Issuu on Google+

EULFRFHQWHULW 2IIHUWHYDOLGHGDODORWWREUH

,SUH]]LVRQRFRPSUHQVLYLGLLYD2IIHUWHYDOLGHGDODORWWREUH)LQRDGHVDXULPHQWRVFRUWH)DWWDFRPXQLFD]LRQHDOFRPXQH*OLVFRQWLQRQVRQRFXPXODELOLFRQDOWUHSURPR]LRQLHVFRQWL H*OLVFRQWLQRQVRQRFXPXODELOLFRQDOWUHSURPR]LRQLHVFRQWL

   R  O W D W  R  E  O UH D '

/( $ 1 2 , = (&&(

/$77( €



€

DQ]LFKp€

&LFODPLQR

DQ]LFKp€ VFRQWR

 

‡GLDPHWURYDVRFP 5HIYDULH



35(==2$&48,672D/$77$

35(==2$&48,672D/$77$

DQ]LFKp€

 DQ]LFKp€



€

VFRQWR



€

VFRQWR

,'523,7785$75$63,5$17(³68%,72%,$1&2´0$;0(<(5 Â&#x2021;OLWULDODWWD5HI$FTXLVWDQGRODWWHLOSUH]]RDOOWqGLâ&#x201A;¬

%ULFRODJH'HFRUD]LRQHFDVD$UUHGREDJQR*LDUGLQR


*&213203$',&$/25(

*5,6&$/'$04&,5&$

*,19(57(5



€

*UXSSR3DOD]]HWWL

 

DQ]LFKp€

€

&OLPDWL]]DWRUHLQYHUWHU%WXK FODVVH$$

DQ]LFKp€

6WXIDDOHJQD ³.LQJ´

‡JDVHFRORJLFR5$‡¿OWURDQWLEDWWHUL‡IXQ]LRQHDXWR FOHDQ‡YHORFLWjYHQWLOD]LRQH‡IXQ]LRQHWXUER‡IXQ]LRQH GHXPLGL¿FD]LRQH‡WLPHU5HI

‡SRWHQ]DWHUPLFDQRPLQDOH .Z‡FRORUHURVVR ‡FRQSLDVWUHOOLQHIURQWDOL ‡ULYHVWLPHQWRLQODPLHUD VPDOWDWD‡GLDPHWURWXER GLVFDULFRIXPLFP ‡SHVR.J

FP

5HI

FP  FP



€



€

DQ]LFKp€

*&21$&&(6625,),/752$ &$578&&,$/$9$%,/(),/752,13$112 638*1$3(5$63,5$=,21(/,48,',/$1&,$ 3,$77$63$==2/$(352/81*+(



€

DQ]LFKp€

*$112',*$5$1=,$ *5,6&$/'$04&,5&$

‡FHSSLGLIDJJLRURYHUHHIUDVVLQR ‡P NJFLUFDDOO¶RULJLQH 5HI



$VSLUDWRUHVROLGL OLTXLGLHFHQHUH ‡:PD[‡DVSLUD]LRQHOV ‡IXVWRLQDFFLDLRLQR[YHUQLFLDWROW ‡WXERPW‡FDYRDOLPHQWD]LRQHPW ‡FDUUHOOR5HI

*UXSSR3DOD]]HWWL

5HI

EULFRFHQWHULWW

6WXIDDSHOOHW³.OLPD´ ‡SRWHQ]DWHUPLFDQRPLQDOH.Z‡FRORUHURVVR ‡UHQGLPHQWR‡VHUEDWRLRNJ ‡IRFRODUHLQJKLVDHPLVVLRQHGLFR ‡DFFHQVLRQLSURJUDPPDELOLJLRUQDOPHQWH‡HFRQRPLD GHLFRQVXPL‡ULYHVWLPHQWRLQDFFLDLRYHUQLFLDWR ‡GLDPHWURWXERGLVFDULFRIXPLFP‡SHVRNJ

FP 

P 5HI FP

FP

.LWVFKLXPDSXOLVFLYHWUR %ULOOPO SH]]LGLFXEHWWL DFFHQGLIXRFR



€

FP



€



‡FRORUHQHUR‡GLDPHWURFP ‡VSHVVRUHPPGLDFFLDLRYHUQLFLDWR ‡NLWFRPSRVWRGDWXERFPWXERFP FXUYDƒURVRQHUDFFRUGRD³7´ UDFFRJOLFRQGHQVD5HI



/HJQDVSDFFDWDHFRORJLFD SHUVWXIHHFDPLQHWWL



.LWWXELSHUVWXIHSHOOHW

FP  FP


  R  W  R D W E WREUH D V  R O VR SHUXQDVSHVDPLQLPDGLHXUR 1RQFXPXODELOHFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR 6FRQWRHVFOXVRSHULFRPEXVWLELOL SHWUROLRSHOOHWHOHJQD 

