Page 1

/E&KƚƵƌŝƐƚ >dDW

ŽŶƐĞůůŽŵĂƌĐĂůĚĞů͛ůƚĂŵƉ ǁǁǁ͘ĂůƚĐĂŵƉ͘ĐĂƚ ϵϳϳϲϬϴϱϲϬ ƚƵƌŝƐŵĞΛĂůƚĐĂŵƉ͘ĐĂƚ ĨĂĐĞŬ͘ĐŽŵͬĂůƚĐĂŵƉƚƵƌŝƐŵĞ

 — – Ž Ž ‡ – À   ï  Ǥ  ʹ ͷ  )HVKLXQD XOODGD  x0HUFDWGH1DGDOD9DOOV3jJ x1RYDUXWDGHVHQGHULVPHD4XHURO 3jJ

x3URSRVWHVGHOPHVLDOWUHV3jJ x)LUDGH6DQWD/O~FLDD6DQWHV&UHXV 3jJ x$FWHVVREUH&qVDU0DUWLQHOOD9DOOVLD 0DVGH)RUpVD$OFRYHU3jJ x$FWHVGHOD0DUDWy79DODFRPDUFD 3jJ

$*(1'$ &20$5&$/ GHGHVHPEUH2EHUWXUDGH OD0RVWUDG·$SDUDGRUVGH 1DGDO2UJDQLW]D&DPEUDGH &RPHUo GHGHVHPEUH&DPLQDGDGH OHV(UPLWHVGHO/RUHWR2UJD QLW]D3DWURQDWGHO·(UPLWDGHO /RUHWRGH%UjILP GHGHVHPEUH&LUF  &ORZQDO7HDWUH3ULQFLSDOGH 9DOOV2UJDQLW]D$MXQWDPHQW GHGHVHPEUH9%UjILPpV PjJLFDPE-RUGL&DSV2UJDQLW ]D&RPLVVLyGH)HVWHV GHGHVHPEUH;HUUDGDD FDXG·RUHOOD&RQWHVSHUDFDGD HGDWD&D&UHXV9DOOV2UJD QLW]D&HQWUH&tYLF GHGHVHPEUH3UHVHQWDFLy *XLDSHUDYHVWLUVHQVHWUHEDOO HVFODXG·$OEHUW6DOHV2UJDQLW ]D2&,&$OW&DPS GHGHVHPEUH(VSHFWDFOH &RQWHVG·HVWDUSHUFDVDD&D &UHXV9DOOV2UJDQLW]D&HQWUH &tYLF LGHGHVHPEUH /D FDQWDQW FDOED DO 7HDWUH 3ULQFLSDO GH 9DOOV (V UHSUHVHQ WDUDQ GXHV YHUVLRQV GLIHUHQWV HQ KRUDULV GLIHUHQWV 2UJDQLW]D $VVRFLDFLy/·(VSDUGHQ\D

GHGHVHPEUH,QDXJXUD FLyGHO·H[SRVLFLy$OLIHH[SDQ GHGGH/LOOL+DUPDQQ2UJD QLW]D,(9 )LQVDOGHJHQHU6DFUXP DUWVDJUDW2UJDQLW]D0XVHX GH9DOOV



