38%/,&$,,/(12$675( (9=

 (Y]0ROGRYD

 'RFWRUXO=LOHL

 (Y]0RQGHQ

,7 &
%UDQGXOQXSHUIRUPDQHOHGLFWHD]SUHXOWHOHIRDQHORU
LQWHOLJHQWH
$XWRU FD SLWD OUR_GXPLQLF GHFHPEU LH_&RPHQWD U LL

3LDDVPDUWSKRQHXULORUHVWHXQULQJvQFDUHVHOXSWPDLPXOWGH]HFH
SURGXFWRULLPSRUWDQLLILHFDUHvQFHDUFVYLQFXQRXWLLLQRYDLLFDUHV
OHDVLJXUHVXFFHVXO'HRFDPGDWvQVSUHXOHVWHGHWHUPLQDQWSHQWUXFRWDGH
SLD
9kQ]ULOHGHVPDUWSKRQHSHSLDDORFDOFRQWLQXFUHWHUHDLDQXODFHVWDXUPkQGDGHSL
WUHLPLOLRDQHGHXQLWLFRPHUFLDOL]DWHvQXUFDUHFXDSUR[LPDWLYIDGHDQXOWUHFXW/D
QLYHOJOREDOFUHWHUHDHVWHPXOWPDLPLFGHDSUR[LPDWLYFkWDIRVWLvQWULPHVWUXODO
WUHLOHDDODQXOXLFkQGVDXFRPHUFLDOL]DWPLOLRDQHXQLWL3HSLDDLQWHUQDLRQDOOLGHU
HVWH6DPVXQJFDUHDOLYUDWPLOLRDQHXQLWLvQWULPHVWUXODOWUHLOHDXUPDWGH$SSOHFX
PLOLRDQHXQLWLLGH+XDZHLFXPLOLRDQH
Q5RPkQLDOLGHUGHSLDHVWHWRW6DPVXQJFXRFRWGHSLDHVWLPDWODDSURDSH
XUPDWGH$OOYLHZFDUHYDYLQGHvQMXUGHXQPLOLRQGHXQLWL'DWHOHVXQWHVWLPDWLYH
SHQWUXFSURGXFWRULLQXGRUHVFVIDFSXEOLFHFLIUHOH3HQWUXXUPWRDUHOHORFXULvQ
FODVDPHQWVHOXSW+XDZHL6RQ\+7&/*/HQRYRLFKLDU(YROLR3UHXOPHGLXSHQWUXXQ
WHOHIRQLQWHOLJHQWDFKL]LLRQDWHVWHGHVXEGHHXURvQVVHSUHILJXUHD]RVFKLPEDUHvQ
FHHDFHSULYHWHFDQDOHOHGHGLVWULEXLH0DLH[DFWGDFDQXOWUHFXWGLQWUHYkQ]ULVH
IFHDXSULQRSHUDWRULLGHWHOHIRQLHPRELOLGRDUSULQUHWDLODFXPSURFHQWXODIHUHQW
RSHUDWRULORUDFRERUkWVXE
QOLVWDFHORUPDLYkQGXWHWHOHIRDQHQXDSDUSURGXFWRULSUHFXP$SSOHL0LFURVRIWIRVWXO
1RNLDGDUYkUIXULOHGHJDPDOHDFHVWRUDVXQWFRQVLGHUDWHODIHOGHLPSRUWDQWHSHQWUXSLD
SUHFXPFHOHDOHSURGXFWRULORUGLQWRS&KLDUGDFSLDDDXWRKWRQQXHVWHIDYRUDELO
WHUPLQDOHORUVFXPSHGLQFDX]DSXWHULLGHFXPSUDUHUHGXVHVSHFLILFDLLOHLSHUIRUPDQHOH
IODJVKLSXULORUVWDELOHVFVWDQGDUGXOFWUHFDUHVHvQGUHDSWWRDWHWHOHIRDQHOH
L3KRQH6GHOD$SSOH
7HUPLQDOXOFHORUGHOD$SSOHHVWHSUREDELOFHOPDLDVSLUDLRQDOVPDUWSKRQHGHSHSLD
L3KRQH6L63OXVDXIRVWODQVDWHODvQFHSXWXOOXQLLVHSWHPEULHLDUYkQ]ULOHDFHVWXLPRGHO
LDOHFHOXLDQWHULRUL3KRQHDXGHSLWDWHSWULOH$SSOHUPkQHVLQJXUDFRPSDQLHGLQWRS
FDSDELOVYkQGDWkWGHPXOWHWHOHIRDQHODQLYHOJOREDOFXGRDUFkWHYDPRGHOHSHSLD/D
QRLYROXPXOYkQ]ULORUHVWHGHRUGLQXO]HFLORUGHPLLGDUSUREDELOQXVHDSURSLHGHRVXWGH
PLL