FP

&21 26&,//$=,21(

FP  FP



â&#x201A;¬ FP

DQ]LFKpâ&#x201A;¬



â&#x201A;¬

FP 

7HUPRFRQYHWWRUHPXUDOHVDOYDVSD]LR

FP

Â&#x2021;:Â&#x2021;FRQWLPHUÂ&#x2021;FRQWHOHFRPDQGRÂ&#x2021;FRORUHELDQFR Â&#x2021;OLYHOOLGLSRWHQ]DÂ&#x2021;SHVRNJ5HI



DQ]LFKpâ&#x201A;¬





Â&#x2021;VHOH]LRQLIUHGGD::Â&#x2021;WHUPRVWDWR DPELHQWHÂ&#x2021;SURWH]LRQH,3Â&#x2021;VXSHU¿FLHULVFDOGDELOH PT5HI

FP

7HUPREDJQRDVVLDOH³6´ *',6326,7,92$,56(1625 *&22/723

FP

* 62/200',63(6625(



â&#x201A;¬



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

 

6WXIDHOHWWURQLFDDSHWUROLR ³65(´

â&#x201A;¬

&URQRWHUPRVWDWRHOHWWURQLFRGLJLWDOH DSDUHWH&5

FP

DQ]LFKpâ&#x201A;¬

Â&#x2021;SRWHQ]D:Â&#x2021;LGHDOHSHU DPELHQWLPTFLUFDÂ&#x2021;FDSDFLWjVHUEDWRLR OWÂ&#x2021;WLPHUHOHWWURQLFR+ Â&#x2021;DQWLULEDOWDPHQWRÂ&#x2021;SHVRNJ

FP  FP

5HI

Â&#x2021;LQVWDOOD]LRQHDSDUHWHÂ&#x2021;DOLPHQWD]LRQHSLOH$$ VWLOR  Â&#x2021;SURJUDPPD]LRQHVHWWLPDQDOHDEORFFKLR

6FDOGDPELHQWHHSRUWDVDOYLHWWH ³'LEDG´ Â&#x2021;LQDFFLDLRÂ&#x2021;LQWHUDVVHFP Â&#x2021;VXSSRUWLLQFOXVLÂ&#x2021;JDUDQ]LDDQQLVXOODWHQXWD LGUDXOLFDÂ&#x2021;YHUQLFLDWRFRQSROYHULHSRVVLGLFKHQHO ULVSHWWRGHOOO¶DPELHQWH5HI

5HI

*&$0(5$67$*1$

FP

FP

/D48$/,7­ FKHWLID 5,63$50,$5(

FP  

FP

 

â&#x201A;¬



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

&DOGDLDFDPHUDVWDJQD DPHWDQR³-XQLRU&6,´

6FDOGDEDJQRHOHWWULFROW ³:HOFRPH´

Â&#x2021;LGHDOHSHUPTÂ&#x2021;UHQGLPHQWR Â&#x2021;SRWHQ]DWHUPLFDQRPLQDOHULVFDOGVDQLWDULD .ZÂ&#x2021;SHVRNJ

Â&#x2021;:Â&#x2021;WHUPRVWDWRÂ&#x2021;SUHVVLRQHPD[EDU Â&#x2021;PLVGLDPHWURFP5HI

5HI 'LVSRQLELOHDQFKH*3/5HI

 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

'HXPLGL¿FDWRUH

Â&#x2021;FDSDFLWjGLGHXPLGL¿FD]LRQHOWK FDSDFLWjVHUEDWRLROWÂ&#x2021;:Â&#x2021;UXPRURVLWj LQIHULRUHDLGE$Â&#x2021;LQGLFDWRUHOLYHOORG¶DFTXD WUDVSDUHQWHÂ&#x2021;GLVSOD\/&'Â&#x2021;UXRWH5HI


 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

6DOLVFHQGLGRFFLD³'DOLD´ Â&#x2021;GRFFHWWDUHJRODELOHDQWLFDOFDUH DIXQ]LRQLÂ&#x2021;¿QLWXUDFURPDWD Â&#x2021;FRQÃ&#x20AC;HVVLELOHHSRUWDVDSRQH

 

5HI

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

.LWGRFFLD³$OLNL´

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

Â&#x2021;FRPSRVWRGDEDUUD+FP GHYLDWRUHLQRWWRQH FRQGRFFHWWDDQWLFDOFDUH VRI¿RQH[FP ¿QLWXUDFURPDWD



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

5HI

%R[GRFFLD³6DOLQD´

*35(',6326723(587,/,==2

Â&#x2021;WHODLRLQDOOXPLQROXFLGR Â&#x2021;FKLXVXUDPDJQHWLFD Â&#x2021;FULVWDOORPP Â&#x2021;¿QLWXUDWUDVSDUHQWH Â&#x2021;UHYHUVLELOH5HI

)25,35((6,67(17,

*'233,238/6$17(3(5 5,63$50,2$&48$

FP

*&+,8685$5$//(17$7$

 

â&#x201A;¬

FP  

DQ]LFKpâ&#x201A;¬

FP

 

