DVLWXDFXPD
,QWUDVLQHJUXOvQDSDVL]LFH
'HWHPSHUDWXUDQXSRWVDWLVSXQQLPLFGDUDSDHDGkQFDGHFP

9LQHRPDLQDFXGRLQHJULODJUDQLWDVLYDPHVXOvQWUHDED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$WLDYXWXQPLFLQFHQGLX"

8QPLVLRQDUvQ$IULFDYL]LWHD]DEROQDYLLGLQWUXQVDWGHQHJULÌQWURFROLEDJDVHVWHXQWkQDUFXIHEUD
ÌOPkQJkLHSHIUXQWHvLGDRWDEOHWDVLvLVSXQH
ÌQWURVDSWDPkQDYHLILGLQQRXSHSLFLRDUHVLYHLSXWHDOXFUDFDXQHOHIDQW
$VWDHELQHVSXVHWkQDUXODWXQFLSRWGLQQRXVD]ERUOD6RUERQDVDvPLWLQFXUVXOGHVRFLRORJLH

9LQHXQQHJUXFXQDVXODOEvQWUXQEDU%DUPDQXOvQWUHDED
&LQHHVWLWX"
6XQWXQQHJUXGLQ*KDQDVLGRUHVFRFRODVLRIDQWD
0DLYLQHXQQHJUXFXRXUHFKHDOEDVLGLQQRX
&LQHHVWLWX"
6XQWXQQHJUXGLQ*KDQDVLGRUHVFRFRODVLRIDQWD
0DLYLQHXQQHJUXFXXQGHJHWDOE%DUPDQXO
6WLXHVWLXQQHJUXGLQ*KDQDVLYUHLRFRODVLRIDQWD
1XHXVXQWFRVDUVLYLQGHODQHYDVWDWD

ÌQWUXQWUHQGRLDUGHOHQLVLXQQHJUX
%UHGDWXQXHVWLGHDLFL
'DWDWDOPHXHVWHGLQ$IULFDGDUPDPDPHDHVWHGHDLFL
3DLFXP"
3DLWDWDDIRVWRGDWDSHDLFLVLDYD]XWRSHPDPDVLDLQFHSXWVDDOHUJHGXSDHDVLDDOHUJDWVLDDOHUJDWVLDDOHUJDWVLDVDP
DPQDVFXWHX
'XSDYUHRPLQXWHDUGHOHQLLDYHDXRQHODPXULUH
0DLGDUVWLLFHQHvQWUHEDPQRL2ILSULQVRSHPDLFDWD"

Ì'HFkWLQHJULDLQHYRLHVDFXUHWLRFDPHUD"
5'HQLFLXQXODVWDHPXQFDGHIHPHLH

ÌQWUXQVWDWGLQVXGXO$PHULFLLVFULDSHXVDXQHLELVHULFL$FFHVXOSHQWUXQHJULLLQWHU]LV
7RWXVLXQQHJUXVHSDUHFDQXVWLHVDFLWHDVFDVLLQWUD3UHRWXOvORSUHVWHVL]LFH
1XVWLLVDFLWHVWLQHJULLQXDXYRLHvQELVHULFD
%DGDUGDUHXIDFQXPDLFXUDWDLFL
%LQHELQHGDUQXFXPYDVDWHSULQGUXJkQGXWH

6HPDIRUL]DUHDOD3UHWRULD6HPDIRUXODUHGRXDFXORULDOEVLQHJUX
&LUFXODWLDVHGHVIDVRDUDvQPRGXOXUPDWRUSHDOEWUHFDOELLVLSHQHJUXWUHFPDVLQLOH

Ì'HFHQXHLQGLFDWVDVHIDFDGUDJRVWHFXQHJUHVHOH"
5$WLPDDX]LWSkQDDFXPVDPDLLDVDFHYDGLQWURJDXUDQHDJUD"

3HRSODMDGLQ$IULFDGH6XG
/DXQPRPHQWGDWLHVHGLQDSDXQQHJUXDYkQGRVFXODSkQDODJHQXQFKL7RDWDOXPHDvQFHSHVDUkGD
1HJUXOVXSDUDW]LFH
&HEDDOELORUYRXDQXYLVHIDFHPLFDFkQGLQWUDWLvQDSDUHFH"

Ì&HFHUHXQQHJUXvQWURFRIHWDULH"
52QHJUHVD

ÌQWUXQPLFRUDVHOvQ$ODEDPDXQQHJUX]DFHSHVWUDGDFLXUXLWGHGHJORDQWH
6HULIXOVWDOkQJDHOVL]LFH
2KVKLWDVDRVLQXFLGHUHFXPSOLWDQXDPPDLYD]XWQLFLRGDWD

8QQHJUXVDUHJDUGXOUH]HUYDWLHL0HUJHODRUDVPDQkQFDXQYLQEHDRIULSWXUD
)D]DHFDODXQPRPHQWGDWXQERXGDSHVWHOXPkQDULOHGHSHPDVDVLFkUFLXPDLDIRF1HJUXOYUHDVDLDVDGDUvVLGDVHDPD
FDQDUHFXP
6LQJXUDXVDSHFDUHSRDWHVRLDGXFHODRVFDUDFDUHLHVHSHWHUDVD$MXQVSHWHUDVDQHJUXOJkQGHVWH
%DGD
GRELWRFVXQWXLWHDFXPRVDPRUFDERXOFHPLDWUHEXLWVWDWHDPvQUH]HUYDWLHPDGXUHDvQS DHDGHYDUDWPD
EDWHDXGD
vPLGDGHDXVLGHPkQFDUH
ÌQWUHWLPSYLQSRPSLHULLFXSODVDDLDFDUHSULQGHSHDLDFDUHVDUGHODJHDPXULVDXGHSHEORF
3RPSLHULL
6SDQLROXOH6DOYH]DWHVSDQLROXOH
6HJkQGHVWHQHJUXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,DX]LIUDWHVSDQLROFH]LFDVWLDPDXYD]XWPDLFUHRODVDGHXQGHVDVWLHHLFDHXVXQWQHJUXVLFDDPIXJLWGLQUH]HUYDWLH"
6DUPkQFDWLDVVLPDVFRWFDXQVPHFKHUGXS
DLDIXJFHSXLLPHLPDPVFRV
6DUHJDJLXOLDUFkQGDMXQJHSHODMXPDWHDGLVWDQWHLSRPSLHULLWUDJFXXQJHVWJUDWLRVSODVDGLQFDOHDQHJUXOXL
2/(

8QURPDQVRVHVWHLQ$IULFDGH6XG/DDHURSRUWVHDVHD]DODFRDGDODDXWREX]/DFRDGDHUDXQXPDLQHJUL
/DXQPRPHQWGDWUHFHXQDOESHODQJDHOVLvOvQWUHDED
(VWLQRXSHDLFL"
'D
3DLXLWHFXPYLQHWUHDEDQXPDLQHJULLPHUJFXDXWREX]XODOELLPHUJJUDWXLWFXWD[LXULOH
,DRPXOQRVWUXWD[LXODMXQJHODKRWHOVLVHFD]HD]D6SUHVHDUDVHKRWDUDVWHVD PHDUJD OD FLQHPDWRJUDI $FROR VH DVHD]D OD
FRDGDODELOHWH
/DXQPRPHQWGDWFLQHYDvOvQWUHDED
'XPQHDWDHVWLQRXSHDLFL"
'DUDVSXQGHURPDQXO
$OELLQXVWDXODFRDGD8LWHLDWLELOHWGHODJKLVHXODFHODOLEHU
ÌVL LD RPXOELOHWXO VL LQWUD LQ VDOD FLQHPDWRJUDIXOXL XQGH HUDX QXPDL QHJUL &kQG GD VD VH DVH]H SH XQ VFDXQ XQ QHJUX vO
vQWUHDED
0DWDHVWLQRXSHDLFL"
'D
3DLGXWHVXVODHWDMDFRORVWDXDOELL3DUWHUXOHVWHSHQWUXQHJUL
$MXQJHRPX
ODHWDMVLVHLQVWDOHD]DSHVFDXQÌQFHSHILOPXOVLGXSDXQWLPSvLYLQHVDVHSLVH
6HVFRDODVLvQFHDUFDVDLDVDODFDUHYHFLQXOGHVFDXQvOvQWUHDED
(VWLQRXSHDLFLDVDL"
'DVXQWQRX
(LVDVWLLFDDLFLDOELLQXPHUJODWRDOHWDODFLQHPDWRJUDI
6LFXPIDF"
7HSLVLGHDLFLSHVWHSHVWHDLDGHMRV
2PXOQRVWUXVHFRQIRUPHD]DVLvQFHSHVDVLIDFDQHYRLDSHVWHEDOXVWUDGD
/DXQPRPHQWGDWQHJUXOGHODSDUWHUFDUHHUDXGDWLQIHOXODFHVWDVWULJDVXSDUDW
$X]LQXLDVDFDHVWLQRXSHDLFL
'DUDVSXQVHURPDQXO
6HYHGH0DLEDOHLD]RRPXOHPDLEDOHLD]R

8QQHJUXVHGXFHODRILFLXOIRUWHORUGHPXQFDGLQ$IULFDGH6XG
%XQD]LXD$VGRULXQORFGHPXQFD
6LLLJXUFXPVDQXVHSRDWH]LVHDOEXO'DUVDVWLWLFDQXPDLDYHPGHFkWXQSRVWGHGLUHFWRUODPLQHOHGHGLDPDQWHGDFDYD
FRQYLQH
%LQHvQWHOHV
6DODULXOGLQSDFDWHDPDLVFD]XW1XPDLHVWHDQFLDQ
([FHOHQWVSXVHFRQWUDULDWQHJUXO
,DUYLODXQGHRVDORFXLWLQXDUHGHFDWWUHLHWDMHQHSDUHUDXVLSHQWUXSLVFLQDFDUHHVWHGHRFDPGDWDvQFRQVWUXFWLH
&kWGHVSUHOLPX]LQDWUHEXLHVDYDPXOWXPLWLFXQ/LQFROQSHQWUXFD0HUFHGHVXOVDVWULFDW
&KLDUDVDGRPQXOHQXPLYLQHVDFUHG'XPQHDWDvWLEDWLMRFGHPLQH"
3DLFLQHDvQFHSXWSULPXO"

8Q1HJUXVHvQWkOQHVWHFX'XPQH]HX
'RDPQHGHFHPDLIDFXWDVDQHJUX""
7XWUDLHVWLvQMXQJODWUHEXLHVDWHDVFXQ]LvQFROWXULOHvQWXQHFDWHDOHSHULFXORDVHLMXQJOHFDVDVFDSLGHSHULFROH
'RDPQHGHFHDPSDUXOPLFVLFUHW""
7XWHFDWHULSULQFRSDFLVLGDFDODLDYHDDOWIHOWHDLDJDWDFXHOGHFUHQJL
'RDPQHGHFHDPGLQWLLDVDPDULVLSXWHUQLFL""
7XWUDLHVWLvQMXQJODGHFLWUHEXLHVDSRWLPkQFDURDGHOHMXQJOHLDGLFDUDGDFLQLWDULIUXFWHGHOLFLRVHVLFDUQHFUXGD
'RDPQHGDUDWXQFLGHFHPDLODVDWVDPDQDVFvQPLMORFXO1HZ<RUNXOXL"

6HIXO GH WULE 0DWXPER PHUJH vQ H[FXUVLH GH VWXGLL vQ $QJOLD ÌQWRUV vQ VDWXO VDX DIULFDQ vO LD SH YUDFL GHRSDUWH VL vL
SRYHVWHVWH
/D/RQGUDH[LVDQLVWHYUDMLWRULJUR]DYLGHRDPHQLvPEUDFDWLFRORUDWVHvQWkOQHVFSHXQWHUHQPDUHVLDOHDUJDFDQHEXQL
GXSDRPLQJHGHSLHOH
6LFHVDPDL]LFFHOWkU]LXvQ]HFHPLQXWHvQFHSHVDSORXD

ÌQWUXQFOXEGHQRDSWHvQWUXQVWDWGLQVXGXODPHULFLLVHJLXJLXOHVFGHYUHRGRXDRUHGRLQHJULL
&HVDIDF"vQWUHDEDEDUPDQXOSHPDQDJHU2DVSHWLLPHLDOELVHYRUvQIXULD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
)RDUWHVLPSOXVSXQHSDWURQXOFHULSODWDLPHGLDWVLGHILHFDUHGDWDFkQGFRPDQGDGXEOH]LSUHWXOGRLSDWUXRSWGRODULSH
EDXWXUD
7RWDVDVLYHLYHGHDFHUHSHGHRWXOHVF
'XSDRMXPDWDWHGHRUDYLQHEDUPDQXOLDUDVL
&HVDPDIDFGHMDFRVWDGRODULSHUHSUL]D
,GLRWXOHDUXQFDJXQRLXODOEDIDUDGLQEDU

$QRQLPDIULFDQ
6WLPDWHRPDOE
(XFkQGDPYHQLWSHOXPHHUDPQHJUX
$PFUHVFXWPDUHVLVXQWWRWQHJUX
0DGXFODSODMDVLUDPDQQHJUX
&kQGPLHIULJVXQWWRWQHJUX
&kQGFHYDPDvQIXULHUDPkQQHJUX
&kQGVXQWEROQDYIDWDPLHQHDJUD
&kQGYRLPXULSLHOHDPLYDILQHDJUD
ÌQWLPSFHWXRPXOHDOE
&kQGDLYHQLWSHOXPHHUDLUR]
$LFUHVFXWVLDLGHYHQLWDOE
7HGXFLODSODMDVLGHYLLPDUR
&kQGWLHIULJWH
QYLQHWHVWL
&kQGWH
QIXULLWH
QURVHVWLODIDWD
&kQGWH
QEROQDYHVWLSLHOHDWLHJDOEHQD
&kQGYHLPXULSLHOHDWLYDGHYHQLFHQXVLH
VLGXSDWRDWHDFHVWHDPDLDLVLWXSHXO
VDPDQXPHVWL20'(&8/2$5(

3URJUDPXOXQXLWXUQHXGHSRORGLQ$IULFDGH6XG
ÌQPHFLXOGHGHVFKLGHUHYDMXFDRHFKLSDGHDOELFXRHFKLSDGHDOEL
ÌQXUPDWRUXOPHFLYDMXFDRHFKLSDGHDOELFXRHFKLSDGHQHJUL
ÌQUHVWXOPHFLXULORUYDMXFDFkWHRHFKLSDGHQHJULFXRHFKLSDGHFURFRGLOL

Ì&XPVHMRDFDEDVFKHWvQ$IULFDGH6XG"
51HJUXOFXWULFRXYHUGHFURFRGLOLLFXWULFRXULURVLL

8QLHVHQRDSWHDEHDWGLQWURFLUFLXPDÌODFRVWHD]DRQHJUHVD
(LLXELWXOHYLLFXPLQHDFDVD"
'DFHVDFDXWHXQRDSWHDWDPDQvQ$IULFD"

8QEDUEDWDSULPLWODXQPRPHQWGDWYHVWHDFDYDILWDWD
%XFXURVQHYRLHPDUHLQSULPHOHWUHLOXQLVHJkQGHD
7HURJ'RDPQHVDILHEDLDW
ÌQXUPDWRDUHOHWUHLOXQL
7HURJ'RDPQHVDILHDOPHX
,DUvQXOWLPHOHWUHLOXQL
7HURJ'RDPQHVDQXILHQHJUX

8QFRPSDUWLPHQWGHWUHQÌQHOREXQLFDFXQHSRWHOXOVLDOWLFkWLYDSDVDJHULSULQWUHFDUHXQQHJUX
%XQLFREXQLFRXLWHRPDLPXWD]LFHQHSRWHOXOXLWkQGXVHODQHJUX
7DFLGLQJXUDFXPSRWLVDVSXLDVDFHYD]LFHEXQLFD
7UHFHXQWLPS
%XQLFREXQLFRLDXLWHDFRORRPDLPXWD
7LDPVSXVVDWDFLGLQJXUDQXHIUXPRVVDVSXLDVDFHYD
0DLWUHFHXQWLPS
%XQLFREXQLFRXLWDWHHVWHRPDLPXWD]LFHLDUDVLQHSRWHOX

1XHIUXPRVFHVSXLWDFLGLQJXUD]LFHEXQLFD
/DVDWLGRDPQDVHPDLvQWDPSOD]LFHQHJUX

3WLXGUDFH,DXXLWHFDVLYRUEHVWH]LFHEXQLFD

ÌQ$ODEDPD XQ DOE EHDW vVL FRQGXFHMHHSXOVL DFFLGHQWHD]DGRL SLHWRQLQHJUL vQ VD KDO vQFkW XQXO ]ERDUD OD GRXD]HFL GH
PHWULLDUFHODODOWWUHFHSULQSDUEUL]
6HULIXOFKHPDWODIDWDORFXOXLSULYHVWHFHLGRLQHJULLvQVkQJHUDWLVL]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/DDVWDHFD]XOFODUvQFHUFDUHGHVSDUJHUHGHDXWRWXULVPH'DUFHODODOW"3HDVWDvOSXWHPDFX]DGHvQFHUFDUHGHIXJDGHOD
ORFXODFFLGHQWXOXL

8QQHJUXYLQHODVWXGLLvQ7LPLVRDUDVLQHRELVQXLWFXFOLPDUHFHD5RPkQLHLGDRUWXOSRSLL
)LLQGRVROXWLHPDLLHIWLQDSHQWUXWUDQVSRUWXOPRUWXOXLVHSUHIHUDLFLQHUDUHDVD
0XQFLWRUXOGHODFUHPDWRULXvOLQWURGXFHvQFXSWRUDSULQGHIRFXOVLGXSDREXQDEXFDWDGHWLPSYUHDVDYDGDGDFDPRUWXOD
DUVFRPSOHW
'HVFKLGHXVDFXSWRUXOXLVLGLQDXQWUXDXGHRYRFH
ÌQFKLGHvQS DPDWLLXVDFDWUDJHFXUHQWXO

8QQHJUXPRDUHVLEDWHODXVDUDLXOXL6IkQWXO3HWUXvLGHVFKLGH
&HYUHLDLFL"
(XVXQW-RKQ%URZQGLQ$ODEDPDVLDPGUHSWXOVDYLQvQUDLSHQWUXFDDPWUDLWvQ$ODEDPD
DPLXELWvQ$ODEDPDRIDWDDOEDVLPDPFDVDWRULWFXHDvQ$ODEDPD
,PSRVLELO]LFH3HWUXGHQHFUH]XW6LDVWDvQ$ODEDPD"&kQGVDvQWkPSODWDVWD"
$FXP0LQXWH

ÌQWUXQPRPHQWGHUHOD[DUHDUHODWLLORU56XG$IULFDQHFXFRPXQLWDWHDLQWHUQDWLRQDOD
RGHOHJDWLHGLQSDUWHD((&IDFHRYL]LWDSHQWUXDVHFRQYLQJHGHUHQXQWDUHDOD$SDUWKHLGHWF
vQYHGHUHDUHOXDULLUHODWLLORUHFRQRPLFH7RWXOPHUJHELQHJHWWRXULPRGHOQHJULLSULQDXWREX]HGHSURWRFRO
$WPRVIHUDHVWHUHOD[DWD&DXOWLPSXQFWRWXUDFXDYLRQXOGHDVXSUDVDYDQHL
=EXUkQGSHVWHXQUkX)UHGHULNGH.OHUNQRXSUHVHGLQWHDWUDJHDWHQWLDvQDOWLORURDVSHWLDVXSUDXQXLIDSWUHPDUFDELO
2EDUFDFXPRWRUFRQGXVDGHGRLDOELWUDJHvQXUPDXQQHJUXSHVFKLXUL
'ORUVSHUFDDFHDVWDLPDJLQHHOLPLQDRULFHGXELL
'HOHJDWLDHQWX]LDVPDWDSURPLWHSHUIHFWDUHDUHOXDULLVFKLPEXULORUFRPHUFLDOH
7RDWDOXPHDHPXOWXPLWD1XPDLSH3LHN%RWDGHOD,QWHUQHWRWvOURDGHFHYD
ÌQILQDOvOWUDJHGLVFUHWSHSUHVHGLQWHGHPkQHFD
)UHGHULNGUDJDVDVWLLFDHVWLXQQHJRFLDWRUJHQLDOGDUVHYHGHFDQDLIRVWODWDUD
+DEDUQDLGHYkQDWRDUHDGHFURFRGLOL

Ì&XPVXQWvQJURSDWLQHJULLvQ$IULFDGH6XG"
5'H]EUDFDWLvQIDWDEDUXULORUVLFXFXUX
QVXVFDVDDLEDDOELLXQGHVDVLSDUFKH]HELFLFOHWHOH

'HFHPLURDVHQHJULLDWkWGHXUDW"
5&DVDLXUDVFDVLRUELL

Ì&DUHHVWHVLQJXUXOOXFUXDOEODXQQHJUX"
56WDSkQXO

'RLSULHWHQLXQDOEVLXQQHJUXVWDWHDXSHPDOXODSHLODSHVFXLW
$PkQGXURUDOHDWkUQDPDGXODUXOvQDSD
9DLFHUHFHLDSDVSXQHDOEXO
6LFHQLVLSRVHIXQGXOFRPSOHWHD]DQHJUXO

Ì'HFHQXVHIDFSHU]HUYDWLYHGHFXORDUHQHDJUD"
51HJUXOVXEWLLD]D

8QQHJUXVSDODJHDPXULOHODXQ]JkULHQRULVLvQWLPSFHIUHFDGH]RUSHODXOWLPXOHWDMYHGHXQvQJHU
3RDWHDPYHGHQLLVLFRQWLQXDVDVWHDUJD
6HPDLXLWDRGDWDVLOYHGHSHvQJHUYHQLQGFDWUHHO6HVWHUJHODRFKLVHPDLXLWDRGDWDVLHUDFKLDUXQvQJHU
ÌQJHUXOvQFHSHVDLVSXQDvQFHWLVRU
$UXQFDWHHHHH
1HJUXVSHULDWVSDODPDLGHSDUWH
$UXQFDWHHHH
'RDPQHQXLDGHYDUDWQXVHSRDWHXQvQJHUQXPLFHUHVDPDRPRU
$UXQFDWHHHH
2.VHODVDQHJUXOYUDMLWGD
GDFDPDDUXQFDWXQFLDMXQJvQUDL"
'DDUXQFDWHHH
1HJUXOvVLIDFHFUXFHVLVLGDGUXPXOODFDUHvQJHUXOVFXLSkQG
3WLXFHVFkUEDPLHGHQHJULLDVWLD

8QPLVLRQDUvQ$IULFD'HRGDWDYHGHXQQHJUXFDUHEDWHGLVSHUDWvQWURWRED
&HVDvQWkPSODWILXOH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XPDLDYHPDSD
6LDFXPWHURJLOD]HLVLFHULSORDLH"
'DGHXQGHFKHPLQVWDODWRUXO

Ì&HDXvQFRPXQEORQGHOHYRSVLWHVLPXODWULL"
55DGDFLQLQHJUH

8QEDUEDWYLQHDFDVDVLvVLJDVHVWHQHYDVWDFXXQQHJUXvQSDW
%DUEDWXOQHUYRVvLVSXQHQHYHVWHL$FXPDPYD]XWQHJUXSHDOEFDPDvQVHOL

Ì&HUH]XOWDGDFDvPSHUHFKH]LXQQHJUXFXRPDLPXWD"
57RWRPDLPXWD

8QQHJUXLHVHGLQWUXQPDJD]LQVLDXWREX]XOvLSOHDFDGHVXEQDV'XSDGHPHWULDXWREX]XOH[SORGHD]D
$GRXD]LQHJUXOLHVHGLQPDJD]LQVLDXWREX]XOvLSOHDFDLDUDVLGHVXEQDV'XSDGHPHWULDXWREX]XOH[SORGHD]D
$WUHL]LLHVHQHJUXOODWLPSGLQPDJD]LQVLVHXUFDvQDXWREX]'XSDGHPHWULH[SORGHD]DPDJD]LQXO

6DYH]LWXFHvQWvPSODUHvQJUR]LWRDUHVDSHWUHFXWFkQGDPIRVWvQH[FXUVLDDFHHDvQ$IULFD
&HWX"
7UHFHDPvQVLULQGLDQ
3DUFD]LFHDLFDvQ$IULFD
'D WXGDUDVDVH VSXQH VLU LQGLDQ $GLFD XQXO vQDLQWHD DOWXLD FD GRDU QX PHUJHDP SH DXWRVWUDGD PHUJHDP SULQ MXQJOD
YLUJLQD
0DURJ
(LVLDPIRVWDWDFDWLGHXQJUXSGHPDLPXWH]HFLGHPDLPXWH'DFDQXPDUILVPXOVXQWkQDULQGLJHQGLQJKHDUHOHORUDVIL
IRVWSLHUGXWD
6WDLSXWLQWX'DUvQvQJKHVXLDODDLDFXPGHWHDUHFXQRVFXWWkQDUXOLQGLJHQGLQWUHDWkWHDPDLPXWH"

8QVPHFKHUDVGHFDUWLHUVHGXFHvQWUXQEDUVLFHUHEDUPDQXOXLQHJUX
%DLIDWDGHFXUDGXUHSHGHREHUH
%DUPDQXOLODSXFDGHJDWMDSMDSGRXDSDOPHSHFRFRDVDVLOGDDIDUD$GRXDVHDUDLDU
%DLIDWDGHFXUDGXUHSHGHREHUH
%DUPDQXOvOLDODVXWXULVLOGDDIDUD
$WUHLDVHDUDEDUPDQXOEHDVLHOOLQLVWLWXQVXFFXSDLXOFkQGLQWUDVPHFKHUDVXOvQEDU
$X]LPRVXOHFkQGWHUPLQLFOLVPDDVWDDGXPLREHUH

ÌQ$IULFDGH6XGXQQHJUXPHUJHDFXXQSDSDJDOSHXPDUVLSHGUXPVHvQWkOQHVWHFXXQDOE
9DLFHIUXPRVHYRUEHVWH"]LVHDOEXO
1XVWLXFDDFXPODPFXPSDUDW]LVHSDSDJDOXO

8QQHJUXLQWUDFXXQSDSDJDOSHXQXPDUvQWUXQEDU%DUPDQXOYD]kQGXOvOvQWUHDED
0DGDIDLQvLGHXQGHODL"
/DFDUHSDSDJDOXO
'LQ$IULFD0DLVXQWPLOLRDQH

8QQHJUXVHGXFHODGRFWRULQ$IULFDGH6XG6HSOkQJHGHGXUHULvQJkW
'RFWRUXO vO SXQH VD VH GH]EUDFH FRPSOHW GXSD FDUH vO SXQH VD PHDUJD vQ SDWUX ODEH VL VD VWHD FkWH SXWLQ vQ ILHFDUH FROW DO
FDELQHWXOXL
1HJUXOFDPXLPLWVHH[HFXWDGXSDFDUHvOvQWUHDEDSHGRFWRUFHOHJDWXUDDUHWUHDEDDVWDFXGXUHULOHOXLGHJkW
/DFDUHGRFWRUXOUDVSXQGH
1XQDUHQLFLROHJDWXUDGDUPLDPFXPSDUDWRPDVDQHDJUDSHQWUXFDELQHWVLPDJkQGHDPXQGHVDRSXQ

8QWLJDQVHvQWkOQHVWHFXXQVHIGHWULEDIULFDQ
0DPLQFDWLDVFXPIDFLGHWLLHVWkQFLLDLDQHJULFDLRFXPRGDXWRWFDIHQLLLHV
3DLRDLDLDOXQJDFDDPHD"
1XPkQFDWLDV
'D
DVDJURDVD"
3DLQX
0LDPvQFKLSXLWHXFDDVWDWUHEXLHVDILHLQWUDOXPLQD

&LFDSHYDOHD=DLUXOXLXQPLVLRQDUWRWSUHGLFDFXVILQWHQLHGHXQDQ&DOXOVDXGHEDWDLHHUDXSDFDWHOHVH[XDOHDGXOWHU
IRUQLFDWLHHWFÌWUREXQD]LQHYDVWDXQXLRPGHYD]DDOWULEXOXLQDVWHXQFRSLODOE3DP3DP6HIXOGHWULEHVWHWULPLVVD
UH]ROYHSUREOHPD6HSUH]LQWDODPLVLRQDUVLvQFHSH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DULQWHQRL DLFHDVXQWHP QHJULGHFkQGQHVWLP,HULQHYDVWDOXL0PREXWXD QDVFXWXQFRSLODOE1XWUHEXLHVD ILL YUHXQ
JHQLXFDVDWLGDLVHDPDFHVDvQWDPSODW&HDLGHJkQGVDIDFLSDULQWH"
$FHVWDvOLDGHGXSDXPHULVLVIDWRVvQFHSHVDOYUDMHDVFD
8LWHFHH0PREXWX&HVDvQWkPSODWHRSR]QDDQDWXULL6HFKHDPDDOELQLVP$VDIDFHQDWXUDJOXPH9H]LGHH[HPSOX
VWDQDWDGHRL7RDWHVXQWDOEHVLFHVDYH]LvQWUHHOHXQDQHDJUD
0PREXWXVHVFDUSLQDvQFDSVL]LFH
3DULQWHVWLLFHHXQXVWLXQLPLFGHQLFLXQFRSLODOEVLQLFLWXGHQLFLRRDLHQHDJUDELQH"

Ì&HHDOEVLFDPDVDGHOXQJ"DUDWDFXPkLQLOHXQDODEUkXVLXQDPDLMRVGHJHQXQFKL
51LPLF

8Q QHJUX PHUJH SULQ GHVHUW VL DXGH QLVWH WLSHWH GLVSHUDWH GH IHPHLH $OHDUJD vQ GLUHFWLD UHVSHFWLYD VL YHGH R WkQDUD
VXSHUED]EDWkQGXVHvQVWUkQVRDUHDXQXLVDUSHXULDV1HJUXOVFRDWHXQFXWLWVLRPRDUDVDUSHOH
0DLVDOYDW(XVLQWR]kQDIHUPHFDWDVLSRWVDWLvQGHSOLQHVFRGRULQWDRULFH
$VYUHDVSXQHQHJUXOH[FLWDWVDPDIDFLDOEVLVDPDSXLvQWUHSLFLRDUHOHWDOH
6LDWXQFL]kQDODWUDQVIRUPDWSHORFvQWUXQWDPSRQLPDFXODWGHYDWD

8QGLWDPDLvQWkPSLQDXQIURQWGHWXUEXOHQWD PD[LPDDVDFDSLORWXOQDUHvQFRWURVLDQXQWDSDVDJHULLFDYUHRFvWLYD
GLQWUHHLYRUILVDFULILFDWL/HPDL]LFHFDDOHJHUHDFHORUFDUHYRUILDUXQFDWLGLQDYLRQVHYDIDFHFRQIRUPUHJXODPHQWXOXLvQ
RUGLQHDOIDEHWLFD
$IULFDQ$PHULFDQVSOHDVH
1LFLXQXO
%ODFNV
1LFLXQXO
'DUNLHV
1LFLXQXO
-XQJOHEXQQLHV
1LFLXQXO8QQHJUXPDUHVLXUkWvVLWLQHDFRSLOXOvQEUDWHVLOPkQJkLDSHFDS]LFkQG
)LLFXPLQWHFDD]LVXQWHPQLJJHUV

8QEDUEDWEORQGDVWHDSWDODVSLWDOVDQDVFDQHYDVWDVD,HVHGRFWRUXOGLQVDODVLVSXQH
$YHWLFLQFLJHPHQL
$KVWLDPFDIXQFWLRQH]FDXQWXQ]LFHRPXOPkQGUX
$WXQFLVDOFXUDWDWLSXWLQSHQWUXFDSOR]LLVXQWFRPSOHWQHJUL

Ì&DUHLGLIHUHQWDGLQWUHXQQHJUXVLXQLQGLDQ"
5'RXDVHFXQGHGHPLFURZDYH

Ì'HFHOHDGDW'XPQH]HXQHJULORUXQSHQLVDVDGHPDUH"
53HQWUXFDLDIRVWPLODGHFHDIDFXWFXSDUXOORU

8QQHJUXPHUJHFXFRSLOXOOXL&RSLOXO
7DWDGHFHDYHPQRLSLHOHDDVDGHQHDJUDVLDOELLQX"
7DWD
3DLILXOHFkQGPHUJLODYkQDWRDUHVXEVRDUHOHDU]DWRUDO$IULFLLDOEXOYDILDUVGH6RDUHVLYDPXULGDUWXQX
&RSLOXO
'DUWDWDGHFHDYHPQRLQDULOHDVDGHPDULVLDOELLQX"
7DWD
)LXOHvQGHVHUWXODIULFDQFkQGHVWLODYkQDWRDUHWXFXQDULOHDVWHDRVDDGXOPHFLYkQDWXOGDURPXODOEQXVL YD PXUL GH
IRDPHGDUWXQX
&RSLOXO
ÌQWHOHJWDWDGDUDWXQFLQRLFHFDXWDPOD/RQGUD"

'RLQHJULPHUJSULQWXQHO=LFHXQXO
+H\PDQDPJDVLW
&HODODOW
(XQ
8XXXXXSIISIISIISIISIISIISIISII8XXXXXSIISIISIISIISIISIISIISII

8QQHJUXvQGHVHUWGLVSHUDWGHVHWHGDGHXQSXLGHFROREDVWLWDIHUPHFDWVLFDVDQREHDGHYLHFROREDVWLWDvLVSXQHFDvL
vQGHSOLQHVWHWUHLGRULQWH6WDVLVHJkQGHVWHQHJUXOVL]LFH
9UHDXVDILXDOEVDDPDSDPXOWDDSDVLVDYDGSL GDPXOWDSL GD
=LVVLIDFXWVSXQHOLJKLRDQDVLOWUDQVIRUPDvQWUXQ:&ODRWRDOHWDSXEOLFDGHIHPHL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QXOYLQHvQ EDU VL VH SXQH OD PDVD OD FDUH VHGHD vQWRWGHDXQD 'LQ JUHVHDOD RFKLL vL SLFD SH WDEOD DFHVWHLD VL YHGH WUHL
FUHVWDWXULvQOHPQXQDODXQDODVLXQDODGHFHQWLPHWULLGHPDUJLQHDPHVHL1HVWLLQGGHVSUHFHHYRUEDvQWUHDED
EDUPDQLWD
&HLFXFUHVWDWXULOHDVWHDvQPDVD"
$6DSWDPkQDWUHFXWDDXIRVWDLFLWUHLDIULFDQLVLGXSDFHDXEDXWPDLPXOWVLDXPDVXUDWSX LOH
$VWDLQLPLF6LHXSRWOXDSDUWHODFRQFXUV]LFHWLSXOQRVWUXVLvVLGDQDGUDJLLMRV
/DFDUHEDUPDQLWD
3RWLVDvWLULGLFLSDQWDORQLL7LSLLGHFDUHYRUEHDPDXVWDWODPDVDGLQIXQG

8QQHJUXYLQHODVSLWDOGXSDXQDFFLGHQWGHPXQFDVLDWDLDWGHJHWXOPLMORFLX0HGLFXOvLVSXQH
1HSDUHUDXGHJHWXOGXPQHDYRDVWUDQXYLOSXWHPFRDVHODORFGDUDPDYHDXQGHJHWDOEGDFDVXQWHWLGHDFRUG"
1HJUXO DFFHSWD VL DUH GLQ QRX GHJHW 'XSD XQ WLPS QHJUXO vQ DXWREX] YHQLQG GH OD OXFUX VH WLQGH GH R EDUD FX PkQD
DFFLGHQWDWD2EDEXWDvLSULYHVWHGHJHWXOVL]LFH
(LGRPQXOHFRVDULDUDWLGDWRIXJDVFXUWDDFDVDvQSDX]DGHSUkQ]"

Ì&DUHHSULPXOFXYkQWSHFDUHvOvQYDWDQHJULL"
5&XPHVLQRUPDO0RWKHU
Ì&DUHHDOGRLOHDFXYkQWSHFDUHvOvQYDWDQHJULL"
5)XFNHU

%DQFXULFXUXVL

Ì&XPVFXIXQ]LXQVXEPDULQUXVHVF"
5ÌOEDJLvQDSD

ÌL]LFH$OLRVDOXL,YDQ
%D,YDQHWXVDVWLLFDQXH[LVWDIHPHLXUkWHFLQXPDLSUHDSXWLQDYRGFD

&RVPDUXOOXL%UHVQHY
6DDLEDvQ3LDWD5RVLHPLOLRDQHGHFKLQH]LvPEUDFDWLvQFRVWXPHSRSXODUHURPkQHVWLVLFDUHVWULJDvQOLPEDFHKDGDWLQH
GUXPXvQ,VUDHO

Ì&HQDWLRQDOLWDWHDYHDX$GDPVL(YD"
5(UDXUXVLQXDYHDXFHvPEUDFDQXDYHDXFDVDVLFUHGHDXWRWXVLFDWUDLHVFvQ3DUDGLV

Ì&HHPDUHURVXVLSXWH"
5$UPDWD5RVLHFkQGVHGHVFDOWD

8QDJHQWVHFUHWDPHULFDQPHUJHvQ5XVLDvQWURERGHJDVLvQFHDUFDVDVLGHPRQVWUH]HFDQXYDILUHFXQRVFXWFDQHILLQGGH
RULJLQHUXVD
&HUHvQFHDPDLSHUIHFWDUXVDXQSDKDUGHYRWFDVLvOEHDGLQWURvQJKLWLWXUD
5XVLLGLQEDUVHXLWDDGPLUDWLYODHOVL]LF
7XQXHVWLUXV
$PHULFDQXOvQIXULDWLDREDODODLFDGHODXQXOGHSHVFHQDVLvQFHSHVDFkQWHODHDFDXQPHVWHU
%DUPDQXOVLUXVLLGLQMXU
7XQXHVWLUXV
$PHULFDQXOPDLvQFHDUFDXQWULF&HUHRUFKHVWUHLVDFkQWHXQFD]DFLRF6LvQFHSHDPHULFDQXOQRVWUXVDGDQVH]HFDDSXFDW
%DUPDQXOVLUXVLLGLQMXU
7XQXHVWLUXV
6XSDUDWODFXOPHDPHULFDQXOvQWUHDEDSHEDUPDQ
'HFHWRWVSXQHWLFDQXVXQWUXV"
3DLGHEDXWDWLEDXWFDXQUXVGHFkQWDWODEDODODLFDDLFkQWDWFDFHLPDLPHVHULDVLGHODQRLLDUGHGDQVDWFD]DFLRFQDPPDL
YD]XWSHQLPHQLVDGDQVH]HDVDGHELQH
6LDWXQFL"
3DLQRLvQ5XVLDQXDYHPQHJULL

8Q DJHQW VRYLHWLF HVWH WULPLV vQ 68$ VD OXFUH]H SHQWUX .*% 2 SHULRDGD GH  VDSWDPkQL WRDWH OXFUXULOH PHUJ ELQH
SDUHDFDVSLRQDMXOHVLPSOXSkQDFkQGvQWURGLPLQHDWDODXVDDPHULFDQXOXLURVXVXQDWLSLFkWGXODSX
FXRFKHODULIXPXULL
VLIHWHULJLGH
'RPQXOHWUHEXLHVDVWDPGHYRUED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌOvQVIDFDSHUXVvODUXQFDvQWUROLPX]LQDFXJHDPXULRSDFHVLRUDPDLWkU]LXDFHVWDVHDIODvQWURFDPHUDvQWXQHFDWDLDU
GLQVSDWHOHXQXLELURXRYRFHvLVSXQHD
'RPQX
,YDQGXPQHDWDGHVIDVRULDFWLYLWDWLGHVSLRQDMGLQGDWDGHDLvQVXERUGLQHUHWHDXDLQIRUPDWLYDFRPSXVDGLQLDU
FDVXWHOHSRVWDOHSH FDUH OH IRORVHVWL VXQW  'XSD FXP REVHUYL QRL VWLP WRWXO vQVD VXQWHP LQWHUHVDWL GH DJHQWL YDORURVL FD
GXPQHDWD FDUH DP GRUL VD QL VH DODWXUH (YLGHQW DVLJXUDP R SURWHFWLH FRUHVSXQ]DWRDUH LQFOXVLY PHPEULORU IDPLOLHL
UHVSHFWLYVFKLPEDUHGHQXPHGRPLFLOLXRSHUDWLLHVWHWLFHXQVDODULXFRQVLGHUDELO'HFLOXFUH]LSHQWUXQRL"
,YDQQXVFRWHDQLFLRYRUED
ÌQWHOHJVSXQHYRFHDHVWHRGHFL]LHJUHDSHQWUXXQPHPEUXGHSDUWLG$LRRUDODGLVSR]LWLHVDDOHJL'XSDRRUDWLSXO
UHYLQH
'HFLGRPQXOH,YDQ"
,YDQWDFHDvQFRQWLQXDUH
6HSDUHFDQXPDPIDFXWvQWHOHV]LFHWLSXO%DLHWL
8UPHD]DREDWDLHQDSUD]QLFDVkQJHGLQWLUXSWLIUDFWXULGHJHWHvQWRFXOXVLLHWF
&XPUDPkQHGRPQXOH,YDQ"
,YDQWDFHD PkOF8UPHD]DRSHULRDGD GH VDSWDPkQL GH WUDWDPHQWVLPLODU FKLDU vPEXQDWDWLW ,YDQUH]LVWD HURLFÌQ ILQDO
DPHULFDQLLWUDJFRQFOX]LD
'RP
QHDVWDDUHVHFHUDVLFLRFDQXOWDWXDWHSHvQLPD1XVFRDWHP QLPLFGHODHO7RWXVLSHQWUXFDDUH]LVWDWODWUDWDPHQWXO
FDUHvLVSDUJHFKLDUSHFHLPDLWDULvQRUHRVDLIDFHPIDYRUXOGHDOSDUDVXWDODHOLQ8566
$VDVHVLvQWkPSODLDU,YDQHVWHGHVFRSHULWSHMXPDWDWHvQJKHWDWVLSOLQGHUDQLGHWRYDUDVL(VWHWUDQVSRUWDWODFHOPDLEXQ
VSLWDOPLOLWDUVLGXSDOXQLGHWUDWDPHQWODH[WHUQDUHHVWHSULPLWGHSUHVHGLQWHFDUHvOGHFODUDHURXOSRSRUXOXLVRYLHWLFVLO
DYDQVHD]DJHQHUDOQXPLQGXOVHIXOVSLRQDMXOVRYLHWLF1XGXSDPXOWWLPSHVWHLQYLWDWODGHSXQHUHDMXUDPkQWXOXLODRVFRDOD
GHVSLRQDMXQGHVHIXODFHVWHLDURLDvQMXUXOOXLVOXJDUQLFLQYLWkQGXOVDGHDSRYHWHWLQHULORUHOHYLSHQWUXDSXWHDVDUH]LVWHVLHL
ODWUDWDPHQWHOHDWURFHDSOLFDWHGHLPSHULDOLVWLLYHURVLSHQWUXDQXGLYXOJDVHFUHWHOHGHVWDWVLVHUYLFLX
7RYDUDVHJHQHUDOvPSDUWDVLWLOHGLQERJDWDGXPQHDYRVWUDH[SHULHQWD
,YDQvPEDWUkQLWSUHPDWXUGHEDWDLOHSULPLWHvLvQYDOXLHSHHOHYLFXRSULYLUHFDOGDSDULQWHDVFDVL]LFHFXYRUEHFXPSDQLWH
%DEDLHWLvQYDWDWLGUDFXOXLROLPEDVWUDLQDFDYDEDWDLDGHYDFDFDWLSHYRL

8QDYLRQUXVHVFVHSUDEXVHVWHvQ$ODVND3LORWXOVHVDOYHD]DGDUvOSULQGDPHULFDQLL/DVHGLXO&,$LQWHURJDWRULX
%DLWDYDUVFLFHVLVWHPGHUDGLRORFDWLHIRORVLWLYRL"
"
%DLWDYDUVFLFHVLVWHPGHSURSXOVLHDYHWLEDL"
"
%DLWDYDULVFLGDFDQXQHGHVFULLDSDUDWXUDGHERUGWHIDFDUVLFH
ÌOLDXGRL PDODFL OD WDEDFLW GDU UXVXO QLPLF 'XSD R YUHPH FkQG OD XQ VFKLPE GH SUL]RQLHULDMXQJH UXVXODFDVDvO vQWUHDED
FROHJLL
,DVSXQH,YDQFXPDIRVWLQFDSWLYLWDWHODDPHULFDQL"
%DLEDLHWLSXQHWLPDQDSHFDUWHVLvQYDWDWLDSDUDWXUDGHERUGFDGDFDYDSULQGDPHULFDQLLVLQXVWLWLYDWDEDFHVFGHWUHLRUL
SH]L

'RLUXVLLQWUDvQWUXQEDU8QXOGLQHLIDFHFRPDQGD
&KHOQHUGRXDVXWHGHYRWFDSHQWUXILHFDUH
,PHGLDW
3HVWHFkWHYDPLQXWH
&KHOQHUvQFDGRXDVXWHGHYRWFD
,PHGLDW
3HVWHSXWLQWLPS
&KHOQHU
6WLXFkWHGRXDVXWHGHYRWFD
1XQXQXPDLXQSDKDUFROHJXOPHXHVRIHUXO

8QUXVFRPDQGDvQWURFUkVPDvQWRWGHDXQDFLQFLSDKDUHGHYRGFDGHRGDWD(OEHDSHQWUXFHLSDWUXFDPDUD]LLDLVDLFD]XWL
vQUD]ERLDVWDHUDRvQWHOHJHUHGHGHPXOWFDFHLFDUHVXSUDYLHWXLHVFVDEHDSHQWUXFHLFD]XWL
ÌQWUR]LUXVXOQRVWUXFRPDQGDGRDUSDWUXSDKDUHGHYRGFD%DUPDQXOvOvQWUHDED
&HVDvQWkPSODWD]L"
0DLEHDXGRDUSHQWUXFDPDUD]LLPHLFD]XWLvQOXSWD(XvQFHSkQGGHD]LVXQWDQWLDOFRROLF

&LFDVDIDFXWXQWRSDOFHORUPDLFRUXSWHWDUL
7RDWDOXPHDVHDVWHSWDFDSHSULPXOORFVDLDVD5XVLDGDUDLHVLWSHORFXO,,
Ì6WLWLGHFH"
5$GDWVSDJDVDQXLDVDSULPD

ÌQ8665FRPDQGDQWXOIRUWHORUDUPDWHLQVSHFWHD]DRXQLWDWHÌLSXQHVDVHGH]EUDFHDIDUDILLQGJUDGH]LFkQGXOHFD

RULFHVHvQURVHVWHWDLH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3ULPXOXLLVHvQURVHVWHQDVXOVLUDPkQHIDUDHO&RPDQGDQWXOvOvQWUHDED
7HGRDUH"
1X
'HFH"
6XQWVROGDWVRYLHWLF
/DDOGRLOHDVHvQURVHVWHRXUHFKH&RPDQGDWXOLRWDLHVLvOvQWUHDED
7HGRDUH"
1X
'HFH"
6XQWVROGDWVRYLHWLF
/DDOWUHLOHDVHvQURVHVWHS D7HDSDOXLFRPDQGDQWXOWDLQGXLRvOvQWUHDED
7HGRDUH"
1X
'HFH"
(DOX
DODGLQVSDWH

9LQH$OLRVDDFDVD2YHGHSH1DWDVDWUHEDOXLQG)DUDVDVDOXWHVHDSURSLHVL
MDS
RSDOPD1DWDVDRDUHFXPvQFXUFDWD
'HFH$OLRVLQFDPHXFHOGUDJ"
(KHLGDFDVWLDPWHRPRUDP

$OLRVDVL1DWDVDGLVFXWD
1DWDVDPDLXEHVWL"
&XPVDQX
$WXQFLGDWLSDOWRQXOMRV
%LQH$OLRVD
'XSDFkWYDWLPS
1DWDVDPDLXEHVWL"
6LJXU
$WXQFLGDWLSXORYHUXOMRV
%LQH$OLRVD
$SRL
1DWDVDPDLXEHVWL"
&XPVDQX
$WXQFLGDWLIXVWDMRV
0DL$OLRVD
+DLWHURJ
%LQH$OLRVD
'XSDvQFDXQSLF
1DWDVDPDLXEHVWL"
6LJXU
$WXQFLGDWLFDPDVDMRV
0DL$OLRVD
+DLWHURJ
%LQH$OLRVD
'XSDvQFDXQSLF
1DWDVDPDLXEHVWL"
6LJXU
$WXQFLGDWLVXWLHQXOMRV
0DL$OLRVD'DFDFRQWLQXLVDILREUD]QLFvWLvQFKLGWHOHIRQXO

,YDQYLQHDFDVDDIXPDWELQH1HYDVWDVDvOvQWUHDED
&HIDFL,YDQHLDUYLLDFDVDEHDW"
1XPDLWUHLEHULDPEDXWvQWUHDEDOVLSH$OLRVDDVWDHUDFkLQHOH
&kWHEHULDEDXW$OLRVD"
+DPKDPKDP
$GRXDVHDUDYLQH,YDQVLPDLEHDWDFDVD
,DUDLEDXWED"
1XPDLGRXDEHUL
$OLRVDFkWHEHULDEDXW"
+DPKDP
%XQ$WUHLDVHDUDYLQH,YDQEHDWPRUW
,YDQHGDFDPDLYLLRVLQJXUDGDWDDVDQXWHPDLSULPHVFvQFDVD
1XPDLREHUHDPEDXW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$OLRVDFkWHEHULDEDXW"
+DP
6LYRWFD"
+DXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

,YDQDSULQVSHVWLVRUXOGHDXU3ULPDGRULQWD
2YRWFDPDUH
2EHDSHVWLVRUXODVWHDSWDVDLvQGHSOLQHDVFDDGRXDGRULQWD
7RDWD9ROJDDVWDVDILHYRWFD
6HIDFH6DUXQFD,YDQvQRDWDEHDvQWUXQWkU]LXLHVHSHPDOGHVWXOGHFKHUFKHOLW
$WUHLDGRULQWD"vOvQWUHDEDSHVWLVRUXO
2YRWFDPLFD

6XSDUDWL FD WRW PkQFDX EDWDLH GH OD MDSRQH]L UXVLL WULPLW GRL VSLRQL vQ -DSRQLD SH $OLRVD VL SH ,YDQ $MXQJ FHL GRL OD
7RNLR$OLRVDvOODVDDIDUDSH,YDQVLLQWUDVLQJXUOD0DUHOH6WDW0DMRU
6XQW$OLRVDVSLRQUXVDPYHQLWVDDIOXFHIDFHWLFHDUPHDYHWLGHQHWRWEDWHWL
3DLQRLYDvQYLQJHPFXX]XOUDWLXQLLUDVSXQGHJHQHUDOXO
1HSDQLPDLX]LFH$OLRVD
8]XOUDWLXQLLvQVHDPQDDVDVLDVD
7RWQXvQWHOHJ
%LQHVDWLGDXXQH[HPSOX
*HQHUDOXO vVL SXQHSDOPDSH PDVD VLL VSXQHOXL $OLRVD VD WUDJD XQ SXPQ vQ SDOPD FkW SRDWH GH WDUH ,]EHVWH $OLRVD GDU
JHQHUDOXOvVLWUDVHVHPkQD
$FXPDLvQWHOHV"
'DVSDVLER
$IDUD,YDQvOvQWUHDEDFHVLFXP$OLRVDvLVSXQHFDMDSRQH]LLIRORVHVFX]XOUDWLXQLL
&XPYLQHDVWD"
6DWLGDXXQH]HPSOX]LFH$OLRVDFDWXHVWLSURVWVLvQWHOHJLJUHX
6HXLWD$OLRVDQXYHGHQLFLRPDVDDVDFDVLSXQHRSDOPDSHIDWDVLL]LFHOX
,YDQ
,DWUDJHWXXQSXPQvQSDOPDPHD

6LDVDDPXULWXOWLPXOUXVFDUHVWLDFHQVHDPQD8=8/5$7,81,,

ÌQDO,,OHD5D]ERL0RQGLDO$OLRVDDIRVWORYLWGHXQJORQWUDWDFLWSHXQGHYDvQ]RQDFRDSVHL'LVSHUDUHDLVHFLWHVWHvQ
RFKLVLFHQXVLXVHIDFH
'XFHPkQDFDWUHXPH]HDODFHRVLPWHVSUHEX]XQDUXOXQGHvVLWLQHVWLFODGHYRGFDVLXQGHUDQDvODUGHDULGLFDDSRLPkQD
vQIDWDRFKLORUVLRYHGHURVLH
)DWDLVHOXPLQHD]DSHGDWD
8UD(VWHVkQJH

,YDQ ,YDQRYLFL vQ YL]LWD OD :DVLQJWRQ $PHULFDQLL LDX SUHJDWLW SULQWUH DOWHOH VL XQ SURJUDP GH YL]LWH FD DVD VH
RELVQXLHVWH9LQHLVLOLDXFXPDVLQDVDPHDUJDXQGHYD/DXQPRPHQWGDWRFKLXOGHYXOWXUDOOXL,YDQ,YDQRYLFLREVHUYDR
LPDJLQHIDPLOLDUD3HRFODGLUHvQDOWDGRXDIRWRJUDILLLPHQVHDOHOXL0DU[VL(QJHOV=LFH,YDQ,YDQRYLFL
'RPQLORUREVHUYFDLQWHPHLHWRULLFRPXQLVPXOXLVXQWVLODGYvQPDUHFLQVWH
5DVSXQGHXQXOGLQFXOWXUDOLLDPHULFDQL
/DFHYDUHIHULWL"$DDODDFHDUHFODPD3DLFLWLWLWH[WXO$VDRVDDMXQJHWLGDFDQXIRORVLWLODPHOH:LONLQVRQ

6HGLQWDGHSDUWLGSUH]LGDWDGHWRYDUDVXO6WDOLQ&LQHYDVWUDQXWD7RYDUDVXO6WDOLQvQWUHDED
7RYDUDVLFLQHDVWUDQXWDW"
1LFLXQUDVSXQV
7RYDUDVLvPLSDUHQHVSXVGHUDXGDUVXQWQHYRLWVDUHSHWvQWUHEDUHD&LQHDVWUDQXWDW"9DDYHUWL]H]FDvQFD]XOQHSULPLULL
UDVSXQVXOXLYRLvPSXVFDSULPXOUkQG
1LFLXQUDVSXQV7RYDUDVXO6WDOLQvPSXVFDSULPXOUkQG
7RYDUDVLvPLSDUHQHVSXVQHVSXVGHUDXGDUVXQWQHYRLWVDUHSHWvQFDRGDWDvQWUHEDUHD&LQHDVWUDQXWDW"8UPHD]DILUHVWH
vQFD]XOQHSULPLULLUDVSXQVXOXLVDvPSXVFVLDOGRLOHDUkQG
1LFLXQUDVSXQV7RYDUDVXO6WDOLQvPSXVFDDOGRLOHDUkQG
7RYDUDVLQLFLQXYDSRWVSXQHFkWGHUDXvPLSDUHGDUVXQWQHYRLWVDUHSHWvQFDRGDWDvQWUHEDUHD&LQHDVWUDQXWDW",QXWLOVD
YDVSXQFHXUPHD]DvQFD]XOQHSULPLULLUDVSXQVXOXL
ÌQXQXOGLQUkQGXULOHGLQVSDWHVHULGLFDFXFKLXFXYDLXQDFWLYLVWJDOEHQYHU]XLYLROHWODIDWDGLQFDX]DHPRWLHL$UWLFXOHD]D
FXJUHX
7RYDUDVH6WDOLQHXDPVWUDQXWDW
1RURFWRYDUDVH7RYDUDVLVDQHFRQWLQXDPVHGLQWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQDQLL
ODJUDQLWDGLQWUH5XVLDVL&KLQDDXDYXWORFFRQIOLFWHDUPDWH,DWDFXPUHODWHD]DDJHQWLDGHSUHVD7$66
/DJUDQLWDUXVRFKLQH]DvQWLPSFHXQJUXSGHWUDFWRDUHDUDXIDOLDGHGHPDUFDWLHDYLRDQHFKLQH]HVWLOHDXDWDFDW
$JHQWLD&KLQD1RXD
/DJUDQLWDFKLQH]RUXVDvQWLPSFHXQJUXSGHSODQRDUHvPSUDVWLDXvQJUDVDPLQWHSHVWHFkPSLLOHFXRUH]DXIRVWDWDFDWHGH
WDQFXULOHVRYLHWLFH
&XPDUDWDVWLUHDGLIX]DWDGH$*(535(66
$VWD]LODJUDQLWDUXVRFKLQH]DDDYXWORFXQERJDWVFKLPEGHH[SHULHQWDSHWHPHGHDJULFXOWXUD

2HFKLSDGHUHSRUWHULVHGHSODVHD]DvQ'DJKHVWDQSHQWUXDIDFHXQUHSRUWDMFXOXSWDWRUXOWLSLFQDWLRQDO5HSRUWHUXO
6WLP FX WRWLL FD UD]ERLXO YD DGXV QXPDL QHQRURFLUL VL WUDJHGL GDU FUHG FD PDL DYHWL SXWHUHD VD YD DGXFHWL DPLQWH GH R
vQWkPSODUHIHULFLWDGLQYLDWDGXPQHDYRDVWUD
$FX FkWYD WLPS PLDP SLHUGXW FDSUD vQ PXQWL $WXQFL QHDP VWUkQV WRWL VDWHQLL OD PLQH DFDVD DP EDXW YRGFD DSRL DP
SOHFDWDPJDVLWFDSUDDPDGXVRDFDVDDPIX WRFXWRWLDSRLDPEDXWLDUDYRGFD
5HSRUWHUXO
&HVFkUERVGDUWRWXVLRvQWvPSODUHIHULFLWDGLQYLDWDGXPQHDYRDVWUDQXSXWHWLVDPLSRYHVWLWL"
%DGDÌQWUR]LQHYDVWDXQXLVDWHDQVDSLHUGXWvQPXQWL1HDPVWUkQVWRWLODHODFDVDDPEDXWYRGFDDSRLDPSOHFDWDP
DGXVIHPHLDDFDVDDPIX WRFXWRWLLDSRLDPEDXWLDUDYRGFD
9DGFDDVDQXPHUJH3XWHWLVDPLSRYHVWLWLRvQWkPSODUHWULVWDGLQYLDWDGXPQHDYRDVWUD"
ÌQWUR]LPDPSLHUGXWvQPXQWL

/DXQORFXLWRUFLXNRVORFXLWRUvQSHQLQVXOD&LXKRWVNYLQH.*%XOSHQWUXDOLQWHURJDGHRDUHFHVHDX]LVHFDORFXLWRULL

FLXNRVLDXIRDUWHPXOWDXU&RORQHOXO.*%LVWFDUHQXFXQRVWHDGLDOHFWXOFLXNRVvLWUDQVPLWHDJKLRWDQWXOXL
&ÌQWUHDEDOSHWDUDQXQGHDUHDXUXO
$8QGHDLPDDXUXO"
71XDPQLFLXQIHOGHDXU6XQWIRDUWHVDUDF
&&HD]LV"
$6SXQHFDQXDUHQLFLXQIHOGHDXUFDHIRDUWHVDUDF
&%LQH6SXQHLFDGDFDQXQHDUDWDXQGHDUHDXUXOHXSHUVRQDOvOvPSXVFvQFDS
$&RORQHOXODVSXVFDGDFDQXQHDUDWLDXUXOWHYDvPSXVFDvQFDSVLDSRLvWLYDVFRDWHLQLPD
7ÌQFD]XODVWDVSXQHLFRORQHOXOXLFDDXUXOHVWHvQJURSDWVXEFRUWXOPHX
&&HD]LV"
$$VSXVFDYDI HvQJXUD

0DULWXO&HDSDHYHURXOOHJHQGDUDOUXVLORUURVLLUDVIRLDRSHUHOHOXL0DU[vQDLQWHDEDWDOLHLKRWDUkWRDUHFXDOELLOXL'HQLNLQ
&HDSDHYvQWRUFHDILOHOHFDPXQDSHVHFXQGD3HODQRDSWHDYLQH$OLRVD
0DULWH&HDSDHYWUHEXLHVDWHRGLKQHVWLPkLQHDYHPEDWDOLHFXDOELLOXL'HQLNLQ
0DULWXO&HSDHYLDRFL]PDVLRDUXQFDGXSD$OLRVD&RQWLQXDVDFLWHDVFDRSHUHOHOXL0DU[FDPRILODSHVHFXQGD/DRUD
QRDSWHDDFWLXQHDVHUHSHWD&HODOWDFL]PDRSHUHOHOXL0DU[RILODSHVHFXQGD/DGLPLQHDWD$OLRVDGLVSHUDW
0DULWH&HDSDHYDOELLOXL'HQLNLQVXQWSHFRDPDGHDOXOXL
0DULWXO&HSDHYODVDRSHUHOHOXL0DU[GHRSDUWHVLVSXQH
$OLRVDQXVWLLWXXQGHGUDFXDPSXVEDQFQRWDDLDGHGHUXEOH"

2GHOHJDWLHGLQYHVWXO(XURSHLIDFHRYL]LWDvQ8QLXQHFXRFD]LDFRQVWUXLULLPDJLVWUDOHLGHFDOHIHUDWD%DLNDO$PXU'H
ODLQJLQHUXOVHIGRUHVFVDDIOHGDFDVLQDYDILFXXQVHQVVDXFXGRXD/DFDUHLQJLQHUXOUXV
6WLWLQRLFRQVWUXLPVLQDGLQGRXDSDUWL8QSRUQHVWHGLQHVWVLXQDGLQYHVW'DFDQHYRPvQWkOQLVLQDYDILVLPSODLDUGDFD
QXYDILGXEOD

5XGHOHGLQ6LEHULDIDFRYL]LWDODIDPLOLD,YDQRYvQ0RVFRYD/DXVDPLFXO$OLRVDHvQWUHEDW
8QGHVXQWSDULQWLLWDL"
7DWDYLQHLPHGLDWHGRDUVDIDFDXQWXUvQ MXUXO3DPkQWXOXL vQ 6WDWLD 0,5&X PDPD YD GXUD PDL PXOW HD H OD FRDGD OD
SkLQH

,WLF0HQGHORYLFLHYUHXUXVOXDPHUHXFXYkQWXOODDGXQDULOHGHSDUWLGXQGHVHGHFODUDPHUHXGHDFRUGFXDQWHYRUELWRULL
VDL
7RYDUDVH,WLFvLVSXVHVHFUHWDUXOGHSDUWLGGDUGXPQHDWDQDLQLFLRGDWDRSDUHUHSURSULH"
%DGDGDUWLQVDYDVSXQFDQXVXQWGHDFRUGFXHD

ÌQ8QLXQHD6RYLHWLFDVHDQXQWDXQFRQFXUVGHSLFWXULUHDOLVWVRFLDOLVWHSHVXELHFWXO/HQLQOD3UDJD3ULQWUHDOWLLYLQH
XQXO FDUH SUH]LQWD R SLFWXUD QHSUHYD]XWD vQWUR SRLDQD XQ EDUEDW VL R IHPHLH JRL SH R SDWXUD FX FHYD KDOHDOD OvQJD HL
0HPEULLMXULXOXL]DSDFLWLvQWUHDED
&HOHJDWXUDDUH"
&XP]LFHSLFWRUXOQXYHGHWL")HPHLDHVWHVRWLDOXL/HQLQVLEDUEDWXOHVWHVRIHUXOOXL/HQLQ
6L/HQLQXQGHL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/HQLQ"/D3UDJD

8QURPkQVHvQWkOQHVWHFXXQUXVSHFDUHOYHGHFXWRWFDSXOEDQGDMDW
&HDLSDWLWPDL9DQHD"
&HVDIDF""0DSXV1DWDVDVDFDOFUXIH
6L"
6LDVXQDWWHOHIRQXO

,YDQWUDYHUVDFXDXWRFDPLRQXO6LEHULD/DXQPRPHQWGDWPDVLQDVHRSUHVWHVLQXYUHDVDPDLSRUQHDVFD,YDQFRERDUD
VHXLWDODPRWRUVHVFDUSLQDQFDSVLQFHSHUHFLWDOXO
1XPDL6HULRMDLGHYLQDYDQJKHDXDPDPLLOXLFDPDODVDWIDUDPRWRULQD7RDWD]LXDIDFHPLVPDVXULVLGLQFDX]DOXLHX
,YDQFDUHFDUFX.DPD]X
EXVWHQLGHOD9ODGLYRVWRNWRFPDLOD0DUHD&DVSLFDDPUDPDVvQLQLPD6LEHULHL
6LWRWDVD6HXUFDvQDSRLvQFDELQDVLQFHSHVDVHJkQGHDVFD
9LQH QRDSWHD VH ODVD JHUXO VL HX R VD vQJKHW DLFL FLQH VWLH FkQG RU VD PD JDVHDVFDSRDWH OD SULPDYDUD FkQG R GD
GH]JKHWX
6LRUVD]LFD,DWHXLWDDVWDLELHWXO,YDQDODGHFDUDEXVWHQLFX.DPD]X
GHOD9ODGLYRVWRNOD0DUHD&DVSLFD
VLD UDPDV DLFL VDUDFX
 vQ LQLPD 6LEHULHL GLQ FDX]D OXL 6HULRMD FHO PDL EXQ SULHWHQ DO OXL FDUH LD IXUDW PRWRULQD GLQ
UH]HUYRUSHQWUXFLQHVWLHFHDIDFHULYDQJKHDXDPDPLLOXL
6LFXPVWD,YDQVDVHJkQGHDVFDYHGHSULQSDUEUL]vQQRDSWHWUHLOXPLQLWH
%DFHQRURFDPvVL]LFHHOXLWHFLQHRVDPDMXWHVDPLGHDVLPLHQLVWHPRWRULQDFDPUDPDVIDUDVLDVWDQXPDLVLQXPDL
GLQFDX]DQHVXIHULWXOXLGH6HULRMDDX]LVDPLIXUHPRWRULQDGLQUH]HUYRUYDQJKHDXDPDVLLWRFPDLPLH,YDQFDUHGXFFX
.DPD]X
EXVWHQLGHOD9ODGLYRVWRNWRFPDLOD0DUHD&DVSLFD,DVDYHGHPPDGXFODSULPXOERUGHLQDFDQXLYLQDPHDFD
GHUDQMH]ODRUDDVWDWkU]LHILLQGFDQXPDLGLQFDX]DOXL6HULRMDYDQJKHDXDPDPLLOXLHX,YDQDPUDPDVvQLQLPD6LEHULHL
FX.DPD]X
VLEXVWHQLLFDUHWUHEXLDXVDDMXQJDOD0DUHD&DVSLFDVLRVDLDVDXQPXMLFVLRVDOURJVDPLGHDRFDQLVWUDGH
PRWRULQDQX PDL PXOW ILLQGFD QXPDL GLQFDX]DOXL6HULRMD ,DUPXMLFXO R VD PDVFXOWH UDEGDWRU SkQDOD FDSDWDSRL R VD
PkUkLH %D WX DL YHQLW VR IX L SH QHYDVWDPHD VLR VDPL WUDJD GRXD VFDWRDOFH GHR VD PRU GH DOWFHYD GHFkW GH IULJ
vQFKHLHWULVW,YDQ
0DLVWDRPXOFHPDLVWDvQFDELQD.DPD]XOXLDIDUDVLvQDXQWUXVHIDFHWRWPDLIULJ,YDQvQFHSHVDVLVXIOHvQSXPQLVLVD
FODQWDQHGLQGLQWLVLvQFHSHLDUVDVHJkQGHDVFD
%XQFXSULPXOLJOXPDPODPXULWPDGXFODDOGRLOHDVLRVDQFHSVD]ELHU$MXWRU6XQWHX,YDQFDUHWUDQVSRUWEXVWHQL
FX.DPD]X
GHOD9ODGLYRVWRNOD0DUHD&DVSLFD$PUDPDVDLFLvQPLMORFXO6LEHULHLIDUDFRPEXVWLELOGD
DVWDQXPDLGLQ
FDX]DOXL6HULRMDYDQJKHDXDPDPLLOXLFD QXPDLHO IDFHDIDFHULFX PRWRULQDGLQUH]HUYRUXO.DPD]XOXLPHX$X]LVDL
IDFDDVDFHYDFHOXLPDLEXQSULHWHQDOVDXPLH,YDQFDUHVWUDEDWFX.DPD]X
WRDWD5XVLD6LRVDEDWvQXVDVLRVDLDVDXQ
FRSLODVFDUHRVDVHXLWH PLUDWOD PLQHVLGXSDFHRVDLFHURJDOHDWDGH PRWRULQDRVDVWULJH7DWDYLQRUHSHGHFDLDUD
DSDUXWXQXOFDUHYUHDVRIX DSHPDPD%LQHvQWHOHVFDRVDDSDUDPXMLFXOGHGXSDXVDVLRVDPLFURLDVFDYUHRGRXDGHPD
IDFHYDU]D,DUDVWDQXPDLGLQFDX]DOXL6HULRMDYDQJKHDXDPDVLLFDQXPDLHOHQVWDUHVDIDFDDIDFHULSHVSLQDUHDFHOXLPDL
EXQSULHWHQDOVDXUHVSHFWLYHX,YDQFDUHFDUFX.DPD]X
EXVWHQLGHOD9ODGLYRVWRNOD0DUHD&DVSLFD
,VLGDVHDPD,YDQFDQXPDLDUHQLFLRVDQVDODDOGRLOHDERUGHLVLUDPkQHVDGLUGLLHPDLGHSDUWHvQFDELQD5DEGDFHUDEGD
IULJXOVLFkQGQXPDLSRDWHVHKRWDUDVWH
)LHFHRILPDGXFODDOWUHLOHDERUGHL3DUFDFHRVDPLIDFD"
=LVVLIDFXW&RERDUD,YDQGLQFDPLRQVLvQFHSHVDVLFURLDVFDGUXPSULQ]DSDGDvQDOWDVLSULQYLVFROFDWUHDOWUHLOHDERUGHL
$MXQJHvQVIkUVLWRERVLWODXVDVLvQFHSHVDEDWDvQHD8VDVHGHVFKLGHVLDSDUHXQPXMLF
$MXWDPDRPXOHvQFHSH,YDQ6XQWHX,YDQFDUHGXFVDSWDPkQDOFX.DPD]X
EXVWHQL'DGDGHOD9ODGLYRVWRNSkQDOD
0DUHD&DVSLFD$PUDPDVIDUDFRPEXVWLELODLFLvQWDLJD'D
DVWDQXPDL6HULRMDSXWHDVDPLRIDFD6WLLIDFHDIDFHULFX
PRWRULQDWRFPDLPLHFHOXLPDLEXQSULHWHQDOOXL0LH,YDQFDUHPDFKLQXLFX.DPD]X
YRUEHVWH,YDQWRWPDLWDUDJDQDWVL
FXRFKLLODPXMLF
6LFRQWLQXD
6WLLDPQHYRLHGHQDDPUDPDVIDUDFXUH]HUYRUXOJRO%DVHUDVWHVWH,YDQGHRGDWDGDFDYUHLVDVWLLQDPYHQLWVR
I WSHQHYDVWDWDVLODXUPDXUPHLPDFDFvQPRWRULQDWDvQFKHLHRPXOFXQDGXIVLSOHDFDvQDSRLSULQ]DSDGDvQDOWDVL
SULQYLVFROVSUH.DPD]XOOXLFXFDUHFDUDVDSWDPkQDOEXVWHQLGHOD9ODGLYRVWRNOD0DUHD&DVSLFD

$OLRVDvQDUPDWDvQ6LEHULDLDUQDDIDUDHUDXJUDGHÌQWUR]LYLQHFRPDQGDQWXOVLIDFHDGXQDUHD
%DEDLHWLDPVDYDSXQODRvQFHUFDUHFLQHWUHFHSOHDFDDFDVDRVDSWDPkQDODFLQHLVHVFRDODSHIULJXODVWDSOHDFD
7RWLVLRIUHDFDQLPLFQXPDLOD$OLRVDLVHVFRDOD'XSDROXQDPDLIULJDIDUDJUDGHYLQHFRPDQGDQWXO
%DLHWLODFDUHLVHVFRDODDFXPSOHDFD
7RWLVLRIUHDFDQHEXQLQLPLFGRDUOD$OLRVDSX DWDSDQD9LQH$OLRVDGHDFDVDGXSDROXQDVLGXSDRVDSWDPkQDLDUDYLQH
FRPDQGDQWXODIDUDILLQGPDLIULJGHJUDGH
$FXPODFLQHLVHVFRDODSOHDFDGHWRW"
6LRIUHFDXWRWLGLVSHUDWLGHOHOXDXIRFPDLQLOHGDUQLPLFQXPDLOD$OLRVDSX DHUDWDSDQD&RPDQGDQWXOFDWUHDVWD
&HGUDFXIDFLEDGHWLVHVFRDODvQKDOXODVWD"
'RPQXOHFRPDQGDQWSHPLQHDVDPDSULQVvQJKHWXO

6HvQWkOQHVFGRXDSULHWHQHPRVFRYLWH
9DLGUDJDXQGHWLDLFXVXWURFKLDDVWDDWvWGHVXSHUED"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/D3DULV
6LHGHSDUWH3DULVXOGH0RVFRYD"
/DYUHRGHNLORPHWUL
&HIXQGDWXUD'DUFHELQHVWLXVDFRDVD

,VHFLWHVWHOXL6WDOLQSUHVDRFFLGHQWDOD$VDVLSHGLQFRORvQ8QLXQHD6RYLHWLFDHVWHDQWLVHPLWLVP
$QWLVHPLWLVP"'HFH"
3DLVFULXDVWLDFDOD0RVFRYDQDPDLUDPDVQLFLRVLQDJRJD
1LFLRVLQDJRJD"$VDVDILH"
9HULILFDDLDVLLUDSRUWHD]DOXL6WDOLQ&KLDUDVDVLHVWH'D6WDOLQRUGLQÌQWUROXQDFRQVWUXLWLRVLQDJRJD/XFUHD]DDLDGLQ
JUHXVLFRQVWUXLHVFVLQDJRJDÌVLDGXFH6WDOLQDPLQWH
&XPPDLVWDFKHVWLDFXVLQDJRJDDFHHD")XQFWLRQHD]D"
1X
'HFH"
1DUHUDELQ
'D6WDOLQRUGLQÌQWURVDSWDPkQDVDJDVLWLXQUDELQ'XSDRYUHPHvVLDPLQWHVWH6WDOLQ
&XPHFXUDELQXODFHOD"/DWLJDVLW"
3DLDPJDVLWQRLYUHRGRLWUHLGDUWRWLVvQWMLGDQL

 FHWDWHQL UXVL OD YRODQXO XQXL DYLRQ $QWRQRY LJQRUkQG OXPLQD URVLH D VHPDIRUXOXL DX FDOFDW VDSWDPkQD WUHFXWD vQ
.LQVKDVDFDSLWDODFHWDWHQLORUQHJULGRPLFLOLDWLvQ=DLUGHSHUVRDQHFDUHVWDWHDXODUkQGODEDQDQHSXLURPkQHVWLDGLGDVL
GLQWHSL GH SRUFVL WDFkPXUL GH VWUXW $VWIHO RUDVXO.LQVKDVD GHYLQHRUDV PDUWLU XQGH RDPHQLL PRU GLQ VHQLQ GHVL PDUWRUL
RFXODULDXDILUPDWFDFHUXOHUDSXWLQQRURV

&LFDPHUJHDXXQLLFXWUHQXOSULQ6LEHULD3HVHDUDVHRSUHVWHWUHQXO6WDRRUDVWD/DXQPRPHQWGDWvQWUHDEDXQX
&HIDFHWLEDGHFHQXSOHFDP"
6FKLPEDPORFRPRWLYD
3HVWHRRUDLDU
&HIDFHWLEDGHFHQXSOHFDP"
6FKLPEDPORFRPRWLYD
6SUHGLPLQHDWDDFHODVLWLSLDU
&HIDFHWLEDQDWLVFKLPEDWvQFDORFRPRWLYD"
%DGD
3DLVLDWXQFLGHFHQXSOHFDP"
$PVFKLPEDWRSHYRWFD

8QJXULL VL UXVLL OD ROLPSLDGD 6H EDW FH VH EDW HL SH DFROR SkQD FkVWLJD XQJXULL +UXVFKFLRY WULPLWH R WHOHJUDPD OD
%XGDSHVWD
$WLMXFDWIRDUWHELQH6WRS1HDSODFXWWXWXURUFXPDWLMXFDW6WRS6XQWHPPkQGULGHYRL6WRS&UHGLWH6WRS*D]H6WRS
*UkQH6WRS

'RLWDUDQLGHODXQFROKR]GLQ5XVLDVWDWHDXODXQSDKDUGHYRWFD3ULPXO
$PFLWLWvQ ]LDUXO3UDYGD FDSHVWH ]HFH DQL DVDR VD SURJUHVH]HVWDWXO FRPXQLVW vQFvW ILHFDUH RP R VD DLED HOLFRSWHUXOVDX
SHUVRQDO
$OGRLOHD
9DLFHELQHRVDILH$WXQFLFkQGRVDDXGFDOD%DNXVHGDXVLUHWXULGHERFDQFL]GXSvQHOLFRSWHUVLOD%DNXGXSDVLUHWXUL
&kQGRVDDXGFDVHGDXILWLOHGHODPSDFXSHWUROOD2GHVVD]GXSvQHOLFRSWHUVLOD2GHVVD

8QIUDQFH]XQUXVVLXQQHDPWVHODXGDXFXUHDOL]DULOHWDULORUORU)UDQFH]XO
1RL DYHP DXWRPRELOH IRDUWH PRGHUQH GDU IRORVLP 5HQDXOWXO SHQWUX GHSODVDUH vQ LQWHULRUXO )UDQWHL VL 3HXJHRWXO FkQG
PHUJHPvQDIDUD)UDQWHL
1HDPWXO
6LQRLODIHOIRORVLP9ROVZDJHQXOvQLQWHULRUXO*HUPDQLHLVL0HUFHGHVXOFkQGPHUJHPvQDIDUD
5XVXO
6LQRLODIHO/DGDvQ5XVLDVLWDQFXULOHSHVWHKRWDUH

3ULQ  OD R FRQIHULQWD WHKQLFD OD 0RVFRYD WUHL RDPHQL GH VWLLQWD vVL HWDODX FDSDFLWDWLOH vQ IDWD XQHL DXGLHQWH
QXPHURDVH
$PHULFDQXO vVL VPXOJH XQ ILU GH SDU VL FX XQ LQVWUXPHQW GD R JDXUD WUDQVYHUVDOD SULQ ILU 7RDWD OXPHD vO RYDWLRQHD]D
$PHULFDQXOGDILUXOGHDUQHDPWXOXL
1HDPWXOVFRDWHXQLQVWUXPHQWVLWDLHILOHWvQJDXUDGDWDGHDPHULFDQ7RDWDDXGLHQWDHVWHvQH[WD])LUXOGHSDUHSUHGDWPDL
GHSDUWHUXVXOXL
5XVXOVXFHVWHILUXOSHWRDWHSDUWLOHvOSULYHVWHDSRLVFRDWHGLQEX]XQDURVWDPSLODVLRDSOLFD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0DGHLQ8665

/DXQFRQJUHVGHPHGLFLQDXQUXVVLXQURPkQSRYHVWHVFPDULOHORUUHDOL]DULvQGRPHQLX5XVXOLDFXYLQWXOVLVHDSXFDVD
OHSRYHVWHDVFD
0DPD PHD OXFUHD]D OD XQ FROKR] VL vQWUR ]L FkQG GHSDQXVD SRUXPE vL VDUH R DVFKLH PHWDOLFD vQ RFKL VL vL VWUDSXQJH
FULVWDOLQXO'XSDFHDIRVWODPDLPXOWLGRFWRULVLvQILQDODDMXQVODPLQHOD0DVNYD$POXDWXQRFKLGHVWLFODLDPIDFXWXQ
QRX FULVWDOLQ GLQWUR IRLWD GH VWDQLRO GH OD XQ SDFKHW GH WLJDUL 'XSD R VDSWDPkQD DYHD VHFUHWLH ODFULPDOD GXSD DOWH GRXD
vQFHSXVHVDFOLSHDVFDGXSDROXQDGLVWLQJHDOXPLQDGHvQWXQHULFLDUDFXPGXSDVDVHOXQLFLWHVWHIDUDRFKHODUL
$SODX]HSHVWHDSODX]H9LQHVLUkQGXOURPkQXOXL
9DUXOPHXOXFUDvQWUR]LODVHPDQDWRDUH$FRQVWDWDWFDFHYDQXPHUJHELQHVLVDGDWMRVVDUHJOH]HFHYDODXQDEDWDM1XD
IRVWDWHQWVLVLDSULQVSHQLVXOvQWURFXUHDGHWUDQVPLVLH3HQLVXOLDIRVWUHWH]DWGHODMXPDWDWH$IRVWSHODPDLPXOWLGRFWRUL
VLvQILQDODDMXQVODPLQHOD%XFXUHVWL,DPVDFULILFDWXQGHJHWGHODPkQDLDPGDWRJDXUDvQPLMORFDPIDFXWQRLLQVHUWLL
PXVFXODUHVLODPDWDVDWSHQLVXOXL'XSDGRXDVDSWDPkQLXULQDIDUDSUREOHPHODGRXDOXQLDDYXWSULPDHUHFWLHLDUDFXPDUH
GRLFRSLLIUXPRVLVLVDQDWRVL
$SODX]HSHVWHDSODX]H5XVXOVHHQHUYHD]DVLvQFHSHVDUkGDvQKRKRWH
$X]LODDVWD&LQHDPDLYD]XWDVDFHYD"
/DFDUHURPkQXOVSXQH
0DWDDLDFXRFKLXODODGHVWLFOD

8QDPHULFDQVLXQUXVVXQWSULQVLGHRDYDODQVDvQ$OSL(VWHXQIULJFUXQWVL]LXDWUHFHvQQRDSWHJHUXOPXVFDVLGHJHUD
FDUQH
2DUHYRPVXSUDYLHWXL"VHvQWUHDEDDPkQGRL
6SUH GLPLQHDWD QDGHMGHD SLHUH GLQ DPkQGRL VH vPEUDWLVHD]D VL VH SUHJDWHVF GH PRDUWHD UHFH FHL vQYDOXLH FkQG
DPHULFDQXOSULQ]DSH]LDGkQFL]DUHVWHXQFkLQHPDUHDOHUJkQGVSUHHL
8UDVWULJDDPHULFDQXO,DWDFDvQVIkUVLWVRVHVWHSULHWHQXORPXOXL
5XVXOVHIUHDFDODRFKLVLH[FODPDVDWLVIDFXW
0DUHPLQXQH8LWHFDDGXFHFXHOVLXQFkLQH

0RDUH9ODGLPLU,OLFL/HQLQ6LFDRULFHRPFDUHVLLPDJLQHD]DFDQDUHQLPLFSHFRQVWLLQWDVHSUH]LQWDODSRDUWD5DLXOXL
7XFHYUHLSOHVXYXOH"]LFH6IvQWXO3HWUX
3DLDPPXULWVLYUHDXVDLQWUX
'XWHEDL'UDFXOXL
6LDVDVHIDFX'XSDRYUHPHVHvQWkOQHVWH6IvQWXO3HWUXFX$JKLXWD
$X]LEDL'UDFHPDvQWUHEDW'XPQH]HX]LOHOHDVWHDFHPDLIDFHSUDSDGLWXODODGH/HQLQ"
6WLLFHPDLvQWkLGHWRDWHHXVvQWWRYDUDVX
'UDFXDVDQHDVSXVQRXDWRYDUDVXO9ODGPLU,OLFL/HQLQ6LVDVWLLFD'XPQH]HX
QXH[LVWD

/DJUDQLWDFXUXVLL'HRSDUWHGHDOWDDXQXLUDXLPDJLQDUVWDXJUDQLFHULXQUXVVLJUDQLFHUX
%XOD5RPkQX$PDQGRL
]DUHVFXQ SHSHQHSOXWLQG 6DU GXSD HO VL DMXQJ OD HO DPkQGRLRGDWD6H LDX OD EDWDLH SkQ
OD XUPDFXP QX FHGD QLPHQL
JDVHVFGHFXYLLQWDVDOvPSDUWHDVFDÌQRDWDSkQDODPDOVLUXVX]LFH
+DLGHOvPSDUWLPIUDWHVWH
/DFDUH%XOD
1XPDLPDLELQHvOvPSDUWLPMXPLMXPD

Ì&HVHQXPHVWHVFKLPEGHRSLQLLvQSDUWLGXOFRPXQLVWDO8QLXQLL6RYLHWLFH"
5$WXQFLFkQGYLLODVHGLQWDGHSDUWLGFXSURSULDWLRSLQLHVLSOHFLGHODVHGLQWDFXFHDDSDUWLGXOXL

Ì&HHXQUXVSHILUHOHGHvQDOWDWHQVLXQH"
58QOXSWDWRUvQUH]LVWHQWD

8Q PHGLF GHVFRSHUD HO FD FHD PDL EXQD PHWRGD GH D IDFHXQ DYRUW HVWH VD IDFD R EDLH FX FXEXUL GH JKHDWD IDWXOXL 6H
FRQWUD]LFHHOFXFRQIUDWLLGLQPDL PXOWHWDULVRYLHWLFHVLSkQDOD XUPDVHRUJDQL]HD]D XQ H[SHULPHQWFD VD VH GHPRQVWUH]H
FLQH DUH GUHSWDWH 6L VH DGXF FkWH R UXVRDLFD GLQ 0RVFRYD /HQLQJUDG VL GLQ 6LEHULD 6H vQFHSH FX WLSD GLQ 0RVFRYD /D
SULPXO OLWUX GH DSD FX JKHDWD DYRUWHD]D 7LSD GLQ /HQLQJUDG UH]LVWD GRL OLWUL *DWD PHGLFLL HUDX FRQYLQVL FD PHWRGD HVWH
EHWRQ6LFXWLSDGLQ6LEHULDvQFHDUFDFXXQOLWUXFXFXFX1LPLF$VWLDVXQWWDUHPLUDWL6LVHDSXFDVLFXDQDOL]H
UDGLRJUDILLHFRJUDILLvODVFXOWDFXXUHFKHDVLSUXQFXOQDYHDWUHDED6LDWXQFLIRORVHVFRFDPHUDGHOXDWYHGHULFXPLFURIRQ
XOWLPXOUDFQHWDOVWLLQWHLVRYLHWLFHvQWLPSFHLDGPLQLVWUHD]DDSDFXJKHDWD6LFkQGFRORFHYDGSUXQFXOIDFHDJLPQDVWLFDVL
FkQWD
$OLRVDVHFDOHVWH
1LFLRGDWDQXUDFHVWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

%DQFXULFXVFRWLHQL

Ì'XSDFHUHFXQRVWLXQYDSRUVFRWLDQ"
51X]ERDUDSHVFDUXVLLGHDVXSUDOXL

Ì&HIDFHFDGRXXQVFRWLDQvQGUDJRVWLWSULHWHQHLVDOH
58QUXMGHEX]HSHQWUXFDVLOSRDWHOXDvQDSRLFXWLPSXO

Ì&HHVWHXQ3HUSHWXXPPRELOH"
5(VWHXQVFRWLDQFDUHDOHDUJDGXSDXQHYUHXFDUHvLGDWRUHD]D&HQWL

Ì'HFHvQ6FRWLDvQILHFDUHFDVWHOVHDIODFkWHRVWDILH"
5(VWHPXOWPDLLHIWLQDGHFkWXQVLVWHPGHDODUPD

ÌQYHVWXO6FRWLHLODVDSDWXULDXIRVWJDVLWHSDWUXVFKHOHWHSHEUkQFL
3XWLQPDLGHSDUWHDIRVWJDVLWDRPRQHGDGHXQSHQQ\

Ì&XPDIRVWIDEULFDWDSHQWUXSULPDRDUDVkUPD"
58QVFRWLDQVLXQHYUHXDX]DULWSHVWUDGDRPRQHGDGHXQSHQQ\

Ì6WLDWLGHFHVFRWLHQLLVSXQFDVH[XOHRDIDFHUHSURDVWD"
56HEDJDvQHDPDLPXOWGHFkWVHVFRDWH

Ì6WLWLFkQGSXWHWLILVLJXULFDDYHQLWYDUD"
56FRWLHQLLvVLDUXQFDSRPLLGH&UDFLXQ

Ì'HFHVDXSOkQVSURGXFDWRULLGHIULJLGHUHFDQXSRWIDFHSURILWvQ6FRWLDVFRWLHQLLQXFXPSDUDIULJLGHUH"
5&OLHQWLLQXYRUVXEQLFLRIRUPDVDFUHDGDFDODvFKLGHUHDXVLLVHVWLQJHOXPLQD

ÌQ]LDUXOORFDOGLQ(GLQEXUJ
7D[LSUDEXVLWvQSUDSDVWLHGHPRUWL

Ì&XPvQFHSHRUHWHWDvQFDUWHOHGHEXFDWHVFRWLHQH"
56HvPSUXPXWD

Ì&DUHVXQWFHOHPDLVXEWLULFDUWLGLQOXPH"
50DULOHLQYHVWLWLLVFRWLHQHvQVWUDLQDWDWH
(URLLWDOLHQL
$UWDEXFDWDULHLODHQJOH]
,VWRULDFXOWXULLDPHULFDQH
/DXUHDWLLURPkQLDL3UHPLXOXL1REHO

Ì&DUHHGLIHUHQWDGLQWUHXQVFRWLDQVLRQXFDGHFRFRV"
51XFDGHFRFVvWLGDGHEDXW

=LXDWUDGLWLRQDODSHQWUXFDVDWRULLvQ6FRWLDHVWH)HEUXDULH
$VWIHOFDVDWRULWLLWUHEXLHGRDURGDWDODDQLVDGHDRSHWUHFHUHFXRFD]LD]LOHLGHFDVDWRULH

2FXJHWDUHVFRWLDQD
3RWLIDFHHFRQRPLLQXPDLDWXQFLFkQGQXFKHOWXLQLPLFD

Ì&HIDFHXQVFRWLDQFDUHDUHFLQFLIHWHQHPDULWDWH"
5/HODVDSHWRDWHFLQFLVDOLQJDRSDVWLODDQWLEDE\

-RFGHIRWEDOvQWUXQVDWVFRWLDQ
ÌQDLQWHDvQFHSXWXOPHFLXOXLSHQWUXDOHJHUHDWHUHQXOXLDUELWUXODUXQFDRPRQHGDvQVXV
5H]XOWDWGHUDQLWL

8QIRWEDOLVWYHQLWGHODXQPHFLGLQ6FRWLDVHvQWDOQHVWHFXXQYHFKLSULHWHQ
&XPDIRVWvQ6FRWLD"vOvQWUHDEDSULHWHQXO
$PDYXWXQPHFLPLQXQDW6LSXEOLFXOVFRWLDQDIRVWPLQXQDW
'HFH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1DXDUXQFDWQLPLFSHWHUHQ

ÌQFKLSXLHWLVSXQHXQVFRWLDQSULHWHQXOXLVDXLHULVDGHVILQWDWRILFLDOFOXEXOQRVWUXGHIRWEDOFXWRDWHFDDYHDRH[LVWHQWD
GHSHVWHGHDQL
'HFHFHIHOGHSUREOHPHDXIRVW"YUHDVDVWLHFHODODW
'HIDSWQX0RWLYXODIRVWFDDPSLHUGXWPLQJHD

(FKLSDQDWLRQDODD6FRWLHLDFkVWLJDWPHFLXO$QWUHQRUXOYLQHvQFDELQHVL]LFH
%DLHWLDWLIRVWPLQXQDWLPHULWDWLSHGHSOLQRPLFDUDFRULUH+DL-RKQGHVFKLGHIHUHDVWUD

0F*UHJRUPRDUH9DGXYDULGLFDRSLDWUDIXQHUDUDFXLQVFULSWLD
2GLKQHVWHWHvQSDFH
$SRLDIODFDGHFHGDWXOVLDODVDWWRDWDDYHUHDELVHULFLL'UHSWFDUHSXQHVDVHJUDYH]HvQFDXQUkQG
3kQDYLQODWLQH

2 WkQDUD IDPLOLH GH VFRWLHQL vVL SOLPED FRSLOXO vQWUXQ FDUXFLRU 6H RSUHVF vQ IDWD XQXL PDJD]LQ VL GXSD FH SULYHVF
YLWULQHOH
LQWUDvQDXQWUXODVkQGFDUXFLRUXOSHWURWXDU'XSDFHVHWkUJXLHVFSRUQHVFPDLGHSDUWH/DXQPRPHQWGDWIHPHLDH[FODPD
9DLGHPLQHGUDJXOHDVWDQXLFRSLOXOQRVWUX
7DFLVSXVHHO&DUXFLRUXOHPXOWPDLEXQ

8QHQJOH]VLXQVFRWLDQFLQHD]DvPSUHXQD'XSDFLQDSODWHVF(QJOH]XOvLGDEDFVLVFKHOQHUXOXLROLUDVWHUOLQD
6DLvPSDUWLWL
6FRWLDQXOSXQHXQSHQQ\SHPDVDVL]LFH
ÌQPOXWLWLL

&kQGDPYHQLWOD/RQGUDQXDYHDPGHFDWXQVLQJXUVLOLQJvQEX]XQDU&XDFHVWLEDQLDPvQFHSXWWRWXO
6LFHDLIDFXWFXXQVLOLQJ"
$PWULPLVRWHOHJUDPDDFDVDVDPLWULPLWDEDQL

)LXO PHX YD GDWRUHD]DEDQLSHQWUX XQ FRVWXP SH FDUH L ODWL IDFXW DFXP WUHL DQLvL VSXVH FURLWRUXOXL XQXL VFRWLDQ FDUH
WRFPDLLQWUDVHvQPDJD]LQ
6LGXPQHDYRDVWUDDWLYHQLWVDPLGDWLEDQLLQXLDVD"
1X$VGRULVDPLFRPDQGVLHXXQFRVWXPvQDFHOHDVLFRQGLWLL

/DEUXWDULH
$VGRULRSkLQHGHXQNLORJUDP&kWFRVWD"
2SWVXWHUDVSXQVHEUXWDUXO3RIWLP
'DUSkLQHDDFHDVWDHVWHPDLXVRDUDVSXVHVFRWLDQXOFkQWDULQGRvQPkQD
1XLQLPLFUDVSXQVHEUXWDUXOLPSHUWLQHQW2VDILHPDLXVRUGHFDUDW
3RIWLPEDQLL]LVHFOLHQWXODUXQFkQGSHWHMJKHDVDVHVXWH
1XVXQWVXILFLHQWL0DLWUHEXLH
1XLQLPLFUHSOLFDVFRWLDQXO2VDILHPDLXVRUGHQXPDUDW

8QVFRWLDQODXQKRWHOMLGDQHVF
&HSUHWXULDYHWLODFDPHUH"
ODHWDMXOODHWODHWVLODHW
1XVWLWLFXPYDXQKRWHOFX]HFHHWDMH"

'XSDFHPkQFDRVLQJXUDVWULGLHvQWUXQUHVWDXUDQWXQVFRWLDQPRDUHFXVWRPDFXOSHUIRUDWGHSHUODQDWXUDODFDUHVHJDVHD
vQVWULGLHVLSHFDUHQXREDJDVHvQVHDPD
0HUJkQGvQXUPDFDUXOXLPRUWXDUVRWLDGHFHGDWXOXLVHODPHQWHD]DXQHLSULHWHQH
1RURFFXSHUODDLDFDDWIHOQXDYHDPFXFHVDOGXFODJURDSD

'XSDVDVHOXQLGHIHULFLUHFRQMXJDOD%LOOVL-DQHVHGHDXvQIDWDIRFXOXLOLQLVWLWLFkQGVH DX]L XQ FLRFDQLWvQ XVD%LOO VH

GXVHODXVDVLRGHVFKLVH
&LQHHUD"6RDFUDOXLFXGRXDJHDPDQWDQH
9UHDXVDVWDXDLFLVSXVHGXPQHDHL
)RDUWHELQH$FRORVDVWDLvLUHSOLFD%LOO
6LvLWUkQWLXVDvQQDV

8QWkQDUVHSUH]LQWDODXQPDUHSDWURQVFRWLDQXO-RKQ
6XQWPDVHXU3HQWUXGHGRODULSHOXQDVXQWJDWDVDYDPDVH]GDQVDWRDUHOH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2.'DFDDYHWLEDQLLODGXPQHDYRDVWUDSXWHWLvQFHSH

7RDWH FDSHWHOH GLQ EDU VDX vQWRUV FDQG R PDVLQD VD DX]LW GkQG FROWXO FX XQ VFUkVQHW vQJUR]LWRU XUFkQG SH WURWXDU
ULFRVkQGvQWUXQ]LGVLRSULQGXVHvQWUXQIHOLQDU
3HVWHFkWHYDVHFXQGHVRIHUXFDUHHUDVFRWLDQLQWUDvQEDUFODWLQkQGXVLWUXSXOvQVDQJHUDWGXSDFDUHVHSUDEXVLSHSRGHDVL
OHVLQD
5HSHGHGDWLLXQSDKkUFXDSDVWULJDRWkQDUD
6FRWLDQXOvVLULGLFDFDSXOSOLQGHUDQLVLEkQJXL
&kWGHWDUHWUHEXLHVDPDQHQRURFHVFFDVDFDSDWVLHXXQSDKDUFXVFRWFK

6DWXODIODWSHFXOPLOHvQDOWHDOH6FRWLHLHUDvQPDUPXULWGHGXUHUH'LQ$PHULFDYHQLVHYHVWHDFD1F1DEDPXULW
1XSRWVDFUHGFDDPXULW&HDDYXW"vQWUHDEDXQEXQSULHWHQGHDOUDSRVDWXOXL
$WDFGHLQLPDUDVSXQVHXQDOWXO
%LHWXORP6LFXPVDvQWDPSODW"
6H]LFHFD1F1DEHUDDIHFWDWSkQDvQVWUDIXQGXOVXIOHWXOXLGHSRYHVWLOHFHVHVSXQGHVSUH]JkUFHQLDVFRWLHQLORU
6LDWXQFLvQWURVHDUDVDGXVODEDUXOGLQ1HZSHFDUHOIUHFYHQWDVLDIDFXWFLQVWHWXWXURUFHORUGHIDWDFD
VDDIOHFKLDUDWXQFLFDWRWWLPSXODXFUH]XWGHVSUHHOFDHVWHLUODQGH]

'RLVFRWLHQLYRUEHDXvQWUHHL
+HL-RKQDVWD]LWRFPDLPLDPDUXQFDWSLHSWHQHOH
&XP""'HFH""
3DLPLVDUXSWXQGLQWH

9DULDQWD
8QVFRWLDQLVHDGUHVHD]DXQXLSULHWHQ
7UHEXLHVDPLFXPSDUXQSLHSWHQHQRXODFHOYHFKLLVDUXSWXQGLQWH
'XPQH]HXOHSHQWUXXQGLQWH'DUvOPDLSRWLvQFDIRORVLSHFHOYHFKL
'DHUDXOWLPXOGLQWH

8Q VFRWLDQ VH GXFH OD GRFWRU FDUHL UHFRPDQGD VD VH ODVH GH EDXWXUD 6XSDUDW SDFLHQWXO VH SUHJDWHVWH VD SOFH FkQG
PHGLFXOvLDWUDJHDWHQWLDFDQXDSODWLWFRQVXOWDWLD
1XHVWHFD]XO1XDPGHJkQGVDYDXUPH]VIDWXOUDVSXQGHVFRWLDQXO

8QJURSDUVFRWLDQVDSDvQFLPLWLU2SULQGXVHSHQWUXDIDFHRPLFDSDX]DRPXOFLWHVWHSHXQPRQXPHQWIXQHUDU
$LFLVHRGLKQHVWH$5SHDOWXO$LFLVHRGLKQHVWH30VLWRWDVDSHFHOHODOWH
*URSDUXOUHQXQWDVDPDLFLWHDVFDVLH[ODPDLQGLJQDW
1XPDLHXFLWHVFDLFL

&DQGDPVRVLWvQRUDVXODFHVWDQXDYHDPDOWDDYHUHGHFDWSURSULDPHDLQWHOLJHQWD
&XDOWHFXYLQWHDWLSRUQLWGHOD]HURQX"vODSRVWURIDSULHWHQXOVFRWLDQ

'RLVFRWLHQLVHSOLPEDSULQSDGXUH3HXQXOvODSXFDQHYRLOHVLVHGXFHVXEXQFRSDF
'XSDFDWHYDPLQXWHvLVSXQHDPLFXOXLVDX
$LODWLQHXQSLFGHKkUWLH"
'DGHXQGHvLUDVSXQGHDFHVWD/DVDODFROR

,XELWXOHvPLIDFLFDGRXGH]LXDPHDRSHUHFKHGHFHUFHLGHDXU"
'DLXELWDPHDGDUODDQXO
6LDQXODFHVWD"
$QXODFHVWDWHGXFVDWLJDXUHDVFDXUHFKLOHUDVSXQVHWkQDUXOVFRWLDQvQGUDJRVWLW

9kUVWQLFD SHUHFKH GH VFRWLHQL LQWUD vQWUXQ UHVWDXUDQW GLQ (GLPEXUJ VL FRPDQGD FkWH XQ FRWOHW GH EHUEHF &KHOQHUXO
REVHUYDFDHDQXVDXDWLQVGHPkQFDUH
9DQHPXOWXPHVWHFHYD"vQWUHEDHOSROLWLFRV3RDWHFDQXHSUHDIDFXW
1XQXWLQHUHD]kPELWHD'DUvODVWHSWSH'RXJDOVDWHUPLQH$FXPIRORVHVWHHOSURWH]HOH

ÌQWLPSXOXQHLSDUWLGHGHJROIXQXOGLQWUHSDUWHQHULSLFDMRVPRUW
ÌQVHUDDFHOHLDVL]LOHODFOXEVHFUHWDUXOLVHDGUHVHD]DSDUWHQHUXOXLUDPDVvQYLDWD
&HWUHDEDvQJUR]LWRDUH
ÌQWUDGHYDUvQJUR]LWRDUHvQFHSHFHODODOWVDSRYHVWHDVFDFHORUGHIDWD
$VXFRPEDWODDWUHLDJDXUDVLGXSDDFHHDLDVLFDUDOSXQHOLDUMRVORYHVWHPLQJHDLDOLDUvQVSLQDUHSXQHOMRVORYHVWH
LDUPLQJHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RLVFRWLHQLYRUEHDX
$PDX]LWFDIDWDWDVDFDVDWRULW'LQGUDJRVWHVDXSHQWUXEDQL"
'LQGUDJRVWHSHQWUXEDQL

8QVFRWLDQvVLvQWUHDEDIUDWHOH
&HFDGRXvLIDFLVRWLHLWDOHGH]LXDHL"
7RDWDGUDJRVWHDPHD
6LDWXQFLGH&UDFLXQFHDLVDLPDLGDL"

9HWLOXDFkWHRXDOLQJXULWHGLQDFHVWVLURSvQILHFDUHVHUDvQDLQWHGHFXOFDUHUHFRPDQGDGRFWRUXOVFRWLDQXOXL
,PSRVLELOGRPQXOHGRFWRUH[FODPDDFHVWD
'HFH"
3HQWUXFDQXDDFDVDGHFDWROLQJXULWD

,QWULJDWDVRWLDvLVSXQHVRSWLWEDUEDWXOXL
(WUHFXWGHPLH]XOQRSWLLVLWvQDUXO0F*UHJRUHvQFDvQVDORQFXILLFDQRDVWUD
(DVWDSHJHQXQFKLLOXLVLQLFLPDFDUQXDXDSULQVOXPLQDGHFkQGVDvQQRSWDW
6DVWLLFDvPLSODFHIODFDXO(FRQRPLVHVWHFXUHQWXOHOHFWULFVLIRORVHVWHXQVLQJXUVFDXQvQORFGHGRXD

ÌQWURGLVWLOHULHGLQ*ODVJRZXQPXQFLWRUYLQHvQJRDQDODSDWURQ
6HIX
QHQRURFLUH0F*UHJRUDFD]XWvQEXWRLXOFXZKLVN\
&XPSOLW6DvQHFDW"
3kQDODXUPDGD
&XPDGLFDSkQDODXUPD"
$GLFDDPDLDSXFDWVDVFRDWDFDSXOGHWUHLRULFHUkQGGHILHFDUHGDWDFkWHRPDVOLQD

8QWvQDUVFRWLDQGHFLGHVDVLvQFHDSDRQRXDYLDWDvQ$XVWUDOLD
$VDGDUSOHDFDvQ$XVWUDOLDvVLJDVHVWHXQDSDUWDPHQWvQWUXQPLFEORFVLVHPXWDDFROR
'XSDRVDSWDPvQDGRXDvOVXQDPDPDOXLVDYDGDFXPVHGHVFXUFDEDLDWXOvQQRXDOXLYLDWD
(IRDUWHELQHDLFL'DUDPQLVWHYHFLQLWDUHFLXGDWL
8QXOVHGDWRDWD]LXDFXFDSXOGHSHUHWLFHOFXXQHWDMPDLVXVVWDvQWLQVSHMRVVLQXVWLXFHGUDFX
WRWYRUEHVWHODSDUFKHW
LDUYHFLQDGHOkQJDXUODWRDWD]LXD
'RDPQHPDLEDLDWXOHFHRDPHQLDLSHDFROR"7HVIDWXLHVFVDQXFDUHFXPYDVDLQWULvQFRQWDFWFXDVWIHOGHSHUVRDQH
1XILLVLJXUDFDQX6WDXvQDSDUWDPHQWXOPHXWRDWDQRDSWHDVLFkQWGLQFLPSRL

6RWLDOXL0F7DYLVKGLVFXWDFXVRWLDOXL0F&RUQLFN
8LWHFHHYDQWDLIUXPRVDP(FDVLQRX/DPSULPLWDFXP]HFHDQLFDGDUGHQXQWD
6WLLGHFHHDVD"ÌOPLVFIRDUWHIRDUWHvQFHWVDQXVHVWULFH
$OPHXHVLPDLEXQ6RWXOPHXQXPLGDYRLHVDOPLVFGHORFÌOWLQGHVFKLVvQIDWDVLGDXUHSHGHGLQFDSvQGUHDSWDVLQ
VWvQJD

ÌQWUR]LXQVFRWLDQPHUJHVDMRDFHJROIFXEDLDWXOVDX&XPDMXQJODWHUHQvOvQWUHDED
6WLLVDJDVHVWLPLQJLLOHUDWDFLWH"
%LQHvQWHOHVUDVSXQGHEDLDWXO
$WXQFLDGXUHSHGHXQDVDSXWHPvQFHSH

8QGHYDvQ6FRWLDÌQDMXQXO&UDFLXQXOXLvQWURIDPLOLHGHVFRWLHQLWLSLFLFRSLLvVLvQWUHDEDWDWDO
7DWDFkQGYLQH0RV&UDFLXQ"
7DWDLDSXVFDVHXUFDvQSRG'XSDXQVFXUWWLPSVHDXGHRvPSXVFDWXUD0DPDVLFRSLLLDODUPDWL9LQHWDWDOWULVWVSXQkQG
1XPDLYLQHVDVLQXFLVVDUDFX


0F&RUPLFNDYHQLWOD/RQGUDODSULHWHQXOVDX6PLWK$FHVWDvOSOLPEDSULQRUDV
/DXQPRPHQWGDWLQWUDDPvQGRLvQWURWXWXQJHULHVL6PLWKvVLFXPSDUDWXWXQGHSLSD
0F&RUPLFNDGPLUDYLWULQHOH6PLWKvOLQYLWD
9UHLVDWLRIHURKDYDQD"
1XPXOWXPHVFVWLLFDQXIXPH]'DUGDFDHVWLDWvWGHGUDJXWRIHUDPLQLVWHWLPEUHSRVWDOH

8QVFRWLDQVHvQWRDUFHDFDVDFXXQ FRVXOHWSOLQGHFDSVXQL
6FRDWHRFDSVXQDRGDILXOXLVDXVLLVSXQH
%LQHILXOH6LFHOHODOWHDXDFHODVLJXVW

0F*UHJRUvLSURPLVHVHILXOXLVDLGHDFvWHXQVIHUWGHOLUDSHQWUXILHFDUHQRWDEXQD
9D]kQGFDGHODXQWLPSEDLDWXODUHQXPDLQRWHPD[LPHvOvQWUHDED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$VFXOWD-RKQQXSUHDWHYDGWRFLQG1XFXPYDvPSDUWLEDQLLFXSURIHVRUXO"

9LQHXQVFRWLDQOD]LDUXOORFDOVL]LFH
'DFDPDLSXEOLFDWLvQ]LDUXOORFDOJOXPHFXVFRWLHQLDWXQFLSXWHWLVDYDOXDWLJkQGXOVDPDLvPSUXPXW]LDUXOYRVWUX

'RPQXO0F*UHJRUWULPLWHRVFULVRDUH]LDUXOXLORFDO
VLYDSUHYLQSHQWUXXOWLPDRDUDFDGDFDYHWLPDLSXEOLFDDQHFGRWHLGLRDWHSHVHDPDDVD]LVHL]JvUFHQLLDVFRWLHQLORU
QR VD PDL vPSUXPXW QLFLRGDWD DPDUkWXO YRVWUX GH MXUQDO GH OD SULHWHQXO PHX 0F0XOOLJDQ FDUH D FvVWLJDW XQ DERQDPHQW
DQXDOODFRQFXUVXOGHFXYLQWHvQFUXFLVDWH

'RLVFRWLHQLKRWDUDVFVDVHEDWDvQGXHO3HQWUXDQXILGHVFRSHULWLFDvQFDOFDOHJHDYRUWUHEXLVDVHGHSODVH]HODRGLVWDQWD
FRQVLGHUDELODvQWUXQORFIHULWvQSRLDQDXQHLSDGXUL
6FRSvQFDUHHQHYRLHVDLDWUHQXO6HGXFDPvQGRLODJDUD
'DWLPLXQELOHWGXV]LFHSULPXO
(VWLSHVLPLVWFRQFOX]LRQHD]DFHODODOW(XLDXGXVVLvQWRUV
1XVSHVLPLVWVvQWHFRQRP'HRELFHLPDvQWRUFFXELOHWXODGYHUVDUXOXL

'HIDSWVSXQHXQVFRWLDQ vQWUXQ PDJD]LQGHSDODULLQXYUHDXVDFXPSDUSDODULDFDUH PLDWL DUDWDWR$V GRULXQD DVD

FXPDPHXSHFDS6LHDDIRVWFXPSDUDWDWRWGLQPDJD]LQXOGXPQHDYRDVWUD
,PSRVLELO]LFHYkQ]DWRUXOHXDPGHVFKLPDJD]LQXOQXPDLGHGHDQL

9DULDQWD
0F*UHJRUVHWRWXLWDSULQWUHSDODULLSkQDFHvQWUXQILQDOJDVHVWHXQDFRUHVSXQ]DWRDUHJXVWXULORUOXL
&DVDYDVSXQDGHYDUXOVHH[SOLFDFXPSDUDWRUXODVILGRULWXQDFDDFHDVWDYHFKHFDDPHDSHFDUHDPFXPSDUDWRWRWGHOD
GXPQHDYRDVWUD
(VWHLPSRVLELOGRPQXOHDGDXJDYkQ]DWRUXOHXDPGHVFKLVPDJD]LQXODFHVWDQXPDLFXFLQFL]HFLGHDQLvQXUPD

8QVFRWLDQWUDYHUVHD]D&DQDOXO0kQHFLLFXYDSRUXO$SURDSHGHFRDVWD(XURSHLYHGHXQVFDIDQGUXLHVLQGGLQDSD
/HVLQD'XSDFHDYHQLWVDOYDUHDPHGLFXOvOvQWUHDED
&HVDvQWkPSODW"
$PVXIHULWXQVRFJURD]QLFFkQGDPYD]XWFDFHVWGUXPSRDWHILIDFXWVLSHMRV

8QVFRWLDQVHDSURSLHGHFDVLHUDXQXLWHDWUXVLvLvQWLQGHRPRQHGD
'RULWLVDYDUHWLQXQORF"vQWUHDEDFDVLHUD
1XDVWDHVWHSHQWUXGY9RLUHYHQLSHVWHXQVIHUWGHRUDFXVRWLDLDUGYYHWLVSXQHFDVDXYkQGXWWRDWHELOHWHOH

&kQGFRQWURORUXOUHDOL]HD]DFDVFRWLDQXOQXDUHELOHWvQWUXQDFFHVGHIXULHDUXQFDYDOL]DDFHVWXLDSHJHDPXOWUHQXOXL
vQUkXOFDUHFXUJHDODGHPHWULLPDLMRV
8FLJDVXOHVWULJDVFRWLDQXOPLDLvQHFDWVLQJXUXOPHXILX

8QVFRWLDQPHUJHSHVWUDGDIRDUWHDSOHFDWVSULMLQLQGXVHGHXQEDWIRDUWHVFXUW
/DXQPRPHQWGDWVHvQWvOQHVWHFXXQSULHWHQFDUHvOvQWUHDEDSOLQGHFRPSDVLXQH
5HXPDWLVP"
1X0LVDUXSWEDWXO

'XSDWUHLDQLXQVFRWLDQVHvQWRDUFHvQRUDVXOOXLQDWDO
/DJDUDFDXWDGLVSHUDWGXSDIUDWLLVDLSkQDFkQGGRLEDUERVLLQWUDvQYRUED
1XQHPDLUHFXQRVWL"
$VDFXEDUEDQX'HFHDYHWLEDUELDVDGHOXQJL"
&kQGDLSOHFDWDLOXDWFXWLQHDSDUDWXOGHUDV

8QWkQDUVFRWLDQIDFHRGRQDWLHGHVkQJH3DFLHQWDWUHEXLDVDSULPHDVFDGHWUHLRULVkQJHOHWkQDUXOXL
'XSDSULPDWUDQVIX]LHWkQDUXOSULPHVWHGHODIHPHLHGH3RXQ]L
'XSDDGRXDGH3RXQ]L
'XSDDWUHLDSULPHVWHGRDUXQPXOWXPHVF
$YHDGHMDSUHDPXOWVkQJHVFRWLDQvQHD

