Page 1

EULFRFHQWHULW

2IIHUWHYDOLGHGDOPDJJLRDOJLXJQR

,SUH]]LVRQRFRPSUHQVLYLGL,9$9DOLGLGDOPDJJLRDOJLXJQR6DOYRHVDXULPHQWRVFRUWH)DWWDFRPXQLFD]LRQHDOFRPXQH *OLVFRQWLQRQVRQRFXPXODELOLFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR

&¶Ê3,Ô9,7$ $//¶$5,$$3(57$

$//¶,17(512 63(&,$/( &/,0$ GDSDJ

7DYRORHVHGLD ³5RE\´ WDYRORHVHGLH



€



‡LQDOOXPLQLR 7DYROR ‡SLHJKHYROH‡PLV‘[+FP 5HI€ 

6HGLD

(QWUD QHOODFRPPXQLW\ VSXQWLLGHH HVROX]LRQLSHUODWXDFDVD

3DUWHFLSDVFULYL HDFFXPXODLSXQWL

FDVDEULFREULFRFHQWHULW

5HI€ 

%ULFRODJH'HFRUD]LRQHFDVD$UUHGREDJQR*LDUGLQR 


3(5*2'(56, ,/%(//2 '(/62/(



€

$

VFRQWR DQ]LFKp€

*D]HER³0HWDO´[PW

*&213817$/($75,9(//$ *$5$17,6&(0$**,2567$%,/,7¬

%



€

VFRQWR DQ]LFKp€

2PEUHOORQH³7ZLVW,Q´



€

PW

VFRQWR

W P

DQ]LFKp€

6HGLDUHJLVWD

&



€

VFRQWR



DQ]LFKp€

€

%UDQGLQD³%LELRQH´

DQ]LFKp€



2PEUHOORQH '

 

‡[PW‡SDORLQDOOXPLQLR‡VWHFFKH ‡WHORLQSROLHVWHUHJPT5HI

*&210$1,*/,( 3(5,/75$632572

$  *D]HER³0HWDO´[PW

‡VWUXWWXUDLQPHWDOOR‡WHWWRHWHQGH LQSROLHVWHUHJPT5HI

  

 

EULFRFHQWHULW

% 2PEUHOORQH³7ZLVW,Q´ ‡VQRGR‡‘FP ‡SDORHVWHFFKHLQIHUUR

5HI

& 6HGLDUHJLVWD

‡LQDOOXPLQLRHWH[WLOHQH‡SLHJKHYROH ‡PLV[[+FP5HI



  

' %UDQGLQD³%LELRQH´

‡VWUXWWXUDLQDOOXPLQLRWXERODUH‘PP ‡WHVVXWRLQWH[WLOHQH‡SLHJKHYROH ‡PLV[FP5HI


*(67(16,%,/(),12$&0



€

VFRQWR DQ]LFKp€

6HGLD³&DUOD´

*&21&86&,1,

(



€

VFRQWR DQ]LFKp€

7DYROR³&DUOD´



€ )

VFRQWR DQ]LFKp€

6HWLQDFDFLD³%DOL´ 

WDYRORHVHGLH



7DYRORSLHJKHYROH ³$U]LQR´

6HGLDSLHJKHYROH ³1DWLVRQH´

5HI€ 

5HI€ 

‡LQOHJQRGLDFDFLD ‡PLV[[+FP

 

    

FP

€



7DYROR5HI

‡HVWHQVLELOH ‡PLV[[+FP

6HGLD5HI

‡SLHJKHYROH ‡PLV[[+FP

FP

     



€

‡LQOHJQRGLDFDFLD ‡PLV[[+FP

( 7DYRORHVHGLD³&DUOD´ ‡LQOHJQRGLDFDFLD

P F 

*

'RQGRORSRVWL

) 6HWLQDFDFLD³%DOL´

‡FRPSRVWRGD GLYDQHWWRPLV[[+FP WDYROLQRUHWWDQJRODUH PLV[[+FP SROWURQH

  

* 'RQGRORSRVWL

‡VWUXWWXUDLQPHWDOORWXERODUH‘PP VSHVVRUHFP‡WHVVXWRLQSROLHVWHUH

5HI





5HI

 

FDVDEULFREULFRFHQWHULW


 F P

$

FP

8178))2 1(//¶(67$7(

P F 



€



€

VFRQWR DQ]LFKp€

3LVFLQD³6WHHO)UDPH´

VFRQWR DQ]LFKp€

'RFFLDVRODUH DFTXDFDOGD ³6XQQ\´ *'232&,5&$25( ',(6326,=,21( $/62/(352'8&($&48$ &$/'$,00(',$7$0(17( ',6321,%,/(

%

,OFRQVLJOLRLQSL &RQ&ORUR6KRFN3RROO¶DFTXD GHOODSLVFLQDqGLVLQIHWWDWDHSULYD GLVRVWDQ]HQRFLYH ,QSLVFKLDULVFHO¶DFTXDHGHOLPLQD LFDWWLYLRGRUL

&



€ 



€  &ORUR6KRFN 6SRRONJ $ 3LVFLQD³6WHHO)UDPH´ 

  

‡FDSDFLWjOW ‡SDUHWLLQ39&HSROLHVWHUH ‡WHODLRJDOYDQL]]DWRDQWLUXJJLQH 5HI

$QWLDOJKH FRQFHQWUDWROW '

    



