Professional Documents
Culture Documents
Culegere de Bancuri Românesti 1 PDF
Culegere de Bancuri Românesti 1 PDF
9HUVLXQHD9ROXPXO,
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9ROXPXO,EDQFXULOH
$OFDWXLWDGH(XJHQ.DUEDQ
9L]LWHD]DPLSDJLQDSHUVRQDODGHZHEODDGUHVDKWWSKRPHSDJHVFRPSXVHUYHGHJHQX.
&DSRUWDOSHHQWUXSDJLQDGHEDQFXULPDLSRWILIRORVLWHDGUHVHOH
ZZZEDQFXULRUJ
ZZZVXUIWREDQFXUL
6DXWULPLWHPLXQ(0DLOODDGUHVDNDUEDQHXJHQ#JP[QHW
9HUVLXQHD
8OWLPDPRGLILFDUHOD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,QIRUPDWLLQXQXPDLFRS\ULJKW
$FHDVWDFROHFWLHGHEDQFXULVWDODGLVSR]LWLDOLEHUDDWXWXURUFHORUDFDUHYRUVDOHWLSDUHDVFDVDXVDOHIRORVHDVFDvQIRUPDORU
HOHFWURQLFDSHQWUXX]XOSHUVRQDO
$FHVWILVLHU SGISRDWHILGDWIDFXWFDGRX]YkUOLWDUXQFDWHPDLODWODWRWLSULHWHQLLVLVDXGXVPDQLLWDL
%LQHvQWHOHV EDQFXULOH vQ SULQFLSLXQX VWDX VXE SURWHFWLD QLFLXQXLFRS\ULJKWvQVDVL PHQLUHD ORU ILLQG UDVSkQGLUHD OLEHUD SH
FDOHYHUEDODGHSUHIHUDWLDUvQDFHVWFD]SHFDOHVFULVD
7RWXVLVXQWGHSDUHUHFDDPLQYHVWLWIRDUWHPXOWWLPSVLPXQFDvQUHDOL]DUHDDFHVWRUSDJLQLREWLQkQGVSHUHXVLXQUH]XOWDW
IUXPRV 'H DFHHD DV GRUL FD DFHDVWD PXQFD VD ILH UHVSHFWDWD DQXPH QX DV JDVL GHORF IDLU FD DFHVWH EDQFXUL vQ DFHDVWD
JUXSDUH vQ WRWDOLWDWH VDX SH FDWHJRULL VD ILH WLSDULWH IDUD vQVWLLQWDUHD PHD DOWIHO GHFkW SHQWUX X]XO SHUVRQDO SUHFXP VL
SUHOXDUHDDFHVWRUJUXSDULGHEDQFXULGHDOWHVLWXULRILFLDOHVDXSHUVRQDOHGLQLQWHUQHW5HPDUFWRWXVLFXWULVWHWHFDDFHVWOXFUX
VHSUDFWLFDvQVDVLSDUHVDGHYLQDXQVSRUWGHPDVD/
1XLDVD"
EDQFXULWDULK\SHPDUWQHWGRPQXOH0LKDL5XVVLPWHWHPDLGHSDUWHFDODDXWRVHUYLUHSHDFHVWHSDJLQL
ZZZKD]URGRPQXOH9RLFD6RULQVLPWHWHPDLGHSDUWHFDODDXWRVHUYLUHSHDFHVWHSDJLQL
ZZZJHOXJRURGRPQXOH9RLFD6RULQVLPWHWHPDLGHSDUWHFDODDXWRVHUYLUHSHDFHVWHSDJLQL
'DFD FXPYD YUHR HGLWXUD" JDVHVWH LQWHUHVDQWD DFHDVWD PLFD GHYHQLWD PDUH vQWUH WLPS- OXFUDUH SRDWH OXD OHJDWXUD FX
PLQHSULQ(PDLO
7LQVD PXOWXPHVF DLFL vQ SULPXOUkQGVRWLHL PHOH SHQWUXUDEGDUHD FDUH D DUDWDWRIDWD GH PLQHVL GH FRPSXWHU- DSRL OXL
6RULQ'DOHDOXL6WHYH*HDQWDOXL&ODXGLX$GULDQ&UXFHDQXVLDWXWXURUDFHORUDFDUHPDXvQFXUDMDWSULQVFULVRULHPDLOVD
OXFUH]PDLGHSDUWHODSDJLQDGHEDQFXUL
$FHDVWDFDUWHVHYUHDDVWIHORYDULDQWDPDLIUXPRDVDVLSUHOXFUDWDDSDJLQLLPHOHGHEDQFXULYDULDQWDFDUHVDSRDWDILFLWLWDVL
VHDUDvQDLQWHGHFXOFDUHQXQXPDLvQIDWDPRQLWRUXOXLVLFXJkQGXOODQRWDWHOHIRQLFD
$LFLvQDFHDVWDFDUWHSRWILH[FOXVHGLQVWDUWRULFHWHQGLQWDGHVRYLQLVPUDVLVPQDWLRQDOLVPDQWLVHPLWLVPDQWLIHPLQLVP
VDXDOWHDVWIHOGHOXFUXULGHSORUDELOH&XYLQWHH[SOLFLWHDSDUIDUDGRDUVLSRDWHODIRDUWHPXOWHEDQFXULSHQWUXDQXGHUDQMDSH
QLPHQLFXIRORVLUHDORUGLUHFWDOHDPPDUFDWSHFkWDPSXWXWFXXQDVWHULVF'DFDFLQHYDJDVHVWHVLDVDFDEDQFXULOHGLQ
DFHDVWDFXOHJHUHFRQWLQSUHDPXOWHFXYLQWHREVFHQHvQVHDPQDFDFLWHVWHSDJLQLOHJUHVLWHVLHVWHUXJDWVDVWHDUJDDFHVWILVLHUGH
SHKDUG
0DVEXFXUDVDSULPHVFLPSUHVLLVLRSLQLLVDXFKLDUFULWLFLGLQSDUWHDFHORUFDUHDMXQJVDFLWHDVFDDFHDVWDFDUWHVDX
IUDJPHQWHGLQHD
(XJHQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,QWURGXFHUH
,)HQRPHQXOURPkQHVFDOEDQFXOXL
'H$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/LWHUHQRLHPEULHHOvQVXVLFRQWLQXkQGVDVHRFXSHvQVDPDL
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
QXPDLHODVSLUDODRKLODULWDWHVXSHULRDUDFXIXQFWLHFRPSHQVDWLYDvQSODQH[LVWHQWLDO%DQFXODUHvQWRWGHDXQDXQVFRSPDL
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[FOXVLYXUEDQD
'H DOWIHO QRWLXQHD vQVDVL GH VSLULW SRSXODU DU WUHEXL UHGLVFXWDWD SRDWH vQ FRQWH[WXO QRLORU UHDOLWDWL VRFLRHFRQRPLFH
1LYHODUHDVRFLDODDOIDEHWL]DUHDvQPDVDXUEDQL]DUHDDFFHOHUDWDVLLPSOLFLWGHSRSXODUHDWUHSWDWDDVDWHORUPDVVPHGLDvQ
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%XFXUHVWLOD
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
9HUVLXQHD9ROXPXO,
SURYHQLHQWD VHPLFXOWD IROFORUL]LQGXVH DELD DSRL PDL FX VHDPD vQ YHDFXO QRVWUX 'H DOWIHO vQ FRQGLWLLOH FLYLOL]DWLHL
PRGHUQHLQIOXHQWHOHFXOWHDVXSUDXOWLPHORUUHVXUVHIROFORULFHDXXQFDUDFWHUIDWDO3OHFkQGGHDLFLVHSRDWHSXQHvQGLVFXWLH
vQWUHJVWDWXWXOPRGHUQDOQRWLXQLLGHIROFORU
$UWUHEXLVWDELOLWDFKLDUGDFDFXDSUR[LPDWLDIDWDODvQDVHPHQHDFD]XULHSRFDLYLULLFXYLQWXOXLEDQFvQOXPHDURPkQHDVFD
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
SUHVXSXQHPLYLUHDHLSHODPLMORFXOYHDFXOXLWUHFXWRGDWDFXVHGLPHQWDUHDXQHLYLHWLRUDVHQHVWLPRGHUQHvQSDUWLOHQRDVWUH
FDFLDYHPGHDIDFHFXRVSHFLHIROFORULFDPDVLYGHUXUDOL]DWDFXWRDWHSUREDELOHOHHLPRGHOH
WUDGLWLRQDOHVQRDYDVLvQWURPDVXUDPDLQHLQVHPQDWDJKLFLWRDUHD6SUHGHRVHELUHGHVQRDYHEDQFXULOHQLVHvQIDWLVHD]D
vQPDMRULWDWHDORUFDH[SUHVLHDXQXLDOWXQLYHUVH[LVWHQWLDO VLDOXQXLDOWWLSGHVSLULWFROHFWLY(OHVDXOHSDGDWSHGHDOWD
SDUWHGHRULFHVIDWRVHQLHPDQLIHVWDJUDELQGXVHVDU]LFHSUHDWDUHVSUHHIHFWSHQWUXDPDLvQWLU]LDSHFDOH&XPVHVWLH
JOXPD VH SRDWH FLWL EDQFXO QQW HVWH vQ SULPXO UkQG LODULDQWD VL DELD vQ VXEVLGLDU VDWLULFD SH FkQG vQ VQRDYD SULPHD]D
LQWHQWLDVDWLUL]DQWD2%DUOHDRSFLWS
1XWUHEXLHQHJOLMDWGHDVHPHQHDXQDOWDVSHFW IRDUWHFDUDFWHULVWLFEDQFXULORUvQUDSRUWFXVQRDYDWUDGLWLRQDODvQ 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
RGDWDFXHOSDUHFDXPRUXOWUDGLWLRQDOVDVXEWLDWvQEDQFXULUDILQkQGXVLWRDWHPLMORDFHOHVLGHYHQLQGFXPREVHUYDDFHODVL
2 %DUOHD SULQ H[FHOHQWD XQ H[HUFLWLX GH LQWHOLJHQWD HSXUDW GH RULFH GLGDFWLFLVP GLUHFW GDU VL GH RULFH VHQWLPHQW DO
SHUPDQHQWHL 6QRDYHOH HUDXPRUDOH ILH VL SULQ UHFXO EDQFXULOH VXQWDPRUDOH DVH]LQGXVL SHUVRQDMHOH QX vQ SHUVSHFWLYD
XQRUQRUPHFLvQDFHHDDXQRULQWHUHVHÌQILQHVQRDYHOHUHIOHFWDXRH[SHULHQWDGHYLDWDVWUDYHFKHGDUOLPLWDWDFXFHULWD
vQWUXQXQLYHUVvQFKLVVLVWDWLF%DQFXULOHYHKLFXOHD]DQLVWHH[SHULHQWHQRLvQWURSHUVSHFWLYDGH]PDUJLQLWDHOHVLQWH[SUHVLD
XQHLOXPLFXSULQFLSLLIOXFWXDQWHGH]UDGDFLQDWDVLIXQGDPHQWDODQDUKLFDSULQDWRPL]DUHDHLVRFLRFXOWXUDOD
,DWDGH FH SXWHP YRUEL OD ULJRDUHGH R DXWRQRPLH DEDQFXOXL vQ UDSRUWFX VSHFLLOH WUDGLWLRQDOH GDUVL FX FHOHODOWHJOXPH
FXUHQWH vQ YLDWD VRFLDOD,,, ÌQ PHULWXRDVD VD OXFUDUH /D W\SRORJLH ELEOLRJUDSKLTXH GHV IDFHWLHV URXPDLQHV (GLWXUD
$FDGHPLHL%XFXUHVWLW,,,;;;9,,,SS6DELQD&6WURHVFXDGRYHGLWFXSULVRVLQWDFD5RPkQLDHVWHWDUD
VQRDYHORUFHUFHWDWRDUHDDVWDELOLWQXPDLSXWLQGHGHWLSXULvQUHSHUWRULXOURPkQHVFDOVQRDYHL(OGHSDVHVWHFDPGH
WUHL RUL UHSHUWRULXO XFUDLQHDQ VHPQDODW SkQD D]L D IL FHO PDL ERJDW GLQ (XURSD REVHUYD 2 %DUOHD (VWH VXUFODVDW vQ
vQWUHJLPHFKLDUFDWDORJXOLQWHUQDWLRQDO$DUQH7KRPSVRQQXLPDLSXWLQDGHYDUDWFDQXSHQWUXILHFDUHWDUDGLQOXPHH[LVWDR
OXFUDUHGHJHQXOVLSURSRUWLLOHFHOHLD6DELQHL&6WURHVFXRULFXPvQVDQXPDUXOWLSXULORUURPkQHVWLUDPkQHXLPLWRUVLJUHX
GHFRQFXUDW2%DUOHDvQFHDUFDVLRH[SOLFDWLH0XOWLPHDVQRDYHORUDWHVWDvQFDRGDWDvQFOLQDUHDURPkQXOXLVSUHVDWLUDVL
SRUQLUHDOXLGHDVSHFXODVLWXDWLLOHSOLQHGHXPRUIRDUWHSUREDELORPRVWHQLUHGHODvQDLQWDVLLURPDQLGHRVHELWGHSRUQLWLVSUH
VDWLUDvQFLWUHWRUXO4XLQWLOLDQH[FODPDVHQXIDUDRUJROLX6DWLUDWRWDQRVWUDHVWRSFLWS
1X vQWkPSODWRU IDUD vQGRLDOD vQWUR WDUD vQ FDUH WUDGLWLD VQRDYHL H DWLW GH ELQH UHSUH]HQWDWD D vQIORULW 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 URPkQHVF DO EDQFXOXL QX SRDWH IL H[SOLFDW GRDU FRQMXQFWXUDO GH
SLOGDSULQFRQGLWLLOHVRFLDOSROLWLFHGHGXSDSHFDUHOHvQWkOQLPVLODDOWHPHULGLDQHIDUDFDDFRORVDILJHQHUDWFXWLWOX
GHUHDFWLHVDXUH]LVWHQWDXQIHQRPHQIROFORULFGHDVHPHQHDSURSRUWLLSHQWUXFDHODVWUDEDWXWWLPSGHXQYHDFVLPDLELQH
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 GHULYDvQDLQWH GH WRDWH GLQWURDQXPHVWUXFWXUD VSLULWXDOD5RVWLQG
IUD]DDFHHDGHYHQLWDIDLPRDVD1RXVVRPPHVLFLDX[SRUWHVGHO
2ULHQWRXWRXWHVWSULVDODOHJHUH5D\PRQG3RLQFDUH
LQGLJQDWYRLQGVDQHDGPRQHVWH]HDVILUVLWSULQDQHGHILQLGHVLJXUvQWUXQVHQVSHFDUHQXSXWHDVDOEDQXLDVFD6DOODVDP
SH SROLWLFLDQXO IUDQFH] VD VH RGLKQHDVFD vQ SDFH VL VD SURFHGDP FX vQWHOHSFLXQH VFDSkQG FXYLQWHOH GH RP VL GH FRQWH[WXO
EDQDOvQFDUHDXIRVWURVWLWH
/HMHULWDWHDQRDVWUDvQWUXQVHQVPDLDGkQFQXLGRDU]HIOHPHDXDEDOFDQLFRULHQWDODQLFLQHYULFRDVDOLSVDGHSURWRFROFL
WLQHGHDFHDvQVXVLUHDILULLURPkQHVWLGHDIDFHKD]GHQHFD]ÌQDFHVWvQWHOHVHDHVWHVHPQGHvQWHOHSFLXQHVWUDYHFKHVLGH
WDULHVXIOHWHDVFD1XHVWHELQH]LFHURPkQXOVDSXLWRWXOODLQLPD3RWLWUHFHWRWXOSULQVLWDPLQWLLWDOHVSUHDSULQGHQRLPD
OXFUXULORUDOHGDGHURVWVLDWHSD]LHYHQWXDOGHFXUVHOHORUGDUVDSXLODLQLPDQXHELQH$UILVHPQGHVODELFLXQHVLGH
OLSVDGHPLQWH&DFLOXFUXULOHWHvQFHDUFDVLWUHFLDUWXVHFXYLQHVDUDPkLvQXUPDORU]kPELWRUVLQHYDWDPDWvQGUDJRVWLWQX
IDUDILORVRILHGHVSHFWDFROXOIDUDVHDPDQDOOXPLL(VWLPDLERJDWVXIOHWHVWHFXILHFDUHH[SHULHQWDGDUWUHEXLHVDWHEXFXUL
GHDFHDVWDERJDWLHvQWURSDFHQHWXOEXUDWDSDFHDLQLPLLWDOH,DUGHWHORYHVWHQHFD]XODUDWDWHPDLSXWHUQLFGHFLWHOFDFLGH
WHYHLDUDWDPDLVODEYHLGHYHQLUREXOOXL
5kGHWLGHHOVLRVDVHvQGHSDUWH]HGHODWLQHQHSXWLQFLRVVLUXVLQDWRVDFUDSHYH]LELQHQHFD]XOGHQHFD]
ÌQ EDQFXUL UH]LGD GLIX] XQ VHQWLPHQW DO SHUPDQHQWHL SH GHDVXSUD LVWRULHL HOH VXQW vQ IRQG H[SUHVLD XQHL vPSDFDUL FX
UHDOLWDWHDDXQHLDFFHSWDULVXSHULRDUHDOXFUXULORUDVDFXPVXQWHOHDWLWXGLQHULVFDQWDvQLPHGLDWGDUOHJLWLPDvQSHUVSHFWLYD
HWHUQLWDWLL %DQFXOSXQH UHDOLWDWHD OD VWkOSXO LQIDPLHL GDU PDL GHJUDED vQ MRDFD IDFkQGXL FX RFKLXO IDUD vQYHUVXQDUH ED
FKLDU RDUHFXP UHFXQRVFDWRU FD VH SRDWH KUDQL GLQ LPSHUIHFWLXQLOH HL ( XQ IHO GH EXIRQHULH FRPSHQVDWLYD SH PDUJLQHD
UHDOLWDWLL GH R PD[LPD OXFLGLWDWH GDU VL GH R VXSHULRDUD GHIHUHQWD &kQG SULYHVWL OXPHD FD XQ LPHQV VSHFWDFRO FDUH WH
vQFRQMRDUDFXLPSHUIHFWLXQLOHGDUVLFXSULPHQLULOHVDOHGRPLQkQGRFXUREXVWHWHDVSLULWXOXLWDXSULQ]kQGRFXRFDXDPLFD
VLIDFkQGKD]SHVHDPDHLIDUD UDXWDWHVDX vQGkUMLUHFLPDL GHJUDEDFXFRPSDVLXQHFDUHSRDWHILVL PLOD GHWLQHvQVXWLFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
PDGXODUDODFHVWHLOXPLDWXQFLVHFKHDPDFDWUDLHVWLvQRUL]RQWXOEDQFXOXL(VWLGLQWDJPDFHORUFHDUSOkQJHSRDWHGDUQX
SRWGHUkV,9
'HVL 5RPkQLD SDUH VD ILH SDWULD LGHDOD D EDQFXOXL IHQRPHQXO QX HVWH HJDO UHSUH]HQWDW SH WRW FXSULQVXO WDULL *HRJUDILD
EDQFXOXLvVLDUHFHQWUXOLQFRQWHVWDELOvQ]RQDGXQDUHDQD0XQWHQLDVLPDLDOHV2OWHQLDÌQ0ROGRYDEDQFXOHVWHvQFDYLJXURV
SHFkQGvQ$UGHDOVLQ%XFRYLQD vOvQWkOQLP PXOW PDL VODEUHSUH]HQWDWVLFXR PXOWPDL PLFDSUL]DOD SXEOLF )DSWXO WLQH
SUREDELOGHSURILOXOLUWLFXODUSHFDUHLVWRULDGLQFRORGHXQHYLGHQWIRQGFRPXQODFRQIHULWGLIHULWHORUSURYLQFLLURPkQHVWL
2ULFLQHSRDWHVLPWLvQFDWUHFkQGPXQWLLGLIHUHQWDGLQWUH DWPRVIHUD JHQHUDODUHJDWHQHDVFD VL FHD WUDQVLOYDQHDQD 6H VLPWH
LPHGLDWFD$UGHDOXOVLvQWURRDUHFDUHPDVXUDVL%XFRYLQDDWUDLWPXOWDYUHPHvQEDWDLDVSLULWXOXLRFFLGHQWDODWLWGHGLIHULW
GHEL]DQWLQLVPXOGHODVXGGH&DUSDWL'HDOWIHOUHJDWHDQXOWLQGHSkQDDVWD]LVDOFRQVLGHUHSHIUDWHOHVDXGHSHVWHPXQWL
FDPSRVDFVLOLSVLWGHXPRUGRPROVLIDUDVFkQWHLHWUDJkQGRDUHFXPDQHDPW$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
GRYDGDÌQRULFHFD]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]RQHOHGHUDVFUXFHLQWHUIHUHQWDFXOWXUDODFHHDFH
HVWHVLFD]XOVSDWLXOXLURPkQHVF(GHVWXOGHVLJXUFDURPkQHVFXOEDQFFXYkQWDWLWGHFXULRVVLGHVROLWDUFXVHQVXOXUPDULW
DLFL vQ FRQWH[WXO OLPELL QRDVWUH GDU SH FDUH vO UHFHSWDP FXP QX VH SRDWH PDL SRWULYLW UHDOLWDWLL GHQXPLWH SURYLQH GLQ
JHUPDQXOEDQNQXPHOHXQXLMRFGHFDUWLGHVWXOGHJXVWDWVLODQRLFkQGYDVXEGHQXPLUHDGHEDQFVDXPDLUDUEDQFDGDU
FD]XWvQGHVXHWXGLQHGHREXQDEXFDWDGHYUHPH$YHPGHVSUHHORSUHWLRDVDUHIHULQWDOLWHUDUDLQGLFDWDIDUDFRPHQWDULLVLQ
'LFWLRQDUXOOLPELLURPkQHFRQWHPSRUDQHFHDGLQQXYHODSRYHVWHD7RGHULFDDOXL&RVWDFKH1HJUX]]L
7RGHULFDFHOvQWkLMXFDWRUGH FDUWL QQW GH SH SDPkQW IDFHXQ WkUJ FX GLDYROXOXUPkQG VD VORERDGD GLQLDG SH DOHVH
DWkWHDVXIOHWHFkWHSDUWLGHYDFkVWLJDGHODvPSDUDWXODGkQFXOXLÌQFD]XOvQFDUHDUILSLHUGXWILHVLRVLQJXUDSDUWLGDVXIOHWXO
OXL DU IL vQFDSXWSH PkLQLOH vQVROLWXOXL SDUWHQHU 6FDUDRWFKL DFFHSWD VL DX ORF XUPDWRDUHOH SUHOLPLQDULL 3H ORF XQ GUDFXVRU
PLWLWHOVLIUXPXVHOFHvPSOLQHDVOXMEDGHMRFKHLFLRFRLSUHJDWLWRDWHFHOHWUHEXLQFLRDVH&HYUHLVWRVVDX
EDQF"vQWUHED7RGHULFD 6WRVUDVSXQVHVWDSkQLWRUXO7DUWDUXOXLVWLXFD OD EDQF VH vQFDS PXOWH VXOHULL VVXEO QVW $VDGDU
6FDUDRWFKLvQVXVLVHFRGHVWHVDMRDFHEDQFDVLSUHIHUDVWRVXOODFDUHSRVLELOLWDWLOHGHDWULVDSDUFRQVLGHUDELOPDL PLFL
%DQFXOVHSUHWDODPXOWHVXOHULLVPHFKHULLFXPDP]LFHDVWD]LHUDGHFLXQMRFVPHFKHUPLQFLQRVDYkQGXVLPDHVWULL
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]RQDUHVSHFWLYD3HURPkQHVWHFkQGYUHLVDSURSXLFXLYDRSDUWLGDGHFDUWL
VHVSXQHGHRELFHL7HIDFXQWDELQHWVWRVEDQFHWF"'HODDIDFHXQEDQFMRFGHFDUWLODDIDFHEDQFXULJOXPHHR
WUHFHUH FkW VH SRDWH GH ILUHDVFD VXVWLQXWD FKLDU GH VSLULWXO OLPELL VH VSXQH GHRSRWULYD D IDFH VL SHQWUX MRFXUL VL SHQWUX
JOXPH-RFXOGHEDQFVLEDQFXOFDJOXPDDXXQQXPLWRUFRPXQVPHFKHULD0DHVWULLMRFXOXLFDVLPDHVWULLJOXPHLVXQW
GHRSRWULYDVPHFKHULVDXKRWLvQVHQVXOGHYLFOHQLDWULEXWHvQUXGLWHFXFHOGHPLQFLQRVGH
DOWIHO EDQF SULQ H[WHQVLH VHPDQWLFD D DMXQV VD ILH IRORVLW XQHRUL VL FX vQWHOHVXO GH PLQFLXQD 2GDWD IDFXW VDOWXO GH OD
vQWHOHVXORULJLQDUGHMRFGHFDUWLODFHOORFDOGHJOXPDVPHFKHULHPLQFLXQDFXYLQWXOVDLQFHWDWHQLWVLVDH[WLQVvQOXPHD
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
VSHFLILFDQRXDDWLWGHODWLQDVLGHRULHQWDODvQHVHQWDHLVDILHVSLQ]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 vQ XOWLPLL DQL 'XSD FH VLD WUDLW
DSRJHXO vQ 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
GHPRQVWUDPPDLVXVEDQFXOQDIRVWGRDUXQVRLGHJOXPDvQWUHDOWHOHFLRXOWLPDIRUPDVHPQLILFDWLYDGHFUHDWLYLWDWHRUDOD
FD VL XQD GH UH]LVWHQWD VSLULWXDOD vQ IDWD LVWRULHL 'LVSDULWLD OXL SRDWH IL GH DFHHD VHPQXO vQJULMRUDWRU DO XQXL vQFHSXW GH
PRDUWHVXIOHWHDVFD(VWHLQWHUHVDQWDH[SHULHQWDDSURDSHVLQJXODUDDXQHLSXEOLFDWLLSUHFXP$FDGHPLD&DWDYHQFXFHFXOWLYD
VSLULWXOEDQFXOXLGHIROFORUL]DWvQWUHWLQkQGSHQWUXXQSXEOLFPDLUHVWUkQVFHYDGLQHIHUYHVFHQWDYHFKLXOXLIHQRPHQ
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
9HUVLXQHD9ROXPXO,
PRG SDUWLDO VL GLIX] 6DU LPSXQH vQ SUHDODELO R FXOHJHUH PDVLYD SURIHVLRQDOD VWUXFWXUDWD WHPDWLF VL WLSRORJLF 6DX
vQFHUFDW 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]LSHHOvQVXVLPDLvQVHULRVDUUHSUH]HQWDQXGRDUSODWDXQHLSROLWHFLVLXQEXQSULOHMGHLQWURVSHFWLHQDWLRQDOD
vQWUXQFHDVLVWRULFvQFDUHQHSDVWHPDLPXOWGHFkWRULFkQGXLWDUHDVDXSRDWHWHDPD"GHQRLvQVLQH
$GROI&ULYDW9DVLOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULOH
%DQFXULFXDQLPDOH
%DQFXULFXGLQR]DXUL
Ì&XPvVLVFKLPEDRGLQR]DXULWDWDPSRQXO"
52DLDYHFKHDIDUDRDLDQRXDvQDXQWUX
Ì&HDXGLQR]DXULLVLFHOHODOWHDQLPDOHQXDX"
5'LQRD]DXULEHEHOXVL
Ì8QGHVHDVHD]DWLUDQR]DXUXODWXQFLFkQGYLQHVLYUHDVDVWHD"
58QGHYUHD
Ì3RWLVDQXPHVWLGLQR]DXULvQVHFXQGH"
5'DEURQWR]DXULVLGRLVWHJR]DXUL
Ì&XPVSXLXQXLGLQR]DXUvQDOWFkWFDVDFXGLQWLLFDGLQWLLILHUDVWUDXOXLVLFXFkWHJKHDUHOXQJLODILHFDUHSLFLRU"
5'RPQXOH
Ì&XPvWLGDLVHDPDFDvQSDWFXWLQHGRDUPHXQGLQR]DXU"
5'XSD'XOPDUHGHSHSLMDPDXDVD
Ì&XPvWLGDLVHDPDFDGRUPLvQSDWFXXQEUDQFKLR]DXU"
5'XSDVIRUDLWXOGHGLQR]DXU
Ì&HDXIRVWQXPLWHSHQWUXREXQDEXFDWDGHWLPSHSDYHSUHLVWRULFH"
56FKHOHWHGHW\UDQR]DXU
Ì&HUH]XOWDGDFDvQFUXFLVH]LXQVRDUHFHFXXQ WULFHUDWRSV"
5*DXULLPHQVHvQSHUHWH
%DQFXULFXIXUQLFDVLHOHIDQWXO
Ì&HFkQWDXQHOHIDQWFkQGYHGHRIXUQLFDPRDUWD"
52IXUQLFDPRDUWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD
Ì&H]LFHXQHOHIDQWFkQGYHGHRIXUQLFDYLH"
52FDOFDFXFUX]LPHVLFkQWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9DULDQWD
Ì&H]LFHXQHOHIDQWFkQGYHGHRIXUQLFDYLH"
5,DIXUQLFDvQSDOPDVLvQFHSHVDDSODXGHFkQWkQG2IXUQLFDPRDUWD2IXUQLFDPRDUWD2IXUQLFDPRDUWD
Ì&HUH]XOWDODvQFUXFLVDUHDXQXLHOHIDQWFXRIXUQLFD"
52IXUQLFDPRDUWD
Ì'HFHSRDUWDHOHIDQWLLPDQXVL"
56DQXVHPXUGDUHDVFDSHPkLQLODYkQDWRDUHDGHIXUQLFL
Ì'HFHDXHOHIDQWLLGHJHWHOHGHODSLFLRDUHFUDSDWH"
5&DVDOHGHDVLIXUQLFLORURVDQVD
Ì'HFHVHDVFXQGHOHIDQWLLGXSDFRSDFL"
5&DVDSDFDOHDVFDIXUQLFLOH
Ì&DUHLFXOPHDDPELWLHL"
52IXUQLFDFHVHFDWDUDSHSLFLRUXOXQXLHOHIDQWFXLQWHQWLDGHDOYLROD
8QPXVXURLGHIXUQLFLVHEDWHFXXQ HOHIDQW)LHFDUHvQFHDUFDVDOPXVWHVDOJkGLOHVDOFLXSHDVFDPDURJFHSRDWH/D
XQPRPHQWGDWXQDGLQWUHHOHDMXQJHSHJkWXOHOHIDQWXOXLLDUFHOHODOWHGLVSHUDWHvQFHSVDLVWULJH
68*580$/68*580$/
9DULDQWD
ÌQPLMORFXOXQHLFkPSLLHUDXQPXVXURLGHIXUQLFLÌQILHFDUH]LXQHOHIDQWWUHFHDSHDFRORvQGUXPXOOXLVSUHDSDVLvQILHFDUH
]LFDOFDVLOHGDUkPDPXVXURLXOIXUQLFLORUÌQWUXQDGLQ]LOHIXUQLFLOHVDXKRWDUkWVDvORPRDUHSHHOHIDQW
'DFDPDLFDOFDRGDWDSHPXVXURLXOQRVWUXVDULPWRDWHSHHOVLvORPRUkP
$GRXD]LHOHIDQWXOWUHFXLDUSULQFLPSLHVLLQHYLWDELOFDOFDSHPXVXURLXOIXUQLFLORU'XSDFXPVHYRUELVHUDIXUQLFLOHDXVDULW
WRDWHSHHOVDvORPRDUH(OHIDQWXOVDVFXWXUDWRGDWDVLWRDWHIXUQLFLOHDXFD]XWvQDIDUDGHXQDFDUHDUDPDVFKLDUOD JkWXO
HOHIDQWXOXL$WXQFLRIXUQLFDPDLEDWUkQDVWULJD
$VDDVDVLDFXPVXJUXPDO
9DULDQWD
*DVLQGXQHOHIDQWDGRUPLWIXPLFLOHVHFDWDUDUDSHHOFUH]kQGXOPRUW8QDGLQWUHHOHVHDSXFDVDOFLXSHDVFDGHXUHFKHFDVD
UXSD R EXFDWLFD GH SLHOH 6LPWLQG FLXSLWXUD vQWUXQ ORF DVD GH VHQVLELO HOHIDQWXO VH VFXWXUD D]YkUOLQG GH SH HO IXUQLFLOH
1XPDLXQDUDPDVHvQFOHVWDWDGHXQSOLXGHSHJkW
$VDVRURVWULJDUDFHOHODOWHVXJUXPDO3HXUPDYHQLPQRLVDFDUDPFDUQHD
2IXUQLFDYURLDVDWUHDFDXQUDXVLILLQGPLFDLLHUDIULFDVDQXRLDFXUHQWXOVLVDVHLQHFH9HGHXQHOHIDQWVLLL]LFH
(OHIDQWXOHQXDLSXWHDVDPDWUHFLVLSHPLQHDSD"
(OHIDQWXORLDSHWURPSDVLRWUHFHDSD)XUQLFDVSXQH
(OHIDQWXOHHVWLFHDPDLPDULQLPRDVDvQGDWRULWRDUHJHQWLODSHUVRDQD
+DLODVDYRUEDVLGH]EUDFDWH
8QHOHIDQWVLRIXUQLFDSHWUHFRQRDSWHvPSUHXQD$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6XIHUDVXIHUDVWULFDWR
9DULDQWD
8QHOHIDQWVXIHUDFXPSOLWGLQFDX]DXQXLVSLQLQWUDWvQWDOSDÌQGUXPXOVDXvQWkOQHVWHRIXUQLFDFDUHLDvL]LFH
'UDJDIXUQLFDDMXWDPD
)XUQLFDFXJkQGXULPkUVDYHvL]LFHFDvODMXWDQXPDLGDFDRODVDVDLRWUDJD(OHIDQWXOvQGXUHUHDVD]LFH
2ULFHRULFHQXPDLDMXWDPD
)XUQLFDVHFDWDUDSHHOHIDQWVLvVLvQFHSHWUHDEDPXUGDUD'LQFRSDFXOGHGHDVXSUDGRXDPDLPXWHXUPDULQGVFHQDVHVSDUJGH
UkV8QDGLQHOHvQFHSHVDVHPDVWXUEH]HVLvQIRFXULOHSODFHULLFDGHSHVSLQDUHDHOHIDQWXOXLFDUHVWULJD
$XXXPDGRDUH
)XUQLFDRSULQGXVHGLQYkVOLW]LFH
7HGRDUHGUDJD"
2IXUQLFDVHSOLPEDSULQVDYDQD'HRGDWDREDOHJDGHHOHIDQWFDGHSHVWHHD'XSDGRXDRUHUHXVHVWHIXUQLFDVDLDVD
6DILXDGUDFXOXLGUHSWvQRFKLPDORYLW
Ì2IXUQLFDVWDOkQJDXQVWkOSFDUHHYRSVLWvQGXQJLDOEHVLURVLL'HFHQXSRDWHIXUQLFDVDVHXUFHSHVWkOS"
53HQWUXFDSHDFRORDWUHFXWXQHOHIDQW
%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,ULWDWYkQ]DWRUXOVHKRWDUDVWH
VDLGHDGLQSDUWHDILUPHLGUHSWFDGRXXQNLORJUDPGHFXLH/DDFHDVWDRIHUWDLHSXUDVXOUDVSXQGH
$QXQDPQHYRLHGHXQNLORJUDPGHFXLH6WLWLHXLHVVHDUDODSOLPEDUHVLQDPFXLVDGDXWHOHIRQ
,QWUDLHSXUHOHODIHURPHWDOODPLQXWHGXSDvQFKLGHUH9kQ]DWRUXO
%DLWXQXYH]LFDDPvQFKLV""
9UHDXVLHXXQFXL
3OHDFDGUDFX
$PvQFKLV
)RDUWHXUkWGLQSDUWHDGYVQXVWLWLVDYDSXUWDWLFXFOLHQWLL
3DLWXFHDLIDFHvQORFX
PHX"
+DLVDWLDUDW
)DFDVWLDVFKLPEGHORFXULWUHFHLHSXUHOHODWHMJKHDLDUYkQ]DWRUXOLHVHDIDUDVLGXSDDLDLQWUDODORFvQPDJD]LQ
%XQD]LXD$VGRULVLHXXQFXL
,HSXUHOH
&HGLPHQVLXQHVDDLED"
3DLYUHRFHQWLPHWUL
1LFKHODWLQR[LGDELOVDXQRUPDO"
3DLQRUPDO
6LLHSXUHOH
$YHP'D
LHVLvQSL
GDPDWLDIDUDQXYH]LFDDPvQFKLV""
,HSXUDVXOVHGXFHODFRIHWDULH
$YHWLVXFGHPRUFRY"
1X]LFHYkQ]DWRDUHD
$GRXD]LGLQQRX
$YHWLVXFGHPRUFRY"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XQXDYHPVXFGHPRUFRYUDVSXQGHYkQ]DWRDUHDLQGLJQDWD
6LWRWDVDVHGXFHLSXUDVXOODFRIHWDULDUHVSHFWLYDYUHRWUHLSDWUX]LOHODUkQGWHURUL]kQGRSHVDUDFDYkQ]DWRDUHFXvQWUHEDUHD
$YHWLVXFGHPRUFRY"
3kQDODXUPDvQWUR]LFkQGYLQHLHSXUDVXO
$YHWLVXFGHPRUFRY"
'$$YHPVXFGHPRUFRYUDVSXQGHYkQ]DWRDUHDH[DVSHUDWD
%($$+
,HSXUDVXOVHGXVHvQWUR]LODEUXWDULH
7DQWLYDURJPXOWDYHWLFXPYDFKLIOXWHGLQDFHOHDPLFLPLFLVLWDULWDULGHWRWSHFDUHQXOHSRDWHPkQFDQLPHQL"
1DYHPDVDFHYDQRLVXQWHPREUXWDULHUHVSHFWDELODPDUVGHDLFL
$GRXD]L
7DQWLYDURJPXOWDYHWLFXPYDFKLIOXWHGLQDFHOHDPLFLPLFLVLWDULWDULGHWRWSHFDUHQXOHSRDWHPkQFDQLPHQL"
ÌQWHOHJHFDDLFLIDFHPQXPDLSkLQHFDOXPHDQXDYHPDVDFHYD
$WUHLD]L
7DQWLYDURJPXOWDYHWLFXPYDFKLIOXWHGLQDFHOHDPLFLPLFLVLWDULWDULGHWRWSHFDUHQXOHSRDWHPkQFDQLPHQL"
'DPDFDPDLvQQHEXQLWDPJDVLWFkWHYDPLFLPLFLVLWDULWDULGHWRWGHQXOHSRDWHPkQFDQLPHQLSHIXQGXOXQXLVHUWDU
'D
LHSXUDVXO
%XQDFXPVDYHGHPFLQHOHPDQkQFD
,HSXUDVXOVHGXVHvQWUR]LODFRIHWDULH
7DQWLYDURJPXOWDYHWLFXPYDXQWRUWPDUHFkWRPDVDVLFXIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFkQGvOYH]L"
1HSDUHUDXLHSXUDVXOHGDUQXDYHPDVDFHYD
$GRXD]L
7DQWLYDURJPXOWDYHWLFXPYDXQWRUWPDUHFkWRPDVDVLFXIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFkQGvOYH]L"
1HSDUHIRDUWHUDXLHSXUDVXOHQXDYHPDVDFHYD
$WUHLD]L
7DQWLYDURJPXOWDYHWLFXPYDXQWRUWPDUHFkWRPDVDVLFXIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFkQGvOYH]L"
6LJXUODPFRPDQGDWVSHFLDOHPDUHFkWRPDVDVLDUHIULVFDPXOWDPXOWDVDWLYLQDVDYHUVLFkQGvOYH]L,DXLWHO
'D
LHSXUDVXO
%KOHHHRRRDDKKK
,HSXUDVXOODIDUPDFLH
7DQWLYUHDXVLHXQLVWHGURJXUL
7DFLPDHVWLQHEXQQHLDSROLWLDSHWRWL9LQRPkLQH
$GRXD]L
7DQWLYUHDXGURJXUL
*XUDFDQDPIDFXWvQFDURVW9LQRPkLQH
$WUHLD]L
7DQWLGURJXULOH
*DWDDPDGXVKDLDLFLGXSDWHMJKHDVDWLGDX
/DFDUHLHSXUDVXOLHVHUHSHGHvQVWUDGDVLvQFHSHVDVWULJH
1HQHDSROLWLVWXOQHQHDSROLWLVWXOODIDUPDFLHDXGURJXUL
,HSXUDVXOODIDUPDFLH
'DWLPLYDURJXQNLOGHPRUFRYL
%DVPHFKHUHDLFLHIDUPDFLHQXDSUR]DU'LVSDULLPHGLDWFDPDHQHUYH]L
$GRXD]L
9DURJIUXPRVGDWLPLVLPLHXQNLOGHPRUFRYL
)DFLSHQHEXQX
GD"'DFDWHPDLSULQGFDYLLRGDWDVDPLFHULPRUFRYLWHDJDWGHXUHFKLSHSHUHWH
$WUHLD]L
9DURJIUXPRVYUHDXVLHXQLVWHPRUFRYL
/DOXDWVLODDJDWDWSHSHUHWH3HSHUHWHOHRSXVSR]DOXL&HDXVHVFX=LFHLHSXUDVXO
6LWXWRWSHQWUXPRUFRYL"
/XSXOXUVXOVLYXOSHDPHUJUXSWLGHEHWLSULQSDGXUH,HSXUHOHvLYHGHVLIRORVHVWHGLQSOLQRFD]LDLYLWDVSUHDLFLRPDJLELQH
SHWRWLWUHLÌQ]LXDXUPDWRDUHVHIDFHDGXQDUHvQSDGXUHVLOHXOvLvQWUHDEDSHFHLWUHL
&XPDUDWDIDSWDVXO"
&HLWUHLQXVLPDLSRWDGXFHDPLQWHGHFkWGHXQVHPQDOYLFWRULHL9YH]LXUHFKLOHLHSXUDVXOXL
/DFDUHLHSXUDVXOVSXQHYLSHUHL
6HVWUkQJHFHUFXO
9LQHYXOSHDGLVSHUDWDODOHXFXRUHFODPDWLHDIRVWYLRODWDFUXQWGHXQQHFXQRVFXW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HYDVHPQDOPHQWH"vQWUHDEDOHXOIXULRV
1XVWLXQLPLF]LFHYXOSHDHUDvQWXQHULF7RWFHDPUHWLQXWHFDDYHDQLVWHXUHFKLOXQJL
%XQ'DRUGLQOHXOVDVHDOLQLH]HDEVROXWWRDWDOXPHDSHXQVLUVLvQFHSH
'RDPQDYXOSHDIRVWYLRODWDGHFLQHYDFXXUHFKLOXQJL$FXPYDFRQWUROH]VLYHGHPQRLFLQHDIRVWQHQRURFLWXO
=LFHLHSXUDVXOGkQGXVLXUHFKLOHSHVSDWH
3ULHWHQHPDJDUDLGDWGHGUDFX
ÌQSDGXUHLQYD]LHGHSDGXFKLSXULFLFDSXVHHWF/HXOGDGHFUHWFDWRDWHDQLPDOHOHVDVHUDGDODSLHOHDGRXD]LXUPkQG
VDVHIDFDLQVSHFWLDSHQWUXDVHFRQVWDWDGDFDWRDWHVDXWXQV]HUR,HSXUHOHQXVHWXQGH QXPDLDVDGHDOGUDFX
/DRUD
SXQFWWRDWHDQLPDOHOHVDXVWUkQVvQSRLDQD/HXOUDVVLHOIDFHLQVSHFWLD
%DLYXOSHYH]LFDQXWHDLUDVSHFRDGD
'DOHXOHDVDHGDUFRDGDHVLQJXUXOOXFUXFXFDUHPDPkQGUHVF&XPVDPDUDG""
*85$PkLQHWHSUH]LQWLIDUDSLFGHSDU$,Ì17(/(6"8UPDWRUX
9LQHOXSXO
9H]L9XOSHFXPVDWXQVOXSXO"ÌLVWDFKLDUELQH8UPDWRUXO
8UPDWRUXOHUDLHSXUHOHFDUHIXPDLQWHULRUL]DW
%DLQHPHUQLFXOHWXGHFHPDWDQXWHDLWXQV"
3DLQDYUXWPXVFKLLPHL
1XWLHUXVLQHPD""8LWHFDVLVRERODQXOVDUDV1XLDVDVRERODQH"
6RERODQXO
0DULD7DQDVvQGUD]QLGD
HXVXQW$ULFLXO
/HXOVHSOLPEDSULQSDGXUH/DXQPRPHQWGDWvOYHGHSHOXSvQPLMORFXOFDUDULLSOLQGHVkQJHvQWURVWDUHMDOQLFD
&HVDvQWkPSODWFXWLQHOXSXOHGHDUDWLvQKDOX
DVWD"
3DLVDYH]LDXWUHFXWSHDLFLLHSXUDVX
VLOHRDLFDFDUHPDIRORVLWSHSRVWGHWDPSRQ
0DPDSDLQXDMXQJLRDFDVDVDYH]LFHLIDFOHRDLFHL
3OHDFDOHXOPDLGHSDUWHVHvQWkOQHVWHFXYXOSHDDIODWDvQDFHHDVLVWDUH
&HWLVDvQWkPSODW"
3DLVWLLDWUHFXWSHDLFLOHRDLFDVLLHSXUDVX
LDUOHRDLFDPDIDFXWWDPSRQ
$KDWRWHD/DVDFDDMXQJHXDFDVD
0HUJHPDLGHSDUWHVLRYHGHSHEXIQLWDSOLQDGHVkQJHFXDULSLOHUXSWHSHQHOHUDYDVLWHHWF
/HRDLFDWHDIRORVLWSHSRVWGHWDPSRQQX"
'DOHXOHGD
LRvPLEDJFHYDvQQHQRURFLWX
DODGHLHSXUDVFDLD]LVFDDOHDFXDULSLRDUHVXQWPDLEXQHFDQXSDWHD]DVOLSX
=LGHVHGLQWDvQSDGXUHYLQWRWLFXH[FHSWLDLHSXUDVXOXL/HXORWULPLWHSHYXOSHVDYDGDFDUHLEDLXO6HQWRDUFHYXOSHDVL
UDSRUWHD]DFDSHXVDODLHSXUDVHUDXQELOHWSHFDUHVFULD2UD6H[XDOD
'DDD"ELQHELQHvQWHOHJHPVLWXDWLD
3HVWHYUHR GRXD VDSWDPkQLR DOWDVHGLQWD 'LQ QRX OLSVHVWH LHSXUDVXO6L GLQ QRX YXOSHD VHQWRDUFH FX DFHDVL YHVWH2UD
6H[XDOD "" /D SUR[LPD VHGLQWD VLWXDWLD VH UHSHWD OHXO vVL SLHUGH UDEGDUHD VL vPSUHXQD FX R FRPLVLH YXOSHD EXUVXFXO
VFOvLIDFRYL]LWDLHSXUDVXOXL%DWHLODXVDQLPLF,QWUDVLOYDGSHLHSXUDVVWkQGVLQJXUvQIRWROLX
3DLFXP]LFHOHXOVLQJXUHOVLQJXUHO"
3DLGDDD]LFHFDVFkQGLHSXUDVXOPDIX
HROHQHHH
9DULDQWD
3HQWUXFDVFD]XVHGUDPDWLFQLYHOXODQXDODOQDWDOLWDWLLvQSDGXUHOHXOVHKRWDUDVWHVDIDFDRVHGLQWDFXDQLPDOHOH6HVWUkQJ
WRDWHPDL SXWLQLHSXUDVX
/HXOvO WULPLWH SH OXSVD YDGD FXP VWD WUHDED OD LHSXUH DFDVD $MXQV DFROR OXSXO YHGH SH XVD R
LQVFULSWLH PDUH 18 '(5$1-$7, 25$ '( 6(;2/2*,( 6H vQWRDUFH OD OHX vL VSXQH VL OHXO vO GD GH H[HPSOX SH
LHSXUDV
9HGHWLYRLVXSXVLLPHLQRLVWDPDLFLVLIDFHPHGXFDWLHVH[XDODFDSURVWLLLDULHSXUDVX
QXDUHWLPSGHDVDFHYDHOQXDUH
QHYRLHGHWHRULHHOSXQHGLUHFWvQSUDFWLFDEUDYROXL
)D]DVHUHSHWDYUHRWUHL]LOHODUkQGGXSDFDUHHQHUYDWVHGXFHFKLDUOHXOODLHSXUHDFDVD,QWUDVXSDUDWLHSXUDVX
VWDWHDvQ
IRWROLXFXSLFLRDUHOHSHPDVDVLIXPDvQVLFWLU
&HHOHXOHQDLYD]XWFHVFULHSHXVD"
%DGDPDGD
FHIDFLWXVLFHVFULHDFROR"
3DLPDI
WHROHQHHH
,HSXUDVXOVWDWHDVLHOvQWUR]LVLPXQFHDGH]RUGXSDREXWXUXJD7UHFHVL8UVXOSHDFROR
&HIDFLWXDFROR,HSXUDVXOH"
ÌPLFXUDWSLVWROXOFDVDOvPSXVFSH/XS
8UVXOQXSUHDSDUHFRQYLQVFD,HSXUDVXOVWLHFXFLQHDUHGHDIDFH
%LQHPDL,HSXUDVXOHGDFDWX]LFLDVD
8UVXOSOHDFDPDLGHSDUWHSHGUXPXOOXL'XSDXQWLPSWUHFHVL9XOSHDSHDFROR
&HIDFLWXDFRORPDL,HSXUDVXOH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌPLFXUDWSLVWROXOFDVDOvPSXVFSH/XS
9XOSHDFkQGDXGHGHDVDFHYDGHYLQHIRDUWHvQJULMRUDWDVLVHSUHJDWHVWHVDVHFDUHFkWPDLUHSHGHGHDFROR
7UHDEDWD,HSXUDVXOH(XQXDPHVWHFvQDIDFHULOHWDOH
9XOSHDSOHDFDPDLGHSDUWHvQJUDEDPDUH'XSDXQWLPSWUHFHVL/838/SHDFROR
&HIDFLPDWXDFROR,HSXUH"
$D$D8LWHvPLFXUDWVLHXSLVWROXOVLYRUEHVFSURVWLL
ÌQWUR]LVHSOLPEDLHSXUDVXOSULQSDGXUHVHvQWkOQHVWHFXYXOSHD
%XQDFHPDLIDFLLHSXUDVXOH"
2ELQHYXOSHRPDVLPWH[FHOHQWVXQWvQWURIRUPDJUR]DYDGDFDPDvQWkOQHVFFXXUVXOvLGDXFkWHYDODEHGHOQHQRURFHVF
SUDIvOIDF
([WUDRUGLQDU
0DLPHUJHHOFHYDVHvQWkOQHVWHFXOXSXO
&XPRPDLGXFLLHSXUDVXOH"
1HPDLSRPHQLWPDVLPWH[FHOHQWVXQWvQWURIRUPDJUR]DYDGDFDPDvQWkOQHVFFXXUVXOvLGDXFkWHYDODEHGHOQHQRURFHVF
SUDIvOIDF
8OXLWRU
0DLPHUJHFkWPDLPHUJHLDWDFDYLQHFKLDUXUVXO
+DLVDOXWLHSXUDVXOHDPDX]LWFDWLPHUJHQHPDLSRPHQLWFHPDLIDFL"
&HVDIDFQHQHXUVXOHLDPDSOLPEVLHXSULQSDGXUHVLYRUEHVFSURVWLL
ÌQWUR]LWUHFHDLHSXUDVXOSULQSDGXUHFXXQ WHOHYL]RUFRORUvQEUDWH6HvQWkOQHVWHFXOXSXO
,DXLWHVPHFKHUH]LFHOXSXOXQWHOHYL]RUFRORUGHXQGHDLIDFXWURVWGHHO"
3DLVDYH]LFXPDIRVW]LFHLHSXUDVXO0HUJHDPHXDVDSULQSDGXUHVLGDXSHVWHYXOSH
6LHDVSXQHFH PDL IDFL LHSXUDVXOH FD QX WHDP PDL YD]XW GH PXOW LD KDL SH OD PLQH vQ YL]LWD 0DP GXVYXOSHD D SXV
PDVDDPPkQFDWGXSDDLDYXOSHDVDGH]EUDFDWVDvQWLQVSHSDWXOFHOPDUHVLD]LV
*DWDLHSXUDVXOHDFXPSRWLVDPLLHLFHDPHXPDLVFXPSSHOXPH
/DFDUHHXPDPXLWDWvQMXUVLDPOXDWWHOHYL]RUXO
,HSXUDVXOvVLvQYDWDILXOSHLHSXULFDVDIDFDVH[$GXFHvQDFHVWVFRSWUHLLHSXURDLFH]GUDYHQHVLvQFHSH
)LLDWHQWILXOHFDDVWDHWUHDEDVHULRDVD8UPDUHVWHWHKQLFDvQGHDSURDSHFRQFHQWUDWLHPD[LPD*DWD"
6HFRQFHQWUHD]DLHSXUDVXO
SUDIOHDPIDFXWDLYD]XW"(DVDWUHEXLHVDIDFLVLWX'DLGUXPX
ÌQFHSHLHSXULFDVDVHVFUHDPD
8XXQQXGGGGRRRRGRLWUUUUUHL
1X ]LFH LHSXUDVXO FH HVWL QHEXQ" 3DL GH WLQH GHSLQGH WRW YLLWRUXO QHDPXOXL QRVWUX SH QRL QH YkQHD]D WRWL OXSL RDPHQL
UHEXLHVDvQYHWLVDILLLXWHLXWHGHWRW)LLDWHQWFDWLPDLDUDWRGDWD JDWD
0DLvQFHDUFDRGDWDLHSXULFDVLHVXHD]DMDOQLF=LFHLHSXUDVXO
%DWXHVWLVODEVODEGHWRW'DRGUDFXOXLQLFLDWkWDOXFUXQXSRWLVDIDFL"0DVFkUEHVWLILXOHYH]LFDWLPDLDUDWRGDWDVL
JDWDJDWD$FXPWX
6HLQGLUMHVWHLHSXULFDVHFRQFHQWUHD]DDFXWVWUkQJHGLQGLQWLvVLDGXQDWRDWHSXWHULOH
DKVFX]DPDWDWD
9DULDQWDOD
%DEDFXOHvL]LVHLHSXUDVXOOXLWDLFDVDX
0DL QHQRURFLWXOH VH LQGLJQDLHSXUHOHWDWD vPLVSXL PLH EDEDFXOH" (X FDUH DP IDFXW VLDP GUHV OD YLDWD PHD VL FDUH DP
UHJXODWDWkWHDLHSXURDLFHODKDLVDWLDUDWFHEDEDFVXQW
/HDGXQDLHSXUHOHWDWDSHWRDWHLHSXURDLFHOHGLQSDGXUHVLOHDVD]DSHXQVLQJXUVLUDSRLvLVSXVHILXOXLVDX
7XvQFHSLFXUHJXODWXOGLQGUHDSWDVLHXGLQVWkQJD8QGHQHvQWkOQLPQHRSULPVLIDFHPQXPDUDWRDUHD&kWHDPUHJXODWHX
VLFkWHDLUHJXODWWX
'HDFRUG
ÌQFHSX LHSXUHOH FHO EDWUkQ GLQ VWkQJD %RQMXU PDGDP 6kUXW PkQD PDGDP %RQMXU PDGDPO 6kUXW PkQD PDGDP 'LQ
GUHDSWDVHDSXFDGHWUHDEDILXOVDX%RQMXUPDGDPVkUXWPkQDPDGDPO%RQMXUPDGDPVkUXWPDQDPDGDPO%RQMXUWDWD
VkUXWPkQDWDWk
6HVXLH,HSXUDVXOvQWUXQWUHQ$FRORYHGH9XOSHDPHUJHODHDVLL]LFH
9XOSHRKDLDIDUDVDQHEDWHP
(VWLPLFPDLLHSXUDVXOHVLQXYUHDXVDWHEDW
+DL9XOSHRDIDUDVDQHEDWHP
%LQHKDLDIDUD
0HUJHLGRLDIDUDVLSHVWHXQWLPSYLQH,HSXUDVXOFXSLHOHDYXOSLL2DVHD]DMRVVLPHUJHOD/XS
+DL/XSXOHDIDUDVDQHEDWHP
1XYLQFDWHEDWPDUWHRPRU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
+DL/XSXOHDIDUDVDWHEDW
/XSXOSkQDODXUPDVHvQYRLHVWHVLPHUJDIDUD3HVWHXQWLPSYLQH,HSXUDVXOFXSLHOHDOXSXOXLVLRSXQHMRV9HGH,HSXUDVXO
SH8UVVLPHUJHODHOVLL]LFH
+DL8UVXOHDIDUDVDQHEDWHP+DLDIDUDFHWHvQGRLDVDWHEDW
1XYLQPDL,HSXUDVXOHFDWHEDWVLWHRPRU
+DLDIDUD8UVXOHVDWHEDW
'XSDXQWLPSVHvQYRLHVWHVL8UVXOVLPHUJDIDUD3HVWHSXWLQWLPSYLQH,HSXUDVXOFXSLHOHDXUVXOXLVLRSXQHMRV6HSXQH
,HSXUDVXOSHEDQFKHWDVLLHVH/HXOGLQWUXQFRPSDUWLPHQW
,HSXUDVXOH]LPLFLQHWHPDLVXSDUDFDODSULPDFRERU
0HUJH,HSXUDVXOSULQSDGXUHVLJDVHVWHRVWLFODFXYRGFD6HXLWDODHDVHJkQGHVWHVLDSRLRLDVLEHDGLQHD6HvPEDWD
,HSXUDVXODVDWDUHGHFDGHMRV7UHFHVL9XOSHDSHDFRORVLYHGH,HSXUDVXOvQWLQVSHMRV6HJkQGHVWH9XOSHD
$FXPPDQkQFLHSXUDVYDLPDQkQFLHSXUDV
&kQGVDOPDQkQFHSH,HSXUDVYHGH9XOSHDVWLFODFXYRGFD2LDFDVDEHDvQDLQWHGHPkQFDUHFHYD%HD9XOSHDEHDEHDVL
VHvPEDWDGHFDGHVLHDSHMRV9LQHVL/XSXOSHDFRORVLYD]kQG,HSXUDVXOSHMRVVHJkQGHVWH
$FXPvOPDQkQFSH,HSXUDVYDLFHELQHFDVLDVDVXQWIODPkQG
&kQGPHUJH/XSXOVDOPDQkQFHSH,HSXUDVYHGHVLHOVWLFODVLRLDVDEHDVLHOFHYD%HD/XSXOFHEHDSkQDVHvPEDWDVLFDGH
SHMRV'XSDSXWLQWLPSWUHFHVL8UVXOSHDFROR9HGH8UVXOSH,HSXUDVSHMRVVLVHJkQGHVWH
$FXPPDQkQF,HSXUDVXOYDLFHELQHRVDPDQkQF
&DQGVDOPDQkQFH8UVXOSH,HSXUDVYHGHVLHOVWLFODVLvQFHSHVDEHDFHYDvQDLQWHGHPkQFDUH%HD8UVXOPXOWVLVHvPEDWD
VLFDGHVLHOSHMRV(UDXWRWLSDWUXSHMRVFkQGVHVFRDOD,HSXUDVXOVLYD]kQGXLSHFHLODOWLvQWLQVLSHMRV]LFH
9DLFHUDXvVODEHWLH
9DULDQWD
=LXDGHQDVWHUHDOHXOXL'DDVWDXQEDLUDPEHVWLDOVLLQYLWDWRDWHDQLPDOHOH&HYDGHYLVGLVFRWHFDJDJLFLVWULSWHDVHODVHUL
HWF 6SUH GLPLQHDWD LHSXUHOH ERUDVWH vQWUXQ ERVFKHW VL DGRDUPH DFROR /HXO VH IDFXVH PXFL LD XQ WRSRU VL RPRDUD WRDWH
DQLPDOHOH $ GRXD ]L VH WUH]HVWH LHSXUHOH PDKPXU vQ MXUXO OXL QXPD
VkQJH EXFDWL GH EODQD FUHLHUL SULQ LDUED HWF 6H
SRFQHVWHSHVWHIUXQWH
0DGD
XUkWPDLIDFODEHWLH
/DEDUXOGLQSDGXUHVDEDJDWYRGFD$OFROLVWXOGHLHSXUDVVHDVD]DVLHOODFRDGD/DXQPRPHQWGDWDSDUH8UVXOFDUHVH
EDJDvQIDWD,HSXUDVXOHQHUYDW
%DLQHQRURFLWXOHFHWHEDJLPDvQIDWD"
6HLQWRDUFH8UVXOVLLQWUHDED
&DUHDLYRUELW%$""
7RDWHDQLPDOHOHVHIDFFDSORXDWRUHQWLDO9LQHVLUkQGXOLHSXUDVXOXLFXPSDUDRQDYHWDvQWUHDJDVDDLEDSWLDUQDVLVHGXFH
DFDVD
6HDVD]DvQIRWROLXGHVFKLGHRVWLFODWUDJHXQJkWVDQDWRVVL]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 vQWUR VWDUH DYDQVDWD GH
PXUGDULH'HDFHHDDPKRWDUkWVDVHFRQVWUXLDVF:&XULSXEOLFHVLQLFLXQDQLPDOVDQXVLPDLIDFDQHYRLOHvQWXILVXULFDFL
YDILDVSUXSHGHSVLW
%XXXQ]LVVLIDFXWÌQWUR]LOHXOVHSOLPEDvQLQVSHFWLH&kQGGHRGDWDGLQWUXQWXILVDX]LXQ]JRPRWFLXGDW6HDSURSLHVLvO
SULQVHSHLHSXUDVIDFkQGXVLFODQGHVWLQQHYRLOH$SXFkQGXOGHXUHFKLvOWUDVHDIDUDVLvQFHSXVDOFHUWH
%LQHEDLDQLPDOXOHQXWLDP]LVFDQXPDLDLYRLHVDWLIDFLQHYRLOHvQSDGXUH"
,DULHSXUDVXOvLUDVSXQVHVXSDUDW
0DLQHQHOHXOHPDLODVDPDVLWXvQSDFHFDVLDVDVXQWQHFDMLW6DVWLLFDQXPDPDLGXFvQYLDWDPHDOD:&XULOHWDOH
'HFHPDLLHSXUDVXOH"vOLQWUHEDOHXOXLPLW
3DLVDYH]LGHXQD]LDPDYXWVLHXQHYRLHVLPDPGXVOD:&FDXQLHSXUDVFLYLOL]DWFHVXQW/kQJDFDELQDPHDHUDXUVXO
ÌPLIDFHDPHXWUHDEDOLQLVWLWFkQGGHRGDWDXUVXOPDvQWUHDED$X]LPDLLHSXUDVXOHWLHvWLFDGHSDUXO"(XLDPVSXVFDQX6L
DWXQFLVWLLPDOHXOHFHPLDIDFXW"0DOXDWGHXUHFKLVLVDVWHUVFXPLQH
8UVXOVHSOLPEDSULQSDGXUHFXRIRDLHvQPkQD6HvQWkOQHVWHFXOXSXO
&HDLDFRORXUVXOH"
/LVWDFXDQLPDOHOHSHFDUHWUHEXLHVDOHXFLGD]L
9DLVLQXFXPYDVXQWVLHXSHOLVWD"
3DLHVWLODQXPDUXO
9DLQXPDRPRULODVDPDVDPDGXFODFRSLLLPHLVDLPDLYDGRGDWDVLGXSDDLDSRWLVDPDRPRUL
%LQHKDL
6HGXFYHGHOXSXFHDUHGHYD]XWDSRLvORPRDUDXUVXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
%DLvQFHSLVDPDFDOFLSHQHUYLWDFLRGDWD
,DXLWDWHDLFLFHGHILEUD0LVV2OLPSLDQXJOXPD
7XQXHVWLvQWRDWHPLQWLOH
6LLDUGHXUVXOHWXXQDGH]ERDUDLHSXUHOHSULQWRDWDSDGXUHD&DGHLQWUXQODFVHVFRDODVHVFXWXUDVL
%DLFHWDUHVXQWFHPXVFKLDP'DUVXQWXVVRRRRUUUUU
)DFHOHXOVHGLQWDGHSDUWLGVLDGXQDDQLPDOHOHGLQSDGXUH
%DLDPDULWLORU'HDFX
LQFRORVDVWLWLFDLHSXUDVX
DLFLGHIDWDHFHOPDLWDUHGLQSDUFDUHGXSDPLQH
$QLPDOHOH
%LQHVHIX
6DIDFXW
6H WRW SOLPED LHSXUHOH SULQ SDGXUH 2 YHGH SH YXOSH VLL WUDJH XQD SHVWH ERW 9XOSHD QX ]LFH QLPLF GH 6H vQWkOQHVWH
LHSXUHOHFXXUVX,RWUDJHVLOXL8UVX
DUYUHDVDULSRVWH]HGDULHSXUHOHHFHOPDLWDUHGXSDOHX6HvQWkOQHVWHLHSXUHOHFX
WLJUXOVLLGDXQDSHVWHERW6HvQIXULHWLJUXOVLOPDQkQFD
0RUDOD7LJUXOQXDIODVHFDLHSXUDVXOHFHOPDLWDUHGXSDOHX
,HSXUDVXOVHGXFHODYL]XLQD/XSXOXLGDEX]QDvQDXQWUXVLOLDSH/XSLVRUODvQWUHEDUL
%DLXUDWXOH,DFKHDPDOSHWDFWX
$SDUH/XSXO
&HYUHLPD"
,HSXUDVXOvLDUGHGRLSXPQL=%$1*=%$1*VLIXJH/XSXO
0DPDvOQHQRURFHVFSHDVWDvOUXS
$GRXD]LODIHODWUHLDDFHODVLOXFUXVHHQHUYHD]D/XSXOVLODVWHDSWDGXSDXVD,QWUDLHSXUHOH
8QGHHVWLEDLOXSXOH"
ÌOSULQGH/XSXOGHJkW
$KDQHPHUQLFX
GUDFX
,DVDYH]LFHRPRUvWLGDXHXDFX
6WDL/XSXOHDPGUHSWXOODRXOWLPDGRULQWD
%LQHPD&HGRULQWDDL"
3DLYUHDXVDIDFRSLUXHWDPLHPLDSODFXWPXOWFRUHJUDILD
ÌLGD/XSXOGUXPXOIDFHLHSXUDVXORSLUXHWDvLGDGRLSXPQL=%$1*=%$1*GXSDFDUHIXJH/XSXOJkQGLWRU
%DLFHFRUHJUDILHWkPSLWD
Ì'HFHDUHLHSXUDVX
FRGLWDODVSDWH"
5&DQIDWDLHO
/HXOUHJHOHSDGXULLGDGHFUHWFDvQILHFDUH]LDLPDOHOHWUHEXLHVDYLQDVDvLDGXFDGHPkQFDUHVLGDFDQXLSODFHPkQFDUHD
vLEDWHFXEXODQXOSHVSDWH3ULPX
YLQHXUVX
FXXQERUFDQFXPLHUH/HXOQHUYRV
3DLELQHEDDERXOHPDLYD]XWWXSHPLQHYUHRGDWDVDPkQFPLHUH"
6LMDSvOEDWHGHOQHQRURFHVWH$GRXD]LDSDUHLHSXUDVXFXXQPRUFRY
%DLLHSXUDVXOHPDVWLLWXSHPLQHVDPkQFPRUFRYL"6LGDLVLEDWHO
/DFDUHLHSXUDVX
FXXQRFKLSOkQJHDVLFXXQXOUkGHD/HX
LQWULJDW
%DLLHSXUDVXOHGHFHFXXQRFKLSOkQJLVLFXFHODODOWUk]L"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3DLFXXQX
SOkQJFDPDGRDUHVLFXFHODODOWUkGFDDULFLX
YLQHFXXQPDU
(UDRYUHPHFkQGSULQSDGXUHEkQWXLDRVDUDFLHOXFLH&HPDLQXVHJDVHDDSURDSHQLPLFGHPkQFDUHÌQWUREXQD]LXQ
LHSXUDV DQHPLF VL vQIRPHWDW 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,HSXUDVXOvQFHSXVDVLIDFDSODQXULFXPVDOH
JDWHDVFDPDLELQHVLDMXQVHODFRQFOX]LDFDVROXWLDRSWLPDHVWHRPOHWD3OLQGHEXFXULHLHSXUDVXOVHvQGUHSWDVSUHFDVDFkQGvO
IXOJHUD XQ JkQGELQHGDUHOHUDXQLHSXUDV PLFVLvQWLJDLDOXL QX DU vQFDSHD R RPOHWD GH GHRXD$SRL LHSXUDVXO vVL
DPLQWLGHSULHWHQXOVDX XUVXOFDUHILLQGDVDPDUH WUHEXLD VDDLEDVLRWLJDLHSH PDVXUDvQFDUHLHSXUDVXOVLDU IL SXWXWIDFH
RPOHWDGRULWD$VDFDLHSXUDVXOSOHFDODXUVVDLFHDUDWLJDLD3HGUXPvQFHSXVDVHJkQGHDVFD8UVXOPDYDvQWUHEDODFHPL
WUHEXLHRWLJDLHDVDPDUH+PPGDFDvPL]LFHVDLGDXRXD",HSXUDVXOVHJkQGLFDvLPDLUDPkQFDUHDUILIRVWRULFXP
GHVWXOHSHQWUXHO0DLPHUVHFHPDLPHUVHFkQGXQDOWJkQGvLWUHFXSULQFDS%LQHGDUGDFDvPLFHUH"(KRULFXPVL
GHRXDPLDUDMXQJHVDPDVDWXU'DUSHVWHSXWLQWLPSVHRSULGLQQRX'DUGDFDvPLFHUHGHRXD"ÌPLUDPkQ0D
VDWXUVLFXDWkWHD6LDSRLLDUVHRSUL%LQHGDUGDFDvPLFHUHGHRXDGDUGDFDPLOHFHUHSHWRDWHVLQXPDLvPLUDPkQH
QLPLF"ÌQWUHWLPSLHSXUDVXODMXQVHVHODFDVDXUVXOXL6XQDIXULRVODXVDOXLVLFkQGXUVXOQHGXPHULWvLGHVFKLVHXVDLHSXUDVXO
WLSDODHO
$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
LDFKHPDWLOSHHOHIDQWVDQHUDIXLP5HSHGHPDPDYRDVWUDGHXUkWL
,HVHVLHOHIDQWX
FX]LDUXOvQPDQD
&HHGUDJDFHVHvQWkPSOD"
$KDQHPHUQLFLORUDWLLHVLWFXWRWLOXDYDVLWURPSHOH
(OHIDQWX
'DFHHLHSXUDVXOH"
*XUDED,DDOLQLDWLYDODSHUHWHFDYDHYLVFHUH]SHWRWL
$VWLDVSHULDWLVHDOLQLD]DFRSLOX
SOkQJH,HSXUDVX
0DPDDDGDFHJUDVLVXQWHWL
ÌQWUREXQD]LLHVHODSOLPEDUHLHSXUDVXO6HSOLPEDHOvQFRORVLQFRDFHSULQSDGXUHFDGRDUHUDFHOPDLWDUHvQSDUFDUH
$SDUHXUVXOGHSHRFDUDUHODWXUDOQLFD
6DWUDLHVWLLHSXUDVXOH
0DXUVXOHLDYLQDQFRDFH
'DVHIX
7LJDUHDL"
1DPVHIX
3DLGHFHQDLPD"=GXS]GLSSRFEXI
$GRXD]LGLQQRXSHFDUDUH
8UVXOHWLJDULDL"
$PVDWUDLWL
&KLEULWDL"
QDPVHIX
'HFHQDLPDFKLEULWH"3RFSRF]GLS]GXSEXI
ÌQ]LXDXUPDWRDUHSHFDUDUH
8UVXOHWLJDULDL"
$PVHIXOH
&KLEULW"
'DVDWUDLWL
'DDDEULFKHWDDL"
QDPVHIXOHHH
3DLVDDLPDLEDLDWXOHVDDL'HFHQDLPDQHQRURFLWXOH"3RF
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$SDWUD]L
8UVXOHWLJDULDL"
$P
'D
IRFDL"
3RIWLWLVHIX
vLvQWLQGHFXWLDFXFKLEULWXUL
'HODEULFKHWD"
'DVDWUDLWL
0
GDXLWkQGXVHSXWLQFKLRUkVPPP0DLXUVXOHGHFHQDLEDVFD"
9DULDQWD
8UVXOVLYXOSHDHUDXIRDUWHEXQLSULHWHQLVLWHPXWLvQSDGXUHvQWUR]LVHvQWkOQLUDVLQHDYkQGFHIDFHKRWDUkUDVDVHOHJHGH
LHSXUDV
'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
+DLEDXUVXOHFDYUHDXVDLRWUDJODFDQJXUPDPDOXLGHWkPSLW+DLVDILLVLWXDFRORVDQXPDEDWDDODSHPLQH
%LQHPD
6HGXFHLODFDUDUHDGLQSDGXUHVLDVWHDSWD'XSDFLQFLPLQXWHDSDUHFDQJXUXO,HSXUHOHvLLHVHvQIDWD
,DVWDLED'HFHQDLVDSFDQHQRURFLWXOH"
=%$1*&DQJXUXOVXIHUDvQOLQLVWHYD]XVHFDXUVXOHUDFXLHSXUHOH)D]DVHUHSHWDYUHRWUHL]LOHGXSDFDUHLHSXUHOXLLVH
IDFHWkUVHDODVDOPDLEDWDFDQXDUHVDSFDVLVHJkQGHVWHODDOWFHYD
ÌLFHURWLJDUDVLGDFDPLGDFXILOWUX]LFFDYUHDXIDUD'DFDDUHGHDPEHOHIHOXULvLFHUXQIRF'DFDvPLGDEULFKHWD]LFFD
YUHDXFKLEULWHWF1XVHSRDWHVDDLEDWRWFHLFHU
=LVVLIDFXW,DUvLDVWHDSWDDVWLDGRLSHFDQJXUDSDUHDODVLLHSXUHOH]LFH
,DGDEDLRWLJDUH
&XVDXIDUDILOWUX"
,HSXUHOHVRFDW
&X6LGDVLXQIRF
%ULFKHWDVDXFKLEULW"
,HSXUHOHVFDQGDOL]DW
%ULFKHWD
'XSDFHWHUPLQDWLJDUDLHSXUHOH]LFH
'$
'(&(1$,6$3&$%$"""
'RLYkQDWRULODYkQDWRDUHGHLHSXUL8QLHSXUHWkVQHVWHGHSHXQKDW9kQDWRUXO$WUDJHQXQLPHUHVWH
)XWXLPDPDOXLGHLHSXURL
9DQDWRUXO%
%DHUDLHSXURDLFD
%DHUDLHSXURL
%DLHSXURDLFD
+DLVDOvQWUHEDPSH1HD*KHRUJKHFDVWDWHDUH]HPDWvQFRDGDVDSHLPDLDSURDSHGHXQGHVDULVHDQLPDOXO
&HIXVHEDGHLHSXUHVDXLHSXURDLFD"
,HSXUHFRDQH
'DGHXQGHVWLL"
3DLFDQGWUHFXIXJLQGSHOkQJDPLQHODPDX]LW]LFkQG0LDWLEHOLWSX
D
ÌQWUR]LDQLPDOHOHSDGXULLIDFRGHOHJDWLHVLRWULPLWODOHX
/HXOHXLWHFDUHVLWXDWLDHSOLQDWRDWDSDGXUHDGHFDFDGHSLSLXQGHWHXLWLWRDWHWXILVXULOHVXQWSOLQH
$VDQXPDLSXWHPWUDLWUHEXLHIDFXWFHYD
'HDFRUG]LFHOHXOIDFHPXQYHFHXSXEOLF
6HDSXFDHLVLIDFXQYHFHXSXEOLFFXJHPXOHWFXvQFXLHWRDUHODXVDYRSVLWUR] PDL PDUHIUXPXVHWHD6LFDVDQXOVWULFH
FLQHYD ODX SXV SH XUV GH SD]D /LSVHVWH XUVXO FkWHYD PLQXWH vQWUR]L FkQG YLQH vQDSRL JHDPXO VSDUW OD YHFHX $QFKHWD
PDUHDGXQDOHXOWRDWHDQLPDOHOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
6HIDFHvQSDGXUHFRQVLOLX/HXOYURLDRIULSWXUDVLIDFHXQFRQFXUVGHEDQFXUL
$ODFDUH]LFHXQEDQFVLHXQXVLQJXUFDUHQXUkGHRVDILHIULSWXUD
9LQH LHSXUDVXO ]LFH XQ EDQF VL WRDWD SDGXUHD HUD SH MRV GH UkVQXPDL JLUDID VWDWHD VHULRDVD ÌO PDQkQFD OHXO SH
LHSXUDV9LQHVLYXOSHD]LFHXQEDQFQLPHQLQXUkGHvQDIDUDGHJLUDIDFDUHHUDSHMRVGHUkV
'HFHUk]LJLUDIR"RvQWUHDEDOHXO
'HEDQFXOLHSXUDVXOXL
,HSXUDVXOPHUJHODIDUPDFLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%XQD]LXDDYHWLPRUFRYL"
)DUPDFLVWXOVXSDUDWvLUDVSXQGH
0DLLHSXUDVXOHPDLFkQGRVDWLWUDJXQDRVDWLVSDUJGLQWLL7XQXYH]LFDDLFLHVWHIDUPDFLHVLQXDSUR]DU"
$GRXD]L,HSXUDVXOUHYLQH
0RUFRYLDYHWL"
&DUDWHGHDLFLFDRVDWLVWUkQJLGLQWLLGHSHMRV
$ WUHLD ]L SRYHVWHD VH UHSHWD VL )DUPDFLVWXO VFRV GLQ VDULWH vL WUDJH XQ VXW vQ ERW $ SDWUD ]L ,HSXUDVXO VH vQWRDUFH OD
)DUPDFLHWRWEDQGDMDWvQMXUXOERWXOXL
%XQD]LXDDPYHQLWVDYDvQWUHEGDFDDYHWLVXFGHPRUFRYL"
,HSXURDLFDIUXPRDVDSDGXULLVLGRULWDGHWRDWHDQLPDOHOHPDVFXOHGLQSDGXUHVHPDULWDSkQDODXUPDFXOXSXO'XSDXQ
WLPSLHSXURDLFDQDVWHWUHLSXUFHOXVL/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
ÌQWUR SDGXUH VH GHVFKLGH XQ VXSHUPDUNHW 7RDWH DQLPDOHOH VH DVHD]D OD FRDGD OXSXO YXOSHD XUVXO DMXQJ PDL OD XUPD
'HRGDWD DSDUH LHSXUHOH VL YUHD VD WUHDFD GH XUV FDUH HUD XOWLPXO 8UVXO VXSDUDW vO LD SH LHSXUH OD EDWDLH vQ FHOH GLQ XUPD
LHSXUHOHVFDSDVLYUHDVDWUHDFDPDLGHSDUWHGDUGDGHYXOSHFDUHVXSDUDWDFDLHSXUHOHYUHDVDRLDvQDLQWHDHLvOLDODEDWDLH
ÌHSXUHOHVFDSD VLGHYXOSH VLDPELWLRQDW YUHDVDWUHDFDVL PDLvQIDWDGDUGDGHOXSFDUH YUHD VL HO VDO LD OD EDWDLH $WXQFL
LHSXUHOHVXSDUDWvQFHSHVDVWULJH
6DPRUGDFDPDLGHVFKLGPDJD]LQXODVWD]L
0DUHEHWLYDQHUDLHSXUDVXOÌQWUR]LVHvQWkOQHVWHSULQSDGXUHSHRFDUDUHFXOXSXO
/XSXOVHGDGHDFXRSHUHFKHGHURWLOHSHFDUHWRFPDLOHDFKL]LWLRQDVH7UHFHOXSXOSHOkQJDHOVHRSUHVWH,HSXUDVXOVSULMLQLW
FXRODEDGHXQFRSDFFXVWLFODGHWXLFDvQPkQDDPHWLWGHWRWvOvQWUHDED
,DVSXQHPDLOXSXOHKkFGHXQGHDLWXKkFURWLOHOHDOHDDVDGHKkFPHVHULDVH"
$SDLHXQXEHDXWRDWD]LXDFDWLQHQXGDXEDQLLSHEDXWXUD8LWHFDDPVWUkQVVLHXQLVWHEDQLVLPLDPFXPSDUDWQLVWHURWLOH
([DFWDFHODVLOXFUXVHvQWkPSODVLSHVWHROXQDFkQGOXSXOYLQHFXRELFLFOHWDVXSHUED$FHHDVLvQWUHEDUHDFHODVLUDVSXQV
(XQXGDXEDQLLSHEDXWXUD
3HVWH vQFD R OXQD OXSXO vL SUH]LQWD LHSXUDVXOXL \DKWXO OXL SHUVRQDO XOWUDHOHJDQW HWF0DL WUHFH R VDSWDPkQD /XSXO SULQ
SDGXUHVHSOLPED'HRGDWDVHDXGHXQ]JRPRW3ULYHVWHvQVXVVLvOYHGHSHLHSXUDVODERUGXOXQXLDYLRQWUD]QHWEDLH79
FRQIRUWQXJOXPD/XSXOKROEHD]DQLVWHRFKLFkWFHSHOHLHSXUDVXOFRERDUDVLOXSXOvOvQWUHDED
3DLELQHPDLLHSXUDVXOHGHXQGHDLWXXQDOFRROLVWDVDFHYD"
0DPIDFXWEDLDWFXPLQWHOXSXOHQXPDLEHDX
%LQHELQHGD
GHXQGHDLDYXWEDQLGHDVDFHYD"
6LPSOX$PYkQGXWWRDWHVWLFOHOHGHEDXWXUD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2KDLWDGHOXSLYUHDVDWUHDFDXQSRGGDUOHVDUHvQIDWDLHSXUDVXOVWULJkQG
/XSLORUVvQWGXULSULQWUHYRL"
1X
'DFDYUHWLVDWUHFHWLWUHEXLHVDvPLGDWLILHFDUHFvWHOHL
$GRXD]LVHvQWkPSODDFHODVLOXFUX
$WUHLD]LVHJkQGHVFOXSLLVLvVLDOHJWUHLGXULGXSDFDUHSRUQHVFODGUXP,HSXUDVXOOHVDUHGLQQRXvQGUXPVLvLvQWUHDED
/XSLORUVvQWGXULSULQWUHYRL"
'D]LFFHLWUHLGXULVLLHVODLYHDOD
$WXQFLXUVXOHLDGHODFHLWUHLFvWHOHLVLGHODUHVWXOLDXHXOHL
,HSXUDVXOVHGXFHODFKLRVFXOGHODFROWVL]LFH
'DWLPLYDURJIUXPRVWUHLVWLFOHGHSH[L
9kQ]DWRDUHDQXOEDJDvQVHDPD
ÌPLGDWLYDURJWUHLVWLFOHGHSH[L
1XWLGDXQLPLFSkQDQXvQYHWLVDYRUEHVWLFRUHFW
6HSHWUHFHDFHHDVLID]DFkWHYD]LOHODUkQGSkQDFkQGYLQHRGDWDLHSXUDVXO
ÌPLGDWLYDURJWUHLVWLFOHGHSHSVL
9H]LDVDWHYUHDXYH]LFDVHSRDWH]LFHYkQ]DWRDUHDVLvLGDVWLFOHOHGHSHSVL
,HSXUDVXOLDSODVDFXVWLFOHVL]LFH
0HU[L
,HSXUDVXOVLJDJLFDVDLHSXULQDVXQWXUPDULWLGHPDLPXOWLFkLQLÌQXOWLPXOPRPHQWUHXVHVFVDVHDVFXQGDvQWURJDXUDvQ
SDPkQW3ULHWHQDVDVSXQH
(LVLDFXPDFHIDFHP"
)RDUWHVLPSOXVSXQHLHSXUDVXOVWDPDLFLSkQDOHVXQWHPQXPHULFVXSHULRUL
Ì6WLWLGHFHGRDUPHLHSXUDVXOFXRFKLLGHVFKLVL"
53HQWUXFDDUHSLHOHDVWUkPWDVLGDFDvQFKLGHRFKLLLVHEHOHVWHSX
D
ÌQILHFDUH]LOXSXOVLLHSXUDVXOMRDFDVDKVLGHILHFDUHGDWDLHSXUDVXOvQYLQJH/XSXOvOvQWUHDEDVHFUHWXO
%DLLHSXUDV]LPDFHIDFLGHPDEDWLWRWGHDXQD
ÌQILHFDUHGLPLQHDWDvQDLQWHGHSDUWLGDIDFVH[FXSULHWHQDPHDVLPDELQHGLVSXQVLDVWIHOVXQWvQWURIRUPDH[FHOHQWDSWD
MXFDVDK
/XSXOVHSULQGHGHVPHFKHULHGDUQHDYkQGSULHWHQDVHGXFHDGRXD]LGLPLQHDW]DVLVDUHSHOXSRDLFDODFDUHHD
&HLLHSXUDVXOHLDUYUHLVDMRFLVDKFXOXSXO"
,HSXUDVXOVHSOLPEDSULQSDGXUHVLODXQPRPHQWGDWYHGHXQXUV
8UVXOHXUVXOHVWLLFDVDIDFXWREHUHFXQXPHOHWDX"
/DFDUHXUVX
'DQLHO""
,HSXUDVXOVLJDJLFDVDLHSXULQDVXQWODXQVSHFWDFROGHFLUFVLXUPDUHVFFXPMRQJOHXUXOVFRDWHLHSXUDVLDOELGLQMREHQ/D
FDUHLHSXUDVXO
'UDJDPHWRGDQRDVWUDvPLSODFHPDLPXOW
8UVXOVWDWHDVLVHXLWDODLHSXUDVFDUHVWULJDODRSUDSDVWLH
/XSXOHHHHOXSXOHHHH
6HDSURSLHGHLHSXUDVDFHVWDPDLGHSDUWH
/XSXOHHHHOXSXOHHHH
6HPDLDSURSLHXQSLFLHSXUDVXOWRWDVD
/XSXOHHHHOXSXOHHHH
9LQHSHPDUJLQHDSUDSDVWLHLVLvOvQWUHDEDSHLHSXUDV
0DLHSXUDVXOHFHIDFLWXDLFL"
,HSXUDVXOQLFLXQDQLFLGRXDvOvPSLQJHvQSUDSDVWLHVLvQFHSHVDVWULJH
8UVXOHHHHHXUVXOHHHHH
,HSXUDVXOVHSOLPEDSULQSDGXUHÌOYHGHXUVXOVLFXPvOSULQGHvOYLROHD]D'XSDFHVHWHUPLQDWRDWDWUHDEDLHSXUDVXOFX
ODFULPLvQRFKLvQWUHDED
%DWkPSLWXOHWXQDLDOWDWUHDEDGHFkWVDWHGDLODLHSXUDVL"'DLD]LDLFHUWLILFDWPHGLFDOFDQXDL6,'$"
'DFXPVDQXXLWHKkUWLDVLVFRDWHRKkUWLHGLQEX]XQDU
3RWLVDOUXSL
6HSOLFWLVHDXOHXOVLOHRDLFDvQWURGXSDDPLD]DGHYDUD&RQYRDFDHLWRDWHDQLPDOHOHVLOHXOOH]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHVDUHvQSUDSDVWLDFHDPDLDGkQFDGLQSDGXUHSRDWHVRIX
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"7LDPSURPLVFDWLGDXOHRDLFDVRIX
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
&kQGVHXLWDHOHSHJDXUDFKHLLLHSXUDVXORWLQHDSHIHPHLHGHSLFLRDUHVLRVFXWXUD]GUDYDQ1DYDOHVFWRDWHvQDXQWUX
&HLIDFLQHPHUQLFXOHSHUYHUVXOHFHLFXFKHVWLLOHDVWHD"
3DLVDYHGHWL]LFHFDOPLHSXUDVXOFDPLHQSDGXUHPLVDPDLvQWkPSODWFDVFRUEXUDVDDLEDDOELQH
6HGXFHVLLHSXUDVX
ODERUGHO3DWURDQDHUDXUVRDLFD6HGXFHLHSXUDVXOODHDVLRvQWUHDED
%DLYUHDXVLHXRIHPHLH
3DLDYHPRYXOSLWD
1XRYUHDXSHYXOSLWDFDvPLHIULFDGHHD
$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
ÌQ SDGXUHXQ LHSXUDV VWDWHD WXUFHVWH OkQJDLQWUDUHDvQ YL]XLQD VL vVL IDFHDGH OXFUX FX ODSWRSXO 9LQH YXOSHD vO SULYHVWH
PLUDWDVLvOvQWUHDED
&HIDFLLHSXUDV"
&HVDIDFVLHXÌPLVFULXOXFUDUHDGHGLSORPD
=DX"6LGHVSUHFHVFULLWXODOXFUDUHDWDGHGLSORPD"
3DLVFULXGHVSUHFXPPDQkQFDLHSXULLYXOSL
+DKDKDFHWkPSHQLH&LQHRVDFUHDGDDVDFHYD"
'DFDQXPDFUH]LKDLFXPLQHvQYL]XLQD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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]DWHPDSHFDUHRDLODOXFUDUHDGHGLSORPDFRQWHD]DQXPDLSHFLQHDLFDvQGUXPDWRU
,HSXUDVXO VL SUHLHWHQXO VDX PDJDUXO LHV OD SOLPEDUH vQ SDGXUH 7RW SOLPEkQGXVH HL DVD LHSXUDVXO FDGH vQWUR JURDSD
DGkQFDFXSHUHWLLDEUXSWL
$IODWODQHYRLHHOHVWHDMXWDWGHPDJDUFDUHvVLDUXQFDGUkPEDYHVWLWDSHQWUXOXQJLPHDHLvQJURDSDLHSXUDVXOVHSULQGHGH
HDVLDVWIHOHVDOYDW
3HVWHFkWHYD]LOHLDUDVLVHSOLPEDFHLGRLSULQSDGXUHVLGHGDWDDFHDVWDFDGHPDJDUXOvQWURJURDSD
,HSXUDVXOFHVDIDFD"&XPVDvVLDMXWHSULHWHQXO"
6HXLWDODVOLWXOSDQWDORQLORUVDLGDGLQFDSDSDJXEDVLDSRLvLYLQHLGHHD6FRDWHFHOXODUXOVLVXQDGXSDDMXWRDUH
$VWIHODUHXVLWVLHOVDvVLVDOYH]HSULHWHQXO
0RUDOD'DFDQDLSX
DFXPSDUDWLFHOXODU
,HSXUDVXOVFDSDGLQODERUDWRUVLIXJHSHFkPS$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"
,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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/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
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,DXLWHFDYLQHVLDULFLXOFXGRXDPHUH
0HUJHRKDLWDGHOXSLSULQSDGXUHVLDMXQJODXQSRG&LQGVDWUHDFDSRGXOLHSXUDVXOVDUHGHVXESRGVL]LFH
&DUHVLQWHWLVPHFKHULSHDLFL"
/XSLVHXLWDXQXODDOWXVLQX]LFQLPLF9D]LQGDVWDLHSXUDVXO]LFH
%LQHDWXQFLILHFDUHFDVDWUHFHWLSRGXOPHX
$ GRXD ]L DFHODVL OXFUX VL GLQ QRX OXSL QX ]LF QLPLF VL SODWHVF EDQL $ WUHLD ]L OXSL VH VIWDXLHVF VL LVL DOHJ YUHR FLQFL
VPHFKHUL9LQODSRGVLFLQGLHSXUDVXOLQWUHDEDGHVPHFKHULDVWLDFLQFLPHUJSULPL9D]LQGDVWDLHSXUDVXO]LFH
8UVXOHLDYLQRDLFLVLLDGHODVPHFKHULVLGHODUHVWX
,HSXUDVXOVHSOLPEDSULQSDGXUHFkQGJDVHVWHRPDQXVDSLHUGXWDULGLFDVLPHUJH PDLGHSDUWHÌQWkOQLQGXVHFXYDFLOH
FDUHSDVWHDXODFDSDWXOOXPLQLVXOXLOHvQWUHDED
+HLIHWHORU&DUHVLDSLHUGXWVXWLHQXO"
9XOSHDvOSULQGHSHLHSXUDVLDUDFHVWDVHURDJDGHYXOSHVDLvQGHSOLQHDVFDRXOWLPDGRULQWDvQDLQWHGHDILPkQFDW
6WLXFDQXPDLDPQLFLRVFDSDUHODVDPDWHURJvQDLQWHVDPDPDQkQFLVDGDQVH]GDQVXOPRUWLLODLHSXUDVL
9XOSHDFDGHGHDFRUGLDULHSXUDVXOvQFHSHVDGDQVH]H
8QDQVWkQJDGRXDQGUHDSWDWUHLODVWkQJDSDWUXQGUHDSWDIXJDPDUV
9XOSHDVHXLWDPLUDWDFXPLHSXUDVXORVWHUJH
&HFRUHJUDILHLGLRDWD
&LFDODXLQWUHEDWSHLHSXUDVFDUHHFXOPHDFXOPLORU/DFDUHDFHVWDUDVSXQGH
6DQXVHPDLIDFDEDQFXULFXLHSXUDVXO
9DULDQWDOD
ÌQSDGXUH,HSXUDVXOWUHFHSHOkQJDEDUORJXOXUVRDLFHL9HGHXUVXOHWLLMXFDQGXVHVLLQWUHDED
0DLIODFDLDFDVDHPDPLFD"
3XLL
1X
,HSXUHOH
6SXQHWLLFDYUHDXVDvLUH]ROYWUHDEDDLD
9LQHXUVRDLFDDFDVDXUVXOHWLLLLWUDQVPLWPHVDMXOIDUDSUHDPDULFRPHQWDULL
$GRXD]LVFHQDVHUHSHWD8UVRDLFDVHHQHUYHD]DVLOHVSXQHODXUVXOHWLVDLLVSXQDLHSXUDVXOXLFDQXHVWHDFDVDVLVHDVFXQGH
vQEkUORJ
9LQHLHSXUHOHvQWUHDED
%DLVPHFKHULORUPDPDHVWHDFDVD"
1X
6SXQHWLLFDYUHDXVDLLIDFWUHDEDDLDVDQXPDLIXJD
8UVRDLFDFDQGDXGHLHVHGLQEDUORJVLIXJHGXSDLHSXUH$FHVWDVHVWUHFRDUDSULQWUHFRSDFLGDUODXQPRPHQWGDWXUVRDLFD
ILLQGPDLPDUHVHSULQGHLQWUHGRXDFUHQJLVLUDPDQHEORFDWD,HSXUHOHVHGXFHLLUH]ROYDFHDYHDGHUH]ROYDWDSRLWUHFHvQ
IDWDHL]LFkQGXL
%DLSXWHDPVDRIDFVLDFDVDGDUQXDPYUXWVDVWULFHGXFDWLDFHORUPLFL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,HSXUDVXOVWDWHDSHPDUJLQHDFDUDULLVLvVLvQJULMHDQLVWHSHWHPDULVLURVLLGHSHIDWD9XOSHDvOYD]XVLvOvQWUHED
&HLLHSXUDVXOH"3XEHUWDWHDSXEHUWDWHD"
'D
GHXQGH$OLFHOH
LHSXURDLFDVWDWHDSHJkQGXULOkQJDFHDOHDIHUDWD
6RWUHFVDQRWUHF"+DLVRWUHF
WUHFXGDUDWUHFXWVLWUHQXOWDLQGXLFRDGD$MXQVDDFDVDVFDQGDOPDUHFXLHSXURLXOVRWFDUHRFRQVHPQDVDVWHDvQFDVD
OXQLSkQDVDLFUHDVFDRDOWDFRDGD'XSDDFHVWLQWHUYDOLHSXURDLFDLHVHGLQFDVDDMXQJHLDUODFDOHDIHUDWDRWUHFHVLLDUvL
WDLHWUHQXOFRDGD$OWDFRQVHPQDUHGHOXQLVLLDUvLFUHVWHRDOWDFRDGD'XSDFHLHVHGLQFDVDLHSXURDLFDGXSDFHDDMXQV
GLQQRXODFDOHDIHUDWDVWDWXVDVHJkQGHDVFD
'DFD WUHF GLQ QRX VL LDU WUHFH WUHQXO VLPL WDLH FRDGD LDU PD DOHJ FX VFDQGDO 0DL ELQH vPL EDJ HRDGD vQWUH SLFLRDUH VL
WUDYHUVH]DVD
,HSXURDLFDVHDQJDMDFDVDWUHDFDSHVWHFDOHDIHUDWDWUHQXOWUHFXVLvLWDLHFDSXO
0RUDODIDEXOHLDVDvVLSLHUGIHPHLOHFDSXOFkQGDXFHYDEDJDWvQWUHSLFLRDUH
,HSXUDVXOGH$QJRUDILLQGvQEDQLVHGXVHVLHOODERUGHO0DWURDQDYXOSHvOvQWkPSLQD
%LQHDLYHQLWLHSXUDVXOH&XFHWHSXWHPVHUYL"$YHPQLVWHLHSXULWHGLQ%DVDUDELDQRVWLPHIRF
1XXXYUHDXFHYDPDLH[RWLF
ÌWLSXWHPRIHULREXUVXFDGLQ$IULFDVDXQLVWHQHYDVWXLFLGLQ)UDQWD
1X$]LDPFKHIGHRVHUSRDLFD%RD
9DLGHPLQHVHVSHULHYXOSHD$LDWHSDSDFXEODQDFXWRW
1XPLSDVDHXYUHDXRVHUSRDLFDERD
)XFRQGXVvQFDPHUDVHUSRDLFHLFDUHFkQGvOYD]XFDVFDRJXUDFkWRVXUDVLvOvQJKLWLSHLHSXUDV'DUFXPHUDGH$QJRUDVL
HUD GHVWXOGH IORFRVvL FD]X VHUSRDLFHLJUHX OD VWRPDF DVD FDvO VFXLSD DIDUD $PHWLWLHSXUDVXO VH ULGLFDGH MRVvVLQHWH]L
EODQLWDVLH[FODPD
0DPD&HPDLPXLH
PDPDLHSXURDLFDOHH[SOLFDLHSXUDVvORUVDL
'HXQGHDWLYHQLWYRL"8QLOX]LRQLVWYDVFRVGLQMREHQXOVDXVLPDLWHUPLQDWLRGDWDFXvQWUHEDULOHDVWHD
8UVXOIODPkQGFDXQOXSVHDSXFDVDIXJDGXSDXQLHSXUHFXJkQGXOVDOSULQGDVLVDOPDQkQFH2ERVLvQVDUHSHGHDVD
FDVHDVH]DVDVLUHYLQDSHXQEXVWHDQVL]LVH
,HSXUHOHDVWDHGUDFX
JRO&HPDIDFHDPGDFDPDDOHUJDHOSHPLQH"
8QLHSXUDVLQWUDODIDUPDFLH
$YHWLPRUFRYL"
0DWXQXHVWLQRUPDOODFDS"$LFLHIDUPDFLH3HQWUXPRUFRYLGXWHOD$SUR]DU
'HFHYDHQHUYDWL"8LWHHXGDFDDVILIDUPDFLVWVLPLDUFHUHFLQHYDPRUFRYLQXPDVVXSDUD
,DWUHFLDLFLvQORFXOPHX]LVHIDUPDFLVWXO
6FKLPEDUDHLORFXULOHVLIDUPDFLVWXOvQWUHED
$YHWLPRUFRYL"
'D
UHWHWDSHQWUXHLDYHWL"
8QLHSXUDVLQWUDvQWURFRIHWDULHVLFRPDQGDRFDIHDFXODSWHVLXQFRUQ,VHDGXVHFRPDQGDGDUvVLDPLQWLFDQXVHVSDODVH
SHPkLQLDVDFDSOHFDODWRDOHWD&kQGVHvQWRDUVHFDIHDXDQXPDLHUD
&LQHPLDEDXWFDIHDXD"
7RWLWDFHDXPkOF,HSXUDVXOUHYHQLFXXQWRQDPHQLQWDWRU
9DPDLvQWUHEvQFDRGDWDFLQHPLDEDXWFDIHDXD"
8UVXOVHULGLFDvQSLFLRDUHGHODRPDVDVLUDVSXQVH
(XDPEDXWR
6LFRUQXOGHFHQXODLPkQFDWPRIWXURVXOH"
'RLLHSXULVWDWHDXDVFXQVLvQWUXQWXILV3HFDUDUHWUHFXXQYkQDWRU
ÌOYH]L]LVHXQXOGLQWUHLHSXUDVLDVWDPDDOXQJDWGLQSDGXUHDGHDODWXUL
$YUXWVDWHvPSXVWH"
1XGDUPLDDVXU]LWXUHFKLOHWRWWUDJkQGDLXUHDFXSXVFD
8QLHSXUDVOD$SUR]DU
'DWLPLXQOLWUXGHPRUFRYL
9UHLVDVSXLNJ
1XHXYUHDXXQOLWUX
2ULQXHVWLQRUPDORULYUHLVDWLEDWLMRFGHPLQH1XFHULFRUHFWQXWHVHUYHVF
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$GRXD]LODIHODWUHLD]LODIHODFLQFHD]L
'DWLPLXQNLORJUDPGHPRUFRYL
(L]LVHYkQDWRDUHDIHULFLWDYH]LFDSRWL"6WLFODDL"
ÌQSDGXUHLHSXUDVXOvOvQWkOQHVWHSHXUV
8UVXOHKDLVDWHSOLPEFXPRWRFLFOHWD
%LQH
3RUQHVFHLVLvQFXUkQGDMXQJODRYLWH]DGHNPODRUD
1XWLHIULFDXUVXOH"
1X'HFHVDPLILHIULFD"
VXWDGHNLRPHWULODRUD
7RWQXWLHIULFDXUVXOH"
1X
'HFHVDPLILHIULFD"
&XPPHUJHDXHLLHSXUDVXOYD]XFDVHDSURSLDXGHSUDSDVWLH
7RWQXWLHIULFDXUVXOH"
1X
0LHvPLHVWHFDQXDMXQJFXSLFLRUXOODIUkQD
3ULQWUHDQLPDOHOHGLQSDGXUHVHGDDQXQWXOFDVDXLYLWFkWHYDFD]XULGH6,'$7RDWHVHDSXFDUDVDFXPSHUHSUH]HUYDWLYH
vQDIDUDGHLHSXUDVFDUHQDPDLDSXFDW
&RDQDYXOSHQXPLYLQ]LVLPLHGLQUH]HUYDWDFkWHYDSUH]HUYDWLYH"
1XSRW'XWHODFXPDWUXOOXS
&XPHWUHOXSQXPLGDLVLPLHYUHRGRXDSUH]HUYDWLYHFDWLOHSODWHVFELQH
1LFLHX
QDPFkWHPLDUWUHEXL'XWHODXUV 3HXUVLHSXUDVXOvO JDVLvQWLPSFHvVLSURED XQ SUH]HUYDWLYOXQJQHJUX FX
PRGHOSHYHUGHVLJDOEHQ
9DLFXPHWUHXUVFHSUH]HUYDWLYPLVWRDL1XDLYUHRFkWHYDVLSHQWUXPLQH"
&HSUH]HUYDWLYPDWkUQSLWXOH"1XYH]LFDVDUSHOHVLFXPLQHDYHPRSDUWLGDGHVH[RUDO"
GDWDXQ LHSXUDV VH vPEDWD FULWDVH VLPWLVL HO PDUH VL WDUH OXDSXVFDGLQFXLVL SOHFD OD FDVD OXSXOXL FD DYHD FX HO R
VRFRWHDODPDLYHFKH%DWXODXVDOXSXOLHVLVLLHSXUDVXOvL]LVH
%DLEXODFKHYH]LUDKDWXOGHOkQJDFRSDFXODFHOD"7HGXFLVLOPDQkQFLIUXPXVHOFDDOWIHOWHvPSXVFVLWLSXQSLHOHDSHEDW
/XSXOVHFRGHDVLLHSXUDVXOFDVDOVSHULHDSDVDSHWUDJDFLFDVDWUDJDXQIRFvQDHU&DUWXVXOQXOXDIRFÌQFHUFDVLFXFHODODOW
WUDJDFLWRWQLQXF9D]kQGDFHDVWDLHSXUHOHvQFHSXVDVFkQFHDVFD
6WLLFHOXSXOHWXOHGDFDWXQXYUHLODVDFDRVDOPDQkQFHX
9DULDQWD
,HSXUHOHPHUJHDvQWUR]LSULQSDGXUHVLVHvQWDOQHVWHFXXUVX8UVXvL]LFH
,HSXUHVXLHWHvQSRP
,HSXUHOHVSHULDW
'HFHEDXUVXOHFHDLFXPLQH"
(WHEDODHOVWDODGLVFXWLL68,(
6HVXLHLHSXUHOHVXSDUDW8UVX
,HSXUHFDFDWH
,HSXUHOH
'HFHEDXUVXOH"&HDLFXPLQH"
&DFDWHEDQDX]L
6HFDFDLHSXUHOHVXSDUDW/DFDUHXUVX
$FXPDQkQFDO
,HSXUHOHQDUHGHDOHVVLvO PDQkQFD3OHDFDHOVXSDUDW$GRXD]LDFHHDVLFKHVWLH$WUHLD]LVHVXSDUDLHSXUHOHVLvVLLDSXVFD
GHYkQDWRDUHFXHO%DJDHOFDUWXVHSHWHYLVLSOHDFD6HvQWkOQHVWHFXXUVX
,HSXUHOHVWDSkQSHVLWXDWLHFXSXVFDvQPkQD
8UVXOHVXLHQSRP
+DLEDLHSXUHFDDPJOXPLWVLLR
,HSXUHOHWUDJHXQIRFvQDHUVL]LFH
8UFDEDQDX]L
6HXUFDXUVXODFDUHLHSXUHOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$FXFDFDWH
+DLEDFDDPJOXPLWVLLRSURPLWVDQXVHPDLvQWkPSOH
,HSXUHOHVXSDUDWPDLWUDJHXQIRFvQDHU8UVXQDUHGHDOHVVLVHFDFD,HSXUHOHLDUFURLWVDLRSODWHDVFDXUVXOXL
$FXFRERDUDVLPDQkQFDO
+DLEDLHSXUHQLFLFKLDUDVD
'DLHSXUHOHVDWUDJDvQFDXQIRFvQDHUGD
QXPDLDYHDJORDQWHVL]LFH
$GLFDVWDLDFROROLQLVWLWFDOPDQkQFLR
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
9XOSHDVH[VLPEROXOSDGXULLvLDGXQDSHWRWLEDUEDWLLGLQSDGXUHVLOHVSXQH
%DLHWLFDUHVDUHvQSUDSDVWLDDVWDGHVHDUDIDFHVH[FXPLQH
1LFLQXWHUPLQDELQHYXOSHDFHDUHGH]LVFDLHSXUDVXODVLVDULW9LQHDPDUkWXOVXVWRWQXPDLVkQJHVLSUDIODFDUHYXOSHDvL
]LFH
,HSXUDVXOHDFXPSRWLVDPDIX
L
/DFDUHLHSXUDVXO
'DGDVDYH]LFHOI
WSHDODGHPDvPSLQV
,HSXUDVXOFXVRWLDvOXUPDUHDXODWHOHYL]RUSH'DYLG&RSSHUILHOGFXPVFRWHDRGURDLHGHLHSXUDVLGLQWUXQMREHQÌQILQDO
LHSXUDVXO]LVH
1DIRVWUDXGHORFGDUVDVWLLFDWRWPHWRGDQRDVWUDHPDLEXQD
,HSXUDVXOVHXLWDvQYLWULQDXQXLPDJD]LQ
6LHXVDUGDUFXPVDUSUHWXULOHDVWHDQLFLQXPDSRWFRPSDUDFXHOH
ÌQWURGLPLQHDWDVHVFXODXUVXOEXFXURVÌVLSXVHRVDSFDSHFDSXQFHUFHOvQQDVVLSOHFDFDWUHYXOSH SHQWUXDLGDR
FkUMD3HGUXPVHvQWkOQHVWHFXOXSXO
8Q
WHGXFLPDLXUVXOH"
0DGXFVDGDXRFkUMDYXOSLL9LLVLWX"
+DLFDYLQ
ÌVLSXVHVLOXSXOXQFHUFHOVLSOHFDUDDPkQGRL3HGUXPVHvQWkOQHVFFXLHSXUDVXO
ÌQFRWURYDQGUHSWDWL"
0HUJHPVDGDPRFkUMDYXOSLL9LLVLWX"
'DYLQ
ÌVLSXVHRVDSFDVLSOHFDUD&kQGDXDMXQVSULPXODLQWUDWXUVXO6HDXGH
$KK$KK8KK
/XSXO6LFXLHSXUDVXOvOvQWUHDED
,DLGDWRFkUMD"
'DVLFHLDPGDW
,QWUDOXSXO6HDXGDFHOHDVLVXQHWHDKKXKKLHVHVLHOWRWWUDQVSLUDWVL]LFHVLHODGDWRFkUMD,QWUD,HSXUDVXO6HDXGH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$$$$$$$$$$%X))
,HVHVLLHSXUDVXODIDUD8UVXOvQWUHDED
,DLGDWRFkUMD"
1X,DPGDWFXVFDXQX
FDFkUMDQXDYHDP
%DQFXULFXLQVHFWH
Ì&HHPLFQHJUXFXGRXDSXQFWHDOEH"
58QSXULFHFXYDWDQXUHFKL
'RL SXULFLGLVFXWD LDU SH WURWXDUXOGH YLVDYLV VDUHD VSULQWHQDR SXULFRDLFDUXMDWDvQ]RU]RQDWD FX XQ PLQL WRWDO OD FDUH
XQXOGLQWUHHLvODWHQWLRQHD]DSHFHODODOW
0DLILLDWHQWFHEXFDWLFDEXQDGLQFROR
'DRGUDFXOXLGHFXUYDRFXQRVFDPIRVWLHULODHDVLPDXPSOXWWRWFX''7
8Q SXULFH LQWUD vQWUXQ EDU %HD XQ SDKDU FX YRGFD GXSD FDUH GLQWUXQ VDOW LHVH DIDUD VWULYLQGXVH GH DVIDOW ,QWULJDW
vQWUHDED
&DUHPLDIXUDWFkLQHOHPD"
'RL SXULFL RELVQXLDX VD VH vQWkOQHDVFD vQ ILHFDUH DQ VL VDVL SHWUHDFD YDFDQWD vQ )ORULGD ÌQWUXQ DQ XQXO GLQWUH SXULFL
DMXQJHPLHUOLWGHIULJ
%UUUUEDJDPLDVDPvQJKHWDW
&HDLSDWLW"vOvQWUHDEDSULHWHQXOOXL
$PFDODWRULWWRDWDQRDSWHDvQEDUEDXQXLPRWRFLFOLVWYLWH]RPDQGLQ-HUVH\vQ)ORULGD
3DL DVD VH FDODWRUHVWH vQ )ORULGD" 6WDL VD WH vQYDW HX PHUJL OD DHURSRUW LQWUL vQ EDU EHL PDQkQFL RFKHVWL R VWHZDUGHVD
EORQGDPHVHULDVDWHFXLEDUHVWLvQWUHIORFLHLWUDJLXQSXLGHVRPQVLDGRXD]LHVWLELQHPHUVLvQ)ORULGD
7UHFHXQDQFHLGRLVHvQWkOQHVFGLQQRX
%UUUVXQWvQJKHWDWPRUGHIULJ
'D
FHGUDFX
EDQXWLDPH[SOLFDWDQXOWUHFXWFHVDIDFL"
%D GD VL DP IDFXW vQWRFPDL 0DP GXV OD DHURSRUW DP LQWUDW vQ EDU DP PkQFDW DP EDXW PLDP RFKLW R VWHZDUGHVD
PHVHULDVDPDPFXLEDULWvQIORFLLHLDPDGRUPLWVLGLPLQHDWDPDPWUH]LWvQEDUEDXQXLPRWRFLFOLVWYLWH]RPDQvQGUXPVSUH
)ORULGD
9DULDQWD
'RL SXULFL VH vQWkOQHVF XQXO IUXPRV JUDV SOLQ GH R YLDWD EXQD &HODODOW DPDUkW VODE UDFLW FX RFKLL URVL QDVX FXUJkQGX
L3XULFHOH
&HIDFLPDFHLFXWLQHvQKDOXODVWD"(XRGXFELQHVWDXODREDOHULQDvQFKLORWHLFDOGIUXPRVFXUDW'DUWX"
(XYDLGHFDSXOPHX(XVWDXvQEDUEDXQXLGLULMRUVLHDVDIULJODDVWDGDDVWDGLQPkLQLWRWD]LXDVLIDFHXQFXUHQWQX
UHXVHVFQLFLRGDWDVDPDYLQGHF7HURJDUDQMHD]DPLXQORFFDOGXWFDDOWDX
=LVVLIDFXW3HVWHRSHULRDGDGHWLPSVHvQWkOQHVFLDU3XULFHOH
&HLFXWLQHPD"7RWUDFLWSDLFHIDFXVLWLDPVFKLPEDWORFXLQWDVLWX"
3DLVWDLVDYH]L0DPPXWDWDFRORHUDELQHFDOGFXUDWHO9LQvQWURVHDUDDFDVDRERVLWPRUW PDFXOFVLGLPLQHDWDFkQG
PDWUH]HVFWRWvQEDUEDGLULMRUXOXL
%DWUkQDIHPHODGHWkQWDUvVLvQYHOHVWHFRSLLLODFXOFDUHVLOH
'DFDYHWLILFXPLQWLPkLQHYDGXFODVWUDQGXOQXGLVWLORU
)OXWXUDVXOPHUJHDYRLRVDVXVXDOGLQIORDUHQIORDUH/DXQPRPHQWGDWXQDL]LFH
0DLIOXWXUDVXOHFHPLDLIDFXWPDLHULFDQXPLDPDLYHQLWIRWRVLQWH]D
'RXDPXVWHVHSOLPEDSHXQEHFÌQWkOQLQGXVHSHQWUXDWUHLDRDUD]LFHXQD
&HPLFDLOXPHD
7kQWDUX
VHGXFHOD)UXQ]XOLWD
7X)UXQ]XOLWDODVDPDVDWHvQWHS
1XQXQX
$GRXD]L
+DLWXIUXQ]XOLWDODVDPDVDWHvQWHS
1XPDWkQWDUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$WUHLD]L
7X)UXQ]XOLWDWHURJPXOWODVDPDVDWHvQWHS
%LQHWkQWDUH
$SDWUD]L)UXQ]XOLWDHUDWDUHXVFDWDVXSDUDWD7kQWDUXORvQWUHDED
7X)UXQ]XOLWDFHDLSDWLW"""
'HFDQGPDLvQWHSDWQXPLDPDLYHQLWFORURILOD
8QWkQWDUVLRPXVFDVHFLRFQHVFvQDHU&XPVXQWHLDPHWLWLGHORYLWXUDPXVFDvOvQWUHDEDSHWkQWDU
&HIDLPDFL"
/DFDUHWkQWDUXOUDVSXQGH
0XWIXVWH
8QWkQWDU]EXUDSULQSDGXUH/DXQPRPHQWGDWYHGHRFDSULRDUDVLvVL]LFH
%DLFHDVIX
HRSHFDSULRDUDDVWDDUHQLVWHEXFLGHPRUL
=ERDUDHOSkQDODFDSULRDUDSkQGHVWHPRPHQWXO VLvLLQWUDvQSL
GDÌQWUHWLPSXQ YkQDWRURFKHVWH FDSULRDUDVL R vPSXVFD
7kQWDUXOLHVHGLQSL
GDFDSULRDUHLVLvVL]LFH
$OWDFDUHPLDPXULWvQSX
D
'RLPLULDSR]LVWDWHDXVLVHXLWDXODXQSRVWHUFHUHSUH]HQWDRGDPDFXQLVWHSLFLRDUHLQWHUPLQDELOH
*UR]DYHSLFLRDUHH[FODPDXQXOGLQWUHHL
'DGDUFDPSXWLQH
9DULDQWD
'RLPLULDSR]LVWDWHDXGHYRUEDLQIDWDXQXLSRVWHUFXXQFXQRVFXWIRWRPRGHO
&HSLFLRDUHIUXPRDVHDUHVSXQHXQXOGLQFHLGRL
'DSDFDWFDDUHQXPDLGRXD
Ì&H]LFHXQPLULDSRGFDUHSULPHVWHGH]LXDOXLvQFDOWDULQRL"
50LLGHPXOWXPLUL
*UHLHUXO vVL VDUEDWRUHVWH ]LXD GH QDVWHUH vQ SRLDQD 7RDWH LQVHFWHOH SDGXULL VvQW LQYLWDWH SULQWUH HOH VL PLULDSRGXO
3HWUHFHUHDHVWHvQWRLWRWLLQYLWDWLLVvQWSUH]HQWLPDLSXWLQPLULDSRGXO'XSDvQFDFvWHYDRUHVRVHVWHJkIkLQGVLPLULDSRGXO
XUOkQGQHUYRV
&LQHDVFULVODLQWUDUHFD)RORVLUHDSUHVXOXLHVWHREOLJDWRULH"
8QWkQDUOLFXULFLWULVWVLVXIHULQGHVWHvQWUHEDWGHXQSULHWHQ
&HDLPD"'HFHHVWLEDQGDMDWVLFKLDUODSX
D"
/DVDPDQXPDPDLvQWUHED$VHDUDDPYD]XWXQPXFGHWLJDUDVLDPFUH]XWFDHUDRWkQDUDOLFXULFLRDLFDVLPDDUVSX
D
9DULDQWD
'RLOLFXULFLVHSOLPEDXSULQSDGXUH/DXQPRPHQWGDWXQXOYHGHROXPLQLWD
6WDLVDYH]LFHRI
WSHDVWDVLVHUHSHGHvQOXPLQLWD
&HODODOWvOYHGHFDVHvQWRDUFHFDPFRFRVDWVLvOvQWUHDED
&HDLSDWLWPDL"
%DJDPLDVSX
DLDUDPQLPHULWXQFKLVWRFDSULQV
)XUQLFDWUXGHDODXQEREGHJUkX$SDUHJUHLHUHOHFXR'DFLHQRXD
6DOXWVXULRDUDFHIDFL"
,DWDPDSUHJDWHVFGHLDUQDFDVHDQXQWDRLDUQDJUHDGDUWXFHIDFL"
(X]LFHJUHLHUHOHPLDPOXDWR'DFLHQRXDVLPDSOLPE
3OHDFDJUHLHUHOHVLGXSDRVDSWDPkQDDSDUHFXXQ0HUFHGHVPHVHULDV
6DOXWDUHVXULRDUDFHPDLIDFL"7RWGHLDUQDWHSUHJDWHVWL"
,DWDPDSUHJDWHVFGHLDUQDFDVHDQXQWDRLDUQDJUHDGDUWXFHIDFL"
(X]LFHJUHLHUHOHPLDPOXDW0HUWDQXODVWDVLPDSOLPE
3OHDFDJUHLHUHOHVLGXSDRVDSWDPkQDDSDUHFXXQ)HUUDULPHVHULDV
6DOXWDUHVXULRDUDFHPDLIDFL"&XPPHUJHFXVWUkQVXOUHFROWHL"
,DWDPDSUHJDWHVFGHLDUQDFDVHDQXQWDRLDUQDJUHDGDUWXFHIDFL"
(X]LFHJUHLHUHOHPDPVDWXUDWGHYLDWDDVWDPRQRWRQDGHODWDUDPLDP OXDW)HUUDULXODVWDVLDPVDSOHFOD3DULVVDPD
GLVWUH]SXWLQ
'DFDPHUJLOD3DULV]LFHIXUQLFDSRDWHWUHFLVLSHOD9HUVDLOOHVLGDFDWHvQWkOQHVWLFX/D)RQWDLQHEDJDOvQSL]
DPDVLLFX
IDEXODOXLFXWRW
8QPLULDSRGFRSLOVHSOkQJH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3HVWHWRWSHXQGHPHUJFDOFQXPDLSHXUPHOHOXLWDWD
Ì6HSRDWHPXOJHRPXVFD"
5'DGDFDLvQFDSHJDOHDWDvQWUHSLFLRDUH
Ì&HLPLFQHJUXFXGRXDSXQFWHDOEH"
58QSXULFHFXYDWDQXUHFKL
Ì&HLPLFQHJUXFXXQSXQFWJDOEHQ"
58QSXULFHFXXQ GLQWHGHDXU
Ì&HLPLFQHJUXFXXQSXQFWDOE"
52SXULFLRDLFDSHVWRS
SXULFLVHSOLPEDXOLQLVWLWLSHVWUDGDFDXWkQGXQORFXQGHVDvQQRSWH]HFkQGYDGXQWLSVLRWLSDDSURSLLQGXVHVLFHvVL
]LFVDVHXUFHSHHL=LVVLIDFXWVHXUFDSHUHVSHFWLYLLVLQRDSWHDKRWDUDVFVDVHGXFDXQXOODWLSvQIXQGLDUFHODODOWvQSL
GD
ODWLSD$GRXD]LSXULFLLVFKLPEDXLPSUHVLLGHVSUHFXPDXGRUPLW&HOFDUHDGRUPLWvQIXQGODWLSVSXQH
&HQRDSWHvQJUR]LWRDUHSHODQRDSWHDVWDWHDPOLQLVWLWFkQGDXvQFHSXWQLVWHYkQWXULvQJUR]LWRDUHVLXQPLURVvQJUR]LWRUGH
HUDVDPRUDVIL[LDW
/DFDUHFHOFDUHDGRUPLWvQSL
GDODWLSDVSXQH
$VWDQXHVWHQLPLFXLWHFHPLVDvQWkPSODWPLHVWDWHDPOLQLVWLWHUDPDSURDSHVDDGRUPFDQGDDSDUXWXQXOPLFFKHOFXFDSXO
URVXVLDvQFHSXWVD PDDOHUJHVL PDDOHUJDWDVDSUHWGHYUHRMXPDWDWHGHRUDGHPLDVFRV VXIOHWXOGDUWRW QX PD SULQV VL
DWXQFLFHFUH]LFDPLDIDFXWDDUXQFDWFXFDVWURQXOGHVPkQWDQDSHPLQH
%DQFXULFXSDVDUL
&XFXULJXXXFkQWDJDLQD
8LPLWFRFRVXOIDFXXQRX
2JDLQDvLVWULJDDOWHLD
9DVLOLFR1XDOHUJDVLWXDVDGHUHSHGHFRFRVXOQRVWUXQXPDLHDVDGHWkQDU
Ì&H]LFHJDLQDFkQGRDOHDUJDFRFRVXO"
5'DFDDOHUJQXPDSULQGHVDPDIXWD'DFDVWDX]LFHFDVFXUYD$VDFDPDLELQHPDvPSLHGLF
Ì'HFHVHVFXWXUDJDLQDGXSDFHDIX
XWRFRFRVXO"
5&DVDVLvPSUDVWLHSODFHUHDvQWRWFRUSXO
Ì'HFHQDUHJDLQDWkWH"
5'D
FHFRFRVX
DUHPkLQL"
Ì'HFHVWDXJDLQLOHSHJDUG"
56DOHYDGDFRFRVLLFRSDQHOH
Ì&HVDUvQWkPSODGDFDFLRFDQLWRDUHDQXDUDYHDFLRF"
57RDWD]LXDDUGDFXFDSXOvQFRSDFL
Ì6WLWLGHFHVWDFRFRVWkUFXOvQWUXQSLFLRU"
5&DGDFDvOULGLFDVLSHFHODODWSLFD
ÌQSUDIXOGHODPDUJLQHDVWUD]LLRJDLQDVFRUPRQHVWHLQVLVWHQWDGXSDUkPH7UHFHSHDFRORXQWLUVLRFDOFD
*DLQD]DFHRYUHPHvQSUDIXOGHSHGUXPGXSDFDUHvVLUHYLQHVLVFXWXUkQGXVH]LFH
$VWDGDFRFRV
8QFRFRVFDUHVHvPSLHGLFDGHXQRXGHVWUXWvVLDGXQDJDLQLOHVLOH]LFH
9HGHWLIHWHORU$VDVHOXFUHD]DvQVWUDLQDWDWH
Ì&HIDFHEDU]DGXSDFHDGXFHEHEHOXVLL"
56HIDFHPLFDVLLQWUDvQDSRLvQSDQWDORQL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DU]DFHDEDWUkQDvVLWULPLWHSXLLVDVHGHVFXUFHSHFRQWSURSULX'XSDFkWHYD]LOHvLUHFKHDPDODFXLEVDYDGDFXPVDX
GHVFXUFDW
(XLDPGXVWUHLJHPHQLQHYHVWHLIUL]HUXOXLVHODXGDFHOPDLPDUH
(XDPIHULFLWIDPLOLDXQXLRILWHUFXFLQFLJHPHQLVSXQHFHOGHDOGRLOHD
6LWX"vOvQWUHDEDEDU]DPDPDSHPH]LQ
(XVXQWvQFDSUHDPLFVLVODESHQWUXDFDUDFRSLLGDUDPVSHULDWRJURD]QLFSHILLFDXQXLGLUHFWRU
&LFDVWDWHDXQSXLGHUDWDWULVWSHRWDYDGHJD]VLYLQHXQFRFRVVLOvQWUHDED
'HFHHVWLWULVW"
3DLQXVWLXGDFDVXQWSXLGHUDWDVDXDOWFHYD
%DDLSHQH"
'D
7HX]LFkQGLQWULvQDSD"
1X
$LGHJHWHOHOLSLWHODSLFLRDUH"
'D
$WXQFLHVWLSXLGHUDWD
3OHDFDSXLXOGHUDWDIHULFLWVLFkQGFRORFHYHGH"8QSXLGHVFRQFVVWDWHDWULVWSHRWDYDGHJD]
'HFHHVWLWULVW"
3DLQXVWLXGDFDVXQWSXLGHVFRQFVVDXDOWFHYD
(VWLQHJUX"
'D
$LSDU"
'D
3XWL"
'D
$WXQFLHVWLSL
GD
'RLFXUFDQLVWDXGHYRUED
$PDX]LWFDVRWLDWDDPXULW'HFH"
'H5HYHOLRQ
8QVWROGHUkQGXQLFL]ERDUDVSUHWDULOHFDOGH/DXQPRPHQWGDWXQDYLRQFXUHDFWLHOHGHSDVHVWHFXYLWH]DPDUH
$VWDGHFHLDVDJUDELW"vQWUHDEDRUkQGXQLFD
7XQXYH]LFDLDUGHIXQGXO"
ÌQWUXQDYLRQGHSDVDJHULXQYXOWXUVWULJDODVWHZDUGHVD
3DSXVDDGXUDSLGXQZKLVNH\FDVWDUHVPHFKHU
8UVXOFDUHHUDvQVSDWHOHYXOWXUXOXLVWULJDVLHO
3DSXVDDGXPLVLPLHXQSDKDUGHZKLVNH\FDVVLHXWDUHVPHFKHU
6XSDUDWDWLSDVHGXFHODFRPDQGDQWXODYLRQXOXLVLVHSOkQJH
6HIX
DPGRLSDVDJHULFDUHVHGDXVPHFKHUL
/D FDUH FRPDQGDQWXO GHVFKLGH R WUDSD VL FHL GRL VXQW H[SXO]DWL vQ DWPRVIHUD WHUHVWUD ÌQ SOLQD FDGHUH OLEHUD FX WHULELOD
DFFHOHUDWLHJ PVYXOWXUXOGkQGUHOD[DWGLQDULSL]LFH
%DXUVXOHFHWHGDLVPHFKHUGDFDQXVWLLVD]ERUL"
9XOWXUXO]ERDUDODPDUHvQDOWLPHFkQGGLQWURGDWDDSDUHRYUDELXWDDJLWkQGXVLUHSHGHDULSLRDUHOHVLOvQWUHDED
8QGH]ERULYXOWXUXOH"
3DVDUHDQRDVWUD]ERDUDvQVDQHWXOEXUDWDPDLGHSDUWHIDUDDLDFRUGDFHDPDLPLFDDWHQWLHYUDELXWHL)kOIkLQGLQWHQVGLQDULSL
YUDELXWDvQWUHDEDGLQQRX
8QGH]ERULYXOWXUXOH"
5DVSXQVXOVHODVDGLQQRXDVWHSWDW9XOWXUXOvVLFRQWLQXDOLQLVWLWGUXPXO0LFD]EXUDWRDUHvOvQWUHDEDLDUFXYRFHWUHPXUkQGD
8QGH]ERULYXOWXUXOH"
/DFDUHYXOWXUXOUDVSXQGH
'DSRLVWLPD+DQWDWDU
2WLSDDYHDRSDSDJDOLWDFDUHVWULJDvQWUXQD
6XQWFXUYDVXQWFXUYD
ÌQWUR]LYLQHSRSDFXERWH]XOVLDXGHSDSDSJDOLWD,QGLJQDWvLFHUHWLSHLSDSDJDOLWDSHQWUXVDSWDPkQLVSXQkQGXLFDHODUH
GRLSDSDJDOLHYODYLRVLFDUHVSXQQXPDLUXJDFLXQLVLSRDWHRvQYDWDVLSHHDOXFUXULVILQWH7LSDDFFHSWD=LVVLIDFXWLDSRSD
SDSDJDOLWDRGXFHDFDVDODHOVLRSXQHvQFROLYLHFXSDSDJDOLLOXL3DSDJDOLWDvQFHSHVDVWULJH
6XQWFXUYDVXQWFXUYD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DFDUHXQXOGLQWUHSDSDJDOLvLVSXQHFHOXLODOW
9H]LEDDQLPDOXOHFDQXQHDPUXJDWGHJHDED
(UDRGDWDXQSDVDURL9HGHSHRFUDFDRSDVDULFD6HGXFHOkQJDHD3DVDULFDVHGDPDLvQFROR3DVDURLXOVLHOOkQJDHD6H
PDLGDSDVDULFDXQSLFPDLvQFRORSDVDURLXOVLHOVLWRWDVD/DXQPRPHQWGDWSDVDULFDDMXQJHODFDSDWXOFUDFLLVLFDGHvQWU
REDOWD
0RUDOD'DFDSUHOXGLXOHVWHOXQJSDVDULFDYDILvQWRWGHDXQDXGD
ÌQ WLPS FH ]EXUD SULQ IDWD XQXL YXOWXU WUHFH R YXOWXULWD 9XOWXUXO VH H[FLWD WHULELO VL DVWDO GH]HFKLOLEUHD]D vQ ]ERU 2
FLRDUDOvQWUHDED
&HIDFLYXOWXUXOH"
=ERUFXPYUHDSX
DPHD
9DULDQWD
2SDVDUHDIDFXWWUHLSXLGRLFUHVWHDXIUXPRVLDUDOWUHLOHDUDPkQHDPLFVLQXPDLSX
DvLFUHVWHDGHDMXQVHVHPDLPDUHGHFkW
HOÌQWUR]LPDPDOHVSXQHFDYRUPHUJHVDLDOHFWLLGH]ERUGDUSHDODKDQGLFDSDWQXvOLDFDHOQXSRDWHVD]ERDUHVDUXJDW
GH PDVD GDUGHJHDED$WXQFLVDKRWkUDW VD ]ERDUHVLQJXU 6D DUXQFDW GLQ FXLEVL SX
DvO SOHVQHD ED SHVWH IDWD ED SHVWH
XUHFKHEDSHVWHQDVÌOYHGHREXIQLWDVLvQFHSHVDUkGDGHHO
/DVREDOWDQXYH]LFDQXVWLLVD]ERUL"
/DFDUHSXLXO
=ERUFXPYUHDSX
DPHDFHYUHL"
8QVWROGHSDVDUL]ERDUDVSUHVXG3XLXODIODWODSULPXOOXL]ERUvVLvQWUHDEDPDPLFD
$X]LPDPDGHFH]EXUDPQRLGXSDWkPSLWXODODGLQIDWD"
&HVDIDFHPPDPDGDFDHODUHKDUWD
8QFRFRVYLQHGLQGHOHJDWLHvQDSRLODIHUPDVDGHSDVDULFXXQRXGHVWUXWvQGLSORPDW6HGXFHODJDLQLOHVDOHVL]LFH
)HWHORUQXFDDVDYHDFHYDGHFRPHQWDWGDULDXLWDWLDLFLFHIDFHFRQFXUHQWD
8QFLRURL]EXUDVLHOIkOOO)kOOO7UHFHSHOkQJDHOREDU]D
8QGHWHGXFLFLRURLXOH"
0DGXFvQWDULOHFDOGH
3DLWXQXHVWLSDVDUHPLJUDWRDUH
'D
SRDWHPDPWkPSLW
%DQFXULFXQHYHUWHEUDWH
'RLPLFUREL
0DLD]LPDVLPWJURD]QLF
"""
6XQWEROQDY
'DUFHDL"
3HQLFLOLQD
1DP]LVQLPLFFDSHVFDUXOPDVFRVGLQSDPkQWVHSOkQJHRUkPDDIODWDvQWURFXWLHGDUGDFDWRWPDGXFHODvQRWDUIL
SXWXWDVWHSWDVDPLLDXFRVWXPXOGHEDLHSHPLQH
'LQSDPkQWVHYDGLHVLQGGRXDUkPH8QDvLVSXQHFHOHLODOWH
3DUFDWHFXQRVFGHXQGHYD6WLLvPLSODFLWDUHPXOW1XYUHLVDOXDPFLQDvPSUHXQD"
1XWHPDLRERVL(XVXQWFHODODOWFDSDWDOWDX
8QYLHUPHvVLDPHQLQWDLXELWD
'DFDQXWHFDVDWRUHVWLFXPLQHPDDUXQFvQIDWDJDLQLL
'RXDQHYHVWHGHYLHUPHVHvQWkOQHVFODRFDIHOXWD=LFHXQD
8QGHLD]LEDUDEDWXWDX"
/DSHVFXLW
'RLYLHUPLGHOHPQVHvQWkOQHVF=LFHXQXO
$]LPHUJHPVDPkQFDPFKLQH]HVWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DFDUHFHODODOW
8QGH"
ÌQGRUPLWRUDXVRVLWPRELOHQRLGLQ+RQJ.RQJ
0DPDYLHUPHVLFXFHLGRLYLHUPLVRULvQFLPLWLU0DPDYLHUPHFDWUHYLHUPLVRUL
&LQHQXPDQkQFDEDWDWXUDQXSULPHVWHVLRFKLVRU
'RLOLPEULFLvQEXUWDXQXLEROQDYFDUHVHFDFDODRUHUHJXODWH
$X]LGUDJDWHDVWHSWODRUDFLQFLODLHVLUHDSULQFLSDOD
$VWHDSWDOLPEULFXOVHIDFHFLQFLFLQFLMXPDWHVDVH3HODVDSWHYLQHVLOLPEULFD
&HVDQWkPSODWGUDJDGHDLvQWkU]LDWDWkWD"
&HVDILHGUDJDDPSLHUGXWFDFDWXOGHFLQFLVLDPYHQLWFREDVLQDGHRFD]LH
'RLOLPEULFLWDWDOVLILXOvQWUXQFDFDW=LFHILXO
+DLWDWDVDLHVLPVLQRLODSOLPEDUHvQOXPH
1XILXOHVXEQLFLRIRUPD
+DLWDWDFDHDHUPDLFXUDWHPDLPXOWDOLEHUWDWH
1XILXOHWLDPH[SOLFDWFDQXVHSRDWH
'DUWDWDHDVDIUXPRVHLDUEDSDVDUHOHOHFkQWDHVRDUH
1XILXOHQRLDLFLQHDPQDVFXWVLDLFLUDPkQHPFDDLFLH7$5$12$675$
8QOLPEULFVLROLPEULFDvVLGDXvQWkOQLUHODJDR]/LPEULFDvODVWHDSWDFHvODVWHDSWDSQDOD'XSD PLQDSDUHVL
OLPEULFXOVLVHVFX]DODOLPEULFD
9DLVFX]DPDGDUDPSLHUGXWFDFDUHDGHVLDPYHQLWFXREDVLQDGHRFD]LH
ÌQWUHPHOFL
&HYUHLVDWHIDFLFkQGYHLILPDUH"
2VSDWDU
Ì6WLWLGHFHDPXULWPHOFXO"
56DXLWDWvQSUL]D
3XLXOGHPHOFVHURDJDGHPDPDOXL
0DPDODVDPDWHURJVDWUHFFDOHDIHUDWD
$FXPQXVHSRDWHGUDJD)XOJHUDV3HVWHFLQFLRUHYLQHUDSLGXOGH%XFXUHVWL
7UHLYLHUPLVRULvQGHVHUWPHUJHDXvQVLULQGLDQSULPX
]LFH
ÌQIDWDDPQLVLSvQVWkQJDVLvQGUHDSWDDPQLVLSvQVSDWHDPGRLYLHUPLVRUL
$OGRLOHDYLHUPLVRU]LFH
ÌQIDWDVLvQVSDWHDPFkWHXQYLHUPLVRUvQVWkQJDVLvQGUHDSWDDPQLVLS
$OWUHLOHD]LFH
ÌQIDWDDPYLHUPLVRULvQVWkQJDVLvQGUHDSWDDPQLVLSvQVSDWHDPYLHUPLVRUL
Ì'HFH]LFHDDOWUHLOHD]YkUFRODFFDDUHvQVSDWHvQFDYLHUPLVRUL"
5(5$810,1&,126
%DQFXULFXUHSWLOH
2EURVFXWDWHVWRDVDVHSOLPEDSULQSDGXUH&XFKLXFXYDLVHVXLHHDvQWUXQFRSDF&DPvQWURRUDDMXQJHVLHDLQYDUIXO
FRSDFXOXL'HDFRORVFRDWHSLFLRUXVHOHvQDIDUDFDUDSDFHLVLvVLGDGUXPXOvQJRO&DGHVLGXSDFHLVLUHFDSDWDFXQRVWLQWDRLD
GHODFDSDWLDUVHXUFDDMXQJHvQYkUILDUvVLGDGUXPXOvQJRO&DGHFDERORYDQXOvVLUHFDSDWDFXQRVWLQWDvDUvLWUHEXLHRRUD
VDVHXUFHSkQDvQYkUILDUVHDUXQFD6LWRWDVDÌQDFHVWWLPSGRXDSDVDULVWDWHDXVLGLVFXWDX
$X]LGUDJDFUH]LFDH PRPHQWXOVDvLVSXQHPPLFXWHLQRDVWUHFDDIRVWDGRSWDWD"
8QFURFRGLOVDWXOGHYLDWD
$OR)DEULFDGHSRVHWH"
Ì'HFHQXDUHVDUSHOHFRDLH"
5'DFDDUDYHDDUILSX
D
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RLVHUSLvQGHVHUW
$X]LED9DVLOHVWDLEDXQSLFFDYUHDXVDWL]LFFHYD
3OHDFDEDGHDLFL
6WDLED9DVLOHFDYUHDXVDWL]LFFHYDPD
3OHDFDEDQXYH]LFDVXQWJUDELW
+DLED9DVLOHED
=LPDDD
$X]LED9DVLOHQRLVXQWHPYHQLQRVL"
'DEDGDGHFH"
0LDPPXVFDWOLPED
7UHLEURDVWHSHPDUJLQHDODFXOXLVWDWHDXGHYRUED
=LFHSULPD
2DF
$GRXD
2DFRDF
$WUHLD
2DFRDFRDF
/DFDUHSULPDVFRDWHSLVWROXOGLQEX]XQDUVLSDFRLPSXVFDSHDWUHLD
$GRXDPLUDWD