&DVVHWWD:&XOWUDSLDWWD

â&#x201A;¬

Â&#x2021;FDSDFLWjOWÂ&#x2021;SXOVDQWHJUDQGHVFDULFROW HSXOVDQWHSLFFROROWÂ&#x2021;WXERVFDULFRLQFOXVR Â&#x2021;VLOHQ]LDWD5HI

DQ]LFKpâ&#x201A;¬

6HGLOH:&XQLYHUVDOH Â&#x2021;LQOHJQRVWDPSDWRFRQFHUQLHUD LQPHWDOORÂ&#x2021;FRORUHELDQFR5HI



â&#x201A;¬



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

&DELQDGRFFLDLGURPDVVDJJLR ³'RQD´

&RQWHQLWRUH³6LPSO\UROOHU´ Â&#x2021;OWÂ&#x2021;WUDVSDUHQWHÂ&#x2021;FRQFRSHUFKLRFRORUDWR RWUDVSDUHQWHÂ&#x2021;FRQUXRWH

Â&#x2021;LGURJHWWLUHJRODELOLDQWLFDOFDUH Â&#x2021;VRI¿RQHGLDPHWURFP Â&#x2021;VDOLVFHQGLFRQGRFFHWWDIXQ]LRQL Â&#x2021;DQWHLQFULVWDOORPP Â&#x2021;WHODLRLQDOOXPLQLR¿QLWXUDFURPDWD Â&#x2021;PHQVRODSRUWDRJJHWWL5HI

5HI 'LVSRQLELOHDQFKH³6LPSO\UROOHU´OWâ&#x201A;¬

*121$558**,1,6&(

 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

FP

6HW%LGHW:&

FP 

FP



â&#x201A;¬ *$17(6*$1&,$%,/, 3(581$)$&,/(38/,=,$

6HWVDQLWDUL%LGHW:&³5RV\´ Â&#x2021;LQFHUDPLFDSULPDTXDOLWj Â&#x2021;FRORUHELDQFRHXURSHR %LGHW Â&#x2021;DWHUUDPRQRIRUR5HI DQ]LFKpâ&#x201A;¬ VFRQWRâ&#x201A;¬ 

EULFRFHQWHULWW

:& Â&#x2021;VFDULFRDSDYLPHQWR 5HI

DQ]LFKpâ&#x201A;¬ VFRQWRâ&#x201A;¬  6HGLOHHVFOXVR

$UWLFROLQRQYHQGLELOLVHSDUDWDPHQWH

6WHQGLELDQFKHULD ³1HZ$WODQWLF´ Â&#x2021;LQDOOXPLQLR Â&#x2021;PWGLVWHQGLWXUD 5HI




  R  W  R D W E WREUH D V  R O VR SHUXQDVSHVDPLQLPDGLHXUR 1RQFXPXODELOHFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR 6FRQWRHVFOXVRSHULFRPEXVWLELOL SHWUROLRSHOOHWHOHJQD 

*&21)$5(772,1&/862

2IIHUWDQRQFXPXODELOHFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR

3HUPRQWDUOREDVWDXQJHVWR JUD]LHDOVLVWHPD³(DV\¿[´ LOPLVFHODWRUHqLQVWDOODWR

GLVFRQWR VXDFFHVVRUL ´%HVWORFNµ *&21),66$**,2$9(1726$

XQHVHPSLR FHVWHOORGRFFLD5HI

DQ]LFKp€VFRQWR€ 

*&21/(9$'233,$ 326,=,21(3(55,63$50,2 $&48$

FP



FP





€

6SHFFKLR³$GULDQD´ ‡UHYHUVLELOH‡IDUHWWRFURPDWRFRQ DWWDFFRSLFFROR( ODPSDGLQDHVFOXVD5HI

0LVFHODWRUL³'RW´,GHDO6WDQGDUG ‡LQRWWRQH¿QLWXUDFURPDWD‡VLVWHPD¿VVDJJLR³(DV\¿[´ IDFLOHLQVWDOOD]LRQH /DYDER%LGHW5HI DQ]LFKp€VFRQWR€ 

9DVFD5HI

DQ]LFKp€VFRQWR€ 

&RORQQD

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

SRUWDVDOYLHWWHEUDFFL



0RELOHEDJQR



SRUWDURWRORHVFRSLQR





€

€

6HWSDWWXPLHUD OWVFRSLQR



€



DQ]LFKp€

0RELOHEDJQR VRVSHVR³*Lz´

‡FURPDWR5HI

3LDQWDQHEDJQR 3RUWDVDOYLHWWHEUDFFL 5HI

‡¿QLWXUDODPLQDWD HVVHQ]DROPR ‡FRPSRVWRGD EDVHSRUWDODYDER FDVVHWWLFKLXVXUD UDOOHQWDWD PLV[[FP ODYDERLQFHUDPLFD ELDQFR/[3[+FP PLV[FP VSHFFKLRDPXUR

3RUWDURWRORHVFRSLQR 5HI

5HI

&RORQQD VRVSHVD³*Lz´ ‡DQWHFRQULSLDQL 5HI



€

FP

‡LQDFFLDLRFURPDWR

DQ]LFKp€



FDG

DQ]LFKp€



9HWURPDWWRQHRQGXODWR WUDVSDUHQWH ‡PLV/[3[+FP 5HI

FP  FP

FP

€



€

FP  FP


*&21$&&(16,21(728&+

 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

6RVSHQVLRQH³7HJROD´ Â&#x2021;DWWDFFR(Â&#x2021;PD[[: 5HI

 