€

DQ]LFKp€

3LVFLQDDXWRSRUWDQWH

‡FDSDFLWjOW‡PLV‘[+FP ‡SDUHWLLQ39&HSROLHVWHUH ‡OLQHUVXSSRUWDWRGDXQDQHOORJRQ¿DELOH 5HI

% 'RFFLDVRODUH DFTXDFDOGD³6XQQ\´

‡DOWH]]DPW‡YDOYRODGLVLFXUH]]D ‡UHJRODWRUHGLSUHVVLRQH‡PL[HU SHUUHJRODUHODWHPSHUDWXUD

5HI

& &ORUR6KRFN  6SRRONJ 



‡SDVWLJOLHJU5HI

' $QWLDOJKH  FRQFHQWUDWROW 

EULFRFHQWHULW



5HI


(QWUD QHOODFRPPXQLW\ VSXQWLLGHH HVROX]LRQL SHUODWXDFDVD FP

‘FP

3DUWHFLSDVFULYL HDFFXPXODLSXQWL

FDVDEULFREULFRFHQWHULW



(

VFRQWR

€

DQ]LFKp€

3LVFLQD³)DVW6HW´



) +





€

*

DQ]LFKp€

$UHOOD³&LQD´

€ DOPT (UEDVLQWHWLFDDOWDJOLR

VFRQWR

€

VFRQWR

,OFRQVLJOLRLQSL

DQ]LFKp€

3LDVWUHOODLQSYFHOHJQRGLDFDFLDLGHDOH SHUVXSHU¿FLULJLGHHVWHUQHFRPHLOSRUWLFDWR RLOJD]HER6LSRVDLQPRGRVHPSOLFH HYHORFHJUD]LHDJOLVSLQRWWLSHULPHWUDOL FKHFRQVHQWRQRLOPRQWDJJLRDLQFDVWUR

FP

(GHUDVHPSUHYHUGH

/ FP



VFRQWR

€  ,

    

( 3LVFLQD³)DVW6HW´

‡FDSDFLWjOW‡PLV[FP ‡FRQSRPSD¿OWUR5HI

)  (UEDVLQWHWLFDDOWDJOLR

‡VSHVVRUHPP‡SHVRJPT

5HI 'LVSRQLELOH+HPW5HI



€ 

DQ]LFKp€

VFRQWR DQ]LFKp€

3LDVWUHOODLQOHJQRGLDFDFLD

=HUELQRLQFRFFR    

*  (GHUDVHPSUHYHUGH

‡PLV[PW‡LQSROLHVWHUH ‡QRQVELDGLVFHFRQLUDJJL89

 

5HI

+  $UHOOD³&LQD´

‡PLV[FP5HI



 



,  =HUELQRLQFRFFR

‡PLV[FP‡VRJJHWWLDVVRUWLWL

5HI

/  3LDVWUHOODLQOHJQRGLDFDFLD ‡FRQVXSSRUWRLQSODVWLFDSHUDJJDQFLR

5HI


*3(5/$)8/0,1$=,21( $',67$1=$'(//(=$1=$5( *&$032 '¶$=,21(04

%$5%(&8( ,1*,$5',12" 6,0$6(1=$ =$1=$5(

$





€ 

€ 



€ 



&

VFRQWR DQ]LFKp€

5DFFKHWWDWHOHVFRSLFD ³=DQ]DYROpORQJ´

VFRQWR DQ]LFKp€

VFRQWR DQ]LFKp€



€  FDQGHOHWHDOLJKW DOODFLWURQHOOD

)



VFRQWR

DQ]LFKp€

DQ]LFKp€

*

VSLUDOL LQVHWWLFLGD +

$ /DPSDGDHOHWWURLQVHWWLFLGD ³=$31´ ‡ODPSDGDDWWLQLFD: ‡WHQVLRQHGLVFDULFD95HI

% 5DFFKHWWDWHOHVFRSLFD  ³=DQ]DYROpORQJ´

‡DWHVWDVQRGDWD‡HVWHQVLELOH¿QR DFP‡DSDUHWHHDVRI¿WWR5HI

EULFRFHQWHULW



€ 

VFRQWR

2OLRDOODFLWURQHOOD SHUWRUFHOW

[FP



€ 

 



€

&DQGHODDOODFLWURQHOOD

(

 

DQ]LFKp€

&DQGHODDOODFLWURQHOOD ³VHUH´

€ 



VFRQWR

/DPSDGDHOHWWURLQVHWWLFLGD ³=$31´

7RUFLDLQEDPERR

'

%

€



DQ]LFKp€

=DQ]DULHUDDUXOOR

‡LQDOOXPLQLR‡FRQIUL]LRQH ‡FRORUHEURQ]R 0LV[FP5HI 0LV[FP5HI DQ]LFKp€ VFRQWR€ 

 

& 7RUFLDLQEDPERR

‡ODFFDWDFRQWUDWWDPHQWR DQWLPXIID‡+FP5HI

' &DQGHODDOODFLWURQHOOD  ³VHUH´ 

‡‘FP5HI





 

0LV[FP5HI DQ]LFKp€ VFRQWR€  0LV[FP5HI DQ]LFKp€ VFRQWR€ 

( &DQGHODDOODFLWURQHOOD

‡YDVRFRWWR‡FRQVWRSSLQRDQWLYHQWR ‡GXUDWDRUH‡‘FP5HI

)  FDQGHOHWHDOLJKW  DOODFLWURQHOOD 

5HI


(QWUD QHOODFRPPXQLW\ VSXQWLLGHH HVROX]LRQL SHUODWXDFDVD

3DUWHFLSDVFULYL HDFFXPXODLSXQWL

FDVDEULFREULFRFHQWHULW

/

,





€ 

€  WDYROHWWH DFFHQGLIXRFR



€ 

0

VFRQWR DQ]LFKp€

&DUERQHOODNJ

$FFHQGLIXRFROLTXLGR PO



€ **$5$1=,$ $11,3(5%5$&,(5( (&23(5&+,2

6HWDWWUH]]LSHU EDUEHFXH

1 *3(581$ )$&,/((5$3,'$ 35(3$5$=,21( '(//(%5$&, *)81=,21$ $1&+($/(*1$

FP



FP  FP

EDUEHFXHFLPLQLHUD



€



DQ]LFKp€

2



%DUEHFXH³&RPSDFW.HWWOH´ ‡JULJOLHGLFRWWXUDLQDFFLDLRFRQWULSOD QLFKHODWXUD‡DUHDGLFRWWXUD‘FP ‡YDOYROHGLDUHD]LRQHHFRSSHWWD SRUWDFHQHUHLQDOOXPLQLR5HI