""&HDLDYXWGRP
OHFXHD"
$WUHLD
6WLDSUHDPXOWH
'RLFURFRGLOLODJUDGLQD]RRORJLFDSRYHVWHVF
,HULvQJULMLWRUXOPLDYRUELWXUkWVLPDLFDQXPDvQMXUDWVSXQHXQXOGLQWUHHL
'HFHFHDLIDFXW"vQWUHDEDFHOGHDOGRLOHD
/DPvQJKLWLW
Ì&HHVWHYHUGHVLURVXSHVWHWRW"
52EURDVFDFDUHDVWDWSUHDPXOWODVRDUH
Ì&HHYHUGHVLFXURVXODVXSUDIDWD"
52EURDVFDSHPDVDGHGLVHFWLH
%DQFXULFXPDPLIHUH
Ì'HFHDSLFDWSULPXO.RDODGLQFRSDF"
5(UDPRUW
Ì'HFHDSLFDWDOGRLOHD.RDODGLQFRSDF"
53ULPXOODDJDWDWvQFDGHUH
Ì'HFHDSLFDWDOWUHLOHD.RDODGLQFRSDF"
59D]kQGXLSHSULPLLGRLFDSLFDVLD]LVFDVLQXFLGHUHDHODPRGD
Ì'HFHQXSRWILPXOVHVRULFLRLFHOH"
53HQWUXFDRJDOHDWDQXSRDWHILSXVDVXEHOH
Ì'HFHDUHJLUDIDJkWXODVDGHOXQJ"
53HQWUXFDDUHFDSXODVDGHVXV
Ì&HVHvQWkPSODGDFDvQFUXFLVH]LRJLUDIDFXRYDFD"
5ÌWLWUHEXLHRVFDUDVDRPXOJL
Ì&HDUDWDFDRSLVLFDPLDXQDFDRSLVLFDGDUQXHSLVLFD"
58QPRWDQ
Ì&DUHHVWHGLIHUHQWDGLQWUHDULFLVLDULFLRDLFD"
58QWHSvQSOXV
Ì&DUHHGLIHUHQWDGLQWUHRFDWHDVLRYXOSH"
5&DPWUHLEHUL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHQXLHVHXUVXOGLQEkUORJGHVLHPDUWLHVLDIDUDHIRDUWHFDOG"
52ILPXULW
7UHLOLOLHFLVWDWHDXSHRFUDFDGRLFXFDSXOvQMRVVLXQXOFXFDSXOvQVXV
Ì&H]LFHDXFHLGRLOLOLHFL"
5,DUDOHVLQDWDVWD
&HFUHGHDFvLQHOHOXL3DYORYGHVSUHVWDSvQXOOXL
8LWHGRPQXOHFHUHIOH[FRQGLWLRQDWSHEDWUvQXODVWDFkQGVHDSULQGHOXPLQDvPLDGXFHGHPkQFDUH
Ì&HIDFHRYDFDSHVWRS"
56WUDZEHUU\VKDNH
6XVSHXQGHDOWDXULLVHXLWDFXPMRVvQYDOHSDVFYDFLOH7DXUXOWkQDUvQILHUEkQWDWODFXOPHvVLSLHUGHUDEGDUHDVL]LFH
FDWUHWDWDOVDX
7DWD1XPDLUH]LVW)XJMRVVLDPVRI
WWRFPDLSHDLDFXSXOSHOHDOHDFDUQRDVHVLFXXJHUXODODPDUH
7DWDOVHXLWDQHPXOWXPLWODILXVLvL]LFH
6WDLFDOPILXOH&RERUkPLPHGLDWOLQLVWLWLDPkQGRLVLOHYRPDYHDSHUkQGSHWRDWH
%XQLFXOWDXUFDUHDVFXOWDVHSkQDDFXPOLQLVWLWGLVFXWLD]LFH
7LQHUHWHQHEXQLH1XPHUJHPQLFDLHUL&LQHYUHDVRIDFDXUFDRULFXPSkQDDLFLODQRL
(UDRGDWDRYDFDSHSDMLVWHVLSDVWHD6LÌQSULPD]LYLQHXQERXVLRSULYHVWHVLRDGPLUDDGRXD]LRSULYHVWHRDGPLUD
DWUHLD]LRSULYHVWHRDGPLUDDSDWUD]LRSULYHVWHRDGPLUDDFLQFHD]LRSULYHVWHRDGPLUDDVDVHD]LYLQHXQ PDJDUR
SULYHVWHRDGPLUDRFRQYLQJH
0RUDOD0DLELQHXQPDJDUGHFDWXQERX
9DFDSULYHVWHWDXUXOGLQDUHQDODFDUHLPSUHVLRQDWDVSXQHFDWUHFRQVRDUWHOHHL
8LWDWLYDFHLQWHOLJHQWH/XFUHD]DQXPDLFXFDSXO
&DSUDSOHDFDvQSDGXUHGXSDPkQFDUHVLOHVSXQHLH]LORU
'UDJLLPDPLLLH]LVRULHXSOHFVDYDDGXFPkQFDUHLDUFkQGYLQVSXQODXVDVXJWkWDLDUYRLvPLGHVFKLGHWL
3OHDFDFDSUDLDUOXSXOFDUHDVFXOWDVHODJHDPVHGXFHEDWHODXVDVL]LFH
6XJWkWD
/DFDUHLHGXOPDUH
6XJLWXSX
DFDQHDSXVPDPDYL]RU
9XOSHDVHSOLPEDSULQSDGXUHVLvOYHGHSHFRUE]EXUvQGSHVSDWHÌOvQWUHDEDPLUDWD
&HDLGH]ERULSHVSDWH"
3DLDFXPHGHPRFUDWLHSRWVD]ERUFXPYUHDX
%DJD YXOSHD OD FDS FKHVWLD FX GHPRFUDWLD VL vQFHSH VD PHDUJD FX VSDWHOH 2 SULQGH OXSXO VL HQHUYDW GH FH YHGHD R
VPRWRFHVWHELQH'XSDRYUHPHYXOSHDPHUJvQGSULQSDGXUHvOYHGHGLQQRXSHFRUE]EXUvQGSHVSDWH
)LUDLDOGUDFXOXLDL]LVFDHGHPRFUDWLHVLXLWHFHDPSDWLW
3DLGDHGHPRFUDWLHDLFHDVXVGDUODYRLMRVHIX
DL
8QVRDUHFHDOHUJDWGHRSLVLFDLQWUDvQQHEXQLWvQWUXQJUDMG'DDLFLGHRYDFD
9DFRYDFRDMXWDPDDVFXQGHPDUHSHGHWHURJ
8QGHVDWHDVFXQGPDVRDUHFH"
ÌLYLQHYDFLLRLGHHVLVHEDOHJDSHVRDUHFH,QWUDSLVLFD
9DFR]LPLUHSHGHXQGHHQHQRURFLWXODODGHVRDUHFH
1XDPYD]XWQLFLXQVRDUHFHGDUGDFDYUHLXLWDWHVLWXSDLFL
6HXLWDSLVLFDSULQ]RQDVLYHGHFRGLWDVRULFHOXOXLLHVLQGGLQJUDPDGDGHEDOHJD
0RUDOD1XRULFLQHWHEDJDvQUDKDWvWLYUHDUDXO
0RUDOD1XRULFLQHWHVFRDWHGLQUDKDWvWLYUHDELQHOH
0RUDOD'DFDWHEDJLvQUDKDWPDFDUEDJDWHFXWRWXO
'DFDDLVWLFHEXQHVWHFDVFDYDOXODVWDPDLODVDvQSDFHvLVSXQHVRDUHFHOHSLVLFLL
$LGUHSWDWH$VWHSWSkQDDLVDOPDQkQFL
5XPHJkQGFRFHQLLGHSHOkQJDMXJ
6DQWUHEDWRGDWDERXOGHODSOXJ
'RDPQHSHFkQGDOWLLKX]XUHVFPHUHX
3HQWUXFHHXVLQJXUVDPXQFHVFGLQJUHX"
/DQWUHEDUHDDFHDVWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QSUHOXQJHFRXLDUDVSXQVGLQVODYD
3HQWUXFDHVWL%28
'RXDYDFLGLVFXWDXSHRSDVXQH
3HWLQHQXWHVSHULHERDODDVWDDYDFLLQHEXQH"
1XFDHXVXQWLHSXUH
Ì&HWUHEXLHVD
LIDFLXQXLKLSRSRWDPFXGLDUHH"
5/RF
Ì'HFHDUHYHYHULWDFRDGDvQVSDWH"
5ÌQIDWDVWDHD
Ì&HDVSXVDULFLXOFDQGVDGDWMRVGHSHRSHULHGHIUHFDWSRGHDXD"
5&XPWHPDLSRWLvQVHODSHvQWXQHULF"
8QDULFLEHDWSXOEHUHGHQXPDLVWLDFXPvOFKHDPDPHUJHDSHGUXPFODWLQkQGXVHYL]LELOVLERUERURVHDFDXQRPEHDW
6XQWSXWHUQLFVXQWIRDUWHSXWHUQLFVXQWFHOPDLSXWHUQLFGLQOXPH
/DXQPRPHQWGDWXQXUVvLLHVHvQFDOHGDUDULFLXOWRWSHDOXL
6XQWSXWHUQLFVXQWIRDUWHSXWHUQLFVXQWFHOPDLSXWHUQLFGLQOXPH
(YLGHQWHQHUYDWGHIDSWXOFDDULFLXOGHVLEHDWvLFRQWHVWDGUHSWXOGHDILPDLSXWHUQLFGHFLWHOXUVXOQRVWUXvLDUGHRODEDGH
VDUHDULFLXOFLUFDPvQDSRLVLDSRLSOHDFDvQMXUkQG$ULFLXOFODWLQkQGXVHVLPDLYL]LELOVHULGLFDGHSHMRVVHVFXWXUDVL
vQFHSHVDERUERURVHDVFDFDXQRPEHDWVXILFLHQWGHWDUHFDVDvODXGDXUVXO
6XQWSXWHUQLFVXQWIRDUWHSXWHUQLFVXQWFHOPDLSXWHUQLFGLQOXPHGDUVXQWWHULELOGHXVRU
Ì&HDUHSDWUXSLFLRDUHVLRPkQD"
58Q3LWEXOOIHULFLW
9DULDQWD
Ì&HDUHSDWUXSLFLRDUHVLGRDURPkQD"
58QURWZHLOOHUFDUHVHvQWRDUFHGHSHWHUHQX
GHMRDFD
9DULDQWD
Ì&HDUHSDWUXSLFLRDUHVLGRDURPkQD"
58Q3LWWEXOFDUHVDMXFDWFXSRVWDVXO
Ì&DUHHGLIHUHQWDGDFDWLVHSLVDXQSLWEXOOVDXXQSHNLQH]SHSLFLRU"
53HSLWEXOOPDLELQHOODVLVDVHSLVHSkQDODFDSDW
Ì$WLDX]LWFD/DVVLHDUHXQSXLIDFXWFXXQURWWZHLOHU"
5ÌWLVPXOJHEUDWXOGLQXPDUVLDSRLIXJHVDDGXFDDMXWRDUH
6HvQWkOQHVWHXQ'RJFXXQ3XGHOODYHWHULQDUVLGLQYRUEDvQYRUEDvQFHSH3XGHOXVDSRYHVWHDVFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPVWDWHDPDVDSHFRYRUDVXOPHXGLQIDWDFDVHLVLGRUPLWDPODXQPRPHQWGDWWUHFHSLVLFXWDSHOkQJDPLQHVLFkQGLDP
YD]XWIXQGXOHWXODODDVDGHIUXPRV QXDPUH]LVWDWVLLDPWUDVR1RDFXPDPDDGXVVWDSkQDODYHWHULQDUVD PDFDVWUH]H
0DLGLVFXWDFHPDLGLVFXWDVLvQFHSHVL'RJXOVDSRYHVWHDVFD
6WDWHDPVLHXSHFRYRUXOPHXGLQIDWDFDVHLVLGRUPLWDPFkQGODXQPRPHQGDWWUHFHVWDSkQDPHDQXPDLvQFKLORWHLVLFkQG
VDDSOHFDWGXSDSURVRSQXDPPDLUH]LVWDWVLLDPWUDVR
/DFDUH3XGHOXOvOvQWUHDED
6LDFXPDWHDDGXVODFDVWUDW"
1XDPYHQLWVDPLIDFXQJKLLOH
9DULDQWD
8QVRULFDUVLXQGRJJHUPDQODYHWHULQDU6RULFDUXO
'RJXOHFHFDXWLDLFL"
&LRFXOPLFEDLIUDLHUHFDQXHSUREOHPDWD
+DLDWXQFLVDWLVSXQHXGHFHVXQWDLFL6WDWHDPOLQLVWLWSHFRYRUDVXOPHXVLDSDUHSHUYHUVDGHSLVLFD0LDXQDVHXQGXLHVWH
SHOkQJDPLQHVHvQWRDUFHFXVSDWHOHODPLQHVHvQWLQGHGDGLQEXFLVLDWXQFL QDP PDLUH]LVWDWPDP VXLWSHHDVLLDP
WUDVR0DYD]XWVWDSkQDvQVFKLPEVLDPDMXQVDLFLVDPDFDVWUH]HFDvQYDWDUHGHPLQWHFDDOWDGDWDVDQXLPDLI
WSLVLFD
'RJXO
%DLIUDLHUHVLHXVXQWODIHOFDWLQHYHQLWDLFL$PRVWDSkQDEORQGDGHDQLFUDFLOXQJLWkWHPDULHWF%XQDEXQD
6DDSXFDWD]LVDVSHOHUXIHOHvQEDLHGDUDODVDWXVDGHVFKLVD6LFkQGDPYD]XWRvQWRDUVDODPLQHFXPIUHFDUXIHOHGLQFDGD
VLFXPGDGHDGLQEXFLQDPPDLSXWXWPDPVXLWSHHDVLDPDMXQVDLFL
$ROHRGRJXOHGDFDSHPLQHFDDPIX
XWSLVLFDPDFDVWUHD]DSHWLQHFDDLIX
XWVWDSkQDFHWLIDFHWHRWUDYHVWH"
7kPSLWXOHHXDPYHQLWDLFLVDPLWDLHXQJKLLOH
3XUFHOXVXOFHODJUHVLYVHSOLPEDvQSDGXUH2GDWDvLDSDUHvQIDWDR]kQD=kQDvLVSXQHFDvLvQGHSOLQHVWHGRULQWHSHQWUX
FDVDXvQWkOQLWÌOVLvQWUHDEDSULPDGRULQWD3XUFHOXVXO]LFH
9UHDXVDDPXQFXUPDUHFkWRFDVD
=kQDvLvQGHSOLQHVWHGRULQWD8UPHD]DDGRXDGRULQWD
9UHDXVDDPFXUXOSOLQGHFDFDW
=kQDvLvQGHSOLQHVWHVLDFHDVWDGRULQWD/DFDUHSXUFHOXVXO
6LDFXPDVDPLOOLQJL
8UVXOOXSXVLPDJDUXOODFUkVPDGLQSDGXUH
VWLFODGHYRWFDFHUXXUVXO
VWLFOD"VHPLUDUDFHLODOWLGRL
'DPDLEDLHWL$PRVXVWDFXRXUVRDLFDVLQXYUHDXVDPLVWULFUHQXPHOHGHPDUH&DVDQRYD
VWLFODGHYRWFDFHUXVLOXSXO
VWLFOD"VHPLUDUDFHLODOWLGRL
'DPDLEDLHWL$PRVXVWDFXROXSRDLFD]YDSDLDWDVLQXYUHDXVDPLVWULFUHQXPHOHGHPDUH&DVDQRYD
&LQFL]HFLGHYRWFDFHUXVLPDJDUXO
1XPDLFLQFL]HFL"VHPLUDUDFHLODOWLGRL
%DEDLHWLHXVFXODDPEHDXGRDUFDVDPLVFOLSHDVFDRFKLL
'RXDFDSUHIDFFRQYHUVDWLH=LFHXQD
9LGHVHDUDFXPLQHODRSHWUHFHUH"
%HUHDX"
'D
/DVWLFOD"
3UREDELO
(XQXEHDXGHFkWODWDS
8QSHNLQH]vQWUHDEDXQDOWXO
$LYD]XWYUHXQSRPSULQDSURSLHUH"
'DLPHGLDWGXSDFROWHVWHXQSRPXOHW
3ULPXOGDGLQFRDGDVL]LFH
+DLVDOXGDPSXWLQ
8QFkLQHGHSD]DvVLvQWUHDEDFROHJXO
7XQXDX]LFHYD"
%DGD
6LDWXQFLGHFHQXODWULL"
3DLDWXQFLQXPDLDXGQLPLFD
'RXDSLVLFLVWDXGHYRUED
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HSDUHUHDLGHVSUHWHOHYL]RU"
'HVWXOGHEXQDGDUQXVHSRDWHFRPSDUDvQQLFLXQFD]FXDFYDULXOGLQVXIUDJHULH
3LVLFDPDPDFDWUHPRWDQHO
1XPDLVWDGUDJDOkQJDWHOHYL]RUFDWHXPSOLGHSXULFL
&XPvWLPHUJH"vQWUHDEDXQVRULFHOXQDOWXO
'HFkQGORFXLHVFvQVSDWHOHIULJLGHUXOXLQXPDLVFDSGHUDFHDODDVWD
8QSXLGHLHSXUDVvLVSXQHDOWXLD
&XP""/DYkUVWDWDPDLFUH]LvQMREHQ
'RLXUVLVWDXGHYRUEDvQDLQWHGHKLEHUQDUHODJXUDJURWHLVLSULYHVFFXPIUXQ]HOHSLFDGLQFRSDFL8QXO]LFH
2GDWDVLRGDWDWRWPDWUH]HVFHXPDLGLQWLPSVDYDGFLQHOLSHVWHIUXQ]HOHODORF
2DLDOH]LFHPLHLORUQHDVFXOWDWRULDUDWkQGXOHGHJHWXOFRSLWD
'DFDDUVWLLWDWDOYRVWUXFHQHDVFXOWDWRULVXQWHWLVDUvQWRDUFHvQSURW]DS
6WDVFURDIDvQIDWDSUL]HLVL]LFH"
6DUPDQHSRUFFLQHWHRIL]LGLWDLFL
8UVXOFLVWLJDODORWRRPXOWLPHGHEDQL9XOSHDFXPDXGHVHJkQGHVWHVDVFRDWDVLHDFHYDDVDFDVHGXFHODXUVVLvQFHSH
VDvOYUDMHDVFD
,DXLWHXUVXOHFHEODQDPRDOHVLSXIRDVDDP
/DEDQLLPHLvPLFXPSDUEODQDFkWGHSXIRDVDYUHDPXVFKLLPHL
'DXUVXOHGD¶XLWHFHFRDGDOXQJDVLVWXIRDVDDP
/DEDQLLPHLvPLFXPSDURFRDGDGHRULPDLVWXIRDVDVLPDLOXQJD
'DXUVXOHGD¶XLWHFHSDVDULFDVWUkPWDDPHX
/DFDUHXUVXOvVLGHVIDFHEUDWHOHVLVSXQH
/DEDQLLPHLvPLFXPSDUXQDXLWHDWkWD
/HXOUHJHOHDQLPDOHORUGHFODUDSDFHWRWDODvQWUHDQLPDOHVLGDXQSDUW\IDVWXRV/HXOVHXLWDEXFXURVRDLDGDQVDFXOXSXO
YXOSHDFXXUVXOWRWLHUDXSULHWHQL$SRLYHGHFDGRDUPDJDULLvQWUXQFROWVWDWHDXVLVHGXFHOHXOODHL
&HLEDLEDLHWLFHQXEHWLVLPkQFDWLVLYRLFHYD&HIDFHWLDLFL"
0DJDULLVHXLWDDSDWLFLODOHX
(LDVWHSWDPVDVHvQWXQHFHVDQDYDOLPVLQRLFXVXOHOH
9DULDQWD
/HXOPHUJHSULQGHVHUW6HvQWkOQHVWHFXRJD]HODVLRvQWUHDEDSOLQGHLPSRUWDQWD
&LQHLUHJHOHGHVHUWXOXL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7XOHXOHELQHvQWHOHV]LVHJD]HODWUHPXUkQGSHWRDWHSLFLRDUHOH
0DLPHUJHOHXOFHPDLPHUJHVLvQWkOQHVWHR]HEUD
&LQHLUHJHOHGHVHUWXOXL"
7XOHXOHELQHvQWHOHV]LVHVL]HEUD
0DLvQFROROHXOvQWkOQHVWHHOHIDQWXO
,D]LHOIDQWXOHFLQHLUHJHOHGHVHUWXOXL"
(OHIDQWXOvOvQFRODFHVWHFXWURPSDVLvOvQYkUWHSULQDHUGXSDFDUHvOWUkQWHVWHGHSDPkQW/DFDUHOHXOvQFDDPHWLW
&HGUDFXVLWXHOHIDQWXOH"1LFLPDFDUVDPDLvQWUHEQXDPYRLH"
9DULDQWD
/HXOFDUHVHFDPvPEDWDVHvLLHVLvQWUR]LvQFDOHHOHIDQWXOXL
(XVXQWFHOPDLSXWHUQLFDQLPDOGLQMXQJOD6XQW5HJHOH-XQJOHLVLWXQDPLODWUHEXLHVDPLWHVXSXL
(OHIDQWXOQXVFRDVHXQFXYkQWGDUvOvQVIDFDFXWURPSDvOVDOWDvQDHUVLvOL]ELGHSDPkQW/HXOUDPDVHODWRYUHPHDSRLVH
ULGLFDWLQkQGXVHGHFRDVWHVLvL]LVHHOHIDQWXOXLFXXQWRQSOkQJDUHW
%LQHPDLQDPHWDQLHWXQXVWLLGHORFGHJOXPD"
3LVLFDVLVRDUHFHOHLQWUDvQFRIHWDULH
8QWRUWGHFDSVXQLFXIULVFDVROLFLWDVRDUHFHOH
6LGXPQHDYRDVWUD"RvQWUHEDYkQ]DWRDUHDSHSLVLFD
'RDUSXWLQDIULVFDSHVRDUHFH
8QFkLQHOXSVHUDWDFHVWHvQWUXQFDUWLHU/DXQPRPHQWGDWDXGHRYRFH
$VFXQGHWHUHSHGH+DLDLFLGXSDWXIH
&kLQHOHOXSVHEDJDUHSHGHGXSDWXIHVLDFRORJDVHVWHXQPDLGDQH]FDUHWUHPXUDGHIULFD&kLQHOHOXSFXULRVvOvQWUHED
'HFHPDLFKHPDWDLFL"
3DLYLQH%LMX
6LFHLFX%LMXDVWDGHWLHIULFDGHHO"$VDGHWDUHHVWHODEDWDLH"
1XGDUDUHQDVXODVDGHUHFH
0RWDQXO'DHXWHYUUUUUUUUHHHHDDDDXXXXXX
3LVLFD'DHXQXWHYUUUUUUHHHHHHDDDDDXXXXX
0RWDQXO'DHXWHYUUUUUUUUHHHHDDDDXXXXXX
3LVLFD'DHXQXWHYUUUUUUHHHHHHDDDDDXXXXX
0RWDQXO&KLDUGDFDWXQXPDYUUUUUUUUHHHHDDDDLLLLLLHXWRWGHDXQDPDVDWLRYkUUUUUUUUU
(UDX%RXOVL9DFD
%RXO)D7HDPYD]XW0LDLSODFXW
7HDPYUXW7HDPDYXW9$&2
9DFD'DDVDHVWH
0DLYD]XW0DLSODFXW
0DLYUXW0DLDYXW
'DUHXDPPDLYUXW7XQDLPDLSXWXW%28/(
5HFUXWDUHvQSDGXUH9XOSHDPHUJHDDPDUDWDVSUHFHQWUXOGHUHFUXWDUHFkQGvLYLQHRLGHH&HDUILVDPLWDLFRDGD",VL
WDLHFRDGDVLFDQGDMXQJHODRILFLXvQFHSHVDVWULJH
9UHDXVDPDvQUROH]YUHDXVDPDvQUROH]
'XSDFRQVXOWWLSLLvLVSXQ
9XOSHQHSDUHUDXGDUQXSXWHPVDWHUHFUXWDP
9UHDXVDPDvQUROH]
9XOSH WX QX vQWHOHJL FD QX DL FRDGD" ÌQ UD]ERL FkQG WH UHWUDJL QX SRWL VDWL VWHUJL XUPHOH9XOSHD SOHDFD IHULFLWD VL VH
vQWkOQHVWHFXLHSXUDVXOFDUHDPDUkWPHUJHDODUHFUXWDUHvLSRYHVWHVWHFHDIDFXWHDVLLHSXUDVXOJkQGHVWH&RDGDQXSUHD
DPDVDFDRVDPLWDLXUHFKHDVWkQJD$VDVLIDFHVLFkQGDMXQJHODRILFLXvQFHSHVDVWULJH
9UHDXVDPDvQUROH]YUHDXVDPDvQUROH]
'XSDFRQVXOWWLSLLvLVSXQ
,HSXUHQHSDUHUDXGDUQXSXWHPVDWHUHFUXWDP
9UHDXVDPDvQUROH]
,HSXUHQXvQWHOHJLFDQXDLXUHFKHDVWkQJD"ÌQUD]ERLGDFDGXVPDQXOYLQHGLQVWkQJDQXODX]L
,HSXUDVXOSOHDFDIHULFLWVLVHvQWkOQHVWHFXXUVXOFDUHDPDUkWPHUJHDODUHFUXWDUHÌLSRYHVWHVWHFHDXIDFXWHOVLFXYXOSHDVL
VHJkQGHVWH
&RDGDQXSUHDDPQLFLXUHFKLFHDVSXWHDVDPLWDL"
3DQDODXUPDvVLWDLHSHQLVXOVLFkQGDMXQJHODRILFLXOGHUHFUXWDUHvQFHSHVDVWULJH
9UHDXVDPDvQUROH]YUHDXVDPDvQUROH]
'XSDFRQVXOWWLSLLvLVSXQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8UVXOHQHSDUHUDXGDUQXSXWHPVDWHUHFUXWDP
6XQWFHOPDLSXWHUQLFYUHDXVDPDvQUROH]
8UVXOHWXQXvQWHOHJLFDDWLSODWIXV"
8QXUVXOHW]JULEXOLWRvQWUHDEDSHPDLFDVD
0DPLFRWDWDDIRVWWRWXUVSRODU"
%LQHQWHOHVSXLXOPDPHL
0DPLFRGDUEXQLFXOVLEXQLFDDXIRVWWRWXUVLSRODUL"
%LQHQWHOHVSXLXOPDPHL
0RQLFRGDUVWUDEXQLFLL"
%LQHQWHOHVSXLXOPDPHLFHGHFHWHWRWSUHRFXSDDVDFHYD"
6WLLPDPLFRPLHDVDGHIULJ
9DULDQWD
8UVXOHWX
SRODURvQWUHDEDSHPDPLFXWDOXL
0DPLHDGHYDUDWFDVLWDWDHWRWXUVSRODU"
'DSXLXOHVLWDWDHWRWXUVSRODU
'D
VLEXQLFX
HWRWXUVSRODU"
6LJXUVLEXQLFX
HWRWXUVSRODU
'D
VLWDWDOX
EXQLFX
WRWXUVSRODUDIRVW"
'DWRWXUVWRWSRODU
0DPLHXvPLEDJS
DQHOGHUHJQPLHPLHIULJ
9LQHOXSXOODYXOSHVLLVSXQH
6WLLYXOSLWRPLHLPLSODFLPXOWYUHDXVDWHI
W
9XOSHDUDVSXQGH
3DLOXSXOHDVYUHDHXGDUYUHDXVDUDPkQYLUJLQD
/XSXO1LFLRSUREOHPDVWLXHXSHFLQHYDWHGXFODDULFLVLWHFRDVHODORF
)DFHLFHIDFGXSDYUHR]LOHYLQHVLPLVWUHWXOODYXOSH
6WLLYUHDXVDWHI
W
9XOSHDVSXQHGLQQRXFDYUHDVDUDPkQDYLUJLQDVLPLVWUHWXORGXFHGLQ QRXODDULFL3HVWHLQFD]LOHYLQHVLXUVXOVLVH
UHSHWDWRDWDID]DÌQILQDORFKHDPDDULFLXOODHOSHYXOSHVLVSXQH
0DLYXOSLWRGDFDVWLDPFDHVWLFXUYDQXWHPDLFRVHDPvWLSXQHDPIHUPRDU
Ì'HFHVvQWGHOILQLLFHOHPDLGHVWHSWHDQLPDOH"
5/HWUHEXLHQXPDLGRXDOXQLGHFDSWLYLWDWHFDVDLvQYHWHSHRDPHQLVDYLQDODFDSDWXOED]LQXOXLVLVDOHGHDSHVWH
2]HEUDWkQDUDHYDGHD]DGHODFLUFVLSOHDFDKDLKXLSULQOXPHÌQWURSRLDQDvQWkOQHVWHRYDFDVLvLVSXQH
%XQD]LXDDQLPDOQHFXQRVFXW&LQHHVWLWXVLFHIDFL"
(XVXQWRYDFDVLGDXRDPHQLORUODSWH
=HEUDSOHDFDPDLGHSDUWHVLPDLvQWkOQHVWHXQDQLPDO
%XQD]LXDDQLPDOQHFXQRVFXW&LQHHVWLWXVLFHIDFL"
(XVXQWRRDLHVLGDXRDPHQLORUOkQDUDVSXQGHDFHDVWD
=HEUDSOHDFDPDLGHSDUWHVLvQWkOQHVWHGHGDWDDVWDXQDUPDVDU
%XQD]LXDDQLPDOQHFXQRVFXW&LQHHVWLWXVLFHIDFL"
+HLVLPSDWLFR,DPDLODVDYRUEDGDWLMRVSLMDPDXDVLvWLDUDWHXFLQHVXQW
8QWUHFDWRUWUHFHSHODQJDRSRDUWDSHFDUHVFULD$WHQWLHFkLQHUDX6SUHPLUDUHDOXLFkQGVHXLWDvQFXUWHYHGHRMDYUD
PLFDVLDPDUkWD7UHFDWRUXOvQWUHDED
'DUFXPSRDWHXQFDWHODWkWGHPLFVDILHUDX"
&DWHOXOvLUDVSXQGH
6XQWUDXFDQXSDSWRWODSWHOH
&LFDHUDXUVXOFDVDWRULWFXYXOSHDVLYLQHYXOSHDWkU]LXvQWURVHDUD
(LXQGHDLIRVW"vQWUHDEDXUVXO
3DLPDSULQVOXSXOVLPDYLRODWWUHL]LOH
3DLFXPDVDFDWXQXOLSVHVWLGHFkWGHD]LGLPLQHDWD
3DLGDGDUPDPDLGXFVLPkLQHVLSRLPkLQH
0DJDUXOFDWUHSULYLJKHWRDUH
7RWFkQWDUHDWD"
$VWDPLHPHQLUHD'DUWXWRWPDJDU"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QVRDUHFHVLRVRULFLRDLFDVHvQWkOQHVFGHRSDUWHVLGHDOWDDXQHLOLQLLIHUDWH6RULFLRDLFDvLVWULJDVRDUHFHOXL
6RULFHOXOHKDLVDIDFHPFHYDvPSUHXQD
6RULFHOXOEXFXURVYUHDVDWUHDFDOLQLDIHUDWDGDUFkQGVDDMXQJDODVRULFLRDLFDWUHFHWUHQXOVLvLWDLHREXFDWLFDGHFRDGD$
GRXD]LVRULFHOXOYLQHLDUDVLODOLQLDIHUDWDVLRvQWkOQHVWHSHVRULFLRDLFD$FHDVWDvOFKHDPDLDUDVLVRULFHOXOYUHDVDWUHDFDVL
WUHQXOvLWDLHLDUDVLREXFDWDGHFRDGD$WUHLD]LVHvQWkPSODDFHODVLOXFUXVLVRULFHOXOUDPkQHIDUDFRDGD$SDWUD]LVRULFHOXO
VHvQWkOQHVWHLDUDVLFXVRULFLRDLFDFDUHvOFKHDPDFDGHRELFHLODHD6RULFHOXOQXPDLWUHFHOLQLDIHUDWD]LFLQGXLVRULFLRDLFHL
VDYLQDHDODHOGDFDYUHDVDIDFDFHYDvPSUHXQD$FHDVWDDFFHSWDVLYUHDVDWUHDFDOLQLDIHUDWD*kQGLQGXVHFDSRDWHvLYD
WDLDWUHQXOVLHLREXFDWLFDGHFRDGDvVLEDJDFRDGDvQWUHSLFLRDUHVLRLDODIXJDSHVWHOLQLH7UHQXOWUHFHPDLUDSLGVLvLWDLH
DFHVWHLDFDSXO
0RUDOD)HWHOHFkQGDXFHYDvQWUHSLFLRDUHvVLSLHUGFDSXO
1XQWDPDUHvQSDGXUH6HFDVDWRUHVFYXOSHDVLOXSXO9HVHOLHPDUHFKHI'XSDQRXDOXQLYXOSHDQDVWHWUHLSXUFHOXVL
ÌQFHSH VFDQGDOXO VH DMXQJH OD GLYRUW 3XWLQ PDL vQFROR 1XQWD LDUDVL 7RW FRDQD YXOSH GDU GH GDWD DVWD FX XUVXO &KHI
GLVWUDFWLHGHYXLHVWHSDGXUHD'XSDQRXDOXQL9XOSLWDQDVWHWUHLSXFUFHOXVL$OWVFDQGDOPDLPDUHLDUGLYRUW6LVHSDUHD
FD VDOLQLVWLW FXPYD YXOSHD'DU GXSD XQ VFXUW WLPSIDFH FHIDFH VLOYUDMHVWH SH OHX 6L LDUDVL QXQWD VL FKHI PRQVWUX vQ
SDGXUH'HKHOHXOPLUH'DUQXWUHFQRXDOXQLVLYXOSHDQDVWHWUHLSXUFHOXVL
0RUDOD"7RWLEDUEDWLLVXQWSRUFL
(LFkWHYDOXQL PDL WDU]LXVH PDULWD LDUD FRDQD YXOSH 6L FD VD QXL PDL LDVD YRUEH R IDFH FKLDU FX SRUFXO $FXP WRDWD
SDGXUHDFXULRDVDVDYDGDFHRLHVL6LQXGHJHDEDFDFLGXSDQRXDOXQLYXOSHQDVWHXQSXLGHOHX
0RUDOD'DFDEDUEDWXOQXLSRUFIHPHLDQXIDFHQLFLXQOHX
6HvQWkOQHVFXQHOHIDQWVLXQVDUSH=LFHHOHIDQWXO
6WLLFLQHVXQWHX"
'DVWLX(VWLHOHIDQWXO'DWXVWLLFLQHVXQWHX"
3DLIDUDSDUIDUDXUHFKLSLHOHDOXFLRDVDQXSRWLILGHFkW1LNL/DXGD
8QFURFRGLOVHSOLPEDSULQMXQJODVLVHvQWkOQHVWHFXXQ HOHIDQW
%XQDHOHIDQWXOH$PRLGHHJUR]DYDRVDvQILQWH]XQVLQGLFDWSHQWUXDQLPDOHOHGLQMXQJOD
'DHIRDUWHELQHRLGHHH[FHOHQWDGDUvPLSDUHUDXHXQXSRWDGHUDODHOSHQWUXFDVHVSXQHGHVSUHPLQHFDWUDLHVFSHSLFLRU
PDUHODIHOVLVRWLDVLFRSLLPHLVLPDLSRVHGDPVLILOGHVLLDVWLDIRDUWHVFXPSLDVDFDQRLQXDPILFXVLJXUDQWDEXQLPHPEULL
GHVLQGLFDW
3OHDFDFURFRGLOXOVXSDUDWVLVHvQWkOQHVWHFXOHXO
%XQDOHXOH8LWHPDPJkQGLWVDvQILQWH]XQVLQGLFDWSHQWUXDQLPDOHOHGLQMXQJOD1XDLYUHDVDGHYLLPHPEUX"
(RLGHHEXQDGDUHXQXPDSRWvQVFULHvQVLQGLFDWSHQWUXFDHXVXQWUHJHOHDQLPDOHORUQHYDVWDPHDHVWHUHJLQDDQLPDOHORU
LDUFRSLLPHLVXQWYLLWRULUHJLDLDQLPDOHORUÌQDIDUDGHDVWDPDLSRVHGDPFXWRWLLEODQLDVDGHVFXPSHGHFLFXVLJXUDQWDQX
VXQWHPEXQLPHPEULLSHQWUXYLLWRUXOVLQGLFDW
&URFRGLOXOSOHDFDPDLGHSDUWHVXSDUDWVLVHvQWkOQHVWHFXPDLPXWD/DDX]LUHDSURSXQHULLPDLPXWDvLVSXQH
(XVXQWRPDLPXWDVLDPXQFXUURVXVRWLDPHDHVLHDRPDLPXWDODIHOVLFRSLLPHLGHFLDPILFXVLJXUDQWDEXQLPHPEULL
GHVLQGLFDW'D
LDVSXQHFXPGHWLDYHQLWWRFPDLWLHLGHHDVDvQILQWH]LXQVLQGLFDW"
6WLHXVXQWXQFURFRGLOVLDPRJXUDDVDGHPDUHVRWLDPHDODIHODUHRJXUDLPHQVDFRSLLPHL
%DQFXULFXVRULFHOXOVLHOHIDQWXO
6RDUHFHOHYURLDVDWUHDFDJUDQLWDLOHJDO6HGXFHODHOHIDQW
(OHIDQWHYUHDXVDWUHFJUDQLWDQXPDLVXSRUWUHJLPXOPDEDWHVHFXULWDWHDYUHDXRYLDWDPDLEXQDQXPDLYUHDXVDVWDXFX
JUDGHQFDVDVLVDPDVFXOWH5RP7HOHFRPX
7XHVWLPDUHDVFXQGHPDVLSHPLQHXQGHYDVDWUHFVLHX
(OHIDQWXOVHJkQGHVWHXQSLFVLOEDJDvQEX]XQDUXOGHODSLHSW$MXQJHLODJUDQLWD$FRORYLQJUDQLFHULLvOLDXSHHOHIDQWOD
FRQWUROFRQWUROHD]DFXGHWHFWRUXOGHPHWDOHWRWXOHRNvLSXULFDYDOL]DVLDLDHRNvOLDVDOSLSDLHSHFRUSWDFWDFWDFDMXQJ
ODEX]XQDUXOGHODSLHSW
&HDLDLFL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/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
9DULDQWD
6RULFHOXOVLHOHIDQWXPHUJHDXSULQGHVHUWVLHOHIDQWXOvOFDOFDSHVRULFHOGLQJUHVHDODDGkQFLQGXOvQQLVLS=LFHHOHIDQWXO
6RUU\
'DUVRULFHOXO
1XLQLPLFVLPHLPLVHSXWHDvQWkPSOD
6RULFHOXOVLHOHIDQWXODMXQJODPDOXOXQXLUkXVLYRUVDWUHDFDSRGXO
(OHIDQWXOH]LWDQHDYkQGvQFUHGHUHvQVWDELOLWDWHDSRGXOXL/DFDUHVRULFHOXOFXUDMRVvQFHSHVDVDUDSHSRG
8LWHEDLODVXOHQXYH]LFDWLQH"
6RULFHOXOVLHOHIDQWXOYUHDXVDPHDUJDODGLVFR(OHIDQWXOHQHFDMLWWDUH6RULFHOXOvOvQWUHDED
'HFHHVWLQHFDMLWPDL"
3DLXLWHQXDPFHVDvPEUDF
6RULFHOXOSULHWHQDGHYDUDWvLVSXQH
1XLQLPLFvWLvPSUXPXWHXFHYD
ÌQWUR]LVRDUHFHOHVHFHDUWDFXHOHIDQWXO0RWLYXOHOHIDQWXOFDOFDVHQHYDVWDVRDUHFHOXLVLR]GURELVH6RDUHFHOHSURPLWHFD
RVDvLYLROH]HQHYDVWDHOHIDQWXOXLODFDUHHOHIDQWXOUkGHÌQWUR]LHOHIDQWLFDGXFkQGXVHODIOXYLXLQWURGXVHVHWURPSDvQDSDVD
EHD6RDUHFHOHSURILWkQGGHRFD]LHVDUHSHHDVLvQFHSHVDLGHDODFLRFDQHÌQDFHODVLWLPSXQFURFRGLORPXVFDGHWURPSDVL
HDvQFHSHVDXUOH/$&$5(625(&(/(=,&(
$6$&859$'5$&8/8,=%,$5$
8Q HOHIDQW VL XQ VRDUHFH PHUJHDX DODWXUL SH R FDUDUH GLQ MXQJOD /D XQ PRPHQW GDW VRDUHFHOH VH DWLQVH GH SLFLRUXO
HOHIDQWXOXL
&HWHvQJKHVXLEUXWD"vLVWULJDVXSDUDWHOHIDQWXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULFX%XODVLDLOXL
%DQFXULFX$OEDFD=DSDGD
Ì&XPvLVFRDOD$OEDFD=DSDGDSHFHLVDSWHSLWLFL"
56HYHQXS
$OEDFD=DSDGDvVLQXPDUDSLWLFLLGXSDR]LGHPXQFD1XLHVHDXGHFkWODVRFRWHDOD0DLQXPDUDHDYUHRRUDGDUWRW
HUDX/DXQPRPHQWGDWGHVXEIXVWDHLLHVHXQSLWLF
$WXHUDLDOOHD&XPWHFKHDPDSHWLQH"
3LWLFXOFXOLPEDVFRDVD]LFH
+(///087
$OEDFD=DSDGDVLDSLHUGXWKLPHQXO'LVSHUDWDVHGXFHOD3ULQWXOFH)UXPRVVLvOURDJDVDLDGXFDvQDSRLKLPHQXO3OHDFD
SULQWXOSHVWHPDULVLWDULVLDMXQJHODODFXOFXKLPHQH$LFLVHVFXIXQGDvQODFFDXWDVLJDVHVWHRPXQWHGHKLPHQHÌQFHSH
HOVDVDSHvQJUDPDGDGHKLPHQHVLJDVHVWHSHFHODO$OEHLFD=DSDGD
Ì&XPDVWLXW3ULQWXOFHO)XPRVFDUHHVWHKLPHQXO$OEHLFD=DSDGD"
5$YHDJDXULPLFLSHQWUXFHLSLWLFL
3ULQWXOGXSDFHRWUH]HVWHSH$OEDFD=DSDGDGLQVRPQXOGHPRDUWHvLPDUWXULVHVWHGUDJRVWHDOXL
$OEDFD=DSDGDWHLXEHVFPDLPXOWGHFkWRULFHSHOXPHDPGHJkQGVDWLIDFFHHDFHQXWLDPDLIDFXWQLPHQLSkQDDFXP
$X]vQGDFHVWHDSLWLFLLVWULJDWRWLvQWUXQJODV
2IX
HVLQXUHFKLRIX
HVLQXUHFKL
9LQSLWLFLLDFDVDVLJDVHVFOXPLQDDSULQVDVLSHQWUXFDHUDXSUHDPLFLVLQXSXWHDXVDVHXLWHSHJHDPVHKRWDUDVFVDVHXUFH
XQXOvQVSDWHOHFHOXLODOWXOWLPXOVDVHXLWHVLGLQJXUDQJXUDVDDMXQJDVLODFHOGHMRV
/DQRLvQFDVDHVWHRIHPHLH
/DQRLvQFDVDHVWHRIHPHLH
/DQRL
'RDPQHFHEXQDH
'RDPQHFHEXQDH
6WDWLFDGHVFKLGHRFKLL
'HVFKLGHRFKLL
6HVFRDODGLQSDW
6HVFRDOD
6HVFRDOD
6LPLH
6LPLH
Ì&XPLVHPDLVSXQH$OEHLFD=DSDGD"
5)HPHLDVQXUIDUDWkWHIDUDFXU
%DQFXULFX%XODODDUPDWD
%XODVHvQWRDUFHDFDVDvQSHUPLVLHGHSHIURQW3DULQWLLOXL6WUXODSULHWHQLGHIDPLOLHVLYHFLQLvOvQWUHDED
'DU6WUXODFHIDFHGHFHQDYHQLW"
3DLVWLWLHUDPvQWUDQVHHQHDWDFDLQDPLFX
FkQGFHLWUHFHOXL6WUXODSULQFDS"
,RWH
DVDXQJORQWGLPDULL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/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"
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%XODODDUPDWDVHQHFDMHVWHFDQXvVLSULPHVWHVROGD1HUYRVGDXQXOWLPDWXP
'RPQXOHFDSRUDORULvPLSULPHVFVROGDRULvPLFXPSDUXQSLVWROPLWUDOLHUDVLPDSULYDWL]H]
&DSRUDOXOvQWUHDED
6ROGDW%XODFXPSURFHGH]LFkQGDX]LFRPDQGD9ROXQWDULLXQSDVvQIDWD"
)DFXQSDVODWHUDOSHQWUXFDYROXQWDULLVDSRDWDSDVLvQDLQWH
%XODvQVHUYLFLXOJDUGDHVWHvQWUHEDWGHFDWUHVHUJHQWXOPDMRU
&HIDFLFkQGYH]LXQEDUEDWDSURSLLQGXVHWkUkVGHFD]DUPD"
ÌOGXFGLVFUHWSHGRPQXOORFRWHQHQWvQSDWXOOXL
([HUFLWLXGHQRDSWH6ROGDWLLPDUVDOXLHVF
ÌQFHGLUHFWLHQHvQGUHSWDP%XOD"VWULJDVHUJHQWXO
6XG
'HFHVXG"
3HQWUXFDDPvQFHSXWVDWUDQVSLU
%XODIDFHDUPDWDODSDUDVXWLVWLL/DERWH]XOXQHLWXUHQRLGHUDFDQLRILWHUXOVDGHvQWURSDUWHVL%XODvLDMXWDSHDFHVWLDVD
VDUD
)LHFDUHIDFHQD]XULPDLPXOWVDXPDLSXWLQGDU%XODQHPLORVvLDUXQFDDIDUDGLQDYLRQ
2ILWHUXOHRFOLSDQHDWHQWVL%XODvLDMXWDXOWLPXOXLVROGDWVDVDUD$FHVWDVHRSXQHPDLWDUHFDFHLODOWLGDU%XODvLIDFHVLOXL
YkQW
$VDXQIULFRVQDPPDLYD]XWvQYLDWDPHDVSXQHHORILWHUXOXL
&HDLIDFXWWkPSLWXOH
'RPORFRWHQHQWGRDUQXOXDWLDSDUDUHDIULFRVXOXLDVWD"
&HIULFRVPDDVWDLEXQDPDDVWDHUDSLORWXOQRVWUX
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
XLWUDJH FRPDQGD GH OD SDUDVXWD GH VLJXUDQWDWRW QLPLF EDJDPLDVPDL 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"
$PDX]LWHXFDvQDUPDWDHIDLPDUH
9DULDQWD
%XODVRVHVWHvQDUPDWDVDVLVDWLVIDFDVWDJLXOPLOLWDU/DFRQWUROXOGHODSRDUWDVXERILWHUXOGHVHUYLFLvLJDVHVWHXQJHDPDQWDQ
SOLQGHKkUWLHLJLHQLFD
'HFHWLDLDGXVDWkWDKkUWLHLJLHQLFD%XOD"
$PDX]LWHXFDYLQYUHPXULFDFDFLRDVH
/RFRWHQHQWXOvQIDWDSOXWRQXOXL
,DVSXQHVROGDWGHFHWUEXLHGHIDSWVROGDWXOVDILHJDWDVDvVLGHDYLDWDSHQWUXSDWULH"
/DFDUH%XOD
$YHWLGUHSWDWHGRPQXOHORFRWHQHQWGHFHGHIDSW"
%XODDMXQVJHQHUDOGXSDPRDUWHDMXQJHOD3DUWD5DLXOXL%DWHVLDXGHSH6IkQWXO3HWUH
&LQHLDFROR"
%XODJHQHUDOFRPDQGDQWGHGLYL]LH0HGDOLDGH2QRDUHQXPHURVHEDWDOLLFkVWLJDWH
/DFDUH6IkQWXO3HWUH
0HUJHWLvQVSDWHDFRORDYHPRUDPSDSHQWUXGHVFDUFDWPDUID
/DSRVWVXQDWHOHIRQXO%XODUDVSXQGH2YRFHDVSUD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HPDVLQLDYHWLDFROR"
$FXPDQXPDL-HHSXOvQFDUHGHRELFHLJHQHUDOXOvVLSOLPEDFXUXOREH]
6WLLFXFLQHYRUEHVWL"
1X
$LFLHJHQHUDOXOVLMHHSXODODGHFDUHYRUEHVWLHMHHSXOPHX'LVHDUDLHVLODUDSRUW
'D'YVWLWLFXFLQHYRUELWL"
1X
$WXQFLGLVSDULJUDVvPSXWLW
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$WXQFLVSXQHPLFHDVILHXGDFDWLDVVFRDWHGLQEX]XQDUGHOHL"
9UDMLWRUGRPQXOHSURIHVRU
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7DWDOOXL%XODHFKHPDWODVFRDODSHQWUXFDILVXDVSDUWXQJHDP3ULYLQGUDPDJRDODWDWDOGDGLQFDSFXJUDYLWDWH
'DQXFUHGHDPFDHFKLDUDVD'DUDFXPYDGFDODVSDUWSHDPkQGRXDSDUWLOH
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%XOD6WDWLSXWLQFDQXDPWHUPLQDW'RDPQD3URIHVRDUD$PREVHUYDWSHSURIHVRUXOGHJLPQDVWLFDFDvQWUDvQFDQFHODULHVL
LPHGLDWGXSDHOVLSURIDGHPX]LFD
3URIDLQWHUHVDWD(LHLPDLGHSDUWH
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%XODFRSLOGHVFRDODVHGXFHODWDVXVLvOvQWUHDED
7DWDFHHDODSHQLV"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HHDLDVPHFKHU"
'XFLQGXOvQJUDGLQDWDWDOOXLVSXQH
,DWRSRUXOVLvQFHDUFDVDPLORYHVWLPkQD6LQHJDVLQGXQORFXQGHVDSXQDPkQDRSXQHvQFDS
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HHVWHURVXDSULQVVLVWUDOXFLWRU"
%XODVDUHVLUDVSXQGH
8QFDPLRQGHSRPSLHUL"
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
%XODYURLDVDPHDUJDVLHOODVFRDODÌQGUXPVSUHVFRDODVDvQWkOQLWFXR]kQD=kQDvLVSXQHVDvVLSXQDGRULQWHVLHOHVH
YRUvPSOLQL$MXQJkQGODVFRDOD%XODVSDUJHXQJHDP9LQHGLUHFWRUXOVLLQWUHDEDFLQHDVSDUWJHDPXO%XODD]LVVD PRDUD
PDPD GDFD ODP VSDUW \RCDMXQJH %XOD DFDVD PDVDC HUD PRDUWD6H UHLQWRDUFH LDU OD VFRDOD VL VSDUJH XQ LQGLYLG XQ DOW
JHDP'LUHFWRUXOvQWUHDED
%XODFLQHDVSDUWJHDPXO"
,DU%XODUDVSXQGHIHULFLW
6DPRDUDWDWDGDFDODPVSDUWHX
$MXQJH%XODDFDVDvOYHGHSHWDWDOVDXVXSDUDWVLvOvQWUHDED
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HDLSDWLWWDWD"
/DFDUHWDWDOUDVSXQGH
$PXULWYHFLQXGHODHWDMXO
%XODDvQYDWDWODVFRDODGHVSUHGLIHUHQWDGLQWUHWHRULHVLSUDFWLFDGDUQXDvQWHOHVPDLQLPLF6HGXFHODWDLFDVXVLvOURDJD
VDLH[SOLFH
7DWDFKHDPDSDUWHDIHPLQLQDQHYDVWDILLFDVLVRDFUD
%DLQHYDVWDGDFDXQDUDEWLDUGDRPLHGHSDUDLWHDLFXOFDFXHO"
'DEDUEDWHFDQHDPSXQHIDLDQWDvQEDLHDPSXQHSDUFKHWSHMRV
%DLIDWDWDWLLGDFDXQDUDEWLDUGDRPLHGHSDUDLWHDLFXOFDFXHO"
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6L"
6LODXQPRPHQWGDWPDPD]LFH6HGHVFKLGHJDUDLDUWDWD9LQHWUHQXOVLHXDWXQFLDPWLSDW6723%LOHWHOHOD
FRQWURO
ÌQYDWDWRDUHDvOvQWUHDEDSDWDWDOOXL%XODGHFHQXPDLYLQHILX
VXODVFRDOD
(XQXOPDLODV
'LQFHPRWLY"
3DLDPFLWLWvQ]LDUFDOD%XFXUHVWLODXRPRUkWSHXQX
GHRDUHFHVWLDSUHDPXOWH
7RDPQDvQSULPD]LGHVFRDODvQYDWDWRDUHDvLLQWUHDEDSHFRSLLXQGHVLFXPVLDXSHWUHFXWYDFDQWD
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6DXVDUEDWRULWGHDQLGHODQDVWHUHDWRYDUDVXOXL1LFRODH&HDXVHVFX
&LFDVHGXFHSURID
ODVFRDODvQWUR]LLQWUDvQFODVDVLVSXQH
%XQD]LXDFRSLL
,DUFRSLLvLUDVSXQG
%XQD]LXDPHD
$X]LQGDVWDVHRIWLFDSURIDGD
SkQDODVIkUVLWX
]LOHLvLWUHFHDGRXD]L
%XQD]LXDFRSLL
%XQD]LXDPHD
6HRIWLFDDVWDUDXSUHJDWHVWHFHUHUHGHGHPLVLHYLQHDWUHLD]L
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(L%XODFXPDIRVWSULPDWD]LGHVFRDOD"
0DPDVXQWGH]DPDJL
'HFH%XOD"
3DLQHDXEDJDWSHWRWLSHRXVDSHFDUHVFULD&/$6$,
(LVL"
3DLFHFUH]LFDHUHvQDXQWUX"1XPDLEDQFLGHOHPQ
/DVFRDODvQYDWDWRDUHDVSXQH
7LQHWLPLQWHFRSLL/DXGDGHVLQHQXPLURDVHELQH
'XSDXQVIHUWGHRUD%XOD
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&UHGFD%XODSRDWHVDILHPXWDWGLUHFWvQFODVDDWUHLD
3URIHVRDUDFXQRVFvQGWHQGLQWDPLFXOXL%XODVSUHOXFUXULFHDXOHJDWXUDFXVH[XOvLVSXQHGLUHFWRUXOXL
/DVDWLPDVLSHPLQHVDvLSXQFvWHYDvQWUHEDULvQDLQWHGHDOXDRDVHPHQHDGHFL]LH
$WvWGLUHFWRUXOFvWVL%XODVvQWGHDFRUGLDUSURIHVRDUDvVLvQFHSHvQWUHEDULOH
&HDUHYDFDVLHXDPQXPDLGRXD"
3LFLRDUH
&HDLWXvQSDQWDORQLLDUHXQXDP"
2FKLLGLUHFWRUXOXLVHPDUHVF'DUvQDLQWHGHDUHXVLVDvORSUHDVFDSH%XODDFHVWDUDVSXQGH
%X]XQDUH
'LUHFWRUXOUDVXIODXVXUDWVLvLVSXQHSURIHVRDUHL
&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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XGRPQXOHSURIHVRUHVWHYRUEDGHVSUHDFHODVLFkLQH
/DRUDGH$QDWRPLHSURIDvOvQWUHDEDSH%XOD
3HFDUHSDUWHDFRUSXOXLVHDIODLQLPD"
3HFHDLQWHULRDUDGRDPQDSURIHVRDUD
7DWDOOXL%XODvL]LFHRGUDVOHL
$PDIODWFDLSULPLWXQGHODSURIHVRUXOGHIL]LFD
$VDHWDWLFXOH0LDIRVWMHQDVDOUHIX]
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 ] DVL 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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3HSDUWHDLQWHULRDUDELQHvQWHOHVGRDPQDSURIHVRDUD
/DRUDGHIL]LFD
&RSLLFHREVHUYDWLFkQGYDIUHFDWLSDOPHOHXQDGHDOWD"
)LULVRDUHGHPL]HULHGRDPQDSURIHVRDUD]LFH%XOD
%XODHVWHREH]GDUIRDUWHVODEODDULWPHWLFD3URIDvQFHDUFDVDLIDFDFDOFXOHOHPDLXVRDUH
%XODGDFDPDPDWDvWLGDVDQGZLFLXULODVFRDODVLHXvWLPDLGDXvQFDFLQFLFkWDLDWXQFL
$WXQFLDPGHVWXOGRDPQDSURIHVRDUD
/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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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"
'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 SXWXW VDL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HYRUEDHDVWDQXDUHKDEDUGHQLPLF"'HXQGHDLVFRVR"
3DLDPGHVHQDWD]LSHWDEODXQFkLQHVLHDPDvQWUHEDWFHHDLD"
%XODvQRUDGHELRORJLH3URIHVRDUDvQWUHDED
&HHVWHYHUGHVLVDUHSHFkPSLH"
5DVSXQVGLQFODVD
%URDVFD
3URIHVRDUD
&RUHFWGDUSXWHDILVLXQJUHLHUH&HHVWHPDURVLVDUHSULQSDGXUH"
5DVSXQVGLQFODVD
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'QDSURIHVRDUDWDWDDUHGRXDSX
LXQDPLFDPLFDGHWRWVLXQDPDUHPDUHGHWRW
3DLFXPVHSRDWHDVDFHYDPDL%XOD"
3DLDVDFXXQDWDWDIDFHSLVXLDUFXFHDODOWDRVSDODSHPDPDSHGLQWL
$VWD]LDLvQWkU]LDWODSULPDRUDvLVSXVHGLULJLQWDOXL%XOD
&HVDvQWkPSODW"
7DWDDDYXWQHYRLHGHPLQHDFDVD
%XODVWLXFDDLXQIUDWHPDLPDUH1XSXWHDVDWHvQORFXLDVFDHO"
1XSHQWUXFDSHPLQHWUHEXLDVDPDEDWD
'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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQYDWDWRDUHDOHVSXQHFRSLLORU
$]LYRPvQYDWDGXSDPHWRGDLQWXLWLHL$GLFDILHFDUHVSXQHWUHLFXYLQWHFXPvLYLQHVLGXSDDFHHDH[SOLFDGHFHOHDVSXV
)LHFDUHFRSLOVSXQHWUHLFXYLQWHVLH[SOLFDGHFHOHDVSXVGDU%XODVSXQH
$YRUW%DVWDUG&XUYD
9DLVHFXWUHPXUDvQYDWDWRDUHDFHFXYLQWHXUkWH%XODWDFLVLWXRGDWDGLQJXUD
6LQDPDL FRQWLQXDWOHFWLD'XSDRYUHPHYLQHLQVSHFWRDUHD2vQWUHDEDSHvQYDWDWRDUH HOHYLL WDL DX vQYDWDW GXSD PHWRGD
LQWXLWLHL"
'DGHVLJXU
$WXQFLIDROHFWLHGXSDPHWRGDDFHHDYUHDXVDYDGVLHX
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7RYDUDVDSURIHVRDUD$XJXVW]LXD
%UDYR0DULFLFD
%XODGLQIXQGXOFODVHL
7RYDUDVDSURIHVRDUD&UDFLXQ
3URIHVRDUDGLQQRXFXPkQDODJXUDVSHULDWD
6VVWWDFLWDFL%XOD
*LJHO
7RYDUDVDSURIHVRDUD'HFHPEULH
%UDYR*LJHO
%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%XODFXPkQDSHVXVLQWHUHVDQW%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
ÌQWUR]L]LFHSURIDFODVHLOXL%XODVDYLQDDGRXD]LODVFRDODvPEUDFDWLvQIUXFWHYLQHXQXvQWUXQPDUDOWXvQSDUDDOWX
vQJXWXLHLDU%XODvVLvQILJHXQFDSDWGHGXVvQFXUVLYLQHDVDvQSLHOHDJRDODODVFRDOD3URIDvOvQWUHDED
'D
%XODQXWLUXVLQHVDYLLDVDODVFRDOD"7XFHIUXFWUHSUH]LQWL
/DFDUH%XOD
&85&8'86+
/XQLGLPLQHDWD %XOD YLQH OD vQYDWDWRDUH FX FHUHUHD GH PXWDUH OD DOWD VFRDOD ÌQYDWDWRDUHD vO vQWUHDED GH FH YUHD VD VH
PXWHODFDUH%XODvLVSXQH
6WLWLFDYLQHULDYHQLWGLUHFWRDUHDFXPFDDUHQHYRLHGHHOHYLVD PXWH QLVWH PRELOLHU$PPHUVHXFX*LFXVLFX&RVWHO
'XSDFHDPPXWDWWRDWHVFDXQHOHVLPHVHOH*LFXVLFX&RVWHODXRERVLWVLDWUHEXLWVDPXWVLQJXUWRDWHGXODSXULOH&kQGPD
YD]XWGRDPQDGLUHFWRDUHD]LV
0DL%XODFHSXWHUQLFHVWLLDVDWLYDGELFHSVXCVLDLFLFUHGFDDPJUHVLWHX
%XODQHGXPHULWGXSDVFRDODvVLvQWUHDEDWDWDO
7DWDFDUHHVWHGLIHUHQWDGLQWUHSURVSHULWDWHVLFUL]D"vQWUHDED%XOD
( VLPSOX %XOD 3URVSHULWDWH vQVHDPQD 0HUFHGHV VDPSDQLH YLOD OD 6QDJRY DPDQWD &UL]D vQVHDPQD PHWURX VLIRQ
JDUVRQLHUDvQ)HUHQWDULPDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DVFRDODPHGLFXOVFROLLIDFHFRQWUROXOVDQDWDWLLHOHYLORU$MXQJHVLOD%XODFDUHDYHDQLVWHXUHFKLLPHQVH
%XODDLSUREOHPHFXXUHFKLOH"
1XPDLFkQGvPLGDXMRVSXORYHUXO
/DRUDGHDQDWRPLHODUHFDSLWXODUHSURID
RVFRDODSH0DULDvQSLFLRDUHVLRQWUHDED
6SXQHFHVWLLGHVSUHSHQLV"
$DDDD%XODGDPLILWXLFD
%XODIDUDVDVHJkQGHDVFDSUHDPXOWRVFRDWHVLLRSXQHQSDOPD&XUDMRDVD0DULDvQFHSHVDUDVSXQGD
$DDD3HQLVXOHVWHXQPXVFKLGHFFDFPUHFWLILFHVWHXQFDUWLODMGHFFDFPUHFWLILFHVWHXQRVGHFFDFP
9DULDQWDOD
%XODHUDFRULJHQWvQFODVDD,9DODPDWHPDWLFD9LQHvQYDWDWRDUHDVLvLVSXQH
%XODGDFDYUHLVDWHWUHFVSXQHPLFkWIDF
%XODGXSDFHQXPDUDSHGHJHWHVSXQHEXFXURV
GRDPQDvQYDWDWRDUH
1HVLPWLWXOHvQFODVDD,9DQXPHULSHGHJHWH7LQHWLPkLQLOHODVSDWH6SXQHPLFkWIDF
%XODvQWRUFkQGXVHODVSDWHFkQGSHRSDUWHFkQGSHDOWDFDVDSRDWDQXPDUDSHGHJHWHVSXQH
GRDPQDvQYDWDWRDUH
1HVLPWLWXOHEDJDPkLQLOHvQEX]XQDU&kWIDF"
%XODGXSDFHQXPDUDGHJHWHOHSULQEX]XQDUHH[FODPD
GRDPQDvQYDWDWRDUH
%XODODRUDGHDQDWRPLHÌQYDWDWRDUHD
%XODFHLDODSHQLV"
1XVWLXGRDPQDSURIHVRDUD
3DLVDWHGXFLDFDVDVDvQWUHELSHDLWDLVLPkLQHVDPLGDLUDVSXQVXO
6HGXFH%XODDFDVDVLRvQWUHDEDSHPDLFDVD
1XVWLX%XODvQWUHDEDOSHWDWD
7DWDFHLDODSHQLV"
&HYH]LWXFDLSHPDVDDODvLSHQLV
9HGH%XODSHPDVDRODPkLHRSXQHQEX]XQDUVLVHGXFHODVFRDOD/DVFRDODSURIDvOvQWUHDED'D%XODIDFH
6DYRDUDW"
1XPDL%XODODVDGXSDRUH
'XSDRUHSURIDvL]LFH
$UDWRPDL%XOD
3DLVWLWLGRDPQDSURIHVRDUDLVDIDFXWUDXFROHJHLPHOHGHEDQFDVLLDPGDWVRVXJD
%XOD]LFHXQXLFROHJ
7UHEXLHVDLVSXQEXQLFLLVDVHGXFDODVFRDODODDGXQDUHDFXSDULQWLL
'HFHQXLVSXLPDPHL"
)LLQGFDEXQLFDHDSURDSHVXUGD
&kWHVWHMXPDWDWHDOXLRSW"vQWUHEDvQYDWDWRDUHD
3HYHUWLFDOVDXSHRUL]RQWDO"vQWUHDEDODUkQGXOOXL%XOD
&XPYUHLVRLHL
3HRUL]RQWDOHVWH]HURSHYHUWLFDOWUHL
3URIDGHPDWHVHvQGUDJRVWHVWHGH%XOD
1XPDUXOPHXGHWHOHIRQH1XYUHLVDWLOQRWH]L"
1XvOWLQPLQWHRGX]LQDVLODSDWUDWUDVSXQVH%XOD
%XODVWLLFkWIDFWUHLVLFXXQX"vQWUHEDvQYDWDWRUXO)LLDWHQWHXvWLGDXWUHLPHUHVLPDLWkU]LXvQFDXQXO&kWHPHUHDLvQ
WRWDO"
&LQFL
&XPDVD"
3DLPDLDPXQXOvQJKLR]GDQ
%XODYUHLVDVSXLFDQXWHDDMXWDWWDWDOWDXODUH]ROYDUHDSUREOHPHL"
1XPDDMXWDW
'DWLFXYkQWXO
0LOGDX1XPDDMXWDWDUH]ROYDWRVLQJXU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%XODHUDvQFODVDDSDWUDFkQGvQYDWDWRDUHDvLvQWUHDEDSHFRSLLFXFHVDXGXVODVFRDOD
,RQHVFXFX)HUUDUL
3RSHVFXFX%0:
%8/$FXELFLFOHWD
7RWLvQFHSVDUkGD%XODVXSDUDWVHGXFHODWDFVRVLvLVSXQHGHFHOHvQWkPSODWH7DFVRvLVSXQHVDOH]LFDODFROHJLFDHOVH
GXFHFX%XJDWWL$GRXD]LÌQYDWDWRDUHD
&RSLLFXFHPDVLQDDWLYHQLWODVFRDOD
,RQHVFXFX)HUUDUL
3RSHVFXFX%0:
%8/$FX%XJDWWL
ÌQYDWDWRDUHD6LGHFHDLvQWkU]LDW"
%8/$0LDVDULWODQWX
%DQFXULFXH[WUDWHUHVWULL
2IDUIXULH]EXUDWRDUHDWHUL]HD]DvQWURSDGXUH'RLWLSLDVFXQVLGXSDXQFRSDFSULYHDXvQPDUPXULWL2H[WUDWHUHVWUDVHGD
MRVGLQIDUIXULH8QXOGLQWUHHL
,DXLWDWHFHPLVWRHWLSD
&HODODOW
&DUHPLVWRQXYH]LFDDUHWkWHOHODVSDWH"
6LFHGDFD"(PDLPLVWRODGDQV
8QSDPkQWHDQVHvQVRDUDFXRPDUWLDQFD6DIDFDVLHLFRSLL
'UDJDKDLVDIDFHPFRSLL
0DUWLDQFDVFRDWHWUHLELOHVLSRFLHVWUHLFRSLL0DLWUHFDQLLVLSDPkQWHDQXOYUHDVDIDFDLDUFRSLL0DUWLDQFDODIHO6FRDWH
WUHLELOH3DPkQWHDQXOVXSDUDWVHGXFHODPDUWLDQFDVLvLH[SOLFDFXPIDFHLFRSLL0DUWLDQFDVSXQH
'HFHQXPLDLVSXVKDLVDIDFHPELOH
8QPDUWLDQLQWUDvQWUXQORFDOVLFHUHXQZLVN\7XOEXUDWGHDSDULWLDFLXGDWXOXLFOLHQWEDUPDQXOvLVSXQHSXQkQGXLSDKDUXO
SHWHMJKHD
=HFHGRODUL6WLWLQDPPDLYD]XWPDUWLHQL
1LFLQXLGHPLUDUHUHSOLFDPDUWLDQXO&XDVHPHQHDYHQLWXUL
(UDRGDWDXQFLREDQFXRLOHOXLFXWRWSHRSDMLVWHIUXPRDVDvQWUHPXQWLFXDSHFULVWDOLQHFHVXVXUDXVLFXSHVWL]EDQJKLLFH
]EHQJXLDXvQOLQLVWH6LQXPD
FXPVWDFLREDQXvQJLRDJDOXLLDFDYLQHXQ2=16HGHVFKLGHRXVDVLvQFHSHVDGLVSDUDWRW
PXQWLDSHRLSHVWLWRWWRW/DFDUHFLREDQX
UDPDVXLPLW]LFH
(FXPSDQDDPHD"
'XSDRH[SHGLWLHSHSDPkQWXQDVWURQDXWPDUWLDQVHvQWRDUFHODHODFDVD6HSUH]LQWDvQIDWDVHILORUVDLFXXQWHOHYL]RUVXE
EUDWVLGHFODUD
1DPSXWXWVDFDSWXUH]QLFLXQSDPkQWHDQGDUDPIDFXWFHYDPXOWPDLEXQDPDGXVXQXOGLQ]HLLORU
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WDWHD)DW)UXPRVVLVHJkQGHD%DPkLQHPDGXFVLLDXXQFDOGLQJUDMGvOYRSVHVFDOEDVWUXVLLOWULPLWFDGRXOD,OHDQD
&RVDQ]HDQD &kQG R VDO YDGD R VD PD LQYLWH OD R SOLPEDUH SULQ JUDGLQD SDODWXOXL VL WRW SRYHVWLQG R VD PHUJHP WRW PDL
GHSDUWHGHFDVWHOVLDWXQFLRVDYLQDRSORDLHVLRVDQHXGHOHRDUFDSHXUPDRVDQHGH]EUDFDPDPkQGRLVLRVDQHSXQHP
KDLQHOHODXVFDWHDFkQGRVDPDYDGDGH]EUDFDWRVDvQFHDSDVD]kPEHDVFDVLRVDPDvQWUHEHGDFDQXYUHDXVDIDFHPVH[
LDUHXDWXQFLRVDVDUSHHD
$GRXD]LVHWUH]HVWH)DW)UXPRVVHGXFHLDGLQJUDMGXQFDOvOYRSVHVWHDOEDVWUXVLVHGXFHFXHOOD,OHDQD,OHDQDFkQGYHGH
FDOXO]LFH
9DL)DW)UXPRVFHFDGRXIUXPRV9UHLVDIDFHPVH["
'RXDFDSHWHGHEDODXUvOEDUIHDXSHDOWUHLOHD
$LDX]LWFDLDPXLHGHOD)DW)UXPRV"
6HULRV""""
'D7RWXVLHELQHFDQXVHIX
HvQFXU
0HUJH,OHDQD&RVkQ]HDQDSULQSDGXUHVLODXQPRPHQWGDWYHGHREURVFXWD
7XHVWLEURVFXWDDFHHDSHFDUHGDFDRVDUXWVHWUDQVIRUPDvQ)DW)UXPRV"
1XDODHVWHIUDWHOHPHXPLHWUHEXLHVDPLRVXJL
9DULDQWDOD
Ì6WLWLSRYHVWHDFXILXOLHSHL)DW)UXPRV"
5&LFD%XODHUDPHGLFYHWHULQDUVWDJLDUvQWUXQVDWÌQWUR]LYLQHODHORLDSDJHVWDQWDVLLVSXQH
)LXOHDMXWDPDVDIDWIUXPRV
%DQFXULFX,RQVL0DULD
,RQVL0DULDHUDXWUHFXWLGHSULPDWLQHUHWHVLVIDWXOVDWXOXLHUDvQJULMRUDWGHVSUHVRDUWDFHORUGRL$VDFDVHKRWDUvFDVDVH
IDFDRvQWDOQLUHvQWUHFHLGRLvQFDUHDFHVWLDVDGLVFXWHGHVSUHSRVLELOLWDWHDXQXLPDULDMLQWUHHLGRL
/DvQWDOQLUH
0DL0DULHHXGDFDWXFUH]LFDSXWHPIDFHRFDVDHXvVGHDFRUG
0D,RDQHHXFUHGGDDUFDPILRSUREOHPDSWFDXLWHPLHvPLFDPPLURDVHS
D
0DL0DULRQLFLRSUREOHPDFDFLHXDPXQGHIHFWGLQQDVWHUHQXDPPLURV
=LVVLIDFXW1XQWDÌQQRDSWHDQXQWLLGXSDFkWHYDQXPHUHGDWHFXIRFGH,RQDFHVWD]LVH
0DL0DULRKDLVDGHVFKLGHPXQSLFIHUHDVWUD
0DL,RDQHDSRLHXWLDPVSXVFDPLHvPLPLURDVH
1XPDL0DULHFDWLDPVSXVFDHXQX DPPLURVGDUDVDVLPWFDPDXVWXUDRFKLL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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,'$
,RQVHvQVRDUDVLvQQRDSWHDQXQWLLVLGHVFRSHUDFD0DULHQXPDLHUDYLUJLQD1DDFXPDQXLHUDSWHOFDSHHOvOGXUHDvQ
SX
DFDDLDQXHUDIDWDPDUHGD
WUHEXLDXVDLYLQDSDULQWLLDGRXD]LVDYDGDGDFD0DULHRIRVWYLUJLQD&HVDIDFDFHVDIDFD
KDL VR GHD SH 0DULH FX FHUQHDOD GD
JKLQLRQ FD QX PDL DYHDX FHUQHDOD URVLH vQ FDVD *DVHVWH ,RQ QXPD
R FDOLPDUD FX
FHUQHDODYHUGHVLRGDSH0DULHvQWUHSLFLRDUH'LPLQHDWDYLQSDULQWLLOX
,RQ3ULPDODFRQWUROPDVD6HXLWDvVLVWXFKHVWHvQ
VkQvVLIDFHFUXFHVLRLDODIXJD6HXLWDWDWDOX
,RQVLFkQGYHGH
2RRDVDEDLDWX
WDWLLSkQ
ODILHUHILXOHSkQ
ODILHUH
,RQ VL 0DULD VH vQWRUF 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
GDWLRvQSX
DPHDGHWUHDEDPDFDUQXYDPDLI
WHWLFkQGYRUEHVFFXYRL
6HGXFH,RQOD0DULDVLLVSXQHFDGDFDQXHIDWDPDUHQXRLDGHQHYDVWD
0DULDGLVSHUDWDVHGXFHODPDVDFDUHL]LFHXLWHIDWDPHDIDFLFXPLDPIDFXWHXOX
WDFWX
vWLEDJLXQDUFvQS
D
6HGXFH0DULDOD,RQVLGXSDFDWHYDPLVFDULVDUHDUFX
ODFDUH0DULD
8LWH,RDQHD]EXUDWSDVDUHDYLUJLQLWDWLL
'D
,RQ
%LQHELQHGD
]LLVDYLQDvQDSRLFDDSOHFDWFXFRDLHOHPHOH
,RQVL0DULDvQQRDSWHDFDVDWRULHLVWDXvQDFHODVLSDWHYLGHQW
0DULHEDJDPkQDODPLQHQSDQWDORQL
$PEDJDWR,RDQH
(PDUH0DULH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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*KHRUJKHvLVWULJDGLQYDOH
,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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
,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
7UHFLvQGRUPLWRU
ÌQGRUPLWRU,RQ
'H]EUDFDWH
6HGH]EUDFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌPEUDFDWH
6HvPEUDFD
'H]EUDFDWH
6HGH]EUDFD
0DULD
'DFHIDFL,RDQHQXPDI
L"
,RQ
$VDPDXI
WXWVLSHPLQHvQDUPDWD
0DULD
0DL,RDQHWXQXPDLI
WXWGHPXOW
,RQ
0DULHDFXPDFKLDUFDQXDPFKHIGDUVWLLFXPIDFHP"&kQGWHVWULJRGDWDWXPHUJLvQGRUPLWRU
FkQGWHVWLJDGRXDRDUDWXWHGH]EDFLVLFkQGWHVWULJDWUHLDRDUDWHXUFLvQSDW
'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
,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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
,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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,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
,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""
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
,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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,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"
%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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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]vQSRDUWDvPLLQWUDFODQWDvQF
UVLDVDPDGRUVDOHOH
,RQXUPHD]DVDVHQVRDUH7DLFDVDXvOLDGHRSDUWHVLOLQVWUXLHVWH
9H]LWDWDWUHEXLHVRSXLVDVHGH]EUDFHVDGHDMRVEXGLJDLLHWF
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
)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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$SDLPD,RDQHGUDJDLRWLDV]LFHGD
GDFDQXPRUL"
ÌQWUR]L,RQYLQHJUDELWOD0DULDVLvLVSXQH
0DULHGH]EUDFDWHVLYLQRUHSHGHvQSRG
0DULDUDVSXQGH
,RDQHGRDUVWLLFDQXSRWFDWWLPSFRSLLVXQWDFDVD
$GRXD]LODIHO$WUHLD]LWRWODIHO$SDWUD]L0DULDVHKRWDUDVWHVDOXUPH]HSH,RQvQSRG,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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
)DRODED
7XHVWLQHEXQ"
'DFDQXIDFLRODEDWHWDL
)DFHWLSXORODEDGHIULFDVLvLVSXQH,RQ
0DLIDXQD
(XRSUHVFVDWHDMXWVLDVDWHSRUWLFXPLQH"
0DLIDRODEDFDDOWIHOWHWDLFXFXWLWXO
0DLIDFHWLSXORODEDÌLVSXQH,RQ
0DLIDXQDFDWHRPRU
3RWLVDPDWDLVDPDRPRULFDHXQXPDLSRW1XPLVHPDLVFRDOD
%LQH0DULRYLQRFDWHGXFHGRPQXOSkQDvQRUDV
0DULDFDWUH,RQ
,RDQHPHULvQVDUDDVWDODFkUFLXPD"
'D0DULHGDGHFHPDvQWUHEL"
ÌQWUHEVLLHXFDYUHDXVDVWLXGDFDQXDLSXWHDVlPLGDLEDWDLHDFXPFDSRDWHFkQGDLYLQLLRRLGRUPL
(UDX,RQVLFX0DULDvQSDWvQWURVHDUD/DXQPRPHQWGDW0DULDFDUHQXDYHDVRPQvOvQWUHDEDSH,RQ
,RDQHGRUPL"
1X
0DLXEHVWL"
'RUP
&LFD,RQVL0DULDHUDXODFRVLW,RQGDGHDODFRDVDFHGDGHD0DULDvQYkUIX
VXULL
0D,RDQHFHIDFLPD"
,RQQLPLF
0D,RDQHPD]LPDFHIDFLPD"
,RQQLPLFVLWRWDVDFkQG,RQVHSUHJDWHDVDVLDVFXWDFRDVD0DULDLDU
0D,RDQHFHIDFLPD"
VL,RQVHWDLH
1RQLPDIHPHLHFDPDPWDLHWQRIX
XLVRUHOHPDVLL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(ODV
FDWUHFHPD,RDQHDX]LPDFHIDFLPD"
)DFSDPDVDDLDIDFKDLFRERDUDGHPDEDQGDMD]D
$SDLQXFRERUFDPDIX
L
1XWHIXQIHPHLHFDQXPLDUGHGHIX
XWDFX
6LJXUVLJXU
$SDLVLJXUVLJXUQRPD
1RSDLGDFDQXPDIX
LODFHVDFRERU
ÌQQRDSWHDQXQWLL,RQVL0DULD
,RDQHPkQJDLHPDVDUXWDPDDVDVDUXWDPDDFRORXQGHIDFSLSL
'XSDXQPLQXW
1XRDODGHQRDSWHWkPSLWXOH
,RQYD]kQGFD0DULDQXLPDLUDVSXQGHODDYDQVXULvVLSURSXQHvQWUR]LVDUH]ROYHSUREOHPD6HGXFHOD0DULDVLvL]LFH
)D0DULHFkQGDLVDPDYH]LIXJLQGSULQFXUWHFXFDOGDULGHDSDvQPkQDGDSRLVDVWLLFDPLHPLDIX
HVLVDWHJDVHVFvQ
SDWDX]L"
/D FDUH 0DULD HVWH GH DFRUG 3ULPD ]L ,RQ IXJLQG SULQ FXUWH FX GRXD FDOGDUL GH DSD vQ PkQD0DULD IXJH vQ SDW VL vO
DVWHDSWD,RQYLQHVLUH]ROYDSUREOHPDDGRXD]LODIHODWUHLD]LODIHO'XSDFkWHYD]LOHvQVDSHODPLH]XOQRSW]LLVHVFRDOD
0DULDGLQSDWVLOYHGHSH,RQIXJLQGSULQFXUWHFXGRXDJDOHWLGHDSDvQPkQD)DWDFXPLQWHFHHVWHVHGXFHUHSHGHvQSDWVL
vODVWHDSWD'XSDYUHRMXPDWDWHGHRUDDSDUHVL,RQWUDQVSLUDWWRWVLLVSXQH0DULHL
)DDDQRXDQHDUGHJUDMGXVLWLHWLDUGHDIX
H"
,RQHUDDOFRROLF0DULDXQDVLEXQDVDVXSDUDSDHOVLPHUHODPDPDVD7UHFYUHRGRXDVDSWDPkQLGXSDFDUHVHvQWRDUFH
LDUDFDVD,QWUDvQKROFDVDJRDOD
0D,RDQHGDXQGHLFXLHUXOXQGHVSDSXFLLXQGHV"
/DVDWX0DULHFDDPYkQGXWWRWVLDPSXVEDQLLvQSXQJL
1RELQHGDFDDLSXVEDQLLvQSXQJLQXLEDL
,QWUDvQEXFDWDULHQLFLPRELODYHVHODHWFQLPLF
0D,RDQHGDXQGHLPRELODYHVHODFKLXYHWD"
/DVDWX0DULHFDDPYkQGXWWRWVLDPSXVEDQLLvQSXQJL
1RELQHGDFDDLSXVEDQLLvQSXQJLQXLEDL
,QWUDvQGRUPLWRUQLFLRPRELODSDWQLPLF
0D,RDQHGDXQGHLPRELODXQGHLSDWX
XQGHV"
/DVDWX0DULHFDDPYLQGXWWRWVLDPSXVEDQLLvQSXQJL
1RELQHGDXQGHVSXQJLOHVDOHYDGVLLR"
'D
,RDQHWLQkQGXVHGHSXQJLOHGHVXERFKL
,DDFLVWX
0DULDVHXUFDvQWUXQFRSDF,RQYLQHSHIXULVvLLDVFDUDVL]LFH
&XFHWHGDLMRVPDL0DULH"
&X5H[RQDPDL,RDQH
0DULH
,RQRVDPDLDvQFDVDWRULH0LDMXUDW
,RDQD
3HFHWLDMXUDW"
0DULH
3HLDUEDGLQSDGXUH
%DQFXULFX0RV&UDFLXQ
Ì&HHPDUHURVXVLVH]YkUFROHVWHvQ]DSDGD"
50RV&UDFLXQGXSDFHDSULPLWXQVXWvQFRDLH
Ì&HHXQSXQFWURVXDJLWkQGXVHSHDOE"
58Q0RV&UDFLXQORYLWvQRXD
Ì&HHURVXFXDOEVLQHJUXSHVWHWRW"
50RV&UDFLXQYHQLQGSHKRUQXOFDVHL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$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
,QWUD0RV&UDFLXQSHKRUQVLYHGHRWLSDVXSHUEDFDUHGRUPHDJRDODSHSDWVLLVHVFRDODPRVXOXL
%DGDFDRI
WSHDVWDPDEDWH'XPQH]HXGDFDQXQXPDLSRWLHVLSHKRUQ
Ì&HHVWHURVXVLYLQHUHJXODW"
50RV&UDFLXQ
%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
0HUJHDRGDWD6FXILWD5RVLHSULQSDGXUHFXSDQHUDVXOODEUDW'HGXSDXQWXILVDSDUHOXSXO
+RSDDDJDWD6FXILWD5RVLHGHGDWDDVWDQXPDLVFDSLWHPDQkQF
6SXQHWLXOWLPHOHWUHLGRULQWH
6DIDFHPGUDJRVWH
ÌQFHSHLDFWLXQHDVLOHVLQDOXSXOÌVLUHYLQHOXSX
VLRQWUHDEDSH6FXILWD5RVLHGHDGRXDGRULQWD
6DIDFHPGUDJRVWHVSXQHHD
)DFHLGUDJRVWHVLPRDUHOXSXO
025$/$1XODVDWLFXUYHOHQSDGXUHFDFLGLVWUXJIDXQD
9DULDQWD
6FXILWD5RVLHvQSDGXUH9LQHOXSXO
+DWHDPSULQV6FXILWRDFXPWHYLROH]
6WDLPDOXSXOHKDLVRIDFHPVLQRLURPDQWLFKDLvQSRLDQDFXODOHOH
6HGXFHLvQSRLDQDFXODOHOHVHXUFD6FXILWDSHOXSVLvOQHQRURFHVWHGHIDFHVWRSFDUGLDF$SRL6FXILWDFXOHJHWRDWHODOHOHOH
VLSOHDFDPDLGHSDUWH
6HvQWkOQHVWHFXXUVXO
7HDPSULQV6FXILWRWLRWUDJDFXP
3XWLQURPDQWLVPXUVXOHKDLvQSRLDQDFXYLROHWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
&RDVWDGHD]XU
9DLOXSXOHFHGLQWLDVFXWLWLDL
&RDVWDGHILOGHV
9DLOXSXOHFHVFXODPDUHDL
&XDVWDWLRWUDJ
6FXILWD5RVLHODGLVFRWHFDLDUSHSRVWGH'-OXSXO
/XSXOHDVGRULVDIDFRGHGLFDWLH
6HSRDWHGDUVDVWLLFDFRVWD
0XOW"
0XOW
'DUHXQXDPEDQL
1LFLRSUREOHPDSRWLVDPLSODWHVWLvQQDWXUD
%LQH
6LOXSXORFRQGXFHGXSDFRUWLQDVHGHVIDFHODVOLW6FXILWD5RVLHvQJHQXQFKHD]DvLLDOXSXOXLVFKHPDvQPkQDRGXFHODJXUD
VLH[FODPD
$VYUHDVDIDFRGHGLFDWLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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$
6FXILWD5RVLHvQSDGXUH2SULQGHOXSXOVLRIX
H
9DLOXSXOHFHPLDLIDFXW"
/XSXOIRDUWHSOLFWLVLW
1LPLFGRDUWHDPVSHULDW
$GDDWXQFLPDLVSHULHPDRGDWD
2GDWD 6FXILWD 5RVLH VH GXFH vQWUR ]L VD FXOHDJD FLXSHUFL SHQWUX EXQLFXWD HL ÌQ WLPS FH FXOHJHD FLXSHUFL QLPHUHVWH R
FLXSHUFDFDUHQXYURLDVDVHVPXOJDGLQSDPkQWGDUFDUHHDQXVWLDFDQXHRFLXSHUFDFLSX
DOXSXOXLFDUHVWDWHDvQWLQVOD
VRDUH6FXILWDURVLHWUDJHPDLWDUHVLPDLWDUHVLPDLWDUHVLVHVXSDUDVLSOHDFD/XSXOXLPLWWRWDOVDWLVIDFXWSOHDFDVLVHGXFH
ODOXSLLOXLVLOH]LFH
0DPDVWLWLFHPLDIDFXW6FXILWD5RVLHD]L"0LDIDFXWRODEDGHDLDELQHFXPVWLHHDVRIDFDVLPLDSODFXWDVDGHPXOW
$X]LQGDVWDFHLODOWLOXSLVHGXFVLHLVDVWHDVLHLFXSX
DvQWLQVDODVRDUHVSHUkQGFD6FXILWD5RVLHVDDSDUD'XSDXQWLPS
DFHDVWDYLQHFkQWkQGODODODODODODFLXSHFXWDFLXSHUFXWD
6LGHRGDWDFkQGYD]X&FXILWDFHFLXSHUFLPDULvQFHSXDWUDJHGHHOHVLWUDJHGHHOHVLWUDJHVLWRWQXYURLDXVDLDVD6FXILWDVH
HQHUYHD]DVL]LFH
$K&(1252&&$0,$0/8$7)2$5)(&$&80,1(
6FXILWD5RVLHIDFHDDXWRVWRSXO7UHFHOXSXOFXELFLFOHWDVLRLDFXHO0HUJHLFHPHUJ6FXILWD5RVLHvQJkQGXOHL
'DFDDUVWLOXSXOFDQXDPFKLORWHLLSHPLQH
,DUOXSXOvQJkQGXOOXL
'DFDDUVWL6FXILWDFDQXDPFDGUXODELFLFOHWD
%DQFXULFX6LUVL-RKQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,HUWDWLPD6LUGDUDPLPSUHVLDFDYDFDXWDFLQHYDODWHOHIRQ
&XPDLLPSUHVLD-RKQ"6DXPDFDXWDFLQHYDODWHOHIRQVDXQXPDFDXWD
9HGHWL6LUFkQGDPULGLFDWUHFHSWRUXOYRFHDGHODFHODODOWFDSDWDVSXV7XHVWLFDUDJKLRVEDWUDQFKHOVLLGLRW"
-RKQ"
<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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
-RKQ
<HV6LU
8QGHLGRDPQD-RKQ"
'RDPQDHVWHvQGRUPLWRU6LUvQSDWFXGRPQXO
-RKQLDSXVFDVLvPSXVFDLSHDPkQGRL
<HV6LU
6HDXGFDWHYDvPSXVFDWXULVLWLSHWHGXSDFDUH-RKQUHYLQHODWHOHIRQ
6LU"
<HV-RKQHJDWDWUHDED"
<HV6LUSHGRDPQDDPvPSXVFDWRGDUSHGRPQQXPDLODPUDQLWGDUVDULQGSHJHDPDFD]XWvQSLVFLQDVLVDvQHFDW
-RKQGDUQRLQXDYHPSLVFLQD
$ORFHQXPDUDWLIRUPDW"""
-RKQDGXPLWHURJRSRUWRFDOD
3RIWLWL6LU
6LUGXSDFHLDSRUWRFDODvQPkQDGUHDSWDVLRPLURDVH3RUWRFDODDVWDSXWHDGXPLDOWDWHURJ
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3HQWUXFDDOXDWIRFELEOLRWHFD
9DULDQWD
6LU-RKQDGXPLWHURJXQSDKDUFXDSD
-RKQ'D6LULPHGLDW
-RKQXQSDKDUFXDSDWHURJ
,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
6LUVL/DG\IDFGUDJRVWH/DG\
0DLSRWLGDUOLQJ"
6LU
1XPDLSRWGDUOLQJ
%DQFXULFX9DPSLUL
Ì&HHPLFDOEDUHDULSLRDUHVLVXJHVkQJHOH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5/,%5(66(
Ì&DUHLGLIHUHQWDGLQWUHXQDYRFDWVLXQYDPSLU"
59DPSLUXOvWLVXJHVkQJHOHQXPDLQRDSWHD
Ì&DUHHVWHFHOPDLDOGUDFXOXLYDPSLU"
5$OZD\VFXDULSLRDUH
Ì&DUHHGLIHUHQWDGLQWUHXQDYRFDWVLXQYDPSLU"
59DPSLUXOvWLVXJHVkQJHOHGRDUQRDSWHD
Ì/DFHVHSRWvQWUHEXLQWDWDPSRDQHOHIRORVLWH"
53OLFXOHWHGHFHDLSHQWUXYDPSLUL
Ì/DFHVHSRWvQWUHEXLQWDSDQVDPHQWHOHIRORVLWH"
5$FHHDVL
Ì&HHIDVWIRRGSHQWUXYDPSLUL"
52SHUVRDQDFXWHQVLXQHULGLFDWD
Ì'HFHQXGLYRUWHD]DYDPSLULL"
5(LvVLvQJURDSDSUREOHPHOH
Ì&HPDQkQFDYDPSLULLvQORFGHVQDFNVXUL"
5&RDMDGHSHUDQL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3OHDFDVLHOWUHFHXQPLQXWWUHFGRXDGXSDPLQXWHVHvQWRDUFHWRWSOLQGHVkQJH
%DGD
WXFXPDLUHXVLWDVDGHUHSHGH"
3DLYHGHWLVWkQFDDLDGHDFROR"
'D
(XQDPYD]XWR
9DULDQWD
/DRvQWUXQLUHDYDPSLULORUVRVHVWHXQYDPSLUFXJXUDSOLQDGHVkQJHVLOHVSXQHFHORUODOWL
%DLYHGHWLYRLVWDXOXODFHHDGHFROR"
'D
(DPPkQFDWGRXDRLGHDFROR
'XSDXQWLPSPDLYLQHXQYDPSLUFXWRDWDJXUDVLREUDMLLSOLQLGHVkQJH
+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
'RLYDSLULVHvQWkOQHVFODSRDUWDFLPLWLUXOXL
,HVLPODRSOLPEDUH"
6WDLXQSLFVDPDGXFVDLDXSLDWUDIXQHUDUDFXPLQH
'D
FHWLDYHQLW"
1XPLSODFHVDXPEOXIDUDEXOHWLQSHVWUDGD
'RLYDPSLULPHUJUHJXODWvQWUXQEDUXQGHFRPDQGDvQWRWGHDXQDXQ%ORRG\0DU\
ÌQWURVHDUDXQXOGLQHLGDFRPDQGDFDGHRELFHL
8Q%ORRG\0DU\YDURJ
%DUPDQXOvLvQWLQGHXQSDKDUSOLQFXVkQJHELQHvQWHOHVGLOXDWFXYRGFD&HODODOWYDPSLU
8QFHDLYDURJ
&HDLvWLPHUJHUDXHVWLEROQDY"vOvQWUHDEDSULHWHQXOOXL
1XGDUDVHDUDFkQGDPEDXWFRFWDLOXOPDPvQHFDWFXXQWDPSRQ
9DULDQWDODSUHFHGHQWXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RLYDPSLULPHUJUHJXODWvQWUXQEDUXQGHFRPDQGDvQWRWGHDXQDXQ%ORRG\0DU\
ÌQWURVHDUDXQXOGLQHLGDFRPDQGDFDGHRELFHL
8Q%ORRG\0DU\YDURJ
%DUPDQXOvLvQWLQGHXQSDKDUSOLQFXVkQJHELQHvQWHOHVGLOXDWFXYRGFD&HODODOWYDPSLU
8QSDKDUFXDSDILHUELQWHVLXQWDPSRQX]DWYDURJ
&HHFXWLQH"vOvQWUHDEDSULHWHQXOOXL
6XQWUDFLW
2DWUHLDYDULDQWD
8QYDPSLULQWUDvQWUXQEDUGHYDPSLULVLFHUHXQSDKDUFXDSDILDUWD%DUPDQXOXLPLWvL]LFH
'DUDLFLEHDXFXWRWLLVkQJH
9DPSLUXOQRVWUXVFRDWHXQWDPSRQvQVkQJHUDWVL]LFH
)LYHR
FORFN
7UHLYDPSLULPHUJvQWUXQEDU3ULPXO]LFH
8QSDKDUGHVkQJH
$OGRLOHD
6XQDELQH6LHXWRWXQSDKDUGHVkQJH
$OWUHLOHD
8QSDKDUGHSODVPD
/DFDUHEDUPDQXOFDVDILHVLJXUFDDOXDWFRPDQGDFRUHFW
'RXD6Æ1*(VLXQ6Æ1*(/,*+7"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XPHOHDQLPDOHORUGHFDVDKDPVWHULLHSXUDVLvWLGDXILRUL
*UHXVDFkVWLJLRFHDUWD
$LYRLHVDFKLFRWHVWLODvQPRUPkQWDUL
3RWLVDvWLXLWLSURSULDWDULH
%DQFXULFXVLGHVSUHGLIHULWHFDWHJRULLVRFLDOH
%DQFXULFXDFWRUL
0DHVWUHFHSDUHUHDYHWLRXFLGELQHSH'HVGHPRQDvQDFWXOILQDO"
'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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QDFWRU"(LILXOHFXPVDWLH[SOLFDFWRUXOHXQRPFDUHVHGXFHSkQDODPDUJLQHDVFHQHLSULYHVWHvQFXOLVHXQGHVHDIOD
UHVWXULGHGHFRUFkUSHKkUWLLDUXQFDWHSUDIPL]HULHVLVSXQH&HSULYHOLVWHPDUHDWDVHYHGHGHODIHUHDVWUDDVWD
&KDUOLH&KDSOLQDIRVWvQWUHEDW
'XSDH[SHULHQWDGXPQHDYRDVWUDGHRYLDWDFDUHIHPHLVXQWFHOHPDLILGHOH"&HOHEORQGHFHOHEUXQHVDXFHOHURVFDWH"
&HOHFDUXQWH
&XPPHUJHSLHVDWDDUHVXFFHV"
$UDYHDGDFDGLUHFWRUXOWHWUXOXLQXPLDUSXQHEHWHQURDWHRSURJUDPHD]DvQGLQVFvQGVDODHJRDOD
5HJL]RUXOvLVSXQHXQHLDFWULWH
'DFDRVDPDDVFXOWLvQWRDWHYRPDYHDXQ2VFDU
6LGDFDRVDILHIDWDFHQXPHvLYRPGD"
Ì'HFHQXDMXFDW%UXFH:LOOLVvQ7LWDQLF"
53HQWUXFDLDUILVDOYDWSHWRWLGHODPRDUWH
%DQFXULFXDYRFDWL
8QSDFLHQWFDUHDVWHSWDGXSDXQWUDQVSODQWGHFRUGLVHRIHUDGHFDWUHGRFWRUXUPDWRDUHOHDOWHUQDWLYH
$YHPWUHLSRVLELOLWDWLWUHEXLHVDYDKRWDUkWLSHQWUXXQD8QDHVWHLQLPDXQXLDWOHWWkQDUVLVDQDWRVFDUHDPXULWvQWUXQ
DFFLGHQWGHPDVLQD$GRXDHVWHDXQXLRPGHDIDFHULFDUHQXDEDXWVLIXPDWQLFLRGDWDvQYLDWDVLFDUHDPXULWvQWUXQ
DFFLGHQWFXDYLRQXOVDXSULYDWLDUDWUHLDDXQXLDYRFDWFDUHDPXULWGXSDFHDSUDFWLFDWGHDQL
2LDXSHFHDDDYRFDWXOXL]LFHSDFLHQWXO
'XSDUHXVLWDWUDQVSODQWXOXLGRFWRUXOvVLvQWUHDEDSDFLHQWXOGHFHVDKRWDUkWvQDFHVWIHO
)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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
)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
$YHPQHYRLHGHXQDOLEL]LFHDYRFDWXOPDQGDQWXOXL1XYDYD]XWQLPHQLvQWLPSXOFkQGDDYXWORFVSDUJHUHD"
/DFDUHFOLHQWXOUDVSXQGH
'RDPQHIHUHVWHQX
8QDYRFDWFDUHDVFRVIDWDFXUDWDXQFXQRVFXWHVFURFvLWULPLWHDFHVWXLDRQRWDGHSODWDFDPXPIODWD(VFURFXOvLVFULH
vQDSRL
'RPQXOHDYRFDWRQRUDULXOGXPQHDYRDVWUDHVWHFDPULGLFDW6HSDUHFDDWLXLWDWFDHXVXQWVDUODWDQXOQXGXPQHDYRDVWUD
Ì&XPQXPHVWLGHDYRFDWLPRUWLODPDOXOPDULL"
58QvQFHSXWEXQ
Ì&XPvWLGDLVHDPDFDXQDYRFDWPLQWH"
5ÌVLPLVFDEX]HOH
Ì'HFHUHFKLQLLQXDWDFDDYRFDWLL"
5'LQFROHJLDOLWDWH
Ì&DUHLPRWLYXOSHQWUXFDUHXQDYRFDWHvQJURSDWSkQDODJkWvQQLVLS"
51DIRVWGHVWXOQLVLS
Ì8QGHJDVHVWLDYRFDWEXQL"
5ÌQFLPLWLU
Ì&DUHHGLIHUHQWDGLQWUHXQJLJRORVLXQDYRFDW"
5*LJRORXOGHVHUYHVWHQXPDLRSHUVRDQDGHRGDWD
Ì&DUHHGLIHUHQWDGLQWUHXQDYRFDWVLXQYDPSLU"
59DPSLUXOvWLVXJHVkQJHOHGRDUQRDSWHD
8QJUXSvQDUPDWGHWHURULVWLLQWUDFXIRUWDvQ+RWHOXO5DPDGDXQGHDYHDORFFRQIHULQWDDQXDODD%DURXOXLGH$YRFDWL$X
IRVWOXDWLGUHSWRVWDWHFLSHVWHGHDYRFDWL/LGHUXOWHURULVWLORUDDQXQWDWFDGDFDQXOLVHYRUvQGHSOLQLWRDWHFHULQWHOHYRU
HOLEHUDFvWHXQDYRFDWSHRUD
Ì'HFHQXVXQWYD]XWLDYRFDWLSHSODMD"
53HQWUXFDSLVLFLOHvLWRWDFRSHUDFXQLVLS
&RQVLOLXOORFDODORUDVXOXLREVHUYDFDFHOPDLWDUHDYRFDWGLQRUDVQXIDFXVHQLFLRGDWDRGRQDWLHvQVFRSGHFDULWDWH3HQWUX
DOFRQYLQJHVDRIDFDSULPDUXOvOFKHPDODHOvQELURX
'RPQXOHDYRFDWDPREVHUYDWFDYHQLWXULOHGXPQHDYRDVWUDDQXDOHVHULGLFDODSHVWHGHGRODUL&XWRDWHDFHVWHD
QLFLRGDWDQXDWLIDFXWYUHRGRQDWLHFRPXQLWDWLL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'DFDWRWDWLFDXWDWLQIRUPDWLLGHVSUHPLQHQXDWLREVHUYDWFDPDPDPHDHVWHEROQDYDLDUPHGLFDPHQWHOHGHFDUHDUHQHYRLH
GHSDVHVFGHFkWHYDRULYHQLWXULOHHL"
1XUDVSXQVHSULPDUXOMHQDW
ÌQDOGRLOHDUkQGIUDWHOHPHXYHWHUDQGHUD]ERLHVWHFRQGDPQDWvQWUXQVFDXQFXURWLOHVLHVWHRUE
3ULPDUXOvQFHSXVDVLFHDUDVFX]HGDUIXvQWUHUXSW
ÌQSOXVVRUDPHDDPXULWvQWUXQDFFLGHQWODVkQGRUIDQLWUHLFRSLL
8PLOLWSULPDUXO
1XVWLDPPDLHUWDWL
ÌQVDDYRFDWXOFRQWLQXD
1XYDGGHFHYDVGDGXPQHDYRDVWUDEDQLGDFDQXOHGDXQLFLORU
%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 &$3 OD FUHVFDWRULD GH SXL 'XSD XQ WLPS VH GXFH OD VHIXO GH IHUPD VL FHUH
VFKLPEDUHDODDOWORFGHPXQFD6HIXOVWLLQGFDEkOEkLWXOHVWHRPKDUQLFVLVHULRVvOvQWUHDEDFXFHODXVXSDUDWSXLL7LSXOVH
IRLHVWHVHUDVXFHVWHVLvQFHSH
6VV VHIXQQXPPPPDLSRW'LPGLPGLPLQHDWD]LFSSXSXLVVLLHVGGGR GHSXLVVLHEEELQH'GGDVVHDUD
]]LFXXVXVVVLvQLQWUDGGGHSXLVVLPPDLUDPUDPkQHXQXQXVLDDWDWXQFLVWVWVWULJOODHOGXGXWHQSLSLSLVL
SSkQDVVDOvvQMXULLHVWRWLDIDIDUD
&DSLWDQXOXQHLFRUDELLEkOEkLWGHIHOXOOXLXUPDULQGvQ]DUHFXELQRFOXO
5HUHUHSHGHRPODDSD
6DUPDULQDULLvQPDUHVLOVFRWSHXQXOvQXOWLPXOPRPHQW$GRXD]L
5HUHUHUHSHGHRPODDSD
,DUVDUWRWLPDULQDULLVLVFRWSHXQXOJDWDVDVHvQHFH$WUHLD]L
5HUHUH
6DUWRWLPDULQDULLvQDSDLDUFDSLWDQXO
5HUHFKLQL
8QOHSURVVLXQEkOEkLWFROHJLGHFHOXOD/HSURVXOXLvLFDGHXQGHJHWvOLDVLvODUXQFDSHIHUHDVWUD'XSDFkWHYDPLQXWHvL
PDLFDGHXQGHJHWvODUXQFDSHIHUHDVWUD'XSDDOWHFLWHYDPLQXWHvLPDLFDGHXQGHJHWvODUXQFDSHIHUHDVWUD
%DDDEDDDDWXXWXXXXDLDDDDLLLvvvQQQFHFHFHHSSSSXXXXWWWWWVDVDHHHHHYDDDDDGHGHGH
]L
ÌQWUXQEDULQWUDXQEkOEkLW
$DDVGRGRGRULVLVLHHXXXQXLLLVFKL
%DUPDQXO
1QQDYHP
'HGHFHLvWLEDEDEDWLMRMRFGHGHPLQH"
1XQXvvPLEDEDWMRMRFGHGHWLWLQH6LHHXVXVXQWEkOEkOEkOEkLW
'DGDUURPDDL"
'GD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'DGDPLXXQSDSDKDU
,QWUDXQDOWFOLHQW
$VGRULVLHXXQZKLVNL
%DUPDQXO
1DYHP
'DUURPDL"
'D
'DPLXQSDKDU
/DFDUHEkOEkLWXOVDUH
7WWLDPVSXSXSXVFDWLEDEDWLMRMRFGHPLPLQH
1QXGGHWLWLQHPPLDPEDEDWXWMRMRFFLGGHHO
8QEkOEkLWHvQWUHEDW
ÌQWRWGHDXQDWHEkOEkLDVD"
1QX1XQXQXPDLFkQGYRUYRUYRUEHVF
%DQFXULFXEHWLYDQL
1RWD$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
7D[DWRDUHDVXSDUDWD
'XWHGUDFXOXLFDHVWLEHDW
+kF0LHPLWUHFH
'XSDPLH]XOQRSWLLVRWLDDXGHVRQHULD6HGXFHODXVDGHVFKLGHEDUEDWLEHWLPRUWL
6WLPDWDGRDPQDQRLDPYHQLWVDOFRQGXFHPSHEDUEDWXOGYVDFDVDGD
QXPDLVWLPFDUHGLQQRLH
6RWLDQHUYRDVDvLGHVFKLGHXVDVRWXOXLFDUHWUD]QHDGHODRSRVWDDDOFRRO
3UHVXSXQXUODHDFDDLXQPRWLYIRDUWHVHULRVVDYLLDFDVDODGLPLQHDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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]JkUkLHVLHOSHRFKLFkQGYHGHLVSUDYDVLLDUVHGXFHODVHUYLFHGD]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
$WXQFLWUHFLUHSHGHODFHLGLQSDUWHDVWkQJD
8QEHWLYLHVHGLQWUXQEDUVLORYLQGXVHGHXQVWkOSvQFHSHDVHvQYkUWLvQMXUXOOXL'XSDYUHRFLQFL PLQXWHH[WHQXDWVH
DVHD]DvQIXQGVLvQFHSHVDVWULJH
%DFDUHPDWL]LGLWDLFHD"
3DWUXWLSLLQWUDvQWURFkUFLXPD
9RWFDSHQWUXSDWUX]LFHXQXO
'DEDUPDQXOUkQGX
WRWLvOGDXODIXQG6HUHSHWDVFKHPDGHYUHRWUHLRULSkQDFDGHXQXOVXEPDVD
9RWFDSHQWUXWUHLFHUHLDUSULPDSHUVRDQD
'D
GRPQXOQXPDLEHD"]LFHvQJOXPDEDUPDQXODUDWkQGVSUHFHOFD]XWVXEPDVD
1XGRPQXOHVRIHUXOQRVWUX
&LFDvQWUR]LXQXOSUDIVLSXOEHUHGHEHDWGDVDLDVDDIDUDGLQFkUFLXPDFkQGVHvPSLHGLFDVLFDGHvQPLMORFXOWURWXDUXOXL
ÌQFHUFkQGVDVHULGLFHGHMRVORYLWFXPHUDREVHUYDOkQJDHORGDPDVXSHUvQWURIXVWDVFXUWDVLXQWULFRXODFDUHvL]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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%HDJDJLXOYUHRVDSWHRSWEHUL
SDQD VH PDFKHVWH QLWHO ÌVL IDFH FXUDM VL vL VSXQH EDUPDQXOXL FD HVWH JDWD VD GXFD OD vQGHSOLQLUH FHOH WUHL VDUFLQL 3HQWUX
vQFHSXWEDUPDQXOvLGDRVWLFODGHXQOLWUXFXWHTXLOD)DUDVDVWHDSUHDPXOWSHJkQGXULWLSXOWUDJHDHUvQSLHSWVLGDWRDWD
VWLFODSHJkW9DGLWDPHWLWLHVHDIDUDODFURFRGLOVLWUDJHXVDGXSDHO'HDIDUDVHDXG]ELHUHWHUDJHWHSRFQLWXULXUOHWHWRDWD
JDODJLDSRVLELOD
'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 SXQH vQ EX]XQDU
ÌQWUXQWkU]LXDVWDVHWUH]HVWHVHFDXWDSULQEX]XQDUHJDVHVWH]HFHPLLGHOHL*ORQWODFUkVPD
9RWFDGH]HFHPLL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
8QWLSFXXQPLFURIRQvQWUHDEDXQSLHWRQ
'LPLQHDWDEHLWL"
)DFHWLXQVRQGDMGHRSLQLHVDXYUHWLPDWUDWDWLFXXQZKLVN\"
-RKQHVWHDGXVvQIDWDWULQEXQDOXOXLVXEDFX]DWLDGHFRQWUDEDQGDFXEDXWXULDOFRROLFH
3ULYLWLODDFHVWRPVSXQHDYRFDWXODSDUDULLDGUHVvQGXVHMXUDWLORU3ULYLWLFHILJXUDGHEHWLYvPSDWLPLWDUH&UHGHWLGRPQLLOH
YRDVWUHFDXQXOFDHODUYLQGHRVWLFODGHZKLVN\GDFDUDYHDR"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$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
8QEHWLYYHGHRXVDFXXQEHFURVXGHDVXSUD,QWUDvQDXQWUXVLFHUHFHYDPDLVSHFLDO6LLVHGD$GRXD]LGLPLQHDWDVH
WUH]HVWHVLVHXLWDPLUDWODWLSDVLvQWUHDED
3DLD]LQRDSWHDPVXSWGLQFHOGHDOWUHLOHDVkQXQGHDGLVSDUXW"
ÌPLSDUHUDXGDUFHOGLQPLMORFHUDXQIXUXQFXO
'RLSULHWHQLVHSOLPEDXEHWLvQWURPRDSWHSHRVWUDGDvQWXQHFDWD/DXQPRPHQWGDWWUHFHXQFDPLRQVLOFDOFDSHXQXO
GLQWUHHL3ULHWHQXOVDXDVDFXPDSXWXVLHOODGXVSkQDDFDVDSHFROHJXOVDXGHSDKDU6XQDODXVDLDUGLQLQWHULRUVHDX]LR
YRFHVRPQRURDVD
1XPDLDLFHFDXWDvQFDVDPHDEHWLYXOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XLQLPLFYDLQWUDSHVXEXVDVSXVHDOSULHWHQXO
8QXO]LFHSULHWHQLORU
'LQSDUWHDPHDSRWVDDUXQFHWRWDOFRROXOGLQRUDVvQODFXOGLQDSURSLHUH
'HFH"$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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
/DWULEXQDOHVWHMXGHFDWXQWLSFDUHDIXUDWRFLVWHUQDFXYLQ
6LFHDLIDFXWFXDWkWDYLQRPXOH"vQWUHDEDMXGHFDWRUXO
3DLMXPDWDWHODPYkQGXWVLMXPDWDWHODPEDXWFDPLFDPSODFHVDOHWUDJODPDVHDGRP
MXGHFDWRU
6LFXEDQLLFHDLIDFXW"
,DPEDXW
&KHOQHUGRXDVDQGYLVXULVLRVWLFODGHYRGFD
6FX]DWLGRPQXOHQXFUHGHWLFDLSUHDPXOW"
$LGUHSWDWHDGXPLGRDUXQVDQGYLV
8QEHWLYPHUJHDSHVWUDGD/DXQ PRPHQW GDWVHRSUHVWHvQIDWD XQHLSDQFDUGH SXEOLFLWDUH 6H XLWD VH XLWD VL OD XQ
PRPHQWGDW]LFH
ÌQYLDWDPHDEHWLFULWDDPYD]XWEHWLPRUWLDPYD]XWGDUEHWL3HSVL1LFRGDWD
&LFDHUDXWUHLWLSLUXSWLGHEHWLODRPDVDVLSRYHVWHDX
%DLRVWULPLVXOOXL'XPQH]HXSHSDPkQW
/DFDUHDOWXO
7DFLPDFDLRVWULPLVXOOXL'XPQH]HXSHSDPkQW
/DFDUHFHOGHDOWUHLOHD]LFH
7DFHWLEDFDQDPWULPLVSHQLPHQL
'RLSULHWHQLYLQGHODREHUHVLVHSLVD8QXOvQWUHDED
'HFHPDSLVHXDVDGH]JRPRWRVVLWXDVDGHSXWLQ]JRPRWRV"
3DLWXWHSLVLSHPDVLQDPHDVLHXSHSDOWRQXOWDX
'RLEHWLYLPHUJSHFDOHDIHUDWD
1DPYD]XWvQYLDWDPHDDWkWHDWUHSWH]LFHXQXO
'DUFHPDvQJULMRUHD]DHFDEDOXVWUDGDHIRDUWHMRV
/DEDUXQXOEHDXQSDKDUVL]LFHODWRDWHOXPHD
8Q&UDFLXQIHULFLW
&H&UDFLXQGRP
OH"]LFHXQXOGLQEDUFDVXQWHPvQLXQLH
2PXOQRVWUXvVLEHDSDKDUXOVL]LFHGkQGGLQFDS
6LDFXPFHL]LFODQHYDVWDFDDVDGHPXOWQDPPDLvQWkU]LDWQLFRGDWD
8QXOEHDWODYRODQHVWHRSULWGHXQSROLWLVW
1XDWLYD]XWVHPQXOGHUHGXFHUHDYLWH]HL"
/DFDUHEHDWXO
/DYLWH]DDVWD"
8QXOEHDWDMXQJH QRDSWHDvQ FLPLWLU 6H vPSLHGLFD VL FDGH vQWUR JURDSD GH PRUPkQW SURDVSDW VDSDWD XQGH VL DGRDUPH
&kQGVHWUH]HVWHvQJKHWDWGHIULJH[FODPD
%UUUUFHIULJHDLFL
3D]QLFXOFLPLWLUXOXLFDUHHUDvQDSURSLHUH
3DLVLPDWDOHGDFDLDLODVDWVDWLIXUHFRVFLXJXO
9DULDQWDOD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QEHWLYLHVHvPSOHWLFLQGXVHGLQWURFUkVPDVLVHFLRFQHVWHGHRSURVWLWXDWD
&HIDFLID"
)DFWURWXDUXOFH«QXVHYHGH"
3DLDWXQFLIDO«KkF«PDLODW
8QEHWLYPHUJHDSHVDSWHFDUDULVSUHFDVD/DXQPRPHQWGDWvOYHGHSHXQXOFDUHvQFKLGHDXQURELQHW6HGXFHVXSDUDW
VSUHHOVLL]LFH
7XvQYkUWHDLEDVWUDGD"
'RLEHWLYLLHVGLQWUXQEDU8QXOGLQHLYHGHXQFkLQHFDUHVLOLQJHDFRDLHOH$WXQFLEHWLYXO]LFH
&HQDVGDVLHXVDSRWIDFHDVWD«
&HODODWEHWLYVSXQH
«KkFKkFGDFDLGDLXQELVFXLWHFUHGFDWHODVDVLSHWLQH«
8QEHWLYFDUHDELDPDLPHUJHDYHGHRJURDSDGHVWXOGHPDUH6HDSOHDFDVLVWULJD
'XWHQDLELLVLvQFHDUFDVDDXGDHFRXOGDUQLPLF
$GRXD]LODIHO$WUHLD]LFkQGYUHDVDVHDSOHFHVDVWULJHSLFDvQJURDSDVLvQFHSHVDVWULJH
$MXWRU$MXWRU
6LHFRXO
'XWHQDLELLLLLLLLL
'RLEHWLYLVHSOLPED/DXQPRPHQWGDWDMXQJOkQJDXQUkX8QXOGLQWUHHL]LFH
%DVDULWXSULPX
$OGRLOHDEHWLYVDUH&DGHSHRVRVHDVL]LFH
%DUkX
DVWDLvQJKHWDW
6HvQWkOQHVFGRL
&HDLvQVWLFODDLD"
$SD'HFHvQWUHEL"
&UHGHDPFDDLFHYDGHEDXW«
1XSR
V
QWHOHJGHFHDPIRVWDGXVODSROSROLWLHH[FODPDXQEHWLYSOLQGHLQGLJQDUH
3HQWUXEDXWXUDvLUDVSXQGHRILWHUXOGHVHUYLFLX
3DLGHFHQX]LFLDVD"$GXPLXQFRQLDF
6LQWQHOLQLVWLWQHYDVWDPHDDvQFHSXWVDXPEOHSULQUHVWDXUDQWH
1DVRO%HDPXOW"
1XEHDGHORF0DFDXWDSHPLQH
$VDHFDD]LQRDSWHQDLVLPWLWQLFLXQ]JRPRWFkQGPDPvQWRUVGHODvQWUXQLUH"$PSDVLWFXPDUHJULMD
7XSRDWHFDDLSDVLWFXPDUHJULMDGDUQXFHLSDWUXDPLFLFDUHWHWkUDX
'HFHEHLSULHWHQH"
&DVDPLvQHFDPDUXO'DUQXUHXVHVFSHQWUXFDQHVLPWLWXODvQYDWDWVDvQRDWH
%DQFXULFXFKHOL
Ì&XPWUDWH]LRFKHOLH"
5ÌWLODVLEDUEDVLvQWRUFLFDSXO
&XPWUDWH]LRFKHOLH"UHWHWDDGRXD
DLQWULvQEDLHVLWHDVFXQ]LGXSDXVDDFRORXQGHvLVDGHELQHXQXLEDUEDWVDIDFDODEDIDUDVDILHVXUSULQV
EIDFLRODED
FVWRUFLSvQDODXOWLPDSLFDWXUDGHVSHUPD
GDSOLFLVSHUPDSHFKHOLHFXPLVFDULHQHUJLFHVLURWDWRULLSvQDFvQGSHFKHOLHvQFHSVDWLFUHDVFDQLVWHSX
H
HLHLRIRDIHFD
IWDLSX
LOHVLUDPkQQXPDLIORFLL
'XSDPXOWHWUDWDPHQWHvPSRWULYDRFKHOLHLXQWLSDXGHGHXQGRFWRUIRUPLGDELO$MXQJHODHOVLDFHVWDvLVSXQH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LQJXUDSRVLELOLWDWHHVWHVDEDJLFDSXOvQSL
GDQHYHVWLLvQILHFDUHVHDUDGRXDVDSWDPkQLODUkQG
2PXOVHH[HFXWDVLvLFUHVWHXQSDUVXSHUE0HUJHODGRFWRUvLPXOWXPHVWHLDUODSOHFDUHYHGH SHVWUDGD XQWLS PDUH FDUH
PHUJHDvQDFHODVLVHQVVLFDUHDYHDRFKHOLHUHVSHFWDELOD*HQHURVGRULQGVDLvPSDUWDVHDVFDUHWHWDvOEDWHSHXULDVSHXPDU
VLYHGHFDLQGLYLGXODUHREDUEDLPHQVD/DFDUHQXSRDWHVSXQHDOWFHYDGHFkW
6FkUERVXOH
8QWLSFRPSOHWFKHOFXPSDUDRVROXWLHIRDUWHUDUDSHQWUXFUHVWHUHDSDUXOXL
&UHGHWLFDHVWHHILFDFH"vOvQWUHDEDHOSHYkQ]DWRU
)RDUWHHILFDFHGRPQXOH'HFXUkQGDPWULPLVXQIODFRQXQXLFOLHQWvQSURYLQFLHDYHDFDSXOFDRELODGHELOLDUG(LELQH
SHVWHROXQDFDQGLDVRVLWQRWDGHSODWDSXWHDGHMDVDVLVPXOJDSDUXOGLQFDS
,QWUDXQEDUERVvQWUXQEDUVLFHUHRYRGFD
9LQHYLQH]LVHEDUPDQXO
'XSDFHREHDGDVDSOHFHEDUPDQXO
&HIDFLGRPQXOHQXSODWHVWL"
6HFWLD3DURVL%DUERVL]LVHEDUERVXOVFRWkQGROHJLWLPDWLH
2NVHIXRN
3OHDFDDVWDVLYLQHDOWXOPDLSDURVPDLEDUERV
2YRGFD
9LQH9LQH
2EHDVLGDVDSOHFH
&HIDFLGRPQXOHQXSODWHVWL"]LVHEDUPDQXO
6HFWLD3DURVL%DUERVL
2NVHIXRN
,QWUDDOWXOFKHOVSkQGLQFDSSkQDQSLFLRDUHGRDUFHVHYHGHD
2YRGFD
9LQH9LQH
2EHDVLGDVDSOHFH
%DUPDQXO
6DQXPLVSXLVLWXFDHVWLGHODVHFWLD3DURVL%DUERVLFDQXWHFUHG
&KHOXOGHVFKHLQGXVHODSDQWDORQLvLVSXQH
/XFUH]FXDFRSHULUH
$YHWLVLIODFRDQHGHVDPSRQJRDOH"
3HQWUXFH"
6RWXOPHXHFKHO
9LQHODFRDIRUXQWLSFDPFKHODYHDGRDUSDWUXILUHGHSDU
3DLELQHGRPQXOHVLFXPDLYUHDVDWHDUDQMH]"
&XFDUDUHSHPLMORFGRXDILUHvQWURSDUWHVLGRXDvQWURSDUWH
3HVWHXQWLPSvLPDLFDGHWLSXOXLXQILUVLVHJkQGHVWHVDVLDUDQMD]HLDUSDUXO)UL]HUXO
(LDFXPFXPvODUDQMDP"
3DLDVDVLFFXFDUDUHvQWURSDUWH
&DQGUDPkQHFXILUH
3DLFXFDUDUHSHPLMORFFXDOWIHO"
'DUvLPDLFDGHXQILU&RDIH]XO
ÌQFHSDUWHvODUDQMDP"
(LSDVWDODVDOYkOYRL
2SHUVRDQDVHGXFHODIUL]HU
9UHDXVDPDWXQGHWLFD0LFKDHO-DFNVRQ
$GRDUPHUHVSHFWLYXOSHVFDXQVLFkQGVHWUH]HVWHVHXLWDvQRJOLQGDVLYHGHFDHVWHFKHO
)UL]HHHUGHFHVXQWFKHOGRDUDPVSXVFDYUHDXVDILXWXQVFD0LFKDHO-DFNVRQ"
'DFD0LFKDHO-DFNVRQDUYHQLDLFLDUILVLHOFKHO
%DQFXULFXFKHOQHULVLODUHVWDXUDQW
&KHOQHURVFRELWRDUH
6XQWWRDWHRFXSDWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DUHVWDXUDQW
&KHOQHUQDPVWRPDFSHQWUXILFDWXODVWD
&KHOQHUEHUHVLXQFUHLHUSDQHWHDVUXJD
1DPFUHLHUGRPQXOH
2VSDWDUIDUDVDYUHDXDPYDUVDWWRDWDVDUHDGLQVROQLWDvQVXSD
1XYDIDFHWLJULMLGRPQXOHLPHGLDWYDDGXFDOWDVROQLWD
'HFHSXLXODVWDVHPLQXQHD]DFOLHQWXODUHXQSLFLRUPDLOXQJVLXQXOPDLVFXUW"
'XPQHDYRDVWUDYUHWLVDOPkQFDWLVDXVDOvQVFULHWLODXQFRQFXUVGHDWOHWLVP"
(LGRPQXOHvQWUHDEDRVSDWDUXOFXPDWLJDVLWIULSWXUD"
1XPDLGXSDFHPLDPSXVRFKHODULL
&KHOQHUXODOHDUJDvQXUPDXQXLRDVSHWH
'RPQXOHDVDFHYDQXVHSRDWHÌQWkLEHLVLGXSDDFHHDXLWLVDSODWHVWL
2VSDWDUHXEHDXvQWRWGHDXQDSHQWUXDXLWD
&KHOQHUXQSLHSWGHYDFD
&XVDODWD"
1XFXVXWLHQ
'RLWLSLLHVGLQWUXQUHVWDXUDQW
&HFKHVWLHVXSDDIRVWUHFH
'DVLIULSWXUDWRWDVDVLWDUHFDRWDOSDGHSDSXF
6LYLQXOSUHDFDOGVLRWHWLW
&HQRURFFDDPLHVLWODWLPSDOWIHOWUHEXLDSRDWHVDVLSODWLP
'LDORJvQWUHFKHOQHUVLXQFOLHQWvQWUXQUHVWDXUDQWGLQ5RPDQLD
2VSDWDUDVWDLFHDLVDXFDIHDFDPLURDVHDSHWURVLQ"
'DFDPLURDVHDSHWURVLQHFXVLJXUDQWDFHDL&DIHDXDQRDVWUDPLURDVHDWHUHEHQWLQD
8QRPXUFDVFDULOHLQWUDvQUHVWDXUDQWPDQkQFDELQHDSRLLHVHGLQUHVWDXUDQWFRERDUDVFDULOHVLPRDUH'HFH"
5(UDYDJRQUHVWDXUDQW
/DUHVWDXUDQWFKHOQHUXOFLWHVWHXQXLPHGLFPHQLXO]LOHL
$PSLFLRDUHDIXPDWHILFDWvQVkQJHULQLFKLPXUDWL
/DFDUHPHGLFXOvOvQWUHUXSHQHUYRV
$PYHQLWDLFLFDVDPDQkQFQXVDDVFXOWQHFD]XULOHGXPLWDOH7UHFLSHODFDELQHWFkQGDPRUDGHFRQVXOWDWLH
9DULDQWD
([WHQXDWGXSDR]LFXPSOLWDODVSLWDOXQFKLUXUJVHGXFHVHDUDODUHVWDXUDQWVDFLQH]H3UH]HQWkQGXLOLVWDFKHOQHUXOvQFHSX
VDVHODXGH
$PSLFLRDUHDIXPDWHILFDWvQVkQJHULQLFKLPXUDWLOLPEDWRFDWD
0HGLFXOvOvQWUHUXSHQHUYRV
6WLLFH"'DFDYUHLVDWHSOkQJLPDJDVHVWLODFOLQLFD$LFLDPYHQLWVDPDQkQF
ÌQWUXQUHVWDXUDQWODSDWUXPHVHGLIHULWHVHDVHD]DEDUEDWL
&HGRULWL"vQWUHDEDFKHOQHUXO
8QPDUVSXQHSULPXO
8QPDUVSXQHDOGRLOHD
8QPDUVSXQHDOWUHLOHD
8QPDUVSXQHDOSDWUXOHD
&HLSDWUXFRQVXPDWRULVHSULYHVFFXVLPSDWLHGXSDFDUHVHSUH]LQWDUHFLSURF
$GDP
3DULV
:LOKHOP7HOO
1HZWRQ
2VSDWDUPDLDYHWLGLQYLQXOGHVDSWDPkQDWUHFXWD"
%LQHvQWHOHVGRPQXOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$WXQFLGDPLRKDOEDGHEHUH
8Q HQJOH] YLQH vQWUXQ UHVWDXUDQW GLQ 5RPDQLD /D XQ PRPHQW GDW vL FDGH OLQJXUD SH MRV ÌQ VHFXQGD XUPDWRDUH XQ
FKHOQHUYLQHVFRDWHGLQEX]XQDUROLQJXUDVLRSXQHSHPDVD,PSUHVLRQDWHQJOH]XOFRPDQGDVSHFLDOLWDWHDFDVHLFLRUEDGH
EXUWDGXSDFDUHvOFKHDPDSHFKHOQDUODHOVLvLVSXQH
)RDUWHEXQDFLRUEDDVWD6LPDLLPSUHVLRQDWPXOWODID]DFXOLQJXUDVDVWLL
&KHOQHUXO]kPEHVWHWLPLG
$VDVXQWWRWLFKHOQHULLSUHJDWLWLDLFL"
'DUDVSXQGHEDLDWXO6LPDLHVWHRFKHVWLHLQWHUHVDQWDFDVDQXPDLSLHUGHPWLPSXOODWRDOHWDFXVSDODWXOSHPkLQLDYHP
WRWLRDWDOHJDWDGHSHQLVVLDWXQFLFkQGQHGXFHPODWRDOHWDSXUVLVLPSOXGHVFKLGHPVOLWXOVLWUDJHPGHDWD
,QWHUHVDQWVSXVHHQJOH]XOGDUDPVLHXRQHODPXULUHFXFHYDEDJDWLSHQLVXOvQDSRL"
$K]kPELFKHOQHUXOQXVWLXFXPIDFFHLODOWLFROHJLGDUHXSHUVRQDOIRORVHVFOLQJXUDGLQEX]XQDU
9DULDQWD
8QWLSVHGXFHODUHVWDXUDQWVLFHUHRFLRUED9UkQGVDQFHDSDVDPDQkQFHYHGHRPXVFDvQHD&KHDPDRVSDWDUXO2VSDWDUX
VHVFX]DFDQXLSRDWHVFKLPEDFLRUEDGDUVFRDWHROLQJXUDGLQEX]XQDUVLvQGHSDUWHD]DLQWUXVD&OLHQWXOYHGHOHJDWDRVIRDUD
GHJDLFDSDQWDORQXOXLRVSDWDUXOXLFDUHDMXQJHODVOLWVLOvQWUHDEDFHLFXVIRDUD2VSDWDUXOvL]LFHFDDWXQFLFkQGVHGXFHOD
:&GLQPRWLYHGHLJLHQDVFRDWHVXODFXVIRDUD
6LFXPREDJLODORF"vQWUHDEDFOLHQWXO
&XOLQJXUDUDVSXQGHRVSDWDUXO
ÌQWUXQUHVWDXUDQWFXRUFKHVWUD&OLHQWXODUDWkQGIHOXOGHPkQFDUHSHFDUHODVHUYLWFKHOQHUXO
&HLDVWD"
&KHOQHUXODWHQWODRUFKHVWUD
(REXFDWDGLQ9DGXYDYHVHODGRPQXOH
8QLQGLYLGYLQHvQWUXQUHVWDXUDQW
'RPQXOHvLVSXQHFKHOQHUXOXLDLFHYDGHPvQFDUH"
%LQHvQWHOHVGRPQXOH
'HH[HPSOX"
$]LFDFDWFXFHDSD
1XPDLDWvW"
1XPDL
'DUHSURDVSDW"vQWUHDEDFOLHQWXO
'DGRPQXOH
1XPLUXSGLQWLLvQHO"
1XGRPQXOH
1LFLQXOPDQkQFFXOLQJXUD"
1XGRPQXOH
%LQHDWXQFLDGXPLRSRUWLH
$GRXD]LYLQHGLQQRX
%XQDFKHOQHUD]LFHDLGHPkQFDUH"
&DVLLHULGRPQXOHFDFDWFXFHDSD
7RWDVDGHEXQ"
'DGRPQXOH
$WXQFLDGXPLRSRUWLH
6LWRWDVDvQILHFDUH]L'XSDDSUR[LPDWLYROXQDDSDUHPDLDJLWDWFDGHRELFHL
&KHOQHUD]LFHDLGHPkQFDUH"
&DGHRELFHLFDFDWFXFHDSD
$GXPLRSRUWLHWHURJGDUPDLUHSHGHVLGDFDSRWLIDUDFHDSDFDD]LDPRvQWkOQLUH
&OLHQWXOUHXVHVWHVDOSULQGDGHPkQHFDSHFKHOQHUVLLVSXQHvQIXJD
7HURJPXOWGDFDvQWUHWLPSLHVLODSHQVLHVSXQHLVXFFHVRUXOXLGXPLWDOHFDPFRPDQGDWRIULSWXUDGRLPLFLVLRVWLFODGH
1LFRUHVWL
/DUHVWDXUDQWFOLHQWXOFDWUHFKHOQHUODYHGHUHDQRWHLGHSODWD
(LGUDFLHRVXWDGHPLLGHOHLSHQWUXXQSUkQ]3XWHDWLPDFDUVDIDFHWLRUHGXFHUHFDSHQWUXXQFROHJ
6LGXPQHDYRDVWUDVXQWHWLWRWFKHOQHU"
1XVXQWKRW
'XPQHDWDQXPHVWLDVWDVXSDGHSDVDUH"9DEDWHWLMRFGHFOLHQWLVDXFH"
1XGRPQXOHQXYUHPVDMLJQLPSHQLPHQLGDUHVXSDGHSDVDUH$VSXWHDVDSUHFL]H]GRDUFDH RVXSDGHSDVDUHH[WUHP
H[WUHPGHWkQDUD3UDFWLFYRUELQGHDSDvQFDUHILHUEHPQRLRXDOHFkQGFOLHQWLLOHFRPDQGDIRDUWHWDUL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&KHOQHUFHPLDLDGXVDLFL"
3DLPLDWLFRPDQGDWFLRUEDGHSHULVRDUH
(XQXWHDPvQWUHEDWFHWLDPFRPDQGDWWHvQWUHEFHPLDLDGXV
%DLHWHYUHDXROLPEDGHHOHIDQWODJUDWDU
%LQHGRPQXOH6LGXPQHDYRDVWUDGRPQXOH"
0LHSXQHPLODJUDWDURFRDGDGHHOHIDQW,QLWLDOYRLDPWRWOLPEDFDVLDPLFXOPHXGDUQDVYUHDFDEXFDWDUXOVDILHQHYRLW
VDWDLHGRLHOHIDQWLGHRGDWD
&HIHOGHUHVWDXUDQWHDVWD"6XSDQXPDLHVWHWRFDQLWDQXPDLHVWHVDODWDQXPDLHVWH$GXPLWHURJSDOWRQXO
1LFLSDOWRQXOQXPDLHVWH
