You are on page 1of 196





3UHIDĠă
 



,1)250$7,&Ă $WXQFLFkQGDPSRUQLWODGUXPvQSURLHFWDUHDFRQĠLQXWXOXLDFHVWHLFăUĠLPDLvQWkLDWUH
EXLWVăUăVSXQGHPODRPXOĠLPHGHvQWUHEăULFXLVHDGUHVHD]ăDFHDVWăFDUWHFDUHVXQW
RELHFWLYHOHSHFDUHOHXUPăULPDWkWGLQSXQFWGHYHGHUHDOFRQĠLQXWXOXLFkWúLDODVSHF

 WHORUGLGDFWLFH

 (VWHLPSRUWDQWFDGHODvQFHSXWVăFODULILFăPXQDVSHFWLPSRUWDQWQXHVWHYRUEDGH

FODVDD,;D XQPDQXDORELúQXLWFDUHSHED]DXQHLSURJUDPHúFRODUHRIHUăFXQRúWLQĠHDFRSHULWRDUH
LQWUăvQGHWDOLLFDUHVXQWQHFHVDUHHOHYLORUSHQWUXDvQĠHOHJHúLDGREkQGLFRQFHSWHIXQ
GDPHQWDOH$FHDVWăFDUWHVHDGUHVHD]ăDFHORUFRSLLFDUHVXQWGRULWRULGHFXQRúWLQĠHVX
 SOLPHQWDUH GRUHVF Vă vQYHĠH PDL UHSHGH úL Vă DWLQJă SHUIRUPDQĠH vQ LQIRUPDWLFă FX
SUHFăGHUHvQDOJRULWPLFăúLSURJUDPDUHÌQFRQVHFLQĠăFXQRúWLQĠHOHWHRUHWLFHVXQWSUH
$XWRUL ]HQWDWHVXPDUVXQWÄRULHQWDWH´VSUHVFRSXOFODUGHDFUHDGHSULQGHULOHQHFHVDUHSHQWUX
DÄDWDFD´FkWPDLUHSHGHSUREOHPHOHSURSXVHVSUHUH]ROYDUHGLQGRPHQLX
SURI6LPRQD+DLGX 
 ÌQYăĠăPkQWXO GH LQIRUPDWLFă GLQ 5RPkQLD D FXQRVFXW PXOWH VXFFHVH $EVROYHQĠLL
SURI'DQD9DLGD IRVWHORUOLFHHGHLQIRUPDWLFă vQILLQĠDWHvQ D]LVXQWSURIHVRULXQLYHUVLWDULFHUFHWă

SURI(XJHQ,RQHVFX WRULFRQGXFăWRULGHILUPHFXXQFXYkQWRDPHQLGHVXFFHV$FHVWOXFUXVHGDWRUHD]ăúL
FDOLWăĠLLvQYăĠăPkQWXOXLGLQDFHVWHúFROLGDUúLIDSWXOXLFăLQIRUPDWLFDvLDWUăJHDSHFHL
 PDLGRWDĠLWLQHUL(VWHODIHOúLD]LGDUvQYăĠăPkQWXOGHLQIRUPDWLFăSHGHRSDUWHVD
H[WLQV vQ VHQVXO QXPăUXOXL GH FRSLL FDUH vQYDĠă LQIRUPDWLFă vQ 5RPkQLD  SH GH DOWă
&RRUGRQDWRUL SDUWHVDUHGXV DVFă]XWQXPăUXOGHRUHSHVăSWăPkQăDORFDWHGLVFLSOLQHLGHODOD 
(VWHFODUFăQXVHSRDWHOXFUDÄSHUIRUPDQĠă´vQRUHFXWRĠLFRSLLLDúDFăDDSăUXWQH
OHFWRUXQLYGU&ODUD,RQHVFX FHVLWDWHDGHDRIHULFHORUSDVLRQDĠLúLGRULWRULGHSHUIRUPDQĠăXQFDGUXVXSOLPHQWDUXQ
GHVHSRWRFXSDFXFHHDFHvLLQWHUHVHD]ă
SURI$GLQD%ăODQ 
 (OHYLLGLQ5RPkQLDFăURUDOHSODFHSURJUDPDUHDSRWSDUWLFLSDODRVHULHGHFRQFXU
 VXULVLPSR]LRDQHWDEHUHXQGHSRWvQYăĠDúLSRWDUăWDFHHDFHúWLX2OLPSLDGHOHGHLQ
IRUPDWLFă VXQW FX SUHFăGHUH GH DOJRULWPLFă úL SURJUDPDUH 3ULPD FRQGLĠLH SH FDUH XQ
HOHY WUHEXLH VR vQGHSOLQHDVFăSHQWUXDDYHDVXFFHVODDFHVWHROLPSLDGHHVWHVăILHvQ
VWDUHVăVHJkQGHDVFăVLQJXUVăVHFRQFHQWUH]HúLVăDLEăFXUDMSHQWUXLPSOHPHQWDUHD
XQHLVROXĠLLRULJLQDOH)LHFDUHSURLHFWGHDOJRULWPILHFDUHSURJUDPHVWHRFUHDĠLHQRXă
úLWUHEXLHVăvQGHSOLQHDVFăWRDWHFHULQĠHOHúLUHVWULFĠLLOHLPSXVHvQVSHFLILFDĠLLOHSUREOH
 3UHIDĠă

PHORUGHUH]ROYDW3HQWUXDDMXQJHvQVLWXDĠLDUHVSHFWLYăHVWHQHYRLHGHPXOWHH[HUFLĠLL 
GHPXOWHDQWUHQDPHQWH$FHVWHDELOLWăĠLVHSRWIRUPDGRDUUH]ROYkQGPXOWHIRDUWHPXO
WHSUREOHPH 

 ÌQFRQFOX]LHFDUWHDHVWHPDLPXOWRFXOHJHUHGHSUREOHPHGHFkWXQPDQXDOÌQFRQ 3URJUDPDúFRODUă
FHSĠLDDXWRULORUHDWRWXúLWUHEXLHSDUFXUVăvQVXFFHVLXQHDFDSLWROHORUDúDFXPVXQWHOH 
vQúLUXLWHvQFDUWH5HFRPDQGăPDFHVWOXFUXGHRDUHFHFDUWHDQHILLQGRYHUVLXQHvPERJă 
ĠLWăDXQXLPDQXDOHODERUDWFRQIRUPSURJUDPHLúFRODUHFXQRúWLQĠHOHGLQFDUWHGHSăúHVF *HQHUDOLWăĠL
FRQĠLQXWXODFHVWHLSURJUDPHHVWHQHYRLHGHRDERUGDUHWUHSWDWăDSUREOHPHORU$FFHQ 
WXăPGHDVHPHQHDFăGDFăXQLLHOHYLDXGHMDFXQRúWLQĠHGHSURJUDPDUH GLQJLPQD]LX x &RQĠLQXWXO XUPăWRDUHL SURJUDPH GH]YROWDWH SHQWUX GRULWRULL GH FXQRúWLQĠH VROLGH
GHOD&OXEXO&RSLLORUHWF HLQXWUHEXLHFRQVWUkQúLGHH[HPSOXVăQXIRORVHDVFăVXE vQ SURJUDPDUH  QX SUHFL]HD]ă OLPEDMXO GH SURJUDPDUH ÌQ IXQFĠLH GH FHULQĠHOH
SURJUDPHDQWHULRUFDSLWROXOXLvQFDUHVHSUH]LQWăDFHVWFRQFHSW$OWIHOVSXVRULFHSDV HOHYLORUúLGLVSRQLELOLWăĠLOHSURIHVRULORUWRDWHWHPHOHVHSRWWUDWDUHDOL]kQGDSOLFDĠLL
ÄvQDLQWH´HVWHSHUPLVFKLDUELQHYHQLWFXFRQGLĠLDFDUH]ROYLWRULLVăUHVSHFWHVSHFLILFD vQOLPEDMXOPascalúLVDXC++'HDVHPHQHDVHYRUIDFHDSOLFDĠLLúLvQFreePascal
ĠLLOHSUREOHPHL UHVSHFWLYgnu C(YLGHQWQXVXQWH[FOXVHQLFLPHGLLOHYL]XDOH 'HOSKL9LVXDO&
 3URIHVRUXOHVWHVIăWXLWVăOXFUH]HFXHOHYLLĠLQkQGFRQWGHvQWUHEăULOHúLGHUăVSXQVX 9LVXDO%DVLFVDX-DYD 
ULOHORUVăúLPRGHOH]HDFWLYLWDWHDvQIXQFĠLHGHQLYHOXOJUXSXOXL'DFăDFWLYLWDWHDGH x &RQĠLQXWXOSURJUDPHLHVWHJUXSDWvQGHVăSWăPkQLSHSDUFXUVXOFăURUDDSUR[L
FXUJHIăUăSUREOHPHHYLGHQWVHSRDWHDYDQVDUHSHGHúLVHSRWVWXGLDúLSUREOHPHGLQ PDWLYGLQSDWUXvQSDWUXVăSWăPkQLVHYRURUJDQL]DÄPLQLFRQFXUVXUL´GLQGRPHQLXO
DOWHVXUVHVDXFKLDUGLQPDQXDOHOHFDUHFRQVWLWXLHFRQWLQXDUHDFHOXLGHIDĠă6HúWLHFă GRPHQLLOH GHFXQRúWLQĠHDERUGDWHGHMD(OHYLLYRUOXFUDvQFRQGLĠLLVLPLODUHYLLWRD
ODROLPSLDGHÄQXSUHD´VHĠLQHFRQWGHSURJUDPDúFRODUăLDUODROLPSLDGHOHLQWHUQDĠLR UHORU FRQFXUVXUL OD FDUH YRU SDUWLFLSD (YDOXDUHD VH YD IDFH DXWRPDW XWLOL]kQG
QDOHH[LVWăRVLQJXUăFDWHJRULHGHYkUVWăDQL VRIWZDUHXOGHHYDOXDUHFDUHYDILIRORVLWúLvQFHOHODOWHVăSWăPkQLSHQWUXDYHULILFD
 OXFUăULOHHOHYLORUúLDHYDOXDPRGXOvQFDUHHLDYDQVHD]ă
 5H]ROYăULOHSUREOHPHORUSURSXVHVXQWSUH]HQWDWHVXEIRUPăGHH[SOLFDĠLLúLHYHQWXDO
SVHXGRFRGXODOJRULWPXOXL7H[WHOHVXUVăOHYHĠLSXWHDFRQVXOWDvQVRIWZDUHXOFDUHvQVR 
ĠHúWHDFHVWHPDQXDOH1XDYHPSUHWHQĠLDFăvQWRWGHDXQDDPSURSXVFHDPDLHOHJDQWăúL 2ELHFWLYHJHQHUDOH
FHDPDLHILFLHQWăUH]ROYDUH'DFăQHFRQWDFWDĠLúLYHĠLILGHDFRUGFDVROXĠLLOHLQWHUHVDQ 
WH úL RULJLQDOH DOH GXPQHDYRDVWUă Vă GHYLQă SXEOLFH DFHVWHD YRU IL vQJOREDWH vQ VRIW (OHYLLSDUWLFLSDQĠLYRUILFDSDELOL
ZDUHúLYRUILDGăXJDWHQRLORUHGLĠLLDOHPDQXDOHORU ± VăDQDOL]H]HHQXQĠXULGHSUREOHPHFDUHGHSăúHVFQLYHOXOSURJUDPHLúFRODUH
 ± Vă DOHDJă WLSXO GDWHORU Vă FUHH]H VWUXFWXUL GH GDWH DGHFYDWH vQ VFRSXO PRGHOăULL
 9ăGRULPVXFFHV GDWHORUGHLQWUDUHúLGHLHúLUH
$XWRULL ± VăSURLHFWH]HDOJRULWPLGHUH]ROYDUHSHQWUXSUREOHPH
 ± VăLPSOHPHQWH]HDOJRULWPLLSURLHFWDĠLXWLOL]kQGXQOLPEDMGHSURJUDPDUH
 ± VăSUHOXFUH]HGDWHVWUXFWXUDWHODQLYHOGHFRPSRQHQWHúLODQLYHOGHVWUXFWXUă
 ± VăOXFUH]HFXGDWHRUJDQL]DWHvQILúLHUH
 ± VăOXFUH]HFXVXESURJUDPH
 ± VăDOHDJăDOJRULWPXOGHRUGRQDUHUHVSHFWLYGHFăXWDUHDGHFYDW
 ± VăIRORVHDVFăRSHUDWRULLSHELĠLvQYHGHUHDRSWLPL]ăULLSURJUDPHORU

± VăSUHOXFUH]HQXPHUHGHRULFHGLPHQVLXQH

 ± VăOXFUH]HUHFXUVLYvQVLWXDĠLDvQFDUHDFHVWOXFUXHVWHQHFHVDUúLQXDIHFWHD]ăWLPSXO
 GHH[HFXWDUHDSURJUDPHORU
 ± VăUH]ROYHSUREOHPHDSOLFkQGPHWRGDEDFNWUDFNLQJ

 3URJUDPDúFRODUă 3URJUDPDúFRODUă 
 
  FLWLUHDXQHLVHFYHQĠHGHQXPHUHGLQWUXQILúLHUúLVFULHUHDHLvQDOWILúLHU
 FLWLUHDXQRUQXPH úLUXULGHFDUDFWHUH GLQWUXQILúLHUúLVFULHUHDORUvQWUXQDOW
*UXSDUHDWHPHORUSHVăSWăPkQL ILúLHU
  FLWLUHDXQXLQXPăUQDWXUDO1GLQWUXQILúLHUúLVFULHUHDvQWUXQDOWILúLHUDWXWXURU
6ăSWăPkQLOH5HFDSLWXODUHDFXQRúWLQĠHORUDFXPXODWHvQ QXPHUHORUQDWXUDOHFXSULQVHvQWUHúL1FkWHXQXOSHROLQLH
JLPQD]LX  FLWLUHDXQXLQXPăUQDWXUDO1GLQWUXQILúLHUúLD1QXPH DIODWHSHXUPăWRDUHOH
OLQLLDOHILúLHUXOXL úLVFULHUHDFHORU1QXPHvQWUXQDOWILúLHU
2ELHFWLYHVSHFLILFH
 FRSLHUHDLQWHJUDOăDFRQĠLQXWXOXLXQXLILúLHUvQWUXQDOWILúLHU
 $FHLHOHYLFDUHDXSDUWLFLSDWODDFWLYLWăĠLOHFHQWUXOXLGHH[FHOHQĠăODLQIRUPDWLFăvQ
JLPQD]LXVDXDXIRVWDWUDúLVSUHFRQFXUVXULGHSURJUDPDUHYRUHIHFWXDRUHFDSLWXODUH 
VXEFRQGXFHUHDSURIHVRUXOXL'DUvQWRWGHDXQDH[LVWăúLHOHYLFDUHLDXFRQWDFWFXDOJR 6ăSWăPkQD&DOFXOHHIHFWXDWHSHúLUXULGHGDWH
ULWPLLúLFXSURJUDPDUHDGRDUvQFODVDDD$FWLYLWDWHDVHYDGHVIăúXUDvQDúDPDQLH IăUăSăVWUDUHDORUVXEIRUPăGHWDEORXUL
Uă vQFkW vQFHSăWRULL VăL DMXQJă GLQ XUPă SH FHL DYDQVDĠL FkW VH SRDWH GHUHSHGHÌQ 2ELHFWLYHVSHFLILFH
DFHVWVFRSSHQWUXDFHúWLHOHYLFRQĠLQXWXOFDSLWROXOXLGHUHFDSLWXODUHVHYDHúDORQDSH  (OHYLLYRUILFDSDELOLVăUHFXQRDVFăFODVDGHSUREOHPHvQFDUHDYkQGODGLVSR]LĠLH
WUHLSDWUXVăSWăPkQL(OHYLLFDSDELOLYRUUH]ROYDSUREOHPHOHSURSXVHvQDFHVWFDSLWRO RVHFYHQĠăGHGDWH FDUHWUHEXLHSUHOXFUDWHOLQLDU QXHVWHQHFHVDUăSăVWUDUHDORUVXE
SHQWUXDILHYDOXDĠLúLJUXSDĠLvQVXEJUXSHvQIXQFĠLHGHQLYHOXOGHFXQRúWLQĠH IRUPDVWUXFWXULORUGHGDWHvQPHPRULH'HDVHPHQHDYRUvQYăĠDVăDSOLFHÄWHRUHPDGH
x 6WUXFWXUDSURJUDPHORU3DVFDO9RFDEXODUXOOLPEDMXOXL SURJUDPDUH´FDUHSUHOXFUHD]ăVHFYHQĠHGHGDWHFDUHWUDQVPLWHUH]XOWDWXOXQRUGHFL
x &RQVWDQWHWLSXULVWDQGDUGGHGDWHYDULDELOHH[SUHVLL ]LL
x &LWLUHDúLVFULHUHDGDWHORU x ,QLĠLDOL]DUHDVXPHL SURGXVXOXL FXHOHPHQWXOQHXWUXDORSHUDĠLHL
x ,QVWUXFĠLXQL x (IHFWXDUHDXQRURSHUDĠLLvQSDUDOHOFXFLWLUHDGDWHORUvQFD]XOSUREOHPHORUFDUHQX
 3UREOHPHSHQWUXvQFHSăWRULÌQYăĠDUHDDOIDEHWXOXL*KLRFHLúLYLRUHOH6HUYLFLXO QHFHVLWăSăVWUDUHDúLUXOXLGHGDWHvQPHPRULH
SHFODVăWăLHUHDFRSDFLORU/DVFăOGDW'UXPXOVSUHúFRDOă x 5HDOL]DUHD SURWHFĠLHL H[SOLFLWH GLQ LQWHULRUXO SURJUDPXOXL vQ FD]XO XQRU SRVLELOH
 $YDQVDĠL1XPHUHSULPHFXGLYL]RUL0DWHPDWLFDSHFDOFXODWRU/DSHVFXLW GHSăúLULúLDXQRUGDWHFDUHQXFRUHVSXQGVSHFLILFDĠLLORUGLQHQXQĠ
 ([FHOHQĠL6HUYLFLXOGHJDUGă3ODVDUHDRJOLQ]LORU3DOLQGURP1XPHUHDSURSLDWH  FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDVXPHLORUvQWUXQDOWILúLHU
  FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDSURGXVXOXLORUvQWUXQDOWILúLHU
6ăSWăPkQD)LúLHUH  FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDúLVFULHUHDPHGLHLDULWPHWLFHvQWU
2ELHFWLYHVSHFLILFH XQDOWILúLHU
 (OHYLLVHYRUIDPLOLDUL]DFXGDWHVWRFDWHSHVXSRUWHOHFWURQLF6HúWLHFăvQWLPSXO  FLWLUHDXQRUFDUDFWHUHGLQWUXQILúLHU XQXOSHOLQLH úLVFULHUHDúLUXOXLGHFDUDF
UHDOL]ăULLSURJUDPHORUúLvQWLPSXOYHULILFăULLORUDFHVWHDVHWHVWHD]ăvQPRGUHSHWDW WHUHvQWUXQDOWILúLHU
SHQWUXGLYHUVHGDWHGHLQWUDUHFDUHGHUHJXOăVXQWIXUQL]DWHvQILúLHUH'HDVHPHQHD 
GDWHOHGHLHúLUH UH]XOWDWHOH WUHEXLHSăVWUDWHvQIRUPDWHOHFWURQLF/DPDUHDPDMRULWD 6ăSWăPkQD'HWHUPLQDUHDPLQLPXOXLUHVSHFWLYDPD[LPXOXL
WHDFRQFXUVXULORUGHSURJUDPDUHGDWHOHGHLQWUDUHVXQWFLWLWHGLQILúLHUHLDUFHOHGH 2ELHFWLYHVSHFLILFH
LHúLUHVXQWVFULVHvQILúLHUHPRWLYSHQWUXFDUHHOHYLLWUHEXLHVăVHIDPLOLDUL]H]HFXDFHVW  (OHYLLIDPLOLDUL]DĠLFXGDWHVWRFDWHSHVXSRUWHOHFWURQLFYRUvQYăĠDFXPVHUHGHVFKL
DVSHFWvQFăGHODvQFHSXW GH XQ ILúLHU SHQWUXFLWLUHUHVSHFWLYSHQWUXVFULHUHDvQFRQWLQXDUHDXQRUUH]XOWDWHvQ
x 'HWDOLLJHQHUDOHGHVSUHILúLHUH DFHVWD 'H DVHPHQHD HL YRU IL FDSDELOL Vă UH]ROYH SUREOHPH GH PD[LP úL GH PLQLP
x $VLJQDUHGHVFKLGHUHSHQWUXVFULHUHFLWLUHvQFKLGHUH IXUQL]kQG GDFă SUREOHPD FHUH úL SR]LĠLD SR]LĠLLOH  YDORULORU HJDOH FX DFHVWHD &X
 FLWLUHDXQXLQXPăUGLQWUXQILúLHUúLVFULHUHDVDvQDOWILúLHU DFHDVWă RFD]LH VH IDPLOLDUL]HD]ă FX VHOHFĠLD VHOHFWDUHD WXWXURU HOHPHQWHORU DYkQG R
 FLWLUHDWXWXURUQXPHUHORUGLQWUXQILúLHUFDUHFRQĠLQHFkWHXQQXPăUSHROLQLHúL SURSULHWDWHGDWăúLFXUHDOL]DUHDRSWLPăDDFHVWRUD
VFULHUHDORUvQDOWILúLHUFkWHXQXOSHROLQLH x 5HGHVFKLGHUHDILúLHUHORUDWXQFLFkQGHVWHQHFHVDU
 FLWLUHD GDWHORU GLQWUXQ ILúLHU FDUH FRQĠLQH QXPHUH PDL PXOWH SH R OLQLH úL x 'HWHUPLQDUHDPLQLPXOXLPD[LPXOXLGLQWUXQúLUGHGDWH
VFULHUHDORUvQWUXQDOWILúLHUvQDFHHDúLIRUPă x ,QLĠLDOL]DUHDPLQLPXOXLPD[LPXOXL FXHOHPHQWXOQHXWUXVDXFXSULPXOHOHPHQW 
 3URJUDPDúFRODUă 3URJUDPDúFRODUă 
 
 FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDvQWUXQILúLHUDPLQLPXOXLORUSUH ÄYDORULILFDUHD´ORULPHGLDWă HYHQWXDOVFULLQGXOHLPHGLDWvQWUXQILúLHU IăUăSăVWUD
FXPúLDSULPHLSR]LĠLLSHFDUHDSDUHDFHVWPLQLP UHDDFHVWRUDvQPHPRULH
 FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDvQWUXQILúLHUDPLQLPXOXLORUSUH x 9HULILFDUHDXQHLSURSULHWăĠLGDWHDXQXLQXPăU
FXPúLDXOWLPHLSR]LĠLLSHFDUHDSDUHDFHVWPLQLP  YHULILFDUHDGDFăXQQXPăUHVWHSDU
 FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDvQWUXQILúLHUDPLQLPXOXLORUSUH  QXPăUDUHDGLYL]RULORUXQXLQXPăU
FXPúLDWXWXURUSR]LĠLLORUSHFDUHDSDUHDFHVWPLQLP  GHVFRPSXQHUHDXQXLQXPăUvQIDFWRULSULPL
 FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDvQWUXQILúLHUDPLQLPXOXLORUSUH  FHOPDLPDUHGLYL]RUFRPXQDGRXăQXPHUHvQWUHJL
FXPúLDWXWXURUSR]LĠLLORUSHFDUHDSDUHDFHVWPLQLPXUPDWGHPD[LPXOORUúL  YHULILFDUHDSULPDOLWăĠLLXQXLQXPăU
DWXWXURUSR]LĠLLORUSHFDUHDSDUHDFHVWPD[LP  GHWHUPLQDUHDFHOXLPDLPLFQXPăUSULPPDLPDUHGHFkWXQQXPăUGDW
 FLWLUHDXQRUQXPHGLQWUXQILúLHUúLDILúDUHDWXWXURUQXPHORUFDUHGLQSXQFWGH  GHWHUPLQDUHDFHOXLPDLPDUHQXPăUSULPPDLPLFGHFkWXQQXPăUGDW
YHGHUHOH[LFRJUDILFVXQWÄPDLPDUL´GHFkWXOWLPXOQXPHGLQILúLHU  GHWHUPLQDUHDSUHIL[HORUSULPHDOHXQXLQXPăU
  GHWHUPLQDUHDVXIL[HORUSULPHDOHXQXLQXPăU
6ăSWăPkQD&RQFXUV ,   YHULILFDUHDDVSHFWXOXLGHÄYDOH´DXQXLQXPăU
2ELHFWLYHVSHFLILFH  YHULILFDUHDDVSHFWXOXLGHÄPXQWH´DXQXLQXPăU
 6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDXWLOL]DILúLHUHOHSHQWUXFLWLUHDúLVFULHUHDGDWH  YHULILFDUHDDVSHFWXOXLGHÄYDOH´DXQXLFXYkQW
ORU9RUILWUHLSUREOHPHFDUHYRUILUH]ROYDWHvQGRXăRUH  YHULILFDUHDDVSHFWXOXLGHÄPXQWH´DXQXLFXYkQW
 GHWHUPLQDUHDVXEúLUXOXLDYkQGDVSHFWXOÄYDOH´UHVSHFWLYÄPXQWH´GLQWUXQúLU
 GDW
6ăSWăPkQD1XPHUH ,  
2ELHFWLYHVSHFLILFH
 (OHYLLYRUILFDSDELOLVăSUHOXFUH]HQXPHUHSHED]DFLIUHORUDFHVWRUDGDWHVXEIRU 6ăSWăPkQD1XPHUH ,,, 
PăGHFDUDFWHUHVDXQXPHUHúLYRUvQYăĠDVăDSOLFHVFKHPDOXL+RUQHU 2ELHFWLYHVSHFLILFH
x 'HVFRPSXQHUHFRPSXQHUHQXPHUHvQGLQFLIUH  (OHYLL YRU IL FDSDELOL Vă JHQHUH]H VHFYHQĠH GH QXPHUH DYkQG R SURSULHWDWH GDWă
 DILúDUHDFLIUHORUXQXLQXPăU IăUăSăVWUDUHDORUvQPHPRULH
 GHWHUPLQDUHDQXPăUXOXLGHFLIUHDOHXQXLQXPăU x *HQHUDUHDQXPHUHORUDYkQGRSURSULHWDWHFHUXWă
 GHWHUPLQDUHDFHOHLPDLPDUL PLFL FLIUHDXQXLQXPăU  GHWHUPLQDUHDSULPHORU1QXPHUHSULPH
 GHWHUPLQDUHD FHOHL PDL PDUL PLFL  FLIUH D XQXL QXPăU úL D SR]LĠLLORU SH FDUH  GHWHUPLQDUHDWXWXURUQXPHUHORUSULPHGLQWUXQLQWHUYDO
DSDUHDFHDVWD  GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSÄYDOH´GLQWUXQLQWHUYDO
 GHWHUPLQDUHDLQYHUVXOXLXQXLQXPăU  GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSÄPXQWH´GLQWUXQLQWHUYDO
 JHQHUDUHDXQXLQXPăUGLQWUXQúLUGHFDUDFWHUHFDUHVXQWFLIUH SURWHFĠLHvQFD]  GHWHUPLQDUHD WXWXURU QXPHUHORU GH WLS ÄYDOH´ úL D WXWXURU GH WLS ÄPXQWH´
GHGHSăúLUHúLGHFDUDFWHUHFDUHQXVXQWFLIUH  GLQWUXQLQWHUYDO
 YHULILFDUHDIDSWXOXLFăXQQXPăUHVWHSDOLQGURP  JHQHUDUHDWHUPHQLORUúLUXOXLOXL)LERQDFFL
 GHWHUPLQDUHDWXWXURUQXPHUHORUSDOLQGURDPHGLQWUXQLQWHUYDOGDW  QXPHUHSULHWHQH
 FLWLUHDXQXLQXPăUUHDOGHIRUPD[\úLDILúDUHDQXPăUXOXL\[  DOWHQXPHUHVSHFLDOH
 
6ăSWăPkQD1XPHUH ,,  6ăSWăPkQD1XPHUH ,9 
2ELHFWLYHVSHFLILFH 2ELHFWLYHVSHFLILFH
 (OHYLLYRUILFDSDELOLVăUHFXQRDVFăSUREOHPHOHFDUHFHUVWDELOLUHDXQHLSURSULHWăĠL  0XOWH SUREOHPH FHU H[SOLFLW VDX LPSOLFLW  FD XQ QXPăU VDX QXPHUHOH GDWH Vă VH
DOXQXLQXPăUGDW5ăVSXQVXULOHGDWHvQFD]XODFHVWRUSUREOHPHHVWHELYDOHQW 'D1X  FRQYHUWHDVFăvQWURDOWăED]ă$FHVWHRSHUDĠLLVHYRUUHDOL]DIăUăXWLOL]DUHGHWDEORXUL
GLQFDX]DDFHDVWDUH]ROYăULOHORUVHYRUWHVWDSHÄSDFKHWH´GHWHVWH'HDVHPHQHDvQ x &RQYHUVLLGHQXPHUHGLQWURED]ăvQDOWD
FD]XOvQFDUHVHFHUHJHQHUDUHDXQRUQXPHUHDYkQGRSURSULHWDWHFHUXWăYRUH[HUVD  FRQYHUVLHGLQED]DvQED]D
 3URJUDPDúFRODUă 3URJUDPDúFRODUă 
 
 FRQYHUVLHGLQED]DvQED]D  FLWLUHDD1úLUXUL FXQXPăUGLIHULWGHHOHPHQWH úLLGHQWLILFDUHDúLUXOXLFDUHDUH
 FRQYHUVLHGLQED]DvQED]D   FHOHPDLPXOWHHOHPHQWH
 FRQYHUVLHGLQED]D  vQED]D 
 FRQYHUVLHGLQED]DvQED]DE
 FRQYHUVLHGLQED]DEvQED]D
6ăSWăPkQDùLUXUL ,, ±2UGRQăUL
2ELHFWLYHVSHFLILFH
 FRQYHUVLHGLQED]DDvQED]DE
 2UGRQDUHD HVWH XQD GLQWUH RSHUDĠLLOH FHOH PDL IUHFYHQWH vQ DSOLFDĠLL (OHYLL YRU IL
 FRQYHUVLHGLQED]DvQED]D
FDSDELOLFDvQIXQFĠLHGHSURSULHWăĠLOHGDWHORUVăDOHDJăPHWRGDGHRUGRQDUHFHDPDL
 FRQYHUVLHGLQED]DvQED]D
SRWULYLWă0HWRGHGHRUGRQDUHPDLSHUIRUPDQWHVHYRUvQYăĠDGHRGDWăFXPHWRGDGLYL
 FRQYHUVLHGLQED]DDvQED]DE
GHHWLPSHUDUHVSHFWLYVWUXFWXULGHGDWHDYDQVDWH'HDVHPHQHDHOHYLLYRUIDFHGLV
 FRQYHUVLHGLQED]DvQED]DE RULFkWGHPDUH 
WLQFĠLHvQWUHYHULILFDUHDSURSULHWăĠLLXQXLHOHPHQWGLQúLUúLSURSULHWDWHDJOREDOăDúLUX
 FRQYHUVLHGLQED]DE RULFkWGHPDUH vQED]D
OXL
 FRQYHUVLHGLQED]DD RULFkWGHPDUH vQED]DE RULFkWGHPDUH 
x 2UGRQDUHDúLUXULORU
  YHULILFDUHDIDSWXOXLFăXQúLUHVWHRUGRQDW
6ăSWăPkQD&RQFXUV ,,   YHULILFDUHDIDSWXOXLFăHOHPHQWHOHXQXLúLUVXQWvQSURJUHVLHDULWPHWLFă JHRPH
2ELHFWLYHVSHFLILFH WULFă 
 6H YD WHVWD FDSDFLWDWHD HOHYLORU GH D PDQLSXOD FLIUHOH XQXL QXPăU GH D YHULILFD  RUGRQDUHFXPHWRGDEXOHORU
DQXPLWHSURSULHWăĠLDOHDFHVWRUDúLGHDJHQHUDQXPHUHFXDQXPLWHSURSULHWăĠL9RUIL  VRUWDUHSULQVHOHFĠLH
FLQFLSUREOHPHVLPSOHFDUHVHYRUUH]ROYDvQGRXăRUH  VRUWDUHSULQLQVHUĠLH
  VRUWDUHSULQQXPăUDUH
6ăSWăPkQDùLUXUL ,  
2ELHFWLYHVSHFLILFH 6ăSWăPkQDùLUXUL ,,, ±ùLUXULRUGRQDWH
 (OHYLLYRUILFDSDELOLVăUHFXQRDVFăDFHOHSUREOHPHFDUHQHFHVLWăGHFODUDUHDXQRU 2ELHFWLYHVSHFLILFH
WDEORXUL XQLGLPHQVLRQDOH vQ FRQVHFLQĠă SăVWUDUHD GDWHORU vQ PHPRULH SH SDUFXUVXO  &ăXWDUHDHVWHRSHUDĠLDFDUHSRDWHILHIHFWXDWăFXDOJRULWPLPXOWPDLHILFLHQĠLGDFă
H[HFXWăULLSURJUDPXOXL(LVHYRURELúQXLFXSUHOXFUDUHDORU6HYRUUH]ROYDSUREOHPH GDWHOHVXQWRUGRQDWHVDXVXQWSăVWUDWHvQVWUXFWXULGHGDWHGHFăXWDUH(OHYLLYRUvQYă
FDUHSHOkQJăYHULILFDUHDSURSULHWăĠLLFHUúLUHWXUQDUHD DILúDUHD SR]LĠLHLSHFDUHVH ĠDDOJRULWPXOGHFăXWDUHELQDUHIăUăDvQYăĠDvQGHWDOLLPHWRGDGLYLGHHWLPSHUDúLVH
DIOăDFHVW DFHVWH HOHPHQWH YRUIDPLOLDUL]DFXUH]ROYăULOHSUREOHPHORUFDUHFHUGHWHUPLQDUHDFHOHLPDLOXQJLVHF
x 'HILQLUHDúLUXULORUFXDMXWRUXOWDEORXULORUXQLGLPHQVLRQDOHúLUH]ROYDUHDSUREOHPH YHQĠHGHGDWHDYkQGHOHPHQWHFRQVHFXWLYHGHRSURSULHWDWHGDWăIRORVLQGDOJRULWPLOL
ORUGHILQLWHSHQWUXVăSWăPkQLOHúL QLDUL
 GHWHUPLQDUHDVXPHLHOHPHQWHORUXQXLúLU x &ăXWDUHDvQúLUXULRUGRQDWH
 GHWHUPLQDUHDPLQLPXOXLúLPD[LPXOXLXQXLúLU  FăXWDUHELQDUă
 GHWHUPLQDUHDSURSULHWăĠLLXQXLHOHPHQWGLQWUXQúLU  LQWHUFODVDUHDGRXăúLUXUL
 FăXWDUHDOLQLDUăDXQXLHOHPHQWvQWUXQúLU  FăXWDUHELQDUăFXGHWHUPLQDUHDH[WUHPLWăĠLORUDSDULĠLLORU
 FăXWDUHDOLQLDUăDXQXLHOHPHQWvQWUXQúLUúLGHWHUPLQDUHDWXWXURUDSDULĠLLORU  LQVHUDUHDXQXLHOHPHQWvQWUXQúLURUGRQDWFXSăVWUDUHDRUGLQLL
 FăXWDUHDOLQLDUăDXQXLHOHPHQWvQWUXQúLUúLHOLPLQDUHDOXL  HOLPLQDUHDXQXLHOHPHQWvQWUXQúLURUGRQDWFXSăVWUDUHDRUGLQLL
 FăXWDUHDOLQLDUăWXWXURUHOHPHQWHORUGLQWUXQúLUúLHOLPLQDUHDORU  GHWHUPLQDUHDGLQWUXQúLUDGRXăVXEúLUXULSHED]DXQHLSURSULHWăĠLGDWH FUHkQG
 GHWHUPLQDUHDGXEOXULORUvQWUXQúLUúLHOLPLQDUHDORU GRXăVXEúLUXULQRLFUHkQGXQVLQJXUVXEúLUQRXÄSHORF´ 
 FLWLUHDDGRXăúLUXUL FXQXPăUGLIHULWGHHOHPHQWH úLGHWHUPLQDUHDúLUXOXLFDUH  GHWHUPLQDUHDGLQWUXQúLUDPDLPXOWRUVXEúLUXULSHED]DDPDLPXOWRUSURSULH
DUHVXPDHOHPHQWHORUPD[LPăPLQLPă WăĠLGDWH
 FLWLUHDD1úLUXUL FXQXPăUGLIHULWGHHOHPHQWH úLGHWHUPLQDUHDúLUXOXLFDUHDUH  GHWHUPLQDUHDFHOHLPDLOXQJLVHFYHQĠHIRUPDWăGLQHOHPHQWHDYkQGRSURSULHWD
VXPDHOHPHQWHORUPD[LPăPLQLPă WHGDWă
 3URJUDPDúFRODUă 3URJUDPDúFRODUă 
 
 GHWHUPLQDUHD FHOHL PDL OXQJL VHFYHQĠH FDUH HVWH IRUPDWă GLQ HOHPHQWH DYkQG  GHWHUPLQDUHDVXPHORUHOHPHQWHORUDIODWHvQWULXQJKLXOGH16(úL9GHOLPLWDW
VXPDPD[LPă GHGLDJRQDOHOHPDWULFHL
 
6ăSWăPkQD3ROLQRDPH 6ăSWăPkQD7DEORXULPXOWLGLPHQVLRQDOH ,, 
2ELHFWLYHVSHFLILFH 2ELHFWLYHVSHFLILFH
 8WLOL]DUHDWDEORXULORUQXHVWHDEVROXWQHFHVDUăSHQWUXDSUHOXFUDSROLQRDPH(OHYLL  7DEORXULOHVHSRWSDUFXUJHvQPXOWHIHOXUL(OHYLLVHIDPLOLDUL]DFXDFHVWHSDUFXU
YRUILFDSDELOLVăLPSOHPHQWH]HRSHUDĠLLSHSROLQRDPH JHUL IRUPkQGXúL GH[WHULWDWHD GH D VH ÄSOLPED´ vQWUR PDWULFH ELGLPHQVLRQDOă FRQ
x &DOFXOHFXSROLQRDPH IRUPFHULQĠHORU
 FLWLUHDXQXLSROLQRPGDWSULQJUDGúLFRHILFLHQĠL x 3UHOXFUDUHDWDEORXULORUELGLPHQVLRQDOH
 FLWLUHDXQXLSROLQRPGDWSULQPRQRDPH  URWLUHDFXGHJUDGHDXQXLWDEORXELGLPHQVLRQDO
 GHWHUPLQDUHDYDORULLXQXLSROLQRPSHQWUXXQDUJXPHQWGDW  GHWHUPLQDUHDPDWULFHLVLPHWULFHIDĠăGHGLDJRQDODSULQFLSDOă VHFXQGDUă 
 DGXQDUHDDGRXăSROLQRDPH  vQORFXLUHDHOHPHQWHORUGLQWULXQJKLXOGHQRUGFXFHOHGLQWULXQJKLXOGHYHVW úL
 vQPXOĠLUHDDGRXăSROLQRDPH YDULDQWH 
 vPSăUĠLUHDDGRXăSROLQRDPH  SDUFXUJHUHDSHGLDJRQDOHDXQHLPDWULFH
 GHWHUPLQDUHDDFHOXLSROLQRPGLQWUH1SROLQRDPHFDUHSHQWUXXQDUJXPHQWGDW  SDUFXUJHUHDvQVSLUDOăDXQHLPDWULFH
DUHYDORDUHPD[LPă  GHWHUPLQDUHDSR]LĠLHLSXQFWXOXLÄúD´vQWURPDWULFH
  FDOFXODUHDVXPHORUGHDOXQJXOODWXULORUPDWULFHORUSăWUDWLFH
 YHULILFDUHDXQHLSURSULHWăĠLJOREDOHDXQXLWDEORXELGLPHQVLRQDO
6ăSWăPkQD&RQFXUV ,,, 
2ELHFWLYHVSHFLILFH 
 6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDOXFUDFXúLUXUL'HDVHPHQHDVHYDWHVWDFD 6ăSWăPkQD7DEORXULPXOWLGLPHQVLRQDOH ,,, 
SDFLWDWHDGHDDOHJHDOJRULWPXOGHVRUWDUHUHVSHFWLYFăXWDUHDGHFYDWSUHFXPúLPHWR 2ELHFWLYHVSHFLILFH
GDDGHFYDWăGHVWRFDUHDXQXLSROLQRP9RUILWUHLSUREOHPHFDUHYRUILUH]ROYDWHvQ  7DEORXULOH ELGLPHQVLRQDOH VH FRPSXQ GH úLUXUL GH úLUXUL (OHYLL VH YRU RELúQXLVă
GRXăRUH VWDELOHDVFăFkQGDQXPHHVWHDYDQWDMRVVăSUHOXFUH]HWDEORXULELGLPHQVLRQDOHIRORVLQG
 DFHDVWăSURSULHWDWHDGLFăPDQHYUkQGúLUXUL
6ăSWăPkQD7DEORXULPXOWLGLPHQVLRQDOH ,  x 2SHUDĠLLFXPDWULFH
 SURGXVXODGRXăPDWULFH
2ELHFWLYHVSHFLILFH
 SURGXVXOD1PDWULFH
 7HRULDPDWULFHORUVHvQYDĠăvQFODVDD;,DGHFLQXHVWHQHYRLHFDHOHYLLVăILHLQ
 LQYHUVDUHDDGRXăOLQLLFRORDQH
WURGXúLvQFDSLWROXOUHVSHFWLYDOPDWHPDWLFLL7DEORXULOHGHQXPHUHVDXGHFDUDFWHUHVH
 RUGRQDUHDOLQLLORUDVWIHOvQFkWHOHPHQWHOHGHSHGLDJRQDODSULQFLSDOăVHFXQGDUă
SRWSUHOXFUDIăUăDFHVWHFXQRúWLQĠH(OHYLLVHYRURELúQXLVăGHILQHDVFăWDEORXULELGL
VăILHvQRUGLQHFUHVFăWRDUHGHVFUHVFăWRDUH
PHQVLRQDOHVăSUHOXFUH]HHOHPHQWHOHDFHVWRUWDEORXULúLVăDFFHVH]HHOHPHQWHOHWDEOR
 LQWHUFODVDUHDD1úLUXULRUGRQDWH
XULORUELGLPHQVLRQDOHIRORVLQGH[SUHVLLGHLQGLFL
 YHULILFDUHDWULXQJKLXODULWăĠLLXQHLPDWULFH LQIHULRUVXSHULRUWULXQJKLXODUă 
x &DOFXOHVLPSOHFXHOHPHQWHOHXQHLPDWULFH
 VXPDHOHPHQWHORUXQHLPDWULFH 
 LGHQWLILFDUHDOLQLHLúLFRORDQHLSHFDUHVHDIOăPLQLPXOPD[LPXO 6ăSWăPkQD7DEORXULPXOWLGLPHQVLRQDOH ,9 
 VXPDHOHPHQWHORUGHSHGLDJRQDODSULQFLSDOă 2ELHFWLYHVSHFLILFH
 VXPDHOHPHQWHORUGHSHGLDJRQDODVHFXQGDUă  ÌQSUREOHPHSRWVăDSDUăúLWDEORXULFXPDLPXOWHGLPHQVLXQLGHFkW(OHYLLvúLYRU
 VXPDHOHPHQWHORUGHGHDVXSUD GHGHGHVXEWXO GLDJRQDOHLSULQFLSDOH IRUPDDELOLWăĠLGHDSUHOXFUDDVHPHQHDWDEORXUL
 VXPDHOHPHQWHORUGHGHDVXSUD GHGHGHVXEWXO GLDJRQDOHLVHFXQGDUH x 3UHOXFUDUHDWDEORXULORUDYkQGGLPHQVLXQHPDLPDUHGHFkW
 GHWHUPLQDUHDVXPHLFHORURSWYHFLQLDLXQXLHOHPHQW  VXPDHOHPHQWHORUXQXLWDEORXQGLPHQVLRQDO
3URJUDPDúFRODUă 
 3URJUDPDúFRODUă
 
 LGHQWLILFDUHDFRRUGRQDWHORUXQXLHOHPHQWGDW WRDWHDSDULĠLLOH vQWUXQWDEORXQ x 'HILQLUHDXQRUVWUXFWXULGHGDWHGHWLSPXOĠLPH FXVHWvQ3DVFDOúLIăUă úLSUHOX
GLPHQVLRQDO FUDUHDORU
 SDUFXUJHUHDXQXLWDEORXWULGLPHQVLRQDOGLQVSUHH[WHULRUvQVSUHLQWHULRU  DILúDUHDUHXQLXQLLDGRXăPXOĠLPLGHQXPHUHOLWHUH
 GHWHUPLQDUHDPDWULFHLGLQWUXQWDEORXWULGLPHQVLRQDOFDUHDUHVXPDHOHPHQWH  DILúDUHDLQWHUVHFĠLHLDGRXăPXOĠLPLGHQXPHUHOLWHUH
ORUPD[LPă  DILúDUHDGLIHUHQĠHLDGRXăPXOĠLPLGHQXPHUHOLWHUH
  YHULILFDUHDDSDUWHQHQĠHLXQXLQXPăU XQHLOLWHUH ODRPXOĠLPHGDWă
 JHQHUDUHDFODVHORUGHHFKLYDOHQĠăSHED]DSHUHFKLORUGHQXPHUHFDUDFWHUHFDUH
6ăSWăPkQD&RQFXUV ,9  VHDIOăvQWURUHODĠLHGDWă
2ELHFWLYHVSHFLILFH
 6H YD WHVWD FDSDFLWDWHD HOHYLORU GH D OXFUD FX WDEORXUL PXOWLGLPHQVLRQDOH 9RU IL

SDWUXSUREOHPHFDUHYRUILUH]ROYDWHvQGRXăRUH 6ăSWăPkQD$ULWPHWLFDQXPHUHORUPDUL
2ELHFWLYHVSHFLILFH

 'DFăXQQXPăUGHXQDQXPLWWLSGHSăúHúWHFHOPDLPDUHQXPăUSRVLELOGHUHSUH
6ăSWăPkQD$UWLFROH ]HQWDWFXWRDWHFLIUHOHH[DFWHGDUSUREOHPDQHFHVLWăXQUH]XOWDWH[DFWRSHUDĠLLOHDULW
2ELHFWLYHVSHFLILFH PHWLFHFDUHWUHEXLHHIHFWXDWHVHYRUVLPXODIRORVLQGúLUXULGHFDUDFWHUH$FHVWHSUHOX
 $FHOHGDWHFDUHVHFRPSXQGLQPDLPXOWHFRPSRQHQWHDYkQGWLSXULGLIHULWHGHPXO FUăULQHFHVLWăFXQRDúWHUHDVXESURJUDPHORUGHILQLWHvQXQLWXOVWDQGDUGDOPHGLXOXLSH
WHRULVHVWUXFWXUHD]ăvQDUWLFROH(OHYLLYRUvQYăĠDFXPVHGHFODUăHILFLHQWúLFXPVH VWULQJXUL(OHYLLYRUUH]ROYDSUREOHPHvQFDUHHVWHQHFHVDUăLPSOHPHQWDUHDRSHUDĠLL
SUHOXFUHD]ăDVHPHQHDGDWH(LYRUUH]ROYDSUREOHPHDVHPăQăWRDUHFXFHOHGLQYLDĠD ORUDULWPHWLFHSHQXPHUHPDUL
FX]LGH]LDSOLFkQGIDFLOLWăĠLOHRIHULWHGHPHGLXOGHSURJUDPDUHDOHV x $ULWPHWLFDQXPHUHORUPDUL
x 'HILQLUHDXQRUVWUXFWXULGHGDWHGHWLSDUWLFRO LQFOXVLYFXYDULDQWH úLSUHOXFUDUHD  LPSOHPHQWDUHDRSHUDĠLLORUFXQXPHUHPDUL DGXQDUHVFăGHUHvQPXOĠLUHvPSăU
ORU ĠLUHUHVWXOvPSăUĠLULLvQWUHJLULGLFDUHODSXWHUHUDGLFDO 
 FUHDUHDXQXLFDWDORJSHQWUXRFODVă  JHQHUDUHDSULPHORU1 1! WHUPHQLDLúLUXOXLOXL)LERQDFFL
 DILúDUHDvQRUGLQHGHVFUHVFăWRDUHGXSăPHGLHDHOHYLORUDGPLúLúLDOIDEHWLFăD  JHQHUDUHDYDORULL1 1! 
HOHYLORUUHVSLQúLODXQH[DPHQ  FDOFXODUHDYDORULLDE
 DILúDUHDWXWXURUHOHYLORUFDUHDXGRPLFLOLXOvQWUXQDQXPLWRUDú
 RUGRQDUHD HOHYLORU vQ IXQFĠLH GH vQăOĠLPH úL SHQWUX vQăOĠLPL HJDOH vQ RUGLQHD

JUHXWăĠLL 6ăSWăPkQD2SHUDĠLLSHELĠL
 FUHDUHDXQXLILúLHUFDUHVăFRQĠLQăDUWLFROHSULYLQGFăUĠLOHGLQWURELEOLRWHFă 2ELHFWLYHVSHFLILFH
 FUHDUHDXQXLILúLHUFDUHVăFRQĠLQăDUWLFROHSULYLQGFăUĠLOHGLQWURELEOLRWHFăDVW  (OHYLLVHYRUIDPLOLDUL]DFXXWLOL]DUHDRSHUDWRULORUFDUHSHUPLWSUHOXFUDUHDGDWHORU
IHOvQFkWvQFD]XOPDQXDOHORUVăVHVSHFLILFHGLVFLSOLQDFODVDSHQWUXFDUHHVWH SHELĠLÌQUH]ROYDUHDGHSUREOHPHXWLOL]DUHDDFHVWRUDPăUHúWHSHUIRUPDQĠHOHSURJUD
YDODELOPDQXDOXODXWRULLHWFLDUSHQWUXFăUĠLOHFDUHQXVXQWPDQXDOHQXPăUXO PHORU
DXWRULORUDXWRULLWLWOXOHGLWXUDHWF VHYDOXFUDFXvQUHJLVWUăULFXYDULDQWH  x 8WLOL]DUHDRSHUDĠLLORUSHELĠLvQVFRSXODFFHOHUăULLDQXPLWRURSHUDĠLLGLQDOJRULWPL
 FUHDUHD XQXL ILúLHU FX DUWLFROH SULYLQG UH]XOWDWHOH SDUWLFLSDQĠLORU OD ROLPSLDGD  VFKLPEDUHDVHPQXOXLXQXLQXPăU
LQWHUQDĠLRQDOăGHLQIRUPDWLFă  VFKLPEDUHDYDORULLXQXLELWGLQWUXQQXPăU
  FRGLILFDUHDúLGHFRGLILFDUHDXQXLQXPăUSHED]DXQHLFKHL
 LQWHUVFKLPEDUHDDGRXăQXPHUHIăUăYDULDELOăDX[LOLDUăIRORVLQGRSHUDĠLDxor
6ăSWăPkQD0XOĠLPLúLVLPXODUHDORU  vQPXOĠLUHDúLvPSăUĠLUHDFXSXWHULDOHOXL
2ELHFWLYHVSHFLILFH  QXPăUDUHDELĠLORUDYkQGYDORDUHD VDX GLQUHSUH]HQWDUHDXQXLQXPăUvQED
 0XOWHSUREOHPHQHFHVLWăHIHFWXDUHDRSHUDĠLLORUGLQWHRULDPXOĠLPLORUÌQIXQFĠLHGH ]D
PHGLXOGHSURJUDPDUHúLGHSURSULHWăĠLOHFRQFUHWHDOHGDWHORUDFHVWHDSRWILRUJDQL]D  GHVFRPSXQHUHDXQXLQXPăUvQWUHJvQRFWHWXOGLQVWkQJDúLRFWHWXOGLQGUHDSWD
WHvQPXOĠLPLVDXVHSRWRUJDQL]DvQDOWHVWUXFWXULGHGDWH WDEORXUL VLPXOkQGRSHUD  REĠLQHUHDUHSUH]HQWăULLvQED]DDXQXLQXPăUvQWUHJIRORVLQGRSHUDĠLLSHELĠL
ĠLLOHUHVSHFWLYH  URWLUHDFLIUHORUELQDUHDOHXQXLQXPăUvQWUHJ
 3URJUDPDúFRODUă
3URJUDPDúFRODUă 

VFKLPEDUHDFLIUHORUELQDUHHJDOHFXvQúLLQYHUV 
JHQHUDUHDWXWXURUVXEPXOĠLPLORUPXOĠLPLL^«1`  FDOFXOXOUHFXUVLYDOWHUPHQLORUXQXLúLUSHED]DXQHLUHODĠLLGHUHFXUHQĠă
JHQHUDUHDWXWXURUúLUXULORUFDUHFRQĠLQQXPDLYDORULOHúL  JHQHUDUHDVXEPXOĠLPLORUPXOĠLPLL^«1`
 GHWHUPLQDUHDRELHFWHORUGLQFDUHVHFRPSXQHRIRWRJUDILH


6ăSWăPkQD&RQFXUV 9 
2ELHFWLYHVSHFLILFH 6ăSWăPkQD%DFNWUDFNLQJ , 
 6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDOXFUDFXWLSXULOHDUWLFROúLPXOĠLPHSUHFXPúL 2ELHFWLYHVSHFLILFH
FDSDFLWDWHDGHDXWLOL]DQXPHUHOHPDULúLRSHUDĠLLOHSHELĠL9RUILSDWUXSUREOHPHFDUH  8WLOLWDWHDPHWRGHLEDFNWUDFNLQJHVWHÄFRQWHVWDWă´vQOLWHUDWXUDGHVSHFLDOLWDWHWR
YRUILUH]ROYDWHvQGRXăRUH WXúLDYkQGvQYHGHUHFăH[LVWăPXOWHSUREOHPHSHQWUXUH]ROYDUHDFăURUDQXH[LVWăDOWă
PHWRGăPDLEXQăHOHYLLRYRUFXQRDVFăúLYRUvQYăĠDVRDSOLFHGDFăHVWHFD]XOVDX
 GDFăQXJăVHVFQLFLRDOWHUQDWLYăYLDELOă(LYRUGHYHQLFDSDELOLVăLGHQWLILFHDFHDVWă
6ăSWăPkQD)XQFĠLLúLSURFHGXUL FODVăGHSUREOHPHúLVăLPSOHPHQWH]HUH]ROYăULGH]YROWDWHSHED]DPHWRGHL/DvQFHSXW
2ELHFWLYHVSHFLILFH VHYRUWUDWHSUREOHPHFDUHSUHOXFUHD]ăúLUXULúLFHUIXUQL]DUHDWXWXURUVROXĠLLORU
 (OHYLLDXIRORVLWGHMDPXOWHVXESURJUDPHSUHGHILQLWHGDUHLWUHEXLHVăILHFDSDELOL x 'HILQLUHD PHWRGHL úL LGHQWLILFDUHD FODVHL GH SUREOHPH FDUH VH UH]ROYă FX PHWRGD
VăLPSOHPHQWH]HUH]ROYDUHDXQRUVXESUREOHPHVXEIRUPăGHVXESURJUDPHSURSULL(L EDFNWUDFNLQJ
YRULPSOHPHQWDDOJRULWPLLGHUH]ROYDUHVXEIRUPăJHQHUDOL]DWăDVWIHOvQFkWDFHVWHDVă  JHQHUDUHDWXWXURUSHUPXWăULORUúLUXOXLGHQXPHUH1
VH SRDWă UHXWLOL]D vQ UH]ROYDUHD PDL PXOWRU SUREOHPH 9D FUHúWH OL]LELOLWDWHD  DúH]DUHDDUHJLQHSHWDEODGHúDKIăUăFDDFHVWHDVăVHDWDFH
SURJUDPHORUúLVHYDXúXUDGHSDQDUHD  JHQHUDUHDSURGXVXOXLVFDODUDGRXăPXOĠLPL
x 8WLOL]DUHDIXQFĠLLORUúLSURFHGXULORU SUHGHILQLWHúLXWLOL]DWRU   JHQHUDUHDWXWXURUDUDQMDPHQWHORUGH1OXDWHFkWH0
 UH]ROYDUHDPDMRULWăĠLLSUREOHPHORUWUDWDWHIRORVLQGVXESURJUDPH  JHQHUDUHDWXWXURUSHUHFKLORUGHSDUDQWH]HFDUHVHvQFKLGFRUHFW
 UH]ROYDUHDXQRUSUREOHPHvQFDUHSUREOHPDLQLĠLDOăVHGHVFRPSXQHvQVXESUR  JHQHUDUHDWXWXURUIXQFĠLLORULQMHFWLYHFXQRVFkQGPXOĠLPHDGHDUJXPHQWHúLFHD
EOHPH DYDORULORUIXQFĠLLORU
 UH]ROYDUHD XQRU SUREOHPH vQ FDUH XQ DFHODúL VXESURJUDP VH DSHOHD]ă vQ PRG  JHQHUDUHD WXWXURU IXQFĠLLORU VXUMHFWLYH FXQRVFkQG PXOĠLPHD GH DUJXPHQWH úL
UHSHWDWSHQWUXGDWHGLIHULWH FHDDYDORULORUIXQFĠLLORU
 UHDOL]DUHDXQXLXQLWSURSULXFDUHFRQĠLQHWRDWHSUREOHPHOHUH]ROYDWHFXVXESUR  JHQHUDUHDWXWXURUSDUWLĠLLORUXQXLQXPăUGDW
JUDPHúLVFULHUHDXQRUSURJUDPHFDUHIRORVHVFDFHVWXQLW  JHQHUDUHDSDUWLĠLLORUPXOĠLPLL^«1`
 JHQHUDUHDWXWXURUWXUQXULORUGHFXEXULvQIXQFĠLHGHDQXPLWHSURSULHWăĠLGDWH
6ăSWăPkQD5HFXUVLYLWDWH 
2ELHFWLYHVSHFLILFH 6ăSWăPkQD%DFNWUDFNLQJ ,, 
 5HFXUVLYLWDWHDHVWHXQFRQFHSWGHVvQWkOQLWvQSURJUDPDUH(DWRWXúLWUHEXLHDSOLFD 2ELHFWLYHVSHFLILFH
WăFXJULMăIăUăFDIRORVLQGRVăVHPăUHDVFăLQXWLOFRPSOH[LWDWHDDOJRULWPLORU6XE   (OHYLLYRUILFDSDELOLVăLGHQWLILFHFODVDGHSUREOHPHFDUHVHUH]ROYăFXPHWRGD
SURJUDPHOHUHFXUVLYHVXQWOL]LELOHFRPSDFWHúLVHDSOLFăPDLDOHVDVXSUDVWUXFWXULORU EDFNWUDFNLQJSHGDWHGHILQLWHvQGRXăGLPHQVLXQL
GHGDWHGHILQLWHUHFXUVLYVDXvQFD]XOSUREOHPHORUDOHFăURUPRGHOPDWHPDWLFHVWHGH x 'HILQLUHD PHWRGHL úL LGHQWLILFDUHD FODVHL GH SUREOHPH FDUH VH UH]ROYă FX PHWRGD
ILQLWvQWHUPHQLUHFXUVLYL6HYDUHYHQLODUHFXUVLYLWDWHvQFODVDD;DFkQGVHYRUvQYă EDFNWUDFNLQJvQGRXăGLPHQVLXQL
ĠDOLVWHúLDUERUL  LHúLUHDGLQODELULQW
x 'HILQLUHDFRQFHSWXOXLúLUH]ROYDUHDXQRUSUREOHPHHQXQĠDWHvQWHUPHQLUHFXUVLY  ODELULQWFXSHUHĠLLFHOXOHORUSăVWUDĠLSHELĠL
 LQYHUVDUHDFLIUHORUGLQFRQILJXUDĠLDXQXLQXPăUGDW IăUăVWULQJXUL   DUDQMDUHD XQRU SLHVH GH WHWULV DVWIHO vQFkW VH FRPSOHWHD]ă LQWHJUDO XQ GUHSW
 LQYHUVDUHDQXPHUHORUGLQWUXQúLUGDW IăUăWDEORXUL  XQJKLGHGLPHQVLXQLGDWH
 FDOFXOXOUHFXUVLYDOIDFWRULDOXOXL 
 FDOFXOXOUHFXUVLYDOFHOXLPDLPDUHGLYL]RUFRPXQDGRXăQXPHUHvQWUHJL
&XSULQV  
 
3UHIDĠă  
3URJUDPDúFRODUă   

 3URJUDPDúFRODUă
 5HFDSLWXODUH
 6WUXFWXUDSURJUDPHORU3DVFDO  
6ăSWăPkQD%DFNWUDFNLQJ ,,,   9RFDEXODUXOOLPEDMXOXL   
2ELHFWLYHVSHFLILFH  &RQVWDQWH   
 ÌQ FD]XULOH vQ FDUH VD KRWăUkW DSOLFDUHD PHWRGHL SHQWUX SUREOHPH FDUH QHFHVLWă  7LSXULVWDQGDUGGHGDWH   
GHWHUPLQDUHDXQXLPLQLPSURJUDPXOSRDWHILRSWLPL]DW(OHYLLYRUILFDSDELOLVăLGHQ  9DULDELOH   
WLILFHFODVDGHSUREOHPHvQFDUHDVHPHQHDRSWLPL]ăULVXQWSRVLELOHúLYRUvQYăĠDVăOH 'HILQLUHDFRQVWDQWHORU  
([SUHVLL  
LPSOHPHQWH]H'HDVHPHQHDHLYRUvQYăĠDPRGDOLWăĠLSULQFDUHSRWVăPăVRDUHWLPSXO &LWLUHDúLVFULHUHDGDWHORU   
GHH[HFXWDUHDOSURSULXOXLSURJUDPúLVăORSUHDVFăvQPRPHQWXOvQFDUHDUXUPDFD ,QVWUXFĠLXQL  
DFHVWDVăUXOH]HPDLPXOWGHFkWWLPSXOSHUPLV9RUvQYăĠDWHKQLFLGHRSWLPL]DUHFXP 3UREOHPHSURSXVH   
DU IL VFULHUHD vQ ILúLHU D XQRU ÄSDFKHWH GH UH]XOWDWH´ JHQHUDUHD XQRU UH]XOWDWH DOH 
SUREOHPHLvQWLPSXOOXFUXOXLúLLQWURGXFHUHDDFHVWRUDvQWDEORXULGHFRQVWDQWHHWF )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
x 'HILQLUHDPHWRGHLúLLGHQWLILFDUHDFODVHLGHSUREOHPHvQFDUHUH]ROYDUHDFXPHWR  ([SORDWDUHDXQXLILúLHUGHWLSWH[W 
GDEDFNWUDFNLQJQHFHVLWă úLSHUPLWH RSWLPL]ăUL  3UHOXFUăULVLPSOHDOHGDWHORUFLWLWHGLQILúLHUH  
 'HWHUPLQDUHDHOHPHQWXOXLPLQLPPD[LP  
 GHWHUPLQDUHDWXUQXOXLGHFXEXULGHvQăOĠLPHPLQLPă  ,PSOHPHQWăULVXJHUDWH  
 GHWHUPLQDUHDGUXPXOXLSHFDUHEURDVFDDMXQJHODOăFXVWăúLVHvQWRDUFHODORFXO  3UREOHPHSURSXVH  
GHSkQGăSHVXSUDIDĠDXQXLODFvQJKHĠDWXQGHJKHDĠDVHUXSHvQXUPDHIHFWXăULL  6ROXĠLLOHSUREOHPHORU  
VăULWXULORU 
 YL]LWDUHDXQHLPDWULFHGHGLPHQVLXQL0Â1DVWIHOvQFkWVHFUHHD]ăXQúLU$DOH 1XPHUH  
FăUXL HOHPHQWH VXQW QXPHUHOH GLQ PDWULFH GRXă HOHPHQWH DIODWH SH SR]LĠLL  3UHOXFUăULDOHQXPHUHORU  
FRQVHFXWLYHvQúLUXO$WUHEXLHVăILHYHFLQHvQPDWULFH6XPDÂ$Â$  ,PSOHPHQWăULVXJHUDWH  
«0Â1Â$0Â1WUHEXLHVăILHPLQLPă  3UREOHPHSURSXVH  
 6ROXĠLLOHSUREOHPHORU  
 
6ăSWăPkQD&RQFXUV 9,  1XPHUHVSHFLDOH  
2ELHFWLYHVSHFLILFH  1XPHUHSHUIHFWH  
 1XPHUHSULHWHQH  
 6HYDWHVWDFDSDFLWDWHDHOHYLORUGHDIRORVLWHKQLFLUHFXUVLYHúLGHDUH]ROYDSUREOH
 1XPHUHWULDQJXODUH  
PHSULQPHWRGDEDFNWUDFNLQJ9RUILGRXăSUREOHPHFDUHYRUILUH]ROYDWHvQGRXăRUH  1XPHUHSăWUDWLFH 
  1XPHUHSLUDPLGDOH  
1XPHUHSLWDJRUHLFH 
1XPHUHSULPH  
1XPHUH)LERQDFFL 
,PSOHPHQWăULVXJHUDWH  
3UREOHPHSURSXVH  
 6ROXĠLLOHSUREOHPHORU  
 Cuprins Cuprins 
 
&RQYHUVLL   ùLUXULGHFDUDFWHUH  
 6LVWHPHGHQXPHUDĠLH   2SHUDĠLLFXYDULDELOHGHWLSstring 
 &RQYHUVLLvQWUHGRXăED]HGHQXPHUDĠLH   6XESURJUDPHSUHGHILQLWHSHQWUXstringXUL  
 2SHUDĠLLFXQXPHUHQDWXUDOHvQGLYHUVHED]HGHQXPHUDĠLH    ,PSOHPHQWăULVXJHUDWH  
 &ULWHULLGHGLYL]LELOLWDWHvQGLYHUVHED]HGHQXPHUDĠLH    3UREOHPHSURSXVH  
,PSOHPHQWăULVXJHUDWH    6ROXĠLLOHSUREOHPHORU  
3UREOHPHSURSXVH   
6ROXĠLLOHSUREOHPHORU   $ULWPHWLFDQXPHUHORUPDUL  
   &DOFXODUHDYDORULLn  
7DEORXULXQLGLPHQVLRQDOH    3UREOHPHSURSXVH  
 $WULEXLUHD   6ROXĠLLOHSUREOHPHORU  
 6HOHFWDUHDXQHLFRPSRQHQWH    
 'HFODUDUHDWDEORXULORUXQLGLPHQVLRQDOH  7DEORXULELGLPHQVLRQDOH  
 &LWLUHDWDEORXULORUXQLGLPHQVLRQDOH    'HILQLĠLH 
 $ILúDUHDWDEORXULORUXQLGLPHQVLRQDOH   2SHUDĠLLFXWDEORXULELGLPHQVLRQDOH 
 3UHOXFUăULVLPSOHSHWDEORXUL   &DUHXULPDJLFH 
,PSOHPHQWăULVXJHUDWH    ,PSOHPHQWăULVXJHUDWH  
3UREOHPHSURSXVH    3UREOHPHSURSXVH  
6ROXĠLLOHSUREOHPHORU    6ROXĠLLOHSUREOHPHORU  
   
6XESURJUDPH   7DEORXULPXOWLGLPHQVLRQDOH 
 1RĠLXQHDGHPRGXO   $SOLFDĠLLFXWDEORXULWULGLPHQVLRQDOH  
 'HFODUDUHDúLDSHOXOXQXLVXESURJUDP    ,PSOHPHQWăULVXJHUDWH  
 )XQFĠLLúLSURFHGXULvQ3DVFDO   3UREOHPHSURSXVH  
 'H]YROWDUHDSURJUDPHORU    6ROXĠLLOHSUREOHPHORU  
 ,PSOHPHQWăULVXJHUDWH    
3UREOHPHSURSXVH   3ROLQRDPH  
6ROXĠLLOHSUREOHPHORU    'HILQLUHDQRĠLXQLLGHSROLQRP 
   )RUPDDOJHEULFăDSROLQRDPHORU  
6WLYD    5HSUH]HQWDUHDSROLQRDPHORUvQPHPRULDFDOFXODWRUXOXL  
 2SHUDĠLLFXVWLYH   ,PSOHPHQWăULVXJHUDWH  
 (YDOXDUHDH[SUHVLLORUDULWPHWLFH    3UREOHPHSURSXVH  
 3UREOHPHSURSXVH    6ROXĠLLOHSUREOHPHORU  
 6ROXĠLLOHSUREOHPHORU    
  0XOĠLPL  
2UGRQăULúLFăXWăUL    7LSXOPXOĠLPH  
 $OJRULWPLGHRUGRQDUH    2SHUDĠLLOHSRVLELOHFXGDWHOHGHWLSPXOĠLPH  
 $OJRULWPLGHFăXWDUH    3UREOHPHSURSXVH  
 ,QWHUFODVDUHDDGRXăWDEORXULXQLGLPHQVLRQDOH   6ROXĠLLOHSUREOHPHORU  
 ,PSOHPHQWăULVXJHUDWH    
 3UREOHPHSURSXVH   7LSXOvQUHJLVWUDUH  
 6ROXĠLLOHSUREOHPHORU    'HFODUDUHDXQXLWLSvQUHJLVWUDUH  
  2SHUDĠLL  
  ,PSOHPHQWăULVXJHUDWH  

 Cuprins 
 
 3UREOHPHSURSXVH  
 6ROXĠLLOHSUREOHPHORU  
5HFDSLWXODUH &DSLWROXO


  
™
6WUXFWXUDSURJUDPHORU3DVFDO
2SHUDĠLLSHELĠL   ™
9RFDEXODUXOOLPEDMXOXL
 1RĠLXQLGHED]ă  ™
&RQVWDQWH
 5HSUH]HQWDUHDQXPHUHORUvQPHPRULH  ™
7LSXULVWDQGDUGGHGDWH
 2SHUDĠLLSHELĠL   ™
9DULDELOH
™
'HILQLUHDFRQVWDQWHORU
 ÌQPXOĠLUHFXRSHUDĠLLSHELĠL   ™
([SUHVLL
 ,PSOHPHQWăULVXJHUDWH   ™
&LWLUHDúLVFULHUHDGDWHORU
3UREOHPHSURSXVH   ™
,QVWUXFĠLXQL
6ROXĠLLOHSUREOHPHORU   ™
3UREOHPHSURSXVH
  
5HFXUVLYLWDWH   
 1RĠLXQHDGHUHFXUVLYLWDWH    /LPEDMXO3DVFDODIRVWFRQFHSXWPDLDOHVvQVFRSGLGDFWLFXUPăULQGSUHGDUHDÄDUWHL
 3URLHFWDUHDXQXLDOJRULWPUHFXUVLY  SURJUDPăULL FDOFXODWRDUHORU´ FRQIRUP SULQFLSLLORU SURJUDPăULL VWUXFWXUDWH /LPEDMXO
 ([HFXĠLDDSHOXULORUUHFXUVLYH   PRGHOHD]ăQDWXUDOFRQFHSWHGHED]ăvQSURJUDPDUHúLSHUPLWHLPSOHPHQWăULHILFLHQWH
 5HFXUVLYLWDWHLQGLUHFWă vQFUXFLúDWă   
 *UHúHOLIUHFYHQWHvQVFULHUHDSURJUDPHORUUHFXUVLYH   6WUXFWXUDSURJUDPHORU3DVFDO
&kQGPHULWăVăXWLOL]ăPWHKQLFDUHFXUVLYLWăĠLL"   ÌQGHVFULHUHDXQXLSURJUDP3DVFDOVHGLIHUHQĠLD]ăDFĠLXQLOHGHHIHFWXDWúLGHVFULHUHDGD
,PSOHPHQWăULVXJHUDWH   WHORUGHSUHOXFUDWÌQVWUXFWXUDXQXLSURJUDP3DVFDOLQWUă
3UREOHPHSURSXVH   x DQWHWXO SURJUDPXOXL RSĠLRQDO  ± FRQĠLQH FXYkQWXO UH]HUYDW  XUPDW GH
6ROXĠLLOHSUREOHPHORU   QXPHOHSURJUDPXOXL
  x GHFODUDĠLH RSĠLRQDO DQXPHORUXQLWXULORUFDUHVHYRUIRORVLvQSURJUDPLQWURGX
0HWRGDEDFNWUDFNLQJ  VăGHFXYkQWXOUH]HUYDW
;
 %DFNWUDFNLQJLWHUDWLY  x SDUWHREOLJDWRULHIRUPDWăGLQWUXQEORFXUPDWGHFDUDFWHUXOSXQFW '.' 
 %DFNWUDFNLQJUHFXUVLY   
 ,PSOHPHQWăULVXJHUDWH    8QXQLWHVWHRFROHFĠLHGHGHFODUDĠLLGHFRQVWDQWHWLSXULYDULDELOHúLVXESURJUDPH
 3UREOHPHSURSXVH   8QXQLWVHFRPSLOHD]ăúLVHXWLOL]HD]ăvQSURJUDPHOHvQFDUHVHGRUHúWHIRORVLUHDDFHV
 6ROXĠLLOHSUREOHPHORU   WRU FRQVWDQWH WLSXUL YDULDELOH úL VXESURJUDPH )RORVLUHD XQLWXULORU SHUPLWH VFULHUHD
  XQRUSURJUDPHPDULFDUHSRWGHSăúL.'LPHQVLXQHDXQXLSURJUDPFDúLFHDDXQXL
%LEOLRJUDILH   XQLWQXSRDWHVăGHSăúHDVFă.8QLWXULOHVWDQGDUGRIHULWHGHPHGLXO%RUODQG3DVFDO
VXQW System Dos Graph CrtHWF8QLWXO SystemHVWHvQFRUSRUDWvQWRDWHSURJUD
 PHOH3DVFDOIăUăVăILHQHFHVDUăLQFOXGHUHDGHFODUDĠLHL 
$FHVWXQLWFXSULQGHSUR
FHGXULOHúLIXQFĠLLOHFHOPDLGHVIRORVLWH
 5HFDSLWXODUH
 5HFDSLWXODUH 
 %ORFXOHVWHFHDPDLLPSRUWDQWăSDUWHGLQWUXQSURJUDPúLFXSULQGHRVHFĠLXQHGHGH 
FODUDĠLL RSĠLRQDO úLRVHFĠLXQHGHSURJUDP  ÌQ VHFĠLXQHD
 DP GHILQLW WLSXO GH GDWH pozitiv FX YDORUL PDUL DVWIHO SXWHP
 'HFODUDĠLLOHVHSRWSUHFL]DvQRULFHRUGLQHSRWDOWHUQDúLVHSRWUHSHWD$FHVWHDVXQW FDOFXODSHULPHWUXOúLDULDXQXLWULXQJKLDYkQGOXQJLPLOHODWXULORUQXPHUHSR]LWLYHFDUH
VWUXFWXUDWHDVWIHO SRWGHSăúLYDORDUHDGHGRXăPLOLDUGHGDUWUHEXLHVăILHPDLPLFLVDXHJDOHFXYDORDUHD
± GHFODUDĠLLGHFRQVWDQWH FRQVWDQWHL MaxLongint 2147483647 5H]XOWDWHOHOHYRPGHFODUDGHWLS RealGH
± GHILQLĠLLGHWLSXUL RDUHFHGRDUWLSXODFHVWDSHUPLWHSăVWUDUHDUH]XOWDWXOXLFX]HFLPDOHH[DFWH
± GHFODUDĠLLGHYDULDELOH  9DULDELOHOHGHFODUDWHvQVHFĠLXQHD VXQW a b c periúLDXWLSXO pozitivLDU
± GHFODUDĠLLGHHWLFKHWH spúLariaVXQWGHWLSXOReal,QVWUXFĠLXQLOHGLQSURJUDPDSDUvQWUHFXYLQWHOHUH]HUYD
± GHFODUDĠLLGHVXESURJUDPH WH
úL
úLVXQWVHSDUDWHSULQSXQFWúLYLUJXOă ; 7H[WHOHFXSULQVHvQWUHDFROD
 ,QVWUXFĠLXQLOHFDUHVHYRUH[HFXWDYRUILVFULVHvQVHFĠLXQHDGHSURJUDP$LFLVHSRW GH {} VXQWFRPHQWDULL
DSHODVXESURJUDPHGHFODUDWHDQWHULRU vQSDUWHDGHGHFODUDĠLLVDXvQXQLWXUL  
 ,DWăXQH[HPSOXGHSURJUDP3DVFDO
9RFDEXODUXOOLPEDMXOXL
{ Intre acolade vom scrie comentarii. } 6HWXO GH FDUDFWHUH DO OLPEDMXOXL FXSULQGH OLWHUHOH PDULúL PLFL DOH DOIDEHWXOXL HQJOH]
{ Acestea sunt texte explicative care nu se compileaza. } FLIUHOHGLQED]DúLFDUDFWHUHOHVSHFLDOH+-*/^<>()[]{}.,:;
{ Enuntul problemei: } #$@_úLVSDĠLXO EODQFXO 
{ Fie a, b si c lungimile laturilor unui triunghi oarecare. }  ,GHQWLILFDWRULLVXQWIRUPDĠLGLQOLWHUHFLIUHúLFDUDFWHUXO '_' OLQLXĠDGHVXEOLQLHUH 
{ Sa se calculeze perimetrul triunghiului si aria sa. }
{ Observatie: }
GDU SULPXO FDUDFWHU GLQWUXQ LGHQWLILFDWRU QX SRDWH IL R FLIUă (VWH LQGLFDW FD QXPHOH
{ a, b si c sunt numere naturale strict pozitive. } XQXL LGHQWLILFDWRU Vă ILH DOHV GXSă VHPQLILFDĠLD OXL vQ SURJUDP /XQJLPHD QXPHOXL
LGHQWLILFDWRUXOXL QX LQIOXHQĠHD]ă OXQJLPHD FRGXOXL RELHFW &RPSLODWRDUHOH 3DVFDO QX
 triunghi; IDFGLVWLQFĠLHvQWUHOLWHUHOHPDULúLOLWHUHOHPLFL

pozitiv=1..MaxLongint;  ,GHQWLILFDWRULLminmax2BSum13aprodVXQWDFFHSWDĠLGHFRPSLODWRUXO3DVFDOvQ
 a,b,c,peri:pozitiv; VFKLPE a+b 5a z yQXVXQWLGHQWLILFDWRUL SULPXOH[HPSOXHVWHRH[SUHVLHDOGRLOHD
sp,aria:Real; { sp ==> semiperimetrul triunghiului } vQFHSHFXFLIUăLDUDOWUHLOHDFRQĠLQHXQVSDĠLX 

  ,GHQWLILFDWRULLSRWGHVHPQDQXPHGHSURJUDPHFRQVWDQWHWLSXULYDULDELOHVXESUR



JUDPHSDUDPHWULXQLWXULHWF,GHQWLILFDWRULLFDUHDXVHPQLILFDĠLHIL[DWăúLFDUHQXSRW
Write('Introduceti lungimea laturii a-->'); ReadLn(a);
Write('Introduceti lungimea laturii b-->'); ReadLn(b);
ILIRORVLĠLGHFkWvQFRQWH[WXOvQFDUHVXQWGHILQLĠLvQOLPEDMDOFăWXLHVFPXOĠLPHDFXYLQ
Write('Introduceti lungimea laturii c-->'); ReadLn(c); WHORUUH]HUYDWHDOHOLPEDMXOXL
 a*b*c=0 
  ,GHQWLILFDWRULLFUHDĠLúLUHIHULĠLGHXWLOL]DWRUWUHEXLHGHFODUDĠLvQSURJUDPvQWUROLQLH
WriteLn('Cel putin o latura are lungimea 0! Reluati!) VXUVăVFULVăDQWHULRUUHIHULULL



 (a<0)  (b<0)  (c<0) 




WriteLn('Lungimi negative! Reluati!') &RQVWDQWH
  (a>0)  (b>0)  (c>0); 7LSXULOHGHFRQVWDQWHvQWkOQLWHvQOLPEDMXO%RUODQG3DVFDOVXQW
 (a+b>c)  (a+c>b)  (b+c>a) 
 

x FRQVWDQWHOH vQWUHJL 1977 6 3 -127 VXQW QXPHUH vQWUHJL vQ ED]D  $afe2
peri:=a+b+c;
WriteLn('Perimetrul triunghiului este: ',peri); HVWHXQQXPăUvQED]D16 
sp:=peri/2; x FRQVWDQWHOHUHDOH -4.230.067E-2HVWHHJDOFX67˜10-2 = 0.67 
aria:=Sqrt(sp*(sp-a)*(sp-b)*(sp-c)); x úLUXULOHGHFDUDFWHUHSRWIL
± XQúLUGHFDUDFWHUHLPSULPDELOHFXSULQVvQWUHDSRVWURIXUL'elev'
WriteLn('Aria triunghiului este: ',aria:10:2)




± XQúLUGHQXPHUHvQWUHJLGHODODSUHFHGDWHILHFDUHGHFDUDFWHUXOVFUL
WriteLn(a,' ',b,' ',c,' nu pot fi laturile unui triunghi!')
. VHIăUăVHSDUDWRUL FRQFDWHQDWH 
 5HFDSLWXODUH 5HFDSLWXODUH 
 
± XQúLUGHFDUDFWHUHGHFRQWURO FDUHDXFRGXULOH$6&,,vQWUHúL H[SULPD Succ(x) )XUQL]HD]ăVXFFHVRUXOOXL[ GDFă[QXHVWHPD[LPvQWLSXOVăX VDXUHWXU
WHILHFDUHSULQWUXQFDUDFWHUSUHFHGDWGH^ ^AHVWH&WUO$  QHD]ăSULPDYDORDUHFRUHVSXQ]ăWRDUHWLSXOXL GDFă[FRLQFLGHFXYDORDUHD
± úLUXULREĠLQXWHSULQFRQFDWHQDUHDúLUXULORUGHILQLWHDQWHULRU PD[LPăGLQWLSXOVăX UH]XOWDWXODUHDFHODúLWLSFDúL[
x FRQVWDQWHVLPEROLFH Pred(x) )XUQL]HD]ăSUHGHFHVRUXOOXL[ GDFă[QXHVWHPLQLPvQWLSXOVăX VDXXOWL
 PDYDORDUHFRUHVSXQ]ăWRDUHWLSXOXL GDFă[FRLQFLGHFXYDORDUHDPLQLPă
 'DFăGRULPFDUDFWHUXODSRVWURIDWXQFLDFHVWDWUHEXLHGXEODWvQúLU GLQWLSXOVăX UH]XOWDWXODUHDFHODúLWLSFDúL[
'Windows''98'
Ord(x) )XUQL]HD]ăQXPăUXOGHRUGLQHSHFDUHvODUH[vQPXOĠLPHDYDORULORUGLQWL
 &RQVWDQWHOHVLPEROLFH VXQWGHVHPQDWHSULQWUXQLGHQWLILFDWRU'DFăIRORVLPDFHVWH SXOOXL[UH]XOWDWXOIXQFĠLHLHVWHGHWLSvQWUHJ
FRQVWDQWHRIHULPSURJUDPXOXLFODULWDWHúLLQGHSHQGHQĠăIDĠăGHHYHQWXDOHOHPRGLILFăUL 
DOHDFHVWRUFRQVWDQWH2FRQVWDQWăVLPEROLFăQXSRDWHILPRGLILFDWăvQWLPSXOH[HFXĠLHL  &RPSDUDUHD YDORULORU RUGLQDOH [ úL \ VH SRDWH IDFH FX DMXWRUXO RSHUDWRULORU UHOD
SURJUDPXOXL ĠLRQDOL = HJDO  <> GLIHULW  < > <= >=5H]XOWDWXOFRPSDUăULLHVWHGHWLS Boolean
DGLFăSRDWHDYHDYDORULOHtrueVDXfalse
  3ULQUHJXOLVWDELOLWHvQOLPEDMWLSXULOHVLPSOHGHGDWHVWDXODED]DDOFăWXLULLWLSXULORU
7LSXULVWDQGDUGGHGDWH VWUXFWXUDWH
3ULQGDWăvQĠHOHJHPRHQWLWDWHDVXSUDFăUHLDSRDWHRSHUDFDOFXODWRUXO/LPEDMHOHGHQL 
YHOvQDOWIRORVHVFWLSXULOHGHGDWHSHQWUXDEVWUDFWL]DUHDUHSUH]HQWăULLXQHLGDWH7LSXOGH
GDWăSUHFL]HD]ăPXOĠLPHDGHGDWHúLRSHUDĠLLOHFDUHVHSRWHIHFWXDFXHD
7LSXO
 ORJLF 
 2YDULDELOăGHWLSBooleanSRDWHDYHDGRXăYDORULDGHYăUDWVDXIDOV([LVWăPDLPXOĠL
 7LSXULOHVLPSOHGHGDWHVXQWQHVWUXFWXUDWHúLVHvPSDUWvQWLSXULUHDOHúLWLSXULRUGL RSHUDWRULORJLFLFDUHSRWILDSOLFDĠLDVXSUDGDWHORUERROHHQH([SUHVLDYDDYHDUH]XOWDW
QDOH8QWLSRUGLQDOGHILQHúWHRPXOĠLPHILQLWăúLRUGRQDWăGHYDORUL2ULFHWLSRUGLQDO GHWLSBoolean
DUHRYDORDUHPLQLPăúLXQDPD[LPă2ULFHYDORDUHGHWLSRUGLQDODUHRYDORDUHSUHGH  2SHUDWRULELQDUL
FHVRU H[FHSĠLHIăFkQGPLQLPXO úLRYDORDUHVXFFHVRU H[FHSĠLHIăFkQGPD[LPXO   ±úLORJLF
  ±VDXORJLF
Tipuri de date  ±VDXH[FOXVLY x  yHVWHtrueQXPDLGDFăx<>y 

