Documente Academic
Documente Profesional
Documente Cultură
9HUVLXQHD9ROXPXO,
%DQFXULGHVSUHHWQLLQDWLXQLVLUDVH
%DQFXULFXDOEDQH]L
'HFHVXEPDULQHOHDOEDQH]HLHVODVXSUDIDWDGLQGRXDvQGRXDPLQXWH"
5&DVDLDDHUYkVODVLL
6WLWLFXPIDFVROGDWLLDOEDQH]LvQFDO]LUHDGHGLPLQHDWD"
5$OHDUJDGRXDWXUHGHWDUD
&DUHLGLIHUHQWDGLQWUHXQDOEDQH]PLFVLXQXOPDUH"
5$ODPDUHDUGHPDLPXOW
'HFHDXSLHUGXWDOEDQH]LLUD]ERLXO"
5(UDDUFDVXOEROQDY
'HFHHFUL]DGHHODVWLFvQ$OEDQLD"
56HSUHJDWHVFVDVLODQVH]HSULPXOVDWHOLWDUWLILFLDO
&XPSRDWHILRSULWXQWDQFDOEDQH]"
57UHEXLHvPSXVFDWFHOFDUHvPSLQJHWDQFXO
&HVHvQWDPSODFkQGOD7LUDQDVHDUGHXQEHF"
53ULQGHFUHWSUH]LGHQWLDOVHVFRDWHVLFHOGHDOGRLOHDEHFGLQPRWLYHGHVLJXUDQWDVWDWXOXL
'HFHHEORFDWDIORWD7LUDQHL"
5/LVDUXSWRYkVOD
/D1DWLXQLOH8QLWH
&XFHGRWDUHORJLVWLFDSRDWHSDUWLFLSD$OEDQLDODIRUWHOHGHPHQWLQHUHDSDFLL"
9DGDPXQWDQF
1XVHSRDWHGRDUXQXO"
%LQHYLOHGDPSHDPkQGRXD
'XSDXQUDLGDYLDWLFDVXSUD%RVQLHLDOEDQH]LLVXQWvQWUHEDWL
'HFHIORWDYRDVWUDDYLDWLFDQXDSDUWLFLSDW"
(UDEROQDYSLORWXO
5DSRUWDODPLUDOXOXLDOEDQH]
)ORWDQRDVWUDDVXIHULWSLHUGHULJUHOHVDUXSWRYkVOD
&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
$UWUHEXLVDGRWDPVLQRLDUPDWDQRDVWUDFXFHYDGHRVHELW
3DLVDOHGDPXQWDQFFHOPDLEXQWDQFDOQRVWUX
%LQHELQHVLFXPvLUHSDUWL]DP"
'RLODSUDVWLHVLWUHLODSHGDOH
'HFkWLDOEDQH]LHQHYRLHSHQWUXDPRQWDXQEHF"
5'HQLFLXQXO
'HFH"
53HQWUXFDQXDXLQYHQWDWvQFDFXUHQWXOHOHFWULF
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHPHUJHHFRQRPLDDOEDQH]DDWkWGHSURVW"
53HQWUXFDOHDPXULWPDJDUXO
'HFHXQDYLRQDOEDQH]FRERDUDODVROGLQvQPLQXWH"
5&DVDOvQWRDUFDFXFKHLWD
QWURWDEDUDD&DVWLORU$OEDVWUHvQ.RVRYRVLLVFDRFHDUWDSHPRWLYHQDWLRQDOLVWHvQWUHXQDPHULFDQVLXQDOEDQH]=LFH
DPHULFDQXOSOLQGHPkQGULHDOEDQH]XOXL
:HKDYH%LOO&OLQWRQ6WHYLH:RQGHU%RE+RSHDQG-RQQ\&DVK
/DFDUHDOEDQH]XO
:HKDYH6ORERGDQ0LORVHYLFL1R:RQGHU1R+RSHDQG1R&DVK
&XPVHGHILQHVWHXQEXQYkQ]DWRU"
58QDOEDQH]NRVRYDUFDUHvLYLQGHXQXLVkUERMDFKHWD1$72
&XPVFXIXQ]LXQVXEPDULQDOEDQH]"
5&LRFFLRFODWXUHOD
2FLUFXODUDGHODSROLWLDDOEDQH]D
$MXWDWLSROLWLD%DWHWLYDVLQJXUL
&kQGYDDYHDSROLWLDDOEDQH]DFXDGHYDUDWVXFFHV"
5$WXQFLFkQGQXPDUXOUDXIDFDWRULORUSULQVLYDYLPDLPDUHFDQXPDUXODQJDMDWLORU
%DQFXULFXFDQLEDOL
'RLFDQLEDOLWDWDVLILXSULYHVFFXvQFkQWDUHRIHPHLHHXURSHDQDFDUHIDFHEDLHJRDODvQWUXQUkX
&HEXQDHWDWDFHSLHOHDOEDFHFDUQH+DLVRPkQFDP
1XSURVWXOHSHDVWDROXDPDFDVDVLRPkQFDPSHPDWD
&HVFULHSHDHURSRUWODFDQLEDOL"
5%LQHDWLYHQLWPkQFDYDV
&HvQVHDPQDSHQWUXXQFDQLEDORIHPHLHJUDYLGD"
5.LQGHUFXVXUSUL]H
'RLFDQLEDOLPDQkQFDXQFORZQ/DXQPRPHQWGDW]LFHXQXO
$UHXQJXVWGHVWXOGHFRPLF
'RLFDQLEDOLvOILHUESH$UQROG6FKZDU]HQHJJHU/DXQPRPHQWGDW]LFHXQXO
0LURDVHIRDUWHSXWHUQLF
&kWLYLQODSHWUHFHUHGUDJD"VHLQWHUHVHD]DQHYDVWDFDQLEDOXOXL
1XWHDJLWDGUDJDYDILSOLQGHGRPQLILQXWL
=LFHFDQLEDOXO
3HSULPDEDOHULQDQXRYRPJDWLD]L2SDVWUDPSHQWUX]LXDGHSRVW
'HFHSULYHVFFDQLEDOLLJUDYLGHOHFDSHRGHOLFDWHVD"
53HQWUXRXOFXVXUSUL]HVLPDLDOHVSHQWUXH[WUDSRUWLDGHODSWH
3HRLQVXODGHFDQLEDOLQDXIUDJLD]DRQDYDVLVFDSDGRDURJDJLFDEXQDGHWRW2SULQGFDQLEDOLLVLREDJDvQRDOD
QWLPSFHVWULJDXWRWLWHPkQFDPWHPkQFDPDSDUHVHIXOWULEXOXLRVFDSDGHODPRDUWHVLRLDGHQHYDVWD
QILQHGXSDYUHRDQLPRDUHDLDVLRvQJURDSDQSULPDQRDSWHWRWLFDQLEDOLLRGH]JURDSDVLvQFHSGLQQRXVDVWULJH
7HPkQFDPWHPkQFDP
$SDUHLDUERVVX
VLRvQJURDSDODPHWUL7kPSLWLLDLDGHFDQLEDOLRGH]JURDSDGLQQRXVLVWULJDVORJDQXOORUPXOWLXELW
7HPkQFDPWHPkQFDP
9LQHVHIX
vLLDODREUD]FDQDXUHVSHFWQLFLSHQWUXQHYDVWDOXLGHFHGDWDvLDUGHFDGDYUXOVLvOEDJDvQWURFXWLXWDGHOHPQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1RDSWHDYLQDLDGLQQRXVLVWULJD
7HPkQFDPWHPkQFDP
6HVXSDUDVDUPDQXOYDGXYVLVHGXFHGLUHFWODHL
,DPDLWHUPLQDWLFXWHPkQFDPWHPkQFDPDVWDFHGUDFX
/DFDUHFDQLEDOLL
+DLVHIX
QLFLPDFDUXQQHVVQXQHSXWHPIDFH"""
8QFDQLEDOVHQWRDUFHGHODYkQDWRDUHVLVSUHGH]LOX]LDIDPLOLHLDGXFHGRDURXUQDIXQHUDUD
&HLDVWD"vQWUHDEDIDPLOLDvQWUXQJODV
2GHOLFDWHVDRPQHVV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QH[SORUDWRUSULQMXQJOD$PD]RQXOXLVDWUH]LWvQFRQMXUDWGHFDQLEDOL
2K'RDPQHVXQWSLHUGXWJkQGHVWHHO
'LQWURGDWDRUD]DGHVRDUHFRERUkQGGLQvQDOWXOFHUXOXLvLFDGHODSLFLRDUHVLRYRFHPDLJURDVDvLVSXQH
1XILXOHQXHVWLSLHUGXW,DRSLDWUDvQWRDUFHWHVLDUXQFRvQFDSXOVHIXOXLORU
([SORUDWRUXOIDFHvQWRFPDLGDUFHLGHFDQLEDOLVHQDSXVWHVFVSUHHO9RFHDGLQFHUXULPDLVSXQH
$ELDDFXPHVWLSLHUGXW
QMXQJODQLVWHH[SORUDWRULVXQWSULQVLGHFDQLEDOL6HIXOOH]LFH
'DFDS
HYRDVWUHDXODXQORFXQPHWUXYDLHUWVLYDWULPLWvQDSRL$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
&XPIDFFH]DULDQDFDQLEDOLL"
5'HYRUHD]DPDPDvQMXUXOIDWXOXL
&DUHHWH[WXOUHOLJLRVFHOPDLGUDJXQXLFDQLEDO"
5&XPVDvWLVHUYHVWLDSURDSHOH
8QUHSRUWHUVWUDLQvLLDXQLQWHUYLXSUHVHGLQWHOXL.HQLHL
'OHSUHVHGLQWHPDLDYHWLvQWDUDGXPQHDYRDVWUDFDQLEDOL"
1XQXPDLDYHPGHPXOWFDLDPPkQFDWSHWRWL
&HHVWHXQFDQLEDOFDUHDPkQFDWWRWLVDWHQLLOXL"
5*KLIWXLW
&HHVWHXQFDQLEDOFDUHDPkQFDWWRWLVDWHQLLOXL"
56LQJXU
&HHVWHXQFDQLEDOFDUHDPkQFDWWRWLVDWHQLLOXL"
5&HOPDLEDWUkQGLQVDW
FHHVWHXQFDQLEDOFDUHvVLPDQkQFDPDPD"
52UIDQ
'DUGDFDvVLPDQkQFDVLWDWDO"
56DWXO
'DDDGDGDGD
$WXQFLPDLLDREXFDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QHQJOH]XQIUDQFH]VLXQURPkQVXQWSULQVLGHFDQLEDOL6HIXOWULEXOXL
(QJOH]XOHPDLDLYUHRGRULQWD"
6DPDLYDGRGDWD%LJ%HQXO
5HVSLQV
(QJOH]XOHVWHJDWLWVLGLQSLHOHDVDVHIDFHRWRED)UDQFH]XOODUkQGXOOXLHvQWUHEDW
)UDQFH]XOHPDLDLYUHRGRULQWD"
'DVDPDLYDGRGDWD3DULVXO
5HVSLQV
)UDQFH]XOHVWHJDWLWVLGLQSLHOHDVDVHIDFHRWREDLYLQHVLUkQGXOURPkQXOXL
5RPkQXOHPDLDLYUHRGRULQWD"
'DDVYUHDXQFXL
5RPkQXOSULPHVWHXQFXLVLvQFHSHVDVHvQWHSHFXHOSHVWHWRW6HIXOFDQLEDOLORU
&HvQVHDPQDDVWD"
'LQSLHOHDPHDQXIDFHWLQLFLXQ7DP7DP
2FHDWDGHFDQLEDOLDWDFDPLVLXQHDGLQDSURSLHUHVLvQFHSRVSDWXO8QXOGLQWUHHLGHVFRSHUDvQWUXQFROWPRDUWDGHIULFDR
EDWUkQDGLDEHWLFD6LQHVWDSkQLWYUHDVDLIDFDIHOXOVDRIULJD/DFDUHVHIXOFHWHL
3DDVWDRPDLWLQHP$UHPXOW]DKDUVLQHRWUHEXLHSHQWUXvQGXOFLUHDFHDLXOXL
&DSLWDQHFDQLEDOLLODXSULQVSH-RHVLDFXPYRUVDOPDQkQFH
1XFUHGVDOHSODFD-RHHEROQDYGHGLDEHW
1DUHDIDFH$XSXVGHMDVDOILDUEDGHFRPSRW
&XPIDFHXQFDQLEDOFXUDGHVODELUH"
50DQkQFDSLWLFL
'RLFDQLEDOLVWDWHDXvQMXUXOXQXLIRF
1XPLSODFHGHORF&$51($$678,$]LFHXQX
QFHUFDFXNHWFKXS
8QFDQLEDOFDODWRUHDFXDYLRQXO6WHZDUGHVDvOvQWUHDED
&HDWLGRULVDVHUYLWLGHPkQFDUH"
/DFDUHFDQLEDOXO
PLDGXFHWLYDURJOLVWDSDVDJHULORU
8QFDQLEDODvQFHUFDWVDVHVLQXFLGD'DWILLQGIDSWXOFDD GDWJUHVVDDIODVXEFRQWUROPHGLFDOSHQWUXRYUHPH0HGLFXO
SVLKRORJvOvQWUHDED
6LGHFHDWLvQFHUFDWVDYDVLQXFLGHWL"
6WLWLVXQWVDWXOSkQDvQJkWGHRDPHQL
8Q DYLRQ VH SUDEXVHVWH GHDVXSUD MXQJOHL VL VXSUDYLHWXLZHVF GRDU FHOH WUHL VWHZDUGHVH GH OD ERUG Q MXQJOD HOH VXQW
XUPDULWH GH XQ WULE GH FDQLEDOL &D VD VFDSH GH DFHVWLD VH XUFD vQWUXQ SRP LDU FDQLEDOL VH DVHD]D WDFXWL vQ MXUXOSRPXOXL
'XSD]LOHXQDGHLQWUHVWHZDUGHVHFDGHIDFkQGXLVHUDXGHIRDPHVLHVWHPkQFDWDGHFDQLEDOL
&HOHODOWHGRXDVHDSXFDVDPDQkQFHFHYDIUXQ]HVLGXSDWUHL]LOHvQFDXQDFDGHVLHVWHPDQFDWDGHFDQLEDOL$WUHLDWUHFHVLOD
VFRDUWDGHFRSDFVLPDLUH]LVWDWUHL]LOHGXSDFDUHFDGHVLHD
0RUDOD5DEGDUHGHFDQLEDOVDDLFDIHPHLDSLFDHD
QWUHFDQLEDOL
'HFHPDQkQFLGHODRYUHPHGRDUSLHLURVLL"
3HQWUXFDYUDFLXOPLDVSXVFDDPSUHDSXWLQHJOREXOHURVLLvQVkQJH
&XPFRQVXPDFDQLEDOLLGRFWRUL"
5&DVL+27'2&
6
&XPFRQVXPDFDQLEDOLLVNDWHULL"
55XODGHGHFDUQH
&XPQXPHVFFDQLEDOLLXQKDQGLFDSDWvQWUXQVFDXQFXURWLOH"
50kQFDUHSHURWL
&HPDQkQFDFDQLEDOLL9LQHUHD"
53HVFDULSHQWUXFDWLQSRVW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
FHPDQkQFDFDQLEDOLL'XPLQLFD"
50LVLRQDULVXQWSDWUXQVLGHVSLULWXOUHOLJLHL
6HvQWkOQHVFGRLFDQLEDOL8QXOGLQWUHHLWLQHVXEEUDWFkWHYDFRDVWHGHRP&HODODOWvQWUHDED
&HIDFLFXFRDVWHOHDVWHD"
0DGXFODDOLPHQWDUD3HFRDVWHOHDVWHDSULPHVFvQDSRLJDUDQWLD
9LQHXQFDQLEDOvQWUXQPDJD]LQGHGHOLFDWHVHVL]LFH
$VGRULSHQWUXGLVHDUDVDPLOLYUDWLXQHVFKLPRV'DXRSHWUHFHUHVLDVYUHDVDVHUYHVFXQEXIHWUHFH
8QFDQLEDOVHPXWDODRUDVGXSDFHYDWLPSYLQHPDLFDVDvQYL]LWD6LvQWLPSFHPkQFDXDVWD]LFH
6WLLQXSUHDvPLSODFYHFLQLLWDL
$WXQFLPDQkQFDGRDUOHJXPHOH
8QHXURSHDQDMXQJHODXQWULEL]RODWVLVHIXOGHWULEvOLDVDLDUDWHDWUDFWLLOHORFDOHQWURYDOHPDLODGRVHUDXQVFDXQ
WXUQDQWvPSUHMXUXOFDUXLDVWDWHDXSHSDPkQWVDVHQHJUHVHIUXPXVHOH
$VWD]LFHVHIXOGHWULEHVWHUXOHWDQRDVWUDDIULFDQD
$GLFD"
9DDVH]DWLSHVFDXQXOWXUQDQWYDvQYkUWLWLVLIDWDvQIDWDFDUHLDYDRSULWLYLRVXJH
6LFDUHLULVFXO"
8QDGLQWUHHOHHFDQLEDOD
&DQLEDOLLSULQGXQDPHULFDQXQUXVVLXQURPkQ6HIXOFDQLEDOLORUOHVSXQH
'DFDYUHWLVDVFDSDWLFXYLDWDDYHWLSRVLELOLWDWLRULSODWLWLRULSULPLWLGHORYLWXULSHVSDWHRULPkQFDWLJUDPDGD
DLDGHUDKDWGLQIDWDYRDVWUD
$PHULFDQXOGXFHPkQDODEX]XQDUVFRDWHVLVFDSD
5XVXOvQGXUDGHORYLWXULSHVSDWHVLGHDVHPHQHDVFDSD
5RPkQXOFDUHHVWHUHQXPLWSHQWUXDIDFHULOHOXLVSXQH
(XPDVvQILQJHvQJUDPDGDDLDGHUDKDW
0DQkQFDDSURDSHMXPDWDWHLVHIDFHJUHDWDVLVSXQH
'HUHVWXOGDWLPLORYLWXULSHVSDWH
QGXUDHOFHvQGXUDvQVDQXPDLSRDWHGHGXUHUHVLFKLQXLWVSXQH
%DJDPLDVSX
DLDGHDLFLVLODVDPDvQSDFH
'RLDPHULFDQL VL GRL UXVLVFDSD GH QLVWH FDQLEDOL VL VH VXLHvQWUXQFRSDF $MXQJ FDQLEDOLL OkQJD FRSDF VL vVL SXQ FRUWXO
DFROR
'DFDQXQHGDWLSHXQXOGLQYRLVDOPkQFDPYDRPRUkPSHWRWL
'DXFX]DUXOFHLSDWUXVLLHVHXQUXVOPDQkQFD$GRXD]LODIHO
'DFDQXQHGDWLSHXQXOGLQYRLYDRPRUkPSHWRWL
'LQQRXGDXFX]DUXOVLLHVHFHODODOWUXVOPDQkQFDVLSHHO$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
QMXQJODHFXDWRULDODXQWkQDUFDQLEDOIDFHSHFDYDOHUXOFXRvQFkQWDWRDUHFDQLEDOD
3RWVDYDRIHUEUDWXOPHXIUXPRDVDGRPQLVRDUD"
5XVLQDWDDFHDVWDUDVSXQGH
1XPXOWXPHVFDPSUkQ]LWGHMD
&HHXQFDYDOHUvQDUPXUDvQWUXQVDWGHFDQLEDOL"
5&RQVHUYDGHFDUQH
&HHVWHXQDWOHWSHQWUXFDQLEDOL"
5)DVWIRRG
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
$FHVDILHVXQWKUDQDQRDVWUDSHQWUXGUXP
&DQLEDOXOYHQLDFDVDFDWUHVHDUDWUDJkQGGXSDHOXQFRVFLXJvQFKLV
%UUUVHVWUkPEDFDQLEDOXWXOFHOPLFLDURVDPkQFDPFRQVHUYH
H[SHGLWLHVWLLQWLILFDvQ&RQJRVHDYHQWXUHD]DvQMXQJODVLGDSHVWHXQWULEGHQHJUL
'XPQHDYRDWUDQXVXQWHWLFXPYDFDQLEDOL"vQWUHDEDVHIXOH[SHGLWLHL
1XXX6HSRDWH"1RLVXQWHPYHJHWDULHQL
9HJHWDULHQLFXPDVD"
3DLQRLPkQFDPQXPDLPDUXOOXL$GDP
,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"
LDUGHPODFUHPDWRULXFXSURFHVYHUEDO
$WXQFLDYHWLPLODGDWLPLVLPLHQLWLFDFHQXVDVDPLIDFXQQHVV
$PIRVWODYUDFLVDPDFRQVXOWHSHQWUXDUVXULOHPHOHGHODVWRPDF]LVHFDQLEDOXOFDWUHQHYDVWDVD
6LFHDVSXV"
0LDUHFRPDQGDWVDPDQkQFvQILHFDUHVDSWDPkQDFkWHXQSRPSLHU
8QPLVLRQDUGXSDFHVHUDWDFLVHYUHPHvQGHOXQJDWDSULQMXQJODDMXQVHODXQUkX$FRORYD]XXQFDQLEDO
7DUHPLHVHWH]LVHPLVLRQDUXOSRWVDEHDXGLQDSDDVWDFDVDPLRDVWkPSDU"
'HVLJXURPXOHUDVSXQVHFDQLEDOXOFDVLPLHPLHIRDPH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7DWDvQ5RPkQLDVXQWFDQLEDOL"
$VWDGHXQGHDLPDLVFRVR%XOLVRU"
'HOD0LFD3XEOLFLWDWH6FULD&DXWIHPHLHSHQWUXJDWLW
QXUPDXQXLQDXIUDJLXGXSDRQRDSWHGHvQRWXQVXSUDYLHWXLWRUDMXQJHODRLQVXOD3HSODMDGDFXRFKLLGHXQJUXSGH
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]YkUFROHDvQSDWOFKLQXLDXJkQGXULOHGHFHWUkLHVFHXSHSkPkQW"&HDPIDFXW
IRORVLWRUSHOXPHDDVWD"&XPRVDPLWUkLHVFYLDWDFDUHPLDPDLUDPDV"
'HFHQXGRUPL"vOvQWUHEkQHYDVWD
0DFKLQXLHVFvQGRLHOLOH
'HFkWHRULWLDPVSXVVDQXPDLPDQkQFLLQWHOHFWXDOLODFLQD"
'RLFDQLEDOLIDFFRQYHUVDWLH
$QXODVWDvPLSHWUHF5HYHOLRQXOFXYHFLQXOPHX%RQJR
8QGH"
QRDODOXLGHOXW
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
&HHDWXQFLFkQGXQFDQLEDOVHVFREHVWHvQWUHGLQWL"
5([KXPDUH
&kQGVWLHXQFDQLEDOFDSUkQ]XOOXLHJDWD"
5&kQGQXPDLDXGHEDWDLvQXVDFXSWRUXOXL
%DQFXULFXHYUHL
&DUHHGLIHUHQWDGLQWUHXQHYUHXVLRSkLQH"
53DLQHDQXGDGLQSLFLRDUHFkQGHEDJDWDvQFXSWRU
&DUHHGLIHUHQWDGLQWUHXQHYUHXVLRPLQJHGHEDVFKHW"
5QPLQJHQXVHGDFXSLFLRUXO
&HSDWHVWHXQHYUHXFDUHPHUJHFXS
DVFXODWDFDWUHXQ]LG"
5VLUXSHQDVXO
&HHVWHGUDJRVWHD"
52QRWLXQHLQYHQWDWDGHHYUHLFDVDI
WDIDUDEDQL
&XPVDIRUPDW0DUHOH&DQLRQ"
5$VFDSDWXQHYUHXRPRQHGDGHXQSHQ\vQWURFUDSDWXUDDVROXOXL
&DUHVvQWFHOHPDLPDULVDUEDWRULDOHHYUHLORU"
56DEDWXOVL2VFDUXO
&DUHHFHOPDLVFXUWEDQFFXHYUHL"
51DP
6WLWLFDUHLGLIHUHQWDGLQWUHRJDLQDVLXQHYUHX"
5*DLQDQXXUODFkQGREDJLvQFXSWRU
'RLHYUHL
0DL,RVLIWXDLPDVLQD"
$P
6LHXDPGDUXLWHFD$EUDPQXDUH+DLVDVWUkQJHPQRLQLVWHEDQLVDLFXPSDUDPVLOXL
&XPDIRVWIDEULFDWDSHQWUXSULPDRDUDVkUPD"
58QVFRWLDQVLXQHYUHXDX]DULWSHVWUDGDRPRQHGDGHXQSHQQ\
&HHVWHXQ3HUSHWXXPPRELOH"
5(VWHXQVFRWLDQFDUHDOHDUJDGXSDXQHYUHXFDUHvLGDWRUHD]D&HQWL
&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 $WXQFL YLQH GH OD QHYDVWDPHD 'DU OD QHYDVWDPHD QX PHUJ GRDU WUHL
RDPHQL
(XGDUHXVXQWDLFL
6HIXOPHXGDUQXHHOFDvOFXQRVF
6LGRPQXO*ROGVWHLQSHFDUHQXvOFXQRVF6HDSURSLHGHRPXOFDUHYHQHDVSUHHOWUHLSDVLGRLXQXOVLVSXQH
%XQDGLPLQHDWDGRPQXOH*ROGVWHLQ
%XQDGLPLQHDWDGDUGHXQGHPDFXQRDVWHWL"
(KHLMXGHFDWDORJLFD
6FKORLPL/LQGHQEHUJVHGXFHvQFRQFHGLXFXPDVLQDORSUHVWHXQPLOLWLDQYHGHFDvLHYUHXVLvODPHQGHD]DH[SOLFkQG
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDDSRUQLWDOGRLOHDUD]ERLPRQGLDO
&RQWLQXDGUXPXOQLFLQXDMXQJHODXQNLORPHWUXGHRERUXOGHOD,HULFKRQFDOVLRSUHVWHXQDOWPLOLLDQ
ODPHQGHD]DVL]LFH
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDHUD]ERLvQ*KD]D
3OHDFDPDLGHSDUWH$OWUHLOHDPLOLWLDQvORSUHVWHVLvODPHQGHD]D
6WLXHXFXPVXQWHWLYRLHYUHLL'LQFDX]DYRDVWUDVDVFXIXQGDW7LWDQLFXO
6FKORLPRYLFLULSRVWHD]D
'DUQXQRLODPVFXIXQGDW
$VWDVRFUH]LWX3DLFHFUH]L,FHEHUJQXLWRWHYUHXGHDOYRVWUX
QIDWDVLQDJRJLLVWDXGRLFHUVHWRULRUEL3HXQXOVFULH&HUVHWRUHYUHXVLSHFHODODOW&HUVHWRUFUHVWLQ
,DVDvQ]LGHVDEDWUDELQXOGHODVHUYLFLXOGLYLQVLvLDUXQFDRVXWDGHOHLFHOXLSHFDUHVFULH&HUVHWRU
HYUHXDSRLvLVSXQHFHOXLSHFDUHVFULD&HUVHWRUFUHVWLQ
0DLRPXOHQXVWDDLFLFDHVLQDJRJD'XWHVLWXODFDWHGUDODODDLWDL
'XSDFHSOHDFDUDELQXOvL]LFHFHUVHWRUXOFUHVWLQFHOXLHYUHX
,DX]LPDL6FKORLPLPDXLWHFLQHQHvQYDWDSHQRLVDIDFHPDIDFHUL
'RLHYUHLDXPDJD]LQHOHDOLPHQWDUHYLVDYLV
QWUR]LDSDUHODSULPXODILVDWFDDUH]DKDUGHYDQ]DUHFXOHLNJ$GRXD]LFHODODOWVHvQIXULHVLSXQHXQDILVSHFDUH
DSDUHOHLNJ
$WUHLD]LSULPXOSXQHGLQQRXXQSUHWPDLEXQOHLNJ$SDWUD]LDOGRLOHDDILVHD]DXQSUHWGHOHLNJ
QVIDUVLWvQDFLQFHD]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"
$PPDLGDWXQOHXODXQFHUVHWRU
%DLEUDYRGDUQXLGHVWXOWLDPPDLVSXV
'RDPQH'RDPQHGDUDPPDLGDWXQOHXODXQFHUVHWRU
3HWUHGDLOX
DVWDOHLVLGDOQDELLDIDUD
QWUXQVDWGHHYUHL8QXOPDLERJDWvVLEDWHMRFGHXQXO PDLVDUDFLDUvQWHOHSWXOVDWXOXLDIODGHDVWDVLOFKHDPDSHFHO
ERJDWODHO
VLLVSXQHVDVHGXFDODFHOVDUDFVLVDLFHDUDLPHGLDWVFX]HGHRDUHFHHLWUHEXLHVDILHXQLWLVLODELQHVLODUDXVLQXWUHEXLHVD
UkGDXQLLGHDOWLL$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
(JLSWHQLL/UHIX]DSROLWLFRV
1XQHWUHEXLHSRUXQFL
0HUJHODIHQLFLHQLFXDFHHDVLSURSXQHUHVLREWLQHDFHODVLUHIX]QVIkUVLWPHUJHODHYUHLVL]LFH
9UHDXVDYDDOHJFDVLSRSRUDOPHXGDUWUHEXLHVDYDGDXQLVWHSRUXQFL
(YUHLL
6XQWSHGHJUDWLV'RDPQH"
'D
$WXQFLGDQH]HFH
0RLVHVHvQWRDUFHGHSHPXQWHFXSRUXQFLOHVLYRUEHVWHSRSRUXOXLVDX
$PGRXDYHVWLSHQWUXYRLXQDEXQDVLXQDSURDVWD
&HDEXQDHVWHFDDPUHXVLWVDPDWkUJXLFX(/SkQDDXUDPDVQXPDL]HFH
&HDSURDVWD6DQXWLvQVHOLSDUWHQHUXODUDPDVSULQWUHHOH
8QHYUHXvVLOXDFXHOPkQFDUHDVDRPDQkQFHvQSDUF6DDVH]DWSHREDQFDVLDvQFHSXWVDPDQkQFH
6LGLQFDX]DFDHYUHLLQXPDQvQFDSkLQHFRDSWDvQWLPSXOVDUEDWRULORUHOPvQFD0DW]RKREXFDWDGHFRFD
FURFDQWDFX]HFLGHSHUIRUDWLLPLFL/DXQPRPHQWGDWYLQHVLXQEDWUvQHORUEVLVHDVHD]DFKLDUOkQJDHYUHX
$FHVWDVLPWLQGXVHMHQDWFDPDQkQFDGHXQXOVLQJXUvLGDREXFDWDGH0DW]RKVLEDWUkQHOXOXL2UEXOLDSkLQHD
vQPkQDVWDFkWHYDPLQXWHIDUDVD]LFDQLPLFLDUDSRLGLQWURGDWDFXRIDWDIRDUWHQDXFLWDL]EXFQHVWH
&LQHDPDLVFULVVLWvPSHQLDDVWD"
&LFD,W]LFVL5DVKHODDYHDXFRSLL1XPDLDYHDXGHVWXODPkQFDUHVDGHDODWRWLSXUDGHLLDVDFDVDJkQGLW,W]LFVDIDFD
HFRQRPLHvQIDPLOLH
QWURVHDUDVLDDGXQDWSOR]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,
1XXXXLDGHYDUDWQDQXOYDILRFRQWLQXDOXSWDSHQWUXSDFH9DH[LVWDRVLQJXUDWDUD8566
&DSLWDODYDILOD:DVKLQJWRQVLYDILFRQGXVDGHGRLFKLQH]L,WDFVL6ORLP
,WLFVL6WUXOHUDXSULHWHQL0RDUH6WUXO,WLFVHGXFHODPLFDSXEOLFLWDWHVDGHDXQIHUSDU6FULH6WUXOPRUW
)XQFWLRQDUDvLVSXQH
2ULFXPVHWD[HD]DSHPLQLPXPFXYLQWH
,WLFVHJvQGHVWHVLVFULH6WUXOPRUWYkQG7UDEDQW
,WLFVXQDOD6HFXULWDWH
$ORYHGHWLFD6WUXODUHQLVWHOHPQH
6LFHHFXDVWD"
$JDXULWVLDLQWURGXVvQILHFDUHOHPQELMXWHULLGLDPDQWHGRODULVLSUREDELOFHYDPXQLWLHDGXVDGLQ$PHULFDGHODIUDWHOH
OXL
$SRLvOVXQDSH6WUXO
0DGRELWRFXOHSUHJDWHVWHWHFVDPWULPLVVDWLVSDUJDOHPQHOH
3HFLQH"
3HDLDFDUHPLLDLWULPLVWXDQXOWUHFXWGHPLDXVDSDWJUDGLQD
'HFHDXLQYHQWDWHYUHLLFDVDWRULD"
5&DVDQXPDLGHDEDQLSHFXUYH
&H]LFH0RVXO*HULODHYUHXvQWLPSXO&UDFLXQXOXL"
5'RUHVWHFLQHYDVDFXPSHUHFDGRXUL"
&DUHHGLIHUHQWDGLQWUHRHYUHLFDVLRPH[LFDQFD"
50H[LFDQFDDUHFXDGHYDUDWXQRUJDVPVLIDOVLILFDJLXYDHUXUL
&XPVDVWDELOLWFD,VXVHUDHYUHX"
5$WUDLWvQFDVDSDULQWHDVFDSkQDODGHDQL
56DDPHVWHFDWvQDIDFHULOHWDWDOXLVDX
50DPDVDDFUH]XWFDH'XPQH]HX
5VLHODFUH]XWFDPDPDVDDIRVWYLUJLQD
'HFUHGHYUHLFHOHFDSURVWLWXWLDHRDIDFHUHEXQD"
52DLRYLQ]LSHEDQLEXQLVLvQFDRDL
'HFHDXUDWDFLWHYUHLLGHDQLSULQGHVHUW"
5&LQHYDDSLHUGXWXQSHQQ\
&HUH]XOWDGDFDvQFUXFLVH]LXQHYUHXFXXQWLJDQ"
58QODQWGHPDJD]LQHJRDOH
'HFHVXQWGRODULLYHU]L"
53HQWUXFDHYUHLLvLFXOHJvQDLQWHGHDILFRSWL
'HFHDXHYUHLLQDVXULOHDVDGHPDUL"
53HQWUXFDDHUXOHSHJUDWLV
&kQGGHYLQHXQIDWHYUHXRSHUVRDQD"GXSDSUHVFULSWLDUHOLJLHL
5&kQGWHUPLQDGUHSWXO
'HFHVXQWVLQDJRJLOHURWXQGH"
53HQWUXFDHYUHLLVDQXDLEHXQGHVDVHDVFXQGDDWXQFLFkQGVHXPEODFXFKHWDSHQWUXVLQDJRJD
&XPVH]LFH'XWH
QS
DPDWLLSHHYUHLHVWH"
5$LvQFUHGHUHvQPLQH
&XPSRWLvPSLHGLFDRWkQDUDHYUHLFDVDWHYLROH]H"
5&DVDWRUHVWHWHFXHD
&XPUHFXQRVWLRVRDFUDHYUHLFDODRQXQWD"
5(DFHHDFDUHVWDvQSDWUXODEHVLDGXQDJUkXOGHSHMRVvQXUPDPLULORU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'DFD7DU]DQVL-DQHDUILIRVWHYUHLFHDUILIRVW&KHHWDK"
52KDLQDGHEODQD
&XPVHGHILQQHVWHXQHYUHXVWUDQLX"
58QXOFDUXLDvLSODFPDLPXOWIHPHLOHGHFkWEDQLL
&HIDFHYUHLFkQGVHvQWkOQHVF"
58QVDSXQ)$
,WLFWvQDUGHGHDQLVHGXFHVDVHURDJHOD=LGXO3OvQJHULL
'D'RDPQHVDFvVWLJOD/R]vQ3OLF
0DLvQDLQWHD]DHYUHXOQRVWUXvQYvUVWDvVLIDFHIDPLOLHFRSLLWLPSvQFDUHVHWRWUXJD
'D'RDPQHVDFvVWLJOD/R]vQ3OLF
PEDWUvQHVWH,WLFLVHDOEHVFVSUvQFHQHOHSDUXOvLWUHPXUDXJHQXQFKLL
(OPHUJHDvQILHFDUH]LOD=LGXO3OvQJHULLVLVHUXJD
'D'RDPQHVDFvVWLJOD/R]vQ3OLF
QDFHVWPRPHQWFHUXOVHvQWXQHFDDSDUIXOJHUHSHFHUQRULJURVLVLRYRFHWXQDWRDUHvLVSXQH
,WLFGDPLRVDQVD-2$&$
,WLFVHGXFHODYHFLQXOVDX6WUXOVLOvQWUHDED
0DL6WUXOvWLSODFIHPHLOHFDUHDXEXUWDPDUHFkWXQEXWRL"
1XYLQHUDVSXQVXOSURPSW
WLSODFIHPHLOHFDUHDXGLQWLLVWULFDWL"
1X&HGUDFX
,WLF"
WLSODFSRDWHFHOHFDUHDXIXQGXOPDUHJUDVVLSOLQGHFHOXOLWD"
1X&XPQDLEDVDPLSODFD"VSXQH6WUXORULSLODW
'DUFHOHFXYDULFH"
,WLFGHMDPDHQHUYH]L
$WXQFLVSXQHPLVLPLHGHFHGUDFX
WHFXOFLFXQHYDVWDPHD5DVHOD"
3ULPXOPLQLVWUXDO,VUDHOXOXLYL]LWHD]D6WDWHOH8QLWHVLVHvQWvOQHVWHFXSUHVHGLQWHOH
'XSDRGLVFXWLHIRDUWHFRUGLDOD]LFHSUHVHGLQWHOH6WDWHORU8QLWH
QVHPQGHSULHWHQLHYUHDXVDWLGDXFDGRXRPDVLQD
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
7DWDOOXL6WUXOHHYUHXVLPDPDVDWLJDQFDQWUR]LYLQH6WUXOODPDPDVDVL]LFH
0DPDHXVXQWPDLPXOWHYUHXVDXPDLPXOWWLJDQ"
1XVWLX6WUXO]LVHPDPD'XWHvQWUHDEDOSHWDLFDWDX
8QGHLWDWD"
QVXIUDJHULHLVLFDXWDPRQHGDGHGHOHLFDUHDSLHUGXWRLHUL
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"QSLDWDQLFL
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
'LQWURGDWVXQWVXUSULQVLGHXQJUXSGHIHPHLVLLDXFXWRWLLKDLQHOHVLIXJvQWXIH
3RSLLvVLDFRSHUDFXKDLQHOHSDUWLOHUXVLQRDVHSHFkQGUDELvVLDFRSHUDIDWDVLIXJHvQVSDWHOHFHORUGRL
$FHVWLDvOvQWUHDEDSHUDELGHFHVLDDFRSHULWIDWD$FHVWDUDVSXQGH
'DGHIDSWHXQXVWLXFXPHSHODYRLGDUFHLGLQSDURKLDPHDPDUHFXQRVFGXSDIDWD
QYDWDWRDUHDODVFRDODRUJDQL]HD]DXQFRQFXUVFDUHDUHFDSUHPLXRFXWLHPDUHGHERPERDQH
&LQHVWLHFDUHDIRVWRPXOGHVSUHFDUHVDYRUELWFHOPDLPXOWGHDOXQJXOLVWRULHL"
,RQHO
/DG\'
'D,RQHOVL/DG\'DIRVWXQSHUVRQDMFXQRVFXWGDUQXGHVSUHHDHVWHYRUED$OWFLQHYD
0DULD
%LOO&OLQWRQ
QWUDGHYDU%LOO&OLQWRQHVWHXQSHUVRQDMFXQRVFXWHVWHSUHVHGLQWHOHFHOHLPDLSXWHUQLFHWDULGLQOXPHGDUQXGHVSUHHOHVWH
YRUED
,WLF
,VXV+ULVWRV
%UDYRPDL,WLF$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
QODJDUXOGHFRQFHQWUDUHYLQHJDUGLDQX
%DEDLHWLDPRYHVWHEXQDVLXQDUHDDLDEXQDHFDGLVHDUDVHGDGLVFRWHFDDLDUHDHFD6FKZDUW]FkQWDODPLWUDOLHUD
$FHODVLODJDUDFHLDVLHYUHLYLQHJDUGLDQXO
%DEDLHWLDPRYHVWHEXQDVLXQDUHDDLDEXQDHFDPkLQHMXPDWDWHGLQYRLSOHFDWLDFDVDDLDUHDHFDQXPDLMXPDWDWHDGH
VXV
$FHODVLODJDUDFHLDVLHYUHLYLQHJDUGLDQXO
$]LYHWLIDFHEDLH
%XFXULHODFXOPH
QED]LQXOFXDFLGVXOIXULF
+LWOHUVHGXFHODDVWURORJXOVDXVLvOvQWUHDEDFvQGYDPXUL$FHVWDGXSDFHvLFRQVXOWDKDUWDDVWUDODvLVSXQH
9HLPXULvQWUR]LGHVDUEDWRDUHHYUHLDVFD
&XPDVD"
3DLvQRULFH]LDLPXULYDILRVDUEDWRDUHHYUHLDVFD
&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"
OFDXWSH,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,
QWUR]L5DELVHGXFHvQYL]LWDOD3DSDOD9DWLFDQ
&kQGLQWUDvQELURXYHGHQXPDLOXFUXULIUXPRDVHYHFKLDXUSRUWHODQXULFDWLIHDPDWDVXULFHPDLRIUXPXVHWH
QPLMORFXOELURXOXLODORFGHPDUHFLQVWHRPDVXWDSHFDUHHUDDVH]DWXQWHOHIRQ
6ILQWHSDULQWHvQWUHDED5DELFHHFXWHOHIRQXODFHOD"
9H]LWX5DELSULQWHOHIRQXODVWDDPOLQLHGLUHFWDFXVLDLFLDUDWDFXGHJHWXOvQVXV
7UDQVILJXUDW5DELvLVSXQH3DSHL
7HURJODVDPDVLSHPLQHVDYRUEHVF
3DSDvOODVD'XSDFvWHYDPLQXWH5DELIRDUWHIHULFLWVHvQWRDUFHFDWUH3DSDVLvLVSXQH
WLPXOWXPHVFPXOW0DVLPWPXOWPDLXVXUDWDFXPFDDPYRUELWFX'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 QWUR ]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$5;7RWXOWUHFHSULQVWRPDF
)5(8'6H[XOHWRWXO
(,167(,17RWXOHUHODWLY
/RFXLQGvQ5RPkQLDSHYUHPHDFRPXQLVWLORU,WLFREWLQHFXFKLXFXYDLXQSDVDSRUWSHQWUXDVHGXFHvQYL]LWDOD6WUXO
SULHWHQXOVDXGLQFRSLODULHFDUHWUDLDvQ$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&UXVRHDIRVWHYUHXFHHDFHQXVWLHIRDUWHPXOWDOXPHQWUR]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 $QJOLD
&DSLWDQXOFDUHHUDHQJOH]VDvQYRLW
6XLHvQEDUFDLDVSXV
QDLQWHGHDSOHFDDVYUHDVDYDDUDWGDFDPLvQJDGXLWLWRWFHDPIDFXWDVSXVODUkQGXOVDX5RELQ$PSHWUHFXWDWkWLDDQL
SHLQVXOD1XPDLFkWHYDFOLSHQXPDL
&XSODFHUHDUDVSXQVFDSLWDQXOFDUHHUDXQRPSROLWLFRV
5RELQVRQODGXVFHYDPDLvQFRORSHLQVXOD
$LFLHVWHORFXLQWDPHDSULQFLSDOD&XSULPXOJDUGSHFDUHODP IDFXW$ODWXULWDUFXOFDSUHORULDUGLQFRORVLQDJRJD'XSD
DFHHDJUDMGXOYLDFHDGHDGRXDVLQDJRJD
,DUWDPDDVSXVFDSLWDQXOFDPPLUDWGDUHVWLFKLDUVLQJXUSHLQVXOD"
6LQJXUVLQJXUHO
'HFHDLULGLFDWDWXQFLGRXDVLQDJRJL"
(ODPLQWHDFRFRVXOXLLDUDVSXQV5RELQVRQ$VWDHVLQDJRJDODFDUH PDGXFLDUFHDODOWDHFHDODFDUHQX PDGXFQLFLvQ
UXSWXOFDSXOXL
8QRPGHDIDFHULHYUHXvLVSXQHDVLVWHQWXOXLFDSOHDFDODVLQDJRJDVLQXYUHDVDILHGHUDQMDWVXEQLFLRIRUPD'XSD]HFH
PLQXWHGHODSOHFDUHDFWLXQLOHXQHLILUPH,%0VD]LFHPvQFHSVDFUHDVFD YHUWLJLQRV 'XSD DOWH ]HFH PLQXWH GHMD HUDXFX
PDLPDULQHEXQLWYUHDVDODQXQWHSHVHIXOOXLVLGDIXJDODVLQDJRJD6HIXOWRFPDLPHGLWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6HIXVWLXFDQXYDSODFHVDYDGHUDQMH]GDUDFWLXQLOH,%0DXFUHVFXWFX
7LDPVSXVVDQXPDGHUDQMH]LLQGLIHUHQWGHPRWLY7LPSXODORFDWSHQWUXVLQDJRJDHVIkQW6DSRLDLFLDFWLXQLOH,%0VXQW
GHMDOD
8QHYUHXLQWUDXQORFDOVLvOYHGHSHSULHWHQXOVDXODEDU6HGXFHODHOVLSOLQGHFRPSDVLXQHVSXQH
20RLVHvPLSDUHDWkWGHUDXFDPDJD]LQXOWDXDDUV
0RLVHVHvQWRDUFHODHO
6VVVWGHDELDPkLQH
%DQFXULFXLUDTLHQL
'HFHODVFROLOHLUDTLHQHVHIDFHHGXFDWLDVH[XDODVLFLUFXODWLDUXWLHUDvQDFHHDVL]L"
5(DWkWGHLQFRPRGSHVSDWHOHFDPLOHORU
&XPvWLGDLVHDPDFkQGXQLUDTLDQHVWHFUHVWLQDW"
5&kQGvQFHWHD]DVDPDLIDFDEXOEXFL
&HDXLUDTLHQLLVLFKLORWLLvQFRPXQ"
5$PkQGRXDvOMHQHD]DSH%XVK
&HXWLOL]DUHQRXDDXJDVLWLUDTLHQLLSHQWUXRL"
5/kQD
&DUHHDUPDVHFUHWDDLUDTLHQLORU"
5&$0,/$)85$7$
&XPVHQXPHVFDYLRDQHOHLUDTLHQH"
57LQWHPRELOH
&DUHHDVHPDQDUHDGLQWUH6DGGDP+XVVHLQVL)UHG)OLQVWRQH"
5$PkQGRLYDGGHODIHUHDVWUDQXPDLSLHWUH
&HvQVHDPQDGHIHPHLLUDTLHQHODXQORF"
52GDQWXUDFRPSOHWD
'HFkWLLUDTLHQLHQHYRLHVDvQVXUXEH]LXQEHF"
5'HQLFLXQXO(LQXDXYRLHVDDSULQGDOXPLQD
&DUHVXQWOXFUXULOHEXQHFDUHOHDDGXVUD]ERLXOGLQJROI"
56DXGLWLLDXPDLPXOWHORFXULGHSDUFDUH
5'DFDDUSORXD,UDTXODUILSOLQGHED]LQHGHvQRW
%DQFXULFXQHJUL
8QGHDXIHPHLOHSDUXOQHJUXVLFUHW"
5Q$IULFD
&DUHHGLIHUHQWDGLQWUHXQQHJUXVLRDQYHORSDGHPDVLQD"
5$QYHORSDQXFkQWDFkQGvLSXLODQWXUL
&DUHHGLIHUHQWDGLQWUHXQQHJURWHLVLRSL]]D"
53L]]DQXGDGLQSLFLRDUHFkQGHEDJDWDODFXSWRU
&LQHLPLFQHJUXVLVDUH"
53XULFHOH
'D
FLQHLPDUHQHJUXVLVDUH"
5'U$OEDQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHQXFLUFXODQHJULvQPDVLQLGHFDSRWDELOH"
5'HRDUHFHOHDUIOXWXUDEX]HOHvQYDQWVLOHDUYHQLSHVWHRFKL
'HFHQXOHSODFHQHJULORUVDPHDUJDvQPDVLQLGHFDSRWDELOH"
53HQWUXFDOHIOXWXUDEX]HOHVLQXPDLYDGGUXPXO
&XPVHSDYHD]DVWUD]LOHvQ$IULFDGH6XG"
56HDVHD]DQHJULSHVWUDGDXQXOOkQJDDOWXOVLVHWUHFHFXWDYDOXJXOSHVWHHL
6LFXPVHIDFHGXQJDDOED"
56HDVHD]DQHJULFXGLQWLLvQVXV
&HHQHJUXSHGLQDIDUDVLYHUGHSHGLQDXQWUX"
58QQHJUXFDUHDPDQFDWVSDQDF
&HHQHJUXFXXQSLFLRU"
58QQHJUXVFKLRS
&HHQHJUXFXGRXDSLFLRDUH"
58QQHJUXQRUPDO
&HHXQQHJUXFXWUHLSLFLRDUH"
58QSLDQ
&HHQHJUXVLPDUHVLPRULSHORFGDFDVDUHGLQWUXQFRSDFSHWLQH"
58QSLDQ
'HFHVDLQYHQWDWFLRFRODWDDOED"
5&DVDVHPXUGDUHDVFDFRSLLLQHJULODJXUD
'HFHVDLQYHQWDWFLRFRODWD"
53HQWUXFDODFLQHPDQHJULVDQXVLPXVWHGHJHWHOH
Q$IULFDGH6XGXQQHJUXDIRVWJDVLWvQDUPDW$YHDXQFXWLWvQVSDWH
6DKPDWvQWUHLPXWDUL
1HJUXOLD'DPD'DPDLDYDOXWD$OEXOLD6,'$
&HUH]XOWDODvPSHUHFKHUHDXQXLQHJUXFXRFDUDFDWLWD"
51XVHVWLHGDUFXVLJXUDQWDYDFXOHJHPXOWPDLUHSHGHEXPEDFXOFXDMXWRUXOFHORUPkLQL
&DUHHGLIHUHQWDGLQWUHXQSRUXPEHOVLXQQHJUX"
53RUXPEHOXOHDOEVLQHJUXOQXSRDWHVD]ERDUH
9DULDQWD
&DUHHGLIHUHQWDGLQWUHXQQHJUXVLXQSHVFDUXV"
53HVFDUXVXODUHFRDGDDOEDVLQHJUXOQXSRDWHVD]ERDUH
&HHURVXQHJUXURVXQHJUXURVXQHJUXURVXQHJUXDOE"
58QQHJUXFDUHVHPDVWXUEHD]D
&DUHHGLIHUHQWvQWUHXQERXDOEVLXQERXQHJUX"
5%RXODOEIDFH0XXX%RXO1HJUXIDFH+HLPDQPXXXPDQ
&XPVDOYH]LXQQHJUXGHODvQHF"
5LLHLSLFLRUXOGHSHFDS
&DUHHGLIHUHQWDvQWUHXQQHJUXVLRFDQRH"
52FDQRHSOXWHVWH
&DUHHGLIHUHQWDvQWUHXQQHJURWHLVLRSHUVRDQDGHFXORDUH"
5&kWYH]LFXRFKLL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPUHFXQRVWHXQSROLWLVWvQ$IULFDGH6XGGDFDYHGHSHVRVHDRSDWDLPHQVDGHVkQJHDFXLDIRVWSDWDDXQXLFkLQH
VDXDXQXLQHJUX"
5'DFDYHGHGkUHGHIUkQDvQVHDPQDFDDIRVWDXQXLFkLQH
'HFHDXQHJULSDOPHOHVLWDOSLOHPDLDOEH"
53HQWUXFDDWXQFLFkQGLDYRSVLW'XPQH]HXXPEODXvQSDWUXODEH
'HFHSRDUWDQHJULSDODULLFXERUXULOHODUJL"
5&DSDVDULOHVDQXOLVHFDFHSHEX]H
&XPVDOYH]LXQQHJUXGHODvQHF"
5LDUXQFLDQFRUDvQFDS
6WLLFHSRDUWDPDLQRXWLQHULLVXGDIULFDQLODJkW"
5'REHUPDQL
$LDX]LWGHXOWLPXOVHIDO.X.OX[.ODQXOXLRVDvQFHUFHVDVDUDSHVWHGHQHJULFXEXOGR]HUXO
&HDYHWLvPSRWULYDQHJULORU"
53DLGHH[HPSOXFXWLWHEDVWRDQHSXPQDOHSLVWRDOHPLWUDOLHUDJUHQDGH
3DW%XFKDQDQ-HVVLH-DFNVRQVL$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($1,&('$<
QWUHDEDSROLWLVWXOXQQHJUX
9DSXWHWLOHJLWLPD"
7UHEXLHVDIDFHPDVWDGHMDVLQJXUL"
6HvQWkOQHVFXQQHJUXVLXQDOEODVWUDQG=LFHDOEXO
(XFXVFXODPHDSRWPDVXUDWHPSHUDWXUDDSHL
1XFUHG]LFHQHJUXO
,QWUDDOEXOvQDSDLHVHDIDUDVL]LFH
&HOVLXV
1HJUXOFRQWUROHD]DFXWHUPRPHWUXOVLvQWUDGHYDU
$OEXO]LFH
3UREHD]DVLWXDFXPD
,QWUDVLQHJUXOvQDSDVL]LFH
'HWHPSHUDWXUDQXSRWVDWLVSXQQLPLFGDUDSDHDGkQFDGHFP
9LQHRPDLQDFXGRLQHJULODJUDQLWDVLYDPHVXOvQWUHDED
$WLDYXWXQPLFLQFHQGLX"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QPLVLRQDUvQ$IULFDYL]LWHD]DEROQDYLLGLQWUXQVDWGHQHJULQWURFROLEDJDVHVWHXQWkQDUFXIHEUD
OPkQJkLHSHIUXQWHvLGDRWDEOHWDVLvLVSXQH
QWURVDSWDPkQDYHLILGLQQRXSHSLFLRDUHVLYHLSXWHDOXFUDFDXQHOHIDQW
$VWDHELQHVSXVHWkQDUXODWXQFLSRWGLQQRXVD]ERUOD6RUERQDVDvPLWLQFXUVXOGHVRFLRORJLH
9LQHXQQHJUXFXQDVXODOEvQWUXQEDU%DUPDQXOvQWUHDED
&LQHHVWLWX"
6XQWXQQHJUXGLQ*KDQDVLGRUHVFRFRODVLRIDQWD
0DLYLQHXQQHJUXFXRXUHFKHDOEDVLGLQQRX
&LQHHVWLWX"
6XQWXQQHJUXGLQ*KDQDVLGRUHVFRFRODVLRIDQWD
0DLYLQHXQQHJUXFXXQGHJHWDOE%DUPDQXO
6WLXHVWLXQQHJUXGLQ*KDQDVLYUHLRFRODVLRIDQWD
1XHXVXQWFRVDUVLYLQGHODQHYDVWDWD
QWUXQWUHQGRLDUGHOHQLVLXQQHJUX
%UHGDWXQXHVWLGHDLFL
'DWDWDOPHXHVWHGLQ$IULFDGDUPDPDPHDHVWHGHDLFL
3DLFXP"
3DLWDWDDIRVWRGDWDSHDLFLVLDYD]XWRSHPDPDVLDLQFHSXWVDDOHUJHGXSDHDVLDDOHUJDWVLDDOHUJDWVLDDOHUJDWVLDVDP
DPQDVFXWHX
'XSDYUHRPLQXWHDUGHOHQLLDYHDXRQHODPXULUH
0DLGDUVWLLFHQHvQWUHEDPQRL2ILSULQVRSHPDLFDWD"
'HFkWLQHJULDLQHYRLHVDFXUHWLRFDPHUD"
5'HQLFLXQXODVWDHPXQFDGHIHPHLH
QWUXQVWDWGLQVXGXO$PHULFLLVFULDSHXVDXQHLELVHULFL$FFHVXOSHQWUXQHJULLQWHU]LV
7RWXVLXQQHJUXVHSDUHFDQXVWLHVDFLWHDVFDVLLQWUD3UHRWXOvORSUHVWHVL]LFH
1XVWLLVDFLWHVWLQHJULQXDXYRLHvQELVHULFD
%DGDUGDUHXIDFQXPDLFXUDWDLFL
%LQHELQHGDUQXFXPYDVDWHSULQGUXJkQGXWH
6HPDIRUL]DUHDOD3UHWRULD6HPDIRUXODUHGRXDFXORULDOEVLQHJUX
&LUFXODWLDVHGHVIDVRDUDvQPRGXOXUPDWRUSHDOEWUHFDOELLVLSHQHJUXWUHFPDVLQLOH
'HFHQXHLQGLFDWVDVHIDFDGUDJRVWHFXQHJUHVHOH"
5$WLPDDX]LWSkQDDFXPVDPDLLDVDFHYDGLQWURJDXUDQHDJUD"
3HRSODMDGLQ$IULFDGH6XG
/DXQPRPHQWGDWLHVHGLQDSDXQQHJUXDYkQGRVFXODSkQDODJHQXQFKL7RDWDOXPHDvQFHSHVDUkGD
1HJUXOVXSDUDW]LFH
&HEDDOELORUYRXDQXYLVHIDFHPLFDFkQGLQWUDWLvQDSDUHFH"
&HFHUHXQQHJUXvQWURFRIHWDULH"
52QHJUHVD
QWUXQPLFRUDVHOvQ$ODEDPDXQQHJUX]DFHSHVWUDGDFLXUXLWGHGHJORDQWH
6HULIXOVWDOkQJDHOVL]LFH
2KVLWDVDRVLQXFLGHUHFXPSOLWDQXDPPDLYD]XWQLFLRGDWD
8QQHJUXVDUHJDUGXOUH]HUYDWLHL0HUJHODRUDVPDQkQFDXQYLQEHDRIULSWXUD
)D]DHFDODXQPRPHQWGDWXQERXGDSHVWHOXPkQDULOHGHSHPDVDVLFkUFLXPDLDIRF1HJUXOYUHDVDLDVDGDUvVLGDVHDPD
FDQDUHFXP
6LQJXUDXVDSHFDUHSRDWHVRLDGXFHODRVFDUDFDUHLHVHSHWHUDVD$MXQVSHWHUDVDQHJUXOJkQGHVWH
%DGD
GRELWRFVXQWXLWHDFXPRVDPRUFDERXOFHPLDWUHEXLWVWDWHDPvQUH]HUYDWLHPDGXUHDvQS
DHDGHYDUDWPD
EDWHDXGD
vPLGDGHDXVLGHPkQFDUH
QWUHWLPSYLQSRPSLHULLFXSODVDDLDFDUHSULQGHSHDLDFDUHVDUGHODJHDPXULVDXGHSHEORF
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
VL 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]DSHVFDXQQFHSHILOPXOVLGXSDXQWLPSvLYLQHVDVHSLVH
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 QWRUV vQ VDWXO VDX DIULFDQ vO LD SH YUDFL GHRSDUWH VL vL
SRYHVWHVWH
/D/RQGUDH[LVDQLVWHYUDMLWRULJUR]DYLGHRDPHQLvPEUDFDWLFRORUDWVHvQWkOQHVFSHXQWHUHQPDUHVLDOHDUJDFDQHEXQL
GXSDRPLQJHGHSLHOH
6LFHVDPDL]LFFHOWkU]LXvQ]HFHPLQXWHvQFHSHVDSORXD
QWUXQFOXEGHQRDSWHvQWUXQVWDWGLQVXGXODPHULFLLVHJLXJLXOHVFGHYUHRGRXDRUHGRLQHJUL
&HVDIDF"vQWUHDEDEDUPDQXOSHPDQDJHU2DVSHWLLPHLDOELVHYRUvQIXULD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
)RDUWHVLPSOXVSXQHSDWURQXOFHULSODWDLPHGLDWVLGHILHFDUHGDWDFkQGFRPDQGDGXEOH]LSUHWXOGRLSDWUXRSWGRODULSH
EDXWXUD
7RWDVDVLYHLYHGHDFHUHSHGHRWXOHVF
'XSDRMXPDWDWHGHRUDYLQHEDUPDQXOLDUDVL
&HVDPDIDFGHMDFRVWDGRODULSHUHSUL]D
,GLRWXOHDUXQFDJXQRLXODOEDIDUDGLQEDU
$QRQLPDIULFDQ
6WLPDWHRPDOE
(XFkQGDPYHQLWSHOXPHHUDPQHJUX
$PFUHVFXWPDUHVLVXQWWRWQHJUX
0DGXFODSODMDVLUDPDQQHJUX
&kQGPLHIULJVXQWWRWQHJUX
&kQGFHYDPDvQIXULHUDPkQQHJUX
&kQGVXQWEROQDYIDWDPLHQHDJUD
&kQGYRLPXULSLHOHDPLYDILQHDJUD
QWLPSFHWXRPXOHDOE
&kQGDLYHQLWSHOXPHHUDLUR]
$LFUHVFXWVLDLGHYHQLWDOE
7HGXFLODSODMDVLGHYLLPDUR
&kQGWLHIULJWH
QYLQHWHVWL
&kQGWH
QIXULLWH
QURVHVWLODIDWD
&kQGWH
QEROQDYHVWLSLHOHDWLHJDOEHQD
&kQGYHLPXULSLHOHDWLYDGHYHQLFHQXVLH
VLGXSDWRDWHDFHVWHDPDLDLVLWXSHXO
VDPDQXPHVWL20'(&8/2$5(
3URJUDPXOXQXLWXUQHXGHSRORGLQ$IULFDGH6XG
QPHFLXOGHGHVFKLGHUHYDMXFDRHFKLSDGHDOELFXRHFKLSDGHDOEL
QXUPDWRUXOPHFLYDMXFDRHFKLSDGHDOELFXRHFKLSDGHQHJUL
QUHVWXOPHFLXULORUYDMXFDFkWHRHFKLSDGHQHJULFXRHFKLSDGHFURFRGLOL
&XPVHMRDFDEDVFKHWvQ$IULFDGH6XG"
51HJUXOFXWULFRXYHUGHFURFRGLOLLFXWULFRXULURVLL
8QLHVHQRDSWHDEHDWGLQWURFLUFLXPDODFRVWHD]DRQHJUHVD
(LLXELWXOHYLLFXPLQHDFDVD"
'DFHVDFDXWHXQRDSWHDWDPDQvQ$IULFD"
8QEDUEDWDSULPLWODXQPRPHQWGDWYHVWHDFDYDILWDWD
%XFXURVQHYRLHPDUHvQSULPHOHWUHLOXQLVHJkQGHD
7HURJ'RDPQHVDILHEDLDW
QXUPDWRDUHOHWUHLOXQL
7HURJ'RDPQHVDILHDOPHX
,DUvQXOWLPHOHWUHLOXQL
7HURJ'RDPQHVDQXILHQHJUX
8QFRPSDUWLPHQWGHWUHQQHOREXQLFDFXQHSRWHOXOVLDOWLFkWLYDSDVDJHULSULQWUHFDUHXQQHJUX
%XQLFREXQLFRXLWHRPDLPXWD]LFHQHSRWHOXOXLWkQGXVHODQHJUX
7DFLGLQJXUDFXPSRWLVDVSXLDVDFHYD]LFHEXQLFD
7UHFHXQWLPS
%XQLFREXQLFRLDXLWHDFRORRPDLPXWD
7LDPVSXVVDWDFLGLQJXUDQXHIUXPRVVDVSXLDVDFHYD
0DLWUHFHXQWLPS
%XQLFREXQLFRXLWDWHHVWHRPDLPXWD]LFHLDUDVLQHSRWHOX
1XHIUXPRVFHVSXLWDFLGLQJXUD]LFHEXQLFD
/DVDWLGRDPQDVHPDLvQWDPSOD]LFHQHJUX
3WLXGUDFH,DXXLWHFDVLYRUEHVWH]LFHEXQLFD
Q$ODEDPD XQ DOE EHDW vVL FRQGXFHMHHSXOVL DFFLGHQWHD]DGRL SLHWRQLQHJUL vQ VD KDO vQFkW XQXO ]ERDUD OD GRXD]HFL GH
PHWULLDUFHODODOWWUHFHSULQSDUEUL]
6HULIXOFKHPDWODIDWDORFXOXLSULYHVWHFHLGRLQHJULvQVkQJHUDWLVL]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DDVWDHFD]XOFODUvQFHUFDUHGHVSDUJHUHGHDXWRWXULVPH'DUFHODODOW"3HDVWDvOSXWHPDFX]DGHvQFHUFDUHGHIXJDGHOD
ORFXODFFLGHQWXOXL
8QQHJUXYLQHODVWXGLLvQ7LPLVRDUDVLQHRELVQXLWFXFOLPDUHFHD5RPkQLHLGDRUWXOSRSLL
)LLQGRVROXWLHPDLLHIWLQDSHQWUXWUDQVSRUWXOPRUWXOXLVHSUHIHUDLFLQHUDUHDVD
0XQFLWRUXOGHODFUHPDWRULXvOLQWURGXFHvQFXSWRUDSULQGHIRFXOVLGXSDREXQDEXFDWDGHWLPSYUHDVDYDGDGDFDPRUWXOD
DUVFRPSOHW
'HVFKLGHXVDFXSWRUXOXLVLGLQDXQWUXDXGHRYRFH
QFKLGHvQS
DPDWLLXVDFDWUDJHFXUHQWXO
8QQHJUXPRDUHVLEDWHODXVDUDLXOXL6IkQWXO3HWUXvLGHVFKLGH
&HYUHLDLFL"
(XVXQW-RKQ%URZQGLQ$ODEDPDVLDPGUHSWXOVDYLQvQUDLSHQWUXFDDPWUDLWvQ$ODEDPD
DPLXELWvQ$ODEDPDRIDWDDOEDVLPDPFDVDWRULWFXHDvQ$ODEDPD
,PSRVLELO]LFH3HWUXGHQHFUH]XW6LDVWDvQ$ODEDPD"&kQGVDvQWkPSODWDVWD"
$FXP0LQXWH
QWUXQPRPHQWGHUHOD[DUHDUHODWLLORU56XG$IULFDQHFXFRPXQLWDWHDLQWHUQDWLRQDOD
RGHOHJDWLHGLQSDUWHD((&IDFHRYL]LWDSHQWUXDVHFRQYLQJHGHUHQXQWDUHDOD$SDUWKHLGHWF
vQYHGHUHDUHOXDULLUHODWLLORUHFRQRPLFH7RWXOPHUJHELQHJHWWRXULPRGHOQHJULSULQDXWREX]HGHSURWRFRO
$WPRVIHUDHVWHUHOD[DWD&DXOWLPSXQFWRWXUDFXDYLRQXOGHDVXSUDVDYDQHL
=EXUkQGSHVWHXQUkX)UHGHULNGH.OHUNQRXSUHVHGLQWHDWUDJHDWHQWLDvQDOWLORURDVSHWLDVXSUDXQXLIDSWUHPDUFDELO
2EDUFDFXPRWRUFRQGXVDGHGRLDOELWUDJHvQXUPDXQQHJUXSHVFKLXUL
'ORUVSHUFDDFHDVWDLPDJLQHHOLPLQDRULFHGXELL
'HOHJDWLDHQWX]LDVPDWDSURPLWHSHUIHFWDUHDUHOXDULLVFKLPEXULORUFRPHUFLDOH
7RDWDOXPHDHPXOWXPLWD1XPDLSH3LHN%RWDGHOD,QWHUQHWRWvOURDGHFHYD
QILQDOvOWUDJHGLVFUHWSHSUHVHGLQWHGHPkQHFD
)UHGHULNGUDJDVDVWLLFDHVWLXQQHJRFLDWRUJHQLDOGDUVHYHGHFDQDLIRVWODWDUD
+DEDUQDLGHYkQDWRDUHDGHFURFRGLOL