8QVPHFKHULQWUDvQWUXQUHVWDXUDQWVHDVHD]DODPDVDVWULJDFKHOQHULWDVLvLVSXQH
8LWHFDUHHWUHDEDHXPDLPDQkQFvQUHVWDXUDQWXOYRVWUXVLGDWDYLLWRDUHQXPDLGDFDvPLDGXFHWLXQFUHYXVWLFDUHVDILHH[DFW
GHGLPHQVLXQHDSHQLVXOXLPHX
/DFDUHFKHOQHULWD
'RULWLVDFRQVXOWDWLPHQLXOSHQWUXFRSLL"
ÌQWUXQUHVWDXUDQWvQWLPSFHVHUYHDPDVDXQFOLHQWvOREVHUYDSHFkLQHOHSDWURQXOXLFDUHVHXLWDFDPVXSDUDWODHOVLGLQ
FkQGvQFkQGPDLVLPkUkLD
&KHOQHUFHDUHFkLQHOHDVWDFXPLQH"
1HFRQIUXQWDPFXRFUL]DGHYHVHODGRPQXOHVLWRFPDLVLDUHFXQRVFXWIDUIXULD
&XLQIODWLDvQSOLQDWUDQ]LWLHXQFOLHQWODPDVDvQWUXQUHVWDXUDQWFHUHFKHOQHUXOXL
$GXPLXQPLF
9DFRVWDOHL]LVHFKHOQHUXOSUXGHQW
0DLPLFQXDYHWL"
0DSXWHWLUHFRPDQGDFDEXFDWDUODDOWUHVWDXUDQW"
ÌPLSDUHUDXWRWLFHLODOWLVHILGHUHVWDXUDQWvPLVXQWSULHWHQL
/DXQUHVWDXUDQWGXSDFHLVHVHUYLXQDVD]LVHVFDORSFXFLXSHUFLFOLHQWXOvL]LFHFKHOQHUXOXL
7HURJVDPLSXLRSRUWLHODSDFKHW9UHDXVDPDUD]EXQSHFLQHYD
'RPQXOHFKHOQHUvQVXSDPHDHXQDSDUDWDXGLWLY
&H]LFHWLLLL"
'RPQXOHFKHOQHUYDURJXQSDKDUPDUHGHDSD
'DUDYHWLYLQGRPQXOH
'DGDUJOXPDDVWDDIRVWSUHDVHDFD
8QXOODUHVWDXUDQW
&KHOQHUvQFLRUEDPHDVH]EDWGRXDPXVWH
/DFDUHFKHOQHUXO
/DSUHWXODVWDFHYURLDWL"2OXSWDGHWDXUL"
/DXQUHVWDXUDQWXQFOLHQWIXULRVVHDGUHVHD]DFKHOQHUXOXL
(GHQHFUH]XW$PJDVLWGRXDPXVWHvQFLRUED
9DURJVDPDVFX]DWL&UHGHDPFDOHDPVFRVSHWRDWH
&OLHQWXOFKHOQHUXOXL
9DURJVDVFRDWHWLRFKLXULOHDVWHDGHJUDVLPHGLQVXSDPHD1XPLSODFHVDPDVLPWREVHUYDWvQWLPSFHPDQkQF
'RPXQXOHFKHOQHUvQFLRUEDPHDVXQWGRXDPXVWH&HHYHWLGH]LV"
/DFDUHFKHOQHUXO
3UREDELORSHUHFKHvQGUDJRVWLWDFDUHVDKRWDUkWVDPRDUDvPSUHXQD
'RPQXOHFKHOQHUÌQFLRUEDPHDvQRDWDRPXVFD
6LFHDWLYUHDVDIDFD"6DPHDUJDSHELFLFOHWD"
'RPQXOHFKHOQHU&HIDFHPXVFDDVWDvQFLRUEDPHD"
ÌQRDWDSHVSDWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RPQXOHFKHOQHUÌQFLRUEDPHDvQRDWDRPXVFD
'DGDUQXSHQWUXPXOWWLPS1XDWLYD]XWSDLDQMHQXOGHSHPDUJLQHDIDUIXULHL"
'RPQXOHFKHOQHUÌQFLRUEDPHDvQRDWDRPXVFD
1XLQLPLFD(DVHVDWXUDUHSHGH
'RPQXOHFKHOQHUÌQFLRUEDPHDvQRDWDRPXVFD
2WUHFLPHGLDWSHQRWD
'RPQXOHFKHOQHUÌQFLRUEDPHDvQRDWDRYLHVSH
6WLWLPXVWHOHOHDPWHUPLQDWGHFXUkQG
'RPQXOHFKHOQHU3HVDODWDPHDVDUHRPXVFD
3HQWUXEDQLLDVWLDFHYURLDWL"8QQXPDUGHEDOHW"
&KHOQHUDYHWLWkPSLGHEURDVFD"
'D
$WXQFLVDULVLDGDPLEHUH
&KHOQHUFDIHDXDPHDHUHFH
%LQHFDPLVSXQHWL&DIHDXDFXvQJKHWDWDHPDLVFXPSD
&KHOQHUFDIHDXDPHDHUHFH
'RPQXOHGDFDYURLDWLFHYDFDOGWUHEXLDVDFRPDQGDWLREHUH
&KHOQHUXOFOLHQWXOXL
'RPQXOHQXHQHYRLHVDVWHUJHWLWDFkPXULOHGHFROWXOIHWHLGHPDVDSHQWUXFDVXQWFXUDWH
6LvQDIDUDGHDVWDYHWLPXUGDULIDWDGHPDVD
&KHOQHU$GDPLVLPLHFHPDQkQFDGRPQXOGHODPDVDGHDODWXUL
1XFUHGFDPDYDODVDVDLLDXFHDUHvQIDWD
&KHOQHU6QLWHOXODVWDHFDPPLF
ÌPLSDUHUDX
6LvQDIDUDGHDVWDHVLIRDUWHWDUH
$WXQFLILWLIHULFLWFDQXHPDLPDUH
&KHOQHUFHDVFULVFOLHQWXOFDUHWRFPDLDLHVLWvQFDUWHDGHUHFODPDWLL"
6FULV"1XDVFULVQLPLFD$OLSLWGRDUJUDWDUXOGHRSDJLQD
&KHOQHUÌPLSDUHUDXGDUJUDWDUXOWUHEXLHVDvOODVvQIDUIXULH
1HSDUHUDXGRPQXOHGDUQXPDLvOSXWHPOXDvQDSRLSHQWUXFDODWLvQGRLW
&KHOQHU3XWHWLvQFKLGHYDURJIHUHDVWUD
'HFHYDWUDJHFXUHQWXO"
1XGDUJUDWDUXOPHXHUDVD]ERDUHGHMDGHGRXDRULGLQIDUIXULH
&KHOQHU9DURJVDYDOXDWLGHJHWXOGHSHJUDWDUXOPHX
'HFH"&DVDPDLFDGDRGDWDSHMRV"
&KHOQHU$PFRPDQGDWSHQWUXDFLQFHDRDUDJUDWDU"
$YHWLUDEGDUH6WLWLFDODFDQWLWDWLPDLPDULGXUHD]DPDLPXOW
&KHOQHU&vWVDPDLDVWHSW"'HRRUDvQJKLWQXPDLUDEGDULSUDMLWH
ÌQFDSXWLQDUDEGDUHGRPQXOH
$QX0DPVDWXUDW
$WXQFLVDYDWLHGHELQHVLPDLSRIWLWLSHODQRL
'RPQXOHFKHOQHU$VWDHYLQVSXPRV"1XIDFHGHORFVSXPD
6L"$WLPDLYD]XWFLRUEDGHEXUWDFDUHVDFKLRUDLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2DVSHWHOHFLWHVWHFDUWHDGHEXFDWH
&KHOQHU'HFHVXQWWUHLRXDRFKLPDLVFXPSHGHFkWWUHLRXDMXPDUL"
2XDOHRFKLOHSXWHWLQXPDUD
&KHOQHU$GXOSHSDWURQDLFL(XQXPDQkQFFKHVWLDDVWDQHGHILQLWD
1XDUHURVW'RPQXOH1LFLHOQXYDPkQFDDVWD
&OLHQWXOODUHVWDXUDQW
&KHOQHUÌQVXSDPHDHROLQJXUD
&KHOQHU6FRDWHWLGHJHWXOGLQFLRUEDPHD
6FX]HGRPQXOH'DUDPXQIXUXQFXOVLGRFWRUXOPLDUHFRPDQGDWVDOWLQODFDOG
$WXQFLEDJDWLOvQFXU
$VWDIDFGHRELFHL'DUGLQFkQGvQFkQGPDLWUHEXLHVDVLVHUYHVYF
'RPQXOHFKHOQHU$YHWLJUDWDU"
ÌKKKKQXPDLDYHPGRPQXOH
'DUFRWOHWH"
ÌKKKKQXPDLDYHPQLFLFRWOHWHGRPQXOH
6DODWDPL[WD"
ÌKKKKQXDYHPGRPQXOH
$YHWLDVWPDGRPQXOH"
ÌKKKKQXVWLXWUHEXLHVDvQWUHE
&KHOQHU6FRDWHWLGHvQGDWDGHJHWXOGLQVXSDPHD
'HFH"1XIULJH
&HHH$GDPLUHSHGHFRQGLFDGHUHFODPDWLL
ÌPLSDUHUDXHSOLQD
6LFXPYLDSODFXWVWHDNXO"
([WUDFODVD6LVSXQDVWDFDSURIHVLRQLVW
'RPQXOHVWHPDFHODU"
1XFL]PDU
&KHOQHUXOvQWUHDED
6LFXPYLDSODFXWPkQFDUHD"
$PPkQFDWVLPDLELQH
'DUQXDLFLODQRLvQUHVWDXUDQW
&KHOQHUvQVXSDPHDHROHQWLOD
$KGDPDWRWPLUDPGHFHHDVDFHDWDvQORFDO
)DUIXULDPHDHXPHGDVHSOkQJHVRWXOVRWLHLvQKRWHOXOGHOX[
7DFLGLQJXUDvLVRSWHVWHHDDVWDHGHMDVXSD
9DULDQWD
2VSDWDUIDUIXULDDVWDHFDPXPHGD
6WLXGRPQXOH$VWDYDHVWHVXSD
6LFXPYDSODFHYLQXO"vQWUHDEDFKHOQHUXO
0GDFXSXWLQXOHLVLFXVDODWDDUILIRDUWHEXQ
/DUHVWDXUDQW
&KHOQHU&KHOQHUvQMXUXOPXVWHLPHOHHSUHDPXOWDVXSD
&KHOQHUVXSDPHDHUHFH
6LFHYDPLQXQDWLDVD"$WLFRPDQGDWRGHMDGHRRUD
ÌQUHVWDXUDQWXOIUDQWX]HVFFKHOQHUXOIDFHUHFODPD
0HOFLLQRVWULLVXQWFXQRVFXWLvQWRDWDOXPHD
&OLHQWXO
$VWDDPUHPDUFDWGHMD7RFPDLDPIRVWVHUYLWGHXQXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&KHOQHUvQVXSDPHDvQRDWDRPXVFDPRDUWD
&HSURVWLH0XVWHOHPRDUWHQXSRWvQRWD
3DQFDUWDvQWUXQUHVWDXUDQW
1XDYHPQLPLFvPSRWULYDFDIXPDWLGDUYDUXJDPVDQXH[SLUDWLIXPXO
&KHOQHUvQWUHDEDFOLHQWXOGHFHVHQXPHVWHJUDWDUXODVWDWkOKDUHVF"
$VWHSWDWLVDYHGHWLDVWDFkQGSULPLWLQRWD
&KHOQHUXOvQVDODGHRSHUDWLL
'RPQXOHGRFWRUDPDVDGXUHULJURD]QLFH
/DFDUHGRFWRUXO
ÌPLSDUHUDXDVWDQXHPDVDPHD
&OLHQWXO
&KHOQHU*UDWDUXOPHXDUHXQJXVWGHSDUFDDUILXQWRFDWRUGHOHPQSHFDUHDLWDLDWFHDSD
/DFDUHFKHOQHUXO
'RDPQHFHGHFKHVWLLDWLPkQFDWVLGXPQHDYRDVWUD
/DUHVWDXUDQW
&KHOQHUDYHWLFRDVWHUHFL"
1XDVWD]LDPRYHVWDGHOkQD
8Q FHWDWHDQ LQWUD vQWUXQ UHVWDXUDQW LD ORF FKHOQHUXO VH DSURSLH VLL SXQH SH PDVD R IDUIXULH FX FLRUED 2PXO SULYHVWH
PLUDWvQWUHEkQG
1XDYHWLPkQFDUHODDOHJHUHGXSDPHQLX"
%DGDWRWGHDXQDDYHWLGHDOHVvQWUHFLRUEDVLQLPLF
$VYUHDRSRUWLHGH6SLPRUL9HUPDWHOOL
8QGHDWLYD]XWDVDFHYD"
3HOLVWDGHEXFDWH
$VWDLQXPHOHSURSULHWDUXOXLDFHVWXLUHVWDXUDQW
&OLHQWXOFKHOQHUXOXL
0RGHOXODVWDGHSHEXFDWDPHDGHXQWHVWHDVDIUXPRDVDvQFkWQXPLYLQHVDOvQWLQGSHSkLQH
1XLDVD"7RFPDLDPIDFXWRFXSLDSWDQXOPHX
&OLHQWXOFKHOQHUXOXL
$GXFHWLYDURJFHYDEDQL$VGRULVDPLSODWHVFFRQVXPDWLD
&OLHQWXOFKHOQHUXOXL
&KHOQHU$VWHSWGHMDGHGRXDRUDGXSDJUDWDUXOFLQFLPLQXWHFRPDQGDW
/DFDUHFKHOQHUXO
)LWLEXFXURVFDQXDWLFRPDQGDWVXSD]LOHL
&OLHQWXO
$YHWLFHYDGHPkQFDUH"
'DUDFLWXUL
'DUFHYDFDOGQXDYHWL"
%DGDEHUH
ÌQWUXQUHVWDXUDQWRDVSHWHOHRELVQXLWvLVSXQHFKHOQHUXOXL
9DVLOH&KLIWHOHOHYRDVWUHDXvQXOWLPXOWLPSXQJXVWPLQXQDW$YHWLRUHWHWDQRXD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XQRLIRORVLPGLQQRXUHWHWDYHFKH'HFkQGVDVFXPSLWSkLQHDDVDGHWDUHFXPSDUDPGLQQRXFDUQH
&KHOQHU&XPVHQXPHVWHIHOXODVWDGHPkQFDUH"
*UDWDUFDODFDEDQD
$WXQFLWUHEXLHFDDPPXVFDWREXFDWDGLQXVDFDEDQHL
2DVSHWHOHVDWXOGHDVWHSWDW
&KHOQHUFHIDFHJUDWDUXOPHXFXVRVGHSLSHU"
6HWHGRPQXOH
8QRDVSHWHYHGHFXPvQUHVWDXUDQWFKHOQHUXOvLWRDUQDDOWXLFOLHQWWXLFDGLUHFWvQJXUD8LPLWVHGXFHODHLVLvQWUHDEDGHFH
IDFDVWD&HOVHUYLWUDVSXQGH
'HODDFFLGHQWEHDXWXLFDQXPDLvQIHOXODFHVWD
&HDFFLGHQW"vQWUHDEDDFHVWDFXULRV
$KDPYDUVDWXQSDKDUGHXQGHWFXFRWXOGLQJUHVHDOD
2DVSHWHOH
&KHOQHUvQVXSDPHDHRPXVFD
'DFDDGXQDWLSULPLWLXQFDGRXGLQSDUWHDFDVHL
2DVSHWHOHvQORFDO
&KHOQHUvQPHQLXVWD&DYLDUWXULVWLFFHHDVWD"
2IDUIXULHGHRUH]VLRSHUHFKHGHRFKHODULGHVRDUHQHJUL
&KHOQHUJUDWDUXOPHXPLURDVHDWXLFD
&KHOQHUXOVDGDGRLSDVLvQVSDWHVLvQWUHDED
'DUDFXP"
&OLHQWXOODUHVWDXUDQW
&KHOQHUDVGRXDRXDRFKLXQXOWDUHFDSLDWUDXQXOPRDOHRIHOLHGHSkLQHSUDMLWDDSURDSHFDUERQL]DWDVLR]HDPDFDOGXWD
FDUHVHFKHDPDFDIHD
&KHOQHUXOSXWLQLULWDW
1XVWLXGDFDWDWHDFHVWHGRULQWHSRWILvQGHSOLQLWH
'HFH"LHULVDSXWXW
&OLHQWXOODUHVWDXUDQW
,HSXUHOHGLQFDUHHIULSWXUDPHDHSURDVSDW"
'HVLJXUWRFPDLVXJUXPDW
&XPDVD"
3HQWUXFDD PkQFDWFDQDUXOEXFDWDUXOXLVHI
/DUHVWDXUDQW
&KHOQHUDYHWLJDVWHFXJUDVLPH"
1XHGRDURXPIODWXUD
8QEHWLYDQIDFHFRPDQGDIRDUWHOXQJDGHDOWIHO&KHOQHUXOQHUYRV
$MXQJHGHDFXPQXPDLQRWH]QLPLFD
/DFDUHFOHLHQWXOFDOP
6LFXPYUHLVDWLLPLQWHWRDWDFRPDQGD"
8QEXFDWDUODLQWHUYLXHVWHvQWUHEDW
6LVWLWLVDJDWLWL"
'DGXSDDPEHOHPHWRGH
&XPDGLFD"
3DLDVDvQFkWFDRDVSHWLLVDPDLYLQDSHODQRLVLLQYHUV
&KHOQHUJUDWDUXOPHXHWDUHFDRWDOSDGHSDSXF
'DFDHDVDGHWDUHGHFHQXDWLvQFHUFDWVDOEDWHWLvQFXLHSHWDOSDSDSXFXOXL
$PvQFHUFDWGDUVDXvQGRLWFXLHOH
&KHOQHUvQVWUXGHOXOFXPHUHQXHVWHQLFLXUPDGHPDU
/DFDUHFKHOQHUXO
'DUFHvQJUDWDUXOYkQDWRUHVFVXQWYkQDWRUL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&KHOQHUHRPXVFDvQVXSDPHD
'RPQXOHODSUHWXODVWDFUHGHWLFDSXWHDPSXQH6KDURQ6WRQH"
&OLHQWXO vVL SULYHVWH XLPLW SXLXO PLF GH SDUFD DFXP DU IL LHVLW GLQ RX GLQ IDUIXULH VL QX VH vQFXPHWD VD PDQkQFH
&KHOQHUXO
'RPQXOHGHDUGHFHQXPkQFDWL"
(SUHDILHUELQWH
3DLVXIODWLSXWLQvQPkQFDUH
1XFDPLHIULFDVDQOLDYkQWXO
&OLHQWXOvQWUHDEDFKHOQHUXO
&XFHPDSXWHWLVHUYL"
&LRUEDGHIDVROHIODPEDWDVXSDGHSHULVRDUHIODPEDWDJUDWDUIODPEDWvQJKHWDWDIODPEDWD
'DUGHFHWRDWHIODPEDWH"
$UGHEXFDWDULD
%DQFXULFXFLREDQL
Ì&XPJDVHVWHXQFLREDQRRDLHvQSRUXPE"
5$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
$LYD]XWFDWRFDOFDWVHDPDLPkQGUDPLRDUDPDD"
9D]XWPDD
6vvVHHVkPWkVWLPDD"
ÌPLUHSXJQD
/DWDUDODPDUJLQHDXQXLFkPSXQSLFWRUWRFPDLvVLLQVWDODVHXVWHQVLOHOHGHSLFWDWÌQIDWDOXLVHDIODRWXUPDGHRLVLXQ
EDFLFDUHOHSD]HD3LFWRUXOvOvQWUHDED
ÌPLGDLYRLHVDWLSLFWH]RLOH"
9DURJGRPQXOHQX$VGRULVDUDPkQDDOEH
'RLFLREDQLVWDWHDXGHYRUEDVLvVLSRYHVWHDXDYHQWXULOHDPRURDVH8QXOGLQWUHHL]LFH
1RYH]LWXFRSDFXFHOD"$FRORDPYLRODWHXSHXQD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$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
6LGHFHQXWDLREXFDWDGLQHD"
0DPJkQGLWHXVDWDLREXFDWDGLQHDGDYH]LWXDLFLXQGHWLQHXPkLQLOHSUHWLQX
GHODFDUHRDPRIDFXWQLVWHPRGHOHFX
EULVFDVLPLHSDFDWVDOHWDL
'DGHFHQXWDLGHMRVEDGH"
'RDUQXPLVQHEXQFDDLFLVXVPLOXQJDQXMRV
7RDPQDEXUQLWD&LREDQLLVWDXvQEkWHFXWXQGUHOHQVSLQDUH6LRIWHD]D
(KHHHHH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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("
'RLFLREDQLvQEkWH2LOHSDVF
0D,RDQLHIDLQvLIX
DLX
'XSDFLQFLPLQXWH
'DPD*KHRGDSDUFDLPDLIDLQ&UDFLXQX
'XSDDOWHFLQFLPLQXWH
&XPDVDPD,RDQLH"
'XSDvQFDFLQFL
$SD
SDUFDLPDLGHV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QEDODXUYLQHODXQFLREDQ
&LREDQHvWLPDQkQFMXPDWDWHGLQWXUPD&LREDQXOFDOPIXPD&DSDWL$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
3DLFHOHQHJUHELQHvQWHOHV
5HSRUWHUDGLVSHUDWD
'DGHFHPHUHXFHOHQHJUH"&HOHDOEHFHDX"
3DLFHOHQHJUHVXQWDOHPHOHUDVSXQGHEDFLXO
$KD]LFHUHSRUWHUDGHDLDVLFHOHDOEHQXVXQWWRWDOHPDWDOH"
%DGD]LFHEDFLXVLDOHDDOEH
&LFDXQEDFLVWDWHDvQERDWDVLVLSULYHDRLOH2WUXSDGHWXULVWLVHRSUHVWHvQIDWDOXLVLLDGPLUDERWDVFXOSWDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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 QLFLvQSLFLRDUHRURDJDSH
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
&HQDFOXO)ODFDUD,QYLWDWSHVFHQDXQEDFL$GULDQ3DXQHVFXvOvQWUHDED
%DGHWHDVFXOWDPLLGHVSHFWDWRULVLPLOLRDQHGHWHOHVSHFWDWRUL=LQHPDWDOHRSRH]LHGHSULQSDUWLOHWDOH6WLL"
&XPGHQX
'DLGUXPX
EDGH
,RPLVEDFLXOGHODPXQWH
$3(XPLVEDFLXOGHODPXQWH
%6LSDVFRLOHFDUXQWH
$36LSDVFRLOHFDUXQWH
%6LFkQGYLQHFkWHRSORDLH
$36LFkQGYLQHFkWHRSORDLH
%ÌPLEDJSX
DQHDGHRDLH
$31XFRQWHD]D0LHOVDLDVD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
9DVLOHVL*KHRJKHFXRLOHODSDVFXWILHFDUHSHFkWHXQGHDO6WULJD*HRUJKHFDWUH9DVLOH
%D9DVLOHEDGDSRLIRVWXRSDODWLQHSDODVWkQDOXSLLDVWDQRSWH"
'DPD*KHRRIRVW
6LFHWLRIDFXWED"
$SRLPLRUOXDWYRFLQFLRL
%LQHPDFDGRDUDQXDLILYUXWVDvWLDGXFD
%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
$LDX]LWFDGU3HWUHVFXSVLKLDWUXODLQVWLWXLWRQRXDWHUDSLHGHVRFFDUHDYLQGHFDWRPXOWLPHGHRDPHQL"
&HWHUDSLH"
/HWULPLWHSDFLHQWLORUQRWDGHSODWDLQDLQWHGHDYHQLODFRQVXOWDWLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DLYHFLQH]LVHXQFKLUXUJHVWHWLFGHFHQXYLLODPLQHFXVRWLDWDHDVDGHXUkWDvQFkWVHVSHULHVLFkLQLLGHSHVWUDGDGH
HD
&kWDUFRVWDRSHUDWLD"
8QPLOLRQGHOHL
(SUHDVFXPS8QYkQDWRUD]LVFDPLRvPSXVFDGDFDLGDXGHOHL
'RPQXOHGRFWRUDPYHQLWVDPDDMXWDWLVLSHPLQH$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
$WXQFLPDLDPWLPS
'RFWRUXOYL]LWHD]DSDFLHQWLLGLQVDORQ
6LFXPYDPHUJHD]LGRPQXOH,RQHVFX"
5DXGHWRWQXPDLDPSRIWDQLFLGHFHHDFHPLDWLLQWHU]LVGXPQHDYRDVWUD
'RFWRUXOvQWUHDEDSDFLHQWXO
'HFHPLDWLWULPLVQRWDGHSODWDQHGHVFKLVDvQDSRL"
3HQWUXFDPLDWLUHFRPDQGDWVDHYLWVDPDHQHUYH]
8QREH]]LFHPHGLFXOXL
6LFkQGVDLDXGLHWDGRPQXOHGRFWRUGXSDVDXvQDLQWHGHPDVD"
0HUJHRIHPHLHODGRFWRUVLvLVSXQH
'RFWRUHIDFHWLFHYDFDEDUEDWXOPHXVDGHYLQDFDXQWDXU
/DFDUHGRFWRUXOUDVSXQGH
%LQHGDWLYDMRVFKLORWLLVLYRPvQFHSHSULQDLIDFHFRDUQHOH
'RFWRUXOFDWUHSDFLHQW
6LVSXQHWLFDDWLPDLDYXWERDODDVWD"
'DGRPQXOHGRFWRU
2.DWXQFLRPDLDYHWLvQFDRGDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3H%XODvOGRDUHFDSXOVLVHGXFHODPHGLF$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
6LWRWQXYDDMXQJH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
,DVSXQHQHD,RDQHDLDYXWSUREOHPH"
1XQDYHQLWGHFLWRGRDPQDWkQDUDFDUHFXPDYHQLWVDGXVGXSDSHUGHDVLVDGH]EUDFDW
6LFHDYHD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
=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
$KGRDPQDQXYDED]DWLSHFHYDVSXQ]XJUDYLLQRVWUL
2IDWDPHUJHODGRFWRUSHQWUXXQFRQWURO&vQGvVLVFRDVHEOX]DDFHVWDREVHUYDXQ+SHSLHSWXOHL
'HXQGHDLVHPQXODODSHSLHSW"vQWUHDEDGRFWRUXO
3ULHWHQXOPHXDIRVWOD+DUYDUGVLHVWHDVDPvQGUXGHDVWDFDQXVLVFRDWHWULFRXOFX+DUYDUGQLFLFvQGIDFHPGUDJRVWH
3HVWHFvWHYD]LOHYHQLRDOWDIDWDFDUHFvQGvVLVFRDVHEOX]DDYHDXQ<SHSLHSW'RFWRUXORvQWUHDED
&XPDLFDSDWDWVHPQXODODSHSLHSW"
6WLWLDPXQSULHWHQFDUHDIRVWOD<DOHVLHDVDPvQGUXGHDVWDFDQXVLVFRDWHWULFRXOFKLDUGDFDIDFHPGUDJRVWHVSXVHHD
3HVWHDOWHFvWHYD]LOHRDOWDIDWDYHQLODFRQWUROFDUHDYHDXQ0PDUHSHSLHSW
3ULHWHQXOWDXHOD0LFKLJDQ"vQWUHDEDGRFWRUXO
1XGDUDPRSULHWHQDOD:LVFRQVLQ'HFHvQWUHEDWL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2JDJLFDIDLQDVHGXFHODJLQHFRORJ*LQHFRORJX
FkQGRYHGHLQWUDvQFDOGXULÌLVSXQHWLSHLVDVHGH]EUDFH'XSDFHVH
GH]EUDFDGRFWRUXOvQFHSHVDRSLSDLHFXIRFVLRvQWUHDED
6WLLFHIDFDFXP"ODFDUHJDJLFDvLUDVSXQGH
'DIDFHWLXQH[DPHQGHUPDWRORJLF
&RUHFWUDVSXQGHGRFWRUXOGXSDFDUHVHDSXFDVDLPDVH]HVkQLL
6WLLFHIDFDFXP"
'DPDYHULILFDWLGHFDQFHUODVkQL
&RUHFWUDVSXQGHGRFWRUXOGXSDFDUHvVLGDSDQWDORQLLMRVVLLRWUDJHSHODVSDWH
6WLLFHIDFDFXP"
'D,HL6,'$
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
%XODVSXQHIUXPRV$$$SHQWUXFDGRPQXOGRFWRUVDSRDWDVDVFRDWDGHJHWXOVDXGLQJXUDWD
'RP
OHGRFWRUPLVDDOEDVWULWXQFRL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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"
$EVROXWQXH[LVWDQLFLRvQGRLDOD
'DUGHFHRVDPRU"
1XVWLXDVWDRVDYHGHPGXSDDXWRSVLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
0HUJHRIHPHLHODGRFWRUVLLLVSXQH
'RFWRUHIDFHWLFHYDFDEDUEDWXOPHXVDGHYLQDFDXQWDXU
6LUDVSXQGHGRFWRUXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
&HRLILDYvQGGRFWRUHPDLDFkQGFXFDOGFvQGFXIULVRDQHWXVHVFVLPLFODQWDQHGLQWLLGHSDUFDUILFDVWDQLHWH
&UHGFDLFRQWUDFWDWRJULSDVSDQLROD
'RDPQDFHOPDLEXQVIDWSHFDUHYLOSRWGDHVWHVDYDUHFDVDWRULWL
$WXQFLOXDWLPDGHVRWLHGRFWRUH
3DUGRQGRDPQDHXQXLDXQLFLRGDWDUHWHWHOHSHFDUHOHSUHVFULX
'RFWRUHvQXOWLPDYUHPHVRWXOPHXHIRDUWHGLVWUDW
&XPDWLUHPDUFDW"
$]LGLPLQHDWDODPLFXOGHMXQDVDUXWDWXQRXILHUWLDUPLHPLDGDWFXOLQJXULQWDQFDS
'RPQXOHGRFWRUDPDYXWXQFRVPDUWRDWDQRDSWHDVHIDFHDFDWUDJHDPGHRXVDSHFDUHVFULDFHYD
6LFHVFULD"
ÌPSLQJH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
6SXQHPLVLQFHUGRFWRUHFKLDUQXDPQLPLFJUDYODLQLPD"
&DOPDWLYDGRPDQDYDDVLJXUFDLQLPDGYRVDEDWDWRDWDYLDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
'DGRPQXOHGRFWRU7RWXOHSUHJDWLW'RDUFDSDFLHQWXOQXLHJDVLW
1XLQLPLFvQFHSHPIDUDHO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
2UDQJD"WLSDVRWXOFXJODVXOVXJUXPDW"&HDUH"6SXQHWLPLVLPLH
1DPDYXWFXPVDFRQVWDWVSXQHGRFWRUXOÌQFHUFGHDWXQFLVDPLGHVFKLGWUXVD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQPLH]XOQRSWLLVXQDWHOHIRQXOXQXLGRFWRU8QJODVGHIHPHLH
'RFWRUHGRFWRUHEDLDWXODvQJKLWLWXQSUH]HUYDWLY
'RFWRUXOLDDGUHVDVHvPEUDFDUHSHGHVLFkQGVDLDVDSHXVDLDUVXQDWHOHIRQXO
'RFWRUHQXPDLWUHEXLHVDYHQLWL6RWXOPHXDJDVLWDOWXO
+HLGRFWRUHQXPDVHDXDDLDWUHEXLDH[WUDVD
/DV
FDDMXQJHPQRLVLODDLDVWULFDWD
'RP
GRFWRUFUHGFDGHODXQWLPSDPGHYHQLWFDPLVWHULF
3DLFXPVHPDQLIHVWD"
3$,&806$6(0$1,)(67(%$"
/DGRFWRU
1XVWLXFHDPGRP
GRFWRUGHODXQWLPSQXPDVLPWELQHGHORF
,DGXWHEDvQFDPHUDGHDODWXULVLFDFDWHQWDYDDVWD
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 vQ 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 vQ
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
8QDLQWUDYDOYkUWHMvQFDELQHWXOXQXLGHQWLVWvVLULGLFDIXVWDvVLGDMRVFKLORWLLVLVHULGLFDSHVFDXQFXSLFLRDUHOHvQVXV
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
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
'RPQXOHGRFWRUDPXUPDWWUDWDPHQWXOFXVILQWHQLH1DPPDLIXPDWQDPEDXWQDPPkQFDWFXVDUH'DUSLFLRDUHOH
PDGRUODIHOFDvQDLQWH$ELDPDLPHUJ&HDUWUHEXLVDLDX"
$XWREX]XOPHWURXOWUDPYDLXO
8QWLSVHGXFHODGRFWRU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
%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"
&LFDRIHPHLHFXYRFHEDULWRQDODYLQHODXQGRFWRU
%XQD]LXDGRFWRUHJURVVVVV
9DLGRDPQDGDUFHDYHWLODJkW"
0DUJHOHFXDFHHDVLYRFHGHFDYHUQD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
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
,DGXWHEDvQFDPHUDGHDODWXULVLFDFDWHQWDYDDVWD
6HGXFHRPX
VHFDFDVLVHQWRDUFH'RFWRUXORLDRSXQHSHELURX,DSXWLQFDFDWSHGHJHWvOJXVWD]LFH
0PPQXHGHODILFDW
0DLLDRJXUDGHFDFDW
0PPQLFLGHODLQLPD
6LWRWDVD6HWHUPLQDFDFDWXO
,DGXWHEDVLPDLFDFDWH
&806$0$0$,&$&%$"
$KDVWLXHGHODQHUYL
8QEkOEvLWFXSX
DPDUHVHFDVDWRUHVWH'XSDFvWHYD]LOHQHYDVWDVDvOURDJD
'XWHWHURJODGRFRUVLYH]LGDFDWLRSRDWHVFXUWDFDPLHFDPOXQJD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
'D
GHFH"
3DLvLPRUWGRDPQDGRFWRU
'DOGUDFXOXLFDQXPDLVLPWHQLPLF
'D
QXSRWFDVvQWODFLFOXGRDPQDGRFWRU
'D
SRLVLFHLFDGRDUDDYHPDSDGHVSDODW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LXLWHDVDGLQDSURDSHvQDSURDSHDVLVWHQWDVHODVDFRQYLQVDFDVDVHXUFHVLHDSHSXODWLSXOXL&vQGFRERDUDvQFHSHVR
SXSHSHGRFWRULWDVLVDLPXOWXPHDVFDSHQWUXLGHHD JHQLWDOD SH FDUH D DYXWR ÌQ WLPSFH vVL WRW PXOWXPHDX WLSXO GH SH
PDVDVHPLVFDVHVFRDODvQFRDWHGHVFKLGHRFKLLVLPXUPXUD
9DLYDPXOWXPHVFSHQWUXWUDQVIX]LH
/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
&XPVDvQWkPSODW"
0DPVXLWvQFRFSDFVLDPFD]XW
(LYH]LDVWDH7HDPkQFDWvQFXUVDWHVXLvQFRSDF$LKHPRURL]LLDRDVSLULQD
8QWLSLQWUDGLVSHUDWSHXVDFDELQHWXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
%LQHGRPXOHvQWHOHJHFHYDILUHVFVLVRWLHLPHOHvLSODFHVLWRWXVLXLWHDPHDQXDUHQLPLF
'DGDUVRWLHLPHOHLHVFkUEDVRLDFXPkQDVLRLDFXIXUFXOLWD
8QLQGLYLGVHGXFHODGRFWRUVLVHSOvQJHFDDUHSLFLRUHOHUHFL'RFWRUXOvODVFXOWDVLvLVSXQH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
([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
/DJLQHFRORJ
'RPQXOHGRFWRUFHYDQXHvQUHJXODFXVSLUDODPHD
$WXQFLYHQLWLDLFL
%RLQNERLQNERLQN
9LQHXQXOODGRFWRUVL]LFH
'RPQXOHGRFWRUFHVDPDIDF"&HYDQXHvQUHJXODFXVLVWHPXOPHXGLJHVWLY0DQkQFXQPDUPDFDFXQPDU PDQkQFXQ
FDVWUDYHWHPDFDFXQFDVWUDYHWH&HVDPDIDF"
/DFDUHGRFWRUXO
3DLFHOPDLELQHDUILVDPkQFDWLQXPDLFDFDW
9LQHXQXOODGRFWRU
'RPQXOHGRFWRUDPLQVRPQLL1XVWLXFHVDPDPDLIDF"
2VDYDSUHVFULXSDVWLOHGHSRWHQWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LDVWDPDDMXWDVDGRUP"
1XGDUYDvQIUXPXVHWHD]DRUHOHGHYHJKH
8QGRFWRUFDWUHDOWGRFWRU
(FHYDvQDHUFDUHODVDIHPHLOHvQVDUFLQDWH
&HDQXPH"
3LFLRDUHOHORU
8QXOYLQHODGRFWRUGLQFDX]DPLURVXOXLQHSODFXWGLQJXUD'XSDFRQVXOWDWLHGRFWRUXOvL]LFH
7UHEXLHVDYDKRWDUkWLRGDWDSHQWUXWRWGHDXQDRULvQFHWDWLVDYDURDGHWLXQJKLLOHRULVDYDVFDUSLQDWLKHPRURL]LL
$IRVWODOLPLWD]LFHFKLUXUJXODVLVWHQWHLGXSDRSHUDWLH
&XPDVD"vQWUHDEDDFHDVWD
8QFHQWLPHWUXPDLvQFRORVLLHVHDPGLQFDGUXOVSHFLDOL]DULLPHOH
'RFWRUXOSDFLHQWXOXL
'DFDFRQWLQXDWLVDEHWLQXYHWLDSXFDEDWUkQHWHD
6LDVDvPLGRUHDPVDUDPkQWkQDUSkQDODPRDUWH
8QGRFWRUHVWHvQWkOQLWGHXQSDFLHQWDOVDXvQFLPLWLU
)DFHWLLQYHQWDUXOGRPQXOHGRFWRU"
8QWLSVHGXFHODGRFWRU
'RPQXOHGRFWRUvQILHFDUHQRDSWHVDYLVH]FDvPSLQJXQWUHQGLQ%XFXUHVWLSkQDOD3ORLHVWLVLvQDSRL'LPLQHDWDPDWUH]HVF
H[WHQXDW&HvPLUHFRPDQGDWL"
'RFWRUXOVHJkQGHVWHVLUDVSXQGH
'RPQXOHWHGXFLDFDVDVLvQDLQWHGHDWHFXOFDvWLLPDJLQH]LFDYHLvPSLQJHWUHQXOQXPDLSkQDOD3ORLHVWL'HOD3ORLHVWLOD
%XFXUHVWLYRLDSDUHHXvQYLVVLvO YRLvPSLQJHHX
3DFLHQWXOSOHDFDPXOWXPLW$SDUHXUPDWRUXOSDFLHQW
'RPQXOHGRFWRUvQILHFDUHQRDSWHYLVH]FDIDFDPRUFX]HFHIHPHL'LPLQHDWDPDWUH]HVFH[WHQXDW
'RFWRUXOFDGHLDUSHJkQGXUL
'RPQXOHWHGXFLDFDVDVLvQDLQWHGHDWHFXOFDvWLLPDJLQH]LFDYHLIDFHDPRUGRDUFXFLQFLIHPHL&XFHOHODOWHFLQFLYRLIDFH
DPRUHXFkQGvWLYRLDSDUHvQYLV(XOHDVOXDSHWRDWH]HFHGHSHFDSXOWDXGDUPDLDPGHvPSLQVXQWUHQGHOD3ORLHVWLOD
%XFXUHVWL
'RFWRUXOVFKLRUXOXLGXSDDFFLGHQW
$PGRXDYHVWLXQDEXQDVLXQDUHD3HFDUHYUHLVDRDX]LSULPD"
3HFHDUHD
$WUHEXLWVDWLDPSXWDPXQSLFLRU
6LFHDEXQD"
$PUHXVLWVDWLYLQGHPFODSDULL
8QWLSVXIHUDXQDFFLGHQWJUDYVLFDXUPDUHWUHEXLHVDLVHDPSXWH]HPkLQLOH'RFWRUXOvLSURSXQHVDvLSXQDvQORFPkLQL
GH OD GRQDWRULGHFHGDWL2PXOQRVWUX HVWHGH DFRUGVL GRFWRUXO vO DQXQWD FD GH IDSW OD PRPHQWXO DFWXDO QX DUH GHFkW GRXD
PkLQLVWkQJL$VWHDVXQWWRWXVLPRQWDWHVLGXSDXQWLPSRPXOQRVWUXYLQHODFRQWURO
'RPQXOHGRFWRUQXPDLYUHXPkLQLOHDVWHD
'HFH"
3DLSHRULFHSXQPkQDSDUFDQXDPVLPW(VWHFDVLFXPDVDYHDGRXDPkLQLVWkQJL
/DDVWDGRFWRUXOvLSXQHDOWHPkLQLGDURPXOQRVWUXHVWHDYHUWL]DWFDDXDSDUWLQXWXQXLKRW,DUDVLODFRQWURO
'RPQXOHGRFWRUQLFLPkLQLOHDVWHDQXvPLSODF
'HFH"
3DLGHFXPLQWUXvQWUXQPDJD]LQFDXQIDFXWPLVHWRWOLSHVFGHGLIHULWHRELHFWH3kQDDFXPPDOXDWGHGRXDRULSROLWLD
'RFWRUXOvLSXQHDOWHPkLQL'HGDWDDVWDGRXDPkLQLGHGRPQLVRDUD'XSDXQWLPSRPXOQRVWUXLDUYLQHODFRQWURO'RFWRUXO
VHXLWDPDLDWHQWVLYHGHSHDQWHEUDWHXUPHGHPXFXULGHWLJDUD6XUSULQVvQWUHDED
1LFLFXPkLQLOHDVWHDQXHVWLPXOWXPLW"&HLFXXUPHOHDVWHDGHDUVXULGHWLJDUD"
'RP
GRFWRUPkLQLOHDVWHDvPLSODFGDURPLFDSUREOHPDPDLDPGLPLQHDWDFkQGPDSLVWUHEXLHVDOHDUGFXWLJDUHDVDPL
GHDGUXPXOODSX
D
%DQFXULFXKRPRVH[XDOL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DPDUH
&XPHDSD"
&DXQFXU
6DPLEDJSX
D
7RWODPDUHGRLSRSRQDUL
+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
Ì&HQXDUWUHEXLVDVSXQHWLvQWLPSFHIDFHWLVH[
5&XPVHIDFHFDDPvQGRLDYHPSHQLV"
Ì&XPWUHFWUHLKRPRVH[XDOLXQUkXFDUHOHYLQHSkQDODJkWIDUDVDVHXGHQLFLXQXOODSX
D"
5+RPRVH[XDOXOvLEDJDSX
DvQFXUKRPRVH[XDOXOXLVLKRPRVH[XDOXOLREDJDKRPRVH[XDOXOXL
Ì&XPvWLEDWMRFGHXQKRPRVH[XDO"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5ÌODUXQFLvQWURJURDSDIDUDIXQG
Ì&DUHHFHOPDLPDLPDUHKRPRVH[XDO"
55(&7RUXO
Ì&XPXUHD]DKRPRVH[XDOLL$Q1RX"
5$QXVQRXVVL/D0XOWL$QL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%]]]]]]]]]]]]]]]
8QKRPRVH[XDOVWDWHDvQFDGD/DXQPRPHQWGDWODVDREDVLQD
9DLFRSLODVXOPHXGHMDUHVSLUD
Ì&DUHHGLIHUHQWDGLQWUHRIXUFXOLWDVLXQKRPRVH[XDO"
)XUFXOLWDVFXUPDvQPkQFDUHDGHD]LLDUKRPRVH[XDOX
vQFHDGHLHUL
'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
8QXO QDXIUDJLD]D SH R LQVXOD QHORFXLWD vPSUHXQD FX vQFD VDVH IHPHL VXSUDYLHWXLWRDUH VL HOH DOH FDWDVWURIHL 5DLXO SH
SDPkQWSDUHDILWRWXVLPXOWPDLJUHXGHFkWVLDUILvQFKLSXLWÌQWUR]LGHGXPLQLFDRERVLWGHSHXUPDSDUWLGHORUGHVH[GLQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
FXUVXO VDSWDPvQLL VWkQG HO DVD SH PDOXO RFHDQXOXL REVHUYD FXP GLQ YDOXULOH vQVSXPDWH VH ULGLFD XQ EDUEDW WkQDU VL
PXVFKLXORV
(VWLVDOYDWRUXOPHXvOvQWkPSLQDIHULFLW
0DEXFXUQHVSXVUDVSXQGHWvQDUXOVvQWHWLvQWUDGHYDUXQEDUEDWIUXPRV
6H vQWkPSOD XQ DFFLGHQW ÌQWUR PDVLQD GRL FXULVWL LDU vQ FHODODOWD XQXO EHDW %HDWXO WLQH QHDSDUDW FD SROLWLD VD QX ILH
FKHPDWDODORFXODFFLGHQWXOXLVLvQFHDUFDVDLPLWXLDVFDSHFHLGRL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2FDOXJDULWDVHXUFDvQWUXQWD[LVLVRIHUXOQXRVODEHVWHGLQRFKL0LUDWDvOvQWUHDEDFHDUH
0DLFXWDDPVLHXRvQWUHEDUHGDUQXYUHDXVDWHVLPWLSURVW
&RSLOXOPHXFkQGDLYkUVWDPHDVLDLIRVWWRDWDYLDWDFDOXJDULWDDLDX]LWFkWHVLFkWHQLPLFQXPDPDLSRDWHIDFHVDPDVLPW
SURVW6SXQHFHDLSHVXIOHW
$PVLHXRIDQWH]LHFHPDXUPDULWWRDWDYLDWD7RWWLPSXOPLDPGRULWVDPDFXOFFXRFDOXJDULWD]LVHVRIHUXO
3DLLDVDYHGHPFHSXWHPIDFHSHQWUXWLQH0DLvQWkLWUH
VDvQGHSOLQHVWLFRQGLWLLQXWUHEXLHVDILLvQVXUDWGRLWUHEXLHVDILL
FDWROLFVLWUHLHXVXQWYLUJLQDVLDVYUHDVDUDPkQDVDGHFLWUHEXLHVDIDFHPDQDO
3HUIHFWXUODVRIHUXO1XVLQWvQVXUDWVLVXQWVLFDWROLFFkWGHVSUHDWUHLDFRQGLWLHQLFLRSUREOHPD
3DLWUDJHSHGUHDSWDDWXQFLvL]LVHFDOXJDULWD7UDJHHOSHGUHDSWDVHSXQHLSHWUHDEDVLDSRLvVLFRQWLQXDGUXPXO/DXQ
PRPHQWGDWvQFHSHVRIHUXOVDSOkQJD
&HVDvQWkPSODW"
3DLPDLFXWDDPSDFDWXLW$PPLQWLW6XQWvQVXUDWDPFRSLLVLVXQWVLHYUHX
1XLQLPLF]LVHFDOXJDULWDSHPLQHPDFKHDPD-RKQVLPHUJODXQEDOPDVFDW
8QFRZER\LQWUDvQWUXQEDUGDFXSXPQXOvQPDVDVLFHUH
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
'RPQXOHGRFWRUGHILHFDUHGDWDFvQGPDXLWvQRJOLQGDPLVHVFRDODSX
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XFXPYDPDPDGXPLWDOHvQWLQHUHWHDOXFUDWODFDVWHOXOPHXvQFDOLWDWHGHFDPHULVWD"
1XGRPQXOHPDPD QDGRVWQLFLRGDWDDLFLÌQVFKLPE WDWDOPHX FvQGHUDIODFDXDIRVW JUDGLQDUOD DFHVW FDVWHO(UDXQ
WkQDUIRDUWHFKLSHV
Ì&HIDFGRLKRPRVH[XDOLFDUHVHMRDFDFXXQFDFDWvQWUXQED]LQ"
ÌVLvQYDWDFRSLOXOVDvQRDWH
Ì&DUHHVWHGLIHUHQWDvQWUHGRLKRPRVH[XDOLPH[LFDQL"
58QXO]LFH&XFXUXFXFXLDUFHODODOW]LFHDLLDLLDLLDLLDL
8QKRPRVH[XDOVHvQGUDJRVWHVWHvQWURIHPHLH6HFDVDWRUHVFHLVLHDDVWHDSWDXQFRSLOÌQVIkUVLWQDVWHHDFRSLOXOVRWXOR
YL]LWHD]DvQVSLWDOVLYUHDVDvVLYDGDFRSLOXOÌQVDORQVHDIODGHFRSLLGLQFDUHSOkQJVL]ELDUDLDUXQXOHIRDUWHOLQLVWLWVL
]kPEHVWH$FHVWDHFRSLOXOOXLÌQJULMRUDWvQWUHDEDVRUDFHSRDWHVDvQVHPQHDVWDGDFDHJUDY6RUDvOOLQLVWHVWH
)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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7UHFHSHOkQJDDGRXDPDVD
3))8888
7UHFHSHOkQJDDWUHLDPDVD
3))888
&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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
56DILLKRPRVH[XDO1HJULQXWUHEXLHVDOHPDUWXULVHDVFDSDULQWLORUFDVXQWQHJUL
6HvQWkOQHVFGRLKRPRVH[XDOL8QXOPDUWXULVHVWH
6WLLDPUDPDVJUDYLG
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
'RL KRPRVH[XDOL VH SOLPEDX SULQ SDUF VH PkQJkLH VH SLSDLH GHRGDWD UDPkQ FD KLSQRWL]DWL7UHFH SULQ DSURSLHUH XQ
FRFRVDW8QXOGLQWUHHLVSXQH
0DPDPDPDFHVkQDUHDOD
Ì&DUHHVWHFHOPDLDSUHFLDWFRPSOLPHQWODKRPRVH[XDOL"
5%XFDODWXOH
ÌQWUHGRLSLFWRUL
$LDX]LWXOWLPDWHRULHGHVSUHVXUkVXO*LRFRQGHL"
1X
(LELQH/HRQDUGR'D9LQFLDIRVWKRPRVH[XDO
8QKRPRVH[XDOPHUVHODRIDUPDFLHFXRXUQDIXQHUDUDFXFHQXVD
/DPDGXVSHSULHWHQXOPHXFXFDUHDPWUDLWDWkWLDDQLvPSUHXQD
6LFHVDIDFHPFXHO"
'DFDVHSRDWHQLVWHVXSR]LWRDUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$MXWRU$MXWRUVWULJDFLQHYDvQSDGXUH7RFPDLWUHFHSHDFRORSDGXUDUXOVLYHGHXQEDUEDWOHJDWGHFRSDFFXSDQWDORQLL
ODVDWLvQYLQH
&HVDvQWkPSODW"
'RLEDUEDWLPDXDWDFDWPDXOHJDWGHFRSDFXODVWDVLPDXYLRODW
/DFDUHSDGXUDUXOVSXQHvQJkQGXUDW
(LGUDJXWDSHQWUXD]LQXLVLQJXUXOJKLQLRQ
ÌQQRDSWHDQXQWLLPLUHDVDPDUWXULVLUXVLQDWD
'UDJXOPHXWUHEXLHVDWLVSXQDPPDLDYXWGHDIDFHSkQDDFXPFXEDUEDWLL
)LLOLQLVWLWD(XDPDYXWGHDIDFHQXPDLFXHL
8QKRPRVH[XDODIRVWSULQVGHFDWUHXQSROLWLVWVLGXVODVHFWLHÌQDLQWHGHDVFULHUDSRUWXOSROLWLVWXO]LVH
6LDFXPVDWUHFHPODUHFRQVWLWXLUHDIkSWHORUL
'RPQX
SROLWLVWYDVUXJDVDPDODVDWLVDPLWUDJVXIOHWXOSXWLQ
ÌQWUHGRLKRPRVH[XDOL
0DGD
GHVWHSWHPDLVXQWIHPHLOH
'HXQGHVWLL"
3DLQXYH]LFHPXOWOHSODFEDUEDWLL"
'RLKRPRVH[XDOLvQSDW
'UDJXOPHX]LVHXQXOGLQWUHHLVWLLFHPLSODFHFHOPDLPXOWODWLQH"
&H"
3HQLVXOPHX
'RLFRVPRQDXWLVHvQWRUFGLQ&RVPRVGXSDROXQDSHWUHFXWDSHRVWDWLHRUELWDOD
&DUHDIRVWFHOPDLSODFXWHYHQLPHQWSHFDUHODWLSHWUHFXWvQ&RVPRV"vQWUHEDXQUHSRUWHU
/RJRGQDQRDVWUDUDVSXQVHUDFHLGRLvQWUXQJODV
7DWLFXOH]LVHFRSLOXOFHHVWHDFHODXQKRPRVH[XDO"
7DFLGLQJXUDVLQXPDLvQWUHEDSURVWLL0DLELQHDMXWDPDVDPDvQFKHLODVXWLHQ
8QKRPRVH[XDOVHGXVHODGRFWRU'XSDFHOH[DPPDDFHVWD]LVH
'XPQHDWDDLVLILOLV
9DLGRFWRUHFHYUHPXULWUDLPvQ]LXDGHD]LQXPDLSRWLDYHDvQFUHGHUHQLFLvQSURSULXOWDXIUDWH
&XFHSUREOHPDDWLYHQLWODPLQH"
$PGHYHQLWKRPRVH[XDOGOHGRFWRU
9DLGHPLQHVLHXQLFLQXPDPSLHSWDQDWFDOXPHDD]LGLPPHDWD
ÌQWUHGRLKRPRVH[XDOL
6DVWLLFDLXELWXOWDXPDEkUILWSHODVSDWH
0DPLUQXHWLSXOFDUHVDIDFDGRXDOXFUXULGHRGDWD
'RL KRPRVH[XDOL PHUJHDX SH VWUDGD WLQkQGXVH WDQGUX GH WDOLH /D XQ PRPHQW GDWDSDUX vQ IDWD ORU R EORQGD FX QLVWH
IRUPHSURYRFDWRDUH&HLGRLKRPRVHXLWDUDFXMLLQGODHDSkQDDGDWFROWXOGXSDFDUHXQXOGLQWUHHLVXVSLQD
&HSDFDWFDQXVXQWHPOHVELHQH
ÌQWUXQEDUSHQWUXKRPRVH[XDOLXQWLSYUHDVDPHDUJDODWRDOHWDÌQWRDOHWDHUDXWUHLFDELQHWRDWHFXXVLOHvQFKLVH%DWH
ODSULPD
2FXSDW
%DWHODDGRXD
2FXSDW
%DWHODDWUHLD
,QWUD
&RQYHUVDWLHvQWUHGRLKRPRVH[XDOL
6DIkFXWPDUHEDLDWXOWDX"6WDvQIXQG"
ÌQFDQXVLDH[SULPDWSUHIHULQWHOHHURWLFH
Ì&HLD]LV%XODQHYHVWHLVDOHvQQRDSWHDQXQWLL"
5&XPVHIDFHFDDPkQGRLDYHPSHQLV"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3ULQPLQXQLOHPHGLFLQLLPRGHUQHGRLKRPRVH[DOLDXUHXVLWVDDLEDXQFRSLO'XSDQDVWHUHVDXGXVVDOYDGDODVHFWLDGH
QRXQDVFXWL$FRORHUDXQSOkQVHWVLVWULJDWGHWHGXUHDFDSXO
9H]L]LVHXQXOGLQWUHFHLGRLSDULQWLWRWLEHEHOXVLLSOkQJQXPDLDOQRVWUXHOLQLVWLWVLPXOWXPLW
3HQWUXFDDOQRVWUXHSUHFRFH7RWLEHEHOXVLLDXVX]HWDvQJXUDVLSOkQJSHFkQGDOQRVWUXVLDEDJDWRvQIXQGVLWDFH
8QKRPRVH[XDOHUDMXGHFDWGHXQWULEXQDO/DVIkUVLWXOSURFHVXOXLMXGHFDWRUXOvLGDGXGUHSWXOODXOWLPXOFXYkQW
'RPQXOHMXGHFDWRUUHFXQRVFFDGLQWRWSURFHVXOFHOPDLPXOWPLDSODFXWSURFXURUXO
1XWLDUILUXVLQHGHJHQHUDWXOHvLVWULJDMXGHFDWRUXOXQXLKRPRVH[XDO7RFPDLRFDOXJDULWDWLDLJDVLWVDYLROH]L"
&HVDIDFGOHMXGHFDWRUGDFDVHPDQDODIXQGFX*HRUJH0LFKDHO
Ì&XPVHQXPHVWHXQFDPLRQSOLQFXYLEUDWRDUH"
5-XFDULLSHQWUXKRPDODL
Ì&DUHHGLIHUHQWDGLQWUHXQKRPRVH[XDOVLXQIULJLGHU"
5)ULJLGHUXOQXVHEHVHVWHFkQGVFRWLVDODPXOGLQHO
Ì&DUHHVWH]LDUXOKRPDODLORU"
5&XULHUXO
8QKRPRVH[XDOPHUJHODGRFWRU$FHVWDvQFHSHVDOFRQVXOWHFXVWHWRVFRSXOÌODVFXOWDODLQLPDVLvLVSXQHVD]LFD
+RPRVH[XDOXO]LFH
ÌODVFXOWDGRFWRUXOODSODPkQLLDUDVLvLVSXQH
=L
+RPRVH[XDOXO
$SRLGRFWRUXOvLEDJDvQFXUGHJHWHVLvLVSXQHGLQQRX
=L
+RPRVH[XDOXO
7UHLGUXPHWLVHUDWDFHVFSULQPXQWLVLDMXQJODFDGHUHDvQWXQHULFXOXLODSRDUWDXQHLPDQDVWLUL%DWODSRDUWDVLDLFLOHLHVH
vQvQWkPSLQDUHPDLFDVWDUHWD$FHVWLD]LF
0DLFDVWDUHWDQHDPUDWDFLWSULQPXQWLVLQXDYHPXQGHvQQRSWD3XWHPUDPkQHDLFLSHVWHQRDSWH"
0DLFDVWDUHWDDSUREDGDUDFHVWLDWUHEXLHVDIDFDXQWHVW $FHVWLDWUHEXLH VD VH GH]EUDFHVL OL VH OHDJD XQ FORSRWHO GH SHQLV
$SRLSULQIDWDORUVHSHULQGDPDLFLvQFRVWXPXO(YHL
3ULPDPDLFXWD
$GRXDPDLFXWD
$WUHLDPDLFXWD&OLQJ&OLQJ
0DLFDVWDUHWDvODUXQFDSHSULPXOGUXPHWDIDUDGLQPDQDVWLUH
$SDWUDPDLFXWDJRDOD
$FLQFHDPDLFXWDJRDOD
$VDVHDPDLFXWDJRDOD&OLQJ&OLQJ
6LDOGRLOHDGUXPHWHVWHVFRVDIDUD
$VDSWHDPDLFXWD
$VDSWHDPDLFXWD
$RSWDPDLFXWD
$QRXDPDLFXWD
$]HFHDPDLFXWDQLPLF
%LQH]LFHPDLFDVWDUHWDFHOXLGHDOWUHLOHDGUXPHW$WLOXDWWHVWXO3XWHWLUDPkQHDLFLVLSXWHWLGRUPLvQFDVXWDJUDGLQDUXOXL
&OLQJ&OLQJ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7kQDUXOKRPRVH[XDOvLPDUWXULVHVWHvQVIkUVLWPDPHLVDOHIDSWXOFDHOHVWHDOWIHO0DPDIRDUWHSXWLQXLPLWDvWUHDEDFDOPD
9UHLVDVSXLFDWXLHLvQJXUDVLVXJLSX
LOHODEDUEDWLFDUHVHI
WvQFXUFXDOWLEDUEDWL"
&DPDVDFHYDVSXQHWkQDUXOSXWLQUXVLQDW
$WXQFLVDQXWHPDLDXGYUHRGDWDFDQXvWLSODFHPkQFDUHDJDWLWDGHPLQH
/DSROLWLHVHSULPHVWHODRUDXQXQRDSWHDXQWHOHIRQGHODXQSURIHVRUXQLYHUVLWDUORFDO$FHVWDGHFODUDRVSDUJHUH
8Q PRQVWUXvQDOWGHSHVWHGRLPHWULLDLQWUDWvQGRUPLWRUXOPHXDGDWSDWXUDFXFDUHHUDPDFRSHULWODRSDUWHVLPDJDVLW
GH]JROLW$SRLDVFRVGLQSDQWDORQLXQSHQLVHQRUP
ÌQJUR]LWRU]LFHSROLWLVWXOGHODFDSDWXOILUXOXL
3DUWHDPDLUHDGHDELDDFXPXUPHD]DPLDEDJDWFKHVWLDDLLPHQVDvQJXUDDSRLPDvQWRUVFXVSDWHOHVLPLDEDJDWFHYDvQ
DQXV3DUFDPDUILFUDSDWvQGRXDQXDOWD'XSDDFHHDVDSLVDWSHPLQH
7ULPLWHPLPHGLDWXQHFKLSDMVDOFDXWH
1XLQHYRLHHvQEDLHIDFHXQGXVDFXPDFHDUILVDYHQLWLVDOOXDWLGLPLQHDWD"
8QXOPHUJHODGRFWRUFXQLVWHSUREOHPHODDQXV'RFWRUXOvLVSXQH
$PGRXDYHVWLSHQWUXGXPQHDYRDVWUDXQDUHDVLXQDEXQDFHDUHDHVWHFDDYHWLWHQGLQWHKRPRVH[XDOH
6LFHDEXQD"vQWUHDEDRPXOQRVWUX
0DPvQGUDJRVWLWGHWLQH
8QXOEHDWLQWUDvQWUXQEDUVLQHUYRVVWULJD
9DI
WSHWRWLGLQEDUXDVWD
/DFDUHEDUPDQXOPkQJkLQGXOSHEUDW
'UDJXWDYLLSHQWUXSULPDRDUDvQWUXQEDUGHKRPRVH[XDOL"
ÌQWUXQ:&SXEOLFVFULDSHSHUHWH
&XULVWLVDPLRVXJD
'XSDXQWLPSDSDUHRLQVFULSWLHQRXDVXEDVWD
$LSULQVUHSHGHLGHD
%DQFXULFXGHWLQXWLVLODvQFKLVRDUH
&DUHWLHXOWLPDGRULQWD"vOvQWUHDEDGLUHFWRUXOvQFKLVRULLSHFRQGDPQDWXOODPRDUWH
2FDIHDILOWUX
%LQH&kW]DKDU"
&X]DKDULQDYDURJVXIDUGHGLDEHWVLQXDVYUHDVDPRUGLQDVWD
/DvQFKLVRDUHDGHIHPHL
)HWHORUDPGRXDYHVWLXQDUHDVLXQDEXQD3HFDUHRYUHWLSULPD"
3HFHDEXQD
0vLQHYDGDPPRUFRYL
8UDDDD6LDLDUHD"
5DVL
/DvQFKLVRDUHDGHIHPHL
)HWHORUDPGRXDYHVWLXQDUHDVLXQDEXQD3HFDUHRYUHWLSULPD"
3HFHDEXQD
0vLQHYDVFKLPEDPFKLORWLL
8UDDDD6LDLDUHD"
ÌQWUHYRL
8QGHWLQXWSULPHVWHRVFULVRDUHGHODVRWLH9D]kQGXOXQFROHJGHFHOXODvOvQWUHDED
7HYDGFDPQHFDMLW9HVWLSURDVWHGHDFDVD"
'D1HYDVWDPHDvPLVFULHFDPLUHGDOLEHUWDWHD
'RLFROHJLQRLGHFHOXOD
7XGHFHDLDMXQVDLFL"
'LQFDX]DIXPDWXOXL
&XPGLQFDX]DIXPDWXOXL"
ÌQWLPSFHRSHUDPPDDSXFDWWXVHDPDDX]LWSD]DVLPDSULQV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
'RLFRQGDPQDWLVHvQWkOQHVF
&HPDLIDFH-RKQ"
$KVDUPDQXODFD]XWGHSHVFKHODVLDPXULW"
'DUFHGUDFX
DFDXWDWSHVFKHOD"
$IRVWVSkQ]XUDW
'RFWRUXOvQFKLVRULLYL]LWHD]DFKLULDVLLÌQWUHEDUHvQSULPDFHOXOD
&XPDWLDYXWVFDXQXO"
$]LQRUPDO
ÌQDGRXDFHOXOD
&XPDWLDYXWVFDXQXO"
$]LQRUPDO
ÌQDWUHLDFHOXOD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
ÌQvQFKLVRDUHYLQHRFRPLVLHFDUHSXQHvQWUHEDULFRQGDPQDWLORU8QXOHVWHvQWUHEDW
&kWLDQLDYHWLGHLVSDVLW"
3HYLDWD
'HFH"
$POXFUDWODQHJUX
&XPDVDDVWDQXVHSRDWH"&HVXQWHWLGHPHVHULH"
0DFHODU
%DQFXULFXMXGHFDWRUL
6LYUHWLVDVSXQHWLFDVRWXOGXPQHDYRDVWUDVDVSkQ]XUDW"vQWUHDEDMXGHFDWRUXOWkQDUDYDGXYD
'DGRPQXOHMXGHFDWRUUDVSXQGHDFHDVWD
6LFXPH[SOLFDWLDWXQFLPXOWLPHDGHFXFXLHFDUHOHDUHvQFDS"
6DVSkQ]XUDWFXXQHODVWLF
$FX]DWFDD IXUDWXQFHDVKRWXOH[SOLFD
&HHUDVDIDFGRPQXOHSUHVHGLQWH"&HDVXOPHUJHDHXPHUJHDP$WXQFLQHDPKRWDUkWVDPHUJHPvPSUHXQD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
3ULPDVRWLHDPkQFDWFLXSHUFLRWUDYLWHVLDPXULW
6LDGRXD"
$GRXDWRWDVD$PkQFDWFLXSHUFLRWUDYLWHVLDPXULW
$VWDHvQWDGHYDUFLXGDW6LDWUHLDVRWLHDPXULWWRWGLQFDX]DFLXSHUFLORURWUDYLWH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
'RPQXOHMXGHFDWRULQFXOSDWXOvQFHUFDVDvPSDWXUHDVFDPDUFDMXOGHODWUHFHUHDGHSLHWRQL
'XPQHDWDFDSD]QLFGHQRDSWHODLYD]XWSHLQFXOSDWFkQGDVDULWJDUGXOGHSR]LWXOXLVLDOXDWRODGD"
'DGRPQXOHMXGHFDWRUGDUILLQGFDQXOFXQRVWHDPQXLDP]LVQLPLFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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 vQ 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 $EHO GH SURFHQWH GLQ SRSXODWLD 3DPkQWXOXL HUDX
UDXIDFDWRUL
6XQWHWLFRQGDPQDWSHQWUXOXDUHGHPLWD$FFHSWDWLSHGHDSVDDFX]DW"
'HDFXPDvQFRORQXPDLDFFHSWQLPLFDGRPQXOHMXGHFDWRU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
$FX]DWGHFHDLVSDUWPDJD]LQXOGHGHWHUJHQWL"
6WLWLGRPQXOHMXGHFDWRUGXFHDPRYLDWDDVDGHPL]HUDELOD
-XGHFDWRUXO]LFHDFX]DWXOXL
6XQWHWLOLEHUGDUSHYLLWRUYDUHFRPDQGVDYDIHULWLGHFHUFXULGXELRDVH
'DGRPQXOHMXGHFDWRUVSHUVLHXVDQXPDLWUHEXLDVFDVDYLQSULQWULEXQDOH
6LFXPGHYLDYHQLWLGHHDVDIXUDWLPDVLQDSDUFDWDODJDUGXOFLPLWLUXOXL"
3DLDPFUH]XWFDSURSULHWDUXHVWHPRUWGRPQXOHMXGHFDWRU
/DSURFHVVHDUDWDFDvQWLPSXOVSDUJHULLDFX]DWXOVHDIODvQvQFKLVRDUH-XGHFDWRUXOvOvQWUHDED
'HFHQXDWLVSXVDVWDGLQWLPS"
3DLQXGRUHDPVDIDFRLPSUHVLHSURDVWDMXUDWLORU
-XGHFDWRUXODFX]DWXOXLGHGHDQL
&XPSXWHWLVDVXVWLQHWLFDTOLSVDGHH[SHULHQWDYDDGXVvQORFXOvQFDUHYDDIODWLDFXP"
6WLWLDYRFDWXOPHXHVWHIRDUWHWkQDU
-XGHFDWRUXOvQWUHDEDPDUWRUXOODSURFHV
/DFHGLVWDQWDYDWLDIODWGHORFXODFFLGHQWXOXL"
/DPHWULVLGHFHQWLPHWULL
6LFXPGHVWLWLDVDGHH[DFW"
&kQGDPYD]XWDFFLGHQWXOPLDPGDWVHDPDSHORFFDYRLILvQWUHEDWODSURFHVGHYUHXQWkPSLW
'RPQXOHPDUWRUGHFLGXPQHDYRDVWUDDWLYL]LWDWDFX]DWXOvQ]LXDIDSWHL"
'DGRPQXOHMXGHFDWRU
6LFHSDUHUHYLDIDFXW"
6WDWHDODIHUHDVWUDFXIDWDDOEDFDFHDUDDYHDVSXPDODJXUDVLRODPDDVFXWLWDvQPkQD
6L"
6LGXSDDFHHDDvQFHSXWVDVHEDUELHUHDVFD
-XGHFDWRUXOSDJXELWXOXL
5HFXQRDVWHWLvQSHUVRDQDDFX]DWXOXLSHFHOFDUHYLDIXUDWPDVLQD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RPQXOHMXGHFDWRUGXSDSOHGRDULDDYRFDWXOXLDSDUDULLQXPDLVXQWDVDGHVLJXUGDFDPDDYXWYUHRGDWDRPDVLQD
/DWULEXQDOMXGHFDWRUXO
6LYUHWLVDVXVWLQHWLFDDWXQFLDWLFUH]XWFDSRUWPRQHXOJDVLWYDDSDUWLQH"
3RUWPRQHXOQXGDUEDQFQRWHOHvPLSDUHDXFXQRVFXWH
2WkQDUDDWUDJDWRDUHODWULEXQDOHDXGLDWDFDVLPDUWRU
6LFXPYLDWLGDWVHDPDFDVRIHUXOIXUDVHPDVLQD"
3DLDVWDPLDPGDWVHDPDFkQDPYD]XWFDQXVWLHFXPVDFXOFHEDQFKHWD
6LQXYDWLJkQGLWDODWDWDOGXPQHDYRDVWUDDWXQFLFkQGDWLGDWVSDUJHUHD"
%DGDGRPQXOHMXGHFDWRUGDUQXDPJDVLWQLPLFFHLDUILSODFXW
2GRDPQDPDUWRUDODWULEXQDOHvQUHEDWDGHMXGHFDWRU
6LFHYkUVWDDYHWL"
'XSDROXQJDWDFHUHMXGHFDWRUXOGLQQRX
'DFDQXQHVSXQHWLYRLODVDDXGLHQWDVDJKLFHDVFD
6SXQHPDLELQHDGHYDUXODFX]DW/DLORYLWSHGRPQXOGHDFROR"
1XGRPQXOHMXGHFDWRU&XPDVSXWHD"
(OVXVWLQHvQVDFDDUILSULPLWPDLPXOWHORYLWXULSXWHUQLFH
0LQWH'XSDSULPDQXVLDPDLGDWVHDPDFHVHvQWkPSOD
6SXQHDGHYDUXODFX]DW$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"
2VXWD]HFH
-XGHFDWRUXOFDWUHLQFXOSDW
-XUDFDYHLVSXQHDGHYDUXOVLQXPDLDGHYDUXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XQXMXU
ÌWLDWUDJDWHQWLDFDSHQWUXPDUWXULHIDOVDFDSHWLGRLDQLGHvQFKLVRDUH
6WLX'DUGDFDVSXQDGHYDUXOFDSDW]HFHDQL
8QPDUWRUODXQDFFLGHQWDXWRGHSXQHPDUWXULH-XGHFDWRUXOvQWUHDED
$WLYD]XWDFFLGHQWXO"
'DGRPQXOHMXGHFDWRU
/$FHGLVWDQWDWHDIODLGHORFXODFFLGHQWXOXL"
7UHL]HFLVLWUHLGHPHWULVLGHFHQWLPHWUL
6LFXPGHVWLLDVDGHH[FWGLVWDQWD"
0DJkQGHDPHXFDYUHXQLGLRWGHMXGHFDWRURVDvQWUHEHDVWD
5HFXQRVWLFDDVWDHVWHJHDQWDFDUHWLVDIXUDW"
'DGRPQXOHMXGHFDWRU
'XSDFHRUHFXQRVWL"8LWHGHH[HPSOXVLHXDPRJHDQWDLGHQWLFD
7RWFHVHSRDWHFDFLPLHPLVDXIXUDWGRXDJHQWL
-XGHFWRUXO
3HXUPDWRUXOFDUHGHUDQMHD]DSURFHVXOvOWULPLWDFDVD
/DFDUHDFX]DWXO
+855$$$$
6XQWFXULRVVDDIOXFXPDLUHXVLWVDIXULEUDWDUDGHODPkQDGRPQXOXLIDUDFDHOVDVLPWDFHYD
1X YD FKLQXLWL GHJHDED GRPQXOH MXGHFDWRU 1X SXWHWL vQYDWD DVWD vQ FkWHYD PLQXWH $U WUHEXL VD OXFUDWL DODWXUL GH PLQH
FkWHYDOXQLEXQHGDFDGRULWL
,QFXOSDWDLVDYkUVLWIXUWXO]LXDvQDPLD]DPDUH'HFH"
3HQWUXFDQRDSWHDPLHIULFDVDXPEOXSHVWUD]LGRPQXOHMXGHFDWRU
-XULXOYDJDVLWQHYLQRYDWvQFKHVWLXQLFXIXUWXOFROLHUXOXL]LVHMXGHFDWRUXO
0XOWXPHVFGOHMXGHFDWRUVSXQHDFX]DWXO$VWDvQVHDPQDGHFLFDSRWVDOSDVWUH]
7UHLWLSLDFX]DWLGHYLRO-XGHFDWRUXO
7XSULPXOGLQVWkQJDSRYHVWHVWHFXPDLDEX]DWGHYLFWLPD"
'RPQXOHMXGHFDWRUDPI[DWRSHFRYRUFXIDWDvQVXVVLDPUHJXODWRvQSR]LWLHQRUPDOD
DQLvQFKLVRDUH7XGHODPLMRFFXPDLDEX]DW"
,DPSXVSLFLRDUHOHODXPDUGRPQOHMXGHFDWRU
DQLvQFKVRDUH6LWXDOWUHLOHDFXPDLDEX]DW"
(XDPOXDWRSHODVSDWHGRPQXOHMXGHFDWRU
(VWLDFKLWDW
0XUPXUvQVDODSURWHVWHGLQSDUWHDFHORUODOWLDFX]DWLDYRFDWLLDSDUDULLFHUH[SLFDWLL
6LPSOX]LFHMXGHFDWRUXO'LQSR]LWLDSHODVSDWHSXWHDVDIXJDGDUQXDIDFXWR
/DWULEXQDO
(DGHYDUDWFDODLIDFXWSHUHFODPDQWLPEHFLOVLPDJDU"
'RPQXOHMXGHFDWRUVLQFHUVDILXQXPLPDLDPLQWHVF'DUGDFDOSULYHVFELQHFUHGFDLIRDUWHSUREDELOVDLIL]LVDVD
'RPQLL PHL VSXQH MXGHFDWRUXO UHFODPDQWXO PLD WULPLV XQ FHF GH SkUkWXO XQ FHF GH ,DP UHVWLWXLW
SkUkWXOXLDVDFDDFXPSRWvPSDUWLGUHSWDWHDFXWRDWDLPSDUWLDOLWDWHD
-XGHFDWRUXOODSURFHV
)LLQGYLQRYDWGHELJDPLHHVWLFRQGDPQDWOD]HFHDQLvQFKLVRDUH'DUGHFHUk]L"
$FX]DWXO
0LHUDWHDPDFDPDDFKLWDWL
ÌQ*URHODQGDODXQWULEXQDOMXGHFDWRUXOvQWUHDEDDFX]DWXO
8QGHDWLIRVWSHQRDSWHDGHSH1RLHPEULHSH0DUWLH"
/DWULEXQDOMXGHFDWRUXOFRQVROHD]DFRQGDPQDWXOFDUHODDX]LUHDVHQWLQWHLDvQFHSXWVDSOkQJD
0DLvQWkLIDFHWLvQFKLVRDUHSHYLDWDVLDSRLPDLYHGHPQRL
-XGHFDWRUXO
$FX]DWGHFHDLIXUDWDXWRPRELOXO"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(UDSDUFDWODFLPLWLUVLDPFUH]XWFDSURSULHWDUXOHPRUW
%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
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,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 vQ SHULFRO GH D VH VFXIXQGD 8Q WkQDU FDUH GXFHD R YLDWD PDL
GH]RUGRQDWDHGHRGDWDFXSULQVGHUHPXVFDULvQJHQXQFKHD]DSHSXQWHDFDUHVHFODWLQDLQJUR]LWRUvVLvPSUHXQDPkLQLOHVLFX
RFKLLULGLFDWLVSUHFHUVHURDJD
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
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
(UDRGDWDXQPDUHSLUDWVLDFHVWSLUDWVHGLVWUDSXQkQGvQWUHEDULvQFXLHWRDUHWXWXURUFDSLWDQLORUGHSHYDVHOHFXFHULWHÌQWUR
]LvQWkOQHVWHRQDYDIUDQFH]DVLGXSDFHRFXFHUHVWHvOvQWUHEDSHFDSLWDQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$X]LFDSLWDQHGDFDWLGDXGRXDSDFKHWHGHWLJDULWXFDWHDLILvQVWDUHVDIXPH]L"
8QXOUDVSXVHDFHVWDvQVSDLPkQWDW
0DLQHYHLILGHFDSLWDWUDVSXQVHPDUHOHSLUDW
$GRXDRDUDSLUDWXOvQWkOQLRQDYDEULWDQLFDVLSRYHVWHDVHUHSHWDGLQQRX
&DSLWDQHGDFDvWLGDXVWLFOHGHZKLVNH\WXF kWHDLYUHDVDEHL"
'RXDUDVSXQVHDFHVWD
9HLILVLWXGHFDSLWDWQXDLGDWXQUDVSXQVFRUHFW
$WUHLDRDUDVLXOWLPDvQWkOQHVWHRQDYDIDUDGUDSHOVLGXSDFHRFXFHUHVWHvQWUHDEDGHFDSLWDQFDFLDFHVWDQXSDUWLFLSDWOD
OXSWD8QSUL]RQLHUvLVSXQHFDFDSLWDQXOVWDEHDWvQPDJD]LDFRUDELHL'XFkQGXVHDFRORSLUDWXOvLVSXQH
0DLFDSLWDQHVDVWLLFDWLDPFXFHULWFRUDELDWLDPOXDWFRPRULOHRDPHQLLWDLVXQWSUL]RQLHULDFXP
'DUFDSLWDQXO
+kFPDLVDVWLLFDPLHVWLVLPSDWLF
8LWHFDSLWDQHDPDLFLXQSDFKHWGHWLJDULGDFDWLOHGDXWXFDWHIXPH]L"vOvQWUHEDSLUDWXO
+kFGRXDFDDPVLLRXQXVSXQHFDSLWDQXOVFRWkQGXQSDFKHWGLQEX]XQDU
%UDYRFDSLWDQH'DUGDWLGDXVWLFOHGHZKLVNH\WXFkWHEHL"
7UHLFDDPVLLRXQDODPLQH]LFHFDSLWDQXO
'D
XLWHFDDPDLFLQHYHVWHFXFkWHDLILLvQVWDUHVDIDFLGUDJRVWH"
'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
6HGXFHVHFXQGXODRPDVDRLDvQPkQDVLGDFXHDGHPDVD3DFEXPWURVFYDSRUXVHFUDSDVLVHVFXIXQGD3HVWHFkWHYD
PRPHQWHvQEDUFDGHVODYDUHFDSLWDQXFXVHFXQGX
6DWUDLWLGRPQFDSLWDQHDPvQGHSOLQLWVDUFLQD,DPGLVWUDVSHSDVDJHUL
'DFHIDFXVLPDLVHFXQGXOHFDHXDPUHXVLWVDRFROHVFvQXOWLPX
PRPHQWLFHEHUJX
"
8Q WUDQVDWODQWLF QDYLJD SULQ PDULOH QRUGLFH /D XQ PRPHQW GDW FDSLWDQXO REVHUYD XQ LFHEHUJ LPHQV GUHSW vQ IDWD
YDSRUXOXL&ROL]LXQHDILLQGLPLQHQWDFDSLWDQXOvLRUGRQDVHFXQGXOXLVDLSUHJDWHDVFDSHSDVDJHULSHQWUXLPSDFW6HFXQGXOVH
JDQGHVWHFHHGHIDFXWVLLLYLQHRLGHHVDFRQYRDFHSDVDJHULLVLPHPEULLHFKLSDMXOXLvQVDORQXOQDYHL6HFXQGXOLDFXYkQWXO
%DSXQHPSDULXFDGDFDGDXFXSX
DQPDVDVHVFXIXQGDYDSRUX
"
7RWL
'RP
OHDVDFHYDHLPSRVLELO)XJLPDGHDLFL
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$UPDWD6WDWHORU8QLWHVLDXWRULWDWLOHFDQDGLHQHGHFRDVWD
GLQ1HZIRXQGODQGvQRFWRPEULH
$PHULFDQL9DUXJDPVFKLPEDWLGLUHFWLDYRDVWUDFXJUDGHODQRUGFXPRWLYXOGHDHYLWDFLRFQLUHD
&DQDGLHQL5HFRPDQGDPFD'9VDVFKLPEDWLGLUHFWLD92$675$FXJUDGHODVXGFDVDHYLWDPFLRFQLUHD
$PHULFDQL$LFLFDSLWDQXOYDVXOXL$UPDWHL68$5HSHWVFKLPEDWLGLUHFWLD
&DQDGLHQL1XUHSHWDPYRLWUHEXLHVDVFKLPEDWLGLUHFWLD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$PHULFDQL $,&, 6817(0 3257$9,218/ $%5+$0 /,1&2/1 $/ '2,/($ 9$6Ì1 ',0(16,81, $/ )/27(,
67$7(/2581,7($/($0(5,&,,Ì12&($18/$7/$17,&1(
Ì1627(6&75(,',6758*$72$5(75(,&58&,6$725,6, 180(52$6(9$6('( 635,-,1 &(5 &$ '9 6$
9$6&+,0%$7,',5(&7,$&8*5$'(/$125'6$8920
/8$0$685,3(1758$*$5$17$6(&85,7$7($$&(678,9$6
&DQDGLHQL6XQWHPXQIDU9RLKRWDUkWL
([DPHQGHDEVROYLUHOD$FDGHPLDGH0DULQD
&HIDFLGDFDvQIDWDQDYHLYLQHXQXUDJDQVWUDVQLFFKLDUFkQGHVWLDSURDSHGHWDUP"
$UXQFLPHGLDWDQFRUDGRPQXOHFRPDQGDQW
6LGDFDYLQHXQDOWXUDJDQGLQVSDWH"
$UXQFGLQQRXDQFRUDGRPQXOH
6LGDFDYLQHDOWXOGHODWULERUG"
2UGRQDUXQFDUHDDQFRUHL
6LGHXQGHQDLEDDLDWvWHDDQFRUH"
'DUGYGHXQGHDWLIDFXWURVWGHDWvWHDXUDJDQH"
'HSH VFDUD XQXL YDSRU DELD DFRVWDW vQ SRUWFRERDUDvQ IXJD XQ PDULQDU GH P VL NJ ,D XQ WD[LVL LQWUDvQ SULPXO
ERUGHO $MXQV vQ FDPHUD FX R SURIHVLRQLVWD D DPRUXOXL WDULIDW VH GHVFKHLH OD SDQWDORQL LVL UXOHD]D SUH]HUYDWLYXO SH VH[XO
HUHFWGXSDFDUHLVLLQWURGXFHGRXDWDPSRDQHGHYDWDvQQDV
%LQHELQHSUH]HUYDWLYXOvOvQWHOHJGDUFHURVWDXWDPSRDQHOHDVWHDGHYDWDvQQDV"
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]LFHFRPLVLD3ULPLLDPHULFDQLL6HIXO
GHOHJDWLHLvLFRPDQGDOXL-RKQ
-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"
%DQFXULFXOHVELHQH
Ì&H]LFHROHVELDQDvQSDW"
5&HPXOWVHPHQLFXVRUDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHVHDPDQD3ROXO6XGFXFOLWRULVXOXQHLOHVELHQH"
5)LLQGFDWRWLEDUEDWLLVWLXXQGHHVWHGDUQLFLXQXOQXYUHDVDDMXQJDDFROR
Ì&kQGvVLUHFDSDWDROHVELDQDGHSOLQDOLEHUWDWHDOLPELL"
5'XSDFHvLFDGGLQWLL
Ì&XPWUHEXLHVDILHDPDQWDLGHDODSHQWUXROHVELDQD"
56DDLEDROLPEDGHPLQLPGHFPVLVDSRDWDUHVSLUDSULQXUHFKL
Ì&H]LFHROHVELDQDYHUVDWDFDWUHSULHWHQDHLDIODWDvQSOLQDDFWLXQH"
5/LQJHPDLvQFHWFDPLYHUVLFDIHDXD
7HDLvQFXUFDWFXRDOWDvLUHSURVHD]DROHVELDQDSULHWHQHLVDOH1XVWLXXQGHWLDIRVWFDSXO"
0DLMRVGHEXULFXOHL
'RXDOHVELHQHVHGH]EUDFDUDVLVHEDJDUDvQSDW
6LDFXPFHSUHIHUL"]LVHXQDGLQWUHHOH6DPLGDXMRVFKLORWLLVDXVDPLVFRWJXPDGHPHVWHFDWGLQJXUD"
'RPQLVRDUDvL]LVHGRFWRUXOWLQHUHLOHVELHQHQXVXQWHWLEROQDYD3XUVLVLPSOXYDWUHEXLHPDLPXOWDRGLKQD
'DUGRPQXOHGRFWRUQLFLQXYDWLXLWDWODOLPEDPHD
6LHDDUHQHYRLHGHRGLKQD
'RXDOHVELHQHvQWRLXODFWLYLWDWLLvQSR]LWLD
0LPLVFRDWHWLRFKHODULLFDPDUDQHVWL
ÌQVFKLPEWXDUWUHEXLVDWLLSXLFDPDLPXOWOLQJLFHDUFHDIXO
$LDX]LW]LFHROHVELDQDFDVDXVFRVGLQFRPHUWGHRGRUDQWHOH,QWLPVSUD\FXFDUHQHGDGHDPQRLODIRIRORDQFDSHQWUX
DPLURVLIUXPRV
'HFHVDXVFRV"
3URGXFHDXFDULLSULHWHQHORUQRDVWUH
6RWLDFDWUHVRW
6FXPSXOHFHDLVSXQHGDFDWLDV]LFHFDPDPFXOFDWFXFHOPDLEXQSULHWHQDOWDX"
$V]LFHFDHVWLOHVELDQD
8QXOvQSDUFVHDSURSLHGHRWLSDFDUHOUHVSLQJH
/DVDPDGRPQXOHHXVXQWOHVELDQFD
&HLDLD"
8LWHYH]LIDWDDFHHDFXVkQLLPDULEX]HFDUQRDVHVLVROGXULSOLQH"0LHPLDUSODFHVDIDFGUDJRVWHFXHD
/DFDUHRPXOQRVWUX
$VWDvQVHDPQDFDVLHXVXQWOHVELDQFD
%DQFXULFXPLOLWLHQL
Ì6WLWLFDWHEDQFXULFXSROLWDLVXQWvQOXPHDDVWD"
51LFLXQXOWRDWHVXQWDGHYDUDWH
Ì'HFHHVWHQHYRLHGHFLQFLSROLWLVWLSHQWUXDVFKLPEDXQEHF"
58QXOVDWLQDEHFXOVLFHLODOWLSDWUXVDvQYkUWDPDVD
Ì'HFkWLSROLWDLHVWHQHYRLHSHQWUXDvQVXUXEDXQEHF
5'HXQXWLQHEHFXOvQGXOLHDVH]DWSHRPDVDSDWUXvQYkUWGHPDVDXQXOVHvQYkUWHvQVHQVLQYHUVFDVDQXDPHWHDVFD
FHLODOWLXQXOVWDGHVDVHODFXUHQW
Ì'HFkWLSROLWLVWLHVWHQHYRLHVDVHvQVXUXEH]HXQEHF"
5'HXQXOVLQJXU$FXPHVWHGHVWHSWVLVWLHFD3DPkQWXOVHvQYDUWHVLVWDFXEHFXOvQPkQD
Ì'HFHPHUJHDXPLOLWLHQLLFkWHWUHLSHVWUDGD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
Ì'HFHSRDUWDSROLWLVWLLWUHVHGHPHWDOSHDPELLXPHUL"
5&DVDDXGDVWHUHR
Ì'HFHSRDUWDSROLWLVWLLPDQXVLSkQDODFRW"
5&DVDVWLHGHXQGHVDvQGRDLHPkQD
Ì'HFHSRDUWDSROLWLVWLLPDQXVL"
5&DVDQXOLVHYDGDMHJXOGHVXEXQJKLL
Ì'HFHDXSROLWLVWLLGHODFLUFXODWLHQDVWXULSHPDQXVL"
56DQXVHVWHDUJDFXHOHODQDV
Ì'HFHVXQWOXVWUXLWLQDVWXULL"
53HQWUXFDVHVWHUJ
Ì'HFHXQSROLWLVWDUHSHQRSWLHUDGRXDSDKDUHXQXOFXDSDVLXQXOJRO"
53DKDUXOFXDSDFkQGvLHVHWHVLFHODODOWFkQGQXvLHVHWH
Ì'HFHQXVHvPEROQDYHVFSROLWLVWLLGH6,'$"
5)LLQGFDQXLLXEHVWHQLPHQLVLQXVHLXEHVFQLFLLQWUHHL
Ì'HFHvQXOWLPDYUHPHSROLWDLLvVLOLQJFHDVXULOH"
5$XDIODWFD7,&7$&XOFRQWLQHFDORULL
Ì'HFHSROLWLVWLLQXVHVSDODSHGLQWL"
5&DOHLQWUDVDSXQvQWUHGLQWL
Ì'HFHQXVHVSDODSROLWLVWLLSHGLQWL"
53HQWUXFDQXOHvQFDSHVDSXQXOvQJXUD
Ì&XPSURFHGHD]DXQSROLWLVWSHQWUXDDIODGDFDPDLVXQWFKLEULWHvQWURFXWLH"
5'XFHFXWLDODXUHFKHVLFODWLQDFDSXO
Ì&XPVDSDXQSROLWLVWRIkQWkQD"
56DSDXQVDQWGHPHWULVLDSRLvOULGLFDvQSLFLRDUH
Ì'HFHXPEODSROLWLVWLLGRLFkWHGRL"
53HQWUXFDXQX
VWLHVDVFULHVLDOWX
VWLHVDFLWHDVFD
Ì'HFHPHUJSROLWLVWLLSHVWUDGDFkWHVLvQVRWLWLGHXQFkLQH"
5&DVDDLEDvPSUHXQDFODVHVLROLPEDVWUDLQD
Ì'HFkWLSROLWLVWLHQHYRLHVDDUHVWH]LXQQHJUXvQ%URRNO\Q"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5'HWUHLXQXOvOWLQHSHQHJUXXQXOvLSXQHFDWXVHOHVLDOWXOvLFDUDFDVHWRIRQXO
Ì'HFHvVLEDJDSROLWLVWLLFDSXOvQFORVHWvQDLQWHVDSOHFHODVHUYLFLX"
5&DVDVSXQDFDVLDXGDWFXDSDGHWRDOHWD
Ì'HFHHFUHLHUXOXQXLSROLWLVWHVWHYDUDPDUHFkWRQXFD"
53HQWUXFDYDUDHFDOGVLVHGLODWD
Ì&kQGDUHSROLWLVWXOFUHLHUXOFkWRQXFD"
5&kQGVHLQIODPHD]D
Ì&kWLSROLWLVWLVXQWQHFHVDULFDVDEDJHXQVWHFKHUvQSUL]D"
52VXWD
Ì'HFH"
58QXWLQHVWHFKHUXOVLvPSLQJSHUHWHOH
Ì'HFHVHvPEUDFDSROLWLVWXO"
5&DVDVLDFRSHUHQHVWLLQWD
Ì&XPVHSRDWHDOHJHXQPLOLWLDQSURVWGLQWURVXWD"
5/DvQWkPSODUH
Ì&XPPHUJOXSLLSULQSDGXUH"
5ÌQKDLWDH[DFWFDSROLWLVWLL
Ì&XPUHFXQRVWLXQSROLWLVWSURVWvQWUHPDLPXOWLSROLWLVWL
5,PSRVLELO7RWLVXQWODIHO
Ì&XPIDFHXQSROLWDLQHFD]XQHLPXVWH"
52vQFKLGHvQWUXQERUFDQVLPDQkQFDFDFDWvQIDWDHL
Ì'HFHVXQWvQWURPLVLXQHvQWRWGHDXQDSROLWLVWL"
58QXOFRQGXFHVLFHODODOWVWULJDDOEDVWUXDOEDVWUX
Ì'HFHXQSROLWLVWFDUHWHRSUHVWHQXWLVHDGUHVHD]DSROLWLFRV"
5'DLD
Ì&HGLIHUHQWDHVWHvQWUHSROLWLHVLYkQW"
53ROLWLDEDWHPDLWDUH
Ì'HFHSROLWLVWLLDXVDODU"
5)LLQGFDSURVWLDVHSODWHVWH
Ì&XPGHVFKLGHXQSROLWLVWRFXWLHGHFRQVHUYH"
5'HVFKLGHWL3ROLWLD
Ì&XPGHVFKLGSROLWLVWLRFXWLHGHVDUGHOH"
56HDVHD]DvQMXUXOPHVHLVFRWSLVWRDOHOHVLVWLJD,HVLWLDIDUDVXQWHWLvQFHUFXLWL
Ì&H]LFHXQRPIDUDFUHLHU"
5$FWHOHODFRQWURO
Ì&XPVDXvQQHFDWSROLWLVWL"
58QX
PHUJHDFXEDUFDLDFD]XW XQERORYDQÌQEDUFDLDVSDUWRVLHO VDDSXFDWVD PDLIDFDR JDXUD SULQFDUH VD FXUJD
DSD
$OGRLOHDPHUJHDFXEDUFDFXPRWRULVDVWULFDWPRWRUXOVLVDEDJDWVXEHDVDOUHSDUHQXDPDLLHVLW
$OWUHLOHDDIXPDWRWLJDUDVLGXSDDLDDDUXQFDWRvQODF'XSDFHDIDFXWFkWLYDSDVLVDDUXQFDWGXSDHDVDYDGDGDFDVD
VWLQV
&HLODOWLWUHLDXPXULWODUHFRQVWLWXLUH
9DULDQWD
Ì'HFHDPXULWSULPXOSROLWLVW"
50HUJHDFXEDUFDFXPRWRUVLDYHDRJDXUDSULQFDUHLQWUDDSD$PDLIDFXWXQVDDLEDSHXQGHVDLDVD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9DULDQWD
Ì'HFHDPXULWDOGRLOHDSROLWLVW"
50HUJHDFXEDUFDFXPRWRUVLLVDRSULWPRWRUXO6DGDWMRVVDRvPSLQJD
Ì'HFHDXSROLWLVWLLFDS"
5&DVDQXOHSORXDvQJkW
Ì&XPPXOJSROLWLVWLRYDFD"
5WLQILHFDUHGHFDWHXQVkQWLQILHFDUHGHFkWHXQSLFLRULDUXOWLPXOFRPDQGD6XVYDFD-RVYDFD
Ì&kWHFLUFXPYROXWLXQLDUHXQSROLWLVW""
58QDXUPDGHODFDVFKHWD
Ì'HFHFDUDSROLWLVWLLDSDvQSRUWEDJDM"
5&DVDQXOHPRDUDVLUHQD
Ì&XPDGXFLFUHLHUXOXQXLSROLWDLODGLPHQVLXQLOHXQHLQXFL"
5ÌOXPIOLFXSRPSD
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$XvQWkOQLUHDGHDQLVDXVHGLQWDFXSDULQWLL
Ì3RWSROLWLVWLLVDvQRDWH"
5'DSHQWUXFDDXFDSXOJDXQRV
Ì6WLDWLGHFHQXPDQkQFDSROLWLVWLLPXUDWXUL"
53HQWUXFDQXOHvQFDSHFDSXOvQERUFDQ
Ì'HFHQXOHLQWUDFDSXOvQERUFDQ"
5'LQFDX]DFR]RURFXOXL
2IDWDHUDSHVWRSVLXQSROLWLVWvQFHUFDVDRGHDMRV
Ì&DUHDQLPDOHvVLSRDUWDRUJDQXOVH[XDOSHVSDWH"
5&DLLSROLWLHL
Ì&DUHHVWHFHOPDLVFXUWEDQFFXSROLWLVWL"
58QSROLWLVWPHUJHDSHVWUDGDVLVHJkQGHD
Ì'HFHVHUXSHREDQFDFkQGVHDVHD]DXQSROLWLVWSHHD"
5&LQHHPDLGHVWHSWFHGHD]DSULPXO
Ì&HHVWLDWXQFLFkQGXQPLOLWLDQvWLVSXQHFDHVWLXQSURVW"
52RJOLQGD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QSROLWLVWVHEDUELHUHVWH6XQDWHOHIRQXO3ROLWLVWXOVHWDLHGHEXQDYRLH'HFH"
56DVWLHXQGHDUDPDV
Ì'HFHQXVHDGPLQLVWUHD]D9LDJUDSROLWLVWLORU"
53HQWUXFDOLVHXPIODFDSXO
8QSROLWLVWDOHUJDGXSDXQKRWVLODSULPXOFROWODvQWUHFXW
8QPLOLWLDQHUDDWkWGHSURVWvQFkWVLDXGDWVHDPDVLFROHJLLOXL
Ì'HFHQXPHUJSROLWLVWLLFXPDVLQDFkQGSORXDVDXQLQJH"
53HQWUXFDVHXLWDvQFRQWUDWLPSFXVWHUJDWRDUHOHVLDPHWHVF
Ì'HFHDXSROLWLVWLFKLSLX"
57RDWH:&XULOHDXFDSDF
Ì'HFHXQSROLWLVWvVLSXQHFRSLOXOSHGXODS"
5&kQGDFD]XWGLQSDWQXODDX]LW
&HVWDSHRSODFDFRPHPRUDWLYDSHXQSHUHWHvQGUHSWXOXQHLJXULGHFDQDO"
5$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
Ì'HFHSROLWLVWLLVHXLWDODXQILOP3RUQRSkQDODFDSDW"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
56DYDGDGDFDvQILQDOSHUVRQDMHOHVHFDVDWRUHVF
&DUHHVWHXQDOWEDQFIRDUWHVFXUWFXSROLWLVWL"
58QSROLWLVWLQWUDvQWURELEOLRWHFD
Ì&DUHHFHOPDLPDUHDYDQWDMDOSROLWLVWLORU"
51XVLSRWSLHUGHPLQWLOH
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"
'D
GHXQGH(VWHODSWHGHFRFRV
3ROLWDLX
FHvVL]LFHGDFDHVWHWXLFDODPDUVGDFDQXPDFDUJXVWVLHXFDVDYDGFXPHVWHODSWHOHGHFRFRV
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
$FHVWDVHXLWDFXPLUDUHVLH[FODPD
%DDDDDDDSDUFDOFXQRVFS
DVWD&UHGFDL+2026(;8$/
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
,OEDJDGRFWRUXOvQRSHUDWLHVLLLVFRDWHWRWFUHLHUXO&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[DPHQGHLQWUDUHvQSROLWLHVDXSUH]HQWDWFRQFXUHQWLGRLGLQWUHHLILLQGSLOHOHFXLYDPDUHGLQSROLWLH
,QWUDSULPXOFRQFXUHQWSLODGRPQXOXLFRORQHO;VLH[DPLQDWRUXOvQWUHDED
'XSDFXPVWLWLvQDQXODDYXWORFRPDUHUDVFRDODWDUDQHDVFDODFDUHDXSDUWLFLSDWSHVWHGHWDUDQL
3XWHWLVDPLVSXQHWLvQFHDQDDYXWORFDFHDVWDUDVFRDOD"
&DQGLGDWXO
ÌQDQXO
([DPLQDWRUXO
3HUIHFWVXQWHWLDGPLV
,QWUDDOGRLOHDFRQFXUHQWSLODGRPQXOXLJHQHUDO<
([DPLQDWRUXO
'XSDFXPVWLWLvQDQXODDYXWORFRPDUHUDVFRDODWDUDQHDVFDODFDUHDXSDUWLFLSDWSHVWHGHWDUDQL
3XWHWLVDPLVSXQHWLFkWLWDUDQLDXSDUWLFLSDWODDFHDVWDUDVFRDOD"
&DQGLGDWXO
3HVWH
([DPLQDWRUXO
3HUIHFWVXQWHWLDGPLV
,QWUDDOWUHLOHDFRQFXUHQWIDUDQLFLRSLOD
([DPLQDWRUXO
'XSDFXPVWLWLvQDQXODDYXWORFRPDUHUDVFRDODWDUDQHDVFDODFDUHDXSDUWLFLSDWSHVWHGHWDUDQL
3XWHWLVDPLVFULHWLQXPHOHVLDGUHVDILHFDUXLD"
'RLSROLWLVWL
%D9DVLOHFHWUHPXULDVDEDFHDLSDWLW"
$PVWDWSXWLQvQIULJLGHU
'HFHED"
3DL6HIX
QXQHDWL]LVFDSROLWDLLWUHEHVDDLEDVkQJHUHFH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
%DVDVWLLFDDODHSROLWLVWXOSHFDUHODPEDJDWQRLvQS
DPDVLL
2SODFDFRPHPRUDWLYDSHXQSHUHWHvQGUHSWXOXQHLJXULGHFDQDO
$LFLDFD]XWFDSLWDQXO9DVLOH
8QSROLWLVWPHUJHvPEUDFDWvQFLYLOODRVWkQD6WLLQGFkWHRLVXQWvQWXUPDvLVSXQHFLREDQXOXL
%DGHSXLSDULXSHRRDLHFDJKLFHVFFkWHRLDL"
&LREDQXODFFHSWDSROLWLVWXOJKLFHVWHÌVLDOHJHRRDLHVLGDVDSOHFH
&LREDQXO]LFH
2PXOHvPLGDLRDLDLQDSRLGDFDJKLFHVFFHPHVHULHDL"
3ROLWLVWXODFFHSWD&LREDQXOvL]LFH
(VWLSROLWLVW
'HXQGHVWLL"
3DLvQORFRDLHPLDLOXDWFkLQHOH
%XODODXQSROLWLVW
1HQHKDLVDWLVSXQXQEDQFFXSROLWLVWL
%DLWXHVWLWkPSLW(8VXQWSROLWLVW
6WDWLFDOPFDYLOH[SOLFSkQDvOvQWHOHJHWL
8QSROLWLVWvVLIDFHDURQGXOGHQRDSWH$XGHvQWURWXID
&HIDFLEDDLFL"
)ORWDUL
'DOHQFRDFHVLVWHUJHR
'LPLQHDWDGHYUHPHXQWLSvVLIDFHDH[HUFLWLLOHIL]LFHvQWUXQSDUFFDSLWROXOIORWDUL7UHFHXQSROLWLVWVLvQWUHDED
%DLFHIDFLWXDLFL"
)ORWDULVSXQHWLSXO
)ORWDUL"6HFRQILVFD
%XODSURDVSDWDEVROYHQWDOVFROLL GHSROLWLHVRVHVWHDFDVDQVDWvPEUDFDWvQXQLIRUPD3HSULVSDVHvQWkOQHVWHFXWDWDO
VDX
%XQD]LXDWDWDDPVRVLW
9DGILXOHDLGHYHQLWSROLWLVW"
'DWDWD
9DGFDDLEDVWRQGHFDXFLXFÌOSRWLIRORVL"
%LQHvQWHOHV
%XODVFRDWHEDVWRQXOORYHVWHvQPDVDLDUPDVDVHUXSHQGRXD
9DGFDOVWLLIRORVL'DUSLVWROXOVWLLVDOIRORVHVWL"
%LQHvQWHOHV3ULYHVWHFRFRVXOGHSHJDUG
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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"
6HFHUWDXGRLvQPLMORFXOGUXPXOXLvQMXUXOORUVDDGXQDWRPXOWLPHGHRDPHQL8QSROLWLVWFDUHVWDWHDPDLODPDUJLQH
&HUWDWLYDPDLWDUHFDDLFLQLPLFQXVHDXGH
6HGDRUDH[DFWDODUDGLRXOSROLWLHL'LVSHFHUDIDFHDQXQWXO
(VWHRUD3HQWUXGRPQLLSROLWDLOLPEDPLFDVHDIODvQGUHSWXOFLIUHLLDUOLPEDPDUHvQGUHSWXOFLIUH
'XSDRMXPDWDWHGHRUD
(VWHRUD3HQWUXGRPQLLSROLWDLOLPEDPDUHVHDIODvQGUHSWXOFLIUHL1XYDVSHULDWLOLPED PLFDQDGLVSDUXW6H
DIODGHGHVXSWXOFHOHLPDUL
8QSROLWDLVHDGUHVHD]DXQXLJDUGLDQ
$X]LPDLVWLLGHFHDWLIRVWLQYHQWDWLYRL"
*DUGLDQXOUDVSXQGH
1X
3ROLWDLXO]LFH
6DILWLPDLSURVWLGHFDWQRL
'RLSROLWDLVLXQFkLQHIDFSDWUXOD8QXOGLQHLVHWRWXLWDSHVXEFkLQH
&HDLPDODFHWHWRWXLWL"
$X]LPDSXVWLLFHWUHFXUDSHOkQJDQRL"&LFD8LWHWUHFHXQFkLQHFXGRXDS
H
"""
8QSROLWLVWRSUHVWHXQDXWRWXULVP9HULILFDWRDWHDFWHOHWRWXOvQUHJXODFkQGREVHUYDFDvQPDVLQDVHDIODSHUVRDQH
ÌPLSDUHUDXGDUFLUFXODWLQHUHJXODPHQWDUVSXQHSROLWLVWXOVXQWHWLSHUVvQPDVLQD
(LVL"
6XQWHWLSHUVRDQHvQPDVLQD
6LFHLUDXvQDVWD"
'RP
OHVXQWHWLSHUVRDQHvQ$XGL4XDWWURHFODUPDVLQDDUHGRDUORFXULvLVSXQHFODUQXPHOHTXDWWURvQVHDPQDSDWUX
(VWHTXDWWURGDUHVWHPDVLQDGHSHUVRDQH
1X
$VSXWHDVDYRUEHVFFXVHIXOWDX"
1XHVWHRFXSDWFXGRLWLSLvQWUXQ)LDW8QR
8QLQVWUHFHDSHOkQJDXQJDUGGHGXSDFDUHVHDX]HD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XYHUGHOHvQVXVFXYHUGHOHvQVXV
&XULRVWUHFDWRUXOVHVXLHSHJDUGVDYDGDFHVHSHWUHFHDDFRORVLFHVDYH]LSROLWLVWLLSODQWDXEUD]L
0HUJHDXGRLSROLWDLSHVWUDGDVLODXQPRPHQWGDWYDGREDOHJDFDUHVHvQWLQGHDDGHPHQLWRUvQIDWDORU
9DL,RDQH$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
,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 $WXQFL FX
QHGXPHULUHDFDHOVDQDVFXWWRWXVLvQLXQLHLDUIUDWHVDXWRFPDLvQGHFHPEULHLHVHvQPLVLXQHvQWURLQWHUVHFWLH2 PDVLQD
FLUFXODFXYLWH]DH[FHVLYGHPLFDvQFXUFkQGFLUFXODWLD$OH[DQGUHVFXIOXLHUDVLRSUHVWHPDVLQD
6DUX
PvQD$OH[DQGUHVFXDFWHOHODFRQWURO
6RIHULWDRGRDPQDJUDYLGDvLvQWLQGHDFWHOH
$YHWLPDVLQDGHIHFWD"'HFHPHUJHWLDVDvQFHW"
1XGRPQXOHPHUJVLPDLSUXGHQWQXYHGHWLVvQWvQOXQDDD
$OH[DQGUHVFXUDVSXQGHVLJXUGDUHQHUYDW
'RDPQDYDEDWHWLMRFGH3ROLWLD5RPkQD"&HFUHGHWLFDQXVWLX FDVvQWHP vQ PDLOXQDD D",D SODWLWLGXPQHDYRDVWUDR
DPHQGD
8QSROLWLVWHPDQFLSDWVWDDODWXULGHXQWLJDQSHPDUJLQHDGUXPXOXLvQDVWHSWDUHDDXWREX]XOXLVLLVSXQHDFHVWXLD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLLWXFXPDUDWDPQRLGRLDFXP"
1XGRP
FDSLWDQvLUDVSXQGHWLJDQXO
&DXQYXOWXUVLXQUDKDW
%LQHGRPQX
JHQHUDO$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
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$OSDWUXOHD; UDVSXQVSHFDUHVHIXOFRPLVLHLvOFRQVLGHUDWRWXVLDFFHSWDELO
ÌQVIkUVLWXQXOGLQWUHH[DPLQDWLUDVSXQGHFRUHFW)HULFLWH[DPLQDWRUXOH[FODP5
'RPQXOHFRORQHOLDWDXQXOFDUHVWLH
6XPEUXFXIUXQWHDQXPDLFXWH%8/$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
%DFkWIDF"
VDWUDLWL
*UHVLWDLSLFDW
$MXQJHODDOGRLOHD
&kWIDF"
18DLSLFDW
%OD%ODDMXQJHODXOWLPXOXQX
PLFSUDSDGLW
%DFkWIDF"
%UDYREDFXPWLDLGDWVHDPD"
$PVFD]XWGLQ
'RLSROLWLVWLVWDXGHYRUED
'RP
VHUJHQWQXFXPSDUDWLRMXPD
GHSRUF"
3HQWUXFH"6DVHUDVWRDUQHvQFRWHW"
&LFDXQSROLWLVWJDVHVWHSHMRVRELODÌLGDGUXPXOMRVVLHDVDUHGHGRXDRUL
0DVHJDQGHVWHHOGHFHVDUHELODDVWDGHGRXDRUL",DVDPDGXFODFDSLWDQ
6HGXFHODFDSLWDQVLvLFRPXQLFDIDSWXO6HJDQGHVWHFDSVHJDQGHVWHVLFXSULQVGHR
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
$QDPDULD
6LFDUHWLHFHODODOWQXPH"
6L$QDVL0DULD
6LFXPvOFKHDPDSHWDWDOWDX"
3HWDWDOPHXvOFKHDPDWDWLFX
3ROLWLVWXOVHVFDUSLQDvQFDSVLRvQWUHDED
6LXQGHORFXLHVWL"
/DPDPLFD
6LXQGHVWDPDPLFDWD"
/DQRL
3HFHVWUDGDVWDWL"vQWUHDEDSROLWLVWXOSXWLQQHUYRV
'XPQHDYRDVWUDQXVWLWL"
1X
9HQLWLVDYDDUDW
/DRVHFWLHGHSROLWLHHVWHDGXVDRIHPHLHFDUHDWUHFXWSHURVX3ROLWLVWXOGHVHUYLFLvQFHSHLQWHURJDWRULXO
1XPHOH"
&DPHOLD'
9kUVWD"
GHDQL
2FXSDWLD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
/DVDPDGUDJDvQSDFHFDDPIRVWODGHQWLVWPLDIDFXWROXFUDUHVLD]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"
7DEODJLL
'DVDWUDLWLQXPD
FDDIRVWRPLFDSUREOHPD
6HIX
&HSUREOHPD"
7DEODJLL
3DLVDYHGHWLWRYDUDVXFRORQHOQXPDLQRLDPGDQVDW
ÌQXQPLOLWLDQvORSUHVWHSHXQGRPQFXPDVLQDODGRXDQRDSWHDvQ%XFXUHVWL
'HXQGHYLLWRYDUDVHODRUDDVWD"
'HODVHGLQWDGHSDUWLG
+DLVDILPVHULRVLVLHXVXQWPHPEUXGHSDUWLGGDUQDPSRPHQLWVHGLQWDODRUDDVWD
'HVWLXVLHXSDUWLGXOGXPLWDOHRILODSXWHUH
$VGRULRFDUWHVHULRDVDGDFDVHSRDWHLVWRULFDVHDGUHVHD]DSROLWLVWXOOLEUDUHVHL
3RWVDYDRIHUXQD8OWLPHOH]LOHDOH3RPSHLXOXL
6LGHFHDPXULWDVWD"
'HRHUXSWLH
8QEDLDWPHUJHDSHVWUDGDVLJDVHVWHXQEDVWRQGHSROLWLVWPDLvQFRORYHGHXQSROLWDLVLVHGXFHVLvOvQWUHDED
1HQHDSROLWLVWDPJDVLWXQEDVWRQ(DOGXPQHDYRDVWUD"
1XvQQLFLXQFD]SHDOPHXODPSLHUGXW
'RLSROLWLVWLPHUJHDXSHVWUDGD8QXOGLQWUHHLGDFXSLFLRUXOvQWURPRQHGDGHRVXWDGHOHLVLWUHFHPDLGHSDUWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$VPDLGRULVDPLGDLvQFDRKDOEDFDDVWD
8QSROLWDLvQDOWFDEUDGX
FXPXVWDFLRDUDYRUEHVWHFXXQSXVWL
0DLWkQFXOHvWLSODFHPXVWDWDPHD"
'DQHQH
0DLWkQFXOHGD
WLHvWLSODFHFDVFKHWDPHD"
'DQHQH
3DLYDGFDWLHWLDUSODFHVDILLSROLWDLQXLDVD"
'DQHQHGDUHSUHDWLU]LX
&XPDVDPDLDLDWLWDWLPS
1XQHQHHSUHDWLU]LXDPWUHFXWGHMDFODVDDFLQFHD
0DLGHPXOWXQLIRUPHOHSROLWLVWLORUHUDXGHFXORDUHSRUWRFDOLHVLDOED
3RUWRFDOLHSHQWUXFHLPDLvQDOWLvQJUDGVLDOEDSHQWUXFHLPDLPLFLvQJUDG
6LGHDWXQFLSHQWUXILHFDUHSURVWLHVSXVDSROLWLVWLLDXSULPLWFkWHREXOLQDDOEDVWUD
8QFRSLOVHMXFDvQQLVLS9LQHXQPLOLWLDQVLOvQWUHDED
&HIDFL"
8QPLOLWLDQ
6LGLQFHOIDFL"
'LQDSDQLVLSVLFDFDW
0LOLWLDQXOVHVXSDUDVLOXUPDUHVWHSHFRSLOGDUQXOSULQGH$GRXD]LODIHO
&HIDFL"
8QPLOLWLDQ
6LGLQFHOIDFL"
'LQDSDQLVLSVLFDFDW
,DUVHDOHDUJDLDUVFDSDFRSLOXO$WUHLD]LDFHODVLVFHQDULX
&HIDFL"
8QSRPSLHU
6LGLQFHOIDFL"
'LQDSDVLQLVLS
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LFDFDWQXPDLSXL"
1XFDDWXQFLLHVHXQPLOLWLDQ
8QXOvQWkOQHVWHXQSROLWLVWFDUHSDWUXODVLvOvQWUHDED
'RPQXOHSROLWLVWHVWHSHUPLVFDXQXLRPGHRUGLQHVDLVSXL%28/("
ÌQQLFLXQFD]VSXQHUDVSLFDWSROLWLVWXO
'DUVDVSXLXQXLERX20'(25',1("
$VWDGD
%LQHDWXQFLODUHYHGHUHGRPQXOHDSDUDWRUDORUGLQLLSXEOLFH
6H IDFH XQ FRQWURO UXWLHU 8Q 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
8QSROLWLVWIDFDQGXVLURQGXOGHQRDSWHVHSRPHQHVWHFXXQLQGLYLGvQFDSFDUHDVDULWGHODHWDMXOXQXLEORF
&HIDFLRPXOHGHFHVDULGHODHWDM"
,QGLYLGXO
'RP
SROLWLVWHXVXQWSDUDVXWLVW
6LXQGHWLHSDUDVXWD"
(VXVREDWHEDUEDVX
3ROLWLVWXO
$LFLHVWHLQWHU]LVDEDLD
'DUHXQXPDVFDOGHXPDvQHF
1RURFXOGXPQHDYRDVWUD
8Q PLOLWLDQ VWDWHD vQWUR LQWHUVHFWLH PDUH SH EXOHYDUGXO 0DJKHUX VL FRQGXFH FLUFXODWLD JHVWLFXOvQG VL IOXLHUvQG IRDUWH
HOHJDQW
/DXQPRPHQWGDWDSDUHPDVLQDPLOLWLHLFXJLURIDUXULOHvQIXQFWLXQHVLRSUHVWHvQIDWDDUWLVWXOXLGHPLOLWLDQ
6DWUDLWLWRYFRORQHOVLQWVHUJHQW;ODSRVWXOHVWHLQWUHUXSWGH
0DGRELWRFXOHPDUVDFDVDVLVFKLPEDWHWHYHGHROXPHvQWUHDJDDLFLvQPLMORFXOFDSLWDOHLQXYH]LFDDLRFL]PDQHDJUDVL
XQDDOED
3HUPLWHWLVDUDSRUWH]6,$&$6$727$6$/($0
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
([DPHQGHJUDGOD65,/LVHGDVXELHFWXOFDUHHUDRIRWRJUDILHDXQXLDGLQSURILO3UREOHPDHUDVDVHGHWHUPLQHRULFH
VHPQSDUWLFXODUDOLQGLYLGXOXL
9LQHSULPX
65,VWVWDVWDRRUDGRXDGXSDFDUHFRQFOX]LRQHD]D
,QGLYLGX
QDUHRXUHFKH
([DPLQDWRUX
*UHVLWDLSLFDW
8UPDWRUX
65,VWVWDFkWHYDRUHGXSDFDUH
,QGLYLGX
QDUHRXUHFKH
([DPLQDWRUX
*UHVLWDLSLFDW
9LQHDOQDOHD65,VWVWDFkWHYD]HFLGHRUHGXSDFDUH
,QGLYLGX
SRDUWDOHQWLOHGHFRQWDFW
([DPLQDWRUX
%UDYRGD
FXPWLDLGDWVHDPD"
3DLGDFDQDYHDRXUHFKHFXPSXWHDVDSRDUWHRFKHODUL"
8QSROLWLVWYHGHXQDXWRPDWVHDSURSLHGHHOVLEDJDRILVD'HRGDWDDSDUHXQSDKDUVLvQFHSHVDFXUJDFDIHD3ROLWLVWXOLD
SDKDUXvOEHDVLPDLEDJDRILVD
'LQQRXDSDUHXQSDKDUFXUJHFDIHDXDSHFDUHREHDSROLWLVWXOVLDFWLXQHDVHUHSHWDGH PDL PXOWHRULSLQDFkQGvQ VSDWHOH
SROLWLVWXOXLVHIRUPHD]DRFRDGDGHVWXOGHPDUH
/DXQPRPHQWGDWREDWULQDvOvQWUHDEDSHSROLWLVW
'RPQXSROLWLVWQHODVDWLVLSHQRLVDEHPRFDIHDFDGHRRUDVWDPODFRDGD"""
/DFDUHSROLWLVWXOLQGLJQDWUDVSXQGH
&HYUHLEDERWLHFLXGDFDFkVWLJ
8QWLSSHVWUDGDYHGHXQDOWWLSvQXQLIRUPDVLOvQWUHDED
6XQWHWLSROLWLVW"
1X6LQWGHWHFWLYFDUHOXFUHD]DVXEDFRSHULUH
6LDWXQFLGHFHSXUWDWLXQLIRUPD"
3HQWUXFDD]LDP]LOLEHUD
&LFDODJDERULDYHDORFXQH[DPHQGHSURPRYDUH8QVXERILWHUVHDJLWDVLDIODGHODFLQHYDFDODH[DPHQVHvQWUHDEDFLQH
DVFULV/XFHDIDUXO
3ROLWLVWXOVHDJLWDHOGDUQXJDVHVWHUDVSXQVXO6HGXFHODORFRWHQHQW
'RP
ORFRWHQHQW$PVLHXRvQWUHEDUH"
=LPD
&LQHDVFULV/XFHDIDUXO"
%DQXVWLX
3ROLWLVWXOQRVWUXVHGXFHODFRORQHO
'RP
FRORQHO$PVLHXRSUREOHPD
'DVHUH]ROYD=L
&LQHDVFULV/XFHDIDUXO"
1XVWLXGDUDPXQSULHWHQSURIHVRUVDvLGDXWHOHIRQ
ÌQVIkUVLWDIODJDERUX
FD(PLQHVFXDVFULV/XFHDIDUXOVLFDVDQXXLWHODH[DPHQQRWHD]DSHXQELOHWVLvOEDJDvQSDQWRI
/DH[DPHQHVWHvQWUHEDWFLQHDVFULV/XFHDIDUXO3ROLWLVWXOVFRDWHGLVFUHWELOHWXOVLUDVSXQGHPkQGUX
&OXMHDQFD6$
/DJDERULFRQFXUVGHSURPRYDUH9LQHvQVDODSULPXOFDQGLGDW
([PLQDWRUXOvOvQWUHDED
&kWIDFH
"
%DHVWLVLJXUED"
%DPDLJkQGHVWHWH
([DPLQDWRUXOQRWHD]DvQILVD1XVWLHGDUQXVHGDEDWXW8UPDWRUXO
&kWIDFH
"
(VWLVLJXU"
'D
&KLDUHVWLVLJXU"
'DGRP
OH
([DPLQDWRUXOQRWHD]D1XVWLHGDUHVWHXQRPFXSULQFLSLL8OWLPXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
3DLGDFDDYHWLSHVWLvQFDVDvQVHDPQDFDYDSODFHVDSHVFXLWLQX"
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
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QSROLWLVWYHGHSHVWUDGDXQRPFXXQFDO
'HFHQXPHUJLRPXOHFXFDOXODVWDODJUDGLQD]RRORJLFD"
$PIRVWVLDFRORGDUDFXPPHUJHPODXQILOP
9DULDQWDPDLEXQD"
8QSROLWLVWVHWUH]HVWHGLPLQHDWDGXSDREHWLHPDUHILLQGvQFRQFHGLXVHXLWDSHIHUHDVWUDvQJUDGLQDVLYHGHXQSLQJXLQ6H
IUHDFDGHFkWHYDRULODRFKLGDUSLQJXLQXOWRWDFROR1HVWLLQGFHVDIDFDFXDQLPDOXOVHGXFHODVHIXOOXLVLvOLQWUHDED
6HIX
DPJDVLWXQSLQJXLQODPLQHvQJUDGLQD&HVDIDFFXHO"
6HIXvLVSXQHUDVSLFDW
3DLWRWHVWLvQFRQFHGLXLDOGHDULSDVLGXOOD*UDGLQD=RRORJLFD
=LVVLIDFXW'XSDGRXDD]LOHVHvQWkOQHVWHVHIXODIODWSHWHUHQFXSROLWLVWXOQRVWUX$FHVWDFXSLQJXLQXOGHPkQDÌOvQWUHDED
3DLFHIDFLQXDLGXVDQXPDOXOOD=RR"
%DGDLHULDPIRVWOD=RRVLD]LvOGXFODFLQHPD
ÌQWUXQEDULQWUDGLVSHUDWXQSROLWLVW
'RP
OHDMXWDWLPDFDPLDPvQFXLDWFKHLOHvQPDVLQDVLQXVWLXFHVDIDF
3DLDLODVDWXQSLFJHDPX
GHVFKLV"
'D
%LQHXLWHLDVvUPDDVWDvQGRDLHRODYvUIFDXQFkUOLJVLSULQJHDPXOvQWUHGHVFKLVvQFHDUFDVDOHDJDWL
0XOWXPHVFGRP
OHPDLVDOYDW
'XSDXQWLPSLQWUDXQDOWWLSvQEDUWLQvQGXVHFXPvLQLOHGHEXUWDGHUkV
&HUk]LQHQHFHDLSDWLW"
(XQSROLWLVWDIDUDFDUHvQFHDUFDVDVLVFRDWDFKHLOHGLQPDVLQDFXRVkUPDKDKDKDDDD
6LFHLDVDDPX]DQWQRLLDPVSXVFXPVDIDFD
'DGD
PDLHXQSROLWLVWvQDXQWUXFDUHOJKLGHD]D
8QEHWLYFXRFKHLHGHPDVLQDvQPkQDFODWLQkQGXVHSXWHUQLFLQWHUSHOHD]DXQSROLWLVWSHVWUDGD
'RP
SROLWLVWKkFPLDIXUDWFLQHYDPDVLQDKkFGLQFKHLH
3ROLWLVWXOvOSULYHVWHVLL]LFH
3OHDFDGRPQXOHDFDVDFDHVWLEHDWVLQXVWLLFHYRUEHVWL1XYH]LFDDELDWHWLLSHSLFLRDUHVLYH]LFDHVWLVLGHVFKHLDWOD
SDQWDORQL
/DFDUHEHWLYXOSULYLQGXVLSURKDSXOGHVFKHLDW]LFH
+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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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[DPHQHOHvQVHVLXQHDDVWD
%LQHEDGDUYH]LVDQXVHPDLLQWLPSOHFD
3HVWHH[DFWXQDQDFHHDVLVFHQDDFHODVLSROLWLVWDFHHDVLLQWHUVHFWLHDFHODVLQFLGHQWDFHODVLVRIHUFODPSDGHEHDW
&HIDFLPDWRWWXHVWL"
+DLGRPQH
KLFFDDPWHUPLQDWVLHXIDFXOWDWHDDPEDXWFHYDFXEDLHWLL
%LQHEDGDUYH]LVDQXVHPDLLQWLPSOHFD
3HVWHLQFDXQDQDFHHDVLVFHQDDFHODVLSROLWLVWDFHHDVLLQWHUVHFWLHDFHODVLLQFLGHQWGDUDOWVRIHUKRWDUkWGHEHDW
7XFHIDFLPDGHFH
+DLGRPQH
KLFFDDPWHUPLQDWVLHXIDFXOWDWHDDPEDXWFHYDFXEDLHWLL
%DLQXQFHUFDVDGHUXWH]LRUJDQX
FHFUH]LFDHXQXVWLXFDIDFXOWDWHDVDWHUPLQDWDQX
WUHFXW"
&LFDODXQPRPHQWGDWVHILLSROLWLHLURPkQHVHKRWDUDVFVDIDFDGLQSROLWDLXQH[HPSOXSHQWUXVRFLHWDWHFDVDQXPDLUvGD
OXPHDGHHL)DFHLFHIDFVLSROLWLVWLLvQYDWDVDPHDUJDSHDSDÌLGXFVHILLSHXQODFVLDVWLDVHSOLPEDXSHODF
7RWLSULYLWRULLvQPDUPXULWLVLSOLQLGHDGPLUDWLHQXPDLGRLvQWURSDUWHUvGHDXVDFUDSH8QWLSvLvQWUHDED
'HFHUvGHWL"
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
1XLQLPLFWLOVSXQSkQDOSULFHSL
ÌQWURVHDUDSHVWUDGDREDWUvQLFDVWULJDFvWRWLQHDXSODPvQLL
6DULWL6DULWLKRWLL3ULQGHWLOUHSHGH
8QSROLWDLFDUHHUDvQSUHDMPDRvQWUHDEDPLUDW
&HVHvQWvPSODGRDPQD"9DIXUDWFLQHYDFHYD"
'DGDXLWHOSHFHOFHIXJHDFRORSULQGHWLODYUXWVDPDYLROH]H
/DFDUHSROLWDLXO
1XLQLPLFGRDPQDQXYDDJLWDWLDWvWDODVDWLFDYLQHDOWXO
8QVRIHUFDUHGHSDVLVHELQLVRUYLWH]DOHJDODHVWHRSULWGHXQSROLWLVWFDUHvLFHUHSHUPLVXO&HOYLQRYDWVHH[HFXWD'DUvQ
SHUPLVVDDIODREDQFQRWDGHRVXWDGHGRODULSHFDUHHUDVFULVFXFUHLRQXO
$PJUHVLWMXUFDQRVDVHPDLUHSHWH6LLDUWDQHQRXDJUHVHOLOHQRDVWUH
3ROLWLVWXOFRPSOHWHD]DFDOPSURFHVXOYHUEDOGHFRQWUDYHQWLHvOSXQHSHvPSULFLQDWVDVHPQH]HDSRLLOvQWLQGHvPSUHXQDFX
EDQFQRWDvQFDX]D3HSDUWHDFHDODOWDVFULD
'YSXWHWLJUHVLVFDSDWLLHIWLQHXQDPYRLHVDJUHVHVF6LQXQHGXFHSHQRLvQLVSLWD
7HVWGHHQJOH]DODDFDGHPLDGHSROLWLH
9DURJVDPLVSXQHWLvQWUHDEDH[DPLQDWRUXOSHXQSROLWLVWFDUHSDUHDPDLUDVDULWSDWUXFXYLQWHvQHQJOH]D
'DVSXQHDFHVWD0HWUR*ROGZLQ0D\HU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LDOSDWUXOHD"
8DXXXXX
'RLSROLWLVWLSDWUXOHD]DSHVWUDGD/DXQPRPHQWGDWXQXOVHDSOHDFDVLLDFHYDGHSHWURWXDU&HODODOWvOvQWUHDED
&HLDLD"
2EDFQRWDGH
6RYDG
6HXLWDODEDFQRWDGXSDFDUHRDUXQFD
'HFHDLDUXQFDWR"vOvQWUHDEDFHOFDUHDJDVLWR
3DLXQGHDLPDLYD]XWWXEDFQRWDGHSHFDUHGXSDVDXUPH]H]HURXUL"
7UHFHXQXSHVWRSFXPDVLQDPLOLWLDQXOQX]LFHQLPLF
3DUFKHD]DSHLQWHU]LVPLOLWLDQXOQLPLF
6HGXFHODPLOLWLDQvLGDXQSXPQGHJHDEDÌOVFXLSDvOFDOFDSHSDQWRILWRWQLPLF7LSXOVHSRWROHVWHVLSOHDFDIOXLHULQG
0LOLWLDQXODOHDUJDvOSULQGHVLLWUDJHREDWDLHSHFLQVWH
%LQHPDDLWUHFXWSHVWRSQDP]LVQLPLF$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 6D GXV HO vQWUXQ VH[ VRS 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
%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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFXUkQGVDXvQQHFDWSROLWLVWLvQ'kPERYLWD
8QXOVWDWHDSHPDUJLQHDDSHLVLIXPD$DUXQFDWWLJDUDGXSDFDUHDVDULWVLHOVDRVWLQJD
$OGRLOHDHUDFXEDUFDSHDSDFLQGDYD]XWFDDUHRJDXUDSHXQGHLQWUDDSDDVDFDDPDLIDFXWXQDFDVDLDVDDSD
,DUFHLODOWLGRLDXPXULWODUHFRQVWLWXLUH
2JDJLFDPHUJHQRDSWHDSHRVWUDGDGHSHULIHULH/DXQPRPHQWGDWDSDUQLVWHWLJDQLFDUHRYLROHD]D6LFDVDQXSOHFH
FXPkQDJRDODvLLDXVLKDLQHOH(DFHVDIDFDVHEDJDvQWUXQERVFKHWVLDVWHDSWD'XSDXQWLPSDSDUHXQSROLWLVW*DJLFDvL
SRYHVWHVWHFHVLFXPVLvOURDJDVDLGHDFHYDVDVHDFRSHUHFDVDSRDWDDMXQJHDFDVD3ROLWLVWXOvLGDFKLSLXO(DFHVDIDFD
LDFKLSLXOVLvQFHDUFDVDDFRSHUHFkWSRDWHSXQFWXOGHLQWHUHV$SRLSOHDFD3HVWUDGDVHvQWkOQHVWHFXGRLEHWLYL6HXLWDHL
ELQHODHD
%DVDVWLLFDDODHSROLWLVWXOSHFDUHODPEDJDWQRLvQSL
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QPLOLWLDQPHUJHSHVWUDGDVLFDGHvQWUXQFDQDOIDUDFDSDF,HVHvQFHUFkQGVDVLVWHDUJDXQLIRUPDVLFkQGDMXQJHDIDUD
vVL]LFH
&HQRURFDPDYXW3DLFXPLHVDPHXDIDUDGDFDHUDFDSDFXOSXV"
'RLPLOLWLHQLVHGXFODXQERUGHOSURDVSDWGHVFKLV5HFHSWLRQHUXOOH]LFH
&HGRULWLEDLHWL"
$PYUHDVDI
PVLQRLFHYD
6LFkWLEDQLDYHWL"
9UHRVDL]HFLGHPLLGHOHL
'HEDQLLDVWLDLHVLWLYRLDIDUDPHUJHWLYUHRGHPHWULODVWkQJDYHGHWLFDHXQSDUFXOHWVLYDI
WHWLvQFXU
3OHDFDPLOLWLHQLLvQWULVWDWLVLDSDUGLQQRXGXSDRMXPDWDWHGHRUD
,DUDVLYRL"]LFHUHFHSWLRQHUXO1XDWLIRVWXQGHYDP]LVHX"