0F*UHJJRUvOvQWUHDEDSHSULHWHQXOVDX0F,QWRVKSURSULHWDUXOXQHLIDEULFLGHFRQIHFWLL
(DGHYDUDWFDODIDEULFDWDVHRUJDQL]HD]DRFKHWDvQVFRSXULXPDQLWDUH"
'D
6LWXFHGDL"
(XGDXDSUREDUHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&kWFRVWDWD[LXOSkQDODJDUD"vQWUHDEDXQVFRWLDQWD[LPHWULVWXO
8QSRXQGGRPQXOH
6LEDJDMHOH"
%LQHvQWHOHVJUDWLV
%LQHDWXQFLGXFHWLPLEDJDMHOHODJDUD(XYLQSHMRV

&LQHHSDFLHQWXOGHSHPDVDGHRSHUDWLH"
8QMXFDWRUGLQHFKLSDGH&XSD'DYLVD6FRWLHL$vQJKLWLWGLQJUHVHDODRPLQJHGHWHQLV
6LFHOFDUHDVWHDSWDODXVD"
(SUHVHGLQWHOHFOXEXOXL0LQJHDHUDDOXL

&DPHUDFXYHGHUHVSUHPDUHFRVWDFXGRXDOLUHPDLPXOWVSXVHUHFHSWLRQHUXOXQXLWXULVWVFRWLDQ
6LGDFDYDSURPLWFDQXPDXLWSHIHUHDVWUDFkWFRVWD"

7DWDWDWDYLQHPLFXOIHFLRUGHWDUDQVFRWLDQODWDWDOVDXYDFLOHYHFLQXOXLDXLQWUDWvQIkQHWHDQRDVWUDVLQHPkQFDLDUED
7DFLGLQJXUDLDRJDOHDWDVLGXWHVLOHPXOJH

8QDPHULFDQSULHWHQXOXLVDX
ÌQFKLSXLHWLSULHWHQXOPHXGHFRUHVSRQGHQWDGLQ6FRWLDPLDWULPLVvQVIkUVLWRSR]DGHDOXL
6LFXPDUDWDSULHWHQXOWDX"
1XVWLXWUHEXLHVDGDXILOPXOODGHYHORSDW

8QJDQJVWHUDPHQLQWDXQVFRWLDQ
GH3RXQGVVDXWHRPRU
/DFDUHVFRWLDQXO
6XQWGHMDSHMXPDWDWHPRUWGHIULFD

8QVFRWLDQVLVRWLDVHDIODSHPDUH9LQHRIXUWXQDVLYDVXOVHVFXIXQGD6FRWLDQXOHVDOYDWGDUVRWLDQXSRDWHILJDVLWD
'XSDROXQDVFRWLDQXOQRVWUXSULPHVWHGHODSROLWLHRWHOHJUDPD
6RWLDDFRSHULWDFXVFRLFLPROXVWHVLVWULGLLJDVLWDVWRS&HVDIDFHPVWRS
6FRWLDQXOWHOHJUDILD]DvQDSRL
9LQGHWLVFRLFLOHVLVWULGLLOHVWRS$UXQFDWLGLQQRXPRPHDODVWRS

9LQHXQVFRWLDQODVWDUHDFLYLODVLVSXQHFDGRUHVWHVDvVLVFKLPEHQXPHOH
'HFH"HVWHvQWUHEDWGHIXQFWLRQDU
$PJDVLWLHULSHVWUDGDRFXWLHSOLQDFXFDUWLGHYL]LWD

6RWLHLGXPQHDYRDVWDvLIDFHELQHDHUXOGHPDUHVSXQHGRFWRUXOXQXLVFRWLDQ
6FRWLDQXOvVLLDQHYDVWDVLPHUJHvQWUXQPDJD]LQGHSHVWH

0F5XEE\SRYHVWHVWHFROHJLORUGHELURXFDQHYHVWHLVDOHLDIRVWUHFRPDQGDWGHFDWUHGRFWRUDHUXOGHvQDOWLPL
$KDVSXQFROHJLLVRWLDGXPQHDYRDVWUDHODPXQWHVLGXPQHDWDHVWLVLQJXUDFDVD
9DvQVHODWLVSXQHDFHVWDDPUH]ROYDWSUREOHPDDVWDDOWIHO0DEHOGRDUPHGHMRLSHDFRSHULVXOFDVHL

8QVFRWLDQvVLGH]OLSHDWDSHWXOGLQVXIUDJHULHFkQGSULPHVWHYL]LWDXQXLSULHWHQ
&HVDvQWkPSODWYUHLVDWDSHWH]LSHUHWLLFXXQPRGHOQRX"
1XQXYUHPGHFkWVDQHPXWDP

0F*UHJJRUDSOHFDWvQWURH[FXUVLHFXORJRGQLFDOXLFXRPDVLQDvPSUXPXWDWDGHODXQSULHWHQ
6HFLUFXODvQWDFHUH5RVXFDUDFXO0F*UHJJRUFDWDGLFVHVWHVDULGLFHSULYLULOHVSUHIDWDVLvLVSXQHFXSULQVGHHPRWLH
$DVWLL0DU\DVYUHDVDWLVSXQFHYDGDUQDPFXUDMXO
&XRFKLLVWUDOXFLQG0DU\vOvQFXUDMHD]D
6SXQHGUDJDKDLvQGUD]QHVWH
8LWH0DU\HVWLGHDFRUGVDSODWLPEHQ]LQDSHGLQGRXD"

8QVFRWLDQvVLVXUSULQGHVRWLDFXXQDPDQW1XJkQGHVWHSUHDPXOWVL]LFH
$VH]DWLYDXQXOvQVSDWHOHFHOXLODOWDVDDMXQJHXQVLQJXUJORQW

6FRWLDQXOSOHDFDvQFDODWRULH6HvQWRDUFHGHODJDUDvQWUXQVXIOHWVLVSXQHVRWLHL
&HDPXLWDWVDWLVSXQQXXLWDvQDEVHQWDPHDVDvQFDO]HVWLVXIUDJHULDQXPDLSHQWUXRSHUVRDQD

-RKQGLQ*ODVJRZvLFXPSDUDVRWLHLVDOHODYHQLUHDLHUQLLXQLQHOIRDUWHLHIWLQ
'HFHHVWLGLQWURGDWDDVDGHULVLSLWRU"vOvQWUHDEDXQFROHJGHELURX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$PXQPRWLYvQWHPHLDWFROHJDDFXP/L]QXYDPDLDYHDQHYRLHGHPDQXVLSkQDODYHQLUHDSULPDYHULL

8QVFRWLDQGHVFRSHUDvQIDUIXULDVDFXVXSDRPXVFD2SULQGHFXYkUIXOGHJHWHORURWLQHGHDVXSUDIDUIXULHLVLVWULJD
6FXLSDWRDWDVXSDDIDUD1HVLPWLWR6FXLSDVXSDDIDUD

9DULDQWD&HIDFHXQURPkQFDUHJDVHVWHRPXVFDvQSDKDUXOVDX"
2VFRDWHDIDUDFXYkUIXOGHJHWHORUVLEHDPDLGHSDUWH
&HIDFHXQIUDQFH]vQDFHVWFD]"
&RPDQGDLPHGLDWXQDOWSDKDUFXEDXWXUD
'DUXQVFRWLDQ"
2SULQGHFXYkUIXOGHJHWHORURWLQHGHDVXSUDSDKDUXOXLVLvLVWULJDIXULRV
6FXLSDWRWXODIDUDVFXLSDWRWXODIDUD

8QSROLWLVWVFRWLDQHVWHvQWUHEDWODXQH[HUFLWLXFHDUIDFHFDVDvPSUDVWLHPXOWLPHDFDUHGHPRQVWUHD]DLOHJDO
$FHVWDUDVSXQGH
0LDVGDMRVFDVFKHWDVLDVvQFHSHVDIDFRFROHFWDGHEDQL

9DULDQWD
ÌQWUXQRUDVHOVFRWLDQVXQWH[DPLQDWLVSUHDILDQJDMDWLQRLLSROLWLVWL8QXLFDQGLGDWLVHSXQHXUPDWRDUHDvQWUHEDUH
&XPDLSXWHDVDvPSUDVWLLFHOPDLUHSHGHRFRORDQDGHGHPRQVWUDQWL"
0LDVVFRDWHFKLSLXOVLDVIDFHFKHWD

/DXQERUGHOLQWUDXQVFRWLDQSODWHVWHXUFDvQFDPHUDVHDVHD]DSHXQVFDXQVLvQFHSHVDVHPDVWXUEHD]H
7LSDPLUDWD
9DLGUDJDGDUDLSODWLW'HFHQXWUHFLLQSDW"
'HEDQLLPHLYUHDXVDVLPWQXPDLHXIHULFLUHD

8QVFRWLDQvQFHUFkQGVDPRQWH]HRDQWHQD79SHDFRSHULVXOFDVHLVDOHDOXQHFDVLFDGHvQVSDWHOHFDVHL
ÌQFDGHUHYHGHSHJHDPXOEXFDWDULHLFXPQHYDVWDVDQXPDUDERDEHOHGHIDVROHFHOHSXQHDvQFLRUED
2SUHVWHWHVWULJDHOMXPDWDWHDMXQJHHXPDQkQFDVWD]LODVSLWDO

0DF*UHJRUYLQHQDGXVLWFXUHVSLUDWLDWDLDWDVLWDUHQHUYRVGHODOXFUX1HYDVWDVDvOvQWUHDEDGHFHHDVDQHUYRV
$PSLHUGXWDXWREX]XOVLDPDOHUJDWWRWGUXPXOVSUHFDVDvQXUPDOXL
%XFXUDWHWRWXVLvLUDVSXQGHQHYDVWDDLHFRQRPLVLWWRWXVLGHSHQFHFRVWXULGHWUQVSRUW
'DvQWUDGHYDUGDUGDFDDOHUJDPvQXUPDXQXLWD[LHFRQRPLVHDP3RXQ]L

8QVFRWLDQvLWULPLWHLXELWHLVDOHRWHOHJUDPDFXUDVSXQVSODWLWPD[LPXP]HFHFXYLQWH
7H[WXOVXQDDVD7HLXEHVF9UHLVDPLILLVRWLH"
5DVSXQVXODIRVW'DGDGDGDGDGDGDGDGDGD

3HRVWUDGDGLQ6FRWLDVHvQWkPSODXQDFFLGHQWUXWLHU8QWXULVWLHVHGHSHFDURVDELOVLGDFXPDVLQDvQWUXQSRP
2PXOVHWkUDVWHDIDUDGLQPDVLQDVLUDPkQHvQWLQVvQLDUED8QVFRWLDQWUHFHSHMRVSULQDSURSLHUH6HGXFHODDFFLGHQWDWVL
vQWUHDED
6XQWHWLDVLJXUDW"
'DUDVSXQGHDFHVWDFXJUHX
$YHWLRDVLJXUDUHVLSHQWUXSHUVRDQHOHDIODWHvQPDVLQD"
'DDDD
$YHWLFHYDvPSRWULYDGDFDvPLUDYDVHVFSXWLQKDLQHOHVLPDvQWLQGOkQJDGXPQHDYRDVWUD"

(GLQEXUJ6FRWLDRIDUPDFLHvQRUDVXOYHFKL
/DRUDIL[XQVFRWLDQvPEUDFDWWUDGLWLRQDO.LOWVDPGFkQWkQGGLQFLPSRLYLQHODJKLVHX)DUPDFLVWD
&HGRULWL"
6FRWLDQXOFDXWDvQSXQJDGHODEUkXVLSXQHXQSDFKHWHOSHPDVDÌOGHVIDFHVFRWkQG XQSUH]HUYDWLYFXR PLFDFUDSDWXUDOD
YkUI
)DUPDFLVWD
'DHXQFD]IRDUWHWULVW
6FRWLDQXO
6HSRDWHOLSL"
%LQHvQWHOHVDYHPXQPLFDSDUDWGHOLSLWFDXFLXFXODLFLFRVWDGRDUXQSHQFH
6LXQXOQRX"
'HOD3HQFHvQVXV
6FRWLDQXO vPSDFKHWHD]D OD ORF SUH]HUYDWLYXO VL SOHDFD 'XSD GRXD RUH VH GHVFKLGH XVD VL LQWUD VFRWLDQXO QRVWUX ]LFkQG
IDUPDFLVWHL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5HJLPHQWXOVLDGDWFRQVLPWDPkQWXOvOOLSLP

8QVFRWLDQLHVHGLQEDUEHDWFULWD3HGUXPXOVSUHFDVDSLFDvQVDQWVLDGRDUPHDFROR
'RXDWXULVWHWUHFGLQvQWkPSODUHSHDFRORVLYUkQGVDDIOHVHFUHWXOYHVWLWXOXL.LOWIXVWHLVFRWLHQHDUXQFDRSULYLUHVXEDFHVWD
'DWILLQGIDSWOFDFHDXYD]XWOHDSODFXWGHPLQXQHOHDJDvQMXUXOVFXOHLVFRWLDQXOXLREDQGHURODUR]
$GRXD]LVFRWLDQXOQRVWUXDMXQJHDFDVDVHGH]EUDFDVLQHYDVWDVDUDPkQHvQPDUPXULWDODYHGHUHDSDQJOLFLL
'UDJDXQGHPLDLIRVW"
(OvVLSULYHVWHVFXODVL]LFH
1XVWLXGDUFUHGFDDPFkVWLJDWSUHPLXOvQWkL

8Q HQJOH] GH IDPLOLH EXQD HVWH vQWUHEDW FDUH H GLIHUHQWD GLQWUH $QJOLD ,UODQD VL 6FRWLD (O UDVSXQGH FX XUPDWRUXO
H[HPSOX
'DFDRSHUVRDQDvQ$QJOLDHVWHLQYLWDWDODFHDLVLFHUHPDLPXOW]DKDUYDSULPLGHODVWDSkQDFDVHLREXFDWLFDIRDUWHPLFD
ÌQ,UODQGDVWDSkQDFDVHLvLYDvQWLQGH]DKDUQLWDVLRYDUXJDVDVHUYHDVFD'DFDvQ6FRWLDDUILIRUPXODWDRDVWIHOGHGRULQWD
VWDSkQDFDVHLvLYDVSXQHvQFHWLVRUQXDWLDPHVWHFDWGHVWXOFHDLXO

'RLVFRWLHQLWLQHULVHvQWkOQHVFSHVWUDGD8QXOvQWUHDED
&XPPHUJHFXIDFXOWDWHD"
$WUHEXLWVDUHQXQWODDVWXGLD7DWDOPHXDJDVLWXQFHDVGHPkQDVWULFDWVLDFXPWUHEXLHVDGHYLQFHDVRUQLFDU

2IDUPDFLVWDvQ6FRWLDDOHDUJDGLVSHUDWDvQVSDWHOHFOLHQWXOXLWRFPDLLHVLWGLQIDUPDFLH
$WLFXPSDUDWRDVSLULQD"
'D
'LQJUHVHDODYLDPGDWXQSDUDFHWDPRO
6L"
3DUDFHWDPROXOFRVWDSHQFHPDLPXOW

'RLVFRWLHQLvQFRPSDUWLPHQWXOXQLWUHQ
6WLWLVXQWvQYRLDMGHQXQWDIDFRFDODWRULHvQ,WDOLDVSXQHXQXO
'DUVRWLDGYXQGHHVWH"vQWUHDEDFHODODOW
$SHVRWLHDPODVDWRDFDVDHDDPDLIRVWPDULWDWDVLDPDLYD]XW,WDOLD

6DEHDWRDWDOXPHDVWULJDXQVFRWLDQELQHGLVSXVGHFXPLQWUDvQFDUFLXPD&kQGEHDXHXWRDWDOXPHDWUHEXLHVDEHD
%DUPDQXOLDVHUYLWSHWRWLFHLSUH]HQWL6FRWLDQXOULGLFDSDKDUXOVLVSXVH
7RDWDOXPHDVDILHIHULFLWD&kQGHXVXQIHULFLWWRDWDOXPHDWUHEXLHVDILHIHULFLWD
'XSDFHVLWHUPLQDSDKDUXORPXOWUkQWLRVXPDGHEQLSHWHMJKHDVLGDGXVDSOHFH
+HLVWULJDEDUPDQXO$VWDHQXPDLSHQWUXFHDWLFRQVXPDWGXPQHDYRDVWUD
$VDHVWH&kQGSODWHVFHXWRDWDOXPHDWUHEXXLHVDSODWHDVFD

6IkUVLWXOVFULVRULLWDWDOXOGLQ6FRWLD
$PYUXWVDWLPDLWULPLWFHYDEDQLGDUGLQSDFDWHSOLFXOHUDGHMDvQFKLV

8QWXULVWvQ6FRWLDYL]LWHD]D/RFK1HVVXOvQVSHUDQWDGHDOYHGHDSH1HVVLH
'H]DPDJLvQWUHDEDXQEDVWLQDV
&kGVHDUDWDPRQVWUXOGHRELFHL"
'XSDFLQFLSDKDUHGHVFRWFKvLUDVSXQGHDFHVWD

'RLVFRWLHQLFDODWRUHDXFXDYLRQXO/D XQ PRPHQWGDWXQ]JRPRWFXPSOLW PRWRDUHOHVHRSUHVFVLVHDXGHFDSLWDQXOvQ

GLIX]RDUH
6WLPDWLFDODWRULDYHPRSUREOHPDJUDYDFXDYLRQXOVSHUFDYRLJDVLXQORFGHDWHUL]DUHIRUWDWDvQRULFHFD]YDURJVDQX
LQWUDWLvQSDQLFD
/DFDUHXQXOGLQVFRWLHQLL]EXFQHVWHvQSOkQV&HODODOWVHXLWDPLUDWODHOVLLUHSOLFD
0DLGHFHSOkQJL"'RDUQXHDYLRQXOWDX

'RLVFRWLHQLLHVGHOD2SHUD
0DLWkPSLWXOHVSXQHXQXOGLQWUHHLQXHVWLQRUPDO"6DLGDLXQEDFVLVDVDGHJUDVJDUGHURELHUHL"
'DGDUQXYH]LFHKDLQDJUR]DYDPLDGDW"

1LVWHH[SORUDWRULVFRWLHQLPHUJHDXSULQMXQJOD'HRGDWDXQXOGLQHLFDGHvQWURJURDSDFDSFDQDvQWLQVDGHEDVWLQDVLvQ

FDUHVHDIODXQOHX
ÌQFHSHDVWDVDIXJDvPSUHMXUXOJURSLL/HXOIXJHGXSDHO&HLODOWLVWDXSHPDUJLQHVLIDFSDULXUL/DXQPRPHQWGDWXQXOGLQ
HLVWULJD
$FFHOHUHD]DOHXOHFKLDUvQVSDWHOHWDX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/DFDUH
1XYDvQJULMRUDWLGRPQLORUHXDPRWXUDvQDYDQV

8QVFRWLDQVDDSURSLDWGHFDVDGHELOHWHDVWDGLRQXOXLVLvQWLQGHGHSHQFH&DVLHUXOvLVSXQHLQWULJDW
3UHWXOELOHWXOXLGHLQWUDUHHVWHGHOLUD
'DvQVDHXYRLSULYLQXPDLODHFKLSDQRDVWUD

7DWDOvVLVFRDWHILXOvQRUDVFXRFD]LDvPSOLQLULLYkUVWHLGHDQL&RSLOXOvVLGRUHVWHFkWHYDEDQDQHWDWDOvLLDREDQDQD
'XSDVDSWHDQLWDWDOvVLVFRDWHILXOvQRUDVFXRFD]LDvPSOLQLULLYkUVWHLGHDQL&RSLOXOvVLGRUHVWHREHUH7DWDO
6WDXVDPDJkQGHVFILXOHFUH]LFDPHUJHEHUHDGXSDEDQDQH"

8Q IHUPLHU VFRWLDQ VLD DVLJXUDW YLDWD OD R DJHQWLH VSHFLDOL]DWD 1X GXSD PXOW WLPS VD vQHFDW vQWUXQ UkX /D
LQPRUPDQWDUHRYHFLQDVHDSURSLHGHYDGXYD
&HELQHFDUDSRVDWXODIRVWXQRPSUHYD]DWRUGHVLQXVWLDQLFLVDVFULHQLFLVDFLWHDVFD
6LQLFLVDvQRDWHVODYD'RPQXOXLFRPSOHWDYDGXYD

'HGRXD]LOHVLGRXDQRSWL0F&RQDOOVWDGHYHJKHODFDSDWkLXOVRWLHLÌQ]RULELDWDIHPHLHvVLGDGXKXO7ULVW0F&RQDOO
VHGXFHODEXFDWDULHVLLVSXQHEDWUvQHLVHUYLWRDUH
3HQWUXPLFXOGHMXQVDSUDMHVWLGRDURIHOLHGHSkLQHQXGRXDFDGHRELFHL

8QVFRWLDQDIRVWDWDFDWGHSXQJDVL'XSDOXSWHFUkQFHQHDIRVWGRERUkW
6ILQWHDPJDVLWvQEX]XQDUHOHOXLGRDUGHFHQWL
=LPHUVLFDGDFDUILDYXWROLUDQHDUILRPRUkW

6HDQ2
%ULHQvLPDUWXULVHVWHXQHLUXGHGLQ$QJOLDYHQLWDvQYL]LWD
7DUHDVYUHDVDDPPDLPXOWSDPkQW
'HFH"
&DVDFUHVFPDLPXOWHYDFL
6LFHVDIDFLFXHOH"
6DOHYkQGVLVDFkVWLJEDQL
6LFHVDIDFLFXEDQLL"
6DPDLFXPSDUSDPkQW
3HQWUXFH"
&DVDPDLFUHVFQLVWHYDFL

2VFRWLDQFDvLIDFHFDGRXVRWXOXLHLRODPSDGHFLWLW$FHVWDSULPLQGFDGRXO]LFH
5LVLSLWRDUHR$FXPWUHEXLHVDQHFXPSDUDPVLRFDUWH

0F*UHJRUVHVLPWHUDXVLFRQVXOWDXQPHGLF'XSDFRQVXOWDFHVWDvLH[SOLFDFHHDFHWUHEXLHVDIDFD
9DVFULXRUHWHWD$FHDVWDYDFRQWLQHRVROXWLH/DILHFDUHGRXDRUHWUHEXLHVDvQJKLWLWLFkWHROLQJXULWDGLQDFHDVROXWLH$WL
vQWHOHV"
$PvQWHOHVGRPQXOHGRFWRUGDUYDURJVDPLVFULHWLSHUHWHWDVLXQFHDVVLROLQJXULWD

)DFRFXUDGHVODELUHGXSDVIDWXOPHGLFXOXLvLSRYHVWHVWHVFRWLDQXOSULHWHQXOXLVDX
,DXSUvQ]XOPDLWvU]LXVLPDLLDXGHORFFLQD
6LQXvQFDOFLQLFLRGDWDUHJXODDVWD"
1LFLRGDWD
)RDUWHELQH$WXQFLWHLQYLWvQVHDUDDVWDODPLQHODFLQD

8QVFRWLDQYLQHFXRSUREDGHVHUODXQODERUDWRUPHGLFDOVLODVDVDVHIDFDDQDOL]HOH'XSDRVDSWDPkQDDIODUH]XOWDWXO
7RWXOHvQRUGLQHVSXQHPHGLFXOVXQWHWLSHGHSOLQVDQDWRV
%XFXURVPHUJHDFDVDVLvLVWLJDQHYHVWHL
6KDURQQLFLWXQLFLHXQLFLFRSLLLVLQLFLPDFDUXQFKLXO0DFQXDYHPYUHRERDOD

0F*UHJRUvLFXPSDUDILXOXLVDXRSHUHFKHGHSDQWRILQRL6HDUDSRUQHVFODRSOLPEDUH3HGUXPWDWDOvVLvQWUHDEDILXO
$LvQFDOWDWSDQWRILLQRL"
'DWDWD
$WXQFLILXOHIDVLWXSDVLLDLDPDLPDUL

$QXQWSHSXQWHDXQXLYDSRUSOHFDWGLQ*ODVJRZVSUH1HZ<RUN
%DWUvQLLIHPHLOHVLFRSLLLFDUHDXSODWLWELOHWXOFDVKVLQXvQUDWHYRURFXSDSULPLLvQFD]GHQDXIUDJLXEDUFLOHGHVDOYDUH

8QVFRWLDQvQWUHDEDODVWDWLDGHEHQ]LQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
(DGHYDUDWFDDVFD]XWSUHWXOODEHQ]LQD"
'DHVWHDGHYDUDW
$WXQFLXPSOHWLPLVLPLHEULFKHWD

6FRWLDQXOSURSULHWDUDOXQHLILUPHVHDGUHVHD]DDQJDMDWLORU
'XPQHDYRDVWUD DWL OXFUDW DQXO DFHVWD IRDUWH ELQH GUHSW FDUH SURILWXULOH ILUPHL DX FUHVFXW VXEVWDQWLDO 'UHSW UHFXQRVWLQWD
ILHFDUHGLQWUHYRLYDSULPLFkWHXQFHFGHGRXD]HFLGHOLUH%XFXULHJHQHUDOD3DWURQXOFRQWLQXD
'DFDVLODDQXOYHWLOXFUDODIHOGHELQHDWXQFLDPVDOHVLVHPQH]

8QVFRWLDQHUDSHSDWXOGHPRDUWH/DXQPRPHQWGDWDVLPWLWXQPLURVDURPDWGHODEXFDWDULH
+HLQHYDVWDVSXQHHODELDVRSWLWPLURDVHDIULSWXUD'DPLVLPLHREXFDWLFD
6WDSkQHVWHWHRPIDUDPLQWH]LFHVRWLDQHUYRDVD'DFDvWLGDXREXFDWLFDWLHFXFHvLYRLPDLVHUYLSHFHLFDUHYRUYHQLOD
vQPRUPkQWDUHDWD"

'H]LXDORJRGQLFHLXQVFRWLDQvLRIHUDDFHVWHLDRFDVHWDJRDODVSXQkQGXL
6FXPSRvWLGRUHVFPXOWDLPDJLQDWLH

&HLDLIDFXWFDGRXGH]LXDOXLSULHWHQXOXLWDX"IXvQWUHEDWXQVFRWLDQ
8QSDFKHWFXVHPLQWHGHIORULGHRDUHFHIORULOHVXQWPXOWPDLVFXPSH

)LXOXQXLVFRWLDQDIODWvQDUPDWDvLVFULHWDWDOXLVDX$PFXQRVFXWRIDWDIUXPRDVDYUHDXVDPDvQVRUFXHDWULPLWHPL
GRXDOLUHFDVDPLIDFRIRWRJUDILHFXHDVDWLRWULPLWFDVDVWLLVLGXPQHDWDFXPDUDWD
/DFkWHYD]LOHWDWDOvLWULPLWHROLUDFXXUPDWRDUHDVFULVRDUH7ULPLWHPLSR]DIHWHLSHWLQHWHFXQRVF

$VHDUDDPRERVLWJUR]DYMXFkQGWHQLVFX0DF'RQDOGVSXQHXQVFRWLDQXQXLSULHWHQ
'HFH"(XQMXFDWRUVODE"
1XGDUDPMXFDWDPkQGRLFXDFHHDVLUDFKHWD

8QVFRWLDQSOHFDWvQWURVWDWLXQHGHRGLKQDVFULHDFDVD
'HFkQGDPSOHFDWDLFLSORXDvQWUXQD)RDUWHFXUkQGSULPHVWHRWHOHJUDPD
9LQRDFDVDDLFLSORXDPDLLHIWLQ

8QURPDQFLHUODPRGDDSULPLWXUPDWRDUHOHUkQGXULGHODXQDGPLUDWRUVFRWLDQ
8OWLPDGYFDUWHPLDSODFXWDWkWGHPXOWvQFkWHUDPJDWDJDWDVRFXPSDU

8QVFRWLDQYHQLDFDVDvQWURVHDUDDYDQGvQEX]XQDURVWLFODGHZLVN\ÌQvQWXQHULFXOGHSHVFDULVHvPSLHGLFDVLFD]X
6LPWLFHYDXGSHSLFLRU
6SHUFDHVkQJHPRUPDLHO

(VWHDGHYDUDWvOvQWUHDEDXQHQJOH]SHXQVFRWLDQFD3DUWLGXO1DWLRQDO6FRWLDQGRUHVWHvQIDSWXLUHDXQXLVWDWLQGHSHQGHQW
VFRWLDQ"
6FRWLDQXOUDPkQHSXWLQJkQGLWRUGXSDFDUHUDVSXQGH
'DFDQXQHFRVWDQLFLXQEDQGHFHQX"

0F*UHJRU GRUHVWH VDVL FXPSHUH PRELOD QRXD 7RDWH EXQH VL IUXPRDVH QXPDL FD GHFODUD IHUP FD HO QDUH QHYRLH GH
RJOLQGDPDUHDWDVDWDPRELOLHUXOXL9kQ]DWRUXOvQFHDUFDVDOFRQYLQJDGHQHFHVLWDWHDHL
6LFHYDIDFHGRPQLDYRDVWUDGDFDWRFPDLGRUHVWHVDVHEDUELHUHDVFDVDXVDVLOHJHQRGXOGHODFUDYDWD"
&XPDGLFDFHPDIDF"3DLvOURJSHIUDWHOHPHXJHDPDQVDYLQDVDVWHDvQIDWDPHD

0F*UHJRUPHUJHODGHQWLVW
&kWFRVWDRH[WUDFWLHIDUDDQHVWH]LH"
'RLSRXQ]L
6LFXDQHVWH]LH"
3DWUXSRXQ]L
'HFLFXDQHVWH]LHDWXQFL
6FRWLDQXOSULPHVWHLQMHFWLDVLHUXJDWVDDVWHSWHDIDUDvQVDODGHDVWHSWDUHSkQDFHDQHVWH]LFXOvVLIDFHHIHFWXO
'XSD]HFHPLQXWHVHXLWDGHQWLVWXOGXSDVFRWLDQVLDFHVWDGLVSDUXVH
ÌQFkWHYD]LOHvQWkOQHVWHGHQWLVWXOXQFROHJGHEUHDVODFDUHvLSRYHVWVWH
$PDYXWGHFXUkQGXQSDFLHQWFUXLDLDPIDFXWRH[WUDFWLHIDUDDQHVWH]LHVL QXDP YD]XWRJULPDVDSHIDWDOXL&UHGFDvO
FKHPD0F*UHJRU

8QVFRWLDQVHSOkQJHFXPSOLWGHRPDVHD9D]kQGXOXQFDODWRUvLVSXQH
7HGRDUHPDVHDXD"$WXQFLGHFHQXWHGXFLODGHQWLVW"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1DUHURVW0DLUDEGXQSLFVLVFDS3HVWHSDWUXDQLWHUPLQDILXOPHXVWRPDWRORJLD

8QYLRORQLVWUHQXPLWGHRULJLQHVFRWLDQDVHPkQGUHVWHvQIDWDWDWDOXLVDX
ÌQFKLSXLHWLWDWDGHMDSULPHVFDSURDSHGHGRODULSHQWUXRXUFDUHSHVFHQD6WLLFkWIDFH"
3HQWUXILHFDUHFRDUGDFDWHGHGRODUL
9DGILXOHÌPLSDUHUDXFDQXWHDPvQYDWDWVDFkQWLODKDUID

8QVFRWLDQPHUJHODXQJUDGLQDUVDFXPSHUHFDVWUDYHWLÌVLDOHJHXQXOPDUHVLvQWUHDEDFkWFRVWD
'RLVLOLQJL]LFHJUDGLQDUXO
2RRRHSUHDVFXPS]LFHVFRWLDQXOVLFDXWDXQDOWFDVWUDYHWHPDLPLF
&kWFRVWDDVWD"vQWUHDEDGLQQRX
6DVHSHQFH]LFHJUDGLQDUXO
%LQHVHKRWDUDVWHVFRWLDQXODWXQFLYLQVDOLDXvQWUHLVDSWDPkQL

8QXOvVLvQWUHDEDSULHWHQXOVFRWLDQ
(VWHDGHYDUDWFDLDLGDUXLWSULHWHQHLWDOHGH&UDFLXQRFXWLHFXSUDOLQHXPSOXWHFXOLFKLRU"
'DGDUQXPDLSUDOLQHOH/LFKLRUXOODPVFRVGLQHOHSHQWUXDDYHDFXFHVDUEDWRUL5HYHOLRQXOvPSUHXQD

8QVFRWLDQPRDUHVLDMXQJHOD6IkQWXO3HWUX$FHVWDvLVSXQH
1RLDLFLvQFHUDYHPFXWRWXODOWVLPWDOGLPHQVLXQLORUFDSHSDPkQWODQRLXQPLOLRQGHDQLHFDXQPLQXWVLXQPLOLRQGH
SRXQ]LFDXQSHQQ\
([FHOHQW]LFHVFRWLDQXODWXQFLDVDYHDRGRULQWDvPSUXPXWDPLXQSHQQ\
&XSODFHUHGDFDDLXQPLQXWWLPS

8QVFRWLDQvPSUHXQDFXVRWLDVLFRSLODVXOPHUJODXQFRQFHUWGHPX]LFDFODVLFD3ODVDWRDUHDvLVSXQH
'DFDFXPYDFRSLODVXO]ELDUDWUHEXLHVDSDUDVLWLVDOD%LQHvQWHOHVEDQLLSHQWUXELOHWHvLYHWLSULPLvQDSRL
&DWUHVIkUVLWXOFRQFHUWXOXLVFRWLDQXOLVHDGUHVHD]DVRWLHL
0DLHPXOW"
&kWHYDPLQXWHGRDU
%LQHDWXQFLVPXFHVWHOXQSLFSHMXQLRU

8QVFRWLDQvL]LFHDOWXLD
$PFXPSDUDWGRXDOR]XUL
&HWkPSHQLH1XH[LVWDGHFkWXQDXWRPRELOGHFkVWLJDW

ÌQWURQRDSWHvQWXQHFDWDvQWUXQFDVWHOVFRWLDQXQRDVSHWHVHUDWDFHVWHSHFRULGRDUHVLvQWkOQHVWHFXQRVFXWDIDQWRPDFDUH
vL]LFH
7UDLHVFDLFLGHSHVWHGHDQL
$KFHELQH]LFHDVWDDWXQFLSXWHWLVDPLVSXQHWLXQGHJDVHVFWRDOHWD

1RXO SUHRW vQWUXQ VDW VFRWLDQ GXSD VOXMED YUHD VD IDFD R FKHWD SHQWUX UHQRYDUHD ELVHULFLL 7ULPLWH XQ FRVXOHW SULQWUH
UkQGXULOHGHHQRULDVLGDUFkQGDFHVWDDMXQJHvQDSRLHWRWJRO3UHRWXOVHvQWRDUFHFDWUHDOWDUvQJHQXQFKHD]DVL]LFH
'RDPQH'XPQH]HXOHvWLPXOWXPHVFGLQLQLPDFDPDFDUFRVXOVDvQWRUV

8Q VFRWLDQ vQWkOQLQG XQ GRFWRU VL ILLQG FDP UDFLW VD JkQGLW FD H PRPHQWXO VD SURILWH GH vQWkPSODUH VL VD REWLQD R
FRQVXOWDWLHJUDWXLWD
'XPQHDWDGRFWRUHFHIDFLFkQGHVWLUDFLW"vQWUHDEDVFRWLDQXO
7XVHVFUDVSXQGHPHGLFXO

8QVFRWLDQYUDQGVDVLDOHDJDXQWUDVHXFkWPDLLHIWLQSHQWUXYDFDQWDLQWUDSHQWUXGRFXPHQWDUHvQWURDJHQWLH5DVIRLQG
XQSOLDQWFXLPDJLQLGLQ*UHFLDvQWUHDEDFXLQWHUHV
3HQWUXRDVHPHQHDWDUDFXUXLQHVSHUFDIDFHWLRUHGXFHUHDSUHFLDELODGHSUHW

8QVFRWLDQHVWHFXDIDFHULOD3DULV'XSDFHWHUPLQDWUHEXULOHVHJkQGHVWHVDVHGLVWUH]HFXRWLSDGLQ)UDQWD1HJRFLD]D
FXXQDWDULIXOvQIXQFWLHGHSRVLELOLWDWLOHVDOHRGXFHODKRWHORGH]EUDFDVHGH]EUDFDVLHO
'RPQX
FDVDILPOLQLVWLWLRIDFHPFXSUH]HUYDWLY
7LSXOVFRDWHGLQEX]XQDUXQSDFKHWHOvOGHVIDFHVLVFRDWHXQSUH]HUYDWLYPRWRWROLWSHWLFLWVLOLSLWvQYUHRORFXUL
'RPQX
HXVXQWRIHPHLHGHOX[FHYUHLVDIDFLFXPL]HULDDVWD"
7LSDLDRELHFWXOVLODUXQFDSHIHUHDVWUD6FRWLDQXOGLVSHUDWVWULJD
6WDLFHIDFLODPOXDWGHODFOXESHLQYHQWDU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

%DQFXULFXVRPDOH]L

Ì&XPYLQVRPDOH]LODVWXGLXvQ(XURSD"
53ULQID[

Ì&DUHHGLIHUHQWDGLQWUHXQVRPDOH]VLRPLQJHGH3LQJ3RQJ"
51LFLXQD

Ì&XPGHRVHEHVWLXQVRPDOH]GHRPLQJHGHWHQLVGHFkPS"
50LQJHDFkQWDUHVWHGHJUDPHPDLPXOW

Ì&XPFDGHXQVRPDOH]GLQFRSDF"
5&DRIUXQ]D

Ì&XPFDGHXQVRPDOH]FDVDWRULWGLQFRSDF"
5&DRSLDWUD
Ì'HFH"
5'LQFDX]DYHULJKHWHL

Ì'HFHFDGHXQVRPDOH]GLQFRSDFFDRVDJHDWD"
5$UHPDVHOHOHSORPEDWH

Ì'HFHXPEODXQVRPDOH]FXFDSXOvQWURSDUWHSHVWUDGD"
5$UHRPDVHDSORPEDWD

Ì&HHXQVRPDOH]FXSLFLRUXOvQJKLSV"
5&URVDGHKRFKHL

Ì&DUHHFHOPDLSHULFXORVUDOLXGLQOXPH"
5&XFDPLRQXOFXRUH]SULQ6RPDOLD

Ì&XPEDJLGHVRPDOH]LvQWURFDELQDWHOHIRQLFD"
5$UXQFLvQDXQWUXXQFROWGHSkLQH

Ì&XPPDLEDJLvQFDGHVRPDOH]LvQDXQWUX"
56FRWLFDUWHOD

Ì&XPSRWLVDVFRWLFHLGHVRPDOH]LGLQFDELQD"
51LFLRVDQVD$XEXUWLOHSOLQH

Ì&XPSRWLVDVFRWLFHLGHVRPDOH]LGLQFDELQD"
57UDJLGHFROWXOGHSkLQH&XWRWLLVHWLQELQHFXGLQWLLGHHO

ÌÌQJUXSXULGHFkWLDXYRLHVRPDOH]LLODFLQHPD"
5DOWIHOVHULGLFDVFDXQXO

Ì&XPVHUDGLRJUDILD]DVRPDOH]LL"
56HWLQvQIDWDVRDUHOXL

Ì&HLQGLFDWLLH[LVWDvQOLIWXULOHGLQ6RPDOLD"
56DUFLQDPD[LPDNJVDXSHUVRDQH

Ì'HFHQXDUHQLFLXQURVWWULPLWHUHDGHDMXWRDUHvQPHGLFDPHQWHvQ6RPDOLD"
53HPDMRULWDWHDVFULHDVHOXDGXSDPDVD

Ì&kWDSRS DWLHDUH6RPDOLD"
5NLORJUDPH

ÌÌQFHUHJLXQHD6RPDOLHLHGHQVLWDWHDSRS DWLHLPDLPDUH"
5'HSLQGHFXPEDWHYkQWXO

Ì'HFHvQWLQGVRPDOH]LLXQILUGHDWDODVWUDQG"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
53HQWUXFDSURSULLFRSLLVDVHSRDWDMXFDODXPEUD

6HMRDFDVRPDOH]LL'HDYDWLDVFXQVHOHD
7HDPJDVLW
3HFDUHGLQQRLGRL

6HMRDFDVRPDOH]LL'HDYDWLDVFXQVHOHD
+HLWXJUDVDQXOHWHDPJDVLWHVWLDVFXQVGXSDFRDGDPDWXULL

6FULVRDUHGHPXOWXPLUHDFRQGXFHULLVRPDOH]HSHQWUXFHDVXULOHGHPkQDFXEUDWDUD
0XOWXPLPSHQWUXIUXPRDVHOHFXUHOH

Ì'XSDFHVHUHFXQRDVWHXQVRPDOH]ERJDW"
53RDUWDXQ5ROH[vQMXUXOEUkXOXL

Ì'HFHQXDSDUWLFLSDWDYLDWLDVRPDOH]DOD5D]ERLXOGLQ*ROI"
5(UDEROQDYSLORWXO

Ì&HVDvQWDPSODWGDFDLQIDUIXULDXQXLVRPDOH]GLPLQHDWDVHJDVHVWHXQEREGHRUH]"
5$YRPLWDWWRDWDQRDSWHD

Ì&HVXQWOLQLLOHQHJUHGHGLIHULWHJURVLPLGHSHFXWLLOH7HWUD3DN"
53R]HGHIDPLOLHGLQ6RPDOLD

Ì6LFHVXQWFLIUHOHGHGHGHVXSW"""
50HGLDGHYLDWDDPHPEULORUIDPLOLHL

Ì&HIRORVHVFVRPDOH]LLGHSUHIHULQWDFDVDFGHGRUPLW"
58QSDL

Ì&kWLVRPDOH]LvQFDSvQWUXQDXWREX]"
57RWL

Ì'HFHSRDUWDVRPDOH]LLXQRVvQQRGDWvQSDU"
56DQXSLFHSULQWUH]DEUHOHOHFDSDFHORUGHODFDQDOL]DUH

Ì'HFHDXVRPDOH]LLEXUWLOHDVDGHPDULVLEUDWHOHDVDGHVXEWLUL"
5$VWDYLQHGHODIDSWXOFDPDQkQFDIRDUWHPXOWVLOXFUHD]DIRDUWHSXWLQ

Ì&HVFULHSHXVDVHFWLHL8UJHQWHDXQXLVSLWDOVRPDOH]"
5&D]XULOHH[WUHPGHJUDYHVDVHLQWURGXFDSHVXEXVD

Ì'HFHXQVRPDOH]DUHJkWXOXPIODW"
56DvQHFDWFXXQEREGHRUH]

Ì&HHVWHUDXWDFLRV"
55HFODPH0F'RQDOGVvQ6RPDOLD

Ì&XPDFD]XWJXYHUQXOGLQ6RPDOLD"
5$XWDLDWFRSDFXO

Ì&HIDFHXQVRPDOH]FDUHDJDVLWSkLQL"
5'HVFKLGHGHSR]LWHQJURV

Ì'HFHDUHXQVRPDOH]XQEREGHRUH]OkQJDHO"
5$YRPDWWRDWDQRDSWHD

Ì&XPIDFVROGDWLLVRPDOH]LvQFDO]LUHDGHGLPLQHDWD"
5$OHDUJDGRXDWXUHGHWDUD

Ì&XPVHVDOXWDVRPDOH]LL"
5&HYkQWWHDGXFHS
DLFLIUDWH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì'HFHVRPDOH]LLvVLSXQFkWHXQFKLEULWvQILHFDUHXUHFKHFkQGVHGXFVDIDFDEDLH"
5&DVDQXFDGDvQFDQDODWXQFLFkQGGDXGUXPXOODDSD

ÌQ6RPDOLD
&LWHNJDLED"

*UDVODH[WHUPLQDUH8UPDWRUXO&kWH.JDL"

*UDVXWJUDVXW/DH[WHUPLQDUH8UPDWRUXO&DWH.JDL"

3OHWRVXOH

9LQH0RV&UDFLXQODFRSLLGLQ6RPDOLD
(KFRSLLPRVXOXLDWLIRVWFXPLQWL"
'DDDDD0RV&UDFLXQ
6LFRSLLPRVXOXLLDWLDVFXOWDWSHSDULQWL"
'DDDD0RV&UDFLXQ
'DGHPDQFDWDWLPDQFDW"
3DLVWLWLODQRLLQ6RPDOLDHFDPJUHXHIRDPHWH
&LQHQXPDQkQFDQXSULPHVWHFDGRXUL

Ì0HUJVRPDOH]LLODGLVFRWHFD"
5'DGDFDvQGLUHFWLDDLDEDWHYDQWXO

/DXQVDQDWRULXvQ6RPDOLDVHDXGHRYRFH
6RRRUUUDDDDXQSDLDQMHQ
9LQLPHGLDW]LFHVRUDFDUHHUDRFXSDWD
0DLWUHFHSXWLQWLPS
6RRRUUUDDDDXQSDLDQMHQ
9LQLPHGLDW]LFHVRUDFDUHHUDvQFDRFXSDWD
0DLWUHFHSXWLQWLPS
8QGHPDGXFLEHVWLH"

$PHULFDQLLvLFkQWDUHVFSHVRPDOH]L
NJ)RDUWHELQHYDWLvQJUDVDW8UPDWRULL

Ì&LQHDUHGHNLORJUDPHvQ6RPDOLD"
53RS DWLDXQXLVDW

Ì'HFHDFD]XWSDUWLGXOFRPXQLVWvQ6RPDOLD"
56DUXSWFUDFDvQWLPSXOVHGLQWHL

Ì&HLPLFVLVODEVLDOHDUJDFXNPKSULQGHVHUW"
58QVRPDOH]FDUHDJDVLWXQERQGHFDQWLQD

Ì6LFHLPLFVLVODEVLDOHDUJDFXNPKSULQGHVHUW"
58QVRPDOH]FDUHDXLWDWERQXOGHFDQWLQDJDVLWDFDVD

Ì&DUHHFHDPDLDSUHFLDWDUHFODPDvQ6RPDOLD"
56QLFNHUVFkQGWHDSXFDIRDPHD

Ì&HHXQVRPDOH]KLGURFHIDO"
58QVXUXEGH

Ì&HHXQEREGHIDVROHvQIDWDXQXLVRPDOH]"
55DWLDSHRVDSWDPDQD

Ì&HUHSUH]LQWDXQVRPDOH]FXXQ SXPQGHRUH]"
58QHQJURVLVW

Ì&XPVHQXPHVWHXQVRPDOH]vPEUDFDWFXRVFXUWDGHEODQD"
53HULHGHFXUDWDWSLSD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&HVXQWGRLVRPDOH]LvQVDFXOGHGRUPLW
57ZL[

&kWLVRPDOH]LLQWUDQWUXQ7UDEDQW"
5
Ì&XP"
5vQIDWDvQVSDWHVLvQVFUXPLHUD

'RLVRPDOH]L%DGDFDvQVHDUDDVWDQXEDWHYkQWXOPHUJHPODIHPHL"

Ì&DUHHDVHPDQDUHDGLQWUHVWUHSWRFRFLVLVRPDOH]L
5*UHXWDWHD
51XDPELLVHFRPSDFWHD]DDVWHSWkQGWLPSXULSULHOQLFH

Ì&DUHHGHRVHELUHDGLQWUHVWUHSWRFRFLVLVRPDOH]L
56WUHSWRFRFLLPDLVLJDVHVFWLPSXULSULHOQLFH

Ì&HDUHPDVXULOH"
50LVV6RPDOLD

Ì&XPVHQXPHVWHXQVRPOH]FXVWUXQJDUHDWD"
5*UHEOD

Ì&XPVHQXPHVWHXQVRPDOH]FXXQVDFGHRUH]"
56(7)25/,)(

Ì&HIDFHXQVRPDOH]FXXQVDFGHRUH]"
5'HVFKLGHXQUHVWDXUDQW

Ì&XPVHQXPHVWHXQVRPDOH]FXXQFkLQH"
59HJHWDULDQ

Ì&XPVHQXPHVWHXQVRPDOH]FXGRLFkLQL"
5)HUPLHU

Ì&XPVHQXPHVWHXQVRPDOH]FXWUHLFkLQL"
5(QJURVLVW

Ì'HFHQXOHSODFHVRPDOH]LORUVH[XORUDO"
51XVHSRWIRUWDVDVSXQD0DQkQFDPDPDQkQFDPD

Ì&DUHHGHILQLWLDRSWLPLVPXOXL"
58QVRPDOH]vQFRVWXPGHGLQHX

Ì&HLDVWD"
5*UHVLWQXLXQFRSLOVRPDOH]FLXQVRPDOH]FRQVWLSDW

Ì$WLDX]LWGHVRPDOH]XOFDUHODJUDGLQD]RRORJLFDDFD]XWvQJURDSDFXFURFRGLOL"
5""
5$PkQFDWWUHLGLQWUHHLSkQDvQJULMLWRULLDXUHXVLWVDLQWHUYLQD

Ì&HIDFVRPDOH]LLQRDSWHD"
5*UHYDIRDPHL

Ì&DUHHFHOPDLUDSLGDQLPDOGLQOXPH"
52ULFDUHDQLPDOFkQGWUDYHUVHD]D6RPDOLD

Ì&XPVHQXPHVWHXQVRPDOH]GHGHNLORJUDPH"
5&DQLEDO

Ì&XPVHQXPHVWHXQVRPDOH]FXXQEREGHPD]DUHvQSDU"
58QVIHUWGHNLORJUDP


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&HIDFVRPDOH]LLQRDSWHD"
55HFODPHSHQWUXWHOHYL]LXQH

Ì8QYDSRUFXVRPDOH]LVHVFXIXQGD&LQHVHVDOYHD]DGHODvQHF"
56RPDOH]XOFDUHDUHRDVFKLHGHOHPQvQWDOSD

Ì&LQHDIRVWSULPXORPSH/XQD"
58QVRPDOH]JDUHVDMXFDWFXHODVWLFXOGHODFKLORWL

2PDUHIDEULFDGHODSWHWULPLWHFDDMXWRUOLWULGHODSWHvQ6RPDOLD
&DVL%RQXVvPSDFKHWHD]DVLGHSDLH
'XSDOLYUDUHDDMXWRDUHORUYLQHXQWHOHIRQGLQSDUWHDFRQGXFHULLVRPDOH]H
9DPXOWXPLPSHQWUXODSWHGDUFHVDIDFHPFXPXOWLPHDGHVDFLGHGRUPLW"

Ì'XSDFHUHFXQRVWLXQVRPDOH]FDVDWRULW"
5'XSDLQHOXOGLQMXUXOEXUWLL

ÌQWLPSXOUD]ERLXOXLFLYLOGLQ6RPDOLDVHEDWHDXDPHULFDQLLFXUHEHOLLFDVDSDFLILFHWDUD
8QVROGDWDPHULFDQYHGHODXQPRPHQWGDWXQWDQFVRPDOH]FDUHRGDWDFHWUDJHDERPEDFDGHDOkQJDWDQFVLH[SORGD
WDQFXODVWDHUDGHSDUWHDDPHULFDQLORU
6HGXFHVROGDWXOODWDQFVLOVWULJDSHVRPDOH]
%DLVRPDOH]XOH"
&HLED"
'HFHWUDJLDVDGHDSURDSHGHWDQFWUDJHVLWXPDLWDUH
$X]LEDDPHULFDQXOH0DLELQHYLQRWXDLFLVXVLDUGDFDWXSRWLVDVXIOLPDLWDUHWHODVvQORFXOPHX

8QVRPDOH]OD$OLPHQWDUD
2UH]YDURJ
ÌQFkWHIHOLLGRULWL"

Ì&DUHHVWHLPQXOQDWLRQDODO6RPDOLHL"
5,EHOLYH,FDQIO\

Ì&HHDWkWGHGHRVHELWGDFDGDLPXLHXQHLVRPDOH]H"
53RWLILVLJXUDFDvQJKLWHWRWXO

%DQFXULFXWLJDQL

Ì6WLWLFXPIDFHXQWLJDQvQFLXGDXQHLPXVWH"
52SULQGHvQWUHGRXDJHDPXULVLPDQkQFDFDFDWFXOLQJXULWDvQIDWDHL

Ì6WLWLGHFHVXQWWLJDQLLQHJUL"
53HQWUXFDDWXQFLFkQGVDXQDVFXWHLEDU]DHUDvQFRQFHGLXVLLDDGXVFLRDUD

Ì&HLPDUHQHJUXVLLVDGHELQHODJkWWLJDQXOXL"
58QGREHUPDQ

Ì'HFHDIRVWFRQFHGLDWOLIWLHUXOWLJDQ"
53HQWUXFDDXLWDWGUXPXO

Ì&DUHHVWHGHRVHELUHDGLQWUHXQWLJDQVLRIDWDPDUH"
57LJDQXOWRWWLJDQUDPLQH

&LFDOD$XVFKZLWVXQWSULQVLQLVWHWLJDQLFHOXFUDVHUDvQ5HVLWDODQXVWLXFHIDEULFDVPHFKHUDFDUHSROXDGHWLVHvQQHJUHDX
SXSLOHOH/HIDFQHPWLLSURFHVXOVLvLEDJDvQFDPHUDGHJD]DUHvPSUHXQDFXDOWL]HFLGHHYUHL'DXGUXPXODJD]GXSD
PLQLQWUDXQFRPDQGDQW'HVFKLGHXVDVHXLWDvQFDPHUDVLvLYHGHSDWLJDQLMXFkQGFDUWLSHPRUPDQX
GHHYUHL
+LWOHULVWX&HIDFHWLED"
7LJDQLLÌQFKLGHXVDvQS DPDWLLFDLHVHJD]X

8QWLJDQvVLIDFHDVLJXUDUHODFDVD,PHGLDWGXSDFHSOHDFDDJHQWXOGHDVLJXUDULWLJDQXOVHDSXFDVDFLWHDVFDSROLWDVLYHGH
FDvQFD]GHLQFHQGLXYDILGHVSDJXELWFXPLOLRDQHOHL)DUDVDVHJkQGHDVFDPXOWWLJDQXOWRDUQDEHQ]LQDSULQWRDWDFDVDVL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
SXQHIRF1XWUHFH PXOWWLPSVL QHYDVWDVDvQWRUFLQGXVHGHODVHUYLFL YHGH FDVD vQ IODFDUL VL SH VRWXO HL FRQWHPSOkQGXVL
IDSWD
$ROHXVDULEDUEDWHFDQHDUGHFDVDFHVWDLDVD"
0DLWDFLIDSURDVWRFDQHDPIDFXWDVLJXUDUHVLDFXPRVDILPERJDWL
(HHHKDLFDHVWLGHVWHSWDX]LGDFHLFXPLURVXODVWDGH]DKDUDUV"
$ROHXIDFHWLJDQXODPXLWDWRvQDXQWUXSHGLDEHWLFDGHPDWD

8QWLJDQLQWUDvQWUXQPDJD]LQGHDUWLFROHHOHFWULFHVDFXPSHUHXQILHUGHFDOFDWÌQWUHDEDGHSUHWVLLVH]LFHOHL
7LJDQXOvQFHSHVDVHYDLFDUHDVFDFDQDUHEDQLHWF9kQ]DWRUXOXLvLYLQHRLGHH
$X]LPDLWLJDQHGDFDUHXVHVWLVDWLVFROLWXVXODVLDWkUQLILHUXOGHVXODVLPHUJLGLQWUXQFDSDWDOPDJD]LQXOXLvQFHODODOWVL
ILHUXOQXFDGHHDOWDX
7LJDQXO XQDGRXD IDFH WUHDED VL ILHUXO QX FDGH 9kQ]DWRUXO VH WLQH GH SURPLVLXQH VLL GD ILHUXO FDGRX /D vQFKLGHUHD
PDJD]LQXOXLYkQ]DWRUXOvOYHGHSHWLJDQDOHUJkQGSHVWUDGDFXILHUXODWkUQDWFDPDLvQDLQWH
%LQHEDLWLJDQHILHUXOHDOWDXFHWHPDLPXQFHVWLDFXP"
(HHFRDQHSDLHXPDDQWUHQH]DFXPSHQWUXXQIULJLGHU

Ì&XPVHVLQXFLGHXQWLJDQ"
5ÌVLPLURDVHFLRUDSLL

Ì&XPVHVLQXFLGHXQURPkQ"
5ÌLVSXQHEDQFXODVWDXQXLWLJDQ

8QWLJDQVHvQWkOQHVWHFXXQVHIGHWULEDIULFDQ
0DPLQFDWLDVFXPIDFLGHWLLHVWkQFLLDLDQHJULFDLRFXPRGDXWRWFDIHQLLLHV
3DLRDLDLDOXQJDFDDPHD"
1XPkQFDWLDV
'D
DVDJURDVD"
3DLQX
0LDPvQFKLSXLWHXFDDVWDWUHEXLHVDILHLQWUDOXPLQD

7XVWLLFLQHDGXFHFRSLOXO"
'D%DU]D
'DUFRSLOXOGHWLJDQ"
&RFRVWkUFXOOLQJXUDU

Ì&HIDFHWLJDQXOGDFDLPRDUHQHYDVWD"
52ODVDGHJkW

'RLWLJDQL
0DL,OLHFXPWHDSHULWXvPSRWULYD6,'$"
&XSUH]HUYDWLYvOSRUWWRWWLPSXO
6LQXOGDLMRVQLFLRGDWD"
%DGDFkQGPDGXFODWRDOHWDVLFkQGIDFVH[

3UHVHGLQWHOH$PHULFLLSUHVHGLQWHOH5XVLHLVLXQWLJDQDMXQJOD'XPQH]HXFDUHLOLDSHSULPXOVLvL]LFH
%DGDFDWDUDYRDVWUDPDLvQFHDUFDVDFXFHUHDVFDVSDWLXOYH]LWXELODDVWD"2DUXQFSHVWHYRLVLYDGLVWUXJ
,HVHDPHULFDQXVXSDUDWVLLQWUDUXVX'XPQH]HXvL]LFHVLOXL
%D GDFD WDUD YRDVWUD PDL vQFHDUFD VD IDFD DUPHQXFOHDUH VDL DVXSULWL SH DOWLL YH]L ELOD DVWD" 2 DUXQF SHVWH YRL VL DGLR
5XVLD
,HVHVLDVWDVXSDUDWVLLQWUDWLJDQXO
%DGDFDPDLIXULPDLYLROH]LSDFDOHVWLRDPHQLLVLDOWHSURVWLLDUXQFELODDVWDVLWHGLVWUXJ
,HVHWLJDQXOUk]kQGvQKRKRWH5XVXVLDPHULFDQXPRUFRYLWLvOvQWUHDED
7XGHFHHVWLPDEXFXURV"1XWLD]LVFDDUXQFDELODSHVWHWLQH"
%DGD
6LDWXQFL"
3$,%,/$(/$0,1(

8QWLJDQVWDWHDOkQJDFDVDOXLFDUHWRFPDLFDGHDVLYLQHXQSXUDGHOVLvLVSXQHWLJDQXOXL
7HWHRVSDUJHPLVLPLHWLQEXUHOXDVWD
ÌOLDWLJDQXOVLvOVSDUJHVLVSXQH
,DOPD
0DLVWDXQSLFSXUDGHOXOVLPDLYLQHvQFDRGDWDVLVSXQH
7HWHRVSDUJHPLVLPLHWLPEXUHOXODVWDvOLDWLJDQXOVLvOVSDUJHVLvLVSXQHWLJDQXLDOPDVLSOHDFDVLLDUVHJkQGHVWHWLJDQXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
FHVDIDFDFXFRSLLVLLDUYLQHSXLXOGHWLJDQVLVSXQH
7HWHRVSDUJHPLVLPLHWLPEXUHOXDVWD
ÌOLDWLJDQXOVLvOVSDUJHVLvOvQWUHDED
'HXQGHDLDWDWLVkPEXUL"
3HLWHWHRODFROWXVWUD]LLHXQFDFDWGHFPSOLQFXWLPEXUHL

8QWLSWUHFHDSULQWURSDGXUH/DXQPRPHQWGDWYHGHXQWLJDQOHJDWFXIUkQJKLHGHPLMORFDWkUQDWGHRFUDFD
&HIDFLDFROREDLWLJDQH"
1XYH]LPkQFDWLDV"0DPVSkQ]XUDW
3DLQXDVDFLRDUDGUDFXOXLGHJkW
$PkQFHUFDWGD
PDVXIRF

3LUDQGDGDGLYRUW
'HFHGLYRUWH]LSLUDQGR"
3DLGRP
MXGHFDWRUPDI WHQXUHFKH
&XPPDLWLJDQH"$LWLJDQFDIUXPRDVD]GUDYDQDVLWXvQXUHFKH"
6DPRDUDPDPDGRP
MXGHFDWRUGDFDHDGHYDUDW(XYUHDXVDLGDXPXLHGD
GDFDHDvQWRDUFHFDSX


7LJDQXORJDVHVWHSH3LUDQGDvQSDWFXQDVX

+DROHRWHRPRUIDSDLFXQDVX
PDvQVHOL"
$X]LEDWLJDQHDLOXDWFDUQH"
1X
$LOXDWFDIHD"
1X
$LOXDWEDXWXUD"
1X
3DLDWXQFLFXFHYUHLVDOWUDWH]SHQDVX
"

8QWLJDQvVLJDVHVWHFRQVRDUWDYHJKLQGODSORGXOEROQDY'XSDFHVWDHOXQSLFXLWkQGXVHODHD]LFH
$X]LIDSURDVWRQXPDLVWDDVD]LvOGXFHPSDVWDODGRFWRUVDXIDFHPDOWXO"

'RLWLJDQLGLYRUWHD]DÌQGUXPVSUHFDVDWUHFSULQSDGXUH7LJDQXO]LFH
)DDX]LPkQFDPLDLDFXPWUHE
HVDQHGXFHPvQGUXPXOQRVWUXWXODGUHDSWDVLHXODVWkQJDGDUXLWHSHQWUXXOWLPDRDUD
QXYUHLVRPDLSXQHPRGDWD"
+DLWLJDQH
'XSDFHWHUPLQDWLJDQXOXLPLWSURIXQG
)DKDLvQDSRLVDQHFXQXQDPDVDFXPDLVWDWDFXPQXDLVWDWQLFLRGDWD7LJDQFDVXSDUDWD
$X]LEDWkPSLWXOHQXDLYD]XWFDPDLSXVvQXU]LFL"

7LJDQXOYLQHDFDVDIRDUWHWkU]LXVL3LUDQGDvOLDODURVW
8QGHDLXPEODWEHOHVWHPDWXOH"
/DVHGLQWDID
6HGLQWDD"0DSURVWHVWLvQIDWD"
6WDLDVDID6DPRDUDPDPDDPIRVWODVHGLQWD$YHQLWFLQHYDGHODJXYHUQVLQHD]LV&LWH]
ÌQYRPDYHDGHRULPDLPXOWDFDUQH&LWH]9DFUHVWHVDODULXOFX6LDOWHFKHVWLLGLQDVWHD
'D
FHvQVHDPQDPDFLWH]
1LFLHXQXVWLXGDUFUHGFDvQVHDPQDFDXQIHOGHVDQFKL

ÌQWUXQ EDORQ FDUH WUDYHUVD $WODQWLFXO VH DIODX SDWUX FHWDWHQL  XQ HQJOH] XQ IUDQFH] XQ DPHULFDQ VL XQ WLJDQ /D XQ
PRPHQWGDWEDORQXOvQFHSHVDFRERDUH(QJOH]XOYD]DQGDFHVWOXFUX]LFH
*HQWOHPDQDPIRVWJHQWOHPDQUDPkQVLVHDUXQFDGLQQDFHODvQRFHDQ
%DORQXOXUFD'XSDXQWLPSEDORQXOvQFHSHLDUVDFRERDUH)UDQFH]XO]LFH
*HQWLORPDPIRVWJHQWLORPUDPkQVLVHDUXQFDSHVWHERUG
%DORQXO XUFD GLQ QRX 'XSD vQFD SXWLQ WLPS VH YHGH OD RUL]RQW SDPkQW $PHULFD %DORQXO FRERDUD GLQ QRX vQDLQWH GH D
DMXQJHODWDUP7LJDQXO]LFH
7LJDQDPIRVWWLJDQUDPkQRULWHDUXQFLWXRULWHDUXQF(8

ÌQDUPDWDODSDUDVXWLVWLRILWHUXOH[SOLFDVROGDWXOXLWLJDQFXPVHSURFHGHD]DGXSDFHVDUH
7UDJLPDQHWDYHUGHVLGDFDQXVHGHVFKLGHWUDJLPDQHWDURVLH
7LJDQXOLQWUHDED
6LGDFDWRWQXVHGHVFKLGH"2ILWHUXOvLUDVSXQGH
$WXQFLWHURJLOD6IkQWXO,RVLI
'XSDFHVDUHWLJDQXOVLWRDWDWUXSDRILWHUXOvQFKLGHXVDDYLRQXOXLLDUGXSDFkWHYDPLQXWHDXGHEDWDLvQXVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6WXSHILDWGHVFKLGHXVDVLvOYHGHSHWLJDQFDUH]LFH
'RP
RILWHUSDUDVXWDQXVDGHVFKLVGDFXPDL]LVFDOFKHDPDSH6IkQWXDOD"

7RWvQDUPDWDODSDUDVXWLVWLFkQGVDSOHFHJUXSDODVDULWXULWLJDQXOVHGXFHODVHUJHQW
'RP
VHUJHQWLRQXVDUD]L
6HJHQWXO
'HFHPDLWLJDQH"
$PYLVDWFDQXVHGHVFKLGHSDUDVXWD
1XVHSRDWHWLJDQHDVWHDVYLVHWUHEXLHVDVDUL
'RP
VHUJHQWLRVVXSHUVWLWLRVODPLQHVHvQWDPSODFkQGYLVH]QXYUHDXVDPRU
0DLWLJDQHWUHEXLHVDVDULHRUGLQGDUXLWHGDFDYUHLvWLGDXHXSDUDVXWDPHDVLWXPLRGDLSHDWD
2NVDUHWRDWDOXPHDVDUHWLJDQXOWUDJHGHPkQHUSDUDVXWDVHGHVFKLGHVLvQWLPSFHUDVXIODXVXUDWDXGHVXLHUkQGSHOkQJDHO
3 DPDWLLL

7LJDQXOYLQHVHDUDDFDVDVLRLDSH3LUDQGDWDUH
)D3LUDQGREDJGLYRUW
'HFHEDWLJDQH"
&DHVWLSURDVWD
$LEDPkQFDWDVFDQXVXQW
%DGDIDHVWLSURDVWD,D]LPLWXPLHFHDYHPQRLVXESDWVLvQFHSHFX2"6HJkQGHVWH3LUDQGDFHVHJkQGHVWHVLVSXQH
1XVWLXEDWLJDQH6XQWSURDVWD=LPLWX
2SHUHFKHGHSDSXFL9H]LFDHVWLSURDVWD"
$LGUHSWDWH'D
DFX]LPLVLWXPLHFHDYHPQRLVXESDWVLvQFHSHFX+
6HJkQGHVWHWLJDQX
FHVHJkQGHVWH
1XVWLXID3LUDQGRFHH"
+vQFDRSHUHFKHGHSDSXFL

6HFDQDOL]HD]DXQFDUWLHUGHWLJDQL,OLHvLSRYHVWHDFXPDWUXOXLVDX
3LUDQGDPHDDOXDWVLSHULHOD:&
6LFXPH"
0HUJHGD
]LDUXOHUDPDLEXQ

8QSROLWLVWHPDQFLSDWVWDDODWXULGHXQWLJDQSHPDUJLQHDGUXPXOXLvQDVWHSWDUHDDXWREX]XOXLVLLVSXQHDFHVWXLD
6WLLWXFXPDUDWDPQRLGRLDFXP"
1XGRP
FDSLWDQvLUDVSXQGHWLJDQXO
&DXQYXOWXUVLXQUDKDW
%LQHGRPQX
JHQHUDO$WXQFLHXWUHEXLHVDPLLDX]ERUXOFDPLDYHQLWDXWREX]XO

8QWLJDQvVLGXFHILXOODFLVPDULHVDLFXPSHUHVDQGDOH
+DLSUREHD]DPDILXOH
$OHFXLHWDWD"
$OHWDOHODFUDPLRDUDOXLWDWD
$OHFXLHWDWD"
$OHWDOHEDERXOHvQPRUWLLPDWLLPkQFDWLDVLQLPLRDUD
$OHFXLHvQWDOSDWDWD

7LJDQFDODGRFWRUFXWLJDQX
GXSDHD2FRQVXOWDGRFWRUXOFXVWHWRVFRSXOFXXUHFKHDRvQWRDUFH
SHIDWDVLSHGRVSDQDODXUPDvOLDSHWLJDQGHRSDUWHVL
LVSXQH
7LJDQHHJUDYQHYDVWD
WDHDWLQVDODSODPkQL
9DLGRPQGRFWRUPDIODWDWL

8QURPYLQHDFDVDGHODSROLFOLQLFDVLL]LFHQHYHVWLVLL
+DX]LID3KLUDQGRD]LVGRP
GRIWRUFDPPRKRURL]LVLVDPDXQJODFXUFXDOLILDDVWDGHWUHLRULSH]L
+DLLDSXQHPkQDVLPDXQJHFDWL]LFHXFXPVDIDFL8LWHLHLFXWLDFXPkQDVWkQJDVLSHPLQHGHXPDUFXPDQDGUHDSWD
VL
1XHELQH,HLFXWLDFXGUHDSWDVLSHPLQHGHXPDUFXVWkQJDVL7RWQXLHVH
$X]LIDGDFDGRP
GRIWRUFRPkQDWLQHDFXWLDVLFXDLODOWDPHWLQHDGHXPDUFXFHS DPDVLLPDXQJHD"

3LUDQGDDYHDKHPRURL]LVLDYHDGXUHULJURD]QLFHÌLVSXQHODEDUEDW
VXVD PHDUJD OD GRFWRU VDLFHDUD FHYD FD QX PDL
SRDWH
0HUJHWLJDQX
VLLH[SOLFDODGRFWRUFHRGRDUHSH3LUDQGDLDUGRFWRUXOvLGDQLVWHVXSR]LWRDUHVLLVSXQH
6SXQHLVDVLOHEDJHvQDQXV
0HUJHWLJDQXODFDV
vLGDVXSR]LWRDUHOHVLL]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2]LVGRPQ
GRIWRUVDOHEDJLODDQX

$FXPVDOHEDJODDQX
EDWDWHFUXFHDFDSkQDDWXQFLPRU'XWHvQDSRLFDHVWLSURVWVLQRQWHOHVGRPQX
GRIWRUFHDP
0HUJHvQDSRLVLGRFWRUXOvLVSXQH
=LLVDOHEDJHQUHFW
,DUVHGXFHWLJDQX
DFDVDVLLVSXQHOD3LUDQGD
2]LVGRPQ
GRIWRUVDOHEDJLGLUHFW
$XQ
VDOHEDJGLUHFWEDWDWH'XPQH]RFDPRUGDFDOHLDXGLUHFWSDWRDWH'XWHvQDSRL
,DUPHUJHODGRFWRUODFDUHvLVSXQHSHVOHDX
6SXQHLVDOHEDJHQFXU
0HUJHWLJDQXDFDVDVLLVSXQHOD3LUDQGD
1DWXYH]LGDFDHVWLSURDVWDVRQHUYDWGRPQX
GRIWRUVR]LVFDSRWLVDWLOHEDJLvQFXU

'RXDWLJDQFLvQWURIDUPDFLH
%XQD]LXDGRDPQD$YHWLDOLILHSHQWUXSDGXFKLODS D"
,HVLDIDUDQHQRURFLWR&XPvWLSHUPLWLVDYRUEHVWLDVD"
)HPHLDUXVLQDWDvL]LFHSULHWHQHLVDOH
&HUHWXIDFDHVWLPDL
WHOHFWXDOD
&HDODOWDWLJDQFD
%XQD]LXD9DURJVDPLGDWLXQXQJXHQWSHQWUXSDUD]LWLSXELHQL
6LJXUGRDPQD&kWVDYDGDX"
3DLFDPFkWSHQWUXGRXDS H

8QWULEGHFDQLEDOLSULQGHXQIUDQFH]XQHQJOH]VLXQWLJDQ
6LFDGGHDFRUGVDIDFDGLQHQJOH]RFLRUEDSHQWUXFDODXYD]XWQXPDLEXQGHDVDFHYDGLQIUDQFH]RIULSWXUDSHQWUXFDHUDVL
XQSLFURWRIHL
VLGLQWLJDQFDUHHUDVODEPXUGDUVLMLJDULWVDSXQ
/DFDUHWLJDQXVWULJDGLQWRWLUDUXQFKLL
6DVLRUEHVFGDFDIDFYUHXQFODEXF

2GDWDXQSUHRWVHLQWDOQHVWHFXXQWLJDQÌQFHSFHLGRLRGLVFXWLHGXSDFDUHDMXQJkQGODRQHvQWHOHJHUHvQFHSVDVHFHUWH
7LJDQXOPDL
QHFXOWLYDW
vQFHSHVDOvQMXUHSHSUHRW
'XWHEDODGUDFXFDWHSXQVDPLPLURVLFLRUDSLL
$FHVWDSOHDFDVLDGRXD]LPHUJHODWULEXQDOVLvOGDvQMXGHFDWD6HvQWkOQHVFFHLGRLODSURFHV3UHRWXOvLVSXQHMXGHFDWRUXOXL
SRYHVWHDGDUWLJDQXOvQORFVDVHFRQVXPHOXDRFDUWHVLGXSDILHFDUHSDJLQDSXQHDFkWHREDQFQRWDGHOHL/DVIkUVLW
WLJDQXOHVWHvQWUHEDWGDFDDUHFHYDGHVSXV6HULGLFDVLVSXQH
'RPQXOHMXGHFDWRUHXQXFRQVLGHUFDDPJUHVLW'XSDFDUWHDQRDVWUDWLJDQHDVFDHXVSXQFDQXDPJUHVLWGDFDYUHWLSXWHWLVD
FLWLWLVLGY
-XGHFDWRUXOGHVFKLGHFDUWHDVLGDRSDJLQDVLLDEDQFQRWDVLWRWDVD3UHRWXOVHVDWXUDVLVSXQH
'RPQXOHMXGHFDWRUYDWLKRWDUkWKDLGHWLVDOFRQGDPQDP
/DFDUHMXGHFDWRUXOVSXQH
7DFLGUDFXOXLFDDFXVLWHSXQVDPLPLURVLVLPLHFLRUDSLL

'LVFXWDXQDPHULFDQFXXQWLJDQ$PHULFDQXO
'DPLRWHOVLWLIDFFHOPDLJLJDQWLFYDSRUSHFDUHODLYD]XWYUHRGDWD
/DFDUHWLJDQXO
'DPLWXRIHPHLHVLWLIDFFHOPDLWDUHHFKLSDMSHQWUXYDSRUXOWDX

3LUDQGDVHSURWDSHVWHOD3DUSDQJKHO
0RFDVDPLGDLKRVXWDGHPLL
+DLID"&HVDIDFLFXKRVXWD"
&DVDPLLDXSRU
MDUWHOD
&H
DLDID"
/DVDFDWRDUDWGXS
DLD0DUFDEDQX

9LQH 3LUDQGD GLQ WvUJ VLO FKHDPD SH 3DUSDQJKHO vQ RGDLH DSRL ULGLFD IXVWHOH 3DUSDQJKHO OHVLQD ,QWUD 2QX WDWDO OXL
3DUSDQJKHO
&HLDLIDFXWIDOX
DVWDGHODLGDWSDVSDWH"
&HVDLIDFEDLDPDUDWDWSRU
MDUWHOD
&HLDLDUDWDWID"
,RWHDVWD6LvVLULGLFDLDUIXVWHOH&DGHVL2QX,QWUD%DULDPDPDOXL3DUSDQJKHO
)DIL
DGUDFX
GDWXWDFXFLQHWHDDGXVDLFHD'DFHHDVWLDODWLSDMRV"
,RQXVWLXIDGDFHDFD]XWFDLROHDPDUDWDWSRU
MDUWHOD
&DUHIDSRU
MDUWHODLD"
,RWHFROHD6LVDOWDFRUWLQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DLIDSURDVWDGUDFX
FOHVWLVRULLDLDHSHQWUXFLRUDSLQXSHQWUXEX]LOLSL LL

Ì&HVHSRDWHIDFHGLQGHWLJDQL"
56DSXQ;

Ì'HFHQXFDOFLFXPDVLQDXQWLJDQSHELFLFOHWD"
56DUSXWHDVDILHELFLFOHWDWD

Ì&XPWHDGUHVH]LXQXLWLJDQvPEUDFDWODFRVWXP"
5,QFXOSDWULGLFD
WH

8QWLJDQYLQHOD%LVHULFDVDVHVSRYHGHDVFDVLSULQWUHDOWHOHPDUWXULVHVWHFDVLDIX XWLDSD
6LFXPDLIX XWRWLJDQH"
$PVDSDWRJURDSDVLDPEDJDWLDSDvQHDDSRLGHSHPDUJHQHDJURDSHLLDPSXVR
'DVFDOXOGHDFROR
$X]L3DULQWH"VLQRLQHFKLQXLDPFX6&$5$

3HvQVHUDWHXQWLJDQFRERDUDvQYLWH]DSHELFLFOHWDGHSHRSDQWDDEUXSWD'LQWURGDWDvQIDWDOXLDSDUHVHIXOGHSRVW
2SUHVWHWHWLJDQHQDLIDUVLQLFLPDFDUXQRFKLGHSLVLFD
1XPLVWDvQIDWDQDPQLFLIUkQH

8QWLJDQFXPSDUDXQFDOGLQWkUJGHODXQVHPHQGHDOVDXFDUHVHMXUDVHSHFHDYHDPDLVIkQWFDDQLPDOXOQXDUHQLPLFVL
HVWHSHUIHFWVDQDWRV$FDVDWLJDQXOQRVWUXFRQVWDWDFDWRWXVLIXVHVHSDFDOLW1HUYRVQHYRLHPDUHvLVSXQHQHYHVWHVL
/XDODUGUDFX
SHPL]HUDELOX
GH/LQJXUDUPLDYkQGXWXQFDOEROQDY0DFDUDWkWDQRURFFDLDPSODWLWFXGRODULLIDOVL

ÌQWURVFRDODGHODWDUDSURIHVRUXOvLvQWUHDEDSHHOHYL
(LELQHFRSLLFDQGHVWHPRPHQWXOFHOPDLSRWULYLWSHQWUXDFXOHJHIUXFWHOHGLQSRPL"
0LFXWXOWLJDQUDVSXQGHSULPXO
&kQGFkLQHOHHVWHOHJDW

7LJDQXODVWDWDUHVDUDFPDLWUHEXLHVDILH
'HFH""
3kQDVLSUH]HUYDWLYHOHOHFXPSDUDODPkQDDGRXD

8QWLJDQVHFRQVXOWDODPHGLFXOVDWXOXLILLQGFDQXLPHUJHQLFLFXPYLDWDVH[XDOD$FHVWDvOSXQHVDVHGH]EUDFHSHQWUXDO
SXWHDH[DPLQDVLUDPkQHH[WUHPGHVXUSULQVYD]kQGXLSRGRDEDYLULOLWDWLLDWkUQkQGvQWUHSLFLRDUH
'DUQXvQWHOHJGXPQHDYRDVWUDVXQWHWLSRVHVRUXOXQHLVFXOHXULDVH$SURDSHFDYDORYHVWHJHQXQFKLL
&KLDUDVWDHSUREOHPD3kQDVHXPSOHFXVkQJHOHVLQ

'RXDWLJDQFLPHUJODIDUPDFLHVLvQWUHDEDGDFDDXFHYDSHQWUXSDGXFKLLQWLPL)DUPDFLVWDUDVSXQGH
'DDYHPFHYDXQJXHQWFkWGRULWL"
3DLDVDFDPSHQWUXGRXD)2)2/2$1&(

Ì'HFHQXPDQkQFDWLJDQLLSkLQHQHDJUD"
5&DVDQXVHPXVWHGHGHJHWH

0HUJHWLJDQXOODSUHRWVDVHVSRYHGHDVFDVLYHGHFXPDFHVWDVLDVHD]DFHDVXOMRVOkQJDHO7LJDQXOvQJHQXQFKHD]DVLLD
FHDVXO
&HDLSDFDWXLW"vOvQWUHDEDSUHRWXO
)XUSDULQWH
6SXQHFDDLIXUDWQXFDIXUL
7LJDQXOEDJDFHDVXOvQEX]XQDU
$PIXUDWSDULQWH
&HDLIXUDWILXOH"
8QFHDV
6LODLGDWvQDSRLSURSULHWDUXOXL"
9LOGDXGXPQHDYRDVWUDSDULQWH
(LQXPLOGDPLHGDOSURSULHWDUXOXL
$PvQFHUFDWGDUQXODYUXWvQDSRL
3DLvQFD]XODVWDSDVWUHD]DOILXOH

8QWLJDQHVWHSULQVGHFDWUHSROLWLVWLvQWLPSFHvQFHUFDVDIXUHXQSRUWPRQHXvQDXWREX]
1XvQFHUFDVDQHFRQYLQJLFDDLOXDWDFHVWSRUWPRQHXFUH]kQGFDHVWHDOWDX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XHVWHDOPHXvQWUDGHYDUGDUEDQFQRWHOHDFHVWHDvPLVXQWIRDUWHIDPLOLDUH

8QWLJDQXVvOYHGHvQWURVHDUDSHWDWDOVDXFXOFDWSHVWHPDLFDVD$GRXD]LvOvQWUHDED
7DWDFHDLIDFXWDVWDQRDSWHFXPDPD"
7LDPIDFXWXQIUDWLRU
(XQXYUHDXXQIUDWLRU
&DWHYD]LOHPDLWkU]LXRYHGHSHPDLFDVDFDODULQGXOSHWDLFDVDX
6SXQHPLWDWDFHDLIDFXWDVWDQRDSWHFXPDPD"
7LDPIDFXWRVXULRDUD
(XQXYUHDXRVXULRDUD
'XSDDOWHFkWHYD]LOHRYHGHSHPDLFDVDvQJHQXQFKLVLSHWDLFDVDXvQVSDWHOHHL$GRXD]LHO]LFH
7DWDHXQX YUHDXQLFLFDWHOXV

1HYDVWDOXL/LQJXUDUEDWHODSRUWLOH5DLXOXL6IkQWXO3HWUXvLGHVFKLGHVLRvQWUHDED
3HFLQHFDXWL"
3HVRWXOPHX/LQJXUDU
3DLQRLDYHPDWkWLD/LQJXUDULDLFLFDQXVWLXFDUHvL6SXQHPLFHYDGHVSUHHOGHH[HPSOXFHWLDVSXVvQDLQWHGHDPXUL
0LDVSXVFDGHFkWHRULRVDOvQVHOVHYDUDVXFLvQPRUPkQW
$DDDDFXPVWLXGHFDUH/LQJXUDU]LFLHOHYHQWLODWRUXO5DLXOXL

/DRVFRDODvQYDWDWRUXOvOvQWUHDEDSHWLJDQXVGDFDQXVWLHFLQHLDIXUDWFDLVHOHGLQJUDGLQD
1XDXGvQWUHEDUHDGRPQXOHvQYDWDWRU
ÌQYDWDWRUXOVFKLPEDORFXOFXWLJDQXOWUHFkQGHOvQXOWLPDEDQFDVLvL]LFH
$FXPYRPVWLGDFDDLVSXVDGHYDUXOVDXYLQRYDWILLQGWHDLSUHIDFXWFDQXDX]LÌQWUHDEDPDFHYDFRSLOH
'RPQXOHvQYDWDWRUQXVWLWLFXPYDFLQHHUDLHULFXPkLQLOHSHIXQGXOVXURULLPHOH"
/DFDUHvQYDWDWRUXOUDVSXQGH
'LQEDQFDDVWDQXVHDXGHvQWUDGHYDUQLPLF

3XLXOGHWLJDQvVLvQWUHDEDPDPD
0DPDFRDFD]DDUHSLFLRDUH"
1DUHILXOH
/DQDLEDLDUDPPkQFDWREXEXUX]D

3ROLWLD SULQGH XQ WLJDQ FDUH IXUDVH  OHL 'HJHDED vQFHDUFD VDO RELJH VD VSXQD XQGH D DVFXQV EDQLL FD DFHVWD
YRUEHVWHWRWSHOLPEDOXL
(VWHFKHPDWvQDMXWRUWLJDQXO/DFDWXVSHQWUXDWUDGXFH
8QGHDLDVFXQVEDQLL"
7LJDQXOUDVSXQGHVL/DFDWXVWUDGXFH
1XYDVSXQ
3ROLWLVWXOFHFRRUGRQDDQFKHWDVFRDWHSLVWROXOvOvQGUHDSWDVSUHWLJDQVL]LFH
/DFDWXVVSXQHLFDGDFDQX]LFHXQGHDDVFXQVEDQLLvOvPSXVF
7UDGXFDWRUXOWUDGXFHVLWLJDQXOVSHULDW]LFH
3HGUXPXOHXURSHDQ(ODNPVXEFRSDFXOGHOkQJDERUQD
3ROLWLVWXOvQWUHDED
(LFHD]LV"
/DFDWXVUDVSXQGH
6SXQHFDQXLHVWHIULFDGHPRDUWH

7LJDQXOVHKRWDUDVWHVDIXJDSHVWHJUDQLWD6XUSULQVODWUHFHUHDIURQWLHUHLGHJUDQLFHUVHSUHIDFHFDVLIDFHWUHEXULOH
&HIDFLWXDLFHD"
23DLPDVFX]DWLGRPQXOHRILWHUPDXVXUDP
0LQWLvQVSDWHOHWDXHGRDUUDKDWGHFkLQH
&HVDLIDFLYLDWDGHFkLQHUDKDWGHFkLQH

2WLJDQFDVHSOkQJHODGRFWRUFDWLJDQXOOXLIDFHDQXOVLFRSLOXOVLQXPDLSRDWHUH]LVWDLQDVDIHO'RFWRUXO
1LFLRSUREOHPDGXWHDFDVDVLFkQGYUHDWLJDQXOWDXVDIDFHWLXQFRSLOEDJDSLFLRDUHOHvQWUXQERUFDQGHNJ
'XSDRVDSWDPkQDWLJDQFDYLQHLDUODGRFWRUJUDYLGD'RFWRUXO
$LIDFXWFHWLDPVSXV"
7LJDQFD
'DGDUQXDPJDVLWXQERUFDQGHNJVLDPOXDWGRXDGHNJ

1RDSWHDWLJDQXVLWLJDQFDvQWUROXPLQDFKLRDUDGRUPHDX3HODWLJDQFDVHWUH]HVWHVLvQFHSHVDVHKROEH]HSHSHUHWH
'XSDFkWHYDPLQXWHvQFHSHVDOJKLRQWHDVFDSHWLJDQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7LJDQHWLJDQHVFRDODEDPDQFDWDV
&DYUHLIDFDWHWDLVDQHEXQHVF"
6FRDODEDWUDLWLDUPDWD
)DWHGLVHFVDIDFSkUQDLH
6FRDODEDQDX]L
=LIDFHL""
%DWLJDQHSHSHUHWHDFRORVXELFRDQDHXQJkQGDF"
'D
FHDLYUHDIDVDILHXQ*ULJRUHVFX"

7LJDQXORVFRDWHSHWLJDQFDODUHDWDXUDQWOD$WKHQHH3DODFH9LQHFKHOQHUXOVDLDFRPDQGD7LJDQXOLDRFLRUEDWLJDQFD
FHUHR vQJKHWDWD 0DL WvU]LXWLJDQXOFRPDQGD R IULSWXUDWLJDQFDvQFDR vQJKHWDWD /D GHVHUWWLJDQXO R SUDMLWXUD WLJDQFD D
WUHLD vQJKHWDWD /D VIkUVLWFkQGYLQH FKHOQHUXO FX QRWDGH SODWD vL vQWUHDED GDFD DU PDL GRUL FHYD 7LJDQFD ]LFH FD DU PDL
PvQFDRvQJKHWDWDODFDUHWLJDQXOH[FODPDVXSDUDW
$MXQJHID/DQRDSWHWHI WVDXPDGDXSHGHUGHOXV"

7LJDQXORVFRDWHSHWLJDQFDODUHDWDXUDQWOD$WKHQHH3DODFH9LQHFKHOQHUXOVDLDFRPDQGD7LJDQXOFRPDQGDWRWIHOXOGH
PkQFDUXULLDUWLJDQFDQXPDLIULSWXUDGHFkWHYDRUL7LJDQXORvQWUHDED
'D
FHDLIDGHQXPDQkQFLVLWXRVXSDRVDODWDFHYD"
3DLWLJDQHQDPPDLEDJDWFDUQHQPLQHGHXQDQ
&HVSXLIDSX DPHDH]DU]DYDW"""

2WLJDQFDVHGXFHODWHDWUX/DvQWRDUFHUHWLJDQXORvQWUHDED
&XPDIRVWIDODWHDWUX"
6WDLVDWLSRYHVWHVF/DLQWUDUHWRDWDOXPHDWLQHDEHOHWHOHvQPkQDDVDFDODPVFRVVLHX/DXVDXQXOPLDUXSWEHOHWXO$P
YUXWVDWLSGDUFXPQLPHQLQXWLSDQDPPDLWLSDWQLFLLR$PLQWUDWPDPSXVSHVFDXQ VLGHRGDWDVDVWLQVOXPLQD$P
YUXWVDWLSGDUFXPQLPHQLQXWLSDQDPPDLWLSDWQLFLLR/DXQPRPHQWGDWDODGHVWDWHDOvQJDPLQHPLDEDJDWPkQDvQ
SL GD$PYUXWVDWLSGDUFXPQLPHQLQXWLSDQDPPDLWLSDWQLFLLR
/DVDDVWDID3LHVDSLHVDFXPDIRVW"
0XOWPDLPDUHFDDWD

7LJDQXOvVLFXPSDUDSDQWRILURVLL&HVHJvQGHVWHHOFDVDLREVHUYHSLUDQGDPDLUHSHGHVHGH]EUDFDvQSLHOHDJRDODvVL
SXQHSDQWRILLVLLQWUDvQEXFDWDULH6HIkWkLHHOFHVHIkWkLHSULQEXFDWDULHWLJDQFDQLPLF/DXQPRPHQWGDWHQHUYDWWLJDQXO
IDFH
+DROLRIDWXQXYH]LFDPLDPOXDWSDQWRILURVLL"3vQDVLSVHXLWDODHL
(KHLWLJDQHPDLELQHvWLOXDLSDODULH

6HGXFHRWLJDQFDODXQFRQWUROPHGLFDO'XSDFHRFRQVXOWDPHGLFXOvLVSXQH
$LODULQJLWDVLFLVWLWD
,HVHWLJDQFDDIDUDVLRvQWUHDEDWLJDQXOHLFDUHRDVWHSWDSHKRO
&HERDOHWLDJDVLWGRFWRUXID"
3DLHODUJLWDGDLFLQVWLWDPkQFDWLDVJXUD

7LJDQFDODSROLFOLQLFDVD
VLIDFDDQDOL]HOH6HGXFHODLQIRUPDWLL
'RPQGRIWRUFDUHIDFLSR]LODWkWHH
DLFL"
1XD]LQXHQLPHQLDFROR
'D
GRPGRIWRUFDULJKLFHVWHvQUDKDWRYLQLW"
1XPkLQH
'D
GRFWRUX
FDUH
VLEDJDGHVWHOH
QS LL
DLFL"
,DDVFXOWDDVWD
LFXUDWDQHVLPWLUH
%LQHELQHFkQGVHvQWRUFVDOHVSXLFDL
DFDXWDWRGRDPQD&DOGDUDV

%DQFXULFXXQJXUL

-DQRVIDFHDQD]EkWLLSHOkQJDELVHULFDRUWRGR[DURPkQHDVFD3RSDvL]LFH
'DFDQXHVWLFXPLQWHWHERWH],RQVLWHIDFURPkQ
ÌQWUXFkW-DQRVQXVDSRWROLWFKLDUDVDDSURFHGDW$MXQVDFDVD-DQRVOHVSXQHSHUkQGWDWDOXLPDPHLVRUHLHWF
3HPLQHPDFKHDPD,RQVLVXQWURPkQ
&HLGHPDLVXVODXvQMXUDWVLEDWXW5DPDVVLQJXUPLFXWXO-DQRVJkQGHVWH
'HPLQXWHVXQWURPkQVLXQJXULLDVWLDvPSXWLWLDXVLvQFHSXWVDPDSHUVHFXWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,RQVL-DQRVVXQWYHFLQLEXQLVHvQWHOHJELQHSHWUHFvPSUHXQDGHVÌQWUR]L,RQYLQHFXWRSRUXOvQFXUWHDOXL-DQRVVLVWULJD
-DQRVLHVLDIDUDVDWLWDLFDSXO
-DQRVGLQFDVD6WDL,RDQHFHLEDLXO"
,RQ,HVLUHSHGHFDWUHEXLHVDWLWDLFDSXO
-DQRV'D
FDUHLEDLXO,RDQHFHWLDPIDFXWHXWLH"
,RQ9RLXQJXULLLDWLWDLDWFDSXOOXL0LKDL9LWHD]XO
-DQRV6WDL,RDQHDVWDDIRVWDFXPDSURDSHGHDQL
,RQ'DGDUHXQXPDLDFXPDPDIODW

%DGHD*KHRUJKHVHSUH]LQWDGHGLPLQHDWDFXFXVWXUDVLQHJUXODIDWDODYHFLQXO6]DER
&HLPD*LXULGRDUDFDQDLSDWLWFHYDUDX
%DGHSDWLWDPSDWLW6]DERFDDPYHQLWVDWHRPRU
'HFH*LXULFHDPIDFXWLRUDXODWLQH"
%DDLIDFXWFDYRLODWLRPRULWSH&UDLVRUXOQRVW6]DERVLHXWUHEXLHVDWHRPRUDFXPDSHWLQH
%LQHPD*LXULGDDVWDRIRVWFXRVXWDGHDQLLQXUPD
$SRLGDUD*KHRUJKHvQFXUFDWPLHDVHDUDPLRVSXVWDLFDSRSD

)XQDU OD XQ FRQWURO PHGLFDO GH UXWLQD DIOD FD HVWH EROQDY LQFXUDELO 'RFWRUXO vL H[SOLFD VLWXDWLD vL VSXQH VDVL DQXQWH
UXGHOHFROHJLLHWF
ÌQDFHDVWDVLWXDWLH)XQDUVHGXFHUHSHGHOD3ULPDULHVDDIOHFDUHHVWHSURFHGHXOSULQFDUHVLSRDWHVFKLPEDQXPHOHvQWUXQXO
XQJXUHVF
$X]LQGDFHVWHDVXERUGRQDWLLvOvQWUHDED
&XPGRPQXOHGXPQHDYRDVWUDFDUHVXQWHWLDVDGHSRUQLWSHXQJXULDFXPYUHWLVDYDVFKLPEDWLQXPHOHFXXQXOXQJXUHVF"
)XQDU
%DLODVDVDPRDUDXQXOGHDOORUGHFHVDPRDUDXQXOGHDOQRVWUX"

/DVHGLQWD&RQVLOLXOXL/RFDO&OXMXQFRQVLOLHUSURSXQH
(X]LFVDPDLIDFHPRVWDWXLHvQRUDVXOQRVWUX
,PHGLDWYLQLGHLOH
6DILHRVWDWXLHFXWDUDQXOURPDQ
6DILHWDUDQXOvPEUDFDWvQFRVWXPQDWLRQDO
ÌQPDQDGUHDSWDVDDLEDRIXUFDVDVHOXSWHFXXQJXULL
ÌQPDQDVWDQJDVDDLEDXQVWUHDQJVDVWLHXQJXULLFHLDVWHDSWD
6LLQVWUHDQJVDDWDUQHXQXQJXUVDILHPHVDMXOFODU
'XSDRFOLSDGHWDFHUHYRUEHVWH)XQDU
%LQHGDUVDVFKLPEDPXQJXUXOvQILHFDUH]L

3ULPDULDGHOD&OXMKRWDUDVWHVDFRQVWUXLDVFDRVWDWXLHFX,DQFXGHILQLWLYDFDUHVDVSXQDOXFUXULORUSHQXPH8QFRQVLOLHU
(XVXQWGHSDUHUHVDOIDFHPFXPkQDvQGUHSWDWDVSUH8QJDULDVDYDGDXQJXULLFDDYHPERDODSHHL
$OWXO
$V]LFHVDLSXQHPVLXQSLVWROvQPkQDVDILHWUHDEDPDLH[SOLFLWD
$OWXO
ÌQPkQDDLODOWDVDLSXQHPXQVWUHDQJVDYDGDFHLFHYRUVDIXUHSDPkQWXOWDULLFHLDVWHDSWD
$OWXO
$WXQFLVDLIDFHPVLXQXQJXUvQVWUHDQJDVDSHQWUXFRQIRUPLWDWH
/DID]DDVWDVHWUH]HVWHVL)XQDU&RQVLOLHULLvQOHPQHVF
$SDLLR]LFVDVFKLPEDPvQILHFDUHGLPLQHDWDXQJXUX


)XQDU VH vQWRUFHD OD &OXM FX PDVLQD GH OD R FRQIHULQWD GLQ %XFXUHVWL )LLQG RERVLW DGRDUPH SH EDQFKHWD GLQ VSDWH /D
LHVLUHDGLQ%XFXUHVWLVLPWHR]GUXQFLQDWXUDVHWUH]HVWHEXLPDFVLvOvQWUHDEDSHVRIHUXOVDX
&HVDvQWkPSODW"
$PFDOFDWRJDLQDGRP
SULPDUVSXQHVRIHUXO
)XQDUUDVSXQGH
1XLEDLGDLvQDLQWH
3HGUXPDMXQJkQGSHOD%UDVRYVLPWHRDOWD]GUXQFLQDWXUDVLvOvQWUHDEDGLQQRXSHVRIHU
&HVDvQWkPSODW"
$PFDOFDWXQSRUFGRP
SULPDUVSXQHVRIHUXO
)XQDUEXLPDFGHVRPQvLVSXQH
1XLEDLGDLvQDLQWH
/kQJD7kUJX0XUHVRDOWD]GUXQFLQDWXUD
&HVDvQWkPSODW"vQWUHDED)XQDU
$PFDOFDWXQXQJXUGRP
SULPDUVSXQHVRIHUXO
)XQDUvQYLRUDWUDVSXQGH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XLEDLGDLvQDLQWHGDLvQDSRLGDLvQDLQWHGDLvQDSRLGDLvQDLQWHGDLvQDSRL

6WLWLFD)XQDUDUHVkQJHGHXQJXU"
3HEDUDGLQIDWDGHODPDVLQD

)XQDU&XPWHFKHDPDILXGHGDF"
$UGHOHDQXO,DQRV0DULD7D

%XODYLQHDFDVDVLvVLDQXQWDWDWDOFDVHvQVRDUD
7DWDO)RDUWHELQH%XODPDEXFXUSHQWUXWLQH&XFLQHWHvQVRUL"
%XOD&X-DQRV
7DWDO%XODDVWDQXVHSRDWH
%XOD7DWDQHLXELPVLQHOXDP
7DWDO%XODQXVHSRDWH
%XOD2ULFHDL]LFHWXQRLWRWQHOXDP
7DWDO%XODWLDPVSXVFDQXVHSRDWH
%XOD'D
GHFH"
7DWDO3DLGHDLDFD-DQRVHXQJXU

(U]VL HUD VHUYLWRDUH OD GRPQL vQ &OXM ÌQ ILHFDUH MRL DYHD OLEHU VL VH vQWRUFHD DFDVD VHDUD IRDUWH ELQH GLVSXVD ÌQWUR MRL
VHDUDGRPQXORvQWUHDED
(U]VLFHIDFLWXMRLDGHYLLDVDYHVHODDFDVD"
(U]VL2GRPQX
QRLMRLvQWkOQHDPFX,OGLNRVLFX)HULVL3LVWDVLPHUJHPSH)HOHDFVLMXFDPGHDJKLFLWXO
'RPQXO&XPHMRFXODVWD(U]VL"
(U]VL0HUJHPODFDSLWDQRLIHWHOHSXQHPFDSXOvQFDSLWDVLEDLHWLLYLQSHODVSDWHVLI HODQRLLDUQRLWUHEXLHJKLFLWFLQH
IRVW
&kWHRGDWDYLQHPDLPXOWLWLQHULVLQRLQXSXWHPJKLFLVLDWXQFLUkGHPVLUkGHPHLI HSkQDJKLFLPFLQHIRVW
'RPQXO0DL(U]VLHWDUHLQWHUHVDQWMRFXODVWDDVYHQLVLHX
(U]VL9HQLWLGRPQX
FDMRLDWUHFXWDIRVWVLGRDPQDVLQXJKLFLWGHRUL

8QFLREDQDUGHOHDQVWDWHDSHLDUEDvQDSURSLHUHDXQHLIkQWkQL8QRPVHGXFHODIkQWkQDFXLQWHQWLDGHDEHD
1XEHDRPXOHHRWUDYLWD
1HPWRGRP
$SRLEHDGDULQFHWFDLUHFH

ÌQWUXQODFVH]EDWGRLRDPHQLXQXOQHJUXVLFHODODWDOE3HFDUHvOVDOYH]LPDLvQWkL"5DVSXQVFRUHFW
3HFHOQHJUXFDDODDOESRDWHVDILHXQJXU

'RLURPkQLVLXQXQJXUFDGGHSHXQYDVvQPDUH9LQUHFKLQLLVLvLPDQkQFDSHURPkQLGDUGHXQJXUQXVHDWLQJ
'HFHQXOPkQFDPVLSDVWD"vQWUHDEDSXLXOGHUHFKLQ
6DSWDPkQDWUHFXWDDPPkQFDWXQXOVLQHXVWXUDFXUX
VLDFXP

%XODFXWDVXGHVSUHUDVLVP
8LWH%XODGHH[HPSOXWXWHXUFLvQWUXQSRPVLXQQHJUXYLQHGXSDWLQH
'D
7XWHXUFLvQYkUIVLQHJUX
GXSDWLQH
'D
6LLIDFLYkQWI WXLPDPDOXLGHXQJXU

-DQRVXQJXUXOVL,RQGLQ7UDQVLOYDQLDVWDXGHYRUED-DQRVvOvQWUHDEDSH,RQ
=LPD,RDQHFDWXHVWLRPFXFDUWHFHLDLD$SHUWKHLG
3DLPD-DQRVSURVWPDLHVWLWRDWDOXPHDVWLHFDvQVHDPQDXUDGHUDVD
'DXUDGHUDVDFHLPD,RDQH"
0DGD
WDUHvQFXLDWPDLHVWL+DLVROXDPEDEHVWHVDWLH[SOLFFDODVFRDOD'HH[HPSOXHXVLQWDOEVLWXHVWLQLJJHUVLPL
HXvPLEDJSLFLRUHOHvQJXUDWDGHXQJXUvPSXWLWFHHVWLWX

-DQRVVSXQHFD7UDQVLOYDQLDHDXQJXULORU,RQvOvQWUHDED
&XPFkQWDJUHLHULLvQ7UDQVLOYDQLDPDL-DQRV"
75,75,75,
3DLYH]LPDL-DQRVFkQGYRUFkQWD+$580+$580+$580DWXQFLYRPVWDGHYRUEDvQFKHVWLXQHD7UDQVLOYDQLHL

/HJHQGDVSXQHFDSULPXORPFDUHDDSDUXWvQ7UDQVLOYDQLDDIRVWXQXQJXU6LGXSDFHDGHVFDOHFDWGHSHFDOVDEHD
DSDFkQGVDvQWRUVQXDPDLJDVLWFDOXOFLQXPDLXQELOHWHOSHFDUHVFULD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
08/7$0
)$,1

&LFDSRUQHVWHUD]ERLXOvQWUHURPkQL VL XQJXUL8QJXULL GHMD LQYDGDVHUD SDUWHDGH QRUGHVWD 5RPkQLHL 6H GXFHDX OXSWH
GLVSHUDWHvQVDIDUDVDDYDQVH]HQLFLXQDGLQWUHDUPDWH$WXQFLXQXOGLQWUHJHQHUDOLURPkQLDUHRLGHH&kQGVHDSURSLDXGH
WUDQVHHOHXQJXULORUILHFDUHVROGDWURPkQVSXQHD
+HL-DQRV
$WXQFLXQJXUXOVHULGLFDvQSLFLRDUHVSXQHDUDVSLFDW'DVLURPkQXOQRVWUXvLWUDJHDFkWHYDJORDQWH6LWUHL]LOHWRWDVDR
WLQXUDSkQDVHSULQVHUDXQJXULLGHVPHFKHULH
8QJHQHUDOXQJXUDSOLFDVLHOPHWRGDVWULJkQGGHGXSDWUDQVHH
+HL,RDQH
'LQSDUWHDRSXVDGLQWUDQVHHUDVSXQGHURPkQXO
,RQQXHDLFL'DUFLQHvOFDXWDHVWLWX-DQRV"
/DFDUHJHQHUDOXOVHULGLFDvQSLFLRDUHVLVSXQH
'D

ÌQ8QJDULDGLQFDX]DQXPDUXOXLIRDUWHPDUHGHSHQVLRQDULJXYHUQXODKRWDUkWVDYLQDvQvQWkPSLQDUHDDFHVWRUDVLSHQWUX
DLDMXWDDSURPXOJDWROHJHFDUHSUHFL]D
3FWÌQFHSkQGFXLDQXDULHWRWLSHQVLRQDULLDXYRLHVDWUDYHUVH]HVWUDGDSHFXORDUHDURVLHDVHPDIRUXOXL
3FW'DFDSkQDODLDQXDULHQXVHREVHUYDQLFLRPRGLILFDUHKRWDUkUHDGHODSXQFWXOGHYLQHREOLJDWRULH

6HDUDLQ&OXM-DQRVVL3LVWDLHVGHODFLUFLXPDVHDSURSULHXQGRPQLQIXJD
9DURJVSXQHWLPLXQGHHJDUD
-DQRV1RLQXVWLH
'RPQXORLDODIXJDSHVWUDGDGH]RULHQWDW
3LVWD0DL-DQRVGHFHQXVSXVODHOXQGHJDUD"3LHUGHRPX
WUHQXO
-DQRV/DVDGUDFXOXLSHHOVSXQHFDDLFLGHGHDQLVLQXVWLHXQGHJDUD

&HDRvQYL]LWDvQMXGHWXO+DUJKLWD8QSLRQLHUYRLRVRIHUDIORULOHFHUHPRQLDOHODVkQGXVHvPEUDWLVDW
&XPWHFKHDPDSXLGHGDF"
,VWYDQ$WWLODWRYDUDVH1LFRODH&HDXVHVFX

'RLVHFXLLQWUHQ
8QXOSURSXQHFHOXLODOWVDLQWUHLQILHFDUHFRPSDUWLPHQWVDYDGDFLQHQXVWLHXQJXUHVWHVDOWDLHFXEULFHDJXO
,QWUDLQSULPXOFRPSDUWLPHQWSDVDJHULMRDFDFDUWL
&HMXFDWLDLFLLQWUDEDXQXOGLQWUHVHFXL"
6HSWLFDDPHULFDQDDGLFD
$PHULNDLKHWHVW
UDVSXQGHXQFDODWRU
$FHVWLD VWLX XQJXUHVWH ]LFH VHFXLXO FDWUH FROHJXO VDX KDL VD PHUJHP PDL GHSDUWH ,QWUD LQ DO GRLOH FRPSDUWLPHQW XQGH
FDODWRUL
WRWMRDFDFDUWL
&HMXFDWLDLFL"
6DL]HFLVLVDVHDGLFD
+DWYDQKDW

6LDFHVWLDVWLXXQJXUHVWHKDLVDPHUJHPPDLGHSDUWH
/DIHOVLLQFRPSDUWLPHQWXOXUPDWRU
&HMXFDWLDLFL"
3RSDSURVWXODGLFD
7RNHV/DV]OR


ÌQSUREOHPDFDUHDIRVWSULPLLvQ$UGHDOOHJHQGDVSXQHFDDWXQFLFkQGDYHQLW$WWLODFXYRLQLFLLOXLDXSRSRVLWSHPDOXO
0XUHVXOXL
9D]kQGHLDSDDVDGHOLPSHGHVLFODUDDXGHVFDOHFDWVDXGH]EUDFDWGHEODQXULVLVDXvPEDLDWFXWRWLL&kQGDXLHVLWGLQDSD
QXWXFDLQXWXEODQXUL
(LFDUHDXIRVWDWXQFLSULPLLvQ$UGHDO"

9DULDQWD
%XQLFXOH7LEHULXFDUHDXIRVWSULPLLSHSDPkQWXOSDWULHLQRDVWUHvQWUHEDvQWUR]LQHSRWXO
(KHLQHSRDWHHRSRYHVWHWDUHOXQJD
(UDRGDWDGHPXOWRFHDWDGHFDYDOHULIDOQLFLVLVSDWRVLVLvQIUXQWHDORUXQX
PDLIDOQLFVLPDLVSDWRVGHFkWWRWLFHLODOWLODXQ
ORF$WWLODL]LFHD
6RU PHUV HL FDODUL VRU PHUV SkQD RU GDW GH DSHOH XQXL UkX PDUH VL vQYROEXUDW  0XUHV VH FKHPD 6DWkW GH RERVLWL VH
VLPWHDXFRU]LVFDLPXVDLVDVDGDRWkUDVLVDIDFDREDLH
2UGHVFDOLFDWVRUGH]EUDFDWVRUODVDWKDLQHOHOkQJDFDLVRULQWUDWvQDSD2UvQRWDWvQVXVXOUkXOXLRUvQRWDWvQMRVXOOXLRU
vQRWDW SH IDWD RU vQRWDW SH VSDWH VL FkQG RU LHVLW S D FDL VL S DKDLQH FD URPkQLL DX IRVW SULPLLSH SDPkQWXULOH SDWULHL
DVWHLD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,RQDGXVvQIDWDLQVWDQWHLVXEDFX]DWLDGHDOILRPRULWFXORYLWXULUHSHWDWHGHFXWLWSH,RVFD
,DVSXQH,RDQHFXPODLRPRULWWXFXORYLWXULUHSHWDWHGHFXWLWSH,RVFD"
3DLVWDWLSXWLQGRP
OHMXGHFDWRUFRQRIR
FKLDUDVDFXPVSXQHWLGXPQHDYRDVWUD
'D
FXP"
3DLXLWHFXP'HXQD]LVWDWHDPvQIDWDFDVHLSHSULVSDVLvQPkQDVWkQJDDYHDPRQXLDVLvQPkQDGUHDSWDDYHDPREULVFDVL
QLDVHDVFXWDPQXLDXD
/DXQPRPHQWGDWPLVRIDFXWSRIWDGHREDQDQD
$PSXVQXLDXDMRVDPSXVEULVFDMRVDPVFRVGLQVHUSDUREDQDQDDPFRMLWRQLDVHDPPkQFDWRDPDUXQFDWFRDMDSHMRV
DPOXDWLDUDQXLDXDvQPkQDVWLQJDEULVFDvQPkQDGUHDSWDVLQLDVHDVFXWDPQXLDXD
(VLWDPDQDWXQFLI WDOVRDUHOHVDOI WDRWUHFXW,RVFDSHDFRORRFDOFDWSHFRDMDGHEDQDQDVLRSLFDWvQEULVFDPH

6L"
1RVLWRWDVHGHYUHR]HFHFLQVSHRUL

Ì'HFHXQJXURDLFHOHVLQWFRQVLGHUDWHDILSULQWUHFHOHPDLEXQHIHPHL"
53HQWUXFDVLQW8'(0(5(8

=LFHFDGRLUHSUH]HQWDQWLSDUODPHQWDULGLQMXG&RYDVQD6]DEREDFVLVL3LVWDEDFVLVHGXVDUDODVHGLQWDODSDUODPHQW
ÌQGUXPVSUH%XFXUHVWLvQWUHQ]LFH3LVWDEDFVLFDWUH6]DEREDFVL
1RLQXYRUEHVWHELQHURPDQHVWHGHDLDQRLQXYRUEHVWHPXOWFLVFXUWVLFXSULQ]DWRU
/DVHGLQWDLDSULPXOFXYLQWXO6]DEREDFVL
1RLODMXGHWXO&RYDVQDDPIDFXWSODQXOODFHDSDGDULHXvQWUHEXQGHHVWHFHDSD"
/DQRLODMXG&RYDVQDDPIDFXWSODQXOVLODFDUWRIGDULHXvQWUHEXQGHHVWHFDUWRI"(X6]DEREDFVLDWkWDPDYXWGHVSXV
$GRXD]LLDFXYLQWXO3LVWDEDFVL
(X3LVWDEDFVLQXPDYUHXVDvQWUHEXQGHL6]DEREDFVL"

Ì6WLWLFLQHDFRPSXV2EUDGIUXPRV"
58QXQJXUFDGDFDHUDURPkQVSXQHD8QEUDGIUXPRV

8QXQJXUFD]XVHGHSHPXQWHVLvQFDGHUHDOXLVHSULQVHGHRUDGDFLQDGHFRSDFFDUHLHVHDGLQPXQWH/DXQPRPHQWGDW
LVHSDUXFDYHGHXQvQJHUDSRLvVLGDGXVHDPDFDFKLDUDVDHUDXQvQJHUVHDSURSLHGHHOVLvLVSXVH
8LWHPDLXQJXUXOHDLGRXDYDULDQWHRULDLFUHGLQWDvQPLQHVLVDULODPLQHvQEUDWHVLHXWHYRLGXFHVXVvQDSRLSHPXQWHRUL
VWDLDLFLSkQDFkQGQXYHLPDLSXWHDVLYHLFDGHD
2PX
VHYD]XvQVLWXDWLDGHDQXDYHDFHDOHJHVLVDULvQEUDWHODvQJHUÌQJHUXOvOSULQVHVLvLGDGXGUXPXO/DFDUH6IkQWX

3HWUX
0DL)XQDUQLFLDLFLQXWHODVLGHJOXPH"