  ±QHJDĠLHORJLFă RSHUDWRUXQDU 
5HDOH  
7LSXULVLPSOHGH ÌQWUHJL
3UHGHILQLWHvQ  9DORDUHD falseDUHDVRFLDWQXPăUXOGHRUGLQHLDUYDORDUHDtrueDUHDVRFLDWQX
GDWH Boolean
XQLWXOSystem Char PăUXOGHRUGLQH9DORULORUERROHHQHOLVHSRWDSOLFDRSHUDWRULLUHODĠLRQDOLREĠLQkQG
VFDODUH 2UGLQDOH
QHVWUXFWXUDOH  (QXPHUDW RULFHRSHUDĠLHORJLFăGRULWă2SHUDWRUXO=H[SULPăHFKLYDOHQĠDORJLFăLDURSHUDWRUXO<=
8WLOL]DWRU H[SULPăLPSOLFDĠLDORJLFă x<=yDUHYDORDUHDfalseGDFăúLQXPDLGDFă[HVWHtrueúL
6XEGRPHQLX LQWHUYDO
7DEORX  \HVWHfalse 
6WULQJ 
6WUXFWXUDWH
$UWLFRO 7LSXO
vQUHJLVWUDUH  6HWXO H[WLQV GH FDUDFWHUH $6&,, UHSUH]LQWă GRPHQLXO GH YDORUL SHQWUX R GDWă GH WLS
0XOĠLPH Char2GDWăGHWLSCharVHUHSUH]LQWăSHXQRFWHW ELĠL 
)LúLHU  ([HPSOHGHGDWHGHWLS Char 'k' #10 FDUDFWHUXODYkQGFRGXO$6&,,  ''''
7LSXOUHSHU SRLQWHU  FDUDFWHUXODSRVWURI ^AFDUDFWHUXOFDUHVHREĠLQHSULQDSăVDUHDWDVWHORU&WUO$
UHIHULQĠă   )XQFĠLLOHFDUHVXQWGHILQLWHvQXQLWXOSystemSHQWUXGDWHGHWLSRUGLQDOVHSRWXWLOL
 ]DúLSHQWUXGDWHOHGHWLSChar
 ÌQXQLWXOSystemH[LVWăGHILQLWHIXQFĠLLOHDSOLFDELOHXQHLYDORULGHWLSRUGLQDO x Succ('b')IXUQL]HD]ăFDUDFWHUXO'c'
 5HFDSLWXODUH 5HFDSLWXODUH 
 
x Pred('c')IXUQL]HD]ăFDUDFWHUXO'b' 7LSXULUHDOH
x Ord('C')IXUQL]HD]ăFRGXO$6&,,DOFDUDFWHUXOXL'C'FRGXOUHWXUQDWHVWH 'DWHOHGHWLSUHDOSULPHVFYDORULUHDOHDSDUĠLQkQGGRPHQLXOXLGHYDORULFRUHVSXQ]ăWRU
x Chr(68)IXUQL]HD]ăFDUDFWHUXO'D' WLSXOXLUHVSHFWLY&DOFXOHOHFXYDORULvQWUHJLPRGHOHD]ăH[DFWDULWPHWLFDvQWUHJLORUGDU
 )XQFĠLD Chr(n)UHWXUQHD]ăFDUDFWHUXODOFăUXLFRG$6&,,HVWHHJDOFXQXPăUXOQ RSHUDĠLLOHFXGDWHGHWLSUHDOSURGXFUH]XOWDWHDSUR[LPDWLYH$FHVWHDSUR[LPăULSURYLQ
1XPăUXOQWUHEXLHVăVHvQFDGUH]HvQLQWHUYDOXO>@'DFăYDORDUHDOXLQHVWHPDL GLQHURULOHGHURWXQMLUHJHQHUDWHGHQXPăUXOILQLWGHFLIUHVHPQLILFDWLYHIRORVLWHvQUH
PLFă GHFkW  DWXQFL IXQFĠLD Chr JHQHUHD]ă FDUDFWHUXO FDUH DUH FRGXO $6&,, HJDO FX SUH]HQWDUHD YDORULORU UHDOH 7LSXULOH UHDOH FDUH H[LVWă vQ OLPEDMXO 3DVFDO VXQW Real
Single Double Extended Comp'RPHQLXOGHYDORULúLPRGXOGHUHSUH]HQWDUHVH
N˜QXQGHNHVWHFHOPDLPLFQXPăUQDWXUDOSHQWUXFDUHH[SUHVLDN˜QHVWH
PDLPDUHVDXHJDOăFX'DFăQXPăUXOQHVWHPDLPDUHGHFkWDWXQFLIXQFĠLD Chr SRWYHGHDvQPHQLXOHelp9DORULOHGDWHORUGHWLSCompVXQWQXPHUHvQWUHJLFXSULQVHvQ
UHWXUQHD]ăFDUDFWHUXODYkQGFRGXO$6&,,HJDOFXUHVWXOvPSăUĠLULLvQWUHJLDOXLQOD LQWHUYDOXO>@'DFăGLQGRLRSHUDQ]LFHOSXĠLQXQXOHVWHGHWLS RealDWXQFLSX
2YDORDUHGHWLSCharVHSRDWHVFULHúLVHSRDWHFLWL'DWHOHGHWLSCharVHSRWFRPSDUD WHPDSOLFDRSHUDWRULL DGXQDUH ± VFăGHUH   vQPXOĠLUH  vPSăUĠLUHFXUH]XOWDWGH
XWLOL]kQGRSHUDWRULLUHODĠLRQDOL WLSUHDODFHVWRSHUDWRUVHSRDWHDSOLFDúLRSHUDQ]LORUGHWLSvQWUHJvQVăUH]XOWDWXOYDIL
GHWLSUHDO 'DFăDSOLFăPRSHUDWRULLUHODĠLRQDOLDVXSUDXQRURSHUDQ]LGHWLSUHDOYRP
 REĠLQHXQUH]XOWDWGHWLSBoolean
7LSXULvQWUHJL  7LSXULOHUHDOHQXVXQWRUGLQDOHSULQXUPDUHDVXSUDYDORULORUUHDOHQXSXWHPDSOLFD
ÌQ3DVFDOH[LVWăFLQFLWLSXULvQWUHJLSUHGHILQLWHShortintIntegerLongintByte IXQFĠLLOHOrdSuccPred
Word'RPHQLXOGHYDORULúLPRGXOGHUHSUH]HQWDUHVHSRWYHGHDvQPHQLXOHelp  9DORULOHUHDOHSRWILFLWLWHúLVFULVH3ULQFLSDOHOHIXQFĠLLVWDQGDUGGHOXFUXFXYDORUL
 $VXSUDGDWHORUGHWLSvQWUHJVHSRWDSOLFDXUPăWRULLRSHUDWRULDULWPHWLFL DGXQD UHDOHVDXvQWUHJLVHJăVHVFSUH]HQWDWHvQPHQLXO Help Abs Sqr Sin Cos Arctan
UHD ± VFăGHUHD   vQPXOĠLUHD   vPSăUĠLUHDvQWUHDJă   UHVWXOvPSăUĠLULLvQ LnExpSqrtIntFracPi 
WUHJLDSULPXOXLRSHUDQGODDOGRLOHD úLRSHUDWRULLSHELĠL  QHJDĠLHILHFDUHELWHJDO 
FXGHYLQHúLILHFDUHELWHJDOFXGHYLQH   úLORJLFIDFHFRQMXQFĠLDELWFXELW
vQWUHRSHUDQ]L  VDXORJLFIDFHGLVMXQFĠLDELWFXELWvQWUHRSHUDQ]L  VDXH[FOX
7LSXULRUGLQDOHGHILQLWHGHXWLOL]DWRU
ÌQOLPEDMXO3DVFDOXWLOL]DWRUXOSRDWHVăGHILQHDVFăWLSXULRUGLQDOHSURSULLWLSXOHQXPH
VLYvQWUHRSHUDQ]L   GHSODVHD]ăODVWkQJDXQQXPăUGHSR]LĠLLELQDUHHJDOFXYDORD
UDWúLWLSXOVXEGRPHQLX
UHDFHOXLGHDOGRLOHDRSHUDQGSULPLLELĠLVHSLHUGvQORFXOXOWLPLORUELĠLVHJHQHUHD]ă
 7LSXOenumeratPRGHOHD]ăFD]XULOHvQFDUHH[SULPDUHDQXHVWHQXPHULFă'HH[HP
YDORDUHD   GHSODVHD]ăODGUHDSWDXQQXPăUGHSR]LĠLLELQDUHHJDOFXYDORDUHDFH
SOXDWXQFLFkQGOXFUăPvQWUXQSURJUDPGHWLSDJHQGăFX]LOHOHVăSWăPkQLLSURJUDPXO
OXLGHDOGRLOHDRSHUDQGXOWLPLLELĠLDLSULPXOXLRSHUDQGVHSLHUGSHSULPHOHSR]LĠLLVH YDILPXOWPDLOL]LELOGDFăVHOXFUHD]ăFKLDUFXGHQXPLUHD]LOHORUVăSWăPkQLLúLQXFX
FRSLD]ăYDORDUHD  QXPHUHOHGHRUGLQHFRUHVSXQ]ăWRDUHORU
 2SHUDĠLDGHGHSODVDUHODVWkQJDFXRSR]LĠLHHVWHHFKLYDOHQWăFXRvQPXOĠLUHDSULPX  8QWLSHQXPHUDWGHILQHúWHRPXOĠLPHRUGRQDWăGHYDORULSULQHQXPHUDUHDLGHQWLILFD
OXL RSHUDQG FX  LDU GHSODVDUHD VSUH GUHDSWD FX R SR]LĠLH D XQXL QXPăU SR]LWLY HVWH WRULORUFDUHYRUGHVHPQDYDORULOH3ULPXOLGHQWLILFDWRUGHVHPQHD]ăFHDPDLPLFăYDORD
HFKLYDOHQWă FX R vPSăUĠLUH vQWUHDJă OD  $FHVWH RSHUDĠLL GH GHSODVDUH OD VWkQJD úL OD UH FX QXPăUXO  &HLODOĠL LGHQWLILFDWRUL DX QXPHUHOH XUPăWRDUH FRQIRUP VXFFHVLXQLL
GUHDSWD D YDORULL ELĠLORU VH UHDOL]HD]ă PXOW PDL UDSLG GHFkW DWXQFL FkQG VH XWLOL]HD]ă ORU3UHOXFUDUHDGDWHORUGHDFHVWWLSVHIDFHUDSLGGHRDUHFHYDORULOHFRUHVSXQ]ăWRDUHVH
RSHUDWRULL*VDX UHSUH]LQWăvQPHPRULHSULQQXPHUHOHORUGHRUGLQH$FHúWLLGHQWLILFDWRULVXQWWUDWDĠLvQ
 7LSXULOHvQWUHJLVXQWWLSXULRUGLQDOH)LHFDUHQXPăUvQWUHJDUHDVRFLDWXQQXPăUGH SURJUDPODIHOFDúLFRQVWDQWHOH
RUGLQHFDUHFRLQFLGHFXYDORDUHDUHVSHFWLYă2SHUDQ]LORUGHWLSvQWUHJOLVHSRWDSOLFD  )LLQGXQWLSVSHFLDOGLIHULWGHRULFHDOWWLSQXSXWHPXWLOL]DLGHQWLILFDWRULLXQXLWLS
IXQFĠLLOH Succ Pred OrdúLRSHUDWRULLUHODĠLRQDOL$OWHIXQFĠLLFDUHVHSRWDSOLFDRSH HQXPHUDWvQGHILQLĠLDDOWXLWLSHQXPHUDW
UDQ]LORUGHWLSvQWUHJVDXUHDOúLFDUHUHWXUQHD]ăXQUH]XOWDWGHWLSvQWUHJVXQW  $VXSUDGDWHORUGHWLSHQXPHUDWQXVHSRWDSOLFDRSHUDWRULDULWPHWLFL'DWHOHGHWLS
x Abs(n)UHWXUQHD]ăYDORDUHDDEVROXWăDDUJXPHQWXOXLQ HQXPHUDWVHFRPSRUWăVLPLODUFRQVWDQWHORUVLPEROLFHGHDVHPHQHDQXVHSRWFLWLVDX
x Sqr(n)GHWHUPLQăSăWUDWXODUJXPHQWXOXLQ VFULH,QLĠLDOL]DUHDGDWHORUGHWLSHQXPHUDWVHIDFHSULQDWULEXLUL'DFăGHH[HPSOXDP
x Trunc(n)IXUQL]HD]ăFHOPDLPDUHvQWUHJPDLPLFVDXHJDOFXQSHQWUXQ!VDX GHFODUDWWLSXO

FHOPDLPLFvQWUHJPDLPDUHVDXHJDOFXQSHQWUXQ
Saptamana=(luni,marti,miercuri,joi,vineri,sambata,duminica)
x Round(n)IXUQL]HD]ăFHOPDLDSURSLDWvQWUHJIDĠăGHDUJXPHQWXOQ DSHOXOOrd(marti)UHWXUQHD]ă2Pred(marti)UHWXUQHD]ăluni
 5HFDSLWXODUH 5HFDSLWXODUH 
 
 7LSXO subdomeniu VH REĠLQH GLQWUXQ WLS RUGLQDO GHILQLW DQWHULRU VDX SUHGHILQLW ([SUHVLL
QXPLWWLSGHED]ăDOVXEGRPHQLXOXL0XOĠLPHDYDORULORUDFHVWXLWLSFXSULQGHXQLQWHU 2H[SUHVLHGHVFULHRUHJXOăGHFDOFXOvQWUXQúLUGHRSHUDWRULúLRSHUDQ]L)LHFDUHH[
YDOGHYDORULDOHWLSXOXLGHED]ăDOHFăUXLOLPLWHVHVSHFLILFăvQGHILQLĠLDWLSXOXLVXEGR SUHVLHHYDOXDWăUHWXUQHD]ăXQUH]XOWDWÌQHYDOXDUHDXQHLH[SUHVLLVHUHVSHFWăSULRULWDWHD
PHQLXOXL&RQVWDQWHOHFDUHUHSUH]LQWăOLPLWHOHGLQVWkQJDúLGUHDSWDDOHVXEGRPHQLXOXL RSHUDWRULORU'DFăDYHPRSHUDWRULFXDFHHDúLSULRULWDWHDWXQFLVHH[HFXWăRSHUDĠLLOHGH
VXQWGHDFHODúLWLSRUGLQDOLDUFHDGLQVWkQJDWUHEXLHVăILHVWULFWPDLPLFăGHFkWFHDGLQ OD VWkQJD OD GUHDSWD 'DFă GRULP VFKLPEDUHD RUGLQLL YRP IRORVL SDUDQWH]H URWXQGH 
GUHDSWD 2UGLQHDGHVFUHVFăWRDUHDSULRULWăĠLLRSHUDWRULORUHVWH
 
 2SHUDĠLLOHSHUPLVHDVXSUDGDWHORUGHWLSVXEGRPHQLXVXQWFHOHSHUPLVHGHWLSXOGH 3ULRULWDWH 2SHUDWRU
ED]ăDODFHVWXLD  PD[LPă   +- RSUDWRULXQDUL 
  */   RSHUDWRULPXOWLSOLFDWLYL 
9DULDELOH  +- RSHUDWRULDGLWLYL 
9DULDELOHOHUHĠLQGDWHLDUFRQĠLQXWXOXQHLYDULDELOHSRDWHILPRGLILFDWSHSDUFXUVXOH[H  PLQLPă  =<><<=>>= RSHUDWRULUHODĠLRQDOL 
FXĠLHL SURJUDPXOXL )LHFăUHL YDULDELOH L VH DVRFLD]ă XQ LGHQWLILFDWRU úL XQ WLS GH GDWă 
7LSXOSUHFL]HD]ăPXOĠLPHDGHGDWHGLQFDUHSRDWHOXDYDORULYDULDELODUHVSHFWLYăúLRSH  2 H[SUHVLH HVWH DOFăWXLWă ILH GLQWUR H[SUHVLH VLPSOă ILH GLQ GRXă H[SUHVLL OHJDWH
UDĠLLOHFDUHSRWILHIHFWXDWHFXDFHDYDULDELOă7LSXOVHDVRFLD]ăYDULDELOHLSULQWURGH SULQWUXQRSHUDWRUUHODĠLRQDOÌQFDOFXOXOYDORULLH[SUHVLHLVHYRUHYDOXDPDLvQWkLIDFWR
FODUDĠLHFDUHSRDWHXWLOL]DLGHQWLILFDWRULGHWLSVDXSRDWHUHIHULXQWLSDQRQLP'RXăWL ULLDSRLWHUPHQLLGXSăDFHHDH[SUHVLLOHVLPSOHLDUvQILQDOH[SUHVLDUHODĠLRQDOă
SXULDQRQLPHVHFRQVLGHUăGLIHULWHFKLDUGDFăGHVFULXDFHHDúLVWUXFWXUăGDULGHQWLILFD 
WRULL DSDUĠLQkQG DFHOHLDúL OLVWH vQWUR GHFODUDĠLL GH YDULDELOH IRORVLQG WLSXUL DQRQLPH
YRUDYHDWLSXULLGHQWLFH
&LWLUHDúLVFULHUHDGDWHORU
 'DWHOHGHLQWUDUHDOHXQXLSURJUDPVHSRWFLWLGHODGLVSR]LWLYXOVWDQGDUGGHLQWUDUHVDX
 3HQWUXILHFDUHYDULDELOăGHFODUDWăvQSURJUDPVHDORFăR]RQăGHPHPRULHvQWLPSXO GLQWUXQILúLHU RFROHFĠLHGHGDWHVWRFDWăvQPHPRULDH[WHUQăDVLVWHPXOXLGHFDOFXO 
FRPSLOăULL'LPHQVLXQHD]RQHLGHPHPRULHSHQWUXYDULDELODUHVSHFWLYăGHSLQGHGHWL 'DWHOHGHLHúLUHvQXUPDH[HFXĠLHLXQXLSURJUDPVHSRWDILúDODGLVSR]LWLYXOVWDQGDUGGH
SXOYDULDELOHL LHúLUHVDXvQWUXQILúLHUUHĠLQXWvQPHPRULDH[WHUQăDVLVWHPXOXLGHFDOFXO
 &LWLUHDGDWHORUVHUHDOL]HD]ăSULQH[HFXWDUHDSURFHGXULORUVWDQGDUGReadúLReadLn
 6FULHUHDGDWHORUVHUHDOL]HD]ăSULQH[HFXWDUHDSURFHGXULORU WriteúL WriteLn$FHV
'HILQLUHDFRQVWDQWHORU WHDVXQWGHFODUDWHvQXQLWXOSystem
&RQVWDQWHOHVLPEROLFHVHGHILQHVFGHFăWUHXWLOL]DWRUvQVHFĠLXQHD   &RQVWDQWHOH  6LQWD[D DSHOXOXL SURFHGXULL Read HVWH Read(OLVWăBGHBYDULDELOH) XQGH OLVWăBGHB
VLPEROLFH UHSUH]LQWă YDORUL FDUH QX VH PRGLILFă SH SDUFXUVXO H[HFXĠLHL SURJUDPXOXL YDULDELOHSRDWHFRQĠLQHYDULDELOHGHWLSvQWUHJUHDOVDXúLUGHFDUDFWHUH
&RQVWDQWHOHVLPEROLFHSRWILGHPDLPXOWHWLSXULvQWUHJUHDOERROHDQúLUGHFDUDFWHUH  ÌQXUPDDSHOăULLILHFăUHLYDULDELOHSUH]HQWHvQOLVWDGHYDULDELOHLVHDWULEXLHRYDORD
 UH9DORULOHVHLDXGHSHVXSRUWXOH[WHUQvQFHSkQGGLQSXQFWXOvQFDUHVDDMXQVGXSă
 ÌQOLPEDMXO3DVFDOVHSRWGHILQLFRQVWDQWHFXWLSFDUHVXQWYDULDELOHLQLĠLDOL]DWHvQID FLWLUHDDQWHULRDUă9DORULOHVXQWOXDWHDVWIHOvQFkWVăFRUHVSXQGăWLSXOXLYDULDELOHLUHV
]DGHFRPSLODUH9DORULOHORUVHSRWPRGLILFDvQWLPSXOH[HFXĠLHLSURJUDPXOXL)RORVL SHFWLYH'DFăDFHVWOXFUXQXHVWHSRVLELOVHYDVHPQDODHURDUHvQH[HFXĠLH'HH[HPSOX
UHDFRQVWDQWHORUFXWLSSRDWHILDYDQWDMRDVăSHQWUXLQLĠLDOL]DUHDYDULDELOHORUDYkQGWLSXUL GDFă[HVWHRYDULDELOăGHWLSvQWUHJLDUXúLYVXQWYDULDELOHGHWLSFDUDFWHUDWXQFLLQ
VWUXFWXUDWH VWUXFĠLXQHD Read(x,u,v)DWULEXLHRYDORDUHvQWUHDJăYDULDELOHL[úLFkWHRYDORDUHGH
 WLSFDUDFWHUYDULDELOHORUXúLY
([HPSOH  'DFăSHVXSRUWXOH[WHUQVHDIOă'125 A'DWXQFL[YDSULPLYDORDUHD125YDULDELOD
 a=1977; { constanta simbolica } XYDSULPLYDORDUHD' ' FDUDFWHUXOVSDĠLX LDUYYDSULPLYDORDUHD'A''DFăVXSRUWXO
Zi='marti'; H[WHUQFRQĠLQH'12.4 A'DWXQFLH[HFXĠLDVHYDWHUPLQDFXXQPHVDMGHHURDUHvQWUXFkW
Par:Boolean=Odd(a); { constanta cu tip }
YDORDUHD 12.4QXDUHWLSXOvQWUHJ7RWFXHURDUHVHYDWHUPLQDH[HFXĠLDGDFăSHVXSRU
 WXOH[WHUQDYHP'text 15'GHRDUHFHSULPDYDORDUHvQWkOQLWăQXHVWHXQQXPăUvQWUHJ
 5HFDSLWXODUH 5HFDSLWXODUH 
 
 3URFHGXUD Write DVLJXUă WUDQVIHUXO LQIRUPDĠLHL GLQ PHPRULD LQWHUQă SH VXSRUWXO  ÌQSDUWHDVWkQJăDVHPQXOXLGHDWULEXLUHYDULDELODSRDWHILXQDVLPSOăVDXRFRPSR
H[WHUQ$SHOXOSURFHGXULLDUHIRUPDJHQHUDOă Write(OLVWăBGHBH[SUHVLL)/LVWDGHH[ QHQWăDXQXLWDEORXVDXDDOWXLWLSGHGDWăVWUXFWXUDWă$WULEXLUHDA:=BHVWHSRVLELOăGD
SUHVLL3DVFDOSRDWHFRQĠLQHH[SUHVLLGHRULFHWLSFXH[FHSĠLDWLSXULORUVWUXFWXUDWH Fă AúL BVXQWYDULDELOHGHDFHODúLWLSÌQWRDWHFD]XULOHVHFHUHFDSDUWHDGUHDSWăDDWUL
 (IHFWXODFHVWXLDSHOHVWHHYDOXDUHDH[SUHVLLORUSUH]HQWHvQOLVWăDSRLWLSăULUHDYDOR EXLULLVăSRDWăILHYDOXDWăvQPRGÄVLJXU´ WRDWHYDULDELOHOHVăILHLQLĠLDOL]DWHVDXFLWLWH
ULORUREĠLQXWH HYHQWXDOVăDLEăYDORDUHREĠLQXWăGLQFDOFXOHSUHFHGHQWH DOWIHOYRPVSXQHFăYDULDELOD
 3HVXSRUWXOH[WHUQGDWHOHGHWUDQVIHUDWVHDIOăVFULVHVDXYRUILWLSăULWHSHRVXFFHVL BHVWHQHLQLĠLDOL]DWăLDUDWULEXLUHDYDSXWHDJHQHUDUH]XOWDWHURQDW
XQH GH vQUHJLVWUăUL &RQVLGHUăP Fă R vQUHJLVWUDUH HVWH FRQVWLWXLWă GLQWUR VHFYHQĠă GH 
GDWHXUPDWăGHPDUFDGHVIkUúLWGHOLQLHÌQFD]XODSHOăULLSURFHGXULORUReadúLWrite
DWXQFLFkQGVHHSXL]HD]ăRvQUHJLVWUDUHVHvQFHSHRDOWăvQUHJLVWUDUH'DUDGHVHRULHVWH ,QVWUXFĠLXQHDFRPSXVă
QHFHVDU Vă VH WUHDFă OD R DOWă vQUHJLVWUDUH vQDLQWH GH D IL HSXL]DWă SUHFHGHQWD 3HQWUX 6LQWD[D XQRU LQVWUXFĠLXQL LPSXQH IRORVLUHD vQ FDGUXO HL D XQHL VLQJXUH LQVWUXFĠLXQL
DFHDVWD VH SRW IRORVL SURFHGXULOH ReadLn úL WriteLn FDUH DX VLQWD[D úLVHPQLILFDĠLD 3HQWUXDSXWHDLQFOXGHvQDFHVWHORFXULJUXSXULGHLQVWUXFĠLXQLvQ3DVFDOOHYRPJUXSD
SURFHGXULORU ReadúL WriteGDUFHUvQSOXVFDODWHUPLQDUHDH[HFXĠLHLORUVăVHWUHDFă vQWURHQWLWDWHVLPSOă$FHDVWăHQWLWDWHVHQXPHúWHLQVWUXFĠLXQHFRPSXVăúLDUHVLQWD[D

ODvQFHSXWXOXQHLQRLvQUHJLVWUăUL 

  LQVWUXFĠLXQH
,QVWUXFĠLXQL  LQVWUXFĠLXQH

  LQVWUXFĠLXQHQ
,QVWUXFĠLXQHDGHDWULEXLUH

,QVWUXFĠLXQHDGHDWULEXLUHDUHVFRSXOGHDGDYDORULXQRUYDULDELOH(DDUHVLQWD[D 
YDULDELOD:=H[SUHVLH;  ÌQOLPEDMXO3DVFDOFDUDFWHUXOSXQFWúLYLUJXOă ; VHSDUăGRXăLQVWUXFĠLXQL(OQXDUH
XQGHYDULDELODúLH[SUHVLHVXQWGHDFHODúLWLSYDULDELODúLH[SUHVLHSRWILGHWLSvQWUHJ UROXOGHDPDUFDVIkUúLWXODFHVWRUDFDDWDUHDFHVWFDUDFWHUQXÄWUHEXLH´VFULVvQIDĠDFX
UHDOERROHDQHQXPHUDUHVDXRULFHDOWWLSVWUXFWXUDWFXQRVFXWvQSURJUDPXOvQFDUHDSD YkQWXOXL
 GDU DFHVW OXFUX QX HVWH LQWHU]LV ÌQ DFHVW FD] VH FRQVLGHUă Fă vQWUH ; úL
UHLQVWUXFĠLXQHDFXH[FHSĠLDWLSXOXLILúLHU
VHDIOăRLQVWUXFĠLXQHYLGăDYkQGHIHFWQXO
 ,QVWUXFĠLXQHDPDLvQWkLHYDOXHD]ăH[SUHVLDGLQSDUWHDGUHDSWăDVHPQXOXLGHDWULEXL 
UH ':=''DFăWLSXOH[SUHVLHLúLFHODOYDULDELOHLVXQWLGHQWLFHDWXQFLYDORDUHDH[SUHVL
,QVWUXFĠLXQLFRQGLĠLRQDOH
HLHVWHDWULEXLWăYDULDELOHLGLQVWkQJDVHPQXOXLGHDWULEXLUH'DFăWLSXOYDULDELOHLúLFHO
([LVWă GRXă LQVWUXFĠLXQL 3DVFDO FDUH SHUPLW H[HFXĠLD XQRU LQVWUXFĠLXQL vQ IXQFĠLH GH
DOH[SUHVLHLGLIHUăDWXQFLVHVHPQDOHD]ăHURDUHGDUH[LVWăúLH[FHSĠLL
vQGHSOLQLUHDXQRUFRQGLĠLLLQVWUXFĠLXQLOHúL
,QVWUXFĠLXQHDDUHVLQWD[D
 'DFăWLSXOH[SUHVLHLHVWHIntegerLDUFHODOYDULDELOHLHVWHRealDWXQFLVHFRQYHU
 FRQGLĠLH 
LQVWUXFĠLXQH;
WHúWHYDORDUHDvQWUHDJăDH[SUHVLHLvQWURYDORDUHUHDOăFDUHVHDWULEXLHYDULDELOHL

VDX
 'DFă WLSXO YDULDELOHL úL FHO DO H[SUHVLHL VXQW GH WLS HQXPHUDW VDX VXEGRPHQLX FX  FRQGLĠLH 
LQVWUXFWLXQH

LQVWUXFWLXQH;
DFHODúLWLSGHED]ăúLGDFăYDORDUHDH[SUHVLHLDSDUĠLQHWLSXOXLYDULDELOHLDFHDVWăYD XQGHFRQGLĠLHHVWHRH[SUHVLHORJLFăLDULQVWUXFĠLXQHúLLQVWUXFĠLXQHVXQWLQVWUXFĠLXQL

ORDUHVHDWULEXLHYDULDELOHL 3DVFDOÌQDPEHOHYDULDQWHLQVWUXFĠLXQHDPDLvQWkLHYDOXHD]ăH[SUHVLDORJLFăFRQGLĠLH
 'DFăYDULDELODúLH[SUHVLDVXQWGHWLSPXOĠLPHDWXQFLHVWHSRVLELOFDXQXOVDXDP 'DFăYDORDUHDREĠLQXWăHVWHtrueDWXQFLVHH[HFXWăLQVWUXFĠLXQHDLQVWUXFĠLXQHFXFDUH
EHOHWLSXULVăILHVXEGRPHQLLDOHDFHOXLDúLWLSRUGLQDO$WULEXLUHDHVWHSHUPLVăGDFă VH vQFKHLH H[HFXĠLD LQVWUXFĠLXQLL  'DFă YDORDUHD REĠLQXWă HVWH false DWXQFL vQ
YDORULOHGLQPXOĠLPHDUH]XOWDWăVXQWLQFOXVHvQWLSXOGHED]ăDOYDULDELOHLGLQVWkQJD FD]XO YDULDQWHL D GRXD VH H[HFXWă LQVWUXFĠLXQHD LQVWUXFĠLXQH LDU vQ FD]XO SULPHL YD

VHPQXOXLGHDWULEXLUH ULDQWHQXVHH[HFXWăQLPLF
 $SDWUDH[FHSĠLHVHUHIHUăODWLSXO  úLUGHFDUDFWHUH WLSXOYDULDELOHLúLFHODO 
H[SUHVLHLSXWkQGILWLSXUL GLIHULWH úLUXULGHFDUDFWHUHGHOXQJLPLGLIHULWH  ([HPSOX
$WULEXLUHDHVWHFRUHFWăGDFăYDORDUHDHLVHSRDWHDWULEXLYDULDELOHLGLQVWkQJDDWULEX  x < 0 
 v:=-x


v:=x;
LULL
 5HFDSLWXODUH 5HFDSLWXODUH 
 
 ,QVWUXFĠLXQHD 
SHUPLWHVHOHFWDUHDXQHLLQVWUXFĠLXQLGLQWURPXOĠLPHGHLQVWUXF XQGHYHVWHXQLGHQWLILFDWRUGHYDULDELOăQXPLWăFRQWRULDUOLPúLOLPVXQWH[SUHVLL
ĠLXQLPDUFDWHvQIXQFĠLHGHYDORDUHDXQXLVHOHFWRU6LQWD[DLQVWUXFĠLXQLLHVWH 7RDWH DX DFHODúL WLS RUGLQDO 9DORULOH OXL OLP úL OLP VH FDOFXOHD]ă R VLQJXUă GDWă OD

vQFHSXWXOH[HFXĠLHLLQVWUXFĠLXQLL9DULDELODFRQWRUYYDOXDYDORULvQWUHOLPLWHOHOLP
 
H[SUHVLHBRUGLQDOă
úLOLPFUHVFăWRUGDFăILJXUHD]ăFXYkQWXO úLGHVFUHVFăWRUGDFăILJXUHD]ăFXYkQWXO
 OLVWDBFLQVWUXFĠLXQH  6HPQLILFDĠLDDFHVWHLLQVWUXFĠLXQLHVWHGDWăGHXUPăWRUXODOJRULWP
 OLVWDBFLQVWUXFĠLXQH
 VHFDOFXOHD]ăYDORULOHH[SUHVLLORUOLPúLOLP
 
 ăYDORDUHDOXLOLPdYDORDUHDOXLOLP 
 OLVWDBFLQVWUXFĠLXQHQ
 >

LQVWUXFĠLXQHQ@ YmYDORDUHDOXLOLP

 

ă
 VHH[HFXWăLQVWUXFĠLXQH
XQGHH[SUHVLHBRUGLQDOăHVWHRH[SUHVLHGHWLSRUGLQDO VHOHFWRU OLVWDBFHVWHROLVWăGH ăYYDORDUHDOXLOLP 
FRQVWDQWH FDVH DYkQG WLSXO RUGLQDO DO H[SUHVLHL H[SUHVLHBRUGLQDOă ÌQ OLVWDBF vQ ORFXO Ym6XFF Y 
XQHLFRQVWDQWHSRDWHVăDSDUăúLXQVXEGRPHQLXFF SHQWUXRVFULHUHPDLFRQGHQVDWă  ú ă
vQFD]XOvQFDUHFRQVWDQWHOHVXQWFRQVHFXWLYH  ă v = lim2
 (IHFWXO LQVWUXFĠLXQLL 
 FRQVWă vQ HYDOXDUHD H[SUHVLHL H[SUHVLHBRUGLQDOă REĠL ú ă

QkQGXVH R YDORDUH Y FDUH FRQVWLWXLH YDORDUHD VHOHFWRUXOXL $SRL VH FDXWă vQ OLVWHOH  ÌQFD]XOIRUPHLY OLP OLPLQVWUXFĠLXQHYRPVFKLPEDRSHUDWRULLd
FRQVWDQWHORUFDVHYDORDUHDHJDOăFXYúLVHH[HFXWăLQVWUXFĠLXQHDGLQGUHSWXOFRQVWDQWHL FX t  FX ! úL IXQFĠLD 6XFF FX 3UHG &RQWRUXO Y SRDWH IL IRORVLW vQ LQVWUXFĠLXQH GDU
FDVHHJDOHFXY PRGLILFDUHDYDORULLVDOHGHFăWUHSURJUDPDWRUQXHVWHUHFRPDQGDWă
 'DFăQXH[LVWăQLFLRLQVWUXFĠLXQHFXHWLFKHWDYDWXQFLvQSUH]HQĠDFXYkQWXOXL

 
VHH[HFXWăLQVWUXFĠLXQHDFDUHXUPHD]ăGXSăDFHVWFXYkQWDOWIHOQXVHH[HFXWăQLFLRLQ %,QVWUXFĠLXQHD

VWUXFĠLXQH $FHDVWDHVWHRLQVWUXFĠLXQHUHSHWLWLYăFXQXPăUQHFXQRVFXWGHSDúLDQWHULRUFRQGLĠLR
 QDWă6LQWD[DHLHVWH
([HPSOX  
FRQGLĠLHLQVWUXFĠLXQH

a 
'A': Write('A'); XQGHFRQGLĠLHHVWHRH[SUHVLHORJLFă(IHFWXOH[HFXWăULLLQVWUXFĠLXQLL
HVWH
'B': Write('B');  (YDOXDUHDH[SUHVLHLORJLFHFRQGLĠLH
'C': Write('C')  'DFăYDORDUHDH[SUHVLHLHVWHtrueDWXQFLVHH[HFXWăLQVWUXFĠLXQHúLVHUHYLQHODSD


VXODOWIHOH[HFXĠLDVHWHUPLQă

Write('alta litera!!!')

;  $VWIHOVHH[HFXWăUHSHWDWRLQVWUXFĠLXQHvQIXQFĠLHGHYDORDUHDGHDGHYăUDXQHLH[
SUHVLLORJLFH'DFăLQLĠLDOH[SUHVLDORJLFăHVWHIDOVăH[HFXĠLDLQVWUXFĠLXQLLUHVSHFWLYHQX
 YDDYHDORFQLFLRGDWă
,QVWUXFĠLXQLUHSHWLWLYH 
ÌQ3DVFDOH[LVWăWUHLLQVWUXFĠLXQLFDUHH[HFXWăUHSHWDWRLQVWUXFĠLXQHDFHVWHDVXQW  &,QVWUXFĠLXQHD

 

úL

  ,QVWUXFĠLXQHD 

  SHUPLWH H[HFXĠLD UHSHWDWă vQ QXPăU QHFXQRVFXW GH SDúL D XQXL
 JUXSGHLQVWUXFĠLXQL,QVWUXFĠLXQHDHVWHSRVWHULRUFRQGLĠLRQDWăúLDUHVLQWD[D
$,QVWUXFĠLXQHD  

 LQVWUXFĠLXQL FRQGLĠLH
$FHDVWă LQVWUXFĠLXQH H[HFXWă UHSHWDW vQ QXPăU FXQRVFXW GH SDúL  R LQVWUXFĠLXQH vQ XQGHFRQGLĠLHHVWHRH[SUHVLHORJLFă6HPQLILFDĠLDLQVWUXFĠLXQLLHVWH
IXQFĠLHGHYDORDUHDXQXLFRQWRU(DDUHVLQWD[D  6HH[HFXWăLQVWUXFĠLXQLOHVFULVHvQWUHFXYLQWHOH

 úL 
 Y:=OLP OLPLQVWUXFĠLXQH  6HHYDOXHD]ăH[SUHVLDORJLFăFRQGLĠLH
VDX  'DFă YDORDUHD H[SUHVLHL HVWH true DWXQFL H[HFXĠLD VH WHUPLQă DOWIHO VH UHYLQH OD
 Y:=OLP OLPLQVWUXFĠLXQH SDVXO
 5HFDSLWXODUH 5HFDSLWXODUH 


2EVHUYDĠLL FRUHVSXQGHUHJXOLLGHVFULVH$ILúDĠLXQPHVDMFRUHVSXQ]ăWRU 'DA'VDX 'NU' SUHFXP
x H[SUHVLDFRQGLĠLHQXVHUHFRPDQGăDILIRDUWHFRPSOLFDWăDYkQGvQYHGHUHFăVH úLSR]LĠLLOHYLRUHOHORU
HYDOXHD]ăODILHFDUHSDV 
x FHOSXĠLQRYDULDELOăGLQH[SUHVLDORJLFăFRQGLĠLHWUHEXLHVăúLVFKLPEHYDORDUHD ([HPSOH
vQ PRG REOLJDWRULX DOWIHO H[LVWă SHULFROXO FD LQVWUXFĠLXQHD Vă VH WUDQVIRUPH vQ  
 
ú

FLFOXLQILQLW n = 6 DA
 V G V G G V

1 3 6

3UREOHPHSURSXVH  
 
ú

3UREOHPHOHSURSXVHvQDFHDVWăVHFĠLXQHSRWILUH]ROYDWHvQFDGUXOXQHLHYDOXăULWHVWăUL n = 5 NU
G V G G V
HIHFWXDWHGHSURIHVRUGXSăUHFDSLWXODUHFXVFRSXOVWDELOLULLQLYHOXOXLGHFXQRúWLQĠHD

HOHYLORU3UREOHPHOHVXQWJUXSDWHSHQLYHOXUL
vQFHSăWRUL &6HUYLFLXOSHFODVă
DYDQVDĠL /DvQFHSXWXODQXOXLúFRODUGLULJLQWHOHDvQWRFPLWSODQLILFDUHDVHUYLFLXOXLvQFODVăILLQG
H[FHOHQĠL SODQLILFDĠLFkWHGRLHOHYLSHQWUXILHFDUH]L'HRDUHFHHOHYLLDXGHFODUDWFăGRUHVFVăILH
GHVHUYLFLXFkWHRIDWăúLXQEăLDWGLULJLQWHOHDVWDELOLWXUPăWRDUHDUHJXOăSULPDIDWă
 GLQFDWDORJYDVWDFXSULPXOEăLDWDGRXDFXDOGRLOHDúLDúDPDLGHSDUWH'LULJLQWHOH
ÌQFHSăWRUL úWLHFăDUHQHOHYLvQFODVăGDUQXDQXPăUDWFkWHIHWHúLFkĠLEăLHĠLVXQWDúDFăVHSRDWH
 vQWkPSODVăFRQVWDWHODVIkUúLWFăXQLLFRSLLDXUăPDVIăUăSHUHFKH
$ÌQYăĠDUHDDOIDEHWXOXL  &LWLĠL QXPăUXO GH HOHYL QXPHOH úL JHQXO ORU 'f' SHQWUX IHWH 'b' SHQWUX EăLHĠL 
&RSLLLGLQFODVHOHPLFLvQYDĠăGLQJUHXDOIDEHWXOSHFkQGFHLPDLPDULWUDJFKLXOXOÌQ DSRLVWDELOLĠLGDFăDXUăPDVHOHYLIăUăSHUHFKHúLFDUHVXQWDFHúWLD
FODVD,XQFRSLODÄSăFăWXLW´SHQWUXFăDvQFHUFDWVăYDGăFXPHVWHGDFăQXvúLvQYDĠă 
OHFĠLD SHQWUX RUD YLLWRDUH ÌQYăĠăWRDUHD OD SHGHSVLW SXQkQGXO Vă VFULH Q OLWHUH PDUL ([HPSOX
SULQWUHFDUHDFHVWDWUHEXLHVăVFULHFHOSXĠLQRGDWăWRDWHOLWHUHOHPDULSHFDUHOHDvQYă  
 
ú

ĠDWSkQăDWXQFL n=5 Fara pereche: Anca


 &LWLĠL QXPăUXO GH OLWHUH Q SH FDUH WUHEXLH Vă OH VFULH FRSLOXO SUHFXP úL OLWHUHOH SH Ana f
FDUHDFHVWDOHDVFULVúLVFULHĠLXQSURJUDPFDUHYHULILFăGDFăvQúLUXOGHOLWHUHDSDUVDX Ioana f
QXDQXPLWHOLWHUHGHPDLPXOWHRUL$ILúDĠLOLWHUHOHFDUHDSDUGHPDLPXOWHRUL DXQX Andrei b
PăUXOGHDSDULĠLLPDLPDUHGHFkW úLQXPăUXODSDULĠLLORUDFHVWRUD Anca f
Paul b

([HPSOX 
 
 
ú
 '7ăLHUHDFRSDFLORU
5 A 2 3HGUXPXOQDĠLRQDO(VXQWFRSDFLQXPHURWDĠLvQ]LJ]DJ SHSDUWHDGUHDSWăDGUXPX
A B C A C C 2 OXLFRSDFLLVXQWQXPHURWDĠLFXQXPHUHSDUHúLSHVWkQJDFXQXPHUHLPSDUH /DXQPR
 PHQWGDWDXIRVWDOHúLFRSDFLSHQWUXWăLHUHGHSHILHFDUHSDUWHDGUXPXOXLGXSăXUPă
%*KLRFHLúLYLRUHOH WRDUHDUHJXOăVHYDWăLDSULPXODFHOFRSDFFDUHHVWHQXPHURWDWFXXQQXPăUDOHFăUXL
&RSLLLGLQFODVDD9,DDXPHUVODSăGXUHGXSăJKLRFHL(LDXFXOHVJKLRFHLúLYLRUHOH FLIUHvQVXPDWHIRUPHD]ăXQSăWUDWSHUIHFWDSRLXUPăWRUXOFRSDFDYkQGDFHHDúLSURSULH
vQ WRWDO XQ QXPăU GH Q IORUL GH SULPăYDUă $X REVHUYDW Fă JKLRFHLL úL YLRUHOHOH DX WDWHúLWRWDúDPDLGHSDUWHSkQăODFDSăWXOGUXPXOXL
FUHVFXWGXSăRDQXPLWăUHJXOăvQWUHGRXăYLRUHOHHUDXQJKLRFHODSRLFkWHGRLúLWRW  &LWLĠLQXPăUXOFRSDFLORUDSRLGHWHUPLQDĠLFkĠLFRSDFLDXIRVWDOHúLSHQWUXWăLHUHSH
DúDPDLGHSDUWH FDUHSDUWHDGUXPXOXLVXQWDFHúWLDSUHFXPúLQXPăUXOFXFDUHDXIRVWQXPHURWDĠL1X
 &LWLĠL XQ QXPăU QDWXUDO Q UHSUH]HQWkQG QXPăUXO IORULORU úL LQLĠLDOHOH ORU G SHQWUX PHURWDUHDFRSDFLORUvQFHSHGHOD
JKLRFHL VSHQWUXYLRUHOH VWDELOLĠLGDFăIORULOHVHJăVHVFVDXQXvQWURFRQILJXUDĠLHFDUH 
 5HFDSLWXODUH 5HFDSLWXODUH 
 
([HPSOX  ÌQGUXPVSUHúFRDOăHOVHvQWkOQHúWHFXFkĠLYDSULHWHQLFDUHvOĠLQGHYRUEăGHODRUD
 
 
ú
 'úL'
PLQXWHSkQăODRUD''úL''
PLQXWH'DFăGLVFXWăPDLPXOWGHGHPLQXWH
n = 20 6 copaci
DWXQFLHLYRUPDLGLVFXWDvQFăGHPLQXWH
de pe dreapta: 4 10 18
de pe stanga: 1 9 13  6FULHĠLXQSURJUDPFDUHYHULILFăGDFă*LJHODMXQJHODWLPSODúFRDOăúLvQFD]XOvQ
FDUHDMXQJHVăVHGHWHUPLQHRUDúLPLQXWXOODFDUHDDMXQV

 'XUDWDGHSODVăULLGHDFDVăSkQăODúFRDOăHVWHGHGHPLQXWH
(/DVFăOGDW 
/DúWUDQGXOGLQRUDúVDRUJDQL]DWXQFRQFXUVGHvQRWGRWDWFXSUHPLL'LQGRULQĠDGHD
'DWHGHLQWUDUH
FkúWLJDPDUHOHSUHPLXVDXvQVFULVúLFRSLLFDUHQXúWLDXVăvQRDWH3HQWUXVLJXUDQĠDORU 'DWHOHGHLQWUDUHVHFLWHVFGLQILúLHUXO))*&$FDUHDUHXUPăWRUXOIRUPDW
HLQXDXIRVWDFFHSWDĠLvQFRQFXUV'HRDUHFHFRQFXUHQĠLLDYHDXYkUVWHGLIHULWHVDKRWă
x SHSULPDOLQLHVHDIOăRUD3úLPLQXWXO3
ODFDUH*LJHOSOHDFăGHDFDVă
UkW FD OD WLPSXO ILHFăUXL FRQFXUHQW PăVXUDW vQ VHFXQGH  Vă VH DGXQH YkUVWD DFHVWXLD
'HRDUHFH D vQFHSXW SORDLD VD DQXQĠDW Fă VH RIHUă XQ DERQDPHQW FHOXL FDUH VFULH XQ x SHDGRXDOLQLHVHDIOăQXPăUXO1DOSULHWHQLORUFXFDUHVHvQWkOQHúWH*LJHOSHGUXP
SURJUDPFDUHYDVWDELOLRUGLQHDILQDOăSHQWUXFDSUHPLHUHDVăDLEăORFFkWPDLUHSHGH x ILHFDUHGLQWUHXUPăWRDUHOH1OLQLLFRQĠLQRUD'úLPLQXWXO'
GHvQWkOQLUHúLRUD''
 úLPLQXWXO''
ODFDUHVHWHUPLQăFRQYHUVDĠLD
 )LúLHUXOGHLQWUDUH !"#$%&$DUHXUPăWRUXOIRUPDW x SH XOWLPD OLQLH HVWH VFULVă RUD 6 úL PLQXWXO 6
 OD FDUH WUHEXLH Vă DMXQJă *LJHO OD
x SHSULPDOLQLHHVWHVFULVQXPăUXOQDOFRSLLORUvQVFULúLFRSLLLVXQWLGHQWLILFDĠLFXQX úFRDOă
PHUHFXSULQVHvQWUHúLQ 
'DWHGHLHúLUH
x SHOLQLDDGRXDHVWHVFULVQXPăUXONDOFRSLLORUHOLPLQDĠL
5H]XOWDWXOVHYDWLSăULODLHúLUHDVWDQGDUG'DFă*LJHODMXQJHODúFRDOăvQWLPSXWLOVH
x SHOLQLDDWUHLDDYHPNQXPHUHLQGLFkQGFRSLLLHOLPLQDĠL
YDDILúDFXYkQWXO 'DA'LDUGDFăQXVHYDWLSăULFXYkQWXO 'NU'ÌQFD]XOvQFDUH*LJHO
x SHOLQLDDSDWUDVXQWVFULVHQ±NQXPHUHFDUHUHSUH]LQWăWLPSLLFHORUUăPDúLvQFRQ UHXúHúWHVăDMXQJăODúFRDOăVHYDPDLWLSăULRUDúLPLQXWXOODFDUHDMXQJH
FXUVvQRUGLQHDQXPHUHORUSULPLWHODvQVFULHUH 
x SHOLQLDDFLQFLDDYHPQ±NQXPHUHLQGLFkQGYkUVWHOHFHORUUăPDúLvQFRQFXUVvQRU ([HPSOX
GLQHDQXPHUHORUSULPLWHODvQVFULHUH ))*&$ 
ú

 7 30 DA
 ÌQILúLHUXOGHLHúLUH !"#$%&'(!VHYDDILúDRUGLQHDILQDOăDFRSLLORUSDUWLFLSDQĠLOD 2 8 16
FRQFXUV3HILHFDUHOLQLHVHYDVFULHXQXOVDXPDLPXOWHQXPHUHDVWIHOvQFkWQXPăUXO 7 32 7 34
GH RUGLQH D OLQLHL Vă ILH HJDO FX SR]LĠLD SH FDUH FRSLLL VFULúL SH OLQLD UHVSHFWLYă DX 7 36 7 37
WHUPLQDWFRQFXUVXO 8 43
 
([HPSOX $YDQVDĠL
!"#$%&$ !"#$%&'(!

7 6
2 2 5 $1XPHUHSULPHFXGLYL]RUL
1 3 4 (OHYLL FODVHL D 9D DX vQYăĠDW OD PDWHPDWLFă GHVSUH QXPHUHOH SULPH Fă DX H[DFW GRL
60 55 58 55 70 7 GLYL]RULúLQXPăUXOvQVXúL/DLQIRUPDWLFăDXvQYăĠDWFăQXPHUHOHVHSRWUHSUH]HQWD
8 14 10 10 9 úL vQ DOWH ED]H QX GRDU vQ ED]D  &HL GRL SURIHVRUL FHO GH PDWHPDWLFă úL FHO GH
 LQIRUPDWLFă VDXJkQGLWVăOHGHDRWHPăFRSLLORUGHFODVDD9DFDUHVăFRPELQHFHOH
)'UXPXOVSUHúFRDOă GRXă LQIRUPDĠLLvQYăĠDWH(LYRUWUHEXLVăJăVHDVFăWRDWHQXPHUHOHPDLPLFLGHFkWXQ
*LJHOHVWHXQHOHYFăUXLDQXLSUHDSODFHúFRDODúLDUIDFHRULFHVăQXPDLDMXQJăDFROR QXPăUGDWQFDUHDXSURSULHWDWHDFăVFULVHvQED]DQXVXQWSULPHGDUVFULVHvQDOWă
ÌQDD]LDDQXOXLúFRODUPDPDVDODWULPLVODúFRDOăODRUD3úL3
PLQXWH(OWUHEXLD ED]ăúLFLWLWHvQED]DVXQWSULPH
VăDMXQJăODúFRDOăODRUD6úL6
PLQXWH  6FULHĠLXQSURJUDPFDUHJăVHúWHDFHVWHQXPHUHSUHFXPúLED]HOHvQFDUHDXDFHDVWă
 SURSULHWDWH
 5HFDSLWXODUH 5HFDSLWXODUH 
 
([HPSOX  'HWHUPLQDĠLQXPăUXOGHJUXSXULFDUHVHYRUIRUPDúLDILúDĠLPHPEULLILHFăUXLJUXS
 
 
ú
 
n = 4 numar in baza 10: 4 nu este prim 'DWHGHLQWUDUH
numar in baza 3: 31 (citit in baza 10 este prim)
'DWHOHGHLQWUDUHVHFLWHVFGLQILúLHUXO !&$FDUHDUHXUPăWRUXOIRUPDW

x SHSULPDOLQLHHVWHVFULVQXPăUXOQDOHOHYLORU
 x SHDGRXDOLQLHDYHPQXPăUXONDOSHúWLORUSULQúLGHILHFDUHHOHY
%0DWHPDWLFDSHFDOFXODWRU x SHILHFDUHGLQWUHXUPăWRDUHOHQOLQLLDYHPFkWHNQXPHUHFDUHLQGLFăVSHFLDILHFăUXL
/DOHFĠLDGHPDWHPDWLFăSURIHVRUXOOHFHUHHOHYLORUVăHIHFWXH]HRvQPXOĠLUHDXQRUQX SHúWHSULQVGHXQDQXPLWHOHY
PHUHDOFăURUSURGXVGHSăúHúWHÄOLPLWHOHPDWHPDWLFLL´3ULPXOFDUHYDUH]ROYDDFHDVWă 
SUREOHPăYDDYHDPHGLDvQDFHOVHPHVWUX8QXOGLQWUHHLILLQGPDLLVWHĠúLDYkQG 'DWHOHGHLHúLUH
OkQJăHOXQFDOFXODWRUGHEX]XQDUDvQFHSXWVăHIHFWXH]HvQPXOĠLULOHSHFDOFXODWRUGDU )LúLHUXO !&'(!DUHXUPăWRUXOIRUPDW
DREVHUYDWFăvQDFHVWFD]QLFLFDOFXODWRUXOGHEX]XQDUQXvLHVWHGHIRORV'DUGDFăWRW
x SHSULPDOLQLHVHYDVFULHQXPăUXOJDOJUXSXULORUIRUPDWH
HVWH HO PDL LVWHĠ D DSHODW OD LQIRUPDWLFLHQL úL LD UXJDW Ä3ULPXO FDUH vPL YD UH]ROYD
x SH ILHFDUH GLQWUH XUPăWRDUHOH J OLQLL VH YRU VFULH QXPHUHOH GH RUGLQH DOH FRSLLORU
SUREOHPDYDSULPLWHPHOHFRUHFWHODPDWHPDWLFăvQWRWDFHVWVHPHVWUX´
FDUHIDFSDUWHGLQFkWHXQJUXS
 6HFLWHVFQQXPHUHvQWUHJL6HFHUHVăVHGHWHUPLQHSURGXVXODFHVWRUQXPHUH


([HPSOX
'DWHGHLQWUDUH  !&$  !&'(!
3HSULPDOLQLHDILúLHUXOGHLQWUDUH"'%( &$VHDIOăXQQXPăUQDWXUDOQLDUSHXUPă 10 4
WRDUHOHQOLQLLH[LVWăFkWHXQQXPăUvQWUHJ 3 1 2 9
 1 2 1 3 4
'DWHGHLHúLUH 1 2 2 5 6 7 10
3URGXVXOFHORUQQXPHUHVHYDVFULHvQILúLHUXOGHLHúLUH"'%( &'(! 3 3 3 8
 3 4 5
7 8 7
5HVWULFĠLLúLSUHFL]ăUL
7 8 7
x dQd 8 8 7
x d[Ld 9 9 9
 1 1 2
([HPSOX 7 7 8
"'%( &$ "'%( &'(! 
3 -37429274610
1234 ([FHOHQĠL
-12345 
2457 $6HUYLFLXOGHJDUGă
 ÌQYHGHUHDVWDELOLULLVHUYLFLXOXLGHJDUGăODRXQLWDWHPLOLWDUăFRPDQGDQWXOQRPLQDOL
&/DSHVFXLW ]HD]ăQVROGDĠL 6 úLQJUDGDĠL * &RPDQGDQWXOúWLLQGFăODXQPRPHQWGDWvQSRVW
(OHYLLLQIRUPDWLFLHQLDYkQGSUHDPXOWHFRQFXUVXULGHLQIRUPDWLFăVDXJkQGLWFăDUIL LQWUăGRXăSHUVRDQHúLFăRILĠHUXOUHVSRQVDELOvLSXQHvQSHUHFKHSHFHLSUHYă]XĠLvQOLV
ELQH Vă DLEă R SHULRDGă GH UHFUHHUH úL DX RUJDQL]DW XQ FRQFXUV GH SHVFXLW OD FDUH DX WăSULPXOFXXOWLPXODOGRLOHDFXSHQXOWLPXOHWFVWDELOHúWHRUGLQHDvQOLVWăDVWIHOvQ
SDUWLFLSDWIRDUWHPXOĠLFRQFXUHQĠL)LHFDUHHOHYDSULQVSHúWLGHGLIHULWHVSHFLLVSHFLLOH FkWVăQXVHIRUPH]HSHUHFKLPL[WH XQVROGDWúLXQJUDGDW &RPDQGDQWXOPDLúWLHFăQ
ILLQGLGHQWLILFDWHSULQQXPHUH1XPăUXOSHúWLORUSULQúLHVWHDFHODúLSHQWUXILHFDUHHOHY HVWHQXPăUSDUúLYDIRORVLDFHDVWăSURSULHWDWHvQPRPHQWXOvQFDUHYDvQWRFPLOLVWD
6HVSXQHFăvQWUHGRLHOHYLH[LVWăUHODĠLHGHOHJăWXUăGDFăHLDXSULQVFHOSXĠLQXQSHúWH  6FULHĠLXQSURJUDPFDUHDILúHD]ăSHHFUDQOLVWDGLQFDUHRILĠHUXOYDIRUPDSHUHFKL
GHDFHHDúLVSHFLHDVWIHOIRUPkQGXVHJUXSXULGLQWUHFRSLLLFDUHDXvQÄSUDGă´FHOSXĠLQ FRQIRUPFHULQĠHL'HDVHPHQHDSURJUDPXOWUHEXLHVăDILúH]HúLSHUHFKLOHFDUHLQWUăvQ
XQSHúWHFRPXQ VHUYLFLX
 5HFDSLWXODUH

([HPSOX
 
 
ú
RVROXĠLHSRVLELOă 
n=4 Chirila
Chirila Coza
Macarie Lador
Coza Pacurar,
Domsa Domsa
Lador Macarie
Orlea Orlea 5HFDSLWXODUH 
Hila Hila 
Pacurar  8OWLPXO UH]XOWDW HVWH XQ SDOLQGURP FDUH VDREĠLQXWGXSăSDWUXSDúLÌQWUHEDUHDSH
S, S, G, G, S, G, S, G Chirila - Hila FDUHQHRSXQHPHVWHXUPăWRDUHDSRUQLQGFXXQQXPăURDUHFDUHVHDMXQJHvQWRWGHDX
 Coza - Orlea QDODXQSDOLQGURPGXSăXQQXPăUILQLWGHSDúL"
Lador - Macarie  9HULILFDĠLSHQWUXXQQXPăUGDWQGDFăVHDMXQJHVDXQXODXQSDOLQGURPSURFHGkQG
Pacurar – Domsa FRQIRUPGHVFULHULLGHPDLVXV9HĠLDSOLFDSURFHGHXOGHFHOPXOWNRULÌQFD]XOvQFDUH
 QXPăUXOGDWVDWUDQVIRUPDWvQQXPăUSDOLQGURPvQFHOPXOWNSDúLDILúDĠLQXPăUXOGH
%3ODVDUHDRJOLQ]LORU SDúLQHFHVDULSUHFXPQXPăUXOSDOLQGURPREĠLQXWvQFD]FRQWUDUVFULHĠLvQILúLHU'NU'
6HFRQVLGHUăXQúLUGHQHOHPHQWHFDUHDXYDORULOHúL'HILQLPRSHUDĠLDSODVDUHD 
GRXăRJOLQ]LXQDvQVWkQJDHOHPHQWXOXLGHSHSR]LĠLDLLDUDOWDvQGUHDSWDHOHPHQWXOXL ([HPSOX
GHSHSR]LĠLDM$FHDVWăRSHUDĠLHDUHFDHIHFWLQWHUVFKLPEDUHDHOHPHQWHORUHJDOGHSăUWD  
 
ú

WHGHH[WUHPHDHOHPHQWHORUFXSULQVHvQWUHSR]LĠLLOHLúLMLQFOXVLY n = 87 4
 6FULHĠLXQSURJUDPFDUHYDFLWLGRXăúLUXULGHOXQJLPHQúLYDVWDELOLSR]LĠLLOHvQFDUH n = 10 4884
YRUWUHEXLSODVDWHFHOHGRXăRJOLQ]LvQFDGUXOSULPXOXLúLUDVWIHOvQFkWvQXUPDSODVăULL 
RJOLQ]LORUSULPXOúLUVăGHYLQăLGHQWLFFXDOGRLOHDúLU '1XPHUHDSURSLDWH
 6H Gă XQ QXPăU QDWXUDO Q FDUH FRQĠLQH FHO PXOW  GH FLIUH  'HWHUPLQDĠL FHO PDL
([HPSOX PLFQXPăUQDWXUDOPtQFDUHDFFHSWăFDGLYL]RUXQQXPăUGDWG dGd 
 
 
ú

 1XPHUHOH Q úL G VH FLWHVF GH SH SULPHOH GRXă OLQLL DOH ILúLHUXOXL $(+"&$ LDU
n = 8 2 6
0 0 1 1 0 1 1 0 QXPăUXOPYDILVFULVSHSULPDOLQLHDILúLHUXOXL$(+"&'(!
0 1 0 1 1 0 1 0 
 ([HPSOX
$(+"&$ $(+"&'(!
&3DOLQGURP 14 15
8QLL PDWHPDWLFLHQL DX IRVW FXULRúL úL DX vQFHSXW Vă VH ÄMRDFH´ FX QXPHUHOH HL DX 5
REĠLQXW WRW IHOXO GH UH]XOWDWH LQWHUHVDQWH 3HQWUX XQ QXPăU RDUHFDUH [ GDW vQ ED]D E 
GHILQLPXUPăWRUXOSURFHVLWHUDWLYODSULPXOSDVVHDGXQăQXPăUXOXL[RJOLQGLWXOVăX
UHSHWkQGVXFFHVLYSURFHGHXOFXUH]XOWDWXOREĠLQXW

([HPSOX
)LHQ úLE 
x SDVXO 
x SDVXO 
x SDVXO 
x SDVXO 
)LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 

x  DSHOXODFHVWHLSURFHGXULDUHFDHIHFWGHVFKLGHUHDILúLHUXOXLSHQWUXFLWLUH
 LQGLFDWRUXOGHILúLHUDIOkQGXVHODvQFHSXWXOILúLHUXOXLDGLFăGXSăGHVFKLGHUHDOXL
 SR]LĠLDFXUHQWăSHQWUXFLWLUHHVWHSULPDGLQILúLHU
x 
 SURYRDFăSR]LĠLRQDUHDLQGLFDWRUXOXLSHPDUFDMXOGHVIkUúLWGHILúLHUvQ
)LúLHUHGHWLSWH[WúL &DSLWROXO YHGHUHD DGăXJăULL GH vQUHJLVWUăUL SUHFL]ăP Fă VFULHUHD vQFHSH GLQ SR]LĠLD FXUHQWă


SUHOXFUăULVLPSOH FHHD FH vQVHDPQă VXSUDVFULHUHD PDUFDMXOXL GH VIkUúLW GH ILúLHU DSRL FRQWLQXDUHD
VFULHULLvQUHJLVWUăULORUGRULWHvQILúLHU

™
([SORDWDUHDXQXLILúLHUGHWLSWH[W x  UHDOL]HD]ăvQFKLGHUHDILúLHUXOXL6FULHUHDHIHFWLYăDGDWHORUvQILúLHUXOGH
™
3UHOXFUăULVLPSOHDOHGDWHORUFLWLWHGLQILúLHUH LHúLUH VH UHDOL]HD]ă SH EORFXUL SkQă OD ÄXPSOHUHD´ XQXL EORF DFHVWHD VH SăVWUHD]ă
™
'HWHUPLQDUHDHOHPHQWXOXLPLQLPPD[LP WHPSRUDU vQ]RQHWDPSRQGHPHPRULH 8OWLPHOHGDWH DGLFăEORFXOvQFHSXWúLQH
™
,PSOHPHQWăULVXJHUDWH
™
3UREOHPHSURSXVH
XPSOXWvQvQWUHJLPH VHVFULHHIHFWLYvQILúLHUODvQFKLGHUHDDFHVWXLD5H]XOWăFăGDFă
™
6ROXĠLLOHSUREOHPHORU QXvQFKLGHPILúLHUXOGHLHúLUHVDUSXWHDFDvQILúLHUVăVHWUDQVIHUHGRDURSDUWHGLQ
 UH]XOWDWHVDXvQFD]XOvQFDUHDFHVWHUH]XOWDWHIăFHDXSDUWHGLQWUXQSULPEORFvQFH
 SXWúLQHXPSOXWVăDYHPILúLHUYLG

8QILúLHUGHWLSWH[WHVWHRFROHFĠLHGHvQUHJLVWUăULXQGHvQUHJLVWUăULOHVXQWFDUDFWHUH VDX 
úLUXULGHFDUDFWHUH VWUXFWXUDWHSHOLQLL/LQLLOHVXQWVHSDUDWHSULQPDUFDMHIRUPDWHGLQ
FDUDFWHUHOHÄVIkUúLWGHOLQLH´ DGLFă/)&5 
,QWUăUL,HúLUL
 8QDVWIHOGHILúLHUVHSRDWHFUHDFXHGLWRUXOGLQPHGLXOGHSURJUDPDUHSULQSURJUDP 'LQWUXQvQWUXQILúLHUGHWLSWH[WVHSRWFLWLVDXVHSRWVFULHFDUDFWHUHúLUXULGHFDUDFWH
VDXFXRULFHDOWHGLWRUFXFDUHVHSRWFUHDILúLHUH$6&,, UH QXPHUH vQWUHJL úL QXPHUH UHDOH 6XESURJUDPHOH FDUH UHDOL]HD]ă FLWLUHD úL VFULHUHD
 /XQJLPHDOLQLLORUILLQGYDULDELOăQXVHSRDWHUHDOL]DXQDFFHVGLUHFWODRDQXPLWăOL VXQW
QLHGLQILúLHU
x  
DUHFDHIHFWFLWLUHDDQGDWHGLQILúLHU
 x 

DUHFDHIHFWFLWLUHDDQGDWHGLQILúLHUGXSăFDUHXUPă
([SORDWDUHDXQXLILúLHUGHWLSWH[W WRDUHDFLWLUHVHYDIDFHGHSHOLQLHQRXă
9DULDELODGHOXFUXFDUHVHDVRFLD]ăSULQSURJUDPXQXLILúLHUGHSHVXSRUWVHGHFODUăvQ
VHFĠLXQHDGHGHFODUDĠLL x  
VHUHDOL]HD]ăVFULHUHDDQGDWHvQILúLHU
LGHQWLILFDWRU, x 

VHUHDOL]HD]ăVFULHUHDDQGDWHvQILúLHUúLDPDUFDMX

OXLGHVIkUúLWGHOLQLH
 3URFHGXUDSUHGHILQLWăFDUHUHDOL]HD]ăOHJăWXUDvQWUHRYDULDELOăGHWLSILúLHUúLILúLH
UXOH[LVWHQWSHVXSRUWHVWH
LGHQWLILFDWRUQXPHBILúLHU XQGHQXPHBILúLHUHVWHR x 
 

 UHGHQXPHúWHXQILúLHUODQLYHOIL]LF DGLFăSHVXSRUW 
H[SUHVLHGHWLSúLUGHFDUDFWHUH HYLGHQWSRDWHILRYDULDELOăVDXRFRQVWDQWăGHWLSúLU x "  IXQFĠLH ERROHDQă FDUH UHWXUQHD]ă YDORDUHD  GDFă XUPăWRUXO FDUDFWHU
GHFDUDFWHUH 
FDUHDUXUPDVăILHFLWLWGLQILúLHUHVWHPDUFDMXOGHVIkUúLWGHILúLHUúL DOWIHO

x "
 IXQFĠLH ERROHDQă FDUH vQWRDUFH YDORDUHD  GDFă XUPăWRUXO FDUDFWHU
'HVFKLGHUHÌQFKLGHUH
3URFHGXULOHSUHGHILQLWHFUHDWHSHQWUXDGHVFKLGHUHVSHFWLYvQFKLGHXQILúLHUGHWLSWH[W
FDUHDUXUPDVăILHFLWLWGLQILúLHUHVWHPDUFDMXOGHVIkUúLWGHOLQLHVDXPDUFDMXOGH
LGHQWLILFDWSULQYDULDELOD VXQW VIkUúLWGHILúLHUúL vQFD]FRQWUDU
x  DSHOXODFHVWHLSURFHGXULDUHFDHIHFWFUHDUHDILúLHUXOXLVDXUHVFULHUHD 
DFHVWXLDGDFăHOH[LVWăDOWIHOVSXVGDFăXQILúLHUGHWLS HVWHGHVFKLVFX 
YRPSXWHDVFULHvQDFHVWD 3UHOXFUăULVLPSOHDOHGDWHORUFLWLWHGLQILúLHUH
3ULQSUHOXFUDUHVLPSOăYRPvQĠHOHJHFDOFXODUHDXQRUVXPHSURGXVHPHGLL DULWPHWLFH
VDXJHRPHWULFH FăXWDUHDXQXLHOHPHQWDYkQGRDQXPLWăSURSULHWDWHQXPăUDUHDHOH
PHQWHORUDYkQGRDQXPLWăSURSULHWDWH

 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH
 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
6XPHúLSURGXVH 
2ULFH VXPă WUHEXLH LQLĠLDOL]DWă FX HOHPHQWXO QHXWUX IDĠă GH DGXQDUH úL DQXPH FX  0HGLL
$SRLFXRSUHOXFUDUHVLPSOăVHFDOFXOHD]ăVXPD6LQJXUDSUREOHPăFDUHSRDWHVăDSDUă 3HQWUXDFDOFXODRPHGLHDULWPHWLFăPDLvQWkLVHFDOFXOHD]ăRVXPă'DFăQXPăUXOWHU
VHUHIHUăODIDSWXOFăPHGLLOHGHSURJUDPDUHQXQHDWHQĠLRQHD]ăFkQGRDVWIHOGHVXPă PHQLORU GLQ VXPă VH FXQRDúWH PHGLD VH FDOFXOHD]ă vPSăUĠLQG VXPD OD DFHVW QXPăU
VDXSURGXVGHSăúHúWHYDORDUHDPD[LPăSRVLELOăGHUHSUH]HQWDWvQFDGUXOWLSXOXLYDULD 'DUVHvQWkPSOăIUHFYHQWFăvQVXPăVHDGXQăGRDUDQXPLWHQXPHUHGHH[HPSOXGRDU
ELOHLVXPăÌQDQXPLWHPHGLLGHSURJUDPDUHH[LVWăWRWXúLSRVLELOLWDWHDGHDFHUHFRQWUR FHOHSR]LWLYH$FHVWHDVHYRUQXPăUDvQSDUDOHOFXFDOFXODUHDVXPHL6ăQXXLWăPVăvQ
ODUHDGHSăúLULL'HH[HPSOXGDFăvQFD]XOXUPăWRUXOXLSURJUDPVLPSOXSR]LĠLRQăPRS WUHEăP vQDLQWH GH vPSăUĠLUH GDFă QXPăUXO WHUPHQLORU GLQ VXPă QX FXPYD HVWH 
ĠLXQHD2SWLRQV&RPSLOHU5DQJHFKHFNLQJSH21H[HFXĠLDDFHVWXLDVHYDvQWUHUXSHFX SHQWUXDHYLWDRvPSăUĠLUHQHSHUPLVă'HDVHPHQHDvQDFHVWFD]ILHDILúăPXQPHVDM
XQPHVDMGHHURDUH 
 %&%? DOWIHOVHDILúHD]ăXQUH]XOWDWHURQDW V   ILHUHDOL]ăPVDUFLQLOHVSHFLILFDWHvQHQXQĠXOSUREOHPHL
IăUăQLFLRDWHQĠLRQDUH 

JKJ &ăXWDUHDVHFYHQĠLDOă
JQXYKJ 3XWHPFăXWDXQHOHPHQWDYkQGRYDORDUHFXQRVFXWăVDXDYkQGRDQXPLWăSURSULHWDWH

J 5H]XOWDWXOYDILXQUăVSXQVÄGDODPJăVLW´VDXÄQXODPJăVLW´5HIHULWRUODDFHDVWă
JJQ\`KJ VXESUREOHPăGRULPVăDWUDJHPDWHQĠLDDVXSUDIDSWXOXLFăRYDORDUHFăXWDWăúLJăVLWăQX
JJJQ\J J||JQ\~KJJ ^VQXYDÄvQFDSH´SHXQRFWHW` WUHEXLHFăXWDWăvQUHVWXOGDWHORU'UHSWFRQVHFLQĠăQXYRPFăXWDFX FLFXRVWUXF
JJ
 J WXUăUHSHWLWLYăFXQXPăUQHFXQRVFXWGHSDúLÌQDOJRULWPXOXUPăWRUSUHVXSXQHPFăVH
J FDXWăRYDORDUHGDWăGHQXPLWăFăXWDWSULQWUHGDWHGHDFHODúLWLSFLWLWHGLQWUXQILúLHU


 'DUXQSURJUDPFDUHVHvQWUHUXSHFXXQPHVDMGHHURDUHQXQHSRDWHPXOĠXPL&KLDU # J%ăQJ
GDFăQXVHSRDWHFDOFXODVXPDGHPDLVXVSURJUDPXOQRVWUXWUHEXLHVăVHILQDOL]H]HFD JJ
ú
J%ăJ
XQSURGXVIXQFĠLRQDOúLVăQHFRPXQLFHILHUH]XOWDWXOFRUHFWILHVăQHFRPXQLFHSULQWU JJ
ú
JJ
XQPHVDMSUHYă]XWSHQWUXDVHPHQHDFD]XULFăQXDIRVWSRVLELOăILQDOL]DUHDFDOFXOHORU JJ   JQXXUPHD]ăPDUFDGHVIkUúLWGHILúLHUJú JzJ%ă J

 ă,JJ
 3UREOHPDSURWHFĠLHLIDĠăGHGHSăúLULVHSRDWHvQOăWXUDGHFODUkQGYDULDELODVXPăGH JJJJ
ú
JJ
XQWLSGHGDWHÄVLJXU´'DUSHQWUXFD]XULOHvQFDUHDFHDVWăVROXĠLHQXHVWHODvQGHPkQă JJ ú    
QHSXWHPIHULFXRGHFL]LHVLPSOă'HH[HPSOXVăSUHVXSXQHPFăvQFD]XOSURJUDPX   ^DPLHúLWGLQFLFOXILHGLQFDX]DFăVDJăVLWHOHPHQWXOFăXWDW`
OXLGHPDLVXVYUHPVăúWLPFDUHHVWHYDORDUHDFHDPDLPDUHDYDULDELOHL[FDUHvQFăVH   ^ILHGLQFDX]DFăXUPHD]ăPDUFDGHVIkUúLWGHILúLHUvQFRQFOX]LH`
PDL SRDWH DGXQD IăUă Vă VH SURGXFă GHSăúLUH (IHFWXO SURJUDPXOXL XUPăWRU YD IL   ^WUHEXLHVăDIOăPFDUHGLQFHOHGRXăFD]XULDFRQGXVODSăUăVLUHDFLFOXOXL`
DILúDUHDYDORULL JJăJJ\J%ăJ JJ
 JJJJ 
JJ ăJ
JKJ JJ 

JQXYKJ  
ƒJJ ăJ
JJJJQX
KJ  ú ă

 ú  
JJQ\`KJQ\KJ J
JJQ\ KJ  'DFăDOHJHPYHUVLXQHDvQFDUHOXFUăPFXRYDULDELOăORJLFăFRPSDUDUHDHOHPHQWX
JJ
 JJ \|| JJ OXL FXUHQW FX FHO FăXWDWRIDFHPH[SOLFLWvQFRUSXOVWUXFWXULLUHSHWLWLYH'HDVHPHQHD
JJJJJJ\J||JJJ 

J GDFăGLQWUXQPRWLYRDUHFDUHYUHPWRWXúLVăOXFUăPFX vQ3DVFDODYHPSRVLELOLWD
JJJJJJQ\~KJ WHDVăvQWUHUXSHPFăXWDUHDvQPRPHQWXOJăVLULLHOHPHQWXOXLFăXWDWDSHOkQGVXESURJUD
JJJJJJ€
%  J
PXOX?
JJJJ


JQ\KJ
JJJJ 
J
‚JJJ
J J 
JJ

J
 J 

 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
 
PăUXO FXUHQW HVWH PDL PLFGHFkWPLQGHVFKLGHPILúLHUXOSHQWUXVFULHUH vQ3DVFDOFX
'HWHUPLQDUHDHOHPHQWXOXLPLQLPPD[LP   úL VFULHP QRXD YDORDUHD D PLQLPXOXL úL QXPăUXO GH RUGLQH FRUHVSXQ]ăWRU
ÌQ IRDUWH PXOWH SUREOHPH LQWHUYLQH R VXESUREOHPă vQ FDUH VH FHUH GHWHUPLQDUHD FHOXL
$VWIHOSUDFWLFúWHUJHPYHFKLXOFRQĠLQXWDOILúLHUXOXLVFULLQGvQHOUH]XOWDWXOFDUHFRQ
PDL PLF VDX FHOXL PDL PDUH HOHPHQW GLQWUR PXOĠLPH GH GDWH &RQĠLQXWXO XQXL ILúLHU
IRUPVWDGLXOXLSUHOXFUăULLHVWHFRUHFWÌQILQDOYRPDYHDXQXOVDXPDLPXOWHQXPHUH
SRDWHILSULYLWFDILLQGRDVWIHOGHPXOĠLPHELQHvQĠHOHVFkWWLPSQHUHIHULPODXQFRQĠL
GHRUGLQHFDUHFRUHVSXQGHOHPHQWHORUHJDOHFXYDORDUHDPLQLPăVFULVăvQILúLHU 
QXWIRUPDWGLQDFHODúLWLSGHGDWH
 3UH]HQWDUHDDOJRULWPXOXLRYRPIDFHSHQWUXGHWHUPLQDUHDYDORULLPLQLPHGLQWUHPDL 
PXOWHGDWHGHWLSvQWUHJFDUHVHFLWHVFGLQWUXQILúLHUGHWLSWH[W9DULDELODGHVHPQDWăVă ,PSOHPHQWăULVXJHUDWH
UHĠLQăYDORDUHDPLQLPXOXL PLQ YDILLQLĠLDOL]DWăILHFXSULPDYDORDUHFLWLWăGLQILúLHU 3HQWUXDYăIDPLOLDUL]DFXPRGXOvQFDUHWUHEXLHUH]ROYDWHSUREOHPHOHvQFDUHLQWHUYLQ
ILHFXRYDORDUHÄVWUăLQă´DOHDVăFXJULMăSHQWUXDQXULVFDVăILHFHDPDLPLFăvQFRP RSHUDĠLLFXILúLHUGHWLSWH[WYăVXJHUăPVăvQFHUFDĠLVăLPSOHPHQWDĠLDOJRULWPLSHQWUX
SDUDĠLHFXGDWHOHGLQILúLHU $FHDVWăDGRXDVROXĠLHVHUHFRPDQGăGRDUvQFD]XOvQFDUH  FLWLUHDXQXLQXPăUGLQWUXQILúLHUúLVFULHUHDVDvQDOWXO
SULPDYDULDQWăQXHVWHSRVLELOăVDXHVWHPXOWSUHDDQHYRLRDVă   FLWLUHD WXWXURU QXPHUHORU GLQWUXQ ILúLHU FDUH FRQĠLQH FkWH XQ QXPăU SH R OLQLH úL
ÌQDOJRULWPvQFRQWLQXDUHVHFLWHVFSHUkQGGDWHOHGLQILúLHUúLILHFDUHVHFRPSDUă VFULHUHDORUvQDOWILúLHUFkWHXQXOSHROLQLH
FXYDORDUHDFXUHQWăDYDULDELOHLPLQFDUHVHDFWXDOL]HD]ăGXSăFD]  FLWLUHDGDWHORUGLQWUXQILúLHUFDUHFRQĠLQHQXPHUHPDLPXOWHSHROLQLHúLVFULHUHD
 ORUvQWUXQDOWILúLHUvQDFHHDúLIRUPă
# J„
QJJ
JJ
ú
J
J  FLWLUHDXQHLVHFYHQĠHGHQXPHUHGLQWUXQILúLHUúLVFULHUHDHLvQDOWILúLHU
 FLWLUHDXQRUQXPH úLUXULGHFDUDFWHUH GLQWUXQILúLHUúLVFULHUHDORUvQWUXQDOWILúLHU
JJ
JmJ
J
 FLWLUHDXQXLQXPăUQDWXUDO1GLQWUXQILúLHUúLVFULHUHDvQWUXQDOWILúLHUDWXWXURUQX
JJ   QXXUPHD]ăPDUFDGHVIkUúLWGHILúLHUJ

 ăQJ
JJJJ
ú
J
J PHUHORUQDWXUDOHFXSULQVHvQWUHúL1FkWHXQXOSHROLQLH
JJJJăJ
J…J
J J  FLWLUHDXQXLQXPăUQDWXUDO1GLQWUXQILúLHUúLD1QXPH DIODWHSHXUPăWRDUHOHOLQLL
JJJJJJ
JmJ
J DOHILúLHUXOXL úLVFULHUHDFHORU1QXPHvQWUXQDOWILúLHU
 ú ă  FRSLHUHDLQWHJUDOăDFRQĠLQXWXOXLXQXLILúLHUvQWUXQDOWILúLHU
 ú      UHGHVFKLGHUHDILúLHUHORUDWXQFLFkQGHVWHQHFHVDU
ú  J 
  3HQWUXDYăIDPLOLDUL]DFXSUHOXFUăULVLPSOHFXPVXQWFDOFXOXOVXPHORUGHWHUPLQD
 ÌQFD]XOPD[LPXOXLYRPSURFHGDVLPLODUILLQGDWHQĠLODRSHUDWRUXOUHODĠLRQDOXWLOL UHDPLQLPXOXLPD[LPXOXLYăVXJHUăPVăvQFHUFDĠLVăLPSOHPHQWDĠLDOJRULWPLSHQWUX
]DW(VWHSRVLELOFDHQXQĠXOVăFHDUăúLQXPăUXOGHRUGLQHDOHOHPHQWXOXLPLQLP PD x FDOFXODUHDVXPHLSULPHORU1QXPHUHQDWXUDOH
[LP ÌQDFHVWFD]SHUDPXUD  GLQVWUXFWXUDDOWHUQDWLYăYRPDGăXJDúLDFWXDOL x FDOFXODUHDVXPHLXQRUGDWHSăVWUDWHvQWUXQILúLHUGHWLSWH[W
]DUHDQXPăUXOXLGHRUGLQHFDUHWUHEXLHLQLĠLDOL]DWăFXYDORDUHD GDFăSUHOXFUDUHDDvQ x GHWHUPLQDUHD PLQLPXOXLPD[LPXOXL GLQWUXQ úLU GH GDWH SăVWUDWH vQWUXQ ILúLHU GH
FHSXWFXHOHPHQWXOGHLQGLFH vQDLQWHGHDLQWUDvQVWUXFWXUDUHSHWLWLYă    ÌQ WLSWH[W
DFHVWIHOFKLDUGDFăvQILúLHUVHDIOăPDLPXOWHGDWHHJDOHFXYDORDUHDFHDPDLPLFăQX
x LQLĠLDOL]DUHDPLQLPXOXLPD[LPXOXL FXHOHPHQWXOQHXWUXVDXFXSULPXOHOHPHQW 
PăUXOGHRUGLQHYDILDOSULPXOXLDVWIHOGHQXPăU
 'DFăQLVHFHUHXOWLPXOQXPăUHJDOFXYDORDUHDPLQLPăWUHEXLHGRDUVăPRGLILFăP x FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDvQWUXQILúLHUDPLQLPXOXLORUSUHFXP
úLDSULPHLSR]LĠLLSHFDUHDSDUHDFHVWPLQLP
RSHUDWRUXOUHODĠLRQDO…vQt
 'DFăWUHEXLHVăDILúăPWRDWHQXPHUHOHGHRUGLQHDOHGDWHORUFDUHVXQWHJDOHFXPL x FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDvQWUXQILúLHUDPLQLPXOXLORUSUHFXP
QLPXODWXQFLWUHEXLHVăUHFXUJHPODRDOWăWHKQLFă,PHGLDWGXSăLQLĠLDOL]DUHDYDULDELOHL úLDXOWLPHLSR]LĠLLSHFDUHDSDUHDFHVWPLQLP
PLQVFULHPYDORDUHDOXLúLQXPăUXOGHRUGLQHvQILúLHUXOGHLHúLUH8UPHD]ăFRPSDUD x FLWLUHDXQRUQXPHUHGLQWUXQILúLHUúLVFULHUHDvQWUXQILúLHUDPLQLPXOXLORUSUHFXP
UHDFHORUODOWHGDWHFXPLQ'DFăQXPăUXOFXUHQWHVWHPDLPDUHGHFkWPLQQXWUHEXLHVă úLDWXWXURUSR]LĠLLORUSHFDUHDSDUHDFHVWPLQLP
IDFHPQLPLFÌQFD]FRQWUDUYRPvQWUHEDGDFăQXPăUXOFXUHQWHVWHHJDOFXPLQÌQFD] 
DILUPDWLYGHVFKLGHPILúLHUXOGHLHúLUHSHQWUXDGăXJDUH vQ3DVFDOFX 
 úLVFUL 
HPvQHOQXPăUXOGHRUGLQHDOHOHPHQWXOXLFDUHDDYXWYDORDUHDHJDOăFXPLQ'DFăQX
$FHúWLDOJRULWPLVHYRUWUDWDGLQQRXvQFD]XOvQFDUHGDWHOHYRUILVWUXFWXUDWHvQWDEORXUL
 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
 
3UREOHPHSURSXVH &RQFDWHQDUHGHILúLHUH
6HFRQVLGHUăGRXăILúLHUHGHWLSWH[W -.&$úL -/&$6ăVHFUHH]HXQDOWUHLOHDILúLHU

GHWLSWH[W-0&'(!FDUHVăFRQĠLQăWRDWHGDWHOHGLQ-.&$DSRLvQWUHJFRQĠLQXWXOILúLH
1XPăUSDU UXOXL-/&$
6WDELOLĠLGDFăSULQWUHQXPHUHOHvQWUHJLVFULVHvQWUXQILúLHUGHWLSWH[WH[LVWăVDXQXFHO 
SXĠLQXQQXPăUSDU 'DWHGHLQWUDUH
 )LúLHUHOHVXQWVSHFLILFDWHSULQQXPHOHORU -.&$úL -/&$úLDXFRQĠLQXWXULRDUHFDUH
'DWHGHLQWUDUH SHFDUHOHYRPSULYLFDILLQGFDUDFWHUH$FHVWHDVHYRUFLWLvQFHSkQGFXSULPXOúLWHUPL
ÌQILúLHUXOGHLQWUDUH#"&$VHDIOăPDLPXOWHQXPHUHvQWUHJL QkQGFXXOWLPXOSkQăODPDUFDGHVIkUúLWGHILúLHU
 
'DWHGHLHúLUH 'DWHGHLHúLUH
'DFăvQILúLHUH[LVWăFHOSXĠLQXQQXPăUSDUvQILúLHUXOGHLHúLUH #"&'(!VHYDVFULHJ )LúLHUXO-0&'(!YDILIRUPDWGLQGDWHOHGLQILúLHUXO-.&$DSRLROLQLHYLGăGXSăFDUH
†DOWIHOVHYDVFULHƒ‚ XUPHD]ăGDWHOHGLQILúLHUXO-/&$
 
5HVWULFĠLLúLSUHFL]ăUL 5HVWULFĠLLúLSUHFL]ăUL
x dQXPăUd x ROLQLHGLQILúLHUFRQĠLQHFHOPXOWGHFDUDFWHUH
 
([HPSOX ([HPSOX
#"&$J #"&'(!J
-.&$J -/&$J -0&'(!J
JJ‡J †J

JJJ ‡J%J‡J 
JJJ
 ‡JˆJ ă‹JăJ ‡JˆJ
1XPHUHSDUHSăWUDWHSHUIHFWHvQILúLHU |Šˆ‡J |Šˆ‡J
ÌQWUXQILúLHUVXQWVFULVHPDLPXOWHQXPHUHQDWXUDOH$OHJHĠLQXPHUHOHSDUHFDUHVXQW OLQLHYLGă
‡J%J‡J
SăWUDWHSHUIHFWHúLVFULHĠLOHvQWUXQDOWILúLHU
ă‹Jă

'DWHGHLQWUDUH
1XPHUHOH VXQW VFULVH vQ ILúLHUXO GH LQWUDUH $(+"&$ SH PDL PXOWH UkQGXUL 3H XQ &DUDFWHUH
UkQGVXQWVFULVHXQQXPăURDUHFDUHGHQXPHUHVHSDUDWHSULQXQXOVDXPDLPXOWHVSDĠLL 6HFRQVLGHUăGRXăQXPHUHQDWXUDOHDúLEFDUHUHSUH]LQWăFDSHWHOHXQXLLQWHUYDOGHQX
 PHUHvQWUHJLúLXQQXPăURDUHFDUHGHFDUDFWHUH$OHJHĠLGLQWUHDFHVWHFDUDFWHUHSHDFH
'DWHGHLHúLUH OHDFDUHDXFRGXULOH$6&,,FXSULQVHvQLQWHUYDOXO>DE@
1XPHUHOHSDUHFDUHVXQWSăWUDWHSHUIHFWHVHYRUVFULHFkWHXQXOSHOLQLHvQILúLHUXOGH 
LHúLUH$(+"&'(! 'DWHGHLQWUDUH
 3H SULPD OLQLH D ILúLHUXOXL #"#!"&$ VH DIOă QXPHUHOH D úL E VHSDUDWH SULQWUXQ
5HVWULFĠLLúLSUHFL]ăUL VSDĠLX3HILHFDUHGLQWUHXUPăWRDUHOHOLQLLVXQWVFULVHPDLPXOWHFDUDFWHUH
x dQXPăUd 
 'DWHGHLHúLUH
([HPSOX &DUDFWHUHOHFDUHFRUHVSXQGFHULQĠHLSUREOHPHLVHYRUVFULHvQILúLHUXO #"#!"&'(!
$(+"&$ $(+"&'(! SHDFHHDúLOLQLHVHSDUDWHSULQFkWHXQVSDĠLX
JJˆJJJJJJJˆJ ˆJ 
``JJJJJJJ|J ``J 5HVWULFĠLLúLSUHFL]ăUL
JJ‰`` ‰``
x dDdEd
 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
 
([HPSOX ([HPSOX
#"#!"&$ #"#!"&'(!J
-#!&$J -#!&'(!J
|`JˆJ J
JJJJJJJJJ |J `J

JJ`JJ J 
 9kUVWH
0HGLL 'LQWUXQILúLHUGHWLSWH[WVHFLWHVFQXPHUHQDWXUDOHUHSUH]HQWkQGDQLLGHQDúWHUHDXQRU
SHUVRDQH$ILúDĠLDQXOGHQDúWHUHúLQXPăUXOGHRUGLQHDOLQLHLGLQILúLHUSHFDUHVHDIOă
&XQRVFkQGPHGLLOHVHPHVWULDOHODGLVFLSOLQDLQIRUPDWLFăDOHXQRUHOHYLGLQWURFODVăVă
DQXOQDúWHULLDOFHOHLPDLWLQHUHSHUVRDQH3URFHGDĠLODIHOvQFD]XOFHOHLPDLYkUVWQLFH
VHGHWHUPLQHPHGLDVHPHVWULDOăDFODVHLODDFHDVWăGLVFLSOLQă
SHUVRDQH


'DWHGHLQWUDUH
'DWHGHLQWUDUH
ÌQILúLHUXO+%&$VXQWVFULVHPHGLLOHHOHYLORUFkWHXQQXPăUUHDOSHILHFDUHOLQLH
3HILHFDUHOLQLHDILúLHUXOXL #$&$VHDIOăXQQXPăUvQWUHJUHSUH]HQWkQGDQXOQDúWHULL

'DWHGHLHúLUH XQHLSHUVRDQH
0HGLD FODVHL VH YD VFULH vQ ILúLHUXO GH LHúLUH +%&'(! 'DFă GLQ QHIHULFLUHQXVH 
'DWHGHLHúLUH
SRDWH FDOFXOD PHGLD GHRDUHFH WRĠL HOHYLL DX UăPDV FRULJHQĠL vQ ILúLHU VH YD VFULH
3HSULPDOLQLHDILúLHUXOXLGHLHúLUH #$&'(!VHYDVFULHDQXOGHQDúWHUHDFHOHLPDLWL
PHVDMXOƒJJJ%%J
QHUH SHUVRDQH 3H OLQLD D GRXD VH YD VFULH QXPăUXO GH RUGLQH D FHOHL PDL WLQHUH SHU

VRDQH3HDWUHLDOLQLHVHYDVFULHDQXOGHQDúWHUHDFHOHLPDLYkUVWQLFHSHUVRDQH3HD
5HVWULFĠLLúLSUHFL]ăUL
SDWUDOLQLHVHVFULHQXPăUXOGHLGHQWLILFDUHDFHOHLPDLYkUVWQLFHSHUVRDQH'DFăvQWUXQ
x PHGLLOHVXQWQXPHUHUHDOHFXGRXă]HFLPDOHH[DFWH
DFHODúLDQVDXQăVFXWPDLPXOWHSHUVRDQHVHYRUIXUQL]DWRDWHQXPHUHOHGHRUGLQHFR
x dPHGLHd
UHVSXQ]ăWRDUHGHVSăUĠLWHSULQFkWHXQVSDĠLX
x PHGLLOHPDLPLFLGHFkWQXSDUWLFLSăODFDOFXOH 
 5HVWULFĠLLúLSUHFL]ăUL
([HPSOX
+%&$J +%&'(!J x dDQd
([SOLFDĠLH