%DGDGDUDPYHQLWVDSODWLP
%XODWRFPDLLHVHGLQVHGLXOPLOLWLHLMXGHWHQHVLHSXL]DWVHVSULMLQDGHXQSRP8QWUHFDWRUVHDSURSLHGHHOvQWUHEkQG
1XYDVXSDUDWLQXVWLWLXQGHVHEDWHODPDVLQD"
1XVWLXSHPLQHPDXEDWXWPDQXDO
&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
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"$OPHXDUHSRVWOkQJDFRQVHUYDWRU2FRQVHUYDQDPYD]XWSkQDDFXP
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWURVHDUDXQFDOXJDUPHUJHDSHVWUDGDvQIDVXUDWvQWURPDQWDQHDJUDFXJOXJDSHFDS6HvQWkOQHVWHFXGRLSROLWLVWL
FDUHvOEDWGHVHFDFDSHHLDSRLXQXOGLQHLvL]LFH
&HED1,1-$FUH]LFDWRWXLFDQILOPH"
&LFDYLQHXQSRSDOD3ROLWLH
'RPQXOHSROLWLVWPLVDIXUDWELFLFOHWD9DURJIUXPRVVDPLRJDVLWLSHQWUXFDHXVXQWXQRPPRUWIDUDHD
DPVOXMEHGHWLQXWvQVDWHOHYHFLQHVLQXDPFXFHVDDMXQJDFROR
&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
6WDWLSXWLQFDQLFLQDPDMXQVODDDSRUXQFD6DQXIXULSHQWUXFDODDD6DQXSUHDFXUYHVWLPLDPDGXVDPLQWH
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DGXWHODLQGLYLGXODODGHSHVWUDGDVLLQWUHDEDOGDFDVWLHFLQHDVFULV/XFHDIDUXO
'XSDFFDPLQXWHVHLQWRDUFHVXEDOWHUQXOXGOHRDUFDGDUFXXQ]LPEHWGHVDWLVIDFWLHSHFKLS
*DWDGRP
VHIDUHFXQRVFXWHODVFULVR
8QSROLWLVWPHUJHODXQSDULQWHFDVDVHVSRYHGHDVFD/DXQPRPHQWGDWSDULQWHOHvOvQWUHDED
$LIXUDWYUHRGDWD"
3ROLWLVWXOUDVSXQGH
3DULQWHHXDPRYRUEDFDUHPDVFXWHVWHVDIXUVHFRQILVFD
&RPDQGDQWXOFDWUHVXERUGRQDWLLVDLGLQSROLWLH
)LWLDWHQWLVDQXEDWHWLODRFKL
1LFLRSUREOHPDGRPQXOHFRPDQGDQWVWLPQRLQXPDLODSLFLRDUH
'RLSROLWLVWLVHvQWkOQHVFSHVWUDGD
'HXQGHYLL*LFD"
'HODSROLFOLQLFD7RFPDLDPIDFXWXQWHVWGHLQWHOLJHQWD
6LFXPDLHVLW"
6ODYD'RPQXOXLQHJDWLY
8QSROLWLVWSULQGHXQFRSLOFODVD,IXPkQGVLLVSXQH
%DVLHXIXPDPvQFODVD,GDUDYHDPDQL
8QSROLWLVWvL]LFHXQXLFRSLO
'DFDPLVSXLFkWLFRODFLDPODVSDWHWLLGDXSHDPkQGRL
8Q SROLWLVW FDUH OXFUD vQ WXUD GH QRDSWH RSUHVWH R PDVLQD VL vL FHUH RPXOXL VD VH OHJLWLPH]H DSRL vO vQWUHDED XQGH
ORFXLHVWH
6WUDGD,RQ/XFD&DUDJLDOHVDWUDLWL
)DUD QLFL R H[SOLFDWLH FHWDWHDQXO vQFDVHD]D FkWHYD EDVWRDQH GXSD FDUH HVWH GXV OD VHFWLH $ GRXD ]L SROLWLVWXO vVL SUH]LQWD
UDSRUWXOvQIDWDVXSHULRUXOXL
,PDJLQDWLYD'OHFDDFHVWFHWDWHDQDDYXWWXSHXOVDvPLVSXQDFDVWDSHVWUDGD,RQ/XFD&DUDJLDOH'DURDUHDUDWHXDSURVW
VDSRWVDFUHGFDVWDSHWUHLVWUD]LRGDWD"
5DVSXQVXOGLQSDUWHDVHIXOXLYHQLSHGDWD
0DLERXOHWXQXWLDLGDWVHDPDFDVWDODLQWHUVHFWLH"""
/D SROLWLH DX IRVW DQJDMDWL QLVWH SURIHVRUL FD VDL vQYHWH SH SROLWLVWL WDEOD vQPXOWLULL 6DX FKLQXLW HL R YUHPH GDU QX
UHXVHDX QLPLF D GRXD ]L SROLWLVWLL QX PDL VWLDX QLPLF /D XQ PRPHQW GDW OHD YHQLW LGHD VDL vQYHWH SH FkQWHFH FD OD
JUDGLQLWD6LDXvQFHSXWSHPX]LFD
'RLRULGRLIDFSDWUXWUHLRULWUHLIDFQRXDGRLRULFLQFLIDFH]HFH
$GRXD]LDFDVDvQWLPSFHVHEDUELHUHDXQSROLWLVWFkQWD
1DQDQDQDQDQDQDQDQDQDQ
1HYDVWDvOvQWUHDED
&HFkQWLDFROR"
1HDXvQYDWDWLHULXQFkQWHFODVHFWLHGDUDPXLWDWFXYLQWHOH
7UHLSROLWLVWLVWDWHDXGHYRUED
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$VDGHSURDVWDHVWHQHYDVWDPHD]LFHSULPXOFDvQFKLULD]DYLGHRFDVHWHVLQRLQXDYHPQLFLPDFDUYLGHR
$PHD]LFHDOGRLOHDHVLPDLSURDVWDDFXPSDUDWGHWHUJHQWGHVSDODWYDVHVLQRLQLFLQXDYHPPDVLQDGHVSDODWYDVH
$OHYRDVWUHQXVXQWQLPLF]LFHDOWUHLOHDHXDPIRVWFXQHYDVWDPHDODVXSHUPDUNHWVDIDFDFXPSDUDWXULVLHDVLDOXDWGH
SUH]HUYDWLYHSHQWUXYDFDQWD9DGDWLVHDPDFHSURDVWDFDHXQLFLQXPDGXFFXHD
'RLSROLWLVWLvQSDWUXODGHQRDSWH&DSLWDQXO
&kWLED"
6XEDOWHUQXO
&LQFL
&DSLWDQXO
&HFLQFL"
6XEDOWHUQXO
&HFkWL"
'RL SROLWLVWL vVL IDFHDX URQGXO LQWUR VHDUD URQGXO SH VWUDGD /D XQ PRPHQW GDW XQXO GLQWUH HL GD SHVWH XQ UDKDW ÌO
vQWUHDEDSHFHODODOW
$VWDUDKDWRIL"
&HODODOW
1XVWLXGDUPDLELQHVDJXVWDP
*XVWDHOVLVSXQH
1XVLQWVLJXUGDUWRWXVLFUHGFDUDKDWHVWH0DLELQHJXVWDVLWXVDILPVLJXUL
*XVWDVLDFHVWDVLvQFHOHGLQXUPDVSXQH
6DVWLLFDUDKDWHVWH+DLVDPHUJHPELQHFDQXDPFDOFDWvQHO
8QSROLWLVWGLVFXWDFXGRLFROHJL
%DLFRSLOXOPHXvLSURVWGHQXVWLHFkWIDF
%DDOPHXHVLPDLSURVW]LFHDOGRLOHDQXVWLHFkWIDF
$OWUHLOHD
9HQLWLODPLQHDFDVDVDYHGHWLFHSURVWHDOPHX
$FDVDODDOWUHLOHDSROLWLVW
%D&RVWHOXVYLQDODWDWDGXWHODFROWXOEORFXOXLVLYH]LGDFDYLQDFDVD
%LQHWDWLPDGXF
'XSDFLQFLPLQXWH
1XYLL
9HGHWLED"
&HLGRLSROLWLVWL
&HSURVWSDUFDQXSXWHDVDVHXLWHGHSHEDOFRQ
8QSROLWLVWvQWUHDEDUHFODPDQWD
$WLSXWHDVDPLGHVFULHWLSHUVRDQDFDUHYDYLRODW"
'DUGRPQXOHSROLWLVWGRDUQXYDLPDJLQDWLFDHXvQWRUFFDSXOSHQWUXRULFHQLPHQGUXP"
8QSROLWLVWRSUHVWHRPDVLQD
$FWHOHODFRQWURO
3RIWLWL
5RVHQEHUJDL"
'D5RVHQEHUJ
(YUHXDL"
'DHYUHX
'RXD]HFLGHPLLDPHQGD
'HFHGRP
OH"
$LIDUXOVSDUWVLULVWLVDIDFLDFFLGHQW
%LQHSRIWLPEDQLL
,DPDLGDDFWHOHDOHD5RVHQEHUJDL"
'D5RVHQEHUJDPPDLVSXVRGDWD
(YUHXDL"
'DGRP
OHHYUHX
2VXWDGHPLLDPHQGD
'HFHGRP
OH"
$LFDXFLXFXULOHX]DWHQDXDGHUHQWDVLULVWLVDIDFLDFFLGHQW
%LQHSRIWLPEDQLL
,DPDLGDRGDWDDFWHOHDOHD5RVHQEHUJDL"
'D5RVHQEHUJDPPDLVSXVRGDWDVFULHVLDFRORQXVWLLVDFLWHVWL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(YUHXDL"
'DGRP
OHHYUHX,DUvQFHSL"
&LQFLVXWHGHPLLDPHQGD
'HFHGRP
OHGHFH"6SXQHPLGRP
OHDLFHYDFXPLQH"$LFHYDFXQXPHOHPHX"$LFHYDvPSRWULYDIDSWXOXLFDVXQWHYUHX"
$GLFDYUHLVDPLVSXLWXPLHFD$LVHQEHUJDODFDUHDVFXIXQGDW7LWDQLFXOQXHUDHYUHX"
8QSROLWDLODH[DPHQHVWHvQWUHEDWGHFDWUHH[DPLQDWRU
&HYHLIDFHGDFDWUHEXLHVDvWLDUHVWH]LSURSULDPDPD"
/DFDUHYLLWRUXOSROLWLVW
5RJXQFROHJVDPDDFRSHUH
3HIUHFYHQWDGHXQGDDSROLWLHL
$WHQWLXQHHFKLSDMODYRLvQ]RQDVDUDSRUWDWFDXQQHEXQFLUFXODFXPDUHYLWH]DSHFRQWUDVHQV
&DUHXQXOGRP
SOXWRQLHU""6XQW]HFLVXWH
/DSROLWLHYLQHXQPHVDM
,QWHUSROXOFDXWDXQEDUEDWFXXQVLQJXURFKLSHQXPH)XOJHULFD
8QXOGLQSROLWLVWLvQWUHDED
'D"6LSHFHODODWRFKLFXPvOFKHDPD"
%DQFXULFXQHEXQL
Ì7RWLEDUEDWLLVXQWQHEXQL"
51XXQLLUDPkQEXUODFL
8QQHEXQvQSLHOHDJRDODVHXLWDvQRJOLQGDVLRGDWD]LFH
7UHEXLHVDPLVFKLPEFXUX$VWDVDFUDSDW
'RLQHEXQLHYDGHD]DGLQRVSLFLX'XSDFHDXVDULWWRDWHJDUGXULOH]LFHXQXO
$FXPDKDLVDQHvQWRDUFHPUHSHGHvQDSRL5HSHWLWLDJHQHUDODQHDLHVLWIRDUWHELQH
6LGHFkQGWLDLGDWVHDPDFDHVWLXQFDO"vQWUHDEDSVLKLDWUXO
ÌQFDGHSHYUHPHDFkQGHUDPPkQ]
8QQHEXQVHPXQFHDVDEDWDXQFXLvQSHUHWHvQVDFXIORDUHD$OWQHEXQFDUHWUHFHDSHDFRORVHXLWDODHOVLvL]LFH
%DWXQXYH]LFDDODHFXLSHQWUXSHUHWHOHRSXV"
8QWkPSLWYURLDVDYDGDGDFDPDLDUHVDXQXFRPEXVWLELOvQPDVLQD$VDFDDDSULQVXQFKLEULWVLVDXLWDWvQUH]HUYRU
$DYXW
8QSVLKLDWUXSHPDVDGkQGGLQPvLQLVLH[SOLFvQGXQXLQHEXQFDUHVWDOLQLVWLWSHVFDXQ
3DLELQHGRPQXOHFXPFUH]LFDSRWL]EXUDGDFDQXGDLGLQDULSL"
8QQHEXQvVLDWHQWLRQDXQIUDWHGHDOVDXvQFXUWHDXQXLD]LO
9H]LFDDLRJDXUDvQXPEUHOD
6WLX(XDPIDFXWRFDVDYDGFkQGVHRSUHVWHSORDLD
'RLQHEXQLvQFXUWHDXQXLD]LO
'HFHWUDJLGHVIRDUDDLD"
$PvQFHUFDWVRvPSLQJGDUVHvQGRDLH
'RFWRUXOXQXLRVSLFLXGDWHPDQHEXQLORUGLQWURVDODVDFLWHVFDVLDSRLVDSRYHVWHDVFDFkWHRFDUWHÌQ]LXDGHDVFXOWDUH
vQFHSHOHYLLVDDUDWHFDUWLOHSHFDUHOHDXFLWLWVLvQFHSVDOHSRYHVWHDVFD3ULQWUHHLXQXOWRWVSXQHFDQXSRDWHSRYHVWLQLPLF
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
SHQWUXFDVHvQFXUFDvQSUHDPXOWH SHUVRQDMH'RFWRUXOYD]kQGFDQX VFRDWHQLFLRLGHHGHODUHVSHFWLYXOvO URDJDVD DGXFD
FDUWHD1HEXQXORDGXFHGRFWRUXORYHGHVLVLGDRSDOPDSHVWHIUXQWH
8LWHXQGHHUDFDUWHDPHDGHWHOHIRQ
8QQHEXQPHUJHSULQVSLWDOWUDJkQGGXSDHOXQSDQWRI/DXQPRPHQWGDWVHvQWkOQHVWHFXXQPHGLFFDUHOvQWUHED
&HIDFLPD"7UDJLXQFkLQHGXSDWLQH"
&XPXQFkLQH'XPQHDWDQXYH]LFDLXQVLPSOXSDQWRI"
%XQGDUvQFD]XODVWDGHFHQXWHvQFDOWLFXHO"
&XPVDPDvQFDOW"9UHLVDPDPXVWH"
8QXOYLQHODSVLKLDWUX
'RFWRUHSULHWHQDPHDvVLvQFKLSXLHFDDUIL0DULO\Q0RQURHVLFDHXDVIL)UDQN6LQDWUD
1XHDVDGHJUDY$VWDDUSXWHDDGXFHXQDYkQWvQYLDWDGXPQHDYRDVWUDVH[XDOD
'DODvQFHSXWDIRVWDVDGDUDFXPvPLFHUHVDLOSUH]LQWSHSUHVHGLQWHOH.HQQHG\
ÌQILHFDUHQRDSWHDPDFHODVLYLVGRPQXOHGRFWRUVXQHXQQHEXQSVLKLDWUXOXLVDX
&HYLV"
6HIDFHFDVWDXvQIDWDXQHLXVLSHFDUHVFULHFHYDVLvPSLQJVLvPSLQJVLXVDQXVHGHVFKLGH6LWRWDVDSkQDOD]LXD
)RDUWHLQWHUHVDQWVSXQHGRFWRUXO6LFHVFULHSHXVD"
7UDJHWL
,DVSXQHPLWHODX]LODWRDWDOXPHDFDHVWL1DSROHRQLDUPLHvPLVSXLFDHVWL/XGRYLFDO;9,OHD"
3DL'XPQHDYRDVWUDVXQWHWLPHGLFQXSRWVDYDPLQW
ÌQWURFOLSDGHUDJD]GRLPHGLFLSVLKLDWULVFKLPEDSDUHUL
ÌOVWLLSHFHOGHODVDORQXOWUHL"&HOFDUHvVLvQFKLSXLHFDHVWH/XGRYLFDO;,9OHD"1XvWLIDFHLPSUHVLDFDVHVLPWHELQH"
%DGD$FXP]LFHFDL/XGRYLFDO;,,,OHD
8QQHEXQJDVHVWHXQSXULFHVLODUXQFDSHJHDP
&UH]LFDDUHVDPRDUD"vOvQWUHDEDDOWQHEXQ
&XVLJXUDQWD/DPDUXQFDWFXFDSXOvQMRV
&XPRPDLGXFHVRWXOWDXFXVDQDWDWHD"
7RWDVD3HVFXLHVWHWRDWD]LXDvQFDGDGLQEDLH
6LQXLDLVSXVPHGLFXOXL"
'HFHGUDJD"0LHvPLSODFHSHVWHOH
&DWDUDW SH ]LGXO FDUH vPSUHMPXLHVWH RVSLFLXO XQ QHEXQ VH ]JkLHVWH OD XQ SHVFDU FDUH VWD GH FHDVXUL vQWUHJL DSURDSH
QHPLVFDWFXXQGLWDvQPkQDSHPDOXOODFXOXL
9DGFD]DFLDFRORGHGLPLQHDWD0DFDUDLSULQVYUHXQSHVWLVRU"
1X
6LDWXQFLGHFHQXYLLODQRL"
&LFDXQXVFDSDWGHODQHEXQLSXQHRFKLLSHXQDSHVWUDGD$LDRLDODIXJDHOGXSDHDHDIXJHHOGXSDHDHDIXJHHO
GXSDHDHDVHPSLHGLFDHORDMXQJH
)HPHLHHVWLYLH"
(DFXRXOWLPDUDVXIODUH
'D
6LGHFHQXIDFLVWUXJXUL"
7UHFDWRULLSULYHVFFXQHGXPHULUHODXQLQGLYLGFDUHVWDQHPLVFDWFXXUHFKHDOLSLWDGHDVIDOW8QFHWDWHDQPDLFXULRVQXVH
SRDWHDEWLQHVLSXQHGHDVHPHQHDXUHFKHDODSDPkQWDVFXOWDFRQFHQWUDWFkWHYDVHFXQGHEXQHDSRLUHPDUFD
1XVHDXGHDEVROXWQLPLF
&HODODOWULGLFDRFKLLvOSULYHVWHVLLUDVSXQGH
'DVLSDUWHDQDVRDODHVWHFDRWLQHDVDGHD]LGLPLQHDWD
8QFHWDWHDQVHSUH]LQWDODGRFWRUXOSVLKLDWUX
'RPQXOHGRFWRUvLVSXQHDFHVWDQRDSWHDRPXOWLPHGHRPXOHWLVHIRLHVFODPLQHVXESDW
+PIDFHGRFWRUXO&D]XOGXPQHDYRDVWUDDUQHFHVLWDFkWLYDDQLGHDQDOL]HVLWUDWDPHQW
'XSDXQWLPSGRFWRUXOvVLvQWkOQHVWHSDFLHQWXOSHVWUDGDVLOvQWUHDEDGHFHQXVDPDLSUH]HQWDWODFRQVXOWDWLH
3HQWUXFDQXPLDSHUPLVWLPSXO'DUVDVWLWLFDDPWHUPLQDWFXRPXOHWLLDFHLDFDUHPDGHUDQMDXQRDSWHD
'D"&XP"
$PWDLDWSLFLRDUHOHSDWXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LFHYLVHDYHDWLDFDVD"VHDGUHVHD]DSVLKLDWUXOSDFLHQWXOXLGLQVSLWDOXOGHQHEXQL
3DLVHIDFHDFDHUDPYDFDvQWURSRLDQDVLUXPHJDPLDUED
3DLDVWDQXHFKLDUDVDGHUDX
&XPQXHUDX"(IRDUWHUDX1LFLLGHHQXDYHWLFHJXVWUDXDXDOJHOHXVFDWHGLQVDOWHDXDPHD
/DVSLWDOXOGHQHEXQL3VLKLDWUXOLQWUDvQVDORQVLLVSXQHSDFLHQWXOXL
$VGRULVDVWLXFHDWLYLVDWD]LQRDSWH
6HIDFHDFDDPLHVLWGLQFDVDvQSLHOHDJRDODVLGRDUFDSXOvODYHDPDFRSHULWFXRSDODULH
6LQXYDHUDUXVLQH"
%DGDFDFLSDODULDHUDIRDUWHLHIWLQDVLSUHWXOHUDvQFDOLSLWSHHD
3VLKLDWUXOvQWUHDEDXQQHEXQ
6LFXPYDQXPLWL"
:LQVWRQ&KXUFKLOOGRPQXOHGRFWRU
$VWDQXPDLSRWvQWHOHJH$FXPFkWLYDDQLYDQXPHDWL0DUJDUHW7KDWFKHU"
'DDVWDHUDQXPHOHPHXGHIDWD
8QQHEXQYLQHvQFDELQHWXOSVLKLDWUXOXLVLVFRDWHWRWWLPSXOXQVXQHWFLXGDW
+kVWLKkVWL
&HIDFHWLDFROR"vQWUHDEDGRFWRUXO
*RQHVFHOHIDQWLL
%LQHGDUDLFLQXVXQWHOHIDQWL"
9HGHWL
'RFWRUHVRWXOPHXvVLvQFKLSXLHFDHRIDUIXULH]EXUDWRDUH]LFHVRWLDPHGLFXOXLSVLKLDWUX
%LQHWULPLWHWLOODPLQH
6LXQGHDUSXWHDDWHUL]D"
3VLKLDWUXOPHJHSULQJUDGLQDVSLWDOXOXLGHQHEXQLVLvQWUHDEDXQSDFLHQW
6LFHVXQWHWLD]LGRPQXOH,RQHVFX"
&DUGLQDOGRPQXOHGRFWRU
6LFLQHYDQXPLW"
3DSDvQSHUVRDQD
/DFDUHXQDOWSDFLHQWVHvQWRDUFHVL]LFH
0LQFLXQLGRPQXOHGRFWRUQLFLQXOFXQRVFSHRPXODVWD
'RLQHEXQLJDVHVFXQYRODQGHPDVLQDVLSOHDFDODGUXP/DSULPDEHQ]LQDULHWUDJGUHDSWDVLVHGXFODFHOGHDFROR
)DFHWLSOLQXOYDURJ
$VWDVHXLWDXLPLWODFHLGRLVL]LFH
9RXDYDOLSVHVWHFHYD
=LFHDWXQFLXQQHEXQFHOXLODOW
7LDP]LVHXQLFLQXDLELQHPDVLQDFDWUHEXLHVDEDJLPkQDvQEX]XQDUSHQWUXUHSDUDWLL
8QEDUEDWYLQHODSVLKLDWUXVL]LFH
'RPQXOHGRFWRUVRWLDPHDvVLvQFKLSXLHFDDUILRJDLQD
%LQH6LGHFkQGDVWD"
&DPGHWUHLDQL
6LGHFHYHQLWLODPLQHDELDDFXPD"
3DLDYHDPQHDSDUDWQHYRLHGHRXD
&LFDXQQHEXQVHGXFHODXQSROLWVWFDUHGLULMDFLUFXODWLDvQPLMORFXOVWUD]LL
$DDDDXLWHDDEORFX
DOD
&HLPD"
$DDDDEORFX
DOD
6HGXFHSROLWLVWX
FXDVWDOkQJDEORF
$DDDVFDUDDLD
6HGXFDVWLDODVFDUD
$DDDHWDMX
6HXUFDDVWLDODHWDMXO
$DDDDSDUWDPHQWXO
6XQDSROLWDLX
ODDSDUWDPHQWXO
$DD+DLVDIXJLP
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7HURDUHPDUHODVSLWDOXOGHQHEXQLÌQILHFDUH]LQHEXQLLHYDGDXÌQSULPD]LODVSLWDOHUDXJDUGXULGHGRLPHWULvQDOWLPH
9LQ QHEXQLLGLPLQHDWDSXQVFDULSHJDUGXUL VL HYDGHD]D &X JUHXvL DGXFJDUGLHQLL vQDSRL6HDUD PRQWHD]D JDUGXUL GH WUHL
PHWUL vQDOWLPH $ GRXD ]L GLPLQHDWD QHEXQLL LHV vQ FXUWH VL JDWD OD JDUG VFDULOH SH HO VL WXOHR ÌL DGXF GLQ QRX JDUGLHQLL
'LVSHUDWGLUHFWRUXOVSLWDOXOXLGHQHEXQLQXVWLHFHVDPDLIDFD6HKRWDUDVWHVDSXQDJDUGXULPLFLGHXQPHWUXFHRILRIL
'LPLQHDWDQHEXQLLLDXVFDULOHVHGXFODJDUGVLVHEORFKHD]D6WDXDVWLDVHVFDUSLQDvQFDSVHJvQGHVFQLPLFQLFLRLGHH
9LQHGLUHFWRUXOVLvLvQWUHDED
'HFHQXDWLHYDGDWVLDFXP"
3DLQXSUHDVWLPVDSXQHPVFDULOHSHJDUG
ÌQWUXQ VDQDWRULX GH QHEXQL GH XQGHYD GLQ WDUDWRWL SDFLHQWLL VH FUHGHDX IUXQ]H 9LQH LQVSHFWLH GH OD %XFXUHVWL /D
SULPXOHWDMLQWUDLQVSHFWRUXO
$YHQLWWRDPQD
%XI7RWLFDGFDSHWHVSDUWHPkLQLSLFLRDUHUXSWHWRWWDFkPXO/DDOGRLOHDHWDMLQWUDLQVSHFWRUXO
$YHQLWWRDPQD
%XIWRWLFDGFDSHWHVSDUWHPkLQLSLFLRDUHIUkQWH7RWDVDVLODDOWUHLOHDVLODDOSDWUXOHDDMXQJHODDOFLQFLOHD
$YHQLWWRDPQD
1LPLF
$YHQLWWRDPQD
7RWQLPLF
$9(1,772$01$
%DWXHVWLYDFD"1XYH]LFDQRLVXQWHP&21,)(5("
,QVSHFWLHODFDVDGHQHEXQL0HUJHLQVSHFWRUXOODSULPXOHWDMGHVFKLGHXVDVLvLYHGHSHQHEXQLFD]kQGGLQWDYDQ
'D
YRLFHVXQWHWL"
)UXQ]HDYHQLWWRDPQDQHDPXVFDWVLDFXPFDGHP
/DDOGRLOHDHWDMODIHO
/DDOWUHLOHDHWDMGHVFKLGHXVDVLvLYHGHSHQHEXQLVDULQGSHVWHWRW
0DYRLFHIDFHWLDLFL"
3DLQRLVXQWHPPDFDURDQHODILHUW
6LDLDGRLGHSHWDYDQ"
$FHLDVDXSULQVGHIXQGXORDOHL
'RFWRUHIUDWHOHPHXHEROQDYUDXGHWRWÌVLvQFKLSXLHFDDUILSDVDUH
6LFXPVHPDQLIHVWDDVWDPDLH[DFW"
3DLFXPVDYDVSXQVD]LFHPFDQXDUILLQGLFDWVDYDSDUFDWLPDVLQDVXEFRSDFXOGLQIDWDFDVHLQRDVWUH
0HGLFXOGHVHQHD]DROLQLHVLDSRLvOvQWUHDEDSHQHEXQ
&HYDVXJHUHD]DDVWD"
)HPHLJRDOH
0DLGHVHQHD]DXQFHUFVLLDU
'DUDVWDFHYDVXJHUHD]D"
)HPHLJRDOH
0DLGHVHQHD]DXQSDWUDW
&HYDVXJHUHD]DDVWD"
)HPHLJRDOH
3VLKLDWUXOODVDMRVFUHLRQXOGLQPkQDVL]LFH
9DGFDDYHWLRLGHHIL[DFXIHPHLJRDOH
(XDPRLGHHIL[D"&LQHDGHVHQDWDLFLWRDWHREVFHQLWDWLOHDVWHD
3HPDUJLQHDXQHLDXWRVWUD]LXQLQGLYLGvOVWULJDSHDOWXODIODWSHVWHGUXP
3HXQGHDLWUDYHUVDWPDL"
6DWUDYHUVH]"0DFUH]LQHEXQ"(XVvQWQDVFXWSHSDUWHDDVWD
*KHRUJKHvVLPkQDFDUXWDSHOkQJDJDUGXOXQXLVSLWDOGHQHEXQL6DUHVLJXUDQWDGHODRURDWDPDLPHUJHXQSLFVDUHDSRL
VLVDLEDPDL PHUJHvQFDXQSXWLQVLLQHYLWDELOURDWDFDGH6HDVHD]DvQIXQGOkQJDURDWDRVWXGLD]DVHXLWDOXQJODRVLD
JRDODVLUDPkQHSHJkQGXUL8QQHEXQGLQVSLWDOVWkQGSHJDUGVHXLWDDVWHDSWDVLDVWHDSWDSkQDvVLSLHUGHUDEGDUHDVLvL
]LFHOXL*KHRUJKH
0DLSURVWXOHYH]LFDDLSLHUGXWVDLEDGHODURDWDXQSLFvQVSDWHLDUVLJXUDQWDRJDVHVWLXQSLFPDLvQFROR
*KHRUJKH]LFH
&HFUH]LWXEDLFDDPDMXQVVDDVFXOWODJXUDXQXLQHEXQGLQWUXQVSLWDOGHJOXPHWL"
1HEXQXO]LFH
2LILHXQHEXQGDUDVWDQXvQVHDPQDFDVXQWVLSURVW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RFWRULLVHKRWDUDVFVDPDLHOLEHUH]HQLVWHQHEXQL$VDFDvLVXSXQODXQWHVW$FRSHUDXVDFXWDSHWVLGHVHQHD]DDOWDSH
SHUHWHVLOHVSXQQHEXQLORUVDLDVDDIDUD1HEXQLLVHvPEXO]HVFWRWLODXVD8QXOVLQJXUVWDFDOPSHVFDXQVL]kPEHVWH'RFWRULL
vOvQWUHDED
7XGHFHVWDL"
/DFDUHQHEXQX
]LFH
6VVWFKHLDHODPLQH
9DULDQWD
3UHD PXOWL QHEXQL OD VSLWDO 7UHEXLD IDFXW FHYD 8Q GRFWRU JDVHVWH R VROXWLH 0HUJH vQWUR FDPHUD XQGH HUDX QHEXQL
GHVHQHD]DRXVDSHSHUHWHFXEURDVFD\DODVLOH]LFH
1HEXQLORUVXQWHWLOLEHULVDSOHFDWLFkQGYUHWL
7RWLQHEXQLLVHvQJUDPDGHVFVDLDVD]JkULHSHUHWHOHQXPDLXQXOVWDVLUkGH6HGXFHGRFWRUXOODHOvOIHOLFLWDVLLPDLVSXQH
6HSDUHFDWXHVWLYLQGHFDW3RWLVDSOHFLGDUXQVLQJXUOXFUXVDPLPDLVSXLWRWXVLGHFHQXDLVDULWVDLHVL"
=LFHDWXQFLUk]kQGQHEXQXO
3DLFKHLDHODPLQH
9DULDQWD
/D XQ VSLWDO GH QHEXQL YLQH R FRPLVLH GH PHGLFL FD VD FRQVWDWH GDFD QX FXPYD vQWUH WLPS VD PDL IDFXW YUHXQ EROQDY
VDQDWRV VL SRDWHIL WULPLVDFDVD &RPLVLD FHUH GLUHFWRUXOXLVSLWDOXOXLVD DGXQH WRWL QHEXQLL vQWURFDPHUD VL VD vQFKLGD XVD
$SRLXQXOGLQPHGLFLLGLQFRPLVLH]LFH
&DUHGLQWUHQHEXQLUHXVHVWHVDLDVDSULQJDXUDFKHLLHVWHOLEHUVDSOHFHDFDVD
/DFDUHWRWLQHEXQLLVHvQJKHVXLHVLvQFHSVDVHDUXQFHvQFHUFkQGVDLDVDSULQJDXUDFKHLLQXPDLXQQHEXQVWDWHDFXPLQWHSH
XQ VFDXQ VL UkGHD GH FHLODOWL FDUH vVL UXSHDX PkLQL VL SLFLRDUH vQFHUFkQG VD LDVD SULQ JDXUD FKHLL 0HGLFLL FUH]kQG FD DFHO
EROQDYHVWHYLQGHFDWVHDSURSLDUDGHHOVLvL]LVHUD
'DUWXGHFHQXYUHLVDVDULFDFHLODOWLFROHJLGHDLWDLSULQJDXUDFKHLL"&UH]LFDQXVHSRDWHVDXGHFHQXvQFHUFL"
+HKKHKGD
GXPQHDWDFUH]LFDHXvV
FKLDUDVDGHSURVW"&UHGHWLFDHXQXVWLXFDGXPQHDYRDVWUDDWLODVDWFKHLDSHSDUWHD
DLODOWD"
8Q DYLRQ WUDQVSRUWD XQ ORW GH QHEXQL VSUH VDQDWRULX 'DU QHEXQLL VH MXFDX vQ DVD IHO vQFkW GH]HFKLOLEUDX DYLRQXO
&RPDQGDQWXODHURQDYHLLDFRPDQGDWFRSLORWXOXLVDLSRWROHDVFDSHQHEXQLFDDOWIHOVHYRUSUDEXVL6HGXFHDVWDODQHEXQLvL
URDJDvLFHDUWDvLORYHVWHQLPLF6HGXFHODFRPDQGDQWVLvLVSXQHFDQXLDSXWXWSRWROLODFDUHDFHVWDvLVSXQHVDWLQDHO
FRQWUROXOQDYHLFDVHGXFHVDLSRWROHDVFD'XSDFkWHYDPLQXWHVHIDFXOLQLVWHLDUFRPDQGDQWXOUHLQWUDvQFDELQDGHFRQWURO
&RSLORWXOH[WUHPGHFXULRVvOvQWUHEDSHFRPDQGDQW
&XPDLUHXVLWVDLSRWROHVWL"
3DLPDPGXVODHLVLOHDP]LV0DLFRSLLGHFHYDMXFDWLvQFDVDMXFDWLYDPDLELQHvQFXUWH6LOHDPGHVFKLVXVD
'RLQHEXQLMXFDXPRDUD=LFHXQX
ODXQPRPHQWGDW
6DK
/DFDUHDODODOW
%DWkPSLWXOHWXQXVWLLPDFDODWHQLVGHPDVDQXPHUH
FXWURPIX
"
3VLKLDWUXOvQWUHDED
$XPDLH[LVWDWvQIDPLOLDGXPQHDYRDVWUDFD]XULFXEROLPLQWDOH"
'DDFXPWUHLDQLVRUDPHDDUHIX]DWVDVHFDVDWRUHDVFDFXXQ DPHULFDQPLOLDUGDU
8QLQVSHFWRUvQVDQDWDWHYL]LWHD]DXQRVSLFLXGHQHEXQL'RFWRUXOvOvQVRWHVWH
'RPQXOH GRFWRU VSXQH LQVSHFWRUXO vPL SODFH PRGXO vQ FDUH DWL RUJDQL]DW DFHVW RVSLFLX PDL DOHV IHOXO vQ FDUH LDWL
FRLQWHUHVDWSHQHEXQLvQ
DFWLYLWDWL HUJRQRPLFH VL vQ VSHFLDO vPL SODFH DFHDVWD SLVFLQD GLQ IDWD QRDVWUD 6vQW XLPLW GH IHOXO vQ FDUH LDWL DQWUHQDW SH
QHEXQLLDFHVWLD&RQVWDWFDVDULPSHFDELOGHODWUDPEXOLQDVLSRWVSXQHvQFDOLWDWHGHFXQRVFDWRUVLVXSRUWHUGH QDWDWLH FD
VDULWXULOHDXFKLDUXQFRHILFLHQWFUHVFXWGHGLILFXOWDWH
'DGRPQXOHLQVSHFWRUVvQWPDJXOLWGHODXGHOH'YGDUVDYHGHWLFHELQHVDUFkQGDXVLDSD
6HIXOXQHLFDVHGHQHEXQLvQWUHDEDSRUWDUXO
,DWLSULQVSHWRWLFDUHDXIXJLWODLQFHQGLXOGLQQRDSWHDWUHFXWD"
'DGRPQXOHGRFWRU
&KLDUSHWRWL"
&DUH"1RLDPDGXV
&RQGXFHUHDXQXLVSLWDOGHQHEXQLDKRWDUkWVDIDFDXQ]LGFDUHVDvPSUHMPXLHVSLWDOXOSHQWUXFDEROQDYLLFDUHVXQWLQJULMLWL
DFROR VD QX PDL ILH GHUDQMDWL GH ]JRPRWXO VL GH OXPHD GH DIDUD'XSD FH ODX IDFXW VDX JkQGLW VDO YRSVHDVFD vQ URVX
FXORDUHDSUHIHUDWDDGLUHFWRUXOXL$GRXD]LGLPLQHDWD]LGXOGLVSDUXVH6LWRWLQHEXQLLVWDWHDXSHMRVOkQJDUDPDVLWHOH]LGXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
VLVHEDWHDXFXSDOPDSHEXUWD0HGLFLLVSLWDOXOXLVDXJkQGLWFDSUREDELOQXOHRILSODFXWFXORDUHDVLDWXQFLODXYRSVLWvQ
JDOEHQÌQGLPLQHDWDXUPDWRDUHDXDYXWDFHHDVLVXUSUL]D7RWLQHEXQLLVWDWHDXOkQJDUDPDVLWHOHJDOEHQHDOH]LGXOXLVL PXOWL
GLQWUH HL HUDX PXUGDUL GH YRSVHD JDOEHQD SH OD JXUD $WXQFL ]LGDULL VSLWDOXOXL VDX DSXFDW GLQ QRX GH WUHDED VL FDQG DX
WHUPLQDW ]LGXO ODX YRSVLW vQ YHUGH ÌQ GLPLQHDWD XUPDWRDUH LDX YD]XW SH QHEXQL VWkQG FD QLVWH VWDQH GH SLDWUD FX RFKLL
KROEDWLFkWFHSHOHLWkQGXVHIL[OD]LG
'DUFHIDFHWLPDLDLFHD"
$VWHSWDPVDVHFRDFD
/DVSLWDOXOGHQHEXQL&HOPDLQHEXQGLQWUHWRWLPDUHVHIPDUHDFROR&HLYLQHDVWXLDvQWUR]L=LFH
+DLVDPXWDPVSLWDOXOFDPDPVDWXUDWVDWRWYDG]LGXULOHVLEORFXULOHDOHDSHVWHGUXP
=LV VL IDFXW 6H DSXFD QHEXQLL VD vPSLQJD OD VSLWDO GDU DO QDLELL VSLWDO QX YURLD VD VH PLVWH $WXQFL DVWLD VH DSXFD VD VH
GH]EUDFH/DVDWRDWHKDLQHOHGHRSDUWHVLVHDSXFDVDvPSLQJDPDLFXVkUJ9LQHXQDVLVWHQWOHLDKDLQHOHVLOHGXFHvQDXQWUX
$WXQFLXQQHEXQH[FODPD
6HIX
&UHGFDODPPXWDWGHVWXO'HMDQXVHPDLYDGKDLQHOHQRDVWUH
'RL QHEXQL VWDWHDX SH DFRSHULVXO VSLWDOXOXLVL VH SLVDX MRV/D XQ PRPHQW GDW WUHFH GLUHFWRUXO SH OkQJD VSLWDO &XP vO
YHGHXQXOVHRSUHVWHEUXVF
&HDLSDWLWPDL"vOvQWUHDEDFHODODOW
3DLGDFDPDSULQGHDGHMHWVLPDWUDJHDvQMRV"
6WDWHDXODVSLWDOXOGHQHEXQLGRLQHEXQLVXVSHDFRSHULV3ODQXLDXHLVDHYDGH]HGDUQXDYHDXFXPVDFRERDUHSHSDUWHD
FHDODOWD
6HFDXWDHLFHVHFDXWDSULQEX]XQDUHQLPLF3vQDODXUPDJDVHVFRODQWHUQDDUXQFDWDSHDFRSHULV8QXOGLQWUHHLVSXQH
)LLDWHQW(XDSULQGODQWHUQDLDUWXWHFRERULIUXPXVHOSHUD]DvQMRV
'D
]LFHFHODODOW
&HPDFUH]LQHEXQVDVWLQJLODQWHUQDVLVDFDG"
ÌQIDWDXQXLVSLWDOGHQHEXQLHUDRFRDGDLPHQVDFDUHvQFHSHDvQIDWDXQXLVWkOS6HDGXQDVHUDFkWHYDVXWHGHQHEXQLFDUH
VWDWHDXODDFHDFRDGDRUHvQWUHJLSHQWUXFDDSRLVDVHVXLHSkQDVXVSHVWkOSVLFRERUkQGVD]LFD
$GDvQWUDGHYDUDVDH$YHWLGUHSWDWH
/DRUDFkQGDXLHVLWPHGLFLLGHODVHUYLFLXPXOWLGLQWUHHLILLQGFXULRVLVDXDVH]DWODDFHDFRDGDVLGXSDFkWHYDRUHDX
DMXQV VD VH XUFH SH IDLPRVXO 67Æ/3 6H XUFD SULPXO PHGLF DMXQJH FX FKLX FX YDL SkQD VXV GDU DFROR QX YHGH QLPLF
GHRVHELW$WXQFL]LFH
1X YD VXSDUDWL GDU GYV FHDWL YD]XW OD FDSDWXO VWkOSXOXL DVD GH LQWHUHVDQW" 'H FH WRDWD OXPHD VSXQH 'D GRPQXOH vQWU
DGHYDU&KLDUDVDH"
3DLSHQWUXFDDVDH$FRORVHWHUPLQDVWkOSXO
'RL QHEXQL GH OD XQ VSLWDO FDUH HUD vQWUR FODGLUH IRDUWH vQDOWD VH JkQGHVF VD VFDSH GH SDFRVWH HYDGkQG GLQ VSLWDO FX
SDUDVXWD6HDUXQFDHLGHODHWDMXO'XSDFHFDGvQJROWLPSGHFkWHYDVHFXQGH]LFHXQXO
%DLKDLVDGHVFKLGHPSDUDVXWD
1XPDLDVWHDSWDPDLHWLPS$MXQJODHWDMXO
%DLKDLVDGHVFKLGHPSDUDVXWD
$LUDEGDUHVXQWHPGHDELDODHWDMXO$MXQJODHWDMXO
%DLQXPDLDVWHSWHXWUH
VDGHVFKLGSDUDVXWD
0DLDLUDEGDUHVXQWHPGHDELDODHWDMXO
$MXQJODHWDMXO
$FXPD
FKLDUWUH
VDGHVFKLGSDUDVXWD
&HPDWLHIULFDVDFD]LGHODHWDMXO"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
UHSHGH26$6&27(/$67,&86,26$35,1'0867(/('(3(($
&LFD *KLWD GH OD PLQLVWHU IDFH R LQVSHFWLH LQRSLQDWD OD R FDVD GH QHEXQL /D SRDUWD SRUWDUXO vL DWUDJH DWHQWLD VD QXL
FRQWUD]LFD SH QHEXQL FD SRW GHYHQL SHULFXORVL FL VD OH IDFD SH SODF &XP LQWUD vQ FXUWH SDF DSDUH XQ QHEXQ FX R URDED
VWULJkQG
7$;,7$;LSHQWUXGRPQX
6HXUFD*KLWDvQURDEDvOWUDQVSRUWDDVWDURDWDSDUFXOHWXGHYUHRGRXDRULGXSDFDUHvOGHVFDUFDvQIDWDVFDULORU]LFkQG
$WLDMXQVODGHVWLQDWLHGRPQX
WHIDFHPLL
6FRDWH*KLWDPLLGLQMHEVLLGDWD[LPHWULVWXOXL6HVFRDODDSRLGHMRVVHVFXWXUDGHSUDIVLFkQGVDXUFDVFDULOHDSDUGRL
WLSLFXRWDUJD
/LIWXVHIXOLIWX
ÌOvQKDWDSH*KLWDvOSXQSHWDUJDXUFDVFDULOHVLOHFRERDUDGHYUHRGRXDRULGXSDFDUHvOGHVFDUFDSHSDOLHU
PLLVHIXPLL
6FRDWH*KLWDEDQLLFDGHVDQXVHSXQDUDXFXQHEXQLL'DVDVHULGLFHFkQGDSDUHXQXWUDJkQGRSDWXUDGXSDHO
8QGHPHUMHGRPQXXQGHPHUMH"ÌOGXFHXSHGRPQXFXULFVDUHSHGHUHSHGH/DFDUHFDPHUD"
/DGLUHFWRU]LFH*KLWDGHMDVDWXOGHYL]LWD
3DFDUXQFDQHEXQXSDWXUDSHHOvLWUDJHYUHRGRLSXPQLSkQDvOQDXFHVWHDSRLWUDJHSDWXUDSkQDvQIDWDELURXOXLGLUHFWRUXOXL
7HIDFHGHPLLFDDIRVWWDUHDJORPHUDWWUDILFXVLDPSULQVVLGRXDFDUDPERODMHSHWUDVHXYDOHXGDWDUHWHDLXPIODWOD
RFKLDIRVWDJORPHUDWLHvQFDELQDVDXFH]LFHQHEXQXO]kPELQGVLOXkQGEDQLLGHOD*KLWD
,QWUD*KLWDVXSDUDWODGLUHFWRU6LvQFHSHVDLSRYHVWHDVFD
%DGDFHQHEXQLDLDLFHDGRPOH
3DLXLWHFXPDPLQWUDWDSDUHXQXFXRURDEDVL]LFHGDLWD[LX(XFDVDQXPDSXQFXHOFD
SRDWHLSHULFXORVvLIDFSHYRLHVLDVDPDLGHSDUWH'DGLUHFWRUXGHDFROR
2EDJDPLDVSLFLRUXIX
XOHPXPDORULDUDXVDULWVWXGHQWLLJDUGX
'RLQHEXQLFLRFDQHDXvQFDOHDIHUDWD=LFHXQXO
%DDDDDVWHDVXQWDVDGHWDULDLFL
/DFDUHFHODODOW
8LWDWHSHSDUWHDFHDODOWDDFRORHRFKHVWLHPRDOH
ÌOVWLLSH9LRUHO"(FHOFDUHDIRVWLQWHUQDWODQHEXQL
'DVLFHLFXHO"
6DvQVXUDWGHFXUkQG
6DUDFXOvQVHDPQDFDLDXGDWGUXPXOQHYLQGHFDW
/DXQRVSLFLXvQVHFWLDUHFXSHUDELOLvQGUXPDWRUXOvLvQWUHDEDSHQHEXQL
&LQHSRDWHVDVSXQDFkWIDF"
6WDXQHEXQLLOkQJDWDEODWRSDLHUkGVHWUDJGHSDUVLUDVSXQGPkQGULGHLQWHOHFWXOORU
0LHUFXUL
/DUDVSXQVXOFRUHFWvQGUXPDWRUXOvLvQWUHDEDSHQHEXQFXPDFDOFXODW
3DLDPvPSDUWLWSHODPLHUFXUL
ÌQIDWD FDVHL GH QHEXQL XQ SHUVRQDM FLUFXOD GH FkWHYD RUH EXQH vQ VWkQJD VLQ GUHDSWD FX R XVD GH PDVLQD vQ VSLQDUH
&LQHYDvOvQWUHDED
'XPQHDWDDLvQHEXQLW"'HFHFDULvQFDOGXUDDVWDXFLJDWRDUHRXVDvQVSLQDUH"
ÌLEXQDDVWDVLSHFDOGXUDÌQFHOPDLUDXFD]ODVJHDPXOMRV
8QWLSWkUkLHXQSDQWRIOHJDWFXRDWD8QDOWXOvQWHOHJDWRUvOvQWUHDED
&XPvOFKHDPDSHFkLQHOHWDX"
(VWLQHEXQQXYH]LFDLSDQWRI"
6LDWXQFLGHFHvOWLLOHJDW"
'D
FHYUHLVDWHPXVWH"
'RLQHEXQL
/DVDPDVDWLEDWXQFXLvQFDS
1XXXRFDGDFDGDLSHODQJDvPLVSDUJLFDSXOFXFLRFDQX
&UDFLXQXOvQVSLWDOXOGHQHEXQL0RVXOYLQHVLOH]LFHQHEXQLORU
&LQHvPL]LFHRSRH]LHVFXUWDSULPHVWHXQFDGRXDV&LQHvPL]LFHRSRH]LHPDLOXQJDSULPHVWHXQFDGRXPDLPDUH
8QQHEXQVDUHvQIDWDPRVXOXLVL]LFH
%XEXEXEXEX
/DFDUHPRVX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LFLQHvVLEDWHMRFGHPLQHQXSULPHVWHQLPLF
'RLQHEXQLvQVDODGHDVWHSWDUHDFDELQHWXOXLSVLKLDWUXOXL
ÌPLSODFHGHHOFDXWDvQWRWGHDXQDVDGHDYLQDSHSDULQWL
%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
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
(XDVVXJHUDVDIRORVLPQLVWHFDWXVHILHFDUHVDDYHPSHWRWWLPSXOPHVHLFDWXVHODPvLQLVLDVWIHOQXVHPDLSRDWHDUDWDFDD
SULQVXQXODWkWDVDXDWkWD6HDFFHSWDYDULDQWDFDILLQGFHDPDLVLJXUD$XORFOXFUDULOHVLVHDMXQJHODPDVDIHVWLYDJXVWDUL
YRGFDPDVOLQHPDPDOLJXWDSDOLQFD3UHVHGLQWHOHWRFPDLYRUEHD
$PILODWDPvQWLQVDPXVFDWDPvQFHSXWVDOWUDJODPDGXVODPDODPOXDWPLQFLRJXOVLODPVFRVDIDUD
(UDHUDYL]LELOMHQDWGHFDWXVHDUDWDFXPkLQLOHGHSDUWDWHIDFXWHFDXVDYHDXQRFKLXLWHDWkWDGHPDUH
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
$UXQFDDVWDSHVWLVRUX'XSDXQWLPSVHWHUPLQDVWLFODOXLGHYRGFD6WDDVWDFHVWDSHJkQGXULVLSkQDODXUPDLDVWLFODVLVH
SLVDvQHD0LURDVHYRGFD%HDYRGFD9HFLQX
VHXLWDODHOFDODIHOX
SDLVSH
&HIDFLEDLDFROR"
%HDXYRGFD
'XWHEDL
,DVLJXVWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9HFLQXLXWHODPkQLHvLGDXQDSHVWHPkQDVLVWLFOD]ERDUDVLVHVSDUJHGHRVWkQFD$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
&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
$MXWRU1XVWLXVDvQRW
6LFHLFXDVWD"vLUHSOLFDXQRPFDUHWRFPDLWUHFHDSHDFROR1LFLHXQXVWLXVDSHVFXLHVFGDUQXVWULJvQJXUDPDUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,HULDPSULQVFHDPDLPDUHFDSWXUDGLQYLDWDPHDSRYHVWHDYHFLQLORUXQSHVFDU8QFUDSFDUHFkQGODPFkQWDULWDYHD
NJ
'DFRQILUPDEDLHWHOXOSHVFDUXOXLVLWDWDDIRVWDVDGHEXQFDODGDWSLVLFXWHLVDOPDQkQFH
8QRPGHOD$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"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
3HVFDUXOSULQGHXQLPHQVFUDSVLVSXQHPXOWXPLW
7HYRLGXFHDFDVDODRFLQDFRSLRDVD
3HVWHOHvLUDVSXQGH
0XOWXPHVFDPPkQFDWGHMDQXVDUSXWHDVDPHUJHPODFLQHPDWRJUDI"
%XODSHVFXLHVWHLDUvQFDSDWXOFkUOLJXOXLVHDIODRIHOLHGHPDU
8QSHVFDUVHWRWXLWDODHOSkQDODXQPRPHQIGDWFkQGvLVSXQH
)LXLHQXVHSHVFXLHVWHFXPDUFLFXRUkPDVDXFXXQYLHUPH
6WLXVSXQH%XODYLHUPHOHVHDIODvQPDU
&HDLIDFXWGXPLQLFD"
$PIRVWSOHFDWODSHVFXLWELEDQL
6LDLSHVFXLWPXOWL"
1LFLXQXO
6LDWXQFLGHXQGHVWLDLFDHUDXELEDQL"
3HPDOXULOH3UXWXOXLSULQGSHVWHGRLSHVFDUL3HPDOXO5RPkQLHL*LFXSHPDOXO0ROGRYHL,RQ,RQDUHXQGLWDSODVDVLWRW
IHOXO GH DFFHVRULL GH SHVFXLW GDU QX SULQGH QLPLF *LFX VWD vQ DSD SkQD PDL VXV GH EXULF VL SHVWH ILHFDUH PLQXWD EDJD
PkLQLOHvQDSDVLVFRDWHFkWHXQSHVWH
0D*LFXOHFXPSULQ]LPDODFH"
3DLODPDPDOLJDRIDFLERWVLRvPEUDFLSHSX
D&XPVLPWLSHVWHOHvOSULQ]LFXPkLQLOH
3HVWHFDUHYDWLPS*LFXvOYHGHSH,RQvQWHSHQLWvQDSD
&HPD,RDQHVDSULQV"
6DSULQVVDSULQVGDUvOPDLODVROLDFD
8QSHVFDUVHSOLPEDSHPDOXODSHL9HGHSHVWLVRUXOGHDXU3HVWLVRUXOvLVSXQH
'DFDvPLGDLGUXPXOvWLvQGHSOLQHVFRGRULQWD'HFLFDUHWLHGRULQWD"
6WLLSHVWLVRUXOHPLHPLHIULFDGHDSD&RQWUXLHVWHXQSRGSkQDvQ+DZDL
ÌPLFHULFHYDFKLDUVLSHQWUXPLQHLPSRVLELO0XOWEHWRQFLPHQWHWFHWF=LDOWDGRULQWD
)DPDVDvQWHOHJIHPHLOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3HVWLVRUXO'XSDRMXPDWDWHGHRUDGHJkQGLUH
3HFkWHEHQ]L3HGRXDVDXSHSDWUX""""
%DQFXULFXWDUDQL
'RXDVWXGHQWHODPHGLFLQDSOHDFDDFDVDFXWUHQXOvQSULPDORUYDFDQWDÌQFRPSDUWLPHQWPDLHUDVLXQWDUDQ(OHvQFHSVD
FRQYHUVH]H
9DLGUDJDFHPDGRDUHPDUXOOXL$GDP
6LSHPLQHPDVWUkQVSDQWRIXOVLPDGRDUHFDOFkLXOOXL$KLOH]LFHFHDODOWD
7DUDQXOWUHEXLVDFRERDUHVLSHQWUXFDvQYDWDVHVLHOFHYDGHODRUDVHQLLDVWLDPDLGHVWHSWLFkQGVHULGLFD]LFH
$ROHX&HPLDDPRUWLWEXFDOXLFXU
3HXQGUXPGHWDUDXQSROLWLVWSHPRWRUHWDXUPDUHVWHRFDUXWDVLvQWUHDEDWDUDQXOFDUHVWDWHDSHFDSUD
'RPQXOHQXWLDLGDWVHDPDFDQHYDVWDWDDFD]XWGLQFDUXWDODFkWLYDNLORPHWULGHDLFL"
/DFDUHWDUDQXO
'RDPQHDMXWDHXDPFUH]XWFDDPVXU]LW
9DULDQWD
3HXQGUXPGHWDUDXQSROLWLVWSHPRWRUHWDXUPDUHVWHRFDUXWDVLvQWUHDEDWDUDQXOFDUHVWDWHDSHFDSUD
'RPQXOHQXWLDLGDWVHDPDFDQHYDVWDWDDFD]XWGLQFDUXWDODFkWLYDNLORPHWULGHDLFL"
/DFDUHWDUDQXO
'RDPQHDMXWD$PFUH]XWFDDPGHSDVLWYLWH]DOHJDOD
&LFDHUDSULPDYDUDvQWUXQVDWGLQDUGHDO'RLWDUDQLLLHVSHFkPSFXVDSHOHODXQPRPHQWGDWYLQQLVWHRDPHQLRILFLDOLFX
QLVWHDSDUDWHVRILVWLFDWHVLvQFHSVDYHULILFHWHPSHUDWXUDVROXOXLFDVDVWLHFkQGVDSODQWH]HSRUXPEXO
&HLGRLWDUDQLQHGXPHULWLGHFHVHvQWkPSODVHGXFVLLvQWUHDEDFHIDF/DFDUHRILFLDOLLOHVSXQFDPDVRDUDWHPSHUDWXUD
VROXOXL/DFDUHXQX
GLQWUHWDUDQLUDVSXQGH
3DLELQHPDDFXPGHDQL VWUDVWUDEXQLFXO PHX PDVXUD WHPSHUDWXUD FX IXQGXOÌVLGDGHD MRVL]PHQHOH VL SXQHDFX
FXUXOSHSDPkQWVLDVDVWLDGDFDVDSODQWH]HSRUXPEXOVDXQX9HGHWLYRL"FHIDFHDHODFXPGHDQLFXFXUXOYRLIDFHWL
DFXPFXFDSXO
8QWDUDQHvQWUHEDWGHXQYHFLQ
&XPVHFKHDPDSDVWLOHOHDOHDGHSRWHQWDFDUHYHWHULQDUXOOHGDWDXUXOXL"
1XVWLXGDUDXXQJXVWPHQWRODW
,RQVL*KHRUJKHVWDWHDXODELUWVLGLVFXWDXGHSDWDQLLOHORUGLQYLDWD6L,RQSRYHVWHVWH
$PIRVWRGDWDODSLDWDFXILXOPHXVLDPWUHFXWSHOkQJDRIHPHLHFDUHYLQGHDEDORDQHVLILXOPHXDYUXWQHDSDUDWXQEDORQ
(XFDVDILXUHVSHFWXRVVLVDLQWUXSXWLQvQYRUEDFXIHPHLDDPYUXWVDLVSXQFXPFDFHEDORDQHIUXPRDVHDUHVLLDPVSXV
&HEDOFRDQHIUXPRDVHDYHWL
0DLEHDXHLXQSDKDUVLSRYHVWHVWHVL*KHRUJKH
ÌQWURGLPLQHDWDODPLFXOGHMXQVWDWHDPFXQHYDVWDODPDVDVLDPYUXWVDLVSXQVDPLGHDVLPLHXQWXOVLFHFUH]LFDLDP
]LV"ÌQSL
GDPDWLGHFXUYDFDPLDLUXLQDWYLDWDGHFkQGQHDPFDVDWRULW
8QRPGHODWDUDvPSUHXQDFXEDLDWXOVDXYL]LWHD]DXQPDJD]LQXQLYHUVDOGHODRUDV5DPvQDPvQGRLEORFDWLvQIDWD
FHORUGRXD]LGXULVWUDOXFLWRDUHFDUHVHGHVSDUWHDXVLDSRLVHXQHDXODORF%DLDWXOvQWUHDED
7DWDFHLDVWD"
7DWDOFDUHvQYLDWDOXLQXYD]XVHXQOLIWUDVSXQGH
)LXOHQDPYD]XWDVDFHYDvQYLDWDPHDQXVWLXFHSRDWHIL
ÌQWLPSFHVHXLWDXDPvQGRLFXRFKLLLHVLWLGLQRUELWHGHXLPLUHREDWUvQDvQWUXQFDUXFLRUFXURWLOHYLQHDSDVDXQEXWRQFHOH
GRXD]LGXULVHGHVFKLGLDUEDWUvQDLQWUDvQWURPLFDFDPHUD=LGXULOHVHvQFKLGLDUFHLGRLYDGQLVWHFHUFXOHWHPLFLGHOXPLQD
FDUHVHDSULQGHDXVLVHVWLQJHDX=LGXULOHVHGHVFKLGGLQQRXVLDSDUHREORQGDVXSHUEDGHGHDQL
)LXOHGXWHUHSHGHVLFKHDPRSHPDWD
(UDXQWDUDQFXXQFDO/DXQPRPHQWGDWVHDSURSLHXQXOGHHOVLL]LFH
%DGHGDFDIDFFDOXOVDUkGDvPLGDLXQNLOGHEUkQ]D"
'DSRLIDOVDUkGDVLRPPDLYHGHD
6HGXFHDODODFDOvOLDvOGXFHvQWUXQKDPEDUFkQGLHVHGXSDFkWHYDVHFXQGHFDOXOUkGHDvQKRKRWH
9H]LEDGHFDODPIDFXWVDUkGD""
9DGGRPQHPLQXQDWLHPDUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'DFXGDFDOIDFVDSOkQJDvPLPDLGDLXQNLO"
+DLVRYDGVLSDVWD
,DDODFDOXOGLQQRXvOGXFHvQKDPEDULHVHLDUGXSDFkWHYDVHFXQGHFXFDOXOFDUHSOkQJHDFXODFULPLGHFURFRGLO
(VWLWDUHQHQHGD]LVLPLHVDQXPRUSURVWFXPODLIDFXWVDUkGDVLVDSOkQJDDVD"
3DLSULPDRDUDLDP]LVFDDPVFXODPDLPDUHFDDOXLVLODXPIODWUkVXOGXSDDLDLDPDUDWDWR
9LQH XQ DPHULFDQ vQ 5RPkQLD VDVL SRUQHDVFD R PLFD DIDFHUH R IDEULFD *DVHVWH XQ WDUDQ FDUH DYHD GH YDQ]UH FHYD
SDPkQWVHvQWHOHJHODSUHWFXDFHVWDVLUDPkQHVDvOFXPSHUHFXFRQGLWLDFDWDUDQXOVDVLLDVWXSLLFDUHLDYHDSHXQFROWLVRUDO
WHUHQXOXLFDDOELQHOHvQWHDSDVLvLGDXEDWDLHGHFDS7DUDQXOvQFHDUFDVDOFRQYLQJDFDQXLQWHDSDVLVDOHODVHDFRORSHQWUXFD
QXRFXSDORFPXOWGDUDPHULFDQXOWRWQXYUHD$WXQFLWDUDQXOvLVSXQH
0DDPHULFDQXOH(XWHOHJJROSXVFDGHXQFRSDFRQRDSWHvQWUHDJDVLGDFDVHDWLQJHRDOELQDGHWLQHvWLGDXWRWSDPkQWXOSH
JUDWLV
$PHULFDQXOXLvLVXUkGHLGHHDSUHIHUDQGVDOvQWHSHRDOELQXWDSHQWUXGHOXVRDUHOHGHSDPkQWSHFDUHOHDYHDvQIDWDRFKLORUVL
DFFHSWD
9LQHDGRXD]LWDUDQXOvOJDVHVWHSHDFHVWDWRWVXSWVIULMLWGDFDPDLDYHDYUHRNJSHHO
&HDLSDWLWPD"6DDWLQVYUHRDOELQDGHWLQH"
1XPDWDUDQH'DUYLWHOXODVWDQDUHPDPD""
8QWDUDQPHUJHDFDVDGHODPRDUDvQWURFDUXWDWUDVDGHXQPDJDU/DXQPRPHQWGDWFDUXWDVSXQH
%DWDUDQHGD
QXPDLSRWGXFHDWDWDGHPXOWLVDFL
7DUDQXOVHXLWDLQMXUVFXLSDvQVkQVLFRQWLQXDGUXPXO'XSDSXWLQWLPSVHDX]LLDU
7XQXDX]LFH]LFHX"
7DUDQXOVSHULDWVHRSULVL]LVH
(XQDPPDLDX]LWvQYLDWDPHDRFDUXWDYRUELQG
0DJDUXOvQWRDUVHFDSXOVHXLWDVLVSXVH
1LFLHX
9DULDQWD
8QWDUDQPHUJHDFXFDUXWDSHVRVHD8QFvLQHvQFHDUFDVDvOGHSDVHDVFDVLQHUHXVLQGvLVSXQH
%DLWDUDQHFHPHUJLSHPLMORFXOGUXPXOXL"7UDJHPDLSHGUHDSWD
'RDPQHvQYLDWDPHDQDPDX]LWFvLQHYRUELQG]LFHWDUDQXO
1LFLHXFRPSOHWHD]DFDOXO
3HXQGUXPUDXXQWDUDQFXRFDUXWDvQFDUFDWDSkQDODUHIX]WUDVDGHXQPDJDUQXSXWHDXUFDRFROLQD7UHFHXQGUXPHW
FDUHvODMXWDvPSLQJkQGFDUXWDGLQVSDWH&kQGDMXQJHLvQVIkUVLWvQYkUIXOGHDOXOXLODXQGUXPPDLEXQVDWHDQXOPXOWXPHVWH
GUXPHWXOXL
0XOWXPHVFGRPQXOHFDPDLDMXWDW&XXQVLQJXUPDJDUQXPDLDMXQJHDPHXvQGHDO
8QWDUDQLQWUDvQWUXQPDJD]LQIHURPHWDOVDFXPSHUHREURDVFD<DOH,VHVSXQHFDQDXDVDFHYD
$WXQFLXQODFDWVLPSOXvQFHDUFDWDUDQXO
1DYHP
$WXQFLPDFDUXQ]DYRU
1DYHP
1LFLPDFDUXQIRUDLEDUQDYHWL"
1DYHP
$WXQFLFHPDPDGUDFXOXLPDLWLQHWLPDJD]LQXODVWDGHVFKLV"
1DYHPODFDWFXFHVDOvQFKLGHP
0HUJHD XQ WLS FX PDVLQD SH R VRVHD VL OD XQ PRPHQW GDW LQWUD vQWUR SRUWLXQH IDUD DVIDOW SOLQD FX QRURL PRDOH VL L VH
vQIXQGDPDVLQD/DFkWHYDPLQXWHDSDUHXQWDUDQFXGRLERLGXSDHO
)LXOHWHDPSULQVvPLGDLGHSDUDVLWLDPVFRV0HUW]XOGHDLFL
*DWDIUDWH
0DURJOHDJDWDUDQX
ERLLvLVFRDWHPDVLQDVLVSXQHPXOWXPLW
$SDLWDWDDVWDHDPDVLQDSHFDUHRVFRWGLQQRURLD]L
3DLELQHWDWDLHVLGHPXQFLWSDPvQWXOFkQGvOPXQFHVWL"1RDSWHD"
1XGUDJDQRDSWHDSXQDSDDLFLvQJURDSD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQGXUDWHWDUDQHRVDWLGDXFHOPDLIUXPRVSDODWGLQOXPHVDVWDLvQHO
&XQDGXIVLvQGHVDWWDUDQXOQRVWUXSXVHFDOFkLXOSHSHVWLVRUVLvOVWULYLvQWDUkQD
0DSHFLQHIDFLWXWDUDQ"
8QWDUDQvQWkUJ9URLDVDVLYkQGDFDOXO9LQHXQFXPSDUDWRU
3DLEDGHYLQ]LFDOXODVWD"
ÌOYkQGvQPRUWLLPDVLL
'DUFHDUHHEROQDY"
1DUHQLPLFvQPRUWLLPDVLL
$WXQFLSRDWHQXPDQkQFD"
%DPDQkQFDGDOvQPRUWLLPDVLL
1XWUDJHODFDUXWD"
7UDJHELQHvQPRUWLLPDVLL
$WXQFLGHFHODLDGXVvQWkUJ"
&DVDOIDFGHUkVvQPRUWLLPDVLL
'RL WLSL GH OD 0LQLVWHUXO $JULFXOWXULL YLQ vQ FRQWURO vQWUR FRPXQD GH PXQWH 'XSD VHGLQWD VL FKHIXO GH ULJRDUH FH
XUPHD]D PHUJ OD R SOLPEDUH SH GHDOXUL vPSUHXQD FX SULPDUXO 3H XQ GHDO XQ WDUDQ FRVHD LDUED 8QXO GLQWUH HL VWD vO
VWXGLD]DVLVSXQH
8LWHODWDUDQXODVWDFkWLWLPSL PRUWL DUH)DFHXQGUXPFXFRDVDvQJRO&HDUILGDFDLDP IDFHQRL RFRDVDFXWDLVVL SH
GUHDSWDVLSHVWkQJD"
'XSDGRXDVDSWDPkQLYLQODWDUDFXRFRDVDFXGRXDWDLVXULXQXOSHGUHDSWDVLXQXOSHVWkQJD
'DU WRWXVL ]LVH XQXO GLQWUH HL PDL DUH WLPSL PRUWL 8LWH FkWD LDUED UDPkQH vQ XUPD OXL 'DFD LDP IDFH VL R JUHEOD
DGDSWDWDFXRFXUHDFkQGIDFHPLVFDULOHDOHDGLQIXQGDUSXWHDDGXQDWRDWDLDUED
'XSD GRXDVDSWDPkQLYLQWLSLL FX JUHEOD UHVSHFWLYD vQVD WDUDQXO FXP vL YHGH R VL LD OD VDQDWRDVD SULQ SDGXUH $ GRXD ]L
SULPDUXOvLVSXQH
'HFHDLIXJLWRPXOHDVDFDGLQSXVFD"2DPHQLLHUDXIRDUWHELQHLQWHQWLRQDWL
)XJLGRPQXOHGHDFL$VWLDYRLDXVDPLDWkUQHVLXQIHOLQDUFDVDFRVHVFVLQRDSWHD
9DULDQWD
8QWDUDQFRVHDSHFkPS/DXQPRPHQWGDWYLQHXQXOGHOD&$3VLvODSRVWURIHD]D
%DLWDUDQHFHIDFLPDLFDQXPHUHJHWUHDEDSODQXOFLQFLQDOQXHGHSDVLWGHFkWFXQXVHSRDWHDVDFHYD0DLLDRFRDVD
VLGDLFXGRXD
2N=LVVLIDFXW&RVHVWHWDUDQXOYUHRGRXDVDSWDPkQLFXGRXDFRDVHFkQGYLQHLDUDVLLQGLYLGXO
%DL WDUDQH QX VH SRDWHWRW vQ XUPDVXQWHP IDWD GH &$3XO GLQ VDWXO YHFLQ FH GUDFX QH IDFHP GH UkV 0DL LD R FRDVD
EDJDWLRvQFXUVLGDLEDWDLH
2N]LVVLIDFXW&RVHVWHWDUDQXOFXWUHLFRDVHFkQGGXSDXQWLPSvOYHGHvQ]DUHSHWRYDUDVXOQRVWUX$UXQFDWRWVLIXJHFkWvO
WLQSXWHULOH,QYLYLGXOILLQGPDLVSULQWHQvOIXJDUHVWHXQSLFVLOSULQGH
%DLWDUDQHFHGUDFXIDFLPDLHVWLQHEXQ"&HIXJLDVDGHPLQH"1XWLHELQH"
7DUDQXOVSHULDWIRF
&UHGHDPFDYLLVDPLDJDWLVLXQIHOLQDUGHSX
DVDOXFUH]VLQRDSWHD
7UHLWDUDQFLWLQHUHVSDODXUXIHODUDXVLYRUEHDXGHVSUHEDUEDWLLORU3ULPD
$X]LWXDOPHXYLQHDFDVDGHSHVDQWLHURGDWDSHOXQDVLVWDGRXD]LOHVLDELDDSXFDVDPDYDGD'DFDVHQWkPSODVDPD
IX
DGHGRXDRUL
$GRXD
$OPHXOXFUHD]DODPLQDVLYLQHDFDVDvQILHFDUHVDPEDWD'DUDSXFDPWRWXVLVDQHIX
HPGHRUL
$WUHLDWDFHVXSDUDWD1LPLF&HOHODOWHRWUDJGHOLPED
'DUDOWDX"
$OPHXVWDDFDVDWRDWD]LXDVLQDPSLFGHOLQLVWHGLQFDX]DOXL&XPPDSULQGHFXPPDIX
H2GDWDGLPLQHDWDRGDWDOD
SUkQ]GHGRXDRULVHDUDVLGHWUHLRULSHQRDSWH
&HOHODOWH
7DFLWX6LQDLIDFXWQLPLF"3RDWHRILEROQDY1XODLGXVODGRFWRU"
%DODPGXV
6LFHR]LVGRFWRUXO"
2]LVFDQDUHWLQHUHGHPLQWH
3HDXWRVWUDGD%XFXUHVWL3LWHVWLPHUJHDXQWDUDQFXYDFDVDVLIDFHDDXWRVWRSXO6RIHUXOXQHL5DEHRSUHVWHVLvOLDSHWDUDQ
6RIHUXO
'D
FXYDFDFHIDFHP"
/DVRGUDFXOXLFDYLQHHD
6RIHUXOSRUQHVWHPDVLQDVLEDJDYLWH]D9XPYXPYXPODRUDVLYHGHvQRJOLQGDYDFDDOHUJkQGGXSDPDVLQD6RIHUXO
0DLGDRGUDFXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DJD OD RUD9DFD WRW VH WLQHDGXSD PDVLQD 6RIHUXOEDJD OD RUDLDU YDFD IXJH GXSD HO FX OLPED EDODQJDQLQGXVH vQ
DPEHOHSDUWL6RIHUXOVHJkQGHVWHFDYDPXULYDFDVLvL]LFHWDUDQXOXL
%DLWDUDQHvWLPRDUHYDFD
7DUDQXOVHXLWDvQRJOLQGDvVLYHGHYDFDVL]LFH
/DVRGUDFX
FDDVDIDFHFkQGYUHDVDGHSDVHDVFD
8QWDUDQvVLFXPSDUDRGUXMEDGLQ%XFXUHVWL'UXMEDHUDJDUDQWDWDVDWDLHFRSDFL6HGXFHWDUDQXOQRVWUXDFDVDvQ
SDGXUHVLVHDSXFDGHWDLDWFRSDFL'XSDFHWDLHGHFRSDFLGUXMEDQXPDLPHUJH1HUYRVVHGXFHvQDSRLOD%XFXUHVWLOD
ILUPDGHXQGHDFXPSDUDWGUXMEDVLOHH[SOLFDFHORUGHDFRORvQWkPSODUHD$VWLDRSRUQHVFELQHPHUVL/DFDUHWDUDQXO
'D
FHLFX]JRPRWXODVWDEDL"
8QWDUDQVDJkQGLWVDVLIDFDRIkQWkQD6LVDSDVLVDSDVLWRWVDSDFkWHYD]LOHSkQDFkQGvQORFVDGHDGHDSDJDVHVWHXQ
SHUJDPHQW6HDSXFDVDOFLWHDVFDGDVLDGXFHDPLQWHFDQXVWLHVLPHUJHFXHOODSULPDUXOVDWXOXL
'RP
SULPDURLJDVLWVLLRSHUJDPXOLVWDvQWDUkQDVLQXVWLXVDOFLWHVF1XYUHLVDPLOFLWHVWLPDWD"
1DPWLPSDFXPDGDUODVDPLOSkQDPkLQH
3OHDFDWDUDQXOODFDVDOXLLDUDGRXD]LFkQGYLQHODSULPDUvOJDVHVWHvQHFDW$VDFDSOHDFDODvQWHOHSWXOVDWXOXL
1HQHFLWHVWHPLVLPLHFHVFULHDFLOHD
,DvQWHOHSWX
SHUJDPHQWXOvOFLWHVWHVLGXS
DLD]LFHFDWUH
VD PXOJDYDFDVL FDLVSXQH PDL WkU]LX FH VFULH $VWHDSWD WDUDQXO
FHYDWLPSVLVHGXFHGXSDHOvQJUDMGvOJDVHVWHVSkQ]XUDWDVDFDSOHDFDODSULPXOPLQLVWUX'XSDFHvOFLWHVWHVLDVWDPHUJH
vQWURFDPHUDDOWXUDWDVLVHvPSXVFD$VDFDELHWXOWDUDQVHGXFHODSUHVHGLQWHGDUVLDVWDVHvPSXVFDGXSDFHOFLWHVWH
6SHULDWGLQFDOH
DIDUDWDUDQXOPHUJHODVFRDODVLvQYDWDFDUWH'XSDFHVLWHUPLQDVWXGLLOHYLQHDFDVDVLLHVHSHYHUDQGDFDVD
FLWHDVFDVLHOSHUJDPHQWXOGDUXLWHDVDVHSRUQHVWHRIXUWXQDVLSHUJDPHQWXO]ERDUD
ÌQWUXQVDWYLQHVDFRQFHUWH]H'HHS3XUSOHÌQDLQWHGHXOWLPDPHORGLHYRFDOLVWX
GHGLFDPHORGLDGHILQDOOXL/,7=$
7,7=$/$8
7RWLVDWHQLLvOIHOLFLWDSH/,7=$
9LQHGXSDDFHHDVDFRQFHUWH]H4XHHQVLVHvQWkPSODODIHOGHGLFDXOWLPDPHORGLHOXL/7=$7,7=$/$8
9LQHGXSDDLDVL3LQN)OR\G
$FXP/,7=$HUDPDLPDUHOHVDWXOXLFXORFUH]HUYDWODFRQFHUWFXDXWRJUDIH&kQWD3LQN)OR\GDMXQJODXOWLPDPHORGLHVL
QLFLRGHGLFDWLH6HvQJULMRUHD]DVDWHQLLVLDSURDSHFDVHUHYROWD&kQGvQFHSVDFkQWHDLDGHOD3LQN)OR\G
+(<7($&+(5/,7=$7,7=$/$8
%DQFXULFXYDPHVLVLODYDPD
/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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QFkWDUHWGHRSHUDVHvQWRDUFHGLQWUXQWXUQHX/DJUDQLWDYDPHVXOVFRWRFLQGSULQEDJDMHGDGXSHVWHRFRURDQDUHJDOD
FDUHHUDIRORVLWDvQWUXQDQXPLWURO9D]kQGRYDPHVXOvQJKHWDDSRLOXDSR]LWLDGHGUHSWLVDOXWDVLEkLJXL
,HUWDWLPD0DMHVWDWH3XWHWLWUHFH
%XODLQWUDFXPDVLQDvQYDPD9DPHVXOYLQHODHOVLvOvQWUHDED
&DIHDZKLVNLWLJDUL"
1XPXOWXPHVF'DUGDFDGRULWLEHDXR&RFD&ROD
&RQWUROYDPDO
&HDYHWLvQVDF"
&HYDPkQFDUHSHQWUXSDSDJDOGRP
VHI
'HVFKLGHWLVDFXO
'HVFKLGHVDFXOvQDXQWUX]HFHNLORJUDPHGHFDIHD
$KDSDSDJDOXOXLvLSODFHFDIHDXDVSXQHLURQLFYDPHVXO
ÌLSODFHQXLSODFHDOWFHYDQXSULPHVWH
6RWLDXQXLYDPHVIDFHDVH[FXDPDQWXOFkQGDXGHFKHLDvQXVD
$VFXQGHWH UHSHGH vQ GXODS FD D YHQLW EDUEDWXO PHX DFDVD vL VSXVH DFHDVWD DPDQWXOXL 6RWXO LQWUD vQ FDVD VL PLURDVH vQ
VWkQJDvQGUHDSWDVLVSXQH
6SXQHXQGHHFDOVLPWVSXQHXQGHODLDVFXQVVWLXFDHSHDLFLVLVHDSXFDVDOFDXWHSHDPDQW
6HXLWDVXESDW
$LFHDQXHVWH
6HXLWDvQEDLH
$LFHDQXHVWH
6HXLWDvQGXODSGLQFDUHLHVHRPkQDFXREDQFQRWDGH
$LFHDQXHVWH
%DQFXULFXYkQDWRUL
6HvQWkOQHVFGRLYkQDWRUL6LDFXPDVXQWPRUWLDPkQGRL
6HvQWkOQHVFGRLYkQDWRUL8QXOJUDYUDQLWDVXSUDYLHWXLWWRWXVL
Ì'HFHVvQWFRQVLGHUDWLYkQDWRULLSULQWUHFHLPDLEXQLDPDQWL"
53HQWUXFDPHUJDGkQFvQSDGXUHvPSXVFDPDLPXWGHFvWRGDWDVLPDQkQFDWRWFHvPSXVFD
Ì&HGHRVHELUHHVWHvQWUHRSXVFDGHYkQDWRDUHFXRWHDYDVLXQDFXGRXDWHYL"
5&XDGRXDSRWLUDWDGXEOX
,RQHOPHUJHFXWDWDOVDXODYkQDWRDUH0HUJHLFHPHUJVLYDGXQLHSXUH7DWDOWUDJHVLQXQLPHUHVWH&kLQHOHVHULGLFDvQ
GRXDODEHVLDSODXGDIUHQHWLF0DLPHUJHLVLYDGRFDSULRDUD,DUDVLWUDJHDVWDSHOkQJDLDUDVLDSODXGDFkLQHOH7RWDVDVLFX
XQXUV,RQHOQHGXPHULWvVLvQWUHDEDWDWDO
7DWDFHIDFHFkLQHOHQRVWUXGDFDYHLQLPHULYkQDWXO"
1XVWLXGUDJDFkLQHOHVWLLVLWXvODYHPGRDUGHGRLDQL
7UHLYkQDWRULvVLODXGDFkLQLL3ULPXO
(UDP OD YkQDWRDUH 6L FkQG VD vPSXVF PLDP GDW VHDPD FD PLDP XLWDW WROED FX FDUWXVH DFDVD ,DP GDW FkLQHOXL PHX VD
PLURDVHWHDYDSXVWLLVLvQMXPDWDWHGHRUDPLDYHQLWFXWROEDFXFDUWXVH
(XWRWDVDHUDPODYkQDWRDUHGHUDWH&kQGVDVFRWSXVFDPLDPGDWVHDPDFDLDPXLWDWSDWXOSXVWLLDFDVD,DPGDWFkLQHOXL
VDPLURDVHWUDJDFLXOVLDSRLPLDPYHQLWFXSDWXOSXVWLL
$OWUHLOHD
(XGHvQWkPSODULOHGHODYkQDWRDUHFXFkLQHOHPHXQLFLQXYDPDLSRYHVWHVF'DUVDYHGHWLHUDPRGDWDODSODMDFXQHYDVWD
PHDVLFkQGVDQHvQWLQGHPODVRDUHQHGDPVHDPDFDQHYDVWDPHDVLDXLWDELNLQLDFDVDÌOSXQSHFkLQHVDRPLURDVHvQWUH
SLFLRDUH(OIXJHDFDVDVLYLQHWUDJkQGYHFLQX
GHSX
D
3DWUXYkQDWRULGHVLGHDQLVHDIODvQWURSRLDQD7UHFHXQFkUGGHGHFDSULRDUHSHDFROR/DDVWDYkQDWRUXO
GHGHDQL]LFH
FDSULRDUHSHQWUXPLQHFHOHODOWHSHQWUXYRL
1XQX]LFHFHOGHGHDQL1RLVXQWHPvPSDUWLWODIDFH)LHFDUHDUHYDFL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HOGHGHDQLGDGLQFDSVL]LFH
'DFDFDSULRDUHOHYRUFHYDGHODQRLVDYLQDVLQJXUHVDFHDUD
/DFDUHFHOGHGHDQL
6WDWLOLQLVWLWLFUHGFDQLFLQXQHDXREVHUYDW
'RLYkQDWRULODYkQDWRDUHGHLHSXUL8QLHSXUHWkVQHVWHGHSHXQKDW9kQDWRUXO$WUDJHQXQLPHUHVWH
)XWXLPDPDOXLGHLHSXURL
9DQDWRUXO%
%DHUDLHSXURDLFD
%DHUDLHSXURL
%DLHSXURDLFD
+DLVDOvQWUHEDPSH1HD*KHRUJKHFDVWDWHDUH]HPDWvQFRDGDVDSHLPDLDSURDSHGHXQGHVDULVHDQLPDOXO
&HIXVHEDGHLHSXUHVDXLHSXURDLFD"
,HSXUHFRDQH
'DGHXQGHVWLL"
3DLFkQGWUHFXIXJLQGSHOkQJDPLQHODPDX]LW]LFkQG%HOLPLDWLSX
D
9kQDWRULvQSDGXUH8QFDFDWvQPLMORFXOFDUDULL9kQDWRULLSOLFWLVLWL
(GHIHPHLH
%DGHEDUEDW
6LGDLVHWRWFHDUWDDVD/DXQPRPHQWGDW]LFHXQXO
6DOvQWUHEDPSHSDGXUDU
3DGXUDUXOUDVSXQGHSURPSW
(GHEDUEDW
&XPVWLL"
3DLXLWHDLFLHFDFDWXOPDLvQFRORLSLVDWX6LSRUPDGRDUHXODPIDFXW
/DSHWUHFHUH9kQDWRUXOSRYHVWHVWH
0DQWkOQHVFFRYXOSH2vPSXVF&kQGVRSXQvQWROEDXLWDVHPWROEDDFDVD&HVDIDFRLDXvQVSDWHvLSXQXQSLFLRUSH
XPDUXOGUHSWXQSLFLRUSHXPDUXOVWkQJ
6XQDWHOHIRQXO9kQDWRUXOUDVSXQGH6HvQWRDUFH
8QGHHUDP"3DL]LFHDLFDLDLSXVXQSLFLRUSHXPDUXOGUHSWXQXOSHXPDUXOVWkQJ
$GD6LGDLVLIX
H
'RLYkQDWRUL
$QDLELSDVDUH7UHLIRFXULDPWUDVvQHDVLFRQWLQXDVD]ERDUH
3RDWHRILVXUGDvOFRQVROHD]DSULHWHQXOVDX
'RLYkQDWRULSULQSDGXUH=LFHSULPXO
%DLXLWHvQORFXODVWDDX]LXQHFRXFXPQDLPDLDX]LWLDWUDJH
$OGRLOHDWUDJHQLPLF0DLPHUJFkWPHUJDFHLDVLID]D1XVHDXGHQLPLF0DLWUHFXQGHDO]LFHSULPXO
$LFLJDUDQWDWDX]LFHOPDLWDUHHFRXPDLWUDJHRGDWD
/DFDUHDOGRLOHD
1XSRWPLVDXWHUPLQDWVDJHWLLOH
'RLSULHWHQLODYkQDWRDUH
'HFHQXDLWUDVvQSRWkUQLFKHDDLD"3XWHDLVRGRERUL
=EXUDDVDGHQFHWFDDPFUH]XWFDQXHSURDVSDWD
$UJKH]LDIRVWLQYLWDWODRvQWUXQLUHDYkQDWRULORUFDRDVSHWHGHRQRDUH
'D]LFHGHODWULEXQDVLPLHPLSODFHVDYkQH]0DPGXVRGDWDODYkQDWRDUHVLVDUHSH]LW
ODPLQHXQXUVVLVLVLPDPFDFDWSHPLQH
9DL]LFYkQDWRULLDVWDQXLQLPLFVLQRXDQLVHvQWkPSODXQHRUL
1XDWXQFL]LFH$UJKH]LDFXP
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&H VD IDFD RPXO" $OHJH SULPD YDULDQWD FDFL YRUED DFHHD &H QX IDFH RPXO FD VD UDPkQD vQ YLDWD" 'XSD YUHR OXQD GH
GRUPLWSHEXUWDVLWUDWDPHQWVSHFLDOL]DWODVSLWDOUHXVHVWHRPXOVDVHSXQDSHSLFLRDUH'LUHFWGHODVSLWDOEROQDYGHQHUYLVH
GXFHvQSDGXUHvOFDXWDSHXUVXOJUL]]O\VLvOvPSXVFD)DWDOPHQWHGLQQRXVLPWHRPkQDSHXPDU&kQGVHvQWRDUFHYHGHXQ
JLJDQWXUVSRODUSULYLQGXO$FHVWDFXRH[SUHVLHGHUHVHPQDUHSHIDWDvLVSXQH
+DLGHUHFXQRDVWHDFXPWXGHIDSWQXYLLvQSDGXUHSHQWUXYkQDWRDUHQXLDVD"
9DULDQWD
0HUJHXQYkQDWRUvQSDGXUH%80FXSXVFDvQWXILV,HVHXUVXO
0DWXHVWLSURVW"7XDLYHQLWDLFLVDYkQH]LDQLPDOHPLFLLHSXULFDSULRDUH6LWXGDLGXSDPLQH$FXPDFDVDWHLHUWWUHEXLH
VDVXJL
6HH[HFXWDYkQDWRUXO1HUYRVPHUJHDFDVDvVLLDPLWUDOLHUDYLQHvQSDGXUHVLWUDJHRUDIDODvQWXILV,DVDXUVXOVFXWXUkQGXVH
GHJORDQWH
3DLWXHVWLWkPSLW"'HILHFDUHGDWDWUHEXLHVDWLVSXQ"7UHFLODDSDUDW
6HGXFHYkQDWRUXOGLVSHUDWDFDVDLD$*XOVLWUDJHvQWXILV/DFDUHLDVDXUVXO
0DHXDPLPSUHVLDFDWXHVWLVXJDFL
8QYkQDWRUSRYHVWHVWH
'XSD PLQH DQLPDO PDL VLUHW GHFvW YXOSHD QX H[LVWD 1X GHPXOW DP PHUV SH XUPHOH XQHL YXOSL R ]L vQWUHDJD VL FkQG vQ
VIkUVLWDPvPSXVFDWRVDGRYHGLWDILFkLQH
/DRYkQDWRDUHXQPDUHVWDEWUDJHDvQWRWFHYHGHDPLVFkQGGDUQXRFKHDQLPLF/DXQPRPHQWGDWORYHVWHFHYDEXFXURV
FKHDPDXQVXEDOWHUQVLvOWULPLWHVDYDGDFHDvPSXVFDW$FHVWDVHGXFHVLGXSDSXWLQWLPSVHvQWRDUFHVLLVSXQH
*KHRUJKHFHOSXWLQDVDVFULDvQEXOHWLQXOGHLGHQWLWDWH
-XGHFDWRUXO
6LDFXPVSXQHWLQHGRPQXOH3RSHVFXGHFHYLDWLvPSXVFDWFROHJLLGHYkQDWRDUH
'HHPRWLHDPFUH]XWFDVXQWFHUEL
6LFkQGYLDWLGDWVHDPDGHJUHVHDODIDFXWD"
&kQGFHUELLDXUDVSXQVFXIRFXULGHSXVFD
3RSHVFXYLQHUDGLLQGGHODYkQDWRDUHVLDUXQFDXQLHSXUHSHPDVDGHEXFDWDULH
$LDYXWVLWXRGDWDFXDGHYDUDWQRURF]LFHQHYDVWDVD
$VDPLDP]LVVLHXGDFDWHJkQGHVWLFDHXDPWUDVGHIDSWGXSDXQSRUXPEHO
'HODYkQDWRDUHDGXFLLHSXUHOHDVWD"9DGFDQDUHQLFLXUPDGHJORQW
2VDUDFXOQLFLQDPDSXFDWVDWUDJFkQGPDYD]XWDVLPXULWGHIULFD
6RWXOPHXVHYDvQWRDUFHGHODYkQDWRDUHD]LFXPkQDJRDOD
'HXQGHVWLL"$SOHFDWIDUDFDUWXVH"
1X6LDXLWDWSRUWRIHOXODFDVD
8QYkQDWRUSOHDFDODYkQDWRDUHFXPDVLQD/DLQWUDUHvQ]RQDGHYkQDWRDUHvORSUHVWHXQDJHQWGHFLUFXODWLHVLvOvQWUHDED
1DWLYD]XWVHPQXOGHLQWHUGLFWLH"
%DODPYD]XWGDUQXYDPYD]XWSHGXPQHDYRDVWUD
'LPLQHDWDGHYUHPHVRWXOSOHDFDODYkQDWRDUH&XPDMXQJHvQSDGXUHvQFHSHVDSORDLHVDIXOJHUHvQFkWYkQDWRUXOQRVWUX
VHKRWDUDVWHVDVHvQWRDUFDDFDVD,QWUkQGvQGRUPLWRUVRWLDVDDELDIDFkQGRFKLvL]LFH
(LGUDJD"&XPHYUHPHDDIDUD"
)ULJFDGUHFXVLSORDLHGHUXSH
VLvQFKLSXLHWLFDSHDVDRYUHPHWkPSLWXOGHEDUEDWXPHXVHGXFHODYkQDWRDUH
'RL YkQDWRUL VWDX vQ IDWD FDEDQHL VL vVL FXUDWD DUPHOH 'HRGDWD XQD GLQ DUPH VH GHVFDUFD 'XSD FH vVL UHYLQH GLQ
QHGXPHULUHYHGHXQXOGLQHLFDRFKLXOFHOXLODOWvLDWkUQDSHREUD]VLvL]LFH
1XWUHEXLHVDPDSULYHVWLDVDWkPSLW6LHXPDPVSHULDW
'DFDPDLIDFLDVWDRGDWDQLFLQXPDPDLXLWODWLQH
7UHLYkQDWRULIDFXQSDULXFDUHDGXFHFHDPDL PDUHSUDGD'HFLSOHDFDFXWRWLODYkQDWRDUHVLXUPDHD]DDVHvQWkOQLPDL
WkU]LXODFDEDQD9LQSULPLLGRL8QXODGXFHWUHLPLVWUHWL
$IRVWIRDUWHVLPSOX0DPDVH]DWvQIDWDXQHLYDJDXQL$PJURKDLWGHWUHLRULODJDXUDHLDPDX]LWWUHLJURKDLWXULFDUDVSXQV
VLDXLHVLWGRLPLVWUHWLVLLDPvPSXVFDW
$OGRLOHDDvPSXVFDWGRLXUVLVLSRYHVWHVWH
0DPDVH]DWvQIDWDXQHLJURWHVLDPPRUPDLWGHWUHLRUL$PDX]LWWUHLPRUPDLWXULGLQDXQWUXVLDXLHVLWGRLXUVLSHFDUHLDP
vPSXVFDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'XSDvQFDSDWUXRUHYLQHVLDOWUHLOHDYkQDWRUFXKDLQHOHUXSWHVLSOLQGHYkQDWDLVL]JkUkLHWXUL
&HVDvQWkPSODWFXWLQH"]LFFHLODOWLGRL
0DPDVH]DWvQIDWDXQHLJURWHLPHQVHVLDPIOXLHUDWGHWUHLRULvQDXQWUX$SRLDPDX]LWWUHLIOXLHUDWXULVLGHRGDWDHLHVLWGLQ
JURWDDFFHOHUDWXO
8QWLSVHSOLPEDSULQSDGXUHVLGLQWURGDWDvOWUHFH6HXUFDvQWUXQSRPVLvVLUH]ROYDGHDFRORWUHDED&kQGVHGDMRVGLQ
FRSDFQXJDVHVWHQLFLXUPDGHFDFDWÌQFHSHVDEDQXLDVFDFHYDVLSOHDFDPDLGHSDUWHSULQSDGXUH0DLvQFRORvQWkOQHVWHXQ
YkQDWRUFDUHvOvQWUHDED
&HFXWDWLSHDLFLSULQSDGXUH"
$KQXPDLSRUWRIHOXOFDUHODPSLHUGXWSHDLFLSHXQGHYD
(KHKHSHQWUXWLQHHVLPSOXHXvQVDFDXWSHSRUFXODODFDUHVDFDFDWvQFDSXOFkLQHOXLPHX
$IRVWRGDWDODRYkQDWRDUHFXJRQDVL1LFLFDUHLQWUHQRLQXVDJkQGLWODRLQWR[LFDUHFXDOFRRO
6HDUDODFDEDQDDPSXVFXWRWLLSDULXUL/DILHFDUHLHSXUHXQSDKDUHOGHWDULX
'HFkQGVDvQILLQWDWFOXEXOQRVWUXGHYkQDWRDUHQXDXPDLIRVWvPSXVFDWLDWkWLDLHSXUL
6HDUD GXSD R SDUWLGD GH YkQDWRDUH XQ vPSDWLPLW DO VSRUWXOXL VH RSUHVWH OD XQ KDQ GLQ DSURSLHUHD SDGXULL VLL VSXQH
KDQJLXOXL
'RPQXOHFkLQHOHPHXHVWHPDLGHVWHSWFDPLQH
&UHGVLHXFDGHILHFDUHGDWDFkQGWUDJLVHDVFXQGHGXSDFkWHXQFRSDF
*LJHOvOvQWkPSLQDSHWDWDOVDX
7DWDWDWDXQGHDLIRVW"
/DYkQDWRDUHGHUDWH
6LDLvPSXVFDWPXOWH"
1LFLXQD
$WXQFLGHXQGHVWLLFDDLIRVWWRFPDLODYkQDWRDUHGHUDWH"
8QGHDLIRVWLHULGLPLQHDWD"vOvQWUHDEDVRWLDSHORQ
/DYkQDWRDUH
&KLDUDVD"6LFHDLvPSXVFDW"
GHLHSXUL
'HFHQXURWXQMHVWLOD"UkGHQHUYRVVRWLD
6DPLQWGLQFDX]DXQXLVLQJXULHSXUH"
ÌQWUHYkQDWRUL
&kQGORFXLDPvQVDWGHVHRULEDJDPVSDLPDvQOXSL
1XLDGHYDUDWvQWRWMXGHWXOQXHQLFLXQOXS
(LYH]LFHWLVSXQHDP"
(XLDPvPSXVFDWSHWRWL
'RLYkQDWRULvVLSRYHVWHVFSDWDQLLOH8QXOYHQLWWRFPDLGHOD3ROSRYHVWHVWH
'HFL XUVXO SRODU HUD SH XUPHOH PHOH (X IXJ vQ ]LJWDJ VD vO GHUXWH] VL GHRGDWD HO DOXQHFD VL HX UHXVHVF VD PD VDOYH]
XUFkQGXPDSHXQJKHWDUvQDOW
'RDPQH'XPQH]HXOHVDVWLLFDDLDYXWPDUHQRURF(XPDVILFDFDWSHPLQHGHIULFD
%LQHELQHGDUWXSHFHFUH]LFDDDOXQHFDWXUVX
"
%XQLFXOYkQDWRUSRYHVWHVWHQHSRWXOXL
6XVvQPXQWLDPIRVWDWDFDWGHRKDLWDGHRSWOXSL
%XQLFXOHGDUDQXOWUHFXWFkQGPLDLSRYHVWLWHUDXQXPDLSDWUXOXSL
$QXOWUHFXWGUDJDHUDLSUHDPLFSHQWUXDDIODDGHYDUXO
8QYkQDWRUPHUJHFXFkLQHOHOXLODYkQDWRDUHÌPSXVFDHORUDWDFDUHFDGHvQODF
(LELQHVHJkQGHVWHYkQDWRUXOQRVWUXGHDLDDPFkLQHOHFXPLQH
6LvVLWULPLWHFkLQHOHVDDGXFDUDWD&kLQHOHSOHDFDGDUFHFKHVWLHQXvQRDWDFLPHUJHSHDSDODFXOXLFD,VXV9kQDWRDUXOQX
vVLFUHGHRFKLORUÌPSXVFDVLXUPDWRDUHDUDWDVLID]DVHUHSHWD8QOXFUXHVWHFODUFkLQHOHSRDWHVDPHDUJDSHDSD
$GRXD]LYkQDWRUXOVHKRWDUDVWHVDvVLLDXQFROHJFXHOSHQWUXDYHGHDVLDVWDPLQXQHD6LSHQWUXFDVXUSUL]DVDILHPDLPDUH
QXvLVSXQHDFHVWXLDQXPLF7DWD]LXDvPSXVDYkQDWRULLQRVWULLODUDWHFDUHFDGvQODFVLFkLQHOHOHDGXFHFDGHRELFHLIDUDDVL
XGDEODQD'LQSDUWHDFHOXLGHDOGRLOHDYkQWRUQXYLQHvQVDQLFLRUHPDUFD&DWUHVHDUDSULHWHQXOHVWHvQWUHEDW
$X]LWLHWRDWD]LXDQXWLVDSDUXWQLPLFLQWHUHVDQWODFkLQHOHPHX"
%DGDUDVSXQGHSULHWHQXOIDSWXOFDQXVWLHVDvQRDWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULFXPHGLFLYHWHULQDUL
9LQHXQDODPHGLFXOYHWHULQDU
'RPQXOHGRFWRUGRJXOPHXFkQGVXQWHPVLQJXULDUHSRUQLULVH[XDOHIDWDGHPLQH
1LFLRSUREOHPDRvQWUHUXSHYHWHULQDUXOvOFDVWUDPVLLPHGLDWVHYDODVDGHDFHVWHDSXFDWXUL
'RDPQHIHUHVWH]LFHWLSDHXPDJkQGHDPVDLWDLDWLJKHDUHOHVLVDLGDWLFHYDSHQWUXFDLSXWHJXUD
2IHPHLHVXQDODPHGLFXOYHWHULQDU
'RPQXOHGRFWRUSLVLFDPHDDEDXWEHQ]LQD'XSDDLDVDvQYkUWLWFDDSXFDWDSULQFDVDWLPSGHYUHRGRXDRUHVLDFXPVWDSH
FDQDSHDVLQXVHPDLPLVFDGHORF&HVDvQWkPSODW"
/DFDUHYHWHULQDUXO
%H]LQDGRDPQDEHQ]LQD
/DRIHUPDHVWHFKHPDWXQPHGLFYHWHULQDUSHQWUXDDMXWDODvPSHUHFKHUHDFDLORU8QXOvQVDQXYUHDQLFLFXPVDVHDSXFHGH
WUHDED9D]vQGDFHVWHD
PHGLFXOVFRDWHGLQEX]XQDURSDVWLODRSXQHvQWURJDOHDWDSOLQDFXDSDVLLURDJDSHvQJULMLUWRULVDLRGHDFDOXOXLUHVSHFWLY
%HDFDOXODSDVLGXSD
QLFLFLQFLPLQXWHSDUFDvQQHEXQHVWHVDUHLHSHVLOHRWUDJHODWRDWH
9D]vQGDFHVWHDGLUHFWRUXOIHUPHLvOFKHPDSHYHWHULQDUODHOvQELURXVLvLVSXQH
$VDYHDRPDUHUXJDPLQWH $PYD]XWDGLQHDXULFXPFDOXODFHODOHDSXVRWXWXURULHSHORUGLQIHUPDIDUDVDFOLSHDVFD$V
GRULVLHXRSDVWLODGLQDFHHD
6WLWLGHRYUHPHvQFRDFHYLDWDPHDVH[XDODPHUJHGLQFHvQFHPDLSURVWVRWLDHVWHGLQFHvQFHPDLQHPXOWXPLWDVLYUHDVD
GLYRUWH]H9DURJQHVSXV
GHPXOWVDPDDMXWDWLVLYDSURPLWFDPDUHYDQVH]FX
YvUIVLvQGHVDW
ÌQGXLRVDWGHVSXVHOHRPXOXLPHGLFXOvLGDVLOXLRSDVWLODQXvQDLQWHvQVDGHDOSUHYHQLDVXSUDULVFXULORUFDUHDSDU
/XDWLSDVWLODQXPDLDWXQFLFvQGVRWLDGXPQHDYRDVWUDVHDIODSULQSUHDMPDGDFDQXRVDYDXUFDWLSHSULPDIHPHLHFDUHYDYD
LHVLvQFDOH
'XSDFvWHYDOXQLVHvQWvOQHVFGLQQRXFHLGRLVLPHGLFXOvQWUHDED
(LDIRVWEXQDSDVWLOD"
3XWLQH]LWvQGRPXOvLVSXQH
)RDUWH EXQD QXPDL FD SULHWHQLORU OL VD SDUXW SXWLQ FLXGDW FD VRWLD PHD VRDFUDPHD VL FHOH WUHL ILLFH DOH PHOH DX UDPDV
vQVDUFLQDWHvQDFHODVLWLPS
&kLQHOH GXPLWDOH VH vQJUDVD SH ]L FH WUHFH $U WUHEXL VD IDFD PDL PXOWD PLVFDUH vO VIDWXLHVWH PHGLFXO YHWHULQDU SH XQ
FUHVFDWRUGHFkLQL
'DUVHPLVFDGHVWXO
([SOLFDPL
ÌQWLPSFHPDQkQFDvVLPLVFDFRQWLQXXFRDGD
'XPLQLFDGLPLQHDWDVXQDWHOHIRQXOODPHGLFXOYHWHULQDU2GRDPQDGRUHVWHVDVWLHFXPVDGHDMRVFkLQHOHGHSHFDWHDXDHL
0HGLFXOvLUHFRPDQGD
/RYLWLLFXXQEDW
,PHGLDWGXSDDFHHDVXQDGLQQRXWHOHIRQXO1XDDMXWDWODQLPLFPHWRGDUHFRPDQGDWD$WXQFLYHWHULQDUXO
7XUQDWLRJDOHDWDGHDSDUHFHSHVWHFHOHGRXDDQLPDOH
'XSDDOWHPLQXWHLDUDVLVXQDWHOHIRQXO
1LFLFXDSDQXDPREWLQXWYUHXQH]XOWDW&HVDPDLIDF"
'RFWRUXOSXWLQLULWDW
6SXQHWLFkLQHOXLFDHFDXWDWODWHOHIRQ
&UHGHWLFDDVWDDMXWD"
'RDPQDFXVLJXUDQWDODPLQHDIXQFWLRQDWGHWUHLRULvQXOWLPDMXPDWDWHGHRUD
8QPHGLFYHWHULQDUFDPEDXWHVWHFKHPDWVDDMXWHXQFDOEROQDY&kQGLQWUDvQJUDMGFDOXOvQFHSHVDVHSLVHFXSXWHUH/D
FDUHPHGLFXOYHWHULQDU
+kFFUHGFDDYHWLQHYRLHGHXQLQVWDODWRUQXGHXQPHGLFGXSDFXPYDGVDVSDUWRFRQGXFWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULGHVSUHHWQLLQDWLXQLVLUDVH
%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]DGHHODVWLFvQ$OEDQLD"
56HSUHJDWHVFVDVLODQVH]HSULPXOVDWHOLWDUWLILFLDO
Ì&XPSRDWHILRSULWXQWDQFDOEDQH]"
57UHEXLHvPSXVFDWFHOFDUHvPSLQJHWDQFXO
Ì&HVHvQWDPSODFkQGOD7LUDQDVHDUGHXQEHF"
53ULQGHFUHWSUH]LGHQWLDOVHVFRDWHVLFHOGHDOGRLOHDEHFGLQPRWLYHGHVLJXUDQWDVWDWXOXL
Ì'HFHHEORFDWDIORWD7LUDQHL"
5/LVDUXSWRYkVOD
/D1DWLXQLOH8QLWH
&XFHGRWDUHORJLVWLFDSRDWHSDUWLFLSD$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
$UWUHEXLVDGRWDPVLQRLDUPDWDQRDVWUDFXFHYDGHRVHELW
3DLVDOHGDPXQWDQFFHOPDLEXQWDQFDOQRVWUX
%LQHELQHVLFXPvLUHSDUWL]DP"
'RLODSUDVWLHVLWUHLODSHGDOH
Ì'HFkWLDOEDQH]LHQHYRLHSHQWUXDPRQWDXQEHF"
5'HQLFLXQXO
Ì'HFH"
53HQWUXFDQXDXLQYHQWDWvQFDFXUHQWXOHOHFWULF
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHPHUJHHFRQRPLDDOEDQH]DDWkWGHSURVW"
53HQWUXFDOHDPXULWPDJDUXO
Ì'HFHXQDYLRQDOEDQH]FRERDUDODVROGLQvQPLQXWH"
5&DVDOvQWRDUFDFXFKHLWD
ÌQWURWDEDUDD&DVWLORU$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
$MXWDWLSROLWLD%DWHWLYDVLQJXUL
Ì&kQGYDDYHDSROLWLDDOEDQH]DFXDGHYDUDWVXFFHV"
5$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1RDSWHDYLQDLDGLQQRXVLVWULJD
7HPkQFDPWHPkQFDP
6HVXSDUDVDUPDQXOYDGXYVLVHGXFHGLUHFWODHL
,DPDLWHUPLQDWLFXWHPkQFDPWHPkQFDPDVWDFHGUDFX
/DFDUHFDQLEDOLL
+DLVHIX
QLFLPDFDUXQQHVVQXQHSXWHPIDFH"""
8QFDQLEDOVHQWRDUFHGHODYkQDWRDUHVLVSUHGH]LOX]LDIDPLOLHLDGXFHGRDURXUQDIXQHUDUD
&HLDVWD"vQWUHDEDIDPLOLDvQWUXQJODV
2GHOLFDWHVDRPQHVV
&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
$MXQJHODDVWD
3HVWLVRUXO
%DLWXDVWDFDUHWHDLVSDUWGHUkVFHYUHL"
1HJUXO
,DIDLSH0LFKDHO-DFNVRQLLDVWLDGLQDLQWHDPHDQHJUL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QH[SORUDWRUSULQMXQJOD$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
&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
8QFDQLEDOPHUJHvQYL]LWDODYHFLQXOVDXVDLDGPLUHQRXOIULJLGHU
&HFDSDFLWDWHDUH"ÌOvQWUHDED
1XVLQWVLJXUUDVSXQGHDFHVWDGDUDXvQFDSXWvQHOFHLGRLRDPHQLFDUHODXDGXV
'RLFDQLEDOLVWDXGHYRUED
ÌWLSODFHVRUDPHD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5)DVWIRRG
&RSLOXOGHFDQLEDOvVLvQWUHDEDWDWDO
7DWD'HFHQXVHSRDWHIDFHGLQSROLWLFLHQLVXSD"
3HQWUXFDVXQWUDVFRSWLVLVSDODWLFXWRDWHDSHOH
2FRPSDQLHGHFDQLEDOLPDUVDOXLHVWH8QDOEPHUJHSHOkQJDFRPSDQLH9D]kQGOXQFDQLEDOvQWUHDEDFROHJXO
,DX]L"'HFkQGDYHPQRLRILWHULDOEL"
1X1XLXQRILWHUHSURYL]LDGHGUXP
'RLFDQLEDOLIDFFRQYHUVDWLH
$IRVWVLODWLQHPLVLRQDUXODOD"
'DDIRVWVLODPLQH
6LFXPWHDLUHYDQVDWSHQWUXVIDWXULOHSULPLWH"
/DPRSULWODPDVDGHSUkQ]
8QFDQLEDODMXQJHVDYL]LWH]HSODMDGHOD0DPDLDXQGHYHGHRPXOWLPHGHIHPHLWLQHUHDSURDSHJRDOHFDUHvLvQFkQWDX
RFKLXO
&HIDFDLFLIHPHLOHDVWHD"vQWUHEDFDQLEDOXO
6HSUDMHVFODVRDUH
'DUFHFUXGHQXVXQWEXQH"
'LQDYLRQFRERUvSUHVHGLQWHOHXQHLWDULDIULFDQH6HIDFXUD SUH]HQWDULOHGHOHJDWLDIXLQYLWDWDVDLDORFvQOLPX]LQHFkQG
VHIXOSURWRFROXOXLREVHUYDFDGLQDYLRQvQFHSVDFRERDUHXQVLUGHQHJULvPEUDFDWLVXPDUVLOHJDWLXQXOGHFHODODOWFXXQODQW
&XGXPQHDORUFHL"vQWUHEDHOSHXQXOGLQWUHPXVDILUL
$FHVDILHVXQWKUDQDQRDVWUDSHQWUXGUXP
&DQLEDOXOYHQLDFDVDFDWUHVHDUDWUDJkQGGXSDHOXQFRVFLXJvQFKLV
%UUUVHVWUkPEDFDQLEDOXWXOFHOPLFLDURVDPkQFDPFRQVHUYH
H[SHGLWLHVWLLQWLILFDvQ&RQJRVHDYHQWXUHD]DvQMXQJODVLGDSHVWHXQWULEGHQHJUL
'XPQHDYRDWUDQXVXQWHWLFXPYDFDQLEDOL"vQWUHDEDVHIXOH[SHGLWLHL
1XXX6HSRDWH"1RLVXQWHPYHJHWDULHQL
9HJHWDULHQLFXPDVD"
3DLQRLPkQFDPQXPDL©PDUXOOXL$GDPª
,QYLWDWODFLQDvQWURIDPLOLHXQH[SORUDWRUOHVSXVHPXVDILULORU
6DVWLWLFDXOWLPLLDQLLDPSHWUHFXWvQMXQJODSULQWUHFDQLEDOL
9DLGHPLQH]LVHJD]GDvQJULMRUDWDSHQWUXVHDUDDVWDQXDPSUHJDWLWGHFkWSXLODFXSWRU
8QFDQLEDOYHQLQRDSWHDWkU]LXDFDVDFODWLQkQGXVHYL]LELOSHSLFLRDUH1HYDVWDVDvOOXDvQSULPLUH
/DRUDDVWDVHYLQH"LDUDLFRQVXPDWXQEHWLY
/DPRUJDXQXLVSLWDOGLQWUXQRUDVHXURSHDQVHSUH]HQWDXQFDQLEDO
'DWLPLVLPLHSHXQXOPRUWFDGHFkQGDPSOHFDWGLQWDUDQDPPDLSXVvQJXUDFDUQHGHRP
'RPQXOHVDULLQGLJQDWDGPLQLVWUDWRUXOGHODPRUJDGD
FHFUH]LFDDLFLHPDJD]LQFXSURGXVHGLQFDUQH$LFLHPRUJD(X
vLDPSHGHFHGDWLSHOLVWDYLQDSDUWLQDWRULLVDXUXGHOHVLOHSUHGDXFRUSXULOHVDOHvQJURDSHFUHVWLQHVWH
'DWLPLPDFDURPkQDVDXXQSLFLRU
'RPQXOHHXvLDPSHUDSRVDWLFXFHUWLILFDWGHGHFHV9LQUXGHOHVDLULGLFHFXPVDLMXVWLILFHXFDDUHPkQDVDXXQSLFLRU
FkQGUDSRVDWXODPXULWGHJULSD
6LGDFDQXYLQHQLPHQL
VDLLDFHIDFHWL"
ÌLDUGHPODFUHPDWRULXFXSURFHVYHUEDO
$WXQFLDYHWLPLODGDWLPLVLPLHQLWLFDFHQXVDVDPLIDFXQQHVV
$PIRVWODYUDFLVDPDFRQVXOWHSHQWUXDUVXULOHPHOHGHODVWRPDF]LVHFDQLEDOXOFDWUHQHYDVWDVD
6LFHDVSXV"
0LDUHFRPDQGDWVDPDQkQFvQILHFDUHVDSWDPkQDFkWHXQSRPSLHU
8QPLVLRQDUGXSDFHVHUDWDFLVHYUHPHvQGHOXQJDWDSULQMXQJODDMXQVHODXQUkX$FRORYD]XXQFDQLEDO
7DUHPLHVHWH]LVHPLVLRQDUXOSRWVDEHDXGLQDSDDVWDFDVDPLRDVWkPSDU"
'HVLJXURPXOHUDVSXQVHFDQLEDOXOFDVLPLHPLHIRDPH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7DWDvQ5RPkQLDVXQWFDQLEDOL"
$VWDGHXQGHDLPDLVFRVR%XOLVRU"
'HOD0LFD3XEOLFLWDWH6FULD&DXWIHPHLHSHQWUXJDWLW
ÌQXUPDXQXLQDXIUDJLXGXSDRQRDSWHGHvQRWXQVXSUDYLHWXLWRUDMXQJHODRLQVXOD3HSODMDGDFXRFKLLGHXQJUXSGH
QHJUL
1XYDVXSDUDWLVHLQWHUHVDDFHVWDSUXGHQWSHLQVXODDFHDVWDVXQWFDQLEDOL"
$FXPQXPDLVXQW3HXOWLPXOODPPkQFDWDODOWDLHUL
8QPLVLRQDUDIRVWFDSWXUDWGHFDQLEDOL$FHVWLDDXvQFHSXWSUHJDWLULOHFDVDOPDQkQFHEDWkQGSXWHUQLFGLQWREH
9DEXFXUDWLFDRVDPDPkQFDWL"vQWUHEDPLVLRQDUXO"
1XGDUDPYD]XWFDQXDYHPDSDSHQWUXFLRUED
6LEDWHWLGLQWREHFDVDYLQDSORDLD"
'DGHXQGH&KHPDPLQVWDODWRUXO
'XSDFHvOWUDQVDSHPLVLRQDUXOFDSWXUDWVLvOvQJKHVXLvQWUHLVDFRVHFDQLEDOXOvQFHSXVDMHOHDVFD
/DGUDFXWLSLLDVWDLQXPDLSLHOHVLRDVHPLDVWLUELWWRSRUXOSHQWUXVQLWHOH
'RLFDQLEDOLVWDXGHYRUEDODEXIHW
'HFHHVWLDWkWGHIHULFLW"
6RDFUDPHDDGLVSDUXWDFXPRVDSWDPkQk
+DLVDILPVHULRVL/DQRLQLPHQLQXGLVSDUHWRWXOVHFRQVXPD
/DXQUHVWDXUDQWSHQWUXFDQLEDOL
$VYUHDRSRUWLHGHFUHLHU
$YHPGHPLVLRQDUGRODULSRUWLDGHH[SORUDWRUGRODULSRUWLDGHSROLWLVWGHGRODULSRUWLD
GHGRODULGHFHFRVWDDWkWGHPXOW"
3DLDLKDEDUGXPQHDWDGHFkWLSROLWLVWLDYHPQHYRLHSHQWUXRSRUWLHGHFUHLHU"
8QFDQLEDOQXUHXVHDVDGRDUPDVLVHWRW]YkUFROHDvQSDWÌOFKLQXLDXJkQGXULOHGHFHWUkLHVFHXSHSkPkQW"&HDPIDFXW
IRORVLWRUSHOXPHDDVWD"&XPRVDPLWUkLHVFYLDWDFDUHPLDPDLUDPDV"
'HFHQXGRUPL"vOvQWUHEkQHYDVWD
0DFKLQXLHVFvQGRLHOLOH
'HFkWHRULWLDPVSXVVDQXPDLPDQkQFLLQWHOHFWXDOLODFLQD"
'RLFDQLEDOLIDFFRQYHUVDWLH
$QXODVWDvPLSHWUHF5HYHOLRQXOFXYHFLQXOPHX%RQJR
8QGH"
ÌQRDODOXLGHOXW
8QH[SORUDWRUvQWUHDEDXQFDQLEDO
&XPDVSXWHDVDPLUHFDSDWVRWLDSHFDUHPLDWLUDSLWRLHUL"
)RDUWHVLPSOX&LQFLGRODULFRQVHUYD
0PFHEXQFHEXQ'HPXOWDYUHPHQDPPDLPkQFDWFHYDDWkWGHEXQ]LVHXQFDQLEDOYHFLQXOXLODFDUHOXDSUkQ]XO
9HGHWLVHvPSDXQDFHODODOWYDPVSXVHXFDGLQFkQGvQFkQGHEXQDFkWHRIHPHLHODFDVDRPXOXL
'HFLGRPQXOHSURIHVRUQXODWLPDLSXWXWVDOYDSHFROHJXOGYGLQPkLQLOHFDQLEDOLORU"
&XSDUHUHGHUDXQX6LQDV]LFHFKLDUGLQPkLQLOHFDQLEDOLORU&kQGDPDMXQVvQVDWXOORUQXPDLILJXUDQLFLvQPHQLX
&DQLEDOLLVHSUHJDWHVFVDSUDMHDVFDRSUL]RQLHUDWkQDUDVLIUXPRDVDFkQGVXQWRSULWLGLQDFWLXQH
$]LVHIXOWULEXOXLVHUYHVWHPLFXOGHMXQFUXGVLODSDW
&HSDUHUHDYHWLGHVSUHDFHDVWDFkQWDUHDWDYDSODFH"vQWUHEDVHIXOWULEXOXLGHFDQLEDOL
1HYLQHJUHXVDQHSURQXQWDP7UHEXLHPDLvQWkLVRJXVWDP
'RL FDQLEDOL XUPDUHDX GH SH WDUP FXP VH VFXIXQGD XQ YDSRU FDUH HVXDVH SH UHFLIXO GH OkQJD LQVXOD ORU 6H XLWDX VL
DVWHSWDXFXQHUDEGDUHVDOHDSDUDSDSLFD/DXQPRPHQWGDWDSDUHSHPDOHSXL]DWDGHGLVWDQWDSHFDUHRVWUDEDWXVHvQRWR
EORQGDVXSHUEDFDPGHVSXLDWD
6WLWLFH"]LVHXQXOGLQWUHFDQLEDOL$PLPSUHVLDFDRVDGHYHQLPYHJHWDULHQL
'DFD PkQFDLQ FDUQH GH SRUF ULVFDP VD QH vQEROQDYLP GH WULFKLQHOR]D GDFD PkQFDP FDUQH GH YDFD vQQHEXQLP GDFD
PkQFDPRXDIDFHPRWR[LQIHFWLHDOLPHQWDUDFXVDOPRQHOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'D]LVHDOGRLOHDFDQLEDOVDVWLLFDQLFLRDPHQLLQXPDLVXQWDVDGHFRPHVWLELOL
7XvWLLXEHVWLQHYDVWD"vQWUHDEDXQXOGLQWUHFDQLEDOL
&kQGQHDPOXDWRLXEHDPDVDGHWDUHvQFkWvPLYHQHDVRPDQkQF$FXPvPLSDUHUDXFDQDPPkQFDWRDWXQFL$FXPH
SUHDWkU]LXHDWRDVD
Ì&HHDWXQFLFkQGXQFDQLEDOVHVFREHVWHvQWUHGLQWL"
5([KXPDUH
Ì&kQGVWLHXQFDQLEDOFDSUkQ]XOOXLHJDWD"
5&kQGQXPDLDXGHEDWDLvQXVDFXSWRUXOXL
%DQFXULFXHYUHL
Ì&DUHHGLIHUHQWDGLQWUHXQHYUHXVLRSkLQH"
53DLQHDQXGDGLQSLFLRDUHFkQGHEDJDWDvQFXSWRU
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/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 $WXQFL YLQH GH OD QHYDVWDPHD 'DU OD QHYDVWDPHD QX PHUJ GRDU WUHL
RDPHQL
(XGDUHXVXQWDLFL
6HIXOPHXGDUQXHHOFDvOFXQRVF
6LGRPQXO*ROGVWHLQSHFDUHQXvOFXQRVF6HDSURSLHGHRPXOFDUHYHQHDVSUHHOWUHLSDVLGRLXQXOVLVSXQH
%XQDGLPLQHDWDGRPQXOH*ROGVWHLQ
%XQDGLPLQHDWDGDUGHXQGHPDFXQRDVWHWL"
(KHLMXGHFDWDORJLFD
6FKORLPL/LQGHQEHUJVHGXFHvQFRQFHGLXFXPDVLQDÌORSUHVWHXQPLOLWLDQYHGHFDvLHYUHXVLvODPHQGHD]DH[SOLFkQG
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDDSRUQLWDOGRLOHDUD]ERLPRQGLDO
&RQWLQXDGUXPXOQLFLQXDMXQJHODXQNLORPHWUXGHRERUXOGHOD,HULFKRQFDOVLRSUHVWHXQDOWPLOLLDQ
ÌODPHQGHD]DVL]LFH
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDHUD]ERLvQ*KD]D
3OHDFDPDLGHSDUWH$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9LQHXQVROGDWDFDVDODXQHYUHXVDFHDUDDGDSRVWSHQWUXRQRDSWH
'RPQXOHSXWHWLVDPDFD]DWLVLSHPLQHSHQWUXRQRDSWH"
'RPQXOHDYHPGRDUGRXDSDWXULvQWUXQSDWGRUPHXVLvQFHODODOWGRDUPHQHYDVWDPHD
1XFRQWHD]DYDFXOFDWLFXVRWLDGXPQDYRDVWUDvQWUXQSDWVLHXvQFHOUDPDVOLEHU
%LQHGRPQXOH
'LQQHHIHULFLUHVROGDWXOVXIHUHDGHVFXODPHQWLDUvQWLPSXOQRSWLLSHFkQGVROGDWXOvVLIDFHDVSDODWXULOD
VFXOD
VHWUHHVWHVRWXO
VLFUH]kQGFDVROGDWXODUHJkQGXULQHFXUDWHVSXVHVRWLHL
)DQYDVWDVFRDODFDDVWDvVLvQFDUFDVFXODVLQHI
WHSHDPkQGRL
&LFDXQHYUHXPRDUHVLDMXQJHvQUDLVLPHUJHOD'XPQH]HXVLVSXQH
'RDPQHYUHDXVDPDSULPHVWLvQUDL
%LQHPDLGDUFHDLIDFXWWXFDVDWHSULPHVFvQUDL"
$PGDWXQOHXODXQFHUVHWRU
%LQHGDUQXLGHDMXQV&HDLPDLIDFXW"
$PPDLGDWXQOHXODXQFHUVHWRU
%DLEUDYRGDUQXLGHVWXOWLDPPDLVSXV
'RDPQH'RDPQHGDUDPPDLGDWXQOHXODXQFHUVHWRU
3HWUHGDLOX
DVWDOHLVLGDOQDELLDIDUD
ÌQWUXQVDWGHHYUHL8QXOPDLERJDWvVLEDWHMRFGHXQXO PDLVDUDFLDUvQWHOHSWXOVDWXOXLDIODGHDVWDVLOFKHDPDSHFHO
ERJDWODHO
VLLVSXQHVDVHGXFDODFHOVDUDFVLVDLFHDUDLPHGLDWVFX]HGHRDUHFHHLWUHEXLHVDILHXQLWLVLODELQHVLODUDXVLQXWUHEXLHVD
UkGDXQLLGHDOWLL$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9UHDXVDYDDOHJFDVLSRSRUDOPHXGDUWUHEXLHVDYDGDXQLVWHSRUXQFL
(JLSWHQLLÌ/UHIX]DSROLWLFRV
1XQHWUHEXLHSRUXQFL
0HUJHODIHQLFLHQLFXDFHHDVLSURSXQHUHVLREWLQHDFHODVLUHIX]ÌQVIkUVLWPHUJHODHYUHLVL]LFH
9UHDXVDYDDOHJFDVLSRSRUDOPHXGDUWUHEXLHVDYDGDXQLVWHSRUXQFL
(YUHLL
6XQWSHGHJUDWLV'RDPQH"
'D
$WXQFLGDQH]HFH
0RLVHVHvQWRDUFHGHSHPXQWHFXSRUXQFLOHVLYRUEHVWHSRSRUXOXLVDX
$PGRXDYHVWLSHQWUXYRLXQDEXQDVLXQDSURDVWD
&HDEXQDHVWHFDDPUHXVLWVDPDWkUJXLFX(/SkQDDXUDPDVQXPDL]HFH
&HDSURDVWD6DQXWLvQVHOLSDUWHQHUXODUDPDVSULQWUHHOH
ÌQWUXQWUHQvQ$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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XXXXLDGHYDUDWÌQDQXOYDILRFRQWLQXDOXSWDSHQWUXSDFH9DH[LVWDRVLQJXUDWDUD8566
&DSLWDODYDILOD:DVKLQJWRQVLYDILFRQGXVDGHGRLFKLQH]L,WDFVL6ORLP
,WLFVL6WUXOHUDXSULHWHQL0RDUH6WUXO,WLFVHGXFHODPLFDSXEOLFLWDWHVDGHDXQIHUSDU6FULH6WUXOPRUW
)XQFWLRQDUDvLVSXQH
2ULFXPVHWD[HD]DSHPLQLPXPFXYLQWH
,WLFVHJvQGHVWHVLVFULH6WUXOPRUWYkQG7UDEDQW
,WLFVXQDOD6HFXULWDWH
$ORYHGHWLFD6WUXODUHQLVWHOHPQH
6LFHHFXDVWD"
$JDXULWVLDLQWURGXVvQILHFDUHOHPQELMXWHULLGLDPDQWHGRODULVLSUREDELOFHYDPXQLWLHDGXVDGLQ$PHULFDGHODIUDWHOH
OXL
$SRLvOVXQDSH6WUXO
0DGRELWRFXOHSUHJDWHVWHWHFVDPWULPLVVDWLVSDUJDOHPQHOH
3HFLQH"
3HDLDFDUHPLLDLWULPLVWXDQXOWUHFXWGHPLDXVDSDWJUDGLQD
Ì'HFHDXLQYHQWDWHYUHLLFDVDWRULD"
5&DVDQXPDLGHDEDQLSHFXUYH
Ì&H]LFH0RVXO*HULODHYUHXvQWLPSXO&UDFLXQXOXL"
5'RUHVWHFLQHYDVDFXPSHUHFDGRXUL"
Ì&DUHHGLIHUHQWDGLQWUHRHYUHLFDVLRPH[LFDQFD"
50H[LFDQFDDUHFXDGHYDUDWXQRUJDVPVLIDOVLILFDJLXYDHUXUL
Ì&XPVDVWDELOLWFD,VXVHUDHYUHX"
5$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$LvQFUHGHUHvQPLQH
Ì&XPSRWLvPSLHGLFDRWkQDUDHYUHLFDVDWHYLROH]H"
5&DVDWRUHVWHWHFXHD
Ì&XPUHFXQRVWLRVRDFUDHYUHLFDODRQXQWD"
5(DFHHDFDUHVWDvQSDWUXODEHVLDGXQDJUkXOGHSHMRVvQXUPDPLULORU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'DFD7DU]DQVL-DQHDUILIRVWHYUHLFHDUILIRVW&KHHWDK"
52KDLQDGHEODQD
Ì&XPVHGHILQQHVWHXQHYUHXVWUDQLX"
58QXOFDUXLDvLSODFPDLPXOWIHPHLOHGHFkWEDQLL
Ì&HIDFHYUHLFkQGVHvQWkOQHVF"
58QVDSXQ)$
,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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
$VWDQXVHSRDWH'RDPQHQXOHYUHP
6HGXFHODWLJDQL
9UHWLVDYDGDXSRUXQFLOHPHOH"
'DQH'RDPQHXQH[HPSOX
6DQXIXUL
,PSRVLELO'RDPQHQXOHYUHP
6HGXFH'XPQH]HXODHYUHL
9UHWLVDYDGDXSRUXQFLOHPHOH"
&kWFRVWD'RDPQH
6XQWSHJUDWLV"
'HQHFUH]XWDWXQFLGDQH'RDPQH]HFH
,WLFVL6WUXOvVLSRYHVWHVFYLVHOH
6HIDFHDFDPLDYHQLWSRIWDGHERUV]LFH,WLF$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
5DVHODPHUJHODUDELQ
5DELFHVDIDFQXPLDMXQJHEDUEDWXPHX
5DVHODGUDJDLDWLXQDPDQWGDUILLGLVFUHWDFDFLSDFHDIDPLOLHLHPDLLPSRUWDQWDFDRULFH
7UHFHROXQD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5DELFHPDIDF"0LDPOXDWDPDQWVLQXPLDMXQJH
5DVHODPDLLDWLXQXOGDUFXGLVFUHWLH
0DLWUHFHROXQD
5DELVvQWGLVSHUDWDFXGRLDPDQWLVLEDUEDWXOPHXVLQXVXQWVDWLVIDFXWD
&RSLODPHDPDLFDXWDWLXQEDUEDWSRDWHQDLJDVLWWRFPDLDPDQWXOSRWULYLW
'XSDVFXUWWLPS
5DELPLDPJDVLWXQEDUEDWRPvQGUHWHDGHYDUDWDUPDVDUGDUQLFLDFHVWDQXPLDMXQJH
5DVHODGUDJDPHDFUHGFDQXPDLHQLPLFGHIDFXWWXHVWLRIHPHLHEROQDYD
5DELGDPLWHURJvQVFULVWkUJXO]LFHFDVFXUYD
5DEL SULPHVWH GH ]LXD OXL GH OD XQ SULHWHQ GLQ $PHULFD R SDSDJDOLWD 2 DGXFH DFDVD VL FXP SXQH FROLYLD SH PDVD
SDSDJDOLWDvQFHSHVDVWULJH
6XQWRFXUYD6XQWRFXUYD
8QHOHYvLVSXQH
5DEL QX IL VXSDUDWDP HX DFDVD GRL SDSDJDOLVXSHUELIRDUWH HYODYLRVL FDUHVL SHWUHF WRW WLPSXOvQ UXJDFLXQL 'DPL PLH
SDSDJDOLWDVDVWHDFXSDSDJDOLLPHLFHYDWLPSVLVHYDvQWRDUFHSHGUXPXOFHOEXQ
,D HOHYXO SDSDJDOLWD DFDVD R EDJDQ FXVFD SDSDJDOLORU DFHVWLD QHPLVFDWL VWDX FXIXQGDWL vQ UXJDFLXQH 1X WUHFH PXOW VL
SDSDJDOLWDvQFHSH
6XQWRFXUYD6XQWRFXUYD
9H]LGRP
OHWLDPVSXVHXFDUXJDFLXQLOHDMXWDVDUMXELOkQGSDSDJDOLL
8QUDELQDVOXMLWOD7HPSOXWLPSGHGHDQL&DVDOUDVSODWHDVFDFRPXQLWDWHDvOWULPLVHvQWURH[FXUVLHvQ+DZDLL&kQG
DMXQVH vQ FDPHUD GH KRWHO R WkQDUD IRDUWH IUXPRDVD VL JRDOD VWDWHD vQWLQVD vQ SDW 5HYROWDW SXQH PkQD SH WHOHIRQ VL VXQD
DFDVD
1XDYHWLSLFGHUHVSHFWSHQWUXSR]LWLDPHD"6XQWUDELQ$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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
,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 $QJOLD
&DSLWDQXOFDUHHUDHQJOH]VDvQYRLW
6XLHvQEDUFDLDVSXV
ÌQDLQWHGHDSOHFDDVYUHDVDYDDUDWGDFDPLvQJDGXLWLWRWFHDPIDFXWDVSXVODUkQGXOVDX5RELQ$PSHWUHFXWDWkWLDDQL
SHLQVXOD1XPDLFkWHYDFOLSHQXPDL
&XSODFHUHDUDVSXQVFDSLWDQXOFDUHHUDXQRPSROLWLFRV
5RELQVRQODGXVFHYDPDLvQFRORSHLQVXOD
$LFLHVWHORFXLQWDPHDSULQFLSDOD&XSULPXOJDUGSHFDUHODP IDFXW$ODWXULWDUFXOFDSUHORULDUGLQFRORVLQDJRJD'XSD
DFHHDJUDMGXOYLDFHDGHDGRXDVLQDJRJD
,DUWDPDDVSXVFDSLWDQXOFDPPLUDWGDUHVWLFKLDUVLQJXUSHLQVXOD"
6LQJXUVLQJXUHO
'HFHDLULGLFDWDWXQFLGRXDVLQDJRJL"
(ODPLQWHDFRFRVXOXLLDUDVSXQV5RELQVRQ$VWDHVLQDJRJDODFDUH PDGXFLDUFHDODOWDHFHDODFDUHQX PDGXFQLFLvQ
UXSWXOFDSXOXL
8QRPGHDIDFHULHYUHXvLVSXQHDVLVWHQWXOXLFDSOHDFDODVLQDJRJDVLQXYUHDVDILHGHUDQMDWVXEQLFLRIRUPD'XSD]HFH
PLQXWHGHODSOHFDUHDFWLXQLOHXQHLILUPH,%0VD]LFHPvQFHSVDFUHDVFD YHUWLJLQRV 'XSD DOWH ]HFH PLQXWH GHMD HUDXFX
PDLPDULÌQHEXQLWYUHDVDODQXQWHSHVHIXOOXLVLGDIXJDODVLQDJRJD6HIXOWRFPDLPHGLWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6HIXVWLXFDQXYDSODFHVDYDGHUDQMH]GDUDFWLXQLOH,%0DXFUHVFXWFX
7LDPVSXVVDQXPDGHUDQMH]LLQGLIHUHQWGHPRWLY7LPSXODORFDWSHQWUXVLQDJRJDHVIkQW6DSRLDLFLDFWLXQLOH,%0VXQW
GHMDOD
8QHYUHXLQWUDXQORFDOVLvOYHGHSHSULHWHQXOVDXODEDU6HGXFHODHOVLSOLQGHFRPSDVLXQHVSXQH
20RLVHvPLSDUHDWkWGHUDXFDPDJD]LQXOWDXDDUV
0RLVHVHvQWRDUFHODHO
6VVVWGHDELDPkLQH
%DQFXULFXLUDTLHQL
Ì'HFHODVFROLOHLUDTLHQHVHIDFHHGXFDWLDVH[XDODVLFLUFXODWLDUXWLHUDvQDFHHDVL]L"
5(DWkWGHLQFRPRGSHVSDWHOHFDPLOHORU
Ì&XPvWLGDLVHDPDFkQGXQLUDTLDQHVWHFUHVWLQDW"
5&kQGvQFHWHD]DVDPDLIDFDEXOEXFL
Ì&HDXLUDTLHQLLVLFKLORWLLvQFRPXQ"
5$PkQGRXDvOMHQHD]DSH%XVK
Ì&HXWLOL]DUHQRXDDXJDVLWLUDTLHQLLSHQWUXRL"
5/kQD
Ì&DUHHDUPDVHFUHWDDLUDTLHQLORU"
5&$0,/$)85$7$
Ì&XPVHQXPHVFDYLRDQHOHLUDTLHQH"
57LQWHPRELOH
Ì&DUHHDVHPDQDUHDGLQWUH6DGGDP+XVVHLQVL)UHG)OLQVWRQH"
5$PkQGRLYDGGHODIHUHDVWUDQXPDLSLHWUH
Ì&HvQVHDPQDGHIHPHLLUDTLHQHODXQORF"
52GDQWXUDFRPSOHWD
Ì'HFkWLLUDTLHQLHQHYRLHVDvQVXUXEH]LXQEHF"
5'HQLFLXQXO(LQXDXYRLHVDDSULQGDOXPLQD
Ì&DUHVXQWOXFUXULOHEXQHFDUHOHDDGXVUD]ERLXOGLQJROI"
56DXGLWLLDXPDLPXOWHORFXULGHSDUFDUH
5'DFDDUSORXD,UDTXODUILSOLQGHED]LQHGHvQRW
%DQFXULFXQHJUL
Ì8QGHDXIHPHLOHSDUXOQHJUXVLFUHW"
5ÌQ$IULFD
Ì&DUHHGLIHUHQWDGLQWUHXQQHJUXVLRDQYHORSDGHPDVLQD"
5$QYHORSDQXFkQWDFkQGvLSXLODQWXUL
Ì&DUHHGLIHUHQWDGLQWUHXQQHJURWHLVLRSL]]D"
53L]]DQXGDGLQSLFLRDUHFkQGHEDJDWDODFXSWRU
Ì&LQHLPLFQHJUXVLVDUH"
53XULFHOH
Ì'D
FLQHLPDUHQHJUXVLVDUH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5'U$OEDQ
Ì'HFHQXFLUFXODQHJULvQPDVLQLGHFDSRWDELOH"
5'HRDUHFHOHDUIOXWXUDEX]HOHvQYDQWVLOHDUYHQLSHVWHRFKL
Ì'HFHQXOHSODFHQHJULORUVDPHDUJDvQPDVLQLGHFDSRWDELOH"
53HQWUXFDOHIOXWXUDEX]HOHVLQXPDLYDGGUXPXO
Ì&XPVHSDYHD]DVWUD]LOHvQ$IULFDGH6XG"
56HDVHD]DQHJULSHVWUDGDXQXOOkQJDDOWXOVLVHWUHFHFXWDYDOXJXOSHVWHHL
Ì6LFXPVHIDFHGXQJDDOED"
56HDVHD]DQHJULFXGLQWLLvQVXV
Ì&HHQHJUXSHGLQDIDUDVLYHUGHSHGLQDXQWUX"
58QQHJUXFDUHDPDQFDWVSDQDF
Ì&HHQHJUXFXXQSLFLRU"
58QQHJUXVFKLRS
Ì&HHQHJUXFXGRXDSLFLRDUH"
58QQHJUXQRUPDO
Ì&HHXQQHJUXFXWUHLSLFLRDUH"
58QSLDQ
Ì&HHQHJUXVLPDUHVLPRULSHORFGDFDVDUHGLQWUXQFRSDFSHWLQH"
58QSLDQ
Ì'HFHVDLQYHQWDWFLRFRODWDDOED"
5&DVDVHPXUGDUHDVFDFRSLLLQHJULODJXUD
Ì'HFHVDLQYHQWDWFLRFRODWD"
53HQWUXFDODFLQHPDQHJULVDQXVLPXVWHGHJHWHOH
ÌQ$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
9HUVLXQHD9ROXPXO,
5&kWYH]LFXRFKLL
Ì&XPUHFXQRVWHXQSROLWLVWvQ$IULFDGH6XGGDFDYHGHSHVRVHDRSDWDLPHQVDGHVkQJHDFXLDIRVWSDWDDXQXLFkLQH