Ì&kQGDIRVWLQYHQWDWDSHUKHLGXO"
5&kQGDOELLLDXEDQXLWSHQHJULFDDUILXQJXUL

$QX
LHQ
2WDEODvQPLMORFX
FkPSLHL3DQQRQLFH)LQODQGDNPVSUHQRUG
&LQHRVWLXWFLWLVRGXV

3LVWLVL*KHRUJKHHUDXYHFLQLDYHDXILHFDUHFDVDORUFXJUDGLQDVLDVDPDLGHSDUWH*KHRUJKHDYHDRJDLQDFDUHvQILHFDUH
]LIDFHDXQRX6LvQILHFDUH]L*KHRUJKHOXDRXOVLvOPkQFDVDXvOWLQHDGHRSDUWHVLOYLQGHDDSRLODSLDWDÌQWUR]LJDLQD
WUHFX GLQ JUDGLQD OX
 *KHRUJKH vQ JUDGLQD OX
 3LVWL VL IDFX DFROR RXO 3LVWL FkQG YD]X DVD FHYD VH GXVH UHSHGH VL OXD RXO
SUHJDWLQGXVHVDOPDQkQFH*KHRUJHvOYHGHVLLVSXQH
1RPD3LVWLPDFHID
WXFXRXOPHX"
3LVWLFLFDQXFDRXOHDOOXLFDODIDFXWJDLQDvQJUDGLQDOXL6LWRWDVDVHFHUWDXHLSkQDvLYLQHOX
*KHRUJKHRLGHH
0D 3LVWL]LFH*KHRUJKHKDL PD VDIDFHP XQFRQFXUVQHGDPVXWXULvQFR LHFkW SXWHP GH WDUH VL FLQHUH]LVWD PDL PXOW
SDVWUHD]DVLPDQkQFDRXO
,JKHQ]LFH3LVWL
'DPDODVLSHPLQHVDGDXSULPX
]LFH*KHRUJKH
6LVHSUHJDWHVWH*KHRUJKHDOQRVWUXvVLLDFL]PHOHOXLGHLDUQDDOHDJUHOHVLLDUGHOX
3LVWLXQDQWUHFR LHGH QX VH YHGH
$VWDFDGHSHMRVVH]YkUFROHVWHXUODVLGXSDYUHRWUHLRUHvVLUHYLQVLEXFXURVVHSUHJDWHVWHVLHOvVLLDFL]PHOHOXLVHGXFHOD
*KHRUJKHVLL]LFH
1RDFXPHVWHPUkQGXOODWLQHVDVWHDVDLGHXFXSLFLRUXQFRLH
/DFDUH*KHRUJH
1XPD3LVWLPDWLQHWXRXOPLHQXPLPDLWUHEH

3RUQLWL vPSUHXQD OD YkQDWRDUH *KHRUJKH )XQDU VL /DV]OR 7RNHV KRWDUDVF OD XQ PRPHQWGDW VD LD R SDX]D GH PDVD
3ULPDUXO &OXMXOXL VLQJXUXO FDUH DYHD PHULQGH vQ WUDLVWD vVL vPELH SDUWHQHUXO GH YkQDWRDUH FX SkLQH VL VODQLQD PkQFDUHD
WUDGLWLRQDODDDUGHOHDQXOXLDGUHVkQGXLVHFXRYRFHPLHURDVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
9UHLRPXVFDWXUD"
6LIDUDDPDLDVWHSWDUDVSXQVGLQSDUWHDDFHVWXLDVWULJDUDVSLFDWFDWUHJRQDFLXOVDX
6RSHHO*ULYHL

%DQFXULFXSHUVRQDOLWDWL

%DQFXULFX%LOO&OLQWRQ

Ì&XPDIRVWGHVFRSHULWD9LDJUD"
5$IRVWGHVFLIUDWFRGXOJHQHWLFDOOXL%LOO&OLQWRQ

Ì&DUHHGLIHUHQWDGLQWUH0RQLFD/HZLQVNLVLUHVWXODPHULFDQLORU"
5$PHULFDQLLGDFDYUHDXRS DOD&DVD$OEDWUHEXLHVDYRWH]H

Ì'HFHDUH%LOO&OLQWRQRFRQVWLLQWDFXUDWD"
51XVLDIRORVLWRQLFLRGDWD

Ì&HDXvQFRPXQ0RQLFD/HZLQVNLVLXQDXWRPDWGHELOHWHGHPHWURX"
5$PkQGRXDDXRGHVFKL]DWXUDSHFDUHVFULH3XW%LOOLQKHUH

Ì&XPVDXvQWkOQLW%LOO&OLQWRQFX+LOODU\"
5ÌDOLFHXDXDYXWRvQWkOQLUHFXDFHHDVLWLSD

Ì'HFHSRDUWD&OLQWRQFKLORWL"
5&DVDVLvQFDO]HDVFDJOH]QHOH

Ì&XPVHQXPHVWHPDLQRX%LURXORYDO"
5%LURXORUDO

Ì'HFHDUH0RQLFD/HZLQVNLEXFLOHDVDGHXPIDODWH"
53HQWUXFDPDLSDVWUHD]DGRYH]LOH

Ì&XVHFKHDPDIDSWXOFD%LOO&OLQWRQvVLXLWDVOLWXOGHVFKLV"
5862SHQ

Ì'XSDFHVHUHFXQRDVWHIDSWXOFD%LOO&OLQWRQPLQWH"
'XSDIDSWXOFDvVLPLVFDEX]HOH

Ì'HFH0RQLFD/HZLQVNLVFKLPEDSDUWLGXOGLQFDUHIDFHSDUWH"
56DGHFLVSHQWUXUHSXEOLFDQLSHQWUXFDGHPRFUDWLLLDXODVDWXQJXVWDPDUvQJXUD

Ì&XPVHGHILQHVWHvQ&DVD$OEDFXYkQWXOIHFLRDUD"
52IHPHLHFDUHDOHDUJDPDLUHSHGHGHFkWSUHVHGLQWHOH

Ì'HFHVLDUHWUDV3DXOD-RQHVDFX]DWLDvPSRWULYDOXL%LOO&OLQWRQ"
53HQWUXFDVLDGDWVHDPDFkWGHLPSODX]LELOHVWHFDXQEDUEDWFXSHQLVXOGHFPVDSUDFWLFHVH[XORUDOFXRIHPHLHFX
QDVXOGHFP

Ì'HFHQXPDLH[LVWDQLFLRXUPDvQFD]XO&OLQWRQ"
50RQLFDOHDvQJKLWSHWRDWH

Ì'HFHILLFDSUHVHGLQWHOXL&OLQWRQ&KHOVHDQXPDLDUHIUDWLVDXVXURUL"
50RQLFD/HZLQVN\LDvQJKLWLWSHWRWL

Ì&DUHHFHDPDLEXQDQRWDSHFDUHRSUDFWLFDQWDRSRDWHSULPLOD&DVD$OED"
56DWLVIDFDWRU

Ì&HDVSXV+LOODU\&OLQWRQVRWXOXLHLGXSDFH3DXOD-RQHVVLDIDFXWSXEOLFDSRYHVWHD"
5,GLRWXOHWLDPVSXLVDOODVLSH7HG.HQQHG\VDRFRQGXFDDFDVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0RQLFD/HZLQVNLODXQFRQFXUVWHOHYL]DWGHvQWUHEDULVLUDVSXQVXUL
0RQLFDFHHVWHHMDFXODWXO"
2FOLSDvPLVWDSHOLPED

([LVWWUHLWLSXULGH9LDJUD
3DVWLOHXVRDUH
3DVWLOHWDUL
%LOO&OLQWRQ

&DVLUDVSXQVOD(XUR¼DIRVWHPLVDVLvQ$PHULFDRQRXDPRQHGD
&OLQWRQ 9LDJUD

&OLQWRQGDXQLQWHUYLXUHYLVWHL7LPHV
7LPHV0RQLFDVSXQHFDDLXQSHQLVPLF
&OLQWRQ0RQLFDHVWHJXUDVSDUWD

Ì&HvL]LFH%LOO&OLQWRQOXL+LOODU\FvQGDUHFKHIGHVH["
5'UDJDvQWURRUDVvQWvQDSRL

Ì'HFHVLDYvQGXW.HQHWK6WDUUFDGDGHEDLH"
53HQWUXFDvLSOFHVDVHvPEDLH]HvQYLDWDSHUVRQDODDOXL%LOO

5HIOHFWLLGLQ5DSRUWXO6WDUUXQSLFGHRUDOHWRWXVLOHJDO

Ì&XPVHQXPHVWHSHULDGHGLQWLDOXL&OLQWRQ"
52UDO%

Ì'HFHVHVFRDOD+LOODU\&OLQWRQODRUDGLPLQHDWD"
5&DVDILHVLHDSULPDGRDPQDD$PHULFLLVDQXLRLD0RQLFDvQDLQWH

Ì&DUHHVXQHWXOVRQHULHL0RQLFDL/HYLQVNL"
5&OLQ7RQ

Ì&DUHHWLWOXOQRLLFDUWLDOXL-RKQ*ULVKDP"
57RDWDVDPkQWDSUHVHGLQWHOXL

Ì&HDFXPSDUDW0RQLFD/HZLQVN\GHODPDJD]LQXO&DVHL$OEH"
5*HQXQFKLHUH

Ì6WLWLFDUHVXQWXOWLPHOHFXYLQWHDOH0RQLFD/HZLQVNL"
5$PVXSWRSUHVHGLQWHOXLVLPDPDOHVQXPDLFXURFKLDDVWDXGD

Ì&XPGHILQHVWH&OLQWRQVDIHVH[XO"
5&kQG+LOODU\HSOHFDWDGLQRUDV

Ì'HFHQXH[LVWDVHPQHGHFDUWHOD&DVD$OED"
53HQWUXFDVHPQHVXQWSHWRDWHSDJLQLOHFDUWLORU

Ì&DUHHGLIHUHQWDvQWUH%LOO&OLQWRQVLXQJLJROR"
58QJLJRORVHUYHVWHRVLQJXUDSHUVRDQDGHRGDWD

Ì&HDVFULV0RQLFD/HZLQVN\SHGHPLVLDHL"
56XQWVDWXODGHHFKLSDSUH]LGHQWLDOD

)UXPRDVDGLQ3DGXUHD$GRUPLWD7RP'HJHWHOVL'RQ-XDQGLVFXWD
(XVXQWFHDPDLIUXPRDVDGLQOXPHVSXQH)UXPRDVDGLQ3DGXUHD$GRUPLWD
1XQXHVWLUDVSXQGFHLODOWLGRL
(XVXQWFHDPDLPLFDSHUVRDQDGLQOXPHVSXQH7RP'HJHWHO
1XQXHVWLUDVSXQGFHLODOWLGRL
(XDPFHOHPDLPXOWHDPDQWHGLQOXPHVSXQH'RQ-XDQ
1XQXDLUDVSXQGFHLODOWLGRL
(LVHGHFLGHLVDPHDUJDOD9UDMLWRUXOGLQ2]FDVDvLODPXUHDVFDFLQHFDUHVLFH
9UDMLWRUXOGLQ2]vLSULPHVWHSHUkQG


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
)UXPRDVDGLQ3DGXUHD$GRUPLWDLHVHvQWUXQPLQXWVLVSXQH
(XVXQWFHDPDLIUXPRDVDSHUVRDQDGLQOXPH
,QWUD7RP'HJHWHOLHVHVLHOvQWUXQPLQXWVLVSXQH
(XVXQWFHOPDLPLFGLQOXPH
'RQ-XDQLQWUDVWDRRUDMXPDWHVLFkQGLHVHVSXQH
&LQHS DPDVLLH%LOO&OLQWRQDVWD

/DRvQWkOQLUHODQLYHOvQDOWSUHVHGLQWLL%RULV,HOWLQ,RQ,OLHVFXVL%LOO&OLQWRQvVLVSXQRIXO-HOWLQ
(XDPERG\JXDU]LVLXQXOGLQWUHHLYUHDVDPDRPRDUHSUREOHPDHFDQXVWLXFDUH
,OLHVFX
$PPLQLVWULLXQXOGLQWUHHLFLFDDUILEXQ3UREOHPDHFDQXVWLXFDUH
&OLQWRQ
$PSUDFWLFDQWHXQDGLQWUHHOHFLFDDUDYHDVLGDSUREOHPDHFDQXVWLXFDUH

ÌQWURGLPLQHDWDDOEDGHLDUQD&OLQWRQYHGHvQ]DSDGDGLQIDWD&DVHL$OEHVFULVFXSLVDW
&OLQWRQHXQODEDJLX
&OLQWRQHIRDUWHVXSDUDWVLFKHDPDVHIXOVHUYLFLXOXLVHFUHW
*DVHVWHPLLPHGLDWFLQHVDSLVDWvQ]DSDGD
$GRXD]LYLQHVHIXOVHUYLFLXOXLVHFUHWVLUDSRUWHD]D
$PRYHVWHUHDVLXQDVLPDLUHD&XFDUHVDvQFHS"
&OLQWRQVHKRWDUDVWHSHQWUXFHDUHD
$PSULQVIDSWDVXO(VWHPLQLVWUXODSDUDULL
&OLQWRQHVWHXLPLWVLVLFDUHHYHVWHDVLPDLUHD"
(VWHVFULVXOOXL+LOODU\

1HD,OLFL,OLHVFXVHGXFHvQYL]LWDODPLVWHU%LOO&OLQWRQ

$UHORFRGLVFXWLHODQLYHOvQDOWGHVSUHRDPHQLLGLQ86$VL5RPDQLDÌQFHSH%LOO
$X]LFRPUDG,OLFLODQRLRDPHQLLvQWkLJkQGHVFGXSDDLDIDF8LWHRGHPRQVWUDWLH-RKQGDLXQDOX
WRYDUDVXO,OLHVFX
'DU-RKQ
,OLHVFXKPP,OLHVFX HVWH SUHVHGLQWHOH 5RPDQLHL (X VXQW DPHULFDQ'DFD vL GDX XQD RIHQVH] VWDWXO URPDQ $SRL
UD]ERL&DWUH&OLQWRQ1XSRWGRPQXOHSUHVHGLQWH
%UDYRMRKQ
=LFH,OLFL
%LOO\ER\ODQRLvQWkLRDPHQLLIDFGXSDDLDJkQGHVF,DXLWH,RDQHGDLXQDOX%LOO\
6L,RQvLDUGHXQSXPQOXL%LOOGHVHGXFHDODSHVSDWH'XSDFHvVLPDLUHYLQHvODXGHSH,RQJkQGLQGXVH
6DLPDLGDXVLXQFDSvQJXUD"

ÌQDLQWHDXQHLFRQIHULQWHGHSUHVD%LOO&OLQWRQHVWHYD]XWGHFDWUHUHSRUWHULSHXQFRULGRUDO&DVHL$OEHFXXQFKLORWGH
GDPDSHEUDW
1LFLFDUHQXVHvQFXPHWDVDvQWUHEHGDUGXSDFRQIHULQWDWRWXVLXQXOGLQRDPHQLLGLQVXLWDHVWHvQWUHEDWvQVRDSWDFHvQVHDPQD
DVWD
'DDWLUHPDUFDWELQHGRPQXO3UHVHGLQWHSRDUWDXQEDQGDMPHGLFDOGHGRXDVDSWDPkQLSHQWUXDVHGH]RELVQXL

+LOODU\&OLQWRQPHUJHOD3UH]LFDWRDUH$FHDVWDGDvQFDUWLVLvLVSXQH
9DGFDVRWXOGXPLWDOHYDPXULDQXODFHVWDGHRPRDUWHFXPSOLWD
/DFDUH+LOODU\
9HGHWLFXPYDVLGDFDFLQHYDPDPLQWHVDXvQFHDUFDVDPDSDFDOHDVFD"

7UHLSXVWLVHSOLPEDXSULQ:DVKLQJWRQFkQGDXYD]XWvQWUXQODFXQRPFDUHGDGHDVDVHvQHFH
&HLGRLEDLHWLVHDUXQFDvQDSDVLOVDOYHD]DFDDSRLVDUHPDUFHODPDOFDDFHVWDHUD%LOO&OLQWRQ
%LOODIRVWDWkWGHEXFXURVFDDVFDSDWFXYLDWDFDDIRVWGHDFRUGVDOHvQGHSOLQHDVFDFkWHRGRULQWDEDLHWLORU3ULPXOVSXQH
0LDVGRULRELFLFOHWDvPLGRUHVFGHPXOWGDUSDULQWLLPHLVXQWVDUDFLVLQXVLSRWSHUPLWH
%LOOUDVSXQGH
2.PkLQHYLQHXQRPGLQVXLWDPHDFXWLQHODXQPDJD]LQGHVSRUW
$OGRLOHDSXVWLvVLGRUHVWHXQFRPSXWHUODFDUH%LOOUDVSXQGH
2.PkLQHYLQHXQRPGLQVXLWDPHDFXWLQHODXQPDJD]LQGHFRPSXWHUH
$OWUHLOHDVSXQH
(XvPLGRUHVFRvQPRUPkQWDUHGHVWDWFXRQRU3UH]LGHQWLDO
+HHHHLVSXVH%LOOWXHVWLvQFDSUHDWkQDUVDWHJkQGHVWLODPRDUWHGHSHDFXP
'DUDVSXQVHSXVWLXOGDUFkQGDIODWDWDSHFLQHDPVDOYDWGHODvQHFFXVLJXUDQWDFDPDEDWHGHPDRPRDUD

ÌQWUR]L&OLQWRQIRDUWHVXSDUDWFKHDPDGHFRUDWRUXO&DVHL$OEHvQ%LURXO2YDOVL]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&KHOVHD HVWH IRDUWH VXSDUDWD VL H GH SDUHUH FD DFHDVWD FDPHUD H FHD PDL XUkWD FDPHUD D &DVHL $OEH $V YUHD VD ILH IDFXW
LPHGLDWFHYD
<HV6LUGRPQXOHSUHVHGLQWHYRLRUGRQDVDVFRDWDLPHGLDWWRDWHRJOLQ]LOHGHDLFL

8QRP VWDvQWUXQEDUvQ0RQWDQDVLVH XLWDODWHOHYL]RU/DXQ PRPHQW DSDUH %LOO &OLQWRQ vQ LPDJLQH2PXO VSXQH FX
YRFHWDUH
7LSXODVWDDUDWDFDXQFXUGHFDO
8QFRZER\GHOkQJDVHULGLFDVLvOGDMRVGHSHVFDXQFXXQSXPQ2PXOVHULGLFDVHDVHD]DGLQQRXSHVFDXQVLGXSDXQ
WLPSDSDUH+LOODU\vQLPDJLQH
'DUHDDUDWDFXVLJXUDQWDFDXQFXUGHFDO
8Q DO GRLOHD FRZER\ VH ULGLFD VL HURXO QRVWUX H GLQ QRX SH MRV 6H DVHD]D DSRL SH VFDXQ PDVkQGXVL IDOFD VL vQWUHDED
EDUPDQXO
0DVFX]DWLPDJkQGHDPFDPDDIOXvQWUXQVWDWFRQVHUYDWLY0RQWDQD8QGHPDDIOX"ÌQVWDWXOOXL&OLQWRQ"
1XUDVSXQGHEDUPDQXOWHDIOLLvQVWDWXOFDLORU

&OLQWRQVL,HOWLQVXQWFRQJHODWL'XSDGHDQLVXQWGLQQRXGHFRQJHODWL$PkQGRLIDFSULPDRDUDDFHODVLOXFUXFHUXQ
]LDUGHDFWXDOLWDWH
,HOWLQSULPHVWHSULPXO]LDUXOGXSDPLQXWHvQFHSHGLQWURGDWDVDUkGDFXODFULPL&OLQWRQvOvQWUHDEDFHHVWHODFDUH,HOWLQ
,DXLWHFHVFULHDLFL/XSWHVkQJHURDVHODJUDQLWDPH[LFRFDQDGLDQD
&OLQWRQ vL VPXOJH ]LDUXO GLQ PkQD VL FLWHVWH VL HOGXSD  PLQXWH vQFHSH GLQWUR GDWD VD UkGD FX VXJKLWXUL VL FkQG ,HOWLQ
vQWUHDEDFHHDVDGHDPX]DQWUDVSXQGH
7LWOX/DJUDQLWDJHUPDQRFKLQH]DVDXvQDVSULWFRQWURDOHOH

%LOO&OLQWRQDGRDUPHFXFDSXOSHELURXvQWUR]LVLDUHXQYLVFLXGDW
6HIDFHDFDPXULVHHUDvQLDGLDU'UDFXOWUHEXLDVDvOSHGHSVHDVFDSHQWUXHWHUQLWDWH
'DUSHQWUXFDIDFXVHVLIDSWHEXQHSHSDPkQWDYHDGUHSWXOVDVLDOHDJDSHGHDSVD
ÌOGXFHGUDFXOvQWURFDPHUDXQGHHUD1HZW*LQJULFKvQWLQVSHRPDVDVWULJkQGvQDJRQLHvQWLPSFHRURDWDFDOFDSHVWHHO
&OLQWRQ3DUFDQXHFHHDFHPLDUSODFHD$VDFDPHUJvQDOWDFDPHUD
$FROR HUD %RE 'ROH DJDWDW GH R VIRDUD ÌO EDJDX vQWUXQ FD]DQ FX FDFDW VL FvQG HUD JDWD VD VH VXIRFH vO PDL VFRWHDX VD
UHVSLUH
9DLVSXVH&OLQWRQDVWDQXHSHQWUXPLQH
$VDFDvOGXFvQDWUHLDFDPHUDXQGH.HQQHWK6WDUUVWDWHDDJDWDWGHSHUHWHvQWLPSFH0RQLFD/HZLQVNLvLVXJHDS D
&OLQWRQVSXVH
2.DVDDVLYUHDVDILXSHGHSVLW
'UDFXO
)LHDVWDYDILSHGHDSVDWDSHQWUXXUPDWRUXOPLOLDUGGHDQL0RQLFD7LDYHQLWVFKLPEXO

9DULDQWD
0RDUH%LOO&OLQWRQVLHVWHUHSDUWL]DWvQLDG$MXQVDLFL'UDFXOvLVSXQH
,DGXO HVWH vQ DFHVW PRPHQW SOLQ WRDWH ORFXULOH VXQW RFXSDWH GDU FXP QX WH SXWHP ODVD VD SOHFL VL DYkQG vQ YHGHUH FH
LPSRUWDQWDLIRVWvWLGDPSRVLELOLWDWHDVDDOHJLvQORFXOFXLYUHLVDUDPkL
=LVVLIDFXW0HUJH&OLQWRQvQSULPDFDPHUDvOJDVHVWHSH1L[RQILHUELQGvQWUXQFD]DQFXVPRDOD
$QX]LFH&OLQWRQQXYUHDXVDUDPkQDLFL
vQDGRXDFDPHUD%XVKOHJDWIHGHOHVVLFKLQXLWGH]HFLGHGUDFXVRUL
1XQLFLDLFLQXYUHDXVDUDPkQ
ÌQDWUHLDFDPHUD.HQQHWK6WDUVL0RQLFD/HYLQVN\LDU0RQLFDvOOXFUDSH.HQQHWKDVDFXPVWLHHDPDLELQH
/XL&OLQWRQvLOXFHVFRFKLLVL]LFH
'DGDDLFLYUHDXVDUDPkQ
6L'UDFXO
2.0RQLFDSRWLVDSOHFL

ÌQ$YLRQXOSUH]LGHQWLDOH[LVWDUHJXOLIRDUWHVWULFWH
&kQGDSDUWXUEXOHQWHVLDYLRQXOvQFHSHVDVHFODWLQHHVWHVWULFWLQWHU]LVDVHEDWHODXVDSUHVHGLQWHOXL

ÌQHPLVLXQHD6WLULGHOD+ROO\ZRRGDFWULWD.DWH:LQVHOHWW7LWDQLFDVSXQVUDVSLFDWFDQXDUSUHOXDvQQLFLXQFD]UROXO

0RQLFDL/HZLQVNLvQWUXQSURLHFWGHILOP
0RWLYXO1XPDLDUHQLFLGHFXPSRIWDVDPDLILHDVDGHXPHGDXQILOPvQWUHJ

&LFDHUDX%LOO&OLQWRQVLFX3DSD,RDQ3DXO,,vQWUREDUFDVLGLVFXWDXGH]RU'HRGDWDRSDODGHYkQWvLVPXOJHSDSHL
SDODULXWDGHSHFDSVLLRDUXQFDvQDSDODFkWLYDPHWULGHSDUWDUH%LOO]LFHFDQRSUREOHPSDUFXUJHUHVSHFWLYLLPHWULSDVLQG
SHDSDULGLFDSDODULXWDVHvQWRDUFHWRWSDVLQGSHDSDVLLRvQDSRLD]DSDSHL2IFRXUVHSHDFRORHUDXVLUHSUH]HQWDQWLLSUHVHL
FDUHQDXVFDSDWRFD]LDXQRUIRWRJUDILL
5H]XOWDWDGRXD]LvQWRDWH]LDUHOHWLWOXULGHRVFKLRDSD%LOO&OLQWRQQXVWLHVDvQRDWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

3DSDODXOWLPDYL]LWDvQ68$VDvQWkOQLWVLFX&OLQWRQ,DUvQORFGHRRUDFkWWUHEXLDVDILHvQWkOQLUHDFHORUDFHDVWDD
GXUDW]LOH
'XSDWHUPLQDUHDFRQYRUELULORU&OLQWRQFX]kPEHWXOSHEX]HDGHFODUDWVXFFHVXOFRYRUELULORUvQGLQWUHSUREOHPHDPELL
ILLQGGHDFHHDVLSDUHUH
$SDUHVL3DSDVXSDUDWSOkQVQHFDMLWQHYRLHPDUH7RWL]LDULVWLLUDPkQQHODPXULLVLvLH[SOLFDGHFHOHGLQSXQFWHOHFX
FDUHVDFD]XWGHDFRUG/DFDUH3DSDUHSOLFD
'DUDPGLVFXWDWGRDUGHFHOHSRUXQFL

&OLQWRQVL3DSDDXPXULWvQDFHHDVL]L'DWRULWDELURFUDWLHLDGPLQLVWUDWLYH&OLQWRQHVWHUHSDUWL]DWvQUDLVL3DSDvQLDG
3DSDH[SOLFDVLWXDWLDDGPLQLVWUDWLHLLDGXOXLHLYHULILFDGRFXPHQWHOHVLHURDUHDHVWHODPXULWD
,VHH[SOLFDFDYDGXUDWRWXVLGHRUHVDIDFDVFKLPEDUHD$GRXD]L3DSDHVWHFKHPDWODDGPLQLVWUDWLDLDGXOXLFDUHVLLD
DGLRGHOHHO
3DSDVHvQGUHDSWDOLQLVWLWVSUHUDL3HVFDULvOvQWkOQHVWHSH&OLQWRQFDUHFRERUDVLVHRSUHVFODRYRUED
3DSD,PLSDUHUDXSHQWUXLQFXUFDWXUD
&OLQWRQ1LFLRSUREOHPD
3DSD6WLLVXQWGHDGUHSWXOHPRWLRQDWFDPHUJvQUDL
&OLQWRQ'HFH"
3DSD7RDWDYLDWDPLDPGRULWVRvQWkOQHVFSH)HFLRDUD0DULD
&OLQWRQÌPLSDUHUDXDLvQWkU]LDWR]L

6HvQWkOQHVWH&OLQWRQFX3DSDSHFDUHvOvQWUHDED
6ILQH3DULQWHDLSXWHDVDPLRSUH]LQWLSH)HFLRDUD0DULD"

ÌQ&DVD$OEDH[LVWDWUDGLWLDFDGRUPLWRDUHOHVDILHQXPLWHFXQXPHOHSUHVHGLQWLORUFDUHGRUPHDXvQHOH
&X%LOO&OLQWRQDFHDVWDWUDGLWLHWUHEXLHvQWUHUXSWD&DX]D
$FWXDOXOSUHVHGLQWHDIRORVLWSUHDPXOWHGRUPLWRDUH

.RKO%ODLU &OLQWRQWHVWHD]DHFRXOXQHLSUDSDVWLL
.RKOVWULJD'HXWVFKODQG
(FRXOODQGODQG
%ODLUVWULJD(QJODQG
(FRXOODQGODQG
+RSVL&OLQWRQ8QLWHG6WDWHV
(FRXODLGVDLGV

8QUHSRUWHUGHOD&11vOLQWUHDEDSHXQSDUWLFLSDQWSHQVLRQDUODWHUPLQDUHDPLWLQJXOXLGLQ3LDWD8QLYHUVLWDWLL

'HFHFUHGHWLFD3UHVHGLQWHOH&OLQWRQQXVHJUDEHDVDSOHFHGLQSLDWDGXSDWHUPLQDUHDPLWLQJXOXL"
SHQWUXFDvODVWHSWDSH1HOXWX

0DUHDFFLGHQWGHDYLRQVROGDWFXPRDUWHDJXYHUQXOXLDPHULFDQ$MXQJWRWLvQUDLOD'XPQH]HX$FHVWDvLSULPHVWHVWkQG
SHWURQXOFHUHVF
7XFLQHHVWL"
6XQWSUHVHGLQWHOH6WDWHORU8QLWHDOH$PHULFLL%LOO&OLQWRQ
%LQHILXOHDVHD]DWHDLFLODGUHDSWDPHD
ÌQFOLSDDFHHDLQWUDDOHUJkQG+LOODU\&OLQWRQSHFDUH'XPQH]HXRvQWUHDEDFLQHHVWH
6XQW+LOODU\&OLQWRQSULPDGRDPQDD$PHULFLL'DUWXFLQHHVWLVLGHFHVWDLSHORFXOPHX"

%LOOVL+LOODU\&OLQWRQVHDIODFXPDVLQDSH5XWD6HRSUHVFHLODREHQ]LQDULHPLFD2PXOFDUHOHXPSOHWDQFXOVSXQH
OXL+LOODU\
+L+LOODU\ÌWLPDLDGXFLDPLQWHGHPLQH"$PIRVWSULHWHQLvQOLFHX
+LOODU\vVLUHFXQRDVWHVLHDIRVWXOSULHWHQVLDPkQGRLPDLSRYHVWHVFGHYUHPXULOHGHDOWDGDWD
0DLWkU]LXSHGUXP%LOOVSXQH
9H]LWUHEXLHFDHVWLIRDUWHIHULFLWDFDWHDLFDVDWRULWFXPLQHGDFDWHFDVDWRUHDLFXIRVWXOWDXSULHWHQQXDLILIRVWDFXPVRWLD
SUHVHGLQWHOXL
%DGDVSXVH+LOODU\vQFD]XODFHVWDDUILIRVWHOSUHVHGLQWHOH6WDWHORU8QLWH

+LOODU\PHUJHOD*LQHFRORJVLSULPHVWHYHVWHDPLQXQDWDFDHvQVDUFLQDWD
$SXFDWHOHIRQXOVLvOVXQDSH%LOO
3RUFXOH(XVXQWJUDYLGDVLWXWHGXFLFXDOWHOH
/DFDUH%LOO
7HURJVDWHOLQLVWHVWLVSXQHPLQXPDLFXPWHQXPHVWLVLHXSUHLDXWRDWHFRVWXULOH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%LOO &OLQWRQ vVLIDFHvQ ILHFDUH GLPLQHDWD WXUD GH MRJJLQJ SULQ DFHODVL SDUF ÌQWUR GLPLQHDWD YHGH R SURVWLWXDWD FDUH QX
DUDWDDVDGHUDX
$MXQJHODFRQFOX]LDFDvLSODFHGHHD(DVWULJDvQXUPDOXL
GH'RODUL
'LQFDX]DFD%LOOQXSULPHVWHDWkWLEDQLGHEX]XQDUGHOD+LOODU\vLVWULJDSURVWLWXDWHLvQDSRL
'RODUL
3URVWLWXDWDVHVLPWHMLJQLWDVLSODFDLDU%LOOvVLFRQWLQXDWXUDGH-RJJLQJ
'HDWXQFL3URVWLWXDWDVHDIODvQILHFDUH]LvQDFHODVLORFVLvQILHFDUH]LFHLGRLDYHDXDFHHDVLGLVFXWLH
'XSDYUHRGRXDVDSWDPkQLVHKRWDUDVWHVL+LOODU\VDDOHUJHFX%LOO$FHVWDVDVSHULDWFDVRWLDSRDWHVDvVLGHDVHDPDGHWRDWD
ID]DGDUQXVHvQFXPHWDVDVFKLPEHUXWD
$VWIHO DOHDUJD SHUHFKHD SUH]LGHQWLDOD VL DMXQJ vQ GUHSWXO SURVWLWXDWHL %LOO R SULYHVWH FX IULFD VL FX VSHUDQWD FD DFHDVWD YD
WDFHDGLQJXUD
'XSDFHDXWUHFXWGHHDDXGFHLGRLGLQXUPD
$FXPDYH]LFHFDSHWLSHQWUX'RODUL

Ì&HDUHRVXWDGHGLQWLVLSD]HVWHXQPRQVWUX"
5)HUPRDUXOSDQWDORQLORUOXL%LOO&OLQWRQ

Ì&DUHHGLIHUHQWDGLQWUHDVDOXWDUHJLQD$QJOLHLVLSUHVHGLQWHOH$PHULFLL"
53HQWUXDVDOXWDUHJLQDQXWUHEXLHVDSXLGHFkWXQJHQXQFKLMRV

Ì&HFHQXPDLYUHD0RQLFD/HZLQVNLVDMRDFHJROIFX%LOO&OLQWRQ"
56DVDWXUDWGHELOHOHOXLFDUHRORYHVFSHVWHIDWD

Ì&DUHHFHDPDLQRXDGRULQWDDVFXQVDDOXL%LOO&OLQWRQ"
5&DOXPHDVDLPDLDUDWHPkQDFXPDLPXOWGHFkWXQGHJHWvQWLQV

%LOOVL+LOODU\VHDIODvQWUXQUHVWDXUDQW
&KHOQHUXOOHRIHUDVSHFLDOLWDWHDFDVHLSXLvQFXSWRUVLSHVWH
3XLXOVXQDELQHDVGRULVDVHUYHVFDVWDVSXQH+LOODU\
&KHOQHUXOvVLQRWHD]DDSRL]LFHSRFLQGGHHPRWLHYRUED
6LOHJXPDOHJXPH"
(OGRUHVWHSHVWHUDVSXQGH+LOODU\

6HvQWkOQHVF&OLQWRQFX7]\RQ3LQJ0\R/LQJLSUHPLHUX
FKLQH]ODXQDPLFD6LVHLDXODFDIWHDOD
%DPkQFDPLDLRUH]XFHDLGDWFXERPEDvQIUDWLLPHLGLQ%HOJUDG"
'D
YRLIX HYDU0RQLFDFHDWLIXUDWVHFUHWXGHODQRL"
%D&RFD&RODFHQHWUHEHQRXDWHKQRORJLDYRDVWUD"9RWUDJHPFkQGYUHPQRL
%DJDOEHMLWLORUGDFLQHYDFUHGHWLYRL"+DLODSDULXSHRODGDGHYRGFDFDDQRDVWUDLPDLWDUH
3XVHUDHLSDULXOWDLH(OWLQ6LVHGXFvQ$PHULFDVDSDODPJDVHVFXQSUH]HUYDWLY
9H]LEDDFXPGHDQLQRLQHSURWHMDP
0DLVDSDPJDVHVFRFXWLHGH&RFD&ROD5HFLFODELOD
$FXPGHDQL
0DLVDSDPJDVHVFRVkUPD
7RWQXWLHFODU"ÌQFDGHDFXPGHDQLDYHDPUHWHDGHWHOHIRQLH+DLFDWLDPWUDVR
0HUJVLvQ&KLQD6DSDODPQLPLF6DSDODQLPLF/DWRWQLPLF0\R/LQJLWULXPIDWRU
9H]LORRVHUH'RYDGDFODUDFDvQFDGHDFXPGHDQLQRLIRORVHDPFHOXODUX

%LOO&OLQWRQvQYL]LWDODPDUHOHXUV<HOWVLQ$FHVWDGLQXUPDvOLQYLWDSH%LOOODRSDUWLGDGHSHVFXLWXQGHYDSULQ5XVLD6L
VWDWHDXHLDVDSHPDOXOODFXOXLVLSHVFXLDX<HOWVLQFXRVWLFODGHYRGNDOkQJDHO%LOOFXRVWLFODGH-DFN'DQLHOVDVDFDVDVH
PDLvQFDO]HDVFDÌQWLPSFHPDUHOHXUVVFRWHDSHVWHGXSDSHVWHSHQWUX%LOOSDUFDHUDFHDPDLQHDJUD]LGLQYLDWDOXLSHQWUXFD
QXUHXVHDVDWUDJDQLPLF'DUODXQPRPHQWGDWVXUSUL]DDD%LOOVFRDWHXQSHVWLVRUPLFPLFGHDXU
'RPQXOH3UHVHGLQWH'RPQXOH3UHVHGLQWHVSXVHSHVWLVRUXOGHDXUYDURJGDWLPLGUXPXO9DURJRVDYDvQGHSOLQHVF
RULFHGRULQWDDYHWL
0DLSHVWLVRUXOHVSXVHSRSXODUXOSUHVHGLQWHFHGRULQWDSRDWHDYHDXQXOFDPLQH" $PWRWFHVLSRDWHGRULRILLQWDXPDQD
GRDUVXQWSUHVHGLQWHOH$PHULFLLQX"'DURVDWLGDXGUXPXOFDFLvPLHVWHPLODGHWLQHVLvQSOXVSUHVHGLQWLLPDLWUHEXLHVD
IDFDVLIDSWHEXQH
*kQGHVWHWHELQHVSXVHSHVWLVRUXODFHDVWDVDQVDQXRSRDWHDYHDRULFLQH
2NVSXVHSUHVHGLQWHOHGXSDXQWLPSGHDGkQFDUHIOHFWLHYUHDXFDGHD]LvQDLQWHGHILHFDUHGDWDFkQGPHUJODWRDOHWDVDPD
SLVVDPSDQLH$VWDFKLDUPDSRDWHIDFHGLIHULWGHRULFHILLQWDXPDQD
3LLLQJVLSHVWLVRUXOGLVSDUXvQYDOXUL/DvQWRDUFHUHDvQ$PHULFD%LOOWUHFXSHOD:KLWH+RXVHVLIXvQWDPSLQDWGH0RQLND
SHFDUHvQFDRLXEHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'UDJDPHDVSXVH%LOOVDYH]LFHPLVDvQWkPSODWEODEODEODVLGHDWXQFLGHFkWHRULPDSLVPDSLVVDPSDQLH&RRO
QXLDVD"
((((([WUDRUGLQDUVWULJD0RQLNDFXSULQVDGHH[WD]$OHUJVDDGXFGRXDFXSHVDJXVWDPGLQVDPSDQLDSUH]LGHQWLDOD
1XLQLFLRJUDEDVSXVHSUHVHGLQWHOHLDURFXSDHVWHVXILFLHQWD
'HFHGRDURFXSD""VHPLQXQD0RQLND
3HQWUXFDWXRVDEHLGLUHFWGLQVWLFODUHSOLFDSUHVHGLQWHOH]kPELQGDSURDSHVDWLVIDFXW

%LOO&OLQWRQPRDUHVLDMXQJHODSRDUWDUDLXOXL'XSDFHEDWHODSRDUWDvLLHVVHvQvQWkPSLQDUH6IkQWXO3HWUH
&LQHL"
(X%LOO&OLQWRQ
6LFHYUHL"
6DLQWUX]LFHDFHVWD
$WXQFLGDFDYUHLVDLQWULWUHEXLHVDPLVSXLFHSDFDWHDLIDFXWSHSDPkQW
3DLDPIXPDWPDULKXDQDGDUOXFUXODVWDQXSRDWHILIRORVLWvPSRWULYDPHDFDFLQXDPWUDVvQSLHSWFUHGFDDPIDFXWVH[vQ
DIDUDFDVQLFLHLGDUDVWDLDUQXVHSXQHSHQWUXFDQXDPDYXWUHODWLLVH[XDOHVLDPPDLPLQWLWGDUDVWDLDUQXFRQWHD]DSHQWUX
FDQXDPvQVHODW&DPDVWDDUIL
'XSDFH6IkQWXO3HWUHVHJkQGHVWHXQWLPSvL]LFH
8LWHDWXQFLFXPIDFHPWHWULPLWHPvQWUXQORFXQGHHWDUHILHUELQWHGDUQXYRPQXPLORFXODVWD,DGYHLVWDDFRORSHQWUXR
SHULRDGD GH WLPS FDUHL QXL YRP VSXQH vQVD (WHUQLWDWH VL QX ODVD RULFH VSHUDQWD OD LQWUDUH GDU QLFL VD QX vQFHUFL VDWL WLL
UDVSLUDWLDSkQDWRWXOVHWHUPLQD

/D:DVKLQJWRQ'&DIRVWIDFXWXQVRQGDMGHRSLQLHGHIHPHLDXIRVWvQWUHEDWHGDFDYRUVDIDFDVH[FX%LOO&OLQWRQ
'RXDDXUDVSXQV'$GRXD18VL180$,

&DUHDIRVWSR]LWLD0RQLFDL/HZLQVNLOD&DVD$OED"
0LVLRQDUD

%DQFXULFX/DG\'L

Ì&HDXvQFRPXQ/DG\'LVLXQWDPSRQ2%
5$PkQGRXDLQWUDvQWUXQORFvQWXQHFRVVLLHVvQVkQJHUDWHDIDUD

Ì&HDXvQFRPXQ/DG\'LVLVWLFOHOHGHVDPSDQLH
5$PkQGRXDYLQGLQ)UDQWDvQFXWLLGHOHPQ

Ì&HDXvQFRPXQ'LDQDVL%RULV%HFNHU"
5$PkQGRLDXRORYLWXUDODa.PK

Ì&DUHHGLIHUHQWDGLQWUH'LDQDVL%RULV%HFNHU"
5%RULVPDLSULPHVWHGUHSWXOODRDGRXDORYLWXUDGHVHUYLFLX

Ì'HFHQXDIRVWVDOYDWD/DG\'LGHFDWUH6XSHUPDQ"
51XH[LVWDvQFDVFDXQFXURWLOHFDUHVDPHDUJDFX.PK

Ì&HDUIDFH/DG\'LGDFDDUPDLWUDL"
5$UvQFHUFDVDLDVDGLQPRUPkQW"

'RG\$OID\HWWHVHvQIDWLVHDWDOD6I3HWUXVLVHSOkQJH
6KLW,ZDQWHGWRIXFN'LLQWKHFDUDQGQRWWR'LHLQWKHIXFNLQJFDU

Ì&HvQVHDPQDSUHVFXUWDUHD',$1$"
5'LHG,Q$1DVW\$FFLGHQW

ÌGDU'2',"
5'LHG2SSRVLWH',

ÌGDU'2',"
5'LHG2I'ULYHU,QWR[LFDWLRQ

ÌGDU'2',"
5'LHG2Q'DVKERDUG,PSDFW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

Ì&DUHHGLIHUHQWDGLQWUH/DG\'LVL(OYLV"
5(OYLVWUDLHVWH

/DvQPRUPkQWDUHSULQWXO:LOOLDPvVLvQWUHDEDWDWDO&KDUOHV
'HFHVXQWDWkWLDRDPHQLDGXQDWLDLFL"
$VDHvQWRWGHDXQDFkQGFkQWD(OWRQ-RKQ

Ì&DUHHDVHPDQDUHDGLQWHIRDPHWHDPRQGLDODVL0HUFHGHV"
51LFLFDUHQXSRWILRSULWH

Ì&HDXvQFRPXQ3LQN)OR\GVL/DG\'L"
5$QRWKHUEULFNLQWKHZDOO

Ì&HPHORGLHHSHSDUWHDFHDODOWDDSODFLL&DQGOH,Q7KH:LQG"
5/LYLQJ,Q$%R[

Ì'HFH0HUFHGHVXORPDVLQDDWkWGHVFXPSD"
50HUFHGHVXOIRORVHVWHFDSDSXVLGHvQFHUFDUH3ULQWHVH

Ì&DUHHGLIHUHQWDGLQWUH/DG\'LVL0DPD7HUH]D"
5]LOH

1XQXPDL(OWRQ-RKQDVFULVXQFkQWHFSHQWUX/DG\'L
5R[HWWH&UDVK%RRP%DQJ
0LFKDHO-DFNVRQ%ORRGRQWKH'DVKERUG

Ì&DUHHGLIHUHQWDGLQWUH/DG\'LVLJHUPDQLLGLQIRVWD*HUPDQLHGH(VW"
5'HGHULVWLLDXVXSUDYLHWXLW]LGXO

/DGLYRUWXO'LDQHLDFHDVWD DSULPLW GUHSWXOGH DVL SDVWUD WLWOXOFRSLLL VL vQ ILHFDUH ]L MXPDWDWH GH SDJLQD vQ ]LDUHOH GH
VFDQGDO

$IRVW/DG\'L0HVLD"
,VXVDIRVWUHJHOH,VUDHOXOXLLDU'LDQD3ULQWHVDLQLPLORU
,VXVDPXULWWkQDUSHFUXFH'LDQDDPXULWWkQDUDvQWXQHO
'XSDPRDUWHDOXL,VXVDvQIORULWFRPHUWXOFXUHOLFWHVLODIHOGXSDPRDUWHD'LDQHL
&GXULIDUIXULLFHVWLFDUWLPDUJDULQDURFKLLHWF
,VXVDYD]XWODQDVWHUHVWHDXD%HWOHHPXOXL'LDQDODPRDUWHVWHDXD0HUFHGHVXOXL
,VXVDUHIDQFOXEXOOXLODIHOVL'LDQD
,VXVVDvQJULMLWGHFHLVDUDFLVLIODPkQ]LODIHOVL'LDQD
ÌQ/XFD,VXVHVWHQXPLWFDVLPkQFDWRUVLEDXWRU'LDQDvQDLQWHGHPRDUWHDPkQFDWVL
DEDXWvQFHOPDLILQUHVWDXUDQWSDUL]LDQ
,VXVDVSXV&HOVHWRVVDYLQDODPLQHVDEHD6HIXOVLJXUDQWHLGLQKRWHOXO5LW]DYHQLW
OD'LDQDVLDEDXW
,VXVDSRVWLWGH]LOHVLGHQRSWL6L'LDQDDDYXWSUREOHPHFXDOLPHQWDWLD
,VXVDPXULSHQWUXSDFDWHOHQRDVWUH'LDQDSDFDWXLQG
,VXVDSUHGLFDWSHPXQWH'LDQDODWHOHYL]RU
'XPQH]HXVSXVH'LQ(JLSWPLDPFKHPDWILXO'LDQDDIRVWFKHPDWDOD'XPQH]HXvPSUHXQD
FXXQHJLSWHDQ
5HJHOH+HURGDWULPLVXFLJDVLVDORPRDUHSH,VXVXQHOHWHRULLVSXQFDUHJLQD(OLVDEHWD
DUILIDFXWODIHO
/XL,VXVLDXXUPDW$SRVWROL'LDQHL3DSDUD]]L
,VXVVSXVH3ULYLWLSDVDULOHHOHQXVHDPDQDHOHQXFXOHJLDUWDWDOQRVWUX
GLQFHUXULOHKUDQHVWH'LDQDQXDOXFUDWGDUDIRVWKUDQLWDGHFHLFHSODWHVFLPSR]LWH
,VXVDVSXV,XELWLYDGXVPDQLLVLUXJDWLYDSHQWUXFHLFDUHYDXUPDUHVF0DWHL'LDQDVDLXELW
FX'RGLVLDIRVWXUPDULWDSHQWUXDFHDVWD
/DPRUPkQWXOOXL,VXVDIRVWSXVDRSLDWUDPDUHODFHO'LDQHLROHVSHGH

Ì&HSULYLOHJLXDXDYXW/DG\'LVLSRSVWDUXO)DOFRSULQPRDUWHDORU"
5$XSXWXWVDYDGDFROHFWLDGHYDUDDOXL*LDQQL9HUVDFHvQDLQWHDWXWXURU

0DPD7HUH]DPRDUHVLDMXQJHvQUDL'DWRULWDOXSWHLHLSHQWUXFHLVDUDFLVHDVWHDSWDODRSULPLUHGHRVHELWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7RWXVLODXVDUDLXOXLQLPHQL0DPD7HUH]DVHXLWDSULQWUHJUDWLLVLYHGHQXPDLEOLW]XULGHODDSDUDWHGHIRWRJUDILDW
'XSDRRUDGHDVWHSWDUHYLQHVL6I3HWUXFDUHHvQWUHEDWFHVDvQWkPSODWGHDGXUDWDWkW3HWUXVHVFX]DVL]LFH
/DG\'LDVRVLWODQRL
$VWDPDEXFXUDGDUSHQWUXDVWDDWUHEXLWWRWFLUFXODVWDVLDWLODVDWVLWRWLSDSDUD]]LDVWLDvQDXQWUX
6WLWLVSXVH3HWUXVILQWLFDGXPQHDYRDVWUDYLQODQRLvQILHFDUH]LGDUGLQIDPLOLDUHJDODGRDURGDWDODGHDQLVHUDWDFHVWH
FkWHXQXOSHDLFL

&HOPDLVFXUWEDQFODFXUWHD$QJOLHL
/DG\'LH

Ì&HDXvQFRPXQ'LDQDVLXQWHOHIRQFHOXODU"
5$PkQGRLLVLGDXGXKXOvQWXQHO

Ì'HFHDDYXW0HUFHGHVXO'LDQHLRYLWH]DDVDGHPDUH"
53HQWUXFD'LDQDGHSHEDQFKHWDGLQVSDWHVWULJDvQFRQWLQXX0$,5(3('(0$,5(3('(0$,5(3('(

Ì'HFHDFkQWDWODvQPRUPkQWDUHD'LDQHL(OWRQ-RKQ"
53HQWUXFD&UDVK7HVW'XPPLHVHUDXvQWXUQHXvQ$VLD

Ì&HQRXWLWOXDSULPLW'LDQDGXSDPRDUWH"
53ULQFHVVRI:$//
V

Ì&HGLIHUHQWDHvQWUH'LDQDVL0HUFHGHV"
58Q0HUFHGHVELQHvQWUHWLQXWSRDWHDWLQJHRYkUVWDGHGHDQL"

'XSDSODFDFXFkWHFHOH&DQGOH,Q7KH:LQGVL/LYLQJ,Q$%R[DIRVWVFRVVLXQ&'vQPHPRULD'LDQHL
3HHOPDLSRWILDVFXOWDWHvQDIDUDFHORUGRXDPHORGLLDPLQWLWHVLXUPDWRDUHOHSLHVH
%ORRGRQWKH'DVKERUG
/DG\LQ5HG
/DVW7LPHLQ3DULV
/HDGHURIWKH3DFN
&UDVK%RRP%DQJ
'HDG0DQ
V&XUYH

Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOH'LDQHLDGUHVDWHVRIHUXOXL"
5)LLDWHQWODFRQGXV1DLPDLYD]XWRIHPHLHGH]EUDFDWD"

Ì&DUHDXIRVWFXDGHYDUDWXOWLPHOHFXYLQWHDOH'LDQHLDGUHVDWHVRIHUXOXL"
51HSRWLDUDWDGDFDIXQFWLRQHD]D$,5%$*XULOH"

Ì&HDXvQFRPXQ'LDQDVL$\UWRQ6HQQD"
52DILQLWDWHFUHVFXWDSHQWUX]LGXULOHGHEHWRQ

Ì&HD]LVUHJLQDPDPDFkQGDDX]LWGHDFFLGHQWXO'LDQHL"
5$IRVWPDFDUVL)HUJLHvQ0DVLQD"

Ì&HFDGRXYDSULPLW)HUJLHGH&UDFLXQGLQSDUWHDUHJLQHLPDPH"
52H[FXUVLHGHOX[OD3DULVFXXQGLQHXvQ+RWHOXO5LW]

Ì'HFHDIRVWDVDVXSDUDWSULQWXO&KDUOHV"
5&DOXOVDXDWUHEXLWRPRUkW$YHDFHYDFXXQDUDE

Ì&HVHVFRDWHPDLJUHXFDSHWHOHGHFDIHDGLQFRYRU"
5'LDQDGLQERUGXOPDVLQLL

Ì&HLD]LV'RGLWDWDOXLVDX"
5,
PJLQJWR',
H

Ì&DUHDIRVWXOWLPXOFXYkQWDO'LDQHL"
5&KHHVH

6HVSXQHFD'LDQDDUILYUXWVDvQFHDSDRFDULHUDPX]LFDOVLVDODQVH]HXQFkWHFFXWLWOXO
,
PD'2',JLUO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

Ì&HLDWUHFXW'LDQHLSULQFDSvQFOLSDPRUWLL"
5%RUGXO0HUFHGHVXOXL

Ì6WLDWLFDOXL-RH&RFNHULDIRVWRIHULWXQQRXORFGHPXQFD"
56RIHUDOFDVHLUHJDOHD$QJOLHL

Ì6WLWLFLQHHUH]HUYDOXL-RH&RFNHUvQFD]GHERDOD"
5'DQ6SDWDUX

Ì&DUHHGLIHUHQWDGLQWUH/DG\'LVLPHWURX"
50HWURXOPDLLDVDGLQWXQHO

Ì&DUHHFXYkQWXOFDUHDUILSXWXWVDOYDYLDWD'LDQHL"
57$;,

Ì$WLDX]LWFD'LDQDDUILDYXW$,'6"
5$XWRPRELOH,PSDFWHG'LDQD6SHQFHU

6DX
Ì$WLDX]LWFD'LDQDDUILDYXW$,'6"
5$QRWKHU,GLRW'ULYHU6PDVKHG

Ì$WLYD]XW]LGXOGHFDUHVDORYLW0HUFHGHVXO'LDQHL"
51LFLPDFDUHDQXODYD]XW

Ì&DUHHGLIHUHQWDGLQWUHRPXVFDVLSULQWHVD'LDQD"
50XVFDVHORYHVWHGHSDUEUL]SHSDUWHDGHGLQDIDUD

Ì&XPVHQXPHVWHQRXOVLQJOHDOJUXSXOXL%DQJOHV"
5'LHGOLNHDQHJ\SWLDQ

Ì&DUHHODRUDDFWXDODFHDPLDEXQDPDVLQDGLQOXPH"
5)LDW8QR$UHXVLWODSUREDWXQHOXOXLPDLELQHGHFkW0HUFHGHVXO&ODVD(

Ì&HDUWUHEXLVDLVHGDUXLDVFDXQHLSULQWHVHFDUHDUHGHWRDWH"
52FHQWXUDGHVLJXUDQWDVLXQDLUEDJ

Ì&HLD]LV6IkQWXO3HWUH'LDQHLODSRDUWDUDLXOXL"
56WHUJHWLYDVWHDXDDVWD0HUFHGHVRULELODGHSHIDWD

Ì6WLDWDFD/DG\'LVXIHUHDGH306"
53XOYHULVHG0HUFHGHV6\QGURPH

Ì$WLDX]LWGHIX]LXQHDGLQWUH1LNHVL0HUFHGHV"
51RXOVORJDQYDIL-XVW'LLW

Ì&DUHHGLIHUHQWDGLQWUHXQ0HUFHGHVVLXQ3RUVFKH"
53H'LDQDQXRVDRYHGHWLQLFLRGDWDPRDUWDvQWUXQ3RUVFKH

Ì&HLD]LV'RGLVRIHUXOXL"
5'ULYHPHDQG'L

'RFWRULLDUILSXWXWVDOYDYLDWD'LDQHL'DUGLQSDFDWHQXDXDYXWSLHVHGHVFKLPESHQWUXRSULQWHVDPRGHO

%RG\JXDUGXO'LDQHLVHWUH]HVWHvQVSLWDOVLvQWUHDEDGRFWRUXOXQGHHVWHVLFHFDXWDDFROR'RFWRUXOvLVSXQHFDDDYXWXQ
DFFLGHQWFXPSOLWFXPDVLQDFDDVFDSDWFDSULQPLQXQHVLFDDVWDWvQFRPDVDSWDPkQL
6LFXPvLPHUJHVRIHUXOXL"PDLvQWUHDEDHO
(PRUWvLVSXQHGRFWRUXO
'DU'RGL"
6LHOHPRUW
'RDPQH'XPQH]HXOH'DU'LDQD"&XPvLPHUJH'LDQHL"
6LHDD PXULWvLVSXQHWULVWGRFWRUXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LFHVDPDLvQWkPSODWvQFHOHVDVHVDSWDPkQLGHFkQGVWDXvQFRPD"
6WLLDPXULWVL0DPD7HUH]D
)XFN5HFXQRVFFDDPIRVWFXWRWLLPXWLGHEHWLGDUFkQGDPOXDWRVLSHDVWDvQPDVLQDQXPDLvPLDGXFDPLQWH

%DQFXULFX6WHIDQFHO0DUH

2GDWDvODWDFDXWXUFLLSH6WHIDQFHO0DUH$VWDFDQGvLYHGHFDVHDSURSLHVHVXLHSHRPRWRFLFOHWDvVLLDRPLWUDOLHUDVLGD
LDPDSULQHL
ÌLRPRDUDSHWRWL
$ GRXD ]L WXUFLL DWDFD GLQ QRX &kQG YHGH DVWD 6WHIDQ vQFDOHFD SHXQ +DUOH\'DYLGVRQ vVL LD  PLWUDOLHUH FkWH XQD LQ
ILHFDUHPkQDVLLRPRDUDLDUDVLSHWRWL
&kQGYDGWXUFLLDVWDVHGXFODPDPDOXL6WHIDQ
6WLWLILXOGYVQHEDWHvQILHFDUH]L1XSXWHWLVDYRUELWLVLGYVFXHOVRODVHPDLPRDOH"
0$VDSURPLWHFDRVDYRUEHDVFD
'XSDvQFDR]LYDGWXUFLLFD6WHIDQQXPDLLHVHSHPRWRFLFOHWD%XFXULHPDUHHWFGDUQXDWDFDvQFDYRUVDILHVLJXUL'XSD
vQFDR]LWRWOLQLVWH
$WUHLD]LvVLLDXWXUFLLLQLPDQGLQWLVLVHDSURSLHGHFHWDWHVDDWDFH
/DXQPRPHQWGDWDSDUH6WHIDQSH+'FXPLWUDOLHUHOHvQPkQD
+DDWLOXDWSODVDFDPDPDQXLDFDVD

(UDSHYUHPHDFkQGVHSRWFRYHD%/$%/$%/$HUDSHYUHPHDOX
6WHIDQFHO0DUHFkQGDMXQJWXUFLLVLSHVWHHO6L
YLQHOD0DULD6DXQDQJDMDWGHDOVDX
6WHIDQH6WHIDQHDXLQWUDWWXUFLLvQWDUDHXUJLH
1XLQLPLFFkWLVXQW"
0DULD7D
6LQRL"

%LQHDGXPLDUPXUDVLPDQWDXDFHDURVLH
'D
GHFHPDQWDXDURVLH"
3DLGDFDPDUDQHVFVDQXYDGDRVWHQLLVkQJHODPLQHVLVDOXSWHPDLGHSDUWH
=LV IDFXW&kVWLJDDLQRVWULLVLYLQSHVWHXQDQLDUWXUFLL
0DULD7D%/$%/$%/$
1XLQLPLFFkWLVXQW"

6LQRL"
3DLDPPDLUDPDVYR

GHXQGHFRQFOX]LDFDHLVHVLvQPXOWHDXPDLUHSHGH
%LQHDGXPLDUPXUDSHOHULQDURVLHVLSDQWDORQLLPHL0$52

ÌQWUREDWDOLHSH6WHIDQFHO0DUHvOFDPGRYHGHDXWXUFLL
3LFDLPROGRYHQLLPHLGDUHWUDJHUHDPDULDVD
1DYHPFDL0DULD7D
$WXQFLSLFXUkQGYRLQLFLLPHL

6WHIDQFHO0DUHVL6IkQWXPEODFXYRLQLFLLGXSDHO8QGHYDvQIDWDSHRSLDWUDYDGXQRP

,DGXWHYRLQLVHYH]LVHLFXRPXVHOD
6HGXFHRVWDVXOVHQWRDUFH
0DULD7DRPXVHODLXQQHDPW
$VD"$WXQVLORFXLVWDVDVHFKHPH3LDWUD1HDPW
0DLPHUJHLFHPHUJYDGLDUXQRPVWkQGMRVSHRSLDWUD
$OHDUJDYRLQLVHVLYH]L
(WRWXQQHDPW0DULD7D
$VD"$VHVWORFVDVHFKHPHGHDPX3LDWUD1HDPW
0DULD7DDWLPDLQXPLWDFRORPDLvQVSDWHXQORF3LDWUD1HDPW
$VD"$WXQFLVDVHFKHPH6LPOHXO6LOYDQLHL

7XUFLLJUDPDGDSDUODPHQWD]DPkLQHODRSXQHP
6WHIDQVWUkQJHSODLHVLL
2VWHQLLPHLGXSLFXPVWLWLGLVHDUDHVWH]LXDPDPXFKLLGDUDEHWLPROFRPFDPkQLHEDWDOLHJUR]DYDFXWXUFLLDPYRUELWGHMD
FXGkQVLL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'LPLQHDWDODFLQFLLQWRWFDVWHOXODEXULLGHQVLDLEHWLHLHWFHWF
/DWXUFLLDOLQLDWLLQIDWDFDVWHOXOXLvQFHSVDEDWDLPSDFLHQWDWLGLQSLFLRU
$SDUH6WHIDQODIHUHDVWUDWUDJHDHUvQSLHSW
0XLHHHHH
$OWDGHOHJDWLHDWXUFLORUGXSDFLRUEDGHEXUWDVHVWDELOHVWHIHUPFDEDWDOLDVDDLEDORFPkLQHDIRVWRVLWXDWLHVSHFLDODWXUFLL
ILQXWLDXvQWHOHV5DPkQHOD
ÌQ FHWDWH FX VXIODWXO LQ OXPkQDUL XOWLPHOH UHVWXUL GLPLQHDWD WRWL PROGRYHQLL vPSXVFDWL vQ KDULSD  EDWDL GLQ SLFLRU
6WHIDQODIHUDVWUD0XLHHHHHHH
&RQVLOLXGHUD]ERLvQWDEDUDWXUFHDVDGH]EDWHULVLVROXWLD
&LQGDSDUH6WHIDQODIHUHDVWUDWRWLWXUFLLQWUXQJODVVDVWULJHPXLH
=LVVLIDFXW1RXDVLFHYDVFkUWVHGHVFKLGHIHUHDVWUDFLRSRUGHWXUFLLQWUXQJODV
0XLHHHHHHH
6WHIDQWUDJHDHUvQSLHSW
9LQHHHHH

6WHIDQFHO0DUHDYHDXQFDO
6LFDOXOQXDYHDQLPLFvPSRWULYD

6WHIDQFHO0DUHVWDWHDLQVDODPDUHDSDODWXOXLVLVHXLWDODYLGHR
8QILOPPHVHULDVFX9DQ'DPPH
/DXQPRPHQWGDWLQWUDDSURGXO3XULFHFDRYLMHOLHLQVDODVLVSXQHSHQHUDVXIODWH
0DULD7DDLQWUDWWXUFXOLQWDUD
6XQWPXOWL"LQWUHDED6WHIDQ
&kWDIUXQ]DFkWDLDUED0DULD7D
'HXQGHQDLEDIDFHPURVWGHDWkWHDVFDXQHDSURDGH3XULFH

6WHIDQFHOPDUHXPEODFXYRLQLFLLGXSDHOSULQ7DUD0ROGRYLL
7UHFkQGSHOkQJDXQODQ GHJUkX DXG RYRFH GXPQH]HLDVFD FH FkQWD GH VH RSUHDLQ ORF DSD L]YRDUHORU VL DPXWHDX SDVDULOH
FkPSXOXL
6WHIDQVHLQGUHSWDVSUHORFXOFXSULFLQDSULQJUkXOLQDOWFkWRPXOVL]DULXQSUXQFFDGHYUHR]HFHDQLFHFkQWDFXDWkWDIRF
&XPWHFKHDPDSUXQFXOH"vQWUHED6WHIDQ
*LFD3HWUHVFX0DULD7D

6WHIDQFHO0DUHDGXQDVHRDVWHDvQYHGHUHDXQHLEDWDOLLFXWXUFLL
&DGHRELFHLvVLvPEDUEDWHD]DVXSXVLVLWHUPLQkQGFXYkQWDUHDVWULJDGHUDVXQDYDOHD
ÌQFDOHFDWLPROGRYHQLLPHL
&DXQWXQHWUDVSXQGUD]HVLL
ÌQFDOHFDP0DULD7D
'XSDFH]GUREHVFELQHRDVWHDWXUFHDVFDVHvQWkOQHVFFXWRWLLODORFXOGHDGXQDUHVL
6WHIDQSRUXQFHVWH
'HVFDOHFDWLRVWHQLLPHL
'HVFDOHFDP0DULD7D
'HVFDOHFkQG6WHIDQ]DUHVWHvQWUXQWXILVXQSDFKHWGHELVFXLWL
&LWLQGFXDWHQWLHHWLFKHWDSXWLQQHGXPHULWULGLFDSDFKHWXOGHELVFXLWLVSXQkQG
%LVFXLWLRVWHQLLPHL
%LVFXLP0DULD7D

9UkQGVDQLPLFHDVFDVLXOWLPHOHUDPDVLWHDOHRVWLLRWRPDQH6WHIDQFHO0DUHSOHDFDLQXUPDULUHFXRDVWHDVD
$MXQJDWIHOSHPHOHDJXULGREURJHQHOD0DUHDFHD0DUHVLPDLH[DFWOD&RVWLQHVWLOkQJD2EHOLVF
6WHIDQSULYHVWHPRQXPHQWXOGLQIDWDVDVSXQkQG
2EHOLVFRVWHQLLPHL
2EHOLP0DULD7D

6WHIDQFHO0DUHDvQFHUFDWVDLIDFDSHWRWLPROGRYHQLL]LPEULLGDUDPXULWSUHDUHSHGHVLLDDGXVGRDUODVWDGLXOGHERL

6WHIDQFHO0DUHFRQYRDFDERLHULLODRVHGLQWD
%RLHUL GXPQHDYRDVWUDWUHEXLHVD WUHFHP OD HFRQRPLLVHYHUH FKHOWXLP SUHD PXOW FX DVFXWLWXO VDELLORU GHDPX SURSXQ VDL
WDLHPSHWXUFLvQWUHLVDQXLPDLWDLHPLQSDWUX
'DGLVHVDIDVHPHFRQRPLL0DULDWD"
'LQFDX]DGDWRULLORUH[WHUQH
3HVWHYUHROXQDLDUVHGLQWDWXUFLLVDILHWDLDWLQXPDLvQGRXDSHQWUXHFRQRPLHFXDVFXWLWXOVDELLORU
'D
GLVH0DULD7D"
9DPVSXV'LQSULVLQDGDWRULLORUH[WHUQH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$OWDVHGLQWDWXUFLLVDILHGHDPXQXPDLvQWHSDWLSXWLQVDELDVDILHWUDVDXVXUHO
'D
VHVGDWRULLOHDLHVWHDH[WHUQH0DULD7D"
$SRL ERLHUL GXPQHDYRDVWUD GDWRULLOH H[WHUQH QX VLQW DOH PHOH QX VXQW DOH QRDVWUH FL DOH XUPDVLORU XUPDVLORU QRVWUL vQ
YHDFXOYHDFXULORU

6HIDQFHO0DUH
9RLQLFH*UR]HDXQGHLGXVPDQXO""
ÌQVWDQJDvQVSDWHVLQGUHDSWD0DULD7D
$WXQFLvQDLQWHHHH

6XEMHFW6WHIDQFHO0DUHOD9DVOXL
'HFHDVWULJDW6WHIDQFHO0DUHODEDWDOLDGHOD9DVOXL,QDLQWHHHHHH"
3HQWUXFDHUDFXVSDWHOHODWXUFL

2GDWDSHYUHPHDOXL6WHIDQWXUFLLDWDFDWDUD9LQHXQVROGDWOD6WHIDQFRVDJHDWDvQILSWDQQDVDELDVXIOkQGVLLVSXQH
6WHIDQH6WHIDQHWXUFLLVXQWSHGHDOXOGHODQJDFHWDWH
%LQHPD]LFH6WHIDQVLvQILQJHXQVWHDJvQSDPkQWIkOIkOIkOIkOIkOIkO
'XSDREXFDW
GHYUHPHLDUYLQHVROGDWXOFXGRXDVDJHWLvQILSWHQQDVJkIkLQGVL]LFH
6WHIDQH6WHIDQHWXUFLLVXQWODPGHFHWDWH
%LQHPD]LFH6WHIDQVLLDUvQILQJHQLVWHVWHDJXULvQSDPDQWIkOIkOIkOIkOIkOIkO
0DLWUHFHFHYDWLPSVLLDUDSDUHVROGDWXOFXWUHLVDJHWLvQQDVUDQLWGHPRDUWHFODWLQkQGXVHVLVSXQHVXSDUDW
%DL6WHIDQHFKLDUDVD"7XUFLLPDLDXSXWLQVLLQWUDvQFHWDWHVLWXVWDLGHJHDED")DVLWXFHYD
6WHIDQPDLvQILQJHQLVWHVWHDJXULIkOIkOIkOIkOIkOIkO]LFkQG
0LVHIkOIkLH

6WHIDQFHO0DUHWLQHFXYkQWDUHUD]HVLORUvQDLQWHGHROXSWDFXWXUFLL
5D]HVLPkLQHODRUHOHDPDYHPOXSWDFXWXUFX
DVDFDVDYDQLWLWRWLFXVDELLIXUFLFRDVHVLFHPDLDYHWLSHDFDVDFDVD
WLQHPSLHSWGXVPDQXOXL
%DGD
VDYHQLWLFDPYRUELWFXRDPHQLLDLD

9DULDQWD
6WHIDQFHO0DUHvLVWUvQJHSHRVWHQLvQDLQWHGHEDWDOLDGHOD3RGXOÌQDOWVLOHVSXQH
%DQHQRURFLWLORUVDQXGHDGUDFX
VDYDPEDWDWLvQVHDUDDVWDFDSRUFLLVLVDQXILWLPkLQHODSHFkPSXOGHEDWDLHVDQH
IDFHPGHFDFDWIDWDGHRDPHQLLDLD

9LQWXUFLL6WHIDQFHO0DUHvVLVWUkQJHRVWHQLLvLDVWHDSWDvQSDGXUHVLvLEDWHGHVHFDFDSHHL
'XSDXQWLPSYLQWXUFLLLDU7XUFLLSDWLWLvLDVWHDSWDSHPROGRYHQLvQSDGXUHVLvLEDWGHVHFDFDSHHL
$GRXD]LYLQHSDGXUDUX
%DILUDWLDLGUDFX
FDUHPLDWLFDFDWSDGXUHD"

6WHIDQFHO0DUHGXSDREDWDOLHFUkQFHQDUHXVHVWHVDVFDSHFXYLDWDvPSUHXQDFXXQPLFJUXSGHRVWHQL3HXUPHOHORU
RDVWHDRWRPDQDFkWDIUXQ]DVLLDUED
ÌQGHSDUWDUHVHYHGHRSDGXUH6WHIDQ
ÌQSDGXUH
&kQGDMXQJvQSDGXUH6WHIDQFRPDQGD
7RDWDOXPHDVXVvQFRSDFL
3HVWHROHDFDGHYUHPHRVWHQLLvQFRSDFLDJDWDWLGHFUDFLvQFHSVDVHQHOLQLVWHDVFD
6DPDLVWDPDVD0DULD7D"
0DLVWDWLPDFDDELDDFXPvQWUDWXUFLLvQSDGXUH
3HVWHXQWLPSLDUD
6DPDLVWDP0DULD7D"
0DLVWDWLPDLVWDWLFDDFXPDWUHFSHVXEQRL
'D
0DULD7DGDUPDFDUFDLLSXWHPVDLODVDPMRV"

9DULDQWD
6WHIDQFHO0DUHVL3UHGDIXJHDXGHWXUFL$MXQJLQWURSDGXUH]LFH3UHGD
0DULD7DQHDMXQJWXUFLLGLQXUPDKDLVDQHVXLPLQFRSDFL
6HXUFDHLLQWUXQFRSDFGXSDFDWHYDPLQXWHWUHFWXUFLLSHVXEHLFDXWDSULQWXILVXULWUHFPDLGHSDUWH=LFH6WHIDQ
3UHGRHXQXPDLSRWvPLGDXGUXPXO
0DULD7DQXvWLGDGUXPXOWHSULQGWXUFLL0DULD7D
0DLWUHFHRRUDWXUFLLSHVXEHLvLFDXWDXGH]RU=LFH6WHIDQ
%D3UHGREDDPRERVLWvPLGDXGUXPXO
0DULD7DQXvWLGDGUXPXOWHSULQGWXUFLLUDPkQHWDUDIDUDGRPQLWRUQXVHSRDWH0DULD7D


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%LQH3UHGRELQH
0DLWUHFHRRUDWXUFLLSHVXEHLJUDPDGD
3UHGRDVWDDIRVWHXvPLGDXGUXPXO
0DULD7DDLPLODGHQRLQXQHODVDSUDGDWXUFLORUIDUD0DULD7DVHGXFHWDUDGHUkSD
%LQHPD3UHGRGD
PDFDUODFDOSRWVDLGDXGUXPXO"

6WHIDQFHO0DUHYD]kQGFDWDUDLvQSULPHMGLHVHVFRDODGLQPRUPkQWVLODQVHD]DDSHOXO
8QGHVXQWHWLYRLUD]HVLLPHL"
6LFHLFKHPDWLUDVSXQG
ÌQ$UGHDOPDULDWD

%DQFXULFX6WHYLH:RQGHU

Ì&HHQHJUXVLVHORYHVWHvQWUXQDGHSLDQ"
56WHYLH:RQGHU

Ì&HHQHJUXPHUJHSULQSDGXUHGLQSRPvQSRP"
56WHYLH:RQGHU

9DULDQWD
Ì&HHQHJUXVLPHUJHSULQSDGXUHGkQGVLFXFDSXOGHFRSDFL"
56WHYLH:RQGHUODXQFRQFXUVGHRULHQWDUHWXULVWLFD

Ì$WLYD]XWQRXOYLGHRFOLSFX6WHYLH:RQGHU"
51LFLHO

Ì'HFHVLDFRQFHGLDW6WHYLH:RQGHUPDQDJHUXO"
5/DDVH]DWSHVFHQDFXVSDWHOHODSXEOLF

Ì&HHUDXWDFLRV"
56DOWULPLWLSH6WHYLH:RQGHUODFLQHPD

Ì&HHGHRVHELWGHUDXWDFLRV"
5)LOPXOODFDUHODLWULPLVSH6WHYLH:RQGHUVDILHXQXOPXW

Ì$WLYD]XWRYUHRGDWDSHQHYDVWDOXL6WHYLH:RQGHU"
51XLQLPLF1LFLHO

Ì&XPDIRVW6WHYLH:RQGHUSHGHSVLWGHSDULQWLGDFDHUDQHDVFXOWDWRU"
5$XPXWDWPRELODvQORFXLQWD

8QFLWDWGLQ6WHYLH:RQGHU
0DLELQHRUEGHFkWQHJUX

Ì&XPYDPXUL6WHYLH:RQGHU"
59DFLWLSkQDODPRDUWHWDSHWXOFXPRGHOHvQUHOLHIGLQFDPHUDVD

6WHYLH:RQGHUVWDSHREDQFDvQSDUF8QWLSVHDVHD]DSHEDQFDOkQJDHOVLVWUDQXWD/DDVWD6WHYLH
'HVIDPLWHURJVLPLHREHUH

Ì'HFHVXUkGH6WHYLH:RQGHUWRWWLPSXOFkQGFkQWD"
53HQWUXFDQXVWLHFDHRUE

Ì'HFHvVLPLVFD6WHYLH:RQGHUFDSXOvQVWkQJDVLvQGUHDSWDvQWLPSFHFkQWD"
5&UHGHFDFLWHVWHSDUWLWXULOH

6WHYLH:RQGHUVL-DFN1LFNODXVFHOHEUXOMXFDWRUGHJROIVWDXvQWUXQEDU1LFNODXVVLvQWRUFHFDWUH6WHYLHVLvQWUHDED

6LFXPvWLPDLPHUJHFDULHUH"
1XLUDXGHORF8OWLPXODOEXPDOPHXDDMXQVvQ7RSVLHXVXQWGHSDUHUHFDDUHVDQVHVDPDLXUFH'DUWLHFXPvWLPHUJH
FXJROIXO"
1LFNODXV]LFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XLUDXGHORF1XPDLFkVWLJDWkWLDEDQLFDSHYUHPXULGDUvQFDPDLFkVWLJVXILFLHQW0DLDPFHYDSUREOHPHFXVSDWHOHGDU
VHUH]ROYD
(XvQWRWGHDXQDFkQGDPSUREOHPHFXVSDWHOHQXPDLMRFRYUHPHVLGXSDRSDX]DMRFLDUDVLVLvQFDPDLELQHFDvQDLQWH
&HVLWXMRFLJROI"vQWUHDEDXLPLW1LNODXV
'DGHDQLGH]LOH
'DUHXVWLXFDHVWLRUE&XPSRWLMXFDJROIFkQGHVWLRUE"
)RDUWHVLPSOX]LFH6WHYLHSXQDMXWRUXOPHXVDVWHDOkQJDJDXUDVLHOPDVWULJDVLWRWDVDORYHVFPLQJHDSkQDQLPHUHVF
JDXUD
6LFXFHDYDQWDMMRFLGHRELFHL"vQWUHDED1LFNODXV
'HODHJDOODHJDO1XRELVQXLHVFVDSRUQHVFFXDYDQWDMODMRF
1LFNODXVHGLQFHvQFHPDLXLPLW
$UWHEXLVDIDFHPXQMRFRGDWD
6WLLOXPHDQXPDSUHDLDvQVHULRVGDUHXMRFGRDUODSUHWXULGHODJDXUD
1LFNODXVVHJkQGHVWHXQSLFVL]LFH
2NPDEDJFkQGDLYUHDVDMXFDP"
&kQGYUHL2ULFHQRDSWHVDSWDPkQDDVWD

3RH]LRDUH

&HDWDQRDVWUDFHDIXGXOD

*DVFDQRDVWUDFHDIXGXODGXOD

$VH]DWD
QFDSGHFHPD"PDVD
&RQVXPDPkQFDUH
DOHDVD
&RQVXPDPkQFDUH
DOHDVD

%UkQ]DDOEDFDRFRDODFRDOD

2PDQkQFLGHWLVHFHPD"SDUH
&DHEXQDWDWHPDUH
&DHEXQDWDWHPDUH

0LWLWHLFXDUGHLLXWH
&XPPkQDQFLvWLYLQH
DFHPD"VSXQH
$KFHGHEXFDWHEXQH

$KFHGHEXFDWHEXQH


7XLFDGH3LWHVWLEDODLHODLH

'HWHVFDUSLQDODFHPD"OLPED
'LVSR]LWLDWL
RVFKLPED
'LVSR]LWLDWL
RVFKLPED

)ULSWXULFDGHERERFLRFL

&XJDUQLWXUDGHFHPD"FHDSD
'HvWLODVDJXUDDSD
'HvWLODVDJXUDDSD

0HUHSHUHFR]RQDFLQDFL

6DPkQDQFLSkQDWHFHPD"FXOFL
'H
DWkWHDEXFDWHGXOFL
'H
DWkWHDEXFDWHGXOFL

&XLPHQLXQ
DSODFXWFXW
$SDLPXPDOXLVD
LFHPD"IDFD
$OWFHYDFDUHVD
LSODFD
$OWFHYDFDUHVD
LSODFD

)DWDPDPLLVWDSHSULVSDSULVSD

&XPkQDEDJDWDQFHPD"RDOD
6RVSHOHSHGLQDIDUD
6RVSHOHSHGLQDIDUD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

)DWDPDPLLFHDIXGXODGXOD

8PEODQRDSWHDGXSDFHPD"SHVWH
&DvQEDOWDHLQXFUHVWH
&DvQEDOWDHLQXFUHVWH

%DLHWHOXIDFHEDLHEDLH

6LVHVFDUSLQDODFHPD"FHDID
&DHVWHFDPUHFHQDSD
&DHVWHFDPUHFHQDSD

'RXDEDEHVXQDVOXWDVOXWD

$XSOHFDWFDVDVHFHPD"SOLPEH
$HUXOVDvOPDLVFKLPEH
$HUXOVDvOPDLVFKLPEH

1DXIDFXWQLFLELQHXQWXUWXU

/HDLQWUDWRWHDSDQFHPD"JOH]QD
&DHUDQWXQHULFEH]QD
&DHUDQWXQHULFEH]QD

%DODGDVDGLFXOXL

$IDUDLIULJVLHQQRUDW
6LQVREDDUGHPDPD
'HOXVWUDWDWDLVSkQ]XUDW
,DUHXPDWDLFXODPD

9DULDQWDODSULPDVWURID
$IDUDLIULJvQFDVDLFDOG
&DQVREDDUGHPDPD
'HJULQGDLWDWDVSkQ]XUDW
,DUHXPDWDLFXODPD

3HMRVVWDXIUDWLLPHLvQWLQVL
6XQWPRUWLGHRVDSWDPkQD
ÌQSXWUHIDFWLHDXLQWUDW
'DUQLPHQLQXLDGXQD

$VFXQVHIUDWLPLXQGXODS
1XLSDVDGHQLPLFD
$UHXQWRSRUvQILSWvQFDS
6DLWLQDFLSLOLFD

/XQJLWHPRVX
0LKXQSRG
&XXQFXWLWvQVSDWH
/DPXUPDULWGHODSDUWHU
3HYLDWDVLSHPRDUWH

,DUVRUDPHDFXRFKLX
VFRV
6H]EDWHvQWURODGD
0DLHXQIUDWHQWLQVSHMRV
6LQVSDWHDUHREDUGD

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

6LQIULJLGHUHFRQJHODW
ÌQSXQJLGHXQNLOEXQLFX



 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DUHXVXQWPLFQXVWLXQLPLF
'HDELDvPLWDLEXULFX


9DULDQWDODVWURID
ÌQIULJLGHUvQSXQJLGHXQNLO
6WDUHOD[DWEXQLFXO
,DU GLQEXQLFDDXPDLUDPDV
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

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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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

6LSHQWUXFLQHYUHLVDPRUL"
,DXLWDWHGHDSURDSH
2ULQXWLDPVSXVGHDWkWHDRUL
6DQXWHOHJLGHPRDUWH"

'HYUHLODOXPHVDDUDWL
$WDOHEDUEDWLH
0DLELQHXPEODvQFKLORWL
&DPLDUSODFHDVLPLH

6DWLVSXQFLQVWLWFDPGHPXOWWLPS
7HXUPDUHVFvQWDLQD
6LWHYLVH]DGHVHRUL
3HWLQHIDUDKDLQD

ÌWLGDXFDWDUJOkQJDFDWDUJ
2VWHQLFDVDWLIDFLRDVWH
6LDVWDGRDUFDVDPDODVL
&XVXODQDWDFRDVWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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

$WXQFL(OHQDXUFDQVXV
3ULYLUHDHLFHDWkPSD
&DFLEDXWXUDVLDIDFXW
/XFUDUHDHLDGkQFD

3H6W%DVLOvOYHGHLDU
3HFDOXOOXLFHOPDUH
&DUHLVWkUQHVWHLPHGLDW
6LURDLHGHVXGRDUH

6LOFKHDPDDGkQFQHVDWLRV
6RSWLQGXLYRUEHVILQWH
'DUHOHvQFDVRPQRURV
6LQXPDLLDDPLQWH

6LQWUXQWkU]LXUDVSXQGHVFXUW
5kQMLQGFDDQLPDOXO
&HWLSDVDWLHFKLSGHOXW
'DFRLILHXVDXFDOXO"




 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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
9HUVLXQHD
$&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

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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&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

$&78/,9

ÌQFKLQVLMDOHPDLWUHFXROXQD
&LXGDWSDUHDFDWRWXOPHUJHVWUXQD
3X LFDHUDYHVHOVLFXPLQWH
6LPXQFHDPXOWPDLPXOWFDvQDLQWH
'DUvQWURQRDSWHSHVHVWDFKHLHVH
3HJHDP3X DVDPLEDJDLFLIXVHVH
2VFDUDFLQHSL GDPDVLLDOXDWR"
$KGDUkPDWDMRVDFRORLLDWR
(LFDPEHOLWDPSXWDPHDFHDOXQJD
,HGHUDQXSUHDFUHGFRVDPLDMXQJD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
(]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
9HUVLXQHD

$&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
$K]LVHXLWHDFRORXQL]YRU
%DJDPLDVSX DRVLPWHDPFDPRU
6LQWLQVHERWXQMRVvQVDGHRGDWD
'LQDSDOkQJDHOVDULRIDWD
9LUJLQDVXQWVL/RVWULWDPDFKHDPD
+DLYLQRvQGUD]QHVWHIDUDWHDPD
+DLQHQDYHDvQVFKLPEXQFXUVLWkWH
&DVHQWUHED3X LFD$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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
=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
$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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'HPLYLQHXQJkQGDVDDDD

/D+RLQDULGHF

7ULPLVDGH,RQGHOD+RLQDULVPTV#LGPDLOFRP

%DQFXULSROLWLFH

%DQFXULFX&HDXVHVFX(OHQDVLYUHPHDORU

Ì'HFHQXDIRVWWHUPLQDWD&DVD5HSXEOLFLL"
53HQWUXFDQXDIRVW]LGLWD/HDQDODWHPHOLH

Ì'HFHvQ5RPkQLDVRFLDOLVWDPDJD]LQHOHVHIDFHDXODPLQLPXPNPGLVWDQWDXQXOGHFHODODOW"

56DQXVHvQFXUFHFR]LOH

Ì6WLWLFD(OHQDvLVSXQHDOXL1LFX0DLHVWDWH"
5$VD1LFXOHPDLLHVWDWHGHYL]LWDW

6WXGHQWXODUDEVHVFX]DFDDvQWkU]LDWODFXUVXUL
6DYHGHWLDVWDWSHORFWUDPYDLXOFDWUHFXWWRY&HDXVHVFXFXFDPDVDvQJXUD
&XPFXFDPDVD"
3DLDVD]LFHWRWRPHQLGLQWUDPYDL8LWHOLDUWUHFHFXFDPDVvQJXUDOXL

3HYUHPHDOXL&HDXVHVFXLHVHXQWLPEUXFX&HDXVHVFX6HGXFH&HDXVHVFXGHJKL]DWODXQRILFLXSRVWDOVDYDGDFXPVH
YLQGHWLPEUXO
1XVHYLQGHVSXQHIXQFWLRQDUXO
'HFH"
1XVHOLSHVWH
&HUH&HDXVHVFXXQWLPEUXVFXLSDSHOLSLFLvOSXQHSHXQSOLFVLLDUDWDIXQFWLRQDUXOXL
'HFHVSXLFDQXVHOLSHVWH"8LWHVHOLSHVWH
'DVSXQHIXQFWLRQDUXOGDUWRWLVFXLSDSHSDUWHDDLODOWD

&HDRvQYL]LWDvQMXGHWXO+DUJKLWD8QSLRQLHUYRLRVRIHUDIORULOHFHUHPRQLDOHODVkQGXVHvPEUDWLVDW
&XPWHFKHDPDSXLGHGDF"
,VWYDQ$WWLODWRYDUDVH1LFRODH&HDXVHVFX

ÌQYL]LWDOD6FRUQLFHVWLODSDULQWL&HDXVHVFXJDVHVWHWHOHYL]RUXOVSDUW6XSDUDWvOLDODURVWSHWDLFDVXGHFHQDFKHPDWSH
FLQHYDVDOUHSDUH7DWDOvLUDVSXQGHvQGRLSHUL
$SDLYLQPHUHXVLSXQJHDPX
DODGDFXPvOSXQFXPvOVSDUJ
3DLGHFHWDWD"
9H]LWXFkQGHUDLPLFVLVSXQHDLFkWHRSURVWLHvWLGDGHDPFkWHXQDSHVWHERWVLDPUDPDVFXRELFHLXODVWD

'RPOHVWLLFD&HDVFDDOQRVWUXHUDWRWDWkWGHWDUHFDVL.DVSDURY"
"
0XOWLDUILYUXWVDOEDWDGDUvQFDQLFLXQXOQDUHXVLW

(UD&HDXVHVFXOD1HSWXQ6HVFRDODvQWURGLPLQHDWDPDLGHYUHPHLHVHSHWHUDVDFXSULYHOLVWHODPDUHVLVSXQH
%XQDGLPLQHDWD6RDUH
6DWUDLWL7RYDUDVH&HDXVHVFX
9D]kQGDVWDvLVSXQHOXL/HDQDFHLVDvQWkPSODW
$GRXD]LGLPLQHDWDVHVFRDODvPSUHXQDFX/HDQDLHVSHWHUDVDVL
%XQDGLPLQHDWD6RDUH
6DWUDLWLWRYDUDVH&HDXVHVFXGDUHXQXVXQW6RDUHHXVXQWFDSLWDQ6WDWH'RULQPDLRUXO3RSHVFX6RDUHDIRVWLHULGHJDUGD

8QUHSRUWHURFFLGHQWDOvOvQWUHEDSH&HDVFDSULQ
$PDX]LWFDvQ5RPkQLDHIULJvQFDVH$VDH"
'DGDUQDPXULWQLPHQLGLQFDX]DDVWD
'DUDPDX]LWFDQXHQLFLPkQFDUH"
'DGDUQDPXULWQLPHQLGHIRDPH
6LDPPDLDX]LWFDWUHEXLHVDWHEDWLFDVDSULQ]LXQORFvQDXWREX]FDVDWHQWRUFLDFDVDGHODVHUYLFL"
'DGDUQLFLGLQDVWDQDPXULWQLPHQL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$WXQFLGRPQXOHSUVHGLQWHGHFHQXvQFHUFDWLFXFLDQXUD"

&HDXVHVFXFXQHYDVWDvQHOLFRSWHU/HDQDvL]LFH
8LWH1LFXOHVHYHGHUkXULOH
1XWXDVWHDQXHUkXULOHDVWHDHVRVHOHOH
3LORWXOLQWHUYLQH
1XDVWHDVFR]LOH

'XSDPDULOHLQXQGDWLL&HDXVHVFXvVLFRQYRDFDDSURSLDWLLFDVDIDFDXQELODQWDODMXWRDUHORU3ULYLQGUDSRDUWHOHvQFDUHVH
FHQWUDOL]DDSRUWXOGHYDOXWDIRUWHVHIXOH[FODPD
%UDYR/XDWLPDVXULGHSHDFXPSHVWHGRLDQLGDPIRF

/HDQDvLVSXQHvQWUR]LOXL1LFX
$X]L1LFXOH&HDUILVDPDSXLVLSHPLQHSULPPLQLVWUXFD'DVFDOHVFX"
(VWLQHEXQD/HDQR8QGHPDLYD]XVLWXWDUDFXGRLSULPPLQLVWUL"
3DLFXPQX"ÌQ)UDQWD-DFVL5DF

'RLWLSLFDOFDXQSRUFFXPDVLQDODPDUJLQHDXQXLVDW8QX]LFH
+DLVRVWHUJHP
&HODODW]LFH
(PDLFRUHFWVDOJDVLPSHSURSULHWDUVDLVSXQHPFHVDvQWkPSODWVLVDOGHVSDJXELP
=LVLIDFXWXQXSD]HVWHPDVLQDVLSRUFX&HODODOWSOHDFDvQVDWVDDQXQWHWULVWDYHVWH7UHFHRRUDWUHFGRXDVLVROXOQXVH
vQWRDUFH&HOUDPDVDVFXQGHSRUFX
vQFKLGHPDVLQDVLVHGXFHvQVDWVDGH]OHJHPLVWHUXOQHvQWRDUFHULLDPLFXOXL6DWXOSXVWLX
ÌQWURFXUWHvQVDWRDWDSRSXODWLD]DFHDvQJUDPH]LJUDPH]LvQWUREHWLHJHQHUDOD6XERPDVDvOGHVFRSHUDSHDPLFvLWRDUQD
RFDOGDUHFXDSDvQFDSVLOvQWUHDEDFHVDvQWkPSODW$ODODOWSRYHVWHVWH
$P YHQLW DLFL DP DIODW FLQH H SURSULHWDUXO DP VSXV FDP FH LDP IDFXW VL RDPHQLL PDX VIDWXLW VDL VSXQ SH RFROLWH FD H
FDUGLDF$VDFDLDPDWLQXWFDOHDDVDFDGLQvQWkPSODUHVLDPJDVLWXQSUHWH[WGHDLQWUDvQYRUEDVLLDPWUkQWLWR7UDLDVFD
DXJXVWPDLEDGHPDL
2PXOELQHSUHJDWLWSROLWLFDLQWUDWvQYRUEDVLPLDUHSOLFDWYRLRV
7UDLDVFDWUDLDVFDVLVDWUDLDVFDVL3DUWLGXOQRVWUXvQIUXQWHFXFHOPDLLXELWILXWRY1LFXODH&HDXVHVFX
(XFkQGDPYD]XWFDH YHVHOPLDPOXDWLQLPDvQGLQWLVLLDPVSXVWULVW6WLL"SRUFXDPXULW6LHOQXVWLXGHFHDGDWGH
EDXWODWRWVDWXOGHQHDPvPEDWDWFDSRUFLL

&HDXVHVFXVHLQWRUFHDRGDWDFXDYLRQXOFXQHYDVWDGLQVWUDLQDWDWH/DLQWUDUHDvQWDUDVHDXGHVXELWXQVXQHWGHWRQDOLWDWH
MRDVDVLLQWHQVLWDWHPDUHVLDYLRQXOVH]JXGXLHSXWHUQLF
&HVDvQWkPSODW"vQWUHDED&HDXVHVFXIRDUWHDIHFWDW
7RYDUDVH1LFRODH&HDXVHVFXSHUPLWHWLVDUDSRUWH]QHDPORYLWGHQLYHOXOGHWUDLULGLFDW

(SLVRGvQWUHSURIHVRUXOGHLVWRULHVLXQHOHYvQWURVFRDODSULPDUDDHSRFLLGHDXU
6SXQHPL*RJXWDFHHYHQLPHQWPDUFDQWDDYXWORFvQDQXO"
6DQDVFXWOD6FRUQLFHVWLWRYDUDVXO1LFRODH&HDXVHVFXLXELWXOQRVWUXSUHVHGLQWH
)RDUWHELQH'DUvQ"
'XSDXQVFXUWWLPSGHJkQGLUH*RJXWDUDVSXQGH
6DXVDUEDWRULWGHDQLGHODQDVWHUHDWRYDUDVXOXL1LFRODH&HDXVHVFX

&HDXVHVFXPHUJHvQ5XVLDvQYL]LWDOD%UHMQHY8LPLWGHOX[XOvQFDUHWUDLHVWHDFHVWDvOvQWUHDEDGHXQGHDUHDWkWLDEDQL
5XVXOvL]LFH
(LELQHYH]LSRGXOGHDFROR"
'D
$FHOSRGFRVWDGHUXEOH6LGLQWURVXPDDVDGHPDUHRSDUWHDMXQJHvEEX]XQDUXOPHX
3HVWHXQ DQ YLQHEUHMQHY OD %XFXUHVWL VL XLPLW OD UkQGXO OXL GH OX[XO vQ FDUH WUDLHVWH &HDXVHVFX vQWUHDED FXP GH vVL SRDWH
SHUPLWHDVDFHYD&HDXVHVFXvLUDVSXQGH
(LELQH9H]LSRGXODFHOD"
&DUHSRG"
3RGXODFHODFRVWDGHOHL

0DQLIHVWDWLHPDUHPDUHXQLLVWLXGHVSUHFHHYRUED/XPHDVWULJD

&HDXVHVFX3&58UD8UD
8QXOVLQJXUPDLDPDUDWVWDPDLLQVSDWHVLQXVSXQHQLFLXQFXYDQW8QRPGHRUGLQHFLWHVWHVHFXULVWVHDSURSLHGHHOVL
vOvQWUHDED
&HIDFLWRYDUDVHGHFHQXVWULJLXUD"
6XQWUDJXVLWUDVSXQGHFHOLQWHUSHODWGDUXUDHDLFLvQVXIOHW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HDXVHFX%XVKVL*RUEDFLRYDXYUXWVDYDGDFDUHVROGDWHVWHPDLGHYRWDWWDULLVDOH6HGXFWRWLWUHLOD:DVKLQJWRQ
%XVK-RKQODPLQH
-RKQ'DVDWUDLWL
%XVK6ROGDWHVWLJDWDVDIDFLRULFHSHQWUXSDWULH
-RKQ'DVDWUDLWL
%XVK$WXQFLLQWUDvQ2FHDQXO$WODQWLFVLDGXPLXQUHFKLQvQPLQXWH
-RKQLQWUDvQDSDVHVFXIXQGDLHVHODVXSUDIDWDVLSHVWHPLQXWHDSDUHHSXL]DWVLIDUDXQSLFLRUFXXQUHFKLQ
*RUEDFLRYHVWHLQGLIHUHQWVLOHSURSXQHFHORUWUHLVDPHDUJDOD0RVFRYD/D0RVFRYD
*RUEDFLRY,YDQODPLQH
,YDQ'DVDWUDLWL
*RUEDFLRY6ROGDWWXHVWLJDWDVDPRULSHQWUXSDWULHVLSDUWLG
,YDQ'DVDWUDLWL
*RUEDFLRY'XWHvQ2FHDQXOvQJKHWDWVLDGXPLUHFKLQLvQPLQXWH
,YDQLQWUDvQDSDVHVFXIXQGDSHVWHPLQXWHLHVHFXUHFKLQLDSURDSHPRUWL
&HDXVHVFX%DODQRLDVWDHWUHDEDGHPXLHUH
%XVK%LQHKDLVDPHUJHPOD%XFXUHVWLVDYHGHP/D%XFXUHVWL
&HDXVHVFX,RQODPLQH
,RQ&HHED
&HDXVHVFX%DWXHVWLJDWDVDPRULSHQWUXWDUDWD"
,RQ1W]LX
&HDXVHVFX$WXQFLPDUVvQ0DUHD1HDJUDVLDGXUHFKLQLvQPLQXWH
,RQ%DVDVHGXFDPDWD
&HDXVHVFX(QXYDPVSXVHXFDDVWDODQRLHWUHDEDGHPXLHUH

5RPkQLL WULPLW R QDYHWD VSDWLDOD vQ FRVPRV /D vQWRDUFHUH DVWURQDXWXO HVWH SULPLW GH &HDXVHVFX OD UHVHGLQWD VD
3RYHVWLQGXLFXP D IRVW DVWURQDXWXO vL VSXQH FD LD IRVW IRDUWH GLILFLO VD VH PLVWH GHRDUHFH OHJHD JUDYLWDWLHL QX VH DSOLFD
&HDXVHVFXVHvQWRDUFHVSUH(OHQDVLVSXQH
$PGDWQRLRDVWIHOGHOHJH"

9DULDQWD
'XSDGLVFXWLDFX3UXQDUXSULPXOURPkQWULPLVvQ&RVPRVFDPQHGXPHULW&HDXVHVFXRLDGHRSDUWHSH/HDQD
$VFXOWD/HQXWR3UXQDUX]LFHDFDDDYXWXQHOHSUREOHPHGLQFDX]DOHJLLJUDYLWDWLHL1XWLLWX PLQWHFkQGDPGDWHXOHJHD
DVWD"
&HPDQWUHELSHPLQH1LFXOHHXVXQWFXVWLLQWDWXHVWLFXOHJLOH

6HGLQWDGHSDUWLGGHSHYUHPHDRGLRVXOXLFXWHPD
GDWRULDSDWULRWLFDDIHPHLLURPkQHGHDGDUXLWDULLFRSLL9LQHVHFUHWDUXO
GHSDUWLGVLOHH[SOLFDODRDPHQLGHFHvQ5RPkQLDQDWDOLWDWHDWUHEXLHVDFUHDVFDVLFDVDILHVLPDLFRQYLQJDWRUOHWRWVSXQHD
ODRDPHQL
$WLvQWHOHVPDLWRYDUDVLWRYDUDVXO&HDXVHVFXYUHDFRSLLFkWPDLPXOWLFRSLL

=LFHHODVWDGH PDL PXOWHRULOH PDL GDQLVWHVWDWLVWLFL PDL SRPHQHVWHLDUGHWRYDUDVXO&HDXVHVFX FDUHYUHDFkW PDL PXOWL
FRSLLVLODXUPDvQWUHDED
$UHFLQHYDGHSXVYUHRvQWUHEDUH"
6HULGLFD%XOD
3DLWRYDUDVHDPvQWHOHVFHYUHDWRYDUDVXO&HDXVHVFXFXPVDQXvQWHOHJ"GDUXQVLQJXUOXFUXQXPLHFODURDGXFHWLSH
WRYDUDVD&HDXVHVFXDLFLODQRLVDXPHUJHPQRLEDUEDWLLODHD"

3UHVHGLQWHOH)UDQWHLHvQYL]LWDOD%XFXUHVWL'XSDSULPD]LGHYL]LWDGHPQLWDULLVHUHWUDJvQFDPHUHOHORU1LFXDUHQLVWH
PLFURIRDQHSODQWDWHvQFDPHUHOHIUDQFH]LORUVLvODXGHSHODPLH]XOQRSWLLSHSUHVHGLQWHOH)UDQWHLEDWkQGODXVDQHYHVWHLVDOH
4XLF
HVWOD"vQWUHDEDSULPDGRDPQDD)UDQWHL
&
HVWPRLvLUDVSXQGHVRWXO
+RWDUkWVDVLLPSUHVLRQH]HQHYDVWD1LFXGDVLHOIXJDODGRUPLWRUXOQHYHVWHLVLEDWHODXVD
&DUHHVWLDFRORED"VDUH/HDQDGLQSDW
/DFDUH1LFXvOFLWHD]DSHIUDQFH]
6HPRDLHVHPRDLH

'RLRDPHQLVWDXGHYRUED/DXQPRPHQWGDWXQXOGLQWUHHL]LFH
+DLGRP
OHVDWL]LFVLHXXOWLPXOEDQFFX&HDXVHVFXSHFDUHODPDX]LW
&HODODOWUDVSXQGH
'RP
OHHSDFDWGHGWDWHYDGRPGHWUHDEDGHFHVDDLQHFD]XUL"(XOXFUH]OD6HFXULWDWH
$DDOXFUH]LOD6HFXULWDWH"$WXQFLQXLQLFLRSUREOHPDRVDWLUHSHWEDQFXOSkQDWHSULQ]LGHSRDQWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HDXVHVFXvQGUXPVSUHRYL]LWDGHOXFUX'HRGDWDYHGHGLQHOLFRSWHURFODGLUHPDLPDUHvQSOLQFkPSVLLvQWUHDEDSH
vQVRWLWRULFHHVWHDFROR(UDRvQFKLVRDUHGDUFXPVDLVSXQDDVDFHYD7RYDUDVXOXL'HFLvLVSXQ FD H R JUDGLQLWD /D FDUH
&HDXVHVFX]LFH
+DLMRVYUHDXVRYL]LWH]
,QWUDWLvQSDQLFDSLORWLLUHXVHVFVDDQXQWHRUJDQHOHVDLDPDVXULDVDFDSkQDHOLFRSWHUXODWHUL]HD]DGHWLQXWLLVXQWvPEUDFDWL
vQ VRLPLL SDWULHL VFRVL DIDUD vQ FXUWH VL SXVL VD FkQWH VL VD VH MRDFH FX ORSDWLFD vQ QLVLS &HDXVHVFX VH GXFH OD XQXO VLO
vQWUHDED
%DLHWHOHELQHDLFLODJUDGLQLWD"
0GD
6LDYHWLPkQFDUHEXQDMXFDULL"
0GD
'D
WXFkWLDQLVRULDL"
3DL6DVH
&LXGDW(XWLDVILGDWYUHRGRLVSH
,DPDLGXWHGUDFXOXLFDDMXQJVDVHSHQWUXXQYLRO

&HDXVHVFXvPSUHXQDFX(OHQDvQYL]LWDGHOXFUXvQ)UDQWD/D/XYUXvQIDWDXQXLWDEORX(OHQDH[FODPD
9DLFH'RJHDPLQXQDW
*KLGXOLQWHUYLQHFXGLVFUHWLH
'DUHVWHXQ5HPEUDQGWGRDPQD
/DXQDOWXOGLQQRX
8LLXQ5HPEUDQGWUHPDUFDELO
*KLGXOVHYHGHQHYRLWVDFRUHFWH]H
$FHVWDHVWHXQ0RQHWGRDPQD
ÌQWUXQDOWVDORQ(OHQDH[FODPDIHULFLWD
2DVWDQXPDSRDWHvQVHOD(7LJDQFDOXL*ULJRUHVFX
1XGRDPQD1HDIODPvQ6DORQXORJOLQ]LORU

6DSWDPkQDSUH]LGHQWLDOD&HDXVHVFXYLQHOD795vOLDSH5D]YDQ7HRGRUHVFXGHSDUVLvLVSXQH
%DDDVWDHVDSWDPkQDSUH]LGHQWLDOD%DJLHPLVLXQLvQIHOXOXUPDWRU
/XQLYRUELWLGHVSUHPLQH
0DUWLYRUELWLGHVSUHPLQHVLVRWLDPHD
0LHUFXULYRUELWLGHVSUH1LFXVRU
-RLYRUELWLGHVSUHIDPLOLDPHD
9LQHULYRUELWLGHVSUHPLQHVLFRPLWHWXOFHQWUDODOSDUWLGXOXL
6kPEDWDWUDJHWLFRQFOX]LLOH
'XPLQLFDQXPDLQWHUHVHD]D
=LVVLIDFXWHPLVLQLOHGHULJRDUHRPDJLXHWFVLDFXPILOPHOH
/XQL1HEXQXO
0DUWLSLHVDGHWHDWUX2PXOVLPkUWRDJD
0LHUFXUL9DJDERQGXO
-RL6DWUD
9LQHUL$OLEDEDVLFHLGHKRWL
6kPEDWD'UXPXORDVHORU

&HDXVHVFX LQVSHFWD IHOXO vQ FDUH WDUDQLL H[HFXWDX OXFUDULOH GH SULPDYDUD 'LQ HOLFRSWHU YHGH XQ WUDFWRU RSULW VL GRL WLSL
GRUPLQGODXPEUDOXL&RPDQGDFRERUkUHDVHGXFHODHLDLDVHWUH]LVHUD&HDXVHVFX
&XPWHFKHDPDSHWLQH"
8QXOGLQHL
$SDLHXPLV3HWUX
'DUSHWLQHFXPWHFKHDPD"]LFHHOFHOXLODOW
,RPLV6HPLRQ
6LYRLDFXPGHFHQXVHPDQDWL"
$SRLGDUDFXPVDVHPDQDPGDFDQXVXQWHPIUDWL"

/DDO;,,,OHD&RQJUHVDO3DUWLGXOXLXQXOGLQVDODDGRDUPHvQVFDXQXOVDXFRPRG'LQWURGDWDDSDUHXQVRERODQvQVDOD
)HPHLOHVDUVXVSHVFDXQHLDUEDUEDWLLVDUvQXUPDULUHDILDUHL
2PRUkWLOSXQHWLPkQDSHHOFDOFDWLOvQSLFLRDUHVWULJDOXPHDvQVDOD
'HDWkWHDVWULJDWHRPXOQRVWUXVHWUH]HVWHEXLPDFVLVWULJDVLHOGLQWRWLUDUXQFKLL
6LSHHDVLSHHD

3H YUHPHDOXL QHD 1LFX &HDXVHVFXHUDX DFHOHLQWHUPLQDELOH UkQGXUL OD WRDWH DOLPHQWHOH SkLQHFDUQH HWF ,QWUR EXQD
GLPLQHDWDXQRPLHVLQGSHVWUDGDYD]XRFRDGDIRUPkQGXVHODXQFROW$FHVWDFXULRVvQWUHEDSHXOWLPXODVH]DWODUkQG


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XYDVXSDUDWLFHVHYLQGHDFL"
1XVWLXGRP
OHvQWUHEDWLPDLvQIDWD
0HUVHRPXOQRVWUXODPLMORFXOFR]LVLvQWUHDEDGLQQRX
1XYDVXSDUDWLFHVHYLQGHDFL"
1XVWLXGRPQXvQWUHDEDVLPDWDPDLvQIDWD
$FHVWDPHUVHvQIDWD
)LWLDPDELOGHFHVWDWLODFRDGD"
1XVWLXGRP
OHvQWUHDEDSHGRPQXOGLQIDWD
6XSDUDWGHDWkWDvQWUHEDPDLvQIDWDPHUVHODSULPXOGLQUkQG
'RPQXOHODFHVWDLDLFLODUkQG"
0LUDWVHXLWDODFHOFDUHOvQWUHED
&DUHFRDGD"'RPQXOHXLWHFDUHLWUHDEDPLVDIDFXWUDXVLPDPVSULMLQLWGH]LGXODVWD
$WXQFLODFH PDLVWDLDFL"
+PHVWLSURVW1DPIRVWQLFLRGDWDSULPXODXQUkQGDVDGHPDUH

9DDGXFHWLDPLQWHGHFHOHEULLFDUWRILGLQYUHPDHvPSXVFDWXOXL"
&kQGVHUDSRUWDSURGXFWLDDJULFRODHUDXGHFODUDWLFDWRQHFDUWRILERDEHODKHFWDU

ÌQ,HSRFDGHDXUDXIRVWDWLQVHUHFRUGXULLQFUHGLELOHODSURGXFWLDGHFHUHDOHVLFDUQH$VWIHOSRUXPEXOFUHVWHDFDVWkOSLL
GHWHOHJUDIDGLFDGLQFLQFL]HFLvQFLQFL]HFLGHPHWULXQXYDFLOHVWDWHDXvQJUDMGXULFDVLFDUWLOHvQELEOLRWHFDDGLFDVFRWHDL
XQDVLWRDWHFHOHODOWHFDGHDX
2LOHDUDWDXFDOHLLDGLFDDYHDXEODQDQXPDLODJkWVLFHYDvQYkUIXOFR]LL

6WLHGHDOWIHOWRDWDOXPHDGHFHSHYUHPHDDEX]LYvPSXVFDWXOXLPHUJHDPWRWvQDLQWHvQDLQWHHUDPDLELQH

%XODPHUJHSHVWUDGD8QDPLFvOVWULJD
%DL%XODDPDX]LWFDDLLQWUDWvQSDUWLGSHQWUXFLQHQXVWLHLQDLQWHGHPDUHDvQYDOPDVHDODGLQGHFHPEULHLQ5RPDQLD
HUDXQVLQJXUSDUWLG
/DFDUH%XODULGLFDSHUkQGFkWHXQSLFLRUVLSULYLQGFXDWHQWLHWDOSDvQWUHDED
ÌQFH]LFLFDPLQWUDW"

Ì3HYUHPHDOX
vPSXVFDWX
FHHUDLDUQDPDLUHFHGDFkWDSDUHFH"
5$SDFDOGD

%XODHVWHvQWUHEDWGDFD3DUWLGXOSRDWHJUHVL
%LQHQWHOHVWRYDUDVLFDVL3DUWLGXOJUHVHVWH&HYUHWL"(VLHORP

3HYUHPHDOX
vPSXVFDWX

3DQFDUWDSHDHURSRUWXO2WRSHQLOD3OHFDUL
8OWLPXOFDUHSOHDFDVDVWLQJDOXPLQD

&HDXVHVWLLVRVLWLGHODXQYHUQLVDM
(LFXPWLDSODFXWRvQWUHDEDHO
1LFXOHWUHEXLHVDGDPFXHLGHSDPkQW
3DLGHFHGUDJD
3DLQXYD]XVLFDVXEVWDWXLDWDVFULD-DOHDVLVXESLFWXUDPHD%DED

(UDSHWLPSXOOXL&HDXVHVFXVLWUHEXLDODRIDEULFDVDGHDDIDUDSHUVRQDOÌQFHSHGLUHFWRUXO
(XDUWUHEXLVDSOHFFDVXQWFHOPDLPDUHvQJUDG'DUFHDU]LFHWRYDUDVXO;SULHWHQXOPHXEXQGHIDPLOLHFkQGDXGHFDYRL
ILGDWDIDUD"
3HUVRQDOXO$VDHQXSRDWHVDSOHFHGRP
GLUHFWRU
,QJLQHUXOVHI
$YkQGvQYHGHUHFDHXVXQWDOGRLOHDvQJUDGGXSDGLUHFWRUHXWUHEHVDSOHFDFDVDGDUFHDUVSXQHWRYDUDVXO<FDUHHPDLVXV
FDWRYDUDVXO;"
3HUVRQDOXO$VDHQXSXWHWLVDSOHFDWLGRP
QLQJLQHUVHI
6LDVDPDLGHSDUWHSkQDYLQHUkQGXOOXL1H
D9DVLOHSRUWDUXO
3HUVRQDOXO1H
D9DVLOHQHSDUHUDXSHQWUXGYGDUWUHEHVDSDUDVLWLLQWUHSULQGHUHD
0DLEDLHWLHXDPWUHLFRSLLGHKUDQLW'HFHQXPDPDLWLQHWLVLSHPLQH
3HUVRQDOXO%LQH1HD9DVLOH&XPVSXLGXPQHDWD
3HVWHRVDSWDPkQDWUHFH&HDXVHVFXSHODIDEULFD,VHH[SOLFDFXPIXQFWLRQHD]DPDVLQLOHQXvQWHOHJHGDUGHRGDWDvOYHGHSH
1H
D9DVLOH
&HDXVHVFX1H
D9DVLOHFHPDLIDFLPDLVWLFkQGMXFDPQRLIRWEDOvQERFDQFLIDFXWLGHWDWD
1H
D9DVLOH'D7XFHPDLIDFL1LFXOH"7RWFX/HDQDRPDLIUHFL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HDXVHVFX'D&HSRWVDIDF)LLDWHQWDLFLQHD9DVLOHXLWHDLFL]HFHQXPHUHGHWHOHIRQGDFDDLYUHRSUREOHPDVXQDOD
RULFHRUD
1HD9DVLOH0XOWXPHVFGDUQXHQHYRLH
&HDXVHVFXSOHDFD
'LUHFWRUXO9DVLOHvOFXQRVWLSH&HDXVHVFX"
9DVLOH%LQHvQWHOHVGHFkQGHUDPFRSLO
'LUHFWRUXO3DLGHFHQXDLVSXV8LWHWHWULPLWODRVFRDODGHPDLVWULVDvQYHWLPDLPXOW
$FROR OD VFRDOD GH PDLVWUL YLQH (OHQD &HDXVHDVFX vQ LQVSHFWLH , VH H[SOLFD FXP IXQFWLRQHD]D PDVLQLOH QX vQWHOHJH GDU
GHRGDWDvOYHGHSH9DVLOH
(OHQD9DVLOHH&HPDLIDFLRPXOH
9DVLOH%LQH/HDQRSHDLFLVLHX
(OHQD0DLVWLFkQGQHSXSDPQRLvQWXILVXUL
9DVLOH0DLVWLXFXVDXLWDVDFHYD7RWFX1LFXRPDLIUHFL"
(OHQD7RWFXHOGRDUHXQRPEXQQX")LLDWHQWDLFLGDFDDLYUHRSUREOHPDLDDLFLGHQXPHUHGHWHOHIRQ GDFDVHLYHVWH
FHYDVXQD
9DVLOH0XOWXPHVFGDUQXHQHYRLH
'LUHFWRUXOGHDFRORUDPkQHPDVFD
'LUHFWRUXO'HFHQDLVSXVQHD9DVLOHFDRFXQRVWLSH(OHQD&HDXVHVX"
9DVLOH(XFXQRVFSHWRDWDOXPHD
'LUHFWRUXO6LSH3DSDGHOD5RPD"
9DVLOH'D
'LUHFWRUXO'DFDvOFXQRVWLSH3DSDHXWHDYDQVH]vQJUDGSkQDODLQJLQHUVHIVLRVDOXFUH]LWRDWDYLDWD
9DVLOH%LQHEDLHWL
6HGXFOD9DWLFDQFXHOLFRSWHUXO
9DVLOH8LWHEDLHWLFXPIDFHWLSHPLQHPDVWLXEDLHWLGHODSD]DGDUSHYRLQXDVDFDLQWUXVLRVDDSDUFX3DSDSHWHUDVDDLD
3HUVRQDOXO2N9DVLOH
3HVWHRMXPDWDWHGHRUDDSDUHVLQHD9DVLOHFX3DSDSHWHUDVD3HUVRQDOXOQXvOVWLDFXPDUDWDSDSDDVDFDDvQWUHEDWXQFDWROLF
vQUDLWGLQ$XVWUDOLD
3HUVRQDOXO,D]LLGRPQHDODGHODEDOFRQH3DSD"
$XVWUDOLDQXO1XSUHDYDGELQHSkQDDFRORGDUDODGHOkQJDHOHVLJXU1($9$6,/(