€

&LPLQLHUDGLDFFHQVLRQH ‡FRPSUHVLNJGLEULFFKHWWLHFXEHWWL DFFHQGLIXRFR5HI

VFRQWR DQ]LFKp€

%DUEHFXH³)DPLO\´

DQ]LFKp€VFRQWR€ 



DQ]LFKp€VFRQWR€ 





   

* 2OLRDOODFLWURQHOOD SHUWRUFHOW 5HI

+ VSLUDOLLQVHWWLFLGD

‡HI¿FDFHVX]DQ]DUH]DQ]DUHWLJUH HDOWULLQVHWWLYRODQWLPROHVWL ‡FRQVXSSRUWLPHWDOOLFL5HI

, WDYROHWWHDFFHQGLIXRFR 

5HI

/  $FFHQGLIXRFROLTXLGR  PO 

5HI

0 &DUERQHOODNJ 

1 6HWDWWUH]]LSHUEDUEHFXH 

5HI



   

5HI

2 %DUEHFXH³)DPLO\´

‡LQIHUUREDWWXWR‡SHVRNJ ‡JUDWLFRODUDFFRJOLVXJRLQDFFLDLR LQRVVLGDELOHPLV[FP ‡FDVVHWWRUDFFRJOLFHQHUH5HI


**$5$17,72$11,

/¶$,872 &+(6(59( 3(581*,$5',12 3(5)(772

*35(9$/(1=$07

$ *3257$7$),12 $0778%2´

%





€



€



€

.LWWXERSHU LUULJD]LRQH

VFRQWR

&

€

3RPSDDSUHVVLRQH VSUD\

3RPSDVRPPHUVD

DQ]LFKp€

&DUUHOORSRUWDWXER ³6LOYHU´ '



€

,'5238/,75,&( 8QJHWWRSRWHQWH HGHI¿FDFHFDSDFH GLHOLPLQDUHORVSRUFR SLRVWLQDWR JUD]LHDOODSUHVVLRQH GHOO¶DFTXD GDXWLOL]]DUHDOO¶HVWHUQR VXDXWRPRELOLHWDSSDUHOOH SDWLRWHUUD]]D HDQFKHVXOODIDFFLDWD GHOODFDVD

VFRQWR DQ]LFKp€

&HQWUDOLQDYLH ³$TXD)ORZ´

(



€

VFRQWR DQ]LFKp€

)

.LWWXERVSLUDODWR





€

€

VFRQWR DQ]LFKp€

DQ]LFKp€

.LWWXER

*

,GURSXOLWULFH³.´ ODYDSDYLPHQWLSHUHVWHUQR³7´

127256,21JDUDQWLVFHXQ¶HVWUHPDIDFLOLWjGLXWLOL]]RGHLWXELGDJLDUGLQR LPSHGHQGRODIRUPD]LRQHGLSLHJKHHFRPSRUWDPHQWLDQRPDOLGHOWXER HDVVLFXUDQGRXQDVWUDRUGLQDULDPDQHJJHYROH]]D

   

$  .LWWXERSHULUULJD]LRQH

‡PDJOLDWRQRWRUVLRQ ‡PW‡‘PP

5HI

% 3RPSDDSUHVVLRQHVSUD\

   

‡OW5HI

& 3RPSDVRPPHUVD

‡:‡DFTXHVFXUH5HI

EULFRFHQWHULW

  



‡:‡EDU‡OK‡FRQSLVWROD‡ODQFLDWXUER ‡ODQFLDQRUPDOH5HI

' &DUUHOORSRUWDWXER³6LOYHU´ ‡WHODLRLQDOOXPLQLRDQWLFRUURVLRQH ‡WDPEXURLQSODVWLFDFRQWUDYHUVL ULQIRU]DWL‡LPSXJQDWXUDHUJRQRPLFD

5HI

( &HQWUDOLQDYLH³$TXD)ORZ´ ‡IDFLOHUHJROD]LRQHPHFFDQLFD ‡LQWHUYDOOLGDPLQDPLQ ‡ULWDUGRSDUWHQ]DGHOO¶LUULJD]LRQH



        

‡LQGLFDWRUHOXPLQRVRGLEDWWHULDVFDULFD ‡IXQ]LRQDFRQSLOHDOFDOLQH$$9 5HI

) .LWWXERVSLUDODWR

‡LGHDOHSHUWHUUD]]LEDOFRQLHSLFFROL JLDUGLQL‡FRPSRVWRGD WXERVSLUDODWRHVWHQVLELOH¿QR DP‘PP SLVWRODPXOWLJHWWRFRPSOHWD GLUDFFRUGLDXWRPDWLFL5HI


*%$77(5,$$//,7,29



€

*68332572$992/*,&$92

7DJOLDERUGL ³*/´ +

,





€

/

€

3UROXQJDJLDUGLQR

&HVRLDPXOWLIXQ]LRQH

/D48$/,7­FKHWLID5,63$50,$5(

*$99,$0(172 )$&,/,7$72&$5%85$725( ³67$57($6<´



â&#x201A;¬

%,'21($63,5$78772 8QDLXWRYHUVDWLOHHSUH]LRVR LQJUDGRGLDVSLUDUH VLDVROLGLFKHOLTXLGL SUDWLFRHPDQHJJHYROH ULSXOLVFHOHVXSHU¿FL VLDLQFDVDFKHQHOER[ ,GHDOHDQFKHSHUODSXOL]LD LQWHUQDGHOO¶DXWRPRELOH