&XPVXQWvQJURSDWLQHJULvQ$IULFDGH6XG"
5'H]EUDFDWLvQIDWDEDUXULORUVLFXFXUX
QVXVFDVDDLEDDOELLXQGHVDVLSDUFKH]HELFLFOHWHOH
'HFHPLURDVHQHJULDWkWGHXUkW"
5&DVDLXUDVFDVLRUELL
&DUHHVWHVLQJXUXOOXFUXDOEODXQQHJUX"
56WDSkQXO
'RLSULHWHQLXQDOEVLXQQHJUXVWDWHDXSHPDOXODSHLODSHVFXLW
$PkQGXURUDOHDWkUQDPDGXODUXOvQDSD
9DLFHUHFHLDSDVSXQHDOEXO
6LFHQLVLSRVHIXQGXOFRPSOHWHD]DQHJUXO
'HFHQXVHIDFSHU]HUYDWLYHGHFXORDUHQHDJUD"
51HJUXOVXEWLLD]D
8QQHJUXVSDODJHDPXULOHODXQ]JkULHQRULVLvQWLPSFHIUHFDGH]RUSHODXOWLPXOHWDMYHGHXQvQJHU
3RDWHDPYHGHQLLVLFRQWLQXDVDVWHDUJD
6HPDLXLWDRGDWDVLOYHGHSHvQJHUYHQLQGFDWUHHO6HVWHUJHODRFKLVHPDLXLWDRGDWDVLHUDFKLDUXQvQJHU
QJHUXOvQFHSHVDLVSXQDvQFHWLVRU
$UXQFDWHHHHH
1HJUXVSHULDWVSDODPDLGHSDUWH
$UXQFDWHHHH
'RDPQHQXLDGHYDUDWQXVHSRDWHXQvQJHUQXPLFHUHVDPDRPRU
$UXQFDWHHHH
2.VHODVDQHJUXOYUDMLWGD
GDFDPDDUXQFDWXQFLDMXQJvQUDL"
'DDUXQFDWHHH
1HJUXOvVLIDFHFUXFHVLVLGDGUXPXOODFDUHvQJHUXOVFXLSkQG
3WLXFHVFkUEDPLHGHQHJULDVWLD
8QPLVLRQDUvQ$IULFD'HRGDWDYHGHXQQHJUXFDUHEDWHGLVSHUDWvQWURWRED
&HVDvQWkPSODWILXOH"
1XPDLDYHPDSD
6LDFXPWHURJLOD]HLVLFHULSORDLH"
'DGHXQGHFKHPLQVWDODWRUXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HDXvQFRPXQEORQGHOHYRSVLWHVLPXODWULL"
55DGDFLQLQHJUH
8QEDUEDWYLQHDFDVDVLvVLJDVHVWHQHYDVWDFXXQQHJUXvQSDW
%DUEDWXOQHUYRVvLVSXQHQHYHVWHL$FXPDPYD]XWQHJUXSHDOEFDPDvQVHOL
&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
$X]LPRVXOHFkQGWHUPLQLFOLVPDDVWDDGXPLREHUH
Q$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
IRUQLFDWLHHWFWUREXQD]LQHYDVWDXQXLRPGHYD]DDOWULEXOXLQDVWHXQFRSLODOE3DP3DP6HIXOGHWULEHVWHWULPLVVD
UH]ROYHSUREOHPD6HSUH]LQWDODPLVLRQDUVLvQFHSH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
$WXQFLVDOFXUDWDWLSXWLQSHQWUXFDSOR]LLVXQWFRPSOHWQHJUL
&DUHLGLIHUHQWDGLQWUHXQQHJUXVLXQLQGLDQ"
5'RXDVHFXQGHGHPLFURZDYH
'HFHOHDGDW'XPQH]HXQHJULORUXQSHQLVDVDGHPDUH"
53HQWUXFDLDIRVWPLODGHFHDIDFXWFXSDUXOORU
8QQHJUXPHUJHFXFRSLOXOOXL&RSLOXO
7DWDGHFHDYHPQRLSLHOHDDVDGHQHDJUDVLDOELLQX"
7DWD
3DLILXOHFkQGPHUJLODYkQDWRDUHVXEVRDUHOHDU]DWRUDO$IULFLLDOEXOYDILDUVGH6RDUHVLYDPXULGDUWXQX
&RSLOXO
'DUWDWDGHFHDYHPQRLQDULOHDVDGHPDULVLDOELLQX"
7DWD
)LXOHvQGHVHUWXODIULFDQFkQGHVWLODYkQDWRDUHWXFXQDULOHDVWHDRVDDGXOPHFLYkQDWXOGDURPXODOEQXVL YD PXUL GH
IRDPHGDUWXQX
&RSLOXO
QWHOHJWDWDGDUDWXQFLQRLFHFDXWDPOD/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
$VWDLQLPLF6LHXSRWOXDSDUWHODFRQFXUV]LFHWLSXOQRVWUXVLvVLGDQDGUDJLLMRV
/DFDUHEDUPDQLWD
3RWLVDvWLULGLFLSDQWDORQLL7LSLLGHFDUHYRUEHDPDXVWDWODPDVDGLQIXQG
8QQHJUXYLQHODVSLWDOGXSDXQDFFLGHQWGHPXQFDVLDWDLDWGHJHWXOPLMORFLX0HGLFXOvLVSXQH
1HSDUHUDXGHJHWXOGXPQHDYRDVWUDQXYLOSXWHPFRDVHODORFGDUDPDYHDXQGHJHWDOEGDFDVXQWHWLGHDFRUG"
1HJUXO DFFHSWD VL DUH GLQ QRX GHJHW 'XSD XQ WLPS QHJUXO vQ DXWREX] YHQLQG GH OD OXFUX VH WLQGH GH R EDUD FX PkQD
DFFLGHQWDWD2EDEXWDvLSULYHVWHGHJHWXOVL]LFH
(LGRPQXOHFRVDULDUDWLGDWRIXJDVFXUWDDFDVDvQSDX]DGHSUkQ]"
&DUHHSULPXOFXYkQWSHFDUHvOvQYDWDQHJUL"
5&XPHVLQRUPDO0RWKHU
&DUHHDOGRLOHDFXYkQWSHFDUHvOvQYDWDQHJUL"
5)XFNHU
0DUDWKRQXO1HZ<RUNXOXL3OXWRQXOHFRQGXVGHXQSRORQH]VLXQQHJUX8UPHD]DXQVXEZD\XQSDVDMPDUHVXEWHUDQ
,HVHQXPDLSRORQH]XO'HFH"
51HJUXOVDRSULWVDVFULHSHSHUHWL027+(5)8&.(56
6WLWLFXPVHIDFFRSLLQHJUL"
53HvQWXQHULF
'HFHvVLOLQJvQ$IULFDOHLLSX
LOH"
5&DVDVFDSHGHJXVWXOGHQHJUXFDUHOHDUDPDVvQJXUD
&XPIDFHXQQHJUXFXQRVFXWIDSWXOFDVRUDVDDUHXQFRSLO"
56XQWXQFKLXOXQHLPDPXWH
'HFHDXQHJULSX
OLOHDVDGHPDUL"
5(VFX]D'RPQXOXLFDOHDSXVSDUSXELDQSHFUHVWHW
'HFHDXIRVWLQWHU]LVHWHUPRPHWUHOHUHFWDOHvQ$IULFD"
5$XFDX]DWSUHDPXOWHUDQLULDOHFUHLHUXOXL
&HHPDLSURVWGHFkWXQSRUWRULFDQSURVW"
58QQHJUXLVWHW
&DUHHSULPDOHFWLHODRVFRDODGHVRIHULDQHJULORU"
5&XPVDVSDUJLRPDVLQDFXDMXWRUXOXQHLUDQJL
&XPVHGHVIDVRDUDSUHOXGLXOODQHJUL"
5'DFDWLSLWHRPRU
'HFHSXWQHJUL"
5&DVLRUELLVDSRDWDVDLSRDWDXUk
2DOEDVLRQHJUHVDSULHWHQHGLVFXWD
%DUEDWXOWDXHQHJUX"
'D
6LSLHSWXO"
1HJUX
6LVH[XO"
1HJUX
6LVSHUPD"
$FULVRDUD
'HFHQXVXQWPLQJLOHGHEDVFKHWYHU]L"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5$WLPDLYD]XWXQQHJUXVDDUXQFHROXEHQLWD"
'HFHQXVHPQHD]DQHJULLFHFXUL"
5&UH]LFDLXVRUGHVHPQDWXQFHFFXVSUD\XOFXYRSVHD"
%DQFXULFXUXVL
&XPVFXIXQ]LXQVXEPDULQUXVHVF"
5OEDJLvQDSD
L]LFH$OLRVDOXL,YDQ
%D,YDQHWXVDVWLLFDQXH[LVWDIHPHLXUkWHFLQXPDLSUHDSXWLQDYRGFD
&RVPDUXOOXL%UHVQHY
6DDLEDvQ3LDWD5RVLHPLOLRDQHGHFKLQH]LvPEUDFDWLvQFRVWXPHSRSXODUHURPkQHVWLVLFDUHVWULJDvQOLPEDFHKDGDWLQH
GUXPXvQ,VUDHO
&HQDWLRQDOLWDWHDYHDX$GDPVL(YD"
5(UDXUXVLQXDYHDXFHvPEUDFDQXDYHDXFDVDVLFUHGHDXWRWXVLFDWUDLHVFvQ3DUDGLV
&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
OvQVIDFDSHUXVvODUXQFDvQWUROLPX]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
QWHOHJVSXQHYRFHDHVWHRGHFL]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 HURLFQ 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&,$LQWHURJDWRULX
%DLWDYDUVFLFHVLVWHPGHUDGLRORFDWLHIRORVLWLYRL"
"
%DLWDYDUVFLFHVLVWHPGHSURSXOVLHDYHWLEDL"
"
%DLWDYDULVFLGDFDQXQHGHVFULLDSDUDWXUDGHERUGWHIDFDUVLFH
OLDXGRL PDODFL OD WDEDFLW GDU UXVXO QLPLF 'XSD R YUHPH FkQG OD XQ VFKLPE GH SUL]RQLHULDMXQJH UXVXODFDVDvO vQWUHDED
FROHJLL
,DVSXQH,YDQFXPDIRVWvQFDSWLYLWDWHODDPHULFDQL"
%DLEDLHWLSXQHWLPDQDSHFDUWHVLvQYDWDWLDSDUDWXUDGHERUGFDGDFDYDSULQGDPHULFDQLLVLQXVWLWLYDWDEDFHVFGHWUHLRUL
SH]L
'RLUXVLLQWUDvQWUXQEDU8QXOGLQHLIDFHFRPDQGD
&KHOQHUGRXDVXWHGHYRWFDSHQWUXILHFDUH
,PHGLDW
3HVWHFkWHYDPLQXWH
&KHOQHUvQFDGRXDVXWHGHYRWFD
,PHGLDW
3HVWHSXWLQWLPS
&KHOQHU
6WLXFkWHGRXDVXWHGHYRWFD
1XQXQXPDLXQSDKDUFROHJXOPHXHVRIHUXO
8QUXVFRPDQGDvQWURFUkVPDvQWRWGHDXQDFLQFLSDKDUHGHYRGFDGHRGDWD(OEHDSHQWUXFHLSDWUXFDPDUD]LLDLVDLFD]XWL
vQUD]ERLDVWDHUDRvQWHOHJHUHGHGHPXOWFDFHLFDUHVXSUDYLHWXLHVFVDEHDSHQWUXFHLFD]XWL
QWUR]LUXVXOQRVWUXFRPDQGDGRDUSDWUXSDKDUHGHYRGFD%DUPDQXOvOvQWUHDED
&HVDvQWkPSODWD]L"
0DLEHDXGRDUSHQWUXFDPDUD]LLPHLFD]XWLvQOXSWD(XvQFHSkQGGHD]LVXQWDQWLDOFRROLF
&LFDVDIDFXWXQWRSDOFHORUPDLFRUXSWHWDUL
7RDWDOXPHDVHDVWHSWDFDSHSULPXOORFVDLDVD5XVLDGDUDLHVLWSHORFXO,,
6WLWLGHFH"
5$GDWVSDJDVDQXLDVDSULPD
(DOX
DODGLQVSDWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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$7,81,,
QDO,,OHD5D]ERL0RQGLDO$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$VDRVDDMXQJHWLGDFDQXIRORVLWLODPHOH:LONLQVRQ
6HGLQWDGHSDUWLGSUH]LGDWDGHWRYDUDVXO6WDOLQ&LQHYDVWUDQXWD7RYDUDVXO6WDOLQvQWUHDED
7RYDUDVLFLQHDVWUDQXWDW"
1LFLXQUDVSXQV
7RYDUDVLvPLSDUHQHVSXVGHUDXGDUVXQWQHYRLWVDUHSHWvQWUHEDUHD&LQHDVWUDQXWDW"9DDYHUWL]H]FDvQFD]XOQHSULPLULL
UDVSXQVXOXLYRLvPSXVFDSULPXOUkQG
1LFLXQUDVSXQV7RYDUDVXO6WDOLQvPSXVFDSULPXOUkQG
7RYDUDVLvPLSDUHQHVSXVQHVSXVGHUDXGDUVXQWQHYRLWVDUHSHWvQFDRGDWDvQWUHEDUHD&LQHDVWUDQXWDW"8UPHD]DILUHVWH
vQFD]XOQHSULPLULLUDVSXQVXOXLVDvPSXVFVLDOGRLOHDUkQG
1LFLXQUDVSXQV7RYDUDVXO6WDOLQvPSXVFDDOGRLOHDUkQG
7RYDUDVLQLFLQXYDSRWVSXQHFkWGHUDXvPLSDUHGDUVXQWQHYRLWVDUHSHWvQFDRGDWDvQWUHEDUHD&LQHDVWUDQXWDW",QXWLOVD
YDVSXQFHXUPHD]DvQFD]XOQHSULPLULLUDVSXQVXOXL
QXQXOGLQUkQGXULOHGLQVSDWHVHULGLFDFXFKLXFXYDLXQDFWLYLVWJDOEHQYHU]XLYLROHWODIDWDGLQFDX]DHPRWLHL$UWLFXOHD]D
FXJUHX
7RYDUDVH6WDOLQHXDPVWUDQXWDW
1RURFWRYDUDVH7RYDUDVLVDQHFRQWLQXDPVHGLQWD
QDQLL
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"
%DGDQWUR]LQHYDVWDXQXLVDWHDQVDSLHUGXWvQPXQWL1HDPVWUkQVWRWLODHODFDVDDPEDXWYRGFDDSRLDPSOHFDWDP
DGXVIHPHLDDFDVDDPIX
WRFXWRWLLDSRLDPEDXWLDUDYRGFD
9DGFDDVDQXPHUJH3XWHWLVDPLSRYHVWLWLRvQWkPSODUHWULVWDGLQYLDWDGXPQHDYRDVWUD"
QWUR]LPDPSLHUGXWvQPXQWL
/DXQORFXLWRUFLXNRVORFXLWRUvQSHQLQVXOD&LXKRWVNYLQH.*%XOSHQWUXDOLQWHURJDGHRDUHFHVHDX]LVHFDORFXLWRULL
FLXNRVLDXIRDUWHPXOWDXU&RORQHOXO.*%LVWFDUHQXFXQRVWHDGLDOHFWXOFLXNRVvLWUDQVPLWHDJKLRWDQWXOXL
&QWUHDEDOSHWDUDQXQGHDUHDXUXO
$8QGHDLPDDXUXO"
71XDPQLFLXQIHOGHDXU6XQWIRDUWHVDUDF
&&HD]LV"
$6SXQHFDQXDUHQLFLXQIHOGHDXUFDHIRDUWHVDUDF
&%LQH6SXQHLFDGDFDQXQHDUDWDXQGHDUHDXUXOHXSHUVRQDOvOvPSXVFvQFDS
$&RORQHOXODVSXVFDGDFDQXQHDUDWLDXUXOWHYDvPSXVFDvQFDSVLDSRLvWLYDVFRDWHLQLPD
7QFD]XODVWDVSXQHLFRORQHOXOXLFDDXUXOHVWHvQJURSDWVXEFRUWXOPHX
&&HD]LV"
$$VSXVFDYDI
HvQJXUD
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
Q8QLXQHD6RYLHWLFDVHDQXQWDXQFRQFXUVGHSLFWXULUHDOLVWVRFLDOLVWHSHVXELHFWXO/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
$OLRVDvQDUPDWDvQ6LEHULDLDUQDDIDUDHUDXJUDGHQWUR]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'D6WDOLQRUGLQQWUROXQDFRQVWUXLWLRVLQDJRJD/XFUHD]DDLDGLQ
JUHXVLFRQVWUXLHVFVLQDJRJDVLDGXFH6WDOLQDPLQWH
&XPPDLVWDFKHVWLDFXVLQDJRJDDFHHD")XQFWLRQHD]D"
1X
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFH"
1DUHUDELQ
'D6WDOLQRUGLQQWURVDSWDPkQDVDJDVLWLXQUDELQ'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
JDVHVFGHFXYLLQWDVDOvPSDUWHDVFDQRDWDSkQDODPDOVLUXVX]LFH
+DLGHOvPSDUWLPIUDWHVWH
/DFDUH%XOD
1XPDLPDLELQHvOvPSDUWLPMXPLMXPD
&HVHQXPHVWHVFKLPEGHRSLQLLvQSDUWLGXOFRPXQLVWDO8QLXQLL6RYLHWLFH"
5$WXQFLFkQGYLLODVHGLQWDGHSDUWLGFXSURSULDWLRSLQLHVLSOHFLGHODVHGLQWDFXFHDDSDUWLGXOXL
&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
XQFDUWRIVLRURVLHQDYLRQVWDWHDOkQJDXQDPHULFDQ6FRDWHUXVXORXOVLvQFHSHVDOPDQkQFH$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
'XSDFHUHFXQRVWLXQYDSRUVFRWLDQ"
51X]ERDUDSHVFDUXVLLGHDVXSUDOXL
&HIDFHFDGRXXQVFRWLDQvQGUDJRVWLWSULHWHQHLVDOH
58QUXMGHEX]HSHQWUXFDVLOSRDWHOXDvQDSRLFXWLPSXO
&HHVWHXQ3HUSHWXXPPRELOH"
5(VWHXQVFRWLDQFDUHDOHDUJDGXSDXQHYUHXFDUHvLGDWRUHD]D&HQWL
'HFHvQ6FRWLDvQILHFDUHFDVWHOVHDIODFkWHRVWDILH"
5(VWHPXOWPDLLHIWLQDGHFkWXQVLVWHPGHDODUPD
QYHVWXO6FRWLHLODVDSDWXULDXIRVWJDVLWHSDWUXVFKHOHWHSHEUkQFL
3XWLQPDLGHSDUWHDIRVWJDVLWDRPRQHGDGHXQSHQQ\
&XPDIRVWIDEULFDWDSHQWUXSULPDRDUDVkUPD"
58QVFRWLDQVLXQHYUHXDX]DULWSHVWUDGDRPRQHGDGHXQSHQQ\
6WLDWLGHFHVFRWLHQLLVSXQFDVH[XOHRDIDFHUHSURDVWD"
56HEDJDvQHDPDLPXOWGHFkWVHVFRDWH
6WLWLFkQGSXWHWLILVLJXULFDDYHQLWYDUD"
56FRWLHQLLvVLDUXQFDSRPLLGH&UDFLXQ
'HFHVDXSOkQVSURGXFDWRULLGHIULJLGHUHFDQXSRWIDFHSURILWvQ6FRWLDVFRWLHQLLQXFXPSDUDIULJLGHUH"
5&OLHQWLLQXYRUVXEQLFLRIRUPDVDFUHDGDFDODvFKLGHUHDXVLLVHVWLQJHOXPLQD
Q]LDUXOORFDOGLQ(GLQEXUJ
7D[LSUDEXVLWvQSUDSDVWLHGHPRUWL
&XPvQFHSHRUHWHWDvQFDUWHOHGHEXFDWHVFRWLHQH"
56HvPSUXPXWD
&DUHVXQWFHOHPDLVXEWLULFDUWLGLQOXPH"
50DULOHLQYHVWLWLLVFRWLHQHvQVWUDLQDWDWH
(URLLWDOLHQL
$UWDEXFDWDULHLODHQJOH]
,VWRULDFXOWXULLDPHULFDQH
/DXUHDWLLURPkQLDL3UHPLXOXL1REHO
&DUHHGLIHUHQWDGLQWUHXQVFRWLDQVLRQXFDGHFRFRV"
51XFDGHFRFVvWLGDGHEDXW
=LXDWUDGLWLRQDODSHQWUXFDVDWRULLvQ6FRWLDHVWH)HEUXDULH
$VWIHOFDVDWRULWLLWUHEXLHGRDURGDWDODDQLVDGHDRSHWUHFHUHFXRFD]LD]LOHLGHFDVDWRULH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2FXJHWDUHVFRWLDQD
3RWLIDFHHFRQRPLLQXPDLDWXQFLFkQGQXFKHOWXLQLPLFD
&HIDFHXQVFRWLDQFDUHDUHFLQFLIHWHQHPDULWDWH"
5/HODVDSHWRDWHFLQFLVDOLQJDRSDVWLODDQWLEDE\
-RFGHIRWEDOvQWUXQVDWVFRWLDQ
QDLQWHDvQFHSXWXOPHFLXOXLSHQWUXDOHJHUHDWHUHQXOXLDUELWUXODUXQFDRPRQHGDvQVXV
5H]XOWDWGHUDQLWL
8QIRWEDOLVWYHQLWGHODXQPHFLGLQ6FRWLDVHvQWDOQHVWHFXXQYHFKLSULHWHQ
&XPDIRVWvQ6FRWLD"vOvQWUHDEDSULHWHQXO
$PDYXWXQPHFLPLQXQDW6LSXEOLFXOVFRWLDQDIRVWPLQXQDW
'HFH"
1DXDUXQFDWQLPLFSHWHUHQ
QFKLSXLHWLVSXQHXQVFRWLDQSULHWHQXOXLVDXLHULVDGHVILQWDWRILFLDOFOXEXOQRVWUXGHIRWEDOFXWRDWHFDDYHDRH[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
QPOXWLWLL
&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
'XSDVDVHOXQLGHIHULFLUHFRQMXJDOD%LOOVL-DQHVHGHDXvQIDWDIRFXOXLOLQLVWLWLFkQGVH DX]L XQ FLRFDQLWvQ XVD%LOO VH
GXVHODXVDVLRGHVFKLVH
&LQHHUD"6RDFUDOXLFXGRXDJHDPDQWDQH
9UHDXVDVWDXDLFLVSXVHGXPQHDHL
)RDUWHELQH$FRORVDVWDLvLUHSOLFD%LOO
6LvLWUkQWLXVDvQQDV
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
QWLPSXOXQHLSDUWLGHGHJROIXQXOGLQWUHSDUWHQHULSLFDMRVPRUW
QVHUDDFHOHLDVL]LOHODFOXEVHFUHWDUXOLVHDGUHVHD]DSDUWHQHUXOXLUDPDVvQYLDWD
&HWUHDEDvQJUR]LWRDUH
QWUDGHYDUvQJUR]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
QWURGLVWLOHULHGLQ*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"OPLVFIRDUWHIRDUWHvQFHWVDQXVHVWULFH
$OPHXHVLPDLEXQ6RWXOPHXQXPLGDYRLHVDOPLVFGHORFOWLQGHVFKLVvQIDWDVLGDXUHSHGHGLQFDSvQGUHDSWDVLQ
VWvQJD
QWUR]LXQVFRWLDQPHUJHVDMRDFHJROIFXEDLDWXOVDX&XPDMXQJODWHUHQvOvQWUHDED
6WLLVDJDVHVWLPLQJLLOHUDWDFLWH"
%LQHvQWHOHVUDVSXQGHEDLDWXO
$WXQFLDGXUHSHGHXQDVDSXWHPvQFHSH
8QGHYDvQ6FRWLDQDMXQXO&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
'HIDSWVSXQHXQVFRWLDQ vQWUXQ PDJD]LQGHSDODULLQXYUHDXVDFXPSDUSDODULDFDUH PLDWL DUDWDWR$V GRULXQD DVD
FXPDPHXSHFDS6LHDDIRVWFXPSDUDWDWRWGLQPDJD]LQXOGXPQHDYRDVWUD
,PSRVLELO]LFHYkQ]DWRUXOHXDPGHVFKLPDJD]LQXOQXPDLGHGHDQL
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
QFKLSXLHWLSULHWHQXOPHXGHFRUHVSRQGHQWDGLQ6FRWLDPLDWULPLVvQVIkUVLWRSR]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
QWUXQRUDVHOVFRWLDQVXQWH[DPLQDWLVSUHDILDQJDMDWLQRLLSROLWLVWL8QXLFDQGLGDWLVHSXQHXUPDWRDUHDvQWUHEDUH
&XPDLSXWHDVDvPSUDVWLLFHOPDLUHSHGHRFRORDQDGHGHPRQVWUDQWL"
0LDVVFRDWHFKLSLXOVLDVIDFHFKHWD
/DXQERUGHOLQWUDXQVFRWLDQSODWHVWHXUFDvQFDPHUDVHDVHD]DSHXQVFDXQVLvQFHSHVDVHPDVWXUEHD]H
7LSDPLUDWD
9DLGUDJDGDUDLSODWLW'HFHQXWUHFLvQSDW"
'HEDQLLPHLYUHDXVDVLPWQXPDLHXIHULFLUHD
8QVFRWLDQvQFHUFkQGVDPRQWH]HRDQWHQD79SHDFRSHULVXOFDVHLVDOHDOXQHFDVLFDGHvQVSDWHOHFDVHL
QFDGHUHYHGHSHJHDPXOEXFDWDULHLFXPQHYDVWDVDQXPDUDERDEHOHGHIDVROHFHOHSXQHDvQFLRUED
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"
6FRWLDQXOFDXWDvQSXQJDGHODEUkXVLSXQHXQSDFKHWHOSHPDVDOGHVIDFHVFRWkQG 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
Q,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"
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&RQDOOVWDGHYHJKHODFDSDWkLXOVRWLHLQ]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\QvQWXQHULFXOGHSHVFDULVHvPSLHGLFDVLFD]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
QFkWHYD]LOHvQWkOQHVWHGHQWLVWXOXQFROHJGHEUHDVODFDUHvLSRYHVWVWH
$PDYXWGHFXUkQGXQSDFLHQWFUXLDLDPIDFXWRH[WUDFWLHIDUDDQHVWH]LHVL QXDP YD]XWRJULPDVDSHIDWDOXL&UHGFDvO
FKHPD0F*UHJRU
8QVFRWLDQVHSOkQJHFXPSOLWGHRPDVHD9D]kQGXOXQFDODWRUvLVSXQH
7HGRDUHPDVHDXD"$WXQFLGHFHQXWHGXFLODGHQWLVW"
1DUHURVW0DLUDEGXQSLFVLVFDS3HVWHSDWUXDQLWHUPLQDILXOPHXVWRPDWRORJLD
8QYLRORQLVWUHQXPLWGHRULJLQHVFRWLDQDVHPkQGUHVWHvQIDWDWDWDOXLVDX
QFKLSXLHWLWDWDGHMDSULPHVFDSURDSHGHGRODULSHQWUXRXUFDUHSHVFHQD6WLLFkWIDFH"
3HQWUXILHFDUHFRDUGDFDWHGHGRODUL
9DGILXOHPLSDUHUDXFDQXWHDPvQYDWDWVDFkQWLODKDUID
8QVFRWLDQPHUJHODXQJUDGLQDUVDFXPSHUHFDVWUDYHWLVLDOHJHXQXOPDUHVLvQWUHDEDFkWFRVWD
'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
QWURQRDSWHvQWXQHFDWDvQWUXQFDVWHOVFRWLDQXQRDVSHWHVHUDWDFHVWHSHFRULGRDUHVLvQWkOQHVWHFXQRVFXWDIDQWRPDFDUH
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
QWkLFHDSURDVWDWHURJ
VDYLVHDPSXWH]HDPEHOHSLFLRDUH
6LFHDEXQD"
&KLUXUJXOGRUHVWHVDYDFXPSHUHSDQWRILL
'RLVFRWLHQLVHSOLPEDSHVWUDGD7UHFSULQIDWDXQXLEDUFkQGXQXOvLVSXQHFHOXLODOW
%HLREHUH"
'D
$WXQFLJUDEHVWHWH7HDVWHSW
'RLVFRWLHQL
3HWLQHWHFKHDPD9LQFHQWDVDL"
'D
$WXQFLGHFHVHPQH]LvQWRWGHDXQD9LQ"
3HQWUXFDODILHFDUHVHPQDWXUDHFRQRPLVHVFXQFHQW
QWUXQPLFRUDVHOVFRWLDQXQORFDOQLFHVWHVXQDWODWHOHIRQ
$OR-RKQ"%DWUkQHPDDIOXvQWURVLWXDWLHFULWLFDVLDPQHYRLHXUJHQWGHOLUH3RWLVDPLGDL"
$ORQXvQWHOHJQLFLRYRUEDUDVSXQGH-RKQ
PLWUHEXLH]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]LQXOIDPLOLHLvQWURGUXPHWLHQJkQGXUDWWDWDOvLUHDPLQWHVWHVRWLHL
'DFDQXHVWHQLPLFLQWHUHVDQWGHYD]XWDWXQFLVDQXXLWLVDGDLMRVGHSHQDVXOFRSLOXOXLRFKHODULL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QWURVWDWLHGHWUDPYDLXQVFRWLDQvOvQWUHDEDSHFRQWURORUXOGHELOHWH
&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\
QWUXQ]LDUVFRWLDQ
0F7DYLVKVL0F0DUNDXSDULDWSHRVWLFODGH:KLVNLFDUHvVLWLQHPDLPXOWUDVXIODUHD
QPRUPkQWDULOHDXORFPkLQHODRUD
%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
&XPYLQVRPDOH]LODVWXGLXvQ(XURSD"
53ULQID[
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHHGLIHUHQWDGLQWUHXQVRPDOH]VLRPLQJHGH3LQJ3RQJ"
51LFLXQD
&XPGHRVHEHVWLXQVRPDOH]GHRPLQJHGHWHQLVGHFkPS"
50LQJHDFkQWDUHVWHGHJUDPHPDLPXOW
&XPFDGHXQVRPDOH]GLQFRSDF"
5&DRIUXQ]D
&XPFDGHXQVRPDOH]FDVDWRULWGLQFRSDF"
5&DRSLDWUD
'HFH"
5'LQFDX]DYHULJKHWHL
'HFHFDGHXQVRPDOH]GLQFRSDFFDRVDJHDWD"
5$UHPDVHOHOHSORPEDWH
'HFHXPEODXQVRPDOH]FXFDSXOvQWURSDUWHSHVWUDGD"
5$UHRPDVHDSORPEDWD
&HHXQVRPDOH]FXSLFLRUXOvQJKLSV"
5&URVDGHKRFKHL
&DUHHFHOPDLSHULFXORVUDOLXGLQOXPH"
5&XFDPLRQXOFXRUH]SULQ6RPDOLD
&XPEDJLGHVRPDOH]LvQWURFDELQDWHOHIRQLFD"
5$UXQFLvQDXQWUXXQFROWGHSkLQH
&XPPDLEDJLvQFDGHVRPDOH]LvQDXQWUX"
56FRWLFDUWHOD
&XPSRWLVDVFRWLFHLGHVRPDOH]LGLQFDELQD"
51LFLRVDQVD$XEXUWLOHSOLQH
&XPSRWLVDVFRWLFHLGHVRPDOH]LGLQFDELQD"
57UDJLGHFROWXOGHSkLQH&XWRWLLVHWLQELQHFXGLQWLLGHHO
QJUXSXULGHFkWLDXYRLHVRPDOH]LLODFLQHPD"
5DOWIHOVHULGLFDVFDXQXO
&XPVHUDGLRJUDILD]DVRPDOH]LL"
56HWLQvQIDWDVRDUHOXL
&HLQGLFDWLLH[LVWDvQOLIWXULOHGLQ6RPDOLD"
56DUFLQDPD[LPDNJVDXSHUVRDQH
'HFHQXDUHQLFLXQURVWWULPLWHUHDGHDMXWRDUHvQPHGLFDPHQWHvQ6RPDOLD"
53HPDMRULWDWHDVFULHDVHOXDGXSDPDVD
&kWDSRS
DWLHDUH6RPDOLD"
5NLORJUDPH
QFHUHJLXQHD6RPDOLHLHGHQVLWDWHDSRS
DWLHLPDLPDUH"
5'HSLQGHFXPEDWHYkQWXO
'HFHvQWLQGVRPDOH]LLXQILUGHDWDODVWUDQG"
53HQWUXFDSURSULLFRSLLVDVHSRDWDMXFDODXPEUD
6HMRDFDVRPDOH]LL'HDYDWLDVFXQVHOHD
7HDPJDVLW
3HFDUHGLQQRLGRL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6HMRDFDVRPDOH]LL'HDYDWLDVFXQVHOHD
+HLWXJUDVDQXOHWHDPJDVLWHVWLDVFXQVGXSDFRDGDPDWXULL
6FULVRDUHGHPXOWXPLUHDFRQGXFHULLVRPDOH]HSHQWUXFHDVXULOHGHPkQDFXEUDWDUD
0XOWXPLPSHQWUXIUXPRDVHOHFXUHOH
'XSDFHVHUHFXQRDVWHXQVRPDOH]ERJDW"
53RDUWDXQ5ROH[vQMXUXOEUkXOXL
'HFHQXDSDUWLFLSDWDYLDWLDVRPDOH]DOD5D]ERLXOGLQ*ROI"
5(UDEROQDYSLORWXO
&HVDvQWDPSODWGDFDvQIDUIXULDXQXLVRPDOH]GLPLQHDWDVHJDVHVWHXQEREGHRUH]"
5$YRPLWDWWRDWDQRDSWHD
&HVXQWOLQLLOHQHJUHGHGLIHULWHJURVLPLGHSHFXWLLOH7HWUD3DN"
53R]HGHIDPLOLHGLQ6RPDOLD
6LFHVXQWFLIUHOHGHGHGHVXSW"""
50HGLDGHYLDWDDPHPEULORUIDPLOLHL
&HIRORVHVFVRPDOH]LLGHSUHIHULQWDFDVDFGHGRUPLW"
58QSDL
&kWLVRPDOH]LvQFDSvQWUXQDXWREX]"
57RWL
'HFHSRDUWDVRPDOH]LLXQRVvQQRGDWvQSDU"
56DQXSLFHSULQWUH]DEUHOHOHFDSDFHORUGHODFDQDOL]DUH
'HFHDXVRPDOH]LLEXUWLOHDVDGHPDULVLEUDWHOHDVDGHVXEWLUL"
5$VWDYLQHGHODIDSWXOFDPDQkQFDIRDUWHPXOWVLOXFUHD]DIRDUWHSXWLQ
&HVFULHSHXVDVHFWLHL8UJHQWHDXQXLVSLWDOVRPDOH]"
5&D]XULOHH[WUHPGHJUDYHVDVHLQWURGXFDSHVXEXVD
'HFHXQVRPDOH]DUHJkWXOXPIODW"
56DvQHFDWFXXQEREGHRUH]
&HHVWHUDXWDFLRV"
55HFODPH0F'RQDOGVvQ6RPDOLD
&XPDFD]XWJXYHUQXOGLQ6RPDOLD"
5$XWDLDWFRSDFXO
&HIDFHXQVRPDOH]FDUHDJDVLWSkLQL"
5'HVFKLGHGHSR]LWHQJURV
'HFHDUHXQVRPDOH]XQEREGHRUH]OkQJDHO"
5$YRPDWWRDWDQRDSWHD
&XPIDFVROGDWLLVRPDOH]LvQFDO]LUHDGHGLPLQHDWD"
5$OHDUJDGRXDWXUHGHWDUD
&XPVHVDOXWDVRPDOH]LL"
5&HYkQWWHDGXFHS
DLFLIUDWH"
'HFHVRPDOH]LLvVLSXQFkWHXQFKLEULWvQILHFDUHXUHFKHFkQGVHGXFVDIDFDEDLH"
5&DVDQXFDGDvQFDQDODWXQFLFkQGGDXGUXPXOODDSD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Q6RPDOLD
&LWHNJDLED"
*UDVODH[WHUPLQDUH8UPDWRUXO&kWH.JDL"
*UDVXWJUDVXW/DH[WHUPLQDUH8UPDWRUXO&DWH.JDL"
3OHWRVXOH
9LQH0RV&UDFLXQODFRSLLGLQ6RPDOLD
(KFRSLLPRVXOXLDWLIRVWFXPLQWL"
'DDDDD0RV&UDFLXQ
6LFRSLLPRVXOXLLDWLDVFXOWDWSHSDULQWL"
'DDDD0RV&UDFLXQ
'DGHPDQFDWDWLPDQFDW"
3DLVWLWLODQRLvQ6RPDOLDHFDPJUHXHIRDPHWH
&LQHQXPDQkQFDQXSULPHVWHFDGRXUL
0HUJVRPDOH]LLODGLVFRWHFD"
5'DGDFDvQGLUHFWLDDLDEDWHYDQWXO
/DXQVDQDWRULXvQ6RPDOLDVHDXGHRYRFH
6RRRUUUDDDDXQSDLDQMHQ
9LQLPHGLDW]LFHVRUDFDUHHUDRFXSDWD
0DLWUHFHSXWLQWLPS
6RRRUUUDDDDXQSDLDQMHQ
9LQLPHGLDW]LFHVRUDFDUHHUDvQFDRFXSDWD
0DLWUHFHSXWLQWLPS
8QGHPDGXFLEHVWLH"
$PHULFDQLLvLFkQWDUHVFSHVRPDOH]L
NJ)RDUWHELQHYDWLvQJUDVDW8UPDWRULL
&LQHDUHGHNLORJUDPHvQ6RPDOLD"
53RS
DWLDXQXLVDW
'HFHDFD]XWSDUWLGXOFRPXQLVWvQ6RPDOLD"
56DUXSWFUDFDvQWLPSXOVHGLQWHL
&HLPLFVLVODEVLDOHDUJDFXNPKSULQGHVHUW"
58QVRPDOH]FDUHDJDVLWXQERQGHFDQWLQD
6LFHLPLFVLVODEVLDOHDUJDFXNPKSULQGHVHUW"
58QVRPDOH]FDUHDXLWDWERQXOGHFDQWLQDJDVLWDFDVD
&DUHHFHDPDLDSUHFLDWDUHFODPDvQ6RPDOLD"
56QLFNHUVFkQGWHDSXFDIRDPHD
&HHXQVRPDOH]KLGURFHIDO"
58QVXUXEGH
&HHXQEREGHIDVROHvQIDWDXQXLVRPDOH]"
55DWLDSHRVDSWDPDQD
&HUHSUH]LQWDXQVRPDOH]FXXQ SXPQGHRUH]"
58QHQJURVLVW
&XPVHQXPHVWHXQVRPDOH]vPEUDFDWFXRVFXUWDGHEODQD"
53HULHGHFXUDWDWSLSD
&HVXQWGRLVRPDOH]LvQVDFXOGHGRUPLW
57ZL[
&kWLVRPDOH]LLQWUDQWUXQ7UDEDQW"
5
&XP"
5vQIDWDvQVSDWHVLvQVFUXPLHUD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RLVRPDOH]L%DGDFDvQVHDUDDVWDQXEDWHYkQWXOPHUJHPODIHPHL"
&DUHHDVHPDQDUHDGLQWUHVWUHSWRFRFLVLVRPDOH]L
5*UHXWDWHD
51XDPELLVHFRPSDFWHD]DDVWHSWkQGWLPSXULSULHOQLFH
&DUHHGHRVHELUHDGLQWUHVWUHSWRFRFLVLVRPDOH]L
56WUHSWRFRFLLPDLVLJDVHVFWLPSXULSULHOQLFH
&HDUHPDVXULOH"
50LVV6RPDOLD
&XPVHQXPHVWHXQVRPOH]FXVWUXQJDUHDWD"
5*UHEOD
&XPVHQXPHVWHXQVRPDOH]FXXQVDFGHRUH]"
56(7)25/,)(
&HIDFHXQVRPDOH]FXXQVDFGHRUH]"
5'HVFKLGHXQUHVWDXUDQW
&XPVHQXPHVWHXQVRPDOH]FXXQFkLQH"
59HJHWDULDQ
&XPVHQXPHVWHXQVRPDOH]FXGRLFkLQL"
5)HUPLHU
&XPVHQXPHVWHXQVRPDOH]FXWUHLFkLQL"
5(QJURVLVW
'HFHQXOHSODFHVRPDOH]LORUVH[XORUDO"
51XVHSRWIRUWDVDVSXQD0DQkQFDPDPDQkQFDPD
&DUHHGHILQLWLDRSWLPLVPXOXL"
58QVRPDOH]vQFRVWXPGHGLQHX
&HLDVWD"
5*UHVLWQXLXQFRSLOVRPDOH]FLXQVRPDOH]FRQVWLSDW
$WLDX]LWGHVRPDOH]XOFDUHODJUDGLQD]RRORJLFDDFD]XWvQJURDSDFXFURFRGLOL"
5""
5$PkQFDWWUHLGLQWUHHLSkQDvQJULMLWRULLDXUHXVLWVDLQWHUYLQD
&HIDFVRPDOH]LLQRDSWHD"
5*UHYDIRDPHL
&DUHHFHOPDLUDSLGDQLPDOGLQOXPH"
52ULFDUHDQLPDOFkQGWUDYHUVHD]D6RPDOLD
&XPVHQXPHVWHXQVRPDOH]GHGHNLORJUDPH"
5&DQLEDO
&XPVHQXPHVWHXQVRPDOH]FXXQEREGHPD]DUHvQSDU"
58QVIHUWGHNLORJUDP
&HIDFVRPDOH]LLQRDSWHD"
55HFODPHSHQWUXWHOHYL]LXQH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QYDSRUFXVRPDOH]LVHVFXIXQGD&LQHVHVDOYHD]DGHODvQHF"
56RPDOH]XOFDUHDUHRDVFKLHGHOHPQvQWDOSD
&LQHDIRVWSULPXORPSH/XQD"
58QVRPDOH]JDUHVDMXFDWFXHODVWLFXOGHODFKLORWL
2PDUHIDEULFDGHODSWHWULPLWHFDDMXWRUOLWULGHODSWHvQ6RPDOLD
&DVL%RQXVvPSDFKHWHD]DVLGHSDLH
'XSDOLYUDUHDDMXWRDUHORUYLQHXQWHOHIRQGLQSDUWHDFRQGXFHULLVRPDOH]H
9DPXOWXPLPSHQWUXODSWHGDUFHVDIDFHPFXPXOWLPHDGHVDFLGHGRUPLW"
'XSDFHUHFXQRVWLXQVRPDOH]FDVDWRULW"
5'XSDLQHOXOGLQMXUXOEXUWLL
QWLPSXOUD]ERLXOXLFLYLOGLQ6RPDOLDVHEDWHDXDPHULFDQLLFXUHEHOLLFDVDSDFLILFHWDUD
8QVROGDWDPHULFDQYHGHODXQPRPHQWGDWXQWDQFVRPDOH]FDUHRGDWDFHWUDJHDERPEDFDGHDOkQJDWDQFVLH[SORGD
WDQFXODVWDHUDGHSDUWHDDPHULFDQLORU
6HGXFHVROGDWXOODWDQFVLOVWULJDSHVRPDOH]
%DLVRPDOH]XOH"
&HLED"
'HFHWUDJLDVDGHDSURDSHGHWDQFWUDJHVLWXPDLWDUH
$X]LEDDPHULFDQXOH0DLELQHYLQRWXDLFLVXVLDUGDFDWXSRWLVDVXIOLPDLWDUHWHODVvQORFXOPHX
8QVRPDOH]OD$OLPHQWDUD
2UH]YDURJ
QFkWHIHOLLGRULWL"
&DUHHVWHLPQXOQDWLRQDODO6RPDOLHL"
5,EHOLYH,FDQIO\
&HHDWkWGHGHRVHELWGDFDGDLPXLHXQHLVRPDOH]H"
53RWLILVLJXUDFDvQJKLWHWRWXO
&HHXQVRPDOH]FXXQ FRLIGHRWHO"
52DJUDIDGHELURX
%DQFXULFXWLJDQL
6WLWLFXPIDFHXQWLJDQvQFLXGDXQHLPXVWH"
52SULQGHvQWUHGRXDJHDPXULVLPDQkQFDFDFDWFXOLQJXULWDvQIDWDHL
6WLWLGHFHVXQWWLJDQLLQHJUL"
53HQWUXFDDWXQFLFkQGVDXQDVFXWHLEDU]DHUDvQFRQFHGLXVLLDDGXVFLRDUD
&HLPDUHQHJUXVLLVDGHELQHODJkWWLJDQXOXL"
58QGREHUPDQ
'HFHDIRVWFRQFHGLDWOLIWLHUXOWLJDQ"
53HQWUXFDDXLWDWGUXPXO
&DUHHVWHGHRVHELUHDGLQWUHXQWLJDQVLRIDWDPDUH"
57LJDQXOWRWWLJDQUDPLQH
&LFDOD$XVFKZLWVXQWSULQVLQLVWHWLJDQLFHOXFUDVHUDvQ5HVLWDODQXVWLXFHIDEULFDVPHFKHUDFDUHSROXDGHWLVHvQQHJUHDX
SXSLOHOH/HIDFQHPWLLSURFHVXOVLvLEDJDvQFDPHUDGHJD]DUHvPSUHXQDFXDOWL]HFLGHHYUHL'DXGUXPXODJD]GXSD
PLQLQWUDXQFRPDQGDQW'HVFKLGHXVDVHXLWDvQFDPHUDVLvLYHGHSDWLJDQLMXFkQGFDUWLSHPRUPDQX
GHHYUHL
+LWOHULVWX&HIDFHWLED"
7LJDQLLQFKLGHXVDvQS
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]LQGHDUWLFROHHOHFWULFHVDFXPSHUHXQILHUGHFDOFDWQWUHDEDGHSUHWVLLVH]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
&XPVHVLQXFLGHXQWLJDQ"
5VLPLURDVHFLRUDSLL
&XPVHVLQXFLGHXQURPkQ"
5LVSXQHEDQFXODVWDXQXLWLJDQ
8QWLJDQVHvQWkOQHVWHFXXQVHIGHWULEDIULFDQ
0DPLQFDWLDVFXPIDFLGHWLLHVWkQFLLDLDQHJULFDLRFXPRGDXWRWFDIHQLLLHV
3DLRDLDLDOXQJDFDDPHD"
1XPkQFDWLDV
'D
DVDJURDVD"
3DLQX
0LDPvQFKLSXLWHXFDDVWDWUHEXLHVDILHLQWUDOXPLQD
7XVWLLFLQHDGXFHFRSLOXO"
'D%DU]D
'DUFRSLOXOGHWLJDQ"
&RFRVWkUFXOOLQJXUDU
&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
OLDWLJDQXOVLvOVSDUJHVLVSXQH
,DOPD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DLVWDXQSLFSXUDGHOXOVLPDLYLQHvQFDRGDWDVLVSXQH
7HWHRVSDUJHPLVLPLHWLPEXUHOXODVWDvOLDWLJDQXOVLvOVSDUJHVLvLVSXQHWLJDQXLDOPDVLSOHDFDVLLDUVHJkQGHVWHWLJDQXO
FHVDIDFDFXFRSLLVLLDUYLQHSXLXOGHWLJDQVLVSXQH
7HWHRVSDUJHPLVLPLHWLPEXUHOXDVWD
OLDWLJDQXOVLvOVSDUJHVLvOvQWUHDED
'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]DQGUXPVSUHFDVDWUHFSULQSDGXUH7LJDQXO]LFH
)DDX]LPkQFDPLDLDFXPWUHE
HVDQHGXFHPvQGUXPXOQRVWUXWXODGUHDSWDVLHXODVWkQJDGDUXLWHSHQWUXXOWLPDRDUD
QXYUHLVRPDLSXQHPRGDWD"
+DLWLJDQH
'XSDFHWHUPLQDWLJDQXOXLPLWSURIXQG
)DKDLvQDSRLVDQHFXQXQDPDVDFXPDLVWDWDFXPQXDLVWDWQLFLRGDWD7LJDQFDVXSDUDWD
$X]LEDWkPSLWXOHQXDLYD]XWFDPDLSXVvQXU]LFL"
7LJDQXOYLQHDFDVDIRDUWHWkU]LXVL3LUDQGDvOLDODURVW
8QGHDLXPEODWEHOHVWHPDWXOH"
/DVHGLQWDID
6HGLQWDD"0DSURVWHVWLvQIDWD"
6WDLDVDID6DPRDUDPDPDDPIRVWODVHGLQWD$YHQLWFLQHYDGHODJXYHUQVLQHD]LV&LWH]
QYRPDYHDGHRULPDLPXOWDFDUQH&LWH]9DFUHVWHVDODULXOFX6LDOWHFKHVWLLGLQDVWHD
'D
FHvQVHDPQDPDFLWH]
1LFLHXQXVWLXGDUFUHGFDvQVHDPQDFDXQIHOGHVDQFKL
QWUXQ 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
QDUPDWDODSDUDVXWLVWLRILWHUXOH[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]QLFHLVSXQHODEDUEDW
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
2GDWDXQSUHRWVHLQWDOQHVWHFXXQWLJDQQFHSFHLGRLRGLVFXWLHGXSDFDUHDMXQJkQGODRQHvQWHOHJHUHvQFHSVDVHFHUWH
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,
&HVHSRDWHIDFHGLQGHWLJDQL"
56DSXQ;
'HFHQXFDOFLFXPDVLQDXQWLJDQSHELFLFOHWD"
56DUSXWHDVDILHELFLFOHWDWD
&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
QWURVFRDODGHODWDUDSURIHVRUXOvLvQWUHDEDSHHOHYL
(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&(
'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
QYDWDWRUXOVFKLPEDORFXOFXWLJDQXOWUHFkQGHOvQXOWLPDEDQFDVLvL]LFH
$FXPYRPVWLGDFDDLVSXVDGHYDUXOVDXYLQRYDWILLQGWHDLSUHIDFXWFDQXDX]LQWUHDEDPDFHYDFRSLOH
'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"
&LQHYDVXQDODXVDLDUWLJDQXOGHVFKLGHFXIULFDQIDWDOXLVWD0RDUWHD
3WLXILUDLDGUDFXOXLFHPDLVSHULDWDPFUH]XWFDHSROLWLD
8QWLJDQvVLvQWUHDEDVRWLDFXFkWHYD]LOHvQDLQWHGH]LXDGHQDVWHUHDDFHVWHLD
&HYUHL3LUDQGRVDWLDGXFGH]LXDWD"
8QURP
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HvQVHDPQDXQWLJDQIDUDPkLQL"
52SHUVRDQDGHvQFUHGHUH
&XPVHQXPHVWHXQWLJDQFDUHvVLGDDHUH"
55RPJD]
&XPOH]LFHODWLJDQLvQFRVPRV"
5&RVPRURP
(UDXQWLJDQXQHQJOH]VLXQIUDQFH]VLDYHXSRUXQFDVDVWHDOXQLFXXQSRUFvQFRFLQD3ULPDGDWDLQWUDIUDQFH]XVLQX
VWDWUHL]LOHFDVLLHVHLQWUDHQJOH]XVLVWD]LOHVLLHVH9LQHUkQGXWLJDQXOXLQXWUHFXUD]LOHFDLHVHSRUFX]LFkQG
3XXFHSXWHWLJDQXDVWD
9LQHWLJDQFDODJLQHFRORJVLGXSDFRQVXOWDWLHGRFWRUXOFDPRULSLODWvLVSXQH
7XWLJDQFRDOWDGDWDFkQGYLLODGRFWRUVSDODWHVLWXvQYDJLQ
,HVHWLJDQFDGHODGRFWRUVHvQGHSDUWHD]DSXWLQGDUQHGXPHULWDKRWDUDVWHVDVHvQWRDUFDVLvOvQWUHDEDSHGRFWRU
'RPQXOHGRFWRUGDGDFDQDPYDJLQSRWVDPDVSDOVLvQOLJKHDQvQSL
GD"
&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(&(13,
'$HVWLWX6&857vQSX
DVLQXDMXQJLODFDOGXUD
QWURQRDSWHXQDPHULFDQXQIUDQFH]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
QWUXFkW-DQRVQXVDSRWROLWFKLDUDVDDSURFHGDW$MXQVDFDVD-DQRVOHVSXQHSHUkQGWDWDOXLPDPHLVRUHLHWF
3HPLQHPDFKHDPD,RQVLVXQWURPkQ
&HLGHPDLVXVODXvQMXUDWVLEDWXW5DPDVVLQJXUPLFXWXO-DQRVJkQGHVWH
'HPLQXWHVXQWURPkQVLXQJXULLDVWLDvPSXWLWLDXVLvQFHSXWVDPDSHUVHFXWH
,RQVL-DQRVVXQWYHFLQLEXQLVHvQWHOHJELQHSHWUHFvPSUHXQDGHVQWUR]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
QDFHDVWDVLWXDWLH)XQDUVHGXFHUHSHGHOD3ULPDULHVDDIOHFDUHHVWHSURFHGHXOSULQFDUHVLSRDWHVFKLPEDQXPHOHvQWUXQXO
XQJXUHVF
$X]LQGDFHVWHDVXERUGRQDWLLvOvQWUHDED
&XPGRPQXOHGXPQHDYRDVWUDFDUHVXQWHWLDVDGHSRUQLWSHXQJXULDFXPYUHWLVDYDVFKLPEDWLQXPHOHFXXQXOXQJXUHVF"
)XQDU
%DLODVDVDPRDUDXQXOGHDOORUGHFHVDPRDUDXQXOGHDOQRVWUX"
/DVHGLQWD&RQVLOLXOXL/RFDO&OXMXQFRQVLOLHUSURSXQH
(X]LFVDPDLIDFHPRVWDWXLHvQRUDVXOQRVWUX
,PHGLDWYLQLGHLOH
6DILHRVWDWXLHFXWDUDQXOURPDQ
6DILHWDUDQXOvPEUDFDWvQFRVWXPQDWLRQDO
QPDQDGUHDSWDVDDLEDRIXUFDVDVHOXSWHFXXQJXULL
QPDQDVWDQJDVDDLEDXQVWUHDQJVDVWLHXQJXULLFHLDVWHDSWD
6LvQVWUHDQJVDDWDUQHXQXQJXUVDILHPHVDMXOFODU
'XSDRFOLSDGHWDFHUHYRUEHVWH)XQDU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%LQHGDUVDVFKLPEDPXQJXUXOvQILHFDUH]L
3ULPDULDGHOD&OXMKRWDUDVWHVDFRQVWUXLDVFDRVWDWXLHFX,DQFXGHILQLWLYDFDUHVDVSXQDOXFUXULORUSHQXPH8QFRQVLOLHU
(XVXQWGHSDUHUHVDOIDFHPFXPkQDvQGUHSWDWDVSUH8QJDULDVDYDGDXQJXULLFDDYHPERDODSHHL
$OWXO
$V]LFHVDLSXQHPVLXQSLVWROvQPkQDVDILHWUHDEDPDLH[SOLFLWD
$OWXO
QPkQDDLODOWDVDLSXQHPXQVWUHDQJVDYDGDFHLFHYRUVDIXUHSDPkQWXOWDULLFHLDVWHDSWD
$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 Q ILHFDUH MRL DYHD OLEHU VL VH vQWRUFHD DFDVD VHDUD IRDUWH ELQH GLVSXVD QWUR 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,
QWUXQODFVH]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
Q8QJDULDGLQFDX]DQXPDUXOXLIRDUWHPDUHGHSHQVLRQDULJXYHUQXODKRWDUkWVDYLQDvQvQWkPSLQDUHDDFHVWRUDVLSHQWUX
DLDMXWDDSURPXOJDWROHJHFDUHSUHFL]D
3FWQFHSkQGFXLDQXDULHWRWLSHQVLRQDULLDXYRLHVDWUDYHUVH]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
QSUREOHPDFDUHDIRVWSULPLLvQ$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
'HFHXQJXURDLFHOHVLQWFRQVLGHUDWHDILSULQWUHFHOHPDLEXQHIHPHL"
53HQWUXFDVLQW8'(0(5(8
=LFHFDGRLUHSUH]HQWDQWLSDUODPHQWDULGLQMXG&RYDVQD6]DEREDFVLVL3LVWDEDFVLVHGXVDUDODVHGLQWDODSDUODPHQW
QGUXPVSUH%XFXUHVWLvQWUHQ]LFH3LVWDEDFVLFDWUH6]DEREDFVL
1RLQXYRUEHVWHELQHURPDQHVWHGHDLDQRLQXYRUEHVWHPXOWFLVFXUWVLFXSULQ]DWRU
/DVHGLQWDLDSULPXOFXYLQWXO6]DEREDFVL
1RLODMXGHWXO&RYDVQDDPIDFXWSODQXOODFHDSDGDULHXvQWUHEXQGHHVWHFHDSD"
/DQRLODMXG&RYDVQDDPIDFXWSODQXOVLODFDUWRIGDULHXvQWUHEXQGHHVWHFDUWRI"(X6]DEREDFVLDWkWDPDYXWGHVSXV
$GRXD]LLDFXYLQWXO3LVWDEDFVL
(X3LVWDEDFVLQXPDYUHXVDvQWUHEXQGHL6]DEREDFVL"
6WLWLFLQHDFRPSXV2EUDGIUXPRV"
58QXQJXUFDGDFDHUDURPkQVSXQHD8QEUDGIUXPRV
8QXQJXUFD]XVHGHSHPXQWHVLvQFDGHUHDOXLVHSULQVHGHRUDGDFLQDGHFRSDFFDUHLHVHDGLQPXQWH/DXQPRPHQWGDW
LVHSDUXFDYHGHXQvQJHUDSRLvVLGDGXVHDPDFDFKLDUDVDHUDXQvQJHUVHDSURSLHGHHOVLvLVSXVH
8LWHPDLXQJXUXOHDLGRXDYDULDQWHRULDLFUHGLQWDvQPLQHVLVDULODPLQHvQEUDWHVLHXWHYRLGXFHVXVvQDSRLSHPXQWHRUL
VWDLDLFLSkQDFkQGQXYHLPDLSXWHDVLYHLFDGHD
2PX
VHYD]XvQVLWXDWLDGHDQXDYHDFHDOHJHVLVDULvQEUDWHODvQJHUQJHUXOvOSULQVHVLvLGDGXGUXPXO/DFDUH6IkQWX
3HWUX
0DL)XQDUQLFLDLFLQXWHODVLGHJOXPH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&kQGDIRVWLQYHQWDWDSHUKHLGXO"
5&kQGDOELLLDXEDQXLWSHQHJULFDDUILXQJXUL
$QX
LHQ
2WDEODvQPLMORFX
FkPSLHL3DQQRQLFH)LQODQGDNPVSUHQRUG
&LQHRVWLXWFLWLVRGXV
3LVWLVL*KHRUJKHHUDXYHFLQLDYHDXILHFDUHFDVDORUFXJUDGLQDVLDVDPDLGHSDUWH*KHRUJKHDYHDRJDLQDFDUHvQILHFDUH
]LIDFHDXQRX6LvQILHFDUH]L*KHRUJKHOXDRXOVLvOPkQFDVDXvOWLQHDGHRSDUWHVLOYLQGHDDSRLODSLDWDQWUR]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
8QGHDUH)XQDUVLQJHGHXQJXURDLFD"
53HSX
D
'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
&HYHGHXQRPFkQGHFDOFDWGHRPDVLQD"
55RDWDGLQIDWDURDWDGLQVSDWH
'DUXQXQJXUFkQGHFDOFDWGHRPDVLQD"
55RDWDGLQIDWDURDWDGLQVSDWHURDWDGLQIDWDURDWDGLQVSDWHURDWDGLQIDWDURDWDGLQVSDWH
'RLSULHWHQLSRYHVWHVF
,HULDPJDVLWRSHQHYDVWDPHDFXXQXQJXUvQSDW
6LFHLDLVSXV"
3DLFHVDLVSXQ"(XVvQWURPkQQXVWLXXQJXUHVWH
6WLWLFXPVHXLWDXQURPkQODXQXQJXU"
5&XXQVLQJXURFKLGDUVWLWLGHFH"6HXLWDSULQOXQHWDGHODSXVFD
%DQFXULFXSHUVRQDOLWDWL
%DQFXULFX%LOO&OLQWRQ
&XPDIRVWGHVFRSHULWD9LDJUD"
5$IRVWGHVFLIUDWFRGXOJHQHWLFDOOXL%LOO&OLQWRQ
&DUHHGLIHUHQWDGLQWUH0RQLFD/HZLQVNLVLUHVWXODPHULFDQLORU"
5$PHULFDQLLGDFDYUHDXRS
DOD&DVD$OEDWUHEXLHVDYRWH]H
'HFHDUH%LOO&OLQWRQRFRQVWLLQWDFXUDWD"
51XVLDIRORVLWRQLFLRGDWD
&HDXvQFRPXQ0RQLFD/HZLQVNLVLXQDXWRPDWGHELOHWHGHPHWURX"
5$PkQGRXDDXRGHVFKL]DWXUDSHFDUHVFULH3XW%LOOvQKHUH
&XPVDXvQWkOQLW%LOO&OLQWRQFX+LOODU\"
5DOLFHXDXDYXWRvQWkOQLUHFXDFHHDVLWLSD
'HFHSRDUWD&OLQWRQFKLORWL"
5&DVDVLvQFDO]HDVFDJOH]QHOH
&XPVHQXPHVWHPDLQRX%LURXORYDO"
5%LURXORUDO
'HFHDUH0RQLFD/HZLQVNLEXFLOHDVDGHXPIDODWH"
53HQWUXFDPDLSDVWUHD]DGRYH]LOH
&XVHFKHDPDIDSWXOFD%LOO&OLQWRQvVLXLWDVOLWXOGHVFKLV"
5862SHQ
'XSDFHVHUHFXQRDVWHIDSWXOFD%LOO&OLQWRQPLQWH"
'XSDIDSWXOFDvVLPLVFDEX]HOH
'HFH0RQLFD/HZLQVNLVFKLPEDSDUWLGXOGLQFDUHIDFHSDUWH"
56DGHFLVSHQWUXUHSXEOLFDQLSHQWUXFDGHPRFUDWLLLDXODVDWXQJXVWDPDUvQJXUD
&XPVHGHILQHVWHvQ&DVD$OEDFXYkQWXOIHFLRDUD"
52IHPHLHFDUHDOHDUJDPDLUHSHGHGHFkWSUHVHGLQWHOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHVLDUHWUDV3DXOD-RQHVDFX]DWLDvPSRWULYDOXL%LOO&OLQWRQ"
53HQWUXFDVLDGDWVHDPDFkWGHLPSODX]LELOHVWHFDXQEDUEDWFXSHQLVXOGHFPVDSUDFWLFHVH[XORUDOFXRIHPHLHFX
QDVXOGHFP
'HFHQXPDLH[LVWDQLFLRXUPDvQFD]XO&OLQWRQ"
50RQLFDOHDvQJKLWSHWRDWH
'HFHILLFDSUHVHGLQWHOXL&OLQWRQ&KHOVHDQXPDLDUHIUDWLVDXVXURUL"
50RQLFD/HZLQVN\LDvQJKLWLWSHWRWL
&DUHHFHDPDLEXQDQRWDSHFDUHRSUDFWLFDQWDRSRDWHSULPLOD&DVD$OED"
56DWLVIDFDWRU
&HDVSXV+LOODU\&OLQWRQVRWXOXLHLGXSDFH3DXOD-RQHVVLDIDFXWSXEOLFDSRYHVWHD"
5,GLRWXOHWLDPVSXLVDOODVLSH7HG.HQQHG\VDRFRQGXFDDFDVD
0RQLFD/HZLQVNLODXQFRQFXUVWHOHYL]DWGHvQWUHEDULVLUDVSXQVXUL
0RQLFDFHHVWHHMDFXODWXO"
2FOLSDvPLVWDSHOLPED
([LVWWUHLWLSXULGH9LDJUD