ÌQWUXQVDWGLQ$UGHDOOD&$3VHGLQWDGHSDUWLGODFDUHSDUWLFLSDVLLQVSHFWLDGHODMXGHW/DSUREOHPHSHUVRQDOHVHULGLFD
EDGHD*KHRUJKHFDUHVSXQH
1RDPXHXDPRYDFDURVLHVLXQDDOED6LWDXUXOYHFLQXOXLVDUHJDUGXOVLRIX HSHDDOED
3UHVHGLQWHOHVHIDFHURVXFDUDFXÌOLDGHRSDUWHVLLVSXQHFDHLQVSHFWLHGHVXVDOWDGDWDVDYRUEHDVFDPDLIUXPRV3HVWHFHYD
WLPSLQVSHFWLHGHODPLQLVWHU%DGHD*KHRUJKHR]LFHWRWFXPVWLDHO3UHVHGLQWHOHvL]LFH
%DGHPDIDFLGHUXVLQHPDEDJDDVWLDvQSXVFDULHFDvQVHGLQWHGHSDUWLGVHYRUEHVWHDVDXUkW
3HVWHSXWLQWLPSVHGLQWDÌQLQVSHFWLH&HDXVHVFX3UHVHGLQWHOHvLVSXQHOXEDGHD*KHR

7HURJIUXPRVQXPDIDFHGHUkVGDFDYUHLVDWL]LFLSDVXO]LVLWXFDLDIDFXWRVXUSUL]D
9LQHVHGLQWDSUREOHPHSHUVRQDOHSUHVHGLQWHOHQX YUHD VDO ODVH SH *KHR
 VDVL ]LFDSDVXOGDUVH EDJDWR
D
VXDVD FDEDGHD
*KHR
vL]LFH
1R DPXHXDPRYDFDURVLHVL XQDDOED 6L WDXUXOYHFLQXOXLvL SODFHGH YDFD DOED VL PHUHX VDUH JDUGXO vO VWULFD vPLIDFH
JUDGLQDVLJUDMGXOSUDI6LD]LGLPLQHDWDRIDFXWODIHOVLLRIDFXWRVXUSUL]DYDFLLDOEHDIX XWRSHDURVLH

6DWXLGHDVWHSWDWFRQGXFDWRULLSDUWLGXOXLFRPXQLVWLQWURGXFvQFDOFXODWRUXQPDOGDUGHGDWHVLLSXQvQWUHEDUHD
&vWPDLDYHPSkQDODFRPXQLVP"
'XSDSkUkLWXULFKLWDLWXULFDOFXODWRUXOUDVSXQGH
NLORPHWUL
9HULILFDULQHGXPHULULvQILQHFDOFXODWRUXOLDU
NLORPHWUL
9HULILFDHLGDWHOHFDXWDvQILQHVHGXPLUHVF/DFRQJUHVXO;WRY&HDXVHVFXVSXVHVHIRDUWHFODU)LHFDUHFLQFLQDOvQVHDPQD
XQSDVvQDLQWHVSUHFRPXQLVP

)HFLRUXOXQXLGHPQLWDUFRPXQLVWSOHDFDvQ6WDWHSHQWUXVWXGLL$FDVDWULPLWHRWHOHJUDPDVFXUWD
75$,$6&$3$57,'8/&2081,675$0Æ1

ÌQUDL'XPQH]HXVWDGHYRUEDFXFkWLYDURPkQL
&XPRGXFPROGRYHQLLWDL6WHIDQH"
5DX'RDPQH
&XPDVD"
3DLMXPDWDWHVXQWvQ&$3MXPDWDWHvQ8566
'DDUGHOHQLLWDL,DQFXOH"
%LQLVRU'RDPQH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
,DX]L3DLGHFH"
-XPDWDWHVXQWvQ&$3MXPDWDWHVXQWvQ5)*
'D
ROWHQLLWDL7XGRUH"
)RDUWHELQH'RDPQH
%UDYR&XPDVD"
3DLMXPDWDWHVXQWvQ&$3MXPDWDWHvQ&&

3HYUHPHDOXL&HDXVHVFXXQWLSLQWUDvQWUXQPDJH]LQ
1XYDVXSDUDWLQXDYHWLSHVWHDLFL"
1XDLFLQXDYHPFDUQHSHVWHQXDXDODWXUL

3H YUHPHD FRPXQLVPXOXL OD R FRQIHULQWD HFRQRPLFD LQWHUQDWLRQDOD VH vQWvOQHVWH XQ VSHFLDOLVW URPkQ FX XQ VSHFLDOLVW
DPHULFDQÌQWUHDEDDPHULFDQXO
9RLFHH[SRUWDWL"
5DVSXQGHURPkQXO
&KLUSLFL
6LFLQHOFXPSDUD"
%XOJDULD
6LFHSULPLWLvQVFKLPE"
2XD
)RDUWHIUXPRVRXDSHQWUXFKLUSLFL6LFHIDFHWLFXRXDOHOHPvQFDWL"
1X/HWULPLWHPvQ8QJDULD
6LFHSULPLWLvQVFKLPE"
*DLQL
6LFXJDLQLOHFHIDFHWL"
/HWULPLWHPvQ3RORQLD
6LFHSULPLWLvQVFKLPE"
&XUFL
6LFXFXUFLOHFHIDFHWL"
/HWULPLWHPvQ&HKRVORYDFLD
6LFHSULPLWLvQVFKLPE"
9LWHL
6LFXYLWHLLFHIDFHWL"
ÌLWULPLWHPvQ8QLXQHD6RYLHWLFDVLSULPLPvQVFKLPEEDOHJDUFXFDUHIDFHPFKLUSLFLXOSHFDUHvOWULPLWHPvQ%XOJDULD

9LQH%XUHELVWDOD%XFXUHVWLvQWLPSXOOXL&HDXVHVFXSHYUHPHDPDULORUGHPRODUL6HXLWDvQMXUXOOXLVLvQWUHDED
&XPVHQXPHVWHDFHDVWDFHWDWH"
,VHUDVSXQGH
'DUkPLGDYD
6LFXPVHQXPHVFEDVWLQDVLLDFHVWRUORFXUL"
(LVHQXPHVF$SODX'DFLL
6LHLVHvQFKLQDWRWOD=DPRO[H"
1XHLVHLQFKLQDODDOD
=GD0DVLL

1LFXVRUVHGXFHOD6I3HWUXVLOURDJDVDODMXWHVDVLYL]LWH]HSDULQWLL'XSDFHOvQWUHDED6I3HWUXFHDXIRVWSDULQWLLvQ
YLDWD vL LQGLFD DOHHD SUHVHGLQWLORU 0HUJH 1LFXVRU VL UDPkQH VRFDW /HQLQ VWDWHD FX SLFLRDUHOH vQWUXQ KkUGDX FX FDFDW
+UXVFLRYvQFDFDWSkQDODEUkX6WDOLQvQFDFDWSkQDODJkW&HDXVHVFXGRDUFXSDQWRILLvQFDFDW
(LWHDLGHVFXUFDWELQHVLDLFLWDWD'XSDFkWHDLIDFXWVLWHDXSXVQXPDLFXSDQWRILLvQFDFDW
7DFLSURVWXOHQXYH]LFDVWDXSHFDSXOXLPDWD

3HYUHPHD2GLRVXOXLODXQPDUHUHVWDXUDQWGLQ%XFXUHVWLFLQHYDGDWHOHIRQVLUH]HUYDRPDVDPDUHSHQWUXVHDUD/DRUD
VWDELOLWDVRVHVWHROLPX]LQDGHOX[FXVRIHUvQXQLIRUPDLDUGLQPDVLQDFRERDUDXQWLSPLFVLSULFDMLWFXRFROLYLHvQFDUHHUDR
SDVDULFD /D PDVD WLSXO FRPDQGD SHQWUX HO GRDU R VDODWD LDU SHQWUX SDVDULFD PDL PXOWH IHOXUL GH PkQFDUH GLQ FHOH PDL
FRVWLVLWRDUH6HFXULVWXOUHVWDXUDQWXOXLFRQWUDULDWIDFHDGRXD]LFHUFHWDULVLDIODFDUHVSHFWLYXO*KHRUJKHSkQDQXGHPXOW
XQ PXULWRU GH UkQG GHWLQHR YLOD GH OX[ VL FD VDvPERJDWLW SHVWH QRDSWH %LQHvQWHOHV FD *KHRUJKH HVWH FKHPDW OD SROLWLH
SHQWUXLQWHURJDWRULX3ROLWLVWXO
1XPHOHGY"
*KHRUJKH
0HVHULD"
0HUFHRORJOD$YkQWXOGLQGHDO
&XPSXWHWLGRYHGLSURYHQLHQWDEDQLORUSHFDUHvLDYHWL"
3DLVWDWLVDYHGHWLHXVLQWSHVFDUVLPDPGXVODSHVFXLWVLDPSULQVXQSHVWLVRUWRWXOVLFXWRWXOGLQDXU
7RYDUDVHvWLEDWLMRFGHPLQH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
1XHVWHDGHYDUXODGHYDUDW
'DFDHVWHDVDSHVWLVRUXOLQWUDvQWH]DXUXOVWDWXOXL
6WDWLVDYHGHWLFDQXOPDLDP
1HQRURFLWXOHWHEDJODSXVFDULH
1XGOHFDYRUEHDVLPDUXJDWVDLGDXGUXPXOFDPLvQGHSOLQHVWHWUHLGRULQWH
'XPQHDWDPDFUH]LQHEXQ"
'DGOHVLSHQWUXFDHUDPVDUDFVLORFXLDPvQWURJDUVRQLHUDvQ0LOLWDULFRQIRUWFXEDLDvQEXFDWDULHVLFXEXFDWDULDvQEDLH
LDP FHUXWVDPLGHDRYLOD PDUHVLIUXPRDVDFXOLPX]LQDOD VFDUD FX PDMRUGRP VL IHPHLH GH VHUYLFLX DSRL FkQG PDP
YD]XWFXDVWDLDPFHUXWVDDPEDQLPXOWLVDQXDPFHIDFHFXHL$SRLGDFDDPYD]XWFDDPYLODPDMRUGRPVHUYLWRDUHVL
VRIHU VL vQ DFHODVL WLPS EDQL PXOWL LDP FHUXW VDPL GHD VL PLH R SDVDULFD PLFD VL IODPkQGD vQVD QX VWLX GDFD HX PDP
H[SULPDWFXPWUHEXLHVDXSHVWLVRUXOPDvQWHOHVJUHVLWFDFLPLDGDWVWkUSLWXUDDVWDFDUHPDQkQFDGHPDVDUDFHVWH

/D$OLPHQWDUD
$LEUkQ]D"
1X
$LVDODP"
1X
7HEDJvQSL]GDPDWLFX&HDXVHVFXFXWRW
$GRXD]LDFHHDVL$OLPHQWDUDDFHOHDVLSHUVRQDMH
$LEUkQ]D"
1X
$LVDODP"
1X
7HEDJvQSL]GDPDWLFX&HDXVHVFXFXWRW
$WUHLD]LFOLHQWXOYHGHRSHUVRDQDVXVSHFWDvQYLUWLQGXVHvQPDJD]LQ
$LEUkQ]D"
1X
$LVDODP"
1X
$WXQFLUDPkQHFXPDPVWDELOLWLHUL

&HDXVHVFXFHUHGHOD6HFXULWDWH
$GXFHWLPLOSHDFHODFDUHIDFHWRDWHEDQFXULOHFXPLQH
,ODGXF6SXQH&HDXVHVFX
'HFHIDFLWXQXPDLEDQFXULFXPLQH"/HVWLXVvQWEXQHGDUVDWHYDGIDVLWXXQEDQFQXFXPLQH
6HJkQGHVWHDFHODFkWVHJkQGHVWHVLVSXQH
7RYDUDVD&HDXVHVFXHvQVDUFLQDWD
1XFXPLQHDPVSXV
'D
FLQHDVSXVFDFXWLQH"

&LFD(OHQD&HDXVHVFXDXGHVLHDGHFL]PHGHFURFRGLO(DPXLHUHGHSUHVHGLQWHDYHDWRWFHVLGRUHDVLXLWHFDYUHDVLHD
FL]PHGHFURFRGLO&KHDPDHDGRLVHFXULVWLVLvLWULPLWHSHHLvQ(JLSWVDLDGXFDFL]PHGHFURFRGLO7UHFHXQDQVLVHFXULVWL
QRVWULQXDSDUFXFL]PHOHGHFURFRGLOPDLWUHFHXQDQVLXLWHFDWRWQXVHvQWRUFVHFXULVWLL(OHQDQHUDEGDWRDUHFKHDPDSHXQ
DOWVHFXULVWVLvOWULPLWHVDYDGDFHIDFFHLODOWLGRLGHQXYLQFXFL]PHOHGHFURFRGLO$MXQJHDVWDvQ(JLSWVLYHGHSHFHLODOWL
GRLXQXHUDvQPLOMRFXO1LOXOXLVLFHODODWSHPDO&HOGLQPLOMRFXO1LOXOXLOXDXQFURFRGLOvOULGLFDGHDVXSUDFDSXOXLVLVWULJD
ODFHOGHSHPDO
%DDUHFL]PHED"
&HOGHSHPDOUDVSXQGHD
1XDUHED
DFHVWDGLQ1LODUXQFDFURFRGLOXOVLOXDDOWXO
%DDUHFL]PHED"
1XDUHED
VLWRWDVDFDXWDXVHFXULVWLLQRVWULFL]PHGHFURFRGLO

&HDXVHVFXDUHQHYRLHGHXQPLQLVWUXGHILQDQWH6HRUJDQL]HD]DXQFRQFXUV6HSUH]LQWDXQUXVXQDPHULFDQVLXQHYUHX
,QWUDUXVXO
&kWIDFGRLVLFXGRL"
3HUPLWHWLPLYDURJVDGDXXQWHOHIRQOD0RVFRYD
6HGXFHGDWHOHIRQVLUDVSXQGH
0RVFRYDPLDDFRUGDWSHUPLVLXQHDVDUDVSXQGFDGRLVLFXGRLIDFSDWUX
,QWUDDPHULFDQXODFHHDVLvQWUHEDUH'DGUXPXODPHULFDQXOODFDOFXODWRDUHSURJUDPHD]DVFRDWHODLPSULPDQWD
7RDWHFDOFXOHOHDWHVWDFDGRLVLFXGRLIDFSDWUX
,QWUDHYUHXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DLGHSLQGH'RLVLFXGRLSRWIDFHWUHLSRWIDFHSDWUXSRWIDFHFLQFL
Ì3HFLQHDQXPLW&HDXVHVFXPLQLVWUXGHILQDQWH"
53HIUDWHVDX

3HULRDGD7UHFXWXO3UH]HQWXOVL9LLWRUXOvVLGDXvQWkOQLUHvQ5RPkQLD7UHFXWXOVL9LLWRUXOVXQWSXQFWXDOL3UH]HQWXO
vQWkU]LH&kQGDSDUHFXRVDFRVDvQPkQDvOLDXFHLODOWLODvQWUHEDUL3UH]HQWXOUDVSXQGH
$PVWDWODFRDGDODFDUQH
7UHFXWXO
&2$'$"FHLDLD&2$'$"
9LLWRUXO
&$51("FHLDLD&$51("

&kQGGLVSDUXVHVDODPXOGLQPDJD]LQHDDSDUXWFDQXPHGHDPEDVDGRUGLQWDULOHDUDEH
$V+DOL6DODP'D
QDP

9LQHQHD1LFXDFDVDVLL]LFHQHYHVWLL
)D/HDQRDPGRYDGDFDDPPLQWH
&HGRYDGD"
3DLD]LODSOHQDUDvQWLPSFHPLSUH]HQWDPSURJUDPXOXQXOGLQVDOD]LFHD0DLFHPLQWH

%XODODVFRDODÌQYDWDWRDUHD
&RSLLLDVSXQHWLPLYRLFHUHSUH]LQWDSHQWUXYRLSDWULD
,RQHVFX
+ROGHvQWLQVHGHJUkX
3RSHVFX
6RQGHVLPLQH
%XOD
2FkPSLHPDUHPDUHFXIORULvQPLMORFXOHL2FKLXO%RXOXLVLFX0DWUDJXQDvQFHUFXLWLGHRFHDWDGHDOEDVWUHOHLDUvQUHVW
GHPLOLRDQHGHODFULPLRDUH

ÌQIDWDXQXLDQWLFDULDWXQDUGHOHDQDGPLUDOXFUDUHDWKHIXWXUHRI5RPDQLDDXWRU1&VLH[FODPD
,DFDWDRFDUWHGHDFWXDOLWDWH
3DLFXPDVD"vOvQWUHDEDXQSROLWLFLDQ
$SRLGXPQHDWDQXVWLLFHWL7HIXWXUDRI5RPDQLH"

%DQFXULFXSROLWLFLHQLGXSD¶

Ì&HDXIDFXWFHOPDLELQHWDUDQLVWLLLQWDUDDVWD"
5&DQDOXO

Ì&DUHHVWHDVHPDQDUHDGLQWUH5RPDQLDVL-DSRQLD"
5$PkQGRXDWDULOHDXWUHQXULVXVSHQGDWH

Ì5RPDQLDVL*UHFLD"
5$PDQGRXDDXIRVWUHSXEOLFLHOHQH

Ì5RPDQLDVL%HOJLD"
5$PEHOHWDULVXQWIODPDQGH

'RLLOHJDOLVWLVHODPHQWHD]D
3XWLQLDPIRVWPXOWLDPUDPDV

Ì'HFDWHIHOXULVXQWFRQGXFDWRULLURPkQL"
5/LWWOHERVVELJERVVVLVFDU%RVV

Ì&DUHHVWHGHRVHELUHDGLQWUHXQPHPHEUXGHSDUWLGGLQWUHFXWVLXQXOGLQSUH]HQW"
53ULPXOVDEDWHDFXSXPQLLvQSLHSW$OGRLOHDFXSXPQLLvQFDS

Ì&DUHHGLIHUHQWDGLQWUH&HDXVHVFXVL,OLHVFX"
5&HDXVHVFXHUDFL]PDUVL,OLHVFXHVLUHW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&XFHVHDVHDPDQDSR]LWLD5RPDQLHLYLV
DYLVGH1$72"
5&XXQ&2,3DUWLFLSDGDUQXLQWUDQLFLRGDWD

Ì'HFHPRDUHQHXURQXOLQFDSXOXQXLSDUODPHQWDU"
5'HVLQJXUDWDWH

Ì6WLWLEDQFXOFX%DVHVFX"
5%DVHVFXPSHVFWRDWH

Ì&HIDFHURPkQXOFkQGQXPDLDUHEDQL"
56FKLPEDRKkUWLHGHGHGRODUL

Ì&HHVWHVDODULXO"
52DWHQWLHGLQSDUWHDVWDWXOXL

7UHLGRFWRULXQXODPHULFDQXQXOHQJOH]VLXQXOURPDQYRUEHDXGHVSUHUHDOL]DULOHORU
$$FXPYUHROXQLDYHQLWXQXODFFLGHQWDWIDUDPkQDLDPIDFXWWUDQVSODQWGHODXQXOPRUWVLDFXPvVLFDXWDGHOXFUX
($FXPXQDQDYHQLWXQRUEVLLDPIDFXWWUDQVSODQWGHRFKLGHODXQXOPRUWVLDFXPVLHOvVLFDXWDGHOXFUX
5$FXPYUHRSDWUXDQLODPOXDWSHXQXOGHOD8QLYHUVLWDWHODPSXVSUHVHGLQWHVLDFXPWRDWDOXPHDvVLFDXWDGHOXFUX

&LFDWRDWHWDULOHIRVWFRPXQLVWHDXIRVWvQFDGHUHOLEHUDSLQDDXDWLQVIXQGXOJURSLL$SURDSHWRDWHDXLQFHSXWVDXUFH
SHUHWHOHDEUXSWDOJURSLLvQFDUHVXQWFXH[FHSWLD5RPDQLHLFDUHDFXPVDSDPDLDGkQF

2GHOHJDWLH)61FRQGXVDGH*HOX9RLFDQ9RLFXOHVFXDMXQJHvQ&KLQD/DRPDVDRILFLDODVXQWVHUYLWLFXEURDVWHWHVWRDVH
YLL6HFKLQXLHVFURPkQLLEURDVWHOHQXSXWHDXILDSXFDWHGHQLFLXQGHFDVHWUDJHDXLQFDUDSDFH*HOXEDJDXQGHJHWvQIXQG
ODEURDVFDDVWDVFRDWHFDSXOHOKDWvLVXFHVWHJkWXO&KLQH]LLvQFkQWDWL
6HYHGHGRPQXOH9RLFDQFDVXQWHWLXQSURIXQGFXQRVFDWRUDOFXOWXULLQRDVWUHVWUDYHFKL
%D]LFH9RLFDQDVWDDPGHSULQVRGHFkQGvLOHJFUDYDWDOXL3HWUH5RPDQ

'HFHQDXYRLHVDODULDWLLGHODJXYHUQVDVHXLWHSHIHUHDVWUDGLPLQHDWD"
&DQRUVDDLEHFHVDPDLIDFDGXSDDPLD]D

/DRFRQIHULQWDVWLQWLILFDGHVSUHGLQR]DXUL
$QJOLDSUH]LQWDRSUHOHJHUHLQWLWXODWD'LQR]DXULLVLUHODWLLOHVRFLDOH
)UDQWD'LQR]DULLVLYLDWDORUVH[XDOD
5RPDQLD'LQR]DXULLvQDLQWHVLGXSD
&RQGXFDWRUXO


9LRUHO0RUDUXSUHVHGLQWHOH)55DGUHVHD]DRVFULVRDUHGHVFKLVDvQFDUHDILUPDFD0LURQRYLDUILVSXVXUPDWRDUHD
IDEXODÌQIDWD6IkQWXOXL3HWUXODSRDUWDUDLXOXLVDXSUH]HQWDWEDUEDWL$FHVWLDDXIRVWvQWUHEDWLFDUHGLQWUHHLVLDvQVHODW
QHYDVWDFHUkQGXOLVHFHORUFDUHDXIDFXWRDVWIHOGHIDSWDVDIDFDXQSDVvQDLQWH1RXDGLQWUHDFHVWLDDXIDFXWSDVXO
$FHVWRUD6IkQWXO3HWUXOHDVSXVVDPHDUJDvQUDL&HOXLUDPDVSHORFLDVSXV
(VWLFLQVWLWGDUSURVWLDUSURVWLLWUHEXLHVDPHDUJDLQLDG

3DWULDUKXO7HRFWLVWVHvQWkOQHVWHSHVWUDGDFX$GULDQ1DVWDWVH
$1%XQD]LXD3RSR
37%XQD]LXDSRSR

6WLHGHDOWIHOWRDWDOXPHDGHFHSHYUHPHDDEX]LYvPSXVFDWXOXLPHUJHDPWRWvQDLQWHÌQDLQWHHUDPDLELQH

/XPHDVHSOkQJHFDV
DXVFXPSLWWRDWH
1XLDGHYDUDWVDODULXOVDLHIWLQLW

/DDOFLQFHOHDVHPQDOYDILDSDFDOGD
3LFSLFSLFSLFSLF
$IRVWDSDFDOGD

2ED]XOVXEWLUHFX.HQWXLDODVHWLQH

6KRSXOVFX]DPLMORDFHOH

'RLVWDJLDULVHYDGvQWkPSODWRUSHVWUDGD
&HLFXWLQH"1XWHDLGXVXQGHWHDXUHSDUWL]DW"
%DGDGDUPLDPGDWGHPLVLD3DULQWLLQXPDLSXWHDXVDPDWLQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

1HFDMLWXQPXQFLWRUVHvQWUHDEDvQIDWDIDEULFLL
(XSURSULHWDUHXSURGXFDWRU
'HFHPDPGDWDIDUD"

8]LQDGHPDVLQLJUHOHDIX]LRQDWFXX]LQD7LPSXULQRL
$FXPDYHP7LPSXULJUHOH

6RWLDOXL,RQ,OLHVFXDIRVWQXPLWDDPLUDO&RQGXFHFHOPDLPDUHGLVWUXJDWRUURPkQ

ÌQ5RPDQLDVH]LFHFDFLQHQDPXULWvQLDUQDDVWDYDUHJUHWDvQLDUQDYLLWRDUH

0XOWLRDPHQLVXQWvQGLOHPDQHVWLLQGFHLPDLELQHVDPRDUDvQLDUQDDVWDGHIULJVDXVDPRDUDODYDUDGHIRDPH

7D[DGHvQKXPDUHVHSODWHVWHGHDFXPLQYDOXWDILLQGFDGHFHVXOVHFRQVLGHUDDILSDUDVLUHDGHILQLWLYDDWDULL

2RUGRQDQWDUHFHQWDDJXYHUQXOXLFHUHWXWXURUSHQVLRQDULORUFDUHDXvPSOLQLWGHDQLVDVHPXWHODWDUD3HQVLRQDULLvQ
FDX]DVXQWGHDFRUGvQSULQFLSLXvQVDFXRFRQGLWLH
(LVDDOHDJDWDUD

8QUHSRUWHUvOvQWUHDEDSH,OLHVFX
&HSDUHUHDYHWLGHVSUHDFHVWHDOHJHUL"'DWLVLXQSURQRVWLF
0DFHVD]LFJKLRFXO]LFHFDVDUSXWHDVDFkVWLJ
1XDPVWLXWFDGDWLFXJKLRFXOFDVDGDWLXQSURQRVWLF

Ì'HFHDXXUPDULWURPkQLLHFOLSVDFXDWvWDLQWHUHV"
53HQWUXFDD IRVWVLQJXUXOHYHQLPHQWGLQXOWLPDYUHPHFDUHDIRVWSURJQR]DWVLVDVLvQWkPSODW

8QFXQRVFXWVHQDWRUDIRVWVXSXVXQHLLQWHUYHQWLLFKLUXUJLFDOHXUJHQWH,VDH[SHGLDWRWHOHJUDPDFXXUPDWRUXOWH[W
6HQDWXODGXQDWvQSOHQYDXUHD]DRFkWPDLJUDEQLFDvQVDQDWRVLUHFXYRWXULSHQWUXFRQWUDVLDEWLQHUL

,OLHVFXLQWUDvPSUHXQDFXQHYDVWDvQWUXQUHVWDXUDQWvQ/RQGUDVLFRPDQGDXQFRWOHW&KHOQHUXOvOvQWUHDED
%LQHELQHGDUFXPHFXYDFDQHEXQD"
,OLHVFXUDVSXQGH
9DFDQHEXQDVDFRPDQGHFHYUHD

ÌQ3DUODPHQWXUPHD]DVDVHYRWH]HROHJHSULQFDUHODILHFDUHVWDWLHGHEHQ]LQDVDVHSXQDXQSVLKLDWUXVLXQSROLWLVW
3VLKLDWUXOVDFRQVWDWHVWDUHDGHVDQDWDWHPLQWDODDFHORUFDUHFXPSDUDLDUGDFDVXQWvQWUHJLODFDSVDLGHDSHPkQD
SROLWLVWXOXLVDYDGDGHXQGHDXEDQL

&LFD(PLO&RQVWDQWLQHVFXPHUJHDSHPDOXOXQXLODF/DFkWLYDSDVLSHVWLVRUXOFHVH]EDWHDSHXVFDW0LOX
vOLDVLO
DUXQFDvQDSD3HVWLVRUXOIHUPHFDW
$FXPFHOHWUDGLWLRQDOHGRULQWLFDUHYRUILQXPDLGRXDFHYUHLVLWXDFXPDHLQIODWLH6RDX]LPSHSULPD
0LOX

3DLHRIDWDWDUHIUXPRDVDXQGHYDvQYHVWRFKHDPD&ODXGLD6FKLIIHUVWLLDVYUHDVLHXRQRDSWHFXHD
3HVWLVRUXO
1XVHSRDWHHSUHDGHSDUWHVLPDLWUHEXLHVDvQRWvPSRWULYDFXUHQWXOXLSH'XQDUHvQVXV(SUHDPXOWGHPHUV1DLVLWX
DOWDGRULQWD"""
0LOX

3DLGDFDVHSRDWHDVYUHDVDUDPkQSUHVHGLQWH
+PPVLFXP]LFHDLFDRFKHDPDSHIDWDDLD"

9DULDQWD
,RQ,OLHVFXSLHUGHDOHJHULOHGLQQRLHPEULHVLILUHVWHGHYLQHVHQDWRUDO3'65DYkQGWLPSGLVSRQLELOEHUHFKHW&DDWDUHVD
GXVODSHVFXLWSHPDOXO'kPERYLWHL/DXQPRPHQWGDWDSULQVXQSHVWLVRUVLDGDWVDLUXSDJkWXOVLVDOSXQDSHJUDWDU
3HVWLVRUXO
6WDL(XVLQWSHVWLVRUXOGHDXU'DFDPDDUXQFLvQDSRLvQDSDvWLvQGHSOLQHVFRULFHGRULQWD
,OLHVFX
+P2ULFH"$WXQFLDVYUHDVDPDFXOFFX6KDURQ6WRQH
6WDLQHQH2GRULQWDDVDVDSRDWDILvQGHSOLQLWDSHSODQQDWLRQDOFDHXVLQWSHVWLVRUGLQ'kPERYLWDQXGLQ$WODQWLF
1DWLRQDOD]LFL$WXQFLIDPDvQFDSDWUXDQLSUHVHGLQWH
/DFDUHSHVWLVRUXOVSXQH
$X]L"&XP]LFLFDRFKHPDSHDLD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

$YLRQXO6DQFWLWDWLL3DSD,RDQ3DXODO,,OHDDWHUL]HD]DSHDHURSRUWXO%DQHDVD'XSDRFHUHPRQLHIDVWXDVDDFHVWDVH
XUFDvQ3DSDPRELOVLSRUQHVWHSHWUDVHXOVWDELOLWGHRILFLDOLWDWLFXYLWH]DGH.PK'XSDREXFDWDGHGUXPSDUFXUVD3DSD
vQFHSHVDVHSOLFWLVHDVFDVLvLVSXQHVRIHUXOXLVDRSUHDVFD$FHVWDQHGXPHULWFRERDUDVLVHvQGUHDSWDFDWUH6DQFWLWDWHDVD
3DSD
+DLXUFDvQVSDWHvQORFXOPHXFDDPvQFHSXWVDPDSOLFWLVHVFVLVDDPRUWHVF9UHDXVDFRQGXFHX
6RIHUXO
'DUQXVHSRDWHDVDFHYD9DURJIUXPRVvPLSLHUGVOXMED
$X]LHXVXQWDOPDLPDUHDLFL7LHFODU"
6HXUFD3DSDODYRODQVLvQFHSHVDIXJDFXSHOD$UFXOGHWULXPI8QSROLWLVWYD]kQGPDVLQDJRQLQGRRSUHVWHFX
FKLXFXYDL9D]kQGFLQHHVWHvQPDVLQDUDSRUWHD]DLPHGLDWVXSHULRUXOXL3ROLWLVWXO
6HIXCDPRSULWRPDVLQDVLFUHGFDDPGDWGHEHOHD
6XSHULRUXO
8QGHSXWDWVDXVHQDWRUQX"$LGDWGHGUDFX
3ROLWLVWXO
1XVHIXCPDLPDUH
6XSHULRUXO
8QPLQLVWUXDVWDHQX"3RWLVDWLLHLDGLR
1XVHIXCPDUHPDUH
3H5DGX9DVLOHFXPYD"1XHVWLVDQDWRVODFDS
1XVHIXCPDUHGHWRW
(FODUODLRSULWSH&RQVWDQWLQHVFX'DLGUXPXOLPHGLDWFDDOWIHOQHSDVWHXQQHFD]PDUHLGLRWXOH
1XVHIXCHPDUHGHWRWGRPQHC
'DFLQHHDVWD"
1XVWLXVHIXCGDUvODUHVRIHUSH3DSD

0XQFLWRUXODPHULFDQVHWUH]HVWHGLPLQHDWDODRUDvVLEHDFDIHDXDvVLVDUXWDQHYDVWDVLFRSLLLVHVXLHODYRODQXO)RUG
XOXLSURSULXVLVHGXFHOD8]LQHOH&KU\VOHUXQGHHVWHPXQFLWRUFDOLILFDW
0XQFLWRUXOIUDQFH]VHWUH]HVWHGLPLQHDWDODRUDvVLEHDFDIHDXDvVLVDUXWDQHYDVWDVLFRSLLLVHVXLHODYRODQXO5HQDXOWXOXL
SURSULXVLVHGXFHOD8]LQHOH3HXJHRWXQGHHVWHPXQFLWRUFDOLILFDW
0XQFLWRUXOURPkQVHWUH]HVWHGLPLQHDWDODRUDQXvVLEHDFDIHDXDHSUHDVFXPSDQXvVLVDUXWDQHYDVWDHSOHFDWDGHOD
VDGXFDSOR]LLODFUHVDVHVXLHLQWUDPYDLXOGDFDPDLDUHORFSHVFDUDVLVHGXFHOD8]LQHOH)DXUXQGH6WDWXO5RPkQ
SRVWGHFHPEULVWODIDFXW$&7,21$5

'RPQXOHYUHWLVDDYHWLSXWLQJULMDGHELFLFOHWDPHDSkQDPDvQWRUF"
'RPQXOHGDUHXVXQWSDUODPHQWDU
1XLQLPLFDPvQFUHGHUHWRWXVL

1L[RQSOkQJHSHVFDULOD&DVD$OED'XPQH]HXvOYHGHYLQHOkQJDHOVLOvQWUHDED
'HFHSOkQJLWX5LFKDUG"
&XPVDQXSOkQJ'RDPQH"5D]ERLXOGLQ9LHWQDPQXVHPDLVIkUVHVWHVL
5LFKDUGGUDJDIDSDFHVLRVDYH]L
$VH]DWSHWUHSWHOH.UHPOLQXOXL%UHMQHYSOkQJHFXVXJKLWXUL'XPQH]HXvOYHGHVLVHDSURSLHGHHO
&HQHFD]XULDLWX/HRQLGH"
'RDPQHQ
RPDLVFRWODFDSDWFXFKLQH]LL
/HRQLGHPXWDWUXSHOHGLQ(XURSDODJUDQLWDFKLQH]D
ÌQIDWD3DUWLGXOXL1DWLRQDO7DUDQHVF&UHVWLQVL'HPRFUDW&RSRVXSOkQJHDPDUQLF'XPQH]HXvOYHGHVLLPHGLDWFRERDUD
OkQJDHO
&HVHvQWkPSOD3XLXOH"6SXQHPLFXPVDWHDMXW"
&RUQHOLX&RSRVXQXVFRDWHXQFXYkQWVLSULQWUHVXJKLWXULDUDWDFXPkQDvQMXU'XPQH]HXSULYHVWHLPSUHMXUVLvQFHSHVD
SOkQJDVL(/

ÌQWkOQLUHOD*XYHUQFXOLGHULLVLQGLFDOL
6LFUHGHWLFDSULPXOPLQLVWUXFDUHDIRVWGHDOQRVWUXVLQGLFDOLVWHUDELQHGLVSXVFkQGDWLFHUXWPDULUHDVDODULLORU"
&UHGFDGD6DSUDEXVLWGHUkV

$LDX]LWFDGLUHFWRUXOGHOD%$1&25(;DLQWUDWODDSD"
)LLOLQLVWLW7RWLGLUHFWRULLGHEDQFLFDUHDXLQWUDWSkQDDFXPODDSDDXGRYHGLWFDVWLXVDvQRDWH

$LYD]XW]LVHXQSDUODPHQWDUWUHQXULOHVXQWPDLVFXPSHGHFkWDQXOWUHFXW
'DGDUDXDYDQWDMXOFDDMXQJLPDLWkU]LXODGHVWLQDWLH

'LVFXUVLQ3DUODPHQW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
VLFUHGHWLPDGRPQLORUSkQDDFXPGLQJXUDPHDQXDLHVLWQLFLXQQHDGHYDU
3RDWHDLHVLWGLQQDVVHDX]LRYRFHGLQVDOD

'HSXWDOXOQRVWUXYRUEHVWHVLQJXU'DUDOYRVWUX"
6LDOQRVWUXGDUHVWHFRQYLQVFDQRLvODVFXOWDP

/DQRLGXSDDOHJHULOHGLQ
VDLQVWDXUDWSHGHSOLQGHPRFUDWLD&HLFDUHDXYRWDWSHQWUXQRXDFRQGXFHUHDWDULLDX
SRVLELOLWDWHDGHDDOHJHOLEHU
&HVDPDLDOHDJD"
6DDOHDJDvQLDUQDDVWDRULVDUHQXQWHODFDOGXUDDSDFDOGDOXPLQDVLWHOHIRQRULVDPRDUDGHIRDPH

3UHVHGLQWHOH6HQDWXOXLVLDO3'3HWUH5RPDQDIRVWvQWUHEDWGHXQ]LDULVWPDLLQGLVFUHW
&XPDWLUHXVLWODDOHJHULOHWUHFXWHVDVWUkQJHWLDWkWHDYRWXULSHQWUXSDUWLGXOGXPQHDYRDVWUD"
)RDUWHVLPSOX(XDPGDWVLVWHPDWLFEDFVLVWD[LPHWULVWLORUFKHOQHULORUVLIUL]HULORUGDUvQVFKLPEQXXLWDPVDUHFRPDQG
9RWDWLFX3'65

/D0LQLVWHUXO0XQFLLVL3URWHFWLHL6RFLDOH
'RPQXOHPLQLVWUXWHOHIRQLVWHLQRDVWUHGHODFHQWUDODLDVODELWDSURDSHFRPSOHWDX]XO&HYUHWLGXSDDWkWLDDQL
0XWROD'HSDUWDPHQWXOGH1HJRFLHULFX6LQGLFDWHOHVDXODJKLVHXOGHUHFODPDWLLGHODSRDUWD

6HQDWRULLvQWUHHL
0DULGRELWRFLVXQWHPQRLEDUEDWLLGRPQXOHVHQDWRU
7HURJVDIDFLDSUHFLHUHDODVLQJXODUFROHJD
0DUHGRELWRFHVWLGRPQXOHVHQDWRU

Ì6LWLFDUHHVWHGLOHPDURPkQXOXLGXSDDQLGHWUDQ]LWLH"
5([LVWDRDUHYLDWDvQDLQWHGHPRDUWH"

%DQFXULFX5DGLR(UHYDQ

8QDVFXOWDWRUVRYLHWLFvQWUHDED5DGLR(UHYDQXQGHVLFkQGDIRVWLQYHQWDWVWHSXO
5DGLR(UHYDQUDVSXQGH
6WHSXODIRVWLQYHQWDWvQ8QLXQHD6RYLHWLFDVLDIRVWSHQWUXSULPDGDWDIRORVLWvQIDPLOLDOXL6WHSDQ6WHSDQRY6WHSDQLYLFLFDUH
DYHD]HFHFRSLLVLRVLQJXUDROLWDGHQRDSWH

5DGLR(UHYDQHVWHvQWUHEDW
(VWHDGHYDUDWFDVHSRDWHIDFHGUDJRVWHFXIHUHDVWUDGHVFKLVD"
'DGDUHVWHGHSUHIHUDWFXRIHPHLH

5DGLR(UHYDQHvQWUHEDW
&XPHPDLELQHVDIDFLGUDJRVWH"&XJHDPXOGHVFKLVVDXFXJHDPXOvQFKLV"
ÌQSULQFLSLXHELQHVDIDFLVLFXJHDPXOGHVFKLVVLFXJHDPXOvQFKLVGDUHSUHIHUDELOFXRIHPHLH

ÌQWUHEDUHOD5DGLR(UHYDQ
3XWHPIDFHEDLHGDFDDYHPGLDUHH"
3XWHWLGDFDDYHWLGHVWXOD

/D5DGLR(UHYDQ
6HSDWHUDPkQHvQVDUFLQDWDGHODGLVWDQWD"
'DGDFDGLVWDQWDHPDLPLFDGHFkWOXQJLPHD

2DVFXOWDWRDUHvQWUHDEDOD5DGLR(UHYDQ
7RWWLPSXOEDUEDWLLPLVHXLWDODVkQL&HSRWVDIDF"
5DGLR(UHYDQvQWUHDEDODUkQGXOOXL
'DFkWLDQLDYHWL"
UDVSXQGHGRDPQD
5DGLR(UHYDQUDVSXQGH
$WXQFLvQFHWDWLVDPDLSXUWDWLIXVWHPLQL

/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHIDFHFRPXQLVPLQ(OYHWLD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6HSRDWHGDUHSDFDW

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRWOXDDQLvQFKLVRDUHSHQWUXGHFODUDUHDvQ3LDWD5RVLHFD6WDOLQHFUHWLQ"
'DGHRDUHFHDFHVWDHXQVHFUHWGHVWDW

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHSXQHED]DSHWRY1LFRODH&HDXVHVFX"
'DGDUHVWHGHSUHIHUDWVDVHSXQDDFLG

8QDVFXOWDWRUvQWUHDEDGDFDVHSRDWHIDFHGUDJRVWHvQSDWUXODEH
1RLvLUDVSXQGHPFDGDVHSRDWHIDFHVIDWXOGRFWRUXOXLILLQGXUPDWRUXO
XQDGLPLQHDWDXQDODSUkQ]VLGRXDvQDLQWHGHFXOFDUH

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDS DHGXOFH"
1XVWLPH[DFWGDUFLQHvQWUHDED"
8QJUXSGHGLDEHWLFL

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHIDFHFXRXVLFXRWHWXQRP"
'DGDUHVWHPDLVLPSOXFXXQEDUEDW

ÌQWUHEDUHOD5DGLR(UHYDQ
&XFLQHVHvQYHFLQHD]D8566"
&XFLQHYUHD

ÌQWUHEDUHOD5DGLR(UHYDQ
6XQWHPXQJUXSGHDVFXOWDWRULILGHOLDLDFHVWXLSRVWVLDPGRULVDDIODPGHFHDPXULWWRY$QGURSRY
6WLPDWLDVFXOWDWRULQXVWLPH[DFWGHFHDPXULWWRY$QGURSRYWRWFHVWLPHFDODDXWRSVLHDVXIHULWFXPSOLW

5DGLR(UHYDQRQOLQH
&HIDFH]E]]]E]]]]E"
2DOELQDFDUHGDvQDSRL

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDIHPHLOHWUDLHVFPDLPXOWGHFkWEDUEDWLL"
'HVLJXU0DLDOHVYDGXYHOH

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHIDFHGUDJRVWHvQIXJD"
1LFLRGDWDSHQWUXFDRIHPHLHFXIXVWHOHvQFDSDOHDUJDPDLUHSHGHGHFkWXQEDUEDWFXSDQWDORQLLSHYLQH

ÌQWUHEDUHOD5DGLR(UHYDQ
&XPDVH]LVDVHHOHIDQWLvQWUXQ0RVNYLF"
7UHLvQIDWDWUHLvQVSDWH

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHVSHFLHGHHOHIDQWLVDUHFkW7XUQXO(LIIHO"
2ULFDUHFkWVDUH7XUQXO(LIIHOVDUHRULFHHOHIDQW

ÌQWUHEDUHOD5DGLR(UHYDQ
&HVDIDFFDVDSDUPDLVXEWLUH"
ÌQWXQHULFGRDPQD

ÌQWUHEDUHOD5DGLR(UHYDQ
0DPPDULWDWFXXQYDGXYLDUHOQXFRQWHQHVWHVDPLYRUEHDVFDGHIRVWDOXLVRWLH&HVDIDF"
9RUELWLLGHVSUHYLLWRUXOGYVVRW

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHVXQWSDVDULOHFHOHPDLvQDLQWDWHvQYkUVWD"
&HOHvPSDLDWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQWUHEDUHOD5DGLR(UHYDQ
&HPDLSRWLGDMRVGHSHVHFUHWDUDJRDOD"
'LUHFWRUXO

ÌQWUHEDUHOD5DGLR(UHYDQ
&HHVWHXQFHOLEDWDU"
8QRPFDUHDSLHUGXWRFD]LDGHDIDFHQHIHULFLWDRIHPHLH

ÌQWUHEDUHOD5DGLR(UHYDQ
&HHVWHFDVDWRULD"
2IRUWDUHDWDDVHGLDWDFHLGHDIDUDYRUVDLQWUHLDUFHLGLQDXQWUXYRUVDLDVD

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHGLIHUHQWDGLQWUHRIHPHLHVLRRJOLQGD"
2JOLQGDUHIOHFWDIDUDDYRUELIHPHLDYRUEHVWHIDUDDUHIOHFWD

ÌQWUHEDUHOD5DGLR(UHYDQ
'HFHYLQIHWHOHODPDUH"
3HQWUXFDVDXVDWXUDWGHPLFD

/D5DGLR(UHYDQVHvQWUHDED
7RDWHFLXSHUFLOHSRWILPkQFDWH"
7RDWHGDUXQHOHQXPDLRGDWD

ÌQWUHEDUHOD5DGLR(UHYDQ
6XQWRIHPHLHGHGHDQL&HVDIDFFDVDPLVWHDVkQLLGUHSWL"
6WDWLvQSDWUXODEH

/D5DGLR(UHYDQVHvQWUHDED
(VWHSRVLELOFDRIHPHLHVDQDVFDGHPDLPXOWHRULvQDFHODVLDQFDOHQGDULVWLF"
1XWRYDUDVH1LFRODH&HDXVHVFX

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDvQ5RPkQLD
'DHVWHDGHYDUDW

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHDXIRVWSULPHOHFXYLQWHSHFDUHOHDVSXV*DJDULQFkQGVDvQWRUVGLQVSDWLX"
3ULPHOHOXLFXYLQWHODvQWRDUFHUHDXIRVW8QGHHSRUFXODODFDUHPLDSURPLVFDDVWDLDYLRQXOSHQWUX3DULV""""

/D5DGLR(UHYDQVHvQWUHDED
6SXQHWLPLFXPVDSURFHGH]SHQWUXDHPLJUDvQ68$""
/DVDWLQXPHOHVLDGUHVDH[DFWDVLYDYHQLFLQHYDVDYDLD

ÌQWUHEDUHOD5DGLR(UHYDQ
&HHVWH.*%XO"
,QLPDSDUWLGXOXLFDUHEDWHEDWHEDWH

8QDvQWUHDEDOD5DGLR(UHYDQ
6HSRDWHEHDDSDvQORFGHDQWLFRQFHSWLRQDOH"
'DELQHvQWHOHV
ÌQDLQWHVDXGXSD"
ÌQORFGH

ÌQWUHEDUHOD5DGLR(UHYDQ
ÌVLIDFHHIHFWXOVLSH/XQDSLOXODDQWLFRQFHSWLRQDOD"
'DGDUFRVWXPXOVSDWLDORIHUDRSURWHFWLHPXOWPDLEXQD

5DGLR(UHYDQ
,XELWSRSRUHVWHRUDVLWRYDUDVXOSUHVHGLQWH(OWLQWRFPDLVHWUH]HVWH(WLPSXOFDVLGXPQHDYRDVWUDVDYDWUH]LWL
&HYDPDLWkU]LX
,XELWSRSRUHVWHRUDVLMXPDWDWHWRYDUDVXOSUHVHGLQWH(OWLQvVLIDFHvQYLRUDUHDGHGLPLQHDWD(WLPSXOFDVLGXPQHDYRDVWUD
VDYDIDFHWLPLVFDUH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LPDLWkU]LX
,XELW SRSRU HVWH H[DFW RUD  VL WRYDUDVXO SUHVHGLQWH (OWLQ WRFPDL VHUYHVWH 0LFXO 'HMXQ SHQWUX SRSRUXO VRYLHWLF PX]LFD
SRS DUD

ÌQWUHEDUHOD5DGLR(UHYDQ
8QGHVWDGHIDSWFHOFDUHLQYHQWHD]DJOXPHOHFX5DGLR(UHYDQ"
1XVWLPH[DFWGDUYDVWDPDLPXOWWLPSDFROR

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHGLIHUHQWDGLQWUHXQRSWLPLVWVLXQQSHVLPLVW"
'LIHUHQWDHVWHFDRSWLPLVWXOvQYDWDOLPEDHQJOH]DLDUSHVLPLVWXOFKLQH]D

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD&HDLNRYVNLDIRVWKRPRVH[XDO"
ÌQSULQFLSLXGDGDUDFHVWDQXHVWHVLQJXUXOPRWLYSHQWUXFDUHvOLXELPDWkWGHPXOW

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHFDFLQHYDVDILHXQEXQFRPXQLVWVLWRWRGDWDVLXQEXQFUHVWLQ"
ÌQSULQFLSLXGDGDUGHFHVDYDIDFHWLYLDWDGHGRXDRULPDLJUHD"

ÌQWUHEDUHOD5DGLR(UHYDQ
$UILIRVWSRVLELOFDvQORFXOOXL-).HQQHG\VDILHvPSXVFDW1LNLWD&UXVFKRZ"
ÌQSULQFLSLXGDGDUvQWUHEDUHDHVWHGDFD2QDVVLVDUPDLILOXDWvQDFHVWFD]YDGXYDGHQHYDVWD

ÌQWUHEDUHOD5DGLR(UHYDQ
3RWPRUFRYLLVDFUHDVFDSRWHQWD"
ÌQSULFLSLXGDGDUVXQWvQJHQHUDOGHVWXOGHJUHXGHOHJDW

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDODD]HFHDDQLYHUVDUHD3DUWLGXOXLVDODULLOHYRUFUHVWHFXFLQFL]HFLGHSURFHQWH"
ÌQSULQFLSLXGDGDULQYHUVODDFLQ]HFHDDQLYHUVDUHD3DUWLGXOXLVLDWXQFLFX]HFHSURFHQWH

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDFRVPRQDXWXO,XULJDJDULQDFkVWLJDWRH[FXUVLHvQ86$"
ÌQ SULQFLSLX GD GDU QX D IRVW FRVPRQDXWXO ,XUL *DJDULQ FL XQ SHQVLRQDU FDUH QX VH QXPHVWH ,XUL FL 2OHJ VL QLFL PDFDU
*DJDULQFL*DJDQRIIQXDIRVWvQ86$FLvQ.LHYVLHUDYRUEDGHRH[FXUVLHFLRELFLFOHWDSHFDUHQXDFkVWLJDWRFLLDIRVW
IXUDWD

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDvQ8FUDLQDFHUHDOHOHFUHVFDVDGHvQDOWHFDVLVWkOSLLGHWHOHJUDI"
ÌQSULQFLSLXGDGDUQXVXQWDVDGHvQDOWHFLDVDGHUDUH

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDXOWLPDFROHFWLHD&DVHLGH0RGDGLQ0RVFRYDDIRVWGHMDFXPSDUDWDvQvQWUHJLPH"
ÌQSULQFLSLXGD6WXGLRXOGH)LOP0RVFRYDDFXPSDUDWRSHQWUXXQILOPLVWRULF

ÌQWUHEDUHOD5DGLR(UHYDQ
([LVWDODQRLPDLPXOWXPRUGHFkWvQDOWHSDUWL"
'DGDUQRLDYHPQHYRLHGHHO

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDUXVLLDXIRVWSULPLLFDUHDXIRWRJUDILDWFHDODOWDIDWDD/XQLL"
ÌQSULQFLSLXGD&RPLWHWXO&HQWUDOvVLWLQHVHGLQWHOHDFROR

ÌQWUHEDUHOD5DGLR(UHYDQ
'HYLQVRWLLOHQRDVWUHFXDMXWRUXOPDVWLORUFRVPHWLFHPDLIUXPRDVH
ÌQSULQFLSLXGDGDUQXPDLSHQWUXVFXUWWLPSSHQWUXFDPDVWLOHFRVPHWLFHGXSDXVFDUHWUHEXLHGDWHMRV

ÌQWUHEDUHOD5DGLR(UHYDQ
/DQRLODVHUYLFLDIRVWXQFROHJGDWDIDUDFDvQWkU]LDvQWRWGHDXQD0RWLYXOVDERWDSURGXFWLD8QDOWXODIRVWGDWDIDUDSHQWUX
FDYHQHDvQWRWGHDXQDPDL GHYUHPH0RWLYXO VSLRQDMHFRQRPLF &HHD FH QX vQWHOHJ HVWHGH FH H GDWDFXP DIDUD,JRU FDUH
YLQHvQWRWGHDXQDDWkWGHSXQFWXDOODOXFUX"
(ODUHSUREDELOXQFHDVHOYHWLDQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

/D5DGLR(UHYDQVHvQWUHDED
7RYDUDVHUHGDFWRUHVWHDGHYDUDWFDVLDPHULFDQLLDXSLWLFL"
ÌQSULFLSLXGDGDUFHLUXVHVWLVXQWPDLPDUL

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFD%LOO&OLQWRQVL%RULV,HOWLQDXSDUWLFLSDWODXQFURVvQMXUXO.UHPOLQXOXLVLFD%LOO&OLQWRQDFkVWLJDW"
ÌQSULQFLSLXQX(DGHYDUDWvQVDFDDPkQGRLDXSDUWLFLSDWODXQFURVLQWHUQDWLRQDOvQMXUXO.UHPOLQXOXL%RULV,HO]LQDRFXSDW
GLQWUHFHLGRLSDUWLFLSDQWLRQRUDELOXOORFGRL&OLQWRQDIRVWSHQXOWLPXO

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD%XQXO'XPQH]HXSRDWHGHYHQLPHPEUXGHSDUWLG"
ÌQSULFLSLXGDGDULQSUHDODELOWUHEXLHVDGHYLQDDWHX

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDVLEDUEDWLLSRWDYHDFRSLL"
ÌQSULQFLSLXQXGDUVHIDFWRWWLPSXOH[SHULPHQWH

ÌQWUHEDUHOD5DGLR(UHYDQ
7UHEXLHVDPDKRWDUDVFvQWUHGRXDIHPHLXQDHVWHILGHODVLPXQFLWRDUHGHIUXQWHFHDODOWDRIRDUWHEXQDDPDQWD3HFDUHVDR
LDXGHQHYDVWD"
3HPXQFLWRDUH2DPDQWDSXWHWLDYHDWRWWLPSXO

/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDDUPDWHLQRDVWUHLDIRVWFHUXWDMXWRUXOGHFDWUH&HKRVORYDFLD"
'DFHUHUHDGLQDIRVWDSUREDWDvQ

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDvQ8QLXQHD6RYLHWLFDVHYDSXWHDGLYRUWDPDLXVRU"
'DFkQGSDUWHQHUXOPRDUHFHODODOWHVWHOLEHU

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDDFXPFHWDWHDQXOVRYLHWLFSRDWHFRPDQGDRELHFWHGHX]FDVQLFVLDOLPHQWHSULQ,QWHUQHW"
'DOLYUDUHDVXFFHGDvQVDWRWSULQ,QWHUQHW

ÌQWUHEDUHOD5DGLR(UHYDQ
$PDX]LWFDODQRLQXVHPDLSURGXFDWkWHDSDWXULFDVLvQDLQWH(DGHYDUDW"
ÌQ SULQFLSLX GD'H FH vQVD" ,QWHOLJHQWD GRDUPHSH UR]H DFWLYLVWLL GRUP vQ SDUODPHQW VROGDWLL YHJKHD]D SDFHD WDUDQLL vVL
SD]HVFRJRDUHOHGXVPDQXOGHFODVDQXGRDUPHVLFHLODOWLVWDX

ÌQWUHEDUHODUDGLR(UHYDQGLQSDUWHDURPkQLORU
&kQGYRPDYHDVLQRLERPEDDWRPLFD"
5DVSXQVGLQSDUWHDVRYLHWLFLORU
&kQGYDYRPGDRQRL

5DGLR(UHYDQ
(VWHDGHYDUDWFDDVSLULQDDUHHIHFWDQWLFRQFHSWLRQDO"
ÌQSULQFLSLXGDGDFDHVWHVWUkQVWLQXWDvQWUHJHQXQFKL

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFD5XEOD'RODUXOVL3RXQGXODXDFHHDVLYDORDUH"
ÌQSULQFLSLXGDGDUHVWHDVDFDXQSRXQGGHUXEOHYDORUHD]DFkWXQGRODU

ÌQWUHEDUHOD5DGLR(UHYDQ
([LVWDRGHILQLWLHPDU[LVWOHQLQLVWDSHQWUX7DQF"
ÌQSULQFLSLXGD7DQFXOHVWHXQ PLMORFGHWUDQVSRUWSHQWUXH[FXUVLLvQWDULOH YHFLQHVLSULHWHQH(OSRDWHWUDJHIRFXUL VLvQ
VHPQGHVDOXW

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHHUDQXPHOHFRQVSLUDWLYDOFXSOXOXL,OLHVFX9DFDURLX"
/DYDFKHTXLULW

/D5DGLR(UHYDQVHvQWUHDED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
(VWHDGHYDUDWFDDFXPGHDQLFKLQH]LLDXERPEDUGDW8QLXQHD6RYLHWLFD"
'DvQSULQFLSLXHVWHDGHYDUDW
6HSRWHVWLPDSDJXEHOHSURGXVHDWXQFL"
1XSHQWUXFDHLDXDUXQFDWRERPEDGHFDXFLXFFDUHPDLVDUHVLDVWD]L

ÌQWUHEDUHOD5DGLR(UHYDQ
'HFHXQLLDXFKHOLHVLDOWLLQX"
ÌQSULQFLSLXWRWLRDPHQLLDXFKHOLHGDUSHXQHOHFKHOLLFUHVWHSDUSHDOWHOHQX

ÌQWUHEDUHOD5DGLR(UHYDQ
8QGHHJUDQLWDGLQWUHJHQLXVLQHEXQLH"
8QGHYDSHOD6FRUQLFHVWL

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDSXULFLLVLFDSXVHOHDUSXWHDIDFHRUHYROXWLH"
ÌQSULQFLSLXGDFDFLSULQDUWHUHOHORUFXUJHVkQJHOHFODVHLPXQFLWRDUH

ÌQWUHEDUHOD5DGLR(UHYDQ
&HHVWHKDRVXO"
'XSDRVFXUWDSDX]D
1XGDPUDVSXQVXULODvQWUHEDULGLQDJULFXOWXUD

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDvQ86$ILHFDUHDUHSURSULXODXWRPRELO"
ÌQSULQFLSLXGDGDUSHQWUXDFHDVWDODQRLILHFDUHDUHSURSULXOORFGHSDUFDUH

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRWPkQFDLDUDVLPHUHGHOD&HUQREvO"
ÌQSULQFLSLXGDGDUVkPEXULLWUHEXLHGXSDDFHHDvQJURSDWLvQFRQWDLQHUHGHSOXPE

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDVRFLHWDWHDFDSLWDOLVWDVHSRDWHDVHPDQDFXXQWUHQFDUHDFFHOHUHD]DvQGLUHFWLDXQHLSUDSDVWLL"
ÌQSULQFLSLXGD
$WXQFLGHFHWUHEXLHQHDSDUDWFDQRLVDvLGHSDVLP"

/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHIDFHGUDJRVWHSHWDYDQ"
'D&XFRQGLWLDVDQXYDFDGDSODSXPD

ÌQWUHEDUHOD5DGLR(UHYDQ
=HEUHOHVXQWQHJUHFXGXQJLDOEHVDXDOEHFXGXQJLQHJUH"
'D

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHFHOPDLSXWHUQLFDUPDPHQWGLQOXPH"
&XLUDVDWXO$XURUD&UHLVHU$YURUDUXVRVDOYDRDUEDVLDQLGHGH]DVWUX

/D5DGLR(UHYDQVHvQWUHDED
'DFDHXDPGLDEHWLDUVRWXOPHXDUHRVHFUHWLHDOEDODSWRDVDSXWHPIDFHFRSLL"
'DGDUPDLELQHIDFHWLEH]HOH

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHOXDRERDODYHQHULFDvQWUXQ:&DOXQXLYDJRQGHWUHQ"
ÌQSULQFLSLXGDGDUQXHFRPRG

/D5DGLR(UHYDQVHvQWUHDED
9DILXQDOWUHLOHDUD]ERLPRQGLDO"
1XGDUOXSWDSHQWUXSDFHYDILDWvWGHSXWHUQLFDvQFvWQXYDPDLUDPvQHSLDWUDSHVWHSLDWUD

/D5DGLR(UHYDQVHvQWUHDED
'HFH%UHMQHYDUHVSUvQFHQHDVDGHJURDVH"
1XVvQWVSUvQFHQHHVWHPXVWDWDOXL6WDOLQODXQQLYHOPDLvQDOW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQWUHEDUHOD5DGLR(UHYDQ
)LLFDPHDHVWHIUXPRDVDGDUSURDVWD7RWXVLDIRVWSURSXVDGHPDLVWUXSHQWUXWLWOXOGH0XQFLWRDUHGHIUXQWH
7UHEXLHVDIDFFHYDvPSRWULYD"
1XODVDWLDVWDSHVHDPDVRWLHLPDLVWUXOXL

/D5DGLR(UHYDQVHvQWUHDED
$IODWvQ  YL]LWD vQ 0RVFRYD DP vQQRSWDW OD XQ KRWHO &KLDU OD LQWUDUH DP FDOFDW SH XQ JkQGDF 1RDSWHD DP YD]XW VXWH GH
JkQGDFL
$UHDVWDFHYDGHDIDFHFXSURJUHVXO"
ÌQSULQFLSLXQXGDUDUWUHEXLVDDYHWLPDLPXOWDvQWHOHJHUHSHQWUXJkQGDFLLFDUHQRDSWHDDXvQPRUPkQWDWJkQGDFXORPRUkW
GHGXPQHDYRDVWUD

/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDvQ8QLXQHD6RYLHWLFDFRPELQHOHPX]LFDOVWHUHRQXVXQWQHFHVDUH"
ÌQSULQFLSLXGD2ULFXPVLGLQVWkQJDVLGLQGUHDSWDVHDXGHDFHODVLOXFUX

ÌQWUHEDUHOD5DGLR(UHYDQ
0DLFUHGSHUVRDQHOHPDMRUHGLQ8QLXQHD6RYLHWLFDvQ0RV&UDFLXQ"
ÌQSULQFLSLXQXvQSROLWLFDGD

ÌQWUHEDUHOD5DGLR(UHYDQ
6XQWVRUDPHGLFDODVLDPVDSWHFRSLL$FXPXUPHD]DVDILXWUDQVIHUDWDOD5DGLRORJLH
(DGHYDUDWFDUDGLDWLLOH5|QWJHQSURYRDFDVWHULOLWDWHD"
ÌQSULQFLSLXGDGDUQXYDODVDWLSHDVWD

ÌQWUHEDUHOD5DGLR(UHYDQ
([LVWDvQ8QLXQHD6RYLHWLFDFHQ]XUDFRUHVSRQGHQWHL"
ÌQSULQFLSLXQXWRWXVLVFULVRULOHFXFRQWLQXWDQWLVRYLHWLFQXVHDFFHSWD

/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDvQPDULOHLQWUHSULQGHULLQGXVWULDOHVHSUDFWLFDQHSRWLVPXO"
ÌQSULQFLSLXQXÌQPDULOHLQWUHSULQGHULFRQVLOLLOHGHFRQGXFHUHVHDIODGHRELFHLIUDWL

/D5DGLR(UHYDQVHvQWUHDED
(VWHvQXQLXQHD6RYLHWLFDFHQ]XUDWDSUHVD"
ÌQSULQFLSLXQX1HHVWHvQVDGLQSDFDWHLPSRVLELOVDDSURIXQGDPDFHVWUDVSXQV

ÌQWUHEDUHOD5DGLR(UHYDQ
6RWXOPHXHVWHWRWWLPSXOvQFDXWDUHGHQRLSR]LWLLSHQWUXDIDFHVH[&HDVSXWHDVDIDF"
7UHEXLHVDvOODPXULWLFDDUILPDLELQHVDFDXWHFHYDGHOXFUX

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHSHUPLVvQ8QLXQHD6RYLHWLFDVDvQYDWDPGLVFXWLLOHOXL0DR"
ÌQSULQFLSLXGDGDUQXPDLvQRULJLQDO

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDvQ8665XQPHOFvQDLQWHD]DPDLUHSHGHFDXQFDO"
ÌQSULQFLSLXGDXQFDOQXVWDSkQHVWHDUWDWkUkVXOXL

/D5DGLR(UHYDQVHvQWUHDED
*DVHVFFDvQWURWDUDDVDGHDYDQVDWDFDVL8665QXHVWHQRUPDOFDGLYRUWXOVDILHDVDGHGLILFLOGHUHDOL]DW
&HSDUHUHDYHWLGXPQHDYRDVWUD"
1RLQXPDLDYHPQHYRLHGHDFHDVWDLQVWLWXWLHDGLYRUWXOXL
'DFDXQXOGLQSDUWHQHULHVWHGHSULVRVQXWUHEXLHGHFkWVDvLIDFHWLFXQRVFXWD.*%XOLRSLQLDVDSROLWLFD

/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDGHODRWRDOHWDSXEOLFDVHSRDWHOXDRERDODYHQHULFD"
ÌQSULQFLSLXGDGDUGHFHDWvWGHFRPSOLFDW"

/D5DGLR(UHYDQVHvQWUHDED
6RWLDPHDHVWHvQSUDJXOGHDQDVWH(FRQRPLDQRDVWUDGHSODQOLYUHD]DvQVDVFXWHFHGHDELDvQOXQL
&HSXWHPIDFH"
5HSHGHXQDOWFRSLO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

ÌQWUHEDUHOD5DGLR(UHYDQ
$PFLWLWvQ]LDUXO3UDYGDFD XQ DQXPLW,YDQ *XVWLQRY D IRVW FRQGDPQDW OD  DQLvQFKLVRDUH SHQWUXFD D QXPLW LGLRWXQ
JHQHUDOVRYLHWLF
1XHVWHSHGHDSVDXQSLFFDPDVSUD"
1X3HQWUXLVXOWDDSULPLWQXPDLOXQLUHVWXOSHGHSVHLGDWRULWDIDSWXOXLFDDWUDGDWXQVHFUHWPLOLWDU

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDRPXOGLQOXQDVLPSDWL]HD]DFXDPHULFDQLL"
ÌQSULQFLSLXGDGDUSXWHUHDVRFLDOLVPXOXLVWDRULFXPGLQFRORGHOXQD

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRWFLWLURPDQHOHOXL$OH[DQGHU6ROMQHWNL"
ÌQSULQFLSLXGDGDUWUHEXLHVDvQWHOHJHWLHQJOH]DVDXJHUPDQD

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDVRFLDOLVPXOvQVHDPQDHSRFDGHDXUDRPHQLULL"
ÌQSULQFLSLXGDGDUQXWRWFHHDFHVWUDOXFHVWHHVWHDXU

/D5DGLR(UHYDQVHvQWUHDED
3RDWHXQFHWDWHDQVRYLHWLFVDvVLVSXQDOLEHUSDUHUHD"
ÌQSULQFLSLXGDDWkWDWLPSFkWUDPkQHvQVWUDLQDWDWH

/D5DGLR(UHYDQVHvQWUHDED
1XDUILPDLVLPSOXFDWRWLGXVPDQLLSRSRUXOXLVLWRWLWUDGDWRULLGHWDUDVDILHvQFKLVL"
ÌQSULQFLSLXGDGDUFLQHVDPDLOXFUH]HDWXQFLvQIDEULFLVLSHRJRDUH"

/D5DGLR(UHYDQVHvQWUHDED
ÌQDLQWHDPDYXWWDULVPXOQHPLORVGXSDDFHHDVWDOLQLVPXOFUXG&HDYHPD]L"
8LWDWLYDSHFDOHQGDUOXQL

/D5DGLR(UHYDQVHvQWUHDED
([LVWDRGHILQLWLHPDU[LVWOHQLQLVWDDDXWRPRELOXOXL"
ÌQ SULQFLSLX GD $XWRPRELOXO HVWH XQ PLMORF GH WUDQVSRUW FX  URWL vQ FDUH VH GHSODVHD]D FODVD PXQFLWRDUH vQ SHUVRDQD
OLEHULORUVDLDOHVL

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDFHUHUHDGHELFLFOHWHGLQYDILSHGHSOLQDFRSHULWD"
ÌQSULQFLSLXGD3kQDDWXQFLVHYDHPLWHROHJHFDUHYDSHGHSVLRULFHFHUHUHFDUHGHSDVHVWHFDSDFLWDWHDGHSURGXFWLH

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDQLYHOXOGHYLDWDvQFHQWUHOHQRDVWUHGHUHHGXFDUHHVWHIRDUWHULGLFDW
8QXOGLQFROHJLLQRVWULLFDUHQXDFUH]XWDFHDVWDDSULPLWSURPSWRFD]LDVDOHWHVWH]HODORFXOFXSULFLQD
1LYHOXOGHYLDWDGHDFRORvLSODFHSUREDELODWkWGHPXOWvQFkWQXDPDLWUHFXWQLFLRGDWDSHDLFLSHODQRLOD5DGLR(UHYDQ

ÌQWUHEDUHOD5DGLR(UHYDQ
&XPUHDFWLRQHD]DJXYHUQXOVRYLHWLFvQWURVLWXDWLHIDUDLHVLUH"
$PPDLVSXVFDQXUHVSXQGHPvQWUHEDULGLQGRPHQLXODJULFXOWXULL

ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHGLIHUHQWDGLQWUHRSRYHVWHDPHULFDQDVLXQDVRYLHWLFD"
3RYHVWHDPHULFDQDvQFHSHFX$IRVWRGDWDSHFkQGFHDVRYLHWLFDvQFHSHFX9DYHQLYUHPHDFkQG

/D5DGLR(UHYDQVHvQWUHDED
6WLWLFXPYDFkQGDXDYXWORFSULPHOHDOHJHULGXSDPRGHOXOVRYLHWLF"
$VWDVDvQWkPSODWSHQWUXSULPDRDUDvQ3DUDGLVFkQG$GDPVLDDOHVVRWLD

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDPLQXQDWHOHFXFHULULDOHVRFLDOLVPXOXLVXQWFXQRVFXWHvQWRDWDOXPHD"
ÌQSULQFLSLXGDGDUDFHVWDHPDUHOHGH]DYDQWDMDOVRFLDOLVPXOXL

/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHvQWkPSODFD3DUWLGXOVDVHvQVHOH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQSULQFLSLXGDGDUSUDFWLF3DUWLGXOQXVHvQVHDODQLFLRGDWD
ÌQFDRvQWUHEDUH
'HXQGHVWLWLDVWDDWkWGHH[DFW"
$PvQWUHEDW3DUWLGXO

/D5DGLR(UHYDQVHvQWUHDED
&HVDUvQWkPSODGDFDXQXLWRYDUDVGLQFRQGXFHUHLVDUIDFHXQLPSODQWDWGHLQLPDFXRLQLPDDXQXLFDSLWDOLVW"
ÌQSULQFLSLXQLPLFODWRYDUDVLLGLQFRQGXFHUHDQRDVWUDLQLPDQXMDFDQLFLXQURO

ÌQWUHEDUHOD5DGLR(UHYDQ
(XVLFROHJXOPHXGHPXQFDQHDPFHUWDWD]LvQSDX]DSHPRWLYXOFDUHHVWHFHOPDLEXQGLQWUHFRQGXFDWRULLQRVWULL
(XDPVSXVFD%UHMQHY$PGUHSWDWH"

5DGLR(UHYDQVHVFX]DSHQWUXQHDVWHSWDWDFDGHUHGHFXUHQW

ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDODYL]LWDSULPXOXLPLQLVWUXOD5RPDVHYDVHPQDXQDFRUGvQWUHHOVLSDSD"
ÌQSULQFLSLXGDGDUVHPDLGXFWUDWDWLYHGHVSUHFXPYDVXQDSULPDSURSR]LWLHDDFRUGXOXL
3DSDVXVWLQHQHDSDUDWFDHDVDILH'XPQH]HXDFUHDWRPXOSHFkQGSULPXOPLQLVWUXGRUHVWHVDPDLDGDXJHVXEGLUHFWD
vQGUXPDUHDSDUWLGXOXL

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFHVHVSXQHFDMXPDWDWHGLQPHPEULL&RPLWHWXOXL&HQWUDOVXQWLGLRWL"
1XHDGHYDUDW-XPDWDWHGLQPHPEULLQXVXQWLGLRWL

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD3DUWLGXOSRDWHILFULWLFDW"
ÌQSULQFLSLXGDGDUvQWUHFHLSDWUXSHUHWLDLORFXLQWHLSURSULLVHWUDLHVWHPDLELQH

/D5DGLR(UHYDQVHvQWUHDED
7UHEXLHFDXQFRPXQLVWFRQYLQVVDILHVLXQRPEXQ"
ÌQSULQFLSLXGD'DUDWLPDLvQWkOQLWSkQDDFXPXQFRPXQLVWFRQYLQV"

/D5DGLR(UHYDQVHvQWUHDED
3RDWHRIHPHLHLXELLGRLEDUEDWLGHRGDWD"
ÌQSULQFLSLXGDGDUPDLSUDFWLFHVWHXQXOGXSDDOWXOGHFkWGHRGDWD

/D5DGLR(UHYDQVHvQWUHDED
&RQGXFDWRUXOXQHLEULJDGHGHIHPHLGLQ&ROKR]XOQRVWUXVHIRORVHVWHGHSR]LWLDVDSHQWUXDYHQWXULDPRURDVHFXIHPHLOHGL
EULJDGD
6RWLDPHDHVWHVLHDvQDFHDVWDEULJDGD&HWUHEXLHVDIDF"
ÌQFHUFDWLFkWGHUHSHGHVDGHYHQLWLVLGXPQHDYRDVWUDVHIGHEULJDGD

/D5DGLR(UHYDQVHvQWUHDED
ÌQODJDUXOQRVWUXGHPXQFDQXH[LVWDQLFLXQEDUEDWRWRYDUDVDDQDVFXWGHFXUkQG&XPVDSXWXWvQWkPSODDVDFHYD"
7RYDUDVDFXSULFLQDDDYXWSUREDELOUHODWLL

/D5DGLR(UHYDQVHvQWUHDED
&HSRWIDFHSHQWUXDQXPXUGDULLSDWXOvQQRDSWHDQXQWLL"
6DQXEHWL

ÌQWUHEDUHOD5DGLR(UHYDQ
7UHEXLHRWkQDUDFDUHWUDLHVWHGXSDSULQFLSLLOHPRUDOHLVRFLDOLVWHVDILHODRUDvQSDW"
ÌQSULQFLSLXGD3HQWUXFDRULFXPODRUDWUHEXLHVDILWLDFDVD

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHSODQLILFDVLGUDJRVWHDGXSDPRGHOXOFRPXQLVW"
ÌQSULQFLSLXGDGDUDUILSDFDWGHGUDJRVWH

ÌQWUHEDUHOD5DGLR(UHYDQ
8QWRYDUDVVLDJDVLWVRWLDFXXQVWUDLQvQSDW7RWXVLYLQDODGLYRUWLDIRVWGDWDOXL*DVLWLDVWDFRUHFW"
ÌQSULQFLSLXGD7RYDUDVXODYHQLWFXVLJXUDQWDvQDLQWHGHWHUPLQDUHDOXFUXOXLDFDVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHOXD6LGDGLQWURFDQD
'DGD
PDLJUHX

/D5DGLR(UHYDQVHvQWUHDED
&kQGDPVRVLWLHULDFDVDDPJDVLWRSHVRWLDPHDvQSDWFXVHFUHWDUXOGHSDUWLGGLQORFDOLWDWHDQRDVWUD
0DPIDFXWFDQXDPREVHUYDWQLPLFVLDPLHVLWWLSWLOGLQFDVD$PUHDFWLRQDWFRUHFW"
ÌQSULQFLSLXGD'DUVSHUDPFDQXDWLYL]LWDWGXSDDFHHDVRWLDVHFUHWDUXOXLGHSDUWLG$WLILSXWXWDYHDPDULQHSODFHUL

ÌQWUHEDUHOD5DGLR(UHYDQ
6RWXOPHXYLQHvQILHFDUHVHDUDEHDWDFDVDVLvQMXUDFRQGXFHUHD&HVDIDF"
ÌQFHUFDWLVDvOORYLWLFXYROXPHOHOXL0DU[
ÌQFDRvQWUHEDUH
&XFDUHYROXP"6LSHVWHFH"

ÌQWUHEDUHOD5DGLR(UHYDQ
'HFHPDLVXQWvQWUHWLQXWHUHODWLLOHGHSULHWHQLHFX5HSXEOLFD6RFLDOLVWD5RPkQLD"
$FHDVWDvQWUHEDUHQXRSXWHPQLFLQRLUDVSXQGH

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHVLWXDWLDSROLWLFDH[WHUQDvQFLXGD3HNLQXOXL%HOJUDGXOXLVL%XFXUHVWLXOXLvQFDEXQD"
ÌQSULQFLSLXGD(VWHFKLDUPLQXQDWDvQFRPSDUDWLHFXFHDGHDQXOYLLWRU

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD9RONVZDJHQXODXWRPRELOXOSRSRUXOXLYHVWLFQXHVWHFRQGXVQXPDLGHFDSLWDOLVWL"
'XSDFXQRVWLQWHOHQRDVWUHQLFLXQFDSLWDOLVWQXFRQGXFH9RONVZDJHQ

/D5DGLR(UHYDQVHvQWUHDED
$PRFD]LDVDIDFRH[FXUVLHvQYHVWODRvQWUXQLUH3UHWXOXLWUDQVSRUWXOXLWUHEXLHVDOSUHLDXHXVLHVWHGHVWXOGHULGLFDW
6DIDFDFHDVWDH[FXUVLHVDXQX"
ÌQSULQFLSLXGD1XWUHEXLHVDFXPSDUDWLELOHWXOGXVvQWRUV

/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDVXQWHPLQIHULRULDPHULFDQLORUWHKQLFHFRQRPLFVLPLOLWDU"
ÌQSULQFLSLXGDGDUHVWHGHVWXOGHGLILFLOVDOHIDFHPFODUDFHVWOXFUX

/D5DGLR(UHYDQVHvQWUHDED
$PDX]LWFDvQ5RPkQLDvQWURIDEULFDDIRVWGDWDMRVROR]LQFDSHFDUHVFULD1RLPXQFLPPDLELQHSHQWUXUXVLGHFkW
SHQWUXXQDPHULFDQ
&XPSRDWHILH[SOLFDWDFHVWOXFUX"
$PFHUFHWDWDFHDVWHYHQLPHQWLQH[SOLFDELOPDLvQGHDSURDSH([SOLFDWLDHIRDUWHVLPSODHUDRIDEULFDGHVLFULH

/D5DGLR(UHYDQVHvQWUHDED
1XDUWUHEXLGHVILQWDWVSLRQDMXO"
ÌQSULQFLSLXGDGDUFHYRPIDFHFXPXOWLPHDGHVRPHUL"

/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDDYHPUHODWLLHFRQRPLFHFXFDSLWDOLVWLL"
%LQHvQWHOHV&XFLQHDOWFLQHYDVDDYHP"

/D5DGLR(UHYDQVHvQWUHDED
3XWHWLVDH[SOLFDWLGHFH&DQDGDOLYUHD]DSHSLDWDDWkWGHPXOWHFHUHDOH"
9LQRYDWDHVWHVXSUDSURGXFWLDGHWLSFDSLWDOLVW

/D5DGLR(UHYDQVHvQWUHDED
$UILSRVLELOFDVLFRQGXFHUHD5HSXEOLFLL3RSXODUH8QJDULDVDIDFDSRVLELODSRSXODWLHLYL]LWHOHvQYHVW"
ÌQSULQFLSLXGDGDUDWXQFL8QJDULDQXDUPDLILUHSXEOLFDSRSXODUD

/D5DGLR(UHYDQVHvQWUHDED
(VWHSRVLELOFDVL&KLQDVDLDSDUWHOD]ERUXULOHFRVPLFH"
ÌQSULQFLSLXGDDWXQFLFkQGGHFKLQH]LDUVDULSHRSDUWHDWUDPEXOLQHL

ÌQWUHEDUHOD5DGLR(UHYDQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&HYRUYHGHDDVWURQDXWLLQRVWULLDWXQFLFkQGYRUDWHUL]DSH/XQD"
'RLDPHULFDQL

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHvQWRDUFHUHDGHSH/XQDvQWUDGHYDUDWkWGHGLILFLOD"
ÌQSULQFLSLXQX7HFKQLFSUREOHPDHVWHUH]ROYDWDGDUFXPVDREOLJDPFRVPRQDXWLLVDVHvQWRDUFD"

ÌQWUHEDUHOD5DGLR(UHYDQ
$P LQYHQWDW R DUPD IRDUWH SXWHUQLFD R VXSHUDUPD FDUH SXQH WRWXO vQ XPEUD vQ GRPHQLXO DUPDPHQWXOXL3H OkQJD DVWD
SULQFLSLXOHIRDUWHVLPSOX
$PWRDWHFRPSRQHQWHOHVLQXPDLDPQHYRLHGHFkWGHQLVWHYHQWLOHGHELFLFOHWD$WLSXWHDGXPQHDYRDVWUDVDvPLSURFXUDWL
DFHVWHSLHVH"
'LQ SDFDWHQX6L FH SXWHP QRL IDFH FX R DVWIHO GH DUPDSHQWUX SURGXFWLD FDUHLD DYHP QHYRLH GH DVWIHO GH SLHVH JUHX GH
JDVLW

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDQXDPHULFDQLLFLQRLVXQWHPFHLFDUHDPYD]XWSULPDRDUDFHDODOWDIDWDD/XQLL"
ÌQSULQFLSLXGD$FHVWWULXPIvOGDWRUDPFHORUFDUHSODQLILFDHFRQRPLDQRDVWUD(LVHDIODDFRORGHPXOWLDQL

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDPDULOHGHVFRSHULULDXIRVWIDFXWHGHUXVL"
ÌQSULQFLSLXGD1RLDPLQYHQWDWFKLDUVLLQYHQWDWRULL

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDSULPXOVRYLHWLFFDUHYDSDVLSH/XQDYDDYHDFXHORVWLFOXWDGHSDUIXPUXVHVF"
ÌQSULQFLSLXGD1XHVWHvQVDvQFDGHPRQVWUDWGDFDSHOXQDWUHEXLHVDQHIHULPGHLQVHFWHVDXQX

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDVXEPDULQHOHVRYLHWLFHGHWLQUHFRUGXOPRQGLDOODVFXIXQGDUH"
ÌQSULQFLSLXGD'LQVDXVFXIXQGDWGLQVXEPDULQHOHQRDVWUH

ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRWSRYHVWLJOXPHFXWRYDUDVXO%UHMQHY"
ÌQSULQFLSLXGD3HQWUXVLJXUDQWDGXPQHDYRDVWUDVSXQHWLvQORFGH%UHMQHYPDLELQH1L[RQ0DRVDX7LWR

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD%UHMQHYFROHFWLRQHD]DEDFXULOHFXVLGHVSUHHO"
ÌQSULQFLSLXGD'DUHOvLFROHFWLRQHD]DVLSHFHLFDUHVSXQDFHVWHEDQFXUL

ÌQWUHEDUHOD5DGLR(UHYDQ
6HUDVSODWHVFJOXPHOHFX5DGLR(UYDQ"
ÌQSULQFLSLXGDFXGHDQLSkQDODSHYLDWD

/D5DGLR(UHYDQVXQDRYRFHGHIHPHLH
$P JDVLW LHUL XQ SRUWPRQHX vQ FDUH VH DIODX  GH UXEOH VL  GH GRODUL $P PDL JDVLW VL R FDUWH GH YL]LWD vQ
SRUWPRQHX
$FHVWDDSDUWLQHOXL9ODGLPLU9ODGLPLURYLFL/HIWHURY(OORFXLHVWHSHEXOHYDUGXO5HYROXWLHLGLQ2FWRPEULHvQ0RVFRYD9D
URJGHGLFDWLXQFkQWHFIUXPRVSHQWUXDFHVWRP

/D5DGLR(UHYDQVHvQWUHDED
/DQRLvQVFRDODDPGRULVDSXQHPvQVFHQDSLHVDOXL6FKLOOHU:LOKHOP7HOOHVWHSHUPLVDFHVWOXFUX"
5DGLR(UHYDQUDVSXQGH
ÌQSULQFLSLXGDGDUGHXQGHYUHWLVDSURFXUDWLPDUXO"

5DGLR(UHYDQHVWHvQWUHEDW
&UHGHWLFDLDXUWXOHVWHXQUHPHGLXvPSRWULYDLPSRWHQWHL"
ÌQSULQFLSLXGDGDUQXPDLvQFRPELQDWLHFXLSVRVXO

ÌQWUHEDUHOD5DGLR(UHYDQ
'HFHVLDRPRUkWWRYDUDVXO+UXVFLRYSLVLFD"
)LLQGFDGHODRYUHPHQXPDL]LFHD0LDXXXFL0DRRR

8QDVFXOWDWRUvQWUHDED5DGLR(UHYDQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
(DGHYDUDWFDRIHPHLHFDUHWLQHFDSXOSHSDUWHDGUHDSWDvQWLPSXOXQXLUDSRUWVH[XDOHRWkUID"
%LQHvQWHOHV
'DURIHPHLHFDUHWLQHFDSXOSHSDUWHDVWkQJD"FXULRVDVFXOWDWRUXO
6LDFHDVWDHWkUID
'DURIHPHLHFDUHWLQHFDSXOGUHSWHVWHVLHDRWkUID"
'DVLHDHRWkUID
3DLELQHGDUFXPWRDWHIHPHLOHVXQWWkUIH"""
1XXXXÌQSULQFLSLXWRDWHIHPHLOH&8&$3VXQWWkUIH

ÌQWUHEDUHOD5DGLR(UHYDQSHYUHPHDOXL&HDXVHVFX
6HSRDWHPXULGHFDQFHUvQJkW"
ÌQSULQFLSLXGDGD
QDUH

ÌQWUHEDUHOD5DGLR(UHYDQ
&HHVWHDFHODXQLPSUHVDU"
(VWHDFHDSHUVRDQDIL]LFDGHIDFWXUDDUWLVWLFDFDUHWUDQVIRUPDFXUYHOHvQOHEHGH

ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDVHSRDWHIDFHGUDJRVWHFXRIHPHLHGHOD&HUQRELO"
1RLUDVSXQGHPUDGLRDVFXOWDWRUXOXLQRVWUX'DHVWHDGHYDUDWGDUWUHEXLHVDXWLOL]DWLXQSUH]HUYDWLYGHSOXPE

/D5DGLR(UHYDQVHvQWUHDED
ÌQ&DXFD]VH]LFHFDvQFLXGDVRFLDOLVPXOXLDUPDLH[LVWDPXOWHPLVWHUH'HH[HPSOXXQSULHWHQGHDOPHXPLDSRYHVWLWFD
vQWUXQVDWH[LVWDSHRSRPSDGHDSDXQEDODXUGHEURQ]FDUHGHILHFDUHGDWDFkQGRIHFLRDUDWUHFHSULQSUHDMPDVDGDIHULFLW
GLQFRDGD(DVDFHYDSRVLELO"
ÌQSULQFLSLXGDGDUFKLDUVLFHLPDLEDWUkQLGLQVDWQXvVLDPLQWHVFVDILYD]XWYUHRGDWDDFHDVWDPLQXQH

/D5DGLR(UHYDQVHvQWUHDED
(VWHSRVLELOVDvWLRPRULVRWLDGDFDRORYHVWLFXXQSURVRS"
ÌQSULQFLSLXGDGDFDvQSURVRSVHDIODvQIDVXUDWXQILHUGHFDOFDW

/D5DGLR(UHYDQVHvQWUHDED
7RYDUDVHUHSRUWHUDPSUREOHPHFXGUDJRVWHDVLVH[XO$WLSXWHDVDvPLGDWLXQVIDW"
'DWRYDUDVH&LWLWL]LDUXO3UDYGDvQ3UDYGDJDVLWLWRWXO

5DGLR(UHYDQVWLUL
8Q DYLRQFXGHSDVJHULVDSUDEXVLWDVWD]LvQ.D]DVWDQvQWUXQFLPLWLUGLQRUDVXO;7UXSHOHGHLQWHUYHQWLHDX JDVLWOD
ORFXODFFLGHQWXOXLGHPRUWL

/D5DGLR(UHYDQXQWkQDUvQWUHDED
&HHVWHGHSUHIHUDWVDDPRVRWLHIUXPRDVDVLVDSURILWHVLDOWLLGHIDUPHFHOHHLVDXVDDPXQDXUkWDVLVDPDEXFXUQXPDLHX
GHHD"
9DUDVSXQGHPWRWSULQWURvQWUHEDUH&HHVWHPDLELQHVDDYHWLXQWRUWIUXPRVVLVDPDQkQFHVLSULHWHQLLGLQHOVDXVDDYHWL
XQUDKDWVLVDOFRQVXPDWLVLQJXU"

/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHVFULHFXXQ WDPSRQ"
'XSDGDGDU

ÌQWUHEDUHOD5DGLR(UHYDQ
&HVHIDFHvQFD]GHDWDFFXERPEDDWRPLFD"
6HDFRSHUDUHSHGHFRUSXOFXXQFHDUFHDIDOEGXSDFDUHFDOPIDUDDSURGXFHSDQLFDROXDWLvQGLUHFWLDFLPLWLUXOXL

%DQFXULFDWHJRULVLWHSHUHJLXQL

%DQFXULFXDUGHOHQL

$UGHOHDQXOVRVHVWHFXvQWLU]LHUHODvPSDUWLUHDGDUXULORULDU'XPQH]HXvLVSXQHDPDUkW
ÌPLSDUHUDXGHWLQHQXPLDPDLUDPDVGHFkWIUXPXVHWHDVLSURVWLDILXOHFHVDWLIDF"$OHJHWL
$SRL'RDPQHIUXPXVHWHDLWUHFDWRRUH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$UGHOHDQXOODPHGLF
0HGLFXO&DUHLQHFD]XO"
$0LDDSDUXWFHYDSHS DSHQLV
06DVWLLFDSHQLVVDXS DHDFHODVLOXFUX
$6WLXVLHXDWLWDGRFWRUHGDUHXVXQWGLQ&OXM1DSRFD

ÌQ$UGHDOVHVWULJDYHFLQLLGHSHXQGHDOSHFHODODOW
0DDDDYHFLQHH
&DUHLEDLXPDDD"
7XFHDLGDWODYDFDWDFLQGRIRVWEHWHDJD"
)RWRJKLQPDDD
7UHFHRVDSWDPkQD
0DDDYHFLQHH
&HLEDLXPDDD"
'DSRLFHDL]LVFDLGDWODYDFDWDFkQGRIRVWEHWHDJD"
)RWRJKLQPDDD
3DLGD
YDFDPHDRPXULWPDL
6LDPHDPDDD

&LFDXQDUGHOHDQVLDOXDWVLHOQHYDVWDVRGXFDOD%XFXUHVWLFDVDYDGDVLHDGHFDWRWRPX
FDSLWDOD
0HUJkQGHLDVDYDGXQDWHOLHUIRWRVLDUGHOHDQXO]LFH
1RPDQHYDVWDKDLVDQHIRFKHPVLQRLVDOHDUDWDPDORUDvQVDWFDSHXQGHDPIRVWQRL
+DLRPXOHGDFDYUHLWX
ÌQWUDHLvQDWHOLHUVL]LFHDUGHOHDQXO
'RPQXOHIRFKHSXWHPVDQHIRFKHWVLSDQRL"
6LJXUFDGD/XDWLORFSHVFDXQXODFHODVLSUHJDWLWLYD
1RDPX
SRWLPDWDOHVDQHVFRWLFXPRPYUHDQRL"
1XPDLFXPGRULWLGXPQHDYRDVWUD'RULWLPDLOXPLQDWPDLvQWXQHULFHWFHWF
1RDSDLFXPVD]LFVLHX"$VYUHDVDQHYHGHPDVDDPkQGRLFDQRL QXVXQWHPGDSDFLVLYUHP VDOHDUDWDPODFRSFKLL
FkQGRPDMXQJHDFDVD
)RDUWHELQHIRDUWHELQHQXHFHYDIRDUWHJUHX3RIWLWL/XDWLORF
6HDVHD]DVWDXFXPOHVSXQHIRWRJUDIXOVLGXSDFkWHYDRUHDXSR]D
$UGHOHDQXORLDVHXLWDQXLFRQYHQHDQXOLVHYHGHDXRFKLL
$SDLPDWDOHQDLIDFXWGXSDFXPQHRIRVWYRUED
$QXYDSODFH3DLFHDUH"6XQWHWLDPkQGRL
'RPQXOHIRFKHQRLYDPUXJDWVDQHIRFKHWGDUIRFKHWQHDVDGHWDUHSkQDQHRULHVLVLRFKLL

=LFHFDHUDRGDWDRIDPLOLHGHDUGHOHQLFDUHVRUKRWDUkUDHLVDGHLHFRSFKLOX
ODVFRDODFDDVDHUDUHJXOD
7LPSXOWUHFHFRSFKLOX
vQYDWDPXOWHVLELQHGDUDYHDRPLFDQHvQWHOHJHUHFXPVHIDFFRSLLL
0HUJHODWDWkQDVDXVLOvQWUHDED
7DWDFXPDPYHQLWHXSHOXPHDDVWD"
/DVDILFLRDUHFDLvQYDWDWXFkQGDLPDLFUHVWHDFXPDGXW
GHWHMRDFD"
&RSLOX
IDFkQGXVHFDSOHDFDVHGDGXSDFROWVDYDGDFHYDIDFHWDW
VXFDUHSDUHDFDPvQFXUFDWVLODXGHYRUELQGVLQJXUSDUFD
FXMDOH
'DSDLGHXQGHVDVWLXHXFXPDYHQLWHOSHOXPH"7LQPLQWHFDRWDYDOLVHPELQHSHPXLHUHSLQFXFXUX]FXYUHRVDVDOXQL
vQDLQWHGHLRFUHVFXWSkQWHFHOH
)LFLRUX
EDJDODFDSVLODRUDGHUHOLJLHVSXQHFDRPXOQXVHIDFHGLQSDPkQWFLFDHOVWLHFDVHIDFHGLQWDYDOHDODvQFXFXUX]
6FDQGDOPDUHSDULQWLODVFRDODFDUHLDXODFXQRVWLQWDFHVLFXP'XSDGLVFXWLLvQGHOXQJDWHVFDGHUHGHQRWHODSXUWDUHVLWRDWH
FHOHQHFHVDUHRPXOQRVWUXvOLDGHRSDUWHSHSURIHVRUXOGHUHOLJLHVLL]LFH
'RPQXOHSURIHVRUFXUHVSHFWYDVSXLSRWLVDEDJLPDWDOHvQS DVDSWHLXJXULGHSDPkLQWSkQDQXEDJLXQFDSGHS D
FRSFKLOWRWQXLDVD

%DGHD*KHRUJKHVLEDGHD9DVLOHSHGUXPXO&OXMXOXLYDGREURDVFDWHVWRDVD
9DVLOHFHRILDVWD"
6WD9DVLOHFLFXMHWDVLFXMHWD
*KHRUJKHDVWDR
vLFHYDR
PHUHXQGHYD

=LFHVHFDXQDUGHOHDQVHGXFHVDVHGHDFXSDUDVXWDÌQDYLRQLQVWUXFWRUXOvOvQYDWDFXPVDSURFHGH]H
$SRLGXSDFHWHDUXQFLPDWDOHGLQDYLRQQXPHULSkQDOD]HFHVLWUDJLGHVIRDUDDVWDVDVHGHVFKLGDSDUDVXWD
1RELQLH]LVHDUGHOHDQXOQRVWUXVLVDULGLQDYLRQ
,QVWUXFWRUXO SULYHVWH GLQ DYLRQ FXP QHD
 *KRHUJKH VH GXFH MRV FD SLHWURLXO IDUD FD SDUDVXWD VD VH GHVFKLGD $YLRQXO IDFH
VWkQJD
QSUHMXUVLDWHUL]HD]D,QVWUXFWRUXOVHDUXQFDvQWUXQ-HHSvQWURFDXWDUHGLVSHUDWDSHFkPSXOSOLQGHFDSLWHGHIkQÌQWU
XQILQDODXGHXQ]JRPRWGLQWURFDSLWD&kQGVHDSURSLHGHORFXOFXSULFLQDvODXGHSHQHD
*KHRUJKHPXUPXUkQGvQFDSLWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$SRLQRPDURJIUXPRVQRXDDSRLQRPDURJIUXPRV]HFHVLQHD
*KHRUJKHWUDJHFXVHWHGLQVIRDUDSDUDVXWHL

9DULDQWDÌQ DUPDWD ,RQ HVWH vQFRUSRUDW OD SDUDVXWLVWL ÌQDLQWH GH SULPXO VDOW LQVWUXFWRUXO OH UHDPLQWHVWH FD WUHEXLH VD
QXPHUHSDQDODVL
DSRL VD WUDJD GH PkQHUXO GH GHVFKLGHUH DO SDUDVXWHL 6ROGDWLL vQFHS VD VDUD WRWXO GHFXUJH ELQH FkQG GHRGDWD LQVWUXFWRUXO
REVHUYDFD
SDUDVXWDOXL,RQQXVDGHVFKLVÌQQHEXQLWH[HFXWDXQVDOWSkQDODOLPLWDPLQLPDGHVHFXULWDWHDMXQJHUDSLGODVROVLVSHULDWvO
FDXWD
SHQHQRURFLWFUH]kQGFDVDOYDGDIDFXWIDUkPH'LQWURFDSLWDGHIkQGLQDSURSLHUHDX]L
1RDPXYLQH

,RDQHYDFDWDIXPHD]D"
1RGDFXPVDIXPH]HYDFD"
$WXQFLPDWLROXDWIRFJUDMGX
«

/kQJDXQVDWGLQ$UGHDODWHUL]HD]DRIDUIXULH]EXUDWRDUH
$XWRULWDWLOHLDXLPHGLDWPDVXUDGHDDQXQWDVDWHQLLGHVSUHDFHVWHYHQLPHQWVLGHVSUHFRPSRUWDUHDSHFDUHWUHEXLHVDRDLED
GDFDvQWkOQHVFFXPYDXQH[WUDWHUHVWUX
'UDJLVDWHQLSHL]OD]XOGHOkQJDVDWXOQRVWUXDDWHUL]DWRIDUIXULH]EXUDWRDUH'DFDGLQvQWkPSODUHvQWkOQLWLXQH[WUDWHUHVWUX
YDVIDWXLPVDYDSDVWUDWLFDOPXOVDQXvQFHUFDWLVDLvDJUHVDWLvQYUHXQIHO
EDGLQFRQWUDILWLSULHWHQRVLVLvQFHUFDWLSULQJHVWXULVLSXWLQHFXYLQWHVDFRPXQLFDWL&DVDvLSXWHWLUHFXQRDVWHYDLQIRUPDP
FDH[WUDWHUHVWULLVXQW0,&,9(5=,$82&+,,%8/%8&$7,6,0Æ,1,/(3Æ1$/$3$0Æ17
6SUH VHDUD *KHRUJKH HUD OD FRDVD 6L FXP FRVHD HO YHGH XQ RPXOHW PLF YHUGH FX RFKLL EXOEXFDWL VL PkLQLOH SkQD OD
SDPLQW6HDSURSLHvQFHWVDQXOVSHULHVLvLVSXQH
(X*KHRUJKHFRVDVFRVHVF
/DFDUHRPXOHWXOvLUDVSXQGH
(X,RQSDGXUDUPDFDF

9DULDQWD
ÌQWUXQVDWGLQ$SXVHQLVHREVHUYDQLVWH2=1XULSULPDUXOVDWXOXLOHVSXQHVDWHQLORU
1RRPHQLEXQLQRXDQHGDXWkUFRDOHLVWUDWHUHVWLL$VWLDHSHULFXORVLUDX
/DFDUH9DVLOHQHVWDSkQLQGXVLFXULR]LWDWHDvQWUHED
'RP
SULPDUGDFXPDUDWDLVWUDWHUHVWLLDLVWLD"
$SDLPDFLFDHPLFLYHU]LVLFXQLVWHRFKLEXOEXFDWL
$GRXD]LODFRDVD9DVLOHGDSHVWHRPRJkOGHDWDYHUGHFXRFKLEXOEXFDWLVWkQGvQLDUED9DVLOHULGLFDFRDVDODHOVLVSXVHFX
WHDPD
(X9DVLOHFRVHVF
0RJkOGHDWDULGLFDRFKLLODHOVLJUDLFXRYRFHFULVSDWD
(X*KHRUJKHSDGXUDUXOPDFDF

'RLDUGHOHQL,RQVL9DVLOH
,RQFDWUH9DVLOH0D9DVDOLHVDLFDWLPDQFDFDLQHOHVODQD
9DVLOH$SRLPDQFDSHPXPDVDFDEULVFDLODPLQH

&LFDHUDXQDUGHOHDQVWDWHDVSULMLQLWFXEDUEDvQEDWX
OXLFDUHHUDFDPvQDOWVLvOIDFHDVDVHXLWHvQVXVVLvL IXUDOXPHDRLOH
vQWUHWLPS
ÌQWUR]LYLQHXQRPGHELQHVLL]LFH
%DGHPDXLWODWLQHGHFkWHYD]LOHVLYDGFDWDUHWHPDLGHUDQMHD]DEDWX
DOD'HFHQXWDLVLWXGHMRVGHXQGHHPDLXUkWXQ
SLFVLVDOVFXUWH]L"
)LXOHVHYHGHFDQXHVWLGHSHDLFL$SDLGHFHVDOWDLGHMRVGDFDSHPLQHPDGHUDQMHD]DVXV"

'RLDUGHOHQLODFkPS
,RDQH9H]LFDWLI HXQX
QHYDVWDQFXFXUX]
'DSDLFHLFXFXUX]XPHX"&DLDO&$3XOXL

8QDUGHOHDQHRSULWGHXQSROLWLVWFDUHvOvQWUHDED
'DWLPLQXPHOHVLSUHQXPHOH
$LvQQHEXQLW"6LSHXUPDFXPVDPDPDLQXPHVF"

'RLDUGHOHQLSULYHVFOD3UR79
6HWUDQVPLWVWLULOHGHODRUDXQGHRIHPHLHYUHDVDVHDUXQFHGHODXOWLPXOHWDMDOXQHLFODGLUL
3DULH]SHFLQFLPLLGHOHLFDVHDUXQFDVSXQHSULPXODUGHOHDQ
'HDFRUGVSXQHDOGRLOHDDUGHOHDQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
)HPHLDVHDUXQFDWRWRXVLVLDOGRLOHDDUGHOHDQVFRDWHSRUWRIHOXOGDUSULPXODUGHOHDQQXYUHDVDSULPHDVFDEDQLL
6WLLFH"(XDPYD]XWVLVWLULOHGHDFXPGRXDRUH
6LHXVSXVHSULPXODUGHOHDQGDUQXFUHGHDPFDVHYDDUXQFDVLDGRXDRDUD

8QDUGHOHDQVWDvQSDUFXO*DULLGH1RUGÌQDFHVWWLPSXQLQGLYLGFDUHIDFHDMRJJLQJVHRSUHVWHvQIDWDOXLVLvQFHSHVDIDFD
IORWDUL
$UGHOHDQXVHXLWDVXEHOVHXLWDGHDVXSUDOXLvQIDWDvQVSDWHVLGXSDXQWLPSH[FODPDQHGXPHULW
$SRLIDWXFDDSOHDFDWGHPXOW

ÌQWUXQWUHQGRLDUGHOHQLVLXQQHJUX
%UHGDWXQXHVWLGHDLFL
'DWDWDOPHXHVWHGLQ$IULFDGDUPDPDPHDHVWHGHDLFL
3DLFXP"
3DLWDWDDIRVWRGDWDSHDLFLVLDYD]XWRSHPDPDVLDLQFHSXWVDDOHUJHGXSDHDVLDDOHUJDWVLDDOHUJDWVLDDOHUJDWVLDVDP
DPQDVFXWHX
'XSDYUHRPLQXWHDUGHOHQLLDYHDXRQHODPXULUH
0DLGDUVWLLFHQHvQWUHEDPQRL2ILSULQVRSHPDLFDWD"

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

*DLQLOHDVWHDVXQWGHODQRLVDXGLQVWUDLQDWDWH"VHvQWUHDEDXQDUGHOHDQODSLDWD
'DUGHFHYDLQWHUHVHD]D"YUHWLVDOHPkQFDWLVDXVDOHWLQHWLGHYRUED

ÌQYLDWDH[LVWDRVLQJXUDPDUHLXELUHVSXQHRDUGHOHDQD
6LFDUHDIRVWPDUHDWDGUDJRVWH"
0DULQDULLPDLFDPDULQDULL

/DRUDGHSVLKRORJLHSURIHVRUXODUGHOHDQvVLLQWUHDEDXQHOHY

6WLWLGHFHQXIRORVHVFLQGLHQLLGHJHWXODFHVWD"vQWUHDEDHODUDWkQGDOWUHLOHDGHJHWGHODPkQDGUHDSWD
1LPHQLQXUDVSXQGHODvQWUHEDUH
)LLQGFDHVWHDOPHX

'RLDUGHOHQLVWDXGHYRUED
,HULDFD]XWXQWD[LvQWURSUDSDVWLHSDVDJHULDXIRVWVDOYDWLSHQWUXFHLODOWLQXVDPDLSXWXWIDFHQLPLF

7UDYHUVkQGRVWUDGDXQDUGHOHDQHVWHL]ELWGHRPDVLQDGDUQXSDWHVWHQLPLF
7RWXVLVRIHUXOvLSXQHFDWHYDPRQHGHvQPDQDFDVDvPSDFHOXFUXULOH
ÌQFDQWDWDUGHOHDQXOLVHDGUHVHD]D
9HQLWLGHVSHDLFLGRPQXOH"

,RQVL*KHRUJKHvQWUHQ/DXQPRPHQWGDWSULPHVFGHODYHFLQXOGHFRPSDUWLPHQWREDQDQD1HVWLLQGFXPVHXWLOL]HD]D
vOXUPDUHVFSHRPFXPRGHVIDFHVLRGHVIDFVLHL
ÌOXUPDUHVFFXPRPXVFDVL,RQPXVFDVLHOPRPHQWvQFDUHWUHQXOLQWUDvQWXQHO,RQ
*KHRUJKHDLPXVFDWVLWX"
1X
1XPXVFDEDFDRUEHVWL

8QWDUDQPHUJkQGSHRJRUYHGHSHMRVXQSHVWLVRUGHDXU&XPVH]EDWHDSHVWLVRUXOSHXVFDW PLQXQH PDUHvQFHSHVD

YRUEHDVFD
7DUDQHILHWLPLODGHPLQHDUXQFDPDWHURJvQEDOWDDLDFDHXVXQWUHJHOHSHVWLVRULORUVLWLRLGDWRWFHYUHL

7HURJIUXPRVWDUDQHDUXQFDPDvQDSDFDWLRLGDWRDWHERJDWLLOHSDPDQWXOXL

ÌQGXUDWHWDUDQHRVDWLGDXFHOPDLIUXPRVSDODWGLQOXPHVDVWDLvQHO
&XQDGXIVLvQGHVDWWDUDQXOQRVWUXSXVHFDOFkLXOSHSHVWLVRUVLvOVWULYLvQWDUkQD
0DSHFLQHIDFLWXWDUDQ"

8QWLSPDLSHVHDUDIDFHDXWRVWRSXOÌOYHGHSHXQXOFXRFDUXWDYHQLQGSHVRVHDVLvOvQWUHDED
1REDGHGHSDUWHL&OXMXO"
'
DSRLQXLGHSDUWH
8UFDWLSXOvQFDUXWDDGRDUPHVLPDLVSUHGLPLQHDWDVHVFRDODVLvQWUHDED


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%DGHGDXQGHL&OXMXO"
1RDFXLGHSDUWH

'RLDUGHOHQLWDLDXFXMRDJDUXRERPED
%DYHGHWLFDRVDH[SORGH]H
1XFRQWHD]DPDLDYHPXQD

'RLDUGHOHQLvQWUHQ
/DXQPRPHQWGDWVHVDWXUDGHWDFHUHVLXQXOvL]LFHFHOXLODOW
0D,RDQHFHLPDPLFVLQHJUXVLPHUHURDWDGHQXPDQXPD"
&DGRDUQRILDFLGXOGH]R[LULERQXFOHLF"

%DGHD,RQYUHDVDvVLYkQGDFDOXOODWkUJ
&XFkWGDLFDOXOEDGH"
&XPLOLRDQH
ÌLFDPVFXPS
ÌLVFXPSGD
LXQFDOIDLQ
ÌLIDLQGD
VDVWLLFDPLHPLVHSDUHFDLRUE
1XFUH]
+DLVDOSUREDP
'DXHLGUXPXOFDOXOXLFDUHRLDODIXJDVLQLPHUHVWHGLQJRDQDFXFDSXOGUHSWvQWUXQFRSDF
1R]LVXWLDPFDLRUE"
'LUHSWLLGD
DLYD]XWFHFXUDMRVvL"

%DGHD,RQUHQXPLWvQVDWSHQWUXYUHGQLFLDOXLVHSUHJDWHDGHLHVLWODFkPS
8QGHPHUJLEDGH,RDQH"
,DVDFDSDOXLHVFPDODLXOFHOD
'D
FXPWHGXFLFDPDODLXOQLFLQDUDVDULW
/DVDFDSkQDDMXQJRFUHVWHHO

'RLDUGHOHQLvQ*DUDGH1RUG
0DL*KLRFkWIDFHWXJX
SkQ
OD&OXM"
3DLFDPRUHPD
0XOWPD6LFHIDFHPQRLRUHPD"
3DLVWDPGHYRUEDFHVDIDFHP
6LFHYRUELPPDQRLRUH"
3DLVWLXHX"6SXQHPJKLFLWRUL
3OHDFDWUHQXO
0DL*KLR]LVLWXRJKLFLWRDUH
3DLFHLPLFQHJUXVLUDX"
*DUD3ORLHVWL
0DL*KLRGD
DUHEODQD"
$UHPD*DUD%UDVRY
0DL*KLRGD
DUHSDWUXSLFLRDUH"
$UHPD*DUD6LJKLVRDUD
0DL*KLRGD
DUH]JDUGD"
$UHPD
*DUD7HLXV
0DL*KLRGD
ODWUD"
/DWUDPD
*DUD$SDKLGD
0DL*KLRQRILFkQHOH"
%DFkQHOHH'D
WXHVWLFDPSURVW&HWLDWUHEXLWDWkWVDJKLFHVWL"
%DHXVWLDPGHOD%XFXUHVWLGD
GDFDWLVSXQHDPDWXQFLFHPDLGLVFXWDPQRLDWkWDGUXP"

8Q DUGHHOHDQ QHDYkQG EDQL VD KRWDUkW VD YLQGD YDFD OD WkUJXO GH GXPLQLFD ÌQ GUXP VSUH WkUJ VH vQWkOQHVWH FX ,RQ VL
FRQWLQXDGUXPXOvPSUHXQD
3HGUXP*KHRUJKHYHGHREURDVFDUkLRDVDPDUHVLXULWDVLvLVSXQHOXL,RQ
,RDQHYH]LWXEURDVFDDVWD"'DFDWXRPDQkQFLvWLGDXYDFDPHD
,RQVWDVLVHJkQGHVWHFDHVWHVDUDFVLLDUSULQGHELQHRYDFDVLVHDSXFDFXVFkUEDVDPDQkQFHEURDVFD
'XSDFHDPkQFDWMXPDWHQXPDLSRDWHVLvLVSXQHOXL9DVLOH
9DVLOHGDFDPDQkQFLWXMXPDWDWHDDVWDQXWLPDLLDXYDFD
9DVLOHVHJkQGHVWHFDGDFDVHvQWRDUFHIDUDYDFDVDXEDQLDFDVDvORPRDUDQHYDVWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%LQH]LFHVLVHDSXFDVDWHPLQHEURDVFDGXSDFDUHvVLFRQWLQXDDPkQGRLGUXPXO'XSDXQWLPS,RQ]LFH
0DL9DVLOHGHFHDPPkQFDWQRLEURDVFDDVWDPD"

6HDVHD]DXQROWHDQSHXQVFDXQVLQHVWLLQGFDHUDRSLRQH]DDFRORÌOvQWHDSDVLvQFHSHVDvQMXUH
3 DPDPLLOXLFDUHDSXVSLRQH]DDVWDDLFLFDVDPDvQWHSHXQDJDVLWI ODVvQJXUDDOWVFDXQ"
6LSOHDFDvQMXUkQGGHPDPDIRFXOXL
6HDVHD]DXQPROGRYHDQ
) XLS DPDVLLGHSLRQH]D6HVFRDODVLSOHFDGHSHVFDXQ
9LQHXQDUGHOHDQ6HDVHD]D6LPWHFDvOVWDQMHQHVWHFHYDvQFXU6HXLWDVDYDGDFHLVL]LFH
1RGDFDLPXVDLvLPXVDL