 ‡ • ‡  „ ” ‡  † ‡  ʹ Ͳ ͳ ͵ 

0HUFDWGH1DGDO)LUDGH&DSRQVL$YLUDPD9DOOV

(OGLVVDEWHLHOGLXPHQJHGHGHVHPEUHGHOHVGHXGHOPDWtILQVDOHVQRXGHOYHV SUHHOGLVVDEWHLILQVDOHVYXLWHOGLXPHQJH9DOOVYLXUjHOWUDGLFLRQDO0HUFDW GH 1D GDO)LUDGH&DSRQV$YLUDPL0RWLXV1DGDOHQFV),&$3XQGHOVPHUFDWV GH FDUUHU PpV WtSLFV L FRQFRUUHJXWV GH O·DQ\ D OD FDSLWDO GH O·$OW &DPS  +LWUREDUHXXQDYDULDGtVVLPDRIHUWDG·DXVGHFRUUDOYLYHVL FULDGHVGHPDQHUDFDVRODQDDUEUHVLYHUGILJXUHVGHSHV VHEUHYLQVLFDYHVPHOGROoRVREMHFWHVRUQDPHQWDOVSUR GXFWHV DUWHVDQDOV« L WRW HO TXH pV WtSLF L QHFHVVDUL SHU D OHV IHVWHV GH 1DGDO &DS G·$Q\ L 5HLV (O PHUFDW FRP pV KDELWXDO HV GHVHQYROXSDUj DO FHQWUH GH OD FLXWDW GH 9DOOV ODSODoDGHO%ODWHO3DWLHOVFDUUHUVGHOD&RUW-DXPH+X JXHW-DXPH0HUFDGp  /DFLXWDWGH9DOOVIDPpVGHYXLWVHJOHVTXHFHOHEUDHOVHXPHUFDWVHWPDQDOIHWTXHFRU URERUDO DUUHODPHQWLHOSUHVWLJLGHOVPHUFDWVGHODFDSLWDOGHO $OW&DPS$O0HUFDW GH 1DGDO GH 9DOOV HV UHYLX HO WLSLVPH L OD WUDGLFLy L HOV SROODVWUHV JDOOV GLQGL FDSRQV V·H[SRVHQ YLXV HQ VHQDOOHV L JjELHV R VLPSOHPHQW GHL[DWV DQDU HQYROWDWV GHOV FDUURV TXHDQWLJDPHQWXWLOLW]DYHQHOVSDJHVRVLFULDGRUVG DYLUDPSHUDQDUDYHQGUHDOPHUFDW GH9DOOV3DUDOøOHODPHQWDOFDUUHUGHOD&DUQLVVHULDLDOHVSODFHVGHO 2OLLGHOHV*DUUR IHVHOPDWtGHOGLVVDEWHHVIDUjO·KDELWXDOPHUFDWGHIUXLWDLYHUGX UD 0(5&$7 '(/ 75$&7(0HUFDWHVSHFLDOLW]DWHQODFRPSUD YHQGD G·HTXLQV FDYDOOV PXOHV SRQLV  L XWLOODWJHV 3ODoD GHO 3RUWDO1RXGLVVDEWHGHQRXGHOPDWtDXQDGHOPLJGLD2UJD QLW]D6RFLHWDWGH6DQW$QWRQLGH9DOOVL$MXQWDPHQWGH9DOOV q 0(5&$7 '·$57 -29(3LQWXUDUREDIRWRJUDILDFRPSOH PHQWV ELMXWHULD LOøOXVWUDFLRQV UHDOLW]DWV SHOV DUWLVWHV PpV MRYHV $O 3DWL GLVVDEWH  G RQ]H GHO PDWt D QRX GH YHVSUH 2UJDQLW]D (VSDL-RYH 5HJLGRULDG $FFLy&tYLFD,JXDOWDWL-RYHQWXW  3(66(%5(02180(17$/'(/63,626&/2/6,(;326,&,д$1<6 '( 3(66(%5( µ$OD&DSHOODGHO5RVHUGHVGHOGLVVDEWHILQVDOGLX PHQJHGHIHEUHU&DSVGHVHWPDQDLIHVWLXVREHUWPDWtLWDUGD2UJDQLW]D$93LVRV GH&OROVL$MXQWDPHQWGH9DOOV &RRUGLQDFLy &DPEUD GH &RPHUo L ,QG~VWULD GH 9DOOV DPE OD FROøODERUDFLy GH O·$MXQWDPHQW GH 9DOOV OD 8QLy GH %RWLJXHUV GH9DOOV HOV &ULDGRUV /RFDOV G·$YLUDP OD 6RFLHWDWGH6DQW$QWRQLLOD-$5$GH9DOOVDPEHOVXSRUWGHOD'LSXWDFLyGH7DUUDJRQD 0pVLQIRUPDFLy &DPEUDGH&RPHUoL,QG~VWULDGH9DOOV 7HO‡)D[ $SDUWDWGH&RUUHXV‡9DOOV YDOOV#FDPEUDYDOOVFRP‡ZZZFDPEUDYDOOVFRP


