0$7(5,$/('(+251Ă5,7

$63,5$72$5(*$0$.26026

.26026 128
5HI

0RWRUZDWWVGLUHFW±9ROWV

'HSUHVLXQHPP&(PñKGHELWUHJODELO

 
*UHXWDWHNJ
)LOWUX+(3$
6DFL¿OWUX+kUWLH

.RVPRVHVWHXQDVSLUDWRUVLOHQĠLRVOHMHUGRDUSHQWUXSUDI
FDOLWDWHSURIHVLRQDOă¿OWUXGHKkUWLH+(3$
6SHFLDO FRQFHSXW SHQWUX vQWUHĠLQHUHD FHQWUDOHORU SH JD]
DVSLUăVDXvQGHSăUWHD]ăSULQVXÀDUHSUDIXOGLQFHQWUDOH
3UDFWLF GH XWLOL]DW VH SRDUWă FD XQ UXFVDF ¿LQG SUHYă]XW FX
FXUHOH

$FFHVRULL‘PPVDFGRUVDOSHQWUXWUDQVSRUWXúRUWLMăWHOHVFRSLFăFDSDFLWDWHOLWUL

.2602668)/Ă725 .26026
5HI 5HI
0RWRUZDWWVE\SDVV 0RWRUZDWWVGLUHFW

YROWVPP&( PK YROWV PP&(P K

 
/LWUL /LWUL

*UHXWDWHNJ *UHXWDWHNJ

'LP[[ 'LP[[

6DFL¿OWUXKkUWLHúLSkQ]ă 6DFLKkUWLHúLSkQ]ă

(FKLSDWFXRFXYăGLQ39&GHOLWUL (FKLSDWFXRFXYăGLQSROLSURSLOHQă
FXUHD SHQWUX DO ĠLQH SH XPăU GHOLWULVDFGRUVDOSHQWUXWUDQVSRUW
¿OWUXGLQSkQ]ăúLVDFGHKkUWLH XúRUVDFLKkUWLHUHIEXF
&RQFHSXW SHQWUX DVSLUDĠLH úL &RQFHSXW SHQWUX vQWUHĠLQHUHD
VXÀDW vQ YHGHUHD FXUăĠăULL FHQWUDOHORU SH JD] DVSLUD‫܊‬LD
FDPHUHORUGHDUGHUHDOHFHQWUDOHORU WXEXODWXULL GH YHQWLODĠLH FX DFFHV
PXUDOHSHJD]$VSLUăDSăúLSUDI GL¿FLO$VSLUăGRDUSUDI

$FFHVRULL ‘  PP  ÀH[LELO GH P  PDQúRQ VXSRUW GLQ  SLHVH
OXQJLPH GH  FP  GX]ă SODWă úL  GX]ă SHQWUX DVSLUDUHD VROXOXL  $FFHVRULL ‘ PP   PDQúRQ VXSRUW  GX]ă SODWă GX]ă 
ODUJGHPPFDEOXHOHFWULFGHP WULXQJKLXODUăSHULHFDEOXHOHFWULFPVDFGRUVDO


$63,5$72$5(*$0$1(62352

1(62 1(62 128

5HI 5HI
0RWRUZDWWVGLUHFW 0RWRUZDWWVGLUHFW
YROWVPP&(PK
 
YROWV PP&(PK

 
/LWUL /LWUL

*UHXWDWHNJ *UHXWDWHNJ
'LP[[ 'LP[;
6DFLKkUWLHúLFDUWRQ 6DFL¿OWUXKkUWLHúLSkQ]ă
(
(FKLSDW FX R FXYă GLQ SYF  OLWUL
(FKLSDWFXRFXYăGLQRĠHOGH
S
SURIHVLRQDO  UXOHWH RULHQWDELOH
&
&RQFHSXWSHQWUXFXUăĠDUHDSUDIXOXL OLWULUXOHWHRULHQWDELOH
GLQFHQWUDOHOHSHJD]SUHFXP‫܈‬L
G &RQFHSXWSHQWUXFXUăĠDUHD
S
SHQWUXGLYHUVHRSHUD‫܊‬LXQLGHFXUăĠDUH SUDIXOXL GLQ FHQWUDOHOH SH JD]
SUHFXPúLGLYHUVHRSHUD‫܊‬LXQLGH
1
1LYHO UHGXV GH ]JRPRW FDEOX FXUă‫܊‬DUH
GH UHWUDJHUH DXWRPDW PDUWRU GH
G
vvQIXQGDUH SROLYDOHQW

