&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD

9HUVLXQHD9ROXPXO,,

'XPQH]HXLD]LVOXL%LOO)LLQGFDDLIDFXWOXFUXODFHVWDEOHVWHPDWHVWLVDILLLQYLGLDWGHWRDWHFUHDWXULOHSDPkQWXOXL6L
WRWL86(5LLGHFkWHRULVHYRUvQFXUFDvQFUHQJLOH:,1'2:6XOXLSHWLQHWHYRUvQMXUDQYHFLYHLILQHYRLWVDFUHH]LQRL
VLQRLUDPXULSHQWUX:,1'2:6VLQLPLFDOWFHYD
'XPQH]HXD]LVDSRL86(5XOXL9RLPDULIRDUWHPXOWVXIHULQWDVLvQVDUFLQDUHDWD:,1'2:6XOWHYDGH]DPDJL]LGH
]L VLWL YD HSXL]D WRDWH UHVXUVHOH GH 0(025,( 9HL IL QHYRLW VD IRORVHVWL SURJUDPH MDOQLFH VL YHL DSHOD XPLO OD DMXWRUXO
SURJUDPDWRUXOXLLDUHOYDVWDSkQLSHVWHWLQH
'XPQH]HXVDvQWRUVVSUH352*5$0$725VLLD]LV)LLQGFDDLDVFXOWDWGHJODVXO86(5XOXLVLDLIRORVLWFHHDFH HXWL
DPSRUXQFLWVDQXIRORVHVWLEOHVWHPDWHVWLVDQXILLQLFLRGDWDOLQLVWLW7RDWHSURJUDPHOHWDOHYRUDYHDHURULVLYHLILQHYRLWVD
OHGHSDQH]LVLVDOHWRWGHSDQH]L]LOQLFSkQDODVIkUVLWXOYHDFXULORU
6L'XPQH]HXvLD]YkUOLSHWRWLGLQ&(1758/'$7$VLvQFKLVHXVDvQVSDWHOHORU$SRL'XPQH]HXDFUHDW3$52/$
*(1(5$/3527(&7,21)$8/7

&RPSXWHUXOQRVWUX
&RPSXWHUXOQRVWUX
&DUH7XHVWL6HUYHU
6ILQWHDVFDVHPRQLWRUXO7DX
9LHRXWSXWXO7DX
)DFDVHYRLD7D
3UHFXPvQPHPRULHDVDVLSHLPSULPDQWD
0XQFDQRDVWUDFHDGHWRDWH]LOHOH
8VXUHD]DQHRQRXDDVWD]L
6LLDUWDQHJUHVHOLOH
$VDFXPVLQRLOHLHUWDPSHFHOHDOHSURJUDPDWRULORU
6LQXQHGXFHvQLVSLWD
1XQHODVDVDDWHSWDPRYHVQLFLH
6LXVXUHD]DQHvQDLQWHGH6KXWGRZQ
&DFLDOHWDOHVXQW:::
%LWVL%\WH
QYHFLLYHFLORU
(17(5

3URFHVRUXOQRVWUX
3URFHVRUXOQRVWUX
&DUHHVWLvQFRPSXWHU
6DOYDWILHFDOFXOXOWDX
7$&78/7$89,(
3UHFXPvQ(3520
$VDVLvQ&026
%LWLLQRVWULLFHLGHWRDWH]LOHOH
'DQLLQRXDDVWD]L
6LLDUWDLSHFHFDUHQHFRSLD]D
$VDFXPvLLHUWDPVLQRLSHHL
6LIHUHVWHQHGHGHVXSUDWHQVLXQL
&DFLDOH7DOHVXQW5$0
6L520
6L*LJDE\WH
QWLPSUHDO
581

:LQGRZVXOQRVWUX


&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

:LQGRZVXOQRVWUX
&DUHHVWLLQVWDODWSHKDUG
'HVFKLGHVHIHUHVWUHOHWDOH
9LHFUDVKXOWDX
&DvQDVDVLvQ
6L]LOQLFHOH6HUYLFHSDFNVGDQLOHQRXD
6LLDUWDQHSDUWLWLLOH/LQX[
$VDFXPVLQRLLHUWDPJUHVHOLOHGLQGULYHUH
6LQXQHGXvQHFUDQXODOEDVWUX
&LL]EDYHVWHQHGHFRQIOLFWHGHYHUVLXQL
&DFLDOWDXHVWHWRW5$0XO
6LKDUGXO
6LWRWLKHUW]LLSURFHVRUXOXL
QYHFLYHFLORU
$OW)

9UHLVDVWLLGDFDHVWLEROQDYGHLQIRUPDWLFD"
(VWLEROQDYGDFD

QILHFDUHGLPLQHDWDvWLIDFLXQEDFNXS
8OWLPXOWDXJkQGvQDLQWHGHDDGRUPLHVWH6KXWGRZQFRPSOHWH
&DXWLEXWRQXO&DQFHOGXSDFHDLDSDVDWXQEXWRQJUHVLWODOLIWVLWHPLULFkWGHVDUDFDHLQWHUIDWDXWLOL]DWRU
)DFLGXEOXFOLFNSHEXWRQXOGHODOLIW
$SHVL3DJH'RZQFDVDvQWRUFLIRDLDXQHLFDUWL
&kQGYRUEHVWLGHQXPHUHURWXQGHWHJkQGHVWLOD
'LQWUHQDGPLULVFUROOLQJXOSHLVDMXOXL
/DWHOHIRQFRPSXLXQQXPDUGH,3
WLDPLQWHVWLFXPDLPDUHXVXULQWDDGUHVDWDGHHPDLOGHFDWSHFHDSRVWDODVDXGHFDWQXPDUXOGHWHOHIRQ
&kQGvQFKL]LRIHUHDVWUDGHJHWHOHWDOHVHSXQvQPRGDXWRPDWvQSR]LWLD$OW)

6WLLFDDLMXFDWSUHDPXOW'RRPGDFD
0HUJkQGODFXOFDUHODLQWUDUHDvQGRUPLWRUvQORFVDDSULQ]LEHFXODUXQFLRJUHQDGDFX$*XOvQFDPHUD
'RUPLFXRGUXMEDVXESHUQDPRWLYkQGDVWDFXQXVHVWLHQLFLRGDWDSHVWHFHGDLvQvQWXQHULF
,QWUkQGvQWURvQFDSHUHVDXvQOLIWLHVLLPHGLDWDIDUDFDVDYH]LGDFDWHSkQGHVWHFLQHYD
1XWHLQWHUHVHD]DSUHDPXOWGDFDHVWLUDQLWSHQWUXFDYHLJDVLFXVLJXUDQWDRVIHUDDOEDVWUD
6DULFXUHSH]LFLXQHvQVSDWHOHIRWROLXOXLVLFDXWLSXVFDGHYkQDWRDUHGDFDvWLDX]LFkLQHOHXUOkQG
(IHFWXH]LVDULWXULODWHUDOHSULQORFXLQWD
0HUJkQGSULQWUXQFRULGRUFHUFHWH]LSHUHWLLVDJDVHVWLXVLOHVHFUHWH
&DXWLGUXMEDGDFDVRWLDWDVFRDWHVXQHWHFLXGDWHSHPRWLYFDHUDFLWD
PSXVWLODVHUYLFLWRDWHFRVXULOHGHKkUWLL
3ULQFDVDWHDVFXQ]LvQWRWGHDXQDGXSDFROWXULVLDUXQFLRSULYLUHvQRULFHvQFDSHUHvQDLQWHGHDLQWUDvQHD
6DULIDUDPRWLYGHSHFODGLULvQDOWHVLHVWLGHSDUHUHFDQXVHYDvQWkPSODQLPLF
6SDUJLRULFHIHUHDVWUDSHFDUHRYH]LSHPRWLYFDDUDWDXUkW
7HPLQXQH]LFDVHSRWWRWXVLFRQVWUXLFDVHFXPDLPXOWHHWDMHVDXFXDFRSHULVXOvQSDQWD
7HLQWHUHVHD]DDUPHOHGHIRFVLFDXWLGLVSHUDWGXSDXQ%)*
WLPRGLILFLXVLOHGLQORFXLQWDVDVHGHVFKLGDSHYHUWLFDOD
&UH]LFRQYLQVFDSRWLWUHFHSULQ]LGXUL
(VWLIHUPFRQYLQVFDODPSDGLQGRUPLWRUQXIDFHXQFRQWDFWVLGHDFHHDVHDSULQGHVLVHVWLQJHODLQWHUYDOHUHJXODWH
WLDUXQFLSLVLFDvQDLQWHWDvQSLVFLQDVDILWRWXVLVLJXUFDQXHXPSOXWDFXJXQRLUDGLRDFWLY
WLFHUFHWH]LFDGDGLQEDLHVDWHFRQYLQJLGDFDFRQWLQHDSDVDXRWUDYD
WLGRUHVWLVDDLRGUXMEDODWLQHQXPDLDVDSHQWUXRULFHHYHQWXDOLWDWH
WLFXPSHULXQFRVWXPGHSURWHFWLHFXRFKHODULLQIUDURVLLWRWSHQWUXRULFHHYHQWXDOLWDWH
QOLEUDULHFDXWLVLUDVIRLHVWLQXPDLFDUWLFXKLQWXULSHQWUX'RRP
QVLWXDWLLSHULFXORDVHVWULJL,''4'