(UDXGRLDUGHOHQLvQWUXQWUHQVLQXSUHDVWLDXFHVDIDFDFDVDQXVHSOLFWLVHDVFDSkQDOD&OXM
+DLVDEDWHPFXLHvQSHUHWLFDVDDYHPXQGHVDQHSXQHPFDFLXOLOH]LFHXQXO
$SDLKDLVDEDWHPFXLH]LFHFHODODOW
6HDSXFDHLVDEDWDFXLHvQSHUHWLLFRPSDUWLPHQWXOXLGDUDORSWXOHDFXLQXLQWUDvQSHUHWH
'HFHQXLQWUDFXLXOvQSHUHWH"vQWUHDEDSULPXO
1XVWLX]LFHDOGRLOHD+DLvQFRPSDUWLPHQWXOYHFLQVDYHGHPGHFH
6HGXFvQFHODODOWFRPSDUWLPHQW$FRORHUDXQEDVDUDEHDQFDUHVWDWHDUH]HPDWFXFDSXOGHSHUHWH

ÌQWUXQFRPSDUWLPHQWGHWUHQXQROWHDQVLXQDUGHOHDQ
/DXQPRPHQWGDWDUGHOHDQXOVFRDWHROLWUDGHSDOLQFDVODQLQDSLWDVIDUPDRFHDSDVLvQFHSHVDPDQkQFHWUDJkQGGLQFkQG
vQFkQGVLGLQSDOLQFD
2OWHDQXOXLLVHIDFHGHRGXVFDGDUFXPVDLQWUHvQYRUED"
/DXQPRPHQWGDWYD]kQGFDWXLFDHSHWHUPLQDWHvVLLDLQLPDvQGLQWLVLVHDSURSLHGHDUGHOHDQ
0DFKHDPD5DGX
$SDLQRGDFDWHFKHDPDGXWH

Ì&XPODWUDFkLQLLvQ$UGHDO"
51RKDX

8QDUGHOHDQODFDVDGHELOHWHvQ*DUDGH1RUG
7UHQXOGH&OXMGHXQGHSOHDFD"
ÌPLSDUHUDXGDUWUHQXOGH&OXMDSOHFDWDFXPPLQXWH
'DD"'DSRLXQGHDSOHFDW""

$WHUL]HD]DXQDYLRQSHDHURSRUWXO2UO\GLQ3DULV'LQHOVHGDXMRVXQDPHULFDQXQQHDPWVLXQDUGHOHDQ
1LFLXQXOGLQWUHHLQXPDLIXVHVHOD3DULVSkQDDWXQFL$MXQVLvQFHQWUXOLVWRULFDO3DULVXOXLDPHULFDQXOH[FODPDSLHUGXWvQ
DGPLUDWLH
:RQGHUIXOZRQGHUIXO
1HDPWXODVHPHQLDPHULFDQXOXLH[FODPD
:XQGHUVFK|QZXQGHUVFK|Q
$UGHOHDQXOVWDVHXLWDVLGXSDIRPLQXWHvVLGDFORSXGHSHIUXQWHSHFHDIDVLH[FODPD
+DLVDPLEDJS D

,RQVL*KHRVHXUFDvQWUHQVLLQWUDvQSULPXOFRPSDUWLPHQW
,RDQHKDLGLQFRORFDDLFLSXWH
7UHFLQDOWFRPSDUWLPHQW
0DPDLKDLFDVDLFHDSXWH
3DUFXUJDVWIHOWUHQXOGHODXQFDSDWODDOWXODMXQJODXOWLPXOFRPSDUWLPHQWXQGHUDPkQGHVLHUDXQPLURVvQJUR]LWRU'XSD
XQWLPS
0D,RDQHWXWHDLFDFDWSHWLQH"
'DPDGD
GHFHQWUHEL"

'RLDUGHOHQLVHvQWkOQHVFSHXQGUXPGHWDUD
%XQD]LXD,RDQH
6HGHSDUWHD]DXQXOGHDOWXOPHUJkQGvQVHQVXULRSXVH
$SDL%XQD]LXD9DVDOLH
6HPDLGHSDUWHD]DSXWLQ
$SDL,RDQHXQWHGX
"
6HPDLGHSDUWHD]DSXWLQ
$SDLPDGXFODRUDVX

6HPDLGHSDUWHD]DSXWLQ
'DSDLFHVDIDFLWXODRUDVX
PDL,RDQH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6HPDLGHSDUWHD]DSXWLQ
$SDLPDGXFVDPLLDXPXLHUH
6HPDLGHSDUWHD]DSXWLQ
$SDL,RDQHLDWLPXLHUHIDLQDFDDOWIHORI WLVLQJXU

2)HPHLHVWDODRFD]LHvQ$SDKLGD2SUHVWHRPDVLQD)HPHLD
%DGHVXLSHPLQHSkQ
OD&OXM"
6RIHUXO
6XLVXLGDUFLQHPDLPkQDPRWRUXO"

1R DPXFLFD VWDWHD EDGHD *KHRUJH VL EDGHD 9DVLOH OD VRDUH GXSD R ]L GH PXQFD 6L EDGHD *KHRUJKH FLWHD OD JD]HWD
&LWHVWHHOFHFLWHVWHFkQGYHGHDFRORFXYkQWXOWRUSLOD
6WDVLVHJkQGHVWHHOFDPFHRILDLDVLGXSDYUHRMXPD
GHRUDGHVFDUSLQDWvQFDSvQWUHDED
%D9DVLOHFHHEDDLDWRUSLOD"
%DWRUSLODHDLDGHWUDJHEDPSRDUHOHXQXvQDOWX
'XSDDOWHOXQJLPRPHQWHGHFXJHWDUHVLVFDUSLQDWvQFDS*KHRUJKHvQWUHDED
3DLEDFkQGLHVHWRUSLODGLQEDPSRUXQXLQWUDEDDSD"1XVHGXFHODIXQG"
8UPHD]DDOWHPRPHQWHGHVXVSDQVGXSDFDUH9DVLOH
1XFDHYRUEDGHSULQWLSLXOKLGURGLQDPLF
3ULQFLSLXOKLGURGLQDPLF"'DFHHEDDVWD"
1RVWDLVDWLH[SOLF
2LIRVWOD0XUDV"
$PIRVW
6LRIRVW0XUDVXOUHFH"
2IRVW
6LWLRYHQLWVDWHEHVL"
0LRYHQLW
6LWLRLQWUDW0XUDVXQFXU"
1XPD
1RSDLYH]LDVWDLSULQFLSLXOKLGURGLQDPLF

'RLDUGHOHQLFDODWRUHDXFXWUHQXO9LQHFRQGXFWRUXO
%LOHWHOHODFRQWUROYDURJ
0D*KHRUJKHQRLDYHPEHOHW"
1R
1DYHPEHOHWGRPQFRQWURORU
%DQLGHDPHQGDDYHWL"
0D*KHRUJKHEDQLGHDPHQGDDYHP"
1R
1DYHPEDQLGRPQFRQWURORU
9DEDWHWLMRFGHPLQH"%LOHWQXDYHWLEDUXQXDYHWL$WXQFLFHGUDFX
DYHWL"
&HDYHPPD*KHRUJKH"
$YHPDERQDPHQW

*KHRUJKHSOHDFDODFRVLW6SUHVHDUDHVWHJDVLWOHVLQDWGHQLVWHYHFLQLHVWHVWURSLWFXDSDVLGXSDXQWLPSRPXOvVLUHYLQH
&HLEDGH*KHRUJKH"(VWLEROQDY"'HFHDLOHVLQDW"
'HIRDPH
'HIRDPH"'D
OHOHD0DULHQXWLRSXVGHPkQFDUH"
%DPLRSXVSLWDVLVODQDGD
PLDPIRVWXLWDWEULVFDDFDVD

*KHRUJKHVHSUHXPEODSHVWUDGDFXFHLGRLFRSLLDLOXL8QFXQRVFXWFDUHvOYHGHvLVSXQH
%DGH*KHRUJKHFHIDLQLFRFRQLDL6LFHPDLVHDPDQDvQWUHHL
'
DSDLFXPQXFDGRDUDvVJHPHQL
6LFkWLDQLDX"
%DLDWXODUHSDWUXLDUIDWDFLQFL

'HFHWHSOkQJLEDGH*KHRUJKH"
'RPQX
GRIWRU
QDLQWHFkQGPDXLWDPODRPXLHUHJDWDHUDP$PXSRWVDPDXLWVLRVDSWDPkQD
%DGHGUDJDHXVXQWGRFWRUGHRFKL0DWDOHWUHEXLHVDPHUJLODDOWVSHFLDOLVW
%D(XFUH]FDODRFKLvLEDLX

,DSRYHVWHVWH*KHRUJKHFXPRIR
FXDFFLGHQWXOGHPDVLQD"
$SRLRIRVWDVHQRLDPPDUVSDGUXPWDW
QDLQWHVLFkQGGUXPX
ROXDWRVSUHVWkQJDQRLWDW
QDLQWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

*KHRUJKHPHUJHFXJORDEDODWkUJ
&XPWUDJHFDOXODVWDODFDUXWDEDGH"
'
DSRLQXSUHDWUDJH
'D
ODSOXJWUDJH"
1XSUHD
2ILEXQGHFDODUHDOD
1DVFUHGH
3DLDWXQFLGHFHODLDGXVVDOYLQ]L"
1XODPDGXVVDOYkQG
'D
FHSDFDWHOHPHOHYUHLVDIDFLFXHO"
9UHDXVDOIDFGHUXVLQH

Ì&H]LFHDUGHOHDQXOFkQGVHXLWDvQRJOLQGD"
50kQGUXPLVIXFHPDV

Ì'HFHSXQDUGHOHQLLSkLQHDvQFLRUED"
5&DVDQXFDVWHJXUDGHGRXDRUL

8QDUGHOHDQXQROWHDQVLXQPROGRYHDQVWDWHDXvQVDODGHDVWHSWDUHDXQHLPDWHUQLWDWL/DXQPRPHQWGDWVHVWLQJHODPSD
VLFDXQIDFXWWRDWHGDPHOHORUQDVFGLQWURGDWD'XSDFHYLQHFXUHQWXODSDUHPRDVDVL]LFH
9DURJVDQHVFX]DWLGDUvQ]DUYDFDUHDIRVWSHvQWXQHULFVDXVFKLPEDWFRSLLVLWUHEXLHVDDSHODPODvQWHOHJHUHDVLVSULWXO
GYSUDFWLFvQDLGHQWLILFDFRSLLLFXLDSDUWLQ$VDFDGRPQXOHvLVSXQHDUGHOHDQXOXLYDURJVDSRIWLWLVLVD QHVSXQHWLFDUH
FUHGHWLFDHDOGY"
$UGHOHDQXOLQWUDVLVHXLWDODFRSLL
$VWDLVSXQHHODUDWvQGVSUHXQFRSLOFDUHHUDQHJUX
&XPGRPQXOHFKLDUDVWDFUHGHWLFDHDOGY"'HFHQXOXDWLSHXQXOGLQFHLGRLDOEL"
'DUFH"&UHGHWLFDvPLWUHEXLHXQPROGRYHDQVDXXQROWHDQ"

'RLDUGHOHQLSHPDUJLQHDXQHLVWUD]L8QXO]LFH
9UHLVDWLDUDWFDHXSRWWUHFHVWUDGDDVWDvQPLQXWH
'DUFHPDHVWLIXOJHU"

8QFOXMHDQYLQHvQ%XFXUHVWLVDVHSOLPEH6HGXFHHOODXQKRWHOVLFHUHRFDPHUD5HFHSWLRQHUXOvLVSXQHFDGDFDYUHD
FDPHUDHVWHXQDGHGRXDSHUVRDQHSHFDUHWUHEXLHVDRvPSDUWDFXXQQHJUX&OXMHDQXOQXDUHFHIDFHVLvPSDUWHFDPHUDFX
DFHOQHJUX$QXQWDUHFHSWLRQHUXOVDvOVFRDOHGLPLQHDWDODFDDUHWUHQVLLQWUDvQFDPHUD&vQGvOYHGHSHQHJUXvL]LFH
%DXUkWHVWLED
1HJUXOQXDUHQLFLRUHDFWLH9D]vQGFDQX]LFHQLPLFFOXMHDQXOvQFHSHVDOvQMXUH1HJUXOvQWHOHJvQGFH]LFHDURPkQXOvO
YRSVHVWHSHFOXMHDQFXQHJUXvQWLPSFHDFHVWDGRUPHD'LPLQHDWDvOVFRDODFHLGHODKRWHOSHFOXMHDQ,QWUvQGvQEDLHVHXLWD
vQRJOLQGDVLFvQGVHYHGHQHJUXvVL]LFH
8LWHSURVWLLvQORFVDPDVFRDOHSHPLQHODXVFXODWSHQHJUX

'RLDUGHOHQLFRQYHUVHD]DODXQSDKDUGHSDOLQFD
0DL,RDQHWLHWLSODFURVLLOH"
'XSDRMXPDWDWHGHRUDGHJkQGLUHLQWHQVDVLSURIXQGD,RQUDVSXQGH
'HPkQFDWGDvQVDDVD

%DQFXULFXROWHQL

'HFHVWDXROWHQLLFXWkUQDFRSXOODWHOHYL]RU"
'DFDVHVWULFDYUHXQFDQDOVDVDSHUHSHGHDOWXO

'HFHQXPDQkQFDROWHQLLFDVWUDYHWLPXUDWL"
&DQXSRWVDVLEDJHFDSXOvQERUFDQ

&HDXIDFXWROWHQLLFDQGDXDSDUXWIUDQ]HOHOH"
/HDXPkQFDWFXSkLQH

'HFHVXQWROWHQLL]JkULDWLSHIDWDGH&UDFLXQ"
3HQWUXFDDWXQFLPDQkQFDVLHLFXIXUFXOLWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'HFHODFXOFDUHXQROWHDQLVLLDFXHOGRXDSDKDUHXQXOJROVLXQXOSOLQFXDSD"
)LLQGFDVDUSXWHDVDLILHVHWHVDXQX

'HFHIDFPDLQRXROWHQLLPDPDOLJDLQWLJDLH"
6DLQFDSDLQGLSORPDW$FHVWDFUHGFDHGLQILOPXO1HD0DULQPLOLDUGDU

&XPIDFROWHQLLODSWHOHSUDI"
$UXQFDYDFDGLQDYLRQ

'HFHDXROWHQLLFDVDURWXQGD"
6DQXLYRUEHDVFDOXPHDSHODFROWXUL

'HFHDXROWHQLLFDPDVDLQFDURXUL"
&DVDMRDFHSXULFLLVDKSHHOH

'HFHDXROWHQLLFHDVXULPHFDQLFH"
)LLQGFDDXDX]LWFk7LF7DFXOIDFHELQHODUHVSLUDWLH

'HFHDXROWHQLLPDVLQLOHURVLL"
&DVDFLRFQHDVFDGHSDVWL

'HFHGRUPROWHQLLSHFkPS"
3HQWUXFDYRUVDVHFXOWLYH

&HDIDFXWROWHDQXOFDQGDYD]XWSULPDRDUDHOLFRSWHUXO"
6DGXVvQSDGXUHVDLFDXWHFXLEXO

'HFHROWHQLLvVLLDXVFDUDFXHLFkQGSOHDFDODGUXP"
)LLQGFDVXQWSURVWLGHGDXvQJURSL

Ì6WLWLGHFHSRDUWDROWHQLLVFDUDGXSDHL"
5&DVDILHPHUHXODvQDOWLPHGD
QXOHSUHDLHVHVRFRWHDOD

&HDVSXVXQFRSLOROWHDQPDPHLVDOHFkQGDYD]XWSHQWUXSULPDRDUDPDUHD"
,HWHPDPDFHGH-LL

'HFHROWHQLLQXDXUHXVLWQLFLRGDWDVDIDFDXQSRGSHVWH-LX"
/DXvQFHSXWGHDOXQJXO

'LQFHHIDFXWDRERPED"
'LQROWHQLVLPROGRYHQL
'HFH"
3WFDROWHQLLVXQWSURVWLGHEXEXLHLDUPROGRYHQLLVHLPSUDVWLH

'HFHDXROWHQLLVREDvQPLMORFXOFDVHL"
&DVD]LFDFDDXvQFDO]LUHFHQWUDOD

'HFHYRUROWHQLLVDDLEDYDFDSUHFXPJLUDID"
&DVDSDVFDODYHFLQLVLVRPXOJDHL

&DUHHDVHPDQDUHDGLQWUHXQROWHDQVLXQWHOHIRQSXEOLF"
7UHEXLHVDGDLvQHOFDVDvLFDGDILVD

'HFHPDQkQFDROWHQLLIDVROH"
&DVDVLGHDDHUH

'HFHVXQWROWHQLLPX]LFLHQL"
3HQWUXFDGRUPSHVROVLYRUEHVFFXID

'HFHUkGROWHQLLFkQGIXOJHUD"
&UHGFDVXQWIRWRJUDILDWL

&HIDFHROWHDQXOFDQGQXDUHFHIDFH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6HGH]EUDFDVLvVLSD]HVWHKDLQHOH

'HFHVHUXSHEDQFDDWXQFLFvQGVHDVHD]DXQROWHDQSHHD"
&HOPDLLQWHOLJHQWFHGHD]D

'HFHVHIHUHVFROWHQLLVDGRDUPDSHSDLHVDXvQIkQ"
&DVDQXLDIRFDWXQFLFkQGOHRVFDSDUDPLQWHD

'HFHROWHQLLGRUPSHURJRMLQDXGD"
/HHIULFDVDQXOHVFDSHUHPLQWHDvQVRPQ

'HFHvVLYRSVHVFROWHQLLDQWHQD79"
&DVDYDGDSURJUDPHOHODWHOHYL]RUvQFXORUL

&XPVFRWROWHQLLSUD]XOGLQSDPkQW"
&XFKHLDIUDQFH]D

&XPSULQGHROWHDQXOXQLHSXUH"
6HDVFXQGHvQWXILVVLIDFHFDPRUFRYXO

'HFHVHQXPHVFROWHQLLROWHQL"
53HQWUXFDWUHFH2OWXOSHODHL
6LGDFDDUVHFD2OWXOFXPVDUQXPL"
56HFDWXUL"

'HFHDXROWHQLLFDSXOPLF"
3HQWUXFDJkQGHVFFRQFHQWUDW

'HFHDXROWHQLLJkWXOOXQJ"
6DSRDWDSULYLSHVWHPXQWLVDYDGDFkQGDSDUHXQSRVWGHVHIvQ$UGHDO

&DUHHGLIHUHQWDvQWUHXQPDUVLXQROWHDQ"
0DUXOFHOSXWLQHVWHFXOWLYDW

'HFHSRDUWDROWHQLLFDPDVLvQSDWUDWHOHDOEHVLQHJUH"
6DSRDWDVDLSRDWDVSXQHQHYHVWHL6FDUSLQDPDOD+

'LQFHHVWHIDFXWYHFHXOROWHQLORU"
'LQGRXDEHWHGHXQXOVHWLQHLDUFXFHODODOWDOXQJDFkLQLL

6WLWLGHFLWHRULUkGHXQROWHDQGHXQEDQF"
'HRUL
&vQGvODXGH
&vQGvOVSXQHDOWXLD
&vQGvOvQWHOHJH

&XPIDFROWHQLLXQJDUG"
%DWVFDQGXULVLVFULXVDPGVDXHWF

'HFHvVLSOLPEDROWHQLLQHYDVWDFXURDEDSULQSLYQLWD"
&DVDRRELVQXLDVFDFXPHWURXO

'HFHHVkPEDWDFHDWDvQ&5$,29$"
6FXWXUDROWHQLLURJRMLQLOH

'HFHDXROWHQLLXQJKLLOHOXQJLODSLFLRDUH"
&DVDQXGHUDSH]HSHURJRMLQD

'HFHvVLLDXROWHQLLURJRMLQDFXHLODPDUH"
&DVDVHVLPWDFDDFDVD

&XPVHUHFXQRDVWHXQROWHDQGLQWUXQJUXSGHSHUVRDQH"
6WULJLVHIXOHLDUHOHVWHVLQJXUXOFDUHvQWRDUFHFDSXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

'HFHSRDUWDROWHQLLPXVWDWD"
6DPDQkQFHODXPEUD

'HFHDOHDUJDROWHQLLvQQRDSWHDGHÌQYLHUHGXSDDPEXODQWD"
&DVDSXSHFUXFHD

&HDXIDFXWROWHQLLFkQGDXYD]XWSULPDGDWDXQYDSRU"
$XEDJDWFDSXOVXEDSDVDLYDGDURWLOH

'HFHQXSODQWHD]DROWHQLLIORULvQIDWDFDVHL"
&DVDQXOHIDFDQHYHVWHOHFRSLLGLQIORUL

8QROWHDQKRWDUDVWHFDWUHEXLHQHDSDUDWVDVHDSXFHGHSDUDVXWLVP6HGXFHWLSXOODXQFOXEDVWLDvOEDJDvQSULPXODYLRQ
/DPRPHQWXOSRWULYLWGHVFKLGHXVDDYLRQXOXLVLVHDUXQFD7UDJHGHVIRDUDGDUQLPLFÌQFDGHUHWUHFHSHOkQJDDOWLROWHQL
FDUH]EXUDXvQVXV
7LSXOOH]LFH
+HL9RLQXVWLWLFXPVHGHVFKLGHRSDUDVXWD"
,DUDLDUDVSXQG
1XGD
WXVWLLFXPYDFXPVHIDFHJUDWDUODEXWHOLDFXJD]"

/DJUDQLWDGLQWUH$UGHDOVL2OWHQLDROWHQLLVFULXSHXQJDUGGDUDSDQDW
$UGHOHQLYDI WHPLQFXU'XSDXQDQDUGHOHQLLFRQVWUXLHVFXQ
SDQRXXULDVFXOLWHUHGHLQR[6LQRLSHYRL$GRXD]LROWHQLL
VWHUJLQMXUDWXUDLQLWLDODGHSHJDUGVLVFULX6DQHSXSDWLLQFXU

8QROWHDQYLQHDFDVDEHDWFULWDVLVHFXOFDFXFDFLXODSHFDS3HODPLH]XOQRSWLLVHWUH]HVWHSXQHPkQDvQFDSVLVLVSXQH
VXUSULQV
0DLPDUHPLQXQH0DPFXOFDWFKHOVLPDPWUH]LWFXSDUXOYkOYRL

6HGXFROWHQLLODSULPDUXOGLQ&UDLRYDVDFDSHWHSHUPLVLXQHDVDGRDUPD
VLHLLQFHUVDIXULFDWRDWDOXPHDFDSLQDDWXQFLGRUPHDXSHURJRMLQL
%LQH]LFHSULPDUXOYDGDXYRLHVDSXQHWLDVWHUQXWGDUvQSUHDODELOVDYDVSDODWLSHSLFLRDUH
8QROWHDQQHGXPHULWvQWUHDED
'RP
SULPDUGD
GDFDQDYHPSUHDODELOSXWHPVDQHVSDODPvQOLJKHDQ"

8Q'RPQvQWUXQWUHQ/DXQPRPHQWGDWWUHQXORSUHVWHvQWURJDUD
1HPDLILLQGQLPHQLvQFRPSDUWLPHQW'RPQXOVDUHODJHDPGLVSHUDWVLvQWUHDEDSHFLQHYDGHSHSHURQ
'RP
OHGRP
OHQXWHVXSDUDDLFLH&DUDFDO"
/DFDUHFHOGHSHSHURQXLWkQGXVHGLUHFWvQRKLLFHOXLODOWYL]LELOHQHUYDWUDVSXQGH
%LQHPDFDHVWLWXGHVWHSW

8QROWHDQLQWUDvQWURIUL]HULHVLOvQWUHDEDSHIUL]HU
&kWIDFHODGXPQHDWDXQWXQV"
GRPQXOH
'DUXQEDUELHULW"
'RDU
$WXQFLEDUELHUHVWHPDvQFDS

'RLROWHQLLQYDFDQWD/DRUDGLPLQHDW]DXQXOvOWUH]HVWHSHFHODODOW
0DULQH
&H"
'HVFKLGHRFKLLVLVSXQHPLFHYH]L"
&HUXO
6L"
6L/XQD
6L"
6L&DUXO0DUH
6L"
6L&DUXO0LF
6L"
6L,RDQHHHDVWLDQHDXIXUDWFRUWX



 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RLROWHQLOXFUDXODUHWHDXDGHHOHFWULILFDUHVLWUHEXLDXVDSXQDXQVWkOSvQSDPkQW
6HIXvLYHGHFDDXIDFXWJURDSDDSRLFDDXPDVXUDWVWkOSXOVLSOHDFD
&kQGVHvQWRDUFHYHGHFDDXSXVVWkOSXOVLXQXOGLQHLHUDVXVSHVWkOSVLPDVXUD6HIXOPLUDWvOvQWUHDED
&HIDFL"'HFHvOPDVRULFDGRDUODLPDVXUDWMRV"
/DFDUHROWHDQXOUDVSXQGH
'DMRVLDPPDVXUDWOXQJLPHDDFXPvLPDVRUvQDOWLPHD

8QROWHDQVHvQWkOQHVWHFXXQ DUGHOHDQFDUHGXFHDGHOHJDWRDUHRFDSUD
8QGHGXFLERXODOD"vQWUHDEDROWHDQXO
&RQWUDULDWDUGHOHDQXOVHXLWDVSUHDQLPDOWHPkQGXVHGHRVRWLHGXSDFDUHULSRVWHD]D
(VWLFKLRUQXYH]LFDLFDSUD"
3DLHXFXFDSUDYRUEHDP

$IODWODRUXGDvQ%XFXUHVWLXQROWHDQLHVHGLPLQHDWDSHEDOFRQVDVLVFXWXUHURJRMLQD'LQQHDWHQWLHVHDSOHDFDSUHDPXOW
VLFDGH
6SHULDWLWUHFDWRULLVHDGXQDvQMXUXOOXL
&HVDvQWkPSODW"vQWUHDEDXQXO
1XVWLXQHLFD$ELDSLFDLVLHXUDVSXQGHROWHDQXO

'RPQXOHGRFWRUPDGRDUHFDSXOGHQXPDLSRWVHSOkQJHXQROWHDQODRYL]LWDPHGLFDOD
'XPQHDWD VXIHUL GH R ERDOD UDUD (VWL SUHD GHVKWHSW VL GLQ FDX]D DVWD DL VFRDUWD FUHLHUXOXL SUHD vQFUHWLWD &D VDWL WUHDFD
GXUHULOHWUHEXLHVDWHRSHUH]FDVDWLRvQWLQG
&XPRYUHLvQWLQVDFRPSOHW"
1HWHGDFDVQSDOPDQXPD
VDQXPDPDLGRDUD
=LVVLIDFXW/DVDSWDPkQLGXSDRSHUDWLHPHGLFXOvOvQWUHDED
&XPWHVLPWL"
1RIDLQ

&LFDVDGXVXQROWHDQVLHOOD3DULV$FRORDJORPHUDWLHPDUHVHGXFHROWHDQXOQRVWUXODXQKRWHODFRORQXPDLDYHDX
FDPHUH
&XFKLXFXYDLVHIDFHURVWGHRFDPHUDGDUvQFDUHORFXLDXQQHJUX
9RUEHVWH ROWHDQXO FX SRUWDUXO VDO VFRDOH OD RUD  $0 VD QX SLDUGD WUHQXO VL VH GXFH vQ FDPHUD OD QHJUX 6WD ROWHDQXO
QRVWUXVHXLWDODHOVHvQYDUWHDSHOkQJDHOVLWRW]LFHD
0DGDXUkWPDLHDROHXGDXUkWPDLHVWLPDFHXUkWHXUkWPDLHRPX
DVWDPDLFHXUkWHVLWRWDVDSkQDDGRDUPH
ROWHDQXOQRVWUX
1HJUXOFDUHVWLDURPkQDvVLSXQHvQJkQGVDODUDQMH]HSHROWHDQVLVHVFRDODODQRDSWHDVLvLGDFXFUHPDQHDJUDSHIDWD
6HVFRDODROWHDQXOODVHXLWDvQRJOLQGDVLH[FODPD
0DGD
SURVWHVWHSRUWDUXODVWD/DWUH]LWSHQHJUXvQORFVDPDWUH]HDVFDSHPLQH

8QDUGHOHDQLDWUHQXOGHOD%XFXUHVWLOD&OXMÌQFRPSDUWLPHQWXUFDGRLROWHQLVPHFKHUL
&XPORUOHFDGHILVDUHSHGHvVLGDXVHDPDFDDXGHDIDFHFXXQDUGHOHDQ
6HJkQGHVFFXPVDVHGLVWUH]HSkQDOD&OXMFDDYHDXVLHLGUXPSHDFROR
2OWHQLL$UGHOHQHVSXQHGRL
$UGHOHDQXO'RL
2OWHQLL6DQHSXSLLQFXUSHDPLQGRL
5kVHWHFRPHQWDULLHWF0DLWUHFNP
2OWHQLL$UGHOHQHVSXQHGRL
$UGHOHDQXO'RL
2OWHQLL6DQHSXSLvQFXUSHDPLQGRL
5kVHWHFRPHQWDULLHWF)D]DVHPDLUHSHWDGHFkWHYDRUL
&kQGVXQWDSURDSHGH&OXMDUGHOHDQXO]LFH
6SXQHWLSDWUX
6WDXROWHQLLVHJkQGHVFDSRLVSXQ
3DWUX
6DRI WLSHPDWD
'D
QXVHSRWULYHVWH
/DV
FDRSRWULYLWLYRLFXPkQD

8QDUGHOHDQVLXQROWHDQvQWUHQ/DXQPRPHQWGDWOLVHIDFHIRDPHDUGHOHDQXOVFRDWHVODQDVLFKLWDEULVFDVLvQFHSHVD
PDQkQFH
2OWHDQXOVFRDWHQLVWHILWHGHSHVWHPDQkQFDSXWLQDFDUQHGHSHVWHVLSXQHJULMXOLXRDVHOHSHQX]LDU$UGHOHDQXOvOYHGHVLO
vQWUDED
0DROWHQHGDFHIDFLFXRDVHOHFHOH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2RRDVHOHDVWHDVXQWIRDUWHEXQHGHRVHELWGHVDQDWRDVHFRQWLQIRVIRUVLDVWDQHIDFHSHQRLROWHQLDVDGHVWHSWL
6WDDUGHOHDQXOVHJkQGHVWHVLvQILQDOvLSURSXQHROWHDQXOXLVDIDFDVFKLPEGHPLQFDUH
$FXPROWHDQXOVHvQIUXSWDGLQFKLWDVLVODQDLDUDUGHOHDQXOFXRILJXUDVFkUELWDvQFHDUFDVDURQWDLHRDVHOHGHSHVWH
0DROWHQHEDJVDPDFDPDLSDFDOLWFXRDVHOHDVWHDGHSHVWH
3DLYH]LQLFLQDLJXVWDWELQHVLWHDLGHVWHSWDW

6RWLDOXL0DQGDFKHROWHDQGHODPDPDOXLGLVFXWDFXRSULHWHQD
0kLQHH]LXDOXLEDUEDWXPHXVLQXVWLXFHFDGRXVDLLDX
&XPSDUDLRSDODULH
1XFDDVWDLDPOXDWDQXOWUHFXW
&XPSDUDLDWXQFLRFDUWH
1XFDPDLDUHXQD

8QROWHDQvVLFXPSDUDXQFHDVVLRSHUHFKHGHFL]PHQRLELQHvQWHOHV0vQGUXQHYRLHPDUHLHVHSULQWvUJVDVHIDOHDVFD

GDUOXPHDQX
REVHUYDFDRPXOQRVWUXVDvQQRLW7RWvQFHUFkQGHOVDDWUDJDDWHQWLDWUHFDWRULORUWUHFHXQFkLQH&XPvOYHGHROWHDQXOQRVWUX
vL]LFH
0DUVGHDLFLSRWDLHFDGDFDvWLGDXRFL]PDvQFLQFLPLQXWHHVWLPRUW

'RL ROWHQLHUDX SH FkPS OD FRDVD FkQG DX QDYDOLW WXUFLL 'H IULFD ROWHQLL VDX DVFXQVFX FDSXO vQ FkWH R FDSLWD GH IkQ
SUHFXPVWUXWLL&kQGDXDMXQVWXUFLLODHLLDXI XWvQFXUVLDXSOHFDWPDLGHSDUWH
6FRWROWHQLLFDSXOGLQIkQVLXQXOEXFXURVVSXQH
%DYHUHGD
SURVWLPDVLWXUFLLDVWLD6LQFXUQHFDXWDUDVLWRWQXQHJDVLUD

Ì'HFHSXQROWHQLLODPkLHODFDSXOPRUWXOXL"
5&DVDQXLILHJUHDWDSDPkQWXOXL

Ì'HFHvQJURDSDROWHQLLPRUWLLvQSLFLRDUH"
5&DVDILHSULPLLODvQYLHUH

Ì&HHVWH2OWXO"
58QKRWDUQDWXUDOFDUHGHVSDUWHUkVXOOXPLLGHUHVWXOOXPLL

Ì'HFHDXROWHQLLFRDWHOHDVFXWLWH"
5&DVDVLIDFDORFSULQWUHSURVWL

Ì'HFHSRDUWDROWHQLLFDPDVDVFRDVDGLQSDQWDORQL"
5&DVDLSXSHvQIXQGPDLXVRUFHLFDUHIDFPLVWRGHHL

&XPPHUJSHVWUDGDURPkQLL"
$UGHOHQLLPHUJvQJUXSFDVXQWSURVWLJUDPDGD
0ROGRYHQLLPHUJFkWHFDVXQWSURVWLGDUVHPDLDMXWDXQXOSHDOWXO
2OWHDQXOPHUJHVLQJXUFDHVWHSURVWGHQDUHSHUHFKH

8QROWHDQYLQHSHQWUXSULPDGDWDOD%XFXUHVWL'XSDFHFRERDUDGLQWUHQvVLFXPSDUDXQSRUXPEILHUW SHFDUHGDOHX
'XSDFkWHYDRUHvLYLQHVDVHFD H&DVDLQWUHODXQ:&XSXEOLFSODWHVWHOHL'XSDFHLHVHVSXQH
,DXLWHEDDPPkQFDWGHOHXVLPDPFDFDWGH

Ì'HFHQXDXROWHQLLFLPLWLUHVLPRUPLQWH"
53HQWUXFDWRWLHPLJUHD]DVLVHvQPRUPkQWHD]DvQ$UGHDO

8QXOVHGXFHQYL]LWDODXQSULHWHQGLQ2OWHQLD,HVHLODREHUHVLVWkQGODPDVDYDGGRLPXQFLWRULXQXOVDSDXQVDQWFDP
GHFPODWLPHVLFPDGkQFLPHODFkWLYDPHWULvQVSDWHOHOXLFHODODOWDVWXSDJURDSD2PXOQRVWUXQXVHSRDWHDEWLQHVL
LvQWUHDEDSHFHLGRLFDUHLWUHDED8QXOGLQHLUDVSXQGH
'RP
OHvQPRGQRUPDOHFKLSDQRDVWUDHIRUPDWDGLQRDPHQLXQXOVDSDJURDSDDOWXOSXQHFDEOXOLDUFHOGHDOWUHLOHDR
DVWXSDQXPDLFDDODGHSXQHDFDEOX
HVWHvQFRQFHGLX

Ì6WLDWLFDSUDIXOGHSXVFDVHIDFHGLQROWHQL"
56XQWLXWLFDIRFXOVLSURVWLGHEXEXLH

Ì6WLWLGHXQGHYLQHID"
5(VWHGLPLQXWLYXOGHOD)DSWXUD*LQJDVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì'HFHvVLLDXROWHQLLRFKHODULGHHFOLSVD"
5&DVDDLEDODFHVHXLWD

Ì&XPHIDEULFDGHEHUHODROWHQL"
5ÌQJURDSDPDJDUXOFXSX D
QVXV

Ì'HFHDPXULWROWHDQXOFkQGDEDXWODSWH"
53HQWUXFDDSLFDWYDFDSHHO

&XPVDLQYHQWDWGDQVXO&DOXVDULL"
0DULQFXFDVDJUHDOD&DUDFDODFRORXQGHVDUDVWXUQDWVWLWLYRLFHDYHDRVLQJXUDEXGDvQFXUWHODPHPEULDLIDPLOLHL6L
SHFkQG0DULQGLPLQHDWDvVLGHVHUWDPDWHOHFHOHJURDVHGHUHVWXULGHIDVROHFRSLLLFXPYHQHDXODEXGDVHVWUkQJHDXvQIDWD
XVLLVLDVWHSWDXWURSDLQGGH]RUSHORFGHQHUDEGDUHVLGRULQWD0DULQGLQDXQWUXWUDJHDGLQFkQGvQFkQGFkWHREDVLQDODFDUH
FHLGHDIDUDWURSDLQG
,DX]LXQDLDX]LGRXD

Ì&HHVWHFkQGVSXLROWHDQGHVWHSW"
5&RQWUDGLFWLHGHWHUPHQL

&LFDvQ2OWHQLDHUDXQVDWFDUHVHFKHPD*DXULFDLDUkQVDWRSUDYDOLHFDUHWRW*DXULFDVHFKHPD /DSUDYDOLHHUDXGRL
YkQ]DWRULSHXQXOvOFKHPD7DFKHVLSHFHODODOW7LFD$YHQLW XQFRSLOVDFXPSHUHWXV/DSUDYDOLHHUDQXPDL7LFDVLLD
VSXVFRSLOXOXL
1XWLYkQGSkQDQXHVL7DFKHFXPLQH
$OWDGDWDDYHQLWFRSLOXOVDFXPSHUHWXVVLHUDQXPDL7DFKHFDUHQDYUXWVDLYkQGDFRSLOXOXLSkQDQXHVL7LFD
$YHQLWFRSLOXODWUHLDRDUDFkQGHUDXVL7LFDVL7DFKHGDUWXVQXHUD$WXQFLFRSLOXOFHOQHEXQDWLF]LVHSHROWHQHVWH
&DQGIX7LFDQXIX7DFKH&kQGIX7DFKHQXIX7LFD&kQGIX7DFKHVLIX7LFDQXIXWXVOD*DXULFD

Ì&HvVLVSXQHXQROWHDQPXWDWvQ%DQDWvQIDWDRJOLQ]LLvQWLPSFHvVLGDSDOPH"

51DQDQDHVWLGHVDVHOXQLGHMDLQ%DQDWVLQXHVWLvQFDGLUHFWRU

Ì'HFHQXVHWLSDUHVFSHEDQFQRWHOHURPkQHVWLKRORJUDPHOXFLRDVH"
52OWHQLLDUvQFHSHVDOHUD]XLDVFD

Ì&XPIDFHXQROWHDQDFFLGHQWGHDYLRQ"
56HXLWDGXSDDYLRQVLFDGHvQJURDSD

'HFHvVLLDXROWHQLLFXHLODEXGDPXVWDUXO"
5$XDX]LWFDFkUQDWLLDXXQJXVWPDLEXQFXPXVWDU

Ì'HFHDXROWHQLLVWHDJXULURVLLODSRDUWD"
5&DVDOLVHIkOIkLHGHFHLFDUHVSXQEDQFXULGHVSUHHL

Ì'HFHQXVDQDVFXW,VXVQLFLvQ0ROGRYDVLQLFLvQ2OWHQLD"
5ÌQ0ROGRYDQXDJDVLW'XPQH]HXQLFLRYLUJLQDLDUvQ2OWHQLDOLSVHDXFHLWUHLvQWHOHSWLSHQWUXQDVWHUHDVD

Ì&HDXIDFXWROWHQLLFkQGDXYD]XWSULPDRDUDWUHQXO"
5$XIXJLWGXSDHOFXFRFHQLVDLGHDVDPDQkQFH

'HFHVHEkOEkLHROWHQLLFkQGYRUEHVF"
3HQWUXFDOHRLDPLQWHDLQDLQWH

'HFHFRPELQDROWHQLLFLRDUDFXSHVWHOH"
&DVDPDQkQFHLFUHQHJUH

Ì'HFHVDSDROWHQLLJURDSDvQIDWDFDVHL"
53HQWUXDVLIDFHIRWRJUDILHEXVW

Ì&XPVFDSDROWHQLLGHPXVWH"
58UFDPkQFDUHDvQSRGVLGXSDFHVHDGXQDPXVWHOHOHLDVFDUD

Ì&XPVHIDFHDYRUWXOvQ2OWHQLD"
56HvPSXVFDEDU]D


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì'HFHvQVDWHOHGLQ2OWHQLDVFROLOHVXQWSHGHDO"
53HQWUXFDROWHQLLVDPHUJDODVFROLvQDOWH

%DQFXULFXPRORYHQL

'HFHQXIDFPROGRYHQLL6,'$"
)LLQGFDDUHVL6,'$PLQGULDHL

&HVXQWDLDFKLORWL"
0ROGRYHDQXO$LDFDUHFKLORWHD]DDYLRDQHOH

&XPVHQXPHVWHSHPROGRYHQHVWHSXUHHXOGHFDUWRIL"
%DUDEXOLEDWXVLWL

&HHDODXQSLURQ"
0ROGRYHDQXO/RFXOGHXQGHWHXUFLvQWUHQ

'LQFHHIDFXWDRERPED"
'LQROWHQLVLPROGRYHQL
'HFH"
3WFDROWHQLLVXQWSURVWLGHEXEXLHLDUPROGRYHQLLVHvPSUDVWLH

&XPVHFKHDPDSHPROGRYLHQHVWHILOPXO/RYLWXUDIXOJHUDWRDUH"
3DOLWXUDFUkQVLQD

'DUILOPXO5D]ERLXOVWHOHORU"
*kOVLDYD
QVLHU

&XPvOQXPHVFPROGRYHQLLSH0LKDL9LWHD]XO"
0LKDLWv%DWDLRVXO

'HFHOLVHVSXQHPROGRYHQFHORUQXFL"
3HQWUXFDVHFRFvQ0ROGRYDVLVHVSDUJOD%XFXUHVWL

ÌQWUDPYDLvQJUDPDGHDODPDUH
2GRDPQDVHvQWRDUFHLQGLJQDWDODWLSXOGLQVSDWHOHHL
0DWDOHYULHLVDPDI WL"DFFHQWPROGRYLHQHVF
9DLGRDPQDVHSRDWHHXVXQWRPVHULRVFXPDVSXWHD
$WXQVLGDWLODRSDUWLSRDWHGRULHVWHGkQVXOVDXGkQVXO

/DVFRDOD,RQHOHVWHUXJDWVDVSXQDRWDUDWURSLFDODVLUDVSXQGH
/DRV
([FHOHQW
*LJHOWUHEXLHVD]LFDVLHORWRWRWDUDWURSLFDODVLUDVSXQGH
&ROXPELD
1XLUDX
ÌQILQHODDFHHDVLLQWUHEDUH%XOD]LFH
0ROGRYD""
'HFH"
3DLDYHQLWXQFKLXOPHXGHOD6XFHDYDDVWDLDUQDVLHUDvQFDOWDWvQWHQLVL

0ROGRYHQLLVDXKRWDUkWVDIDFDRIDEULFDGHFDXFLXFXUL6LVWDWHDXHLvQGLOHPDFXPVDQXPHDVFDIDEULFD
6L]LFHXQX
+DLVDL]kFLPSLEXQLFDDPDX]DWFDLWDOLHQLLDXRIDEULFDSLUHOLVLOLPHUJLWDULELQL

2PROGRYLDQFDVHGXFHODXQEDUVLVWULJD
0DUPDQDGXXQUDFKLXFDPDDUGLHSLFKHSW
%DUPDQXODGXFHGXSDFLQFLPLQXWHLDU
0DUPDQDGXXQUDFKLXFDPDDUGLHSLFKHSW
%DUPDQXOQHUYRVDGXFHGDUGXSDFLQFLPLQXWH
0DUPDQDGXXQUDFKLXFDPDDUJKHSHFKHSW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%DUPDQXOQHUYRVFDRSUXQDXVFDWDYLQHVL]LFH
$VFXOWDWkUIDvQSULPXOUkQGLRVXQWEDUPDQVLQXPDUPDQVLvQDOGRLOHDUkQGVFRDWHWLWkWDDLDGLQVFUXPLHUD

8Q PROGRYHDQ SLHWRQ vQ &OXM VH SOLPED vPSUHXQD FX XQ SULHWHQ FkQG WUHFH R PDVLQD VLO VWURSHVWH GH VXV SkQD MRV
%LQHvQWHOHVPDVLQDGHPDUHD]DvQWURPED
0ROGRYHDQXOVXSDUDWIRF'DSDLODQRLQXVHQWkPSODDVDFHYD'DFDWHVWURSHVWHRPDVLQDSHVWUDGDDSDLVRIHUXOVHGDMRV
vVLFHUHVFX]HWHLQYLWDODHODFDVDvWLXVXFDKDLQHOHvWLGDFHYDGHEDXW
&OXMHDQXO7LVDvQWkPSODWWLHDVDFHYD"
0ROGRYHDQXO0LHQXQHYHVWHPL

8QPROGRYHDQWULPLWHRVFULVRDUHLXELWHLVDOHFDUHVXQDFDPDVD
0DW]IHUPHFDW6XQWHWLXQVRDUHSHQWUXPLQH

&XPVHQXPHVWHSHPROGRYHQHVWHORYLWXUDGHFROWODIRWEDO"
3DOLWXUDGHXQJKHU

&XPVHQXPHVWHSHPROGRYHQHVWHORYLWXUDGHSHGHDSVD"
3DOLWXUDGHRVkQGD

&XPVHQXPHVWHSHPROGRYHQHVWHJDUGDGHFRUS"
6WUDMHUGLQHQJ%RG\JXDUG

&XPVHQXPHVWHSHPROGRYHQHVWHILOPXO6DOYDWLGHFORSRWHO"
,]EDYLWLGHWDODQJXWD

Ì&DUHLWUHDEDOD6XFHDYD"
5%HLPDQkQFLVLVWDLGLMHDED

8QWkQDUPROGRYHDQYHQLWSULQ%XFXUHVWLSHODUXGHSHOkQJDYL]LWDUHDRUDVXOXLvVLSXQHvQFDSVDvQFHUFHVLRFXUYDGLQ
FDSLWDOD=LVVLIDFXWSOHDFDHOODDJDWDWVLvQ*DUDGH1RUGDJDWDRWkUIXOLWDVLPHUJHLODXQKRWHOPDLLHIWLQXQGHVLSHWUHF
WRDWDQRDSWHDvQSODFHUL'LPLQHDWDODSOHFDUHvLODVDGHOHLSHSHUQDVLSOHDFDVDQXSLDUGDWUHQXOGH,DVL'XSDDFHDVWD
DYHQWXUDUHXVLWDODYUHRVDSWDPkQLPROGRYHDQXOQRVWUXFRQVWDWDFDSHOkQJDH[SHULHQWDFDSDWDWDFXWkUIDGHFDSLWDODDPDL
FDSDWDWVLFHYDSDGXFKLODWL&XSULPXOWUHQVSUHFDSLWDODVHvQWRDUFHVDLFHDUD VRFRWHDODWkUIHL SHQWUXFDGRXO IDFXW $MXQV
DLFLGXSDFHYDDVWHSWDUHRUHJDVHVWHSHPDGRQDDPRUXOXLWDULIDWVLRLDODvQWUHEDULGLUHFW
3DLELQHIDGXSDFHPDPSXUWDWIUXPRVFXWLQHVLLDPPDLODVDWVLGHOHLSHSHUQDGLPLQHDWDWXDVWDPLIDFL"
&XUYDGXSDFkWHYDVHFXQGHGHXLPLUHvLUDVSXQGHUDVSLFDW
3DLFHSL GDPDWLPDGHFLQ]HFLGHPLLFHDLILYUXWVDWLGDX1875,,""

Ì&HvVLVFULXPDLQRXDUGHOHQLLSHSRDUWDvQORFGHFkLQHUDX"
50ROGRYHDQvQJD]GD

Ì&XPvWLGDLVHDPDGDFDXQPROGRYHDQHPLUH"
5$UHWUHQLQJXOQRX

Ì&DUHHGLIHUHQWDGLQWUHRIUDQWX]RDLFDVLRPROGRYHDQFD"
5'XSDRQDRDSWHGHDPRU IUDQWX]RDLFDvWL ]LFH HVWLXQ DPDQWDVDGH EXQLDU PROGRYHDQFDDOL WDOL VXQW WRDWL PRELOLOL
DVWLD"

Ì&HVHQXPHVWHSHPROGRYHQHVWHFDPDUDFKLWLWD"
5&DPHUDDVFXQVD

8QRPPHUJHDFXWUHQXOSULQ0ROGRYD&XHOvQFRPSDUWLPHQWXQPROGRYHDQ6HDSURSLHGHJDUD2LWX]VLRPXOQRVWUX
GHVFKLGHIHUHDVWUDVDYDGDJDUD0ROGRYHDQXOGLQVSDWD
0DUDVHVWL
2PXOQRVWUX
2LWX]
0ROGRYHDQXOLDUD
0DUDVHVWL
%DL2LWX]
/DFDUHPROGRYHDQXOLQIXULDW
ÌQFKLGHEDJLDPXOFDPDUDVHVWL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

%DQFXULFXVLGHVSUHUHOLJLH

'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

DSULOLH']LOH(]LOH

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

,,&XPvODIODPSH(
VHvPSDUWHDQXOFXLDUUHVWXOVHvQPXOWHVWHFX
VHvPSDUWHDQXOFXLDUUHVWXOVHvQPXOWHVWHFX
VHDGXQDUHVWXULOHDFHVWRUGRXDvPSDUWLULPDULWHSULQvQPXOWLULOHPHQWLRQDWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ODDFHDVWDVXPDVHDGDXJDGHRULYDORDUHDOXL'VLODSURGXVVHDGDXJDRYDORDUHIL[D
VXPDWRWDODVHvPSDUWHFXLDUUHVWXOYDILWRFPDL(

6XUVD0DJD]LQVDSWDPDQDOFXOWXUDOVWLLQWLILFLQGHSHQGHQW
KWWSZZZPDJD]LQUR

%DQFXULFXSRSL

8Q3DVWRUVSXVHODRvQPRUPkQWDUH
$FHVWFDGDYUXDIRVWPHPEUXvQELVHULFDQRDVWUDGHSHVWHGHDQL

/DVOXMEDGLQDFHDVWDVHDUDYRPDERUGDWHPD&HHVWH,DGXO"9DUXJDPVDYHQLWLSXWLQPDLGHYUHPHSHQWUXDDVFXOWD
UHSHWLWLLOHFRUXOXLQRVWUXELVHULFHVF

Ì&DUHHGLIHUHQWDGLQWUHXQSRSDVLXQLQGLFDWRUGHFLUFXODWLH"
51LFLXQD$PELLvWLDUDWDGUXPXOEXQGDUQXPHUJSHHOQLFLRGDWD

8QSUHRWFDWROLFVLXQXOSURWHVWDQWVHFLRFQHVFSHVRVHDFXPDVLQLOH&RERDUDVHXLWDVDYDGDVWULFDFLXQLOHVLFRQVWDWDFD
SDJXEHOHQXVXQWPDUL
(L]LFHXQXO%LQHFDQXHVWHPDLUDX6DQHEXFXUDPFDDPVFDSDWFXYLDWDVLVDEHPRJXUDGHSDOLQFD
7RDUQDvQWUXQSDKDUVLvOvQWLQGHFHOXLODOW$FHVWDJROHVWHSDKDUXOVLvOGDvQDSRLVLDVWHDSWDVDEHDVLFHODODW$VWDQLPLF
'XSDXQWLPSFHOFHEDXVHvQWUHDED
'DVILWLDWDQXJXVWDVLHDSXWLQ"
%DGD]LFHDFHVWDvQVDQXPDLGXSDFHYLQHSROLWLDVDFRQVWDWHFDX]DDFFLGHQWXOXL

8QSUHRWHUDUHFXQRVFXWFDILLQGXQH[FHOHQWGHJXVWDWRUGHYLQXUL/DXQFRQFXUVLVHGDXQSDKDUvOLDEHDRJXUDR
SOLPEDFXOLPEDVLVSXQH
)HWHDVFD
,VHGDXQDOWSDKDU
9DOHD&DOXJDUHDVFD
&LQHYDFDVDOIDFDGHUkVvLGDXQSDKDUFXXULQD3UHRWXOvOLDEHDRJXUDRSOLPEDVLVSXQH
%ORQGDYLUJLQDGDQXHGLQSDURKLDPHD

3DSDHVWHJUDYEROQDY,QWUDGRFWRUXOVDOFRQVXOWHSHFvQGFDUGLQDOLLVHURDJDvQDQWHFDPHUD,HVHGRFWRUXOQHJUXODIDWD
6DQFWLWDWHD6DHVWHJUDYEROQDYVLYDPXULvQFXUvQG'DUPDLUDPvQHWRWXVLRVSHUDQWD&D6DQFWLWDWHD6DVDVHFXOFHFXR
IHPHLH
9DOHOHX
$PVSXVGDFD6DQFWLWDWHD6DVHFXOFDFXRIHPHLHVFDSD'DFDQXYDPXULvQFXUvQG
,QWUDFDUGLQDOLLOD3DSD
6DQFWLWDWHD9RDVWUDGRFWRUXOVSXQHFDVvQWHWLJUDYEROQDYVLFDYHWLPXULvQFXUvQG
9DOHOHX
'DUGRFWRUXOVSXQHFDPDLHVWHWRWXVLRVSHUDQWDFD6DQFWLWDWHD9RDVWUDVDYDFXOFDWLFXRIHPHLH
$ROHX
$VDDVSXVGRFWRUXO'DFD6DQFWLWDWHD9RDVWUDYDFXOFDWLFXRIHPHLHVFDSDWL'DFDQXYHWLPXULvQFXUvQG
%LQHVSXQH3DSDDGXFHWLRIHPHLH'DUVDILHRDUED
'HFHRDUED"
&DVDQXPDUHFXQRDVFD
6FULXDLDRDUED
6LVDPDLILHVLVXUGD
'HFHVXUGD"
&DVDQXPDUHFXQRDVFDQLFLGXSDYRFH
6FULXDLDVXUGD
6LVDPDLILHVLPXWD
'HFHPXWD"
&DGDFDWRWXVLPDUHFXQRDVWHVDQXSRDWDGH]YDOXL
6FULXDLDPXWD
6LVDDLEDVkQLPDUL
'HFHVkQLPDUL"
&
DVDPLSODFHPLH

8QSRSDQXSUHDVWLDVDFDXWHHYDQJKHOLLOHGLQGHRVHELWHOHGXPLQLFLVLVDUEDWRUL*ULMDDVWDFDGHDWRWSHFDSXOELHWXOXL
GDVFDOFDUHvQYDWDVHSHVHPQHFDUWHPDLPXOWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQWUXQUkQGGDVFDOXOQHFDMLQGXVHSHVILQWLDVDVHIDFHFDVLXLWDVDFDXWHHYDQJKHOLDFHHUDVDVHFHWHVFD6HQFHSHVOXMED
WUHFHXWUHQLDVHvQFHSHOLWXUJKLDYLQHUkQGXOHYDQJKHOLHLVLSRSDvQFHSHFDGHRELFHLFXJODVWDUDJDQDW
=LVD'RPQXOvQYUHPHFHUDVIRLDSULQFDUWHVDJDVHDVFDVHPQXOGDFDOXOXL=LVD'RPQXO=LVD'RPQXO
'D
FHD]LV"LQWUHEDGHODVWUDQDDIXULVLWXOGHGDVFDO
$]LVVDWHGDXGUDFXOXLFDQXPLDLSXVVHPQODHYDQJKHOLH

3UHRWXOVXQDODXVD'LQDXQWUXVHDXGHRYRFHFULVWDOLQD
7XHVWLvQJHUDVXOH"
1XUDVSXQVHVOXMLWRUXO'RPQXOXLGDUOXFUDPODDFHHDVLILUPD

3DULQWHLHULQRDSWHDPIDFXWVH[FXIHPHL
6LQXUHJUHWLFDDLSDFDWXLW"
1LFLYRUEDHXQXVXQWFUHGLQFLRV
6LDWXQFLGHFHDLYHQLWODPLQH"
3DLWUHEXLDVDPDODXGVLHXFXLYDQX"

8QWLSPHUJHODSUHRWVDVHVSRYHGHDVFDVLvLVSXQH
3DULQWHVXQWSOLQGHSDFDWHVLDVYUHDVDPDVSRYHGHVF
%LQHIDFLEDLDWXOWDWLL8OWLPHOHSDFDWHVDPLOHVSXL
3DLVDCQVXUDWXQYHFLQGHDOPHXVLDOXDWRIDWDDVDGHIUXPRDVD6LHXPDXLWDPSULQJDUGODHDHDODPLQHVLSkQDvQWUR
]LRYDGDVDWULVWD
6L"
6LDPvPEXMRUDWR
2SDFDWEDLDWXOWDLFKLL'RXD]HFLGHPDWDQLL
)DFHWLSXOGRXD]HFLGHPDWDQLL
6LDOWHSDFDWHFHDLPDLIDFXW"
0HUJDQGSHVWUDGDPDPvQWkOQLWFRDOWDIDWDSDUFDPDLIUXPRDVDGHFkWYHFLQDPHD
6L"
(UDVLHDFDPSDOLGD
6L"
6LDPvPEXMRUDWR
3DFDWÌQFDGRXD]HFLGHPDWDQLL6LQXWHDPXVWUDWFRQVWLLQWDYHQLQGFDWUHELVHULFD"
%DGDGDUPDPvQWkOQLWVLFXFRDQDSUHRWHDVD
6L"
0KHUDVLGDQVDFDPSDOLGD
6L"
6LDPvPEXMRUDWR
5DPDQHSRSDEORFDWGDUWLSXO
3DULQWHHVWLFDPSDOLG

'LVFXWLHvQWUHXQSUHRWVLSULHWHQXOVDX
1XVWLXFLQHPLDIXUDWELFLFOHWDDVHDUD&XPVDIDFVDRJDVHVF"
(IRDUWHVLPSOXODVOXMEDGHGXPLQLFDvQWLPSFHHQXPHULFHOHSRUXQFLWHXLWLFXDWHQWLHODHQRULDVL/DSRUXQFDFX
IXUDWXOGDFDVHvQURVHVWHYUHXQXODODH
'XSDRVDSWDPkQD
(LFLQHVDvQURVLW"
1LPHQLFDODSRUXQFDFXSUHDFXUYLWXOPLDPDGXVDPLQWHXQGHDPXLWDWR

7UHLFDOXJDULDMXQJvQ5DLÌOvQWUHDED6I3HWUXSHSULPXO
&XFHDLSDFDWXLWILXOH"
$SXVRGDWDPkQDSHRSX D
%LQHVDWLRVSHOLvQOLJKHDQXODODFXDSDVILQWLWDVLSRWLLQWUDvQ5DL
6I3HWUXFDWUHDOGRLOHD
7XFXFHDLSDFDWXLWILXOH"
ÌQDLQWHFDDFHVWDVDSRDWDUDVSXQGHVSXQHDOWUHLOHD
%DvQDLQWHVDWLVSHOLWXFXUXOODVDPDVDPLFODWHVFJXUD

2FODVDGHIHWHIDFHRH[FXUVLHvQ,WDOLD8QXOGLQRELHFWLYHOHWXULVWLFHHVWHRPkQDVWLUH8QFDOXJDUOHLDvQSULPLUHVLWLQH
XQPLFGLVFXUV
ÌQDLQWHGHDYL]LWDPkQDVWLUHDOHURJSHWRDWHIHWHOHFDUHDXDWLQVXQSHQLVVDPHDUJDVLVDVHVSHOHSHPvLQL7RDWDFODVD
GLVSDUHODWRDOHWD'XSDRMXPDWDWHGHRUDQXPDLRWUHLPHVHvQWRUF
8QGHVXQWUHVWXO"vQWUHDEDFDOXJDUXO
6HVSDODSHGLQWL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QSRSDFDWROLFLQWUDvQWURYLQHULvQWUXQUHVWDXUDQWVL]LFHFDWUHFKHOQHU
)LXOHDYHWLEDOHQD"
1XSDULQWH
1LFLUHFKLQVDXIRFD"
18SDULQWH
$WXQFLGDPLXQFRWOHWGHSRUFvQVkQJHVL'XPQH]HXPLHPDUWRUFDDPYUXWVDPDQkQFSHVWH

8QSRSDFDUHQXVLPDLYHGHDFDSXOGHWUHEXULvOFKHDPDSHILXOOXLVLL]LFHVDVWHDHOODSULPLUHODVSRYHGDQLL3HQWUX
EXQDGHVIDVXUDUHDDFWLYLWDWLLvLGDVLXQWDEHOFXSDFDWHVLSHGHSVHOHDIHUHQWHVLLH[SOLFD
8LWHGDFDLEHWLYvLGDLGHPDWDQLLVLSODWDDGHOHLSHQWUXELVHULFD
=LVVLIDFXWSXVWLX
VHGHVFXUFDYUHRRUDGXSDFDUHYLQHIXJLQGODWDF
VX
7DWDDYHQLWXQDFDUHVXJHSODFHVDLGDXFDQXLvQWDEHO"
/DFDUHSRSDGLVWUDW
'DLFDWkWvLGDXVLHX

/DSRSDYLQHRWkQDUDVL]LFH
,DUWDPDSDULQWHFDFLDPSDFDWXLW
0DUWXULVHVWHWLSDFDWHOHVLYHLILLHUWDWD]LFHSRSD
1RDSWHDWUHFXWDDPIDFXWGUDJRVWHGHVDSWHRULFXXQEDUEDW
3RSDVHJkQGHVWHvQGHOXQJVL]LFH
,DVDSWHODPkLVWRDUFHOHvQWUXQSDKDUVLDSRLEHDVXFXO
6LDVWDvPLYDLHUWDSDFDWXOSDULQWH"
1XGDUvWLYDVWHUJH]kPEHWXODVWDGHSHIDWD

1RXOSUHRWVHUDVWHVWHODVOXMED
&HIHOGHSDURKLHVXQWHWLVLYRL"1XSXQHWLQLPLFDvQFXWLDPLOHL1XYDLXELWLDSURDSHOHSHQWUXFDDLFLQXVHFDVDWRUHVWH
QLPHQLVLEXQXO'XPQH]HXQXYUHDVDDXGDQLPLFGHYRLSHQWUXFDDLFLQLFLGHPXULWQXPRDUHQLPHQL

'RLSRSLVWDXGHYRUED=LFHXQXO
0DLFHDXGGHODXQLLFDUHPLVHVSRYHGHVFPLVHULGLFDvQWUXQDSDODULD
1XPL]LFDODVSYHGDQLHvWLWLLSDODULDvQFDS"
/DFDUHSULPXO
1XQXvQSRDOD

8QSRSDDYHDRSUREOHPDGHUH]ROYDWVLDWXQFLvOURDJDSHXQSULHWHQVDvLWLQDORFXOODVSRYHGDQLH
3DULQWHHXQXVWLXQDPIDFXWvQYLDWDPHDDVDFHYD&XPVDVWLXHXSHQWUXILHFDUHSDFDWFHSHGHDSDVDVDGDX"
8LWHDLFLvWLGDXRFDUWHvQLDDLWRDWHSDFDWHOHSRVLELOHVLSHGHSVHOHFRUHVSXQ]DWRDUH
ÌQVIkUVLWYLQH]LXDFXSULFLQDVLJDJLXOQRVWUXVHEDJDvQFDPDUXWDDVWHSWkQGSULPXOSDFDWRV,QWUDSULPXOVL]LFH
3DULQWHDPSDFDWXLW$PGRULWPRDUWHDFXLYD6HXLWDRPXOvQFDUWHDGDWDGHSUHRWJDVHVWHODUXEULFDUHVSHFWLYDSHGHDSVD
7UHL]LOHVDWLLSRVWQHJUXVL'XPQH]HXWHYDLHUWD
0DLYLQHXQXO
3DULQWHDPSDFDWXLW0LDPvQVHODWQHYDVWD6HXLWDHOvQFDUWHJDVHVWHSHGHDSVD
&LQFL]LOHVDIDFLPDWDQLLGHWUHLRULSH]LVL'XPQH]HXWHYDLHUWD
'HRGDWDVHDXGQLVWHWRFXULSULQELVHULFDRJDJLFDWDUHYLQHvQWLQVFDWUHDPYRQ,QWUDVLVSXQH
3DULQWHDPSDFDWXLW$PIDFXWVH[DQDO
&DXWDRPXOvQFDUWHUVIRLHVWHQLPLF0DLRLDRGDWDGHODFDSDWQLPLF1LFDLHULQXVFULDGHVH[DQDO'LVSHUDWGHVFKLGHXVD
ODDPYRQVLvOYHGHSHXQEDLDWFDUHvVLIDFHDYHDFXOSHDFRORPDWXUkQGGH]RU
6RSWLQGvLVSXQH
+HLVSXQHPLVLPLHFHGDSDULQWHOHGHRELFHLSHQWUXVH[DQDO"
/DFDUHEDLDWXOLPSHUWXUEDELO
'RXDERPERDQHFXPHQWD

ÌQWUR]LVHHQHUYHD]DSRSDVLvLDGXQDSHWRDWHHQRULDVHOHVDOHSXQHXQOLJKHDQFXDSDvQIDWDVDVLOHVSXQH
7RDWHFDUHDXSDFDWXLWDWLQJkQGSXODXQXLEDUEDWVDYLQDDLFLVLVDVHVSHOHSHDFHDSDUWHDFRUSXOXLFXFDUHDXDWLQV
9LQHSULPD
3DULQWHHXDPDWLQVDVDFXGHJHWXOPLF
$KHJUDYXLWHWHVSHOLDLFHDIDFLGHPDWDQLLVLJDWD
$GRXD
$SDULQWHHXDPDWLQVRFXPDQDVLFXIXQGX

3DULQWHOHIRDUWHVXSDUDW
(IRDUWHJUDYWHVSHOLDLFLVLWLLGRXDOXQLSRVW
/DFDUHXQDGLQVSDWHLHVHGLQUkQGVLVSXQH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'DFDWXFUH]LFDHXDPVDPLVSDOJXUDDFRORXQGHVHVSDODDLDODIXQGWHvQVHOL

2JDJLFDRSXQHDGHPDLPXOWWLPSFXXQGRFWRU'XSDRSHULRDGDJDJLFDUDPkQHJUDYLGD&XPVDIDFDFXPVRGUHJD
VDQXOIDFDSHGRFWRUGHUDKDW"9LQHOXQDDQRXDJDJLFDSHSXQFWXOGHQDVWHÌQ]LXDFXSULFLQDXQSUHRWFXSURVWDWDVXSHU
XPIODWDYLQHODGRFWRU
'RPQX
GRFWRUQXPDSRWQXPDLSRW
/DVDSDULQWHFDWHRSHUH]VLQXLQLFLRSUREOHPD0kLQHGLPLQHDWDYLLSUHJDWLW
'XSDFRQVXOWDWLDSUHRWXOXLJDJLFDGRFWRUDVXOXLvLVSXQH
$X]LDPRLGHHGXSDFHVHWUH]HVWHGLQRSHUDWLHSRSDHXVSXQVDLSXQHPFRSLODVXOvQEUDWHVLVDL]LFHPFDHVWHXQ
PLUDFROXQGDUGHOD'XPQH]HX
6LFUH]LFDQXVHSULQGH"vQWUHDEDGRFWRUXOQHFRQYLQV
)DFHPFDPLQHVLYHLYHGHD
=LVVLIDFXW3UHRWXOVHRSHUHD]DVLFkQGVHWUH]HVWHGLPLQHDWDGLQDQHVWH]LHGRFWRUXOOkQJDHO
3DULQWHVDvQWkPSODWRPLQXQH
&HPLQXQHILXOH"
3DULQWHDLQDVFXW6LFDGRYDGDXLWHOSHILXOGXPLWDOHVSXVHGRFWRUXOSUH]HQWkQGFRSLOXODELDQDVFXW
)DUDVD]LFDQLPLFFDGRDUHUDSUHRWVLFUHGHDvQPLUDFROHOHFHOXLGH6XVODOXDWVLODFUHVFXW3HVWHFLQFLVSUH]HFHDQL
SUHRWXOvVLLDLQLPDvQGLQWLVLvLVSXQHILXOXL
%DLDWXOPHXDFXPDLFUHVFXWPDUHVLQXPDLSRWWLQHvQPLQHPLQFLXQDFHPDPDFLQDGHDWkWLDDQLGH]LOH'HIDSWHXQX
VXQWWDWDOWDX
&XPDVD"VSXVHEDLDWXOPLUDW
(XGHIDSWVXQWPDPDWDWDWDOWDXHVWHDUKLHSLVFRSXO

8QSUHRWPHUJHDFXPPDVLQDFkQGYHGHRDXWRVWRSLVWDvQWURIXVWDPLQL6DRLDVDQXRLD"2LDLQPDVLQDFDVDIDFDVL
HORIDSWDEXQD0HUJFHPHUJvPSUHXQDFXPDVLQDVLSUHRWXOQXUH]LVWDWHQWDWLHLVLSXQHPkQDSHSLFLRUXOIHWHL
3VDOPXOSDULQWHVSXQHWLSD
3UHRWXOvVLWUDJHUHSHGHPkQDVLVHJkQGHVWH
&HRILVFULVvQSVDOPXO"
0DLPHUJFHPDLPHUJSUHRWXOvVLSXQHLDUPkQDSHSLFLRUXOHLVLLDU
3VDOPXOSDULQWH
3UHRWXOvVLUHWUDJHLDUQHGXPHULWPkQDVLPHUJPDLGHSDUWH'XSDvQFDREXFDWDGHGUXPSUHRWXOPDLIDFHRvQFHUFDUHGDU
UDVSXQVXOYLQHLDU
3VDOPXOSDULQWH
6HJkQGHVWHLDUSUHRWXOGDUQXVLDGXFHDPLQWHGHFHHVFULVvQSVDOPXOÌQVIkUVLWIDWDFRERDUDSUHRWXODMXQJHDFDVDVLIXJH
UHSHGHLDSVDOWLUHDRGHVFKLGHODSVDOPXOVLFLWHVWH$&($67$(67(&$/($),8/(

ÌQWUR]LWUHLWLSLVDXKRWDUkWVDDGHUHODXQFXOW$VDFDVHGXFODFHDPDLDSURSLDWDELVHULFDVLGLVFXWDFXSRSDGHDFROR
3RSDOHVSXQHFHORUVDPHDUJDDFDVDVDIDFDXQSDFDWPDUHVLDSRLVDVHUHvQWRDUFDODHO$GRXD]LFHLWUHLWLSLVHvQWRUFOD
SRSD3RSDvOvQWUHDEDSHSULPXO
7XFHSDFDWDLFRPLV"
$PRPRUkWXQYHFLQ
'XWHDWXQFLVLEHDGLQDSDVILQWLWDVLSDFDWHOHvWLYRUILLHUWDWH
ÌOvQWUHDEDSHDOGRLOHD
7XFHSDFDWDLIDFXW"
$PYLRODWRYHFLQDGXSDFDUHDPRPRUkWR
'XWHVLEHDGLQDSDVILQWLWDVLSDFDWHOHvWLYRUILLHUWDWH
9LQHVLUkQGXOXOWLPXOXL
7XFHDLIDFXW"
0DPSLVDWvQDSDVILQWLWD

'RLSRSLFDWROLFLIDFFRQYHUVDWLH
1XFUHGFDYRPPDLWUDLVDYHGHPVLIDSWXOFDDYHPYRLHVDQHFDVDWRULP
1RLSUHFLVQXGDUFRSLLQRVWULL

8QPLVLRQDUvQMXQJOD'HRGDWDVHWUH]HVWHFXXQOHXXULDVvQIDWDVD&DGHvQJHQXQFKLFXPkLQLOHvPSUHXQDWHVL]LFH
'RDPQHDSDUDPD
/HXOODUkQGXOVDvVLvPSUHXQHD]DODEHOHGLQIDWDVLvQFHSHVDEROERURVHDVFDFHYD0LVLRQDUXOIHULFLW
0XOWXPHVF'RDPQHFDDLDGXVILDUDSHFDOHD7$
6LDWXQFLDXGHPDLELQHFH]LFHOHXO
9LQR'RDPQH)LLDODWXULGHQRLODDFHVWRVSDWVLELQHFXYkQWHD]DFHHDFHQHDLGDW

8QSUHRWPHUJHODXQDOWXOVDVHVSRYHGHDVFD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$PSDFDWXLW$PYL]LWDWRWkQDUDYDGXYDSHQWUXDRPDLPkQJkLDvQGXUHUHDHL'LQWURGDWDHDYUXWVDVHFXOFHFXPLQHGDU
HXDPUHIX]DWR'XSDDVWDVDGH]EUDFDWVLDYUXWVDPDIDUPHFHFXJROLFLXQHDHL(XDPUDPDVWDUHVLDPLHVLWGLQFDVD
$FXPDPDPDFLQDJkQGXOFDDVILSXWXWLHVLLGLQFDVDvQDLQWHGHDRYHGHDJRDODVLVWLXFDDPSDFDWXLW&HWUHEXLHVDIDFVD
vPLILHLHUWDWSDFDWXO"
3HQWUXSDFDWXODVWDWUHEXLHVDSODWHVWL9DWUHEXLVDEHLGHOLWULLGHDSD]LFHFROHJXO
3DFDWRVXO]LFH
'HFHDVDGHPXOWD"1XDUSXWHDILPDLSXWLQD"
1X]LFHFHODODWDVWDHUDWLD]LOQLFDDXQXLPDJDU

8QSRSDVLRFDOXJDULWDMRDFDWHQLV3RSDQXSUHDDPDLH[HUVDWGHPXOWVLGkQGSHOkQJDPLQJH]LFH
/DGUDFX
3HOkQJD
0DLFXWDIHPHLHFXIULFDOXL'XPQH]HX]LFH
1XHELQHVDOPkQLLSH'RPQXO
3RSDGDvQFRQWLQXDUHSHOkQJDPLQJH
/DGUDFX
3HOkQJD
0DLFDvLLQWHU]LFHVDPDLvQMXUH6LWRWDVD
/DGUDFX
,DUSHOkQJD
/DDVWDYLQHRIXUWXQDVLWUD]QHVWHSHWHUHQXOGHWHQLVORYLQGPDLFXWD'HVXVVHDXGHRYRFHJUDYD
/DGUDFX
3HOkQJD

9DULDQWD
8QSRSDVLXQGDVFDOMXFDXEDVHEDOOvQFXUWHDELVHULFLL$UXQFDGDVFDOXOVLSRSDUDWHD]DVLvQMXUD
3DVWHOHPDVLLFDLDUDPUDWDW
'DVFDOXOvLVSXQH
3DULQWHQXvQMXUDvQFXUWHDELVHULFLLFDWHWUD]QHVWH'XPQH]HX
$SRLPDLDUXQFDRGDWDVLSRSDLDUUDWHD]D
3DVWHOHPDVLLFDLDUDPUDWDW
'HRGDWDXQWUD]QHWGLQFHUIXOJHUDVLOWUD]QHVWHSHGDVFDO$SRLVHDXGHGLQFHURYRFHJURDVD
3DVWHOHPDVLLFDLDUDPUDWDW

8QSRSDDMXQJHvQ5DLVLYHGHFDXQVRIHUGHWD[LDDMXQVvQWURIXQFWLHPDLPDUHFDDOXL6HGXFHLPHGLDWOD6I3HWUH
3DLFXPYLQHDVWDSUHDVODYLWHHXFDUHDPIRVWRYLDWDVOXMLWRUXO'RPQXOXLVLDPWLQXWDWLWHDSUHGLFLODYLDWDPHDFDUHDP
DGXVDWkWLDRDPHQLODELVHULFD(GUHSWFDPDLDGRUPHDFkWHXQXOGDU6LVDDMXQJDXQVRIHUGHWD[LvQIXQFWLHPDLPDUHFDD
PHD"""
1XDPFHIDFH]LFH6I3HWUHDVWDHVWHSROLWLFDGHDLFLVLOXPHDFkQGVHXUFDODWD[LPHWULVWXODVWDvQPDVLQDQXQXPDLFD
VWDWHDWUHD]DGDUVHVLUXJD

8QSRSDVLRFDOXJDULWDVHvQWRUFGHODRPDQDVWLUHVLvQGUXPVSUHFDVDOLVHVWULFDPDVLQD6HGXFODXQKRWHOVLvQFHDUFD
VDLQFKLULH]HGRXDFDPHUHGDUOLVHVSXQHFDQXPDLHVWHGHFkWRVLQJXUDFDPHUDFXXQ SDWVLQHDYkQGFHIDFHvQFKLULD]D
FDPHUDIDFkQGFRQYHQWLDFDSRSDVDGRDUPDSHMRVLDUFDOXJDULWDvQSDW'XSDXQWLPS
3DULQWHPLHIRDUWHIULJ
,PHGLDWDGXFRSDWXUD
3DULQWHWRWPDLvPLHVWHIULJ
$WXQFLPDLDGXFRSDWXUD
&H]LFL3DULQWHVDQHFRPSRUWDPFDVRWVLVRWLH
3RDWHFDDLGUHSWDWHGXWHVLLDWLVLQJXUDSDWXUD

3DULQWHPLHUXVLQHDPSDFDWXLW
6SXQHIDWDPHD'XPQH]HXLDUWD
$YHQLWDVHDUD,RQODPLQHPDPDHUDSOHFDWD
6SXQHVSXQHWDLFD
6L,RQPDOXDWvQEUDWH
6LVL"
6LPLDVSXVVDPDGH]EUDF
6L"
6LPDWUkQWLWSHSDW
6SXQHVL"
6LPLDGDWFKLORWLLMRV
6LVLPDLGHSDUWH"
6LDYHQLWPDPD
)LWLDUPDWDDGUDFXOXL

$PSDFDWXLWSDULQWH0DPEDJDWvQWURFDSLWDFXXQEDLDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
(LVLFHVDvQWvPSODW"$YUXWVDWHGH]EUDFH"
2QX
7HDVDUXWDW"
9DLGDUFHFUHGHWLFDVvQWHX"
7HDSLSDLW"
,DVILUXSWPvLQLOH
$WXQFLFHWLDIDFXW"
8QFRSLO

WkQDUDFXSULQVDGHUHPXVFDULSHQWUXSDFDWHOHVDYkUVLWHvQWUXQDQVHGXFHODELVHULFDVDVHVSRYHGHDVFDvQDLQWHGHD
vQFHSHVHDGUHVHD]DSDULQWHOXL
3DULQWHGDFDGRUPLFXXQEDUEDWVWUDLQHVWHSDFDW"
'DFDGRUPLQX'DUFLQHSRDWHVDGRDUPDvQVLWXDWLLGHDVWHD"

6HGXFHXQXOODSUHRWVDVHVSRYHGHDVFD
$LSUHDFXUYLWILXOH"
$PSUHDFXUYLWSDULQWH
/D*HWDGLQGHDODLIRVW"
1XSDULQWH
'DUOD/HDQDGLQSDGXUH"
1XSDULQWH
3OHDFDDVWDVLVHvQWkOQHVWHFXXQSULHWHQ
&HIDFLEDDLIRVWODELVHULFD"
'DKDLFXPLQHFDDPDIODWQLVWHDGUHVHGHFXUYH

3RSD]LFHWLQHUHLODVSRYHGDQLH
$LIDFXWRPDUHQHVDEXLQWDVDvWLYLQ]LQHYLQRYDWLDSHGHGRODUL
/DFDUHWkQDUDVRSWLQG
6WLXR]LPDLWkU]LXDVILSULPLW

'DVFDOXOVHVWUHFRDUDFXDWHQWLHSULQWUHFUHGLQFLRVLVLLVRSWHVWHSUHRWXOXLFDUHFLWHDSUHGLFD
3DULQWHDFRORVXVFRULVWLLMRDFDSRFKHU
6WLXUDVSXQVHSUHRWXOGDUPDLvQWkLWUHEXLHVDPLWHUPLQSUHGLFD

'XSDFHDRILFLDWRFDVDWRULHSUHRWXOvVLFRQWLQXDSUHGLFDGkQGVIDWXULWLQHULORUFDVDWRULWL
LDUVRWLDDUHGDWRULDGHDVLXUPDvQYLDWDWRWWLPSXOVRWXO
7kQDUDVRWLHPDUWXULVHVWH
1XFUHGFDPVDSRWSDULQWH(OHIDFWRUSRVWDO

3RSDYLQHFX%RWH]XOOD0DULDDFDVD
3DULQWHWHDPYLVDWD]LQRDSWH
(LVHSRDWHIDWDWDWLVHSRDWH
3DLVHIDFHDFDDLYHQLWODQRLVL,RQQXHUDDFDVD
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDPDLvQJKHVXLWLQSDW
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDPLDLIDFXWIDSWDDLD
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDODSOHFDUHPLDLGDWOHL
(LYLVHWDLFDYLVH

3DULQWHUHFXQRVFDPvQFDOFDWVIDWXULOHSDULQWHVWL7DWDPLDLQWHU]LVVDPDGXFODDFHDFDVDGHGHVIUkXGDUHXQXDP
SXWXWUH]LVWDVLLDPWUHFXWSUDJXO
8UkWILXOHXUkW6LGHVLJXUDLYD]XWDFRORFHQXWUHEXLDVDYH]L
'DSDULQWHÌQSULPXOUvQGODPYD]XWSHWDWD

2FXUYDVHGXFHODSRSDFDVDVHVSRYHGHDVFD
3DULQWH$PSDFDWXLW
3DLFHDLIDFXWIDWDWDWLL"
$PYD]XWRSX D
3DLQXLQLPLF
6FRDWHSRSDFDOFXODWRUXOFDOFXOHD]DVL]LFH
)DFLWUHLWXUHGHELVHULFDVLWHLDUWD'XPQH]HX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
9LQHDOWD
3DULQWHDPSDFDWXLWFHDLIDFXWIDWDWDWLL""DLYD]XWVL
WXYUHRSXOD""QXXXHXDPSXVPDQD
6FRDWHSRSDFDOFXODWRUXO
)DWDWDWLL]HFHWXUHGHELVHULFDVLWHLDUWD'XPQH]HX
9LQHDWUHLD
3DULQWHDPSDFDWXLW
2LILSXVVLWXPkQDSHYUHRSX D"
(HKKK3DULQWHDVWDLMXFDULHHXDPOXDWRvQJXUD
&DOFXOHD]DSRSDFDOFXOHD]DVL]LFH
$8=,)$7$7$7,,""'87(6,0$,,$22'$7$&$Ì0,'$&8=(&,0$/(

'RLSRSLVHGXFODEDLDSRSXODUD,QWUDHLODGXVXULVLvVLGDXVHDPDFDQXDXOXDWQLFLXQXOVDSXQ8QXOGLQWUHSRSLSOHDFD
GXSDVDSXQ6LFXPQXHUDQLPHQLvQSUHDMPDQXVLLDQLPLFSHHO$MXQJHODYHVWLDUHLDFHOHGRXDVDSXQXULVLSOHDFDvQDSRL
3HKROvQVDDSDUFDOXJDULWH&XPQXDYHDFHVDPDLIDFDvQFHDUFDVDVWHDQHPLVFDWSUHIDFkQGXVHVWDWXLH8QDGLQWUH
PDLFXWHVHDSURSLHGHSRSDVLVSXQH
(VWHFHDPDLUHDOLVWDVWDWXLHGLQFkWHDPYD]XWVLvLSXQHPkQDSHVFXOD
$WXQFLSRSDVFDSDXQVDSXQ
9DLDPSULPLWXQVDSXQ
&HDGHDGRXDPDLFXWDVHDSURSLHVLvLSXQHVLHDPkQDSHVFXOD3RSDVFDSDGLQPkQDVLFHODODOWVDSXQ
9DLVLHXDPSULPLWXQVDSXQ
8OWLPDPDLFXWDVHUHSHGHVLHDODVFXODSRSLLIUHDFDVLIUHDFDVL
9DLVLHXDPSULPLWVDSXQ/,&+,'

8QSRSDFDPFRUSXOHQWvPEUDFDWvQVXWDQDYHGHvQJDUDXQIRVWFROHJGHVFRDODFDUHvQWUHWLPSDMXQVHVHJHQHUDO
1HSXWkQGXOVXIHULQLFLGXSDDWkWLDDQLVHGXFHODHOVLOvQWUHDEDFXXQ]kPEHWSHEX]H
'RPQXOHLPSHJDWFkQGDPXUPDWRUXOWUHQVSUH&OXM"
/DFDUHJHQHUDOXO
/DVWLPDWDGRDPQD'DUDVDJUDYLGDvQWUROXQDDWkWGHvQDLQWDWDQXDVPDLFDODWRULFXWUHQXO

%DQFXUL6DGLFH

%DQFXULFX$OLQXWD

$OLQXWD$LYD]XWFHRFKLDUHIHWLWDYHFLQHLQRDVWUH"
7DWD'DIRDUWHIUXPRVL'DUGHFHvQWUHEL"
$OLQXWD8LWHL

$OLQXWD0DPDPLDPUXSWXQGHJHW
0DPD6DUDFDGHWLQH8QGHODLUXSW"
$OLQXWDÌQRFKLLOXL*LJHO

$OLQXWD0DPDGHFHWUHEXLHVDDOHUJWRWWLPSXOvQFHUF"
0DPD)LLFXPLQWHFDFLDOWIHOvWLEDWXQFXLVLvQSLFLRUXOFHODODOW

$OLQXWD0DPDPDPDvQFHSVDDPHWHVF
0DPD1XILLDVDDVWDHGRDUSURJUDPXOGHSUHVSDODUH

$OLQXWD0DPDPDPDQXPDLYUHDXODSVLKLDWUX
0DPD1XPDLQWHUHVHD]DFHYUHLWXYUHDXVDVWLXGHFHSOkQJLGHILHFDUHGDWDFkQGWHEDW

$OLQXWDOLSVHVWH]LOHGHODVFRDOD&kQGYLQHRvQWUHDEDvQYDWDWRDUHD
Ì'HFHQXDLYHQLWODVFRDOD"
$OLQXWD$PXULWPDPD
Ì&XPDPXULW"
$OLQXWD$EDWXWXQFXLvQSHUHWHVLVDORYLWFXFLRFDQXOSHVWHGHJHW
Ì%LQHELQHGDUQXVHPRDUHGLQDVWD
$OLQXWD6HFKLQXLDSUHDPXOWVLWDWHLLVDIDFXWPLODGHHDVLDvPSXVFDWR

7DWD$OLQXWDWHDLVSDODWDVWD]LSHGLQWL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$OLQXWD1XWDWD
7'DUDLFXLVXQWGLQWLLGHSHMRV

7DWD7HDLGLVWUDWELQHvQYDFDQWD"
$'D$PIRVWFXPDPDVLSULHWHQXOHLODPDUH
76LFHDLIDFXW"7HvPSDFDLELQHFXHO"
$'D0DGXFHDvQILHFDUHGLPLQHDWDFXEDUFDODYUHR.PGHPDOVLHXvQRWDPSkQDSHSODMD
76LQXHUDJUHX"
$1XHUDPDLJUHXVDLHVGLQVDF

ÌQWURGLPLQHDWDJHURDVDGHLDUQDWDWDO$OLQXWHLRGDGHDSHPLFXWDFXFDSXOGHERUGXUD/DXQPRPHQWGDWRYHFLQDFDUH
QDYHDFHIDFH
9HFLQD$YHWLJULMDVDQXvLFDGDIHVXOGLQFDSVLVDUDFHDVFD
7DWD1XYDIDFHWLSUREOHPHLDPIL[DWRFXGRXDSLURDQH

7DWDOREDWHSH$OLQXWD'XSDFHDWHUPLQDWRvQWUHDED
71DDFXPVWLLGHFHWHDPEDWXW"
$$XDDvQWkLPDEDWLVLGXSDDFHHDQLFLPDFDUQXVWLLGHFHDLIDFXWRVSXVH$OLQXWDSULQWUHODFULPL

$OLQXWD1XYUHDXVDPDLYLQDEXQLFDODQRL
7DWD'HFH"'RDUvWLDGXFHvQILHFDUHVHDUDFkWHXQSDKDUFXDSD
$'DGDUQXVLVFRDWHSURWH]DGLQHO

$OLQXWD0DPDGHFHDYHPQRLDLFLRWUDYDGHVRERODQL"1RLQXDYHPVRERODQLvQFDVD
0DPD1XPDLSXQHDVWIHOGHvQWHEDULVLGXLRGDWDEXQLFLLPDPDOLJXWDFXODSWH

$OLQXWD0DPDDDPLHQXPLSODFHEXQLFD
0DPD7DFLGLQJXUD/DQRLvQFDVDPDQkQFLFHSULPHVWL

$OLQXWD0DPDDDPLHQXPLSODFHEXQLFD
0DPD7DFLVLPkQFDFkWPDLHFDOGD

$OLQXWD0DPDPDPDQXPLSODFHGHORFEXQLFD
0DPD%LQHODVRvQIDUIXULHVLPDQkQFDOSHEXQLFX

$OLQXWD+DLWDWLFXOHODVDPDVDPDMRFFXEXQLFD
7DWD1XVHSRDWH$OLQXWD
$7HURRRRRJ
7%LQHGDFDLQVLVWLGDUVDVWLLFDHXOWLPDRDUDFkQGRGH]JURS

$OLQXWDVHMRDFDFXEXQLFD
0DPLFD$OLQXWDFkQGWHSOLFWLVHVWLVDWHMRFLFXEXQLFDVDLSXLRDVHOHODORFvQVLFULX

0DPD$OLQXWDGHXQGHDLEDWHULLOHDFHOHD"vQWUHDEDPDPD
$OLQXWD'HODDSDUDWXOFDUGLDFDOEXQLFXOXL
06LFHD]LVEXQLFXO"
$$$$5555*++++++222225555**++++++

$OLQXWD0DPDPDPDDPXULWEXQLFXWXOVWULJD$OLQXWD
0DPD/DGUDFXWRFPDLDFXPFkQGPDLDYHPvQFDMXPDWDWHGLQEXQLFDvQIULJLGHU

$OLQXWD'HFHIXJHWDWDvQ]LJ]DJPDPD"
0DPD7DFLVLPDLDGXJORDQWH

$OLQXWD0DPDSRWVDLWDLRXUHFKHOXLWDWD"
0DPD1XPDLODVDOVDPDLILDUEDPLQXWH

7DWD$OLQXWDILLGUDJXWDVLIDLREDLHIUDWHOXLWDX'XSDYUHRMXPD
GHRUDWDWDOLQWUDvQEDLH$OLQXWDvOWLQHDGHXUHFKLSH
IUDWLRUXOVDXVLvOWUDJHDSULQDSD
7$OLQXWDPDLSXQHPkQDVLPDLIUHDFDOVLWX
$OLQXWD&HDLvQQHEXQLWYUHLVDPDRSDUHVF"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$OLQXWDFXIUDWLRUX
VHMXFDXvQSDGXUHGHD:LOOLDP7HOO)UDWLRUX
SXQHXQPDUSHFDSXO$OLQXWHLVHvQGHSDUWHD]DFkWLYD
PHWULRFKHVWHVLVDJHDWDVHvQILQJHGLUHFWvQRFKLXOVWkQJDO$OLQXWHL)UDWLRUXvLVSXQH
),DUWDPD$OLQXWDQDPYUXW9UHLVDQHPDLMXFDP"
$OLQXWD'D
3RYHVWHDVHUHSHWDVLIUDWLRUXvLVFRDWHVLFHODODWRFKL2vQWUHDEDLDU
),DUWDPD$OLQXWDQDPYUXW9UHLVDQHPDLMXFDP"
$'DGDUD]LVPDPDFkQGVHvQWXQHFDVDPDGXFDFDVD

$OLQXWDWkQMHDODMXFDULDDOWXLFRSLO
$OLQXWD'DPLRVLPLHVDPDMRFSXWLQ
&RSLOXO1X
$+DLWHURJIUXPRV
&1X
$'DFDQXPLRGDLvWLVFRWXQRFKL
&1XYUHDX
$OLQXWDvLVFRDWHXQRFKL
$'DFDQXPLRGDLVDPDMRFWLOVFRWVLSHFHODODOW
&1X1X1X
$OLQXWDvLVFRDWHVLFHODODOWRFKL
$(LDFXPWHDLUD]JkQGLW"
&$FXPQXPDLSRWFDPLD]LVPDPDVDPDGXFDFDVDFkQGVHIDFHvQWXQHULF

$OLQXWD0DPD7DWD9HQLWLUHSHGHFDVDVSkQ]XUDWIUDWLPLXLQJDUDM
9LQSDULQWLLDODUPDWLGDUQXYDGQLPLF
07&HYUHLWXSURDVWRQXHQLPLFDLFL
$OLQXWD3DFDOHDODGH$SULOLHVDVSkQ]XUDWvQSRG

6HDUDYLQH$OLQXWDODSDULQWLvQVXIUDJHULH
$OLQXWD7DWDPDLSULPHVFvQFDXQSDKDUFXDSD"
7DWDÌQFDXQSDKDU"'DUWLDPGDWGHMDVDVHSkQDDFXP
$'DGDUSDWXWXOPHXDUGHvQFD

$OLQXWDRIHWLWDVLPSDWLFDHOHYDvQFODVDDGRXDYLQHDFDVDGHODVFRDODVLVSUHPDUHDHLVXUSUL]DYHGHXQHQRUPEUDGGH
&UDFLXQvQPLMORFXOVXIUDJHULHL
$OLQXWD0DPLFRFHEUDGIUXPRVHSHQWUXPLQH"
0DPD3DLSHQWUXFLQHVDILHGUDJDSHQWUXWLQHFkWLFRSLLDPHX"UDVSXQGHPDPD
$$X]LPDPLFRGDGHFHEUDGGH&UDFLXQDFXPFDVXQWHPGHDELDLQLXQLH"
03DLFHVDIDFHPGUDJDFXOHXFHPLDWDQXVHVWLHQLFLRGDWD

$OLQXWDVHGXFHODYUDMLWRDUHDFHDUHD
$OLQXWD)DPDVLSHPLQHROHEDGXWD
9UDMLWRDUHD+DLIHWLWRQDLFHIDFHHXDPWUHDEDDLFL
$GRXD]LODIHODWUHLD'XSDYUHRVDSWDPkQDYUDMLWRDUHDH[DVSHUDWD]LFH
9%LQHWHIDFOHEDGXWDGD
GHFHYUHLWXQHDSDUDWVDILLROHEDGXWD"
$8LWHDVDDD

$OLQXWDPHUJHDSHVWUDGDIRDUWHvQJkQGXUDWDVLPHVWHFkQGFRQWLQXX6HvQWkOQHVWHFXRSULHWHQDFDUHRvQWUHDED
3ULHWHQD&HPHVWHFL"
$OLQXWD2ODPD
32UELWFXPYD"
$1X*LOOHWH

$OLQXWD0DPDPDPDHXFX6LPRQDQHDPMXFDWGHDGRFWRUXO
0DPD(LVLDVWDQXHGHORFUDX
$'DGDUQXVWLXFXPVHFRDVHEXUWDGXSDRSHUDWLHODORF

$OLQXWDPHUJHDSHVWUDGDFXGRXDIXUFXOLWHvQPkLQLVLVWULJD
$&LQHYUHDVDVHXLWHLQELQRFOX"*UDWLV6DWLVIDFWLHJDUDQWDWD
8QWUHFDWRUQDLYVHRIHUD$OLQXWDvLEDJDIXUFXOLWHOHQRFKL7UHFDWRUXOvQFHSHVDVWULJH
7+HLGDUQXYDGQLPLF0DLSDFDOLW
$OLQXWDvQYkUWHIXUFXOLWHOHVLvOOLQLVWHVWH
$6WDLFDvQFDQXODPUHJODW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DULQWLL$OLQXWHLVHXLWDODWHOHYL]RU
$OLQXWDWUHFHSULQIDWDWHOHYL]RUXOXL
'XSDXQWLPSLDUWUHFHSULQIDWDWHOHYL]RUXOXL'XSDYUHRPLQXWHGHSHUHJULQDULSULQIDWDWHOHYL]RUXOXLWDWDOVHHQHUYHD]DVL
]LFH
7'DFDPDLWUHFHRGDWDSULQIDWDWHOHYL]RUXOXLHXLDXODEDWDLH
07DFLEDUEDWHQXYH]LFDLVSkQ]XUDWD"

9DULDQWD
0DPD$OLQXWDQXWHPDLSOLPEDSULQIDWDWHOHYL]RUXOXL6LVFRDWHWLRGDWDODWXODODGHODJkW

$0DPDPDPDSRWVDPDMRFFXEXQLFXWXO"
01LFLYRUED$VWD]LVLFULXOUDPkQHvQFKLV

$0DPDPDPDEXQLFXOFLRFDQHVWH
0/DVDOVDFLRFDQHDVFD
$0DPDEXQLFXWXOFLRFDQHVWHvQFD
0/DVDOVDFLRFDQHDVFD
$0DPDEXQLFXWXOQXPDLFLRFDQHVWH
0%LQHDWXQFLPHUJLVLRSUHVWHURELQHWXOGHJD]

$0DPDFkQGDYHPGLQQRXEXGLQFDGHYDQLOLH"
00DLWUHEXLHVDDVWHSWDPSkQDJHQXQFKLXOEXQLFXWHLSXURLD]DGLQQRX

$OLQXWD0DPDPDPDIUDWLRUXOURDGHXQJKLOHEXQLFXWHL
0DPD6SXQHLVDVHJUDEHDVFD&XUkQGYRPvQFKLGHVLFULXO

7DWD$OLQXWDVFRDWHGHJHWHOHGLQQDVXOEXQLFXOXL
$OLQXWD
7$OLQXWDVFRDWHGHJHWHOHGLQQDVXOEXQLFXOXL
$
7$OLQXWDVFRDWHGHJHWHOHGLQQDVXOEXQLFXOXLVDvQFKLGHPFDSDFXOODVLFULX

7DWDYLQHFXXQ VLFULXDFDVD
$OLQXWDVXSDUDWD
,DUPkQFDPFRQVHUYH"

$0DPDPDPDQXPLSODFHVXSDURVLH
07DFLGLQJXUDVXSDURVLHDYHPGRDURGDWDSHOXQD

$0DPDPDPDPDPDLSRWOHJDQDFXEXQLFXO"
01XHOUDPkQHDVDDWkUQDWSkQDYLQHSROLWLD

$0DPD0DPDYUHDXVDVDULDUFRDUGDvPLYUHDXFRDUGDvQDSRL
0)LLFXPLQWHVLWDFL7DWDUDPkQHDVDDWkUQDWSkQDYLQHSROLWLD

$0DPDPDPDRXOPHXILHUWHUDXODJXVW
06WDLFXPLQWHVLPDQkQFDPDLGHSDUWH
$0DPDPDPDRXOPHXWDUHUDXODJXVW
06WDLFXPLQWHVLPDQkQFDPDLGHSDUWH
$%LQHDPPkQFDWWRWGDUWUHEXLHVDPDQkQFVLFLRFXOHWXODFXPD"

$0DPDPDPDFkQGDYHPGLQQRXODPDVDGLQPDFDURDQHOHYHU]L"
0$]LQXEXQLFDQXPDLDUHYDULFH

$0DPDPDPDFHVXQWEXFDWLOHDVWHDPDULvQVXSD"
06WDLFXPLQWHVLPDQkQFDFUH]LFDWDWDYRPLWDSULQVWUHFXUDWRDUH

$0DPDPDPDQXPDLYUHDXKDPEXUJHU
06WDLFXPLQWHFDDOWIHOEDJDPVLFHODODOWEUDWDOWDXvQPDVLQDGHPDFLQDWFDUQH

7$OLQXWDQXOPDLOHJDQDSHIUDWHWDXFDWHVSkQ]XUVLSHWLQH

Ì&HLPLFURVXVLEDWHQJHDP"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5$OLQXWDFHDVDGLFDvQWUXQFXSWRUFXPLFURXQGH

0DPDLDFXPSDUDW$OLQXWHLRELFLFOHWDVLDWULPLVRVDPHDUJDSULQFXUWH
3HVWHXQWLPS$OLQXWD
0DPDPDPD8LWHHXPHUJIDUDSLFLRDUHVLFXRFKLLvQFKLVL
3HVWHXQWLPS
0DPDPDPD8LWHHXPHUJIDUDPkLQL
,DUDVLSHVWHXQWLPS
0DPDPDPD8LWHHXPHUJIDUDGLQWL

$0DPDPDPDPDLSRWSULPLSXWLQGLQVXFXOURVX"
0$FXPDQXFKLDUDWkWGHPXOWQXSRDWHWXVLEXQLFXO

$0DPDPDPDPDLSULPHVFXQMHOHX"
01XEXQLFDQXDUHGHFkWGRLRFKL

$OLQXWD0DPDDPRERVLWPDLHPXOWSDQDODEXQLFXWD"
0DPD7DFLVLVDSD

$OLQXWD0DPDPDPD&RSLLGHODJUDGLQLWDVSXQFDDPGLQWLLSUHDPDUL(DGHYDUDW"
0DPD1XIHWLWDPHD'D
vQFKLGHJXUDFD]JkULLSRGHDXD

$OLQXWD%XQLFRSRWVDPDMRFFXWkWHOHWDOH"
%XQLFD%LQHGD
VDQXLHVLGLQFXUWH

$OLQXWD0DPDPDPDFRSLLLvPL]LFFDVXQWXQGUDJRQFXWUHLFDSHWH
0DPD(LODVDOLQLVWHVWHWHWUHLFDSHWHVXQWPDLEXQHGHFkWXQX


$OLQXWD0DPDPDPDFRSLLVSXQFDVXQWXQPRQVWUX
0DPD1XFRSLOXOPHXQXHDGHYDUDWÌQFKLGHFHLWUHLRFKLVRULVLGRUPL

$OLQXWD0DPDPDPDWDWDDYRPLWDW
0DPD*UDEHVWHWHVLDGXROLQJXUDSkQDQXWHUPLQDVRUDWD

$OLQXWD0DPDPDPDSRWVDPDMRFvQFXWLDFXQLVLS"
0DPD1XSkQDQXJDVHVFHXDOWORFXQGHVDRvQJURS

$OLQXWD0DPDPDPDQXYUHDXVDYDGFDVFDGD1LDJDUD
0DPD7DFLVLLQWUDvQEXWRL

$OLQXWD0DPDPDPDPDPVDWXUDWVDvQYDWVDvQRW
0DPD7DFLFDGDFDQXWUDJDSDGLQQRX

$OLQXWD0DPDPDPDFkQGRVDILHJDWDSLVFLQD"
0DPD7DFLVLVFXLSD

$OLQXWD0DPDPDPDSRWLVDvPLGDLRSUDMLWXUD"
0DPD,DRGHSHUDIWXOGHVXVGLQGXODS
$0DPDGDUQDPPkLQL
0(KGDFDQDLPkLQLQXSULPHVWLSUDMLWXUL

0DPD$OLQXWDILFXPLQWHVLvQWRDUFHWHvQFDVD
$OLQXWD1X
0$OLQXWDKDLWHURDJDPDPDXUFDFHOHHWDMHVLYLQRvQFDVD
$1XPDPDFDLDURVDPDDUXQFLSHJHDP

$OLQXWD0DPDPDPDFHRVDILXHXFDQGRVDILXPDUH"
0DPDQLPLF
$'HFH"
03DLDL6,'$

$OLQXWD0DPDPDPDDPXQODPDWHPDWLFD
0DPD1XLQLPLFWXDLVLOHXFHPLH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

$OLQXWDYLQHGHODVFRDOD
$OLQXWD0DPD*LJHODUHXQFHDVFXFURQRPHWUX
0DPD/DVDODVDFDFHDLWXQDUHQLPHQL
$OLQXWD'DVL,RQHODUHEUHORFFXPHORGLL
0DPD/DVDODVDFDFHDLWXQDUHQLPHQL
$OLQXWD'DVL0DUFHODUHMRFXULHOHFWURQLFH
0DPD/DVDODVDFDFHDLWXQDUHQLPHQL
$OLQXWD'D
FHDPHXPDPDPD"
0DPD6,'$IDWDPHD6,'$

$OLQXWD0DPDPDPDXQGHHKDPVWHUXOPHX"
0DPD0RXXXOLLLQH[[[

0DPD$OLQXWDQXPDLVDULvQWUXQSLFLRUvQIDW]DWHOHYL]LRUXOXL
$OLQXWD/DODODOD
0$OLQXWDQXPDLVDULvQWUXQSLFLRUvQIDWDWHOHYL]RUXOXL
$/DODODODODOD
0$OLQXWDVDVWLLFDGDFDPDLVDULvWLWDLVLFHODODOWSLFLRU

$OLQXWD0DPDPDPDvQDFYDULXOQRVWUXFXSLUDQDVvQRDWDXQVFKHOHW
$0DPD0DPD0$$$$$$$$000$

$OLQXWDFXIUDWHOHHLVHMRDFDFXSXVFDGHYkQDWRDUHDEXQLFXOXL
)UDWHOH$OLQXWHLVHXLWDSHWHDYDVLHDGLQJUHVHDODDSDVDSHWUDJDFL&kQGvVLUHYLQHGLQVRFVSXQH
+DLQXWHPDLXLWDFXRFKLLDVDKROEDWL6LHXPDPVSHULDW

$OLQXWD0DPD/DXVDHXQQHQHDFDUHVWUkQJHGRQDWLLSHQWUXD]LOXOGHEDWUkQL
0DPD%LQHGDLOSHEXQLFXO

$OLQXWD0DPDPDPDXQGHL$IULFD"
0DPD7DFLVLLQWUDvQSDFKHWXOFXDMXWRDUH

$OLQXWD0DPDPDPDGHFHvPLVSXQFRSLLODVFRDODFDVXQWHSLOHSWLFD"
0DPD7DFLGLQJXUDVLVFRDWHWLSLFLRDUHOHGLQEX]XQDUH

$OLQXWD0DPDPDPDWDWDDOHDUJDSHVWUDGD
0DPD7DFLGLQJXUDVLFDOFDSHDFFHOHUDWLH

$OLQXWD0DPDPDPDWDWDDFD]XWvQIRFXOGHWDEDUD
0DPD7DFLGLQJXUDVLDGXFDQLVWUDGHEHQ]LQD

0DPD9LQRVXVODHWDMFDRIHWLWDFXPLQWHFHHVWL
$OLQXWD1XPDPDFDWXPDDUXQFLLDUDVLMRV

$OLQXWD0DPDPDPDFHDYHPD]LODFLQD"
0DPD7DFLGLQJXUDVLLQWUDvQFXSWRU

$OLQXWD0DPDPDPDFkQGYLQHPDWXVD*HRUJHWDODFLQD"
0DPD7DFLGLQJXUDQXDPWHUPLQDWRvQFDSHEXQLFD

$OLQXWD0DPDPDPDSRWVDPLFXPSDURURFKLWDQRXD"
0DPD'DGDUVWLFDQXRSRWLvPEUDFDSHVWHSODPkQXODULILFLDO

$OLQXWD0DPDPDPDFKLSVXULOHDXJXVWUDX
0DPD$LSXWLQUHVSHFWPLDOXDWPXOWWLPSVDFRMHVFEXEHOH

$OLQXWD0DPDPDPDFHDLIDFXWFXFUXVWDGHODUDQLOHWDOH"
0DPD7DFLGLQJXUDVLPDQkQFDIXOJLLGHSRUXPE

$OLQXWD0DPDPDPDQXPLSODFHEXQLFXO
0DPD%LQHGDOODRSDUWHVLPDQkQFDIDVROHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$OLQXWD0DPDPDPDvPLSODFHIUDWLRUXODVDGHPXOW
0DPD%LQHPDLSULPHVWLDWXQFLRSRUWLH

$OLQXWD7DWDWDWDQXPLSODFHODSHVFXLW
7DWD7DFLGLQJXUDVLQXWHPDL]EDWH

$OLQXWD0DPDPDPDSRDWHIUDWLRUXOVDMRDFHEDVFKHWFXQRL"
0DPD$OLQXWDWXVWLFDIUDWLRUXOWDXQXDUHPkLQLVLSLFLRDUH
$'DVWLX'DUYURLDPFDHOVDILHMXFDWRUXOGHUH]HUYD

$OLQXWD0DPDPDPDSRWVDPDVSDOSHGLQWL"
0DPD'DGXWHVLDGX
ERUFDQXO

$OLQXWD0DPDPDPDGHFHvPSLQJHPPDVLQDvQSUDSDVWLH"
0DPD7DFLGLQJXUDDOWIHOVHWUH]HVWHWDWD

$OLQXWD0DPDPDPDvQYDWDWRDUHDVSXQHFDDPXQFDSSUHDPDUH
0DPD7DFLGLQJXUDVLDGXWLSDODULRDUDGLQJDUDMFDWDWDVDSRDWDJDUDPDVLQD

9DULDQWD
$OLQXWDYLQHSOkQJkQGGHODVFRDODVLL]LFHPDPHL
$OLQXWD0DPLFRSLLvVLEDWMRFGHPLQHFDDPFDSXOPDUH
0DPD1XLEDJDvQVHDPDIHWLWDPDPHLPDLELQHLDWLVDSFDVLGXWHvQSLDWDVDFXPSHUL.JGHFDUWRIL

$OLQXWD0DPDPDPDQXYUHDXVDJROHVFJXQRLXO
0DPD7DFLVLvQJKLWH

$OLQXWD0DPDPDPDSRWVDOLQJFDVWURQXO"
0DPD3UHDWkU]LX$OLQXWDGHMDODPOLPSH]LW

0DPD$OLQXWDQXWHPDLOHJDQDSHSLFLRDUHOHEXQLFXOXL
$OLQXWD3DLGHFH"
03DLVLDVDLPRUWGHRRUD

$OLQXWD0DPDPDPDQXPDLYUHDXVDvQJKLWYRPLWDWLY
0DPD7DFLGLQJXUD$OLQXWD&kLQHOXLvLHVLOXLIRDPH

,HVHvQWUR]LGHLDUQDVL$OLQXWDFXVDQLXWDODGHUGHOXV8UFDHDGHDOXOFXJUHXVLFRERDUD$MXQJHMRVRFDOFDRPDVLQD
1XPDGXFvQFDVDFDGDFDPDGXFPDRSUHVWHvQDXQWUX
6LPDLXUFDRGDWDWRWFXJUHXVLFRERDUDRFDOFDXQFDPLRQ/DIHO
1XPDGXFvQFDVDFDGDFDPDGXFPDRSUHVWH
6LPDLXUFDRGDWDVLFRERDUDUDQLWDIDUDPkLQLVFKLRSDWkQGHWFHWFHWFRFDOFDFRPSUHVRUXOVLRIDFHIRLWDGHKkUWLH2
LDXFRSLLLFXGRXDGHJHWHSHVXVVLRGXFODXVDODPDLFDVD
'LQJ'RRQJ
0DLFDVDUDVSXQGHODXVDFXODQWXOSXV
&HPDLYUHWL
QDULSDYRDVWUDGHSXUDGHL
$VWLDVILRVL
3DLYDPDGXVRSH$OLQXWDFDFDOFDWRFRPSUHVRUX
'HVFKLGHWLVDYRGDP
1DKQDKQDKEDJDWLRSHVXEXVD

$OLQXWD0DPDFHFXORDUHDXRFKLLOXLEXQLFXO"
0DPD$OEDVWUDGDUDFDPLHVLWODVSDODW

$OLQXWD0DPDPDPDWDWDDUHFHYDvQRFKL
0DPD/DVDPDQkQFDVLWXUHVWXO

$OLQXWD7DWLDPvQJKLWLWXQVRDUHFHFHVDIDF"
7DWD'XWHODPDLFDWDVDWLGHDVDvQJKLWLVLSLVLFD

/DPDUH
0DPD$OLQXWDQXPDLIDFHSODMDvQPDUHYH]LGDFDDLVWDWDWkWDvQDSDWHDLXPIODW

$OLQXWD0DPDPDPDEXQLFXWXOHSHWHUPLQDWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0DPD$WXQFLPDLSXQHSHHOQLVWHEHQ]LQD

0DPD$OLQXWHLLQWUDvQEXFDWDULHVLvQFHSHVDVWULJHOD$OLQXWD
0'HFkWHRULWLDPVSXVVDQXWLPDLWDLXQJKLLOHvQEXFDWDULH"8LWHFkWHGHJHWHDLIDFXWSHPDVD

$OLQXWD0DPDPDPDWDWDPLDRWUDYLWSLVLFD
0DPD/DVDGUDJDSRDWHFDDIRVWQHYRLWVDRIDFD
$1XQDIRVWVLGRDUDSURPLVFDPDODVDSHPLQH

$OLQXWDVWULJDODPDPDVD
0DPDPDPDGHFHPRUPHPEULLIDPLOLHLQRDVWUHSHQHDVWHSWDWH"
0DPDPDPD"
0DPDPDPD"
0DDDDDPD

0DPD$OLQXWHLVXQDODXUJHQWH
9HQLWLUHSHGHFD$OLQXWDDvQJKLWLWFUHLRQXO
9LQHXUJHQWDLPHGLDWODFDUHPDPD
1XYDPDLGHUDQMDWLDPJDVLWDOWXO

/DEORFFRSLLLVWULJDXODPDPD$OLQXWHL
7DQWLRODVDWLSH$OLQXWDODIRWEDO"
'DFRSLLGD
$OLQXWDQXDUHSLFLRDUH
7DQWLRODVDWLSH$OLQXWDODIRWEDO"
'DFRSLLGD
$OLQXWDQXDUHPkLQL
7DQWLRODVDWLSH$OLQXWDODIRWEDO"
'DFRSLLGD
$OLQXWDQXDUHGHFkWFDS
1XLQLFLRSUREOHPD$OLQXWDVDUHDVDGHELQH

$OLQXWD0DPDPDPD$LFLPLURDVHDKRLW
$0DPD
$0DPDDDDDDDD

3ULHWHQXO$OLQXWHLRSLSDLD
$OLQXWDGHFHHVWLDVDGHILHUELQWH"

$OLQXWDGHFHHVWLDVDGHILHUELQWH"