2SĠLRQDOVXSRUWÀH[LELO

$FFHVRULL ‘  PP  ÀH[LELO GH  P PDQúRQ VXSRUW GX]ă $FFHVRULL‘PPÀH[LELOGHPPDQúRQVXSRUWGLQSLHVHGH
SODWăGX]ăGHFRYRUGX]ăWULXQJKLXODUăSHQWUXVROSHULHURWXQGă FPGX]ăSODWăGX]ăSHQWUXFRYRDUHSHULHURWXQGăSHULH 
FDEOXHOHFWULFGHP WULXQJKLXODUăSHQWUXVROFDEOXHOHFWULFGHP

1(62
0RWRUZDWWVE\SDVV

YROWV PP&(P K

1HVR5HI

/LWUL
*UHXWDWHNJ
'LP[[
6DFL¿OWUXSkQ]ă
1HVR5HI

/LWUL
*UHXWDWHNJ
'LP[[
6DFL¿OWUXSkQ]ă

1HVR 5HI (FKLSDWFXRFXYăGLQLQR[FDSDFGH

SROLSURSLOHQăVXSRUWGLQRĠHOYRSVLWWRWXO
 GHRIRDUWHPDUHUH]LVWHQĠăUXOHWH
/LWUL RULHQWDELOH VWDELO úL PDQLDELO
$GDSWDWSHQWUXKRUQăULWXOFD]DQHORUSHPRWRULQă
*UHXWDWHNJ OHPQFăUEXQHSUHFXPúLSHQWUXGLYHUVHRSHUDĠLL

GHFXUăĠDUH
'LP[[ 

6DFL¿OWUXSkQ]ă

2SĠLRQDOVXSRUWÀH[LELO1(62
2SĠLRQDOVXSRUWÀH[LELO1(62
2SĠLRQDOVXSRUWÀH[LELO1(62

$FFHVRULL‘ÀH[LELOFXOXQJLPHDGHPGX]ăGLQ39&FXOXQJLPHDGHPPGX]ăGLQLQR[SODWăGHPPFDEOXHOHFWULFGHP


  0$7(5,$/('(+251Ă5,7
$63,5$72$5(*$0$1(62352

1(62&%&%&
1HVR&%5HI
PRWRDUHZDWWVE\SDVV
YROWVPP&(PK
128
1HVR&%5HI 1HVR&5HI
PRWRDUHZDWWVE\SDVV
PRWRDUHZDWWVE\SDVV
YROWVPP&(PK
YROWVPP&(PK

  
/LWUL /LWUL /LWUL

*UHXWDWHNJ *UHXWDWHNJ *UHXWDWHNJ

'LP[[ 'LP[[ 'LP[[
6DFLSkQ]ă 6DFLSkQ]ă 6DFL¿OWUXSkQ]ă
(FKLSDWFXRFXYăGLQLQR[FDSDFGLQSROLSURSLOHQăFăUXFLRUGLQRĠHOYRSVLWW &DSDFGLQSROLSURSLOHQă
 UXOHWH RULHQWDELOH úL  ¿[H FDUH DVLJXUă VWDELOLWDWH úL PDQLDELOLWDWH GH R &XYăRĠHOLQR[LGDELO
IRDUWHPDUHUH]LVWHQĠă$GDSWDWSHQWUXKRUQăULWXOFD]DQHORUúLGLYHUVHRSHUD‫܊‬LL UD‫܊‬LL )RDUWHUH]LVWHQW
GHFXUăĠDUH