Œ‰|J ŒˆˆJ 0HGLDQXSDUWLFLSăOD
([HPSOX
‰|`J FDOFXOH0HGLDDULWPHWLFă #$&$ #$&'(!
ˆŠJ
VDFDOFXODWGLQPHGLL ‰‰J ``J
ŠŒŒJ

‰‰ŒJ ˆJJ
```J ‰ŒJ
)DFWRULDO ``J |JŠJ
6ăVHFDOFXOH]HSURGXVXOSULPHORU1QXPHUHQDWXUDOH IDFWRULDOXO  ‰ŒJ 
 ‰ŒJ
'DWHGHLQWUDUH ``J
ÌQILúLHUXOGHLQWUDUH-#!&$HVWHVFULVXQVLQJXUQXPăUQDWXUDO 
 &DUDFWHUH
'DWHGHLHúLUH 6HFRQVLGHUăXQILúLHUGHWLSWH[WFDUHFRQĠLQHFDUDFWHUH$ILúDĠLvQRUGLQHDvQFDUHDSDU
9DORDUHDIDFWRULDOXOXLVHYDVFULHvQILúLHUXOGHLHúLUH-#!&'(! vQILúLHUDFHOHFDUDFWHUHFDUHVXQWPDLPDULGHFkWXOWLPXOFDUDFWHUGLQILúLHU
 
5HVWULFĠLLúLSUHFL]ăUL 'DWHGHLQWUDUH
x d1d 3HILHFDUHOLQLHDILúLHUXOXLGHLQWUDUH#"#!"&$VHDIOăXQFDUDFWHU
 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
 
'DWHGHLHúLUH 6ROXĠLLOHSUREOHPHORUSURSXVH
3H SULPD OLQLH D ILúLHUXOXL GH LHúLUH #"#!"&'(! VH YD VFULH XOWLPXO FDUDFWHU FLWLW
GLQILúLHUXOGHLQWUDUH3HXUPăWRDUHDOLQLHVHYRUVFULHFDUDFWHUHOHFHUXWHVHSDUDWHSULQ

FkWHXQVSDĠLX 1XPăUSDU
 $FHDVWăSUREOHPăFHUHVăVWDELOLPGDFăSULQWUHRPXOĠLPHGHQXPHUHDSDUHFHOSXĠLQ
([HPSOX XQQXPăUSDU
#"#!"&$J #"#!"&'(!J J
J J # J"ăQJ
‹J ‹JJŽJJJ
 JJ ăJmJIDOVJ
‡J JJ   QXDPDMXQVODVIkUúLWXOILúLHUXOXLú ăJ

 ă,J
J JJJJ
ú
J
J ^FLWLPDOWQXPăU`
ŽJ
JJJJ ăJmJ ăJ J
HVWHSDUJ
J
JJ ú    
J ă ăJ 
J  
†J

J JJ 
JJ
 JJJJ 
ƒ‚J
 ú  
3DUHLPSDUH 
'LQWUXQILúLHUGHWLSWH[WVHFLWHVFPDLPXOWHQXPHUHQDWXUDOHGHSHILHFDUHOLQLH3HQ  'DFăYUHPVăHYLWăPIRORVLUHDYDULDELOHLORJLFH ăSXWHPSURFHGDvQIHOXOXU
WUXILHFDUHOLQLHGLQILúLHUDILúDĠLFHDPDLPLFăYDORDUHSDUăúLFHDPDLPDUHYDORDUHLP PăWRU
SDUăSUHFL]kQGúLQXPăUXOGHRUGLQHDOLQLHL 
# J"ăQJ
 JJ
ú
J
J
'DWHGHLQWUDUH
JJ   QXDPDMXQVODVIkUúLWXOILúLHUXOXLúQXPăUXOHVWHLPSDU

 ă,J
)LHFDUHOLQLHDILúLHUXOXLGHLQWUDUH *$&$FRQĠLQHQXPHUHQDWXUDOHVHSDUDWHSULQ
JJJJ
ú
J
J ^FLWLPDOWQXPăU`
FkWHXQVSDĠLX  ú    
 JJăJQXDPDMXQVODVIkUúLWXOILúLHUXOXL 
HVWHSDU J
'DWHGHLHúLUH   ^GDFăQXXUPHD]ăPDUFDGHVIkUúLWGHILúLHUvQVHDPQăFăDPJăVLWXQQXPăU`
)LúLHUXOGHLHúLUH *$&'(!YDDYHDWRWDWkWHDOLQLLFkWHOLQLLH[LVWăvQILúLHUXOGHLQ  ^SDUDOWIHOPDLHVWHSRVLELOFDQUGLQIDĠDPăUFLLGHVIkUúLWGHILúLHUVăILIRVWSDU`
WUDUH 3HILHFDUHOLQLHYRUILVFULVHGRXăQXPHUHFDUHUHSUH]LQWăFHOPDLPLFQXPăUSDU JJJJ 
†J
úLFHOPDLPDUHQXPăULPSDUGHSHOLQLDFRUHVSXQ]ăWRDUHDILúLHUXOXLGHLQWUDUH JJ 
JJ
 JJJJ 
ƒ‚J
5HVWULFĠLLúLSUHFL]ăUL ú  J
x QXPăUd 
x SHILHFDUHOLQLHGLQILúLHUXOGHLQWUDUHH[LVWăDWkWQXPHUHSDUHFkWúLLPSDUH 1XPHUHSDUHSăWUDWHSHUIHFWHvQILúLHU
 9DULDELOHOH  úL  GH WLS  VH YRU DVRFLD ILúLHUHORU $(+"&$ UHVSHFWLY $(+1
([HPSOX "&'(!1XPHOHILúLHUHORUSUHFL]DWHvQHQXQĠVXQWGHFODUDWHVXEIRUPDXQRUFRQVWDQWH
*$&$J *$&'(!
JJ‡JˆJ|JJ‡JˆJ J|J VLPEROLFHODvQFHSXWXOSURJUDPXOXL%LQHvQĠHOHVDFHVWHFRQVWDQWHGHWLSúLUGHFDUDFWH
JJJJ‡J‡J‡JJ J‡J UHVDUILSXWXWVFULHFDSDUDPHWULDFWXDOLvQDSHOXOSURFHGXULORU 
3ULPXOILúLHU
J‡JˆJ|JŠŠJJ‡J ˆJJ VHGHVFKLGHFX  FHHDFHvQVHDPQăFăVHYDSDUFXUJHGHODvQFHSXWvQVFRSXO
J‡J‡ˆJ‡ˆJ J‡ FLWLULLGDWHORUVFULVHvQHO$OGRLOHDILúLHUVHGHVFKLGHFX SHQWUXVFULHUH
 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH

 6HSDUFXUJHSULPXOILúLHUFkWWLPSDFHVWDFRQĠLQHGDWH SkQăODVIkUúLWXOILúLHUXOXL  )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
3HQWUXILHFDUHQXPăUFLWLWGLQILúLHUVHYHULILFăGDFăHVWHSăWUDWSHUIHFWúLGDFăHVWHSDU 
'DFăDFHVWHFRQGLĠLLVXQWvQGHSOLQLWHQXPăUXOVHYDVFULHvQILúLHUXOGHLHúLUH # %
%
QJ
    JXUPHD]ăPDUFDGHVIkUúLWGHILúLHUvQ J

 ă,J
 $OJRULWPXOFDUHUHDOL]HD]ăDFHVWHRSHUDĠLLHVWH JJJJ   JXUPHD]ăPDUFDGHVIkUúLWGHOLQLHvQ J

 ăJJ JJJJJJJJJJJ
 JJJJJJ
ú
J%JJJ ^VHFLWHúWHXQFDUDFWHUGLQILúLHUXO `J
# Jƒă %QJ JJJJJJ 
J%JJJ ^VHVFULHFDUDFWHUXOvQ ‡`J
JJJJ ú    J
   JXUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHUJ

 ă,J
JJJJ
ú
JPDUFDMXOGHVIkUúLWGHOLQLHvQ J J
JJJJ
ú
J
JJ ^GLQILúLHU` JJJJ 
JPDUFDMGHVIkUúLWGHOLQLHvQ ‡JJ
JJJJăJ
HVWHQXPăUSDU   ú    
JJJJJJ
JmJJJ JJ 
JPDUFDMGHVIkUúLWGHOLQLHJvQ ‡ VHODVăROLQLHYLGă J
   J

JJ


 ă,  6HFRSLD]ăvQDFHHDúLPDQLHUăFRQĠLQXWXOILúLHUXOXL-/&$vQ-0&'(!
JJJJJJJJ
JmJ
J~JJJ ú  
 ú     
ă

J\J
 J
0HGLL
JJJJJJJJ 
J
 ^vQILúLHU` 3UREOHPD FHUH GHWHUPLQDUHD XQHL PHGLL DULWPHWLFH ÌQ SDUDOHO FX FLWLUHD YRP QXPăUD
 ú ă WHUPHQLLVXPHLSHED]DFăUHLDVHYDGHWHUPLQDPHGLDDULWPHWLFăGHRDUHFHQXFXQRDú
 ú ă
WHP QXPăUXO GDWHORU 1X HVWH VXILFLHQW Vă QXPăUăP SXU úL VLPSOX GDWHOH GHRDUHFH
 ú    J
HYHQWXDOHOH PHGLL PDL PLFL GHFkW  QX LQWUă vQ FDOFXOH ÌQ ILQDO VXPD VH vPSDUWH OD
ú  J
 QXPăUXOWHUPHQLORUGDFăDFHVWQXPăUHVWHGLIHULWGH
 9HULILFDUHD SURSULHWăĠLL GH SăWUDW SHUIHFW VH UHDOL]HD]ă JHQHUkQG SH UkQG SăWUDWHOH 
# J„QJ
QXPHUHORUQDWXUDOHvQFHSkQGGHODGHRDUHFHQXDUHURVWVăJHQHUăPSăWUDWHOHXQRU
JJJmJ`J ^HOHPHQWQHXWUXSHQWUXDGXQDUH`
QXPHUHLPSDUHDFHVWHDILLQGúLHOHLPSDUH&kWWLPSXQDVWIHOGHSăWUDWHVWHPDLPLF
JJ
JmJ`J ^QXPăUXOWHUPHQLORU`
GHFkWQXPăUXOJHQHUăPXUPăWRUXOSăWUDW'DFăDFHVWDQXHVWHPDLPLFSRDWHILHJDOFX    JQXXUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ă,
QXPăUXOGDWVDXSRDWHILPDLPDUHGHFkWHOÌQFD]GHHJDOLWDWHVFULHPQXPăUXOvQILúL 
ú
J ^PHGLDFXUHQWăvQILúLHU`J
HUXOGHLHúLUH JJJJăJJtJ|J ^GRDUPHGLLOHPDLPDULVDXHJDOHFXLQWHUHVHD]ă`
 JJJJJJ
JmJ
J~JJ ^FUHúWHQXPăUXOWHUPHQLORU`J
&RQFDWHQDUHGHILúLHUH JJJJJJJmJJ~JJJ ^DGXQăPWHUPHQXOFXUHQW`J
JJJJ ú ă
3ULQFLSDOHOHRELHFWLYHSHFDUHQLOHSURSXQHPvQUH]ROYDUHDDFHVWHLSUREOHPHVXQW JJ ú    
x IRORVLUHD FRUHFWă D VXESURJUDPHORU SUHGHILQLWH SHQWUX ILúLHUH 
  ă
JzJ` J ^GDFăDYHPFHOSXĠLQRPHGLHPDLPDUHVDXHJDOăFX`

 JJJJ 
J’
 ^DILúăPPHGLDDULWPHWLFă`J
x SDUFXUJHUHDFRUHFWăDXQHLOLQLLúLFLWLUHDPDUFDMXOXLGHVIkUúLWGHOLQLH JJ 
J
JJJJ 
JƒJJJ%%J
x FLWLUHDúLVFULHUHDFRUHFWăGLQúLUHVSHFWLYvQWUXQILúLHUGHWLSWH[W ú  
x UHDOL]DUHDVFULHULLXQHLOLQLLYLGHvQILúLHU 
 6HSDUFXUJSHUkQGFRQĠLQXWXULOHFHORUGRXăILúLHUHFDUDFWHUFXFDUDFWHU)LHFDUHFD
)DFWRULDO
UDFWHUFLWLWVHVFULHvQILúLHUXO-0&'(!&kQGVHvQWkOQHúWHPDUFDMXOGHVIkUúLWGHOLQLHvQ ÌQDFHDVWăSUREOHPăYRPFLWLYDORDUHDOXLQúLSHED]DOXLFXDMXWRUXOXQHLLQVWUXFĠLXQL
ILúLHUXOGHLHúLUHVHYDIDFHVDOWODOLQLHQRXă'XSăFHSULPXOGLQFHOHGRXăILúLHUHGH
 YRPJHQHUDWRDWHQXPHUHOHQDWXUDOH
LQWUDUHDIRVWSDUFXUVvQvQWUHJLPHVHVFULHROLQLHYLGăvQILúLHUXOGHLHúLUH 
 3UH]HQWăPFLWLUHDGDWHORUGLQILúLHUXO-.&$úLVFULHUHDDFHVWRUDvQ-0&'(!SUHFXP
úLVFULHUHDOLQLHLYLGH9DULDELOD%HVWHGHWLSFDUDFWHU
 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
 
# J“%QJJ ^vQSYRPREĠLQHYDORDUHDIDFWRULDOXOXL`J &DUDFWHUH
JJJmJJ ^HOHPHQWQHXWUXSHQWUXvQPXOĠLUH` ÌQDFHDVWăSUREOHPăvQILúLHUXOGHLQWUDUHDYHPFDUDFWHUH$6&,,FDUHSRWILFLIUHOLWHUH

ú

J VDX DOWH VHPQH $YkQG vQ YHGHUH Fă GLQWUH DFHVWHD WUHEXLH Vă ÄFXOHJHP´ FDUDFWHUHOH
JJ
 J\
J

 ă,J
DYkQGFRGXO$6&,,vQLQWHUYDOXO>DE@YRPDQDOL]DILHFDUHFDUDFWHUFLWLWGLQILúLHUXOGH
JJJJJmJJ‘JJJ ^vQPXOĠLPFXIDFWRUXOFXUHQW`J LQWUDUHúLGDFăDFHVWDDUHFRGXO$6&,,vQLQWHUYDOXOGDWvOFRSLHPvQILúLHUXOGHLHúLUH
JJ ú 
 
 )LHGHH[HPSOXFRQĠLQXWXOILúLHUXOXLGHLQWUDUH#"#!"&$J
ú  
|`J|J
 
JJ`JJ
 'DUVăIDFHPDEVWUDFĠLHSHQWUXPRPHQWGHSUHFL]DUHDGLQHQXQĠFXSULYLUHODOLPLWH  ,QWHUYDOXOHVWH>@6HSDUFXUJFDUDFWHUHOHGHSHDGRXDOLQLHúLVHFRPSDUăSH
OHOXLQ6ăYHULILFăPSURJUDPXOGHPDLVXVSHUkQGSHQWUXYDORULOH UkQG FRGXULOH $6&,, DOH FDUDFWHUHORU FLWLWH FX FDSHWHOH LQWHUYDOXOXL &RGXO $6&,, DO
SRDWH úL  ÌQ IXQFĠLH GH WLSXO YDULDELOHL S VH SRW vQWkPSOD OXFUXUL LQWHUHVDQWH 'H XQXL FDUDFWHU % VH SRDWH REĠLQH vQ 3DVFDO  IRORVLQG IXQFĠLD — %  'H H[HPSOX
H[HPSOXGDFăUH]XOWDWXOHVWHGHFODUDWFDILLQGGHWLSXO XYYRPREĠLQH Š”\`ŒLDU —  \Š|— 
 \`JHWF
Œ”\Œ'DU Œ”DUWUHEXLVăILHHJDOFX `'DFăPRGLILFăPWLSXOOXLSGLQ XYvQ  3HQWUXILúLHUXOGDWFDH[HPSOXGRDUFDUDFWHUHOH ` úLFDUDFWHUXOVSDĠLXFDUH


 úL UXOăP SURJUDPXO SHQWUX Q   REĠLQHP `”\`‡‡Š QXPăU DXFRGXULOH$6&,, ˆŒ ˆ‰UHVSHFWLY ‡QXVHDIOăvQLQWHUYDOXOFHUXWÌQFRQFOX]LHvQ
QHJDWLY LDUSHQWUXQ  |`”\`'DFăRGHFODUăPSHSGHWLS SURJUDPXOVH ILúLHUXOGHLHúLUHYRPDYHDXUPăWRDUHOHFDUDFWHUHVHSDUDWHSULQFkWHXQVSDĠLX
vQWUHUXSHSHQWUXQ!FXPHVDMXOGHHURDUH“
J
J• Ž J
JJJJJJJJJ
 6ăOXăPvQFRQVLGHUDUHVLWXDĠLDvQFDUHVHSUHIHUăFDUH]XOWDWXOVăILHGHWLS 
 

(YLGHQWvQFHUFăULOHQHDXFRQYLQVFăvQFHSkQGFXRDQXPLWăYDORDUHDOXLQVH # %Q
SURGXFHGHSăúLUH0DLDOHVDWXQFLFkQGWUHEXLHFDOFXODWIDFWRULDOXOXQXLQFDUHFRQVWLWX 
ú
˜
LHXQUH]XOWDWFDOFXODWvQSURJUDPQHWUHEXLHÄXQLQVWUXPHQW´FDUHVăQHSURWHMH]HGH    XUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHUvQ#"#!"&$

 ă,J
QHSOăFHULFXPDUILREĠLQHUHDXQXLUH]XOWDWIDOV&HOPDLPDUHQXPăUGHWLSXO 
    XUPHD]ăPDUFDMXOGHVIkUúLWGHOLQLHvQ#"#!"&$

 ă,J
JJJJJJ
ú
J%J

SRVLELOGHUHSUH]HQWDWvQFDOFXODWRUHVWH ˆˆŒ‡ŠˆUHĠLQXWGHFRQVWDQWDVLP
JJJJJJăJFRGXO$6&,,DOFDUDFWHUXOXL%túJJ
EROLFăDXQLWXOXL6\VWHPQXPLWăvQ3DVFDO„

$UXUPDVăSXWHPSXQHRvQ
JJJJJJJJJJJFRGXO$6&,,DOFDUDFWHUXOXL%d˜ 
WUHEDUHGHJHQXO JJ…J„

J 
'DUHVWHDEVXUGVăvQWUHEăPGDFă
 
J%JJJ ^VFULHPvQILúLHUXOGHLHúLUH`
XQQXPăUHVWHPDLPDUHGHFkWFHOPDLPDUHQXPăUSRVLELO
JJJJJJ ú ăJ
 ÌQFRQVHFLQĠăYRPSXQHvQWUHEDUHDFXXQSDVvQDLQWHGHHIHFWXDUHDvQPXOĠLULLFXUHQ  ú    
WHFDUHDUSXWHDSURGXFHRGHSăúLUHvQIHOXOXUPăWRU JJJJ
ú
PDUFDMXOGHVIkUúLWGHOLQLHGLQ#"#!"&$J

J  ú    J
JJQ\KJJ ú  
JJQ\KJ 
JJ
J …` JJ \
J

JJJJJJ…J„

JJJ 
JJ 9kUVWH
JJJJJJQ\`J 2ELHFWLYHOHSURSXVHvQDFHDVWăSUREOHPăVXQW
JJJJ


JJ x DIODUHDYDORULLPLQLPHúLPD[LPHGLQWUHYDORULOHSăVWUDWHvQWUXQILúLHUGHWLSWH[W
JJJJJJQ\‘KJJ x FăXWDUHD DFHVWRU YDORUL vQ ILúLHU úL UDSRUWDUHD SR]LĠLLORU SH FDUH YDORDUHD PLQLPă
JJJJJJ€
%  JJ
JJJJ
J UHVSHFWLYPD[LPăDSDUHvQILúLHU
JJ
 x SDUFXUJHUHDILúLHUXOXLWH[WGHPDLPXOWHRULFHHDFHSUHVXSXQHvQFKLGHUHDúLGHVFKL
&&& GHUHDOXLvQPRGUHSHWDW
 
 9DORDUHDOXLS VHYDWHVWDvQEORFXODSHODQWSHQWUXDGHFLGHGDFăVDSXWXWFDOFXOD  $IODUHD FHOHL PDL WLQHUH SHUVRDQH VH UHGXFH OD DIODUHD PD[LPXOXL GLQ ILúLHU úL VH
IDFWRULDOXOFHUXWVDXQXGHRDUHFHVDUILSURGXVRGHSăúLUH UHDOL]HD]ăvQDOJRULWPXOXUPăWRU
 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 
 
# J„QJ &DUDFWHUH

ú
J
J
(WDSHOHUH]ROYăULLDFHVWHLSUREOHPHVXQW
JJJmJ
J
x FLWLUHDLQWHJUDOăDILúLHUXOXLGHLQWUDUHúLVFULHUHDXOWLPXOXLFDUDFWHUFLWLWvQILúLHUXO
   QXXUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHU

 ă,J

ú
J
J
GHLHúLUH
JJJJăJJJ
J JJ x GHVFKLGHUHDILúLHUXOXLGHLQWUDUHSHQWUXRDGRXDSDUFXUJHUH
JJJJJJJmJ
J x VFULHUHD vQ ILúLHUXO GH LHúLUH D WXWXURU FDUDFWHUHORU GLQ ILúLHUXO GH LQWUDUH FDUH VXQW
 ú ăJ PDLPDULGHFkWXOWLPXOFDUDFWHUFLWLW SăVWUDWvQYDULDELODF 
 ú    J 

 
JJJ  3HQWUXJăVLUHDFDUDFWHUHORUPDLPDULGHFkWFvQILúLHUXOGHLQWUDUHDFHVWDVHGHVFKLGH
ú   SHQWUXSDUFXUJHUH6HFLWHVFSHUkQGFkWHXQFDUDFWHUEGHSHILHFDUHOLQLHúLVHFRPSDUă
J FXF'DFăEHVWHPDLPDUHGHFkWFDWXQFLDFHVWDVHVFULHSHDGRXDOLQLHvQILúLHUXOGH
 'XSăFHVDVFULVSHSULPDOLQLHDILúLHUXOXLGHLHúLUHYDORDUHDPD[LPXOXLXUPHD]ă LHúLUHXUPDWGHFDUDFWHUXOVSDĠLX
VăVHUHJăVHDVFăDFHDVWăYDORDUHvQILúLHUXOGHLQWUDUH5HJăVLUHDVHUHDOL]HD]ăSULQUH 
GHVFKLGHUHDILúLHUXOXLGHLQWUDUHSHQWUXSDUFXUJHUHúLFăXWDUHDYDORULLPD[LPH/DILH # %QJ
FDUHDSDULĠLHDPD[LPXOXLvQILúLHUXOGHLQWUDUHVHVFULHYDORDUHDQXPăUXOXLGHRUGLQHD    JQXXUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHU

 ă,J
OLQLHLSHFDUHVHDIOăRYDORDUHHJDOăFXYDORDUHDPD[LPăúLXQVSDĠLXVHSDUDWRUSHQWUX 
ú
J%J
FD]XOvQFDUHVHYDPDLVFULHXQQXPăUGHRUGLQHvQILúLHU'XSăHSXL]DUHDHOHPHQWHORU  ú    J
GLQILúLHUXOGHLQWUDUHVHVFULHPDUFDMXOGHVIkUúLWGHOLQLHvQILúLHUXOGHLHúLUHSHQWUXFD  
%JJ ^vQFDYHPXOWLPXOFDUDFWHUFLWLWGLQILúLHUXOGHLQWUDUH`J
VFULHUHDYDORULLPLQLPHVăVHUHDOL]H]HSHUkQGQRX    QXXUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHU

 ă,
 
ú
˜J
 $OJRULWPXOHVWH ăJ%JJ˜J 
  
J˜JJ^vQILúLHUXOGHLHúLUHVFULHPFDUDFWHUHOHÄPDLPDUL´GHFkWF`J
# J™%„Q  ú ăJ
 ú    
JJJmJJJ ^QXPăUXOGHRUGLQHDOOLQLHLvQILúLHUXOGHLQWUDUH` ú  
   QXXUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHU

 ă,J

ú
J
J 
ăJ
J\JJ JJJ 3DUHLPSDUH
JJJJJJ 
JJJJ 3UREOHPDFRQVWăvQWUDWDUHDVHSDUDWăDILHFăUHLOLQLLGLQILúLHUXOGHLQWUDUHvQLGHHDJăVL
 ú ăJ ULLYDORULLPLQLPHSDUHúLDYDORULLPD[LPHLPSDUH
JJJJJmJJ~JJ 
 ú     # „
„,
ú      QXXUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHU

 ă,
 JJJJ
JmJ„
JJ ^VXQWHPVLJXULFăYRPJăVLXQXOPDLPLF`J
 $OJRULWPXOSHQWUXPLQLPHVWHDQDORJFXFHOGHVFULVPDLVXVGDUVHSRDWHSURLHFWD
JJJJJmJ`JJ ^VXQWHPVLJXULFăYRPJăVLXQXOPDLPDUH`
XQDOJRULWPFDUHGHWHUPLQăYDORDUHDPLQLPăúLPD[LPăFXRVLQJXUăSDUFXUJHUHDILúL
   QXXUPHD]ăPDUFDMXOGHVIkUúLWGHOLQLH

 ă,
HUXOXLGHLQWUDUH'DFăYRPOXFUDDVWIHOVWUXFWXUDUHSHWLWLYă   YDFRQĠLQHSUH 
ú


OXFUăULOHDIHUHQWHPLQLPXOXLúLPD[LPXOXLXUPkQGFDUHJăVLUHDORUVăVHUHDOL]H]HVH ă
HVWHSDU 
SDUDW GHRDUHFH QXPHUHOH GH RUGLQH FRUHVSXQ]ăWRDUH PD[LPXOXL UHVSHFWLY PLQLPXOXL ă
JJ
 
WUHEXLHVăOHDILúăPJUXSDWH

JmJ

  ú ă
  







1XPHUH &DSLWROXO



™3UHOXFUăULDOHQXPHUHORU
™&RQVWUXLUHDQXPăUXOXLvQWUHJGLQFDUDFWHUHFLIUH
 6FKHPDOXL+RUQHU
™'HVFRPSXQHUHDXQXLQXPăUGDWvQFLIUH
™,PSOHPHQWăULVXJHUDWH
™3UREOHPHSURSXVH
™6ROXĠLLOHSUREOHPHORU



 )LúLHUHGHWLSWH[WúLSUHOXFUăULVLPSOH 3UHOXFUăULDOHQXPHUHORU
 $WXQFLFkQGVFULHPXQQXPăU FXFUHLRQXOVDXFXDMXWRUXOWDVWDWXULL DúH]ăPFLIUHXQD
ă
J…J  OkQJăDOWDGDUVHPQLILFDĠLDúLUXOXLGHFLIUHHVWHFODUăSHQWUXWRDWăOXPHD1XQHYRP
JkQGLODFHHDFHYHGHP SHKkUWLHVDXSHPRQLWRU FDODXQúLUGHFLIUHFLFDODRVLQJX
JmJ
 Uă HQWLWDWH DGLFă OD XQ QXPăU 'DFă QX DP VFULV úL YLUJXOD ]HFLPDOă VDX SXQFWXO 
 ú ă DYHPXQQXPăUvQWUHJ
 ú ă 
 

JJJ &RQVWUXLUHDQXPăUXOXLvQWUHJGLQFDUDFWHUHFLIUH
 ú     6FKHPDOXL+RUQHU
 ú     $WXQFLFkQGvQWUXQSURJUDPVHFLWHúWHXQQXPăUvQWUHJDXORFFkWHYDRSHUDĠLLDVFXQVH
ú   GHRFKLLXWLOL]DWRUXOXLÌQSULPXOUkQGFLIUHOHFRQVWLWXLHFDUDFWHUHFDUHLPHGLDWGXSăFH
 DXIRVWFLWLWHGLQILúLHUXOVWDQGDUGVDXXQXOFUHDWGHXWLOL]DWRUVXQWYHULILFDWHÄ1LPHQL
QXúWLH´GHGLQDLQWHFkWHFLIUHYDDYHDQXPăUXO'HDVHPHQHDQLPHQLQXúWLHGDFăGLQ
JUHúHDOăQXYDDSăUHDvQWUHGRXăFLIUHXQFDUDFWHUQHSHUPLV'DUFHDQXPHHVWHQHSHU
PLV" &DUDFWHUHOH VSDĠLX 7DE úL PDUFD GH VIkUúLW GH OLQLH FRQVWLWXLH VHSDUDWRUL $OWIHO
VSXVDSDULĠLDORUVHPQDOHD]ăIDSWXOFăQXPăUXOQXPDLDUHFLIUH'DUúLPDUFDGHVIkU
úLW GH ILúLHU VHPQDOHD]ă DFHODúL OXFUX GLIHUHQĠD IDĠă GH FHOH vQúLUDWH DQWHULRU HVWH Fă
PDUFDGHVIkUúLWGHILúLHUQXMRDFăUROGHÄVHSDUDWRU´FLGHÄWHUPLQDWRU´5HYHQLQGOD
FDUDFWHUHOHSHUPLVHúLQHSHUPLVHVHYRUUHVSHFWDUHJXOLOHVLQWDFWLFHDOHOLPEDMXOXLGH
SURJUDPDUHIRORVLW
 ÌQ FHOH FH XUPHD]ă YRP UHDOL]DXQDOJRULWPSHQWUXFLWLUHDXQRUFDUDFWHUHGLQFDUH
YRPFUHDXQQXPăUvQWUHJGDFăDFHVWOXFUXYDILSRVLELO



 1XPHUH 1XPHUH 
 
([HPSOX ELĠLORUGLQVWkQJDVHSLHUG'DFăSHELWXOVHPQDMXQJHXQELWHJDOFXYRPDYHDXQ
 )LHúLUXOGHFDUDFWHUHLQWURGXVGHODWDVWDWXUăúLGRULPFDDFHDVWăYDORDUH QXPăUQHJDWLYGDFăDFHVWDHVWHQXPăUXOHVWHSR]LWLYGDUGLQFDX]DELĠLORUVHPQLIL
VăLVHDWULEXLHYDULDELOHLQGHWLSvQWUHJUHSUH]HQWDWSHGRXăFXYLQWH vQOLPEDMXO3DV FDWLYL GH UDQJ FHO PDL PDUH SLHUGXĠL GLQ UHSUH]HQWDUHD QXPăUXOXL DYHP XQ ÄUH]XOWDW´
FDOWLSXOSUHGHILQLWHVWH 

vQ&HVWH 
ÌQFHOHFHXUPHD]ăYRPFRQWLQXD HURQDW YH]LSUREOHPDIDFWRULDOGLQFDSLWROXO 
SUH]HQWDUHDFRQIRUPÄSRVLELOLWăĠLORU´GLQ3DVFDO  3UHVXSXQHP Fă Q HVWH GHFODUDW GH WLS 

 úL HVWH FLWLW FDUDFWHU GXSă FDUDFWHU
 'XSă FH VH SUHLD SULPXO FDUDFWHU vQFă QX VH úWLH UDQJXO FLIUHL FRUHVSXQ]ăWRDUH vQ GHWLS& SkQăODPDUFDGHVIkUúLWGHOLQLH$OJRULWPXOvPEXQăWăĠLWHVWHXUPăWRUXO
QXPăUGDUHDWUHEXLHWRWXúLSUHOXFUDWă3HQWUXDvQĠHOHJHLGHHDFDUHSRDUWăGHQXPLUHD 
ÄVFKHPDOXL+RUQHU´YRPVFULHQXPăUXOVXEIRUPDXQHLVXPH # Jš
QJ
 ˜ ˜ ˜ ˜ ˜ ˜       JJ
JmJ`JJ ^LQLĠLDOL]DUHDQXPăUXOXLQ`
˜˜˜˜˜˜˜ JJJmJIDOV
 $OJRULWPXOVHFRQWXUHD]ăPDLFODUGLQWDEHOXOXUPăWRU JJ%%ă
JmJIDOVJ
 JJ   JJú%%ă
JúJJ
FLIUDFXUHQWă QXPăUvQFRQVWUXFĠLH J J J JXUPHD]ăPDUFDGHVIkUúLWGHOLQLH

 ă,
  
ú
%%JJJ ^FDUDFWHUXOFXUHQWGHODVWkQJDODGUHDSWD`J
  JJJJăJ%%HVWHFLIUă 
  % JmJYDORDUHDQXPHULFăDFDUDFWHUXOXL
  ă
HVWHPDLPDUHGHFkWFHOPDLPDUHQXPăUvPSăUĠLWOD J
  JJJJJJJJ
JmJ
‘`J~J% J ^LQWURGXFHUHDFLIUHLvQQXPăUXOQ`J
  JJJJJJ 
J
  JJJJJJJJJmJDGHYăUDWJ
   ú ă
  

# Jš
QJ %%ă
JmJDGHYăUDW
JJ
JmJ`JJ ^LQLĠLDOL]DUHDQXPăUXOXLQ`  ú ăJ
JJ   PDLH[LVWăFLIUH

 ă,  ú    

ú
% JJJ ^FLIUDFXUHQWăGHODVWkQJDODGUHDSWD`J ăJ JJ
JJJJ
JmJ
‘`J~J% JJ ^LQWURGXFHUHDFLIUHLvQQXPăUXOQ`J JJJJ 
2ƒJJ
 ú     JJ 
J
 

 ă%%ă
J J
ú J  JJ 
2%J
J
JJJJ 
J
 JJJJJJ 
J
J
 $FHVW DOJRULWPQXHVWHvQVăVXILFLHQWGHSUHFLVGDUPDLDOHVQXHVWHÄSUHFDXW´ÌQ  ú ăJ
SULPXOUkQGHOVHED]HD]ăSHIDSWXOFăvQPRGJDUDQWDWVHFLWHVFFLIUH'HFLDUWUHEXLVă  ú ăJ
LQWURGXFHPúLYHULILFDUHDFDUDFWHUXOXLSHQWUXDILVLJXULFăYRPSUHOXFUDFLIUH ú J 
 $GRXDREVHUYDĠLHVHUHIHUăODFRQGLĠLDGLQLQVWUXFĠLXQHDUHSHWLWLYăWUHEXLHVăúWLP 
FkQGVHWHUPLQăGHIDSWúLUXOGHFDUDFWHUHùLPDLDYHPRSUREOHPăVDUSXWHDFDQX
PăUXOQVăQXSRDWăILUHSUH]HQWDWSHVSDĠLXOUH]HUYDWvQPHPRULDFDOFXODWRUXOXLSHQWUX 'HVFRPSXQHUHDXQXLQXPăUGDWvQFLIUH
YDULDELOHGHWLSXOOXLQÌQFRQFOX]LHWUHEXLHVăQHSURWHMăPSURJUDPXOGHVXUSUL]HQH 2SHUDĠLDÄLQYHUVă´DGLFăIXUQL]DUHDFLIUHORUXQXLQXPăUHVWHQHFHVDUăRULGHFkWHRUL
SOăFXWHFDUHDUvQVHPQDFăXQQXPăUSR]LWLYvQPXOĠLWFXVăGHYLQăvQFDOFXODWRUQX GRULPVăUHDOL]ăPRSUHOXFUDUHFLIUăFXFLIUă3HQWUXDGHVFRPSXQHXQQXPăUvQWUHJvQ
PăUQHJDWLY VDXSR]LWLYGDUPDLPLF GLQFDX]DGHSăúLULLVSDĠLXOXLGHPHPRUDUHDOR FLIUHYRPIRORVLRSHUDĠLLOHGHvPSăUĠLUHvQWUHDJăúLGHWHUPLQDUHDUHVWXOXLvPSăUĠLULLvQ
FDW$SDULĠLDDFHVWRUHURULVHH[SOLFăSULQIDSWXOFăUHSUH]HQWDUHDQXPăUXOXLQXPDLvQ WUHJL3HQWUXDFHVWHGRXăRSHUDĠLLvQSVHXGRFRGYRPIRORVLQRWDĠLLOH>PQ@úLUHVW>PQ@
FDSHSHSR]LĠLLOHELQDUHDORFDWHúLXQELWVHPQLILFDWLYDMXQJHSHELWXOVHPQLDUUHVWXO

 
 1XPHUH 1XPHUH 
 
 ([HPSOLILFăPDOJRULWPXOSHQWUXDGHWHUPLQDGDFăQXPăUXOQGDWHVWHVDXQXSDOLQ 3UREOHPHSURSXVH
GURP8QQXPăUSDOLQGURPDUHDFHHDúLYDORDUHGDFăvOÄFLWLP´GHODGUHDSWDODVWkQJD
úLGHODVWkQJDODGUHDSWD$OWIHOVSXVXQQXPăUSDOLQGURPHVWHHJDOFXQXPăUXOIRUPDW 
GLQFLIUHOHVDOHOXDWHvQRUGLQHLQYHUVă DFHVWDvQDOJRULWPHVWHQXPLW1LQYHUV  3ULPD]L
 /RFXLWRULLGLQğDUDOXL3DSXUă9RGăRELúQXLDXVăúLSXQăSHFăVXĠHQXPHUHFLXGDWHúL
# J
QJ OXQJL3LWLFXO$úFKLXĠăDQJDMDWGHSUREăOD2ILFLXOSHQWUX(YLGHQĠD&OăGLULORU3XEOLFH
JJ
ú

J VD SXV SH WUHDEă vQFă GLQ SULPD ]L H[SHULPHQWkQG XQHOH PRGLILFăUL vQ QXPHURWDUHD
JJƒ
•JmJ`JJ ^LQLĠLDOL]DUHDQXPăUXOXL1LQYHUV` FOăGLULORU3HQWUXvQFHSXWHODHOLPLQDWFLIUDGLQQXPăUXOvQVFULVSHFOăGLUHDvQFDUH
JJƒJmJ
J OXFUD
JJ   
JzJ`J

 ă, ^FkWWLPSQPDLDUHFLIUH`  6FULHĠLXQSURJUDPFDUHFLWHúWHXQQXPăUQDWXUDOúLHOLPLQăGLQDFHVWDWRDWHDSDULĠLL
% JmJ›
’`œJJJ ^FLIUDFXUHQWăGHODGUHDSWDODVWkQJD`J OHFLIUHL
JJJJ
JmJ›
’`œJJ ^HOLPLQăPXOWLPDFLIUăGLQQXPăUXOQ`J 
ƒ
•JmJƒ
•‘`J~J% J J 'DWHGHLQWUDUH
J J J ^FRQVWUXLPQXPăUXO1LQYHUVFXVFKHPDOXL+RUQHU` 'LQILúLHUXOGHLQWUDUH3(#.&$VHYDFLWLXQQXPăUQDWXUDOQ
 ú     
ăƒ
•J\JƒJ  'DWHGHLHúLUH
 
2
2J ÌQILúLHUXOGHLHúLUH3(#.&'(!VHYDVFULHQXPăUXOGLQFDUHVDXHOLPLQDWWRDWHFLIUHOH
JJ 
JJ
JJJJ 
J2ƒJJ
2 HJDOHFX
ú J  
5HVWULFĠLLúLSUHFL]ăUL
 x dQd
,PSOHPHQWăULVXJHUDWH x GDFăWRDWHFLIUHOHVXQWHJDOHFXUH]XOWDWXOYDILQXPăUXO
3HQWUXDYăIDPLOLDUL]DFXPRGXOvQFDUHWUHEXLHUH]ROYDWHSUREOHPHOHvQFDGUXOFăURUD 
LQWHUYLQRSHUDĠLLFXFLIUHYăVXJHUăPVăvQFHUFDĠLVăLPSOHPHQWDĠLDOJRULWPLSHQWUX ([HPSOX 
 DILúDUHDFLIUHORUXQXLQXPăU 3(#.&$ 3(#.&'(!J
 GHWHUPLQDUHDQXPăUXOXLGHFLIUHDOHXQXLQXPăU ‡ˆ|J ‡ˆ|J

 GHWHUPLQDUHDFHOHLPDLPDUL PLFL FLIUHDXQXLQXPăU
 GHWHUPLQDUHDFHOHLPDLPDUL PLFL FLIUHDXQXLQXPăUúLDSR]LĠLLORUSHFDUHDSDUH $GRXD]L
DFHDVWD $GRXD]LSLWLFXO$úFKLXĠăILLQGDQJDMDWGHSUREăOD2ILFLXOSHQWUX(YLGHQĠD&OăGLUL
 GHWHUPLQDUHDLQYHUVXOXLXQXLQXPăU ORU3XEOLFHVDMXFDWGLQQRXFXFLIUDOXLSUHIHUDWăQXPăUkQGGHFkWHRULDSDUHFLIUD
 JHQHUDUHDXQXLQXPăUGLQWUXQúLUGHFDUDFWHUHFDUHVXQWFLIUH SURWHFĠLHvQFD]GH vQWRWDOvQWRDWHQXPHUHOHFDVHORUGHSHVWUDGDVD
GHSăúLUHúLGHFDUDFWHUHFDUHQXVXQWFLIUH   5HDOL]DĠL XQ SURJUDP FDUH Vă QXPHUH GH FkWH RUL DSDUH FLIUD  vQ WRDWH QXPHUHOH
 YHULILFDUHDIDSWXOXLFăXQQXPăUHVWHSDOLQGURP H[LVWHQWHvQWUXQILúLHUGDW
 GHWHUPLQDUHDWXWXURUQXPHUHORUSDOLQGURDPHGLQWUXQLQWHUYDOGDW 
 FLWLUHDXQXLQXPăUUHDOGHIRUPD[\úLDILúDUHDQXPăUXOXL\[ 'DWHGHLQWUDUH
 GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSÄYDOH´GLQWUXQLQWHUYDO ÌQILúLHUXOGHLQWUDUH3(#/&$VHDIOăQXPHUHQDWXUDOHDúH]DWHFkWHXQXOSHROLQLH
 GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSÄPXQWH´GLQWUXQLQWHUYDO 
 GHWHUPLQDUHDWXWXURUQXPHUHORUGHWLSÄYDOH´úLDWXWXURUQXPHUHORUGHWLSÄPXQWH´ 'DWHGHLHúLUH
GLQWUXQLQWHUYDO 1XPăUXOGHDSDULĠLLDOHFLIUHLVHYDVFULHvQILúLHUXOGHLHúLUH3(#/&'(!
 


 
 1XPHUH 1XPHUH 
 
([HPSOX  'DWHGHLQWUDUH
3(#/&$ 3(#/&'(!J 1XPăUXOQDWXUDOQVHFLWHúWHGLQILúLHUXOGHLQWUDUH3(#4&$
‡ˆ|J |J 
||ˆJ 'DWHGHLHúLUH
`J
J
&LIUDUH]XOWDWăVHYDVFULHvQILúLHUXO3(#4&'(!ÌQFD]XOvQFDUHQXPăUXOQXVHSRDWH
J UHGXFHODRFLIUăvQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXO˜


5HVWULFĠLLúLSUHFL]ăUL
$WUHLD]L x dQd RVXWăGHPLOLRDQH 
ÌQFHDGHDWUHLD]LGHOXFUXSLWLFXO$úFKLXĠăVDSOLFWLVLWúLVDKRWăUkWVăURWHDVFăFLIUH 
OHQXPHUHORUFDVHORUWXWXURUYHFLQLORUVSUHGUHDSWD&XQRVFkQGQXPăUXOGHURWDĠLLHIHF ([HPSOH 
WXDWHDVXSUDFLIUHORUSUHFXPúLQXPHUHOHFDVHORUYHFLQLORUGHSHVWUDGăDILúDĠLQXPH 3(#4&$ 3(#4&'(! 9DORULOHVXFFHVLYHDOHQXPăUXOXLSkQăOD
UHOHREĠLQXWHvQXUPDURWDĠLLORUFLIUHORU ‡ˆJJ J REĠLQHUHDUH]XOWDWXOXLVXQWŸŸ
 J J
ŸŸŸŸ
'DWHGHLQWUDUH  
  5H]XOWDWXOILQDOHVWH
3HSULPDOLQLHDILúLHUXOXL3(#0&$VHDIOăXQQXPăUQDWXUDOQUHSUH]HQWkQGQXPăUXO
  
GHURWDĠLLFDUHWUHEXLHHIHFWXDWHDVXSUDQXPHUHORUFăVXĠHORUYHFLQLORUGHSHVWUDGă3H
3(#4&$ 3(#4&'(! 9DORULOHVXFFHVLYHDOHQXPăUXOXLSkQăOD
XUPăWRDUHOHOLQLLVHDIOăQQXPHUHQDWXUDOHFkWHXQQXPăUSHROLQLH ‰|J J ˆJ REĠLQHUHDUH]XOWDWXOXLVXQW
 J J ŸŸŸ
'DWHGHLHúLUH  J 5H]XOWDWXOILQDOHVWH
ÌQILúLHUXOGHLHúLUH3(#0&'(!VHYRUVFULHQXPHUHOHURWLWHFkWHXQXOSHROLQLH  J
   
5HVWULFĠLLúLSUHFL]ăUL 3(#4&$ 3(#4&'(!J 9DORULOHVXFFHVLYHDOHQXPăUXOXLSkQăOD
x dQd ‰‡ˆ`J ˜ REĠLQHUHDUH]XOWDWXOXLVXQW

J ŸŸŸ«FLFOXLQILQLW
([HPSOX 
J DFHVWQXPăUQXVHSRDWHUHGXFHODRFLIUă
3(#0&$ 3(#0&'(!J 
ˆJ
‡ˆ|J
ˆ|‡J
Œ‰|ŠJ
$FLQFHD]L
|ŠŒ‰J ‡ 'XSăFXPúWLPGHMDORFXLWRULLGLQğDUDOXL3DSXUă9RGăRELúQXLDXVăúLSXQăSHFăVX
‡J ĠHQXPHUHIRDUWHFLXGDWHúLOXQJL3LWLFXO$úFKLXĠăDQJDMDWOD2ILFLXOSHQWUX(YLGHQĠD
J
&OăGLULORU 3XEOLFH vQ FHD GHD FLQFHD ]L GH OXFUX VD DSXFDW GH IăFXW VWDWLVWLFL (O D
FăXWDWvQFD]XOXQXLQXPăUQFLIUHOHDYkQGFHDPDLPDUHIUHFYHQĠă
$SDWUD]L  6FULHĠLXQSURJUDPFDUHGHWHUPLQăIUHFYHQĠDPD[LPăGHDSDULĠLHDXQHLFLIUHúLFL
$SDWUD]LSLWLFXO$úFKLXĠăDOXDWKRWăUkUHDGHDVFXUWDQXPHUHOHFDVHORUGHRDUHFHLVH IUHOHFDUHDXDFHDVWăIUHFYHQĠăGHDSDULĠLHvQQXPăU
SăUHDXSUHDOXQJL(ODvQFHSXWVăH[SHULPHQWH]HLGHHDGHDvQORFXLILHFDUHFLIUăDQX 
PăUXOXLFXFRPSOHPHQWXOFLIUHLUHVSHFWLYHIDĠăGHFHDPDLPDUHFLIUăGLQQXPăUHIHF 'DWHGHLQWUDUH
WXkQGDFHHDúLSUHOXFUDUHSHUH]XOWDWXOREĠLQXWHODREVHUYDWFăDQXPLWHQXPHUHVHUH 1XPăUXOQDWXUDOQVHFLWHúWHGLQILúLHUXO3(#5&$
GXFODRFLIUă 
 6FULHĠLXQSURJUDPFDUHUHGXFHXQQXPăUGDWODRFLIUăFXPHWRGDOXL$úFKLXĠăGDFă 'DWHGHLHúLUH
DFHVWOXFUXHVWHSRVLELO ÌQILúLHUXO3(#5&'(!VHYDVFULHIUHFYHQĠDPD[LPăXUPDWăGHVSDĠLXDSRLVHYDVFULH
 FLIUDVDXFLIUHOHFDUHDXDFHDVWăIUHFYHQĠăGHDSDULĠLHvQQXPăU

 
 1XPHUH 1XPHUH 
 
5HVWULFĠLLúLSUHFL]ăUL ([HPSOX 
x dQd 3(#6&$ 3(#6&'(!J
x &LIUHOHDYkQGIUHFYHQĠDPD[LPăVHYRUGHVSăUĠLSULQFkWHRYLUJXOă ‡ˆ|J‡JŠ|JŒ‰Jˆ|Š‡JŒ‰|ˆJ %QˆJ
‡JŠŒJ‡‡‡J %˜QJ

J QJ
([HPSOX  •QJ
3(#5&$ 3(#5&'(!J
%Q
‡ˆ|‡J J‡J

 $úDSWHD]L
$úDVHD]L ÌQFHDGHDúDSWHD]LOXL$úFKLXĠăvLWUHFXSULQPLQWHFăDUILPDLLQWHUHVDQWGDFăQXPH
$úDVHD]LSLWLFXO$úFKLXĠăDXPEODWSULQWRWUHJDWXOSHQWUXDIDFHRVWDWLVWLFăSULYLQG UHOHFDVHORUDUILvQXUPăWRDUHDVXFFHVLXQH
QXPăUXOGHFDVHFDUHVXQWQXPHURWDWHFXQXPHUHvQDVSHFWGHXUFXúFRERUkúGHDOVDX «
YDOH  6ăVHJHQHUH]HQQXPHUHGHFDVHFRQIRUPUHJXOLLOXL$úFKLXĠă
 6SXQHPFăXQQXPăUDUHDVSHFWGHGHDOGDFăFLIUHOHVDOHVHVXFFHGvQWkLFUHVFăWRUúL 
DSRLGHVFUHVFăWRUúLFRQVLGHUăPXQQXPăUFDDYkQGDVSHFWGHYDOHGDFăFLIUHOHVDOHVH 'DWHGHLQWUDUH
VXFFHG vQWkL GHVFUHVFăWRU úL DSRL FUHVFăWRU ÌQWUXQ QXPăU FX DVSHFW GH XUFXú FLIUHOH ÌQILúLHUXOGHLQWUDUH3(#7&$DYHPVFULVXQQXPăUQDWXUDOQ
DSDUvQRUGLQHFUHVFăWRDUHLDUvQWUXQXOFXDVSHFWGHFRERUkúvQRUGLQHGHVFUHVFăWRDUH 
 6ăVHVFULHXQSURJUDPFDUHUHDOL]HD]ăVWDWLVWLFDGRULWăGH$úFKLXĠă 'DWHGHLHúLUH
 1XPHUHOHJHQHUDWHGXSăUHJXODGHPDLVXVYRUILVFULVHvQILúLHUXO3(#7&'(!FkWHXQ
'DWHGHLQWUDUH QXPăUSHILHFDUHOLQLH
ÌQILúLHUXOGHLQWUDUH3(#6&$VHDIOăPDLPXOWHQXPHUHQDWXUDOH 
5HVWULFĠLLúLSUHFL]ăUL

'DWHGHLHúLUH x dQd

ÌQILúLHUXO3(#6&'(!VWDWLVWLFDUH]XOWDWăYDILDILúDWăDVWIHO
([HPSOX 
x SH SULPD OLQLH VH YD VFULH FXYkQWXO % XUPDW GH FDUDFWHUXO Q DSRL GH 3(#7&$ 3(#7&'(!J
QXPăUXOGHQXPHUHDYkQGDVSHFWGHXUFXú |J JJ
x SHDGRXDOLQLHVHYDVFULHFXYkQWXO%˜XUPDWGHFDUDFWHUXOQDSRLGHQX JJ
PăUXOGHQXPHUHDYkQGDVSHFWGHFRERUkú ‡‡JJ
x SHDWUHLDOLQLHVHYDVFULHFXYkQWXOXUPDWGHFDUDFWHUXOQDSRLGHQXPăUXO ˆˆJJ
||J
GHQXPHUHDYkQGDVSHFWGHGHDO

x SHDSDWUDOLQLHVHYDVFULHFXYkQWXO •XUPDWGHFDUDFWHUXO QDSRLGHQXPă
UXOGHQXPHUHDYkQGDVSHFWGHYDOH 6ROXĠLLOHSUREOHPHORU
x GDFăvQILúLHUXOGHLQWUDUHH[LVWăQXPHUHFDUHQXVHvQFDGUHD]ăvQQLFLXQDGLQWUHFH 
OHSDWUXJUXSHSHDFLQFHDOLQLHVHYDVFULHFXYkQWXO%XUPDWGHFDUDFWHUXO 3ULPD]L
QDSRLGHQXPăUXOGHQXPHUHFRUHVSXQ]ăWRU )LHGHH[HPSOXQXPăUXOÌQWDEHOXOXUPăWRUFRORDQDQUFRQĠLQHYDORDUHDFX
 UHQWăDQXPăUXOXLFDUHVHSUHOXFUHD]ăFRORDQDFLIUDUHĠLQHYDORDUHDFLIUHLDQDOL]DWHLDU
5HVWULFĠLLúLSUHFL]ăUL SXWHUH UHSUH]LQWă YDORDUHD SXWHULL OXL  vQ SURFHVXO GH FRQVWUXLUH D UH]XOWDWXOXL ÌQ
x dQXPăUFLWLWd DFHDVWăSUREOHPăQXYRPDSOLFDVFKHPDOXL+RUQHUGHRDUHFHDSOLFDUHDHLDUFRQGXFH
 ODXQQXPăUvQFDUHFLIUHOHDUILDúH]DWHvQRUGLQHLQYHUVă9DORDUHDYDULDELOHLSXWHUHQH
 YDDMXWDFDvQPXOĠLQGQXPăUXOFXSXWHUHDOXLFRUHVSXQ]ăWRDUHVăDúH]ăPFLIUDH[DFW
 SHSR]LĠLDDYkQGUDQJXOGRULW

 
 1XPHUH 1XPHUH 
 
QU FLIUD SXWHUH UH]XOWDW  5H]XOWDWXOREĠLQXWHVWHUHSUH]HQWkQGQXPăUXOFLIUHORUHJDOHFXvQWRWDOvQQXPă
    UXO
    
# JQJ
   
  JJ%žJmJ`J
 
  JJ   QXXUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ă,J
 
JJJJ
ú
J
J
    JJJJ   J
JzJ`J

 ă,J
   
JJJJJJ% JmJ›
’`œ ^UHĠLQHPXOWLPDFLIUăGLQQXPăUXOGDW`
   
JJJJJJ
JmJ›
’`œJ ^ÄWăLHP´XOWLPDFLIUăGLQQXPăUXOGDW`J
 JJJJJJăJ% J\JJ J ^GDFăFLIUDHVWHRQXPăUăP`
 9RPGHVFULHDOJRULWPXOFRQIRUPFăUXLDDPFRPSOHWDWWDEHOXOGHYDULDĠLH JJJJJJJJ%žJmJ%žJ~JJ
 JJJJJJ ú ă
# JQJ JJJJ ú    
J 
ú
J
J  ú    
JJ‹JmJ`JJ^UH]XOWDWXOYDILXQQXPăUQRXFDUHVHFDOFXOHD]ăFDVXPăGH`  
%ž
   ^WHUPHQLHOHPHQWQHXWUX`J ú  
JJJmJJ^SXWHULOHOXLVHREĠLQvQXUPDXQRUvQPXOĠLULHOHPHQWQHXWUX`J 
$WUHLD]L
JJ   J
JzJ`J

 ă,J
JJJJ% JmJ›
’`œ ^UHĠLQHPXOWLPDFLIUăGLQQXPăUXOGDW`
9RPFRQVLGHUDXQH[HPSOXSHFDUHYRPDQDOL]DSDúLLDOJRULWPXOXLGHUH]ROYDUH9UHP
JJJJ
JmJ›
’`œ ^WăLHPXOWLPDFLIUăGLQQXPăUXOGDW`J
VăURWLPQXPăUXOFXSR]LĠLLVSUHGUHDSWD2EVHUYăPFăQXPăUXOYDILURWLW
JJJJăJ% JzJJ J^GDFăFLIUDUHĠLQXWăQXHVWHRDGăXJăPODUH]XOWDW`
RGDWăFRPSOHWúLFXvQFăWUHLSR]LĠLL
JJJJJJ‹JmJ‹J~J% ‘J
 3HQWUXILHFDUHQXPăUFLWLWWUHEXLHVă
JJJJJJJmJ‘`J ^SUHJăWLPSSHQWUXSDVXOXUPăWRU` x QXPăUăPFkWHFLIUHDUHQXPăUXO vQH[HPSOXFLIUH 
JJJJ ú ă
JJ ú     x GHWHUPLQăPQXPăUXOGHURWDĠLLFDUHÄPHULWă´HIHFWXDWH REVHUYăPFăURWDĠLLOHFRP
 
‹ SOHWHQXPRGLILFăFRQILJXUDĠLDFLIUHORUQXPHUHORU vQIXQFĠLHGHUHODĠLDGLQWUHQ QX
ú   PăUXO URWDĠLLORU  úL QXPăUXO FLIUHORU QXPăUXOXL FDOFXOăP QXPăUXO GH URWDĠLL DVWIHO
 vQFkWVăILHPDLPLFGHFkWQXPăUXOGHFLIUHDOHQXPăUXOXLREVHUYăPFăQXPăUBUR
WDĠLLBGHBHIHFWXDWHVWHUHVWXOvPSăUĠLULLOXLQODQXPăUXOGHFLIUH
$GRXD]L x H[WUDJHPÄvQEORF´XOWLPHOHQXPăUBURWDĠLLBGHBHIHFWXDWFLIUH vQH[HPSOXH[WUDJHP
3HQWUXH[HPSOLILFDUHYRPFRQVLGHUDXQVLQJXUQXPăUúLYRPUHĠLQHDFĠLXQLOHFDUHWUH GHFLUHĠLQHPQXPăUXO 
EXLHUHDOL]DWHDVXSUDQXPHUHORUSHQWUXDQXPăUDFLIUHOHHJDOHFXvQWRDWHQXPHUHOH
x FDOFXOăPODSXWHUHDQXPăUXOBFLIUHORU±QXPăUBURWDĠLLBGHBHIHFWXDWSHQWUXDGH
FLWLWH
SODVD FLIUHOH GH URWLW vQ IDĠD QXPăUXOXL SXWHUHD OXL  GH FDUH DYHP QHYRLH vQ
QXPăU FLIUă FRQWRU H[HPSOXOQRVWUXHVWH 
   x FDOFXOăPVXPDGLQWUHQXPăUXOUăPDVúLFLIUHOHH[WUDVHvQPXOĠLWHFXSXWHUHDOXL
   SUHJăWLWăSHQWUXH[HPSOXOQRVWUXUH]XOWDWXOHVWH˜ 
   
    3UH]HQWăPDOJRULWPXOGHVFULVPDLVXVvQSVHXGRFRG
   J
   # J‡QJJJ
   JJ
ú
J?JJ ^QXPăUXOURWDĠLLORUFHUXWHLQLĠLDO`J

 
 1XPHUH 1XPHUH 
 
JJ   QXXUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ă,J  FLIHVWHFLIUDFXUHQWă
JJJJ
ú
J
J ^QXPăUXOFXUHQWvQFDUHYRPURWLFLIUHOH`J  QRXOQHVWHQRXOQXPăUIRUPDW
JJJJ
% JmJ`J ^QXPăUXOFLIUHORUvQQXPăUXOFXUHQWvQFDUHYRPURWLFLIUHOH`J  FPD[HVWHFLIUDPD[LPăDQXPăUXOXL
JJJJJmJ
JJ ^FRSLHDOXLQGHRDUHFHXUPHD]ăVăOPRGLILFăP`J  SHVWHRSXWHUHDOXLFDUHQHDMXWăvQIRUPDUHDQXPăUXOXLQRX
   ^SHGHDOWăSDUWHPDLDYHPQHYRLHGHYDORDUHDOXLQ`J 
JJJJ   JJzJ`J

 ă,JJ ^QXPăUăPFkWHFLIUHDUHQXPăUXO`J Q P FLI QRXOQ FPD[ S ([SOLFDĠLL
JJJJJJ
% JmJ
% J~JJ  
    FDOFXOFLIUăPD[LPă
JJJJJJJmJ›’`œJJ ^FkWXOvPSăUĠLULLvQWUHJLDOXLQOD`J    
 ú    
  
      
J J??JmJ›?’
% œJJ ^QXPăUXOURWDĠLLORUFDUHWUHEXLHHIHFWXDWH`JJ
      
J J J ^GHNRULJLQDOPDLDYHPQHYRLH`J
      
JJJJJmJJ ^H[WUDJHPvQEORFXOWLPHOHNFLIUH`
JJJJ
 J\??J

 ă,J       
JJJJJJJmJ‘`J ^FDOFXOăPDNNDSXWHUHDOXL`       
 ú 
        ± 
JJJJJmJ›
’œJ        ± 
JJJJ
JmJ›
’œ       ± 
   ^FHHDFHDUăPDVGLQQXPăUGXSăFHVHFYHQĠDÄGHPXWDW´DIRVWH[WUDVă`J       ± 
JJJJJmJJ ^FDOFXOăPSXWHUHDOXL`       ± 
JJJJ
 J\
% ??J

 ă,J       ± 
JJJJJJJmJ‘`J       
 ú 
        FDOFXOFLIUăPD[LPă
JJJJ
JmJ
J~J‘J ^FRQVWUXLPUH]XOWDWXOvQQ`       
JJJJ 
J
J     
 
 ú    
ú         
      

      
$SDWUD]L       
3HQWUXDGHWHUPLQDDOJRULWPXOGHUH]ROYDUHYRPFRQVLGHUDXQH[HPSOX9RPFRPSOH «      
PHQWD FLIUHOH QXPăUXOXL  IDĠă GH FLIUD PD[LPă $VXSUD UH]XOWDWXOXL DSOLFăP

DFHHDúLSUHOXFUDUHOXkQGvQFRQVLGHUDUHFLIUDPD[LPăDQXPăUXOXLREĠLQXWODSDVXOSUH
 6HREVHUYăFăODILHFDUHFRPSOHPHQWDUHDPSDUFXUVFLIUHOHXQXLQXPăUGHGRXăRUL
FHGHQW
1HSXQHPSUREOHPDGHDIDFHRVLQJXUăSDUFXUJHUHÌQFHUFăPGHFLVăGHWHUPLQăPFLIUD
 3HQWUXILHFDUHYDORDUHQRXăYRPHIHFWXDXUPăWRDUHOHRSHUDĠLL
PD[LPăvQFLFOXOGHFRPSOHPHQWDUHDQXPăUXOXL,QFRQYHQLHQWXOFDUHDSDUHvQDFHDVWă
x GHWHUPLQăPFLIUDGHYDORDUHPD[LPăGLQWUHFLIUHOHQXPăUXOXL VLWXDĠLHHVWHFăODSULPXOSDVQXDYHPQLFLRFLIUăFXFDUHVăSXWHPLQLĠLDOL]DYDULDELOD
x FRPSOHPHQWăPFLIUHOHQXPăUXOXLIDĠăGHDFHDVWăFLIUă FDUHSăVWUHD]ăFLIUDPD[LPă'HFLILHGHWHUPLQăPSULPDFLIUăDQWHULRUGHVFRPSXQHULL
 QXPăUXOXLvQFLIUHILHLQLĠLDOL]ăPYDULDELODFX FHDPDLPLFăFLIUă 
 ÌQDOJRULWPXOSURSXVYRPOXFUDFXXUPăWRDUHOHYDULDELOHDYkQGVHPQLILFDĠLLOHSUH  9RPIRORVLGRXăFRSLLDOHOXLQ YHUVLXQHDPDLYHFKHDOXLQúLYHUVLXQHDDQWHULRDUă
FL]DWH D DFHVWXLD  FDUH DMXWă OD GHSLVWDUHD VLWXDĠLHL vQ FDUH WUDQVIRUPDUHD WRWDOă D QXPăUXOXL
 QHVWHQXPăUXOQDWXUDOGDW HVWHLPSRVLELOăGHRDUHFHVDUDMXQJHvQWUXQFLFOXLQILQLW'HH[HPSOXGDFăWUDQVIRU
 PHVWHRYDULDELOăDX[LOLDUăvQFDUHYRPFRSLDYDORDUHDOXLQ PăPODSULPXOSDVVHREĠLQHLDUODDOGRLOHDGLQQRX


 
 1XPHUH 1XPHUH 
 
# JˆQJJJ $FLQFHD]L
JJ
ú
J
J
9RP FăXWD Vă GHVFRSHULP DOJRULWPXO GH UH]ROYDUH SRUQLQG GH OD XQ H[HPSOX Vă VH
JJ
JmJ`J
GHWHUPLQHFLIUHOHFXQXPăUPD[LPGHDSDULĠLLvQQXPăUXOÌQUHSUH]HQWDUHD
JJ˜JmJIDOVJ
DOJRULWPXOXLYRPIRORVLXUPăWRDUHOHQRWDĠLL
JJ%JmJ`J ^YDORDUHLQLĠLDOăSHQWUXFLIUDGHYDORDUHPD[LPă`
 QUHVWHQXPăUXOGDW
JJJmJ
J ^PHVWHFRSLDOXLQ GHQPDLDYHPQHYRLH `
JJ   JJzJ`J

 ă,J ^VWDELOLPFLIUDGHYDORDUHPD[LPă`  FRSLHYDSăVWUDYDORDUHDQXPăUXOXLSHQWUXDOSXWHDVWXGLDvQFD]XOILHFăUHLFLIUHFLI
JJJJ% JmJ›’`œJ ^FLIUDFXUHQWă`  FLIYDILFLIUDDFăUHLIUHFYHQĠăGRULPVăRGHWHUPLQăP
JJJJăJ% J…J%J JJ  FLIFXUHQWăUHSUH]LQWăFLIUDGLQQUFXFDUHYRPFRPSDUDFLIUDFLI
JJJJJJ%JmJ% JJ ^DFWXDOL]DUHDFLIUHLPD[LPH`  DSDUFXUHQWUHSUH]LQWăQXPăUXOGHDSDULĠLLDOHFLIUHLFLIvQQU
 ú ă  DSDUPD[UHSUH]LQWăQXPăUXOPD[LPGHDSDULĠLL
JJJJJmJ›’`œJ 
 ú      $QDOL]kQG SRVLELOLWăĠLOH GH D QXPăUD DSDULĠLLOH XQHL FLIUH REVHUYăP Fă DWkWD WLPS
JJ   
J…J‰ JúJ˜J

 ă,J ^FRPSOHPHQWDUH` FkWQXPăUXOPDLDUHFLIUHYDWUHEXLVăGHVSULQGHPGLQQXPăUXOWLPDFLIUăúLYDWUHEXL
JJJJJmJ
J Vă R FRPSDUăP FX YDORDUHD FLIUHL FLI JHQHUDWă FX
  'DFă FHOH GRXă FRLQFLG
JJJJJmJJ PăULPFRQWRUXODSDUFXUHQW$VWIHOSDUFXUJkQGFLIUHOHQXPăUXOXLSXWHPFRQWRUL]DILH
JJJJ•%&JmJ
J ^ÄYHFKH´HVWHYHUVLXQHDPDLYHFKHDOXLQ` FDUHFLIUăvQWUHúL'HDVHPHQHDVHSRDWHDFWXDOL]DúLYDORDUHDFRQWRUXOXLPD[LP
JJJJ
JmJ
J ^ÄDQWHULRU´HVWHYHUVLXQHDDQWHULRDUăDOXLQ`J DSDUPD[ 'DUQHL]ELPGHXUPăWRDUHDSUREOHPăvQHQXQĠQLVHFHUHVăVFULHPvQIL
JJJJ
JmJ`J ^QXPăUQRX`J úLHUWRDWHFLIUHOHDYkQGIUHFYHQĠDGHDSDULĠLHPD[LPă'HFLVăSUHVXSXQHPFăDPJăVLW
JJJJ
%JmJ`J GHMDvQQUGRLGHGDUQXúWLPGDFăWUHEXLHVăVFULHPDFHDVWăYDORDUHvQILúLHUVDXQX
JJJJ   JJzJ`J

 ă,J GHRDUHFH QX úWLP GDFă GH H[HPSOX GLQ FLIUD  YRP JăVL PDL PXOWH DSDULĠLL VDX QX
JJJJJJ% JmJ%JJ›’`œ ^FRPSOHPHQWăPXOWLPDFLIUăGLQQXPăU` 6ROXĠLDHVWHVLPSOăYRPVFULHvQILúLHUYDORDUHDSUHVXSXVăPD[LPă  úLFLIUD'DFă
JJJJJJ
JmJ
J~J% ‘J ^FRQVWUXLPQXPăUXO` FLIUDDSDUHRVLQJXUăGDWăQXPRGLILFăPQLPLF'DFăQXPăUXOHLGHDSDULĠLHHVWHHJDO
JJJJJJJmJ›’`œJ FX  GHVFKLGHP ILúLHUXO SHQWUX DGăXJDUH úL vO VFULHP úL SH  'DFă vQVă QXPăUXO GH
JJJJJJJmJ‘`J ^XUPăWRDUHDSXWHUHDOXL` DSDULĠLH HVWH PDL PDUH GHFkW  GHVFKLGHP ILúLHUXO SHQWUX VFULHUH vQ 3DVFDO FX
JJJJJJăJ% J…J
%J JJ  DVWIHODQXOkQGFRQĠLQXWXOOXLYHFKLúLVFULHPQXPăUXOPD[LPGHDSDULĠLLvP
J J JJJ
%JmJ% J ^DFWXDOL]DUHDFLIUHLPD[LPHSHQWUXSDVXOXUPăWRU`J SUHXQăFXFLIUDFRUHVSXQ]ăWRDUH
 ú ă 
 ú     # J|QJ
JJJJ%JmJ
%J JJ
ú
J
JJ ^QXPăUXOGDW`J
JJJJăJ
J\J•%&J J JJ%JmJ
J ^FRSLHDOXLQU`
JJJJJJ˜JmJDGHYăUDWJ ^DPLQWUDWvQFLFOXLQILQLW` JJJmJ` ^LQLĠLDOL]ăPIUHFYHQĠDGHDSDULĠLHPD[LPă`
 
 JJ
 J% \`‰J

 ă,J ^JHQHUăPFLIUHOHSRVLELOHvQFLI`
JJJJJJ˜JmJIDOV JJJJ%
JmJ`J ^LQLĠLDOL]ăPIUHFYHQĠDFLIUHLFLI`
 ú    
JJJJ   J
JzJ`J

 ă,J ^FkWWLPSvQQUPDLDYHPFLIUH`
JJăJ˜J J
JJJJ 
J˜J JJJJJJ% %
ăJmJ›
’`œ ^XOWLPDFLIUăGLQQU`
JJ 
JJ JJJJJJ
JmJ›
’`œ ^RWăLHPGLQQU`
JJJJ 
J
J JJJJJJăJ% %
ăJ\J% J
% ^GDFăFLIUDFXUHQWăHVWHHJDOăFXFLI`
 ú ă JJJJJJJJ%
JmJ%
J~J ^FUHúWHPIUHFYHQĠDFLIUHLFLI`
ú   JJJJJJ ú ă
 JJJJ ú     ^DPSDUFXUVFLIUHOHQXPăUXOXLQU`

 
 1XPHUH 1XPHUH 
 
JJJJăJJJ%
J JJ ^GDFăDYHPXQPD[LPQRX` JJ   QXXUPHD]ăPDUFDMXOGHVIkUúLWGHILúLHU

 ă,J
JJJJ
ú
J
J J
JJJJJJJmJ%
J ^DFWXDOL]ăPPD[LPXO`J
J J J ^FkWWLPSXOWLPHOHGRXăFLIUHVXQWLGHQWLFHHOLPLQăPXOWLPDFLIUă`
JJJJJJGHVFKLGHPILúLHUXOGDFăDDYXWFRQĠLQXW XQPD[LPPDLPLF DFHVWDVHSLHUGH JJJJ   J
J…J‰ JúJ ›
’`œJ\J››
’`œ’`œ J

 ă,J
JJJJJJ 
JJ% J ^VFULHPPD[LPXOúLFLIUDFLI` JJJJJJ
JmJ›
’`œJ
JJJJ 
J JJJJ ú    
JJJJJJăJJ\J%
J JJ ^DYHPRIUHFYHQĠăHJDOăFX`
JJJJ?JmJ`J ^QXPăUXOVFKLPEăULORUGHGLUHFĠLH`
   ^DSDUPD[FDUHGHMDHVWHVFULVvQILúLHUvPSUHXQăFXRYDORDUHFLI` JJJJJmJ`J ^GLUHFĠLD`J
JJJJJJJJGHVFKLGHPILúLHUXOSHQWUXDGăXJDUH
JJJJăJ
J…J‰J ^GDFăQXPăUXOUăPDVHVWHIRUPDWPăFDUGLQGRXăFLIUH`J
JJJJJJJJ 
J%  ^VFULHPFLIUDFLIDYkQGDFHHDúLIUHFYHQĠă`
JJJJJJăJ›
’`œJ››
’`œ’`œJ J ^LQLĠLDOL]ăPGLUHFĠLD`J
JJJJJJ ú ă
JJJJ ú ă JJJJJJJJJmJ
JJJJ
JmJ%J ^UHIDFHPQUSHQWUXDSXWHDFăXWDvQHOXUPăWRDUHDFLIUăFLI` JJJJJJ 
JJ ^QXSRWILHJDOHGHRDUHFHDPHOLPLQDWFLIUHOHHJDOHGHODvQFHSXW`
JJ ú 
  JJJJJJJJJmJJ
ú   JJJJJJ ú ăJ
 JJJJJJ
JmJ›
’`œ ^UHQXQĠăPODXOWLPDFLIUă`
JJJJJJ   J
J…J‰J

 ă,J ^FkWWLPSPDLH[LVWăFHOSXĠLQFLIUHvQQ`
$úDVHD]L    ^GDFăGLUHFĠLDFXUHQWăúLGLIHUHQĠDXOWLPHORUGRXăFLIUHQXDXDFHODúLVHPQ`
,GHHDGHUH]ROYDUHDDFHVWHLSUREOHPHHVWHGHDQXPăUDQXPăUXOVFKLPEăULORUvQVHQVXO JJJJJJJJăJ JJ` JúJ ›
’`œJ…J››
’`œ’`œ J J
RUGRQăULLúLUXOXLFLIUHORUQXPăUXOXL JJJJJJJJJJJJJ J…J` JúJ ›
’`œJJ››
’`œ’`œ J JJ
 9RPSăVWUDvQWURYDULDELOăGGLUHFĠLDLQLĠLDOă FUHVFFLIUHOHVDXGHVFUHVF" DRUGRQă JJJJJJJJJJ?JmJ?J~JJ ^VFKLPEDUHGHGLUHFĠLH`
ULLFLIUHORUQXPăUXOXL'HRDUHFHQHHVWHPDLXúRUVăDQDOL]ăPXOWLPDFLIUăGLQQXPăU JJJJJJJJJJJmJJ
DFHDVWăGLUHFĠLHYDILFDOFXODWăGLQGLIHUHQĠDGLQWUHXOWLPDúLSHQXOWLPDFLIUăDQXPăUX JJJJJJJJ ú ă
OXLGDW'HFLGVHLQLĠLDOL]HD]ăFX›
’`œJŸJ››
’`œ’`œ JJJJJJJJ
JmJ›
’`œJ
 ÌQFRQWLQXDUHQHYDLQWHUHVDGRDUVHPQXO VDX± DOYDULDELOHLG JJJJJJ ú    JJ
x 'DFă vQ ILQDO QXPăUXO VFKLPEăULORU GLUHFĠLHL HVWH HJDO FX  úL GDFă G !  DWXQFL JJJJ ú ăJJ
DYHPXQQXPăUFXDVSHFWGHXUFXú H[HPSOXQ G ± ! LDUGDFă JJJJăJ?J\J`J J
GDWXQFLDYHPFRERUkú H[HPSOXQ G ± ±  JJJJJJăJJ\J`J J
%JmJ
%J~JJ ^N G `J
JJJJJJ 
JJ
x 'DFăG FLIUHOHVXQWLGHQWLFHGHFLWUHEXLHVăFDOFXOăPGSHED]DSULPHORUFLIUH
JJJJJJJJăJ…J`J 
%JmJ
%J~J ^N G!`J
GLVWLQFWHDOHQXPăUXOXL
JJJJJJJJJJJJJJJJJJJ 

%˜JmJ
%˜J~J ^N G`J
x 'DFăQXPăUXOVFKLPEăULORUGLUHFĠLHLHVWHHJDOFXúLG!DWXQFLDYHPXQQXPăU JJJJJJJJ ú ă
FXDVSHFWGHYDOH H[HPSOXQ ± ! LDUGDFăGDWXQFLDYHP  ú ă
XQGHDO H[HPSOXQ ± ±  JJJJ 
J
x 1XPHUHOHFDUHQXLQWUăvQQLFLXQDGLQWUHDFHVWHFDWHJRULLVXQWFRQVLGHUDWHRDUHFDUH JJJJJJăJ?J\JJ J
GHH[HPSOX  JJJJJJJJăJJJ`J 
•JmJ
•J~JJ ^N G`
 JJJJJJJJJJJJJJJJJJJ 
J
JmJ
J~JJ ^N G!`
# JŠQJJJ JJJJJJJJ ú ăJJ
JJ
%JmJ`J JJJJJJ 
J
JJ
%˜JmJ`J JJJJJJJJăJ?J…JJ J
%JmJ
%J~JJ ^N!`
JJ
JmJ`J JJJJJJJJ ú ă
JJ
•JmJ`J  ú ă
 ú ă
JJ
%JmJ`J ^LQLĠLDOL]DUHDFRQWRDUHORU`  ú    

 
 1XPHUH 1XPHUH 
 
JJ 
J%Q
%J ^DILúDUH` # JQJ
JJ 
J%˜Q
%˜J JJ
ú
J
J
JJ 
JQ
J JJ
JmJJ
JJ 
J•Q
•J JJ
ăJmJJ
JJ 
J%Q
%J JJ
 J\
J

 ă,J
ú   JJJJ 
J
ăJ
 JJJJJJJJJJJJJJJ^SUHJăWLPYDORDUHDYDULDELOHL
SHQWUXSDVXOXUPăWRU`
$úDSWHD]L JJJJ
ăJmJ
ăJ~J
J
JJJJăJ›
ă’`œJ\J`J J
(QXQĠXO SUREOHPHL QH FHUH Vă JHQHUăP SULPLL Q WHUPHQL DL úLUXOXL     
J J J ^GDFăDYHPFD]XO VDX `
««
 JJJJJJ
ăJmJ
ăJ~JJ ^ `J
 6ăDQDOL]ăPFkWHYDPRGDOLWăĠLGHDERUGDUHDSUREOHPHL3ULPLLGRLDOJRULWPLSRWIL JJJJJJ
JmJ
‘`J~JJ
JJJJ ú ă
XWLOL]DĠL SHQWUX Q d  FD] vQ FDUH XOWLPXO WHUPHQ vQ úLU HVWH QXPăUXO IRUPDW GLQ   ú 
 
FLIUHHJDOHFX  ú  
x 2LGHHDUILVăIRUPăPQXPHUHOHGLQFLIUHGLQúLGLQúL 
J x 'DFăVHGRUHúWHUH]ROYDUHDDFHVWHLSUREOHPHSHQWUXQ!YRPVFULHvQILúLHUSXU
# JQJ
JJ
ú
J
J
úL VLPSOX FLIUH DOăWXUDWH 1XPăUXO FLIUHORU GLQWUXQ QXPăU VH JHQHUHD]ă FRQIRUP
UHJXOLLJHQHUăULLQXPHUHORUGLQúLU
JJ% JmJJ

JJ
% JmJJ # JQJ
JJ
 J\
J

 ă,JJ ^VHIRUPHD]ăQQXPHUHGLQQUBFLIUHHJDOHFXFLI` JJ
ú
J
JJ
JJJJ
ăJmJ% J JJ
JmJJJ ^OXQJLPHDLQLĠLDOăDQXPHUHORU`J
JJJJ
 J\
% J

 ă,J
JJ%JmJJJJJJJ ^SULPDFLIUăHVWH`
JJJJJJ
ăJmJ
ă‘`J~J% J
JJ
 J\
J

 ăQJJ ^JHQHUăPQWHUPLQLvQúLU`J
JJJJ ú 
 
JJJJ 
J
ăJ JJJJ
 J\
J

 ăQJ ^WLSăULUHDHOHPHQWXOXLFXUHQWGLQúLU`
JJJJJJ 
J%J
JJJJăJ% JJ‰J  ^SUHJăWLPFLIUDúLQUBFLIUHSHQWUXSDVXOXUPăWRU`JJ JJJJ ú 
 
JJJJJJ% JmJ% J~JJ JJJJăJ%J\J‰J JJ J
JJJJ 
JJ
JJJJJJJ%JmJJJ ^XUPHD]ăGLQQRXXQQXPăUIRUPDWGLQFLIUHHJDOHFX`
JJJJJJ% JmJJ
JJJJJJJ
JmJ
J~JJ ^FUHúWHQXPăUXOGHFLIUHvQQXPăU`J
JJJJJJ
% JmJ
% J~JJ JJJJ 
J
JJJJ ú ă
JJ ú 
  JJJJJJ%JmJ%J~JJ ^XUPăWRDUHDFLIUă`J
JJJJ ú ă
ú  
JJ ú 
 
 ú  
x 2DOWăLGHHPDLVLPSOăHVWHGHDDGXQDODILHFDUHQXPăUIRUPDWGLQGRXăFLIUHYD 
ORDUHDODILHFDUHQXPăUIRUPDWGLQWUHLFLIUHYDORDUHDúLDúDPDLGHSDUWHÌQ
DFHVWFD]úLUXODUSXWHDILSULYLWDVWIHO  «

 9DULDELODGHBDGXQDWYDDYHDVXFFHVLYYDORDUHDDSRLúLDúDPDLGHSDUWH
J
J

 
1XPHUHVSHFLDOH 

 ([LVWăPXOWHPRWLYHSHQWUXFDUHFHUFXOUHSUH]LQWăRLPDJLQHPDLDGHFYDWăXQXLQX
PăUFDUHVHGLYL]HD]ăvQSăUĠLÌQDFHVWFD]QXPăUXOVDUSXWHDUHSUH]HQWDDVWIHO
 
  

 

1XPHUHVSHFLDOH &DSLWROXO 

 

 








  
™1XPHUHSHUIHFWH

™1XPHUHSULHWHQH  
™1XPHUHWULDQJXODUH  
™1XPHUHSăWUDWLFH 
™1XPHUHSLUDPLGDOH
™1XPHUHSLWDJRUHLFH
8QLWDWHDGLQQXPăUXOVHUHJăVHúWHGHDVHPHQHDFDXQLWDWHvQQXPHUHOHGRLúLWUHL
™1XPHUHSULPH GLYL]RULDLOXL SHFkQGXQLWDWHDGLQVHUHJăVHúWHGRDUSHQWUXVLQHvQVXúLFăFLFLQFL
™1XPHUH)LERQDFFL QXHVWHPXOWLSOXOQLFLXQXLDGLQWUHQXPHUHOHFDUHvOSUHFHG
™,PSOHPHQWăULVXJHUDWH 
™3UREOHPHSURSXVH
™6ROXĠLLOHSUREOHPHORU 
  
  'DFă vO SULYLP DúD FLQFL SRDWH IL QXPLW ÄSULPXO QXPăU´ QXPăU SULP FXP vO QX

PLPQRL$FHHDúLGHQXPLUHOHHVWHDSRLDWULEXLWăúLFHORUODOWHQXPHUHFDUHQXDXDOĠLGL
ÌQDQWLFKLWDWHQXPHUHOHHUDXDSUHFLDWHvQSULPXOUkQGSHQWUXFDOLWăĠLOHORUúLDELDGXSă
DFHHDSHQWUXFDQWLWDWHDSHFDUHRUHSUH]LQWă$VWIHOILHFDUHQXPăUDIRVWSULYLWFDRLQ YL]RULGHFkWSHúLSHHLvQúLúL
GLYLGXDOLWDWH GLVWLQFWă 5XGROI 6WHLQHU QH H[SOLFă WHRULD FRQIRUP FăUHLD XQ QXPăU VH  $QDOL]kQGQXPăUXOREVHUYăPFăDGXQkQGGLYL]RULLVăL QXPHUHOHúL DMXQ
SRDWHREĠLQHGLQvQWUHJSULQWUXQSURFHVGHvPSăUĠLUH GLYL]LXQH DVHPăQăWRUSURFHVHORU JHPGLQQRXODQXPăUXO   
QDWXUDOH GH GLYL]LXQH FHOXODUă &HOăODOW SURFHGHX GH REĠLQHUH D XQXL QXPăU DU IL SULQ
DGXQDUH&HOHGRXăSURFHGHHVHSRWSUH]HQWDFRPSDUDWLYDVWIHO 

2SHUDĠLHGHvPSăUĠLUH2SHUDĠLHGHDGXQDUH
1XPHUHSHUIHFWH
9HFKLLJUHFLDYHDXXQUHVSHFWGHRVHELWSHQWUXDFHVWHQXPHUHúLOHQXPHDXÄDULWKPRV
WHOHLRV´DGLFăÄQXPăUXOOLPLWDWODHOvQVXúL´vQWUDGXFHUHDDFWXDOăQXPăUSHUIHFW
 6HVSXQHFă(XFOLGDUILDUăWDWFăGDFăQ ±HVWHQXPăUSULPDWXQFLQ± Q± 
HVWHQXPăUSHUIHFW3kQăvQSUH]HQWQXVDJăVLWQLFLXQQXPăUSHUIHFWFDUHVăQXYHULIL
FHFRQGLĠLDOXL(XFOLG

 8QLWDWHD VH FRQVLGHUD PDPD WXWXURU QXPHUHORU ILLQG VXSHULRDUă RULFăUXL QXPăU Q Q± 3ULPDOLWDWH Q±˜ Q±  6XPDGLYL]RULORU
1XPHUHOHVHFDUDFWHUL]DXSULQGHSHQGHQĠDORUIDĠăGHDOWHQXPHUHFXFDUHIRUPHD]ăR 
  ±  SULP 
 
 ˜ ˜ 
vQOăQĠXLUH'HH[HPSOXQXPăUXOVDUSXWHDUHSUH]HQWDDVWIHO
  ±  SULP ˜ ˜   
 ±  QX  
 ±  SULP ˜ ˜  
 
 ±  QX  
 ±  SULP ˜ ˜  
 
 
1XPHUHVSHFLDOH 
 1XPHUHVSHFLDOH 
  3ULPDSHUHFKHGHQXPHUHSULHWHQHHVWHFX6XPDGLYL]RULORUOXLHVWH
 $OWHSURSULHWăĠLDOHQXPHUHORUSHUIHFWH  LDUVXPDGLYL]RULORUOXL
  7RDWHQXPHUHOHSHUIHFWHVHWHUPLQăFXFLIUDVDXFXFLIUDGXSăFXPVHSRD HVWH 
WHREVHUYDGLQWDEHOXOXUPăWRU  0DWHPDWLFLDQXODUDE7DELWLEQ.RUUD VHFROXO; DJăVLWXQDOJRULWPGHJHQHUDUHD
 XQRUSHUHFKLGHQXPHUHSULHWHQH$FHVWDOJRULWPDIRVWSXEOLFDWIăUăGHPRQVWUDĠLHGH

Q Q± Q± Q± Q± FăWUH'HVFDUWHVvQDQXO
     3UH]HQWăPvQFRQWLQXDUHDOJRULWPXO UHĠHWD OXL7DELWvQIRUPDvQFDUHVHFXQRúWHD
    vQDFHOHYUHPXUL
    3DVXO6HSOHDFăGHODQXPăUXO
    3DVXO6HFRQVWUXLHúWHSULQGXEOăULVXFFHVLYHúLUXO
    3DVXOÌQFRQWLQXDUHVHLDXSHUkQGGLQDFHVWúLUSHUHFKLVXFFHVLYH([HPSOXúL
    úLúL«
    3DVXO)LHFăUHLSHUHFKLGHQXPHUHLVHDGDXJăXQDOWUHLOHDQXPăUFDUHFRQĠLQHDPELL
    PHPEULDLGXDOLWăĠLLDGLFăSURGXVXOORU6HREĠLQDVWIHO
              «
       
3DVXO6HVFDGHGLQILHFDUHGLQFHOHWUHLQXPHUH6HREĠLQH
   
          «

   
1XPHUHOHGHIRUPDQ±VHQXPHVFQXPHUH0HUVHQQH
3DVXO6HFRQVWUXLHúWHVHULDGXEOXULORUSHQWUXQXPăUXO  FDUHVH

VFULHVXEQXPHUHOHREĠLQXWHODSDVXODQWHULRU
  3ULPHOHSDWUXQXPHUHSHUIHFWHvQUHSUH]HQWDUHELQDUăVXQW

          «
   
1XPHUHSHUIHFWH 5HSUH]HQWDUHELQDUă
   
 
3DVXOÌQFHSkQGFXDFHVWSDVQHLQWHUHVHD]ăQXPDLWULSOHWHOHGHQXPHUHSULPHÌQFD
  ]XOQRVWUXVHSăVWUHD]ă
        
     

   
 'DFăIDFHPRFRPSDUDĠLHvQWUHXQQXPăUúLVXPDGLYL]RULORUVăLREVHUYăPFăDYHP
3DVXO/DDFHVWSDVVHvQPXOĠHVFFHOHGRXăQXPHUHDOHSHUHFKLLúLVHREĠLQH
WUHLVLWXDĠLL
   
x 'DFăVXPDGLYL]RULORUHVWHHJDOăFXQXPăUXOVSXQHPFăQXPăUXOHVWHSHUIHFW
   
x 'DFăVXPDGLYL]RULORUHVWHPDLPLFăGHFkWQXPăUXOVSXQHPFăQXPăUXOHVWHGHILFLHQW
3DVXO  ÌQ ILQDO FHOH GRXă QXPHUH VFULVH GHDVXSUD PXOWLSOLORU OXL  VH vQPXOĠHVF FX
x 'DFăVXPDGLYL]RULORUHVWHPDLPDUHGHFkWQXPăUXOVSXQHPFăQXPăUXOHVWHERJDW PXOWLSOXOFRUHVSXQ]ăWRU6HREĠLQDVWIHOSHUHFKLGHQXPHUHSULHWHQH
    
1XPHUHSULHWHQH    

3HUHFKLOHGHQXPHUHFDUHVHÄDFRSHUă´UHFLSURFVHEXFXUDXGHXQPDUHLQWHUHVvQYH
2EVHUYDĠLH
FKHD*UHFLHúLHUDXQXPLWHÄSKLORLDULWKPRL´DGLFăQXPHUHSULHWHQH vQXQHOHVXUVHOH
 $OJRULWPXO OXL 7DELW QX JHQHUHD]ă WRDWH SHUHFKLOH GH QXPHUH SULHWHQH (O D JăVLW
JăVLPFXQXPHOHGHQXPHUHDPLDELOH $LFLSULQÄDFRSHULUH´vQĠHOHJHPSURSULHWDWHDFă
GRDURUHJXOăGHDJHQHUDDQXPLWHQXPHUHSHUIHFWH
ILHFDUHGLQWUHFHOHGRXăQXPHUHDUHVXPDGLYL]RULORUHJDOăFXFHOăODOWQXPăU 

 ÌQFRQWLQXDUHSUH]HQWăPDOWHQXPHUHFăURUDDQWLFLLOHDFRUGDXRGHRVHELWăDWHQĠLH
 1XPHUHVSHFLDOH 1XPHUHVSHFLDOH 
 
1XPHUHWULDQJXODUH 1XPHUHSULPH
 8Q QXPăU SULP DUH H[DFW GRL GLYL]RUL 5H]XOWă LPHGLDW Fă  QX HVWH SULP úL VLQJXUXO

QXPăUSULPSDUHVWH9HULILFDUHDSULPDOLWăĠLLVHSRDWHUHDOL]DVLPSOXSRUQLQGGHOD
   
GHILQLĠLHGDUVHSRWVFULHúLDOJRULWPLPDLSHUIRUPDQĠLFDUHVHYRURSULLPHGLDWGXSăFH
VDJăVLWXQGLYL]RUSURSULX'HDVHPHQHDSXWHPHYLWDFăXWDUHDXQRUGLYL]RULFDUHVXQW
 
QXPHUH SDUH vQ FD]XO vQ FDUH QXPăUXO GDW HVWH LPSDU YH]L UH]ROYDUHD SUREOHPHL
   
 
       
 *HQHUDUHDQXPHUHORUSULPHPDLPLFLGHFkWXQQXPăUGDWLDSUHRFXSDWúLSHPDWH
PDWLFLHQLLGLQ*UHFLDDQWLFă6WUDWHJLDOXL(UDWRVWHQHúLDVWă]LHVWHXQÄDOJRULWP´DSOL
 FDW(ODVFULVSHXQSDSLUXVvQFHSkQGGHODXQúLUGHQXPHUHQDWXUDOHFRQVHFXWLYH
 $SRLODPDUFDWSHFDILLQGSULPúLDWăLDWWRDWHQXPHUHOHGLYL]LELOHFX$SURFHGDW
 8QQXPăU[VHQXPHúWHWULDQJXODUGDFăH[LVWăXQQXPăUQDWXUDOQDVWIHOvQFkWVX ODIHOFX3HQXODPDLÄJăVLW´SULQWUHQXPHUHDFHVWDILLQGWăLDWGHFLDFRQWLQXDW
PDSULPHORUQQXPHUHQDWXUDOHHVWHHJDOăFXQXPăUXOGDW[ FXÌQILQDOSHSDSLUXVDXUăPDVQHWăLDWHGRDUQXPHUHOHSULPH
 «Q Q˜ Q  [


5HODĠLLvQWUHQXPHUHOHSHUIHFWHúLFHOHWULDQJXODUH 1XPHUH)LERQDFFL
ùLUXOQXPHUHORUFDUHSRDUWăQXPHOHFHOHEUXOXLPDWHPDWLFLDQ)LERQDFFLDUHIRDUWHPXO
'DFăVHSULYHúWHúLUXOQXPHUHORUWULDQJXODUHVHREVHUYă
WHSURSULHWăĠLLQWHUHVDQWH
FăvQúLUDSDUQXPHUHOHSHUIHFWHúL(VWHXúRUGHGHPRQVWUDWFăRULFHQXPăUSHUIHFW

HVWH WRWRGDWă úL QXPăU WULDQJXODU /ăVăP SH VHDPD FLWLWRULORU YHULILFDUHD DFHVWHL
 *HQHUDUHDWHUPHQLORUPDLPLFLVDXHJDOLFXXQQXPăUQDWXUDOQ!GDWDLDFHVWXLúLU
REVHUYDĠLLĠLQkQGFRQWGHLSRWH]DFăRULFHQXPăUSHUIHFWDUHIRUPDQ± Q± 
HVWHRSUREOHPăVLPSOăúLVHUHDOL]HD]ăFXXUPăWRUXODOJRULWP
 
# J“˜
%%QJ
1XPHUHSăWUDWLFH JJ
ú
J
JJ ^YDORDUHDFHDPDLPDUHDXQXLWHUPHQ`J
8QQXPăU[VHQXPHúWHSăWUDWLFGDFăH[LVWăXQQXPăUQDWXUDOQDVWIHOvQFkWQXPăUXO
GDW[VăILHHJDOFXVXPDSULPHORUQQXPHUHQDWXUDOHLPSDUH JJJmJJ ^SULPXOWHUPHQ`J
 « Q±  Q JJ˜JmJJ ^DOGRLOHDWHUPHQ`J
 JJ%JmJJ~J˜J ^DOWUHLOHDWHUPHQ`J
^GHRDUHFHQ!SULPLLGRLVHSRWVFULH`J
1XPHUHSLUDPLGDOH
JJ 
JJ˜J
JJ   %JdJ
J

 ăQJJ ^FkWWLPSVXPDFHORUGRLWHUPHQLDQWHULRUL`J
8Q QXPăU VH QXPHúWH SLUDPLGDO GDFă SRDWH IL VFULV FD VXPă GH QXPHUH WULDQJXODUH JJJJ 
J%J ^VDWLVIDFHFHULQĠDRVFULHP`J
FRQVHFXWLYH JJJJJmJ˜J ^QRXODYDILYHFKLXOE`J

JJJJ˜JmJ%J ^QRXOEYDILYHFKLXOF`J
 
JJJJ%JmJJ~J˜J ^FDOFXOăPQRXOWHUPHQ`J
   ú    
 ú  J
 
1XPHUHSLWDJRUHLFH  2SUREOHPăLQWHUHVDQWăFDUHVHSRDWHIRUPXODHVWHXUPăWRDUHDGDWILLQGXQQXPăU
5HODĠLDFDUDFWHULVWLFăODWXULORUXQXLWULXQJKLGUHSWXQJKLF FXQRVFXWăHPSLULFúLGHHJLS QDWXUDOVăVHVWDELOHDVFăGDFăDFHVWDHVWHVDXQXQXPăU)LERQDFFLúLvQFD]QHJDWLYVă
WHQL HVWH VHVFULHQXPăUXOVXEIRUPăGHVXPăGHQXPăUPLQLPGHQXPHUH)LERQDFFL
 [\ ] 
 1XPHUHOHFDUHUHVSHFWăRDVWIHOGHUHODĠLHVHQXPHVFQXPHUHSLWDJRUHLFH 
1XPHUHVSHFLDOH 

 1XPHUHVSHFLDOH ,PSOHPHQWăULVXJHUDWH

3HQWUXDYăIDPLOLDUL]DFXPRGXOvQFDUHVHUH]ROYăSUREOHPHOHvQFDUHYHULILFDUHDGLYL
9RP JHQHUD FX DOJRULWPXO GH PDL VXV QXPHUH )LERQDFFL úL QH YRP RSUL vQ PR
]LELOLWăĠLLDUHUROLPSRUWDQWYăVXJHUăPVăvQFHUFDĠLVăLPSOHPHQWDĠLDOJRULWPLSHQWUX
PHQWXOvQFDUHXOWLPXOWHUPHQHVWHPDLPDUHVDXHJDOFXQXPăUXOGDW'DFăXOWLPDYD
 QXPăUDUHD JHQHUDUHD GLYL]RULORUXQXLQXPăU
ORDUHDYDULDELOHLFHVWHQXPăU)LERQDFFLDOJRULWPXOVHWHUPLQăÌQFD]FRQWUDUDILúăP
 GHVFRPSXQHUHDXQXLQXPăUvQIDFWRULSULPL
FHOPDLPDUHQXPăU)LERQDFFLPDLPLFVDXHJDOFXQXPăUXOGDW GLVSRQLELOvQYDULDEL
 GHWHUPLQDUHDIDFWRUXOXLSULPDOXQXLQXPăUGDWFDUHHVWHODSXWHUHDFHDPDLPDUH
ODE úLVFăGHPGLQQXPăUXOGDWYDORDUHDDFHVWXLD'DFăEDIRVWHJDOFXQXPăUXOGDW
 FHOPDLPDUHGLYL]RUFRPXQDGRXăQXPHUHvQWUHJL
DOJRULWPXOVHWHUPLQăvQFD]FRQWUDUUHOXăPDOJRULWPXOGHYHULILFDUH&kWWLPSQ GLQ
 FHOPDLPLFPXOWLSOXFRPXQDGRXăQXPHUHvQWUHJL
FDUH PHUHX VH VFDGH QXPăUXO )LERQDFFL E FDUH VH DILúHD]ă  HVWH SR]LWLY GHWHUPLQăP
 YHULILFDUHDSULPDOLWăĠLLXQXLQXPăU
FkWHXQQXPăU)LERQDFFLEPDLPLFVDXHJDOFXYDORDUHDDFWXDOăDOXLQSHFDUHRVFă
 GHWHUPLQDUHDFHOXLPDLPLFQXPăUSULPPDLPDUHGHFkWXQQXPăUGDW
GHPGLQQúLRDILúăP  GHWHUPLQDUHDFHOXLPDLPDUHQXPăUSULPPDLPLFGHFkWXQQXPăUGDW
  GHWHUPLQDUHDSUHIL[HORUSULPHDOHXQXLQXPăU
# J™ăƒ“˜
%%QJ
 GHWHUPLQDUHDVXIL[HORUSULPHDOHXQXLQXPăU
JJ
ú
J
JJ ^YDORDUHDGDWă`
 GHWHUPLQDUHDSULPHORUQQXPHUHSULPH
JJJmJJ
 GHWHUPLQDUHDWXWXURUQXPHUHORUSULPHGLQWUXQLQWHUYDO
JJ˜JmJJ
 GHWHUPLQDUHDSULPHORUQQXPHUHSHUIHFWH
JJ%JmJJ~J˜J  GHWHUPLQDUHDSULPHORUQQXPHUHSHUIHFWHIRORVLQGLGHHDOXL(XFOLG
JJ   J%JJ
J

 ăQJJ
 GHWHUPLQDUHDSULPHORUQSHUHFKLGHQXPHUHSULHWHQH
JJJJJmJ˜J
 JHQHUDUHDSHUHFKLORUGHQXPHUHSULHWHQHIRORVLQGDOJRULWPXOOXL7DELWLEQ.RUUD
JJJJ˜JmJ%J
 DILúDUHDQXPHUHORUWULDQJXODUHGLQWUXQúLUGHQXPHUHQDWXUDOH
JJJJ%JmJJ~J˜J  DILúDUHDQXPHUHORUWULDQJXODUHFDUHVXQWSăWUDWHSHUIHFWHúLVXQWPDLPLFLVDXHJDOH
 ú    J ^DFXPEHVWHFHOPDLPDUHQXPăU)LERQDFFLdQ` FXXQQXPăUQDWXUDOQGDW
JJăJ%J\J
J J  DILúDUHDQXPHUHORUSăWUDWLFHGLQWUXQúLUGDWGHQXPHUHQDWXUDOH
JJJJ 
JƒJ“˜
%%J
JJ 
J
 DILúDUHDQXPHUHORUSăWUDWLFHFDUHVXQWSăWUDWHSHUIHFWHúLVXQWPDLPLFLVDXHJDOH
JJJJ 
J
\˜J FXXQQXPăUQDWXUDOQGDW
JJJJ
JmJ
JJ˜J  JHQHUDUHDSULPHORUQSHUHFKLGHQXPHUHSLWDJRUHLFH
JJJJ   J
J…J`J

 ăQJJ ^FkWWLPSPDLDYHPUHVW`  JHQHUDUHDWHUPHQLORUúLUXOXL)LERQDFFLPDLPLFLGHFkWXQQXPăUQDWXUDOGDW
JJJJJJ   J˜J…J
J

 ăQJJ  JHQHUDUHDSULPLORUQWHUPHQLDLúLUXOXL)LERQDFFL
JJJJJJJJ%JmJ˜J  VFULHUHDXQXLQXPăUQDWXUDOQVXEIRUPăGHVXPăGHQXPHUH)LERQDFFL
JJJJJJJJ˜JmJJ 
JJJJJJJJJmJ%JJ˜J
3UREOHPHSURSXVH
JJJJJJ ú    JJ ^DFXPEHVWHFHOPDLPDUHQXPăU)LERQDFFLdQ`J
JJJJJJ 
J~˜J 
JJJJJJ
JmJ
JJ˜J 'LYL]RUL
 ú     6ă VH VFULH XQ SURJUDP FDUH GHWHUPLQă FHO PDL PLF QXPăU FDUH DUH H[DFW N GLYL]RUL
 ú ăJ XQGHNHVWHXQQXPăUQDWXUDOGDWJ
ú   
 'DWHGHLQWUDUH
1XPăUXOQDWXUDONVHFLWHúWHGLQILúLHUXOGHLQWUDUH$(+#"&$

 1XPHUHVSHFLDOH 1XPHUHVSHFLDOH 
 
'DWHGHLHúLUH 5HVWULFĠLLúLSUHFL]ăUL
3ULPXOQXPăUQDWXUDODYkQGH[DFWNGLYL]RULVHYDVFULHvQILúLHUXO$(+#"&'(! x dRULFHQXPăUGDWd
 x GXSăXOWLPXOQXPăUH[LVWHQWvQILúLHUXUPHD]ăLPHGLDWPDUFDMXOGHVIkUúLWGHILúLHU
5HVWULFĠLLúLSUHFL]ăUL 
x dNd ([HPSOX 
 !"&$ !"&'(! " !&'(!
J‡J||JŠJ`J ‡J||JŠJ`J J
([HPSOX 
$(+#"&$ $(+#"&'(!J 
ˆJ Š $SOLFDĠLHODQXPHUHOHWULDQJXODUH
7LPSPD[LPGHH[HFXĠLHVHFXQGH 6HFRQVLGHUăúLUXOGHQXPHUH«
  6ăVHFDOFXOH]HYDORDUHDFHOXLGHDONOHDHOHPHQWGLQúLU NQXPăUQDWXUDOGDW IăUă
1XPHUHSHUIHFWH VăVHJHQHUH]HúLUXOGHHOHPHQWH
6ăVHJHQHUH]HWRDWHQXPHUHOHSHUIHFWHSRVLELOHGHUHSUH]HQWDWFXXQQXPăUGHWLSvQ 
WUHJSHGRXăFXYLQWH,PSOHPHQWDĠLDOJRULWPXOVXJHUDWGH(XFOLGSHQWUXREĠLQHUHDQX 'DWHGHLQWUDUH
PHUHORUSHUIHFWH 1XPăUXOQDWXUDONVHFLWHúWHGLQILúLHUXOGHLQWUDUH "&$
 
'DWHGHLHúLUH 'DWHGHLHúLUH
1XPHUHOHSHUIHFWHPDLPLFLGHFkWFHOPDLPDUHQXPăUvQWUHJSRVLELOGHUHSUH]HQWDWVH 9DORDUHD FRUHVSXQ]ăWRDUH FHOXL GHDO NOHD HOHPHQW GLQ úLU VH YD VFULH vQ ILúLHUXO GH
YRUVFULHvQILúLHUXO"-!&'(! LHúLUH "&'(!
 
5HVWULFĠLLúLSUHFL]ăUL
1XPHUHSULHWHQH x dNd
6ă VH JHQHUH]H SHUHFKL GH QXPHUH SULHWHQH SRVLELOH GH UHSUH]HQWDW FXQXPHUHGHWLS 
vQWUHJSHGRXăFXYLQWH,PSOHPHQWDĠLDOJRULWPXOOXL7DELW ([HPSOX 
 "&$ "&'(!J
'DWHGHLHúLUH ˆ |
3HUHFKLOHGHQXPHUHSULHWHQHVHYRUVFULHSHFkWHROLQLHDILúLHUXOXL"!$&'(! 
 $OWHQXPHUHVSHFLDOH
1XPHUHWULDQJXODUH 1RWăPFX QNF  N F^` QXPHUHOHQDWXUDOHIRUPDWHGLQFFLIUH
6HFRQVLGHUăPDLPXOWHQXPHUHQDWXUDOHVFULVHvQWUXQILúLHU6ăVHFRSLH]HvQWUXQDOW
ILúLHUWRDWHQXPHUHOHWULDQJXODUHúLvQWUXQDOWUHLOHDDFHOHDFDUHQXVXQWWULDQJXODUH LGHQWLFHúLHJDOHFXN1RWăPVXPDFLIUHORUVN F˜N6HúWLHFăH[LVWăPDLPXOWHQX
 PHUHQUDVWIHOvQFkWVHSRDWHJăVLRYDORDUHFSHQWUXFDUH
'DWHGHLQWUDUH VN˜QU  QNF N 
1XPHUHOHQDWXUDOHVHYRUFLWLGHSHSULPDOLQLHDILúLHUXOXL!"&$  6ăVHVFULHXQSURJUDPFDUHGHWHUPLQăWRDWHSHUHFKLOH QUF DYkQGSURSULHWDWHDGH
 VFULVă
'DWHGHLHúLUH 
1XPHUHOHFLWLWHGLQILúLHUXOGHLQWUDUHFDUHVXQWWULDQJXODUHVHYRUVFULHSHSULPDOLQLHD 'DWHGHLHúLUH
ILúLHUXOXL !"&'(! GHVSăUĠLWHSULQFkWHXQVSDĠLX LDUFHOHFDUHQXVXQWWULDQJXODUHVH 3HILHFDUHOLQLHDILúLHUXOXLGHLHúLUH$(+#"&'(!VHYRUVFULHGRXăQXPHUHQDWXUDOHVH
YRUVFULHSHSULPDOLQLHDILúLHUXOXL" !&'(! SDUDWHSULQWUXQVSDĠLXUHSUH]HQWkQGQXPăUXOQUúLQXPăUXOFGHFLIUHLGHQWLFHSHQWUX
 FDUHSURSULHWDWHDFHUXWăHVWHDGHYăUDWă
1XPHUHVSHFLDOH 
 1XPHUHVSHFLDOH 
  ÌQ FRQFOX]LH YRP FăXWD GLYL]RUL SkQă OD UăGăFLQD SăWUDWă D QXPăUXOXL GHRDUHFH
3ULP FKLDU GDFă H[LVWă GLYL]RUL PDL PDUL GHFkW DFHDVWă YDORDUH DFHúWLD VXQW HJDOL FX FkWXO
6WDELOLĠLGDFăXQQXPăUGDWHVWHSULPVDXQX vPSăUĠLULLvQWUHJLDLXQXLGLYL]RUPDLPLFGHFkWUăGăFLQDSăWUDWăÌQFRQFOX]LHSHQWUX
 ILHFDUHGLYL]RUJăVLWPăULPFRQWRUXOGLYL]RULORUFX RGDWăSHQWUXGLYL]RUXO •‹
'DWHGHLQWUDUH úLvQFăRGDWăSHQWUXGLYL]RUXO›
’•‹œ 6ăREVHUYăPFăGDFăQXPăUXOHVWHSă
ÌQILúLHUXOGHLQWUDUH"+&$HVWHVFULVXQVLQJXUQXPăUQDWXUDO WUDW SHUIHFW GLYL]RUXO •‹ HVWH HJDO FX GLYL]RUXO ›
’•‹œGHFLvQFD]XO
 QXPHUHORU FDUH VXQW SăWUDWH SHUIHFWH vQ ILQDO YRP PLFúRUD FX  QXPăUXO GLYL]RULORU
'DWHGHLHúLUH FRQWRUL]DĠLJ
'DFăQXPăUXOFLWLWGLQILúLHUXOGHLQWUDUHHVWHSULPvQILúLHUXOGHLHúLUH"+&'(!VH 
YDVFULH†DOWIHOVHYDVFULHƒ‚ # †•‹Q
JJ
ú
J?J

([HPSOX JJ
JmJJ
"+&$J "+&'(!J JJ

ă
J †J JJJJ
JmJ
J~JJJ ^GDFăN DWXQFLFHOPDLPLFQXPăUFXGLYL]RULHVWH`
^RULFHQXPăUDUHGRLGLYL]RULSURSULL`

JmJJJ
JJJJ
 J•‹\SDUWHvQWUHDJăGLQUăGăFLQDSăWUDWăDOXL
J

 ăQJ
6ROXĠLLOHSUREOHPHORUSURSXVH JJJJJJăJ›
’•‹œJ\J`J JJ
 JJJJJJJJ
JmJ
J~JJJ ^QXPăUăPGLYL]RULLOXLQU`
JJJJJJ ú ă
'LYL]RUL JJJJ ú 
 J
3HQWUXDDQDOL]DPRGXOGHUH]ROYDUHDDFHVWHLSUREOHPHYRPSURLHFWDDOJRULWPXOSHQ JJJJăJ
HVWHSăWUDWSHUIHFW J
WUXXQH[HPSOX)LHN 9RPGHWHUPLQDGLYL]RULLQXPHUHORUQDWXUDOHvQFHSkQGFX JJJJJJJJ
JmJ
JJJ
úLWHUPLQkQGvQPRPHQWXOvQFDUHDPJăVLWSULPXOQXPăUFDUHDUHH[DFWNGLYL]RUL JJ ăJ
J\J?JJ ^SkQăFkQGREĠLQHPNGLYL]RUL`
 JJ 
J
J
([HPSOX ú  J
 DUHGLYL]RUL úL  J
 DUHGLYL]RUL  
 DUHGLYL]RUL úL GHFLQHRSULP1XPăUXOFăXWDWHVWH  1XPHUHSHUIHFWH
 ÌQHQXQĠXOSUREOHPHLQLVHFHUHVăJHQHUăPWRDWHQXPHUHOHSHUIHFWHPDLPLFLGHFkWXQ
 $QDOL]kQGH[HPSOXOGDWDúDSDUHFăGLYL]RULLVXQWQXPHUHSULPHGDUWUHEXLHVăILP QXPăUGDWQ'XSăFXPVDVXJHUDWvQHQXQĠYRPIRORVLFRQGLĠLDQHFHVDUăHQXQĠDWăGH
DWHQĠL'HH[HPSOXQXPăUXODUHGHGLYL]RUL FăWUH(XFOLGSUH]HQWDWăDQWHULRU
GHFLSULQWUHGLYL]RULDYHPQXPHUHSULPHúLSXWHULDOHORUUHVSHF  &RQGLĠLDVSXQHFăGDFăQXPăUXOP±HVWHSULPDWXQFLQXPăUXOP± P± HVWH
WLYSURGXVHGHGRXăVDXPDLPXOWHQXPHUHSULPH SHUIHFW
  $VWIHOFHOPDLVLPSOXSURFHGHXHVWHGHDGDSHUkQGYDORULOXLPúLvQFD]XOvQFDUH
 ÌQGHVFULHUHDXUPăWRUXOXLDOJRULWPQRWăPFXQUQXPăUXOQDWXUDOFXUHQWFXGLYL]RU QXPăUXOP±HVWHSULPGHDDILúDQXPăUXOSHUIHFWP± P± 
YDORDUHDFXFDUHHIHFWXăPvPSăUĠLUHDúLFXQUBGQXPăUXOGLYL]RULORUOXLQU$FHVWDOJR J
# J 
ƒ %QJ
ULWP JHQHUHD]ă QXPHUH QDWXUDOH úL vQFHSkQG FX QXPăUXO  GHWHUPLQă WRĠL GLYL]RULL JJ
ú
J
J
DFHVWRUDQXPăUkQGXOH*HQHUDUHDQXPHUHORUVHRSUHúWHvQPRPHQWXOvQFDUHVDJăVLW
JJ%JmJ ^SULPDSXWHUHDOXL`J
SULPXOQXPăUDYkQGNGLYL]RUL'DFăvQVăQXVXQWHPDWHQĠLúLQXFăXWăPSRVLELOLWăĠLGH JJ

ă
RSWLPL]DUHSURJUDPXOQRVWUXYDUXODSHQWUXN PXOWPDLPXOWWLPSGHFkWSHUPLWH
JJJJ%JmJ%‘J ^ODSXWHUHDP`J
UHVWULFĠLDSULYLQGWLPSXOGHH[HFXĠLH
JJJJJmJDGHYăUDW ^YHULILFăPGDFă%JŸJHVWHSULP`J
 1XPHUHVSHFLDOH 1XPHUHVSHFLDOH 
 
JJJJ
 J•‹\SDUWHvQWUHDJăGLQUăGăFLQDSăWUDWăDOXL%J JJJJ 
J
 

 ăQJ JJJJJJJmJ‘˜ ^HIHFWXăPSURGXVXOGHRDUHFHQXYRPDYHDGHSăúLUH`
JJJJJJăJ› % ’•‹œJ\J`J J  ú ă
JJJJJJJJJmJIDOV JJJJJmJDGHYăUDWJ ^QHSUHJăWLPVăVWDELOLPSULPDOLWDWHDOXLD`J
JJJJJJJJLHúLUHIRUĠDWăGLQ
 J JJJJJmJDGHYăUDWJ ^úLDOXLSURG`J
 ú ă JJJJ•‹JmJJ
 ú 
  JJJJ   JJú •‹dUăGăFLQDSăWUDWăDOXL 

 ăQJJ
JJJJăJJ J JJJJJJăJ›  ’•‹œJ\J`J J
JJJJăúJmJIDOV ^QHIHULPGHRvQPXOĠLUHFDUHDUSURYRFDGHSăúLUH` JJJJJJJJJmJIDOV
JJJJJJJJăFDOFXODUHDYDORULL›%’œ‘ % DUSURGXFHGHSăúLUH  ú ăJJ
   J JJJJJJăJ›  ’•‹œJ\J`J J
JJJJJJJJJJăúJmJDGHYăUDWJ JJJJJJJJJmJIDOV
JJJJJJJJ 
J  ú ăJJ
JJJJJJJJJJJ 
J›%’œ‘ % J JJJJJJ•‹JmJ•‹J~JJ
 ú ă JJJJ ú    JJ
JJ ăJăúJ JJJJ% JmJ‘% J ^SUHJăWLPXUPăWRUXOPXOWLSOXDOOXLSULQGXEODUH`
ú  
J ^GDFăD±E± SHUHFKHD úLSURG±VXQWQXPHUHSULPH`
 JJJJăJJúJ˜JúJJ J
1XPHUHSULHWHQH JJJJJJ 
J  ‘ ˜ ‘% J  ‘% J
JJ ăJăúJ
1LVHFHUHLPSOHPHQWDUHDXQXLDOJRULWPGHVFULVúLH[HPSOLILFDW$FHVWDOJRULWPJHQH
ú  
UHD]ăXQHOHSHUHFKLGHQXPHUHSULHWHQHFRQIRUPXQXLPRGHOGHVFULVGH7DELW
 J
 ÌQDOJRULWPDPQRWDWFHOHGRXăQXPHUHGLQSHUHFKHDFXUHQWăFXDúLFXE PXOWLSOL 1XPHUHWULDQJXODUH
OXL úLFXSURGSURGXVXOORU9DULDELOHOHORJLFHSULPDSULPEúLSULPSURGSăVWUHD]ă &HULQĠDODDFHDVWăSUREOHPăHVWHVăVHHOLPLQHQXPHUHOHWULDQJXODUHGLQWUXQúLUGHQX
YDORDUHDGHDGHYăUSULYLQGSULPDOLWDWHDQXPHUHORUD±E±úLSURG±&XFRHIVD PHUHGDWH5HDPLQWLPFăXQQXPăUVHQXPHúWHWULDQJXODUGDFăVHSRDWHREĠLQHSULQvQ
QRWDWYDORDUHDFXUHQWăDPXOWLSOLORUOXLSULQvQPXOĠLUHFX'HVFULHUHDDOJRULWPXOXL VXPDUHDXQXLQXPăUGHQXPHUHQDWXUDOHFRQVHFXWLYHvQFHSkQGFXQXPăUXO
vQSVHXGRFRGHVWHXUPăWRUXO  $OJRULWPXOGHUH]ROYDUHSUH]HQWDWvQFRQWLQXDUHYHULILFăSHUkQGGDFăQXPHUHOHGLQ
J ILúLHUVXQWWULDQJXODUHVFULLQGvQILúLHUXOUH]XOWDWDFHOHQXPHUHFDUHQXYHULILFăDFHDVWă
# J 
%&†ƒ
KJ SURSULHWDWH
JJ% JmJ^YDORDUHLQLĠLDOăSHQWUXGXEOLLOXLvLYRPREĠLQHSULQvQPXOĠLUHFX` 
JJJmJŠ ^SULPXOQXPăUGLQSULPDSHUHFKH` # J
QJ
JJJmJDGHYăUDWJ ^YDORDUHLQLĠLDOăQHFHVDUăODSULPXOSDV`J JJ   QXXUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ă,J
JJăúJmJIDOVJ JJJJ
ú
JJ
JJ

ăJ JJJJm` ^YHULILFăPGDFă[HVWHWULDQJXODU`
 ^SULPXOQXPăUvQSHUHFKHDFXUHQWăHVWHDOGRLOHDQXPăUGLQSHUHFKHDSUHFHGHQWă` JJJJ
m ^SULPXOQXPăUQDWXUDOvQVXPă`J
JJJJ˜JmJJ JJJJ

ăJ
JJJJJmJ˜‘J ^DOGRLOHDQXPăUvQSHUHFKHDFXUHQWăHVWHGXEOXOSUHFHGHQWXOXL` JJJJJJmJ~J
J
 ^SULPDOLWDWHDFHOXLGHDOGRLOHDQXPăUGLQSHUHFKHDSUHFHGHQWă`J JJJJJJ
m
J~J ^FUHúWHYDORDUHDWHUPHQXOXL`J
JJJJ˜JmJ  JJJJ ăJJdJJ
JJJJăJ‘˜DUSURGXFHGHSăúLUH  ^QHIHULPGHRSRVLELOăGHSăúLUH`J JJJJăJJzJJ J J
JJJJJJăúJmJDGHYăUDWJJ JJJJJJ 
JJ ^GDFă[QXHVWHWULDQJXODUvOFRSLHPvQ" !&'(!`J
 1XPHUHVSHFLDOH 1XPHUHVSHFLDOH 
 
JJJJ 
J
$OWHQXPHUHVSHFLDOH
JJJJJJ 
JJJJJ ^GDFă[HVWHWULDQJXODUvOFRSLHPvQ!"&'(!`J 8QH[HPSOXGHQXPăUFDUHvQGHSOLQHúWHDFHDVWăSURSULHWDWHHVWH
 ú ă
 ú      ˜ 
ú    ˜ 
  ˜ 
 ˜ 
$SOLFDĠLHODQXPHUHOHWULDQJXODUH  ˜ 
3HQWUXDvQĠHOHJHPDLELQHDFHDVWăSUREOHPăVHXUPăULPvQWDEHOXOGHPDLMRVPRGXO
 ˜ 
GHFRQVWUXLUHDúLUXOXLGDW
J  ˜ 
 ˜ 
N                «  ˜ 

(OHPHQWHOHúLUXOXL                «  $OJRULWPXOVXJHUDWYDFăXWDSHQWUXILHFDUHOXQJLPHFGHODODQXPăUXOFDUHvQ
GHSOLQHúWHSURSULHWDWHDFHUXWăSHQWUXRULFHQXPăUDYkQGFLIUHLGHQWLFHSHOXQJLPHDF
1XPăUWULDQJXODU                 6HFUHWXOFRQVWăvQDREVHUYDFăQXPăUXOFăXWDWHVWHGHIDSWXQFkWFRPXQvQFD]XOFHORU
1XPăUWULDQJXODU              QXPHUHvPSăUĠLWHODUkQGXOORUODVXPDFLIUHORUFRUHVSXQ]ăWRDUH
 $P QRWDW YDULDELOHOH DYkQG VHPQLILFDĠLLOH GLQ HQXQĠ YHFKL UHSUH]LQWă YDORDUHD QU
1XPăUWULDQJXODU          REĠLQXWăODSDVXOSUHFHGHQW
J
   # J™%QJ
                 JJ
 J%\‰J

 ăQ ^QXPHUHGHOXQJLPLFXSULQVHvQWUHúL`
JJJJ?JmJDGHYăUDWJ
 JJJJ?JmJJ
 6WXGLLQGWDEHOXOGHPDLVXVSXWHPWUDJHFkWHYDFRQFOX]LL JJJJ   J ?JdJ‰ JúJ?J

 ăQJ ^FRQVWUXLPQXPăUXOGLQFFLIUH`J
x 2EVHUYăPFăSHQWUXXQQXPăUGHRUGLQHNYDORDUHDHOHPHQWXOXLSRDWHILGHWHUPL JJJJJJ
ăJmJ`J
QDWăSULQFDOFXODUHDQXPăUXOXLWULDQJXODUFHOPDLDSURSLDWGHN JJJJJJ
 J\%J

 ăQ ^FRQVWUXLPQXPăUXOGLQFFLIUH`
x 9DORDUHDFăXWDWăYDILHJDOăFXXOWLPXOQXPăUQDWXUDOSHFDUHODPDGăXJDWQXPă JJJJJJJJ
ăJmJ
ă‘`J~J?J
UXOXLWULDQJXODU JJJJJJ ú 
 

 $SOLFkQGREVHUYDĠLLOHGHPDLVXVDOJRULWPXOHVWHXUPăWRUXO YăUHFRPDQGăPVăUHD JJJJJJJmJ%‘?J
JJJJJJăJ›
ă’œ\`J J
OL]DĠLRUH]ROYDUHDDFHVWHLSUREOHPHIRORVLQGVXPDSULPHORUQQXPHUHQDWXUDOH 
J  ^QXPăUXOFăXWDWWUHEXLHVăILHFkWXOvQWUHJGLQWUHQXPăUXOIRUPDW`
# J˜|QJ JJJJJJJJ
JmJ›
ă’œ ^GLQFFLIUHLGHQWLFHúLVXPDFHORUFFLIUH`

ú
J?J JJJJJJJJăJ?J…JJ  ^GDFăN vQFăQXDYHPYHFKL`J
JJJmJJ JJJJJJJJJJăJ
J\J•%&J JJ
JJ€JmJJ JJJJJJJJJJJJ?JmJDGHYăUDWJ ^GDFăDPREĠLQXWDFHODúLQXPăUYRPFRQWLQXD`
   J€JJ?J

 ăJ JJJJJJJJJJ 
J
J JJJmJJ~JJ JJJJJJJJJJJJ?JmJIDOVJJ
J JJ€JmJ€J~JJ JJJJJJJJJJ ú ă
 ú    J JJJJJJJJ ú ă
 
JJJ JJJJJJJJ•%&JmJ
J
ú  J JJJJJJJJ?JmJ?J~JJ
 1XPHUHVSHFLDOH

JJJJJJ 
J
JJJJJJJJ?JmJIDOVJ
 ú ă
JJJJJJăJ?J J
JJJJJJJJ 
J
%J
 ú ăJ
 ú    
JJ ú 
 
ú  
1XPHUHVSHFLDOH 
 
3ULP JJ 
J
ÌQWURSULPăDERUGDUHSRUQLPGHODGHILQLĠLDQXPăUXOXLSULP XQQXPăUSULPDUHH[DFW JJJJă
JHVWHQXPăUSDUJ J ^QXPHUHSDUH`
GRLGLYL]RULúLHOvQVXúL ÌQFRQFOX]LHYRPYHULILFDGDFăQXPăUXOGDWDUHYUHXQGLYL JJJJJJJmJ
\JJJJJJJJJJJJJJJJ ^VLQJXUXOQXPăUSDUSULPHVWH`
]RUSULQWUHQXPHUHOHQ± JJJJ 
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ^QXPHUHLPSDUH`J
 JJJJJJ•‹JmJ‡J ^SULPXOGLYL]RUSRVLELODOXQXLQXPăULPSDU`J
# JQ JJJJJJJmJSDUWHvQWUHDJăGLQUăGăFLQDSăWUDWăDOXL
J
JJ
ú
J
J ^QXPăUXOGHYHULILFDW`J J J J J ^FDOFXOăPUDGLFDOXORVLQJXUăGDWăvQDIDUDVWUXFWXULLUHSHWLWLYH`J
JJ•‹JmJJ ^SULPXOGLYL]RUGLIHULWGH`J JJJJJJJmJDGHYăUDWJ ^SUHVXSXQHPFăQXPăUXOHVWHSULP`J
JJ   J •‹JdJ
 JúJ ›
’•‹œJzJ` J

 ă, JJJJJJ   J •‹JdJ JúJJ

 ă,J
JJJJ•‹JmJ•‹J~JJ JJJJJJJJăJ›
’•‹œ\`J J
 ú     JJJJJJJJJJJmJIDOVJ ^DPJăVLWXQGLYL]RUGHFLQUQXHVWHSULP`J
JJăJ•‹J…J
J J^GDFăQXDPJăVLWQLFLXQGLYL]RUPDLPLFGHFkW`J JJJJJJJJ 
JJ
JJJJJmJDGHYăUDW ^
ŸQXPăUXOHVWHSULPvQFD]FRQWUDUQXHVWH`J JJJJJJJJJJ•‹JmJ•‹J~JJ J
JJ 
JJ J J J J ^XQQXPăULPSDUVHSRDWHGLYLGHGRDUFXQXPHUHLPSDUH`J
JJJJJmJIDOVJ  ú ă
 ú ăJ  ú    J
JJDILúDUH  JJJJ ú ăJ
ú   JJ ú ăJ
 JJDILúDUHJ
 $OJRULWPXOSRDWHILvPEXQăWăĠLWFRQVLGHUDELOGDFăWUDWăPVHSDUDWFD]XODFHORUQXPH ú  J
UHFDUHQXQHFHVLWăQLFLRvPSăUĠLUHSHQWUXVWDELOLUHDSURSULHWăĠLL$FHVWHDVXQWQXPăUXO 
úLQXPHUHOHSDUHÌQUHVWSURSULHWDWHDGHGLYL]LELOLWDWHRYRPYHULILFDGRDUFXQXPHUH 
LPSDUHúWLLQGFăXQQXPăULPSDUQXSRDWHDYHDQLFLXQGLYL]RUSDUÌQSOXVQXYRP
JHQHUD GLYL]RUL PDL PDUL GHFkW UăGăFLQD SăWUDWă D QXPăUXOXL GHRDUHFH GLYL]RULL PDL
PDULDXIRVWÄJăVLĠL´GDFăH[LVWăVXEIRUPDXQXLFkWDOvPSăUĠLULLQXPăUXOXLFXXQGL
YL]RUPDLPLF

# JQ
JJ
ú
J
J
JJăJ
J\JJ JJ
JJJJJmJIDOVJ ^QXHVWHSULP`J
J
&RQYHUVLL 

 $VWIHOXQHOHQXPHUHDYHDXRUHSUH]HQWDUHIRDUWHOXQJăúLSHQWUXDOHVFXUWDVDLQ
WURGXVYDULDQWDGHUHSUH]HQWDUHSULQGLIHUHQĠă'DFăXQDGLQFLIUHOH  9VDX VHDIOă
 vQDLQWHDXQHLFLIUHFXYDORDUHPDLPDUHDWXQFLYDORDUHDFLIUHLUHVSHFWLYHYDILVFă]XWă
 GLQYDORDUHDFLIUHLPDLPDUL
 
&RQYHUVLL &DSLWROXO ([HPSOH
8 ± 9 ± 9* ± 



™6LVWHPHGHQXPHUDĠLH

™&RQYHUVLLvQWUHGRXăED]HGHQXPHUDĠLH  $FHVWHIRUPHGHUHSUH]HQWDUHVXQWVXSXVHFkWRUYDUHVWULFĠLLFDUHDVLJXUăXQLFLWDWHD
™2SHUDĠLLFXQXPHUHQDWXUDOHvQGLYHUVHED]HGH UHSUH]HQWăULLXQXLQXPăU'HH[HPSOX
QXPHUDĠLH  &LIUHOH9VDX+QXVHSRWUHSHWDSHPDLPXOWGHWUHLSR]LĠLLFRQVHFXWLYH
™ &ULWHULLGHGLYL]LELOLWDWHvQGLYHUVHED]HGHQXPHUDĠLH
™ ,PSOHPHQWăULVXJHUDWH  &LIUHOH8*úL%QXVHSRWUHSHWD
™ 3UREOHPHSURSXVH  1XPDLFLIUHOH9úLSRWILVFă]XWH
™ 6ROXĠLLOHSUREOHPHORU  1XPDLYDORDUHDXQHLVLQJXUHFLIUHSRDWHILVFă]XWă GHH[HPSOXQXPăUXO 8QX

 H[LVWă 
  &LIUDVFă]XWăWUHEXLHVăDLEăRYDORDUHGHFHOSXĠLQR]HFLPHGLQFLIUDGLQFDUHVH
6LVWHPHGHQXPHUDĠLH VFDGH GHH[HPSOXQXPăUXO%QXH[LVWă 
3ULQVLVWHPGHQXPHUDĠLHvQĠHOHJHPDQVDPEOXOUHJXOLORUGHJUXSDUHDHOHPHQWHORUXQHL 
PXOĠLPLILQLWHFXVFRSXOQXPăUăULLORUúLDUHJXOLORUGHUHSUH]HQWDUHVLPEROLFăDQXPă  &HOPDLPDUHQXPăUSHFDUHvOSXWHPUHSUH]HQWDIRORVLQGDFHVWHVLPEROXULúLUHV
UXOXLREĠLQXW SHFWkQG UHJXOLOH GH PDL VXV HVWH ++++99   'DWRULWă IDSWXOXL Fă QXPHUHOH
 6LPEROXULOH VHPQHOHJUDILFH FXDMXWRUXOFăURUDVHUHSUH]LQWăQXPHUHOHVHQXPHVF
URPDQHVXQWIRDUWHOXQJLRSHUDĠLLOHFXQXPHUHDVWIHOUHSUH]HQWDWHVHHIHFWXHD]ăJUHRL
FLIUH
 ÌQIXQFĠLHGHPRGXOGHJUXSDUHúLGHRUGRQDUHDVHPQHORUFDUHVHIRORVHVFSHQWUX  2EVHUYăPFăRFLIUăGLQFDGUXOXQXLDVWIHOGHQXPăUDUHDFHHDúLYDORDUHDEVROXWă
UHSUH]HQWDUHDVLPEROLFăDQXPHUHORUGHRVHELPVLVWHPHOHDGLWLYHGHVLVWHPHOHSR]LĠLR LQGLIHUHQWGHSR]LĠLDSHFDUHRRFXSă
QDOH 
 3ULQWUHVLVWHPHOHGHQXPHUDĠLHDGLWLYHVHQXPăUăVLVWHPXOGHQXPHUDĠLHHJLSWHDQúL  &HOPDLUăVSkQGLWVLVWHPGHQXPHUDĠLHvQ]LOHOHQRDVWUHHVWHVLVWHPXO]HFLPDOFDUH
VLVWHPXOGHQXPHUDĠLHURPDQ
XWLOL]HD]ă]HFHVLPEROXULQXPLWHFLIUHDUDEH
 6LVWHPXOGHQXPHUDĠLHURPDQIRORVHúWHúDSWHVHPQHGLVWLQFWHQXPLWHFLIUHURPDQH
  1XPăUXOVLPEROXULORUUHSUH]LQWăED]DVLVWHPXOXLGHQXPHUDĠLH
 8 9 *  % +  6LVWHPXO]HFLPDOHVWHXQVLVWHPGHQXPHUDĠLHSR]LĠLRQDODGLFăSR]LĠLDXQHLFLIUHvQ
. 5 .: 5: .:: 5:: .::: QXPăULQGLFăUDQJXODFHVWHLD9DORDUHDUDQJXOXLSUHFL]HD]ăFXFHSXWHUHDOXLVHYD
 vQPXOĠLFLIUDSHQWUXDGHWHUPLQDYDORDUHDQXPăUXOXL
 'LQWUHFHOHúDSWHFLIUHOH  9 úL +QXVHSRWUHSHWD VFULLQGDOăWXUDW GHPDLPXOW  3HQWUXDQXVHSURGXFHFRQIX]LLvQWUHGRXăQXPHUHVFULVHvQVLVWHPHGHQXPHUDĠLH
GHWUHLRULvQGHVFULHUHDXQXLQXPăU
 ,QLĠLDOVLVWHPXOGHIRUPDUHDQXPHUHORUURPDQHHUDED]DWVWULFWSHDGXQDUH&LIUHOH
SR]LĠLRQDOHGLIHULWHVDFRQYHQLWFDILHFăUXLQXPăUVăLVHDWDúH]HXQLQGLFHFRUHVSXQ
XQXL QXPăU VH DúH]DX vQ RUGLQH GHVFUHVFăWRDUH D YDORULORU LDU YDORDUHD QXPăUXOXL VH ]ăWRUED]HLGHQXPHUDĠLHvQFDUHHVWHVFULV
FDOFXODSULQvQVXPDUHDWXWXURUYDORULORUFLIUHORU 

([HPSOX
([HPSOX
+%99    ˜˜˜ VHYDFLWLGRXăVXWHúDSWH]HFLúLWUHL 

 2ULFHQXPăUQDWXUDOQSRDWHILVFULVvQVLVWHPXO]HFLPDOvQPRGXQLFvQIRUPD
Q DQDQ ± «DXQGHDL L Q VXQWFLIUHGLQPXOĠLPHD^«`LDU
YDORDUHDOXLQHVWHGDWăGHVXPDDQ˜QDQ±˜Q±«˜D
 
&RQYHUVLL 

&RQYHUVLLvQWUHGRXăED]HGHQXPHUDĠLH
 &RQYHUVLL 

&RQYHUVLDXQXLQXPăUGLQWURED]ăGDWăvQED]D
 3HQWUXDGHILQLXQVLVWHPGHQXPHUDĠLHVHGHVFULHPXOĠLPHDGHVLPEROXULIRORVLWăvQ

UHSUH]HQWDUHUHJXOLOHGHJUXSDUHDVLPEROXULORUvQQXPăUúLVHSUH]LQWăRSHUDĠLLOHGHIL
$$OJRULWPGHFRQYHUVLHSHQWUXQXPHUHvQWUHJL
QLWHSHPXOĠLPHDQXPHUHORUUHSUH]HQWDWHvQVLVWHPXOGHQXPHUDĠLHUHVSHFWLY
(IHFWXkQGFDOFXOHOHFHUXWHGHGHVFRPSXQHUHDGXSăSXWHULOHED]HLSXWHPREĠLQHvQFD

]XORULFăUXLVLVWHPGHQXPHUDĠLHYDORDUHQXPăUXOXLGDWvQED]D
 ÌQ VLVWHPXO GH QXPHUDĠLH ]HFLPDO SHQWUX D QXPăUD RELHFWHOH DFHVWHD VH JUXSHD]ă 
FkWH1XPăUXOJUXSXULORUUHSUH]LQWăGHFkWHRULVHFXSULQGHvQQXPăU$FHVWHD ([HPSOX
JUXSDWHGLQQRXFkWH]HFHQHGDXQXPăUXOVXWHORUHWFÌQPRGVLPLODUvQWUXQVLVWHP  ˜˜˜˜ 
SR]LĠLRQDODYkQGED]DERELHFWHOHVHYRUJUXSDFkWHE5HJXOLOHGHUHSUH]HQWDUHDXQXL
 ˜˜˜˜ 
QXPăUvQRULFHVLVWHPGHQXPHUDĠLHSR]LĠLRQDOVXQWVLPLODUHUHJXOLORUFDUHIXQFĠLRQHD   
]ăvQVLVWHPXO]HFLPDO
 
 
 6LVWHPXOGHQXPHUDĠLHELQDUHVWHFDUDFWHUL]DWGH  7UDJHPFRQFOX]LDFăSHQWUXDREĠLQHUHSUH]HQWDUHDvQED]DDXQXLQXPăUQDWXUDO
x %D]DVLVWHPXOXLGHQXPHUDĠLHHVWH UHSUH]HQWDW vQWUR ED]ă E WUHEXLH Vă GHVFRPSXQHP QXPăUXO GXSă SXWHULOH ED]HL úL Vă
x 0XOĠLPHDGHVLPEROXULFDUHVWăODED]DVLVWHPXOXLHVWH^` HIHFWXăPFDOFXOHOHvQED]D


 'HH[HPSOXQXPăUXOUHSUH]LQWăYDORDUHD˜˜˜˜  
 %$OJRULWPGHFRQYHUVLHSHQWUXSDUWHDIUDFĠLRQDUăDXQXLQXPăU
 6LVWHPXOGHQXPHUDĠLHRFWDODUHXUPăWRDUHOHFDUDFWHULVWLFL 3HQWUXDFRQYHUWLXQQXPăUIUDFĠLRQDUGLQWURED]ăEvQED]DDSOLFăPDFHODúLDOJR
ULWPFDúLSHQWUXSDUWHDvQWUHDJăGH]YROWăPQXPăUXOFLIUăFXFLIUăGXSăSXWHULOHED]HL
x %D]DVLVWHPXOXLHVWH
úLDSRLHIHFWXăPFDOFXOHOHvQED]D
x 0XOĠLPHDGHVLPEROXULFDUHVWăODED]DVLVWHPXOXLHVWH^` 

  
'HH[HPSOXQXPăUXOUHSUH]LQWăYDORDUHD˜ ˜ ˜ ˜    ([HPSOX
  
   ˜  ˜ 
 
 


 8QDOWVLVWHPGHQXPHUDĠLHIUHFYHQWXWLOL]DWvQOXPHDFDOFXODWRDUHORUHVWHVLVWHPXO 

GHQXPHUDĠLHKH[D]HFLPDO&DUDFWHULVWLFLOHDFHVWXLDVXQW &RQYHUVLDGLQED]DvQWURDOWăED]ăGHQXPHUDĠLH
x %D]DVLVWHPXOXLHVWH 
x 9DORULOHFXFDUHOXFUHD]ăDFHVWVLVWHPGHQXPHUDĠLHVXQWQXPHUHOHGHODOD'H $$OJRULWPGHFRQYHUVLHSHQWUXQXPHUHvQWUHJL
RDUHFHQXPHUHOHPDLPDULGHFkWVXQWFRPELQDĠLLGHVLPEROXUL VSUHH[HPSOX &RQYHUVLDXQXLQXPăUQDWXUDOUHSUH]HQWDWvQED]DvQWURDOWăED]ăGHQXPHUDĠLHEVH
VHIRUPHD]ăGLQúLGLQ HOHQXSRWILXWLOL]DWHODUkQGXOORUFDVLPEROXUL([LVWă IDFHSULQvPSăUĠLULVXFFHVLYHODEYDORDUHDQXPăUXOXLILLQGvQORFXLWăODILHFDUHSDVSULQ
vQVăRFRQYHQĠLHSULQFDUHVHIRORVHúWHOLWHUD$SHQWUXYDORDUHDOLWHUD%SHQWUX FkWXOvPSăUĠLULL5HVWXULOHVFULVHvQRUGLQHLQYHUVăUHSUH]LQWăFLIUHOHQXPăUXOXLFăXWDW
YDORDUHDúLDúDPDLGHSDUWHÌQDFHVWHFRQGLĠLLVLPEROXULOHFDUHVWDXODED]DDFHV 
WXLVLVWHPGHQXPHUDĠLHVXQW$%&'(úL) ([HPSOX
 ˜
  ˜
 ˜
 ˜
GHFL 
 &RQYHUVLL &RQYHUVLL 
 
%$OJRULWPGHFRQYHUVLHSHQWUXSDUWHDIUDFĠLRQDUăDXQXLQXPăU $$OJRULWPGHFRQYHUVLHGLQED]DvQED]DN
&RQYHUVLDXQXLQXPăUIUDFĠLRQDUUHSUH]HQWDWvQED]DvQWURED]ăEVHIDFHSULQvQ 3HQWUXDFRQYHUWLGHH[HPSOXQXPăUXOvQED]D  VHFRPSOHWHD]ăQX
PXOĠLULVXFFHVLYHFXE/DILHFDUHSDVSDUWHDvQWUHDJăDUH]XOWDWXOXLvQPXOĠLULLQHGăFk PăUXOFXXULQHVHPQLILFDWLYHvQVWkQJDúLvQGUHDSWDSkQăFkQGDYHPJUXSXULFRPSOH
WHRFLIUăGLQUH]XOWDWvQPXOĠLUHDFRQWLQXkQGFXSDUWHDIUDFĠLRQDUăDUH]XOWDWXOXL$OJR WHGHFkWHWUHLFLIUH*UXSXULOHGHFLIUHVHIRUPHD]ăSRUQLQGGHODYLUJXOD]HFLPDOăVSUH
ULWPXOYDDYHDDWkĠLDSDúLFkWHFLIUH]HFLPDOHGRULPVăGHWHUPLQăP VWkQJDUHVSHFWLYVSUHGUHDSWD1XPăUXOGHYLQH/DSDVXOXUPăWRUvQOR
 FXLPILHFDUHJUXSGHFkWHWUHLFLIUHELQDUHFXVLPEROXOED]HLFRUHVSXQ]ăWRDUHJUXSX
([HPSOX OXL YH]LYDORULOHGLQWDEHO úLREĠLQHPQXPăUXOFRQYHUWLWvQED]DFDILLQG
 9RPFRQYHUWLQXPăUXOGLQED]DvQED]DFXWUHL]HFLPDOH 
 *HQHUDOL]DUH
1XPăUvQED]D &DOFXO 3URGXV 1XPăUvQED]D  3HQWUXDFRQYHUWLXQQXPăUVFULVvQED]DvQWURED]ăGHQXPHUDĠLHGHIRUPDN VH
 ˜   FRPSOHWHD]ăQXPăUXOFXFLIUHDVWIHOvQFkWDWkWQXPăUXOGHFLIUHDOSăUĠLLvQWUHJLFkWúL
QXPăUXOGHFLIUHDOSăUĠLLIUDFĠLRQDUHVăILHPXOWLSOXGHNDSRLDFHVWHJUXSXULGHFkWHN
 ˜  
FLIUHELQDUHVHvQORFXLHVFFXVLPEROXOFRUHVSXQ]ăWRUGLQWDEHOXOGHFRGLILFDUH
 ˜   
 %$OJRULWPGHFRQYHUVLHGLQED]DNvQED]D
$OJRULWPGHFRQYHUVLHGLQED]DvQWURED]ăGHIRUPDN 3HQWUX D FRQYHUWL XQ QXPăU UHSUH]HQWDW vQ ED]D N vQ UHSUH]HQWDUHD FRUHVSXQ]ăWRDUH
ED]HLVHHIHFWXHD]ăRVLPSOăvQORFXLUHDVLPEROXULORUED]HLNFXJUXSXOGHNFLIUH
  úLLQYHUV ELQDUH FDUH FRUHVSXQGH VLPEROXOXL FRQIRUP WDEHOXOXL SUH]HQWDW $WXQFL FkQG vQ WDEHO
3HQWUX D DUăWD FRUHVSRQGHQĠD GLQWUH QXPHUHOH VFULVH vQ VLVWHPXO ELQDU úL VLPEROXULOH QXVXQWWUHFXWHNFLIUHELQDUHUHSUH]HQWDUHDVHYDFRPSOHWDFXXULvQIDĠăSkQăODRE
VLVWHPHORUGHQXPHUDĠLHFXED]DNSUH]HQWăPXUPăWRUXOWDEHO ĠLQHUHDDH[DFWNFLIUHÌQILQDOXULOHQHVHPQLILFDWLYHYRUILLJQRUDWH
 
YDORDUH N  N  N  N  ([HPSOX
]HFLPDOă ED]D ED]D ED]D ED]D $  
     
       $
     2EVHUYDĠLH
      8QQXPăUGDWvQED]DESRDWHILFRQYHUWLWGLUHFWvQED]DE DPEHOHED]HILLQGGLIH
     ULWHGHED]D IăUăDVHLQWHUPHGLDWUHFHUHDSULQED]DGHQXPHUDĠLH$OJRULWPXOHV
     WH DFHODúL FD vQ FD]XO FRQYHUVLHL vQ ED]D  FX GHRVHELUHD Fă WRDWH FDOFXOHOH VH YRU
HIHFWXDvQED]DE
    
     
     2SHUDĠLLFXQXPHUHQDWXUDOHvQGLYHUVHED]HGH
    
    $ QXPHUDĠLH
    % 
    & $GXQDUHD
    ' 3HQWUXDDGXQDGRXăQXPHUHQDWXUDOHVFULVHvQWURED]ăGHQXPHUDĠLHEYRPDGXQDFL
    ( IUHOH GH DFHODúL UDQJ GH OD GUHDSWD OD VWkQJD 'DFă QXPăUXO UH]XOWDW GLQ DGXQDUHD D
    ) GRXăFLIUHVHUHSUH]LQWăFXRVLQJXUăFLIUăDWXQFLDPREĠLQXWFLIUDUH]XOWDW'DFăUH]XO
 WDWXODGXQăULLHVWHIRUPDWGLQGRXăVLPEROXULDWXQFLUHVWXOvPSăUĠLULLODEHVWHFLIUDUH
 ]XOWDWúLYRPDYHDFLIUăGHWUDQVSRUW vQFD]XODGRXăQXPHUHDFHDVWDHVWHHJDOFX 
 &RQYHUVLL
 &RQYHUVLL 
([HPSOX 
 $GXQăPFLIUHOHGHUDQJ   ˜  ÌPSăUĠLUHD
  &LIUDHVWHFLIUDGHUDQJvQUH]XOWDWHVWHFLIUăGHWUDQVSRUW 3HQWUXHIHFWXDUHDvPSăUĠLULLDGRXăQXPHUHVFULVHvQED]DEYRPXWLOL]DDFHOHDúLUHJXOL
  $GXQăPFLIUHOHGHUDQJ   GLQVLVWHPXO]HFLPDOĠLQkQGFRQWGHWDEODvQPXOĠLULLúLWDEODDGXQăULLvQED]DE
   &LIUDHVWHFLIUDGHUDQJvQUH]XOWDWQXDYHPFLIUăGHWUDQVSRUW 
   $GXQăPFLIUHOHGHUDQJ  ˜  ([HPSOX
   &LIUDHVWHFLIUDGHUDQJvQUH]XOWDWHVWHFLIUăGHWUDQVSRUW  VHFXSULQGHvQGHRUL
   $GXQăPFLIUHOHGHUDQJ   ± 
&LIUDHVWHFLIUDGHUDQJvQUH]XOWDWQXDYHPFLIUăGHWUDQVSRUW VHFRERDUăXUPăWRDUHDFLIUăvQVHFXSULQGHGHRUL
  
VHPDLFRERDUăRFLIUăvQVHFXSULQGHGHRUL
 ˜ 
6FăGHUHD 
2SHUDĠLD GH VFăGHUH VH HIHFWXHD]ă DVHPăQăWRU VFăGHULL vQ ED]D  FX GHRVHELUHD Fă  
XQLWDWHDvPSUXPXWDWăYDFRQĠLQHEVXEXQLWăĠLúLQX 

([HPSOX &ULWHULLGHGLYL]LELOLWDWHvQGLYHUVHED]HGH
± &DOFXOăPFLIUDGHUDQJFDVăSXWHPHIHFWXD±vPSUXPXWăPGLQ   QXPHUDĠLH
 FLIUDGHUDQJREĠLQHP±  &RQVLGHUăPFDILLQGLPSRUWDQWăFXQRDúWHUHDúLXWLOL]DUHDFULWHULLORUGHGLYL]LELOLWDWHvQ
 &DOFXOăPFLIUDGHUDQJ ± ±  SUHJăWLUHD HOHYLORU SHQWUX FRQFXUVXULOH úFRODUH GH SURJUDPDUH PRWLY SHQWUX FDUH DP
   &DOFXOăPFLIUDGHUDQJFDVăSXWHPHIHFWXD±vPSUXPXWăPGLQ LQFOXVDFHDVWăSUH]HQWDUH5H]XOWDWHOHDXIRVWSUHOXDWH IăUăGHPRQVWUDĠLLOHDIHUHQWH GLQ
   FLIUDGHUDQJREĠLQHP±  OXFUDUHD6LVWHPHGHQXPHUDĠLHDXWRU,OLH'LDFRQX(GLWXUD6WXGLXP&HLFDUH
   &DOFXOăPFLIUDGHUDQJ ± ±  GRUHVFVăDSURIXQGH]HDFHDVWăWHPăSRWFRQVXOWDELEOLRJUDILDGHVSHFLDOLWDWH
  ÌQFHOHFHXUPHD]ăQRWăPFXERED]ăGHQXPHUDĠLHRDUHFDUH

ÌQPXOĠLUHD
ÌQPXOĠLUHDDGRXăQXPHUHVFULVHvQWURED]ăGHQXPHUDĠLHEVHHIHFWXHD]ăDVHPăQăWRU 'LYL]LELOLWDWHDFXQXPăUXOE±
vQPXOĠLULLvQED]DGDUVHYDĠLQHFRQWGHWDEODDGXQăULLúLvQPXOĠLULLvQED]DE 8QQXPăUQDWXUDOVFULVvQED]DEVHGLYLGHFXE±GDFăúLQXPDLGDFăVXPDFLIUHORU
 VDOHHVWHXQQXPăUPXOWLSOXGHE±
([HPSOX 
 7DEODvQPXOĠLULLvQED]DVHFRPSOHWHD]ăHIHFWXkQGFDOFXOHOHvQED]D'HH[HP
'LYL]LELOLWDWHDFXE
SOX˜ ˜   8QQXPăUQDWXUDOVFULVvQED]DEVHGLYLGHFXEGDFăúLQXPDLGDFăGLIHUHQĠDGLQWUH
    VXPDFLIUHORUGHRUGLQLPSDUúLVXPDFLIUHORUGHRUGLQSDUHVWHPXOWLSOXGHE
     
     'LYL]LELOLWDWHDFXEvQED]HGHIRUPDE˜N
     8QQXPăUQDWXUDOVFULVvQED]DE˜NVHGLYLGHFXEGDFăúLQXPDLGDFăVXPDFLIUH
     ORUVDOHHVWHXQQXPăUPXOWLSOXGHE
 9RPFDOFXODu 
u  &DOFXOăPFLIUDGHUDQJ˜  VFULHPWUDQVSRUW 'LYL]LELOLWDWHDFXEvQED]HGHIRUPDE˜N±
   &DOFXOăPFLIUDGHUDQJ˜ VFULHPWUDQVSRUW 8QQXPăUQDWXUDOVFULVvQED]DE˜N±VHGLYLGHFXEGDFăúLQXPDLGDFăGLIHUHQĠD
    &DOFXOăPFLIUDGHUDQJ  VFULHPWUDQVSRUW GLQWUHVXPDFLIUHORUGHRUGLQLPSDUúLVXPDFLIUHORUGHRUGLQSDUHVWHPXOWLSOXGHE
  ˜ DGXQkQGFXREĠLQHP
 &RQYHUVLL &RQYHUVLL 
 
'LYL]LELOLWDWHDFXEEE«vQED]DE &ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH
8QQXPăUQDWXUDOVFULVvQED]DEVHGLYLGHFXEEE«GDFăúLQXPDLGDFăQXPăUXO   QXPHUDĠLH
VHWHUPLQăFXGRLGH« 1XPăUXOQDWXUDOQ DQDQ«DD VFULVvQED]DEVHGLYLGHFXvQVLVWHPHOHGHQXPH
 UDĠLHFXED]D
'LYL]LELOLWDWHDFXEvQED]HGHIRUPDE˜N  E NN1 GDFăúLQXPDLGDFăXOWLPDFLIUăVHGLYLGHFX
8QQXPăUQDWXUDOVFULVvQED]DE˜NVHGLYLGHFXEGDFăúLQXPDLGDFăXOWLPDFLIUăD  E NN1 GDFăúLQXPDLGDFăVXPDWXWXURUFLIUHORUVHGLYLGHFX
QXPăUXOXLHVWHXQPXOWLSOXGHE  E NN1 GDFăúLQXPDLGDFă D±DD ±«  D±DD±« VH
GLYLGHFX

 E NN1 GDFăúLQXPDLGDFă D±DD ±«  D±DD±« VH
'LYL]LELOLWDWHDFXE˜N±VDXE˜NvQED]DE GLYLGHFX
8QQXPăUQDWXUDOVFULVvQVLVWHPXOGHQXPHUDĠLHDYkQGED]DEVHGLYLGHFXE˜N±  E NN1 GDFăúLQXPDLGDFă D±DD ±« ± DDD« VH
E˜NGDFăúLQXPDLGDFăVXSULPkQGXLXOWLPDFLIUăúLVFă]kQGUHVSHFWLYDGXQkQG GLYLGHFX
GHNRULFLIUDVXSULPDWăVHREĠLQHXQQXPăUGLYL]LELOFXE˜N±UHVSHFWLYE˜N 

,PSOHPHQWăULVXJHUDWH
&ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH 3HQWUXDYăIDPLOLDUL]DFXPRGXOvQFDUHVHUH]ROYăSUREOHPHOHvQFDUHLQWHUYLQLPSOH
  QXPHUDĠLH PHQWăULDOHFRQYHUVLLORUYăVXJHUăPVăvQFHUFDĠLVăUHDOL]DĠLDOJRULWPLSHQWUX
8QQXPăUQDWXUDOHVWHGLYL]LELOFXvQED]DGHQXPHUDĠLH  FRQYHUVLHGLQED]DvQED]D
D  E NGDFăúLQXPDLGDFăXOWLPDVDFLIUăHVWHPXOWLSOXGH  FRQYHUVLHGLQED]DvQED]D
E  E NGDFăúLQXPDLGDFăVXPDFLIUHORUVDOHHVWHPXOWLSOXGH  FRQYHUVLHGLQED]DvQED]D  
  FRQYHUVLHGLQED]DúL vQED]D
&ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH  FRQYHUVLHGLQED]DvQED]DE
 FRQYHUVLHGLQED]DEvQED]D
  QXPHUDĠLH  FRQYHUVLHGLQED]DDvQED]DE
8QQXPăUQDWXUDOHVWHGLYL]LELOFXvQED]DGHQXPHUDĠLH  FRQYHUVLHGLQED]DvQED]D 
D  E NGDFăúLQXPDLGDFăXOWLPDVDFLIUăHVWHPXOWLSOXGH  FRQYHUVLHGLQED]DvQED]D 
E  E NGDFăúLQXPDLGDFăVXPDFLIUHORUVDOHHVWHPXOWLSOXGH  FRQYHUVLHGLQED]DDvQED]DE 
F  E N±GDFăúLQXPDLGDFăGLIHUHQĠDGLQWUHVXPDFLIUHORUGHRUGLQLPSDUúLVXPD  FRQYHUVLHGLQED]DvQED]DE RULFkWGHPDUH  
FLIUHORUGHRUGLQSDUHVWHPXOWLSOXGH  FRQYHUVLHGLQED]DE RULFkWGHPDUH vQED]D 
  FRQYHUVLHGLQED]DD RULFkWGHPDUH vQED]DE RULFkWGHPDUH  
&ULWHULXOGHGLYL]LELOLWDWHFXvQGLYHUVHED]HGH
  QXPHUDĠLH
8QQXPăUQDWXUDOHVWHGLYL]LELOFXvQED]DGHQXPHUDĠLH
D  E NGDFăúLQXPDLGDFăXOWLPDVDFLIUăHVWHPXOWLSOXGH
E  E NGDFăúLQXPDLGDFăVXPDFLIUHORUVDOHHVWHPXOWLSOXGH
F  E NGDFăúLQXPDLGDFăVXPDGLQWUHGXEOXOSHQXOWLPHLFLIUHúLXOWLPDFLIUă
HVWHPXOWLSOXGH
G  E N±GDFăúLQXPDLGDFăGLIHUHQĠDGLQWUHVXPDFLIUHORUGHRUGLQLPSDUúLVXPD
FLIUHORUGHRUGLQSDUHVWHPXOWLSOXGH FLIUHOHVHFRQVLGHUăQXPăUDWHGHODGUHDSWDOD 
VWkQJD 
6HSRWDPkQDGXSăvQYăĠDUHDSUHOXFUăULLúLUXULORUGHFDUDFWHUH
 &RQYHUVLL &RQYHUVLL 
 
'DWHGHLHúLUH
3UREOHPHSURSXVH 5H]XOWDWXORSHUDĠLHLVHYDVFULHvQILúLHUXO'"&'(!
 
&RQYHUVLH 5HVWULFĠLLúLSUHFL]ăUL
6ăVHFRQYHUWHDVFăXQQXPăUQDWXUDOQVFULVvQWURED]ăGHQXPHUDĠLHEvQWURDOWăED x dQXPăUQXPăUdE
]ăGHQXPHUDĠLHEÌQDLQWHGHDVHHIHFWXDFRQYHUVLDVHYDYHULILFDGDFăQXPăUXOGDW x QXPăUtQXPăU
HVWHFRUHFWVFULV vQVFULHUHDOXLVDXIRORVLWFLIUHSHUPLVHGHED]DGHQXPHUDĠLHvQFDUH x dEd
VHSUHVXSXQHFăDIRVWVFULV  
 ([HPSOX 
'DWHGHLQWUDUH '"&$ '"&'(!J
&HOHGRXăED]HGHQXPHUDĠLHEúLEVHFLWHVFGHSHSULPDOLQLHDILúLHUXOXLGHLQWUDUH ‡J ``
'$8&$3HOLQLDXUPăWRDUHVHDIOăQXPăUXOQDWXUDOFDUHWUHEXLHFRQYHUWLW J
 ~J
'DWHGHLHúLUH 
1XPăUXOFRQYHUWLWVHYDVFULHvQILúLHUXO '$8&'(!ÌQFD]XOvQFDUHQXPăUXOQXHVWH 
FRUHFWVFULVvQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXO
J
%% &ULWHULLGHGLYL]LELOLWDWHvQWURED]ăGHQXPHUDĠLHGDWă
 6HFRQVLGHUăRED]ăGHQXPHUDĠLHEúLXQQXPăUQDWXUDOVFULVvQDFHDVWăED]ă6ăVHYH
5HVWULFĠLLúLSUHFL]ăUL ULILFHGDFăQXPăUXOGDWHVWHGLYL]LELOFXúLXWLOL]kQGFULWHULLGHGLYL]LELOLWDWH
x QXPHUHOHYRUDYHDFHOPXOWFLIUHvQDPEHOHED]HEúLE 
x dEEd 'DWHGHLQWUDUH
 3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH $"&$VHDIOăXQQXPăUQDWXUDOEUHSUH]HQWkQG
([HPSOH ED]DGHQXPHUDĠLH3HOLQLDXUPăWRDUHVHDIOăQXPăUXOFDUHXUPHD]ăVăILHDQDOL]DW
'$8&$ '$8&'(!J 
JŒJ | 'DWHGHLHúLUH
````
ÌQILúLHUXO $"&'(!VHYRUVFULHFLIUHOHúLVDXvQFD]XOvQFDUHQXPăUXOGDWHVWH
 GLYL]LELO FX DFHVWHD ÌQ VLWXDĠLD vQ FDUH QXPăUXO HVWH GLYL]LELO FX GRXă VDX PDL PXOWH
'$8&$ '$8&'(!J
|J‰J
J
%% QXPHUH GLQWUH FHOH HQXPHUDWH DFHVWHD YRU IL VHSDUDWH SULQ FkWH XQ VSDĠLX 'DFă
ˆ``| QXPăUXOQXHVWHGLYL]LELOFXQLFLXQXOGLQWUHQXPHUHOHúLvQILúLHUXOGHLHúLUH
VHYDVFULHƒ‚