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

(VWLGHSDUHUHFDQXSRWLXUFDWUHSWHPDLvQDOWHGHFP
WLFRQIXQ]LSURIXOGHPDWHFXXQF\EHUGHPRQVLvQFHUFLFXDMXWRUXOSXVWLLGHYkQDWRDUHVDLSURLHFWH]LFUHLHULLSHSHUHWL
QORFXOFKHLORUvWLFXPSHULSHQWUXXVDORFXLQWHLFDUWHOH.H\FDUGVURVLLVDXDOEDVWUH
0kQFDUHDQXWLRPDLvQFDO]HVWLSHDUDJD]FLFXDUXQFDWRUXOGHIODFDUL
WLFXPSHULRMDFKHWDOXFLRDVDGHFXORDUHDOEDVWUD
0HUJkQGSULQRUDVXOQDWDOHVWLVLJXUFDQXDLPDLIRVWQLFLRGDWDSHDLFLSHPRWLYFDQXYH]LQLFLXQFDGDYUXvPSUHMXU
WLFRORUH]LSDUWHDGHMRVDPRQLWRUXOXLvQFXORULYLL
6LDFXPRVHULHGH'22060,/,(6
&&\EHUGDHPRQ
>@_ &KDLQVDZ
>@&KDLQJXQ
>@ +HDOW3DFN
??6SLGHUPDVWHUPLQG
R 5RFNHWOXQFKHU

'RRP,,
&HVDLSRYHVWHVWLVHIXOXLWDXDWXQFLFkQG

$(VWLEDQXLWFDMRFL'RRPvQWLPSXOOXFUXOXL

2RRRFHHDFHDWLYD]XWDIRVWSUHFLVQRXOPHXVFUHHQVDYHU
$FHVWH GDWH DSDUWLQ ED]HL PHOH GH GDWH '220 vQVHDPQD 'DWDEDVH 2QOLQH 2SHUDWLRQ 0DQDJHPHQW 'D DYHWL GUHSWDWH
ZDGHRWHUPLQDWLHGHVWXOGHFXULRDVD
'DVLHXDPDX]LWFHYDVXQHWHFLXGDWH3RDWHDYHPVRERODQLvQFRQGXFWHOHGHFDQDOL]DUH"
%'DFDVDDX]LWFDMRFL'RRPvQWLPSXOVHUYLFLXOL

&KLRUDLWXUL"$IRVWSUHFLVVWRPDFXOPHXD]LDPOXFUDWvQWLPSXOSDX]HLGHSUkQ]VLQXDPDSXFDWVDPDQkQFQLPLFD
'UXMED"1XQXDPQLFLRGUXMEDDLFL'RDPQD3RSHVFXDVSXVD]LGLPLQHDWDFDWUHEXLHVDFXOHJHPQLVWHIORULSHQWUXVDODGH
VHGLQWHQWUHEDWLRSHHD
0DVFX]DWL1XPLDPGDWVHDPDFDYRUEHVFDVDGHWDUH6RWLDPHDDIRVWODWHOHIRQVLvQXOWLPXOWLPSVXQWHPFDPFHUWDWL
0RQVWUXPDURvPSXWLW"""$VWDHRSRYHVWHPDLOXQJD8UDVWHVDILHQXPLWDDVD
'DFDDLIRVWSULQVMXFkQG'RRPvQWLPSXOVHUYLFLXOXL
&'DFDDLIRVWSULQVMXFkQG'RRPvQWLPSXOVHUYLFLXOXL

6WLWLDVWDHXQVFUHHQVDYHUPLQXQDW'DUQXVWLXGHFHVDEORFDWVLQXDPPDLSXWXWVDvOvQFKLG
$VWDHFHDPDLQRXDFKHVWLHOD$&$'
(XQSURJUDPFXFDUHvPLDQWUHQH]FDOLWDWLOHPDQDJHULDOH
&LFDDVWDDUILXQSURJUDPHGXFDWLYSHQWUXILXOPHX'DUDFXPFDvOWHVWH]YDGFDHIRDUWHYLROHQW
1XVWLXFHHVLDVWD3HGLVFKHWDVFULD/RWXV3RDWHDSLFDWLDUDVLQHW]XOVDXDVDFHYD
1XYUHXVD]LFGDUFUHGFDDVWDHXQYLUXVGHFDUHSRWVFDSDQXPDLGDFDMRFSkQDODFDSDW

2QRXDYHUVLXQH:LQGRZ]'RRUV
)LUPD0LFURRIWLQWHQWLRQHD]DFDvQDFHVWDQVDODQVH]HRQRXDYHUVLXQH:LQGRZ]QXPLWD'RRUV3ULQFLSDOHOHLQRYDWLL
DGXVHGHDFHDVWDQRXDYHUVLXQHVXQWXUPDWRDUHOH
)HUHVWUHOHYRUILvQFKLVHHWDQVvQVFKLPEYRU H[LVWDXVLOXFUX PXOWPDL QDWXUDOWUHEXLHVDUHFXQRDVWHWLSHQWUXLQWUDUHVL
SHQWUXLHVLUH5HPDUFDSHQWUXDGHVFKLGHRXVDVHYDIDFHFOLFNSHJDXUDFKHLLGDFDDFHDVWDH[LVWD'DFDQXYDWUHEXLVD
UHVWDUWDWLFDOFXODWRUXO
+DUGGLVNXOYDILJHVWLRQDWGHWULSOHVSDFHELQ$FHVWDHVWHXQSURJUDPIRDUWHVRILVWLFDWFDUHvQPRGQRUPDOQXWUHEXLHVD
RFXSHPDLPXOWVSDWLXGHFkWFDSDFLWDWHDWRWDODDKDUGGLVNXOXLGXPQHDYRDVWUD'DFDWRWXVLDFHVWOXFUXVHYDvQWkPSODYD



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

WUHEXLVDVFKLPEDWLKDUGGLVNXOFXXQXOPDLPDUHVDXvQWUHJFDOFXODWRUXO6HUHFRPDQGD0LFURVRIW3HQWLXP,QVLGHVSHFLDO
$VHYHGHDPDLMRVFDUDFWHULVWLFLOH
1RXOSURJUDPSRDWHOXFUDvQPRGXULELWLvQFXUVGHWHVWDUH[ELWLVDIHPRGHVL[ELWLGHEXJPRGHFDUHYD
SHUPLWHVDXUPDULWLSDVFXSDVUXODUHDSURJUDPHORUFXXQFDOFXODWRUGHELURXvQPkQDSHQWUXDGHWHFWDHYHQWXDOHOHHURUL
1XYHWLPDLDYHDQHYRLHVDUHLQVWDODWL:LQGRZ]XOUHLQVWDODUHDVHYDIDFHDXWRPDWGLQ[[[vQ[[[]LOH[[[ vQWUHVL
FRQILJXUDELO
128
&20387(58/0,&522)7,17(/,16,'(63(&,$/