 

â&#x201A;¬

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

DQ]LFKpâ&#x201A;¬

6RVSHQVLRQL³6OLFH´

/DPSDGDGDWDYROR³0LOOD´

Â&#x2021;GLDPHWURFPÂ&#x2021;DWWDFFR(Â&#x2021;: Â&#x2021;GLVSRQLELOHQHLFRORULWUDVSDUHQWHIXPpOLOODHDUDQFLR

Â&#x2021;LQYHWURÂ&#x2021;DWWDFFR(Â&#x2021;:5HI

5HI



â&#x201A;¬

/D48$/,7­ FKHWLID 5,63$50,$5(

3LDQWDQD³$QMR´ Â&#x2021;LQFDUWDGLULVRÂ&#x2021;DWWDFFR(Â&#x2021;[: Â&#x2021;GLVSRQLELOHYDULFRORUL

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

DQ]LFKpâ&#x201A;¬





/DPSDGLQD³*ORER´ Â&#x2021;DWWDFFR(Â&#x2021;: Â&#x2021;OXFHFDOGDRIUHGGDRUH 5HI

â&#x201A;¬



â&#x201A;¬

FP



â&#x201A;¬

5HI



/DPSDGDGD WDYROR³3D]´

DQ]LFKpâ&#x201A;¬

Â&#x2021;DWWDFFR(Â&#x2021;: Â&#x2021;FDUWDELDQFD5HI

/DPSDGDGDVWXGLR³)DPRXV´ Â&#x2021;DWWDFFR(Â&#x2021;:5HI

 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

5HJOHWWHVWDJQD Â&#x2021;FRORUHJULJLRÂ&#x2021;FRPSOHWDGLQHRQ: Â&#x2021;WHQXWDVWDJQD,35HI

*87,/,==$%,/($1&+( 6,1*2/$50(17(

3UDWLFDHGLYHUWHQWHO¶DSSOLTXH³'DIQH´KDXQD EDVHXQLYHUVDOHFKHWLFRQVHQWHGLFDPELDUH LOYHWURTXDQGRYXRLVFHJOLHQGRLOGHFRURFKH SUHIHULVFL

* /('%,$1&+,



â&#x201A;¬

DQ]LFKpâ&#x201A;¬



/DPSDGDGLHPHUJHQ]D ULFDULFDELOH5H[HU

Â&#x2021;DFFHQVLRQHDXWRPDWLFDÂ&#x2021;SXzHVVHUH ¿VVDWDDOPXURÂ&#x2021;GRWDWDGLEDWWHULD Â&#x2021;PLV[[FP5HI

EULFRFHQWHULWW

81¶$33/,48(&+(&$0%,$,181&/,&



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

/D48$/,7­ FKHWLID 5,63$50,$5(

%DVH5HIâ&#x201A;¬ 



7RUFLDOHGLQFRQWUHSSLHGH Â&#x2021;PLV[[FPÂ&#x2021;VLQJRODWRUFLD PLV[[FPÂ&#x2021;PDWHULDOH$%6 Â&#x2021;OHGELDQFROHGURVVRFRQOXFH LQWHUPLWWHQWHSHURJQLSLFFRODWRUFLD 5HI IDFLOPHQWHFKL Â&#x2021;IDFLOPHQWHFKLXGLELOH

9HWURÂ&#x2021;VRJJHWWLYDULÂ&#x2021;PLV[FP5HIâ&#x201A;¬ 

EDVHYHWUR 



â&#x201A;¬


  R  W  R D W E WREUH D V  R O VR SHUXQDVSHVDPLQLPDGLHXUR 1RQFXPXODELOHFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR 6FRQWRHVFOXVRSHULFRPEXVWLELOL SHWUROLRSHOOHWHOHJQD 

 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬



7HQGD³-LXOLD´

â&#x201A;¬

Â&#x2021;LQYRLOHRWDIIHWj Â&#x2021;GLVSRQLELOHQHLFRORULJULJLR HELDQFRÂ&#x2021;FRQRFFKLROL Â&#x2021;PLV[FP

5LORJD Â&#x2021;¿QDOLGLVSRQLELOLFHUFKLRRYDOHRVPXVVDWR Â&#x2021;LQPHWDOORHVWHQVLELOHPLVFP Â&#x2021;GLDPHWURFP Â&#x2021;¿QLWXUDFURPDWDRVDWLQDWD5HI