‰‹ƒʹ

EKsZhd^EZ/^DYhZK>^> (O PXQLFLSL GH 4XHURO PLWMDQoDQW XQD VXEYHQFLy DWRUJDGD D SULQFLSLV G·DQ\ SHU OD 'LUHFFLyGH0HGL1DWXUDOGHO'HSDUWDPHQWG·$JULFXOWXUDDOVWHUULWRULVLQFORVRVGLQV OD]RQDGHSURWHFFLyGHOD;DU[D1DWXUDKDVHQ\DOLW]DWXQDUXWDGHGHVFREHUWD GHOV YDORUV QDWXUDOV GH O·(VSDL GH 3URWHFFLy GHO 6LVWHPD 3UHOLWRUDO &HQWUDO (6 HVSDLRQHVWjLQFOzVERQDSDUWGHOWHUPHPXQLFLSDOGH4XHURO 8QD GH OHV SULQFLSDOV FDUDFWHUtVWLTXHV G·DTXHVW HVSDL pV TXH IRUPD SDUW GHO VHFWRU PXQWDQ\yV GHO %ORF GHO *DLj DPE WHUUHV RFXSDGHV PDMRULWjULDPHQW SHU ERVFRV L JDUULJXHV$PpVDFXOOGLYHUVHVHVSqFLHVG·LQWHUqVLSREODFLRQVHVWDEOHVGHIDXQDWtSL FD GHOV ERVFRV PHGLWHUUDQLV $TXHVWD UXWD XQHL[ HO WULDQJOH TXH IRUPHQ 4XHURO 0RQWDJXWL(VEODGDDPEGLYHUVHVYDULDQWVTXHHQVSHUPHWHQGHVFREULUHOSDWULPRQL QDWXUDOLFXOWXUDOGHOD]RQDFRPSHUH[HPSOHHOWRUUHQW5RLJHO3LGHOHV6RTXHV 0RQWDJXWO·HVWDQ\GH)RUPLJRVDO·$OEHUHGDHWF(OFRVWGHOSURMHFWHKDHVWDWDSUR [LPDGDPHQWG·XQV̀LHVSUHYHXTXHHQOHVSUz[LPHVVHWPDQHVVH·QIDFLOD LQDXJXUDFLy$TXHVWDUXWDFRPSOHPHQWDOHVDOWUHVH[LVWHQWVFRPODGHOHV7HUUHVGHO 5LX*DLjLDOWUHVVHQGHUVGHJUDQLSHWLWUHFRUUHJXWTXHWUDQVFRUUHQSHOWHUPHPX QLFLSDOGH4XHURO $L[t GRQFV VL VRX FDPLQDGRUV XV DQLPHP D UHFyUUHU DTXHVW QRX LWLQHUDUL TXH XV SHUPHWUjFRQqL[HUHOVDWUDFWLXVTXHDPDJDDTXHVWD]RQDGHOWHUULWRUL

3HUDPpVLQIRUPDFLy $MXQWDPHQWGH4XHURO 3OGH6DQW6HEDVWLjVQ 4XHURO 7HO KWWSZZZTXHUROFDWWXULVPH SORSH]#TXHUROFDWFRQVXOWHVTXHURO#JPDLOFRP 

  – — ” ‹ • –  

 




 — – Ž Ž ‡ – À   ï  Ǥ  ʹ ͷ 

  ‰ ‹  ƒ  ͵ 

LSHUFRPSDUWLU«



hŶĞƐƉĂŝĚĞĚŝĐĂƚĂůĞƐǀŽƐƚƌĞƐƌĞĐŽŵĂŶĂĐŝŽŶƐ 7HPSR:HE



$OOODUJGHO·DQ\LVHJRQVODWHPSRUDGDYLYLPPRPHQWVPROWHVSHFLDOVLPLOHUVGHVHQVDFLRQV &RPSDUWHL[OHVDPEQRVDOWUHVLUHFRPDQD QVODZHEHOEORJHWFGHODWHPSRUDGD 