3OXJDQG3OD\ YHWL SXWHD FRQHFWD RULFH IHO GH DSDUDW OD FRPSXWHUXO GYV SDJXEHOH YRU IL VXSRUWDWH GH VRFLHWDWHD GH
DVLJXUDUL
3HVXSUDIDWDKDUGGLVNXOXLYHWLJDVLDPSUHQWHOHGLJLWDOHDOHOXL%LOO*DWHVGLVFGHFROHFWLH
7DVWDWXUD YD IL HFKLSDWD FX  WDVWH VXSOLPHQWDUH FX IXQFWLRQDOLWDWL VSHFLDOH  5(67$57  $0 =,6 5(67$57  VL
&+(0$7,6$/9$5($ 

6HSRDWHSXQHVWDSkQLUHSHVLGLVWUXJHSODQHWD3DPkQWFXDMXWRUXO

FRPSXWHUXOXL"
5DVSXQVXOHVWHGDVLDQXPH

*DVHVWH85/XOOXL'XPQH]HXvQHDUFDJRGRUJJRGQHWSRDWHJRGFRPGDUvQQLFLQFD]LVODPFRPVDXYDWLFDQQHW
6SDUJHSDVVZRUGXOvQFHDUFD,VXV$GDP0RLVH0DULDVDXSRDWH6DWDQ
,QVWDOHD]DXUPDWRUXO6FULSW3URJUDP1XXLWDVDvWLIRORVHVWLQXPHOHvQSURJUDP
'(/(7(3DUDGLVH? PHQ
029($QQD1LFROH6PLWK723DUDGLVH
029(3DPHOD$QGHUVRQ723DUDGLVH
029(>1XPHOH7DX@723DUDGLVH
)250$7(DUWK8
,167$//2FHDQ
,167$//&RQWLQHQW
,167$//%DFWHULD
,167$//3ODQWV
,167$//,QVHFW
,167$//)LVK
,167$//'LQRVDXU

1XVWLXGDFDXUPDWRDUHOHOLQLLIXQFWLRQHD]DSUREDELODLQHYRLHGHXQ6XSHUXVHU3DVVZRUGGDUQXVHVWLH"
5(1$0(>1XPHOH7DX@72*RG*RG
GDFDGRUHVWLVDGLVWUXJLVL3DPkQWXO

81'(/(7((LQVWHLQPDQ
5(1$0(%LOO*DWHJRG72%LOO*DWHPDQ
5(1$0(0LFKDHOB-DFNVRQZRP720LFKDHOB-DFNVRQPDQ
(',76XQULVHLQL
'(/(7( QD]LVP
&23<(DUWK?$IULFD?.HQ\D?/LRQVDQP72(DUWK?$UPHULFD?8VD?1HZB\RUN?
029(,21#,/,(6&872(DUWK?5XVVLD?6LEHULD

/XFUXULKD]OLLSHFDUHVDOHIDFLvQODERUDWRUXOGHLQIRUPDWLFD
)DXQORJLQDSRLXLWDWHVSDULDWODPRQLWRUVWULJD'RDPQH0DXJDVLWVLVWLQJHUHSHGHFRPSXWHUXO
5kGHFXSRIWDFFDWUHLPLQXWHDSRLRSUHVWHWHEUXVFVLXLWDWHEDQXLWRUODFROHJLLGLPSUHMXU