 $QLPDO=RR

 =RQDGHWLQHUHW

VHVWHvQPRGUHDOXQWHOHIRQIRDUWHEXQFXSURFHVRU$SHGHELLFDUHUHXHWHVRIHUH
VHQ]DLDGHSUHPLXPODILHFDUHXWLOL]DUH&HDPDLLPSRUWDQWVFKLPEDUHIDGHL3KRQH
HVWH'7RXFKIXQFLDFDUHSHUPLWHXWLOL]DUHDGLIHULWDXQHLVLPSOHDWLQJHULSHHFUDQ'DU
PHULWVFKLPEDWXQL3KRQHFXXQ6"0DLGHJUDEQXSHQWUXFGLIHUHQHOHQXVXQWDWkWGH
PDULQVFKLPESHQWUXSDVLRQDLLFDUHGHLQPRGHOHDQWHULRDUHDFKL]LLRQDUHDXOWLPXOXL
PRGHOHVWHUHFRPDQGDELOGLIHUHQHOHILLQGVHPQLILFDWLYH
5PkQHSUREOHPDSUHXOXLL3KRQHILLQGvQFRQWLQXDUHFHOPDLVFXPSWHOHIRQGHSHSLD
0RGHOXOFXGRDU*%SRDWHILFXPSUDWFXPDLSXLQGHGHOHLvQVSHFLDOODSURPRLL
GDUPRGHOHOHVXSHULRDUHFDL63OXVFDUHDUHXQHFUDQGHLQFLIDGHLQFLSHQWUX6
SRWGHSLGHOHLQSUHHVWHLQFOXVvQVLEUDQGXOFDUHUHSUH]LQWPDLPXOWGHFkWFHOH
FkWHYDVXWHGHSLHVHSXVHODRODOW
6DPVXQJ*DOD[\6L(GJH
&HOPDLPDUHSURGXFWRUGHWHOHIRDQHPRELOHDUHvQFPRGHOXO*DOD[\6SHSRVWGHYkUIGH
JDP8OWLPXOODQVDWHVWH6(GJH3OXVPRGHOFDUHHVWHPDLPXOWXQSKDEOHWDYkQG
GLPHQVLXQHDHFUDQXOXLGHLQFL&RPSDQLDFRUHHDQDvQFHUFDWVvPSDFHLSDVLRQDLLGH
GHVLJQLSHFHLGHEXVLQHVVDGLFPDLVREULLDSVWUDWIRUPDFODVLF6DPVXQJSHQWUX
PRGHOXO6vQWLPSFHD(GJHDYHQLWFXHFUDQFXUEDWSHPDUJLQLOHWHOHIRQXOXL8OWLPXOPRGHO
FXHFUDQPULWDYHQLWGRDUSHYDULDQWD(GJHGDUQLFLQXHUDFD]XOXQXL6PDLPDUHGH
LQFLDWkWDWLPSFkWH[LVWSHSLD*DOD[\1RWHXQWHUPLQDOODIHOGHEXQLFXHFUDQPDUH