0



â&#x201A;¬



DQ]LFKpâ&#x201A;¬

DQ]LFKpâ&#x201A;¬

'HFHVSXJOLDWRUH ³5%&6HVD´

*$11,', $66,67(1=$ $'20,&,/,2 68,352'277, .b5&+(5

â&#x201A;¬

VFRQWR

VFRQWR DQ]LFKpâ&#x201A;¬

7RVDHUED³&RPIRUW(´



%LGRQHDVSLUDWXWWRVROLGLHOLTXLGL

Â&#x2021;:Â&#x2021;IXVWRLQDFFLDLRLQR[Â&#x2021;FDUUHOODWRÂ&#x2021;FRPSOHWRGLDFFHVVRUL ERFFKHWWDSDYLPHQWLVHFFROLTXLGLÂ&#x2021;ERFFKHWWDIHVVXUHÂ&#x2021;WXERULJLGR G¶DVSLUD]LRQHWHOHVFRSLFRLQPHWDOORÂ&#x2021;WXERG¶DVSLUD]LRQHPW Â&#x2021;SDUDFROSL5HI

  

  

*  .LWWXER

Â&#x2021;PDJOLDWRQRWRUVLRQ Â&#x2021;OXQJKH]]DPW Â&#x2021;Â&#x2018;´Â&#x2021;FRPSOHWRGLUDFFRUGLHODQFLD

5HI

+ 3UROXQJDJLDUGLQR

Â&#x2021;PWÂ&#x2021;FDYR+R:)Â&#x2021;VH]LRQHFDYR [PPÂ&#x2021;SUHVDVWDQGDUGWHGHVFR

5HI

   

  

1

, &HVRLDPXOWLIXQ]LRQH

Â&#x2021;ODPHÂ&#x2021;VSLDGLULFDULFD5HI

'LVSRQLELOHDQFKHPDQLFRWHOHVFRSLFR 5HIâ&#x201A;¬ 

  

/ 7DJOLDERUGL³*/´ Â&#x2021;:Â&#x2021;WDJOLRÂ&#x2018;FPÂ&#x2021;DOLPHQWD]LRQH GHO¿ORGLQ\ORQDSUHVVLRQHÂ&#x2021;OXQJKH]]D GHO¿ORPW5HI



  

0 'HFHVSXJOLDWRUH ³5%&6HVD´

Â&#x2021;FFÂ&#x2021;WDJOLRFPÂ&#x2021;SHVRNJ Â&#x2021;DVWDVPRQWDELOH5HI

1 7RVDHUED³&RPIRUW(´

Â&#x2021;:Â&#x2021;WDJOLRÂ&#x2018;FP Â&#x2021;FDSDFLWjFHVWROWÂ&#x2021;FRQVLJOLDWR  SHUJLDUGLQL¿QRDPT5HI


/D48$/,7­ FKHWLID 5,63$50,$5(

('(1752&$6$ &¶Ê$5,$ ',18292 $

*',6321,%,/( ,19$5,&2/25,

%





€ 

€ 

5XOORXQLYHUVDOH

VFRQWR DQ]LFKp€

.LWSLWWXUD

&



€

VFRQWR DQ]LFKp€

3URWHWWLYRFRPSOHWR SHUOHJQROW '

*%,$1&2683(5&235(17(



€  6HWSHQQHOOL XQLYHUVDOL

)

(



€

VFRQWR DQ]LFKp€

,GURSLWWXUDWUDVSLUDQWH ³)UHVK´OWOW LQRPDJJLR

   

 

$  5XOORXQLYHUVDOH

‡PLVFP5HI

%  .LWSLWWXUD

‡UXOORFP‡UHWHLQSODVWLFD FP‡VHFFKLRSODVWLFDOW

*',6321,%,/( ,19$5,&2/25,



€

 



SHUOHJQROW

   

‡DOO¶DFTXD5HI

EULFRFHQWHULW

DQ]LFKp€

6PDOWRJHODQWLUXJJLQH )HUQRYXVPO

5HI

&  3URWHWWLYRFRPSOHWR

VFRQWR

'  6HWSHQQHOOLXQLYHUVDOL ‡FP‡PDQLFR LQSROLSURSLOHQH5HI



€

DQ]LFKp€

,GURSLWWXUDODYDELOH%RHUROW ‡HOHYDWDFRSHUWXUD‡SURQWDDOO¶XVR ‡UHVDPTFDSHUPDQR5HI

 

(  ,GURSLWWXUDWUDVSLUDQWH

³)UHVK´OWOWLQRPDJJLR  ‡LGHDOHSHUEDJQLHFXFLQH ‡UHVDPTSHUPDQR ‡FRSHUWXUDLGHDOHFRQPDQL

5HI





  