VDXDXQXLQHJUX"
5'DFDYHGHGkUHGHIUkQDvQVHDPQDFDDIRVWDXQXLFkLQH
Ì'HFHDXQHJULSDOPHOHVLWDOSLOHPDLDOEH"
53HQWUXFDDWXQFLFkQGLDYRSVLW'XPQH]HXXPEODXvQSDWUXODEH
Ì'HFHSRDUWDQHJULSDODULLFXERUXULOHODUJL"
5&DSDVDULOHVDQXOLVHFDFHSHEX]H
Ì&XPVDOYH]LXQQHJUXGHODvQHF"
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
&HOVLXV
1HJUXOFRQWUROHD]DFXWHUPRPHWUXOVLvQWUDGHYDU
$OEXO]LFH
3UREHD]DVLWXDFXPD
,QWUDVLQHJUXOvQDSDVL]LFH
'HWHPSHUDWXUDQXSRWVDWLVSXQQLPLFGDUDSDHDGkQFDGHFP
9LQHRPDLQDFXGRLQHJULODJUDQLWDVLYDPHVXOvQWUHDED
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$WLDYXWXQPLFLQFHQGLX"
8QPLVLRQDUvQ$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$PHULFLLVFULDSHXVDXQHLELVHULFL$FFHVXOSHQWUXQHJULLQWHU]LV
7RWXVLXQQHJUXVHSDUHFDQXVWLHVDFLWHDVFDVLLQWUD3UHRWXOvORSUHVWHVL]LFH
1XVWLLVDFLWHVWLQHJULQXDXYRLHvQELVHULFD
%DGDUGDUHXIDFQXPDLFXUDWDLFL
%LQHELQHGDUQXFXPYDVDWHSULQGUXJkQGXWH
6HPDIRUL]DUHDOD3UHWRULD6HPDIRUXODUHGRXDFXORULDOEVLQHJUX
&LUFXODWLDVHGHVIDVRDUDvQPRGXOXUPDWRUSHDOEWUHFDOELLVLSHQHJUXWUHFPDVLQLOH
Ì'HFHQXHLQGLFDWVDVHIDFDGUDJRVWHFXQHJUHVHOH"
5$WLPDDX]LWSkQDDFXPVDPDLLDVDFHYDGLQWURJDXUDQHDJUD"
3HRSODMDGLQ$IULFDGH6XG
/DXQPRPHQWGDWLHVHGLQDSDXQQHJUXDYkQGRVFXODSkQDODJHQXQFKL7RDWDOXPHDvQFHSHVDUkGD
1HJUXOVXSDUDW]LFH
&HEDDOELORUYRXDQXYLVHIDFHPLFDFkQGLQWUDWLvQDSDUHFH"
Ì&HFHUHXQQHJUXvQWURFRIHWDULH"
52QHJUHVD
ÌQWUXQPLFRUDVHOvQ$ODEDPDXQQHJUX]DFHSHVWUDGDFLXUXLWGHGHJORDQWH
6HULIXOVWDOkQJDHOVL]LFH
2KVLWDVDRVLQXFLGHUHFXPSOLWDQXDPPDLYD]XWQLFLRGDWD
8QQHJUXVDUHJDUGXOUH]HUYDWLHL0HUJHODRUDVPDQkQFDXQYLQEHDRIULSWXUD
)D]DHFDODXQPRPHQWGDWXQERXGDSHVWHOXPkQDULOHGHSHPDVDVLFkUFLXPDLDIRF1HJUXOYUHDVDLDVDGDUvVLGDVHDPD
FDQDUHFXP
6LQJXUDXVDSHFDUHSRDWHVRLDGXFHODRVFDUDFDUHLHVHSHWHUDVD$MXQVSHWHUDVDQHJUXOJkQGHVWH
%DGD
GRELWRFVXQWXLWHDFXPRVDPRUFDERXOFHPLDWUHEXLWVWDWHDPvQUH]HUYDWLHPDGXUHDvQS
DHDGHYDUDWPD
EDWHDXGD
vPLGDGHDXVLGHPkQFDUH
ÌQWUHWLPSYLQSRPSLHULLFXSODVDDLDFDUHSULQGHSHDLDFDUHVDUGHODJHDPXULVDXGHSHEORF
3RPSLHULL
6SDQLROXOH6DOYH]DWHVSDQLROXOH
6HJkQGHVWHQHJUXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,DX]LIUDWHVSDQLROFH]LFDVWLDPDXYD]XWPDLFUHRODVDGHXQGHVDVWLHHLFDHXVXQWQHJUXVLFDDPIXJLWGLQUH]HUYDWLH"
6DUPkQFDWLDVVLPDVFRWFDXQVPHFKHUGXS
DLDIXJFHSXLLPHLPDPVFRV
6DUHJDJLXOLDUFkQGDMXQJHSHODMXPDWHDGLVWDQWHLSRPSLHULLWUDJFXXQJHVWJUDWLRVSODVDGLQFDOHDQHJUXOXL
2/(
8QURPDQVRVHVWHvQ$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 vQ VDOD FLQHPDWRJUDIXOXL XQGH HUDX QXPDLQHJUL&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
/DXQPRPHQWGDWQHJUXOGHODSDUWHUFDUHHUDXGDWvQIHOXODFHVWDVWULJDVXSDUDW
$X]LQXLDVDFDHVWLQRXSHDLFL
'DUDVSXQVHURPDQXO
6HYHGH0DLEDOHLD]RRPXOHPDLEDOHLD]R
8QQHJUXVHGXFHODRILFLXOIRUWHORUGHPXQFDGLQ$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
ÌQWUXQFOXEGHQRDSWHvQWUXQVWDWGLQVXGXODPHULFLLVHJLXJLXOHVFGHYUHRGRXDRUHGRLQHJUL
&HVDIDF"vQWUHDEDEDUPDQXOSHPDQDJHU2DVSHWLLPHLDOELVHYRUvQIXULD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
)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
%XFXURVQHYRLHPDUHvQSULPHOHWUHLOXQLVHJkQGHD
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$ODEDPD XQ DOE EHDW vVL FRQGXFHMHHSXOVL DFFLGHQWHD]DGRL SLHWRQLQHJUL vQ VD KDO vQFkW XQXO ]ERDUD OD GRXD]HFL GH
PHWULLDUFHODODOWWUHFHSULQSDUEUL]
6HULIXOFKHPDWODIDWDORFXOXLSULYHVWHFHLGRLQHJULvQVkQJHUDWLVL]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DDVWDHFD]XOFODUvQFHUFDUHGHVSDUJHUHGHDXWRWXULVPH'DUFHODODOW"3HDVWDvOSXWHPDFX]DGHvQFHUFDUHGHIXJDGHOD
ORFXODFFLGHQWXOXL
8QQHJUXYLQHODVWXGLLvQ7LPLVRDUDVLQHRELVQXLWFXFOLPDUHFHD5RPkQLHLGDRUWXOSRSLL
)LLQGRVROXWLHPDLLHIWLQDSHQWUXWUDQVSRUWXOPRUWXOXLVHSUHIHUDLFLQHUDUHDVD
0XQFLWRUXOGHODFUHPDWRULXvOLQWURGXFHvQFXSWRUDSULQGHIRFXOVLGXSDREXQDEXFDWDGHWLPSYUHDVDYDGDGDFDPRUWXOD
DUVFRPSOHW
'HVFKLGHXVDFXSWRUXOXLVLGLQDXQWUXDXGHRYRFH
ÌQFKLGHvQS
DPDWLLXVDFDWUDJHFXUHQWXO
8QQHJUXPRDUHVLEDWHODXVDUDLXOXL6IkQWXO3HWUXvLGHVFKLGH
&HYUHLDLFL"
(XVXQW-RKQ%URZQGLQ$ODEDPDVLDPGUHSWXOVDYLQvQUDLSHQWUXFDDPWUDLWvQ$ODEDPD
DPLXELWvQ$ODEDPDRIDWDDOEDVLPDPFDVDWRULWFXHDvQ$ODEDPD
,PSRVLELO]LFH3HWUXGHQHFUH]XW6LDVWDvQ$ODEDPD"&kQGVDvQWkPSODWDVWD"
$FXP0LQXWH
ÌQWUXQPRPHQWGHUHOD[DUHDUHODWLLORU56XG$IULFDQHFXFRPXQLWDWHDLQWHUQDWLRQDOD
RGHOHJDWLHGLQSDUWHD((&IDFHRYL]LWDSHQWUXDVHFRQYLQJHGHUHQXQWDUHDOD$SDUWKHLGHWF
vQYHGHUHDUHOXDULLUHODWLLORUHFRQRPLFH7RWXOPHUJHELQHJHWWRXULPRGHOQHJULSULQDXWREX]HGHSURWRFRO
$WPRVIHUDHVWHUHOD[DWD&DXOWLPSXQFWRWXUDFXDYLRQXOGHDVXSUDVDYDQHL
=EXUkQGSHVWHXQUkX)UHGHULNGH.OHUNQRXSUHVHGLQWHDWUDJHDWHQWLDvQDOWLORURDVSHWLDVXSUDXQXLIDSWUHPDUFDELO
2EDUFDFXPRWRUFRQGXVDGHGRLDOELWUDJHvQXUPDXQQHJUXSHVFKLXUL
'ORUVSHUFDDFHDVWDLPDJLQHHOLPLQDRULFHGXELL
'HOHJDWLDHQWX]LDVPDWDSURPLWHSHUIHFWDUHDUHOXDULLVFKLPEXULORUFRPHUFLDOH
7RDWDOXPHDHPXOWXPLWD1XPDLSH3LHN%RWDGHOD,QWHUQHWRWvOURDGHFHYD
ÌQILQDOvOWUDJHGLVFUHWSHSUHVHGLQWHGHPkQHFD
)UHGHULNGUDJDVDVWLLFDHVWLXQQHJRFLDWRUJHQLDOGDUVHYHGHFDQDLIRVWODWDUD
+DEDUQDLGHYkQDWRDUHDGHFURFRGLOL
Ì&XPVXQWvQJURSDWLQHJULvQ$IULFDGH6XG"
5'H]EUDFDWLvQIDWDEDUXULORUVLFXFXUX
QVXVFDVDDLEDDOELLXQGHVDVLSDUFKH]HELFLFOHWHOH
'HFHPLURDVHQHJULDWkWGHXUkW"
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
$UXQFDWHHHH
2.VHODVDQHJUXOYUDMLWGD
GDFDPDDUXQFDWXQFLDMXQJvQUDL"
'DDUXQFDWHHH
1HJUXOvVLIDFHFUXFHVLVLGDGUXPXOODFDUHvQJHUXOVFXLSkQG
3WLXFHVFkUEDPLHGHQHJULDVWLD
8QPLVLRQDUvQ$IULFD'HRGDWDYHGHXQQHJUXFDUHEDWHGLVSHUDWvQWURWRED
&HVDvQWkPSODWILXOH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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$IULFD0DLVXQWPLOLRDQH
8QQHJUXVHGXFHODGRFWRUvQ$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
9HUVLXQHD9ROXPXO,
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
9HUVLXQHD9ROXPXO,
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
$VWDLQLPLF6LHXSRWOXDSDUWHODFRQFXUV]LFHWLSXOQRVWUXVLvVLGDQDGUDJLLMRV
/DFDUHEDUPDQLWD
3RWLVDvWLULGLFLSDQWDORQLL7LSLLGHFDUHYRUEHDPDXVWDWODPDVDGLQIXQG
8QQHJUXYLQHODVSLWDOGXSDXQDFFLGHQWGHPXQFDVLDWDLDWGHJHWXOPLMORFLX0HGLFXOvLVSXQH
1HSDUHUDXGHJHWXOGXPQHDYRDVWUDQXYLOSXWHPFRDVHODORFGDUDPDYHDXQGHJHWDOEGDFDVXQWHWLGHDFRUG"
1HJUXO DFFHSWD VL DUH GLQ QRX GHJHW 'XSD XQ WLPS QHJUXO vQ DXWREX] YHQLQG GH OD OXFUX VH WLQGH GH R EDUD FX PkQD
DFFLGHQWDWD2EDEXWDvLSULYHVWHGHJHWXOVL]LFH
(LGRPQXOHFRVDULDUDWLGDWRIXJDVFXUWDDFDVDvQSDX]DGHSUkQ]"
Ì&DUHHSULPXOFXYkQWSHFDUHvOvQYDWDQHJUL"
5&XPHVLQRUPDO0RWKHU
Ì&DUHHDOGRLOHDFXYkQWSHFDUHvOvQYDWDQHJUL"
5)XFNHU
0DUDWKRQXO1HZ<RUNXOXL3OXWRQXOHFRQGXVGHXQSRORQH]VLXQQHJUX8UPHD]DXQVXEZD\XQSDVDMPDUHVXEWHUDQ
,HVHQXPDLSRORQH]XO'HFH"
51HJUXOVDRSULWVDVFULHSHSHUHWL027+(5)8&.(56
Ì6WLWLFXPVHIDFFRSLLQHJUL"
53HvQWXQHULF
Ì'HFHvVLOLQJvQ$IULFDOHLLSX
LOH"
5&DVDVFDSHGHJXVWXOGHQHJUXFDUHOHDUDPDVvQJXUD
Ì&XPIDFHXQQHJUXFXQRVFXWIDSWXOFDVRUDVDDUHXQFRSLO"
56XQWXQFKLXOXQHLPDPXWH
Ì'HFHDXQHJULSX
OLOHDVDGHPDUL"
5(VFX]D'RPQXOXLFDOHDSXVSDUSXELDQSHFUHVWHW
Ì'HFHDXIRVWLQWHU]LVHWHUPRPHWUHOHUHFWDOHvQ$IULFD"
5$XFDX]DWSUHDPXOWHUDQLULDOHFUHLHUXOXL
Ì&HHPDLSURVWGHFkWXQSRUWRULFDQSURVW"
58QQHJUXLVWHW
Ì&DUHHSULPDOHFWLHODRVFRDODGHVRIHULDQHJULORU"
5&XPVDVSDUJLRPDVLQDFXDMXWRUXOXQHLUDQJL
Ì&XPVHGHVIDVRDUDSUHOXGLXOODQHJUL"
5'DFDWLSLWHRPRU
Ì'HFHSXWQHJUL"
5&DVLRUELLVDSRDWDVDLSRDWDXUk
2DOEDVLRQHJUHVDSULHWHQHGLVFXWD
%DUEDWXOWDXHQHJUX"
'D
6LSLHSWXO"
1HJUX
6LVH[XO"
1HJUX
6LVSHUPD"
$FULVRDUD
Ì'HFHQXVXQWPLQJLOHGHEDVFKHWYHU]L"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5$WLPDLYD]XWXQQHJUXVDDUXQFHROXEHQLWD"
Ì'HFHQXVHPQHD]DQHJULLFHFXUL"
5&UH]LFDLXVRUGHVHPQDWXQFHFFXVSUD\XOFXYRSVHD"
%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
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,YDQWDFHD PkOF8UPHD]DRSHULRDGD GH VDSWDPkQL GH WUDWDPHQWVLPLODU FKLDU vPEXQDWDWLW ,YDQUH]LVWD HURLFÌQ ILQDO
DPHULFDQLLWUDJFRQFOX]LD
'RP
QHDVWDDUHVHFHUDVLFLRFDQXOWDWXDWHSHvQLPD1XVFRDWHP QLPLFGHODHO7RWXVLSHQWUXFDDUH]LVWDWODWUDWDPHQWXO
FDUHvLVSDUJHFKLDUSHFHLPDLWDULvQRUHRVDLIDFHPIDYRUXOGHDOSDUDVXWDODHOvQ8566
$VDVHVLvQWkPSODLDU,YDQHVWHGHVFRSHULWSHMXPDWDWHvQJKHWDWVLSOLQGHUDQLGHWRYDUDVL(VWHWUDQVSRUWDWODFHOPDLEXQ
VSLWDOPLOLWDUVLGXSDOXQLGHWUDWDPHQWODH[WHUQDUHHVWHSULPLWGHSUHVHGLQWHFDUHvOGHFODUDHURXOSRSRUXOXLVRYLHWLFVLO
DYDQVHD]DJHQHUDOQXPLQGXOVHIXOVSLRQDMXOVRYLHWLF1XGXSDPXOWWLPSHVWHLQYLWDWODGHSXQHUHDMXUDPkQWXOXLODRVFRDOD
GHVSLRQDMXQGHVHIXODFHVWHLDURLDvQMXUXOOXLVOXJDUQLFLQYLWkQGXOVDGHDSRYHWHWLQHULORUHOHYLSHQWUXDSXWHDVDUH]LVWHVLHL
ODWUDWDPHQWHOHDWURFHDSOLFDWHGHLPSHULDOLVWLLYHURVLSHQWUXDQXGLYXOJDVHFUHWHOHGHVWDWVLVHUYLFLX
7RYDUDVHJHQHUDOvPSDUWDVLWLOHGLQERJDWDGXPQHDYRVWUDH[SHULHQWD
,YDQvPEDWUkQLWSUHPDWXUGHEDWDLOHSULPLWHvLvQYDOXLHSHHOHYLFXRSULYLUHFDOGDSDULQWHDVFDVL]LFHFXYRUEHFXPSDQLWH
%DEDLHWLvQYDWDWLGUDFXOXLROLPEDVWUDLQDFDYDEDWDLDGHYDFDFDWLSHYRL
8QDYLRQUXVHVFVHSUDEXVHVWHvQ$ODVND3LORWXOVHVDOYHD]DGDUvOSULQGDPHULFDQLL/DVHGLXO&,$LQWHURJDWRULX
%DLWDYDUVFLFHVLVWHPGHUDGLRORFDWLHIRORVLWLYRL"
"
%DLWDYDUVFLFHVLVWHPGHSURSXOVLHDYHWLEDL"
"
%DLWDYDULVFLGDFDQXQHGHVFULLDSDUDWXUDGHERUGWHIDFDUVLFH
ÌOLDXGRL PDODFL OD WDEDFLW GDU UXVXO QLPLF 'XSD R YUHPH FkQG OD XQ VFKLPE GH SUL]RQLHULDMXQJH UXVXODFDVDvO vQWUHDED
FROHJLL
,DVSXQH,YDQFXPDIRVWvQFDSWLYLWDWHODDPHULFDQL"
%DLEDLHWLSXQHWLPDQDSHFDUWHVLvQYDWDWLDSDUDWXUDGHERUGFDGDFDYDSULQGDPHULFDQLLVLQXVWLWLYDWDEDFHVFGHWUHLRUL
SH]L
'RLUXVLLQWUDvQWUXQEDU8QXOGLQHLIDFHFRPDQGD
&KHOQHUGRXDVXWHGHYRWFDSHQWUXILHFDUH
,PHGLDW
3HVWHFkWHYDPLQXWH
&KHOQHUvQFDGRXDVXWHGHYRWFD
,PHGLDW
3HVWHSXWLQWLPS
&KHOQHU
6WLXFkWHGRXDVXWHGHYRWFD
1XQXQXPDLXQSDKDUFROHJXOPHXHVRIHUXO
8QUXVFRPDQGDvQWURFUkVPDvQWRWGHDXQDFLQFLSDKDUHGHYRGFDGHRGDWD(OEHDSHQWUXFHLSDWUXFDPDUD]LLDLVDLFD]XWL
vQUD]ERLDVWDHUDRvQWHOHJHUHGHGHPXOWFDFHLFDUHVXSUDYLHWXLHVFVDEHDSHQWUXFHLFD]XWL
ÌQWUR]LUXVXOQRVWUXFRPDQGDGRDUSDWUXSDKDUHGHYRGFD%DUPDQXOvOvQWUHDED
&HVDvQWkPSODWD]L"
0DLEHDXGRDUSHQWUXFDPDUD]LLPHLFD]XWLvQOXSWD(XvQFHSkQGGHD]LVXQWDQWLDOFRROLF
&LFDVDIDFXWXQWRSDOFHORUPDLFRUXSWHWDUL
7RDWDOXPHDVHDVWHSWDFDSHSULPXOORFVDLDVD5XVLDGDUDLHVLWSHORFXO,,
Ì6WLWLGHFH"
5$GDWVSDJDVDQXLDVDSULPD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(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
$OLRVDFkWHEHULDEDXW"
+DP
6LYRWFD"
+DXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
,YDQDSULQVSHVWLVRUXOGHDXU3ULPDGRULQWD
2YRWFDPDUH
2EHDSHVWLVRUXODVWHDSWDVDLvQGHSOLQHDVFDDGRXDGRULQWD
7RDWD9ROJDDVWDVDILHYRWFD
6HIDFH6DUXQFD,YDQvQRDWDEHDvQWUXQWkU]LXLHVHSHPDOGHVWXOGHFKHUFKHOLW
$WUHLDGRULQWD"vOvQWUHDEDSHVWLVRUXO
2YRWFDPLFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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 VLLVSXQHOXL $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
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 $WXQFL QHDP VWUkQV WRWL VDWHQLL OD PLQH DFDVD DP EDXW YRGFD DSRL DP
SOHFDWDPJDVLWFDSUDDPDGXVRDFDVDDPIX
WRFXWRWLDSRLDPEDXWLDUDYRGFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5HSRUWHUXO
&HVFkUERVGDUWRWXVLRvQWvPSODUHIHULFLWDGLQYLDWDGXPQHDYRDVWUDQXSXWHWLVDPLSRYHVWLWL"
%DGDÌQWUR]LQHYDVWDXQXLVDWHDQVDSLHUGXWvQPXQWL1HDPVWUkQVWRWLODHODFDVDDPEDXWYRGFDDSRLDPSOHFDWDP
DGXVIHPHLDDFDVDDPIX
WRFXWRWLLDSRLDPEDXWLDUDYRGFD
9DGFDDVDQXPHUJH3XWHWLVDPLSRYHVWLWLRvQWkPSODUHWULVWDGLQYLDWDGXPQHDYRDVWUD"
ÌQWUR]LPDPSLHUGXWvQPXQWL
0DULWXO&HDSDHYHURXOOHJHQGDUDOUXVLORUURVLLUDVIRLDRSHUHOHOXL0DU[vQDLQWHDEDWDOLHLKRWDUkWRDUHFXDOELLOXL'HQLNLQ
&HDSDHYvQWRUFHDILOHOHFDPXQDSHVHFXQGD3HODQRDSWHDYLQH$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"
/HQLQ"/D3UDJD
8QURPkQVHvQWkOQHVWHFXXQUXVSHFDUHOYHGHFXWRWFDSXOEDQGDMDW
&HDLSDWLWPDL9DQHD"
&HVDIDF""0DSXV1DWDVDVDFDOFUXIH
6L"
6LDVXQDWWHOHIRQXO
,YDQWUDYHUVDFXDXWRFDPLRQXO6LEHULD/DXQPRPHQWGDWPDVLQDVHRSUHVWHVLQXYUHDVDPDLSRUQHDVFD,YDQFRERDUD
VHXLWDODPRWRUVHVFDUSLQDQFDSVLQFHSHUHFLWDOXO
1XPDL6HULRMDLGHYLQDYDQJKHDXDPDPLLOXLFDPDODVDWIDUDPRWRULQD7RDWD]LXDIDFHPLVPDVXULVLGLQFDX]DOXLHX
,YDQFDUHFDUFX.DPD]X
EXVWHQLGHOD9ODGLYRVWRNWRFPDLOD0DUHD&DVSLFDDPUDPDVvQLQLPD6LEHULHL
6LWRWDVD6HXUFDvQDSRLvQFDELQDVLQFHSHVDVHJkQGHDVFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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 ,DU PXMLFXO 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]XOXLDIDUDVLvQDXQWUXVHIDFHWRWPDLIULJ,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"
/D3DULV
6LHGHSDUWH3DULVXOGH0RVFRYD"
/DYUHRGHNLORPHWUL
&HIXQGDWXUD'DUFHELQHVWLXVDFRDVD
,VHFLWHVWHOXL6WDOLQSUHVDRFFLGHQWDOD$VDVLSHGLQFRORvQ8QLXQHD6RYLHWLFDHVWHDQWLVHPLWLVP
$QWLVHPLWLVP"'HFH"
3DLVFULXDVWLDFDOD0RVFRYDQDPDLUDPDVQLFLRVLQDJRJD
1LFLRVLQDJRJD"$VDVDILH"
9HULILFDDLDVLLUDSRUWHD]DOXL6WDOLQ&KLDUDVDVLHVWH'D6WDOLQRUGLQÌQWUROXQDFRQVWUXLWLRVLQDJRJD/XFUHD]DDLDGLQ
JUHXVLFRQVWUXLHVFVLQDJRJDÌVLDGXFH6WDOLQDPLQWH
&XPPDLVWDFKHVWLDFXVLQDJRJDDFHHD")XQFWLRQHD]D"
1X
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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=DLUGHSHUVRDQHFDUHVWDWHDXODUkQGODEDQDQHSXLURPkQHVWLDGLGDVL
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
$PHULFDQXOGDILUXOGHDUQHDPWXOXL
1HDPWXOVFRDWHXQLQVWUXPHQWVLWDLHILOHWvQJDXUDGDWDGHDPHULFDQ7RDWDDXGLHQWDHVWHvQH[WD])LUXOGHSDUHSUHGDWPDL
GHSDUWHUXVXOXL
5XVXOVXFHVWHILUXOSHWRDWHSDUWLOHvOSULYHVWHDSRLVFRDWHGLQEX]XQDURVWDPSLODVLRDSOLFD
0DGHLQ8665
/DXQFRQJUHVGHPHGLFLQDXQUXVVLXQURPkQSRYHVWHVFPDULOHORUUHDOL]DULvQGRPHQLX5XVXOLDFXYLQWXOVLVHDSXFDVD
OHSRYHVWHDVFD
0DPD PHD OXFUHD]D OD XQ FROKR] VL vQWUR ]L FkQG GHSDQXVD SRUXPE vL VDUH R DVFKLH PHWDOLFD vQ RFKL VL vL VWUDSXQJH
FULVWDOLQXO'XSDFHDIRVWODPDLPXOWLGRFWRULVLvQILQDODDMXQVODPLQHOD0DVNYD$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$OLRVDVHFDOHVWH
1LFLRGDWDQXUDFHVWH
5XVXOSOHDFDvQWURGHOHJDWLHSHQWUXSULPDGDWDvQYLDWDOXLFXDYLRQXO1HYDVWDvLSXQHvQWUDLVWDGHPkQFDUHXQRXILHUW
XQFDUWRIVLRURVLHÌQDYLRQVWDWHDOkQJDXQDPHULFDQ6FRDWHUXVXORXOVLvQFHSHVDOPDQkQFH$PHULFDQXOVHXLWDPLUDWVL
]LFH
%XWZKDWLVWKLV"
8QRX
$DDSDLODQRLRXDOHVXQWGHRULPDLPDUL
6FRDWHUXVXOFDUWRIXO
%XWZKDWLVWKLV"
8QFDUWRI
&HIUDLHULVXQWHWLODQRLFDUWRILLVXQWGHGHRULPDLPDULFDDVWD
6FRDWHUXVXOURVLD
%XWZKDWLVWKLV"
2FLUHDVD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%XODDIRVWLQYLWDWGHRPRORJXOVDXVRYLHWLF%XODHY$MXQVOD0RVFRYD%XODHYJD]GDEXQDvOSOLPEDSULQRUDVVDLDUDWH
IUXPXVHWLOHvO GXFHVL vQ JDUVRQLHUD OXL vL DUDWD WHOHIRQXO FHDVXO WHOHYL]RUXO PRELOD %XOD vO vQWUHDED FX FH VH RFXSD vL
UDVSXQGHFDHLQJLQHUFRQVWUXFWRU
9H]LSRGXODFHODSHVWH1HYD"(LELQHHXODPFRQVWUXLW
%XODvOLQYLWDVLHOOD6ODWLQDODHODFDVD%XODHYYLQH%XODvLDUDWDRUDVXODSRLvOFKHDPDDFDVDODHOvLDUDWDYLODvQFDUH
ORFXLHVWH
LQWHUIRQXOGHODSRDUWDVFDUDLQWHULRDUDFRPELQDPX]LFDODFDOFXODWRUXOHWF
'DUWXFXFHWHRFXSLPDL%XOD"
9H]LUvXODFHOD"
'DUDVSXQGH%XODHY
(LELQHDFRORWUHEXLDVDILHXQSRG
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2FXJHWDUHVFRWLDQD
3RWLIDFHHFRQRPLLQXPDLDWXQFLFkQGQXFKHOWXLQLPLFD
Ì&HIDFHXQVFRWLDQFDUHDUHFLQFLIHWHQHPDULWDWH"
5/HODVDSHWRDWHFLQFLVDOLQJDRSDVWLODDQWLEDE\
-RFGHIRWEDOvQWUXQVDWVFRWLDQ
ÌQDLQWHDvQFHSXWXOPHFLXOXLSHQWUXDOHJHUHDWHUHQXOXLDUELWUXODUXQFDRPRQHGDvQVXV
5H]XOWDWGHUDQLWL
8QIRWEDOLVWYHQLWGHODXQPHFLGLQ6FRWLDVHvQWDOQHVWHFXXQYHFKLSULHWHQ
&XPDIRVWvQ6FRWLD"vOvQWUHDEDSULHWHQXO
$PDYXWXQPHFLPLQXQDW6LSXEOLFXOVFRWLDQDIRVWPLQXQDW
'HFH"
1DXDUXQFDWQLPLFSHWHUHQ
ÌQFKLSXLHWLVSXQHXQVFRWLDQSULHWHQXOXLVDXLHULVDGHVILQWDWRILFLDOFOXEXOQRVWUXGHIRWEDOFXWRDWHFDDYHDRH[LVWHQWD
GHSHVWHGHDQL
'HFHFHIHOGHSUREOHPHDXIRVW"YUHDVDVWLHFHODODW
'HIDSWQX0RWLYXODIRVWFDDPSLHUGXWPLQJHD
(FKLSDQDWLRQDODD6FRWLHLDFkVWLJDWPHFLXO$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
$VGRULRSkLQHGHXQNLORJUDP&kWFRVWD"
2SWVXWHUDVSXQVHEUXWDUXO3RIWLP
'DUSkLQHDDFHDVWDHVWHPDLXVRDUDVSXVHVFRWLDQXOFkQWDULQGRvQPkQD
1XLQLPLFUDVSXQVHEUXWDUXOLPSHUWLQHQW2VDILHPDLXVRUGHFDUDW
3RIWLPEDQLL]LVHFOLHQWXODUXQFkQGSHWHMJKHDVDVHVXWH
1XVXQWVXILFLHQWL0DLWUHEXLH
1XLQLPLFUHSOLFDVFRWLDQXO2VDILHPDLXVRUGHQXPDUDW
8QVFRWLDQODXQKRWHOMLGDQHVF
&HSUHWXULDYHWLODFDPHUH"
ODHWDMXOODHWODHWVLODHW
1XVWLWLFXPYDXQKRWHOFX]HFHHWDMH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'XSDFHPkQFDRVLQJXUDVWULGLHvQWUXQUHVWDXUDQWXQVFRWLDQPRDUHFXVWRPDFXOSHUIRUDWGHSHUODQDWXUDODFDUHVHJDVHD
vQVWULGLHVLSHFDUHQXREDJDVHvQVHDPD
0HUJkQGvQXUPDFDUXOXLPRUWXDUVRWLDGHFHGDWXOXLVHODPHQWHD]DXQHLSULHWHQH
1RURFFXSHUODDLDFDDWIHOQXDYHDPFXFHVDOGXFODJURDSD
8QWkQDUVHSUH]LQWDODXQPDUHSDWURQVFRWLDQXO-RKQ
6XQWPDVHXU3HQWUXGHGRODULSHOXQDVXQWJDWDVDYDPDVH]GDQVDWRDUHOH
2.'DFDDYHWLEDQLLODGXPQHDYRDVWUDSXWHWLvQFHSH
7RDWH FDSHWHOH GLQ EDU VDX vQWRUV FDQG R PDVLQD VD DX]LW GkQG FROWXO FX XQ VFUkVQHW vQJUR]LWRU XUFkQG SH WURWXDU
ULFRVkQGvQWUXQ]LGVLRSULQGXVHvQWUXQIHOLQDU
3HVWHFkWHYDVHFXQGHVRIHUXFDUHHUDVFRWLDQLQWUDvQEDUFODWLQkQGXVLWUXSXOvQVDQJHUDWGXSDFDUHVHSUDEXVLSHSRGHDVL
OHVLQD
5HSHGHGDWLLXQSDKkUFXDSDVWULJDRWkQDUD
6FRWLDQXOvVLULGLFDFDSXOSOLQGHUDQLVLEkQJXL
&kWGHWDUHWUHEXLHVDPDQHQRURFHVFFDVDFDSDWVLHXXQSDKDUFXVFRWFK
6DWXODIODWSHFXOPLOHvQDOWHDOH6FRWLHLHUDvQPDUPXULWGHGXUHUH'LQ$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
'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
$WXQFLDGXUHSHGHXQDVDSXWHPvQFHSH
8QGHYDvQ6FRWLDÌQDMXQXO&UDFLXQXOXLvQWURIDPLOLHGHVFRWLHQLWLSLFLFRSLLvVLvQWUHDEDWDWDO
7DWDFkQGYLQH0RV&UDFLXQ"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7DWDLDSXVFDVHXUFDvQSRG'XSDXQVFXUWWLPSVHDXGHRvPSXVFDWXUD0DPDVLFRSLLLDODUPDWL9LQHWDWDOWULVWVSXQkQG
1XPDLYLQHVDVLQXFLVVDUDFX
0F&RUPLFNDYHQLWOD/RQGUDODSULHWHQXOVDX6PLWK$FHVWDvOSOLPEDSULQRUDV
/DXQPRPHQWGDWLQWUDDPvQGRLvQWURWXWXQJHULHVL6PLWKvVLFXPSDUDWXWXQGHSLSD
0F&RUPLFNDGPLUDYLWULQHOH6PLWKvOLQYLWD
9UHLVDWLRIHURKDYDQD"
1XPXOWXPHVFVWLLFDQXIXPH]'DUGDFDHVWLDWvWGHGUDJXWRIHUDPLQLVWHWLPEUHSRVWDOH
8QVFRWLDQVHvQWRDUFHDFDVDFXXQ FRVXOHWSOLQGHFDSVXQL
6FRDWHRFDSVXQDRGDILXOXLVDXVLLVSXQH
%LQHILXOH6LFHOHODOWHDXDFHODVLJXVW
0F*UHJRUvLSURPLVHVHILXOXLVDLGHDFvWHXQVIHUWGHOLUDSHQWUXILHFDUHQRWDEXQD
9D]kQGFDGHODXQWLPSEDLDWXODUHQXPDLQRWHPD[LPHvOvQWUHDED
$VFXOWD-RKQQXSUHDWHYDGWRFLQG1XFXPYDvPSDUWLEDQLLFXSURIHVRUXO"
9LQHXQVFRWLDQOD]LDUXOORFDOVL]LFH
'DFDPDLSXEOLFDWLvQ]LDUXOORFDOJOXPHFXVFRWLHQLDWXQFLSXWHWLVDYDOXDWLJkQGXOVDPDLvPSUXPXW]LDUXOYRVWUX
'RPQXO0F*UHJRUWULPLWHRVFULVRDUH]LDUXOXLORFDO
VLYDSUHYLQSHQWUXXOWLPDRDUDFDGDFDYHWLPDLSXEOLFDDQHFGRWHLGLRDWHSHVHDPDDVD]LVHL]JvUFHQLLDVFRWLHQLORU
QR VD PDL vPSUXPXW QLFLRGDWD DPDUkWXO YRVWUX GH MXUQDO GH OD SULHWHQXO PHX 0F0XOOLJDQ FDUH D FvVWLJDW XQ DERQDPHQW
DQXDOODFRQFXUVXOGHFXYLQWHvQFUXFLVDWH
'RLVFRWLHQLKRWDUDVFVDVHEDWDvQGXHO3HQWUXDQXILGHVFRSHULWLFDvQFDOFDOHJHDYRUWUHEXLVDVHGHSODVH]HODRGLVWDQWD
FRQVLGHUDELODvQWUXQORFIHULWvQSRLDQDXQHLSDGXUL
6FRSvQFDUHHQHYRLHVDLDWUHQXO6HGXFDPvQGRLODJDUD
'DWLPLXQELOHWGXV]LFHSULPXO
(VWLSHVLPLVWFRQFOX]LRQHD]DFHODODOW(XLDXGXVVLvQWRUV
1XVSHVLPLVWVvQWHFRQRP'HRELFHLPDvQWRUFFXELOHWXODGYHUVDUXOXL
9DULDQWD
0F*UHJRUVHWRWXLWDSULQWUHSDODULLSkQDFHvQWUXQILQDOJDVHVWHXQDFRUHVSXQ]DWRDUHJXVWXULORUOXL
&DVDYDVSXQDGHYDUXOVHH[SOLFDFXPSDUDWRUXODVILGRULWXQDFDDFHDVWDYHFKHFDDPHDSHFDUHDPFXPSDUDWRWRWGHOD
GXPQHDYRDVWUD
(VWHLPSRVLELOGRPQXOHDGDXJDYkQ]DWRUXOHXDPGHVFKLVPDJD]LQXODFHVWDQXPDLFXFLQFL]HFLGHDQLvQXUPD
8QVFRWLDQWUDYHUVHD]D&DQDOXO0kQHFLLFXYDSRUXO$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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$VDFXEDUEDQX'HFHDYHWLEDUELDVDGHOXQJL"
&kQGDLSOHFDWDLOXDWFXWLQHDSDUDWXOGHUDV
8QWkQDUVFRWLDQIDFHRGRQDWLHGHVkQJH3DFLHQWDWUHEXLDVDSULPHDVFDGHWUHLRULVkQJHOHWkQDUXOXL
'XSDSULPDWUDQVIX]LHWkQDUXOSULPHVWHGHODIHPHLHGH3RXQ]L
'XSDDGRXDGH3RXQ]L
'XSDDWUHLDSULPHVWHGRDUXQPXOWXPHVF
$YHDGHMDSUHDPXOWVkQJHVFRWLDQvQHD
0F*UHJJRUvOvQWUHDEDSHSULHWHQXOVDX0F,QWRVKSURSULHWDUXOXQHLIDEULFLGHFRQIHFWLL
(DGHYDUDWFDODIDEULFDWDVHRUJDQL]HD]DRFKHWDvQVFRSXULXPDQLWDUH"
'D
6LWXFHGDL"
(XGDXDSUREDUHD
&kWFRVWDWD[LXOSkQDODJDUD"vQWUHDEDXQVFRWLDQWD[LPHWULVWXO
8QSRXQGGRPQXOH
6LEDJDMHOH"
%LQHvQWHOHVJUDWLV
%LQHDWXQFLGXFHWLPLEDJDMHOHODJDUD(XYLQSHMRV
&LQHHSDFLHQWXOGHSHPDVDGHRSHUDWLH"
8QMXFDWRUGLQHFKLSDGH&XSD'DYLVD6FRWLHL$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$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'HFHQXWUHFLvQSDW"
'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
$YHWLFHYDvPSRWULYDGDFDvPLUDYDVHVFSXWLQKDLQHOHVLPDvQWLQGOkQJDGXPQHDYRDVWUD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(GLQEXUJ6FRWLDRIDUPDFLHvQRUDVXOYHFKL
/DRUDIL[XQVFRWLDQvPEUDFDWWUDGLWLRQDO.LOWVDPGFkQWkQGGLQFLPSRLYLQHODJKLVHX)DUPDFLVWD
&HGRULWL"
6FRWLDQXOFDXWDvQSXQJDGHODEUkXVLSXQHXQSDFKHWHOSHPDVDÌOGHVIDFHVFRWkQG XQSUH]HUYDWLYFXR PLFDFUDSDWXUDOD
YkUI
)DUPDFLVWD
'DHXQFD]IRDUWHWULVW
6FRWLDQXO
6HSRDWHOLSL"
%LQHvQWHOHVDYHPXQPLFDSDUDWGHOLSLWFDXFLXFXODLFLFRVWDGRDUXQSHQFH
6LXQXOQRX"
'HOD3HQFHvQVXV
6FRWLDQXO vPSDFKHWHD]D OD ORF SUH]HUYDWLYXO VL SOHDFD 'XSD GRXD RUH VH GHVFKLGH XVD VL LQWUD VFRWLDQXO QRVWUX ]LFkQG
IDUPDFLVWHL
5HJLPHQWXOVLDGDWFRQVLPWDPkQWXOvOOLSLP
8QVFRWLDQLHVHGLQEDUEHDWFULWD3HGUXPXOVSUHFDVDSLFDvQVDQWVLDGRDUPHDFROR'RXDWXULVWHWUHFGLQvQWkPSODUHSH
DFRORVLYUkQGVDDIOHVHFUHWXOYHVWLWXOXL.LOWIXVWHLVFRWLHQHDUXQFDRSULYLUHVXEDFHVWD'DWILLQGIDSWOFDFHDXYD]XWOHD
SODFXWGHPLQXQHOHDJDvQMXUXOVFXOHLVFRWLDQXOXLREDQGHURODUR]$GRXD]LVFRWLDQXOQRVWUXDMXQJHDFDVDVHGH]EUDFDVL
QHYDVWDVDUDPkQHvQPDUPXULWDODYHGHUHDSDQJOLFLL
'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
$PYUXWVDWLPDLWULPLWFHYDEDQLGDUGLQSDFDWHSOLFXOHUDGHMDvQFKLV
8QWXULVWvQ6FRWLDYL]LWHD]D/RFK1HVVXOvQVSHUDQWDGHDOYHGHDSH1HVVLH'H]DPDJLWvQWUHDEDXQEDVWLQDV
&kQGVHDUDWDPRQVWUXOGHRELFHL"
'XSDFLQFLSDKDUHGHVFRWFKvLUDVSXQGHDFHVWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLPDWLFDODWRULDYHPRSUREOHPDJUDYDFXDYLRQXOVSHUFDYRLJDVLXQORFGHDWHUL]DUHIRUWDWDvQRULFHFD]YDURJVDQX
LQWUDWLvQSDQLFD
/DFDUHXQXOGLQVFRWLHQLL]EXFQHVWHvQSOkQV&HODODOWVHXLWDPLUDWODHOVLLUHSOLFD
0DLGHFHSOkQJL"'RDUQXHDYLRQXOWDX
'RLVFRWLHQLLHVGHOD2SHUD
0DLWkPSLWXOHVSXQHXQXOGLQWUHHLQXHVWLQRUPDO"6DLGDLXQEDFVLVDVDGHJUDVJDUGHURELHUHL"
'DGDUQXYH]LFHKDLQDJUR]DYDPLDGDW"
8QVFRWLDQVDDSURSLDWGHFDVDGHELOHWHDVWDGLRQXOXLVLvQWLQGHGHSHQFH&DVLHUXOvLVSXQHLQWULJDW
3UHWXOELOHWXOXLGHLQWUDUHHVWHGHOLUD
'DvQVDHXYRLSULYLQXPDLODHFKLSDQRDVWUD
7DWDOvVLVFRDWHILXOvQRUDVFXRFD]LDvPSOLQLULLYkUVWHLGHDQL&RSLOXOvVLGRUHVWHFkWHYDEDQDQHWDWDOvLLDREDQDQD
'XSDVDSWHDQLWDWDOvVLVFRDWHILXOvQRUDVFXRFD]LDvPSOLQLULLYkUVWHLGHDQL&RSLOXOvVLGRUHVWHREHUH7DWDO
6WDXVDPDJkQGHVFILXOHFUH]LFDPHUJHEHUHDGXSDEDQDQH"
8Q IHUPLHU VFRWLDQ VLD DVLJXUDW YLDWD OD R DJHQWLH VSHFLDOL]DWD 1X GXSD PXOW WLPS VD vQHFDW vQWUXQ UkX /D
LQPRUPDQWDUHRYHFLQDVHDSURSLHGHYDGXYD
&HELQHFDUDSRVDWXODIRVWXQRPSUHYD]DWRUGHVLQXVWLDQLFLVDVFULHQLFLVDFLWHDVFD
6LQLFLVDvQRDWHVODYD'RPQXOXLFRPSOHWDYDGXYD
'HGRXD]LOHVLGRXDQRSWL0F&RQDOOVWDGHYHJKHODFDSDWkLXOVRWLHLÌQ]RULELDWDIHPHLHvVLGDGXKXO7ULVW0F&RQDOO
VHGXFHODEXFDWDULHVLLVSXQHEDWUvQHLVHUYLWRDUH
3HQWUXPLFXOGHMXQVDSUDMHVWLGRDURIHOLHGHSkLQHQXGRXDFDGHRELFHL
8QVFRWLDQDIRVWDWDFDWGHSXQJDVL'XSDOXSWHFUkQFHQHDIRVWGRERUkW
6ILQWHDPJDVLWvQEX]XQDUHOHOXLGRDUGHFHQWL
=LPHUVLFDGDFDUILDYXWROLUDQHDUILRPRUkW
6HDQ2
%ULHQvLPDUWXULVHVWHXQHLUXGHGLQ$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"
$PvQWHOHVGRPQXOHGRFWRUGDUYDURJVDPLVFULHWLSHUHWHWDVLXQFHDVVLROLQJXULWD
)DFRFXUDGHVODELUHGXSDVIDWXOPHGLFXOXLvLSRYHVWHVWHVFRWLDQXOSULHWHQXOXLVDX,DXSUvQ]XOPDLWvU]LXVLQXPDLLDX
GHORFFLQD
6LQXvQFDOFLQLFLRGDWDUHJXODDVWD"
1LFLRGDWD
)RDUWHELQH$WXQFLWHLQYLWvQVHDUDDVWDODPLQHODFLQD
8QVFRWLDQYLQHFXRSUREDGHVHUODXQODERUDWRUPHGLFDOVLODVDVDVHIDFDDQDOL]HOH'XSDRVDSWDPkQDDIODUH]XOWDWXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7RWXOHvQRUGLQHVSXQHPHGLFXOVXQWHWLSHGHSOLQVDQDWRV
%XFXURVPHUJHDFDVDVLvLVWLJDQHYHVWHL
6KDURQQLFLWXQLFLHXQLFLFRSLLLVLQLFLPDFDUXQFKLXO0DFQXDYHPYUHRERDOD
0F*UHJRUvLFXPSDUDILXOXLVDXRSHUHFKHGHSDQWRILQRL6HDUDSRUQHVFODRSOLPEDUH3HGUXPWDWDOvVLvQWUHDEDILXO
$LvQFDOWDWSDQWRILLQRL"
'DWDWD
$WXQFLILXOHIDVLWXSDVLLDLDPDLPDUL
$QXQWSHSXQWHDXQXLYDSRUSOHFDWGLQ*ODVJRZVSUH1HZ<RUN
%DWUvQLLIHPHLOHVLFRSLLLFDUHDXSODWLWELOHWXOFDVKVLQXvQUDWHYRURFXSDSULPLLvQFD]GHQDXIUDJLXEDUFLOHGHVDOYDUH
8QVFRWLDQvQWUHDEDODVWDWLDGHEHQ]LQD
(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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QVFRWLDQYUDQGVDVLDOHDJDXQWUDVHXFkWPDLLHIWLQSHQWUXYDFDQWDLQWUDSHQWUXGRFXPHQWDUHvQWURDJHQWLH5DVIRLQG
XQSOLDQWFXLPDJLQLGLQ*UHFLDvQWUHDEDFXLQWHUHV
3HQWUXRDVHPHQHDWDUDFXUXLQHVSHUFDIDFHWLRUHGXFHUHDSUHFLDELODGHSUHW
8QVFRWLDQHVWHFXDIDFHULOD3DULV'XSDFHWHUPLQDWUHEXULOHVHJkQGHVWHVDVHGLVWUH]HFXRWLSDGLQ)UDQWD1HJRFLD]D
FXXQDWDULIXOvQIXQFWLHGHSRVLELOLWDWLOHVDOHRGXFHODKRWHORGH]EUDFDVHGH]EUDFDVLHO
'RPQX
FDVDILPOLQLVWLWLRIDFHPFXSUH]HUYDWLY
7LSXOVFRDWHGLQEX]XQDUXQSDFKHWHOvOGHVIDFHVLVFRDWHXQSUH]HUYDWLYPRWRWROLWSHWLFLWVLOLSLWvQYUHRORFXUL
'RPQX
HXVXQWRIHPHLHGHOX[FHYUHLVDIDFLFXPL]HULDDVWD"
7LSDLDRELHFWXOVLODUXQFDSHIHUHDVWUD6FRWLDQXOGLVSHUDWVWULJD
6WDLFHIDFLODPOXDWGHODFOXESHLQYHQWDU
$PLFHHVWHvQWUHEDWXQVFRWLDQFXPDUDWDPLFXWLLWDLJHPHQL"
2RRVXQWQHPDLSRPHQLWL
1DLRIRWRJUDILH"
%DGDXLWH
'DUQXYDGGHFkWXQXO'HFHQXLDLSR]DWSHDPkQGRL"
1XHQHYRLHVHDPDQDFDGRXDSLFDWXULGHDSD
8QDXWRVWRSLVWVFRWLDQYLFWLPDDXQXLJUDYDFFLGHQWUXWLHUvVLUHYLQHvQVSLWDO
$PGRXDYHVWLDYDVSXQHvLWUDQVPLWHVRUD8QDEXQDVLDOWDSURDVWD
ÌQWkLFHDSURDVWDWHURJ
VDYLVHDPSXWH]HDPEHOHSLFLRDUH
6LFHDEXQD"
&KLUXUJXOGRUHVWHVDYDFXPSHUHSDQWRILL
'RLVFRWLHQLVHSOLPEDSHVWUDGD7UHFSULQIDWDXQXLEDUFkQGXQXOvLVSXQHFHOXLODOW
%HLREHUH"
'D
$WXQFLJUDEHVWHWH7HDVWHSW
'RLVFRWLHQL
3HWLQHWHFKHDPD9LQFHQWDVDL"
'D
$WXQFLGHFHVHPQH]LvQWRWGHDXQD9LQ"
3HQWUXFDODILHFDUHVHPQDWXUDHFRQRPLVHVFXQFHQW
ÌQWUXQPLFRUDVHOVFRWLDQXQORFDOQLFHVWHVXQDWODWHOHIRQ
$OR-RKQ"%DWUkQHPDDIOXvQWURVLWXDWLHFULWLFDVLDPQHYRLHXUJHQWGHOLUH3RWLVDPLGDL"
$ORQXvQWHOHJQLFLRYRUEDUDVSXQGH-RKQ
ÌPLWUHEXLH]HFHOLUHVWULJDDSURDSHVLODELVLWVROLFLWDQWXO
$ORLQWHUYLQHFHQWUDOLVWDSHILUGRPQXOXLvLWUHEXLHOLUHGHODGYV
6WLLFH"VHvQIXULH-RKQ'DFDDX]LDVDGHELQHvPSUXPXWDLGXPQHDWD
'RLVFRWLHQLVHvQWkOQHVFSHVWUDGD
9UHLVDGHMXQDPvPSUHXQD"
&XPVDQXUDVSXQGHFHODODOWEXFXURV
3HUIHFWGDWHOHIRQVRWLHLWDOHVLVSXQHLVDSXQDXQWDFkPvQSOXV
8Q VFRWLDQ DMXQV PXOWLPLOLDUGDU VH FDVDWRUHVWH VSUH XLPLUHD JHQHUDOD FX R IHPHLH EDWUkQD XUkWD VL UHD GH JXUD 8Q
FRQFHWDWHDQH[SOLFDIHQRPHQXO
$SURFHGDWDVDGH]JkUFLWFHHVWH$FXPvQWURVLQJXUDSHUVRDQDDUHVLQHYDVWDVLVRDFUD(RHFRQRPLH
6RWLDXQXLVFRWLDQGHR]JDUFHQLHUDUDFKLDUVLLQWUHVFRWLHQLVHSRPHQHVWHFXVRWXOHLYHQLQGDFDVDvQIXJDIHULFLW
0DU\DPFkVWLJDWODORWHULHGHOLUH
)HPHLDVHvQWXQHFDODIDWDDSRLvQWUHED
'D"6LFkWDFRVWDWELOHWXO"
VLOLQJL
$VD"6LGHXQGHDLDYXWWXVLOLQJLFDVDMRFL"
0UV0F)RROHvOGXFHSHPH]LQXOIDPLOLHLvQWURGUXPHWLHÌQJkQGXUDWWDWDOvLUHDPLQWHVWHVRWLHL
'DFDQXHVWHQLPLFLQWHUHVDQWGHYD]XWDWXQFLVDQXXLWLVDGDLMRVGHSHQDVXOFRSLOXOXLRFKHODULL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWURVWDWLHGHWUDPYDLXQVFRWLDQvOvQWUHDEDSHFRQWURORUXOGHELOHWH
&kWFRVWDXQELOHWSkQDODJDUD"
3DWUXSHQQ\UDVSXQGHFRQWURORUXO
6LGHODMXPDWDWHDGUXPXOXL"
'RLSHQQ\
6FRWLDQXOHYLGHQWQXXUFDvQWUDPYDLFLvQFHSHVDDOHUJHGXSDHO'XSDFHDDOHUJDWHOSULQYUHRSDWUXFLQFLVWDWLLvOvQWUHDED
GLQQRX
SHFRQWURORU
$FXPFkWFRVWDXQELOHWSkQDODJDUD"
$FXPFRVWDVDVHSHQQ\
&XPHVWHSRVLELODVDFHYD"$WLVSXVFDGHODMXPDWDWHDGUXPXOXLIDFHGRDUGRLSHQQ\
'DGDUJDUDHVWHvQVHQVRSXV
/DIDFXOWDWHDGLQ/RQGUDPH]LQXO0F)RROHVHGHVSDUWHFXWULVWHWHGHFROHJLLVDL
(XQXPDLSRWVDPLFRQWLQXLVWXGLLOHVSXQHHO
'DUGHFH"vOvQWUHDEDFROHJLL
7DWDOPHXDPRVWHQLWXQFHDVVLDFXPYUHDVDPDIDFDFHDVRUQLFDU
8QXLVFRWLDQLVHQDVWHFHOGHDOFLQFLOHDFRSLO8QSULHWHQvOvQWUHDED
&XPGHDLOXDWKRWDUkUHDDVWD"&HLSDWUXFRSLLFDUHvLDLWHFRVWDVLDVDGHVWXLEDQL
+RWDUkUHDDPOXDWRFDFLQHDXPDLUDPDVVFXWHFHGHODFHOGHDOSDWUXOHDQDVFXW
/DRVFRDODVFRWLDQDSURIHVRUXOvQWUHDED
&HDIDFXWvQRWXOXQVSRUWIRDUWHSRSXODUvQ6FRWLD"
/DFDUHXQXOGLQHOHYL
7D[DGHSRG
8QVFRWLDQGHGHDQLH[SOLFDVHFUHWXOORQJHYLWDWLLVDOH
1LFLRGDWDQDPEDXWZKLVN\IDUDDSDVLQLFLRGDWDDSDIDUDZKLVN\
ÌQWUXQ]LDUVFRWLDQ
0F7DYLVKVL0F0DUNDXSDULDWSHRVWLFODGH:KLVNLFDUHvVLWLQHPDLPXOWUDVXIODUHD
ÌQPRUPkQWDULOHDXORFPkLQHODRUD
%DQFXULFXVHLFL
8QVHLFSRVHVRUGHWHUHQXULSHWUROLHUHvVLFDXWDQRURFXOSULQWURILUPDGHPDWULPRQLDOH$QJDMDWXOvLRIHUDVPHULWFDWDORJXO
(OvOUDVIRLHVWHODQHVIkUVLWVLODXQPRPHQWGDWSOLFWLVLW]LFH
&HWRDWD]JkUFHQLDDVWD/HLDXSHWRDWH
5ROOV5R\FHXOvOSODWHVFHX]LFHVHLFXOSULHWHQXOXLVDXWXDLSODWLWvQJKHWDWD
8QVHLFFXPSDUDGXSDFkWHYD]LOHXQ5ROOV5R\FHQRX9kQ]DWRUXOvOvQWUHDED
1XDWLIRVWPXOWXPLWFXSULPDPDVLQD"
2EDGDGDULDPSLHUGXWLHULFKHLOH
8QVHLFUHYLQHvQYL]LWDOD3DULVVLUHYD]kQG7XUQXO(LIIHO]LFH
'HDWkWLDDQLVRQGHD]DDVWLDDLFLGXSDSHWUROVLWRWPDLLQVLVWD
'RLVXOWDQLVWDXGHYRUED
$X]LGD
WXFXPDOHJLVHDUDGLQWUHFHOHWUHL]HFLGHFRQFXELQH
DOHWDOHFXFDUHVDWHFXOFL"
(KVLPSOXDUXQFSHVWHHOHRJDOHDWDFXDSDUHFHVLRDOHJ
SHFHDGLQFDUHLHVHFHOPDLPXOWDEXU
%DQFXULFXVRPDOH]L
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&XPYLQVRPDOH]LODVWXGLXvQ(XURSD"
53ULQID[
Ì&DUHHGLIHUHQWDGLQWUHXQVRPDOH]VLRPLQJHGH3LQJ3RQJ"
51LFLXQD
Ì&XPGHRVHEHVWLXQVRPDOH]GHRPLQJHGHWHQLVGHFkPS"
50LQJHDFkQWDUHVWHGHJUDPHPDLPXOW
Ì&XPFDGHXQVRPDOH]GLQFRSDF"
5&DRIUXQ]D
Ì&XPFDGHXQVRPDOH]FDVDWRULWGLQFRSDF"
5&DRSLDWUD
Ì'HFH"
5'LQFDX]DYHULJKHWHL
Ì'HFHFDGHXQVRPDOH]GLQFRSDFFDRVDJHDWD"
5$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$XEXUWLOHSOLQH
Ì&XPSRWLVDVFRWLFHLGHVRPDOH]LGLQFDELQD"
57UDJLGHFROWXOGHSkLQH&XWRWLLVHWLQELQHFXGLQWLLGHHO
ÌÌQJUXSXULGHFkWLDXYRLHVRPDOH]LLODFLQHPD"
5DOWIHOVHULGLFDVFDXQXO
Ì&XPVHUDGLRJUDILD]DVRPDOH]LL"
56HWLQvQIDWDVRDUHOXL
Ì&HLQGLFDWLLH[LVWDvQOLIWXULOHGLQ6RPDOLD"
56DUFLQDPD[LPDNJVDXSHUVRDQH
Ì'HFHQXDUHQLFLXQURVWWULPLWHUHDGHDMXWRDUHvQPHGLFDPHQWHvQ6RPDOLD"
53HPDMRULWDWHDVFULHDVHOXDGXSDPDVD
Ì&kWDSRS
DWLHDUH6RPDOLD"
5NLORJUDPH
ÌÌQFHUHJLXQHD6RPDOLHLHGHQVLWDWHDSRS
DWLHLPDLPDUH"
5'HSLQGHFXPEDWHYkQWXO
Ì'HFHvQWLQGVRPDOH]LLXQILUGHDWDODVWUDQG"
53HQWUXFDSURSULLFRSLLVDVHSRDWDMXFDODXPEUD
6HMRDFDVRPDOH]LL'HDYDWLDVFXQVHOHD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7HDPJDVLW
3HFDUHGLQQRLGRL
6HMRDFDVRPDOH]LL'HDYDWLDVFXQVHOHD
+HLWXJUDVDQXOHWHDPJDVLWHVWLDVFXQVGXSDFRDGDPDWXULL
6FULVRDUHGHPXOWXPLUHDFRQGXFHULLVRPDOH]HSHQWUXFHDVXULOHGHPkQDFXEUDWDUD
0XOWXPLPSHQWUXIUXPRDVHOHFXUHOH
Ì'XSDFHVHUHFXQRDVWHXQVRPDOH]ERJDW"
53RDUWDXQ5ROH[vQMXUXOEUkXOXL
Ì'HFHQXDSDUWLFLSDWDYLDWLDVRPDOH]DOD5D]ERLXOGLQ*ROI"
5(UDEROQDYSLORWXO
Ì&HVDvQWDPSODWGDFDvQIDUIXULDXQXLVRPDOH]GLPLQHDWDVHJDVHVWHXQEREGHRUH]"
5$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"
Ì'HFHVRPDOH]LLvVLSXQFkWHXQFKLEULWvQILHFDUHXUHFKHFkQGVHGXFVDIDFDEDLH"
5&DVDQXFDGDvQFDQDODWXQFLFkQGGDXGUXPXOODDSD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQ6RPDOLD
&LWHNJDLED"
*UDVODH[WHUPLQDUH8UPDWRUXO&kWH.JDL"
*UDVXWJUDVXW/DH[WHUPLQDUH8UPDWRUXO&DWH.JDL"
3OHWRVXOH
9LQH0RV&UDFLXQODFRSLLGLQ6RPDOLD
(KFRSLLPRVXOXLDWLIRVWFXPLQWL"
'DDDDD0RV&UDFLXQ
6LFRSLLPRVXOXLLDWLDVFXOWDWSHSDULQWL"
'DDDD0RV&UDFLXQ
'DGHPDQFDWDWLPDQFDW"
3DLVWLWLODQRLvQ6RPDOLDHFDPJUHXHIRDPHWH
&LQHQXPDQkQFDQXSULPHVWHFDGRXUL
Ì0HUJVRPDOH]LLODGLVFRWHFD"
5'DGDFDvQGLUHFWLDDLDEDWHYDQWXO
/DXQVDQDWRULXvQ6RPDOLDVHDXGHRYRFH
6RRRUUUDDDDXQSDLDQMHQ
9LQLPHGLDW]LFHVRUDFDUHHUDRFXSDWD
0DLWUHFHSXWLQWLPS
6RRRUUUDDDDXQSDLDQMHQ
9LQLPHGLDW]LFHVRUDFDUHHUDvQFDRFXSDWD
0DLWUHFHSXWLQWLPS
8QGHPDGXFLEHVWLH"
$PHULFDQLLvLFkQWDUHVFSHVRPDOH]L
NJ)RDUWHELQHYDWLvQJUDVDW8UPDWRULL
Ì&LQHDUHGHNLORJUDPHvQ6RPDOLD"
53RS
DWLDXQXLVDW
Ì'HFHDFD]XWSDUWLGXOFRPXQLVWvQ6RPDOLD"
56DUXSWFUDFDvQWLPSXOVHGLQWHL
Ì&HLPLFVLVODEVLDOHDUJDFXNPKSULQGHVHUW"
58QVRPDOH]FDUHDJDVLWXQERQGHFDQWLQD
Ì6LFHLPLFVLVODEVLDOHDUJDFXNPKSULQGHVHUW"
58QVRPDOH]FDUHDXLWDWERQXOGHFDQWLQDJDVLWDFDVD
Ì&DUHHFHDPDLDSUHFLDWDUHFODPDvQ6RPDOLD"
56QLFNHUVFkQGWHDSXFDIRDPHD
Ì&HHXQVRPDOH]KLGURFHIDO"
58QVXUXEGH
Ì&HHXQEREGHIDVROHvQIDWDXQXLVRPDOH]"
55DWLDSHRVDSWDPDQD
Ì&HUHSUH]LQWDXQVRPDOH]FXXQ SXPQGHRUH]"
58QHQJURVLVW
Ì&XPVHQXPHVWHXQVRPDOH]vPEUDFDWFXRVFXUWDGHEODQD"
53HULHGHFXUDWDWSLSD
Ì&HVXQWGRLVRPDOH]LvQVDFXOGHGRUPLW
57ZL[
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&kWLVRPDOH]LLQWUDQWUXQ7UDEDQW"
5
Ì&XP"
5vQIDWDvQVSDWHVLvQVFUXPLHUD
'RLVRPDOH]L%DGDFDvQVHDUDDVWDQXEDWHYkQWXOPHUJHPODIHPHL"
Ì&DUHHDVHPDQDUHDGLQWUHVWUHSWRFRFLVLVRPDOH]L
5*UHXWDWHD
51XDPELLVHFRPSDFWHD]DDVWHSWkQGWLPSXULSULHOQLFH
Ì&DUHHGHRVHELUHDGLQWUHVWUHSWRFRFLVLVRPDOH]L
56WUHSWRFRFLLPDLVLJDVHVFWLPSXULSULHOQLFH
Ì&HDUHPDVXULOH"
50LVV6RPDOLD
Ì&XPVHQXPHVWHXQVRPOH]FXVWUXQJDUHDWD"
5*UHEOD
Ì&XPVHQXPHVWHXQVRPDOH]FXXQVDFGHRUH]"
56(7)25/,)(
Ì&HIDFHXQVRPDOH]FXXQVDFGHRUH]"
5'HVFKLGHXQUHVWDXUDQW
Ì&XPVHQXPHVWHXQVRPDOH]FXXQFkLQH"
59HJHWDULDQ
Ì&XPVHQXPHVWHXQVRPDOH]FXGRLFkLQL"
5)HUPLHU
Ì&XPVHQXPHVWHXQVRPDOH]FXWUHLFkLQL"
5(QJURVLVW
Ì'HFHQXOHSODFHVRPDOH]LORUVH[XORUDO"
51XVHSRWIRUWDVDVSXQD0DQkQFDPDPDQkQFDPD
Ì&DUHHGHILQLWLDRSWLPLVPXOXL"
58QVRPDOH]vQFRVWXPGHGLQHX
Ì&HLDVWD"
5*UHVLWQXLXQFRSLOVRPDOH]FLXQVRPDOH]FRQVWLSDW
Ì$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
Ì&HIDFVRPDOH]LLQRDSWHD"
55HFODPHSHQWUXWHOHYL]LXQH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
Ì&HHXQVRPDOH]FXXQ FRLIGHRWHO"
52DJUDIDGHELURX
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QWLJDQvVLIDFHDVLJXUDUHODFDVD,PHGLDWGXSDFHSOHDFDDJHQWXOGHDVLJXUDULWLJDQXOVHDSXFDVDFLWHDVFDSROLWDVLYHGH
FDvQFD]GHLQFHQGLXYDILGHVSDJXELWFXPLOLRDQHOHL)DUDVDVHJkQGHDVFDPXOWWLJDQXOWRDUQDEHQ]LQDSULQWRDWDFDVDVL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DLVWDXQSLFSXUDGHOXOVLPDLYLQHvQFDRGDWDVLVSXQH
7HWHRVSDUJHPLVLPLHWLPEXUHOXODVWDvOLDWLJDQXOVLvOVSDUJHVLvLVSXQHWLJDQXLDOPDVLSOHDFDVLLDUVHJkQGHVWHWLJDQXO
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$WXQFLWHURJLOD6IkQWXO,RVLI
'XSDFHVDUHWLJDQXOVLWRDWDWUXSDRILWHUXOvQFKLGHXVDDYLRQXOXLLDUGXSDFkWHYDPLQXWHDXGHEDWDLvQXVD
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
SRDWH0HUJHWLJDQX
VLLH[SOLFDODGRFWRUFHRGRDUHSH3LUDQGDLDUGRFWRUXOvLGDQLVWHVXSR]LWRDUHVLLVSXQH
6SXQHLVDVLOHEDJHvQDQXV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0HUJHWLJDQXODFDV
vLGDVXSR]LWRDUHOHVLL]LFH
2]LVGRPQ
GRIWRUVDOHEDJLODDQX
$FXPVDOHEDJODDQX
EDWDWHFUXFHDFDSkQDDWXQFLPRU'XWHvQDSRLFDHVWLSURVWVLQRQWHOHVGRPQX
GRIWRUFHDP
0HUJHvQDSRLVLGRFWRUXOvLVSXQH
=LLVDOHEDJHQUHFW
,DUVHGXFHWLJDQX
DFDVDVLLVSXQHOD3LUDQGD
2]LVGRPQ
GRIWRUVDOHEDJLGLUHFW
$XQ
VDOHEDJGLUHFWEDWDWH'XPQH]RFDPRUGDFDOHLDXGLUHFWSDWRDWH'XWHvQDSRL
,DUPHUJHODGRFWRUODFDUHvLVSXQHSHVOHDX
6SXQHLVDOHEDJHQFXU
0HUJHWLJDQXDFDVDVLLVSXQHOD3LUDQGD
1DWXYH]LGDFDHVWLSURDVWDVRQHUYDWGRPQX
GRIWRUVR]LVFDSRWLVDWLOHEDJLvQFXU
'RXDWLJDQFLvQWURIDUPDFLH
%XQD]LXDGRDPQD$YHWLDOLILHSHQWUXSDGXFKLODSL
GD"
,HVLDIDUDQHQRURFLWR&XPvWLSHUPLWLVDYRUEHVWLDVD"
)HPHLDUXVLQDWDvL]LFHSULHWHQHLVDOH
&HUHWXIDFDHVWLPDL
WHOHFWXDOD
&HDODOWDWLJDQFD
%XQD]LXD9DURJVDPLGDWLXQXQJXHQWSHQWUXSDUD]LWLSXELHQL
6LJXUGRDPQD&kWVDYDGDX"
3DLFDPFkWSHQWUXGRXDSL
GH
8QWULEGHFDQLEDOLSULQGHXQIUDQFH]XQHQJOH]VL XQWLJDQ6LFDGGHDFRUGVDIDFDGLQHQJOH]RFLRUEDSHQWUXFDODX
YD]XWQXPDLEXQGHDVDFHYDGLQIUDQFH]RIULSWXUDSHQWUXFDHUDVLXQSLFURWRIHLVLGLQWLJDQFDUHHUDVODEPXUGDUVLMLJDULW
VDSXQ/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
3DLIDSURDVWDGUDFX
FOHVWLVRULLDLDHSHQWUXFLRUDSLQXSHQWUXEX]LOLSL
LL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$PvQFHUFDWGDUQXODYUXWvQDSRL
3DLvQFD]XODVWDSDVWUHD]DOILXOH
8QWLJDQHVWHSULQVGHFDWUHSROLWLVWLvQWLPSFHvQFHUFDVDIXUHXQSRUWPRQHXvQDXWREX]
1XvQFHUFDVDQHFRQYLQJLFDDLOXDWDFHVWSRUWPRQHXFUH]kQGFDHVWHDOWDX
1XHVWHDOPHXvQWUDGHYDUGDUEDQFQRWHOHDFHVWHDvPLVXQWIRDUWHIDPLOLDUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QWLJDQXVvOYHGHvQWURVHDUDSHWDWDOVDXFXOFDWSHVWHPDLFDVD$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]LVWDvQDVDIHO'RFWRUXO
1LFLRSUREOHPDGXWHDFDVDVLFkQGYUHDWLJDQXOWDXVDIDFHWLXQFRSLOEDJDSLFLRDUHOHvQWUXQERUFDQGHNJ
'XSDRVDSWDPkQDWLJDQFDYLQHLDUODGRFWRUJUDYLGD'RFWRUXO
$LIDFXWFHWLDPVSXV"
7LJDQFD
'DGDUQXDPJDVLWXQERUFDQGHNJVLDPOXDWGRXDGHNJ
1RDSWHDWLJDQXVLWLJDQFDvQWUROXPLQDFKLRDUDGRUPHDX3HODWLJDQFDVHWUH]HVWHVLvQFHSHVDVHKROEH]HSHSHUHWH
'XSDFkWHYDPLQXWHvQFHSHVDOJKLRQWHDVFDSHWLJDQ
7LJDQHWLJDQHVFRDODEDPDQFDWDV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DYUHLIDFDWHWDLVDQHEXQHVF"
6FRDODEDWUDLWLDUPDWD
)DWHGLVHFVDIDFSkUQDLH
6FRDODEDQDX]L
=LIDFHL""
%DWLJDQHSHSHUHWHDFRORVXELFRDQDHXQJkQGDF"
'D
FHDLYUHDIDVDILHXQ*ULJRUHVFX"
7LJDQXORVFRDWHSHWLJDQFDODUHDWDXUDQWOD$WKHQHH3DODFH9LQHFKHOQHUXOVDLDFRPDQGD7LJDQXOLDRFLRUEDWLJDQFD
FHUHR vQJKHWDWD 0DL WvU]LXWLJDQXOFRPDQGD R IULSWXUDWLJDQFDvQFDR vQJKHWDWD /D GHVHUWWLJDQXO R SUDMLWXUD WLJDQFD D
WUHLDvQJKHWDWD /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
$LODULQJLWDVLFLVWLWD
,HVHWLJDQFDDIDUDVLRvQWUHDEDWLJDQXOHLFDUHRDVWHSWDSHKRO
&HERDOHWLDJDVLWGRFWRUXID"
3DLHODUJLWDGDLFLQVWLWDPkQFDWLDVJXUD
7LJDQFDODSROLFOLQLFDVD
VLIDFDDQDOL]HOH6HGXFHODLQIRUPDWLL
'RPQGRIWRUFDUHIDFLSR]LODWkWHH
DLFL"
1XD]LQXHQLPHQLDFROR
'D
GRPGRIWRUFDULJKLFHVWHvQUDKDWRYLQLW"
1XPkLQH
'D
GRFWRUX
FDUH
VLEDJDGHVWHOH
QS
LL
DLFL"
,DDVFXOWDDVWD
LFXUDWDQHVLPWLUH
%LQHELQHFkQGVHvQWRUFVDOHVSXLFDL
DFDXWDWRGRDPQD&DOGDUDV
1XHVWHWRWXVLUHYROWDWRUFDVXQWXUPDULWGHSROLWLHvQWLPSFHHXvPLFkVWLJH[LVWHQWDOXFUkQGFXPkQXWHOHDVWHDGRXD"VH
SOkQJHWLJDQXO
'DUFHRFXSDWLHDL"
6XQWKRWGHEX]XQDUH
3LUDQGDvLIDFHVRWXOXLHLXQFRSLOQHJUX$FHVWDGHVLJXURLDODURVW
'HFHLFRSLOXODVWDDWkWGHQHJUX"
3DLFXPVDILHUDVSXQGHIHPHLDGDFDWXPHUHXVWLQJLOXPLQDFkQGIDFHPGUDJRVWH"
&LQHYDVXQDODXVDLDUWLJDQXOGHVFKLGHFXIULFDÌQIDWDOXLVWD0RDUWHD
3WLXILUDLDGUDFXOXLFHPDLVSHULDWDPFUH]XWFDHSROLWLD
8QWLJDQvVLvQWUHDEDVRWLDFXFkWHYD]LOHvQDLQWHGH]LXDGHQDVWHUHDDFHVWHLD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HYUHL3LUDQGRVDWLDGXFGH]LXDWD"
8QURP
Ì&HvQVHDPQDXQWLJDQIDUDPkLQL"
52SHUVRDQDGHvQFUHGHUH
Ì&XPVHQXPHVWHXQWLJDQFDUHvVLGDDHUH"
55RPJD]
Ì&XPOH]LFHODWLJDQLvQFRVPRV"
5&RVPRURP
(UDXQWLJDQXQHQJOH]VLXQIUDQFH]VLDYHXSRUXQFDVDVWHDOXQLFXXQSRUFvQFRFLQD3ULPDGDWDLQWUDIUDQFH]XVLQX
VWDWUHL]LOHFDVLLHVHLQWUDHQJOH]XVLVWD]LOHVLLHVH9LQHUkQGXWLJDQXOXLQXWUHFXUD]LOHFDLHVHSRUFX]LFkQG
3XXFHSXWHWLJDQXDVWD
9LQHWLJDQFDODJLQHFRORJVLGXSDFRQVXOWDWLHGRFWRUXOFDPRULSLODWvLVSXQH
7XWLJDQFRDOWDGDWDFkQGYLLODGRFWRUVSDODWHVLWXvQYDJLQ
,HVHWLJDQFDGHODGRFWRUVHvQGHSDUWHD]DSXWLQGDUQHGXPHULWDKRWDUDVWHVDVHvQWRDUFDVLvOvQWUHDEDSHGRFWRU
'RPQXOHGRFWRUGDGDFDQDPYDJLQSRWVDPDVSDOVLvQOLJKHDQvQSL
GD"
Ì&HHVWHXQWLJDQSHELFLFOHWD"
50RELOURP
7LJDQXOFODULQHWLVW FX WLJDQFDOXL VWDX OkQJD ILUXO DSHL9LQHLQXQGDWLDVL OH LD ERUGHLXO OD YDOH 7HOHYL]LXQHD HVWHOD IDWD
ORFXOXLVLLDLQWHUYLXWLJDQFLL
+DROHXVLKDLGDFDSXPLHXFDPLDOXDWIUXPXVHWHGDSDODWVDPUDPDVODEDWUkQHWHFXFDQGULXDVWDGHWLJDQ IDUDDGDSRVW
HWF
7LJDQXOVWDWHDVLVHXLWDQRVWDOJLFvQXUPDERUGHLXOXLFDUHVHFDPGXFHDODYDOHGD
WLJDQFDvQFHSHVDOODXGH
+DXOLR PR PkQFDWHDUYLHUPLL VL XUkWHDU VRDULOL VL OXQD VSXQH VL WX FHYD FD QX YH]L FD YHQLW DVWLD GD OD DLD FDUH vWL LD
PXWUDPD"
/DFDUHWLJDQX
UDVSXQGH
&DVXWDQRDVWUDFXLEXVRUGHGDWODEXFL8QGHSX
DPHDWHGXFL"
8QDPHULFDQXQIUDQFH]VLXQWLJDQDXSXVXQSDULXFDUHSRDWHUH]LVWDFHOPDLPXOWvQWURSHVWHUDFXFDWHDOLPHQWHYUHD
PXVFKLL OXL $PHULFDQX
LQWUD PkQGUX FX GH UXFVDFH SOLQH GH PkQFDUH GXSD OXQL LHVH DIDUD &kQG YLQH UkQGXO
IUDQFH]XOXLDFHVWDLD FX HO GH UXFVDFHSOLQH FX PkQFDUH VL GH IUDQ]HOH GXSD OXQL LHVH DIDUD9D]kQG FH PXOW DX
UH]LVWDWFHLGRLWLJDQX
vVLLDFXHOXQVLQJXUERUFDQGHIDVROHFXHOGXSDDQLLHVHDIDUD3UHVDYLQHSHVWHHOSHQWUXDO
vQWUHEDFXPGHDSXWXWUH]LVWDDVDGHPXOWWLJDQX
UDVSXQGH
$PPkQFDWIDVROHDDLDVLDSRLPDPFDFDWDPPkQFDWLDUDVLWRWDVDQXPD
FDXOWLPDGDWDDPIDFXWGLDUHHVLDPIRVWQHYRLW
VDLHV
3LUDQGDQDVWHXQIDWGHQXPDLXQNLO*LQHFRORJXOFXWLJDQXO
7LJDQHHGHUDXQDUHGHFLWXQNLOFRSLOXO
(LFHVDIDFLGRQ
GRFWRUFHDPEDJDWDLDDPVFRV
7LJDQXYUHDGLYRUWVLPHUJHFXSLUDQGDODWULEXQDO-XGHFDWRUXOvQWUHDED
7LJDQHPRWLYXOGHGLYRUW"
+DEDUQDP
-XGHFDWRUXOvLVFRDWHSROLWLFRVDIDUD&HLGRLPHUJSHVWUDGDVLYDGXQDILVSHFDUHVFULD5(&,',9,67$3OHDFDvQDSRLOD
WULEXQDOVLWLJDQXO]LFH
+DLGRP
MXGHFDWRUFDVWLX
=LPDLWLJDQH
3LUDQGDvLUHFLGLYLVWD
/DFDUHSLUDQGDVFDQGDOL]DWD
&H5(&(Ì13,
'$HVWLWX6&857vQSX
DVLQXDMXQJLODFDOGXUD
ÌQWURQRDSWHXQDPHULFDQXQIUDQFH]VLXQWLJDQFDXWDXXQKRWHO7RDWHKRWHOXULOHHUDXvQVDRFXSDWH$MXQJODXQKRWHOVL
UHFHSWLRQHUX
OHVSXQHFDPDL H[LVWDRFDPHUDGDUHFXRIDQWRPD(QJOH]X
FXUDMRVLQWUDvQFDPHUDVL VHFXOFDOD PLH]X
QRSWLLLHVHIDQWRPDVLvQFHSHVDYRUEHDVFD
,RVXQWIDQWRPDFXXQ RFKLYHUGHVLXQX
DOE
(QJOH]X
VSHULDWVDUHSHIHUHDVWUD $ GRXDQRDSWHILJXUD VH UHSHWDVL FX IUDQFH]X&kQGYLQH VL UkQGXO WLJDQXOXLDFHVWDVH
FXOFDOLQLVWLWVLODPLH]X
QRSWLLLHVHIDQWRPD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,RVXQWIDQWRPDFXXQ RFKLYHUGHVLXQX
DOE
7LJDQXVHVFRDODVHXLWDSXWLQODHDVLLVSXQH
3RDWHYUHLVDWLOvQYHU]HVFVLSHFHODODOW
3LUDQGDPRDUHVLWDWDOWULPLWHSXUDGHOXOFXFLQFLOHLVDFXPSHUHROXPkQDUH$OPLFVHvQWRDUFHGHODXVDVLvQWUHDED
7DWDGDFDQXJDVHVFOXPkQDUHSRWVDLDXEUkQ]D"
2WLJDQFDvQWkU]LHDFDVD&kQGYLQHRLDWLJDQX
8QGHPLDLIRVWIDSkQDDFXP
7LJDQHVDYH]LFDDPOXDWEDQLVLDPIRVWVDIDFFXPSDUDWXULOH
6LFHDLOXDWID
2OLJXUDGHOHPQ
/DFDUHWLJDQX
)DQRLQXDYHPEDQLGHPkQFDUHVLWXFXPSHULPRELOD
%DQFXULFXXQJXUL
-DQRVIDFHDQD]EkWLLSHOkQJDELVHULFDRUWRGR[DURPkQHDVFD3RSDvL]LFH
'DFDQXHVWLFXPLQWHWHERWH],RQVLWHIDFURPkQ
ÌQWUXFkW-DQRVQXVDSRWROLWFKLDUDVDDSURFHGDW$MXQVDFDVD-DQRVOHVSXQHSHUkQGWDWDOXLPDPHLVRUHLHWF
3HPLQHPDFKHDPD,RQVLVXQWURPkQ
&HLGHPDLVXVODXvQMXUDWVLEDWXW5DPDVVLQJXUPLFXWXO-DQRVJkQGHVWH
'HPLQXWHVXQWURPkQVLXQJXULLDVWLDvPSXWLWLDXVLvQFHSXWVDPDSHUVHFXWH
,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*LXULGDDVWDRIRVWFXRVXWDGHDQLvQXUPD
$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
6LvQVWUHDQJVDDWDUQHXQXQJXUVDILHPHVDMXOFODU
'XSDRFOLSDGHWDFHUHYRUEHVWH)XQDU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
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
$SRLEHDGDULQFHWFDLUHFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWUXQODFVH]EDWGRLRDPHQLXQXOQHJUXVLFHODODWDOE3HFDUHvOVDOYH]LPDLvQWkL"5DVSXQVFRUHFW
3HFHOQHJUXFDDODDOESRDWHVDILHXQJXU
'RLURPkQLVLXQXQJXUFDGGHSHXQYDVvQPDUH9LQUHFKLQLLVLvLPDQkQFDSHURPkQLGDUGHXQJXUQXVHDWLQJ
'HFHQXOPkQFDPVLSDVWD"vQWUHDEDSXLXOGHUHFKLQ
6DSWDPkQDWUHFXWDDPPkQFDWXQXOVLQHXVWXUDFXUX
VLDFXP
%XODFXWDVXGHVSUHUDVLVP
8LWH%XODGHH[HPSOXWXWHXUFLvQWUXQSRPVLXQQHJUXYLQHGXSDWLQH
'D
7XWHXUFLvQYkUIVLQHJUX
GXSDWLQH
'D
6LLIDFLYkQWI
WXLPDPDOXLGHXQJXU
-DQRVXQJXUXOVL,RQGLQ7UDQVLOYDQLDVWDXGHYRUED-DQRVvOvQWUHDEDSH,RQ
=LPD,RDQHFDWXHVWLRPFXFDUWHFHLDLD$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
08/7$0
)$,1
&LFDSRUQHVWHUD]ERLXOvQWUHURPkQL VL XQJXUL8QJXULL GHMD LQYDGDVHUD SDUWHDGH QRUGHVWD 5RPkQLHL 6H GXFHDX OXSWH
GLVSHUDWHvQVDIDUDVDDYDQVH]HQLFLXQDGLQWUHDUPDWH$WXQFLXQXOGLQWUHJHQHUDOLURPkQLDUHRLGHH&kQGVHDSURSLDXGH
WUDQVHHOHXQJXULORUILHFDUHVROGDWURPkQVSXQHD
+HL-DQRV
$WXQFLXQJXUXOVHULGLFDvQSLFLRDUHVSXQHDUDVSLFDW'DVLURPkQXOQRVWUXvLWUDJHDFkWHYDJORDQWH6LWUHL]LOHWRWDVDR
WLQXUDSkQDVHSULQVHUDXQJXULLGHVPHFKHULH
8QJHQHUDOXQJXUDSOLFDVLHOPHWRGDVWULJkQGGHGXSDWUDQVHH
+HL,RDQH
'LQSDUWHDRSXVDGLQWUDQVHHUDVSXQGHURPkQXO
,RQQXHDLFL'DUFLQHvOFDXWDHVWLWX-DQRV"
/DFDUHJHQHUDOXOVHULGLFDvQSLFLRDUHVLVSXQH
'D
ÌQ8QJDULDGLQFDX]DQXPDUXOXLIRDUWHPDUHGHSHQVLRQDULJXYHUQXODKRWDUkWVDYLQDvQvQWkPSLQDUHDDFHVWRUDVLSHQWUX
DLDMXWDDSURPXOJDWROHJHFDUHSUHFL]D
3FWÌQFHSkQGFXLDQXDULHWRWLSHQVLRQDULLDXYRLHVDWUDYHUVH]HVWUDGDSHFXORDUHDURVLHDVHPDIRUXOXL
3FW'DFDSkQDODLDQXDULHQXVHREVHUYDQLFLRPRGLILFDUHKRWDUkUHDGHODSXQFWXOGHYLQHREOLJDWRULH
6HDUDvQ&OXM-DQRVVL3LVWDLHVGHODFLUFLXPDVHDSURSULHXQGRPQvQIXJD
9DURJVSXQHWLPLXQGHHJDUD
-DQRV1RLQXVWLH
'RPQXORLDODIXJDSHVWUDGDGH]RULHQWDW
3LVWD0DL-DQRVGHFHQXVSXVODHOXQGHJDUD"3LHUGHRPX
WUHQXO
-DQRV/DVDGUDFXOXLSHHOVSXQHFDDLFLGHGHDQLVLQXVWLHXQGHJDUD
&HDRvQYL]LWDvQMXGHWXO+DUJKLWD8QSLRQLHUYRLRVRIHUDIORULOHFHUHPRQLDOHODVkQGXVHvPEUDWLVDW
&XPWHFKHDPDSXLGHGDF"
,VWYDQ$WWLODWRYDUDVH1LFRODH&HDXVHVFX
'RLVHFXLvQWUHQ
8QXOSURSXQHFHOXLODOWVDLQWUHvQILHFDUHFRPSDUWLPHQWVDYDGDFLQHQXVWLHXQJXUHVWHVDOWDLHFXEULFHDJXO
,QWUDvQSULPXOFRPSDUWLPHQWSDVDJHULMRDFDFDUWL
&HMXFDWLDLFLLQWUDEDXQXOGLQWUHVHFXL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6HSWLFDDPHULFDQDDGLFD
$PHULNDLKHWHVW
UDVSXQGHXQFDODWRU
$FHVWLD VWLX XQJXUHVWH ]LFH VHFXLXO FDWUH FROHJXO VDX KDL VD PHUJHP PDL GHSDUWH ,QWUD vQ DO GRLOH FRPSDUWLPHQW XQGH
FDODWRUL
WRWMRDFDFDUWL
&HMXFDWLDLFL"
6DL]HFLVLVDVHDGLFD
+DWYDQKDW
6LDFHVWLDVWLXXQJXUHVWHKDLVDPHUJHPPDLGHSDUWH
/DIHOVLvQFRPSDUWLPHQWXOXUPDWRU
&HMXFDWLDLFL"
3RSDSURVWXODGLFD
7RNHV/DV]OR
ÌQSUREOHPDFDUHDIRVWSULPLLvQ$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
,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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
9UHLRPXVFDWXUD"
6LIDUDDPDLDVWHSWDUDVSXQVGLQSDUWHDDFHVWXLDVWULJDUDVSLFDWFDWUHJRQDFLXOVDX
6RSHHO*ULYHL
3HJUDQLWDGLQWUH5RPkQLDVL8QJDULDvVLIDFHDXGDWRULDXQJUDQLFHUURPkQVLXQXOXQJXU/DXQPRPHQWGDWFHLGRLYDGR
UDWDFDUH]EXUDFKLDUSHIkVLHWUDJDPkQGRLvQDFHODVLWLPSUDWDFDGHODPLMORF&DUHVDRLD"5RPkQXO]LFH
%DLXQJXUHKDLVDQHIX
HPvQFXUVLFDUHUH]LVWDFHOPDLPXOWLDVLUDWD
8QJXUXO]LFH
%LQHPDLURPkQHvQFHSHWX
6LDVDVHDSXFDURPkQXOQRVWUXGHWUHDEDVLvOWLQHSHXQJXUvQSX
DYUHRFHDVXUL/DXQPRPHQWGDWvQFHWHD]DVL]LFH
0DLXQJXUHVWLFHYD"LDWXUDWD
3HXQDXWRPDWVWDVFULV
3HQWUXOLPEDURPDQDDSDVDWLWDVWD3HQWUXOLPEDHQJOH]DDSDVDWLWDVWD3HQWUXOLPEDPDJKLDUDDSDVDWLSHWUDJDFL
8QWLJDQDDMXQVODWULEXQDODFX]DWGHUDVLVPFDVHOXDODFHDUWDVLODEDWDLHPHUHXFXXQJXULLGLQVDW-XGHFDWRUXO
0DLWLJDQHFHWRWDLPDWXFXXQJXULL"
&LQHLR8QJXUXOHIUDWHOHPHXVDPRDUDIUDWLPLX
Ì8QGHDUH)XQDUVLQJHGHXQJXURDLFD"
53HSX
D
Ì'HFH"
5&DOHDIXWXWSHFLFOX
8QWUHQXQJXUHVFVLXQWUHQURPkQHVFVHvQWkOQHVFvQWURJDUD3HWUHQXOURPkQHVFVFULH&)5SHWUHQXOXQJXUHVFVFULH
0698QXQJXUVLXQURPkQLHVILHFDUHODJHDPVLXQJXUXO]LFH
%HLURPLQH6WLLFHVFULHSHWUHQXOYRVWUX"
1X&HVFULH"
&DFDW)UDWH5RPDQH+D+D+D
'DSHDYRVWUXVWLLFHVFULH"
&H"
0kQFD6DQDWRV9HFLQH
8QJUXSGHWXULVWLXQJXULvQWURH[FXUVLHvQ5RPDQLDSULQPXQWLL&DUSDWL/DXQPRPHQWGDWVHDXGHXQXUOHWvQIULFRVDWRU
888888888888888888888888888888
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6SHULDWLVLFXULRVLvVLvQWUHDEDJKLGXOGHVSUHFHHVWHYRUED*KLGXOOHVSXQHJOXPLQG
/D QRL vQ 5RPkQLD H[LVWDXQ JUXS GH IHPHL IRDUWH IUXPRDVH FDUH vQ PRPHQWXO vQ FDUH OH YLQH WLPSXO GH vPSHUHFKHUH VH
DGXQDvQWURSHVWHUDVLvVLvQDOWDVWULJDWXOKRUPRQDOvQDVWHSWDUHDPDVFXOLORU
3HVWH]LOHFHOPDLWLWUDW]LDUGLQ8QJDULDVFULDFXOLWHUHGHRVFKLRDSDEDUEDWLXQJXULDX PXULWFDOFDWLGHWUHQvQWUXQ
WXQHOGLQ5RPkQLD7RWLHUDXGH]EUDFDWL
Ì&HYHGHXQRPFkQGHFDOFDWGHRPDVLQD"
55RDWDGLQIDWDURDWDGLQVSDWH
Ì'DUXQXQJXUFkQGHFDOFDWGHRPDVLQD"
55RDWDGLQIDWDURDWDGLQVSDWHURDWDGLQIDWDURDWDGLQVSDWHURDWDGLQIDWDURDWDGLQVSDWH
'RLSULHWHQLSRYHVWHVF
,HULDPJDVLWRSHQHYDVWDPHDFXXQXQJXUvQSDW
6LFHLDLVSXV"
3DLFHVDLVSXQ"(XVvQWURPkQQXVWLXXQJXUHVWH
Ì6WLWLFXPVHXLWDXQURPkQODXQXQJXU"
5&XXQVLQJXURFKLGDUVWLWLGHFH"6HXLWDSULQOXQHWDGHODSXVFD
%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$PkQGRXDDXRGHVFKL]DWXUDSHFDUHVFULH3XW%LOOvQKHUH
Ì&XPVDXvQWkOQLW%LOO&OLQWRQFX+LOODU\"
5ÌDOLFHXDXDYXWRvQWkOQLUHFXDFHHDVLWLSD
Ì'HFHSRDUWD&OLQWRQFKLORWL"
5&DVDVLvQFDO]HDVFDJOH]QHOH
Ì&XPVHQXPHVWHPDLQRX%LURXORYDO"
5%LURXORUDO
Ì'HFHDUH0RQLFD/HZLQVNLEXFLOHDVDGHXPIDODWH"
53HQWUXFDPDLSDVWUHD]DGRYH]LOH
Ì&XVHFKHDPDIDSWXOFD%LOO&OLQWRQvVLXLWDVOLWXOGHVFKLV"
5862SHQ
Ì'XSDFHVHUHFXQRDVWHIDSWXOFD%LOO&OLQWRQPLQWH"
'XSDIDSWXOFDvVLPLVFDEX]HOH
Ì'HFH0RQLFD/HZLQVNLVFKLPEDSDUWLGXOGLQFDUHIDFHSDUWH"
56DGHFLVSHQWUXUHSXEOLFDQLSHQWUXFDGHPRFUDWLLLDXODVDWXQJXVWDPDUvQJXUD
Ì&XPVHGHILQHVWHvQ&DVD$OEDFXYkQWXOIHFLRDUD"
52IHPHLHFDUHDOHDUJDPDLUHSHGHGHFkWSUHVHGLQWHOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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$OED"
56DWLVIDFDWRU
Ì&HDVSXV+LOODU\&OLQWRQVRWXOXLHLGXSDFH3DXOD-RQHVVLDIDFXWSXEOLFDSRYHVWHD"
5,GLRWXOHWLDPVSXLVDOODVLSH7HG.HQQHG\VDRFRQGXFDDFDVD
0RQLFD/HZLQVNLODXQFRQFXUVWHOHYL]DWGHvQWUHEDULVLUDVSXQVXUL
0RQLFDFHHVWHHMDFXODWXO"
2FOLSDvPLVWDSHOLPED
([LVWWUHLWLSXULGH9LDJUD
3DVWLOHXVRDUH
3DVWLOHWDUL
%LOO&OLQWRQ
&DVLUDVSXQVOD(XUR¼DIRVWHPLVDVLvQ$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
)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
$PSULQVIDSWDVXO(VWHPLQLVWUXODSDUDULL
&OLQWRQHVWHXLPLWVLVLFDUHHYHVWHDVLPDLUHD"
(VWHVFULVXOOXL+LOODU\
ÌQDLQWHDXQHLFRQIHULQWHGHSUHVD%LOO&OLQWRQHVWHYD]XWGHFDWUHUHSRUWHULSHXQFRULGRUDO&DVHL$OEHFXXQFKLORWGH
GDPDSHEUDW
1LFLFDUHQXVHvQFXPHWDVDvQWUHEHGDUGXSDFRQIHULQWDWRWXVLXQXOGLQRDPHQLLGLQVXLWDHVWHvQWUHEDWvQVRDSWDFHvQVHDPQD
DVWD
'DDWLUHPDUFDWELQHGRPQXO3UHVHGLQWHSRDUWDXQEDQGDMPHGLFDOGHGRXDVDSWDPkQLSHQWUXDVHGH]RELVQXL
+LOODU\&OLQWRQPHUJHOD3UH]LFDWRDUH$FHDVWDGDvQFDUWLVLvLVSXQH
9DGFDVRWXOGXPLWDOHYDPXULDQXODFHVWDGHRPRDUWHFXPSOLWD
/DFDUH+LOODU\
9HGHWLFXPYDVLGDFDFLQHYDPDPLQWHVDXvQFHDUFDVDPDSDFDOHDVFD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
&KHOVHD HVWH IRDUWH VXSDUDWD VL H GH SDUHUH FD DFHDVWD FDPHUD H FHD PDL XUkWD FDPHUD D &DVHL $OEH $V YUHD VD ILH IDFXW
LPHGLDWFHYD
<HV6LUGRPQXOHSUHVHGLQWHYRLRUGRQDVDVFRDWDLPHGLDWWRDWHRJOLQ]LOHGHDLFL
8QRP VWDvQWUXQEDUvQ0RQWDQDVLVH XLWDODWHOHYL]RU/DXQ PRPHQW DSDUH %LOO &OLQWRQ vQ LPDJLQH2PXO VSXQH FX
YRFHWDUH
7LSXODVWDDUDWDFDXQFXUGHFDO
8QFRZER\GHOkQJDVHULGLFDVLvOGDMRVGHSHVFDXQFXXQSXPQ2PXOVHULGLFDVHDVHD]DGLQQRXSHVFDXQVLGXSDXQ
WLPSDSDUH+LOODU\vQLPDJLQH
'DUHDDUDWDFXVLJXUDQWDFDXQFXUGHFDO
8Q DO GRLOHD FRZER\ VH ULGLFD VL HURXO QRVWUX H GLQ QRX SH MRV 6H DVHD]D DSRL SH VFDXQ PDVkQGXVL IDOFD VL vQWUHDED
EDUPDQXO
0DVFX]DWLPDJkQGHDPFDPDDIOXvQWUXQVWDWFRQVHUYDWLY0RQWDQD8QGHPDDIOX"ÌQVWDWXOOXL&OLQWRQ"
1XUDVSXQGHEDUPDQXOWHDIOLLvQVWDWXOFDLORU
&OLQWRQVL,HOWLQVXQWFRQJHODWL'XSDGHDQLVXQWGLQQRXGHFRQJHODWL$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
$QX]LFH&OLQWRQQXYUHDXVDUDPkQDLFL
vQDGRXDFDPHUD%XVKOHJDWIHGHOHVVLFKLQXLWGH]HFLGHGUDFXVRUL
1XQLFLDLFLQXYUHDXVDUDPkQ
ÌQDWUHLDFDPHUD.HQQHWK6WDUVL0RQLFD/HYLQVN\LDU0RQLFDvOOXFUDSH.HQQHWKDVDFXPVWLHHDPDLELQH
/XL&OLQWRQvLOXFHVFRFKLLVL]LFH
'DGDDLFLYUHDXVDUDPkQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6L'UDFXO
2.0RQLFDSRWLVDSOHFL
ÌQ$YLRQXOSUH]LGHQWLDOH[LVWDUHJXOLIRDUWHVWULFWH
&kQGDSDUWXUEXOHQWHVLDYLRQXOvQFHSHVDVHFODWLQHHVWHVWULFWLQWHU]LVDVHEDWHODXVDSUHVHGLQWHOXL
&LFDHUDX%LOO&OLQWRQVLFX3DSD,RDQ3DXO,,vQWUREDUFDVLGLVFXWDXGH]RU'HRGDWDRSDODGHYkQWvLVPXOJHSDSHL
SDODULXWDGHSHFDSVLLRDUXQFDvQDSDODFkWLYDPHWULGHSDUWDUH%LOO]LFHFDQRSUREOHPSDUFXUJHUHVSHFWLYLLPHWULSDVLQG
SHDSDULGLFDSDODULXWDVHvQWRDUFHWRWSDVLQGSHDSDVLLRvQDSRLD]DSDSHL2IFRXUVHSHDFRORHUDXVLUHSUH]HQWDQWLLSUHVHL
FDUHQDXVFDSDWRFD]LDXQRUIRWRJUDILL
5H]XOWDWDGRXD]LvQWRDWH]LDUHOHWLWOXULGHRVFKLRDSD%LOO&OLQWRQQXVWLHVDvQRDWH
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
$FWXDOXOSUHVHGLQWHDIRORVLWSUHDPXOWHGRUPLWRDUH
.RKO%ODLU &OLQWRQWHVWHD]DHFRXOXQHLSUDSDVWLL
.RKOVWULJD'HXWVFKODQG
(FRXOODQGODQG
%ODLUVWULJD(QJODQG
(FRXOODQGODQG
+RSVL&OLQWRQ8QLWHG6WDWHV
(FRXODLGVDLGV
0DUHDFFLGHQWGHDYLRQVROGDWFXPRDUWHDJXYHUQXOXLDPHULFDQ$MXQJWRWLvQUDLOD'XPQH]HX$FHVWDvLSULPHVWHVWkQG
SHWURQXOFHUHVF
7XFLQHHVWL"
6XQWSUHVHGLQWHOH6WDWHORU8QLWHDOH$PHULFLL%LOO&OLQWRQ
%LQHILXOHDVHD]DWHDLFLODGUHDSWDPHD
ÌQFOLSDDFHHDLQWUDDOHUJkQG+LOODU\&OLQWRQSHFDUH'XPQH]HXRvQWUHDEDFLQHHVWH
6XQW+LOODU\&OLQWRQSULPDGRDPQDD$PHULFLL'DUWXFLQHHVWLVLGHFHVWDLSHORFXOPHX"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%LOOVL+LOODU\&OLQWRQVHDIODFXPDVLQDSH5XWD6HRSUHVFHLODREHQ]LQDULHPLFD2PXOFDUHOHXPSOHWDQFXOVSXQH
OXL+LOODU\
+L+LOODU\ÌWLPDLDGXFLDPLQWHGHPLQH"$PIRVWSULHWHQLvQOLFHX
+LOODU\vVLUHFXQRDVWHVLHDIRVWXOSULHWHQVLDPkQGRLPDLSRYHVWHVFGHYUHPXULOHGHDOWDGDWD
0DLWkU]LXSHGUXP%LOOVSXQH
9H]LWUHEXLHFDHVWLIRDUWHIHULFLWDFDWHDLFDVDWRULWFXPLQHGDFDWHFDVDWRUHDLFXIRVWXOWDXSULHWHQQXDLILIRVWDFXPVRWLD
SUHVHGLQWHOXL
%DGDVSXVH+LOODU\vQFD]XODFHVWDDUILIRVWHOSUHVHGLQWHOH6WDWHORU8QLWH
+LOODU\PHUJHOD*LQHFRORJVLSULPHVWHYHVWHDPLQXQDWDFDHvQVDUFLQDWD
$SXFDWHOHIRQXOVLvOVXQDSH%LOO
3RUFXOH(XVXQWJUDYLGDVLWXWHGXFLFXDOWHOH
/DFDUH%LOO
7HURJVDWHOLQLVWHVWLVSXQHPLQXPDLFXPWHQXPHVWLVLHXSUHLDXWRDWHFRVWXULOH
%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
$FXPGHDQL
0DLVDSDPJDVHVFRVkUPD
7RWQXWLHFODU"ÌQFDGHDFXPGHDQLDYHDPUHWHDGHWHOHIRQLH+DLFDWLDPWUDVR
0HUJVLvQ&KLQD6DSDODPQLPLF6DSDODQLPLF/DWRWQLPLF0\R/LQJLWULXPIDWRU
9H]LORRVHUH'RYDGDFODUDFDvQFDGHDFXPGHDQLQRLIRORVHDPFHOXODUX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%LOO&OLQWRQvQYL]LWDODPDUHOHXUV<HOWVLQ$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
'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(PLQHVFX
Ì'DFD(PLQHVFXDUPDLWUDLDUPDLILFHYDGHRVHELWSHQWUXQRL"
5'DSHQWUXFDDUDYHDSHVWHDQL
Ì'HFHQXDUH(PLQHVFXFRSLL"
53HQWUXFDH PRUW
Ì&kWDWUDLW(PLQHVFX"
53kQDODPRDUWH
&LFD0LKDL(PLQHVFXvLVFULHRSRH]LHOX
7LWX0DLRUHVFX
&DSXOWDXVXEFODUGHOXQD
6HDPDQDFX
QFDSGH
'XSDVDSWDPkQDSULPHVWH0LKDL(PLQHVFXUDVSXQVXFDPDVD
)UXPRDVDSRH]LDGD
XOWLPX
FXYkQWGHFHPLO
DLPkQFDW"
$OWHSRH]LLGLQ(PLQHVFX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2WXVHUJHQWGHVWUDGDFXIOXLHUXOOHJDWODJkW
'DPDLVXIODvQDLDPDWLLFDVDWLWUHDFDGHXUkW
0HUJSHJDUGGHGUXPPDWLQ
GDXFXFkLQLLvQEXOXPDFL
ÌQWURQRDSWHvQWXQHFRDVD
6RDUHOHOXFHDSHFHU
,DUDHXFXEDUFDPHDIUXPRDVD
0DSOLPEDPSULQVLIRQLHU
/DFXQRVFXWD6FULVRDUHD,,,DD/XL(PLQHVFXPDLH[LVWDVLRYDULDQWDVFXUWDPDLSXWLQFXQRVFXWD$FHDVWDHVWH
7XHVWL0LUFHD"
1X
%DQFXULFX/DG\'L
ÌQ 3DULV SH GDWD GH $XJXVW 3ULQWHVD 'LDQD VL SULHWHQXO HL 'RGL DO )D\HG VXQW LPSOLFDWL vQWXQ JUDY DFFLGHQW GH
PDVLQDvQWXQHOXOO
$OPD0DVLQDXQ0HUFHGHVVDORYLWGHFHOGHDOOHDVWkOSVLvPSUHXQDFXFHLGRLDX PXULWVRIHUXO
+HQUL3DXO%RG\JXDUGXO'LDQHL7UHYRU5HHV-RQHVVXSUDYLHWXLHVWHJUDYUDQLW'LDQDVLHDJUDYUDQLWDPRDUHWUHLRUHGXSD
DFFLGHQWvQVSLWDOXO3LWLp6DOSrWULqUH
Ì&HDXvQFRPXQ/DG\'LVLXQWDPSRQ2%
5$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
Ì&DUHHGLIHUHQWDGLQWUH/DG\'LVL(OYLV"
5(OYLVWUDLHVWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/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
,VXVVSXVH3ULYLWLSDVDULOHHOHQXVHDPDQDHOHQXFXOHJLDUWDWDOQRVWUX
GLQFHUXULOHKUDQHVWH'LDQDQXDOXFUDWGDUDIRVWKUDQLWDGHFHLFHSODWHVFLPSR]LWH
,VXVDVSXV,XELWLYDGXVPDQLLVLUXJDWLYDSHQWUXFHLFDUHYDXUPDUHVF0DWHL'LDQDVDLXELW
FX'RGLVLDIRVWXUPDULWDSHQWUXDFHDVWD
/DPRUPkQWXOOXL,VXVDIRVWSXVDRSLDWUDPDUHODFHO'LDQHLROHVSHGH
Ì&HSULYLOHJLXDXDYXW/DG\'LVLSRSVWDUXO)DOFRSULQPRDUWHDORU"
5$XSXWXWVDYDGDFROHFWLDGHYDUDDOXL*LDQQL9HUVDFHvQDLQWHDWXWXURU
0DPD7HUH]DPRDUHVLDMXQJHvQUDL'DWRULWDOXSWHLHLSHQWUXFHLVDUDFLVHDVWHDSWDODRSULPLUHGHRVHELWD
7RWXVLODXVDUDLXOXLQLPHQL0DPD7HUH]DVHXLWDSULQWUHJUDWLLVLYHGHQXPDLEOLW]XULGHODDSDUDWHGHIRWRJUDILDW
'XSDRRUDGHDVWHSWDUHYLQHVL6I3HWUXFDUHHvQWUHEDWFHVDvQWkPSODWGHDGXUDWDWkW3HWUXVHVFX]DVL]LFH
/DG\'LDVRVLWODQRL
$VWDPDEXFXUDGDUSHQWUXDVWDDWUHEXLWWRWFLUFXODVWDVLDWLODVDWVLWRWLSDSDUD]]LDVWLDvQDXQWUX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLWLVSXVH3HWUXVILQWLFDGXPQHDYRDVWUDYLQODQRLvQILHFDUH]LGDUGLQIDPLOLDUHJDODGRDURGDWDODGHDQLVHUDWDFHVWH
FkWHXQXOSHDLFL
&HOPDLVFXUWEDQFODFXUWHD$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
Ì&HLDWUHFXW'LDQHLSULQFDSvQFOLSDPRUWLL"
5%RUGXO0HUFHGHVXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
56WHUJHWLYDVWHDXDDVWD0HUFHGHVRULELODGHSHIDWD
Ì6WLDWDFD/DG\'LVXIHUHDGH306"
53XOYHULVHG0HUFHGHV6\QGURPH
Ì$WLDX]LWGHIX]LXQHDGLQWUH1LNHVL0HUFHGHV"
51RXOVORJDQYDIL-XVW'LLW
Ì&DUHHGLIHUHQWDGLQWUHXQ0HUFHGHVVLXQ3RUVFKH"
53H'LDQDQXRVDRYHGHWLQLFLRGDWDPRDUWDvQWUXQ3RUVFKH
Ì&HLD]LV'RGLVRIHUXOXL"
5'ULYHPHDQG'L
'RFWRULLDUILSXWXWVDOYDYLDWD'LDQHL'DUGLQSDFDWHQXDXDYXWSLHVHGHVFKLPESHQWUXRSULQWHVDPRGHO
%RG\JXDUGXO'LDQHLVHWUH]HVWHvQVSLWDOVLvQWUHDEDGRFWRUXOXQGHHVWHVLFHFDXWDDFROR'RFWRUXOvLVSXQHFDDDYXWXQ
DFFLGHQWFXPSOLWFXPDVLQDFDDVFDSDWFDSULQPLQXQHVLFDDVWDWvQFRPDVDSWDPkQL
6LFXPvLPHUJHVRIHUXOXL"PDLvQWUHDEDHO
(PRUWvLVSXQHGRFWRUXO
'DU'RGL"
6LHOHPRUW
'RDPQH'XPQH]HXOH'DU'LDQD"&XPvLPHUJH'LDQHL"
6LHDD PXULWvLVSXQHWULVWGRFWRUXO
6LFHVDPDLvQWkPSODWvQFHOHVDVHVDSWDPkQLGHFkQGVWDXvQFRPD"
6WLLDPXULWVL0DPD7HUH]D
)XFN5HFXQRVFFDDPIRVWFXWRWLLPXWLGHEHWLGDUFkQGDPOXDWRVLSHDVWDvQPDVLQDQXPDLvPLDGXFDPLQWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULFX6WHIDQFHO0DUH
2GDWDvODWDFDXWXUFLLSH6WHIDQFHO0DUH$VWDFDQGvLYHGHFDVHDSURSLHVHVXLHSHRPRWRFLFOHWDvVLLDRPLWUDOLHUDVLGD
LDPDSULQHLÌLRPRDUDSHWRWL$GRXD]LWXUFLLDWDFDGLQQRX&kQGYHGHDVWD6WHIDQvQFDOHFDSHXQ+DUOH\'DYLGVRQvVL
LDPLWUDOLHUHFkWHXQDvQILHFDUHPkQDVLLRPRDUDLDUDVLSHWRWL&kQGYDGWXUFLLDVWDVHGXFODPDPDOXL6WHIDQ
6WLWLILXOGYVQHEDWHvQILHFDUH]L1XSXWHWLVDYRUELWLVLGYVFXHOVRODVHPDLPRDOH"
0$VDSURPLWHFDRVDYRUEHDVFD'XSDvQFDR]LYDGWXUFLLFD6WHIDQQXPDLLHVHSHPRWRFLFOHWD%XFXULHPDUHHWFGDUQX
DWDFDvQFDYRUVDILHVLJXUL'XSDvQFDR]LWRWOLQLVWH$WUHLD]LvVLLDXWXUFLLLQLPDQGLQWLVLVHDSURSLHGHFHWDWHVDDWDFH
/DXQPRPHQWGDWDSDUH6WHIDQSH+'FXPLWUDOLHUHOHvQPkQD
+DDWLOXDWSODVDFDPDPDQXLDFDVD
(UDSHYUHPHDFkQGVHSRWFRYHD%/$%/$%/$HUDSHYUHPHDOX
6WHIDQFHO0DUHFkQGDMXQJWXUFLLVLSHVWHHO6L
YLQHOD0DULD6DXQDQJDMDWGHDOVDX
6WHIDQH6WHIDQHDXLQWUDWWXUFLLvQWDUDHXUJLH
1XLQLPLFFkWLVXQW"
0DULD7D
6LQRL"
%LQHDGXPLDUPXUDVLPDQWDXDFHDURVLH
'D
GHFHPDQWDXDURVLH"
3DLGDFDPDUDQHVFVDQXYDGDRVWHQLLVkQJHODPLQHVLVDOXSWHPDLGHSDUWH
=LVVLIDFXW&kVWLJDDLQRVWULLVLYLQSHVWHXQDQLDUWXUFLL
0DULD7D%/$%/$%/$
1XLQLPLFFkWLVXQW"
6LQRL"
3DLDPPDLUDPDVYR
GHXQGHFRQFOX]LDFDHLVHVLvQPXOWHDXPDLUHSHGH
%LQHDGXPLDUPXUDSHOHULQDURVLHVLSDQWDORQLLPHL0$52
ÌQWUREDWDOLHSH6WHIDQFHO0DUHvOFDPGRYHGHDXWXUFLL
3LFDLPROGRYHQLLPHLGDUHWUDJHUHDPDULDVD
1DYHPFDL0DULD7D
$WXQFLSLFXUkQGYRLQLFLLPHL
7XUFLLJUDPDGDSDUODPHQWD]DPkLQHODRSXQHP
6WHIDQVWUkQJHSODLHVLL
2VWHQLLPHLGXSLFXPVWLWLGLVHDUDHVWH]LXDPDPXFKLLGDUDEHWLPROFRPFDPkQLHEDWDOLHJUR]DYDFXWXUFLLDPYRUELWGHMD
FXGkQVLL
'LPLQHDWDODFLQFLvQWRWFDVWHOXODEXULLGHQVLDLEHWLHLHWF/DWXUFLLDOLQLDWLvQIDWDFDVWHOXOXLvQFHSVDEDWDLPSDFLHQWDWL
GLQSLFLRU$SDUH6WHIDQODIHUHDVWUDWUDJHDHUvQSLHSW
0XLHHHHH
$OWDGHOHJDWLHDWXUFLORUGXSDFLRUEDGHEXUWDVHVWDELOHVWHIHUPFDEDWDOLDVDDLEDORFPkLQHDIRVWRVLWXDWLHVSHFLDODWXUFLL
ILQXWLDXvQWHOHV5DPkQHOD
ÌQ FHWDWH FX VXIODWXO vQ OXPkQDUL XOWLPHOH UHVWXUL GLPLQHDWD WRWL PROGRYHQLL vPSXVFDWL vQ KDULSD EDWDL GLQ SLFLRU
6WHIDQODIHUDVWUD
0XLHHHHHHH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&RQVLOLXGHUD]ERLvQWDEDUDWXUFHDVDGH]EDWHULVLVROXWLD
&kQGDSDUH6WHIDQODIHUHDVWUDWRWLWXUFLvQWUXQJODVVDVWULJHPXLH
=LVVLIDFXW1RXDVLFHYDVFkUWVHGHVFKLGHIHUHDVWUDFLRSRUGHWXUFLLQWUXQJODV
0XLHHHHHHH
6WHIDQWUDJHDHUvQSLHSW
9LQHHHHH
6WHIDQFHO0DUHDYHDXQFDO
6LFDOXOQXDYHDQLPLFvPSRWULYD
6WHIDQFHO0DUHVWDWHDvQVDODPDUHDSDODWXOXLVLVHXLWDODYLGHR
8QILOPPHVHULDVFX9DQ'DPPH
/DXQPRPHQWGDWLQWUDDSURGXO3XULFHFDRYLMHOLHvQVDODVLVSXQHSHQHUDVXIODWH
0DULD7DDLQWUDWWXUFXOvQWDUD
6XQWPXOWL"LQWUHDED6WHIDQ
&kWDIUXQ]DFkWDLDUED0DULD7D
'HXQGHQDLEDIDFHPURVWGHDWkWHDVFDXQHDSURDGH3XULFH
6WHIDQFHOPDUHXPEODFXYRLQLFLLGXSDHOSULQ7DUD0ROGRYLL7UHFkQGSHOkQJDXQODQGHJUkXDXGRYRFHGXPQH]HLDVFD
FHFkQWDGHVHRSUHDvQORFDSDL]YRDUHORUVLDPXWHDXSDVDULOHFkPSXOXL6WHIDQVHLQGUHSWDVSUHORFXOFXSULFLQDSULQJUkXO
LQDOWFkWRPXOVL]DULXQSUXQFFDGHYUHR]HFHDQLFHFkQWDFXDWkWDIRF
&XPWHFKHDPDSUXQFXOH"vQWUHED6WHIDQ
*LFD3HWUHVFX0DULD7D
6WHIDQ FHO 0DUH DGXQDVH RDVWHD vQ YHGHUHD XQHL EDWDOLL FX WXUFLL &D GH RELFHL vVL vPEDUEDWHD]D VXSXVL VL WHUPLQkQG
FXYkQWDUHDVWULJDGHUDVXQDYDOHD
ÌQFDOHFDWLPROGRYHQLLPHL
&DXQWXQHWUDVSXQGUD]HVLL
ÌQFDOHFDP0DULD7D
'XSDFH]GUREHVFELQHRDVWHDWXUFHDVFDVHvQWkOQHVFFXWRWLLODORFXOGHDGXQDUHVL6WHIDQSRUXQFHVWH
'HVFDOHFDWLRVWHQLLPHL
'HVFDOHFDP0DULD7D
'HVFDOHFkQG6WHIDQ]DUHVWHvQWUXQWXILVXQSDFKHWGHELVFXLWL&LWLQGFXDWHQWLHHWLFKHWDSXWLQQHGXPHULWULGLFDSDFKHWXOGH
ELVFXLWLVSXQkQG
%LVFXLWLRVWHQLLPHL
%LVFXLP0DULD7D
9UkQGVDQLPLFHDVFDVLXOWLPHOHUDPDVLWHDOHRVWLLRWRPDQH6WHIDQFHO0DUHSOHDFDvQXUPDULUHFXRDVWHDVD$MXQJDWIHO
SHPHOHDJXULGREURJHQHOD0DUHDFHD0DUHVLPDLH[DFWOD&RVWLQHVWLOkQJD2EHOLVF6WHIDQSULYHVWHPRQXPHQWXOGLQIDWD
VDVSXQkQG
2EHOLVFRVWHQLLPHL
2EHOLP0DULD7D
6WHIDQFHO0DUHDvQFHUFDWVDLIDFDSHWRWLPROGRYHQLL]LPEULLGDUDPXULWSUHDUHSHGHVLLDDGXVGRDUODVWDGLXOGHERL
6WHIDQFHO0DUHFRQYRDFDERLHULLODRVHGLQWD
%RLHUL GXPQHDYRDVWUDWUHEXLHVD WUHFHP OD HFRQRPLLVHYHUH FKHOWXLP SUHD PXOW FX DVFXWLWXO VDELLORU GHDPX SURSXQ VDL
WDLHPSHWXUFLvQWUHLVDQXLPDLWDLHPvQSDWUX
'DGLVHVDIDVHPHFRQRPLL0DULDWD"
'LQFDX]DGDWRULLORUH[WHUQH
3HVWHYUHROXQDLDUVHGLQWDWXUFLLVDILHWDLDWLQXPDLvQGRXDSHQWUXHFRQRPLHFXDVFXWLWXOVDELLORU
'D
GLVH0DULD7D"
9DPVSXV'LQSULVLQDGDWRULLORUH[WHUQH
$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$GRXD]LYLQHSDGXUDUX
%DILUDWLDLGUDFX
FDUHPLDWLFDFDWSDGXUHD"
6WHIDQFHO0DUHGXSDREDWDOLHFUkQFHQDUHXVHVWHVDVFDSHFXYLDWDvPSUHXQDFXXQPLFJUXSGHRVWHQL3HXUPHOHORU
RDVWHDRWRPDQDFkWDIUXQ]DVLLDUED
ÌQGHSDUWDUHVHYHGHRSDGXUH6WHIDQ
ÌQSDGXUH
&kQGDMXQJvQSDGXUH6WHIDQFRPDQGD
7RDWDOXPHDVXVvQFRSDFL
3HVWHROHDFDGHYUHPHRVWHQLLvQFRSDFLDJDWDWLGHFUDFLvQFHSVDVHQHOLQLVWHDVFD
6DPDLVWDPDVD0DULD7D"
0DLVWDWLPDFDDELDDFXPvQWUDWXUFLLvQSDGXUH
3HVWHXQWLPSLDUD
6DPDLVWDP0DULD7D"
0DLVWDWLPDLVWDWLFDDFXPDWUHFSHVXEQRL
'D
0DULD7DGDUPDFDUFDLLSXWHPVDLODVDPMRV"
9DULDQWD
6WHIDQFHO0DUHVL3UHGDIXJHDXGHWXUFL$MXQJvQWURSDGXUH]LFH3UHGD
0DULD7DQHDMXQJWXUFLLGLQXUPDKDLVDQHVXLPvQFRSDFL
6HXUFDHLvQWUXQFRSDFGXSDFDWHYDPLQXWHWUHFWXUFLLSHVXEHLFDXWDSULQWXILVXULWUHFPDLGHSDUWH=LFH6WHIDQ
3UHGRHXQXPDLSRWvPLGDXGUXPXO
0DULD7DQXvWLGDGUXPXOWHSULQGWXUFLL0DULD7D
0DLWUHFHRRUDWXUFLLSHVXEHLvLFDXWDXGH]RU=LFH6WHIDQ
%D3UHGREDDPRERVLWvPLGDXGUXPXO
0DULD7DQXvWLGDGUXPXOWHSULQGWXUFLLUDPkQHWDUDIDUDGRPQLWRUQXVHSRDWH0DULD7D
%LQH3UHGRELQH
0DLWUHFHRRUDWXUFLLSHVXEHLJUDPDGD
3UHGRDVWDDIRVWHXvPLGDXGUXPXO
0DULD7DDLPLODGHQRLQXQHODVDSUDGDWXUFLORUIDUD0DULD7DVHGXFHWDUDGHUkSD
%LQHPD3UHGRGD
PDFDUODFDOSRWVDLGDXGUXPXO"
6WHIDQFHO0DUHYD]kQGFDWDUDLvQSULPHMGLHVHVFRDODGLQPRUPkQWVLODQVHD]DDSHOXO
8QGHVXQWHWLYRLUD]HVLLPHL"
6LFHLFKHPDWLUDVSXQG
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQ$UGHDOPDULDWD
6WHIDQFHO0DUHODUD]ERL
3LFDLRVWHQL
/DFDUHXQUD]HVGLQPXOWLPH
6LLRSLFDLPDULDWD
6WHIDQFHO0DUHGXSDROXSWD
%DFDUHDEDXWDVHDUDvQDLQWHGHEDWDOLHXQSDVvQIDWD
7UHPXUDWRWLVLQXPDLYUHRLHVvQIDW]D
%LQHYRLODVDSDWWUDQVHHUHVWXOKDLVDQHGUHJHP
6WHIDQFHO0DUHvQDLQWHGHOXSWD
2VWHQLLPHLOXSWDWLSkQDODXQXFDODGRXDDYHPELOHWHODPHFL
6WHIDQFHO0DUH
9RLQLFH*UR]HDXQGHVWXUFLL"
ÌQVWkQJDvQVSDWHVLQGUHDSWD0DULD7D
$WXQFLÌQDLQWHHHHHHHHHHHHH
Ì'HXQGHDUH6WHIDQFHO0DUHFL]PHOH"
5'HODJHQXQFKLLQMRV
%DQFXULFX%DED1RYDF
7XUFLLDXDIODWFDvQWUXQVDWGLQ0XQWHQLDVXQWQXPDLIHFLRDUH6HSUHJDWHVFHLGHRFDPSDQLHSHVWH'XQDUHVLSOHDFDvQ
VDWXO FX SULFLQD $MXQVL DFROR GDX vQWUDGHYDU GH XQ VDW QXPDL FX IHFLRDUH 6H SXQ HL SH WUHDED VL VSUH VHDUD VH DGXQD vQ
WDEDUDORURERVLWLILHFDUHODXGkQGXVLEDUEDWLD8QVLQJXUWXUFPDLVODEXWVXSDUDWvLVSXQHSDVHL
0DULWHSDVDvQVDWXODVWDPDLHVWHREDEDFDUHLYLUJLQDvQFD(XQDPUHXVLWQLPLF
1XLQLPLF0HUJHPFXWRWLLODHDDFXP
0HUJWXUFLLGHvQFRQMRDUDFDVDEDEHLVLvQFHDUFDVDLQWUHSHXVDGDUEDEDvLDUXQFDDIDUDSHJHDP'XSDFHVHSOLFWLVHVFWXUFLL
GHLHVLWSHJHDPEDEDLHVHvQSUDJvVLSXQHPkLQLOHvQVROGXULVLVSXQH
1XVDQDVFXWvQFDWXUFXOFDUHVRGH]YLUJLQH]HSH%DED1RYDF
8QPDUHYRLHYRGvQDLQWHDFHOHLPDLGXUHEDWDOLLDOHVDOHHUDIRDUWHvQJULMRUDWGHVRDUWDEDWDOLHLVLDVROGDWLORUOXL3HQWUXD
DVLJXUDYLFWRULDSHDOWHFDLGHFkWFHOHIL]LFHVDKRWDUkWVDDSHOH]HODEDEHYUDMLWRDUH2GDWDDMXQVODEDEHvVLVSXQHSDVX
VL
SULPHVWHFRQILUPDUHDGDPkQFDWLDVVSXQEDEHOHvLRPRUkPVLGXSDDLDPDLYRUELP'XSDFHVHWHUPLQDVLEDWDOLDFX
DUPDWDGXVPDQDWRDWDEROQDYDVLYDLGHHLYRLHYRGX
VHvQWRDUVHODFHOHEDEHVDOHUDVSODWHDVFD
%DLFDDPFkVWLJDWYDGDXDXUVLKDLQHGLQPDWDVHVDGHDGUDFX
$DDDQXXXQRLQXYUHPGDUXULQRLYUHPVDILPSODWLWHvQQDWXUD
$GLFD"
9LQHSULPDEDED
%DPkQFDWLDVHXYUHDXVDPLVXJLWkWDVWkQJD
&H"
+DLKDLQXVSXQHQLPLFFD
*DWD
6HDSXFDEDLDWX
QRVWUXvVLWHUPLQDWUHDEDVLYLQHVLFHDGHDGRXDEDED
%DPkQFDWLDVHXYUHDXVDPLVXJLWkWDVWkQJD
&H"
+DLKDLQXVSXQHQLPLFFD
*DWD
9LQHVLFHDGHDWUHLD
6LWXYUHLVDWLVXJWkWDVWkQJDPD"
18FDHXVXQW%$%$129$&
3LQWHD9LWHD]XOvQFROWLWGHSRWHUDYHGHREDED
%DERDMXWDPDDVFXQGHPDSRWHUDHODGRLSDVL
%DEDvOEDJDVXEIXVWHOHHL
$MXQJSRWHUDVLL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DERQDLYD]XWSHFLQHYDDVDVDVD"
1DPYD]XWPDLFD
6XEIXVWH3LQWHDRSXSDSHJHQXQFKL
(UDKDLGXFXO3LQWHDFDUHDIDFXWVLDGUHV
1XVWLXPDLFD3LQWHDRSXSDPDLVXVSHSXOSD
3RWHUDSOHDFD3LQWHDLHVH
0XOWXPHVFEDERFkQGWHDX]HDPFXPPDDSHULHUDPvQVWDUHVDWHSXSVLQSL
GD
%DPDSXSDLPDWDOXWDvQSX
DFDHXVXQW%DED1RYDF
9DULDQWD
ÌQWURSDGXUH3HWUXFHOIUXPRVHUDXUPDULWGHRVWDVLLOXL9RGD/DXQ PRPHQW VHvQWkOQHVWHFXREDEXWD$FHVWDGLVSHUDWvL
FHUHDMXWRUXO
%DERDMXWDPDVLRVDvWLILXYHVQLFUHFXQRVFDWRU6DOYHD]DPDGHVROGDWLLOXL9RGD
%DEDvODVFXQGHSHDFHVWDVXEIXVWD,PHGLDWDMXQJVLVROGDWLOXL9RGD6HIXODFHVWRUDRvQWUHDEDSHEDED
)DEDERQXODLYD]XWSH3HWUXFHOIUXPRV"
1DPYD]XWSHQLPHQLYRLQLFXOH
)DEDERQXFXPYDvODVFXQ]LSH3HWUXVXEIXVWD"
/DDX]LUHDDFHVWRUFXYLQWH3HWUXRVDUXWDSHEDEDSHJOH]QD
1XYRLQLFXOH
%DERWHvQWUHEGLQQRXQXFXPYDvODVFXQ]LSH3HWUXVXEIXVWD"
3HWUXRVDUXWDSHEDEDSHJHQXQFKL
1XvODVFXQGYRLQLFH
%DERWHPDLvQWUHERGDWDQXvODVFXQ]LSH3HWUXVXEIXVWDWD"
3HWUXRVDUXWDSHEDEDOkQJDEXGLJDL
1XvODVFXQGYRLQLFH
6ROGDWLLSOHDFDLDU3HWUXLHVHGHVXEIXVWDEDELL
(LEDERGDFDWHPDLvQWUHEDRGDWDXQGHFUH]LFDWHSXSDP"
0DSXSDLvQSX
DERXOHFDHXVXQW%DED1RYDF
%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$XPXWDWPRELODvQORFXLQWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QFLWDWGLQ6WHYLH:RQGHU
0DLELQHRUEGHFkWQHJUX
Ì&XPYDPXUL6WHYLH:RQGHU"
59DFLWLSkQDODPRDUWHWDSHWXOFXPRGHOHvQUHOLHIGLQFDPHUDVD
6WHYLH:RQGHUVWDSHREDQFDvQSDUF8QWLSVHDVHD]DSHEDQFDOkQJDHOVLVWUDQXWD/DDVWD6WHYLH
'HVIDPLWHURJVLPLHREHUH
Ì'HFHVXUkGH6WHYLH:RQGHUWRWWLPSXOFkQGFkQWD"
53HQWUXFDQXVWLHFDHRUE
Ì'HFHvVLPLVFD6WHYLH:RQGHUFDSXOvQVWkQJDVLvQGUHDSWDvQWLPSFHFkQWD"
5&UHGHFDFLWHVWHSDUWLWXULOH
Ì6WLWLFDGHIDSW6WHYLH:RQGHUVL5D\&KDUOHVSRDUWDRFKHODULQHJULLQXGLQFDX]DFDVXQWRUEL"
5&LSHQWUXFDDXRFKLLDOEDVWULL
Ì&XPVHGHQXPHVWHGUDJRVWHDODLQILQLW"
56WHYLH:RQGHUVL5D\&KDUOHVMXFkQGWHQLV
Ì'HFHQXSRDWHFLWL6WHYLH:RQGHUQRWHPX]LFDOH"
53HQWUXFDHQHJUX
%DQFXULSROLWLFH
%DQFXULFX&HDXVHVFX(OHQDVLYUHPHDORU
Ì'HFHQXDIRVWWHUPLQDWD&DVD5HSXEOLFLL"
53HQWUXFDQXDIRVW]LGLWD/HDQDODWHPHOLH
Ì6WLWLFD(OHQDvLVSXQHDOXL1LFX0DLHVWDWH"
5$VD1LFXOHPDLLHVWDWHGHYL]LWDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$WXQFLGRPQXOHSUVHGLQWHGHFHQXvQFHUFDWLFXFLDQXUD"
&HDXVHVFXFXQHYDVWDvQHOLFRSWHU/HDQDvL]LFH
8LWH1LFXOHVHYHGHUkXULOH
1XWXDVWHDQXHUkXULOHDVWHDHVRVHOHOH
3LORWXOLQWHUYLQH
1XDVWHDVFR]LOH
'XSDPDULOHLQXQGDWLL&HDXVHVFXvVLFRQYRDFDDSURSLDWLLFDVDIDFDXQELODQWDODMXWRDUHORU3ULYLQGUDSRDUWHOHvQFDUHVH
FHQWUDOL]DDSRUWXOGHYDOXWDIRUWHVHIXOH[FODPD
%UDYR/XDWLPDVXULGHSHDFXPSHVWHGRLDQLGDPIRF
/HDQDvLVSXQHvQWUR]LOXL1LFX
$X]L1LFXOH&HDUILVDPDSXLVLSHPLQHSULPPLQLVWUXFD'DVFDOHVFX"
(VWLQHEXQD/HDQR8QGHPDLYD]XVLWXWDUDFXGRLSULPPLQLVWUL"
3DLFXPQX"ÌQ)UDQWD-DFVL5DF
'RLWLSLFDOFDXQSRUFFXPDVLQDODPDUJLQHDXQXLVDW8QX]LFH
+DLVRVWHUJHP
&HODODW]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(PDLFRUHFWVDOJDVLPSHSURSULHWDUVDLVSXQHPFHVDvQWkPSODWVLVDOGHVSDJXELP
=LVLIDFXWXQXSD]HVWHPDVLQDVLSRUFX&HODODOWSOHDFDvQVDWVDDQXQWHWULVWDYHVWH7UHFHRRUDWUHFGRXDVLVROXOQXVH
vQWRDUFH&HOUDPDVDVFXQGHSRUFX
vQFKLGHPDVLQDVLVHGXFHvQVDWVDGH]OHJHPLVWHUXOQHvQWRDUFHULLDPLFXOXL6DWXOSXVWLX
ÌQWURFXUWHvQVDWRDWDSRSXODWLD]DFHDvQJUDPH]LJUDPH]LvQWUREHWLHJHQHUDOD6XERPDVDvOGHVFRSHUDSHDPLFvLWRDUQD
RFDOGDUHFXDSDvQFDSVLOvQWUHDEDFHVDvQWkPSODW$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
$FHOSRGFRVWDGHUXEOH6LGLQWURVXPDDVDGHPDUHRSDUWHDMXQJHvEEX]XQDUXOPHX
3HVWHXQ DQ YLQHEUHMQHY OD %XFXUHVWL VL XLPLW OD UkQGXO OXL GH OX[XO vQ FDUH WUDLHVWH &HDXVHVFX vQWUHDED FXP GH vVL SRDWH
SHUPLWHDVDFHYD&HDXVHVFXvLUDVSXQGH