3523267(6&20

 $TXHVWDSjJLQDZHEUHFXOOWRWDPHQDG·DFWLYLWDWVG·DUUHXGH&DWDOXQ\DGHVGHSUR SRVWHVDODQDWXUDFRPHOVHVSRUWVG·DYHQWXUDSDVVDQWSHOWXULVPHDFWLXHWF $ EDQGD GH OD SjJLQD ZHE 3URSRVWHVFRP WDPEp pV SUHVHQW D )DFHERRN 7ZLWWHU <RXWXEH7XHQWLHWF $L[t GRQFV VL XV HVWHX SODQWHMDQW XQD HVFDSDGD GH WXULVPH DFWLX DPE OD IDPtOLD SRGHXWUREDUSURSRVWHVEHQYDULDGHVHQDTXHVWSRUWDO     KWWSZZZSURSRVWHVFRP



/DSURSRVWDGHOPHV 5HFRPDQDXQDDFWLYLWDWXQOORFXQUHVWDXUDQWXQDVRUWLGDHQELFLSHUIHUDODFRPDUFD &$%5$'(/&$03$0%/$0$5$7Ð'(79&856$'(%77  (OGLDGHGHVHPEUHHVIDUjD&DEUDGHO&DPSODYXLWHQDHGLFLyGHOD&XUVDGH%77SHUOD0DUD Wy³0HPRULDO;DYL7RQGRL9ROSLQLXQDFXUVDTXHKDHVGHYLQJXWXQUHIHUHQWDODGHPDUFDFLyMD TXHKLVROHQSDUWLFLSDUPpVGHSHUVRQHV /DFXUVDO·RUJDQLW]HQO·$VVRFLDFLy(VSRUWLYD&DEUD0RWR(VSRUWO·$VVRFLDFLyGH'RQHVLO·$MXQWDPHQW GH&DEUDGHO&DPS ,QFORXGRVUHFRUUHJXWVHOGHQLYHOOItVLFPLWMjGHTXLOzPHWUHVLHOGHQLYHOOItVLFLWqFQLFPROWDOWGH TXLOzPHWUHV/HVLQVFULSFLRQVHVSRGHQIHUILQVDO·GHGHVHPEUHDZZZFDEUDRDVLRUJREpD ZZZEWWWDUUDJRQDFRP

7DVWDLUHSHWHL[ ů͛ůƚĂŵƉ͕ĐĂůĕŽƚƐŝŵŽůƚŵĠƐ͘YƵğĞŶƐƌĞĐŽŵĂŶĞƐ͍ 3$67,66(5,$9$//6 &6DQW$QWRQL



&-DXPH+XJXHW

9DOOV

9DOOV





SDVWLVYDOOV#JPDLOFRP

SDVWLVYDOOV#JPDLOFRP

ZZZSDVWLVVHULDYDOOVFRP

ZZZFDOHVWDURQJHVEORJVSRWFRP

 3DVWLVVHULDGROoDLVDODGDVHUYHLGHFjWHULQJ[RFRODWHULDERPERQHULDFUHSHULDFDIHWHULDPHOPHODGHV DUWHVDQHVHWF'RVHVWDEOLPHQWVD9DOOVDOYRVWUHVHUYHL


‰‹ƒͶ

),5$'(6$17$//Ó&,$$6$17(6&5(86

 