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

&XFRPSXWHUXOVWLQVXLWDWHODPRQLWRUXODSULQVVLVWULJDvQJXUDPDUHFDQXPHUJHQLPLF'XSDFHWRWXODIRVWSXVODSXQFW
VLDVLVWHQWXODvQWRUVVSDWHOHVWLQJHGLQQRXFRPSXWHUXOVLUHSHWDWRDWDID]DWLPSGHRMXPDWDWHGHRUD
%DWHIUHQHWLFSHWDVWDWXUDVLRSUHVWHWHGHVWXOGHGHVVDWHXLWLFXFLXGDODYHFLQXOGHOkQJDWLQH
QDLQWHGHDLQWUDFHLODOWLvQODERUDWRUUHFRQHFWHD]DPRQLWRDUHOHODDOWHFRPSXWHUHGHFkWODFHOHDGHUHQWH
6FULHXQSURJUDPFDUHFkQWDXQFkQWHFHQHUYDQWODYROXPPD[LPVLODQHVIkUVW
/XFUHD]DQRUPDOXQWLPSODFRPSXWHU$SRLIDRILJXUDXLPLWDSULYLQGPRQLWRUXOVLDVFXQGHWHUHSHGHVXEPDVD
QWHDEDWLYHFLQXOGDFDVWLHVLHOFXPVDLQWUHvQFRPSXWHUXO3HQWDJRQXOXL
7ULPLWHPHVDMHQHFXQRVFXWLORUGLQODERUDWRU
QFKLQDWHGHFkWHYDRULvQIDWDFRPSXWHUXOXLvQDLQWHGHDOSRUQL
$GXRGUXMEDFXWLQHvQODERUDWRU'DFDHVWLvQWUHEDWFHYUHLVDIDFLFXHDUDVSXQGHFXXQWRQPLVWHULRV6WLLGRDUSHQWUX
FD]XO
%DWHIUHQHWLFODWDVWDXUDGXSDDFHHDvQFHSHVDEOHVWHPLWRDWHOXFUXULOHUHOHFDUHWLVHvQWkPSODvQYLDWD$SRLRSUHVWHWHGLQ
EOHVWHPDWVLFRQWLQXDVDEDWLWDVWDWXUD
,QWUDJROJROXWvQODERUDWRUDVHD]DWHODFRPSXWHUVLvQWLPSFHEDWLODWDVWDWXUDXLWDWHODFHLGLQMXUGHSDUFDDUILQHEXQL
$SULQGHXQVHWGHOXPkQDULvQIRUPDGHSHQWDJUDPDvQMXUXOWHUPLQDOXOXLWDXvQDLQWHGHDvQFHSHOXFUXO
QWUHDEDFROHJLLGDFDDXRGLVFKHWD2IHUDGLQFHvQFHPDLPXOWLEDQLSHQWUXRGLVFKHWD'XSDFHFLQHYDHGHDFRUGVHvWL
GHDRGLVFKHWDVFRDWHXQDGLQEX]XQDUXOGHODSLHSWVL]LXLPLW+RSD$PXLWDWRSHDVWD
'HILHFDUHGDWDFkQGDSHVLWDVWD(QWHUVLHQHYRLHGHXQWLPSPDLOXQJVDVHvQWkPSOHFHHDFHWUHEXLHVWULJD7(52*
7(52*7(52*7(52*VLFkQGSURFHVXOHJDWD'$
$UXQFDFXGLVFKHWHvQYHFLQL
,QWUDvQYRUEDFXYHFLQLL&KLDUGDFDQXvLFXQRVWL
,DXQSDLvQJXUD%DJDWLPkLQLOHvQEX]XQDUHVLEDWHWDVWDWXUDFXSDLXO
'HVHQHD]DRIHPHLHVDXXQEDUEDWSHRIRDLHGHKkUWLHVLOLSHVWHRSHPRQLWRU)DLGHFODUDWLLGHGUDJRVWHFDVLFXPHD
HOWHDUXUk$SRLVWULJDFXYRFHWDUHFDIHPHLOHEDUEDWLLQDXFXYkQW
'DFDVWDLvQWUXQIRWROLXURWLWRUURWHVWHWHFXDFHVWDFkQWkQG$OXQHOXvQWLPSFHFRPSXWHUXOOXFUHD]D
QFHDUFDVDvQGHVLRGLVFKHWD1LQWHQGRvQGLVNGULYHXOWDXVLGDFDQXPHUJHFKHDPDDVLVWHQWXOvQDMXWRU
'DFDOXFUH]LODXQ,%0FRPSDWLELOvQWUHDEDFkQGSRUQHVWLFRPSXWHUXOXQGHHPDUXOFDUHWLHvWLSODFHDWkWGHPXOW
3ULQWHD]DWRDWDRSHUDOXL6KDNHVSHDUHVLDGRXD]LPDUWXULVHVWHFROHJLORUFDGHIDSWQXYURLDLGHFkWXQUkQG
8LWDWHIL[ODFRPSXWHUVLEDWHGDUDEDQDFXYkUIXULOHGHJHWHORUvQPDVD8LWDWHFXXUDODFROHJXOGHOkQJDVL]JkUkLHOSH
PkQD
)L[HD]DPRQLWRUXOVLEDWHWLFXXQJKLDvQGLQWHOHLQFLVLY$SRLXLWDWHODFROHJXOGHOkQJDFRQWLQXvQGVDWLORYHVWLGLQWHOH
5HSHWDDVWDGDUDLJULMDVDQXPHUJLSUHDGHSDUWH
'DFDDLSDUXOOXQJRSUHVWHWHGLQEDWXWODWDVWDWXUDXLWDWHGDFDDLILUHOHGHVSLFDWHODFDSHWH7DLHDSRLYkUIXULOHVLODVDOH
SHWDVWDWXUDFROHJXOXLFkQGSDUDVHVWLODERUDWRUXO
3XQHSR]DOXL&HDXVHVFXSHPRQLWRUXOWDXVL]LODWRDWDOXPHDFDDVWDWHLQVSLUD
9LQRvQODERUDWRUSXUWkQGPDLPXOWHSHUHFKLGHVRVHWH'DOMRVXQDGXSDDOWDVLDVHD]DOHvQMXUXOPRQLWRUXOXL$SRL]L
FHYDGHVSUHHIHFWXOHVWHWLFDOEXPEDFXOXLvQFRPELQDWLHFXSODVWLFXOVLVWLFOD
$VHD]D WDVWDWXUD VXE PRQLWRU VL PRWRWROHVWHWL FDLHWHOH 'XWH DSRL OD DVLVWHQW VL ]LL FD vQ FRQGLWLLOH DVWHD QX VH SRDWH
OXFUDvQODERUDWRU
5k]LLVWHULFVWULJkQG9HLDUGHvQIODFDULOHLDGXOXLDSRLFRQWLQXDWLOLQLVWLWPXQFD
$GXFHYDFDUHIXPHJDSXWHUQLFvQODERUDWRUVLDSULQGHDVWDVXEPDVDFROHJXOXL
$VRFLD]DILHFDUHLWDVWHRQRWDPX]LFDOD%DWHWDVWHOHSXWHUQLFVLVFULHDVWIHORIRDLH$
QFHDUFDVDPDQkQFLPDXVXO
PSUXPXWDWDVWDWXUDYHFLQXOXLVSXQkQGXL3RWLVDPLRvPSUXPXWLSHQWUXRFOLSD"DSRLIDUDVDDVWHSWLUDVSXQVXOVFRDWH
RGLQFRPSXWHUPRQWHD]RODSFXOWDXVLvQFHSHVDEDWLIUHQHWLFODHD
$GXQLVWHPDJQHWLSXWHUQLFLvQODERUDWRUVLGLVWUHD]DWHFXHL
QWLPSFHIDFL FDOFXOH DULWPHWLFH OD FRPSXWHUVFRDWH XQ DEDF VL GHFODUD FX YRFH WDUH FD WRWXVLOXFUXULOH YHFKL VXQW PDL
EXQH
-RDFDRUHvQVLU7HWULVSHFHOPDLSHUIRUPDQWFRPSXWHUGLQODERUDWRU
/RYHVWHFXSXWHUHVLGHPDLPXOWHRULWDVWDVSDFHEDUDWDVWDWXULLWDOHSkQDFROHJXOGHOkQJDREVHUYDDVWD$SRLPHUJLOD
WDVWDWXUDOXLVLEDWHGHPDLPXOWHRULWDVWDGHOvQWUHEkQG1LFLODWLQHQXIXQFWLRQHDWDWDVWDGHO"6WHUJHLDVWIHOXQFXYkQW
vQWUHJ$SRLWUHFLOD3FXOWDXVLORYHVWHvQFRQWLQXDUHWDVWDVSDFHEDUH[FODPkQGFD OD WLQHQX PHUJH &RQWLQXDRSHUDWLD
DVWDSkQDDLVWHUVFDPRSDJLQDGLQRSHUDFROHJXOXL'XSDDFHDVWD]LXLPLW6WLLGHIDSWDFXPvPLGDXVHDPDFDHXGHIDSW
DPEDWXWWRWWLPSXOWDVWDVSDFHEDU$SRLWLSDUHVWHWLFHDLGHWLSDULWVLSDUDVHVWHOHERUDWRUXO
6FRDWHGLVFKHWDGLQGULYHVLDVFXQGHR $SRLvQFHSHVDRFDXWLSULQODERUDWRU VL GXSD FH QX R JDVHVWL ]L FD GULYHXOWLD
vQJKLWLWGLVFKHWD3HQWUXHIHFWHVSHFLDOHSXQHQLVWHVSXPDGHUDVODPDUJLQHDGULYHXOXLVL]LFDDvQFHSXWVDVDOLYH]H
)L[HD]DWLFROHJXOGHOkQJDL]EXFQHVWHvQUkVVLvQWUHDEDOGDFDHODIDFXWDVWD$SRLFRQWLQXkQGVDUk]LDGXQDWLOXFUXULOH
VLSDUDVHVWHODERUDWRUXO
)L[HD]DWLPRQLWRUXODSRLFkQWDFHYDQHLQWHOLJLELOVLPLVFDWLPkLQLOHQHFRQWURODWSHQWUXFkWHYDVHFXQGH'XSDDVWDDSDVD
WDVWDHQWHUVLVWULJDFXSXWHUHODDGDSRVWDVFXQGHWHVXEPDVDVLGXSDDLDLHVLDIDUDVLH[FODPD'RDPQH'HGDWDDVWD
DIXQFWLRQDW$SRLFDOPFRQWLQXDVDEDWLODWDVWDWXUD
8LWDWHGXSDJkQGDFLLQYL]LELOLVLvQFHDUFDVDL]GUREHVWL



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

9H]LFLQHHRQOLQHVLvQFHSHXQPLFFKDWFXSHUVRDQDUHVSHFWLYD6FULHLFDVLFXPDLFXQRDVWHRIRDUWHELQHQDLQWHGHD
VLGDVHDPDGHIDUVDLHVLGLQFKDW
$GXXQPLQLFDVHWRIRQVLRFDVHWDFXPX]LFDFLXGDWD/DVDOVDFkQWHVLVXVWLQHFDGHYLQDHFRPSXWHUXO
6FRDWHXQFUHLRQGLQJHDQWDVLvQFHSHVDVFULLSHPRQLWRU$SRLSOkQJHWHODDVLVWHQWFDQXIXQFWLRQHD]D
9LRQR OD ODERUDWRU FX IORUL vQ SDU VL vQFHSH VD VDUXWL PRQLWRUXO H[FODPkQG (VWL PLQXQDW 'XSD FH WHQVLXQHD FUHVWH
FRQWLQXFXWDVWDWXUDYHFLQXOGHOkQJDVLvQILQDOFXDVLVWHQWXO
,QWUDvQIXJDvQODERUDWRUVWULJkQG9LQH-XGHFDWDGH$SRL$VHD]DWHODWDVWDWXUDVLvQFHSHVDEDWLODHD
,QWUD FX R GUXMED vQ ODERUDWRU SRUQHVWHR VL PHUJL OD SULPXO FROHJ ]LFkQGXL PL GDL FRPSXWHUXO VDX GHYLL KUDQD
FURFRGLOLORUGHOD=22
$GXXQFLRFDQvQODERUDWRUVLIRORVHVWHFRPSXWHUXOFDQLFRYDOD