$FFHVRULL‘ÀH[LELOOXQJGHPGX]ăGLQ39&FXOXQJLPHGHPPGX]ăSODWăOXQJăGHPP
GX]ă SODWă OXQJă GH  PP
FDEOXHOHFWULFFXROXQJLPHGHP 1XHVWHHFKLSDWFXFăUXFLRU

128 128
1(62&%'(&2/0$7$17
0$7$17 1(6268)/Ă725
5HI 5HI

PRWRDUHZDWWVE\SDVV 0RWRUZDWWVE\SDVV
YROWVPP&(PK YROWVPP&(PK


/LWUL 
/LWUL
*UHXWDWHNJ *UHXWDWHNJ
'LP[[ 'LP[[
6DFL¿OWUXSkQ]ă 6DFL¿OWUXSkQ]ă

(FKLSDWFXXQFDSDFGHSROLSURSLOHQăRFXYăGLQLQR[EDVFXODQWă/ (FKLSDWFXRFXYăGLQLQR[GHOLWULFăUXFLRUGLQRĠHOYRSVLWUXOHWH
VLVWHPSHQWUXGHFROPDWDUHD¿OWUXOXLPRWRDUHDVSLUDQWHPRWRU RULHQWDELOH GH  PP VWDELO PDQLDELO UREXVW 
GHFROPDWDQWUXOHWHRULHQWDELOHúLURĠL¿[HFăUXFLRUGLQRĠHOYRSVLW $GDSWDW SHQWUX KRUQăULWXO FD]DQHORU úL GLYHUVH RSHUDĠLL GH FXUăĠDUH
WRWXO GH R IRDUWH PDUH UH]LVWHQĠă VWDELO úL PDQLDELO

0DWHULDODGDSWDWSHQWUXKRUQăULWXOFHQWUDOHORUSHPRWRULQăOHPQJD]


FăUEXQHHWFFRQFHSXWSHQWUXSURIHVLRQLúWLDYDQGRFDSDFLWDWHPDUH
VLRQLúWLDYDQGRFDSDFLWDWHP



2SĠLRQDOVXSRUWÀH[LELO
$FFHVRULL‘PPÀH[LELOGHPPDQúRQGLQ39&OXQJGHPP

2SĠLRQDOVXSRUWÀH[LELO GX]ăSODWăGHPPFDEOXHOHFWULFGHP
$FFHVRULL‘ÀH[LELOGHPDGDSWRUGLQ39&GHPPGX]ă
W GL 39& G   $FFHVRULL‘PPSHQWUXVXÀăWRUÀH[LELOGHPHWULFDEOXGHP
SODWăGHPPFDEOXHOHFWULFGHP


*$0$*$/$;Š,1'8675,$/Ă'($63,5$5(&217,18Ă

*$/$;/ *$/$;/ 128

5HI 5HI
0RWRUZDWWVE\SDVV 0RWRUZDWWVE\SDVV
YROWVPPPK 
YROWVPP&(P K
K


/LWUL 
*UHXWDWHNJ /LWUL

'LP[ *UHXWDWHNJ

6DFL¿OWUXSkQ]ă 'LP[
6DFL¿OWUXSkQ]ă
5HI
0RWRUZDWWVE\SDVV 2SĠLRQDOVXSRUWÀH[LELO
YROWVPPPK *DOD[/
*UHXWDWHNJ

 'LP[ *$/$;
/LWUL
6DFL¿OWUXSkQ]ă 5HI
(FKLSDWFXRFXYă0LOH[XúRDUăDQWLúRFQHGHIRUPDELOă¿OWUX 0RWRUZDWWVE\SDVV
SkQ]ă FX UHVRUW DQWLFROPDWDUH FDUHL SHUPLWH Vă DVSLUH UH]LGXUL YROWVPP&(PK
GHFăUEXQHPRWRULQăHWF&ROPDWDUHDHVWHUHWDUGDWăGHUHVRUWXO
DQWLFROPDWDQW3RDWH¿XWLOL]DWvQFRQGLĠLLH[WUHPGHGL¿FLOH
 