'LYHQGUHVGHVHPEUH



 K'HVFREHUWDGHO·$OEHUHGDGHOD9LGDODDFjUUHFGH-DXPH0DUOpVTXHKDGLULJLWHO SURMHFWHGHUHFXSHUDFLyTXHKDGXWDWHUPHO·$MXQWDPHQWG·$LJXDP~UFLDJUjFLHVDXQD VXEYHQFLyGHO'HSDUWDPHQWG·$JULFXOWXUDSHUDHVSDLV3(,1/ORFGHWUREDGDHQWUDGD $OEHUHGD9LGDOD K$MXQWDPHQWG·$LJXDP~UFLDVDODSROLYDOHQWFRQIHUqQFLD/HVFRQVWUXFFLRQVKLGUjXOL TXHVGHOULX*DLj7UDP$UGHQ\D²7DPDULWDFjUUHFGH-RDQ&DUOHV%ODQFK K6RSDUGH6DQWD/O~FLDDO·+RVWDO*UDX$QLPDFLyDFjUUHFGH0DJ-RUGL  'LVVDEWHGHGHVHPEUH  K2EHUWXUDGHOD)LUDGH3URGXFWHVGHOHV7HUUHVGHO*DLj K$ODVDODSROLYDOHQWLDODSODoDGH6DQW%HUQDW6DXULQVEXVFDGRUVG DLJXDD6DQWHV &UHXV[HUUDGDLSUjFWLFD7DXODURGRQDPRGHUDGDSHU5RVD&DQHOD K$ODSODoDGHO·(VJOpVLD&RQWDFRQWHV $QLPDFLyGHFDUUHUDPE&LUNXV%DQG DK$O·+RUWG·(VWXGL7DVWDHO*DLjGHJXVWDFLyGHSURGXFWHVJDVWURQzPLFVD FjUUHFGHOVUHVWDXUDQWVGHOHV7HUUHVGHO*DLj9LQVLFHUYHVHVDUWHVDQHV K$O&DVDORWEDOODPEO·2UTXHVWUD$OOL2OL  'LXPHQJHGHGHVHPEUH  K2EHUWXUDGHOD)LUD DK$O·+RUWG·(VWXGL*DLj9LWDVWGHYLQVGHOHV7HUUHVGHO*DLj K$ODSODoDGH6DQW%HUQDWDFWXDFLyGHFDUUHUDPE&LUNXV%DQGDPEO·HVSHFWDFOH 2/G&LUNXV%DQG 'XUDQWWRWHOPDWtKLKDXUjDQLPDFLyDFjUUHFGH&LUNXV%DQG  (;326,&,216´(O*DLjXQHVSDLYLXµDODVDODSROLYDOHQWL´6DQWHV&UHXV µXQDPLUDGDDO6DQWHV&UHXVGHIDDQ\VDODVDODG·DUWPXQLFLSDO &RPFDGDDQ\VHVHUYLUjHOEURXGH6DQWHV&UHXVHODERUDWJUDWXwWDPHQWSHO5HVWDXUDQW &DWDOXQ\DLO·+RVWDO*UDX

  – — ” ‹ • –           


 — – Ž Ž ‡ – À   ï  Ǥ  ʹ ͷ 

  ‰ ‹  ƒ  ͷ 

 $&7(6'(&Ë6$50$57,1(//  $/·,(9 /·,QVWLWXW G·(VWXGLV 9DOOHQFV MXQWDPHQW DPE HOV 6HUYHLV 7HUULWRULDOV GH &XOWXUD D 7DUUDJRQD L HO &ROøOHJL G·$UTXLWHFWHVGH&DWDOXQ\DDODGHPDUFDFLyGH7DUUDJRQDKDSURJUDPDWWRWDXQDVqULHG·DFWHVSHUFRPPH PRUDUHOqDQLYHUVDULGHOVHXQDL[HPHQW &qVDU0DUWLQHOO%UXQHWpVXQGHOVSHUVRQDWJHVYDOOHQFVPpVUHOOHYDQWVGHOV ;;5HFRQHJXWDUTXLWHFWHLKLVWRULDGRUpVDPpVGHO·DXWRUGHOVFHOOHUVFR QHJXWVFRPDFDWHGUDOVGHOYLXQGHOVTXDWUHIXQGDGRUVGHO·,QVWLWXWG·(VWXGLV 9DOOHQFV 7RWLTXHODVHYDREUDpVDEDVWDPHQWUHFRQHJXGDLHVSRVDSHULzGLFDPHQWHQ YDORU SHU PLWMj GH GLIHUHQWV DFFLRQV H[SRVLFLRQV MRUQDGHV FRQIHUqQFLHV  GHVGHO·,(9QRV·KDYROJXWGHL[DUSDVVDUO·RFDVLyGHODSUHVHQWDFLyG·XQDILW[D GHOFROøOHFFLRQDEOH´8Q3DWULPRQLGH&ROøOHFFLyµHOGLVVDEWHSHUUHDOLW]DU XQD PDWLQDO FHQWUDGD HQ 0DUWLQHOO /D PDWLQDO LQFORXUj XQD UXWD JXLDGD SHU 9DOOVDFjUUHFGHO·KLVWRULDGRULYLFHSUHVLGHQWGHO·,(9)UDQFHVF0XULOORTXHVHUYLUjSHUFRQqL[HUO·REUDTXH O·DUTXLWHFWHKDGHL[DWDODFLXWDWLDFRQWLQXDFLyXQ´9HUPXWG·REUDµDO&HOOHUGH1XOOHVXQDDFWLYLWDWRUJDQLW ]DGDSHO&ROøOHJLG·$UTXLWHFWHVGH&DWDOXQ\D'HPDUFDFLyGH7DUUDJRQD 3DUDOøOHODPHQWGHOGLOOXQVDOGLMRXVHVSURMHFWDUjDOSDWLGH6DQW5RF%DWHFXQDYLGHRFUHDFLyVREUHHO &HOOHUGH1XOOHVTXHFRPELQDDUTXLWHFWXUDP~VLFDLGDQVDXQDDFWLYLWDWLQFORVDDOSURMHFWH&HOOHUVTXHGDQVHQ GHVHQYROXSDWO·DQ\SHOV6HUYHLV7HUULWRULDOVGH&XOWXUD 6LXVKLYROHXDSXQWDUWHQLXWHPSVILQVDOGLMRXVDODVHFUHWDULDGHO·,(9 WHOLHY#LHYFDW    