3DVWLOHXVRDUH
3DVWLOHWDUL
%LOO&OLQWRQ
&DVLUDVSXQVOD(XURDIRVWHPLVDVLvQ$PHULFDRQRXDPRQHGD
&OLQWRQ 9LDJUD
&OLQWRQGDXQLQWHUYLXUHYLVWHL7LPHV
7LPHV0RQLFDVSXQHFDDLXQSHQLVPLF
&OLQWRQ0RQLFDHVWHJXUDVSDUWD
&HvL]LFH%LOO&OLQWRQOXL+LOODU\FvQGDUHFKHIGHVH["
5'UDJDvQWURRUDVvQWvQDSRL
'HFHVLDYvQGXW.HQHWK6WDUUFDGDGHEDLH"
53HQWUXFDvLSOFHVDVHvPEDLH]HvQYLDWDSHUVRQDODDOXL%LOO
5HIOHFWLLGLQ5DSRUWXO6WDUUXQSLFGHRUDOHWRWXVLOHJDO
&XPVHQXPHVWHSHULDGHGLQWLDOXL&OLQWRQ"
52UDO%
'HFHVHVFRDOD+LOODU\&OLQWRQODRUDGLPLQHDWD"
5&DVDILHVLHDSULPDGRDPQDD$PHULFLLVDQXLRLD0RQLFDvQDLQWH
&DUHHVXQHWXOVRQHULHL0RQLFDL/HYLQVNL"
5&OLQ7RQ
&DUHHWLWOXOQRLLFDUWLDOXL-RKQ*ULVKDP"
57RDWDVDPkQWDSUHVHGLQWHOXL
&HDFXPSDUDW0RQLFD/HZLQVN\GHODPDJD]LQXO&DVHL$OEH"
5*HQXQFKLHUH
6WLWLFDUHVXQWXOWLPHOHFXYLQWHDOH0RQLFD/HZLQVNL"
5$PVXSWRSUHVHGLQWHOXLVLPDPDOHVQXPDLFXURFKLDDVWDXGD
&XPGHILQHVWH&OLQWRQVDIHVH[XO"
5&kQG+LOODU\HSOHFDWDGLQRUDV
'HFHQXH[LVWDVHPQHGHFDUWHOD&DVD$OED"
53HQWUXFDVHPQHVXQWSHWRDWHSDJLQLOHFDUWLORU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHHGLIHUHQWDvQWUH%LOO&OLQWRQVLXQJLJROR"
58QJLJRORVHUYHVWHRVLQJXUDSHUVRDQDGHRGDWD
&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
QWURGLPLQHDWDDOEDGHLDUQD&OLQWRQYHGHvQ]DSDGDGLQIDWD&DVHL$OEHVFULVFXSLVDW
&OLQWRQHXQODEDJLX
&OLQWRQHIRDUWHVXSDUDWVLFKHDPDVHIXOVHUYLFLXOXLVHFUHW
*DVHVWHPLLPHGLDWFLQHVDSLVDWvQ]DSDGD
$GRXD]LYLQHVHIXOVHUYLFLXOXLVHFUHWVLUDSRUWHD]D
$PRYHVWHUHDVLXQDVLPDLUHD&XFDUHVDvQFHS"
&OLQWRQVHKRWDUDVWHSHQWUXFHDUHD
$PSULQVIDSWDVXO(VWHPLQLVWUXODSDUDULL
&OLQWRQHVWHXLPLWVLVLFDUHHYHVWHDVLPDLUHD"
(VWHVFULVXOOXL+LOODU\
QDLQWHDXQHLFRQIHULQWHGHSUHVD%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
QWUR]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"QVWDWXOOXL&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
OGXFHGUDFXOvQWURFDPHUDXQGHHUD1HZW*LQJULFKvQWLQVSHRPDVDVWULJkQGvQDJRQLHvQWLPSFHRURDWDFDOFDSHVWHHO
&OLQWRQ3DUFDQXHFHHDFHPLDUSODFHD$VDFDPHUJvQDOWDFDPHUD
$FROR HUD %RE 'ROH DJDWDW GH R VIRDUD O 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
QDWUHLDFDPHUD.HQQHWK6WDUVL0RQLFD/HYLQVN\LDU0RQLFDvOOXFUDSH.HQQHWKDVDFXPVWLHHDPDLELQH
/XL&OLQWRQvLOXFHVFRFKLLVL]LFH
'DGDDLFLYUHDXVDUDPkQ
6L'UDFXO
2.0RQLFDSRWLVDSOHFL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Q$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
&OLQWRQPLSDUHUDXDLvQWkU]LDWR]L
6HvQWkOQHVWH&OLQWRQFX3DSDSHFDUHvOvQWUHDED
6ILQH3DULQWHDLSXWHDVDPLRSUH]LQWLSH)HFLRDUD0DULD"
Q&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
QFOLSDDFHHDLQWUDDOHUJkQG+LOODU\&OLQWRQSHFDUH'XPQH]HXRvQWUHDEDFLQHHVWH
6XQW+LOODU\&OLQWRQSULPDGRDPQDD$PHULFLL'DUWXFLQHHVWLVLGHFHVWDLSHORFXOPHX"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%LOOVL+LOODU\&OLQWRQVHDIODFXPDVLQDSH5XWD6HRSUHVFHLODREHQ]LQDULHPLFD2PXOFDUHOHXPSOHWDQFXOVSXQH
OXL+LOODU\
+L+LOODU\WLPDLDGXFLDPLQWHGHPLQH"$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 QWUR 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
&HDUHRVXWDGHGLQWLVLSD]HVWHXQPRQVWUX"
5)HUPRDUXOSDQWDORQLORUOXL%LOO&OLQWRQ
&DUHHGLIHUHQWDGLQWUHDVDOXWDUHJLQD$QJOLHLVLSUHVHGLQWHOH$PHULFLL"
53HQWUXDVDOXWDUHJLQDQXWUHEXLHVDSXLGHFkWXQJHQXQFKLMRV
&HFHQXPDLYUHD0RQLFD/HZLQVNLVDMRDFHJROIFX%LOO&OLQWRQ"
56DVDWXUDWGHELOHOHOXLFDUHRORYHVFSHVWHIDWD
&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"QFDGHDFXPGHDQLDYHDPUHWHDGHWHOHIRQLH+DLFDWLDPWUDVR
0HUJVLvQ&KLQD6DSDODPQLPLF6DSDODQLPLF/DWRWQLPLF0\R/LQJLWULXPIDWRU
9H]LORRVHUH'RYDGDFODUDFDvQFDGHDFXPGHDQLQRLIRORVHDPFHOXODUX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%LOO&OLQWRQvQYL]LWDODPDUHOHXUV<HOWVLQ$FHVWDGLQXUPDvOLQYLWDSH%LOOODRSDUWLGDGHSHVFXLWXQGHYDSULQ5XVLD6L
VWDWHDXHLDVDSHPDOXOODFXOXLVLSHVFXLDX<HOWVLQFXRVWLFODGHYRGNDOkQJDHO%LOOFXRVWLFODGH-DFN'DQLHOVDVDFDVDVH
PDLvQFDO]HDVFDQWLPSFHPDUHOHXUVVFRWHDSHVWHGXSDSHVWHSHQWUX%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
'DFD(PLQHVFXDUPDLWUDLDUPDLILFHYDGHRVHELWSHQWUXQRL"
5'DSHQWUXFDDUDYHDSHVWHDQL
'HFHQXDUH(PLQHVFXFRSLL"
53HQWUXFDH PRUW
&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
QWURQRDSWHvQWXQHFRDVD
6RDUHOHOXFHDSHFHU
,DUDHXFXEDUFDPHDIUXPRDVD
0DSOLPEDPSULQVLIRQLHU
/DFXQRVFXWD6FULVRDUHD,,,DD/XL(PLQHVFXPDLH[LVWDVLRYDULDQWDVFXUWDPDLSXWLQFXQRVFXWD$FHDVWDHVWH
7XHVWL0LUFHD"
1X
%DQFXULFX/DG\'L
Q 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
&HDXvQFRPXQ/DG\'LVLXQWDPSRQ2%
5$PkQGRXDLQWUDvQWUXQORFvQWXQHFRVVLLHVvQVkQJHUDWHDIDUD
&HDXvQFRPXQ/DG\'LVLVWLFOHOHGHVDPSDQLH
5$PkQGRXDYLQGLQ)UDQWDvQFXWLLGHOHPQ
&HDXvQFRPXQ'LDQDVL%RULV%HFNHU"
5$PkQGRLDXRORYLWXUDODa.PK
&DUHHGLIHUHQWDGLQWUH'LDQDVL%RULV%HFNHU"
5%RULVPDLSULPHVWHGUHSWXOODRDGRXDORYLWXUDGHVHUYLFLX
'HFHQXDIRVWVDOYDWD/DG\'LGHFDWUH6XSHUPDQ"
51XH[LVWDvQFDVFDXQFXURWLOHFDUHVDPHDUJDFX.PK
&HDUIDFH/DG\'LGDFDDUPDLWUDL"
5$UvQFHUFDVDLDVDGLQPRUPkQW"
'RG\$OID\HWWHVHvQIDWLVHDWDOD6I3HWUXVLVHSOkQJH
6KLW,ZDQWHGWRIXFN'LLQWKHFDUDQGQRWWR'LHLQWKHIXFNLQJFDU
&HvQVHDPQDSUHVFXUWDUHD',$1$"
5'LHG,Q$1DVW\$FFLGHQW
GDU'2',"
5'LHG2SSRVLWH',
GDU'2',"
5'LHG2I'ULYHU,QWR[LFDWLRQ
GDU'2',"
5'LHG2Q'DVKERDUG,PSDFW
&DUHHGLIHUHQWDGLQWUH/DG\'LVL(OYLV"
5(OYLVWUDLHVWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DvQPRUPkQWDUHSULQWXO:LOOLDPvVLvQWUHDEDWDWDO&KDUOHV
'HFHVXQWDWkWLDRDPHQLDGXQDWLDLFL"
$VDHvQWRWGHDXQDFkQGFkQWD(OWRQ-RKQ
&DUHHDVHPDQDUHDGLQWHIRDPHWHDPRQGLDODVL0HUFHGHV"
51LFLFDUHQXSRWILRSULWH
&HDXvQFRPXQ3LQN)OR\GVL/DG\'L"
5$QRWKHUEULFNLQWKHZDOO
&HPHORGLHHSHSDUWHDFHDODOWDDSODFLL&DQGOH,Q7KH:LQG"
5/LYLQJ,Q$%R[
'HFH0HUFHGHVXORPDVLQDDWkWGHVFXPSD"
50HUFHGHVXOIRORVHVWHFDSDSXVLGHvQFHUFDUH3ULQWHVH
&DUHHGLIHUHQWDGLQWUH/DG\'LVL0DPD7HUH]D"
5]LOH
1XQXPDL(OWRQ-RKQDVFULVXQFkQWHFSHQWUX/DG\'L
5R[HWWH&UDVK%RRP%DQJ
0LFKDHO-DFNVRQ%ORRGRQWKH'DVKERUG
&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
Q/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
&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
&HDXvQFRPXQ'LDQDVLXQWHOHIRQFHOXODU"
5$PkQGRLLVLGDXGXKXOvQWXQHO
'HFHDDYXW0HUFHGHVXO'LDQHLRYLWH]DDVDGHPDUH"
53HQWUXFD'LDQDGHSHEDQFKHWDGLQVSDWHVWULJDvQFRQWLQXX0$,5(3('(0$,5(3('(0$,5(3('(
'HFHDFkQWDWODvQPRUPkQWDUHD'LDQHL(OWRQ-RKQ"
53HQWUXFD&UDVK7HVW'XPPLHVHUDXvQWXUQHXvQ$VLD
&HQRXWLWOXDSULPLW'LDQDGXSDPRDUWH"
53ULQFHVVRI:$//
V
&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
&DUHDXIRVWXOWLPHOHFXYLQWHDOH'LDQHLDGUHVDWHVRIHUXOXL"
5)LLDWHQWODFRQGXV1DLPDLYD]XWRIHPHLHGH]EUDFDWD"
&DUHDXIRVWFXDGHYDUDWXOWLPHOHFXYLQWHDOH'LDQHLDGUHVDWHVRIHUXOXL"
51HSRWLDUDWDGDFDIXQFWLRQHD]D$,5%$*XULOH"
&HDXvQFRPXQ'LDQDVL$\UWRQ6HQQD"
52DILQLWDWHFUHVFXWDSHQWUX]LGXULOHGHEHWRQ
&HD]LVUHJLQDPDPDFkQGDDX]LWGHDFFLGHQWXO'LDQHL"
5$IRVWPDFDUVL)HUJLHvQ0DVLQD"
&HFDGRXYDSULPLW)HUJLHGH&UDFLXQGLQSDUWHDUHJLQHLPDPH"
52H[FXUVLHGHOX[OD3DULVFXXQGLQHXvQ+RWHOXO5LW]
'HFHDIRVWDVDVXSDUDWSULQWXO&KDUOHV"
5&DOXOVDXDWUHEXLWRPRUkW$YHDFHYDFXXQDUDE
&HVHVFRDWHPDLJUHXFDSHWHOHGHFDIHDGLQFRYRU"
5'LDQDGLQERUGXOPDVLQLL
&HLD]LV'RGLWDWDOXLVDX"
5,
PJLQJWR',
H
&DUHDIRVWXOWLPXOFXYkQWDO'LDQHL"
5&KHHVH
6HVSXQHFD'LDQDDUILYUXWVDvQFHDSDRFDULHUDPX]LFDOVLVDODQVH]HXQFkWHFFXWLWOXO
,
PD'2',JLUO
&HLDWUHFXW'LDQHLSULQFDSvQFOLSDPRUWLL"
5%RUGXO0HUFHGHVXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLDWLFDOXL-RH&RFNHULDIRVWRIHULWXQQRXORFGHPXQFD"
56RIHUDOFDVHLUHJDOHD$QJOLHL
6WLWLFLQHHUH]HUYDOXL-RH&RFNHUvQFD]GHERDOD"
5'DQ6SDWDUX
&DUHHGLIHUHQWDGLQWUH/DG\'LVLPHWURX"
50HWURXOPDLLDVDGLQWXQHO
&DUHHFXYkQWXOFDUHDUILSXWXWVDOYDYLDWD'LDQHL"
57$;,
$WLDX]LWFD'LDQDDUILDYXW$,'6"
5$XWRPRELOH,PSDFWHG'LDQD6SHQFHU
6DX
$WLDX]LWFD'LDQDDUILDYXW$,'6"
5$QRWKHU,GLRW'ULYHU6PDVKHG
$WLYD]XW]LGXOGHFDUHVDORYLW0HUFHGHVXO'LDQHL"
51LFLPDFDUHDQXODYD]XW
&DUHHGLIHUHQWDGLQWUHRPXVFDVLSULQWHVD'LDQD"
50XVFDVHORYHVWHGHSDUEUL]SHSDUWHDGHGLQDIDUD
&XPVHQXPHVWHQRXOVLQJOHDOJUXSXOXL%DQJOHV"
5'LHGOLNHDQHJ\SWLDQ
&DUHHODRUDDFWXDODFHDPLDEXQDPDVLQDGLQOXPH"
5)LDW8QR$UHXVLWODSUREDWXQHOXOXLPDLELQHGHFkW0HUFHGHVXO&ODVD(
&HDUWUHEXLVDLVHGDUXLDVFDXQHLSULQWHVHFDUHDUHGHWRDWH"
52FHQWXUDGHVLJXUDQWDVLXQDLUEDJ
&HLD]LV6IkQWXO3HWUH'LDQHLODSRDUWDUDLXOXL"
56WHUJHWLYDVWHDXDDVWD0HUFHGHVRULELODGHSHIDWD
6WLDWDFD/DG\'LVXIHUHDGH306"
53XOYHULVHG0HUFHGHV6\QGURPH
$WLDX]LWGHIX]LXQHDGLQWUH1LNHVL0HUFHGHV"
51RXOVORJDQYDIL-XVW'LLW
&DUHHGLIHUHQWDGLQWUHXQ0HUFHGHVVLXQ3RUVFKH"
53H'LDQDQXRVDRYHGHWLQLFLRGDWDPRDUWDvQWUXQ3RUVFKH
&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
LDPDSULQHLLRPRDUDSHWRWL$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
QWUREDWDOLHSH6WHIDQFHO0DUHvOFDPGRYHGHDXWXUFLL
3LFDLPROGRYHQLLPHLGDUHWUDJHUHDPDULDVD
1DYHPFDL0DULD7D
$WXQFLSLFXUkQGYRLQLFLLPHL
7XUFLLJUDPDGDSDUODPHQWD]DPkLQHODRSXQHP
6WHIDQVWUkQJHSODLHVLL
2VWHQLLPHLGXSLFXPVWLWLGLVHDUDHVWH]LXDPDPXFKLLGDUDEHWLPROFRPFDPkQLHEDWDOLHJUR]DYDFXWXUFLLDPYRUELWGHMD
FXGkQVLL
'LPLQHDWDODFLQFLvQWRWFDVWHOXODEXULLGHQVLDLEHWLHLHWF/DWXUFLLDOLQLDWLvQIDWDFDVWHOXOXLvQFHSVDEDWDLPSDFLHQWDWL
GLQSLFLRU$SDUH6WHIDQODIHUHDVWUDWUDJHDHUvQSLHSW
0XLHHHHH
$OWDGHOHJDWLHDWXUFLORUGXSDFLRUEDGHEXUWDVHVWDELOHVWHIHUPFDEDWDOLDVDDLEDORFPkLQHDIRVWRVLWXDWLHVSHFLDODWXUFLL
ILQXWLDXvQWHOHV5DPkQHOD
Q 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
QFDOHFDWLPROGRYHQLLPHL
&DXQWXQHWUDVSXQGUD]HVLL
QFDOHFDP0DULD7D
'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""
QVWDQJDvQVSDWHVLQGUHDSWD0DULD7D
$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
6WHIDQFHO0DUHvLVWUvQJHSHRVWHQLvQDLQWHGHEDWDOLDGHOD3RGXOQDOWVLOHVSXQH
%DQHQRURFLWLORUVDQXGHDGUDFX
VDYDPEDWDWLvQVHDUDDVWDFDSRUFLLVLVDQXILWLPkLQHODSHFkPSXOGHEDWDLHVDQH
IDFHPGHFDFDWIDWDGHRDPHQLLDLD
9LQWXUFLL6WHIDQFHO0DUHvVLVWUkQJHRVWHQLLvLDVWHDSWDvQSDGXUHVLvLEDWHGHVHFDFDSHHL
'XSDXQWLPSYLQWXUFLLLDU7XUFLLSDWLWLvLDVWHDSWDSHPROGRYHQLvQSDGXUHVLvLEDWGHVHFDFDSHHL
$GRXD]LYLQHSDGXUDUX
%DILUDWLDLGUDFX
FDUHPLDWLFDFDWSDGXUHD"
6WHIDQFHO0DUHGXSDREDWDOLHFUkQFHQDUHXVHVWHVDVFDSHFXYLDWDvPSUHXQDFXXQPLFJUXSGHRVWHQL3HXUPHOHORU
RDVWHDRWRPDQDFkWDIUXQ]DVLLDUED
QGHSDUWDUHVHYHGHRSDGXUH6WHIDQ
QSDGXUH
&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
Q$UGHDOPDULDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WHIDQFHO0DUHODUD]ERL
3LFDLRVWHQL
/DFDUHXQUD]HVGLQPXOWLPH
6LLRSLFDLPDULDWD
6WHIDQFHO0DUHGXSDROXSWD
%DFDUHDEDXWDVHDUDvQDLQWHGHEDWDOLHXQSDVvQIDWD
7UHPXUDWRWLVLQXPDLYUHRLHVvQIDW]D
%LQHYRLODVDSDWWUDQVHHUHVWXOKDLVDQHGUHJHP
6WHIDQFHO0DUHvQDLQWHGHOXSWD
2VWHQLLPHLOXSWDWLSkQDODXQXFDODGRXDDYHPELOHWHODPHFL
6WHIDQFHO0DUH
9RLQLFH*UR]HDXQGHVWXUFLL"
QVWkQJDvQVSDWHVLQGUHDSWD0DULD7D
$WXQFLQDLQWHHHHHHHHHHHHH
'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
QWURSDGXUH3HWUXFHOIUXPRVHUDXUPDULWGHRVWDVLLOXL9RGD/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
&HHQHJUXVLVHORYHVWHvQWUXQDGHSLDQ"
56WHYLH:RQGHU
&HHQHJUXPHUJHSULQSDGXUHGLQSRPvQSRP"
56WHYLH:RQGHU
9DULDQWD
&HHQHJUXVLPHUJHSULQSDGXUHGkQGVLFXFDSXOGHFRSDFL"
56WHYLH:RQGHUODXQFRQFXUVGHRULHQWDUHWXULVWLFD
$WLYD]XWQRXOYLGHRFOLSFX6WHYLH:RQGHU"
51LFLHO
'HFHVLDFRQFHGLDW6WHYLH:RQGHUPDQDJHUXO"
5/DDVH]DWSHVFHQDFXVSDWHOHODSXEOLF
&HHUDXWDFLRV"
56DOWULPLWLSH6WHYLH:RQGHUODFLQHPD
&HHGHRVHELWGHUDXWDFLRV"
5)LOPXOODFDUHODLWULPLVSH6WHYLH:RQGHUVDILHXQXOPXW
$WLYD]XWRYUHRGDWDSHQHYDVWDOXL6WHYLH:RQGHU"
51XLQLPLF1LFLHO
&XPDIRVW6WHYLH:RQGHUSHGHSVLWGHSDULQWLGDFDHUDQHDVFXOWDWRU"
5$XPXWDWPRELODvQORFXLQWD
8QFLWDWGLQ6WHYLH:RQGHU
0DLELQHRUEGHFkWQHJUX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPYDPXUL6WHYLH:RQGHU"
59DFLWLSkQDODPRDUWHWDSHWXOFXPRGHOHvQUHOLHIGLQFDPHUDVD
6WHYLH:RQGHUVWDSHREDQFDvQSDUF8QWLSVHDVHD]DSHEDQFDOkQJDHOVLVWUDQXWD/DDVWD6WHYLH
'HVIDPLWHURJVLPLHREHUH
'HFHVXUkGH6WHYLH:RQGHUWRWWLPSXOFkQGFkQWD"
53HQWUXFDQXVWLHFDHRUE
'HFHvVLPLVFD6WHYLH:RQGHUFDSXOvQVWkQJDVLvQGUHDSWDvQWLPSFHFkQWD"
5&UHGHFDFLWHVWHSDUWLWXULOH
'HFHQXSRDWHFLWL6WHYLH:RQGHUQRWHPX]LFDOH"
53HQWUXFDHQHJUX
%DQFXULSROLWLFH
%DQFXULFX&HDXVHVFX(OHQDVLYUHPHDORU
'HFHQXDIRVWWHUPLQDWD&DVD5HSXEOLFLL"
53HQWUXFDQXDIRVW]LGLWD/HDQDODWHPHOLH
&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
QYL]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"Q)UDQWD-DFVL5DF
'RLWLSLFDOFDXQSRUFFXPDVLQDODPDUJLQHDXQXLVDW8QX]LFH
+DLVRVWHUJHP
&HODODW]LFH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
(PDLFRUHFWVDOJDVLPSHSURSULHWDUVDLVSXQHPFHVDvQWkPSODWVLVDOGHVSDJXELP
=LVLIDFXWXQXSD]HVWHPDVLQDVLSRUFX&HODODOWSOHDFDvQVDWVDDQXQWHWULVWDYHVWH7UHFHRRUDWUHFGRXDVLVROXOQXVH
vQWRDUFH&HOUDPDVDVFXQGHSRUFX
vQFKLGHPDVLQDVLVHGXFHvQVDWVDGH]OHJHPLVWHUXOQHvQWRDUFHULLDPLFXOXL6DWXOSXVWLX
QWURFXUWHvQVDWRDWDSRSXODWLD]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
&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
QWUXQDOWVDORQ(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
Q,HSRFDGHDXUDXIRVWDWLQVHUHFRUGXULLQFUHGLELOHODSURGXFWLDGHFHUHDOHVLFDUQH$VWIHOSRUXPEXOFUHVWHDFDVWkOSLL
GHWHOHJUDIDGLFDGLQFLQFL]HFLvQFLQFL]HFLGHPHWULXQXYDFLOHVWDWHDXvQJUDMGXULFDVLFDUWLOHvQELEOLRWHFDDGLFDVFRWHDL
XQDVLWRDWHFHOHODOWHFDGHDX
2LOHDUDWDXFDOHLLDGLFDDYHDXEODQDQXPDLODJkWVLFHYDvQYkUIXOFR]LL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLHGHDOWIHOWRDWDOXPHDGHFHSHYUHPHDDEX]LYvPSXVFDWXOXLPHUJHDPWRWvQDLQWHvQDLQWHHUDPDLELQH
%XODPHUJHSHVWUDGD8QDPLFvOVWULJD
%DL%XODDPDX]LWFDDLLQWUDWvQSDUWLGSHQWUXFLQHQXVWLHLQDLQWHGHPDUHDvQYDOPDVHDODGLQGHFHPEULHvQ5RPkQLD
HUDXQVLQJXUSDUWLG
/DFDUH%XODULGLFDSHUkQGFkWHXQSLFLRUVLSULYLQGFXDWHQWLHWDOSDvQWUHDED
QFH]LFLFDPLQWUDW"
3HYUHPHDOX
vPSXVFDWX
FHHUDLDUQDPDLUHFHGDFkWDSDUHFH"
5$SDFDOGD
%XODHVWHvQWUHEDWGDFD3DUWLGXOSRDWHJUHVL
%LQHQWHOHVWRYDUDVLFDVL3DUWLGXOJUHVHVWH&HYUHWL"(VLHORP
3HYUHPHDOX
vPSXVFDWX
3DQFDUWDSHDHURSRUWXO2WRSHQLOD3OHFDUL
8OWLPXOFDUHSOHDFDVDVWLQJDOXPLQD
&HDXVHVWLLVRVLWLGHODXQYHUQLVDM
(LFXPWLDSODFXWRvQWUHDEDHO
1LFXOHWUHEXLHVDGDPFXHLGHSDPkQW
3DLGHFHGUDJD
3DLQXYD]XVLFDVXEVWDWXLDWDVFULD-DOHDVLVXESLFWXUDPHD%DED
(UDSHWLPSXOOXL&HDXVHVFXVLWUHEXLDODRIDEULFDVDGHDDIDUDSHUVRQDOQFHSHGLUHFWRUXO
(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,/(
QWUXQVDWGLQ$UGHDOOD&$3VHGLQWDGHSDUWLGODFDUHSDUWLFLSDVLLQVSHFWLDGHODMXGHW/DSUREOHPHSHUVRQDOHVHULGLFD
EDGHD*KHRUJKHFDUHVSXQH
1RDPXHXDPRYDFDURVLHVLXQDDOED6LWDXUXOYHFLQXOXLVDUHJDUGXOVLRIX
HSHDDOED
3UHVHGLQWHOHVHIDFHURVXFDUDFXOLDGHRSDUWHVLLVSXQHFDHLQVSHFWLHGHVXVDOWDGDWDVDYRUEHDVFDPDLIUXPRV3HVWHFHYD
WLPSLQVSHFWLHGHODPLQLVWHU%DGHD*KHRUJKHR]LFHWRWFXPVWLDHO3UHVHGLQWHOHvL]LFH
%DGHPDIDFLGHUXVLQHPDEDJDDVWLDvQSXVFDULHFDvQVHGLQWHGHSDUWLGVHYRUEHVWHDVDXUkW
3HVWHSXWLQWLPSVHGLQWDQLQVSHFWLH&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$01
QUDL'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
DPHULFDQQWUHDEDDPHULFDQXO
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"
LWULPLWHPvQ8QLXQHD6RYLHWLFDVLSULPLPvQVFKLPEEDOHJDUFXFDUHIDFHPFKLUSLFLXOSHFDUHvOWULPLWHPvQ%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
3HFLQHDQXPLW&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
%XODODVFRDODQYDWDWRDUHD
&RSLLLDVSXQHWLPLYRLFHUHSUH]LQWDSHQWUXYRLSDWULD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
,RQHVFX
+ROGHvQWLQVHGHJUkX
3RSHVFX
6RQGHVLPLQH
%XOD
2FkPSLHPDUHPDUHFXIORULvQPLMORFXOHL2FKLXO%RXOXLVLFX0DWUDJXQDvQFHUFXLWLGHRFHDWDGHDOEDVWUHOHLDUvQUHVW
GHPLOLRDQHGHODFULPLRDUH
QIDWDXQXLDQWLFDULDWXQDUGHOHDQDGPLUDOXFUDUHDWKHIXWXUHRI5RPDQLDDXWRU1&VLH[FODPD
,DFDWDRFDUWHGHDFWXDOLWDWH
3DLFXPDVD"vOvQWUHDEDXQSROLWLFLDQ
$SRLGXPQHDWDQXVWLLFHWL7HIXWXUDRI5RPkQLH"
3HYUHPHDOXL&HDXVHVFXXQURPkQHFDSWXUDWGHXQWULEGHFDQLEDOLQDLQWHGHDILPkQFDWFHUXVDLVHvQGHSOLQHDVFDR
XOWLPDGRULQWD
$VYUHDVDYRUEHVFFXVHFUHWDUXOGHSDUWLG
1DYHPSDUWLGQDYHPVHFUHWDU
$WXQFLFXSUHVHGLQWHOHGHVLQGLFDW
1DYHPVLQGLFDWQDYHPSUHVHGLQWH
'DFDQLFLVHFUHWDUQLFLSUHVHGLQWHQXDYHWLDWXQFLFLQHYDSXQHVDYDPkQFDWLvQWUHYRL"
%DQFXULFXSROLWLFLHQLGXSD
&HDXIDFXWFHOPDLELQHWDUDQLVWLLvQWDUDDVWD"
5&DQDOXO
&DUHHVWHDVHPDQDUHDGLQWUH5RPDQLDVL-DSRQLD"
5$PkQGRXDWDULOHDXWUHQXULVXVSHQGDWH
5RPDQLDVL*UHFLD"
5$PDQGRXDDXIRVWUHSXEOLFLHOHQH
5RPDQLDVL%HOJLD"
5$PEHOHWDULVXQWIODPDQGH
'RLLOHJDOLVWLVHODPHQWHD]D
3XWLQLDPIRVWPXOWLDPUDPDV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFDWHIHOXULVXQWFRQGXFDWRULLURPkQL"
5/LWWOHERVVELJERVVVLVFDU%RVV
&DUHHVWHGHRVHELUHDGLQWUHXQPHPHEUXGHSDUWLGGLQWUHFXWVLXQXOGLQSUH]HQW"
53ULPXOVDEDWHDFXSXPQLLvQSLHSW$OGRLOHDFXSXPQLLvQFDS
&DUHHGLIHUHQWDGLQWUH&HDXVHVFXVL,OLHVFX"
5&HDXVHVFXHUDFL]PDUVL,OLHVFXHVLUHW
&XFHVHDVHDPDQDSR]LWLD5RPDQLHLYLV
DYLVGH1$72"
5&XXQ&2,3DUWLFLSDGDUQXLQWUDQLFLRGDWD
'HFHPRDUHQHXURQXOvQFDSXOXQXLSDUODPHQWDU"
5'HVLQJXUDWDWH
6WLWLEDQFXOFX%DVHVFX"
5%DVHVFXPSHVFWRDWH
&HIDFHURPkQXOFkQGQXPDLDUHEDQL"
56FKLPEDRKkUWLHGHGHGRODUL
&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
$QJOLDSUH]LQWDRSUHOHJHUHLQWLWXODWD'LQR]DXULLVLUHODWLLOHVRFLDOH
)UDQWD'LQR]DULLVLYLDWDORUVH[XDOD
5RPDQLD'LQR]DXULLvQDLQWHVLGXSD
&RQGXFDWRUXO
9LRUHO0RUDUXSUHVHGLQWHOH)55DGUHVHD]DRVFULVRDUHGHVFKLVDvQFDUHDILUPDFD0LURQRYLDUILVSXVXUPDWRDUHD
IDEXODQIDWD6IkQWXOXL3HWUXODSRDUWDUDLXOXLVDXSUH]HQWDWEDUEDWL$FHVWLDDXIRVWvQWUHEDWLFDUHGLQWUHHLVLDvQVHODW
QHYDVWDFHUkQGXOLVHFHORUFDUHDXIDFXWRDVWIHOGHIDSWDVDIDFDXQSDVvQDLQWH1RXDGLQWUHDFHVWLDDXIDFXWSDVXO
$FHVWRUD6IkQWXO3HWUXOHDVSXVVDPHDUJDvQUDL&HOXLUDPDVSHORFLDVSXV
(VWLFLQVWLWGDUSURVWLDUSURVWLLWUHEXLHVDPHDUJDvQLDG
3DWULDUKXO7HRFWLVWVHvQWkOQHVWHSHVWUDGDFX$GULDQ1DVWDWVH
$1%XQD]LXD3RSR
37%XQD]LXDSRSR
6WLHGHDOWIHOWRDWDOXPHDGHFHSHYUHPHDDEX]LYvPSXVFDWXOXLPHUJHDPWRWvQDLQWHQDLQWHHUDPDLELQH
/XPHDVHSOkQJHFDV
DXVFXPSLWWRDWH
1XLDGHYDUDWVDODULXOVDLHIWLQLW
/DDOFLQFHOHDVHPQDOYDILDSDFDOGD
3LFSLFSLFSLFSLF
$IRVWDSDFDOGD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2ED]XOVXEWLUHFX.HQWXLDODVHWLQH
6KRSXOVFX]DPLMORDFHOH
'RLVWDJLDULVHYDGvQWkPSODWRUSHVWUDGD
&HLFXWLQH"1XWHDLGXVXQGHWHDXUHSDUWL]DW"
%DGDGDUPLDPGDWGHPLVLD3DULQWLLQXPDLSXWHDXVDPDWLQD
1HFDMLWXQPXQFLWRUVHvQWUHDEDvQIDWDIDEULFLL
(XSURSULHWDUHXSURGXFDWRU
'HFHPDPGDWDIDUD"
8]LQDGHPDVLQLJUHOHDIX]LRQDWFXX]LQD7LPSXULQRL
$FXPDYHP7LPSXULJUHOH
6RWLDOXL,RQ,OLHVFXDIRVWQXPLWDDPLUDO&RQGXFHFHOPDLPDUHGLVWUXJDWRUURPkQ
Q5RPDQLDVH]LFHFDFLQHQDPXULWvQLDUQDDVWDYDUHJUHWDvQLDUQDYLLWRDUH
0XOWLRDPHQLVXQWvQGLOHPDQHVWLLQGFHLPDLELQHVDPRDUDvQLDUQDDVWDGHIULJVDXVDPRDUDODYDUDGHIRDPH
7D[DGHvQKXPDUHVHSODWHVWHGHDFXPvQYDOXWDILLQGFDGHFHVXOVHFRQVLGHUDDILSDUDVLUHDGHILQLWLYDDWDULL
2RUGRQDQWDUHFHQWDDJXYHUQXOXLFHUHWXWXURUSHQVLRQDULORUFDUHDXvPSOLQLWGHDQLVDVHPXWHODWDUD3HQVLRQDULLvQ
FDX]DVXQWGHDFRUGvQSULQFLSLXvQVDFXRFRQGLWLH
(LVDDOHDJDWDUD
8QUHSRUWHUvOvQWUHDEDSH,OLHVFX
&HSDUHUHDYHWLGHVSUHDFHVWHDOHJHUL"'DWLVLXQSURQRVWLF
0DFHVD]LFJKLRFXO]LFHFDVDUSXWHDVDFkVWLJ
1XDPVWLXWFDGDWLFXJKLRFXOFDVDGDWLXQSURQRVWLF
'HFHDXXUPDULWURPkQLLHFOLSVDFXDWvWDLQWHUHV"
53HQWUXFDD IRVWVLQJXUXOHYHQLPHQWGLQXOWLPDYUHPHFDUHDIRVWSURJQR]DWVLVDVLvQWkPSODW
8QFXQRVFXWVHQDWRUDIRVWVXSXVXQHLLQWHUYHQWLLFKLUXUJLFDOHXUJHQWH,VDH[SHGLDWRWHOHJUDPDFXXUPDWRUXOWH[W
6HQDWXODGXQDWvQSOHQYDXUHD]DRFkWPDLJUDEQLFDvQVDQDWRVLUHFXYRWXULSHQWUXFRQWUDVLDEWLQHUL
,OLHVFXLQWUDvPSUHXQDFXQHYDVWDvQWUXQUHVWDXUDQWvQ/RQGUDVLFRPDQGDXQFRWOHW&KHOQHUXOvOvQWUHDED
%LQHELQHGDUFXPHFXYDFDQHEXQD"
,OLHVFXUDVSXQGH
9DFDQHEXQDVDFRPDQGHFHYUHD
Q3DUODPHQWXUPHD]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
QIDWD3DUWLGXOXL1DWLRQDO7DUDQHVF&UHVWLQVL'HPRFUDW&RSRVXSOkQJHDPDUQLF'XPQH]HXvOYHGHVLLPHGLDWFRERDUD
OkQJDHO
&HVHvQWkPSOD3XLXOH"6SXQHPLFXPVDWHDMXW"
&RUQHOLX&RSRVXQXVFRDWHXQFXYkQWVLSULQWUHVXJKLWXULDUDWDFXPkQDvQMXU'XPQH]HXSULYHVWHLPSUHMXUVLvQFHSHVD
SOkQJDVL(/
QWkOQLUHOD*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
6LWLFDUHHVWHGLOHPDURPkQXOXLGXSDDQLGHWUDQ]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
'XSDXOWLPDPLQHULDGDDFLQFHDWRWLPLQLVWULGLVFXWDWULVWLVLWXDWLD
(XPLDPSLHUGXWRULFHVSHUDQWDVSXQH%HUFHDQXPLDPSLHUGXWVLVRPQXO1XPDLGRUPQRDSWHD
6LHXODIHOVSXQHDOWXO
1LFLHXQXPDLGRUPDGDXJDvQFDXQXOVDPG
'DU'YVGRPQXOH3ULP0LQLVWUX"vQWUHDED%DVHVFX
(XGRUPFDXQSUXQFUDVSXQGH5DGX9DVLOH
&XPDVD'RPQXOH"vQWUHDEDvQFRUPLQLVWULL
&DXQSUXQFUDVSXQGH9DVLOHRRUDGRUPRRUDSOkQJRRUDGRUPRRUDSOkQJ
'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
$MXQJHODIUL]HULHVHWXQGHVLODVDXQEDFVLV
6DWUDLWLGRPQX
9DFDURLX
%DWXSDULGHVWHSWGHFHWHDLIDFXWIUL]HU"
6WLWLDPIRVWVLHXLQJLQHU
6HvQIXULHVLRLDSHMRVSHVXVQXVWLXvQWUHEDWLOSHHO8QFHUVHWRUVWULJDODHO
'RPQX
9DFDURLXGDFDPDSXWHWLDMXWDFXFHYD
9DFDURLXIXULRV
%DVDQXPLVSXLFDVLWXDLIRVWLQJLQHU
1XHXVXQWSURIHVRUGDUDFXPDPRIHUHDVWUD
QWUREXQD]L,RQ,OLHVFXVHKRWDUDVWHVDPHDUJDODXQVFXOSWRUYHVWLWVLVDFHDUDVDLVFXOSWH]HEXVWXO'XSDGRXDOXQLGH
]LOHWUHFH,OLHVFXSHODVFXOSWRUXOUHVSHFWLYFDVDYDGDFXPDLHVLWRSHUDGHDUWD2.GH]YHOHVWHRPX
EXVWXOODFDUH
,OLHVFXUDPkQHVRFDWSHQWUXFkWHYDPRPHQWH$ELDGH]PHWLFLWvOvQWUHDEDSHVFXOSWRU
1XYDVXSDUDWLGDUQXYLVHSDUHFDWLIDFXWWkWHSUHDPDUL"
%DGDGDUDPDYXWXQPRWLYIRDUWHEXQUDVSXQGHVFXOSWRUXO6LDPVDYDH[SOLFLPHGLDW'HFLGRPQX
,OLHVFXGLQWkWD
GUHDSWDVXJHPXQFLWRULPHD,DUGLQWkWDVWkQJDVXJHWDUDQLPHDH[SOLFDVFXOSWRUXO
'DULQWHOHFWXDOLWDWHD"vQWUHEDQHGXPHULW,OLHVFX
$X]LWLGRPQX
,OLHVFXPLDWLFHUXWQXPDLEXVWX
3UHVHGLQWHOH5RPkQLHL(PLO&RQVWDQWLQHVFXDQXQWDFDVHUHWUDJHGLQFXUVDHOHFWRUDODVLVHUHWUDJHGLQYLDWDSROLWLFD
'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
&DUHHFHOPDLVFXUWEDQFSROLWLFURPkQHVF
53WLX
&HHVWHXQSROLWLFLDQ"
58QXOFDUHJkQGHVWHGHGRXDRULvQDLQWHVDQXVSXQDQLPLF
,RQ,OLHVFX
&KLDUGDFDDUHQHYDVWD
,OLHVFXSUHFXPVWLL
6DQDVFXWFXVXODQFRDVWD
'HDLDQDIDFXWFRSLL
3HWUH5RPDQ
1DUHJkWGDUQLFLSHUHFKH
6LLURPDQGHYLWDYHFKH
=LFIHPHLOHvQFRU
&DOGRUHVFvQIXQGXOJRO
6RWLLOHVHQDWRULORU8'05
(U]VL,ELVIXULRDVH
(Q6HQDWEDUEDWXOPHX
6SDODPVLQJXUHODYDVH
6LVXQWHP8GH0H5HX
3ROLWLFLHQLLURPkQLVWDXvQWUREDUFD%DUFDVHVFXIXQGD&LQHVHVDOYHD]D"
55RPkQLD
'HFHQXVLIXWH,RQ,OLHVFXVHFUHWDUD"
53HQWUXFDDUHVXODQFRDVWH
%DQFXULFX5DGLR(UHYDQ
8QDVFXOWDWRUVRYLHWLFvQWUHDED5DGLR(UHYDQXQGHVLFkQGDIRVWLQYHQWDWVWHSXO
5DGLR(UHYDQUDVSXQGH
6WHSXODIRVWLQYHQWDWvQ8QLXQHD6RYLHWLFDVLDIRVWSHQWUXSULPDGDWDIRORVLWvQIDPLOLDOXL6WHSDQ6WHSDQRY6WHSDQLYLFLFDUH
DYHD]HFHFRSLLVLRVLQJXUDROLWDGHQRDSWH
5DGLR(UHYDQHVWHvQWUHEDW
(VWHDGHYDUDWFDVHSRDWHIDFHGUDJRVWHFXIHUHDVWUDGHVFKLVD"
'DGDUHVWHGHSUHIHUDWFXRIHPHLH
5DGLR(UHYDQHvQWUHEDW
&XPHPDLELQHVDIDFLGUDJRVWH"&XJHDPXOGHVFKLVVDXFXJHDPXOvQFKLV"
QSULQFLSLXHELQHVDIDFLVLFXJHDPXOGHVFKLVVLFXJHDPXOvQFKLVGDUHSUHIHUDELOFXRIHPHLH
QWUHEDUHOD5DGLR(UHYDQ
3XWHPIDFHEDLHGDFDDYHPGLDUHH"
3XWHWLGDFDDYHWLGHVWXOD
/D5DGLR(UHYDQ
6HSDWHUDPkQHvQVDUFLQDWDGHODGLVWDQWD"
'DGDFDGLVWDQWDHPDLPLFDGHFkWOXQJLPHD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2DVFXOWDWRDUHvQWUHDEDOD5DGLR(UHYDQ
7RWWLPSXOEDUEDWLLPLVHXLWDODVkQL&HSRWVDIDF"
5DGLR(UHYDQvQWUHDEDODUkQGXOOXL
'DFkWLDQLDYHWL"
UDVSXQGHGRDPQD
5DGLR(UHYDQUDVSXQGH
$WXQFLvQFHWDWLVDPDLSXUWDWLIXVWHPLQL
/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHIDFHFRPXQLVPvQ(OYHWLD"
6HSRDWHGDUHSDFDW
QWUHEDUHOD5DGLR(UHYDQ
6HSRWOXDDQLvQFKLVRDUHSHQWUXGHFODUDUHDvQ3LDWD5RVLHFD6WDOLQHFUHWLQ"
'DGHRDUHFHDFHVWDHXQVHFUHWGHVWDW
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHSXQHED]DSHWRY1LFRODH&HDXVHVFX"
'DGDUHVWHGHSUHIHUDWVDVHSXQDDFLG
8QDVFXOWDWRUvQWUHDEDGDFDVHSRDWHIDFHGUDJRVWHvQSDWUXODEH
1RLvLUDVSXQGHPFDGDVHSRDWHIDFHVIDWXOGRFWRUXOXLILLQGXUPDWRUXO
XQDGLPLQHDWDXQDODSUkQ]VLGRXDvQDLQWHGHFXOFDUH
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDS
DHGXOFH"
1XVWLPH[DFWGDUFLQHvQWUHDED"
8QJUXSGHGLDEHWLFL
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHIDFHFXRXVLFXRWHWXQRP"
'DGDUHVWHPDLVLPSOXFXXQEDUEDW
QWUHEDUHOD5DGLR(UHYDQ
&XFLQHVHvQYHFLQHD]D8566"
&XFLQHYUHD
QWUHEDUHOD5DGLR(UHYDQ
6XQWHPXQJUXSGHDVFXOWDWRULILGHOLDLDFHVWXLSRVWVLDPGRULVDDIODPGHFHDPXULWWRY$QGURSRY
6WLPDWLDVFXOWDWRULQXVWLPH[DFWGHFHDPXULWWRY$QGURSRYWRWFHVWLPHFDODDXWRSVLHDVXIHULWFXPSOLW
5DGLR(UHYDQRQOLQH
&HIDFH]E]]]E]]]]E"
2DOELQDFDUHGDvQDSRL
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDIHPHLOHWUDLHVFPDLPXOWGHFkWEDUEDWLL"
'HVLJXU0DLDOHVYDGXYHOH
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHIDFHGUDJRVWHvQIXJD"
1LFLRGDWDSHQWUXFDRIHPHLHFXIXVWHOHvQFDSDOHDUJDPDLUHSHGHGHFkWXQEDUEDWFXSDQWDORQLLSHYLQH
QWUHEDUHOD5DGLR(UHYDQ
&XPDVH]LVDVHHOHIDQWLvQWUXQ0RVNYLF"
7UHLvQIDWDWUHLvQVSDWH
QWUHEDUHOD5DGLR(UHYDQ
&DUHVSHFLHGHHOHIDQWLVDUHFkW7XUQXO(LIIHO"
2ULFDUHFkWVDUH7XUQXO(LIIHOVDUHRULFHHOHIDQW
QWUHEDUHOD5DGLR(UHYDQ
&HVDIDFFDVDSDUPDLVXEWLUH"
QWXQHULFGRDPQD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QWUHEDUHOD5DGLR(UHYDQ
0DPPDULWDWFXXQYDGXYLDUHOQXFRQWHQHVWHVDPLYRUEHDVFDGHIRVWDOXLVRWLH&HVDIDF"
9RUELWLLGHVSUHYLLWRUXOGYVVRW
QWUHEDUHOD5DGLR(UHYDQ
&DUHVXQWSDVDULOHFHOHPDLvQDLQWDWHvQYkUVWD"
&HOHvPSDLDWH
QWUHEDUHOD5DGLR(UHYDQ
&HPDLSRWLGDMRVGHSHVHFUHWDUDJRDOD"
'LUHFWRUXO
QWUHEDUHOD5DGLR(UHYDQ
&HHVWHXQFHOLEDWDU"
8QRPFDUHDSLHUGXWRFD]LDGHDIDFHQHIHULFLWDRIHPHLH
QWUHEDUHOD5DGLR(UHYDQ
&HHVWHFDVDWRULD"
2IRUWDUHDWDDVHGLDWDFHLGHDIDUDYRUVDLQWUHLDUFHLGLQDXQWUXYRUVDLDVD
QWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHGLIHUHQWDGLQWUHRIHPHLHVLRRJOLQGD"
2JOLQGDUHIOHFWDIDUDDYRUELIHPHLDYRUEHVWHIDUDDUHIOHFWD
QWUHEDUHOD5DGLR(UHYDQ
'HFHYLQIHWHOHODPDUH"
3HQWUXFDVDXVDWXUDWGHPLFD
/D5DGLR(UHYDQVHvQWUHDED
7RDWHFLXSHUFLOHSRWILPkQFDWH"
7RDWHGDUXQHOHQXPDLRGDWD
QWUHEDUHOD5DGLR(UHYDQ
6XQWRIHPHLHGHGHDQL&HVDIDFFDVDPLVWHDVkQLLGUHSWL"
6WDWLvQSDWUXODEH
/D5DGLR(UHYDQVHvQWUHDED
(VWHSRVLELOFDRIHPHLHVDQDVFDGHPDLPXOWHRULvQDFHODVLDQFDOHQGDULVWLF"
1XWRYDUDVH1LFRODH&HDXVHVFX
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDvQ5RPkQLD
'DHVWHDGHYDUDW
QWUHEDUHOD5DGLR(UHYDQ
&DUHDXIRVWSULPHOHFXYLQWHSHFDUHOHDVSXV*DJDULQFkQGVDvQWRUVGLQVSDWLX"
3ULPHOHOXLFXYLQWHODvQWRDUFHUHDXIRVW8QGHHSRUFXODODFDUHPLDSURPLVFDDVWDLDYLRQXOSHQWUX3DULV""""
/D5DGLR(UHYDQVHvQWUHDED
6SXQHWLPLFXPVDSURFHGH]SHQWUXDHPLJUDvQ68$""
/DVDWLQXPHOHVLDGUHVDH[DFWDVLYDYHQLFLQHYDVDYDLD
QWUHEDUHOD5DGLR(UHYDQ
&HHVWH.*%XO"
,QLPDSDUWLGXOXLFDUHEDWHEDWHEDWH
8QDvQWUHDEDOD5DGLR(UHYDQ
6HSRDWHEHDDSDvQORFGHDQWLFRQFHSWLRQDOH"
'DELQHvQWHOHV
QDLQWHVDXGXSD"
QORFGH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QWUHEDUHOD5DGLR(UHYDQ
VLIDFHHIHFWXOVLSH/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
QWUHEDUHOD5DGLR(UHYDQ
8QGHVWDGHIDSWFHOFDUHLQYHQWHD]DJOXPHOHFX5DGLR(UHYDQ"
1XVWLPH[DFWGDUYDVWDPDLPXOWWLPSDFROR
QWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHGLIHUHQWDGLQWUHXQRSWLPLVWVLXQQSHVLPLVW"
'LIHUHQWDHVWHFDRSWLPLVWXOvQYDWDOLPEDHQJOH]DLDUSHVLPLVWXOFKLQH]D
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD&HDLNRYVNLDIRVWKRPRVH[XDO"
QSULQFLSLXGDGDUDFHVWDQXHVWHVLQJXUXOPRWLYSHQWUXFDUHvOLXELPDWkWGHPXOW
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHFDFLQHYDVDILHXQEXQFRPXQLVWVLWRWRGDWDVLXQEXQFUHVWLQ"
QSULQFLSLXGDGDUGHFHVDYDIDFHWLYLDWDGHGRXDRULPDLJUHD"
QWUHEDUHOD5DGLR(UHYDQ
$UILIRVWSRVLELOFDvQORFXOOXL-).HQQHG\VDILHvPSXVFDW1LNLWD&UXVFKRZ"
QSULQFLSLXGDGDUvQWUHEDUHDHVWHGDFD2QDVVLVDUPDLILOXDWvQDFHVWFD]YDGXYDGHQHYDVWD
QWUHEDUHOD5DGLR(UHYDQ
3RWPRUFRYLLVDFUHDVFDSRWHQWD"
QSULFLSLXGDGDUVXQWvQJHQHUDOGHVWXOGHJUHXGHOHJDW
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDODD]HFHDDQLYHUVDUHD3DUWLGXOXLVDODULLOHYRUFUHVWHFXFLQFL]HFLGHSURFHQWH"
QSULQFLSLXGDGDULQYHUVODDFLQ]HFHDDQLYHUVDUHD3DUWLGXOXLVLDWXQFLFX]HFHSURFHQWH
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDFRVPRQDXWXO,XULJDJDULQDFkVWLJDWRH[FXUVLHvQ86$"
Q 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
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDvQ8FUDLQDFHUHDOHOHFUHVFDVDGHvQDOWHFDVLVWkOSLLGHWHOHJUDI"
QSULQFLSLXGDGDUQXVXQWDVDGHvQDOWHFLDVDGHUDUH
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDXOWLPDFROHFWLHD&DVHLGH0RGDGLQ0RVFRYDDIRVWGHMDFXPSDUDWDvQvQWUHJLPH"
QSULQFLSLXGD6WXGLRXOGH)LOP0RVFRYDDFXPSDUDWRSHQWUXXQILOPLVWRULF
QWUHEDUHOD5DGLR(UHYDQ
([LVWDODQRLPDLPXOWXPRUGHFkWvQDOWHSDUWL"
'DGDUQRLDYHPQHYRLHGHHO
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDUXVLLDXIRVWSULPLLFDUHDXIRWRJUDILDWFHDODOWDIDWDD/XQLL"
QSULQFLSLXGD&RPLWHWXO&HQWUDOvVLWLQHVHGLQWHOHDFROR
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QWUHEDUHOD5DGLR(UHYDQ
'HYLQVRWLLOHQRDVWUHFXDMXWRUXOPDVWLORUFRVPHWLFHPDLIUXPRDVH
QSULQFLSLXGDGDUQXPDLSHQWUXVFXUWWLPSSHQWUXFDPDVWLOHFRVPHWLFHGXSDXVFDUHWUHEXLHGDWHMRV
QWUHEDUHOD5DGLR(UHYDQ
/DQRLODVHUYLFLDIRVWXQFROHJGDWDIDUDFDvQWkU]LDvQWRWGHDXQD0RWLYXOVDERWDSURGXFWLD8QDOWXODIRVWGDWDIDUDSHQWUX
FDYHQHDvQWRWGHDXQDPDL GHYUHPH0RWLYXO VSLRQDMHFRQRPLF &HHD FH QX vQWHOHJ HVWHGH FH H GDWDFXP DIDUD,JRU FDUH
YLQHvQWRWGHDXQDDWkWGHSXQFWXDOODOXFUX"
(ODUHSUREDELOXQFHDVHOYHWLDQ
/D5DGLR(UHYDQVHvQWUHDED
7RYDUDVHUHGDFWRUHVWHDGHYDUDWFDVLDPHULFDQLLDXSLWLFL"
QSULFLSLXGDGDUFHLUXVHVWLVXQWPDLPDUL
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFD%LOO&OLQWRQVL%RULV,HOWLQDXSDUWLFLSDWODXQFURVvQMXUXO.UHPOLQXOXLVLFD%LOO&OLQWRQDFkVWLJDW"
QSULQFLSLXQX(DGHYDUDWvQVDFDDPkQGRLDXSDUWLFLSDWODXQFURVLQWHUQDWLRQDOvQMXUXO.UHPOLQXOXL%RULV,HO]LQDRFXSDW
GLQWUHFHLGRLSDUWLFLSDQWLRQRUDELOXOORFGRL&OLQWRQDIRVWSHQXOWLPXO
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD%XQXO'XPQH]HXSRDWHGHYHQLPHPEUXGHSDUWLG"
QSULFLSLXGDGDUvQSUHDODELOWUHEXLHVDGHYLQDDWHX
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDVLEDUEDWLLSRWDYHDFRSLL"
QSULQFLSLXQXGDUVHIDFWRWWLPSXOH[SHULPHQWH
QWUHEDUHOD5DGLR(UHYDQ
7UHEXLHVDPDKRWDUDVFvQWUHGRXDIHPHLXQDHVWHILGHODVLPXQFLWRDUHGHIUXQWHFHDODOWDRIRDUWHEXQDDPDQWD3HFDUHVDR
LDXGHQHYDVWD"
3HPXQFLWRDUH2DPDQWDSXWHWLDYHDWRWWLPSXO
/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDDUPDWHLQRDVWUHLDIRVWFHUXWDMXWRUXOGHFDWUH&HKRVORYDFLD"
'DFHUHUHDGLQDIRVWDSUREDWDvQ
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDvQ8QLXQHD6RYLHWLFDVHYDSXWHDGLYRUWDPDLXVRU"
'DFkQGSDUWHQHUXOPRDUHFHODODOWHVWHOLEHU
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDDFXPFHWDWHDQXOVRYLHWLFSRDWHFRPDQGDRELHFWHGHX]FDVQLFVLDOLPHQWHSULQ,QWHUQHW"
'DOLYUDUHDVXFFHGDvQVDWRWSULQ,QWHUQHW
QWUHEDUHOD5DGLR(UHYDQ
$PDX]LWFDODQRLQXVHPDLSURGXFDWkWHDSDWXULFDVLvQDLQWH(DGHYDUDW"
Q SULQFLSLX GD'H FH vQVD" ,QWHOLJHQWD GRDUPHSH UR]H DFWLYLVWLL GRUP vQ SDUODPHQW VROGDWLL YHJKHD]D SDFHD WDUDQLL vVL
SD]HVFRJRDUHOHGXVPDQXOGHFODVDQXGRDUPHVLFHLODOWLVWDX
QWUHEDUHODUDGLR(UHYDQGLQSDUWHDURPkQLORU
&kQGYRPDYHDVLQRLERPEDDWRPLFD"
5DVSXQVGLQSDUWHDVRYLHWLFLORU
&kQGYDYRPGDRQRL
5DGLR(UHYDQ
(VWHDGHYDUDWFDDVSLULQDDUHHIHFWDQWLFRQFHSWLRQDO"
QSULQFLSLXGDGDFDHVWHVWUkQVWLQXWDvQWUHJHQXQFKL
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFD5XEOD'RODUXOVL3RXQGXODXDFHHDVLYDORDUH"
QSULQFLSLXGDGDUHVWHDVDFDXQSRXQGGHUXEOHYDORUHD]DFkWXQGRODU
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QWUHEDUHOD5DGLR(UHYDQ
([LVWDRGHILQLWLHPDU[LVWOHQLQLVWDSHQWUX7DQF"
QSULQFLSLXGD7DQFXOHVWHXQ PLMORFGHWUDQVSRUWSHQWUXH[FXUVLLvQWDULOH YHFLQHVLSULHWHQH(OSRDWHWUDJHIRFXUL VLvQ
VHPQGHVDOXW
QWUHEDUHOD5DGLR(UHYDQ
&DUHHUDQXPHOHFRQVSLUDWLYDOFXSOXOXL,OLHVFX9DFDURLX"
/DYDFKHTXLULW
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDDFXPGHDQLFKLQH]LLDXERPEDUGDW8QLXQHD6RYLHWLFD"
'DvQSULQFLSLXHVWHDGHYDUDW
6HSRWHVWLPDSDJXEHOHSURGXVHDWXQFL"
1XSHQWUXFDHLDXDUXQFDWRERPEDGHFDXFLXFFDUHPDLVDUHVLDVWD]L
QWUHEDUHOD5DGLR(UHYDQ
'HFHXQLLDXFKHOLHVLDOWLLQX"
QSULQFLSLXWRWLRDPHQLLDXFKHOLHGDUSHXQHOHFKHOLLFUHVWHSDUSHDOWHOHQX
QWUHEDUHOD5DGLR(UHYDQ
8QGHHJUDQLWDGLQWUHJHQLXVLQHEXQLH"
8QGHYDSHOD6FRUQLFHVWL
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDSXULFLLVLFDSXVHOHDUSXWHDIDFHRUHYROXWLH"
QSULQFLSLXGDFDFLSULQDUWHUHOHORUFXUJHVkQJHOHFODVHLPXQFLWRDUH
QWUHEDUHOD5DGLR(UHYDQ
&HHVWHKDRVXO"
'XSDRVFXUWDSDX]D
1XGDPUDVSXQVXULODvQWUHEDULGLQDJULFXOWXUD
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDvQ86$ILHFDUHDUHSURSULXODXWRPRELO"
QSULQFLSLXGDGDUSHQWUXDFHDVWDODQRLILHFDUHDUHSURSULXOORFGHSDUFDUH
QWUHEDUHOD5DGLR(UHYDQ
6HSRWPkQFDLDUDVLPHUHGHOD&HUQREvO"
QSULQFLSLXGDGDUVkPEXULLWUHEXLHGXSDDFHHDvQJURSDWLvQFRQWDLQHUHGHSOXPE
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDVRFLHWDWHDFDSLWDOLVWDVHSRDWHDVHPDQDFXXQWUHQFDUHDFFHOHUHD]DvQGLUHFWLDXQHLSUDSDVWLL"
QSULQFLSLXGD
$WXQFLGHFHWUHEXLHQHDSDUDWFDQRLVDvLGHSDVLP"
/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHIDFHGUDJRVWHSHWDYDQ"
'D&XFRQGLWLDVDQXYDFDGDSODSXPD
QWUHEDUHOD5DGLR(UHYDQ
=HEUHOHVXQWQHJUHFXGXQJLDOEHVDXDOEHFXGXQJLQHJUH"
'D
QWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHFHOPDLSXWHUQLFDUPDPHQWGLQOXPH"
&XLUDVDWXO$XURUD&UHLVHU$YURUDUXVRVDOYDRDUEDVLDQLGHGH]DVWUX
/D5DGLR(UHYDQVHvQWUHDED
'DFDHXDPGLDEHWLDUVRWXOPHXDUHRVHFUHWLHDOEDODSWRDVDSXWHPIDFHFRSLL"
'DGDUPDLELQHIDFHWLEH]HOH
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHOXDRERDODYHQHULFDvQWUXQ:&DOXQXLYDJRQGHWUHQ"
QSULQFLSLXGDGDUQXHFRPRG
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/D5DGLR(UHYDQVHvQWUHDED
9DILXQDOWUHLOHDUD]ERLPRQGLDO"