2SHUDĠLLvQWURED]ăGHQXPHUDĠLHGDWă 5HVWULFĠLLúLSUHFL]ăUL
6ăVHHIHFWXH]HRSHUDĠLDGHDGXQDUHVDXGHVFăGHUH FRQIRUPFHULQĠHLGLQILúLHUXOGHLQ x dQdE
WUDUH DGRXăQXPHUHQDWXUDOHGDWHUHSUH]HQWDWHvQWURED]ăGHQXPHUDĠLHGDWăEIăUă x dEd
VăVHHIHFWXH]HFRQYHUVLLvQED]D 
 ([HPSOH 
'DWHGHLQWUDUH $"&$ $"&'(!J
3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH'"&$VHDIOăXQQXPăUQDWXUDOEUHSUH]HQWkQG ‡J ‡J|
ED]DGHQXPHUDĠLHvQFDUHVHYDHIHFWXDRSHUDĠLD3HXUPăWRDUHOHOLQLLDOHDFHOXLDúLIL `
úLHUVHDIOăSULPXOQXPăUDSRLRSHUDWRUXOVDX±LDUSHXOWLPDOLQLHVHDIOăFHOGHDO $"&$ $"&'(!
GRLOHDQXPăU `J ƒ‚
 ‡
 &RQYHUVLL &RQYHUVLL 
 
6LVWHPXOGHQXPHUDĠLH)LERQDFFL  $OJRULWPXO GHVFULV vQ SVHXGRFRG IRORVHúWH SULPD PHWRGă 'DFă ED]D E HVWH ED]D
&LIUHOHVLVWHPXOXLGHQXPHUDĠLH)LERQDFFLVXQWúLÌQDFHVWVLVWHPGHQXPHUDĠLHVH QXHVWHQHFHVDUăFRQYHUVLDQXPăUXOXLGLQED]DEvQED]DúLVLPLODUGDFăEHVWH
SRW UHSUH]HQWD QXPHUHOH DVHPăQăWRU VLVWHPXOXL ]HFLPDO 1XPăUXO P  FQFQ«FFF HJDOFXQXHVWHQHYRLHVăFRQYHUWLPUH]XOWDWXOSDUĠLDO
VFULVvQED]D)LERQDFFLvQVLVWHPXO]HFLPDODUHYDORDUHDFQ˜DQ«F˜F˜ J
# J
•QJ
XQGHDLVXQWQXPHUH)LERQDFFL
 6ăVHVFULHXQSURJUDPFDUHFRQYHUWHúWHXQQXPăUGDWvQED]DvQED]D)LERQDFFL JJ
ú
J˜˜ ^VHFLWHVFFHOHGRXăED]HGHQXPHUDĠLH`J
úLXQQXPăUGDWvQED]D)LERQDFFLvQVLVWHPXO]HFLPDO JJ
ú
J
ă ^VHFLWHúWHQXPăUXOGDW`
   ^VHYHULILFăGDFăQXPăUXOHVWHVFULVFRUHFWvQED]DGDWă`
'DWHGHLQWUDUH JJ•JmJDGHYăUDWJ ^SUHVXSXQHPFăQXPăUXOHVWHFRUHFWVFULV`
3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH -'&$VHDIOăXQQXPăUQDWXUDOPUHSUH]HQWDW JJ
JmJ
ăJ ^FRSLHDQXPăUXOXLGDW`
vQED]D)LERQDFFL3HOLQLDXUPăWRDUHVHDIOăXQQXPăUvQED]D JJ   •JúJ
JzJ` J

 ăQJ
 JJJJăJ›
’`œJtJ˜J J J
'DWHGHLHúLUH JJJJJJ•JmJIDOV ^QXPăUXOFRUHFWVFULVDUHGRDUFLIUHPDLPLFLGHFkWE`J
3HSULPDOLQLHDILúLHUXOXL-'&'(!VHYDVFULHUHSUH]HQWDUHDSULPXOXLQXPăUGLQILúL JJJJ ú ăJJ
HUXOGHLQWUDUHUHSUH]HQWDWvQED]D3HFHDGHDGRXDOLQLHVHYDVFULHUHSUH]HQWDUHD JJJJ
JmJ›
’`œJ
FHOXLGHDOGRLOHDQXPăUvQED]D)LERQDFFL JJ ú    
JJăJJ•J J