&$/d27$'(6$0%9$/25$)(*,7$/0$6)25Ë6

/D)XQGDFLy*,1$&TXHJHVWLRQDODILQFDGH0DV)RUqVD$OFRYHUSRVDHQPDU[DXQDQRYDLQLFLDWLYDOHV FDOoRWDGHV$TXHVWDRIHUWDV·DGUHoDH[FOXVLYDPHQWDJUXSVG·XQPtQLPGHSHUVRQHVOHVTXDOVSRGUDQ JDXGLUG·XQDFDOoRWDGDWUDGLFLRQDODPEO·RSFLyWDPEpTXHHOVDVVLVWHQWVKLSDUWLFLSLQDFWLYDPHQW 5HDOLW]DGDDPESURGXFWHVGHSUR[LPLWDWO·DFWLYLWDWSUHWpQTXHHOVSDUWLFLSDQWVSXJXLQJDXGLUG·XQHQWRUQ QDWXUDOH[FHSFLRQDOODYDOOGHOULX*ORULHWDDPEWUDQTXLOøOLWDWLDPEWHPSVVXILFLHQWSHUTXqDEDQVLGHV SUpVGHO·jSDWSXJXLQIHUDOWUHVDFWLYLWDWVYLVLWDUO·KRUWDHFROzJLFDLHOVDQLPDOVGHJUDQMDMXJDUDOVMRFVLQ IDQWLOVSDVVHMDUSHOVMDUGLQVYLVLWDUODSUHPVDG·ROLGHODPDVLDRIHUVHQGHULVPHSHOVYROWDQWV /D)XQGDFLy*,1$&pVXQDHQWLWDWGHO·$OW&DPSTXHWpFRPDREMHFWLXIDFLOLWDUODYLGDGHOHVSHUVRQHV DPEGLVFDSDFLWDWLRWUDVWRUQPHQWDOGHODJHQWJUDQLGHOHVVHYHVIDPtOLHVPLOORUDUODVHYDDXWRQRPLDSHU VRQDOLTXDOLWDWGHYLGDDPEODSDUWLFLSDFLyDFWLYDGHFDGDSHUVRQDRIHULUORVHOVXSRUWTXHQHFHVVLWHQSHU TXqGLVSRVLQGHOHVPDWHL[HVRSRUWXQLWDWVTXHODUHVWDGHFLXWDGDQVLWUHEDOODUSHUODVHYDSOHQDLQWHJUDFLy VRFLDOLODERUDO 9ROVIHUXQDFDOoRWDGDGLIHUHQWLDPEYDORUDIHJLW" 7HOqIRQ (PDLOYHQWDOO#YHQWDOORUJ ZZZPDVGHIRUHVMLPGRFRP