1XGDUOXSWDSHQWUXSDFHYDILDWvWGHSXWHUQLFDvQFvWQXYDPDLUDPvQHSLDWUDSHVWHSLDWUD
/D5DGLR(UHYDQVHvQWUHDED
'HFH%UHMQHYDUHVSUvQFHQHDVDGHJURDVH"
1XVvQWVSUvQFHQHHVWHPXVWDWDOXL6WDOLQODXQQLYHOPDLvQDOW
QWUHEDUHOD5DGLR(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
$UHDVWDFHYDGHDIDFHFXSURJUHVXO"
QSULQFLSLXQXGDUDUWUHEXLVDDYHWLPDLPXOWDvQWHOHJHUHSHQWUXJkQGDFLLFDUHQRDSWHDDXvQPRUPkQWDWJkQGDFXORPRUkW
GHGXPQHDYRDVWUD
/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDvQ8QLXQHD6RYLHWLFDFRPELQHOHPX]LFDOVWHUHRQXVXQWQHFHVDUH"
QSULQFLSLXGD2ULFXPVLGLQVWkQJDVLGLQGUHDSWDVHDXGHDFHODVLOXFUX
QWUHEDUHOD5DGLR(UHYDQ
0DLFUHGSHUVRDQHOHPDMRUHGLQ8QLXQHD6RYLHWLFDvQ0RV&UDFLXQ"
QSULQFLSLXQXvQSROLWLFDGD
QWUHEDUHOD5DGLR(UHYDQ
6XQWVRUDPHGLFDODVLDPVDSWHFRSLL$FXPXUPHD]DVDILXWUDQVIHUDWDOD5DGLRORJLH
(DGHYDUDWFDUDGLDWLLOH5|QWJHQSURYRDFDVWHULOLWDWHD"
QSULQFLSLXGDGDUQXYDODVDWLSHDVWD
QWUHEDUHOD5DGLR(UHYDQ
([LVWDvQ8QLXQHD6RYLHWLFDFHQ]XUDFRUHVSRQGHQWHL"
QSULQFLSLXQXWRWXVLVFULVRULOHFXFRQWLQXWDQWLVRYLHWLFQXVHDFFHSWD
/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDvQPDULOHLQWUHSULQGHULLQGXVWULDOHVHSUDFWLFDQHSRWLVPXO"
QSULQFLSLXQXQPDULOHLQWUHSULQGHULFRQVLOLLOHGHFRQGXFHUHVHDIODGHRELFHLIUDWL
/D5DGLR(UHYDQVHvQWUHDED
(VWHvQXQLXQHD6RYLHWLFDFHQ]XUDWDSUHVD"
QSULQFLSLXQX1HHVWHvQVDGLQSDFDWHLPSRVLELOVDDSURIXQGDPDFHVWUDVSXQV
QWUHEDUHOD5DGLR(UHYDQ
6RWXOPHXHVWHWRWWLPSXOvQFDXWDUHGHQRLSR]LWLLSHQWUXDIDFHVH[&HDVSXWHDVDIDF"
7UHEXLHVDvOODPXULWLFDDUILPDLELQHVDFDXWHFHYDGHOXFUX
QWUHEDUHOD5DGLR(UHYDQ
(VWHSHUPLVvQ8QLXQHD6RYLHWLFDVDvQYDWDPGLVFXWLLOHOXL0DR"
QSULQFLSLXGDGDUQXPDLvQRULJLQDO
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDvQ8665XQPHOFvQDLQWHD]DPDLUHSHGHFDXQFDO"
QSULQFLSLXGDXQFDOQXVWDSkQHVWHDUWDWkUkVXOXL
/D5DGLR(UHYDQVHvQWUHDED
*DVHVFFDvQWURWDUDDVDGHDYDQVDWDFDVL8665QXHVWHQRUPDOFDGLYRUWXOVDILHDVDGHGLILFLOGHUHDOL]DW
&HSDUHUHDYHWLGXPQHDYRDVWUD"
1RLQXPDLDYHPQHYRLHGHDFHDVWDLQVWLWXWLHDGLYRUWXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'DFDXQXOGLQSDUWHQHULHVWHGHSULVRVQXWUHEXLHGHFkWVDvLIDFHWLFXQRVFXWD.*%XOLRSLQLDVDSROLWLFD
/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDGHODRWRDOHWDSXEOLFDVHSRDWHOXDRERDODYHQHULFD"
QSULQFLSLXGDGDUGHFHDWvWGHFRPSOLFDW"
/D5DGLR(UHYDQVHvQWUHDED
6RWLDPHDHVWHvQSUDJXOGHDQDVWH(FRQRPLDQRDVWUDGHSODQOLYUHD]DvQVDVFXWHFHGHDELDvQOXQL
&HSXWHPIDFH"
5HSHGHXQDOWFRSLO
QWUHEDUHOD5DGLR(UHYDQ
$PFLWLWvQ]LDUXO3UDYGDFD XQ DQXPLW,YDQ *XVWLQRY D IRVW FRQGDPQDW OD DQLvQFKLVRDUH SHQWUXFD D QXPLW LGLRWXQ
JHQHUDOVRYLHWLF
1XHVWHSHGHDSVDXQSLFFDPDVSUD"
1X3HQWUXLVXOWDDSULPLWQXPDLOXQLUHVWXOSHGHSVHLGDWRULWDIDSWXOXLFDDWUDGDWXQVHFUHWPLOLWDU
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDRPXOGLQOXQDVLPSDWL]HD]DFXDPHULFDQLL"
QSULQFLSLXGDGDUSXWHUHDVRFLDOLVPXOXLVWDRULFXPGLQFRORGHOXQD
QWUHEDUHOD5DGLR(UHYDQ
6HSRWFLWLURPDQHOHOXL$OH[DQGHU6ROMQHWNL"
QSULQFLSLXGDGDUWUHEXLHVDvQWHOHJHWLHQJOH]DVDXJHUPDQD
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDVRFLDOLVPXOvQVHDPQDHSRFDGHDXUDRPHQLULL"
QSULQFLSLXGDGDUQXWRWFHHDFHVWUDOXFHVWHHVWHDXU
/D5DGLR(UHYDQVHvQWUHDED
3RDWHXQFHWDWHDQVRYLHWLFVDvVLVSXQDOLEHUSDUHUHD"
QSULQFLSLXGDDWkWDWLPSFkWUDPkQHvQVWUDLQDWDWH
/D5DGLR(UHYDQVHvQWUHDED
1XDUILPDLVLPSOXFDWRWLGXVPDQLLSRSRUXOXLVLWRWLWUDGDWRULLGHWDUDVDILHvQFKLVL"
QSULQFLSLXGDGDUFLQHVDPDLOXFUH]HDWXQFLvQIDEULFLVLSHRJRDUH"
/D5DGLR(UHYDQVHvQWUHDED
QDLQWHDPDYXWWDULVPXOQHPLORVGXSDDFHHDVWDOLQLVPXOFUXG&HDYHPD]L"
8LWDWLYDSHFDOHQGDUOXQL
/D5DGLR(UHYDQVHvQWUHDED
([LVWDRGHILQLWLHPDU[LVWOHQLQLVWDDDXWRPRELOXOXL"
Q SULQFLSLX GD $XWRPRELOXO HVWH XQ PLMORF GH WUDQVSRUW FX URWL vQ FDUH VH GHSODVHD]D FODVD PXQFLWRDUH vQ SHUVRDQD
OLEHULORUVDLDOHVL
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDFHUHUHDGHELFLFOHWHGLQYDILSHGHSOLQDFRSHULWD"
QSULQFLSLXGD3kQDDWXQFLVHYDHPLWHROHJHFDUHYDSHGHSVLRULFHFHUHUHFDUHGHSDVHVWHFDSDFLWDWHDGHSURGXFWLH
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDQLYHOXOGHYLDWDvQFHQWUHOHQRDVWUHGHUHHGXFDUHHVWHIRDUWHULGLFDW
8QXOGLQFROHJLLQRVWULLFDUHQXDFUH]XWDFHDVWDDSULPLWSURPSWRFD]LDVDOHWHVWH]HODORFXOFXSULFLQD
1LYHOXOGHYLDWDGHDFRORvLSODFHSUREDELODWkWGHPXOWvQFkWQXDPDLWUHFXWQLFLRGDWDSHDLFLSHODQRLOD5DGLR(UHYDQ
QWUHEDUHOD5DGLR(UHYDQ
&XPUHDFWLRQHD]DJXYHUQXOVRYLHWLFvQWURVLWXDWLHIDUDLHVLUH"
$PPDLVSXVFDQXUHVSXQGHPvQWUHEDULGLQGRPHQLXODJULFXOWXULL
QWUHEDUHOD5DGLR(UHYDQ
&DUHHVWHGLIHUHQWDGLQWUHRSRYHVWHDPHULFDQDVLXQDVRYLHWLFD"
3RYHVWHDPHULFDQDvQFHSHFX$IRVWRGDWDSHFkQGFHDVRYLHWLFDvQFHSHFX9DYHQLYUHPHDFkQG
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/D5DGLR(UHYDQVHvQWUHDED
6WLWLFXPYDFkQGDXDYXWORFSULPHOHDOHJHULGXSDPRGHOXOVRYLHWLF"
$VWDVDvQWkPSODWSHQWUXSULPDRDUDvQ3DUDGLVFkQG$GDPVLDDOHVVRWLD
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDPLQXQDWHOHFXFHULULDOHVRFLDOLVPXOXLVXQWFXQRVFXWHvQWRDWDOXPHD"
QSULQFLSLXGDGDUDFHVWDHPDUHOHGH]DYDQWDMDOVRFLDOLVPXOXL
/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHvQWkPSODFD3DUWLGXOVDVHvQVHOH"
QSULQFLSLXGDGDUSUDFWLF3DUWLGXOQXVHvQVHDODQLFLRGDWD
QFDRvQWUHEDUH
'HXQGHVWLWLDVWDDWkWGHH[DFW"
$PvQWUHEDW3DUWLGXO
/D5DGLR(UHYDQVHvQWUHDED
&HVDUvQWkPSODGDFDXQXLWRYDUDVGLQFRQGXFHUHLVDUIDFHXQLPSODQWDWGHLQLPDFXRLQLPDDXQXLFDSLWDOLVW"
QSULQFLSLXQLPLFODWRYDUDVLLGLQFRQGXFHUHDQRDVWUDLQLPDQXMDFDQLFLXQURO
QWUHEDUHOD5DGLR(UHYDQ
(XVLFROHJXOPHXGHPXQFDQHDPFHUWDWD]LvQSDX]DSHPRWLYXOFDUHHVWHFHOPDLEXQGLQWUHFRQGXFDWRULLQRVWULL
(XDPVSXVFD%UHMQHY$PGUHSWDWH"
5DGLR(UHYDQVHVFX]DSHQWUXQHDVWHSWDWDFDGHUHGHFXUHQW
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDODYL]LWDSULPXOXLPLQLVWUXOD5RPDVHYDVHPQDXQDFRUGvQWUHHOVLSDSD"
QSULQFLSLXGDGDUVHPDLGXFWUDWDWLYHGHVSUHFXPYDVXQDSULPDSURSR]LWLHDDFRUGXOXL
3DSDVXVWLQHQHDSDUDWFDHDVDILH'XPQH]HXDFUHDWRPXOSHFkQGSULPXOPLQLVWUXGRUHVWHVDPDLDGDXJHVXEGLUHFWD
vQGUXPDUHDSDUWLGXOXL
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFHVHVSXQHFDMXPDWDWHGLQPHPEULL&RPLWHWXOXL&HQWUDOVXQWLGLRWL"
1XHDGHYDUDW-XPDWDWHGLQPHPEULLQXVXQWLGLRWL
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD3DUWLGXOSRDWHILFULWLFDW"
QSULQFLSLXGDGDUvQWUHFHLSDWUXSHUHWLDLORFXLQWHLSURSULLVHWUDLHVWHPDLELQH
/D5DGLR(UHYDQVHvQWUHDED
7UHEXLHFDXQFRPXQLVWFRQYLQVVDILHVLXQRPEXQ"
QSULQFLSLXGD'DUDWLPDLvQWkOQLWSkQDDFXPXQFRPXQLVWFRQYLQV"
/D5DGLR(UHYDQVHvQWUHDED
3RDWHRIHPHLHLXELLGRLEDUEDWLGHRGDWD"
QSULQFLSLXGDGDUPDLSUDFWLFHVWHXQXOGXSDDOWXOGHFkWGHRGDWD
/D5DGLR(UHYDQVHvQWUHDED
&RQGXFDWRUXOXQHLEULJDGHGHIHPHLGLQ&ROKR]XOQRVWUXVHIRORVHVWHGHSR]LWLDVDSHQWUXDYHQWXULDPRURDVHFXIHPHLOHGL
EULJDGD
6RWLDPHDHVWHVLHDvQDFHDVWDEULJDGD&HWUHEXLHVDIDF"
QFHUFDWLFkWGHUHSHGHVDGHYHQLWLVLGXPQHDYRDVWUDVHIGHEULJDGD
/D5DGLR(UHYDQVHvQWUHDED
QODJDUXOQRVWUXGHPXQFDQXH[LVWDQLFLXQEDUEDWRWRYDUDVDDQDVFXWGHFXUkQG&XPVDSXWXWvQWkPSODDVDFHYD"
7RYDUDVDFXSULFLQDDDYXWSUREDELOUHODWLL
/D5DGLR(UHYDQVHvQWUHDED
&HSRWIDFHSHQWUXDQXPXUGDULLSDWXOvQQRDSWHDQXQWLL"
6DQXEHWL
QWUHEDUHOD5DGLR(UHYDQ
7UHEXLHRWkQDUDFDUHWUDLHVWHGXSDSULQFLSLLOHPRUDOHLVRFLDOLVWHVDILHODRUDvQSDW"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QSULQFLSLXGD3HQWUXFDRULFXPODRUDWUHEXLHVDILWLDFDVD
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHSODQLILFDVLGUDJRVWHDGXSDPRGHOXOFRPXQLVW"
QSULQFLSLXGDGDUDUILSDFDWGHGUDJRVWH
QWUHEDUHOD5DGLR(UHYDQ
8QWRYDUDVVLDJDVLWVRWLDFXXQVWUDLQvQSDW7RWXVLYLQDODGLYRUWLDIRVWGDWDOXL*DVLWLDVWDFRUHFW"
QSULQFLSLXGD7RYDUDVXODYHQLWFXVLJXUDQWDvQDLQWHGHWHUPLQDUHDOXFUXOXLDFDVD
/D5DGLR(UHYDQVHvQWUHDED
6HSRDWHOXD6LGDGLQWURFDQD
'DGD
PDLJUHX
/D5DGLR(UHYDQVHvQWUHDED
&kQGDPVRVLWLHULDFDVDDPJDVLWRSHVRWLDPHDvQSDWFXVHFUHWDUXOGHSDUWLGGLQORFDOLWDWHDQRDVWUD
0DPIDFXWFDQXDPREVHUYDWQLPLFVLDPLHVLWWLSWLOGLQFDVD$PUHDFWLRQDWFRUHFW"
QSULQFLSLXGD'DUVSHUDPFDQXDWLYL]LWDWGXSDDFHHDVRWLDVHFUHWDUXOXLGHSDUWLG$WLILSXWXWDYHDPDULQHSODFHUL
QWUHEDUHOD5DGLR(UHYDQ
6RWXOPHXYLQHvQILHFDUHVHDUDEHDWDFDVDVLvQMXUDFRQGXFHUHD&HVDIDF"
QFHUFDWLVDvOORYLWLFXYROXPHOHOXL0DU[
QFDRvQWUHEDUH
&XFDUHYROXP"6LSHVWHFH"
QWUHEDUHOD5DGLR(UHYDQ
'HFHPDLVXQWvQWUHWLQXWHUHODWLLOHGHSULHWHQLHFX5HSXEOLFD6RFLDOLVWD5RPkQLD"
$FHDVWDvQWUHEDUHQXRSXWHPQLFLQRLUDVSXQGH
QWUHEDUHOD5DGLR(UHYDQ
(VWHVLWXDWLDSROLWLFDH[WHUQDvQFLXGD3HNLQXOXL%HOJUDGXOXLVL%XFXUHVWLXOXLvQFDEXQD"
QSULQFLSLXGD(VWHFKLDUPLQXQDWDvQFRPSDUDWLHFXFHDGHDQXOYLLWRU
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD9RONVZDJHQXODXWRPRELOXOSRSRUXOXLYHVWLFQXHVWHFRQGXVQXPDLGHFDSLWDOLVWL"
'XSDFXQRVWLQWHOHQRDVWUHQLFLXQFDSLWDOLVWQXFRQGXFH9RONVZDJHQ
/D5DGLR(UHYDQVHvQWUHDED
$PRFD]LDVDIDFRH[FXUVLHvQYHVWODRvQWUXQLUH3UHWXOXLWUDQVSRUWXOXLWUHEXLHVDOSUHLDXHXVLHVWHGHVWXOGHULGLFDW
6DIDFDFHDVWDH[FXUVLHVDXQX"
QSULQFLSLXGD1XWUHEXLHVDFXPSDUDWLELOHWXOGXVvQWRUV
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDVXQWHPLQIHULRULDPHULFDQLORUWHKQLFHFRQRPLFVLPLOLWDU"
QSULQFLSLXGDGDUHVWHGHVWXOGHGLILFLOVDOHIDFHPFODUDFHVWOXFUX
/D5DGLR(UHYDQVHvQWUHDED
$PDX]LWFDvQ5RPkQLDvQWURIDEULFDDIRVWGDWDMRVROR]LQFDSHFDUHVFULD1RLPXQFLPPDLELQHSHQWUXUXVLGHFkW
SHQWUXXQDPHULFDQ
&XPSRDWHILH[SOLFDWDFHVWOXFUX"
$PFHUFHWDWDFHDVWHYHQLPHQWLQH[SOLFDELOPDLvQGHDSURDSH([SOLFDWLDHIRDUWHVLPSODHUDRIDEULFDGHVLFULH
/D5DGLR(UHYDQVHvQWUHDED
1XDUWUHEXLGHVILQWDWVSLRQDMXO"
QSULQFLSLXGDGDUFHYRPIDFHFXPXOWLPHDGHVRPHUL"
/D5DGLR(UHYDQVHvQWUHDED
(DGHYDUDWFDDYHPUHODWLLHFRQRPLFHFXFDSLWDOLVWLL"
%LQHvQWHOHV&XFLQHDOWFLQHYDVDDYHP"
/D5DGLR(UHYDQVHvQWUHDED
3XWHWLVDH[SOLFDWLGHFH&DQDGDOLYUHD]DSHSLDWDDWkWGHPXOWHFHUHDOH"
9LQRYDWDHVWHVXSUDSURGXFWLDGHWLSFDSLWDOLVW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/D5DGLR(UHYDQVHvQWUHDED
$UILSRVLELOFDVLFRQGXFHUHD5HSXEOLFLL3RSXODUH8QJDULDVDIDFDSRVLELODSRSXODWLHLYL]LWHOHvQYHVW"
QSULQFLSLXGDGDUDWXQFL8QJDULDQXDUPDLILUHSXEOLFDSRSXODUD
/D5DGLR(UHYDQVHvQWUHDED
(VWHSRVLELOFDVL&KLQDVDLDSDUWHOD]ERUXULOHFRVPLFH"
QSULQFLSLXGDDWXQFLFkQGGHFKLQH]LDUVDULSHRSDUWHDWUDPEXOLQHL
QWUHEDUHOD5DGLR(UHYDQ
&HYRUYHGHDDVWURQDXWLLQRVWULLDWXQFLFkQGYRUDWHUL]DSH/XQD"
'RLDPHULFDQL
QWUHEDUHOD5DGLR(UHYDQ
(VWHvQWRDUFHUHDGHSH/XQDvQWUDGHYDUDWkWGHGLILFLOD"
QSULQFLSLXQX7HFKQLFSUREOHPDHVWHUH]ROYDWDGDUFXPVDREOLJDPFRVPRQDXWLLVDVHvQWRDUFD"
QWUHEDUHOD5DGLR(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
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDQXDPHULFDQLLFLQRLVXQWHPFHLFDUHDPYD]XWSULPDRDUDFHDODOWDIDWDD/XQLL"
QSULQFLSLXGD$FHVWWULXPIvOGDWRUDPFHORUFDUHSODQLILFDHFRQRPLDQRDVWUD(LVHDIODDFRORGHPXOWLDQL
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDPDULOHGHVFRSHULULDXIRVWIDFXWHGHUXVL"
QSULQFLSLXGD1RLDPLQYHQWDWFKLDUVLLQYHQWDWRULL
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDSULPXOVRYLHWLFFDUHYDSDVLSH/XQDYDDYHDFXHORVWLFOXWDGHSDUIXPUXVHVF"
QSULQFLSLXGD1XHVWHvQVDvQFDGHPRQVWUDWGDFDSHOXQDWUHEXLHVDQHIHULPGHLQVHFWHVDXQX
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDVXEPDULQHOHVRYLHWLFHGHWLQUHFRUGXOPRQGLDOODVFXIXQGDUH"
QSULQFLSLXGD'LQVDXVFXIXQGDWGLQVXEPDULQHOHQRDVWUH
QWUHEDUHOD5DGLR(UHYDQ
6HSRWSRYHVWLJOXPHFXWRYDUDVXO%UHMQHY"
QSULQFLSLXGD3HQWUXVLJXUDQWDGXPQHDYRDVWUDVSXQHWLvQORFGH%UHMQHYPDLELQH1L[RQ0DRVDX7LWR
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFD%UHMQHYFROHFWLRQHD]DEDFXULOHFXVLGHVSUHHO"
QSULQFLSLXGD'DUHOvLFROHFWLRQHD]DVLSHFHLFDUHVSXQDFHVWHEDQFXUL
QWUHEDUHOD5DGLR(UHYDQ
6HUDVSODWHVFJOXPHOHFX5DGLR(UYDQ"
QSULQFLSLXGDFXGHDQLSkQDODSHYLDWD
/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
QSULQFLSLXGDGDUGHXQGHYUHWLVDSURFXUDWLPDUXO"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5DGLR(UHYDQHVWHvQWUHEDW
&UHGHWLFDLDXUWXOHVWHXQUHPHGLXvPSRWULYDLPSRWHQWHL"
QSULQFLSLXGDGDUQXPDLvQFRPELQDWLHFXLSVRVXO
QWUHEDUHOD5DGLR(UHYDQ
'HFHVLDRPRUkWWRYDUDVXO+UXVFLRYSLVLFD"
)LLQGFDGHODRYUHPHQXPDL]LFHD0LDXXXFL0DRRR
8QDVFXOWDWRUvQWUHDED5DGLR(UHYDQ
(DGHYDUDWFDRIHPHLHFDUHWLQHFDSXOSHSDUWHDGUHDSWDvQWLPSXOXQXLUDSRUWVH[XDOHRWkUID"
%LQHvQWHOHV
'DURIHPHLHFDUHWLQHFDSXOSHSDUWHDVWkQJD"FXULRVDVFXOWDWRUXO
6LDFHDVWDHWkUID
'DURIHPHLHFDUHWLQHFDSXOGUHSWHVWHVLHDRWkUID"
'DVLHDHRWkUID
3DLELQHGDUFXPWRDWHIHPHLOHVXQWWkUIH"""
1XXXXQSULQFLSLXWRDWHIHPHLOH&8&$3VXQWWkUIH
QWUHEDUHOD5DGLR(UHYDQSHYUHPHDOXL&HDXVHVFX
6HSRDWHPXULGHFDQFHUvQJkW"
QSULQFLSLXGDGD
QDUH
QWUHEDUHOD5DGLR(UHYDQ
&HHVWHDFHODXQLPSUHVDU"
(VWHDFHDSHUVRDQDIL]LFDGHIDFWXUDDUWLVWLFDFDUHWUDQVIRUPDFXUYHOHvQOHEHGH
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDVHSRDWHIDFHGUDJRVWHFXRIHPHLHGHOD&HUQRELO"
1RLUDVSXQGHPUDGLRDVFXOWDWRUXOXLQRVWUX'DHVWHDGHYDUDWGDUWUHEXLHVDXWLOL]DWLXQSUH]HUYDWLYGHSOXPE
/D5DGLR(UHYDQVHvQWUHDED
Q&DXFD]VH]LFHFDvQFLXGDVRFLDOLVPXOXLDUPDLH[LVWDPXOWHPLVWHUH'HH[HPSOXXQSULHWHQGHDOPHXPLDSRYHVWLWFD
vQWUXQVDWH[LVWDSHRSRPSDGHDSDXQEDODXUGHEURQ]FDUHGHILHFDUHGDWDFkQGRIHFLRDUDWUHFHSULQSUHDMPDVDGDIHULFLW
GLQFRDGD(DVDFHYDSRVLELO"
QSULQFLSLXGDGDUFKLDUVLFHLPDLEDWUkQLGLQVDWQXvVLDPLQWHVFVDILYD]XWYUHRGDWDDFHDVWDPLQXQH
/D5DGLR(UHYDQVHvQWUHDED
(VWHSRVLELOVDvWLRPRULVRWLDGDFDRORYHVWLFXXQSURVRS"
QSULQFLSLXGDGDFDvQSURVRSVHDIODvQIDVXUDWXQILHUGHFDOFDW
/D5DGLR(UHYDQVHvQWUHDED
7RYDUDVHUHSRUWHUDPSUREOHPHFXGUDJRVWHDVLVH[XO$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
QWUHEDUHOD5DGLR(UHYDQ
&HVHIDFHvQFD]GHDWDFFXERPEDDWRPLFD"
6HDFRSHUDUHSHGHFRUSXOFXXQFHDUFHDIDOEGXSDFDUHFDOPIDUDDSURGXFHSDQLFDROXDWLvQGLUHFWLDFLPLWLUXOXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QWUHEDUHOD5DGLR(UHYDQGXSDDFFLGHQWXOGHOD&HUQREkO
6HSRDWHVDvWLFDGDGLQWLLGXSDDFFLGHQWXOGHOD&HUQREkO"
QSULQFLSLXGDGDUPDLDOHVGDFDQXvWLWLJXUD
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDVHSRDWHOXD6,'$GHODXQFXLUXJLQLW"
QSULQFLSXGDGDUSUREDELOFDVXQWVLPHWRGHPDLSODFXWH
QWUHEDUHOD5DGLR(UHYDQ
&XPHVWHPDLELQH"6DPDvQVRUFRRIHPHLHIUXPRDVDFDVDPLRIX
DWRWLSULHWHQLLVDXFXXQDXUkWDFDVRI
WQXPDLHX"
3DLHVWHFDVLFkQGDUWUHEXLVDDOHJHWLvQWUHDPkQFDXQWRUWFXSULHWHQLLVDXDPkQFDXQFDFDWVLQJXU
QWUHEDUHOD5DGLR(UHYDQ
'DFDYRUEHVWLODWHOHIRQSRWLUkPDQHJUDYLGD"
QSULQFLSLXQXGDUGHSLQGHSHFHVWDLDWXQFLFkQGYRUEHVWLODWHOHIRQ
6WLULOD5DGLR(UHYDQ
8QVXEPDULQDPHULFDQVDFLRFQLWGHXQLFHEHUJvQ0DUHD1HDJUD3DUWHDVRYLHWLFDQXDVXIHULWSLHUGHUL
8QDVFXOWDWRUVRYHWLFGLQUDLRQXO&LPLVOLDvQWUHDEDOD5DGLR(UHYDQ
6HVWLHFXPVDVLQXFLVSRHWXOUXV0DLDNRYVNL"
1XVWLPFXPvQVDVWLPFDXOWLPLOHVDOHFXYLQWHDXIRVWQXWUDJHWLWRYDUDVL
QWUHEDUHOD5DGLR(UHYDQ
'DFD%XFXUHVWLXOHVWHORYLWGHRERPEDDWRPLFDVHPDLSRDWHIDFHFOLVPDFXDSDGLQODFXO+HUDVWUDX"
1SULQFLSLXGDvQVDQXVHVWLHGDFDPDLUDPkQHYUHXQFXUvQWUHJ"
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDURPkQLL"
'D
QWUHEDUHOD5DGLR(UHYDQ
(VWHDGHYDUDWFDODFLQHPDWRJUDIXO2GHRQGLQ&KLVLQDXUXOHD]DILOPXOHURWLF%DEDRGDVROGDWXOVXV"
QSULQFLSLXGDvQVDQXHVWHYRUEDGHXQILOPHURWLFFLGHXQILOPHURLFVLFDUHQXVHFKHDPD%DEDRGDVROGDWXOXLVXVFL
%DODGDVROGDWXOXLUXV
QWUHEDUHOD5DGLR(UHYDQ
&HQHSXWHWLVSXQHGHVSUHYLDWDLQWLPDDWRYDUDVXOXL%UHMQHY"
1LPLF1XQHDPHVWHFDPvQYLDWDSDUWLFXODUDDWRYDUDVXOXL*URPLNR
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHFXPSDUDFXEDQLLHFRQRPLVLWLR9ROJD"
QSULQFLSLXVHSRDWHGDUFHGRULWLVDIDFHWLFXDWkWDDSD"
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDvQFROKR]YDFLOHVWDXSUHFXPFDUWLOHvQWUXQUDIW"
'DGDFDLHLXQDSLFDWRDWH
QWUHEDUHOD5DGLR(UHYDQ
6HSRWIDFHFRSLLvQHSUXEHWD"
QSULQFLSXGDGDUVDILWLDWHQWLVDQXYDWDLDWL
/D5DGLR(UHYDQVHvQWUHDED
3RWIHPHLOHVDVLPXOH]HRUJDVPXO"
'DGDUEDUEDWLLSRWVLPXODWRDWDUHODWLD
QWUHEDUHOD5DGLR(UHYDQ
'HFHVH]LFHFDFRPXQLVPXOVWDODPDUJLQHDSUDSDVWLHL"
3HQWUXFDVHXLWDODQRL
/D5DGLR(UHYDQVHvQWUHDED
$UHOXQDSOLQDYUHRLQIOXHQWDDVXSUDYLHWLLVH[XDOHDRDPHQLORU"
'DvQSULQFLSLXYDSXWHWLREVHUYDPDLELQHYHFLQLLFXELQRFOXOvQWLPSFHIDFVH[
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
QWUHEDUHOD5DGLR(UHYDQ
6HSRDWHRSULXQWUHQFXDMXWRUXOXQXLFXU"
QSULQFLSLXGDGDUFXFRQGLWLDVDILHURVX
QWUHEDUHOD5DGLR(UHYDQ
3RWvQFHSHRUHOHGHHGXFDWLHVH[XDODFXILLFDPHDGHDQL"
QSULQFLSLXGD9HWLvQYDWDOXFUXULQRLVLLQWHUHVDQWH
/D5DGLR(UHYDQVHvQWUHDED
(VWHDGHYDUDWFDvQXUPDGH]DVWUXOXLGHOD&HUQREkOWRDWDFRQGXFHUHDFHQWUDOHLDWRPRHOHFWULFHVDVLQXFLV"
QSULQFLSLXGDWRWLLvQDIDUDVHFUHWDUXOXLGH3DUWLGFDUHQXDIRVWJDVLWDFDVD
8QDVFXOWDWRUvQWUHDEDOD5DGLR(UHYDQ
&XPVHVSXQHFRUHFWKDQGLFDSDWLVDXDQWLFDSDWL"
5DGLR(UHYDQUDVSXQGH
1HSDUHUDXQRLQXIDFHPSROLWLFDvQHPLVLXQHDQRDVWUD
QWUHEDUHOD5DGLR(UHYDQ
(DGHYDUDWFDSURVWLDHHUHGLWDUD"
'RPQXOHQXLIUXPRVVDYRUEHVWLXUkWGHVSUHSDULQWLLWDL
%DQFXULFDWHJRULVLWHSHUHJLXQL
%DQFXULFXDUGHOHQL
$UGHOHDQXOVRVHVWHFXvQWLU]LHUHODvPSDUWLUHDGDUXULORULDU'XPQH]HXvLVSXQHDPDUkW
PLSDUHUDXGHWLQHQXPLDPDLUDPDVGHFkWIUXPXVHWHDVLSURVWLDILXOHFHVDWLIDF"$OHJHWL
$SRL'RDPQHIUXPXVHWHDLWUHFDWRRUH
$UGHOHDQXOODPHGLF
0HGLFXO&DUHLQHFD]XO"
$0LDDSDUXWFHYDSHS
DSHQLV
06DVWLLFDSHQLVVDXS
DHDFHODVLOXFUX
$6WLXVLHXDWLWDGRFWRUHGDUHXVXQWGLQ&OXM1DSRFD
Q$UGHDOVHVWULJDYHFLQLLGHSHXQGHDOSHFHODODOW
0DDDDYHFLQHH
&DUHLEDLXPDDD"
7XFHDLGDWODYDFDWDFkQGRIRVWEHWHDJD"
)RWRJKLQPDDD
7UHFHRVDSWDPkQD
0DDDYHFLQHH
&HLEDLXPDDD"
'DSRLFHDL]LVFDLGDWODYDFDWDFkQGRIRVWEHWHDJD"
)RWRJKLQPDDD
3DLGD
YDFDPHDRPXULWPDL
6LDPHDPDDD
&LFDXQDUGHOHDQVLDOXDWVLHOQHYDVWDVRGXFDOD%XFXUHVWLFDVDYDGDVLHDGHFDWRWRPX
FDSLWDOD
0HUJkQGHLDVDYDGXQDWHOLHUIRWRVLDUGHOHDQXO]LFH
1RPDQHYDVWDKDLVDQHIRFKHPVLQRLVDOHDUDWDPDORUDvQVDWFDSHXQGHDPIRVWQRL
+DLRPXOHGDFDYUHLWX
QWUDHLvQDWHOLHUVL]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
=LFHVHFDXQDUGHOHDQVHGXFHVDVHGHDFXSDUDVXWDQDYLRQLQVWUXFWRUXOvOvQYDWDFXPVDSURFHGH]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-HHSvQWURFDXWDUHGLVSHUDWDSHFkPSXOSOLQGHFDSLWHGHIkQQWU
XQILQDODXGHXQ]JRPRWGLQWURFDSLWD&kQGVHDSURSLHGHORFXOFXSULFLQDvODXGHSHQHD
*KHRUJKHPXUPXUkQGvQFDSLWD
$SRLQRPDURJIUXPRVQRXDDSRLQRPDURJIUXPRV]HFHVLQHD
*KHRUJKHWUDJHFXVHWHGLQVIRDUDSDUDVXWHL
9DULDQWDQ DUPDWD ,RQ HVWH vQFRUSRUDW OD SDUDVXWLVWL QDLQWH 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,RQQXVDGHVFKLVQQHEXQLWH[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&$7,6,0,1,/(31$/$3$017
6SUH VHDUD *KHRUJKH HUD OD FRDVD 6L FXP FRVHD HO YHGH XQ RPXOHW PLF YHUGH FX RFKLL EXOEXFDWL VL PkLQLOH SkQD OD
SDPLQW6HDSURSLHvQFHWVDQXOVSHULHVLvLVSXQH
(X*KHRUJKHFRVDVFRVHVF
/DFDUHRPXOHWXOvLUDVSXQGH
(X,RQSDGXUDUPDFDF
9DULDQWD
QWUXQVDWGLQ$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
QWUR]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*DULLGH1RUGQDFHVWWLPSXQLQGLYLGFDUHIDFHDMRJJLQJVHRSUHVWHvQIDWDOXLVLvQFHSHVDIDFD
IORWDUL
$UGHOHDQXVHXLWDVXEHOVHXLWDGHDVXSUDOXLvQIDWDvQVSDWHVLGXSDXQWLPSH[FODPDQHGXPHULW
$SRLIDWXFDDSOHDFDWGHPXOW
QWUXQWUHQGRLDUGHOHQLVLXQQHJUX
%UHGDWXQXHVWLGHDLFL
'DWDWDOPHXHVWHGLQ$IULFDGDUPDPDPHDHVWHGHDLFL
3DLFXP"
3DLWDWDDIRVWRGDWDSHDLFLVLDYD]XWRSHPDPDVLDLQFHSXWVDDOHUJHGXSDHDVLDDOHUJDWVLDDOHUJDWVLDDOHUJDWVLDVDP
DPQDVFXWHX
'XSDYUHRPLQXWHDUGHOHQLLDYHDXRQHODPXULUH
0DLGDUVWLLFHQHvQWUHEDPQRL2ILSULQVRSHPDLFDWD"
$UGHOHQLLVHKRWDUDVFVDGHFODUHUD]ERL&KLQHL/DXQPRPHQWGDWXQXOGLQWUHHLvLDWHQWLRQHD]DSHFHLODOWL
%DGD
VPLOLRDQH
'D
FKLDUEDXQGHLvQJURSDP"
*DLQLOHDVWHDVXQWGHODQRLVDXGLQVWUDLQDWDWH"VHvQWUHDEDXQDUGHOHDQODSLDWD
'DUGHFHYDLQWHUHVHD]D"YUHWLVDOHPkQFDWLVDXVDOHWLQHWLGHYRUED
QYLDWDH[LVWDRVLQJXUDPDUHLXELUHVSXQHRDUGHOHDQD
6LFDUHDIRVWPDUHDWDGUDJRVWH"
0DULQDULLPDLFDPDULQDULL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLWLGHFHQXIRORVHVFLQGLHQLLGHJHWXODFHVWD"vQWUHDEDHODUDWkQGDOWUHLOHDGHJHWGHODPkQDGUHDSWD
1LPHQLQXUDVSXQGHODvQWUHEDUH
)LLQGFDHVWHDOPHX
'RLDUGHOHQLVWDXGHYRUED
,HULDFD]XWXQWD[LvQWURSUDSDVWLHSDVDJHULDXIRVWVDOYDWLSHQWUXFHLODOWLQXVDPDLSXWXWIDFHQLPLF
7UDYHUVkQGRVWUDGDXQDUGHOHDQHVWHL]ELWGHRPDVLQDGDUQXSDWHVWHQLPLF
7RWXVLVRIHUXOvLSXQHFDWHYDPRQHGHvQPDQDFDVDvPSDFHOXFUXULOH
QFDQWDWDUGHOHDQXOLVHDGUHVHD]D
9HQLWLGHVSHDLFLGRPQXOH"
,RQVL*KHRUJKHvQWUHQ/DXQPRPHQWGDWSULPHVFGHODYHFLQXOGHFRPSDUWLPHQWREDQDQD1HVWLLQGFXPVHXWLOL]HD]D
vOXUPDUHVFSHRPFXPRGHVIDFHVLRGHVIDFVLHL
OXUPDUHVFFXPRPXVFDVL,RQPXVFDVLHOPRPHQWvQFDUHWUHQXOLQWUDvQWXQHO,RQ
*KHRUJKHDLPXVFDWVLWX"
1X
1XPXVFDEDFDRUEHVWL
'RLDUGHOHQLvQWUHQ
/DXQPRPHQWGDWVHVDWXUDGHWDFHUHVLXQXOvL]LFHFHOXLODOW
0D,RDQHFHLPDPLFVLQHJUXVLPHUHURDWDGHQXPDQXPD"
&DGRDUQRILDFLGXOGH]R[LULERQXFOHLF"
%DGHD,RQYUHDVDvVLYkQGDFDOXOODWkUJ
&XFkWGDLFDOXOEDGH"
&XPLOLRDQH
LFDPVFXPS
LVFXPSGD
LXQFDOIDLQ
LIDLQGD
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 Q 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]DDFROROvQWHDSDVLvQFHSHVDvQMXUH
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
QWUXQFRPSDUWLPHQWGHWUHQXQROWHDQVLXQDUGHOHDQ
/DXQPRPHQWGDWDUGHOHDQXOVFRDWHROLWUDGHSDOLQFDVODQLQDSLWDVIDUPDRFHDSDVLvQFHSHVDPDQkQFHWUDJkQGGLQFkQG
vQFkQGVLGLQSDOLQFD
2OWHDQXOXLLVHIDFHGHRGXVFDGDUFXPVDLQWUHvQYRUED"
/DXQPRPHQWGDWYD]kQGFDWXLFDHSHWHUPLQDWHvVLLDLQLPDvQGLQWLVLVHDSURSLHGHDUGHOHDQ
0DFKHDPD5DGX
$SDLQRGDFDWHFKHDPDGXWH
&XPODWUDFkLQLLvQ$UGHDO"
51RKDX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QDUGHOHDQODFDVDGHELOHWHvQ*DUDGH1RUG
7UHQXOGH&OXMGHXQGHSOHDFD"
PLSDUHUDXGDUWUHQXOGH&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"
$SRLRIRVWDVHQRLDPPDUVSDGUXPWDW
QDLQWHVLFkQGGUXPX
ROXDWRVSUHVWkQJDQRLWDW
QDLQWH
*KHRUJKHPHUJHFXJORDEDODWkUJ
&XPWUDJHFDOXODVWDODFDUXWDEDGH"
'
DSRLQXSUHDWUDJH
'D
ODSOXJWUDJH"
1XSUHD
2ILEXQGHFDODUHDOD
1DVFUHGH
3DLDWXQFLGHFHODLDGXVVDOYLQ]L"
1XODPDGXVVDOYkQG
'D
FHSDFDWHOHPHOHYUHLVDIDFLFXHO"
9UHDXVDOIDFGHUXVLQH
&H]LFHDUGHOHDQXOFkQGVHXLWDvQRJOLQGD"
50kQGUXPLVIXFHPDV
'HFHSXQDUGHOHQLLSkLQHDvQFLRUED"
5&DVDQXFDVWHJXUDGHGRXDRUL
8QDUGHOHDQXQROWHDQVLXQPROGRYHDQVWDWHDXvQVDODGHDVWHSWDUHDXQHLPDWHUQLWDWL/DXQPRPHQWGDWVHVWLQJHODPSD
VLFDXQIDFXWWRDWHGDPHOHORUQDVFGLQWURGDWD'XSDFHYLQHFXUHQWXODSDUHPRDVDVL]LFH
9DURJVDQHVFX]DWLGDUvQ]DUYDFDUHDIRVWSHvQWXQHULFVDXVFKLPEDWFRSLLVLWUHEXLHVDDSHODPODvQWHOHJHUHDVLVSULWXO
GYSUDFWLFvQDLGHQWLILFDFRSLLLFXLDSDUWLQ$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
'HFHVWDXROWHQLLFXWkUQDFRSXOODWHOHYL]RU"
5'DFDVHVWULFDYUHXQFDQDOVDVDSHUHSHGHDOWXO
'HFHQXPDQkQFDROWHQLLFDVWUDYHWLPXUDWL"
5&DQXSRWVDVLEDJHFDSXOvQERUFDQ
&HDXIDFXWROWHQLLFkQGDXDSDUXWIUDQ]HOHOH"
5/HDXPkQFDWFXSkLQH
'HFHVXQWROWHQLL]JkULDWLSHIDWDGH&UDFLXQ"
53HQWUXFDDWXQFLPDQkQFDVLHLFXIXUFXOLWD
'HFHODFXOFDUHXQROWHDQvVLLDFXHOGRXDSDKDUHXQXOJROVLXQXOSOLQFXDSD"
5)LLQGFDVDUSXWHDVDLILHVHWHVDXQX
'HFHIDFPDLQRXROWHQLLPDPDOLJDvQWLJDLH"
56DvQFDSDvQGLSORPDW$FHVWDFUHGFDHGLQILOPXO1HD0DULQPLOLDUGDU
&XPIDFROWHQLLODSWHOHSUDI"
5$UXQFDYDFDGLQDYLRQ
'HFHDXROWHQLLFDVDURWXQGD"
56DQXLYRUEHDVFDOXPHDSHODFROWXUL
'HFHDXROWHQLLFDPDVDvQFDURXUL"
5&DVDMRDFHSXULFLLVDKSHHOH
'HFHDXROWHQLLFHDVXULPHFDQLFH"
5)LLQGFDDXDX]LWFk7LF7DFXOIDFHELQHODUHVSLUDWLH
'HFHDXROWHQLLPDVLQLOHURVLL"
5&DVDFLRFQHDVFDGHSDVWL
'HFHGRUPROWHQLLSHFkPS"
53HQWUXFDYRUVDVHFXOWLYH
&HDIDFXWROWHDQXOFkQGDYD]XWSULPDRDUDHOLFRSWHUXO"
56DGXVvQSDGXUHVDLFDXWHFXLEXO
'HFHROWHQLLvVLLDXVFDUDFXHLFkQGSOHDFDODGUXP"
5)LLQGFDVXQWSURVWLGHGDXvQJURSL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6WLWLGHFHSRDUWDROWHQLLVFDUDGXSDHL"
5&DVDILHPHUHXODvQDOWLPHGD
QXOHSUHDLHVHVRFRWHDOD
&HDVSXVXQFRSLOROWHDQPDPHLVDOHFkQGDYD]XWSHQWUXSULPDRDUDPDUHD"
5,HWHPDPDFHGH-LL
'HFHROWHQLLQXDXUHXVLWQLFLRGDWDVDIDFDXQSRGSHVWH-LX"
5/DXvQFHSXWGHDOXQJXO
'LQFHHIDFXWDRERPED"
5'LQROWHQLVLPROGRYHQL
'HFH"
53HQWUXFDROWHQLLVXQWSURVWLGHEXEXLHLDUPROGRYHQLLVHvPSUDVWLH
'HFHDXROWHQLLVREDvQPLMORFXOFDVHL"
5&DVD]LFDFDDXvQFDO]LUHFHQWUDOD
'HFHYRUROWHQLLVDDLEDYDFDSUHFXPJLUDID"
5&DVDSDVFDODYHFLQLVLVRPXOJDHL
&DUHHDVHPDQDUHDGLQWUHXQROWHDQVLXQWHOHIRQSXEOLF"
57UHEXLHVDGDLvQHOFDVDvLFDGDILVD
'HFHPDQkQFDROWHQLLIDVROH"
5&DVDVLGHDDHUH
'HFHVXQWROWHQLLPX]LFLHQL"
53HQWUXFDGRUPSHVROVLYRUEHVFFXID
'HFHUkGROWHQLLFkQGIXOJHUD"
5&UHGFDVXQWIRWRJUDILDWL
&HIDFHROWHDQXOFkQGQXDUHFHIDFH"
56HGH]EUDFDVLvVLSD]HVWHKDLQHOH
'HFHVHUXSHEDQFDDWXQFLFkQGVHDVHD]DXQROWHDQSHHD"
5&HOPDLLQWHOLJHQWFHGHD]D
'HFHVHIHUHVFROWHQLLVDGRDUPDSHSDLHVDXvQIkQ"
5&DVDQXLDIRFDWXQFLFkQGOHRVFDSDUDPLQWHD
'HFHROWHQLLGRUPSHURJRMLQDXGD"
5/HHIULFDVDQXOHVFDSHUHPLQWHDvQVRPQ
'HFHvVLYRSVHVFROWHQLLDQWHQD79"
5&DVDYDGDSURJUDPHOHODWHOHYL]RUvQFXORUL
&XPVFRWROWHQLLSUD]XOGLQSDPkQW"
5&XFKHLDIUDQFH]D
&XPSULQGHROWHDQXOXQLHSXUH"
56HDVFXQGHvQWXILVVLIDFHFDPRUFRYXO
'HFHVHQXPHVFROWHQLLROWHQL"
53HQWUXFDWUHFH2OWXOSHODHL
6LGDFDDUVHFD2OWXOFXPVDUQXPL"
56HFDWXUL"
'HFHDXROWHQLLFDSXOPLF"
53HQWUXFDJkQGHVFFRQFHQWUDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHDXROWHQLLJkWXOOXQJ"
56DSRDWDSULYLSHVWHPXQWLVDYDGDFkQGDSDUHXQSRVWGHVHIvQ$UGHDO
&DUHHGLIHUHQWDvQWUHXQPDUVLXQROWHDQ"
50DUXOFHOSXWLQHVWHFXOWLYDW
'HFHSRDUWDROWHQLLFDPDVLvQSDWUDWHOHDOEHVLQHJUH"
56DSRDWDVDLSRDWDVSXQHQHYHVWHL6FDUSLQDPDOD+
'LQFHHVWHIDFXWYHFHXOROWHQLORU"
5'LQGRXDEHWHGHXQXOVHWLQHLDUFXFHODODOWDOXQJDFkLQLL
6WLWLGHFkWHRULUkGHXQROWHDQGHXQEDQF"
5'HRUL
&vQGvODXGH
&vQGvOVSXQHDOWXLD
&vQGvOvQWHOHJH
&XPIDFROWHQLLXQJDUG"
5%DWVFDQGXULVLVFULXVDPGVDXHWF
'HFHvVLSOLPEDROWHQLLQHYDVWDFXURDEDSULQSLYQLWD"
5&DVDRRELVQXLDVFDFXPHWURXO
'HFHHVkPEDWDFHDWDvQ&5$,29$"
56FXWXUDROWHQLLURJRMLQLOH
'HFHDXROWHQLLXQJKLLOHOXQJLODSLFLRDUH"
5&DVDQXGHUDSH]HSHURJRMLQD
'HFHvVLLDXROWHQLLURJRMLQDFXHLODPDUH"
5&DVDVHVLPWDFDDFDVD
&XPVHUHFXQRDVWHXQROWHDQGLQWUXQJUXSGHSHUVRDQH"
56WULJLVHIXOHLDUHOHVWHVLQJXUXOFDUHvQWRDUFHFDSXO
'HFHSRDUWDROWHQLLPXVWDWD"
56DPDQkQFHODXPEUD
'HFHDOHDUJDROWHQLLvQQRDSWHDGHQYLHUHGXSDDPEXODQWD"
5&DVDSXSHFUXFHD
&HDXIDFXWROWHQLLFkQGDXYD]XWSULPDGDWDXQYDSRU"
5$XEDJDWFDSXOVXEDSDVDLYDGDURWLOH
'HFHQXSODQWHD]DROWHQLLIORULvQIDWDFDVHL"
5&DVDQXOHIDFDQHYHVWHOHFRSLLGLQIORUL
8QROWHDQKRWDUDVWHFDWUHEXLHQHDSDUDWVDVHDSXFHGHSDUDVXWLVP6HGXFHWLSXOODXQFOXEDVWLDvOEDJDvQSULPXODYLRQ
/DPRPHQWXOSRWULYLWGHVFKLGHXVDDYLRQXOXLVLVHDUXQFD7UDJHGHVIRDUDGDUQLPLFQFDGHUHWUHFHSHOkQJDDOWLROWHQL
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 $0 VD QX SLDUGD WUHQXO VL VH GXFH vQ FDPHUD OD QHJUX 6WD ROWHDQXO
QRVWUXVHXLWDODHOVHvQYDUWHDSHOkQJDHOVLWRW]LFHD
0DGDXUkWPDLHDROHXGDXUkWPDLHVWLPDFHXUkWHXUkWPDLHRPX
DVWDPDLFHXUkWHVLWRWDVDSkQDDGRDUPH
ROWHDQXOQRVWUX
1HJUXOFDUHVWLDURPkQDvVLSXQHvQJkQGVDODUDQMH]HSHROWHDQVLVHVFRDODODQRDSWHDVLvLGDFXFUHPDQHDJUDSHIDWD
6HVFRDODROWHDQXOODVHXLWDvQRJOLQGDVLH[FODPD
0DGD
SURVWHVWHSRUWDUXODVWD/DWUH]LWSHQHJUXvQORFVDPDWUH]HDVFDSHPLQH
8QDUGHOHDQLDWUHQXOGHOD%XFXUHVWLOD&OXMQFRPSDUWLPHQWXUFDGRLROWHQLVPHFKHUL
&XPORUOHFDGHILVDUHSHGHvVLGDXVHDPDFDDXGHDIDFHFXXQDUGHOHDQ
6HJkQGHVFFXPVDVHGLVWUH]HSkQDOD&OXMFDDYHDXVLHLGUXPSHDFROR
2OWHQLL$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
5&DVDILHSULPLLODvQYLHUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HHVWH2OWXO"
58QKRWDUQDWXUDOFDUHGHVSDUWHUkVXOOXPLLGHUHVWXOOXPLL
'HFHDXROWHQLLFRDWHOHDVFXWLWH"
5&DVDVLIDFDORFSULQWUHSURVWL
'HFHSRDUWDROWHQLLFDPDVDVFRDVDGLQSDQWDORQL"
5&DVDLSXSHvQIXQGPDLXVRUFHLFDUHIDFPLVWRGHHL
&XPPHUJSHVWUDGDURPkQLL"
$UGHOHQLLPHUJvQJUXSFDVXQWSURVWLJUDPDGD
0ROGRYHQLLPHUJFkWHFDVXQWSURVWLGDUVHPDLDMXWDXQXOSHDOWXO
2OWHDQXOPHUJHVLQJXUFDHVWHSURVWGHQDUHSHUHFKH
8QROWHDQYLQHSHQWUXSULPDGDWDOD%XFXUHVWL'XSDFHFRERDUDGLQWUHQvVLFXPSDUDXQSRUXPEILHUW SHFDUHGDOHX
'XSDFkWHYDRUHvLYLQHVDVHFD
H&DVDLQWUHODXQ:&XSXEOLFSODWHVWHOHL'XSDFHLHVHVSXQH
,DXLWHEDDPPkQFDWGHOHXVLPDPFDFDWGH
'HFHQXDXROWHQLLFLPLWLUHVLPRUPLQWH"
53HQWUXFDWRWLHPLJUHD]DVLVHvQPRUPkQWHD]DvQ$UGHDO
8QXOVHGXFHQYL]LWDODXQSULHWHQGLQ2OWHQLD,HVHLODREHUHVLVWkQGODPDVDYDGGRLPXQFLWRULXQXOVDSDXQVDQWFDP
GHFPODWLPHVLFPDGkQFLPHODFkWLYDPHWULvQVSDWHOHOXLFHODODOWDVWXSDJURDSD2PXOQRVWUXQXVHSRDWHDEWLQHVL
LvQWUHDEDSHFHLGRLFDUHLWUHDED8QXOGLQHLUDVSXQGH
'RP
OHvQPRGQRUPDOHFKLSDQRDVWUDHIRUPDWDGLQRDPHQLXQXOVDSDJURDSDDOWXOSXQHFDEOXOLDUFHOGHDOWUHLOHDR
DVWXSDQXPDLFDDODGHSXQHDFDEOX
HVWHvQFRQFHGLX
6WLDWLFDSUDIXOGHSXVFDVHIDFHGLQROWHQL"
56XQWLXWLFDIRFXOVLSURVWLGHEXEXLH
6WLWLGHXQGHYLQHID"
5(VWHGLPLQXWLYXOGHOD)DSWXUD*LQJDVD
'HFHvVLLDXROWHQLLRFKHODULGHHFOLSVD"
5&DVDDLEDODFHVHXLWD
&XPHIDEULFDGHEHUHODROWHQL"
5QJURDSDPDJDUXOFXSX
D
QVXV
'HFHDPXULWROWHDQXOFkQGDEDXWODSWH"
53HQWUXFDDSLFDWYDFDSHHO
&XPVDLQYHQWDWGDQVXO&DOXVDULL"
0DULQFXFDVDJUHDOD&DUDFDODFRORXQGHVDUDVWXUQDWVWLWLYRLFHDYHDRVLQJXUDEXGDvQFXUWHODPHPEULDLIDPLOLHL6L
SHFkQG0DULQGLPLQHDWDvVLGHVHUWDPDWHOHFHOHJURDVHGHUHVWXULGHIDVROHFRSLLLFXPYHQHDXODEXGDVHVWUkQJHDXvQIDWD
XVLLVLDVWHSWDXWURSDLQGGH]RUSHORFGHQHUDEGDUHVLGRULQWD0DULQGLQDXQWUXWUDJHDGLQFkQGvQFkQGFkWHREDVLQDODFDUH
FHLGHDIDUDWURSDLQG
,DX]LXQDLDX]LGRXD
&HHVWHFkQGVSXLROWHDQGHVWHSW"
5&RQWUDGLFWLHGHWHUPHQL
&LFDvQ2OWHQLDHUDXQVDWFDUHVHFKHPD*DXULFDLDUkQVDWRSUDYDOLHFDUHWRW*DXULFDVHFKHPD /DSUDYDOLHHUDXGRL
YkQ]DWRULSHXQXOvOFKHPD7DFKHVLSHFHODODOW7LFD$YHQLW XQFRSLOVDFXPSHUHWXV/DSUDYDOLHHUDQXPDL7LFDVLLD
VSXVFRSLOXOXL
1XWLYkQGSkQDQXHVL7DFKHFXPLQH
$OWDGDWDDYHQLWFRSLOXOVDFXPSHUHWXVVLHUDQXPDL7DFKHFDUHQDYUXWVDLYkQGDFRSLOXOXLSkQDQXHVL7LFD
$YHQLWFRSLOXODWUHLDRDUDFkQGHUDXVL7LFDVL7DFKHGDUWXVQXHUD$WXQFLFRSLOXOFHOQHEXQDWLF]LVHSHROWHQHVWH
&DQGIX7LFDQXIX7DFKH&kQGIX7DFKHQXIX7LFD&kQGIX7DFKHVLIX7LFDQXIXWXVOD*DXULFD
&HvVLVSXQHXQROWHDQPXWDWvQ%DQDWvQIDWDRJOLQ]LLvQWLPSFHvVLGDSDOPH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
51DQDQDHVWLGHVDVHOXQLGHMDvQ%DQDWVLQXHVWLvQFDGLUHFWRU
'HFHQXVHWLSDUHVFSHEDQFQRWHOHURPkQHVWLKRORJUDPHOXFLRDVH"
52OWHQLLDUvQFHSHVDOHUD]XLDVFD
&XPIDFHXQROWHDQDFFLGHQWGHDYLRQ"
56HXLWDGXSDDYLRQVLFDGHvQJURDSD
'HFHvVLLDXROWHQLLFXHLODEXGDPXVWDUXO"
5$XDX]LWFDFkUQDWLLDXXQJXVWPDLEXQFXPXVWDU
'HFHDXROWHQLLVWHDJXULURVLLODSRDUWD"
5&DVDOLVHIkOIkLHGHFHLFDUHVSXQEDQFXULGHVSUHHL
'HFHQXVDQDVFXW,VXVQLFLvQ0ROGRYDVLQLFLvQ2OWHQLD"
5Q0ROGRYDQXDJDVLW'XPQH]HXQLFLRYLUJLQDLDUvQ2OWHQLDOLSVHDXFHLWUHLvQWHOHSWLSHQWUXQDVWHUHDVD
&HDXIDFXWROWHQLLFkQGDXYD]XWSULPDRDUDWUHQXO"
5$XIXJLWGXSDHOFXFRFHQLVDLGHDVDPDQkQFH
'HFHVHEkOEkLHROWHQLLFkQGYRUEHVF"
53HQWUXFDOHRLDPLQWHDLQDLQWH
'HFHFRPELQDROWHQLLFLRDUDFXSHVWHOH"
5&DVDPDQkQFHLFUHQHJUH
'HFHVDSDROWHQLLJURDSDvQIDWDFDVHL"
53HQWUXDVLIDFHIRWRJUDILHEXVW
&XPVFDSDROWHQLLGHPXVWH"
58UFDPkQFDUHDvQSRGVLGXSDFHVHDGXQDPXVWHOHOHLDVFDUD
&XPVHIDFHDYRUWXOvQ2OWHQLD"
56HvPSXVFDEDU]D
'HFHvQVDWHOHGLQ2OWHQLDVFROLOHVXQWSHGHDO"
53HQWUXFDROWHQLLVDPHUJDODVFROLvQDOWH
3HRVRVHDGLQVSUH&UDLRYDGRLWDUDQLPHUJFXJKHWHOHDUXQFDWHSHXPDU
)UXPRDVHJKHWHDLUHPDUFDXQXO
'D6LGHFDOLWDWH/HSRUWDVDGHGHDQLVLWRWQRLVXQW
&XPIDFROWHQFHOHWHVWXOGHJUDYLGLH"
5VLEDJDXQSUD]vQSL
GDVLGDFDLHVHPXVFDWVXQWvQOXQDDWUHLD
&HDVSXVROWHDQXOFkQGDYD]XWXQFkLQHDOE"
58LWHXQFkLQHQRXQRXW
'HFHSXQROWHQLLFORVFDSHSXLFXFDSXOvQWRUVVSUH%XFXUHVWL"
5&DVDLDVDSXLLVPHFKHUL
'HFHvVLDJDWDROWHQLXQFHDUFHDIDOEGHDQWHQD"
5&DVDYDGDYHFLQLFDHOSULQGHFHYUHDVLFDLVHIkOIkLHGHHL
'HFHFXPSDUDROWHQLLFDUWLGHODDQWLFDULDW"
53HQWUXFDVXQWJDWDFLWLWH
&HLHVHGLQWUXQROWHDQVLRPROGRYHDQFD"
58QSUD]ERELQDW
'HFHWLQHXQROWHDQOLJKHDQXOSHFDVD"
56D]LFDVLHOFDDUHDQWHQDSDUDEROLFD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HVSXQROWHQLLFkQGVHVSDODSHSLFLRDUH"
5$PDLWUHFXWXQDQ
'HFHVHGXFROWHQLLODUD]ERLFXIORUL"
5&DVDQXOHIDFDQHYHVWHOHFRSLLGLQIORUL
'HFHvVLWLQROWHQLLRLOHODEHFL"
5&DVDSRDWDVDPDQkQFHODRULFHRUDPDVOLQHUHFL
3ULQDQXORPHQLUHDDMXQVHVHODFDQLEDOLVP8QURPkQVHSOLPEDSULQ1HZ<RUNLQWUDvQWURPDFHODULHVLVHXLWDSH
OD SURGXVHOH H[SXVH VL YHGH FUHLHU GH QHPW NJ FUHLHU GH UXV NJ FUHLHU GH LWDOLDQ NJ QWUXQ FROW YHGH VL
FUHLHUGHROWHDQNJOvQWUHDEDSHPDFHODUGHFHFUHLHUXOGHROWHDQHVWHDVDGHVFXPS0DFHODUXOvLUDVSXQGH
3DLGRPQXOHVWLLFkWLROWHQLWUHEXLHVDRPRUFDVDJDVHVFNJGHFUHLHU
'HFHvVLDOWRLHVFROWHQLLOXEHQLWHOHFXSXUHFLL"
5&DVDOHVDUDVkPEXULLFkQGOHWDLH
6HFRQVWUXLHVWHXOWLPXOPRGHOGHURERWFDUHVDvQORFXLDVFDEDUEDWXO(VWHVXSXVODWHVWH
1HPW]RDLFDLHVHGXSDRMXPDWDWHGHRUD$KVFKRQVFKRQ
$PHULFDQFDLHVHGXSDRRUD*UHDWDFWLRQ
2OWHDQFDLHVHGXSDRUHIXJDULQGURERWXO
)LUHDLDOGUDFXOXLWHSOkQJLFDVDXWHUPLQDWEDWHULLOHDL"'DUGHIXJLWPDLSRWLVDIXJL"""
9DULDQWDOD
'HFHvVLFRQVWUXLHVFROWHQLLFDVHOHURWXQGH"
56DQXVHXLWHKRWLLSHGXSDFROW
%DQFXULFXPROGRYHQL
'HFHQXIDFPROGRYHQLL6,'$"
)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
QWUDPYDLvQJUDPDGHDODPDUH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
2GRDPQDVHvQWRDUFHLQGLJQDWDODWLSXOGLQVSDWHOHHL
0DWDOHYULHLVDPDI
WL"DFFHQWPROGRYLHQHVF
9DLGRDPQDVHSRDWHHXVXQWRPVHULRVFXPDVSXWHD
$WXQVLGDWLODRSDUWLSRDWHGRULHVWHGkQVXOVDXGkQVXO
/DVFRDOD,RQHOHVWHUXJDWVDVSXQDRWDUDWURSLFDODVLUDVSXQGH
/DRV
([FHOHQW
*LJHOWUHEXLHVD]LFDVLHORWRWRWDUDWURSLFDODVLUDVSXQGH
&ROXPELD
1XLUDX
QILQHODDFHHDVLLQWUHEDUH%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
&DUHLWUHDEDOD6XFHDYD"
5%HLPDQkQFLVLVWDLGLMHDED
8QWkQDUPROGRYHDQYHQLWSULQ%XFXUHVWLSHODUXGHSHOkQJDYL]LWDUHDRUDVXOXLvVLSXQHvQFDSVDvQFHUFHVLRFXUYDGLQ
FDSLWDOD=LVVLIDFXWSOHDFDHOODDJDWDWVLvQ*DUDGH1RUGDJDWDRWkUIXOLWDVLPHUJHLODXQKRWHOPDLLHIWLQXQGHVLSHWUHF
WRDWDQRDSWHDvQSODFHUL'LPLQHDWDODSOHFDUHvLODVDGHOHLSHSHUQDVLSOHDFDVDQXSLDUGDWUHQXOGH,DVL'XSDDFHDVWD
DYHQWXUDUHXVLWDODYUHRVDSWDPkQLPROGRYHDQXOQRVWUXFRQVWDWDFDSHOkQJDH[SHULHQWDFDSDWDWDFXWkUIDGHFDSLWDODDPDL
FDSDWDWVLFHYDSDGXFKLODWL&XSULPXOWUHQVSUHFDSLWDODVHvQWRDUFHVDLFHDUD VRFRWHDODWkUIHL SHQWUXFDGRXO IDFXW $MXQV
DLFLGXSDFHYDDVWHSWDUHRUHJDVHVWHSHPDGRQDDPRUXOXLWDULIDWVLRLDODvQWUHEDULGLUHFW