JJJJ 

J
%% J
5HVWULFĠLLúLSUHFL]ăUL JJ 

x dQUQUd   ^FRQYHUVLHGLQED]DEvQED]D`J
 JJJJăJ˜J\J`J J
([HPSOH  JJJJJJĠJmJ
ăJ
-'&$ $"&'(!J JJJJ 

````J |‡J
|‡ ````
  ^GDFăE QXHVWHQHFHVDUăHWDSDGHFRQYHUVLHvQED]D`J
JJJJJJĠJmJ`J ^UH]XOWDWXOSDUĠLDODOFRQYHUVLHL GLQEvQ `
 JJJJJJJmJJ ^SSăVWUHD]ăSXWHULOHED]HL`J
6ROXĠLLOHSUREOHPHORUSURSXVH JJJJJJ   J
ăJzJ`J

 ăQJ
ÌQDLQWHGHDSUH]HQWDUH]ROYăULOHSUREOHPHORUGRULPVăFODULILFăPXUPăWRDUHOHvQFDO JJJJJJJJ% JmJ›
ă’`œJ
FXODWRURULFHQXPăUHVWHUHSUH]HQWDWvQED]DLDUÄLPDJLQHD´SHFDUHRYHGHPDILúkQG JJJJJJJJ
ăJmJ›
ă’`œJ
XQDVWIHOGHQXPăUHVWHXQQXPăUUHSUH]HQWDWvQED]DÌQFRQFOX]LHDWXQFLFkQGvQ JJJJJJJJĠJmJĠJ~J% ‘J
DFHVWH UH]ROYăUL YRUELP GHVSUH FRQYHUVLL GH IDSW FRQVWUXLP ÄLPDJLQHD´ QXPHUHORU JJJJJJJJJmJ‘˜J
IRUPDWHGLQFLIUHFRQIRUPVLVWHPXOXLGHQXPHUDĠLH'LQDFHVWPRWLYvQFRQWLQXDUHSULQ  ú    
FRQYHUVLL vQĠHOHJHP FRQVWUXLUHD QXPHUHORU vQ ED]D  FDUH ÄDUDWă´ FD úL FXP DU IL vQ JJJJ ú ă
ED]DE JJJJăJ˜J\J`J J ^GDFăE QXHVWHQHFHVDUăFRQYHUVLD`J
 JJJJJJ‹JmJĠJ
&RQYHUVLH JJJJ 
 ^FRQYHUVLHGLQED]DvQED]DE`J
3HQWUXDFRQYHUWLXQQXPăUGLQWURED]ăGHQXPHUDĠLHvQDOWDH[LVWăvQSULQFLSLXGRXă JJJJJJ‹JmJ`J
SRVLELOLWăĠL JJJJJJJmJ ^SSăVWUHD]ăSXWHULOHED]HL`J
x VHFRQYHUWHúWHQXPăUXOvQED]DúLDSRLDFHVWDVHFRQYHUWHúWHvQED]DGRULWă JJJJJJ

ăJ
x VHFRQYHUWHúWHQXPăUXOvQED]DGHQXPHUDĠLHGRULWăSULQDSOLFDUHDDOJRULWPXOXLGH JJJJJJJJ% JmJ›Ġ’˜œJ
FRQYHUVLHFODVLFFXFRQGLĠLDFăWRDWHFDOFXOHOHVHYRUHIHFWXDvQED]DVSHFLILFDWă JJJJJJJJĠJmJ›Ġ’˜œJ
 &RQYHUVLL &RQYHUVLL 
 
JJJJJJJJ‹JmJ‹J~J% ‘J JJ
JmJ`J ^LQLĠLDOL]DUHDFLIUHLGHWUDQVSRUW`J
JJJJJJJJJmJ‘`J JJJmJJ ^SVHLQLĠLDOL]HD]ăFXODSXWHUHD`J
JJJJJJ ăJĠJ\J`J JJ   J
ăJzJ` J J
ăJzJ` J

 ăQJ
JJJJ ú ă JJJJJJJ ^FkWPDLH[LVWăFLIUHFHOSXĠLQvQWUXQQXPăU`
JJJJ 
J‹J JJJJăJJ\J~J J
 ú ăJJ J J ^VHDGXQăXOWLPHOHFLIUHDOHFHORUGRXăQXPHUH`
ú  J
JJJJJJĠJmJ
J~J›
ă’`œJ~J›
ă’`œJ
J JJJJJJăJĠJtJ˜J J
2SHUDĠLLvQWURED]ăGHQXPHUDĠLHGDWă JJJJJJJJĠJmJĠJJ˜J
ÌQIXQFĠLHGHRSHUDĠLDVSHFLILFDWăvQILúLHU DGXQDUHVDXVFăGHUH DOJRULWPXOYDWUHEXL JJJJJJJJ
JmJJ
Vă HIHFWXH]H VXPD VDX GLIHUHQĠD QXPHUHORU GDWH RSHUDĠLLOH HIHFWXkQGXVH vQ ED]D GH JJJJJJ 
J
JmJ`J
QXPHUDĠLHvQFDUHDXIRVWVFULVHQXPHUHOH JJJJJJ ú ă
 6HYRUXUPăULDFHVWHRSHUDĠLLSHXQH[HPSOX  
 ^VHVFDGXOWLPHOHFLIUHDOHFHORUGRXăQXPHUH`J
)LHE QXPăU úLQXPăU  JJJJJJĠJmJ›
ă’`œJJ
JŸJ›
ă’`œJ
 JJJJJJăJĠJJ`J J ^HVWHQHYRLHGHvPSUXPXW`J
'DFăRSHUDWRU ~J JJJJJJJJĠJmJĠJ~J˜J
J JJJJJJJJ
JmJJ
RSHUDĠLD WUDQVSRUWYHFKL FDOFXOH FLIUăUH]XOWDWăJ WUDQVSRUWJ JJJJJJ 
J
JmJ`J
/.://0; : :;/0;.0<0.:<.:0 : . JJJJJJ ú ă
/:..0 . .;/0;.0<4.:<..0 . . JJJJ ú ăJ
.::..:0 . .;:0;:0<..:<.0 . : JJJJ‹JmJ‹J~J‘ĠJ
 : :;.0;/0<0.:<.:0 : . J J ^FLIUDREĠLQXWăVHDGDXJăODUH]XOWDW`
J . .;/0;:0<0.:<.:0 : .
. .;:0;:0<..:<.0J . : JJJJJmJ‘` ^VHSUHJăWHúWHSXWHUHDSHQWUXSDVXOXUPăWRU`J
 JJJJ
ăJmJ›
ă’`œJ ^VHWUHFHODXUPăWRDUHDFLIUă`J
'DFăRSHUDWRU  JJJJ
ăJmJ›
ă’`œJ
 ú    
 JJăJ
J…J`J J
RSHUDĠLD vPSUXPXW FDOFXOH FLIUDUH]XOWDWă WUDQVSRUW
/.://01 :.: :.:;/01.0<.0 .0 : JJJJ‹JmJ‹J~JJ ^XOWLPDFLIUăGHWUDQVSRUW`J
 ú ăJ
/:..0 :.: :.:;/01.0<.0 .0 :
JJ 
J‹J
./:..0 :.: :.:;:01:0<:0 :0 :
ú  
 0.: 0.:;.01/0</0 /0 :
J :.: :.:;=/01.0><.0 .0 1. J
 &ULWHULLGHGLYL]LELOLWDWHvQWURED]ăGHQXPHUDĠLHGDWă
 $OJRULWPXOFDUHGHVFULHDFHVWHRSHUDĠLLHVWHSUH]HQWDWvQFRQWLQXDUHJ 3URJUDPXOSRDWHILUHDOL]DWYHULILFkQGFULWHULLOHGHGLYL]LELOLWDWHFXúLFULWHULL
J FDUH DX IRVW SUH]HQWDWH vQ VXSRUWXO WHRUHWLF DO OHFĠLHL &RQGLĠLLOH DX IRVW JUXSDWH GXSă
# J—ĠQJJJJJJJJJJJ IRUPDED]HLGHQXPHUDĠLHGHRDUHFHVHREVHUYăVLPLOLWXGLQLvQGHILQLUHDDFHVWRUFULWHULL
JJ
ú
J˜J ^ED]DGHQXPHUDĠLHvQFDUHVHHIHFWXHD]ăRSHUDĠLD`J 'HH[HPSOXDWXQFLFkQGED]DGHQXPHUDĠLHHVWHPXOWLSOXGHFLIUDWRDWHFULWHULLOHFHU
JJ
ú
J
ăJ
FRQGLĠLDFDXOWLPDFLIUăDQXPăUXOXLVăILHPXOWLSOXGHFLIUD VDQRWDWFXFLIUDYDORDUHD
JJ
ú
JJ ^~VDX`
VDX 'HDVHPHQHDvQFD]XOvQFDUHED]DGHQXPHUDĠLHHVWHGHIRUPDN˜FLIUD
JJ
ú
J
ăJ
WRDWHFULWHULLOHSXQFRQGLĠLDFDVXPDFLIUHORUQXPăUXOXLVăVHGLYLGăODFLIUD
JJ‹JmJ`J ^LQLĠLDOL]DUHDUH]XOWDWXOXL`J

 &RQYHUVLL &RQYHUVLL 
 
 6HGHVFULHvQFRQWLQXDUHXQDOJRULWPGHUH]ROYDUHGLIHULWGHFHOSUH]HQWDWPDLVXVÌQ JJJJJmJJJ
VXEDOJRULWP YRP WUDWD GRDU GLYL]LELOLWDWHD FX  D XQXL QXPăU UHSUH]HQWDW vQ ED]D E JJJJ˜JmJJJ
GHRDUHFHFULWHULXOSUH]HQWDWvQSDUWHDWHRUHWLFăHVWHYDODELOGRDUSHQWUXED]HPDLPDUL JJJJ%JmJJ~J˜J
VDXHJDOHFX1XYRPJHQHUDQXPăUvQED]DGRDUXOWLPDFLIUăQHLQWHUHVHD]ăGDU JJJJ   J

J…J`J

 ăQJJ ^FkWWLPSPDLDYHPFLIUH`
FDOFXOHOHWUHEXLHVăOHHIHFWXăPvQED]DGHRDUHFHED]DHVWHPDLPLFăGHFkW JJJJJJ% JmJ›

’`œJ
 JJJJJJăJ% J\JJ  
 J•
ă QJ  ^FLIUDDGXFHXQQXPăU)LERQDFFLvQYDORDUHDQXPăUXOXLQ`
JJ

JmJ
ăJ JJJJJJJJ
JmJ
J~J%J
JJJmJJ  ú ăJ
JJ   J

J…J‰J

 ăQJJ ^WUDYHUVăPFLIUHOHQXPăUXOXLúLSUHJăWLP`J JJJJJJJJJmJ˜JJ
JJJJ

JmJ›

’`œ ^SHQWUXDREĠLQHSXWHUHDFXFDUHYRPvPSăUĠL`J JJJJJJJJ˜JmJ%J


JJJJJmJ‘`J JJJJJJJJ%JmJJ~J˜J
 ú     JJJJJJJJ

JmJ›

’`œJ
JJ% ăJmJ›
ă’œJ JJJJ ú    J
JJ   JJ…J`J

 ăQJ^WUDYHUVăPFLIUHOHGHODVWkQJDODGUHDSWD`J JJ ú ă
JmJ›’`œ ú   J
JJJJ% ăJmJ› % 㑘‹J~J›
ă’œ ’`œJJ 
 ú      6XEDOJRULWPXOXUPăWRUWUDQVIRUPăXQQXPăU]HFLPDOvQQXPăUUHSUH]HQWDWvQVLVWH
ă % ăJ\J`   % ăJ\J|  J PXO GH QXPHUDĠLH )LERQDFFL 'DFă QXPăUXO GDW HVWH QXPăU )LERQDFFL vQVHDPQă Fă
JJJJ 
JƒJJ•J%J|J DFHVWD WL VDREĠLQXWDGXQkQGGRLWHUPHQLFRQVHFXWLYL WLúLWL GLQúLUÌQDFHVWFD]WL
JJ ú ă QX DUH R UHSUH]HQWDUH XQLFă GHRDUHFH SRDWH IL VFULV úL VXE IRUPD P   XQGH
ú    QXPăUXO XULORU HVWH HJDO FX QXPăUXO QXPHUHORU )LERQDFFL PDL PLFL GHFkW QXPăUXO
 GDW GDU úL VXE IRUPD  XQGH QXPăUXO XULORU HVWH HJDO FX QXPăUXO QXPHUHORU
6LVWHPXOGHQXPHUDĠLH)LERQDFFL )LERQDFFLPDLPLFLGHFkWWL6XEDOJRULWPXOYDGHWHUPLQDSULPXOPRGGHDILúDUH
$OJRULWPXOGHFRQYHUVLHVHED]HD]ăSHGHVFRPSXQHUHDXQXLQXPăUQDWXUDOvQVXPăGH 
 J†
`¡
“˜
%%


QJ
QXPHUH)LERQDFFLSUH]HQWDWvQFDSLWROXO
 6XEDOJRULWPXOXUPăWRUWUDQVIRUPăXQQXPăUGDWvQVLVWHPXOGHQXPHUDĠLH)LERQDFFL JJ

JmJJJ ^GDFăQHVWHHJDOFXúLQQYDIL`J
QQ vQQXPăU]HFLPDO Q 9RPFăXWDvQQXPăUXOQQFLIUHHJDOHFXGHRDUHFHHOHUH JJăJ
JzJJ 
SUH]LQWăSUH]HQĠDvQVXPDFDUHUHSUH]LQWăQXPăUXOQDXQXLQXPăU)LERQDFFLÌQQX JJJJJmJJ ^vQFHSHPJHQHUDUHDQXPHUHORU)LERQDFFL`J
PăUGRDUDQXPLĠLWHUPHQLGLQúLUSDUWLFLSăGDUWUHEXLHVăLJHQHUăPSHWRĠLSkQăFkQG JJJJ˜JmJJ
vPSăUĠLUHDFXVHILQDOL]HD]ăFXXQFkWHJDOFX JJJJ%JmJJ~J˜J
 JJJJJmJJ
 J†
“˜¡
`


QJJ J JJJJ   J˜JJ
J

 ăQJJ
J J J J ^QQQXPăUvQVLVWHPXOGHQXPHUDĠLH)LERQDFFLQQXPăUvQED]D` JJJJJJJmJ˜J
JJ
JmJJ JJJJJJ˜JmJ%J
JJăJ

JzJJ J JJJJJJ%JmJJ~J˜J


JJJJăJ›

’`œJ\J`J J JJJJJJJmJ‘`J


JJJJJJ
JmJ`J  ú    
JJJJ ú ă    ^GDFăQHVWHQXPăU)LERQDFFLQQHVWHGHIRUPD˜SXWHUH`
JJJJ

JmJ›

’`œJ JJJJ

JmJJ 
J J



7DEORXULXQLGLPHQVLRQDOH

&DSLWROXO


™ $WULEXLUHD
™ 6HOHFWDUHDXQHLFRPSRQHQWH
™ 'HFODUDUHDWDEORXULORUXQLGLPHQVLRQDOH
™ &LWLUHDúLDILúDUHDWDEORXULORUXQLGLPHQVLRQDOH
™ 3UHOXFUăULVLPSOHSHWDEORXUL
 &RQYHUVLL ™ ,PSOHPHQWăULVXJHUDWH
 ™ 3UREOHPHSURSXVH
JJJJăJ%JzJ
J  ™ 6ROXĠLLOHSUREOHPHORU
 ^GDFăQQXHVWHQXPăU)LERQDFFLvOGHVFRPSXQHPvQVXPăGHQXPHUH)LERQDFFL`J 

JJJJJJ
JmJ
JJ˜J

JJJJJJ   J
J…J`J

 ăQJ ^FkWWLPSPDLDYHPUHVW`J 3HQWUXDGHILQLVWUXFWXUDGHGDWH WDEORXFRQVLGHUăPRPXOĠLPH0GHYDORULRDUHFDUH
JJJJJJJJ   J˜J…J
J

 ăQJ $SOLFDĠLD I ^   Q` o 0 DWDúHD]ă ILHFăUXL LQGLFH L ^   Q` XQ HOHPHQW
JJJJJJJJJJ%JmJ˜J PL0(DGHILQHúWHXQWDEORXXQLGLPHQVLRQDO7QQXPLWYHFWRUVDXúLUDYkQGHOHPHQ
JJJJJJJJJJ˜JmJJ WHOHP I  P I  PQ I Q 
 ÌQPHPRULDLQWHUQăHOHPHQWHOHDFHVWXLWDEORXYRURFXSDvQRUGLQHORFDĠLLVXFFHVLYH
JJJJJJJJJJJmJ%JJ˜J
GHPHPRULH3UHVXSXQkQGFăSULPXOHOHPHQWDOWDEORXOXLHVWHPHPRUDWODDGUHVDDúL
JJJJJJJJJJJmJ›’`œJ FăXQHOHPHQWRFXSăOORFDĠLLDGUHVDUHODWLYăDL IDĠăGHvQFHSXWXOWDEORXOXL DORFDĠLHL
JJJJJJJJ ú     RFXSDWHGHHOHPHQWXOLYDIL
JJJJJJJJ

JmJ

J~JJ DL DO˜ L– L^Q`


JJJJJJJJ
JmJ
JJ˜J  ,QGLFHOHHVWHRH[SUHVLHGHWLSRUGLQDOFDUHFRQĠLQHLQIRUPDĠLLFXSULYLUHODSR]LĠLD
 ú     HOHPHQWXOXLvQFDGUXOVWUXFWXULL
 ú ă  (OHPHQWHOHWDEORXOXLWUHEXLHVăILHGHDFHODúLWLSDGLFăWDEORXODUHRVWUXFWXUăRPR
 ú ăJ JHQă 8Q WDEORX XQLGLPHQVLRQDO HVWH R VWUXFWXUă GH GDWH FDUH FXSULQGH XQ QXPăU GH
HOHPHQWHPDLPLFVDXHJDOFXXQQXPăUSUHFL]DWSULQWLSXOLQGLFHOXL
ú  J
 ÌQ GLIHULWHOH PHGLL GH SURJUDPDUH GHILQLUHD XQXL WLS WDEORX vQVHDPQă SUHFL]DUHD
PXOĠLPLLGLQFDUHDFHVWDSRDWHOXDYDORUL WLSXOGHED]ă SUHFXPúLRSHUDĠLLOHFDUHVH
SRWHIHFWXDDVXSUDXQHLYDULDELOHGHWLSWDEORXODQLYHOJOREDO

$WULEXLUHD
3ULQDFHDVWăRSHUDĠLHRYDULDELOăGHWLSWDEORXSULPHúWHYDORDUHDXQHLDOWHYDULDELOHGH
DFHODúLWLSWDEORX3RVLELOLWDWHDHIHFWXăULLDWULEXLULORUODQLYHOXOXQXLvQWUHJWDEORXUH
SUH]LQWăRIDFLOLWDWHLPSRUWDQWăRIHULWăGHDQXPLWHOLPEDMHGHSURJUDPDUH GHH[HPSOX
3DVFDO  $FHDVWă DWULEXLUH VH SRDWH UHDOL]D QXPDL GDFă WLSXO FHORU GRXă WDEORXUL HVWH
LGHQWLF
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
# J˜QJ
6HOHFWDUHDXQHLFRPSRQHQWH JJ
ú
J
JJ ^FLWLPGLPHQVLXQHDWDEORXOXL`
2FRPSRQHQWăDWDEORXOXLVHSUHFL]HD]ăSULQVSHFLILFDUHDYDULDELOHLGHWLSWDEORXXU JJ
 J\
J

 ăQJ
PDWăvQWUHSDUDQWH]HGUHSWHGHRH[SUHVLHLQGLFHDOă'HH[HPSOX›~œ JJJJ
ú
J›œJJ ^FLWLPHOHPHQWHOH`J
  ú 
 
ú  
'HFODUDUHDXQXLWDEORXvQ3DVFDO 
)RUPDJHQHUDOăDXQHLGHFODUDĠLLGHWDEORXXQLGLPHQVLRQDOHVWHXUPăWRDUHD  'DFăQXFXQRDúWHPGLPHQVLXQHDH[DFWăDWDEORXOXLGDUFXQRDúWHPXQQXPăUFDUH
 H[SULPăYDORDUHDPD[LPăSRVLELOăDDFHVWXLDDWXQFLYRPSURFHGDGXSăFXPXUPHD]ă

QXPHBWLS\ ›WLSBLQGLFHœJJWLSBGHBED]ăKJ 
QXPHBWDEORX,QXPHBWLS # J˜QJ
 JJ
JmJ`J
 ÌQ IRUPD JHQHUDOă GH PDL VXV QXPHBWLS HVWH XQ LGHQWLILFDWRU DOHV GH XWLOL]DWRU JJ   QXXUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ăQJJJ
WLSBGHBED]ăúLWLSBLQGLFHVXQWWLSXULSUHGHILQLWHVDXWLSXULXWLOL]DWRUWLSBLQGLFHHVWHvQ JJJJ
JmJ
J~JJ ^GDFăSULPXOLQGLFHDOWDEORXOXLHVWH`J
PRGREOLJDWRULXXQWLSRUGLQDOúLvQFD]XOvQFDUHHVWHGHWLSVXEGRPHQLXSRDWHILSUH JJJJ
ú
J›
œJJ ^FLWLPHOHPHQWHOH`J
FL]DWFXDMXWRUXOXQRUH[SUHVLLFD]vQFDUHvQHDSRWLQWHUYHQLGRDUFRQVWDQWHúLFRQV  ú    J ^vQQDYHPGLPHQVLXQHDWDEORXOXLFLWLW`
WDQWH VLPEROLFH WLSBGHBED]ă SRDWH IL RULFH WLS HOHPHQWDU VDX VWUXFWXUDW FXQRVFXW vQ ú  
PRPHQWXOGHFODUDĠLHL


([HPSOX $ILúDUHDWDEORXULORUXQLGLPHQVLRQDOH
 
\`K 2 YDULDELOă GH WLS WDEORX QX SRDWH IL DILúDWă vQ 3DVFDO DFHDVWă RSHUDĠLH VH UHDOL]HD]ă

\‹KJ VFULLQGSHVXSRUWXOGHLHúLUHWDEORXOHOHPHQWFXHOHPHQWSUHFL]kQGHOHPHQWHOHSULQLQ
JJJJJ
%\`‘
K GLFLLORU
˜\ ›
%œJJ€
 KJ
JJJJJ\ ›
œJJKJ 
# J ú˜QJ
JQ˜KJ˜QKJ
JJ
 J\
J

 ăQJ
 JJJJ 
J›œJ
 ([LVWăSRVLELOLWDWHDGHDGHFODUDXQWDEORXGHVFULLQGVWUXFWXUDvQVHFĠLXQHD LQ  ú 
 
WURGXFkQGDVWIHOXQWLSDQRQLP ú  
JQ ›`œJJ€
 K 
 &RQVWDQWHGHWLSWDEORX
 0HQĠLRQăP Fă GRXă WLSXUL DQRQLPH VH FRQVLGHUă GLIHULWH FKLDU GDFă GH IDSW GH  ÌQ3DVFDOWDEORXULOHVHSRWLQLĠLDOL]DvQVHFĠLXQHDGHGHFODUDĠLL&XWRDWHFăHOHVHGH
VFULXDFHHDúLVWUXFWXUăGHGDWH FODUă FX DMXWRUXO FXYkQWXOXL   HOHPHQWHOH XQXL WDEORX GHFODUDW DVWIHO vúL SRW
JQ ›`œJJ€
 K
VFKLPEDYDORULOH$FHVWHDVHGHFODUăvQPRGXOXUPăWRU
˜Q ›`œJJ€
 K 
 ÌQDFHVWFD] úL ˜YRUDYHDWLSXULGLIHULWHvQFRQFOX]LHLQVWUXFĠLXQHDGHDWULEXLUH
WLSBWDEORX  ›WLSBLQGLFHœWLSBED]ă
Q\˜KQXHVWHSHUPLVăÌQVFKLPEGDWRULWăIDSWXOXLFăFHOHGRXăWDEORXULDXDFHODúLWLS  QXPHBWDEORXQWLSBWDEORX\ FRQVWDQWDFRQVWDQWD KJ
GHED]ăLQVWUXFĠLXQHD›œQ\˜›‡œHVWHFRUHFWă XQGH OLVWD FRQVWDQWD FRQVWDQWD  DUH H[DFW DWkWHD FRQVWDQWHGHWLSXOWLSBED]ăFkWH
 HOHPHQWHDUHWLSXOWLSBLQGLFH

&LWLUHDWDEORXULORUXQLGLPHQVLRQDOH ([HPSOX
2YDULDELOăGHWLSWDEORXQXSRDWHILFLWLWăvQ3DVFDODFHDVWăRSHUDĠLHVHUHDOL]HD]ăFL
J\ ›‡œJJ&KJ
WLQGWDEORXOHOHPHQWFXHOHPHQWSUHFL]kQGHOHPHQWHOHSULQLQGLFLLORU  JQ\ ˜%¢ KJ
7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 7DEORXULXQLGLPHQVLRQDOH úLUXUL

 # J%úQJ
3UHOXFUăULVLPSOHSHWDEORXUL JJFLWLUHGDWH
3UREOHPHOHUH]ROYDWHSkQăDFXPvQPDUHDORUPDMRULWDWHSRWILDERUGDWHúLvQWURPD JJ‹JmJHOHPHQWQXO
QLHUăFDUHSUHVXSXQHFLWLUHDWXWXURUGDWHORUvQDLQWHGHDILSUHOXFUDWHFDDWDUHVHLPSX JJ
 J\
J

 ă, ^SUHOXFUăPWRDWHHOHPHQWHOH`J
QHSăVWUDUHDORUvQPHPRULH$FHVWOXFUXVHUHDOL]HD]ăUHĠLQkQGDFHVWHYDORULvQWUXQWD JJJJ‹JmJ‹JRSJ›œJ
EORXXQLGLPHQVLRQDO úLU 7RWXúLvQVLWXDĠLDvQFDUHQXPăUXOGDWHORUGHSUHOXFUDWHVWH JJ ú 
 
PDUHWUHEXLHPDLvQWkLVăDQDOL]ăPVROXĠLDDOHDVăSHQWUXVWUXFWXUDUHDGDWHORUGHRDUHFH JJDILúDUHUH]XOWDW
HVWHSRVLELOFDDFHVWHDVăQXDLEăVXILFLHQWVSDĠLXGLVSRQLELOvQPHPRULH'HDVHPHQHD ú  
DWUDJHP DWHQĠLD Fă GLPHQVLXQHD PHPRULHL LQWHUQH GLVSRQLELOă SHQWUX GDWHOH FDUH XU 
PHD]ăVăILHSUHOXFUDWHGHXQDQXPLWSURJUDPGLIHUăGHODXQPHGLXGHSURJUDPDUHOD
DOWXO
'HFL]LD
 6HUHFRPDQGăPHPRUDUHDGDWHORUvQWDEORXULGDFăDVWIHOFUHúWHOL]LELOLWDWHDSURJUD 9RP vQWkOQL SUREOHPH vQ FDUH VH FHUH YHULILFDUHD XQHL SURSULHWăĠL D úLUXOXL $FHDVWD
PXOXLGDUPDLDOHVDWXQFLFkQGHVWHQHYRLHÄDWLQJHUHD´HOHPHQWHORUGHPDLPXOWHRUL SRDWHVăYL]H]HH[LVWHQĠDXQXLVLQJXUHOHPHQWDYkQGSURSULHWDWHDUHVSHFWLYăVDXRSUR
SHSDUFXUVXOSUHOXFUăULL'DFăQXOXFUăPFXWDEORXULDFHVWHUH]ROYăULDUSXWHDQHFHVLWD SULHWDWHJOREDOăDúLUXOXL7UăVăWXUDFRPXQăDDFHVWRUSUREOHPHFRQVWăvQIHOXOvQFDUH
GHVFKLGHUHD ILúLHUXOXL GH LQWUDUH GH IRDUWH PXOWH RUL úL FLWLUHD UHSHWDWă D FRQĠLQXWXOXL DOJRULWPXOYDIXUQL]DUăVSXQVXO6ROXĠLDYDILGDWăVXEIRUPDXQXLPHVDMSULQFDUHVH
FHHDFHFRQGXFHODFUHúWHUHDWLPSXOXLGHH[HFXĠLH FRQILUPă VDX VH LQILUPă SURSULHWDWHD FHUXWă $FHVW PHVDM SRDWH IL VLPSOX † VDX
 ƒ‚úLVHDILúHD]ăvQIXQFĠLHGHYDORDUHDXQHLYDULDELOHORJLFHVWDELOLWăvQDOJRULWP
 ÌQSULPDID]ăDDQDOL]HLXQHLSUREOHPHGHDOJRULWPLFă SURJUDPDUH GHUHJXOăFăX  ÌQWURSULPăYDULDQWăSXWHPGH]YROWDDOJRULWPXO %úÌQDFHVWDOJR
WăPVăVWDELOLPFODVDGHSUREOHPHvQFDUHDUSXWHDILvQFDGUDWăDFHDVWDÌQFHOHFHXU ULWPUH]XOWDWXOVHSăVWUHD]ăvQYDULDELODJăVLWDFăUHLYDORDUHGHDGHYăUFRQVWLWXLHUăV
PHD]ăYRPWUDWDVXESUREOHPHFODVLFHFDUHSUHOXFUHD]ăúLUXUL SXQVXOODvQWUHEDUHDSXVăvQSUREOHPă

 # J†%‹QJ
6XPHúLSURGXVH JJFLWLUHGDWHJ
ÌQWURFODVăLPSRUWDQWăGHSUREOHPHFXFDUHQHvQWkOQLPIUHFYHQWVHFHUHGHWHUPLQDUHD JJ ăJmJIDOVJ
XQXLVLQJXUUH]XOWDWSHED]DXQXLúLUGHGDWHGHLQWUDUH(VWHYRUEDGHSUREOHPHvQFDUH JJ
 J 
J

 ăQJ
WUHEXLHVăDSOLFăPXQRSHUDWRUúLVăGHWHUPLQăPRVXPăVDXXQSURGXV3HQWUXDFHVWH JJJJ ăJmJ ăJ J›œDUHSURSULHWDWHDFăXWDWăJ
RSHUDĠLLPDLvQWkLYRPVWDELOLHOHPHQWXOQHXWUXDVWIHOvQFkWRSHUDĠLDHIHFWXDWăDVXSUD  ú 
 
XQXLHOHPHQW\DOHVDUELWUDUVăFRQGXFăOD\ JJDILúDUHUH]XOWDW
 ÌQXUPăWRULLDOJRULWPLSUH]HQWDĠLvQSVHXGRFRGSHQWUXDDFFHQWXDSUHOXFUDUHDSUR ú  
SULX]LVăQXYRPH[SOLFLWDRSHUDĠLLOHGHFLWLUHDGDWHORUGHLQWUDUHúLGHVFULHUHDUH]XO 
WDWHORU3UHVXSXQHPvQFRQWLQXDUHFăGDFăQXYDILPHQĠLRQDWDOWIHOVHSUHOXFUHD]ăXQ  6ăREVHUYăPFăGDFăODXQPRPHQWGDWYDORDUHDYDULDELOHL ăGHYLQHDGHYă
WDEORXXQLGLPHQVLRQDO[DYkQGGLPHQVLXQHDQúLHOHPHQWHQXPHUHvQWUHJL UDWYDORDUHDHLQXVHYDPDLVFKLPEDSkQăODVIkUúLWXOH[HFXWăULLDOJRULWPXOXLÌQFRQ
 FOX]LHYRPPRGLILFDSHED]DDFHVWHLREVHUYDĠLLDOJRULWPXOGHPDLVXV
2EVHUYDĠLH  ÌQSULPXOUkQGYRPVFKLPEDVWUXFWXUDUHSHWLWLYăGHWLSXO
 vQWURVWUXFWXUăFX
 'XSă FH VH YRU GREkQGL FXQRúWLQĠHOH SULYLQG VXESURJUDPHOH DFHúWL DOJRULWPL VH QXPăUQHFXQRVFXWGHSDúLSHQWUXDSXWHDvQWUHUXSHH[HFXĠLDvQPRPHQWXOvQFDUHDP
YRUSXWHDLPSOHPHQWDVXEIRUPăGHIXQFĠLLVDX vQ3DVFDO SURFHGXULúLGDWHOHSULPLWH REĠLQXWUăVSXQVXOODvQWUHEDUH(YLGHQWGDFăQLFLXQHOHPHQWDOúLUXOXLDQDOL]DWQXDUH
VSUHSUHOXFUDUHUHVSHFWLYFHOHREĠLQXWHúLWUDQVPLVHFHORUODOWHXQLWăĠLDOHSURJUDPXOXL SURSULHWDWHDFăXWDWăVHYDSDUFXUJHvQWUHJúLUXO
VHYRUPHQĠLRQDvQOLVWDGHSDUDPHWUL  ÌQXUPăWRUXODOJRULWPFRQWRUXOLUHSUH]LQWăLQGLFLvQúLUXO[LDUYDULDELODJăVLWQXYD
 ILLQLĠLDOL]DWăHDSULPHúWHYDORDUHvQIXQFĠLHGHPRWLYXOSăUăVLULLFLFOXOXL    
 ÌQDOJRULWPXOFXFDUHFDOFXOăPVXPH VDXSURGXVH UH]XOWDWXOREĠLQXWGXSăSUHOXFUD
'DFăH[LVWăL dQ SHQWUXFDUH[LDUHSURSULHWDWHDFHUXWăJăVLWSULPHúWHYDORDUHDDGHYă
UHDHOHPHQWHORUúLUXOXLGDW[ GHGLPHQVLXQHQ vOREĠLQHPvQYDULDELODUH]XOWDWLDURSH
UDWGDFăQLFLXQHOHPHQWQXDUHSURSULHWDWHDFăXWDWăYDORDUHDOXLLHVWHPDLPDUHGHFkW
UDĠLDDSOLFDWăHVWHQRWDWăFXRS
QúLJăVLWSULPHúWHYDORDUHDIDOV
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
# J†%‹QJ
 ÌQFD]XODFHORUOLPEDMHGHSURJUDPDUHFDUHvQVFKLPEQXvQWUHUXSHYDOXDUHDDFHV
JJFLWLUHGDWHJ WRUH[SUHVLLORJLFHVDXGDFăSURJUDPDWRUXOQXDOHJHDWHQWRUGLQHDVXEH[SUHVLLORUvQFD
JJmJ ]XOSULPHLFDWHJRULLGHOLPEDMHGHSURJUDPDUHFRGLILFDUHDGHFL]LHLFRQIRUPDOJRULWPL
JJ    JdJ
Jú ›œJDUHSURSULHWDWHDFăXWDWă J

 ăQJ ORUSUH]HQWDĠLSRWJHQHUDHURULQHSOăFXWH)LHH[SUHVLDORJLFă
JJJJmJ~JJ JdJ
JúJ ›œDUHSURSULHWDWHDFăXWDWă 
 ú    
GLQ VWUXFWXUD UHSHWLWLYă     GLQ DOJRULWPXO †%‹‡ 'DFă L ! Q vQ XUPD
JJ ămJd
 ^VHHYDOXHD]ăH[SUHVLDUHODĠLRQDOă`
HYDOXăULLVXEH[SUHVLHL JdJ
REĠLQHPIDOVGDUVHHYDOXHD]ăúLVXEH[SUHVLD ›œ
   ^úLYDORDUHDGHDGHYăUREĠLQXWăVHDWULEXLHYDULDELOHL ă`
DUHSURSULHWDWHDFăXWDWă vQFRQGLĠLLOHvQFDUHúWLPGHMDFăL!QGHFLVHYDYHULILFDXQ
JJDILúDUHUH]XOWDW
ú   HOHPHQW›œFDUHQXH[LVWăvQúLUXOGDW
 
 6ăDQDOL]ăPDFXPSUREOHPHOHGLQFHDODOWăFDWHJRULHPDLH[DFWFHOHvQFDUHVHYHUL  ÌQFRQFOX]LHvQLPSOHPHQWDUHDDOJRULWPLORUGHWLSXOFHORUSUH]HQWDĠLWUHEXLHVăFă
ILFăILHFDUHHOHPHQWDOúLUXOXLGDW$FHVWHDWUHEXLHVăDLEăRDFHHDúLSURSULHWDWH$FHDV XWăPVROXĠLLSULQFDUHVăHYLWăPSURGXFHUHDXQRUHURULvQWLPSXOH[HFXWăULLSURJUDPXOXL
WăFDUDFWHULVWLFăDúLUXOXLVHSRDWHIRUPXODúLvQIHOXOXUPăWRUvQúLUQXH[LVWăQLFLXQ VDX REĠLQHUHD XQRU UH]XOWDWH LQFRUHFWH ÌQ FHOH FH XUPHD]ă SURSXQHP FkWHYD VROXĠLL
HOHPHQW FDUH QX DUH SURSULHWDWHD FHUXWă 7UDQVIRUPkQG DOJRULWPXO †%‹ SULQ SHQWUXHYLWDUHDDFHVWHLÄFDSFDQH´
DSOLFDUHDQHJDĠLHLvQGRXăORFXULREĠLQHPDOJRULWPXOGHUH]ROYDUHSHQWUXDFHDVWăFODVă D SXWHPFUHDXQDO Q OHDHOHPHQWILFWLY QXPLWIUHFYHQWVDQWLQHOă 
GHSUREOHPH'HRDUHFHVHPQLILFDĠLDGHFL]LHLVHUHIHUăODWRDWHHOHPHQWHOHúLUXOXLvQOR E SXWHPRSULUHOXDUHDH[HFXWăULLQXFOHXOXLVWUXFWXULLUHSHWLWLYHFXXQSDVPDLUHSH
GHXUPkQGVăDQDOL]ăPPRWLYHOHLHúLULLGLQFLFOX
FXLPYDULDELOD ăFX
F SXWHP GHVSăUĠL VXEH[SUHVLLOH XUPkQG FD SH FHD GHD GRXD VR HYDOXăP GRDU

# J†%‹‡QJ DWXQFLFkQGDFHVWOXFUXHVWHQHFHVDU
JJFLWLUHGDWHJ G SXWHPVăHYLWăPIRORVLUHDvQFHDGHDGRXDVXEH[SUHVLHDYDORULL ›œDFHVW
JJmJ OXFUXHVWHSRVLELOGDFăLQWURGXFHPRYDULDELOăORJLFăSHQWUXDUHĠLQHYDORDUHDGH
JJ    Jd
ú ›œDUHSURSULHWDWHDFăXWDWă 

 ăQJJJJJJJ DGHYăU D VXEH[SUHVLHL ›œ DUH SURSULHWDWHD FăXWDWă  GH OD SDVXO SUHFHGHQW
   ^DPQHJDWVXEH[SUHVLD ›œJDUHSURSULHWDWHDFăXWDWă ` DVWIHOSHUPLĠkQGLHúLUHDGLQVWUXFWXUDUHSHWLWLYăvQPRPHQWXOvQFDUHDYHPFRQ
JJJJmJ~JJ
ILUPDUHDSURSULHWăĠLLVDXGXSăSDUFXUJHUHDvQWUHJXOXLúLUvQFD]XOvQFDUHDFHVW
 ú     OXFUXQXDDYXWORF
JJmJ…J
 ^DPQHJDWVXEH[SUHVLDJd
` 
JJDILúDUHUH]XOWDW 6HOHFĠLD
ú   6ROXĠLLOH SUREOHPHORU UH]ROYDWH FX DOJRULWPL GH WLSXO †%‹ YHULILFă R DQXPLWă
 SURSULHWDWHvQWUXQúLUGHGDWHúLFRPXQLFăSUH]HQĠDVDXDEVHQĠDHL$QDOL]kQGPDLDWHQW
 ÌQPRPHQWXOFRGLILFăULLDOJRULWPLORUGHWLS †%‹SRWDSăUHDGLYHUVHSUREOHPH UH]ROYăULOHFRQVWDWăPFăDPSXWHDIUXFWLILFDDOJRULWPXODILúkQGvQSOXVLQIRUPDĠLLFXP
ÌQ XQHOH OLPEDMH GH SURJUDPDUH R H[SUHVLH ORJLFă IRUPDWă GLQ VXEH[SUHVLL vQWUH FDUH DUILSR]LĠLDSHFDUHVHDIOăHOHPHQWXOFXSURSULHWDWHDFHUXWă
DSDURSHUDWRULLORJLFLúUHVSHFWLY VHHYDOXHD]ăvQvQWUHJLPHGDUH[LVWăúLOLPED 
MHvQFDUHvQIXQFĠLHGHRSHUDWRUúLYDORDUHDSULPHLVXEH[SUHVLLHYDOXDUHDVHvQWUHUXSH  6ă SUHVXSXQHP Fă HQXQĠXO JDUDQWHD]ă DSDUWHQHQĠD D FHO SXĠLQ XQXL DVWIHO GH HOH
GXSăVWDELOLUHDYDORULLSULPHLVXEH[SUHVLL'HH[HPSOXGDFăYDORDUHDSULPHLVXEH[SUH PHQW5H]XOWăFăWUHEXLHGRDUVăJăVLPDFHOHOHPHQWúLVăVWDELOLPQXPăUXOVăXGHRUGL
VLLHVWHDGHYăUDWúLXUPHD]ăRSHUDWRUXO FHDGHDGRXDVXEH[SUHVLHQXVHPDLHYD QH QUBRUG  3ULPXO QXPăU GH RUGLQH LQGLFH  SHQWUX FDUH SURSULHWDWHD HVWH DGHYăUDWă
OXHD]ăGHRDUHFHLQGLIHUHQWGHYDORDUHDDFHVWXLDUH]XOWDWXOILQDOYDILDGHYăUDW DGHYă FRQVWLWXLHUH]XOWDWXODOJRULWPXOXL
UDW DGHYăUDWHVWHDGHYăUDWúLDGHYăUDW IDOVHVWHWRWDGHYăUDW 'HDVHPHQHD 
GDFă YDORDUHD GH DGHYăU D SULPHLVXEH[SUHVLLHVWHIDOVúLXUPHD]ăRSHUDWRUXO úFHD  1XYRPYHULILFDGDFăYDORDUHDFRQWRUXOXLDDMXQVODGLPHQVLXQHDúLUXOXLGDWWRFPDL
GHDGRXDVXEH[SUHVLHQXVHPDLHYDOXHD]ăGHRDUHFHLQGLIHUHQWGHYDORDUHDDFHVWHLD GDWRULWăIDSWXOXLFăHQXQĠXOJDUDQWHD]ăH[LVWHQĠDvQúLUDYDORULLFăXWDWH(OHPHQWXOFX
UH]XOWDWXOILQDOYDILIDOV IDOVúDGHYăUDWHVWHIDOVUHVSHFWLYIDOVúIDOVHVWHWRWIDOV  SURSULHWDWHDFHUXWăYDILJăVLWFHOWkU]LXDWXQFLFkQGSUHOXFUăPXOWLPXOHOHPHQW
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
# J™%ĠQJ
x GDFăVHFHUHHOLPLQDUHDHOHPHQWXOXLúLVHLPSXQHSăVWUDUHDRUGLQLLúLUXOXLYRP
JJFLWLUHGDWHJ
WUDQVODWDHOHPHQWHOHvQDúDIHOvQFkWFHOFDUHWUHEXLHHOLPLQDWVăVHVXSUDVFULHFX
JJ
mJ
XUPăWRUXOHOHPHQWGLQúLUGXSăWHUPLQDUHDWUDQVODWăULLVFXUWăPúLUXOFX
JJ    ›
œJDUHSURSULHWDWHDFăXWDWă J

 ă,J
JJJJ
m
J~JJ
x H[LVWă úL SRVLELOLWDWHD FUHăULL XQXL úLU QRX vQ FDUH VH YRU FRSLD GRDU HOHPHQWHOH
JJ ú     FDUHQXWUHEXLHHOLPLQDWHXUPkQGFDvQILQDOYDULDELODGHWLSWDEORXFDUHSăVWUHD
JJDILúDUHUH]XOWDW ]ăúLUXOLQLĠLDOVăVHVXSUDVFULHFXYDULDELODGHWLSWDEORXQRXFUHDW
ú   
 2FăXWDUHVSHFLDOăVHUHIHUăODGHSLVWDUHDGXEOXULORUvQWUXQúLU'HUHJXOăRDVWIHO
 GHSUHOXFUDUHVHILQDOL]HD]ăILHFXXQúLUFDUHFRQĠLQHHOHPHQWHGLVWLQFWH GXSăHOLPL
&ăXWDUHD VHFYHQĠLDOă  QDUHD GXEOXULORU  ILH FX XQXO FDUH FRQĠLQH GXEOXULOH 3ULPD HVWH HFKLYDOHQWă FX
$FXP YRP SUHVXSXQH Fă HQXQĠXO QX JDUDQWHD]ă SUH]HQĠD D FHO SXĠLQ XQXL HOHPHQW WUDQVIRUPDUHDúLUXOXLvQPXOĠLPHúLYDILWUDWDWăODVIkUúLWXODFHVWXLFDSLWRO
DYkQG SURSULHWDWHD FHUXWă vQ úLUXO GDW ÌQ DFHVW WLS GH SUREOHPă FHOH GRXă FHULQĠH GLQ 
XOWLPHOH GRXă FODVH GH SUREOHPH VH FRPELQă UHVSHFWLY GXSă DIODUHD UăVSXQVXOXL OD
vQWUHEDUHDÄH[LVWă"´DILúăPGHH[HPSOXSR]LĠLDSHFDUHVHDIOăHOHPHQWXOFăXWDW 1XPăUDUHD
 (YLGHQWPRGHOXOGHUH]ROYDUHVHED]HD]ăSHPRGHOHOHSUH]HQWDWHSkQăDFXP9DUL ÌQ DFHDVWă FODVă GH SUREOHPH VH FHUH QXPăUXO HOHPHQWHORU GLQ úLU DYkQG R DQXPLWă
DELOHOHIRORVLWHDXVHPQLILFDĠLLOHGLQDOJRULWPLLSUHFHGHQĠL SURSULHWDWH(QXQĠXULOHQXJDUDQWHD]ăFăH[LVWăFXVLJXUDQĠăXQDVWIHOGHHOHPHQWGHFL
 VROXĠLDIXUQL]DWăSRDWHILúL
# JăQJ  $YkQGvQYHGHUHFăILHFDUHHOHPHQWWUHEXLHYHULILFDW HVWHSRVLELOFDRULFDUHGLQWUH
JJFLWLUHGDWHJ HOHPHQWHVăDLEăSURSULHWDWHDFHUXWă YRPOXFUDFXRVWUXFWXUăUHSHWLWLYăGHWLSXO
1
JJmJ &RQWRUXOFXFDUHQXPăUăPHOHPHQWHOHDYkQGSURSULHWDWHDGDWăHVWHQRWDWFXEXF
JJ   J JdJ
Jú ›œJDUHSURSULHWDWHDFăXWDWă J

 ă,JJ 
JJJJmJ~JJ # JƒăQJ
JJ ú     JJFLWLUHGDWHJ
JJ ămJdJ
JJ ^GDFăDPSăUăVLWFLFOXOvQDLQWHFDLVăGHYLQăPDLPDUH` JJ˜%m`J
   ^GHFkWQvQVHDPQăFăDPJăVLWHOHPHQWXOFăXWDW` JJ
 J\
J

 ă,J
JJDILúDUHUH]XOWDW JJJJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J
ú   JJJJJJ˜%m˜%J~JJ
 JJJJ ú ăJ
 6HREVHUYăFăVROXĠLDSRUQHúWHFXPRGHOXODOJRULWPXOXL †%‹FDUHVHFRPSOH JJ ú 
 
WHD]ăFXGHWHUPLQDUHDQXPăUXOXLGHRUGLQHFRQIRUPDOJRULWPXOXL™%Ġ JJDILúDUHUH]XOWDW
ú  
 'DFăvQWURSUREOHPăGHFăXWDUHWUHEXLHVăUHJăVLPWRDWHHOHPHQWHOHDYkQGRSUR
SULHWDWHGDWăHYLGHQWYRPSDUFXUJHúLUXOSkQăODFDSăWFHHDFHvQVHDPQăFăYRPOXFUD 
FXRVWUXFWXUăUHSHWLWLYăGHWLS
  6HOHFWDUHDHOHPHQWXOXLPD[LP
 3UREOHPDGHWHUPLQăULLPLQLPXOXLUHVSHFWLYPD[LPXOXLDPPDLWUDWDWRvQFDSLWROXO
 'DFăGXSăFăXWDUHVHFHUHHOLPLQDUHDHOHPHQWXOXLUHVSHFWLYGLQúLUXOGDWvQIXQF 5H]ROYăULOHDFHVWRUSUREOHPHYRUILDVHPăQăWRDUHGHRDUHFHvQDFHVWHDVHFHUHVWDELOL
ĠLHGHVSHFLILFDĠLLOHGLQHQXQĠYRPDOHJHXQDGLQXUPăWRDUHOHSRVLELOLWăĠL UHDXQHLYDORULFDUHHVWHILHFHDPDLPDUHILHFHDPDLPLFăvQúLUXOGDW%LQHvQĠHOHV
x GDFăVHFHUHHOLPLQDUHDHOHPHQWXOXLúLQXFRQWHD]ăGDFăVHVFKLPEăRUGLQHDFR SRW H[LVWD PDL PXOWH DVWIHO GH YDORUL HJDOH FX YDORDUHD PLQLPă VDX PD[LPă úL HVWH
SLHPXOWLPXOHOHPHQWSHVWHFHOFDUHWUHEXLHHOLPLQDWúLVFXUWăPúLUXOFX SRVLELOFDvQDQXPLWHSUREOHPHVăWUHEXLDVFăVăOHQXPăUăP
x GDFăHOLPLQDUHDHVWHÄWHPSRUDUă´YRPSăVWUDXQúLUFXYDORULORJLFHvQFDUHYD  $OJRULWPXOFDUHUH]ROYăDFHDVWăSUREOHPă vQWHUPHQLJHQHUDOL YDOXFUDFXREXFOă
ORDUHDGHDGHYăUDHOHPHQWXOXLFRUHVSXQ]ăWRUFHOXLHOLPLQDWYDILPRGLILFDWGXSă GHWLS
 GHRDUHFHILHFDUHHOHPHQWWUHEXLHSUHOXFUDW9DORDUHDHOHPHQWXOXLPD
FD] [LPVHUHĠLQHvQYDULDELODPD[
 7DEORXULXQLGLPHQVLRQDOH úLUXUL

7DEORXULXQLGLPHQVLRQDOH úLUXUL  
# J„QJ

JJFLWLUHGDWHJ # J™%QJ
JJJmJ›œJ JJFLWLUHGDWHJ
JJ
 J\
J

 ăQJ JJ˜%JmJ`J
JJJJăJJJ›œJ J JJ
 J\
J

 ăQJ
JJJJJJJmJ›œJJ JJJJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J
JJJJ ú ă JJJJJJ˜%JmJ˜%J~JJ
 ú 
  JJJJJJY›˜%œJmJ ^vQYSăVWUăPLQGLFLLHOHPHQWHORU›œDYkQGSURSULHWDWHD`J
JJDILúDUHUH]XOWDW  ú ă ^FăXWDWă`
ú    ú 
 
 JJDILúDUHUH]XOWDWH
 5HDPLQWLPFăVHUHFRPDQGăLQLĠLDOL]DUHDPD[LPXOXL PLQLPXOXL FXRYDORDUHH[LV ú  


WHQWăvQúLUúLGHRDUHFHGHUHJXOăSUHOXFUăPúLUXULOHvQFHSkQGFXSULPXOHOHPHQWFHO  6HREVHUYăFăSHQWUXSăVWUDUHDUH]XOWDWXOXLDPDYXWQHYRLHGHXQWDEORXQRXvQFD
PDLILUHVFHVWHFDvQLQLĠLDOL]DUHDUHVSHFWLYăVăIRORVLPDFHDVWăYDORDUH ]XOFăUXLDQXFXQRDúWHPH[DFWFkWHHOHPHQWHYDFXSULQGH'DUGLQPRPHQWFHQXHVWH
 8WLOL]kQGDFHVWDOJRULWPYRPREĠLQHLQGLFHOHSULPXOXLHOHPHQWDYkQGYDORDUHDPD H[FOXVFDILHFDUHHOHPHQWDOúLUXOXLGDWVăDLEăSURSULHWDWHDGDWăDFHVWDYDILGHFODUDW
[LPă PLQLPă  'DFă QL VDU FHUH XOWLPXO DVWIHO GH HOHPHQW DWXQFL DU IL VXILFLHQW Vă DYkQGDWkWHDHOHPHQWHFkWHDUHúLUXOGDW0RGHOXOGHPDLVXVÄDGXQă´LQGLFLLHOHPHQ
VFKLPEăPRSHUDWRUXOUHODĠLRQDOÄ´vQÄd´ WHORUDYkQGSURSULHWDWHDSUHFL]DWăvQYHFWRUXO\úLWRWRGDWăREĠLQHúLQXPăUXODFHVWRUD
 vQEXF'DFăQXDYHPQHYRLHGHHOHPHQWHOHUHVSHFWLYHFROHFĠLRQDWHvQYHFWRUXO\GH
 ÌQFRQWLQXDUHSUH]HQWăPRDOWHUQDWLYăLQWHUHVDQWăFDUHSRDWHILXWLOăvQFD]XOXQXLúLU RDUHFHWUHEXLHGRDUVăOHIXUQL]ăPFDUH]XOWDWDOJRULWPXOHVWHúLPDLVLPSOX


vQFDUHXQHOHPHQWRFXSăXQVSDĠLXUHODWLYPDUHGHPHPRULHUHVSHFWLYGDFăVHFHUHúL # J™%QJ


SR]LĠLDHOHPHQWXOXLPD[LPÌQORFVăVHOXFUH]HFXYDULDELODPD[DYkQGDFHODúLWLSFD JJFLWLUHGDWHJ
JJ
 J\
J

 ăQJ
HOHPHQWHOH GLQ úLU VH YD SăVWUD GRDU LQGLFHOH VăX LQGBPD[  3HQWUX DILúDUHD YDORULL
JJJJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J 
J›œJ 
PD[LPHVHYDVSHFLILFD›
œ  ú ă
  ú 
 
# J„‹QJ ú  
JJFLWLUHGDWHJ 

 ÌQDWUHLDYDULDQWăDDFHVWXLDOJRULWPFRQVLGHUăPFăGXSăVHOHFWDUHDHOHPHQWHORUFă
JJ
JmJJ ^
HVWHLQLĠLDOL]DWFXLQGLFHOHSULPXOXLHOHPHQW`J
XWDWHQXPDLDYHPQHYRLHGHúLUXOGDW'HFLvQORFVăIRORVLPXQDOGRLOHDúLUSHQWUX
JJ
 J\?
J

 ă,J
JJJJăJ›
œJJ›œJ JJ HOHPHQWHOHVHOHFWDWHYRPIRORVLFKLDUúLUXOGDW,GHHDHVWHGHDVXSUDVFULHHOHPHQWHOH
GHODvQFHSXWXOúLUXOXLGDWFXFHOHVHOHFWDWH9DULDELODEXFUHĠLQHOXQJLPHDDFHVWXLúLU
JJJJJJ
JmJJ ^LQGLFHOHHOHPHQWXOXLPD[LP` ÄQRX´3VHXGRFRGXODFHVWXLDOJRULWPHVWHXUPăWRUXO
JJJJ ú ă 

 ú 
  # ™%‡QJ
JJDILúDUHUH]XOWDWH JJFLWLUHGDWH
ú   JJ˜%JmJ`J
JJ
 J\
J

 ăQJ
 JJJJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J
6HOHFWDUHDHOHPHQWHORU JJJJJJ˜%JmJ˜%J~J
$PYă]XWFăDOJRULWPXO ™%ĠGHWHUPLQăSR]LĠLDXQXLVLQJXUHOHPHQWDYkQGSUR JJJJJJ›˜%œJmJ›œ ^VDXLvQIXQFĠLHGHFHULQĠH`J
 ú ă
SULHWDWHD GDWă 'DFă GRULP Vă UHĠLQHP WRDWH SR]LĠLLOH SH FDUH VH DIOă HOHPHQWH DYkQG
 ú 
 
DFHDSURSULHWDWHYRPDSOLFDXQDOJRULWPGHWLS™%FDUHSHGHRSDUWHVHDPăQă JJDILúDUHUH]XOWDWH
FXFăXWDUHDOLQLDUăSHGHDOWăSDUWHFXQXPăUDUHD'DFăúLUXOSR]LĠLLORUQHHVWHQHFH ú  
VDU vQ FRQWLQXDUH vQ UH]ROYDUHD SUREOHPHL YRP FUHD XQ WDEORX \ vQ FDUH YRP UHĠLQH
DFHVWHSR]LĠLL&RQWRUL]DUHDHOHPHQWHORUGLQDFHVWDRUHDOL]ăPFXYDULDELODEXF
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
 6HSRDWHREVHUYDFăvQFD]H[WUHPILHFDUHHOHPHQWDUHSURSULHWDWHDFHUXWăFHHDFH # JĠ
QJ
YDFRQGXFHODXQúLUÄQRX´[LGHQWLFFXFHOGDW JJFLWLUHGDWHJ
 JJ˜%YJmJ`J
 'DFăVHFHUHSăVWUDUHDHOHPHQWHORUFDUHQXDXDFHDVWăSURSULHWDWHYRPQHJDFRQGL JJ˜%‹JmJ`J
JJ
 J\
J

 ăQJ
ĠLDGLQ ă'DFăYUHPVăSăVWUăPDFHVWHHOHPHQWHSHSR]LĠLLOHRULJLQDOHvQúLUXOGDW
JJJJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J
SXWHPDQXODSUH]HQĠDDFHVWRUHOHPHQWHVXSUDVFULLQGXOHFXRYDORDUHVSHFLDOăDOHDVă
vQDFHVWVFRS$VWIHOYRPDYHDXQDOJRULWPFDUHUHDOL]HD]ăRVHOHFWDUHSHORF$FHDVWă JJJJJJ˜%YJmJ˜%YJ~JJJ ^HOHPHQWHOHFDUHDXSURSULHWDWHDGDWă`JJ
VROXĠLHYDILDYDQWDMRDVăGRDUGDFăÄHYLWDUHD´SUHOXFUăULLDFHVWRUHOHPHQWHDYkQGYD JJJJJJY›˜%YœJmJ›œJJ ^OHDúH]ăPvQúLUXO\`J
ORDUHDVSHFLDOăYDILPDLVLPSOXGHUHDOL]DWGHFkWYHULILFDUHDSURSULHWăĠLL JJJJ 
JJ
 JJJJJJ˜%‹JmJ˜%‹J~JJJ ^HOHPHQWHOHFDUHQXDXSURSULHWDWHDGDWă`J
# J™%ˆQJ JJJJJJ‹›˜%‹œJmJ›œJJ ^OHDúH]ăPvQúLUXO]`J
JJFLWLUHGDWHJ  ú ă
JJ
 J\
J

 ăQJ  ú 
 
JJJJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J JJDILúDUHUH]XOWDWH
ú  J
JJJJJJ›œJmJ•%ăJJ ^RYDORDUHFRQYHQĠLRQDOVWDELOLWă`
 ú ă 
 ú 
   'DFăYUHPVăHFRQRPLVLPVSDĠLXOULVLSLWFXRDVWIHOGHVROXĠLHSXWHPXWLOL]DXQVLQ
JJDILúDUHUH]XOWDWH JXU úLU (OHPHQWHOH VHOHFĠLRQDWH OH UHĠLQHP vQ DFHVWD DúH]kQGXOH GH OD vQFHSXW VSUH
ú   VIkUúLWLDUFHOHUăPDVHGHODXOWLPXOHOHPHQWVSUHSULPXO(YLGHQWQXH[LVWăSHULFROXO
J VăÄQHFLRFQLP´GHRDUHFHDYHPH[DFWQHOHPHQWHFDUHWUHEXLHDúH]DWHSHQORFXUL
 6ăREVHUYăPFăDFHDVWăUH]ROYDUHQHIXUQL]HD]ăúLUXOHOHPHQWHORUQHVHOHFWDWHvQRU
3DUWLĠLRQDUHDXQXLúLUvQGRXăVXEúLUXUL GLQHLQYHUVăIDĠăGHSR]LĠLLOHHOHPHQWHORUVDOHvQúLUXOGDW
ÌQVHFĠLXQHDSUHFHGHQWăDPSUH]HQWDWPDLPXOĠLDOJRULWPLFXFDUHUH]ROYăPSUREOHPH 
vQFDUHVHGăXQúLUúLVHFHUHVHOHFWDUHDPDLPXOWRUHOHPHQWHDYkQGRDFHHDúLSURSULH # JĠ
QJ
WDWHGDWă6HSXQHvQWUHEDUHDFHVHvQWkPSOăFXHOHPHQWHOHQHVHOHFWDWH" JJFLWLUHGDWHJ
 (YLGHQWYRUILSUREOHPHvQFDUHVHYDFHUHGHVFRPSXQHUHDXQXLúLUvQGRXăVDXPDL JJ˜%YJmJ`J
PXOWHVXEúLUXUL JJ˜%‹JmJ`J
 3ULPD SDUWLFXODULWDWH D DFHVWRU SUREOHPH FRQVWă vQ IDSWXO Fă VH Gă XQ úLU úL VH FHU 
 \
J

 ă,
PDL PXOWH 3UDFWLF YD WUHEXL Vă HIHFWXăP XQD GXSă DOWD PDL PXOWH VHOHFWăUL ĠLQkQG JJJJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J
FRQW GH SURSULHWăĠLOH SUHFL]DWH 0DL vQWkL YRP VHOHFWD DFHOH HOHPHQWH FDUH DX SULPD JJJJJJ˜%YJmJ˜%YJ~JJJJ ^HOHPHQWHOHFDUHDXSURSULHWDWHDGDWă`J
SURSULHWDWHDSRLGLQúLUXOHOHPHQWHORUSXVHGHRSDUWH UăPDVHGXSăVHOHFWDUH VHOHFWăP JJJJJJY›˜%YœJmJ›œJJ ^OHDúH]ăPvQúLUXO\vQFHSkQGFXSULPDSR]LĠLH`J
HOHPHQWHOHDYkQGFHDGHDGRXDSURSULHWDWHúLDúDPDLGHSDUWH5H]XOWăFăDOJRULWPXO JJJJ 
JJ ^HOHPHQWHOHFDUHQXDXSURSULHWDWHDGDWă`J
FRQVWăGLQDSOLFDUHDUHSHWDWăDSDUWLĠLRQăULLvQGRXăúLUXULDúLUXOXLGDW'DFăSDUWLĠLRQD
JJJJJJ˜%‹JmJ˜%‹J~JJ
UHDVHIDFHvQGRXăVXEúLUXULHVWHFODUFăHOHPHQWHOHQHVHOHFĠLRQDWHSHQWUXSULPXOúLU
JJJJJJY›
˜%Y~œJmJ›œJJ ^OHDúH]ăPWRWvQ\vQFHSkQGFXXOWLPDSR]LĠLH`J
YRUIRUPDSHFHOGHDOGRLOHD  ú ă
 $FHVWWLSGHSUREOHPăVHSRDWHUH]ROYDSHED]DPDLPXOWRUPRGHOHÌQSULPDYDUL  ú 
 
DQWăHOHPHQWHOHDYkQGSURSULHWDWHDFHUXWăúLFHOHFDUHQXDXDFHDVWăSURSULHWDWHOHYRP JJDILúDUHUH]XOWDWH
DúH]D vQ GRXă úLUXUL QRL $FHVWH úLUXUL OH YRP GHFODUD DYkQG GLPHQVLXQHD úLUXOXLGDW ú  
GHRDUHFHQXVHSRDWHDQWLFLSDQXPăUXOH[DFWGHHOHPHQWH(VWHSRVLELOFDWRDWHHOHPHQ 
WHOHVăILHVHOHFWDWHvQSULPXOúLUVDXDFHVWDVăQXDLEăQLFLXQHOHPHQW  ÌQFD]XOvQFDUHGXSăSDUWLĠLRQDUHQXDYHPQHYRLHGHúLUXOGDWvQIRUPDVDRULJLQDOă
 ÌQDOJRULWPXOXUPăWRUYDULDELOHOHEXF\úLEXF]UHSUH]LQWăQXPăUXOHOHPHQWHORUDúH SDUWLĠLRQDUHDH[DFWFDVHOHFWDUHDSRDWHILUHDOL]DWăIRORVLQGVSDĠLXODORFDWúLUXOXLGDW
]DWHvQúLUXO\UHVSHFWLYúLUXO]úLUXULQRLUH]XOWDWHvQXUPDSDUWLĠLRQăULL DGLFăSHORF
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
 1HSXWHPLPDJLQDRVROXĠLHFDUHDUIRORVLXQDOJRULWPFRQIRUPFăUXLDDPDYDQVDvQ 0XOĠLPLUHSUH]HQWDWHFXúLUXUL
úLUSkQăODGHVFRSHULUHDSULPXOXLHOHPHQWFDUHQXDUHSURSULHWDWHDFHUXWăúLODPLQWHU 'HRFDPGDWă QH YRP ED]D SH FXQRúWLQĠHOH SULYLQG PXOĠLPLOH GREkQGLWH OD GLVFLSOLQD
VFKLPEDFXSULPXOFDUHDUHSURSULHWDWHDFHUXWă PDWHPDWLFă6HúWLHFăRPXOĠLPHILHHVWHYLGăILHFRQĠLQHXQQXPăURDUHFDUHGHRELHF
 WHÌQDFHVWVHQVGDFăRPXOĠLPHHVWHUHSUH]HQWDWăFXDMXWRUXOXQXLúLUHOHPHQWHOHVDOH
 $FHDVWă VROXĠLH QHILLQG VXILFLHQW GH HILFLHQWă SURSXQHP XUPăWRUXO DOJRULWP SX WUHEXLHVăILHGLVWLQFWH XQDFHODúLÄRELHFW´HVWHSUH]HQWRVLQJXUăGDWă 
QHPSULPXOHOHPHQWGHRSDUWHSăVWUkQGXLYDORDUHDvQWURYDULDELOăDX[LOLDUăúLFăXWăP 
XQHOHPHQWDYkQGSURSULHWDWHDFHUXWăSRUQLQGGHODFDSăWXOGLQGUHDSWDDOúLUXOXLúLvO $6WDELOLUHDSURSULHWăĠLLGHÄPXOĠLPH´
SXQHP SH ORFXO HOLEHUDW OD vQFHSXWXO úLUXOXL $FXP YRP FăXWD SRUQLQG GH OD DFHDVWă 1HSXQHPvQWUHEDUHDFXPVWDELOLPFăGHH[HPSOXXQúLUGHQXPHUHUHDOHFRQVWLWXLH
SR]LĠLHVSUHGUHDSWDXQHOHPHQWFDUHQXDUHSURSULHWDWHDFHUXWăúLvODúH]ăPSHORFXO VDXQXRPXOĠLPH"$OWIHOVSXVFXPYHULILFăPGDFăHOHPHQWHOHXQXLúLUGDWVXQWGLVWLQFWH"
HOLEHUDWGHODVIkUúLWXOúLUXOXL&RQWLQXăPDFHVWSURFHGHXSkQăFkQGvQXUPDDYDQVăULL 
vQFHOHGRXăGLUHFĠLLQHYRPvQWkOQL # J„ĠQJ
 ÌQDOJRULWPYDULDELODVWDUWUHĠLQHLQGLFHOHFXUHQWDOHOHPHQWXOXLFDUHDUHSURSULHWDWHD JJFLWLUHGDWH
FHUXWăSDUFXUJkQGúLUXOGHODVWkQJDVSUHGUHDSWDLDUVWRSUHĠLQHLQGLFHOHFXUHQWDOHOH JmJJ
PHQWXOXLFDUHQXDUHSURSULHWDWHDFHUXWăSDUFXUJkQGúLUXOGHODGUHDSWDVSUHVWkQJD JJĠJmJDGHYăUDWJ
 JJ   JĠJúJ JJ
J

 ă,J
# JĠ
‡QJ
JJJJJmJJ~JJ
JJFLWLUHGDWHJ
JJJJ   J JdJ
JúJ ›œJzJ›œ J

 ă,J
JJJmJJ
JJJJJJJmJJ~JJJ
JJJmJ
J  ú    
JJJmJ›œJ
JăJJ!J
J ĠJmJDGHYăUDWJ
JJ   JJJJJ
     ú ›œDUHSURSULHWDWHDFăXWDWă ,J JJJJJJJJJJJJJJJ 
JĠJmJDGHYăUDWJ
 ú ăJ
JJJJJJJmJJJJ
JJJJ ú     JJJJJmJJ~JJ
JJJJăJJJJ J  ú    
JJJJJJ›œJmJ›œJJ JJDILúDUHUH]XOWDWH
ú  
JJJJJJJmJJ~JJ
J
JJJJJJ   J JJ JúJ ›œJDUHSURSULHWDWHDFăXWDWă QJ
%(OLPLQDUHDGXEOXULORU
JJJJJJJJJmJJ~JJ
7UDQVIRUPDUHD XQXL úLU DVWIHO vQFkW Vă GHYLQăPXOĠLPHvQVHDPQăHOLPLQDUHDGXEOXUL
 ú    
ăJJJJ J ORU7UHEXLHVăILPDWHQĠLFDGXSăGHSLVWDUHDúLHOLPLQDUHDXQHLGXEOXUL[MDOOXL[LVă
JJJJJJJJ›œJmJ›œJJ
QXDYDQVăPFXLFLVăHIHFWXăPvQFăRFăXWDUHGHGXEOXULSHQWUXDFHODúL[L'XSăILHFD
UHHOLPLQDUHGHXQHOHPHQWOXQJLPHDúLUXOXLYDVFăGHDFX
JJJJJJJJJmJJJJ
 ú ă

 ú ă # J„ĠQJ
 ú    J JJFLWLUHGDWH
JJ›œJmJJ JmJJ
JJăJ›œJDUHSURSULHWDWHDFăXWDWăJ J˜%JmJJ JJ   JJJ
J

 ă,J
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ 
J˜%JmJJJJ JJJJJmJJ~JJ
 ú ă JJJJ   J JdJ
JúJ ›œJzJ›œ J

 ă,J
JJDILúDUHUH]XOWDWH JJJJJJJmJJ~JJJ
ú  J  ú    
 7DEORXULXQLGLPHQVLRQDOH úLUXUL
 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
JăJJdJ
J J 
JJJJJJ›œJmJ›
œJJ ^VXSUDVFULHPGXEOXUDFXXOWLPXOHOHPHQW`J JJJJJJ‹›˜%œJmJ›œJJ
 ú ă
JJJJJJ
JmJ
JJJ ^VFXUWăPúLUXO`J  ú 
 
JJJJ 
J
JJDILúDUHUH]XOWDWH
JJJJJJJmJJ~JJ ú  
 ú ă 
 ú    J
'5HXQLXQHD
JJDILúDUHUH]XOWDWH 'DFă YUHP VăUH]ROYăPSUREOHPHFDUHSUHOXFUHD]ăPXOĠLPLLPSOHPHQWDWHFXDMXWRUXO
ú  
úLUXULORUWUHEXLHVăWUDWăPúLSUREOHPDUHXQLXQLL
J
 6HPQLILFDĠLDYDULDELOHORUvQDOJRULWPXOXUPăWRUHVWHDFHODúLFDPDLvQDLQWHÌQUH]RO
&,QWHUVHFĠLD
YDUHPDLvQWkLYRPFRSLDWRDWHHOHPHQWHOHGLQúLUXO[vQúLUXO]LQLĠLDOL]kQGOXQJLPHD
$PYă]XWFXPVHSURFHGHD]ăDWXQFLFkQGVHGăXQúLUúLWUHEXLHFUHDWHPDLPXOWHúLUXUL
EXF FX OXQJLPHD DFHVWXL úLU $SRL YRP VHOHFWD GLQ úLUXO \ DFHOHHOHPHQWHFDUHQXVH
SHED]DXQHLSURSULHWăĠLFDUHSHUPLWHSDUWLĠLRQDUHDúLUXOXL(YLGHQWVHSRDWHSXQHvQWUH
DIOăvQ[
EDUHDFXPSURFHGăPFkQGVHGDXPDLPXOWHúLUXULúLWUHEXLHVăFUHăPXQVLQJXUúLUFDUH 
VăFRQĠLQăLQWHUVHFĠLDORU$LFLSULQLQWHUVHFĠLHvQĠHOHJHPúLUXOFDUHFRQĠLQHHOHPHQWHOH # J

QJ
FRPXQH WXWXURU úLUXULORU GDWH $YHP GHFL R SUREOHPă vQ FDUH VH LPSXQH VHOHFWDUHD JJFLWLUHGDWHJ
DQXPLWRUHOHPHQWHSHED]DSURSULHWăĠLLGHDILSUH]HQWHvQILHFDUHúLUGDW JJ‹JmJJ

JJ˜%JmJ
J
 (YLGHQW vQ GLYHUVH OLPEDMH GH SURJUDPDUH DFHDVWă SUREOHPă VH UH]ROYă vQ IXQFĠLH JJ
 J\J

 ă,J
GHLQVWUXPHQWHOHSHFDUHDFHVWDOHSXQHODGLVSR]LĠLDSURJUDPDWRULORU'HH[HPSOXvQ
JJJJJmJJ
3DVFDOH[LVWăWLSXO
 YRPvQYăĠDGHVSUHDFHVWWLSPDLWkU]LX FDUHSRDWHVLPSOLILFD
JJJJ    JdJ
JúJ ›œJzJY›œ J

 ă,J
PXOWHIHFWXDUHDDFHVWHLRSHUDĠLLGDFăWLSXOGHED]ăúLGRPHQLXOYDORULORUHOHPHQWHORU
JJJJJJJmJJ~JJJ
SHUPLWGHFODUDUHDGDWHORUFDILLQGGHDFHVWWLS$FXPQHDPSURSXVVăWUDWăPSUREOH  ú    
PDHQXQĠDWăvQFRQGLĠLLJHQHUDOHLQGHSHQGHQWGHOLPEDMXOGHSURJUDPDUHDOHVGRDUGLQ JJJJăJJ…J
J JJ
SXQFWGHYHGHUHDOJRULWPLF'HDVHPHQHDSUHVXSXQHPFăILHFDUHúLUFRQĠLQHHOHPHQWH JJJJJJ˜%JmJ˜%J~JJJ
GLVWLQFWHúLFăDFHVWHúLUXULQXVXQWRUGRQDWH
JJJJJJ‹›˜%œJmJY›œJJ
  ú ă
 3UH]HQWăP XQ DOJRULWP JHQHUDO FDUH VWDELOHúWH VXEúLUXO DFHORU HOHPHQWH GLQúLUXO[  ú 
 
FDUHVHJăVHVFúLvQúLUXO\'LPHQVLXQLOHúLUXULORUVXQWQUHVSHFWLYPLDUGLPHQVLXQHD JJDILúDUHUH]XOWDWH
úLUXOXLLQWHUVHFĠLH]YDILEXF ú  J

# J€
%ĠQJ 
JJFLWLUHGDWHJ ,PSOHPHQWăULVXJHUDWH
JJ˜%JmJ`J 3HQWUXDYăIDPLOLDUL]DFXPRGXOvQFDUHVHDERUGHD]ăSUREOHPHOHvQFDUHVHSUHOXFUHD
JJ
 J 
J

 ă,J ]ăWDEORXULXQLGLPHQVLRQDOHYăVXJHUăPVăLPSOHPHQWDĠLDOJRULWPLSHQWUX
JJJmJJ  GHWHUPLQDUHDVXPHLHOHPHQWHORUXQXLúLU
JJJJ   J JdJ JúJ ›œJzJY›œ J

 ă,J  GHWHUPLQDUHDPLQLPXOXLúLPD[LPXOXLXQXLúLU
JJJJJJJmJJ~JJJ  YHULILFDUHDH[LVWHQĠHLDFHOSXĠLQXQXLHOHPHQWDYkQGRSURSULHWDWHGDWăGLQWUXQúLU
 ú      FăXWDUHDOLQLDUăDXQXLHOHPHQWvQWUXQúLU
JJJJăJJdJJ JJ  FăXWDUHDOLQLDUăDXQXLHOHPHQWvQWUXQúLUúLGHWHUPLQDUHDWXWXURUDSDULĠLLORU
JJJJJJ˜%JmJ˜%J~JJJ
 FăXWDUHDOLQLDUăDXQXLHOHPHQWDYkQGRSURSULHWDWHGDWăvQWUXQúLUúLHOLPLQDUHDOXL
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
 FăXWDUHDOLQLDUăDWXWXURUHOHPHQWHORUDYkQGRSURSULHWDWHGDWăvQWUXQúLUúLHOLPLQD ([HPSOX
UHDORU (+#&$ (+#&'(!J
 FLWLUHDDGRXăúLUXUL FXQXPăUGLIHULWGHHOHPHQWH úLGHWHUPLQDUHDúLUXOXLFDUHDUH |J |``J
VXPDHOHPHQWHORUPD[LPăPLQLPă J 
 FLWLUHD D Q úLUXUL FX QXPăU GLIHULW GH HOHPHQWH  úL GHWHUPLQDUHD úLUXOXL FDUH DUH `J
J
VXPDHOHPHQWHORUPD[LPăPLQLPă
J
FLWLUHDDQúLUXUL FXQXPăUGLIHULWGHHOHPHQWH úLLGHQWLILFDUHDúLUXOXLFDUHDUHFHOH 
PDLPXOWHHOHPHQWH
YHULILFDUHDSURSULHWăĠLLGHPXOĠLPHDXQXLúLU J
GHWHUPLQDUHDGXEOXULORUvQWUXQúLUúLHOLPLQDUHDORU 3HUHFKL
GHWHUPLQDUHDUHXQLXQLLDGRXăPXOĠLPLUHSUH]HQWDWHFXúLUXUL 6HFRQVLGHUăQQXPHUHvQWUHJL6ăVHDILúH]HQXPHUHOHGHRUGLQHDOHSHUHFKLORUGHHOH
GHWHUPLQDUHDLQWHUVHFĠLHLDGRXăPXOĠLPLUHSUH]HQWDWHFXúLUXUL PHQWHIRUPDWHGLQGRXăQXPHUHvQWUHJLHJDOH
HOLPLQDUHDXQXLHOHPHQWGLQWUXQúLUFXSăVWUDUHDRUGLQLL 
GHWHUPLQDUHD GLQWUXQ úLU D GRXă VXEúLUXUL SH ED]D XQHL SURSULHWăĠL GDWH FUHkQG 'DWHGHLQWUDUH
GRXăVXEúLUXULQRLDSRLFUHkQGVXEúLUXULQRLÄSHORF´  3HSULPDOLQLHDILúLHUXOXL "@&$VHDIOăQXPăUXOQDWXUDOQ3HILHFDUHOLQLHGLQ
 XUPăWRDUHOHQOLQLLVHDIOăXQQXPăUvQWUHJ

3UREOHPHSURSXVH 'DWHGHLHúLUH
 ÌQILúLHUXOGHLHúLUH "@&'(!VHYRUVFULHSHFkWHROLQLHSHUHFKLOHGHQXPHUHGH
6XPă RUGLQHVHSDUDWHSULQWUXQVSDĠLXDOHHOHPHQWHORUFRQVHFXWLYHHJDOHDOHúLUXOXL
6HFRQVLGHUăSQXPHUHvQWUHJL6ăVHFDOFXOH]HVXPD 
5HVWULFĠLLúLSUHFL]ăUL
  
6     x dQd
Q Q QS x dQULdL Q
 'DFăH[LVWăL^«S`DVWIHOvQFkWQL WHUPHQXOFRUHVSXQ]ăWRUQXVHFDOFX 
OHD]ă7RWRGDWăVăVHQXPHUHYDORULOHHJDOHFXSULQWUHQXPHUHOHGDWH ([HPSOX
 "@&$J "@&'(!J
'DWHGHLQWUDUH J ‡Jˆ
3HSULPDOLQLHDILúLHUXOXL (+#&$VHDIOăVFULVQXPăUXOQDWXUDOS3HXUPăWRDUHOHS J
‡J
OLQLLVHDIOăFkWHXQQXPăUvQWUHJ ‡

'DWHGHLHúLUH 
3HSULPDOLQLHDILúLHUXOXLGHLHúLUH (+#&'(!VHYDVFULHVXPDFDOFXODWăLDUSHDGRXD 5DSRUW
QXPăUXOQXPHUHORUHJDOHFX 6HFRQVLGHUăQQXPHUHvQWUHJL6ăVHGHWHUPLQHUDSRUWXOGLQWUHQXPăUXOQXPHUHORUSDUH
 úLQXPăUXOQXPHUHORULPSDUHGDWH
5HVWULFĠLLúLSUHFL]ăUL 
x dSd 'DWHGHLQWUDUH
x dQLdL S 3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH "#'"!&$VHDIOăXQQXPăUQDWXUDOQ8UPăWRD
 UHOHQOLQLLFRQĠLQILHFDUHFkWHXQQXPăUvQWUHJ
 
 
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
'DWHGHLHúLUH SHFWLYQXHVWHEXQODQLPLFúLSHQWUXDILFRQYLQJăWRUvOvQWUHDEăGDFăSRDWHVăVSXQă
)LúLHUXOGHLHúLUH "#'"!&'(!YDFRQĠLQHRVLQJXUăOLQLHSHFDUHVHYDVFULHUDSRUWXO FkWHSHUVRDQHQăVFXWHDQWHULRUDQXOXLWUăLHVFvQFRPXQDOXL"
FHUXW FXGRXă]HFLPDOHH[DFWH 'DFăvQILúLHUXOGHLQWUDUHQXH[LVWăQLFLXQQXPăULP  6FULHĠLXQSURJUDPHILFLHQWFDUHUăVSXQGHODvQWUHEDUHDúHIXOXLúLvQSOXVFUHHD]ăXQ
SDUvQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXOƒJJ
J” ILúLHUQRXvQFDUHVHYRUDIODDQLLGHQDúWHUHPDLPLFLGHFkW
 
5HVWULFĠLLúLSUHFL]ăUL 'DWHGHLQWUDUH
x dQd 3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH -&$VHDIOăQXPăUXOQUHSUH]HQWkQGQXPăUXO
x dQULdL Q ORFXLWRULORUGLQFRPXQDQDWDOăDDQJDMDWXOXL3HXUPăWRDUHOHQOLQLLVHDIOăQXPHUHQD
 WXUDOHUHSUH]HQWkQGDQXOQDúWHULLDOORFXLWRULORU
([HPSOX 
"#'"!&$J "#'"!&'(!J 'DWHGHLHúLUH
|J `Š 3HSULPDOLQLHDILúLHUXOXLGHLHúLUH -&'(!VHYDVFULHQXPăUXOSHUVRDQHORUQăVFXWH
J DQWHULRUDQXOXL3HXUPăWRDUHOHOLQLLVHYRUDIODDQLLGHQDúWHUHUHVSHFWLYL
J 
‡J
5HVWULFĠLLúLSUHFL]ăUL
ˆJ
| x dQd
x GDFăQXVHJăVHúWHQLFLRSHUVRDQăQăVFXWăDQWHULRUDQXOXLvQILúLHUVHYDVFULH
 PHVDMXOƒ‚
7HPSHUDWXUL x ILúLHUXOGHLHúLUHQXWUHEXLHVăFRQĠLQăQXPHUHGLVWLQFWH
3HGXUDWDOXQLLLXQLHVDPăVXUDWWHPSHUDWXUDDSHL0ăULL1HJUHúLYDORULOHVDXVFULVvQ 
WUXQILúLHU6WDELOLĠLGDFăDSDPăULLVDvQFăO]LWvQFRQWLQXXVDXQX ([HPSOX
 -&$ -&'(!
'DWHGHLQWUDUH |J ‡J
ÌQ ILúLHUXO GH LQWUDUH !+&$ VH DIOă  GH QXPHUH UHDOH UHSUH]HQWkQG WHPSHUDWXUD ‰`J ‰`J
DSHL ```J ‰|J
 ‰Œ‰J ‰ˆ|
‰|J
'DWHGHLHúLUH
‰ˆ|
'DFăWHPSHUDWXULOHIRUPHD]ăXQúLUPRQRWRQFUHVFăWRUvQILúLHUXOGHLHúLUH !+&'(!
VHYDVFULH†DOWIHOVHYDVFULHƒ‚ 
 'LULJLQWD
([HPSOX /DVIkUúLWXODQXOXLGLULJLQWDFODVHLWUHEXLHVăFRPSOHWH]HXQIRUPXODUvQFDUHHVWHvQWUH
!+&$J "+&'(!J ([SOLFDĠLH EDWăFkĠLHOHYLGLQFODVăDXPHGLDILQDOăvQWUHúLLQFOXVLYFkĠLDXPHGLDvQWUHúL
‰ŒJ ƒ‚J $LFLQXVXQWPHQĠLRQDWHWRDWHFHOHGHWHP LQFOXVLYHWF'DUFXPQXvLSODFHVăOXFUH]HFXVWDWLVWLFLOHYăURDJăVăVFULHĠLXQSUR
|J SHUDWXULGLQPRWLYHGHVSDĠLXGDUHVWHFODU JUDPFDUHvLYDOLVWDGDWHOHQHFHVDUHÌQSOXVHDYăVROLFLWăFDOLVWDVăFRQĠLQăúLPHGLLOH
‡J
FăWHPSHUDWXULOHQXDXFUHVFXWPRQRWRQ GLQILHFDUHFDWHJRULH
J

 'DWHGHLQWUDUH
ÌQWUHEDUHDúHIXOXL 3HSULPDOLQLHGLQILúLHUXOGHLQWUDUH %")&$VHDIOăXQQXPăUQDWXUDOQUHSUH]HQ
5HFHQWVDUHDOL]DWUHFHQVăPkQWXOSRSXODĠLHLGLQ5RPkQLD8QDQJDMDWFXULRVDFUHDWXQ WkQGQXPăUXOHOHYLORUGLQFODVă3HXUPăWRDUHOHQOLQLLVHDIOăvQRUGLQHDGLQFDWDORJ
ILúLHUvQFDUHDSăVWUDWGRDUDQXOQDúWHULLSHUVRDQHORUFDUHORFXLHVFvQFRPXQDVDQDWDOă PHGLLOHJHQHUDOHDOHORU0HGLLOHVXQWQXPHUHUHDOHVFULVHFXGRXD]HFLPDOHH[DFWH
ùHIXOOXLREVHUYkQGFăSLHUGHWLPSXOFXOXFUXULQHLPSRUWDQWHvODFX]ăFăILúLHUXOUHV 
 7DEORXULXQLGLPHQVLRQDOH úLUXUL
7DEORXULXQLGLPHQVLRQDOH úLUXUL  


'DWHGHLHúLUH
5HVWULFĠLLúLSUHFL]ăUL
ÌQILúLHUXOGHLHúLUH%")&'(!YHĠLVFULHVWDWLVWLFDVXEXUPăWRDUHDIRUPă
x Qd
x 3HSULPDOLQLHVHYDVFULHWH[WXO„J
J
•J ‰`œQJXUPDWGH 
QU XQGH QU UHSUH]LQWă QXPăUXO HOHYLORU DYkQG PHGLD JHQHUDOă vQWUH  úL  LQ ([HPSOX
FOXVLY3HXUPăWRDUHDOLQLHYHĠLVFULHPHGLLOHHOHYLORUGHVSăUĠLWHSULQFkWHXQVSDĠLX )$"#"&$ )$"#"&'(!
vQRUGLQHDGLQILúLHUXOGHLQWUDUHDSDUĠLQkQGFDWHJRULHLUHVSHFWLYH ˆ 
x 9HĠLSURFHGDODIHOvQFD]XOILHFăUHLFDWHJRULLPHGLLJHQHUDOHvQWUHúLLQFOXVLY 
vQWUHúLLQFOXVLYvQWUHúLLQFOXVLYUHVSHFWLYvQWUHúLLQFOXVLY
6XSUDSXQHUH
x 'DFăQXPăUXOPHGLLORUGLQWURFDWHJRULHHVWHOLQLDFRUHVSXQ]ăWRDUHPHGLHLUăPk 6HFRQVLGHUăXQWDEORXXQLGLPHQVLRQDO$FDUHFRQĠLQHQQXPHUHQDWXUDOHúLXQDOWWD
QHYLGăvQILúLHU
EORX% DYkQGHOHPHQWHHJDOHFX GHOXQJLPHNXQGHNdQ3ULQVXSUDSXQHUHDWDEOR

XOXL%SHVWHWDEORXO$HOHPHQWHOHDFRSHULWHGLQ$vúLPLFúRUHD]ăYDORDUHDFXRXQLWDWH
5HVWULFĠLLúLSUHFL]ăUL
6ăVHVWDELOHDVFăGDFăHVWHSRVLELOFDSULQDSOLFăULVXFFHVLYHDOHWDEORXOXL%SHVWHWD
x PHGLLd EORXO$VăVHREĠLQăvQ$QXPDLYDORULHJDOHFX
x vQDFHDVWăFODVăQXVXQWFRULJHQĠL 
 'DWHGHLQWUDUH
([HPSOX 'DWHOHGHLQWUDUHVHFLWHVFGLQILúLHUXOGHLQWUDUH ("#&$vQFDUHSHSULPDOLQLHHVWH
%")&$ %")&'(!
|J „J
J
•J ‰`œQJJ VFULVQXPăUXOQDWXUDOQSHDGRXDOLQLHHVWHVFULVQXPăUXOQDWXUDONLDUSHDWUHLDOLQLH
Š|J J‰‡ˆJJ‰ŠJJ VXQWFHOHQHOHPHQWHGLQWDEORXO$
‰ŠJ „J
J
•J Œ‰œQJJ 
‰‡ˆJ J‰``JJ 'DWHGHLHúLUH
||J „J
J
•J ŒœQJ`J 'DWHOHGHLHúLUHVHYRUVFULHvQILúLHUXO ("#&'(!'DFăSUREOHPDQXDGPLWHVROXĠLH
‰``J J vQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXO €˜DOWIHOVHYDVFULHRVXFFHVLXQH
„J
J
•J ŠœQJJ GHLQGLFLDLúLUXOXL$SHVWHFDUHVHDSOLFăSR]LĠLDGHvQFHSXWDWDEORXOXL%
JŠ|JJ

„J
J
•J |ŠœQJJ
J||J 5HVWULFĠLLúLSUHFL]ăUL
 x dQd
x dNdQ
*HQHUDUHúLU
6H FRQVLGHUă XUPăWRUXO úLU FRQVWUXLW DVWIHO vQFkW ILHFDUH HOHPHQW DO OXL FX H[FHSĠLD
x dDLd
SULPXOXLVHREĠLQHGLQFHOSUHFHGHQW5HJXODGHJHQHUDUHD x RVXSUDSXQHUHHVWHSRVLELOăGDFăvQWUHJWDEORXO%ÄvQFDSH´vQ$
WHUPHQLORUHVWHXUPăWRDUHD 
([HPSOH
x VHQXPăUăGHODVWkQJDODGUHDSWDFkWHFLIUHH[LVWăvQWHUPHQXOSUHFHGHQW ("#&$J ("#&'(!J
x vQWHUPHQXOQRXVHWUHFHSHQWUXILHFDUHFLIUăQXPăUXOGHDSDULĠLLDFLIUHLúLFLIUD ŒJ €˜J
 6ăVHGHWHUPLQHDOQOHDHOHPHQWGLQúLU ˆJ J
 JJ‡JˆJ`J`J`J`J J
'DWHGHLQWUDUH J 
1XPăUXOQDWXUDOQVHFLWHúWHGLQILúLHUXOGHLQWUDUH)$"#"&$J ("#&$J ("#&'(!J
J `J JJˆJJJˆ
ˆJ
'DWHGHLHúLUH
JJJ‡JJJJ`J`J`JJJJ‡JJJJ`J`J`
$OQOHDWHUPHQGLQúLUVHYDVFULHvQILúLHUXO)$"#"&'(!J
 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