(LELQH9H]LSRGXODFHOD"
&DUHSRG"
3RGXODFHODFRVWDGHOHL
&HDXVHFX%XVKVL*RUEDFLRYDXYUXWVDYDGDFDUHVROGDWHVWHPDLGHYRWDWWDULLVDOH6HGXFWRWLWUHLOD:DVKLQJWRQ
%XVK-RKQODPLQH
-RKQ'DVDWUDLWL
%XVK6ROGDWHVWLJDWDVDIDFLRULFHSHQWUXSDWULH
-RKQ'DVDWUDLWL
%XVK$WXQFLLQWUDvQ2FHDQXO$WODQWLFVLDGXPLXQUHFKLQvQPLQXWH
-RKQLQWUDvQDSDVHVFXIXQGDLHVHODVXSUDIDWDVLSHVWHPLQXWHDSDUHHSXL]DWVLIDUDXQSLFLRUFXXQUHFKLQ
*RUEDFLRYHVWHLQGLIHUHQWVLOHSURSXQHFHORUWUHLVDPHDUJDOD0RVFRYD/D0RVFRYD
*RUEDFLRY,YDQODPLQH
,YDQ'DVDWUDLWL
*RUEDFLRY6ROGDWWXHVWLJDWDVDPRULSHQWUXSDWULHVLSDUWLG
,YDQ'DVDWUDLWL
*RUEDFLRY'XWHvQ2FHDQXOvQJKHWDWVLDGXPLUHFKLQLvQPLQXWH
,YDQLQWUDvQDSDVHVFXIXQGDSHVWHPLQXWHLHVHFXUHFKLQLDSURDSHPRUWL
&HDXVHVFX%DODQRLDVWDHWUHDEDGHPXLHUH
%XVK%LQHKDLVDPHUJHPOD%XFXUHVWLVDYHGHP/D%XFXUHVWL
&HDXVHVFX,RQODPLQH
,RQ&HHED
&HDXVHVFX%DWXHVWLJDWDVDPRULSHQWUXWDUDWD"
,RQ1W]LX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HDXVHVFX$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
&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
*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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLHGHDOWIHOWRDWDOXPHDGHFHSHYUHPHDDEX]LYvPSXVFDWXOXLPHUJHDPWRWvQDLQWHvQDLQWHHUDPDLELQH
%XODPHUJHSHVWUDGD8QDPLFvOVWULJD
%DL%XODDPDX]LWFDDLLQWUDWvQSDUWLGSHQWUXFLQHQXVWLHLQDLQWHGHPDUHDvQYDOPDVHDODGLQGHFHPEULHvQ5RPkQLD
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]DPDVLQLOHQXvQWHOHJHGDUGHRGDWDvOYHGHSH
1H
D9DVLOH
&HDXVHVFX1H
D9DVLOHFHPDLIDFLPDLVWLFkQGMXFDPQRLIRWEDOvQERFDQFLIDFXWLGHWDWD
1H
D9DVLOH'D7XFHPDLIDFL1LFXOH"7RWFX/HDQDRPDLIUHFL"
&HDXVHVFX'D&HSRWVDIDF)LLDWHQWDLFLQHD9DVLOHXLWHDLFL]HFHQXPHUHGHWHOHIRQGDFDDLYUHRSUREOHPDVXQDOD
RULFHRUD
1HD9DVLOH0XOWXPHVFGDUQXHQHYRLH
&HDXVHVFXSOHDFD
'LUHFWRUXO9DVLOHvOFXQRVWLSH&HDXVHVFX"
9DVLOH%LQHvQWHOHVGHFkQGHUDPFRSLO
'LUHFWRUXO3DLGHFHQXDLVSXV8LWHWHWULPLWODRVFRDODGHPDLVWULVDvQYHWLPDLPXOW
$FROR OD VFRDOD GH PDLVWUL YLQH (OHQD &HDXVHDVFX vQ LQVSHFWLH , VH H[SOLFD FXP IXQFWLRQHD]D PDVLQLOH QX vQWHOHJH GDU
GHRGDWDvOYHGHSH9DVLOH
(OHQD9DVLOHH&HPDLIDFLRPXOH
9DVLOH%LQH/HDQRSHDLFLVLHX
(OHQD0DLVWLFkQGQHSXSDPQRLvQWXILVXUL
9DVLOH0DLVWLXFXVDXLWDVDFHYD7RWFX1LFXRPDLIUHFL"
(OHQD7RWFXHOGRDUHXQRPEXQQX")LLDWHQWDLFLGDFDDLYUHRSUREOHPDLDDLFLGHQXPHUHGHWHOHIRQ GDFDVHLYHVWH
FHYDVXQD
9DVLOH0XOWXPHVFGDUQXHQHYRLH
'LUHFWRUXOGHDFRORUDPkQHPDVFD
'LUHFWRUXO'HFHQDLVSXVQHD9DVLOHFDRFXQRVWLSH(OHQD&HDXVHVX"
9DVLOH(XFXQRVFSHWRDWDOXPHD
'LUHFWRUXO6LSH3DSDGHOD5RPD"
9DVLOH'D
'LUHFWRUXO'DFDvOFXQRVWLSH3DSDHXWHDYDQVH]vQJUDGSkQDODLQJLQHUVHIVLRVDOXFUH]LWRDWDYLDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9DVLOH%LQHEDLHWL
6HGXFOD9DWLFDQFXHOLFRSWHUXO
9DVLOH8LWHEDLHWLFXPIDFHWLSHPLQHPDVWLXEDLHWLGHODSD]DGDUSHYRLQXDVDFDLQWUXVLRVDDSDUFX3DSDSHWHUDVDDLD
3HUVRQDOXO2N9DVLOH
3HVWHRMXPDWDWHGHRUDDSDUHVLQHD9DVLOHFX3DSDSHWHUDVD3HUVRQDOXOQXvOVWLDFXPDUDWDSDSDDVDFDDvQWUHEDWXQFDWROLF
vQUDLWGLQ$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
,DX]L3DLGHFH"
-XPDWDWHVXQWvQ&$3MXPDWDWHVXQWvQ5)*
'D
ROWHQLLWDL7XGRUH"
)RDUWHELQH'RDPQH
%UDYR&XPDVD"
3DLMXPDWDWHVXQWvQ&$3MXPDWDWHvQ&&
3HYUHPHDOXL&HDXVHVFXXQWLSLQWUDvQWUXQPDJH]LQ
1XYDVXSDUDWLQXDYHWLSHVWHDLFL"
1XDLFLQXDYHPFDUQHSHVWHQXDXDODWXUL
3H YUHPHD FRPXQLVPXOXL OD R FRQIHULQWD HFRQRPLFD LQWHUQDWLRQDOD VH vQWvOQHVWH XQ VSHFLDOLVW URPkQ FX XQ VSHFLDOLVW
DPHULFDQÌQWUHDEDDPHULFDQXO
9RLFHH[SRUWDWL"
5DVSXQGHURPkQXO
&KLUSLFL
6LFLQHOFXPSDUD"
%XOJDULD
6LFHSULPLWLvQVFKLPE"
2XD
)RDUWHIUXPRVRXDSHQWUXFKLUSLFL6LFHIDFHWLFXRXDOHOHPvQFDWL"
1X/HWULPLWHPvQ8QJDULD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LFHSULPLWLvQVFKLPE"
*DLQL
6LFXJDLQLOHFHIDFHWL"
/HWULPLWHPvQ3RORQLD
6LFHSULPLWLvQVFKLPE"
&XUFL
6LFXFXUFLOHFHIDFHWL"
/HWULPLWHPvQ&HKRVORYDFLD
6LFHSULPLWLvQVFKLPE"
9LWHL
6LFXYLWHLLFHIDFHWL"
ÌLWULPLWHPvQ8QLXQHD6RYLHWLFDVLSULPLPvQVFKLPEEDOHJDUFXFDUHIDFHPFKLUSLFLXOSHFDUHvOWULPLWHPvQ%XOJDULD
9LQH%XUHELVWDOD%XFXUHVWLvQWLPSXOOXL&HDXVHVFXSHYUHPHDPDULORUGHPRODUL6HXLWDvQMXUXOOXLVLvQWUHDED
&XPVHQXPHVWHDFHDVWDFHWDWH"
,VHUDVSXQGH
'DUkPLGDYD
6LFXPVHQXPHVFEDVWLQDVLLDFHVWRUORFXUL"
(LVHQXPHVF$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$YkQWXOGLQGHDO
&XPSXWHWLGRYHGLSURYHQLHQWDEDQLORUSHFDUHvLDYHWL"
3DLVWDWLVDYHGHWLHXVLQWSHVFDUVLPDPGXVODSHVFXLWVLDPSULQVXQSHVWLVRUWRWXOVLFXWRWXOGLQDXU
7RYDUDVHvWLEDWLMRFGHPLQH
1XHVWHDGHYDUXODGHYDUDW
'DFDHVWHDVDSHVWLVRUXOLQWUDvQWH]DXUXOVWDWXOXL
6WDWLVDYHGHWLFDQXOPDLDP
1HQRURFLWXOHWHEDJODSXVFDULH
1XGOHFDYRUEHDVLPDUXJDWVDLGDXGUXPXOFDPLvQGHSOLQHVWHWUHLGRULQWH
'XPQHDWDPDFUH]LQHEXQ"
'DGOHVLSHQWUXFDHUDPVDUDFVLORFXLDPvQWURJDUVRQLHUDvQ0LOLWDULFRQIRUWFXEDLDvQEXFDWDULHVLFXEXFDWDULDvQEDLH
LDP FHUXWVDPLGHDRYLOD PDUHVLIUXPRDVDFXOLPX]LQDOD VFDUD FX PDMRUGRP VL IHPHLH GH VHUYLFLX DSRL FkQG PDP
YD]XWFXDVWDLDPFHUXWVDDPEDQLPXOWLVDQXDPFHIDFHFXHL$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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
3DLGHSLQGH'RLVLFXGRLSRWIDFHWUHLSRWIDFHSDWUXSRWIDFHFLQFL
Ì3HFLQHDQXPLW&HDXVHVFXPLQLVWUXGHILQDQWH"
53HIUDWHVDX
3HULRDGD7UHFXWXO3UH]HQWXOVL9LLWRUXOvVLGDXvQWkOQLUHvQ5RPkQLD7UHFXWXOVL9LLWRUXOVXQWSXQFWXDOL3UH]HQWXO
vQWkU]LH&kQGDSDUHFXRVDFRVDvQPkQDvOLDXFHLODOWLODvQWUHEDUL3UH]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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,RQHVFX
+ROGHvQWLQVHGHJUkX
3RSHVFX
6RQGHVLPLQH
%XOD
2FkPSLHPDUHPDUHFXIORULvQPLMORFXOHL2FKLXO%RXOXLVLFX0DWUDJXQDvQFHUFXLWLGHRFHDWDGHDOEDVWUHOHLDUvQUHVW
GHPLOLRDQHGHODFULPLRDUH
ÌQIDWDXQXLDQWLFDULDWXQDUGHOHDQDGPLUDOXFUDUHDWKHIXWXUHRI5RPDQLDDXWRU1&VLH[FODPD
,DFDWDRFDUWHGHDFWXDOLWDWH
3DLFXPDVD"vOvQWUHDEDXQSROLWLFLDQ
$SRLGXPQHDWDQXVWLLFHWL7HIXWXUDRI5RPkQLH"
3HYUHPHDOXL&HDXVHVFXXQURPkQHFDSWXUDWGHXQWULEGHFDQLEDOLÌQDLQWHGHDILPkQFDWFHUXVDLVHvQGHSOLQHDVFDR
XOWLPDGRULQWD
$VYUHDVDYRUEHVFFXVHFUHWDUXOGHSDUWLG
1DYHPSDUWLGQDYHPVHFUHWDU
$WXQFLFXSUHVHGLQWHOHGHVLQGLFDW
1DYHPVLQGLFDWQDYHPSUHVHGLQWH
'DFDQLFLVHFUHWDUQLFLSUHVHGLQWHQXDYHWLDWXQFLFLQHYDSXQHVDYDPkQFDWLvQWUHYRL"
*KHRUJKH*KHRUJKLX'HMSHSDWXOPRUWLLvLSDVHD]DOX
&HDVFDWUHLSOLFXULVLJLODWHQXPHURWDWH
ÌQ SULPXODLLQGLFDWLLSHQWUXFXPVDWHGHVFXUFLvQ VLWXDWLLOH JUHOH vQ DO GRLOHDSHQWUX VLWXDWLLOH IRDUWH JUHOH VL vQ DO WUHLOHD
SHQWUXVLWXDWLLOHFDWDVWURIDOH
0RDUH$SDUHVLWXDWLDJUHD&HDVFDGHVFKLGHSULPXOSOLF3XQHYLQDSHPLQH
6LWXDWLDIRDUWHJUHDDOGRLOHDSOLF3XQHYLQDSHRFFLGHQW
6LWXDWLDFDWDVWURIDOHDOWUHLOHDSOLF3UHSDUDWUHLSOLFXULVLJLODWH
/DVHGLXOVHFXULWDWLLXQELHWRPHDQFKHWDW
7RYDUDVHQXDWLPDLIRVWODRVHGLQWDGHSDUWLGGHMDGHGRXDVDSWDPkQL
'DGDUDPIRVWDVDGHRFXSDW
'XPLQLFDWUHFXWDDWLIRVWYD]XWvQELVHULFDWRYDUDVH
'DDWUHEXLW
$WLPDLIRVWYD]XWFDDWLGRQDWEDQLvQFXWLDPLOHLVLFRWL]DWLDGHSDUWLGQXDWLSODWLWRvQFDSHOXQDDVWD
%LQHvQWHOHVFDRVDRSODWHVF
$WLIRVWYD]XWFDDWLVDUXWDWSLFLRDUHOHOXL,VXVSHFUXFHDWLIDFHDVWDVLFXWRYDUDVXOVHFUHWDUJHQHUDO1LFRODH&HDXVHVFX"
/DFDUHWRYDUDVXO
'DFDDUVWDDVDSHFUXFH
%DQFXULFXSROLWLFLHQLGXSD¶
Ì&HDXIDFXWFHOPDLELQHWDUDQLVWLLvQWDUDDVWD"
5&DQDOXO
Ì&DUHHVWHDVHPDQDUHDGLQWUH5RPDQLDVL-DSRQLD"
5$PkQGRXDWDULOHDXWUHQXULVXVSHQGDWH
Ì5RPDQLDVL*UHFLD"
5$PDQGRXDDXIRVWUHSXEOLFLHOHQH
Ì5RPDQLDVL%HOJLD"
5$PEHOHWDULVXQWIODPDQGH
'RLLOHJDOLVWLVHODPHQWHD]D
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3XWLQLDPIRVWPXOWLDPUDPDV
Ì'HFDWHIHOXULVXQWFRQGXFDWRULLURPkQL"
5/LWWOHERVVELJERVVVLVFDU%RVV
Ì&DUHHVWHGHRVHELUHDGLQWUHXQPHPHEUXGHSDUWLGGLQWUHFXWVLXQXOGLQSUH]HQW"
53ULPXOVDEDWHDFXSXPQLLvQSLHSW$OGRLOHDFXSXPQLLvQFDS
Ì&DUHHGLIHUHQWDGLQWUH&HDXVHVFXVL,OLHVFX"
5&HDXVHVFXHUDFL]PDUVL,OLHVFXHVLUHW
Ì&XFHVHDVHDPDQDSR]LWLD5RPDQLHLYLV
DYLVGH1$72"
5&XXQ&2,3DUWLFLSDGDUQXLQWUDQLFLRGDWD
Ì'HFHPRDUHQHXURQXOvQFDSXOXQXLSDUODPHQWDU"
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
YLL6HFKLQXLHVFURPkQLLEURDVWHOHQXSXWHDXILDSXFDWHGHQLFLXQGHFDVHWUDJHDXvQFDUDSDFH*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
(VWLFLQVWLWGDUSURVWLDUSURVWLLWUHEXLHVDPHDUJDvQLDG
3DWULDUKXO7HRFWLVWVHvQWkOQHVWHSHVWUDGDFX$GULDQ1DVWDWVH
$1%XQD]LXD3RSR
37%XQD]LXDSRSR
6WLHGHDOWIHOWRDWDOXPHDGHFHSHYUHPHDDEX]LYvPSXVFDWXOXLPHUJHDPWRWvQDLQWHÌQDLQWHHUDPDLELQH
/XPHDVHSOkQJHFDV
DXVFXPSLWWRDWH
1XLDGHYDUDWVDODULXOVDLHIWLQLW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DDOFLQFHOHDVHPQDOYDILDSDFDOGD
3LFSLFSLFSLFSLF
$IRVWDSDFDOGD
2ED]XOVXEWLUHFX.HQWXLDODVHWLQH
6KRSXOVFX]DPLMORDFHOH
'RLVWDJLDULVHYDGvQWkPSODWRUSHVWUDGD
&HLFXWLQH"1XWHDLGXVXQGHWHDXUHSDUWL]DW"
%DGDGDUPLDPGDWGHPLVLD3DULQWLLQXPDLSXWHDXVDPDWLQD
1HFDMLWXQPXQFLWRUVHvQWUHDEDvQIDWDIDEULFLL
(XSURSULHWDUHXSURGXFDWRU
'HFHPDPGDWDIDUD"
8]LQDGHPDVLQLJUHOHDIX]LRQDWFXX]LQD7LPSXULQRL
$FXPDYHP7LPSXULJUHOH
6RWLDOXL,RQ,OLHVFXDIRVWQXPLWDDPLUDO&RQGXFHFHOPDLPDUHGLVWUXJDWRUURPkQ
ÌQ5RPDQLDVH]LFHFDFLQHQDPXULWvQLDUQDDVWDYDUHJUHWDvQLDUQDYLLWRDUH
0XOWLRDPHQLVXQWvQGLOHPDQHVWLLQGFHLPDLELQHVDPRDUDvQLDUQDDVWDGHIULJVDXVDPRDUDODYDUDGHIRDPH
7D[DGHvQKXPDUHVHSODWHVWHGHDFXPvQYDOXWDILLQGFDGHFHVXOVHFRQVLGHUDDILSDUDVLUHDGHILQLWLYDDWDULL
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
9DULDQWDOD
,RQ,OLHVFXSLHUGHDOHJHULOHGLQQRLHPEULHVLILUHVWHGHYLQHVHQDWRUDO3'65DYkQGWLPSGLVSRQLELOEHUHFKHW&DDWDUHVD
GXVODSHVFXLWSHPDOXO'kPERYLWHL/DXQPRPHQWGDWDSULQVXQSHVWLVRUVLDGDWVDLUXSDJkWXOVLVDOSXQDSHJUDWDU
3HVWLVRUXO
6WDL(XVLQWSHVWLVRUXOGHDXU'DFDPDDUXQFLvQDSRLvQDSDvWLvQGHSOLQHVFRULFHGRULQWD
,OLHVFX
+P2ULFH"$WXQFLDVYUHDVDPDFXOFFX6KDURQ6WRQH
6WDLQHQH2GRULQWDDVDVDSRDWDILvQGHSOLQLWDSHSODQQDWLRQDOFDHXVLQWSHVWLVRUGLQ'kPERYLWDQXGLQ$WODQWLF
1DWLRQDOD]LFL$WXQFLIDPDvQFDSDWUXDQLSUHVHGLQWH
1HEXQXOHFKLDUSHWRWLYUHLVDL
0XQFLWRUXODPHULFDQVHWUH]HVWHGLPLQHDWDODRUDvVLEHDFDIHDXDvVLVDUXWDQHYDVWDVLFRSLLLVHVXLHODYRODQXO)RUG
XOXLSURSULXVLVHGXFHOD8]LQHOH&KU\VOHUXQGHHVWHPXQFLWRUFDOLILFDW
0XQFLWRUXOIUDQFH]VHWUH]HVWHGLPLQHDWDODRUDvVLEHDFDIHDXDvVLVDUXWDQHYDVWDVLFRSLLLVHVXLHODYRODQXO5HQDXOWXOXL
SURSULXVLVHGXFHOD8]LQHOH3HXJHRWXQGHHVWHPXQFLWRUFDOLILFDW
0XQFLWRUXOURPkQVHWUH]HVWHGLPLQHDWDODRUDQXvVLEHDFDIHDXDHSUHDVFXPSDQXvVLVDUXWDQHYDVWDHSOHFDWDGHOD
VDGXFDSOR]LLODFUHVDVHVXLHvQWUDPYDLXOGDFDPDLDUHORFSHVFDUDVLVHGXFHOD8]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
'LVFXUVvQ3DUODPHQW
VLFUHGHWLPDGRPQLORUSkQDDFXPGLQJXUDPHDQXDLHVLWQLFLXQQHDGHYDU
3RDWHDLHVLWGLQQDVVHDX]LRYRFHGLQVDOD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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"
$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
'RLWLSLvQSDUFDUXQFDQLVWHFRMLGHSvLQHODSRUXPEHL=LFHXQXOGLQWUHHL
8LWHSRUXPEHLLDVWLDVXQWFDSROLWLFLHQLL
""""
3DLFkWWLPSVXQWMRVvWLPDQkQFDGLQSDOPDGDUGDFDDMXQJVXVVHFDFDSHWLQH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%XODEHDWQRDSWHDSHVWUDGD9LFWRULHL6HRSUHVWHvQIDWD*XYHUQXOXL9LQHODHOXQSROLWLVW
&LUFXODWLQXDYHWLYRLHVDVWDWLRQDWL
'HFHGRPQXOHSROLWLVW"
'HRDUHFHHVWHVHGLXO*XYHUQXOXL
6LFHGDFDED"(XDPEDQLVDFXPSDUWRWLSDUODPHQWDULLVHQDWRULLVLPLQLVWULL
$SDUHVLQHYDVWDOXL%XOD
6FX]DWLOGRPQXOHSROLWLVWDVDIDFHODEHWLH&XPSDUDWRDWHUDKDWXULOH
9DFDURLXLQFRJQLWRLDXQWD[L&kQGFRERDUDvLGDXQEDFVLVJUDVWD[LPHWULVWXOXL
6DWUDLWLGRPQX
9DFDURLX
%DWXSDULGHVWHSWGHFHWHDLIDFXWWD[LPHWULVW"
6WLWLDPIRVWVLHXLQJLQHUGDUPDPODVDWDFX
FkVWLJPDLELQH
$MXQJHODIUL]HULHVHWXQGHVLODVDXQEDFVLV
6DWUDLWLGRPQX
9DFDURLX
%DWXSDULGHVWHSWGHFHWHDLIDFXWIUL]HU"
6WLWLDPIRVWVLHXLQJLQHU
6HvQIXULHVLRLDSHMRVSHVXVQXVWLXvQWUHEDWLOSHHO8QFHUVHWRUVWULJDODHO
'RPQX
9DFDURLXGDFDPDSXWHWLDMXWDFXFHYD
9DFDURLXIXULRV
%DVDQXPLVSXLFDVLWXDLIRVWLQJLQHU
1XHXVXQWSURIHVRUGDUDFXPDPRIHUHDVWUD
ÌQWUREXQD]L,RQ,OLHVFXVHKRWDUDVWHVDPHDUJDODXQVFXOSWRUYHVWLWVLVDFHDUDVDLVFXOSWH]HEXVWXO'XSDGRXDOXQLGH
]LOHWUHFH,OLHVFXSHODVFXOSWRUXOUHVSHFWLYFDVDYDGDFXPDLHVLWRSHUDGHDUWD2.GH]YHOHVWHRPX
EXVWXOODFDUH
,OLHVFXUDPkQHVRFDWSHQWUXFkWHYDPRPHQWH$ELDGH]PHWLFLWvOvQWUHDEDSHVFXOSWRU
1XYDVXSDUDWLGDUQXYLVHSDUHFDWLIDFXWWkWHSUHDPDUL"
%DGDGDUDPDYXWXQPRWLYIRDUWHEXQUDVSXQGHVFXOSWRUXO6LDPVDYDH[SOLFLPHGLDW'HFLGRPQX
,OLHVFXGLQWkWD
GUHDSWDVXJHPXQFLWRULPHD,DUGLQWkWDVWkQJDVXJHWDUDQLPHDH[SOLFDVFXOSWRUXO
'DULQWHOHFWXDOLWDWHD"vQWUHEDQHGXPHULW,OLHVFX
$X]LWLGRPQX
,OLHVFXPLDWLFHUXWQXPDLEXVWX
3UHVHGLQWHOH5RPkQLHL(PLO&RQVWDQWLQHVFXDQXQWDFDVHUHWUDJHGLQFXUVDHOHFWRUDODVLVHUHWUDJHGLQYLDWDSROLWLFD
Ì'HFH"
53HQWUXFDVLDGDWVHDPDFDvQ5RPkQLDQXVHPDLSRDWHWUDLVLVLDGHSXVDFWHOHSHQWUXHPLJUDUHvQ&DQDGD
+RWDUDVWH,OLHVFXVDVLIDFDVWDWXLH'XSDFHDFHDVWDHJDWDVLHVWHH[SXVDvQIDWDSDUODPHQWXOXLWUHFHvQWURGLPLQHDWDXQ
PRVSHDFROR6WDPRVXVLVHKROEHD]DODVWDWXLH
&HLWDWDLHvOvQWUHDEDXQXGHFHHVWLQHODPXULW"
3DL]LFHPRVXDUHEDLXUL8QXFDQXVHVFULH,OLHVFXSHQWUXSDFHFL2GLKQHDVFDVDvQSDFH
3DLGDQXLPRUWvQFD
1RFDDVWDLDOGRLOHDEDL
8QDUHDOD3ULQDSULOLHXQXODVFULVFXVSUD\XOSH]LGXULOD&RWURFHQL08,(/$727,
6XE&HDXVHVFXDYHDP%,%/,27(&$3(1758727,$FXPH08,(/$727,
&kQG'XPQH]HXLDFUHDWSHURPkQLLDGHVWLQDWVDILHWRWLERJDWLLQWHOLJHQWLVLFLQVWLWL$SRLVDSXVSHWUHDEDGUDFX
VL
FXPQXSXWHDDQXODWRWFHDYRLW'XPQH]HXDIDFXWRPLFDPRGLILFDUH
&HLERJDWLVLLQWHOLJHQWLVDQXILHFLQVWLWL
&HLLQWHOLJHQWLVLFLQVWLWLVDQXILHERJDWL
&HLFLQVWLWLVLERJDWLVDQXILHLQWHOLJHQWL
8QURPkQDMXQJHvQ*HUPDQLDVLFHUHD]LOSROLWLF8Q]LDULVWvOLDvQSULPLUH
&HSXWHWLVDQHVSXQHWLGHSUHVHGLQWHOH,OLHVFX"
'HKQXPDSRWSOkQJH
&HSXWHWLVDQHVSXQHWLGHVSUHOLEHUWDWHDSUHVHL"
'HKQXPDSRWSOkQJH
&HSXWHWLVDQHVSXQHWLFRUXSWLDGLQ5RPkQLD"
'HKQXPDSRWSOkQJH
6LWRWDVDPDLGHSDUWHSkQDOD
3DLELQHGRPQXOHGDFDLDVDDWXQFLGHFHFHUHWLD]LOSROLWLFvQ*HUPDQLD"
3DLWRFPDLGHDLDFDDLFLPDSRWSOkQJH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLLFDUHHGHRVHELUHDvQWUHXQSROLWLFLDQVLRIDWDPDUH"
1XFDUH"
8QGLSORPDWFkQG]LFHGDvQVHDPQDSRDWHGDFD]LFHSRDWHvQVHDPQQDQXLDUGDFD]LFHQXDWXQFLQXLSROLWLFLDQ
6LIDWD"
'DFD]LFHQXvQVHDPQDSRDWHGDFD]LFHSRDWHLQVHDPQDVLJXUGDLDUGDFD]LFHGDDWXQFLQXPDLHIDWDPDUH
Ì&DUHHFHOPDLVFXUWEDQFSROLWLFURPkQHVF
53WLX
Ì&HHVWHXQSROLWLFLDQ"
58QXOFDUHJkQGHVWHGHGRXDRULvQDLQWHVDQXVSXQDQLPLF
,RQ,OLHVFX
&KLDUGDFDDUHQHYDVWD
,OLHVFXSUHFXPVWLL
6DQDVFXWFXVXODQFRDVWD
'HDLDQDIDFXWFRSLL
3HWUH5RPDQ
1DUHJkWGDUQLFLSHUHFKH
6LLURPDQGHYLWDYHFKH
=LFIHPHLOHvQFRU
&DOGRUHVFvQIXQGXOJRO
6RWLLOHVHQDWRULORU8'05
(U]VL,ELVIXULRDVH
(Q6HQDWEDUEDWXOPHX
6SDODPVLQJXUHODYDVH
6LVXQWHP8GH0H5HX
Ì3ROLWLFLHQLLURPkQLVWDXvQWUREDUFD%DUFDVHVFXIXQGD&LQHVHVDOYHD]D"
55RPkQLD
Ì'HFHQXVLIXWH,RQ,OLHVFXVHFUHWDUD"
53HQWUXFDDUHVXODQFRDVWH
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2DVFXOWDWRDUHvQWUHDEDOD5DGLR(UHYDQ
7RWWLPSXOEDUEDWLLPLVHXLWDODVkQL&HSRWVDIDF"
5DGLR(UHYDQvQWUHDEDODUkQGXOOXL
'DFkWLDQLDYHWL"
UDVSXQGHGRDPQD
5DGLR(UHYDQUDVSXQGH
$WXQFLvQFHWDWLVDPDLSXUWDWLIXVWHPLQL
/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHIDFHFRPXQLVPvQ(OYHWLD"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWXQHULFGRDPQD
ÌQWUHEDUHOD5DGLR(UHYDQ
0DPPDULWDWFXXQYDGXYLDUHOQXFRQWHQHVWHVDPLYRUEHDVFDGHIRVWDOXLVRWLH&HVDIDF"
9RUELWLLGHVSUHYLLWRUXOGYVVRW
ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHVXQWSDVDULOHFHOHPDLvQDLQWDWHvQYkUVWD"
&HOHvPSDLDWH
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWUHEDUHOD5DGLR(UHYDQ
ÌVLIDFHHIHFWXOVLSH/XQDSLOXODDQWLFRQFHSWLRQDOD"
'DGDUFRVWXPXOVSDWLDORIHUDRSURWHFWLHPXOWPDLEXQD
5DGLR(UHYDQ
,XELWSRSRUHVWHRUDVLWRYDUDVXOSUHVHGLQWH(OWLQWRFPDLVHWUH]HVWH(WLPSXOFDVLGXPQHDYRDVWUDVDYDWUH]LWL
&HYDPDLWkU]LX
,XELWSRSRUHVWHRUDVLMXPDWDWHWRYDUDVXOSUHVHGLQWH(OWLQvVLIDFHvQYLRUDUHDGHGLPLQHDWD(WLPSXOFDVLGXPQHDYRDVWUD
VDYDIDFHWLPLVFDUH
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWUHEDUHOD5DGLR(UHYDQ
'HYLQVRWLLOHQRDVWUHFXDMXWRUXOPDVWLORUFRVPHWLFHPDLIUXPRDVH
ÌQSULQFLSLXGDGDUQXPDLSHQWUXVFXUWWLPSSHQWUXFDPDVWLOHFRVPHWLFHGXSDXVFDUHWUHEXLHGDWHMRV
ÌQWUHEDUHOD5DGLR(UHYDQ
/DQRLODVHUYLFLDIRVWXQFROHJGDWDIDUDFDvQWkU]LDvQWRWGHDXQD0RWLYXOVDERWDSURGXFWLD8QDOWXODIRVWGDWDIDUDSHQWUX
FDYHQHDvQWRWGHDXQDPDL GHYUHPH0RWLYXO VSLRQDMHFRQRPLF &HHD FH QX vQWHOHJ HVWHGH FH H GDWDFXP DIDUD,JRU FDUH
YLQHvQWRWGHDXQDDWkWGHSXQFWXDOODOXFUX"
(ODUHSUREDELOXQFHDVHOYHWLDQ
/D5DGLR(UHYDQVHvQWUHDED
7RYDUDVHUHGDFWRUHVWHDGHYDUDWFDVLDPHULFDQLLDXSLWLFL"
ÌQSULFLSLXGDGDUFHLUXVHVWLVXQWPDLPDUL
ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFD%LOO&OLQWRQVL%RULV,HOWLQDXSDUWLFLSDWODXQFURVvQMXUXO.UHPOLQXOXLVLFD%LOO&OLQWRQDFkVWLJDW"
ÌQSULQFLSLXQX(DGHYDUDWvQVDFDDPkQGRLDXSDUWLFLSDWODXQFURVLQWHUQDWLRQDOvQMXUXO.UHPOLQXOXL%RULV,HO]LQDRFXSDW
GLQWUHFHLGRLSDUWLFLSDQWLRQRUDELOXOORFGRL&OLQWRQDIRVWSHQXOWLPXO
ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD%XQXO'XPQH]HXSRDWHGHYHQLPHPEUXGHSDUWLG"
ÌQSULFLSLXGDGDUvQSUHDODELOWUHEXLHVDGHYLQDDWHX
/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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWUHEDUHOD5DGLR(UHYDQ
([LVWDRGHILQLWLHPDU[LVWOHQLQLVWDSHQWUX7DQF"
ÌQSULQFLSLXGD7DQFXOHVWHXQ PLMORFGHWUDQVSRUWSHQWUXH[FXUVLLvQWDULOH YHFLQHVLSULHWHQH(OSRDWHWUDJHIRFXUL VLvQ
VHPQGHVDOXW
ÌQWUHEDUHOD5DGLR(UHYDQ
&DUHHUDQXPHOHFRQVSLUDWLYDOFXSOXOXL,OLHVFX9DFDURLX"
/DYDFKHTXLULW
/D5DGLR(UHYDQVHvQWUHDED
(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$YURUDUXVRVDOYDRDUEDVLDQLGHGH]DVWUX
/D5DGLR(UHYDQVHvQWUHDED
'DFDHXDPGLDEHWLDUVRWXOPHXDUHRVHFUHWLHDOEDODSWRDVDSXWHPIDFHFRSLL"
'DGDUPDLELQHIDFHWLEH]HOH
ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHOXDRERDODYHQHULFDvQWUXQ:&DOXQXLYDJRQGHWUHQ"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQSULQFLSLXGDGDUQXHFRPRG
/D5DGLR(UHYDQVHvQWUHDED
9DILXQDOWUHLOHDUD]ERLPRQGLDO"
1XGDUOXSWDSHQWUXSDFHYDILDWvWGHSXWHUQLFDvQFvWQXYDPDLUDPvQHSLDWUDSHVWHSLDWUD
/D5DGLR(UHYDQVHvQWUHDED
'HFH%UHMQHYDUHVSUvQFHQHDVDGHJURDVH"
1XVvQWVSUvQFHQHHVWHPXVWDWDOXL6WDOLQODXQQLYHOPDLvQDOW
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'DFDXQXOGLQSDUWHQHULHVWHGHSULVRVQXWUHEXLHGHFkWVDvLIDFHWLFXQRVFXWD.*%XOLRSLQLDVDSROLWLFD
/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDGHODRWRDOHWDSXEOLFDVHSRDWHOXDRERDODYHQHULFD"
ÌQSULQFLSLXGDGDUGHFHDWvWGHFRPSOLFDW"
/D5DGLR(UHYDQVHvQWUHDED
6RWLDPHDHVWHvQSUDJXOGHDQDVWH(FRQRPLDQRDVWUDGHSODQOLYUHD]DvQVDVFXWHFHGHDELDvQOXQL
&HSXWHPIDFH"
5HSHGHXQDOWFRSLO
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/D5DGLR(UHYDQVHvQWUHDED
6WLWLFXPYDFkQGDXDYXWORFSULPHOHDOHJHULGXSDPRGHOXOVRYLHWLF"
$VWDVDvQWkPSODWSHQWUXSULPDRDUDvQ3DUDGLVFkQG$GDPVLDDOHVVRWLD
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDPLQXQDWHOHFXFHULULDOHVRFLDOLVPXOXLVXQWFXQRVFXWHvQWRDWDOXPHD"
ÌQSULQFLSLXGDGDUDFHVWDHPDUHOHGH]DYDQWDMDOVRFLDOLVPXOXL
/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHvQWkPSODFD3DUWLGXOVDVHvQVHOH"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQSULQFLSLXGD3HQWUXFDRULFXPODRUDWUHEXLHVDILWLDFDVD
ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHSODQLILFDVLGUDJRVWHDGXSDPRGHOXOFRPXQLVW"
ÌQSULQFLSLXGDGDUDUILSDFDWGHGUDJRVWH
ÌQWUHEDUHOD5DGLR(UHYDQ
8QWRYDUDVVLDJDVLWVRWLDFXXQVWUDLQvQSDW7RWXVLYLQDODGLYRUWLDIRVWGDWDOXL*DVLWLDVWDFRUHFW"
ÌQSULQFLSLXGD7RYDUDVXODYHQLWFXVLJXUDQWDvQDLQWHGHWHUPLQDUHDOXFUXOXLDFDVD
/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
(VWHDGHYDUDWFD9RONVZDJHQXODXWRPRELOXOSRSRUXOXLYHVWLFQXHVWHFRQGXVQXPDLGHFDSLWDOLVWL"
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/D5DGLR(UHYDQVHvQWUHDED
$UILSRVLELOFDVLFRQGXFHUHD5HSXEOLFLL3RSXODUH8QJDULDVDIDFDSRVLELODSRSXODWLHLYL]LWHOHvQYHVW"
ÌQSULQFLSLXGDGDUDWXQFL8QJDULDQXDUPDLILUHSXEOLFDSRSXODUD
/D5DGLR(UHYDQVHvQWUHDED
(VWHSRVLELOFDVL&KLQDVDLDSDUWHOD]ERUXULOHFRVPLFH"
ÌQSULQFLSLXGDDWXQFLFkQGGHFKLQH]LDUVDULSHRSDUWHDWUDPEXOLQHL
ÌQWUHEDUHOD5DGLR(UHYDQ
&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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5DGLR(UHYDQHVWHvQWUHEDW
&UHGHWLFDLDXUWXOHVWHXQUHPHGLXvPSRWULYDLPSRWHQWHL"
ÌQSULQFLSLXGDGDUQXPDLvQFRPELQDWLHFXLSVRVXO
ÌQWUHEDUHOD5DGLR(UHYDQ
'HFHVLDRPRUkWWRYDUDVXO+UXVFLRYSLVLFD"
)LLQGFDGHODRYUHPHQXPDL]LFHD0LDXXXFL0DRRR
8QDVFXOWDWRUvQWUHDED5DGLR(UHYDQ
(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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWUHEDUHOD5DGLR(UHYDQGXSDDFFLGHQWXOGHOD&HUQREkO
6HSRDWHVDvWLFDGDGLQWLLGXSDDFFLGHQWXOGHOD&HUQREkO"
ÌQSULQFLSLXGDGDUPDLDOHVGDFDQXvWLWLJXUD
ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDVHSRDWHOXD6,'$GHODXQFXLUXJLQLW"
ÌQSULQFLSXGDGDUSUREDELOFDVXQWVLPHWRGHPDLSODFXWH
ÌQWUHEDUHOD5DGLR(UHYDQ
&XPHVWHPDLELQH"6DPDvQVRUFRRIHPHLHIUXPRDVDFDVDPLRIX
DWRWLSULHWHQLLVDXFXXQDXUkWDFDVRI
WQXPDLHX"
3DLHVWHFDVLFkQGDUWUHEXLVDDOHJHWLvQWUHDPkQFDXQWRUWFXSULHWHQLLVDXDPkQFDXQFDFDWVLQJXU
ÌQWUHEDUHOD5DGLR(UHYDQ
'DFDYRUEHVWLODWHOHIRQSRWLUkPDQHJUDYLGD"
ÌQSULQFLSLXQXGDUGHSLQGHSHFHVWDLDWXQFLFkQGYRUEHVWLODWHOHIRQ
6WLULOD5DGLR(UHYDQ
8QVXEPDULQDPHULFDQVDFLRFQLWGHXQLFHEHUJvQ0DUHD1HDJUD3DUWHDVRYLHWLFDQXDVXIHULWSLHUGHUL
8QDVFXOWDWRUVRYHWLFGLQUDLRQXO&LPLVOLDvQWUHDEDOD5DGLR(UHYDQ
6HVWLHFXPVDVLQXFLVSRHWXOUXV0DLDNRYVNL"
1XVWLPFXPvQVDVWLPFDXOWLPLOHVDOHFXYLQWHDXIRVWQXWUDJHWLWRYDUDVL
ÌQWUHEDUHOD5DGLR(UHYDQ
'DFD%XFXUHVWLXOHVWHORYLWGHRERPEDDWRPLFDVHPDLSRDWHIDFHFOLVPDFXDSDGLQODFXO+HUDVWUDX"
Ì1SULQFLSLXGDvQVDQXVHVWLHGDFDPDLUDPkQHYUHXQFXUvQWUHJ"
ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDURPkQLL"
'D
ÌQWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDODFLQHPDWRJUDIXO2GHRQGLQ&KLVLQDXUXOHD]DILOPXOHURWLF%DEDRGDVROGDWXOVXV"
ÌQSULQFLSLXGDvQVDQXHVWHYRUEDGHXQILOPHURWLFFLGHXQILOPHURLFVLFDUHQXVHFKHDPD%DEDRGDVROGDWXOXLVXVFL
%DODGDVROGDWXOXLUXV
ÌQWUHEDUHOD5DGLR(UHYDQ
&HQHSXWHWLVSXQHGHVSUHYLDWDLQWLPDDWRYDUDVXOXL%UHMQHY"
1LPLF1XQHDPHVWHFDPvQYLDWDSDUWLFXODUDDWRYDUDVXOXL*URPLNR
ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHFXPSDUDFXEDQLLHFRQRPLVLWLR9ROJD"
ÌQSULQFLSLXVHSRDWHGDUFHGRULWLVDIDFHWLFXDWkWDDSD"
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDvQFROKR]YDFLOHVWDXSUHFXPFDUWLOHvQWUXQUDIW"
'DGDFDLHLXQDSLFDWRDWH
ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRWIDFHFRSLLvQHSUXEHWD"
ÌQSULQFLSXGDGDUVDILWLDWHQWLVDQXYDWDLDWL
/D5DGLR(UHYDQVHvQWUHDED
3RWIHPHLOHVDVLPXOH]HRUJDVPXO"
'DGDUEDUEDWLLSRWVLPXODWRDWDUHODWLD
ÌQWUHEDUHOD5DGLR(UHYDQ
'HFHVH]LFHFDFRPXQLVPXOVWDODPDUJLQHDSUDSDVWLHL"
3HQWUXFDVHXLWDODQRL
/D5DGLR(UHYDQVHvQWUHDED
$UHOXQDSOLQDYUHRLQIOXHQWDDVXSUDYLHWLLVH[XDOHDRDPHQLORU"
'DvQSULQFLSLXYDSXWHWLREVHUYDPDLELQHYHFLQLLFXELQRFOXOvQWLPSFHIDFVH[
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQWUHEDUHOD5DGLR(UHYDQ
6HSRDWHRSULXQWUHQFXDMXWRUXOXQXLFXU"
ÌQSULQFLSLXGDGDUFXFRQGLWLDVDILHURVX
ÌQWUHEDUHOD5DGLR(UHYDQ
3RWvQFHSHRUHOHGHHGXFDWLHVH[XDODFXILLFDPHDGHDQL"
ÌQSULQFLSLXGD9HWLvQYDWDOXFUXULQRLVLLQWHUHVDQWH
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDvQXUPDGH]DVWUXOXLGHOD&HUQREkOWRDWDFRQGXFHUHDFHQWUDOHLDWRPRHOHFWULFHVDVLQXFLV"
ÌQSULQFLSLXGDWRWLLvQDIDUDVHFUHWDUXOXLGH3DUWLGFDUHQXDIRVWJDVLWDFDVD
8QDVFXOWDWRUvQWUHDEDOD5DGLR(UHYDQ
&XPVHVSXQHFRUHFWKDQGLFDSDWLVDXDQWLFDSDWL"
5DGLR(UHYDQUDVSXQGH
1HSDUHUDXQRLQXIDFHPSROLWLFDvQHPLVLXQHDQRDVWUD
ÌQWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDSURVWLDHHUHGLWDUD"
'RPQXOHQXLIUXPRVVDYRUEHVWLXUkWGHVSUHSDULQWLLWDL
%DQFXULFDWHJRULVLWHSHUHJLXQL
%DQFXULFXDUGHOHQL
$UGHOHDQXOVRVHVWHFXvQWLU]LHUHODvPSDUWLUHDGDUXULORULDU'XPQH]HXvLVSXQHDPDUkW
ÌPLSDUHUDXGHWLQHQXPLDPDLUDPDVGHFkWIUXPXVHWHDVLSURVWLDILXOHFHVDWLIDF"$OHJHWL
$SRL'RDPQHIUXPXVHWHDLWUHFDWRRUH
$UGHOHDQXOODPHGLF
0HGLFXO&DUHLQHFD]XO"
$0LDDSDUXWFHYDSHS
DSHQLV
06DVWLLFDSHQLVVDXS
DHDFHODVLOXFUX
$6WLXVLHXDWLWDGRFWRUHGDUHXVXQWGLQ&OXM1DSRFD
ÌQ$UGHDOVHVWULJDYHFLQLLGHSHXQGHDOSHFHODODOW
0DDDDYHFLQHH
&DUHLEDLXPDDD"
7XFHDLGDWODYDFDWDFkQGRIRVWEHWHDJD"
)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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
)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
$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
)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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
8QWLSPDLSHVHDUDIDFHDXWRVWRSXOÌOYHGHSHXQXOFXRFDUXWDYHQLQGSHVRVHDVLvOvQWUHDED
1REDGHGHSDUWHL&OXMXO"
'
DSRLQXLGHSDUWH
8UFDWLSXOvQFDUXWDDGRDUPHVLPDLVSUHGLPLQHDWDVHVFRDODVLvQWUHDED
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
%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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
7UHFvQDOWFRPSDUWLPHQW
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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
*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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
Ì'HFHVWDXROWHQLLFXWkUQDFRSXOODWHOHYL]RU"
5'DFDVHVWULFDYUHXQFDQDOVDVDSHUHSHGHDOWXO
Ì'HFHQXPDQkQFDROWHQLLFDVWUDYHWLPXUDWL"
5&DQXSRWVDVLEDJHFDSXOvQERUFDQ
Ì&HDXIDFXWROWHQLLFkQGDXDSDUXWIUDQ]HOHOH"
5/HDXPkQFDWFXSkLQH
Ì'HFHVXQWROWHQLL]JkULDWLSHIDWDGH&UDFLXQ"
53HQWUXFDDWXQFLPDQkQFDVLHLFXIXUFXOLWD
Ì'HFHODFXOFDUHXQROWHDQvVLLDFXHOGRXDSDKDUHXQXOJROVLXQXOSOLQFXDSD"
5)LLQGFDVDUSXWHDVDLILHVHWHVDXQX
Ì'HFHIDFPDLQRXROWHQLLPDPDOLJDvQWLJDLH"
56DvQFDSDvQGLSORPDW$FHVWDFUHGFDHGLQILOPXO1HD0DULQPLOLDUGDU
Ì&XPIDFROWHQLLODSWHOHSUDI"
5$UXQFDYDFDGLQDYLRQ
Ì'HFHDXROWHQLLFDVDURWXQGD"
56DQXLYRUEHDVFDOXPHDSHODFROWXUL
Ì'HFHDXROWHQLLFDPDVDvQFDURXUL"
5&DVDMRDFHSXULFLLVDKSHHOH
Ì'HFHDXROWHQLLFHDVXULPHFDQLFH"
5)LLQGFDDXDX]LWFk7LF7DFXOIDFHELQHODUHVSLUDWLH
Ì'HFHDXROWHQLLPDVLQLOHURVLL"
5&DVDFLRFQHDVFDGHSDVWL
Ì'HFHGRUPROWHQLLSHFkPS"
53HQWUXFDYRUVDVHFXOWLYH
Ì&HDIDFXWROWHDQXOFkQGDYD]XWSULPDRDUDHOLFRSWHUXO"
56DGXVvQSDGXUHVDLFDXWHFXLEXO
Ì'HFHROWHQLLvVLLDXVFDUDFXHLFkQGSOHDFDODGUXP"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5)LLQGFDVXQWSURVWLGHGDXvQJURSL
Ì6WLWLGHFHSRDUWDROWHQLLVFDUDGXSDHL"
5&DVDILHPHUHXODvQDOWLPHGD
QXOHSUHDLHVHVRFRWHDOD
Ì&HDVSXVXQFRSLOROWHDQPDPHLVDOHFkQGDYD]XWSHQWUXSULPDRDUDPDUHD"
5,HWHPDPDFHGH-LL
Ì'HFHROWHQLLQXDXUHXVLWQLFLRGDWDVDIDFDXQSRGSHVWH-LX"
5/DXvQFHSXWGHDOXQJXO
Ì'LQFHHIDFXWDRERPED"
5'LQROWHQLVLPROGRYHQL
Ì'HFH"
53HQWUXFDROWHQLLVXQWSURVWLGHEXEXLHLDUPROGRYHQLLVHvPSUDVWLH
Ì'HFHDXROWHQLLVREDvQPLMORFXOFDVHL"
5&DVD]LFDFDDXvQFDO]LUHFHQWUDOD
Ì'HFHYRUROWHQLLVDDLEDYDFDSUHFXPJLUDID"
5&DVDSDVFDODYHFLQLVLVRPXOJDHL
Ì&DUHHDVHPDQDUHDGLQWUHXQROWHDQVLXQWHOHIRQSXEOLF"
57UHEXLHVDGDLvQHOFDVDvLFDGDILVD
Ì'HFHPDQkQFDROWHQLLIDVROH"
5&DVDVLGHDDHUH
Ì'HFHVXQWROWHQLLPX]LFLHQL"
53HQWUXFDGRUPSHVROVLYRUEHVFFXID
Ì'HFHUkGROWHQLLFkQGIXOJHUD"
5&UHGFDVXQWIRWRJUDILDWL
Ì&HIDFHROWHDQXOFkQGQXDUHFHIDFH"
56HGH]EUDFDVLvVLSD]HVWHKDLQHOH
Ì'HFHVHUXSHEDQFDDWXQFLFkQGVHDVHD]DXQROWHDQSHHD"
5&HOPDLLQWHOLJHQWFHGHD]D
Ì'HFHVHIHUHVFROWHQLLVDGRDUPDSHSDLHVDXvQIkQ"
5&DVDQXLDIRFDWXQFLFkQGOHRVFDSDUDPLQWHD
Ì'HFHROWHQLLGRUPSHURJRMLQDXGD"
5/HHIULFDVDQXOHVFDSHUHPLQWHDvQVRPQ
Ì'HFHvVLYRSVHVFROWHQLLDQWHQD79"
5&DVDYDGDSURJUDPHOHODWHOHYL]RUvQFXORUL
Ì&XPVFRWROWHQLLSUD]XOGLQSDPkQW"
5&XFKHLDIUDQFH]D
Ì&XPSULQGHROWHDQXOXQLHSXUH"
56HDVFXQGHvQWXILVVLIDFHFDPRUFRYXO
Ì'HFHVHQXPHVFROWHQLLROWHQL"
53HQWUXFDWUHFH2OWXOSHODHL
Ì6LGDFDDUVHFD2OWXOFXPVDUQXPL"
56HFDWXUL"
Ì'HFHDXROWHQLLFDSXOPLF"
53HQWUXFDJkQGHVFFRQFHQWUDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHDXROWHQLLJkWXOOXQJ"
56DSRDWDSULYLSHVWHPXQWLVDYDGDFkQGDSDUHXQSRVWGHVHIvQ$UGHDO
Ì&DUHHGLIHUHQWDvQWUHXQPDUVLXQROWHDQ"
50DUXOFHOSXWLQHVWHFXOWLYDW
Ì'HFHSRDUWDROWHQLLFDPDVLvQSDWUDWHOHDOEHVLQHJUH"
56DSRDWDVDLSRDWDVSXQHQHYHVWHL6FDUSLQDPDOD+
Ì'LQFHHVWHIDFXWYHFHXOROWHQLORU"
5'LQGRXDEHWHGHXQXOVHWLQHLDUFXFHODODOWDOXQJDFkLQLL
Ì6WLWLGHFkWHRULUkGHXQROWHDQGHXQEDQF"
5'HRUL
&vQGvODXGH
&vQGvOVSXQHDOWXLD
&vQGvOvQWHOHJH
Ì&XPIDFROWHQLLXQJDUG"
5%DWVFDQGXULVLVFULXVDPGVDXHWF
Ì'HFHvVLSOLPEDROWHQLLQHYDVWDFXURDEDSULQSLYQLWD"
5&DVDRRELVQXLDVFDFXPHWURXO
Ì'HFHHVkPEDWDFHDWDvQ&5$,29$"
56FXWXUDROWHQLLURJRMLQLOH
Ì'HFHDXROWHQLLXQJKLLOHOXQJLODSLFLRDUH"
5&DVDQXGHUDSH]HSHURJRMLQD
Ì'HFHvVLLDXROWHQLLURJRMLQDFXHLODPDUH"
5&DVDVHVLPWDFDDFDVD
Ì&XPVHUHFXQRDVWHXQROWHDQGLQWUXQJUXSGHSHUVRDQH"
56WULJLVHIXOHLDUHOHVWHVLQJXUXOFDUHvQWRDUFHFDSXO
Ì'HFHSRDUWDROWHQLLPXVWDWD"
56DPDQkQFHODXPEUD
Ì'HFHDOHDUJDROWHQLLvQQRDSWHDGHÌQYLHUHGXSDDPEXODQWD"
5&DVDSXSHFUXFHD
Ì&HDXIDFXWROWHQLLFkQGDXYD]XWSULPDGDWDXQYDSRU"
5$XEDJDWFDSXOVXEDSDVDLYDGDURWLOH
Ì'HFHQXSODQWHD]DROWHQLLIORULvQIDWDFDVHL"
5&DVDQXOHIDFDQHYHVWHOHFRSLLGLQIORUL
8QROWHDQKRWDUDVWHFDWUHEXLHQHDSDUDWVDVHDSXFHGHSDUDVXWLVP6HGXFHWLSXOODXQFOXEDVWLDvOEDJDvQSULPXODYLRQ
/DPRPHQWXOSRWULYLWGHVFKLGHXVDDYLRQXOXLVLVHDUXQFD7UDJHGHVIRDUDGDUQLPLFÌQFDGHUHWUHFHSHOkQJDDOWLROWHQL
FDUH]EXUDXvQVXV
7LSXOOH]LFH
+HL9RLQXVWLWLFXPVHGHVFKLGHRSDUDVXWD"
,DUDLDUDVSXQG
1XGD
WXVWLLFXPYDFXPVHIDFHJUDWDUODEXWHOLDFXJD]"
/DJUDQLWDGLQWUH$UGHDOVL2OWHQLDROWHQLLVFULXSHXQJDUGGDUDSDQDW
$UGHOHQLYDI
WHPvQFXU'XSDXQDQDUGHOHQLLFRQVWUXLHVFXQ
SDQRXXULDVFXOLWHUHGHLQR[6LQRLSHYRL$GRXD]LROWHQLL
VWHUJLQMXUDWXUDLQLWLDODGHSHJDUGVLVFULX6DQHSXSDWLvQFXU
8QROWHDQYLQHDFDVDEHDWFULWDVLVHFXOFDFXFDFLXODSHFDS3HODPLH]XOQRSWLLVHWUH]HVWHSXQHPkQDvQFDSVLVLVSXQH
VXUSULQV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DLPDUHPLQXQH0DPFXOFDWFKHOVLPDPWUH]LWFXSDUXOYkOYRL
6HGXFROWHQLLODSULPDUXOGLQ&UDLRYDVDFDSHWHSHUPLVLXQHDVDGRDUPD
VLHLvQFHUVDIXULFDWRDWDOXPHDFDSLQDDWXQFLGRUPHDXSHURJRMLQL
%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
'RLROWHQLvQYDFDQWD/DRUDGLPLQHDW]DXQXOvOWUH]HVWHSHFHODODOW
0DULQH
&H"
'HVFKLGHRFKLLVLVSXQHPLFHYH]L"
&HUXO
6L"
6L/XQD
6L"
6L&DUXO0DUH
6L"
6L&DUXO0LF
6L"
6L,RDQHHHDVWLDQHDXIXUDWFRUWX
'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 GHVWHSW VL GLQ FDX]D DVWD DL VFRDUWD FUHLHUXOXL SUHD vQFUHWLWD &D VDWL WUHDFD
GXUHULOHWUHEXLHVDWHRSHUH]FDVDWLRvQWLQG
&XPRYUHLvQWLQVDFRPSOHW"
1HWHGDFDVQSDOPDQXPD
VDQXPDPDLGRDUD
=LVVLIDFXW/DVDSWDPkQLGXSDRSHUDWLHPHGLFXOvOvQWUHDED
&XPWHVLPWL"
1RIDLQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
2OWHQLL6DQHSXSLvQFXUSHDPLQGRL
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"
2RRDVHOHDVWHDVXQWIRDUWHEXQHGHRVHELWGHVDQDWRDVHFRQWLQIRVIRUVLDVWDQHIDFHSHQRLROWHQLDVDGHVWHSWL
6WDDUGHOHDQXOVHJkQGHVWHVLvQILQDOvLSURSXQHROWHDQXOXLVDIDFDVFKLPEGHPLQFDUH
$FXPROWHDQXOVHvQIUXSWDGLQFKLWDVLVODQDLDUDUGHOHDQXOFXRILJXUDVFkUELWDvQFHDUFDVDURQWDLHRDVHOHGHSHVWH
0DROWHQHEDJVDPDFDPDLSDFDOLWFXRDVHOHDVWHDGHSHVWH
3DLYH]LQLFLQDLJXVWDWELQHVLWHDLGHVWHSWDW
6RWLDOXL0DQGDFKHROWHDQGHODPDPDOXLGLVFXWDFXRSULHWHQD
0kLQHH]LXDOXLEDUEDWXPHXVLQXVWLXFHFDGRXVDLLDX
&XPSDUDLRSDODULH
1XFDDVWDLDPOXDWDQXOWUHFXW
&XPSDUDLDWXQFLRFDUWH
1XFDPDLDUHXQD
'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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
51DQDQDHVWLGHVDVHOXQLGHMDvQ%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
Ì'HFHVHEkOEkLHROWHQLLFkQGYRUEHVF"
53HQWUXFDOHRLDPLQWHDLQDLQWH
Ì'HFHFRPELQDROWHQLLFLRDUDFXSHVWHOH"
5&DVDPDQkQFHLFUHQHJUH
Ì'HFHVDSDROWHQLLJURDSDvQIDWDFDVHL"
53HQWUXDVLIDFHIRWRJUDILHEXVW
Ì&XPVFDSDROWHQLLGHPXVWH"
58UFDPkQFDUHDvQSRGVLGXSDFHVHDGXQDPXVWHOHOHLDVFDUD
Ì&XPVHIDFHDYRUWXOvQ2OWHQLD"
56HvPSXVFDEDU]D
Ì'HFHvQVDWHOHGLQ2OWHQLDVFROLOHVXQWSHGHDO"
53HQWUXFDROWHQLLVDPHUJDODVFROLvQDOWH
3HRVRVHDGLQVSUH&UDLRYDGRLWDUDQLPHUJFXJKHWHOHDUXQFDWHSHXPDU
)UXPRDVHJKHWHDLUHPDUFDXQXO
'D6LGHFDOLWDWH/HSRUWDVDGHGHDQLVLWRWQRLVXQW
Ì&XPIDFROWHQFHOHWHVWXOGHJUDYLGLH"
5ÌVLEDJDXQSUD]vQSL
GDVLGDFDLHVHPXVFDWVXQWvQOXQDDWUHLD
Ì&HDVSXVROWHDQXOFkQGDYD]XWXQFkLQHDOE"
58LWHXQFkLQHQRXQRXW
Ì'HFHSXQROWHQLLFORVFDSHSXLFXFDSXOvQWRUVVSUH%XFXUHVWL"
5&DVDLDVDSXLLVPHFKHUL
Ì'HFHvVLDJDWDROWHQLXQFHDUFHDIDOEGHDQWHQD"
5&DVDYDGDYHFLQLFDHOSULQGHFHYUHDVLFDLVHIkOIkLHGHHL
Ì'HFHFXPSDUDROWHQLLFDUWLGHODDQWLFDULDW"
53HQWUXFDVXQWJDWDFLWLWH
Ì&HLHVHGLQWUXQROWHDQVLRPROGRYHDQFD"
58QSUD]ERELQDW
Ì'HFHWLQHXQROWHDQOLJKHDQXOSHFDVD"
56D]LFDVLHOFDDUHDQWHQDSDUDEROLFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&HVSXQROWHQLLFkQGVHVSDODSHSLFLRDUH"
5$PDLWUHFXWXQDQ
Ì'HFHVHGXFROWHQLLODUD]ERLFXIORUL"
5&DVDQXOHIDFDQHYHVWHOHFRSLLGLQIORUL
Ì'HFHvVLWLQROWHQLLRLOHODEHFL"
5&DVDSRDWDVDPDQkQFHODRULFHRUDPDVOLQHUHFL
3ULQDQXORPHQLUHDDMXQVHVHODFDQLEDOLVP8QURPkQVHSOLPEDSULQ1HZ<RUNLQWUDvQWURPDFHODULHVLVHXLWDSH
OD SURGXVHOH H[SXVH VL YHGH FUHLHU GH QHPW NJ FUHLHU GH UXV NJ FUHLHU GH LWDOLDQ NJ ÌQWUXQ FROW YHGH VL
FUHLHUGHROWHDQNJÌOvQWUHDEDSHPDFHODUGHFHFUHLHUXOGHROWHDQHVWHDVDGHVFXPS0DFHODUXOvLUDVSXQGH
3DLGRPQXOHVWLLFkWLROWHQLWUHEXLHVDRPRUFDVDJDVHVFNJGHFUHLHU
Ì'HFHvVLDOWRLHVFROWHQLLOXEHQLWHOHFXSXUHFLL"
5&DVDOHVDUDVkPEXULLFkQGOHWDLH
6HFRQVWUXLHVWHXOWLPXOPRGHOGHURERWFDUHVDvQORFXLDVFDEDUEDWXO(VWHVXSXVODWHVWH
1HPW]RDLFDLHVHGXSDRMXPDWDWHGHRUD$KVFKRQVFKRQ
$PHULFDQFDLHVHGXSDRRUD*UHDWDFWLRQ
2OWHDQFDLHVHGXSDRUHIXJDULQGURERWXO
)LUHDLDOGUDFXOXLWHSOkQJLFDVDXWHUPLQDWEDWHULLOHDL"'DUGHIXJLWPDLSRWLVDIXJL"""
9DULDQWDOD
Ì'HFHvVLFRQVWUXLHVFROWHQLLFDVHOHURWXQGH"
56DQXVHXLWHKRWLLSHGXSDFROW
%DQFXULFXPROGRYHQL
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
%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,,""
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
Ì'HFHLDUQDvQ0ROGRYDODQXQWLvQVSDWHOHPLUHVHLPHUJHRFDUXWDFXEDOHJDU"
553HQWUXDGLVWUDJHDWHQWLDPXVWHORU53HQWUXDGLVWUDJHDWHQWLDPXVWHORU
Ì'HFHSRDUWDPROGRYHQFHOHODPXOVXOYDFLLEDWLF"
5&XPYDWUHEXLHVDSRDWDILGHRVHELWHvQWUHHOH
Ì'UXPHWLQGFXPvWLGDLVHDPDFDDLDMXQVvQ0ROGRYD"
59DFLOHVXQWPDLIUXPRDVHFDWLQHUHOH
Ì&HDUIL5RPkQLDIDUD0ROGRYD"
52JUDGLQD]RRORJLFDIDUDPDLPXWH
'HYL]DPROGRYHDQXOXL
9LDWDLVFXUWD'DFDWRWQRSXWHPOXQJLKDLVDRIDFHPODWD
7UHLPROGRYHQLODRUDVVHvQWkOQHVFGXSDRSHULRDGDGHWLPSSHQWUXDVLvPSDUWDVLH[SHULHQWHOH
&HELQHHUDODWDUDPD3HMRVVFkQGXULOHHUDXGUHSWHVLSXWHDPOLQLVWLWVDPHUJGLQWUXQFDS
vQDOWXODOFDPHUHL$LFLODRUDV
DPHWHVFVDWRWXUPDUHVFVLSFLOHODOHDPLFLGHSHMRV
ÌQILHFDUHVHDUDFkQGYLQDFDVDWUHEXLHVDVFROGLQVRPQWUHLYHFLQLSHQWUXFDSHOLIWVFULH1XPDLSHQWUXSDWUXSHUVRDQH
(XVXQWFHOPDLQDSDVWXLW'HILHFDUHGDWDFkQGPLVHIDFHDVHWHDFDVDPDGXFHDPODFLVPHDVLEHDPGXSDSRIWD$FXPPD
GXFWUDJGHIXQLHVLSkQDVDSXQJXUDODDSDVDVLWHUPLQDVLWUHEXLHVDDVWHSWLDUVDVHXPSOHJDOHDWDLDUWUDJGHIXQLHGDUWRW
DVDSDWHVF
&RQFOX]LH
1XPDLPROGRYHDQODRUDVVDQXILLKD
ÌPL HVWH FX QHSXWLQWD VD YD FDVDWRUHVFH[SOLFD RILWHUXO VWDULL FLYLOH PROGRYHDQXOXL 0LUHDVD QX DUH GHFDW DQL VL DL
QHYRLHGHFRQVLPWDPDQWXOWDWDOXL
3DLFLQHFUHGHWLFDHLQGLYLGXOFDUHVWDOkQJDXVDFXSXVFDvQPkQD"UDVSXQGHJLQHULFD
,YDQ7XUELQFDvQLQVSHFWLH7UHFHSHOkQJDXQFD]DQGRLGUDFLWLQHDXFDSDFXOGRLDUXQFDXOHPQHSHIRF
&HLDVWD"
6WDLVDYH]LGQX
,YDQFDDLFLDUGHYUHL7LQHPFDSDFXOFDGDFDDSXFDXQXOVDVFRDWDFDSXODIDUDvLSLHUGHPSULQ,DGVLR
VDSWDPkQDQXLPDLYHGHP
$OWFD]DQGRLGUDFLDUXQFDXOHPQHSHIRFQLPHQLQXWLQHDFDSDFXO
'D
DLFL"
$LFHDDUGPROGRYHQLLVLQXLEDLFDGDFDUHXVHVWHYUXQX
VDVFRDWDFDSX
DXDLODOWLJULMDVDOWUDJDvQDSRL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DLPHUJSXWLQDOWUHLOHDFD]DQQLPHQLQXDUXQFDOHPQHSHIRFQLPHQLQXWLQHDFDSDFXO'XSDFkWHYDPLQXWHLHVGRLIODFDL
ODPEORQ]LFXRFKLDOEDVWULvQFDUFDRVSLQDUHGHOHPQHRDUXQFDvQIRFVHFDWDUDSHEX]DFD]DQXOXLVDUvQVPRDODVLVH
DXGQLVWHFKLXLWXUL
,YDQvQFXOPHDVXSDUDULL
3DLDVWDLRUJDQL]DUH"
'QX,YDQDLFLILHUEUXVLL&DVLFX%DVDUDELD7UHL]HFLGHDQLVDXFKLQXLWVDFXFHUHDVFDIXQGXOFD]DQXOXLDFXPDXUHXVLW
VLQXPDLYRUVDSOHFH
ÌQWUXQ FRPSDUWLPHQW GH WUHQ FDODWRUHVF LQGLYL]L XQ DPHULFDQ XQ DUGHOHDQ XQ PROGRYHDQ VLXQ EXFXUHVWHDQ /D XQ
PRPHQWGDWDPHULFDQX
VFRDWHXQSDFKHWQHDQFHSXWGH0DUOERURGLQEX]XQDULVLDSULQGHRWLJDUDVLDUXQFDUHVWXOSDFKHWXOXL
SHJHDP7RWLFHLODOWLVDUVDOSULQGDFXPQXUHXVHVFvQFHSVDOFHUWHSHDPHULFDQ
3DLELQHGRP
OHDUXQFLEXQDWDWHGHWLJDUL
(K]LFHDPHULFDQXOODQRLWLJDULGLQWUDVWHDVXQWSHWRDWHGUXPXULOH
'XSDXQWLPSDUGHOHDQXOVFRDWHGLQWUDLVWDREXWHOFDGHSDOLQFDWUDJHRGXVFDVDQDWRDVDVLDUXQFDSHJHDPFHPDLUDPkQHvQ
HD/DIHOVDUWRWLFHLODOWLFXJXUDSHHO
$UXQFLEXQDWDWHGHEDXWXUDSHJHDP
(KYLQHUDVSXQVXOODQRLJDVHVWLGLQWUDVWDSHWRDWHGUXPXULOH
0DLWUHFHXQWLPSVLEXFXUHVWHDQX
vODSXFDSHPROGRYHDQGHJXOHUVLGHVLFHOGLQXUPDVH]EDWHvODUXQFDSHIHUHDVWUD
1HQRURFLWXOHVWULJDFHLODOWL$LRPRUkWRPX
(K]LFHEXFXUHVWHDQXODVH]kQGXVHODORFODGLQWUDVWLDVXQWSHWRDWHGUXPXULOH
Ì'HFHQXMRDFDPROGRYHQLLDVFXQVD"
5&DQXvLFDXWDQLFLGUDFX
9RUEHDXXQPROGRYHDQVLXQROWHDQÌQWUHDEDROWHDQXO
/DYRLPRUWLLVHvQJURDSDFXSRSD"
6LPROGRYHDQXO
1XODQRLSRSDUDPkQHDIDUD
8Q WULE GH EDVWLQDVL SULQGH XQ JUXS GH WXULVWL IRUPDW GLQ XQ DPHULFDQ XQ HQJOH] VL XQ PROGRYHDQ 6HIXO WULEXOXL OH
FRPXQLFDDFHVWRUD
&LQHvPLVSXQHXQFXYkQWGLQOLPEDHQJOH]DFDUHQXOVWLXvLGDXGUXPXODFDVD
$PHULFDQXO
%XWWHUIO\
6HIXOGHWULE
%DLGD
HXDPIDFXWFXUVXULOD2[IRUGFUH]LFDQXVWLXFDvQVHDPQDIOXWXUH"+DLODFkUQDWLFXWLQH
(QJOH]XO
%XWWHUIO\
6HIXOGHWULE
%DVLWXHVWLSURVWÌQVHDPQDIOXWXUH+DLODSDVWDGHPLFLFXWLQH
0ROGRYHDQXO
%XWWHUIO\OL
6HIXOGHWULEGXSDvQGHOXQJLVWURIRFDUL
%DLDVWDQXPDLVWLX6SXQHPLFHvQVHDPQDVLSRWLSOHFDDFDVD
)OXWXULOL
Ì&XPVHQXPHVWHXQPROGRYHDQFXXQ,4GH"
5&HUQDXWL
7UHLPROGRYHQLODRUDVVHvQWkOQHVFGXSDRSHULRDGDGHWLPSSHQWUXDVLvPSDUWDVLH[SHULHQWHOH
0&HELQHHUDODWDUDPD3HMRVVFkQGXULOHHUDXGUHSWHVLSXWHDPOLQLVWLWVDPHUJGLQWUXQFDS
vQDOWXODOFDPHUHL$LFLOD
RUDVDPHWHVFVDWRWXUPDUHVFVLSFLOHDOHDPLFLGHSHMRV
0ÌQ ILHFDUH VHDUD FkQG YLQ DFDVD WUHEXLH VD VFRO GLQ VRPQ WUHL YHFLQL SHQWUX FD SH OLIW VFULH 1XPDL SHQWUX SDWUX
SHUVRDQH
0(XVXQWFHOPDLQDSDVWXLW'HILHFDUHGDWDFkQGPLVHIDFHDVHWHDFDVDPDGXFHDPODFLVPHDVLEHDPGXSDSRIWD$FXP
PDGXFWUDJGHIXQLHVLSkQDVDSXQJXUDODDSDVDVLWHUPLQDVLWUHEXLHVDDVWHSWLDUVDVHXPSOHJDOHDWDLDUWUDJGHIXQLHGDU
WRWDVDSDWHVF
&21&/8=,(180$,02/'29($1/$25$66$18),,
Ì'HFHOH]LFHODPROGRYHQL6kUPD"
5&DPHUJHDXSHWUHQVLODILHFDUHVWkOSDOOLQLHLHOHFWULILFDWHVWULJDX6kUPDEDDDD
Ì$FXPFHVXQWPDLPXOWLPROGRYHQLSHREDQFD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
53HULHGHVkUPD
Ì'DUXQPROGRYHDQvQJURSDW"
5&RQGXFWRUVXEWHUDQ
Ì&HFRSLOLHVHGLQFRPELQDWLDXQXLROWHDQFXRPROGRYHDQFD"
53UD]ERELQDW
Ì&HSULPHVWLODXQUHVWDXUDQWPROGRYHQHVFGDFDFHULFUHLHUSDQH"
50LPRULHGLSRUFSUDMLWD
Ì&DUHHEDQFXOFXWLPSXOODPROGRYHQL"
5WLPSX
DPHD
Ì&DUHHEDQFXOFX,%0ODPROGRYHQL"
5DLELHPREHUH
$QXQWODPHWURXOPROGRYHQHVF3D]HDFDVDOLFKLHVFXVKLOL8UPLD]DVWD]LD3ULPDYLHULLFXSRGLVFDSLSDUWLDGULDSWD
%DQFXULFXVLGHVSUHUHOLJLH
%DQFXULSHWHPHELEOLFH
Ì&HHVWHGHDGUHSWXOUDXWDFLRV"
5ÌQYLQHUHDPDUHVDLXUH]LOXL,VXVXQ:HHNHQGSODFXW
Ì&HLD]LVFHQWXULRQXOOXL,VXV"
5ÌQFUXFLVHD]DWLSLFLRDUHOH1XDPGHFkWWUHLFXLH
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOHOXL,VXV"
50DLPXOWHFXLH$OXQHF
Ì&HVDUILvQWkPSODWGDFD,VXVQXDUILIRVWUDVWLJQLWSHFUXFHFLvQHFDW"
5ÌQILHFDUHELVHULFDVDUILDIODWvQIDWDXQDFYDULX
Ì&HDIRVW,VXVGHPHVHULH"
56WXGHQW/DGHDQLPDLORFXLDODSDULQWLDYHDSDUXOOXQJVLGDFDIDFHDFHYDDWXQFLHUDRPLQXQH
Ì&DUHDXIRVWSULPLLSROLWLFLHQLGLQ,VWRULDRPHQLULL"
5&HLWUHL&UDL$XODVDWPXQFDVDXvPEUDFDWvQKDLQHIUXPRDVHVLDXSOHFDWODGUXP
Ì'HFHODFUHDW'XPQH]HXSULPXOSH$GDP"
5&DVDSRDWDYRUELFXFLQHYDSkQDDSDUHVL(YD
Ì'HFHDFUHDW'XPQH]HXDELDODVIkUVLWIHPHLD"
5&DVDQXOGHUDQMH]HvQWLPSXO&UHDWLHLFXYRUEDHL
Ì'HFHLDIXUDW'XPQH]HXOXL$GDPRFRDVWDVLGLQHDDFUHDWIHPHLD"
5$YUXWVDDUDWHFDGDFDIXULQXLHVHQLPLFDEXQGLQWRDWDWUHDED
Ì&HLD]LV$GDP(YHL"
5)DFkWLYDSDVLvQDSRL1XVWLXFkWPDLFUHVWHFKHVWLDDVWD
Ì'HFHOHDVFULV3DXOFRULQWHQLORU"
53HQWUXFDQXOHSXWHDYRUEL
%D]DGHPRFUDWLHLVRFLDOLVWHVDFUHDWFkQG'XPQH]HXDIDFXWRSH(YDVLLDVSXVDSRLOXL$GDP
6LDFXPDOHJHWLRQHYDVWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&XPVHQXPHVFQDVLL3DSHL"
53DSD1DVL
Ì&XPVHQXPHVFUXGHOH3DSHL"
53DSD5XGH
/DvQFHSXW'XPQH]HXDFUHDWSDPkQWXOVLDSRLVDRGLKQLW
'XSDDFHHDDFUHDWEDUEDWXOVLVDRGLKQLW
$SRLDFUHDWIHPHLDVLGHDWXQFLQLPHQLQXPDLDUHRGLKQD
'XPQH]HXIDFHOXPHDVLWULPLWHGRLEDUEDWL'XSDFHYDWLPSEDUEDWLLVHGXFOD'XPQH]HXVLOvQWUHDED
'HFHQXVXQWHPFXPVFULHvQ%LEOLHXQEDUEDWVLRIHPHLH
/DFDUH'XPQH]HXYD]kQGJUHVDODvLvQWUHDEDFDUHYUHDVDILHIHPHLH
(YLGHQWQLFLXQXOQXYUHD'XPQH]HX]HX]LFH
9DDVFXQGDWXQFLSX
LOHVLFDUHRJDVHVWHSULPXOUDPkQHEDUEDW
3ULPXOEDUEDWXORJDVHVWHGXSDGRXDRUHLDUDOGRLOHDRPDLFDXWDVLDVWD]L
'XPQH]HXDFUHDWIHPHLDVLHDDYHDWUHLVkQL'XSDDFHHDDvQWUHEDWR
$LYUHDVDVFKLPEDPFHYD"
(DUDVSXQGH
0DVSXWHDOLSVLGHWkWDDVWDGLQPLMORF
7UHDEDDIRVWIDFXWDVLWRWXODIRVWELQH6LIHPHLDDUDPDVFXEXFDWDGHFDUQHvQPkQDVLD]LV
&HVDIDFFXEXFDWDDVWDIDUDGHIRORV"
6L'XPQH]HXDFUHDWEDUEDWXO
'XPQH]HXWRFPDLWHUPLQDVHGHIDFXWXQLYHUVXOVLvQVDFXOOXLPDLDYHDFkWHYDUDPDVLWH9UkQGVDOHvPSDUWDVLSHDFHVWHD
VHGXVHOD$GDPVL(YD
&RSLLLPHLPDLDPGRXDGDUXULSHQWUXYRL$VYUHDVDYDDOHJHWL0DLvQWkLFLQHYUHDDELOLWDWHDGHDXULQDVWkQGvQSLFLRDUH"
$GDPVL(YDVHJkQGLUDFHVHJkQGLUDVLSkQDODXUPD$GDP]LVH
'RDPQHWHURJGDPLPLHFKHVWLDDVWDWHURJ
6WDLVDYHGHPFHSDUHUHDUHVL(YDVSXVH'XPQH]HX(YDUDVSXQVH
'RDPQH$GDPHEDUEDWOXLLVHFXYLQH
6L'XPQH]HXvLGDGXDVWIHOEDUEDWXOXLDELOLWDWHDGHDXULQDVWkQGvQSLFLRDUH$SRLvLGDGXVDFXOFXGDUXULOXL$GDPVDvLGHD
(YHLFHPDLUDPDVHVH$GDPGHVFKLVHVDFXOVLVSXVH
,DVDYHGHPFHDYHPDLFL$KDDDD2UJDVPHPXOWLSOH
'XPQH]HXYLQHOD$GDPVLvOvQWUHDED
$GDPHXQGHL(YD"
(PDLODYDOHIDFHEDLHvQUkX]LFH$GDP
/DGUDFX&XPPDLVFRWHXDFXPPLURVXODVWDGLQSHVWL
9DULDQWD
'XPQH]HXYRUEHDFX$GDP
'$GDPFHDWLIDFXWD]L"
$$PPkQFDWQLVWHIUXFWH
'$WLPkQFDWVLIUXFWXOLQWHU]LV"
$'D
'6LFHDWLIDFXWGXSDLD"
$(XFX(YDDPIDFXWGUDJRVWHWRDWDGXSDPLD]D
'6LXQGHHHDDFXP"
$/DUkXVHVSDOD
'2QX$FXPWRWLSHVWLLRUVDPLURDVDDVD
'XSDPXOWWLPSGHEXUODFLH$GDPVHFRQIHVHD]DOD'XPQH]HXFDVHVLPWHIRDUWHVLQJXU
3RWFUHHDSHQWUXWLQHRIDSWXUDGHYLVIUXPRDVDLQWHOLJHQWDFXPLQWHVLWDFXWD'DUWHFRVWDRPkQDVLXQSLFLRUVSXQH
'XPQH]HX
$WXQFLFHPLSRWLRIHULSHQWUXRFRDVWD"
6L'XPQH]HXDFUHDW)(0(,$
ÌQWUR]LvOFKHDPD'XPQH]HXSH$GDPODHOVLLVSXQH
$PVDWLGDXGRXDYHVWLXQDEXQDVLXQDUHD&XFDUHVDvQFHS"
3DLVSXQHRSDLDEXQD]LFH$GDP
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$PGRXDRUJDQHQRLSHQWUXWLQHVSXQH'XPQH]HX8QXOHVWHFHOQXPLWFUHLHU7HYDIDFHLQWHOLJHQWYHLSXWHDFUHDOXFUXUL
QRLVLYHLSXWHDvQWUHWLQHRFRQYHUVDWLHFX(YD&HOGHDOGRLOHDRUJDQQXPLWSHQLVvWLYDSHUPLWHVDUHSURGXFLIRUPH
LQWHOLJHQWHGHYLDWDVLVDSRSXOH]LSODQHWD(YDYDILIRDUWHIHULFLWDFDWXDLDFXPDFHVWRUJDQFHRYDIDFHVDDLEDFRSLL
$GDPIRDUWHvQFvQWDWH[FODPD
'DUXULOHSHFDUHPLOHIDFLVvQWIDQWDVWLFH&HYHVWHUHDDLSXWHDVDPLGDL"
'XPQH]HXVHXLWDOD$GDPFXSDUHUHGHUDXVLVSXQH
3UREOHPDHVWHFDDWXQFLFvQGWHDPFUHDWWLDPGDWVvQJHGRDUFvWVDXWLOL]H]LXQXOGLQWUHDFHVWHQRLRUJDQHRGDWD
ÌQWUR]L'XPQH]HXVHSOLPEDFX$GDPSULQ3DUDGLV/DXQPRPHQWGDW'XPQH]HXvLVSXQH
$GDPHDUILWLPSXOVDSRSXOH]L3DPkQWXO$LSXWHDvQFHSHSULQDRVDUXWDSH(YD
'RDPQHFHvQVHDPQDDVDUXWD"
'XPQHD]HXvLH[SOLFDVLGXSDDVWD$GDPRLDSH(YDGXSDXQWXILVVLRVDUXWD'XSDXQWLPSVHvQWRDUFHVLL]LFH]kPELQGOXL
'XPQH]HX
0LQXQDW'RDPQH&HXUPHD]DDFXPD"
$FXPDUWUHEXLVDRPkQJkLSH(YD
'RDPQHFHvQVHDPQDDPkQJkLD"
'XPQH]HXvLH[SOLFD$VWDLDURLDSH(YDvQWUXQWXILVVLRPkQJkLH'XSDFHVHvQWRDUFH
0LQXQDW'RDPQHDVWDDIRVWVLPDLELQHGHFkWVDUXWDWXO
'XPQH]HXvLVSXQH
$FXPDUWUHEXLVDIDFLGUDJRVWHFX(YD
'RDPQHFHvQVHDPQDDIDFHGUDJRVWH"
'XPQH]HXvLH[SOLFD$GDPRLDIH(YDvQWXILVVLGXSDFkWHYDFOLSHVHvQWRDUFHVLvQWUHDED
'RDPQHFHHDLDPLJUHQD"
(UDX$GDPVL(YDLQ3DUDGLVvQFRVWXPHOHORUWUDGLWLRQDOH$GDP]LFH
(YRLDGDVDYDGFHDLWXVXEIUXQ]D"
$GDPHQXQXVHSRDWH
$GDPWURVFvLIULJHREkWDvQFDS
(YDOHVLQD$GDPVHXLWDVXEIUXQ]DVLVHPLUD
%DDDXQGHGDLVLXQGHFUDSD
'XSDRUHVHVFRDOD(YDVLvLGDODUkQGXOHLREkWDvQFDSOXL$GDPVHXLWDVXEIUXQ]DVL]LFH
,DWHXLWDXQGHLHVHFXFXLXO
([SORGHD]DIDEULFDGHFUHQZXUVWL8QXODMXQJHSkQDvQFHUÌOJDVHVWH6IkQWXO3HWUX0HUJHHOGLQvQJHUvQvQJHUWRW
vQWUHEkQGFHRILDFHLD7UHFHODDUKDQJKHOLQLFLDVWLDQDXKDEDUGHDVDIDFDWXUDÌQVIkUVLWHvQGHPQDWVDPHDUJDOD6IkQWXO
)HFLRDUDFDUHXLWkQGXVHOXQJODRELHFWREVHUYD
6ILQWLDWDQLFLHXQDPKDEDUFHDUSXWHDILGDUGDFDPDJkQGHVFELQHELQHDGXFHDVDXQSLFFX6IkQWXO'XK
&LFD'XPQH]HXvOFKHDPDODUDSRUWSHXQvQJHUDV
0DLvQJHUDVXOHGXWHVLWXVLFXUDWDWHURJQRULVRUXODODQHJUXGHDFROR
9DLFXPVDPDGXFHXFXPkQXWHOHPHOHDOEHVLSXIRDVHVDPDPXUGDUHVF
+DLPDLvQJHUDVXOHJkQGHVWHWHFkWLRDPHQLVXQWQHFDMLWLVXEQRULVRUXODODFDHQHJUXVLDFRSHUDVRDUHOH
'D
FXPVDPDGXFHXFXDULSLRDUHOHPHOHDOEHVLFXSLFLRUXVHOHPHOHFDODSWHOH
+DLPDLLQJHUDVXOHGXWHFDVLHXFkQGHUDPPLFFDWLQHVLHXFXUDWDPQRURVRULVLvLIDFHDPSHRDPHQLIHULFLWL+DLGXWH
(WHSX
D
$GDPvOvQWUHDEDSH'XPQH]HX
'RDPQHGHFHDLIDFXWIHPHLDDVDGHIUXPRDVD"
'XPQH]HXvLUDVSXQGH
3HQWUXFDVDvWLSODFDVLVDRLXEHVWL
'RDPQHGDUGHFHDLIDFXWRDVDGHSURDVWD"
&DVDWHSODFDVLHDSHWLQH
9DULDQWD
ÌQ5DL$GDPLVHDGUHVHD]D'RPQXOXL
'RDPQHFUHDWXUDFHDLFUHDWRGHLQFRDVWDPHDHVWHvQSDWFDXQYXOFDQ6XQWXLPLW
$VWDDPIDFXWSHQWUXFDVDRLXEHVWL
$UHRIDWDVLXQFRUSPLQXQDWVLSDUXOHLOXQJ
$VWDDPIDFXWSHQWUXFDVDRLXEHVWL
6LVWLHVDVLJDWHDVFDPkQFDUXULDVDGHEXQH
$VWDDPIDFXWSHQWUXFDVDRLXEHVWL
'RDPQHGDUGDFDHVWLvQVWDUHVDIDFLDVDOXFUXULPLQXQDWHGHFHQXHXQSLFPDLLQWHOLJHQWD"
$VWDDPIDFXWSHQWUXFDVLHDVDWHLXEHDVFDSURVWXOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DULDVL,RVLIVWDXvQ%HWKOHHPvQIDWDXQXLKDQVLFHUDGDSRVW+DQJLXO
ÌPLSDUHIRDUWHUDXGDUQXDPQLFLXQSDWOLEHU
3DLQXYHGHWLFDQHYDVWDPHDHJUHD"
%DGDGDUHXQDPQLFLRYLQD
/DFDUH,RVLI
'DUFUH]LFXPYDFDHXDP"
ÌQFHUVHSURJUDPHD]DH[FXUVLDGHVIkUVLWGHVDSWDPkQD6HIDFGLIHULWHSURSXQHUL3ULPDLGHH%HWKOHHP0DULDVSXQH
6XQWvPSRWULYD$FRORQXDXKRWHOXULFLQXPDLJUDMGXULXQGHSRWLvQRSWD$PDYXWQXPDLH[SHULHQWHQHIHULFLWHFX
%HWKOHHPXO1XVLQX
8UPDWRDUHDSURSXQHUH,HUXVDOLP,VXVSURWHVWHD]D
([SHULHQWHH[WUHPGHQHSODFXWHFX,HUXVDOLPXO1XvQQLFLXQFD]
$WUHLDSURSXQHUH5RPD7RWLDFHSWDQXIRDUWHvQFkQWDWLQXPDL6IkQWXO'XKEDWHGLQSDOPHGHEXFXULH
9DL5RPDQXDPPDLIRVWQLFLRGDWDSkQDDFXPvQ5RPD
)HFLRDUD0DULDvOvQWUHDEDSH'XPQH]HX
$PYRLHVDPHUJWUHL]LOHSHSDPkQW"
6HJkQGHVWH'XPQH]HXFHVHJkQGHVWHVL]LFH
1XPDLFXRFRQGLWLHGDFDPDVXQLODWHOHIRQvQILHFDUHVHDUD
=LVVLIDFXWÌQSULPDVHDUD
$ORDLFL)HFLRDUD0DULD0LDPFXPSDUDWRURFKLHPLQL(VWHUDXFHHDFHDPIDFXW"
'XPQH]HXUDVSXQGH
1XQXHQLPLFUDX
$GRXDVHDUD
$ORDLFL)HFLRDUD0DULD$PIRVWODRSHWUHFHUH(VWHUDX"
1XQXHQLPLFUDX
$WUHLDVHDUD
$ORDLFL0DULD(VWHUDX"
9D]kQGUDXWDWLOHRDPHQLORU'XPQH]HXVHKRWDUDVWHVDVLWULPLWD)LXOGLQQRXSHSDPvQWVSXQkQGXL
7HYHLUHvQWRDUFHGXSDGHDQL
$XWUHFXWFHOHWUHLGHFHQLLVLQLFLRYHVWH'XSDvQFDFHYDWLPSWRDWDOXPHDvOVLXLWDVH
ÌQVIvUVLWGXSDYUHRGHDQLDSDUHXQPRVQHJXWSUDSDGLWSHFDUHQLPHQLvQDIDUDGH'XPQH]HXQXODPDLUHFXQRVFXW
&HVDvQWvPSODW)LXOH"
6ILQWH7DWDFHLGHSHSDPvQWDXDEROLWSHGHDSVDFXPRDUWHD
,VXVvQGHVHUW0HUJHFHPHUJHVLVHvQWkOQHVWHFXXQKLSLRW6LVHKRWDUDVFVDPHDUJDvPSUHXQD'XSDFHYDWLPS,VXV
VFRDWHRSvLQH
0DQvQFDMXPDWHMXPDWHLRGDKLSLRWXOXL0HUJHLFHPHUJ,VXVVFRDWHRVWLFODFXDSD%HDHOMXPDWHMXPDWHLRGD
KLSLRWXOXL
0DLPHUJHLFHPHUJVFRDWHKLSLRWXORPDULMXDQD)XPHD]DMXPDWH-XPDWHLRGDFROHJXOXLGHGUXPVSXQkQG
$LJULMDFDDVWDSURGXFHHIHFWHKDOXFLQDQWH
1LFLRSUREOHPD
)XPHD]D,VXVMXPDWDWHDGHWLJDUD'XSDRYUHPHGRULQGVDVHIDFDFXQRVFXWVSXQH
6WLLHXVvQW,VXV
7LDPVSXVHXFDWLJDUDDLDDUHHIHFWHKDOXFLQDQWH
9DULDQWD
,VXVPHUJHSULQ%URQ[VDYDGDFDUHLWUHDEDSHDFROR9HGHXQWLSSHVWUDGDFDUXLDL]LFH
$LFHYDGHPkQFDUHSHQWUXPLQH"
3UHFLVVHJDVHVWHFHYD
6LLGDOXL,VXVUHVWXULOHXQXLKDPEXUJKHU
'DUFHYDGHEDXW"]LFH,VXVGXSDFHDWHUPLQDWFXPkQFDWXO
$VWDLGDRVWLFODGLQSXQJDGHKkUWLH
1XYUHDXVDWHHQHUYH]]LFHPDLGHSDUWH,VXVGDUDLFXPYDFHYDGHIXPDW"
8LWHDLFL
'XSDFkWHYDIXPXUL
6WLLGHIDSWHXVXQW,VXV
$VDL0DUIDGHFDOLWDWHDP]LVVLHXWLWDVDFkQGDPWHVWDWR
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,VXVvQYLHGXSDFHDIRVWUDVWLJQLWSHFUXFH2DPHQLLVXQWSOLQLGHvQFkQWDUHVLDFHVWDGLQFDX]DVXFFHVXOXLPDUHUHSHWDWRW
VHWXOGHPLQXQL7UDQVIRUPDDSDvQYLQvPSDUWHRSkLQHODWRWLFHLSUH]HQWLVLODVIkUVLWXOSURJUDPXOXLYUHDVDPHDUJDGLQQRX
SHDSD7RWXVLGXSDSULPLLSDVLVHVFXIXQGD8QWkQDU]LFH
)DUDJDXULvQSLFLRDUHLDUHXVLWDVWDPDLELQH
,VXVPHUJHSULQGHVHUWVLvQWkOQHVWHXQEDWUkQÌOvQWUHDED
&HIDFLDLFLVLQJXUSULQGHVHUW"
ÌPLFDXWILXO
&XDUDWDILXOWDX"
$UHFXLHEDWXWHSULQPkLQLVLSULQSLFLRDUH
/DFDUH,VXV
7DWD
6LEDWUkQXO
3LQRFFKLR
,VXVVHSOLPEDSULQ1D]DUHW$FRORYHGHRPXOWLPHGHRDPHQLFDUHWRFPDLYUHDXVDRPRDUHFXSLHWUHXQSDFDWRV,VXVVH
SXQHSURWHFWRUvQIDWDFRQGDPQDWXOXLVL]LFHFXYRFHGHWXQHW
&DUHGLQYRLHHFXUDWGHSDFDWHVDDUXQFHSULPXOSLDWUD
'LQPXOWLPHYLQHRSLDWUDFDUHvOORYHVWHSH,VXVvQFDS$FHVWDDUXQFDRSULYLUHODFHOFDUHDDUXQFDWR]LFkQG
0DPDXQHRULFKLDUFDPDFDOFLSHQHUYL
7RFPDLVHSUHJDWHH[HFXWLDOXL,VXV9LQDSRVWROLLVLLVSXQ
%D,VXVEDWXGHWRDWHDLIDFXWLQYLDWDQXPDLODIHPHLQDLIRVW8LWHvWLDUDQMDPQRLVLWLVSXQHPWRWFHWUHEXLHVDIDFL
ÌOGXFDSRVWROLLSH,VXVODXQERUGHOvLH[SOLFDVLOEDJDvQWURFDPHUD'XSDPLQXWHLHVHFXUYDDIDUDXUOkQGVLVPXOJkQGXVL
SDUXOGLQFDS
$SRVWROLLLQWUDVSHULDWL
&HDLIDFXWED,VXV"
3DLDPLQWUDWvQFDPHUDHDVDGH]EUDFDWPDPGH]EUDFDWVLHXVDSXVSHSDWPDPSXVVLHX'DUFkQGVLDGHVIDFXW
SLFLRDUHOHVLLDPYD]XWUDQDDLDLDPYLQGHFDWR
,VXVVL6IkQWXO3HWUHSHSDPkQWODDJDWDWJDVHVFRWLSDELQH,VXV]LFH
6IkQWXO3HWUHLQWUDWXSULPX
FDHVWLPDLEDWUkQ
,QWUD6IkQWXO3HWUHVLLHVHGXSDXQWLPSIHULFLW,QWUD,VXVVLGXSDXQPLQXWLHVHWLSDXUOkQG
6IkQWXO3HWUH
'D
FHGUDFX
LDLIDFXWGHDLHVLWXUOkQG"""
3DLDYHDRUDQDvQWUHSLFLRDUHVLLDPYLQGHFDWR
9D]kQGUDXWDWLOHRDPHQLORU'XPQH]HXVHKRWDUDVWHVDVLWULPLWD)LXOGLQQRXSHSDPkQWVSXQkQGXL
7HYHLUHvQWRDUFHGXSDGHDQL
$XWUHFXWFHOHWUHLGHFHQLLVLQLFLRYHVWH'XSDvQFDFHYDWLPSWRDWDOXPHDvOVLXLWDVHÌQVIvUVLWGXSDYUHRGHDQLDSDUH
XQPRVQHJXWSUDSDGLWSHFDUHQLPHQLvQDIDUDGH'XPQH]HXQXODPDLUHFXQRVFXW
&HVDvQWvPSODW)LXOH"
6ILQWH7DWDFHLGHSHSDPkQWDXDEROLWSHGHDSVDFXPRDUWHD
,VXVSHFUXFH$SRVWROXO,RQHvQPXOWLPHDGLQIDWDFUXFLLFXSULQVGHGXUHUH,VXVVWULJDFXJODVFDGHWXQHW
,RRRRDQH
6XQWDLFL,VXVHVWULJDHOVLvQFHDUFDVDvVLIDFDORFSULQPXOWLPHDGLQIDWDVD
3DFDWRVLLQHVWLXWRULDUXQFDFXSLHWUHvQHO,VXV
,RDQH9LQRODPLQH
,RQUDQLWDSURDSHPRUWDMXQJHvQIDWDVL]LFH
'DPDHVWUH"
,RDQH1LFLQXVWLLFHELQHVHYHGHFDVDWDGHDLFLGHVXV
,VXVFUXFLILFDWVXIHUDSHQWUXRPHQLUH8QWkQDUYLQHSHGHDOXO*ROJRWHLVLYD]kQGXLVXIHULQWD]LFH
1XSRWYHGHDFXPVXIHULDLFL7HYRLGDMRVGHSHFUXFH
6HXUFDSHFUXFHVFRDWHXQFXLVFRDWHDOGRLOHDFXL,VXVFDGHvQIDWDVLVWULJDGLQWRWLUDUXQFKLL
3ULPDGDWDSLFLLLRRRDUHOH
,VXVHSHFUXFHVLVXIHUDFkQGvOYHGHSH,XGDvQUkQGXULOHGLQVSDWHvQPXOWLPH
,XGDVWULJDHOFXSXWHUHYLQRDLFL
'RDPQHVWULJD,XGDGDUHXWHDPWUDGDWVLQXPHULWQLFLPDFDUVDWLSRPHQHVFQXPHOH
,VXVvVLULGLFDGLQQRXFDSXOVL]LFH
9LQRDLFL,XGD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,XGDLVSDVLWvVLIDFHORFSULQPXOWLPHVLVWDDFXPvQIDWDOXL,VXV
&HSRWIDFHSHQWUXWLQH6WDSkQH"
6FRDWHPLSLURQXODVWDGLQSLFLRDUH
'DU'RDPQHVXQWQHYUHGQLFVDWLDWLQJSLFLRDUHOH
6FRDWHPLSLURQXOGLQSLFLRDUH
,XGDVHH[HFXWDVLVFRDWHSLURQXOGLQSLFLRDUHOH6WDSkQXOXLWUDGDWDSRLVHGDXQSDVvQVSDWHVLSULYHVWHFXPVkQJHOHVLURLHVWH
GLQUDQL,VXXVvOSULYHVWHvLWUDJHXQVXWvQIDWDVLFXXOWLPHOHSXWHUL]LFH
,DGHDLFLERXOH
8QPXVXOPDQPRDUHVLDMXQJHODSRUWLOH5DLXOXL&DGHRELFHLDFRORHVWHvQWkPSLQDWGH6IkQWXO3HWUX
%LQHDLYHQLWvQ5DL
1RURF3HWUHvQVDVWLLHXVXQWPXVXOPDQVLDVYUHDVDvOvQWkOQHVFSH0RKDPHG
1LFLRSUREOHPDLDOLIWXOVLXUFDODXUPDWRUXOHWDM
6HXUFDPXVXOPDQXOQRVWUXvQOLIWXUFDXQHWDMVLDFRORGDGH0RVHV
%LQHDLYHQLWvQ5DL
1RURF0RVHVvQVDVWLLHXVXQWPXVXOPDQVLDVYUHDVDvOvQWkOQHVFSH0RKDPHG
1LFLRSUREOHPDLDOLIWXOVLXUFDODXUPDWRUXOHWDM
,DUVHXUFDvQOLIWPXVXOPDQXOXUFDXQHWDMVLYHGHROXPLQDSXWHUQLFD'LQHDDSDUHFLQHYDVLRYRFHVHDXGHWXQkQG
%LQHDLYHQLWvQ5DLILXOH
&XFLQHDPRQRDUHD"vQWUHDEDPXVXOPDQXO
(XVXQW'XPQH]HX
0XVXOPDQXOFXRYRFHVWLQVDWUHPXUkQG
(VWHXQORFIRDUWHIUXPRVDLFLGDUHXDVYUHDVDvOvQWkOQHVFSH0RKDPHG
$VDGHFLDLYHQLWVDOYH]LSH0RKDPHG"1LFLRSUREOHPDVWDLMRVVLVLPWHWHFDDFDVD3RWVDvWLRIHUFHYDGHEDXWRFDIHD
VDXFHYDGHPkQFDUH"
&XLHUWDUHVDPLILHDVEHDRFDIHD
6LDWXQFL'XPQH]HXIDFXPkLQLOHSkOQLHODJXUDVLVWULJD
+HL0RKDPHGGRXDFDIHOHWHURJ5HSHGH
6IkQWXO3HWUXODSRDUWDUDLXOXLÌQIDWDSRUWLLDVWHDSWDGHEDUEDWL6IkQWXO3HWUXOH]LFH
&HLFHVLDXvQVHODWQHYDVWDPDFDURGDWDVDIDFDXQSDVvQIDWD
7RWLIDFXQSDVvQIDWDPDLSXWLQXQXO6IkQWXO3HWUX
,QWUDWLYDLHUWVLOXDWLVLSHEOHJXODODFXYRL
0DLGHSDUWHHUDXQJUXSGHIHPHLWRWODQXPDU6IkQWXO3HWUXOH]LFHVLORU
&LQHVLDvQVHODWFHOSXWLQRGDWDEDUEDWXOVDIDFDXQSDVvQIDWD
7RDWHIDFXQSDVvQIDWDPDLSXWLQXQD6IkQWXO6IkQWXO3HWUX
,QWUDWLYDPLHUWDWVLOXDWLRVLSHVXUGDDLDFXYRL
9LQHXQELVQLWDUVDVLFXPSHUHGHODELMXWHULHRFUXFHSHQWUXODQWLVRUVLYkQ]DWRDUHDvLWRWDUDWDGDUDVWDYUHDWRWPDLPDUH
3kQDODXUPDvLDGXFXQDLPHQVDFkWWRWSLHSWXOGHDXUODFDUHDVWD
%LQHELQHRLDXGDUPRGHOIDUDDFUREDWQDYHWL"
7UHLEDUEDWLPRUVLDMXQJvQ5DL/DXVDvLvQWkPSLQD6IkQWXO3HWUHVLOHIDFHFDGRXvQIXQFWLHGHFkWDXIRVWGHFUHGLQFLRVL
QHYHVWHORUFkWHRPDVLQD3ULPXOSULPHVWHROLPX]LQDFXVRIHUDOGRLOHDRPDVLQDQRUPDODVLDOWUHLOHDXQWUDEDQW'XSD
FkWHYD]LOHVHvQWkOQHVFLDUFHLWUHLSULQ5DLVLFHOFXOLPX]LQDSOkQJHDGLQWRWLUDUXQFKLL&HLODOWLvOvQWUHDED
&XP"WXDLSULPLWFHDPDLEXQDPDVLQDVLDFXPWRWWXHVWLFHOFDUHHQHPXOWXPLW"
'DLHULPLDP]DULWVRWLDSHRVWUDGDDLFLvQ5DL
(LVL"
0HUJHDSHRWURWLQHWD
ÌQWUR]LIUXPRVDvQ3DUDGLV(YDvOVWULJDSH'XPQH]HX
'RDPQHDPXQQHFD]
&HQHFD](YR"vQWUHDED'XPQH]HX
'RDPQHVWLXFDDLFUHDWDFHDVWDPLQXQDWDJUDGLQDFXDQLPDOHVLFXVHUSLDWkWGHKD]OLLQXPDLSHQWUXPLQHGDUFXWRDWHDVWHD
QXVXQWIHULFLWD
'HFHHVWLQHIHULFLWD(YR"
6XQWDWkWGHVLQJXUD6LGHPHUHPDPFDPVDWXUDW1XPDLSRWVDOHYDG
%LQH(YRÌQFD]XODFHVWDDPRVROXWLH2VDFUHH]SHQWUXWLQHEDUEDWXO
'RDPQHFHHVWHXQEDUEDW"
%DUEDWXOHVWHRFUHDWXUDLPSHUIHFWDFXWHQGLQWHDJUHVLYHFXXQHJRLVPDFFHQWXDWVLFDUHQXHVWHFDSDELOGHVHQWLPHQWXOGH
DSDUWHQHQWDODWLQH3HVFXUWYHLDYHDPXOWHQHFD]XULFXHO
'DUHOYDILPDLPDUHVLPDLLXWHGHFkWWLQH9DILIRDUWHPXVFXORVVLXQIRDUWHEXQOXSWDWRU9DMXFDIRDUWHELQHIRWEDOYDIL
XQIRDUWHEXQYkQDWRUVLvQDIDUDGHDVWDQXYDILGHORFUDXvQSDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6XQDGHVWXOGHELQH]LFH(YD
%LQHDWXQFL]LFH'XPQH]HXGDUDUPDLILRVLQJXUDFRQGLWLH
&DUH"
/DVDOVDFUHDGDFDSHHOODPFUHDWSULPDGDWD
9DULDQWD
(YDVWDWHDSHPDOXODSHLVLVHSOLFWLVHD/DXQPRPHQWDGXFHYRFHD'RPQXOXLGLQFHU
(YDYDGFDWHSOLFWLVHVWL$PVDWLIDFXQFRPSDQLRQ
(VWLSUHDEXQ'RDPQH
6HYDQXPL$GDPVLYDILEDUEDW9DILvQFUH]XWvQIXPXUDWVLYDDYHDLPSUHVLDFDHOUHDOL]HD]DWRWXOvQYLDWD9DGRULVD
FRQGXFDWRWXOvQYLDWDGDUvQUHDOLWDWHYDDVFXOWDGHWLQHVLYDIDFHWRWXOSHQWUXDWLILSHSODF6HYDFUHGHPDLGHVWHSWGDUQX
YDILDVDÌOYHLODVDVDDOHDJDFHOHPDLEXQHSRVWXULFDFLYDPXQFLQXPDLSHQWUXWLQHVLFRSLLWDL'DUPDLSUHVXVGHWRDWH
WUHEXLHVDOODVDPVDFUHDGDFDHODIRVWSULPXOvQ5DL
ÌPLFRQYLQH'RDPQH6LYDILDVDFXPGRUHVWL9DFUHGHFDHODIRVWSULPXO
$VWDUDPkQHDVDFDvQWUHQRLIHPHLOH
0RLVHYLQHODHYUHLLOXLFRERUkQGPXQWHOH(ODGXFHFXHOPHVDMXO'RPQXOXL
2DPHQLEXQLD]LDPRYHVWHEXQDVLXQDSURDVWD&HDEXQDHVWHOHDPUHGXVODQXPDL]HFH&HDUHDSUHDFXUYLWXOHVWHvQFD
SULQWUHFHOH]HFH
,VXV3HWUHVL,RDQVWDXvQWUREDUFDVLSHVFXLHVF,VXV]LFH
0DGXFVDDGXFQLVWHEHUHEDLHWL
6DUHGLQEDUFDPHUJHSHDSDVLVHvQWRDUFHFXRQDYHWDGHEHUHvQPLQXWH
2MXPDWDWHGHRUDPDLWkU]LX]LFH3HWUH
0DGXFVDDGXFQLVWHVDQGYLFLXUL
6DUHGLQEDUFDPHUJHSHDSDVLVHvQWRDUFHvQPLQXWHFXVDQGYLFLXULOH
'XSDDOWDMXPDWDWHGHRUD]LFH,RDQ
0DGXFVLHXVDDGXFFHYDGHFLWLWFDDOWIHOQHSOLFWLVLPGHPRDUWHDLFL
6DUHGLQEDUFDFDGHvQDSDVLVHvQHDFD3HWUH]LFHFDOP
,VXVHDUILWUHEXLHVDLVSXQHPVLOXLXQGHVXQWDVH]DWHSLHWUHOH
,VXVVL6IkQWXO'XKMRDFDJROI,VXVORYHVWHPLQJHDFDUHVHURVWRJROHVWHVLUDPkQHQHPLVFDWDODFHQWLPHWULGHJDXUD
$WXQFLLHVHXQVRULFHOGLQJDXUDVLvQJKLWHPLQJHD&kQGVDVHEDJHOHORFvQJDXUDYLQHXQVDUSHVLOvQJKLWH&kQGVDvQWUH
VDUSHOHvQJDXUDYLQHXQYXOWXUGLQFHUXULVLDSXFDVDUSHOH9XOWXUXOvVLLD]ERUXOVLYLQHXQWUDVQHWVLOORYHVWH$FHVWDFDGH
H[DFWvQJDXUDGHODFDUHDvQFHSXWWRWXO6IkQWXO'XKWRWDOLULWDW]LFH
$X]LPDL,VXVHMXFDPJROIVDXWULVDP
'XPQH]HXVWDGHYRUEDFX6IkQWXO3HWUH
0DFDPSOLFWLVHVF3HWULFDQXDLQLFLRLGHH"
&HDUILVDQHOXDPRYDFDQWDDFXPHIRDUWHIUXPRVSH6DWXUQ
1XPLSODFHJUDYLWDWHDSHSODQHWDDVWDWHPLVWLSUHDJUHX
&HDL]LFH'RDPQHGH0HUFXU"$LFLHVWLPXOWPDLXVRU
1XHSUHDILHUELQWH
3DLKDLVDFDXWDPFHYDLQWHUPHGLDU&HDL]LFHGH3DPkQW"
'DGHQXQGH1LFLYRUED$LDDXDVDQLVWHDSXFDWXULFLXGDWH$FXPDGHDQLDPDYXWRDYHQWXUDFXRHYUHLFDWkQDUDVL
OXPHDPDLYRUEHVWHVLD]LGHDVWD
$UKDQJKHOXO*DYULO]ERDUDvQSUHDMPDOXL'XPQH]HXVLLVSXQHDUDWkQGGHVXVVSUH0H[LFXOSURDVSDWQDVFXW
'DU'RDPQHODFHWHJkQGHVWL"$LIDFXWRWDUDGHDGUHSWXOPLQXQDWD$LGDUXLWRFXGRXDRFHDQHFXPXQWLvQDOWLFX
SDGXULGHVHVLUkXULDGkQFL1XFXPYDDLSXVSUHDPXOWHvQWURVLQJXUDWDUD"
6WDLIDUDJULMDvLUDVSXQGH'XPQH]HX$PVDSXQVLPH[LFDQL
6HQDFHOHEUXOSLORWGHIRUPXOD,GXSDFHPRDUHvQDFFLGHQWXOGLQWLPSXOUDOLXOXLDMXQJHvQ5DLÌOvQWkPSLQD6I3HWUX
FDUHLVSXQH
$LYRLHVDWHSOLPELRULXQGHVDYL]LWH]LWRDWHFHOHEULWDWLOHVDRUJDQL]H]LSDUW\XULGDUGDFDYHLFRQGXFHPDVLQDQXDLYRLH
VDFLUFXOLFXPDLPXOWGHNPK
$FHVWDDFFHSWDGDUvQWUR]LFkQGFLUFXODUHJXODPHQWDUFXPDVLQDHVWHGHSDVLWGHXQ)HUUDULXOWLPXOWLSFDUHDYHDFDP
NPKVLvQVFULVSHWDEOLWDGHvQPDWULFXODUHO1$5HYROWDW6HQDVHGXFHOD6I3HWUXVLvLVSXQH
3DLELQHSUHD6ILQWHPLDLVSXVFDQXDPYRLHVDFLUFXOFXPDLPXOWGHNPKVLDGLQHDXULDWUHFXWXQXOSHOkQJDPLQHFX
NPKvQWUXQ)HUUDULGH1DSROL&XPYLQHDVWD"
ÌQSULPXOUvQGFDQXHVWHGH1DSROLHVWHGH1D]DUHWKVLvQDOGRLOHDUkQGWLSXOHVWHILXOOX
6HIX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6HIDFHFD'XPQH]HXVL6I3HWUXVHSOLPEDXSULQUDL/DXQPRPHQWGDWYHGH'XPQH]HXFDSRUWLOHUDLXOXLVXQW]JkUkDWH
UXSWHYDLGHHOHÌOvQWUHDEDSH6I3HWUX
&HVDvQWkPSODWDLFL"
/DFDUH6I3HWUXUDVSXQGH
$VWDVHvQWkPSODGHRDUHFHWRWLFHLFDUHVXQWFRQGDPQDWLVLDUXQFDWLvQLDGVHDJDWDGHSRUWL
$VWDVLJXUHVWHPkQDQHFXUDWXOXL6SXQHLVDUHSDUHSRUWLOHLPHGLDW
$X]LQDVWDGLDYROXOXLD]LV
'DPDvQMXGHFDWD
,LVXV&KULVWRVVWDWHDSHRSLDWUDVLIXPDRWLJDUDFXFDIHDXDODQJDHO$SDUH6IkQWXO3HWUHVLVSXQH
,LVXV,LVXV8UFDWHUHSHGHSHFUXFHFDYLQWXULVWLL
,VXVVL6IkQWXO3HWUHVWDWHDXvQ5DLVLYRUEHDXGHVSUHSROXDUHD7HUUHL,VXVSURSXQHVDPHDUJDMRVVLVDVHFRQYLQJD
SHUVRQDOGHJUDYLWDWHDVLWXDWLHLLDU3HWUHDYUXWVDvOvQVRWHDVFD$XDMXQVODRFRQGXFWDLPHQVDSHPDOXOPDULLVL,VXVvQWUHED
3HWUHSHQWUXFHHFRQGXFWDDVWD"
3HWUH]LVH
3ULQFRQGXFWDDVWDVHSRPSHD]DDFRORvQODUJJXQRDLHOHVLVXEVWDQWHFKLPLFHFDUHXFLGSHVWLLVLIORUDPDULL
,VXVVHKRWDUDVWHVDPHDUJDvQODUJXOPDULLVLVDRSUHDVFDDVWD,VXVSOHFDSHDSDVL3HWUHGXSDHOÌQFXUkQGDFHVWXLDGLQXUPD
vLDMXQVHDSDSkQDODJHQXQFKLvQWLPSFH,VXVPHUJHDPDLGHSDUWHSHDSD$SRLSkQDODEUkXVLGXSDDFHHDSkQDODJkW1X
PDLUH]LVWDVL]LVH
,VXVHWHXUPH]RULXQGHYUHLGDUGDFDPDLPHUJDVDPDvQHFvQDSDDVWDSROXDWD(XQXSRWPHUJHSHDSD
/DFDUH,VXVVHvQWRDUFHODHOVLL]LFH
%DSURVWXOH'DWXGHFHQXPHUJLSHFRQGXFWDFDVLPLQH"
'XPQH]HXvL]LFHOXL1RH
ÌQVDVHOXQLYRLODVDRSORDLHVDFDGDSHSDPkQWVLDFHVWDYDILDFRSHULWFXDSD7RWFHHVWHUDXYDILDVWIHOGLVWUXV9UHDXFD
WXVDFRQVWUXLHVWLRDUFDVLVDVDOYH]LFkWHRSHUHFKHGLQILHFDUHGLQVSHFLLOHGHDQLPDOH8LWHDLFLSODQXULOHSHQWUXDUFD
$XWUHFXWVDVHOXQL&HUXOVDvQQRUDWVLDvQFHSXWVDSORXD1RHVWDWHDvQFXUWHVLSOkQJHD
'HFHQXDLFRQVWUXLWDUFD"vOvQWUHED'XPQHD]HX
1RH]LVH
,DUWDPD'RDPQHFDFLPDPVWUDGXLWVDIDFDVWDGDUVDXvQWkPSODWDWkWHDOXFUXUL3ODQXULOHFDUHPLOHDLGDWDXIRVW
UHVSLQVHGHFDWUHSULPDULHVL&RPLVLDGH3ODQLILFDUH8UEDQDFDFLvQFDOFDXSODQXOGHFRQVWUXFWLLVLRDUFDvQIDWDFDVHLQXVDU
ILSRWULYLWFXDUKLWHFWXUDFDUWLHUXOXL$VDFDDWUHEXLWVDOHPRGLILF'HOD2FROXO6LOYLFDWUHEXLWVDFHUWUHLSHUPLVLXQLVDWDL
FRSDFLLSHQWUXDUFDVLDPPDLIRVWDWDFDWGHFDWUHWLSLLGHOD*UHHQ3HDFHVLFHLGHOD3URWHFWLD$QLPDOHORUFkQGDPvQFHUFDW
VDFDSWXUH]DQLPDOHOHFHWUHEXLHVFVDOYDWH0LQLVWHUXO3URWHFWLH0HGLXOXLPDDFX]DWFDDPFDSWXUDWDQLPDOHSURWHMDWHGH
OHJHSHFDOHGHGLVSDULWLH&HLGHOD2ILFLXO0HWHRURORJLFDXGRULWRGHVFULHUHPDLH[DFWDDLQXQGDWLLORUFHYRUDYHDORFVL
WLSLLGHOD0LQLVWHUXO$SDUDULLDXGRULWRKDUWDD]RQHORUFHYRUILLQXQGDWH0LQLVWHUXOGH)LQDQWHPDDFX]DWFDGRUHVFVD
SDUDVHVFWDUDIDUDDPLSODWLLGDWRULLOHVLDPPDLIRVWDFX]DWGHRUJDQL]DWLLLQWHUQDWLRQDOHFDQXUDVSHFWGUHSWXULOH
QDWLRQDOLWDWLORUFRQORFXLWRDUHÌPLSDUHUDX'RDPQHGDUQXYRLWHUPLQDDUFDGHFkWvQDQL
'LQVHQLQSORDLDVDRSULWVLVRDUHOHDvQFHSXWVDVWUDOXFHDVFD1RH]LVH
'RDPQHDVWDvQVHDPQDFDQXYHLPDLGLVWUXJHSDPkQWXO"
$LGUHSWDWH]LVH'XPQH]HX&RQGXFHUHDDIDFXWRGHMD
'XPQH]HXDFUHDWPDJDUXOVLvL]LVH
7XHVWLXQPDJDU9DWUHEXLVDFDULvQWUXQDJUHXWDWLSHVSDWHOHWDXGHGLPLQHDWDSkQDVHDUD9HLPkQFDLDUEDVLQXYHLIL
SUHDGHVWHSW6LYHLWUDLGHDQL
/DFDUHUDVSXQVHPDJDUXO
6DWUDLHVFDVDGHDQLHPXOWSUHDPXOW'RDPQH1XPDODVDVDWUDLHVFPDLPXOWGHGHDQL
6LDIRVWDVD
$SRL'RPQXODIDFXWFkLQHOHVLvL]LVH
7XHVWLXQFkLQH7XYHLYHJKHDEXQXULOHRDPHQLORUVLYHLILSULHWHQXOORUFHOPDLEXQ9HLPkQFDUHVWXULOHGHODPDVD
RDPHQLORUVLYHLWUDLGHDQL
/DFDUHFkLQHOH]LVH
$VDRYLDWDGHDQLHSUHDPXOW'RDPQH1XPLGDPDLPXOWGHDQL
6LDIRVWDVD
'XSDFDUH'XPQH]HXDFUHDWPDLPXWDVLLD]LV
7XHVWLRPDLPXWD9HLVDULGLQSRPvQSRPVLWHYHLSXUWDFDXQLGLRW9HLILKD]OLHVLYHLWUDLGHDQL
0DLPXWD]LVH
'RDPQHGHDQLFDXQFORZQHSUHDPXOW7HURJQXPLGDPDLPXOWGHDQL
6LDIRVWDVD
/DXUPD'XPQH]HXDFUHDWRPXOVLLD]LV
7XHVWLXQRPVLQJXUDIDSWXUDFXUDWLXQHGHSHSDPkQWÌWLYHLIRORVLLQWHOLJHQWDVDvPEOkQ]HVWLDQLPDOHVLVDFXOWLYLSODQWH
7XYHLVWDSkQLSDPkQWXOVLYHLWUDLGHDQL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DFDUHRPXO]LVH
'RDPQHGHDQLvPLVXQWSUHDSXWLQ'DPL'RDPQHFHLGHDQLFDUHLDUHIX]DWPDJDUXOFHLDLFkLQHOXLVLFHLDL
PDLPXWHL
6LDVDDIDFXW'XPQH]HXFDRPXOWUDLHVWHGHDQLFDRPGXSDFDUHVHFDVDWRUHVWHVLGHDQLWUDLHVWHFDPDJDUPXQFLQG
OXFUXULJUHOHGHGLPLQHDWDSkQDVHDUD$SRLYDDYHDFRSLLVLYDWUDLDQLFDXQFkLQHSD]LQGFDVDVLPkQFkQGUHVWXULOHGHOD
IDPLOLDVD$SRLODYkUVWHvQDLQWDWHvVLWUDLHVWHXOWLPLLDQLFDPDLPXWDVHYDSXUWDFDXQLGLRWVLvVLYDGLVWUDQHSRWLL
8QSROLWLVWURPDQvL]LFHDPHQLQWDWRUOXL,VXVSHGUXPXODFHVWXLDFDWUH*ROJRWD
/DVDQXPDLRGDWDVDFDGDFUXFHDVLQXPDLDSXFLVIkUVLWXOSDUDGHL
Ì'HFHVDUEDWRULPGHIDSW&UDFLXQXO"
5$SDUHIRDUWHGHVIHQRPHQXOFDSHOXPHYLQHXQEDUEDWFDUHPDLWkU]LXVHFUHGH'XPQH]HX
Ì&HVDUILvQWkPSODWGDFD0DULDDUILUDPDVQHvQGXSOHFDWD"
56LPSOXQXDPPDLILDYXW&UDFLXQ
Ì&HDUILSXWXWVDQHVDOYH]HGHVDUEDWRULUHD&UDFLXQXOXL"
5'DFD,RVLIDUILPDUWXULVLWWRWXO
Ì'HFHVHYHKLFXOHD]DLGHHDFD,VXVDUILIRVWQHJUX"
5'LQWUHLPRWLYH
QXPHDSHWRWLFHLGLQMXUXOVDXIUDWH
DVFXOWDWRWWLPSXOPX]LFDJRVSHO
SURFHVXOFDUHLDIRVWIDFXWQXDIRVWXQXOFLQVWLW
%DQFXULFXSRSLVLFDOXJDUL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
'DFDWXFUH]LFDHXDPVDPLVSDOJXUDDFRORXQGHVHVSDODDLDODIXQGWHvQVHOL
2JDJLFDRSXQHDGHPDLPXOWWLPSFXXQGRFWRU'XSDRSHULRDGDJDJLFDUDPkQHJUDYLGD&XPVDIDFDFXPVRGUHJD
VDQXOIDFDSHGRFWRUGHUDKDW"9LQHOXQDDQRXDJDJLFDSHSXQFWXOGHQDVWHÌQ]LXDFXSULFLQDXQSUHRWFXSURVWDWDVXSHU
XPIODWDYLQHODGRFWRU
'RPQX
GRFWRUQXPDSRWQXPDLSRW
/DVDSDULQWHFDWHRSHUH]VLQXLQLFLRSUREOHPD0kLQHGLPLQHDWDYLLSUHJDWLW
'XSDFRQVXOWDWLDSUHRWXOXLJDJLFDGRFWRUDVXOXLvLVSXQH
$X]LDPRLGHHGXSDFHVHWUH]HVWHGLQRSHUDWLHSRSDHXVSXQVDLSXQHPFRSLODVXOvQEUDWHVLVDL]LFHPFDHVWHXQ
PLUDFROXQGDUGHOD'XPQH]HX
6LFUH]LFDQXVHSULQGH"vQWUHDEDGRFWRUXOQHFRQYLQV
)DFHPFDPLQHVLYHLYHGHD
=LVVLIDFXW3UHRWXOVHRSHUHD]DVLFkQGVHWUH]HVWHGLPLQHDWDGLQDQHVWH]LHGRFWRUXOOkQJDHO
3DULQWHVDvQWkPSODWRPLQXQH
&HPLQXQHILXOH"
3DULQWHDLQDVFXW6LFDGRYDGDXLWHOSHILXOGXPLWDOHVSXVHGRFWRUXOSUH]HQWkQGFRSLOXODELDQDVFXW
)DUDVD]LFDQLPLFFDGRDUHUDSUHRWVLFUHGHDvQPLUDFROHOHFHOXLGH6XVODOXDWVLODFUHVFXW3HVWHFLQFLVSUH]HFHDQL
SUHRWXOvVLLDLQLPDvQGLQWLVLvLVSXQHILXOXL
%DLDWXOPHXDFXPDLFUHVFXWPDUHVLQXPDLSRWWLQHvQPLQHPLQFLXQDFHPDPDFLQDGHDWkWLDDQLGH]LOH'HIDSWHXQX
VXQWWDWDOWDX
&XPDVD"VSXVHEDLDWXOPLUDW
(XGHIDSWVXQWPDPDWDWDWDOWDXHVWHDUKLHSLVFRSXO
8QSUHRWPHUJHDFXPPDVLQDFkQGYHGHRDXWRVWRSLVWDvQWURIXVWDPLQL6DRLDVDQXRLD"2LDvQPDVLQDFDVDIDFDVL
HORIDSWDEXQD0HUJFHPHUJvPSUHXQDFXPDVLQDVLSUHRWXOQXUH]LVWDWHQWDWLHLVLSXQHPkQDSHSLFLRUXOIHWHL
3VDOPXOSDULQWHVSXQHWLSD
3UHRWXOvVLWUDJHUHSHGHPkQDVLVHJkQGHVWH
&HRILVFULVvQSVDOPXO"
0DLPHUJFHPDLPHUJSUHRWXOvVLSXQHLDUPkQDSHSLFLRUXOHLVLLDU
3VDOPXOSDULQWH
3UHRWXOvVLUHWUDJHLDUQHGXPHULWPkQDVLPHUJPDLGHSDUWH'XSDvQFDREXFDWDGHGUXPSUHRWXOPDLIDFHRvQFHUFDUHGDU
UDVSXQVXOYLQHLDU
3VDOPXOSDULQWH
6HJkQGHVWHLDUSUHRWXOGDUQXVLDGXFHDPLQWHGHFHHVFULVvQSVDOPXOÌQVIkUVLWIDWDFRERDUDSUHRWXODMXQJHDFDVDVLIXJH
UHSHGHLDSVDOWLUHDRGHVFKLGHODSVDOPXOVLFLWHVWH$&($67$(67(&$/($),8/(
ÌQWUR]LWUHLWLSLVDXKRWDUkWVDDGHUHODXQFXOW$VDFDVHGXFODFHDPDLDSURSLDWDELVHULFDVLGLVFXWDFXSRSDGHDFROR
3RSDOHVSXQHFHORUVDPHDUJDDFDVDVDIDFDXQSDFDWPDUHVLDSRLVDVHUHvQWRDUFDODHO$GRXD]LFHLWUHLWLSLVHvQWRUFOD
SRSD3RSDvOvQWUHDEDSHSULPXO
7XFHSDFDWDLFRPLV"
$PRPRUkWXQYHFLQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
$PSDFDWXLW$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3DULQWHWRWPDLvPLHVWHIULJ
$WXQFLPDLDGXFRSDWXUD
&H]LFL3DULQWHVDQHFRPSRUWDPFDVRWVLVRWLH
3RDWHFDDLGUHSWDWHGXWHVLLDWLVLQJXUDSDWXUD
3DULQWHPLHUXVLQHDPSDFDWXLW
6SXQHIDWDPHD'XPQH]HXLDUWD
$YHQLWDVHDUD,RQODPLQHPDPDHUDSOHFDWD
6SXQHVSXQHWDLFD
6L,RQPDOXDWvQEUDWH
6LVL"
6LPLDVSXVVDPDGH]EUDF
6L"
6LPDWUkQWLWSHSDW
6SXQHVL"
6LPLDGDWFKLORWLLMRV
6LVLPDLGHSDUWH"
6LDYHQLWPDPD
)LWLDUPDWDDGUDFXOXL
$PSDFDWXLWSDULQWH0DPEDJDWvQWURFDSLWDFXXQEDLDW
(LVLFHVDvQWvPSODW"$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
$LIDFXWRPDUHQHVDEXLQWDVDvWLYLQ]LQHYLQRYDWLDSHGHGRODUL
/DFDUHWkQDUDVRSWLQG
6WLXR]LPDLWkU]LXDVILSULPLW
'DVFDOXOVHVWUHFRDUDFXDWHQWLHSULQWUHFUHGLQFLRVLVLLVRSWHVWHSUHRWXOXLFDUHFLWHDSUHGLFD
3DULQWHDFRORVXVFRULVWLLMRDFDSRFKHU
6WLXUDVSXQVHSUHRWXOGDUPDLvQWkLWUHEXLHVDPLWHUPLQSUHGLFD
'XSDFHDRILFLDWRFDVDWRULHSUHRWXOvVLFRQWLQXDSUHGLFDGkQGVIDWXULWLQHULORUFDVDWRULWL
LDUVRWLDDUHGDWRULDGHDVLXUPDvQYLDWDWRWWLPSXOVRWXO
7kQDUDVRWLHPDUWXULVHVWH
1XFUHGFDPVDSRWSDULQWH(OHIDFWRUSRVWDO
3RSDYLQHFX%RWH]XOOD0DULDDFDVD
3DULQWHWHDPYLVDWD]LQRDSWH
(LVHSRDWHIDWDWDWLVHSRDWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3DLVHIDFHDFDDLYHQLWODQRLVL,RQQXHUDDFDVD
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDPDLvQJKHVXLWvQSDW
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDPLDLIDFXWIDSWDDLD
(LVHSRDWHIDWDWDWLVHSRDWH
VLSDULQWHVHIDFHDFDODSOHFDUHPLDLGDWOHL
(LYLVHWDLFDYLVH
3DULQWHUHFXQRVFDPvQFDOFDWVIDWXULOHSDULQWHVWL7DWDPLDLQWHU]LVVDPDGXFODDFHDFDVDGHGHVIUkXGDUHXQXDP
SXWXWUH]LVWDVLLDPWUHFXWSUDJXO
8UkWILXOHXUkW6LGHVLJXUDLYD]XWDFRORFHQXWUHEXLDVDYH]L
'DSDULQWHÌQSULPXOUvQGODPYD]XWSHWDWD
2FXUYDVHGXFHODSRSDFDVDVHVSRYHGHDVFD
3DULQWH$PSDFDWXLW
3DLFHDLIDFXWIDWDWDWLL"
$PYD]XWRSX
D
3DLQXLQLPLF
6FRDWHSRSDFDOFXODWRUXOFDOFXOHD]DVL]LFH
)DFLWUHLWXUHGHELVHULFDVLWHLDUWD'XPQH]HX
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
ÌQWLPSXOVOXMEHLYLQHXQIUDWHvQIXJDVLDQXQWDvQJXUDPDUH
$PGRXDYHVWLXQDEXQDVLDOWDSURDVWDD]LDPYRUELWFX'XPQH]HXODWHOHIRQ'HFL'XPQH]HXH[LVWD$LDSURDVWDD
VXQDWGHOD0HFFD
8QSXVWQLFFUHVWLQvPEUDFDWvQ]GUHQWHFXSLFLRDUHOHvQVkQJHUDWHGHSLHWUHVLVSLQLFXPLQWHDvQFLQVDGHVRDUHDOHUJDIDUD
RSULUHSULQQLVLSXOGHVHUWXOXLVLVWULJDvQFHOHSDWUX]DUL
$PXQUDVSXQV$PXQUDVSXQV&LQHDUHRvQWUHEDUH"
&LFDXQSRSD]EXUDFXDYLRQXO&KHDPDVWHZDUGHVDVLL]LFH
8QZLVNLWHURJ
'XSDXQPRPHQWGHJkQGLUHRvQWUHDED
/DFHvQDOWLPH]EXUDPDFXP"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DP
+PSUHDDSURDSHVXQWGHVHIX
$GXPLXQFHDL
8QSUHRWHOHUDODSULPDOXLVOXMED(PRWLLPDULIULVRDQHHWF0DLPDUHOHOXLFDUHWUHEXLDVDOREVHUYHvL]LFHVDLDRJXUD
GHYRWFD$VWDEHDVDQDWRVXQSDKDUVLSOHDFDODVOXMED6OXMEDDUHXQVXFFHVQHEXQvQUkQGXOHQRULDVLORUQXPDLPDLPDUHOH
OXLQRWHD]DFHYDQHPXOWXPLWÌOFKHDPDFkQGWHUPLQDVLL]LFH
6DWLLPLQWHVXQWFHOH]HFHSRUXQFLQXWRS(VWHYRUEDGHVSUH7DWDO)LXOVL6IkQWXO'XKQXGH0RVXOIHFLRU
VXVL
IDQWRPD
Ì3UHRWLLVHSRWFDVDWRULL"
5'DFDVHLXEHVF
$QXO/DPDUJLQHDXQHLSDGXULXQDUFDVWUDJHDODWLQWDVLGXSDILHFDUHORYLWXUDH[FODPDVXSDUDW
7XLDPUDWDWWLQWD
6HvQWkPSODVDWUHDFDSHDFRORXQFDOXJDUFDUHDX]LQGXOvLVSXQH
)LXOHYRUEDWDQXHSODFXWD'RPQXOXL$LJULMDPkQLD/XLHPDUH
'DUDUFDVXOvQFHSHLDUvQFLXGDW
7XLDPUDWDWWLQWD
&DOXJDUXOvOPDLSULYHVWHRGDWDGXSDFDUHvVLFRQWLQXDGUXPXO/DVFXUWWLPSFHUXOVHGHVFKLGHVLXQIXOJHUQHFUXWDWRUvO
ORYHVWHSHFDOXJDU$SRLVHDXGHRYRFHGHGLQFRORGHQRUL
7XLDPUDWDWWLQWD
'RFWRUXOvVLFRQWUROHD]DSDFLHQWXOVLHIRDUWHPXOWXPLW
6XQWHWLVDQDWRVWXQ3UHFLVVLFXVH[XOIXQFWLRQHD]DIRDUWHELQH"
/DFDUHSDFLHQWXO
&DPGHWUHLRULSHVDSWDPkQDPHUJH
'RFWRUXO
/DFRQVWLWXWLDGXPLWDOHDUWUHEXLVDPHDUJDFDPGHWUHLRULSH]L
0DVWUDGXLHVFVLHXGDUVWLWLFDVLSUHRWFDWROLFODWDUDQXHVWHDVDGHVLPSOX
%DQFXULVDGLFHVLVFkUERDVH
%DQFXULFX$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
$OLQXWD6HFKLQXLDSUHDPXOWVLWDWHLLVDIDFXWPLODGHHDVLDvPSXVFDWR
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7DWD$OLQXWDWHDLVSDODWDVWD]LSHGLQWL"
$OLQXWD1XWDWD
7'DUDLFXLVXQWGLQWLLGHSHMRV
7DWD7HDLGLVWUDWELQHvQYDFDQWD"
$'D$PIRVWFXPDPDVLSULHWHQXOHLODPDUH
76LFHDLIDFXW"7HvPSDFDLELQHFXHO"
$'D0DGXFHDvQILHFDUHGLPLQHDWDFXEDUFDODYUHR.PGHPDOVLHXvQRWDPSkQDSHSODMD
76LQXHUDJUHX"
$1XHUDPDLJUHXVDLHVGLQVDF
ÌQWURGLPLQHDWDJHURDVDGHLDUQDWDWDO$OLQXWHLRGDGHDSHPLFXWDFXFDSXOGHERUGXUD/DXQPRPHQWGDWRYHFLQDFDUH
QDYHDFHIDFH
9HFLQD$YHWLJULMDVDQXvLFDGDIHVXOGLQFDSVLVDUDFHDVFD
7DWD1XYDIDFHWLSUREOHPHLDPIL[DWRFXGRXDSLURDQH
7DWDOREDWHSH$OLQXWD'XSDFHDWHUPLQDWRvQWUHDED
71DDFXPVWLLGHFHWHDPEDWXW"
$$XDDvQWkLPDEDWLVLGXSDDFHHDQLFLPDFDUQXVWLLGHFHDLIDFXWRVSXVH$OLQXWDSULQWUHODFULPL
$OLQXWD1XYUHDXVDPDLYLQDEXQLFDODQRL
7DWD'HFH"'RDUvWLDGXFHvQILHFDUHVHDUDFkWHXQSDKDUFXDSD
$'DGDUQXVLVFRDWHSURWH]DGLQHO
$OLQXWD0DPDGHFHDYHPQRLDLFLRWUDYDGHVRERODQL"1RLQXDYHPVRERODQLvQFDVD
0DPD1XPDLSXQHDVWIHOGHvQWHEDULVLGXLRGDWDEXQLFLLPDPDOLJXWDFXODSWH