$OLQXWDGHFHHVWLDVDGHILHUELQWH"

0DPLFD
/DVRGUDJDQXYH]LFDHvQFXSWRU"

$OLQXWD0DPDPDPDQXPLDPDLLHVLWQLFLXQFRVSHIDWD
0DPD&HIUXPRV$OLQXWD'DUGHFH"
$1XPDLDPQLFLXQSLFGHORF

$OLQXWD0DPDPDPDHDVDILHUELQWHvQFXSWRU$VLHVLDIDUD
0DPD$LvQHEXQLW"9UHLVDLDIRFWRDWDFDVD"

$OLQXWDYLQHODEXQLFXOVLL]LFH
%XQLFXWXOHSRYHVWHVWHPLGHVSUH&HUQREvO
/DFDUHEXQLFXWXO
$OLQXWD$OLQXWDHVWHWDUHPXOWGHDWXQFLVLRPkQJkLHSH$OLQXWDSHFDSDSRLSHFHODODOW

'RLSULHWHQLPHUJHDXSHVWUDGDXQX]LFH
%DGD
EXQDH$OLQXWD6RUDWDED
0DEXFXUFDWLSODFH0DLYUHLRIHOLH"

$OLQXWDHIXJDULWDGHXQFkLQHWXUEDWFDUHRWRWPXVFDODXQPRPHQWGDWVHRSUHVWHVLvQWRDUFHODHOVL]LFH
$FXPHUkQGXOPHX


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

%DQFXULFXEHEHOXVL

Ì&HHURVXVLVWDvQFROW"
58QEHEHOXVFDUHOLQJHRODPDGHUDV

Ì&HHURVXYHU]XLVLVWDvQFROW"
5$FHODVLEHEHOXVWUHLVDSWDPkQLPDLWkU]LX

Ì&HIXJHPHUHXvQVSUHSHUHWHVLVWULJDFkQGVHORYHVWHGHDFHVWD"
58QEHEHOXVFXRIXUFXOLWDvQRFKL

Ì&HHPDLKD]OLXGHFkWXQEHEHOXVPRUW"
58QEHEHOXVPRUWvQFRVWXPGHFORZQ

Ì&HIDFHIOHRVFIOHRVFVLDSRLVIkkUUUVIkkUUU"
5'RLEHEHOXVLJHPHQLvQEDLDGHDFLGVXOIXULF

Ì&HHPLFURVXVLQXDUHORFvQFDUXFLRU"
58QEHEHOXVFXRVDJHDWDvQILSWDvQFDS

Ì&HHUR]DOLXVLVWDvQFROW"
58QEHEHOXVFDUHVHMRDFDFXRSXQJDGHSODVWLF

Ì&HHYkQDWVLVWDOLQLVWLWvQFROW"
58QEHEHOXVFDUHQXVHPDLMRDFDFXRSXQJDGHSODVWLF

Ì&HHQHJUXVLVWDvQFROW"
58QEHEHOXVFXGHJHWXOvQSUL]D

Ì&HHYHUGHVLVHvQYkUWHVWHFXURWDWLLPLQ"
52EURDVFDvQPL[HU

Ì&HHURVXVLVHvQYkUWHVWHFXURWDWLLPLQ"
58QEHEHOXVFDUHDYUXWVDSULQGDEURDVFD

Ì&HQHJUXVLVHURWHVWHvQFHWLVRU"
58QEHEHOXVODURWLVRU

Ì&HHJDOEHQYkQDWVLVWDSHIXQGXOSLVFLQHL"
58QEHEHOXVFXFRODFXOGHVXPIODW

Ì&HDUHSDWUXURWLIXPHJDVLVWULJD"
58QDXWREX]FXEHEHOXVLFDUHDUGH

Ì&DUHHFHOPDLEXQEDE\VLWWHUFDUHvOSRWLDYHD"
58QSLWEXOO

Ì&HDUILSXWXWVFKLPEDPDVLYFXUVXOLVWRULHL"
53LWEXOOXOGLQ%HWKOHHP

Ì&XPIDFLXQEHEHOXVVDUkJkLH"
5&LRFDQHVWLSLWEXOOXOSHVWRPDF

Ì'HFHHDVDGHJUHXVDFUHVWLSLWEXOOL"
56DOHSURFXULPkQFDUHGXUHD]DOXQL

Ì&XPVHGHILQHVWHUD]EXQDUHD"
58QEHEHOXVFXXQSLWEXOOvQGLQWL

Ì&HHSHQWUXXQSLWEXOOXQEHEHOXVvQFDUXFLRU"
50LFGHMXQODSDW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&HVHGHSODVHD]DSHRUL]RQWDODFXNPKPLVFkQGXVHWRWRGDWDvQVXVVLvQMRVSHYHUWLFDOD"
58QEHEHOXVOHJDWGHXQFDPLRQ

Ì&XPVFRWLXQEHEHOXVGLQRDODGHVXSD"
5&XSRORQLFXO

Ì&XPVFRWLXQEHEHOXVGLQFHDLQLF"
5&XSDLXO

Ì&DUHHGLIHUHQWDGLQWUHXQDYRUWRQVLQLVLS"
51LVLSXOQXSRDWHILPkQFDW

Ì&HHVWH%DE\ORQ"
5&KHVWLDFDUHRVSUH\H]LSHEHEHOXVLvQDLQWHGHDLFDOFD

Ì&DUHHGLIHUHQWDGLQWUHXQFDPLRQvQFDUFDWFXEHEHOXVLVLXQFDPLRQvQFDUFDWFXFDUDPL]L"
5&DUDPL]LOHQXOHSRWLGHVFDUFDFXIXUFD

Ì&HHPLFVLURVXVLVWDODFROW"
58QEHEHOXVFDUHVHVFDUSLQDFXFXWLWXOGHFXUDWDWFDUWRIL

Ì&HHVWHPDLKD]OLXGHFkWVDvQYkUWLXQEHEHOXVWLQkQGXOGHKDLQH"
56DORSUHVWLGLQURWDWLHFXREkWDGHEDVHEDOO

Ì&HHJROSXVFDVLVWDvQWUXQERUFDQ"
58QEHEHOXVvQIRUPRO

Ì&HHURVXVDUDWVLXUOD"
58QEHEHOXVMXSXLWGHSLHOHODVDUDPXUD

Ì&HXUODVLVHvQYkUWHVWHFXNPK"
58QEHEHOXVvQYHQWLODWRU

Ì&HHPDLKD]OLXGHFkWXQYDJRQGHEHEHOXVLPRUWL"
58QYDJRQFXEHEHOXVLPRUWLFXXQXOFDUHPDLWUDLHVWHVLvQFHDUFDVDLHVHODVXSUDIDWD

Ì'HFHWUHFHXQEHEHOXVVWUDGD"
5$IRVWFDWHJRULVLWODSXL

Ì&HHQHJUXVLVDOWDXVRU"
58QEHEHOXVvQWLJDLH

Ì&HHPDLKD]OLXGHFkWXQEHEHOXVFUDSDW"
58QEHEHOXVFUDSDWvQGRXD

Ì&XPVHQXPHVFGRLEHEHOXVLDYRUWDWLvQWURJDOHDWD"
5%ORRG%URWKHUV

Ì&HHUXPHQVLVDUHvQVXVGXSDGRXDPLQXWH"
58QEHEHOXVvQSUDMLWRUXOGHSkLQH

Ì&HHPDLKD]OLXGHFkWVDIL[H]LXQEHEHOXVvQFXLHGHSHUHWH"
56DOFDXWLvQDLQWHVLSHIUDWLRUXOVDXPDLPLF

Ì'HFHQXVDPDLSXWXWURWLEHEHOXVXOvQMXUXOVWkOSXOXL"
56DWHUPLQDWOHVD

Ì&HHPLFQHJUXVL]JkUkLHJHDPXO"
58QEHEHvQFXSWRUXOFXPLFURXQGH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

%DQFXULFXOHSURVL

Ì&XPVHQXPHVWHXQOHSURVSHDFRSHULVXOFDVHL"
53HDULSLOHYkQWXOXL

Ì&XPVHQXPHVWHXQOHSURVvQDSDWHUPDOD"
56XSD

Ì&XPVHQXPHVWHXQOHSURVvQFDGDGHEDLH"
5&LRUEDGHFDUQH

Ì&XPVHQXPHVWHXQOHSURVvQFDGDGHEDLH"
57DEOHWDVROXELOD

Ì&XPVHQXPHVWXQOHSURVvQFDGDGHEDLHGXSDFHDUDPDVQXPDLRDVH"
5&DOFLXHIHUYHVFHQW

Ì&XPVHQXPHVWXQOHSURVvQFDGDGHEDLHGXSDFHQXDPDLUDPDVQLPLFGLQHO"
50DPDOLJD

Ì&XPvWLGDLVHDPDFDXQOHSURVDIDFXWEDLHvQFDGDWD"
5%XFDWDWDGHVDSXQHPDLPDUH

Ì'HFHLDIRVWOXDWXQXLOHSURVSHUPLVXOGHFRQGXFHUH"
56LDXLWDWSLFLRUXOSHSHGDODGHDFFHOHUDWLH

Ì&HL]LFHOHSURVXOXQHLSURVWLWXDWH"
53DVWUHD]DUHVWXO

Ì'HFHDvQFKLVERUGHOXOGLQFRORQLDGHOHSURVL"
5%DFVLVXULOHDXIRVWSUHDPLFL

Ì&HIDFHXQOHSURVFkQGYHGHRIHPHLHIUXPRDVD"
5$UXQFDVLHOXQRFKLSHHD

Ì/DFDUHVSRUWDWOHWLFQXHVWHUHFRPDQGDWOHSURVLORUVDSDUWLFLSHGLQPRWLYHGHVDQDWDWH"
5$UXQFDUHDJUHXWDWLL

Ì'HFHLDEDWDLHOHSURVXOvQVDODGHERZOLQJ"
51XDYUXWVDVLVFRDWDGHJHWHOHGLQELOD

Ì&kQGLHVHXQOHSURVGLQMRFXOGHSRNHU"
5&kQGFHLODOWLLDXOXDWWRDWDPkQD

Ì&XPFHULROHSURDVDGHQHYDVWD"
5ÌLFHULPkQDSDULQWLORUHL

Ì&XPVHIDFHFDOHSURVXOQXPDLSRDWHYRUEL"
53LVLFDLDIXUDWOLPED

Ì&HSRWLOXDGDFDVFDUSLQLXQOHSURV"
52EXFDWDGHVSDWH

Ì&HHXQOHSURVFXSDUXOFDUXQW"
52SDSDGLH

Ì&DUHH0RWWRXOXQXLVDULWRUODvQDOWLPHOHSURV
51XPDLVDQXWLSLHU]LFDSXO

Ì&XPVHVDOXWDGRLOHSURVL"
5&HYkQWWHDGXFHSDLFL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8QOHSURVVLXQEkOEkLWFROHJLGHFHOXOD/HSURVXOXLvLFDGHXQGHJHWÌOLDVLvODUXQFDSHIHUHDVWUD'XSDFkWHYDPLQXWHvL
PDLFDGHXQGHJHWvODUXQFDSHIHUHDVWUD'XSDDOWHFkWHYDPLQXWHvLPDLFDGHXQGHJHWvODUXQFDSHIHUHDVWUD
%DDDEDDDDWXXWXXXXDLDDDDLLLvvvQQQFHFHFHHSSSSXXXXWWWWWVDVDHHHHHYDDDDDGHGHGH
]L

9DULDQWD
8QDUGHOHDQVLXQOHSURVVWDXvQvQFKLVRDUH/DXQPRPHQWGDWOHSURVXOXLvLFDGHRXUHFKHRLDVLRDUXQFDSHJHDP'XSD
XQWLPSOHSURVXOXLvLFDGHQDVXOvOLDVLvODUXQFDSHJHDP'XSDXQWLPSOHSURVXOXLvLFDGHXQGHJHWvOLDVLvODUXQFDSH
JHDP$UGHOHDQXOQXPDLVXSRUWD
1RGXSDFXPEDJGHVDPD
PQHDWDYUHLVDHYDGH]L

8QXOvQEDQLDJDWDVLHORSLSLWDVLRGXFHODFDPHUD6HGH]EUDFDDPkQGRLvQFHSHVDRPkQJkLHVLUDPDQHFXXQVkQvQ
PkQDIHPHLDILLQGOHSURDVD5DOL]kQGWRDWDWUDJHGLDVLJkQGLQGXVH*DWDPDPPROLSVLWGHOHSUDVDUHvQVXVGHJURD]DVL
VHFDWDUDSHVLIRQLHU)HPHLDFXPHUDH[FLWDWDvOvPELH
&HIDFLWHKRWDUDVWLVDFRERULVDXWLRDUXQFDFRORVXV"

ÌQWURGLVFRWHFDXQWLSDJDWDRJDJLFDVLSOHDFDFXHDDFDVD
6LRWUDJHLSXWHUQLFWRDWDQRDSWHDvQWRDWHSR]LWLLOH
'LPLQHDWDJDJLFDvLVSXQHWLSXOXLFXRSULYLUHYLQRYDWD7UHEXLHVDWLPDUWXULVHVFFHYD$P6,'$
/DFDUHWLSXOUDVSXQGHvQWHOHJDWRU1XLQLPLFHXVXQWOHSURVVLPLDPSLHUGXWVFXODvQWLQHD]LQRDSWH

6IDWXULSHQWUXRvQPRUPkQWDUHUHXVLWD

/LSLWLODYHGHUHXQFXFSHVLFULX
)HOLFLWDWLSDULQWLLFDLDXVXSUDYLHWXLWILXOXLILLFHL
&RQVRODWLYDGXYDFXFXYLQWHGHJHQXO$FXPPDFDUQXPDLVXIHUDGLQFDX]DLPSRWHQWHLVDOH
9HQLWLODFLPLWLUvQVOLSFRVWXPVLODEHGHVFDIDQGUXVLH[SOLFDWLODFHLFXULRVLFDGXSDvQPRUPkQWDUHPHUJHWLODREDLH
$GXFHWLFDWHOXOGXPQHDYRDVWUDODFLPLWLUVLDWXQFLFkQGVLFULXOYDILSXVvQJURDSDSXQHWLOSHFkLQHVDIDFDSHPRUWXO
&RPSDUDWLFXJODVWDUHODFLPLWLUvPEUDFDPLQWHDPRUWXOXLFXSURSULDvPEUDFDPLQWH
,PHGLDWGXSDvQPRUPkQWDUHFHUHWLYDGXYDSXEOLFGHQHYDVWD
ÌPSDUWLWLFHORUSUH]HQWLSR]HGLQFRSLODULDUDSRVDWXOXL
6FXWXUDWLPkQDYDGXYHLFXRVRQHULHHOHFWULFD
0DUWXULVLWLLYDGXYHLSHGUXPXOVSUHFDVDFDGHVLQXVXQWHWLVLJXUFUHGHWLFDDWLYD]XWPRUWXOPLVFkQGXVH

%DQFXULVHFL

%DQFX
FX

6WLLEDQFXOFX%DVHVFX"
%DVHVFXPSHVFWRDWH

6WLLEDQFX
FX6WDQHVFX"
6WDQHVFXODWDQJXUDWD

6WLLEDQFX
FX(QHVFX"
(QHVFXODWDvQFD

6WLLEDQFX
FX,RQHVFX"
,RQHVFXODWDQXWLRGDX

6WLLEDQFX
FX6RUHVFX"
6RUHVFXODP

6WLLEDQFX
FXvQWkL0DL"
ÌQWkLPDLVXJLS DVLDSRLPDLYHGHP

6WLLEDQFX
FXXQX0DL"
8QXPDLSURVWFDWLQHQDPYD]XW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

9DULDQWD
6WLLEDQFXFXXQX0DL"
2ULFkWDLILGHGHVWHSWvQWRWGHDXQDHVWH0$,GHVWHSWFDWLQH

6WLLEDQFX
FX$XJXVW"
DXJXVWDWGLQFXUXOPHXWXHVWLDOOHD

6WLLEDQFX
FX$XJXVW"
DXJXVWDWRvQDLQWHDWD

6WLLEDQFX
FXVDSXQ"
6DSXQS DSHWLQHPLYLQH

6WLLEDQFX
FXFUDYDWDGHPDWDVH"
0DWDVHSXQHFDSUD"

6WLLEDQFX
FX&HOHQWDQR"
&HOHQW$QRvWLGDLFKLORWLLMRV

6WLLEDQFX
FXYLVLQH"
9LVLQHI HPSkQDWLLHVRFKLL

6WLLEDQFX
FXOXSX
"
/X
S DPHDvLSODFHvQJXUDWD

6WLLEDQFX
FXFLFR"
&LFRI WSHPDWD

'D
FXSHSVLvOVWLL"
3HSVLQDYHPGD
FLFRIXWSHPDWD

'DFXFRODvOVWLL"
&RODQDYHPSHSVLQDYHPGDFLFRIXWSHPDWD

6WLLEDQFX
FXEDVFXOD"
7kUWkUWkUPkQFDPLDLS D

'D
FXSRGX
vOVWLL"
3HXQSRGWUHFHDEDVFXODWkUWkUPkQFDPLDLS D

'DFXUkXOvOVWLL"
3HVWHUkXHUDXQSRGVLSHSRGWUHFHDEDVFXOD

6WLLEDQFX
FXJROIX
"
*ROIX LPDLELQH

6WLLEDQFX
FXPDWXVD"
0DWXVDDVDHVWLSURVW

6WLLEDQFX
FXLDUQD"
,DUQDYHQLWPDWDODvQWkOQLUH

6WLLEDQFX
FX$GDP"
$GDPEODJLWPDWD

6WLLEDQFX
FX(YD"
(YDODELOVLSHQWUXWLQH

6WLLEDQFX
FX]JXUD"
=JXUDPDWLL

6WLLEDQFX
FXVDPSRQX
"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6DPSRPSDWRVLSHDVWD

6WLLEDQFX
FXFXUFD"
&XUFDOWDXQXDUHQLPHQL

6WLLEDQFX
FXPDUX
"
0DUXPHJLGHS D

6WLLEDQFX
FXWXPEHOH"
7XPLEHOHVWLS D

6WLLEDQFX
FXRUWDFLL"
2ULWDFLRULWHEDJvQS GDPDWL

6WLLEDQFX
FX0$0%2"
0DPERVRURJLW

ÌWLGDXXQFXWLW0DWDLSHPLQH"

0DWDQFXUWHVSDODYDUD"

6WLLEDQFX
FXLDUQD"
,DUQ
DPEDQL

'DEDQFX
FXYDUD"
9DUDQLFLDWkW

6WLLEDQFXFXVWDWXLD"
6WDWX
LDWRWX


6WLLEDQFX
FXLDUED"
,DUEDJSX DQJXUDWD

6WLLEDQFX
FXIkQXO"
)kQXOFDIkQXOGDULDUEDJSX DQJXUDWD

5HWHWDGHVODELUHFXYLVLQHGLPLQHDWDPDQkQFLFRPSRWGHYLVLQHODSUkQ]JHPGHYLVLQHLDUVHDUDYLVLQHIX HP

6WLLEDQFX
FXGXODSX
"
'XODSX DWRWFHSRWL

'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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

'LQPHGLWDWLLOHXQXLORFXLWRUDOFDQDOXOXL

&kQGQLPDQXLvQMXUXOWDXQXLSDVDGHWLQHvQGUD]QHVFRDUHSUHDPXOWSUHWLQ]kQGXLVRFLHWDWLLRSXQJDFXDXURODF"
'DFDDVLQWUDVLHXvQSROLWLFDDVDPLDVvQFHSHGLVFXUVXOvQ3DUODPHQW&DQDOXOHSDWULDPHDSHFDUHRLXEHVFVLPD
PkQGUHVFFXHD
'HILHFDUHGDWDFkQGGDXODRSDUWHFDSDFXOFDVDLHVODOXPLQDQXPDWHPGHVRERODQLVLGHFkLQLFLGHRDPHQL
$IDUDHDHUXODWkWGHFXUDWFDSXUVLVLPSOXPLVHIDFHUDXVLQXPDLSRWUHVSLUD
'DXXQFDQD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"
'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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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"
/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"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&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%HLUXWDVDVHVFULH"DVD9DVSXQHDPQLVWHGXPHvQWRDUVH
SDUDQGDUDWXULFDVXQW-LPLGLQSDGXUHDIDUDURVWJDWDYDOXDPPLQWLOHYDGXFHDPSDPSDPSDPSDP+DLWDWLFXPDPLUFD
QXPDLGXPHGHERFDUHGHDVWLDEDGDFXPDQDPvQFRWUR2ULFHDVYRUELQXVHDXGHQLPLFGLQJkW1DFDPSDWLWR6L
DYHDPODFXYkQWDUL3HPLQHPDFKHPDXDVWLDVDLDXFXYkQWDUHDODQDVWHULODGHVSDUWLULODGHVSDUWLULGHQDVWHULFXOXQLPDL
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
PHUJHvQFLQVWHDLQFHORUGRLWLQHULFDUHDLFLGHIDWDFXGXPQHDYRDVWUDVLFXQDVLLVHSLSDLHFXQHVLPWLUHSHVXEPDVD
*LQHULFDGUDJDDLRQHYDVWDFDOXPHDLXELWRDUHWLRSRDWHJDUDQWDWRWVDWXOVRLXEHVWLDVDFXPVLQRLDPLXELWR(IUXPRDVD
DUHVLOXLHWDQXFDEDODEXVWDGHPDVD,DULQFHOSULYHVWHSHWDWDOPLUHVHLVDVSHUDPFDVLILOLVXOQXHVWHHUHGLWDU7XPLUHDVD
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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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

&DUHLFXOPHD"

&XOPHDPDWHPDWLFLL
6DWHFXOFLFXGRXDQHFXQRVFXWHVLVDQXRUH]ROYLSHQLFLXQD

&XOPHDPDWHPDWLFLL,,
6DWHFXOFLFXGRXDQHFXQRVFXWHVLVDDSDUDRDWUHLD

&XOPHDPDWHPDWLFLL,,,
6DPHUJLSHVWUDGDVLVDWLLDVDVRFRWHDODSHDIDUD

&XOPHDFXOPLORUPDWHPDWLFLL,9
6DWLLDVDVLVROXWLD

&XOPHDPDWHPDWLFLL9
6DFXQRVWLRQHFXQRVFXWDVDvQFHSLSULQDLGHVIDFHSDUDQWH]HOHGXSDDLDVDLQWURGXFLvQWUHJXOvQIUDFWLHVLVDDVWHSWLOXQL
VDGHDUH]XOWDWXOXQX

&XOPHD]JkUFHQLHL,
6DERUDVWLFXGLQWLLVWUkQVLVDQXLDVDEXFDWLOHPDUL

&XOPHD]JkUFHQLHL,,
6DVSHOLKkUWLDLJLHQLFDVLVRSXLODXVFDW

&XOPHDOLQJXVHOLORU
6DPDSXSLSHIUXQWHFDQGYRLILFXFDSXQVRED

&XOPHDJDVWURQRPLHL
6DPDQkQFLXPEUDGHUDWDSHPLURVGHYDU]D

&XOPHDIRUWHL
6DVWUkQJLRKkUWLHGHSLQDvLLHVHOLPEDOXL$YUDP,DQFX

&XOPHDvQJKHVXLHOLL,vQDXWREX]
6DFLUFXOHVRIHUXOGHODDXWREX]SHVFDUD

&XOPHDvQJKHVXLHOLL,,vQWUHQ
6DWLGDLS ODGLQPkQDvQPkQDSkQDODEXGD

&XOPHDVXSUDvQJKHVXLHOLL
6DSULPHVWLDOWDvQDSRL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&XOPHDvQJKHVXLHOLL,,,
6DSRWLIDFHGUDJRVWHvQWURFDPHUDGHELFLFOHWD

&XOPHDFXULR]LWDWLL
6DVSDUJLFDSXOS LVDYH]LGDFDDUHFUHLHU

&XOPHDVSDWLXOXLORFDWLY
6DORFXLHVWLvQWURFDPHUDGHILOPDW

&XOPHDELRVLQWH]HL
6DPDQkQFLSUXQHVLVDXULQH]LWXLFD

&XOPHD&)5XOXL
6DPDQkFLVkUPDJKLPSDWDVDWHFDFLFDOHIHUDWD

&XOPHDFRQVRODULL
1XVHPDLVFRDOD'DUFHIUXPRVDWkUQD

&XOPHDFUDFDQDULL
6DSXLXQSLFLRULQ&DUSDWLXQX
LQ%DOFDQLVLVDWLVSHOLFXUX
LQ'XQDUH

&XOPHDFXUDYDVDUDLXOXL
6DIDFDXQSXULFHSDGXFKLODWL

&DUHHVWHFXOPHDvQFUHGHULLvQRDPHQL"
6DLGDLPXLHXQHLFDQLEDOH

&DUHHVWHFXOPHDSXWHULLSODPkQLORU"
6DLVXIOLXQXLEHUEHFSHS DSkQDLVHvQGUHDSWDFRDUQHOH

&XOPHDHOHFWULFLWDWLL
6DJkGLOLXQEHFVLVDUkGDFHLGHOD5(1(/

&XOPHDWXSHXOXL
6DWHFDFLODXQXODXVDVLDSRLVDVXQLVDFHULKkUWLH

&XOPHDFXOPLORULQVROHQWHL
6DLVSXLFDQXWLDMXQJH

&XOPHDUHYDQVHL
9HFLQXOVDGHVFKLGDXVDVLVDWLGHDKkUWLHVKPLUJHO

&XOPHDIULJLGLWDWLL
2ULLQWULRULLHVL6LQXWHPDLIRLDWkW

&XOPHDGXUHULL,
6DIXJLFXSLFLRDUHOHJRDOHSHRODPDVLVDSXLIUDQDFXFRD HOH

&XOPHDGXUHULL,,
6DWLEDJLRXPEUHODvQFXUVLDSRLVDRGHVFKL]L

&XOPHDGXUHULL,,,
6DWLFUHDVFDXQFRLvQWDOSD

&XOPHDFXOPLORUGXUHULL
6DDLVLSODWIXV

&XOPHDSROLWHWHL
6DvPSLQJLREDEDSHVFDULVLDSRLVDRvQWUHELGHFHVHJUDEHVWH

&XOPHD]JRPRWXOXL
'RXDVFKHOHWHIDFDQGVH[SHXQDFRSHULVGHWDEOD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&XOPHDVWRPDWRORJLHL,
6DVFRDWDGHQWLVWXOGLQWLLXQXLSLHSWHQH

&XOPHDVWRPDWRORJLHL,,
6DWUDJDGHQWLVWXOODPDVHDGHXQXOVLQJXUFDQGVWLHFDLYLQSDFLHQWL

&XOPHDUDEGDULL,
6DWLQXPHULIORFLLFXPDQXVDGHER[

&XOPHDUDEGDULL,,
6DVWDLFXXQRXvQJXUDFXFXUXOSHSOLWDVLVDDVWHSWLVDILDUED

&XOPHDUDEGDULL,,,YDULDQWD
6DVWDLFXIXQGXOSHUHVRXSkQDvWLFORFRWHVWHDSDvQJXUD

&XOPHDUDEGDULL,9
6DvWLEDJLSX DvQSDPkQWVLVDDVWHSWLVDWLIDFDODEDXQFXWUHPXU

&XOPHDUDEGDUL9
6DDVWHSWLXQWUHQFDUHVWLLFDQXYDYHQL

&XOPHDIRDPHWHL
6DIDFLSkQ]DGHSDLDQMHQODJDXUDFXUXOXL

&XOPHDPX]LFLLSRS DUH
6DFkQWLRGRLQDODIOXLHUXOSLFLRUXOXL

&XOPHDPX]LFLL
6DFDQWLODJXUDVREHL

&XOPHDvQRWXOXL
&XRPkQDVDvQRWLVLFXFHDODOWDVDGDLGLQSLFLRDUH

&XOPHDVDUXWXOXL,
6DVDUXWLRJXUDGHFDQDO

&XOPHDVDUXWXOXL,,
6DWLVFDSLOLPEDSHJkWXOSDUWHQHUHLUXOXL

&XOPHDVDUXWXOXL,,,
6DVDUXWLGRXDEX]HVLVDUDPkLFX2%XOvQJXUD

&XOPHDFKLUXUJLHL,
6DVFRWLS DIHPHLLGLQFDS

&XOPHDFKLUXUJLHL,,
6DWDLFDSXOS LLVLVDJDVHVWLFUHLHU

&XOPHDIHUWLOLWDWLL
6DI LRWUkQWDVLVDUDPkQDvQVDUFLQDWD

&XOPHDVQRELVPXOXL
6DOXDP6,'$D]LFDPkLQHYRUDYHDWRWL

&XOPHDYLWH]HL,
6DDOHUJLvQMXUXOXQXLVWkOSSkQDvWLYH]LVSDWHOH

&XOPHDYLWH]HL,,
6DWHFDFLGHSHXQEORFWXUQVDDOHUJLMRVVLVDOSULQ]LvQJXUD

&XOPHDYLWH]HL,,,
6DDOHUJLLQMXUXOXQXLFRSDFVLVDWHI WLLQFXU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&XOPHDIRWEDOXOXL
6DGDLJROVLVDUDWH]LODUHOXDUH

&XOPHDGHVKLGUDWDULL,"
6DVDOLYH]LSUDI

&XOPHDGHVKLGUDWDULL,,
6DHMDFXOH]LSXGUD

&XOPHDFXOPLORUGHVKLGUDWDULL
6DWLLQWUHVLvQRFKL

&XOPHDHFRQRPLVLULLHQHUJLHLHOHFWULFH
6DSXLODXVDRWDEOLWDSHFDUHVDVFULH1XVXQDWLPDLLHVHXGLQFkQGvQFkQG

&XOPHDSDWHUQLWDWLL
6DWLUHFXQRVWLFRSLOXOGHODRSRVWD

&XOPHDJHRJUDILHL,
6DEDJL9kUIXO2PXvQ3HVWHUD0XLHULL

&XOPHDLPSRWHQWHL
6DQXWLVHVFRDOHGHJHWXOFXFDUHvPSLQJLOLPED

&XOPHDYDQDWRULL
6DIDFLFRFRVXODUPHLVDFkQWHFXFXULJX

&XOPHDVDUDFLHL
6DWLGXFLSURWH[XOODYXOFDQL]DW

&XOPHDVDUDFLHL,,
6DvWLFXPSHULDOLPHQWHGHODVHFRQG+$1'

&XOPHDVDUDFLHL,,,
6DvWLFXPSHULKkUWLHLJLHQLFDGHODVHFRQG+$1'

&XOPHDI WDLXOXL
6DDOHUJLvQMXUXOXQXLSXW
6DWLSULQ]LFXUXOVDWLOI L

&XOPHDFUHGXOLWDWLL
6DFUHDGDRIHPHLHXUPDWRDUHDDILUPDWLHDXQXLWLS'UDJDGHDFHHDHVWHDVDPLFDVLPRDOHFDVDQXWHGRDUD

&XOPHDIL]LFLL
6DSDVWLXQFDOSXWHUHSHXQFkPSPDJQHWLF

&XOPHDDQWLJUDYLWDWLHL
6DOWUDJLSHXQX
GHSLVDWMRVGHSHEORF

&XOPHDVFkUEHL
6DIDFLEDLHLQWUXQEXWRLFXPXFL

&XOPHDPkQFDUL
6DPDQkQFLSLHSWGHJDLQDVLVDUDPkLFXVXWLHQXOvQJkW

&XOPHDFHDVXOXLGHVWHSWDWRU
6DVXQHRFXSDW

&XOPHDSOLFWLVHOLL
6DWHDSXFLGHWXQVRXD

&XOPHDPHODQFROLHL
6DFD]LSHJkQGXULGHVDWLUXSLPkQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

&XOPHDUDLGXULORUDHULHQH1$72vQ<XJRVODYLD
3OHDFDODDWDFSDWUXDYLRDQHLQYL]LELOHVLVHQWRUFVDVH

&XOPHD]ERUXOXL
6D]ERULSHFHUXOJXULL

&XOPHDQHSRWULYLULLVH[XDOH"
6DWLIDFLRODEDVLVDWLGDLVHDPDFDQXHVWLJHQXOWDX

&XOPHDvQJKHWXOXL"
6DLvQJKHWHXQHLIHPHLDSDvQSL GDVLVRIXWLODFRSFD

&XOPHDPDVWXUEDULL"
3XQHWLSXWLQFLOLWVLQXWUHEXLHVDIUHFDWLGHORF

&XOPHDDFUHOLL
'DLPDJDUXOXLVDPDQkQFHRODPkLHVLDSRLVXJHLSX DSkQDWLYLQHDFUXvQJXUD

&XOPHDVHQLOLWDWLL
6DXLWLGHFHLHLSDVWLOHGHPHPRULH

&XOPHDUHWXUXOXL
6DVHvQWRDUFDvQDSRL

&XOPHD0HGLFLQHL
6DWLIX LXQDFXFXUX
GHSDPkQWVLVDLHL6LGD

&XOPHDERJDWLHL
6DDLEDQLVDPLSRWLGDVLPLH

&XOPHDPL]HULHL
6DIDFDSXULFLLSDGXFKL

&XOPHDVHFHWHL
6DDOHUJHFRSDFLLGXSDFkLQL

&XOPHDLPSHUWLQHQWHL,
6DVFULLSHFROLYD/DPXOWLDQL

&XOPHDLPSHUWLQHQWHL,,
6DWHSULQGDYHFLQXOGHODSDWUXFXQHYDVWDVDvQSDWLDUWXVDvOvQWUHEL
$LVDFUH]LFHvWLYDGRFKLLVDXFHRVDvWLVSXQHX

&XOPHDDJULFXOWXULL,
6DGDLFXVDSDSHOkQJDRJRU"

&XOPHDDJULFXOWXULL,,
6DPDQkQFLSDLHVDWHFDFLEDORWL

&XOPHDSXWHULL
6DWUDJLFX$UFXOGHWULXPI

&XOPHDQHVWLLQWHLPHGLFDOHODPHGLFL
6DLVSXLPHGLFXOXLFRQVXOWDQWFDQXDVFDXQLDUDFHVWDSROLWLFRVVDWLRIHUHXQXO

&XOPHDQHVWLLQWHLPHGLFDOHODSDFLHQWL
6DOvQWUHELSHPHGLFXOFDUHWLDUHFRPDQGDWVDGRUPLRRUDGXSDPDVDGDFDQXDUILPDLELQHVDGRUPLvQSDW

&XOPHDEXQDWDWLL
6DFRQVROH]LRVDOFLHSOkQJDWRDUH

&XOPHDSROLWHWLL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6DWHFDOFLGLQQHDWHQWLHSHSLFLRUVLVDWLFHULVFX]H

&XOPHDJHRJUDILHL,,
6DGHVFKL]L3RUWLOHGH)LHUFX&KHLOH%LFD]XOXL

&XOPHDUDEGDULL
6DDVWHSWLXQFXYkQWGHODXGDGLQSDUWHDVHIXOXL

&XOPHDLQGLIHUHQWHL
6DILLSURVWVLVDQXWLGDLVHDPD

&XOPHDSURVWLHL
6DIDFLSHSURVWX
VLVDUDPkLDVD

&XOPHDJHOR]LHL
6DILLJHORVSHUD]HOHVRDUHOXLFDvWLPkQJDLHQHYDVWD

&XOPHDODFRPLHL
6DPDQkQFLEDWDLHVLVDQXWHVDWXUL

&XOPHDSURVWLWXWLHL
6DVXJLS DFXSDLXO

&XOPHDYUHGQLFLHL
6DWHVFROLGLPLQHDWDvQDLQWHDS L

&XOPHDIHUHVWUHLGHGRZQORDG
0XWXQSLFIHUHDVWUDPDLvQWURSDUWHVLVFDGHEUXVFWUDQVIHUXOGHGDWH

&XOPHDRUHLH[DFWH
6DSRWULYHVWLFHDVXOGXSDDSDUDWXOGHUDGLRVLVDOXLWLDFROR

&XOPHDVDGLVPXOXL
6DVFULLSHFROLYD/DPXOWLDQL

&XOPHDEDVFKHWXOXL
6DOHUJLvQMXUX
FRVXOXLVLVDWLIHUHVWLFHDID

&XOPHDSROLWHWL
6DEDWLODXVDFkQGLHVLDIDUD

&XOPHDFDVFDGRULHL
6DWHDUXQFLGXSDEORFVLVDWHSULQ]LGHERUGXUD

&XOPHDFkQWHFXOXL
6DVXLRIDWDvQSRPVLVDDVWHSWLVDvLFkQWHSDVDULFD

&XOPHDSRPSLHUXOXL
6DILLGHVWHSWIRF

&XOPHDIXPDWRUXOXL
6DILLvQGUDJRVWLWOXOHD

&XOPHDEOHVWHPXOXL
6DGHD'XPQH]HXVDDLFXUX
SOLQGHEXEHVLPkLQLOHSUHDVFXUWHFDVDWHVFDUSLQL

&XOPHDWLUXOXL
6DWUDJLODXQKRWHO

&XOPHDKRPRVH[XDOLWDWLL
6DWLVHVFRDOHFXUXO

&XOPHDFXWUHPXUXOXL,


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$SHVLSHEXWRQVDYLQDOLIWXOVLYLQHWRWHWDMXO

&XOPHDFXWUHPXUXOOXL,,
6DXUFLFXOLIWXOVLVDFRERULFXDSDUWDPHQWXO

&XOPHDDWOHWLVPXOXL
6DDOHUJLGHXQXOVLQJXUVLVDDMXQJLDOOHD

&XOPHDDWOHWLVPXOXL,,
6DDOHUJLGHXQXOVLQJXUVLVDLHVLSHORFXOSHHXPEUD

&XOPHDFXOPLORU,
(9(5(67

&XOPHDFXOPLORU,,
&XOPHDHFDQLFLHXQRVWLX

&XOPHD&8/0,/25
$UILFXOPHDVDRPDLVWLLVLSHDVWD

5HJXOLSHQWUXIRORVLUHDFHOXODUXOXL

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

+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
'DFDDLRvQWkOQLUHLPSRUWDQWDGHDIDFHULVDXFKLDUFXRIHPHLHYRUEHVWHFXFLQHYDVDWHVXQHvQDFHVWWLPSODFHOXODUVDX
SURJUDPHD]DDSDUDWXOVDVXQHODRUDUHVSHFWLYDÌQWkOQLUHDYDDYHDDVWIHOVXFFHVXOVFRQWDW
&kQGHVWLVLQJXUSRWLVDvWLGH]DFWLYH]LFHOXODUXO7HOHIRDQHOHFDUHOHDLSULPLWvQDFHVWWLPSSRWLVDOHDVFXOWLvQWLPSFHWH
DIOLLvQVRFLHWDWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

3ULQGHVHUW

'RLRDPHQLVWDXvQGHVHUW=LFHXQXO
'DWHSXWLQODRSDUWH$VYUHDVDVWDXVLHXFXIXQGXOSHQLVLS

'RLWLSLPHUJSULQGHVHUW8QXO]LFH
/DVDPDVLSHPLQHVDPHUJvQPLMRF

7UHLRDPHQLvPEUDFDWLELQHvQPLMORFXOGHVHUWXOXLPHUJHDX
Ì6WLEDQFXO"""""""""""""""""""
51LFLHXGDUvPLSODFHvQFHSXWXO

'RXDILUHGHQLVLSPHUJSULQGHVHUW=LFHXQXO
%DHXFUHGFDDLFLHRGHPRQVWUDWLH

&LFDXQWLSPHUJHDFXPRWRFLFOHWDSULQGHVHUWVLLFDPVFkUWLLDVDXD/DXQPRPHQWGDWYHGHvQGHSDUWDUHROXPLQLWDVLVL
]LFH FDQDU IL UDXVD WUDJDSHVWHQRDSWH DFRORVD VH UHIDFDVL VD SOHFH DGRXD ]L vQ ]RUL $VD FD VH GXFH VL EDWH OD SRDUWD
RDPHQLLvOSULPHVFFXLQLPDGHVFKLVDVLvOSRIWHVFODPDVD$FRORORFXLDRXQVRWFXVRWLDVLFXILLFDÌQWLPSXOPHVHLVRWXOvL
VSXQHFDHLDXXQRELFHLDOFDVHL
&DUHYRUEHVWHSULPXOGXSDPDVDVSDODYDVHOH
'XSDFHWHUPLQDGHPkQFDWFHVL]LFHPRWRFLFOLVWXO
$VWLDWRWQXSRW]LFHQLPLFDVDFDFHDUILVRI WSHIDWDDVWXLDFDQDPPDLI WGHPXOWLVRU
$VDFDVHDSXFDWLSXOVLRI HSHJDJLFD3DULQWLLQX]LFHDXQLPLF'XSDFHVHUHIDFHHOSXWLQvVL]LFH
3DUFDQHYDVWDDVWXLDQXDUDWDUDXGHORFLDVDRI WVLSHHD
2I HHOSkQDVHVDWXUDLDUVRWXOVLFXILLFDQX]LFHDXQLPLF$FXPGDFDWRWVHVDWXUDVHGHI WVHKRWDUDVWHVD VHGXFD
DIDUDVLVDVLXQJDVDXDGHODPRWRFLFOHWDFDUHVFLUWLLD$VDFDVLVFRDWHFXWLDFXYDVHOLQDGLQJHDQWDVLGDVDSOHFH/DFDUH
VRWXO
%LQHPDKDLFDVSDOHXYDVHOH

&DOGXUDPDUH8QRPHUDVLQJXUSULQGHVHUWvQVHWDW
$SD$SD$SD
/DXQPRPHQWGDWYHGHRFDVD,QWUDUHSHGHVLJDVHVWHDFRORXQEDUEDWVLRIHPHLHODPDVDVHXLWDXXQXOODDOWXO2PX
QRVWUX
vLvQWUHDED
3RWVDEHDXSXWLQDDSD"
1LFLXQUDVSXQV6HDSXFDRPX
VLEHDDSDSkQDVHVDWXUD
3RWVDPDQkQFVLHX"
1LFLXQUDVSXQV0DQkQFDSkQDQXPDLUDPkQHQLPLFSHPDVD$FXPVDWXOvLYLQHFKHIXOGHIHPHLH
3RWVDWLLDXSXWLQQHYDVWD"
1LFLXQUDVSXQV2PX
QRVWUXvVLIDFHVLGDPEODXDDVWDVLSOHDFD&kQGHUDvQXVDvODXGHSHEDUEDWXOGLQFDVD]LFkQGFDWUH
QHYDVWD
1XWLHUXVLQHFXUYR"
'DUHD
$LYRUELWSULPX
GXFLJXQRLX

&LFDHUDXQX
FDUHPHUJHDSULQGHVHUWGHFLWHYD]LOHHFKLSDWFXRFKHODULVLODEHGHVFDIDQGUX6LFXPPHUJHDHODVDVIkUVLW
GHVHWHVLGHIRDPHGHDELDVHPDLWkUDVHvQWkOQHVWHFXXQEHGXLQSHRFDPLODÌOvQWUHDED
1XYDVXSDUDWLFkWPDLHSkQDODRFHDQ"
3DLVDPDLWRWILHYUHRGHNLORPHWUL
/DFDUHRPXOUDEXIQHVWHFXQDGXI
6DYDLDGUDFXFXSODMDYRDVWUDFXWRW

8QHXURSHDQ UDWDFLW vQ 6DKDUD VH PLVFD WRW PDL JUHX GXSD WUHL ]LOH GH VHWH VL FDQLFXOD FXPSOLWD GHDELD VH WkUDVWH 'H
RGDWDLVHvQIDWLVHD]DSULYLULORUvQFHWRVDWHRVLOXHWDVWUDQLH3DUHXQRPvQFDUQHVLRDVH
$SD6RSWHVWHFDODWRUXOUDWDFLW
1XSRWGHFDWVDWLGDXRFUDYDWDVXQDUDVSXQVXODWDWGHQDXFLWRU
&HOUDWDFLWVHWDUDVWHPDLGHSDUWHSDQDFDQGPLQXQH8QUHVWDXUDQWOX[RVUDVDUHGLQGHVHUWIDFkQGXOSHvQVHWDWVDVHULGLFH
VLFXXOWLPHOHSXWHULVDVHQDSXVWHDVFDVSUHLQWUDUH/DXVDvQVDXQFHUEHUJDORQDWvORSUHVWHEUXWDO
6WRS7LQXWDREOLJDWRULH)DUDFUDYDWDQXVHLQWUD

'RL WHOHIRQLVWL PRQWDX R OLQLH WHOHIRQLFD SULQGHVHUW3H FHO GH MRV vO vQWHDSD XQ VFRUSLRQ vQ S D &HO GH SH VWkOS OHDJD
UHSHGHXQWHOHIRQODOLQLHVLFHUHXQGRFWRU&HOGHSHVWkOS
'RFWRUHFROHJXOPHXDIRVWvQWHSDWGHXQVFRUSLRQFHVDIDF"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RFWRUXO
ÌQWUXVDPHGLFDODvQVWkQJDHVWHRVWLFOXWD6DEHDFRQWLQXWXO
&HOGHMRV
&HD]LVPD"
&HOGHSHVWkOS
$VSXVFDvQWUXVDPHGLFDODvQVWkQJDHVWHRVWLFOXWDEHDFRQWLQXWXO
1XHVWHQLFLRVWLFOXWD
&HOGHSHVWkOS
'RFWRUHQXHVWHQLFLRVWLFOXWD
$WXQFLHVWHRDOLILHPDUR6DVHXQJDFXHD
&HOGHMRV
&HD]LVPD"
&HOGHSHVWkOS
$]LVVDWHGDLFXDOLILDDLDPDUR
1XHVWHQLFLRDOLILH
'RFWRUHQXHVWHQLFLRDOLILH
'RFWRUXO
$WXQFLWUH
VDVXJHWLORFXOXQGHDIRVWvQWHSDW
&HOGHMRV
&HD]LVPD"
&HOGHSHVWkOS
$]LVFDPRUL

8QEHGXLQvQGHVHUW1XLPDLPHUJHDGURPDGHUXO9HGHRILUPD
6(59,&('520$'(5

'RP
PHFDQLFQXPDLPHUJHFDPLOD
1XLQLPLFXUFDWLRSHUDPSD
0HFDQLFX
LDGRXDFDUDPL]LSULQGHFRDLHOHGURPDGHUXOXLVL
'RPPHFDQLFHXFXPPDLSULQGFDPLOD"
8UFDSHUDPSD

0HUJHDXGRLWLSLSULQGHVHUWXQXFDUDLQVSDWHRELFLFOHWDVLDOWX
RFDELQDWHOHIRQLFD&HOFXFDELQDvQWUHDED
'HFHFDULPDELFLFOHWDDVWDGXSDWLQH"
&kQGYLQEHGXLQLLPDVXLSHHDVLIXJFkWSRW'D
WXGHFHFDULFDELQDWHOHIRQLFD"
&kQGYLQEHGXLQLLDUXQFFDELQDFDVDIXJPDLUHSHGH

GHEHGXLQLvQVHWDWLvQGHVHUW9DGRIkQWkQD
$SDDDDD
,HVHXQXH[WD]LDWGLQIkQWDQD
8QGH""

*HRUJHVFXPHUJHDvQWUR]LSULQGHVHUWH[WUHPGHSOLFWLVLWRDUHDFWLYLWDWHLQHYLWDELOLVHIDFHVHWH
9DL'RDPQHFHPDIDFvPLHVWHIRDUWHVHWHQLDPQLFLRVDQVDDMXWDPDWHURJWHURJWHURJ
ÌQFXOPHDGH]QDGHMGLLvLDSDUHvQIDWDRWLSDvQWUXQYRDOIRDUWHGLVFUHWFDUHvL]LFH
&HPDLIDFL*HRUJHVFXOHDPLPSUHVLDFDvWLHVWHFDPVHWHQXLDVD"
(YLGHQWGDUWXFLQHHVWL"
(XVLQW=kQDWDEXQD*HRUJHVFXOHVLSRWVDWLvQGHSOLQHVFRULFHGRULQWD
7RWDOvQFXUFDWVLQHYHQLQGXLVDVLFUHDGDVLPWXULORU*HRUJHVFXDELDDSXFDVD]LFD
0LHVHWHUDXGHWRW
=kQD]LFH
*HRUJHVFX GDFD WUDJL R EDVLQD VL VSXOEHUL GXQD DFHHD GH QLVLS GLQ IDWD WD YHL DYHD GH EDXW FH QLFL PDFDU QX DL YLVDW
YUHRGDWD
ÌQFXUFDW*HRUJHVFXVHSOkQJHFDQXHVWHVWDSkQSHSURSULLOHSXWHULFDQXVWLHFXPVDIDFDFKHVWLDDVWDFDQXSRDWHVLvQFHSH
VDSOkQJDFDYDPXULGHVHWH$WXQFL]kQDvOvQYDWDFXPFDWUHEXLHVDILHvQFUH]DWRUvQSURSULLOHSXWHULVLDSWLWXGLQLVLFXPFD
GRDUFXXQSXFGHWHKQLFDHVWHDEVROXWLPSRVLELOVDQXUHXVHDVFD
8LWH *HRUJHVFXOH WH DVH]L vQ SDWUX ODEH FX VSDWHOH OD GXQD WH FRQFHQWUH]L DVXSUD WLQWHL QXWL IDFL SUHD PDUL SUREOHPH
UHIHULWRUODPLMORDFHVLPDLDOHVDVXSUDUH]XOWDWHORUVLRWUDJL
)DUD SXWHUH GH FRPHQWDULX SUHJDWLW SVLKRORJLF vQFUH]DWRU vQ SURSULLOH IRUWH *HRUGHVFX VH DVHD]D vQ SDWUX ODEH WRSDLH GH
GRXD RUL SH SLFLRUXO VWkQJ GH GRXD RUL SH GUHSWXO VL FkQG VH vQWRDUFH FD GXSD R IXUWXQD GH QLVLS YHGH R PDVD VXE R
XPEUHODSOLQDFXVDPSDQLHZKLVN\VLIRQJKLDWDFRFDFRODODSWHFLWURQDGDDEVROXWWRWFHWLSRWLLPDJLQD6LEHDVLEHD
SkQDvVLIDFHSOLQXO6WDXQSLFVL]LFH
+HL]kQDEXQD=kQDEXQDXQGHHVWL"
6LDSDUHGLQQRX=kQD
&HvWLGRUHVWL*HRUJHVFXOH6XQW=kQDWDEXQDVLVXQWODGLVSR]LWLDWD&DUHWLHVWHGRULQWD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3DL=kQDEXQDGXSDDWkWDEDXWXUDPLVDFDPIDFXWXQSLFIRDPH
6LPSOX*HRUJHVFXOHXLWHYH]LWXGXQDDLDGHQLVLSFHYDPDLvQFROR"6SXOEHURVLQXYHLUHJUHWD6WLLGHMDFXP
2.]LFH*HRUJHVFXvQFUH]DWRUvQSURSULLOHLSXWHULVLDSWLWXGLQLVWDSkQGHMDSHWHKQLFD
6HDVHD]DvQSDWUXODEHWRSDLHGHFLQFLRULSHVWkQJXOGHFLQFLRULSHGUHSWXOVHFRQFHQWUHD]DVLLGDGUXPXO6HQWRDUFH
VLvQVSDWHOHOXLYHGHRSHUGHDGHQLVLSVSXOEHUDWFDUHWRFPDLVHDVWHUQHDDSRLYHGHRPDVDSOLQDFXID]DQLSXUFHLGH
ODSWHFXODPkLHvQJXUDFRWOHWHSHULVRDUHFKLIWHOH0F'RQDOG
VSL]]DSDVWDVLPXOWHPXOWHDOWHOH6LPLVHSXQH*HRUJHVFX
SHPkQFDWVLEDXWSkQDJDWDVDSOHVQHDVFDÌVLDSULQGHXQWUDEXFFXEDQH]VLVDYXUkQGXOFKHDPD=kQD
=kQDEXQD=kQDEXQDXQGHHVWL"
6XQWDLFL*HRUJHVFXVXQWDLFL&DUHHVWHGRULQWDWDPkQFDWLDVL"
3DLFXPVDVSXQ=kQDEXQDDPEDXWDPPkQFDWDFXPIXPH]QXFXPYDVWLLSHFLQHYDFDUHDUYUHDVDVWLLWXQX"
3DL*HRUJHVFXOHHXFHVXQW"HXSRWVDWLvQGHSOLQHVFDEVROXWRULFHGRULQWDDFHDVWDHVWHPHQLUHDPHD
VL =kQD vQFHSH VDVL GHD OD R SDUWH WUDQVSDUHQWHOH YRDOXUL VL FKLORWLL vQ ULWPXO XQHL PX]LFL VHGXFDWRDUH DPDJLWRDUH
*HRUJHVFXVLPWHXQJKLRQWHDVFXWLWvQWUHFRDVWHVLDXGHGLQSDUWHDVDGUHDSWD
%LQHPDL*HRUJHVFXOHGRUPLvQVHGLQWDDVWDQXLPDUHOXFUXGDUGXSDFHQHDLEDVLWVHGLQWDGHGRXDRULDFXPYUHLVDVFRWL
VLS DODGLUHFWRU"

ÌQPLMORFXOXQXLGHVHUWVRDUHWRURSHDODQLFLXQSLFGHXPH]HDOD8QFkLQHPHUJHDDJDOHFDXWkQGVLHOXQORFXQGHVD
VWHDODXPEUD/DXQPRPHQWFkLQHOHDXGHXQ]JRPRWvQVSDWH6HXLWDVLYHGHDOWFkLQHFDUHDOHUJDGLVSHUDW&DRULFHFkLQH
FHVHUHVSHFWDFkLQHOHQRVWUXVHOXDVLHOGXSDFHOFHDOHUJD6LDVWIHODOHDUJDFHLGRLFvLQLR]LvQWUHDJD'HVKLGUDWDWVLPRUW
GHRERVHDODVDWXUkQGXVHGHDWkWDDOHUJDWFkLQHOHQRVWUXvOvQWUHDEDSHFHODODOW
ÌPLVSXLVLPLHGHFHDOHUJDPQRLFD]DSDFLWLL"
/DFDUHDODODOW
1XVWLXGHFHDOHUJLWXGDUHXGDFDQXJDVHVFPDLUHSHGHXQFRSDFPDWHPFDIDFSHPLQH

5DPkQHXQXOvQSDQDvQGHVHUW6LQDYHDSRPSD6HXLWDHOvQ]DUHQXPDLGXQHGHQLVLS9HGHROXPLQLWDKDWGHSDUWH6H
JkQGHVWH
$FRORHRFDVD*DWDPDGXFODHOVDLFHUSRPSD
2LDODSLFLRUVLPHUJHPHUJH
6LGDFDQXYUHDVDPLRGHD"1XLQLPLFvLSODWHVFWUHEXLHVDPLGHDSRPSD
6LPHUJHPHUJH
6LGDFDWRWXVLQXYUHD"1XLQLPLFvLGDXGXEOXWULSOXvLGDXFkWYUHDWUHEXLHVDPLGHDSRPSD
6LPHUJHPHUJH
6LGDFDYUHDVDLGDXWRWFHDP"1XLQLPLFvLGDXWRWQXPDLVDPLGHDSRPSDWUHEXLHVDPLGHDSRPSD
0DLPHUJHPDLPHUJH
6LGDFDRVRYUHDVLSHQHYDVWDPHD"1XLQLPLFLRGDXVLSHHDQXPDLVDPLGHDSRPSDQXVHSRDWHVDQXPLRGHD
0HUJHPHUJH
6LGDFDQXPLRGD"6DYH]LFDQXPLGDSRPSDDIXULVLWX
QRVDPLGHDSRPSDPDPDOXLGH
$MXQJHODFDVDGHVFKLGHXVDLQWUDVL
$X]LED"0DSLVSHSRPSDWDEDL

8QRUDVHDQVLDYL]LWDWYDUXOFDUHORFXLDvQGHVHUWXO$UL]RQD/DXQPRPHQWGDWDFHVWDDXGHXQXUOHW
&HLDVWD"
1LPLFFRLRWLL
'DUFHVFRLRWLL"
1LVWHFkLQLVDOEDWLFL
6LGHFHXUODvQKDOXODVWD"
3DLSHODQRLQXFUHVFSRPLQXPDLFDFWXVL

&DOGXUDPDUH&DUDYDQDWUHFHvFHWSULQWUHGXQHÌQWURYDOHXQ&DGLOODFXOWLPXOWLSDUHFDSRWDGHODPRWRUULGLFDWD'LQ
DXWRWXULVPLHVHREORQGDVXSHUEDFDUHVHDGUHVHD]DSULPXOXLEHGXLQ
'RPQXOPHXDMXWDPD0LVDVWULFDWPDVLQD
3DL1XPDSULFHS'DUHODFRDGDFDUDYDQHLXQXO$OLFDUHDIDFXWVWXGLLOHvQ5RPkQLDVLSRDWH
&KHDPDOvQFRDFHVSXQHEORQGDDELDDX]LW
'LQJXUDvQJXUDVHWUDQVPLWHPHVDMXOVL$OLYLQHvQIDWD
&HVDvQWkPSODW"
'RPQXOPHXvPLUHSDULPDVLQD"
(X9RUHSDU'DUVWLWL"1RLWUHL]HFLGHEHGXLQLSHWUHL]HFLGHFDPLOH2VXWDGHQHYHVWHDXUDPDVDFDVDVLQRLGHWUHL
VDSWDPkQLvQGHVHUW
1XWLHUXVLQHSRUFXOHVDLQVLQXH]LDVDFHYD"
$OWIHOQXYDUHSDUPDVLQD
%LQHGDUFXRFRQGLWLHYDSXQODWRWLSUH]HUYDWLYH'DUQXOHVFRDWHWLMXUDWLSH$ODKFDQXOHVFRDWHWL1XYUHDXVDUDPkQ
JUHDVDXVDLDX6,'$(XVXQWIHPHLHVHULRDVDFDVDWRULWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$IDFHUHDVHvQFKHLH$OLUHSDUDPDVLQDVLGXSDXQWLPSSOHDFDILHFDUHvQWUHDEDOXL'XSDWUHL]LOH$FHODVLGHVHUW$FHHDVL
FDUDYDQD
7UHL]HFLGHEHGXLQLYHU]LODIDWDFXEXUWLOHXPIODWH/DXQPRPHQWGDWvQFRDGDFDUDYDQHL$OLULGLFDRFKLLFDWUHFHU
)LHFHRIL5DPkQHQXUDPkQHJUHDHXWRWWUHEXLHVDIDFSLSL

3ULQ GHVHUW QLVLS FDOGXUD IDWD PRUJDQD %D QX $SDUDWXO GLQ IDWD OXL %XOD H UHDO 0DL PXOW DUH VL LQVWUXFWLXQL GH
XWLOL]DUH
&8 81 '2/$5 '$&$ 9$ ,1752'8&(7, 6(;8/ /$ /2&8/ ,1',&$7 9(7, $9($ 6(1=$7,$ 818,
&217$&76(;8$/&203/(7
'DU%XODQDUHGHFkWRPRQHGDGHFHQWL
2PHUJHVLDVWDvVL]LVHHOLQWURGXFkQGXVLPDGXODUXOvQRULILFLXOIHUPHFDW(URDUH
8QXUOHWVIkVLHOLQLVWHDSXVWLXOXLvQWLPSFHSHHFUDQDSDUHLQVFULSWLD
'(&(17,$6&87,0&5(,2$1(

8QDUDEPHUJHDSULQGHVHUWLDUODPvQIDWDOXLPHUJHDQHYDVWDVD/DXQPRPHQWGDWvLDSDUHvQIDWD$OODKVLvL]LFH
%DFkQGDPVFULVHX&RUDQXODPVSXVFDEDUEDWXOWUHEXLHVDPHDUJDvQIDWDIHPHLLVLQXLQYHUV
/DFDUHDUDEXO
'DEUHGDFkQGDLVFULVWX&RUDQXOQXVHLQYHQWDVHPLQDDQWLLQIDQWHULH

&LFDPHUJHDXGRLSULQGHVHUWOLKQLWLGHIRDPHVLODXQPRPHQWGDWGDXGHXQUHVWDXUDQW6HGXFHLDFRORVLOvQWUHDEDSH
RVSDWDUFDUHLVSHFLDOLWDWHDFDVHL$VWDFLFD
)HOX
QWkLVXSDGH%DOXED)HOX
GRL7RFDQLWDGH%DOXED
0DQkQFDDVWLDSHVDWXUDWHVLSHXUPDvOFKHDPDSHRVSDWDU
'RP
QHXQ:&XQGHJDVLPS
DFL"
$ODFLFD
&H:&GRP
OHWHGXFLvQWXILVVFRWL%DOXEDVLWHSLVL

8QSRSDHVLQJXUFXFvQGHVHUWFkQGGRLOHLYLQvQJRDQDVSUHHOFXLQWHQWLDYDGLWDGHDOPkQFD3RSDPDLDSXFDVD]LFD
'RDPQHSXQHPkQDSHOHLDFHVWLDDGDLSHFDOHDFHDGUHDSWDVLIDLHYODYLRVLGXSDFDUHOHVLQD
7UH]LQGXVHQXLYLQHVDVLFUHDGDRFKLORUOHLLVWDXOkQJDHOFXODEHOHvPSUHXQDWHVL]LF
9LQR,VXVHVLELQHFXYkQWHD]DRVSDWXOFDUHQLODLSURPLV

8QEHGXLQPHUJHDSULQGHVHUWVLLHUDWDUHIRDPHODXQPRPHQWGDWYHGHRJUDPDGDPDUHGHSLUHXVDUHEDLDWXOSHHDVLR
KDOHVWHUHSHGH0DLPHUJHHOvQFDR]LIRDPHDLDUvODMXQJHGLQXUPDFkQGGHRGDWDYHGHRJUDPDGDGHSLUHXODIHOFD]LXD
WUHFXWDQHKDOLFXPHUDWDEDUHVWHSHHD0DLPHUJHHOLDUR]LVLODIHOFXIRDPHDvQJkWLVLDGXFHDPLQWHFXSODFHUHGH]LOHOH
WUHFXWH FH QRURF D DYXW FX DFHOH JUDPH]L GH vVL SRWROHD IRDPHD FkQG FROR FH FUHGHWL FD YHGH R FDPLOD FXP vVL VWRUFHD
FRVXULOH

&LFDXQWLSPHUJHDSULQGHVHUWVLHUDELQHLQWHOHVPRUWGHIRDPHVLGHVHWH'HRGDWDYHGHvQGHSDUWDUHRFROLEDVLvLGDELFH
VDDMXQJDDFROR&kQGDMXQJHVLVWULJDODSRDUWDUDPkQHFXJXUDFDVFDWDVLFXRFKLLKROEDWLGHRDUHFHDSDUHRJDJLFDEHVWLDOD
vQWUXQFDSRWGHQRDSWHDSURDSHWUDQVSDUHQWEORQGDFXVkQLPDULVLWRDWHFHOH*DJLXOSHEkMELLWHvQFHSHVDLvQGUXJHFDYUHD
VLHOVDILHJD]GXLWDFRORSHVWHQRDSWHGDUWLSDvLVSXQHFDHVWHFDPGLILFLOGHRDUHFHHDDUHXQVRWVLFDGHVLQXODPDLYD]XW
GHDSURDSHXQDQvLHVWHIULFDVDQXYLQDSHVWHQRDSWHVLVDOJDVHDVFDDFROR/DFDUHWLSXOULGLFkQGXVHGHVSDWHVLVFRWkQGX
VLSLHSWXOvQDLQWHVSXQH
'RDPQDVXQWXQ*(17/(0(13XWHWLDYHDGHSOLQDLQFUHGHUHvQPLQHQXYDILQLFLRSUREOHPD
/DFDUHWLSDSULYLQGXOJDOHVSHQWUXFDJDJLXOHUDGHVWXOGHELQHvOSRIWHVWHvQDXQWUXvOJD]GXLHVWHvLGDVD PDQkQFHvL
IDFHXQPDVDMGDUWLSXOVLDUHVSHFWDWFXYLQWXO$GRUPLWWRDWDQRDSWHDFDSHJKLPSLLDUDGRXD]LFkQGVDSOHFHDREVHUYDW
XQIHQRPHQIRDUWHVWUDQLXvQRJUDGDIHPHLLHUDXFDPYUHRGHFRFRVLVLRVLQJXUDJDLQD)RDUWHPLUDWRvQWUHDEDSHWLSD
'RPQDQXYDVXSDUDWLGDUGHRELFHLHVWHLQYHUVDGLFDXQFRFRVVLPDLPXOWHJDLQL
$QXGRPQXOHQXPDLXQXOVLQJXUHVWHFRFRVUHVWXOVXQWJHQWOHPHQL

&LFDXQWLSXPEODSULQGHVHUWYUHRGRXD]LOHVLHUDPRUWGHIRDPHÌQWUHWLPSvOMHIXLHVFVLEHGXLQLLFDQXDPDLUDPDV
GHFLW FX YUHR FkWLYD FHQWL$MXQJH OLKQLW GH IRDPH vQWUXQ RUDV VL YHGH XQ VXSHUPDUFKHW QRXQRXW %XFXURV LQWUD VL vO
vQWUHDEDSHYkQ]DWRUFHSRDWHFXPSDUDFXEDQLLSHFDUHvLDYHD$ODvLUDVSXQGH
3DLODSUHWXODVWDDYHPQRLOHFRQVHUYHGLQF UGHHOHIDQW
'LQFH"
'LQF UGHHOHIDQW
6LVXQWEXQHGHFHYD"
'DGRPQH
6LQWJXVWRDVHXOWLPDQRXWDWH&HOPDLQRXJXVWGLQRFFLGHQW
%LQHGRPQH
GDVLPLHXQD
,DWLSXOFRQVHUYDLHVHDIDUDVFRDWHFXWLWX
R GHVIDFHWUHPXUkQG GH IRDPH VL VXUSUL]DHUD JRDOD 1HUYRVLQWUD vQDSRL vQ
PDJD]LQVLVHLDGHYkQ]DWRU
'RPQH
XLWHFXPVWDWUHDEDDPFXPSDUDWGHDLFLRFRQVHUYDGLQF UGHHOHIDQWVLFXLDHJRDOD&HLDVWD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌPLSDUHUDXGRPQXOHGDUVHSDUHFDDWLQLPHULWJDXUD

Ì&HLXQSXQFWDOEvQGHVHUW"
52DVSLULQD

Ì'DUFHLXQSXQFWQHJUXvQGHVHUW"
58PEUDGHODDVSLULQD

Ì&HVDUvQWkPSODGDFDVDUIDFHFRPXQLVPvQGHVHUW"
53ULPLL]HFHDQLQLPLFVLDSRLVDUGDQLVLSXOSHFDUWHOD

2FDPLODPHUJHLQGHVHUWOLSDOLSD3HFHFDOFDFDPLOD"
53HQLVLS

Ì&DUHHDVHPDQDUHDvQWUHGHVHUWVLSRVWXULOH79URPkQHVWL"
5$PkQGRXDVXQWSOLQHGH&DPLOH

Ì&H]LFHXQvQVHWDWvQGHVHUW"
5&HQLVLSRVHSHDLFL

'RXDILUHGHQLVLSPHUJSULQGHVHUW=LFHXQD
3VVVWDPLPSUHVLDFDVXQWHPXUPDULWH

'RLXUVLSRODULPHUJSULQGHVHUW=LFHXQXO
7UHEXLHFDHUDWDUHDOXQHFRVSHDLFL,DWHXLWDFHGHQLVLSDXvPSUDVWLDWSHDLFL

Ì&HDUHWUHLSLFLRDUHVLVDUHSULQGHVHUW"
58QSLDQ

8QWLSPHUJHDSULQGHVHUWSHRFDPLODGHYUHRGRXDVDSWDPkQL5DPDVHVHIDUDDSDIDUDPkQFDUHVLVXIHUHDvQJUR]LWRUGLQ
FDX]DFDOGXULL/DXQPRPHQWGDWWUHFHXQXOIXJLQGSHOkQJDHO0DLPHUJHFHPDLPHUJHVLYHGHSHDOWXODOHUJkQG6LWRW
DVD/DXQPRPHQWGDWVHLDGXSDXQXOVLvOvQWUHDED
'HFHIXJLGRP
OHvQKDOXODVWD"
/DVDPDGRP
OHFDIXJ
3DLYDGGDUGHFH"
3DLDOHUJkQGVHIRUPHD]DQLVWHFXUHQWLvQMXUXOPHXFDUHIDFUDFRDUHVLQXPDLVXIHUGHFDOGXUD
,QWHUHVDQWDLGHHvVL]LFHRPXOQRVWUX
6HVXLHSHFDPLODVLRvQGHDPQDVDPHDUJDPXOWPDLUHSHGH6LvQWUDGHYDUVHIDFHPDLUDFRDUH6LPHUJHHODVDXQWLPSLDU
DSRLFDPLODFDGHODWDMRVGHRERVHDOD6HXLWDRPXOODHDvQFHDUFDVDRVFRDOHQLPLF
+PPPvVL]LFHHOVHSDUHFDDvQJKHWDWGHWRW

7UHLYLHUPLVRULvQGHVHUWPHUJHDXvQVLULQGLDQ3ULPX
]LFH
ÌQIDWDDPQLVLSvQVWLQJDVLvQGUHDSWDDPQLVLSvQVSDWHDPGRLYLHUPLVRUL
$OGRLOHDYLHUPLVRU]LFH
ÌQIDWDVLvQVSDWHDPFkWHXQYLHUPLVRUvQVWkQJDVLvQGUHDSWDDPQLVLS
$OWUHLOHD]LFH
ÌQIDWDDPYLHUPLVRULvQVWkQJDVLvQGUHDSWDDPQLVLSvQVSDWHDPYLHUPLVRUL
Ì'HFH]LFHDDOWUHLOHDFDDUHvQVSDWHvQFDYLHUPLVRUL"
5(5$810,1&,126

6HvQWkOQHVFGRLWLSLvQGHVHUW=LFHXQX

+HLWX
&LQHHX"

'RLWLSLPHUJSULQGHVHUW=LFHXQXO
'HFHSRUWLXVDDLDGHPDVLQDFXWLQH"
&kQGPLHFDOGGHVFKLGJHDPXO

'RXDFDPLOHWDWDVLILXVWDXGHYRUED
7DWDGHFHDYHPQRLFRFRDVD"
3DLvQGHVHUWQXVXQWIkQWDQLVLvQHOHQHWLQHPUH]HUYDGHDSD
'DUGHFHDYHPFRSLWHDVDGHPDUL"
ÌQGHVHUWHQLVLSVLQHDMXWDODPHUV


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$WXQFLFHFDXWDPOD=RR"

8QRUDVHDQVLDYL]LWDWYDUXOFDUHORFXLDvQGHVHUWXO$UL]RQD/DXQPRPHQWGDWDFHVWDDXGHXQXUOHW
&HLDVWD"
1LPLFFRLRWLL
'DUFHVFRLRWLL"
1LVWHFkLQLVDOEDWLFL
6LGHFHXUODvQKDOXODVWD"
3DLSHODQRLQXFUHVFSRPLQXPDLFDFWXVL

'LHWDVDSWDPkQDODSHQWUXFHLFDUHGRUHVFVDVLSDVWUH]HOLQDVXSOD

/XQL
'LPLQHDWDFRDMDDGRXDRXD
ILULPLWXULPDULGHSkLQH
3UkQ] VXQFLGHDOELQDvQIRLHWDM
FRWRUGHPDU
&LQD RUDGHMRJJLQJ

0DUWL
'LPLQHDWDRILULPLWXUDGHRXSUDMLW
3UkQ] GRXDERDEHGHPD]DUHVLRIDVROH
VkPEXUHGHSUXQD
&LQD GHIORWDUL

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

-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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6HIXYUHDVDYDYDGDLPHGLDWSHDPkQGRL+DPEXUJHUX
OXLHSRVHGDWWUHEXLHVDOH[RUFL]DWL
6LYUHDXVDYD]LFFDPILUHXVLWGDFDQXHUXDVWLDGRLGHOD)%,VDVLEDJHQDVX

%DDLVDVWLLFDPJUHVLWSkQ
ODXUPDJXYHUQX
FKLDUQHYURLDELQHOH

*KLGXOSUHJDWLULORUSHQWUXSOHFDUHDODPXQWH

3HQWUXSOHFDUHDODPXQWHvQRULFHDQRWLPSWUHEXLHVDIDFPDLPXOWHFKHVWLL

&RQYLQJSHPDPDFD
QXRVDPRDUDQLPHQLRVDQHvQWRDUFHPvQWUHJL
GHGDWDDVWDQXRVRPDLVXQH6DOYDPRQWXO
FKLDUVLSHYkUIXOPXQWHOXLQHWUHEXLHXQEDQ
WDWDHGHMDGHDFRUGFXWRDWHDVWDRDUH"!

&RQYLQJSHWDWDFD
DPDUDQMDWGHMDFXPDPDWRDWHGHWDOLLOH
PDPDQXQHDGDWQLFLXQEDQvQDIDUDGH[[[ORQJLQW

,IVXFFHV WUXHRUSDULQWLBDFDVD IDOVHWKHQFRQWLQXHHOVHEHJLQVHSXNX

KDOWHQG

^+$+$+$+FHWHDSDOHDPWUDVVDXPLHPLRWUDJ""`

3UHJDWLUHGHSOHFDUHVLGHvQWRDUFHUH

6,08/$5($35(*$7,5,,6,08/$7258/8,'(%25'(,/&257!

FDXWDWvQWRW%XFXUHVWLXOILDUHOHGHOHFRUWVWkOSLLSLURQLLHWF

JDVLWILDUHGHFRUWODWDUDNPGHOD%XFXUHVWL"!

vQGUHSWDWILDUHGHFRUWGHOD¡ODSR]LWLDLQLWLDOD¡x¡!

QXPDUDWSLURQL!

WRDWDOXPHDVHFDOPHD]DQHSXWHPGHVFXUFDVLFXGRDUSLURQL

GRDUDPPDLIDFXWRQXHSULPDGDWDQX"1X"""

FDXWDWSkQ]DGHFRUWSULQPDJD]LQHQXDFDVD

JDVLWVLFXVXWSkQ]DGHFRUW

QXPDUDWFDPHUHOHGHFRUWWUHEXLHVDILHXQDGHSHUVRDQD

WUDVODVRUWLFLQHYDGRUPLSHMRV

FDXWDWIXQLLGHVXVWLQHUH

vQQRGDWPDLPXOWHVIRULSHQWUXDFRSHULUHDGHILFLWXOXL

GHFODUDWFRUWXOGUHSWVXSXVODWRDWHSUREHOHVLJDWDGHSOHFDUH

VXSXVFRUWXOODWRDWHSUREHOH

SRWROLUHDIXULHLGH]DPDJLULL!PHPEULORUH[FXUVLHL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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

WUDVODVRUWLFLQHPDQkQFDFXPkQD

WUDVODVRUWLFLQHQXPDQkQFDGHORF

WUDVODVRUWLFLQHPDLGDVLPkQFDUHSHGHDVXSUD

DQXODWUH]XOWDWHOHODFHULQWDPDPHL

SUHJDWLWVHUYHWHOHVFKLPEDWHVHUYHWHOHOHFHDXIRVWIRORVLWH!RUL

FXPSDUDWVHUYHWHOHQRL

ODVDWVHUYHWHOHOHDFDVDFHQHWUHEXLHSHPXQWH"!

vPSDUWLWPkQFDUHDIUDWHVWH

IXUDWPkQFDUHKRWHVWH

PkQFDWPkQFDUHIXUDWD

GHFODUDWFDYLUJXOD!FLQHYDDIXUDWPkQFDUHD

FUHDUHVLvPSDUWLUHELOHWHWRPERODSHQWUXFkVWLJDWRUvQFD]XOPRUWLLVDXvQJKHWXOXLXQXOXLGLQWUHSDUWLFLSDQWL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
FRQYLQVPDPDFDODVDPFHOSXWLQMXPDWDWHGLQOXFUXULDFDVD

GHFODUDWJDWDPkQFDUHD

FRQWLQXDWSUHJDWLUHDPkQFDULL

35(*$7,5($6,Ì1&$5&$5($58&6$&8/8,&8+$,1(

DGXQDWVLSUHJDWLWKDLQHOHGHSOHFDUH

vQMXUDW

VSDODWWRDWHKDLQHOHPHOH

vQFHUFVDvPSDFKHWH]KDLQHOH

PRWRWROLWKDLQHOHVLvQILSWHvQUXFVDF

WUHFXWELHWXOUXFVDFSHODWRDWDOXPHDVLXPSOXW

VFRVSHQHYD]XWHFFDGLQKDLQHOHFHORUODOWL

WUDVODVRUWLFLQHGXFHUXFVDFXO

YLQRYDWXOSRDWHSODWLFFD.LOROHLVLWUDJHUHDVHPDLHIHFWXHD]DRGDWD

GXSDFHVHVWUkQJHFFD*LJDOHLPDRIHUHXVDOGXF

VFRVvQFDFFDKDLQH

UH]HUYDWSDWODVSLWDO

SUREDWUXFVDF

GDWSXPQLLQFDSGHFHPDLDJXUDSHGLQDLQWH

EDQGDMDWVLJDWDGHSOHFDUHGHFODUDWJDWDUXFVDFXO

YHULILFDWUXFVDFXOVLWLQXWHUH]XOWDWHOHVHFUHWFXSURPLVLXQHDFDGXSDFDODWRULHYRUILGDWHSXEOLFXOXL

$/7(35(*$7,5,

PHUVVLFXPSDUDWELOHWHGHWUHQ

YHQLWDFDVDVLVSXVPHPEULLORUFDVDXWHUPLQDW

HLSOkQVFFDRUHHXUkVFFDRUH

DUDWDWELOHWHOHFXPSDUDWHVLPDUWXULVLWJOXPD

HLUkVFFDRUHHXSOkQVFFDRUH

GHVSDUWLWLGHPDPDVLWDWDFXXQYHFLQPDLYRLQLF

DUKLYDWWRDWHSURJUDPHOH

SXVSDURODOD%,26


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

VFULVSDURODSHXQDEXFDWDKkUWLH

DUXQFDWEXFDWDGHKkUWLHSHJHDPGHFDWUHPDPD

IDFHPRUGLQHvQFDVD

XGDWIORULOH

DUXQFDWIORULOHODJXQRL

IDFXWRUGLQHvQFDPHUD

SHUIHFWLRQDWRUGLQHDvQFDPHUD

GHFODUDWRUGLQHSHUIHFWD

LQVSHFWDWPDPD

UHSHDW

UHIDFXWRUGLQHvQFDPHUD

LQVSHFWDWWDWD

LIFXWUHPXUWKHQH[LW

XQWLOWDWD VDWLVIDFXWRUWDWD VDWXUDWRUQRL ODVDWBSDJXEDVL

VFRVGLQSUL]DWRDWHDSDUDWHOH

UHEDJDWIULJLGHUXOvQSUL]D

RSULWFXUHQWXOGHODWDEORX

ODVDWFKHLHIDOVDODXQYHFLQVLLQVWUXLWWLPSvQGHOXQJDWGHPDPD

PHUVODvQPRUPkQWDUHDYHFLQXOXL

VXQDWOD6DOYDPRQWVLOXDWQXPHUHGHWHOHIRQ

QXPHOHWXWXURUDQJDMDWLORU

QRWDWSR]LWLDFHDPDLDSURSLDWDGHORFXOQRVWUX

vPSULHWHQLWFX3ROLWLDGLQvPSUHMXULPL

SODWLWGHMDDPHQGDOD6SDWLL9HU]LVL3URWHFWLD0HGLXOXL

$/7($&&(625,,

WUXVDPHGLFDODWUHEXLHVDFRQWLQD

ELVWXULX

GHVIDFDWRUGHFRQVHUYH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
FXWLWGHYkQDWRDUH

SLVWROGHOLSLW

WUXVDGHFXVXWDFSLURQ

DWDVIRDUDIXQLHFDEOXRGJRQHWF

SHWLFPDWHULDOFkQHSD

RPHQHVF

VSDUDJDWRUGHDVIDOW

PLQLVSDUJDWRUGHDVIDOW

VXSHUVSDUJDWRUGHDVIDOWYDULDQWDPLFD

GUXMED

SLVWROSHQWUXVFXWLUHDVXIHULQWHORU

SLVWROSHQWUXDFFHQWXDUHDVXIHULQWHORU

GURJIRDUWHSXWHUQLF

GURJSXWHUQLF

GURJQXSUHDSXWHUQLF

GURJIRDUWHVODE

GURJVODE

GURJQXSUHDVODE

vQILQHWRDWHWLSXULOHGHGURJSHQWUXGDWODSDUWLFLSDQWLvQDLQWHGHXUFDUHDSHPXQWH

NJDVSLULQD

FDUXFLRUUXFVDFSHQWUXFDUDWPHPEULLFRQWUDFRVW

FDUXFLRUUXFVDFSHQWUXFDUDWPHPEULLDFFLGHQWDWLGDUWRWFRQWUDFRVW

DSDUDWSHQWUXPDVXUDUHDSXOVXOXLIDUDEDWHULL

IXQLHJURDVDUH]LVWHQWDSHQWUXPHPEULLGHFD]XWLSVLKLF

IXQLHPDLSXWLQJURDVDGDUODIHOGHUH]LVWHQWDSHQWUXFHLODOWLPHPEULL

GURSVXULPHQWRODWH

ERPERQHOH0XOWL9LWD

3DVWLOHGDOHDPDULVLVXOIXURDVH

RVWLFOXWDJRDOD

RVWLFOXWDSOLQD

RVWLFOXWDMXPDWDWHJRDODMXPDWDWHSOLQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

KkUWLHFXSUHVFULSWLLSHFDUHVFULH

:KLOHvQFDBvQBYLDWD WUXHWKHQQXBvLBGDLBQLPLF

HFKLSDPHQWGHXUFDWSHPXQWH

FXUDM

PXOWFXUDM

FRU]LURDVHGHYUHPH

FRU]LURDVHGHVRUDPHD

FRU]LQHURDVHWRWGHVRUDPHD

SLURDQHERDQWHSHQWUXFHLODOWL

SLURDQHODIHOGHERDQWHGDUSHQWUXPLQH

FKLEULWDVWDFHGUDFXFDXWDDLFL"FLQHODSXV"+(,

FDUDEH

ERFDQFLFXFROWDULvQDIDUD

ERFDQFLFXFROWDULvQDXQWUX

WUXVDFXOXFUXULSHUVRQDOH

EDQLLWXWXURU

SHULXWDGHKDLQH

GHGLQWL

GHFRUS

GHFH"

GHDLD

GHJHDED

GHWRW

GHXQGH"

GHRULXQGH

GHFDSVWDLDVDFXPHDLD""

SDVWDGHGLQWLVDXGHOLSLWWRWDLD

GHvQWLQVSHSkLQH

GHvQWLQVSHRULFH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
GHvQWLQVSHRULFHGDUFXVDUH

VDSXQ

VDQXSXQ"

SURVRSFRUS

SURVRSFDS

SURVRSYDVH

SURVRSYDVHGDUFRORUDW

)RU[ WRGRGHBOXDWB/DSWRS[

SLRQH]HGHPDULPHFXORDUHDOEDVWUD

SLRQH]HGHPDULPHFXORDUHYHUGH

SLRQH]HGHPDULPHFXORDUHURVLH

SLRQH]H[[

ODQWHUQDIDUDEDWHULLVLEHF

EDWHULLIDUDODQWHUQDVLEHF

EHFIDUDODQWHUQDVLEDWHULL

SUH]HUYDWLYHGHIDSWFRQVHUYDQWGDUVXQDPDLELQHLQHQJOH]D

SUH]HUYDWLYHvQURPkQHVWH

OHQMHULHLQWLPD

OHQMHULHSXEOLFD

FKLORWLFXEX]XQDU

FKLORWLVLEX]XQDU

,16758,5($)$&87$'(0$0$Ì1$,17('(3/(&$5(

1RWHQRXJKPHPRU\WRFRPSLOHWKLV

(1'

$ILVDXDQXIL0DQDJHU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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
0XQFDvQVHDPQDRERVHDOD
1XIDFHDVWD]LFHSRWLIDFHVLPkLQH
)DFkWPDLSXWLQLDUFHHDFHDLGHIDFXWIDVDIDFDDOWLL
3UHDPXOWDRGLKQDQXDRPRUkWSHQLPHQL
&kQGvWLYLQHSRIWDVDPXQFHVWLDVHD]DWHVLDVWHDSWDVDWLWUHDFD
'DFDPXQFDvQVHDPQDVDQDWDWHDWXQFLWUDLDVFDERDOD
6HUYLFLXOQXHVWHFkUFLXPDVDVWDLWRDWD]LXDvQHD
/DPXQFDWUHEXLHVDWHDVH]LvQDVDIHOvQFkWVDPDLvQFDSDVLDOWLL

5HFODPH

&LRFRODWD9HURQLFD
)DFHPLFDJDXULFD

)DFHPLFDJDXULFD
1XPDLLQWUDQLFLIXUQLFD

&LRFRODWD3RVWDYDUX
)DFHSX DFDVLSDUX


7LQHWLPLQWHWUHLFXYLQWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
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

&XUYHOHVLDWOHWLVPXO
9DFDOHVFFDOHVWH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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&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

0kQFDWLFRMLGHPHUHYHU]L
6LRVDMXQJHWLVRPDOH]L

3URGXVHOHILUPHL.QRUU
9DIDFGLQRPWUDFWRU

7LQHWLPLQWHWUHLFXYLQWH
2PXO.QRUUX
VLWUDFWRUX

,QVHWLFLGXO.XNL
,DVLSLHOHDVLSDGXFKLL

,QIX]LDFXIORULGHWHL
9DYDVFDSDGHODWHL

9UHLVDWLVDWLVIDFLQHYDVWD
&XPSDUDWLVDOWHD5HOD[D

6XWLHQXOGH&OXM1DSRFD
)DFHWkWDFDVLURFD

'LQFDPLQXOGHFKLPLH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2VDLHLEOHQRUDJLH

ÌQFDPLQXOPHGLFLQLL
7HSRWLIX HFXVWUDLQLL

ÌQFDPLQODPHGLFLQD
1LFLRIDWDQXLYLUJLQD

'DFDPHUJLODPHGLFLQD
6DWLLHLVLRSHQLFLOLQD

3DX]HOXQJLVLGHVH
&KHLDPDULORUVXFFHVH

%DQFXULVHFL

9RLVDVHVXQWHWLFHLPDLEXQLFLQFLSULHWHQLDLPHL'DUQRLSDWUXVXQWHPFHLWUHLVLQJXULLGRL

8QRPvVLOHDJDELFLFOHWDGHXQODPSLRQVLSOHDFDODFXPSDUDWXUL&kQGVHvQWRDUFHDGLVSDUXWODPSLRQXO

1RDSWHDHPDLIULJFDDIDUD

6HvQWkOQHVFGRL8QXQXYLQH

'RLFRSLLVWDXVLQXPDUDRELOD

8Q8)2]ERDUDFXNPKSULQGHVHUW/DXQPRPHQWGDWvLH[SORGHD]DXQFDXFLXF
&kWHERPERDQHDXIRVWvQSXQJD"

2PDPDDYHDFRSLLDXPXULWGHPLFLFHLODOWLGHFUHPYXUVWL

'RXDJDOHWLFXQLVLS'RXDJDOHW]LJRDOH0RUDODSORXD

$IRVWRGDWDXQYkQDWRUVLDYHDXQFkLQHLDUFkLQHOHQXDYHDQLPLFvPSRWULYD

2PXVFDLQWUDvQIXQGXOXQXLFDO&kQGVDLDVDQXPDLHUDFDOXO

8QWDUDQQXDYHDXQFDOVLFDOXOQXDYHDQLPLFvPSRWULYD

8QRPYLQHGHGXSDFROWVLFDOFDSHXQELVFXLWH

'RLYXOWXULSHRFUDFD8QXOHUDPDLPLFVLDOGRLOHDVLPDLPLF

'RLYXOWXULVWDWHDXSHRVWDQFD8QXOHUDSOHVXYVLXQXOVWDWHDPDLvQFROR

&LFDGRLYXOWXULHUDXSHRVWkQFD8QXOHUDSOHVXYVLXQXOHUDVDFDGD

(UDXGRLFRSLLSHXQXOvOFKHPD,RQVLSHXQXOvOFKHPDP
DVDDFDVD

Ì&HLWUHFHXOWLPDGDWDSULQFDSXQHLJk]HFkQGVHORYHVWHGHSDUEUL]XOXQHLPDVLQL"
5)XQGXO

Ì&HIDFHYDFDODOXPLQDVRDUHOXL"
58PEUD

Ì&HIDFGRXDYDFLODOXPLQDVRDUHOXL"
53ODMD

Ì'HFDDUHFLRFDQLWRDUHDFLRF"
5&DVDQXVHEDWDFXFDSXOGHFRSDFL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&HJkQGHVWHXQFkLQHPHUJkQGSULQGHVHUW"
5'H
QXDSDUHXQVWkOSIDFSLSLSHPLQH

Ì'HFHWLQFkLQLLSLFLRUXOULGLFDWFkQGIDFSLSLSHXQJDUG"
56DQXFDGDJDUGXOSHHL

Ì6WLWLFDUHHGLIHUHQWDGLQWUHXQEXUODFVLXQRPvQVXUDW"
5%XUODFXOVHSRDWHGDMRVSHDPEHOHSDUWLDOHSDWXOXL

Ì&HIDFHXQOLOLDFvQWUXQFXSWRUFXPLFURXQGH"
5$VFXOWDPX]LFD

Ì&HHRXVD"
5&KHVWLDSHDFDUHLSDUWHJUHVLWDVWDXFDLQLL

Ì/DFHIRORVHVFLQGLHQLLSLHLOHGHFDL"
5ÌVLWLQFDLLvQHOH

Ì&HHPLFYHUGHXPEODSULQSDGXUHVLIDFHPDFPDF"
50DFPDFXOYHUGHGHSDGXUH

Ì&HHJDOEHQVLDUHGRXDGXQJLQHJUH"
52ODPkLHFXEUHWHOH

Ì&HHQHJUXSHGLQDIDUDVLYHUGHSHGLQDXQWUX"
58QQHJUXFDUHDPkQFDWVSDQDF

Ì&HHQHJUXFXXQSLFLRU"
58QQHJUXVFKLRS

Ì&HHQHJUXFXGRXDSLFLRDUH"
58QQHJUXQRUPDO

Ì&HHXQQHJUXFXWUHLSLFLRDUH"
58QSLDQ

Ì&HHXQXUVSRODUGXSDWUHFHUHDODDOWDD[D"
58QXUVUHFWDQJXODU

Ì'HFHULQRFHUXODUHFRUQ"
5&DQDJDVLWFKLIOD

Ì'HFHQXDOHDUJDPHOFXO"
5&DVDQXLIkOIkLHRFKLL

&HLPDURVLvQFHSHFX2"
52UkPD

0DLWkU]LX
Ì&HLPDURVLvQFHSHFX'"
5'RXDUkPH

0DLWkU]LX
Ì&HLPDURVLvQFHSHFX7"
57RWRUkPD

Ì&DUHLDVHPDQDUHDGLQWUHXQYXOWXUVLRFkUWLWD"
58PEODDPkQGRLSHVXESDPkQWFXH[FHSWLDYXOWXUXOXL

Ì&XPUHFXQRVWLXQLHSXUH]EXUDWRU"
5$UHXQYXOWXUSHVSDWH

&HLPDLPLFDVLPDLPLFDGHFDWSXWDGHIXUQLFD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
8QHSVLORQELQHDOHV

&DUHHVWHGLIHUHQWDGLQWUHRUDFKHWDVLXQFDFDW"
5DFKHWDvQFDQDLPkQFDW

8QFDOSDVWHDOLQLVWLWSHFkPS'HRGDWDvQJKLWHGLQJUHVHDODXQIOXWXUH$FHVWDVLPWLQGSHULFROXOvQFHSHVDVH]EDWDVD
VWULJHVDGHDGLQPkLQLVLSLFLRDUHGDUSUHDWkU]LXFDOXOSOHFDVH

Ì&DUHHGHRVHELUHDGLQWUHSDVDULFDVLIXQLFD"
53DVDULFDWHIXUQLFDGDUIXUQLFDQXWHSDVDULFD

Ì'HFHHURVLDURVLH"
5&DVDQXIDFD]JRPRW

'RXDFLRUL]EXUDX/DXQPRPHQWGDWXQD]LFH
6XULRDUDYH]LVDQXGDLFXFDSXOvQVWkOSXODODGHEHWDXDXDXDXQQQQ

Ì&HHPDUHPLURDVHXUkWVLDUHGHDULSL"
52ODGDGHJXQRLFXGHPXVWH

ÌQWUXQPDJD]LQHUDXWUHLWHOHYL]RDUH
8QXOFRORUXQXODOEQHJUXVLXQXOvQFKLV

2FXUHDDOHUJDXQFXUSULQSDGXUHDOHDUJDFHDOHDUJDFXUHDXDGXSDFXUSkQDFHFXUXVHXUFDvQSRP&XUHDXDvLVSXQHVD
VHGHDMRVFDOEDWH&XUXVSXQHFDLSDVDUHLDUFXUHDXDvLVSXQHVDFkQWH&XUXVHEHVHVWH

'RXDPDLPXWHWDLDXSHWUROFXILHUDVWUDXvQWUXQEHFLQRDSWHD8QD]LFH
'H
XQGHSX DPHDDXDSDUXWFRFRULLDVWLD"

'RXDURVLLPHUJSHFDOHDIHUDWDVLXQD]LFH
9H]LDLJULMDFDYLQHWUHQXOVLWHIDFHIOHRVW

Ì&HHGDFDXQVRIHUGHFDPLRQVHSLVDvQ]DSDGD"
5,DUQD

Ì&DUHLGLIHUHQWDGLQWUHRSLVLFDVLWUHQ"
5&XWUHQXSRWLVDWUHFLSHVXEWXQHOGDUFXSLVLFDQXSRWLVDEDWLFXLH

Ì&DUHHVWHGLIHUHQWDGLQWUHXQYDSRUVLRSLVLFD"
5&XYDSRUXOSRWLVDEDWLFXLHGDUSLVLFDQXVWLHVDvQRDWH

'RXDERDEHGHPD]DUHPHUJSHXQFRULGRU=LFHXQD
$WHQWLHYLQHRVFDUDUDUDUDUD

'RXDEORFXULMRDFDWHQLV&HFXORDUHDUHPLQJHD"
9HUGHSHQWUXFDFLRFRODWDQXDUHJUDWLL

Ì'HFHHEXGLQFDWDUH"
53HQWUXFDEDQFXULOHVHFLQXLDXSHQVLHVLvQDIDUDGHDVWDLHULvQGHVHUWDIRVWPDLvQWXQHFDWGHFkWDOEDVWUX

'RLXUVLSRODUL]ERDUDSULQGHVHUW8QXOFDGH&HODODOW]LFH
1XLQLPLFVLQLFLQXLDSD

Ì'HFHHVWHFURFRGLOXOPDLPXOWYHUGHGHFkWOXQJ"
53HQWUXFDHVWHYHUGHVLSHOXQJLPHVLSHODWLPHvQVDOXQJHVWHGRDUSHOXQJLPH

Ì'DUGHFHHVWHFURFRGLOXOPDLPXOWOXQJGHFkWYHUGH"
53HQWUXFDHVWHOXQJVLSHIDWDVLSHVSDWHvQVDHVWHYHUGHGRDUSHVSDWH

Ì&DUHLGLIHUHQWDGLQWUHRURVLHVLXQWUDPYDL"
57UDPYDLXODUHRGXQJDURVLHGD
URVLDQDUHRGXQJDWUDPYDL

Ì&DUHLGLIHUHQWDGLQWUHRUkPDVLXQSRUF"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
53RUFXOUkPDGD
UkPDQXSRUF

Ì&HHOXQJDOEDVWUXVLXPEODSHVXESDPkQW"
52UkPDvQWUHQLQJ

Ì&HHDOEFXQHJUXVL]ERDUD
53RUXPEHOXOSDFLLvQFKLORWLGHVSRUW

Ì&HHPLFJDOEHQVLPHUJHSHVXESDPkQW"
58QYLHWQDPH]FHFDXWDERPEH

Ì&HHPLFJDOEHQVL]ERDUD"
58QYLHWQDPH]FHDJDVLWRERPED

Ì&HHJDOEHQDUHGHSLFRDUHVLGRXDDULSL"
5(FKLSDGHIRWEDOD&KLQHL

Ì&HHQHJUXVWDvQSRLDQDVLVHvQYkUWHVWH"
52FkUWLWDODDUXQFDUHDFLRFDQXOXL

Ì&HHQHJUXVLVDUHvQWUXQSLFLRUvQSRLDQD"
5$FHHDVLFkUWLWDGXSDFHLDSLFDWFLRFDQXOSHSLFLRU

Ì&HUH]XOWDGDFDvPSHUHFKH]LRJLUDIDFXRFkUWLWD"
52VRQGD

Ì&HOvQWRUFLVHDUDWHWUH]HVWHGLPLQHDWDVLODSUkQ]vOSXLvQFLRUED"
5&HDVXO

Ì&HWXSXLFHDVXOvQFLRUED"
5(FHDVXOPHXVLIDFFHYUHDXFXHO1X""

,QWUDXQX
VXFDULWvQWUXQEDUVFRDWHPLWUDOLHUDVLLFLXUXLHVWHSHWRWLGXSDFDUH]LFH
3DLFHSX DPHD

Ì&HDQLPDODUHFRDPDFRDGDVWXIRDVDFRSLWHHEXQODFXUVHVLvQFHSHFXOLWHUD*"
58QFDOGDUvOFKHDPD*,*,

Ì&HVDUvQWkPSODGDFDZKLVN\XOVDODWHOHVLPRUFRYLLDUILVHFUHWHOHORQJHYLWDWLL"
5,HSXULLFDUHEHDXDUWUDLYHVQLF

Ì8QWLSDOEDUHEUHWHOHYHU]LODSDQWDORQLURVLL'HFH"
5&DVDQXLFDGDSDQWDORQLL

Ì&HHDOEDVWUXVWDvQSRLDQDVLODWUD"
52YDFDvQWUHQLQJFDUHYRUEHVWHOLPELVWUDLQH

Ì'HFHFRQWLQHODSWHOHJUDVLPH"
53HQWUXFDODPXOVVDQXVFkUWkLH

Ì&DUHHGLIHUHQWDGLQWUHFRQVHFYHQWDVLLQFRQVHFYHQWD"
5&RQVHFYHQWDvQVHDPQD$=,DVDVL0Æ,1(DVD,QFRQVHFYHQWD$]LDVDPkLQHDVD

Ì&HHDXULXVL]ERDUD"
58QFDUDEXVFXGLQWLGHDXU

Ì&kWHLDXUWXULvQFDSvQWURFXVFDGHFkLQL"
5/DVDKQXVHGHSHQDOW\

Ì&DUHHGLIHUHQWDGLQWUHRFDVFDGD"
5&XFkWPDLVXVFXDWkWPDLIOHRVF

Ì&DUHHGLIHUHQWDGLQWUH2KKXQG$KKKKKKKKKKKKKKKKKKK"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5FHQWLPHWUL

Ì&HDUHSDWUXSLFLRDUHVLSRDWH]EXUD"
5'RXDSDVDUL

9LQHXQVFKHOHWODGRFWRU'RFWRUXO
&UHGFDYHQLWLSUHDWkU]LX

Ì&DUHHGLIHUHQWDGLQWUHWLQH"
53LFLRUXOPDLDOHVVWkQJXO

Ì&HIDFHXQYLNLQJSHXQDLVEHUJ"
5ÌQJKHDWD

Ì&XPVHSRDWHH[SOLFDSHVFXUWWHRULDPXOWLPLORU"
5'DFDvQWURFDPHUDVXQWWUHLRDPHQLVLFLQFLGLQHLLHVDIDUDDWXQFLWUHEXLHVDLQWUHGRLvQFDPHUDSHQWUXFDDVWDVDILHGLQ
QRXJRDOD

Ì&HHPLFYHUGHVLWULXQJKLXODU"
58QWULXQJKLPLFVLYHUGH

'RXDOXPkQDUL=LFHXQD
0DVWLQJFXPDVPDLEHDREHUH

Ì&H]ERDUDVLHGHFXORDUHDOEDFXGXQJLURVLL"
58QSHVFDUXVFXYDULFH

8QFDOvQRDWDSULQSDGXUH9LQGRLSROLWLVWL
$LFLIXPDWXOHLQWHU]LV
(XDPWRWXVLRFKHODULGHvQQRW

'RLPHUJSULQSDGXUH8QXOJDVHVWHGHOHLDOWXOQX

Ì&HLPLFVLYHUGHVLPHUJHSHSHUHWH"
58QFDVWUDYHWHFXYRLQWD

Ì&HHYHUGHVL]ERDUD"
58QFDVWUDYHWHPXUDWWHOHJKLGDW

Ì&HHYHUGHVLJDORSHD]DSULQSDGXUH"
52WXUPDGHFDVWUDYHWL

Ì6LFDUHLSRDQWDEDQFXOXL"
5&DVWUDYHWLLQXXPEODvQWXUPD

9LQHXQFDOvQWUXQEDU%DUPDQXO
%DFHIDWDOXQJDIDFL

Ì&XPIDFGUDJRVWHRFKHODULVWLL"
5ÌVLGDXRFKHODULLMRVVLVHI WFDFKLRULL

Ì&HLQHJUXPLFVLEDWHODXVD"
59LLWRUXO

Ì&HLQHJUXVWDSHKROVLVHGDODRDPHQL"
57HOHIRQXO

Ì&HVWDGXSDXVDVLFkQGLQWULvQFDVDvWLGDVXWXULvQIXQG"
52PDVLQDDXWRPDWDGHGDWVXWXULvQIXQG

Ì&HVWDGXSDXVDVLFkQGLQWULvQFDVD18vWLGDVXWXULvQIXQG"
52PDVLQDDXWRPDWDGHGDWVXWXULvQIXQGURPkQHDVFD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&HHPDUHXUkWIDFH]JRPRWVFRDWHIXPVLWDLHPRUFRYLLvQ"
50DVLQDURPDQHDVFDGHWDLDWPRUFRYLLvQ

Ì&HHPLFYHUGHVLXPEODSULQSDGXUH"
50LFXOYHUGHGHSDGXUH

Ì&HHVWHPLFDOEFXDULSLRDUHVLVXJHVDQJHOHRDPHQLORU"
57DPSRQXODGH]LY/LEUHVVH

Ì&DUHHGLIHUHQWDGLQWUHXQQHJUXVLRDQYHORSDGHPDVLQD"
5$QYHORSDQXFDQWD*RVSHOFkQGvLSXLODQWXUL

Ì&DUHHGLIHUHQWDLQWUHXQX
FDUHFDGHGHODHWDMVXSHULRUQVLXQX
FDUHFDGHGHODHWDMXO"
5$ODFDUHFDGHGHODIDFH$$$$$$$$$$$$EXIDODFDUHFDGHGHODIDFHEXI$$$$$$$$$$

Ì&DUHHVWHGLIHUHQWDLQWUHGHXUVLDOELVLXQXUVDOE"
5XUVLDOEL

Ì&HHYHUGHFXURVXVLVHPLVFDFXPLOHSHRUD"
52EURDVFDLQWUXQPL[HU

Ì&HLPLFVLYHUGHVLPHUJHSHSHUHWH"
58QFDVWUDYHWHFXYRLQWD

6HvQWkOQHVFGRLYkQDWRUL
6LPRUDPkQGRL

8QSXQFWQHJUXFDUHXUFDSHDOE
8QSDLDQMHQDVFHQGHQWSHSHUHWH

8QSXQFWDOEFDUHFRERDUDSHDOE
8QSDLQDQMHQDVFHQGHQWFDUHFRERDUDSHSHUHWH

8QSXQFWQHJUXFXGRXDGXQJLDOEH
8QSXULFHFXEUHWHOHDOEH

8QSXQFWDOEFXGRXDGXQJLQHJUH
8QSXLGHSXULFHFXEUHWHOHQHJUH

'RLFDLVWDXvQSLYQLWDVLWDLHEHQ]LQDFXILHUDVWUDXO8QOLIWFRERDUDVFDULOHVL]LFHvQJkQGXOVDX
%DDDDFHFKHVWLH

'RLFDLVWDXvQSLYQLWDVLWDLHEHQ]LQDFXILHUDVWUDXO2VXUXEHOQLWDLQWUDSHXVDSYQLWHLRLDvQVXVSHSHUHWHVHWkUDVWHSH
WDYDQSkQDODSHUHWHOHRSXVDSRLvQMRVSHSHUHWHVLLHVHDIDUDSHXVDFHDODOWD=LFHXQFDO
$LYD]XWDVWD"
&HODODOWFDO
'DDWDQXGDQLFLRGDWD%XQD]LXD

'RXDEORFXULVWDXvQSRP7UHFGRLSROLWLVWLSHDFROR=LFHXQXO
&HFDXWDWLPDLDLFL"
/DFDUHXQEORF
'HFHHGHMDRUDFLQFL"

8QRPPHUJHSULQSDGXUHVLYHGHRFLXSHUFD6HDSURSLHVL]LFH
2RRRRFLXSHUFD
&LXSHUFDVHvQWRDUFHVL]LFH
(LVL

9DULDQWD
8QRPPHUJHSULQSDGXUHVLYHGHRFLXSHUFD6HDSURSLHVL]LFH
2RRRRFLXSHUFD
&LXSHUFDVHvQWRDUFHVL]LFH
2RRRXQRP


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

6HvQWkOQHVFGRXDVXEPDULQHvQGHVHUW=LFHXQXO
6L"
'DUFHODODOW
6LFH"

'RXDYDFLVWDXSHDUDWXUDVLFRVHVFSHWURO8QFDOWUHFHvQ]ERUSHOkQJDHOH=LFHXQD
7UHEXLHFDHXQFXLESULQDSURSLHUH
'DUFHDODOWD
1XXXXDVWLDVXQWFDLFDODWRUL=ERDUDvQWDULOHFDOGH

'RXDVXEPDULQHvQVDODGHFLQHPD/DXQPRPHQWGDWLQWUDXWDQF=LFHXQVXEPDULQ
8QWDQF&HWkPSHQLH

9LQHXQRPGXSDFROW3OHDFDDXWREX]XO
9LQHXQDXWREX]GXSDFROW3OHDFDRPXO
9LQHXQDXWREX]FDWUHRP3OHDFDFROWXO

6HvQWkOQHVFGRXDFRVXUL
8QGHLIUDWHWX"
(VWRUV

7UHLFDLSDVWHDXSHRSDMLVWHXQXODOEXQXOQHJUXVLXQXOPDLvQFROR

%XODPHUJHDSHFDO'LQWURGDWDRSLFDW
'HFH"
6RWHUPLQDWFDOX


&LFDRGDWDXQFDUXWDVPHUJHDSHXQGUXP
'LLLHHH
/DXQPRPHQWGDWYHGHXQFURFRGLOYHQLQGVSUHHO
&URFRGLOXO%XQD]LXDFDUXWDVXOH&HPDLIDFL"
&DUXWDVXO'RDPQHIHUHVWH1DPPDLYD]XWFURFRGLOYRUELWRU
'DFDOXO1LFLHX

'RLSXULFLSHRPRWRFLFOHWD'HRGDWDXQXGLQWUHHL]LFH
2SUHVWHEDFDPLDLQWUDWRPXVFDvQRFKL

'RLSXUHFL
0HUJHPSHMRVVDXOXDPXQFLLQH"

'RLFURFRGLOLIDFHDXIORWDULSHPDUH
1LQRQLQRQLQRYLQHSD]DGHFRDVWD
&HVDSDWLEDDLFL"
$DDQXXXIDFHDPIORWDUL
&HHH"6HFRQILVFD

&LFDRGDWDXQFDUXWDVPHUJHDSHXQGUXP
'LLLHHH
/DXQPRPHQWGDWYHGHXQFURFRGLOYHQLQGVSUHHO
&URFRGLOXO%XQD]LXDFDUXWDVXOH&HPDLIDFL"
&DUXWDVXO'RDPQHIHUHVWH1DPPDLYD]XWFURFRGLOYRUELWRU
'DFDOXO1LFLHX

8QDUDEVFXWXUDXQFRYRUGHODHWDMXO
8QWUHFDWRUvOvQWUHDED
&HDUHQXSRUQHVWH"

0HUJHDXSHVLQDGHFDOHIHUDWDEHWLYDQL
$XDOHXFHGHVFDULLQEORFXODVWD
6LFHUHFHHEDOXVWUDGD
,DVVVVWLDX]LYLQHVLOLIWXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RXDEXIQLWHSHFUDFD
3ULPD%XKXKX
$GRXD%XKXKXLQS DPDWLLFDPDLVSHULDW

'RXDURVLLSHOLQLGHWUHQ8QD
9H]LFDYLQHWUHQXO
&HDODOWD
(WHIOHRVF

'RXDPLQJLLvQGHVHUW0DPDVSXQHILFHL
8LWHDVWDHXQFDFWXV=LVLWX
&DFWXVVVVVVVVVVV

'RXDEDORDQHVHvQDOWDXvQDHU3ULPXO
0DLSRWL"
$OOHD
0DLSRW
0DLSRWL"
0DL32&&&&

'RXDEDORDQHvQGHVHUW]LFHXQXO
9H]LFDvQIDWDQRDVWUDHVWHXQFDFWXVVVVVVVVVVVVVVV

0HUJHDXGRLWLSLSULQGHVHUWXQXFDUDLQVSDWHRELFLFOHWDVLDOWX
RFDELQDWHOHIRQLFD&HOFXFDELQDLQWUHDED
'HFHFDULPDELFLFOHWDDVWDGXSDWLQH"
&LQGYLQEHGXLQLLPDVXLSHHDVLIXJFkWSRW'D
WXGHFHFDULFDELQDWHOHIRQLFD"
&LQGYLQEHGXLQLLDUXQFFDELQDFDVDIXJPDLUHSHGH

0HUJHDREURDVFDSULQGHVHUWVLVHXVFDDOGUDFX
'HRGDWDSULPHVWHXQSXPQLQFHDID6HXLWDLPSUHMXUQLPLFQLVLSVL
FHUVHQLQ
0DLPHUJHREXFDWDPDLSULPHVWHXQSXPQvQFHDIDÌPSUHMXUQLPLFFHUVHQLQ8LWHDVDDSULPLWEURDVFDGRLSXPQLGLQ
VHQLQ

7UHLEURVFXWHPDILRWHLQGHVHUWSULPDVDUHVL]LFH2$&DGRXDVDUHVL]LFH2$&DWUHLDVDUHVL]LFH2$&2$&
3ULPHOHGRXDRRPRDUDSHDWUHLD
ÌQWUHEDUH'HFH"
5DVSXQV)LLQGFDVWLDSUHDPXOWH

0kLQHvQGHVHUWGRXDYDFLVWDWHDXvQWUXQEUDGVLFURVHWDXDSDPLQHUDODFXGRXDFDUDPL]L
7UHFHXQHOHIDQWLQ]ERUVLOHvQWUHDED
&DWHFHDVXO"
8QDVFRDWHXQWHUPRPHWUXVL]LFH
$]LHYLQHULVHGDXUHVWDQWHOHGHMRL

'HSDUWHSHVWHPDULSHVWHWDULSHVWHRFHDQHSHVWHPXQWLSHVWHYDLSHVWHGHDOXULSHVWHWXUPHGH
RLHUDRLQVXODPLFDPLFDvQPLMORFXOFDUHLDVHDIODRFRFLRDEDLDULQFRFLRDEDORFXLDXQSXVWQLFÌQWURGLPLQHDWDVH
WUH]HVWHLHVHGLQFRFLRDEDSULYHVWHVRDUHOHUDVDULQGGHDVXSUDRFHDQXOXLVHvQWLLLLQGHHHHVLVSXQHFDVFkQG
$DDDDDDKKKEDGDFHGHSDUWHVWDX

'RLRUELODFLQHPDWRJUDI6HDVHD]DLQXOWLPXOUkQG3HVWHPLQXWHXQXOvOvQWUHDEDSHFHODODOW
9H]L"
1X
$WXQFLKDLPDLvQIDWD

8QWLSPHUJHDFXPDVLQDvQDIDUDRUDVXOXLFkQGGHRGDWDLVHRSUHVWHPRWRUXO&XPQXVHSULFHSHDGHORFvVLVPXOJHD
SDUXOGLQFDSGHQHFD]FkQGDSDUHXQFDODOEVLLVSXQH
9H]LFDHvQIXQGDWFDUEXUDWRUXOvLVSXQHFHVDIDFDVLSOHDFD
7LSXOUDPkQHPDVFDGDUIDFHFHLD]LVFDOXOVLPLQXQHPRWRUXOSRUQHVWH6HRSUHVWHvQSULPXORUDVODSULPXOSROLWLVWVLL
SRYHVWHVWHWRWXO
1RVDFUHGHWLFHPLVDvQWDPSODWPHUJHDPFXPDVLQDGHRGDWDPRWRUXOVDRSULWVLDDSDUXWXQFDOFDUHPLDVSXVFXPVDO
UHSDU
&HFXORDUHDYHDFDOXODOEVDXQHJUX"vQWUHDEDSROLWLVWXO
$OE