JJ
 J\
J

 ăQ ^HFKLYDOHQWFX
J\
J%ăQ`
6ROXĠLLOHSUREOHPHORU JJJJăJ›œ\›~œJ  ^%ăJ›œ\›œJ
%`
 JJJJJJ 
JJ~J
6XPD  ú ă
6HFLWHúWHGLPHQVLXQHDSDúLUXOXL6XPDVVHLQLĠLDOL]HD]ăvQDFHDVWăSUREOHPăFXYD  ú 
 
ú  J
ORDUHDFRQIRUPH[SUHVLHLGDWHLDUFRQWRUXO]HURXULORUFX
 )LHFDUHQXPăUGLQúLUVHYHULILFăSHQWUXDSXWHDGHFLGHGDFăSDUWLFLSăODVXPăVDX 
ILLQGVHPăUHúWHFRQWRUXOFRUHVSXQ]ăWRUYDORULORUQXOH'DFăQXPăUXOFLWLWHVWHQXO 5DSRUW
DWXQFLQXSDUWLFLSăODVXPăGHRDUHFHQXSXWHPHIHFWXDvPSăUĠLUHFXÌQILQDOVHVFULH 1RWăPFXQUSDUHQXPăUXOQXPHUHORUSDUHúLFXQULPSDUHQXPăUXOQXPHUHORULPSDUH
YDORDUHDVXPHLvQILúLHUXOGHLHúLUHSUHFXPúLQXPăUXOHOHPHQWHORUHJDOHFX JăVLWH$PEHOHYDULDELOHVHLQLĠLDOL]HD]ăFX
  8UPHD]ă R SUHOXFUDUH VLPSOă D HOHPHQWHORU úLUXOXL vQ FDUH FRQWRUL]ăP QXPHUHOH
# ™QJ LPSDUHúLSDUH
JJ
ú
JJ  ÌQILQDODQWHULRUFDOFXOăULLúLDILúăULLUDSRUWXOXLWUHEXLHVăYHULILFăPGDFăDPvQWkOQLW

 \J

 ă,
FHOSXĠLQXQQXPăULPSDUSHQWUXDQXULVFDVăvPSăUĠLPFXÌQFD]XOvQFDUHQXDH[LV
JJJJ
ú
J
›œJJ
JJ ú 
 JJ WDWQLFLXQQXPăULPSDUvQILúLHUVFULHPPHVDMXOFRUHVSXQ]ăWRU
J
JJ‹JmJ` ^QXPăUXO]HURXULORU`J # JQJ
JJJmJJ ^LQLĠLDOL]ăPVXPDFXFRQIRUPH[SUHVLHLGDWH`J 
ú
J
JJJ

 \J

 ă, JJ
 J\
J

 ăQJ
JJJJ
ú
J
›œJJ JJJJ
ú
J›œJ
JJJJăJ
›œJzJ`J JJ  ú 
 
JJJJJJJmJJ~J’
›œJJ JJ
JmJ`J
JJJJ 
J JJ
JmJ`
JJJJJJ‹JmJ‹J~JJ 
 J\
J

 ăQJ
 ú ăJJ JJJJăJ›œHVWHJ JJ
JJ ú 
 JJ
JJJJJJ
JmJ
J~JJ
JJ 
JJ‹J
JJJJ 
JJ
ú  J
JJJJJJ
JmJ
J~JJ
  ú ă
3HUHFKL  ú 
 J
'XSă FLWLUHD GLPHQVLXQLL úLUXOXL úL D HOHPHQWHORU VDOH SUHOXFUDUHD VH UHDOL]HD]ă FX R JJăJ
J…J`J J
VWUXFWXUăUHSHWLWLYăGHWLS
 ÌQDFHDVWăLQVWUXFĠLXQHWUHEXLHVăILPDWHQĠLODYD JJJJ 
J
’
J
ORDUHDILQDOăDFRQWRUXOXLSHQWUXDQXFRPSDUDXOWLPXOHOHPHQWFXXQDOQOHDFDUH JJ 
J
JJJJ 
JƒJJ
J”J
QXH[LVWă'DFăYRPDYHDXQFRQWRUFDUHSRUQHúWHFXYDORDUHDDWXQFLYDORDUHDILQDOă
 ú ăJJ
YDILQ±GDFăSRUQLPFXYDORDUHDILQDOăYDILQÌQSULPXOFD]YRPFRPSDUDHOH ú  JJ
PHQWHOHGHLQGLFHLúLLvQDOGRLOHDFD]FRPSDUăPHOHPHQWHOHGHLQGLFHL±úLL
 
# J%&QJ 7HPSHUDWXUL
JJ
ú
J
 ^GLPHQVLXQHDúLUXOXL`J 9RPUH]ROYDSUREOHPDLPSOHPHQWkQGDOJRULWPXO †%‹‡'XSăFLWLUHDúLUXOXLGH
JJ
 J\
J

 ăQJ WHPSHUDWXULYRPFRPSDUDHOHPHQWHOHGRXăFkWHGRXă
JJJJ
ú
J›œJJ  ÌQDOJRULWPQXYRPFLWLGLPHQVLXQHDGHRDUHFHúWLPFăOXQDLXQLHDUHGH]LOH
 ú 
 

 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
# JQJ ă
J\J`  
2ƒ‚J
JJ
 J\‡`J

 ăQJ JJ 
 

J ^QXPăUXOORFXLWRULORUQăVFXĠLDQWHULRUOXL`J
JJJJ
ú
J›œJ JJ
 J\
J

 ăQJ
 ú 
  JJJJ 
J
›œ ^DQLLGHQDúWHUH`J
JJmJ  ú 
 
  ^FkWWLPSvQDLD]LWHPSHUDWXUDHVWHPDLPLFăVDXHJDOăFXFHDGLQDLD]L`J ú  
JJ    J‡` ú ›œJdJ›~œ 

 ăQJJJJJJJ 
JJJJmJ~JJ ^WUHFHPODXUPăWRDUHD]L`J
 ú     'LULJLQWD
    ^GDFăYDORDUHDOXLLDDWLQVYDORDUHDvQVHDPQăFăSkQăDFXPWRDWH` 3UREOHPDIDFHSDUWHGLQFDWHJRULDDFHORUDFDUHVHUH]ROYăFXDOJRULWPXOGHSDUWLĠLRQDUH
   ^SHUHFKLOHVXFFHVLYHGHWHPSHUDWXULDXUHVSHFWDWSURSULHWDWHD` 9RPDOHJHPRGHOXO Ġ
‡FKLDUGDFăDFHDVWăSUREOHPăQXULGLFăSUREOH
JJăJJ\J‡`J J PHGHVSDĠLXGHPHPRUDUHSHQWUXDRIHULXQPRGHOGHUH]ROYDUHSHQWUXSUREOHPHOHvQ
JJJJ 
J†J FDUHPHWRGDQXSRDWHILRFROLWă
JJ 
J  ÌQDOJRULWPYRPDYDQVDFXSULPXOGHODVWkQJDODGUHDSWDvQFăXWDUHDPHGLLORUFDUH
JJJJ 
Jƒ‚J QXLQWUăvQFDWHJRULDFXUHQWăúLFXXOWLPGHODGUHDSWDODVWkQJDvQFăXWDUHDPHGLLORUFD
 ú ă UHWUHEXLHVăLQWUHvQFDWHJRULDFXUHQWă&XYDULDELODOLPLWDGHILQLPFDWHJRULDGHPHGLL
ú  
FDUHVHFDXWăLDUEXFUHSUH]LQWăLQGLFHOHXOWLPXOXLHOHPHQWFDUHIDFHSDUWHGLQVXEúLUXO
 FXUHQWÌQEXFVHYDGHWHUPLQDOXQJLPHDVXEúLUXOXLFXUHQWQHFHVDUvQDILúDUH
ÌQWUHEDUHDúHIXOXL 
3UREOHPDVHUH]ROYăFXXQDOJRULWPGHVHOHFWDUH'HRDUHFHvQILúLHUXOGHLHúLUHPDLvQ # JQJ
WkLWUHEXLHVăVFULHPQXPăUXOSHUVRDQHORUVHOHFWDWHQXSXWHPVăLVFULHPGLUHFWvQILúL JJ
ú
J
 ^QXPăUXOHOHYLORUGLQFODVă`J
HUSHED]DSURSULHWăĠLLFLWUHEXLHVăFUHăPúLUXOORU JJ
 J\
J

 ăQJ
 9RP FLWL úLUXO GDW úL vO YRP UHĠLQH LQWHJUDO vQ PHPRULH 3HQWUX úLUXO QXPHUHORU JJJJ
ú
J›œ ^PHGLLOH`
 ú 
 
VHOHFWDWH QX SXWHP GHFODUD XQ DOW úLU GHRDUHFH vQ PHPRULH QX DP DYHD ORF úL SHQWUX
DFHVWDÌQFRQFOX]LHYRPOXFUDÄSHORF´DGLFăYRPSăVWUDvQDFHVWúLURULJLQDOHOHPHQ JJJmJJ ^SULPXOLQGLFHDOúLUXOXLFXUHQW`J
WHOHFDUHQHLQWHUHVHD]ă 3XWHPÄVWULFD´úLUXOFLWLWGHRDUHFHúLUXOWXWXURUDQLORUGHQDú JJJmJ
JJJ ^XOWLPXOLQGLFHDOúLUXOXLFXUHQW`J
WHUHUăPkQHQHDOWHUDWvQILúLHUXOGHLQWUDUH  
 JQ\‰|J

 ăQ ^PHGLLSRVLELOH`J
 3ăVWUDUHDHOHPHQWHORUFDUHQHLQWHUHVHD]ăGLQúLUXOGDWVHSRDWHUHDOL]DvQPDLPXOWH JJJJJmJJJJ ^YDULDELOăDX[LOLDUăUHĠLQHSULPXOLQGLFHDOúLUXOXLFXUHQW`
IHOXULGDUGHRDUHFHQLVDFHUXWXQSURJUDPUDSLGQXYRPHIHFWXDWUDQVODWăUL JJJJJmJ›œ ^SULPDPHGLHRSXQHPGHRSDUWH`
 JJJJ   JJJJ

 ăQJ
# ™%‡QJ   ^FăXWăPSULPXOHOHPHQWDYkQGSURSULHWDWHDGHODGUHDSWDVSUHVWkQJD`
JJ
ú
J
 ^QXPăUXOORFXLWRULORUGLQFRPXQă`J JJJJJJ   J  JúJJ ›œ… J

 ă,JJ
JJ
 J\
J

 ăQJ JJJJJJJJJmJJŸJJ
JJJJ
ú
J
›œ ^DQLLGHQDúWHUH`J  ^›œDUHSURSULHWDWHDFHUXWăvOVFULHPSHVWH›œ`
 ú 
  JJJJJJ ú    J
JJ
JmJ` ^GHRFDPGDWăQXDPJăVLWQLFLXQDQPDLPLFGHFkW`J JJJJJJăJJJJ 
JJ
 J\
J

 ăQJ JJJJJJJJ›œJmJ›œJ
JJJJăJ
›œJJ‰Œ‰J J JJJJJJJJJmJJ~JJ
JJJJJJ
JmJ
J~ ^FUHúWHQXPăUXODQLORUPDLPLFLGHFkW`    ^FăXWăPSULPXOHOHPHQWFDUHQXDUHSURSULHWDWHDGHODVWkQJDODGUHDSWD`J
JJJJJJ
›
œJmJ
›œ ^SHVWHHOHPHQWXO
›
œVHFRSLD]ăYDORDUHD
›œ`J JJJJJJJJ   J  JúJJ ›œ… J

 ăQJJ
 ú ă JJJJJJJJJJJmJJ~JJ
 ú 
  JJJJJJJJ ú    
 7DEORXULXQLGLPHQVLRQDOH úLUXUL
7DEORXULXQLGLPHQVLRQDOH úLUXUL  


^›œQXDUHSURSULHWDWHDFHUXWăvOVFULHPSHVWH›œ`
JJJJJJJJăJJJ
J 
 9RP OXFUD FX DMXWRUXO D GRXă WDEORXUL GH FLIUH 8QXO GLQWUH WDEORXUL VH IRORVHúWH
SHQWUXDUHĠLQHFLIUHOHGLQFDUHVHIRUPHD]ăSULQDOLSLUHXOWLPXOWHUPHQJHQHUDW YHFKL 
JJJJJJJJJJ›œJmJ›œJ
úLFHOăODOWSHQWUXWHUPHQXOFDUHVHJHQHUHD]ăSHED]DSUHFHGHQWXOXL QRX $PFRQYHQLW
JJJJJJJJJJJmJJŸJJ ^DYDQVăPGHODVIkUúLWVSUHvQFHSXW`J
FD QXPăUXO GH HOHPHQWH SHQWUX WDEORXO YHFKL Vă ILH UHĠLQXW vQ YDULDELOD NYHFKL LDU
JJJJJJJJ ú ăJ
JJJJJJ ú ăJ SHQWUXúLUXOQRXvQNQRX9RPOXFUDGRDUFXDFHVWHGRXăúLUXULGHRDUHFHQXGRULPVă
JJJJ ú     SăVWUăPWRDWHHOHPHQWHOHúLUXOXLDYkQGvQYHGHUHFăVHFHUHGRDUDOQOHDWHUPHQ'XSă
JJJJ›œJmJJJ ^HOHPHQWXOSXVvQVHSXQHSHORFXOÄOLEHU` FRQVWUXLUHD WHUPHQXOXL QRX WHUPHQXO YHFKL LD YDORDUHD WHUPHQXOXL QRX SUHFXP úL
   ^GDFăHOHPHQWXOFDUHDIRVWvQDUHSURSULHWDWHDFHUXWă` NYHFKLVHVXEVWLWXLHFXNQRXXUPkQGVăVHJHQHUH]HXQDOWWHUPHQQRX

   ^IDFHSDUWHGLQVXEúLUXOFXUHQW` # J 
QJ
JJJJăJ›œJ…JJ JJ
JJ•%&›œJmJJJ ^SULPXOWHUPHQVHLQLĠLDOL]HD]ăúLGHYLQHLPHGLDWÄYHFKL´`J
   ^LQGLFHOHXOWLPXOXLHOHPHQWFDUHIDFHSDUWHGLQVXEúLUXOFXUHQW`J
JJ?•%&JmJJ ^OXQJLPHDúLUXOXLDFXPHVWH`J
JJJJJJ˜%JmJJ J
JJJJ 
  JJ?JmJJJ ^FRQWRUSHQWUXWHUPHQLLúLUXOXL`J
JJ   J?JJ
J

 ă,
  ^›œJIDFHSDUWHGLQVXEúLUXOFDUHVHYDSDUWLĠLRQDvQFRQWLQXDUH`
 J J ^DOJRULWPXOVHWHUPLQăFkQGDPGHWHUPLQDWDOQOHDWHUPHQ`
JJJJJJ˜%JmJJJJ
 ú ă JJJJ?
JmJ`JJ ^GHRFDPGDWăQXDYHPQLFLRFLIUăvQQRXOWHUPHQ`
JJJJJmJJJ
 
J˜%JŸJJ~JJJ ^QXPăUXOHOHPHQWHORUGLQVXEúLUXOFXUHQW`
JJJJ
 J\˜%J

 ăQJ    JJdJ?•%&J

 ă, ^YRPSDUFXUJHFLIUHOHYHFKLXOXLWHUPHQ`
JJJJJJ 
J›œJ JJ JJJJ%
JmJJ ^vQ%
VHQXPăUăWRDWHHOHPHQWHOHHJDOHFX•%&›œ`
JJJJJmJ˜%J~JJ^LQGLFHOHGHvQFHSXWDOVXEúLUXOXLFDUHVHYDSDUWLĠLRQD`    J JJ?•%& JúJ •%&›œJ\J•%&›~œ J

 ă,
%
JmJ%
J~JJ
JmJ
JJ ^UHIDFHPYDULDELODSHQWUXRQRXăSUHOXFUDUH`J
 ú    J JJJJJJJJJmJJ~JJ
ú    ú    J
J JJJJJJ?
JmJ?
J~JJJ ^úLUXOYDDYHDFXXQWHUPHQPDLPXOW`J
 $FHDVWăUH]ROYDUHUHVSHFWăvQWRFPDLFHULQĠHOHSUREOHPHLUHVSHFWLYPHGLLOHHOHYLORU JJJJJJ
›?
œJmJ%
J ^VHWUHFHvQúLUXO
QXPăUXOFLIUHORUFXUHQWH`J
VXQWDILúDWHvQRUGLQHDGLQúLUXOGDW'DFăQXDUILH[LVWDWDFHDVWăFHULQĠăúLUXOGHPHGLL JJJJJJ?
JmJ?
J~JJJ ^PDLDYHPQHYRLHGHRSR]LĠLH`J
SXWHDILRUGRQDW JJJJJJ
›?
œJmJ•%&›œJJ ^SHQWUXFLIUDFXUHQWă`J
 JJJJJJJmJJ~JJ ^WUHFHPODXUPăWRDUHDFLIUăGLQWHUPHQXOYHFKL`J
 ú    J
*HQHUDUHúLU JJJJ•%&JmJ
J
'HRDUHFHUHJXODGHJHQHUDUHDHOHPHQWHORUVDGDWvQHQXQĠYRPFRQVLGHUDXQH[HP JJJJ?•%&JmJ?
J
SOXúLYRPGHVFULHDOJRULWPXOGHUH]ROYDUH JJJJ?JJmJ?J~JJ
 6ă SUHVXSXQHP Fă GRULP DILúDUHD FHOXL GHDO OHD WHUPHQ DO úLUXOXL *HQHUăP SH  ú    
UkQGWRĠLWHUPHQLLSkQăODDOOHD JJ
 J\?
J

 ăQJ
x 7 FRQĠLQHRVLQJXUăFLIUăGHGHFL7  JJJJ 
J
›œJ
 ú 
 
x 7FRQĠLQHGRXăFLIUHGHDYHP7  ú  
x 'HRDUHFHvQ7DYHPRFLIUăGHúLXQDGHUH]XOWă7  
x ÌQ7DYHPXQRFLIUăDSRLGRXăFLIUHGHFL7 
6XSUDSXQHUH
x ÌQ7YRPDYHD7 GHRDUHFHvQ7DPDYXWGHGHúLXQ 3HSDUFXUVXODOJRULWPXOXLYRPILDWHQĠLFDSULQWURVXSUDSXQHUH GHFLGHFUHPHQWDUHD

YDORULORUHOHPHQWHORUVXFFHVLYHGLQ$ VăQXDSDUăHOHPHQWHQHJDWLYH

 7DEORXULXQLGLPHQVLRQDOH úLUXUL 7DEORXULXQLGLPHQVLRQDOH úLUXUL  
 
([HPSOX JJJmJ`J
Q N LDUWDEORXO$HVWH JJ‹•JmJDGHYăUDW ^LQLĠLDOWRDWHQXPHUHOHGLQ$VXQWQHQHJDWLYH`


$               ^FkWWLPSQXPHUHOHGLQ$VXQWQHQHJDLWLYHúL%ÄvQFDSH´vQ$`
    J‹•JúJ JdJ
?~ J

 ăQJJ
 6HUHDOL]HD]ăSULPDVXSUDSXQHUHvQFHSkQGGHODSR]LĠLD    ^GDFăHOHPHQWXOFXUHQWHVWHGLIHULWGHYRPUHDOL]DRVXSUDSXQHUH`J

$            J JJăJ›œJzJ`J  
 JJJJJJJmJJ
 ÌQWDEORXOUH]UHĠLQHPSULPDSR]LĠLHGHVXSUDSXQHUH JJJJJJJmJJ~JJJ ^YRPDYHDXQHOHPHQWQRXvQUH]`J


UH]  JJJJJJ   J‹•JúJ JdJ? J



 ă,J J
 J J J ^VFăGHPGLQNHOHPHQWHGLQ$vQFHSkQGFX›œ`J
 $FXPDQDOL]ăPHOHPHQWHOHWDEORXOXL$ JJJJJJJJ›~œJmJ›~œJŸJJJ J
D GHFLVHvQFHDUFăVXSUDSXQHUHvQFHSkQGGHODSR]LĠLD J J J ^YHULILFăPGDFăQRLOHHOHPHQWHGLQ$VXQWQHQHJDWLYH`J
D GHFLQLFLDLFLQXHVWHQHFHVDUăVXSUDSXQHUHVHYHULILFăSR]LĠLD JJJJJJJJăJ›~œJJ`J 
D QXQHFHVLWăVXSUDSXQHUH JJJJJJJJJJ‹•JmJIDOVJ
D GHFLVHvQFHDUFăVXSUDSXQHUHvQFHSkQGFXSR]LĠLD JJJJJJJJJmJJ~JJ
D VHUHDOL]HD]ăVXSUDSXQHUHvQFHSkQGGHODSR]LĠLD JJJJJJ ú    J

JJJJJJăJ‹•J J
$           
 JJJJJJJJ‹›œJmJJ ^UHĠLQHPSR]LĠLDGHVXSUDSXQHUH`J
 ÌQWDEORXOUH]UHĠLQHPDGRXDSR]LĠLHGHVXSUDSXQHUH  ú ăJ

JJJJ ú ăJ
UH]   JJJJăJ›œJ\J`J JJ ^GDFăHOHPHQWXOFXUHQWDUHYDORDUHDDYDQVăP`J


D!GHFLVHUHDOL]HD]ăRVXSUDSXQHUHGHODSR]LĠLD JJJJJJJmJJ~JJ

 ú ă ^DOWIHOvQFHUFăPRQRXăVXSUDSXQHUHvQFHSkQGFXSR]LĠLDL`J
$            JJ ú    J


ÌQWDEORXOUH]UHĠLQHPúLDFHDVWăSR]LĠLHGHVXSUDSXQHUH JJăJ‹•J J^GDFăSULQVXSUDSXQHUHQXDPREĠLQXWQXPăUQHJDWLY`


 JJJJJmJ
J
UH]     ^YHULILFăPHOHPHQWHOHGHODVIkUúLWXOXLúLUXOXL$SHQWUXDYHGHDGDFăQXVXQWQXOH`J


 ÌQFRQWLQXDUHVHvQFHDUFăVXSUDSXQHUHODSR]LĠLDúLÌQFHSkQGFXSR]LĠLD JJJJ   J ›œJ\J` JúJ JtJ J



 ă,
QX DUH VHQV Vă vQFHUFăP VXSUDSXQHUH GHRDUHFH WDEORXO % QX VH PDL SRDWH VXSUDSXQH JJJJJJJmJJJ
 ú    
QHILLQGVXILFLHQWHHOHPHQWHvQWDEORXO$
 3HSDUFXUVXOSUHOXFUăULLVHYHULILFăGDFăHOHPHQWHOHWDEORXOXL$DXUăPDVQHQHJDWL    ^GDFăWRDWHHOHPHQWHOHGLQ$DXYDORDUHDDYHPUH]XOWDW`
YHúLvQFD]XOvQFDUHDSDUHXQQXPăUQHJDWLYVHvQWUHUXSHSUHOXFUDUHD JJJJăJ\`J ?JmJDGHYăUDW
 ÌQILQDOVHYHULILFăGDFăúLUXO$PDLDUHVDXQXHOHPHQWHQHQXOH$FHVWHDSRWILGRDU  
J?JmJIDOV
 ú ă
OD VIkUúLWXO úLUXOXL GHRDUHFH GDFă úLUXO%QXSRDWHILVXSUDSXVDOJRULWPXOVHRSUHúWH
ă‹•Jú?J 
'DFăWRDWHHOHPHQWHOHVXQWQXOHDWXQFLVHVFULXHOHPHQWHOHWDEORXOXLUH]vQILúLHUXOGH 
 \J

 ă,
LHúLUHDOWIHOVHVFULHPHVDMXO€˜  
‹›œJ
 $OJRULWPXOFDUHUHDOL]HD]ăVXSUDSXQHUHDHVWH  ú 
 
  

# ™
QJ  
2€˜J
JJFLWLUHDGDWHORUJ  ú ă
JJJmJJ ú  
6XESURJUDPH 

 $SOLFDUHDvQSUDFWLFăDSULQFLSLXOXLPRGXODULWăĠLLLPSOLFăVWDELOLUHDXQRUGHWDOLLSUL
YLQG 
 x DOHJHUHDYDULDQWHLRSWLPHGHGHVFRPSXQHUH

x YHULILFDUHDFRUHFWLWXGLQLLPRGXOXLvQFDUHVDUHDOL]DWGHVFRPSXQHUHD

x DVLJXUDUHDFRPXQLFăULLDGHFYDWHvQWUHVXESURJUDPH
6XESURJUDPH &DSLWROXO 
 'DWHOHFDUHDVLJXUăFRPXQLFDUHDvQWUHVXESURJUDPúLPRGXOXODSHODQWVXQWGHILQLWH



™1RĠLXQHDGHPRGXO vQWUR LQWHUIDĠă D VXESURJUDPXOXL FX H[WHULRUXO QXPLWă OLVWD SDUDPHWULORU IRUPDOL 
™'HFODUDUHDúLDSHOXOXQXLVXESURJUDP 5HVWXOGDWHORU GDWHORFDOH VXQWDVFXQVHSHQWUXH[WHULRU
™)XQFĠLLúLSURFHGXULvQ3DVFDO
™'H]YROWDUHDSURJUDPHORU  'DWHOHGHILQLWHvQVXESURJUDPVHQXPHVFÄORFDOH´úLYRUWUăLFkWWLPSVXESURJUDPXO
™,PSOHPHQWăULVXJHUDWH UHVSHFWLYHVWHDFWLYGLQPRPHQWXODFWLYăULL DSHOăULL SkQăODH[HFXĠLDXOWLPHLLQVWUXFĠL
™3UREOHPHSURSXVH XQLDVXESURJUDPXOXL
™6ROXĠLLOHSUREOHPHORU  'DWHOH GHILQLWH vQ SURJUDPXO SULQFLSDO VH QXPHVF ÄJOREDOH´ úL YRU IL ÄYă]XWH´ FX

 H[FHSĠLDFHORUUHGHFODUDWHvQVXESURJUDPXOUHVSHFWLY vQWRDWHVXESURJUDPHOHGHRDUHFH
 SURJUDPXOSULQFLSDOHVWHSULPXOEORFFDUHVHDFWLYHD]ăúLXOWLPXOFDUHVHGH]DFWLYHD]ă
0RGXO  /LVWDSDUDPHWULORUIRUPDOLHVWHGHFODUDWăvQDQWHWXOVXESURJUDPXOXLúLFRQĠLQHSDUD
1RĠLXQHDGHVXESURJUDPDDSăUXWGLQQHFHVLWDWHDGHDGLPLQXDFRPSOH[LWDWHDXQXLSUR PHWULGHÄLQWUDUH´úLVDXSDUDPHWULGHÄLHúLUH´
JUDPSULQGHVFRPSXQHUHDDFHVWXLDvQVXESURJUDPH$SOLFDUHDDFHVWXLFRQFHSWUHIOHFWă  ÌQ SULQFLSLX XQ SDUDPHWUX FDUH GHVHPQHD]ă GDWH VWULFW GH LQWUDUH SHQWUX VXESUR
ODXQDQXPLWQLYHOSULQFLSLXOSURJUDPăULLPRGXODUH&RQIRUPDFHVWXLSULQFLSLXDOLQ JUDP VH YD WUDQVPLWH SULQ YDORDUH LDU FHO FDUH HVWH GH LHúLUH GLQ VXESURJUDP VH YD
JLQHULHLSURJUDPăULLDOJRULWPLLVHSURLHFWHD]ăDVWIHOvQFkWDFHúWLDVăIRORVHDVFăPRGX WUDQVPLWHSULQUHIHULQĠă
OH XQGH SULQ PRGXOvQĠHOHJHPRXQLWDWHVWUXFWXUDOăGHVLQHVWăWăWRDUH SURJUDPVXE
SURJUDPVDXXQLWDWHGHSURJUDP )LHFDUHPRGXOWUHEXLHVăDLEăXQUROELQHGHWHUPLQDW 
úLVăILHFRQFHSXWDVWIHOvQFkWVăSRDWăILIRORVLWODQHYRLHúLvQFDGUXOXQXLDOWSURJUDP
IăUăDILPRGLILFDW2ULFHPRGXOSRDWHILODUkQGXOVăXFRQVWUXLWGLQDOWHPRGXOH 'HFODUDUHDúLDSHOXOXQXLVXESURJUDP
 6WUXFWXUDXQXLVXESURJUDPVHDPăQăFXVWUXFWXUDXQXLSURJUDP
 3ULQWUH DYDQWDMHOHSURJUDPăULLPRGXODUH GHFDUHEHQHILFLD]ăúLFRQFHSWXOGHVXE 
SURJUDPDPLQWLP 7LSB6XESURJUDP1XPH OLVWDSDUDPHWULORUIRUPDOL  ^DQWHWXOVXESURJUDPXOXL`
x VLPSOLWDWHDúLFODULWDWHDSURJUDPXOXL GHFODUDĠLLOHGDWHORUORFDOH
x PRGXOHOHVXQWPDLXúRUGHGHVFULVGHWHVWDWGHFRUHFWDWúLHYHQWXDOGHPRGLILFDW
RSWLPL]DUHDXQXLSURJUDPVHSRDWHUHDOL]DDGHVHDGRDUSULQvQORFXLUHDXQXLPRGXO
LQVWUXFĠLXQHFRPSXVă ^GHVFULHUHDDOJRULWPXOXLGHUH]ROYDUHDVXESUREOHPHL`
LQHILFLHQWFXDOWXOPDLSHUIRUPDQW 
x VHHYLWăUHVFULHUHDXQXLDOJRULWPGHFkWHRULHVWHQHYRLHGHDFHVWD XQGH SULQ 7LSB6XESURJUDP vQĠHOHJHP SUHFL]DUHD WLSXOXL VXESURJUDPXOXL vQ 3DVFDO
x XQPRGXORGDWăSXVODSXQFWYDIXQFĠLRQDODIHOGHELQHúLvQWUXQDOWSURJUDPFDUH IXQFĠLHVDXSURFHGXUă &RUSXOVXESURJUDPXOXLHVWHIRUPDWGLQGHFODUDĠLLOHORFDOHDOH
DUHQHYRLHGHHO VDOHúLRLQVWUXFĠLXQHFRPSXVă
x VHFUHHD]ăSUHPLVHOHUHDOL]ăULLXQRUDSOLFDĠLLPDULSULQPXQFDvQHFKLSăDPDLPXO  $SHOXOVXESURJUDPXOXLVHIDFHvQSDUWHDGHDFĠLXQLDPRGXOXOXLDSHODQW'DFăVXE
WRUSURJUDPDWRUL
SURJUDPXOUHWXUQHD]ăRVLQJXUăYDORDUH DYHPVXESURJUDPGHWLSIXQFĠLH DSHOXOSRDWH

 6XEOLQLHP Fă HVWH LPSRUWDQW Vă VH XUPăUHDVFă FUHúWHUHD LQGHSHQGHQĠHL VXESURJUD VăDSDUăvQWURH[SUHVLHRULXQGHVLQWD[DOLPEDMXOXLSHUPLWHSUH]HQĠDXQHLH[SUHVLL'D
PHORUSHQWUXDPăULúDQVHOHUHXWLOL]ăULLORUvQFkWPDLPXOWHSURJUDPH FăXQVXESURJUDPFDOFXOHD]ăPDLPXOWHYDORUL vQ3DVFDODYHPVXESURJUDPGHWLSSUR
  FHGXUă  DSHOXO VXESURJUDPXOXL DUH ORF vQ LQVWUXFĠLXQHD SURFHGXUDOă YD IL vQ VLQH R
DFĠLXQHúLYDDSăUHDRULXQGHSRDWHVăDSDUăRLQVWUXFĠLXQH 
 ÌQSULQFLSLXXQDSHOVHVFULHSUHFL]kQGQXPHOHVXESURJUDPXOXLXUPDWvQWUHSDUDQ
WH]HGHOLVWDSDUDPHWULORUDFWXDOL(IHFWXODSHOXOXLFRQVWăvQDFWLYDUHDVXESURJUDPXOXL
úLWUDQVIHUXOH[HFXĠLHLSURJUDPXOXLODSULPDLQVWUXFĠLXQHH[HFXWDELOăGLQVXESURJUDP
6XESURJUDPH 
 6XESURJUDPH 
 ODODSXQFWXOFRUHVSXQ]kQGDSHOXOXLGHVXESURJUDPLDUSXQFWXOSULPHLLQVWUXF
ÌQSUHDODELOYDORULOHSDUDPHWULORUDFWXDOLWUDQVPLúLSULQYDORDUHVHFRSLD]ăvQYDULDELOH ĠLXQLGHGXSăDSHO6XESURJUDPXOHVWHUHSUH]HQWDWGHVHJPHQWXOYHUWLFDODYkQGODFDSH
OHFDUHVXQWSDUDPHWULIRUPDOL DFHúWLDVHSăVWUHD]ăvQWLPSXOH[HFXWăULLVXESURJUDPX WHSXQFWHOH SULPDLQVWUXFĠLXQHDVXESURJUDPXOXL úL XOWLPDLQVWUXFĠLXQH /LQLLOH
OXLvQVWLYDGHH[HFXĠLH LDUFRUHVSXQ]ăWRUSDUDPHWULORUWUDQVPLúLSULQUHIHULQĠăVHFR FXVăJHĠLDUDWăRUGLQHDGHH[HFXĠLHDLQVWUXFĠLXQLORUGLQFHOHGRXăXQLWăĠLGHSURJUDP
PXQLFăDGUHVHOHSDUDPHWULORUDFWXDOL2ULFHPRGLILFDUHGHYDORDUHDVXSUDSDUDPHWUX 
OXL IRUPDO GH WLS UHIHULQĠă GH WLS DGUHVă  VH YD HIHFWXD GH IDSWDVXSUDSDUDPHWUXOXL 3URJUDPXOSULQFLSDO 6XESURJUDP8QX OLVWDSDUDPHWULORUIRUPDOL
DFWXDO FRUHVSXQ]ăWRU 3HQWUX FD DFHVW OXFUX Vă ILH SRVLELO SDUDPHWUXO DFWXDO DIHUHQW YDULDELOHJOREDOHDEF [WUDQVPLVSULQYDORDUH\SULQUHIHULQĠă 
XQXLSDUDPHWUXIRUPDOGHWLSUHIHULQĠăWUHEXLHVăILHRYDULDELOă  YDULDELOăORFDOă]
 /LVWDSDUDPHWULORUDFWXDOLWUHEXLHVăDLEăWRWDWkĠLDSDUDPHWULFDúLOLVWDSDUDPHWULORU Dm
IRUPDOLúLSHUHFKLOHFRUHVSRQGHQWHGHSDUDPHWULWUHEXLHVăILHFRPSDWLELOHFDWLS   Em[m
   Fm\m
 6ăSăWUXQGHPDFXPPDLDGkQFvQSURFHVXODSHOăULLXQXLVXESURJUDP $SHO8QX DE ]m
 3HQWUX JHVWLRQDUHD VLPSOă úL QDWXUDOă D H[HFXĠLHL VXESURJUDPHORU VH XWLOL]HD]ă  R 
]RQăVSHFLDOăDPHPRULHLQXPLWăVWLYăGHH[HFXĠLH 6WDFN  
 $PLQWLPFăvQJHQHUDOVHQXPHúWHVWLYăRVWUXFWXUăGHGDWHFXGRXăFDSHWHED]ăúL 
YkUI,QWURGXFHUHDFkWúLH[WUDJHUHDGHGDWHvQGLQWURVWLYăHVWHSRVLELOăGRDUODXQXO 
GLQWUHFDSHWHQXPLWYkUIXOVWLYHL6WLYDGHH[HFXĠLHHVWHR]RQăGHPHPRULHvQFDUHVH  3HQWUXDSUH]HQWDPRGXOGHOXFUXFXVWLYDGHH[HFXĠLHYRPXUPăULFRQĠLQXWXODFHV
GHSXQ úLGLQFDUHVHH[WUDJ GDWHFRQIRUPDFHVWXLSULQFLSLX WHLDvQFHOHSXQFWH PRPHQWH PDUFDWH9DULDELOHOHJOREDOHDEúLFQXVHDORFăSH
 VWLYă FL vQ VHFĠLXQHD GH GDWH H[LVWHQW OD GLVSR]LĠLD SURJUDPXOXL SULQFLSDOGDUOHYRP
 ÌQXUPDDSHOXOXLXQXLVXESURJUDP SUHFL]DYDORULOHvQFHOHPRPHQWH
x VHvQWUHUXSHH[HFXWDUHDPRGXOXOXLDSHODQW 
x VHVDOYHD]ăSHVWLYDGHH[HFXĠLHXUPăWRDUHOHLQIRUPDĠLL 0RPHQW 9DULDELOHJOREDOH &RQĠLQXWXOVWLYHL
 DGUHVDLQVWUXFĠLXQLLODFDUHVHYDUHYHQLGXSăH[HFXĠLDVXESURJUDPXOXOXLDSHODW  QHGHWHUPLQDWH YLG
 YDORULOHSDUDPHWULORUWUDQVPLúLSULQYDORDUH  D E F  YLG
 DGUHVHOHSDUDPHWULORUGHWLSUHIHULQĠă  D E F  [  DGUHVDOXL\ ]QHGHWHUPLQDW
x VHDORFăVSDĠLXSHVWLYăYDULDELOHORUORFDOH  D E F  [  DGUHVDOXL\ ] 
x VHDFWLYHD]ăVXESURJUDPXO VHSUHGăFRQWUROXOSULPHLLQVWUXFĠLXQLDDFHVWXLD   D E F  YLG
x VHH[HFXWăLQVWUXFĠLXQLOHVXESURJUDPXOXL 
  2EVHUYăPGLQWDEHOFăLQVWUXFĠLXQHDGHDWULEXLUH[mQXDUHHIHFWDVXSUDSDUDPH
 ÌQPRPHQWXOWHUPLQăULLH[HFXĠLHLVXESURJUDPXOXLVHHOLPLQăGHSHVWLYăWRDWHLQIRU WUXOXLDFWXDODGHRDUHFHDIRVWWUDQVPLVSULQYDORDUHvQVFKLPEEGHYLQHGHRDUHFH
PDĠLLOHFDUHVDXGHSXVGXSăDSHOXODFHVWXLDúLFRQWUROXOUHYLQHSULPHLLQVWUXFĠLXQLGH DFĠLXQHDDVXSUDSDUDPHWUXOXLIRUPDO\WUDQVPLVSULQUHIHULQĠăVDHIHFWXDWDVXSUDSDUD
GXSăDSHOGLQPRGXOXODSHODQW PHWUXOXLDFWXDOE
 
([HPSOX  ÌQOLPEDMXO3DVFDOvQWUXQSURJUDPSULQFLSDOVDXVXESURJUDPYRPDYHD
 )LH WUHL YDULDELOH D E úL F GHFODUDWH vQ SURJUDPXO SULQFLSDO $FHVWH YDULDELOH VXQW 
LQLĠLDOL]DWHFXúLVHDSHOHD]ăVXESURJUDPXO8QX'XSăUHYHQLUHDGLQVXESURJUDPVH 2SDUWHGHGHILQLĠLLúLGHFODUDĠLL
DILúHD]ăYDORULOHDEúLF 
&&& ^GHILQLĠLLGHWLS`
 6XESURJUDPXO8QXDUHGRLSDUDPHWULIRUPDOL[HVWHSDUDPHWUXWUDQVPLVSULQYDORD   &&& ^GHILQLĠLLGHFRQVWDQWH`
UH LDU \ HVWH SDUDPHWUX GH WLS UHIHULQĠă ÌQ VXESURJUDP VH GHFODUă YDULDELOD ORFDOă ]  &&& ^GHFODUDĠLLGHYDULDELOH`
$FHVWVXESURJUDPDWULEXLHFHORUWUHLYDULDELOH[\úL]YDORDUHD  

&&& ^GHFODUDĠLLGHVXESURJUDPH`
 ÌQXUPăWRDUHDILJXUăSURJUDPXOSULQFLSDOHVWHVLPEROL]DWSULQVHJPHQWXOYHUWLFDOGH   &&&
6XESURJUDPH 
 6XESURJUDPH


  9DORDUHD UHWXUQDWă GH R IXQFĠLH ĠLQkQG FRQW GH IDSWXO Fă DFHDVWD UHWXUQHD]ă SULQ
2SDUWHGHDFĠLXQL RLQVWUXFĠLXQHFRPSXVă 

&&& LGHQWLILFDWRUXOHLRVLQJXUăYDORDUH SRDWHILGRDUGHXUPăWRDUHOHWLSXUL 
LQVWUXFĠLXQL x RULFHWLSvQWUHJ
& x RULFHWLSUHDO


2EVHUYDĠLH x FDUDFWHU & 


 2ULFDUHVHFĠLXQHGHGHILQLĠLHVDXGHFODUDĠLHSRDWHVăOLSVHDVFăvQVFKLPELQVWUXFĠLX x X

QHDFRPSXVăWUHEXLHVăILHSUH]HQWă GDUSRDWHILYLGă  x HQXPHUDUH DYkQGGHILQLWLGHQWLILFDWRUGHWLS 
x VXEGRPHQLX DYkQGGHILQLWLGHQWLILFDWRUGHWLS 
 x 
)XQFĠLLúLSURFHGXUL vQ3DVFDO  
ÌQOLPEDMXO3DVFDOVXESURJUDPHOHSRWIL ([HPSOXO
x IXQFĠLLFDOFXOHD]ăPDLPXOWHYDORULXQDVHUHWXUQHD]ăSULQQXPHOHIXQFĠLHL  ˜  ˜  ˜ Q
x SURFHGXULFDOFXOHD]ăPDLPXOWHYDORUL VDXQLFLXQD   6ăVHFDOFXOH]HXUPăWRDUHDH[SUHVLH & Q N 
  ˜  ˜  ˜ N > ˜  ˜  ˜ Q  N @
 $SHOXOXQHLIXQFĠLLIDFHSDUWHGLQWURLQVWUXFĠLXQH XQGHDSDUHvQWURH[SUHVLH SH  6HREVHUYăFăvQQXPăUăWRUWUHEXLHVăFDOFXOăPIDFWRULDOXOOXLQvQQXPLWRUIDFWRUL
FkQGDSHOXOGHSURFHGXUăHVWHGHILQLWFDILLQGRLQVWUXFĠLXQH DOXOOXLNúLIDFWRULDOXOOXL Q±N 9RPVFULHXQVXESURJUDPSHQWUXFDOFXODUHDIDFWRULD

'HFODUDUHDXQHLIXQFĠLLvQOLPEDMXO3DVFDO OXOXLOXL[úLvOYRPDSHODSHQWUXQSHQWUXNúLSHQWUX Q±N 'HRDUHFHDFHVWVXESUR
 1XPHBIXQFĠLH OLVWDSDUDPHWULORUIRUPDOL QWLSBUH]XOWDW JUDPFRUHVSXQ]ăWRUXQXLDSHOYDFDOFXODRVLQJXUăYDORDUHHDYDILDWULEXLWăLGHQWLIL
GHFODUDĠLLOHúLGHILQLĠLLOHORFDOHIXQFĠLHL FDWRUXOXLIXQFĠLHLFXFDUHRFDOFXOăP
LQVWUXFĠLXQHFRPSXVă  ÌQSURJUDPXOSULQFLSDOGHFODUăPYDULDELOHOHQúLNHOHUHSUH]LQWăGDWHOHGHLQWUDUH
 5H]XOWDWXOXLQXLSODQLILFăPQLFLRYDULDELOăGHRDUHFHDFHVWDYDILDFFHVDWSHQWUXDILúD
2EVHUYDĠLH UHSULQLGHQWLILFDWRUXOIXQFĠLHLvQPRPHQWXODSHOXOXL
 3ULQWUH LQVWUXFĠLXQLOH GLQ FDGUXO LQVWUXFĠLXQLL FRPSXVH D IXQFĠLHL FRUSXO IXQFĠLHL   )XQFĠLD %YDDYHDXQSDUDPHWUXIRUPDO[FDUHYDILSHQWUXDFHVWVXESURJUDPXQ
WUHEXLH Vă H[LVWH FHO SXĠLQ R LQVWUXFĠLXQH GH DWULEXLUH SULQ FDUH QXPHOXL IXQFĠLHL L VH SDUDPHWUXGHLQWUDUH GHFLVHYDWUDQVPLWHSULQYDORDUH )XQFĠLDYDUHWXUQDYDORDUHD
DWULEXLHRYDORDUH IDFWRULDOXOXLOXL[9DULDELODORFDOăSHVWHQHFHVDUăGHRDUHFHvQDEVHQĠDHLDUWUHEXLVă

'HFODUDUHDXQHLSURFHGXULvQOLPEDMXO3DVFDO VFULHPvQLQVWUXFĠLXQHD LQVWUXFĠLXQHDGHDWULEXLUH %Q\ %‘FDUHDUvQVHP


1XPHB3URFHGXUă OLVWăSDUDPHWULORUIRUPDOL  QDDSHODUHDIXQFĠLHL %vQPRPHQWXOvQFDUHDFHDVWDvQFăHVWHDFWLYă 'HIDSWGDFă
GHFODUDĠLLúLGHILQLĠLLORFDOHSURFHGXULL DPVFULHLQVWUXFĠLXQHDGHDWULEXLUHH[DFWvQDFHDVWăIRUPăFRPSLODWRUXOQHDUFHUHSD
LQVWUXFĠLXQHFRPSXVă UDPHWUXDFWXDOvQPHPEUXOGUHSWGXSăLGHQWLILFDWRUXO %GHRDUHFHGRDUvQPHPEUXO

VWkQJSXWHPVFULHLGHQWLILFDWRUGHIXQFĠLHIăUăSDUDPHWULDSDULĠLDvQPHPEUXOGUHSWDO
2EVHUYDĠLL YDODELOHvQOLPEDMXO3DVFDO  DFHVWXLDILLQGFRQVLGHUDWăDSHOGHIXQFĠLH 
  ÌQ IDĠD RULFăUXL SDUDPHWUX IRUPDO WUDQVPLV SULQ UHIHULQĠă VH VFULH FXYkQWXO FKHLH J
3DUDPHWULLIRUPDOLFDUHQXDXFXYkQWXO vQIDĠăVHFRQVLGHUăDILSDUDPHWUL J"KJ
WUDQVPLúLSULQYDORDUH J
?Q

KJJ ^YDULDELOHJOREDOH`J
  7LSXOSDUDPHWULORUIRUPDOLVHSRDWHSUHFL]DGRDUFXLGHQWLILFDWRUGHWLS 

  'HFODUDĠLLOH vQ OLVWD SDUDPHWULORU IRUPDOL VXQW VHSDUDWH SULQ K $WXQFL FkQG DYHP  J % Q€
  Q

KJJ ^DQWHWXOIXQFĠLHL`J
PDL PXOĠL SDUDPHWUL GH DFHODúL WLS DFHúWLD VH VHSDUă SULQ YLUJXOă ÌQ XUPăWRUXO JQ€
 KJJ ^YDULDELOHORFDOH`J
H[HPSOXDGHúLIVXQWSDUDPHWULGHLHúLUH WUDQVPLúLSULQUHIHULQĠă EHVWHSDUD JJJJQ

KJ
PHWUXWUDQVPLVSULQYDORDUH 
 

J™ JQ

KJ˜Q&KJJ Q KJ
([LVWăIXQFĠLLFDUHUHWXUQHD]ăXQSRLQWHU YRPvQYăĠDvQFODVDD;D 
 3DUDPHWULLDFWXDOLPHQĠLRQDĠLvQDSHOVXQWVHSDUDĠLSULQYLUJXOă
$VWIHODPDYHDXQDSHOUHFXUVLY YH]LFDSLWROXO 
 6XESURJUDPH
6XESURJUDPH 


JJ 
JJQ\KJJ ^LQLĠLDOL]DUHDIDFWRULDOXOXL`J  6HREVHUYăFăYDORDUHDYDULDELOHLJOREDOHLVDPRGLILFDWÄGLQJUHúHDOă´vQVXESUR
JUDP 3HQWUX D HYLWD DVWIHO GH JUHúHOL VH YD XUPăUL FD YDULDELOHOH IRORVLWH GH VXESUR
JJJQ\J JJQ\‘KJ ^FDOFXODUHDIDFWRULDOXOXL`J
JUDPVăILHvQWRWGHDXQDGHILQLWHORFDOVXESURJUDPXOXLvQFDUHVHIRORVHVF
JJ %Q\J ^DWULEXLUHLGHQWLILFDWRUXOXLIXQFĠLHL`J

KJ
 3HQWUXDREĠLQHUH]XOWDWHOHGRULWHvQSURJUDPXOGHPDLVXVVHYDDGăXJDvQSDUWHDGH
 GHFODUDĠLLORFDOHDIXQFĠLHL™GHFODUDĠLDJQ€
 

J
JJ

? KJ 
JJ
%
’ % ? ‘ %
? J 'H]YROWDUHDSURJUDPHORU
 'DFăvQSURFHVXOSURLHFWăULLDOJRULWPLORURSUREOHPăVHGHVFRPSXQHvQVXESUREOHPH
 úLDFHVWHDVHGHVFRPSXQODUkQGXOORUvQDOWHVXESUREOHPHSkQăFkQGVHREĠLQVXESUR
([HPSOXO EOHPH FDUH QX QHFHVLWă FRQWLQXDUHD SURFHVXOXL GH GLYL]DUH VSXQHP Fă DYHP XQ
 6HFRQVLGHUăXUPăWRUXOSURJUDP&HDILúHD]ăDFHVWD" SURJUDP GH]YROWDW GHVFHQGHQW WRS GRZQ  $FHDVWă WHKQLFă FRUHVSXQGH PRGXOXL vQ

J"KJ FDUH X]XDO VH SURLHFWHD]ă DOJRULWPLL IRORVLQG VXEDOJRULWPL 7HKQLFD GH SURLHFWDUH vQ
JQ€
 KJ FDUHVHSRUQHúWHGHODXQHOHSURJUDPHLQLĠLDOHDFHVWHDILLQGIRORVLWHSHQWUXDFRQVWUXL
PRGXOH GLQ FH vQ FH PDL VRILVWLFDWH FDUH DVDPEODWH Vă UH]ROYH SUREOHPDVHQXPHúWH
J
 J™

  Q€
 KJ
J™Q€
 KJ ERWWRPXS

JJ 
JJ™Q\`KJ
JJJQ\J J|JJ 'H]YROWDUHDDVFHQGHQWă ERWWRPXS 
JJJJ™Q\™~
KJ 8QSURJUDPGH]YROWDWDVFHQGHQWYDDYHDWRDWHVXESURJUDPHOHGHFODUDWHXQXOGXSăDOWXO
JJQ\™J vQ SURJUDPXO SULQFLSDO 2 DVWIHO GH DERUGDUH DUH FD DYDQWDM IDSWXO Fă VXESURJUDPHOH

KJ VXQWPDLXúRUGHWHVWDWúLGHFRQWURODW

J 

J   3URJUDPSULQFLSDO
JJJQ\J J|J
J

JJJJ J KJ
JJJJ   J KJ
  6XESURJUDP$
JJJJ
 J 

JJ
J
  6XESURJUDP%
J



 6ăXUPăULPYDULDĠLDYDULDELOHORU
  6XESURJUDP&
x SURJUDPXOSULQFLSDOvQFHSHFXFLFOXOSULPDYDORDUHDYDULDELOHLLHVWH 
x VHDILúHD]ă 
x VHDSHOHD]ăVXESURJUDPXOFXSDUDPHWUXODFWXDOLDFăUXLYDORDUHVHFRSLD]ăvQQ   ,QVWUXFĠLXQHDFRPSXVăD
GHRDUHFHHVWHWUDQVPLVSULQYDORDUH   SURJUDPXOXLSULQFLSDO
x vQVXESURJUDPVHFDOFXOHD]ă6FDUHYDDYHDYDORDUHD  
x VHDWULEXLHYDORDUHDLGHQWLILFDWRUXOXLGHIXQFĠLH 
x VHDILúHD]ăYDORDUHD  7UHEXLHPHQĠLRQDWIDSWXOFăILHFDUHVXESURJUDPYDSXWHDDSHODQXPDLVXESURJUDPH
x XUPHD]ăRDOWăDILúDUHDYDULDELOHLLúL VXUSUL]ă VHDILúHD]ă XOWLPDYDORDUHDOXL GHFODUDWH DQWHULRU SURSULHL GHFODUDĠLL 'LQ DFHDVWă UHVWULFĠLH GH YL]LELOLWDWH GHFXUJH úL
LFRQIRUPFLFOXOXL GLQVXESURJUDP FHHDFHFRQGXFHúLODWHUPLQDUHDLQVWUXF GH]DYDQWDMXODFHVWXLVWLOGHOXFUXFDUHFRQVWăvQGHSHQGHQĠDVXESURJUDPHORUGHXQHOH
ĠLXQLLGLQSURJUDPXOSULQFLSDO VXESURJUDPHGHILQLWHDQWHULRU
 6XESURJUDPH 6XESURJUDPH 
 
'H]YROWDUHDGHVFHQGHQWă WRSGRZQ  3UREOHPHSURSXVH
ÌQWUXQSURJUDPGH]YROWDWGHVFHQGHQWILHFDUHVXESURJUDPYDDYHDvQSURSULD]RQăGH 
GHILQLĠLLúLGHFODUDĠLLVXESURJUDPHOHSHFDUHOHIRORVHúWHÌQFD]XOVXESURJUDPHORULP &LIUHFRPXQH
EULFDWHXQXOvQFHOăODOWIXQFĠLRQHD]ăDFHOHDúLUHJXOLFDvQWUHXQLWDWHDGHSURJUDPSULQFL
6ăVHDILúH]HFLIUHOHFRPXQHDGRXăQXPHUHQDWXUDOHGDWH
SDOúLVXESURJUDPDGLFăHQWLWăĠLOHGHFODUDWHGHH[HPSOXFRQIRUPILJXULLXUPăWRDUHvQ

VXESURJUDPXO$VHÄYăG´vQVXESURJUDPHOH%&úL'$VWIHOGHUHJXOăOLVWDSDUDPH
'DWHGHLQWUDUH
WULORUVHVFXUWHD]ă
&HOHGRXăQXPHUHVHFLWHVFGHSHSULPHOHGRXăOLQLLDOHILúLHUXOXL'+($&$


  3URJUDPSULQFLSDO
'DWHGHLHúLUH

&LIUHOHFRPXQHDOHFHORUGRXăQXPHUHVHYRUVFULHvQILúLHUXO '+($&'(!GHVSăUĠLWH
  6XESURJUDP$
SULQFkWHXQVSDĠLXÌQFD]XOvQFDUHQXH[LVWăQLFLRFLIUăFRPXQăvQILúLHUXOGHLHúLUH

VHYDVFULHƒJJ% J%

  6XESURJUDP%


5HVWULFĠLLúLSUHFL]ăUL
  6XESURJUDP&
 x dQXPăUQXPăUd
 
  6XESURJUDP' ([HPSOH
'+($&$ '+($&'(!J
 ‡ˆ|J J‡
  ,QVWUXFĠLXQHDFRPSXVăD ‰‡
  VXESURJUDPXOXL% J
 '+($&$ '+($&'(!
  ,QVWUXFĠLXQHDFRPSXVăD ‡ˆ|J ƒJJ% J%
J
  VXESURJUDPXOXL$ ‰ŒŒŒJ
 
  ,QVWUXFĠLXQHDFRPSXVăD 3ULPHúLÄLQYHUVHOH´ORUSULPH
  SURJUDPXOXLSULQFLSDO 6ăVHJHQHUH]HWRDWHSHUHFKLOHGHQXPHUHSULPHIRUPDWHGLQWUHLFLIUHFDUHDXSURSULH
 WDWHDGHDILXQXOLQYHUVXOFHOXLODOW$LFLSULQÄLQYHUV´vQĠHOHJHPQXPăUXOIRUPDWGLQ
 FLIUHOHQXPăUXOXLGDWvQRUGLQHLQYHUVă
,PSOHPHQWăULVXJHUDWH 
'DWHGHLHúLUH
ÌQVFRSXOIRUPăULLGHSULQGHULORUGHDOXFUDFXVXESURJUDPHYăUHFRPDQGăPVă
ÌQILúLHUXOGHLHúLUH "+&'(!VHYRUVFULHSHUHFKLOHGHQXPHUHFkWHXQDSHILHFDUH
 UH]ROYDĠL PDMRULWDWHD SUREOHPHORU WUDWDWH SkQă DFXP vQ FDUH SUREOHPD LQLĠLDOă VH
OLQLHGHVSăUĠLWHSULQFkWHXQVSDĠLX
GHVFRPSXQHvQVXESUREOHPHIRORVLQGVXESURJUDPH

 UH]ROYDĠLSUREOHPHvQFDUHXQDFHODúLVXESURJUDPVHDSHOHD]ăvQPRGUHSHWDWSHQ
WUXGDWHGLIHULWH ([HPSOX 
"+&'(!
 UHDOL]DĠLXQXQLWSURSULXFDUHFRQĠLQHWRDWHSUREOHPHOHUH]ROYDWHFXVXESURJUDPHúL `J`J
VFULHUHDXQRUSURJUDPHFDUHIRORVHVFDFHVWXQLW `J`J
 ‡J‡J
‡J‡J
 J
 6XESURJUDPH 6XESURJUDPH 
 
(OLPLQDUHGHQXPHUHSHUIHFWHúLSULHWHQH 6ROXĠLLOHSUREOHPHORUSURSXVH
6HFRQVLGHUăXQúLUGHQXPHUHQDWXUDOH6ăVHHOLPLQHGLQDFHVWúLUWRDWHQXPHUHOHSHU 
IHFWHSUHFXPúLSHUHFKLOHGHQXPHUHSULHWHQHDIODWHSHSR]LĠLLFRQVHFXWLYH
&LIUHFRPXQH

9HUVLXQHDGHDOJRULWPSUH]HQWDWăvQFRQWLQXDUHVHED]HD]ăSHRSHUDĠLLOHFXPXOĠLPLÌQ
'DWHGHLQWUDUH
DFHVWFD]HVWHQHFHVDUXQVXESURJUDPFDUHVăFRQVWUXLDVFăRPXOĠLPHGLQFLIUHOHXQXL
3HSULPDOLQLHDILúLHUXOXL "&$VHDIOăHOHPHQWHOHúLUXOXLVHSDUDWHSULQVSDĠLL
QXPăU6XESUREOHPHOHFDUHYRUILLPSOHPHQWDWHFXVXESURJUDPHvQFD]XODFHVWHLSUR
 EOHPHYRUIL
'DWHGHLHúLUH
x FLWLUHDQXPHUHORU
(OHPHQWHOH UăPDVH vQ úLU GXSă HOLPLQDUH VH YRU VFULH vQ ILúLHUXO "&'(! VHSDUDWH
x FUHDUHD PXOĠLPLL GH FLIUH PXOĠLPLOH OH LPSOHPHQWăP FX DMXWRUXO úLUXULORU GDU
SULQFkWHXQVSDĠLX
GXSă FH VH YD vQYăĠD WLSXO
 vQ 3DVFDO  VH UHFRPDQGă FD H[HUFLĠLX LPSOH

PHQWDUHDSURJUDPXOXLIRORVLQGDFHVWWLSGHVWUXFWXUăGHGDWH 
5HVWULFĠLLúLSUHFL]ăUL
x DILúDUHDFLIUHORUDSDUĠLQkQGLQWHUVHFĠLHLGHPXOĠLPL
x dQUd J
 ÌQ3DVFDOGHFODUDĠLDúLUXOXLFDUHUHSUH]LQWăPXOĠLPHDYDIL
([HPSOH 
"&$ "&'(!J
J% \ ›`‰œJJX
KJ
JŒJŠJ‡‡J`JŒˆJJ‰‰ J‡‡JJ‰‰ JX
Q% KJ
 
*HQHUDUHDFXYkQWXOXLGHOXQJLPHPD[LPă 'DFă GH H[HPSOX YDORDUHD HOHPHQWXOXL ›œ HVWH DGHYăUDW vQVHDPQă Fă FLIUD J
6ăVHGHWHUPLQHFXYkQWXOGHOXQJLPHPD[LPăFDUHSRDWHILFRQVWUXLWGLQOLWHUHOHXQXL IDFHSDUWHGLQPXOĠLPHD
WH[W DVWIHO vQFkW FDUDFWHUHOH FXYkQWXOXL Vă ILH vQ RUGLQH DOIDEHWLFă úL Vă ILH FXOHVH GLQ J
WH[WH[DFWvQRUGLQHDvQFDUHVHDIOăvQFXYkQW QXQHDSăUDWSHSR]LĠLLVXFFHVLYH   JĠ
ă„ QJJ ^VXESURJUDPWLSSURFHGXUă`J
 JJ
 J% \`‰J

 ăQJ ^GHRFDPGDWăPXOĠLPHD0HVWHYLGă`
'DWHGHLQWUDUH JJJJ„›% œJmJIDOV
3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH(8&$VHDIOăWH[WXOGDW  ú 
 JJ
 JJ   J
ăJzJ`J

 ăQJ
'DWHGHLHúLUH JJJJ% JmJ›
ă’`œJ
&XYkQWXOGHWHUPLQDWFDUHDUHOXQJLPHPD[LPăVHYDVFULHvQILúLHUXO(8&'(! JJJJ„›% œJmJDGHYăUDWJ ^FLIUD% H[LVWăvQQXPăU`
 JJJJ
ăJmJ›
ă’`œJ
5HVWULFĠLLúLSUHFL]ăUL  ú    J
ú   
x WH[WXODUHFHOPXOWGHFDUDFWHUH
J
x vQWH[WH[LVWăFXYLQWHIRUPDWHGLQOLWHUHPLFLDOHDOIDEHWXOXLHQJOH]úLVSDĠLL
 ,QWHUVHFĠLDPXOĠLPLL FX XHVWHXQúLUGHYDORULORJLFHXQGHXQHOHPHQWDUHYDORD

UHDDGHYăUDWGDFăFLIUDFRUHVSXQ]ăWRDUHVHUHJăVHúWHúLvQúLvQX
([HPSOX  
(8&$ (8&'(!J
˜JJ% ˜  J€
%Ġ X
 QJJ ^VXESURJUDPWLSSURFHGXUă`J
^GHRFDPGDWăLQWHUVHFĠLDHVWHYLGă`J

JJ
 J% \`‰J

 ăQJ
JJJJ
›% œJmJIDOV
  ú 
 JJ
J
 J
 6XESURJUDPH 6XESURJUDPH 
 
JJ
 J% \`‰J

 ăQJ    ^GDFăVDJăVLWFHOSXĠLQXQGLYL]RU!QXPăUXOQUQXHVWHSULP`
JJJJăJ›% œJúJX›% œJ J^GDFă% VHDIOăúLvQ$úLvQ%`J JJăJ•‹J\JJ JJmJDGHYăUDWJ
JJJJJJ
›% œJmJDGHYăUDWJ JJJJJJJJJJJJJJJJJJJ 
JJmJIDOVJ
 ú ă JJ ú ă
 ú 
 JJ ú   
ú    J
J  'HWHUPLQDUHDQXPăUXOXLIRUPDWGLQFLIUHOHQXPăUXOXLGDWvQRUGLQHLQYHUVăRSXWHP
 3HQWUXDILúDUHYHULILFăPDSDUWHQHQĠDFLIUHLFLIUD FLIUD  ODPXOĠLPHDLQ UHDOL]DFXVXEDOJRULWPXO €
•FDUHvQ3DVFDOYDILRIXQFĠLHFDUHYDUHWXUQDYDORD
WHUVHFĠLH
'DFăPXOĠLPHDHVWHYLGăDILúăPPHVDMXOFHUXWvQHQXQĠ UHDQXPăUXOXLQRX


 J ú 
 QJJ ^VXESURJUDPWLSSURFHGXUă`J
 J€
•
 QJJ ^VXESURJUDPWLSIXQFĠLH`J
JJăJmJIDOVJ
JJ
 J% \`‰J

 ăQJ JJ
•JmJ`J
JJJJăJ
›% œJ J JJ   J
JzJ`J

 ă,
JJJJJJ 
J% J JJJJ% JmJ›
’`œJ
JJJJJJăJmJDGHYăUDWJ ^DPJăVLWRFLIUăFRPXQă` JJJJ
•JmJ
•‘`J~J% J
JJJJ ú ă JJJJ
JmJ›
’`œJ
 ú 
  JJ ú    
JJăJăJ J JJ
•JmJ
•J
JJJJ 
JƒJJ% J%
J ú   
JJ ú ăJJ 
ú   JJ
 # JQJ ^DOJRULWPXOFRUHVSXQ]ăWRUSURJUDPXOXLSULQFLSDO`J
 3URJUDPXO SULQFLSDO YD DSHOD VXESURJUDPHOH vQ RUGLQHD ORU ILUHDVFă FLWLUH FUHDUH 
 J
ă\`‰‰J

 ă,J
PXOĠLPH$FUHDUHPXOĠLPH%GHWHUPLQDUHLQWHUVHFĠLHúLDILúDUHDLQWHUVHFĠLHL JJJJăJ
ă JúJ 
•
ă J 
 
J
ă
•JJ
 JJJJ ú ă
3ULPHúLÄLQYHUVHOH´ORUSULPH  ú 
 
2SULPăLGHHGHUH]ROYDUHDUILGHDJHQHUDSHUkQGWRDWHQXPHUHOHGHWUHLFLIUH GHOD ú  
 OD  HYHQWXDO GH OD OD úLGHDYHULILFDGDFăDWkWQXPăUXOFkWúLDFHO 
QXPăUFDUHFRQĠLQHFLIUHOHQXPăUXOXLGDWvQRUGLQHLQYHUVăVXQWVDXQXQXPHUH SULPH  ÌQXUPDH[HFXWăULLSURJUDPXOXLFDUHLPSOHPHQWHD]ăDFHVWDOJRULWPREVHUYăPFăIL
ÌQFD]DILUPDWLYDFHVWHDOHDPVFULHvQILúLHUXOGHLHúLUH HFDUHSHUHFKHHVWHDILúDWăGHGRXăRUL'DFăGRULPVăHYLWăPDILúDUHDGXEOăHVWHQHFH
 2EVHUYăPFăSHQWUXILHFDUHQXPăUVWXGLDWVXQWHPQHYRLĠLVăYHULILFăPGHGRXăRUL VDUăPRGLILFDUHDDOJRULWPXOXL
GDFăXQQXPăUHVWHSULP RGDWăSHQWUXQXPăUXOGDWDGRXDRDUăSHQWUXQXPăUXOJHQH  'DFăSXQHPFRQGLĠLDFDSULPDFLIUăDSULPXOXLQXPăUVăILHPDLPLFăVDXHJDOăFX
UDWGLQFLIUHOHQXPăUXOXLOXDWHvQRUGLQHLQYHUVă $FHVWDHVWHXQPRWLYVXILFLHQWGHSX XOWLPDFLIUăDSULPXOXLQXPăUYRPHYLWDDILúăULOHGXEOH$OGRLOHDQXPăUVHFRQVWUX
WHUQLFSHQWUXDVFULHXQVXEDOJRULWPSHQWUXYHULILFDUHDSULPDOLWăĠLLXQXLQXPăU6XESUR LHúWHvQWRWGHDXQDGLQSULPXOúLGHFLQXHVWHQHFHVDUVăSXQHPFRQGLĠLLDVXSUDOXL1X
JUDPXOYDILDSHODWRGDWăSHQWUXQXPăUXOGDWúLDSRLSHQWUXÄLQYHUVXO´VăX PHUHOHGLQSHUHFKLDVWIHOFRQVWUXLWHYRUILJHQHUDWHFUHVFăWRU,QVWUXFĠLXQHDDOWHUQDWLYă
J
GLQVWUXFWXUDGHWLS
 VDUSXWHDVFULHDVWIHO
 J
 QJJ ^VXESURJUDPWLSIXQFĠLH`J ă›
ă’``œJdJ›
ă’`œJ &&&J
JJJmJSDUWHvQWUHDJăGLQUăGăFLQDSăWUDWăDOXLQUJ  ÌQDFHVWDOJRULWPLQVWUXFĠLXQHD
 VHYDUHOXDGH± RUL
JJ•‹JmJJ 
JJ   J
QXVHvPSDUWHH[DFWOD•‹J

 ă,J  ÌQWURDOWăDERUGDUHDDFHVWHLSUREOHPHJHQHUăPSULPXOQXPăUGLQFLIUHOHDEúLFúL
JJJJ•‹JmJ•‹JJJ DOGRLOHDGLQDFHOHDúLFLIUHGDUvQRUGLQHLQYHUVăĠLQkQGFRQWWRWRGDWăúLGHFRQGLĠLDFD
 ú    J
SULPDFLIUăVăILHPDLPDUHVDXHJDOăFXDWUHLD$FHDVWăYDULDQWăDUHúLDYDQWDMXOGHD
 6XESURJUDPH 6XESURJUDPH 
 
HYLWDJHQHUDUHDGXEOXULORUIăUăDIRORVLRFRQGLĠLHVXSOLPHQWDUă'HDVHPHQHDQXYRP  3URSULHWăĠLOHQXPHUHORUFDUHWUHEXLHHOLPLQDWH
OXD vQ FRQVLGHUDUH FD SRVLELO QXPăU DYkQG SURSULHWDWHD VROLFLWDWă GHFkW QXPHUHOH x QXPăUSHUIHFWHVWHHJDOFXVXPDGLYL]RULORUPDLPLFLGHFkWHOvQVXúL
LPSDUH8QQXPăULPSDUDUHXOWLPDFLIUăLPSDUăGHFLvQFLFOXO FDUHJHQHUHD]ăD x QXPHUHSULHWHQHSHUHFKLGHQXPHUHvQFDUHXQQXPăUHVWHHJDOFXVXPDGLYL]RULORU
WUHLDFLIUăVHYRUFRQVWUXLQXPHUHGRDUFXFHOHFLIUHLPSDUH   FHOXLODOW PDLPLFLGHFkWDFHVWD úLLQYHUV YH]LFDSLWROXO 
 $VWIHOQXPăUXOH[HFXWăULORUFRUSXOXLFLFOXOXLHVWH˜˜  FDUHHVWHPDL 
PLFGHFkWQXPăUXOH[HFXWăULORUvQFD]XOSULPHLYDULDQWH ÌQSOXVDFHDVWăYDULDQWă  6HREVHUYăFăvQDPEHOHVLWXDĠLLHVWHQHYRLHGHVXPDGLYL]RULORUSURSULL SOXV DL
QXQHFHVLWăDSHOXOVXEDOJRULWPXOXL 
•GHRDUHFHLQYHUVXOQXPăUXOXLSRDWHILFRQ QXPăUXOXL'HFLYDILXWLOVăVFULHPXQVXESURJUDPFDUHFDOFXOHD]ăDFHDVWăVXPă
VWUXLWSULQWURVLPSOăDWULEXLUH6XEDOJRULWPXOGHYHULILFDUHDSULPDOLWăĠLLVHYDH[HFXWD
J

 ™•‹
ă QJJ ^VXESURJUDPWLSIXQFĠLH`J
GRDUGHGHRULGHRDUHFHGDFăGHVSUH
ăVHFRQVWDWăFăQXHVWHSULPQXPăUXO JJJmJJJ ^vQDFHDVWăVXPăVHDGDXJăúL`

•QXVHPDLYHULILFă JJ
 J\›
ă’œJ

 ă,J
 JJJJăJ›
ă’œJ\J`J J
# Jú
•QJ JJJJJJJmJJ~JJ
JJ
 J\‰J

 ă,J ^SULPDFLIUăGLQQXPăUQXSRDWHIL`J JJJJ ú ă
JJJJ
 J˜\`JJ‰J

 ă,J JJ ú 
 
   ^XOWLPDFLIUăWUHEXLHVăILHFHOSXĠLQHJDOăFXSULPDFLIUă` JJ™•‹JmJJ
JJJJJJ
 J%\JJ‰J

 ă,JJ ú J  J
JJJJJJJJăJ%HVWHQXPăULPSDU ^OLPLWăPJHQHUDUHDODQXPHUHLPSDUH`J J
JJJJJJJJJJ
ăJmJ‘``J~J˜‘`J~J%J  &HOH GRXă VXESURJUDPH FDUH YHULILFă GDFă XQ QXPăU HVWH SHUIHFW UHVSHFWLY GDFă

•JmJ%‘``J~J˜‘`J~JJ GRXăQXPHUHGDWHVXQWSULHWHQHYRUUHWXUQDRYDORDUHGHDGHYăU DGHYăUDWVDXIDOV 

ăJ
ă JúJ 
• J 
 
J
ă
•JJ  J %
ă QJ ^VXESURJUDPWLSIXQFĠLH`J
 ú ă JJăJ™•‹
ă J\J
ăJ JJ
 ú ă JJJJ %JmJDGHYăUDWJ
 ú 
  JJ 
JJ
 ú 
  JJJJ %JmJIDOVJ
 ú 
 J JJ ú ă
ú   ú   
 
 J

ă
ă QJJ ^VXESURJUDPWLSIXQFĠLH`J
(OLPLQDUHGHQXPHUHSHUIHFWHúLSULHWHQH ă ™•‹
ă J\J
ă Jú
&HULQĠDDFHVWHLSUREOHPHHVWHGHDHOLPLQDGLQWUXQúLUQXPHUHOHSHUIHFWHVDXSHUHFKLOH  ™•‹
ă J\J
ă J JJ
GHQXPHUHSULHWHQHDIODWHSHSR]LĠLLFRQVHFXWLYHvQúLU6HREVHUYăFăDFĠLXQHDSULQFL JJJJ
JmJDGHYăUDWJ
SDOăHVWHGHDHOLPLQDXQXOVDXGRXăHOHPHQWHGLQWUXQúLUSHED]DXQHLFRQGLĠLLGDWH JJ 
J
JmJIDOVJ
 6XEDOJRULWPXO"
YDHOLPLQDHOHPHQWXODYkQGLQGLFHOHSR]LĠLHGLQúLUXODúLYD JJ ú ă
UHWXUQDúLUXOPRGLILFDWSUHFXPúLGLPHQVLXQHDDFWXDOL]DWăDDFHVWXLD ú   

 J"

‹Ġ QJJ ^VXESURJUDPWLSSURFHGXUă`J

JJ
 \‹Ġ
J

 ă, ^VHGHSODVHD]ăHOHPHQWHOHWDEORXOXL` *HQHUDUHFXYkQWGHOXQJLPHPD[LPă
JJJJ›œJmJ›~œJJ ^FXRSR]LĠLHODVWkQJDvQFHSkQGFX‹ĠJ~J` ÌQUH]ROYDUHDDFHVWHLSUREOHPHDYHPQHYRLHGHGRXăWDEORXULGHOXFUX
JJ ú 
  x (OHPHQWHOHúLUXOXL/YRUILOXQJLPLGHFXYLQWH/LSăVWUHD]ăOXQJLPHDFHDPDLPDUH
JJ
JmJ
JJJJ ^QXPăUXOGHHOHPHQWHVFDGH` SRVLELOăDFXYkQWXOXLFDUHvQFHSHFXOLWHUDFDUHvQWH[WVHDIOăSHSR]LĠLDL$FHVWH
ú    FXYLQWHWUHEXLHVăUHVSHFWHFHULQĠDFDOLWHUHOHGLQFRPSRQHQĠDORUVăILHvQRUGLQH
J DOIDEHWLFă
 6XESURJUDPH 6XESURJUDPH 
 
x 7DEORXOXUPvOFRQVWUXLPSHQWUXDDVLJXUDSRVLELOLWDWHDGHDDILúDFHOPDLOXQJFX J J J  J %   J J J J
J
YkQWJăVLWXUPLYDFRQĠLQHSHQWUXDLDOLWHUăGLQFHOPDLOXQJFXYkQWLQGLFHOH vQ €
%J J J ‡ ˆ | Š  Œ ‰J `  J ‡J
WH[WXOGDW DOLWHUHLXUPăWRDUHvQFXYkQW J J J J J J J J J ‡J `J J J J
 J J J J J J J J J  `J ‡ ‡J `J
 7H[WXOGDWvOYRPSDUFXUJHGHODVIkUúLWVSUHvQFHSXWFHHDFHvQVHDPQăFăYRPLQLĠL 
DOL]DYDORDUHD/QFXDYkQGVHPQLILFDĠLDFăFHOPDLOXQJFXYkQWFDUHvQFHSHFXDQD  /LWHUD QXSRDWHILSXVăvQIDĠDOXL vQVFKLPESRDWHILSXVăvQIDĠDOXL  úL

OLWHUă GLQ WH[W DUH OXQJLPHD  'H DVHPHQHD SXWHP LQLĠLDOL]D úLYDORDUHDHOHPHQWXOXL 3URFHGăPFXOLWHUD ODIHOFXPDPSURFHGDWFX/LWHUHOHúLQXSRWILSXVHvQIDĠD
XUPQFXGHRDUHFHúWLPFăGXSăXOWLPXOHOHPHQWQXSRDWHXUPDQLFLXQXO QLFLXQHLDGLQWUHOLWHUHOHOXDWHvQFRQVLGHUDUHSkQăDFXPGHFLYDORULOHFRUHVSXQ]ăWRDUH
 ORUVXQWvQúLUXO/úLvQúLUXOXUP/LWHUD%SRDWHILSXVăvQIDĠDWXWXURUFDUDFWHUHORU
J J J  J %    J J J
J DOHJHPDFHDSRVLELOLWDWHFDUHGăQDúWHUHODXQFXYkQWPDLOXQJ$FHDVWDHVWH &RQWL
€
%J J J ‡ ˆ | Š  Œ ‰ `  J ‡J QXkQGDFHVWSURFHGHXSkQăODHSXL]DUHDúLUXOXLDMXQJHPODXUPăWRDUHOHYDORULvQFHOH
J J J J J J J J J J J J J J GRXăúLUXUL/úLXUP
J J J J J J J J J J J J J `J 
 J J J J J %   J J J J J
J
 ÌQFHOHFHXUPHD]ăYRPFăXWDVăGHWHUPLQăPDFHOFHOPDLOXQJFXYkQWvQIDĠDFăUXLD 
%J J J ‡J ˆ | Š  ŒJ ‰J `  J ‡J
HVWHSHUPLVVăDOLSLPDLDOLWHUăGLQWH[WXOGDW(YLGHQWDFHDVWDGDFăHVWHSHUPLVQX J |J J |J ` ˆ   ‡J ‡J `J J J J
SRDWHILODDFHVWSDVGHFkWXOWLPDOLWHUăÌQFRQFOX]LH/YDILHJDOFX FHOPDLOXQJ J |J ŠJ |J ` Œ ` `   `J ‡ ‡J `J
FXYkQWFDUHvQFHSHFXDDOLWHUăGLQWH[WDUHOXQJLPHD LDUXUPYDIL GXSăD 
DOLWHUăXUPHD]ăDD   'XSăFHDPFRQVWUXLWDFHVWHGRXăúLUXULOXQJLPHDFHOXLPDLOXQJFXYkQWHVWHHJDO
 FXYDORDUHDHOHPHQWXOXLPD[LPGLQúLUXO/'HRDUHFHQRLWUHEXLHVăDILúăPQXOXQJL
J J J  J %    J J J
J PHD FL FXYkQWXO YRP SURFHGD vQ IHOXO XUPăWRU $ILúăP DFHO FDUDFWHU GLQ WH[W  FDUH
€
%J J J ‡ ˆ | Š  Œ ‰ `  J ‡J DUHLQGLFHOHHJDOFXLQGLFHOHHOHPHQWXOXLPD[LPGLQúLUXO/ FXDFHDVWăOLWHUăvQFHSHFHO
J J J J J J J J J J J J J J PDLOXQJFXYkQW (OHPHQWXOúLUXOXLXUPDYkQGDFHVWLQGLFHFRQĠLQHLQGLFHOHOLWHUHLXU
J J J J J J J J J J J J ‡J `J PăWRDUHFDUHVHDILúHD]ă8UPăULQGDVWIHOFRQĠLQXWXOúLUXOXLXUPDILúăPOLWHUHOHFHOXL
 PDL OXQJ FXYkQW SkQă OD VIkUúLWXO DFHVWXLD YDORDUHD FRUHVSXQ]ăWRDUH XOWLPHL OLWHUH vQ
 6WXGLHPOLWHUD $FHDVWDQXSRDWHILSXVăvQIDĠDOLWHUHL GHRDUHFHvQFDOFăFHULQĠD úLUXOXUPHVWH 
SULYLQG RUGRQDUHD DOIDEHWLFă GDU VH SRDWH SXQH vQ IDĠD OLWHUHL
 'HFL FHO PDL OXQJ 


FXYkQWFDUHvQFHSHFXOLWHUD DUHOXQJLPHDLDUXUPăWRDUHDOLWHUăGLQFXYkQWHVWHGLQ J  J J J     J J  J 


QRXDD €
%J J J ‡J ˆ | Š  ŒJ ‰J `  J ‡J
 J |J J |J ` ˆ   ‡J ‡J `J J J J
J J J  J %    J J J
J J |J ŠJ |J ` Œ ` `   `J ‡ ‡J `J
€
%J J J ‡ ˆ | Š  Œ ‰ `  J ‡J 
J J J J J J J J J J J J J J 

J J J J J J J J J J J ‡ ‡J `J $ILúăPGHRDUHFHYDORDUHDPD[LPăvQúLUXO/VHDIOăSHSR]LĠLD$SRL
 XUP DILúăPFDUDFWHUXO% SR]LĠLD 
 &DUDFWHUXO XUPăWRU HVWH VSDĠLX $FHVWD QX LQWUă vQ FRQILJXUDĠLD QLFL XQXL FXYkQW XUP DILúăPOLWHUD  SR]LĠLD 
GHFLHOHPHQWHOHFRUHVSXQ]ăWRDUHGLQúLUXO/úLXUPYRUILHJDOHFX8UPHD]ăVăVWXGL XUP DILúăPOLWHUD SR]LĠLDO 
HPFDUDFWHUXO$FHVWDVHSRDWHSXQHvQIDĠDOXLvQIDĠDOXLúLvQIDĠDOXL
$OHJHP XUP DILúăPOLWHUD
 SR]LĠLD 
GLQWUHFHOHWUHLSRVLELOLWăĠLSHDFHHDFDUHFRQGXFHODXQFXYkQWPDLOXQJ'LQWUHOLWHUHOH XUP GHFLDILúDUHDVHWHUPLQă
úLRDOHJHPSHSULPDúLDVWIHOFHOPDLOXQJFXYkQWFDUHvQFHSHFXOLWHUDDUHOXQJL 
PHDLDUXUPăWRDUHDOLWHUăHVWHDD  6XEDOJRULWPXOFDUHPRGHOHD]ăSUHOXFUDUHDGHVFULVăHVWHXUPăWRUXO
 6XESURJUDPH

 J
 QJ
JJ›
œJmJ ^FHOPDLOXQJFXYkQWFDUHvQFHSHFXDQDOLWHUDDUHOXQJLPHD`
JJ›
œJmJ`J ^GXSăXOWLPDOLWHUăQXXUPHD]ăDOWFDUDFWHU`
JJ
 J\
J

 ăQJ 

JJJJJmJ`J

JJJJ
%JmJ`J
JJJJ
 J\~
J

 ăQJ 6WLYD &DSLWROXO
   ^vQFHUFăPVăSXQHPOLWHUD›œvQIDĠDOXL›œ`



JJJJJJăJ ›œJzJJ JúJ ›œJzJJ JúJJ ™6WLYDRVWUXFWXUăGHGDWHVSHFLDOă
J J J ›œJJ›œ J J ™2SHUDĠLLFXVWLYH
™(YDOXDUHDH[SUHVLLORUDULWPHWLFH
JJJJJJJJăJ›œJ…JJ J ^GLQWUHOLWHUHOHvQIDĠDFăURUDVHSRDWH` ™3UREOHPHSURSXVH
  ^SXQHDLDOLWHUăRDOHJHPSHFHDFXFDUHvQFHSHFHOPDLOXQJFXYkQW` ™6ROXĠLLOHSUREOHPHORU
JJJJJJJJJJJmJ›œJ

JJJJJJJJJJ
%JmJJ 
JJJJJJJJ ú ă 
JJJJJJ ú ă 'HILQLĠLH
JJJJ ú 
   3ULQVWLYăvQĠHOHJHPRVWUXFWXUăOLQLDUăGHGDWHvQFDUHDWkWRSHUDĠLLOHGHLQWURGXFH
ă›œJzJJ  UHFkWúLFHOHGHH[WUDJHUHVHHIHFWXHD]ăQXPDLODXQXOGLQWUHFDSHWHQXPLWYkUI 9 
 ^FHOPDLOXQJFXYkQWFDUHvQFHSHFXDLDOLWHUăHVWHHJDOăFXOXQJLPHDFHOXLPDL`J 3HFHOăODOWFDSăWvOQXPLPED]ă % 

JJJJJJ›œJmJJ~J^OXQJFXYkQWvQIDĠDFăUXLDSXQHPDLDOLWHUă  `  0RGXOvQFDUHLQWUăúLLHVHOHPHQWHOHGLQVWLYăMXVWLILFăúLGHQXPLUHDGHOLVWă/,)2
JJJJ 
 /DVW,Q±)LUVW2XW 
›œJmJ`J ^GDFăDPDYXWFDUDFWHUVSDĠLX` 
 ú ăJ 9 9
JJJJ›œJmJ
%J ^vQ
%DPĠLQXWPLQWHvQIDĠDFăUHLOLWHUHRSXQHP`
m YI
 ú 
 
HOHPHQWQRX HOHPHQWHOLPLQDW
JJ„JJJJJJJJJ ^FăXWăPOXQJLPHDPD[LPăGLQ/` m YI
JJ™%J
ú   

 ÌQVXEDOJRULWPXOGHDILúDUHLQGLFHUHSUH]LQWăLQGLFHOHHOHPHQWXOXLPD[LPvQúLUXO/ % % 
 
 J™%QJ  3UHOXFUDUHDXQHLVWLYHQHFHVLWăSăVWUDUHDúLJHVWLRQDUHDXQXLLQGLFDWRUGHVWLYă YI 
 2VWLYăVHQXPHúWHYLGăGDFăQXFRQĠLQHQLFLXQHOHPHQW YI % 
JJ 
J›
%œJ ^DILúăPOLWHUDFXFDUHvQFHSHFHOPDLOXQJFXYkQW`  2VWLYăVHQXPHúWHSOLQăGDFăVSDĠLXOGHPHPRULHUH]HUYDWDFHVWXLDHVWHXWLOL]DW
JJJJJmJ›
%œJ ^LQGLFHOHOLWHUHLXUPăWRDUH` vQvQWUHJLPH YI 9 
JJJJ   JJ…J`J

 ăQJJ ^FkWWLPSH[LVWăXUPăWRU` 
JJJJJJ 
J›œJ  2LPDJLQHVXJHVWLYăDXQHLVWLYHvQWkOQLWăvQYLDĠDGH]LFX]LHVWHFHDDXQHLVWLYH
GH Oă]L FX PHUH Oă]LOH VXQW DúH]DWH XQD SHVWH DOWD  $FHVWHD ILLQG IRDUWH JUHOH QX
JJJJJJJmJ›œJ ^LQGLFHOHOLWHUHLFDUHXUPHD]ăGXSăFHDDILúDWă` SHUPLW GHFkW H[WUDJHUHD Oă]LL GH GHDVXSUD VWLYHL VDX DGăXJDUHD XQHL Oă]L SHVWH FHOH
 ú     GHMDH[LVWHQWH
ú   

 6XESURJUDPHOH „úL ™%IDFSDUWHGLQ]RQDGHGHFODUDĠLLDVXESURJUDPXOXL
 $VWIHO WRDWH YDULDELOHOH GHFODUDWH vQ  VXQW DFFHVLELOH GLQ VXESURJUDPHOH
„úL™%DFHVWHDQHDYkQGDVWIHOQHYRLHGHSDUDPHWUL
 6WLYD 6WLYD 
 
 ,PSOHPHQWDUHDVWLYHORUVHSRDWHUHDOL]DXúRUSULQXWLOL]DUHDXQXLWDEORXXQLGLPHQ 'DFă GRULP Vă DGăXJăP XQ HOHPHQW QRX vQ VWLYD VW PDL vQWkL YRP FUHúWH QXPăUXO
VLRQDOvQFD]XOFăUXLDYRPGHFODUD HOHPHQWHORUYIDúLUXOXLFDUHLPSOHPHQWHD]ăVWLYDúLDGăXJăPSHDFHDVWăSR]LĠLHYD
 ' ORDUHD GH LQWURGXV FH ÌQDLQWH GH DGăXJDUHD XQXL HOHPHQW WUHEXLH Vă YHULILFăP GDFă
LP6WLYăRFRQVWDQWăFDUHUHSUH]LQWăGLPHQVLXQHDPD[LPăDVWLYHL VWLYDQXFXPYDHVWHGHMDSOLQă$FHDVWăYHULILFDUHRUHDOL]ăPvQXQLWDWHDGHSURJUDP
 V FDUHDSHOHD]ăVXEDOJRULWPXOGHDGăXJDUHSHQWUXDHYLWDvQFHUFDUHDLQWURGXFHULLXQXL
W YD IL R VWLYă GHFODUDWă VXE IRUPD XQXL WDEORX XQLGLPHQVLRQDO DYkQG HOHPHQWH HOHPHQWQRXvQFD]GHVWLYăSOLQă
LQGH[DWHGHODOD'LP6WLYă 
 Y  Jă ¡
™•ă • % QJJ
ILQGLFDWRUXOGHVWLYă XQQXPăUQDWXUDOFXSULQVvQWUHúL'LP6WLYă  JJJJ• JmJ• J~JJ


JJJJ›• œJmJ%J
ú   
2SHUDĠLLFXVWLYH 
 ([WUDJHUHDXQXLHOHPHQWGLQVWLYă
9HULILFDUHDGDFăVWLYDHVWHYLGă ÌQXUPDH[WUDJHULLXQXLHOHPHQWGLQWURVWLYăREĠLQHPILHRVWLYăYLGă GDFăDPH[WUDV
$FHDVWă RSHUDĠLH R YRP UHDOL]D FX VXEDOJRULWPXO ™•ă£ă •  FDUH UHWXU XOWLPXOHOHPHQW ILHXQDFDUHDUHXQHOHPHQWPDLSXĠLQIDĠăGHVLWXDĠLDDQWHULRDUăH[
QHD]ăYDORDUHDDGHYăUDWvQFD]XOvQFDUHVWLYDHVWHYLGăúLIDOVvQFD]FRQWUDU WUDJHULL'HDVHPHQHDvQYDULDELODFHYRPDYHDFRQĠLQXWXODFHVWXLHOHPHQWvQGHSăUWDW
 GLQYkUIXOVWLYHL$FHDVWăRSHUDĠLHQXSRDWHILHIHFWXDWăGHFkWGDFăVWLYDQXHVWHYLGă
 J™•ă£ă • QJJ ^VXEDOJRULWPGHWLSIXQFĠLHERROHDQă`J •  GLIHULW GH   FRQGLĠLH FDUH VH YD YHULILFD vQ XQLWDWHD GH SURJUDP DSHODQWă DO
JJăJ• J\J`J  VXESURJUDPXOXL" †
™•ă • % 
JJJJ™•ă£ăJmJDGHYăUDW 
JJ 
  J" †
™•ă • % QJJ
JJJJ™•ă£ăJmJIDOVJJJ JJ%JmJ›• œJ
JJ ú Jă JJ• JmJ• JJJ
ú    ú   
 J
 5HSUH]HQWDUHDFHDPDLVXJHVWLYăDXQHLVWLYHVHIDFHSHYHUWL 
9HULILFDUHDGDFăVWLYDHVWHSOLQă FDOăED]DVWLYHLILLQGMRVLDUYkUIXO FDSăWXOvQFDUHSXWHPDFĠLR
3HQWUXDUHDOL]DDFHDVWăRSHUDĠLHYRPIRORVLVXEDOJRULWPXO ™•ă
ăFDUHGHDVH QD ILLQGVXVDúDFXPVHYHGHvQILJXUDDOăWXUDWă 
PHQHD UHWXUQHD]ă YDORDUHD DGHYăUDW vQ FD]XO vQ FDUH VWLYD HVWH SOLQă úL IDOV vQ FD]  6WLYD RYRPSăVWUDvQWUXQWDEORXXQLGLPHQVLRQDOED]DVWLYHL
FRQWUDU ILLQGFDSăWXOGLQVWkQJDLDUYkUIXOILLQGUHSUH]HQWDWvQFDSăWXOGLQ
 
 J™•ă
ă • QJ GUHDSWD
 
JJăJ• J\J†™•ăJ 
JJJJ™•ă
ăJmJDGHYăUDW
([HPSOX 
JJ 
  $P GHFODUDW XQ úLU DYkQG  HOHPHQWH LQGH[DWH GH OD  OD   ED]D
,QLĠLDOL]DUHDVWLYHLFRQVWăvQLQLĠLDOL]DUHDYkUIXOXLYI  
JJJJ™•ă
ăJmJIDOVJJJ 
JJ ú Jă YI        ,QWURGXFHPvQVWLYăQX  YI      
ú   

        PăUXOFH DFXPYI         
 ÌQFHOHFHXUPHD]ăYDORDUHDGLQYkUIXOVWLYHLYDILUHIHULWăSULQ›• œ                

  ,QWURGXFHPvQVWLYăFH 