$SDUDWFODVDSLFăWXUDGHDSă /LWUL
9ăJDUDQWHD]ăRPXQFăvQWRDWăVLJXUDQĠD
*UHXWDWHNJ

2SĠLRQDOVXSRUWÀH[LELO 'LP[
*DOD[/
6DFL¿OWUXSkQ]ă
$FFHVRULLÀH[LELOGH‘PPOXQJLPHPPDQúRQGHP
FăUXFLRU
FDEOXHOHFWULFGHP

$,$,$,VL$,
$, $,
5HI 5HI
PRWRDUHZDWWV PRWRUDV\QFURQ .:
PRQRYROWVGHSUHVLXQH WULYROWVGHSUHVLXQH
PP&(GHELWP K PP&(G HELWP K

 *UHXWDWHNJ  *UHXWDWHNJ
/LWUL /LWUL
DPRYLELO 'LP[[ DPRYLELO 'LP[[
6DFL¿OWUXVWHD 6DFL¿OWUXVWHD

$, $,
5HI 5HI
PRWRDUHZDWWV PRWRUDV\QFKURQH.:
PRQRYROWVGHSUHVLXQH WULYROWVGHSUHVLXQH
PP&(G HELWPK PP&(GHELWP K
*UHXWDWHNJ *UHXWDWHNJ
 
/LWUL 'LP[[ /LWUL
DPRYLELO
'LP[[
DPRYLELO
6DFL¿OWUXVWHD 6DFLÀLWUXVWHD

6SHFLDOFRQFHSXWSHQWUXDFĠLXQLFDUHQHFHVLWăRXWLOL]DUHFRQWLQXăSHQWUXFXUăĠDUHD
FHQWUDOHORUGHSXWHUHPDUH


   0$7(5,$/('(+251Ă5,7

$63,5$72$5(63(&,$/(
*$0$'($63,5$72$5(63(&,$/(

1(62$%úL$% $63,5$725.97+ 128

1HVR$5HI 5HI
PRWRDUHZDWWV
E\SDVVYROWV
PP&(P K
0RWRUZDWWV
 'LUHFWG%YROWV
/LWUL PP+2P K

*UHXWDWHNJ 
/LWUL
'LP‘[
&DUWXúGH¿OWUX
6DFL¿OWUXSkQ]ă
DEVROXW©+(3$ª
1HVR%5HI
)LOWUXSULPDUvQUHOLHI
PRWRDUHZDWWV
*UHXWDWHNJ
E\SDVVYROWV
PP&(  PK 'LP[[PP

 &XYăSHURĠL
/LWUL
*UHXWDWHNJ
'LP‘[ 0RWRU VSHFL¿F HWDQú   OD SUDIXO ¿OWUDW SHUPLĠkQG UHIXODUHD
ÀX[XOXLGHDHUFXUDW¿OWUDWvQSUHDODELOSULQ¿OWUXODEVROXW
6DFL¿OWUXSkQ]ă
)LOWUXO DEVROXW +(3$ 7HVWXO '23 DO ¿OWUXOXL PăVXUDW SULQ FHOXOH
&DSDFGLQSROLSURSLOHQăFXYăGHRĠHOPRQWDWSHFăUXFLRUDQVDPEOXGH
IRWRPHWULFH VHQVLELOH OD IXP 7HVW GH FRQFHQWUDUH DO IXPXOXL GH
RIRDUWHPDUHUH]LVWHQĠă
—
/0ăULPHDSDUWLFXOHORU— 
0DWHULDODGDSWDWSHQWUXFXUăĠDUHDFHQWUDOHORUSHPRWRULQăOHPQFăUEXQH
SUHFXPúLGLYHUVHRSHUDĠLXQLGHFXUăĠDUH QHFHVLWkQGRFXYă GHPDUH
FDSDFLWDWH
$FFHVRULL¡ PPÀH[LELOPPDQúRQPHWDOEXFăĠLGX]ăFP
$FFHVRULL‘PPIOH[LELOPFDEOXHOHFWULFGHP GX]ăSODWă