3DLELQHIDGXSDFHPDPSXUWDWIUXPRVFXWLQHVLLDPPDLODVDWVLGHOHLSHSHUQDGLPLQHDWDWXDVWDPLIDFL"
&XUYDGXSDFkWHYDVHFXQGHGHXLPLUHvLUDVSXQGHUDVSLFDW
3DLFHSL
GDPDWLPDGHFLQ]HFLGHPLLFHDLILYUXWVDWLGDX1875,,""
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HvVLVFULXPDLQRXDUGHOHQLLSHSRDUWDvQORFGHFkLQHUDX"
50ROGRYHDQvQJD]GD
&XPvWLGDLVHDPDGDFDXQPROGRYHDQHPLUH"
5$UHWUHQLQJXOQRX
&DUHHGLIHUHQWDGLQWUHRIUDQWX]RDLFDVLRPROGRYHDQFD"
5'XSDRQDRDSWHGHDPRU IUDQWX]RDLFDvWL ]LFH HVWLXQ DPDQWDVDGH EXQLDU PROGRYHDQFDDOL WDOL VXQW WRDWL PRELOLOL
DVWLD"
&HVHQXPHVWHSHPROGRYHQHVWHFDPDUDFKLWLWD"
5&DPHUDDVFXQVD
8QRPPHUJHDFXWUHQXOSULQ0ROGRYD&XHOvQFRPSDUWLPHQWXQPROGRYHDQ6HDSURSLHGHJDUD2LWX]VLRPXOQRVWUX
GHVFKLGHIHUHDVWUDVDYDGDJDUD0ROGRYHDQXOGLQVSDWD
0DUDVHVWL
2PXOQRVWUX
2LWX]
0ROGRYHDQXOLDUD
0DUDVHVWL
%DL2LWX]
/DFDUHPROGRYHDQXOLQIXULDW
QFKLGHEDJLDPXOFDPDUDVHVWL
'HFHLDUQDvQ0ROGRYDODQXQWLvQVSDWHOHPLUHVHLPHUJHRFDUXWDFXEDOHJDU"
553HQWUXDGLVWUDJHDWHQWLDPXVWHORU53HQWUXDGLVWUDJHDWHQWLDPXVWHORU
'HFHSRDUWDPROGRYHQFHOHODPXOVXOYDFLLEDWLF"
5&XPYDWUHEXLHVDSRDWDILGHRVHELWHvQWUHHOH
'UXPHWLQGFXPvWLGDLVHDPDFDDLDMXQVvQ0ROGRYD"
59DFLOHVXQWPDLIUXPRDVHFDWLQHUHOH
&HDUIL5RPkQLDIDUD0ROGRYD"
52JUDGLQD]RRORJLFDIDUDPDLPXWH
'HYL]DPROGRYHDQXOXL
9LDWDLVFXUWD'DFDWRWQRSXWHPOXQJLKDLVDRIDFHPODWD
7UHLPROGRYHQLODRUDVVHvQWkOQHVFGXSDRSHULRDGDGHWLPSSHQWUXDVLvPSDUWDVLH[SHULHQWHOH
&HELQHHUDODWDUDPD3HMRVVFkQGXULOHHUDXGUHSWHVLSXWHDPOLQLVWLWVDPHUJGLQWUXQFDS
vQDOWXODOFDPHUHL$LFLODRUDV
DPHWHVFVDWRWXUPDUHVFVLSFLOHODOHDPLFLGHSHMRV
QILHFDUHVHDUDFkQGYLQDFDVDWUHEXLHVDVFROGLQVRPQWUHLYHFLQLSHQWUXFDSHOLIWVFULH1XPDLSHQWUXSDWUXSHUVRDQH
(XVXQWFHOPDLQDSDVWXLW'HILHFDUHGDWDFkQGPLVHIDFHDVHWHDFDVDPDGXFHDPODFLVPHDVLEHDPGXSDSRIWD$FXPPD
GXFWUDJGHIXQLHVLSkQDVDSXQJXUDODDSDVDVLWHUPLQDVLWUHEXLHVDDVWHSWLDUVDVHXPSOHJDOHDWDLDUWUDJGHIXQLHGDUWRW
DVDSDWHVF
&RQFOX]LH
1XPDLPROGRYHDQODRUDVVDQXILLKD
PL 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
QWUXQ 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
'HFHQXMRDFDPROGRYHQLLDVFXQVD"
5&DQXvLFDXWDQLFLGUDFX
9RUEHDXXQPROGRYHDQVLXQROWHDQQWUHDEDROWHDQXO
/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
$PHULFDQXO
%XWWHUIO\
6HIXOGHWULE
%DLGD
HXDPIDFXWFXUVXULOD2[IRUGFUH]LFDQXVWLXFDvQVHDPQDIOXWXUH"+DLODFkUQDWLFXWLQH
(QJOH]XO
%XWWHUIO\
6HIXOGHWULE
%DVLWXHVWLSURVWQVHDPQDIOXWXUH+DLODSDVWDGHPLFLFXWLQH
0ROGRYHDQXO
%XWWHUIO\OL
6HIXOGHWULEGXSDvQGHOXQJLVWURIRFDUL
%DLDVWDQXPDLVWLX6SXQHPLFHvQVHDPQDVLSRWLSOHFDDFDVD
)OXWXULOL
&XPVHQXPHVWHXQPROGRYHDQFXXQ,4GH"
5&HUQDXWL
7UHLPROGRYHQLODRUDVVHvQWkOQHVFGXSDRSHULRDGDGHWLPSSHQWUXDVLvPSDUWDVLH[SHULHQWHOH
0&HELQHHUDODWDUDPD3HMRVVFkQGXULOHHUDXGUHSWHVLSXWHDPOLQLVWLWVDPHUJGLQWUXQFDS
vQDOWXODOFDPHUHL$LFLOD
RUDVDPHWHVFVDWRWXUPDUHVFVLSFLOHDOHDPLFLGHSHMRV
0Q 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),,
'HFHOH]LFHODPROGRYHQL6kUPD"
5&DPHUJHDXSHWUHQVLODILHFDUHVWkOSDOOLQLHLHOHFWULILFDWHVWULJDX6kUPDEDDDD
$FXPFHVXQWPDLPXOWLPROGRYHQLSHREDQFD"
53HULHGHVkUPD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'DUXQPROGRYHDQvQJURSDW"
5&RQGXFWRUVXEWHUDQ
&HFRSLOLHVHGLQFRPELQDWLDXQXLROWHDQFXRPROGRYHDQFD"
53UD]ERELQDW
&HSULPHVWLODXQUHVWDXUDQWPROGRYHQHVFGDFDFHULFUHLHUSDQH"
50LPRULHGLSRUFSUDMLWD
&DUHHEDQFXOFXWLPSXOODPROGRYHQL"
5WLPSX
DPHD
&DUHHEDQFXOFX,%0ODPROGRYHQL"
5DLELHPREHUH
$QXQWODPHWURXOPROGRYHQHVF3D]HDFDVDOLFKLHVFXVKLOL8UPLD]DVWD]LD3ULPDYLHULLFXSRGLVFDSLSDUWLDGULDSWD
%DQFXULFXVLGHVSUHUHOLJLH
%DQFXULSHWHPHELEOLFH
&HHVWHGHDGUHSWXOUDXWDFLRV"
5QYLQHUHDPDUHVDLXUH]LOXL,VXVXQ:HHNHQGSODFXW
&HLD]LVFHQWXULRQXOOXL,VXV"
5QFUXFLVHD]DWLSLFLRDUHOH1XDPGHFkWWUHLFXLH
&DUHDXIRVWXOWLPHOHFXYLQWHDOHOXL,VXV"
50DLPXOWHFXLH$OXQHF
&HVDUILvQWkPSODWGDFD,VXVQXDUILIRVWUDVWLJQLWSHFUXFHFLvQHFDW"
5QILHFDUHELVHULFDVDUILDIODWvQIDWDXQDFYDULX
&HDIRVW,VXVGHPHVHULH"
56WXGHQW/DGHDQLPDLORFXLDODSDULQWLDYHDSDUXOOXQJVLGDFDIDFHDFHYDDWXQFLHUDRPLQXQH
&DUHDXIRVWSULPLLSROLWLFLHQLGLQ,VWRULDRPHQLULL"
5&HLWUHL&UDL$XODVDWPXQFDVDXvPEUDFDWvQKDLQHIUXPRDVHVLDXSOHFDWODGUXP
'HFHODFUHDW'XPQH]HXSULPXOSH$GDP"
5&DVDSRDWDYRUELFXFLQHYDSkQDDSDUHVL(YD
'HFHDFUHDW'XPQH]HXDELDODVIkUVLWIHPHLD"
5&DVDQXOGHUDQMH]HvQWLPSXO&UHDWLHLFXYRUEDHL
'HFHLDIXUDW'XPQH]HXOXL$GDPRFRDVWDVLGLQHDDFUHDWIHPHLD"
5$YUXWVDDUDWHFDGDFDIXULQXLHVHQLPLFDEXQGLQWRDWDWUHDED
&HLD]LV$GDP(YHL"
5)DFkWLYDSDVLvQDSRL1XVWLXFkWPDLFUHVWHFKHVWLDDVWD
'HFHOHDVFULV3DXOFRULQWHQLORU"
53HQWUXFDQXOHSXWHDYRUEL
%D]DGHPRFUDWLHLVRFLDOLVWHVDFUHDWFkQG'XPQH]HXDIDFXWRSH(YDVLLDVSXVDSRLOXL$GDP
6LDFXPDOHJHWLRQHYDVWD
&XPVHQXPHVFQDVLL3DSHL"
53DSD1DVL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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(,$
QWUR]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
QWUR]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]DIDEULFDGHFUHQZXUVWL8QXODMXQJHSkQDvQFHUOJDVHVWH6IkQWXO3HWUX0HUJHHOGLQvQJHUvQvQJHUWRW
vQWUHEkQGFHRILDFHLD7UHFHODDUKDQJKHOLQLFLDVWLDQDXKDEDUGHDVDIDFDWXUDQVIkUVLWHvQGHPQDWVDPHDUJDOD6IkQWXO
)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
Q5DL$GDPLVHDGUHVHD]D'RPQXOXL
'RDPQHFUHDWXUDFHDLFUHDWRGHLQFRDVWDPHDHVWHvQSDWFDXQYXOFDQ6XQWXLPLW
$VWDDPIDFXWSHQWUXFDVDRLXEHVWL
$UHRIDWDVLXQFRUSPLQXQDWVLSDUXOHLOXQJ
$VWDDPIDFXWSHQWUXFDVDRLXEHVWL
6LVWLHVDVLJDWHDVFDPkQFDUXULDVDGHEXQH
$VWDDPIDFXWSHQWUXFDVDRLXEHVWL
'RDPQHGDUGDFDHVWLvQVWDUHVDIDFLDVDOXFUXULPLQXQDWHGHFHQXHXQSLFPDLLQWHOLJHQWD"
$VWDDPIDFXWSHQWUXFDVLHDVDWHLXEHDVFDSURVWXOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
0DULDVL,RVLIVWDXvQ%HWKOHHPvQIDWDXQXLKDQVLFHUDGDSRVW+DQJLXO
PLSDUHIRDUWHUDXGDUQXDPQLFLXQSDWOLEHU
3DLQXYHGHWLFDQHYDVWDPHDHJUHD"
%DGDGDUHXQDPQLFLRYLQD
/DFDUH,RVLI
'DUFUH]LFXPYDFDHXDP"
QFHUVHSURJUDPHD]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
=LVVLIDFXWQSULPDVHDUD
$ORDLFL)HFLRDUD0DULD0LDPFXPSDUDWRURFKLHPLQL(VWHUDXFHHDFHDPIDFXW"
'XPQH]HXUDVSXQGH
1XQXHQLPLFUDX
$GRXDVHDUD
$ORDLFL)HFLRDUD0DULD$PIRVWODRSHWUHFHUH(VWHUDX"
1XQXHQLPLFUDX
$WUHLDVHDUD
$ORDLFL0DULD(VWHUDX"
9D]kQGUDXWDWLOHRDPHQLORU'XPQH]HXVHKRWDUDVWHVDVLWULPLWD)LXOGLQQRXSHSDPvQWVSXQkQGXL
7HYHLUHvQWRDUFHGXSDGHDQL
$XWUHFXWFHOHWUHLGHFHQLLVLQLFLRYHVWH'XSDvQFDFHYDWLPSWRDWDOXPHDvOVLXLWDVH
QVIvUVLWGXSDYUHRGHDQLDSDUHXQPRVQHJXWSUDSDGLWSHFDUHQLPHQLvQDIDUDGH'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
,VXVPHUJHSULQGHVHUWVLvQWkOQHVWHXQEDWUkQOvQWUHDED
&HIDFLDLFLVLQJXUSULQGHVHUW"
PLFDXWILXO
&XDUDWDILXOWDX"
$UHFXLHEDWXWHSULQPkLQLVLSULQSLFLRDUH
/DFDUH,VXV
7DWD
6LEDWUkQXO
3LQRFFKLR
,VXVVHSOLPEDSULQ1D]DUHW$FRORYHGHRPXOWLPHGHRDPHQLFDUHWRFPDLYUHDXVDRPRDUHFXSLHWUHXQSDFDWRV,VXVVH
SXQHSURWHFWRUvQIDWDFRQGDPQDWXOXLVL]LFHFXYRFHGHWXQHW
&DUHGLQYRLHHFXUDWGHSDFDWHVDDUXQFHSULPXOSLDWUD
'LQPXOWLPHYLQHRSLDWUDFDUHvOORYHVWHSH,VXVvQFDS$FHVWDDUXQFDRSULYLUHODFHOFDUHDDUXQFDWR]LFkQG
0DPDXQHRULFKLDUFDPDFDOFLSHQHUYL
7RFPDLVHSUHJDWHH[HFXWLDOXL,VXV9LQDSRVWROLLVLLVSXQ
%D,VXVEDWXGHWRDWHDLIDFXWLQYLDWDQXPDLODIHPHLQDLIRVW8LWHvWLDUDQMDPQRLVLWLVSXQHPWRWFHWUHEXLHVDIDFL
OGXFDSRVWROLLSH,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'XSDvQFDFHYDWLPSWRDWDOXPHDvOVLXLWDVHQVIvUVLWGXSDYUHRGHDQLDSDUH
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
6IkQWXO3HWUXODSRDUWDUDLXOXLQIDWDSRUWLLDVWHDSWDGHEDUEDWL6IkQWXO3HWUXOH]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
QWUR]LIUXPRVDvQ3DUDGLV(YDvOVWULJDSH'XPQH]HX
'RDPQHDPXQQHFD]
&HQHFD](YR"vQWUHDED'XPQH]HX
'RDPQHVWLXFDDLFUHDWDFHDVWDPLQXQDWDJUDGLQDFXDQLPDOHVLFXVHUSLDWkWGHKD]OLLQXPDLSHQWUXPLQHGDUFXWRDWHDVWHD
QXVXQWIHULFLWD
'HFHHVWLQHIHULFLWD(YR"
6XQWDWkWGHVLQJXUD6LGHPHUHPDPFDPVDWXUDW1XPDLSRWVDOHYDG
%LQH(YRQFD]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
YDILDVDOYHLODVDVDDOHDJDFHOHPDLEXQHSRVWXULFDFLYDPXQFLQXPDLSHQWUXWLQHVLFRSLLWDL'DUPDLSUHVXVGHWRDWH
WUHEXLHVDOODVDPVDFUHDGDFDHODIRVWSULPXOvQ5DL
PLFRQYLQH'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,GXSDFHPRDUHvQDFFLGHQWXOGLQWLPSXOUDOLXOXLDMXQJHvQ5DLOvQWkPSLQD6I3HWUX
FDUHLVSXQH
$LYRLHVDWHSOLPELRULXQGHVDYL]LWH]LWRDWHFHOHEULWDWLOHVDRUJDQL]H]LSDUW\XULGDUGDFDYHLFRQGXFHPDVLQDQXDLYRLH
VDFLUFXOLFXPDLPXOWGHNPK
$FHVWDDFFHSWDGDUvQWUR]LFkQGFLUFXODUHJXODPHQWDUFXPDVLQDHVWHGHSDVLWGHXQ)HUUDULXOWLPXOWLSFDUHDYHDFDP
NPKVLvQVFULVSHWDEOLWDGHvQPDWULFXODUHO1$5HYROWDW6HQDVHGXFHOD6I3HWUXVLvLVSXQH
3DLELQHSUHD6ILQWHPLDLVSXVFDQXDPYRLHVDFLUFXOFXPDLPXOWGHNPKVLDGLQHDXULDWUHFXWXQXOSHOkQJDPLQHFX
NPKvQWUXQ)HUUDULGH1DSROL&XPYLQHDVWD"
QSULPXOUvQGFDQXHVWHGH1DSROLHVWHGH1D]DUHWKVLvQDOGRLOHDUkQGWLSXOHVWHILXOOX
6HIX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6HIDFHFD'XPQH]HXVL6I3HWUXVHSOLPEDXSULQUDL/DXQPRPHQWGDWYHGH'XPQH]HXFDSRUWLOHUDLXOXLVXQW]JkUkDWH
UXSWHYDLGHHOHOvQWUHDEDSH6I3HWUX
&HVDvQWkPSODWDLFL"
/DFDUH6I3HWUXUDVSXQGH
$VWDVHvQWkPSODGHRDUHFHWRWLFHLFDUHVXQWFRQGDPQDWLVLDUXQFDWLvQLDGVHDJDWDGHSRUWL
$VWDVLJXUHVWHPkQDQHFXUDWXOXL6SXQHLVDUHSDUHSRUWLOHLPHGLDW
$X]LQDVWDGLDYROXOXLD]LV
'DPDvQMXGHFDWD
,LVXV&KULVWRVVWDWHDSHRSLDWUDVLIXPDRWLJDUDFXFDIHDXDODQJDHO$SDUH6IkQWXO3HWUHVLVSXQH
,LVXV,LVXV8UFDWHUHSHGHSHFUXFHFDYLQWXULVWLL
,VXVVL6IkQWXO3HWUHVWDWHDXvQ5DLVLYRUEHDXGHVSUHSROXDUHD7HUUHL,VXVSURSXQHVDPHDUJDMRVVLVDVHFRQYLQJD
SHUVRQDOGHJUDYLWDWHDVLWXDWLHLLDU3HWUHDYUXWVDvOvQVRWHDVFD$XDMXQVODRFRQGXFWDLPHQVDSHPDOXOPDULLVL,VXVvQWUHED
3HWUHSHQWUXFHHFRQGXFWDDVWD"
3HWUH]LVH
3ULQFRQGXFWDDVWDVHSRPSHD]DDFRORvQODUJJXQRDLHOHVLVXEVWDQWHFKLPLFHFDUHXFLGSHVWLLVLIORUDPDULL
,VXVVHKRWDUDVWHVDPHDUJDvQODUJXOPDULLVLVDRSUHDVFDDVWD,VXVSOHFDSHDSDVL3HWUHGXSDHOQFXUkQGDFHVWXLDGLQXUPD
vLDMXQVHDSDSkQDODJHQXQFKLvQWLPSFH,VXVPHUJHDPDLGHSDUWHSHDSD$SRLSkQDODEUkXVLGXSDDFHHDSkQDODJkW1X
PDLUH]LVWDVL]LVH
,VXVHWHXUPH]RULXQGHYUHLGDUGDFDPDLPHUJDVDPDvQHFvQDSDDVWDSROXDWD(XQXSRWPHUJHSHDSD
/DFDUH,VXVVHvQWRDUFHODHOVLL]LFH
%DSURVWXOH'DWXGHFHQXPHUJLSHFRQGXFWDFDVLPLQH"
'XPQH]HXvL]LFHOXL1RH
QVDVHOXQLYRLODVDRSORDLHVDFDGDSHSDPkQWVLDFHVWDYDILDFRSHULWFXDSD7RWFHHVWHUDXYDILDVWIHOGLVWUXV9UHDXFD
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
QDWLRQDOLWDWLORUFRQORFXLWRDUHPLSDUHUDX'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
7XHVWLXQRPVLQJXUDIDSWXUDFXUDWLXQHGHSHSDPkQWWLYHLIRORVLLQWHOLJHQWDVDvPEOkQ]HVWLDQLPDOHVLVDFXOWLYLSODQWH
7XYHLVWDSkQLSDPkQWXOVLYHLWUDLGHDQL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DFDUHRPXO]LVH
'RDPQHGHDQLvPLVXQWSUHDSXWLQ'DPL'RDPQHFHLGHDQLFDUHLDUHIX]DWPDJDUXOFHLDLFkLQHOXLVLFHLDL
PDLPXWHL
6LDVDDIDFXW'XPQH]HXFDRPXOWUDLHVWHGHDQLFDRPGXSDFDUHVHFDVDWRUHVWHVLGHDQLWUDLHVWHFDPDJDUPXQFLQG
OXFUXULJUHOHGHGLPLQHDWDSkQDVHDUD$SRLYDDYHDFRSLLVLYDWUDLDQLFDXQFkLQHSD]LQGFDVDVLPkQFkQGUHVWXULOHGHOD
IDPLOLDVD$SRLODYkUVWHvQDLQWDWHvVLWUDLHVWHXOWLPLLDQLFDPDLPXWDVHYDSXUWDFDXQLGLRWVLvVLYDGLVWUDQHSRWLL
8QSROLWLVWURPDQvL]LFHDPHQLQWDWRUOXL,VXVSHGUXPXODFHVWXLDFDWUH*ROJRWD
/DVDQXPDLRGDWDVDFDGDFUXFHDVLQXPDLDSXFLVIkUVLWXOSDUDGHL
'HFHVDUEDWRULPGHIDSW&UDFLXQXO"
5$SDUHIRDUWHGHVIHQRPHQXOFDSHOXPHYLQHXQEDUEDWFDUHPDLWkU]LXVHFUHGH'XPQH]HX
&HVDUILvQWkPSODWGDFD0DULDDUILUDPDVQHvQGXSOHFDWD"
56LPSOXQXDPPDLILDYXW&UDFLXQ
&HDUILSXWXWVDQHVDOYH]HGHVDUEDWRULUHD&UDFLXQXOXL"
5'DFD,RVLIDUILPDUWXULVLWWRWXO
'HFHVHYHKLFXOHD]DLGHHDFD,VXVDUILIRVWQHJUX"
5'LQWUHLPRWLYH
QXPHDSHWRWLFHLGLQMXUXOVDXIUDWH
DVFXOWDWRWWLPSXOPX]LFDJRVSHO
SURFHVXOFDUHLDIRVWIDFXWQXDIRVWXQXOFLQVWLW
%DQFXULFXSRSLVLFDOXJDUL
8Q3DVWRUVSXVHODRvQPRUPkQWDUH
$FHVWFDGDYUXDIRVWPHPEUXvQELVHULFDQRDVWUDGHSHVWHGHDQL
/DVOXMEDGLQDFHDVWDVHDUDYRPDERUGDWHPD&HHVWH,DGXO"9DUXJDPVDYHQLWLSXWLQPDLGHYUHPHSHQWUXDDVFXOWD
UHSHWLWLLOHFRUXOXLQRVWUXELVHULFHVF
&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
QWUXQUkQGGDVFDOXOQHFDMLQGXVHSHVILQWLDVDVHIDFHFDVLXLWDVDFDXWHHYDQJKHOLDFHHUDVDVHFHWHVFD6HQFHSHVOXMED
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
3DFDWQFDGRXD]HFLGHPDWDQLL6LQXWHDPXVWUDWFRQVWLLQWDYHQLQGFDWUHELVHULFD"
%DGDGDUPDPvQWkOQLWVLFXFRDQDSUHRWHDVD
6L"
0KHUDVLGDQVDFDPSDOLGD
6L"
6LDPvPEXMRUDWR
5DPDQHSRSDEORFDWGDUWLSXO
3DULQWHHVWLFDPSDOLG
'LVFXWLHvQWUHXQSUHRWVLSULHWHQXOVDX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
1XVWLXFLQHPLDIXUDWELFLFOHWDDVHDUD&XPVDIDFVDRJDVHVF"
(IRDUWHVLPSOXODVOXMEDGHGXPLQLFDvQWLPSFHHQXPHULFHOHSRUXQFLWHXLWLFXDWHQWLHODHQRULDVL/DSRUXQFDFX
IXUDWXOGDFDVHvQURVHVWHYUHXQXODODH
'XSDRVDSWDPkQD
(LFLQHVDvQURVLW"
1LPHQLFDODSRUXQFDFXSUHDFXUYLWXOPLDPDGXVDPLQWHXQGHDPXLWDWR
7UHLFDOXJDULDMXQJvQ5DLOvQWUHDED6I3HWUXSHSULPXO
&XFHDLSDFDWXLWILXOH"
$SXVRGDWDPkQDSHRSX
D
%LQHVDWLRVSHOLvQOLJKHDQXODODFXDSDVILQWLWDVLSRWLLQWUDvQ5DL
6I3HWUXFDWUHDOGRLOHD
7XFXFHDLSDFDWXLWILXOH"
QDLQWHFDDFHVWDVDSRDWDUDVSXQGHVSXQHDOWUHLOHD
%DvQDLQWHVDWLVSHOLWXFXUXOODVDPDVDPLFODWHVFJXUD
2FODVDGHIHWHIDFHRH[FXUVLHvQ,WDOLD8QXOGLQRELHFWLYHOHWXULVWLFHHVWHRPkQDVWLUH8QFDOXJDUOHLDvQSULPLUHVLWLQH
XQPLFGLVFXUV
QDLQWHGHDYL]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
QVIkUVLWYLQH]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
QWUR]LVHHQHUYHD]DSRSDVLvLDGXQDSHWRDWHHQRULDVHOHVDOHSXQHXQOLJKHDQFXDSDvQIDWDVDVLOHVSXQH
7RDWHFDUHDXSDFDWXLWDWLQJkQGSXODXQXLEDUEDWVDYLQDDLFLVLVDVHVSHOHSHDFHDSDUWHDFRUSXOXLFXFDUHDXDWLQV
9LQHSULPD
3DULQWHHXDPDWLQVDVDFXGHJHWXOPLF
$KHJUDYXLWHWHVSHOLDLFHDIDFLGHPDWDQLLVLJDWD
$GRXD
$SDULQWHHXDPDWLQVRFXPDQDVLFXIXQGX
3DULQWHOHIRDUWHVXSDUDW
(IRDUWHJUDYWHVSHOLDLFLVLWLLGRXDOXQLSRVW
/DFDUHXQDGLQVSDWHLHVHGLQUkQGVLVSXQH
'DFDWXFUH]LFDHXDPVDPLVSDOJXUDDFRORXQGHVHVSDODDLDODIXQGWHvQVHOL
2JDJLFDRSXQHDGHPDLPXOWWLPSFXXQGRFWRU'XSDRSHULRDGDJDJLFDUDPkQHJUDYLGD&XPVDIDFDFXPVRGUHJD
VDQXOIDFDSHGRFWRUGHUDKDW"9LQHOXQDDQRXDJDJLFDSHSXQFWXOGHQDVWHQ]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
6HJkQGHVWHLDUSUHRWXOGDUQXVLDGXFHDPLQWHGHFHHVFULVvQSVDOPXOQVIkUVLWIDWDFRERDUDSUHRWXODMXQJHDFDVDVLIXJH
UHSHGHLDSVDOWLUHDRGHVFKLGHODSVDOPXOVLFLWHVWH$&($67$(67(&$/($),8/(
QWUR]LWUHLWLSLVDXKRWDUkWVDDGHUHODXQFXOW$VDFDVHGXFODFHDPDLDSURSLDWDELVHULFDVLGLVFXWDFXSRSDGHDFROR
3RSDOHVSXQHFHORUVDPHDUJDDFDVDVDIDFDXQSDFDWPDUHVLDSRLVDVHUHvQWRDUFDODHO$GRXD]LFHLWUHLWLSLVHvQWRUFOD
SRSD3RSDvOvQWUHDEDSHSULPXO
7XFHSDFDWDLFRPLV"
$PRPRUkWXQYHFLQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'XWHDWXQFLVLEHDGLQDSDVILQWLWDVLSDFDWHOHvWLYRUILLHUWDWH
OvQWUHDEDSHDOGRLOHD
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
'DSDULQWHQSULPXOUvQGODPYD]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$&$0,'$&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
QWLPSXOVOXMEHLYLQHXQIUDWHvQIXJDVLDQXQWDvQJXUDPDUH
$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]DFHYDQHPXOWXPLWOFKHDPDFkQGWHUPLQDVLL]LFH
6DWLLPLQWHVXQWFHOH]HFHSRUXQFLQXWRS(VWHYRUEDGHVSUH7DWDO)LXOVL6IkQWXO'XKQXGH0RVXOIHFLRU
VXVL
IDQWRPD
3UHRWLLVHSRWFDVDWRULL"
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"
$OLQXWDQRFKLLOXL*LJHO
$OLQXWD0DPDGHFHWUHEXLHVDDOHUJWRWWLPSXOvQFHUF"
0DPD)LLFXPLQWHFDFLDOWIHOvWLEDWXQFXLVLvQSLFLRUXOFHODODOW
$OLQXWD0DPDPDPDvQFHSVDDPHWHVF
0DPD1XILLDVDDVWDHGRDUSURJUDPXOGHSUHVSDODUH
$OLQXWD0DPDPDPDQXPDLYUHDXODSVLKLDWUX
0DPD1XPDLQWHUHVHD]DFHYUHLWXYUHDXVDVWLXGHFHSOkQJLGHILHFDUHGDWDFkQGWHEDW
$OLQXWDOLSVHVWH]LOHGHODVFRDOD&kQGYLQHRvQWUHDEDvQYDWDWRDUHD
'HFHQXDLYHQLWODVFRDOD"
$OLQXWD$PXULWPDPD
&XPDPXULW"
$OLQXWD$EDWXWXQFXLvQSHUHWHVLVDORYLWFXFLRFDQXOSHVWHGHJHW
%LQHELQHGDUQXVHPRDUHGLQDVWD
$OLQXWD6HFKLQXLDSUHDPXOWVLWDWHLLVDIDFXWPLODGHHDVLDvPSXVFDWR
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
7DWD$OLQXWDWHDLVSDODWDVWD]LSHGLQWL"
$OLQXWD1XWDWD
7'DUDLFXLVXQWGLQWLLGHSHMRV
7DWD7HDLGLVWUDWELQHvQYDFDQWD"
$'D$PIRVWFXPDPDVLSULHWHQXOHLODPDUH
76LFHDLIDFXW"7HvPSDFDLELQHFXHO"
$'D0DGXFHDvQILHFDUHGLPLQHDWDFXEDUFDODYUHR.PGHPDOVLHXvQRWDPSkQDSHSODMD
76LQXHUDJUHX"
$1XHUDPDLJUHXVDLHVGLQVDF
QWURGLPLQHDWDJHURDVDGHLDUQDWDWDO$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"
$$$$5555*++++++222225555**++++++
$OLQXWD0DPDPDPDDPXULWEXQLFXWXOVWULJD$OLQXWD
0DPD/DGUDFXWRFPDLDFXPFkQGPDLDYHPvQFDMXPDWDWHGLQEXQLFDvQIULJLGHU
$OLQXWD'HFHIXJHWDWDvQ]LJ]DJPDPD"
0DPD7DFLVLPDLDGXJORDQWH
$OLQXWD0DPDSRWVDLWDLRXUHFKHOXLWDWD"
0DPD1XPDLODVDOVDPDLILDUEDPLQXWH
7DWD$OLQXWDILLGUDJXWDVLIDLREDLHIUDWHOXLWDX'XSDYUHRMXPD
GHRUDWDWDOLQWUDvQEDLH$OLQXWDvOWLQHDGHXUHFKLSH
IUDWLRUXOVDXVLvOWUDJHDSULQDSD
7$OLQXWDPDLSXQHPkQDVLPDLIUHDFDOVLWX
$OLQXWD&HDLvQQHEXQLWYUHLVDPDRSDUHVF"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
$OLQXWDFXIUDWLRUX
VHMXFDXvQSDGXUHGHD:LOOLDP7HOO)UDWLRUX
SXQHXQPDUSHFDSXO$OLQXWHLVHvQGHSDUWHD]DFkWLYD
PHWULRFKHVWHVLVDJHDWDVHvQILQJHGLUHFWvQRFKLXOVWkQJDO$OLQXWHL)UDWLRUXvLVSXQH
),DUWDPD$OLQXWDQDPYUXW9UHLVDQHPDLMXFDP"
$OLQXWD'D
3RYHVWHDVHUHSHWDVLIUDWLRUXvLVFRDWHVLFHODODWRFKL2vQWUHDEDLDU
),DUWDPD$OLQXWDQDPYUXW9UHLVDQHPDLMXFDP"
$'DGDUD]LVPDPDFkQGVHvQWXQHFDVDPDGXFDFDVD
$OLQXWDWkQMHDODMXFDULDDOWXLFRSLO
$OLQXWD'DPLRVLPLHVDPDMRFSXWLQ
&RSLOXO1X
$+DLWHURJIUXPRV
&1X
$'DFDQXPLRGDLvWLVFRWXQRFKL
&1XYUHDX
$OLQXWDvLVFRDWHXQRFKL
$'DFDQXPLRGDLVDPDMRFWLOVFRWVLSHFHODODOW
&1X1X1X
$OLQXWDvLVFRDWHVLFHODODOWRFKL
$(LDFXPWHDLUD]JkQGLW"
&$FXPQXPDLSRWFDPLD]LVPDPDVDPDGXFDFDVDFkQGVHIDFHvQWXQHULF
$OLQXWD0DPD7DWD9HQLWLUHSHGHFDVDVSkQ]XUDWIUDWLPLXvQJDUDM
9LQSDULQWLLDODUPDWLGDUQXYDGQLPLF
07&HYUHLWXSURDVWRQXHQLPLFDLFL
$OLQXWD3DFDOHDODGH$SULOLHVDVSkQ]XUDWvQSRG
6HDUDYLQH$OLQXWDODSDULQWLvQVXIUDJHULH
$OLQXWD7DWDPDLSULPHVFvQFDXQSDKDUFXDSD"
7DWDQFDXQSDKDU"'DUWLDPGDWGHMDVDVHSkQDDFXP
$'DGDUSDWXWXOPHXDUGHvQFD
$OLQXWDRIHWLWDVLPSDWLFDHOHYDvQFODVDDGRXDYLQHDFDVDGHODVFRDODVLVSUHPDUHDHLVXUSUL]DYHGHXQHQRUPEUDGGH
&UDFLXQvQPLMORFXOVXIUDJHULHL
$OLQXWD0DPLFRFHEUDGIUXPRVHSHQWUXPLQH"
0DPD3DLSHQWUXFLQHVDILHGUDJDSHQWUXWLQHFkWLFRSLLDPHX"UDVSXQGHPDPD
$$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
&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
0DPD1XFRSLOXOPHXQXHDGHYDUDWQFKLGHFHLWUHLRFKLVRULVLGRUPL
$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$OLQXWHLHUDXIRDUWHIHULFLWLGHRDUHFHIHWLWDUkQMHDPHUHXQWUREXQD]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$OLQXWDLDWRSRUXOVLSOHDFDVDVHDMRDFHFXSDSXVLOHQWUHWLPSVHLVFDFHDUWDvQFDVDVLPDPD$OLQXWHLHVWH
DUXQFDWDvQSUDSDVWLH$OLQXWDYLQHSOkQJkQGvQKRKRWH7DWDOHLvQWURFUL]DGHSHUVRQDOLWDWHRvQWUHDED
$OLQXWDWDWLvWLSDUHUDXFDDPDUXQFDWRSHPDPDWDvQSUDSDVWLH
/DFDUH$OLQXWD
1XPD'DPDRIWLFFDDPSLHUGXWID]D
9DULDQWD
QWURVHDUDWRWLIUDWLL$OLQXWHLUkGHDXGRDU$OLQXWDSOkQJHD
'HFHSOkQJL$OLQXWD"vQWUHDEDWDWDO
)UDWLLPHLDXDUXQFDWRSHPDPDGHODEDOFRQVSXVH$OLQXWDSULQWUHVXVSLQH
6LWXGHFHSOkQJL"
1XDPYD]XWID]D
$OLQXWDVHWUH]HVWHQRDSWHDDX]LQGEDWDLvQJHDP'HVFKLGHJHDPXOVLYHGHRFLRDUDPDUHQHDJUDVLXUkWDEDWkQGGLQ
DULSLVLFURQFDQLQG
7HPDQkQFWHPDQkQFWHPDQkQF
$OLQXWDIXJHVSHULDWDODPDVDVLRVFRDODGLQVRPQ
0DPLPDPLUHSHGHFDPDPDQkQFDSDVDULFD
6FDUSLQDWH
6WLLFXPDVFDSDW$OLQXWDGHVLGD"
51X
5$PXULWGHFDQFHU
$OLQXWDVHvQWRDUFHGHODVFRDOD]JkUkLDWDSHIDWD&kQGPDPDRYHGHVHVSHULHVLRvQWUHDED
6SXQH$OLQXWDFLQHWLDIDFXWDVWDODLSXWHDUHFXQRDVWH"
6LJXUPDPDDPXUHFKHDOXLvQEX]XQDU
$OLQXWDFDWUHPDPD
0DPDPDSRWMXFDFXORSDWLFDvQJURDSDFXQLVLS"
1XPDLGXSDFHJDVLPXQDOWORFSHQWUXWDWD
%DQFXULFXEHEHOXVL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HHURVXVLVWDvQFROW"
58QEHEHOXVFDUHOLQJHRODPDGHUDV
&HHURVXYHU]XLVLVWDvQFROW"
5$FHODVLEHEHOXVWUHLVDSWDPkQLPDLWkU]LX
&HIXJHPHUHXvQVSUHSHUHWHVLVWULJDFkQGVHORYHVWHGHDFHVWD"
58QEHEHOXVFXGRXDIXUFXOLWHvQRFKL
&HHPDLKD]OLXGHFkWXQEHEHOXVPRUW"
58QEHEHOXVPRUWvQFRVWXPGHFORZQ
&HIDFHIOHRVFIOHRVFVLDSRLVIkkUUUVIkkUUU"
5'RLEHEHOXVLJHPHQLvQEDLDGHDFLGVXOIXULF
&HHPLFURVXVLQXDUHORFvQFDUXFLRU"
58QEHEHOXVFXRVDJHDWDvQILSWDvQFDS
&HHUR]DOLXVLVWDvQFROW"
58QEHEHOXVFDUHVHMRDFDFXRSXQJDGHSODVWLF
&HHYkQDWVLVWDOLQLVWLWvQFROW"
58QEHEHOXVFDUHQXVHPDLMRDFDFXRSXQJDGHSODVWLF
&HHQHJUXVLVWDvQFROW"
58QEHEHOXVFXGHJHWXOvQSUL]D
&HHYHUGHVLVHvQYkUWHVWHFXURWDWLLPLQ"
52EURDVFDvQPL[HU
&HHURVXVLVHvQYkUWHVWHFXURWDWLLPLQ"
58QEHEHOXVFDUHDYUXWVDSULQGDEURDVFD
&HQHJUXVLVHURWHVWHvQFHWLVRU"
58QEHEHOXVODURWLVRU
&HHJDOEHQYkQDWVLVWDSHIXQGXOSLVFLQHL"
58QEHEHOXVFXFRODFXOGHVXPIODW
&HDUHSDWUXURWLIXPHJDVLVWULJD"
58QDXWREX]FXEHEHOXVLFDUHDUGH
&DUHHFHOPDLEXQEDE\VLWWHUFDUHvOSRWLDYHD"
58QSLWEXOO
&HDUILSXWXWVFKLPEDPDVLYFXUVXOLVWRULHL"
53LWEXOOXOGLQ%HWKOHHP
&XPIDFLXQEHEHOXVVDUkJkLH"
5&LRFDQHVWLSLWEXOOXOSHVWRPDF
'HFHHDVDGHJUHXVDFUHVWLSLWEXOOL"
56DOHSURFXULPkQFDUHGXUHD]DOXQL
&XPVHGHILQHVWHUD]EXQDUHD"
58QEHEHOXVFXXQSLWEXOOvQGLQWL
&HHSHQWUXXQSLWEXOOXQEHEHOXVvQFDUXFLRU"
50LFGHMXQODSDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HVHGHSODVHD]DSHRUL]RQWDODFXNPKPLVFkQGXVHWRWRGDWDvQVXVVLvQMRVSHYHUWLFDOD"
58QEHEHOXVOHJDWGHXQFDPLRQ
&XPVFRWLXQEHEHOXVGLQRDODGHVXSD"
5&XSRORQLFXO
&XPVFRWLXQEHEHOXVGLQFHDLQLF"
5&XSDLXO
&DUHHGLIHUHQWDGLQWUHXQDYRUWRQVLQLVLS"
51LVLSXOQXSRDWHILPkQFDW
&HHVWH%DE\ORQ"
5&KHVWLDFDUHRVSUH\H]LSHEHEHOXVLvQDLQWHGHDLFDOFD
&DUHHGLIHUHQWDGLQWUHXQFDPLRQvQFDUFDWFXEHEHOXVLVLXQFDPLRQvQFDUFDWFXFDUDPL]L"
5&DUDPL]LOHQXOHSRWLGHVFDUFDFXIXUFD
&HUHHGLIHUHQWDGLQWUHRFLVWHUQDFXDSDVLXQDFXEHEHOXVL"
5$SDQXRSRWLvQFDUFDVLGHVFDUFDFXIXUFD
&XPXUFLGHEHEHOXVLFDUH]ELDUDvQWUXQFDPLRQ"
5&XIXUFD
&XPGHVFDUFLXQFDPLRQFXGHEHEHOXVLPRUWL"
57RWFXIXUFD
'HFHGHVFDUFLFDPLRQXOFXIXUFD"
5&DVDYH]LFDUHGLQEHEHOXVLPDLHvQYLDWD
&HHDVWD"WLQHWLPkLQLOHvQIDWDVLVFXWXUDOHSXWHUQLF
58QEHEHOXVFDUHPDLHvQYLDWD
/DGHVFDUFDUHFXPvWLGDLVHDPDFDDLGDWGHXQEHEHOXVvQYLDWD"
5)XUFDvQFHSHVDVHVFXWXUH
&XPJDVHVWLXQEHEHOXVvQYLDWDvQWURJUDPDGDGHEHEHOXVLPRUWL"
5LvQODWXULSHFHLPRUWLFXIXUFD
&HHPDLJURD]QLFGHFkWDVWD"
58QEHEHOXVYLXODED]DXQHLJUDPH]LGHEHEHOXVLPRUWLFDUHvQFHDUFDVDVLFURLDVFDFXJXUDGUXPXOODVXSUDIDWD
&HHVLPDLJURD]QLFGHFkWDVWD"
5%HEHOXVXOFXSULFLQDHGHYLQD
&HHPLFVLURVXVLVWDODFROW"
58QEHEHOXVFDUHVHVFDUSLQDFXFXWLWXOGHFXUDWDWFDUWRIL
&HHVWHPDLKD]OLXGHFkWVDvQYkUWLXQEHEHOXVWLQkQGXOGHKDLQH"
56DORSUHVWLGLQURWDWLHFXREkWDGHEDVHEDOO
&HHJROSXVFDVLVWDvQWUXQERUFDQ"
58QEHEHOXVvQIRUPRO
&HHURVXVDUDWVLXUOD"
58QEHEHOXVMXSXLWGHSLHOHODVDUDPXUD
&HXUODVLVHvQYkUWHVWHFXNPK"
58QEHEHOXVvQYHQWLODWRU
&HHPDLKD]OLXGHFkWXQYDJRQGHEHEHOXVLPRUWL"
58QYDJRQFXEHEHOXVLPRUWLFXXQXOFDUHPDLWUDLHVWHVLvQFHDUFDVDLHVHODVXSUDIDWD
'HFHWUHFHXQEHEHOXVVWUDGD"
5$IRVWFDWHJRULVLWODSXL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HHQHJUXVLVDOWDXVRU"
58QEHEHOXVvQWLJDLH
&HHPDLKD]OLXGHFkWXQEHEHOXVFUDSDW"
58QEHEHOXVFUDSDWvQGRXD
&XPVHQXPHVFGRLEHEHOXVLDYRUWDWLvQWURJDOHDWD"
5%ORRG%URWKHUV
&HHUXPHQVLVDUHvQVXVGXSDGRXDPLQXWH"
58QEHEHOXVvQSUDMLWRUXOGHSkLQH
&HHPDLKD]OLXGHFkWVDIL[H]LXQEHEHOXVvQFXLHGHSHUHWH"
56DOFDXWLvQDLQWHVLSHIUDWLRUXOVDXPDLPLF
'HFHQXVDPDLSXWXWURWLEHEHOXVXOvQMXUXOVWkOSXOXL"
56DWHUPLQDWOHVD
&HHPLFQHJUXVL]JkUkLHJHDPXO"
58QEHEHvQFXSWRUXOFXPLFURXQGH
&HHPLFVLFLRFDQHVWHvQJHDPODILHFDUHVHFXQGH"
58QEHEHOXVvQFXSWRUXOFXPLFURXQGHWLSFDUXVHO
&HHDOEDVWUXYHU]XLVLFLRFDQHVWHvQFHWvQJHDP"
58QEHEHOXVvQDFYDULX
&HHQHJUXVLSXWHXUkW"
58QEHEHOXVFDUHPHVWHFDXQFDEOXGHFXUHQW
&HHQHJUXVLSXWHVLPDLXUkW"
58QEHEHOXVvQVXIUDJHULDLQFHQGLDWD
&XQvWLGDLVHDPDFDvQFDUXFLRUXOEHEHOXVXOXLDIRVWXQHOHIDQW"
5'XSDXUPHOHGHSHFDSXOEHEHOXVXOXL
'HFHVHLQWURGXFEHEHOXVLLvQPL[HUvQFHSkQGFXSLFLRDUHOH"
5&DVDOHSRWLYHGHDH[SUHVLDIHWHL
&XPEDJLEHEHOXVLPRUWLvQWUXQFDVWURQGHSRUWHODQ"
5,DWLPL[HUXO
&XPvLVFRWLGLQFDVWURQ"
5&XOLQJXUD
&HHPDLJURD]QLFGHFkWXQEHEHOXVPRUWvQWUXQFRVGHJXQRL"
5=HFHEHEHOXVLPRUWLvQWUXQFRVGHJXQRL
&HHPDLJURD]QLFGHFkW]HFHEHEHOXVLPRUWLvQWUXQFRVGHJXQRL"
58QEHEHOXVPRUWvQ]HFHFRVXULGHJXQRL
&HHPDLJURD]QLFGHFkWXQEHEHOXVvQWURSXQJDGHJXQRL"
52SXQJDGHJXQRLvQWUXQEHEHOXV
'HFHVXQWEHEHOXVLLFDVWUXJXULL"
5$PkQGRLGDXXQPXVWURVXGDFDvLVWRUFL
&HHPLFVLURVXVLQXVHSRDWHvQWRDUFHSHFRULGRU"
58QEHEHOXVFXRVXOLWDvQFDS
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HHPLFVLURVXVWDvQIDWDRJOLQ]LLVLVHPLFVRUHD]DYD]kQGFXRFKLL"
58QEHEHOXVFDUHvVLIDFHIUH]DFXXQFXWLW
FXPSRWLIDFHXQEHEHOXVVDvQFHWH]HVD]ELHUH"
5&XXQWRSRU
'HFHODQDVWHULVHIRORVHVWHDSDILDUWD"
5'DFDEHEHOXVXOPRDUHHJDWDVXSD
&DUHHGLIHUHQWDGLQWUHXQEHEHOXVVLRIHOLHGHSkLQH"
5)HOLDGHSkLQHRSRWLEDJDvQWRDVWHUEHEHOXVXOWUHEXLHSXVvQFXSWRU
&XPIDFLXQEHEHOXVVDSXWUH]HDVFD"
5OODVLvQVRDUH
'HFHVXQWEHEHOXVLLQDVFXWLSHFDOHDUWLILFLDODFHLPDLIUXPRVL"
53HQWUXFDVXQWIDFXWLFXPkQDOXFUXPDQXDO
&HDUHFPQXVHPLVFDVLIDFHIHPHLOHVDXUOHGLPLQHDWD"
58QEHEHOXVPRUWvQSDWXW
%DQFXULFX&RQFRUGHXO
3HGDWDGH,XOLHODRUDGXSDPDVDXQDYLRQGHWLS&RQFRUGHDSDUWLQkQGFRPSDQLHL$LU)UDQFH&RQFRUGH
GHFROHD]DGLQ3DULVFXGHVWLQDWLD1HZ<RUN$FHVWDVHSUDEXVHVWHODVFXUWWLPSGXSDGHFRODUHGLVWUXJkQGXQKRWHOGHOD
SHULIHULD3DULVXOXLvQ*RQHVVHQXUPDSUDEXVLULLPRUWRWLFHLSDVDJHULJHUPDQLGRLGDQH]LVLXQDXVWULDF
0DMRULWDWHDSHUVRDQHORUGHQDWLRQDOLWDWHJHUPDQDHUDXIRDUWHERJDWLVLSHFDOHGHDHIHFWXDRH[FXUVLHGHGRXDVDSWDPkQLvQ
$PHULFDDOFDUHLSUHWHUDGHFFD3HUVRDQHOHXFLVHDIODWHvQKRWHODXIRVWXQWXULVWHQJOH]GRLSRORQH]LVLR
IUDQWX]RDLFD
&RQFRUGXOHUDFRQVLGHUDWFHOPDLVLJXUDYLRQGLQOXPHVLRFDODWRULHFXDFHVWDFRVWDvQMXUGH'09LWH]DIRDUWHPDUHD
DFHVWXLWLSGHDYLRQSHUPLWHWUDYHUVDUHD$WODQWLFXOXLvQFFDRUHVLMXPDWDWH
QSULPXOUkQGDVGRULVDUHPDUFFDHWRWXVLIRDUWHWULVWFDDWkWLDRDPHQLDXPXULWvQWUXQDFFLGHQWJURD]QLFGDUGDFD
FRQWLQXDPVDLSOkQJHPDVDFDPDLELQHVDvQFHUFDPFXUkVX
SOkQVX
Q)UDQWDJHUPDQLLERJDWLDGRUD+RWHOXO*RQHVVH
$VWDVDGRYHGLWSULQIDSWXOFDDXDWHUL]DWGLQWURGDWDSHVWHGHQHPWLvQKRWHO
8OWLPXOVHPQDOVQRELHLJHUPDQLORUERJDWL"
6DLHL&RQFRUGXOGLQ3DULVSkQDvQKRWHOXO*RQHVVH
3ODQXOGH]ERUDO&RQFRUGXOXL
'HSDUW3DULV&'*
$UULYH+RWHO*RQHVVH
'HFkQGFXGH]DVWUXO&RQFRUGXOXLUXVLLVDXKRWDUkWVDVLVFXIXQGHWRDWHVXEPDULQHOH
&RQFRUG3URLHFWDWGHFRPSXWHUHFRQVWUXLWGHURERWLSLORWDWGHIUDQFH]L
&RQFRUGXOVDSUDEXVLWGDWRUWDXQHLDFWLXQLDDULSLLGHVWkQJD
&RQFRUGHFHOPDLUDSLGVLPDLPDUHFUHPDWRULXIUDQFH]
&XPREWLLFHOPDLUHSHGHXQFHUWLILFDWGHLFLQHUDUHvQ)UDQWD"
5&XPSHULXQELOHWGH]ERUFX&RQFRUGXO
8QGHDUILWUHEXLWVDVHSUDEXVHDVFD&RQFRUGXO"
5Q3ODFHGHOD&RQFRUGH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHVDSUDEXVLWWRFPDLvQ3DULV"
56DFUH]XWFDSULQWHVD'LDQDHODERUGXODYLRQXOXL
'HFHVDSUDEXVLW&RQFRUGXO"
5GHWXULVWLJHUPDQLVLDXSXVSURVRDSHOHGHSODMDSHVFDXQXOSLORWXOXL
'HFHVDSUDEXVLW&RQFRUGXO"
53LORWXOHUDHYUHX5D]EXQDUHDDVWDHRFXUYD
'HFHVDSUDEXVLW&RQFRUGXO"
5,QJLQHULDDQJORIUDQFH]D
&HHWULVWODIDSWXOFD&RQFRUGXOVDSUDEXVLW"
5QDYLRQPDLvQFDSHDXGHQHPWL
&HDUHQDVXOFRURLDWVLIX
HQHPWLL"
5&RQFRUGH
'HFHXQ]ERUFX&RQFRUGXODVDGHVFXPS"
5+RWHOXOHLQFOXVvQSUHW
&HDVWULJDWXQFOLHQWDOUHVWDXUDQWXOXLGLQ+RWHOXO*RQHVVH"
5&KHOQHUDVWHDSWDDVWHDSWD(XQFRQFRUGvQVXSDPHD
*XYHUQXOIUDQFH]DGHFRUDWSLORWXO&RQFRUGHXOXLSRVWPRUWHPFX/HJLXQHDGHRQRDUH
0RWLYXO&XXQVLQJXUDYLRQDXFLVPDLPXOWLQHPWLGHFkWWRDWDDYLDWLDIUDQFH]DvQWLPSXOFHOXLGHDO'RLOHD5D]ERL
0RQGLDO
&RPLVLD(XURSHDQDDVWDELOLWVLGHFODUDWFDPDVXULOHGHVLJXUDQWDvQ&RQFRUGHVXQWLPSHFDELOH
'HYLQDDIRVWKRWHOXO
$LU)UDQFHWRFPDLDLQWURGXVXQQRXVHUYLFLXSHQWUXFOLHQWLLORU
$FHVWDJDUDQWHD]DWUDQVIHUXOGLQDYLRQvQKRWHOvQQXPDLGRXDPLQXWH
&XPEDJLGHQHPWLvQWUXQKRWHOIUDQWX]HVFGHGHORFXUL"
5&X&RQFRUGHXO
&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
52DUHSHQWUXFHRILEXWRQXODVWD"
&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
50DLPLURDVHFDUHYDIXPDLFL"
&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
5'HFHSX
DPHDQXVHPDLYHGHSLVWD"
&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
58QGHPLDWLSXVSDUDVXWD"
&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
56LJXUFDSRWLWUDJHGHPDQHWDDVWD8LWHDVD
&DUHDXIRVWXOWLPHOHFXYLQWHDOHSLORWXOXL&RQFRUGXOXL"
52DUHYUHDXVLQHPWLLVDYLQDFXQRLODXQJUDWDU"
&HDXJDVLWvQXUHFKLOHSDVDJHULORU"
5'HJHWH
6LFHDPvQYDWDWGLQSUDEXVLUHD&RQFRUGXOXL"
5&DEURDVWHOHQXSRW]EXUD
%DQFXULFXOHSURVL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPVHQXPHVWHXQOHSURVSHDFRSHULVXOFDVHL"
53HDULSLOHYkQWXOXL
&XPVHQXPHVWHXQOHSURVvQDSDWHUPDOD"
56XSD
&XPVHQXPHVWHXQOHSURVvQFDGDGHEDLH"
5&LRUEDGHFDUQH
&XPVHQXPHVWHXQOHSURVvQFDGDGHEDLH"
57DEOHWDVROXELOD
&XPVHQXPHVWXQOHSURVvQFDGDGHEDLHGXSDFHDUDPDVQXPDLRDVH"
5&DOFLXHIHUYHVFHQW
&XPVHQXPHVWXQOHSURVvQFDGDGHEDLHGXSDFHQXDPDLUDPDVQLPLFGLQHO"
50DPDOLJD
&XPvWLGDLVHDPDFDXQOHSURVDIDFXWEDLHvQFDGDWD"
5%XFDWDWDGHVDSXQHPDLPDUH
'HFHLDIRVWOXDWXQXLOHSURVSHUPLVXOGHFRQGXFHUH"
56LDXLWDWSLFLRUXOSHSHGDODGHDFFHOHUDWLH
&HL]LFHOHSURVXOXQHLSURVWLWXDWH"
53DVWUHD]DUHVWXO
'HFHDvQFKLVERUGHOXOGLQFRORQLDGHOHSURVL"
5%DFVLVXULOHDXIRVWSUHDPLFL
&HIDFHXQOHSURVFkQGYHGHRIHPHLHIUXPRDVD"
5$UXQFDVLHOXQRFKLSHHD
/DFDUHVSRUWDWOHWLFQXHVWHUHFRPDQGDWOHSURVLORUVDSDUWLFLSHGLQPRWLYHGHVDQDWDWH"
5$UXQFDUHDJUHXWDWLL
'HFHLDEDWDLHOHSURVXOvQVDODGHERZOLQJ"
51XDYUXWVDVLVFRDWDGHJHWHOHGLQELOD
&kQGLHVHXQOHSURVGLQMRFXOGHSRNHU"
5&kQGFHLODOWLLDXOXDWWRDWDPkQD
&XPFHULROHSURDVDGHQHYDVWD"
5LFHULPkQDSDULQWLORUHL
&XPVHIDFHFDOHSURVXOQXPDLSRDWHYRUEL"
53LVLFDLDIXUDWOLPED
&HSRWLOXDGDFDVFDUSLQLXQOHSURV"
52EXFDWDGHVSDWH
&HHXQOHSURVFXSDUXOFDUXQW"
52SDSDGLH
&DUHH0RWWRXOXQXLVDULWRUODvQDOWLPHOHSURV
51XPDLVDQXWLSLHU]LFDSXO
&XPVHVDOXWDGRLOHSURVL"
5&HYkQWWHDGXFHSDLFL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QOHSURVVLXQEkOEkLWFROHJLGHFHOXOD/HSURVXOXLvLFDGHXQGHJHWOLDVLvODUXQFDSHIHUHDVWUD'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"
QWURGLVFRWHFDXQWLSDJDWDRJDJLFDVLSOHDFDFXHDDFDVD
6LRWUDJHLSXWHUQLFWRDWDQRDSWHDvQWRDWHSR]LWLLOH
'LPLQHDWDJDJLFDvLVSXQHWLSXOXLFXRSULYLUHYLQRYDWD7UHEXLHVDWLPDUWXULVHVFFHYD$P6,'$
/DFDUHWLSXOUDVSXQGHvQWHOHJDWRU1XLQLPLFHXVXQWOHSURVVLPLDPSLHUGXWVFXODvQWLQHD]LQRDSWH
&HIDFHXQOHSURVvQWURGLVFRWHFD"
5'DQVHD]DGHSDUFDVHGH]PHPEUHD]D
%DQFXULFX1DYHWD&KDOHQJHUVL1$6$
&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,
51HHG$QRWKHU6HYHQ$VWURQDXWV
&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,,
51HHG$QRWKHU6KXWWOH$OVR
&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,,,
51RUWK$WODQWLF6ZLPPLQJ$VVRFLDWLRQ
&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$,9
51DWLRQDO$UWLILFLDO6WXSLGLW\$VVRFLDWLRQ
&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$9
51DWLRQDO$VWURQDXW6FDWWHULQJ$GPLQLVWUDWLRQ
&HvQVHDPQDSUHVFXUWDUHDGHOD1$6$9,
51LFH$LU6KRZ$VVKROHV
&DUHDXIRVWXOWLPHOHFXYLQWHDOH&KULVWHL0F$XOLIIH"
53HQWUXFHHEXWRQXODVWD"
&DUHDXIRVWXOWLPHOHFXYLQWHDOH&KULVWHL0F$XOLIIHVSXVHVRWXOXLHL"
56DGDLGHPkQFDUHODFRSLLHXRVDGDXODSHVWL
'HFHODXUPDWRDUHDODQVDUHVDPDLWULPLVvQVSDWLXRSURIHVRDUDGHHQJOHD]D"
56DRVXSOLQHDVFDSH&KULVWD0F$XOLIIH
'HFHEDXWXUDRILFLDOD1$6$HVWH3HSVL"
53HQWUXFDQXOHDLHVLWVHFYHQWDFXXS"
'HFHDIRVWGRDUXQPHPEUXDOHFKLSDMXOXLGHFXORDUH"
5'DFDDUILVWLXWGHODvQFHSXWFDH[SORGHD]D"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHDXIRVWXOWLPHOHFXYLQWHWUDQVPLVHGH&KDOOOHQJHU"
5$PVSXVXQ7XERUJIDUDDOFRRO
6WLDWLFDSULPXOFLYLOGLQVSDWLXQXHRSURIHVRDUDGHHQJOH]D"
5$FXPHLVWRULH
/DODQVDULOHXUPDWRDUHGHQDYHVSDWLDOHFDUHHVWHJOXPDSUHIHUDWDDXQXLEDWUkQHOGHODFHQWUXOGHFRPDQGD"
5%XXXXP$PJOXPLWQXPDL
'HFHODODQVDULOHXUPDWRDUHGHQDYHVSDWLDOHXQXOGLQPHPEULLHFKLSDMXOXLWUHEXLHVDILHXQRILWHUGHODPDULQD"
5'DFDVHLDKRWDUkUHDFDQDYDVSDWLDODVDILHIRORVLWDFDVXEPDULQH[SHULPHQWDOVDSRDWDVDSUHLDHOFRPDQGD
&XPVHQXPHVWHQRXOGHRGRUDQWVFRVSHSLDWDGH1$6$"
56SUD\2FHDQLF
&DUHDIRVWFkQWHFXORILFLDODOQDYHL&KDOOHQJHU"
5,VDLGD%RRPFKLFD%RRP
8QGHvVLSHWUHFDVWURQDXWLLGHSH&KDOOHQJHUFRQFHGLXO"
5PSUDVWLDWLSULQ)ORULGD
&DUHDXIRVWXOWLPHOHFXYLQWHvQUHJLVWUDWHSHEODFNER["
51X188888QXEXWRQXODOD
'HFHQXVHPDLFRQVWUXLHVWH1$6$6SDFH6KXWWOHXULOHFXVFDXQH"
5$VWURQDXWLLSRWVWDFHOHGHVHFXQGHVLvQSLFLRDUH
6LFHVFULDSHPRQLWRDUHOHGHOD1DVDGXSDH[SOR]LH"
57,/7JDPHRYHU
&KDOOHQJHULVGHVWUR\HG
&RPPXQLVWVNLOOHG
6FRUH
,QVHUWQH[WDVWURQDXW
%DQFXULVFkUERDVH
&HHJDOEHQVLDUHJXVWGHEDQDQD"
5%RUkWXUDGHPDLPXWD
&DUHHVWHDVHPDQDUHDGLQWUHXQFkLQHVLXQJLQHFRORJPLRS"
5$PkQGRLDXQDVXOXPHG
&XPVSDUJLREDVLQDvQ"
52WUDJLSHQDUL
'DUvQ"
57HEHVLvQWURPDQXVD
6HvQWvOQHVFGRXDEDVLQL3ULPDFDWUHDGRXD
6VVVVVVVVHUYXV
$GRXDFDWUHSULPD
%XEXEXEXQD]LXD
$QXQWvQ(YHQLPHQWXO]LOHL
'HLHULVDXSXVvQYkQ]DUHvQ5RPkQLDSUH]HUYDWLYHFXJXVWGHEUkQ]D
'HFHYRPLWDEHWLYLLvQWRPEHURQ"
5&DVDDLEDDXURODFLLPLFXOGHMXQODSDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHLDXXQLL.HWFKXSFXHLOD:&"
5&XNHWFKXSFkUQDWXODUHJXVWPDLEXQ
&DUHHFHDPDLJUHDOLPED"
53ULPD
6HvQWkOQHVFGRXDFRVXUL=LFHXQXO
+HLXQGHLIUDWHWX"
(VWRUV
&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"WLSODFHDVDGHPXOW"
(KSDGUDFX
1XSXWHDP(UDWRDWDGLQWUREXFDWD
8QFRPSDUWLPHQWGHWUHQ8QWLSGLQFkQGvQFkQGSXQHRVWLFODFXXQOLFKLGWUDQVSDUHQWODJXUDIDUDVDLQYLWHFRQIRUP
RELFHLXOXLQHVFULVDOSROLWHWLLVLSHFHLODOWLVDWUDJDRGXVFD/DXQPRPHQWGDWLHVHSHFXORDUVLVHGXFHOD:&&HLODOWL
FDODWRULVHUHSHGODVWLFODVLWUDJILHFDUHFkWHRGXVFDSHQWUXDVHUD]EXQDSHFDOLF7RWLDXGH]LOX]LDFDvQVWLFODHDSD
FKLRDUD3HWRWLvLvQFHDUFDRUHPXVFDUHDVDFDODvQWRDUFHUHDWLSXOXLGHOD:&vLUHFXQRVFFDDXEDXWGLQVWLFODOXL2PXOH
FRQVWHUQDW
6WLWLHXQXEHDPQLPLFGLQVWLFODHXVXQWDVWPDWLF
9DULDQWD
QWUHQFDOGXUDPDUHQDFHODVLFRPSDUWLPHQWVHDIODREDEDXQROWHDQVLXQPROGRYHDQ%DEDDUHXQWHUPRVSHFDUHvO
GXFHGHVODJXUDDSRLvOUHWUDJHVDWLVIDFXWD&HLODOWLPRUGHVHWH/DLQWUDUHDWUHQXOXLvQWUXQWXQHOPROGRYHDQXLDWHUPRVXOVL
WUDJHRvQJKLWLWXUDEXQH2OWHDQXOPDLVLPWLWvLFHUHEDEHLRJXUDGHVXF%DEDUDVSXQGH
1XHVXFPDLFDDFRORVFXLSHXFDDP7%&