,QWURGXFHUHDXQXLHOHPHQWvQVWLYă DFXPYI 

 6WLYD

  YI      ,QWURGXFHPvQVWLYăQX    YI    
        PăUXOQU DFXPYI         
               
 ([WUDJHPHOHPHQWXOGLQYkUIXOVWLYHLREĠLQHPFH úLDFXPYI 


  YI      6WLYD 


        
        DE F DEF  )LHE F [([SUHVLDGHYLQHD[ DE F 
 DE F G±H  DEFGH±  )LHDE [([SUHVLDGHYLQH[FGH± 
2EVHUYDĠLH )LHG±H \([SUHVLDGHYLQH[F\ 
 &RQIRUPXQHLDVWIHOGHLPSOHPHQWăULYDORULOHH[WUDVHGLQVWLYăQXVHúWHUJIL]LF )LHF \ ]([SUHVLDGHYLQH[]ÌQORFXLQG
HOHQXYRUPDLILDFFHVDWHGLQFDX]DYkUIXOXLFDUHDIRVWGHSODVDW YDORULOH[\]REĠLQHP DE F G±H 
 
$OJRULWPXO SURSXV SHQWUX WUDQVIRUPDUHD XQHL H[SUHVLL DULWPHWLFH VFULVă vQ IRUPD
(YDOXDUHDH[SUHVLLORUDULWPHWLFH FODVLFă vQIRUPDSRORQH]ăSRVWIL[DWăIRORVHúWHGRXăVWLYH
9RP FRQVLGHUD H[SUHVLL DULWPHWLFH FDUH FRQĠLQ RSHUDWRUL ELQDUL úL YDULDELOH FDUH DX x RSHUvQFDUHVHYRULQWURGXFHRSHUDWRULLúLSDUDQWH]HOHGHVFKLVH
LGHQWLILFDWRULIRUPDĠLGLQWURVLQJXUăOLWHUăPLFăDDOIDEHWXOXLHQJOH]$ERUGDUHDDFHVWHL x SRORQvQFDUHVHYDREĠLQHH[SUHVLDvQIRUPăSRVWIL[DWă
WHPHFRQGXFHVSUHVWXGLXOXUPăWRDUHORUWUHLDVSHFWH 
 6HWUDWHD]ăUkQGSHUkQGILHFDUHFDUDFWHUDOH[SUHVLHLDVWIHO
D  9HULILFDUHDFRUHFWLWXGLQLLXQHLH[SUHVLL
x GDFăHVWHOLWHUă RSHUDQG VDXSDUDQWH]ăGHVFKLVăVHLQWURGXFHvQSRORQ
9DORDUHDXQHLH[SUHVLLQXVHSRDWHFDOFXODGHFkWGDFăH[SUHVLDHVWHFRUHFWVFULVă3HQ
x GDFăHVWHRSHUDWRUVHLQWURGXFHvQRSHUGDUXQRSHUDWRUFXSULRULWDWHPLFăQXSRD
WUXDGHFLGHGDFăRH[SUHVLHHVWHFRUHFWVFULVăYRPYHULILFD
 G WHILLQWURGXVGLUHFWSHVWHXQRSHUDWRUFXSULRULWDWHPDLPDUHÌQWUXQDVWIHOGHFD]
DFăH[SUHVLDQXFRQĠLQHDOWHFDUDFWHUHGHFkWFHOHSHUPLVHvQVSHFLILFDUHDSUREOHPHL LQWURGXFHUHDvQRSHUVHYDIDFHQXPDLGXSăFHvQSUHDODELORSHUDWRULLFXSULRULWDWH
 G PDLPDUHDXIRVWH[WUDúLGLQRSHUúLLQWURGXúLvQSRORQ
DFăILHFDUHRSHUDWRUDUHGRLRSHUDQ]L VHFRQVLGHUăGRDURSHUDWRULELQDUL  x GDFă DYHP FDUDFWHU SDUDQWH]ă vQFKLVă DWXQFL VH PXWă SH UkQG WRĠL RSHUDWRULL GLQ
 G RSHU vQ SRORQ SkQă OD vQWkOQLUHD SDUDQWH]HL GHVFKLVH FRUHVSXQ]ăWRDUH 3DUDQWH]D
DFăQXPHOHILHFăUXLRSHUDQGHVWHFRUHFW HVWHIRUPDWGLQWUROLWHUăPLFă  GHVFKLVăVHHOLPLQăGLQRSHUIăUăDPDLILLQWURGXVăvQSRORQ
 G 
DFăQXPăUXOGHSDUDQWH]HGHVFKLVHHVWHHJDOFXQXPăUXOFHORUvQFKLVHúLQXVHvQFKLGH ([HPSOX
QLFLXQDIăUăVăILHGHVFKLVă )LHH[SUHVLDG D EF ±H
 6HLQWURGXFRSHUDWRULLvQRSHURSHUDQ]LLvQSRORQSkQăODvQWkOQLUHDVHPQXOXLFDUH
E  $GXFHUHDH[SUHVLHLODIRUPDSRORQH]ăSRVWIL[DWă QXSRDWHILLQWURGXVSHVWH GHRDUHFH DUHSULRULWDWHPDLPDUHGHFkW2SHUDWRUXO VH
)RUPDSRORQH]ăDXQHLH[SUHVLLDULWPHWLFHHVWHRVFULHUHIăUăSDUDQWH]HDXQHLH[SUHVLL PXWăvQSRORQWRWDFRORVHLQWURGXFHúLOLWHUDF$SDULĠLDFDUDFWHUXOXLSDUDQWH]ăvQFKLVă
DULWPHWLFH FDUH vQ VFULHUHD FODVLFă SRDWH Vă FRQĠLQă úL SDUDQWH]H ÌQ IRUPD SRORQH]ă DUHFDHIHFWPXWDUHDRSHUDWRUXOXLvQSRORQúLHOLPLQDUHDSDUDQWH]HLGHVFKLVHGLQRSHU
RSHUDWRUXO HVWH VFULV LPHGLDW GXSă FHL GRL RSHUDQ]L 'DFă XQXO GLQ RSHUDQ]L HVWH OD
UkQGXOOXLRH[SUHVLH RVXEH[SUHVLH DWXQFLúLDFHDVWDVHVFULHSHED]DUHJXOLLGHPDL
VXV'ăPFkWHYDH[HPSOH

([SUHVLH )RUPDSRORQH]ă
([SOLFDĠLL
DULWPHWLFă SRVWIL[DWă
 6WLYD 6WLYD 
 
 F ±H ±H Y       

 8UPăWRDUHDRSHUDĠLHGHHIHFWXDWHVWHDFDGLFă 6WUXFWXUDFHORUGRXăúL
± UXULVHPRGLILFăDVWIHO
H LQGLFH     
 H[SUHVLD G D H ±
 Y     
F F 
 $FXPXUPHD]ăGD UHVSHFWLY  
 
 E  E E LQGLFH   
 D D D H[SUHVLD G H ±

Y   
 G G G

RSHU SRORQ RSHU SRORQ RSHU SRORQ ÌQILQDOGH±DGLFă± GHFLVHREĠLQH


ÌQDFHVWFD]REĠLQHPH[SUHVLDvQIRUPăSRORQH]ăSRVWIL[DWăvQSRORQGDE F H± LQGLFH 
 H[SUHVLD G
 Y 
F (YDOXDUHDXQHLH[SUHVLLGDWHVXEIRUPăSRORQH]ăSRVWIL[DWă 2EVHUYDĠLH
6ăFRQVLGHUăPFăVHFLWHVFYDORULSHQWUXYDULDELOHOHDEFGúLH GHH[HPSOXILHD  ÌQFD]XOXQHLH[SUHVLLvQFDUHDYHPGRLRSHUDWRULFRQVHFXWLYLGLIHULĠLGDUDPELLDX
E F G H  6HFRQVWUXLHúWHúLUXOGHYDORUL Y FRUHVSXQ]ăWRUH[SUHVLHL SULRULWDWHPD[LPăRUGLQHDDFHVWRUDvQIRUPDSRORQH]ăSRVIL[DWăWUHEXLHLQYHUVDWăSHQ
$FHVWúLUYDFRQĠLQHDWkWHDHOHPHQWHFkWHFDUDFWHUH OLWHUHúLRSHUDWRUL H[LVWăvQH[SUH WUXDSHUPLWHHIHFWXDUHDRSHUDĠLLORUGHODVWkQJDODGUHDSWD
VLHLDUYDORULOHFRUHVSXQ]ăWRDUHSR]LĠLLORURFXSDWHGHYDULDELOHYRUILYDORULOHFLWLWHDOH 
DFHVWRUDvQUHVWFRUHVSXQ]ăWRUFDUDFWHUHORUFDUHUHSUH]LQWăRSHUDWRULYDORDUHDHVWH ([HPSOX
 )LH GDWHOH GH LQWUDUH D EF úL D   E   F   )RUPD SRVWIL[DWă FRUHFWă HVWH
LQGLFH          DE FLDUYDORDUHDFRUHVSXQ]ăWRDUHH[SUHVLHLHVWH'DFăQXVDULQYHUVDRSHUDWRULL
H[SUHVLD G D E F  H ± DOJRULWPXOGHPDLVXVDUIXUQL]DH[SUHVLDDEF úLYDORDUHD
Y          
 3UREOHPHSURSXVH
3HPăVXUăFHVHHIHFWXHD]ăFkWHRRSHUDĠLHGLQFHOHGRXăúLUXULVHYRUHOLPLQDHOH
PHQWHOH FRUHVSXQ]kQG RSHUDWRUXOXL úL RSHUDQGXOXL FDUH vO SUHFHGH GHRDUHFH YDORDUHD 
UH]XOWDWăGLQRSHUDĠLHvLYDILDWULEXLWăHOHPHQWXOXLGHSHSR]LĠLDFRUHVSXQ]ăWRDUHSUL &RQYHUVLHGLQED]DvQDOWăED]ă
PXOXLRSHUDQG 6ă VH FRQYHUWHDVFă QXPăUXO QDWXUDO Q GDW vQ ED]D  vQWUR ED]ă GH QXPHUDĠLH PDL
ÌQ H[HPSOX SULPD RSHUDĠLH FDUH VH HIHFWXHD]ă HVWH DE  UH]XOWDWXO REĠLQXW HVWH PLFăGHFkW&LIUHOHQRXOXLQXPăUVHYRUSăVWUDvQWURVWLYă
  YDORDUHFDUHYDILDWULEXLWăúLUXOXLYSHSR]LĠLDFRUHVSXQ]ăWRDUHFDUDFWHUXOXLD 
HVWHSULPXORSHUDQGDOH[SUHVLHLHYDOXDWHDE ùLUXULOHGHYLQ 'DWHGHLQWUDUH
 'LQ ILúLHUXO %#!&$ VH FLWHVF GRXă QXPHUH QDWXUDOH 3ULPXO UHSUH]LQWă ED]D GH QX
LQGLFH        PHUDĠLHEvQFDUHVHGRUHúWHFRQYHUVLDDOGRLOHDHVWHQXPăUXOQUHSUH]HQWDWvQED]D
H[SUHVLD G D F  H ± 
 6WLYD 6WLYD 
 
'DWHGHLHúLUH !A#&$ !A#&'(!J
ˆˆJ ™J
%JJQJJˆˆJJŒJ‰JJ
)LúLHUXOGHLHúLUH%#!&'(!YDFRQĠLQHRVLQJXUăOLQLHSHFDUHVHYRUDIODFLIUHOHQXPă
JˆˆJJŒJ‰JJ ™J QJJ‰JŒJJˆˆJ
UXOXLUH]XOWDWGLQFRQYHUVLH  JJJQJJ‰JŒJJ

([SOLFDĠLH
5HVWULFĠLLúLSUHFL]ăUL  VHH[WUDJH 44
x dQd
x dEd
 21
([HPSOX 
%#!&$ %#!&'(!J 9 21
ŠJJŠJ “
8 7 9

7 8
7LMDFXELOH 8
3HRWLMăYHUWLFDOăVXGDWăODED]ăVXQWGLVSXVHQELOHSHUIRUDWHvQFHQWUXúLQXPHURWDWH 44 9 7
FXQXPHUHvQWUHJLRDUHFDUH6HGRUHúWHHOLPLQDUHDELOHLHWLFKHWDWHFXQXPăUXO[IROR
12 12 21 12
VLQGXVHRDOWăWLMăYHUWLFDOăSHFDUHSRWILPXWDWHWHPSRUDUELOH
 6FULHĠLXQSURJUDPFDUHFLWHúWHQXPHUHOHDVRFLDWHFHORUQELOHGHSXQHELOHOHSHWLMă
ID]D ID]D ID]D
DSRLIRORVLQGWLMDGHPDQHYUăHOLPLQăELODDYkQGHWLFKHWDQXPăUXO[ 
 
'DWHGHLQWUDUH 7LMăFXELOHFRORUDWH
3ULPDOLQLHDILúLHUXOXLGHLQWUDUH!A#&$FRQĠLQHQXPăUXO[DVRFLDWELOHLFDUHWUHEXLH 3HRWLMăYHUWLFDOăVHJăVHVFDPHVWHFDWHPELOHFRORUDWHDYkQGQFXORULSRVLELOH6ăVH
HOLPLQDWăGHSHWLMă3HXUPăWRDUHDOLQLHVHDIOăQXPHUHOHDVRFLDWHELOHORU$FHVWHQX VHSDUHDFHVWHELOHSXQkQGXOHSHQWLMHFRORUDWHILHFDUHELOăGHSHRDQXPLWăWLMăDYkQG
PHUHYRUILVHSDUDWHSULQFkWHXQVSDĠLX FXORDUHDWLMHL%LOHOHVXQWQXPHURWDWHGHODODPLDUFXORULOHVXQWFRGLILFDWHFXQXPH
 UHGHODODQ
'DWHGHLHúLUH 
)LúLHUXOGHLHúLUH!A#&'(!YDDYHDXUPăWRDUHDVWUXFWXUă 'DWHGHLQWUDUH
 3HSULPDOLQLHVHYDVFULHPHVDMXO™J
%JJQJXUPDWGHYDORUL 3HSULPDOLQLHDILúLHUXOXL *#&$VHDIOăQXPăUXOGHELOH P úLQXPăUXOGHFXORUL
OHDVRFLDWHELOHORUvQRUGLQHDFLWLULLGLQILúLHUXOGHLQWUDUH Q 3HXUPăWRDUHDOLQLHVHDIOăúLUXOFXORULORUFHORUPELOHVHSDUDWHSULQFkWHXQVSDĠLX
 3HDGRXDOLQLHVHYDVFULHPHVDMXO™J QJXUPDWGHYDORULOHDVRFLDWHEL 
OHORUFDUHVHH[WUDJGHSHWLMDSkQăODELODQXPHURWDWăFXYDORDUHD[LQFOXVLY 'DWHGHLHúLUH
 3HDWUHLDOLQLHVHYDVFULHPHVDMXO J J J QJ XUPDWGHDILúDUHD )LúLHUXOGHLHúLUH *#&'(!YDFRQĠLQHQOLQLLFRUHVSXQ]ăWRDUHILHFăUHLFXORULDYkQG
YDORULORUDVRFLDWHELOHORUUăPDVHSHWLMăGXSăHOLPLQDUHDELOHLDYkQGFDHWLFKHWăQXPă XUPăWRUXOFRQĠLQXW
UXO [ úL GXSă UHSXQHUHD SH WLMD  D ELOHORU SăVWUDWH WHPSRUDU SH WLMD  $ILúDUHD VH YD JJ%QJXUPDWGHXQQXPăUFDUHUHSUH]LQWăFXORDUHDDVRFLDWăWLMHL
IDFHvQFHSkQGFXYkUIXOWLMHLPHUJkQGVSUHED]ă DSRLSHUkQGXOXUPăWRUYDILVFULVúLUXOQXPHUHORUGHRUGLQHDOHELOHORUDIODWHSHDFHDVWă
 WLMă$FHVWHQXPHUHYRUILVHSDUDWHSULQFkWHXQVSDĠLX'DFăSHRDQXPLWăWLMăQXH[LVWă
5HVWULFĠLLúLSUHFL]ăUL ELOHSHOLQLDUHVSHFWLYăVHYDVFULHJ•”
x dQd 
x QXPHUHOHGHSHELOHúL[VXQWQXPHUHvQWUHJL 5HVWULFĠLLúLSUHFL]ăUL
 x dPd
([HPSOX x dQd
 6WLYD 6WLYD 
 
 9" &$J 9" &'(!
([HPSOX  ~˜ % J "J
%%
*#&$ *#&'(! ‡J|JJ|J
JˆJ JJ%JJ  
JJJ‡JJ‡JJ ‡J|JJ 9" &$ 9" &'(!
J JJ%JJ %~˜¤ % J %˜%¤~J
JJ JˆJ‡ ‡

JJ%J‡J
ˆJŠJ
JJ%JˆJ
J•”J
6ROXĠLLOHSUREOHPHORUSURSXVH
 
9DORDUHDXQHLH[SUHVLLDULWPHWLFH &RQYHUVLHGLQED]DvQDOWăED]ă
7UHFHUHD XQXL QXPăU vQWUHJ GLQ ED]D GH QXPHUDĠLH  vQWUR DOWă ED]ă VH IDFH SULQ
6HFLWHúWHRH[SUHVLHDULWPHWLFăvQFDUHVHIRORVHVFRSHUDWRULLELQDUL± XQGH
vPSăUĠLULVXFFHVLYHDOHQXPăUXOXLODQRXDED]ăQXPăUXOILLQGDFWXDOL]DWODILHFDUHSDV
SULQRSHUDWRUXOÄ´YRPvQĠHOHJHFkWXOvPSăUĠLULLvQWUHJLDOSULPXOXLRSHUDQGODDOGRL
FXFkWXOREĠLQXW
OHD LDU SULQ RSHUDWRUXO ô UHVWXO vPSăUĠLULL vQWUHJL 9DULDELOHOH DFHVWHL H[SUHVLL DX

LGHQWLILFDWRULIRUPDĠLGLQWURVLQJXUăOLWHUă1XVHIRORVHVFFRQVWDQWH
([HPSOX
6ăVHYHULILFHGDFăH[SUHVLDHVWHFRUHFWVFULVăLDUvQFD]DILUPDWLYVăVHGHWHUPLQH  3HQWUXDWUHFHQXPăUXOGLQED]DvQED]DDYHPXUPăWRDUHDVXFFHVLXQHGH
IRUPDSRORQH]ăSRVWIL[DWăDDFHVWHLDúLVăVHFDOFXOH]HYDORDUHDH[SUHVLHLSHQWUXYDORUL vPSăUĠLUL
DOHYDULDELOHORUFLWLWHFDGDWHGHLQWUDUH
1XPăU &kW %D]D 5HVW
'DWHGHLQWUDUH
3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH9" &$VHJăVHúWHH[SUHVLD3HXUPăWRDUHD   ˜
OLQLH VH DIOă YDORULOH YDULDELOHORU VHSDUDWH SULQ FkWH XQ VSDĠLX vQ RUGLQHD DOIDEHWLFă D   ˜
GHQXPLULLDFHVWRUDúLQXQHDSăUDWvQRUGLQHDGHDSDULĠLHvQH[SUHVLH   ˜
   ˜
'DWHGHLHúLUH   ˜
)LúLHUXOGHLHúLUH 9" &'(!YDFRQĠLQHSHSULPDOLQLHH[SUHVLDDULWPHWLFăvQIRU  
PDSRORQH]ăSRVWIL[DWăLDUSHDGRXDOLQLHVHYDDIODYDORDUHDH[SUHVLHLSHQWUXYDORULOH 


YDULDELOHORUFLWLWHGLQILúLHUXOGHLQWUDUH  2EVHUYăPFăUH]XOWDWXOGRULWHVWHFRQVWUXLWSULQFXOHJHUHDUHVWXULORUvQRUGLQHLQYHU
ÌQ FD]XO vQ FDUH H[SUHVLD QX HVWH FRUHFW VFULVă ILúLHUXO GH LHúLUH YD FRQĠLQH QXPDL VăÌQFRQFOX]LH 
PHVDMXO"J
%%だ
  3HQWUXDUHDOL]DFRQYHUVLDXQXLQXPăUGLQWURED]ăvQDOWDDPSXWHDIRORVLRYDULD
5HVWULFĠLLúLSUHFL]ăUL ELOăvQFDUHDPSăVWUDSXWHUHDOXLFDUHFRUHVSXQGHUDQJXOXLDFHOHLFLIUHDSRLODILH
x H[SUHVLDFLWLWăDUHFHOPXOWGHFDUDFWHUH FDUHSDVDPDGXQDODUH]XOWDWFLIUDvQPXOĠLWăFXDFHDVWăSXWHUH
x WRDWHYDORULOHYDULDELOHORUVXQWQXPHUHvQWUHJL 
x H[SUHVLDQXFRQĠLQHRSHUDWRULXQDUL ([HPSOX
 5HVW 3 5H]XOWDW
([HPSOH    
9" &$ 9" &'(!
~˜J ˜~J    
‡J| Œ    
     
 6WLYD 6WLYD 
 
     'DFă UHVWXO vPSăUĠLULL U HVWH PDL PLF GHFkW  FDUDFWHUXO FLIUă FRUHVSXQ]ăWRU YD
 DYHDFRGXOHJDOFXFRGXOFDUDFWHUXOXL`SOXVUHVWXOREĠLQXWGLQvPSăUĠLUH

 2VROXĠLHPXOWPDLQDWXUDOăDUFRQVWDvQSăVWUDUHDFLIUHORUvQWUXQYHFWRUSHPăVXUă FDUDFWHU `J   ‡ ˆ | Š  Œ ‰
FHDFHVWHDVHREĠLQDILúDUHDFLIUHORUIăFkQGXVHGXSăWHUPLQDUHDDOJRULWPXOXLvQRUGL FRG ˆŒJ ˆ‰J |`J |J |J |‡J |ˆJ ||J |ŠJ |J
QHLQYHUVăDREĠLQHULLORUÌQIXQFĠLHGHFHULQĠăGLQúLUXOFLIUHORUSDUFXUVGHODVIkUúLW 

VSUHvQFHSXWVDUSXWHDFRQVWUXLúLQXPăUXOIRORVLQGVFKHPDOXL+RUQHU  'H H[HPSOX SHQWUX U   FRGXO FDUDFWHUXOXL ‡ HVWH HJDO FX FRGXO FDUDFWHUXOXL
 `SOXV‡ U ÌQOLPEDMXO3DVFDODFHDVWăH[SUHVLHVHVFULHDVWIHO
([HPSOX & — ` ~ 
 ,QWURGXFHUHDFLIUHORU ÌQPRPHQWXO  ÌQ PRG VLPLODU GDFă UHVWXO vPSăUĠLULL HVWH PDL PDUH VDX HJDO FX  DFHVWVXUSOXV
vQWLPSXOFRQYHUVLHL WHUPLQăULL SHVWHHVWHDGXQDWODFRGXOFDUDFWHUXOXL REĠLQkQGXVHFRGXOOLWHUHLFRUHVSXQ]ă
FRQYHUVLHL WRDUHUHVWXOXL

 ([HPSOX

 3HQWUXU VXUSOXVXOHVWH&RGXOOXLHVWHŠ|DGXQăPˆúLREĠLQHPŠ‰FDUH
 UHSUH]LQWăFRGXOFDUDFWHUXOXL"
   $ILúDUHDFLIUHORU  ÌQ DOJRULWPXO SURSXV SHQWUX UH]ROYDUHD DFHVWHL SUREOHPH DP QRWDW FX QU QXPăUXO
  REĠLQXWH
 vQWUHJFDUHWUHEXLHFRQYHUWLWFXEED]DGHQXPHUDĠLHvQFDUHVHIDFHFRQYHUVLDFXUH]
     úLUXOGHFDUDFWHUHvQFDUHREĠLQHPUH]XOWDWXOFRQYHUVLHL
 J
 2DVWIHOGHVWUXFWXUăvQFDUHDGăXJăPúLH[WUDJHPHOHPHQWHQXPDLODXQFDSăWVH  J
•
˜‹ QJ
QXPHúWHVWLYăÌQFD]XOvQFDUHVWLYDHVWHUHSUH]HQWDWăIRORVLQGXQúLURSHUDĠLLOHGHDGă JJ‹JJmJJ
XJDUHúLH[WUDJHUHVXQWXúRUGHUHDOL]DWSULQDGăXJDUHDXQXLHOHPHQWQRXGXSăXOWLPXO JJ

ăJ
H[LVWHQWUHVSHFWLYSULQHOLPLQDUHDXOWLPXOXLHOHPHQWDGăXJDW JJJJ%žJmJ›
’˜œJJ ^FDOFXOăPFkWXOúLUHVWXOvPSăUĠLULLODED]ă`
 JJJJJmJ›
’˜œJJ ^GLQFRQVWUXLPFLIUDFRUHVSXQ]ăWRDUHvQED]DE`J
 ([HPSOXODQDOL]DWDQWHULRUDIRVWUHDOL]DWSHQWUXRED]ăGHQXPHUDĠLHPDLPLFăGH JJJJăJJJ¥`‰¦J JJ
FkW6ăFRQVLGHUăPXQH[HPSOXQRXXQGHED]DGHQXPHUDĠLHVăILHPDLPDUHGHFkW JJJJJJ%JmJ& — ` J~J J
&LIUHOHED]HLYRUDYHDYDORULOH2EVHUYăPFă JJJJ 
JJJ
 úL  VXQW QXPHUH IRUPDWH GLQ PDL PXOWH FLIUHvQFRQFOX]LHQXSRWILXWLOL]DWHFD JJJJJJ%JmJ& —  J~JJJ` J
FLIUH DOH QXPăUXOXL UH]XOWDW ÌQ ORFXO ORU YRP IRORVL VLPEROXUL OLWHUH DOH DOIDEHWXOXL  JJJJ ú ă
FRQIRUPXQHLFRQYHQĠLLELQHFXQRVFXWH JJJJ
JmJ%žJJ ^VFKLPEăPYDORDUHDOXL
SHQWUXSDVXOXUPăWRU`J
 YDILVLPEROL]DWSULQOLWHUD$ JJJJ‹JmJ%J~J‹JJJJJ ^DGăXJăPFLIUDODUH]XOWDW RDOLSLP `
 YDILVLPEROL]DWSULQOLWHUD% JJ ă
J\J`J
 ú   
 ÌQFD]XOXQRUED]HGHQXPHUDĠLHPDLPDULGHFkWYRUDSăUHDúLDOWHOLWHUHvQIXQF 
ĠLHGHQXPăUXOGHYDORULFDUHVWDXODED]DVLVWHPXOXLGHQXPHUDĠLHUHVSHFWLYÌQHQXQĠ 7LMDFXELOH
VDVSHFLILFDWFăED]DGHQXPHUDĠLHHVWHPDLPLFăGHFkWGHFLFHDPDLPDUHSRDWHIL 'LQHQXQĠXOSUREOHPHLVHREVHUYăFăVHGRUHúWHXWLOL]DUHDDGRXăVWUXFWXULGHWLSVWLYă
FDUHQHFHVLWăGHVLPEROXUL GHODFLIUDODÄFLIUD´3HQWUXFLIUHOHDFHVWHLED]H SHQWUXILHFDUHGLQFHOHGRXăWLMHÌQDFHDVWăVLWXDĠLHQHVXQWH[WUHPGHXWLOLVXEDOJRULW
YRPIRORVLFDUDFWHUHOHGHODOD FDUDFWHUH úLGHOD$OD= FDUDFWHUH /LWHUD PLLGHLQWURGXFHUHvQVWLYăUHVSHFWLYH[WUDJHUHGLQVWLYăVXEDOJRULWPLDFăURUXWLOL]DUH
$FRUHVSXQGHÄFLIUHL´úL=ÄFLIUHL´ XúXUHD]ăPXOWvQWUHJXODOJRULWP$FHúWLVXEDOJRULWPLDXIRVWGHVFULúLvQSDUWHDWHRUHWLFă
 3HQWUXUH]ROYDUHDSUREOHPHLHQXQĠDWHIRORVLPFDVWLYăXQúLUGHFDUDFWHUHGHRDUHFH DFDSLWROXOXLúLYRUILXWLOL]DĠLH[DFWvQDFHHDúLIRUPăúLvQXUPăWRDUHOHDSOLFDĠLLFXVWLYH
FLIUHOHQXPăUXOXLUH]XOWDWYRUILFDUDFWHUH FLIUHVDXOLWHUH   3HQWUXUHSUH]HQWDUHDVWUXFWXULLGHGDWHGHWLSVWLYăYRPGHFODUDXQWLSWDEORXXQLGL
 6WLYD 6WLYD 
 
PHQVLRQDODYkQGHOHPHQWHQXPHUHvQWUHJL9kUIXOVWLYHLYDILFRQVLGHUDWWRWWLPSXOLQ JJ   J• J…J`J

 ăQJ J
GLFHOHXOWLPXOXLHOHPHQWDOúLUXOXL JJJJ" †
™•ă • 
 J
 6XEDOJRULWPXOGHFUHDUHDVWLYHLFRUHVSXQ]ăWRDUHWLMHL JJJJă ¡
™•ă • 
 J
J  ú    
 J™•ă •  QJ ^'LP6WLYD `J ú   
JJ• JmJ`J ^LQLĠLDOL]DUHVWLYD` 
  ^FLWLUHDQXPHUHORUúLFUHDUHDVWLYHLFRUHVSXQ]ăWRDUHWLMHL`  3HQWUX D SXWHD DILúD ELOHOH GH SH WLMD  FRQIRUP FHULQĠHL GH OD YkUI VSUH ED]ă  YD
JJ 
J™J
%JJQJJ WUHEXLVăOHPXWăPGLQQRXSHWLMD'HILHFDUHGDWăFkQGYRPOXDvQPkQăRELOăYRP
JJJmJ`JJ ^YDULDELOăDX[LOLDUă`J VFULHQXPăUXOFRUHVSXQ]ăWRUvQILúLHUXOGHLHúLUH
JJ   ILúLHUXOQXHVWHJROú JJ†™• J

 ă,J J
JJJJ
ú
J
J  J ú •  QJJ
JJ 
JJJJQJJ
JJJJJmJJ~JJ
JJJJ 
J
JJ JJ• JmJ`J
JJJJă ¡
™•ă • 
 J JJ   J• J…J`J

 ă,J
 ú     JJJJ" †
™•ă • 
 J
JJăJILúLHUXOQXHVWHJROJ JJ ^QXDPSXWXWFLWLvQWUHJXOILúLHUGHLQWUDUH`J JJJJ 
J
J ^VFULHUHDvQILúLHUDELOHORUUăPDVH`J
JJJJ 
J™•JJ
”J JJJJă ¡
™•ă • 
 J
 ú    
JJJJ2SULUHIRUĠDWăDOJRULWP ú   
JJ ú ăJ
ú    J
 6XEDOJRULWPXOvQFDUHVHUHDOL]HD]ăFăXWDUHDELOHLDYkQGHWLFKHWD[úLFUHDUHDVWLYHL %LOHFRORUDWH
FRUHVSXQ]ăWRDUHWLMHL 5H]ROYDUHDDFHVWHLSUREOHPHQHFHVLWăXWLOL]DUHDXQXLúLUGHQVWLYHvQFDUHYRUILSăVWUD
 WHQXPHUHOHGHRUGLQHDOHELOHORUUHSDUWL]DWHSHFXORUL6XQWIRORVLWHGLQQRXSURFHGXUL
 JăX • •  QJ OHFODVLFHGHLQWURGXFHUHvQVWLYăúLH[WUDJHUHGLQVWLYă
JJ• JmJ`J ^LQLĠLDOL]DUHVWLYD`  9RPGHFODUDWLSXO•vQIHOXOXUPăWRU
JJ 
J™J QJ ^H[WUDJHUHDGHSHWLMDDELOHORUSkQăOD` 
  ^vQWkOQLUHDELOHLDYkQGFDHWLFKHWăQXPăUXOFăXWDW`J
J•\ ›†™•œJJXYKJ
JJ   J • J…J` JúJ ›• œJzJ J

 ă,J XQGH†™•HVWHHJDOFX QXPăUPD[LPGHELOH 
JJJJ" †
™•ă • 
 J 
JJJJ 
J
J  ÌQVXEDOJRULWPLLGHUH]ROYDUHDPQRWDWFXVWLYHXQúLUGHVWLYHDYkQGFHOPXOW
JJJJă ¡
™•ă • 
 J GHHOHPHQWH QXPăUXOPD[LPGHFXORULHVWH 9kUIXULOHFHORUQVWLYHVXQWSăVWUDWH
JJ ú    J
vQúLUXOGHQXPHUHQDWXUDOHYkUIXUL6WLYDVWGHYkUIYkUIFXSULQGHLQLĠLDOFXORULOHWXWX
JJăJ›• œJ\JJ J ^DPDMXQVODELODFăXWDWăFDUHVHHOLPLQă`J
URUELOHORUFLWLWH1XPăUXOGHRUGLQHDOELOHLFXUHQWHHVWHQUBELOD
JJJJ" †
™•ă • 
 J

 

 
ƒJJ˜J%J%&J  J •ž QJJ ^VHFUHHD]ăVWLYDLQLĠLDOăFXWRDWHELOHOH`J
 ú ă JJ•ž JmJ`J
ú    JJ
ú
J
JJJ ^QXPăUXOELOHORUúLFXORULORU`
 JJ
 \J

 ă,J
 %LOHOHUăPDVHSHWLMDOHYRPPXWDvQDSRLSHWLMD JJJJ
ú
J%JJ ^FXORDUHDELOHL`
 JJJJă ¡
™•ă •ž % J
 J„㠏• •  QJ  ú 
 
J J ^ELOHOHGHSHWLMDVXQWSXVHODORFSHWLMD` ú   
 6WLYD 6WLYD 
 
  ^YDULDELOăDX[LOLDUăODVIkUúLWYDORDUHDHLVHDWULEXLHLGHQWLILFDWRUXOXLGHIXQFĠLH`J
 6XEDOJRULWPXOGHUH]ROYDUHDSUREOHPHL JJ%JmJDGHYăUDW
J
 J†˜ •ž ••ž  QJ
JJăJ›œ\ J JJ ^SULPXOFDUDFWHUvOWUDWăPVHSDUDW`J
JJJJ%&JmJ%&J~JJ
JJ
 J\
J

 ă, ^LQLĠLDOL]DUHDFHORUQVWLYH`
JJ ú ă
JJJJ•ž ›œJmJ`J JJăJ›œJ\J J JJ
 ú 
 JJ
JJJJ%JmJIDOVJ
  ^OXăPELOHOHGHSHWLMDLQLĠLDOăúLOHGLVWULEXLPSHVWLYHFRQIRUPFXORULORU`J JJ ú ă
JJ
˜ăJmJJJ J
 ^VăQXvQFHDSăVDXVăQXVHWHUPLQHFXRSHUDWRU`
JJ   •ž J…J`J

 ă,J
JJJJ" †
™•ă •ž % J JJăJ ›œHVWHRSHUDWRU J J ›
œHVWHRSHUDWRU J J
JJJJă ¡
™•ă •›%œ•ž ›%œ
˜ă J JJJJ%JmJIDOVJ
JJJJ
˜ăJmJ
˜ăJJJ  ú ă
 ú     JmJJ
ú    JJ   J JdJ
JúJ%J

 ă,J
J ăJ›œJHVWHOLWHUăúHVWHRSHUDWRUúHVWHSDUDQWH]ă JJ
 $ILúDUHDVWLYHORUOHYRPUHDOL]DFXDMXWRUXOVXEDOJRULWPXOXL" †
™•ă JJJJJJ%JmJIDOVJ
6XEDOJRULWPXOGHDILúDUHvOFRQFHSHPSHQWUXDILúDUHDXQHLVLQJXUHVWLYHúLvOYRPDSHOD  ú ăJJ
GLQSURJUDPXOSULQFLSDOSHQWUXFHOHQFXORUL'DFăYRUILVWLYHYLGH RDQXPLWăFXORDUH 
OLSVHúWH vQVXEDOJRULWPXO" †
™•ăYRPDILúDXQPHVDMFRUHVSXQ]ăWRU 
 J ú™•ă •ž QJ  ^GDFăQXPHOHXQHLYDULDELOHHVWHIRUPDWGLQPDLPXOWHOLWHUH`
   J•ž J…J`J

 ă,J JJJJăJ ›œHVWHOLWHUă JúJ ›œHVWHOLWHUă J 
JJJJ" †
™•ă •ž 
˜ă KJ
%JmJIDOVJ
JJJJ 
J
˜ăJ
JJJJ ú ă
 ú    
ú     ^VDXGDFăH[LVWăGRLRSHUDWRULFHVHVXFFHGH[SUHVLDQXHVWHFRUHFWă`
JJJJăJ ›œHVWHRSHUDWRU JúJ ›œHVWHRSHUDWRU J J
 JJJJJJ%JmJIDOVJ
9DORDUHDXQHLH[SUHVLLDULWPHWLFH  ú ă
ÌQSUH]HQWDUHDWHRUHWLFăVXVĠLQXWăFXH[HPSOHVHFRQWXUHD]ăWUHLHWDSHQHFHVDUHHYDOX JJJJăJ›œJ\J J JJ ^VHQXPăUăSDUDQWH]HOHFkQGVHGHVFKLG`J
ăULLXQHLH[SUHVLL JJJJJJ%&JmJ%&J~JJ
x YHULILFDUHDFRUHFWLWXGLQLLH[SUHVLHL  ^GDFăvQDLQWHDXQHL DYHPRYDULDELOăVDX H[SUHVLDQXHVWHFRUHFWă`
x WUDQVIRUPDUHDH[SUHVLHLvQWURIRUPăIăUăSDUDQWH]H ăJ ›œJHVWHOLWHUă J J ›œJ\J  J JJ
x HYDOXDUHDSURSULX]LVăDH[SUHVLHL JJJJJJJJ%JmJIDOVJ
 JJJJJJ ú ă
 $OJRULWPLL GH UH]ROYDUH DOH FHORU WUHL VXESUREOHPH vL YRP GHVFULH VHSDUDW vQ WUHL JJJJ ú ă
VXEDOJRULWPL JJJJăJ›œ\ J JJ ^VHvQFKLGHRSDUDQWH]ăGHVFKLVă`J
 JJJJJJăJ%&JdJ`J JJ ^GDFăVHvQFKLGHXQDQHGHVFKLVă`J
D 9HULILFDUHDFRUHFWLWXGLQLLXQHLH[SUHVLL JJJJJJJJ%JmJIDOVJ
 JJJJJJ 
JJ
 J%ă  QJ JJJJJJJJ%&JmJ%&JŸJJ
JJ
JmJOXQJLPHDúLUXOXLGHFDUDFWHUHJ JJJJJJ ú ă
JJ%&JmJ`J  ^GDFăvQIDĠDXQHLSDUDQWH]HvQFKLVHHVWHXQRSHUDWRU`
 6WLYD 6WLYD 
 
JJJJJJăJ›œHVWHRSHUDWRU JJ  ^RSHUDWRULLFXSULRULWDWHPDLPDUHVHVFRWGLQRSHUúLVHLQWURGXFvQSRORQ`
JJJJJJJJ%JmJIDOVJ JJJJJJ    • JzJ` Jú
JJJJJJ ú ă   ›• œ JJ ›œ J

 ă,
 ú ă JJJJJJJJ" • % J
JmJJ~J JJJJJJJJ 
• 
% J
 ú     JJJJJJ ú    
%%ăJmJ% JJJJJJ • ›œ JJ ^VHDGDXJăRSHUDWRUXOVDX±`
ú   JJ  ú ă
  ^FDUDFWHUXOFXUHQWHVWHSDUDQWH]ăvQFKLVăVHPXWăWRĠLRSHUDWRULL`
E $GXFHUHDH[SUHVLHLODIRUPDSRORQH]ăSRVWIL[DWă  ^GLQRSHUvQSRORQSkQăODvQWkOQLUHDSDUDQWH]HLGHVFKLVHFRUHVSXQ]ăWRDUH`
9RPUHDOL]DRLPSOHPHQWDUHFDUHIRORVHúWHFHOHGRXăVWLYHSUH]HQWDWHvQVXSRUWXOWHR  ^SDUDQWH]DGHVFKLVăVHHOLPLQăGLQRSHU`
UHWLF DO OHFĠLHL ÌQ YDULDELOD V FLWLP H[SUHVLD GDWă FX SDUDQWH]H LDU UH]XOWDWXO VH YD ăJ›œJ\J J  ^H[SUHVLDGLQWUHGRXăSDUDQWH]HGHVFKLVH`
FRQVWUXL vQ UH]XOW DPEHOH YDULDELOH ILLQG GH WLS  &HOH GRXă VWLYH RSHU úL  ^VHPXWăvQSRORQúLVHHOLPLQăGLQRSHUSDUDQWH]DGHVFKLVă`
SRORQ DXYkUIXULOHvQYIRSHUúLYISRORQ JJJJJJ   J›• œJzJ J

 ă,J
 JJJJJJJJ" • % J
 J“ ă ‹ QJ JJJJJJJJ 
• 
% J
JJ• JmJ`JJ JJJJJJ ú    
JJ• 
JmJ`JJ JJJJJJ" • % JJ ^HOLPLQăP J`J
JJĠJmJ¥¦JJ ^IRUPăPPXOĠLPHDQXPHORUGHYDULDELOHGLQH[SUHVLH` JJJJ ú ă

 J\OXQJLPHDOXL

 ă,^SUHOXFUăPILHFDUHFDUDFWHUDOH[SUHVLHL`J JJ ú 
 
 ^FDUDFWHUXOOLWHUăVDXSDUDQWH]ăGHVFKLVăVHLQWURGXFHvQSRORQúLVHDGDXJăOD`  ^WRWFHHDFHDUăPDVvQRSHUVHPXWăvQSRORQ`
 ^PXOĠLPHDGHOLWHUHGHFDUHYRPDYHDQHYRLHSHQWUXDFLWLYDORULOHYDULDELOHORU`    J• JzJ`J

 ă,J
JJJJ" • % J
ăJ›œHVWHOLWHUă J
JJJJ 
• 
% J
JJJJJJ 
• 
›œ JJ ^VHDGDXJăvQSRORQ`  ú    
JJJJJJĠJmJĠJ‰J›œJ ú   
 ú ă J
ăJ›œJ\J J  F (YDOXDUHDXQHLH[SUHVLLDIODWHvQIRUPăSRORQH]ăSRVWIL[DWă
JJJJJJ • ›œ JJ ^VHDGDXJăvQRSHU` 3HQWUXvQFHSXWVHFRQVWUXLHúWHXQúLUYGLQYDORULOHYDULDELOHORUGLQH[SUHVLHvQRUGLQHD
 ú ă vQFDUHDSDUvQH[SUHVLH3R]LĠLLOHFRUHVSXQ]ăWRDUHRSHUDWRULORUVDXSDUDQWH]HORUVHLQL
 ^FDUDFWHUXORSHUDWRUVHLQWURGXFHvQRSHU` ĠLDOL]HD]ăFXYDORDUHD
 ^GRLRSHUDWRULFRQVHFXWLYLGHDFHHDúLSULRULWDWHVHLQYHUVHD]ă`  ([SUHVLDILLQGvQIRUPăSRORQH]ăSRVWIL[DWăODILHFDUHSDVFăXWăPSULPXORSHUDWRU
ăJ ›œJ\J‘ J J ›œJ\J’ J J ›œJ\J¤ J  SHQWUXDHIHFWXDvQWkLDFHDRSHUDĠLH
ăJ • JzJ` Jú  ÌQDOJRULWPQRWăPFXQOXQJLPHDH[SUHVLHLGHFLúLDúLUXOXLYLDUvQUH]FDOFXOăP
  ›• œ J\J ›œ J 
YDORDUHDH[SUHVLHL9DULDELODORJLFăJDWDYDSULPLYDORDUHDDGHYăUDWvQPRPHQWXOvQ
JJJJJJJJ" • % J
JJJJJJJJ 
• 
% J FDUH VD WHUPLQDW FDOFXODUHD YDORULL H[SUHVLHL 'XSă HIHFWXDUHD XQHLRSHUDĠLLVHúWHUJH
 ú ă XQXOGLQWUHRSHUDQ]L GHH[HPSOXDOGRLOHD SUHFXPúLRSHUDWRUXOHIHFWXDWDWkWGLQH[
JJJJJJ • ›œ J SUHVLHFkWúLGLQúLUXOY9DORDUHDFDOFXODWăVHDúHD]ăvQúLUXOYSHSR]LĠLDFRUHVSXQ]ă
 ú ă WRDUHYDULDELOHLSăVWUDWH
 ^RSHUDWRULLFXSULRULWDWHPLFăVHPXWăGLQRSHUvQSRORQSkQăFkQG`  &kQGúLUXOHYDOXăULORUVDvQFKHLDWDYHPRVLQJXUăYDULDELOăDFăUHLYDORDUHHVWHYD
 ^vQYkUIXOVWLYHLRSHUQXVHYDPDLDIODXQRSHUDWRU‘’VDX¤` ORDUHDH[SUHVLHLGDWH2EVHUYăPFăLGHQWLILFDWRUXOYDULDELOHLQXDUHQLFLRVHPQLILFDĠLH
ăJ ›œJ\J~ J J ›œJ\J J J SHQWUXUH]XOWDW
 6WLYD


 J•  QJ ^UHWXUQHD]ăXQvQWUHJ`
JJ
 J\
J

 ă,J
JJJJăJ›œHVWHOLWHUă J
JJJJJJ•›œJmJYDORDUHDQXPHULFăDYDULDELOHLDYkQGLGHQWLILFDWRUXOvQJ›œJJ
JJJJ 
JJ
JJJJJJ•›œJmJ`J
JJJJ ú ă
JJ ú 
 
JJ

ă ^FăXWăPSULPXORSHUDWRUSHQWUXDHIHFWXDvQWkLDFHDRSHUDĠLH`J
JJJJJmJJ
JJJJ   J ›œJzJ~ JúJ ›œJzJ‘ Jú ›œJzJ JúJJ
J ›œJzJ’ JúJ ›œJz¤ J  JJ
J

 ă,JJ
JJJJJJJmJJ~JJ
JJJJ ú    
J ^HIHFWXăPRSHUDĠLD`
JJJJăJ›œJ\J~J J‹JmJ•›œJ~J•›œJ 6WLYD 
 


JJJJJJăJ›œJ\JJ J‹JmJ•›œJJ•›œJ JJJJ ú ă
JJJJJJ 
JJJ JJ ă 
JJJJJJJJăJ›œJ\J‘J J‹JmJ•›œ‘•›œJ  ^DPUăPDVFXRVLQJXUăYDULDELOăFDUHFRQĠLQHYDORDUHDH[SUHVLHL`
 
 JJ•JmJ•›œJ
JJJJJJJJJJăJ›œ\’J J‹JmJ›•›œ’•›œœJ ú  
JJJJJJJJJJ 
JJJJJ
JJJJJJJJJJJJăJ›œJ\J¤J J‹JmJ›•›œ’•›œœJ
JJJJJJJJJJJJ ú ăJ
JJJJJJJJJJ ú ă
 ú ă
 ú ă
JJJJ ú ă
JJJJăJ J\J
Jú ›œHVWHOLWHUă J J JmJDGHYăUDWJ
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ 
J JmJIDOVJJ
JJJJăJJ J 
 ^úWHUJHPXQXOGLQWUHRSHUDQ]LúLRSHUDWRUXOHIHFWXDWGLQH[SUHVLHúLGLQúLUXOY`
VHúWHUJGLQGRXăFDUDFWHUHvQFHSkQGFXSR]LĠLDJ
 ^YDORDUHDFDOFXODWăGHYLQHvQúLUXOYYDORDUHDYDULDELOHLSăVWUDWH`
JJJJJJ•›œJmJ‹J
 ^úWHUJHPGLQYGRXăHOHPHQWHvQFHSkQGFXSR]LĠLD`J
JJJJJJ
 J?\
J

 ă,
JJJJJJJJ•›?œJmJ•›?~œJ
JJJJJJJJ
JmJ
JJJ
JJJJJJ ú 
 
 2UGRQăULúLFăXWăUL

JJJJJJJJ›œJmJ›~œJ
JJJJJJJJ›~œJmJJ
 JJJJJJ ú ă
  ú 
 
  ăJ?J
ú   J
2UGRQăULúLFăXWăUL &DSLWROXO 


  )LHGHH[HPSOXWDEORXO$DYkQGHOHPHQWHQXPHUHUHDOHúL
™$OJRULWPLGHRUGRQDUH
™$OJRULWPLGHFăXWDUH

™,QWHUFODVDUHDDGRXăWDEORXULXQLGLPHQVLRQDOH  3ULPDSDUFXUJHUHDWDEORXOXL RNHVWHLQLĠLDOL]DWFXDGHYăUDW 
™,PSOHPHQWăULVXJHUDWH 
™3UREOHPHSURSXVH D  D  D  D  D  RN
™6ROXĠLLOHSUREOHPHORU
     IDOV

      IDOV
 

2UGRQăUL     UăPkQ QHVFKLPEDWH  !  OH LQWHUVFKLPEăP 'HRDUHFH   
)LH$  DDDQ XQWDEORXXQLGLPHQVLRQDOFXQHOHPHQWH$RUGRQD VRUWD WDEORXO DYDQVăPúLFRQVWDWăPFă!GHFLGLQQRXDYHPLQWHUVFKLPEDUHÌQFRQVHFLQĠă
vQVHDPQăDRUGRQDFUHVFăWRUVDXGHVFUHVFăWRUHOHPHQWHOHWDEORXOXL ODLHúLUHGLQVWUXFWXUD
 RNHVWHIDOV2EVHUYăPFăDDMXQVSHORFXOOXLGHIL
 ÌQFDUWHDOXL'.QXWKÄ$UWDSURJUDPăULLFDOFXODWRDUHORU´YRO,,, &ăXWăULúLRUGR QLWLY8UPHD]ăDGRXDSDUFXUJHUHDWDEORXOXL RNSULPHúWHGLQQRXYDORDUHDDGHYăUDW 
QăUL VXQWSUH]HQWDWHGHPHWRGHGHRUGRQDUH'LQWUHDFHVWHDYRPvQYăĠDGRDUFkWHYD 
 D  D  D  D  D  RN
0HWRGDEXOHORU      IDOV
6ăSUHVXSXQHPFăGRULPRRUGRQDUHFUHVFăWRDUHDúLUXOXL$OJRULWPXOFRQVWăvQSDUFXU 
JHUHDWDEORXOXL$GHPDLPXOWHRULSkQăFkQGGHYLQHRUGRQDW/DILHFDUHSDVVHFRP  $PDYXWLQWHUVFKLPEDUHúLGHGDWDDFHDVWDGHFLLHúLPFXRN IDOV/DDFHVWSDV
SDUăGRXăHOHPHQWHDOăWXUDWH'DFăDL!DL L Q± DWXQFLFHOHGRXăYD DDMXQVSHORFXOVăXGHILQLWLY$WUHLDSDUFXUJHUHDWDEORXOXLvQFHSHFXUHLQLĠLDOL]DUHD
ORULVHLQWHUVFKLPEăvQWUHHOH&RQWUROXODFĠLXQLLUHSHWLWLYHHVWHGDWGHYDULDELODERROHD
QăRNFDUHODILHFDUHUHOXDUHDDOJRULWPXOXLSULPHúWHYDORDUHDLQLĠLDOăDGHYăUDWFDUHVH
OXLRNFXYDORDUHDDGHYăUDW

VFKLPEăvQIDOVGDFăVDHIHFWXDWRLQWHUVFKLPEDUHGHGRXăHOHPHQWHDOăWXUDWHÌQPR
PHQWXOvQFDUHWDEORXO$VDSDUFXUVIăUăVăVHPDLHIHFWXH]HQLFLRVFKLPEDUHRNUă D  D  D  D  D  RN
PkQHFXYDORDUHDLQLĠLDOăDGHYăUDWúLDOJRULWPXOVHWHUPLQăGHRDUHFHWDEORXOHVWHRU      IDOV
GRQDW 
 ,QWHUVFKLPEDUHDDGRXăHOHPHQWHVHUHDOL]HD]ăSULQLQWHUPHGLXOYDULDELOHLDX[LOLDUH  $PLQWHUVFKLPEDWFXFHOGLQXUPăDVWIHODDMXQVSHORFXOVăXvQúLUXORUGR
DX[FDUHDUHDFHODúLWLSFDúLHOHPHQWHOHWDEORXOXL QDW$SDWUDSDUFXUJHUHDWDEORXOXLVHILQDOL]HD]ăFXYDORDUHDRN DGHYăUDWGHRDUHFH
J
 J„˜ 
QJ QXDPHIHFWXDWQLFLRLQWHUVFKLPEDUHFHHDFHvQVHDPQăFăSURFHVXOGHRUGRQDUHVDvQ


ă FKHLDW
JJJJ?JmJDGHYăUDWJ 

 J\
J

 ă, D  D  D  D  D  RN
ăJ›œJ…J›~œJ 
JJJJJJJJ?JmJIDOVJ
     DGHYăUDW

JJJJJJJJJmJ›œJ
 2EVHUYDĠLDFXSULYLUHODIDSWXOFăODILHFDUHSDUFXUJHUHDDMXQVFHOSXĠLQXQHOHPHQW
SHORFXOVăXGHILQLWLYvQúLUXORUGRQDWSRDWHILIUXFWLILFDWăGHRDUHFHFRQVWDWăPFăDVW
IHOODXUPăWRUXOSDVQXPDLVXQWQHFHVDUHYHULILFăULOHvQFDUHLQWHUYLQHDFHVWHOHPHQWúL
FHOHFDUHVHDIOăGXSăHOvQúLU5H]XOWăFăODILHFDUHSDUFXUJHUHDPSXWHDPLFúRUDFX
QXPăUXOHOHPHQWHORUYHULILFDWH'DUHVWHSRVLELOFDODRSDUFXUJHUHVăDMXQJăPDLPXOWH
 2UGRQăULúLFăXWăUL
2UGRQăULúLFăXWăUL 


HOHPHQWH vQ ORFXOORUGHILQLWLY5H]XOWăFăYRPĠLQHPLQWHLQGLFHOHXOWLPXOXLHOHPHQW 6RUWDUHVWDELOLQGSR]LĠLDGHILQLWLYăSULQQXPăUDUH
FDUH D LQWHUYHQLW vQ LQWHUVFKLPEDUH úL YHULILFăULOH OH YRP HIHFWXD GRDU SkQă OD DFHVW $FHDVWăPHWRGăFRQVWăvQFRQVWUXLUHDXQXLQRXWDEORX%FDUHDUHDFHHDúLGLPHQVLXQHFD
HOHPHQW 6LPLODU VH SRDWH UHVWUkQJH úL LQGLFHOH SULPXOXL HOHPHQW FDUH D LQWHUYHQLW vQ úLWDEORXO$vQFDUHGHSXQHPHOHPHQWHOHGLQ$RUGRQDWHFUHVFăWRU
LQWHUVFKLPEăUL$VWIHODMXQJHPODXUPăWRUXOVXEDOJRULWPvPEXQăWăĠLWFDSHUIRUPDQĠă  9RPDQDOL]DILHFDUHHOHPHQWúLvOYRPFRPSDUDFXILHFDUHDOWHOHPHQWGLQúLUSHQWUX
 DSXWHDUHĠLQHvQYDULDELOD NQXPăUXOHOHPHQWHORUFDUHVXQWPDLPLFLGHFkWHOHPHQWXO
 JX¡˜
ăăĠ
 QJ FRQVLGHUDW$VWIHOYRPDIODSR]LĠLDSHFDUHWUHEXLHVăOSXQHPSHDFHVWDvQúLUXO%'D
JJ•%&JmJJ ^PDUJLQHDGLQVWkQJDDVXEúLUXOXLFDUHXUPHD]ăVăILHYHULILFDW`J Fă vQ SUREOHPă DYHP QHYRLHGH úLUXORUGRQDWWRWvQWDEORXO$YRPFRSLDvQ $vQWUHJ
JJ•%&JmJ
JJJ ^PDUJLQHDGLQGUHDSWD`J WDEORXO%

JJ

ăJ
 ƒă
 QJ
JJJJ?JmJDGHYăUDWJ ^SUHVXSXQHPFăúLUXOHVWHRUGRQDW`J 
 \


 ă,
JJJJJmJ`J ^LQGLFHOHXOWLPXOXLHOHPHQWLQWHUVFKLPEDW` JJJJ?JmJ`J
  J ^YHULILFăPHOHPHQWHOHGLQVXEúLUXOFXUHQW`J 
 \
J

 ă,
JJJJ
 J\•%&•%&J

 ăQJ ă ›œJtJ›œ Jú JzJ J 
JJJJJJăJ›œJ…J›~œJ J
J?JmJ?J~JJ ^QXPăUăPFkWHHOHPHQWHVXQWPDLPLFLVDXHJDOHFX›œ`J
JJJJJJJJ€
%&˜ ›œ›~œ J  ú ă
JJJJJJJJ?JmJIDOVJ  ú 
 
JJJJJJJJăJJ…JJ JJ ^DPLQWHUVFKLPEDWHOHPHQWXOGHLQGLFHL`J JJJJ˜›?~œJmJ›œ ^SH›œvOSXQHPSHXUPăWRDUHDSR]LĠLHGLQE`J
JJJJJJJJJJJmJJ ^LQGLFHOHXOWLPXOXLHOHPHQWLQWHUVFKLPEDW`J  ú 
 
JJJJJJJJ ú ă JJJmJ˜J ^FRSLHPSHVWHúLUXODvQWUHJúLUXOE`J
JJJJJJ ú ă ú   J
JJJJ ú 
  J
JJJJăJJ?J J ^DDYXWORFRLQWHUVFKLPEDUH`J ([HPSOX
JJJJJJ•%&JmJJ ^DFWXDOL]ăPPDUJLQHDGLQGUHDSWD`J  )LHWDEORXO$FXHOHPHQWH±

JJJJJJJmJ
J ^PDUJLQHDGLQVWkQJD`
L M 5HODĠLD N EN
  J ^YHULILFăPHOHPHQWHOHGLQVXEúLUXOFXUHQWDYDQVkQGGLQGUHDSWDVSUHVWkQJD`J
JJJJJJ
 J\•%&•%&J

 ăQJ   L M  
JJJJJJJJăJ›œJ…J›~œJ J   !  
JJJJJJJJJJ€
%&˜ ›œ›~œ J   !  
JJJJJJJJJJ?JmJIDOVJ   !±  EJmJ
JJJJJJJJJJăJJJJ J ^DPLQWHUVFKLPEDWHOHPHQWXOGHLQGLFHL`J     
JJJJJJJJJJJJJmJJJJ ^LQGLFHOHSULPXOXLHOHPHQWLQWHUVFKLPEDW`J   L M  
JJJJJJJJJJ ú ă     
JJJJJJJJ ú ă   !±  EJmJ
JJJJJJ ú 
      
JJJJJJ•%&JmJJ ^DFWXDOL]ăPPDUJLQHDGLQVWkQJD`J   !  
JJJJ ú ăJ
  L M  
 ăJ?J
ú      !±  EJmJ
   ±  
 0HWRGDEXOHORUQXHVWHFHDPDLSHUIRUPDQWăPRGDOLWDWHGHDRUGRQDXQúLUFXPXOWH   ±  
HOHPHQWHGDUvQFD]XOúLUXULORUÄDSURDSHRUGRQDWH´FXRSWLPL]ăULOHGHPDLVXVSRDWH   ±  
GHYHQLPDLHILFLHQWăGHFkWDOWHPHWRGH   L M  EJmJ±
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
6RUWDUHSULQVHOHFĠLHGLUHFWă 6RUWDUHDSULQLQVHUĠLHGLUHFWă
0HWRGDSUHFHGHQWăDUHGH]DYDQWDMXOFăQHFHVLWăGHGRXăRULPDLPXOWăPHPRULHGHFkW ,GHHDDOJRULWPXOXLHVWHGHDFRQVLGHUDSHUkQGILHFDUHHOHPHQWDOWDEORXOXLúLGHDOLQ
WDEORXO$'DFăGRULPVăHYLWăPDFHDVWăULVLSăSXWHPDSOLFDPHWRGDGHRUGRQDUHSULQ VHUDvQVXEWDEORXORUGRQDWSkQăODPRPHQWXOUHVSHFWLYSHORFXOVăX$FHVWORFVDUSX
VHOHFWDUHDXQXLHOHPHQWúLSODVDUHDOXLSHSR]LĠLDVDILQDOă WHDVăQXILHGHILQLWLYGHRDUHFHHVWHSRVLELOFDXUPăWRUXOHOHPHQWVăVHLQVHUH]HXQGH
 'HH[HPSOXvQFD]GHRUGRQDUHFUHVFăWRDUHSRUQLQGGHODSULPXOHOHPHQWVHFDXWă YDvQIDĠDDFHVWXLD
YDORDUHDPLQLPăGLQWDEORX$FHDVWDVHDúHD]ăSHSULPDSR]LĠLHSULQWURLQWHUVFKLPED  'DFăVDDMXQVODHOHPHQWXODM M Q úLWRDWHHOHPHQWHOHDDDM±DX
UH vQWUH HOHPHQWXO GH SH SULPD SR]LĠLH úL HOHPHQWXO PLQLP $SRL VH UHLD DOJRULWPXO IRVWRUGRQDWHvQVHDPQăFăWUHEXLHVăOLQVHUăPSHDMvQWUHDFHVWHHOHPHQWHÌOFRPSD
SRUQLQGGHODDGRXDSR]LĠLHúLVHFDXWăPLQLPXOvQWUHHOHPHQWHOHDDQ $FHVWDVH UăPSHUkQGFXDM±DM±SkQăFkQGDMXQJHPODXQSULPHOHPHQWDLDYkQGSURSULHWD
LQWHUVFKLPEăFXDOGRLOHDGDFăHVWHFD]XO3URFHGHXOVHFRQWLQXăSkQăODXOWLPXOHOH WHDDLDM3ULQXUPDUHDMVHLQVHUHD]ăGXSăDL$FHDVWăLQVHUDUHSURYRDFăGHSODVDUHD
PHQW HOHPHQWHORUFDUHOVXFFHGSHDLFXRSR]LĠLHVSUHGUHDSWD
 3VHXGRFRGXODOJRULWPXOXLGHVRUWDUHSULQVHOHFĠLDPLQLPXOXLHVWH 
  €
Ġ
 Q
 ™%Ġ
 , 
 J\
J

 ă,

 \
J

 ă, JJJJ%JmJ›œJJ^VDOYăPDOLOHDHOHPHQW VDUSXWHDSLHUGHFXWUDQVODWăULOH `J
JJJJ
JmJ›œJ JJJJJmJ`J ^vQSYRPDYHDLQGLFHOHXQGHvOYRPSXQH`

 J\~
J

 ă,J
JJJJJmJJJ ^YRPFăXWDORFXOSULQWUHHOHPHQWHOHGLQIDĠDOXL›œ`
ăJ
J…J›œJ J
JJJJ ăJmJIDOVJ
JJJJJJJJ
JmJ›œJ
JJJJ   J JtJ JúJ ăJ

 ăQJ
JJJJJJJJ?JmJJ
 ú ăJ ăJ›œJdJ%J J
ăJ
JzJ›œJ  JJJJJJJJJmJJ ^GDFă›œJdJ›œDLFLWUHEXLHVăOSXQHP`
JJJJJJJJJmJ›œJ JJJJJJJJ ăJmJDGHYăUDW ^DPJăVLWORFXO`
 

JJJJJJJJ›œJmJ›?œJ
JJJJJJJJ›~œJmJ›œ^SkQăQXDPJăVLWORFXOPXWăPHOHPHQWHOHODGUHDSWD`
JJJJJJJJ›?œJmJJ
JJ ú ă
 ú ăJ
 ú 
 J JJJJJJJmJJJJ
 ú 
 J  ú    J
ú   J JJJJ›~œJmJ% ^vOSXQHPSH›œSHORFXOÄHOLEHUDW´`
  ú 
 J
 $OJRULWPXO VH SRDWH VFULH úL SULQ GHWHUPLQDUHD YDORULORU PD[LPH úL PXWDUHD ORU vQ ú   J
WDEORXGHODGUHDSWDODVWkQJDDVWIHOUH]XOWkQGGHDVHPHQHDXQúLURUGRQDWFUHVFăWRU 
J ([HPSOX
([HPSOX  )LHWDEORXO$   
 )LHWDEORXO$    
 L M L± FRSLH DL 5HODĠLH JăVLW S $
3DV 7DEORXO$ (OHPHQWPLQLP 3R]LĠLDPLQLPXOXL 1RXOWDEORX$     IDOV   
          d DGHYăUDW   
           IDOV   
          d DGHYăUDW   
         ! IDOV   
    ! IDOV   
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
   ! IDOV    JJ
 J\
J

 ăQJ
        JJJJ %•››œœJmJ %•››œœJ~JJ
   ! IDOV     ú 
 
   ! IDOV    ?JmJ`J
   ! IDOV    JJ
 J\YJ

 ăQJ
     DGHYăUDW    JJJJ
 J\ %•›œJ

 ăQJ
JJJJJJ?JmJ?J~JJ
 JJJJJJ›?œJmJJ
6RUWDUHSULQQXPăUDUHDDSDULĠLLORUJ  ú 
 
$OJRULWPLLSUH]HQWDĠLDQWHULRUVXQWUHODWLYPDULFRQVXPDWRULGHWLPS'HH[HPSOXSHQ  ú 
 
WUXDRUGRQDXQúLUGHGHHOHPHQWHQXPăUXOFRPSDUDĠLLORUSHFDUHOHYDH[HFXWD ú   

RULFDUHGLQWUHDOJRULWPLLSUH]HQWDĠLYDILDSUR[LPDWLYGHPLOLRQÌQFODVDDDYRP
 )LH úLUXO ±±±± 3HQWUXDFHVWDGHFODUDĠLDFHDPDLÄVWUkQVă´vQ
vQYăĠDDOWHPHWRGHGHRUGRQDUHFXXQWLPSGHH[HFXĠLHPDLEXQ'DUFRQVLGHUăPLP
3DVFDOHVWH
SRUWDQWVăVHvQYHĠHúLFHOSXĠLQRPHWRGăGHRUGRQDUHFDUHVHLPSOHPHQWHD]ăFXXQDO JQ ›ŒœJJ€
 KJ
JRULWPOLQLDU8QDOJRULWPOLQLDUH[HFXWăXQQXPăUGHRSHUDĠLLSURSRUĠLRQDOFXQXPăUXO JJJJ %•Q ›‡œJJXYKJ
HOHPHQWHORUDGLFăSHQWUXDRUGRQDGHHOHPHQWHYRUILQHFHVDUHF˜GHRSHUD 
ĠLLXQGHFHVWHRFRQVWDQWă  ùLUXOGHIUHFYHQĠHYDIL  
 'DFăDYHPXQúLUGHHOHPHQWHGHWLSRUGLQDOFDUHVXQWGLQWUXQLQWHUYDOGHFDUGLQDOL  &RUHVSXQ]ăWRUXOWLPHLVHFYHQĠHGLQDOJRULWPVHYRUVFULHWUHLYDORUL±FRQVHFXWLYH
WDWHQXIRDUWHPDUHYRPSXWHDUHDOL]DRRUGRQDUHOLQLDUă&RUHVSXQ]ăWRUILHFăUHLYD vQDDSRLHOHPHQWYDILHJDOFX±XUPHD]ăWUHLEXFăĠLGHXUPDWGHRYDORDUH
ORULvQWkOQLWHvQúLUvQWLPSXOSUHOXFUăULLPăULPFXYDORDUHDHOHPHQWXOXLDYkQGLQGLFH ±±±±
OH vQDFHVWúLUGHFRQWRDUH HJDOFXYDORDUHDHOHPHQWXOXLvQúLUXOGHRUGRQDWÌQILQDO
YRPVXSUDVFULHvQúLUXOGDWDWkWHDHOHPHQWHFXYDORULDLLQGLFLORUHOHPHQWHORUGLIHULWHGH 
FkWHVWHYDORDUHDHOHPHQWXOXLvQDFHVWúLUDQXPHUHORUGHDSDULĠLL $OJRULWPLGHFăXWDUH
 ,PSRUWDQWHVWHVăUHĠLQHPSDUWLFXODULWăĠLOHSHFDUHWUHEXLHVăOHDLEăúLUXOGDWSHQWUX 
FDDFHDVWăPHWRGăVăVHSRDWăDSOLFD
 YDORULOHHOHPHQWHORUWUHEXLHVăILHGHWLSRUGLQDO
&ăXWDUHVHFYHQĠLDOă
6HGăXQWDEORXXQLGLPHQVLRQDO$  DDDQ úLRYDORDUHS6HSXQHSUREOHPDVă
 QXPăUXO HOHPHQWHORU PXOĠLPLL GLQ FDUH úLUXO SULPHúWH YDORUL WUHEXLH Vă ILH UHODWLY YHULILFăPGDFăYDORDUHDSVHDIOăvQWUHHOHPHQWHOHWDEORXOXLVDXQX
PLF GDFăvQSURJUDPQXH[LVWăDOWHVWUXFWXULGHGDWHGLQFHL.%DLPHPRULHL  'DFăúLUXOQXHVWHRUGRQDWWUHEXLHVăvQFHSHPFăXWDUHDFRPSDUkQGSULPXOHOHPHQW
VFăGHPVSDĠLXOQHFHVDUúLUXOXLGHRUGRQDWúLSXWHPFDOFXODVSDĠLXOSHFDUHvODYHP GLQúLUFXHOHPHQWXOFăXWDWúLVăFRQWLQXăPILHSkQăFkQGvOJăVLPILHDMXQJHPODVIkU
ODGLVSR]LĠLH  úLWXOúLUXOXLDúDFXPDPvQYăĠDWvQFDSLWROXO'DFăWUHEXLHVăDIOăPWRDWHSR]LĠLLOHGLQ
 YDORULOHSRVLELOHvQúLUXOGHRUGRQDWWUHEXLHVăILHGLQLQWHUYDOXO>[\@XQGH\±[ úLUSHFDUHVHDIOăYDORDUHDFăXWDWăYDWUHEXLVăvOSDUFXUJHPvQvQWUHJLPH
YDILGLPHQVLXQHDúLUXOXLGHFRQWRDUH


([HPSOX &ăXWDUHELQDUă
JQ ›````œJJ€
 KJJ ^FHOPXOWGHQXPHUH` 'DFăWDEORXO$HVWHVRUWDWvQRUGLQHFUHVFăWRDUHDWXQFLvQVFKLPEVHSRDWHUHDOL]DRFă
JJJJ %•Q ›|``|``œJJ€
 KJ^YDORULSRVLELOHvQWUHúL` XWDUHPDLUDSLGă3UHVXSXQHPDúDGDUFăHOHPHQWHOHWDEORXOXL$VXQWDUDQMDWHvQRUGLQH
 FUHVFăWRDUH
 J—
%ù“%•
Ġ
Y QJ  ÌQWUHHOHPHQWHOHWDEORXOXL$DYHPUHODĠLLOHDdDddDP±dDPdDPdDQ
JJ
 J\YJ

 ăQJJJ XQGHDPUHSUH]LQWăHOHPHQWXOGLQPLMORFSR]LĠLHFDOFXODWăFXIRUPXODP > Q @
JJJJ %•›œJmJ`J 9DORDUHDFăXWDWăHVWHS'HDVHPHQHDFRQYHQLPVăQRWăPFXVH[WUHPLWDWHDVWkQJăúL
 ú 
  FXGH[WUHPLWDWHDGUHDSWăDLQWHUYDOXOXLvQFDUHHIHFWXăPFăXWDUHD,QLĠLDOV úLG Q
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
 &RPSDUăPYDORDUHDSFXYDORDUHDHOHPHQWXOXLGLQúLUGHSHSR]LĠLDGLQPLMORFP ([HPSOX
'DFăS DPDWXQFLFăXWDUHDVHvQFKHLHFXVXFFHV'DFăSzDPDWXQFLYRPGHFLGHvQFDUH  )LHWDEORXOGHQXPHUHvQWUHJL  úLS 

SDUWHDúLUXOXL vPSăUĠLWGHDPvQGRXăVXEúLUXUL YRPFRQWLQXDFăXWDUHD'DFăSDP V G P S DP S" 5HODĠLDGLQWUHDPúLS HVWH
DWXQFLFăXWDUHDVHYDFRQWLQXDvQSULPDMXPăWDWHDúLUXOXLLDUGDFăS!DPDWXQFLFăXWD
    DP zS  SDP  WUHFHPvQVXEúLUXOVWkQJ IDOV
UHDVHWUDQVIHUăvQDGRXDMXPăWDWHDWDEORXOXL$VWIHOHOLPLQăPXQQXPăUFRQVLGHUDELO
    DP  S  S DP   ŸFăXWDUHFXVXFFHV DGHYăUDW
GHFRPSDUDĠLLúLWLPSXOGHOXFUXDOSURJUDPXOXLVHUHGXFH 
 6ăSUHVXSXQHPFăSDPÌQDFHVWFD]SDUWLFXODUL]ăPFDSHWHOHLQWHUYDOXOXLvQFDUH  9RPFăXWDvQDFHODúLWDEORXYDORDUHDS 
YRPFăXWDvQFRQWLQXDUHDVWIHOV úLG P±ĠLQkQGFRQWGHIDSWXOFăHOHPHQWXODP 

QXPDLQHFHVLWăYHULILFăUL V G P S DP S" 5HODĠLDGLQWUHDPúLS HVWH


 'DFăS!DPDWXQFLV PYDILLQGLFHOHH[WUHPLWăĠLLVWkQJLDOLQWHUYDOXOXLQRXúL     DP zS  S!DP ! WUHFHPvQVXEúLUXOGUHSW IDOV
QYDILH[WUHPLWDWHDGUHDSWă     DP zS  S!DP ! WUHFHPvQVXEúLUXOGUHSW IDOV
 ÌQIXQFĠLHGHUHODĠLDGLQWUHSúLDPVHDOHJHXQXOGLQWUHVXEúLUXULSHQWUXFDUHVHGHWHU     DP zS  S!DP ! WUHFHPvQVXEúLUXOGUHSW IDOV
PLQăLQGLFHOHHOHPHQWXOXLGLQPLMORFvQPRGDVHPăQăWRU> VG @     DP zS  S!DP ! WUHFHPvQVXEúLUXOGUHSW IDOV
 V!GúLHVWH IDOVŸDOJRULWPXOVHWHUPLQăFXFăXWDUHIăUăVXFFHV
 $OJRULWPXOVHFRQWLQXăSkQăFkQGILHODXQPRPHQWGDWDP SFHHDFHvQVHDPQăFă
DPvQFKHLDWFăXWDUHDFXVXFFHVILHDMXQJHPODXQVXEúLUFXUHQWYLGDGLFăDYkQGPDU 
JLQHD GLQ VWkQJD PDL PDUH GHFkW PDUJLQHD GLQ GUHDSWD V ! G  FHHD FH vQVHDPQă Fă ,QWHUFODVDUHDDGRXăWDEORXULXQLGLPHQVLRQDOH
DYHPRFăXWDUHIăUăVXFFHV ÌQFDSLWROXODPYă]XWFXPSURFHGăPvQFD]XOvQFDUHGRULPVăFUHăPXQúLUQRXGLQ
 $OJRULWPXOGHVFULVPDLVXVHVWH GRXăúLUXULGDWHDVWIHOvQFkWILHFDUHYDORDUHVăDSDUăRVLQJXUăGDWăGHRDUHFHFXDFHOH
 úLUXULDPVLPXODWPXOĠLPLÌQFD]XOvQFDUHúLUXULOHVXQWRUGRQDWHSUREOHPDÄLQWHUVHF
 Jă˜
ă
 Q ĠLHL´úLDÄUHXQLXQLL´VHSUH]LQWăDOWIHOJ
JJJmJJ  )LH$  DDDQ DYkQGHOHPHQWHOHDdDdDQúL%  EEEP DYkQG
JJJmJ
J
HOHPHQWHOHEdEddEP6HFHUHVăVHFRQVWUXLDVFăWDEORXO&  FFFQ  P 
JJJmJIDOVJ
DYkQGHOHPHQWHOHFdFddFQPFDUHVăFRQĠLQăWRDWHHOHPHQWHOHOXL$úL%
   JJdJJúJJ

 ă J
JJJJJmJ› ~ ’œJ ([HPSOX
ăJJ\J›œJ  $   Q 
JJJJJJJmJDGHYăUDWJJ %   P 
JJJJ 
 &   N 
JJJJJJăJJJ›œJ JJ

JJJJJJJJJmJJJJ  ÌQUH]ROYDUHYRPDYDQVDvQSDUDOHOvQFHOHGRXăúLUXULGDWH3ULPXOHOHPHQWvQúLUXO
JJJJJJ 
JJ
QRXYDILILHDILHE3HQWUXDúWLFDUHGLQWUHFHOHGRXăQXPHUHYDILDOHVWUHEXLHVăOH
JJJJJJJJJmJJ~JJ
FRPSDUăP'DFăDHVWHPDLPLFGHFkWEDWXQFLSHDFHVWDvOÄFRQVXPăP´GLQúLUXOD
JJJJJJ ú ăJ
 ú ăJ úLSUHJăWLPLQGLFHOHHOHPHQWXOXLXUPăWRUGLQDFHVWDÌQFD]DOWHUQDWLYSURFHGăPODIHO
 ú    J FXLQGLFHOHMGXSăFHDúH]ăPHOHPHQWXOEvQúLUXOF 'DFăQLVDUFHUHFDILHFDUHYD
ăJJ  ORDUHVăDSDUăRVLQJXUăGDWăvQFD]GHHJDOLWDWHDPFRSLDXQXOGLQWUHDFHúWLDvQFúL
JJJJ 
J£JJJ JJ‹JJ DP DYDQVD vQ DPEHOH úLUXUL  9RP HIHFWXD DFHúWL SDúL SkQă FkQG FDUHYD GLQ úLUXUL VH
JJ 
J VIkUúHúWHPRPHQWvQFDUHFRSLHPHOHPHQWHOHUăPDVHGLQFHOăODOWúLUvQúLUXOQRX'LQ
JJJJ 
J£JJ
JJ J
JJ PRPHQWFHQXSXWHPúWLFDUHúLUVDÄFRQVXPDW´LQWHJUDOYRPVFULHVHFYHQĠDUHVSHFWL
 ú ăJ YăSHQWUXDPEHOHúLUXUL
ú   J 
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
 J€
%
˜˜%% QJ JJJJăJ›œJJ˜›œJ JJ
JJ˜%JmJ`JJ JJJJJJ%›˜%œJmJ›œJJ
JJJmJJ JJJJJJJmJJ~JJJ
JJJmJJ JJJJ 
J
JJ   J JdJ
JúJ JdJ J

 ă,J JJJJJJ%›˜%œJmJ˜›œJJ
JJJJ˜%JmJ˜%J~JJ JJJJJJJmJJ~JJJ
JJJJăJ›œJJ˜›œJ JJ  ú ă
JJJJJJ%›˜%œJmJ›œJJ  ú    
JJJJJJJmJJ~JJJ ú   

JJJJ 
J  'HRDUHFHVHúWLHFăQXPăUXOHOHPHQWHORUvQúLUXOFHVWHQP VHDGPLWúLHOHPHQWH
JJJJJJ%›˜%œJmJ˜›œJJ LGHQWLFHvQúLUXOUH]XOWDW VWUXFWXUDUHSHWLWLYăXWLOL]DWăYDILGHWLS
 
JJJJJJJmJJ~JJJ 
 J€
%‡
˜˜%% QJ
 ú ă
 ú     JJJmJJ
   JJdJ
J

 ăQJ JJJmJJ
JJJJ˜%JmJ˜%J~JJ JJ›
~œJmJ

J
JJJJ%›˜%œJmJ›œJJ JJ˜›~œJmJ

J
JJ
 J˜%\
~J

 ă,J
JJJJJmJJ~JJJ JJJJăJ›œJJ˜›œJ JJ
 ú    
JJJJJJ%›˜%œJmJ›œJJ
   JdJJ

 ă,J
JJJJJJJmJJ~JJJ
JJJJ˜%JmJ˜%J~JJ
JJJJ 
J
JJJJ%›˜%œJmJ˜›œJJ
JJJJJJ%›˜%œJmJ˜›œJJ
JJJJJmJJ~JJJ
JJJJJJJmJJ~JJJ
 ú    
 ú ă
ú     ú 
 

 $QDOL]kQGDFHVWDOJRULWPREVHUYăPFăGDFăDPILDYXWÄQRURFXO´FDDQVăILHHJDO ú   
FXEPDWXQFLXOWLPHOHGRXăVWUXFWXUL    QXVHH[HFXWDXQLFLRGDWă9RPH[SOR 
DWDDFHDVWăREVHUYDĠLHDúH]kQGGRXăHOHPHQWHILFWLYH QXPLWHIUHFYHQWVDQWLQHOH GXSă ,PSOHPHQWăULVXJHUDWH
XOWLPHOHHOHPHQWHGLQFHOHGRXăúLUXUL'HRDUHFHúLUXULOHVXQWRUGRQDWHFUHVFăWRUYRP 3HQWUXDILSUHJăWLĠLVăUH]ROYDĠLFXXúXULQĠăSUREOHPHvQFDUHGHPXOWHRULFKHLDVXFFH
ILDWHQĠLVăDLEăYDORULOHPDLPDULGHFkWXOWLPXO FHOPDLPDUH GLQFHOăODOWúLU ODPQR VXOXLHVWHRRUGRQDUHVDXRFăXWDUHFRUHFWúLHILFLHQWLPSOHPHQWDWăYăUHFRPDQGăPVă
WDWFX

  UH]ROYDĠLXUPăWRDUHOHH[HUFLĠLL

 J€
%
˜˜%% QJ
 YHULILFDUHDIDSWXOXLFăXQúLUHVWHRUGRQDW
 YHULILFDUHDIDSWXOXLFăHOHPHQWHOHXQXLúLUVXQWvQSURJUHVLHDULWPHWLFăJHRPHWULFă
JJ˜%JmJ`J
 RUGRQDUHFXPHWRGDEXOHORU
JJJmJJ  VRUWDUHSULQVHOHFĠLH
JJJmJJ  VRUWDUHSULQLQVHUĠLH
JJ›
~œJmJ

J  VRUWDUHSULQQXPăUDUH
JJ˜›~œJmJ

J  FăXWDUHELQDUă
   J JJ
~ J J JJ~ J

 ăQJ  LQWHUFODVDUHDGRXăúLUXUL
JJJJ˜%JmJ˜%J~JJ  FăXWDUHELQDUăFXGHWHUPLQDUHDH[WUHPLWăĠLORUDSDULĠLLORU
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
 LQVHUDUHDXQXLHOHPHQWvQWUXQúLURUGRQDWFXSăVWUDUHDRUGLQLL 'DWHGHLQWUDUH
 GHWHUPLQDUHDFHOHLPDLOXQJLVHFYHQĠHFDUHHVWHIRUPDWăGLQHOHPHQWHDYkQGRSUR 3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH * !&$VHDIOăXQQXPăUQDWXUDOUHSUH]HQWkQG
SULHWDWHGDWă QXPăUXOOLVWHORU3HDGRXDOLQLHVHDIOăXQQXPăUQDWXUDOUHSUH]HQWkQGGLPHQVLXQHDG
 GHWHUPLQDUHDFHOHLPDLOXQJLVHFYHQĠHIRUPDWăGLQHOHPHQWHDYkQGVXPDPD[LPă DSULPHLOLVWH3HXUPăWRDUHOHGOLQLLVHDIOăSHUHFKLGHFRGPHGLHVHSDUDWHSULQWUXQ
VSDĠLX3HXUPăWRDUHOHOLQLLVHDIOăGHVFULHUHDFHORUODOWHOLVWHvQPRGVLPLODUFXSULPDJ
 
3UREOHPHSURSXVH 'DWHGHLHúLUH
 )LúLHUXO * !&'(! YD FRQĠLQH FRPSRQHQWHOH OLVWHL XQLILFDWH 3H ILHFDUH OLQLH VH YD
DIODFkWHRSHUHFKHFRGPHGLHGHVSăUĠLWHSULQWUXQVSDĠLXJJ
/XFUăULFRGLILFDWH 
/D VIkUúLWXO H[DPHQXOXL GH FDSDFLWDWH vQDLQWH Vă VH GHVIDFă OXFUăULOH WUHEXLH DILúDWH
5HVWULFĠLLúLSUHFL]ăUL
GRXăOLVWHFDUHVăFRQĠLQăFRGXULOHFXFDUHVDXQXPHURWDWOXFUăULOHúLPHGLLOHVFULVHSH
x QXPăUXOGHHOHPHQWHGLQILHFDUHWDEORXHVWHFHOPXOW
DFHVWHD3ULPDOLVWăYDILRUGRQDWăFUHVFăWRUGXSăFRGXULDGRXDYDFRQĠLQHDFHOHDúLLQ

IRUPDĠLLGDUOLVWDYDILRUGRQDWăGHVFUHVFăWRUGXSăPHGLL
([HPSOX
 * !&$ * !&'(!
'DWHGHLQWUDUH ˆJ ‡J```JJ
'LQILúLHUXOGHLQWUDUH*8&$VHFLWHVFPDLPXOWHOLQLLILHFDUHOLQLHFXSULQ]kQGGD ‡JJ JJ‰|`JJ
WHGHVSUHFkWHROXFUDUH3HDFHVWHOLQLLYRPDYHDXQQXPăUvQWUHJUHSUH]HQWkQGFRGXO J‰|`JJ JJJ‰|`JJ
OXFUăULLúLXQQXPăUUHDOUHSUH]HQWkQGPHGLD JŒ|JJ JJJŒ|JJ
J ‡JŒˆ`J ˆJJŒŠ|JJ
'DWHGHLHúLUH |J J‡JJŒˆ`JJ
)LúLHUXO GH LHúLUH '%("&'(! YD FRQĠLQH OLVWD OXFUăULORU DUDQMDWă FUHVFăWRU GXSă FR ŠJ|JJ JˆJJŒ‡|JJ
GXULLDUILúLHUXO+%&'(!YDFRQĠLQHOLVWDGHOXFUăULRUGRQDWăGHVFUHVFăWRUGXSăPH ŒJŠJJ J|JJ‰|JJ
|J‰|JJ JŒJJŠJJ
GLLÌQDPEHOHILúLHUHVHYRUVFULHSHUHFKLGHFRGPHGLHGHVSăUĠLWHSULQWUXQVSDĠLX ˆJŒ‡|JJ JŠJJ|JJ
J
J‰|`J `JJˆŒ`JJ
5HVWULFĠLLúLSUHFL]ăUL J JJJˆ|JJ
x DILúDUHDvQILúLHUHOHGHLHúLUHDPHGLLORUVHYDIDFHFXGRXă]HFLPDOHH[DFWH ‡J```JJ J‰JJˆ|`JJ
x QXPăUXOOXFUăULORUd Jˆ|`J JJˆ|`J
 ˆJ 
([HPSOX ˆJŒŠ|JJ
*8&$ '%("&'(! +%&'(! `JˆŒ`JJ
J‰Š`J J‰Š`J ˆJ```J Jˆ|JJ
JŒJ JŒJ J‰Š`J ‰Jˆ|`JJ
|J‰`J ‡JŒ‰`J |J‰`J 
ˆJ```J ˆJ```J ‡JŒ‰`J $OHJHULSUH]LGHQĠLDOH
‡JŒ‰`J |J‰`J JŒJ
6HDSURSLHDOHJHULOHúLRUJDQL]DWRULLVHSUHJăWHVFFXSDFKHWHGHSURJUDPHFXFDUHVăúL
 XúXUH]HPXQFDvQYLLWRUXODSURSLDW6HSUHYHGHFăODDOHJHULOHSUH]LGHQĠLDOHYRUILIRDU
8QLILFDUHDOLVWHORU WHPXOĠLFDQGLGDĠL6FULHĠLXQSURJUDPFDUHYDVWDELOLSHED]DYRWXULORUGDFăH[LVWăVDX
/DLQVSHFWRUDWXOúFRODUVDXVWUkQVQOLVWHGLQúFROLOHMXGHĠXOXLGHODH[DPHQXOGHFDSD QXXQFkúWLJăWRUODDFHVWHDOHJHUL6HFRQVLGHUăFăSHQWUXDFkúWLJDXQFDQGLGDWWUHEXLH
FLWDWH'LQSăFDWHXQHOHOLVWHVXQWRUGRQDWHFUHVFăWRUGXSăPHGLLDOWHOHGHVFUHVFăWRU VăWRWDOL]H]HXQQXPăUGHYRWXULFHOSXĠLQFXPDLPXOWGHFkWMXPăWDWHGLQQXPăUXO
$MXWDĠLLQVSHFWRUDWXOúFRODUúLVFULHĠLXQSURJUDPFDUHFUHHD]ăRVLQJXUăOLVWăGLQFHOHQ WRWDOGHYRWXUL
OLVWHvQFDUHPHGLLOHVăILHRUGRQDWHGHVFUHVFăWRU 
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
'DWHGHLQWUDUH  6FULHĠLXQSURJUDPFDUHGHWHUPLQăVXPDPD[LPăSRVLELOăGHvQFDVDWGLQPDJD]LQHOH
)LúLHUXOGHLQWUDUH 8'!&$FRQĠLQHDWkWHDOLQLLFkWHYRWXULH[LVWă3HILHFDUHOLQLHHVWH ILUPHL 'H DVHPHQHD GHWHUPLQDĠL VHFYHQĠD FHD PDL OXQJă GH PDJD]LQH FDUH SHUPLWH
VFULVXQQXPăUQDWXUDOUHSUH]HQWkQGQXPăUXOGHRUGLQHDOXQXLFDQGLGDWJ REĠLQHUHDDFHVWHLVXPH'DFăDFHHDúLVXPăPD[LPăVHSRDWHREĠLQHSHQWUXPDLPXOWH
 DOHJHULGLIHULWHYL]LWkQGDFHODúLQXPăUPD[LPGHPDJD]LQHDWXQFLvQILúLHUXOGHLHúLUH
'DWHGHLHúLUH VHYDVFULHXQDVLQJXUăúLDQXPHFHDFDUHvQFHSHGHODPDJD]LQXOFXQXPăUXOGHRUGL
ÌQILúLHUXOGHLHúLUH8'!&'(!VHYDVFULHFXYkQWXO†vQFD]XOvQFDUHH[LVWăFkúWLJă QHFHOPDLPLF
WRUODDOHJHULúLƒ‚vQFD]FRQWUDUÌQFD]XOvQFDUHH[LVWăFkúWLJăWRUSHXUPăWRDUHDOL 
QLHGLQILúLHUVHYDVFULHQXPăUXOGHRUGLQHDOFkúWLJăWRUXOXLJJ 'DWHGHLQWUDUH
 3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH # "&$VHDIOăQXPăUXOQDWXUDOQUHSUH]HQ
5HVWULFĠLLúLSUHFL]ăUL WkQG QXPăUXO PDJD]LQHORU GH SH WUDVHXO LQLĠLDO 3H XUPăWRDUHD OLQLH VH DIOăQQXPHUH
x dQXPăUXOYRWXULORUd vQWUHJLGHVSăUĠLWHSULQFkWHXQVSDĠLXUHSUH]HQWkQGVXPHOHSHFDUHFDVLHUXODUWUHEXLVă
x dQXPăUGHRUGLQHd OHSOăWHDVFăVDXVăOHvQFDVH]HvQGLQFHOHQPDJD]LQHQXPHUHOHSR]LWLYHUHSUH]LQWăVX
 PHFDUHVHYRUvQFDVDLDUQXPHUHOHQHJDWLYHFRUHVSXQGVXPHORUFDUHVHYRUSOăWL
([HPSOH 
8'!&$ 8'!&'(! 'DWHGHLHúLUH
ˆJ †J 3HSULPDOLQLHDILúLHUXOXLGHLHúLUH# "&'(!VHYDVFULHXQQXPăUQDWXUDOQHQXO
‡JJ ‡J UHSUH]HQWkQGVXPDPD[LPăFXFDUHFDVLHUXOVHvQWRDUFHODILUPă3HXUPăWRDUHDOLQLHVH
‡J  YRU VFULH GRXă QXPHUH QDWXUDOH QHQXOH DSDUĠLQkQG LQWHUYDOXOXL > Q@ FDUH UHSUH]LQWă
JJ QXPHUHOHGHRUGLQHDOHPDJD]LQHORUDOHVHGHFDVLHUSHQWUXvQFHSXWXOúLVIkUúLWXOSRUĠLX
‡J
‡
QLLGHWUDVHX
  
8'!&$ 8'!&'(! 5HVWULFĠLL
JJ ƒ‚ x dQd
JJ x d6XPDLdL «Q
‡J x d6XPD0D[d
‡ 
 ([HPSOX
3OăĠLúLvQFDVăUL # "&$ # "&'(!
`JJ J J J J J J ‡J
&DVLHUXOXQHLILUPHWUHEXLHVăSDUFXUJă]LOQLFXQWUDVHXOLQLDUSULQFHOHQPDJD]LQHDOH
J‡JŸŠJ|JŸŠJŠJJŸJJŸ ŠJ‰
VDOH0DJD]LQHOHVXQWQXPHURWDWHGHODODQúLVHSDUFXUJ]LOQLFvQRUGLQHDQXPHUHORU