5HI

*5$0,



â&#x201A;¬

DQ]LFKpâ&#x201A;¬



3KDOHQRSVLV

Â&#x2021;GLDPHWURYDVRFP 5HI

 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬



â&#x201A;¬

D DQ]LFKpâ&#x201A;¬

%DUUDGDFXFLQD



Â&#x2021;FRPSRVWDGDJDQFLD6 SRUWDURWRORHSRUWDWXWWR DFFHVVRULHVFOXVL

'HXPLGL¿FDWRUH ³$HUR´$ULDVDQD

5HI

Â&#x2021;QXRYRVLVWHPDDVVRUELXPLGLWj LGHDOHSHUPT5HI

*$/7(==$5(*2/$%,/(

* &215,&$5,&$,120$**,2



â&#x201A;¬

.HQWKLD

Â&#x2021;GLDPHWURYDVRFP Â&#x2021;+FP 5HI



â&#x201A;¬

* ,03,/$%,/(

DQ]LFKpâ&#x201A;¬



URWROLGLFDUWDDVFLXJDWXWWR Â&#x2021;VWUDSSLÂ&#x2021;GRSSLRYHOR 5HI



FP

â&#x201A;¬

DQ]LFKpâ&#x201A;¬ FP  FP

 

â&#x201A;¬





&DVVRQHWWRUDFFROWDGLIIHUHQ]LDWD Â&#x2021;FRORUHJULJLRÂ&#x2021;OW5HI

DQ]LFKpâ&#x201A;¬

6JDEHOORLQNLW 5HI


SRUWDWD ULSLDQR

* *$1&,2$33(1',78772,1&/862

.J



â&#x201A;¬

$UPDGLRLQSODVWLFD WXWWRULSLDQL RSRUWDVFRSH

SRUWDWD ULSLDQR

.J

Â&#x2021;FRQSLHGLQLHPDQLJOLRQL 5HI



SRUWDWD ULSLDQR

â&#x201A;¬

.J

DQ]LFKpâ&#x201A;¬



7DYRODJLXQWDWDLQDEHWH Â&#x2021;VSHVVRUHFPÂ&#x2021;PLV[FP5HI

SRUWDWD ULSLDQR

FP

.J

 

FP 

â&#x201A;¬

FP

FP SRUWDWD ULSLDQR

FP 

.J

DQ]LFKpâ&#x201A;¬

5LSLDQRPHODPLQLFR

FP

Â&#x2021;PLV[[PPÂ&#x2021;FRORUHELDQFR Â&#x2021;ERUGDWRVXLODWLOXQJKL5HI

 

â&#x201A;¬

* 326$6(1=$&2//$

DQ]LFKpâ&#x201A;¬

DOPT

â&#x201A;¬

6FDIIDOHULSLDQLDEXOORQL Â&#x2021;FRORUHJULJLRPDUWHOODWRÂ&#x2021;FRQULIRU]R

3DYLPHQWRODPH YLQLOLFKHDGHVLYH

5HI

&DULFRXQLIRUPHPHQWHGLVWULEXLWR

Â&#x2021;PLV[PP Â&#x2021;FRQIPTâ&#x201A;¬  5HI

DOPT

â&#x201A;¬

3DYLPHQWR ODPLQDWR Â&#x2021;PLV[[PPÂ&#x2021;FRORUHFLOLHJLR Â&#x2021;FRQIPT5HI



DQ]LFKpâ&#x201A;¬



FP



â&#x201A;¬

FP



â&#x201A;¬

FP

FP

*3(5,17(51,('(67(51,



DQ]LFKpâ&#x201A;¬



FP

3RUWDDVRI¿HWWR³5LR´

3RUWDGDLQWHUQR³6DEULQD´

Â&#x2021;FRORUHELDQFR5HI

Â&#x2021;FRORUHQRFHELRQGR Â&#x2021;DSHUWXUDDGHVWUDRDVLQLVWUD 5HI 5HI

EULFRFHQWHULWW

 

â&#x201A;¬

FP

DQ]LFKpâ&#x201A;¬

3RUWDEOLQGDWDGDLQWHUQR ³'HQD´ Â&#x2021;FRORUHWDQJDQLFDÂ&#x2021;GLVSRQLELOH DSHUWXUDDGHVWUDRDVLQLVWUD 5HI

DOPT

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

3ODFFKHWWDULYHVWLPHQWR ³3LHWUD´ Â&#x2021;FRORUHEHLJHÂ&#x2021;FRQIPT

DQ]LFKpâ&#x201A;¬VFRQWRâ&#x201A;¬  5HI


  R  W  R D W E WREUH D V  R O VR SHUXQDVSHVDPLQLPDGLHXUR 1RQFXPXODELOHFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR 6FRQWRHVFOXVRSHULFRPEXVWLELOL SHWUROLRSHOOHWHOHJQD 





â&#x201A;¬

DQ]LFKpâ&#x201A;¬

FP

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

.LWDOODUPHVHQ]D¿OL



FP

Â&#x2021;PXOWL]RQDFRQFRPELQDWRUHWHOHIRQLFRLQWHJUDWR Â&#x2021;SRVVLELOLWjGLHVSDQVLRQH¿QRDWUDULOHYDWRUL FRQFRQWDWWLPDJQHWLFLHWHOHFRPDQGLÂ&#x2021;SRVVLELOLWj GLDJJLXQJHUHXQDVLUHQDGDHVWHUQRHGXQD EDWWHULDWDPSRQH5HI