)  6PDOWRJHODQWLUXJJLQH )HUQRYXVPO

‡QRQJRFFLROD5HI

*  &OLPDWL]]DWRUHRQRII %WXKFRQSRPSDGLFDORUH

‡JDVHFRORJLFR5$‡WXUER‡VOHHS ‡DXWRUHVWDUW‡DXWRGLDJQRVL‡WLPHU

5HI


*&/$66($$

*&/$66($$

*,19(57(5

+

*



â&#x201A;¬



â&#x201A;¬

&OLPDWL]]DWRUHRQRII%WXK FRQSRPSDGLFDORUH

*&/$66($$

*,19(57(5

&OLPDWL]]DWRUHLQYHUWHU%WXK FRQSRPSDGLFDORUH



â&#x201A;¬

&OLPDWL]]DWRUH³(FR3OXV´,QYHUWHU %WXKFRQSRPSDGLFDORUH ,

*&217$66(//,',),66$**,2



â&#x201A;¬ /

*&/$66($$

6WDIIH SHUFOLPDWL]]DWRUL



â&#x201A;¬ 

0

)LOWUR SHUGHSXUD]LRQH



*&2032672'$'(7(5*(17( 0/&2035(66((813$,2 ',*8$17,,13/$67,&$

â&#x201A;¬



â&#x201A;¬

&OLPDWL]]DWRUHPRQRRQRII%WXK FRQSRPSDGLFDORUH/HQRLU

Â&#x2021;JDVHFRORJLFR5$Â&#x2021;GHXPLGL¿FDWRUHÂ&#x2021;WLPHUÂ&#x2021;FRPSUHVVRUH JDUDQ]LDDQQLÂ&#x2021;¿OWURDQWLSROYHUHÂ&#x2021;DXWRUHVWDUW5HI

  

  

+  &OLPDWL]]DWRUHLQYHUWHU

%WXKFRQSRPSD GLFDORUH

Â&#x2021;JDVHFRORJLFR5$Â&#x2021;¿OWURDQWLEDWWHUL Â&#x2021;IXQ]LRQHDXWRFOHDQÂ&#x2021;YHORFLWj YHQWLOD]LRQHÂ&#x2021;IXQ]LRQHWXUERÂ&#x2021;IXQ]LRQH GHXPLGL¿FD]LRQHÂ&#x2021;WLPHU5HI

 

      

.LWSXOL]LDXQLWjLQWHUQD FOLPDWL]]DWRUL

1

,  &OLPDWL]]DWRUH³(FR3OXV´ ,QYHUWHU%WXK FRQSRPSDGLFDORUH

Â&#x2021;JDVHFRORJLFR5$Â&#x2021;¿OWUR DQWLSROYHUHÂ&#x2021;WLPHUÂ&#x2021;WUDWWDPHQWR DQWLFRUURVLYR HVHPSLRVPRJ HVDOVHGLQH Â&#x2021;GLVSOD\/&' Â&#x2021;IXQ]LRQHVLOHQWÂ&#x2021;PRGDOLWj PDVVLPDSRWHQ]DÂ&#x2021;DXWRGLDJQRVWLFD 5HI











/  6WDIIHSHUFOLPDWL]]DWRUL 5HI

0 )LOWURSHUGHSXUD]LRQH Â&#x2021;PLV[FP5HI

1 .LWSXOL]LDXQLWjLQWHUQD FOLPDWL]]DWRUL 5HI






â&#x201A;¬

$JLWDWRUH GDVRI¿WWR ³'DOLDQ´

81$%5(==$ ',%(1(66(5( $

%



VFRQWR

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

$JLWDWRUHGDVRI¿WWR ³7HQHULIH´ &



â&#x201A;¬

$JLWDWRUHGDVRI¿WWR³0DXULFH´

'



â&#x201A;¬

.LWWHOHFRPDQGR SHUDJLWDWRUL



â&#x201A;¬

$/2*(1$$5,63$50,2 (1(5*(7,&2

DQ]LFKpâ&#x201A;¬



â&#x201A;¬ 

$ $JLWDWRUHGDVRI¿WWR  ³'DOLDQ´

 

Â&#x2021;SDOHÂ&#x2018;FPÂ&#x2021;PRWRUHHSDOH FURPDWHÂ&#x2021;YHORFLWj5HI

% $JLWDWRUHGDVRI¿WWR  ³7HQHULIH´



Â&#x2021;SDOHÂ&#x2018;FPÂ&#x2021;FRORUHDUJHQWR

EULFRFHQWHULW

 

Â&#x2021;SDOHÂ&#x2018;FP XQODWRQRFHVFXURSDJOLDXQODWR QRFHVFXUR Â&#x2021;PRWRUHRWWRQHVDWLQDWRÂ&#x2021;: Â&#x2021;DWWDFFR(Â&#x2021;ODPSDGLQDHVFOXVD5HI

HELDQFRÂ&#x2021;PD[:Â&#x2021;DWWDFFR( Â&#x2021;ODPSDGLQDHVFOXVD5HI

& $JLWDWRUHGDVRI¿WWR  ³0DXULFH´

    



$JLWDWRUHGDVRI¿WWR³6LYLJOLD´

6HWODPSDGLQH DORJHQH

(



Â&#x2021;SDOHELFRORUHÂ&#x2018;FP XQODWRFLOLHJLRXQODWRIDJJLR  Â&#x2021;LQPHWDOORVDWLQDWRÂ&#x2021;[: Â&#x2021;DWWDFFR(Â&#x2021;ODPSDGLQHHVFOXVH 5HI





' .LWWHOHFRPDQGR  SHUDJLWDWRUL



 

Â&#x2021;DGLQIUDURVVL5HI

( 6HWODPSDGLQHDORJHQH Â&#x2021;DWWDFFR(:R(: 5HI


*5(&/,1$%,/(

*&217,0(5

(QWUD QHOODFRPPXQLW\ VSXQWLLGHH HVROX]LRQL SHUODWXDFDVD

FP

3DUWHFLSDVFULYL HDFFXPXODLSXQWL

FDVDEULFREULFRFHQWHULW

)



*9(/2&,7¬ 26&,//$17(

â&#x201A;¬

*&2135(6$86% ($'$77$725($&

*



9HQWLODWRUHDWRUUH

â&#x201A;¬  *9(/2&,7¬ 26&,//$17(

9HQWLODWRUHGDVFULYDQLD

Â&#x2018;FP

+ *9(/2&,7¬ %$6(3,(*+(92/(



â&#x201A;¬

9HQWLODWRUHGDWDYROR 

Â&#x2018;FP

FP

**$6(&2/2*,&25$

Â&#x2018;FP



â&#x201A;¬

DQ]LFKpâ&#x201A;¬





  