$OLQXWD0DPDDDPLHQXPLSODFHEXQLFD
0DPD7DFLGLQJXUD/DQRLvQFDVDPDQkQFLFHSULPHVWL
$OLQXWD0DPDDDPLHQXPLSODFHEXQLFD
0DPD7DFLVLPkQFDFkWPDLHFDOGD
$OLQXWD0DPDPDPDQXPLSODFHGHORFEXQLFD
0DPD%LQHODVRvQIDUIXULHVLPDQkQFDOSHEXQLFX
$OLQXWD+DLWDWLFXOHODVDPDVDPDMRFFXEXQLFD
7DWD1XVHSRDWH$OLQXWD
$7HURRRRRJ
7%LQHGDFDLQVLVWLGDUVDVWLLFDHXOWLPDRDUDFkQGRGH]JURS
$OLQXWDVHMRDFDFXEXQLFD
0DPLFD$OLQXWDFkQGWHSOLFWLVHVWLVDWHMRFLFXEXQLFDVDLSXLRDVHOHODORFvQVLFULX
0DPD$OLQXWDGHXQGHDLEDWHULLOHDFHOHD"vQWUHDEDPDPD
$OLQXWD'HODDSDUDWXOFDUGLDFDOEXQLFXOXL
06LFHD]LVEXQLFXO"
$$$$5555*++++++222225555**++++++
$OLQXWD0DPDPDPDDPXULWEXQLFXWXOVWULJD$OLQXWD
0DPD/DGUDFXWRFPDLDFXPFkQGPDLDYHPvQFDMXPDWDWHGLQEXQLFDvQIULJLGHU
$OLQXWD'HFHIXJHWDWDvQ]LJ]DJPDPD"
0DPD7DFLVLPDLDGXJORDQWH
$OLQXWD0DPDSRWVDLWDLRXUHFKHOXLWDWD"
0DPD1XPDLODVDOVDPDLILDUEDPLQXWH
7DWD$OLQXWDILLGUDJXWDVLIDLREDLHIUDWHOXLWDX'XSDYUHRMXPD
GHRUDWDWDOLQWUDvQEDLH$OLQXWDvOWLQHDGHXUHFKLSH
IUDWLRUXOVDXVLvOWUDJHDSULQDSD
7$OLQXWDPDLSXQHPkQDVLPDLIUHDFDOVLWX
$OLQXWD&HDLvQQHEXQLWYUHLVDPDRSDUHVF"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$OLQXWDFXIUDWLRUX
VHMXFDXvQSDGXUHGHD:LOOLDP7HOO)UDWLRUX
SXQHXQPDUSHFDSXO$OLQXWHLVHvQGHSDUWHD]DFkWLYD
PHWULRFKHVWHVLVDJHDWDVHvQILQJHGLUHFWvQRFKLXOVWkQJDO$OLQXWHL)UDWLRUXvLVSXQH
),DUWDPD$OLQXWDQDPYUXW9UHLVDQHPDLMXFDP"
$OLQXWD'D
3RYHVWHDVHUHSHWDVLIUDWLRUXvLVFRDWHVLFHODODWRFKL2vQWUHDEDLDU
),DUWDPD$OLQXWDQDPYUXW9UHLVDQHPDLMXFDP"
$'DGDUD]LVPDPDFkQGVHvQWXQHFDVDPDGXFDFDVD
$OLQXWDWkQMHDODMXFDULDDOWXLFRSLO
$OLQXWD'DPLRVLPLHVDPDMRFSXWLQ
&RSLOXO1X
$+DLWHURJIUXPRV
&1X
$'DFDQXPLRGDLvWLVFRWXQRFKL
&1XYUHDX
$OLQXWDvLVFRDWHXQRFKL
$'DFDQXPLRGDLVDPDMRFWLOVFRWVLSHFHODODOW
&1X1X1X
$OLQXWDvLVFRDWHVLFHODODOWRFKL
$(LDFXPWHDLUD]JkQGLW"
&$FXPQXPDLSRWFDPLD]LVPDPDVDPDGXFDFDVDFkQGVHIDFHvQWXQHULF
$OLQXWD0DPD7DWD9HQLWLUHSHGHFDVDVSkQ]XUDWIUDWLPLXvQJDUDM
9LQSDULQWLLDODUPDWLGDUQXYDGQLPLF
07&HYUHLWXSURDVWRQXHQLPLFDLFL
$OLQXWD3DFDOHDODGH$SULOLHVDVSkQ]XUDWvQSRG
6HDUDYLQH$OLQXWDODSDULQWLvQVXIUDJHULH
$OLQXWD7DWDPDLSULPHVFvQFDXQSDKDUFXDSD"
7DWDÌQFDXQSDKDU"'DUWLDPGDWGHMDVDVHSkQDDFXP
$'DGDUSDWXWXOPHXDUGHvQFD
$OLQXWDRIHWLWDVLPSDWLFDHOHYDvQFODVDDGRXDYLQHDFDVDGHODVFRDODVLVSUHPDUHDHLVXUSUL]DYHGHXQHQRUPEUDGGH
&UDFLXQvQPLMORFXOVXIUDJHULHL
$OLQXWD0DPLFRFHEUDGIUXPRVHSHQWUXPLQH"
0DPD3DLSHQWUXFLQHVDILHGUDJDSHQWUXWLQHFkWLFRSLLDPHX"UDVSXQGHPDPD
$$X]LPDPLFRGDGHFHEUDGGH&UDFLXQDFXPFDVXQWHPGHDELDvQLXQLH"
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
$&LQHYUHDVDVHXLWHvQELQRFOX"*UDWLV6DWLVIDFWLHJDUDQWDWD
8QWUHFDWRUQDLYVHRIHUD$OLQXWDvLEDJDIXUFXOLWHOHQRFKL7UHFDWRUXOvQFHSHVDVWULJH
7+HLGDUQXYDGQLPLF0DLSDFDOLW
$OLQXWDvQYkUWHIXUFXOLWHOHVLvOOLQLVWHVWH
$6WDLFDvQFDQXODPUHJODW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
3DULQWLL$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
9HUVLXQHD9ROXPXO,
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
9HUVLXQHD9ROXPXO,
$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
9HUVLXQHD9ROXPXO,
$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
9HUVLXQHD9ROXPXO,
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
9HFLQLL$OLQXWHLHUDXIRDUWHIHULFLWLGHRDUHFHIHWLWDUkQMHDPHUHXÌQWUREXQD]LRYHFLQDRvQWUHED
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHUk]LPHUHXIDWDPDPL
"
1XUkGPLDVWUkQVPDPDFRGLWHOHSUHDWDUH
'HFHDXvQJURSDWRSH$OLQXWDvQWURJURDSDGHPHWUL"
3HQWUXFDQXDXSXWXWRGH]OLSLGHSHDXWREX]
$OLQXWDVHVDUXWDFX,RQHO$FHVWD]LFH
$OLQXWDYH]LFDWLDLVFDSDWJXPDODPLQHvQJXUD
1XQXHJXPD6XQWGRDUUDFLWD
$OLQXWDVLIDPLOLDPHUJHDXSHVHUSHQWLQHFXPDVLQD/DXQPRPHQWGDWvQSOLQDYLWH]DWDWDORvPSLQJHSHPDPD
$OLQXWHLGLQPDVLQD7RDWDOXPHDUkGHQXPDL$OLQXWDSOkQJH
'HFHSOkQJL$OLQXWD"vQWUHDEDWDWDO
$PSLHUGXGIDDD]DDDD
$OLQXWDvQRWDFXWDWDOVDX$MXQVDDFDVDPDPDVDRvQWUHDED
$OLQXWDGUDJDFHDLIDFXWD]LODSODMD"
$PvQRWDWPDPDFXWDWD
6LGXSDDLDFHDPDLIDFXWWDWD"
$vQRWDWVLPDLWDUH
6LGXSDDLDLDUDvQRWDW"
1XPDLVWLXFDODXPkQFDWUHFKLQLL
$OLQXWDODPXQWHSHPDUJLQHDSUDSDVWLHL0DPDvL]LFH
$OLQXWDYH]LVDQXFD]LvQSUDSDVWLH
/DFDUH$OLQXWD
%LQHHHHHHHHHHHHHHHHHHHHH
$MXQVLDFDVD$OLQXWDLDWRSRUXOVLSOHDFDVDVHDMRDFHFXSDSXVLOHÌQWUHWLPSVHLVFDFHDUWDvQFDVDVLPDPD$OLQXWHLHVWH
DUXQFDWDvQSUDSDVWLH$OLQXWDYLQHSOkQJkQGvQKRKRWH7DWDOHLvQWURFUL]DGHSHUVRQDOLWDWHRvQWUHDED
$OLQXWDWDWLvWLSDUHUDXFDDPDUXQFDWRSHPDPDWDvQSUDSDVWLH
/DFDUH$OLQXWD
1XPD'DPDRIWLFFDDPSLHUGXWID]D
9DULDQWD
ÌQWURVHDUDWRWLIUDWLL$OLQXWHLUkGHDXGRDU$OLQXWDSOkQJHD
'HFHSOkQJL$OLQXWD"vQWUHDEDWDWDO
)UDWLLPHLDXDUXQFDWRSHPDPDGHODEDOFRQVSXVH$OLQXWDSULQWUHVXVSLQH
6LWXGHFHSOkQJL"
1XDPYD]XWID]D
$OLQXWDVHWUH]HVWHQRDSWHDDX]LQGEDWDLvQJHDP'HVFKLGHJHDPXOVLYHGHRFLRDUDPDUHQHDJUDVLXUkWDEDWkQGGLQ
DULSLVLFURQFDQLQG
7HPDQkQFWHPDQkQFWHPDQkQF
$OLQXWDIXJHVSHULDWDODPDVDVLRVFRDODGLQVRPQ
0DPLPDPLUHSHGHFDPDPDQkQFDSDVDULFD
6FDUSLQDWH
Ì6WLLFXPDVFDSDW$OLQXWDGHVLGD"
51X
5$PXULWGHFDQFHU
$OLQXWDVHvQWRDUFHGHODVFRDOD]JkUkLDWDSHIDWD&kQGPDPDRYHGHVHVSHULHVLRvQWUHDED
6SXQH$OLQXWDFLQHWLDIDFXWDVWDODLSXWHDUHFXQRDVWH"
6LJXUPDPDDPXUHFKHDOXLvQEX]XQDU
$OLQXWDFDWUHPDPD
0DPDPDSRWMXFDFXORSDWLFDvQJURDSDFXQLVLS"
1XPDLGXSDFHJDVLPXQDOWORFSHQWUXWDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULFXEHEHOXVL
Ì&HHURVXVLVWDvQFROW"
58QEHEHOXVFDUHOLQJHRODPDGHUDV
Ì&HHURVXYHU]XLVLVWDvQFROW"
5$FHODVLEHEHOXVWUHLVDSWDPkQLPDLWkU]LX
Ì&HIXJHPHUHXvQVSUHSHUHWHVLVWULJDFkQGVHORYHVWHGHDFHVWD"
58QEHEHOXVFXGRXDIXUFXOLWHvQRFKL
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
9HUVLXQHD9ROXPXO,
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&HUHHGLIHUHQWDGLQWUHRFLVWHUQDFXDSDVLXQDFXEHEHOXVL"
5$SDQXRSRWLvQFDUFDVLGHVFDUFDFXIXUFD
Ì&XPXUFLGHEHEHOXVLFDUH]ELDUDvQWUXQFDPLRQ"
5&XIXUFD
Ì&XPGHVFDUFLXQFDPLRQFXGHEHEHOXVLPRUWL"
57RWFXIXUFD
Ì'HFHGHVFDUFLFDPLRQXOFXIXUFD"
5&DVDYH]LFDUHGLQEHEHOXVLPDLHvQYLDWD
Ì&HHDVWD"WLQHWLPkLQLOHvQIDWDVLVFXWXUDOHSXWHUQLF
58QEHEHOXVFDUHPDLHvQYLDWD
Ì/DGHVFDUFDUHFXPvWLGDLVHDPDFDDLGDWGHXQEHEHOXVvQYLDWD"
5)XUFDvQFHSHVDVHVFXWXUH
Ì&XPJDVHVWLXQEHEHOXVvQYLDWDvQWURJUDPDGDGHEHEHOXVLPRUWL"
5ÌLvQODWXULSHFHLPRUWLFXIXUFD
Ì&HHPDLJURD]QLFGHFkWDVWD"
58QEHEHOXVYLXODED]DXQHLJUDPH]LGHEHEHOXVLPRUWLFDUHvQFHDUFDVDVLFURLDVFDFXJXUDGUXPXOODVXSUDIDWD
Ì&HHVLPDLJURD]QLFGHFkWDVWD"
5%HEHOXVXOFXSULFLQDHGHYLQD
Ì&HHPLFVLURVXVLVWDODFROW"
58QEHEHOXVFDUHVHVFDUSLQDFXFXWLWXOGHFXUDWDWFDUWRIL
Ì&HHVWHPDLKD]OLXGHFkWVDvQYkUWLXQEHEHOXVWLQkQGXOGHKDLQH"
56DORSUHVWLGLQURWDWLHFXREkWDGHEDVHEDOO
Ì&HHJROSXVFDVLVWDvQWUXQERUFDQ"
58QEHEHOXVvQIRUPRO
Ì&HHURVXVDUDWVLXUOD"
58QEHEHOXVMXSXLWGHSLHOHODVDUDPXUD
Ì&HXUODVLVHvQYkUWHVWHFXNPK"
58QEHEHOXVvQYHQWLODWRU
Ì&HHPDLKD]OLXGHFkWXQYDJRQGHEHEHOXVLPRUWL"
58QYDJRQFXEHEHOXVLPRUWLFXXQXOFDUHPDLWUDLHVWHVLvQFHDUFDVDLHVHODVXSUDIDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
Ì&HHPLFVLFLRFDQHVWHvQJHDPODILHFDUHVHFXQGH"
58QEHEHOXVvQFXSWRUXOFXPLFURXQGHWLSFDUXVHO
Ì&HHDOEDVWUXYHU]XLVLFLRFDQHVWHvQFHWvQJHDP"
58QEHEHOXVvQDFYDULX
Ì&HHQHJUXVLSXWHXUkW"
58QEHEHOXVFDUHPHVWHFDXQFDEOXGHFXUHQW
Ì&HHQHJUXVLSXWHVLPDLXUkW"
58QEHEHOXVvQVXIUDJHULDLQFHQGLDWD
Ì&XQvWLGDLVHDPDFDvQFDUXFLRUXOEHEHOXVXOXLDIRVWXQHOHIDQW"
5'XSDXUPHOHGHSHFDSXOEHEHOXVXOXL
Ì'HFHVHLQWURGXFEHEHOXVLLvQPL[HUvQFHSkQGFXSLFLRDUHOH"
5&DVDOHSRWLYHGHDH[SUHVLDIHWHL
Ì&XPEDJLEHEHOXVLPRUWLvQWUXQFDVWURQGHSRUWHODQ"
5,DWLPL[HUXO
Ì&XPvLVFRWLGLQFDVWURQ"
5&XOLQJXUD
Ì&HHPDLJURD]QLFGHFkWXQEHEHOXVPRUWvQWUXQFRVGHJXQRL"
5=HFHEHEHOXVLPRUWLvQWUXQFRVGHJXQRL
Ì&HHPDLJURD]QLFGHFkW]HFHEHEHOXVLPRUWLvQWUXQFRVGHJXQRL"
58QEHEHOXVPRUWvQ]HFHFRVXULGHJXQRL
Ì&HHPDLJURD]QLFGHFkWXQEHEHOXVvQWURSXQJDGHJXQRL"
52SXQJDGHJXQRLvQWUXQEHEHOXV
Ì'HFHVXQWEHEHOXVLLFDVWUXJXULL"
5$PkQGRLGDXXQPXVWURVXGDFDvLVWRUFL
Ì&HHPLFVLURVXVLQXVHSRDWHvQWRDUFHSHFRULGRU"
58QEHEHOXVFXRVXOLWDvQFDS
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&HHPLFVLURVXVWDvQIDWDRJOLQ]LLVLVHPLFVRUHD]DYD]kQGFXRFKLL"
58QEHEHOXVFDUHvVLIDFHIUH]DFXXQFXWLW
ÌFXPSRWLIDFHXQEHEHOXVVDvQFHWH]HVD]ELHUH"
5&XXQWRSRU
Ì'HFHODQDVWHULVHIRORVHVWHDSDILDUWD"
5'DFDEHEHOXVXOPRDUHHJDWDVXSD
Ì&DUHHGLIHUHQWDGLQWUHXQEHEHOXVVLRIHOLHGHSkLQH"
5)HOLDGHSkLQHRSRWLEDJDvQWRDVWHUEHEHOXVXOWUHEXLHSXVvQFXSWRU
Ì&XPIDFLXQEHEHOXVVDSXWUH]HDVFD"
5ÌOODVLvQVRDUH
Ì'HFHVXQWEHEHOXVLLQDVFXWLSHFDOHDUWLILFLDODFHLPDLIUXPRVL"
53HQWUXFDVXQWIDFXWLFXPkQDOXFUXPDQXDO
Ì&HDUHFPQXVHPLVFDVLIDFHIHPHLOHVDXUOHGLPLQHDWD"
58QEHEHOXVPRUWvQSDWXW
%DQFXULFX&RQFRUGHXO
3HGDWDGH,XOLHODRUDGXSDPDVDXQDYLRQGHWLS&RQFRUGHDSDUWLQkQGFRPSDQLHL$LU)UDQFH&RQFRUGH
GHFROHD]DGLQ3DULVFXGHVWLQDWLD1HZ<RUN$FHVWDVHSUDEXVHVWHODVFXUWWLPSGXSDGHFRODUHGLVWUXJkQGXQKRWHOGHOD
SHULIHULD3DULVXOXLvQ*RQHVVHÌQXUPDSUDEXVLULLPRUWRWLFHLSDVDJHULJHUPDQLGRLGDQH]LVLXQDXVWULDF
0DMRULWDWHDSHUVRDQHORUGHQDWLRQDOLWDWHJHUPDQDHUDXIRDUWHERJDWLVLSHFDOHGHDHIHFWXDRH[FXUVLHGHGRXDVDSWDPkQLvQ
$PHULFDDOFDUHLSUHWHUDGHFFD3HUVRDQHOHXFLVHDIODWHvQKRWHODXIRVWXQWXULVWHQJOH]GRLSRORQH]LVLR
IUDQWX]RDLFD
&RQFRUGXOHUDFRQVLGHUDWFHOPDLVLJXUDYLRQGLQOXPHVLRFDODWRULHFXDFHVWDFRVWDvQMXUGH'09LWH]DIRDUWHPDUHD
DFHVWXLWLSGHDYLRQSHUPLWHWUDYHUVDUHD$WODQWLFXOXLvQFFDRUHVLMXPDWDWH
ÌQSULPXOUkQGDVGRULVDUHPDUFFDHWRWXVLIRDUWHWULVWFDDWkWLDRDPHQLDXPXULWvQWUXQDFFLGHQWJURD]QLFGDUGDFD
FRQWLQXDPVDLSOkQJHPDVDFDPDLELQHVDvQFHUFDPFXUkVX
SOkQVX
ÌQ)UDQWDJHUPDQLLERJDWLDGRUD+RWHOXO*RQHVVH
$VWDVDGRYHGLWSULQIDSWXOFDDXDWHUL]DWGLQWURGDWDSHVWHGHQHPWLvQKRWHO
8OWLPXOVHPQDOVQRELHLJHUPDQLORUERJDWL"
6DLHL&RQFRUGXOGLQ3DULVSkQDvQKRWHOXO*RQHVVH
3ODQXOGH]ERUDO&RQFRUGXOXL
'HSDUW3DULV&'*
$UULYH+RWHO*RQHVVH
'HFkQGFXGH]DVWUXO&RQFRUGXOXLUXVLLVDXKRWDUkWVDVLVFXIXQGHWRDWHVXEPDULQHOH
&RQFRUG3URLHFWDWGHFRPSXWHUHFRQVWUXLWGHURERWLSLORWDWGHIUDQFH]L
&RQFRUGXOVDSUDEXVLWGDWRUWDXQHLDFWLXQLDDULSLLGHVWkQJD
&RQFRUGHFHOPDLUDSLGVLPDLPDUHFUHPDWRULXIUDQFH]
Ì&XPREWLLFHOPDLUHSHGHXQFHUWLILFDWGHLFLQHUDUHvQ)UDQWD"
5&XPSHULXQELOHWGH]ERUFX&RQFRUGXO
Ì8QGHDUILWUHEXLWVDVHSUDEXVHDVFD&RQFRUGXO"
5ÌQ3ODFHGHOD&RQFRUGH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHVDSUDEXVLWWRFPDLvQ3DULV"
56DFUH]XWFDSULQWHVD'LDQDHODERUGXODYLRQXOXL
Ì'HFHVDSUDEXVLW&RQFRUGXO"
5GHWXULVWLJHUPDQLVLDXSXVSURVRDSHOHGHSODMDSHVFDXQXOSLORWXOXL
Ì'HFHVDSUDEXVLW&RQFRUGXO"
53LORWXOHUDHYUHX5D]EXQDUHDDVWDHRFXUYD
Ì'HFHVDSUDEXVLW&RQFRUGXO"
5,QJLQHULDDQJORIUDQFH]D
Ì&HHWULVWODIDSWXOFD&RQFRUGXOVDSUDEXVLW"
5ÌQDYLRQPDLvQFDSHDXGHQHPWL
Ì&HDUHQDVXOFRURLDWVLIX
HQHPWLL"
5&RQFRUGH
Ì'HFHXQ]ERUFX&RQFRUGXODVDGHVFXPS"
5+RWHOXOHLQFOXVvQSUHW
Ì&HDVWULJDWXQFOLHQWDOUHVWDXUDQWXOXLGLQ+RWHOXO*RQHVVH"
5&KHOQHUDVWHDSWDDVWHDSWD(XQFRQFRUGvQVXSDPHD
*XYHUQXOIUDQFH]DGHFRUDWSLORWXO&RQFRUGHXOXLSRVWPRUWHPFX/HJLXQHDGHRQRDUH
0RWLYXO&XXQVLQJXUDYLRQDXFLVPDLPXOWLQHPWLGHFkWWRDWDDYLDWLDIUDQFH]DvQWLPSXOFHOXLGHDO'RLOHD5D]ERL
0RQGLDO
&RPLVLD(XURSHDQDDVWDELOLWVLGHFODUDWFDPDVXULOHGHVLJXUDQWDvQ&RQFRUGHVXQWLPSHFDELOH
'HYLQDDIRVWKRWHOXO
$LU)UDQFHWRFPDLDLQWURGXVXQQRXVHUYLFLXSHQWUXFOLHQWLLORU
$FHVWDJDUDQWHD]DWUDQVIHUXOGLQDYLRQvQKRWHOvQQXPDLGRXDPLQXWH
Ì&XPEDJLGHQHPWLvQWUXQKRWHOIUDQWX]HVFGHGHORFXUL"
5&X&RQFRUGHXO
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
52DUHSHQWUXFHRILEXWRQXODVWD"
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
50DLPLURDVHFDUHYDIXPDLFL"
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
5'HFHSX
DPHDQXVHPDLYHGHSLVWD"
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
58QGHPLDWLSXVSDUDVXWD"
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
56LJXUFDSRWLWUDJHGHPDQHWDDVWD8LWHDVD
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
52DUHYUHDXVLQHPWLLVDYLQDFXQRLODXQJUDWDU"
Ì&HDXJDVLWvQXUHFKLOHSDVDJHULORU"
5'HJHWH
Ì6LFHDPvQYDWDWGLQSUDEXVLUHD&RQFRUGXOXL"
5&DEURDVWHOHQXSRW]EXUD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
9HUVLXQHD9ROXPXO,
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
Ì&HIDFHXQOHSURVvQWURGLVFRWHFD"
5'DQVHD]DGHSDUFDVHGH]PHPEUHD]D
%DQFXULFX1DYHWD&KDOHQJHUVL1$6$
Ì&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,
51HHG$QRWKHU6HYHQ$VWURQDXWV
Ì&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,,
51HHG$QRWKHU6KXWWOH$OVR
Ì&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,,,
51RUWK$WODQWLF6ZLPPLQJ$VVRFLDWLRQ
Ì&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,9
51DWLRQDO$UWLILFLDO6WXSLGLW\$VVRFLDWLRQ
Ì&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$9
51DWLRQDO$VWURQDXW6FDWWHULQJ$GPLQLVWUDWLRQ
Ì&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$9,
51LFH$LU6KRZ$VVKROHV
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOH&KULVWHL0F$XOLIIH"
53HQWUXFHHEXWRQXODVWD"
Ì&DUHDXIRVWXOWLPHOHFXYLQWHDOH&KULVWHL0F$XOLIIHVSXVHVRWXOXLHL"
56DGDLGHPkQFDUHODFRSLLHXRVDGDXODSHVWL
Ì'HFHODXUPDWRDUHDODQVDUHVDPDLWULPLVvQVSDWLXRSURIHVRDUDGHHQJOHD]D"
56DRVXSOLQHDVFDSH&KULVWD0F$XOLIIH
Ì'HFHEDXWXUDRILFLDOD1$6$HVWH3HSVL"
53HQWUXFDQXOHDLHVLWVHFYHQWDFXXS"
Ì'HFHDIRVWGRDUXQPHPEUXDOHFKLSDMXOXLGHFXORDUH"
5'DFDDUILVWLXWGHODvQFHSXWFDH[SORGHD]D"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&DUHDXIRVWXOWLPHOHFXYLQWHWUDQVPLVHGH&KDOOOHQJHU"
5$PVSXVXQ7XERUJIDUDDOFRRO
Ì6WLDWLFDSULPXOFLYLOGLQVSDWLXQXHRSURIHVRDUDGHHQJOH]D"
5$FXPHLVWRULH
Ì/DODQVDULOHXUPDWRDUHGHQDYHVSDWLDOHFDUHHVWHJOXPDSUHIHUDWDDXQXLEDWUkQHOGHODFHQWUXOGHFRPDQGD"
5%XXXXP$PJOXPLWQXPDL
Ì'HFHODODQVDULOHXUPDWRDUHGHQDYHVSDWLDOHXQXOGLQPHPEULLHFKLSDMXOXLWUHEXLHVDILHXQRILWHUGHODPDULQD"
5'DFDVHLDKRWDUkUHDFDQDYDVSDWLDODVDILHIRORVLWDFDVXEPDULQH[SHULPHQWDOVDSRDWDVDSUHLDHOFRPDQGD
Ì&XPVHQXPHVWHQRXOGHRGRUDQWVFRVSHSLDWDGH1$6$"
56SUD\2FHDQLF
Ì&DUHDIRVWFkQWHFXORILFLDODOQDYHL&KDOOHQJHU"
5,VDLGD%RRPFKLFD%RRP
Ì8QGHvVLSHWUHFDVWURQDXWLLGHSH&KDOOHQJHUFRQFHGLXO"
5ÌPSUDVWLDWLSULQ)ORULGD
Ì&DUHDXIRVWXOWLPHOHFXYLQWHvQUHJLVWUDWHSHEODFNER["
51X188888QXEXWRQXODOD
Ì'HFHQXVHPDLFRQVWUXLHVWH1$6$6SDFH6KXWWOHXULOHFXVFDXQH"
5$VWURQDXWLLSRWVWDFHOHGHVHFXQGHVLvQSLFLRDUH
Ì6LFHVFULDSHPRQLWRDUHOHGHOD1DVDGXSDH[SOR]LH"
57,/7JDPHRYHU
&KDOOHQJHULVGHVWUR\HG
&RPPXQLVWVNLOOHG
6FRUH
,QVHUWQH[WDVWURQDXW
%DQFXULVFkUERDVH
Ì&HHJDOEHQVLDUHJXVWGHEDQDQD"
5%RUkWXUDGHPDLPXWD
Ì&DUHHVWHDVHPDQDUHDGLQWUHXQFkLQHVLXQJLQHFRORJPLRS"
5$PkQGRLDXQDVXOXPHG
Ì&XPVSDUJLREDVLQDvQ"
52WUDJLSHQDUL
Ì'DUvQ"
57HEHVLvQWURPDQXVD
6HvQWvOQHVFGRXDEDVLQL3ULPDFDWUHDGRXD
6VVVVVVVVHUYXV
$GRXDFDWUHSULPD
%XEXEXEXQD]LXD
$QXQWvQ(YHQLPHQWXO]LOHL
'HLHULVDXSXVvQYkQ]DUHvQ5RPkQLDSUH]HUYDWLYHFXJXVWGHEUkQ]D
Ì'HFHYRPLWDEHWLYLLvQWRPEHURQ"
5&DVDDLEDDXURODFLLPLFXOGHMXQODSDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHLDXXQLL.HWFKXSFXHLOD:&"
5&XNHWFKXSFkUQDWXODUHJXVWPDLEXQ
Ì&DUHHFHDPDLJUHDOLPED"
53ULPD
6HvQWkOQHVFGRXDFRVXUL=LFHXQXO
+HLXQGHLIUDWHWX"
(VWRUV
Ì&DUHHVWHGLIHUHQWDGLQWUHXQWHUPRPHWUXDQDOVLXQXORUDO"
5*XVWXO
/DVSLWDOXO7%&XQPRVPHUJHDSHFRULGRU/DXQPRPHQWGDWvLYLQHVDWXVHDVFD7XVHVWHGHQXPDLSRDWH+RUFDLHVL
GXSDDLDVFXLSDvQVFXLSDWRDUHVLvLSLFDSURWH]DvQDXQWUX%DJDPkQDGXSDHDVDSDQRJDVHVWH7UHFHRDVLVWHQWD
'RPQLVRDUDQXYDVXSDUDWLPDDMXWDWLYDURJVDPLJDVHVFSURWH]DFDPLRSLFDWvQVFXLSWRDUH
7LSDvVLVXIOHFDPkQHFLOHvVLEDJDPkLQLOHVDSDVFRDWHSURWH]D
8LWDWL
$DQXQXLDVWDFDSHDVWDDPPDLvQFHUFDWR
/DVSLWDOXO7%&vQWUXQVDORQQRDSWHDXQEROQDYFXYRFHJkWXLWD
6RRUDDGDDPLQLVWHDDSD
9LQHDLDvQVFkUEDLDUXQFDVFXLSDWRDUHD$ODEHDEHD%ROQDYX
GLQSDWX
YHFLQ
'DDPLVLPLLH
1XSRRRRRWFDDLGLQWUREXFDWD
9DULDQWD
&LFDvQWUXQEDUGLQ7H[DVHUDXQX
-RKQGHFDUHVLEDWHDXWRWLMRF/DXQPRPHQWGDWYLQHXQWLSODHOVL]LFH
%DvWLGDXGDFDEHLGLQVFXLSDWRDUHDDVWD
2.VHIDFH
VLLDVFXLSDWRDUHDvQEUDWHRSXQHODJXUDVLvQFHSH*/203*/203*/203
*DWDPD,DWLEDQLL
-RKQQLPLF*/203*/203*/203
*DWDFDPLVHIDFHUDX
-RKQQLPLF*/203*/203*/203
*DWDPD8LWHQXPDLRSUHVWHWHGUDFX
DVWDQLPLF*/203*/203*/203
3kQDODXUPDWHUPLQD3XQHVFXLSDWRDUHDMRVvVLLDEDQLLVHVWHUJHODJXUDVLGDVDSOHFH7LSX
vOvQWUHDED
'HFHQXWHDLRSULWPD"ÌWLSODFHDVDGHPXOW"
(KSDGUDFX
1XSXWHDP(UDWRDWDGLQWUREXFDWD
8QFRPSDUWLPHQWGHWUHQ8QWLSGLQFkQGvQFkQGSXQHRVWLFODFXXQOLFKLGWUDQVSDUHQWODJXUDIDUDVDLQYLWHFRQIRUP
RELFHLXOXLQHVFULVDOSROLWHWLLVLSHFHLODOWLVDWUDJDRGXVFD/DXQPRPHQWGDWLHVHSHFXORDUVLVHGXFHOD:&&HLODOWL
FDODWRULVHUHSHGODVWLFODVLWUDJILHFDUHFkWHRGXVFDSHQWUXDVHUD]EXQDSHFDOLF7RWLDXGH]LOX]LDFDvQVWLFODHDSD
FKLRDUD3HWRWLvLvQFHDUFDRUHPXVFDUHDVDFDODvQWRDUFHUHDWLSXOXLGHOD:&vLUHFXQRVFFDDXEDXWGLQVWLFODOXL2PXOH
FRQVWHUQDW
6WLWLHXQXEHDPQLPLFGLQVWLFODHXVXQWDVWPDWLF
9DULDQWD
ÌQWUHQFDOGXUDPDUHÌQDFHODVLFRPSDUWLPHQWVHDIODREDEDXQROWHDQVLXQPROGRYHDQ%DEDDUHXQWHUPRVSHFDUHvO
GXFHGHVODJXUDDSRLvOUHWUDJHVDWLVIDFXWD&HLODOWLPRUGHVHWH/DLQWUDUHDWUHQXOXLvQWUXQWXQHOPROGRYHDQXLDWHUPRVXOVL
WUDJHRvQJKLWLWXUDEXQH2OWHDQXOPDLVLPWLWvLFHUHEDEHLRJXUDGHVXF%DEDUDVSXQGH
1XHVXFPDLFDDFRORVFXLSHXFDDP7%&
'RXDEDEHFKLRDUHPHUJHDXSHVWDGDXQDGLQWUHHOHYHGHRIOHJPDYHUGHSHGUXP$UDWDFXGHJHWXO
,DWHXLWDDPJDVLWXQPHGDOLRQ
&HDODOWDVHDSOHDFDVLWLQkQGFXGHJHWHOHvOULGLFDvQVXV
,DWHXLWD$UHVLODQWLVRRRU
ÌQWUXQ:&SXEOLFGRLFRQVWLSDWLVWDXvQGRXDFDELQHDODWXUDWHVLVHVFUHP6HDXGHFDPDVD
+LLLL
+LLLL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LWRWDVDWLPSXOWUHFHVLQLPLF/DXQPRPHQWGDWVHDXGHGLQXQDGLQFDELQH
+LLLLKLLLLSOHRVF
&HODODOWDXGHVLLVSXQHSULPXOXLFXLQYLGLH
)HULFLWXOHFHQRURFDL
/DFDUHIHULFLWXOUDVSXQGH
(LSHQDLEDQRURFPLDFD]XWFHDVXOvQ:&
6HvQILLQWHD]DREDQFDGHVSHUPDVLXQVDUPDQFHUVHWRUDX]LQGFDDLDFXPSDUDVSHUPDODSUHWXOGHGHJUDPH
WUDJHVLHORODEDPLFDVLVHGXFHFXERUFDQHOXOODEDQFDGHVSHUPD$FRORVHDVHD]DODULQGVLFRQVWDWDFDVHDVHD]DRJDJLFD
ODFRDGDFKLDUvQVSDWHOHOXL2PXOVWDFHVWDVLvQWUXQWkU]LXvQWUHDEDWLPLGFDVDVHDVLJXUHFDQXDJUHVLWFRDGD
6LGXPQHDYRDVWUDWRWSHQWUXYkQ]DUHGHVSHUPD"
0PPPPPKKKKKP
6HvQWkOQHVFGRLSULHWHQL
'HFHPHUJLD]LDVDvQGRLWGHVSDWH"vQWUHDEDXQXO
6WLLPDPFDFDWvQSDQWDORQL
"""ELQHGDUWRWXVLQXWUHEXLHVDPHUJLDVDDGXVGHVSDWH
6WLLQXVXQWvQFDJDWD
8QLQGLYLGYLQHvQWUXQUHVWDXUDQW
'RPQXOHvLVSXQHFKHOQHUXOXLDLFHYDGHPvQFDUH"
%LQHvQWHOHVGRPQXOH
'HH[HPSOX"
$]LFDFDWFXFHDSD
1XPDLDWkW"
1XPDL
'DUHSURDVSDW"vQWUHDEDFOLHQWXO
'DGRPQXOH
1XPLUXSGLQWLLvQHO"
1XGRPQXOH
1LFLQXOPDQkQFFXOLQJXUD"
1XGRPQXOH
%LQHDWXQFLDGXPLRSRUWLH
$GRXD]LYLQHGLQQRX
%XQDFKHOQHUD]LFHDLGHPkQFDUH"
&DVLLHULGRPQXOHFDFDWFXFHDSD
7RWDVDGHEXQ"
'DGRPQXOH
$WXQFLDGXPLRSRUWLH
6LWRWDVDvQILHFDUH]L
'XSDDSUR[LPDWLYROXQDDSDUHPDLDJLWDWFDGHRELFHL
&KHOQHUD]LFHDLGHPkQFDUH"
&DGHRELFHLFDFDWFXFHDSD
$GXPLRSRUWLHWHURJGDUPDLUHSHGHVLGDFDSRWLIDUDFHDSDFDD]LDPRvQWkOQLUH
8QDOWWLSVHFDFDSHHOVLPHUJHODRWRDOHWDFDUHVHGRYHGHVWHDILvQFKLVD%DWHVLDXGHXQIkVkLWGLVFUHW$VWHDSWD
'XSDFkWHYDPLQXWHEXQHvQFHSHVDEDWDvQXVDVWULJkQG
'HVFKLGHPDFDDOWIHOVSDUJXVD
)LLQGFDQLPHQLQX]LFHDQLPLFVSDUJHXVDVLFHYHGHXQWLSEHDWFULWDFDXWDvQQHEXQLWvQVFRLFD:&XOXLLDUvQMXUR
PXOWLPHGHSURWH]H
0DFUHWLQXOHFHIDFLDLFLFDHXPDFDFSHPLQHVLWXWHMRFL
1XGRPQXOHKkFDPEDXWFDPPXOWPLDIRVWKkFUDXVLDPYDUVDW0LDPVFDSDWSURWH]DvQEXGDVLGHRMXPDWDWHGH
RUDRFDXWGDUQLFLXQDQXPLVHSRWULYHVWH
'RLIDFGUDJRVWH/DXQPRPHQWGDWWLSXOFXJXUDSOLQD
9DLGUDJDPHDFHODSWHGXOFHDL
$XDXWHURJVDQXPDDSHVLSUHDWDUHSHVkQFDDPXQDEFHVPDPDU
'XSDPXOWHWUDWDPHQWHvPSRWULYDRFKHOLHLXQWLSDXGHGHXQGRFWRUIRUPLGDELO$MXQJHODHOVLDFHVWDvLVSXQH
6LQJXUDSRVLELOLWDWHHVWHVDEDJLFDSXOvQSL
GDQHYHVWLLvQILHFDUHVHDUDGRXDVDSWDPkQLODUkQG
2PXOVHH[HFXWDVLvLFUHVWHXQSDUVXSHUE0HUJHODGRFWRUvLPXOWXPHVWHLDUODSOHFDUHYHGHSHVWUDGDXQWLSPDUHFDUH
PHUJHDvQDFHODVLVHQVVLFDUHDYHDRFKHOLHUHVSHFWDELOD*HQHURVGRULQGVDLvPSDUWDVHDVFDUHWHWDvOEDWHSHXULDVSHXPDU
VLYHGHFDLQGLYLGXODUHREDUEDLPHQVD/DFDUHQXSRDWHVSXQHDOWFHYDGHFkW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6FkUERVXOH
GHEDUEDWLVLRIHPHLHQDXIUDJLD]DSHRLQVXODSXVWLH'XSDGH]LOHIHPHLDVFkUELWDGHFHIDFHDVHVLQXFLGH'XSD
DOWHGH]LOHEDUEDWLLVFkUELWLGHFHIDFHDXRvQJURDSD'XSDDOWHGH]LOHEDUEDWLLVFkUELWLGHFHIDFHDXRGH]JURDSD
%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
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLLEDQFX
FXLDUED"
,DUEDJSX
DQJXUDWD
6WLLEDQFX
FXIkQXO"
)kQXOFDIkQXOGDULDUEDJSX
DQJXUDWD
5HWHWDGHVODELUHFXYLVLQHGLPLQHDWDPDQkQFLFRPSRWGHYLVLQHODSUkQ]JHPGHYLVLQHLDUVHDUDYLVLQHIX HP
6WLLEDQFX
FXGXODSX
"
'XODSX
DWRWFHSRWL
&DUHLFXOPHD"
&XOPHDPDWHPDWLFLL,
6DWHFXOFLFXGRXDQHFXQRVFXWHVLVDQXRUH]ROYLSHQLFLXQD
&XOPHDPDWHPDWLFLL,,
6DWHFXOFLFXGRXDQHFXQRVFXWHVLVDDSDUDRDWUHLD
&XOPHDPDWHPDWLFLL,,,
6DPHUJLSHVWUDGDVLVDWLLDVDVRFRWHDODSHDIDUD
&XOPHDFXOPLORUPDWHPDWLFLL,9
6DWLLDVDVLVROXWLD
&XOPHDPDWHPDWLFLL9
6DFXQRVWLRQHFXQRVFXWDVDvQFHSLSULQDLGHVIDFHSDUDQWH]HOHGXSDDLDVDLQWURGXFLvQWUHJXOvQIUDFWLHVLVDDVWHSWLOXQL
VDGHDUH]XOWDWXOXQX
&XOPHDPDWHPDPWLFLL9,
6DILLVLQJXUVLVDWHVLPWLvQSOXV
&XOPHD]JkUFHQLHL,
6DERUDVWLFXGLQWLLVWUkQVLVDQXLDVDEXFDWLOHPDUL
&XOPHD]JkUFHQLHL,,
6DYRPLWLVFUkVQLQGGLQGLQWL
&XOPHD]JkUFHQLHL,,,
6DVSHOLKkUWLDLJLHQLFDVLVRSXLODXVFDW
&XOPHD]JkUFHQLHL,9
6DSULYHVWLSHGHDVXSUDRFKHODULORUSHQWUXDQXLX]D
&XOPHDDYDULWLHL
6DQXGDLRSDOPD
&XOPHDHFRQRPLHL
6DSXLSODFKLXULODVDSXQVDQXVHFRQVXPHUHSHGH
&XOPHDSDFLILVPXOXL
6DIXPH]LSLSDSDFLLOD5D]ERLHQL
&XOPHDFXUVHORUGHFDL
6DFkVWLJLRFXUVDGHJDORSFX&DOXO7URLDQ
&XOPHDFXUDWHQLHL
6DDOEHVWLUXIHOHGHOD1HJUHVWL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDGLVLPXODULL
6DDVFXQ]LFHYDOD3LWHVWL
&XOPHDVWUDELVPXOXL"
6DWHXLWLDVDGHVDVLXvQFkWDWXQFLFkQGSOkQJLODFULPLOHVDWLFXUJDSHVSDWH
&XOPHDvQGHPkQDULLODMRNH\
6DGXFLSkQDODSRWRXRWXEHUFXOR]DJDORSDQWD
&XOPHDSROLWHWLL
6DLVSXLGRFWRUXOXLFDQDLVFDXQVLHOVDWLORIHUHSHDOOXL
&XOPHDQDLYLWDWLL
6DOvQWUHELSHPHGLFXOFDUHWLDUHFRPDQGDWVDGRUPLRRUDGXSDPDVDGDFDQDUILPDLELQHVDGRUPLvQSDW
&XOPHDLQXWLOLWDWLL
6DSODQWH]LvQ6DKDUDSODFXWHFX1XFDOFDWLLDUED
&XOPHDPDUNHWLQJXOXL
6DYLQ]LIULJLGHUHHVFKLPRVLORU
&XOPHDRVSLWDOLWDWLL
6DDLODPDVDFXWLWHDWkWGHDVFXWLWHvQFkWVDWDLHSRIWDGHPkQFDUHPXVDILULORU
&XOPHDLQJLQHULHL
6DVFRWLDSDFXQLVWHSRPSHIXQHEUH
&XOPHDHURWRPDQLHL
6DRFXUWH]LSHSURSULDVRWLH
&XOPHDVRPQRURVXOXL
6DDGRUPLFXFDSXOSHEXWXFXOFDODXOXL
&XOPHDUHOLJLR]LWDWLL
6DWHvQFKLQLXQXLvQJHUGHIDWD
&XOPHDSROLWLFLLJXYHUQXOXLvQMXGHWHOH&RYDVQDVL+DUJKLWD
5RPkQL]DUHDURPkQLORU
&XOPHDFL]PDULHL
6DUHSDULJKHWHOHXQHLYLWHvQFDOWDWH
&XOPHDGLVWUDFWLHL
6DFDOFLSHFRDGDXQSLDQ
&XOPHDEDUEXWXOXL
6DGDLOD]DUXUL
&XOPHDVRIHULHL
6DFRQGXFLRPDVLQDGHUDV
&XOPHDDVWURORJLHL
6DFHUFHWH]LVWHOHOHGHFLQHPD
&XOPHDQDYLJDWLHL
6DQDYLJKH]LvQDSHOHXQXLGLDPDQW
&XOPHDFRDIXULL
6DWLSXLFUHLHULLSHPRDWH
&XOPHDFDVQLFLHL
6DLDVLJXULVRWXOXLXQDVHPHQHDFOLPDWFRQMXJDOvQFkWVDSOHFHODVHUYLFLXFDODRVDUEDWRDUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDJKLQLRQXOXL,
&kQGSORXDFXFLRUEDVDDLQXPDLRIXUFXOLWDLDUFkQGSORXDFXFkUQDWLVDDLQXPDLFRDGDGHODWLJDLH
&XOPHDJKLQLRQXOXL,,
6DWLUHFXSHUH]LEDQLLGHOD%DQFD$OELQDVLVDLLQYHVWHVWLOD)1,
&XOPHDLQRFHQWHL
6DFUH]LFDSUH]HUYDWLYHOHVXQWVDFLGHGRUPLWSHQWUXVRULFHL
&XOPHDIHPHLLvQGLSORPDWLH
6DILHvQVDUFLQDWDFXDIDFHULVWUDLQH
&XOPHDDJULFXOWXULL
6DDUL&DOHD9LFWRULHLFXERLLGLQJXYHUQ
&XOPHDIULJLGLWDWLL,
2ULLQWULRULLHVL6LQXWHPDLIRLDWkW
&XOPHDIULJLGLWDWLL,,
'UDJXOPHXvPSLQJHPDLEOkQGFDPLYHUVLFDIHDXD
&XOPHDYLROXOXLIRUHVWLHU
6DUHJXOH]LRFDSUDGHWDLDWOHPQH
&XOPHDGLSOPDWLHL
6DJkQGHVWLGHGRXDRULvQDLQWHGHDQXVSXQHQLPLF
&XOPHDLQILGHOLWDWLL
6DWLvQVHOLDPDQWDFXVRWLD
&XOPHDWD[DULLOD5(1(/
6DSODWHVWLRWD[DVXSOLPHQWDUDSHQWUXFDHVWLOXPLQDWODPLQWH
&XOPHDVH[XOXLRUDO
6RGXFLODJXUDFXIXUFXOLWD
&XOPHDDYRUWXOXL
6DDYRUWH]LRVDUFLQDGHSDUWLG
&XOPHDVSHULDWXOXL
6DOVSHULLDVDGHWDUHSHXQFKHOvQFkWVDLVHULGLFHSDUXOPDFLXFD
&XOPHDJKLQLRQXOXL
6DLQWULODERUGHOVDWLDOHJLRWLSDFDUHWLSODFHVDSODWHVWLLDUFkQGDMXQJLFXHDvQFDPHUDVDWLVSXQDFDHODFLFOX
&XOPHDJHOR]LHL,
6DILLJHORVSHUD]HOHVRDUHOXLFDvWLPkQJDLHQHYDVWD
&XOPHDJHOR]LHL,,YDULDQWD
6DILLJHORVSHVRDUHFDWLSkUOHVWHQHYDVWD
&XOPHDYkQDWRULL
6DYkQH]LvQWUXQFRGUXGHSkLQH
&XOPHDUH]HUYLVWXOXL
6DVWHDFRQFHQWUDWSkQDVHGLOXHD]D
&XOPHDDOHUJDWRUXOXL
6DVHLDODvQWUHFHUHFXFDOXOGHOHPQ
&XOPHDPHODQFROLHL
6DFD]LSHJkQGXULGHVDWLUXSLRPkQD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDPDWHUQLWDWLL
6DYH]LREDU]DKUDQLQGXVLSXLLFXELEHURQXO
&XOPHDHYHQLPHQWHORU
6WDOLQvQIUDFPHPEUXGHRQRDUHvQ&DPHUD&RPXQHORU
&XOPHDSXJLOLVPXOXL
6DVHDQWUHQH]HSHXQVDFFXJOXPH
&XOPHDFkQRVHQLHL
6DWHODWUHXQFDWHOGHXVWXURL
&XOPHDFLUFXOXL
6DLQWULODXQVSHFWDFROGHFLUFFXXQOHX
&XOPHDKDOWHURILOLORU
6DVHSOkQJDFDDXJUHXWDWLvQPXQFD
&XOPHDSRPLFXOWXULL
6DFUHVWLXQSRPFXUDGDFLQDSDWUDWD
&XOPHDIUXVWUDULL
(SULPDRDUDFkQGGHVFRSHULFDQRSRWLIDFHDGRXDRDUD
&XOPHDDVWURQRPLHL
6DPDVRULSDUDOD[DVWHOHORUYHU]L
&XOPHDFXELVPXOXL
6DFHULODUHVWDXUDQWVYDLWHUFXJDXULSDWUDWH
&XOPHDUD]EXQDULL
6DOFURLHVWLSHFURLWRUXOFDUHWLDFURLWKDLQD
&XOPHDSRPSLHUXOXL
6DVWLQJDIRFXOVDFUXGLQWUXQDUWLVW
&XOPHDSRPSLHUXOXL,,
6DILLGHVWHSWIRF
&XOPHDDELOLWDWLLXQXLFKLUXUJ
6DRSHUH]HXQFDOFXOLQWHJUDO
&XOPHDJHRPHWULHL
6DWHSLVLvQFROWXOXQHLFDPHUHURWXQGHVDXDXQXLFHUF
&XOPHDJHRPHWULHLSXUH
6DVWXGLH]LSURSULHWDWLOHILJXULORUGHVWLO
&XOPHDYXOJDULWDWLL
&XYRUEHOHQXLSRWLYHQLGHKDFXQXLRPYXOJDUSHQWUXFDQXSRWLVDLILLQDVGDFDHOQXHILQ
&XOPHDPXQFLLLQXWLOH
6DIDFLHGXFDWLDVH[XDODXQHLIHWLWHGHODQLvQ]LOHOHGHDVWD]L
&XOPHDHOHFWULFLDQXOXL
6DXUPDUHDVFDXQFDOSXWHUHSDVFkQGvQWUXQFkPSPDJQHWLF
&XOPHDGDUQLFLHL
6DGDLFROWXO
&XOPHDEHWLYDQXOXL
6DLODVHJXUDDSD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDPLVFDULL
6DEDJLFKHLDPDVLQLLvQEURDVFDXVLLGHODDSDUWDPHQWVLVDVHPLVWHEORFXO
&XOPHDJHQHWLFLL
6DvQFUXFLVH]LRFDSUDGHWDLDWOHPQHFXXQWDSGHEHUH
&XOPHDLQWHOLJHQWHL
'DFDQXWLSODFHEUkQ]DDOEDVDWLSXLRFKHODULYHU]L
&XOPHDFRDIXULL
6DRQGXOH]LSDUXOGLQJUDGLQD
&XOPHDODSWDUXOXL
6DPXOJDFDSUDGHODWUDVXUD
&XOPHDFURLWRULHL
6DvQWRDUFDSHGRVFRVWXPXOOXL$GDP
&XOPHDDOLPHQWDWLHL
6DPDQkQFLGLQWURIDUIXULH]EXUDWRDUH
&XOPHDJDVWURQRPLHL
6DPDQkQFLXPEUDGHUDWDSHPLURVGHYDU]D
&XOPHDJRVSRGLQHL
6DPXOJDRYDFDvQFDOWDWD
&XOPHDIRUWHL
6DVWUkQJLRKkUWLHGHSLQDvLLHVHOLPEDOXL$YUDP,DQFX
&XOPHDvQJKHVXLHOLL,vQDXWREX]
6DFLUFXOHVRIHUXOGHODDXWREX]SHVFDUD
&XOPHDvQJKHVXLHOLL,,vQDXWREX]
8OWLPXOGHODXVDGHDXWREX]VDILHVRIHUXO
&XOPHDvQJKHVXLHOLL,,vQWUHQ
6DWLGDLS
ODGLQPkQDvQPkQDSkQDODEXGD
&XOPHDVXSUDvQJKHVXLHOLL
6DSULPHVWLDOWDvQDSRL
&XOPHDvQJKHVXLHOLL,,,
6DSRWLIDFHGUDJRVWHvQWURFDPHUDGHELFLFOHWD
&XOPHDVSDWLXOXLORFDWLY
6DORFXLHVWLvQWURFDPHUDGHILOPDW
&XOPHDELRVLQWH]HL
6DPDQkQFLSUXQHVLVDXULQH]LWXLFD
&XOPHD&)5XOXL
6DPDQkFLVkUPDJKLPSDWDVDWHFDFLFDOHIHUDWD
&XOPHDFRQVRODULL
1XVHPDLVFRDOD'DUFHIUXPRVDWkUQD
&XOPHDFUDFDQDULL
6DSXLXQSLFLRUvQ&DUSDWLXQX
vQ%DOFDQLVLVDWLVSHOLFXUX
vQ'XQDUH
&XOPHDFXUDYDVDUDLXOXL
6DIDFDXQSXULFHSDGXFKLODWL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHHVWHFXOPHDvQFUHGHULLvQRDPHQL
6DLGDLPXLHXQHLFDQLEDOH
&DUHHVWHFXOPHDSXWHULLSODPkQLORU
6DLVXIOLXQXLEHUEHFSHSX
DSkQDLVHvQGUHDSWDFRDUQHOH
&XOPHDHOHFWULFLWDWLL
6DJkGLOLXQEHFVLVDUkGDFHLGHOD5(1(/
&XOPHDWXSHXOXL
6DWHFDFLODXQXODXVDVLDSRLVDVXQLVDFHULKkUWLH
&XOPHDFXOPLORULQVROHQWHL
6DLVSXLFDQXWLDMXQJH
&XOPHDUHYDQVHL
9HFLQXOVDGHVFKLGDXVDVLVDWLGHDKkUWLHVPLUJHO
&XOPHDGXUHULL,
6DIXJLFXSLFLRDUHOHJRDOHSHRODPDVLVDSXLIUDQDFXFRD
HOH
&XOPHDGXUHULL,,
6DWLEDJLRXPEUHODvQFXUVLDSRLVDRGHVFKL]L
&XOPHDGXUHULL,,,
6DWLFUHDVFDXQFRLvQWDOSD
&XOPHDFXOPLORUGXUHULL
6DDLVLSODWIXV
&XOPHDUHFRQFLOLHULL
6DSXLOkQJDOXSRDLDEDVRPDLIDFLVLVHIDOXLGHFDELQHW
&XOPHDFURLWRULHL
6DFURLHVWLFXEDVWRQXO
&XOPHDSROLWHWHL
6DvPSLQJLREDEDSHVFDULVLDSRLVDRvQWUHELGHFHVHJUDEHVWH
&XOPHDLPSROLWHWLL
3DWUXYDOHWLVDEDWDWUHLGDPH
&XOPHD]JRPRWXOXL
'RXDVFKHOHWHIDFDQGVH[SHXQDFRSHULVGHWDEOD
&XOPHDVWRPDWRORJLHL,
6DVFRDWDGHQWLVWXOGLQWLLXQXLSLHSWHQH
&XOPHDVWRPDWRORJLHL,,
6DWUDJDGHQWLVWXOODPDVHDGHXQXOVLQJXUFDQGVWLHFDLYLQSDFLHQWL
&XOPHDLPSRVLELOLWDWLLGHDLHVLGLQvQFXUFDWXUD
&kQGQXDLSHXQGHVFRDWHFDPDVDREDJLSHPkQHFD
&XOPHDUDEGDULL,
6DWLQXPHULIORFLLFXPDQXVDGHER[
&XOPHDUDEGDULL,,
6DVWDLFXXQRXvQJXUDFXFXUXOSHSOLWDVLVDDVWHSWLVDILDUED
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDUDEGDULL,9
6DvWLEDJLSX
DvQSDPkQWVLVDDVWHSWLVDWLIDFDODEDXQFXWUHPXU
&XOPHDUDEGDUL9
6DDVWHSWLXQWUHQFDUHVWLLFDQXYDYHQL
&XOPHDIRDPHWHL
6DIDFLSkQ]DGHSDLDQMHQODJDXUDFXUXOXL
&XOPHDPX]LFLLSRSXODUH
6DFkQWLRGRLQDODIOXLHUXOSLFLRUXOXL
&XOPHDPX]LFLL
6DFkQWLODJXUDVREHL
&XOPHDvQRWXOXL
&XRPkQDVDvQRWLVLFXFHDODOWDVDGDLGLQSLFLRDUH
&XOPHDVDUXWXOXL,
6DVDUXWLRJXUDGHFDQDO
&XOPHDVDUXWXOXL,,
6DWLVFDSLOLPEDSHJkWXOSDUWHQHUHLUXOXL
&XOPHDVDUXWXOXL,,,
6DVDUXWLGRXDEX]HVLVDUDPkLFX2%XOvQJXUD
&XOPHDFKLUXUJLHL,
6DVFRWLS
DIHPHLLGLQFDS
&XOPHDFKLUXUJLHL,,
6DWDLFDSXOSX
LLVLVDJDVHVWLFUHLHU
&XOPHDIHUWLOLWDWLL
6DIX
LRWUkQWDVLVDUDPkQDvQVDUFLQDWD
&XOPHDVQRELVPXOXL
6DOXDP6,'$D]LFDPkLQHYRUDYHDWRWL
&XOPHDYLWH]HL,
6DDOHUJLvQMXUXOXQXLVWkOSSkQDvWLYH]LVSDWHOH
&XOPHDYLWH]HL,,
6DWHFDFLGHSHXQEORFWXUQVDDOHUJLMRVVLVDOSULQ]LvQJXUD
&XOPHDYLWH]HL,,,
6DDOHUJLvQMXUXOXQXLFRSDFVLVDWHI
WLvQFXU
&XOPHDIRWEDOXOXL
6DGDLJROVLVDUDWH]LODUHOXDUH
&XOPHDGHVLGUDWDULL,
6DVDOLYH]LSUDI
&XOPHDGHVLGUDWDULL,,
6DHMDFXOH]LSXGUD
&XOPHDFXOPLORUGHVLGUDWDULL
6DWLLQWUHVLvQRFKL
&XOPHDHFRQRPLVLULLHQHUJLHLHOHFWULFH
6DSXLODXVDRWDEOLWDSHFDUHVDVFULH1XVXQDWLPDLLHVHXGLQFkQGvQFkQG
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDSDWHUQLWDWLL
6DWLUHFXQRVWLFRSLOXOGHODRSRVWD
&XOPHDUDEGDULL
6DDVWHSWLXQFXYkQWGHODXGDGLQSDUWHDVHIXOXL
&XOPHDLPSRWHQWHL
6DQXWLVHVFRDOHGHJHWXOFXFDUHvPSLQJLOLPED
&XOPHDYDQDWRULL
6DIDFLFRFRVXODUPHLVDFkQWHFXFXULJX
&XOPHDVDUDFLHL,
6DWLGXFLSURWH[XOODYXOFDQL]DW
&XOPHDVDUDFLHL,,
6DvWLFXPSHULDOLPHQWHGHODVHFRQG+$1'
&XOPHDVDUDFLHL,,,
6DvWLFXPSHULKkUWLHLJLHQLFDGHODVHFRQG+$1'
&XOPHDVDUDFLHL,9
6DILLDWkWGHVDUDFvQFkWVDQXSRWLVDGDLQLFLRUWXOSRSLL
&XOPHDI
WDLXOXL
6DDOHUJLvQMXUXOXQXLSXW
6DWLSULQ]LFXUXOVDWLOIX
L
&XOPHDFUHGXOLWDWLL
6DFUHDGDRIHPHLHXUPDWRDUHDDILUPDWLHDXQXLWLS'UDJDGHDFHHDHVWHDVDPLFDVLPRDOHFDVDQXWHGRDUD
&XOPHDIL]LFLL
6DSDVWLXQFDOSXWHUHSHXQFkPSPDJQHWLF
&XOPHDDQWLJUDYLWDWLHL
6DOWUDJLSHXQX
GHSLVDWMRVGHSHEORF
&XOPHDVFkUEHL
6DIDFLEDLHLQWUXQEXWRLFXPXFL
&XOPHDPkQFDUL
6DPDQkQFLSLHSWGHJDLQDVLVDUDPkLFXVXWLHQXOvQJkW
&XOPHDFHDVXOXLGHVWHSWDWRU
6DVXQHRFXSDW
&XOPHDSOLFWLVHOLL
6DWHDSXFLGHWXQVRXD
&XOPHDPHODQFROLHL
6DFD]LSHJkQGXULGHVDWLUXSLPkQD
&XOPHDUDLGXULORUDHULHQH1$72vQ<XJRVODYLD
3OHDFDODDWDFSDWUXDYLRDQHLQYL]LELOHVLVHQWRUFVDVH
&XOPHD]ERUXOXL
6D]ERULSHFHUXOJXULL
&XOPHDQHSRWULYLULLVH[XDOH
6DWLIDFLRODEDVLVDWLGDLVHDPDFDQXHVWLJHQXOWDX
&XOPHDvQJKHWXOXL
6DLvQJKHWHXQHLIHPHLDSDvQSL
GDVLVRIXWLODFRSFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDvQJKHWXOXL"
6DLQJKHWHLDGXO
&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
6DWHFDOFLGLQQHDWHQWLHSHSLFLRUVLVDWLFHULVFX]H
&XOPHDJHRJUDILHL,
6DEDJL9kUIXO2PXvQ3HVWHUD0XLHULL
&XOPHDJHRJUDILHL,,
6DGHVFKL]L3RUWLOHGH)LHUFX&KHLOH%LFD]XOXL
&XOPHDLQGLIHUHQWHL
6DILLSURVWVLVDQXWLGDLVHDPD
&XOPHDSURVWLHL,
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6DIDFLSHSURVWX
VLVDUDPkLDVD
&XOPHDSURVWLHL,,
6DVWLQJLODPSDVLVDVFDSHULXQFKLEULWFDVDYH]LGDFDVDVWLQV
&XOPHDSURVWLHL,,,
6DFUH]LFDPDPDWDLYLUJLQD
&XOPHDODFRPLHL
6DPDQkQFLEDWDLHVLVDQXWHVDWXUL
&XOPHDSURVWLWXWLHL
6DVXJLSX
DFXSDLXO
&XOPHDYUHGQLFLHL
6DWHVFROLGLPLQHDWDvQDLQWHDSX
LL
&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,
$SHVLSHEXWRQVDYLQDOLIWXOVLYLQHWRWHWDMXO
&XOPHDFXWUHPXUXOXL,,
6DXUFLFXOLIWXOVLVDFRERULFXDSDUWDPHQWXO
&XOPHDDOSLQLVPXOXL
6DHVFDODGH]LYDOXULOHFX0DPDLDVL7DWDLD
&XOPHDDWOHWLVPXOXL,
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6DDOHUJLGHXQXOVLQJXUVLVDDMXQJLDOOHD
&XOPHDDWOHWLVPXOXL,,
6DDOHUJLGHXQXOVLQJXUVLVDLHVLSHORFXOSHHXPEUD
&XOPHDOLQJXVHOLORU
6DPDSXSLSHIUXQWHFkQGYRLILFXFDSXQVRED
&XOPHDSDUDVXWLVPXOXL
6DVDULGLQDYLRQVLVDFRQVWDWLFDSDUDVXWDHSOHFDWDODWXUFL
&XOPHDWHKQRORJLHL
6DDOXQJLRPXVFDGHSHHFUDQXOFDOFXODWRUXOXLFXFXUVRUXOGHODPRXVH
&XOPHDFDVFDGRULHL
6DWHDUXQFLGHSHEORFVLVDWHSULQ]LGHERUGXUD
&XOPHDDPELWLHL
6DWHUD]LFXODPDGHODEXOGR]HU
&XOPHDvQDOWLPLL
6DVDULGHSHEORFXOGHGHVHQ
&XOPHDSHGRILOLHL
6DIX
LRJUDYLGDVLVDLGDLPXLHOX
DODPLF
&XOPHDHOHFWUL]DULL
6DWLIUHFLSX
DSkQDWLVHUHVSLQJFRDLHOH
&XOPHDFXWLWXOXL
6DWDLPRIWXUL
&XOPHDILORVHPLWLVPXOXL
6DIDFLHYUHLGLQVDSXQ
&XOPHDFLFOLVPXOXL
6DIDFLWXUXOSDQWDORQLORU
&XOPHDSHGLFKLXULL
6DIDFLXQJKLLOHODXQSLFLRUGHOHPQ
&XOPHDFXULR]LWDWLL
6DVSDUJLFDSXOSX
LLVDYH]LGDFDDUHFUHLHU
&XOPHDSHVFXLWXOXL
6DVWDLSHYDVXO0RJRVRDLDVLVDSULQ]LXQVRPQGHYHFL
&XOPHD)RUPXOHL
6DILvQFRDGDSOXWRQXOXLVLVDWHGHSDVHDVFDSLORWLvQWkU]LDWL
&DUHHVWHFXOPHDPHWHRURORJLHL
6DSORXDFXEDQL
&XOPHDH[WUDFWLHL
6DH[WUDJLXQJDOEHQXVGHRXFXWLUEXVRQXO
&XOPHDPDVWXUEDULL
3XQHWLSXWLQFLOLWVLQXWUHEXLHVDIUHFDWLGHORF
&XOPHDFXOPLORU,
(9(5(67
&XOPHDFXOPLORU,,
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHDHFDQLFLHXQRVWLX
&XOPHD&8/0,/25
$UILFXOPHDVDRPDLVWLLVLSHDVWD
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
'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
0HUJHDXGRLWLSLSULQGHVHUWXQXFDUDvQVSDWHRELFLFOHWDVLDOWX
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HVDvQWkPSODW"
'RPQXOPHXvPLUHSDULPDVLQD"
(X9RUHSDU'DUVWLWL"1RLWUHL]HFLGHEHGXLQLSHWUHL]HFLGHFDPLOH2VXWDGHQHYHVWHDXUDPDVDFDVDVLQRLGHWUHL
VDSWDPkQLvQGHVHUW
1XWLHUXVLQHSRUFXOHVDLQVLQXH]LDVDFHYD"
$OWIHOQXYDUHSDUPDVLQD
%LQHGDUFXRFRQGLWLHYDSXQODWRWLSUH]HUYDWLYH'DUQXOHVFRDWHWLMXUDWLSH$ODKFDQXOHVFRDWHWL1XYUHDXVDUDPkQ
JUHDVDXVDLDX6,'$(XVXQWIHPHLHVHULRDVDFDVDWRULWD
$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
/DFDUHWLSDSULYLQGXOJDOHVSHQWUXFDJDJLXOHUDGHVWXOGHELQHvOSRIWHVWHvQDXQWUXvOJD]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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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"
ÌPLSDUHUDXGRPQXOHGDUVHSDUHFDDWLQLPHULWJDXUD
Ì&HLXQSXQFWDOEvQGHVHUW"
52DVSLULQD
Ì'DUFHLXQSXQFWQHJUXvQGHVHUW"
58PEUDGHODDVSLULQD
Ì&HVDUvQWkPSODGDFDVDUIDFHFRPXQLVPvQGHVHUW"
53ULPLL]HFHDQLQLPLFVLDSRLVDUGDQLVLSXOSHFDUWHOD
2FDPLODPHUJHvQGHVHUWOLSDOLSD3HFHFDOFDFDPLOD"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHSRUWLXVDDLDGHPDVLQDFXWLQH"
&kQGPLHFDOGGHVFKLGJHDPXO
'RXDFDPLOHWDWDVLILXVWDXGHYRUED
7DWDGHFHDYHPQRLFRFRDVD"
3DLvQGHVHUWQXVXQWIkQWDQLVLvQHOHQHWLQHPUH]HUYDGHDSD
'DUGHFHDYHPFRSLWHDVDGHPDUL"
ÌQGHVHUWHQLVLSVLQHDMXWDODPHUV
$WXQFLFHFDXWDPOD=RR"
8QRUDVHDQVLDYL]LWDWYDUXOFDUHORFXLDvQGHVHUWXO$UL]RQD/DXQPRPHQWGDWDFHVWDDXGHXQXUOHW
&HLDVWD"
1LPLFFRLRWLL
'DUFHVFRLRWLL"
1LVWHFkLQLVDOEDWLFL
6LGHFHXUODvQKDOXODVWD"
3DLSHODQRLQXFUHVFSRPLQXPDLFDFWXVL
'XSD WUHL ]LOH SULQ GHVHUW EHGXLQXO LQWUD vQ VIkUVLW FX FDPLORLXO VDX vQ RD]D VL FH YHGH" 8Q DILV PDUH &$675$0
&$0,/2,)$5$'85(5(8QJkQGvLWUHFHSULQFDS$VWDGHFkQGvOVWLXvQWRDUFHFDSXOGXSDJDJLFLGHHUDGHGRXDRUL
VDPDGHDMRV,DVDUH]ROYDPVLWUHDEDDVWD6HGXFHODORFXOFXSULFLQDGLQRD]DGDEDQXOVLDVLVWD9LQHRSHUDWRUXOLD
GRXDFDUDPL]LVLL]EHVWHIXGXOLLOHFDPLORLXOXL$VWDXUODGHVHDXGHvQRD]DYHFLQDVLGHLVHVIkVLHLQLPDEHGXLQXOXLQRVWUX
%LQHEDQDLVFULVFDIDUDGXUHUH"
$VDVLHvQDLQWHvPLSULQGHDPVLGHJHWHOH
ÌQPLMORFXOGHVHUWXOXLXQRPFkQWDGXPQH]HLHVWHGLQYLRDUD8QOHXVHDSURSLHvLGDWkUFRDOHFkQWDUHWXOXLVLVHDVHD]DOD
FkWLYDSDVLGHHOPLVFkQGXVLFSXOvQULWPXOPX]LFLL0DLYLQGRLOHLVLVHDVHD]DVLHLOkQJDFkQWDUHW'XSDvQFDFHYDWLPS
YLQHXQDOSDWUXOHDOHXFDUHvOPDQkQFDSHFkQWDUHWXOQRVWUX3HRFUDFDvQDSURSLHUHGRLYXOWXULIDFFRQYHUVDWLH
7LDPVSXVHXFDGDFDYLQHVXUGXOVD]LVFXPX]LFD
/DIDUPDFLH
6DYDSXQSLOXOHOHvQWURFXWLXWD"vQWUHDEDIDUPDFLVWDXQFXPSDUDWRU
6LJXU6DXYDvQFKLSXLDWLFDRVDOHURVWRJROHVFSkQDDFDVD
9DULDQWD
8QSLWLFLQWUDvQWURIDUPDFLHVLFHUHRDVSLULQD)DUPDFLVWDvOvQWUHDED
6DYRvPSDFKHWH]"
1XPXOWXPHVF2VRURVWRJROHVF
8QWLSvQWUDvQWURIDUPDFLHVLFHUHSUH]HUYDWLYHQHJUHQHJUHFDQRDSWHD/DFDUHIDUPDFLVWXOSXWLQXLPLWvQWUHDED
'DUGHFHWRFPDLQHJUH"
6WLWLQHYDVWDPHDDPXULWDODOWDLHULVLDPDQWDPHDHGHSDUHUH
8QXIXULRVLQWUDvQWURIDUPDFLHVLFHUHFRQGLFDGHUHFODPDWLL)DUPDFLVWXOVXUSULQVVLVSHULDWvOvQWUHDED
&DUHLSUREOHPDFDUHQHFD]XO"2ULFHQHPXOWXPLUHDYHWLRVDRUH]ROYDPIDUDDVFULHvQFRQGLFDYDURJIUXPRV
'XSDPXOWHLQVLVWHQWHUXJDPLQWLWLSXQXFHGHD]DVLLQVLVWDFDYUHDVDVFULH
%LQHDPVDYLRGDX6LWRWXVLFHYUHWLVDVFULHWL"
6WLWLFHYUHDXVDVFULXvQHD"9UHDXVDVFULXFDSUH]HUYDWLYOHYRDVWHVXQWGHSURDVWDFDOLWDWHVXQWVODEHVLVHUXS
/DFDUHXQPRVFHVLFXPSDUDQLVWHVLURSGHWXVH]LFH
'DGD$YHWLGUHSWDWHVFULHWLVFULHWLFDVHVLQGRDLH
9DULDQWD
8QWLSLQWUDVXSDUDWvQIDUPDFLHVLDUDWkQGXLXQSUH]HUYDWLYvQFHSHVDOvQMXUHSHIDUPDFLVW
3DLELQHPDVHSRDWHDVDFHYD8LWHODHO(JDXULWSHVWHWRW9DEDWHWLMRFGHRDPHQLLPXQFLL"$PVDVHFRSLLDFDVD&H
YUHLVDPDLIDFRVXWD"
'DUXQPRVXOLFDvLVSXQH
$VDDVDVSXQHLFDVHvQGRDLHVLGHODPLMORF
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7RWODIDUPDFLHÌQWUHDEDXQWLSSHIDUPDFLVW
1XYDVXSDUDWLDYHWLFXPYDRVROXWLHGHGL]ROYDWGLQWL"
1X'DUODFHYDWUHEXLH"
0LDPvQJKLWLWSURWH]D
6LHVWHYUHRSUREOHPD"
1XQXGDUFkQGPDVWHUJODFXUPDPXVFDGHPkQD
8QWLSLQWUDvQWURIDUPDFLH0XOWDOXPHvQJKHVXLDOD
1XYDVXSDUDWLYDURJVDPDODVDWLVDLQWUXvQIDWDFDDPSHFLQHYDODSDW
2DPHQLLFXPVHFDGHvLIDFORFVLDMXQJHODJKLVHX7LSXOVHDSOHDFDODJKLVHXVLVSXQH
0DJUDEHVFIRDUWHWDUHFDDPSHFLQHYDODSDW9DURJVDPLGDWLSUH]HUYDWLYH
8QWLSVHGXFHODIDUPDFLHVLFHUHXQED[GHSUH]HUYDWLYH)DUPDFLVWXOvOvQWUHDED
&HIDFLGRP
OHFXDWkWHDSUH]HUYDWLYH"
6WLWLPDGXFvQVHDUDDVWDODSULHWHQDPHDLDUDLHLSOHDFDODWDUDVLRVDQHRWUDJHPSXWHUQLF
6HGXFHWLSXOODSULHWHQDHLVHDVHD]DODPDVDFXHDVLIDPLOLDHLVLUDPkQHIRDUWHWDFXW
'HFHQXVSXLQLPLFGUDJD"vOvQWUHDEDSULHWHQDOXL
'HFHQXPLDLVSXVFDWDLFDWXHIDUPDFLVW"
2UD QRDSWHD )DUPDFLD FX SURJUDP GH QRDSWH ,QWUD XQ WLS FHUH XQ SUH]HUYDWLY 3ODWHVWH SOHDFD 6HDUD XUPDWRDUH
DSURDSHGHPLH]XOQRSWLLDFHODVLWLS
'DWLPLYDURJXQSUH]HUYDWLY
ÌOLDSODWHVWHSOHDFD6HDUDXUPDWRDUHVFHQDLGHQWLFD/DFDUHIDUPDFLVWXOFXULRVvOvQWUHDEDSHWLS
1XYDVXSDUDWLGDUGHFHFXPSDUDWLFkWHXQXOGHFHQXFXPSDUDWLPDLPXOWHRGDWD"
/DFDUHWLSXO
6WLWLYUHDXGHIDSWVDPDODV
6HGXFHXQWLSODRIDUPDFLHVLFXPSDUDRGX]LQDGHSUH]HUYDWLYH'XSDFHOHDSODWLWGHVIDFHSXQJDVLOHVFRDWHXQXOFkWH
XQXOOHDUXQFDVLOHVWULYHVWHFXSLFLRUXO/DFDUHIDUPDFLVWXOIRDUWHPLUDWvQWUHDED
'HFHGRPQXOHGUDJD"QXvQWHOHJ"/HDLFRPDQGDWOHDLSODWLWVLDFXPOHDLGLVWUXV"GHFH"
'HFH"DVDDPIDFXWVLFkQGPDPODVDWGHIXPDW
ÌQWUR]LFXVRDUHVHGXFHXQX
ODIDUPDFLHVL]LFH
'RDPQDDPRSUREOHPDSX
DPHDHVFXODWDWRWWLPSXOI
WRUHSH]LVLWRWDVDVWDFHvPLGDWL"
)DUPDFLVWDVWDXQSLFVHJkQGHVWHGXSDFDUHVHGXFHvQVSDWHVDVHFRQVXOWHFXFROHJHOH'XSDPLQXWHVHvQWRDUFHVL]LFH
&DVDPDVDVLOHLSHOXQDDUILELQH"
8Q WLS MHQDW LQWUD OD IDUPDFLH VL vL FHUH YkQ]DWRDUHL XQ SUH]HUYDWLY 9D]kQGXO DWkW GH UXVLQRV JDJLFD vVL ]LFH VD IDFD
PLVWRGHHOXQSLF
&HPDULPHGRULWL"
3DLQXVWLX
3DLH[LVWDWUHLPDULPL9HGHWLSHUHWHOHDODGHDFROR"$UHWUHLJDXULDFRORSXWHWLSUREDFHPDULPHDYHWLQHYRLH
)DUD SUHD PXOWH RELHFWLL JDJLXO VH GXFH vVL VFRDWH VFXOD VL R EDJD vQ SULPD JDXUD 'H SDUWHD FHDODOWD D ]LGXOXL JDJLFD vL
SULQGHVFXODvQPkQDVLvLIDFHRODEDVFXUWD$SRLWLSXOvVLEDJDRELHFWXOvQFHDGHDGRXDJDXUD'HGXSDSHUHWHJDJLFDvL
IDFHUDSLGXQVH[ RUDOÌQFHOHGLQXUPDRPXOQRVWUXvVLEDJDVFXOD vQ FHD GHDWUHLD JDXUD 'XSDSHUHWH JDJLFD vVL ULGLFD
IXVWDvVLGDMRVFKLORWLLVLVLRSRWULYHVWHODORFXOFXSULFLQD([WHQXDWJDJLXOVHvQWRDUFHODFDVDJDJLFDODIHO
(LDFXPYDWLKRWDUkWGHFDUHPDULPHYUHWL"
1XPDLYUHDXQLFLXQSUH]HUYDWLYGDUDVILLQWHUHVDWVDFXPSDUSHUHWHOHDOD
%XODVHSUHJDWHVWHFXQHUDEGDUHSHQWUXSULPDOXLvQWkOQLUHFX,OHDQDIDWDODWRWEDWXWODFDSFDSDULQWLLHLQXYRUILDFDVD
vQ VHDUD UHVSHFWLYD 2FD]LD PXOW DVWHSWDWD ILLQG IRDUWH DSURDSH EDLDWXO LQWUD SH OD IDUPDFLH VL FXPSDUD QLVWH SUH]HUYDWLYH
6HDUDDMXQJkQGODFDVDIHWHLREVHUYDFXVWXSHIDFWLHFDSDULQWLLIHWHLvQFDQDXSOHFDW
&HQRURFOHVSXQH%XODSDULQWLORUHL3XWHPVDLHVLPvPSUHXQD"
$LvQQHEXQLW"vLVRSWHVWH,OHDQDEDLDWXOXL1XPLDLPDLVSXVFDvWLSODFHPDLPXOWWHDWUXOGHFkWGHPLQH
1LFLWXWXQXPLDLVSXVFDWDWDOWDXHVWHIDUPDFLVW
8QFHWDWHDQLQWUDvQWURIDUPDFLHVLvQWUHDED
$YHWLFDUQH"
)DUPDFLVWDvLUDVSXQGH
'RPQXOHDWLJUHVLWDLFLHVWHRIDUPDFLH
3URDVWDHVWLQXVWLLVDUDVSXQ]L6LLHVHDIDUD
$GRXD]LLQWUDGLQQRXVLLDUvQWUHDED
$YHWLFDUQH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RPQXOHYDPVSXVVLLHULFDDLFLHVWHIDUPDFLHFXPVDDYHPFDUQH
3URDVWDHVWLKDEDUQXDLVDWUDWH]LFOLHQWLL6LDSRLSOHDFD
$WUHLD]LFXPLQWUDIDUPDFLVWDvLVSXQH
'RPQXOHYUHWLVDWUHFHWL vQORFXOPHXVDILXHXFOLHQWXO"
'DVLWUHFHvQVSDWHOHPHVHL
)DUPDFLVWDLHVHGLQIDUPDFLHVLLQWUDDSRLvQWUHEkQG
&DUQHDYHWL"
/DFDUHFHWDWHDQXOUDVSXQGH
$YHPFHGRULWL"
'RUHVFGRXDNJFDUQHGHYLWHO
&XGUDJDLQLPDGDUDYHWLUHWHWD"
7DWDOvOGXFHSHFRSLOODIDUPDFLHVLDFHVWDVHRSUHVWHvQIDWDUDIWXOXLFXSUH]HUYDWLYH&RSLOXOvVLvQWUHDEDWDWDO
7DWDFHHVWHDOD"
$ODHVWHSDFKHWXOGHGRXD(SHQWUXOLFHXYLQHUHDVLVkPEDWD
'D
DODGHDFROR"
$ODHSDFKHWXOGHSDWUX(SHQWUXFROHJLXPDUWHDMRLDYLQHUHDVLVkPEDWD
'D
DOD"
$ODHSDFKHWXOGH(SHQWUXFkQGWHvQVRULLDQXDULHIHEUXDULHPDUWLH
8QEDLHWHOLQWUDvQWURIDUPDFLHVLFHUHRDOLILH
&XPVHFKHDPDDOLILD"vQWUHDEDIDUPDFLVWXO
,DPXLWDWQXPHOHGDUVWLXFDvQFRPSR]LWLDHLVHDIODDPLQRGLIHQLODFHWLOGLQLWURFKLQLQD
8QMDSRQH]vQ(XURSDYUHDVDVLFXPSHUHVLHOSUH]HUYDWLYHGDUQXSRDWHFRQYHUVDGHFkWvQOLPEDOXLPDWHUQD,QWUDvQWUR
IDUPDFLHGHVSDFKHWHD]DVFXODRSXQHSHSXOWVLRPRQHGDOkQJDHD&DVLHUDVRFDWDVHXLWDODMDSRQH]VHXLWDODVFXODQLFL
QXVL UHYLQHELQHGLQ VRF YLQH DO GRLOHDMDSRQH] DFHDVLID]D &DVLHUD WkQDUD QHPDLVWLLQG FH VD IDFD vO VWULJD SH VHI 6HIXO
IRDUWHFRROYLQHGLQFDPDUXWDGLQVSDWHVHSXQHvQIDWDSXOWXOXLvVLGDMRVSDQWDORQLLvQWLQGHSURSULDVFXODSHSXOWVHXLWDOD
PLFDH[SR]LWLHVLODIHWHOHWULVWHDOHFHORUGRLMDSRQH]LUkGHSXWHUQLFDGXQDEDQLLVLVHGXFHvQDSRLvQELURX
'RPQXOHIDUPDFLVWQXVDUSXWHDVDPLGDWLSXWLQELFDUERQDW"0DFDPDUGHVWRPDFXO
3DLELQHPDLRPXOHSHQWUXDWkWDOXFUXPDWUH]HVWLvQWRLXOQRSWLL"8QSDKDUFXODSWHFDOGXWDYHDDFHODVLHIHFW
%LQHDWXQFLGDWLPLVLXQSDKDUGHODSWHFDOGXW
,QWUDRIHWLWDPLFDGHWRWvQIDUPDFLH$WkWGHPLFDFDGHDELDDMXQJHVDSULYHDVFDSHVWHSXOW)DUPDFLVWDVHXLWDODHDVLR
vQWUHDEDFHYUHD(D]LFH
3UH]HUYDWLYHJXPHGLQDOHD
/DFDUHIDUPDFLVWD
$VFXOWDFRSLOLWRDLFLQXSULPHVWLQLFLXQSUH]HUYDWLYVWHUJHWLODSWLFXOGHODJXUDVLGXWHVLODMRDFD
/DFDUHPLFXWDVWHUJkQGXVHODFROWXOJXULL]LFH
1XLODSWLF
8QWkQDUVHGXFHODIDUPDFLHVLFHUHVDLVHGHDFHOPDLWDUHDIURGLVLDFFDUHH[LVWDGHRDUHFHvQVHDUDXUPDWRDUHXUPHD]DVD
SULPHDVFDYL]LWDDIHWHFDUHVXQWVLQLPIRPDQLDFH)DUPDFLVWXOHVWHGHDFRUGGDULODYHUWL]HD]DFDRVDVWHDWUHD]WRDWD
QRDSWHD$GRXD]LFkQGIDUPDFLVWXOYLQHODVHUYLFLvOYHGHSHDFHODVLWkQDUVWkQGSHWUHSWHOHIDUPDFLHLVLWUHPXUkQGUDXGH
WRW
&HDLSDWLWGRPQXOH"
7HURJVDPLGDLFHOPDLEXQFDOPDQWGHGXUHULFDUHvODL
$KDSHQWUXVFXOD"
1XGRPQHSHQWUXPkQDFDQDXYHQLWIHWHOH
,QWUDXQXOvQIDUPDFLHVLvQWUHDED
$YHWLFXPYDVLDOWIHOGHSUH]HUYDWLYHVWLWLWRWWLPSXODFHOHDVLHVWHSOLFWLVLWRU
6LJXU]LFHIDUPDFLVWXODPDLFLXQVHWQRXFXGLIHULWHJXVWXULPHUHEDQDQHFDSVXQL
2PXOQRVWUXFXPSDUDSUH]HUYDWLYHOHPHUJHDFDVDVLRSXQHSHQHYDVWDVDVDOHWHVWH]H
$VWDDUHJXVWGHFLUHVHDVWDDUHJXVWGH]PHXUD
'XSDXQWLPS
$VWDDUHJXVWGHJRUJRQ]ROD
/DFDUHHO
'UDJDDFXPQXPDLDPSUH]HUYDWLY
'RPQXOHIDUPDFLVWFUHGFDDPUHXPDWLVP&HVDIDF"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HOPDLELQHHGDFDOvQWUHEDWLSHYHFLQXOGXPQHDYRDVWUD(ODUHUHXPDWLVPGHPDLELQHGHDQLVLSRVHGDOLVWDFRPSOHWD
FXWRDWHPHGLFDPHQWHOHVLSURFHGXULOH
3UHRWXOFDWUHIDUPDFLVW
&XPYDPHUJDIDFHULOH"
5DX SDULQWH IRDUWH UDX 'DFD EXQXO 'XPQH]HX QX QH WULPLWH YUHR HSLGHPLH GH JULSD VDX DOWFHYD GH JHQXO DVWD R VD
DMXQJHPDPDQGRLODVDSDGHOHPQ
/DLQVWLWXWXOGHFHUFHWDULIDUPDFHXWLFH
'RPQXOHGLUHFWRUFUHGFDDPGHVFRSHULWXQQRXPHGLFDPHQW
'DVL"
$FXPQXQHPDLUDPkQHGHFDWVDJDVLPERDODSHFDUHRSXWHPWUDWDFXHO
3RIWLWLYDPGDWQLVWHWDEOHWHSHQWUXVRPQ9DYRUDMXQJHRVDSWDPkQD
'DGRPQXOHIDUPDFLVWGDUHXQXYUHDXVDGRUPRVDSWDPkQD
)DUPDFLVWXOWUHEXLHVDSOHFHSHQWUXFkWHYDPLQXWHVDUH]ROYHRWUHDEDXUJHQWDVLvOODVDSHSRUWDUvQORFXOOXL
'DFDYLQHXQFOLHQWUDFLWvLGDLDVSLULQDELQH"
3RUWDUXO
'D
'DFDYLQHXQXOFDUHHVWHFRVWLSDWvLGDLFLRFROD[DLvQWHOHV"
'D
3OHDFDIDUPDFLVWXOVLvQWUHWLPSYLQHXQFOLHQWUDFLWFRE]DFDUHVWUDQXWDLQFRQWLQXX
&LRFROD[HQXPD
EXQSHQWUXDVWD]LFHSRUWDUXO
2PX
FXPSDUDVLSOHDFD9LQHIDUPDFLVWXOVLFkQGDIODFHVDvQWkPSODW VHLDFX PkLQLOHGHFDS)XJHDSRLVLOSULQGHGLQ
XUPDSHFHOUDFLW
9DDDDLFXPYDVLPWLWLPDLVWUDQXWDWL"
1X1XvQGUD]QHVF
8QXOLQWUDODIDUPDFLHVLvL]LFHIDUPDFLVWHL
3UH]HUYDWLYHOHFXPSDUDWHGHODGXPQHDYRDVWUDVHGHFRORUHD]D
/DFDUHXQPRVFDUHVWDWHDODUkQG
'DGDVLVHVLvQGRDLH
%DQFXULFXPDVLQL
'DFLD
Ì&HVHvQWkPSODDWXQFLFkQGXQSURSULHWDUGH'DFLDIDFHSOLQXOODPDVLQD"
56HGXEOHD]DYDORDUHDPDVLQLL
Ì&HPDLWUHEXLHVDIDFDSURSULHWDUXOPDVLQLLSHQWUXDLvPSDWULYDORDUHD"
56DSXQDREDQDQDSHEDQFKHWDGLQVSDWH
Ì'HFHDUH'DFLDXQPDUHPDJQHWPRQWDWODWDPSRQXOGLQVSDWH"
5&DVDVHSRDWDUHFXSHUDSLHVHOHFHFDGvQWLPSXOPHUVXOXL
&LFDRGDWDSHDXWRVWUDGDVHFLRFQHVFWUHLPDVLQLXQDPHULFDQFXXQ&U\VOHUXOWLPXOUDFQHWXQQHDPWFXXQ%0:VXSHU
WDUHVLXQURPkQFXR'$&,(SUDSDGLWD6HGDMRVDPHULFDQXOGLQPDVLQDVLQFHSHVDQMXUH
%DOXDYDUGUDFXGHSURVWDODLXLWHFXPVDGXVGUDFXOXLRPDVLQXWDSHQWUXFDUHDPOXFUDWROXQDvQWUHDJDGLQJUHX
&HYRUEHVWL]LFHQHDPWXOXLWDWHODPDVLQDPHDEDLIUkQDFHHVWLHXDPWUDVGLQJUHXDSURDSHOXQLSkQDDPUHXVLWVDR
FXPSDUVLXLWHDFXPDHILHUYHFKL
%DLIUDLHULORU]LFHURPkQXFXQDGXIEDJDPLDVUXSDGUDFXvQPRDFDYRDVWUDSDLLRDPWUDVRYLDWDvQWUHJDSHQWUXWURDFD
DVWD
'DDPHULFDQXFXQHDPWXvQWUXQJODV
3DLYH]LGDFDWLRWUHEXLWDVDPDVLQDVFXPSD
Ì3RDWHR'DFLHVDDWLQJDYLWH]DGHNPRUD"
5'DvQFDGHUHOLEHUD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DVWXQ
Ì&XPVHQXPHVWH/DVWXQXOSHIUDQFH]D"
5&DUWRQGHEODPDJH
Ì&DUHHFHOPDLVFXUWEDQFFX/DVWXQXO"
58QODVWXQSDUFKHD]DvQYkUIXOGHDOXOXL
Ì'HFHVLDSXV%XODURWLPDLPDULOD/DVWXQ"
53HQWUXFDLVHXULQDXFkLQLLSHJHDPXUL
Ì'HFHODVHPDIRUODDSDULWLDFXORULLYHUGH/DVWXQXOQXVHPLVFDGLQORF"
52ILYUHRJXPDGHPHVWHFDWSHVWUDGD"
Ì'HFkWLPXQFLWRULHUDQHYRLHVDFRQVWUXLDVFDXQ/DVWXQ"
5'HGRL8QXOVDSOLH]HFDUWRQXOVLXQXOVDOOLSHDVFD
Ì'HFHDX/DVWXQXULHJHDPXOVLFDURVHULDGLQVSDWHvQFDO]LWH"
53HQWUXFDODvPSLQVVDQXDYHWLPkLQLOHUHFL
&HLFDUHPDLDX/DVWXQXULQXPDLWUHEXLHVDSODWHDVFDLPSR]LWSHPDVLQDGHRDUHFH
'DFDvWLSXLFHQWXUDGHVLJXUDQWDVHFRQVLGHUDDILUXFVDF
Ì'HFHHVWH/DVWXQXOXQDGLQPDVLQLOHFXQLYHOXO]JRPRWXOXLGHIRQGFHOPDLUHGXVvQLQWHULRUXOFDELQHL"
53HQWUXFDFHLDIODWLvQDXQWUXDXvQWRWGHDXQDXUHFKLOHDFRSHULWHFXJHQXQFKLL
'LQUHFODPHOHSXEOLFLWDUHSHQWUX/DVWXQ
1XHFDUWHFD6KRJXQXOVLPDVLQDFD/DVWXQXO
8QXOvVLLQYLWDQRXDSULHWHQDODXQSLFQLF(DvQFkQWDWRDUHDSDWHFXRWLQXWDDSHWLVDQWDLDUHOFX/DVWXQXOÌQVIkUVLWDMXQJ
vQWUR SRLDQDVLQJXUDWLFDSH PDOXO XQXL ODF (D VDUH GLQ PDVLQD vVL DUXQFD KDLQHOH GH SH HD VL GD VD IXJD vQVSUH DSD (O
UDPkQHvQ/DVWXQ(DVHvQWRDUFHSXWLQXLPLWDVLvQWUHDED
&HIDFLQXYLvQDSD"
'DFDDLVWLLWX]LFHHOGDFDQXWHDVLXELDVSXWHDLHVLLGLQPDVLQD
Ì&DUHHVWHQXPHOHVWLLQWLILFDOVRIHULORUGH/DVWXQ"
5$FFHOHUDWRUGHSDUWLFROH
Ì&HVHvQWkPSODFXXQ/DVWXQGDFDWUHFHSHVWHXQFkLQH"
57UHEXLHVDYDGDFXPYDUHXVLVDVHGHDMRVGHSHVSLQDUHDDQLPDOXOXL
Ì'HFHGXUDDVDGHPXOWGHODSODWDSkQDODOLYUDUHDXQHLPDVLQL/DVWXQ"
53HQWUXFDVHUYLFLXOGHFROHWHDO3RDVWHL5RPkQHDYHDSUREOHPHFXOLYUDUHD
Ì'HFHDLQHYRLHGDFDGRXD/DVWXQXULIDFDFFLGHQW"
58QIDUDVVLRPDWXUD
Ì'HFHVHYkQGFHOHPDLPXOWH/DVWXQXULODVIkUVLWXOOXQLL0DUWLH"
56HDSURSLH$SULOLH
Ì'HFHHSRVLELOOD/DVWXQVDGHVFKL]LXVLOHvQWLPSXOPHUVXOXL"
53HQWUXDSXWHDIRORVLvQFD]XOIDYRUDELOSXWHUHDYkQWXOXL
Ì'HFHVXQW/DVWXQXULOHYRSVLWH"
53HQWUXFDDWXQFLFkQGSORXDVDQXVHGL]ROYH
6WDXQ/DVWXQvQIDWDXQXL7UDEDQWVLvOIL[HD]DFXDGPLUDWLH7UDEDQWXOvOvQWUHDED
'HFHWHXLWLDVDODPLQH"
/DVWXQXLvLUDVSXQGH
$VDGHPDUHRVDILXVLHXRGDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QXOHVWHvQWUHEDWGHXQSULHWHQ
'HFHWLDLYRSVLW/DWXQXOGLQJDOEHQvQDOEDVWUX"
3HQWUXFDGLPLQHDWDJDVHDPRJUDPDGDGHVFULVRULvQHO
Ì&DUHHFHDPDLPLFDSLHVDGLQWUXQ/DVWXQ"
5&UHLHUXOSURSULHWDUXOXL
Ì&DUHHVWHGLIHUHQWDGLQWUHXQODVWXQVL6,'$"
56LGDSRWLVDRWUDQVPLWLPDLGHSDUWH
%DQFXULFX7UDEDQWXO
Ì8QGHDUHWUDEDQWXOWUDFWLXQHD"
5ÌQIDWDSHGUHDSWD
Ì$WLDX]LWFDH[LVWDXQ7UDEDQWvQYHUVLXQH9"
53DWUXYHQWLOHODILHFDUHURDWD
Ì'HFHVHDOLQWD7UDEDQWXO7UDEL"
53HQWUXFDHVWHDWkWGHvQFHW'DFDDUILPDLUDSLGVDUFKHPD*DORSL
Ì&XPUHFXQRVWL8Q7UDEDQWPRGHOXO6SRUW"
5'XSDWHQLVLLGHODJHDPXOGLQVSDWH
Ì&DUHHGLIHUHQWDGLQWUHXQ7UDEDQWVLXQDYLRQFXUHDFWLH"
5$YLRQXOFXUHDFWLHvOYH]LvQDLQWHGHDODX]LLDU7UDEDQWXOvODX]LvQDLQWHGHDOYHGHD
Ì'HFHQXDUH7UDEDQWXOFHQWXUDGHVLJXUQWD"
53HQWUXDQXILFRQIXQGDWFXXQUXFVDF
Ì&HHVWHXQ7UDEDQWFXXQFDOFXODWRUGHEX]XQDUvQERUG"
55DVSXQVXO''5ODILOPXO.QLJKW5LGHU
Ì&XPVHPDVRDUDDFFHOHUDWLDXQXL7UDEDQW"
5&XXQFDOHQGDU
Ì&HVDvQWkPSODWGDFDODVFKLPEDUHDFXORULLVHPDIRUXOLvQYHUGH7UDEDQWXOUDPkQHSHORF"
53UREDELOFD0HUFHGHVXOGLQVSDWHDSRUQLWYHQWLODWLD
Ì6WLDWLFD7UDEDQWXODFkVWLJDWORFXODOGRLOHDODvQFHUFDULOHvQFDQDOXOGHYkQW"
5/RFXOvQWkLODFkVWLJDWXQGXODS
Ì&kQGDWLQJHXQ7UDEDQWYLWH]DPD[LPD"
5$WXQFLFkQGHVWHWUDFWDW
Ì'HFHVHQXPHVWH7UDEDQWXO"
5DVWHDSWDGXSDHOXQXOvOSULPHVWH
Ì&XPSRWLSULQGHXQ-DJXDU"
5&X7UDEDQWXULRWUDYLWH
Ì'HFHVHYvQGHDX7UDEDQWXULOHVLFXRSHUHFKHGHYkVOH"
53HQWUXDSXWHDvQDLQWDVLSHVWUDGDXGD
Ì'HFHQXDXH[LVWDWVH[VKRSXULvQ''5"
53HQWUXFDXQ7UDEDQWHPDLEXQFDRULFHYLEUDWRU
2 IDUIXULH ]EXUDWRDUH FX PDUWLHQL DWHUL]HD]D vQ IRVWXO ''5 'RL PDUWLHQL SDUDVHVF QDYD VL SOHDFD vQ FHUFHWDUH &kQG
vQWkOQHVFSULPXO7UDEDQWRLDXVSHULDWLODIXJDVLXUFDvQDSRLvQQDYD6HIXOORUvLvQWUHDED
&HVDvQWkPSODW"'HFHVXQWHWLDVDVSHULDWL"
$LDGHSH-XSLWHUVXQWGHMDDLFL
/DGRFWRU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DLDYHWLFD]XULGHEROLPLQWDOHvQIDPLOLH"
'D%DUEDWX
PHXvVLvQFKLSXLHFDHOFRQGXFHFDVD
8QDPHULFDQERJDWGXSDFHDSULPLW7UDEDQWXOFRPDQGDW]LFHSOLQGHDGPLUDWLH
&HWLHVLFXQHPWLLDVWLD&DvQWRWGHDXQDIRDUWHPHWLFXORVLÌQDLQWHGHDWULPLWHPDVLQDDXWULPLVPRGHOXOGHSODVWLF
8QSURSULHWDUGH7UDEDQWvQPDJD]LQXOGHSLHVHDXWR]LFHYkQ]DWRUXOXL
3HQWUX7UDEDQWXOPHXDVGRULGRXDVWHUJDWRDUHGHSDUEUL]
/DFDUHYkQ]DWRUXO
(VWHvQRUGLQH*DVHVFXQVFKLPEFLQVWLW
/D XQLILFDUHD *HUPDQLHL VDX IDFXW vQFHUFDUL GH D GRWD 7UDEDQWXO FX PRWRDUH 9: *ROI 8Q PRWRU GH WHVWDUH HVWH
LQWHUYLHYDW"
Ì6LFXPYDVLPWLWLvQWUXQ7UDEDQW"
5&DXQDSDUDWGHLPSXOVXULFDUGLDFHvQWUXQFDGDYUX
8Q7UDEDQWYUHDVDLDVDGLQSDUFDUHVLYHGHFDvQGUXPvLVWDXQPDUHFDFDW7UDEDQWXOVHUDVWHVWH
'DWHEDFDFDWXOHGHRSDUWHQXYH]LFDRPDVLQDYUHDVDWUHDFD"
&DFDWXOvQFHSHVDUkGDFXSRIWD
0DLSDLGDFDWXHVWLPDVLQDDWXQFLHXVXQWvQJKHWDWD3URILWHURO
Ì&DUHHVWHFHDPDLOXQJDPDVLQDGLQOXPH"
57UDEDQWXOWUHLPHWULPDVLQD]HFHPHWULIXPXO
Ì'HFHDUH7UDEDQWXOVWHUJDWRDUHGHSDUEUL]VLSHGLQDXQWUX"
53HQWUXFDVRIHUXOVDSRDWHVDVFXLSHFXQHFD]3WLXFHFDFDWGHPDVLQDPLDPOXDW
Ì&XPVHQXPHVWHXQ/DVWXQFXPRWRUXO7XUER"
57UDEDQW
0HUJH%XODFXWDVXODSOLPEDUHvQWUXQ/DVWXQ/DXQPRPHQWGDWvQWUHDED%XOD
7DWDWDWDFKHVWLDDLDGLQGUHDSWDHVWH0DUHOH=LG&KLQH]HVF"
1X%XODDLDHVWHERUGXUD
%DQFXULVHFL
9RLVDVHVXQWHWLFHLPDLEXQLFLQFLSULHWHQLDLPHL'DUQRLSDWUXVXQWHPFHLWUHLVLQJXULLGRL
8QRPvVLOHDJDELFLFOHWDGHXQODPSLRQVLSOHDFDODFXPSDUDWXUL&kQGVHvQWRDUFHDGLVSDUXWODPSLRQXO
1RDSWHDHPDLIULJFDDIDUD
6HvQWkOQHVFGRL8QXQXYLQH
'RLFRSLLVWDXVLQXPDUDRELOD
8Q8)2]ERDUDFXNPKSULQGHVHUW/DXQPRPHQWGDWvLH[SORGHD]DXQFDXFLXF
&kWHERPERDQHDXIRVWvQSXQJD"
2PDPDDYHDFRSLLDXPXULWGHPLFLFHLODOWLGHFUHPYXUVWL
'RXDJDOHWLFXQLVLS'RXDJDOHW]LJRDOH0RUDODSORXD
$IRVWRGDWDXQYkQDWRUVLDYHDXQFkLQHLDUFkLQHOHQXDYHDQLPLFvPSRWULYD
2PXVFDLQWUDvQIXQGXOXQXLFDO&kQGVDLDVDQXPDLHUDFDOXO
8QWDUDQQXDYHDXQFDOVLFDOXOQXDYHDQLPLFvPSRWULYD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QRPYLQHGHGXSDFROWVLFDOFDSHXQELVFXLWH
'RLYXOWXULSHRFUDFD8QXOHUDPDLPLFVLDOGRLOHDVLPDLPLF
'RLYXOWXULVWDWHDXSHRVWDQFD8QXOHUDSOHVXYVLXQXOVWDWHDPDLvQFROR
&LFDGRLYXOWXULHUDXSHRVWkQFD8QXOHUDSOHVXYVLXQXOHUDVDFDGD
(UDXGRLFRSLLSHXQXOvOFKHPD,RQVLSHXQXOvOFKHPDP
DVDDFDVD
Ì&HLWUHFHXOWLPDGDWDSULQFDSXQHLJk]HFkQGVHORYHVWHGHSDUEUL]XOXQHLPDVLQL"
5)XQGXO
Ì&HIDFHYDFDODOXPLQDVRDUHOXL"
58PEUD
Ì&HIDFGRXDYDFLODOXPLQDVRDUHOXL"
53ODMD
Ì'HFDDUHFLRFDQLWRDUHDFLRF"
5&DVDQXVHEDWDFXFDSXOGHFRSDFL
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
&HLPDLPLFDVLPDLPLFDGHFkWSXWDGHIXUQLFD"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì6LFDUHLSRDQWDEDQFXOXL"
5&DVWUDYHWLLQXXPEODvQWXUPD
9LQHXQFDOvQWUXQEDU%DUPDQXO
%DFHIDWDOXQJDIDFL
Ì&XPIDFGUDJRVWHRFKHODULVWLL"
5ÌVLGDXRFKHODULLMRVVLVHI
WFDFKLRULL
Ì&HLQHJUXPLFVLEDWHODXVD"
59LLWRUXO
Ì&HLQHJUXVWDSHKROVLVHGDODRDPHQL"
57HOHIRQXO
Ì&HVWDGXSDXVDVLFkQGLQWULvQFDVDvWLGDVXWXULvQIXQG"
52PDVLQDDXWRPDWDGHGDWVXWXULvQIXQG
Ì&HVWDGXSDXVDVLFkQGLQWULvQFDVD18vWLGDVXWXULvQIXQG"
52PDVLQDDXWRPDWDGHGDWVXWXULvQIXQGURPkQHDVFD
Ì&HHPDUHXUkWIDFH]JRPRWVFRDWHIXPVLWDLHPRUFRYLLvQ"
50DVLQDURPDQHDVFDGHWDLDWPRUFRYLLvQ
Ì&HHPLFYHUGHVLXPEODSULQSDGXUH"
50LFXOYHUGHGHSDGXUH
Ì&HHVWHPLFDOEFXDULSLRDUHVLVXJHVDQJHOHRDPHQLORU"
57DPSRQXODGH]LY/LEUHVVH
Ì&DUHHGLIHUHQWDGLQWUHXQQHJUXVLRDQYHORSDGHPDVLQD"
5$QYHORSDQXFDQWD*RVSHOFkQGvLSXLODQWXUL
Ì&DUHHGLIHUHQWDvQWUHXQX
FDUHFDGHGHODHWDMVXSHULRUQVLXQX
FDUHFDGHGHODHWDMXO"
5$ODFDUHFDGHGHODIDFH$$$$$$$$$$$$EXIDODFDUHFDGHGHODIDFHEXI$$$$$$$$$$
Ì&DUHHVWHGLIHUHQWDvQWUHGHXUVLDOELVLXQXUVDOE"
5XUVLDOEL
Ì&HHYHUGHFXURVXVLVHPLVFDFXPLOHSHRUD"
52EURDVFDvQWUXQPL[HU
2SULVPDVHFDVDWRUHVWHFXXQSDWUXODWHU'XSD]LOHGLYRUWHD]D
Ì'HFH"
53ULVPDHUHUHJXODWD
6HvQWkOQHVFGRLYkQDWRUL
6LPRUDPkQGRL
8QSXQFWQHJUXFDUHXUFDSHDOE
8QSDLDQMHQDVFHQGHQWSHSHUHWH
8QSXQFWDOEFDUHFRERDUDSHDOE
8QSDLQDQMHQDVFHQGHQWFDUHFRERDUDSHSHUHWH
8QSXQFWQHJUXFXGRXDGXQJLDOEH
8QSXULFHFXEUHWHOHDOEH
8QSXQFWDOEFXGRXDGXQJLQHJUH
8QSXLGHSXULFHFXEUHWHOHQHJUH
'RLFDLVWDXvQSLYQLWDVLWDLHEHQ]LQDFXILHUDVWUDXO8QOLIWFRERDUDVFDULOHVL]LFHvQJkQGXOVDX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RLFURFRGLOLIDFHDXIORWDULSHPDUH
1LQRQLQRQLQRYLQHSD]DGHFRDVWD
&HVDSDWLEDDLFL"
$DDQXXXIDFHDPIORWDUL
&HHH"6HFRQILVFD
8QWULXQJKLLVRVFHOLDGHQHYDVWDRIUDFWLH'XSDR]LGLYRUWHD]D
Ì'HFH"
5)UDFWLDHUDRUGLQDUD
8QDUDEVFXWXUDXQFRYRUGHODHWDMXO
8QWUHFDWRUvOvQWUHDED
&HDUHQXSRUQHVWH"
0HUJHDXSHVLQDGHFDOHIHUDWDEHWLYDQL
$XDOHXFHGHVFDULvQEORFXODVWD
6LFHUHFHHEDOXVWUDGD
,DVVVVWLDX]LYLQHVLOLIWXO
'RXDEXIQLWHSHFUDFD
3ULPD%XKXKX
$GRXD%XKXKXvQSL
GDPDWLLFDPDLVSHULDW
'RXDURVLLSHOLQLGHWUHQ8QD
9H]LFDYLQHWUHQXO
&HDODOWD
(WHIOHRVF
'RXDPLQJLLvQGHVHUW0DPDVSXQHILFHL
8LWHDVWDHXQFDFWXV=LVLWX
&DFWXVVVVVVVVVVV
'RXDEDORDQHVHvQDOWDXvQDHU3ULPXO
0DLSRWL"
$OOHD
0DLSRW
0DLSRWL"
0DL32&&&&
'RXDEDORDQHvQGHVHUW]LFHXQXO
9H]LFDvQIDWDQRDVWUDHVWHXQFDFWXVVVVVVVVVVVVVVV
0HUJHDXGRLWLSLSULQGHVHUWXQXFDUDvQVSDWHRELFLFOHWDVLDOWX
RFDELQDWHOHIRQLFD&HOFXFDELQDLQWUHDED
'HFHFDULPDELFLFOHWDDVWDGXSDWLQH"
&LQGYLQEHGXLQLLPDVXLSHHDVLIXJFkWSRW'D
WXGHFHFDULFDELQDWHOHIRQLFD"
&LQGYLQEHGXLQLLDUXQFFDELQDFDVDIXJPDLUHSHGH
0HUJHDREURDVFDSULQGHVHUWVLVHXVFDDOGUDFX
'HRGDWDSULPHVWHXQSXPQvQFHDID6HXLWDLPSUHMXUQLPLFQLVLSVL
FHUVHQLQ
0DLPHUJHREXFDWDPDLSULPHVWHXQSXPQvQFHDIDÌPSUHMXUQLPLFFHUVHQLQ8LWHDVDDSULPLWEURDVFDGRLSXPQLGLQ
VHQLQ
7UHLEURVFXWHPDILRWHvQGHVHUWSULPDVDUHVL]LFH2$&DGRXDVDUHVL]LFH2$&DWUHLDVDUHVL]LFH2$&2$&
3ULPHOHGRXDRRPRDUDSHDWUHLD
ÌQWUHEDUH'HFH"
5DVSXQV)LLQGFDVWLDSUHDPXOWH
0kLQHvQGHVHUWGRXDYDFLVWDWHDXvQWUXQEUDGVLFURVHWDXDSDPLQHUDODFXGRXDFDUDPL]L
7UHFHXQHOHIDQWvQ]ERUVLOHvQWUHDED
&DWHFHDVXO"
8QDVFRDWHXQWHUPRPHWUXVL]LFH
$]LHYLQHULVHGDXUHVWDQWHOHGHMRL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HSDUWHSHVWHPDULSHVWHWDULSHVWHRFHDQHSHVWHPXQWLSHVWHYDLSHVWHGHDOXULSHVWHWXUPHGH
RLHUDRLQVXODPLFDPLFDvQPLMORFXOFDUHLDVHDIODRFRFLRDEDLDUvQFRFLRDEDORFXLDXQSXVWQLFÌQWURGLPLQHDWDVH
WUH]HVWHLHVHGLQFRFLRDEDSULYHVWHVRDUHOHUDVDULQGGHDVXSUDRFHDQXOXLVHvQWLLLLQGHHHHVLVSXQHFDVFkQG
$DDDDDDKKKEDGDFHGHSDUWHVWDX
'RLRUELODFLQHPDWRJUDI6HDVHD]DvQXOWLPXOUkQG3HVWHPLQXWHXQXOvOvQWUHDEDSHFHODODOW
9H]L"
1X
$WXQFLKDLPDLvQIDWD
8QWLSPHUJHDFXPDVLQDvQDIDUDRUDVXOXLFkQGGHRGDWDLVHRSUHVWHPRWRUXO&XPQXVHSULFHSHDGHORFvVLVPXOJHD
SDUXOGLQFDSGHQHFD]FkQGDSDUHXQFDODOEVLLVSXQH
9H]LFDHvQIXQGDWFDUEXUDWRUXOvLVSXQHFHVDIDFDVLSOHDFD
7LSXOUDPkQHPDVFDGDUIDFHFHLD]LVFDOXOVLPLQXQHPRWRUXOSRUQHVWH6HRSUHVWHvQSULPXORUDVODSULPXOSROLWLVWVLL
SRYHVWHVWHWRWXO
1RVDFUHGHWLFHPLVDvQWDPSODWPHUJHDPFXPDVLQDGHRGDWDPRWRUXOVDRSULWVLDDSDUXWXQFDOFDUHPLDVSXVFXPVDO
UHSDU
&HFXORDUHDYHDFDOXODOEVDXQHJUX"vQWUHDEDSROLWLVWXO
$OE
'RP
OH$LDYXWPDUHQRURFFDQXHUDDODQHJUXFDVLDODvWLVSXQHGDUQXVHSULFHSH
8QFLREDQGXSDRIXUWXQDvVLSLHUGHRRDLH3OHFkQGvQFDXWDUHDHLVHvQWkOQHVWHFXXQRPFDUHVDSDFHYD&LREDQXOvO
vQWUHDEDGDFDQXDYD]XWRRDLHLDUDFHVWDvLVSXQHFDDUHGHVDSDWGHDLFLSDQDDFRORFHUDPDQHVDSVLPDLQH&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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
+P+PGDELQHPDL]LFHVLEDUEDWXOFDXWDWRUGHGLVWUDFWLHVLSDVHVWHSHFXORDUODGUHDSWDÌQIDWDvLDSDUXXQPLFWRXFK
VFUHHQVHOHFWLRQV\VWHPSXVvQIDWDDGRXDXVLLGHQWLFH'RULWLREORQGDLvQDOWDSUHVVVDXLLVFXQGDSUHVV]LFHDHFUDQXO
0RUPDLQGFHYDQHLQWHOLJLELOEDUEDWXODSDVDUHSHGH8VDGLQVWkQJDJOLVDLPHGLDWODSHUHWHLQYLWDWRU3DVLQGvQDXQWUX
FOLHQWXOQRVWUXFDUHHUDGLQFHvQFHPDLKRWJDVHVWHXQKROLVRUGLVFUHWFXXQQRXWRXFKVFUHHQ'RULWLREORQGDvQDOWDFX
LVkQLPDULSOHDVHSUHVVVDXLLFXVkQLPLFLSOHDVHSUHVV]LFHDHFUDQXO0kUUDLQGFHYDPDLWDUHRPXOQRVWUXDSDVD
QHUDEGDWRUSH,PHGLDWRXVDPDVFDWDvQ]LGVHGHFKLGHLQYLWkQGGLQQRXPDLGHSDUWH'LQQRXXQFXORDUFXIUXPRDVH
SLFWXULQXGHSHSHUHWLVLGHDFXPFXQRVFXWXOWRXFKVFUHHQGRULWLEORQGHvQDOWHFXVkQLPDULVLVSHFLDOL]DWHvQLSHUYHUVLXQL
SOHDVHSUHVVVDXLLVSHFLDOL]DUHvQVH[FODVLFSOHDVHSUHVV]LFHDHFUDQXOGHGDWDDVWD
1HPDLSXWkQGXVLVWDSkQLXQULFWXVQHUYRVRPXOQRVWUXGDFXSXPQXOvQHFUDQFXDSUR[LPDWLHvQ]RQDXQGHVFULHVLvQFHW
FXRPX]LFDODVFLYDRQRXDXVDVHGHFKLGHvQIDWDVD2PXOVHUHSHGHSULQXVDFDXQXUDJDQ&kQGVHXLWDvQMXUVHWUH]HVWH
SHWURWXDUvQDIDUDFODGLULL=PXOJkQGXVLSDUXOIXULRVRPXORFROHVWHFODGLUHDVLLQWUDGLQQRXODELURXOGHUHFHSWLH
&HLKPPPFHLDVWDGRPQXOH"XUODHOODWkQDUXOUHFHSWLRQHU
:HOOUDVSXQGHWkQDUXOIHWHOHQDXVRVLWvQFDGDUVSHUDPFDYDSODFXWPXOWRUJDQL]DUHDQRDVWUD
7UHLOLSRYHQLDVWHDSWDSHPDOXO'XQDULLVDVHSULQGDFHYDvQXQGLWD'HRGDWDDSDUHXQSRUFPLVWUHW
0DGDFDDUIL&ODXGLD6KLIIHU]LFHSULPXO
$UILELQHVLGDFDDUILQHYDVWDPHD]LFHDOGRLOHD
$OWUHLOHDWDFHSXWLQDSRLH[FDOPDFXQDGXI
&HOPDLELQHDUILGDFDDUILvQWXQHULF
6XQWRERVLW
'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
RSHVWHUDLQWUDVLVHDVFXQGHÌQVDvQSHVWHUDSXWHDGHWHvQGRLD
$LODOWLGRLvOFDXWDSHODQJDSHVWHUDGDUvQSHVWHUDQXDYHDXWXSHXVDLQWUHQXOJDVHVFVLvQWUXQWkU]LXSOHDFDRIWLFDWL
'XSDYUHRRUDLHVHWLSXOODJXUDSHVWHULLPDLPXOWOHVLQDWÌOGRERUkVHPLURVXOGDUGHIULFDvQGXUDVH
7RFPDLDWXQFLWUHFHDSHDFRORXQFLREDQFDUHVLPWHPLURVXOVLvOLQWUHDEDSHWLSFDUHVWDWHDODLQWUDUHDvQSHVWHUD
0DLRPXOHGDFHSXWHvQSHVWHUDDLDFDQXPDLSRDWHRPXOVDUHVSLUHFkQGWUHFHSHDLFL"
$SRLEDGHFLFDWUDLDRGDWD9HUGHLPSDUDWFDUHDYHDGRLILL
$VWLDHUDXGLVSHUDWLSHQWUXFDEDODXUXOFDUHWUDLDvQSHVWHUDDVWDLHVHDODFDWHWUHLOXQLDIDUDVLOHPDQFDFkWHRVXWDGHIHPHL
GLQUHJDW
$WXQFLILXOFHOPDLPDUHVHGXFHODWDWVX
VLvL]LFH
7DWDPDGXFVDPDOXSWFXEDODXUXOFDDVWDvQVFXUWWLPSQHPDQkQFDWRDWHIHPHLOHVLQRVDPDLDYHP
6HGXFHDVWDVHEDWHFXEDODXUXOGDUEDODXUXOvOPDQkQFD6HGXFHGXSDDLDILXOFHOPLFVHEDWHFXEDODXUXOVLvQFHOHGLQXUPD
vQYLQJH
+R+REUH]LFHFLREDQXOGDUFHOHJDWXUDDXWRDWHDVWHDFXWUHDEDQRDVWUD"(XWHDPLQWUHEDWGHFHSXWHDVDWDUHvQSHVWHUD
DVWD"
$SRLQXVWLX]LFHWLSXOVRILFDFDWFDUHYD
8QWDUDQvVLFXPSDUDRGUXMEDGLQ%XFXUHVWL'UXMEDHUDJDUDQWDWDVDWDLHFRSDFL6HGXFHWDUDQXOQRVWUXDFDVDvQ
SDGXUHVLVHDSXFDGHWDLDWFRSDFL'XSDFHWDLHGHFRSDFLGUXMEDQXPDLPHUJH1HUYRVVHGXFHvQDSRLOD%XFXUHVWLOD
ILUPDGHXQGHDFXPSDUDWGUXMEDVLOHH[SOLFDFHORUGHDFRORvQWkPSODUHD
$VWLDRSRUQHVFELQHPHUVL/DFDUHWDUDQXO
'D
FHLFX]JRPRWXODVWDEDL"
'RXDVXEPDULQHLHVODVXSUDIDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(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
Ì&HHDOEVLVHXLWDVILRVGHGXSDXQFRSDF"
58QODSWLFVILRV
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RXDFLXSHUFLFUHVFXWHSHPDUJLQHDSUDSDVWLHL=LFHXQD
'DFDSLFDPGHDLFLPXULPDPkQGRXD
&HDODOWD
0DLWDFLRGDWDGLQJXUDFLXSHUFLOHQXSRWYRUEL
'RLFDFDWLGHFkLQHVWDXSHXQ]LGVLIXPHD]DKDVLV9LQHRGLDUHHVLvQWUHDED
3RWVDWUDJVLHXXQIXP"
1XFHIXPDPQRLHGRDUSHQWUXWLSLLWDUL
'RXDPHUHVWDXGHYRUEDvQSRP2SDUWUHFHvQ]ERU8QXOGLQPHUH
+HLFHLDVWD"3HUHOHQXSRWVD]ERDUH
'DUSDUD
'HFH"(XVXQWRSDUDFXJkWJRODV
Ì&HHYHUGHVLVWDODPDUJLQHDWURWXDUXOXL"
52%URVWLWXDWD
Ì&HHYHUGHVLIXJHSULQSDGXUH"
5%XODXUPDULWGHRKDLWDGHFDVWUDYHWL
Ì&DUHHGLIHUQWDGLQWUHvQWXQHULFVLIULJ"
59DUDQXQLQJHQLFLRGDWD
Ì&DUHHGLIHUHQWDGLQWUH%XFXUHVWLVL3LWHVWL"
5/D%XFXUHVWLSRWLVDWHSLWHVWLGDUOD3LWHVWLQXSRWLVDWHEXFXUHVWL
'RXDYDFLFURVHWDX8QD]LFH
0XXX
/DFDUHFHDODOWD
9DLGUDJD0LDLOXDWYRUEDGLQJXUD
8QSRUFFXDULSLGHFHORIDQ]EXUDSULQYD]GXK/DXQPRPHQWVHFLRFQLFXXQGHOWDSODQGDUSRUFXO]EXUDPDLGHSDUWH
GHRDUHFHYD]GXKXOHUDJUDQGLRV
Ì'HFHDIRVWvQJURSDWvPSDUDWXOYHUGHvQYkUIXOXQXLGHDO"
53HQWUXFDDFRORHUDFLPLWLUXO
Ì&HHPLFURVXVLXUFD"
52URVLHvQWUXQOLIW
Ì'HFHHvQPRUPkQWDWDRIDWDPDUHVXVSHGHDO"
5$FRORHFLPLWLUXO
Ì&DUHLRSXVXOGHODWUHQ"
57XQHO
Ì&kWWLPSWUDLHVFWkQWDULL"
53kQDFHLGDLFXVSUDL
Ì&XPVHQXPHVWHXQ'DFFDUHJkQGHVWH"
5*kQ'DF
Ì&HHVWHPLFURVXFkQGvODUXQFLvQVXVVLFDGHIDFHPLDX"
52ULFHQXPDLVDFDGDSHSLVLFD
Ì&HHYHUGHDWkUQDGHSHUHWHVLODWUD"
58QFkLQHvQUXFVDF
Ì&DUHLGLIHUHQWDGLQWUHXQ:&VLXQFLPLWLU"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
51LFLXQD'DFDWUHEXLHPHUVDWXQFLWUHEXLHPHUV
3HLVDMGHODWDUD
ÌQDPXUJGHVHDUDRWDUDQFDPXOJHDYDFDÌQODFVHYHGHDLQYHUV
Ì&DUHHVWHGLIHUHQWDGLQWUHRJDLQD"
5*DLQDDUHGRXDSLFLDUHSDUDOHOHGDUPDLDOHVVWkQJXO
Ì&DUHLGLIHUHQWDGLQWUHXQYDSRUVLRSLVLFD"
59DSRUXOSOXWHVWHSHDSDGD
FXSLVLFDQXSRWLVDEDWLFXLH
Ì&HLYHUGHDUHPXOWHRXDVLFkQWD"
5)DQIDUDPLOLWDUD
8QRPVHGXFHODXQPDJD]LQFXDQLPDOHGHFDVDVDvVLFXPSHUHXQXUVSRODU9kQ]DWRUXOvLYLQGHXQXOGDUvLDWUDJH
DWHQWLD
8UVXOSRODUHXQDQLPDOPLQXQDW'DUYDDWUDJDWHQWLDVDQXvODWLQJHWLQLFLRGDWDSHERW
7UHFHRYUHPHVLRPXOQRVWUXQXVHPDLSRDWHDEWLQHVLDWLQJHQDVXOXUVXOXL$FHVWDVHULGLFDvQGRXDODEHVFRDWHXQPRUPDLW
vQILRUDWRUVLVHSRUQHVWHDVXSUDVWDSkQXOXL2PXOQRVWUXIXJHVSHULDWSHWUHSWHvQMRVXUVXOGXSDHO,HVHvQFXUWHXUVXOGXSD
HO,DUDvQWUDvQFDVDLDUDVXVSHWUHSWLXUVXOWRWGXSDHO&DGHIXJDULWXOH[WHQXDWVLXVXOvODMXQJHGLQXUPDvODWLQJHFXODED
SHXPDUVL]LFH
7XHVWL
-DPHV%RQGVHvQWkOQHVWHFXXQPHOFSHVWUDGD6HXLWDODHOVLVSXQH
(XVXQW-DPHV-DPHV%RQG
/DFDUHPHOFXO
(XVXQWPHOFPHOFFRGREHOF
%DQFXULGHVSUHVH[VLVH[H
%DQFXULFXEDEH
Ì'HFHSRDUWDWLQHUHOHGHFROWHX"
5&DVDOLVHYDGDVkQLL
Ì'HFHSRDUWDEDEHOHIXVWDPLQL"
57RWGHDLD
Ì&HDXEDEHOHvQWUHWkWH"
5%XULFXO
=LDUXOGHVkPEDWDVFULHSHSULPDSDJLQD%DWUkQDYLRODWDvQSDGXUHD%DQHDVD/XQLvQDFHODVL]LDUDUWLFROXOGHIRQGVH
QXPHVWH,QYD]LHGHEDEHLQSDGXUHD%DQHDVD
2EDEDYLQHODRDOWDEDEDGLQYHFLQLVDPHDUJDDPkQGRXDODELVHULFD
$X]L)ORDUHFH]LFLVDPLLDXVLVXWLHQ"
$SDLLDWLFDSORXDVLLQRURLDIDUD
'RXD EDEH PHUJ SHQWUX SULPD RDUD OD R FXUVD GH FDL VL SDULD]D SH FDOXO FHO PDL IUXPRV $FHVWD SLHUGH VL EDEHOH VH
FRQVROHD]D
1XLQLPLFvQORFXLQWHOHQRDVWUHPLFLQXDPILDYXWRULFXPORFSHQWUXXQFDO
'RXDDGROHVFHQWHvQWUHQ
$SORXDWELQHSHODQRLURVLLOHVDXIDFXWDWkWD
6LSHODQRLFDVWUDYHWLLFUHVFXLWHDWkWD
EDWUkQLFDVXUGDGLQDFHODVLFRPSDUWLPHQWGHWUHQ
6LXQGHVSXQHDWLFDVWDEDLDWXODVWDIHWHOHPDLFKL"
2IHPHLHvQYkUVWDWLQvQGGHOHVDXQFDWHOVHDSURSLHGHWUHFHUHDGHFDOHDIHUDWDVLOvQWUHDEDSHFDQWRQLHU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DFHRUDYLQHWUHQXOGLQVSUH0L]LO"
/D]HFHWUHL]HFL
6LFHOGLQVSUH3ORLHVWL"
'DFDFLUFXODQRUPDOODXQVSUH]HFH
$FXPFkWRILFHDVXO"
(QRXDVLXQVIHUW
+DL%XELSXWHPVDWUDYHUVDP
'RXDEDEH
$X]L]LFHXQDGRXDEDEHFLFDDXIRVWYLRODWHvQ5DKRYD
6LQRLVWDPFDSURDVWHOHDLFL
9DULDQWD
'RXDEDEHFLWHDX]LDUXO
$X]LWX]LFHXQDGRXDEDEHYLRODWHvQ)HUHQWDUL
6LQRLVWDPFDSURDVWHOHvQ7LWDQ
'RXDEDWUkQHVSRURYDLHVFODRFDIHOXWDPLFVLVODED
$PDX]LWGUDJDPHDFDWLSODFILOPHOHVH[L
6LGHFHVDQXPLSODFDÌQIRQGODFHLVDSWH]HFLGHDQLDLPHLHRSODFHUHWRWDOQHYLQRYDWD
'DGDUvWLFXPSHULPHUHXELOHWvQSULPXOUvQGGLQIDWD1XYH]LELQH"
%DGDQLFLQXSRUWRFKHODULGDUQXYUHDXVDDVLVWODFHVHvQWvPSODvQUkQGXULOHGLQVSDWHOHPHX
8QWLSODPDUHIDFHSODMDODQXGLVPVLVHDOHJHFXDUVXULSHWRWFRUSXOLQFOXVLYSHSX
D&XPQXPDLVXSRUWDDUVXULOHLD
XQERUFDQFXLDXUWVLVLEDJDSX
DQHO2EDEDFDUHWUHFHDSHDFRORVHRSUHVWHVLVHWRWXLWDODHO7LSXOVXSDUDWVSXQHEDEHL
&HWHXLWLDVDPDPDLHFHQDLPDLYD]XWSX
D"
%DSX
DDPPDLYD]XWPDLFDFXPVDQXGDUQXVWLDPFXPVHQFDUFD
2EDEXWDRIWD
2IIRIIRII
2vQWUHDEDXQXO
'HFHRIWH]LPDLFD"
%DEXWD
)
FNRII
8QWLSvQWUHQFXXQVRERODQSHXPDUÌQIDWDOXLREDED7LSXOFDWRWRPX
VHVFREHDvQQDVUkJkLDVHVFDUSLQDvQFXU
HWF%DEDFDWRDWHEDEHOHVDRULSLODWUDXODID]DDVWDGD
QD]LVQLPLFSkQDQXVDGDWDVWDMRVGLQWUHQVLDWUHFXWSHSHURQ
SULQIDWDJHDPXOXL
1HVLPWLWXOH)LUHDLDOGUDFX
WXFXWRWQHDPXOWDXXUODEDEDSHJHDPODHO
6DWL I
W PRUPkQWLL PDWLL GH EDED DIXULVLWD FDFDPDV vQ DGkQFXOVXIOHWXOXL WDX VL WkUkPLDV SX
DSH FUXFHD WD UDVSXQGH
RPXO
/DFDUHVRERODQXOGHSHXPDUXOOXLVHEDJDVLHO
6LGDFDDLSLVLFDVDPLVXJDVLSX
D
2EDEDPHUJHODIDUPDFLH
'DWLPLYDURJXQ$FLG$FHWLOVDOLFLOLF
YUHWLRDVSLULQDQX"
$6$L]LFHPDLFD&DWRWvLXLWQXPHOH
&LFDYLQHRGDWDREDEDDFDVDVLRJDVHVWHSHQRUDVDGH]EUDFDWDVLDWXQFLRvQWUHDED
&HIDFLDLFL"
3DLvODVWHSWSHILXWDXVDLDVDGLQEDLHUDVSXQGHQRUD
%DEDLQGLJQDWD
$VD"'H]EUDFDWD"
9HGHQRUDFDQXVHvQWHOHJHFXEDEDVLvL]LFH
(KFXPDVSXWHDVDIDFDVDFHYD"$VWDHFRVWXPVH[
0DURJEDEDRLDGHEXQDVLVHDVHD]DVLHDLQSDWGH]EUDFDWD$SDUHPRVXO
&HIDFLEDERDLFLGH]EUDFDWD"
$DDSDLQXVXQWGH]EUDFDWD3RUWXQFRVWXPVH[
/DFDUHPRVXO
0DLFDOFDOVLWXPDLEDER
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2EDEXWDSHVWUDGD
7LQHUHPDDMXWLVDWUDYHUVH]VWUDGD"
7LSXOLDEUDWXOEDWUvQHL
$VDVLDFXPDVWHSWDPFDVHPDIRUXOVDDUDWHYHUGH
/DFDUHEDED
3DLDWXQFLSRWVDWUHFVLVLQJXUD
2EDEDPHUJHODJLQHFRORJ'RFWRUXOHUDXQJXUÌLVSXQHODEDED
0HUJHWLVLYDDVH]DWLvQVDORQ
%DEDVSXQH
$PRSUREOHPDODSDVDULFD
&DQGGUVHXLWDvQWUHSLFLRDUHODEDED]LFH
'RDPQDDVWDQHPSDVDULFDDVWDYXOWXUXOSOHVXY
8QPRVVSXQHFDWUHEDEXWDVD
'UDJDPHDEDEDDPRXOWLPDGRULQWDvQDLQWHGHPRDUWH6DPDLIDFRGDWDVH[FXWLQH
%LQHVSXVHEDEDVILRDVD'DUvQDLQWHGHDVWDWUHEXLHVDWLVSXQFDDPXQGHIHFW
&DUH"vQWUHEDPRVXOHWXO
1XPDLDPSDUODGXGXLH
1XLQLPLFVSXVHPRVXO3kQDvWLFUHVWHWLHSDUXOPLVHVFRDODVLPLH
ÌQWUXQ FRPSDUWLPHQWGH WUHQDVH]DWL IDWDQ IDWD R EDED VL XQ EDUEDW vQVRWLW GH R WkQDUD FDP ]JORELH FX XUPHYDJL GH
IXVWD'XSDXQWLPSWkQDUDVHXUFDvQEUDWHOHEDUEDWXOXLVLQXVLSUHDJDVHDORFXO%DEDFRQWUDULDWDvQWUHDED
1XYDVXSDUDWLGRPQXOHFLQHHVWHGRPQLVRDUD"
'RPQLVRDUDHVWHSXSLODPHD
%DED QX vQWHOHJH QLPLF VL VSHFWDFROXO FRQWLQXD 0DL vQWUHDED GXSD XQ WLPS SULPHVWH DFHODVL UDVSXQV VL WRW QHODPXULWD
UDPkQH3HQWUXFDVHDSURSLDVWDWLDXQGHWUHEXLDVDFRERDUHvQWUHDEDKRWDUkWDVDVLUH]ROYHGLOHPD
1XYDVXSDUDWLGRPQXOHFLQHHVWHGRPQLVRDUD"
'XSDFXPYDPPDLVSXVGRPQLVRDUDHVWHSXSLODPHD
%LQHELQHFDLSHSX
DPDWDOHDVWDYDGGDUFLQHHVWHGRPQLVRDUD"
ÌQWUXQVH[\VKRSLQWUDREDEDWUHPXUkQGUDXGLQWRDWHvQFKHLHWXULOHGHSDUFDPDLDYHDSXWLQVDVLGHDXOWLPDVXIODUH
1XYDVXSDUDWLYLEUDWRDUH3KLOLSVDYHWL"
ÌPLSDUHUDXPDUFDDFHDVWDQXDYHPGDUvQFHUFDWLODPDJD]LQXOGLQFROW
/D PDJD]LQXOGLQFROW DFHHDVLGLVFXWLH VL WRW DVD GH FkWHYD RUL ÌQWUXQ WkU]LX QHRERVLWD EDED LQWUD vQWUXQ VH[\ VKRS FDUH
DYHDWRWFHWLGRUHDLQLPD
1XYDVXSDUDWLYLEUDWRDUH3KLOLSVDYHWL"
'D'RULWLVDFXPSDUDWL"
1XPDPDPLHVSXQHPLQXPDLGHXQGHVHRSUHVWH
9DULDQWD
2EDEDWUHPXUkQGGHPRDUWHGLQWRDWHvQFKHLHWXULOHRvQWUHDEDSHYkQ]DWRDUHDOD6(;6+23
$YHWL9LEUDWRU7XUER;/6XSHU6WURQJODEDWHULL"
'D
6LFXPVHRSUHVWH"
2EDEDFDODWRUHVWHvQWUHQFXQLVWHWLQHULFDUHPHVWHFDXJXPDÌLvQWUHDEDFHPHVWHFDLDUDFHVWLDFDVDVLEDWDMRFGHHDvL
VSXQ FD H SUH]HUYDWLY VL VH FXPSDUD GH OD IDUPDFLH %DED FXP DMXQJH vQ RUDV PHUJH OD SULPD IDUPDFLH VL FHUH XQ
SUH]HUYDWLY9kQ]DWRDUHDRvQWUHDED
0DLSRWLPDLFDPDLSRWL"
/DFDUHEDED
,DFDDVDXQSLFXWSULQWUHJLQJLL
2EDEDYLQHODJUDGLQD]RRORJLFDVLYHGHRPXOWLPHGHDQLPDOHQHFXQRVFXWH$MXQVDvQIDWDFROLYLHLSDSDJDOXOXLLLSDUH
FXQRVFXWDSDVDUHDVLvL]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7XSDVDULFDPLFDVLFRORUDWDSRWLVDYRUEHVWL"
/DFDUHSDSDJDOXO
'DUWXFLRDUDEDWUkQDGDFDSRWLVD]ERULLDLDWL]ERUX
%DQFXULFXPRVQHJLVLSHQVLRQDUL
ÌQWURVWDWLHVHXUFDvQDXWREX]XQPRVQHDJYHGHXQORFOLEHUVLvVLODVDVDFRVDSHVFDXQVLVHGXFHVDVLLDELOHW&kQGVH
vQWRDUFHGLQJUHVHDODVHDVD]DSHVDFRVDVLH[FODPD
2XDOHPHOH
$YHDWLRXDvQVDFRVD"vQWUHEDREDED
1XDYHDPFXLH
6LPSWRPHOHvPEDWUkQLULL
0DLvQWkLXLWLQXPHOHSHUVRDQHORU
$SRLXLWLILJXULOHSHUVRDQHORU
$SRLXLWLVDWHvQFKHLODVOLW
ÌQFHOHGLQXUPDXLWLVDWHGHVFKHLODVOLW
'RLSHQVLRQDULVWDWHDXODWDLIDVSHREDQFDvQSDUF
&HPDLVWLLGH&RVWLFDIRVWXOQRVWUXFROHJ"
6DUPDQXODPXULWDFXPXQDQ
'DU0LWLFDGHYHQHDVLHOSULQSDUF"
6HvPSOLQHVFOXQLGHFkQGODXGXVODFLPLWLU
6L,RQHVFX"QLFLSHHOQXODPPDLYD]XW
%DVDVWLLFDDVWLDQHEDJDFHYDvQSHQVLHFDVDVFDSHFkWPDLUHSHGHGHQRL
'RLSHQVLRQDUL
$X]LWXGHFDQGQXDLPDLIDFXWDPRUFXRIHPHLH"
'HFDQGDPLHVLWODSHQVLH'DUWX"
+PPPPPODIHO&HQHRUILSXVDVWLDLQSHQVLHKD"
'RLPRVLSHREDQFD7UHFHRWLSDWUD]QHW8QXOGLQPRVLFDWUHFHODODOW
0DPDFHPDLSX
DLDUWUHEXLOX
DVWD
/DFDUHWLSDVHvQWRDUFHFDWUHHL
0LHPD"9RXD
'RLEDWUkQLSHREDQFDQSDUF=LFHXQXO
0DLWLLWXPLQWHFHPDLIXJHDPQRLGXSDIHWH"
'D'DUGHFHIXJHDP"
9DULDQWD
7UHLPRVLSHREDQFD7UHFHRWLSDELQH3ULPXOPRV
0DPDFHDVPDLSXSDRSHDVWD
$OGRLOHD
(HHHXDVVLSXSDRVLDVVLSLSDLR
$OWUHLOHD
(HHHHXDVVLSXSDRDVVLSLSDLRVLSDUFDPDLHUDFHYD
8Q EDWUvQ GH SHVWH VDSWH]HFL GH DQL PHUJH vQ OXQD GH PLHUH FX WvQDUD OXL VRWLH ÌQ GLPLQHDWD SULPHL QRSWL SHWUHFXWH