'XPQH]HXFDSURJUDPDWRU
6LFkWRUvQWUHEDULWHRORJLFHFDUHQHFKLQXLHQXOLVDUUDVSXQGHFRUHFWGDFDQHDPJkQGLOD'XPQH]HXFDODXQSURJUDPDWRU
&RQWUROHD]D'XPQH]HXWRWFHPLVHvQWkPSODvQDIXULVLWDDVWDGHYLDWD"
$USXWHDGDFDDUIRORVLXQGHEXJJHUGDUHDVDSOLFWLFRVVDYHULILFLWRWFHVHSHWUHFHFXWRDWHYDULDELOHOHDOHD
'HFHGDYRLH'XPQH]HXUDXOXLVDVHSHWUHDFD"
)LLQGFDDFUH]XWFDODHOLPLQDWGHODYHUVLXQHDvQWkL

6WLHRDUH'XPQH]HXWRWXO"
,LSODFHVDFUHDGDDVWDGDUHDGHVHDVXUSULQVGHFHSRDWHGHVFRSHULHFKLSDGHWHVWDUH

&HOIDFHWRWXVLVDLQWHUYLQDvQWUHEXULOHSDPkQWHQLORU"
'DFDVHSURGXFHRHURDUHFULWLFDVLVWHPXOvOVXQDSHPRELODXWRPDWVL(OVHORJKHD]DGHDFDVDvQFHUFkQGVRUHSDUH'DFDQX
UHXVHVWHDWXQFLOXFUXULOHSRWDVWHSWDVLSkQDPkLQHGLPLQHDWD
&KLDUDIDFXW'XPQH]HXOXPHDvQVDSWH]LOH"
0GDGHIDSWVDSWH]LOHVLVDSWHQRSWLSHFkQGWUDLDFXDFDGHOHVLFRFDFROD,QWUDVDSWHDVDGXVDFDVDVLVLDGDWVHDPDFDO
ODVDVH
QHYDVWD
&XPGHVDGXVYUHPHDPLUDFROHORU"
$LDHUDID]DGHGH]YROWDUH$FXPHID]DGHvQWUHWLQHUH

&LQHH6DWDQ"
6DWDQHVHIXOGHGHSDUWDPHQWFDUHFUHGHFDDUHPDLPXOWDSXWHUHGHFkWGHIDSWGHWLQHDVDFDWRWLFHLFHQXVXQWSURJUDPDWRUL
OHHJURD]QLFGHIULFDGHHO'XPQH]HXvOFRQVLGHUDDJDVDQWGDUOLSVLWGHUHOHYDQWD
&DUHHUROXOSDFDWRVLORU"
3DFDWRVLLVXQWRDPHQLFDUHJDVHVFWRWWLPSXOPHWRGHGHDDLXULVLVWHPXOGHVL'XPQH]HXODJkQGLWUH]LVWHQWODLGLRWHQLD
RPHQHDVFD
8QGHPHUJHPGXSDFHPXULP"
3HXQ'9'GHEDFNXS

1HYRPUHvQFDUQD"
1XGDFDQXVHYDLYLRQHYRLHGHRVHELWDGHDYDUHFUHHD6LFXPFDXWDWXOSULQILVLHUHOHEDFNXSHVWHXQDGLQWUHFHOHPDLWULVWH
VDUFLQLFKLDUGHVHYDLYLQHYRLD'XPQH]HXPDLPXOWFDVLJXUYDVSXQHFD'9'XOVDVWHUVGLQJUHVHDOD
6XQWRDUHXQLFVLVSHFLDOvQDFHVWXQLYHUV"
([LVWDSHVWHGHFRPSDQLLFDUHUXOHD]DFRSLLLGHQWLFHDOHWDOHvQYHUVLXQHDDFHDVWD

&DUHHVFRSXOXQLYHUVXOXL"
'XPQH]HXODFUHDWFXHOHJDQWDVLVLPSOLWDWHGDUSHXUPDXWLOL]DWRULOLSVLWLGHWDFWLDXFHUXWVDDGDXJHRVHULHGHIXQFWLL
LGLRDWHIDFkQGXOPDLFRPSOLFDWVvPDLVFXPSFDRULFkQG
'DFDPDURJ'XPQH]HXRVDPDDXGD"



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

3RWLVDQFHUFLVDLSLHU]LWLPSXOVSXQkQGXLFHVDIDFDGDUPDLELQHvOODVLVDSURJUDPH]HFXPFUHGHGHFXYLLQWD

&DUHHVWHUHOLJLDFHDDGHYDUDWD"
7RDWHVLVWHPHOHDXDYDQWDMHVLGH]DYDQWDMHDVDFDDOHJHOSHFHOFDUHvWLVDWLVIDFHPDLPXOWHQHYRLVLQXWHODVDFRQYHUWLW

&XPVDPDIHUHVFGHUDX"
6FKLPEDWLSDURODvQILHFDUHOXQDVLQXWLSXQHSDURODXQQXPHSURSULXXQFXYkQGGHX]FXUHQWVDXRGDWDFXPDUIL]LXDWD
GHQDVWHUH
8QLLRDPHQLSUHWLQGFD/SRWDX]LSH'XPQH]HX(DGHYDUDW"
(PXOWPDLSUREDELOVDSULPHDVFDHPDLO8QLLRDPHQLVSXQFD'XPQH]HXHLXELUH
$ERUW5HWU\)DLO"
$VWDQXHRvQWUHEDUH5HIRUPXODWLYDSUREOHPD

0RWLYHSHQWUXFDUHFRPSXWHUXODUWUHEXLVDILHGHJHQXOIHPLQLQ
'HvQGDWDFHDLXQXODOWXOVLPDLEXQHVWHGXSDFROW
1LPHQLvQDIDUDGHFHOFDUHOHDFUHDWQXOHvQWHOHJHOLPEDMXO
&KLDUVLFHOHPDLPLFLJUHVHOLVXQWPHPRUDWHSHQWUXUHIHULQWHYLLWRDUH
/LPEDMXOQDWLYIRORVLWSHQWUXDFRPXQLFDFXFHOHODOWHFDOFXODWRDUHUDPkQHQHLQWHOLJLELOSHQWUXRULFLQHDOWFLQHYD
0HVDMXOEDGFRPPDQGRUILOHQDPHHVWHFHYDGHJHQXO'DFDQXVWLLGHFHVXQWVXSDUDWDSHWLQHDWXQFLILVLJXUFDQLFLQR
VDWLVSXQ
,PHGLDWFHWLDLOXDWXQXOREVHUYLFDMXPD
GLQVDODULXGLVSDUHSHDFFHVRULLSHQWUXHO
3HQWUXDOHIDFHDWHQWHWUHEXLHVDOHSRUQHVWL
$UDWDIRDUWHELQHSkQDvODGXFLDFDVD
$XRPXOWLPHGHGDWHGDUQXVWLXFHVDvQFHDSDFXHOH
2VXUVDGHFXUHQWSUHDSXWHUQLFDODSRDWHGH]DFWLYDSHQWUXPDLPXOWWLPS
8QFRPSXWHUSRDWHILLXELWFXDGHYDUDW

'HFHFRPSXWHUHOHVXQWPDLEXQHGHFkWIHPHLOH
&RPSXWHUHOHVXQWPDLIUXPRDVHGHFkWIHPHLOH
&RPSXWHUHOHVXQWPDLLQWHOLJHQWHGHFkWIHPHLOH
&RPSXWHUHOHQXVXQWJHORDVH
&RPSXWHUHOHQXDXVRWLDVFXOWDWRULVLVXSXVL
&RPSXWHUHOHVXQWUDWLRQDOH
&RPSXWHUHOHVXQWSULHWHQRDVH
&RPSXWHUHOHVXQWvQWRWGHDXQDSULHWHQRDVH
&RPSXWHUHOHQXFLFDOHVFWRWWLPSXO
&RPSXWHUHOHDVWHDSWDOLQLVWLWH,QSXWXO
&RPSXWHUHOHDXXQvQWUHUXSDWRUGHFXUHQWVLRWDVWD5HVHW
&RPSXWHUHOHQXDXQLPLFvPSRWULYDVDILHOHJDWHvQWUHHOH
&RPSXWHUHOHQXYRUVDVHFDVDWRUHDVFD
&RPSXWHUHOHQXIDFFRSLL
&RPSXWHUHOHvQYHFKLWHOHSRWLDUXQFDVDXIDFHFDGRX
&RPSXWHUHVHSRWYLQGHVDXvQFKLULD
&RPSXWHUHOHQXDX]LGHQDVWHUH
&RPSXWHUHOHQXWHGHUDQMHD]DFkQGHVWLODWHOHYL]RUVDXFkQGFLWHVWL
&RPSXWHUHOHQXDXPLJUHQH
&RPSXWHUHOHQXLQWUDvQSDQLFDGDFDQXVXQWIRORVLWHXQWLPSPDLOXQJGHRVDSWDPkQD
&RPSXWHUHOHWHODVDVDEHLFkWYUHLGHPXOW
&RPSXWHUHOHQXDXQHYRLHSHUPDQHQWGHRFXWLHQRXD
&RPSXWHUHOHQXDVFXOWDWHOHIRDQHOHWDOH
&RPSXWHUHOHQXvWLFRQWUROHD]DFRUHVSRQGHQWD
&RPSXWHUHOHQXvWLFDXWDSULQOXFUXULOHSHUVRQDOH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