6vQDPEHOHYDULDQWHUPkQHXQXOGLQWUHFHOHPDLEXQHWHOHIRDQHGLVSRQLELOHSHSLDGLQ
DSURDSHRULFHSXQFWGHYHGHUH,QFOXVLYXWLOL]DUHDDGHYHQLWODIHOGHIOXLGSUHFXPFHDD
L3KRQHLDUVLVWHPXOGHRSHUDUH$QGURLGRIHUDFFHVODPLOLRDQHGHDSOLFDLLJUDWXLWHVSUH
GLIHUHQGHVLVWHPXOvQFKLVDO$SSOH8QPLQXVDUSXWHDSULPLSHQWUXFDSDFXOGLQVWLFOGHSH
VSDWHFDUHHVWHHOHJDQWGDUQXIRDUWHUH]LVWHQW2ULFXPWHUPLQDOXODIRVWELQHSULPLWvQ
VWDWHOHGH]YROWDWHXQGHSUHXOQXUHSUH]LQWRSUREOHPDWkWGHPDUH/DQRLHVWHWRWXLJUHX
VJVHWLPXOLFOLHQLGLVSXLVSOWHDVFFHOSXLQOHLSHQWUXXQ6VDXGHOHL
SHQWUXXQ6(GJH3OXVPRWLYSHQWUXFDUHPXOLGLQWUHFHLLQWHUHVDLFDXWRIHUWHOH
RSHUDWRULORU6DXDWHDSWODQVDUHD6GHODvQFHSXWXODQXOXLYLLWRU
+RQRUL2QH$
+XDZHLL+7&DXODQVDWUHFHQWFkWHXQQRXYkUIGHJDPUHVSHFWLY+RQRUL2QH$
&KLQH]LLGHOD+XDZHLUHXHVFVXUFHvQYkQ]ULLvQDUDQRDVWUFXPRGHOHSHQWUXWRDWH
FODVHOHLSUHXULSHPVXU,QFOXVLY+RQRUFDUHHVWHXQIODJVKLSFXVSHFLILFDLLGHWRSD
IRVWODQVDWFXSUHXOGHGHOHLDGLFXQQLYHODFFHVLELOSHQWUXPDLPXOLFOLHQL$GHOD
+7&GLQJDPDFHDPDLGHVXFFHVDFRPSDQLHL2QHQHFHVLWFHOSXLQGHOHLSHQWUX
YDULDQWDFXPHPRULHGHVWRFDUHGHGRDU*%
$PEHOHWHUPLQDOHvLPHULWUHQXPHOHGHIODJVKLSLSRWVDWLVIDFHRULFHFHULQDXWLOL]DWRULORU
LQFOXVLYSHSDUWHDGHIRWRJUDILH'DUQXHVWHXRUVLQWUHvQFRPSHWLLHFXOLGHULLGHEUDQG
$SSOHL6DPVXQJFKLDUGDF+7&HVWHWHRUHWLFvQDFHHDLFDWHJRULH+XDZHLFDUHVHDIOSH
ORFXOWUHLPRQGLDOGXSYkQ]ULHVWHXQEUDQGFDUHvQFvLFDXWORFXOSHSLDDGHODQRLLDU
SUHXOPDLUHGXVvODMXWVLQWUHvQSUHIHULQHOHFXPSUWRULORU
0LFURVRIW/XPLD
LFRPSDQLDDPHULFDQDODQVDWXQQRXWHOHIRQGLQIDPLOLD/XPLDSUHOXDWGHOD1RNLD3LDD
DUHQHYRLHGHXQFRPSHWLWRUUHDOSHQWUX$QGURLGLDUvQFRQGLLLOHvQFDUHWHOHIRDQHOH$SSOH
UPkQSHRQLDFHORUODPRG:LQGRZVDUWUHEXLVDFRSHUHJROXO1XPDLF0LFURVRIWD
SLHUGXWVWDUWXOVLVWHPHORUGHRSHUDUHSHQWUXVPDUWSKRQHLDUDFXPvLHVWHIRDUWHJUHXV
DMXQJODRFRWGHSLDVHPQLILFDWLY&RPSDQLDGLQ6HDWWOHVSHUVUHFXSHUH]HWHUHQFX
QRXO:LQGRZVGDUPDLDYHPGHDWHSWDWSHQWUXFRQILUPDUH