'RXDEDEHFKLRDUHPHUJHDXSHVWDGDXQDGLQWUHHOHYHGHRIOHJPDYHUGHSHGUXP$UDWDFXGHJHWXO
,DWHXLWDDPJDVLWXQPHGDOLRQ
&HDODOWDVHDSOHDFDVLWLQkQGFXGHJHWHOHvOULGLFDvQVXV
,DWHXLWD$UHVLODQWLVRRRU
QWUXQ:&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
6FkUERVXOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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"
QWkLPDLVXJLS
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"
3HSVLQDYHPGD
FLFRIXWSHPDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
WLGDXXQFXWLW0DWDLSHPLQH"
0DWDQFXUWHVSDODYDUD"
6WLLEDQFX
FXLDUQD"
,DUQ
DPEDQL
'DEDQFX
FXYDUD"
9DUDQLFLDWkW
6WLLEDQFXFXVWDWXLD"
6WDWX
LDWRWX
6WLLEDQFX
FXLDUED"
,DUEDJSX
DQJXUDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
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
&XOPHDGLVLPXODULL
6DDVFXQ]LFHYDOD3LWHVWL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
&DUHHVWHFXOPHDvQFUHGHULLvQRDPHQL
6DLGDLPXLHXQHLFDQLEDOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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
&XOPHDUDEGDULL,,,YDULDQWD
6DVWDLFXIXQGXOSHUHVRXSkQDvWLFORFRWHVWHDSDvQJXUD
&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
&XOPHDSDWHUQLWDWLL
6DWLUHFXQRVWLFRSLOXOGHODRSRVWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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,
6DIDFLSHSURVWX
VLVDUDPkLDVD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&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,,
&XOPHDHFDQLFLHXQRVWLX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XOPHD&8/0,/25
$UILFXOPHDVDRPDLVWLLVLSHDVWD
3ULQGHVHUW
'RLRDPHQLVWDXvQGHVHUW=LFHXQXO
'DWHSXWLQODRSDUWH$VYUHDVDVWDXVLHXFXIXQGXOSHQLVLS
'RLWLSLPHUJSULQGHVHUW8QXO]LFH
/DVDPDVLSHPLQHVDPHUJvQPLMRF
7UHLRDPHQLvPEUDFDWLELQHvQPLMORFXOGHVHUWXOXLPHUJHDX
6WLEDQFXO"""""""""""""""""""
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$FRORORFXLDRXQVRWFXVRWLDVLFXILLFDQWLPSXOPHVHLVRWXOvL
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
GHVHWHVLGHIRDPHGHDELDVHPDLWkUDVHvQWkOQHVWHFXXQEHGXLQSHRFDPLODOvQWUHDED
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
QWUXVDPHGLFDODvQVWkQJDHVWHRVWLFOXWD6DEHDFRQWLQXWXO
&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
QFXOPHDGH]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
QFXUFDW*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
SHPkQFDWVLEDXWSkQDJDWDVDSOHVQHDVFDVLDSULQGHXQWUDEXFFXEDQH]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"
QPLMORFXOXQXLGHVHUWVRDUHWRURSHDODQLFLXQSLFGHXPH]HDOD8QFkLQHPHUJHDDJDOHFDXWkQGVLHOXQORFXQGHVD
VWHDODXPEUD/DXQPRPHQWFkLQHOHDXGHXQ]JRPRWvQVSDWH6HXLWDVLYHGHDOWFkLQHFDUHDOHUJDGLVSHUDW&DRULFHFkLQH
FHVHUHVSHFWDFkLQHOHQRVWUXVHOXDVLHOGXSDFHOFHDOHUJD6LDVWIHODOHDUJDFHLGRLFvLQLR]LvQWUHDJD'HVKLGUDWDWVLPRUW
GHRERVHDODVDWXUkQGXVHGHDWkWDDOHUJDWFkLQHOHQRVWUXvOvQWUHDEDSHFHODODOW
PLVSXLVLPLHGHFHDOHUJDPQRLFD]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&DUDYDQDWUHFHvFHWSULQWUHGXQHQWURYDOHXQ&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]LOHVLHUDPRUWGHIRDPHQWUHWLPSvOMHIXLHVFVLEHGXLQLLFDQXDPDLUDPDV
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"
PLSDUHUDXGRPQXOHGDUVHSDUHFDDWLQLPHULWJDXUD
&HLXQSXQFWDOEvQGHVHUW"
52DVSLULQD
'DUFHLXQSXQFWQHJUXvQGHVHUW"
58PEUDGHODDVSLULQD
&HVDUvQWkPSODGDFDVDUIDFHFRPXQLVPvQGHVHUW"
53ULPLL]HFHDQLQLPLFVLDSRLVDUGDQLVLSXOSHFDUWHOD
2FDPLODPHUJHvQGHVHUWOLSDOLSD3HFHFDOFDFDPLOD"
53HQLVLS
&DUHHDVHPDQDUHDvQWUHGHVHUWVLSRVWXULOH79URPkQHVWL"
5$PkQGRXDVXQWSOLQHGH&DPLOH
&H]LFHXQvQVHWDWvQGHVHUW"
5&HQLVLSRVHSHDLFL
'RXDILUHGHQLVLSPHUJSULQGHVHUW=LFHXQD
3VVVWDPLPSUHVLDFDVXQWHPXUPDULWH
'RLXUVLSRODULPHUJSULQGHVHUW=LFHXQXO
7UHEXLHFDHUDWDUHDOXQHFRVSHDLFL,DWHXLWDFHGHQLVLSDXvPSUDVWLDWSHDLFL
&HDUHWUHLSLFLRDUHVLVDUHSULQGHVHUW"
58QSLDQ
8QWLSPHUJHDSULQGHVHUWSHRFDPLODGHYUHRGRXDVDSWDPkQL5DPDVHVHIDUDDSDIDUDPkQFDUHVLVXIHUHDvQJUR]LWRUGLQ
FDX]DFDOGXULL/DXQPRPHQWGDWWUHFHXQXOIXJLQGSHOkQJDHO0DLPHUJHFHPDLPHUJHVLYHGHSHDOWXODOHUJkQG6LWRW
DVD/DXQPRPHQWGDWVHLDGXSDXQXOVLvOvQWUHDED
'HFHIXJLGRP
OHvQKDOXODVWD"
/DVDPDGRP
OHFDIXJ
3DLYDGGDUGHFH"
3DLDOHUJkQGVHIRUPHD]DQLVWHFXUHQWLvQMXUXOPHXFDUHIDFUDFRDUHVLQXPDLVXIHUGHFDOGXUD
,QWHUHVDQWDLGHHvVL]LFHRPXOQRVWUX
6HVXLHSHFDPLODVLRvQGHDPQDVDPHDUJDPXOWPDLUHSHGH6LvQWUDGHYDUVHIDFHPDLUDFRDUH6LPHUJHHODVDXQWLPSLDU
DSRLFDPLODFDGHODWDMRVGHRERVHDOD6HXLWDRPXOODHDvQFHDUFDVDRVFRDOHQLPLF
+PPPvVL]LFHHOVHSDUHFDDvQJKHWDWGHWRW
7UHLYLHUPLVRULvQGHVHUWPHUJHDXvQVLULQGLDQ3ULPX
]LFH
QIDWDDPQLVLSvQVWLQJDVLvQGUHDSWDDPQLVLSvQVSDWHDPGRLYLHUPLVRUL
$OGRLOHDYLHUPLVRU]LFH
QIDWDVLvQVSDWHDPFkWHXQYLHUPLVRUvQVWkQJDVLvQGUHDSWDDPQLVLS
$OWUHLOHD]LFH
QIDWDDPYLHUPLVRULvQVWkQJDVLvQGUHDSWDDPQLVLSvQVSDWHDPYLHUPLVRUL
'HFH]LFHDDOWUHLOHDFDDUHvQVSDWHvQFDYLHUPLVRUL"
5(5$810,1&,126
6HvQWkOQHVFGRLWLSLvQGHVHUW=LFHXQX
+HLWX
&LQHHX"
'RLWLSLPHUJSULQGHVHUW=LFHXQXO
'HFHSRUWLXVDDLDGHPDVLQDFXWLQH"
&kQGPLHFDOGGHVFKLGJHDPXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RXDFDPLOHWDWDVLILXVWDXGHYRUED
7DWDGHFHDYHPQRLFRFRDVD"
3DLvQGHVHUWQXVXQWIkQWDQLVLvQHOHQHWLQHPUH]HUYDGHDSD
'DUGHFHDYHPFRSLWHDVDGHPDUL"
QGHVHUWHQLVLSVLQHDMXWDODPHUV
$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
QPLMORFXOGHVHUWXOXLXQRPFkQWDGXPQH]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,
7RWODIDUPDFLHQWUHDEDXQWLSSHIDUPDFLVW
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
OLDSODWHVWHSOHDFD6HDUDXUPDWRDUHVFHQDLGHQWLFD/DFDUHIDUPDFLVWXOFXULRVvOvQWUHDEDSHWLS
1XYDVXSDUDWLGDUGHFHFXPSDUDWLFkWHXQXOGHFHQXFXPSDUDWLPDLPXOWHRGDWD"
/DFDUHWLSXO
6WLWLYUHDXGHIDSWVDPDODV
6HGXFHXQWLSODRIDUPDFLHVLFXPSDUDRGX]LQDGHSUH]HUYDWLYH'XSDFHOHDSODWLWGHVIDFHSXQJDVLOHVFRDWHXQXOFkWH
XQXOOHDUXQFDVLOHVWULYHVWHFXSLFLRUXO/DFDUHIDUPDFLVWXOIRDUWHPLUDWvQWUHDED
'HFHGRPQXOHGUDJD"QXvQWHOHJ"/HDLFRPDQGDWOHDLSODWLWVLDFXPOHDLGLVWUXV"GHFH"
'HFH"DVDDPIDFXWVLFkQGPDPODVDWGHIXPDW
QWUR]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[ RUDOQFHOHGLQXUPDRPXOQRVWUXvVLEDJDVFXOD 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
&HVHvQWkPSODDWXQFLFkQGXQSURSULHWDUGH'DFLDIDFHSOLQXOODPDVLQD"
56HGXEOHD]DYDORDUHDPDVLQLL
&HPDLWUHEXLHVDIDFDSURSULHWDUXOPDVLQLLSHQWUXDLvPSDWULYDORDUHD"
56DSXQDREDQDQDSHEDQFKHWDGLQVSDWH
'HFHDUH'DFLDXQPDUHPDJQHWPRQWDWODWDPSRQXOGLQVSDWH"
5&DVDVHSRDWDUHFXSHUDSLHVHOHFHFDGvQWLPSXOPHUVXOXL
&LFDRGDWDSHDXWRVWUDGDVHFLRFQHVFWUHLPDVLQLXQDPHULFDQFXXQ&U\VOHUXOWLPXOUDFQHWXQQHDPWFXXQ%0:VXSHU
WDUHVLXQURPkQFXR'$&,(SUDSDGLWD6HGDMRVDPHULFDQXOGLQPDVLQDVLQFHSHVDQMXUH
%DOXDYDUGUDFXGHSURVWDODLXLWHFXPVDGXVGUDFXOXLRPDVLQXWDSHQWUXFDUHDPOXFUDWROXQDvQWUHDJDGLQJUHX
&HYRUEHVWL]LFHQHDPWXOXLWDWHODPDVLQDPHDEDLIUkQDFHHVWLHXDPWUDVGLQJUHXDSURDSHOXQLSkQDDPUHXVLWVDR
FXPSDUVLXLWHDFXPDHILHUYHFKL
%DLIUDLHULORU]LFHURPkQXFXQDGXIEDJDPLDVUXSDGUDFXvQPRDFDYRDVWUDSDLLRDPWUDVRYLDWDvQWUHJDSHQWUXWURDFD
DVWD
'DDPHULFDQXFXQHDPWXvQWUXQJODV
3DLYH]LGDFDWLRWUHEXLWDVDPDVLQDVFXPSD
3RDWHR'DFLHVDDWLQJDYLWH]DGHNPRUD"
5'DvQFDGHUHOLEHUD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
/DVWXQ
&XPVHQXPHVWH/DVWXQXOSHIUDQFH]D"
5&DUWRQGHEODPDJH
&DUHHFHOPDLVFXUWEDQFFX/DVWXQXO"
58QODVWXQSDUFKHD]DvQYkUIXOGHDOXOXL
'HFHVLDSXV%XODURWLPDLPDULOD/DVWXQ"
53HQWUXFDLVHXULQDXFkLQLLSHJHDPXUL
'HFHODVHPDIRUODDSDULWLDFXORULLYHUGH/DVWXQXOQXVHPLVFDGLQORF"
52ILYUHRJXPDGHPHVWHFDWSHVWUDGD"
'HFkWLPXQFLWRULHUDQHYRLHVDFRQVWUXLDVFDXQ/DVWXQ"
5'HGRL8QXOVDSOLH]HFDUWRQXOVLXQXOVDOOLSHDVFD
'HFHDX/DVWXQXULHJHDPXOVLFDURVHULDGLQVSDWHvQFDO]LWH"
53HQWUXFDODvPSLQVVDQXDYHWLPkLQLOHUHFL
&HLFDUHPDLDX/DVWXQXULQXPDLWUHEXLHVDSODWHDVFDLPSR]LWSHPDVLQDGHRDUHFH
'DFDvWLSXLFHQWXUDGHVLJXUDQWDVHFRQVLGHUDDILUXFVDF
'HFHHVWH/DVWXQXOXQDGLQPDVLQLOHFXQLYHOXO]JRPRWXOXLGHIRQGFHOPDLUHGXVvQLQWHULRUXOFDELQHL"
53HQWUXFDFHLDIODWLvQDXQWUXDXvQWRWGHDXQDXUHFKLOHDFRSHULWHFXJHQXQFKLL
'LQUHFODPHOHSXEOLFLWDUHSHQWUX/DVWXQ
1XHFDUWHFD6KRJXQXOVLPDVLQDFD/DVWXQXO
8QXOvVLLQYLWDQRXDSULHWHQDODXQSLFQLF(DvQFkQWDWRDUHDSDWHFXRWLQXWDDSHWLVDQWDLDUHOFX/DVWXQXOQVIkUVLWDMXQJ
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
&DUHHVWHQXPHOHVWLLQWLILFDOVRIHULORUGH/DVWXQ"
5$FFHOHUDWRUGHSDUWLFROH
&HVHvQWkPSODFXXQ/DVWXQGDFDWUHFHSHVWHXQFkLQH"
57UHEXLHVDYDGDFXPYDUHXVLVDVHGHDMRVGHSHVSLQDUHDDQLPDOXOXL
'HFHGXUDDVDGHPXOWGHODSODWDSkQDODOLYUDUHDXQHLPDVLQL/DVWXQ"
53HQWUXFDVHUYLFLXOGHFROHWHDO3RDVWHL5RPkQHDYHDSUREOHPHFXOLYUDUHD
'HFHDLQHYRLHGDFDGRXD/DVWXQXULIDFDFFLGHQW"
58QIDUDVVLRPDWXUD
'HFHVHYkQGFHOHPDLPXOWH/DVWXQXULODVIkUVLWXOOXQLL0DUWLH"
56HDSURSLH$SULOLH
'HFHHSRVLELOOD/DVWXQVDGHVFKL]LXVLOHvQWLPSXOPHUVXOXL"
53HQWUXDSXWHDIRORVLvQFD]XOIDYRUDELOSXWHUHDYkQWXOXL
'HFHVXQW/DVWXQXULOHYRSVLWH"
53HQWUXFDDWXQFLFkQGSORXDVDQXVHGL]ROYH
6WDXQ/DVWXQvQIDWDXQXL7UDEDQWVLvOIL[HD]DFXDGPLUDWLH7UDEDQWXOvOvQWUHDED
'HFHWHXLWLDVDODPLQH"
/DVWXQXLvLUDVSXQGH
$VDGHPDUHRVDILXVLHXRGDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QXOHVWHvQWUHEDWGHXQSULHWHQ
'HFHWLDLYRSVLW/DWXQXOGLQJDOEHQvQDOEDVWUX"
3HQWUXFDGLPLQHDWDJDVHDPRJUDPDGDGHVFULVRULvQHO
&DUHHFHDPDLPLFDSLHVDGLQWUXQ/DVWXQ"
5&UHLHUXOSURSULHWDUXOXL
&DUHHVWHGLIHUHQWDGLQWUHXQODVWXQVL6,'$"
56LGDSRWLVDRWUDQVPLWLPDLGHSDUWH
%DQFXULFX7UDEDQWXO
8QGHDUHWUDEDQWXOWUDFWLXQHD"
5QIDWDSHGUHDSWD
$WLDX]LWFDH[LVWDXQ7UDEDQWvQYHUVLXQH9"
53DWUXYHQWLOHODILHFDUHURDWD
'HFHVHDOLQWD7UDEDQWXO7UDEL"
53HQWUXFDHVWHDWkWGHvQFHW'DFDDUILPDLUDSLGVDUFKHPD*DORSL
&XPUHFXQRVWL8Q7UDEDQWPRGHOXO6SRUW"
5'XSDWHQLVLLGHODJHDPXOGLQVSDWH
&DUHHGLIHUHQWDGLQWUHXQ7UDEDQWVLXQDYLRQFXUHDFWLH"
5$YLRQXOFXUHDFWLHvOYH]LvQDLQWHGHDODX]LLDU7UDEDQWXOvODX]LvQDLQWHGHDOYHGHD
'HFHQXDUH7UDEDQWXOFHQWXUDGHVLJXUQWD"
53HQWUXDQXILFRQIXQGDWFXXQUXFVDF
&HHVWHXQ7UDEDQWFXXQFDOFXODWRUGHEX]XQDUvQERUG"
55DVSXQVXO''5ODILOPXO.QLJKW5LGHU
&XPVHPDVRDUDDFFHOHUDWLDXQXL7UDEDQW"
5&XXQFDOHQGDU
&HVDvQWkPSODWGDFDODVFKLPEDUHDFXORULLVHPDIRUXOLvQYHUGH7UDEDQWXOUDPkQHSHORF"
53UREDELOFD0HUFHGHVXOGLQVSDWHDSRUQLWYHQWLODWLD
6WLDWLFD7UDEDQWXODFkVWLJDWORFXODOGRLOHDODvQFHUFDULOHvQFDQDOXOGHYkQW"
5/RFXOvQWkLODFkVWLJDWXQGXODS
&kQGDWLQJHXQ7UDEDQWYLWH]DPD[LPD"
5$WXQFLFkQGHVWHWUDFWDW
'HFHVHQXPHVWH7UDEDQWXO"
5DVWHDSWDGXSDHOXQXOvOSULPHVWH
&XPSRWLSULQGHXQ-DJXDU"
5&X7UDEDQWXULRWUDYLWH
'HFHVHYvQGHDX7UDEDQWXULOHVLFXRSHUHFKHGHYkVOH"
53HQWUXDSXWHDvQDLQWDVLSHVWUDGDXGD
'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&DvQWRWGHDXQDIRDUWHPHWLFXORVLQDLQWHGHDWULPLWHPDVLQDDXWULPLVPRGHOXOGHSODVWLF
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"
6LFXPYDVLPWLWLvQWUXQ7UDEDQW"
5&DXQDSDUDWGHLPSXOVXULFDUGLDFHvQWUXQFDGDYUX
8Q7UDEDQWYUHDVDLDVDGLQSDUFDUHVLYHGHFDvQGUXPvLVWDXQPDUHFDFDW7UDEDQWXOVHUDVWHVWH
'DWHEDFDFDWXOHGHRSDUWHQXYH]LFDRPDVLQDYUHDVDWUHDFD"
&DFDWXOvQFHSHVDUkGDFXSRIWD
0DLSDLGDFDWXHVWLPDVLQDDWXQFLHXVXQWvQJKHWDWD3URILWHURO
&DUHHVWHFHDPDLOXQJDPDVLQDGLQOXPH"
57UDEDQWXOWUHLPHWULPDVLQD]HFHPHWULIXPXO
'HFHDUH7UDEDQWXOVWHUJDWRDUHGHSDUEUL]VLSHGLQDXQWUX"
53HQWUXFDVRIHUXOVDSRDWHVDVFXLSHFXQHFD]3WLXFHFDFDWGHPDVLQDPLDPOXDW
&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
&HLWUHFHXOWLPDGDWDSULQFDSXQHLJk]HFkQGVHORYHVWHGHSDUEUL]XOXQHLPDVLQL"
5)XQGXO
&HIDFHYDFDODOXPLQDVRDUHOXL"
58PEUD
&HIDFGRXDYDFLODOXPLQDVRDUHOXL"
53ODMD
'HFDDUHFLRFDQLWRDUHDFLRF"
5&DVDQXVHEDWDFXFDSXOGHFRSDFL
&HJkQGHVWHXQFkLQHPHUJkQGSULQGHVHUW"
5'H
QXDSDUHXQVWkOSIDFSLSLSHPLQH
'HFHWLQFkLQLLSLFLRUXOULGLFDWFkQGIDFSLSLSHXQJDUG"
56DQXFDGDJDUGXOSHHL
6WLWLFDUHHGLIHUHQWDGLQWUHXQEXUODFVLXQRPvQVXUDW"
5%XUODFXOVHSRDWHGDMRVSHDPEHOHSDUWLDOHSDWXOXL
&HIDFHXQOLOLDFvQWUXQFXSWRUFXPLFURXQGH"
5$VFXOWDPX]LFD
&HHRXVD"
5&KHVWLDSHDFDUHLSDUWHJUHVLWDVWDXFDLQLL
/DFHIRORVHVFLQGLHQLLSLHLOHGHFDL"
5VLWLQFDLLvQHOH
&HHPLFYHUGHXPEODSULQSDGXUHVLIDFHPDFPDF"
50DFPDFXOYHUGHGHSDGXUH
&HHJDOEHQVLDUHGRXDGXQJLQHJUH"
52ODPkLHFXEUHWHOH
&HHQHJUXSHGLQDIDUDVLYHUGHSHGLQDXQWUX"
58QQHJUXFDUHDPkQFDWVSDQDF
&HHQHJUXFXXQSLFLRU"
58QQHJUXVFKLRS
&HHQHJUXFXGRXDSLFLRDUH"
58QQHJUXQRUPDO
&HHXQQHJUXFXWUHLSLFLRDUH"
58QSLDQ
&HHXQXUVSRODUGXSDWUHFHUHDODDOWDD[D"
58QXUVUHFWDQJXODU
'HFHULQRFHUXODUHFRUQ"
5&DQDJDVLWFKLIOD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHQXDOHDUJDPHOFXO"
5&DVDQXLIkOIkLHRFKLL
&HLPDURVLvQFHSHFX2"
52UkPD
0DLWkU]LX
&HLPDURVLvQFHSHFX'"
5'RXDUkPH
0DLWkU]LX
&HLPDURVLvQFHSHFX7"
57RWRUkPD
&DUHLDVHPDQDUHDGLQWUHXQYXOWXUVLRFkUWLWD"
58PEODDPkQGRLSHVXESDPkQWFXH[FHSWLDYXOWXUXOXL
&XPUHFXQRVWLXQLHSXUH]EXUDWRU"
5$UHXQYXOWXUSHVSDWH
&HLPDLPLFDVLPDLPLFDGHFkWSXWDGHIXUQLFD"
8QHSVLORQELQHDOHV
&DUHHVWHGLIHUHQWDGLQWUHRUDFKHWDVLXQFDFDW"
5DFKHWDvQFDQDLPkQFDW
8QFDOSDVWHDOLQLVWLWSHFkPS'HRGDWDvQJKLWHGLQJUHVHDODXQIOXWXUH$FHVWDVLPWLQGSHULFROXOvQFHSHVDVH]EDWDVD
VWULJHVDGHDGLQPkLQLVLSLFLRDUHGDUSUHDWkU]LXFDOXOSOHFDVH
&DUHHGHRVHELUHDGLQWUHSDVDULFDVLIXQLFD"
53DVDULFDWHIXUQLFDGDUIXUQLFDQXWHSDVDULFD
'HFHHURVLDURVLH"
5&DVDQXIDFD]JRPRW
'RXDFLRUL]EXUDX/DXQPRPHQWGDWXQD]LFH
6XULRDUDYH]LVDQXGDLFXFDSXOvQVWkOSXODODGHEHWDXDXDXDXQQQQ
&HHPDUHPLURDVHXUkWVLDUHGHDULSL"
52ODGDGHJXQRLFXGHPXVWH
QWUXQPDJD]LQHUDXWUHLWHOHYL]RDUH
8QXOFRORUXQXODOEQHJUXVLXQXOvQFKLV
2FXUHDDOHUJDXQFXUSULQSDGXUHDOHDUJDFHDOHDUJDFXUHDXDGXSDFXUSkQDFHFXUXVHXUFDvQSRP&XUHDXDvLVSXQHVD
VHGHDMRVFDOEDWH&XUXVSXQHFDLSDVDUHLDUFXUHDXDvLVSXQHVDFkQWH&XUXVHEHVHVWH
'RXDPDLPXWHWDLDXSHWUROFXILHUDVWUDXvQWUXQEHFLQRDSWHD8QD]LFH
'H
XQGHSX
DPHDDXDSDUXWFRFRULLDVWLD"
'RXDURVLLPHUJSHFDOHDIHUDWDVLXQD]LFH
9H]LDLJULMDFDYLQHWUHQXOVLWHIDFHIOHRVW
&HHGDFDXQVRIHUGHFDPLRQVHSLVDvQ]DSDGD"
5,DUQD
&DUHLGLIHUHQWDGLQWUHRSLVLFDVLWUHQ"
5&XWUHQXSRWLVDWUHFLSHVXEWXQHOGDUFXSLVLFDQXSRWLVDEDWLFXLH
&DUHHVWHGLIHUHQWDGLQWUHXQYDSRUVLRSLVLFD"
5&XYDSRUXOSRWLVDEDWLFXLHGDUSLVLFDQXVWLHVDvQRDWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RXDERDEHGHPD]DUHPHUJSHXQFRULGRU=LFHXQD
$WHQWLHYLQHRVFDUDUDUDUDUD
'RXDEORFXULMRDFDWHQLV&HFXORDUHDUHPLQJHD"
9HUGHSHQWUXFDFLRFRODWDQXDUHJUDWLL
'HFHHEXGLQFDWDUH"
53HQWUXFDEDQFXULOHVHFLQXLDXSHQVLHVLvQDIDUDGHDVWDLHULvQGHVHUWDIRVWPDLvQWXQHFDWGHFkWDOEDVWUX
'RLXUVLSRODUL]ERDUDSULQGHVHUW8QXOFDGH&HODODOW]LFH
1XLQLPLFVLQLFLQXLDSD
'HFHHVWHFURFRGLOXOPDLPXOWYHUGHGHFkWOXQJ"
53HQWUXFDHVWHYHUGHVLSHOXQJLPHVLSHODWLPHvQVDOXQJHVWHGRDUSHOXQJLPH
'DUGHFHHVWHFURFRGLOXOPDLPXOWOXQJGHFkWYHUGH"
53HQWUXFDHVWHOXQJVLSHIDWDVLSHVSDWHvQVDHVWHYHUGHGRDUSHVSDWH
&DUHLGLIHUHQWDGLQWUHRURVLHVLXQWUDPYDL"
57UDPYDLXODUHRGXQJDURVLHGD
URVLDQDUHRGXQJDWUDPYDL
&DUHLGLIHUHQWDGLQWUHRUkPDVLXQSRUF"
53RUFXOUkPDGD
UkPDQXSRUF
&HHOXQJDOEDVWUXVLXPEODSHVXESDPkQW"
52UkPDvQWUHQLQJ
&HHDOEFXQHJUXVL]ERDUD
53RUXPEHOXOSDFLLvQFKLORWLGHVSRUW
&HHPLFJDOEHQVLPHUJHSHVXESDPkQW"
58QYLHWQDPH]FHFDXWDERPEH
&HHPLFJDOEHQVL]ERDUD"
58QYLHWQDPH]FHDJDVLWRERPED
&HHJDOEHQDUHGHSLFRDUHVLGRXDDULSL"
5(FKLSDGHIRWEDOD&KLQHL
&HHQHJUXVWDvQSRLDQDVLVHvQYkUWHVWH"
52FkUWLWDODDUXQFDUHDFLRFDQXOXL
&HHQHJUXVLVDUHvQWUXQSLFLRUvQSRLDQD"
5$FHHDVLFkUWLWDGXSDFHLDSLFDWFLRFDQXOSHSLFLRU
&HUH]XOWDGDFDvPSHUHFKH]LRJLUDIDFXRFkUWLWD"
52VRQGD
&HOvQWRUFLVHDUDWHWUH]HVWHGLPLQHDWDVLODSUkQ]vOSXLvQFLRUED"
5&HDVXO
&HWXSXLFHDVXOvQFLRUED"
5(FHDVXOPHXVLIDFFHYUHDXFXHO1X""
,QWUDXQX
VXFDULWvQWUXQEDUVFRDWHPLWUDOLHUDVLLFLXUXLHVWHSHWRWLGXSDFDUH]LFH
3DLFHSX
DPHD
&HDQLPDODUHFRDPDFRDGDVWXIRDVDFRSLWHHEXQODFXUVHVLvQFHSHFXOLWHUD*"
58QFDOGDUvOFKHDPD*,*,
&HVDUvQWkPSODGDFDZKLVN\XOVDODWHOHVLPRUFRYLLDUILVHFUHWHOHORQJHYLWDWLL"
5,HSXULLFDUHEHDXDUWUDLYHVQLF
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QWLSDOEDUHEUHWHOHYHU]LODSDQWDORQLURVLL'HFH"
5&DVDQXLFDGDSDQWDORQLL
&HHDOEDVWUXVWDvQSRLDQDVLODWUD"
52YDFDvQWUHQLQJFDUHYRUEHVWHOLPELVWUDLQH
'HFHFRQWLQHODSWHOHJUDVLPH"
53HQWUXFDODPXOVVDQXVFkUWkLH
&DUHHGLIHUHQWDGLQWUHFRQVHFYHQWDVLLQFRQVHFYHQWD"
5&RQVHFYHQWDvQVHDPQD$=,DVDVL0,1(DVD,QFRQVHFYHQWD$]LDVDPkLQHDVD
&HHDXULXVL]ERDUD"
58QFDUDEXVFXGLQWLGHDXU
&kWHLDXUWXULvQFDSvQWURFXVFDGHFkLQL"
5/DVDKQXVHGHSHQDOW\
&DUHHGLIHUHQWDGLQWUHRFDVFDGD"
5&XFkWPDLVXVFXDWkWPDLIOHRVF
&DUHHGLIHUHQWDGLQWUH2KKXQG$KKKKKKKKKKKKKKKKKKK"
5FHQWLPHWUL
&HDUHSDWUXSLFLRDUHVLSRDWH]EXUD"
5'RXDSDVDUL
9LQHXQVFKHOHWODGRFWRU'RFWRUXO
&UHGFDYHQLWLSUHDWkU]LX
&DUHHGLIHUHQWDGLQWUHWLQH"
53LFLRUXOPDLDOHVVWkQJXO
&HIDFHXQYLNLQJSHXQDLVEHUJ"
5QJKHDWD
&XPVHSRDWHH[SOLFDSHVFXUWWHRULDPXOWLPLORU"
5'DFDvQWURFDPHUDVXQWWUHLRDPHQLVLFLQFLGLQHLLHVDIDUDDWXQFLWUHEXLHVDLQWUHGRLvQFDPHUDSHQWUXFDDVWDVDILHGLQ
QRXJRDOD
&HHPLFYHUGHVLWULXQJKLXODU"
58QWULXQJKLPLFVLYHUGH
'RXDOXPkQDUL=LFHXQD
0DVWLQJFXPDVPDLEHDREHUH
&H]ERDUDVLHGHFXORDUHDOEDFXGXQJLURVLL"
58QSHVFDUXVFXYDULFH
8QFDOvQRDWDSULQSDGXUH9LQGRLSROLWLVWL
$LFLIXPDWXOHLQWHU]LV
(XDPWRWXVLRFKHODULGHvQQRW
'RLPHUJSULQSDGXUH8QXOJDVHVWHGHOHLDOWXOQX
&HLPLFVLYHUGHVLPHUJHSHSHUHWH"
58QFDVWUDYHWHFXYRLQWD
&HHYHUGHVL]ERDUD"
58QFDVWUDYHWHPXUDWWHOHJKLGDW
&HHYHUGHVLJDORSHD]DSULQSDGXUH"
52WXUPDGHFDVWUDYHWL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
6LFDUHLSRDQWDEDQFXOXL"
5&DVWUDYHWLLQXXPEODvQWXUPD
9LQHXQFDOvQWUXQEDU%DUPDQXO
%DFHIDWDOXQJDIDFL
&XPIDFGUDJRVWHRFKHODULVWLL"
5VLGDXRFKHODULLMRVVLVHI
WFDFKLRULL
&HLQHJUXPLFVLEDWHODXVD"
59LLWRUXO
&HLQHJUXVWDSHKROVLVHGDODRDPHQL"
57HOHIRQXO
&HVWDGXSDXVDVLFkQGLQWULvQFDVDvWLGDVXWXULvQIXQG"
52PDVLQDDXWRPDWDGHGDWVXWXULvQIXQG
&HVWDGXSDXVDVLFkQGLQWULvQFDVD18vWLGDVXWXULvQIXQG"
52PDVLQDDXWRPDWDGHGDWVXWXULvQIXQGURPkQHDVFD
&HHPDUHXUkWIDFH]JRPRWVFRDWHIXPVLWDLHPRUFRYLLvQ"
50DVLQDURPDQHDVFDGHWDLDWPRUFRYLLvQ
&HHPLFYHUGHVLXPEODSULQSDGXUH"
50LFXOYHUGHGHSDGXUH
&HHVWHPLFDOEFXDULSLRDUHVLVXJHVDQJHOHRDPHQLORU"
57DPSRQXODGH]LY/LEUHVVH
&DUHHGLIHUHQWDGLQWUHXQQHJUXVLRDQYHORSDGHPDVLQD"
5$QYHORSDQXFDQWD*RVSHOFkQGvLSXLODQWXUL
&DUHHGLIHUHQWDvQWUHXQX
FDUHFDGHGHODHWDMVXSHULRUQVLXQX
FDUHFDGHGHODHWDMXO"
5$ODFDUHFDGHGHODIDFH$$$$$$$$$$$$EXIDODFDUHFDGHGHODIDFHEXI$$$$$$$$$$
&DUHHVWHGLIHUHQWDvQWUHGHXUVLDOELVLXQXUVDOE"
5XUVLDOEL
&HHYHUGHFXURVXVLVHPLVFDFXPLOHSHRUD"
52EURDVFDvQWUXQPL[HU
2SULVPDVHFDVDWRUHVWHFXXQSDWUXODWHU'XSD]LOHGLYRUWHD]D
'HFH"
53ULVPDHUHUHJXODWD
6HvQWkOQHVFGRLYkQDWRUL
6LPRUDPkQGRL
8QSXQFWQHJUXFDUHXUFDSHDOE
8QSDLDQMHQDVFHQGHQWSHSHUHWH
8QSXQFWDOEFDUHFRERDUDSHDOE
8QSDLQDQMHQDVFHQGHQWFDUHFRERDUDSHSHUHWH
8QSXQFWQHJUXFXGRXDGXQJLDOEH
8QSXULFHFXEUHWHOHDOEH
8QSXQFWDOEFXGRXDGXQJLQHJUH
8QSXLGHSXULFHFXEUHWHOHQHJUH
'RLFDLVWDXvQSLYQLWDVLWDLHEHQ]LQDFXILHUDVWUDXO8QOLIWFRERDUDVFDULOHVL]LFHvQJkQGXOVDX
%DDDDFHFKHVWLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
'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
0DLPHUJHREXFDWDPDLSULPHVWHXQSXPQvQFHDIDPSUHMXUQLPLFFHUVHQLQ8LWHDVDDSULPLWEURDVFDGRLSXPQLGLQ
VHQLQ
7UHLEURVFXWHPDILRWHvQGHVHUWSULPDVDUHVL]LFH2$&DGRXDVDUHVL]LFH2$&DWUHLDVDUHVL]LFH2$&2$&
3ULPHOHGRXDRRPRDUDSHDWUHLD
QWUHEDUH'HFH"
5DVSXQV)LLQGFDVWLDSUHDPXOWH
0kLQHvQGHVHUWGRXDYDFLVWDWHDXvQWUXQEUDGVLFURVHWDXDSDPLQHUDODFXGRXDFDUDPL]L
7UHFHXQHOHIDQWvQ]ERUVLOHvQWUHDED
&DWHFHDVXO"
8QDVFRDWHXQWHUPRPHWUXVL]LFH
$]LHYLQHULVHGDXUHVWDQWHOHGHMRL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HSDUWHSHVWHPDULSHVWHWDULSHVWHRFHDQHSHVWHPXQWLSHVWHYDLSHVWHGHDOXULSHVWHWXUPHGH
RLHUDRLQVXODPLFDPLFDvQPLMORFXOFDUHLDVHDIODRFRFLRDEDLDUvQFRFLRDEDORFXLDXQSXVWQLFQWURGLPLQHDWDVH
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
QWRUFDQGXVHvOJDVHVWHSH
QHEXQ
VDSkQGvQFRQWLQXDUH&LREDQXOYD]kQGXOLVHIDFHPLODGHHOVLVHKRWDUHVWHVDLGHDOXL
RDLDGDU
QHEXQXO
vLVSXQHFDDUHGHVDSDWGHDLFLVLSkQDDFRORFHUDPDQHVDSVLPkLQHQWUXQWDU]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]LFHVLEDUEDWXOFDXWDWRUGHGLVWUDFWLHVLSDVHVWHSHFXORDUODGUHDSWDQIDWDvLDSDUXXQPLFWRXFK
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
QVFROLVXQWHOHYLVLSURIHVRUL
0DLUDPkQFDUHVDPXQFHDVFD
VXQWVRPHULLDUOXFUHD]DvQDGPLQLVWUDWLDGHVWDW
0DLUDPkQFDUHVDPXQFHDVFD
'LQWUHHLVXQWvQDUPDWD
0DLUDPkQFDUHVDPXQFHDVFD
VXQWvQFKLVLvQSXVFDULLVXQWvQVSLWDOHKDQGLFDSDWLVDXQXLDUOXFUHD]DvQDGPLQLVWUDWLLOHORFDOH
0DLUDPkQ'2,RDPHQLFDUHVDPXQFHDVFD
78VL(8
,DU7867$,VDFLWHVWLFKHVWLDDVWD
1LFLQXPDPLUFDVXQWDVDGHRERVLW
'RLWLSLvODOHUJDXSHXQDOWWLSGRULQGVDSXQDPkQDSHHOVLDSRLVDOOLQVH]H)XJHDVWDGLQXUPDFDGLVSHUDWXSHPXQWH
DVWLDGXSDHO
9HGHWLSX
RSHVWHUDLQWUDVLVHDVFXQGHQVDvQSHVWHUDSXWHDGHWHvQGRLD
$LODOWLGRLvOFDXWDSHODQJDSHVWHUDGDUvQSHVWHUDQXDYHDXWXSHXVDLQWUHQXOJDVHVFVLvQWUXQWkU]LXSOHDFDRIWLFDWL
'XSDYUHRRUDLHVHWLSXOODJXUDSHVWHULLPDLPXOWOHVLQDWOGRERUkVHPLURVXOGDUGHIULFDvQGXUDVH
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
&DSLWDQLLVHvQWkOQHVF
3ULPXOvQWUHDED&kWL"
$GRLOHDUDVSXQGH&LQFL
3ULPXOvQWUHDED&HFLQFL"
$OGRLOHDvQWUHDED&HFkWL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QFkUGGHFURFRGLOL]EXUDXGHDVXSUDXQHLFDVHSHFDUHSDVWHDXPDLPXOWHYDFL
8QFURFRGLOVWULJDODRYDFD
)DFLWHFHDVX"
7UHLODGRLSHQWUX6WHDXD
7UHLOLOLHFLvQWURSHVWHUDDWkUQDWLFXFDSXQMRV'HRGDWDXQXOGLQHLVHvQWRDUFHFXFDSQVXV8QXOGLQFHLDWkUQDWL]LFH
,DXLWHODERXODVWDDOHVLQDWGLQQRX
2IDPLOLHGHFURFRGLOLWUDLDSHPDOXOXQXLUkXGLQ$QJRODVLDYHDGRLSXL
&URFRGLORDLFDvLvQYDWDVDvQRDWHLDUFURFRGLOXOOHDGXFHDKUDQDQWURQRDSWHFHLGRLSXLWUHVDUGLQVRPQVLvQFHSVDVWULJH
-RVVHJUHJDWLDUDVLDOD7UDLDVFDOLEHUWDWHDQHJULORU7UDLDVFD3DWULFH/XPXPED
'XSDFHLDXSRWROLWVLLDXFXOFDWGLQQRXFURFRGLORDLFDvOFHDUWDSHFURFRGLO
7LDPVSXVVDQXOHPDLGDLFRSLLORUVDPDQvQFHSDUWL]DQLFDYH]LFHXUPDULVXQW
8QYXOWXUVHvPEDWDFUXQWODEDUXOGLQYkUIXOPXQWHOXL
'HVFKLGHJHDPXOEDUXOXLVHDUXQFDvQFHDUFDVD]ERDUHQXUHXVHVWHVLFDGHEUXVF
%DJSLFLRUX
LDUPDGXFSHMRVDFDVD
7UHLSRUFLvQWUREDUFD8QXOGLQWUHHL
&kWHFHDVXO"
0DUWL
1LFLRPDVDIDUDSHVWH
2YXOSHODIXUDWGDGHDWkUFRDOHODXQFRWHW'DGHDWkUFRDOHGDGHDWkUFRDOHGDGHDWkUFRDOHGDGHDWkUFRDOHGDGHD
WkUFRDOHGDGHDWkUFRDOHGLQWURGDWDVHRSUHVWH
'HFHVDRSULWYXOSHD"
$5$0$6)$5$75&2$/(
9DULDQWD
8QWLSGDGHDWkUFRDOHXQXLWXILV/DXQPRPHQWGDWVHRSUHVWH
'HFH"
1XPDLDYHDWkUFRDOH
8QYXOWXU]EXUDIkOIkOIkOIkO
2YUDELHSHOkQJDHO
1HQHYXOWXUHQHQHYXOWXUH8QGH]ERULPDWDOH"
9XOWXUXOIkOIkOIkOIkO9UDELD
1HQHYXOWXUHQHQHYXOWXUH8QGH]ERULPDWDOH"
9XOWXUXOIkOIkOIkOIkO9UDELD
1HQHYXOWXUHQHQHYXOWXUH8QGH]ERULPDWDOH"
9XOWXUXO
=ERUXQGHYUHDSX
DPHD
8QWLSSOLQGHJDXULPHUJHSHRVWUDGD
/DXQPRPHQWGDWVHvPSLHGLFDVLRJDXUDFDGHSHMRV
0LUDWWLSXOVHDSOHDFDVDRULGLFHVLFDGHVLHOvQHD
QDQXOGRLDOLJDWRULODPDOXOXQXLUkXIDFFRQYHUVDWLH
'HPXOWGHWRWSXWHDPvQRWD
&HODODOWFURFRGLO
'DGDGHPXOWHUDPGHFXORUHYHUGH
&HVDLIDFLKDLVDODVDPSDODYUDJHDODVLVD]EXUDPPDLGHSDUWHVDVWUkQJHPSROHQXOGLQIORUL
'RXDSLFDWXULGHODSWHvQGUDJRVWLWHJkQJXUHVFQWUHDEDHD
'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
&HHDOEVLVHXLWDVILRVGHGXSDXQFRSDF"
58QODSWLFVILRV
7UHLPHOFLSHVLQDGHFDOHIHUDWD
$WHQWLHYLQHXQWUHQ&1$&.
8QGH"&1$&.
$FROR&1$&.
(UD%XODODHOvQFXUWHVLFUDSDEHQ]LQDFXILHUDVWUDXO9LQHXQYHFLQVHXLWDSHVWHJDUGVLvOvQWUHDED
&HIDFL%XOD"
/DFDUH%XOD
%DGD
&H]LFHRSLVLFDvQDLQWHGHDILORYLWDGHRPDVLQD"
5$MXW
&H]LFHXQFkLQHvQDLQWHGHDILORYLWGHRPDVLQD"
5$MXW
&H]LFHXQHOHIDQWvQDLQWHGHDILORYLWGHRPDVLQD"
5+DLQXPDLYLQR
'RLWLSLVWDXSHDFRSHULV=LFHXQXOSULQ]kQGXOSHFHODODOWGHPkQD
6DWHvPSLQJMRV"
1XPDLELQHODVDPDDDDDDDDDD
6HvQWkOQHVFGRXDSRPSHGHEHQ]LQD=LFHXQD
6LFXPvWLPDLPHUJH"
1RUPDO'DUWLH"
'LHVHO
QXUPDFRQYRLXOXLIXQHUDUXQWUHFDWRUvQWUHDEDXQDOWXO
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
&HHYHUGHVLVWDODPDUJLQHDWURWXDUXOXL"
52%URVWLWXDWD
&HHYHUGHVLIXJHSULQSDGXUH"
5%XODXUPDULWGHRKDLWDGHFDVWUDYHWL
&DUHHGLIHUQWDGLQWUHvQWXQHULFVLIULJ"
59DUDQXQLQJHQLFLRGDWD
&DUHHGLIHUHQWDGLQWUH%XFXUHVWLVL3LWHVWL"
5/D%XFXUHVWLSRWLVDWHSLWHVWLGDUOD3LWHVWLQXSRWLVDWHEXFXUHVWL
'RXDYDFLFURVHWDX8QD]LFH
0XXX
/DFDUHFHDODOWD
9DLGUDJD0LDLOXDWYRUEDGLQJXUD
8QSRUFFXDULSLGHFHORIDQ]EXUDSULQYD]GXK/DXQPRPHQWVHFLRFQLFXXQGHOWDSODQGDUSRUFXO]EXUDPDLGHSDUWH
GHRDUHFHYD]GXKXOHUDJUDQGLRV
'HFHDIRVWvQJURSDWvPSDUDWXOYHUGHvQYkUIXOXQXLGHDO"
53HQWUXFDDFRORHUDFLPLWLUXO
&HHPLFURVXVLXUFD"
52URVLHvQWUXQOLIW
'HFHHvQPRUPkQWDWDRIDWDPDUHVXVSHGHDO"
5$FRORHFLPLWLUXO
&DUHLRSXVXOGHODWUHQ"
57XQHO
&XPVHQXPHVWHXQ'DFFDUHJkQGHVWH"
5*kQ'DF
&HHVWHPLFURVXFkQGvODUXQFLvQVXVVLFDGHIDFHPLDX"
52ULFHQXPDLVDFDGDSHSLVLFD
&HHYHUGHDWkUQDGHSHUHWHVLODWUD"
58QFkLQHvQUXFVDF
&DUHLGLIHUHQWDGLQWUHXQ:&VLXQFLPLWLU"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
51LFLXQD'DFDWUHEXLHPHUVDWXQFLWUHEXLHPHUV
3HLVDMGHODWDUD
QDPXUJGHVHDUDRWDUDQFDPXOJHDYDFDQODFVHYHGHDLQYHUV
&DUHHVWHGLIHUHQWDGLQWUHRJDLQD"
5*DLQDDUHGRXDSLFLDUHSDUDOHOHGDUPDLDOHVVWkQJXO
&DUHLGLIHUHQWDGLQWUHXQYDSRUVLRSLVLFD"
59DSRUXOSOXWHVWHSHDSDGD
FXSLVLFDQXSRWLVDEDWLFXLH
&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
'HFHSRDUWDWLQHUHOHGHFROWHX"
5&DVDOLVHYDGDVkQLL
'HFHSRDUWDEDEHOHIXVWDPLQL"
57RWGHDLD
&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
/DFHRUDYLQHWUHQXOGLQVSUH0L]LO"
/D]HFHWUHL]HFL
6LFHOGLQVSUH3ORLHVWL"
'DFDFLUFXODQRUPDOODXQVSUH]HFH
$FXPFkWRILFHDVXO"
(QRXDVLXQVIHUW
+DL%XELSXWHPVDWUDYHUVDP
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'RXDEDEH
$X]L]LFHXQDGRXDEDEHFLFDDXIRVWYLRODWHvQ5DKRYD
6LQRLVWDPFDSURDVWHOHDLFL
9DULDQWD
'RXDEDEHFLWHDX]LDUXO
$X]LWX]LFHXQDGRXDEDEHYLRODWHvQ)HUHQWDUL
6LQRLVWDPFDSURDVWHOHvQ7LWDQ
'RXDEDWUkQHVSRURYDLHVFODRFDIHOXWDPLFVLVODED
$PDX]LWGUDJDPHDFDWLSODFILOPHOHVH[L
6LGHFHVDQXPLSODFDQIRQGODFHLVDSWH]HFLGHDQLDLPHLHRSODFHUHWRWDOQHYLQRYDWD
'DGDUvWLFXPSHULPHUHXELOHWvQSULPXOUvQGGLQIDWD1XYH]LELQH"
%DGDQLFLQXSRUWRFKHODULGDUQXYUHDXVDDVLVWODFHVHvQWvPSODvQUkQGXULOHGLQVSDWHOHPHX
8QWLSODPDUHIDFHSODMDODQXGLVPVLVHDOHJHFXDUVXULSHWRWFRUSXOLQFOXVLYSHSX
D&XPQXPDLVXSRUWDDUVXULOHLD
XQERUFDQFXLDXUWVLVLEDJDSX
DQHO2EDEDFDUHWUHFHDSHDFRORVHRSUHVWHVLVHWRWXLWDODHO7LSXOVXSDUDWVSXQHEDEHL
&HWHXLWLDVDPDPDLHFHQDLPDLYD]XWSX
D"
%DSX
DDPPDLYD]XWPDLFDFXPVDQXGDUQXVWLDPFXPVHQFDUFD
2EDEXWDRIWD
2IIRIIRII
2vQWUHDEDXQXO
'HFHRIWH]LPDLFD"
%DEXWD
)
FNRII
8QWLSvQWUHQFXXQVRERODQSHXPDUQIDWDOXLREDED7LSXOFDWRWRPX
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'RFWRUXOHUDXQJXULVSXQHODEDED
0HUJHWLVLYDDVH]DWLvQVDORQ
%DEDVSXQH
$PRSUREOHPDODSDVDULFD
&DQGGUVHXLWDvQWUHSLFLRDUHODEDED]LFH
'RDPQDDVWDQHPSDVDULFDDVWDYXOWXUXOSOHVXY
8QPRVVSXQHFDWUHEDEXWDVD
'UDJDPHDEDEDDPRXOWLPDGRULQWDvQDLQWHGHPRDUWH6DPDLIDFRGDWDVH[FXWLQH
%LQHVSXVHEDEDVILRDVD'DUvQDLQWHGHDVWDWUHEXLHVDWLVSXQFDDPXQGHIHFW
&DUH"vQWUHEDPRVXOHWXO
1XPDLDPSDUODGXGXLH
1XLQLPLFVSXVHPRVXO3kQDvWLFUHVWHWLHSDUXOPLVHVFRDODVLPLH
QWUXQ 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"
QWUXQVH[\VKRSLQWUDREDEDWUHPXUkQGUDXGLQWRDWHvQFKHLHWXULOHGHSDUFDPDLDYHDSXWLQVDVLGHDXOWLPDVXIODUH
1XYDVXSDUDWLYLEUDWRDUH3KLOLSVDYHWL"
PLSDUHUDXPDUFDDFHDVWDQXDYHPGDUvQFHUFDWLODPDJD]LQXOGLQFROW
/D PDJD]LQXOGLQFROW DFHHDVLGLVFXWLH VL WRW DVD GH FkWHYD RUL QWUXQ WkU]LX QHRERVLWD EDED LQWUD vQWUXQ VH[\ VKRS FDUH
DYHDWRWFHWLGRUHDLQLPD
1XYDVXSDUDWLYLEUDWRDUH3KLOLSVDYHWL"
'D'RULWLVDFXPSDUDWL"
1XPDPDPLHVSXQHPLQXPDLGHXQGHVHRSUHVWH
9DULDQWD
2EDEDWUHPXUkQGGHPRDUWHGLQWRDWHvQFKHLHWXULOHRvQWUHDEDSHYkQ]DWRDUHDOD6(;6+23
$YHWL9LEUDWRU7XUER;/6XSHU6WURQJODEDWHULL"
'D
6LFXPVHRSUHVWH"
2EDEDFDODWRUHVWHvQWUHQFXQLVWHWLQHULFDUHPHVWHFDXJXPDLvQWUHDEDFHPHVWHFDLDUDFHVWLDFDVDVLEDWDMRFGHHDvL
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
QWURVWDWLHVHXUFDvQDXWREX]XQPRVQHDJYHGHXQORFOLEHUVLvVLODVDVDFRVDSHVFDXQVLVHGXFHVDVLLDELOHW&kQGVH
vQWRDUFHGLQJUHVHDODVHDVD]DSHVDFRVDVLH[FODPD
2XDOHPHOH
$YHDWLRXDvQVDFRVD"vQWUHEDREDED
1XDYHDPFXLH
6LPSWRPHOHvPEDWUkQLULL
0DLvQWkLXLWLQXPHOHSHUVRDQHORU
$SRLXLWLILJXULOHSHUVRDQHORU
$SRLXLWLVDWHvQFKHLODVOLW
QFHOHGLQXUPDXLWLVDWHGHVFKHLODVOLW
'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 Q GLPLQHDWD SULPHL QRSWL SHWUHFXWH
vPSUHXQDWvQDUDFRERDUDODEDUXOKRWHOXOXLvQFDUHVWDWHDXVLFRPDQGDRFDIHDPDUH9D]vQGRFvWGHRERVLWDHVWHEDUPDQXOR
vQWUHDED
&HYDIDFXWEDWUvQXOGXPQHDYRDVWUDVRW"
6WLWLH[SOLFDIHPHLDEDUPDQXOXLFXULRVPHUHXPLDVSXVFDIDFHHFRQRPLLGHPDLELQHGHFLQFL]HFLGHDQLGDUHXDPFUH]XW
vQWRWGHDXQDFDHVWHYRUEDGHEDQL
'RLPRVLVWDXSHEDQFDVLSRYHVWHVF
(XDPDFDVDXQFkLQH
6LHXRIRFD
6LXQGHGRDUPH"
QSDWODSLFLRDUH
'DUQXSXWH"
1XFDVDRELVQXLW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'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
8QUHSRUWHUYUHDVDIDFDXQUHSRUWDMGHVSUHXQVDWFXRDPHQLORQJHYLYL6HGXFHvQVDWVLEDWHODRSRDUWDLUDVSXQGHXQ
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]DDVWDVLULGLFDPDVDIDUDVRDWLQJDIDUDVDPLVWHQLPLFGHSHHDHWFLGDDODVWLFODODFDUHDVWD]LFH
$FXPVDIOXLHUHFDUHYD
)OXLHUDXQXGHDFRORVLPDVDVHODVDvQFHWMRV
$GRXD]LLQWUDGLQQRXDVWDQEDUVHGXFHODEDUPDQvL]LFH
'DDFXGDFDWLULGLFPDVDDLDGHELOLDUGIDUDVRDWLQJIDUDVDPLVFELOHOHGHSHHDGDLWUHLVWLFOHGHZKLVN\"
'DXGDVHWHYDGFRULGLFL
6HSXQHDVWDVHFRQFHQWUHD]DVHFRQFHQWUHD]DVLGHRGDWDvQFHSHPDVDVDVHULGLFHvQFHWQLPLFQXVHPLVFDSHHDWRWXORNL
GDEDUDPDQXOVWLFOHOHDVWDSXQHGLQQRXSHXQXOVDIOXLHUH PDVD VHODVDMRVIUXPRV$WUHLD]LLQWUDDVWDQEDUVHGXFHOD
EDUPDQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
Q&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
QLPLFQWUR]LPRVX
VHGXFHODSLDWDVLvVLFXPSDUDXQFRFRV
ODGXFHDFDVDQDYHDXQGHVDOSXQDOGDEDEHLVDvOWLQDVLDVWDvOSXQHvQFRWHWX
HLGHJDLQL7UHFHRUDYLQHEDED
WLSkQG
6DLPRVXOHFDPLIX
HFRFRVX
WDXWRDWHJDLQLOH
OLDPRVX
VLvOSXQHvQFLUHDGDGHYLWHDEDEHL7UHFRUHYLQHEDEDVWULJkQG
6DLPRVXOHFDPLIX
HFRFRVX
WDXWRDWHYDFLOH
6HRIWLFDPRVXSXQHODEDSHHOVLvOGXFHvQGHVHUWVLvOODVDDFRORVDPRDUD6HvQWRDUFHDVWDDFDVDVLFHVL]LFH
%DERXDPIRVWDPSUDSDGLWEXQDWDWHGHFRFRVvQGHVHUWPDLELQHIDFHDPRFLRUEDFXHO
6HGXFHDVWDUHSHGHvQGHVHUWVLJDVHVWHFRFRVX
vQFRQMXUDWGHYXOWXUL,DREkWDVLvLJRQHVWHGXSDFDUHvVL]LFH
$PDMXQVODWLPS(UDXFkWS
DFLVDPLOKDOHDVFD
,DFRFRVXVLVHGXFHDFDVD3HGUXPvL]LFHFRFRVX
%DFDFDPDVSHRFKLLWDLGHERXGHFHPDLOXDWFDG
DELDvLDWUDVHVHP
QWDPYDLvQJKHVXLDODVLXQPRVXOLFDGHSHVFDXQLVHDGUHVHD]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
PLSDUHUDXGDUDPJDVLWDOWD
%DEDVXSDUDWD
6LFHPDURJDUHHDVLHXQXDP"
LWUHPXUDPkLQLOH
9DULDQWD
8QPRV ODD]LOvLSRYHVWHVWHXQHLFROHJHFDUDSRVDWDVRWLHvLWLQHDSX
DvQPkLQLODFXOFDUHVLQXPDLDVDSXWHDVDDGRDUPD
%DWUkQDPLORDVDvODMXWDGHFLVLHDVDSRDWDGRUPLPRVXO6LvQWUDGHYDUPRVXODGRDUPHVLGRDUPHFDXQFRSLODV'DURGDWD
PRVXYLQHODHDVLL]LFH
PLSDUHUDXGDUDPJDVLWDOWD
%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
8QPRVQHDJPHUJHODERUGHOSODWHVWHVLvVLLDRWLSDWDUHODSDWQWLPSFHOXFUHD]DRvQWUHDED
(LFXPVXQW"
&DWUHLGHQX
&XPHDLD"
3DLQXHVWLWDUHQXHVWLvQDXQWUXVLQXvWLSULPHVWLEDQLLvQDSRL
5DXWDFLRDVHODDGUHVDEDUEDWLORU
&HLVHvQWkPSODXQXLEDUEDWGDFDLVHWDLHSX
D"
5$XWRPDWFDSXOSUHLDFRPDQGD
&XPVHGHILQHVWHVRWXOSHUIHFW"
58QWLSFXROLPEDGHGHFHQWLPHWULFDUHSRDWHVDUHVSLUHSHXUHFKL
&DUHLDVHPDQDUHDGLQWUHXQEDUEDWVLXQVRDUHFH"
5$PkQGRLWUDJODJDXUD
7RWLEDUEDWLLVXQWQHEXQL"
51XXQLLUDPkQEXUODFL
&HHVWHXQVRW"
58QDPDQWFDUHVLDIRUWDWSUHDPXOWQRURFXO
6WLWLFDUHHGLIHUHQWDGLQWUHXQEXUODFVLXQRPvQVXUDW"
5%XUODFXOVHSRDWHGDMRVSHDPEHOHSDUWLDOHSDWXOXL
'HFHVXQWEDUEDWLLOLPLWDWL"
5)LLQGFDVXQWPRQRWRQLVLPDUJLQLWL
&DUHHVWHDVHPDQDUHDGLQWUHXQEDUEDWVLRWHOHFRPDQGD"
5$PELLVXQWVLPSOLXVRUGHIRORVLWVLGHRELFHLvLJDVHVWLSHOkQJDWHOHYL]RU
'HFHVXQWEDUEDWLLFDYLVFROXO"
51XVWLLFkQGYLQHQXVWLLFkWLFHQWLPHWULYDDWLQJHVLQXVWLLQLFLFkWYDGXUD
'HFHHVWHJUHXIHPHLORUVDJDVHDVFDXQEDUEDWFDUHDUDWDELQHHvQJULMLWVLHVLVHQVLELO"
53HQWUXFDDVWIHOGHEDUEDWLDXGHMDXQSULHWHQ
&HvVL]LFHPLUHDVDGXSDQRDSWHDQXQWLL"
5'RDPQHDMXWDFDQXDPDUXQFDWvQFDYLEUDWRUXO
&XPVHQXPHVWHJUDVLPHDGLQMXUXOSHQLVXOXL"
5%DUEDW
&DUHHGLIHUHQWDGLQWUHRFkUFLXPDVLFOLWRULV"
5&kUFLXPDRJDVHVFvQWRWGHDXQDEDUEDWLL
&kQGYDORUHD]DXQEDUEDWGHOHL"
5&kQGRXDOHVHLHIWLQHVFOD
&HHXQEDUEDWvQWUXQEXWRLFXDFLGVXOIXULF"
56ROXWLDSUREOHPHL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HJUHVHDODIDFHRIHPHLHFkQGVHPDULWD"
53HQWUXXQFkUQDWLDWRWSRUFXO
&XPVHQXPHVWHXQEDUEDWFXGLQFUHLHUDPSXWDW"
5(XQXF
'HFHVXQWIHPHLOHGHRELFHLIUXPRDVHVLPDLSXWLQLQWHOLJHQWH"
53DQWUXFDEDUEDWLLYDGFXPXOWPDLELQHGHFkWJkQGHVF
'HFHFDXWDIHPHLOHVDILHFkWPDLDUDWRDVH"
53HQWUXFDODEDUEDWLLIXQFWLRQHD]DPDLELQHRFKLLGHFkWJkQGLUHD
'HFHQXSUHDIDFIHPHLOHJOXPHFXEDUEDWL"
5'LQGUDJRVWHSHQWUXDQLPDOH
'HFHVXQWEDUEDWLLFDVL:&XULOHSXEOLFH"
52ULVXQWRFXSDWH:&XULOHRULFDFDWH
'HFHVXQWEDUEDWLLFDVLFDELQHOHWHOHIRQLFH"
52ULVXQWRFXSDWHRULHWHOHIRQXOGHIHFW
&XPVHQXPHVWHXQEDUEDWDUDWRVLQWHOLJHQWDWHQWVLVHQVLELO"
5%DVP
'HFHDXEDUEDWLLEXUWD"
53HQWUXFDSLWLFXOVRPHUVDDLEHFHOSXWLQXQDFRSHULVGHDVXSUDFDSXOXL
'HFHORYHVWHPHGLFXOFRSLOXOQRXQDVFXWSHVWHIXQG"
5/DFHLLQWHOLJHQWLOHFDGHSXOLFLFDMRV
'HFHVXQWEDUEDWLLFDFHDSD"
5'DFDGDLMRVvQYHOLVXOvWLYLQHVDSOkQJL
'HFHSRVHGDEDUEDWLLXQFURPR]RPPDLSXWLQGHFkWSRUFXO"
5&DVDQXOLVHVSLUDOH]HSX
D
&DUHHSDUWHDFHDPDLLQVHQVLELODDSHQLVXOXL"
5%DUEDWXO
'HFHVXQWEDUEDWLLLPXQLODERDODYDFLORUQHEXQH"
53HQWUXFDVXQWSRUFL
'HFHDXEDUEDWLLSLFLRDUH"
5$OIHODUWUHEXLSHQWUXDVHGHSODVDVDUXOH]HSHFRDLHVLVDSXQDIUkQDFXSX
D
'HFHH[LVWDEDUEDWL"
53HQWUXFDYLEUDWRDUHOHQXDGXFEDQLvQFDVD
'HFHVXQWEDUEDWLLVXQWFDVLEHWHOHGHFKLEULW"
5'DFDvLDSULQ]LvVLSLHUGFDSXO
&HDUHSLFLRDUHXQ,4GHVLPLURDVHDEHUH"
57UHLEDUEDWLvQIDWDWHOHYL]RUXOXLODPHFLXOGHIRWEDO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
9DULDQWD
&HDUHSLFLRDUHVLXQ,4GH"
5EDUEDWLODELUW
&XPVHQXPHVWHXQEDUEDWFXXQ,4GH"
5'RWDW
'HFHQXH[LVWDSLOXOHDQWLEDE\SHQWUXEDUEDWL"