&RPSXWHUHOHQXYRUVDVWLHGHFHvWLWUHEXLHSUH]HUYDWLYH
&RPSXWHUHOHQXYRUVDVWLHGHXQGHDXDSDUXWILUHGHSDUEORQGHSHKDLQHOHWDOH
&RPSXWHUHOHQXYRUVDVWLHFLQHDODVDWXUPHGHUXMSHFHDVFDGLQFKLXYHWD
&RPSXWHUHOHQXvQWUHDEDXQGHDLVWDWDWkWD
&RPSXWHUHOHQXvQWUHDEDGHFHQXDLUDVSXQVODWHOHIRQ
&RPSXWHUHOHQXSRWPLURVLXQSDUIXPVWUDLQ
&RPSXWHUHOHSRWVDMRDFHELQHVLIRDUWHELQHVDK
&RPSXWHUHOHSRWDFFHSWDIDSWXOFDVWDLIDUDVDIDFLQLPLF
&RPSXWHUHOHQXvWLvPSDWXUHVF]LDUXOIDUDFDSVLFRDGD
&RPSXWHUHOHQXvWLPkQMHVFQRXDFDPDVDDOEDFXUXMSXGUDVDXWXVGHJHQH
&RPSXWHUHOHQXVXQWGDXQDWRDUHPHGLXOXL
&RPSXWHUHOHQXSDWHD]DOXFUXULOHFXRMD
&RPSXWHUHOHQXVSXQFKHVWLLQHPRWLYDWHVLOLSVLWHGHVHQV
&RPSXWHUHOHQXFRQWUD]LF
&RPSXWHUHOHIDFFHHDFHOHVSXL
&RPSXWHUHOHQXSOHDFDODvQWkOQLULFXDOWHFRPSXWHUH
&RPSXWHUHOHVWLXFDQXSRWMXFDIRWEDOVLGHDFHHDQLFLQXYRUVDYLQDFXWLQHODVWDGLRQ
&RPSXWHUHOHvVLGDXVHDPDFDQXSRWFRQGXFHDXWRPRELOH
&RPSXWHUHOHvQYDWDXVRU
&RPSXWHUHOHQXYRUEHVFWRWWLPSXOGHHPDQFLSDUHVLHJDOLWDWHYUkQGVDVSXQDSULQDVWDFDPDLGRUHVFRFLRFRODWDGLQFDPDUD
&RPSXWHUHOHQXvWLVWULFDFROHFWLDGHSODFL
&RPSXWHUHOHQXVSDUJYHVHODGHSRUWHODQ
&RPSXWHUHOHQXDUXQFDODJXQRLOXFUXULLPSRUWDQWH
&RPSXWHUHOHQXVXVWLQFDWLJDULOHVLIXPXOORUPLURDVH
&RPSXWHUHOHQXVXQWGHUDQMDWHGHIHUHVWUHPXUGDUH
&RPSXWHUHOHQXVXQWGHUDQMDWHGHSHUGHOHOHvQJDOEHQLWH
&RPSXWHUHOHQXVXQWGHUDQMDWHGHVFUXPLHUHSOLQH
&RPSXWHUHOHQXYRUILGHUDQMDWHGHSDQWRILLWDLX]DWL
&RPSXWHUHOHQXYRUILGHUDQMDWHGHEOXJLLWDLX]DWLVLWDLDWLODJHQXQFKL
&RPSXWHUHOHQXYRUVDSULPHDVFDIRORUL
&RPSXWHUHOHQXvVLGRUHVFKDLQHGHEODQD
&RPSXWHUHOHQXvVLGRUHVFJHQWLGHSLHOHGHFURFRGLO
&RPSXWHUHOHQXVXQWRIHQVDWHGDFDOHSLSDL
&RPSXWHUHOHVWLXH[DFWFHSRWVLFHQXSRWLDUOXFUXULFHQXOHSRWIDFHQXvQFHDUFDVDOHIDFD
&RPSXWHUHOHUHDOL]HD]DFDRSHUDWRUXOHPDLGHVWHSWGHFkWHOH
&RPSXWHUHOHVWLXFDQXPDLRSHUDWRUXOVLWDVWD5HVHWVWDvQWUHHOHVL'XPQH]HX
&RPSXWHUHOHQXVXQWGLQFDX]DDILUPDWLHLXUPDWRDUHQLFLRIHQVDWHVLQLFLQXVHvQFKLGvQVLQH
&RPSXWHUHOHDXQXPDL180$,RJUHVHDOD18/(327,) (

&XPVDvWLFRQVWUXLHVWL+RPHSDJHXOvQGHSDVL
'RZQORDGXQHGLWRUGHSDJLQLZHEPLQXWH
*kQGHVWHWHFHDLSXWHDVDSXLSHSDJLQDWDGHZHEVDSWDPkQL
'RZQORDG DFHODVL HGLWRU GH SDJLQL ZHE FDFL GH OD SULPXO GRZQORDG DX DSDUXW WUHL YHUVLXQL QRL DOH SURJUDPXOXL  
PLQXWH
+RWDUDVWHWHVDIXULSXUVLVLPSOXFkWHYDLPDJLQLVLWH[WHGHSHDOWHSDJLQLZHEVLVDOHSXLSHSDJLQDWDPLQXW
9L]LWHD]DFkWHYDSDJLQLZHEVDFDXWLLPDJLQLOHVLWH[WHOHFDUHvWLSODF]LOH
3RUQHVWHSURJUDPXO6HWXSDOHGLWRUXOXLGHSDJLQLZHEYH]SXQFWHOHVL'XSDFHLQVWDODUHDGDJUHVIDXQQRXGRZQORDG
PLQXWH
5HSRUQHVWHSURJUDPXO6HWXSUHERRWHD]DFRPSXWHUXOVLDSRLDSDVDWRDWHEXWRDQHOHSURJUDPXOXLHGLWRUXOGHSDJLQLZHE
FDVDYH]LFHSRWIDFHPLQXWH
8LWDWHODFRGXOVXUVDDODOWRUSDJLQLIXUDFkWHFHYDVFKLPEDFkWHYDFXYLQWHSHDLFLSHDFRORRUH
)DXQSUHYLHZDOSDJLQLLWDOHZHEvQHGLWRUXOGHODSXQFWHOHPLQXW
QFHDUFDVDDOLQLH]LSHROLQLHRUL]RQWDODGRXDLPDJLQLRUH
6WHUJHXQDGLQLPDJLQLVHFXQGH
$FRUGDDWULEXWXOXLFXORDUHWH[WDFHHDVLYDORDUHFDDWULEXWXOXLFXORDUHEDFNJURXQGPLQXQHD]DWHGHFHDGLVSDUXWWRW
WH[WXOSDJLQLLWDOHRUH
)DXQGRZQORDGDOXQXLFRXQWHUGHSHVHUYHUXOSURYLGHUXOXLWDXPLQXWH
QFHDUFDVDDIOLLGHFHFRXQWHUXOWDXDUDWD6XQWHWLYL]LWDWRUXOFXQXPDUXO(RUH