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'RP
OH$LDYXWPDUHQRURFFDQXHUDDODQHJUXFDVLDODvWLVSXQHGDUQXVHSULFHSH

8QFLREDQGXSDRIXUWXQDvVLSLHUGHRRDLH3OHFkQGvQFDXWDUHDHLVHvQWkOQHVWHFXXQRPFDUHVDSDFHYD&LREDQXOvO
vQWUHDEDGDFDQXDYD]XWRRDLHLDUDFHVWDLLVSXQHFDDUHGHVDSDWGHDLFLSDQDDFRORFHUDPDQHVDSVLPDLQH&LREDQXOvL
VSXQHFDQXOLQWHUHVHD]DFHIDFHVLvLUHSHWDvQWUHEDUHDODFDUHRPXOvLGDDFHODVLUDVSXQV3XWLQLULWDWFLREDQXOvLPDLSXQH
vQFDRGDWDvQWUHEDUHDLDURPXOvLUDVSXQGHFDDUHGHVDSDWGHDLFLSkQDDFRORFHUDPkQHVDSVLPDLQH&LREDQXOSOHDFD
ODVkQGXOVDVDSHvQFRQWLQXDUHVLGXSDR]LGHFDXWDUHvVLJDVHVWHRDLD
ÌQWRUFDQGXVHvOJDVHVWHSH
QHEXQ
VDSkQGvQFRQWLQXDUH&LREDQXOYD]kQGXOLVHIDFHPLODGHHOVLVHKRWDUHVWHVDLGHDOXL
RDLDGDU
QHEXQXO
vLVSXQHFDDUHGHVDSDWGHDLFLVLSkQDDFRORFHUDPDQHVDSVLPkLQHÌQWUXQWDU]LXWRWFHUWkGXVHvQWUHHL
WUHFHSHOkQJDHLXQSROLWDLFDODUHVLvLvQWUHDEDFHVHvQWDPSOD&LREDQXOvLVSXQHFD
QHEXQXO
VDSDGHWUHL]LOHVLWRWQXJDVHVWH
QLPLFVLDPYUXWVDLGDXOXLRDLDVLHOLPLWRWVSXQHFDDUHGHVDSDWGHDLFLVLSkQDDFRORFHUDPDQHVDSDVLPkLQH3ROLWDLXO
XLWkQGXVHFkQGODXQXOFkQGODFHODODOWVLvQWUXQWDU]LXOHVSXQH
%DYRLYUHWLVDPLIXUDWLFDOXO

%DFLXOLVLSDVWHRLOHSHFXOPHDPXQWHOXL6HDSURSLHXQWXULVW
%XQD]LXDEDFLXOH)UXPRDVHRLDL
0GDIUXPRDVH$OHDDOEH
'D
DOHDQHJUH"
3DLV
DOHDQHJUH
'DUODSWHGDX"
'DXFXPVDQXGHD$OHDDOEH
'D
DOHDQHJUH"
3DLV
DOHDQHJUH
'DUPLHLIDF"
)DDDF0LHLPXOWLVLVDQDWRVL$OHDDOEH
'D
DOHDQHJUH"
3DLV
DOHDQHJUH
'DUFHYDOkQDVFRWLGHSHHOH"
/kQD"'DXPXXXOWDOkQD$OHDDOEH
'D
DOHDQHJUH"
3DLV
DOHDQHJUH
%DFLXOHGHFHVSXLPHUHX
DOHDDOEH
"&HDXRLOHDOEHGHRVHELW"
3DLDOHDDOEHVXQWDOHPHOH
'D
DOHDQHJUH"
3DLV
DOHDQHJUH

8QEDUEDWWUHFXWELQHGHSULPDWLQHUHWHLQWUDODXQERUGHOQRXGHVFKLV$UXQFkQGSULYLULSLH]LVHvQVWkQJDVLvQGUHDSWDVH
vQGUHDSWDVSUHRPDVDFDXQELURXGHUHFHSWLHXQGHXQWDQDUEXWRQDGH]RUODXQFRPSXWHU
+P+P]LFHEDUEDWXOQRVWUX
2ELQHDWLYHQLWODVWDELOLPHQWXOQRVWUXFRPSXWHUL]DWXQGHVHUYLFLLOHVXQWRUJDQL]DWHGXSDXOWLPHOHPRGHOHHFRQRPLFH]LFH
WkQDUXO&XVLJXUDQWDGRULWLVDDYHWLRFRPSDQLHSODFXWD9DURJPHUJHWLSHDFHVWFXORDUOXPLQDWGLVFUHWVLGDFDGRULWL
EORQGHOXDWLRODGUHDSWDGDFDGRULWLDOWFHYDOXDWLRODVWkQJD
+P+PGDELQHPDL]LFHVLEDUEDWXOFDXWDWRUGHGLVWUDFWLHVLSDVHVWHSHFXORDUODGUHDSWDÌQIDWDvLDSDUXXQPLFWRXFK
VFUHHQVHOHFWLRQV\VWHPSXVLQIDWDDGRXDXVLLGHQWLFH'RULWLREORQGDLvQDOWDSUHVVVDXLLVFXQGDSUHVV]LFHDHFUDQXO
0RUPDLQGFHYDQHLQWHOLJLELOEDUEDWXODSDVDUHSHGH8VDGLQVWkQJDJOLVDLPHGLDWODSHUHWHLQYLWDWRU3DVLQGvQDXQWUX
FOLHQWXOQRVWUXFDUHHUDGLQFHvQFHPDLKRWJDVHVWHXQKROLVRUGLVFUHWFXXQQRXWRXFKVFUHHQ'RULWLREORQGDvQDOWDFX
LVkQLPDULSOHDVHSUHVVVDXLLFXVkQLPLFLSOHDVHSUHVV]LFHDHFUDQXO0kUUDLQGFHYDPDLWDUHRPXOQRVWUXDSDVD
QHUDEGDWRUSH,PHGLDWRXVDPDVFDWDvQ]LGVHGHFKLGHLQYLWkQGGLQQRXPDLGHSDUWH'LQQRXXQFXORDUFXIUXPRDVH
SLFWXULQXGHSHSHUHWLVLGHDFXPFXQRVFXWXOWRXFKVFUHHQGRULWLEORQGHvQDOWHFXVkQLPDULVLVSHFLDOL]DWHvQLSHUYHUVLXQL
SOHDVHSUHVVVDXLLVSHFLDOL]DUHvQVH[FODVLFSOHDVHSUHVV]LFHDHFUDQXOGHGDWDDVWD
1HPDLSXWkQGXVLVWDSkQLXQULFWXVQHUYRVRPXOQRVWUXGDFXSXPQXOvQHFUDQFXDSUR[LPDWLHvQ]RQDXQGHVFULHVLvQFHW
FXRPX]LFDODVFLYDRQRXDXVDVHGHFKLGHvQIDWDVD2PXOVHUHSHGHSULQXVDFDXQXUDJDQ&kQGVHXLWDLQMXUVHWUH]HVWH
SHWURWXDUvQDIDUDFODGLULL=PXOJkQGXVLSDUXOIXULRVRPXORFROHVWHFODGLUHDVLLQWUDGLQQRXODELURXOGHUHFHSWLH
&HLKPPPFHLDVWDGRPQXOH"XUODHOODWkQDUXOUHFHSWLRQHU
:HOOUDVSXQGHWkQDUXOIHWHOHQDXVRVLWvQFDGDUVSHUDPFDYDSODFXWPXOWRUJDQL]DUHDQRDVWUD

7UHLOLSRYHQLDVWHDSWDSHPDOXO'XQDULLVDVHSULQGDFHYDvQXQGLWD'HRGDWDDSDUHXQSRUFPLVWUHW
0DGDFDDUIL&ODXGLD6KLIIHU]LFHSULPXO
$UILELQHVLGDFDDUILQHYDVWDPHD]LFHDOGRLOHD
$OWUHLOHDWDFHSXWLQDSRLH[FDOPDFXQDGXI
&HOPDLELQHDUILGDFDDUILvQWXQHULF

6XQWRERVLW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'HFkWLYDDQXGDXYLQDSHYkUVWDVXSDUDULOLSVDGHYLWDPLQHSROXDUHREH]LWDWHUHJLPSROLWLFVLRPXOWLPHGHDOWHVXIHULQWH
FDUHWHIDFVDWHvQWUHELGDFDYLDWDPHULWDWUDLWD'DUDFXPDPGHVFRSHULWFD18DFHVWHDVXQWPRWLYHOH
6XQWRERVLWSHQWUXFD081&(6&35($08/7
3RSXODWLDWDULLHVWHGHGHORFXLWRULGLQWUHFDUHVXQWSHQVLRQDUL
0DLUDPkQFDUHVDPXQFHDVFD
ÌQVFROLVXQWHOHYLVLSURIHVRUL
0DLUDPkQFDUHVDPXQFHDVFD
VXQWVRPHULLDUOXFUHD]DvQDGPLQLVWUDWLDGHVWDW
0DLUDPkQFDUHVDPXQFHDVFD
'LQWUHHLVXQWvQDUPDWD
0DLUDPkQFDUHVDPXQFHDVFD
VXQWvQFKLVLvQSXVFDULLVXQWvQVSLWDOHKDQGLFDSDWLVDXQXLDUOXFUHD]DvQDGPLQLVWUDWLLOHORFDOH
0DLUDPkQ'2,RDPHQLFDUHVDPXQFHDVFD
78VL(8
,DU7867$,VDFLWHVWLFKHVWLDDVWD
1LFLQXPDPLUFDVXQWDVDGHRERVLW

'RLWLSLvODOHUJDXSHXQDOWWLSGRULQGVDSXQDPkQDSHHOVLDSRLVDOOLQVH]H)XJHDVWDGLQXUPDFDGLVSHUDWXSHPXQWH
DVWLDGXSDHO
9HGHWLSX
RSHVWHUDLQWUDVLVHDVFXQGHÌQVDLQSHVWHUDSXWHDGHWHvQGRLD
$LODOWLGRLvOFDXWDSHODQJDSHVWHUDGDUvQSHVWHUDQXDYHDXWXSHXVDLQWUHQXOJDVHVFVLvQWUXQWkU]LXSOHDFDRIWLFDWL
'XSDYUHRRUDLHVHWLSXOODJXUDSHVWHULLPDLPXOWOHVLQDWÌOGRERUkVHPLURVXOGDUGHIULFDvQGXUDVH
7RFPDLDWXQFLWUHFHDSHDFRORXQFLREDQFDUHVLPWHPLURVXOVLvOLQWUHDEDSHWLSFDUHVWDWHDODLQWUDUHDvQSHVWHUD
0DLRPXOHGDFHSXWHvQSHVWHUDDLDFDQXPDLSRDWHRPXOVDUHVSLUHFkQGWUHFHSHDLFL"
$SRLEDGHFLFDWUDLDRGDWD9HUGHLPSDUDWFDUHDYHDGRLILL
$VWLDHUDXGLVSHUDWLSHQWUXFDEDODXUXOFDUHWUDLDvQSHVWHUDDVWDLHVHDODFDWHWUHLOXQLDIDUDVLOHPDQFDFkWHRVXWDGHIHPHL
GLQUHJDW
$WXQFLILXOFHOPDLPDUHVHGXFHODWDWVX
VLvL]LFH
7DWDPDGXFVDPDOXSWFXEDODXUXOFDDVWDvQVFXUWWLPSQHPDQkQFDWRDWHIHPHLOHVLQRVDPDLDYHP
6HGXFHDVWDVHEDWHFXEDODXUXOGDUEDODXUXOvOPDQkQFD6HGXFHGXSDDLDILXOFHOPLFVHEDWHFXEDODXUXOVLvQFHOHGLQXUPD
vQYLQJH
+R+REUH]LFHFLREDQXOGDUFHOHJDWXUDDXWRDWHDVWHDFXWUHDEDQRDVWUD"(XWHDPLQWUHEDWGHFHSXWHDVDWDUHLQSHVWHUD
DVWD"
$SRLQXVWLX]LFHWLSXOVRILFDFDWFDUHYD

8QWDUDQvVLFXPSDUDRGUXMEDGLQ%XFXUHVWL'UXMEDHUDJDUDQWDWDVDWDLHFRSDFL6HGXFHWDUDQXOQRVWUXDFDVDvQ
SDGXUHVLVHDSXFDGHWDLDWFRSDFL'XSDFHWDLHGHFRSDFLGUXMEDQXPDLPHUJH1HUYRVVHGXFHvQDSRLOD%XFXUHVWLOD
ILUPDGHXQGHDFXPSDUDWGUXMEDVLOHH[SOLFDFHORUGHDFRORvQWkPSODUHD
$VWLDRSRUQHVFELQHPHUVL/DFDUHWDUDQXO
'D
FHLFX]JRPRWXODVWDEDL"

'RXDVXEPDULQHLHVODVXSUDIDWD
&DSLWDQLLVHvQWkOQHVF
3ULPXOvQWUHDED&kWL"
$GRLOHDUDVSXQGH&LQFL
3ULPXOvQWUHDED&HFLQFL"
$OGRLOHDvQWUHDED&HFkWL"

8QFkUGGHFURFRGLOL]EXUDXGHDVXSUDXQHLFDVHSHFDUHSDVWHDXPDLPXOWHYDFL
8QFURFRGLOVWULJDODRYDFD
)DFLWHFHDVX"
7UHLODGRLSHQWUX6WHDXD

7UHLOLOLHFLvQWURSHVWHUDDWkUQDWLFXFDSXQMRV'HRGDWDXQXOGLQHLVHvQWRDUFHFXFDSQVXV8QXOGLQFHLDWkUQDWL]LFH
,DXLWHODERXODVWDDOHVLQDWGLQQRX

2IDPLOLHGHFURFRGLOLWUDLDSHPDOXOXQXLUkXGLQ$QJRODVLDYHDGRLSXL
&URFRGLORDLFDvLvQYDWDVDvQRDWHLDUFURFRGLOXOOHDGXFHDKUDQDÌQWURQRDSWHFHLGRLSXLWUHVDUGLQVRPQVLvQFHSVDVWULJH
-RVVHJUHJDWLDUDVLDOD7UDLDVFDOLEHUWDWHDQHJULORU7UDLDVFD3DWULFH/XPXPED
'XSDFHLDXSRWROLWVLLDXFXOFDWGLQQRXFURFRGLORDLFDvOFHDUWDSHFURFRGLO
7LDPVSXVVDQXOHPDLGDLFRSLLORUVDPDQvQFHSDUWL]DQLFDYH]LFHXUPDULVXQW

8QYXOWXUVHvPEDWDFUXQWODEDUXOGLQYkUIXOPXQWHOXL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'HVFKLGHJHDPXOEDUXOXLVHDUXQFDvQFHDUFDVD]ERDUHQXUHXVHVWHVLFDGHEUXVF
%DJSLFLRUX
LDUPDGXFSHMRVDFDVD

7UHLSRUFLvQWUREDUFD8QXOGLQWUHHL
&kWHFHDVXO"
0DUWL
1LFLRPDVDIDUDSHVWH

2YXOSHODIXUDWGDGHDWkUFRDOHODXQFRWHW'DGHDWkUFRDOHGDGHDWkUFRDOHGDGHDWkUFRDOHGDGHDWkUFRDOHGDGHD
WkUFRDOHGDGHDWkUFRDOHGLQWURGDWDVHRSUHVWH
'HFHVDRSULWYXOSHD"
$5$0$6)$5$7Æ5&2$/(

9DULDQWD
8QWLSGDGHDWkUFRDOHXQXLWXILV/DXQPRPHQWGDWVHRSUHVWH
'HFH"
1XPDLDYHDWkUFRDOH

8QYXOWXU]EXUDIkOIkOIkOIkO
2YUDELHSHOkQJDHO
1HQHYXOWXUHQHQHYXOWXUH8QGH]ERULPDWDOH"
9XOWXUXOIkOIkOIkOIkO9UDELD
1HQHYXOWXUHQHQHYXOWXUH8QGH]ERULPDWDOH"
9XOWXUXOIkOIkOIkOIkO9UDELD
1HQHYXOWXUHQHQHYXOWXUH8QGH]ERULPDWDOH"
9XOWXUXO
=ERUXQGHYUHDSX DPHD

8QWLSSOLQGHJDXULPHUJHSHRVWUDGD
/DXQPRPHQWGDWVHvPSLHGLFDVLRJDXUDFDGHSHMRV
0LUDWWLSXOVHDSOHDFDVDRULGLFHVLFDGHVLHOvQHD

ÌQDQXOGRLDOLJDWRULODPDOXOXQXLUkXIDFFRQYHUVDWLH
'HPXOWGHWRWSXWHDPvQRWD
&HODODOWFURFRGLO
'DGDGHPXOWHUDPGHFXORUHYHUGH
&HVDLIDFLKDLVDODVDPSDODYUDJHDODVLVD]EXUDPPDLGHSDUWHVDVWUkQJHPSROHQXOGLQIORUL

'RXDSLFDWXULGHODSWHvQGUDJRVWLWHJkQJXUHVFÌQWUHDEDHD
'UDJXOPHXFHDL]LFHVDQHFDVDWRULPVLVDDYHPPXOWLFRSLLvPSUHXQD"
/DFDUHHORIWkQG
$VWDFXFRSLLQXPHUJHGLQSDFDWHODPLQH6WLLHXVXQWSDVWHXUL]DW

(UDRGDWDXQFLREDQFXRLOHOXLFXWRWSHRSDMLVWHIUXPRDVDvQWUHPXQWLFXDSHFULVWDOLQHFHVXVXUDXVLFXSHVWL]EDQJKLL
FH]EHQJXLDXvQOLQLVWH6LQXPD
FXPVWDFLREDQXvQJLRDJDOXLLDFDYLQHXQ2=16HGHVFKLGHRXVDVLvQFHSHVDGLVSDUDWRW
PXQWLDSHRLSHVWLWRWWRW/DFDUHFLREDQX
UDPDVXLPLW]LFH
(FXPSDQDDPHD"

&LFDvQWUR]LXQSRUFVWDWHDvQWUXQVWHMDUVLSLHUGHDVLHOYUHPHD9LQHRYDFDVLVHDIODVLHDvQWUHDED
&HIDFLPDLSRUFXOHDFRORvQVWHMDU"
6WDXVLLRFDXQFLXPHF
0DDMXWLVLSHPLQHVDPDXUFvQVWHMDUPDL"
3RUFXOUDVSXQGHLULWDW
&HVDIDFLPDYDFDvQVWHMDU"&HVDFDXWLWXDLFLVXV"
+DLPDLSRUFXOHYUHDXVLHXVDPDQkQFQLVWHPHUH
0DLYDFDWXHVWLVDQDWRDVD"0HUHvQVWHMDU"
1XPDLFDDPODPLQH

(UDRGDWDXQFURFRGLOVLFURVHWDQLVWHFODWLWHvQWUXQFDFWXVWUHFHXQHOHIDQWvQ]ERUVLvQWUHDED
%DLFURFRGLOHQXVWLLvQFRWURHYHVWXO"
/DFDUHFURFRGLOXOFRERDUDvQILJHXQWHUPRPHWUXvQQLVLSVLVSXQH
1XYH]LPDLERXOHFDDLFLVXQWFDUWRIL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
&kWL"

&H"
&HFkWL"

7UHLPHOFLSHVLQDGHFDOHIHUDWD
$WHQWLHYLQHXQWUHQ&1$&.
8QGH"&1$&.
$FROR&1$&.

(UD%XODODHOvQFXUWHVLFUDSDEHQ]LQDFXILHUDVWUDXO9LQHXQYHFLQVHXLWDSHVWHJDUGVLvOvQWUHDED
&HIDFL%XOD"
/DFDUH%XOD
%DGD

Ì&H]LFHRSLVLFDvQDLQWHGHDILORYLWDGHRPDVLQD"
5$MXW

Ì&H]LFHXQFkLQHvQDLQWHGHDILORYLWGHRPDVLQD"
5$MXW

Ì&H]LFHXQHOHIDQWvQDLQWHGHDILORYLWGHRPDVLQD"
5+DLQXPDLYLQR

'RLWLSLVWDXSHDFRSHULV=LFHXQXOSULQ]kQGXOSHFHODODOWGHPkQD
6DWHvPSLQJMRV"
1XPDLELQHODVDPDDDDDDDDDD

6HvQWkOQHVFGRXDSRPSHGHEHQ]LQD=LFHXQD
6LFXPvWLPDLPHUJH"
1RUPDO'DUWLH"
'LHVHO

ÌQXUPDFRQYRLXOXLIXQHUDUXQWUHFDWRUvQWUHDEDXQDOWXO
6FX]DWLPD3XWHWLVDPLVSXQHWLFLQHHPRUWXO"
'DGHVLJXU$ODFDUHPDUJHFHOPDLvQIDWDSHXPHULLFHORUVDVHEDUEDWLvQFRVWXP

%XODFDGHvQDSDVLGDVDVHvQHFH8QRPVDUHvQODFVLvOVFRDWHODPDO
'DFDQXVWLLVDvQQRWLFHDLFDXWDWvQDSD"
(XVWLXVDvQQRWIRDUWHELQHGDUDFRORVFULDSHRWDEODvQQRWXOLQWHU]LV

*KLFLJKLFLWRDUHDPHD
3HFHVWDL]LXDvQFHGRUPLQRDSWHDVLFXFHvWLVSHOLGLPLQHDWDGLQWLL"
56FDXQXOSDWXOVLSHULXWDGHGLQWL

'RXDFLXSHUFLFUHVFXWHSHPDUJLQHDSUDSDVWLHL=LFHXQD
'DFDSLFDPGHDLFLPXULPDPkQGRXD
&HDODOWD
0DLWDFLRGDWDGLQJXUDFLXSHUFLOHQXSRWYRUEL

'RLFDFDWLGHFkLQHVWDXSHXQ]LGVLIXPHD]DKDVLV9LQHRGLDUHHVLvQWUHDED
3RWVDWUDJVLHXXQIXP"
1XFHIXPDPQRLHGRDUSHQWUXWLSLLWDUL

'RXDPHUHVWDXGHYRUEDvQSRP2SDUWUHFHvQ]ERU8QXOGLQPHUH
+HLFHLDVWD"3HUHOHQXSRWVD]ERDUH
'DUSDUD
'HFH"(XVXQWRSDUDFXJkWJRODV

0RWLYHGLQFDUH6WDU:DUVHPDLEXQGHFkW7LWDQLFXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
7LWDQLFXOHPDUHGDUQXVHSRDWHGHSODVDFXYLWH]DOXPLQLL
<RGDDUILSXWXWVDULGLFH7LWDQLFXOFXDMXWRUXO)RUWHLGLQDSD
/HLDHVWHSULQWHVDVHQDWRUOXSWDWRDUHSHQWUXOLEHUWDWHVLDVSLUDQWDODWLWOXOGH-HGL5RVHHVWHGRDURPRPHDODvQYHGHUHD
FDVDWRULHL
/D(ZRNVLSHWUHFHULOHVXQWPDLUHXVLWHGHFkWSHSXQWHDSULQFLSDODVDXSHFHDGHODFDODVDD,,,D
7LWDQLFXOSUH]LQWDRDPHQLVDUDFLFDILLQGFDUDFWHUHVLPSDWLFH6WDU:DUVSUH]LQWDDPILELLFXRFKLVLPSDWLFLFDDPLUDOL
$PLUDOXOFDUHQXVLDvQGHSOLQLWPLVLXQHD18VLDSLHUGXWQDYDVSDWLDOD
ÌQ7LWDQLFUHFXQRDVWHPSH&DOFDILLQGSHUVRQDMXOQHJDWLYSHQWUXFDWUDWHD]DFXLQGLIHUHQWDVLGLVSUHWVDUDFLLVLFDRFRQVLGHUD
SH5RVHSURSULHWDWHDVDÌQ5D]ERLXO6WHOHORU'DUWK9DGHUHVWHSHUVRQDMXOQHJDWLYSHPRWLYFDVXJUXPDRDPHQLLVLFD
DUXQFDGLQSODFHUHSODQHWHvQDHU
/HRQDUGRVWLHVDGDQVH]HGDUFXVLJXUDQWDFDQXVWLHVDSLORWH]HXQ;:LQJ
ÌQ5D]ERLXO6WHOHORUVXQWVXILFLHQWHQDYHGHVDOYDUH
6WLWLFHIDFH'DUWK9DGHUFXFHLFDUH]LF,PWKHNLQJRIWKHZRUOG"
'DFD/XNHDUILIRVWOHJDWGHRWHDYDDUILIRORVLW)RUWDSHQWUXDDMXQJHODFKHLH
0DLELQHSURVWLWXDWDGHFkWVRWLDWDQXVXQDQLFLSHGHSDUWHDVDGHELQHVLFRQYLQJDWRUFDPDLELQHDVVDUXWDXQ:RRNLH
+DQ6RORHVWHvQJKHWDWvQFDUERQLGVLYDILIRORVLWFDVLWDEORX/HRQDUGRvQJKHDWDvQPRGXOFHOPDLQDWXUDO
ÌQFDGHODvQFHSXWXOILOPXOXLVWLDPFD7LWDQLFXOVHYDVFXIXQGDGDUFLQHDUILVWLXWGHODvQFHSXWXOILOPXOXLFD/XNHVXQW
WDWDOWDX
+DQ6RORDUILHYLWDWJKHWDUXOFXXVXULQWD
6WHDXDPRUWLLQXVHVFXIXQGDDVHFLWLH[SORGHD]DvQSORDLDGHDVWHURL]LODLPSDFWXOFXXQXOVLQJXU

/HFWLHGHLVWRULHFXGRXDYDFL

6D]LFHPFDFLQHYDDUHGRXDYDFLVLWUDLHVWHvQ

&2081$35,0,7,9$
1XHVLJXUGDFDvQDFHOHWLPSXULYDFDDIRVWGHMDGRPHVWLFLWD

)(8'$/,60
)HXGDOXOvLLDLREDJXOXLRSDUWHGLQODSWH

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

62&,$/,60
$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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$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$FHVWDLPRWLYXOSHQWUXFDUHYDFDXWDVSUHGHRVHELUHGHDOWLSUHWHQGHQWLVDVHDIOHFkWPDLSXWLQWLPSvQFRPSDQLD
GYVLFkWPDLPXOWDYUHPHvQDFHHDDSDULQWLORUGXPQHDYRDVWUD
'DFDREVHUYDFDYDVLPWLWLVLQJXUDYkQDWRUXOGH]HVWUHQXYDH]LWDVDYDVFRDWDvQOXPHGHFkWHRULvLYDVWDvQSXWLQWDGDU
QXPDLvQORFXULVLJXUHVLvQFRPSDQLLOLSVLWHGHSULPHMGLLSHQWUXHO
9kQDWRUXOGH]HVWUHQXYDYRUELSHQLPHQLGHELQHvQSUH]HQWDGYSHQWUXFDVHWHPHJUR]DYGHRULFHQRXYHQLWvQDQWXUDMXO
GY'DFDLEDUEDWYDWLSXWHDvQGUDJRVWLGHHOVLDWXQFLDGLRYLVHGHPDULUHGDFDLIHPHLHFLQHVWLHFHYDUSXWHDVIDWXLVDX
PDLUDXYDUSXWHDGHVFKLGHRFKLLDVXSUDDGHYDUDWXOXLVDXFDUDFWHUVLDWXQFLSUDIXOVDUDOHJHGHWRDWHHIRUWXULOHVLVDFULILFLLOH
VDOH
'LQQHQRURFLUHVLYkQDWRUXOGH]HVWUHHVWHRPDVDFDGXSDFHVLYDDWLQJHVFRSXOUHFWHEDQLLGYQX YDWUHFH PXOWVLYD
FDGHDVLHOVDJHWDWGH]HXO$PRU(VWHPRPHQWXOFHOPDLSHULFXORVGHRDUHFHGLQWUXQLQGLYLGUHFHVLFDOFXODWVRXOGYVHYD
WUDQVIRUPDvQWURDGHYDUDWDILDUD1XYDSUHFXSHWLDEVROXWQLPLFQLFLWLPSQLFLEDQLQLFLRQRDUHSkQDQXVHYDGHVFRWRURVL
GHGY
ÌQFRQGX]LHGDFDYUHWLVDYDPDULWDWLFXRULFHSUHWHGHSUHIHUDWXQEDUEDWPDLvQYkUVWDGDUFDUHYDLXEHVWHFXDGHYDUDW
GHFkWXQYkQDWRUGH]HVWUHFDUHQXDUHQLPLFVIkQWvQDIDUDGHDXU

%DQFXULGHVSUHVH[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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
%LRORJLFYRUELQGIHPHLDHVWHXQDQLPDOIUXPRVIDUDEODQDVLDFDUHLSLHOHHVWHFDXWDWDIRDUWHPXOW
8QEDUEDWDUHQHYRLHGHIHPHLHFDSHVWHOHGHELFLFOHWD
)HPHLOHVXQWXQGH]LGHUDWGXSDFDUHDOHUJLWRDWDYLDWDVLFkQGvQVIkUVLWRJDVHVWLvWLEDJLSX DQHD

%DQFXULVFXUWHFXEORQGH

0RWWR)LHFDUHEORQGDDVWHDSWDEDUEDWXOLGHDOGDUSkQDVDDSDUDVHPDULWD

Ì'HFHVXQWDWkWGHLXELWHEDQFXULOHFXEORQGH"
53HQWUXFDVXQWXVRUGHvQWHOHV

Ì&LQHVXQWFHLFDUHIDFEDQFXULGHVSUHEORQGH"
5ÌQJHQHUDOVXQWGHGRXDIHOXULFHLFDUHQXOHFXQRVFVLFHLFDUHOHFXQRVFSUHDELQH

Ì'HFHVXQWEDQFXULOHFXEORQGHDVDGHVFXUWH"
5&DEUXQHWHOHVDOHSRDWDWLQHPLQWH

Ì'HFHVXQWEDQFXULOHFXEORQGHDVDGHVFXUWH"
53HQWUXFDEDUEDWLLVDOHSRDWDvQWHOHJH

Ì'HFHVXQWEDQFXULOHFXEORQGHDVDGHVFXUWH"
53HQWUXFDEORQGHOHVXQWDWkWGHVXSHUILFLDOHXQEDQFOXQJQXVDUSRWULYLGHIHO

Ì&kWHEDQFXULFXEORQGHH[LVWD"
58QXOVLQJXUUHVWXOVXQWUHDOLWDWH

Ì'HFHSRWLVSXQHEDQFXULFXEORQGHXQHLEORQGH"
52ULFXPQXOHvQWHOHJH

Ì&HPDQkQFDREORQGDYLUJLQD"
50kQFDUHGHEHEHOXVL

Ì&XPvWLGDLVHDPDFDREORQGDQXHYLUJLQD"
5&UHLRDQHOHVXQWOLSLFLRDVH

Ì&XPvWLGDLVHDPDFDREORQGDHVWHYLUJLQD"
5)RORVHVWH3DPSHUV

Ì'HFHVHVSXQHFDEORQGHOHQDXVLPWXOPDVXULL"
53HQWUXFDOLVHVSXQHFDDWDWDLQVHDPQDFP

Ì'HFHEORQGHOHDXJUHXWDWLODDSUHFLHUHDGLVWDQWHORU"
5&HLPDLPXOWLGLQWUHEDUEDWLLFXFDUHDXIRVWDXVSXVFDDXVFXODGHXQPHWUX

Ì'HFHVXQWEORQGHOHDVDGHXVRUGHFRQYLQVVDIDFDDPRU"
5&XLvLSDVD"

Ì'HFHVXQWEORQGHOHDVDXVRUGHOXDWvQSDW"
5&XLvLSDVD"

Ì'HFHQXSRWEORQGHOHVDPDQkQFHEDQDQH"
51XJDVHVFIHUPRDUXO

Ì'HFHDXEORQGHOHFLFOX"
53HQWUXFDRPHULWD

Ì&HLVSXQHSLFLRUXOVWkQJDOXQHLEORQGHFHOXLGUHSW"
51LPLFQXVHvQWkOQHVFQLFLRGDWD

Ì&HLVSXQHSLFLRUXOVWkQJDOXQHLEORQGHFHOXLGUHSWGDFDWRWXVLVHvQWkOQHVF"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
51XQHDPPDLYD]XWGHFkQGDPIRVWFRSLL

Ì&HHREORQGDGHDQLvQWUXQERUGHO"
53UDFWLFDQWD

Ì&HVSXQHREORQGDFkQGDUHFKHIVDIDFDGUDJRVWH"
5'RDPQHFHPDPvPEDWDW

Ì&HVSXQHREORQGDXUkWDFkQGDUHFKHIVDIDFDGUDJRVWH"
5$PVSXVFDVXQWDVDDDDDGHEHDWD

Ì&HVSXQHREUXQHWDFkQGDUHFKHIVDIDFDGUDJRVWH"
5%ORQGHOHDXSOHFDWDFDVD

Ì&HVSXQHREUXQHWDFkQGDUHFKHIVDIDFDGUDJRVWH"
5$SOHFDWGHMDEORQGD"

Ì&XPVFKLPELLPSUHVLDXQHLEORQGH"
50DLGDLREHUH

Ì&XPSRWLGDLMRVREORQGDGHSHJHQXQFKLLWDL"
5(MDFXOHD]D

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVLRPDVLQDGHVSDODWYHFKH"
5$PkQGRXDSLFXUDGDFDVXQWI XWH

Ì&XPDIOLFHFXORDUHDXFKLORWLLXQHLEORQGHvQPLQL"
52vQWUHELFkWLDQLDUHWDFVX(DYDULGLFDGLQXPHUL

Ì&XPSRWLDIODFXORDUHDFKLORWLORUXQHLEORQGH"
52URJLVDWLVSXQDWDEODvQPXOWLULLLDUHDYDULGLFDGLQXPHUL

Ì&DUHHDVHPDQDUHDGLQWUHRFDUWHVLREORQGD"
5$PDQGRXDVHGHVFKLGvQSDUWHDFHDPDLX]DWD

Ì'HFHDXEORQGHOHRFKLLDOEDVWUL"
5)LLQGFDDXVXSWSL[XO

Ì&DUHHVWHGLIHUHQWDGLWUHXQWkQWDUVLREORQGD"
5/DXQWkQWDUGDFDLDLGDWRSDOPDQXPDLVXJHGDUEORQGDWRWVXJH

Ì'HFHEHDXEORQGHOHQXPDLFXSDLXO"
5&DVDVHDQWUHQH]H

Ì'HFHQXIDFEORQGHOH6,'$"
5$UHVLYLUXVXODVWDPDQGULDOXL

Ì'HFHVWULJDXQLLEORQGHOHSUDOLQH"
56XQWPDLWRWWLPSXOXPSOXWHFXFUHPD

Ì&HHREORQGDFX6,'$"
55HWHDGHGLVWULEXWLH

Ì&HLGDLXQHLEORQGHFDUHDUHGHWRDWH"
53HQLFLOLQD

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLSL]]D"
53L]]DH[LVWDVLIDUDFLXSHUFL

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVLRSXVFDGHYkQDWRDUH"
5$PkQGRXDVHvQGRDLHGHODPLMORFVLSRWILvQFDUFDWHGLQVSDWH

Ì&DUHHVWHvQWUXFKLSDUHDUDEGDULL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
52EORQGDvQWURJUDGLQDGHFDVWUDYHWLDVWHSWkQGFDDFHVWLDVDFUHDVFD

Ì&DUHHGLIHUHQWDvQWUHREORQGDVLXQWHOHIRQ"
57HOHIRQXOFRVWDEDQL

Ì&H]LFHXQSROLWLVWXQHLEORQGHFDUHSDUFKHD]DvQORFXULQHSHUPLVH"
5VDXRUD

Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLXQWHOHIRQSXEOLF"
5&DVDIRORVHVWLXQWHOHIRQSXEOLFWHFRVWDFHOSXWLQGHOHL

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDELQDWHOHIRQLFD"
53HQWUXDGDXQWHOHIRQDLQHYRLHGHQLVWHEDQLPDUXQWL

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDELQDWHOHIRQLFD"
5ÌQFDELQDWHOHIRQLFDDXYRLHVLIHPHLVLEDUEDWL

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDELQDWHOHIRQLFD"
5ÌQWURFDELQDWHOHIRQLFDQXLQWUDGHFDWGRXDSHUVRDQHGHRGDWD

Ì&HREWLLODvPSHUHFKHUHDXQHLEORQGHFXRJRULOD"
51LPLF([LVWDOXFUXULFDUHJRULOHOHQXSRWILIRUWDWHVDOHIDFD

ÌFDUHHGLIHUHQWDGLQWUHRPDLPXWDVLREORQGD"
53HPDLPXWDQXRSRWLFRQYLQJHVDIDFDFKLDURULFH

Ì'HFHHREORQGDGHUXWDWDOD:&"
57UHEXLHVDVHGH]EUDFHVLQJXUD

Ì'HFHVXQWEORQGHOHvQFXUFDWHvQEDLH"
57UHEXLHVDVLGHDVLQJXUHSDQWDORQLLMRV

Ì&DUHHGLIHUHQWDGLQWUHRJOLQGDVLREORQGD"
5ÌQRJOLQGDWLEHOHVWLRFKLL

Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLRWRDOHWD"
52WRDOHWDQXVHLDGXSDWLQHGXSDFHRIRORVHVWL

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRSHULXWDGHGLQWL"
53HULXWDGHGLQWLQXLRvPSUXPXWLQLFLPDFDUFHOXLPDLEXQSULHWHQ

Ì&DUHHGLIHUHQWDvQWUHREORQGDVLXQSRUVFKH"
58QSRUVFKHQXODLGDQLFLFHOXLPDLEXQSULHWHQDOWDX

Ì'HFHLQVLVWDREORQGDVDvWLSXLSUH]HUYDWLY"
5&DVDvVLLDVLODSDFKHW

Ì&HIDFHREORQGDGLPLQHDWDODRUD"
56HSUH]LQWD

Ì&HIDFHREORQGDGLPLQHDWDODRUD"
56HGDMRVGLQSDWVLVHGXFHDFDVD

Ì&XPVHSUHJDWHVWHREORQGDSHQWUXDIDFHVH[SURWHMDW"
56HGDSHEX]HFXUXMSHED]DGHFDXFLXF

Ì&HvQWHOHJHREORQGDSULQVH[SURWHMDW"
5ÌQFXLHUHDXVLLGHODPDVLQD

Ì&HIDFHREORQGDGLPLQHDWD"
5'HVFKLGHSRUWLHUD

Ì&XPDSULQGHREORQGDOXPLQDGXSDFHDIDFXWGUDJRVWH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5'HVFKLGXVDPDVLQLL

Ì'HFHOHSODFEORQGHORUPDVLQLOHGHFDSRWDELOH"
5)LLQGFDDXPDLPXOWORFVDvVLvQWLQGDSLFLRDUHOH

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLROLPX]LQD"
51LFLFKLDUWRDWDOXPHDQXVDVXLWvQWUROLPX]LQD

Ì&DUHLGLIHUHQWDGLQWUHREORQGDVLVHPQHOHGHFLUFXODWLH"
58QHOHVHPQHGHFLUFXODWLHPDLVSXQVL6723

Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLRPDVLQD"
51XVWLXVLQLFLQXPDLQWHUHVHD]D

Ì'HFHDXEORQGHOHSUREOHPHVDDLEHRUJDVP"
5&XLvLSDVD"

Ì&HIRORVDUHRUJDVPXOODEORQGH"
56WLLFkQGVDWHRSUHVWL

Ì&XPvWLGDLVHDPDFDREORQGDDDWLQVPRPHQWXORUJDVPXOXL"
57LSXOGHODFRDGDGLQVSDWHOHWDXWHEDWHSHXPDU

Ì&H]LFHREORQGDFDQGDWLQJHPRPHQWXORUJDVPXOXL"
51H[WSOHDVH

Ì&HVSXQHREORQGDGXSDFHIDFHGUDJRVWH"
56DYDILHGHELQHEDLHWL

Ì&HVSXQHREORQGDGXSDFHIDFHGUDJRVWH"
5-XFDWLFXWRWLLvQDFHHDVLHFKLSDGHIRWEDO"

Ì&H]LFHREORQGDFDUHDUHPDLPXOWHRUJDVPHODUkQG"
5%LQHOXFUDWEDLHWL

Ì'HFHQXIDFEORQGHOHVXUI"
5$WXQFLFkQGVLPWFDOLVHXQGDFKLORWLLGHVIDFSLFLRDUHOH

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVLRKDOEDGHEHUH"
5$PkQGRXDVXQWEORQGHVLIDFVSXPH

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFXUYD"
52EORQGDRYDSXQHFXRULFLQHSHFDQGRFXUYDRSXQHFXRULFLQHvQDIDUDGHWLQH

Ì&DUHLGHILFLHQWDPDMRUDGHYRUELUHDXQHLEORQGH"
51XSRDWHVSXQH18

Ì&HVIDWSULPHVWHGHODPDPDVDREORQGDFDUHLHVHODRvQWDOQLUHFXXQEDLDW"
5'DFDQXHVWLvQSDWSkQDODYLQRDFDVD

Ì'HFHQXYRUEHVWHREORQGDFkQGIDFHGUDJRVWH"
50DPDVDLDVSXVVDQXLQWUHvQYRUEDFXVWUDLQL

Ì'HFHQXYRUEHVFEORQGHOHvQWLPSFHIDFVH["
5)LLQGFDVWLHGHODPDPDFDQXHIUXPRVVDYRUEHVWLFXJXUDSOLQD

Ì&XPvLSODFXQHLEORQGHRXDOH"
51HIHUWLOL]DWH

Ì'HFHQXDXEORGHOHSDUSXELDQ"
5$LPDLYD]XWVDFUHDVFDLDUEDSHDXWRVWUDGD"

Ì'HFHHREORQGDvQJURSDWDVXEXQSRG"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
56DPDLWUHFDFkWLYDSHVWHHD

Ì&HVLSXQEORQGHOHGXSDXUHFKLSHQWUXDILPDLDWUDFWLYH"
5*OH]QHOH

Ì'HFHQXvQRDWDEORQGHOHSHEXUWD"
5'DFDVHVLPWXGHvQWUHSLFLRDUHVHvQWRUFLPHGLDWSHVSDWH

Ì'HFHEDQFXOSUHFHGHQWQXVHSRWULYHVWHGHIHOSHQWUXEORQGH"
53HQWUXFDHOHVXQWXPHGHPHUHX

Ì'HFHWUHEXLHEORQGHOHvQJURSDWHvQVLFULHGHIRUPDWULXQJKLXODUD"
5&kQGVHIDFHvQWXQHULFvVLGHVIDFSLFLRDUHOH

Ì'HFHQXSRWILEORQGHOHvQJURSDWHLQVLFULHGHODWLPHQRUPDOD"
5$VH]DWHSHVSDWHGHVIDFvQWRWGHDXQDSLFLRDUHOH

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRIDUIXULH"
52IDUIXULHGXSDFHROLQJLVHXVXFD

Ì&XPvWLGDLVHDPDFDREORQGDHJDWDGHVH["
5ÌLEDJLVXEIXVWDXQVWLXOHWHGHSRUXPEVLGDFDVFRWLIORULFHOHDXQFLHJDWD

Ì&DUHHDVHPDQDUHDGLQWUHEORQGHVLIXOJLLGHSRUXPE"
5$PEHOHVXQWXVRDUHJDOEHQHODFXORDUHVLDXJXVWEXQ

Ì&HIDFHREORQGLQDvQVWDWLDGHDXWREX]FXRVDOWHDvQEUDWH"
50HUJHODXQLQWHUYLXSHQWUXQRXOMREGHVHFUHWDUD

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRELODGHERZOLQJ"
5ÌQWURPLQJHGHERZOLQJQXLQWUDGHFkWGHJHWH

ÌFDUHHGLIHUHQWDGLQWUHREORQGDVLXQ%RHLQJ"
51XRULFLQHVDDIODWvQWUXQ

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVL&DQDOXO3DQDPD"
5&DQDOXO3DQDPDHGHVWXOGHVWUkPW

Ì&XPVHQXPHVWHRSLYQLWDSOLQDGHEORQGH"
53LYQLWDGHYLQ

Ì'HFHQXVDXPDLYD]XWEORQGHSURIHVRDUHGHEDOHW"
5'DFDDUIDFHVIRDUDDUUDPkQHOLSLWHGHSDUFKHW

Ì6WLWLGHFHQXIDFEORQGHOHDUPDWD"
53HQWUXFDvQFOLSDFkQGOLVHRUGRQDFXOFDWHOHVHDUXQFDSHVSDWH

Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDSHFLFOXVLXQWHURULVW"
5&XXQWHURULVWSRWLQHJRJLD

Ì&HWUHEXLHVDIDFLGDFDREORQGDDUXQFDvQWLQHFXRJUHQDGD"
56FRDWHLFXLXOVLDUXQFRvQDSRL

Ì&HIDFLFkQGREORQGDDUXQFDFXXQ FXLvQWLQH"
5)XJLFkWWHWLQSLFLRDUHOHSHQWUXFDWLQHvQPkQDRJUHQDGD

Ì&XPVHQXPHVWHREORQGDFDUHVLDSLHUGXWGLQLQWHOLJHQWD"
5'LYRUWDWD

Ì&XPVHQXPHVWHREORQGDFDUHVLDSLHUGXWGLQLQWHOLJHQWD"
59DGXYD

Ì&XPVHQXPHVWHREORQGLQDQHFDVDWRULWDFDUHFRQGXFHXQ%0:"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5'LYRUWDWD

Ì'HFHVXQWEORQGHOHFDVLEURDVWHOHWHVWRDVH"
56XQWI XWHGDFDVWDXSHVSDWH

Ì&DUHHGLIHUHQWDGLQWUHREORGDVLRWUDPEXOLQD"
5&kQGIRORVHVWLRWUDPEXOLQDWHGHVFDOWL

Ì&XPVHQXPHVWHREORQGDDIODWDVXYRODQXOPDVLQLL"
5$LUEDJ

Ì'HFHSRDUWDREORQGDSUH]HUYDWLYHWUDVHSHVWHXUHFKL"
51XYUHDVDDXGDGH6,'$

Ì&XPvWLGDLVHDPDGDFDvQWUXQELURXOXFUHD]DREORQGDFDVHFUHWDUD"
5ÌQELURXVHDIODXQSDWVLWRWLVHILLVXQWELQHGLVSXVL

Ì&DUHHDVHPDQDUHDGLQWUH7ULXQJKLXO%HUPXGHORUVLREORQGD"
5$PkQGRXDDXvQJKLWLWPXOWLPDULQDUL

Ì'HFHDXEORQGHOHEXULFXOvQYLQHWLW"
5([LVWDVLEDUEDWLEORQ]L

Ì&HREWLLGDFDvQWRUFLREORQGDFXFDSXOvQMRV"
52EUXQHWDFDUHLDvLSXWHJXUD

Ì&HREWLLGDFDvQWRUFLEORQGHFXSLFLRDUHOHvQVXV"
5'RXDEUXQHWH

Ì&HIDFHREORQGDGXSDFHVHSLDSWDQD"
5ÌVLULGLFDFKLORWLL

Ì$WLYD]XWEORQGDFXEDQGHURODQHDJUDvQMXUXOIUXQWLL"
5)HULWLYDGHHDDUHFHQWXUDQHDJUDODPXLH

Ì'HFHIRORVHVFEORQGHOHUXMGHFXORDUHYHUGH"
55RVXOvQVHDPQDVWRS

Ì&HvQVHDPQDIDSWXOFDREORQGDIRORVHVWHUXMGHFXORDUHURVLH"
56WRSJDXUDJUHVLWD

Ì&XPUHFXQRVWLIDSWXOFDREORQGDVDDVFXQVvQIULJLGHU"
5'XSDXUPHOHGHUXMGHSHFDVWUDYHWLLGHDSUR]DU

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRPDVDGHFDOFDW"
5/DPDVDGHFDOFDWVHGHVIDFSLFLRDUHOHGHVWXOGHJUHX

Ì&XPVHGHILQHVWHREORQGDOHVELDQD"
51XPDLRIHPHLHFDUHYUHDVDIDFDWUHDEDXQXLEDUEDW

Ì&XPVHQXPHVWHREORQGDOHVELDQD"
55LVLSD

Ì&DUHHGLIHUHQWDvQWUHXQDUPDVDUvQFDOGXULVLREORQGD"
52EORQGDDUHPDLPXOWDVSHUPDvQFRUS

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFRPSDQLHPLOLWDUD"
52FRPSDQLHDUHGRDUGHVROGDWL

Ì'HFHVHFDVDWRUHVFEORQGHOHDVDGHJUHX"
53HQWUXFDGRDUVH[XOQXHXQPRWLYGHFDVWRULH

Ì'HFHvQWLPSXOFHIDFVH[EORQGHOHvVLLQWURGXFSUH]HUYDWLYHvQXUHFKL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
53HQWUXFDODEDWUkQHWHVDQXVXU]HDVFD

Ì'HFHSRDUWDEORQGHOHFHUFHLPDULURWXQ]L"
56DVLSRDWDvQWLQGHSLFLRDUHOHSULQHL

Ì&HDXvQFRPXQEORQGHOHVLJURSDULL"
5$PELLSUHJDWHVFJDXUDFkQGDSDUHXQXOWHDSDQ

Ì&HSRDWHILXQLQFRPRGGDFDIDFLVH[FXREORQGD"
56DQXDLEDQFKHWDGLQVSDWH

Ì'HFHSUHIHUDEORQGHOHPDVLQLOHFXYRODQXOUHJODELO"
50DLPXOWDOLEHUWDWHGHPLVFDUHDFDSXOXLvQWLPSXODFWXOXLVH[XDO

Ì&DUHHFHOPDLLPSRUWDQWRUJDQDOXQHLEORQGH"
51DVXOSHQWUXFDvQWLPSFHIDFHVH[VDSRDWDUHVSLUD

Ì'HFHIRORVHVFEORQGHOHWDPSRDQHFXVQXUXOIRDUWHOXQJ"
53HQWUXFDODWHLLVDSRDWHIDFH%XQJHH-XPSLQJ

Ì'HFHHMDFXOHD]DEDUEDWLLvQMHWXUL"
53HQWUXFDEORQGHOHVDDLEHWLPSVDUHVSLUHvQWUHvQJKLWLWXUL

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVLRSUL]D"
5%DJLGHJHWXOvQJDXUDJUHVLWDVLHVWLvQFXU

Ì&HHDWkWGHLQWHUHVDQWvQMXUXOYDJLQXOXLXQHLEORQGLQH"
5%ORQGD

Ì'HFHDXEORQGHOHYDJLQH"
5&DEDUEDWLLVDDLEHFXFLQHVDVHvQWUHWLQDODSHWUHFHUL

Ì&HHDWkWGHLQWHUHVDQWvQMXUXOYDJLQXOXLXQHLEORQGLQH"
5%DLHWLLFDUHvVLDVWHDSWDUkQGXO

Ì'HFHQXUHXVHVFEORQGHOHVDVLLDFDUQHWXOGHFRQGXFHUHDXWR"
5&kQGDXGWUkQWLQGXVHSRUWLHUDVDUSHEDQFKHWDGLQVSDWHDPDVLQLL

Ì&HVDvQWkPSODWGDFDREORQGDVLDOXDWFDUQHWXOGHFRQGXFHUH"
53ROLWDLXOVDDVH]DWVLHOSHEDQFKHWDGLQVSDWH

Ì&HVDvQWkPSODWGDFDREORQGDVLDOXDWFDUQHWXOGHFRQGXFHUH"
'XSDH[DPHQXOSUDFWLFDPDLGDWRGDWDSUREDRUDODFXSROLWLVWXO

Ì&DUHHGLIHUHQWDGLQWUHXQODVWXQVLOLPEDXQHLEORQGH"
58QODVWXQvQFXUEHPHUJHFDSHRXDLDUOLPEDXQHLEORQGLQHVHFXUEHD]DIRDUWHELQHvQMXUXORXDOHORU

Ì&HVDvQWkPSODWFXEORQGDFDUHDvQFHUFDWVDXPIOHURWLOHPDVLQLL"
56LDDUVEX]HOHODWHDYDGHHVDSDPHQW

Ì&HSULPHVWHFDVLFDGRXREORQGDFDUHDFRQGXVWLPSGHXQDQPDVLQDIDUDVDDLEHQLFLXQDFFLGHQW"
59LWH]DDGRXD

Ì'HFHDXVRIHULWHOHEORQGHvQWRWGHDXQDXQFXWLWvQPDVLQD"
56DWDLHPDLELQHFXUEHOH

Ì8QGHVHGXFSLFLRDUHOHXQHLEORQGH"
5/DFLQHPDGDFDQXLQWHUYLQHQLPLFDvQWUHWLPS

Ì'HFHQXSRDWHREORQGDVDJHDPD"
5$XLWDWWH[WXO

Ì'HFHREORQGDvQHFDWDVHGHSODVHD]DvPSRWULYDFXUHQWXOXL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5$XLWDVDVLVFRDWDYLEUDWRUXO

Ì&HVDvQWkPSODWGDFDRDGRXDEORQGDRGHSDVHVWH"
59LEUDWRUXOFHOHLGHDGRXDDUHEDWHULL'XUDFHOO

Ì&H]LFHREORQGDGLPLQHDWDGDFDVHWUH]HVWHVXEXJHUXOXQHLYDFL"
5&DUHGLQWUHYRLSDWUXPDGXFHDFDVD"

Ì&HWUHEXLHVDLVSXLXQHLEORQGHVDWHFXOFLFXHD"
5&HDX

Ì&HDXREORQGDVLXQFRPSDFWGLVFvQFRPXQ"
5$PkQGRXDVHvQYkUWQXPDLvQMXUXOJDXULL

Ì'HFHMRDFDEORQGHOHDVDGHELQHWHWULV"
51LPHUHVFvQVDVLSULQQDWXUDORUIRDUWHXVRUJDXUDSRWULYLWD

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFORVFD"
5&ORVFDVWDOLQLVWLWDSHRXD

Ì&HHREORQGDSHXQSDWGHDSD"
53ODWIRUPDGHIRUDUH

Ì'HFHVWDREORQGDFUDFDQDWDSHSODMD"
5$DX]LWGHOLPELOHGHQLVLS

Ì&HIDFHREORQGDvQGHVHUW"
50DWXUD

Ì&HIDFHREORQGDvQGHVHUW"
5'DFXDVSLUDWRUXO

Ì&HUDVSXQGHREORQGDODvQWUHEDUHD6XQWHWLDFWLYDVH[XDO""
51XHXVWDXQXPDLvQWLQVDDLFL

Ì&HHQHJUXFXURVXVLFXYkQDWODFXORDUH"
52EUXQHWDFDUHVSXQHEDQFXULFXEORQGH

Ì&HHREORQGDFDUHQXDUHSDUWHGHVH["
50RDUWD

Ì'XSDFHvWLGDLVHDPDFDREORQGDHVSHFLDOLVWDvQVH[XORUDO"
5'XSDFHDUVDIXOELQHvQILSWvQFXU

Ì&DUHHVWH0RWWRXOGHYLDWDDOXQHLEORQGLQH"
5'LQPkQDvQJXUD

Ì'HFHQXPDQkQFDEORQGHOHFRYULJL"
51XOHSRWGHVIDFHQRGXULOH

Ì'HFHDXEORQGHOHSDFKHWHOXOFXJXVWDUHvQWRWGHDXQDvQFXWLLWUDQVSDUHQWH"
53HQWUXFDDIOkQGXVHvQDXWREX]VDVWLHVDVSXQDGDFDPHUJODOXFUXVDXvQVSUHFDVD

Ì&XPQXPHVWLREORQGDPDFKLDWD"
53LFWXUDQDLYD

Ì'HFHODGXVEORQGDIXJHvQFRDFHVLQFROR"
53HVDPSRQVFULH:DVKDQG*R

Ì'HFHDXEORQGLQHOHvQWRWGHDXQDvQIULJLGHURVWLFDODGHEHUHJRDOD"
53RDWHOHYL]LWHD]DFLQHYDFDUHQXYUHDVDEHDQLPLF

Ì&HHYHUGHVLVWDvQFDSXOXQHLEORQGH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$8QDQLPDOPkQFDWRUGHFUHLHU

Ì&HIDFHDQLPDOXODFROR"
5)ODPkQ]HVWH

Ì&HREWLLGDFDSXLXQHLEORQGHFDVWLOHSHXUHFKL"
56XQHWVSDWLDO

Ì&XPFRQYLQJLREORQGDVDVHPDULWHFXWLQH"
5ÌLVSXLFDHVWHvQVDUFLQDWD

Ì&HYDvQWUHEDHD"
5(VWHDOPHX"

Ì'HFHDYRUWHD]DREORQGD"
51XDVWLXWGDFDFRSLOXOHDOHL

Ì&HVSXQHREORQGDFkQGDIODFDHvQVDUFLQDWD"
56SHUFDHDOPHX

Ì'HFHVXQWEORQGHOHDVDGHGH]RULHQWDWHFkQGQDVFJHPHQL"
51XVWLXFLQHHFHDODOWDPDPD

Ì'HFHVHVLQXFLGvQXOWLPXOWLPSGLQFHvQFHPDLPXOWHEORQGHDUXQFkQGXVHGHSHJHDPVDXGHSHSRGXULvQDOWH"
5ÌVLvQFHDUFDQRLOHWDPSRDQHFXDULSLRDUH

Ì'HFHSRDWHSODQDREORQGDSHVWHRUDV"
5$IRORVLWXQDOZD\VFXDULSLRDUHSUHDPDUL

Ì'HFHFRQJHOHD]DREORQGDRRDODFXDSDILDUWD"
5$SDFDOGDDLQHYRLHvQWRWGHDXQD

Ì'HFHQXDUHREORQGDFXEXULGHJKHDWDvQIULJLGHU"
5$SLHUGXWUHWHWDVLQXPDLVWLHFXPVHSUHSDUD

Ì&HHVWHREUXQHWDDIODWDOkQJDREORQGD"
56XIOHXU

Ì&XPVHQXPHVWHREUXQHWDFXFkWHREORQGDSHDPEHOHSDUWL"
57UDQVODWRU

Ì&XPVHQXPHVWHREORQGDvQWUHEUXQHWH"
56FDSDUHGHPHPRULH

Ì&XPVHQXPHVWHREORQGDvQWUHEUXQHWH"
5/DSVXV

Ì&HHXQEDUEDWvQWUHGRXDEORQGH"
56DWLVIDFXW

Ì&HHVWHH[FUHVFHQWDGHFXUXOXQHLEORQGH"
57XPRDUHSHFUHLHU

Ì'HFHVHDIODvQFDGDGHEDLHDXQHLEORQGHJHDPDQGXUL"
56DQXvQRDWHSUHDGHSDUWH

Ì&XPIDFLVDFDGDREORQGDFXRPkQDDPSXWDWDGLQFRSDF"
5ÌLIDFLFXPkQD

Ì'HFHREORQGDQXVLSRDWHVFRDWHWDPSRQXO"
59DFXXPXOGLQFDSQXLSHUPLWHDFHVWOXFUX

Ì&kQGVFULHREORQGDSRYHVWLULKRUURU"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5'DFDVHDIODvQSRVHVLDFDUWLLWDOHGHFUHGLW

Ì&DUHHGLIHUHQWDGLQWUHXQSLWWEXOVLREORQGDIXULRDVD"
55XMXOGHEX]H

Ì'HFHDXEORQGHOHRJDXUDODWkPSODVLRIUXQWHWHVLWD"
5'XWLGHJHWXOODWkPSOD1XVWLX/RYHVWHWLIUXQWHDFXSDOPD$KDPDPSULQV

Ì&XPVHVLQXFLGHREORQGD"
5ÌVLFODGHVWHKDLQHOHVLVHDUXQFDGHSHJUDPDGDMRV

Ì&XPVHVLQXFLGEORQGHOH"
56HDUXQFDGHSHVDQGDOH

Ì'HFHQXWUHEXLHQLFLRGDWDvQWUHEDWDREORQGDFXXQFHDVGHPkQDDQDORJFkWHFHDVXO"
5&HDVXOVHSRDWHSXQHVLFXVXVXOvQMRVSHPkQD

Ì'HFHQXWUHEXLHQLFLRGDWDvQWUHEDWDREORQGDFXXQFHDVGHPkQDDQDORJFkWHFHDVXO"
5$WLDYHDvQFUHGHUHvQRUDVSXVDGHRSHUVRDQDFDUHQXSRDWHQXPDUDGHFkWSkQDODWUHL

Ì'HFHDXEORQGHOHFXPDLPXOWFUHLHUGHFkWYDFLOH"
53HQWUXFDDWXFLFkQGOHSXLPkQDSHXJHUVDQXvQFHDSDVDVHFDFH

Ì'HFHDXEORQGHOHFXPDLPXOWFUHLHUGHFkWFDLL"
53HQWUXFDODSOLPEDUHvQRUDVVDQXVHFDFHSHVWUDGD

Ì'HFHDUHEORQGDXQQHXURQvQSOXVIDWDGHJDLQD"
53HQWUXDQXIDFHJDLQDWvQFDVD

Ì&DUHHDVHPDQDUHDGLQWUHEORQGHVLODQXULOHGHJUkX"
5$PEHOHVXQWJDOEHQH

Ì'DUGLIHUHQWD"
5&XOWXUDJUkXOXLDGXFHIRORDVHVRFLHWDWLL

Ì'HFHQXVHUHFRPDQGDDGDPXQFLWRDUHORUEORQGHSDX]DGHFDIHD"
5$UGXUDSUHDPXOWVDOHvQYHWLGLQQRXFHDXGHIDFXW

Ì'HFHOXFUHD]DEORQGHOH]LOHSHVDSWDPkQD"
53HQWUXFDOXQLVDQXWUHEXLDVFDvQYDWDWHGLQQRXFHDXGHIDFXW

Ì'HFHWUHFHREORQGDVWUDGD"
5/DVDVWUDGD'HFHQXVHDIODEORQGDvQSDW

Ì'HFHWUHFHREORQGDVWUDGD"
5$VWDLRJOXPD

Ì$LDX]LWGHEORQGDFDUHDVDULWFXSDUDVXWD"
51XDQLPHULWSDPkQWXO

Ì$LDX]LWGHEORQGDFDUHDWUDVRVDJHDWDvQFHU"
51XODQLPHULW

Ì&DUHHUDVSXQVXOXQHLEORQGHODSURSR]LWLDPDLJkQGHVWHWH"
51XWUHEXLHVDJkQGHVFHXVXQWEORQGD

Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLXQEHF"
5%HFXOHVWHPDLGHVWHSWGDUSHEORQGDRDSULQ]LPDLUHSHGH

Ì&kQGHSHUPLVVDvPSXVWLREORQGLQDvQFDS"
5ÌQFD]XOFkQGDLRSRPSDODWLQHVDLOXPIOLLODORF

Ì'HFHDFRQGXVREORQGDPDVLQDGHRULvQMXUXOEORFXOXL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5ÌLHUDVWULFDWDVHPQDOL]DUHD

Ì'HFHFRQGXFkQGDXWRWXULVPHEORQGHOHDMXQJvQVDQW"
5&DVDVWLQJDEHFXOGHODVHPQDOL]DUH

Ì$WLDX]LWGHFHOHGRXDEORQGHGLQPDVLQDJDVLWHPRDUWHGHIULJvQLQFLQWDFLQHPDWRJUDIXOXLDXWR"
5$XYUXWVDYL]LRQH]HILOPXO3HWLPSXOLHUQLLvQFKLV

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLXQFRVGHFXPSDUDWXUL"
5&RVXOGHFXPSDUDWXULDUHRSDUHUH

Ì'HFHDXEORQGHOHVkQLLSDWUDWL"
5)LLQGFDQXDXVFRVVXWLHQXOGLQFXWLH

Ì&XPVHQXPHVFEORQGHvQWLQVHSHSRGHD"
56DOWHDSQHXPDWLFD

Ì&XPRPRDUDREORQGDRSDVDUH"
52DUXQFDGHSHEDOFRQ

Ì&XPRPRDUDREORQGDXQSHVWH"
5ÌOvQQHDFD

Ì'HFHDFUHDW'XPQH]HXOEORQGHOH"
53HQWUXFDQXVLSXWHDOXDVLQJXUEHUHDGLQIULJLGHU

Ì'HFHDFUHDW'XPQH]HXEORQGHOH"
52RDLHQXDUILIRVWvQVWDUHVDWLDGXFDEHUHDGLQIULJLGHU

Ì'HFHDFUHDW'XPQH]HXEUXQHWHOHVLURVFDWHOH"
5%ORQGHOHQXDXUHXVLWFKHVWLDFXEHUHD

Ì&HvL]LFHPHGLFXO25/LVWEORQGHLODFRVXOWDWLH"
57LQHWLXUHFKHFDHDODOWDvQFKLVDFDvPLEDWHVRDUHOHvQRFKL

Ì'HFHDvQFHWDWEORQGDVDLDSLOXODDQWLFRQFHSWLRQDOD"
5ÌLLHVHDDIDUDVLvLSLFDvQWRWGHDXQDSHMRV

Ì&HIDFHREORQGDSHVWRS"
5&DXWDWLSXOFDUHDvPSXVFDWR

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLPkQFDUHGLQFRQVHUYHSHQWUXFkLQL"
5ÌQFRQVHUYHHVWHFUHLHU

Ì&XPSRWLIDFHFDRFKLLXQHLEORQGHVDVWUDOXFHDVFD"
5$SURSLHRODQWHUQDGHXUHFKHDHL

Ì'HFHQXHVWHELQHVDWHXLWLvQRFKLLXQHLEORQGH"
56DUSXWHDVDWHRUEHDVFDOXPLQDFDUHLQWUDSHXUHFKL

Ì&HYH]LFkQGWHXLWLDGkQFvQRFKLLXQHLEORQGH"
5&HDID

Ì&XPGHVFULHWLREORQGDvQFRQMXUDWDGHRPXOWLPHGHLGLRWL"
5)ODWDWD

Ì'HFHDPXULWREORQGDFDUHDEDXWODSWH"
5$FD]XWYDFDSHVWHHD

Ì&XPMRDFDREORQGDUXOHWDUXVHDVFD"
5&XRSLOXODDQWLEDE\VLWUHLERPERDQH0 0

Ì'HFHQXOHSODFEORQGHORUERPERDQHOH0 0"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
56XQWIRDUWHJUHXGHGHFRMLW

Ì&XPvWLGDLVHDPDFDREORQGDDFRSWSUDMLWXUHOHFXFLRFRODWD"
5'XSDFRMLOHGH0 0GHSHMRV

Ì&XPDGXFLREORQGDvQSUDJXOQHEXQLHL"
5ÌLGDLRSXQJDGH0 0VLvLVSXLVDOHFLWHDVFDSHOLWHUH

Ì&HOXFUHD]DREORQGDvQWURIDEULFDGHERPERDQH0 0"
5&RUHFWRUOLWHUDU

Ì'HFHVXQWGDWHEORQGHOHIRDUWHUHSHGHDIDUDGHODRIDEULFDGHERPERDQH0 0"
5$XDUXQFDWFDUHEXWERPERDQHOHFXOLWHUD:SHHOH

Ì&HIDFHREORQGDFDUHvVLSUHVHD]DSDOPHOHSHXUHFKL"
5ÌQFHDUFDVDVLDGXQHJkQGXULOH

Ì&HIDFHREORQGDFDUHUHVSLUD"
5ÌVLvPSURVSDWHD]DPHPRULD

Ì&HDXvQFRPXQEORQGHOHLQWHOLJHQWHVLGLQR]DXULL"
5$PEHOHVSHFLLVXQWGHPXOWGLVSDUXWH

Ì&XPPDVRULLQWHOLJHQWDXQHLEORQGH"
53ULQLQWURGXFHUHDXQXLPDQRPHWUXvQXUHFKH

Ì&XPVHQXPHVWHRPXVFDvQFDSXOXQHLEORQGH"
51DYHWDVSDWLDOD

Ì&HHVWHREk]DFDUH]ERDUDGLVSHUDWDvQFUHLHUXOXQHLEORQGH"
58Q6SDFH,QYDGHU

Ì&H]LFHRPXVFDLQFDSXOXQHLIHWHEORQGH"
563$&(7+(),1$/)5217,((5

Ì&HVSXQHGRFWRUXOvQDLQWHGHDIDFHRRSHUDWLHSHFUHLHUXQHLEORQGH"
56SDWLXO8OWLPDIURQWLHUD

Ì&XPVHQXPHVWHREORQGDFXMXPDWDWHGHFUHLHU"
51RURFRDVD

Ì&XPPRDUHRFHOXODFHQXVLHDXQHLEORQGH"
56LQJXUD

Ì'HFHPRDUHXQQHXURQLQFDSXOXQHLEORQGH"
5'HVLQJXUDWDWH

Ì'HFHDUHREORQGDQHXURQL"
5(VWHvQVDUFLQDWD

Ì&HVHvQWkPSODGDFDVFRWLFUHLHUXOXQHLEORQGH"
5ÌLFUHVWHFRHILFLHQWXOGHLQWHOLJHQWD

Ì&HVHvQWkPSODGDFDPXWLWRDWHEORQGHOHGLQ3RORQLDvQ%XOJDULD"
5&UHVWHFRHILFLHQWXOGHLQWHOLJHQWDDODPEHORUWDUL

Ì&HUHSUH]LQWDREORQGDFXSDUXOYRSVLWvQQHJUX"
5,QWHOLJHQWDDUWLILFLDOD

Ì'HFHVHVSDODEORQGHOHSHFDSvQFKLXYHWD"
53HQWUXFDDFRORVHVSDODOHJXPHOH

Ì'HFHDXEORQGHOHFUHLHUXOGLPLQHDWDGHGLPHQVLXQHDXQXLEREGHRUH]"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
51RDSWHDVHGLODWD

Ì'HFHDXEORQGHOHFUHLHUXOLQGLDPHWUXGHFP"
53HQWUXFDHGLODWDW

Ì&XPVWLLFDREORQGDHVWUHVDWD"
5&kQGDUHWDPSRQXOGXSDXUHFKHVLFDXWDSHVWHWRWDIXULVLWXOGHFUHLRQ

Ì&DUHHGLIHUHQWDvQWUHEORQGHOHGHVWHSWHVL<HWL"
5<HWLDPDLIRVWYD]XW

Ì&DUHHGLIHUHQWDGLQWUHXQ2=1VLREORQGDGHVWHDSWD"
52=1XULVDXPDLYD]XW

Ì&DUHHVWHDVHPDQDUHDvQWUHXQ2=1VLREORQGDGHVWHDSWD"
57RWDX]LGHHOHGDUQXOHYH]LQLFRGDWD

Ì'HFHDQJDMHD]D1$6$EORQGH"
5)DFFHUFHWDULDVXSUDJDXULORUQHJUH

Ì'HFHDXEORQGHOHRFKLLFDVWHOHOH"
5)LLQGFDVXQWSURDVWHFDQRDSWHD

Ì&XPSRWLDOHJHREORQGDSURDVWDGLQWURVXWD"
5/DvQWkPSODUH

Ì&XPDVH]LEORQGHSHXQWDEXUHW"
5ÌOvQWRUFL

Ì&XPDVH]LEORQGHSHXQVFDXQ"
5ÌQWRUFLVFDXQXOLQYHUV

Ì&XPWLLREORQGDRFXSDWDWRDWD]LXD"
52SXLvQWURFDPHUDURWXQGDVLLVSXLVDVWHDvQFROW

Ì&XPWLLREORQGDRFXSDWDWRDWD]LXD"
52WULPLWLvQWURFDPHUDURWXQGDVLLVSXLFDvQFROWVXQW

Ì&XPWLLREORQGDRFXSDWDWRDWD]LXD"
56FULLSHDPEHOHIHWHDOHXQHLFROL&LWHVWHSHYHUVR

Ì&XPWLLRFXSDWDREORQGDPDLPXOWWLPS"
5ÌLGDLRFRDODGHKkUWLHSHFDUHDLVFULVSHDPEHOHIHWHÌQWRDUFHWLIRDLD

Ì&kWHEORQGHSRWLvQJUDPDGLSHPHWUXSDWUDW"
57RDWHVXQWDVDGHJRDOHSHGLQDXQWUXFDOHSRWLEDJDXQDQWUDOWD

Ì&HHREORQGDvQFDGD"
52LQVXODFXGRLPXQWL

Ì&XPIDFLREORQGDVDUkGDVkPEDWD"
5ÌLVSXLXQEDQFMRLD

Ì&HDXEORQGHOHVLVWLFOHOHGHEHUHvQFRPXQ"
5$PkQGRXDVLQWJRDOHGHODJkWvQVXV

Ì&XPSRWLIDFHREORQGDIHULFLWD"
56SXQHL'RDPQHFHRFKLDOEDVWULLDL

Ì&XPVHQXPHVFGHEORQGHDVH]DWHvQFRORDQD"
57XQHOGHYkQW

Ì&HIDFHREORQGDvQIDWDXQXLSHUHWHGHVWLFOD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
56HFDWDUDSHHOVDYDGDFHHvQSDUWHDFHDODOWD

Ì'HFHVDXLWDWREORQGDWLPSGHRUHODRVWLFODGHVXF"
53HQWUXFDSHVWLFODVFULD&RQFHQWUDW

Ì'HFHPDQkQFDREORQGDIDVROHVkPEDWD"
5&DVDSRDWDIDFHEDLHFXEXOHGXPLQLFD

Ì&HVSXQHREORQGDFkQGVSDUJHXQYDORURVYDV0LQJ"
5(vQUHJXODWDWLFXOHQXPDPORYLW

Ì&HIDFHREORQGDFXRFKLLvQFKLVLvQIDWDRJOLQ]LL"
59UHDVDYDGDFXPDUDWDFkQGGRDUPH

Ì&kQGDVWHSWLFDUHHVWHGHRVHELUHDGLQWUHREORQGDVLLDUQD"
5,DUQDYLQHFXVLJXUDQWD

ÌÌQFkWHFDWHJRULLVHvPSDUWEORQGHOH"
5)UXPRDVHGHVWHSWHVLPDUHDPDMRULWDWH

Ì2EORQGDPHUJHOD/RQGUDFXDYLRQXOFXPSRWLVDLIXULORFXOGHODJHDP"
5ÌLVSXLFDORFXULOHFDUHPHUJOD/RQGUDVXQWFHOHGLQFHQWUX

Ì'HFHQXYUHDREORQGDvQDYLRQORFXOGHODIHUHDVWUD"
57RFPDLVLDXVFDWSDUXOVLQXYUHDVDLEDWDYkQWXOvQHO

Ì'HFHREORQGDPHUJHODSLDWDFXVFDUDSOLDQWDGXSDHD"
5$DX]LWFDLDUDVLDXXUFDWSUHWXULOH

Ì&XPSRWLVDGHUXWH]LREORQGD"
51XSRWLDVDVDQDVFXW

Ì&HDUH.POXQJLPHVLXQFRHILFLQHWGHLQWHOLJHQWDGH"
52SDUDGDDEORQGHORU

Ì'HFHREORQGDSXQHGHJHWXOSHFDSXOFXLXOXLFDQGvOEDWHFXFLRFDQXO"
5=JRPRWXOvLSURYRDFDGXUHULGHFDS

Ì&XPVDDFFLGHQWDWEORQGDPDWXUkQGIUXQ]HOH"
5&D]kQGGLQFRSDF

Ì&XPVHFKHDPDFRSLOXOXQHLEORQGHFXXQ SROLWLVW"
55HWDUGR

Ì'HFHQXSRWEORQGHOHVDJDWHDVFDGLQWURFDUWHGHEXFDWHSRUWLLGXEOH"
5&XSWRUXOQXvQFDO]HVWHSkQDODƒ&HOVLXV

Ì&XPVFKLPELLPSUHVLDXQHLEORQGH"
5ÌLVXIOLLvQXUHFKH

Ì'HFkWHEORQGHHQHYRLHVDMRDFHSULQVD"
58QDVLQJXUD

Ì'HFkWHEORQGHHQHYRLHSHQWUXXQMRFGHDYDWLDVFXQVHOHD"
5'HXQDVLQJXUD

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDUWHODGHWHOHIRQ"
5&DUWHODDUHPHPRULH

Ì&XPWLLREORQGDvQVXVSDQV"
5ÌWLVSXQHXPkLQH

Ì'HFHWLQHEORQGDFXEXULOHGHJKHDWDvQIULJLGHU"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5&DVDvOUDFHDVFD

Ì'HFHREORQGDQXVWLHVDVFULHFLIUD"
51XVWLHFDUHGLQFHLGRLGHVHVFULHSULPDGDWD

Ì&XPFLWHVWHREORQGDFLIUD"
58QvQWUHUXSWGHRYLUJXOD

Ì'HFHSRDUWDEORQGHOHSDUXOVWUkQVvQFRF"
5&DVDDLEHFkWPDLPXOWvQFDS

Ì&HDYDQWDMHDLGDFDDLREORQGLQDFDVLSDVDJHUvQPDVLQD"
53RWLSDUFDvQORFXULOHGHSDUFDUHSHQWUXKDQGLFDSDWL

Ì'HFHREORQGDVFKLPEDVFXWHFHOHEHEHOXVXOXLRGDWDODOXQD"
53HVFXWHFHVFULHSkQDODNLORJUDPH

Ì&DUHHVWHGXSDSDUHUHDXQHLEORQGHGLIHUHQWDGLQWUHRYDFDDOEDVLXQDPDUR"
5&HDPDURGDFDIHDFXODSWH

Ì&HHVWHXQVFKHOHWFXSDUEORQGvQWUREXGDSXEOLFD"
5&kVWLJDWRUXOFRQFXUVXOXLGHDQXOWUHFXWGHYDWLDVFXQVHOHD

Ì&HVFULHSHRFDUWHSRVWDODGHODREORQGDDIODWDvQFRQFHGLX"
50DGLVWUH]PLQXQDW2DUHXQGHPDDIOX"

Ì'XSDFHFXQRVWLFDRVFULVRDUHDIRVWWULPLVDGHREORQGD"
5(VWHVFULVDVLSHSOLFSHSDUWHDOLSLFLRDVD

Ì'XSDFHUHFXQRVWLFDXQID[DIRVWWULPLVGHREORQGD"
5$UHWLPEUXSRVWDO

Ì&XPVHQXPHVWHREORQGDvQWUXQLQVWLWXWGHvQYDWDPkQWVXSHULRU"
5)HPHLHGHVHUYLFL

Ì&XPVHQXPHVWHREORQGDvQWUXQLQVWLWXWGHvQYDWDPkQWVXSHULRU"
59L]LWDWRU

Ì&HDIDFXWEORQGDFkQGDDX]LWODWHOHYL]RUFDSHVWHGLQDFFLGHQWHVHvQWkPSODODGRPLFLOLX"
56DPXWDW

Ì'HFHQXH[LVWDEUXQHWHSURDVWH"
53HUR[LG

Ì&HDXvQFRPXQEORQGHOHYRSVLWHVLPXODWULL"
55DGDFLQLQHJUH

Ì'HFHLDXEORQGHOHSLOXODDQWLEDE\"
5&DVDVWLHFH]LDVDSWDPkQLLHVWH

Ì'HFHLDREUXQHWDSLOXODDQWLEDE\"
56XSHUVWLWLH

Ì&HVXQWGHEORQGHSHIXQGXOPDULL"
58QvQFHSXW

Ì&HFDXWDGLVSHUDWHEORQGHOHSHIXQGXORFHDQXOXL"
53H/HRQDUGRGL&DSULR

Ì&DUHLGLIHUHQWDGLQWUHREORQGDVL7LWDQLF"
53H7LWDQLFVWLFkWLVDXvPEDUFDW

&XPGHFXUJHSUHOXGLXOODREORQGD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
56HGH]EUDFD

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLREUXQHWD"
5GHPLQXWHGHPXQFDGHFRQYLQJHUH

Ì'HFHvLWUHELXHXQHLEORQGHFLQFLRUHVDVFULH/DPXOWLDQLSHXQWRUW"
53DLQXUHXVHVWHVDEDJHWRUWXOPDLUHSHGHvQPDVLQDGHVFULV

Ì'HFHEORQGHOHQXDXDFFHVSHWXUQXO(LIIHO"
53HQWUXFDDUGDGHPkQFDUHODHOLFRSWHUH

Ì'HFHVHDVHD]DREORQGDRDUEDSH]LDU"
5&DVDFLWHDVFDGHSHEX]H

Ì&HLVSXQHQXPDUXOXQHLEORQGH"
5SOXV79$

Ì&XPvWLGDLVHDPDFDREORQGDDDWLQVPRPHQWXORUJDVPXOXL"
57LDLGDWMRVKDLQHOHGHGRXDPLQXWH

Ì&XPvWLGDLVHDPDFDREORQGDDDWLQVPRPHQWXORUJDVPXOXL"
5ÌVDWHUPLQDWEDWHULD

Ì'HFHQXVDUHREORQGDFXSDUDVXWDFkQGHSHVWRS"
56DSXWHDVDWUDJDGHVQXUXOJUHVLW

&HIDFHREORQGDFkQGvLHVWHIULJ"
6HGXFHvQFROWXOFDPHUHLFDDUHGHJUDGH

&HJvQGHVWHREORQGDFkQGYHGHRFRDMDGHEDQDQDSHMRV"
&HJKLQLRQ$FXPLDURVDFDGvQFXU

Ì'XSDFHvWLGDLVHDPDFDREORQGDIRORVHVWHYLEUDWRUXO"
5'XSDGLQWLLGLQIDWDVSDUWL

Ì'HFHQXIRORVHVFEORQGHOHYLEUDWRDUHvQOLSVDEDUEDWLORU"
56DQXVLVSDUJDGLQWLL

Ì&H]LFHREORQGDFkQGYHGHXQILOPSRUQR"
5$VWDVXQWHX

Ì&HJDVHVWHGHQWLVWXOXQHLEORQGH"
51XQXJDXULvQGLQWHFLGLQWLvQJDXUD

Ì&HHREORQGDSHXQWHUHQGHIRWEDO"
5/RYLWXUDOLEHUD

Ì&HHREORQGDGHGHDQLSHWHUHQXOGHIRWEDO"
5/RYLWXUDGHSHGHDSVD

Ì&kQGDUHREUXQHWDMXPDWDWHGHFUHLHU"
5'XSDFHVLDGHFRORUDWSDUXO

Ì&HHVWHSHQWUXREORQGDIRDUWHJUHX"
5&ODVDDWUHLD

Ì&HHVWHSHQWUXREORQGDIRDUWHOXQJ"
5&ODVDDSDWUD

Ì'HFHQXPDQkQFDEORQGHOHFDVWUDYHWLPXUDWL"
5'HILHFDUHGDWDFkQGDXvQFHUFDWOHDUDPDVFDSXOvQWHSHQLWODJXUDERUFDQXOXL

Ì'HFHQXPDQkQFDEORQGHOHFDVWUDYHWLPXUDWL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5%RUFDQHOHDXFDSDFVLQXIHUPRDU

Ì&XPVHGHILQHVWHRPDUHLJQRUDQWD"
5GHEORQGH

Ì8QGHVHGXFEORQGHOHFDVDVLvQWkOQHDVFDUXGHOH"
5ÌQJUDGLQDGHOHJXPH

Ì'HFHYUHDREORQGDVDGHYLQDPHGLFYHWHULQDU"
5,XEHVWHDWkWGHPXOWFRSLL

Ì&HVXQWGRXDEORQGHvQWUXQ3RUVFKH"
58QJORQW'XP'XP

Ì'HFHDXEORQGHOHWUHLEXWRDQHSHIUXQWH"
5) H6XJH2SUHVWHWH

Ì'HFHDXEORQGLQHOHRUJDQHVH[XDOH"
53DLFHDUIDFHWRDWD]LXDIDUD"

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVL]DSDGD"
53HDPkQGRXDWHGDLRGDWDVLVHIDFHSkUWLH

Ì&XPVHSRDWHVWLGDFDREORQGDDXWLOL]DWXQFRPSXWHU"
5'DFDVHYDGFRUHFWLLSHHFUDQ

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVL81,;"
5$PLQGRXDVLQWPXOWLWDVNLQJVLPXOWLXVHU

Ì&HREWLLGDFDvQFUXFLVH]LREORQGDFXXQFRPSXWHU"
58QDWRDWHVWLXWRUFDUHI HGHUXSH

Ì'HFHQXDJUHHD]DEORQGHOHFRPSXWHUHOH"
51XSULQG079XO

Ì'HFHDXGDW&RPPRGRUHIDOLPHQW"
5%ORQGHOHDXPkQFDWWRDWH&+,3VXULOH

Ì&XPVHQXPHVWHVXVRWHDODXQHLEORQGHODXUHFKHDDOWHLEORQGH"
57UDQVIHUGHGDWH

Ì'HFHYDUVDEORQGLQHOHDSDSHVWHFDOFXODWRU"
59RUVDQDYLJKH]HSH,QWHUQHW

Ì&XPvWLGDLVHDPDFDREORQGDVDMXFDWODFRPSXWHU"
53HMR\VWLFNVXQWXUPHGHUXM

Ì'XSDFHvWLGDLVHDPDFDREORQGDVDMXFDWODFRPSXWHU"
5-R\VWLFNXOHXPHG

Ì'XSDFHvWLGDLVHDPDFDREORQGDVDMXFDWODFRPSXWHU"
5-R\VWLFNXOVHDIODSHVFDXQ

Ì&DUHHGLIHUHQWDvQWUHREORQGDVLXQFRPSXWHU"
5ÌQFRPSXWHULQIRUPDWLDWUHEXLHEDJDWDGRDURGDWD

Ì&XPvLIDFLXQHLEORQGHRUHVHWDUHDPHPRULHL"
5ÌLIDFLXQGXVVLRvQWRUFLFXFDSXOvQMRV

Ì'XSDFHvWLGDLVHDPDFDREORQGDDIRVWDVH]DWDODFRPSXWHU"
5/kQJDPDXVVHDIODREXFDWLFDGHFDVFDYDO

Ì'XSDFHvWLGDLVHDPDFDREORQGDDIRVWDVH]DWDODFRPSXWHU"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5/DYHQWLODWLDFRPSXWHUXOXLVHDIODILUHGHSDU

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLXQFRPSXWHU"
51LFLXQDDPEHOHSRWQXPDUDGRDUSkQDOD

Ì'HFHURDJDREORQGDSULHWHQLLVDvLSDVWUH]HEHFXULOHDOEHDUVH"
5&DVDVLIDFDvQWXQHULFvQFDPHUD

Ì&H]LFHREORQGDGDFDRSDVDUHFDUH]ERDUDSHGHDVXSUDHLVHXVXUHD]DH[DFWSHIDWDHL"
5&HELQHFDPLDPWLQXWJXUDGHVFKLVDDOIHOHUDPSOLQDGHFDFDWGHSDVDUHSHWRDWDIDWD

Ì&H]LFHREORQGDGDFDRSDVDUHFDUH]ERDUDSHGHDVXSUDHLVHXVXUHD]DH[DFWSHIDWDHL"
5&HELQHFDYDFLOHQXSRW]EXUD

Ì&HVHvQWkPSODFXREORQGDFkQGVHvPEROQDYHVWHGH$O]KHLPHU"
5ÌLFUHVWH,4XO

Ì&DUHHIRUPDWLDSUHIHUDWDDXQHLEORQGH"
5$LU6XSSO\

Ì&XPVHQXPHVWHRVHFUHWDUDEORQGDODVDWDvQVDUFLQDWDGHVHIXOHL"
5%RVVXPIODWD

Ì'HFHWUHEXLHVFULVRULOHFDWUDEORQGHVFULVHvQFHW"
53HQWUXFDQXSRWFLWLUHSHGH

Ì'HFHSRDUWDEORQGHOHEOXJLVWUkPWL"
5&DVDOLVHFLWHDVFDSHEX]H

Ì'HFHUDPkQHQHPLVFDWDREORQGDOD]RRvQIDWDFXVWLLOHXOXLFDUHUDJHGLQWRWLUDUXQFKLL"
59UHDVDYDGDFHILOPGD0HWUR*ROGZLQ0D\HU

Ì&DUHHDVHPDQDUHDGLQWUHRFDUWHSRVWDODVLREORQGD"
5$PkQGRXDDMXQJODSRVWD

Ì&HVHvQWkPSODDWXQFLFkQGYH]LVSULMLQLWHGHSHUHWHWUHLEORQGHJRDOHVLFUDFLWH"
5([SR]LWLHSXEOLFLWDUD

Ì'HFHLQWURGXFHREORQGDFXWLWXOvQEXGD"
56DYDGDGDFDvQVFRLFDQXHVWHRSHUOD

Ì'HFHVHXLWDREORQGDSHVWHXQSDUDYDQGHVWLFOD"
56DYDGDFHVHJDVHVWHGHSDUWHDFHDODOWD

Ì&XPvVLXVXFDREORQGDSDUXO"
5ÌOWDLHVLvOSXQHSHFDORULIHU

Ì&DUHHVLQJXUXOFXYvQWVWUDLQSHFDUHvOVWLHREORQGD"
5)LFWLYYH]LGLFWLRQDUXOGHOLPEDJHUPDQD

Ì'HFHvVLLDXRFKHODULGHHFOLSVDEORQGHOH"
56DQXVHDUGD

Ì'HFHEORQGDQXVDPDLGXVvQ$QJOLD"
5$DIODWFD%LJ%HQQXHGHFkWXQFHDV

Ì&XPvWLGDLVHDPDFDEORQGDDOXDWPXLH"
5,DUDPDVLPSULPDWDFDWDUDPDSHIUXQWH

&H]LFHREORQGDVRWXOXLHLFkQGDFHVWDR]YkUOHVWHSHWUHSWHOHSLYQLWHL"
58UVXVVDX7LPLVRUHDQD"

Ì&HLVSXLXQHLEORQGHIDUDPkLQLVLIDUDSLFLRDUH"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5&HWkWHPLVWR

Ì'HFHQXDXEORQGHOHSDUSXELDQ"
53HQWUXFDvVLSXQWDPSRDQHOHLQYHUV

Ì'HFHQXvLFDGHXQHLEORQGHWDPSRQXO"
59LGXOGLQFDSLOIL[HD]DIRDUWHELQH

Ì&XPvWLGDLVHDPDFDREORQGDHSHURVX"
5$UHWDPSRQXOGXSDXUHFKHVLvVLFDXWDvQHEXQLWDWLJDUHD

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLXQFRSDF"
58QFRSDFvVLGDVHPDFkQGHFXOFDWODRUL]RQWDOD

Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLREORQGDLQWHOLJHQWD"
52FH"

Ì&HIDFHREORQGDGXSDDOWUHLOHDIX DLvQWUHWkWH"
5ÌVLVXIODQDVXO

Ì&HHREORQGDFDUHLDvLFXUJHQDVXO"
53OLQD

Ì&HHFHOPDLUDXOXFUXODVH[FXEORQGHOH"
56DQXDLEDQFKHWHOHUDEDWDELOH

Ì&DUHHXQHDOWDSUHIHUDWDDEORQGHORUODEHQ]LQDULH"
53RPSDSHQWUXURWL

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVLRWLJDLH"
5$PEHOHWUHEXLHVDILHILHUELQWLvQDLQWHGHDEDJDFDUQHDvQHOH

Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLYLUXVXO+,9"
59LUXVXOXLLVHYDJDVLXQDQWLGRW

Ì'HFHvVLEDJDEORQGHOHSUH]HUYDWLYHvQXUHFKL"
53HQWUXFDODEDWUkQHWHVDQXDLEHQHYRLHGHDSDUDWHDXGLWLYH

Ì'HFHVXQWEORQGHOHILULYHVHOH"
53HQWUXFDQXVWLXDOWFHYD

Ì'HFHVXQWEORQGHOHILULYHVHOH"
53HQWUXFDH IRDUWHXVRUVDOHDPX]L

Ì'HFHQXSRWEORQGHOHVDVFKLPEHEHFXO"
53HQWUXFDvOVSDUJvQWRWGHDXQDFXFLRFDQXO

Ì'HFkWHEORQGHHVWHQHYRLHSHQWUXDVFKLPEDXQEHF"
5&HHDLDXQEHF

Ì'HFkWHEORQGHHVWHQHYRLHSHQWUXDVFKLPEDXQEHF"
5'RXDXQDWLQHVWLFODJRDODGH&ROD/,*+7VLFHDODOWDVWULJD7$7$$$$$

Ì&XPvQQHFLREORQGD"
5$VH]LRRJOLQGDSHIXQGXOSLVFLQHL

Ì&XPvQQHFLREORQGD"
51XLVSXQHFDWUHEXLHVDvQJKLWD

Ì&XPIDFHREORQGD0RRQZDON"
5ÌVLVFRDWH2%XOVLDOXQHFDFXFXUXOSHSRGHD

Ì&kQGSRWL]LFHGHREORQGDFDHREXQDEXFDWDUHDVD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
5'DFDUHXVHVWHVDVFRDWDWRUWDvQWUHDJDGLQDSDUDWXOGHSUDMLWSkLQH

Ì'HFHVXQWDVDGHLQWHUHVDWHEORQGHOHGH$,'6"
53HQWUXFDSRWVDO]LFDFXYkQWXOSHOLWHUH

Ì'HFHPHUJEORQGHOHSHYkUIXULSHOkQJDGXODSLRUXOFXPHGLFDPHQWH"
56DQXWUH]HDVFDSLOXOHOHVRPQLIHUH

Ì&HVDvQWkPSODWGDFDRVRUDPHGLFDODGXFHRJDOHDWDFXVSHUPDSHFRULGRDUHOHVHFWLHLGHFKLUXJLH"
52EORQGDDIRVWRSHUDWDGHVWRPDF

Ì&HDXEORQGHOHvQFRPXQFXQRULL"
5'DFDGLVSDUYDILR]LIUXPRDVD

Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVLRSXVFDGHYkQDWRDUH"
5$PEHOHWUHEXLHvQGRLWHODPLMORFVLvQFDUFDWHGHODVSDWH

Ì&XPvLUXSLXQHLEORQGHRVXOQDVXOXL"
53XLREDQFQRWDGHVXERPDVDGHVWLFOD

Ì&H]LFHREORQGDGDFDRvQWUHELGHVDQDWDWH"""
57RDWHVEXQH VL IUXPRDVHGHVLDP FDQFHU OD ILFDW VL OHXFHPLH PXOWXPHVF OXL'XPQH]HX FD QX DP DPLJGDOLWD VDX YUHR
PDVHDXPIODWD

Ì'HFHUkGEORQGHOHWRWWLPSXO"
53HQWUXDVLPHQWLQHDQWUHQDPHQWXOIDFLDO

Ì&XPHVWHSR]LWLRQDWVLUHSDUWL]DWFUHLHUXOODEORQGH"
5/DQLYHOXODEGRPHQXOXLVXEIRUPDDGRLORELXQOREvQRYDUXOGUHSWVLFHODODOWvQRYDUXOVWkQJ

Ì'DFDFHLGRLORELFRQFHSRWHRULHFHIDFFXLGHHD"
52DUXQFDSULQWURPSDODJXQRLvQXWHU

Ì&HIDFFXLGHHDGDFDDFHDVWDQXVXFRPEDvQWHUPHQGHGH]LOH"
52vQHDFDvQVkQJH

Ì6LGDFDLGHHDUH]LVWDQRXDOXQLFHVHvQWkPSOD"
56HHOLPLQDUDXO

Ì'HFHIRORVHVFEORQGHOHUXMQHJUX"""
53HQWUXFDDXFHQWXUDQHDJUDODVXSWSX D

Ì'HFHQXVWLXEORQGHOHVDQXPHUHSkQDOD"
53HQWUXFDDWXQFLFkQGDMXQJODDXJXUDSOLQD

Ì&DUHHGLIHUHQWDLQWUHREORQGDVLRLDSD"
5'DFDYUHLVRSULYHVWLLQRFKLSHLDSDWUH
VRGHVFDOHFL

Ì2SHUVRDQDVHQDVWHEORQGDVDXGHYLQHEORQGD"
56HDFFHSWDDPEHOHYDULDQWHHLQXPDQVDGDPYLQDQXPDLSHSDULQWL

Ì&DUHLGLIHUHQWDGLQWHREORQGDVLRJDLQD"
5*DLQDDUHORJLFDHL

Ì&XPVHURDJDREORQGDvQWLPSFHVLIDFHFUXFH"
5'D'RDPQHVDILHDWkWGHOXQJDGHODIUXQWHODEXULFVLDWkWGHODWDGHODXQXPDUODFHODODW

Ì'HFHGHYLQQRUGLFLLLPSRWHQWLGHODYkUVWHIUDJHGH"
53kQDVLSHQLVXOVHVDWXUDGHSURVWLDDWkWRUEORQGH

Ì'HFHQHXURQXOXQHLEORQGHQXSOkQJHQLFLRGDWD"
53HQWUXFDQXODUDX]LQLPHQL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLRFDUDPLGD"
5&DUDPLGDRGDLGLQPkQDQPkQDLDUEORQGDGLQSX DQSX D

Ì&HDXEORQGHOHVLVWLFOHOHFXEHUHvQFRPXQ"
51,0,&FDFLDWXQFLFkQGGHVIDFLREHUHHVWLFXVLJXUDQWDSULPXOFDUHRvQFHUFL

%DQFXULOXQJLFXEORQGH

$WDFXO GH &RUG VL &RPRWLD &HUHEUDOD VWDX SH ]LGXO FLPLWLUXOXL VL IDF FRQYHUVDWLH 2 EDED WUHFH SULQ DSURSLHUH=LFH
$WDFXOGH&RUG
$VWDLDPHD
3RFQHVWHGLQGHJHWHVLEDEDFDGHPRDUWDGHLQIDUFW7UHFHGXSDXQWLPSREORQGDSHDFROR=LFH&RPRWLD&HUHEUDOD
$VWDLDPHD
6LSRFQHVWHGLQGHJHWHVLSRFQHVWHVLSRFQHVWHVLSRFQHVWHVLSRFQHVWH

2EORQGDHVWHRSULWDSHVWUDGDGHXQRPFDUHRvQWUHDEDFHYDIRDUWHUHSHGH
(DvL]LFH
9RUELWLYDURJPDLvQFHW6XQWEORQGD

&DUHHGLIHUHQWDGLQWUHREORQGDRSURVWLWXDWDVLRQLPIRPDQD"
3URVWLWXDWD]LFH1XHVWLJDWD"
1LPIRPDQD]LFH&H"(VWLJDWDGHMD"
%ORQGD]LFH%HMFUHGFDDUWUHEXLVDvPL]XJUDYHVFWDYDQXOvQEHM

8QVRQGDMGHRSLQLHDGDWSXEOLFFDEORQGHOHVXQWvQJHQHUDOVDWLVIDFXWH
,QWHUYLHYDWHOHQXVLDXSXWXWvQVDDPLQWLGHFDWUHFLQH

2EORQGDYLQHGH]DPDJLWDGHODSULPDHLvQWkOQLUH
0DPDWLSXODVWDHXQORRVHU
'UDJDPHDFUHGFDDUWUHEXLVDWLWLQRPLFDSUHOHJHUHGHVSUHVH[
1XPDPDQXHDVWD$VSXVvQVDFDQXVWLHVDJDWHDVFD

2EORQGDHVWHvQFXUWHFkQGJXQRLHUXOYLQHVLvQWUHDED
&HYDJXQRLD]L"
%ORQGDUDVSXQGH
$]LRVDOXDPWUHLVDFL

8QJXQRLHUVXQDODRXVDVLvLGHVFKLGHREORQGDEXQD$VWDvOvQWUHDEDFHYUHD
6XQW*LJLJXQRLHUX

$VWDvOWUDJHvQFDVDvLGDSDQWDORQLLMRVVLvLVXJHS D3OHDFDDVWDPXOWXPLW&ROHJX

&HDLVWDWEDLDWkW"
$VWDvL]LFHWRDWDWDUDVHQLD6HGXFHVLDVWDDFHODVLWUDWDPHQW6HvQWRUFODPDVLQDVRIHUX

&HDWLVWDWEDLDWkWD"
ÌL]LFDVWLD6RIHUX
LDVDvPLvQFHUFVLLRQRURFX6XQDODXVD7LSD

0DWDFLQHPDLHVWL"
3HWUH6RIHUX

%LQHLDGHOHL
3DLVWLWL,RDPYHQLWSHQWUXDOWFHYD
1XHVWLJXQRLHU"
1X
$WXQFLQXVHSRDWHEDUEDWXPHXFkQGDSOHFDWD]LGLPLQHDWDODVHUYLFLPLD]LVODJXQRLHULPXLHVLODVRIHUGHOHL

2EORQGDvQWUHDEDGRFWRUXOGDFDvQFD]XOvQFDUHDUUDPkQHJUDYLGDFRSLOXODULHVLSHDFRORSHXQGHLQWUDVSHUPD'RFWRUXO
'DELQHvQWHOHV
%ORQGDVHSULQGHFXPkLQLOHGHJkWVL]LFH
2VDILHvQVDIRDUWHVWUkPW

2EORQGDYLQHODGRFWRUFXREURDVFDSHFDS'RFWRUXORvQWUHDED
&HVDvQWkPSODW"
/DFDUHEURDVFD
1XVWLXODvQFHSXWPLDLHVLWXQFRVSHFXU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

2EORQGDYLQHODGRFWRUFXXUHFKLOHURVLL'RFWRUXOvQWUHDED
&HVDvQWkPSODWFXXUHFKHDGXPQHDYRDVWUD"
%ORQGD]LFH
&DOFDPUXIHOHFkQGDVXQDWWHOHIRQXOVLGLQJUHVHDODPLDPSXVFDOFDWRUXOSHXUHFKH
1HFRQYLQVGRFWRUXO
6LFHVDvQWkPSODWFXXUHFKHDFHDODOWD"
%RXOGUDFXOXLDPDLVXQDWvQFDRGDWD

9HUVLXQH
2EORQGDYLQHODGRFWRUFXXUHFKLOHURVLL'RFWRUXOvQWUHDED
&HVDvQWkPSODWFXXUHFKHDGXPQHDYRDVWUD"
%ORQGD]LFH
&DOFDPUXIHOHFkQGDVXQDWWHOHIRQXOVLGLQJUHVHDODPLDPSXVFDOFDWRUXOSHXUHFKH
1HFRQYLQVGRFWRUXO
6LFHVDvQWkPSODWFXXUHFKHDFHDODOWD"
$PvQFHUFDWVDVXQVDOYDUHD

2EORQGDODJLQHFRORJ
'RPQXOHGRFWRUYDURJVDYDVFRDWHWLFHDVXOFD PD]JkUkLDWL$FXP YDURJVDLQWURGXFHWL VL PkQD FHDODOWD $KKKK
DVDVLDFXPYDURJVDDSODXGDWL
'DUGRDPQDQXSRW
3DLYHGHWLGRPQXOHGRFWRUFHVWUkPWDVvQW

8QJLQHFRORJvQIDWDXQHLPHVHJLQHFRORJLFHSHFDUHvQSR]LWLHJLQHFRORJLFDVWDWHDREORQGD
'RDPQDVDVWLWLFDHXQXPDEkOEkLFHHDFHDX]LWLHVWHHFRXO

8QJLQHFRORJH[DPLQHD]DREORQGD
9DLGRDPQDGDUDYHWLXQYDJLQIRDUWHPDUH
9DLGRDPQDGDUDYHWLXQYDJLQIRDUWHPDUH
%ORQGDRIWHD]D
6WLDPGRFWRUHQXWUHEXLDVDUHSHWL
'RFWRUXO
1DPUHSHWDW

2EORQGDVHGXFHODGRFWRU
'RFWRUHWUHEXLHVDPDDMXWDWLPDGRDUHSHVWHWRW
&XPDGLFD"vQWUHDEDGRFWRUXO
%ORQGDvVLDWLQJHJHQXQFKLXOGUHSWFXGHJHWXOLQHODUVLH[FODPD
$XPDGRDUH
$SRLvVLDWLQJHREUD]XOVLWLSD
$X6LDLFLPDGRDUH
ÌVLDWLQJHOREXOXUHFKLLGUHSWH
$X3kQDVLDLFLPDGRDUH
/DFDUHGRFWRUXORvQWUHDED
6XQWHWLREORQGDQDWXUDOD"
'DGHVLJXUUDVSXQGHHD
$VDPDJkQGHDPVLHX$YHWLXQGHJHWVFUkQWLW

2EORQGDVXSUDSRQGHUDODPHUJHODGRFWRUVDLFHDUDXQVIDW
$FHVWDvLUDVSXQGHFDGDFDYUHDVDVODEHDVFD.JWUHEXLHVDDOHUJHWLPSGHROXQD
%ORQGDXUPHD]DVIDWXOPHGLFXOXLVLIHULFLWDGXSDROXQDvLGDWHOHIRQVDLVSXQDFHPXOWDVODELW
/DVIkUVLWXOFRQYHUVDWLHLvOvQWUHDED
6LDFXPFXPSRWVDDMXQJDFDVD"GHNPHVWHRGLVWDQWDGHVWXOGHPDUH

2EORQGDFRPDQGDRSL]]D
ÌQFDWHIHOLVDYRWDL"ÌQVDXvQ"vQWUHDEDEXFDWDUXO
ÌQQDVSXWHDQLFLRGDWDVDPDQkQFIHOLL

2EORQGDEXQDVHGXFHODXQKRWHOVLFHUHRFDPHUD5HFHSWLRQHUXOvLH[SOLFDFXPFDHRGHOHJDWLHvQKRWHOVLFDQXPDLDX
GHFkWXQVLQJXUORFvQWURFDPHUDFXWUHLEDUEDWL
2N]LFHWLSDDFFHSW
,QWUDvQFDPHUDEDUEDWLLGHMDVHSUHJDWHDX=LFHSULPXO


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
+DLVDIDFHPXQWkUJ1RLvWL]LFHPRJKLFLWRDUHGDFDJKLFHVWLWHODVDPvQSDFHGHFDQXWHI HP
%ORQGDILLQGGHDFRUGvQFHSHSULPXO
&HHURVXWUDLHVWHvQSDGXUHVLPDQkFDJDLQL"
6HJkQGHVWHWLSDVL]LFHOXSXO
2I H9LQHDOGRLOHD
&HHURVXWUDLHVWHvQSDGXUHVLPDQkFDJDLQL"
/XSXOVLDVWDRI H
$OWUHLOHDODIHO
'XSDYUHR]LOHUHFHSWLRQHUXOGLVSHUDWLQWUDvQFDPHUDVDYDGDFHVHvQWkPSODVLYHGHGRLWLSLvQWLQVLSHSDWXULVLDOWUHLOHD
vQJHQXQFKLvQIDWDEORQGHL]LFkQG
=LYXOSH]LYXOSH
(D
/XSXO

6HIXORvQWUHDEDSHVHFUHWDUDEORQGD
&XPYDSODFHQRXDSR]LWLH"
ÌQSULQFLSLXIRDUWHELQHGDUFHYDSHELURXODVWDPDvQWHDSDvQVSDWH

%ORQGDHJUDYLGD7DWDOHLRvQWUHDED
&LQHHWDWDOFRSLOXOXL"
(DUDVSXQGH
ÌQFKLSXLHWLFDVWDLFXFXUXOSHXQILHUDVWUDXFLUFXODU(LELQHFDUHGLQWHDOILHUDVWUDXOXLDIDFXWWDLHWXUD"

%ORQGDVXSDUDWDSHFRSLL
1HUHFXQRVFDWRULFHVXQWHWLHXPLDPOXDWGHODJXUDFDVDYDIDFSHYRL

%ORQGDFDWUHLQVWUXFWRUXOGHvQRW
&KLDUHDGHYDUDWFDGDFDPLVFRDWHWLGHJHWXOGLQWUHSLFLRDUHPDVFXIXQG"

&DVDGHPRQVWUH]HFDEORQGHOHQXVXQWDWkWGHSURDVWHFXPVHVSXQHHOHRUJDQL]HD]DXQFRQFXUVGHGHVWHSWDFLXQH
6HXUFDSHVFHQDREORQGDFDUHHVWHFRQVLGUDWDFHPDLGHVWHDSWDMXULXOvLSXQHRvQWUHEDUH
&kWIDFH"
(DVWDSXWLQSHJkQGXULVLUDVSXQGH

*UHVLWVDODSOLQDGHEORQGHVWULJDWDUH
0DLGDWLLRVDQVDPDLGDWLRVDQVD
-XULXOvLPDLSXQHRvQWUHEDUH
&kWIDFH"

*UHVLW
6DODVWULJD
0DLGDWLLRVDQVD
%LQHXOWLPDvQWUEDUH&kWIDFH"

/DFDUHVDODVWULJD
0DLGDWLLRVDQVD

0HUJHXQWLSvQWUXQSDUFVLYHGHREORQGDEXQDDVH]DWDSHREDQFD6HDVHD]DODQJDHDVLRvQWUHDED
'RPQLVRDUDQXYUHWLVDYHQLWLODPLQHDFDVDVDPDQFDPRSL]]DVLVDIDFHPVH["
1XGRPQXOHUDVSXQGHWLSDIRDUWHUDVWLWD
'DUGHFHGRPQLVRDUD"1XYDSODFHSL]]D"

0HUJHREORQGDODDSUR]DUVDIDFDFXPSDUDWXUL
$YHWLEDQDQH"
'DELQHvQWHOHV
9UHDXXQNLO
,DEORQGDXQNLOGHEDQDQHVLGXSDFHLHVHFXDOHDGLQDSUR]DUGHVIDFHXQDVLRJXVWD
%OHDFVFHJXVWGHSUH]HUYDWLYHDUH

'RXDEORQGHVHSOLPEDSHSODMDVLJDVHVFGRXDERPEH=LFHXQD
7UHEXLHVDOHGXFHPLPHGLDWODSROLWLH
6LGDFDXQH[SORGHD]D"
$WXQFL]LFHPFDDPJDVLWQXPDLXQD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

'RXDEORQGHvQFHDUFDVDGHVFKLGDSRUWLHUDXQHLPDVLQLFXXQXPHUDVGHKDLQH=LFHSULPD
1XFUHGFDUHXVHVFVDRGHVFKLGDVD
/DFDUHDGRXD
$LIDFHLQVDELQHVDWHJUDEHVWL9LQHSORDLDVLSUHODWDHvQFDSHPDVLQD

'RXDEORQGHVWDXSHRFUDFDvQWUXQSRPVLWDLHFXILHUDVWUDXOFUDFDSHFDUHVWDX2EUXQHWDWUHFHSHDFRORVLOH]LFH
9HGHWLFDRVDFDGHWLGLQFRSDFGDFDVWDWLSHFUDFDDLD
%ORQGHOHUkGVL WDLHPDL GHSDUWH'XSD XQ WLPS VH vQWkPSOD LQHYLWDELOXOFUDFD VH UXSH VL EORQGHOH SLFD GLQ SRP%UXQHWD
WUHFHGLQvQWkPSODUHSHSDUWHDFHDODOWDDVWUD]LL8QDGLQEORQGH]LFH
+DLVDRvQWUHEDPGDFDQXYUHDVDQHFLWHDVFDvQSDOPD

2EORQGDvLSRYHVWHVWHDOWHLDLQGLJQDWD
ÌQFKLSXLHWL LHUL vQ WLPS FH PD SOLPEDP SULQ RUDV XQ WLS JUHWRV vQWUR PDVLQD VSRUW IUkQHD]D EUXVF OkQJD PLQH VL PD
vQWUHDEDGDFDQXYUHDXVDIDFRWXUDFXPDVLQDOXL$VDXQWkPSLW'DUVDVWLLFDDYHDRORFXLQWDPLVWR

'RXDEORQGH
'UDJDWLHQXWLPLURDVHDSX D"
7HURJVDPDVFX]LDPUkJkLWIDUDVDYUHDX

7UHLEORQGHVWDXVLVHFKLQXLHVDGRYHGHDVFDFDUHGLQWUHSULHWHQLLORUDUHSX DPDLPDUH3ULPD]LFH
3ULHWHQXOPHXRDUHODIHOFDREDQDQD
&HOHODOWH
&XPDGLFDGUDJDDWkWGHPDUHDWkWGHvQFRYRLDWD"
'DUGUDJDH[DFWDVD
$GRXD]LFH
3ULHWHQXOPHXRDUHH[DFWFDXQVWLXOHWHGHSRUXPE
&XPDGLFDGUDJDDWkWGHPDUHDWkWGHGUHDSWDDVDFXVWULDWLL"
%LQHvQWHOHV
$WUHLD]LFH
3ULHWHQXOPHXRDUHFDXQSHSHQH
&XPDGLFDGUDJDDWkWGHJURDVDGHLPHQVD"
1XGUDJDDWkWGHGXOFH

'RXDEORQGHVHvQWvOQHVFvQIDWDXQHLSROLFOLQLFL8QDGLQWUHHOHSOkQJHD
'HFHSOkQJL"
7UHEXLHVDPLIDFDQDOL]DVkQJHOXL
6LGHFHSOkQJL"7LHIULFD"
'D3HQWUXDVWDWUHEXLHVDWHvQWHSHvQGHJHW
$WXQFLDGRXDEORQGDvQFHSHVDSOvQJDVLHD&HDODOWDVHRSUHVWHvQPDUPXULWD
'DUWXGHFHSOkQJL"
(XDPYHQLWSHQWUXXQWHVWGHXULQD

'RXDEORQGHPHUJHDXSHVWUDGDLDUXQDGLQWUHHOHH[FODPD
8LWDWHODFkLQHOHDODFXXQRFKL
&HDODOWDEORQGDvVLDFRSHUDXQRFKLVL]LFH
8QGH"

'RXDEORQGHPHUJSHVWUDGD8QD]LFH
+DLVDOXDPREDQDQD
,DUFHDODOWD
0DLELQHVDOXDPGRXDFDSRDWHXQDRVDYUHPVDRPkQFDP

'RXDEORQGHLQWUDvQWUXQEDU6XQWIHULFLWHGDQVHD]DVLFkQWD7RWFRPDQGDILHFDUHFkWHFHYDGHEDXW
%DUPDQXOSkQDODXUPDOHvQWUHDEDFHVDUEDWRUHVF8QDGLQWUHHOHvLH[SOLFD
7RFPDLDPWHUPLQDWXQSX]]OHVLQHDOXDWQXPDLOXQLVDWHUPLQDP
6L"ÌQWUHEDEDUPDQXO
3HFXWLHVFULDDQL

'RXDEORQGHODFLQHPDWRJUDI8QDGLQWUHHOHvLVSXQHFHOHLODOWHvQVRDSWD
7LSXOGHODQJDPLQHVHPDVWXUEHD]D
1XLQLPLFLJQRUDO
1XSRWILLQGFDIRORVHVWHPkQDPHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

6HvQWkOQHVFGRXDEORQGHVLSULPD]LFH
,HULDPIDFXWRFXXQSURIHVRUXQLYHUVLWDU
6LFXPDIRVW"
(ODYHDSHQLV
$GRXDVWDVLQX]LFHQLPLF3ULPDFRPSOHWHD]D
(WRWFDRS DGDUPDLPLFD

'RXDEORQGHVWDXSHPDOXOXQHLDSHVLYRUEHVF
&XPDMXQJHPSHPDOXOFHODODOW"]LFHXQDGLQWUHHOH
3URDVWRWXQXYH]LFDVXQWHPSHFHODODOWPDO

'RXDEORQGHGLVFXWDSHVWUDGD
0LHVWHDVDIRDPHvQFkWPLRWUDJFXWUHLSHQWUXRFXWLHGHFRQVHUYH
0DGDRGXFLELQH(XLDXRPXLHQXPDLFDDPFHYDFDOGvQEXUWD

'RXDEORQGHIDFFRQYHUVDWLH
$LFLWLWYUHRGDWD6KDNHVSHDUH"
1XFLQHODVFULV"