5HI

* 9HQWLODWRUHDWRUUH

Â&#x2021;RVFLOODQWHÂ&#x2021;YHORFLWjÂ&#x2021;WLPHU Â&#x2021;FHUWL¿FDWR,04 5HI

'HXPLGL¿FDWRUH ³(TXDWLRQ´OW

9HQWLODWRUHDSLDQWDQD

Â&#x2021;Â&#x2018;FPÂ&#x2021;YHORFLWj Â&#x2021;EDVHSLHJKHYROH5HI

) 9HQWLODWRUHGDVFULYDQLD



â&#x201A;¬

â&#x201A;¬

9HQWLODWRUHGDWDYROR ³%R[IDQ´



/

,

   

 

+ 9HQWLODWRUHGDWDYROR

Â&#x2021;JULJOLDQLGRG¶DSHÂ&#x2021;FRORUHELDQFRVLOYHU Â&#x2021;FHUWL¿FDWR,045HI 'LVSRQLELOHDQFKHQHUR5HI

, 9HQWLODWRUHDSLDQWDQD

Â&#x2021;JULJOLDQLGRG¶DSHÂ&#x2021;FHUWL¿FDWR,04 5HI





   

/ 'HXPLGL¿FDWRUH ³(TXDWLRQ´OW

Â&#x2021;FDSDFLWjVHUEDWRLROWÂ&#x2021;LQGLFDWRUH OLYHOORWDQLFDÂ&#x2021;GUHQDJJLRFRQWLQXR Â&#x2021;¿OWURSROYHUHODYDELOH5HI


FP

92*/,$ ',18292 ,1%$*12 $

%

FP  FP



â&#x201A;¬



VFRQWR

â&#x201A;¬ 

DQ]LFKpâ&#x201A;¬

&DUUHOORULSLDQL

&

3DWWXPLHUDFURPDWD OW



â&#x201A;¬

*9$6&$,15(6,1$ $17,$&,'2

5XELQHWWRFXFLQD

'

*,//80,1$=,21( $/2*(1$

FDG

0LVFHODWRUL³*HQRYD´ ODYDERELGHW

FP

â&#x201A;¬

FP



â&#x201A;¬



DQ]LFKpâ&#x201A;¬

FP

â&#x201A;¬

(

    

FP    



0RELOHODYDWRLR

0RELOHEDJQR³6XSHU´

Â&#x2021;FRORUHELDQFRRSDFRÂ&#x2021;SLDQRGLODYDJJLRULEDOWDELOH HULPRYLELOH5HI

FP

$ &DUUHOORULSLDQL

Â&#x2021;LQYHWURWHPSHUDWRÂ&#x2021;FRQUXRWH

5HI

% 3DWWXPLHUDFURPDWDOW

' 0LVFHODWRUL³*HQRYD´  ODYDERELGHW  

5HI

& 5XELQHWWRFXFLQD

Â&#x2021;DERFFDEDVVDÂ&#x2021;¿QLWXUDFURPDWD Â&#x2021;NLWGL¿VVDJJLRLQFOXVR5HI

EULFRFHQWHULW

 

Â&#x2021;¿QLWXUDFURPDWD Â&#x2021;NLWGL¿VVDJJLRLQFOXVR5HI

 



( 0RELOHEDJQR³6XSHU´

Â&#x2021;FRPSRVWRGDEDVHDQWHODFFDWR ELDQFROXFLGRH¿DQFKLQRELOLWDWLRSDFKL



 

ODYDERLQWHJUDOHFHUDPLFRFP Â&#x2021;PLVFHODWRUHHVFOXVR5HI

) 'RFFHWWD³5RVD´ Â&#x2021;JHWWL5HI

* 6RI¿RQH³&HQWDXUR´ Â&#x2021;Â&#x2018;FPÂ&#x2021;ULGXWWRUHGLSRUWDWD Â&#x2021;¿QLWXUDFURPR5HI


*35(',6326723(587,/,==2 )25,35((6,67(17,



VFRQWR

â&#x201A;¬  )

DQ]LFKpâ&#x201A;¬

*

'RFFHWWD ³5RVD´



â&#x201A;¬

VFRQWR DQ]LFKpâ&#x201A;¬

6RI¿RQH³&HQWDXUR´



â&#x201A;¬  )OHVVLELOHGRFFLD

,

+



â&#x201A;¬

*&5,67$//27(03(5$7200

VFRQWR DQ]LFKpâ&#x201A;¬

$VWDVDOLVFHQGL³=HQ´

FP

FP

*35(',6326723(587,/,==2 )25,35((6,67(17,

FP   FP

FP

/





â&#x201A;¬

%R[GRFFLDDQJRODUHHVWHQVLELOH ³,VRQ]R´

   

1

0

â&#x201A;¬

 

FP  

+  )OHVVLELOHGRFFLD

Â&#x2021;GRFFHWWDIXQ]LRQLDQWLFDOFDUH Â&#x2021;¿QLWXUDFURPDWDVDWLQDWDÂ&#x2021;SRUWDVDSRQH

5HI



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

%R[GRFFLDTXDGUDWRHVWHQVLELOH ³6DOLQD´ /  %R[GRFFLDDQJRODUH  HVWHQVLELOH³,VRQ]R´

Â&#x2021;XQLYHUVDOHÂ&#x2021;PWÂ&#x2021;GRSSLDDJJUDIIDWXUD Â&#x2021;¿QLWXUDFURPR5HI   

, $VWDVDOLVFHQGL³=HQ´

VFRQWR

Â&#x2021;DQWHLQDFULOLFRDJRFFHÂ&#x2021;SUR¿OL LQDOOXPLQLRELDQFRÂ&#x2021;VFRUULPHQWR VXSDWWLQLÂ&#x2021;FKLXVXUDPDJQHWLFD5HI