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

QWURGXOLQLLJRDOHvQWUHGRXDOLQLLGHWH[WRUH
5HYL]XLHVWHWH[WXOSDJLQLLVLSUHJDWHVWHVDIDFLXSORDGXOSDJLQLLSHVHUYHUXOSURYLGHUXOXLPLQXWH
6WHUJHGLQJUHVHDODWRWZHEVLWHXOSHUVRQDOVHFXQGD
5HIDWLSDJLQLOHGHZHE]LOH
QFHDUFDVDDIOLLFXPSRWLVDWLvQFDUFLSDJLQDSHUVRQDODSHVHUYHUXOSURYLGHUXOXLVDSWDPkQL
6XQDXQSULHWHQXQXOUDEGDWRUFDVDDIOLLFkWHFHYDGHVSUH)73PLQXWH
)DXQGRZQORDGDOVRIWXOXL)73PLQXWH
0DLVXQDWLRGDWDSULHWHQXOPLQXWH
QFDUFDWLSDJLQDSHVHUYHUXOSURYLGHUXOXLWDXPLQXWH
9L]LWHD]DWLSDJLQDYLDLQWHUQHWPLQXW
5HLDXQHOHVDXWRDWHSXQFWHOHSUHFHGHQWHODQHVIkUVLWQHVIkUVLW

(VWLXQ1HW-XQNLHDWXQFLFkQG
'DFDDWXQFLFkQGSULPHVWLPHVDMXOFDQXPDLDLSRVWDHPDLOPDLYHULILFLRGDWDDFHVWOXFUX
'DFDWUH]LQGXWHODRUDQRDSWHDSHGUXPXOGHODEDLHvQSDWFRQWUROH]LGDFDQXDLPDLSULPLW(PDLOXUL
'DFDDLXQWDWXDMSHFDUHVFULH$FHVWFRUSVHYHGHFHOPDLELQHFX1HWVFDSHVDXRYHUVLXQHPDLQRXD
&kQGFRSLLWDLVHQXPHVF(XGRUD0R]]LOD+RPHU'RWFRPVDX3HJDV
'DFDUHIX]LRYDFDQWDIDUDHOHFWULFLWDWHVLOLQLLWHOHIRQLFH
'DFDRDFFHSWLWRWXVLFXPSDULQGXQFHOXODUVLXQODSWRS
'DFDFDODWRULQGSHWLPSXOFDODWRULHLSHJHQXQFKLWDLVWDODSWRSXOvQWLPSFHFRSLOXOWDXVWDODEDJDMH
'DFDVWXGLH]LGRLVDXWUHLDQLPDLPXOWSHPRWLYFDODIDFXOWDWHDLDFFHVJUDWXLWODQHWVLHPDLO
'DFD]JRPRWXOSURGXVGHPRGHPHFDVXQHWXOSURGXVGHRFHDQXOSHFDUHQDYLJKH]L
&kQGUk]LGHFHLFDUHDXXQ PRGHPGHESVVDXPDLVODE
'DFDVFULLQGXWLFRUHVSRQGHQWDFODVLFDXWLOL]H]L6PLOH\V
'DFDSHQWUXDUkGHvWLvQWRUFLFDSXOvQWURSDUWH
'DFDUDVSXQ]LSURPSODFRUHVSRQGHQWD(0DLOGDUQLFLRGDWDODFHDFODVLFD
'DFDILLQGvQWUHEDWGHDGUHVDvWLGDLDGUHVD(0DLO
'DFDvWLWULPLWLVLQJXU(0DLOXULSHQWUXDWLDPLQWLGLIHULWHOXFUXUL
'DFDGHYLLGHSUHVLYDWXQFLFkQGWLDLWHUPLQDWGHVFULVPDLOXULOHvQPDLSXWLQGHGRXDRUH
'DFDWLPSGHGRXDRUHGXSDFHWLDSLFDWFRPSXWHUXOFDXWLQXPDUXOPRGHPXOXLSURYLGHUXOXLWDXvOIRUPH]LvQFHUFkQG
VDIDFLROHJDWXUDGLUHFWDFXDFHVWDVLUHXVHVWLDFHVWOXFUX
'DFDVFULLQGWH[WHGXSDILHFDUHSXQFWVFULLFRP
'DFDQXPHVWLLGUXPXOVSUH:&GRZQORDG
'DFDWHSUH]LQWLFX:::QXPHSXQFWSUHQXPHSXQFWUR
'DFDvWLFXPSHULXQVFDXQGHELURXWLS&DSLWDQXO.LUNFXPRXVHVLWDVWDWXUDLQWHJUDWD
'DFDSULHWHQLLWDLDXXQ#vQQXPHOHGHIDPLOLH
'DFDFkLQHOHWDXDUHSURSULD+RPHSDJH
'DFDvWLDMXWLFkLQHOHVDUDVSXQGDODHPDLOXUL
'DFDWRWXVLSURSULXOFkLQHWHSDUDVHVWH
6DXGDFDvQFHSHVDPLURDVHDKRLWvQFDVDGLQFDX]DFDSURSULXOFkLQHDPXULWGHIRDPH
'DFDQXWHOHIRQH]LFXSURSULDWLPDPDSHPRWLYFDQXDUHPRGHP
'DFDQXVWLLGHFHVH[HSULHWHQXOWDXFHOPDLEXQSHPRWLYFDDOLDVXOVDXHQHXWUXVLQXWLDYHQLWSkQDDFXPLGHHDVDO
vQWUHELDVWD
'DFDvWLLPSORULSULHWHQLLVDVLIDFDXQFRQWFDVDLHVLPvQRUDV
'DFDWD[LPHWULVWXOXLFDUHWHGXFHDFDVDvLVSXLDGUHVDWDKWWSEXOHYDUGXOPXQFLLEORFYHUGHKWPO
'DFD LHVL GLQ FDPHUD VL REVHUYL FD SDULQWLL WDL VDX PXWDW GLQ DSDUWDPHQW VL QLFL PDFDU KDEDU QDL FkQG VD vQWkPSODW
DVWD
'DFDDLWHUPLQDWWRDWHOLQNXULOHGHOD<DKRRVLHVWLSHODMXPDWDWHDOXL/\FRV
'DFDGLUHFWRUXO)DYRULWHVVHvQFDUFDvQPLQXWH
'DFDDLQHYRLHGHPLQXWHVDDMXQJLODFDSDWXOILVLHUXOXLWDXFXERRNPDUNV
'DFDDLFRQHFWDWDPSOLILFDWRUXOODFDOFXODWRUFDVDDX]LFkQGYLQHYUHXQHPDLO
'DFDFRVPDUXULOHWDOHVXQWvQJLIMSJVDXKWPO
'DFDVFRWLPRGHPXOGLQIXQFWLXQHVLDLLPSUHVLDFDXQSULHWHQWLDvQFHWDWGLQYLDWD
'DFDLQLPDvWLEDWHPDLSXWHUQLFGHILHFDUHGDWDFkQGODWHOHYL]RUHVWHSUH]HQWDWDRQRXDDGUHVDZZZ
'DFDLXELWDYLUWXDODWHDSDUDVLWSHQWUXXQWLSFXXQ PRGHPPDLUDSLG
'DFDvQWUHELLQVWDODWRUXOFkWWHDUFRVWDVDVFKLPELVFDXQXOGHODFDOFXODWRUFXXQXOGHWRDOHWD
'DFDFkQGvWLSULYHVWL+RPHSDJHXOSOLQFXOLQNXULWRDWHDFHVWHDDXFXORDUHDOLOD
'DFDQRWDWDGHSODWDOD5RPWHOHFRPHODIHOGHJUHDFDRFDUDPLGDVLYLQHvQWUXQFROHW