/XPLDL;/DGLFLQFLLLQFLVXQWYkUIXULGHJDPFDUHVHSRWEDWHIU
SUREOHPHFXRULFHDOWWHOHIRQGHSHSLD0LFURVRIWYUHDPDLPXOWvQVLSUH]LQWWHOHIRQXOFD
SHXQDGHYUDW3&XWLOL]DELOFDXQFRPSXWHUSULQWURVWDLHGHGRFDUH6SHFLILFDLLOHIODJVKLS
XULORUDXDMXQVRULFXPODFHOHDOHXQRU3&XULPDLSXLQSHUIRUPDQWHGUHSWSHQWUXFDUHQXDU
ILDQRUPDOVXWLOL]PWHOHIRQXOFDSHXQFDOFXODWRUDWXQFLFkQGDMXQJHPODELURXVDXDFDV
'LQSFDWHWHOHIRDQHOHDELDDXIRVWODQVDWHLQXDXDMXQVSHWRDWHSLHHOH3UHXOHVWLPDWLY
SHQWUX5RPkQLDHVWHvQWUHLGHOHL
/*/HQRYR6RQ\
/**/HQRYR9LEH;6RQ\;SHULD=9kUIXULGHJDPDOHXQRUFRPSDQLLFDUHvQFHDUFV
vLFUHH]HXQQXPHSHSLDVDXFDUHVSHUVUPkQFXEUDQGXOSHFDUHvODX6RQ\YUHDVD
UH]LVWHSHSLDDWHOHIRDQHORUGXSFHDSLHUGXWGLYL]LLLPSRUWDQWHSUHFXPFHDD3&XULORUvQ
WLPSFH/HQRYRYUHDVVHDILUPHFDEUDQGvQLQGXVWULDVPDUWSKRQHDDFXPHVWHvQFHDD3&
'HDOWIHOFKLQH]LLGHOD/HQRYRVHSUHJWHVFVPHDUJSHGRXQXPHSULQFLSDOHSHQWUX
WHOHIRDQHFHOPDLSUREDELO0RWRQXPHOHSUHOXDWRGDWFX0RWRURODL9LEH3HGHDOW
SDUWH/*vQFHDUFGRDUVUH]LVWHSHSLDSULQUHQXPHOHGHMDFUHDW

/*L/HQRYRUPkQvQ]RQDGHSUHGHVXEGHOHLFKLDUGDFWHUPLQDOHOHVXQWODIHOGH
SHUIRUPDQWHSUHFXPDOWHIODJVKLSXUL6RQ\vQVQXDUHXLWVVFRDWXQWHOHIRQPDLDFFHVLELO
GUHSWSHQWUXFDUH;SHULD=3UHPLXPFRVWvQMXUGHGHOHL=FRERDUFWUHGH
OHLLDU=&RPSDFWDMXQJHODGHOHLFHHDFHvQVHDPQFMDSRQH]LLDXQHYRLHGHRIHUWH
EXQHFXRSHUDWRULLSHQWUXDFkWLJDFRWGHSLD
$OOYLHZEUDRYHQLLGHSHORFXOVHFXQG

&RPSDQLD$OOYLHZEUDQGXOORFDOODQVHD]WHOHIRDQHSHEDQGUXODQWODSUHXULDFFHVLELOH
SHQWUXDSURDSHWRLFOLHQLL$FHVWHHVWHGHDOWIHOVHFUHWXOSHQWUXDDMXQJHQXPUXOGRLSHR
SLDDJORPHUDWLFDUDFWHUL]DWGHDFKL]LLLFDUHGHSLQGGHRIHUWHVSHFLDOHVDXSURPRLL
5HFHQW$OOYLHZDODQVDWGRXPRGHOHQRLvQJDPD9LSHUWHUPLQDOHGHWRSFXPDWHULDOHL
VSHFLILFDLLDSURSLDWHGHKLJKHQG99LSHUL99LSHU;8OWLPXORIHULQFOXVLY'XDO0RGH
*DGLFYLWH]HGHFRQHFWDUH*SHDPEHOHFDUWHOHWHUPLQDOHOHVXQWGXDOVLPIXQFLHSH
FDUHRJVLPODWHOHIRDQHPXOWPDLVFXPSH3UHXOGHPDJD]LQHVWHGHGHOHLSHQWUX9
9LSHULGHOHLSHQWUX99LSHU;

7(5,),$178QURPkQSULHWHQFXWHURULWLL
FDUHDXSXVODFDOH0$6$&58/GHOD3DULV
WLDGH3/$18/61*(526DO%(67,,/25

WLDGH3/$18/61*(526DO%(67,,/25
-,+$',67(vPLVSXQHDLJDQLORUOD
GUDFX
FXURPkQLL

6381(7,3$5(5($

$FXPSRWLFRPHQWDVLSULQLQWHUPHGLXO
FRQWXOXLGHIDFHERRN'(7$/,,!!