1(623203,(5 $07
5HI 5HI

3RPSăUHIXODQWă 0RWRUWHUPLF
PRWRUZDWWVE\SDVV WUHSWH&3 
YROWVPP&(PK ODWUPQ
$VSLUăFXWXUELQHPK
 GHSUHVLXQHPP&(
/LWUL

/LWUL
*UHXWDWHNJ LQR[

'LP[[
*UHXWDWHNJ
6DFL¿OWUXSkQ]ă
'LP[[
&DSRWăGLQSROLSURSLOHQăDYkQGR
6DFL¿OWUXSkQ]ă
FXYă GLQ RĠHO LQR[LGDELO PRQWDWă
SHFăUXFLRUGLQDOXPLQLXUDPIRUVDW
$SDUDW DXWRQRP IDEULFDW SHQWUX
RSHUDĠLXQLOHFDUHQHFHVLWăRPDUH
$7(1ğ,($63,5$72563(&,$/3(1758 SXWHUHGHDVSLUDĠLH
(9$&8$5($$3(,Ì1850$81(,,181'$ğ,,
$FFHVRULL‘PPÀH[LEOLOOXQJGHPGX]ăSYFOXQJăGHPP
&DEOXHOHFWULFOXQJGHP 6HOLYUHD]ăIăUăDFFHVRULL


&(175$/('(+251Ă5,702%,/(

$&&(662,5(6$63,5$7(856
+251Ă5,78/(),&$&(,0381(,03(5$7,9(
8QHOWHDGHFYDWH
2IRDUWHPDUHSXWHUHGHDVSLUDUH
2VXUVăGHHQHUJLHDXWRQRPă

3HQWUXXQHOWH 3HQWUXDVSLUD‫܊‬LH
$HUFRPSULPDWSHQWUXIXQFĠLRQDUHDDSDUDWXOXLURWDWLY5RWRQHW $OHJHUHDXQHLSRPSHGHYLGYROXPHWULFăGHWLS¶5RRWV¶SHQWUXXQGHELW
SQHXPDWLFSHQWUXKRUQăULWúLHOLPLQDUHDJXGURQXOXLúLDIXQLQJLQLL PDUHúLRGHSUHVLXQHSXWHUQLFă
6XÀHWă FX SUHOXQJLWRDUH SHQWUX GHVSULQGHUHD GHSXQHULORU $OHJHUHDXQHLFXYHGHYROXPPDUHVLWXDWăODH[WHULRUXOFOăGLULL
LQDFFHVLELOHSHULORU
3HQWUXHQHUJLH
3XOYHUL]DWRUSQHXPDWLF
5RERWXEHSHQWUXKRUQXULOHFD]DQHORULQGXVWULDOH © &RQVLGHUkQG Fă QX H[LVWă OD FOLHQWLL GXPQHDYRDVWUă SXWHUHD
0RWREURVVHSQHXPDWLFSHQWUXFD]DQH
HOHFWULFă QHFHVDUă DQVDPEOXOXL FRQIRUP FDUDFWHULVWLFLORU VDOH
 ª
XQPRWRUWHUPLF'LHVHOHVWHLQFOXVFDUHDVLJXUăIXQFĠLRQDUHDSRPSHL
GHYLGúLDFRPSUHVRUXOXL$FHVWHHOHPHQWHVXQWvQGHSOLQLWH
GH&(175$/$'(+251Ă5,7
  0$7(5,$/('(+251Ă5,7
$63,5$72$5(
&(175$/('(+251Ă5,702%,/(