9LGHRFLWRIRQR/&'´DFRORUL Â&#x2021;¿OLÂ&#x2021;FRQVXSSRUWRDSDUHWHHVXSSRUWRGDDSSRJJLR Â&#x2021;SRVVLELOLWjGLFRPDQGDUHO¶DSHUWXUDGLXQDSULSRUWD RXQDVHUUDWXUDGLXQFDQFHOORHOHWWULFRÂ&#x2021;SRVVLELOLWjGL FROOHJDUHXQDFDPHUDGLVRUYHJOLDQ]DVXSSOHPHQWDUH



â&#x201A;¬

DQ]LFKpâ&#x201A;¬



â&#x201A;¬

5HI

DQ]LFKpâ&#x201A;¬



FDG

â&#x201A;¬



&DVVDIRUWHG¶DSSRJJLR³<DOH´ 

Â&#x2021;VSHVVRUHFDVVDPP Â&#x2021;SRUWDPPÂ&#x2021;SHVRNJÂ&#x2021;FKLXVXUDHOHWWURQLFD FRQFKLDYHGLVLFXUH]]DÂ&#x2021;WDVVHOOL¿VVDJJLRFRPSUHVL EDWWHULHHVFOXVH5HI

0XOWLSUHVDSUHVH



DQ]LFKpâ&#x201A;¬

FP 

Â&#x2021;SHUWXWWLJOLVWDQGDUGGLVSLQH VWDQGDUGWHGHVFRJUDQGH$ SLFFROD$ Â&#x2021;VSLQDJUDQGH$ VDOYDVSD]LRÂ&#x2021;FDYRPW Â&#x2021;LQWHUUXWWRUH5HI

3LOH³)DPLO\3DFN´ (QHUJL]HU

Â&#x2021;SH]]LÂ&#x2021;VWLOR$$RPLQLVWLOR$$$ 5HI



â&#x201A;¬



â&#x201A;¬



DQ]LFKpâ&#x201A;¬

DQ]LFKpâ&#x201A;¬





 

â&#x201A;¬

%LSDFNVFKLXPD SROLXUHWDQLFD6DUDWRJDPO

7ULVVLOLFRQLDQWLPXIID 6DUDWRJDPO

DQ]LFKpâ&#x201A;¬

5HI

$QWHQQD'77GLUHWWLYD

Â&#x2021;WUDVSDUHQWH5HI

Â&#x2021;8+)Â&#x2021;DOWRJXDGDJQR G%

Â&#x2021;HOHPHQWLÂ&#x2021;DWWDFFR) 5HI

*&213,672/$ 3(5,035(*1$17(



â&#x201A;¬

DQ]LFKpâ&#x201A;¬



6HWDFFHVVRULSLWWXUD Â&#x2021;FRPSRVWRGDUXOOR3LQW\FRQVHUEDWRLR QDVWURPDVFKHUDPPWHORGL SURWH]LRQH[PW5HI



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

3LVWRODDVSUX]]R³:DOO3HUIHFW:´

 

â&#x201A;¬

DQ]LFKpâ&#x201A;¬

&DUUHOORWUDVSRUWR Â&#x2021;FRQUXRWHJRQ¿DELOL Â&#x2021;SRUWDWDNJ5HI



â&#x201A;¬

Â&#x2021;DEDVVDSUHVVLRQHSHUSLWWXUHPXUDOLÂ&#x2021;FRQSLVWRODGLULFDPELR LGHDOHSHUVPDOWLHLPSUHJQDQWLDOO¶DFTXDHVROYHQWH



DQ]LFKpâ&#x201A;¬



6XSHUVFDODDOOXPLQLRSL Â&#x2021;JUDGLQLÂ&#x2021;DGDWWDDOO¶XVRGRPHVWLFRHSURIHVVLRQDOHÂ&#x2021;SRUWDWD PD[NJÂ&#x2021;SLDQRFRQERUGRDUURWRQGDWRVDOYDGLWDÂ&#x2021;DOWH]]DSLDQR GLODYRURFPÂ&#x2021;JUDGLQL]LJULQDWL/PPÂ&#x2021;SRUWDRJJHWWLFRPSOHWR GLJDQFLRSHULOVHFFKLRÂ&#x2021;SRUWDWDSRUWDRJJHWWLPD[NJÂ&#x2021;VLDSUH HVLFKLXGHFRQXQVRORJHVWRGHOODPDQR5HI

5HI


 

 

â&#x201A;¬



DQ]LFKpâ&#x201A;¬

3RPSDVRPPHUVD

&RPSUHVVRUH 6WDQOH\

Â&#x2021;:Â&#x2021;9+] Â&#x2021;SURIRQGLWjLPPHUVLRQHPW Â&#x2021;XWLOL]]DELOHLQDFTXHVFXUH



DQ]LFKpâ&#x201A;¬

DQ]LFKpâ&#x201A;¬

Â&#x2021;YHUWLFDOHÂ&#x2021;OWÂ&#x2021;KS Â&#x2021;DXWROXEUL¿FDWR

5HI

5HI



7HWWRLDLQSROLFDUERQDWRVDWLQDWR P F 

Â&#x2021;VXSSRUWRQHUR5HI

 FP

â&#x201A;¬

â&#x201A;¬

*/(**(5$



â&#x201A;¬

DQ]LFKpâ&#x201A;¬





â&#x201A;¬

(OHWWURVHJD

0RWRVHJDGDSRWD ³31´

Â&#x2021;:Â&#x2021;EDUUDFP 5HI

Â&#x2021;PRWRUHFFÂ&#x2021;SHVR.J Â&#x2021;EDUUDFP5HI



â&#x201A;¬

DQ]LFKpâ&#x201A;¬



6RI¿DWRUHDVSLUDWRUH HWULWXUDWRUH Â&#x2021;:Â&#x2021;YHORFLWjGLXVFLWD YDULDELOHGDDNPK Â&#x2021;FDSDFLWjGLWULWXUD]LRQH 5HI

  