53HQWUXFXUXULVHIRORVHVFvQFDVXSR]LWRUH
'HFHDXEDUEDWLLGHPXOWHRULDVFKLLGHOHPQVXEXQJKLL"
5'HODVFDUSLQDWvQFDS
'HFHDXIXVWHOHIHUPRDUXOODVSDWH"
52LQYHQWLHGHDEDUEDWLORUFUHDWRULLGHPRGD VXQWPDL DOHV EDUEDWLSHQWUXD DMXWD IHPHLOH OD vPEUDFDW VL PDLDOHVOD
GH]EDUDFDW
'HFHSRDUWDIHPHLOHSDQWRILFXWRFXUL"
52DOWDLQYHQWLHGHDEDUEDWLORUSHQWUXDWUDLFXLPSUHVLDFDIHPHLOHDXQHYRLHGHVSULMLQXOORU
'HFkWLEDUEDWLHQHYRLHSHQWUXDVFKLPEDRKkUWLHGHVWHUVODEDLH"
51XVHVWLHXQDVWIHOGHIHQRPHQQXDPDLIRVWREVHUYDWSkQDDFXP
'HFHVXQWEDUEDWLLFDVLGLQWLL"
53HQWUXFDFUHVFJUHXVLRGDWDFHvLDLFUHD]DSUREOHPHVLGHPXOWHRULGRULDUFkQGWHDLVFDSDWGHHLODVDJDXUL
&HHVWHFkQGXQEDUEDWVWDvQDSDSkQDODEUkX"
5$SDvLWUHFHSHVWHQLYHOXOOXLGHvQWHOHJHUH
&DUHHGLIHUHQWDGLQWUHXQEDUEDWVLXQFDXFLXFGHPDVLQD"
58QFDXFLXFGHPDVLQDDUHSURILO
&kWFRVWDXQEDUEDW"
5&XLQIODWLDDVWDRXDOHVHVFXPSHVFvQWUXQD
&HIDFHRIHPHLHGLPLQHDWDFXFDFDWXOHL"
5LXQJHRIHOLHGHSkLQHFXXQWVLvOWULPLWHODOXFUX
'HFHDUHXQEDUEDWXQQHXURQPDLPXOWGHFkWXQERX"
56DQXVHFDFHSULQFDVD
'HFHOHSXWHJXUDEDUEDWLORU"
5&DFLYRUEHVFQXPDLPXUGDULL
&XPVHQXPHVWHXQEDUEDWFDUHVLDSLHUGXWGLQFDSDFLWDWHDGHJkQGLUH"
59DGXY
'HFHvVLGDXEDUEDWLLXQQXPHSX
LL"
5&DVDVWHGHFLQHOHHFRQGXVDYLDWD
&HvQWHOHJHXQEDUEDWGLQWUXQPHQLXFXIHOXUL"
58QKDPEXUJHUVLGR]HGHEHUH
&DUHHDVHPDQDUHDGLQWUHEDUEDWLVLQRUL"
5'DFDSOHDFD]LXDSRDWHGHYHQLvQVRULWD
'HFHDXPDMRULWDWHDEDUEDWLORUSLFLRDUHvQIRUPDGHSDUDQWH]H"
5QWUHSDUDQWH]HVWDXOXFUXULOHPDLSXWLQLPSRUWDQWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHHGLIHUHQWDGLQWUHXQELUWVLXQFOLWRULV"
5%DUEDWLLJDVHVFELUWXOIDUDQLFLRJUHXWDWH
'HFHVHVSDUJHXQ]LGFkQGXQEDUEDWVHVSULMLQDSHHO"
5'HVWHSWXOFHGHD]DvQWRWGHDXQD
&DUHHGLIHUDQWDGLQWUHRSX
DVLRVFXOD"
52SX
DHRFFKHVWLHKD]OLHFXFDUHWHSRWLGLVWUDGHPLQXQHRVFXODHSHUVRDQDFDUHDUHRSX
D
&DUHHGLIHUHQWDGLQWUHXQEDUEDWVLXQLDXUW"
5,DXUWXODUHFXOWXUD
&HDVHPDQDUHHVWHvQWUHXQEDUEDWVLRYDFDQWD"
51LFLYDFDQWDVLQLFLEDUEDWXOQXWLQHvQWRWGHDXQDFkWDLYUHD
&HLQGLFDFUDYDWDODXQEDUEDW"
57HUHQXOGHMRF
&DUHHVWHDVHPDQDUHGLQWUHEDUEDWLVLVHUYHWH"
52ULvWLVWDXvQSRDODRULvWLDWkUQDGHJkW
&HHXQEDUEDWSH/XQD"
58QDVWURQDXW
'DUWRWLEDUEDWLLSH/XQD"
52XVXUDUH
&DUHHVWHDVHPDQDUHDGLQWUHEDUEDWLVL]DSDGD"
5/DIHOFD]DSDGDQLFLQXVHGH]JKHDWDELQHFDVHVLWRSHVFDVDFDQXPDLVXQWEXQLGHQLPLF
&DUHHVWHDVHPDQDUHDGLQWUHEDUEDWLVLFLXSHUFL"
5/DIHOFDFLXSHUFLOHFHLPDLIXPRVLVXQWRWUDYLWRUL
&XPWULPLWLXQEDUEDWODFXOFDUH"
5LVSXLFDYUHLVDYRUEHVWLFXHO
&XPGHILQHVWHXQEDUEDWRVHDUDURPDQWLFD"
56(;
&XPDWUDJLLQWHUHVXOXQXLEDUEDW"
57HGDLFXXQSDUIXPFDUHPLURDVHDEHUH
&HvQWHOHJHXQEDUEDWSULQDWHDMXWDODFXUDWHQLH"
56DVLULGLFHSLFLRDUHOHVDSRWLGDFXDVSLUDWRUXO
5DXWDFLRDVHODDGUHVDIHPHLORU
&XPVHGHILQHVWHRIDWDPDUH"
52IHWLWDGHYUHRDQLGDUXUkWD
&DUHHGLIHUHQWDvQWUHRIHPHLHVLRYXOSH"
51LFLXQDDPkQGRXDVXQWFDXWDWHSHQWUXEODQDORU
&DUHHVWHGLIHUHQWDGLQWUHWkQWDUVLIHPHLH"
53HWkQWDUQXOWLLGHFDSFkQGVXJH
&DUHHGLIHUHQWDGLQWUHIHPHLVLFLRUDSL"
5&LRUDSLLPLURDVHQXPDLGXSDIRORVLQWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHHVWHGLIHUHQWDGLQWUHIHPHLHVLRJOLQGD"
52JOLQGDUHIOHFWDIDUDVDYRUEHDVFDIHPHLDYRUEHVWHIDUDVDUHIOHFWH]H
&DUHHVWHGLIHUHQWDGLQWUHRIHPHLHVLRRJOLQGD"
5QRJOLQGDvWLEHOHVWLRFKLLvQIHPHLH
&DUHHGLIHUHQWDGLQWUHRIHPHLHVLRELFLFOHWD"
5%LFLFOHWDvQWkLRXPIOLVLSHXUPDWHVXLSHHD
9DULDQWD
&DUHHDVHPDQDUHDvQWUHRIHPHLHVLRFDPHUDGHELFLFOHWD"
5%LFLFOHWDRXPIOLLVLGXSDDLDWHXUFLSHHDIHPHLDLQYHUV
&DUHHDVHPDQDUHDvQWUHRIHPHLHVLRELFLFOHWD"
5'DFDQDLFDPHUDPHUJLSHOkQJD
&DUHHVWHGLIHUHQWDGLQWUHRIHPHLHVLXQEDUEDW"
5)HPHLDDUHQHYRLHGHXQVLQJXUEDUEDWFDUHVDvLvQGHSOLQHDVFDWRDWHGRULQWHOH
%DUEDWXODUHQHYRLHGHWRDWHIHPHLOHVDvLvQGHSOLQHDVFDVLQJXUDGRULQWD
&DUHHGLIHUHQWDGLQWUHvQWXQHULFVLWDUH"
5QWXQHULFHWRDWDQRDSWHD
&DUHLGLIHUHQWDGLQWUHRIHPHLHVLRPLQD"
5QPLQDEDJLIRUWDGHPXQFDVLVFRWLPDWHULHSULPD
QIHPHLHEDJLPDWHULHSULPDVLVFRWLIRUWDGHPXQFD
9DULDQWD
&DUHHVWHGLIHUHQWDGLQWUHRPLQDVLRIHPHLH"
5QPLQDLQWUDIRUWDGHPXQFDVLLHVHPDWHULHSULPDODIHPHLHHVWHLQYHUV
6WLLFDUHHGLIHUHQWDGLQWUHRIHPHLHVLREDUFD"
5QEDUFDVWDLvQFXUVLGDLGLQPkLQLLDUODIHPHLHVWDLvQPkLQLVLGDLGLQFXU
9DULDQWD
&DUHHVWHGLIHUHQWDGLQWUHREDUFDVLRIHPHLH"
5QEDUFDVWDLvQFXUVLGDLGLQPkLQLODIHPHLHHVWHLQYHUVFHOSXWLQvQSR]LWLDPLVLRQDUXOXL
&DUHHVWHGLIHUHQWDGLQWUHRPDVLQDVLIHPHLH"
50DVLQDDUHPDLPXOWHJDXULLDUIHPHLHDUHQXPDLGRXD
&DUHLGLIHUHQWDGLQWUHRSURVWLWXDWDVLRFXUYD"
53URVWLWXDWHVHFXOFDFXWRWLFXUYDFXWRWLQXPDLFXWLQHQX
&DUHHGLIHUHQWDGLQWUHRIXVWDOXQJDVLXQDPLQL"
57LPSXOGHOXFUX
&DUHHGHRVHELUHDGLQWUHELVHULFDVLIHPHLH"
5QELVHULFDSULPDGDWDLQWULVLDSRLWHURJL
&DUHHVWHGHRVHELUHDGLQWUHRIHPHLHEXQDVLXQDUHD"
5)HPHLDEXQDVHGXFHvQ5DLIHPHLDUHDVHGXFHXQGHYUHD
&DUHLGHRVHELUHDGLQWUHXQYLEUDWRUVLJGHVRLD"
51LFLXQD$PkQGRXDvQORFXLHVFFDUQHD
&DUHHDVHPDQDUHDGLQWUHIHPHLVLXUDJDQH"
5)LHUELQWLVLXPHGHDWXQFLFkQGYLQ6LFkQGSOHDFDLDXFDVHVLPDVLQLFXHOH
&DUHHVWHDVHPDQDUHDGLQWUHRIDWDVLREURDVFD"
5$PEHORUOHHVWHIULFDGHEDU]D
&DUHHDVHPDQDUHDGLQWUHRIHPHLHVLXQILHUDVWUDXFLUFXODU"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5'DFDQLPHUHVWLSHOkQJDWLHGHJHWX
QFXU
&DUHHVWHDVHPDQDUHDGLQWUHFLFOXOIHPHLORUVLVDODULXOURPkQLORU"
5$PkQGRXDYLQRGDWDODOXQDVLDPkQGRXDWLQ]LOH
&DUHHVWHDVHPDQDUHDvQWUHSDUVLIHPHLH"
5'DFDQXOHvQJULMHVWLDPEHOHWHSDUDVHVF
'HFHGLQEDUEDWLLFDUHDXIDFXWVH[WUHEXLHVDIDFDRSOLPEDUHvQDLQWHGHDDGRUPLOkQJDQHYDVWD"
53HQWUXFDWUHEXLHVDDMXQJDPDLvQWkLDFDVD
'HFHQXDXEDLHWLLFLFOX"
5&DVDQXIDFDIHWHOHURVXQJkW
&HIDFHRIHPHLHFDUHQXDUHFXFHVHvPEUDFD"
56HvQYDOXLHvQWDFHUH
&XPSRWLWUDQVIRUPDRJDLQDvQWUXQSLWEXOO"
52LHLGHQHYDVWD
&DUHHVWHSXQFWXOFHOPDLILHUELQWHDOIHPHLL"
53RGXOSDOPHLFXPvLSXLXQEDQFXPvOWRSHVWH
&HHVWHPLUHDVD"
5)DWDFDUHVFKLPEDDWHQWLDPDLPXOWRUEDUEDWLSHQHDWHQWLDXQXLDVLQJXU
&XPDDSDUXWPDPDGUDFXOXL"
52DPHQLLDXFUH]XWFDGUDFXO ILQGEDUEDWQXSRDWHILGHVWXO GH UDX6L DWXQFLGLQvQWHOHSFLXQH DX FUHDWR SH PDPD
GUDFXOXL
&HHVWHLXELUHD"
5(IRUWXOSHFDUHXQEDUEDWvOIDFHFDVDVHSRDWDPXOWXPLFXRVLQJXUDIHPHLH
&DUHIHPHLVXQWFHOHPDLILGHOH"%ORQGHOH"%UXQHWHOH"5RVFDWHOH"
5&DUXQWHOH
&HOLSVHVWHGLQJHDQWDXQHLIHPHL"
52UGLQHD
'HFHDXIHPHLOHRUJDQHOHVH[XDOHvQDXQWUXOFRUSXOXL"
53HQWUXFDVXQWDWUDVHGHYLGXOGLQFDS
&HIDFHRIHPHLHFkQGVHKROEHD]DODRIRDLHJRDODGHKkUWLH"
5VLFLWHVWHGUHSWXULOH
&DUHHFHOPDLPDUHWUXVWHFRQRPLFGLQOXPH"
5)HPHLD'RXDIDEULFLGHODSWHVLXQDGHOXVWUXLWEDVWRDQH
'HFHRUJDQXOIHPLQLQGHUHSURGXFHUHQXDUHFXUEH"
5'HRDUHFHRUJDQXOEDUEDWHVFGHUHSURGXFHUHQXDUHYRODQ
&HVXQWOXQJLVLSODFHIHPHLORU"
57HOHQRYHOHOH
&XPVHGHILQHVWHVRWLDSHUIHFWD"
52QLPIRPDQDFDUHHSDWURDQDXQXLEDU
9DULDQWD
&XPVHGHILQHVWHIHPHLDSHUIHFWD"
52QLPIRPDQDPXWDDOFDUHLWDWDSRVHGDXQEDU
'HFHVXQWIHPHLOHFRQYHUJHQWH"
53HQWUXFDVXQWPRQRWRQHVLPDUJLQLWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HDUIDFHEDUEDWLLGDFDDUGLVSDUHDIHPHLOHGHSHIDWDSDPkQWXOXL"
5$UvPEOkQ]LDOWDQLPDO
6WLWLGHFHQXIDFIHPHLOHDUPDWD"
53HQWUXFDvQFOLSDFDQGOLVHRUGRQDFXOFDWHOHVDDUXQFDSHVSDWH
&XPWHSRDWHDMXWDRIHPHLHVDGHYLLPLOLRQDU"
5'DFDHVWLPLOLDUGDU
'HFHUDPkQHIHPHLDJUDYLGDGHFHVHDUGHSkLQHDvQFXSWRUVLGHFHVHvQHDFDRIDWDFDUHFDGHvQIkQWkQD"
55DVSXQVXOHXQXOVLQJXUQDIRVWVFRDVDODWLPS
'HFHIHPHLOHVHIDFFDWHUPLQD"
53HQWUXFDSRW
'HFHVLPXOHD]DIHPHLOHRUJDVPXO"
5)LLQGFDvVLLPDJLQHD]DFDEDUEDWLORUOHSDVD
&DUHDIRVWSULPXOEDUEDWFDUHVLDGDWVHDPDFDHVWHQHYRLHGHRIHPHLHvQFDVD"
50HVWHUXO0DQROHFkQGD]LGLW0DQDVWLUHD$UJHVXOXL
6WLWLFLQHDUHXVLWVDSXQDIHPHLDODORFXOHLvQWRDWDLVWRULDPRQGLDOD"
50HVWHUXO0DQROH
'HFHDXIHPHLOHFXH[DFWXQQHXURQPDLPXOWGHFkWFDLL"
53HQWUXFDDWXQFLFkQGVSDODSHMRVVDQXEHDWRDWDDSDGLQJDOHDWD
'HFHVXQWIHPHLOHFDVLFUDYDWHOH"
5'HRELFHLOHDOHJLSHvQWXQHULFVLGXSDDLDvWLDWkUQDGHJkW
&DUHVXQWDQLPDOHOHSUHIHUDWHDOHIHPHLORU
51XWULDvQGXODS
5-DJXDUXOvQJDUDM
5$UPDVDUXOvQSDW
56LERXOFDUHSODWHVWHWRWXO
9DULDQWD
&DUHVXQWDQLPDOHOHSUHIHUDWHDOHIHPHLL"
59L]RQXOMDJXDUXOVLPDJDUXOFDUHOHSODWHVWH
'HFHvVLIUHDFDIHPHLOHGLPLQHDWDODVFXODUHRFKLL"
53HQWUXFDQXDXFRDLHVDVHVFDUSLQH
&HHSR]LWLYODIDSWXOFDQHYDVWDVHURVWRJROHVWHSHWUHSWHOHSLYQLWHL"
53RDWHVDDGXFDVLFkWHYDVWLFOHGHEHUHFkQGVHvQWRDUFH
'HFHVDUXWDEDUEDWXOPDQDIHPHLL"
53HQWUXFDHVWHPkQDVIkQWDFDUHvQYLHPRUWXO
&kQGFHUHXQEDUEDWPkQDXQHLIHPHL"
5&kQGVDVDWXUDWGHDOXL
'HFHQXDXIHPHLOHOLPLWD"
5)LLQGFDVXQWSHULRGLFH
6WLWLGHFHOHDGDW'XPQH]HXIHPHLORUFLFOX"
53HQWUXFDPHULWD
6WLWLGHFHQXPDLDXIHPHLOHFLFOXGXSDGHDQL"
53HQWUXFDVkQJHOHOHWUHEXLHDFXPSHQWUXYDULFH
'HFHQXDXEDUEDWLLvQFUHGHUHvQIHPHL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5&XPSRWLDYHDvQFUHGHUHvQFLQHYDFDUHGXSDFHVkQJHUHD]DRVDSWDPkQDQXHPRUWvQFD
&XPSRWLDOHJHRIDWDSURDVWDGLQWURVXWD"
5/DvQWkPSODUH
'HFHDXIHPHLOHGRXDSHUHFKLGHEX]H"
58QDSHQWUXDVSXQHWkPSHQLLFDUHWHFDOFDSHQHUYLLDUFHDODOWDSHQWUXvPSDFDUH
&DUHHIHPHLDLGHDOD"
58QDFDUHGXSDVH[VHWUDQVIRUPDvQGRXDOD]LGHEHUHVLGLQFHLPDLEXQLSULHWHQL
'HFHSHQWUXVWDWXLD/LEHUWDWLLVDDOHVFDPRGHORIHPHLH"
53HQWUXFDvQFDSHVWHORFVXILFLHQWSHQWUXDDPSODVDXQUHVWDXUDQW
'HFHDXIHPHLOHSLFLRDUH"
5&DVDDMXQJDGLQGRUPLWRUvQEXFDWDULH
'HFHSRDUWDSDUDVXWLVWHOHWDPSRDQH"
56DQXIOXLHUHvQFDGHUH
'HFHQXGHRVHEHVFIHPHLOHVWkQJDGHGUHDSWD"
53HQWUXFDRDOHOHVXQWURWXQGH
'HFHQXSRWIHPHLOHVDILHIUXPRDVHVLLQWHOLJHQWHWRWRGDWD"
53HQWUXFDvQDFHVWFD]DUILEDUEDWL
8QGHVXQWFHOHPDLIUXPRDVHIHPHL"
5QIRWRJUDILLOHYHFKL
&HUH]XOWDGDFDvQFUXFLVH]LRIHPHLDFXXQSDLDQMHQ"
52IHPHLHGHVHUYLFLFXRSWPkLQL
&HIDFHRIHPHLHvQVSDWLXOFRVPLF"
5&XUDWHQLH
'HFHQXVFKLD]DIHPHLOH"
53HQWUXFDvQWUHGRUPLWRUVLEXFDWDULHQXHVWH]DSDGD
'HFHDXIHPHLOHODEDSLFLRUXOXLDVDGHPLFD"
56DSRDWDVDVWHDPDLDSURDSHGHDUDJD]
'HFHDXIHPHLOHPkLQLOHDVDGHPLFL"
5&kQGVSDODSHMRVVDDMXQJDPDLELQHvQFROWXUL
'HFHIHPHLOHDXSLFLRDUH"
5&DVDQXODVHGkUHFOHLRDVHSHSDPkQWFDPHOFXO
8QGHVXQWFHOHPDLWDSHQHIHPHL"
5/DPRUJD
&HDXIHPHLOHVLVWLFOHOHvQFRPXQ"
5'HODJkWvQVXVQXPDLHVWHQLPLF
&HVDvQWvPSODWFXRIHPHLHFDUHVLDSLHUGXWGLQFUHLHU"
5(VWHYDGXYD
'HFkWLQHJULLDLQHYRLHSHQWUXDFXUDWDGH:&XUL"
5'HQLFLXQXOHVWHWUHDEDGHIHPHL
&HIDFHIHPHLDvQSDWGXSDVH["
5'HUDQMHD]D
9DULDQWD
&HIDFHIHPHLDGXSDFHIDFHGUDJRVWH"
53OLFWLVHVWH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HHVWHYHVQLFLD"
53HULRDGDGHWLPSFDUHWUHFHGHODRUJDVPSvQDSOHDFDIHPHLD
'HFHDXIHPHLOHFRDSVHOHFDOGH"
53HQWUXFDQRLEDUEDWLLVDQXIDFHPRWLWD
&XPSRWLIDFHFDNJGHFDUQHVDDUDWHELQH"
53XQHOHXQVIkUFGHDVXSUD
&DUHHVWHIHPHLDLGHDOD"
56DDLEDXQPHWUXvQDOWLPHXUHFKLOHPDULVLFDSXOSODWSHQWUXFDVDDLXQGHVDSXLSDKDUXOGHEHUHFvQGVXJH
'HFHDXIHPHLOHSDVDULFDDVH]DWDORQJLWXGLQDOVLQXWUDQVYHUVDO"
53HQWUXFDOLVDUIkOIkLFkQGXUFDVFDULOH
'HFHHSDVDULFDRULHQWDWDYHUWLFDOVLQXRUL]RQWDO"
5&DVDQXFORPSDQHFkQGPHUJHSRVHVRDUHD
$WXQFLGHFHQXLREOLFD"
5&DVDQXIDFDFORPSFRVDOID
&HVLGRUHVFEDUEDWLLVLIHPHLOHFkQGVHFDVDWRUHVF"
5%DUEDWXOGRUHVWHFDIHPHLDVDILHODSULPDGUDJRVWHLDUIHPHLDFDEDUEDWXOVDILHODXOWLPDOXLGUDJRVWH
'HFHVHIDUGHD]DIHPHLOH"
5&DVDDUDWHELQH
&LFDGHFHDXEDUEDWLLFUHLHU"
57UHEXLDVDDLEDFDUHYD
&HQXvLSRDWHYHGHDRIHPHLHEDUEDWXOXLQLFLRGDWD"
5*DOEHQXVXOGLQRXDFDDOEXVXOvOSRDWHYHGHDWUHEXLHGRDUVDIUHFHSXWLQ
&DUHHFHDPDLEXQDYRSVHDGHRXD"
55XMXOGHEX]H
&DUHGLQWUHPHWRGHOHGHPDVWXUEDUHODEDLHWLVLODIHWHHVWHPDLPRGHUQD"
5/DIHWHSHQWUXFDHVWHGLJLWDODODEDLHWLHVWHPDQXDOD
'HFHVHGDXIHPHLOHFXSDUIXP"
53HQWUXFDVXQWvPSXWLWH
'HFHDXIHPHLOHFXUXOPDLPDUHGHFkWFDSXO"
53HQWUXFDDWXQFLFkQGVWDXODEkUIDVDQXFDGDGHODIHUHDVWUD
&XPIDFLRYDFDVDXUOHODRUDGLPLQHDWD"
50HUJLDFDVDEHDW
'HFHvVLLDXIHPHLOHFkQGPHUJODWRDOHWDSRVHWDFXHOH"
53HQWUXFDVLHOHYUHXVDWLQDFHYDvQPkQDFkQGVHSLVD
'HFHQXSRDUWDXQHOHIHPHLVXWLHQ"
5&DVDOHVWHDSLHOHDvQWLQVDSHIDWD
&HHVWHFHDPDLJUHXPRQHQWvQWLPSXOXQHLRSHUDWLLGHVFKLPEDUHGHVH[ODXQEDUEDWvQIHPHLH"
5/RJLFVDLVFRDWDFUHLHUXO
&HHPDLJUHXGHIDFXWXQRPVDXRIHPHLHGH]DSDGD"
52IHPHLHFDFLWUHEXLHVDLJROHVWLFDSXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHDIRVWXOWLPXOOXFUXWUDQVPLVGH&KDOHQJHUvQDLQWHGHDH[SORGD"
5$FXPODVIHPHLDODFkUPD
2IHPHLHWUHFHVWUDGDSH]HEUD2PDVLQDRFDOFD&LQHHGHYLQD"
5)HPHLDGDFDVDvQGHSDUWDWGHFLUHDGD
'HFHQXOHWUHEXLHIHPHLORUXPEUHOD"
5$WLPDLDX]LWYRLVDSORXDSHUXWDGLQGRUPLWRUSkQDvQEXFDWDULH"
&HHYkQDWVLDOHDUJDGLQEXFDWDULHvQGRUPLWRU"
5)LHFDUHSRDWHVDvVLFRORUH]HQHYDVWDFXPYUHDHO
'HFHQXSRDUWDIHPHLOHFHDVXULGHPkQD"
5'HRELFHLvQEXFDWDULHHDWkUQDWXQXOGHSHUHWH
&DUHHGLIHUQWDGLQWUHRIHPHLHVLRWXPRDUH"
57XPRDUHDSRDWHILVLEHQLJQD
&XPVHQXPHVWHFDUQHDQHIRORVLWRDUHGLQMXUXOSL
GHL"
5)HPHLH
&DUHHVWHGHRVHELUHDGLQWUH7XUQXO(LIIHOVLSLFLRDUHOHXQHLIHPHL"
51LFLXQD&XFkWVHVXEWLD]DWXUQXOVLSLFLRDUHOHFXDWkWDVHvPEXQDWDWHVWHFDOLWDWHDDHUXOXL
&DUHHGLIHUHQWDGLQWUHRYLUJLQDVLXQ3RUVFKH"
51FLXQDQDPEHOHLQWULFXJUHXWDWHGDUFkQGHVWLvQDXQWUXWHVLPWLQHPDLSRPHQLWGHELQH
'HFHDXIHPHLOHFXGHRDVHPDLPXOWGHFkWEDUEDWLL"
53HQWUXFDODHOHFUHLHUXOPDLOXFUHD]DvQFDPHFDQLF
&DUHHGLIHUHQWDGLQWUHXQIULJLGHUVLRIHPHLH"
58QIULJLGHUQXVFRDWHVXQHWHFLXGDWHDWXQFLFkQGVFRWLXQFkUQDWGLQHO
5&kUQDWXOQXSLFXUDDWXQFLFkQGvOVFRWLGLQIULJLGHU
&DUHVXQWFHOHFLQFLPLQXQLDOHIHPHLORU"
56HXPH]HVFIDUDVDIDFDEDLH
6kQJHUHD]DIDUDVDVHUDQHDVFD
'DXODSWHIDUDVDPDQkQFHLDUED
9RUEHVFIDUDDDYHDRWHPDGHGLVFXWLH
YDULDQWD9RUEHVFWkPSHQLLIDUDDILvQWUHEDWH
&KHOWXLHVFEDQLIDUDDLFkVWLJD
&HDUHRULFHIHPHLHODXQPRPHQWGDWvQWUHVkQL"
5%85,&8/
'HFHDOHDUJDIHPHLOHPDLvQFHWGHFkWEDUEDWLL"
53HQWUXFDIUHFDUHDvQWUHSODFLHPDLPDUHGHFkWFHDvQWUHELOH
'HFkWHIHOXULVXQWIHPHLOHODYRODQ"
5&DUHVKRIHD]DFDUHVKRIHUHVFFDUHVKRIHUD
'HFHHRWRDOHWDPDLEXQDGHFkWRIHPHLH"
52WRDOHWDvQJKLWHWRWXO
'HFHDXIHPHLOHWkWH"
53HQWUXFDEDUEDWLLVDOHEDJHvQVHDPD
&HHVWHIHPHLD"
56XSRUWXOSHQWUXWkWH
&DUHHGLIHUHQWDGLQWUHRVRWLHVLRDPDQWD"
5GHNLORJUDPH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHHFHDPDLJUHDSDUWHDRSHUDWLHLGHVFKLPEDUHGHVH[ODXQEDUEDW"
5/DUJLUHDJXULL
'HFHVXQWIHPHLOHVXERUGRQDWHEDUEDWLORUGHSHVWHGHDQL"
57UHDEDDVWDVDFRQVDFUDWGHDOXQJXOWLPSXOXL
%DQFXULVFXUWHFXEORQGH
0RWWR)LHFDUHEORQGDDVWHDSWDEDUEDWXOLGHDOGDUSkQDVDDSDUDVHPDULWD
'HFHVXQWDWkWGHLXELWHEDQFXULOHFXEORQGH"
53HQWUXFDVXQWXVRUGHvQWHOHV
&LQHVXQWFHLFDUHIDFEDQFXULGHVSUHEORQGH"
5QJHQHUDOVXQWGHGRXDIHOXULFHLFDUHQXOHFXQRVFVLFHLFDUHOHFXQRVFSUHDELQH
'HFHVXQWEDQFXULOHFXEORQGHDVDGHVFXUWH"
5&DEUXQHWHOHVDOHSRDWDWLQHPLQWH
'HFHVXQWEDQFXULOHFXEORQGHDVDGHVFXUWH"
53HQWUXFDEDUEDWLLVDOHSRDWDvQWHOHJH
'HFHVXQWEDQFXULOHFXEORQGHDVDGHVFXUWH"
53HQWUXFDEORQGHOHVXQWDWkWGHVXSHUILFLDOHXQEDQFOXQJQXVDUSRWULYLGHIHO
&kWHEDQFXULFXEORQGHH[LVWD"
58QXOVLQJXUUHVWXOVXQWUHDOLWDWH
'HFHSRWLVSXQHEDQFXULFXEORQGHXQHLEORQGH"
52ULFXPQXOHvQWHOHJH
&HPDQkQFDREORQGDYLUJLQD"
50kQFDUHGHEHEHOXVL
&XPvWLGDLVHDPDFDREORQGDQXHYLUJLQD"
5&UHLRDQHOHVXQWOLSLFLRDVH
&XPvWLGDLVHDPDFDREORQGDHVWHYLUJLQD"
5)RORVHVWH3DPSHUV
'HFHVHVSXQHFDEORQGHOHQDXVLPWXOPDVXULL"
53HQWUXFDOLVHVSXQHFDDWDWDLQVHDPQDFP
'HFHEORQGHOHDXJUHXWDWLODDSUHFLHUHDGLVWDQWHORU"
5&HLPDLPXOWLGLQWUHEDUEDWLLFXFDUHDXIRVWDXVSXVFDDXVFXODGHXQPHWUX
'HFHVXQWEORQGHOHDVDGHXVRUGHFRQYLQVVDIDFDDPRU"
5&XLvLSDVD"
'HFHVXQWEORQGHOHDVDXVRUGHOXDWvQSDW"
5&XLvLSDVD"
'HFHQXSRWEORQGHOHVDPDQkQFHEDQDQH"
51XJDVHVFIHUPRDUXO
'HFHDXEORQGHOHFLFOX"
53HQWUXFDRPHULWD
&HLVSXQHSLFLRUXOVWkQJDOXQHLEORQGHFHOXLGUHSW"
51LPLFQXVHvQWkOQHVFQLFLRGDWD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HLVSXQHSLFLRUXOVWkQJDOXQHLEORQGHFHOXLGUHSWGDFDWRWXVLVHvQWkOQHVF"
51XQHDPPDLYD]XWGHFkQGDPIRVWFRSLL
&HHREORQGDGHDQLvQWUXQERUGHO"
53UDFWLFDQWD
&HVSXQHREORQGDFkQGDUHFKHIVDIDFDGUDJRVWH"
5'RDPQHFHPDPvPEDWDW
&HVSXQHREORQGDXUkWDFkQGDUHFKHIVDIDFDGUDJRVWH"
5$PVSXVFDVXQWDVDDDDDGHEHDWD
&HVSXQHREUXQHWDFkQGDUHFKHIVDIDFDGUDJRVWH"
5%ORQGHOHDXSOHFDWDFDVD
&HVSXQHREUXQHWDFkQGDUHFKHIVDIDFDGUDJRVWH"
5$SOHFDWGHMDEORQGD"
&XPVFKLPELLPSUHVLDXQHLEORQGH"
50DLGDLREHUH
&XPSRWLGDLMRVREORQGDGHSHJHQXQFKLLWDL"
5(MDFXOHD]D
&DUHHDVHPDQDUHDGLQWUHREORQGDVLRPDVLQDGHVSDODWYHFKH"
5$PkQGRXDSLFXUDGDFDVXQWI
XWH
&XPDIOLFHFXORDUHDXFKLORWLLXQHLEORQGHvQPLQL"
52vQWUHELFkWLDQLDUHWDFVX(DYDULGLFDGLQXPHUL
&XPSRWLDIODFXORDUHDFKLORWLORUXQHLEORQGH"
52URJLVDWLVSXQDWDEODvQPXOWLULLLDUHDYDULGLFDGLQXPHUL
&DUHHDVHPDQDUHDGLQWUHRFDUWHVLREORQGD"
5$PDQGRXDVHGHVFKLGvQSDUWHDFHDPDLX]DWD
'HFHDXEORQGHOHRFKLLDOEDVWUL"
5)LLQGFDDXVXSWSL[XO
&DUHHVWHGLIHUHQWDGLWUHXQWkQWDUVLREORQGD"
5/DXQWkQWDUGDFDLDLGDWRSDOPDQXPDLVXJHGDUEORQGDWRWVXJH
'HFHEHDXEORQGHOHQXPDLFXSDLXO"
5&DVDVHDQWUHQH]H
'HFHQXIDFEORQGHOH6,'$"
5$UHVLYLUXVXODVWDPDQGULDOXL
'HFHVWULJDXQLLEORQGHOHSUDOLQH"
56XQWPDLWRWWLPSXOXPSOXWHFXFUHPD
&HHREORQGDFX6,'$"
55HWHDGHGLVWULEXWLH
&HLGDLXQHLEORQGHFDUHDUHGHWRDWH"
53HQLFLOLQD
&DUHHGLIHUHQWDGLQWUHREORQGDVLSL]]D"
53L]]DH[LVWDVLIDUDFLXSHUFL
&DUHHDVHPDQDUHDGLQWUHREORQGDVLRSXVFDGHYkQDWRDUH"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5$PkQGRXDVHvQGRDLHGHODPLMORFVLSRWILvQFDUFDWHGLQVSDWH
&DUHHVWHvQWUXFKLSDUHDUDEGDULL"
52EORQGDvQWURJUDGLQDGHFDVWUDYHWLDVWHSWkQGFDDFHVWLDVDFUHDVFD
&DUHHGLIHUHQWDvQWUHREORQGDVLXQWHOHIRQ"
57HOHIRQXOFRVWDEDQL
&H]LFHXQSROLWLVWXQHLEORQGHFDUHSDUFKHD]DvQORFXULQHSHUPLVH"
5VDXRUD
&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLXQWHOHIRQSXEOLF"
5&DVDIRORVHVWLXQWHOHIRQSXEOLFWHFRVWDFHOSXWLQGHOHL
&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDELQDWHOHIRQLFD"
53HQWUXDGDXQWHOHIRQDLQHYRLHGHQLVWHEDQLPDUXQWL
&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDELQDWHOHIRQLFD"
5QFDELQDWHOHIRQLFDDXYRLHVLIHPHLVLEDUEDWL
&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDELQDWHOHIRQLFD"
5QWURFDELQDWHOHIRQLFDQXLQWUDGHFDWGRXDSHUVRDQHGHRGDWD
&HREWLLODvPSHUHFKHUHDXQHLEORQGHFXRJRULOD"
51LPLF([LVWDOXFUXULFDUHJRULOHOHQXSRWILIRUWDWHVDOHIDFD
FDUHHGLIHUHQWDGLQWUHRPDLPXWDVLREORQGD"
53HPDLPXWDQXRSRWLFRQYLQJHVDIDFDFKLDURULFH
'HFHHREORQGDGHUXWDWDOD:&"
57UHEXLHVDVHGH]EUDFHVLQJXUD
'HFHVXQWEORQGHOHvQFXUFDWHvQEDLH"
57UHEXLHVDVLGHDVLQJXUHSDQWDORQLLMRV
&DUHHGLIHUHQWDGLQWUHRJOLQGDVLREORQGD"
5QRJOLQGDWLEHOHVWLRFKLL
&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLRWRDOHWD"
52WRDOHWDQXVHLDGXSDWLQHGXSDFHRIRORVHVWL
&DUHHGLIHUHQWDGLQWUHREORQGDVLRSHULXWDGHGLQWL"
53HULXWDGHGLQWLQXLRvPSUXPXWLQLFLPDFDUFHOXLPDLEXQSULHWHQ
&DUHHGLIHUHQWDvQWUHREORQGDVLXQSRUVFKH"
58QSRUVFKHQXODLGDQLFLFHOXLPDLEXQSULHWHQDOWDX
'HFHLQVLVWDREORQGDVDvWLSXLSUH]HUYDWLY"
5&DVDvVLLDVLODSDFKHW
&HIDFHREORQGDGLPLQHDWDODRUD"
56HSUH]LQWD
&HIDFHREORQGDGLPLQHDWDODRUD"
56HGDMRVGLQSDWVLVHGXFHDFDVD
&XPVHSUHJDWHVWHREORQGDSHQWUXDIDFHVH[SURWHMDW"
56HGDSHEX]HFXUXMSHED]DGHFDXFLXF
&HvQWHOHJHREORQGDSULQVH[SURWHMDW"
5QFXLHUHDXVLLGHODPDVLQD
&HIDFHREORQGDGLPLQHDWD"
5'HVFKLGHSRUWLHUD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPDSULQGHREORQGDOXPLQDGXSDFHDIDFXWGUDJRVWH"
5'HVFKLGXVDPDVLQLL
'HFHOHSODFEORQGHORUPDVLQLOHGHFDSRWDELOH"
5)LLQGFDDXPDLPXOWORFVDvVLvQWLQGDSLFLRDUHOH
&DUHHGLIHUHQWDGLQWUHREORQGDVLROLPX]LQD"
51LFLFKLDUWRDWDOXPHDQXVDVXLWvQWUROLPX]LQD
&DUHLGLIHUHQWDGLQWUHREORQGDVLVHPQHOHGHFLUFXODWLH"
58QHOHVHPQHGHFLUFXODWLHPDLVSXQVL6723
&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLRPDVLQD"
51XVWLXVLQLFLQXPDLQWHUHVHD]D
'HFHDXEORQGHOHSUREOHPHVDDLEHRUJDVP"
5&XLvLSDVD"
&HIRORVDUHRUJDVPXOODEORQGH"
56WLLFkQGVDWHRSUHVWL
&XPvWLGDLVHDPDFDREORQGDDDWLQVPRPHQWXORUJDVPXOXL"
57LSXOGHODFRDGDGLQVSDWHOHWDXWHEDWHSHXPDU
&H]LFHREORQGDFDQGDWLQJHPRPHQWXORUJDVPXOXL"
51H[WSOHDVH
&HVSXQHREORQGDGXSDFHIDFHGUDJRVWH"
56DYDILHGHELQHEDLHWL
&HVSXQHREORQGDGXSDFHIDFHGUDJRVWH"
5-XFDWLFXWRWLLvQDFHHDVLHFKLSDGHIRWEDO"
&H]LFHREORQGDFDUHDUHPDLPXOWHRUJDVPHODUkQG"
5%LQHOXFUDWEDLHWL
'HFHQXIDFEORQGHOHVXUI"
5$WXQFLFkQGVLPWFDOLVHXQGDFKLORWLLGHVIDFSLFLRDUHOH
&DUHHDVHPDQDUHDGLQWUHREORQGDVLRKDOEDGHEHUH"
5$PkQGRXDVXQWEORQGHVLIDFVSXPH
&DUHHGLIHUHQWDGLQWUHREORQGDVLRFXUYD"
52EORQGDRYDSXQHFXRULFLQHSHFDQGRFXUYDRSXQHFXRULFLQHvQDIDUDGHWLQH
&DUHLGHILFLHQWDPDMRUDGHYRUELUHDXQHLEORQGH"
51XSRDWHVSXQH18
&HVIDWSULPHVWHGHODPDPDVDREORQGDFDUHLHVHODRvQWDOQLUHFXXQEDLDW"
5'DFDQXHVWLvQSDWSkQDODYLQRDFDVD
'HFHQXYRUEHVWHREORQGDFkQGIDFHGUDJRVWH"
50DPDVDLDVSXVVDQXLQWUHvQYRUEDFXVWUDLQL
'HFHQXYRUEHVFEORQGHOHvQWLPSFHIDFVH["
5)LLQGFDVWLHGHODPDPDFDQXHIUXPRVVDYRUEHVWLFXJXUDSOLQD
&XPvLSODFXQHLEORQGHRXDOH"
51HIHUWLOL]DWH
'HFHQXDXEORGHOHSDUSXELDQ"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5$LPDLYD]XWVDFUHDVFDLDUEDSHDXWRVWUDGD"
'HFHHREORQGDvQJURSDWDVXEXQSRG"
56DPDLWUHFDFkWLYDSHVWHHD
&HVLSXQEORQGHOHGXSDXUHFKLSHQWUXDILPDLDWUDFWLYH"
5*OH]QHOH
'HFHQXvQRDWDEORQGHOHSHEXUWD"
5'DFDVHVLPWXGHvQWUHSLFLRDUHVHvQWRUFLPHGLDWSHVSDWH
'HFHEDQFXOSUHFHGHQWQXVHSRWULYHVWHGHIHOSHQWUXEORQGH"
53HQWUXFDHOHVXQWXPHGHPHUHX
'HFHWUHEXLHEORQGHOHvQJURSDWHvQVLFULHGHIRUPDWULXQJKLXODUD"
5&kQGVHIDFHvQWXQHULFvVLGHVIDFSLFLRDUHOH
'HFHQXSRWILEORQGHOHvQJURSDWHvQVLFULHGHODWLPHQRUPDOD"
5$VH]DWHSHVSDWHGHVIDFvQWRWGHDXQDSLFLRDUHOH
&DUHHGLIHUHQWDGLQWUHREORQGDVLRIDUIXULH"
52IDUIXULHGXSDFHROLQJLVHXVXFD
&XPvWLGDLVHDPDFDREORQGDHJDWDGHVH["
5LEDJLVXEIXVWDXQVWLXOHWHGHSRUXPEVLGDFDVFRWLIORULFHOHDXQFLHJDWD
&DUHHDVHPDQDUHDGLQWUHEORQGHVLIXOJLLGHSRUXPE"
5$PEHOHVXQWXVRDUHJDOEHQHODFXORDUHVLDXJXVWEXQ
&HIDFHREORQGLQDvQVWDWLDGHDXWREX]FXRVDOWHDvQEUDWH"
50HUJHODXQLQWHUYLXSHQWUXQRXOMREGHVHFUHWDUD
&DUHHGLIHUHQWDGLQWUHREORQGDVLRELODGHERZOLQJ"
5QWURPLQJHGHERZOLQJQXLQWUDGHFkWGHJHWH
FDUHHGLIHUHQWDGLQWUHREORQGDVLXQ%RHLQJ"
51XRULFLQHVDDIODWvQWUXQ
&DUHHGLIHUHQWDGLQWUHREORQGDVL&DQDOXO3DQDPD"
5&DQDOXO3DQDPDHGHVWXOGHVWUkPW
&XPVHQXPHVWHRSLYQLWDSOLQDGHEORQGH"
53LYQLWDGHYLQ
'HFHQXVDXPDLYD]XWEORQGHSURIHVRDUHGHEDOHW"
5'DFDDUIDFHVIRDUDDUUDPkQHOLSLWHGHSDUFKHW
6WLWLGHFHQXIDFEORQGHOHDUPDWD"
53HQWUXFDvQFOLSDFkQGOLVHRUGRQDFXOFDWHOHVHDUXQFDSHVSDWH
&DUHHVWHGLIHUHQWDGLQWUHREORQGDSHFLFOXVLXQWHURULVW"
5&XXQWHURULVWSRWLQHJRJLD
&HWUHEXLHVDIDFLGDFDREORQGDDUXQFDvQWLQHFXRJUHQDGD"
56FRDWHLFXLXOVLDUXQFRvQDSRL
&HIDFLFkQGREORQGDDUXQFDFXXQ FXLvQWLQH"
5)XJLFkWWHWLQSLFLRDUHOHSHQWUXFDWLQHvQPkQDRJUHQDGD
&XPVHQXPHVWHREORQGDFDUHVLDSLHUGXWGLQLQWHOLJHQWD"
5'LYRUWDWD
&XPVHQXPHVWHREORQGDFDUHVLDSLHUGXWGLQLQWHOLJHQWD"
59DGXYD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPVHQXPHVWHREORQGLQDQHFDVDWRULWDFDUHFRQGXFHXQ%0:"
5'LYRUWDWD
'HFHVXQWEORQGHOHFDVLEURDVWHOHWHVWRDVH"
56XQWI
XWHGDFDVWDXSHVSDWH
&DUHHGLIHUHQWDGLQWUHREORGDVLRWUDPEXOLQD"
5&kQGIRORVHVWLRWUDPEXOLQDWHGHVFDOWL
&XPVHQXPHVWHREORQGDDIODWDVXYRODQXOPDVLQLL"
5$LUEDJ
'HFHSRDUWDREORQGDSUH]HUYDWLYHWUDVHSHVWHXUHFKL"
51XYUHDVDDXGDGH6,'$
&XPvWLGDLVHDPDGDFDvQWUXQELURXOXFUHD]DREORQGDFDVHFUHWDUD"
5QELURXVHDIODXQSDWVLWRWLVHILLVXQWELQHGLVSXVL
&DUHHDVHPDQDUHDGLQWUH7ULXQJKLXO%HUPXGHORUVLREORQGD"
5$PkQGRXDDXvQJKLWLWPXOWLPDULQDUL
'HFHDXEORQGHOHEXULFXOvQYLQHWLW"
5([LVWDVLEDUEDWLEORQ]L
&HREWLLGDFDvQWRUFLREORQGDFXFDSXOvQMRV"
52EUXQHWDFDUHLDvLSXWHJXUD
&HREWLLGDFDvQWRUFLEORQGHFXSLFLRDUHOHvQVXV"
5'RXDEUXQHWH
&HIDFHREORQGDGXSDFHVHSLDSWDQD"
5VLULGLFDFKLORWLL
$WLYD]XWEORQGDFXEDQGHURODQHDJUDvQMXUXOIUXQWLL"
5)HULWLYDGHHDDUHFHQWXUDQHDJUDODPXLH
'HFHIRORVHVFEORQGHOHUXMGHFXORDUHYHUGH"
55RVXOvQVHDPQDVWRS
&HvQVHDPQDIDSWXOFDREORQGDIRORVHVWHUXMGHFXORDUHURVLH"
56WRSJDXUDJUHVLWD
&XPUHFXQRVWLIDSWXOFDREORQGDVDDVFXQVvQIULJLGHU"
5'XSDXUPHOHGHUXMGHSHFDVWUDYHWLLGHDSUR]DU
&DUHHGLIHUHQWDGLQWUHREORQGDVLRPDVDGHFDOFDW"
5/DPDVDGHFDOFDWVHGHVIDFSLFLRDUHOHGHVWXOGHJUHX
&XPVHGHILQHVWHREORQGDOHVELDQD"
51XPDLRIHPHLHFDUHYUHDVDIDFDWUHDEDXQXLEDUEDW
&XPVHQXPHVWHREORQGDOHVELDQD"
55LVLSD
&DUHHGLIHUHQWDvQWUHXQDUPDVDUvQFDOGXULVLREORQGD"
52EORQGDDUHPDLPXOWDVSHUPDvQFRUS
&DUHHGLIHUHQWDGLQWUHREORQGDVLRFRPSDQLHPLOLWDUD"
52FRPSDQLHDUHGRDUGHVROGDWL
'HFHVHFDVDWRUHVFEORQGHOHDVDGHJUHX"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
53HQWUXFDGRDUVH[XOQXHXQPRWLYGHFDVWRULH
'HFHvQWLPSXOFHIDFVH[EORQGHOHvVLLQWURGXFSUH]HUYDWLYHvQXUHFKL"
53HQWUXFDODEDWUkQHWHVDQXVXU]HDVFD
'HFHSRDUWDEORQGHOHFHUFHLPDULURWXQ]L"
56DVLSRDWDvQWLQGHSLFLRDUHOHSULQHL
&HDXvQFRPXQEORQGHOHVLJURSDULL"
5$PELLSUHJDWHVFJDXUDFkQGDSDUHXQXOWHDSDQ
&HSRDWHILXQLQFRPRGGDFDIDFLVH[FXREORQGD"
56DQXDLEDQFKHWDGLQVSDWH
'HFHSUHIHUDEORQGHOHPDVLQLOHFXYRODQXOUHJODELO"
50DLPXOWDOLEHUWDWHGHPLVFDUHDFDSXOXLvQWLPSXODFWXOXLVH[XDO
&DUHHFHOPDLLPSRUWDQWRUJDQDOXQHLEORQGH"
51DVXOSHQWUXFDvQWLPSFHIDFHVH[VDSRDWDUHVSLUD
'HFHIRORVHVFEORQGHOHWDPSRDQHFXVQXUXOIRDUWHOXQJ"
53HQWUXFDODWHLLVDSRDWHIDFH%XQJHH-XPSLQJ
'HFHHMDFXOHD]DEDUEDWLLvQMHWXUL"
53HQWUXFDEORQGHOHVDDLEHWLPSVDUHVSLUHvQWUHvQJKLWLWXUL
&DUHHDVHPDQDUHDGLQWUHREORQGDVLRSUL]D"
5%DJLGHJHWXOvQJDXUDJUHVLWDVLHVWLvQFXU
&HHDWkWGHLQWHUHVDQWvQMXUXOYDJLQXOXLXQHLEORQGLQH"
5%ORQGD
'HFHDXEORQGHOHYDJLQH"
5&DEDUEDWLLVDDLEHFXFLQHVDVHvQWUHWLQDODSHWUHFHUL
&HHDWkWGHLQWHUHVDQWvQMXUXOYDJLQXOXLXQHLEORQGLQH"
5%DLHWLLFDUHvVLDVWHDSWDUkQGXO
'HFHQXUHXVHVFEORQGHOHVDVLLDFDUQHWXOGHFRQGXFHUHDXWR"
5&kQGDXGWUkQWLQGXVHSRUWLHUDVDUSHEDQFKHWDGLQVSDWHDPDVLQLL
&HVDvQWkPSODWGDFDREORQGDVLDOXDWFDUQHWXOGHFRQGXFHUH"
53ROLWDLXOVDDVH]DWVLHOSHEDQFKHWDGLQVSDWH
&HVDvQWkPSODWGDFDREORQGDVLDOXDWFDUQHWXOGHFRQGXFHUH"
'XSDH[DPHQXOSUDFWLFDPDLGDWRGDWDSUREDRUDODFXSROLWLVWXO
&DUHHGLIHUHQWDGLQWUHXQODVWXQVLOLPEDXQHLEORQGH"
58QODVWXQvQFXUEHPHUJHFDSHRXDLDUOLPEDXQHLEORQGLQHVHFXUEHD]DIRDUWHELQHvQMXUXORXDOHORU
&HVDvQWkPSODWFXEORQGDFDUHDvQFHUFDWVDXPIOHURWLOHPDVLQLL"
56LDDUVEX]HOHODWHDYDGHHVDSDPHQW
&HSULPHVWHFDVLFDGRXREORQGDFDUHDFRQGXVWLPSGHXQDQPDVLQDIDUDVDDLEHQLFLXQDFFLGHQW"
59LWH]DDGRXD
'HFHDXVRIHULWHOHEORQGHvQWRWGHDXQDXQFXWLWvQPDVLQD"
56DWDLHPDLELQHFXUEHOH
8QGHVHGXFSLFLRDUHOHXQHLEORQGH"
5/DFLQHPDGDFDQXLQWHUYLQHQLPLFDvQWUHWLPS
'HFHQXSRDWHREORQGDVDJHDPD"
5$XLWDWWH[WXO
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHREORQGDvQHFDWDVHGHSODVHD]DvPSRWULYDFXUHQWXOXL"
5$XLWDVDVLVFRDWDYLEUDWRUXO
&HVDvQWkPSODWGDFDRDGRXDEORQGDRGHSDVHVWH"
59LEUDWRUXOFHOHLGHDGRXDDUHEDWHULL'XUDFHOO
&H]LFHREORQGDGLPLQHDWDGDFDVHWUH]HVWHVXEXJHUXOXQHLYDFL"
5&DUHGLQWUHYRLSDWUXPDGXFHDFDVD"
&HWUHEXLHVDLVSXLXQHLEORQGHVDWHFXOFLFXHD"
5&HDX
&HDXREORQGDVLXQFRPSDFWGLVFvQFRPXQ"
5$PkQGRXDVHvQYkUWQXPDLvQMXUXOJDXULL
'HFHMRDFDEORQGHOHDVDGHELQHWHWULV"
51LPHUHVFvQVDVLSULQQDWXUDORUIRDUWHXVRUJDXUDSRWULYLWD
&DUHHGLIHUHQWDGLQWUHREORQGDVLRFORVFD"
5&ORVFDVWDOLQLVWLWDSHRXD
&HHREORQGDSHXQSDWGHDSD"
53ODWIRUPDGHIRUDUH
'HFHVWDREORQGDFUDFDQDWDSHSODMD"
5$DX]LWGHOLPELOHGHQLVLS
&HIDFHREORQGDvQGHVHUW"
50DWXUD
&HIDFHREORQGDvQGHVHUW"
5'DFXDVSLUDWRUXO
&HUDVSXQGHREORQGDODvQWUHEDUHD6XQWHWLDFWLYDVH[XDO""
51XHXVWDXQXPDLvQWLQVDDLFL
&HHQHJUXFXURVXVLFXYkQDWODFXORDUH"
52EUXQHWDFDUHVSXQHEDQFXULFXEORQGH
&HHREORQGDFDUHQXDUHSDUWHGHVH["
50RDUWD
'XSDFHvWLGDLVHDPDFDREORQGDHVSHFLDOLVWDvQVH[XORUDO"
5'XSDFHDUVDIXOELQHvQILSWvQFXU
&DUHHVWH0RWWRXOGHYLDWDDOXQHLEORQGLQH"
5'LQPkQDvQJXUD
'HFHQXPDQkQFDEORQGHOHFRYULJL"
51XOHSRWGHVIDFHQRGXULOH
'HFHDXEORQGHOHSDFKHWHOXOFXJXVWDUHvQWRWGHDXQDvQFXWLLWUDQVSDUHQWH"
53HQWUXFDDIOkQGXVHvQDXWREX]VDVWLHVDVSXQDGDFDPHUJODOXFUXVDXvQVSUHFDVD
&XPQXPHVWLREORQGDPDFKLDWD"
53LFWXUDQDLYD
'HFHODGXVEORQGDIXJHvQFRDFHVLQFROR"
53HVDPSRQVFULH:DVKDQG*R
'HFHDXEORQGLQHOHvQWRWGHDXQDvQIULJLGHURVWLFDODGHEHUHJRDOD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
53RDWHOHYL]LWHD]DFLQHYDFDUHQXYUHDVDEHDQLPLF
&HHYHUGHVLVWDvQFDSXOXQHLEORQGH"
$8QDQLPDOPkQFDWRUGHFUHLHU
&HIDFHDQLPDOXODFROR"
5)ODPkQ]HVWH
&HREWLLGDFDSXLXQHLEORQGHFDVWLOHSHXUHFKL"
56XQHWVSDWLDO
&XPFRQYLQJLREORQGDVDVHPDULWHFXWLQH"
5LVSXLFDHVWHvQVDUFLQDWD
&HYDvQWUHEDHD"
5(VWHDOPHX"
'HFHDYRUWHD]DREORQGD"
51XDVWLXWGDFDFRSLOXOHDOHL
&HVSXQHREORQGDFkQGDIODFDHvQVDUFLQDWD"
56SHUFDHDOPHX
'HFHVXQWEORQGHOHDVDGHGH]RULHQWDWHFkQGQDVFJHPHQL"
51XVWLXFLQHHFHDODOWDPDPD
'HFHVHVLQXFLGvQXOWLPXOWLPSGLQFHvQFHPDLPXOWHEORQGHDUXQFkQGXVHGHSHJHDPVDXGHSHSRGXULvQDOWH"
5VLvQFHDUFDQRLOHWDPSRDQHFXDULSLRDUH
'HFHSRDWHSODQDREORQGDSHVWHRUDV"
5$IRORVLWXQDOZD\VFXDULSLRDUHSUHDPDUL
'HFHFRQJHOHD]DREORQGDRRDODFXDSDILDUWD"
5$SDFDOGDDLQHYRLHvQWRWGHDXQD
'HFHQXDUHREORQGDFXEXULGHJKHDWDvQIULJLGHU"
5$SLHUGXWUHWHWDVLQXPDLVWLHFXPVHSUHSDUD
&HHVWHREUXQHWDDIODWDOkQJDREORQGD"
56XIOHXU
&XPVHQXPHVWHREUXQHWDFXFkWHREORQGDSHDPEHOHSDUWL"
57UDQVODWRU
&XPVHQXPHVWHREORQGDvQWUHEUXQHWH"
56FDSDUHGHPHPRULH
&XPVHQXPHVWHREORQGDvQWUHEUXQHWH"
5/DSVXV
&HHXQEDUEDWvQWUHGRXDEORQGH"
56DWLVIDFXW
&HHVWHH[FUHVFHQWDGHFXUXOXQHLEORQGH"
57XPRDUHSHFUHLHU
'HFHVHDIODvQFDGDGHEDLHDXQHLEORQGHJHDPDQGXUL"
56DQXvQRDWHSUHDGHSDUWH
&XPIDFLVDFDGDREORQGDFXRPkQDDPSXWDWDGLQFRSDF"
5LIDFLFXPkQD
'HFHREORQGDQXVLSRDWHVFRDWHWDPSRQXO"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
59DFXXPXOGLQFDSQXLSHUPLWHDFHVWOXFUX
&kQGVFULHREORQGDSRYHVWLULKRUURU"
5'DFDVHDIODvQSRVHVLDFDUWLLWDOHGHFUHGLW
&DUHHGLIHUHQWDGLQWUHXQSLWWEXOVLREORQGDIXULRDVD"
55XMXOGHEX]H
'HFHDXEORQGHOHRJDXUDODWkPSODVLRIUXQWHWHVLWD"
5'XWLGHJHWXOODWkPSOD1XVWLX/RYHVWHWLIUXQWHDFXSDOPD$KDPDPSULQV
&XPVHVLQXFLGHREORQGD"
5VLFODGHVWHKDLQHOHVLVHDUXQFDGHSHJUDPDGDMRV
&XPVHVLQXFLGEORQGHOH"
56HDUXQFDGHSHVDQGDOH
'HFHQXWUHEXLHQLFLRGDWDvQWUHEDWDREORQGDFXXQFHDVGHPkQDDQDORJFkWHFHDVXO"
5&HDVXOVHSRDWHSXQHVLFXVXVXOvQMRVSHPkQD
'HFHQXWUHEXLHQLFLRGDWDvQWUHEDWDREORQGDFXXQFHDVGHPkQDDQDORJFkWHFHDVXO"
5$WLDYHDvQFUHGHUHvQRUDVSXVDGHRSHUVRDQDFDUHQXSRDWHQXPDUDGHFkWSkQDODWUHL
'HFHDXEORQGHOHFXPDLPXOWFUHLHUGHFkWYDFLOH"
53HQWUXFDDWXFLFkQGOHSXLPkQDSHXJHUVDQXvQFHDSDVDVHFDFH
'HFHDXEORQGHOHFXPDLPXOWFUHLHUGHFkWFDLL"
53HQWUXFDODSOLPEDUHvQRUDVVDQXVHFDFHSHVWUDGD
'HFHDUHEORQGDXQQHXURQvQSOXVIDWDGHJDLQD"
53HQWUXDQXIDFHJDLQDWvQFDVD
&DUHHDVHPDQDUHDGLQWUHEORQGHVLODQXULOHGHJUkX"
5$PEHOHVXQWJDOEHQH
'DUGLIHUHQWD"
5&XOWXUDJUkXOXLDGXFHIRORDVHVRFLHWDWLL
'HFHQXVHUHFRPDQGDDGDPXQFLWRDUHORUEORQGHSDX]DGHFDIHD"
5$UGXUDSUHDPXOWVDOHvQYHWLGLQQRXFHDXGHIDFXW
'HFHOXFUHD]DEORQGHOH]LOHSHVDSWDPkQD"
53HQWUXFDOXQLVDQXWUHEXLDVFDvQYDWDWHGLQQRXFHDXGHIDFXW
'HFHWUHFHREORQGDVWUDGD"
5/DVDVWUDGD'HFHQXVHDIODEORQGDvQSDW
'HFHWUHFHREORQGDVWUDGD"
5$VWDLRJOXPD
$LDX]LWGHEORQGDFDUHDVDULWFXSDUDVXWD"
51XDQLPHULWSDPkQWXO
$LDX]LWGHEORQGDFDUHDWUDVRVDJHDWDvQFHU"
51XODQLPHULW
&DUHHUDVSXQVXOXQHLEORQGHODSURSR]LWLDPDLJkQGHVWHWH"
51XWUHEXLHVDJkQGHVFHXVXQWEORQGD
&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLXQEHF"
5%HFXOHVWHPDLGHVWHSWGDUSHEORQGDRDSULQ]LPDLUHSHGH
&kQGHSHUPLVVDvPSXVWLREORQGLQDvQFDS"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5QFD]XOFkQGDLRSRPSDODWLQHVDLOXPIOLLODORF
'HFHDFRQGXVREORQGDPDVLQDGHRULvQMXUXOEORFXOXL"
5LHUDVWULFDWDVHPQDOL]DUHD
'HFHFRQGXFkQGDXWRWXULVPHEORQGHOHDMXQJvQVDQW"
5&DVDVWLQJDEHFXOGHODVHPQDOL]DUH
$WLDX]LWGHFHOHGRXDEORQGHGLQPDVLQDJDVLWHPRDUWHGHIULJvQLQFLQWDFLQHPDWRJUDIXOXLDXWR"
5$XYUXWVDYL]LRQH]HILOPXO3HWLPSXOLHUQLLvQFKLV
&DUHHGLIHUHQWDGLQWUHREORQGDVLXQFRVGHFXPSDUDWXUL"
5&RVXOGHFXPSDUDWXULDUHRSDUHUH
'HFHDXEORQGHOHVkQLLSDWUDWL"
5)LLQGFDQXDXVFRVVXWLHQXOGLQFXWLH
&XPVHQXPHVFEORQGHvQWLQVHSHSRGHD"
56DOWHDSQHXPDWLFD
&XPRPRDUDREORQGDRSDVDUH"
52DUXQFDGHSHEDOFRQ
&XPRPRDUDREORQGDXQSHVWH"
5OvQQHDFD
'HFHDFUHDW'XPQH]HXOEORQGHOH"
53HQWUXFDQXVLSXWHDOXDVLQJXUEHUHDGLQIULJLGHU
'HFHDFUHDW'XPQH]HXEORQGHOH"
52RDLHQXDUILIRVWvQVWDUHVDWLDGXFDEHUHDGLQIULJLGHU
'HFHDFUHDW'XPQH]HXEUXQHWHOHVLURVFDWHOH"
5%ORQGHOHQXDXUHXVLWFKHVWLDFXEHUHD
&HvL]LFHPHGLFXO25/LVWEORQGHLODFRVXOWDWLH"
57LQHWLXUHFKHFDHDODOWDvQFKLVDFDvPLEDWHVRDUHOHvQRFKL
'HFHDvQFHWDWEORQGDVDLDSLOXODDQWLFRQFHSWLRQDOD"
5LLHVHDDIDUDVLvLSLFDvQWRWGHDXQDSHMRV
&HIDFHREORQGDSHVWRS"
5&DXWDWLSXOFDUHDvPSXVFDWR
&DUHHGLIHUHQWDGLQWUHREORQGDVLPkQFDUHGLQFRQVHUYHSHQWUXFkLQL"
5QFRQVHUYHHVWHFUHLHU
&XPSRWLIDFHFDRFKLLXQHLEORQGHVDVWUDOXFHDVFD"
5$SURSLHRODQWHUQDGHXUHFKHDHL
'HFHQXHVWHELQHVDWHXLWLvQRFKLLXQHLEORQGH"
56DUSXWHDVDWHRUEHDVFDOXPLQDFDUHLQWUDSHXUHFKL
&HYH]LFkQGWHXLWLDGkQFvQRFKLLXQHLEORQGH"
5&HDID
&XPGHVFULHWLREORQGDvQFRQMXUDWDGHRPXOWLPHGHLGLRWL"
5)ODWDWD
'HFHDPXULWREORQGDFDUHDEDXWODSWH"
5$FD]XWYDFDSHVWHHD
&XPMRDFDREORQGDUXOHWDUXVHDVFD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5&XRSLOXODDQWLEDE\VLWUHLERPERDQH0 0
'HFHQXOHSODFEORQGHORUERPERDQHOH0 0"
56XQWIRDUWHJUHXGHGHFRMLW
&XPvWLGDLVHDPDFDREORQGDDFRSWSUDMLWXUHOHFXFLRFRODWD"
5'XSDFRMLOHGH0 0GHSHMRV
&XPDGXFLREORQGDvQSUDJXOQHEXQLHL"
5LGDLRSXQJDGH0 0VLvLVSXLVDOHFLWHDVFDSHOLWHUH
&HOXFUHD]DREORQGDvQWURIDEULFDGHERPERDQH0 0"
5&RUHFWRUOLWHUDU
'HFHVXQWGDWHEORQGHOHIRDUWHUHSHGHDIDUDGHODRIDEULFDGHERPERDQH0 0"
5$XDUXQFDWFDUHEXWERPERDQHOHFXOLWHUD:SHHOH
&HIDFHREORQGDFDUHvVLSUHVHD]DSDOPHOHSHXUHFKL"
5QFHDUFDVDVLDGXQHJkQGXULOH
&HIDFHREORQGDFDUHUHVSLUD"
5VLvPSURVSDWHD]DPHPRULD
&HDXvQFRPXQEORQGHOHLQWHOLJHQWHVLGLQR]DXULL"
5$PEHOHVSHFLLVXQWGHPXOWGLVSDUXWH
&XPPDVRULLQWHOLJHQWDXQHLEORQGH"
53ULQLQWURGXFHUHDXQXLPDQRPHWUXvQXUHFKH
&XPVHQXPHVWHRPXVFDvQFDSXOXQHLEORQGH"
51DYHWDVSDWLDOD
&HHVWHREk]DFDUH]ERDUDGLVSHUDWDvQFUHLHUXOXQHLEORQGH"
58Q6SDFH,QYDGHU
&H]LFHRPXVFDvQFDSXOXQHLIHWHEORQGH"
563$&(7+(),1$/)5217,((5
&HVSXQHGRFWRUXOvQDLQWHGHDIDFHRRSHUDWLHSHFUHLHUXQHLEORQGH"
56SDWLXO8OWLPDIURQWLHUD
&XPVHQXPHVWHREORQGDFXMXPDWDWHGHFUHLHU"
51RURFRDVD
&XPPRDUHRFHOXODFHQXVLHDXQHLEORQGH"
56LQJXUD
'HFHPRDUHXQQHXURQvQFDSXOXQHLEORQGH"
5'HVLQJXUDWDWH
'HFHDUHREORQGDQHXURQL"
5(VWHvQVDUFLQDWD
&HVHvQWkPSODGDFDVFRWLFUHLHUXOXQHLEORQGH"
5LFUHVWHFRHILFLHQWXOGHLQWHOLJHQWD
&HVHvQWkPSODGDFDPXWLWRDWHEORQGHOHGLQ3RORQLDvQ%XOJDULD"
5&UHVWHFRHILFLHQWXOGHLQWHOLJHQWDDODPEHORUWDUL
&HUHSUH]LQWDREORQGDFXSDUXOYRSVLWvQQHJUX"
5,QWHOLJHQWDDUWLILFLDOD
'HFHVHVSDODEORQGHOHSHFDSvQFKLXYHWD"
53HQWUXFDDFRORVHVSDODOHJXPHOH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHDXEORQGHOHFUHLHUXOGLPLQHDWDGHGLPHQVLXQHDXQXLEREGHRUH]"
51RDSWHDVHGLODWD