  $&7(63(5/$0$5$7Ð  $LJXDP~UFLD (O3ODGH0DQOOHX x GHGHVHPEUH&DOoRWDGDDO/RFDOGHOD6RFLHWDWGHO3ODGH0DQOOHX$ODVREUHWDXODELQJRHQEHQH ILFLGHOD0DUDWy2UJDQLW]D6RFLHWDW5HFUHDWLYDGHO3ODGH0DQOOHXL$MXQWDPHQWG·$LJXDP~UFLD )LJXHURODGHO&DPS x  GH GHVHPEUH D )HVWD GH O·2OL DPE HVPRU]DU SRSXODU 2UJDQLW]D 6HW G·2OL DPE OD FROøODERUDFLyGHO·$MXQWDPHQWGH)LJXHURODL)UXLWHULD0DV&RVVLRO &DEUDGHO&DPS x GHGHVHPEUH&XUVDGH%77³0HPRULDO;DYL7RQGRL9ROSLQLSHUOD0DUDWy2UJDQLW]D $VVRFLDFLy(VSRUWLYD&DEUD0RWR(VSRUW$VVRFLDFLyGH'RQHVL$MXQWDPHQWGH&DEUDGHO&DPS /D5LED x  GH GHVHPEUH  'LQDUVROLGDUL L %LQJRSHUOD0DUDWy DO &DVDO 5LEHWj2UJDQLW]D $MXQWDPHQW L HQWLWDWVGHOSREOH 0RQWIHUUL x

GHGHVHPEUH6RSDULELQJRSHUOD0DUDWy2UJDQLW]D$MXQWDPHQW

5RGRQ\j x  GH GHVHPEUH &RQIHUqQFLD D FjUUHF G·XQ SURIHVVLRQDO GH OD VDOXW DO &HQWUH 0XQLFLSDO GH 6HUYHLV 6RFLDOV2UJDQLW]D&ROøOHFWLXGH'RQHVGH5RGRQ\j x

GHGHVHPEUH'LQDUSRSXODUL4XLQDVROLGjULD2UJDQLW]D&ROøOHFWLXGH'RQHVGH5RGRQ\j

9DOOV x

GHGHVHPEUH'HOHVDOHVKRUHV0DUDWyGH%jVTXHWDOSDYHOOy-RDQD%DOODUW3DUWLWV GHPLQLEjVTXHWWDOOHUVFRQFXUVGHWULSOHVIODVKPRESDUWLWGHYLSVSDUWLWGHOD0DUDWyGH79HWF 2UJDQLW]D&OXE%jVTXHW9DOOV

x

GHGHVHPEUH6RSDUEHQqILFDO&HQWUH&XOWXUDO2UJDQLW]D&OXE%jVTXHW9DOOV

9LODURGRQD x GHGHVHPEUH$OHVKDO&LQHPDGHO&DVDO(VSHFWDFOHLUHVVRSySHUOD0DUDWy2UJDQLW]D &ROøOHFWLXGH'RQHVGH9LODURGRQD x GHGHVHPEUH$SDUWLUGHOHVKDOD6DODGHO&DVDO)HVWDILQDOGHWULPHVWUHDFWLYLWDWVSHUD QHQVHVG·HQWUHLDQ\V(OVGLQHUVTXHHVUHFDSWLQHVGHVWLQDUDQDOD0DUDWyGH792UJDQLW]D SDUHVLPDUHVYROXQWDULVGHOD/ODUG·,QIDQWVGH9LODURGRQD x GHGHVHPEUH$OHVKDO·(VJOpVLD&RQFHUWGHP~VLFDSHUOD0DUDWyGH79DPE6ROLVWHVGH 9ROJRJUDGR(QWUDGDGRQDWLX̀ UHIULJHULLFDYDSHUDOVDVVLVWHQWV /DUHFDSWDFLyHVGHVWLQDUjDOD 0DUDWyGH792UJDQLW]D$MXQWDPHQWGH9LODURGRQD  $TXHVWVVyQHOVDFWHVTXHHQVKDQIHWDUULEDUGHVGHOVPXQLFLSLVSHUzEHQVHJXUTXHQ·KLKDPROWVDOWUHVTXHQRKDQTXHGDWUHFROOLWV HQDTXHVWHVSDL,QIRUPHXYRVHQLSDUWLFLSHXKLODFDXVDV·KRYDO

Infoturistdesembre2013  
Read more
Read more
Similar to
Popular now
Just for you