â&#x201A;¬

DQ]LFKpâ&#x201A;¬ DQ]LFKpâ&#x201A;¬

6HUUDULSLDQL Â&#x2021;WH Â&#x2021;WHORLQSYFÂ&#x2021;WHORWQWSHU SURWH] SURWH]LRQHLQYHUQDOHGL¿RUL HSLDQWH HSLDQWHÂ&#x2021;VWUXWWXUDLQDFFLDLR YHUQ YHUQLFLDWRÂ&#x2021;GLDPHWURWXER PPÂ&#x2021;SHVRNJ



â&#x201A;¬

DQ]LFKpâ&#x201A;¬

5HI

Â&#x2021;LQOHJQRGLDEHWHÂ&#x2021;VSHVVRUHPP Â&#x2021;VWUXWWXUDEORFNKRXVH5HI $ PW % PW ' PW

F PW G PW E PW

EULFRFHQWHULWW

* &203/(7$',3$9,0(17$=,21(

FP

&DVHWWD³1HXVHHODQG´ FP  FP


  R  W  R D W E WREUH D V  R O VR SHUXQDVSHVDPLQLPDGLHXUR 1RQFXPXODELOHFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR 6FRQWRHVFOXVRSHULFRPEXVWLELOL SHWUROLRSHOOHWHOHJQD 

* ,120$**,25,/(9$725(

* ,120$**,25,/(9$725(

/D48$/,7­ FKHWLID 5,63$50,$5(

3(5&$9,(/(775,&,(78%, 0(7$//2'(/9$/25(',€

3(5&$9,(/(775,&,(78%, 0(7$//2'(/9$/25(',€



€

7UDSDQRDYYLWDWRUH DSHUFXVVLRQH %ODFN 'HFNHU

* 3817($66257,7(

‡EDWWHULD9DOLWLR$K ‡ULFDULFDRUH‡YHORFLWj PHFFDQLFKH‡PDQGULQR DXWRVHUUDQWHPP



€

5HI

7UDSDQRD¿OR%ODFN 'HFNHU ‡:‡PDQGULQRDXWRVHUUDQWHPP‡YHORFLWj HOHWWURQLFDYDULDELOH‡FRQYDOLJHWWD5HI

/D48$/,7­ FKHWLID 5,63$50,$5(

/D48$/,7­ FKHWLID 5,63$50,$5(

*,038*1$785$ $17,9,%5$=,21(

 

€

DQ]LFKp€

0DUWHOORGHPROLWRUH'H[WHU ‡:‡DWWDFFR6'6‡SRWHQ]DFROSRMRXOH ‡YHORFLWjDYXRWRJLULPLQ‡LPSXJQDWXUDVRIWJULS ‡IXQ]LRQLWUDSDQRWDVVHOODWRUHHGHPROLWRUH ‡PDQGULQRWUDSDQRFRQDWWDFFR6'6‡YLEURVWRS 5HI

*&21)5(12 (/(775,&2',6,&85(==$





€

€



9DOLJHWWDSH]]L

9DOLJHWWDSH]]L

‡FRQYLWLDVVRUWLWH5HI

 

‡FRQYLWLDVVRUWLWH5HI

€

DQ]LFKp€





€

6HWYDOLJHWWHLQDOOXPLQLR

/D48$/,7­ FKHWLID 5,63$50,$5(

‡FRQDQJROLULQIRU]DWL‡PLVFP ‡WUDFROODFRPSUHVDSHUODPLVXUDSLJUDQGH 5HI

7URQFDWULFH'H[WHU ‡:‡SLDQHWWR‡GLVFRGLDPHWURPP ‡FDSDFLWjWDJOLR[PP ‡WDJOLRULSLDQRVXSHULRUHPP ‡SHVRNJ5HI

6HW XWHQVLOL 6HWXWHQVLOL PXOWLIXQ]LRQH



€



5HI

/D48$/,7­ FKHWLID 5,63$50,$5(

 

€

 