0  %R[GRFFLDTXDGUDWR  HVWHQVLELOH³6DOLQD´ 

  

Â&#x2021;DQWHLQFULVWDOORWHPSHUDWR



   

VFRQWR DQ]LFKpâ&#x201A;¬

&RORQQDGRFFLD³0LULDP´ SLXPDWRPPÂ&#x2021;VFRUULPHQWRVXUXRWH LQQ\ORQÂ&#x2021;SUR¿OLLQDOOXPLQLRELDQFR Â&#x2021;FKLXVXUDPDJQHWLFD5HI

1 &RORQQDGRFFLD³0LULDP´

Â&#x2021;VRI¿RQHÂ&#x2018;FPÂ&#x2021;GRFFHWWDIXQ]LRQL DQWLFDOFDUHÂ&#x2021;¿QLWXUDFURPDWD Â&#x2021;SRUWDVDSRQHÂ&#x2021;GHYLDWRUH Â&#x2021;Ã&#x20AC;HVVLELOHGDHFP5HI


HO¶DVVRUWLPHQWRLQUHSDUWRqDQFRUDSLULFFR



â&#x201A;¬

VFRQWR



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

6PHULJOLDWULFH

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

7UDSDQRDYYLWDWRUH

Â&#x2021;:Â&#x2021;PPÂ&#x2021;FRQJXDQWLODYRUR Â&#x2021;RFFKLDOLSURWH]LRQHÂ&#x2021;ERUVDSRUWD XWHQVLOLLQWHVVXWR5HI



VFRQWR

Â&#x2021;9Â&#x2021;FRQEDWWHULHDOOLWLR5HI

Â&#x2021;:Â&#x2021;PDQGULQRDXWRVHUUDQWHPP Â&#x2021;FRQULOHYDWRUH5HI

â&#x201A;¬

.LWXWHQVLOL

6HWFDFFLDYLWH DFULFFKHWWR

Â&#x2021;FRQELWÂ&#x2021;LQYDOLJHWWD 5HI

DQ]LFKpâ&#x201A;¬

7UDSDQRHOHWWULFR





â&#x201A;¬ 

VFRQWR

Â&#x2021;SLQ]DWHQDJOLD SLQ]DSROLJULS



â&#x201A;¬

6HWFDFFLDYLWL PLVWL5HI

5HI

/D48$/,7­FKHWLID5,63$50,$5(

0HVVDJJLRSXEEOLFLWDULRFRQ¿QDOLWjSURPR]LRQDOH

2IIHUWDGLFUHGLWR¿QDOL]]DWRYDOLGDGDODO,PSRUWRPLQLPR¿QDQ]LDELOHâ&#x201A;¬FRPHGDHVHPSLRUDSSUHVHQWDWLYR3UH]]RGHOEHQH â&#x201A;¬7DQ¿VVR7DHJLQUDWHGDâ&#x201A;¬ROWUHOHVHJXHQWLVSHVHJLjLQFOXVHQHOFDOFRORGHO7DHJVSHVHLQFDVVRHJHVWLRQHUDWDâ&#x201A;¬  SHURJQLPHQVLOLWjLPSRVWDGLEROORDGGHELWDWDVXOODSULPDUDWDâ&#x201A;¬VSHVHSHUFRPXQLFD]LRQLSHULRGLFKH DOPHQRXQDDOO¶DQQR â&#x201A;¬ROWUHâ&#x201A;¬ SHULPSRVWDGLEROOR,PSRUWRWRWDOHGHOFUHGLWRâ&#x201A;¬,PSRUWRWRWDOHGRYXWRGDO&RQVXPDWRUHâ&#x201A;¬$O¿QHGLJHVWLUHOHWXHVSHVHLQPRGR UHVSRQVDELOHHGLFRQRVFHUHHYHQWXDOLDOWUHRIIHUWHGLVSRQLELOL)LQGRPHVWLFWLULFRUGDSULPDGLVRWWRVFULYHUHLOFRQWUDWWRGLSUHQGHUHYLVLRQHGLWXWWHOH FRQGL]LRQLHFRQRPLFKHHFRQWUDWWXDOLIDFHQGRULIHULPHQWRDOOH,QIRUPD]LRQL(XURSHHGL%DVHVXO&UHGLWRDL&RQVXPDWRUL ,(%&& SUHVVRLOSXQWRYHQGLWD 6DOYRDSSURYD]LRQHGL)LQGRPHVWLF%DQFD6S$%5,&2&(17(5RSHUDTXDOHLQWHUPHGLDULRGHOFUHGLWRSHU)LQGRPHVWLF%DQFD6S$QRQLQHVFOXVLYD

$3(57,7877(/('20(1,&+( ,1(*2=,&21  +$11281$66257,0(172 6(/(=,21$72 ', 352'277, ,1(*2=,&21 121*$5$17,6&212 /¶$3(5785$ '20(1,&$/( 9(5,),&$ 68 :::%5,&2&(17(5,7 3,(0217( $67,FR&&³,O%RUJR´7HO %(,1$6&2 72 FR&&³/H)RUQDFL´ 7HO &$67(//(7727,&,12 12  7HO &81(2FR*DOOHULD$XFKDQ&XQHR 7HO 5,92/,IURQWH*DOOHULD$XFKDQ5LYROL 7HO 6(77,02725,1(6( 72  FR&&³3DQRUDPD´7HO 725,129LD)UDQFHVFR&LJQD 7HO 9(1$5,$ 72 FR*DOOHULD$XFKDQ9HQDULD 7HO /20%$5',$ %5(0%$7( %* ¿DQFR&&³,SHU´ 7HO &,1,6(//2%$/6$02 0,  7HO &857$721( 01 FR&&³4XDWWUR9HQWL´ 7HO *$'(6&23,(9('(/021$ &5  7HO *$5%$*1$7( 0, 7HO &251(*/,$12/$8'(16( /2  7HO