vPSUHXQDWvQDUDFRERDUDODEDUXOKRWHOXOXLvQFDUHVWDWHDXVLFRPDQGDRFDIHDPDUH9D]vQGRFvWGHRERVLWDHVWHEDUPDQXOR
vQWUHDED
&HYDIDFXWEDWUvQXOGXPQHDYRDVWUDVRW"
6WLWLH[SOLFDIHPHLDEDUPDQXOXLFXULRVPHUHXPLDVSXVFDIDFHHFRQRPLLGHPDLELQHGHFLQFL]HFLGHDQLGDUHXDPFUH]XW
vQWRWGHDXQDFDHVWHYRUEDGHEDQL
'RLPRVLVWDXSHEDQFDVLSRYHVWHVF
(XDPDFDVDXQFkLQH
6LHXRIRFD
6LXQGHGRDUPH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
ÌQSDWODSLFLRDUH
'DUQXSXWH"
1XFDVDRELVQXLW
'RLPRVLVWDXSHEDQFD8QXOvL]LFHFHOXLODOW
$$DDDDYHQLWSULLLPDYDDDDUDDD
&HFH]]LLLLLLFL"
$$DDDDYHQLWSULLPDYDDDUDD
&HFH]]LLLLFL"
'XWHGUDFX
GHVXUG
$DDDD$YHQLWSULPDYDUD
'RLPRVQHJLVHvQWkOQHVF
&HPDLIDFL9DVLOH"
8LWHDPIRVWODIHPHL
6LFXPDIRVW"
0DLFXUDWGHFvWODEDUEDWL
3HQVLRQDULLSRYHVWHVF
&UDFLXQXOHVWHFHDPDLIDLQDVDUEDWRDUH
'DUVDIDFLVH[HVWHPDLSODFXW
$GHYDUDWGDU&UDFLXQXULOHYLQPDLGHV
/DXQEDWUkQGHGHDQLYLQHXQUHSRUWHUFDVDOvQWUHEHFXPWUDLHVWHFDUHHVWHVHFUHWXOORQJHYLWDWLLVDOH
(XWLQHUHDPXQSURJUDPIRDUWHIL[SHFDUHOUHVSHFWFXVWULFWHWH8LWHGHH[HPSOXvQILHFDUHGLPLQHDWDODRUDIDFSLSL
,QWHUHVDQWVLPDLGHSDUWH"
3DLODRUDIDFFDFD
%XQVLGXSDDFHHD"
'XSDDFHHDPDVFROGLQSDW
&kQGDPVDLHVODSHQVLHDPVDPDDVH]vQWUXQEDODQVRDUVL]LOHGHDUkQGXODPVDVWDXQHPLVFDW
6LGXSDDFHHD"
'XSDDFHHDDPVDvQFHSVDPDOHJDQ
&LFDHUDRGDWDXQFRQFXUVGHSULQVPHOFL
/RFXO,XQEDWUkQGHGHDQLDSULQVPHOFL
/RFXO,,XQEDWUkQGHGHDQLDSULQVXQPHOF
/RFXO,,,XQEDWUkQGHGHDQLQXDSULQVQLFLXQPHOFGDUVDVWURIRFDWIRDUWHPXOW
'XSDIHVWLYLWDWHDGHSUHPLHUHVHLDXLQWHUYLXULOHVLVHDMXQJHVLODFHOGHSHORFXO,,,
&XPVHIDFHFDQXDWLUHXVLWVDSULQGHWLQLFLXQPHOF"
$SDLIDWDPRVXOXLHXSkQDPDDSOHHHFFSkQDvQWLQGPkQDDDDPHOFXOWXVWL
8QPRVODERUGHO$PELLVXQWGHMDGH]EUDFDWLPRVXOvVLEDJDGRXDJRJRORDVHGHYDWDvQXUHFKLVLvVLSULQGHQDVXOFXR
FODPDGHUXIH(DvQWUHDEDSXWLQQHGXPHULWD
'HFHIDFLDVWD"
/DFDUHPRVXO
'RXDOXFUXULXUDVFFHOPDLWDUHvQYLDWDSULPXO]ELHUHWHOHPXLHULORUVLDOGRLOHDPLURVXOGHFDXFLXFDUV
8QUHSRUWHUYUHDVDIDFDXQUHSRUWDMGHVSUHXQVDWFXRDPHQLORQJHYLYL6HGXFHvQVDWVLEDWHODRSRDUWDÌLUDVSXQGHXQ
PRVFDUHSDUHDIRDUWHEDWUkQ
&HDWLPkQFDWGXPQHDYRDVWUDFDVDDMXQJHWLODYkUVWDDVWD"
3DLYDU]DVHDUDYDU]DGLPLQHDW]DYDU]DODSUkQ]
([WUDRUGLQDU6LFkWLDQLDYHWL"
6HGXFHODDOWXFDUHDUDWDVLPDLEDWUkQ
&HDLPkQFDWGXPQHDWDGHDLDMXQVODYkUVWDDVWD"
3DLWDLFDODSWHVHDUDODSWHODSUkQ]VLODSWHGLPLQHDWD
6LFkWLDQLDLWDLFD"
$OWXFDUHDUDWDPDLEDWUkQGHFkWFHLODOWLGRL
&XFHWHDLKUDQLWPDWDFDVDDMXQJLODDFHDVWDYkUVWD"
2WXLFDGLPLQHDWDRWXLFDODSUkQ]RWXLFDVLRIHPHLHVHDUD
1HPDLSRPHQLW&kWLDQLDLWDWDLH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QPRVLQWUDvQWUXQERUGHO2vQWUHDEDSHSDWURDQDGHSUHWXULOHSHQWUXRSDUWLGDGHDPRU
GHGRODULvQSDWSHQWUXXQDVFXUWDvQEDLHVLGDFDRIDFLSHMRV
0RVXOHWXOVFRDWHGHSDUDLVLLGDSDWURDQHL
%LQHPRVXOHYDGFDYUHLVRPDLVDYXUH]LRXOWLPDGDWDvQSDW
%D1X'H=(&(RULSHMRV
8QWLSGHRSW]HFLGHDQLVHGXFHVDVLIDFDFRQWUROXOPHGLFDODQXDO'RFWRUXOvLDVFXOWDLQLPDFXVWHWRVFRSXOVLvQFHSHVD
VHPLUH
2KRK
2PXOvOvQWUHDEDSHGRFWRU
&DUHLSUREOHPD"
3DLVSXQHHODYHWLXQPXUPXUODLQLPD)XPDWL"
1XVSXQHPRVX
%HWLPXOW"
1X
9LDWDVH[XDODDYHWL"
'DELQHLQWHOHV
3DLDWXQFLVSXQHGRFWRUXOPLHIULFXFXPXUPXUXODVWDVDQXIDFHWLYUHXQLQIDUFWDVDFDYDWUHEXLVDUHQXQWDWLODMXPDWDWH
GLQHD
8LWkQGXVHSHUSOH[ODGRFWRUPRVXVSXQH
&DUHMXPDWDWHSULYLWXOVDXJkQGLWXO"
'RLPRVLGLVFXWD=LFHXQXO
6LDPIRVWDVHDUDODXQUHVWXUDQWVXSHUE0kQFDUHDDIRVWGHRVHELWGHJXVWRDVDPX]LFDEXQDVHUYLUHDH[FHSWLRQDOD
&DUHLQXPHOHUHVWDXUDQWXOXL"vQWUHDEDFHODODOW
9DLFHPLVFDSD]LXQQXPHGHIORDUH3RDWH
/LOLDF
1X
9LRUHOH
1XQX
5RVH
$VWDH5R]D&DUHLQXPHOHUHVWDXUDQWXOXLODFDUHDPIRVWDVHDUD"
'RLSULHWHQLGHYkUVWDDDVHvQWkOQHVFGXSDPXOWLPXOWLDQL8QXOSHVLPLVWFHODODOWRSWLPLVW3HVLPLVWXOFDWUHRSWLPLVW
3ULHWHQHVDvQWkPSODWFHDPDLPDUHQHQRURFLUHGLQYLDWDPHD
&DUHPD"
0LDPXULWSX
D
/DFDUHRSWLPLVWXO
6LFHPDDVWDHQHQRURFLUH"8LWDWHFDVLPLHPLDPXULWGDUYH]LFHIUXPRVDWkUQD"
'RLSHQVLRQDULVWDXvQSDUFVLGLVFXWDGHVSUHYLDWDORUVH[XDOD=LFHSULPXO
6RWLDPHDVLHXDYHPRGDWDSDDQVH[
=LFHDOGRLOHD
6RWLDPHDVLHXDYHPDSURDSHvQILHFDUH]LVH[
3ULPXOIDFHRIDWDOXQJD
$SURDSHvQILHFDUH]L"$VWDQXFUHG&XPDVD"
3DLOXQLDSURDSHFDDPDYXWVH[PDUWLDSURDSHFDDPIDFXWVH[PLHUFXULDSURDSH
,QWUDXQWLSvQWUXQEDUVHGXFHODEDUPDQVLL]LFH
%DGDFDLRWLULGLFPDVDDVWDIDUDVDPLVFQLPLFGHSHHDDVDFXPHDFXPvPLGDLRVWLFODGHZKLVN\"
'DGRPQHLWLGDXGDKDLVDWHYDG
6HFRQFHQWUHD]DDVWDVLULGLFDPDVDIDUDVRDWLQJDIDUDVDPLVWHQLPLFGHSHHDHWFÌLGDDODVWLFODODFDUHDVWD]LFH
$FXPVDIOXLHUHFDUHYD
)OXLHUDXQXGHDFRORVLPDVDVHODVDvQFHWMRV
$GRXD]LLQWUDGLQQRXDVWDQEDUVHGXFHODEDUPDQvL]LFH
'DDFXGDFDWLULGLFPDVDDLDGHELOLDUGIDUDVRDWLQJIDUDVDPLVFELOHOHGHSHHDGDLWUHLVWLFOHGHZKLVN\"
'DXGDVHWHYDGFRULGLFL
6HSXQHDVWDVHFRQFHQWUHD]DVHFRQFHQWUHD]DVLGHRGDWDvQFHSHPDVDVDVHULGLFHvQFHWQLPLFQXVHPLVFDSHHDWRWXORNÌL
GDEDUDPDQXOVWLFOHOHDVWDSXQHGLQQRXSHXQXOVDIOXLHUH PDVD VHODVDMRVIUXPRV$WUHLD]LLQWUDDVWDQEDUVHGXFHOD
EDUPDQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$PULGLFDWPDVDDVWDPDVDGHELOLDUGGDDFXXLWHGDFDLULGLFSX
DPRVXOXLDODGHDFRORHUDXQXKRGRURJLWGHWRWGDLR
ODGDGHZKLQVN\"
%DDLULGLFDWWXPDVDGHELOLDUGVLFHRLPDLILULGLFDWGDDVWDQDLFXPVRIDFL+DLFDWLGDX
6HGXFHDVWDVHFRQFHQWUHD]DVHFRQFHQWUHD]DVHFRQFHQWUHD]DOLQLVWHGHSOLQDvQFDUFLXPDVLGHRGDWDvQFHSHPRVXOXLVDLVH
VFRDOH&kQGLVHVFRDODGHWRWWRDWDOXPHDvQFHSHVDDSODXGHGDPRVXVFRDWHSLVWRDOHOH
&DUHIOXLHUDOvPSXVF
'RLPRVLVWDXGHYRUED
%DWUkQDPHDSRDUWDVXWLHQHFDWROLFHVWL
+D&HVXQWDVWHD"
6LPSOXFXPGHVIDFLFODPDGHODVSDWHvQIDWDSLFDGRLvQJHQXQFKL
'RLEDWUkQLvVLDPLQWHVFGHXQKRWHOXQGHGXSDPDVDWLVHSUH]HQWDXQVSHFWDFROGHVWXOGHQHRELVQXLW8QDUWLVWLVLVFRWHD
VH[XOVLIRORVLQGXOFDSHXQFLRFDQVSDUJHDWUHLQXFLGLQWURORYLWXUD&HLGRLUHYLQODDFHODVLKRWHOGXSDPDL PXOWLDQLVL
FRQVWDWD FDQX VDUHQXQWDWvQFDOD VSHFWDFRO $UWLVWXO vPEDWUkQLVH GDU HUD WRW DFROR 'H GDWD DVWD vQVD D VSDUW QX WUHL QXFL
QRUPDOHFLWUHLQXFLGHFRFRV/DVIkUVLWFHLGRLVDXGXVvQFDELQDDUWLVWXOXLVLODXvQWUHEDW
'HFHDWLIDFXWDFHVWDVFKLPEDUHvQSURJUDP"
$UWLVWXOOHUDVSXQGH
$KVWLWLVLYRLFXPHRGDWDFXYkUVWDQXPDLYH]LFKLDUDWkWGHELQH
'RLEDWUkQLVWDXGHYRUED
&kQGHUDPWkQDURIHWLVFDQDVXSHUEDHUDSHSXQFWXOGHDVLVDFULILFDYLDWDSHQWUXPLQH
&XPDVD"
'D$PFHUXWRvQFDVDWRULHVLPLDVSXVFDGHFkWVDVHPDULWHFXPLQHPDLELQHVHDUXQFDvQDLQWHDWUHQXOXL
8QEDWUkQVHODXGDODFOXEXQXLDPLF
$VHDUDDPGXVDFDVDWUHLGDQVDWRDUH
$VXSHUILFLDOFXPWHVWLXGLQWRWGHDXQD
6LPDPFXOFDWFXILHFDUH
2RRFXDSHWLWXOWDXVH[XDOH[DJHUDW
6LSHILHFDUHDPGXVRODRUJDVP
(KHDLEXQHFXQRVWLQWHOLQJYLVWLFH
ÌQ&LVPLJLXSHREDQFDGRLPRVLGD
PRVLPRVLGLVFXWDXGHVSUHYLDWDORUVH[XDOD
8LWH FXP IDF HX HX PD GHVFXUF FX OLPED PD GXF OD EDED PHD DFDVD R GH]EUDF vL SXQ QLVKWH ]DKDU vQ SL
GD vPL SXQ
RFKHODULLVLvQFHSVROLQJ
%LQHELQHvQWHOHJFDRGHEUDFLvLSXL]DKDUGDUGHFHvWLSXLRFKHODULL"
3DLGDFDVHEHVHVWHVDQXPLVDUD]DKDUvQRFKL
'RLPRVLvQSDUFYDGRIDWD8QXOGLQHLVHGXFHGXSDHDFHODODOWvLVSXQHVDYLQDDD]LVDvLSRYHVWHVFDFHDIDFXW$
D]LPRVXOSRYHVWHVWH
3DLVDYH]LWLSDPDLQYLWDWODHD
6LVL"vQWUHDEDQHUDEGDWRUFHODODOW
0RVXOFRQWLQXD
/DSULPXODIRVWFDvQWLQHUHWHH[WUDRUGLQDUODDOGRLOHDDXvQFHSXWGXUHULvQJHQXQFKLGDUDPHUV
0DWXDLOXDWYLDJUD"VSXQHFHODODOW
1XPDQDPOXDWQLPLF]LFHPRVXO$SRLODDOWUHLOHDDvQFHSXWVDVHIDFDVLPWLWDYkUVWDFHVDLIDFL6LFHVDYH]L*DJLFD
VWDWHDODHWDMXOIDUDOLIW
8QEDWUkQHOJkUERYLWFXEDVWRQVLSDUXODOELWGHWUHFHUHDWLPSXOXLVHSOLPEDSULQSDUF'RLWLQHULPHUJHDXvQVSDWHOHOXLVL
UkGHDXGHHO
%DWUkQHOXOVHvQWRDUFHFDWUHHLVLOHVSXQH
1XYDSODFHEDWUkQHWHD"
&HVSXLWDWDLHDLvQHEXQLW"&XPVDQHSODFDEDWUkQHWHD"
$WXQFLVDQDYHWLSDUWHGHHD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(UDRGDWDXQPRVVLREDEDVLEDEDDYHDGHWRDWHVLPRVX
QLPLFÌQWUR]LPRVX
VHGXFHODSLDWDVLvVLFXPSDUDXQFRFRV
ÌODGXFHDFDVDQDYHDXQGHVDOSXQDÌOGDEDEHLVDvOWLQDVLDVWDvOSXQHvQFRWHWX
HLGHJDLQL7UHFHRUDYLQHEDED
WLSkQG
6DLPRVXOHFDPLIX
HFRFRVX
WDXWRDWHJDLQLOH
ÌOLDPRVX
VLvOSXQHvQFLUHDGDGHYLWHDEDEHL7UHFRUHYLQHEDEDVWULJkQG
6DLPRVXOHFDPLIX
HFRFRVX
WDXWRDWHYDFLOH
6HRIWLFDPRVXSXQHODEDSHHOVLvOGXFHvQGHVHUWVLvOODVDDFRORVDPRDUD6HvQWRDUFHDVWDDFDVDVLFHVL]LFH
%DERXDPIRVWDPSUDSDGLWEXQDWDWHGHFRFRVvQGHVHUWPDLELQHIDFHDPRFLRUEDFXHO
6HGXFHDVWDUHSHGHvQGHVHUWVLJDVHVWHFRFRVX
vQFRQMXUDWGHYXOWXUL,DREkWDVLvLJRQHVWHGXSDFDUHvVL]LFH
$PDMXQVODWLPS(UDXFkWS
DFLVDPLOKDOHDVFD
,DFRFRVXVLVHGXFHDFDVD3HGUXPvL]LFHFRFRVX
%DFDFDPDVSHRFKLLWDLGHERXGHFHPDLOXDWFDG
DELDvLDWUDVHVHP
ÌQWDPYDLvQJKHVXLDODVLXQPRVXOLFDGHSHVFDXQLVHDGUHVHD]DXQHLGRPQLVRDUHFHVWDWHDvQSLFLRDUH
'DFDGRULWLSXWHWLVDVWDWLODPLQHvQSRDOD
7kQDUDFXWXSHXVHDVHD]D'XSDFkWHYDPRPHQWHPRVXOGDVHPQHGHQHOLQLVWHVLMHQDWvLVSXQHWLQHUHL
$WLYUHDYDURJIUXPRVVDYDULGLFDWL"6WLWLFUHGFDWRWXVLQXVXQWDVDGHEDWUkQFXPFUHGHDP
1HSRWXOvVLvQWUHDEDEXQLFXO
0RVXOHFHWLDLGRULPDLPXOW"2JDJLFDEXQDVDXRERPERDQDFXODSWH"
/DFDUHEXQLFXO
0DLGUDFHWXVWLLFDQXPDLDPGLQWLvQJXUD
2JDVFDGHEDLHWLVWULJDGXSDXQPRV
+HLEXQLFXFHDL]LFHVDWLWUDJHPFkWLYDSXPQL"
/DFDUHPRVX
$X]LPD$FXGHDQLDPIX
XWRJDLQD$VDFDVDUSXWHDVDILXWDWLFX
VLQXEXQLFX
8QEDWUkQGHGHDQLWUHEXLHUDVvQ]RQDJHQLWDODvQYHGHUHDXQHLRSHUDWLL6RUDYLQHVLFkQGGDSDWXUDODRSDUWHYHGHR
VFXODLPHQVD
&HFLRFDQH[FODPDHD
'D]LFHPRVX
DFXDQLPLDPOHJDWRJDOHDWDFXDSDGHVFXODVLDPDOHUJDWGHPHWULLFXPkLQLOHVXV
'DUDVDWQXPDLPHUJHD]L]LFHVRUD
1XQX]LFHPRVX
QXPDPDLWLQJHQXQFKLL
8QPRVODD]LOvLSRYHVWHVWHXQHLFROHJHFDUDSRVDWDVRWLHvLWLQHDSX
DvQPkLQLODFXOFDUHVLQXPDLDVDSXWHDVDDGRDUPD
%DWUkQDPLORDVDvODMXWDGHFLVLHDVDSRDWDGRUPLPRVXO6LvQWUDGHYDUPRVXODGRDUPHVLGRDUPHFDXQFRSLODV'DURGDWD
PRVXYLQHODHDVLL]LFH
ÌPLSDUHUDXGDUDPJDVLWDOWD
%DEDVXSDUDWD
6LFHPDURJDUHHDVLHXQXDP"
ÌLWUHPXUDPkLQLOH
9DULDQWD
8QPRV ODD]LOvLSRYHVWHVWHXQHLFROHJHFDUDSRVDWDVRWLHvLWLQHDSX
DvQPkLQLODFXOFDUHVLQXPDLDVDSXWHDVDDGRDUPD
%DWUkQDPLORDVDvODMXWDGHFLVLHDVDSRDWDGRUPLPRVXO6LvQWUDGHYDUPRVXODGRDUPHVLGRDUPHFDXQFRSLODV'DURGDWD
PRVXYLQHODHDVLL]LFH
ÌPLSDUHUDXGDUDPJDVLWDOWD
%DEDVXSDUDWD
6LFHPDURJDUHHDVLHXQXDP"
3DUNLQVRQ
8QPRVVRVHVWHODERUGHOVLVHLQWHUHVHD]DGHSUHWXUL6HIDvLVSXQH
vQSDWvQSLFLRDUHVLSHFRYRU
0RVXSXQHSHPDVD6HID
'HFLYUHWLXQQXPDUFXUDWVLvQJULMLW"1XLDVD"
/DFDUHPRVXOVXJkQGXVLSURWH]D
1W]'HRULSHPRFKHWD
8QPRVQHDJYLQHODGRFWRU
'RFWRUHFUHGFDDVDvQFHWRVDGHYLQLPSRWHQW
6LFXPVHPDQLIHVWDDVWD"
3DLVDYHGHWLLHULGXSDPDVDGHWUHLRULD]LQRDSWHGHGRXDRULVLD]LGLPLQHDWDQXPDLRGDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2EDEDVHSULYHDODRJOLQGD0RVXOVHDSURSLHVLRvQUHDED
/DFHWHXLWL"
/DVkQLLPHL$QWUHQRUXOPLD]LVFDDPQLVWHVkQLFDRIHPHLHODGHDQL
6LQXWLD]LVFDDLVLXQFXUFDGHGHDQL"
1XGHVSUHWLQHQXDPYRUELW
8QPRVQHDJPHUJHODERUGHOSODWHVWHVLvVLLDRWLSDWDUHODSDWÌQWLPSFHOXFUHD]DRvQWUHDED
(LFXPVXQW"
&DWUHLGHQX
&XPHDLD"
3DLQXHVWLWDUHQXHVWLvQDXQWUXVLQXvWLSULPHVWLEDQLLvQDSRL
5DXWDFLRDVHODDGUHVDEDUEDWLORU
Ì&HLVHvQWkPSODXQXLEDUEDWGDFDLVHWDLHSX
D"
5$XWRPDWFDSXOSUHLDFRPDQGD
Ì&XPVHGHILQHVWHVRWXOSHUIHFW"
58QWLSFXROLPEDGHGHFHQWLPHWULFDUHSRDWHVDUHVSLUHSHXUHFKL
Ì&DUHLDVHPDQDUHDGLQWUHXQEDUEDWVLXQVRDUHFH"
5$PkQGRLWUDJODJDXUD
Ì7RWLEDUEDWLLVXQWQHEXQL"
51XXQLLUDPkQEXUODFL
Ì&HHVWHXQVRW"
58QDPDQWFDUHVLDIRUWDWSUHDPXOWQRURFXO
Ì6WLWLFDUHHGLIHUHQWDGLQWUHXQEXUODFVLXQRPvQVXUDW"
5%XUODFXOVHSRDWHGDMRVSHDPEHOHSDUWLDOHSDWXOXL
Ì'HFHVXQWEDUEDWLLOLPLWDWL"
5)LLQGFDVXQWPRQRWRQLVLPDUJLQLWL
Ì&DUHHVWHDVHPDQDUHDGLQWUHXQEDUEDWVLRWHOHFRPDQGD"
5$PELLVXQWVLPSOLXVRUGHIRORVLWVLGHRELFHLvLJDVHVWLSHOkQJDWHOHYL]RU
Ì'HFHVXQWEDUEDWLLFDYLVFROXO"
51XVWLLFkQGYLQHQXVWLLFkWLFHQWLPHWULYDDWLQJHVLQXVWLLQLFLFkWYDGXUD
Ì'HFHHVWHJUHXIHPHLORUVDJDVHDVFDXQEDUEDWFDUHDUDWDELQHHvQJULMLWVLHVLVHQVLELO"
53HQWUXFDDVWIHOGHEDUEDWLDXGHMDXQSULHWHQ
Ì&HvVL]LFHPLUHDVDGXSDQRDSWHDQXQWLL"
5'RDPQHDMXWDFDQXDPDUXQFDWvQFDYLEUDWRUXO
Ì&XPVHQXPHVWHJUDVLPHDGLQMXUXOSHQLVXOXL"
5%DUEDW
Ì&DUHHGLIHUHQWDGLQWUHRFkUFLXPDVLFOLWRULV"
5&kUFLXPDRJDVHVFvQWRWGHDXQDEDUEDWLL
Ì&kQGYDORUHD]DXQEDUEDWGHOHL"
5&kQGRXDOHVHLHIWLQHVFOD
Ì&HHXQEDUEDWvQWUXQEXWRLFXDFLGVXOIXULF"
56ROXWLDSUREOHPHL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&HJUHVHDODIDFHRIHPHLHFkQGVHPDULWD"
53HQWUXXQFkUQDWLDWRWSRUFXO
Ì&XPVHQXPHVWHXQEDUEDWFXGLQFUHLHUDPSXWDW"
5(XQXF
Ì'HFHVXQWIHPHLOHGHRELFHLIUXPRDVHVLPDLSXWLQLQWHOLJHQWH"
53DQWUXFDEDUEDWLLYDGFXPXOWPDLELQHGHFkWJkQGHVF
Ì'HFHFDXWDIHPHLOHVDILHFkWPDLDUDWRDVH"
53HQWUXFDODEDUEDWLLIXQFWLRQHD]DPDLELQHRFKLLGHFkWJkQGLUHD
Ì'HFHQXSUHDIDFIHPHLOHJOXPHFXEDUEDWL"
5'LQGUDJRVWHSHQWUXDQLPDOH
Ì'HFHVXQWEDUEDWLLFDVL:&XULOHSXEOLFH"
52ULVXQWRFXSDWH:&XULOHRULFDFDWH
Ì'HFHVXQWEDUEDWLLFDVLFDELQHOHWHOHIRQLFH"
52ULVXQWRFXSDWHRULHWHOHIRQXOGHIHFW
Ì&XPVHQXPHVWHXQEDUEDWDUDWRVLQWHOLJHQWDWHQWVLVHQVLELO"
5%DVP
Ì'HFHDXEDUEDWLLEXUWD"
53HQWUXFDSLWLFXOVRPHUVDDLEHFHOSXWLQXQDFRSHULVGHDVXSUDFDSXOXL
Ì'HFHORYHVWHPHGLFXOFRSLOXOQRXQDVFXWSHVWHIXQG"
5/DFHLLQWHOLJHQWLOHFDGHSXOLFLFDMRV
Ì'HFHVXQWEDUEDWLLFDFHDSD"
5'DFDGDLMRVvQYHOLVXOvWLYLQHVDSOkQJL
Ì'HFHSRVHGDEDUEDWLLXQFURPR]RPPDLSXWLQGHFkWSRUFXO"
5&DVDQXOLVHVSLUDOH]HSX
D
Ì&DUHHSDUWHDFHDPDLLQVHQVLELODDSHQLVXOXL"
5%DUEDWXO
Ì'HFHVXQWEDUEDWLLLPXQLODERDODYDFLORUQHEXQH"
53HQWUXFDVXQWSRUFL
Ì'HFHDXEDUEDWLLSLFLRDUH"
5$OIHODUWUHEXLSHQWUXDVHGHSODVDVDUXOH]HSHFRDLHVLVDSXQDIUkQDFXSX
D
Ì'HFHH[LVWDEDUEDWL"
53HQWUXFDYLEUDWRDUHOHQXDGXFEDQLvQFDVD
Ì&HD]LV'XPQH]HXDWXQFLFkQGDFUHDWEDUEDWXO"
53RWIDFHVLFHYDPDLEXQYH]L0HVWHUXO0DQROH
Ì&HDUHRIHPHLHFXGRXDRXDvQPkQD"
5$WHQWLDWRWDODVLQHSDUWLQLWDDEDUEDWXOXL
Ì'HFHVXQWEDUEDWLLVXQWFDVLEHWHOHGHFKLEULW"
5'DFDvLDSULQ]LvVLSLHUGFDSXO
Ì&HDUHSLFLRDUHXQ,4GHVLPLURDVHDEHUH"
57UHLEDUEDWLvQIDWDWHOHYL]RUXOXLODPHFLXOGHIRWEDO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9DULDQWD
Ì&HDUHSLFLRDUHVLXQ,4GH"
5EDUEDWLODELUW
Ì&XPVHQXPHVWHXQEDUEDWFXXQ,4GH"
5'RWDW
Ì'HFHQXH[LVWDSLOXOHDQWLEDE\SHQWUXEDUEDWL"
53HQWUXFXUXULVHIRORVHVFvQFDVXSR]LWRUH
Ì'HFHDXEDUEDWLLGHPXOWHRULDVFKLLGHOHPQVXEXQJKLL"
5'HODVFDUSLQDWvQFDS
Ì'HFHDXIXVWHOHIHUPRDUXOODVSDWH"
52LQYHQWLHGHDEDUEDWLORUFUHDWRULLGHPRGD VXQWPDL DOHV EDUEDWLSHQWUXD DMXWD IHPHLOH OD vPEUDFDW VL PDLDOHVOD
GH]EDUDFDW
Ì'HFHSRDUWDIHPHLOHSDQWRILFXWRFXUL"
52DOWDLQYHQWLHGHDEDUEDWLORUSHQWUXDWUDLFXLPSUHVLDFDIHPHLOHDXQHYRLHGHVSULMLQXOORU
Ì'HFkWLEDUEDWLHQHYRLHSHQWUXDVFKLPEDRKkUWLHGHVWHUVODEDLH"
51XVHVWLHXQDVWIHOGHIHQRPHQQXDPDLIRVWREVHUYDWSkQDDFXP
Ì'HFHVXQWEDUEDWLLFDVLGLQWLL"
53HQWUXFDFUHVFJUHXVLRGDWDFHvLDLFUHD]DSUREOHPHVLGHPXOWHRULGRULDUFkQGWHDLVFDSDWGHHLODVDJDXUL
Ì&HHVWHFkQGXQEDUEDWVWDvQDSDSkQDODEUkX"
5$SDvLWUHFHSHVWHQLYHOXOOXLGHvQWHOHJHUH
Ì&DUHHGLIHUHQWDGLQWUHXQEDUEDWVLXQFDXFLXFGHPDVLQD"
58QFDXFLXFGHPDVLQDDUHSURILO
Ì&kWFRVWDXQEDUEDW"
5&XLQIODWLDDVWDRXDOHVHVFXPSHVFvQWUXQD
Ì&HIDFHRIHPHLHGLPLQHDWDFXFDFDWXOHL"
5ÌLXQJHRIHOLHGHSkLQHFXXQWVLvOWULPLWHODOXFUX
Ì'HFHDUHXQEDUEDWXQQHXURQPDLPXOWGHFkWXQERX"
56DQXVHFDFHSULQFDVD
Ì'HFHOHSXWHJXUDEDUEDWLORU"
5&DFLYRUEHVFQXPDLPXUGDULL
Ì&XPVHQXPHVWHXQEDUEDWFDUHVLDSLHUGXWGLQFDSDFLWDWHDGHJkQGLUH"
59DGXY
Ì'HFHvVLGDXEDUEDWLLXQQXPHSX
LL"
5&DVDVWHGHFLQHOHHFRQGXVDYLDWD
Ì&HvQWHOHJHXQEDUEDWGLQWUXQPHQLXFXIHOXUL"
58QKDPEXUJHUVLGR]HGHEHUH
Ì&DUHHDVHPDQDUHDGLQWUHEDUEDWLVLQRUL"
5'DFDSOHDFD]LXDSRDWHGHYHQLvQVRULWD
Ì'HFHDXPDMRULWDWHDEDUEDWLORUSLFLRDUHvQIRUPDGHSDUDQWH]H"
5ÌQWUHSDUDQWH]HVWDXOXFUXULOHPDLSXWLQLPSRUWDQWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&DUHHGLIHUHQWDGLQWUHXQELUWVLXQFOLWRULV"
5%DUEDWLLJDVHVFELUWXOIDUDQLFLRJUHXWDWH
Ì'HFHVHVSDUJHXQ]LGFkQGXQEDUEDWVHVSULMLQDSHHO"
5'HVWHSWXOFHGHD]DvQWRWGHDXQD
Ì&DUHHGLIHUDQWDGLQWUHRSX
DVLRVFXOD"
52SX
DHRFFKHVWLHKD]OLHFXFDUHWHSRWLGLVWUDGHPLQXQHRVFXODHSHUVRDQDFDUHDUHRSX
D
Ì&DUHHGLIHUHQWDGLQWUHXQEDUEDWVLXQLDXUW"
5,DXUWXODUHFXOWXUD
Ì&HDVHPDQDUHHVWHvQWUHXQEDUEDWVLRYDFDQWD"
51LFLYDFDQWDVLQLFLEDUEDWXOQXWLQHvQWRWGHDXQDFkWDLYUHD
Ì&HLQGLFDFUDYDWDODXQEDUEDW"
57HUHQXOGHMRF
Ì&DUHHVWHDVHPDQDUHGLQWUHEDUEDWLVLVHUYHWH"
52ULvWLVWDXvQSRDODRULvWLDWkUQDGHJkW
Ì&HHXQEDUEDWSH/XQD"
58QDVWURQDXW
Ì'DUWRWLEDUEDWLLSH/XQD"
52XVXUDUH
Ì&DUHHVWHDVHPDQDUHDGLQWUHEDUEDWLVL]DSDGD"
5/DIHOFD]DSDGDQLFLQXVHGH]JKHDWDELQHFDVHVLWRSHVFDVDFDQXPDLVXQWEXQLGHQLPLF
Ì&DUHHVWHDVHPDQDUHDGLQWUHEDUEDWLVLFLXSHUFL"
5/DIHOFDFLXSHUFLOHFHLPDLIXPRVLVXQWRWUDYLWRUL
Ì&XPWULPLWLXQEDUEDWODFXOFDUH"
5ÌLVSXLFDYUHLVDYRUEHVWLFXHO
Ì&XPGHILQHVWHXQEDUEDWRVHDUDURPDQWLFD"
56(;
Ì&XPDWUDJLLQWHUHVXOXQXLEDUEDW"
57HGDLFXXQSDUIXPFDUHPLURDVHDEHUH
Ì&HvQWHOHJHXQEDUEDWSULQDWHDMXWDODFXUDWHQLH"
56DVLULGLFHSLFLRDUHOHVDSRWLGDFXDVSLUDWRUXO
5DXWDFLRDVHODDGUHVDIHPHLORU
Ì&XPVHGHILQHVWHRIDWDPDUH"
52IHWLWDGHYUHRDQLGDUXUkWD
Ì&DUHHGLIHUHQWDvQWUHRIHPHLHVLRYXOSH"
51LFLXQDDPkQGRXDVXQWFDXWDWHSHQWUXEODQDORU
Ì&DUHHVWHGLIHUHQWDGLQWUHWkQWDUVLIHPHLH"
53HWkQWDUQXOWLLGHFDSFkQGVXJH
Ì&DUHHGLIHUHQWDGLQWUHIHPHLVLFLRUDSL"
5&LRUDSLLPLURDVHQXPDLGXSDIRORVLQWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&DUHHVWHGLIHUHQWDGLQWUHIHPHLHVLRJOLQGD"
52JOLQGDUHIOHFWDIDUDVDYRUEHDVFDIHPHLDYRUEHVWHIDUDVDUHIOHFWH]H
Ì&DUHHVWHGLIHUHQWDGLQWUHRIHPHLHVLRRJOLQGD"
5ÌQRJOLQGDvWLEHOHVWLRFKLLvQIHPHLH
Ì&DUHHGLIHUHQWDGLQWUHRIHPHLHVLRELFLFOHWD"
5%LFLFOHWDvQWkLRXPIOLVLSHXUPDWHVXLSHHD
9DULDQWD
Ì&DUHHDVHPDQDUHDvQWUHRIHPHLHVLRFDPHUDGHELFLFOHWD"
5%LFLFOHWDRXPIOLLVLGXSDDLDWHXUFLSHHDIHPHLDLQYHUV
Ì&DUHHDVHPDQDUHDvQWUHRIHPHLHVLRELFLFOHWD"
5'DFDQDLFDPHUDPHUJLSHOkQJD
Ì&DUHHVWHGLIHUHQWDGLQWUHRIHPHLHVLXQEDUEDW"
5)HPHLDDUHQHYRLHGHXQVLQJXUEDUEDWFDUHVDvLvQGHSOLQHDVFDWRDWHGRULQWHOH
%DUEDWXODUHQHYRLHGHWRDWHIHPHLOHVDvLvQGHSOLQHDVFDVLQJXUDGRULQWD
Ì&DUHHGLIHUHQWDGLQWUHvQWXQHULFVLWDUH"
5ÌQWXQHULFHWRDWDQRDSWHD
Ì&DUHLGLIHUHQWDGLQWUHRIHPHLHVLRPLQD"
5ÌQPLQDEDJLIRUWDGHPXQFDVLVFRWLPDWHULHSULPD
ÌQIHPHLHEDJLPDWHULHSULPDVLVFRWLIRUWDGHPXQFD
9DULDQWD
Ì&DUHHVWHGLIHUHQWDGLQWUHRPLQDVLRIHPHLH"
5ÌQPLQDLQWUDIRUWDGHPXQFDVLLHVHPDWHULHSULPDODIHPHLHHVWHLQYHUV
Ì6WLLFDUHHGLIHUHQWDGLQWUHRIHPHLHVLREDUFD"
5ÌQEDUFDVWDLvQFXUVLGDLGLQPkLQLLDUODIHPHLHVWDLvQPkLQLVLGDLGLQFXU
9DULDQWD
Ì&DUHHVWHGLIHUHQWDGLQWUHREDUFDVLRIHPHLH"
5ÌQEDUFDVWDLvQFXUVLGDLGLQPkLQLODIHPHLHHVWHLQYHUVFHOSXWLQvQSR]LWLDPLVLRQDUXOXL
Ì&DUHHVWHGLIHUHQWDGLQWUHRPDVLQDVLIHPHLH"
50DVLQDDUHPDLPXOWHJDXULLDUIHPHLHDUHQXPDLGRXD
Ì&DUHLGLIHUHQWDGLQWUHRSURVWLWXDWDVLRFXUYD"
53URVWLWXDWHVHFXOFDFXWRWLFXUYDFXWRWLQXPDLFXWLQHQX
Ì&DUHHGLIHUHQWDGLQWUHRIXVWDOXQJDVLXQDPLQL"
57LPSXOGHOXFUX
Ì&DUHHGHRVHELUHDGLQWUHELVHULFDVLIHPHLH"
5ÌQELVHULFDSULPDGDWDLQWULVLDSRLWHURJL
Ì&DUHHVWHGHRVHELUHDGLQWUHRIHPHLHEXQDVLXQDUHD"
5)HPHLDEXQDVHGXFHvQ5DLIHPHLDUHDVHGXFHXQGHYUHD
Ì&DUHLGHRVHELUHDGLQWUHXQYLEUDWRUVLJGHVRLD"
51LFLXQD$PkQGRXDvQORFXLHVFFDUQHD
Ì&DUHHDVHPDQDUHDGLQWUHIHPHLVLXUDJDQH"
5)LHUELQWLVLXPHGHDWXQFLFkQGYLQ6LFkQGSOHDFDLDXFDVHVLPDVLQLFXHOH
Ì&DUHHVWHDVHPDQDUHDGLQWUHRIDWDVLREURDVFD"
5$PEHORUOHHVWHIULFDGHEDU]D
Ì&DUHHDVHPDQDUHDGLQWUHRIHPHLHVLXQILHUDVWUDXFLUFXODU"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5'DFDQLPHUHVWLSHOkQJDWLHGHJHWX
QFXU
Ì&DUHHVWHDVHPDQDUHDGLQWUHFLFOXOIHPHLORUVLVDODULXOURPkQLORU"
5$PkQGRXDYLQRGDWDODOXQDVLDPkQGRXDWLQ]LOH
Ì&DUHHVWHDVHPDQDUHDvQWUHSDUVLIHPHLH"
5'DFDQXOHvQJULMHVWLDPEHOHWHSDUDVHVF
Ì'HFHGLQEDUEDWLLFDUHDXIDFXWVH[WUHEXLHVDIDFDRSOLPEDUHvQDLQWHGHDDGRUPLOkQJDQHYDVWD"
53HQWUXFDWUHEXLHVDDMXQJDPDLvQWkLDFDVD
Ì'HFHQXDXEDLHWLLFLFOX"
5&DVDQXIDFDIHWHOHURVXQJkW
Ì&HIDFHRIHPHLHFDUHQXDUHFXFHVHvPEUDFD"
56HvQYDOXLHvQWDFHUH
Ì&XPSRWLWUDQVIRUPDRJDLQDvQWUXQSLWEXOO"
52LHLGHQHYDVWD
Ì&DUHHVWHSXQFWXOFHOPDLILHUELQWHDOIHPHLL"
53RGXOSDOPHLFXPvLSXLXQEDQFXPvOWRSHVWH
Ì&HHVWHPLUHDVD"
5)DWDFDUHVFKLPEDDWHQWLDPDLPXOWRUEDUEDWLSHQHDWHQWLDXQXLDVLQJXU
Ì&XPDDSDUXWPDPDGUDFXOXL"
52DPHQLLDXFUH]XWFDGUDFXO ILQGEDUEDWQXSRDWHILGHVWXO GH UDX6L DWXQFLGLQvQWHOHSFLXQH DX FUHDWR SH PDPD
GUDFXOXL
Ì&HHVWHLXELUHD"
5(IRUWXOSHFDUHXQEDUEDWvOIDFHFDVDVHSRDWDPXOWXPLFXRVLQJXUDIHPHLH
Ì&DUHIHPHLVXQWFHOHPDLILGHOH"%ORQGHOH"%UXQHWHOH"5RVFDWHOH"
5&DUXQWHOH
Ì&HOLSVHVWHGLQJHDQWDXQHLIHPHL"
52UGLQHD
Ì'HFHDXIHPHLOHRUJDQHOHVH[XDOHvQDXQWUXOFRUSXOXL"
53HQWUXFDVXQWDWUDVHGHYLGXOGLQFDS
Ì&HIDFHRIHPHLHFkQGVHKROEHD]DODRIRDLHJRDODGHKkUWLH"
5ÌVLFLWHVWHGUHSWXULOH
Ì&DUHHFHOPDLPDUHWUXVWHFRQRPLFGLQOXPH"
5)HPHLD'RXDIDEULFLGHODSWHVLXQDGHOXVWUXLWEDVWRDQH
Ì'HFHRUJDQXOIHPLQLQGHUHSURGXFHUHQXDUHFXUEH"
5'HRDUHFHRUJDQXOEDUEDWHVFGHUHSURGXFHUHQXDUHYRODQ
Ì&HVXQWOXQJLVLSODFHIHPHLORU"
57HOHQRYHOHOH
Ì&XPVHGHILQHVWHVRWLDSHUIHFWD"
52QLPIRPDQDFDUHHSDWURDQDXQXLEDU
9DULDQWD
Ì&XPVHGHILQHVWHIHPHLDSHUIHFWD"
52QLPIRPDQDPXWDDOFDUHLWDWDSRVHGDXQEDU
Ì'HFHVXQWIHPHLOHFRQYHUJHQWH"
53HQWUXFDVXQWPRQRWRQHVLPDUJLQLWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&HDUIDFHEDUEDWLLGDFDDUGLVSDUHDIHPHLOHGHSHIDWDSDPkQWXOXL"
5$UvPEOkQ]LDOWDQLPDO
Ì6WLWLGHFHQXIDFIHPHLOHDUPDWD"
53HQWUXFDvQFOLSDFDQGOLVHRUGRQDFXOFDWHOHVDDUXQFDSHVSDWH
Ì&XPWHSRDWHDMXWDRIHPHLHVDGHYLLPLOLRQDU"
5'DFDHVWLPLOLDUGDU
Ì'HFHUDPkQHIHPHLDJUDYLGDGHFHVHDUGHSkLQHDvQFXSWRUVLGHFHVHvQHDFDRIDWDFDUHFDGHvQIkQWkQD"
55DVSXQVXOHXQXOVLQJXUQDIRVWVFRDVDODWLPS
Ì'HFHIHPHLOHVHIDFFDWHUPLQD"
53HQWUXFDSRW
Ì'HFHVLPXOHD]DIHPHLOHRUJDVPXO"
5)LLQGFDvVLLPDJLQHD]DFDEDUEDWLORUOHSDVD
Ì&DUHDIRVWSULPXOEDUEDWFDUHVLDGDWVHDPDFDHVWHQHYRLHGHRIHPHLHvQFDVD"
50HVWHUXO0DQROHFkQGD]LGLW0DQDVWLUHD$UJHVXOXL
Ì6WLWLFLQHDUHXVLWVDSXQDIHPHLDODORFXOHLvQWRDWDLVWRULDPRQGLDOD"
50HVWHUXO0DQROH
Ì'HFHDXIHPHLOHFXH[DFWXQQHXURQPDLPXOWGHFkWFDLL"
53HQWUXFDDWXQFLFkQGVSDODSHMRVVDQXEHDWRDWDDSDGLQJDOHDWD
Ì'HFHVXQWIHPHLOHFDVLFUDYDWHOH"
5'HRELFHLOHDOHJLSHvQWXQHULFVLGXSDDLDvWLDWkUQDGHJkW
Ì&DUHVXQWDQLPDOHOHSUHIHUDWHDOHIHPHLORU
51XWULDvQGXODS
5-DJXDUXOvQJDUDM
5$UPDVDUXOvQSDW
56LERXOFDUHSODWHVWHWRWXO
9DULDQWD
Ì&DUHVXQWDQLPDOHOHSUHIHUDWHDOHIHPHLL"
59L]RQXOMDJXDUXOVLPDJDUXOFDUHOHSODWHVWH
Ì'HFHvVLIUHDFDIHPHLOHGLPLQHDWDODVFXODUHRFKLL"
53HQWUXFDQXDXFRDLHVDVHVFDUSLQH
Ì&HHSR]LWLYODIDSWXOFDQHYDVWDVHURVWRJROHVWHSHWUHSWHOHSLYQLWHL"
53RDWHVDDGXFDVLFkWHYDVWLFOHGHEHUHFkQGVHvQWRDUFH
Ì'HFHVDUXWDEDUEDWXOPDQDIHPHLL"
53HQWUXFDHVWHPkQDVIkQWDFDUHvQYLHPRUWXO
Ì&kQGFHUHXQEDUEDWPkQDXQHLIHPHL"
5&kQGVDVDWXUDWGHDOXL
Ì'HFHQXDXIHPHLOHOLPLWD"
5)LLQGFDVXQWSHULRGLFH
Ì6WLWLGHFHOHDGDW'XPQH]HXIHPHLORUFLFOX"
53HQWUXFDPHULWD
Ì6WLWLGHFHQXPDLDXIHPHLOHFLFOXGXSDGHDQL"
53HQWUXFDVkQJHOHOHWUHEXLHDFXPSHQWUXYDULFH
Ì'HFHQXDXEDUEDWLLvQFUHGHUHvQIHPHL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5&XPSRWLDYHDvQFUHGHUHvQFLQHYDFDUHGXSDFHVkQJHUHD]DRVDSWDPkQDQXHPRUWvQFD
Ì&XPSRWLDOHJHRIDWDSURDVWDGLQWURVXWD"
5/DvQWkPSODUH
Ì'HFHDXIHPHLOHGRXDSHUHFKLGHEX]H"
58QDSHQWUXDVSXQHWkPSHQLLFDUHWHFDOFDSHQHUYLLDUFHDODOWDSHQWUXvPSDFDUH
Ì&DUHHIHPHLDLGHDOD"
58QDFDUHGXSDVH[VHWUDQVIRUPDvQGRXDOD]LGHEHUHVLGLQFHLPDLEXQLSULHWHQL
Ì'HFHSHQWUXVWDWXLD/LEHUWDWLLVDDOHVFDPRGHORIHPHLH"
53HQWUXFDvQFDSHVWHORFVXILFLHQWSHQWUXDDPSODVDXQUHVWDXUDQW
Ì'HFHDXIHPHLOHSLFLRDUH"
5&DVDDMXQJDGLQGRUPLWRUvQEXFDWDULH
Ì'HFHSRDUWDSDUDVXWLVWHOHWDPSRDQH"
56DQXIOXLHUHvQFDGHUH
Ì'HFHQXGHRVHEHVFIHPHLOHVWkQJDGHGUHDSWD"
53HQWUXFDRDOHOHVXQWURWXQGH
Ì'HFHQXSRWIHPHLOHVDILHIUXPRDVHVLLQWHOLJHQWHWRWRGDWD"
53HQWUXFDvQDFHVWFD]DUILEDUEDWL
Ì8QGHVXQWFHOHPDLIUXPRDVHIHPHL"
5ÌQIRWRJUDILLOHYHFKL
Ì&HUH]XOWDGDFDvQFUXFLVH]LRIHPHLDFXXQSDLDQMHQ"
52IHPHLHGHVHUYLFLFXRSWPkLQL
Ì&HIDFHRIHPHLHvQVSDWLXOFRVPLF"
5&XUDWHQLH
Ì'HFHQXVFKLD]DIHPHLOH"
53HQWUXFDvQWUHGRUPLWRUVLEXFDWDULHQXHVWH]DSDGD
Ì'HFHDXIHPHLOHODEDSLFLRUXOXLDVDGHPLFD"
56DSRDWDVDVWHDPDLDSURDSHGHDUDJD]
Ì'HFHDXIHPHLOHPkLQLOHDVDGHPLFL"
5&kQGVSDODSHMRVVDDMXQJDPDLELQHvQFROWXUL
Ì'HFHIHPHLOHDXSLFLRDUH"
5&DVDQXODVHGkUHFOHLRDVHSHSDPkQWFDPHOFXO
Ì8QGHVXQWFHOHPDLWDSHQHIHPHL"
5/DPRUJD
Ì&HDXIHPHLOHVLVWLFOHOHvQFRPXQ"
5'HODJkWvQVXVQXPDLHVWHQLPLF
Ì&HVDvQWvPSODWFXRIHPHLHFDUHVLDSLHUGXWGLQFUHLHU"
5(VWHYDGXYD
Ì'HFkWLQHJULLDLQHYRLHSHQWUXDFXUDWDGH:&XUL"
5'HQLFLXQXOHVWHWUHDEDGHIHPHL
Ì&HIDFHIHPHLDvQSDWGXSDVH["
5'HUDQMHD]D
9DULDQWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&HIDFHIHPHLDGXSDFHIDFHGUDJRVWH"
53OLFWLVHVWH
Ì&HHVWHYHVQLFLD"
53HULRDGDGHWLPSFDUHWUHFHGHODRUJDVPSvQDSOHDFDIHPHLD
Ì'HFHDXIHPHLOHFRDSVHOHFDOGH"
53HQWUXFDQRLEDUEDWLLVDQXIDFHPRWLWD
Ì&XPSRWLIDFHFDNJGHFDUQHVDDUDWHELQH"
53XQHOHXQVIkUFGHDVXSUD
Ì&DUHHVWHIHPHLDLGHDOD"
56DDLEDXQPHWUXvQDOWLPHXUHFKLOHPDULVLFDSXOSODWSHQWUXFDVDDLXQGHVDSXLSDKDUXOGHEHUHFvQGVXJH
Ì'HFHDXIHPHLOHSDVDULFDDVH]DWDORQJLWXGLQDOVLQXWUDQVYHUVDO"
53HQWUXFDOLVDUIkOIkLFkQGXUFDVFDULOH
Ì'HFHHSDVDULFDRULHQWDWDYHUWLFDOVLQXRUL]RQWDO"
5&DVDQXFORPSDQHFkQGPHUJHSRVHVRDUHD
Ì$WXQFLGHFHQXLREOLFD"
5&DVDQXIDFDFORPSFRVDOID
Ì&HVLGRUHVFEDUEDWLLVLIHPHLOHFkQGVHFDVDWRUHVF"
5%DUEDWXOGRUHVWHFDIHPHLDVDILHODSULPDGUDJRVWHLDUIHPHLDFDEDUEDWXOVDILHODXOWLPDOXLGUDJRVWH
Ì'HFHVHIDUGHD]DIHPHLOH"
5&DVDDUDWHELQH
Ì&LFDGHFHDXEDUEDWLLFUHLHU"
57UHEXLDVDDLEDFDUHYD
Ì&HQXvLSRDWHYHGHDRIHPHLHEDUEDWXOXLQLFLRGDWD"
5*DOEHQXVXOGLQRXDFDDOEXVXOvOSRDWHYHGHDWUHEXLHGRDUVDIUHFHSXWLQ
Ì&DUHHFHDPDLEXQDYRSVHDGHRXD"
55XMXOGHEX]H
Ì&DUHGLQWUHPHWRGHOHGHPDVWXUEDUHODEDLHWLVLODIHWHHVWHPDLPRGHUQD"
5/DIHWHSHQWUXFDHVWHGLJLWDODODEDLHWLHVWHPDQXDOD
Ì'HFHVHGDXIHPHLOHFXSDUIXP"
53HQWUXFDVXQWvPSXWLWH
Ì'HFHDXIHPHLOHFXUXOPDLPDUHGHFkWFDSXO"
53HQWUXFDDWXQFLFkQGVWDXODEkUIDVDQXFDGDGHODIHUHDVWUD
Ì&XPIDFLRYDFDVDXUOHODRUDGLPLQHDWD"
50HUJLDFDVDEHDW
Ì'HFHvVLLDXIHPHLOHFkQGPHUJODWRDOHWDSRVHWDFXHOH"
53HQWUXFDVLHOHYUHXVDWLQDFHYDvQPkQDFkQGVHSLVD
Ì'HFHQXSRDUWDXQHOHIHPHLVXWLHQ"
5&DVDOHVWHDSLHOHDvQWLQVDSHIDWD
Ì&HHVWHFHDPDLJUHXPRQHQWvQWLPSXOXQHLRSHUDWLLGHVFKLPEDUHGHVH[ODXQEDUEDWvQIHPHLH"
5/RJLFVDLVFRDWDFUHLHUXO
Ì&HHPDLJUHXGHIDFXWXQRPVDXRIHPHLHGH]DSDGD"
52IHPHLHFDFLWUHEXLHVDLJROHVWLFDSXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&DUHDIRVWXOWLPXOOXFUXWUDQVPLVGH&KDOHQJHUvQDLQWHGHDH[SORGD"
5$FXPODVIHPHLDODFkUPD
Ì2IHPHLHWUHFHVWUDGDSH]HEUD2PDVLQDRFDOFD&LQHHGHYLQD"
5)HPHLDGDFDVDvQGHSDUWDWGHFLUHDGD
Ì'HFHQXOHWUHEXLHIHPHLORUXPEUHOD"
5$WLPDLDX]LWYRLVDSORXDSHUXWDGLQGRUPLWRUSkQDvQEXFDWDULH"
Ì&HHYkQDWVLDOHDUJDGLQEXFDWDULHvQGRUPLWRU"
5)LHFDUHSRDWHVDvVLFRORUH]HQHYDVWDFXPYUHDHO
Ì'HFHQXSRDUWDIHPHLOHFHDVXULGHPkQD"
5'HRELFHLvQEXFDWDULHHDWkUQDWXQXOGHSHUHWH
Ì&DUHHGLIHUQWDGLQWUHRIHPHLHVLRWXPRDUH"
57XPRDUHDSRDWHILVLEHQLJQD
Ì&XPVHQXPHVWHFDUQHDQHIRORVLWRDUHGLQMXUXOSL
GHL"
5)HPHLH
Ì&DUHHVWHGHRVHELUHDGLQWUH7XUQXO(LIIHOVLSLFLRDUHOHXQHLIHPHL"
51LFLXQD&XFkWVHVXEWLD]DWXUQXOVLSLFLRDUHOHFXDWkWDVHvPEXQDWDWHVWHFDOLWDWHDDHUXOXL
Ì&DUHHGLIHUHQWDGLQWUHRYLUJLQDVLXQ3RUVFKH"
51FLXQDÌQDPEHOHLQWULFXJUHXWDWHGDUFkQGHVWLvQDXQWUXWHVLPWLQHPDLSRPHQLWGHELQH
Ì'HFHDXIHPHLOHFXGHRDVHPDLPXOWGHFkWEDUEDWLL"
53HQWUXFDODHOHFUHLHUXOPDLOXFUHD]DvQFDPHFDQLF
Ì&DUHHGLIHUHQWDGLQWUHXQIULJLGHUVLRIHPHLH"
58QIULJLGHUQXVFRDWHVXQHWHFLXGDWHDWXQFLFkQGVFRWLXQFkUQDWGLQHO
5&kUQDWXOQXSLFXUDDWXQFLFkQGvOVFRWLGLQIULJLGHU
Ì&DUHVXQWFHOHFLQFLPLQXQLDOHIHPHLORU"
56HXPH]HVFIDUDVDIDFDEDLH
6kQJHUHD]DIDUDVDVHUDQHDVFD
'DXODSWHIDUDVDPDQkQFHLDUED
9RUEHVFIDUDDDYHDRWHPDGHGLVFXWLH
YDULDQWD9RUEHVFWkPSHQLLIDUDDILvQWUHEDWH
&KHOWXLHVFEDQLIDUDDLFkVWLJD
Ì&HDUHRULFHIHPHLHODXQPRPHQWGDWvQWUHVkQL"
5%85,&8/
Ì'HFHDOHDUJDIHPHLOHPDLvQFHWGHFkWEDUEDWLL"
53HQWUXFDIUHFDUHDvQWUHSODFLHPDLPDUHGHFkWFHDvQWUHELOH
Ì'HFkWHIHOXULVXQWIHPHLOHODYRODQ"
5&DUHVKRIHD]DFDUHVKRIHUHVFFDUHVKRIHUD
Ì'HFHHRWRDOHWDPDLEXQDGHFkWRIHPHLH"
52WRDOHWDvQJKLWHWRWXO
Ì'HFHDXIHPHLOHWkWH"
53HQWUXFDEDUEDWLLVDOHEDJHvQVHDPD
Ì&HHVWHIHPHLD"
56XSRUWXOSHQWUXWkWH
Ì&DUHHGLIHUHQWDGLQWUHRVRWLHVLRDPDQWD"
5GHNLORJUDPH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&DUHHFHDPDLJUHDSDUWHDRSHUDWLHLGHVFKLPEDUHGHVH[ODXQEDUEDW"
5/DUJLUHDJXULL
Ì'HFHVXQWIHPHLOHVXERUGRQDWHEDUEDWLORUGHSHVWHGHDQL"
57UHDEDDVWDVDFRQVDFUDWGHDOXQJXOWLPSXOXL
%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"
53HQWUXFDOLVHVSXQHFDDWDWDLQVHDPQDFP
Ì'HFHEORQGHOHDXJUHXWDWLODDSUHFLHUHDGLVWDQWHORU"
5&HLPDLPXOWLGLQWUHEDUEDWLLFXFDUHDXIRVWDXVSXVFDDXVFXODGHXQPHWUX
Ì'HFHVXQWEORQGHOHDVDGHXVRUGHFRQYLQVVDIDFDDPRU"
5&XLvLSDVD"
Ì'HFHVXQWEORQGHOHDVDXVRUGHOXDWvQSDW"
5&XLvLSDVD"
Ì'HFHQXSRWEORQGHOHVDPDQkQFHEDQDQH"
51XJDVHVFIHUPRDUXO
Ì'HFHDXEORQGHOHFLFOX"
53HQWUXFDRPHULWD
Ì&HLVSXQHSLFLRUXOVWkQJDOXQHLEORQGHFHOXLGUHSW"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
51LPLFQXVHvQWkOQHVFQLFLRGDWD
Ì&HLVSXQHSLFLRUXOVWkQJDOXQHLEORQGHFHOXLGUHSWGDFDWRWXVLVHvQWkOQHVF"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5$PkQGRXDVHvQGRDLHGHODPLMORFVLSRWILvQFDUFDWHGLQVSDWH
Ì&DUHHVWHvQWUXFKLSDUHDUDEGDULL"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5'HVFKLGHSRUWLHUD
Ì&XPDSULQGHREORQGDOXPLQDGXSDFHDIDFXWGUDJRVWH"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5$LPDLYD]XWVDFUHDVFDLDUEDSHDXWRVWUDGD"
Ì'HFHHREORQGDvQJURSDWDVXEXQSRG"
56DPDLWUHFDFkWLYDSHVWHHD
Ì&HVLSXQEORQGHOHGXSDXUHFKLSHQWUXDILPDLDWUDFWLYH"
5*OH]QHOH
Ì'HFHQXvQRDWDEORQGHOHSHEXUWD"
5'DFDVHVLPWXGHvQWUHSLFLRDUHVHvQWRUFLPHGLDWSHVSDWH
Ì'HFHEDQFXOSUHFHGHQWQXVHSRWULYHVWHGHIHOSHQWUXEORQGH"
53HQWUXFDHOHVXQWXPHGHPHUHX
Ì'HFHWUHEXLHEORQGHOHvQJURSDWHvQVLFULHGHIRUPDWULXQJKLXODUD"
5&kQGVHIDFHvQWXQHULFvVLGHVIDFSLFLRDUHOH
Ì'HFHQXSRWILEORQGHOHvQJURSDWHvQVLFULHGHODWLPHQRUPDOD"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
59DGXYD
Ì&XPVHQXPHVWHREORQGLQDQHFDVDWRULWDFDUHFRQGXFHXQ%0:"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
53HQWUXFDGRDUVH[XOQXHXQPRWLYGHFDVWRULH
Ì'HFHvQWLPSXOFHIDFVH[EORQGHOHvVLLQWURGXFSUH]HUYDWLYHvQXUHFKL"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5$XLWDWWH[WXO
Ì'HFHREORQGDvQHFDWDVHGHSODVHD]DvPSRWULYDFXUHQWXOXL"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
53RDWHOHYL]LWHD]DFLQHYDFDUHQXYUHDVDEHDQLPLF
Ì&HHYHUGHVLVWDvQFDSXOXQHLEORQGH"
$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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
59DFXXPXOGLQFDSQXLSHUPLWHDFHVWOXFUX
Ì&kQGVFULHREORQGDSRYHVWLULKRUURU"
5'DFDVHDIODvQSRVHVLDFDUWLLWDOHGHFUHGLW
Ì&DUHHGLIHUHQWDGLQWUHXQSLWWEXOVLREORQGDIXULRDVD"
55XMXOGHEX]H
Ì'HFHDXEORQGHOHRJDXUDODWkPSODVLRIUXQWHWHVLWD"
5'XWLGHJHWXOODWkPSOD1XVWLX/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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5ÌQFD]XOFkQGDLRSRPSDODWLQHVDLOXPIOLLODORF
Ì'HFHDFRQGXVREORQGDPDVLQDGHRULvQMXUXOEORFXOXL"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5&XRSLOXODDQWLEDE\VLWUHLERPERDQH0 0
Ì'HFHQXOHSODFEORQGHORUERPERDQHOH0 0"
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]LFHRPXVFDvQFDSXOXQHLIHWHEORQGH"
563$&(7+(),1$/)5217,((5
Ì&HVSXQHGRFWRUXOvQDLQWHGHDIDFHRRSHUDWLHSHFUHLHUXQHLEORQGH"
56SDWLXO8OWLPDIURQWLHUD
Ì&XPVHQXPHVWHREORQGDFXMXPDWDWHGHFUHLHU"
51RURFRDVD
Ì&XPPRDUHRFHOXODFHQXVLHDXQHLEORQGH"
56LQJXUD
Ì'HFHPRDUHXQQHXURQvQFDSXOXQHLEORQGH"
5'HVLQJXUDWDWH
Ì'HFHDUHREORQGDQHXURQL"
5(VWHvQVDUFLQDWD
Ì&HVHvQWkPSODGDFDVFRWLFUHLHUXOXQHLEORQGH"
5ÌLFUHVWHFRHILFLHQWXOGHLQWHOLJHQWD
Ì&HVHvQWkPSODGDFDPXWLWRDWHEORQGHOHGLQ3RORQLDvQ%XOJDULD"
5&UHVWHFRHILFLHQWXOGHLQWHOLJHQWDDODPEHORUWDUL
Ì&HUHSUH]LQWDREORQGDFXSDUXOYRSVLWvQQHJUX"
5,QWHOLJHQWDDUWLILFLDOD
Ì'HFHVHVSDODEORQGHOHSHFDSvQFKLXYHWD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
53HQWUXFDDFRORVHVSDODOHJXPHOH
Ì'HFHDXEORQGHOHFUHLHUXOGLPLQHDWDGHGLPHQVLXQHDXQXLEREGHRUH]"
51RDSWHDVHGLODWD
Ì'HFHDXEORQGHOHFUHLHUXOvQGLDPHWUXGHFP"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
57XQHOGHYkQW
Ì&HIDFHREORQGDvQIDWDXQXLSHUHWHGHVWLFOD"
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]HVWHSkQDOD&HOVLXV
Ì&XPVFKLPELLPSUHVLDXQHLEORQGH"
5ÌLVXIOLLvQXUHFKH
Ì'HFkWHEORQGHHQHYRLHVDMRDFHSULQVD"
58QDVLQJXUD
Ì'HFkWHEORQGHHQHYRLHSHQWUXXQMRFGHDYDWLDVFXQVHOHD"
5'HXQDVLQJXUD
Ì&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDUWHODGHWHOHIRQ"
5&DUWHODDUHPHPRULH
Ì&XPWLLREORQGDvQVXVSDQV"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5ÌWLVSXQHXPkLQH
Ì'HFHWLQHEORQGDFXEXULOHGHJKHDWDvQIULJLGHU"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
53H7LWDQLFVWLFkWLVDXvPEDUFDW
&XPGHFXUJHSUHOXGLXOODREORQGD"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5'HILHFDUHGDWDFkQGDXvQFHUFDWOHDUDPDVFDSXOvQWHSHQLWODJXUDERUFDQXOXL
Ì'HFHQXPDQkQFDEORQGHOHFDVWUDYHWLPXUDWL"
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&+,3VXULOH
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5/kQJDPDXVVHDIODREXFDWLFDGHFDVFDYDO
Ì'XSDFHvWLGDLVHDPDFDREORQGDDIRVWDVH]DWDODFRPSXWHU"
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
58UVXVVDX7LPLVRUHDQD"
Ì&HLVSXLXQHLEORQGHIDUDPkLQLVLIDUDSLFLRDUH"
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$VH]LRRJOLQGDSHIXQGXOSLVFLQHL
Ì&XPvQQHFLREORQGD"
51XLVSXQHFDWUHEXLHVDvQJKLWD
Ì&XPIDFHREORQGD0RRQZDON"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5ÌVLVFRDWH2%XOVLDOXQHFDFXFXUXOSHSRGHD
Ì&kQGSRWL]LFHGHREORQGDFDHREXQDEXFDWDUHDVD"
5'DFDUHXVHVWHVDVFRDWDWRUWDvQWUHDJDGLQDSDUDWXOGHSUDMLWSkLQH
Ì'HFHVXQWDVDGHLQWHUHVDWHEORQGHOHGH$,'6"
53HQWUXFDSRWVDO]LFDFXYkQWXOSHOLWHUH
Ì'HFHPHUJEORQGHOHSHYkUIXULSHOkQJDGXODSLRUXOFXPHGLFDPHQWH"
56DQXWUH]HDVFDSLOXOHOHVRPQLIHUH
Ì&HVDvQWkPSODWGDFDRVRUDPHGLFDODGXFHRJDOHDWDFXVSHUPDSHFRULGRDUHOHVHFWLHLGHFKLUXJLH"
52EORQGDDIRVWRSHUDWDGHVWRPDF
Ì&HDXEORQGHOHvQFRPXQFXQRULL"
5'DFDGLVSDUYDILR]LIUXPRDVD
Ì&DUHHDVHPDQDUHDGLQWUHREORQGDVLRSXVFDGHYkQDWRDUH"
5$PEHOHWUHEXLHvQGRLWHODPLMORFVLvQFDUFDWHGHODVSDWH
Ì&XPvLUXSLXQHLEORQGHRVXOQDVXOXL"
53XLREDQFQRWDGHVXERPDVDGHVWLFOD
Ì&H]LFHREORQGDGDFDRvQWUHELGHVDQDWDWH"""
57RDWHVEXQH VL IUXPRDVHGHVLDP FDQFHU OD ILFDW VL OHXFHPLH PXOWXPHVF OXL'XPQH]HX FD QX DP DPLJGDOLWD VDX YUHR
PDVHDXPIODWD
Ì'HFHUkGEORQGHOHWRWWLPSXO"
53HQWUXDVLPHQWLQHDQWUHQDPHQWXOIDFLDO
Ì&XPHVWHSR]LWLRQDWVLUHSDUWL]DWFUHLHUXOODEORQGH"
5/DQLYHOXODEGRPHQXOXLVXEIRUPDDGRLORELXQOREvQRYDUXOGUHSWVLFHODODOWvQRYDUXOVWkQJ
Ì'DFDFHLGRLORELFRQFHSRWHRULHFHIDFFXLGHHD"
52DUXQFDSULQWURPSDODJXQRLvQXWHU
Ì&HIDFFXLGHHDGDFDDFHDVWDQXVXFRPEDvQWHUPHQGHGH]LOH"
52vQHDFDvQVkQJH
Ì6LGDFDLGHHDUH]LVWDQRXDOXQLFHVHvQWkPSOD"
56HHOLPLQDUDXO
Ì'HFHIRORVHVFEORQGHOHUXMQHJUX"""
53HQWUXFDDXFHQWXUDQHDJUDODVXSWSX
D
Ì'HFHQXVWLXEORQGHOHVDQXPHUHSkQDOD"
53HQWUXFDDWXQFLFkQGDMXQJODDXJXUDSOLQD
Ì&DUHHGLIHUHQWDLQWUHREORQGDVLRLDSD"
5'DFDYUHLVRSULYHVWLvQRFKLSHLDSDWUH
VRGHVFDOHFL
Ì2SHUVRDQDVHQDVWHEORQGDVDXGHYLQHEORQGD"
56HDFFHSWDDPEHOHYDULDQWHHLQXPDQVDGDPYLQDQXPDLSHSDULQWL
Ì&DUHLGLIHUHQWDGLQWHREORQGDVLRJDLQD"
5*DLQDDUHORJLFDHL
Ì&XPVHURDJDREORQGDvQWLPSFHVLIDFHFUXFH"
5'D'RDPQHVDILHDWkWGHOXQJDGHODIUXQWHODEXULFVLDWkWGHODWDGHODXQXPDUODFHODODW
Ì'HFHGHYLQQRUGLFLLLPSRWHQWLGHODYkUVWHIUDJHGH"
53kQDVLSHQLVXOVHVDWXUDGHSURVWLDDWkWRUEORQGH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHQHXURQXOXQHLEORQGHQXSOkQJHQLFLRGDWD"
53HQWUXFDQXODUDX]LQLPHQL
Ì&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLRFDUDPLGD"
5&DUDPLGDRGDLGLQPkQDQPkQDLDUEORQGDGLQSX
DQSX
D
Ì&HDXEORQGHOHVLVWLFOHOHFXEHUHvQFRPXQ"
51,0,&FDFLDWXQFLFkQGGHVIDFLREHUHHVWLFXVLJXUDQWDSULPXOFDUHRvQFHUFL
Ì&XPVDLQYHQWDWYLRDUD"
5$IRVWPkQJkLDWDREORQGDSkQDDvQFHSXWVDJHDPD
Ì6LFXPVFRQVWUXLWLQVWUXPHQWXO"
56DREVHUYDWFDOHPQXOVXQDPDLELQH
Ì8QGHDUHREORQGDSDUXOQHJUX"
5ÌQWUHGLQWL
Ì&DUHHVWHFXYkQWXOGHOLWHUHIRORVLWFHOPDLPXOWGHFDWUHREORQGD"
58UPDWRUXO
ÌÌQWUHFDUHGHJHWHGHODSLFLRDUHVHJkGLODREORQGDFHOPDLPXOW"
5ÌQWUHGHJHWHOHPDUL
Ì'HFHXPEODEORQGHOHFXXQ FXLvQEX]XQDU"
56XQWPHUHXvQDVWHSWDUHDXQXLFLRFDQ
Ì&HHVWHRIRDLHDOEDUXSWDvQGRXDSHQWUXREORQGD"
58QSX]]OH
Ì'HFHEORQGHOHSXQGHVPkQDODXUHFKH"
56DQXOH]ERDUHWRDWHLGHLOH
Ì'HFkWHEORQGHFXVkQLLPDULHQHYRLHFDVDVFKLPELXQEHF"
5'HFkWHSRWLIDFHURVW
Ì'HFHVDGXVREORQGDOD+ROO\ZRRG"
5$YUXWVDIDFDGUDJRVWHVXEVWHOH
Ì&HWUHEXLHVDIDFDREORQGDFDVDVWLHVDQXPHUHSkQDODGRL"
56DVLVFRDWDEOX]D
Ì&DUHHFHDPDLGHVWHDSWDFHOXODGLQFRUSXOXQHLEORQGH"
56SHUPDWR]RLGXO
%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
$VWDLDPHD
6LSRFQHVWHGLQGHJHWHVLSRFQHVWHVLSRFQHVWHVLSRFQHVWHVLSRFQHVWH
2EORQGDHVWHRSULWDSHVWUDGDGHXQRPFDUHRvQWUHDEDFHYDIRDUWHUHSHGH
(DvL]LFH
9RUELWLYDURJPDLvQFHW6XQWEORQGD
&DUHHGLIHUHQWDGLQWUHREORQGDRSURVWLWXDWDVLRQLPIRPDQD"
3URVWLWXDWD]LFH1XHVWLJDWD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1LPIRPDQD]LFH&H"(VWLJDWDGHMD"
%ORQGD]LFH%HMFUHGFDDUWUHEXLVDvPL]XJUDYHVFWDYDQXOvQEHM
8QVRQGDMGHRSLQLHDGDWSXEOLFFDEORQGHOHVXQWvQJHQHUDOVDWLVIDFXWH
,QWHUYLHYDWHOHQXVLDXSXWXWvQVDDPLQWLGHFDWUHFLQH
2EORQGDYLQHGH]DPDJLWDGHODSULPDHLvQWkOQLUH
0DPDWLSXODVWDHXQORRVHU
'UDJDPHDFUHGFDDUWUHEXLVDWLWLQRPLFDSUHOHJHUHGHVSUHVH[
1XPDPDQXHDVWD$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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
+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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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
'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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
)UL]HUXOPDLWXQGHHOFHPDLWXQGHVLODXQPRPHQWGDWvLVFRDWHFDVWLOH
%ORQGDPDLWUDJHRGDWDDHUvQSLHSWGXSDFDUHFDGHMRVPRDUWD
&XULRVIUL]HUXOULGLFDFDVWLOHVLOHSXQHODXUHFKLVDDXGDFHDVFXOWDEORQGD
,QVSLUDWLUHVSLUDWLLQVSLUDWLUHVSLUDWL
/DXQERUGHOGHEDUEDWLLQWUDREORQGD
9UHDXXQEDUEDWGDUVDILHDGHYDUDWFDSkQDDFXPQXPLDUH]LVWDWQLPHQL
'XWHODHWMvOJDVHVWLSHDPHULFDQWHVDWLVIDFHODVLJXU
6HGXFHvLGDQXPHUHDODGDSHVSDWHQXPDLSRDWH
6HGXFHODUHFHSWLHGLQQRX
9UHDXXQEDUEDWVLPDLDGHYDUDW
'XWHODHWMvOJDVHVWLSHUXVDVWDHUH]LVWHQW
ÌLGDVLUXVXOXLQXPHUHFUDSDVLDVWDLDUODUHFHSWLH
9DEDWHWLMRFGHPLQH
'XWHODHWMDFRORQHDPDLUDPDVURPkQXO7HVDWLVIDFHODVLJXU
QXPHUHFUDSDVLURPkQXO
9DGDXvQMXGHFDWDYUHDXFHYDDGHYDUDW
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
$VvQFHUFDVSXQHHD'DUDPRVLQJXUDUXJDPLQWH6DQXPDORYLWLSUHDWDUHFXEkWD
2EORQGDDUHQHYRLHGHEDQL6HKRWDUHVWHVDVLYkQGD PDVLQDGDUDUHNPODERUGVLHFDPJUHXGHYkQGXW6H
GXFHODXQSULHWHQ$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
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"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(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
6RWXOFDWUHEORQGD
'DFDDLVWLLVDJDWHVWLFDOXPHDDPSXWHDVDQHOLSVLPGHPHQDMHUD
/DFDUHEORQGD
'DFDDLVWLLVDIX
LFDOXPHDQHDPSXWHOLSVLGHJUDGLQDUGHSRVWDVVLGHVRIHU
8QVWXGLXDGHPRQVWUDWFDEORQGHOHVXQWIRDUWHDYLGHGHVH[
8,WDFkQGDXIDFXWXOWLPDRDUDVH[LPHGLDWGXSD
'XSDFkWHYDRUHGHVH[FXREORQGDWLSXOXLLVHIDFHIRDPHVLVHGXFHODIULJLGHU7RFPDLEHDFXVHWHGLQVWLFODGHODSWH
FkQGEORQGDLQWUDVLHDvQEXFDWDULHH[FODPkQG
$KDDFXPDVWLX0DPWRWvQWUHEDWSkQDDFXPDFXPVHXPSOHODORF
2EORQGD 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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(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]LVvQWVXQWHWFFXYkQWXODSD"
$SD"&DVLSkQDDFXP
'HFL$&80"
2EORQGDQXDPDLGDWSHDFDVDGHGRXD]LOH'XSDFHYLQHODSDULQWLFXKDLQHOHWRDWHUXSWHVL]JkUkLDWDWDWVXRvQWUHDED
8QGHDLIRVW1HDPIDFXWDWkWHDJULML
7DWD]LFHHDDPIRVWYLRODWDEUXWDOWLPSGHWUHL]LOH
%LQHGDUWXDLOLSVLWGHDFDVDGRDUGRXD]LOH"
'DGDUD]LGXSDSUkQ]WUHEXLHVDPDvQWRUFDFROR
2EORQGDPHUJHFXXQSXUFHOXVVXEEUDWSHVWUDGD8QWUHFDWRUvQWUHDED
2FHDYHWLDLFL"
/DFDUHSXUFHOXVXO
$PFkVWLJDWROD/272
2EORQGDvLSRYHVWHVWHSULHWHQHLVDOH
,HULVHDUDDYHQLWVHIXOPHXODPLQHDFDVDvQYL]LWDVLPDYLRODW
6LWXWXQXWHDLDSDUDW"
1DPSXWXW1XPLVHXVFDVHvQFDRMDGHSHXQJKLL
2EORQGDODEDULVHDGUHVHD]DWkQDUXOXLDUDWRVFDUHVWDOkQJDHD
&KLDUFUHGHWLFDDVYUHDODFLQFLPLQXWHGXSDFHQHDPFXQRVFXWVDPDFXOFFXGXPQHDYRDVWUD"
'D]LFHWkQDUXO
'XPQH]HXOH7UHEXLHFDSXWHWLFLWLJkQGXULOH
2EORQGDILHUEHRXDSHQWUXPLFXOGHMXQ6RWXORvQWUHDED
'HFHGUDFX
VRXDOHDVWHDDVDGHWDUL"&kWOHDLILHUW"
3DLGHPLQXWH
'HFH"2XDOHVHFRFPLQXWH"
3DLHUDXRXD
Ì'HFHVHPXWDEORQGHOHOD/$/RV$QJHOHV
5"
5(PDLVLPSOXGHVSXVSHOLWHUH
Ì0DLVLPSOXFDFH"
8QEDUEDWURDJDREORQGDVDYDGDGDFDvLPHUJHVHPQDOL]DUHDGHODPDVLQD
$FHDVWDVHDSOHDFDSHDULSDPDVLQLLVL]LFH
'DQXGDQX
%ORQGDODWULEXQDO-XGHFDWRUXOvQWUHDED
$FX]DWDGHFHDWLIXUDWVDSXQXOGLQPDJD]LQ"
)LLQGFDvPLPHUJHDDVDGHPL]HUDELO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLLHXQXVXQWR]kQDDWRWSXWHUQLFDFLXQDPDLPLFD3XWHUHDPHDQXHQHOLPLWDWD1XDLDYHDRDOWDGRULQWDPDLVLPSOXGH
vQGHSOLQLW"
%ORQGDVHPDLJkQGHVWHVL]LFH
3DLGDFDDVWDQXPHUJHDWXQFLDVYUHDVDvPLLDXEDFDODXUHDWXO
=kQDvVLvQFUHWHVWHIUXQWHDVL]LFH
+DLVDQHPDLXLWDPWRWXVLXQSLFSHKDUWDDLDDOXPLL
'RXDEORQGHIDFFRQYHUVDWLH=LFHXQD
,HULDPIDFXWXQWHVWGHJUDYLGLH
/DFDUHFHDODOWD
6LDXIRVWJUHOHvQWUHEDULOH"
2EORQGDVHGXFHOD GRFWRU VDVL PDUHDVFD FUHLHUXO &kQG GHVFKLGH FXWLD FUDQLDQD DEORQGHLGRFWRUXOREVHUYDvQ HD R
VkUPD1HJDVLQGXLURVWXOGRFWRUXOWDLHVkUPD
Ì&HDSDWLW%ORQGDDGRXD]L"
5,DXFD]XWXUHFKLOH
2EORQGDIXJHGLQFLQFLvQFLQFLPLQXWHSkQDvQKROXOEORFXOXLVLVHXLWDvQFXWLDSRVWDOD2YHFLQDFXULRDVDRvQWUHDED
$VWHSWDWLYUHRVFULVRDUHLPSRUWDQWD"
/DFDUHEORQGD
6WLWLOXFUH]ODFRPSXWHUVLSHHFUDQVFULHvQWUXQD$YHWLVFULVRULQRL
7UHLEORQGHDXPHUV vQYDFDQWDODXQKRWHOFDUHDYHDFkWHYDFDPHUHXQGHVHDIODXEDUEDWLGLVSRQLELOL3HILHFDUHXVD
VFULD QDWLRQDOLWDWHD VL OXQJLPHD0HUJ EORQGHOH OD SULPD XVD IUDQFH] FP 6H EXFXUD EORQGHOH GDU VH WUH]HVWH XQD VL
SURSXQHVDPHDUJDPDLGHSDUWH/DXVDXUPDWRDUHUXVFP%ORQGHOHHUDXvQH[WD]GDU]LFHXQD
0DLPHUJHPODRXVDVLGDFDQXHFHYDPDLEXQQHvQWRDUFHP
3HXUPDWRDUHDXVDVFULDURPkQFP5kGEORQGHOHVLVHKRWDUDVFVDVLEDWDMRFGHHO,QWUDSULPDVLLHVHGHDFRORMXPXOLWDVL
YDLGHHD$GRXDVLDWUHLDODIHO/DFDUHXOWLPDFDUHDLHVLW
3URVWXDVWDGHURPkQDVFULVJURVLPHD
2EUXQHWDVHvQYkUWHDvQPLMORFXOXQHLLQWHUVHFWLLQXPDUkQG
2EORQGDRYHGHYLQHODHDVLRvQWUHDED
&HIDFLDLFLvQPLMORFXOLQWHUVHFWLHL"
1XPDU
%ORQGD
0DODVLVLSHPLQH"
6LJXUWHURJ
%ORQGDVHSRVWHD]DvQPLMORFXOLQWHUVHFWLHLVLvQFHSHVDQXPHUH
'HRGDWDYYYY]]]]]]]XQFDPLRQWUHFHFXYLWH]DSULQLQWHUVHFWLHIDFkQGRWHUFL%UXQHWDvVLUHLDORFXOvQPLMORFXOLQWHUVHFWLHL
2WDQDUDEORQGDYUHDVDIDFDQLVWHFXPSDUDWXULGLQWUXQVKRSVLVFRDWHGLQSRVHWDREDQFQRWDGH
ÌPLSDUHUDXDFHDVWDEDQFQRWDHVWHIDOVD]LFHYkQ]DWRUXO
'D"VHEXU]XOXLEORQGDDVWDvQVHDPQDFDDVHDUDDPIRVWYLRODWD
2EORQGDVLREUXQHWDPHUJHDXSHVWUDGD%UXQHWDvOYHGHSHSDUWHDDLODOWDXQFXQRVFXW
,DXLWHOSH1HOXQXLIDFLFXPkQD"
6DVLIDFDVLQJXU
8QWLSvVLVDYXUHD]DEHUHDvQWUXQEDU'LQGRULQWDGHDFRQYHUVDVHDSOHDFDVSUHIHPHLDVROLGDGHOvQJDHOVLvLVSXQH
9UHLVDDX]LXQEDQFWUD]QHWFXEORQGH"
&XRYRFHUDJXVLWDHDvLUDVSXQGH
3kQDVDWHDSXFLVDVSXLEDQFXOFUHGFDDUILELQHVDFODULILFFvWHYDGHWDOLLVvQWEORQGDDPPNJVLVvQWFDPSLRDQD
EDOFDQLFDODMXGR%ORQGDGHOkQJDPLQHDUHWRWPNJVLHVWHRILWHUGHDYLDWLH&HDFDUHVWDOvQJDHDDUHP
NJHVWHKDOWHURILODVLDLJKLFLWGHMDHVWHWRWEORQGD(LELQHDFXPPDLYUHLVDQHVSXLEDQFXODFHODFXEORQGH"
2PXOVWDFHYDWLPSVLVHJkQGHVWH
1XSUHDVSXQHHO1DPFKHIVDH[SOLFSRDQWDGHWUHLRUL
6HFUHWDUDEORQGDYLQHODGLUHFWRUXOEDQFLL
'RPQXOHGLUHFWRUFDVLHUXOQRVWUXDGLVSDUXW
'LUHFWRUXODODUPDW]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&RQWURODWLVHLIXO
6HFUHWDUDYLQHGXSDGRXDPLQXWH
'RPQXOHGLUHFWRUQXHQLFLvQVHLI
%DQFXULFXIHWLWHVLDGROHVFHQWH
)DWDVHvQWRDUFHIRDUWHWvU]LXDFDVD0DPDRDVWHDSWDVLvLVSXQH
0DLIDWRQXPLDSODFXWGHORFFXPWHDVDUXWDW,RQXW
1LFLPLHPDPDGDUDVWDHVWHvQFDQXDUHDWvWDH[SHULHQWD
$GROHVFHQWDWDWLFXOXL
7LSXOSHFDUHWRFPDLODLDUXQFDWSHXVDDIDUDSHPRWLYFDHXVXQWSUHDPLFDSHQWUXXQSULHWHQHVWHILXOVHIXOXLWDX
0DPDGDFDRVDILXRIDWDFXPLQWHFvQGRVDILXPDUHRVDDPVLHXXQVRW"
'DIHWLWDPHD
6LGDFDQXRVDILXRIDWDFXPLQWH"
$WXQFLRVDDLPDLPXOWL
9DULDQWD
2IHWLWDLVLYHGHWDWDOLHVLQGJROSXVFDGHODEDLHVLFRQWUDULDWDVHGXFHVDRvQWUHEHSHPDPDVD
0DPLVSXQHPLFkQGYRLILPDUHRVDDPVLHXRFRDGDvQWUHSLFLRDUHDVDFXPDUHWDWD"
'DIDWDPHDvLUDVSXQGHPDPDGDFDRVDILLFXPLQWHRVDDLVLWXXQDODIHO'DFDQXRVDILLFXPLQWHRVDDLPDLPXOWH
3DULQWLLPHLDXvQQHEXQLWVSXQHRSXVWLRDLFDGHDQLSULHWHQHLVDOH'LQWURGDWDOHSODFHFXPPDvPEUDFFXPPDSRUW
PLDXGDWYRLDVDPDWDWXH]VLGHDWXQFLYLDWDQXPDLDUHQLFLRDWUDFWLHSHQWUXPLQH
2IHWLWDLQWUDODPDPDVDvQEXFDWDULH
0DPDPDPDSRVWDVXO
/DFDUHPDPD
'DUGUDJDPDPLLODVDO
6LIHWLWD
0DPDODDPODVDWGHMDGDUHOPDLYUHDRGDWD
/DPDJD]LQRSXVWRDLFDvQWUHDED
3RWVDVFKLPEKDLQHOHFXPSDUDWHVLvQFD]XOvQFDUHHOHSODFSDULQWLORU"
2IHWLWDREVHUYDODVWUDQGGLIHUHQWDGLQWUHHDVLXQEDLHWHO6HGXFHvQWUXQVXIOHWODPDPDHLVLvQWUHDED
0DPD'HFHQXDPVLHXDVDFHYDvQWUHSLFLRDUH"
5DEGDUHFRSLOXOPHXUDEGDUH
&LFDPD
VDvL]LFHILLFHLFDUHDvPSOLQLWDQLFHYDGHJHQX
)LLFDPHDDFXPHVWLVLWXPDUHWUHEHVDGLVFXWDPGHVSUHVH[
'DPDPDFHYUHLVDVWLL"
9DULDQWD
0DPDLVHDGUHVHD]DILLFHLVDOHGHDQL
9UHDXVDGLVFXWFXWLQHGHVSUHSUREOHPHOHVH[XDOH
%LQHPDPDFHYUHLVDVWLL"
8QEDLDWVLRIDWDVHMRDFDGHDYDWLDVFXQVHOHD)DWDH[SOLFDUHJXOLOH
7XWHSXL(XPDYRLDVFXQGH'DFDPDJDVHVWLvQPLQXWHSRWLVDPDWLLGHPkQD'DFDPDJDVHVWLvQPLQXWHSRWLVD
PDVDUXWL'DFDPDJDVHVWLLPHGLDWSRWLVDIDFLFHYUHLFXPLQH$FXPSXQHWHHXPDYRLDVFXQGHGXSDIULJLGHU
2IHWLWDGHYUHRDQLVRULFXPDPLFDHLPLVWRWDUHIDFHDXSODMD$ODWXULVWDWHDXQQHQH)HWLWDFDWUHPDVD
0DPDFHDVFXQGHQHQHDDODvQVOLS"
$LDHERJDWLDOXL
0DPDGD
XLWHFHVHvPERJDWHVWHFkQGVHXLWDODWLQH
8QSHGRILOVHGXFHODGRXDIHWLWHVLvL]LFHXQHLD
'DFDWLGDXRERPERDQDPDODVLVDWLSXQPkQDDFROR"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
)HWLWDVWDSXWLQVHJkQGHVWHVLDFFHSWD3HGRILOXOSXQHPkQDvLSODFHFHVLPWHVLLDURvQWUHDED
'DFDPDLGDXRERPERDQDPDODVLVDWLPDLSXQRGDWDPkQDDFROR"
,DUHGHDFRUGIHWLWDSHGRILOXOXLLDUvLSODFHVLLDURvQWUHDED6LWRWDVDPDURJERPERDQHFKHVWLL3kQDFkQGIHWLWDvLGDXQ
FRWFHOHLODOWH
+DLKDLVDPHUJHPFRVDIDFGLDEHWSkQDPDIXWHDVWD
2PDPDvVLVXUSULQGHIDWDGHDQLFXWLJDUDvQJXUD
'HFkWVDIXPH]RWLJDUDPDVODVDYLRODWDGH]GUDKRQL]LFHHDVXSDUDWD
&LQHQDUIDFHR"RIWHD]DIDWDYLVDWRDUH
2GDWDRIHPHLHJUDYLGDIDFHDEDLHFXILFDHLFDUHDYHDDQL/DXQPRPHQWGDWIHWLWDRvQWUHDEDSHPDPDHL
0DPDFHLDLDQHDJUDvQWUHSLFLRDUHOHWDOH"
/DFDUHPDPDvLUDVSXQGH
'UDJDPHDDLDQHDJUDvLFkUSDGHVSDODW
'XSDFkWYDWLPSGXSDFHIHPHLDDQDVFXWDOGRLOHDFRSLODWUHEXLWVDvVLUDGDSDUXOSXELDQVDQDVFDPDLXVRU)DFkQGEDLHGLQ
QRXFXIHWLWDHLDFHDVWDRvQWUHDED
0DPDXQGHLFkUSDWDFDUHRDYHDLvQWUHSLFLRDUH"
6LPDPDvLUDVSXQGH
'UDJDPHDDPSLHUGXWRQXVWLXFHDPIDFXWFXHD
/DFDUHIHWLWDvLUDVSXQGH
0DPDDPXLWDWVDWLVSXQFDDPYD]XWEDEE\VLWWHUPHXFDvOVSDODSHWDWDSHIDWDFXFkUSDWDFkWWLPSDLIRVWvQVSLWDO
2IHWLWDYLQHVHDUDWkU]LXDFDVD0DPDVDRvQWUHDED
'HFHDLvQWkU]LDWFDILOPXOVDWHUPLQDWGHPXOW"
0DPDGUDJDvQGUXPVSUHFDVDPDXUPDULWXQWLS(UDWDUHIUXPRVGDUPHUJHDIRDUWHvQFHW
2IHWLWDvVLvQWUHDEDPDPD
0DPDPDPDGHXQGHYLQFRSLL"
ÌLDGXFHEDU]D
6LFLQHIX
HEHU]H"
2IHWLWDYHGHSHVWUDGDXQFDWHOFDUHWRFPDLIX
HDRFDWHOXVDVLvOvQWUHDEDSHWDWDOVDXFHIDF7DWDOMHQDWvLUDVSXQGH
&DWHOXVDQXYUHDVDVHGXFDDFDVDVLFvLQHOHvQFHDUFDVDRGXFDHODFDVD
(FDLHULFXPDPDQRURFFDVHWLQHDELQHGHFKLXYHWDDOWIHOSRVWDVXORGXFHDvQPRGVLJXUODSRVWD
0DPLFRGHFHSRDUWDPLUHVHOHURFKLLDOEH"
)LLQGFDH[SULPDEXFXULD
$WXQFLPLUHOHGHFHLvPEUDFDWvQQHJUX"
0DPLFRYUHDXVDWHURJFHYD
&HHIHWLWDPHD"
ÌPLGRUHVFIRDUWHPXOWXQIUDWLRUQXDPFXFLQHVDPDMRF
%LQHRVDYRUEHVFFXWDWLFXOGDUQXVWLXGDFDRVDDFFHSWHXQFRSLOFRVWDIRDUWHVFXPSvQ]LXDGHD]L
0DFDUXQXOPLFXWPLFGHWRWVLVODEXWSRDWHHPDLLHIWLQ
0DPDFDWUHIDWDHL
)HWLWDPHDGHFHQXVWDLvQEUDWHOHWDWDOXLWDX"
1XVHSRDWHDFHODHVWHORFXOPHQDMHUHL
0DULD9LLDIDUDVDQHMXFDP"
1XvQFD0DLDPGHH[HUVDWODSLDQWUHEXLHVDWHUPLQH[HUFLWLLOHODHQJOH]DVLVDIDFRUGLQHvQFDPHUD$VDFDPDLDVWHDSWD
PDvQFD]HFHPLQXWH
'RXDIHWLWHODGXV=LFHXQD
+HLPDLPXWDWDDUHGHMDSDU
(LVL"6LPDQkQFDGHMDVLEDQDQH
0DPDvVLvQYDWDILLFD
1XPLSDVDSXWHWLVDPHUJHWLvQFDPHUDWDFXSULHWHQXOWDXFvWWLPSQHXLWDPODWHOHYL]RUvQVXIUDJHULH'DUGDFDIDFHFHYD
FHQXLSHUPLVVDQHGDLGHYHVWH
'DUPDPDFXP"
)LLIRDUWHDWHQWD'DFDYUHDVDWHVDUXWHVWULJLSHUH'DFDYUHDVDWHSULQGDGHVkQLVDVWULJLPHUH'DFDvVLSXQHPvLQLOH
PDLMRVDWXQFLVDVWULJLSLHUVLFL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6HvQFKLGWLQHULLvQFDPHUDIHWHLLDUSDULQWLLVHXLWDODWHOHYL]RU'LQWURGDWDVHDXGHRYRFHVWULJvQG
6DODWDGHIUXFWH6DODWDGHIUXFWH
)HWLWDLHVHGLQEDLHSOkQJkQGDPDUQLF
&HDLIHWLWR"RvQWUHDEDPDPDHL
)UDWLLPHLVHMRDFDvQFDGDGHDVXEPDULQHOHVLSHPLQHPDXGDWDIDUD]LFkQGFDHXQXDPSHULVFRS
2PDPLFDvLWRWVSXQHDIHWLWHLFDUHVHGH]YROWDVHELQLVRU
6DQXODVLYUHXQEDLDWVDWLGHDFKLORWHLMRVFD]ERDUDSDVDULFD
'XSDXQWLPSFkQGPDPDvLWLQHOHFWLDUHVSHFWLYDIHWLWDvLUDVSXQGH
1XPD]ERDUDPDPDVWDLOQLVWLWD,DEDWXW,RQHOXQFXL
)HWLWDHOHYDGHOLFHXYLQHDFDVDFDPVWLQJKHUD7DWDOHLRvQWUHDED
&HVDvQWkPSODWGUDJD"
9HQLQGGHODVFRDODXQQHQHPLD]LVFDGDFDLVXJSX
DvPLGDXLWHFHUFHLLDVWLD
9LQHIHWLWDODWDWDOHL
7DWDHXFXSULHWHQXOPHXSXWHPIRORVLPDVLQD"
'DGDUQXDUHEHQ]LQD
1XLQLPLFVLDVDQXLHVLPGLQJDUDM
2IHWLWDvOvQWUHDEDSHXQEDLDWFHYDPDLPDUHGHFHDUHRFDPDVDGHQRDSWHGHGDPDSHHO"
&ORFHVFRXDGHHOHIDQWUDVSXQGHDFHVWD
)HWLWDFXULRDVDVHXLWDvQFDPDVDGHQRDSWHVLVSXQH
$LJULMDFDDXvQFHSXWVDLDVDGLQRXD8QXODVLVFRVWURPSD
/DSVLKDQDOLVWHVWHDGXVDGHSDULQWLRIHWLWDGHDQL
6XIHULGHYLVHHURWLFH"RvQWUHDEDDFHVWD
1XGHORFFKLDUvPLIDFSODFHUHUDVSXQGHDFHDVWD
2IHWLWDVHGXFHODPDJD]LQXOGHOHQMHULH
%XQD]LXDVXWLHQHQXPDUXO]HURDYHWL"
1XGDUYDSXWHPRIHULDOLILHFRQWUDEXEHORU
%DQFXULFXVRDFUH
Ì&XPVDQXPLWVRDFUDOXL$GDP"
5$GDPQXDDYXWVRDFUD(OWUDLDvQ3DUDGLV
Ì'HFHVHvQJURDSDVRDFUDFXFDSXOvQMRV"
53HQWUXFD]XOvQFDUHFXPYDvQYLHVDvQFHDSDVDVDSHvQMRV
Ì&HVHQXPHVWHDUWDYLHWLL"
56DWHFDVDWRUHVWLFXVRUDUDSRVDWHLVRWLL$VWIHOQXWUHEXLHVDWHRELVQXLHVWLFXVRDFUD
Ì6WLWLFDUHHDVHPDQDUHDGLQWUHRVRDFUDVLREHUH"
5$PkQGRXDIDFVSXPHODJXUDVLDPkQGRXDVXQWEXQHUHFL
Ì&DUHVXQWDVHPDQDULOHGLQWUHRVRDFUDVLREHUH"
5$PkQGRXDVXQWFXFDSVDSXVDDPkQGRXDVXQWEXQHUHFLSHPDVD
Ì&H]LFH%XODGXSDFHVLDFDOFDWVRDFUDFXPDVLQD"
51DWHDLFDPGHVXPIODW
Ì&HHGHYLQDFDVRDFUDEDWHODXVDSLYQLWHL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5/DQWXOGHOD]JDUGDHSUHDOXQJ
Ì'HFHQXLELQHVDWLEDWLVRDFUDFXORSDWD"
53HQWUXFDVLIDFHLPSUHVLHSURDVWDGHVSUHWLQH
Ì&DUHHVWHGLIHUHQWDvQWUHWXPRULVLVRDFUH"
57XPRULOHSRWILVLEHQLJQH
6RWLDvL]LFHVRWXOXL
'DFDWHPDLSRUWLFDXQEDGDUDQPDPXWODPDPDVLSHHDRPXWODWLQH
6WLDWLFDIHPHLDDIRVWFUHDWDGH'XPQHD]HXVLVRDFUDGHGLDYRO"
&XPDVD"
'LDYROXOD]LV$FHDVWDLVRDFUDVLVLDGDWDIDUDPDPDVRWLHLGLQ,DG
/DWULEXQDO
(VWLDFX]DWFDWLDLRPRUkWVRDFUDFXVkQJHUHFH'HFHDLIDFXWR"
1HYDVWDPHDPLD]LV
&XPSRWLVDVSXLDVDFHYDVRWLDWDvVLLXEHDIRDUWHPXOWPDPD
$VDHGD
vQDLQWHGHDSOHFDvQ]LXDUHVSHFWLYDPLD]LV0DUFHOHGDFDvQWLPSFHGRDUPHRGHUDQMHD]DYUHRPXVFDQR
WUH]LRPRDUR
'RDPQDGHODVRFLHWDWHDGHFDULWDWH'RULWLVDFRQWULEXLWLFXFHYDSHQWUXD]LOXOGHEDWUkQL"
*LQHUHOH1HYDVWDSXQHLSDODULDVLSDOWRQXOPDPHLWDOH
Ì&XPVHGHILQHVFVHQWLPHQWHODFRQWUDGLFWRULL"
5'DFDvWLYH]LVRDFUDvQPDVLQDWDFHDQRXDVWkQGVDFDGDvQWURSUDSDVWLH
8QYDGXYvVL]LFH
2DGRXDVRDFUDQXPDLSRWULVFD
6LVDFDVDWRULWFXFXPQDWDVD
$LYRUELWFXGRFWRUXOGHVSUHQHYDVWDPHD"
'DODPUXJDWVRWUDWH]HFDSHSURSULDOXLVRDFUD
/DJUDGLQD]RRvQIDWDXQHLFXVWLFXKLSRSRWDPLJLQHUHOHvLVSXQHVRDFUHLOXL
0DPDVRDFUDYH]LFHJXUDPDUHDUHVLWRWXVLQXVFRDWHQLFLXQFXYkQW
8QXO]LFHODRPDVDSULYLQGODVRDFUDVD
(XFUHGVLvQYUDMLWRDUHVLvQGXKXULUHOHVLvQVWDILL
0DPFDVDWRULW2DGHYDUDWDSDUWLGD
6RWLDPHDHRUIDQDGHPDPD
9HFLQHFkLQHOHWDXPLDPXVFDWSkQDDFXPGHWUHLRULVRDFUD
9DLPLLGHVFX]H&kLQHOHDVWDHLQFRULJLELO1XVWLXFHVDIDFFXHO
9LQGHPLOPLH
6HVLXQHDGHLDUQDDFXUVXULORUIDUDIUHFYHQWDODIDFXOWDWHDGHVWLLQWHMXULGLFHGLQ%XFXUHVWL
([DPLQDWRUXOPDLSXQHRvQWUHEDUHVXSOLPHQWDUDFDQGLGDWXOXL
&HSHGHDSVDVHDSOLFDSHQWUXELJDPLH"
'RXDVRDFUHUDVSXQGHVHQLQVWXGHQWXOVLVLvQWLQGHFDUQHWXO
2EDEDDYHDWUHLJLQHUL
ÌQWUR]LFkQGJLQHUHOHPDUHYHQHDGHODVHUYLFLEDEDFDUHvOYHGHLQWUkQGSHSRDUWDVDUHvQIkQWkQD$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QODFDWXVXQODFDWXV$LFLODHWDMX
SDWUX9LQRUHSHGHVRDFUDPHDYUHDVDVDUXQFHSHJHDP
6LFHQHYRLHDLGHPLQH"
3DLJHDPX
DODQXVHGHVFKLGH
9DULDQWD
%XODVWULJDGXSDDMXWRUGHODHWDMXOVDVH
'RPQXOHDGPLQLVWUDWRU'RPQXOHDGPLQLVWUDWRUYHQLWLUHSHGHVRDFUDPHDYUHDVDVDUDSHJHDP
3DLVLFHQHYRLHDLGHPLQH"
3HQWUXFDQXVHGHVFKLGHJHDPXO
$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"
$PIDFXWJUHVHDODFDODSDVDMXOVLIHUHVWHQH'RDPQHGHUHOHVDPDXLWWRFPDLODPDPDVRDFUD
/DFLUF'DYLG&RSHUILHOGSULPHVWHFDGHRELFHLXQSRWRSGHDSODX]H(OvVLDQXQWDXOWLPXOQXPDU
ÌQXUPDWRUXOQXPDUYRLIDFHVDGLVSDUDRIHPHLH3HQWUXDVWDDPQHYRLHGHXQYROXQWDUGLQSXEOLF
'LQUkQGXOGRLVHDXGHXQJODV
0HUJLPHUJLGXPQHDWDPDPDVRDFUD
=LPLXQEDQFEXQVDLOVSXQVLOX
VRDFUDPHD
'D
FHLWUHEXLHOX
VRDFUDWDEDQFXUL"
1XLWUHEXLHGD
ODEDQFX
DODFDUHPLODLVSXVLHULHUDVDPRDUDGHUkV
'H]LXDVRDFUHL0LWLFDVHSUH]LQWDFXXQSDFKHWHOvQWURPkQDVLFXRSXVFDvQFHDODOWD
/DPXOWLDQLPDPDVRDFUD7LDPDGXVRSHUHFKHGHFHUFHLGHDXU
0XOWXPHVFJLQHULFD'D
FXSXVFDFHYUHLVDIDFL"
3DDDLLLLGHJDXULvQXUHFKLQXDLQHYRLH"
8QFRUWHJLXFLXGDWGXSDGULFXUPDXQWLSXQFkLQHILRURVVLODPDUHGLVWDQWDYUHRFLQFL]HFLGHRDPHQL8QWLSVHDSURSLH
VLvQWUHDED
&LQHDPXULW"
6RDFUDPHDUDVSXQGHWLSXODPXVFDWRFkLQHOHDVWD
1XPLvPSUXPXWLVLPLHFkLQHOH"
%DGDGDUDVHD]DWHODFRDGD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QWLSVWDWHDvQFDVDVLVHXLWDSHIHUHDVWUD/DXQPRPHQWGDWYHGHFHYDWUHFkQGSULQIDWDIHUHVWUHL
6FRDWHFDSXOSHJHDPVLVHXLWDvQMRVVLYHGHGRXDHWDMHPDLMRVRIHPHLHDWkUQDWDGHXQFDEOXGHDQWHQD
6HXLWDQVXVVLOYHGHODHWDMXO]HFHSH%XODvQMXUkQGGHPDPDIRFXOXL
%DL%XODFLQHLPDDLDSHFDUHDLDUXQFDWR"
6RDFUDPHDGDRQS
GDPDVLL
'DFkWLDQLDUHPDVRDFUDWD"
&LQFL]HFLGDRQPDVD
%DGD
VHWLQHELQHPDVHWLQHELQH
'HWLQXWXOHUDDFX]DWFDDYUXWVDVLRPRDUHVRDFUD
-XGHFDWRUXODGLVSXVHOLEDUDUHDVDFRQGLWLRQDWD$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
'RLSULHWHQLVHUHIXJLD]DGLQFDX]DSORLLvQWUXQEDUÌVLEHDXHLEHULOHvQOLQLVWHvQWLPSFHSULYHVFSHJHDP
(ELQHYHQLWDSORDLDDVWDSHQWUXSDPkQWVSXVHXQXOGLQWUHHL7RWXOYDUHQDVWHDFXPGLQQRX
1XPDVSHULDVSXQHFHODODOW7RFPDLPLDPvQPRUPkQWDWVRDFUD
'RLSULHWHQLVWDXODPDVD
(LFH]LFLGHVRDFUDPHD"
,LEXQD
$WXQFLPDLLDREXFDWD
'RLFDQLEDOLVWDWHDXvQMXUXOXQXLIRF=LFHXQXO
1XPLSODFHGHORFVRDFUDPHD
ÌQFHUFDFXNHWFKXS
9LQHvQWUR]L'XPQH]HXVLFX6I3HWUXOD%XODVLvLVSXQFDvLSRWvQGHSOLQLWUHLGRULQWH
'D
LD
DPLQWH%XODFDVRDFUDWDYDDYHDGHGRXDRULPDLPXOWGLQRULFHvWLGRUHVWLWX'HFL"
,D'RDPQHYUHXVLHXXQFRQDFHODFRORFXPSWHUHQGHWHQLVSLVFLQDHWF
3$&$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
*KLFLWRDUH=LXDODWUDQRDSWHDQRDWD"""
53URWH]DVRDFUDPL
&XVRDFUDWDFXPWHvPSDFL"
([FHOHQW2LDXFXPLQHSHVWHWRWRULXQGHPDGXFPDLDOHVDWXQFLFkQGSOHFODGLVWDQWHIRDUWHPDUL&KLDUVLSHVWHKRWDUH
)RUPLGDELOFHJLQHUHUHFXQRVFDWRUVLLXELWRUHVWL
(VWHDGHYDUDW7RWXVLDPXQPDUHQHFD]
&DUH"7RWOHJDWGHVRDFUD"
'D1XVWLXFXPIDFHGDUGHILHFDUHGDWDJDVHVWHSHFkWHFLQHYDFDUHvLGDEDQLVDVHvQWRDUFDDFDVD
,XELWXOHD]LHUDVDVHvQWkPSOHRPDUHQHQRURFLUH]LFHVRWLD
&HDQXPHLXELWR"vQWUHDEDVRWXOvQJULMRUDW
$FD]XWSHQGXODVLHUDJDWDJDWDVRORYHDVFDSHPDPDvQFDS$VFDSDWFDSULQXUHFKLOHDFXOXL
$KGRELWRFVLSURVWFHVXQW9LQDHVWHQXPDLDPHD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPDVDLXELWXOH"
'D3HQWUXSULPDRDUDvQYLDWDDPXLWDWVDvQWRUFSHQGXODVLHDSDFDWRDVDDUDPDVvQXUPD
8QYkQDWRUSOHDFDvQWUXQVDIDULFXVRDFUDVDVLVXVRWLDÌQWURVHDUDSULQMXQJODVRDFUDVHUDWDFHVWHVLYkQDWRUXOVLVRWLD
SOHDFDVDRFDXWHÌQWUXQWXILVRJDVHVFvPSLHWULWDGHJURD]DvQIDWDXQXLOHXFDUHUDJHDGLQWRWLUDUXQFKLL9D]kQGDVWDVRWLD
]LFHYkQDWRUXOXL
&HIDFHPDFXPD"
1LPLFUDVSXQGHYkQDWRUXOOHXOVDEDJDWVLQJXUvQWUHDEDDVWDODVDOVDVHGHVFXUFH
8QWLSPHUJHODGRFWRUVLDFHVWDvLVSXQHFDVXIHULQGHRERDODLQFXUDELODPDLDUHGRDUOXQLGHWUDLW$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
+LGRDVDDUILXQFXYkQWPDLSRWULYLW
0DPFHUWDWXUkWFXVRDFUDPHDDVHDUD
$PYUXWVDLIDFXQELQHVLLDP]LVFDDUHFLRUDSLLvQFUHWLWL3UREOHPDDIRVWFDQXDYHDFLRUDSL
1DV]LFHFDVRDFUDPHDH]JkUFLWDGDUGHILHFDUHGDWDFkQGVFRDWHRPRQHGDUHJLQDFOLSHVWHGLQRFKLGLQFDX]DOXPLQLL
6RDFUDPHDDLQWUDWvQWUXQPDJD]LQVLDFHUXWRURFKLHGHFXORDUHDRFKLORUHL
9kQ]DWRDUHDD]LVFDQXDXURFKLLLQMHFWDWH
6RDFUDPHDHFDVL(YHQLPHQWXO]LOHL
$SDUH]LOQLF
6RDFUDPHDQXYLQHGHVODQRL'HFkWGHGRXDRULSHDQ
'DDWXQFLVWDFDVDVHOXQL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6RWLDPHDQXDUHQLPLFGH]LVODPLQHvQFDVD
$VWDGHFkQGVDPXWDWVRDFUDODQRL
&DXWORFXLQWD
6DILHVXILFLHQWGHPDUHFDVRWLDPHDVDQXVHPXWHODPDLFDVDVLVXILFLHQWGHPLFDFDVRDFUDVDQXVHPXWHODQRL
'HFHDLWDLDWFRDGDSLVLFLL"
&DVDQXVLRPDLPLVWHDWDWGHSULHWHQRDVDFkQGYLQHVRDFUDPHD
6XQWHWLDFX]DWFDDWLDUXQFDWRSHVRDFUDGXPQHDYRDVWUDGHODHWDMXO]HFH
1DPIDFXWRFXSUHPHGLWDUH
1X"6LQXYDWLJkQGLWFHSHULFROPDUHHVWHSHQWUXWUHFDWRUL"
%XODSULPHVWHGHODVRDFUDVDGH&UDFLXQGRXDFUDYDWH3HQWUXDLIDFHLPSUHVLHEXQDvVLSXQHXQDODJkW6RDFUDYD]kQGX
OvL]LFHDFUX
6LFHDODOWD"&HDODOWDQXWLSODFH"
7kQDUD YDGXYD HVWH DWkW GH DIHFWDWD GH PRDUWHD VRWXOXL HL vQFkW R URDJD SH PDPD HL VD VH RFXSH GH FHOH QHFHVDUH
vQKXPDULL$FHDVWD PHUJH OD SRPSHOH IXQHEUH XQGH GLVFXWD FX SHUVRDQD FRUHVSXQ]DWRDUH $FHDVWD vL VSXQH FD FHD PDL
IUXPRDVDFHUHPRQLHHVWHFXXQPLFFRUFXFDQGHODEUHDXULWHVLFRVWDXQPLOLRQGHLHL6LDSRLFRPSOHWHD]D
'DFDvQVDQXYDSXWHWLSHUPLWHDVSXWHDVDYDRIHUDFHOHDVLVHUYLFLLGDUFXFDQGHODEUHGHDUJLQWODSUHWXOGHFLQFLVXWHGH
PLLGHOHL
8LWDWLvOvQWUHUXSH VRDFUD UDSRVDWXOXLVSXQHWLPLUHSHGH FHD PDL LHIWLQD YDULDQWDVL VFDGHWL GLQSUHWIDSWXO FD QRL DGXFHP
IORULOHVLPRUWXO
/DWULEXQDOVHDXGLD]DPDUWRULL
&kQGDWLYD]XWFDLQFXOSDWXLLQWHQWLRQHD]DVDVLDUXQFHVRDFUDGHODHWDMGHFHQDWLLQWHUYHQLW"
3HQWUXFDDPYD]XWFDLQFXOSDWXOHVWHGHVWXOGHSXWHUQLFFDVRIDFDVLVLQJXU
%XODvVLEDWHVRDFUD $FHDVWDvO UHFODPDOD SROLWLH FDUH vO DPHQGHD]D FX XQ PLOLRQ WUHL VXWHGH PLL GH OHL 1HPXOWXPLW
%XODvQWUHDED
'HFHXQPLOLRQWUHLVXWHGHPLLGHOHL"
8QPLOLRQHVWHDPHQGDILXOH
6LUHVWXO"
7UHL]HFLODVXWDSHQWUXVDWLVIDFWLH
%XODVHSOLPEDSHPDOXOPDULLvQRFKLLOXLVHSRDWHFLWLWULVWHWHD8QSULHWHQvOYHGHVLOvQWUHDED
'HFHHVWLWULVW"
$FXPGRLDQLDLFLVDvQHFDWSULPDPHDVRDFUD
(LvQFHDUFDVDXLWLDFHVWWULVWHSLVRGDOYLHWLLvOFRQVROHD]DDPLFXOGRDUDLRDOWDVRDFUDDFXP
'DRIWHD]D%XODGDUQXYUHDVDLQWUHvQDSD
%XODPDQkQFDODVRDFUDOXL'HFXPVHSXQHODPDVDDSDUHVLSLVLFDFDUHQXVLPDLLDRFKLLGHODIDUIXULDOXL
6SXQHPLPDPDVRDFUDGHFHVHWRWXLWDSLVLFDDVWDODIDUIXULDPHD"
'HRDUHFHPDQkQFD]LOQLFGLQDFHDVWDIDUIXULH
1XVWLXFHVHvQWkPSODFXVRDFUDPHDÌQXOWLPXOWLPSVHFXOFDvQILHFDUHQRDSWHSHOD
&HIDFHSkQDDWXQFL"
0DDVWHDSWDSHPLQH
6RDFUDGUDJDFkWVWDLSHODQRL"
&kWVXQWSULPLWDFXGUDJILXOH
&HSDFDW1LFLPDFDUODRFDIHDQXVWDL"
8QEDUEDWLQWUDIXUWXQRVvQVHFWLDGHSROLWLH
9HQLWLUHSHGH6RDFUDPHDVDVSkQ]XUDW
0DFDUDWLGDWRMRVGLQIUkQJKLH"vOvQWUHDEDXQXOGLQWUHSROLWLVWL
&XPDVD"vQFDWUDLDFkQGDPSOHFDWVSUHSROLWLH
6RDFUDHVWHIRDUWHEROQDYDVL]DFHvQSDW/DXQPRPHQWGDWVLPWHPLURVXOSODFXWDOVDUPDOHORU
*LJHOHvVLVWULJDHDQHSRWXO0HUJLvQEXFDWDULHVLDGXEXQLFLLRPLFDJXVWDUHGLQPkQFDUHDFHVHJDWHVWHDFROR
&RSLOXOVHvQWRDUFHVLLVSXQHEXQLFLL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7DWLFX
PDORYLWSHVWHPkQXWDVLPLDVSXVFDVDUPDOHOHVXQWSHQWUXSRPDQD
$LYHQLWODWDQFEXQLFR]LVHQHSRWHOXOGHVFKL]kQGXVDFDFLWDWDWRFPDLVSXQHDFDQXPDLGXPQHDWDPDLOLSVHDL
6RDFUDXQXLPXOWLPLOLDUGDUGLVSDUHVXELWvQWUREXQD]L'XSDSDWUX]LOHFKLQXLWRDUHGHDVWHSWDUHLDWDFDVXQDWHOHIRQXO
'RPQXOHVRDFUDGXPLWDOHHVWHRVWDWHFDQRDVWUDDPHQLQWDUDSLWRULL2YRPHOLEHUDvQVFKLPEXOXQXLPLOLDUG
%DUEDWXOUDVSXQGHIDUDVRYDLDOD
9DGDXGXEOXQXPDLWLQHWLRvQFRQWLQXDUHODYRL
6RWLD'UDJD D]L GXSD PDVD D FD]XW SHQGXOD GH SH SHUHWHOH GLQ VXIUDJHULH 'DFD SLFD FX R FOLSD PDL GHYUHPH vL SLFD
PDPHLvQFDS
/DFDUHVRWXOHQHUYDW
7LDPPDLVSXVHXFDSHQGXODDLDGHWRWFDFDWXOWRWUDPkQHvQXUPD
6RULDVRWXOXL
'UDJXOPHXvQFXUkQGYRPILWUHL
$VWDHRYHVWHEXQDUDVSXQVHHOVDUXWkQGR
0DPDDREWLQXWGLYRUWXOVLYDYHQLVDORFXLDVFDFXQRL
%DQFXULFXVSHUPDWR]RL]L
Ì&H]LFHXQVSHUPDWR]RLGvQFDXWDUHDRYXOXOXL"
5'DFDWHJDVHVFRPWHIDF
&H]LFHVSHUPDWR]RLGXOFDWUHRYXOFkQGODJDVLW"
520PDIDF
Ì&H]LFHXQVSHUPDWR]RLGFD]XWSHSHUQD"
53kQDLS
ODPDPDLIDFHXRP
Ì'HFHDXVSHUPDWR]RL]LLFRDGD"
5&DVDLSRWLVFRDWHGLQWUHGLQWL
2JUXSDGHVSHUPDWR]RL]LSOHFDWLODGUXP8QXOGLQHL]LFH
8IIII$PRERVLWDVDGHWDUH0DLHPXOWSkQDODRYXOH"
/DFDUHXQXOPDLGLQIDWD
'DPDLHGUXPOXQJ'HDELDDPWUHFXWGHDPLJGDOH
8QSOXWRQGHVSHUPDWR]RL]LvQPDUV&RPDQGDQWXOGLQIUXQWHVHvQWRDUFHVLVWULJD
7UDGDUHHHHHHHH$PIRVWGDWLvQJkW
8QMHWGHVSHUPDWR]RL]LSHGUXP8QXOPDLGLQIDWDVWULJDGLQWRWLUDUXQFKLL
*UXSDFXOFDDDDDW
&XWRWLLVHDUXQFDSHEXUWD6HDXGHXQVXLHUDWSXWHUQLFVLGXSDXQWLPSGHDXGHLDUFRPDQGDvQDLQWH8QXOPDLGLQXUPDVH
ULGLFDQHGXPHULWVLvQWUHDED
&HDIRVWDVWD"
/DFDUHFRPDQGDQWXOJUXSHL"
2SLOXODDQWLEDE\
9DULDQWD
7UHFHXQSOXWRQGHVSHUPDWR]RL]LvQPDUV/DXQPRPHQWGDWYLQHYLQHGLQXUPDXQVSHUPDWR]RLGVFKLRSVWULJkQG
$QWLEHELLLLLLL$QWLEHELLLLLLLLL
3OXWRQXOVHVSHULHVLIDFHVWkQJDPSUHMXU5DPkQHVSHUPDWR]RLGXOVFKLRSVLQJXUVLVSXQH
+HKHHHHHH6LDVDVHQDVFFRSLLLKDQGLFDSDWL
7UHLVSHUPDWR]RL]LVHFHDUWDGHPDPDIRFXOXL=LFHSULPXO
9UHDXVDILX(XSULPXO
$OGRLOHD
%DHXHXYUHDXVDILXSULPXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DFDUHDOWUHLOHDOH]LFHOLQLVWLW
0DLWHUPLQDWLRGDWDFXFHDUWDFLQHHSULPXOKRWDUkPGXSDFHYHGHPFXPLHVLPGLQWXEXOGLJHVWLY
(UDRGDWDXQVSHUPDWR]RLGEDWUkQVLvQWHOHSWWUHFXWSULQPXOWH'HILHFDUHGDWDFkQGWUHEXLDXVDDOHUJHODWLQWDvLvQWUHFHD
SHWRWLÌQWUR]LXQVSHUPDWR]RLGFLXPHJQHGXPHULWVHGXFHVDFHDUDVIDWXOEDWUkQXOXL
&XPIDFLWXPDLPRVXOHGHDMXQJLPHUHXSULPXORULFkWvQFHUFDPQRLDVWLDPDLvQSXWHUHVDWHvQWUHFHP"
3DLVDYH]L&kQGVHGDVWDUWXOvQFHSLVDDOHUJL
6L"
6LDOHUJLFkWSRWLWXGDLGLQFRGLWDGDLGLQPkLQLUHSHGHUHSHGHVLRVDYH]LFDDMXQJLSULPXO
%LQHPRVXOHPHUVL
$GRXD]LFHLGRLVHUHvQWkOQHVF6SHPDWR]RLGXOFHOPLFHUDWRWvQJKLSVORYLWFXJkWXOUXSWGHDELDPDLSXWHDVDYRUEHDVFD
&HLFXWLQHWLQHUH"&HDLSDWLWGHDLDMXQVvQKDOXODVWD"1XPLDLDVFXOWDWVIDWXO"
%EEEDGDPRVVVVXOOHDVVFXOWDW
3DLVL"
6VVLVLLDPvQQRWDW PDP vPSLQVDP IDFXWWRWFHDPSXWWWXWVLFkQGVD YDG VL HX FDSDWXO WXQHOXOXLQX PDL VWLXXXDP
SORQMDWvQJROVLPDPWUH]LWGDWFXFDSX
GHSHUHWL
'DFDDMXQJVDIHFXQGH]RYXOXOVFRWREORQGDVXSHUEDRFKLDOEDVWULWkWHPDULSLFLRDUHSkQDQJkW
9LQHDOGRLOHDVL]LFH
'DFDDMXQJHXVDIHFXQGH]RYXOXOVFRWXQWLSVXSHUEWRDWHIHPHLOHYRUILvQOLPEDGXSDHO
/DFDUHDOWUHLOHD]LFH
7DFHWLGUDFX
FDVLQWHPSHHVRIDJ
'RLVSHUPDWR]RL]LVHvQWkOQHVFXQXOFXPkQDvQJLSV
'D
FHDLSDWLWPDLDPDUkWXOH"
+DEDUQDPDVHDUDFUHGFDDIRVWXQFXWUHPXUGXSDFDUHPDPWUH]LWL]ELWGHIDLDQWDGLQEDLHVLQXPDLVWLXQLPLF
%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$FXPQXPDLSXWHPVDvQFKLGHPFDSDFXOODVLFULX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&HVHvQWDPSODGDFDLQWURGXFLRSDVWLOD9,$*5$vQSDPkQW"
53RWLVFRDWHUkPHOHVLVDOHEDJLvQSHUHWH
ÌÌQFHVHWUDQVIRUPDXQFRQIHWWLFDUHDOXDWRSDVWLODGH9,$*5$"
5ÌQWURSLRQH]D
9DULDQWD
Ì6WLWLFHHRSLRQH]D"
58QEDQXWFDUHDOXDW9LDJUD
ÌQWURUHFODPDVHDQXQWDQRLSURGXVH
SDVWLOHOH9,$*5$/,*+76SHQWUXPkQDJLL
9,$*5$3/86SHQWUXVDWLVIDFHUHDQHYHVWHL
9,$*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$IRVWGHVFLIUDWFRGXOJHQHWLFDOOXL%LOO&OLQWRQ
8QDUKLWHFWDPHULFDQDVDOYDWXQPRQXPHQWDUKLWHFWRQLFGHLPSRUWDQWDPRQGLDOD
7XUQXOGLQ3LVDDIRVWvQGUHSWDW6HFUHWXO9LDJUDvQSkQ]DGHDSDIUHDWLFD
7DNH9LDJUD+DYH)XQ'LH+DUG
([LVWWUHLWLSXULGH9LDJUD
3DVWLOHXVRDUH
3DVWLOHWDUL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%LOO&OLQWRQ
=LFH3DSDXQXLFDUGLQDO
9LDJUDIDUDIHPHLHHXQFKLQ
Ì'HFHVHIDFDFXPEDQFLOHODVFRDODFXFPPDLvQDOWH"
59LDJUDVHFRPHUFLDOL]HD]DVLvQFXUWHDVFROLL
Ì&HVHvQWkPSODGDFDGDL9LDJUDXQXLVDUSH"
57HDFX]DWLSLLGHOD*UHHQSHDFHSHQWUXFKLQXLUHDDQLPDOHORU
Ì&HVHvQWkPSODGDFDGDL9LDJUDXQXLOLFXULFL"
56HWUDQVIRUPDvQWUXQODPSLRQ
9DULDQWD
Ì&HIDFHXQOLFXULFLGXSDFHLDRSDVWLOD9LDJUD"
56HWUDQVIRUPDvQWUXQWXEGHQHRQ
Ì'HFHQXVHGD9LDJUDIHPHLORU"
53UREDELOFDDUVkQJHUD
=LFHXQEDWUkQ
'HFkQGLDX9LDJUDVWLXGHILHFDUHGDWDXQGHVDvPLDJDWSDODULD
Ì&XPVHQXPHVWHQRXD$QWLYLDJUD"
57HUSLQRORIDFHPRDOHVLSXIRDVD
Ì&XPVHQXPHVFFHLVDSWHDPHULFDQLFDUHDXOXDW9LDJUD"
5XS
&DVLUDVSXQVOD(XUR¼DIRVWHPLVDVLvQ$PHULFDRQRXDPRQHGD
&OLQWRQ 9LDJUD
8QEDUEDWDYHDSUREOHPHFXSRWHQWD0HUJHODGRFWRULDUDFHVWDvLVSXQH
ÌWLGDXSUDIXODFHVWDSHFDUHWUHEXLHVDOSXLvQPkQFDUHVLHUHFWLDYDYHQLLPHGLDW
%XFXURVvQGUXPVSUHFDVDSHQWUXDIDFHREXFXULHVRWLHLVDOHLQWUDvQWUXQUHVWDXUDQWVLFRPDQGDRSRUWLHGHPLFLVLVSXQH
EXFDWDUXOXLVDSXQDSUDIXOvQHL
'XSDRRUDGHDVWHSWDUHRPXOUHYROWDWvOvQWUHDEDSHRVSDWDU
&HVHPDLDXGHFXPLFLDLDGRP
OH"
'RPQXOHEXFDWDUXLGLVSHUDWFXPDVHD]DPLFLLSHJUDWDUHLVHULGLFDvQSLFLRDUH
8QXOPDLVODEGHPDGXYDVHGXFHODGRFWRUVLvOURDJDVDLGHDQLVWHSLOXOHSHQWUXSRWHQWD
'RFWRUXOvLGDSLOXOHOHUHVSHFWLYH9LDJUDVLvLVSXQHVDYLQDGLQQRXGXSDFHOHvQFHDUFD
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
$KDDDVWLX]HFHSDVWLOH9LDJUD
1XGRPQXOHRFUHPDGHPkLQL7LSHOHQXDXYHQLWDVHDUD
Ì&kQGDUIL9LDJUDFXDGHYDUDWGHIRORV"
5&kQGVDUFRQVLGHUDFDEDUEDWLLVXQWRVSHFLHSHFDOHGHGLVSDULWLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì&DUHHGHRVHELUHDvQWUHXQFRQVXPDWRUGH9LDJUDVLXQODEDJLX"
51LFLXQD$PkQGRLRIDFSkQDPRU
Ì&HHVWHFXDGHYDUDWGHSULPDQW"
56DvQJKLWLR9LDJUDVDDOHUJLvQVSUHSHUHWHVLVDWLGDLSULPDGDWDFXFDSXOGHVXVGHSHUHWH
1RXDSLOXOD9LDJUD8QIHOGH$XURODFSHQWUX6HQLRUL
&HUHUHDSHSLDWDSHQWUX3DVWLOD9LDJUDQXPDLHDVDGHPDUH)HPHLOHQXPDLIDFIDWD
9LDJUDH[LVWDDFXPVLFDORWLXQH'XSDvQWUHEXLQWDUHvQWLQGHSLHOHD
Ì'HFHVHUHFRPDQGDvQJKLWLUHDIRDUWHUHSHGHDSDVWLOHL9LDJUD"
5$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
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Ì'HFHXQLLvVLLQWURGXFFkWHRSLOXOD9LDJUDvQWDQFXOGHEHQ]LQD"
53HQWUXFDPDVLQDVDSRDWDOXDFXUEHOHPDLGUHSW
Ì'HFHVHGDPDLQRXVLVROGDWLORUODDUPDWD9LDJUDvQORFGHEURPXUD"
56DXIDFXWH[SHULPHQWHVLVDGRYHGLWFDVWDXPDLELQHGUHSWL
2SHUHFKHPDLWUHFXWDVWDvQSDW=LFHHO
'UDJDWRFPDLDPOXDWRSLOXOD29LDJUD
/DFDUHHD
6LHXGUDJD8QDOJRFDOPLQ
'DFDDL9LDJUDQYLQH
3RWLIX
HFDXQFkLQH
Ì'HFH9LDJUDQXVDLPSXVvQFDSHSLDWD"
53HQWUXX]XOFDVQLFSUHDVFXPSDVLSHQWUXMRFXULOHvQGHSODVDUHQXHQHFHVDUD
Ì'HFHvQJKLWSXQNHULLPDLQRX9LDJUD"
56DOHVWHDSDUXOVFXODW
8QVRWFXVRWLDVDPHUJODIDUPDFLHVDFXPSHUHFkWHYDSLOXOH9LDJUD(OUHFODPD
&XP"R SDVWLOD
/DFDUHVRWLDVD
/DVDSHDQQLFLQXHDVDGHVFXPS
6vQWVXSDUDWQXPLVHPDLVFRDODGHDQL
6DEDWvQOHPQPLHQXPDLGH
Ì&HREWLLGDFDDUXQFLvQYkQWRSDVWLOD9LDJUD"
52EUL]DSXWHUQLFD
%DQFXULFXVSRUWLYLVLGHVSUHVSRUW
%DQFXULFXDOSLQLVWL
'RLDOSLQLVWLODPDUJLQHDXQHLSUDSDVWLL=LFHXQXO
$LFLDSLFDWJKLGXOQRVWUXDQXOWUHFXW
&HODODOWVFDQGDOL]DW
6LDVWDVSXLWXDVDGHOLQLVWLW"
3DLFHHUDGHMDGHVWXOGHYHFKLVLDYHDVLFkWHYDSDJLQLUXSWH
'RLDOSLQLVWLVXVSHPXQWH8QXODOXQHFDvQFUDSDWXUDXQXLJKHWDUFXFDSXOvQMRVFHODODOWVHDSOHDFDSHJXUDFUDSDWXULL
GXSDHOVLVWULJD
7HDLUDQLW"
1XXXXDXGHHO
&XPDVD"
6XQWvQFDvQFDGHUHHHHHHH
8QDOSLQLVWFD]XWvQFUDSDWXUDXQXLJKHWDUHVWHJDVLWGHRWUXSDGHODFUXFHDURVLHVLVDOYDPRQW$VWLDVWULJDGHVXV
&UXFHDURVLHVLVDOYDPRQWXOVXQWDLFL
,DUDOSLQLVWXOGLQSUDSDVWLH
1XGRQH]QLPLF
8QDOSLQLVWVHDIODODPXQWHOkQJDRSUDSDVWLHVLGRULQGVDWHVWH]HHFRXOvQFHSHVDVWULJH
3X
DSX
DSX
D
,DUHFRXOUDVSXQGH
3X
DSX
DSX
D
7LSXOVWULJDVLPDLWDUH
3X
DSX
DSX
D
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,DUHFRXOUDVSXQGH
3X
DSX
DSX
D
&RQFHQWUDWWDUHFXHFRXODVWDIDFHXQSDVJUHVLWVLFDGHvQWURSUDSDVWLH
$MXWRRRUVWULJDWLSXO
,DUHFRXO
3X
DSX
DSX
D
%DQFXULFXER[HUL
'XSDUHSUL]HYLQHER[HUXOPDFLQDWvQSXPQLvQFROW$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
3kQDODXUPDDPDMXQVODFRQFOX]LDFDWRWPDLELQHHVDGDLGHFkWVDSULPHVWL
$YHWLRJkQGLUHJHQHURDVD6XQWHWLILODQWURS"
1XVXQWER[HU
8QER[HUvVLvQWUHDEDDQWUHQRUXO
&UH]LFDDPVDOGRERUSHDGYHUVDUXOPHXGHPkLQH"
'DFDGDLQLVWHUDWHXULSULQDHUDVDFXPRELVQXLHVWLWXIDFHSUHFLVvQUXQGDDWUHLDDSULQGHUHODSODPkQL
3RSHVFXVWDSHPDUJLQHDULQJXOXLGHER[/kQJDHOVWDXQWLSFDUHODILHFDUHORYLWXUDELQHSODVDWDVHEXFXUDQHVSXV
%R[XOHXQVSRUWPLQXQDW]LFHDFHVWDOXL3RSHVFX
3RSHVFXODUkQGXOOXL
'HFHVXQWHWLVLGXPQHDYRDVWUDER[HU"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XHXVXQWVLQJXUXOGHQWLVWGLQRUDV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XSULQV
&8/(*(5('(%$1&85,6,32$17(Ì1/,0%$520Æ1$
,1)250$7,,18180$,&23<5,*+7
,1752'8&(5(
,)HQRPHQXOURPkQHVFDOEDQFXOXL
%$1&85,/(
%DQFXULFXDQLPDOH
%DQFXULFXGLQR]DXUL
%DQFXULFXIXUQLFDVLHOHIDQWXO
%DQFXULFXLHSXUDVXO
%DQFXULFXLQVHFWH
%DQFXULFXSDVDUL
%DQFXULFXQHYHUWHEUDWH
%DQFXULFXUHSWLOH
%DQFXULFXPDPLIHUH
%DQFXULFXVRULFHOXOVLHOHIDQWXO
%DQFXULFX%XODVLDLOXL
%DQFXULFX$OEDFD=DSDGD
%DQFXULFX%XODODDUPDWD
%DQFXULFX%XODODVFRDOD
%DQFXULFXH[WUDWHUHVWULL
%DQFXULFX)DW)UXPRV
%DQFXULFX,RQVL0DULD
%DQFXULFX0RV&UDFLXQ
%DQFXULFX6FXILWD5RVLH
%DQFXULFX6LUVL-RKQ
%DQFXULFX9DPSLUL
%DQFXULFXVLGHVSUHGLIHULWHFDWHJRULLVRFLDOH
%DQFXULFXDFWRUL
%DQFXULFXDYRFDWL
%DQFXULFXEkOEkLWL
%DQFXULFXEHWLYDQL
%DQFXULFXFKHOL
%DQFXULFXFKHOQHULVLODUHVWDXUDQW
%DQFXULFXFLREDQL
%DQFXULFXGRFWRUL
%DQFXULFXKRPRVH[XDOL
%DQFXULFXGHWLQXWLVLODvQFKLVRDUH
%DQFXULFXMXGHFDWRUL
%DQFXULFXPDULQDUL
%DQFXULFXOHVELHQH
%DQFXULFXPLOLWLHQL
%DQFXULFXQHEXQL
%DQFXULFXSHVFDUL
%DQFXULFXWDUDQL
%DQFXULFXYDPHVLVLODYDPD
%DQFXULFXYkQDWRUL
%DQFXULFXPHGLFLYHWHULQDUL
%DQFXULGHVSUHHWQLLQDWLXQLVLUDVH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULFXDOEDQH]L
%DQFXULFXFDQLEDOL
%DQFXULFXHYUHL
%DQFXULFXLUDTLHQL
%DQFXULFXQHJUL
%DQFXULFXUXVL
%DQFXULFXVFRWLHQL
%DQFXULFXVHLFL
%DQFXULFXVRPDOH]L
%DQFXULFXWLJDQL
%DQFXULFXXQJXUL
%DQFXULVHFL
%DQFX
FX
&DUHLFXOPHD"
3ULQGHVHUW
/DIDUPDFLH
%DQFXULFXPDVLQL
%DQFXULVHFL
%DQFXULGHVSUHVH[VLVH[H
%DQFXULFXEDEH
%DQFXULFXPRVQHJLVLSHQVLRQDUL
5DXWDFLRDVHODDGUHVDEDUEDWLORU
5DXWDFLRDVHODDGUHVDIHPHLORU
%DQFXULVFXUWHFXEORQGH
%DQFXULOXQJLFXEORQGH
%DQFXULFXIHWLWHVLDGROHVFHQWH
%DQFXULFXVRDFUH
%DQFXULFXVSHUPDWR]RL]L
%DQFXULFXSDVWLODPLQXQH9LDJUDVDXFXDFHHDVLWHPD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULFXDOSLQLVWL
%DQFXULFXER[HUL