&DUDFWHULVWLFLWHKQLFH

&(175$/Ă.:&
5HI

 0RWRUNZ
/LWUL WHUPLF

WUPQPP&(PKIăUăFRPSUHVRU
&(175$/Ă.:&
5HI

 0RWRUNZ
/LWUL WHUPLF

PKODEDUL
WUPQPP&(PKFRPSUHVRU
&(175$/Ă.:&
5HI

   0RWRUNZ

/LWUL /LWUL WHUPLF

WUPQPP&(PKFRPSUHVRUPKODEDUL

&(175$/Ă.:&
5HI

   0RWRUNZ

/LWUL /LWUL WHUPLF

WUPQPP&(PKFRPSUHVRUPKODEDUL

&HQWUDOHOHPRELOHGHKRUQăULWVXQWGLVSRQLELOHvQGLIHULWHYDULDQWHGHSXWHUHPRGXULGH¿OWUDUHúLGH
FDSDFLWDWHDFXYHORUXQDVDXGRXăvQIXQFĠLHGHPRGHO
8QPRWRUWHUPLFGLHVHOGHúL.:
2 SRPSă GH YLG YROXPHWULFă FX XQ GHELW GH   úL  P ñK FX R GHSUHVLXQH GH  VDX
 
PP&(OLPLWăFXYDFXRVWDWGHVHFXULWDWH
&HQWUDOHOHGHKRUQăULWVXQWHFKLSDWHFX
8QFRPSUHVRUFXGHELWGHPñ KGHEDULSHQWUXPRGHOXO.ZF
8QUH]HUYRUFXDHUFRPSULPDWGHOLWULSHQWUXPRGHOXO.ZF
2FXYăGH¿OWUDUHFXHIHFWFLFORQLF PRQWDWăSHXQEUDĠSLYRWDQWHFKLSDWăFXXQFDSDFSHQWUXFXUăĠDUHGHR
WUDSăGHJROLUHúLGHXQ¿OWUXPXOWLFRPSDUWLPHQWDWFDUHUăVSXQGHFDUDFWHULVWLFLORUGHELWXOXLGHSUHVLXQLL
FHQWUDOHLúLFDUHDVLJXUăUHWHQĠLDIXQLQJLQLLúLD]JXUHLSHQWUXPRGHOHOHFXRFXYă
2 FXYă GH ¿OWUDUH  R FXYă FX HIHFW FLFORQLF PRQWDWăSHXQEUDĠSLYRWDQWHFKLSDWăFXXQFDSDFSHQWUX
FXUăĠDUHGHRWUDSăGHJROLUHúLGHXQ¿OWUXPXOWLFRPSDUWLPHQWDWFDUHUăVSXQGHFDUDFWHULVWLFLORUGHELWXOXL
GHSUHVLXQLLFHQWUDOHLúLFDUHDVLJXUăUHWHQĠLDIXQLQJLQLLúLD]JXUHLSHQWUXPRGHOHOHFXFXYH
(FKLSDUHVXSRUWXOURWDWLYDVLVWDWGHPRWRUHGXFWRUHFKLSDWGH[PÀH[LELOGH¡PPXQÀH[LELO

FX¡PPOXQJGHPúLXQÀH[LELOFX‘PPOXQJGHP
7DEORXO GH FRPDQGă SHQWUX SRUQLUHD úL RSULUHD PRWRUXOXL DFFHOHUDĠLH úL GHFHOHUDĠLH GHVFKLGHUHD úL
vQFKLGHUHDDHUXOXLFRPSULPDW
7HOHFRPDQGă SHQWUXSRUQLUHDúLRSULUHDPRWRUXOXLDFFHOHUDĠLHúLGHFHOHUDĠLHGHVFKLGHUHDúLvQFKLGHUHD
DHUXOXLFRPSULPDWvQDIDUăGHFHQWUDODGH.ZF
5H]HUYRU GHPRWRULQăGHFDSDFLWDWHGLIHULWăvQIXQFĠLHGHPRGHO
%DWHULH YROWV