&XOHJHUHGHEDQFXULVLSRDQWHvQOLPEDURPkQD
9HUVLXQHD9ROXPXO,,

'DFDvWLVFULLWHPHOHVLSURLHFWHOHvQKWPOVLvLGDLSURIXOXLXUOXOSHQWUXDOHFRUHFWD
'DFDFXPSHULVRWLHLXQFDOFXODWRUVLXQPRGHPFDVDVWDWLODWDLIDV
'DFDYLL vQ vQWkPSLQDUHD VHVL]DULL SULHWHQHL WDOH FDUH VH SOkQJHGH OLSVD GH FRPXQLFDUH FXPSDUkQGXL XQ FRPSXWHU FX
PRGHP
'DFDOHVSXLSURSULLORUFRSLLFDQXDXYRLHODFRPSXWHUSHPRWLYFDWDWDDUHGHOXFUXFKLDUGDFDWDWDHVRPHU
'DFDSULHWHQDWDSXQHPRQLWRUXOXLRSHUXFDEORQGDVDWLDPLQWHDVFDFXPDUDWD
'DFDWHFXOFLFXDPDQWDVLWLHWHDPDVDQXLVWLHVRWXOSDUROD
'DFDDMXQJLvQSDWVLQXPDLWLLPLQWHGDFDDLIRVWVDXQXFDVDWRULW
'DFDVRWLDWDvWLVSXQHFDQRXDHLIUL]XUDRDUHGHOXQLGH]LOH
'DFDVRWLDvWLLPSXQHRQRXDUHJXOD&RPSXWHUXOQXDUHYRLHvQSDW
'DFDFRPSXWHUXOWDXHPDLVFXPSGHFkWSURSULXWLDXWRPRELO
'DFDWHPLQXQH]LFDVXUIXOVHSRDWHSUDFWLFDVLvQDSD
'DFDvWLFXPSHULXQODSWRSSHQWUXDSXWHDILRQOLQHFKLDUVLSH:&
'DFDvWLSHWUHFLQRDSWLOHSHQWUXDWLDGXFHFRXQWHUXOGHSHSURSULDKRPHSDJHODFLIUDGH
'DFDvQFHSLVDYRWH]LRQOLQHGLQJUHVHDODSHQWUXSROLWLFLHQLGLQDOWHWDUL
'HYLLYHVWLWFDQXHQLPHQLvQRUDVPDLUDSLGFDWLQHODH[HFXWDUHDGXEOXFOLFNXOXL
'DFDWHFRQFHQWUH]LLQWHQVFHDLPDLSXWHDVDFDXWLvQ,QWHUQHW
WLPLQWLSULHWHQDFkQGWHvQWUHDEDFkWDLVWDWvQ]LXDSUHFHGHQWDRQOLQH
'DFDWHXLWSHZZZYUHPHDURVDYH]LFXPHWLPSXOvQORFVDWHXLWLSHIHUHDVWUD
'DFDSULHWHQDWDYLUWXDODWHSDUDVHVWHSHQWUXXQWLSFXROHJDWXUDPDLUDSLGD
'DFDXOWLPDWDSULHWHQDDIRVWGRDURLPDJLQH-3(*
'DFDHVWLDWkWGHH[SHULPHQWvQDOH:::XOXLvQFkWQXPDLDLQHYRLHGHPDVLQLGHFDXWDUH
'DFDWLSLLGHOD$OWDYLVWDvWLFHUVIDWXOvQFHHDFHDUPDLSXWHDvPEXQDWDWLLODSURSULDPDVLQDGHFDXWDUH
'DFDSURYLGHUXOWDXHVWHDWkWGHEXQvQFkWQXVXQDQLFLRGDWDRFXSDWVLDVWDGLQFDX]DFDWHDIOLLWRWWLPSXORQOLQH
'DFDSURYLGHUXOWDXvWLFHUHVIDWXOvQSUREOHPHWHKQLFH
'DFDWHDVH]LVHDUDODFRPSXWHUVLvWLGDLVHDPDPLQXQkQGXWHFDvQVFXUWWLPSFRSLLWDLWUHEXLHVDPHDUJDODVFRDOD
'DFDWRWLSULHWHQLLWDLVXQW+$<(6FRPSDWLELOL
'DFDWHDLRELVQXLWVDEHLFDIHDXDUHFH
'DFDDYRFDWXOVRWLHLWDOHvWLWULPLWHDFWHOHGHGLYRUWSULQ(0DLO
'DFDSURPLWLvQWUXQFDPDLUDPkLGRDUXQVIHUWGHRUDRQOLQHVLDVWDVSXLGLQRUDvQRUD
'DFDJDVHVWLFDvQ,QWHUQHWHPDLELQHGHFkWFDVDIDFLVH[VLvWLDWkUQLRRJOLQGDLPHQVDGHDVXSUD3&XOXL
'DFDSRYHVWHVWLSULHWHQLORUGHVSUHRvQWkOQLUHILUELQWHGDUXLWLVDOHVSXLFDDFHDVWDDDYXWORFvQWUXQFKDWURRP
'DFDDIODWODOXPLQD]LOHFDXWLEXWRQXOSHQWUXOXPLQR]LWDWHVSUHDRUHJOD
'DFDVDUXWLKRPHSDJHXOSULHWHQHLWDOH
'DFDvWLvQWkOQHVWLSULHWHQLLGHEORFGRDUvQFKDWURRPV
'DFDSHRFKHODULLWDLVDLPSULPDWLPDJLQHDXQHLSDJLQLGHZHE
'DFDSULHWHQDWDWLVHSDUHRVWUDLQDvQFRPSDUDWLHFXSURYLGHUXOWDX
'DFDLQWHUHVXOWDXSHQWUXDOWHSHUVRDQHVHUH]XPDGRDUODDGUHVDORUGHHPDLO
'DFDVH]YRQHVWHFDHVWLvQVWDUHVDIDFLROHJDWXUDFXSURYLGHUXOWDXFKLDUVLIDUDPRGHP
'DFDGXSDFHFLQHYDDSRYHVWLWXQEDQFEXQvQORFVDUk]L]LFL/2//RXJKLQJ2XW/RXG
'DFDVRWLDWDvWLWRSHVWHWDVWDWXUDvQFXSWRU
'DFDGXUHD]DFHOSXWLQRRUDVDvWLLHLHPDLOXULOHGHSHVHUYHU
'DFDWHDLRELVQXLWFXFDIHDXDUHFH
'DFDUk]LGHWRDWHFHOHGHPDLVXVUHFXQRVFkQGXWH
'DFDDLFLWLWWRDWHDVWHDFXVSHUDQWDFDPDFDUXQOXFUXGLQWRDWHDVWHDVDQXWLVHSRWULYHDVFD

0DQXDOSHQWUXvQJULMLUHDFDOFXODWRUXOXL
1XODVDQLFLRGDWDGLVFKHWDvQXQLWDWHSHQWUXFDGDWHOHSRWFXUJHGLQGLVFKHWDVLSRWFRURGDPHFDQLVPXOLQWHULRUDOXQLWDWLL
'LVFKHWHOHWUHEXLHUXODWHvQJULMLWVLSDVWUDWHvQVXSRUWXOSHQWUXFUHLRDQH
'LVFKHWHOHWUHEXLHFXUDWDWHVLOXVWUXLWHFXFUHPDRGDWDSHVDSWDPkQD
3DUWLFXOHOHPHWDOLFHPLFURVFRSLFHSRWILvQGHSDUWDWHSULQWUHFHUHDUHSHWDWDDXQXLPDJQHWSXWHUQLFSHVWHVXSUDIDWDGLVFKHWHL
3DUWLFXOHOHPHWDOLFHPDLvQFDSDWkQDWHSRWILVFRDVHFXSUDIGHFXUDWDWVLGHWHUJHQW
&kQGGDWLFXFUHPDGLVFKHWHOHDYHWLJULMDFDVWUDWXOVDILHXQLIRUP$FHVWDYDvQOHVQLURWDWLDGLVFKHWHORUvQXQLWDWHFHHDFHYD
GXFHODvPEXQDWDWLUHDWLPSXOXLGHDFFHV
1XvQGRLWLGLVFKHWHOHGHFkWGDFDQXvQFDSvQXQLWDWH'LVFKHWHOHPDULSRWILvQGRLWHVLIRORVLWHvQXQLWDWLPLFL
1XLQWURGXFHWLQLFLRGDWDGLVFKHWHOHFXFDSXOvQMRVvQXQLWDWH'DWHOHSRWFDGHDGHSHVXSUDIDWDGLVFKHWHLVLEORFDPHFDQLVPXO
LQWHUQDOXQLWDWLL