€

€

%DQFRGDODYRURLQPHWDOOR ‡PRQWDJJLRIDFLOLWDWRDGLQFDVWUR XWHQVLOLHVFOXVL5HI

DQ]LFKp€ FP

DQ]LFKp€

FP  FP

DQ]LFKp€





%DQFRVHJD ‡:‡GLPHQVLRQLSLDQR[FP ‡GLDPHWURODPDPP‡WDJOLRDƒ PP ‡WDJOLRDƒ PP5HI

7UDSDQRDYYLWDWRUH'H[WHU ‡9‡FRQEDWWHULDDOOLWLR5HI


  R  W  R D W E W D R V E  R UH O R

V

SHUXQDVSHVDPLQLPDGLHXUR 1RQFXPXODELOHFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR 6FRQWRHVFOXVRSHULFRPEXVWLELOL SHWUROLRSHOOHWHOHJQD 

0HVVDJJLRSXEEOLFLWDULRFRQ¿QDOLWjSURPR]LRQDOH

2IIHUWDGLFUHGLWR¿QDOL]]DWRYDOLGDGDODORWWREUHFRPHGDHVHPSLRUDSSUHVHQWDWLYR3UH]]RGHOEHQH€7$1¿VVR7$(* LQUDWHGD€VSHVHHFRVWLDFFHVVRULD]]HUDWL,PSRUWRWRWDOHGHOFUHGLWR€,PSRUWRWRWDOHGRYXWRGDO&RQVXPDWRUH€$O¿QHGL JHVWLUHOHWXHVSHVHLQPRGRUHVSRQVDELOHHGLFRQRVFHUHHYHQWXDOLDOWUHRIIHUWHGLVSRQLELOL)LQGRPHVWLFWLULFRUGDSULPDGLVRWWRVFULYHUHLOFRQWUDWWR GLSUHQGHUHYLVLRQHGLWXWWHOHFRQGL]LRQLHFRQRPLFKHHFRQWUDWWXDOLIDFHQGRULIHULPHQWRDOOH,QIRUPD]LRQL(XURSHHGL%DVHVXO&UHGLWRDL&RQVXPDWRUL ,(%&& SUHVVRLOSXQWRYHQGLWD6DOYRDSSURYD]LRQHGL)LQGRPHVWLF%DQFD6S$³%ULFRFHQWHURSHUDTXDOHLQWHUPHGLDULRGHOFUHGLWRSHU)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/, 72 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$7( 0, 9LDƒPDJJLR DQJROR;;6HWWHPEUH7HO 08==$',&251(*/,$12/$8'(16( /2  9LD'HO&RGRJQLQR7HO

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$XFKDQ5HVFDOGLQD 7HO 521&$'(//( %6 FR&&³/H5RQGLQHOOH´ 7HO 9(57(0$7( &2 7HO 9,02'521( 0, FR*DOOHULD$XFKDQ9LPRGURQH 7HO 9(1(72 %8662/(1*2 95  FR*DOOHULD$XFKDQ%XVVROHQJR 7HO /(*1$*2 95 FR&&³*DODVVLD´ 7HO 3$'29$FR&&³*LRWWR´7HO 9,&(1=$9LD*LQR6ROGj FR*DOOHULD$XFKDQ9LFHQ]D7HO )5,8/,9(1(=,$*,8/,$ 08**,$ 76 6WUDGD)DUQHL=RQD5DEXLHVH 7HO /,*85,$ /$63(=,$9LD99HQHWR7HO 6$921$9LD6WDOLQJUDGR &HQWURSROLQIXQ]LRQDOH³/HRI¿FLQH´7HO

(0,/,$520$*1$ &$67(1$62 %2 7HO )(55$5$9LD9HUJD7HO 3$50$FR&&³(XUR7RUUL´ 7HO 5(**,2(0,/,$FR&&³/¶$ULRVWR´ 7HO 726&$1$ /8&&$9LD6DYRQDUROD$ 7HO ),5(1=(9LDOH7DOHQWLFR2YLHVVH7HO 80%5,$ 3(58*,$9LD6HWWHYDOOL 7HO 7(51,9LDGHO0DJOLR7HO 0$5&+( )$/&21$5$ $1 9LD0DUFRQL 7HO )$12 38 9LD/(LQDXGL7HO $6&2/,3,&(12 $3

FR&&³$O%DWWHQWH´7HO /$=,2 520$ 9LD3UDWL)LVFDOLFR83,07HO ‡9LD1LFFRGHPLFR&&³%XIDORWWD´ 7HO ‡9LD3UHQHVWLQD7HO 1829$$3(5785$)526,121( $%58==2 &,77­6$17·$1*(/2 3( =RQD&HQWUR&RPPOH 3HVFDUD1RUG7HO &2/211(//$ 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 $9  9LD1D]LRQDOH7RUUHWWH7HO 6$/(512 9LD6/HRQDUGR7HO 38*/,$ &$9$//,12 /( FR3DUFR&RPPOH ³(/HFOHUF&RQDG´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$XFKDQ 6*LOOD7HO &$*/,$5, 3,55, FR*DOOHULD$XFKDQ0DUFRQL 7HO 6$66$5,FR*DOOHULD$XFKDQ3UHGGD1LHGGD 7HO

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

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

4XHVWRYRODQWLQRqVWDPSDWR VXFDUWD3()&FRQPDWHULD SULPDGDIRUHVWHJHVWLWH LQPDQLHUDVRVWHQLELOH HGDIRQWLFRQWUROODWH


ghjghj