'RXDEORQGHVHSOLPEDEUDWODEUDWSHVWUDGD/DXQPRPHQWGDWXQDGLQWUHHOHYHGHRRJOLQGDSHMRV
2ULGLFDVLVHXLWDvQHD
1XVWLXGHFHGDUIDWDDVWDPLVHSDUHFXQRVFXWD
'DPLVLPLHVDYDGVSXVHFHDODOWD1RUPDOFDWLHFXQRVFXWD3URDVWRVXQWFKLDUHXvQSR]D

2EORQGDVLREUXQHWDFDGGHSHXQSRGvQDOW&DUHDMXQJHSULPDMRV"
%UXQHWDEORQGDVHPDLRSUHVWHVDvQWUHEHGUXPXO

2EORQGDVLREUXQHWDPHUJSULQSDUF%UXQHWD]LFH
$XXXXLWHRSDVDULFDPRDUWD
%ORQGDVHRSUHVWHVHXLWDvQVXVVL]LFH
8QGH"

2EORQGDVLREUXQHWDVXQWSHDXWRVWUDGDvQWUXQWLU$MXQJODXQSRGFDUHDUHRvQDOWLPHGHPHWUL%UXQHWD
/DGUDFX
WLUXOQRVWUXDUHRvQDOWLPHGHPHWUL
6LEORQGD
0DUHVWHYLWH]DQXHVWHQLFLXQSROLWLVWSULQDSURSLHUH

2EORQGDVLREUXQHWDGLVFXWDGHVSUHYLDWDORUVH[XDOD%UXQHWD
6HDUDWUHFXWDDPDYXWWUHLRUJDVPHODUkQG
$VWDHQLPLFQRDSWHDWUHFXWDHXDPDYXWSHVWHRVXWD]LFHEORQGD
'XPQH]HXOH1XFUHGHDPFDSULHWHQXOWDXHDWkWGHEXQODSDW
/DFDUHEORQGDVRFDWD
$WXYRUEHDLGHXQVLQJXUWLS

2EORQGDREUXQHWDVLRURVFDWDXUFDXFXOLIWXO/DXQPRPHQWGDWEUXQHWDYHGHRSDWDDOEDSHSRGHDXDOLIWXOXL
$UDWDGHSDUFDDUILVSHUPD
5RVFDWDVHDSOHDFDPLURDVHSDWDVL]LFH
6LPLURDVHDVSHUPD
%ORQGDEDJDGHJHWXOJXVWDVLVSXQH
6LJXUQXHDFXLYDGLQFODGLUHDDVWD

'RXDEUXQHWDVLREORQGDVWDXvQVDODGHQDVWHULvQDVWHSWDUHGXUHULORU3ULPDEUXQHWD
(XYRLQDVWHRIHWLWD$WXQFLFkQGDPUDPDVJUDYLGDVWDWHDPSHVSDWH
$GRXDEUXQHWD
(XYRLQDVWHXQEDLHWHO&kQGDPUDPDVJUDYLGDHXHUDPGHDVXSUD
/DFDUHEORQGD
9DLYDLDVWDvQVHDPQDFDHXYRLQDVWHXQFDWHOXV

$MXQJHREORQGDODXQUkXVLvVL]LFH
9DLXQUkX&XPDMXQJHXSHSDUWHDFHDODOWD"'DFDDVILGH]HFHRULPDLGHVWHDSWDDVVWLLFHVDIDFDFXP
'LQWURGDWDVHvQWkPSODRPLQXQHHDGHYLQHEUXQHWDVLWUHFHUkXOvQRW


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0DLYLQHREORQGDODPDOXOUkXOXLVLvVL]LFH
9DLXQUkX&XPDMXQJHXSHSDUWHDFHDODOWD"'DFDDVILGHRVXWDGHRULPDLGHVWHDSWDDVVWLLFHVDIDFDFXP
'LQWURGDWDVHvQWkPSODRPLQXQHHDVHWUDQVIRUPDvQWUXQQHJUXvVLFRQVWUXLHVWHRFDQRHVLWUHFHUkXO

0DLYLQHRvQFDREORQGDODPDOXOUkXOXLVLvVL]LFH
9DLXQUkX&XPDMXQJHXSHSDUWHDFHDODOWD"'DFDDVILGHRPLHGHRULPDLGHVWHDSWDDVVWLLFHVDIDFDFXP
'LQWURGDWDVHvQWkPSODRPLQXQHHDVHWUDQVIRUPDvQWUXQEDUEDWVLWUHFHSRGXO

2EORQGDVHvQWRDUFHGHODWUHDEDGLPLQHDWD
6HDVHD]DvQSDWvVLvQFUXFLVHD]DSLFLRDUHOHVLUHPDUFDFXVDWLVIDFWLH
ÌQVIkUVLWGUDJHOHPHOHGLQQRXvPSUHXQD

2EORQGLQDvQDYLRQVHDGUHVHD]DVWHZDUGHVHL
9DURJVSXQHWLSLORWXOXLVDQXGHSDVHDVFDYLWH]DVXQHWXOXL(XVLSULHWHQXOPHXGRULPVDIDFHPFRQYHUVDWLH

2EORQGDFXFDVWLVLZDONPHQLQWUDvQWUXQFRDIRUVDVHWXQGD6HDVHD]DSHVFDXQVL]LFH
9UHDXVDPDWXQG
7UHEXLHVDWLGDLMRVFDVWLOHvLVSXQHIUL]HUXO
1XQXSRWVDIDFDVWD'DFDPLDVVFRDWHFDVWLOHDVPXUL
)UL]HUXOvQFHSHVDRWXQGDSHXQGHPDLSXWHDVLHOIDUDVDLVFRDWDFDVWLOH&kQGYHGHQXPDLDYHDFHVDPDLWXQGDvLVSXQH
EORQGHL
*DWDQXVHPDLSRDWHWUH
VDWLVFRWLFDVWLOH
1XQLFLJkQG'DFDPLOHVFRWVLJXURVDPRU
)UL]HUXOPDLWXQGHHOFHPDLWXQGHVLODXQPRPHQWGDWvLVFRDWHFDVWLOH
%ORQGDPDLWUDJHRGDWDDHUvQSLHSWGXSDFDUHFDGHMRVPRDUWD
&XULRVIUL]HUXOULGLFDFDVWLOHVLOHSXQHODXUHFKLVDDXGDFHDVFXOWDEORQGD
,QVSLUDWLUHVSLUDWLLQVSLUDWLUHVSLUDWL

/DXQERUGHOGHEDUEDWLLQWUDREORQGD
9UHDXXQEDUEDWGDUVDILHDGHYDUDWFDSkQDDFXPQXPLDUH]LVWDWQLPHQL
'XWHODHWMvOJDVHVWLSHDPHULFDQWHVDWLVIDFHODVLJXU
6HGXFHvLGDQXPHUHDODGDSHVSDWHQXPDLSRDWH
6HGXFHODUHFHSWLHGLQQRX
9UHDXXQEDUEDWVLPDLDGHYDUDW
'XWHODHWMvOJDVHVWLSHUXVDVWDHUH]LVWHQW
ÌLGDVLUXVXOXLQXPHUHFUDSDVLDVWDLDUODUHFHSWLH
9DEDWHWLMRFGHPLQH
'XWHODHWMDFRORQHDPDLUDPDVURPkQXO7HVDWLVIDFHODVLJXU
QXPHUHFUDSDVLURPkQXO
9DGDXLQMXGHFDWDYUHDXFHYDDGHYDUDW
1HSDUHIRDUWHUDXQHDPDLUDPDVGRDUFKLQH]XO
'DWLOvQFRDFH
/DHWMFKLQH]XO
ÌLGDFKLQH]XOQXPHUHVHGDMRVGHSHHD%ORQGD
*DWDDLRERVLWGHMD"0DGXFVDGDXERUGHOXOvQMXGHFDWD
1XYDLPSDFLHQWDWLPDUHIDF
)DFHDEGRPHQHWUDJHRULGHILDUHIDFHIORWDULVHURVWRJROHVWHRGDWDSHVXESDWLHVHDIDUDvLPDLGDQXPHUHEORQGHL
2ERVHVWHGLQQRXFRERDUDGHSHEORQGDVLLDUH[HUFLWLLOHGHODLQFHSXWDEGRPHQH
$VDIDFHWLPSGHGHQXPHUH'HGDWDDVWDRERVHVWHEORQGDVHGDMRVIDFHDEGRPHQHGHRULGHILDUHIORWDULVLFkQG
VHURVWRJROHVWHSHVXESDWVXUSUL]D&HFUHGHWLFDDJDVLW"
GHFKLQH]L

(PRWLLPDULODFLUF8QQXPDUGHGUHVXUDH[WUDRUGLQDUFURFRGLOXOLPHQVGHVFKLGHJXUDGUHVRUXOVDXvVLGHVIDFHVOLWXOvVL
VFRDWHSHQLVXOVLOEDJDvQJXUDILDUHLGXSDFDUHvLWUDJHXQDvQFDSFXREkWD
$QLPDOXOvVLvQFKLGHSXWHUQLFHOHIDOFLFXUDSLGLWDWH7RDWDOXPHDUDPkQHvQPDUPXULWDÌQWUXQWvU]LXDPLPDOXOvVLGHVFKLGH
GLQQRX JXUDLDU SHQLVXO GUHVRUXOXLDSDUH LQWDFW GLQWUHGLQWLL DVFXWLWL DL ILDUHL 2YDWLLOH VL DSODX]HOHQX FRQWHQHVF 'UHVRUXO
]LFH
6WLPDWL VSHFWDWRUL FHO GLQWUH GXPQHDYRDVWUD FDUH DUH FXUDMXO VD UHSHWH QXPDUXO SH FDUH HX WRFPDL ODP IDFXW DUH ]HFH
PLOLRDQHGHOHL
1XVHDQXQWDQLPHQLQXPDLREORQGDGLQXOWLPXOUkQG
$VvQFHUFDVSXQHHD'DUDPRVLQJXUDUXJDPLQWH6DQXPDORYLWLSUHDWDUHFXEkWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2EORQGDDUHQHYRLHGHEDQL6HKRWDUHVWHVDVLYkQGD PDVLQDGDUDUHNPODERUGVLHFDPJUHXGHYkQGXW6H
GXFHODXQSULHWHQ$VWDvLVSXQH
$UILRYDULDQWDGD
QXSUHDHOHJDOD7HWULPLWLRODXQWRYDUDVGHDOPHXPHFDQLFVLvWLGDvQDSRLNLORPHWUDMX
ODNP
=LVVLIDFXW'XSDGRXDOXQLVHvQWkOQHVF%ORQGDHUDWRWFXDFHHDVLPDVLQD7LSX
RvQWUHDED
&HIDFLPDQDLPDLYkQGXWR"
'D
FHPDFUH]LSURDVWDDUHQXPD
NP

2EORQGDDSULPLWGH]LXDHLRPDVLQDVSRUWXOWLPXOWLS
&RQGXFH JDJLFD PDVLQD VL OD XQ PRPHQW GDW GHSDVHVWH VL vL WDLH FDOHD XQXL FDPLRQ GXSD FDUH vL IDFH VHPQH REVFHQH
VRIHUXOXL
'XSDYUHRRUDGHPHUVSHDXWRVWUDGDEORQGDRSUHVWHODXQ0F'ULYHVDVLLDFHYDGHPkQFDUH/DFkWHYDPLQXWHVRVHVWHVL
FDPLRQDJLXO
&XPRYHGHVFRDWHXQGLWDPDLFXWLWXOVLRLDGHSDU,DFDPLRQDJLXO QRVWUX R EXFDWDGH FUHWDGHVHQHD]DXQ FHUF VL vL ]LFH
EORQGHL
9H]LFHUFXDVWDGHDLFL"6DQXWHSULQGFDvQGUD]QHVWLVDLHVLGLQHO
$SRL FDPLRQDJLXO GHVFKLGH SRUWLHUD PDVLQLL VSRUW VL WDLH WRDWD vPEUDFDPLQWHD GH SLHOH GH SH VFDXQHOH PDVLQLL%ORQGD
REVHUYDVLvQFHSHVDUkGDWDUH
&HGUDFX
JDVHVWLGHUkV"
%ORQGD QLPLF &RQWLQXD VD UkGD vQ FRQWLQXDUH $WXQFL FDPLRQDJLXO LD XQ FLRFDQ VL IDFH SUDI JHDPXULOH PDVLQLL VSRUW
%ORQGDIDUDVDLDVDGLQFHUFXOGHVHQDWFRQWLQXDVDUkGD
6LPDLQHUYRVFDPLRQDJLXOLDRFDQLVWUDFXEHQ]LQDRWRDUQDSHPDVLQDEORQGHLVLRIDFHVFUXP
%ORQGDWRWPDLUkGHD$WXQFLFDPLRQDJLXOHQHUYDWRvQWUHDED
3RWLVDPLH[SOLFLVLPLHGHFHUD]LvQKDOXODVWDQXYH]LFDWLDPGLVWUXVPDVLQD"
&HFRQWHD]DGDUQXPDLREVHUYDWDPLHVLWGHSDWUXRULGLQFHUF

8QUXVXQDPHULFDQVLREORQGDGLVFXWD5XVXOVSXQH
1RLDPIRVWSULPLLFDUHDPDMXQVvQVSDWLX
$PHULFDQXO
1RLDPIRVWSULPLLFDUHDPDMXQVSHOXQD
%ORQGD
1RLYRPILSULPHOHFDUHYRPDMXQJHSH6RDUH
5XVXOVLDPHULFDQXO
,GLRDWRQXVHSRDWHDMXQJHSH6RDUH9HWLDUGHvQDLQWHGHDDMXQJHDFROR
%ORQGD
'D
FHFUH]LFDVXQWHPDVDGHSURDVWHQHYRPGXFHQRDSWHD

8QWLSVLEORQGDOXLSULHWHQDVHSURVWHVF
%ORQGDvLVSXQH
9UHLWHURJVDWLVFRWLLQHOXO"0D]JkUkLH
,QHOSHQDLEDVSXQHHO(VWHEUDWDUDGHODFHDV

%DUEDWXORvQWUHDEDSHEORQGD
(VWHSULPDRDUDFLQGIDFLGUDJRVWH"
%LQHvQWHOHV'HFHPDvQWUHEDWRWLEDUEDWLLDFHODVLOXFUX"

6RWXOXQHLEORQGH
'DFDWHPDLSULQGFDDLYUHXQDPDQWvPLFXPSDURSXVFDVLvORPRU
%ORQGD
'UDJXOPHXWLDUWUHEXLRPLWUDOLHUD

8QSROLWDLYHGHvQWURQRDSWHREORQGDFDUHVWDWHDvQJHQXQFKLVXEXQIHOLQDU
&HIDFHWLDLFL"vQWUHDEDSROLWDLXO
0LDPSLHUGXWLQHOXOFXGLDPDQWHVLvOFDXW
$LFLDFD]XW"
1X/DEORFXOYHFLQGDUDLFLHVWHOXPLQD

8QXOvQWUHDEDREORQGD
&XPWHFKHDPD"
GHOHL

%ORQGDVHKRWDUvVDGHVFKLGDRIHUPDGHJDLQLFXPSDUDHDQLVWH JDLQL GDUWRDWH PRU &XPSDUD DOWH JDLQL WUHFH FkWYD

WLPSPRUWRDWH6HGXFHGLQQRXVDFXPSHUHJDLQLVLOvQWUHEDSHYkQ]DWRU
2DUHOHvQJURSSUHDDGkQFVDXOHXGSUHDGHV"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

8QVRIHUPDLVDUDFFXGXKXOVLPDLvQYkUVWDPHUJHDFXFDPLRQXOGHOD%XFXUHVWLVSUH7LPLVRDUD7RWPHUJkQGHOSHOD
LQWUDUHDvQ&OXMREORQGDPDUIDvLIDFHFXPkQDVDRSUHDVFD
2SUHVWHVLEORQGDvL]LFHGDFDSRDWHVD RGXFD OD 7LPLVRDUD%XQVH VXLH EORQGD vQ FDPLRQDMXQJ HL OD 7LPLVRDUD $FROR
EORQGDvL]LFH
8LWHPDLILLQGFDPDLDMXWDWDWkWDHX]LFVDWHUDVSODWHVFvQWUXQIHO&XPEDQLQXDPODPLQHKDLGHVDRIDFHP
'RPQLVRDUDHXVXQWRPEDWUkQQXPDPDLWLQEUDFLQDULLVDRIDFVLSDVWD
(KHSkQDODXUPDVHGH]EUDFDEORQGDVLVRIHUXOQRVWUXLRWUDJHFXFKLXFXYDLYDGLWQHVDWLVIDFXW%ORQGDDWXQFL]LFH
$X]LXLWHFDVDPDUHFRPSHQVH]IDWDGHWLQHVLILLQGFDQXDIRVWDVDGHQHPDLSRPHQLWHX]LFVDPLRGDLVLVXV
$SDLGRPQLVRDUDQXVHSRDWHVSXVHVRIHUXOXLWkQGXVHFDWUHFDPLRQFDVXVDPQLVWHEXWRDLH

3LORWXOXQXLDYLRQXLWkQGPLFURIRQXOGHVFKLVvLVSXQHFRSLORWXOXL
'XSDFHPLEHDXFDIHDXDPDGXFVDLRWUDJVWHZDUGHVHLEORQGHFDUHDYHQLWLHUL
%LQHvQWHOHVFDDFHDVWDVXSDUDWDVHGXFHUHSHGHVSUHFDELQDSLORWXOXLGDUSHFXORDUHVWHRSULWDGLQFXUVDGHXQSDVDJHU
&HWHJUDEHVWLDVDODVDRPXOVDVLEHDOLQLVWLWFDIHDXD

'LUHFWRUXODSHOHD]DODSVLKRORJXOILUPHLFDVDODMXWHODDOHJHUHDXQHLQRLVHFUHWDUH3VLKRORJXOSURILWDGHRFD]LHSHQWUXD
GHPRQVWUDHILFDWLWDWHDPHWRGHLVDOHPRGHUQH
$FHDVWDVHUH]XPDODDSXQHFDQGLGDWHORURVLPSODvQWUHEDUH&kWIDFGRLVLFXGRL"3ULPDIDWDUDVSXQVHSURPW
3DWUX
$GRXDVHJkQGLRFOLSDvQDLQWHGHDUDVSXQGH
&UHGFDGRXD]HFLVLGRL
$WUHLDUDVSXQVHLPHGLDW
3RDWHVDILHSDWUXVDXSRDWHVDILHGRXD]HFLVLGRL
'XSDFHFDQGLGDWHOHLHVLUDSVLKRORJXOVHvQWRDUVHWULXPIDWRUFDWUHERVV
$FXPSXWHWLYHGHDVLGXPQHDYRDVWUDFkWHDWLSXWXWDIODGHODILHFDUHGLQWUHFDQGLGDWHvQXUPDvQWUHEDULLPHOH
3ULPDIDWDDGDWUDVSXQVXOHYLGHQWIDUDVDPDLVWHDSUHDPXOWSHJkQGXUL$GRXDHVWHPDLVXEWLODvQVDDDYXWH]LWDUL$WUHLD
DDFWLRQDWFXKRWDUkUHVLVDJDQGLWODDPEHOHSRVLELOLWDWL
6LDFXPSHFDUHRSUHIHUDWL"%RVVXOQDVWDWPXOWVDVHJkQGHDVFD
2DQJDMH]SHEORQGLQDvQDOWDFXIXVWDPLQL

2EORQGLQDvQ$PHULFD3HGUXPXOvQVSUH'LVQH\ODQGYHGHEORQGDQRDVWUDRWDEODvQGLFDWRDUH',61(</$1'/()7
=LFH
3DFDWVLVHvQWRDUFH
3HGUXPXOGHvQWRDUFHYHGHRWDEODLQGLFDWRDUH&/($15(67522060,/(6
3HSDUFXUVXOFHORU0LOHDFXUDWDWGH:&XUL

=RUURVRVHVWHFDODUHvVLVFRDWHVDELDVL]JkUkLHXQ=PDUHSH]LG
2EORQGDWUHFHSULQDSURSLHUHVL]LFH
9DLDVWDL=XSHUPDQQ

3LFDREORQGDGHODHWDMXO/DR SULQGHXQWLS
7HIX LFXPLQHVDXvWLGDXGUXPX
"
1XPDI W
6LvLGDGUXPX
/DRSULQGHXQWLS
7HIX LFXPLQHVDXvWLGDXGUXPX
"
1XPDI W
/DRSULQGHXQX7LSDVSHULDWD
*DWDPDI WFXWLQH
3WLXIX XWLPDLFDPDWLGHFXUYD6LvLGDGUXPX


2EORQGDVHSOkQJHSULHWHQXOXLHLFDWRDWD]LXDHVWHvQPDVLQDVLFDFOLHQWLLHLVHSOkQJFDQXRSRWFRQWDFWD
'HFHQXWLSXLXQWHOHIRQvQPDVLQD"
3HQWUXFDQXPLSRWSHUPLWHXQOXFUXDVDGHVFXPSGDUPLDPSXVXQPDLOER[
6L"
1XDPSULPLWQLFLRVFULVRDUHSkQDDFXPFUHGFDVHVFKLPEDFRGXOSRVWDOPHUHXFkQGVXQWSHGUXP

2EORQGDGDWHOHIRQOD3RPSLHULVLvQFHSHVDXUOH
$UGHDUGHYHQLWLUHSHGH
6LFXPDMXQJHPODORFXOLQFHQGLXOXL"
3DLQXPDLDYHWLPDVLQLOHDOHDPDULVLURVLL"

ÌQDQLGHFDVQLFLHRVLQJXUDGDWDDPLHVLWVHDUDFXVRWXOPHXVHSOkQJHREORQGD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
6LFkQGDIRVWDVWD"
&kQGDOXDWIRFFDVD

3DULQWH]LVHEORQGDODVSRYHGDQLHPLDPvQVHODWEDUEDWXODQXODFHVWDGHRUL
6LUHJUHWLFDDLSDFDWXLW"
1XSUHDUHJUHWFDHXvQGRPHQLXODFHVWDQXVXQWSUHDFUHGLQFLRDVD
6LDWXQFLGHFHDLPDLYHQLWODVSRYHGDQLH"
3DLWUHEXLDVDPDODXGVLHXODFLQHYDQX"

2EORQGD vVL LD R VOXMED OD GRPHQLXO SXEOLF 7UHEXLDVD YRSVHDVFD EDQGD GH SH PLMORFXO XQXL GUXP GH WDUD 6HIXO HL vL
VSXQHFDVHDIODvQSHULRDGDGHSUREDVLWUHEXLHVDYRSVHDVFDFHOSXWLQNLORPHWULSH]LGDFDYUHDVDVLSDVWUH]HVHUYLFLXO
9HULILFkQG OD VIkUVLWXO ]LOHL HO YHGH FD vQ SULPD ]L IDFXVH  NLORPHWUL GXEOX IDWD GH PHGLH $ GRXD ]L D IRVW SXWLQ PDL
GH]DPDJLWSHQWUXFDEORQGDQXYRSVLVHGHFvWNP6HJkQGHVWHFDRULFXPDVWDHPHGLDVLWUHFHFXYHGHUHD
'DUDWUHLD]LFkQGEORQGDYRSVLVHGRDUNPvLVSXQH
&HSUREOHPDDL"9UHRERDODYUHRGHIHFWLXQHDHFKLSDPHQWXOXL"&HWHRSUHVWHVDIDFLNLORPHWULSH]L"
6WLWLFXILHFDUH]LVXQWGLQFHvQFHPDLGHSDUWHGHJDOHDWD

8QSROLWLVWRSUHVWHRPDVLQDFRQGXVDGHREORQGDGHRDUHFHPDUJHDSHRVWUDGDFXVHQVXQLFvQFRQWUDVHQV
6WLWLXQGHPHUJHWL"
1XGDUWUHEXLHVDILHUDXWDUHDFROR7RWLVHvQWRUF

8QSROLWLVWRSUHVWHRPDVLQDFRQGXVDGHREORQGD
3UH]HQWDWLYDURJSHUPLVXOODFRQWURO
3HUPLVXO"&HLDVWD"
(XQFDUQHWHOUR]vQFDUHHOLSLWDSR]DPDWDOH
1DP
$WXQFLDFWOHOPDVLQLL
$FWHOHPDVLQLL"&HLDVWD"
2KkUWLHSHFDUHVFULHDFXLHPDVLQD
1DP
3ROLWLVWXOSULYHVWHPDLELQHODEORQGDVL]LFH
$WXQFLWUHEXLHVDIDFHWLDVWD
VLvVLVFRDWHVFXODGLQQDGUDJL/DFDUHEORQGD
1XvQILRODQXPDLVXIOX$PPDLVXIODWDFXPPLQXWHODXQDOWFROHJVLDYD]XWFODUFDQXDPEDXWSLFDWXUDGHDOFRRO

2 EUXQHWD R URVFDWD VL R EORQGD VH VDOYHD]D GH OD QDXIUDJLX SH R LQVXOD SXVWLH 'D OD LQVXOD PDL VXQW  NP SkQD OD
FRQWLQHQWXOSHFDUHHDSDVLPkQFDUHGLQEHOVXJ%UXQHWDSULYHVWHvQGHSDUWDUHVLvVL]LFH
$VWDSRWVDIDF
6LvQRDWD'XSDNPRERVHVWHVLVHvQHDFD5RVFDWD
$VWDSRWVDIDF
6LvQRDWD'XSDNPRERVHVWHVLVHvQHDFD%ORQGD
(XRVDUHXVHVF
6LvQRDWDNPNPNP'XSDNPRERVHVWHVLVHvQWRDUFH

'RXDEORQGHVHSOLPEDSULQSDGXUH8QDVHXLWDSHMRVVL]LFH
,DSULYHVWHXUPHGHFHUE
$VWHDVXQWXUPHGHOXS]LFHFHDODOWD
ÌQQLFLXQFD]DVWHDVXQWFXVLJXUDQWDXUPHGHFHUE
7RWGLVFXWkQGDVDWLPSGHRRUDFHOHGRXDEORQGHDXIRVWFDOFDWHGHWUHQ

'RXDEORQGHPHUJ FX PDVLQD SH PDOXO XQXLFDQDOÌQWUREDUFDFXYkVOHSHFDQDORDOWDEORQGDYkVOHVWH=LFH XQDGLQ

PDVLQD
8LWHDVWHDVXQWEORQGHOHFDUHQHIDFGHUkVXOOXPLL
'DVWLX]LFHFHDODOWD$FXPDGDFDDVVWLLVDvQRWPDVGXFHODHDVLDVvQHFDR

6RWXOFDWUHEORQGD
'DFDDLVWLLVDJDWHVWLFDOXPHDDPSXWHDVDQHOLSVLPGHPHQDMHUD
/DFDUHEORQGD
'DFDDLVWLLVDIX LFDOXPHDQHDPSXWHOLSVLGHJUDGLQDUGHSRVWDVVLGHVRIHU

8QVWXGLXDGHPRQVWUDWFDEORQGHOHVXQWIRDUWHDYLGHGHVH[
8,WDFkQGDXIDFXWXOWLPDRDUDVH[LPHGLDWGXSD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'XSDFkWHYDRUHGHVH[FXREORQGDWLSXOXLLVHIDFHIRDPHVLVHGXFHODIULJLGHU7RFPDLEHDFXVHWHGLQVWLFODGHODSWH
FkQGEORQGDLQWUDVLHDvQEXFDWDULHH[FODPkQG
$KDDFXPDVWLX0DPWRWvQWUHEDWSkQDDFXPDFXPVHXPSOHODORF

2 EORQGD VL REUXQHWD VDU FX SDUDVXWD ÌQ FDGHUH OLEHUD EUXQHWD WUDJH GH VQXUXO SDUDVXWHL VL QX VH vQWkPSOD QLPLF 0DL
WUDJHRGDWDVLWRWQLPLF%ORQGDVHXLWDODHDvVLVFRDWHSDUDVXWDHLVLRDUXQFD]LFkQG
9UHLFRQFXUV"DWXQFLKDL

6LFXPYDGHVFXUFDWLSHPDVLQDGHVFULV"vQWUHDEDVHIXOVHFUHWDUDEORQGD
1XVWLX3HPDVLQDGHVFULVQDPvQFHUFDWvQFD

2EORQGDFXXQWLSvQSDWGXSDVH[(ORvQWUHDED
,DVSXQHPLVXQWSULPXOEDUEDWFXFDUHWHDLFXOFDW"
(DVHJkQGHVWHRFOLSDVL]LFH
'DvPLSDUHDLFXQRVFXWSDUFDvPLDPLQWHVFDFXPGHWLQH

%ORQGD SURDVSDW FDVDWRULWD vVL GRUHVWH R IDPLOLH QXPHURDVD $VWD QX SUHD vL UHXVHVWH VL VH GXFH SHQWUX SULPD RDUD OD
JLQHFRORJ$FHVWDvLVSXQH
,DVDYHGHP9DURJGH]EUDFDWLYDVLDVH]DWLYDSHVFDXQ
%LQHGRPQXOHGRFWRU]LFHHDGDUHXGHIDSWYURLDPVDIDFFRSLOXOFXVRWXOPHDX

6HvQWkOQHVFGRLUHFKLQL
,HULDPvQJKLWLWXQROWHDQ7UHL]LOHDPPDLSXWLWDSUD]
/DFDUHFHODODOW
(XDPvQJKLWLWDFXPFkWHYD]LOHREORQGD$YHDFDSXODVDGHJROFDWUHL]LOHQXPDPPDLSXWXWVFXIXQGD

%XFXUHVWL*DUDGH1RUG
7UHQXOGH&RQVWDQWDSOHDFDODRUDVLGHPLQXWH7UHQXOGH&RQVWDQWDSOHDFDODRUDVLGHPLQXWH
%ORQGDvVLSULYHVWHFHDVXOHOHFWURQLFGHSHPkQD
&RODFVFDXQHOFRODF&RODFVFDXQHOFRODF

'RXDEORQGHVWDXSHXQSRGVLSULYHVFvQMRV=LFHXQD
&HRILDVWD"
'XQDUHD"
6DXSRDWH2OWXO"
6WLLFHPDGXFVDYDG
6HSULQGHDVWDFXGHJHWHOHGHQDVVLVDUHGHSHSRG&HDODOWDVWULJDvQXUPDHL
(LFHH"
$XWRVWUDGD%XFXUHVWL&RQVWDQWDVHDXGHGLQWUHIUkQHVLVFUkVQLWGHURWLGHPDVLQL

2EORQGDRvQWUHDEDSHDOWD
6SXQHPLFXPVHVFULHDFXPGHFkQGFXQRLOHUHJXOLJUDPDWLFDOHYH]LVvQWVXQWHWFFXYkQWXODSD"
$SD"&DVLSkQDDFXP
'HFL$&80"

2EORQGDQXDPDLGDWSHDFDVDGHGRXD]LOH'XSDFHYLQHODSDULQWLFXKDLQHOHWRDWHUXSWHVL]JkUkLDWDWDWVXRvQWUHDED
8QGHDLIRVW1HDPIDFXWDWkWHDJULML
7DWD]LFHHDDPIRVWYLRODWDEUXWDOWLPSGHWUHL]LOH
%LQHGDUWXDLOLSVLWGHDFDVDGRDUGRXD]LOH"
'DGDUD]LGXSDSUkQ]WUHEXLHVDPDvQWRUFDFROR

2EORQGDPHUJHFXXQSXUFHOXVVXEEUDWSHVWUDGD8QWUHFDWRUvQWUHDED
2FHDYHWLDLFL"
/DFDUHSXUFHOXVXO
$PFkVWLJDWROD/272

2EORQGDvLSRYHVWHVWHSULHWHQHLVDOH
,HULVHDUDDYHQLWVHIXOPHXODPLQHDFDVDvQYL]LWDVLPDYLRODW
6LWXWXQXWHDLDSDUDW"
1DPSXWXW1XPLVHXVFDVHvQFDRMDGHSHXQJKLL

2EORQGDODEDULVHDGUHVHD]DWkQDUXOXLDUDWRVFDUHVWDOkQJDHD
&KLDUFUHGHWLFDDVYUHDODFLQFLPLQXWHGXSDFHQHDPFXQRVFXWVDPDFXOFFXGXPQHDYRDVWUD"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'D]LFHWkQDUXO
'XPQH]HXOH7UHEXLHFDSXWHWLFLWLJkQGXULOH

2EORQGDUDPkQHFDVDYH]LDGRXDRDUDJUDYLGDVLYLQHODVRWXOHLVLvOvQWUHDED

'UDJDDFXPWUHEXLHVDQHFDVDWRULPGLQQRX"

2EORQGDILHUEHRXDSHQWUXPLFXOGHMXQ6RWXORvQWUHDED
'HFHGUDFX
VRXDOHDVWHDDVDGHWDUL"&kWOHDLILHUW"
3DLGHPLQXWH
'HFH"2XDOHVHFRFPLQXWH"
3DLHUDXRXD

Ì'HFHVHPXWDEORQGHOHOD/$/RV$QJHOHV
5"
5(PDLVLPSOXGHVSXVSHOLWHUH
Ì0DLVLPSOXFDFH"

8QEDUEDWURDJDREORQGDVDYDGDGDFDvLPHUJHVHPQDOL]DUHDGHODPDVLQD
$FHDVWDVHDSOHDFDSHDULSDPDVLQLLVL]LFH
'DQXGDQX

%ORQGDODWULEXQDO-XGHFDWRUXOvQWUHDED
$FX]DWDGHFHDWLIXUDWVDSXQXOGLQPDJD]LQ"
)LLQGFDvPLPHUJHDDVDGHPL]HUDELO

2EORQGDIDFHUHFODPDWLHODSROLWLHFDWRDWDQRDSWHDDIRVWYLRODWDVLGLPLQHDWDVDWUH]LWSOLQDGHVXGRUL
$GRXD]LVXGRULLDXUHFXQRVFXWIDSWDORU

2EORQGDYLQHDFDVDVLJDVHVWHEDUEDWLvQGRUPLWRU2IWHD]D
6XQWDVDRERVLWDEDLHWL'RLGLQWUHYRLWUHEXLHVDSOHFH

2EORQGDVHSOLPEDSHVWUDGDFXEOX]DGHVIDFXWDVLFXXQVkQDIDUD8QSROLWLVWVHDSURSLHGHHDVLvL]LFH
'RDPQDFUHGFDWUHEXLHVDYDDPHQGH]SHQWUXLQGHFHQWDvQSXEOLF
'HFH"
3HQWUXFDXPEODWLSHVWUDGDFXXQVkQVFRVGLQVXWLHQ
(DSULYHVWHvQVSUHVkQVL]LFH
/DGUDFX
,DUDPXLWDWFRSLOXOvQDXWREX]

2 EORQGD R QHJUHVD VL R EUXQHWD FDODWRUHVF OD QHJUX FX YDSRUXO DVFXQVH vQ FDOD 3D]QLFXO FRQWUROHD]D FDOD YDSRUXOXL
vQDLQWHGHSOHFDUHVLFHOHWUHLVHDVFXQGvQVDFLLGLQvQFDSHUH&XFkWHXQVXWPDULQDUXOFRQWUROHD]DVDFLLGHSHMRV1HJUHVD
VWULJDGLQVDF
0LDXPLDX
2PXOSOHDFDPDLGHSDUWH%UXQHWD
+DPKDPKDP
0DULQDUXOWUHFHPDLvQFROR$MXQJHODEORQGDVLGXSDVXWXOGHULJRDUHDXGH
&DUWRILFDUWRIL

2EORQGDODDOLPHQWDUD'LQWURGDWDvLVXQDFHOXODUXO%ORQGDUDVSXQGH
$OR0DPDGHXQGHDLVWLXWFDHUDPODDOLPHQWDUD"

6HvQWkOQHVFREORQGDVLREUXQHWD=LFHEORQGD
&H]LFLGHSDODULDPHDQRXDGHSDLH"
%UXQHWD
([FHOHQWD3DUFDWLDUILFUHVFXWGLQFDS

8QHL EORQGH WRFPDL FDVDWRULWH L VH SUH]LQWD GH FDWUH VRWXO HL ORFXLQWD IDFkQGXL VH WRWRGDWD VL R PLFD LQVWUXFWLH 3H
FRULGRU
'UDJDXLWHSDSXFLLPHLWUHEXLHVDVWHDDFRORODRUDLQGLIHUHQWGDFDVXQWDFDVDVDXQX
/DEXFDWDULH
8LWHDLFLDUDJD]XO/DRUDYHLJDWLLQGLIHUHQWGDFDVXQWDFDVDVDXQX
/DGRUPLWRU
8LWHGUDJDDLFLHSDWXO
/DFDUHHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
$LFLGUDJDODRUDVHYDIX HLQGLIHUHQWGDFDHVWLDFDVDVDXQX

'RXDEUXQHWHPHUJSHVWUDGDVLvQVSDWHOHORUREORQGD/DXQPRPHQWGDWYDGRPRQHGDGHGHOHL=LFHXQD
,DXLWHGHOHL,DLSRDWHSRWLVDGDLXQWHOHIRQFXHL
1XPXOWXPHVFHXDPFDUWHODWHOHIRQLFD,DLWX
1XPXOWXPHVFHXDPFHOXODU
6LSOHDFDDVWHDPDLGHSDUWH9LQHEORQGDVHDSOHDFDLDPRQHGDRGXFHODXUHFKHVL]LFH
$OR0DPD"

2EUXQHWDIDFHRJUDPDGDGHHFRQRPLLVDVLLDR'DFLHVLVDRSODWHDVFDEDU&kQGVDRFXPSHUHYkQ]DWRUXOvLVSXQHFDvL
OLSVHVFGHOHL,HVHHDUHSHGHDIDUDVLYHGHREORQGD6HGXFHODHDVLvL]LFH
$VYUHDVDFXPSDUR'DFLHVLvPLOLSVHVFGHOHL$WLSXWHDVDvPLvPSUXPXWDWLEDQLLDVWLD
/DFDUHEORQGDFDXWDvQSRVHWDVLvLGD]LFkQG
8LWHGDULDPLVLPLHXQD

&LQHULGLFDSULPXOEDQFQRWDGHGHOHLGHSHVWUDGD0RV&UDFLXQREORQGDGHVWHDSWDVDXREORQGDSURDVWD"
1LFLFDUH3ULPHOHGRXDVXQWSHUVRQDMHLPDJLQDUHLDUEORQGDSURDVWDFUHGHFDEDQFQRWDHRJXPDGHPHVWHFDWFDOFDWD

2EORQGDVHSOLPEDSULQSDGXUHFkQGGHRGDWDvLDSDUHvQIDWDR]kQDVLvL]LFH
$]LH]LXDWDFXQRURF(XVXQW]kQDFHDEXQDVLDLRGRULQWDFDUHWLRYRLvQGHSOLQL
%ORQGDVHJkQGHVWHFHVHJkQGHVWHVL]LFH
ÌQOXPHGRPQHVWHvQDWkWHDORFXULUD]ERLXOÌPLGRUHVFFDWRWLRDPHQLLQHJULLDOELURVLJDOEHQLLQGLIHUHQWGHQDWLRQDOLWDWHVL
UHOLJLHVDWUDLDVFDvQSDFDVLOLQLVWH
=kQDvQWLQGHRKDUWDDOXPLLvVLQRWHD]DWRDWH]RQHOHvQFDUHVXQWUD]ERDLHRIWHD]DVL]LFH
6WLLHXQXVXQWR]kQDDWRWSXWHUQLFDFLXQDPDLPLFD3XWHUHDPHDQXHQHOLPLWDWD1XDLDYHDRDOWDGRULQWDPDLVLPSOXGH
vQGHSOLQLW"
%ORQGDVHPDLJkQGHVWHVL]LFH
3DLGDFDDVWDQXPHUJHDWXQFLDVYUHDVDvPLLDXEDFDODXUHDWXO
=kQDvVLvQFUHWHVWHIUXQWHDVL]LFH
+DLVDQHPDLXLWDPWRWXVLXQSLFSHKDUWDDLDDOXPLL

&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

%DQFXULFXIHWLWHVLDGROHVFHQWH

)DWDVHvQWRDUFHIRDUWHWvU]LXDFDVD0DPDRDVWHDSWDVLvLVSXQH
0DLIDWRQXPLDSODFXWGHORFFXPWHDVDUXWDW,RQXW
1LFLPLHPDPDGDUDVWDHVWHvQFDQXDUHDWvWDH[SHULHQWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

$GROHVFHQWDWDWLFXOXL
7LSXOSHFDUHWRFPDLODLDUXQFDWSHXVDDIDUDSHPRWLYFDHXVXQWSUHDPLFDSHQWUXXQSULHWHQHVWHILXOVHIXOXLWDX

0DPDGDFDRVDILXRIDWDFXPLQWHFvQGRVDILXPDUHRVDDPVLHXXQVRW"
'DIHWLWDPHD
6LGDFDQXRVDILXRIDWDFXPLQWH"
$WXQFLRVDDLPDLPXOWL

9DULDQWD
2IHWLWDLVLYHGHWDWDOLHVLQGJROSXVFDGHODEDLHVLFRQWUDULDWDVHGXFHVDRvQWUHEHSHPDPDVD
0DPLVSXQHPLFkQGYRLILPDUHRVDDPVLHXRFRDGDvQWUHSLFLRDUHDVDFXPDUHWDWD"
'DIDWDPHDvLUDVSXQGHPDPDGDFDRVDILLFXPLQWHRVDDLVLWXXQDODIHO'DFDQXRVDILLFXPLQWHRVDDLPDLPXOWH

3DULQWLLPHLDXvQQHEXQLWVSXQHRSXVWLRDLFDGHDQLSULHWHQHLVDOH'LQWURGDWDOHSODFHFXPPDvPEUDFFXPPDSRUW
PLDXGDWYRLDVDPDWDWXH]VLGHDWXQFLYLDWDQXPDLDUHQLFLRDWUDFWLHSHQWUXPLQH

2IHWLWDLQWUDODPDPDVDvQEXFDWULH
0DPDPDPDSRVWDVXO
/DFDUHPDPD
'DUGUDJDPDPLLODVDO
6LIHWLWD
0DPDODDPODVDWGHMDGDUHOPDLYUHDRGDWD

/DPDJD]LQRSXVWRDLFDvQWUHDED
3RWVDVFKLPEKDLQHOHFXPSDUDWHVLvQFD]XOvQFDUHHOHSODFSDULQWLORU"

2IHWLWDREVHUYDODVWUDQGGLIHUHQWDGLQWUHHDVLXQEDLHWHO6HGXFHvQWUXQVXIOHWODPDPDHLVLvQWUHDED
0DPD'HFHQXDPVLHXDVDFHYDvQWUHSLFLRDUH"
5DEGDUHFRSLOXOPHXUDEGDUH

0DPLFRGHFHSRDUWDPLUHVHOHURFKLLDOEH"
)LLQGFDH[SULPDEXFXULD
$WXQFLPLUHOHGHFHLvPEUDFDWvQQHJUX"

0DPDLVHDGUHVHD]DILLFHLVDOHGHDQL
9UHDXVDGLVFXWFXWLQHGHVSUHSUREOHPHOHVH[XDOH
%LQHPDPDFHYUHLVDVWLL"

8QEDLDWVLRIDWDVHMRDFDGHDYDWLDVFXQVHOHD)DWDH[SOLFDUHJXOLOH
7XWHSXL(XPDYRLDVFXQGH'DFDPDJDVHVWLvQPLQXWHSRWLVDPDWLLGHPkQD'DFDPDJDVHVWLvQPLQXWHSRWLVD
PDVDUXWL'DFDPDJDVHVWLLPHGLDWSRWLVDIDFLFHYUHLFXPLQH$FXPSXQHWHHXPDYRLDVFXQGHGXSDIULJLGHU

2IHWLWDGHYUHRDQLVRULFXPDPLFDHLPLVWRWDUHIDFHDXSODMD$ODWXULVWDWHDXQQHQH)HWLWDFDWUHPDVD
0DPDFHDVFXQGHQHQHDDODvQVOLS"
$LDHERJDWLDOXL
0DPDGD
XLWHFHVHvPERJDWHVWHFkQGVHXLWDODWLQH«

8QSHGRILOVHGXFHODGRXDIHWLWHVLvL]LFHXQHLD
'DFDWLGDXRERPERDQDPDODVLVDWLSXQPkQDDFROR"
)HWLWDVWDSXWLQVHJkQGHVWHVLDFFHSWD3HGRILOXOSXQHPkQDvLSODFHFHVLPWHVLLDURvQWUHDED
'DFDPDLGDXRERPERDQDPDODVLVDWLPDLSXQRGDWDPkQDDFROR"
,DUHGHDFRUGIHWLWDSHGRILOXOXLLDUvLSODFHVLLDURvQWUHDED6LWRWDVDPDURJERPERDQHFKHVWLL3kQDFkQGIHWLWDvLGDXQ
FRWFHOHLODOWH
+DLKDLVDPHUJHPFRVDIDFGLDEHWSkQDPDIXWHDVWD

2PDPDvVLVXUSULQGHIDWDGHDQLFXWLJDUDvQJXUD
'HFkWVDIXPH]RWLJDUDPDVODVDYLRODWDGH]GUDKRQL]LFHHDVXSDUDWD
&LQHQDUIDFHR"RIWHD]DIDWDYLVDWRDUH

2GDWDRIHPHLHJUDYLGDIDFHDEDLHFXILFDHLFDUHDYHDDQL/DXQPRPHQWGDWIHWLWDRvQWUHDEDSHPDPDHL
0DPDFHLDLDQHDJUDvQWUHSLFLRDUHOHWDOH"
/DFDUHPDPDvLUDVSXQGH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'UDJDPHDDLDQHDJUDvLFkUSDGHVSDODW
'XSDFkWYDWLPSGXSDFHIHPHLDDQDVFXWDOGRLOHDFRSLODWUHEXLWVDvVLUDGDSDUXOSXELDQVDQDVFDPDLXVRU)DFkQGEDLHGLQ
QRXFXIHWLWDHLDFHDVWDRvQWUHDED
0DPDXQGHLFkUSDWDFDUHRDYHDLvQWUHSLFLRDUH"
6LPDPDvLUDVSXQGH
'UDJDPHDDPSLHUGXWRQXVWLXFHDPIDFXWFXHD
/DFDUHIHWLWDvLUDVSXQGH
0DPDDPXLWDWVDWLVSXQFDDPYD]XWEDEE\VLWWHUPHXFDvOVSDODSHWDWDSHIDWDFXFkUSDWDFkWWLPSDLIRVWvQVSLWDO

2IHWLWDLQWUDODPDPDVDvQEXFDWDULH
0DPDPDPDSRVWDVXO
/DFDUHPDPD
'DUGUDJDPDPLLODVDO
6LIHWLWD
0DPDODDPODVDWGHMDGDUHOPDLYUHDRGDWD

2IHWLWDvVLvQWUHDEDPDPD
0DPDPDPDGHXQGHYLQFRSLL"
ÌLDGXFHEDU]D
6LFLQHIX HEHU]H"

2IHWLWDYHGHSHVWUDGDXQFDWHOFDUHWRFPDLIX HDRFDWHOXVDVLvOvQWUHDEDSHWDWDOVDXFHIDF7DWDOMHQDWvLUDVSXQGH
&DWHOXVDQXYUHDVDVHGXFDDFDVDVLFvLQHOHvQFHDUFDVDRGXFDHODFDVD
(FDLHULFXPDPDQRURFFDVHWLQHDELQHGHFKLXYHWDDOWIHOSRVWDVXORGXFHDvQPRGVLJXUODSRVWD

&LFDPD
VDvL]LFHILLFHLFDUHDvPSOLQLWDQLFHYDGHJHQX
)LLFDPHDDFXPHVWLVLWXPDUHWUHEHVDGLVFXWDPGHVSUHVH[
'DPDPDFHYUHLVDVWLL"

0DPLFRYUHDXVDWHURJFHYD
&HHIHWLWDPHD"
ÌPLGRUHVFIRDUWHPXOWXQIUDWLRUQXDPFXFLQHVDPDMRF
%LQHRVDYRUEHVFFXWDWLFXOGDUQXVWLXGDFDRVDDFFHSWHXQFRSLOFRVWDIRDUWHVFXPSvQ]LXDGHD]L
0DFDUXQXOPLFXWPLFGHWRWVLVODEXWSRDWHHPDLLHIWLQ

0DPDFDWUHIDWDHL
)HWLWDPHDGHFHQXVWDLvQEUDWHOHWDWDOXLWDX"
1XVHSRDWHDFHODHVWHORFXOPHQDMHUHL

0DULD9LLDIDUDVDQHMXFDP"
1XvQFD0DLDPGHH[HUVDWODSLDQWUHEXLHVDWHUPLQH[HUFLWLLOHODHQJOH]DVLVDIDFRUGLQHvQFDPHUD$VDFDPDLDVWHDSWD
PDvQFD]HFHPLQXWH

'RXDIHWLWHODGXV=LFHXQD
+HLPDLPXWDWDDUHGHMDSDU
(LVL"6LPDQkQFDGHMDVLEDQDQH

0DPDvVLvQYDWDILLFD
1XPLSDVDSXWHWLVDPHUJHWLvQFDPHUDWDFXSULHWHQXOWDXFvWWLPSQHXLWDPODWHOHYL]RUvQVXIUDJHULH'DUGDFDIDFHFHYD
FHQXLSHUPLVVDQHGDLGHYHVWH
'DUPDPDFXP"
)LLIRDUWHDWHQWD'DFDYUHDVDWHVDUXWHVWULJLSHUH'DFDYUHDVDWHSULQGDGHVkQLVDVWULJLPHUH'DFDvVLSXQHPvLQLOH
PDLMRVDWXQFLVDVWULJLSLHUVLFL
6HvQFKLGWLQHULLvQFDPHUDIHWHLLDUSDULQWLLVHXLWDODWHOHYL]RU'LQWURGDWDVHDXGHRYRFHVWULJvQG
6DODWDGHIUXFWH6DODWDGHIUXFWH

8QEDLDWVLRIDWDVHMRDFDGHDYDWLDVFXQVHOHD)DWDH[SOLFDUHJXOLOH
7XWHSXL(XPDYRLDVFXQGH'DFDPDJDVHVWLLQPLQXWHSRWLVDPDWLLGHPkQDGDFDPDJDVHVWLvQPLQXWHSRWLVDPD
VDUXWLGDFDPDJDVHVWLLPHGLDWSRWLVDIDFLFHYUHLFXPLQH$FXPSXQHWHHXPDYRLDVFXQGHGXSDIULJLGHU

)HWLWDLHVHGLQEDLHSOkQJkQGDPDUQLF
&HDLIHWLWR"RvQWUHDEDPDPDHL
)UDWLLPHLVHMRDFDvQFDGDGHDVXEPDULQHOHVLSHPLQHPDXGDWDIDUD]LFkQGFDHXQXDPSHULVFRS


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

2PDPLFDvLWRWVSXQHDIHWLWHLFDUHVHGH]YROWDVHELQLVRU
6DQXODVLYUHXQEDLDWVDWLGHDFKLORWHLMRVFD]ERDUDSDVDULFD
'XSDXQWLPSFkQGPDPDvLWLQHOHFWLDUHVSHFWLYDIHWLWDvLUDVSXQGH
1XPD]ERDUDPDPDVWDLOQLVWLWD,DEDWXW,RQHOXQFXL

)HWLWDHOHYDGHOLFHXYLQHDFDVDFDPVWLQJKHUD7DWDOHLRvQWUHDED
&HVDvQWkPSODWGUDJD"
9HQLQGGHODVFRDODXQQHQHPLD]LVFDGDFDLVXJSX DvPLGDXLWHFHUFHLLDVWLD

9LQHIHWLWDODWDWDOHL
7DWDHXFXSULHWHQXOPHXSXWHPIRORVLPDVLQD"
'DGDUQXDUHEHQ]LQD
1XLQLPLFVLDVDQXLHVLPGLQJDUDM

*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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0DPVDWXUDWGHODEDPDVWXUEDW

7XHVWLVLQJXUDIDWDGHFDUHvPLSDVD
(VWLVLQJXUDFDUHQXPDUHVSLQV

$VYUHDVDWHFXQRVFPDLELQH
2VDOHSRYHVWHVFSULHWHQLORUGHDVWD

(GRDUXQVXFGHSRUWRFDOHvQFHDUFDO
ÌQFDWUHLUkQGXULVLRVDILHFXSLFLRDUHOHGXSDJkWXOPHX

$UDWDDVDGHELQH
$VIX HRSkQDvPLWRFHVFSX D

1XVWLXGDFDvLSODF
1XPDODVDVDLRSXQ

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


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0HUJHPODFLQHPD$VYUHDVDSLSDLFHYD
7HSRWLQYLWDODPDVD9UHDXVDIDFHPVH[
9UHLVDGDQVDP9UHDXVDIDFHPVH[
0DSOLFWLVHVF9UHDXVDIDFHPVH[
7HLXEHVF9UHDXVDIDFHPVH[
6LHXWHLXEHVFODIHOGHWDUH%LQHDPPDL]LVGHMDYUHDXVDIDFHPVH[

&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
/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

%DQFXULFXVRDFUH

Ì&XPVDQXPLWVRDFUDOXL$GDP"
5$GDPQXDDYXWVRDFUD(OWUDLDvQSDUDGLV

Ì'HFHVHvQJURDSDVRDFUDFXFDSXOvQMRV"
53HQWUXFD]XOvQFDUHFXPYDvQYLHVDvQFHDSDVDVDSHvQMRV

Ì&HVHQXPHVWHDUWDYLHWLL"
56DWHFDVDWRUHVWLFXVRUDUDSRVDWHLVRWLL$VWIHOQXWUHEXLHVDWHRELVQXLHVWLFXVRDFUD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì6WLWLFDUHHDVHPDQDUHDGLQWUHRVRDFUDVLREHUH"
5$PkQGRXDIDFVSXPHODJXUDVLDPkQGRXDVXQWEXQHUHFL

Ì&DUHVXQWDVHPDQDULOHGLQWUHRVRDFUDVLREHUH"
5$PkQGRXDVXQWFXFDSVDSXVDDPkQGRXDVXQWEXQHUHFLSHPDVD

Ì&H]LFH%XODGXSDFHVLDFDOFDWVRDFUDFXPDVLQD"
51DWHDLFDPGHVXPIODW

Ì&HHGHYLQDFDVRDFUDEDWHODXVDSLYQLWHL"
5/DQWXOGHOD]JDUGDHSUHDOXQJ

Ì'HFHQXLELQHVDWLEDWLVRDFUDFXORSDWD"
53HQWUXFDVLIDFHLPSUHVLHSURDVWDGHVSUHWLQH

Ì&DUHHVWHGLIHUHQWDvQWUHWXPRULVLVRDFUH"
57XPRULOHSRWILVLEHQLJQH

6RWLDvL]LFHVRWXOXL
'DFDWHPDLSRUWLFDXQEDGDUDQPDPXWODPDPDVLSHHDRPXWODWLQH

6WLDWLFDIHPHLDDIRVWFUHDWDGH'XPQHD]HXVLVRDFUDGHGLDYRO"
&XPDVD"
'LDYROXOD]LV$FHDVWDLVRDFUDVLVLDGDWDIDUDPDPDVRWLHLGLQ,DG

'H]LXDVRDFUHL%XODVHSUH]LQWDFXXQ SDFKHWHOvQWURPkQDVLFXRSXVFDvQFHDODOWD
/DPXOWLDQLPDPDVRDFUD7LDPDGXVRSHUHFKHGHFHUFHLGHDXU
0XOWXPHVF%XOD'DUFXSXVFDFHYUHLVDIDFL"
3DLJDXULvQXUHFKLQDLQHYRLH"

'RDPQDGHODVRFLHWDWHDGHFDULWDWH'RULWLVDFRQWULEXLWLFXFHYDSHQWUXD]LOXOGHEDWUkQL"
*LQHUHOH1HYDVWDSXQHLSDODULDVLSDOWRQXOPDPHLWDOH

Ì&XPVHGHILQHVFVHQWLPHQWHODFRQWUDGLFWRULL"
5'DFDvWLYH]LVRDFUDvQPDVLQDWDFHDQRXDVWkQGVDFDGDvQWURSUDSDVWLH

8QYDGXYvVL]LFH
2DGRXDVRDFUDQXPDLSRWULVFD
6LVDFDVDWRULWFXFXPQDWDVD

$LYRUELWFXGRFWRUXOGHVSUHQHYDVWDPHD"
'DODPUXJDWVRWUDWH]HFDSHSURSULDOXLVRDFUD

/DJUDGLQD]RRvQIDWDXQHLFXVWLFXKLSRSRWDPLJLQHUHOHvLVSXQHVRDFUHLOXL
0DPDVRDFUDYH]LFHJXUDPDUHDUHVLWRWXVLQXVFRDWHQLFLXQFXYkQW

8QXO]LFHODRPDVDSULYLQGODVRDFUDVD
(XFUHGVLvQYUDMLWRDUHVLvQGXKXULUHOHVLvQVWDILL

0DPFDVDWRULW2DGHYDUDWDSDUWLGD
6RWLDPHDHRUIDQDGHPDPD

9HFLQHFkLQHOHWDXPLDPXVFDWSkQDDFXPGHWUHLRULVRDFUD
9DLPLLGHVFX]H&kLQHOHDVWDHLQFRULJLELO1XVWLXFHVDIDFFXHO
9LQGHPLOPLH

6HVLXQHDGHLDUQDDFXUVXULORUIDUDIUHFYHQWDODIDFXOWDWHDGHVWLLQWHMXULGLFHGLQ%XFXUHVWL
([DPLQDWRUXOPDLSXQHRvQWUHEDUHVXSOLPHQWDUDFDQGLGDWXOXL
&HSHGHDSVDVHDSOLFDSHQWUXELJDPLH"
'RXDVRDFUHUDVSXQGHVHQLQVWXGHQWXOVLVLvQWLQGHFDUQHWXO

2EDEDDYHDWUHLJLQHUL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
ÌQWUR]LFkQGJLQHUHOHPDUHYHQHDGHODVHUYLFLEDEDFDUHvOYHGHLQWUkQGSHSRDUWDVDUHvQIkQWkQD$VWDVDUHGXSDHDVLR
VDOYHD]D
$GRXD]LvQFXUWHJLQHUHOHJDVHVWHR'DFLHFXXQELOHWHOSHFDSRWD%LQHIDFLELQHSULPHVWL0DPDVRDFUD
ÌQ DOWD ]L DFHHDVLSRYHVWHGDUDFXP FX JLQHUHOH PLMORFLX6DUH VL DVWDGXSD EDED vQ IkQWkQD R VDOYHD]D VL vQ XUPDWRDUHD ]L
JDVHVWHvQFXUWHRPRWRFLFOHWDFXXQ ELOHWHO%LQHIDFLELQHSULPHVWL0DPDVRDFUD
9LQHVLUkQGXOJLQHUHOXLPLF%DEDIDFHVDULWXUDGHULJRDUHGDUvQDLQWHVDVDUDGXSDHDJLQHUHOHVWDSXWLQVLVHJkQGHVWH
'DFDDODPDUHDSULPLWR'DFLHDODPLMORFLXRPRWRFLFOHWDHXFHRVDSULPHVF"2ELFLFOHWD"$LXUHDQXPLWUHEXLH/DVRvQ
PDVDVDPRDUD
ÌQXUPDWRDUHD]LvQFXUWHFkQGLHVHYHGHXQ0HUFHGHVFXXQELOHWHOSHFDSRWD%LQHIDFLELQHSULPHVWL7DWDVRFUX

8QODFDWXVXQODFDWXV$LFLODHWDMX
SDWUX9LQRUHSHGHVRDFUDPHDYUHDVDVDUXQFHSHJHDP
6LFHQHYRLHDLGHPLQH"
3DLJHDPX
DODQXVHGHVFKLGH

/DWULEXQDO
(VWLDFX]DWFDWLDLRPRUkWVRDFUDFXVkQJHUHFH'HFHDLIDFXWR"
1HYDVWDPHDPLD]LV
&XPSRWLVDVSXLDVDFHYDVRWLDWDvVLLXEHDIRDUWHPXOWPDPD
$VDHGD
vQDLQWHGHDSOHFDvQ]LXDUHVSHFWLYDPLD]LV0DUFHOHGDFDvQWLPSFHGRDUPHRGHUDQMHD]DYUHRPXVFDQR
WUH]LRPRDUR

$V GRUL VDL ULGLF XQ PRQXPHQW IXQHUDU VRDFUHL PHOH 'XPQH]HX VRLHUWH $ IRVW WRWXVL IHPHLH GH WUHDED QX FXP VH
VSXQH6LPLDODVDWPRVWHQLUHDSDUWDPHQWXOGHVLQHYDVWDPHDQXPDLWUDLHVWHGHPXOW'DUVDQXILHSUHDVFXPS
3DFDWXLWHDPRSLHVDH[FHSWLRQDODFOLHQWXODGDWIDOLPHQWVLQDPDLOXDWR'DUGLQQHIHULFLUHHJUDYDWSHHODOWQXPHVL
GHVWXOGHDGkQF
1XIDFHQLPLF%LDWDIHPHLHQXVWLDVDFLWHDVFD

$PIRVWvQSDGXUHVLDPFXOHVFLXSHUFL
$PYHQLWFXHOHDFDVDVRDFUDPHDOHRJDWLWOHRPkQFDWVLRPXULW
&RQFOX]LHFLXSHUFLOHDXIRVWEXQHGDUQHFRPHVWLELOH

8QEDUEDWDMXQJHODSRUWLOHUDLXOXL$LFLXQJUXSPDUHGHIHPHLvOvQWkPSLQDVLILHFDUHVHGDGUHSWVRDFUDOXL
'XPQH]HXVDWHELQHFXYkQWH]HILXOHQXPDUHFXQRVWL"6XQWVRDFUDWD
6HWRWFHDUWDvQWUHHOHGDUQXDMXQJQLFLFXPODFRQVHQV3DQDODXUPD6I3HWUXYLQHVDIDFDGUHSWDWH
'LQPRPHQWFHGHIHPHLSUHWLQGDILVRDFUHOHDFHVWXLRPHOWUHEXLHWDLDWvQGHEXFDWL
)HPHLOHDVFXOWDWDFXWHKRWDUDUHDQHPLORDVDD6I3HWUXQXPDLXQDGLQHOHVWULJD
$VDHVWHWUHEXLHWDLDWvQGHEXFDWL
/DFDUH6I3HWUXVHvQWRDUFHFDWUHHDVLVSXQH
7HDPJDVLW7XHVWLDGHYDUDWDVRDFUD

6HvQWkOQHVFvQWUXQVDORQGHVSLWDOGRLSULHWHQL
1XFUHGHDPFDHVWLODVSLWDO$VHDUDWHDPYD]XWSHGUXPFXREORQGDWUDVQHW
'DGDUPDYD]XWVLVRDFUDPHD

'RLSULHWHQLFRQYHUVHD]D
+HLFHLFXWLQH"'HFHDLXQRFKLYkQDW"
,HULDPIRVWODPDVDODVRFULL
(LVL"
6WLLGRDUFDHLVXQWFUHGLQFLRVLvQDLQWHGHPDVDDWUHEXLWVDVSXQHPUXJDFLXQHD
6LPDLGHSDUWH"
$PIDFXWJUHVHDODFDODSDVDMXOVLIHUHVWHQH'RDPQHGHUHOHVDPDXLWWRFPDLODPDPDVRDFUD

/DFLUF'DYLG&RSHUILHOGSULPHVWHFDGHRELFHLXQSRWRSGHDSODX]H(OvVLDQXQWDXOWLPXOQXPDU
ÌQXUPDWRUXOQXPDUYRLIDFHVDGLVSDUDRIHPHLH3HQWUXDVWDDPQHYRLHGHXQYROXQWDUGLQSXEOLF
'LQUkQGXOGRLVHDXGHXQJODV
0HUJLPHUJLGXPQHDWDPDPDVRDFUD

=LPLXQEDQFEXQVDLOVSXQVLOX
VRDFUDPHD
'D
FHLWUHEXLHOX
VRDFUDWDEDQFXUL"
1XLWUHEXLHGD
ODEDQFX
DODFDUHPLODLVSXVLHULHUDVDPRDUDGHUkV

'H]LXDVRDFUHL0LWLFDVHSUH]LQWDFXXQSDFKHWHOvQWURPkQDVLFXRSXVFDvQFHDODOWD
/DPXOWLDQLPDPDVRDFUD7LDPDGXVRSHUHFKHGHFHUFHLGHDXU


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
0XOWXPHVFJLQHULFD'D
FXSXVFDFHYUHLVDIDFL"
3DDDLLLLGHJDXULvQXUHFKLQXDLQHYRLH"

8QFRUWHJLXFLXGDWGXSDGULFXUPDXQWLSXQFkLQHILRURVVLODPDUHGLVWDQWDYUHRFLQFL]HFLGHRDPHQL8QWLSVHDSURSLH
VLvQWUHDED
&LQHDPXULW"
6RDFUDPHDUDVSXQGHWLSXODPXVFDWRFkLQHOHDVWD
1XPLvPSUXPXWLVLPLHFkLQHOH"
%DGDGDUDVHD]DWHODFRDGD

8QWLSVWDWHDvQFDVDVLVHXLWDSHIHUHDVWUD/DXQPRPHQWGDWYHGHFHYDWUHFkQGSULQIDWDIHUHVWUHL
6FRDWHFDSXOSHJHDPVLVHXLWDvQMRVVLYHGHGRXDHWDMHPDLMRVRIHPHLHDWkUQDWDGHXQFDEOXGHDQWHQD
6HXLWDQVXVVLOYHGHODHWDMXO]HFHSH%XODvQMXUkQGGHPDPDIRFXOXL
%DL%XODFLQHLPDDLDSHFDUHDLDUXQFDWR"
6RDFUDPHDGDRQS GDPDVLL
'DFkWLDQLDUHPDVRDFUDWD"
&LQFL]HFLGDRQPDVD
%DGD
VHWLQHELQHPDVHWLQHELQH

'HWLQXWXOHUDDFX]DWFDDYUXWVDVLRPRDUHVRDFUD
-XGHFDWRUXODGLVSXVHOLEDUDUHDVDFRQGLWLRQDWD$YUXWVDLPDLGHDRVDQVD

1RURFXOHPDLSUHVXVGHFkWUDWLXQHDvVL]LVHVRWXOFkQGDDUXQFDWFXRSLDWUDGXSDFkLQHVLVLDQLPHULWVRDFUD

,RQYLQHGLQFLPLWLUVLVHvQWDOQHVWHFX*KHRUJKH
'HXQGHYLPD,RDQH"
'LQFLPLWLUPD*KHRUJKH
'DFHVDvQWDPSODW"
$PvQJURSDWRSHVRDFUDPHD
6LSHIDWDGHFHHVWL]JkUkLDW"
3DLVDRSXVFkQGDPvQJURSDWR

8QYkQDWRUVLDLQYLWDWSULHWHQLLVDOHDUDWHFROHFWLDVDGHDQLPDOHvPSDLDWH
8LWHDLFLHVWHXQOHXSHFDUHODPvPSXVFDWvQ$IULFD/kQJDHORYHYHULWDLDUDFRORvQVSDWHHVWHVRDFUDPHD
'DUFH]kPELWRDUHHVWHUHPDUFDXQXOGLQWUHPXVDILUL
'DSHQWUXFDSXVFDDYHDOXQHWDVLSkQDQXOWLPDFOLSDDFUH]XWFDYUHDXVDRIRWRJUDILH]

*LQHUHOHDGXFHGRLSHSHQLDFDVDVLVSXQHFDWUHVRDFUDVD
0DPDVRDFUDWHDPDX]LWLHULVSXQkQGFDDLGDMXPDWDWHGHYLDWDSHQWUXXQSHSHQH7LDPDGXVGRL

9LLWRDUHDVRDFUDvVLvQWUHDEDYLLWRUXOJLQHUH
$PDX]LWFDLDLIDFXWILFHLPHOHRFHUHUHvQFDVDWRULH&XPGHQXPDLvQWUHEDWSHPLQHvQDLQWH"
3DLQXDPVWLXWFDPDLXELWLVLGYRDVWUD

8QEDUEDWDMXQJHODSRUWLOHUDLXOXL$LFLXQJUXSPDUHGHIHPHLvOvQWkPSLQDVLILHFDUHVHGDGUHSWVRDFUDOXL
'XPQH]HXVDWHELQHFXYDQWH]HILXOHQXPDUHFXQRVWL"6XQWVRDFUDWD
6HWRWFHDUWDvQWUHHOHGDUQXDMXQJQLFLFXPODFRQVHQV3kQDODXUPD6I3HWUXYLQHVDIDFDGUHSWDWH
'LQPRPHQWFHGHIHPHLSUHWLQGDILVRDFUHOHDFHVWXLRPHOWUHEXLHWDLDWvQGHEXFDWL
)HPHLOHDVFXOWDWDFXWHKRWDUkUHDQHPLORDVDDOXL6I3HWUXQXPDLXQDGLQHOHVWULJD
$VDHVWHWUHEXLHWDLDWvQGHEXFDWL
/DFDUH6I3HWUXVHvQWRDUFHFDWUHHDVLVSXQH
7HDPJDVLW7XHVWLDGHYDUDWDVRDFUD

'RLSULHWHQLVWDXODPDVD
(LFH]LFLGHVRDFUDPHD"
,LEXQD
$WXQFLPDLLDREXFDWD

'RLFDQLEDOLVWDWHDXLQMXUXOXQXLIRF=LFHXQXO
1XPLSODFHGHORFVRDFUDPHD
ÌQFHUFDFXNHWFKXS

9LQHvQWUR]L'XPQH]HXVLFX6I3HWUXOD%XODVLvLVSXQFDvLSRWvQGHSOLQLWUHLGRULQWH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
'D
LD
DPLQWH%XODFDVRDFUDWDYDDYHDGHGRXDRULPDLPXOWGLQRULFHvWLGRUHVWLWX'HFL"
,D'RDPQHYUHXVLHXXQFRQDFHODFRORFXPSWHUHQGHWHQLVSLVFLQDHWF
3$&$SDUWHvQWURFOLSDXQFDVRLXULDVFXSLVFLQDWHUHQGHWHQLVHWF
$ODWXULDSDUHXQFDVRLGHGRXDRULPDLPDUHFXGRXDSLVFLQHHWF9HGH%XODVHIDFHYHUGH
$GRXDGRULQWD%XOD
1XIRDUWHFRYLQVVLvQFDVRYDLQG%XOD]LFH
'DPL'RDPQHPLOLRDQH
$SDUvPSUHMXUSXQJLFXEDQLSHVWHWRW3HSURSULHWHWHDGHDODWXULODVRDFUDVDDSDUHXQPXQWHGHGRXDRULPDLPDUHGHEDQL
%XODWUDQVSLUDVHIDFHURVXFDUDFX

0DLDLvQFDRVLQJXUDGRULQWDGHvQGHSOLQLWJkQGHVWHWHELQH%XOD
'RDPQHPLDDMXQV180$,95($81,0,&
+DL%XODFDQXRVDPDLDVDRRFD]LHDGRXDRDUDvQYLDWD
1XQXQX
7HPDLvQWUHEXOWLPDGDWD
6WD%XODVLVHJDQGHVWHSURIXQG
'RDPQHEDWHPDSkQDVXQWSHMXPDWDWHPRUW

6RDFUDVLJLQHUHOH
'HFkWHRULYLQODYRLYDFHUWDWLFHYLDWDHDVWD"
'HPDPDVRDFUDGDFDYLLVLGXPQHDWDDVDGHV

8QXIDFHDSR]H1HYDVWDVDYLQHvQIXJDODHO6HvQHDFDPDPDUHSHGH
7LSX
ULGLFDQHSXWLQFLRVGLQXPHUL
ÌPLSDUHUDXWRFPDLPLVDWHUPLQDWILOPX
GLQDSDUDW

'XSDVXIHULQWDPXOWDEXFXULH]LFHXQXOODvQPRUPkQWDUHDVRDFUHL

5HFODPDXQXLLQVWLWXWGHFRVPHWLFD
1XIOLUWDWLFXIHPHLDDWkWDWRDUHFHLHVHGHSHSRDUWDQRDVWUD
6DUSXWHDVDILHVRDFUDGXPQHDYRDVWUD

%XODVHvQWkOQHVWHSHVWUDGDFXXQSULHWHQFDUHvOvQWUHDED
%XODDPDX]LWFDWLDPXULWVRDFUD,D]LFHDDYXW"
&HYDELMXWHULLXQWHOHYL]RUFRORUVLSXWLQHHFRQRPLL
1XDVWDYURLDPVDvQWUHEFHLDOLSVLW"
3DLPDVLQDRFDVDVDXXQDSDUWDPHQWSURSULHWDWHSHUVRQDOD
0DL%XOD9URLDPVDVWLX'(&(DPXULW
3DLDIRVWODQRLvQYL]LWDHXLDPVSXVVDPHDUJDvQSLYQLWDVDDGXFDFDUWRILVDIDFHPSLXUHHVLJUDWDUHHDDFD]XWSHVFDULVL
VLDUXSWJkWXO
'D&HJKLQLRQ6LFHDWLIDFXWDWXQFL"
3DLWDLWHLFXEUkQ]D

6HvQWkOQHVWH%XODFXXQSULHWHQ%XODvOvQWUHDED
&HIDFLPkLQH"
3DLPHUJFXILXOPHXVDODQVDPXQ]PHX'DUWX"
&HYDDVHPDQDWRU)DFHPRH[FXUVLHODPXQWHFXVRDFUDPHD

/XDWLORF&HYDVXSDUD"
1XHYRUEDGHPLQH
'DUGHFLQH"
'HVRDFUDPHD6LDGLVORFDWLHULIDOFDVLQXSRDWHVDYRUEHDVFD9UHDXVDDIOXGDFDVLWXDWLDHGHPRPHQWVDXVXQWVDQVHVD
GXUH]H

%XOD]LFH
0DPODVDWGHEDXWXUDVLDVWDGDWRULWDVRDFUHLPHOH
&XPDVD"
'HFkWHRULHUDPEHDWRYHGHDPvQGXEOXH[HPSODU

Ì&HFRDIXUDvLVWDELQHXQHLVRDFUH"
5&XFDUDUHSHPLMORFGDUIDFXWDFXEDUGD

Ì&kQGWHXLWLODVRDFUDFXXQVLQJXURFKL"
5ÌQDLQWHVDDSHVLSHWUDJDFL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

*KLFLWRDUH=LXDODWUDQRDSWHDQRDWD"""
53URWH]DVRDFUDPL

&XVRDFUDWDFXPWHvPSDFL"
([FHOHQW2LDXFXPLQHSHVWHWRWRULXQGHPDGXFPDLDOHVDWXQFLFkQGSOHFODGLVWDQWHIRDUWHPDUL&KLDUVLSHVWHKRWDUH
)RUPLGDELOFHJLQHUHUHFXQRVFDWRUVLLXELWRUHVWL
(VWHDGHYDUDW7RWXVLDPXQPDUHQHFD]
&DUH"7RWOHJDWGHVRDFUD"
'D1XVWLXFXPIDFHGDUGHILHFDUHGDWDJDVHVWHSHFkWHFLQHYDFDUHvLGDEDQLVDVHvQWRDUFDDFDVD

,XELWXOHD]LHUDVDVHvQWkPSOHRPDUHQHQRURFLUH]LFHVRWLD
&HDQXPHLXELWR"vQWUHDEDVRWXOvQJULMRUDW
$FD]XWSHQGXODVLHUDJDWDJDWDVRORYHDVFDSHPDPDvQFDS$VFDSDWFDSULQXUHFKLOHDFXOXL
$KGRELWRFVLSURVWFHVXQW9LQDHVWHQXPDLDPHD
&XPDVDLXELWXOH"
'D3HQWUXSULPDRDUDvQYLDWDDPXLWDWVDvQWRUFSHQGXODVLHDSDFDWRDVDDUDPDVvQXUPD

8QYkQDWRUSOHDFDvQWUXQVDIDULFXVRDFUDVDVLVXVRWLDÌQWURVHDUDSULQMXQJODVRDFUDVHUDWDFHVWHVLYkQDWRUXOVLVRWLD
SOHDFDVDRFDXWHÌQWUXQWXILVRJDVHVFvPSLHWULWDGHJURD]DvQIDWDXQXLOHXFDUHUDJHDGLQWRWLUDUXQFKLL9D]kQGDVWDVRWLD
]LFHYkQDWRUXOXL
&HIDFHPDFXPD"
1LPLFUDVSXQGHYkQDWRUXOOHXOVDEDJDWVLQJXUvQWUHDEDDVWDODVDOVDVHGHVFXUFH

8QWLSPHUJHODGRFWRUVLDFHVWDvLVSXQHFDVXIHULQGHRERDODLQFXUDELODPDLDUHGRDUOXQLGHWUDLW$X]LQDFHVWHWLSXO
UDVSXQGH
$WXQFLSHQWUXXOWLPHOHOXQLGHYLDWDPDYRLPXWDODVRDFUDPHD
$X]LQGDFHVWHGRFWRUXOVWXSHILDW
'HFHRPXOH"1XDLDOFHYDPDLEXQGHIDFXW"
/DVRDFUDPHDvQFDVDOXQLvPLYRUSDUHDRYHVQLFLH

/DXVDVXQDXQWLJDQVLvQWUHDED
1XDYHWLFXPYDYUHRYHFKLWXUDGHFDUHYDWLSXWHDOLSVL"
6WDLSXWLQVRFKHPSHVRDFUDPHD

&kQGPDPFDVDWRULWVRDFUDPLD]LV*LQHUHFDVDPHDHVLFDVDWD
6L"
&KLDUDGRXD]LDYkQGXWR

'HFLDVD6XVWLQHWLFDQXDWLGHSDVLWYLWH]DUHJXODPHQWDUD6LFXPYUHWLVDGRYHGLWLDVWD"
)RDUWHVLPSOXGRPQXOHSROLWLVWPDDIODPvQGUXPVSUHVRDFUDPHD

$OWHFXJHWDULGHVSUHVRDFUH

2GHVSDUWLUHSRDWHDGXFHVLEXFXULH
0LDP]LVFkQGVRDFUDDSOHFDWGHODQRL

&DXWORFXLQWDOLQLVWLWDvQGHVHUW
3HQWUXVRDFUDPHD

6RDFUDPHDDUHRVLQJXUDDVLJXUDUHFRQWUDIRFXOXL
$VWDSHQWUXFDVWLHXQGHRVDDMXQJDGXSDFHPRDUH

1LFLRGDWDQXXLWIHWHOHRDPHQLORU
'DUvQFD]XOVRDFUDPLLVXQWGLVSXVVDIDFRH[FHSWLH

6RDFUDPHDDUHRPHPRULHGHHOHIDQW
6LRPXWUDWRWDVD

&ULWLFD
(RDUWDFDUHPDPDVRDFUDRVWDSkQHVWHSHUIHFW

'HIDSWQDVVSXQHGHVSUHVRDFUDPHDFDHXUkWD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
+LGRDVDDUILXQFXYkQWPDLSRWULYLW

0DPFHUWDWXUkWFXVRDFUDPHDDVHDUD
$PYUXWVDLIDFXQELQHVLLDP]LVFDDUHFLRUDSLLvQFUHWLWL3UREOHPDDIRVWFDQXDYHDFLRUDSL

1DV]LFHFDVRDFUDPHDH]JkUFLWDGDUGHILHFDUHGDWDFkQGVFRDWHRPRQHGDUHJLQDFOLSHVWHGLQRFKLGLQFDX]DOXPLQLL

6RDFUDPHDDLQWUDWvQWUXQPDJD]LQVLDFHUXWRURFKLHGHFXORDUHDRFKLORUHL
9kQ]DWRDUHDD]LVFDQXDXURFKLLLQMHFWDWH

6RDFUDPHDHFDVL(YHQLPHQWXO]LOHL
$SDUH]LOQLF

6RDFUDPHDQXYLQHGHVODQRL'HFkWGHGRXDRULSHDQ
'DDWXQFLVWDFDVDVHOXQL

6RWLDPHDQXDUHQLPLFGH]LVODPLQHvQFDVD
$VWDGHFkQGVDPXWDWVRDFUDODQRL

&DXWORFXLQWD
6DILHVXILFLHQWGHPDUHFDVRWLDPHDVDQXVHPXWHODPDLFDVDVLVXILFLHQWGHPLFDFDVRDFUDVDQXVHPXWHODQRL

'HFHDLWDLDWFRDGDSLVLFLL"
&DVDQXVLRPDLPLVWHDWDWGHSULHWHQRDVDFDQGYLQHVRDFUDPHD

6XQWHWLDFX]DWFDDWLDUXQFDWRSHVRDFUDGXPQHDYRDVWUDGHODHWDMXO]HFH
1DPIDFXWRFXSUHPHGLWDUH
1X"6LQXYDWLJkQGLWFHSHULFROPDUHHVWHSHQWUXWUHFDWRUL"

%XODSULPHVWHGHODVRDFUDVDGH&UDFLXQGRXDFUDYDWH3HQWUXDLIDFHLPSUHVLHEXQDvVLSXQHXQDODJkW6RDFUDYD]kQGX
OvL]LFHDFUX
6LFHDODOWD"&HDODOWDQXWLSODFH"

%DQFXULFXVSHUPDWR]RL]L

Ì&H]LFHXQVSHUPDWR]RLGvQFDXWDUHDRYXOXOXL"
5'DFDWHJDVHVFRPWHIDF

&H]LFHVSHUPDWR]RLGXOFDWUHRYXOFkQGODJDVLW"
520PDIDF

Ì&H]LFHXQVSHUPDWR]RLGFD]XWSHSHUQD"
53kQDLS ODPDPDLIDFHXRP

Ì'HFHDXVSHUPDWR]RL]LLFRDGD"
5&DVDLSRWLVFRDWHGLQWUHGLQWL

2JUXSDGHVSHUPDWR]RL]LSOHFDWLODGUXP8QXOGLQHL]LFH
8IIII$PRERVLWDVDGHWDUH0DLHPXOWSkQDODRYXOH"
/DFDUHXQXOPDLGLQIDWD
'DPDLHGUXPOXQJ'HDELDDPWUHFXWGHDPLJGDOH

8QSOXWRQGHVSHUPDWR]RL]LvQPDUV&RPDQGDQWXOGLQIUXQWHVHvQWRDUFHVLVWULJD
7UDGDUHHHHHHHH$PIRVWGDWLvQJkW

8QMHWGHVSHUPDWR]RL]LSHGUXP8QXOPDLGLQIDWDVWULJDGLQWRWLUDUXQFKLL
*UXSDFXOFDDDDDW
&XWRWLLVHDUXQFDSHEXUWD6HDXGHXQVXLHUDWSXWHUQLFVLGXSDXQWLPSGHDXGHLDUFRPDQGDvQDLQWH8QXOPDLGLQXUPDVH
ULGLFDQHGXPHULWVLvQWUHDED
&HDIRVWDVWD"
/DFDUHFRPDQGDQWXOJUXSHL"


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
2SLOXODDQWLEDE\

9DULDQWD
7UHFHXQSOXWRQGHVSHUPDWR]RL]LvQPDUV/DXQPRPHQWGDWYLQHYLQHGLQXUPDXQVSHUPDWR]RLGVFKLRSVWULJkQG
$QWLEHELLLLLLL$QWLEHELLLLLLLLL
3OXWRQXOVHVSHULHVLIDFHVWkQJDPSUHMXU5DPkQHVSHUPDWR]RLGXOVFKLRSVLQJXUVLVSXQH
+HKHHHHHH6LDVDVHQDVFFRSLLLKDQGLFDSDWL

7UHLVSHUPDWR]RL]LVHFHDUWDGHPDPDIRFXOXL=LFHSULPXO
9UHDXVDILX(XSULPXO
$OGRLOHD
%DHXHXYUHDXVDILXSULPXO
/DFDUHDOWUHLOHDOH]LFHOLQLVWLW
0DLWHUPLQDWLRGDWDFXFHDUWDFLQHHSULPXOKRWDUkPGXSDFHYHGHPFXPLHVLPGLQWXEXOGLJHVWLY

%DQFXULFXSDVWLODPLQXQH9LDJUDVDXFXDFHHDVLWHPD

8QWLSVHGXFHODGRFWRUVDLFHDUDRWDEOHWD9LDJUD'RFWRUXOvODYHUWL]HD]DFDGDFDDvQJKLWLWSDVWLODYDWUHEXLVDWUHDFDOD
WUHDEDFDDOWIHOQXYDPDLSXWHDIDFHGUDJRVWHQLFLRGDWD7LSXOSOHDFDDMXQJHDFDVDSDUFKHD]DPDVLQDvQJKLWHWDEOHWDvQWUD
vQFDVDVLvQFHSHVDVLFDXWHQHYDVWD'XSDFHVLGDVHDPDFDDFHDVWDQXLDFDVDGDGLVSHUDWWHOHIRQGRFWRUXOXLvQWUHEkQGXO
FHLGHIDFXW'RFWRUXOvOvQWUHDEDGDFDSULQFDVDQXHYUHRDOWDIHPHLHPHQDMHUDJXYHUQDQWDHWF
7LSXOUDVSXQGH
(VWHGDUSHQWUXHDQXDYHDPQHYRLHGHWDEOHWD

&HVXQWvQWDULWRDUHOHDVWHDODJXOHUHOHFDPDVLORU"
%DOHQH7LQJXOHUXOGUHSW
'DUSUH]HUYDWLYHFXEDOHQHQXDYHWL"

8QEDGHYLQHODIDUPDFLHVLvQWUHDED
'RPQLVRDUDDYHVLPHGLFDPHQWHGLQDFHOHDDOEDVWUHGHFDUHWHVLPWLELQH"
'DEDGH9LDJUDOH]LFH
$SRLGDVLFkWFRVWDXQD"
OHL
6LFvWWLQH"
$SRLYUHRSDWUXRUHEDGH
6LFKLDUFRVWDOHL"""""
'DEDGHWLDPPDLVSXV
%DGHDVFDUSLQkQGXVHvQFDS
$SRLSHQWUXXQVIHUWGHRUDvQSOXVQXPHULWDVDGDXOHL

Ì&HVHvQWDPSODFXLYDFDUHLDGRDURMXPDWDWHGHSDVWLODGH9,$*5$"
5,VHVFRDODGRDUSULPDMXPDWDWHLDUUHVWXODWvUQD

2EDEDVHGXFHODIDUPDFLHVLvQWUHDEDGDFDDXXQ PHGLFDPHQWDQWL9,$*5$
/DFHYDWUHEXLH"vQWUHDEDIDUPDFLVWD
3DLPRVXOPHXDOXDW9,$*5$VLILLQGFDUGLDFDPXULW$FXPQXPDLSXWHPVDvQFKLGHPFDSDFXOODVLFULX

Ì&HVHvQWDPSODGDFDLQWURGXFLRSDVWLOD9,$*5$vQSDPkQW"
53RWLVFRDWHUkPHOHVLVDOHEDJLvQSHUHWH

ÌÌQFHVHWUDQVIRUPDXQFRQIHWWLFDUHDOXDWRSDVWLODGH9,$*5$"
5ÌQWURSLRQH]D

9DULDQWD
Ì6WLWLFHHRSLRQH]D"
58QEDQXWFDUHDOXDW9LDJUD

ÌQWURUHFODPDVHDQXQWDQRLSURGXVH
SDVWLOHOH9,$*5$/,*+76SHQWUXPkQDJLL
9,$*5$3/86SHQWUXVDWLVIDFHUHDQHYHVWHL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
9,$*5$0(17+2/SHQWUXGDWP H

ÌQWUHDEDXQEDUEDWSHXQDOWXO
7XLHLGHPXOWWLPSSLOXODDLDPLQXQH9LDJUDVSXQHPLVLPLHFXPH"
'HDGUHSWXORPLQXQHDLVHQ]DWLDFDSRWLI HODQHVIkUVLWSUREOHPDHFDQXPDLSHQWUXDFDVDQXVHUHQWHD]D

8QDUWLFROVFULVODXQWHVWSUHOLPLQDUSHQWUXSDVWLOD9LDJUD
3ULPXOSDUWLFLSDQWSULPDIHPHLHDGRXDIHPHLHDWUHLDIHPHLHJDWDDOGRLOHDSDUWLFLSDQWSULPDIHPHLHDGRXDIHPHLHD
WUHLDIHPHLHDSDWUDIHPHLHJDWDDOWUHLOHDSDUWLFLSDQWSULPDIHPHLHDGRXDIHPHLHDWUHLDIHPHLHDSDWUDIHPHLHDFLQFHD
IHPHLH D VDVHD IHPHLH D VDSWHD IHPHLH FH VD vQWkPSODW QX PDL DYHP SHUVRQDODMXWRRRRU SULPXO UHSRUWHU DO GRLOHD
UHSRUWHUDDDDKKKKK

8QWDUDQvVLFXPSDUD9LDJUD6LSHQWUXFDQXSUHDDYHDHOvQFUHGHUHvQSDVWLODDVWDvLGDSULQFDSVDRWHVWH]HSHFRFRV=LV
VLIDFXWFRFRVXOFLXJXOHVWHSDVWLODVLGXSDMXPDWDWHGHRUDQLPLFGXSDRRUDLDUQLPLFVLDSRLvQFHSH
/DvQFHSXWWRDWHJDLQLOHDSRLRLOHFDSUHOHSRUFLLYDFLOHVLERLL6DUHDSRLvQFXUWHDYHFLQDVLDFRORGHOD vQFHSXWJDLQLOH
DSRLRLOHFDSUHOHSRUFLLYDFLOHVLERLL
/DXQPRPHQWGDWSLFDFRFRVXOMRVVLUDPkQHDVDFDPRUW
6DUPDQHFRFRVWHDLRERVLWXQSLFFDPSUHDWDUH]LFHWDUDQXO
3VVVWWDUDQH]LFHFRFRVXOLDXLWHDFRORVXVXOLXODFHODDVDLFDLPLVWR

6HvQWkOQHVFGRLEDWUkQLGHGHDQL
'HFkQGLDX9LDJUDPDVLPWFDGH
'DGHXQGHDVDRSURVWLHSHPLQHPDGHUDQMHD]DJUR]DYODJUDGLQDULW

Ì&HVHvQWkPSODGDFDDUXQFLvQDSDFDOGDRSDVWLODGH9LDJUD"
55H]XOWDXQJURJIRDUWHWDUH

Ì&HDUILGHGRULWSHQWUXSHUVRDQHOHFDUHLDX9LDJUD"
56DFLUFXOHPDLPXOWVkQJHVLvQFDS

ÌFDUHHQRXOLPQDOFHORUFDUHLDX9LDJUD"
5(OWRQ-RKQ,
PVWLOOVWDQGLQJ

$FXP3OXJ
Q
3OD\VLSHQWUXPHGLFDPHQWH"
6FULHSHSDFKHWXOGH9LDJUD

8QFDUJRXFX9LDJUDVDVFXIXQGDWvQ$WODQWLF
,PHGLDWGXSDDFHHDVDULGLFDW7LWDQLFXOODVXSUDIDWD

Ì&XPDIRVWGHVFRSHULWD9LDJUD"
5$IRVWGHVFLIUDWFRGXOJHQHWLFDOOXL%LOO&OLQWRQ

8QDUKLWHFWDPHULFDQDVDOYDWXQPRQXPHQWDUKLWHFWRQLFGHLPSRUWDQWDPRQGLDOD
7XUQXOGLQ3LVDDIRVWvQGUHSWDW6HFUHWXO9LDJUDvQSkQ]DGHDSDIUHDWLFD

7DNH9LDJUD+DYH)XQ'LH+DUG

([LVWWUHLWLSXULGH9LDJUD
3DVWLOHXVRDUH
3DVWLOHWDUL
%LOO&OLQWRQ

=LFH3DSDXQXLFDUGLQDO
9LDJUDIDUDIHPHLHHXQFKLQ

Ì'HFHVHIDFDFXPEDQFLOHODVFRDODFXFPPDLvQDOWH"
59LDJUDVHFRPHUFLDOL]HD]DVLvQFXUWHDVFROLL

Ì&HVHvQWkPSODGDFDGDL9LDJUDXQXLVDUSH"
57HDFX]DWLSLLGHOD*UHHQSHDFHSHQWUXFKLQXLUHDDQLPDOHORU

Ì&HVHvQWkPSODGDFDGDL9LDJUDXQXLOLFXULFL"
56HWUDQVIRUPDvQWUXQODPSLRQ


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

9DULDQWD
Ì&HIDFHXQOLFXULFLGXSDFHLDRSDVWLOD9LDJUD"
56HWUDQVIRUPDvQWUXQWXEGHQHRQ

Ì'HFHQXVHGD9LDJUDIHPHLORU"
53UREDELOFDDUVkQJHUD

=LFHXQEDWUkQ
'HFkQGLDX9LDJUDVWLXGHILHFDUHGDWDXQGHVDvPLDJDWSDODULD

Ì&XPVHQXPHVWHQRXD$QWLYLDJUD"
57HUSLQRORIDFHPRDOHVLSXIRDVD

Ì&XPVHQXPHVFFHLVDSWHDPHULFDQLFDUHDXOXDW9LDJUD"
5XS

&DVLUDVSXQVOD(XUR¼DIRVWHPLVDVLvQ$PHULFDRQRXDPRQHGD
&OLQWRQ 9LDJUD

8QEDUEDWDYHDSUREOHPHFXSRWHQWD0HUJHODGRFWRULDUDFHVWDvLVSXQH
ÌWLGDXSUDIXODFHVWDSHFDUHWUHEXLHVDOSXLvQPkQFDUHVLHUHFWLDYDYHQLLPHGLDW
%XFXURVvQGUXPVSUHFDVDSHQWUXDIDFHREXFXULHVRWLHLVDOHLQWUDvQWUXQUHVWDXUDQWVLFRPDQGDRSRUWLHGHPLFLVLVSXQH
EXFDWDUXOXLVDSXQDSUDIXOvQHL
'XSDRRUDGHDVWHSWDUHRPXOUHYROWDWvOvQWUHDEDSHRVSDWDU
&HVHPDLDXGHFXPLFLDLDGRP
OH"
'RPQXOHEXFDWDUXLGLVSHUDWFXPDVHD]DPLFLLSHJUDWDUHLVHULGLFDvQSLFLRDUH

8QXOPDLVODEGHPDGXYDVHGXFHODGRFWRUVLvOURDJDVDLGHDQLVWHSLOXOHSHQWUXSRWHQWD
'RFWRUXOvLGDSLOXOHOHUHVSHFWLYH9LDJUDVLvLVSXQHVDYLQDGLQQRXGXSDFHOHvQFHDUFD
ÌQDLQWHGHvQWkOQLUHEDJDDVWDSHJkWFkWHYDSLOXOHVL
$GRXD]LODGRFWRU
&XPDIRVWPD"
$DDDIRDUWHELQHSHPDVDvQEXFDWDULHSHPDVLQDGHVSDODWVXEGXVSHSDWVXESDWXQGHVDSXWXW
6LHDFHD]LV"
(DQDYHQLW

9DULDQWD
8QXOVHGXFHODIDUPDFLHVLvLDUDWDIDUPDFLVWXOXLDPEHOHPkLQLFXGHJHWHOHGHVIDFXWH)DUPDFLVWXO
&HLGRPXOH"
&XPFHL"=HFH
&H]HFH"
=HFHSDVWLOH9LDJUD'LVHDUDDVWHSWWUHLIHPHLEXQHvQYL]LWD
ÌVL LD DVWD SDVWLOHOH VL SOHDFD $ GRXD ]LR LDU YLQH vQ IDUPDFLH VL vL DUDWD IDUPDFLVWXOXL PkLQLOH FX GHJHWHOH GHVIDFXWH
IDUPDFLVWXO
$KDDDVWLX]HFHSDVWLOH9LDJUD
1XGRPQXOHRFUHPDGHPkLQL7LSHOHQXDXYHQLWDVHDUD

Ì&kQGDUIL9LDJUDFXDGHYDUDWGHIRORV"
5&kQGVDUFRQVLGHUDFDEDUEDWLLVXQWRVSHFLHSHFDOHGHGLVSDULWLH

Ì&DUHHGHRVHELUHDvQWUHXQFRQVXPDWRUGH9LDJUDVLXQODEDJLX"
51LFLXQD$PkQGRLRIDFSkQDPRU

Ì&HHVWHFXDGHYDUDWGHSULPDQW"
56DvQJKLWLR9LDJUDVDDOHUJLvQVSUHSHUHWHVLVDWLGDLSULPDGDWDFXFDSXOGHVXVGHSHUHWH

1RXDSLOXOD9LDJUD8QIHOGH$XURODFSHQWUX6HQLRUL

&HUHUHDSHSLDWDSHQWUX3DVWLOD9LDJUDQXPDLHDVDGHPDUH)HPHLOHQXPDLIDFIDWD

9LDJUDH[LVWDDFXPVLFDORWLXQH'XSDvQWUHEXLQWDUHvQWLQGHSLHOHD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
Ì'HFHVHUHFRPDQGDvQJKLWLUHDIRDUWHUHSHGHDSDVWLOHL9LDJUD"
5$OWIHOvWLSRDWHvQWHSHQLJkWXO

Ì'HFHVHvQJKLWHUHSHGH9LDJUD"YDULDQWD
5&DVDQXVHvQWDUHDVFDOLPED

Ì&HVHvQWkPSODGDFDVHFRQVXPD9LDJUDFXSUHSDUDWHFXFRQWLQXWERJDWvQILHU"
56FXODvWLYDDUDWDSHUPDQHQWQRUGXO

Ì&HPRGLILFDULDGXFHQRXOYLUXV9LDJUDODFRPSXWHUXOGXPQHDYRDVWUD"
57UDQVIRUPD)ORSS\GLVFXOvQWUXQ+DUGGLVF

/DSLOXOD9LDJUDVDvQWkPSODWFkWHRGDWDFDQXQXPDLVFXODDVWDWFDXQSDUFLDPDLVWDWVLLQLPD

ÌQ]LDUDVFULVGHSULPXORPPRUWGHRRYHUGR]DGH9LDJUD
8QEDUEDWDOXDWSLOXOHGH9LDJUDVLVRWLDVDDPXULW

9LDJUDVHFRPHUFLDOL]HD]DPDLQRXVLFDVSUD\QD]DO
3ULPHOHHIHFWHVHFXQGDUHDOHDFHVWXLQRXSURGXVVHSRWGHMDYHGHD3LQRFFKLR

Ì&DUHHGLIHUHQWDGLQWUHXQEDWUkQFDUHDOXDW9LDJUDVLXQXOFDUHQXDOXDWvQFD"
5&HOFDUHDOXDWRVSHUDVDPDLWUDLDVFDLDUFHOFDUHRYDOXDWUDLHVWHvQVSHUDQWD

2YUDMLWRDUHDX]LQGFDSDVWLODPLQXQH9LDJUDDFWLRQHD]DVLODIHPHLDOXDWXQDVLDSOHFDWSULQSDGXUH
3HXPDUXOHLVDGHGHEXQDVHDPDXQFRUE6HvQWkOQHVWHYUDMLWRDUHDFXXQWkQDUVLSDWUXQVDGHXQYDOSULPDYDUDWLFvLVSXQH
DFHVWXLD
'DFDUHFXQRVWLIDSWXUDFDUHVDGHODPLQHSHXPDUvWLYRLGDUXLRQRDSWHGHGUDJRVWH
7kQDUXOVHFRQFHQWUHD]DVL]LFH
8QERX"
/DFDUHYUDMLWRDUHD
8QERXHVWLWXGDUWUHDFDGHODPLQH

8QEDUEDWYLQHODGRFWRUVLvLPDUWXULVHVWHFDDUHSUREOHPHFXSRWHQWD'RFWRUXOvL]LFH
$WDQXPDLHvQ]LOHOHQRDVWUHRSUREOHPD7RFPDLVDVFRVSHSLDWDXQQRXPHGLFDPHQW9LDJUDFDUHSXQHFDSDWWXWXURU
SUREOHPHORUGHDFHVWJHQ
GHFLGRFWRUXOvLSUHVFULHSLOXODVLRPXOQRVWUXSOHDFD
'XSDFkWHYDOXQLGRFWRUXOVHvQWkOQHVWHSHVWUDGDFXSDFLHQWXO
'RPQXOHGRFWRUPHGLFDPHQWXOGXPQHDYRDVWUDHRPLQXQH9DPXOWXPHVFGLQVXIOHW(PLQXQDW
0DEXFXUVDDXGDVWD]LFHGRFWRUXO&HSDUHUHDUHVRWLDGXPQHDYRDVWUDGHVSUHDVWD"
6RWLD"vQWUHDEDXLPLWRPXOQRVWUX3DLGHDWXQFLQDPPDLGDWSHDFDVD

Ì'HFHSUHVFULHDFXP9LDJUDVLSHQWUXEDUEDWLLREH]L"
5'LQFDX]DSX LLQXPDLDMXQJODIULJLGHU

8QEDWUkQDOXDWGHSDVWLHO9LDJUDGHRGDWDVLDPXULWGHLQLPD
/DvQPRUPkQWDUHDWUHEXLWvQVDFDVLFDSDFXOVLFULXOXLVDPDLUDPkQD]LOHGHVFKLV

Ì'HFHSULPHVFPDLQRXEDWUkQLLGHODD]LOFkWHXQVIHUWGH9LDJUD"
56DQXPDLXULQH]HSHSDEWDORQL

Ì'HFHXQLLvVLLQWURGXFFkWHRSLOXOD9LDJUDvQWDQFXOGHEHQ]LQD"
53HQWUXFDPDVLQDVDSRDWDOXDFXUEHOHPDLGUHSW

Ì'HFHVHGDPDLQRXVLVROGDWLORUODDUPDWD9LDJUDvQORFGHEURPXUD"
56DXIDFXWH[SHULPHQWHVLVDGRYHGLWFDVWDXPDLELQHGUHSWL

2SHUHFKHPDLWUHFXWDVWDvQSDW=LFHHO
'UDJDWRFPDLDPOXDWRSLOXOD29LDJUD
/DFDUHHD
6LHXGUDJD8QDOJRFDOPLQ

'DFDDL9LDJUDQYLQH
3RWLI HFDXQFkLQH


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

Ì'HFH9LDJUDQXVDLPSXVvQFDSHSLDWD"
53HQWUXX]XOFDVQLFSUHDVFXPSDVLSHQWUXMRFXULOHvQGHSODVDUHQXHQHFHVDUD

Ì'HFHvQJKLWSXQNHULLPDLQRX9LDJUD"
56DOHVWHDSDUXOVFXODW

8QVRWFXVRWLDVDPHUJODIDUPDFLHVDFXPSHUHFkWHYDSLOXOH9LDJUD(OUHFODPD
&XP"R SDVWLOD
/DFDUHVRWLDVD
/DVDSHDQQLFLQXHDVDGHVFXPS

6vQWVXSDUDWQXPLVHPDLVFRDODGHDQL
6DEDWvQOHPQPLHQXPDLGH

Ì&HREWLLGDFDDUXQFLvQYkQWRSDVWLOD9LDJUD"
52EUL]DSXWHUQLFD

%DQFXULFXVSRULYLVLGHVSUHVSRUW

%DQFXULFXER[HUL

'XSDUHSUL]HYLQHER[HUXOPDFLQDWvQSXPQLvQFROW$QWUHQRUXOvL]LFH
$UWUHEXLVDWHKRWDUDVWLRGDWD9UHLWLWOXOVDXSUHPLXO1REHOSHQWUXSDFH

%R[HUXOFDPSLRQYLQHODSROLWLH
8QWLSPDMHIXLW0DDPHQLQWDWVLPLDOXDWFHLFDUHvLDYHDPODPLQH
6LQXYDWLDSDUDW"
3HQWUXDVDXQJDMPLF"

0DLDPYUHRVDQVDVDFkVWLJ"vQWUHDEDER[HUXOvQSDX]DPHPEULLHFKLSHLVDOH
&XVLJXUDQWD/RYHVWHDVDPDLGHSDUWHDHUXOVLDGYHUVDUXOFDSDWDFXVLJXUDQWDRDSULQGHUHODSODPkQL

8QER[HUUHQXPLWWUHEXLHRSHUDWDGHDSHQGLFLWD'LQVDODGHRSHUDWLHYLQHVXSDUDWPHGLFXODQHVWH]LVW
$VDQXVHPDLSRDWH(XvQFHUFVDvODQHVWH]LH]QXPDUSkQDODVLHOVHULGLFDGHILHFDUHGDWDvQSLFLRDUH

6RWLDER[HUXOXLHWUH]LWDGLQVRPQGHXQ]JRPRWFHYLQHGLQVXIUDJHULHÌVLWUH]HVWHVRWXO
5RFN\FUHGFDFLQHYDYUHDROHFWLHSDUWLFXODUDGHER[

8QER[HUUHQXPLWvVLODQVHD]DSULPXO&'FXWRDWHFDQXHUDFD]XO8QFULWLFvQWUHDEDSURGXFDWRULL
&DUHDIRVWDVDGHWkPSLWVDLVSXQDFDHvQVWDUHVDFkQWH"5DJHWHOHDVWHDVXQWGHWRDWDMHQD
1LPHQLQLPHQLQXDIRVWDVDGHWkPSLWVDLVSXQDFDQXHvQVWDUHVDFkQWH

$QWUHQRUXOvLVSXQHvQSDX]DFXYLQWHGHvQFXUDMDUHER[HUXOXL
&HODODOWFkVWLJDFXVLJXUDQWDGDUWXDLSDUWHGHFHOHPDLEXQHSULPSODQXULODWHOHYL]XQH

%R[HUXOFDGHODSDPkQWvQUHSUL]DDD$UELWUXOvQFHSHVDQXPHUH%XQLFDOXL%XODVHULGLFDGLQSULPXOUkQGVLVWULJD
$VWDRULFXPQXVHULGLFDÌOVWLXHXGLQDXWREX]

8QER[HUVHSOkQJHGRFWRUXOXLFDQXSRDWHVDGRDUPD
1XYDGDXPHGLFDPHQWHQXDUHURVW)RORVLWLPHWRGDFODVLFDFHDFXQXPDUDWXORLORU
$PvQFHUFDWR'DUvQWRWGHDXQDFkQGDMXQJODQRXDVDUvQSLFLRDUH

'UXPXOGLQFDELQHSkQDvQULQJPLVHSDUHFDPSUHDOXQJFRPHQWHD]DER[HUXO
/LQLVWHVWHWHvL]LFHDQWUHQRUXOODvQWRDUFHUHYHLILRULFXPWUDQVSRUWDW

$LDX]LWFDER[HUXO&RORVVR0DPHOORDIRVWGHVFDOLILFDW"
'DGDUGHFH"
'LQFDX]DFDHUDVXSHUWLWLRV$DVFXQVRSRWFRDYDvQPDQXVD


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

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
ÌQOXFUXvQFD

,,6FKLPEDULVLDGDXJLULODDFHDVWDFXOHJHUH
$FHDVWDHVWHYHUVLXQHDGHFLVFKLPEDULOHXUPHD]D


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD

&XSULQV

&8/(*(5('(%$1&85,6,32$17(Ì1/,0%$520Æ1$ 

,1)250$7,,18180$,&23<5,*+7 

,1752'8&(5(  

,)HQRPHQXOURPkQHVFDOEDQFXOXL 

%$1&85,/(  

%DQFXULFXDQLPDOH  
%DQFXULFXGLQR]DXUL 
%DQFXULFXIXUQLFDVLHOHIDQWXO  
%DQFXULFXLHSXUDVXO 
%DQFXULFXVRULFHOXOVLHOHIDQWXO 

%DQFXULFXVLGHVSUHEHUH  
%HUHD1RDVWUD 
'HFHREHUHHVWHPDLEXQDGHFkW,VXV 
'HFHREHUHHPDLEXQDGHFkWRIHPHLH 

%DQFXULFX%XODVLDLOXL 
%DQFXULFX%XODODDUPDWD 
%DQFXULFX%XODODVFRDOD 
%DQFXULFX)DW)UXPRV 
%DQFXULFX,RQVL0DULD 
%DQFXULFX0RV&UDFLXQ 
%DQFXULFX6FXILWD5RVLH 
%DQFXULFX6LUVL-RKQ  
%DQFXULFX9DPSLUL 

%DQFXULFXVLGHVSUHGLIHULWHFDWHJRULLVRFLDOH 
%DQFXULFXDFWRUL 
%DQFXULFXDYRFDWL 
%DQFXULFXEkOEkLWL  
%DQFXULFXEHWLYDQL  
%DQFXULFXFLREDQL 
%DQFXULFXGRFWRUL 
%DQFXULFXKRPRVH[XDOL 
%DQFXULFXGHWLQXWL 
%DQFXULFXMXGHFDWRUL  
%DQFXULFXPDULQDUL 
%DQFXULFXPLOLWLHQL 
%DQFXULFXSHVFDUL 
%DQFXULFXYDPHVLVLODYDPD 

%DQFXULFXVLGHVSUHFRPSXWHU 
9HFKLXO7HVWDPHQW  
9UHLVDVWLLGDFDHVWLEROQDYGHLQIRUPDWLFD" 
6WLLFDDLMXFDWSUHDPXOW'RRPGDFD 
2QRXDYHUVLXQH:LQGRZ]'RRUV 
'XPQH]HXFDSURJUDPDWRU 
0RWLYHSHQWUXFDUHFRPSXWHUXODUWUHEXLVDILHGHJHQXOIHPLQLQ 
'HFHFRPSXWHUHOHVXQWPDLEXQHGHFkWIHPHLOH 


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
(VWLXQ1HW-XQNLHDWXQFLFkQG
0DQXDOSHQWUXvQJULMLUHDFDOFXODWRUXOXL
'DFD*HQHUDO0RWRUVVLDUILGH]YROWDWWHKQRORJLDvQDFHODVLPRGFD0LFURVRIW
6RWLD 
7RSXOOXFUXULORUUHSUH]HQWDWHGHFDWUHFLIUDvQ:LQGRZV
0RWLYHSHQWUXFDUH:LQGRZVQXHVWHXQYLUXV
:LQGRZV
VRXUFHFRGH 
:LQGRZV
VRXUFHFRGH 
0HVDMHGHHURDUHDOH:LQGRZV

%DQFXULGHVSUHQDWLXQLVLUDVH 
%DQFXULFXDOEDQH]L
%DQFXULFXFDQLEDOL 
%DQFXULFXHYUHL
%DQFXULFXQHJULL
%DQFXULFXUXVL
%DQFXULFXVFRWLHQL
%DQFXULFXVRPDOH]L
%DQFXULFXWLJDQL
%DQFXULFXXQJXUL

%DQFXULFXSHUVRQDOLWDWL 
%DQFXULFX%LOO&OLQWRQ
%DQFXULFX/DG\'L
%DQFXULFX6WHIDQFHO0DUH
%DQFXULFX6WHYLH:RQGHU

3RH]LRDUH
&HDWDQRDVWUDFHDIXGXOD
%DODGDVDGLFXOXL
-RDFDFXQJKHP
/XFHDIDUXO
3X LDGD 
7DUDQXO

%DQFXULSROLWLFH 
%DQFXULFX&HDXVHVFX(OHQDVLYUHPHDORU
%DQFXULFXSROLWLFLHQLGXSD¶
%DQFXULFX5DGLR(UHYDQ

%DQFXULFDWHJRULVLWHSHUHJLXQL 
%DQFXULFXDUGHOHQL
%DQFXULFXROWHQL
%DQFXULFXPRORYHQL

%DQFXULFXVLGHVSUHUHOLJLH 
'RYH]LDOHQDWLRQDOLWDWLLOXL,VXV
&kQGFDGHSDVWHOH
%DQFXULFXSRSL

%DQFXUL6DGLFH 
%DQFXULFX$OLQXWD
%DQFXULFXEHEHOXVL
%DQFXULFXOHSURVL
6IDWXULSHQWUXRvQPRUPkQWDUHUHXVLWD

%DQFXULVHFL 
%DQFX
FX
'LIHUHQWHOHGLQWUHELURXVLSXVFDULH
'LQPHGLWDWLLOHXQXLORFXLWRUDOFDQDOXOXL
)HQRPHQXO&DULWDV
&DUHLFXOPHD"
5HJXOLSHQWUXIRORVLUHDFHOXODUXOXL


 &XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD
3ULQGHVHUW  
'LHWDVDSWDPkQDODSHQWUXFHLFDUHGRUHVFVDVLSDVWUH]HOLQDVXSOD 
&HOH6$37(UHSOLFLSHFDUHQRVDOHDX]LWLQLFLRGDWDvQ'RVDUHOH; 
*KLGXOSUHJDWLULORUSHQWUXSOHFDUHDODPXQWH 
$ILVDXDQXIL0DQDJHU 
6WDWXWXO&OXEXOXLRERVLWLORUGLQQDVWHUH 
5HFODPH 
%DQFXULVHFL 
0RWLYHGLQFDUH6WDU:DUVHPDLEXQGHFkW7LWDQLFXO 
/HFWLHGHLVWRULHFXGRXDYDFL 
)HULWLYDGHYkQDWRUXOGH]HVWUH 

%DQFXULGHVSUHVH[VLVH[H 
0DUWLH(WHUQXOIHPLQLQ 
%DQFXULVFXUWHFXEORQGH 
%DQFXULOXQJLFXEORQGH 
&HIDFIHPHLOHGXSDFHDXIDFXWGUDJRVWH" 
%DQFXULFXIHWLWHVLDGROHVFHQWH 
*KLGGHFRQYHUVDWLHVRWVRWLH  
8QPLFJKLGLQWHUQDOYRFDEXODUXOXLPDVFXOLORU 
&HOGHWLSXULGHEDUEDWLSHFDUHvLvQWkOQHVWLODSLVRDUvQ:&XULOHSXEOLFH 
%DQFXULFXVRDFUH 
%DQFXULFXVSHUPDWR]RL]L 
%DQFXULFXSDVWLODPLQXQH9LDJUDVDXFXDFHHDVLWHPD 

%DQFXULFXVSRULYLVLGHVSUHVSRUW  

%DQFXULFXER[HUL 
1RXOUHJXODPHQWXO8()$DSOLFDWHFKLSHORUURPkQHVWLvQFXSHOHHXURSHQH 

3267)$7$  

,5HJXOLFDUHWUHEXLHUHVSHFWDWHSHQWUXDGHYHQLXQEXQ SRYHVWLWRUGHEDQFXUL 

,,6FKLPEDULVLDGDXJLULODDFHDVWDFXOHJHUH  

&835,16