0$1729$FR&&³/D)DYRULWD´ 7HO 0$==$12 %6 FR*DOOHULD$XFKDQ0D]]DQR 7HO 0(5$7( /& FR*DOOHULD$XFKDQ0HUDWH 9LD%HUJDPR7HO 0,/$12 3LD]]DOH%DQGH1HUH7HO 9LD)DULQLFR83,07HO 9LDOH&RUVLFD7HO '(&2&,7<9LD:DVKLQJWRQ7HO 2/*,$7(2/21$ 9$ 7HO 5(6&$/',1$ 0, FR*DOOHULD$XFKDQ 5HVFDOGLQD7HO 521&$'(//( %6 FR&&³/H5RQGLQHOOH´ 7HO 9(57(0$7( &2 7HO 9,02'521( 0, FR*DOOHULD$XFKDQ 9LPRGURQH7HO

(0,/,$520$*1$ &$67(1$62 %2 7HO )(55$5$9LD9HUJD7HO 3$50$FR&&³(XUR7RUUL´ 7HO 5(**,2(0,/,$FR&&³/¶$ULRVWR´ 7HO

9(1(72 %8662/(1*2 95 FR*DOOHULD$XFKDQ %XVVROHQJR7HO /(*1$*2 95 FR&&³*DODVVLD´ 7HO 3$'29$FR&&³*LRWWR´7HO 9,&(1=$9LD*LQR6ROGj FR*DOOHULD$XFKDQ9LFHQ]D7HO 1829225$5,2OXQHGuVDEDWR

0$5&+( )$/&21$5$ $1 9LD0DUFRQL 7HO )$12 38 7HO $6&2/,3,&(12 $3

FR&&³$O%DWWHQWH´7HO

)5,8/,9(1(=,$*,8/,$ 08**,$ 76 6WUDGD)DUQHL=RQD5DEXLHVH 7HO /,*85,$ /$63(=,$9LD99HQHWR 7HO 1829$$3(5785$ 6$921$9LD6WDOLQJUDGR &HQWURSROLQIXQ]LRQDOH³/HRI¿FLQH´ 7HO

726&$1$ /8&&$9LD6DYRQDUROD$ 7HO ),5(1=(FR83,07HO 80%5,$ 3(58*,$9LD6HWWHYDOOL 7HO 7(51,9LDGHO0DJOLR7HO

/$=,2 520$ 9LD3UDWL)LVFDOLFR83,07HO Â&#x2021;9LD1LFFRGHPLFR&&³%XIDORWWD´ 7HO Â&#x2021;9LD3UHQHVWLQD7HO $%58==2 &,77­6$17·$1*(/2 3( =RQD&HQWUR &RPPOH3HVFDUD1RUG7HO &2/211(//$ 7( 8VFLWD$9DO9LEUDWD FR&&³9DO9LEUDWD´7HO

/·$48,/$FR&&³$TXLORQH´ 7HO &$03$1,$ 0$5&,$1,6( &( FR&&³&DPSDQLD´ 7HO 0(5&2*/,$12 $9 9LD1D]LRQDOH7RUUHWWH 7HO 6$/(512 9LD6/HRQDUGR7HO 38*/,$ &$9$//,12 /( FR3DUFR&RPPOH ³(/HFOHUF&RQDG´7HO 02/)(77$ %$ )LDQFR(XURQLFVH3UHQDWDO 7HO 685%2 /( FR3DUFR&RPPOH³0RQJRO¿HUD´ ¿DQFR'HFDWKORQ7HO 7$5$172FR*DOOHULD$XFKDQ7DUDQWR 7HO 6,&,/,$ 0(/,//, 65 FR&&³%HOYHGHUH$XFKDQ´ &RQWUDGD6SDOOD7HO 0,/$==2 0( 3DUFR³&RUROOD´ 9LD)LUHQ]HVYLQFROR$7HO 0,67(5%,$1&2 &7 ¿DQFR*DOOHULD$XFKDQ 0LVWHUELDQFR7HO 2*1,1$ &7 ¿DQFR³,SHUVLPSO\´ 7HO 3$/(5029LD/D0DOID 7HO 5$*86$FR&&³,EOHR´7HO 6$5'(*1$ &$*/,$5, 6*,//$ FR*DOOHULD$XFKDQ 6*LOOD7HO &$*/,$5, 3,55, FR*DOOHULD$XFKDQ 0DUFRQL7HO 6$66$5,FR*DOOHULD$XFKDQ 3UHGGD1LHGGD7HO

9LVLWDLOQRVWURVLWREULFRFHQWHULWRSSXUHVFULYLDFRQWDWWDFL#EULFRFHQWHULW%ULFRFHQWHU,WDOLD6UO6WUDGD3DOD]]R15R]]DQR 0, 3,YD

,SUH]]LSRVVRQRVXELUHYDULD]LRQLQHOFDVRGLHUURULWLSRJUD¿FL/HIRWRUDSSUHVHQWDQRRJJHWWLFKHSRVVRQRQRQFRUULVSRQGHUHDTXDQWRHVSRVWRLQQHJR]LR

4XHVWRYRODQWLQRqVWDPSDWR VXFDUWDFHUWL¿FDWD)6& SHUXQDJHVWLRQHVRVWHQLELOH GHOOHIRUHVWH

fdgdfgdfg  

dfgfdgfd df gfdg

Read more
Read more
Similar to
Popular now
Just for you