'HFHDXEORQGHOHFUHLHUXOvQGLDPHWUXGHFP"
53HQWUXFDHGLODWDW
&XPVWLLFDREORQGDHVWUHVDWD"
5&kQGDUHWDPSRQXOGXSDXUHFKHVLFDXWDSHVWHWRWDIXULVLWXOGHFUHLRQ
&DUHHGLIHUHQWDvQWUHEORQGHOHGHVWHSWHVL<HWL"
5<HWLDPDLIRVWYD]XW
&DUHHGLIHUHQWDGLQWUHXQ2=1VLREORQGDGHVWHDSWD"
52=1XULVDXPDLYD]XW
&DUHHVWHDVHPDQDUHDvQWUHXQ2=1VLREORQGDGHVWHDSWD"
57RWDX]LGHHOHGDUQXOHYH]LQLFRGDWD
'HFHDQJDMHD]D1$6$EORQGH"
5)DFFHUFHWDULDVXSUDJDXULORUQHJUH
'HFHDXEORQGHOHRFKLLFDVWHOHOH"
5)LLQGFDVXQWSURDVWHFDQRDSWHD
&XPSRWLDOHJHREORQGDSURDVWDGLQWURVXWD"
5/DvQWkPSODUH
&XPDVH]LEORQGHSHXQWDEXUHW"
5OvQWRUFL
&XPDVH]LEORQGHSHXQVFDXQ"
5QWRUFLVFDXQXOLQYHUV
&XPWLLREORQGDRFXSDWDWRDWD]LXD"
52SXLvQWURFDPHUDURWXQGDVLLVSXLVDVWHDvQFROW
&XPWLLREORQGDRFXSDWDWRDWD]LXD"
52WULPLWLvQWURFDPHUDURWXQGDVLLVSXLFDvQFROWVXQW
&XPWLLREORQGDRFXSDWDWRDWD]LXD"
56FULLSHDPEHOHIHWHDOHXQHLFROL&LWHVWHSHYHUVR
&XPWLLRFXSDWDREORQGDPDLPXOWWLPS"
5LGDLRFRDODGHKkUWLHSHFDUHDLVFULVSHDPEHOHIHWHQWRDUFHWLIRDLD
&kWHEORQGHSRWLvQJUDPDGLSHPHWUXSDWUDW"
57RDWHVXQWDVDGHJRDOHSHGLQDXQWUXFDOHSRWLEDJDXQDQWUDOWD
&HHREORQGDvQFDGD"
52LQVXODFXGRLPXQWL
&XPIDFLREORQGDVDUkGDVkPEDWD"
5LVSXLXQEDQFMRLD
&HDXEORQGHOHVLVWLFOHOHGHEHUHvQFRPXQ"
5$PkQGRXDVLQWJRDOHGHODJkWvQVXV
&XPSRWLIDFHREORQGDIHULFLWD"
56SXQHL'RDPQHFHRFKLDOEDVWULLDL
&XPVHQXPHVFGHEORQGHDVH]DWHvQFRORDQD"
57XQHOGHYkQW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HIDFHREORQGDvQIDWDXQXLSHUHWHGHVWLFOD"
56HFDWDUDSHHOVDYDGDFHHvQSDUWHDFHDODOWD
'HFHVDXLWDWREORQGDWLPSGHRUHODRVWLFODGHVXF"
53HQWUXFDSHVWLFODVFULD&RQFHQWUDW
'HFHPDQkQFDREORQGDIDVROHVkPEDWD"
5&DVDSRDWDIDFHEDLHFXEXOHGXPLQLFD
&HVSXQHREORQGDFkQGVSDUJHXQYDORURVYDV0LQJ"
5(vQUHJXODWDWLFXOHQXPDPORYLW
&HIDFHREORQGDFXRFKLLvQFKLVLvQIDWDRJOLQ]LL"
59UHDVDYDGDFXPDUDWDFkQGGRDUPH
&kQGDVWHSWLFDUHHVWHGHRVHELUHDGLQWUHREORQGDVLLDUQD"
5,DUQDYLQHFXVLJXUDQWD
QFkWHFDWHJRULLVHvPSDUWEORQGHOH"
5)UXPRDVHGHVWHSWHVLPDUHDPDMRULWDWH
2EORQGDPHUJHOD/RQGUDFXDYLRQXOFXPSRWLVDLIXULORFXOGHODJHDP"
5LVSXLFDORFXULOHFDUHPHUJOD/RQGUDVXQWFHOHGLQFHQWUX
'HFHQXYUHDREORQGDvQDYLRQORFXOGHODIHUHDVWUD"
57RFPDLVLDXVFDWSDUXOVLQXYUHDVDLEDWDYkQWXOvQHO
'HFHREORQGDPHUJHODSLDWDFXVFDUDSOLDQWDGXSDHD"
5$DX]LWFDLDUDVLDXXUFDWSUHWXULOH
&XPSRWLVDGHUXWH]LREORQGD"
51XSRWLDVDVDQDVFXW
&HDUH.POXQJLPHVLXQFRHILFLQHWGHLQWHOLJHQWDGH"
52SDUDGDDEORQGHORU
'HFHREORQGDSXQHGHJHWXOSHFDSXOFXLXOXLFDQGvOEDWHFXFLRFDQXO"
5=JRPRWXOvLSURYRDFDGXUHULGHFDS
&XPVDDFFLGHQWDWEORQGDPDWXUkQGIUXQ]HOH"
5&D]kQGGLQFRSDF
&XPVHFKHDPDFRSLOXOXQHLEORQGHFXXQ SROLWLVW"
55HWDUGR
'HFHQXSRWEORQGHOHVDJDWHDVFDGLQWURFDUWHGHEXFDWHSRUWLLGXEOH"
5&XSWRUXOQXvQFDO]HVWHSkQDOD&HOVLXV
&XPVFKLPELLPSUHVLDXQHLEORQGH"
5LVXIOLLvQXUHFKH
'HFkWHEORQGHHQHYRLHVDMRDFHSULQVD"
58QDVLQJXUD
'HFkWHEORQGHHQHYRLHSHQWUXXQMRFGHDYDWLDVFXQVHOHD"
5'HXQDVLQJXUD
&DUHHGLIHUHQWDGLQWUHREORQGDVLRFDUWHODGHWHOHIRQ"
5&DUWHODDUHPHPRULH
&XPWLLREORQGDvQVXVSDQV"
5WLVSXQHXPkLQH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHWLQHEORQGDFXEXULOHGHJKHDWDvQIULJLGHU"
5&DVDvOUDFHDVFD
'HFHREORQGDQXVWLHVDVFULHFLIUD"
51XVWLHFDUHGLQFHLGRLGHVHVFULHSULPDGDWD
&XPFLWHVWHREORQGDFLIUD"
58QvQWUHUXSWGHRYLUJXOD
'HFHSRDUWDEORQGHOHSDUXOVWUkQVvQFRF"
5&DVDDLEHFkWPDLPXOWvQFDS
&HDYDQWDMHDLGDFDDLREORQGLQDFDVLSDVDJHUvQPDVLQD"
53RWLSDUFDvQORFXULOHGHSDUFDUHSHQWUXKDQGLFDSDWL
'HFHREORQGDVFKLPEDVFXWHFHOHEHEHOXVXOXLRGDWDODOXQD"
53HVFXWHFHVFULHSkQDODNLORJUDPH
&DUHHVWHGXSDSDUHUHDXQHLEORQGHGLIHUHQWDGLQWUHRYDFDDOEDVLXQDPDUR"
5&HDPDURGDFDIHDFXODSWH
&HHVWHXQVFKHOHWFXSDUEORQGvQWUREXGDSXEOLFD"
5&kVWLJDWRUXOFRQFXUVXOXLGHDQXOWUHFXWGHYDWLDVFXQVHOHD
&HVFULHSHRFDUWHSRVWDODGHODREORQGDDIODWDvQFRQFHGLX"
50DGLVWUH]PLQXQDW2DUHXQGHPDDIOX"
'XSDFHFXQRVWLFDRVFULVRDUHDIRVWWULPLVDGHREORQGD"
5(VWHVFULVDVLSHSOLFSHSDUWHDOLSLFLRDVD
'XSDFHUHFXQRVWLFDXQID[DIRVWWULPLVGHREORQGD"
5$UHWLPEUXSRVWDO
&XPVHQXPHVWHREORQGDvQWUXQLQVWLWXWGHvQYDWDPkQWVXSHULRU"
5)HPHLHGHVHUYLFL
&XPVHQXPHVWHREORQGDvQWUXQLQVWLWXWGHvQYDWDPkQWVXSHULRU"
59L]LWDWRU
&HDIDFXWEORQGDFkQGDDX]LWODWHOHYL]RUFDSHVWHGLQDFFLGHQWHVHvQWkPSODODGRPLFLOLX"
56DPXWDW
'HFHQXH[LVWDEUXQHWHSURDVWH"
53HUR[LG
&HDXvQFRPXQEORQGHOHYRSVLWHVLPXODWULL"
55DGDFLQLQHJUH
'HFHLDXEORQGHOHSLOXODDQWLEDE\"
5&DVDVWLHFH]LDVDSWDPkQLLHVWH
'HFHLDREUXQHWDSLOXODDQWLEDE\"
56XSHUVWLWLH
&HVXQWGHEORQGHSHIXQGXOPDULL"
58QvQFHSXW
&HFDXWDGLVSHUDWHEORQGHOHSHIXQGXORFHDQXOXL"
53H/HRQDUGRGL&DSULR
&DUHLGLIHUHQWDGLQWUHREORQGDVL7LWDQLF"
53H7LWDQLFVWLFkWLVDXvPEDUFDW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPGHFXUJHSUHOXGLXOODREORQGD"
56HGH]EUDFD
&DUHHGLIHUHQWDGLQWUHREORQGDVLREUXQHWD"
5GHPLQXWHGHPXQFDGHFRQYLQJHUH
'HFHvLWUHELXHXQHLEORQGHFLQFLRUHVDVFULH/DPXOWLDQLSHXQWRUW"
53DLQXUHXVHVWHVDEDJHWRUWXOPDLUHSHGHvQPDVLQDGHVFULV
'HFHEORQGHOHQXDXDFFHVSHWXUQXO(LIIHO"
53HQWUXFDDUGDGHPkQFDUHODHOLFRSWHUH
'HFHVHDVHD]DREORQGDRDUEDSH]LDU"
5&DVDFLWHDVFDGHSHEX]H
&HLVSXQHQXPDUXOXQHLEORQGH"
5SOXV79$
&XPvWLGDLVHDPDFDREORQGDDDWLQVPRPHQWXORUJDVPXOXL"
57LDLGDWMRVKDLQHOHGHGRXDPLQXWH
&XPvWLGDLVHDPDFDREORQGDDDWLQVPRPHQWXORUJDVPXOXL"
5VDWHUPLQDWEDWHULD
'HFHQXVDUHREORQGDFXSDUDVXWDFkQGHSHVWRS"
56DSXWHDVDWUDJDGHVQXUXOJUHVLW
&HIDFHREORQGDFkQGvLHVWHIULJ"
6HGXFHvQFROWXOFDPHUHLFDDUHGHJUDGH
&HJvQGHVWHREORQGDFkQGYHGHRFRDMDGHEDQDQDSHMRV"
&HJKLQLRQ$FXPLDURVDFDGvQFXU
'XSDFHvWLGDLVHDPDFDREORQGDIRORVHVWHYLEUDWRUXO"
5'XSDGLQWLLGLQIDWDVSDUWL
'HFHQXIRORVHVFEORQGHOHYLEUDWRDUHvQOLSVDEDUEDWLORU"
56DQXVLVSDUJDGLQWLL
&H]LFHREORQGDFkQGYHGHXQILOPSRUQR"
5$VWDVXQWHX
&HJDVHVWHGHQWLVWXOXQHLEORQGH"
51XQXJDXULvQGLQWHFLGLQWLvQJDXUD
&HHREORQGDSHXQWHUHQGHIRWEDO"
5/RYLWXUDOLEHUD
&HHREORQGDGHGHDQLSHWHUHQXOGHIRWEDO"
5/RYLWXUDGHSHGHDSVD
&kQGDUHREUXQHWDMXPDWDWHGHFUHLHU"
5'XSDFHVLDGHFRORUDWSDUXO
&HHVWHSHQWUXREORQGDIRDUWHJUHX"
5&ODVDDWUHLD
&HHVWHSHQWUXREORQGDIRDUWHOXQJ"
5&ODVDDSDWUD
'HFHQXPDQkQFDEORQGHOHFDVWUDYHWLPXUDWL"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5'HILHFDUHGDWDFkQGDXvQFHUFDWOHDUDPDVFDSXOvQWHSHQLWODJXUDERUFDQXOXL
'HFHQXPDQkQFDEORQGHOHFDVWUDYHWLPXUDWL"
5%RUFDQHOHDXFDSDFVLQXIHUPRDU
&XPVHGHILQHVWHRPDUHLJQRUDQWD"
5GHEORQGH
8QGHVHGXFEORQGHOHFDVDVLvQWkOQHDVFDUXGHOH"
5QJUDGLQDGHOHJXPH
'HFHYUHDREORQGDVDGHYLQDPHGLFYHWHULQDU"
5,XEHVWHDWkWGHPXOWFRSLL
&HVXQWGRXDEORQGHvQWUXQ3RUVFKH"
58QJORQW'XP'XP
'HFHDXEORQGHOHWUHLEXWRDQHSHIUXQWH"
5)
H6XJH2SUHVWHWH
'HFHDXEORQGLQHOHRUJDQHVH[XDOH"
53DLFHDUIDFHWRDWD]LXDIDUD"
&DUHHDVHPDQDUHDGLQWUHREORQGDVL]DSDGD"
53HDPkQGRXDWHGDLRGDWDVLVHIDFHSkUWLH
&XPVHSRDWHVWLGDFDREORQGDDXWLOL]DWXQFRPSXWHU"
5'DFDVHYDGFRUHFWLLSHHFUDQ
&DUHHDVHPDQDUHDGLQWUHREORQGDVL81,;"
5$PLQGRXDVLQWPXOWLWDVNLQJVLPXOWLXVHU
&HREWLLGDFDvQFUXFLVH]LREORQGDFXXQFRPSXWHU"
58QDWRDWHVWLXWRUFDUHI
HGHUXSH
'HFHQXDJUHHD]DEORQGHOHFRPSXWHUHOH"
51XSULQG079XO
'HFHDXGDW&RPPRGRUHIDOLPHQW"
5%ORQGHOHDXPkQFDWWRDWH&+,3VXULOH
&XPVHQXPHVWHVXVRWHDODXQHLEORQGHODXUHFKHDDOWHLEORQGH"
57UDQVIHUGHGDWH
'HFHYDUVDEORQGLQHOHDSDSHVWHFDOFXODWRU"
59RUVDQDYLJKH]HSH,QWHUQHW
&XPvWLGDLVHDPDFDREORQGDVDMXFDWODFRPSXWHU"
53HMR\VWLFNVXQWXUPHGHUXM
'XSDFHvWLGDLVHDPDFDREORQGDVDMXFDWODFRPSXWHU"
5-R\VWLFNXOHXPHG
'XSDFHvWLGDLVHDPDFDREORQGDVDMXFDWODFRPSXWHU"
5-R\VWLFNXOVHDIODSHVFDXQ
&DUHHGLIHUHQWDvQWUHREORQGDVLXQFRPSXWHU"
5QFRPSXWHULQIRUPDWLDWUHEXLHEDJDWDGRDURGDWD
&XPvLIDFLXQHLEORQGHRUHVHWDUHDPHPRULHL"
5LIDFLXQGXVVLRvQWRUFLFXFDSXOvQMRV
'XSDFHvWLGDLVHDPDFDREORQGDDIRVWDVH]DWDODFRPSXWHU"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5/kQJDPDXVVHDIODREXFDWLFDGHFDVFDYDO
'XSDFHvWLGDLVHDPDFDREORQGDDIRVWDVH]DWDODFRPSXWHU"
5/DYHQWLODWLDFRPSXWHUXOXLVHDIODILUHGHSDU
&DUHHGLIHUHQWDGLQWUHREORQGDVLXQFRPSXWHU"
51LFLXQDDPEHOHSRWQXPDUDGRDUSkQDOD
'HFHURDJDREORQGDSULHWHQLLVDvLSDVWUH]HEHFXULOHDOEHDUVH"
5&DVDVLIDFDvQWXQHULFvQFDPHUD
&H]LFHREORQGDGDFDRSDVDUHFDUH]ERDUDSHGHDVXSUDHLVHXVXUHD]DH[DFWSHIDWDHL"
5&HELQHFDPLDPWLQXWJXUDGHVFKLVDDOIHOHUDPSOLQDGHFDFDWGHSDVDUHSHWRDWDIDWD
&H]LFHREORQGDGDFDRSDVDUHFDUH]ERDUDSHGHDVXSUDHLVHXVXUHD]DH[DFWSHIDWDHL"
5&HELQHFDYDFLOHQXSRW]EXUD
&HVHvQWkPSODFXREORQGDFkQGVHvPEROQDYHVWHGH$O]KHLPHU"
5LFUHVWH,4XO
&DUHHIRUPDWLDSUHIHUDWDDXQHLEORQGH"
5$LU6XSSO\
&XPVHQXPHVWHRVHFUHWDUDEORQGDODVDWDvQVDUFLQDWDGHVHIXOHL"
5%RVVXPIODWD
'HFHWUHEXLHVFULVRULOHFDWUDEORQGHVFULVHvQFHW"
53HQWUXFDQXSRWFLWLUHSHGH
'HFHSRDUWDEORQGHOHEOXJLVWUkPWL"
5&DVDOLVHFLWHDVFDSHEX]H
'HFHUDPkQHQHPLVFDWDREORQGDOD]RRvQIDWDFXVWLLOHXOXLFDUHUDJHGLQWRWLUDUXQFKLL"
59UHDVDYDGDFHILOPGD0HWUR*ROGZLQ0D\HU
&DUHHDVHPDQDUHDGLQWUHRFDUWHSRVWDODVLREORQGD"
5$PkQGRXDDMXQJODSRVWD
&HVHvQWkPSODDWXQFLFkQGYH]LVSULMLQLWHGHSHUHWHWUHLEORQGHJRDOHVLFUDFLWH"
5([SR]LWLHSXEOLFLWDUD
'HFHLQWURGXFHREORQGDFXWLWXOvQEXGD"
56DYDGDGDFDvQVFRLFDQXHVWHRSHUOD
'HFHVHXLWDREORQGDSHVWHXQSDUDYDQGHVWLFOD"
56DYDGDFHVHJDVHVWHGHSDUWHDFHDODOWD
&XPvVLXVXFDREORQGDSDUXO"
5OWDLHVLvOSXQHSHFDORULIHU
&DUHHVLQJXUXOFXYvQWVWUDLQSHFDUHvOVWLHREORQGD"
5)LFWLYYH]LGLFWLRQDUXOGHOLPEDJHUPDQD
'HFHvVLLDXRFKHODULGHHFOLSVDEORQGHOH"
56DQXVHDUGD
'HFHEORQGDQXVDPDLGXVvQ$QJOLD"
5$DIODWFD%LJ%HQQXHGHFkWXQFHDV
&XPvWLGDLVHDPDFDEORQGDDOXDWPXLH"
5,DUDPDVLPSULPDWDFDWDUDPDSHIUXQWH
&H]LFHREORQGDVRWXOXLHLFkQGDFHVWDR]YkUOHVWHSHWUHSWHOHSLYQLWHL"
58UVXVVDX7LPLVRUHDQD"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HLVSXLXQHLEORQGHIDUDPkLQLVLIDUDSLFLRDUH"
5&HWkWHPLVWR
'HFHQXDXEORQGHOHSDUSXELDQ"
53HQWUXFDvVLSXQWDPSRDQHOHLQYHUV
'HFHQXvLFDGHXQHLEORQGHWDPSRQXO"
59LGXOGLQFDSLOIL[HD]DIRDUWHELQH
&XPvWLGDLVHDPDFDREORQGDHSHURVX"
5$UHWDPSRQXOGXSDXUHFKHVLvVLFDXWDvQHEXQLWDWLJDUHD
&DUHHGLIHUHQWDGLQWUHREORQGDVLXQFRSDF"
58QFRSDFvVLGDVHPDFkQGHFXOFDWODRUL]RQWDOD
&DUHHGLIHUHQWDGLQWUHREORQGDVLREORQGDLQWHOLJHQWD"
52FH"
&HIDFHREORQGDGXSDDOWUHLOHDIX
DLvQWUHWkWH"
5VLVXIODQDVXO
&HHREORQGDFDUHLDvLFXUJHQDVXO"
53OLQD
&HHFHOPDLUDXOXFUXODVH[FXEORQGHOH"
56DQXDLEDQFKHWHOHUDEDWDELOH
&DUHHXQHDOWDSUHIHUDWDDEORQGHORUODEHQ]LQDULH"
53RPSDSHQWUXURWL
&DUHHDVHPDQDUHDGLQWUHREORQGDVLRWLJDLH"
5$PEHOHWUHEXLHVDILHILHUELQWLvQDLQWHGHDEDJDFDUQHDvQHOH
&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLYLUXVXO+,9"
59LUXVXOXLLVHYDJDVLXQDQWLGRW
'HFHvVLEDJDEORQGHOHSUH]HUYDWLYHvQXUHFKL"
53HQWUXFDODEDWUkQHWHVDQXDLEHQHYRLHGHDSDUDWHDXGLWLYH
'HFHVXQWEORQGHOHILULYHVHOH"
53HQWUXFDQXVWLXDOWFHYD
'HFHVXQWEORQGHOHILULYHVHOH"
53HQWUXFDH IRDUWHXVRUVDOHDPX]L
'HFHQXSRWEORQGHOHVDVFKLPEHEHFXO"
53HQWUXFDvOVSDUJvQWRWGHDXQDFXFLRFDQXO
'HFkWHEORQGHHVWHQHYRLHSHQWUXDVFKLPEDXQEHF"
5&HHDLDXQEHF
'HFkWHEORQGHHVWHQHYRLHSHQWUXDVFKLPEDXQEHF"
5'RXDXQDWLQHVWLFODJRDODGH&ROD/,*+7VLFHDODOWDVWULJD7$7$$$$$
&XPvQQHFLREORQGD"
5$VH]LRRJOLQGDSHIXQGXOSLVFLQHL
&XPvQQHFLREORQGD"
51XLVSXQHFDWUHEXLHVDvQJKLWD
&XPIDFHREORQGD0RRQZDON"
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
5VLVFRDWH2%XOVLDOXQHFDFXFXUXOSHSRGHD
&kQGSRWL]LFHGHREORQGDFDHREXQDEXFDWDUHDVD"
5'DFDUHXVHVWHVDVFRDWDWRUWDvQWUHDJDGLQDSDUDWXOGHSUDMLWSkLQH
'HFHVXQWDVDGHLQWHUHVDWHEORQGHOHGH$,'6"
53HQWUXFDSRWVDO]LFDFXYkQWXOSHOLWHUH
'HFHPHUJEORQGHOHSHYkUIXULSHOkQJDGXODSLRUXOFXPHGLFDPHQWH"
56DQXWUH]HDVFDSLOXOHOHVRPQLIHUH
&HVDvQWkPSODWGDFDRVRUDPHGLFDODGXFHRJDOHDWDFXVSHUPDSHFRULGRDUHOHVHFWLHLGHFKLUXJLH"
52EORQGDDIRVWRSHUDWDGHVWRPDF
&HDXEORQGHOHvQFRPXQFXQRULL"
5'DFDGLVSDUYDILR]LIUXPRDVD
&DUHHDVHPDQDUHDGLQWUHREORQGDVLRSXVFDGHYkQDWRDUH"
5$PEHOHWUHEXLHvQGRLWHODPLMORFVLvQFDUFDWHGHODVSDWH
&XPvLUXSLXQHLEORQGHRVXOQDVXOXL"
53XLREDQFQRWDGHVXERPDVDGHVWLFOD
&H]LFHREORQGDGDFDRvQWUHELGHVDQDWDWH"""
57RDWHVEXQH VL IUXPRDVHGHVLDP FDQFHU OD ILFDW VL OHXFHPLH PXOWXPHVF OXL'XPQH]HX FD QX DP DPLJGDOLWD VDX YUHR
PDVHDXPIODWD
'HFHUkGEORQGHOHWRWWLPSXO"
53HQWUXDVLPHQWLQHDQWUHQDPHQWXOIDFLDO
&XPHVWHSR]LWLRQDWVLUHSDUWL]DWFUHLHUXOODEORQGH"
5/DQLYHOXODEGRPHQXOXLVXEIRUPDDGRLORELXQOREvQRYDUXOGUHSWVLFHODODOWvQRYDUXOVWkQJ
'DFDFHLGRLORELFRQFHSRWHRULHFHIDFFXLGHHD"
52DUXQFDSULQWURPSDODJXQRLvQXWHU
&HIDFFXLGHHDGDFDDFHDVWDQXVXFRPEDvQWHUPHQGHGH]LOH"
52vQHDFDvQVkQJH
6LGDFDLGHHDUH]LVWDQRXDOXQLFHVHvQWkPSOD"
56HHOLPLQDUDXO
'HFHIRORVHVFEORQGHOHUXMQHJUX"""
53HQWUXFDDXFHQWXUDQHDJUDODVXSWSX
D
'HFHQXVWLXEORQGHOHVDQXPHUHSkQDOD"
53HQWUXFDDWXQFLFkQGDMXQJODDXJXUDSOLQD
&DUHHGLIHUHQWDLQWUHREORQGDVLRLDSD"
5'DFDYUHLVRSULYHVWLvQRFKLSHLDSDWUH
VRGHVFDOHFL
2SHUVRDQDVHQDVWHEORQGDVDXGHYLQHEORQGD"
56HDFFHSWDDPEHOHYDULDQWHHLQXPDQVDGDPYLQDQXPDLSHSDULQWL
&DUHLGLIHUHQWDGLQWHREORQGDVLRJDLQD"
5*DLQDDUHORJLFDHL
&XPVHURDJDREORQGDvQWLPSFHVLIDFHFUXFH"
5'D'RDPQHVDILHDWkWGHOXQJDGHODIUXQWHODEXULFVLDWkWGHODWDGHODXQXPDUODFHODODW
'HFHGHYLQQRUGLFLLLPSRWHQWLGHODYkUVWHIUDJHGH"
53kQDVLSHQLVXOVHVDWXUDGHSURVWLDDWkWRUEORQGH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHQHXURQXOXQHLEORQGHQXSOkQJHQLFLRGDWD"
53HQWUXFDQXODUDX]LQLPHQL
&DUHHVWHGLIHUHQWDGLQWUHREORQGDVLRFDUDPLGD"
5&DUDPLGDRGDLGLQPkQDQPkQDLDUEORQGDGLQSX
DQSX
D
&HDXEORQGHOHVLVWLFOHOHFXEHUHvQFRPXQ"
51,0,&FDFLDWXQFLFkQGGHVIDFLREHUHHVWLFXVLJXUDQWDSULPXOFDUHRvQFHUFL
&XPVDLQYHQWDWYLRDUD"
5$IRVWPkQJkLDWDREORQGDSkQDDvQFHSXWVDJHDPD
6LFXPVFRQVWUXLWLQVWUXPHQWXO"
56DREVHUYDWFDOHPQXOVXQDPDLELQH
8QGHDUHREORQGDSDUXOQHJUX"
5QWUHGLQWL
&DUHHVWHFXYkQWXOGHOLWHUHIRORVLWFHOPDLPXOWGHFDWUHREORQGD"
58UPDWRUXO
QWUHFDUHGHJHWHGHODSLFLRDUHVHJkGLODREORQGDFHOPDLPXOW"
5QWUHGHJHWHOHPDUL
'HFHXPEODEORQGHOHFXXQ FXLvQEX]XQDU"
56XQWPHUHXvQDVWHSWDUHDXQXLFLRFDQ
&HHVWHRIRDLHDOEDUXSWDvQGRXDSHQWUXREORQGD"
58QSX]]OH
'HFHEORQGHOHSXQGHVPkQDODXUHFKH"
56DQXOH]ERDUHWRDWHLGHLOH
'HFkWHEORQGHFXVkQLLPDULHQHYRLHFDVDVFKLPELXQEHF"
5'HFkWHSRWLIDFHURVW
'HFHVDGXVREORQGDOD+ROO\ZRRG"
5$YUXWVDIDFDGUDJRVWHVXEVWHOH
&HWUHEXLHVDIDFDREORQGDFDVDVWLHVDQXPHUHSkQDODGRL"
56DVLVFRDWDEOX]D
&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"
L]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
VLDWLQJHOREXOXUHFKLLGUHSWH
$X3kQDVLDLFLPDGRDUH
/DFDUHGRFWRUXORvQWUHDED
6XQWHWLREORQGDQDWXUDOD"
'DGHVLJXUUDVSXQGHHD
$VDPDJkQGHDPVLHX$YHWLXQGHJHWVFUkQWLW
2EORQGDVXSUDSRQGHUDODPHUJHODGRFWRUVDLFHDUDXQVIDW
$FHVWDvLUDVSXQGHFDGDFDYUHDVDVODEHDVFD.JWUHEXLHVDDOHUJHWLPSGHROXQD
%ORQGDXUPHD]DVIDWXOPHGLFXOXLVLIHULFLWDGXSDROXQDvLGDWHOHIRQVDLVSXQDFHPXOWDVODELW
/DVIkUVLWXOFRQYHUVDWLHLvOvQWUHDED
6LDFXPFXPSRWVDDMXQJDFDVD"GHNPHVWHRGLVWDQWDGHVWXOGHPDUH
2EORQGDFRPDQGDRSL]]D
QFDWHIHOLVDYRWDL"QVDXvQ"vQWUHDEDEXFDWDUXO
QQDVSXWHDQLFLRGDWDVDPDQkQFIHOLL
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"
QSULQFLSLXIRDUWHELQHGDUFHYDSHELURXODVWDPDvQWHDSDvQVSDWH
%ORQGDHJUDYLGD7DWDOHLRvQWUHDED
&LQHHWDWDOFRSLOXOXL"
(DUDVSXQGH
QFKLSXLHWLFDVWDLFXFXUXOSHXQILHUDVWUDXFLUFXODU(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
$LIDFHLQVDELQHVDWHJUDEHVWL9LQHSORDLDVLSUHODWDHvQFDSHPDVLQD
'RXDEORQGHVWDXSHRFUDFDvQWUXQSRPVLWDLHFXILHUDVWUDXOFUDFDSHFDUHVWDX2EUXQHWDWUHFHSHDFRORVLOH]LFH
9HGHWLFDRVDFDGHWLGLQFRSDFGDFDVWDWLSHFUDFDDLD
%ORQGHOHUkGVL WDLHPDL GHSDUWH'XSD XQ WLPS VH vQWkPSOD LQHYLWDELOXOFUDFD VH UXSH VL EORQGHOH SLFD GLQ SRP%UXQHWD
WUHFHGLQvQWkPSODUHSHSDUWHDFHDODOWDDVWUD]LL8QDGLQEORQGH]LFH
+DLVDRvQWUHEDPGDFDQXYUHDVDQHFLWHDVFDvQSDOPD
2EORQGDvLSRYHVWHVWHDOWHLDLQGLJQDWD
QFKLSXLHWL LHUL vQ WLPS FH PD SOLPEDP SULQ RUDV XQ WLS JUHWRV vQWUR PDVLQD VSRUW IUkQHD]D EUXVF OkQJD PLQH VL PD
vQWUHDEDGDFDQXYUHDXVDIDFRWXUDFXPDVLQDOXL$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"QWUHEDEDUPDQXO
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
QVIkUVLWGUDJHOHPHOHGLQQRXvPSUHXQD
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
LGDVLUXVXOXLQXPHUHFUDSDVLDVWDLDUODUHFHSWLH
9DEDWHWLMRFGHPLQH
'XWHODHWMDFRORQHDPDLUDPDVURPkQXO7HVDWLVIDFHODVLJXU
QXPHUHFUDSDVLURPkQXO
9DGDXvQMXGHFDWDYUHDXFHYDDGHYDUDW
1HSDUHIRDUWHUDXQHDPDLUDPDVGRDUFKLQH]XO
'DWLOvQFRDFH
/DHWMFKLQH]XO
LGDFKLQH]XOQXPHUHVHGDMRVGHSHHD%ORQGD
*DWDDLRERVLWGHMD"0DGXFVDGDXERUGHOXOvQMXGHFDWD
1XYDLPSDFLHQWDWLPDUHIDF
)DFHDEGRPHQHWUDJHRULGHILDUHIDFHIORWDULVHURVWRJROHVWHRGDWDSHVXESDWLHVHDIDUDvLPDLGDQXPHUHEORQGHL
2ERVHVWHGLQQRXFRERDUDGHSHEORQGDVLLDUH[HUFLWLLOHGHODLQFHSXWDEGRPHQH
$VDIDFHWLPSGHGHQXPHUH'HGDWDDVWDRERVHVWHEORQGDVHGDMRVIDFHDEGRPHQHGHRULGHILDUHIORWDULVLFkQG
VHURVWRJROHVWHSHVXESDWVXUSUL]D&HFUHGHWLFDDJDVLW"
GHFKLQH]L
(PRWLLPDULODFLUF8QQXPDUGHGUHVXUDH[WUDRUGLQDUFURFRGLOXOLPHQVGHVFKLGHJXUDGUHVRUXOVDXvVLGHVIDFHVOLWXOvVL
VFRDWHSHQLVXOVLOEDJDvQJXUDILDUHLGXSDFDUHvLWUDJHXQDvQFDSFXREkWD
$QLPDOXOvVLvQFKLGHSXWHUQLFHOHIDOFLFXUDSLGLWDWH7RDWDOXPHDUDPkQHvQPDUPXULWDQWUXQWvU]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
'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"
QDQLGHFDVQLFLHRVLQJXUDGDWDDPLHVLWVHDUDFXVRWXOPHXVHSOkQJHREORQGD
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
QQLFLXQFD]DVWHDVXQWFXVLJXUDQWDXUPHGHFHUE
7RWGLVFXWkQGDVDWLPSGHRRUDFHOHGRXDEORQGHDXIRVWFDOFDWHGHWUHQ
'XSDFkWHYDRUHGHVH[FXREORQGDWLSXOXLLVHIDFHIRDPHVLVHGXFHODIULJLGHU7RFPDLEHDFXVHWHGLQVWLFODGHODSWH
FkQGEORQGDLQWUDVLHDvQEXFDWDULHH[FODPkQG
$KDDFXPDVWLX0DPWRWvQWUHEDWSkQDDFXPDFXPVHXPSOHODORF
2EORQGD VL REUXQHWD VDU FX SDUDVXWD Q 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
$PFkVWLJDWROD/272
2EORQGDvLSRYHVWHVWHSULHWHQHLVDOH
,HULVHDUDDYHQLWVHIXOPHXODPLQHDFDVDvQYL]LWDVLPDYLRODW
6LWXWXQXWHDLDSDUDW"
1DPSXWXW1XPLVHXVFDVHvQFDRMDGHSHXQJKLL
2EORQGDODEDULVHDGUHVHD]DWkQDUXOXLDUDWRVFDUHVWDOkQJDHD
&KLDUFUHGHWLFDDVYUHDODFLQFLPLQXWHGXSDFHQHDPFXQRVFXWVDPDFXOFFXGXPQHDYRDVWUD"
'D]LFHWkQDUXO
'XPQH]HXOH7UHEXLHFDSXWHWLFLWLJkQGXULOH
2EORQGDUDPkQHFDVDYH]LDGRXDRDUDJUDYLGDVLYLQHODVRWXOHLVLvOvQWUHDED
'UDJDDFXPWUHEXLHVDQHFDVDWRULPGLQQRX"
2EORQGDILHUEHRXDSHQWUXPLFXOGHMXQ6RWXORvQWUHDED
'HFHGUDFX
VRXDOHDVWHDDVDGHWDUL"&kWOHDLILHUW"
3DLGHPLQXWH
'HFH"2XDOHVHFRFPLQXWH"
3DLHUDXRXD
'HFHVHPXWDEORQGHOHOD/$/RV$QJHOHV
5"
5(PDLVLPSOXGHVSXVSHOLWHUH
0DLVLPSOXFDFH"
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
QOXPHGRPQHVWHvQDWkWHDORFXULUD]ERLXOPLGRUHVFFDWRWLRDPHQLLQHJULLDOELURVLJDOEHQLLQGLIHUHQWGHQDWLRQDOLWDWHVL
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
&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
PLSDUHUDXDFHDVWDEDQFQRWDHVWHIDOVD]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
&RQWURODWLVHLIXO
6HFUHWDUDYLQHGXSDGRXDPLQXWH
'RPQXOHGLUHFWRUQXHQLFLvQVHLI
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%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"
LDGXFHEDU]D
6LFLQHIX
HEHU]H"
2IHWLWDYHGHSHVWUDGDXQFDWHOFDUHWRFPDLIX
HDRFDWHOXVDVLvOvQWUHDEDSHWDWDOVDXFHIDF7DWDOMHQDWvLUDVSXQGH
&DWHOXVDQXYUHDVDVHGXFDDFDVDVLFvLQHOHvQFHDUFDVDRGXFDHODFDVD
(FDLHULFXPDPDQRURFFDVHWLQHDELQHGHFKLXYHWDDOWIHOSRVWDVXORGXFHDvQPRGVLJXUODSRVWD
0DPLFRGHFHSRDUWDPLUHVHOHURFKLLDOEH"
)LLQGFDH[SULPDEXFXULD
$WXQFLPLUHOHGHFHLvPEUDFDWvQQHJUX"
0DPLFRYUHDXVDWHURJFHYD
&HHIHWLWDPHD"
PLGRUHVFIRDUWHPXOWXQIUDWLRUQXDPFXFLQHVDPDMRF
%LQHRVDYRUEHVFFXWDWLFXOGDUQXVWLXGDFDRVDDFFHSWHXQFRSLOFRVWDIRDUWHVFXPSvQ]LXDGHD]L
0DFDUXQXOPLFXWPLFGHWRWVLVODEXWSRDWHHPDLLHIWLQ
0DPDFDWUHIDWDHL
)HWLWDPHDGHFHQXVWDLvQEUDWHOHWDWDOXLWDX"
1XVHSRDWHDFHODHVWHORFXOPHQDMHUHL
0DULD9LLDIDUDVDQHMXFDP"
1XvQFD0DLDPGHH[HUVDWODSLDQWUHEXLHVDWHUPLQH[HUFLWLLOHODHQJOH]DVLVDIDFRUGLQHvQFDPHUD$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
8QWDWDDIODFDILLFDvQFDRDGROHVFHQWDFDHVWHJUDYLGDvQOXQDDFLQFHD
7kPSLWRRFHDUWDHOXQGHWLDIRVWFDSXO"
6XEYRODQWDWDVSXVHHD
)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
$LJULMDFDDXvQFHSXWVDLDVDGLQRXD8QXODVLVFRVWURPSD
/DSVLKDQDOLVWHVWHDGXVDGHSDULQWLRIHWLWDGHDQL
6XIHULGHYLVHHURWLFH"RvQWUHDEDDFHVWD
1XGHORFFKLDUvPLIDFSODFHUHUDVSXQGHDFHDVWD
2IHWLWDVHGXFHODPDJD]LQXOGHOHQMHULH
%XQD]LXDVXWLHQHQXPDUXO]HURDYHWL"
1XGDUYDSXWHPRIHULDOLILHFRQWUDEXEHORU
%DQFXULFXVRDFUH
&XPVDQXPLWVRDFUDOXL$GDP"
5$GDPQXDDYXWVRDFUD(OWUDLDvQ3DUDGLV
'HFHVHvQJURDSDVRDFUDFXFDSXOvQMRV"
53HQWUXFD]XOvQFDUHFXPYDvQYLHVDvQFHDSDVDVDSHvQMRV
&HVHQXPHVWHDUWDYLHWLL"
56DWHFDVDWRUHVWLFXVRUDUDSRVDWHLVRWLL$VWIHOQXWUHEXLHVDWHRELVQXLHVWLFXVRDFUD
6WLWLFDUHHDVHPDQDUHDGLQWUHRVRDFUDVLREHUH"
5$PkQGRXDIDFVSXPHODJXUDVLDPkQGRXDVXQWEXQHUHFL
&DUHVXQWDVHPDQDULOHGLQWUHRVRDFUDVLREHUH"
5$PkQGRXDVXQWFXFDSVDSXVDDPkQGRXDVXQWEXQHUHFLSHPDVD
&H]LFH%XODGXSDFHVLDFDOFDWVRDFUDFXPDVLQD"
51DWHDLFDPGHVXPIODW
&HHGHYLQDFDVRDFUDEDWHODXVDSLYQLWHL"
5/DQWXOGHOD]JDUGDHSUHDOXQJ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHQXLELQHVDWLEDWLVRDFUDFXORSDWD"
53HQWUXFDVLIDFHLPSUHVLHSURDVWDGHVSUHWLQH
&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
&XPVHGHILQHVFVHQWLPHQWHODFRQWUDGLFWRULL"
5'DFDvWLYH]LVRDFUDvQPDVLQDWDFHDQRXDVWkQGVDFDGDvQWURSUDSDVWLH
8QYDGXYvVL]LFH
2DGRXDVRDFUDQXPDLSRWULVFD
6LVDFDVDWRULWFXFXPQDWDVD
$LYRUELWFXGRFWRUXOGHVSUHQHYDVWDPHD"
'DODPUXJDWVRWUDWH]HFDSHSURSULDOXLVRDFUD
/DJUDGLQD]RRvQIDWDXQHLFXVWLFXKLSRSRWDPLJLQHUHOHvLVSXQHVRDFUHLOXL
0DPDVRDFUDYH]LFHJXUDPDUHDUHVLWRWXVLQXVFRDWHQLFLXQFXYkQW
8QXO]LFHODRPDVDSULYLQGODVRDFUDVD
(XFUHGVLvQYUDMLWRDUHVLvQGXKXULUHOHVLvQVWDILL
0DPFDVDWRULW2DGHYDUDWDSDUWLGD
6RWLDPHDHRUIDQDGHPDPD
9HFLQHFkLQHOHWDXPLDPXVFDWSkQDDFXPGHWUHLRULVRDFUD
9DLPLLGHVFX]H&kLQHOHDVWDHLQFRULJLELO1XVWLXFHVDIDFFXHO
9LQGHPLOPLH
6HVLXQHDGHLDUQDDFXUVXULORUIDUDIUHFYHQWDODIDFXOWDWHDGHVWLLQWHMXULGLFHGLQ%XFXUHVWL
([DPLQDWRUXOPDLSXQHRvQWUHEDUHVXSOLPHQWDUDFDQGLGDWXOXL
&HSHGHDSVDVHDSOLFDSHQWUXELJDPLH"
'RXDVRDFUHUDVSXQGHVHQLQVWXGHQWXOVLVLvQWLQGHFDUQHWXO
2EDEDDYHDWUHLJLQHUL
QWUR]LFkQGJLQHUHOHPDUHYHQHDGHODVHUYLFLEDEDFDUHvOYHGHLQWUkQGSHSRDUWDVDUHvQIkQWkQD$VWDVDUHGXSDHDVLR
VDOYHD]D
$GRXD]LvQFXUWHJLQHUHOHJDVHVWHR'DFLHFXXQELOHWHOSHFDSRWD%LQHIDFLELQHSULPHVWL0DPDVRDFUD
Q DOWD ]L DFHHDVLSRYHVWHGDUDFXP FX JLQHUHOH PLMORFLX6DUH VL DVWDGXSD EDED vQ IkQWkQD R VDOYHD]D VL vQ XUPDWRDUHD ]L
JDVHVWHvQFXUWHRPRWRFLFOHWDFXXQ ELOHWHO%LQHIDFLELQHSULPHVWL0DPDVRDFUD
9LQHVLUkQGXOJLQHUHOXLPLF%DEDIDFHVDULWXUDGHULJRDUHGDUvQDLQWHVDVDUDGXSDHDJLQHUHOHVWDSXWLQVLVHJkQGHVWH
'DFDDODPDUHDSULPLWR'DFLHDODPLMORFLXRPRWRFLFOHWDHXFHRVDSULPHVF"2ELFLFOHWD"$LXUHDQXPLWUHEXLH/DVRvQ
PDVDVDPRDUD
QXUPDWRDUHD]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"
$PIDFXWJUHVHDODFDODSDVDMXOVLIHUHVWHQH'RDPQHGHUHOHVDPDXLWWRFPDLODPDPDVRDFUD
/DFLUF'DYLG&RSHUILHOGSULPHVWHFDGHRELFHLXQSRWRSGHDSODX]H(OvVLDQXQWDXOWLPXOQXPDU
QXUPDWRUXOQXPDUYRLIDFHVDGLVSDUDRIHPHLH3HQWUXDVWDDPQHYRLHGHXQYROXQWDUGLQSXEOLF
'LQUkQGXOGRLVHDXGHXQJODV
0HUJLPHUJLGXPQHDWDPDPDVRDFUD
=LPLXQEDQFEXQVDLOVSXQVLOX
VRDFUDPHD
'D
FHLWUHEXLHOX
VRDFUDWDEDQFXUL"
1XLWUHEXLHGD
ODEDQFX
DODFDUHPLODLVSXVLHULHUDVDPRDUDGHUkV
'H]LXDVRDFUHL0LWLFDVHSUH]LQWDFXXQSDFKHWHOvQWURPkQDVLFXRSXVFDvQFHDODOWD
/DPXOWLDQLPDPDVRDFUD7LDPDGXVRSHUHFKHGHFHUFHLGHDXU
0XOWXPHVFJLQHULFD'D
FXSXVFDFHYUHLVDIDFL"
3DDDLLLLGHJDXULvQXUHFKLQXDLQHYRLH"
8QFRUWHJLXFLXGDWGXSDGULFXUPDXQWLSXQFkLQHILRURVVLODPDUHGLVWDQWDYUHRFLQFL]HFLGHRDPHQL8QWLSVHDSURSLH
VLvQWUHDED
&LQHDPXULW"
6RDFUDPHDUDVSXQGHWLSXODPXVFDWRFkLQHOHDVWD
1XPLvPSUXPXWLVLPLHFkLQHOH"
%DGDGDUDVHD]DWHODFRDGD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
8QWLSVWDWHDvQFDVDVLVHXLWDSHIHUHDVWUD/DXQPRPHQWGDWYHGHFHYDWUHFkQGSULQIDWDIHUHVWUHL
6FRDWHFDSXOSHJHDPVLVHXLWDvQMRVVLYHGHGRXDHWDMHPDLMRVRIHPHLHDWkUQDWDGHXQFDEOXGHDQWHQD
6HXLWDQVXVVLOYHGHODHWDMXO]HFHSH%XODvQMXUkQGGHPDPDIRFXOXL
%DL%XODFLQHLPDDLDSHFDUHDLDUXQFDWR"
6RDFUDPHDGDRQS
GDPDVLL
'DFkWLDQLDUHPDVRDFUDWD"
&LQFL]HFLGDRQPDVD
%DGD
VHWLQHELQHPDVHWLQHELQH
'HWLQXWXOHUDDFX]DWFDDYUXWVDVLRPRDUHVRDFUD
-XGHFDWRUXODGLVSXVHOLEDUDUHDVDFRQGLWLRQDWD$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]DSORLLvQWUXQEDUVLEHDXHLEHULOHvQOLQLVWHvQWLPSFHSULYHVFSHJHDP
(ELQHYHQLWDSORDLDDVWDSHQWUXSDPkQWVSXVHXQXOGLQWUHHL7RWXOYDUHQDVWHDFXPGLQQRX
1XPDVSHULDVSXQHFHODODOW7RFPDLPLDPvQPRUPkQWDWVRDFUD
'RLSULHWHQLVWDXODPDVD
(LFH]LFLGHVRDFUDPHD"
,LEXQD
$WXQFLPDLLDREXFDWD
'RLFDQLEDOLVWDWHDXvQMXUXOXQXLIRF=LFHXQXO
1XPLSODFHGHORFVRDFUDPHD
QFHUFDFXNHWFKXS
9LQHvQWUR]L'XPQH]HXVLFX6I3HWUXOD%XODVLvLVSXQFDvLSRWvQGHSOLQLWUHLGRULQWH
'D
LD
DPLQWH%XODFDVRDFUDWDYDDYHDGHGRXDRULPDLPXOWGLQRULFHvWLGRUHVWLWX'HFL"
,D'RDPQHYUHXVLHXXQFRQDFHODFRORFXPSWHUHQGHWHQLVSLVFLQDHWF
3$&$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
PLSDUHUDXWRFPDLPLVDWHUPLQDWILOPX
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
&HFRDIXUDvLVWDELQHXQHLVRDFUH"
5&XFDUDUHSHPLMORFGDUIDFXWDFXEDUGD
&kQGWHXLWLODVRDFUDFXXQVLQJXURFKL"
5QDLQWHVDDSHVLSHWUDJDFL
*KLFLWRDUH=LXDODWUDQRDSWHDQRDWD"""
53URWH]DVRDFUDPL
&XVRDFUDWDFXPWHvPSDFL"
([FHOHQW2LDXFXPLQHSHVWHWRWRULXQGHPDGXFPDLDOHVDWXQFLFkQGSOHFODGLVWDQWHIRDUWHPDUL&KLDUVLSHVWHKRWDUH
)RUPLGDELOFHJLQHUHUHFXQRVFDWRUVLLXELWRUHVWL
(VWHDGHYDUDW7RWXVLDPXQPDUHQHFD]
&DUH"7RWOHJDWGHVRDFUD"
'D1XVWLXFXPIDFHGDUGHILHFDUHGDWDJDVHVWHSHFkWHFLQHYDFDUHvLGDEDQLVDVHvQWRDUFDDFDVD
,XELWXOHD]LHUDVDVHvQWkPSOHRPDUHQHQRURFLUH]LFHVRWLD
&HDQXPHLXELWR"vQWUHDEDVRWXOvQJULMRUDW
$FD]XWSHQGXODVLHUDJDWDJDWDVRORYHDVFDSHPDPDvQFDS$VFDSDWFDSULQXUHFKLOHDFXOXL
$KGRELWRFVLSURVWFHVXQW9LQDHVWHQXPDLDPHD
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XPDVDLXELWXOH"
'D3HQWUXSULPDRDUDvQYLDWDDPXLWDWVDvQWRUFSHQGXODVLHDSDFDWRDVDDUDPDVvQXUPD
8QYkQDWRUSOHDFDvQWUXQVDIDULFXVRDFUDVDVLVXVRWLDQWURVHDUDSULQMXQJODVRDFUDVHUDWDFHVWHVLYkQDWRUXOVLVRWLD
SOHDFDVDRFDXWHQWUXQWXILVRJDVHVFvPSLHWULWDGHJURD]DvQIDWDXQXLOHXFDUHUDJHDGLQWRWLUDUXQFKLL9D]kQGDVWDVRWLD
]LFHYkQDWRUXOXL
&HIDFHPDFXPD"
1LPLFUDVSXQGHYkQDWRUXOOHXOVDEDJDWVLQJXUvQWUHDEDDVWDODVDOVDVHGHVFXUFH
8QWLSPHUJHODGRFWRUVLDFHVWDvLVSXQHFDVXIHULQGHRERDODLQFXUDELODPDLDUHGRDUOXQLGHWUDLW$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
1XVWLXFHVHvQWkPSODFXVRDFUDPHDQXOWLPXOWLPSVHFXOFDvQILHFDUHQRDSWHSHOD
&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
$VWDHRYHVWHEXQDUDVSXQVHHOVDUXWkQGR
0DPDDREWLQXWGLYRUWXOVLYDYHQLVDORFXLDVFDFXQRL
%DQFXULFXVSHUPDWR]RL]L
&H]LFHXQVSHUPDWR]RLGvQFDXWDUHDRYXOXOXL"
5'DFDWHJDVHVFRPWHIDF
&H]LFHVSHUPDWR]RLGXOFDWUHRYXOFkQGODJDVLW"
520PDIDF
&H]LFHXQVSHUPDWR]RLGFD]XWSHSHUQD"
53kQDLS
ODPDPDLIDFHXRP
'HFHDXVSHUPDWR]RL]LLFRDGD"
5&DVDLSRWLVFRDWHGLQWUHGLQWL
2JUXSDGHVSHUPDWR]RL]LSOHFDWLODGUXP8QXOGLQHL]LFH
8IIII$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
SHWRWLQWUR]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
$SRLSHQWUXXQVIHUWGHRUDvQSOXVQXPHULWDVDGDXOHL
&HVHvQWDPSODFXLYDFDUHLDGRDURMXPDWDWHGHSDVWLODGH9,$*5$"
5,VHVFRDODGRDUSULPDMXPDWDWHLDUUHVWXODWvUQD
2EDEDVHGXFHODIDUPDFLHVLvQWUHDEDGDFDDXXQ PHGLFDPHQWDQWL9,$*5$
/DFHYDWUHEXLH"vQWUHDEDIDUPDFLVWD
3DLPRVXOPHXDOXDW9,$*5$VLILLQGFDUGLDFDPXULW$FXPQXPDLSXWHPVDvQFKLGHPFDSDFXOODVLFULX
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&HVHvQWDPSODGDFDLQWURGXFLRSDVWLOD9,$*5$vQSDPkQW"
53RWLVFRDWHUkPHOHVLVDOHEDJLvQSHUHWH
QFHVHWUDQVIRUPDXQFRQIHWWLFDUHDOXDWRSDVWLODGH9,$*5$"
5QWURSLRQH]D
9DULDQWD
6WLWLFHHRSLRQH]D"
58QEDQXWFDUHDOXDW9LDJUD
QWURUHFODPDVHDQXQWDQRLSURGXVH
SDVWLOHOH9,$*5$/,*+76SHQWUXPkQDJLL
9,$*5$3/86SHQWUXVDWLVIDFHUHDQHYHVWHL
9,$*5$0(17+2/SHQWUXGDWP
H
QWUHDEDXQEDUEDWSHXQDOWXO
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
&HVHvQWkPSODGDFDDUXQFLvQDSDFDOGDRSDVWLODGH9LDJUD"
55H]XOWDXQJURJIRDUWHWDUH
&HDUILGHGRULWSHQWUXSHUVRDQHOHFDUHLDX9LDJUD"
56DFLUFXOHPDLPXOWVkQJHVLvQFDS
FDUHHQRXOLPQDOFHORUFDUHLDX9LDJUD"
5(OWRQ-RKQ,
PVWLOOVWDQGLQJ
$FXP3OXJ
Q
3OD\VLSHQWUXPHGLFDPHQWH"
6FULHSHSDFKHWXOGH9LDJUD
8QFDUJRXFX9LDJUDVDVFXIXQGDWvQ$WODQWLF
,PHGLDWGXSDDFHHDVDULGLFDW7LWDQLFXOODVXSUDIDWD
&XPDIRVWGHVFRSHULWD9LDJUD"
5$IRVWGHVFLIUDWFRGXOJHQHWLFDOOXL%LOO&OLQWRQ
8QDUKLWHFWDPHULFDQDVDOYDWXQPRQXPHQWDUKLWHFWRQLFGHLPSRUWDQWDPRQGLDOD
7XUQXOGLQ3LVDDIRVWvQGUHSWDW6HFUHWXO9LDJUDvQSkQ]DGHDSDIUHDWLFD
7DNH9LDJUD+DYH)XQ'LH+DUG
([LVWWUHLWLSXULGH9LDJUD
3DVWLOHXVRDUH
3DVWLOHWDUL
%LOO&OLQWRQ
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
=LFH3DSDXQXLFDUGLQDO
9LDJUDIDUDIHPHLHHXQFKLQ
'HFHVHIDFDFXPEDQFLOHODVFRDODFXFPPDLvQDOWH"
59LDJUDVHFRPHUFLDOL]HD]DVLvQFXUWHDVFROLL
&HVHvQWkPSODGDFDGDL9LDJUDXQXLVDUSH"
57HDFX]DWLSLLGHOD*UHHQSHDFHSHQWUXFKLQXLUHDDQLPDOHORU
&HVHvQWkPSODGDFDGDL9LDJUDXQXLOLFXULFL"
56HWUDQVIRUPDvQWUXQODPSLRQ
9DULDQWD
&HIDFHXQOLFXULFLGXSDFHLDRSDVWLOD9LDJUD"
56HWUDQVIRUPDvQWUXQWXEGHQHRQ
'HFHQXVHGD9LDJUDIHPHLORU"
53UREDELOFDDUVkQJHUD
=LFHXQEDWUkQ
'HFkQGLDX9LDJUDVWLXGHILHFDUHGDWDXQGHVDvPLDJDWSDODULD
&XPVHQXPHVWHQRXD$QWLYLDJUD"
57HUSLQRORIDFHPRDOHVLSXIRDVD
&XPVHQXPHVFFHLVDSWHDPHULFDQLFDUHDXOXDW9LDJUD"
5XS
&DVLUDVSXQVOD(XURDIRVWHPLVDVLvQ$PHULFDRQRXDPRQHGD
&OLQWRQ 9LDJUD
8QEDUEDWDYHDSUREOHPHFXSRWHQWD0HUJHODGRFWRULDUDFHVWDvLVSXQH
WLGDXSUDIXODFHVWDSHFDUHWUHEXLHVDOSXLvQPkQFDUHVLHUHFWLDYDYHQLLPHGLDW
%XFXURVvQGUXPVSUHFDVDSHQWUXDIDFHREXFXULHVRWLHLVDOHLQWUDvQWUXQUHVWDXUDQWVLFRPDQGDRSRUWLHGHPLFLVLVSXQH
EXFDWDUXOXLVDSXQDSUDIXOvQHL
'XSDRRUDGHDVWHSWDUHRPXOUHYROWDWvOvQWUHDEDSHRVSDWDU
&HVHPDLDXGHFXPLFLDLDGRP
OH"
'RPQXOHEXFDWDUXLGLVSHUDWFXPDVHD]DPLFLLSHJUDWDUHLVHULGLFDvQSLFLRDUH
8QXOPDLVODEGHPDGXYDVHGXFHODGRFWRUVLvOURDJDVDLGHDQLVWHSLOXOHSHQWUXSRWHQWD
'RFWRUXOvLGDSLOXOHOHUHVSHFWLYH9LDJUDVLvLVSXQHVDYLQDGLQQRXGXSDFHOHvQFHDUFD
QDLQWHGHvQWkOQLUHEDJDDVWDSHJkWFkWHYDSLOXOHVL
$GRXD]LODGRFWRU
&XPDIRVWPD"
$DDDIRDUWHELQHSHPDVDvQEXFDWDULHSHPDVLQDGHVSDODWVXEGXVSHSDWVXESDWXQGHVDSXWXW
6LHDFHD]LV"
(DQDYHQLW
9DULDQWD
8QXOVHGXFHODIDUPDFLHVLvLDUDWDIDUPDFLVWXOXLDPEHOHPkLQLFXGHJHWHOHGHVIDFXWH)DUPDFLVWXO
&HLGRPXOH"
&XPFHL"=HFH
&H]HFH"
=HFHSDVWLOH9LDJUD'LVHDUDDVWHSWWUHLIHPHLEXQHvQYL]LWD
VL LD DVWD SDVWLOHOH VL SOHDFD $ GRXD ]LR LDU YLQH vQ IDUPDFLH VL vL DUDWD IDUPDFLVWXOXL PkLQLOH FX GHJHWHOH GHVIDFXWH
IDUPDFLVWXO
$KDDDVWLX]HFHSDVWLOH9LDJUD
1XGRPQXOHRFUHPDGHPkLQL7LSHOHQXDXYHQLWDVHDUD
&kQGDUIL9LDJUDFXDGHYDUDWGHIRORV"
5&kQGVDUFRQVLGHUDFDEDUEDWLLVXQWRVSHFLHSHFDOHGHGLVSDULWLH
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&DUHHGHRVHELUHDvQWUHXQFRQVXPDWRUGH9LDJUDVLXQODEDJLX"
51LFLXQD$PkQGRLRIDFSkQDPRU
&HHVWHFXDGHYDUDWGHSULPDQW"
56DvQJKLWLR9LDJUDVDDOHUJLvQVSUHSHUHWHVLVDWLGDLSULPDGDWDFXFDSXOGHVXVGHSHUHWH
1RXDSLOXOD9LDJUD8QIHOGH$XURODFSHQWUX6HQLRUL
&HUHUHDSHSLDWDSHQWUX3DVWLOD9LDJUDQXPDLHDVDGHPDUH)HPHLOHQXPDLIDFIDWD
9LDJUDH[LVWDDFXPVLFDORWLXQH'XSDvQWUHEXLQWDUHvQWLQGHSLHOHD
'HFHVHUHFRPDQGDvQJKLWLUHDIRDUWHUHSHGHDSDVWLOHL9LDJUD"
5$OWIHOvWLSRDWHvQWHSHQLJkWXO
'HFHVHvQJKLWHUHSHGH9LDJUD"YDULDQWD
5&DVDQXVHvQWDUHDVFDOLPED
&HVHvQWkPSODGDFDVHFRQVXPD9LDJUDFXSUHSDUDWHFXFRQWLQXWERJDWvQILHU"
56FXODvWLYDDUDWDSHUPDQHQWQRUGXO
&HPRGLILFDULDGXFHQRXOYLUXV9LDJUDODFRPSXWHUXOGXPQHDYRDVWUD"
57UDQVIRUPD)ORSS\GLVFXOvQWUXQ+DUGGLVF
/DSLOXOD9LDJUDVDvQWkPSODWFkWHRGDWDFDQXQXPDLVFXODDVWDWFDXQSDUFLDPDLVWDWVLLQLPD
Q]LDUDVFULVGHSULPXORPPRUWGHRRYHUGR]DGH9LDJUD
8QEDUEDWDOXDWSLOXOHGH9LDJUDVLVRWLDVDDPXULW
9LDJUDVHFRPHUFLDOL]HD]DPDLQRXVLFDVSUD\QD]DO
3ULPHOHHIHFWHVHFXQGDUHDOHDFHVWXLQRXSURGXVVHSRWGHMDYHGHD3LQRFFKLR
&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
'HFHSUHVFULHDFXP9LDJUDVLSHQWUXEDUEDWLLREH]L"
5'LQFDX]DSX
LLQXPDLDMXQJODIULJLGHU
8QEDWUkQDOXDWGHSDVWLHO9LDJUDGHRGDWDVLDPXULWGHLQLPD
/DvQPRUPkQWDUHDWUHEXLWvQVDFDVLFDSDFXOVLFULXOXLVDPDLUDPkQD]LOHGHVFKLV
'HFHSULPHVFPDLQRXEDWUkQLLGHODD]LOFkWHXQVIHUWGH9LDJUD"
56DQXPDLXULQH]HSHSDEWDORQL
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
'HFHXQLLvVLLQWURGXFFkWHRSLOXOD9LDJUDvQWDQFXOGHEHQ]LQD"
53HQWUXFDPDVLQDVDSRDWDOXDFXUEHOHPDLGUHSW
'HFHVHGDPDLQRXVLVROGDWLORUODDUPDWD9LDJUDvQORFGHEURPXUD"
56DXIDFXWH[SHULPHQWHVLVDGRYHGLWFDVWDXPDLELQHGUHSWL
2SHUHFKHPDLWUHFXWDVWDvQSDW=LFHHO
'UDJDWRFPDLDPOXDWRSLOXOD29LDJUD
/DFDUHHD
6LHXGUDJD8QDOJRFDOPLQ
'DFDDL9LDJUDQYLQH
3RWLIX
HFDXQFkLQH
'HFH9LDJUDQXVDLPSXVvQFDSHSLDWD"
53HQWUXX]XOFDVQLFSUHDVFXPSDVLSHQWUXMRFXULOHvQGHSODVDUHQXHQHFHVDUD
'HFHvQJKLWSXQNHULLPDLQRX9LDJUD"
56DOHVWHDSDUXOVFXODW
8QVRWFXVRWLDVDPHUJODIDUPDFLHVDFXPSHUHFkWHYDSLOXOH9LDJUD(OUHFODPD
&XP"R SDVWLOD
/DFDUHVRWLDVD
/DVDSHDQQLFLQXHDVDGHVFXPS
6vQWVXSDUDWQXPLVHPDLVFRDODGHDQL
6DEDWvQOHPQPLHQXPDLGH
&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]JRPRWFHYLQHGLQVXIUDJHULHVLWUH]HVWHVRWXO
5RFN\FUHGFDFLQHYDYUHDROHFWLHSDUWLFXODUDGHER[
8QER[HUUHQXPLWvVLODQVHD]DSULPXO&'FXWRDWHFDQXHUDFD]XO8QFULWLFvQWUHDEDSURGXFDWRULL
&DUHDIRVWDVDGHWkPSLWVDLVSXQDFDHvQVWDUHVDFkQWH"5DJHWHOHDVWHDVXQWGHWRDWDMHQD
1LPHQLQLPHQLQXDIRVWDVDGHWkPSLWVDLVSXQDFDQXHvQVWDUHVDFkQWH
$QWUHQRUXOvLVSXQHvQSDX]DFXYLQWHGHvQFXUDMDUHER[HUXOXL
&HODODOWFkVWLJDFXVLJXUDQWDGDUWXDLSDUWHGHFHOHPDLEXQHSULPSODQXULODWHOHYL]XQH
%R[HUXOFDGHODSDPkQWvQUHSUL]DDD$UELWUXOvQFHSHVDQXPHUH%XQLFDOXL%XODVHULGLFDGLQSULPXOUkQGVLVWULJD
$VWDRULFXPQXVHULGLFDOVWLXHXGLQDXWREX]
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"
1XHXVXQWVLQJXUXOGHQWLVWGLQRUDV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&XSULQV
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
&8/(*(5('(%$1&85,6,32$17(1/,0%$5201$
,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
%DQFXULFXVSRUWLYLVLGHVSUHVSRUW
&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,
%DQFXULFXDOSLQLVWL
%DQFXULFXER[HUL
&835,16