ORUGHRUGLQHvQFHSkQGFXSULPXOPDJD]LQúLWHUPLQkQGFXDOQOHD (YLGHQWFDVLHUXO 
YD WUHFH GRDU R VLQJXUă GDWă SULQ ILHFDUH PDJD]LQ  6FRSXO SDUFXUJHULL DFHVWXL WUDVHX 6ROXĠLLOHSUREOHPHORUSURSXVH
HVWHHIHFWXDUHDXQRUSOăĠLUHVSHFWLYDXQRUvQFDVăUL6HúWLHFăH[LVWăFHOSXĠLQXQPD
JD]LQGHXQGHFDVLHUXOYDvQFDVDEDQL'HDVHPHQHDVHFXQRVFVXPHOHFDUHWUHEXLHSOă 
WLWHUHVSHFWLYvQFDVDWH /XFUăULFRGLILFDWH
 ÌQWUR]LSDWURQXOQXDUHEDQLSHQWUXSOăĠLúLFHUHFDVLHUXOXLVăDOHDJăGRXăPDJD]L 9RPOXFUDFXGRXăWDEORXULFRGúLPHGvQFDUHYRPUHĠLQHSHSR]LĠLLLGHQWLFHFRGXULOH
QHPLúLPMGHSHWUDVHXDVWIHOvQFkWSDUFXUJkQGWUDVHXOvQFHSkQGFXPLúLvQFKHLQGXO OXFUăULORUúLPHGLLOHVFULVHSHHOH
FXPMvQFDVăULOHVăUHSUH]LQWHVXPDPD[LPăSRVLELOăGHDGXVvQDSRLODILUPă&DVLHUXO  &LWLUHDGDWHORUGLQILúLHUXOGHLQWUDUHFRQWLQXăSkQăODDSDULĠLDPăUFLLGHVIkUúLWGH
WUHEXLHVăLQWUHvQWRDWHPDJD]LQHOHDIODWHSHWUDVHXODOHVFKLDUGDFăvQXQHOHWUHEXLHVă ILúLHU&RQFRPLWHQWYRPQXPăUDúLQXPăUXOSHUHFKLORUGHGDWHFLWLWHSHQWUXDúWLQX
HIHFWXH]HSOăĠLÌQSOXVSHQWUXDQXFUHDVXVSLFLXQLSULQWUHDQJDMDĠLLPDJD]LQHORUSD PăUXOOXFUăULORU Q 
WURQXOGRUHúWHVăILHYL]LWDWHFkWPDLPXOWHPDJD]LQH 
 2UGRQăULúLFăXWăUL
2UGRQăULúLFăXWăUL  
  6WUDWHJLDSHFDUHRYRPDERUGDvQUH]ROYDUHHVWHGHDDIODODILHFDUHSDVFHOHPDL
 3HQWUXVRUWDUHDGXSăFRGXULIRORVLPPHWRGDEXOHORUvPEXQăWăĠLWă(VWHLPSRUWDQWVă VFXUWHGRXăWDEORXULvQYHGHUHDLQWHUFODVăULLORU
UHĠLQHPFăDWXQFLFkQGLQWHUVFKLPEăPGRXăHOHPHQWHGLQWDEORXOGHFRGXULWUHEXLHVă  ÌQUHSUH]HQWDUHDDOJRULWPXOXLDPIRORVLWXUPăWRDUHOHQRWDĠLL
LQWHUVFKLPEăPúLHOHPHQWHOHUHVSHFWLYHORUGLQWDEORXOGHPHGLLSHQWUXDPHQĠLQHFR PHGúLUXOvQFDUHILHFDUHHOHPHQWHVWHXQúLUGHPHGLL
UHVSRQGHQĠDGLQWUHHOHPHQWH FRGúLUXOvQFDUHILHFDUHHOHPHQWHVWHXQúLUGHFRGXUL
 $OJRULWPXOFDUHIRUPHD]ăFHDGHDGRXDOLVWăWUHEXLHVăUHDOL]H]HRVRUWDUHGHVFUHV GLPúLUXOOXQJLPLORUOLVWHORU
FăWRDUHDHOHPHQWHORUGLQWDEORXOGHPHGLL9RPDSOLFDPHWRGDVRUWăULLSULQVHOHFWDUHD DPHGEPHGGRXăúLUXULGHPHGLLGLQGRXăOLVWHFDUHXUPHD]ăVăILHLQWHUFODVDWH
PD[LPXOXLúLDúH]DUHDOXLSHSR]LĠLDVDGHILQLWLYă&DúLvQFD]XOSUHFHGHQWODRLQWHU DFRG EFRG GRXă úLUXUL GH FRGXUL GLQ GRXă OLVWH FDUH XUPHD]ă Vă ILH LQWHUFODVDWH vQ
VFKLPEDUHGHPHGLLWUHEXLHUHDOL]DWăúLLQWHUVFKLPEDUHDFRGXULORU
SDUDOHOFXPHGLLOH
 DGLPEGLPGLPHQVLXQLOHúLUXULORUDPHGUHVSHFWLYEPHG
/LVWH FPHGOLVWDGHPHGLLUH]XOWDWăvQXUPDLQWHUFODVăULLOXLDPHGúLEPHG
6ăOXăPH[HPSOXOGLQHQXQĠ3HQWUXRDILúDUHPDLSRWULYLWăYRPVFULHOLVWHOHSHFRORD FFRGOLVWDGHFRGXULUH]XOWDWăvQXUPDLQWHUFODVăULLOXLDFRGúLEFRG
QH QHVWHQXPăUXOOLVWHORU
‡JJ |J J ˆJ 
J‰|`JJ JŠJ|JJ ‡J```JJ ˆJŒŠ|JJ  $OJRULWPXOXUPHD]ăVWUDWHJLDGHLQWHUFODVDUHVXJHUDWăSULQH[HPSOXOWUDWDW
JŒ|JJ JŒJŠJJ JJˆ|` `JˆŒ`JJ J
‡JŒˆ` J|J‰|JJ JJˆ|JJ # JQJ
JˆJŒ‡|JJ J‰Jˆ|` JJFLWLUHDGDWHORUGHLQWUDUH ^
%`
J‰|`
JJ   J
JdJJ

 ăQ ^SkQăODLQWHUFODVDUHDXOWLPHORUGRXăúLUXUL`J

JJJJ
JmJ„

  ^LQGLFHOHúLUXOXLGHGLPHQVLXQHPLQLPă`J
 $YHPGHLQWHUFODVDWOăVkQGODRSDUWHSHQWUXPRPHQWFRGXULOHWDEORXULDYkQGGL
JJJJJmJ›
œ ^vQSăVWUăPGLPHQVLXQHDFHOXLPDLVFXUWúLU`J
PHQVLXQLOH
 1H SURSXQHP Vă LQWHUFODVăP OD ILHFDUH SDV FkWH GRXă WDEORXUL SăVWUkQG vQ SULPXO JJJJ%JmJ%›
œJJ ^vQ%SăVWUăPFHOPDLVFXUWúLUGHFRGXUL`J
UH]XOWDWXOLQWHUFODVăULL7UHEXLHVăLQWHUFODVăPúLUXULRUGRQDWHGDUGLQQHIHULFLUHDFHV JJJJJmJ›
œJJ ^vQSăVWUăPFHOPDLVFXUWúLUGHPHGLL`J
WHDQXVXQWRUGRQDWHvQDFHODúLVHQV'LQDFHVWPRWLYvQDLQWHGHDLQWHUFODVDGRXăGLQ JJJJ"


% JJ ^HOLPLQăPFHOPDLVFXUWúLU`J
WUHHOHPDLvQWkLWUHEXLHVăYHGHPGDFăVXQWRUGRQDWHvQDFHODúLVHQVÌQSOXVUH]XOWDWXO JJJJ
JmJ„

 JJ^SURFHGăPODIHOFXDOGRLOHDFHOPDLVFXUWúLU`J
WUHEXLHVăILHRUGRQDWGHVFUHVFăWRUGXSăPHGLHÌQFD]GHRUGRQăULQHFRUHVSXQ]ăWRDUH JJJJ˜JmJ›
œJ
DOJRULWPXOGHLQWHUFODVDUHYDSDUFXUJHúLUXOUHVSHFWLYvQRUGLQHLQYHUVă JJJJ˜%JmJ%›
œJ
 5HYHQLQGODH[HPSOXOFRQVLGHUDWGDFăODSULPXOSDVLQWHUFODVăPSULPHOHGRXăWD JJJJ˜JmJ›
œJ
EORXULREĠLQHP JJJJ"


% J
J JJJJăJ›œJJ›œJ J ^YHULILFăPVHQVXOGHRUGRQDUH`J
‰|`J‰|`JŒ|JŒˆ`JŒ‡|J‰|JŠJ|J JJJJJJ€
• % JJ ^GDFăHVWHvQVHQVFUHVFăWRUvOLQYHUVăP`J
  ú ă
 1HDPDWLQVGHSOXVHOHPHQWHúLDUH]XOWDWXQúLUGHHOHPHQWH$FHVWDVHYDLQ JJJJăJ˜›œJJ˜›œJ J
WHUFODVDFXXUPăWRUXOSUHOXFUkQGvQWRWDO HOHPHQWHXUPkQGFDvQILQDODFHVW JJJJJJ€
• ˜˜%˜ J
úLUVăVHLQWHUFODVH]HFXXOWLPXOSUHOXFUkQG HOHPHQWHFHHDFHvQVHDPQăFă J J J ^LQWHUFODVăP%FX˜%vQ%%úLFX˜vQ%`J
vQWRWDODPHIHFWXDWGHSUHOXFUăULGHHOHPHQWH6HREVHUYăXúRUFăGDFăDPDOHJHVă  ú ăJ
LQWHUFODVăPPHUHXFHOHPDLVFXUWHGRXăúLUXULQXPăUXOHOHPHQWHORUSUHOXFUDWHvQWRWDO JJJJ€
 %˜%%%˜%˜~˜ J
JJJJ
%%%~˜% J
VFDGHLQWHUFODVăPúLUXOGHOXQJLPHFXFHOGHOXQJLPH HOHPHQWHÄPLúFDWH´ úLUXO
 ú    
UH]XOWDWFXFHOGHOXQJLPH DYHPPLúFăUL úLvQILQDOPDLDYHP SUHOX
   ^UH]XOWDWXOHVWHvQXOWLPXOUH]XOWDWDOLQWHUFODVăULL`
FUăUL1XPăUXOWRWDOGHSUHOXFUăULGHHOHPHQWHDFXPHVWH JJ ú %%%~˜ J
 ú  
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
 ÌQDOJRULWPXOSULQFLSDOVHDSHOHD]ăFkĠLYDVXEDOJRULWPLGLQWUHFDUH „
úL €
  J€
• % QJ
vL FRQVLGHUăP FXQRVFXĠL ÌQ DOJRULWPXO GH LQWHUFODVDUH VDQWLQHOHOH YRU IL GRXă YDORUL    ^GDFăúLUXOGHPHGLLHVWHRUGRQDWFUHVFăWRULQYHUVăPRUGLQHD`
VWUăLQHGHúLUXOGHPHGLLHJDOHFXGHRDUHFHúLUXULOHVXQWRUGRQDWHGHVFUHVFăWRUJ JJ
 J\›’œJ

 ăQJ
JJ›
~œJmJ`J JJJJJmJ›œJ
JJ˜›~œJmJ`J JJJJ›œJmJ›~œJ
J JJJJ›~œJmJJ
 6XEDOJRULWPXOGHHOLPLQDUHDúLUXOXLDYkQGLQGLFHOHLQG FDUHVHYDLQWHUFODVDODXQ JJJJJmJ%›œJ
PRPHQWGDW GLQWUHúLUXULOHFDUHXUPHD]ăVăILHLQWHUFODVDWH JJJJ%›œJmJ%›~œJ
J JJJJ%›~œJmJJ
 J"


% QJ  ú 
 
J J  ^HOLPLQăPúLUXULOHFDUHVHYRULQWHUFODVD` ú   
JJJmJJ J
   J JdJ
JúJ JzJ
 J

 ăQJ $OHJHULSUH]LGHQĠLDOHJ
JJJJJmJJ~JJ $FHDVWăSUREOHPăIDFHSDUWHGLQFDWHJRULDDFHORUDFDUHQHFHVLWăRSUHOXFUDUHDGDWHORU
 ú     SHVHJPHQWHGHOXQJLPHYDULDELOă/XQJLPHDXQXLDVWIHOGHVXEúLUGHSLQGHGHYDORDUHD
JJ
 J\
J

 ăQJJ ^vQFHSkQGFXDOLOHDWUDQVODWăPODVWkQJD` HOHPHQWHORU úLUXOXL 'H DOWIHO GDWRULWă OXQJLPLL PD[LPH SRVLELOH HVWH H[FOXV Vă FLWLP
JJJJ›œJmJ›~œJ WRDWH GDWHOH úL Vă OH SăVWUăP vQ PHPRULH ÌQ FRQFOX]LH YRP DFĠLRQD SH ED]D YDORULL
JJJJ%›œJmJ%›~œJ XQXLVLQJXUQXPăU
JJJJ›œJmJ›~œJ  1XPăUXOFXUHQWvOQRWăPFXQULDUFDQGLGDWXOFXUHQWFXFDQGLGDW'DFăXQQXPăU
 ú 
  FLWLWGLQILúLHUHVWHHJDOFXFDQGLGDWPăULPFRQWRUXOFkWHvQFDUHĠLQHPHYLGHQĠDDSDUL
JJ
JmJ
JŸJJ ^úLUXOGHYLQHPDLVFXUW`J ĠLLORU FDQGLGDWXOXL 'DFă QXPăUXO FLWLW GLIHUă GH FDQGLGDW LQGLIHUHQW GH YDORDUHD OXL
ú   J VFăGHPGLQFRQWRUXOFkWH'XSăILHFDUHDVWIHOGHVFăGHUHYHULILFăPFRQWRUXOFkWHGH
J
RDUHFHvQPRPHQWXOvQFDUHDFHVWDGHYLQHvQVHDPQăFăVDVIkUúLWXQVHJPHQWúLvQFH
 ùLUXOREĠLQXWvQXUPDLQWHUFODVăULL DYkQGOXQJLPHDG GHYLQHXQXOFDUHXUPHD]ăVă SHDOWXOFXXQFDQGLGDWQRX
ILHLQWHUFODVDWFXUHVWXOúLUXULORUÌODGăXJăPODVIkUúLWXOúLUXOXLGHúLUXUL J

J # J ‹


ĠQJ
 J
%%%% QJ JJ
ú
J
J
   ^DGăXJăPúLUXOLQWHUFODVDW` JJ%
JmJ
J
JJ
JmJ
J~JJ ^úLUXOGHYLQHPDLOXQJ`J JJ%žJmJJ ^vQ%žQXPăUăPYRWXULHJDOHSHÄVHJPHQWH´GHGDWH`
JJ›
œJmJJ JJ   XUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ăQJ
JJ%›
œJmJ%%J JJJJ
ú
J
J
JJ›
œJmJ%J JJJJăJ
J\J%
J J ^GDFăDDSăUXWYRWSHQWUXDFHODúLFDQGLGDW`
ú   J JJJJJJ%žJmJ%žJ~JJ
J JJJJ 
J ^GDFăYRWXOQXHVWHSHQWUXFDQGLGDWXOFXUHQW`
 ùLUXULOH FDUH QX VXQW GHVFUHVFăWRU RUGRQDWH WUHEXLH WUDQVIRUPDWH DVWIHO vQFkW Vă ILH JJJJJJ%žJmJ%žJŸJ ^PLFúRUăPQXPăUXOYRWXULORUSULPLWHGHFDQGLGDW`
FRUHVSXQ]ăWRDUHFHULQĠHORU(YLGHQWVHSXWHDVFULHúLRLQWHUFODVDUHFDUHSHDFHVWHDVă    ^GDFăSULQPLFúRUDUHQXPăUXOYRWXULORUGHYLQH`
OHSDUFXUJăvQVHQVLQYHUVGDUVDUILOXQJLWvQWUHJFRGXOSURJUDPXOXLÌQFD]XOvQFDUH JJJJJJăJ%žJ\J`J J 
WLPSXOGHH[HFXĠLHWUHEXLHUHGXVODPLQLPUHFRPDQGăPLPSOHPHQWDUHDXQHLLQWHUFOD JJJJJJJJ%
JmJ
J ^VFKLPEăPFDQGLGDWXOFXXOWLPXOYRWDW`
VăULvQDFHVWVHQV JJJJJJJJ%žJmJJ ^SHQWUXDFHVWDDDSăUXWSULPXOYRW`
J  ú ă
J JJJJ ú ă
J JJ ú    
2UGRQăULúLFăXWăUL   2UGRQăULúLFăXWăUL
 
   ^DPWHUPLQDWSUHOXFUDUHDILúLHUXOXLDPLHúLWFXXQFDQGLGDW` ăJ„JJJ JJ
J J J ^GHRDUHFHQXHVWHVLJXUFăDFHVWDDUHVXILFLHQWHYRWXUL` JJJJJJJJ„JmJJ
JJ%žJmJ` ^SDUFXUJHPILúLHUXOGLQQRX`  ú ă
JJ
JmJ`J  ú 
 
JJ   XUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ăQJ  ú 
 
JJJJ
ú
J
J ú   
JJJJ
JmJ
J~JJ ^QXPăUăPQXPăUXOYRWXULORU` 
JJJJăJ
J\J%
J J ^úLQXPăUXOYRWXULORUSULPLWHGHFDQGLGDW`  $FHVW DOJRULWP FRQĠLQH WUHL VWUXFWXUL UHSHWLWLYH LQFOXVH XQD vQ FHDODOWă LPEULFDWH 
JJJJJJ%žJmJ%žJ~JJ 'DFăQ XQFDOFXODWRUGHSHUIRUPDQĠHPHGLLDUOXFUDDSUR[LPDWLYRRUă$FHDVWă
 ú ă FRPSOH[LWDWHHVWHGHQHDFFHSWDWGHFLFăXWăPXQDOJRULWPPDLHILFLHQW
 ú      2EVHUYăPGHH[HPSOXFăvQVXPDVXEVHFYHQĠHL7>@H[LVWăGHMDVXPDDIHUHQWă
JJăJ%žJ…J›
’œJ J VXEVHFYHQĠHL 7>@ $GLFă 7>@  7>@  7>@ HWF *HQHUDOL]kQG VXPD VXEVHF
JJJJ 
J†J YHQĠHL7>VWkQJDGUHDSWD@VHSRDWHFDOFXODFXDMXWRUXOVXPHLGHWHUPLQDWHODSDVXOSUH
JJJJ 
J%
J FHGHQWFRUHVSXQ]ăWRUVXEVHFYHQĠHL7>VWkQJDGUHDSWD±@
JJ 
J
 9RP FRPSDUD VXPHOH FRUHVSXQ]ăWRDUH ILHFăUHL VXEVHFYHQĠH 7>VWkQJDGUHDSWD@ FX
JJJJ 
Jƒ‚J
ú   VXPD PD[LPă GHWHUPLQDWă SkQă vQ PRPHQWXO UHVSHFWLY LPHGLDW GXSă FDOFXODUHD ORU
$VWIHODOJRULWPXOYDFRQĠLQHGRDUGRXăFLFOXULLPEULFDWH
J 
3OăĠLúLvQFDVăULJ  J™˜%•
Ġă
 QJ
ÌQDLQWHGHWRDWHREVHUYăPFăWUHEXLHVăGHWHUPLQăPRVXEVHFYHQĠă VXEúLUIRUPDWGLQ JJ„JmJ›œJ ^7HVWHúLUXOGDW0D[HVWHVXPDPD[LPăFăXWDWă`
HOHPHQWHFRQVHFXWLYHGLQúLU DYkQGSURSULHWDWHDFăHVWHFHDPDLOXQJăSULQWUHDFHOHD JJ
 Jž
\
J

 ă, ^ž
HVWHSULPXOLQGLFHDOVXEVHYHQĠHL`
FDUHDXVXPăPD[LPă JJJJJmJ`J ^vQFHSkQGFXILHFDUHVWkQJDQRXDYHPVXPăQRXă`
 9RPFRQVLGHUDH[HPSOXOGLQHQXQĠ 
 J\ž

J

 ă,JJJJJJJ
 )LHQ úLúLUXO±±±± JJJJJJJmJJ~J›œJ ^DGăXJăPXQHOHPHQWQRX`
 5H]ROYkQGSUREOHPDPDQXDOSHQWUXDFHVWH[HPSOXREĠLQHP ăJ„JJJ JJ
 6XPDPD[LPă JJJJJJJJ„JmJJJ ^DFWXDOL]ăP„`
 /XQJLPHDVXEVHFYHQĠHL  ú ă
 ú 
 
 6XEVHFYHQĠDFăXWDWă±  ú 
 
 ,GHHDFHDPDLVLPSOăGHUH]ROYDUHFRQVWăvQJHQHUDUHDWXWXURUSHUHFKLORUSRVLELOHGH ú   
QXPHUH VWkQJD úL GUHDSWD DVWIHO vQFkW  d VWkQJD d GUHDSWD dQXUPkQGFDOFXODUHD 
VXPHORU VXEVHFYHQĠHORU FRUHVSXQ]ăWRDUH 7>VWkQJDGUHDSWD@  3H SDUFXUVXO JHQHUăULL  'DFăDPUHXúLVăUH]ROYăPSUREOHPDDVWIHOvQFkWVăSDUFXUJHPúLUXORVLQJXUăGDWă
YRPSăVWUDDFHDVXEVHFYHQĠăFDUHDUHVXPDPD[LPă DOJRULWPXOYDILOLQLDUÌQSOXVVăQHDGXFHPDPLQWHFăSUREOHPDJDUDQWHD]ăFăvQúLU

 J™˜%•
Ġă
 QJ H[LVWăFHOSXĠLQXQQXPăUSR]LWLY
JJ„JmJ›œJ ^7HVWHúLUXOGDW0D[HVWHVXPDPD[LPăFăXWDWă`  'HFLGDFăúLUXOFRQĠLQHQ±HOHPHQWHQHJDWLYHúLXQVLQJXUHOHPHQWSR]LWLYDWXQFL

 Jž
\
J

 ă, ^ž
HVWHSULPXOLQGLFHDOVXEVHYHQĠHL` VXEVHFYHQĠDDYkQGVXPDPD[LPăDUILFRQVWLWXLWăGLQDFHVWVLQJXUHOHPHQWSR]LWLY
  ^HVWHXOWLPXOLQGLFHDOVXEVHYHQĠHL`  5H]XOWăFăDWkWDYUHPHFkWRVXPăDFWXDOăHVWHSR]LWLYăFRQWLQXăPDGXQăULOH'DFă

 J\ž

J

 ă,JJJJJJJ ODXQPRPHQWGDWDFHDVWăVXPăGHYLQHQHJDWLYăDWXQFLvQFHSHPFDOFXODUHDXQHLVXPH
JJJJJJJmJ`J ^VXPDVXEVHFYHQĠHLDFWXDOH` QRLSHVHJPHQWXOFDUHvQFHSHFXSULPXOQXPăUSR]LWLY

 J\ž
J

 ă,  'DFăDPREVHUYDWFăSUREOHPDSRDWHILUH]ROYDWăSHVHJPHQWHXUPăWRDUHDRSWLPL
JJJJJJJJJmJJ~J›œ ]DUHFRQVWăvQDUHQXQĠDODFLWLUHDWXWXURUGDWHORUúLUHĠLQHUHDORUvQPHPRULH/DXQPR
 ú 
  PHQWGDWYRPFLWLXQVLQJXUQXPăUúLvOYRPSUHOXFUD


2UGRQăULúLFăXWăUL  

# J™˜ú‡QJ ùLUXULGHFDUDFWHUH  &DSLWROXO


JJ
ú
J
J 
JJ
ú
JJ ™2SHUDĠLLFXYDULDELOHGHWLS 
JJ„™JmJJ ^LQLĠLDOL]DUHDVXPHLPD[LPH` ™6XESURJUDPHSUHGHILQLWHSHQWUXstringXUL
™,PSOHPHQWăULVXJHUDWH
JJ„™%JmJ„™J ^LQLĠLDOL]DUHDVXPHLFXUHQWH` ™3UREOHPHSURSXVH
JJ‹
%JmJJ ™6ROXĠLLOHSUREOHPHORU
JJ žúJmJJ

JJ§
%JmJJ

JJ
 J\
J

 ăQJJ ^FRQWLQXăPFLWLUHDQXPHUHORU`J 
JJJJ
ú
JJ 7LSXO úLU GH FDUDFWHUH VH LGHQWLILFă vQ 3DVFDO SULQ WHUPHQXO VWULQJ GHRDUHFH vQ DFHVW
JJJJăJ„™%JJ`J

 ăQJ ^GDFă„™%HVWHQHJDWLYă`J OLPEDMGHSURJUDPDUHH[LVWăWLSXOSUHGHILQLW SHQWUXWDEORXULXQLGLPHQVLRQDOH
JJJJJJ„™%JmJJ ^DFHDVWDVHUHLQLĠLDOL]HD]ăFX7`J FDUHDXHOHPHQWHFkWHXQFDUDFWHU'LIHUHQĠHOHLPSRUWDQWHGLQWUHXQúLUGHFDUDFWHUHúL
XQVWULQJVHGHVSULQGGLQXUPăWRDUHOHREVHUYDĠLL
JJJJJJ‹
%JmJJ ^QRXOVXEúLUSRVLELOvQFHSHvQSR]LĠLDL`J
x 8QXL WDEORX L VH VSHFLILFă GH OD vQFHSXW QXPăUXO PD[LP GH FRPSRQHQWH SH FDUH
JJJJ 
J
SRDWHVăOHFRQĠLQăSHFkQGRYDULDELOăGHWLS DUHLPSOLFLWFHOPXOWGH
JJJJJJ„™%JmJ„™%J~JJ ^OXL„™%LVHDGDXJă7`J HOHPHQWH
JJJJJJăJ„™JdJ„™%J  ^VHDFWXDOL]HD]ă„™` x 'DFăODGHFODUDUHVHVSHFLILFăSHQWUXGLPHQVLXQHDPD[LPăDXQHLYDULDELOHGHWLS
JJJJJJJJăJ„™JJ„™%J  XQQXPăUPDLPLFGHFkWYDILYDODELOăGHFODUDĠLDIăFXWăH[SOLFLW
JJJJJJJJJJ„™JmJ„™%J x 8QVWULQJVHPHPRUHD]ăSHDWkĠLDRFWHĠLFkWHFDUDFWHUHVXQWVSHFLILFDWHvQGHFODUD
JJJJJJJJJJ§
%JmJ‹
%J UHODFDUHVHDGDXJăXQRFWHWvQFDUHVHPHPRUHD]ăOXQJLPHDVWULQJXOXL$FHVWOX
FUXQXVHvQWkPSOăODWDEORXULOHGHFDUDFWHUHFDUHVHPHPRUHD]ăSHH[DFWDWkĠLDRF
JJJJJJJJJJ žúJmJJ WHĠLFkWHFDUDFWHUHDSDUvQGHFODUDUH
JJJJJJJJ 
 ^vQFD]GHHJDOLWDWH`J 
JJJJJJJJJJăJ§
%J\J‹
%J J Declararea variabilelor de tip 
JJJJJJJJJJJJ žúJmJJ &XWRDWHFăWLSXOGHVFULHRVWUXFWXUă úLUGHFDUDFWHUH QXHVWHREOLJDWRULXVăSUHFL]ăP
 ú ă RDQXPLWăOXQJLPHGDUGDFăGRULPVăGHFODUăPXQVWULQJPDLVFXUWGHFkWOXQJLPHDLP
 ú ă SOLFLWă  DWXQFLDFHVWOXFUXHVWHSRVLELO

 ú ă
([HPSOX
 ú ă
J ‹Q KJ ^YDULDELOD ‹DUHFHOPXOWGHFDUDFWHUH`J
 ú 
 
JJJJ%•Q ›`œKJ ^YDULDELOD%•SRDWHDYHDFHOPXOWGHFDUDFWHUH`J
JJ 
J„™J
JJ 

%J žúJ

ú  
ÌQFHOHFHXUPHD]ăDWXQFLFkQGYRPVFULHVWULQJvQDFHVWPDWHULDOQHUHIHULPODXQúLUGHFD
UDFWHUH$WXQFLFkQGYRPVFULH HVWHYRUEDGHWLSXOSUHGHILQLWvQOLPEDMXO3DVFDO
ùLUXULGHFDUDFWHUH   ùLUXULGHFDUDFWHUH
 
2SHUDĠLLFXYDULDELOHGHWLS   'DFăYDORDUHDOXL \‡DWULEXLUHD Q\~ˆ|Œ‰`KVHYDILQDOL]DFXYD
ORDUHD‡ˆ|SHQWUX
 
&LWLUHD &RQFDWHQDUHD
2YDULDELOăGHWLS VHSRDWHFLWLvQ3DVFDOVSHFLILFkQGXLQXPHOH$YDQWDMXOID
&RQFDWHQDUHDVHSRDWHUHDOL]DXWLOL]kQGRSHUDWRUXO~GDUvQ3DVFDOH[LVWăúLRSURFH
ĠăGHWDEORXULFRQVWăvQIDSWXOFăQXWUHEXLHVăúWLPH[DFWQXPăUXOFDUDFWHUHORUÌQPR
GXUăSUHGHILQLWăvQDFHVWVFRS 
% 
PHQWXOvQFDUHDPDSăVDW(QWHUVDXvQFD]GHFLWLUHGLQWUXQILúLHUGHWLSDWXQFL J
FkQGXUPHD]ăFDUDFWHUXOVIkUúLWGHOLQLHVWULQJXOÄVDWHUPLQDW´úLSULPDFRPSRQHQWă ([HPSOX
DYDULDELOHL FHDFXLQGLFH SULPHúWHRYDORDUHHJDOăFXQXPăUXOFDUDFWHUHORUFLWLWH
‡Q\J~JKJ ^GDFăJ\JúLJ\J˜DWXQFLYDORDUHDOXL‡YDIL˜`J

‡Q\‡J~J‘‘‘J~JK ^YDORDUHDOXL‡YDIL˜‘‘‘`J
([HPSOX
JQ KJ 
JJJJQ ›|œKJ  6ă REVHUYăP Fă XQ VWULQJ SRDWH IL ÄFRQVWUXLW´ SULQ DGăXJDUH GH FDUDFWHUH OD XQ
J VWULQJLQLĠLDOYLG
JJ
 KJ 
JJ
 KJ ([HPSOX
J Q ›|œK
J JJJJQXYKJ
 'DFăSHQWUXVúLSHQWUXVVLQWURGXFHPúLUXOGHFDUDFWHUH XYDORDUHDDPEHORU 

YDULDELOH YD IL X 'DFă SHQWUX VV LQWURGXFHP XX YDORDUHD OXL VV YD IL JJQ\KJJ ^VWULQJXOYLG`
XXDGLFăVHYRUSăVWUDFHOPXOWDWkWHDHOHPHQWHFkWHSHUPLWHGHFODUDĠLD JJQ\`KJ

|J

 JJJJ€
%  KJ
$ILúDUHD JJJJQ\J~JJ
$ILúDUHDVHUHDOL]HD]ăVSHFLILFkQGRH[SUHVLHGHWLS  

 JJ
— ›`œ KJ ^FRPSRQHQWDFDUHSăVWUHD]ăOXQJLPHDVWULQJXOXL  `J
([HPSOX JJ
 J ^VHYDDILúD`J
JQ KJ &
JJJJQ ›|œKJ
J

JJ
XX KJ 2SHUDĠLLUHODĠLRQDOH
JJ
~ K ^GDF㠁úL 
VHYDDILúD
`J ÌQFD]XOH[SUHVLLORUGHWLS VHSRWIRORVLRSHUDWRULLUHODĠLRQDOLFXQRVFXĠL
J \………\\J
  5H]XOWDWXODGRXăFRPSDUDĠLLHVWHRFRQVWDQWăORJLFă DGHYăUDWVDXIDOV 

$WULEXLUHD ([HPSOX
8QHL YDULDELOH GH WLS  L VH SRDWH DWULEXL YDORDUHD XQHL H[SUHVLL FDUH DUH WLSXO J‡Q KJ
'DFăYDULDELODDUHXQWLSFDUHSUHFL]HD]ăROXQJLPHPDLPLFăGHFkWVWULQJXO  $YkQGGHFODUDĠLLOHGHPDLVXVvQWDEHOXOXUPăWRUSUH]HQWăPFkWHYDH[HPSOHGHH[
GLQH[SUHVLHFDUDFWHUHOHFDUHGHSăúHVFOXQJLPHDYDULDELOHLVHSLHUG SUHVLLUHODĠLRQDOHGXSăHIHFWXDUHDXUPăWRDUHORURSHUDĠLLGHDWULEXLUH
 
([HPSOX Q\KJ
 )LHGHFODUDĠLD Q\XKJ
Q ›|œK ‡Q\J~JKJ
ùLUXULGHFDUDFWHUH   ùLUXULGHFDUDFWHUH
 
([SUHVLH 5H]XOWDW 3UREOHPHSURSXVH
J\J J VDFRPSDUDWFX 
J…JXJ J VDFRPSDUDWXFXX 

‡JJXJ  VDFRPSDUDW XFX XúL /LWHUH
JJXSHFHDGHDGRXDSR]LĠLH  )LHXQWH[WFLWLWGLQWUXQILúLHU6ăVHDILúH]HDFHOHFXYLQWHGLQWH[WvQFRPSRQHQĠDFăUR
UDQXPăUXOPDMXVFXOHORUHVWHVWULFWPDLPDUHGHFkWQXPăUXOOLWHUHORUPLFL
JJJ J VDFRPSDUDWFX J

‡J…\JJ J VDFRPSDUDWXFX J
'DWHGHLQWUDUH
 )LúLHUXOGHLQWUDUH*!"&$FRQĠLQHWH[WXOVFULVSHPDLPXOWHOLQLL
$FFHVXOODRFRPSRQHQWă 
&RPSRQHQWD›œUHSUH]LQWăDOOHDFDUDFWHUGLQYDULDELODGHWLS  'DWHGHLHúLUH
&XYLQWHOHVHYRUVFULHvQILúLHUXOGHLHúLUH *!"&'(!SHOLQLLGLVWLQFWHILHFDUHFX
 YkQWILLQGVFULVSHFkWHROLQLHQRXă
6XESURJUDPHSUHGHILQLWHSHQWUXstringXUL 
8QLWXO6\VWHPGLQ%RUODQG3DVFDOFRQĠLQHPDLPXOWHVXESURJUDPHSUHGHILQLWHFDUH 5HVWULFĠLLúLSUHFL]ăUL
SRWILXWLOL]DWHvQSUHOXFUDUHDVWULQJXULORU)LHVúLVVYDULDELOHGHWLS  x FXYLQWHOHVXQWVHSDUDWHSULQVSDĠLLúLVDXFDUDFWHUHGHVIkUúLWGHOLQLH
x )XQFĠLD  UHWXUQHD]ăYDORDUHDSR]LĠLHLvQFHSkQGGHODFDUHVHUHJăVHúWHVV x ILúLHUXOQXFRQĠLQHOLQLLYLGH
vQVGDFăVVQXVHJăVHúWHvQVDWXQFLLLDYDORDUHD x OLQLLOHFRQĠLQFXYLQWHQHGHVSăUĠLWH
x )XQFĠLD Y  UHWXUQHD]ăVXEVWULQJXOGLQVFDUHvQFHSHODSR]LĠLDLúLDUHM x SHROLQLHVXQWVFULVHFHOPXOWGHFDUDFWHUH
FDUDFWHUH'DFăvQVQXH[LVWăMFDUDFWHUHvQFHSkQGFXSR]LĠLDLVHYRUUHWXUQDDWkWHD x XQFXYkQWSRDWHDYHDFHOPXOWGHFDUDFWHUH
FkWHVXQW x FXYLQWHOHFRQĠLQQXPDLOLWHUHPDULúLPLFL
x )XQFĠLD
&  UHWXUQHD]ăOXQJLPHDVWULQJXOXL QXPăUXOFDUDFWHUHORUGLQV  
x 3URFHGXUD†  DUHFDHIHFWúWHUJHUHDGLQVvQFHSkQGGHODSR]LĠLDLDM ([HPSOX
*!"&$ *!"&'(!
FDUDFWHUH'DFăvQVQXH[LVWăMFDUDFWHUHvQFHSkQGFXSR]LĠLDLVHYRUúWHUJHDWkWHD 
J£"J„‚JJJJJJJJ„J £"J
FkWHVXQW JJ"™JJ „‚J
x 3URFHGXUD €
   LQVHUHD]ă FDUDFWHUHOH GLQ VWULQJXO VV vQ V vQFHSkQG J
J¨„JJ "™J
GHODSR]LĠLDL ¨„J
 ([SOLFDĠLL
,PSOHPHQWăULVXJHUDWH x 
DUHGRXăOLWHUHPLFLúLXQDPDUHGHFLQXVHVFULH
3HQWUXDYăIDPLOLDUL]DFXSUHOXFUăULOHúLUXULORUGHFDUDFWHUHLPSOHPHQWDĠLSURJUDPHOH x £"DUHSDWUXOLWHUHPDULúLQLFLXQDPLFăGHFLVHVFULH
DIHUHQWHXUPăWRDUHORUH[HUFLĠLL
 FLWLUHDXQXLQXPăUFDUDFWHUFXFDUDFWHU
x „‚DUHWUHLOLWHUHPDULúLGRXăPLFLGHFLVHVFULH
 FLWLUHDXQXLFXYkQWFDUDFWHUFXFDUDFWHU x „DUHROLWHUăPDUHúLWUHLPLFLGHFLQXVHVFULH
 QXPăUDUHDOLWHUHORUGLQWUXQWH[WGDW x "™DUHSDWUXOLWHUHPDULúLROLWHUăPLFăGHFLVHVFULH
 QXPăUDUHDFXYLQWHORUGLQWUXQWH[WGDW x DUHROLWHUăPDUHúLWUHLOLWHUHPLFLGHFLQXVHVFULH
 QXPăUDUHDSURSR]LĠLLORUGLQWUXQWH[WGDW x 
QXDUHQLFLROLWHUăPDUHGHFLQXVHVFULH
 GHVFRPSXQHUHDvQFXYLQWHDXQXLWH[WGDW
 RUGRQDUHDXQXLúLUGHFXYLQWH x ¨„DUHOLWHUHPDULúLWUHLOLWHUHPLFLGHFLVHVFULH
 HOLPLQDUHDVSDĠLLORUGXEOHGLQWUHFXYLQWHOHXQXLWH[WGDW 
ùLUXULGHFDUDFWHUH   ùLUXULGHFDUDFWHUH
 
VăOHFDXWHvQGLFĠLRQDU'LQDFHVWHFXYLQWHYDDOFăWXLROLVWăXUPkQGFDXOWHULRUVăOH
7H[W vQORFXLDVFăvQWH[W
6HFLWHVFPDLPXOWHSURSR]LĠLLGLQWUXQILúLHU6HFHUH

x VăVHDILúH]HQXPăUXOGHFXYLQWHGLQILHFDUHSURSR]LĠLH 'DWHGHLQWUDUH
x VăVHGHWHUPLQHSHQWUXILHFDUHSURSR]LĠLHQXPăUXOFXYLQWHORUGLVWLQFWH 3HSULPDOLQLHDILúLHUXOXL !"#%( &$VHDIOăWH[WXOHOHYXOXLLDUSHILHFDUHGLQWUHXU
x VăVHDILúH]HFXYLQWHOHFDUHVHUHSHWăvQFDGUXODFHOHLDúLSURSR]LĠLL PăWRDUHOHOLQLLVHDIOăXQFXYkQWvQOLPEDURPkQăXUPDWGXSăXQVSDĠLXGHFRUHVSRQ
 GHQWXOVăXvQOLPEDHQJOH]ă
'DWHGHLQWUDUH 
3URSR]LĠLLOHVXQWVFULVHvQILúLHUXOGHLQWUDUH !9!&$SHPDLPXOWHOLQLL'RXăSURSR 'DWHGHLHúLUH
]LĠLLVXQWVHSDUDWHSULQFDUDFWHUHOH”© 7H[WXOWUDGXVvPSUHXQăFXVHPQHOHGHSXQFWXDĠLHH[LVWHQWHvQWH[WXOGDWvQILúLHUXOGH
 LQWUDUHVHYDDILúDvQILúLHUXOGHLHúLUH!"#%( &'(!
'DWHGHLHúLUH 
5H]XOWDWHOHVHYRUVFULHvQILúLHUXOGHLHúLUH !9!&'(!. 3HOLQLDLGLQILúLHUVHDILúHD]ă 5HVWULFĠLLúLSUHFL]ăUL
GDWHOHUHIHULWRDUHODDLDSURSR]LĠLH$FHVWHGDWHVHYRUVHSDUDSULQVSDĠLXúLYRUDSăUHD x WH[WXOvQILúLHUXOGHLQWUDUHWUHEXLHVăFRQĠLQăFHOPXOWGHFDUDFWHUH
vQ RUGLQHD QXPăUXO FXYLQWHORU GLQ SURSR]LĠLH QXPăUXO FXYLQWHORU GLVWLQFWH OLVWD FX x VHSDUDWRULLIRORVLĠLvQWH[WSRWILJ
YLQWHORUFDUHQXVXQWGLVWLQFWHvQFDGUXOSURSR]LĠLHL x WH[WXOGLQILúLHUXOGHLHúLUHYDDYHDH[DFWDFHHDúLVHSDUDWRULFDúLFHOGHLQWUDUH
 
5HVWULFĠLLúLSUHFL]ăUL ([HPSOX
x GLQFXYLQWHSRDWHVăIDFăSDUWHFDUDFWHUXO !"#%( &$J
x GRXăFXYLQWHVHVHSDUăSULQFDUDFWHUHOHJQ 
J&J
YJJJ&JJ 
JJ&JJJ•
J&J
JJ
x SRWH[LVWDVHSDUDWRULLQXWLOL J˜J
x QXPăUXOPD[LPGHFXYLQWHSHQWUXILHFDUHSURSR]LĠLHHVWH J?%J
x vQWH[WH[LVWăOLWHUHPDULúLPLFL •
J 
 
!"#%( &'(!J
([HPSOX 
J&J
YJJ˜J&JJ 
JJ&J?%JJJ&
!9!&$
™J •
J J%
JJ%JJJ
J
JJ&J 
%JJJ 
JJJ

J%JJ %J &XORUL
—JJ%
J
J
JJ%JJJ˜J /DRJUăGLQLĠăVHYDUHDOL]DXQVSHFWDFROXQGHFRSLLLWUHEXLHVăILHvPEUăFDĠLvQFRVWX
†J ˜J %J 
˜J J 
J 
J KJ J
PH GH FXORUL GLIHULWH )LHFDUH FRSLO vúL VSXQH FXORDUHD SUHIHUDWă LDU vQYăĠăWRDUHD IRU
%
%J J %
%J J 
J 
J 
J J 
J 
J
JJJJ%
%JJ%J%•JJJ %©J PHD]ăJUXSXULGHFRSLLvPEUăFDĠLvQFRVWXPHGHDFHHDúLFXORDUH3HVFHQăFRSLLLVHYRU
 DúH]DvQJUXSXULDVWIHOvQFkWFHOPDLQXPHURVJUXSYDVWDvQIXQGDOvQIDĠDDFHVWRUDYD
!9!&'(! VWDJUXSXOGLQFDUHIDFSDUWHPDLSXĠLQLFRSLLHWFLDUvQIDĠăJUXSXOFHOPDLSXĠLQQX
JŒJJ%J PHURV
`J`J 
‡`JJ
JJ%
%JJ
'DWHGHLQWUDUH
 'DWHOHGHLQWUDUHVHFLWHVFGLQILúLHUXO(*'"&$JFDUHDUHXUPăWRDUHDVWUXFWXUă
7UDGXFHUH x SHSULPDOLQLHVHDIOăQXPăUXOQDWXUDOQUHSUH]HQWkQGQXPăUXOGHFRSLL
8QHOHYDUHGHVFULVXQWH[WvQOLPEDHQJOH]ăGDUQXFXQRDúWHGHVWXOGHELQHDFHDVWă x SHXUPăWRDUHOHQOLQLLVXQWVFULVHQXPHOHúLSUHQXPHOHFRSLLORUQXPHOHHVWHVHSDUDW
OLPEă6HKRWăUăúWHVăODVHFXYLQWHOHSHFDUHQXOHSRDWHWUDGXFHvQOLPEDURPkQăDSRL GHSUHQXPHSULQWUXQVSDĠLX
 ùLUXULGHFDUDFWHUH

ùLUXULGHFDUDFWHUH 

6ROXĠLLOHSUREOHPHORUSURSXVH
x SHXUPăWRDUHDOLQLHHVWHVFULVQXPăUXOQDWXUDOPUHSUH]HQWkQGQXPăUXOGHFXORUL 
x SH XUPăWRDUHOH Q OLQLL VXQW WUHFXWH FXORULOH SUHIHUDWH DOH FHORU Q FRSLL VXE IRUPD /LWHUH
XQRU QXPHUH QDWXUDOH GLQ LQWHUYDOXO > P@ FX FDUH VDX FRGLILFDW FXORULOH ILHFDUH 9RPFLWLFkWHXQVWULQJGHSHROLQLHGLQILúLHUúLvOYRPSDUFXUJHvQIHOXOXUPăWRUYRP
FRSLODOHJHRVLQJXUăFXORDUH LJQRUDVSDĠLLOHSkQăODDSDULĠLDSULPXOXLFDUDFWHUGLIHULWGHVSDĠLX$SRLYRPFRQVWUXL
 GLQFDUDFWHUHFRQVHFXWLYHOLWHUHXQFXYkQWQXPăUkQGvQSDUDOHOúLPDMXVFXOHOHÌQPR
'DWHGHLHúLUH PHQWXOvQFDUHDSDUHSULPXOVSDĠLXVDXDPDMXQVODVIkUúLWXOVWULQJXOXLSUHOXFUăPFX
'DWHOHGHLHúLUHVHVFULXvQILúLHUXO(*'"&'(!SHPOLQLL)LHFDUHOLQLHFRQĠLQHFRGXO YkQWXOUHVSHFWLYGHFLGHPGDFăWUHEXLHVăOVFULHPvQILúLHUVDXQX5HOXăPDOJRULWPXO
FXORULLXUPDWGHQXPHOHFRSLLORUFDUHSUHIHUăFXORDUHDUHVSHFWLYă1XPHOHYRUILGHV SHQWUXUHVWXOFDUDFWHUHORUGLQVWULQJXOFLWLWDSRLSHQWUXUHVWXOOLQLLORUGLQILúLHU
SăUĠLWHSULQWUXQVSDĠLX1XPăUXOQXPHORUYDILFHOPDLPDUHSHSULPDOLQLHPDLPLF J
 JQJ
SHOLQLDDGRXDúLFHOPDLPLFSHXOWLPDOLQLH
JJ   JXUPHD]ăPDUFDGHVIkUúLWGHILúLHUJ

 ă,J

5HVWULFĠLLúLSUHFL]ăUL JJJJ
ú
JJ ^FLWLPROLQLHGLQILúLHU`
x dQd JJJJJmJJ ^YRPSDUFXUJHVWULQJXOFLWLW`J
JJJJ   JJdJOXQJLPHDWH[WXOXLJ

 ă,J
x dPd
JJJJJJ   J JdJOXQJLPHDWH[WXOXL JúJ ›œ\J J

 ă,J
x ILHFDUHFXORDUHGLQWUHFHOHPYDILSUHIHUDWăGHFHOSXĠLQXQFRSLO
JJJJJJJJJmJJ~JJ ^VSDĠLLOHOHLJQRUăP`J
x vQFD]XOvQFDUHH[LVWăGRXăVDXPDLPXOWHFXORULSUHIHUDWHGHXQQXPăUHJDOGHFR
SLLDWXQFLRUGLQHDvQFDUHJUXSXULOHFRUHVSXQ]ăWRDUHVHYRUDúH]DSHVFHQăQXFRQ JJJJJJ%•JmJ ^YRPFRQVWUXLFXYkQWXOFXUHQW`J
WHD]ă JJJJJJJmJ`J
 JJJJJJ   J JdJOXQJLPHDWH[WXOXL JúJ ›œJzJJ J

 ă,J
([HPSOX JJJJJJăJ ›œJtJ JúJ ›œJdJ J JJ ^PDMXVFXOă`J
(*'"&$ (*'"&'(! JJJJJJJJJJJmJJ~JJ
J ‡J%J„JJ
JJJ  ú ă
J„&J JJ„&J
J
J JJJJJJJJ%•JmJ%•J~J›œJ^FRQFDWHQăPFDUDFWHUXOFXUHQWvQFXYkQWXOFXUHQW`

J
J JJ€
J J€
JJ JJJJJJJJJmJJ~JJ
J€
J  JJJJ ú    JJ
%J„J JJJJJJăJJ…J› OXQJLPHDFXYkQWXOXL%• ’œJ 
J
J JJJJJJJJ 
J%•J
JJ  ú ăJJ
 J€
J JJ ú    JJ
‡J  JJ ú    JJ
J ú   
J
J 
‡J 7H[W
‡J 9RPUHĠLQHILHFDUHSURSR]LĠLHvQWUXQúLUGHFDUDFWHUHúLYRPFRQVWUXLúLUXOFXYLQWHORU
‡J
FDUHIDFSDUWHGLQHDSHQWUXDIDFLOLWDFăXWDUHDFXYLQWHORUFDUHQXVXQWXQLFHvQFDGUXO

SURSR]LĠLHL
  'LQFDX]DFăRSURSR]LĠLHVHSRDWHFRQWLQXDvQILúLHUXOGHLQWUDUHSHPDLPXOWHOLQLL
YRPIRUPDSURSR]LĠLLOHFLWLQGGLQILúLHUFDUDFWHUH1RWăPFXSUúLUXOGHFDUDFWHUHFDUH
UHĠLQH SURSR]LĠLD FXUHQWă úL FX F FDUDFWHUXO FLWLW GLQ ILúLHU ,QLĠLDOL]ăP SURSR]LĠLD FX
ùLUXULGHFDUDFWHUH   ùLUXULGHFDUDFWHUH
 
VWULQJXOYLGúLFDUDFWHUHOHFLWLWHOHFRQFDWHQăPvQSUSkQăODDSDULĠLDXQXLVHSDUDWRUVDX  J
‹  Q ^DQDOL]ăPRSURSR]LĠLH`J
DPDUFDMXOXLGHVIkUúLWGHOLQLH VXSUDVFULHPVHSDUDWRULLFXVSDĠLL
x ÌQFD]XOvQFDUHSURSR]LĠLDVHvQFKHLH DDSăUXWXQVHSDUDWRU vQORFXLPVHSDUDWRUXO HOLPLQăPVSDĠLLOHvQSOXV
DGăXJkQGODVIkUúLWXOYDULDELOHLSUXQVSDĠLXSHQWUXDVLPSOLILFDvPSăUĠLUHDSHFX FăXWăPFXYLQWHOHUHĠLQHPvQúLUXO%•
úLOHúWHUJHPGLQSURSR]LĠLH
YLQWH7UHFHPODDQDOL]DSURSR]LĠLHL JJ 
J
JJJ ^QXPăUXOFXYLQWHORUGLQSURSR]LĠLH`J
x 'DFăSHSDUFXUVXOFLWLULLDDSăUXWPDUFDMGHVIkUúLWGHOLQLHIăUăFDSURSR]LĠLDVăVH JJ
% %•
 J ^DSHOăPVXEDOJRULWPXO
%`J
WHUPLQHDFHVWDVHFLWHúWHGLQILúLHUFRQWLQXkQGFLWLUHDFDUDFWHUHORUúLFRQFDWHQDUHD JJ 
JJJ

 J\
J

 ă,
ORUvQDFHHDúLSURSR]LĠLHGHSHOLQLDXUPăWRDUH
 JJJJJmJJ ^QXPăUXOFXYLQWHORUFDUHQXVXQWGLVWLQFWH`J
ăJ%•
›œJzJJJ 
 $OJRULWPXOFDUHUHDOL]HD]ăIRUPDUHDXQHLSURSR]LĠLLHVWH
JJJJJJ
 J\~
J

 ă,
 JJJJJJJJăJ%•
›œJ\J%•
›œJ 
# JQJ
  ^XQFXYkQWHVWHvQORFXLWFXVSDĠLXODDGRXDDSDULĠLH`
JJmJ ^LQLĠLDOL]DUHDSULPHLSURSR]LĠLHL`J
JJJJJJJJJJ%•
›œJmJJJ
   QXXUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ă,J
JJJJ
ú
J%J JJJJJJJJJJJmJJ~JJ
JJJJJJJJ ú ăJ
ă%QXHVWHVHSDUDWRUGHSURSR]LĠLLú JJJJJJ ú 
 J
  QXXUPHD]ăPDUFDGHVIkUúLWGHOLQLH JJ JJJJJJăJJ…JJ  ^FXYkQWXOQXHVWHGLVWLQFW`
JJJJJJJJJmJJ~J%J ^DOLSLPFDUDFWHUXOFXUHQWSURSR]LĠLHL`J JJJJJJJJ 
J›œJJ
JJJJJJ 
 JJJJJJ ú ăJ
ăJ%JHVWHVHSDUDWRUGHSURSR]LĠLL  JJJJ ú ăJ
JJJJJJJJJJJmJJ~JJJ ^VXSUDVFULHPVHSDUDWRUXOFXVSDĠLX`J  ú 
 
JJJJJJJJJJ
‹  J ^DQDOL]DSURSR]LĠLHL`J ú   J
JJJJJJJJJJ 
PDUFDGHVIkUúLWGHOLQLHJ 
JJJJJJJJJJJmJJ ^LQLĠLDOL]DUHDXUPăWRDUHLSURSR]LĠLL`J  ÌQDOJRULWPXOFDUHFDOFXOHD]ăQXPăUXOGHFXYLQWHFDUHDSDURVLQJXUăGDWăvQSURSR
JJJJJJJJ 
JJ ]LĠLDSUVHQXPăUăDSDULĠLLOHILHFăUXLFXYkQWvQúLUXOFXYLQWHORU'DFăDFHVWDDSDUHRVLQ
JJJJJJJJJJ
ú
JPDUFDGHVIkUúLWGHOLQLHJ JXUăGDWăVHLQFUHPHQWHD]ăFRQWRUXOFXYLQWHORUGLVWLQFWH
 ú ă 
JJJJJ ú ăJ  †
% %•
 J
 ú    J JJJmJ`J
ú   JJ
 J\
J

 ă,J
 JJJJĠJmJ`J
 $QDOL]DSURSR]LĠLHLUHĠLQXWHvQúLUXOGHFDUDFWHUHSUvQFHSHFXvQORFXLUHDVHSDUDWRUL JJJJ
 \
J

 ăQJ
ORUFXVSDĠLLDSRLVHHOLPLQăVSDĠLLOHLQXWLOHúLVHIRUPHD]ăWDEORXOGHFXYLQWH6HVFULH JJJJJJăJ%•
›œJ\J%•
›œJ J
QXPăUXOQDOFXYLQWHORUGHSLVWDWHvQILúLHUXOGHLHúLUH$OJRULWPXO 
‹  DSH JJJJJJJJĠJmJĠJ~JJ
JJJJJJ ú ă
OHD]ăVXEDOJRULWPXO 
% %•
 FDUHQXPăUăFXYLQWHOHFDUHDSDUR  ú 
 J
VLQJXUăGDWăvQSURSR]LĠLHúLVFULHDFHVWQXPăUvQILúLHUXOGHLHúLUH JJJJăJĠJ\JJ  ^GDFă%•
›œDDSăUXWRVLQJXUăGDWă`
 'HDVHPHQHDVHĠLQHúLHYLGHQĠDFXYLQWHORUFDUHVHUHSHWăúLvQFHSkQGGHODDGRXD
JJJJJJJmJJ~JJ ^DYHPXQFXYkQWGLVWLQFW`J
DSDULĠLHVHvQORFXLHVFFXVSDĠLXSHQWUXDQXOHPDLOXDvQFDOFXO  ú ăJ
 'XSăVFULHUHDFHORUGRXăQXPHUHvQILúLHUXOGHLHúLUHVHWUHFHODFăXWDUHDFXYLQWHORU  ú 
 J
FDUHVHUHSHWă6HQXPăUăILHFDUHDSDULĠLHúLVHvQORFXLHúWHGXEOXUDOXLFXVSDĠLX'DFă ú   J
VHJăVHVFFXYLQWHFDUHVHUHSHWăDFHVWHDVHYRUVFULHvQILúLHUXOGHLHúLUH 
ùLUXULGHFDUDFWHUH   ùLUXULGHFDUDFWHUH
 
JJJJJmJWUDGXFHUHDOXL%•ž
UHWXUQDWGHVXEDOJRULWPXOă %•ž
 
7UDGXFHUH
'LILFXOWDWHDDFHVWHLSUREOHPHFRQVWăvQIDSWXOFăGLQWH[WXOLQLĠLDOQXPDLDQXPLWHFX JJJJăJJzJJ J ^GDFăH[LVWăWUDGXFHUH`J
YLQWH VH vQORFXLHVF &HOH FDUH WUHEXLH vQORFXLWH úL WUDGXFHULOH ORU DSDU vQ ILúLHUXO GH JJJJJJLQVHUăPWUDGXFHUHDFXYkQWXOXLvQvQFHSkQGFXSR]LĠLDL
LQWUDUHvQFHSkQGGHSHOLQLDDGRXD JJJJJJúWHUJHPFXYkQWXOGHWUDGXVGLQJ
 JJJJJJJmJJ~OXQJLPHDFXYkQWXOXLJJOXQJLPHDFXYkQWXOXL%•ž
J~JJ
 6HSDUFXUJHWH[WXOLQLĠLDOWúLVHUHĠLQSHUkQGFXYLQWHOHvQYDULDELODFXYkQW3HQWUX J ^UHFDOFXOăPSR]LĠLDGLQFDUHFRQWLQXăPSUHOXFUDUHDOXL`
ILHFDUHFXYkQWFXYkQWVHYHULILFăGDFăDFHVWDDSDUHSULQWUHFXYLQWHOHFDUHVXQWVFULVHvQ JJJJJJ%•ž
JmJ^UHLQLĠLDOL]ăP%•ž
SHQWUXDILXWLOSHQWUXXQFXYkQWQRX`
GLFĠLRQDU'DFăDFHVWDH[LVWăvQGLFĠLRQDUVHUHĠLQHWUDGXFHUHDOXLXUPkQGFDDFHDVWDVă JJJJ 
J
VXEVWLWXLHFXYkQWXOvQWH[WXOLQLĠLDO JJJJJJJmJ~ ^DYDQVăPFXYkQWXOQXWUHEXLHWUDGXV`
 &ăXWăPFXYkQWXOFXYkQWvQILúLHUXOFDUHFRQĠLQHGLFĠLRQDUXOFXXUPăWRUXOVXEDOJR JJJJJJ%•ž
JmJJ
ULWP  ú ă
  ú    
 Jă %•ž
 QJ ú   JJ

ú
PDUFDMXOGHVIkUúLWGHOLQLHGLQILúLHUXOGHLQWUDUHJ 
JJ   QXXUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ăQJ &XORUL
JJJJFLWLPvQ%ROLQLHGLQILúLHU RSHUHFKHGHFXYLQWH J ÌQ UH]ROYDUH YDULDELOD QXP UHSUH]LQWă WDEORXO FDUH FRQĠLQH QXPHOH FHORU Q FRSLL vQ
JJJJFăXWăPFXYkQWXO%•ž
vQ%J WDEORXO SUHI SăVWUăP WDEORXO FDUH FRQĠLQH QXPăUXO GH RUGLQH D FXORULL SUHIHUDWH GH
JJJJăODPJăVLWvQFHSkQGFXSR]LĠLDJJ JJ FRSLLLDUFXOHVWHWDEORXOvQFDUHVHUHĠLQHQXPăUXOGHDSDULĠLLDILHFăUHLFXORUL
JJJJJJúWHUJHPGLQSHUHFKHDGHFXYLQWHRULJLQDOXO 
JJJJJJUHWXUQăPWUDGXFHUHD ([HPSOX
JJJJJJLHúLPIRUĠDWGLQ     )LHWDEORXOQXP  3RS0LKDL3RSDQ$QD3RSD,RQ3RSHVFX0DULXV5XV$QGUHL
JJJJ 
J 5XVX7HRGRU7ULI,RQXW 3UHVXSXQHPFăH[LVWăFXORUL P  LDUúLUXOFXORULORUSUH
JJJJJJUHWXUQăPVWULQJXOYLG IHUDWHGHFRSLLvQRUGLQHDQXPHORUGLQWDEORXOQXPHVWHSUHI   
JJJJ ú ă  (OHPHQWHOHWDEORXOXLFXOVHGHWHUPLQăvQSDUDOHOFXFLWLUHD$FHVWDYDFRQĠLQHSHSR
JJ ú    JJ ]LĠLDLQXPăUXOFRSLLORUFDUHSUHIHUăFXORDUHDLGHFLFXO   FXVHPQLILFDĠLDFX
ú   
ORDUHDDSDUHGHSDWUXRULFXORDUHDDSDUHRGDWăFXORDUHDDSDUHGHGRXăRUL
 
 ÌQILúLHUXOGHLQWUDUHSULPDOLQLHHVWHRFXSDWăGHWH[WXOFDUHWUHEXLHWUDGXV'HILHFD  J

 % QJ
UHGDWăFkQGVHFDXWăWUDGXFHUHDXQXLFXYkQWvQILúLHUWUHEXLHVăVHUHDOL]H]HVDOWXOSHVWH JJ
ú
J
J
SULPDOLQLHGHFLVHFLWHúWHGRDUPDUFDMXOGHVIkUúLWGHOLQLH JJ
 J\
J

 ăQJ
 JJJJ
ú
J
›œJ
 6HOHFWDUHDFXYLQWHORUFDUHVHFDXWăvQGLFĠLRQDUVHIDFHvQIHOXOXUPăWRU JJ ú J
 JJ
 JJ
ú
JJ
 J%  QJ JJ
 J\J

 ăQJ
JJ%•ž
JmJJ JJJJ%›œJmJ`J
JJJmJJ  ú J
 JJ
JJ
 J\
J

 ăQJ
   JJdJOXQJLPHDWH[WXOXLJJ

 ă, JJJJ
ú
J ›œJ
JJJJ   J›œHVWHOLWHUă

 ăQJ JJJJ%› ›œœJmJ%› ›œœJ~JJ
JJJJJJ%•ž
JmJ%•ž
J~J›œJ ^vQ%•ž
FRQVWUXLPFXYLQWHGLQWH[W`J J J ^FXORDUHD ›œDDSăUXWvQFăRGDWă`J
JJJJJJJmJJ~JJ JJ ú J
 JJ
 ú    J ú J  JJ
ùLUXULGHFDUDFWHUH  



 ÌQDOJRULWPYRPFăXWDYDORDUHDPD[LPăvQDFHVWúLUDSRLSHDFHLFRSLLFDUHDXDOHV
FXORDUHDLXQGHLHVWHSR]LĠLDSHFDUHVDJăVLWYDORDUHDPD[LPăÌQH[HPSOXYDORDUHD $ULWPHWLFDQXPHUHORU &DSLWROXO
PD[LPăvQWDEORXOFXOHVWHHJDOFXúLVHJăVHúWHSHSR]LĠLDSR] $FHDVWăYDULDELOă


DVWIHOUHĠLQHFRGXOXQHLFXORUL6HFDXWăvQWDEORXOSUHILQGLFLLHOHPHQWHORUHJDOHFX PDUL
VHOHFWDUH $FHúWLDVXQW3RS0LKDL3RSDQ$QD3RSD,RQ3RSHVFX0DULXV 
 ™ &DOFXODUHDYDORULLn
™ $GXQDUHD
 $FXPWUHEXLHVăJăVLPJUXSXOvQFDUHVXQWPDLSXĠLQLFRSLLGDUFDUHGXSăFHDP ™ 6FăGHUHD
SXVSULPXOJUXSGHRSDUWHVXQWFHLPDLQXPHURúLÌQVHDPQăFăQHLQWHUHVHD]ăÄDOGRL ™ ÌQPXOĠLUHD
OHDPD[LP´GLQWDEORXOFXO3HQWUXDXúXUDJăVLUHDDFHVWXLDYRPvQORFXLvQWDEORXOFXO ™ 3UREOHPHSURSXVH
YDORDUHDFX/DSDVXOXUPăWRUPD[LPXOGLQWDEORXOFXO   HVWHSHSR]LĠLD ™ 6ROXĠLLOHSUREOHPHORU

 DGLFăFXORDUHD ÌQWDEORXOSUHIVHFDXWăWRĠLLQGLFLL FRSLLL HOHPHQWHORUGHYDORDUH 
SR]$FHúWLDVXQW5XV$QGUHL5XVX7HRGRU ÌQSUREOHPHOHGHFRQFXUVSRWVăDSDUăFHULQĠHFDUHLPSXQSUHOXFUDUHDDQXPLWRUQXPHUH
 6HvQORFXLHúWHYDORDUHDFXGHFLFXO   $FXPPD[VHJăVHúWHSHSR]LĠLD vQWUHJLÄPDUL´FDUHQXSRWILUHSUH]HQWDWHFXWRDWHFLIUHOHORUH[DFWHIRORVLQGWLSXULOH
úLHVWHHJDOFX6HFDXWăSHED]DWDEORXOXLSUHIWRĠLFRSLLLFDUHSUHIHUăFXORDUHD vQWUHJLFXQRVFXWHGHOLPEDMHOHGHSURJUDPDUH5HSUH]HQWDUHDORUFDUHDOHQXHVWHRVR
$FHúWLDVXQW7ULI,RQXĠ OXĠLHGHRDUHFHQLFLvQWLSXULOHUHDOHQXSXWHPOXFUDFXXQQXPăUPDUHGHFLIUHH[DFWH
'DFăWUHEXLHVăHIHFWXăPFDOFXOHFXDFHVWHQXPHUHúLFHULQĠHOHVXQWGHDúDPDQLHUăvQ
 6HvQORFXLHúWHYDORDUHDFXvQWDEORXOFXODFHVWDGHYHQLQGFXO   úLSUR FkW WUHEXLH GHWHUPLQDWH WRDWH FLIUHOH H[DFWH DOH QXPăUXOXL WUHEXLH Vă LPSOHPHQWăP
FHVXOVHvQFKHLH ÄDULWPHWLFDQXPHUHORUPDUL´
 
 J úQJ
JJ
 J?\J

 ăQ ^FRSLLLVHJUXSHD]ăvQPJUXSXUL`J &DOFXODUHDYDORULLn
9RP SUH]HQWD DFHDVWă WHKQLFă vQ FD]XO GHWHUPLQăULL YDORULL OXL Q XQGH Q Qd 
JJJJ„ %‹ J ^PD[LPXOGLQúLUXOFXOVHDIOăSHSR]LĠLDSR]`J HVWHQXPăUQDWXUDOSR]LWLY
JJJJ 
J?JJ ^FRGXOFXORULL`J 
JJJJ
 J\
J

 ăQJ ([HPSOX
JJJJJJăJ ›œJ\J‹J J^DILúăPFRSLLLFDUHSUHIHUăFXORDUHDSR]` Q Q 
JJJJJJJJ 
J
›œJJ 
JJJJJJ ú ă  ÌQFHOHFHXUPHD]ăSHQWUXDH[HPSOLILFDWHKQLFDGHLPSOHPHQWDUHDRSHUDĠLLORUGH
JJJJ ú 
 JJ DFHVWIHOYRPSUH]HQWDPRGXOvQFDUHVHVLPXOHD]ăFDOFXODUHDOXL
 ,GHHD HVWH GH D OXFUD SH FLIUH úL GH D ĠLQH HYLGHQĠD WUDQVSRUWXOXL REĠLQXW vQ XUPD
JJJJ%›‹œJmJ`J ^HOLPLQăPXOWLPXOPD[LP`J HIHFWXăULLRSHUDĠLHL5H]XOWDWHOHSDUĠLDOHDOHHIHFWXăULLRSHUDĠLLORUSHFLIUHOHYRPUHĠLQH
JJ ú 
 JJ vQWUXQWDEORX UH] 
ú   JJ 
J N       
J  N          
 UH]              
$ULWPHWLFDQXPHUHORUPDUL   $ULWPHWLFDQXPHUHORUPDUL
 
 6HREVHUYăFăvQWDEORXOUH]DPDGăXJDWHOHPHQWHSHPăVXUăFHVDXUHDOL]DWvQPXO 3UREOHPHSURSXVH
ĠLULOHFX3HQWUXDDILúDYDORDUHDQYRPSDUFXUJHWDEORXOUH]GHODGUHDSWDVSUHVWkQ
JD'HRDUHFHODILHFDUHSDVVHJHQHUHD]ăUH]XOWDWXOSULQvQPXOĠLUHDFLIUăFXFLIUăDUH 
]XOWDWXOXL REĠLQXW OD SDVXO DQWHULRU FX  WLPSXO GH OXFUX HVWH PLF PDL DOHV GDFă vQ $GXQDUHDQXPHUHORUPDUL
3DVFDO vQORFGHvQPXOĠLUHHIHFWLYăOXFUăPFXRSHUDWRUXO  6ăVHUHDOL]H]HDGXQDUHDDGRXăQXPHUHvQWUHJLPDULFDUHDXPDLPXOWGHFLIUHILH
 6ă SUHVXSXQHP Fă VD UHDOL]DW FDOFXOXO OXL N úL WDEORXO UH] DUH GLP WHUPHQL 8U FDUH
PHD]ă Vă HIHFWXăP R QRXă vQPXOĠLUH FX  SHQWUX DO REĠLQH SH N 3HQWUXILHFDUHHOH 
PHQWGLQúLUXOUH]XOWDWUH]L L GLP HIHFWXăPvQPXOĠLUHDFX'DFăUH]XOWDWXO 'DWHGHLQWUDUH
vQPXOĠLULLHVWHPDLPDUHGHFkWDWXQFLvQUH]LVHUHĠLQHGRDUFLIUDXQLWăĠLORULDUFLIUD 9DORULOHFHORUGRXăQXPHUHVHFLWHVFGLQILúLHUXO$(+&$GHSHGRXăOLQLLGLVWLQFWH
]HFLORU WUDQVSRUWXO VHGHSXQHvQDOWăYDULDELOă UHVW XUPkQGVăILHDGXQDWăODWHUPH 
QXOXUPăWRU 'DWHGHLHúLUH
 'DFăGXSăHIHFWXDUHDFHORUGLPvQPXOĠLULYDULDELODUHVWHVWHGLIHULWăGH XOWLPDvQ 5H]XOWDWXODGXQăULLVHYDVFULHvQILúLHUXO$(+&'(!
PXOĠLUHDJHQHUDWFLIUăGHWUDQVSRUW DWXQFLVHPDLDGDXJăXQDOGLPOHDHOHPHQWvQ 
WDEORX 5HVWULFĠLLúLSUHFL]ăUL
 x QXPHUHOHDXFHOPXOWGHFLIUH
 $OJRULWPXOFDUHUHDOL]HD]ăDFHDVWăvQPXOĠLUHUHSHWDWăHVWHXUPăWRUXO 
 ([HPSOX
 J¡
Ġ 

‹ QJ $(+&$ $(+&'(!
JJJmJ`J ‡ˆ|ŠŒ‰`‰‰ŒJ ‡ˆ|`‡ŠŠ|J
JJJmJJ ^DYHPRFLIUă`J ‡ˆ|Š
JJ‹›œJmJJ ^DFHDVWDHVWH` 


ă
6FăGHUHDQXPHUHORUPDUL
JJJJJmJ`J ^vQYRPGHWHUPLQDODILHFDUHSDVFLIUDGHWUDQVSRUW`J

 J\J

 ă 6ăVHUHDOL]H]HVFăGHUHDDGRXăQXPHUHvQWUHJLPDULFDUHDXPDLPXOWGHFLIUHILH
FDUH
JJJJJJ
JmJ‹›œ‘J~J ^FDOFXOăPFLIUDFXUHQWăGLQ‹`J

  ^vQORFGH‹›œ‘vQ3DVFDOSXWHPIRORVL‹›œ `J
'DWHGHLQWUDUH
JJJJJJJmJ
JJ`JJ ^FDOFXOăPWUDQVSRUWXO`J
9DORULOHFHORUGRXăQXPHUHVHFLWHVFGLQILúLHUXO$(+&$GHSHGRXăOLQLLGLVWLQFWH
JJJJJJ‹›œJmJ
JJ`JJ ^úLFLIUDFXUHQWăGLQ‹`J

 ú 
 JJ
'DWHGHLHúLUH
ăJJzJ`J  
5H]XOWDWXOVFăGHULLVHYDVFULHvQILúLHUXO$(+&'(!
  ^GDFăH[LVWăFLIUăGHWUDQVSRUWvQ‹QHWUHEXLHvQFăXQHOHPHQW`J

JJJJJJJmJJ~JJ J
5HVWULFĠLLúLSUHFL]ăUL
JJJJJJ‹›œJmJJ ^vQDFHVWHOHPHQWSXQHPFLIUDGHWUDQVSRUW`J
JJJJ ú ăJ
x QXPHUHOHDXFHOPXOWGHFLIUH

JJJJJmJJ~JJ ^DPHIHFWXDWRvQPXOĠLUHFXFUHúWH`
([HPSOX
  ^SkQăFkQGVHDWLQJHYDORDUHDGDWăvQ

`J $(+&$ $(+&'(!
 ăJJ\J

JJ J ‡ˆ|ŠŒ‰`‰‰ŒJ ‡ˆ|Š||ˆ|‡
ú    ‡ˆ|Š

 $ILúDUHD UH]XOWDWXOXL vQ ILúLHUXO GH LHúLUH VH IDFH WLSăULQG úLUXO UH] GH GLPHQVLXQH 
GLPvQRUGLQHLQYHUVă 
$ULWPHWLFDQXPHUHORUPDUL   $ULWPHWLFDQXPHUHORUPDUL
 
QU       
ÌQPXOĠLUHDQXPHUHORUPDUL QU       
6ăVHUHDOL]H]HvQPXOĠLUHDDGRXăQXPHUHvQWUHJLPDULFDUHDXPDLPXOWGHFLIUHILH
QU       
FDUH 

  /DSULPXOSDV GDUvQQUQXYRPSXWHDDYHDGHFkWHOHPHQWHDYkQG
'DWHGHLQWUDUH YDORDUHPDLPLFăGHFkW5HĠLQHPvQHOHPHQWXOGHSHSR]LĠLDFXUHQWăUHVWXOvPSăUĠLULL
9DORULOHFHORUGRXăQXPHUHVHFLWHVFGLQILúLHUXO$(+&$GHSHGRXăOLQLLGLVWLQFWH vQWUHJLODDDFHVWHLVXPHLDUvQHOHPHQWXOSUHFHGHQWFLIUDGHWUDQVSRUW
 

QU         8UPHD]ăDGXQDUHD QU       


'DWHGHLHúLUH
5H]XOWDWXOvQPXOĠLULLVHYDVFULHvQILúLHUXO$(+&'(!
QU           QU       
 QU        QU       


5HVWULFĠLLúLSUHFL]ăUL    


x QXPHUHOHDXFHOPXOWGHFLIUH 

QU         QU       

([HPSOX QU        QU       
$(+&$ $(+&'(! QU        QU       

‡ˆJ ŒŒ|ŠJ    
‡ˆ J J 

 QU         QU       
QU        QU       
6ROXĠLLOHSUREOHPHORUSURSXVH QU        QU       
 

 1XPăUXOUH]XOWDW VXPDFHORUGRXăQXPHUHGDWH HVWH


$GXQDUHDQXPHUHORUPDUL 
3UH]HQWăPXQH[HPSOXGHDGXQDUHDGRXăQXPHUHPDUL&LWLPQXPHUHOHvQGRXăúLUXUL  ÌQH[HPSOXOGHPDLVXVQ!P'HRDUHFHHVWHSRVLELOVăDYHPP!QvQIXQFĠLHGH
GHFDUDFWHUHDSRLOHFRQYHUWLPvQWDEORXULGHFLIUHQUúLQU5H]XOWDWXODGXQăULLVHYD QXPăUXOGHFLIUHHYHQWXDOYRPLQWHUVFKLPEDQUFXQU
PHPRUDvQWDEORXOGHFLIUHQU 
 'HODvQFHSXWFRQVLGHUăPDPEHOHWDEORXULDYkQGFkWHXQHOHPHQWvQSOXVSHSR]L  6XEDOJRULWPXOFDUHFLWHúWHúLUXULOHGHFDUDFWHUHúLFUHHD]ăúLUXULOHGHFLIUHQUúLQU
ĠLDGHRDUHFHGDFăFHOHGRXăQXPHUHDXDFHODúLQXPăUGHFLIUHVDUSXWHDFDSULQD 
GXQDUHVăUH]XOWHXQQXPăUDYkQGFXXQDPDLPXOWHFLIUHGHFkWFHOHGRXăQXPHUHGDWH  J


 QJ ^FLWLPQXPHUHOHvQYDULDELOH`
 JJ
ú
J ^GHWLS DSRLOHWUDQVIRUPăPvQúLUGHFLIUH`
QU   Q FLIUH GLQIDĠăHVWHSHSR]LĠLD  JJ
JmJOXQJLPHDúLUXOXLGHFDUDFWHUHJ ^SULPXOQXPăUDUHQFLIUH`J
QU   P FLIUH JJ
›`œJmJ`JJ ^FLIUDGHUDQJQ`J
 JJ
 J\
J

 ă,J
 ÌQVFRSXODGXQăULLHOHPHQWHOHWDEORXOXLQUVHPXWăSHXOWLPHOHPSR]LĠLLFRQVLGH JJJJ
›œJmJYDORDUHDQXPHULFăDFDUDFWHUXOXLGHLQGLFHLJ
UDWHSHROXQJLPHHJDOăFXQ SUHVXSXQkQGFăQtP LDUSR]LĠLLOHUăPDVHOLEHUHvQ  ú 
 
IDĠDFLIUHORUQXPăUXOXLVHFRPSOHWHD]ăFX]HURXUL JJ
ú
J˜J
QU    JJJmJOXQJLPHDúLUXOXLGHFDUDFWHUH˜J ^DOGRLOHDQXPăUDUHPFLIUH`J
QUYDFRQĠLQHFLIUHOHVXPHLHVWHLQLĠLDOL]DWFXQU    JJ
›`œJmJ`JJJ ^FLIUDGHUDQJP`J
 JJ
 J\J

 ă,J
 $GXQDUHDSURSULX]LVăRHIHFWXăPFLIUăFXFLIUăSRUQLQGGHODFLIUDXQLWăĠLORU JJJJ
›œJmJYDORDUHDQXPHULFăDFDUDFWHUXOXLGHLQGLFHLJ
  ú 
 
 ú J  
$ULWPHWLFDQXPHUHORUPDUL   $ULWPHWLFDQXPHUHORUPDUL
 
 6XEDOJRULWPXO FDUH SUHJăWHúWH QXPHUHOH SHQWUX DGXQDUHD FLIUă FX FLIUă DVLJXUă FD  $ILúDUHDUH]XOWDWXOXLVHUHGXFHODVFULHUHDHOHPHQWHORUúLUXOXLQUvQILúLHU6LQJXUD
SULPXOQXPăUVăILHFHOFDUHDUHPDLPXOWHFLIUHLDUSHDOGRLOHDvODUDQMHD]ăDVWIHOvQ VDUFLQăFDUHPDLWUHEXLHvQGHSOLQLWăHVWHGHDYHULILFDFLIUDGHSHSR]LĠLDvQQU'DFă
FkWvQSURFHVXOGHDGXQDUHVăVHDGXQHFLIUHGHUDQJHJDOÌQDFHVWVFRSFLIUHOHQXPă DFHDVWDHVWHHJDOăFXDGLFăODXOWLPDDGXQDUHQXDPDYXWWUDQVSRUWGLIHULWGHQXR
UXOXLDYkQGPDLSXĠLQHFLIUHVHPXWăSHOXQJLPHDFHOXLFXPDLPXOWHDOLQLDWHODGUHDS VFULHPvQILúLHU
WDLDUSR]LĠLLOHUăPDVHOLEHUHVHFRPSOHWHD]ăFX 
 6FăGHUHDQXPHUHORUPDUL
 J ă


 QJ
3UH]HQWăPXQH[HPSOXGHVFăGHUHDGRXăQXPHUH&LWLPQXPHUHOHvQGRXăúLUXULGHFD
J J ^GDFă
DUHPDLSXĠLQHFLIUHGHFkW
OHLQWHUVFKLPEăP`J
JJăJ
JJJ JJ  UDFWHUHDSRLOHFRQYHUWLPvQWDEORXULGHFLIUHQUúLQU5H]XOWDWXOVFăGHULLVHYDPH
PRUDvQWDEORXOGHFLIUHQU
JJJJJmJ
KJJmJ
J

JJJJ
JmJ
KJ
JmJJ
([HPSOX
JJJJ
JmJKJJmJJ
 7DEORXOQUDUHQ HOHPHQWH  
 ú ă
 7DEORXOQUDUHP HOHPHQWH  
JJJmJ
JJJ
 7DEORXOQUVHFRPSOHWHD]ăFX]HURXULODvQFHSXWFDVăDLEăDFHHDúLGLPHQVLXQHFD
J J ^DúH]ăPFLIUHOHVDOHSHSR]LĠLLFRUHVSXQ]ăWRDUHFLIUHORU`J
JJ
 J\
~J

 ă, WDEORXOQU  7DEORXOQUHVWHLQLĠLDOL]DWFX

JJJJ
›œJmJ
›œJ ^GLQ
FXFDUHVHYRUDGXQD`
 ú 
   6FăGHUHDVHUHDOL]HD]ăFRQIRUPXUPăWRULORUSDúL



 \`J

 ă, ^UHVWXOFLIUHORUVHFRPSOHWHD]ăFX` QU       /DSULPXOSDV±  QU      
JJJJ
›œJmJ`J QU       QU      
 ú 
  QU       QU      
ú    

  /DDOGRLOHDSDVDUWUHEXLVăVFăGHPGLQ$GăXJăPODLDUGLQ GHSHSR]L
 $OJRULWPXOFDUHUHDOL]HD]ăDGXQDUHDHVWH ĠLDVXWHORU VFăGHP6FăGHPGLQREĠLQkQG


 J



‡ QJ QU       6FăGHPGLQ QU      
JJ
 J\`
J

 ă,JJ QU       REĠLQHP QU      
JJJJ
‡›œJmJ` ^LQLĠLDOFLIUHOHUH]XOWDWXOXLVXQWHJDOHFX` QU       QU      

 ú 
  $FXPVFăGHPGLQ 8UPHD]ă±
  ^DGXQăPFLIUHOHGHUDQJQGLQFHOHWUHLQXPHUH` 

JJ
 J\
J

 ă,JJ  QU        QU      
JJJJJmJ
›œJ~J
›œJ~J
‡›œ QU       QU      
JJJJăJJJ`J J ^GDFăVXPDFLIUHORUHVWHGLQLQWHUYDOXO>@`J QU       QU      

JJJJJJ
‡›œJmJJ ^FLIUDFRUHVSXQ]ăWRDUHGLQ
‡YDILDFHDVWăVXPă`  8OWLPDVFăGHUH± 
JJJJ 
J^vQFD]FRQWUDUFLIUDSUHFHGHQWăSULPHúWHYDORDUHDFLIUHLGHWUDQVSRUW` 

JJJJJJ
‡›œJmJJ ^FkQGL DYHPXOWLPXOWUDQVSRUW` QU      
  ^FLIUDFXUHQWăSULPHúWHUHVWXOvPSăUĠLULLvQWUHJLDVXPHLOD` QU      
JJJJJJ
‡›œJmJJJ`JJ QU      

JJJJ ú ăJ  5H]XOWDWXOREĠLQXWHVWH
JJ ú 
 J 
ú J  J  ÌQSURJUDPDVHPăQăWRUDGXQăULLQXPăUXOIRUPDWGLQPDLSXĠLQHFLIUHGHFkWFHOăODOW

VHYDFRPSOHWDFXFLIUHGH
$ULWPHWLFDQXPHUHORUPDUL   $ULWPHWLFDQXPHUHORUPDUL
 
 $OJRULWPXOFDUHUHDOL]HD]ăDFHDVWăFRPSOHWDUHFX]HURXULHVWHVLPLODUFXFHOIRORVLW  /DILHFDUHVFăGHUHYHULILFăPGDFăYDORDUHDGHVFă]XWXOXLHVWHPDLPDUHGHFkWYDORD
vQSURJUDPXOFDUHUHDOL]DDGXQDUHD UHDVFă]ăWRUXOXLÌQFD]DILUPDWLYUHDOL]ăPVFăGHUHDúLUHĠLQHPUH]XOWDWXOvQFLIUDFRUHV
 SXQ]ăWRDUHDOXLQUÌQFD]FRQWUDUvPSUXPXWăPGHODHOHPHQWXOGLQVWkQJDvOGH
 J

 KJ FUHPHQWăPSHDFHVWDúLHIHFWXăPVFăGHUHD
JJJmJ
JJJ  $ILúDUHDvQILúLHUXOGHLHúLUHVHIDFHvQVXEDOJRULWPXOGHPDLMRV
JJ
 J\
~J

 ă,JJ J
JJJJ
›œJmJ
›œJ  J ú
‡ QJ
JJ ú 
 J JJJmJJ
JJJmJ
J    J
‡›œJ\J`J

 ă,JJ ^ULOHGHODvQFHSXWQXOHYRPDILúD`J
JJ
 \J

 ă JJJJJmJJ~JJJ
JJJJ
›œJmJ`J  ú    J
JJ ú 
 J ăJJ…J
J JJ J
ú   J   ^GDFăQXPHUHOHVXQWHJDOHWDEORXO
‡FRQĠLQHQXPDLYDORULQXOH`
 JJ 
J` ^VHYDVFULHGRDUXQVLQJXU`
 $OJRULWPXOGHPDLVXVVHDSOLFăGXSăFHVHVWDELOHúWHFDUHWDEORXWUHEXLHFRPSOHWDW  

FX]HURXUL$FHDVWăGHFL]LHVHLDvQDOJRULWPXOGHPDLMRV JJJJ   JJdJ
J

 ă,
 JJJJJJ 
J%›œJ
 J%


 QJ
JJJJJJJmJJ~JJ
ăJ
JtJJ JJ JJJJ ú    J
JJJJ

 J  ú ăJ
JJJJ™%


‡
J ú   
JJ 
JJ
J J ^GDFăDOGRLOHDQXPăUHVWHPDLPDUHGHFkWSULPXOHOYDILGHVFă]XWXO`J

JJJJ 

  ÌQPXOĠLUHDQXPHUHORUPDUL
JJJJJm
KJ
JmJ
KJ
JmJ 3UH]HQWăPXQH[HPSOXGHvQPXOĠLUHDGRXăQXPHUH9RPUHĠLQHFHOHGRXăQXPHUHvQ
JJJJ?JmJ
KJ
JmJKJJmJ?J WDEORXULOHGHFLIUHQUúLQU5H]XOWDWXOVHYDPHPRUDvQWDEORXOGHFLIUHQU
JJJJ™%


‡
J 
 ú ăJJ  )LHQU úLQU 3URGXVXOORUHVWH
ú   J 
 1XPăU &LIUDGH &LIUDGH &LIUDGH &LIUDGH &LIUDGH ([SOLFDĠLL
 $OJRULWPXOFDUHUHDOL]HD]ăVFăGHUHDHVWH UDQJ UDQJ UDQJ UDQJ UDQJ
 QU      FLIUHOHSULPXOXLQXPăU
 J™%


‡
QJ

 J\
J

 ă, QU      FLIUHOHFHOXLGHDOGRLOHD
ăJ
›œJJ
›œJ J       UH]XOWDWXOSDUĠLDOGXSă
JJJJJJ
›œJmJ
›œJ~J`J vQPXOĠLUHDFXFLIUD
JJJJJJ
‡›œJmJ
›œJJ
›œJ       UH]XOWDWXOSDUĠLDOGXSă
JJJJJJ
›œJmJ
›œJ vQPXOĠLUHDFXFLIUD
JJJJ 
 QU      UH]XOWDWXOvQPXOĠLULLGXSă
JJJJJJ
‡›œJmJ
›œJJ
›œJ DGXQDUHDUH]XOWDWHORUSDU
J JJ ú ăJ ĠLDOH
 ú 
 J 
ú   J 
$ULWPHWLFDQXPHUHORUPDUL 

 8UPHD]ăSUHOXFUDUHDÄFLIUHORU´UH]XOWDWXOXL3HQWUXILHFDUHHOHPHQWPDLPDUHGHFkW
GHWHUPLQăPUHVWXOvPSăUĠLULLDFHVWXLDOD FLIUDFDUHYDvQORFXLQXPăUXOUHVSHFWLY 
úLFkWXOFDUHUHSUH]LQWăWUDQVSRUWXOFDUHVHYDDGXQDODXUPăWRUXOQXPăUGLQúLU

1XPăU &LIUDGH &LIUDGH &LIUDGH &LIUDGH &LIUDGH
UDQJ UDQJ UDQJ UDQJ UDQJ
QU >@        
UHVW>@  >@  >@  >@ 
UHVW>@  UHVW>@  UHVW>@ 
QU     
  $ULWPHWLFDQXPHUHORUPDUL
 5H]XOWDWXOvQPXOĠLULLHVWH 
  J%
‡ Q
 6HREVHUYăFăVHUHDOL]HD]ăvQPXOĠLUHDFHORUGRXăQXPHUHFLIUăFXFLIUăFDvQDULW

 J\
~J

 ă,
PHWLFă 5H]XOWDWHOH vQPXOĠLULL SRW IL QXPHUH IRUPDWH GLQ XQD VDX GRXă FLIUH  VH ăJ
‡›œJJ`JdJ J
SăVWUHD]ăvQWDEORXO
‡vQRUGLQHLQYHUVăDGLFăGHODVWkQJDODGUHDSWDúLIăUăVăVH JJJJJJ
‡›~œJmJ
‡›~œJ~J
‡›œJJ` J
UHDOL]H]HWUDQVIHUXOFLIUHL]HFLORUODILHFDUHSDV$FHVWHUH]XOWDWHSDUĠLDOHVHYRUSăVWUD JJJJJJ
‡›œJmJ
‡›œJJ`J
vQ WDEORXO
‡ DVWIHO vQFkW UH]XOWDWHOH vQPXOĠLULORU FXUHQWH VH YRU DGXQD LPHGLDW OD  ú ăJ
 ú 
 
HOHPHQWXODQWHULRUGHSODVkQGXQHFXRSR]LĠLHODGUHDSWDODILHFDUHvQPXOĠLUHFXRFLIUă
ú   
QRXăGLQvQPXOĠLWRU
J
 /D VIkUúLWXO DGXQăULORU SUHOXFUăP WDEORXO
‡ DVWIHO vQFkW DFHVWD Vă FRQĠLQă FLIUH
 ùLUXOFLIUHORUVHDILúHD]ăvQRUGLQHLQYHUVă
SRUQLPGHODVWkQJDODGUHDSWDvQHOHPHQWXOFXUHQWSăVWUăPUHVWXOvPSăUĠLULLvQWUHJLOD
DDFHVWXLDLDUSDUWHDvQWUHDJăDvPSăUĠLULLODDGXQăPODHOHPHQWXOXUPăWRU

  ú
‡ Q


 Jm
~J

 ă,
 $OJRULWPXOFDUHUHDOL]HD]ăDFHDVWăvQPXOĠLUHHVWH
 JJJJ 
J
‡›œJ
 J¡
Ġ


‡ QJJ  ú 
 J
ú   
JJ?JmJ`JJ ^NYDFRQĠLQHYDORDUHDFXFDUHVHGHSODVHD]ăUH]XOWDWHOHSDUĠLDOH`
  ^vQIXQFĠLHGHQXPăUXOGHRUGLQHDOFLIUHLFXUHQWHGLQvQPXOĠLWRU` 

 J\J

 ă,

 J\
J

 ă,
 J ^FDOFXODUHDSURGXVXOXL`
JJJJJJ
‡›
~~?œJmJ
‡›
~~?œJ~J
›œ‘
›œJ
JJJJ ú 
 
J J ^GXSăFHVDvQPXOĠLWvQWUHJúLUXOFXRFLIUăVHWUHFHODXUPăWRDUHD`
 ^UH]XOWDWXOFDUHVDUVFULHVXEFHODQWHULRUHVWHGHSODVDWVSUHGUHDSWDFXRSR]LĠLH`J
JJJJ?JmJ?J~J
 ú 
 
ú   

 5H]XOWDWXOGLQWDEORXO
‡VHSUHOXFUHD]ăGHRDUHFHFRQĠLQHQXPHUHúLQXFLIUH
 7DEORXULELGLPHQVLRQDOH

 0HGLLOHWXWXURUHOHYLORUXQHLFODVHODWRDWHGLVFLSOLQHOHVWXGLDWHSRWILSăVWUDWHvQWUR
VLQJXUăVWUXFWXUăGHGDWHvQFDUHYDORULOHVXQWDUDQMDWHOLQLDUSHOLQLLúLFRORDQH ROLQLH
 FRUHVSXQGHXQXLHOHYRFRORDQăFRUHVSXQGHXQHLGLVFLSOLQHVWXGLDWH ÌQH[HPSOXOGH
 PDLVXVOLQLDFRUHVSXQGHHOHYXOXL%DQvQFRORDQDVXQWVFULVHPHGLLOHODHGXFDĠLH
 IL]LFă
7DEORXUL &DSLWROXO 
 7DEORXOELGLPHQVLRQDOHVWHRVWUXFWXUăGHGDWHvQFDUHILHFăUXLHOHPHQWvLHVWHDVRFL


ELGLPHQVLRQDOH DWăRSHUHFKHGHLQGLFLSULPXOSUHFL]kQGQXPăUXOGHRUGLQHDOOLQLHLvQFDUHVHDIOăHOH
PHQWXOLDUFHOGHDOGRLOHD±QXPăUXOGHRUGLQHDOFRORDQHL0HGLDDIODWăSHOLQLDLúL

™'HILQLĠLH FRORDQDMVHYDQRWDFX0HGLH>LM@úLUHSUH]LQWăPHGLDHOHYXOXLLODGLVFLSOLQDM2ULFă
™2SHUDĠLLFXWDEORXULELGLPHQVLRQDOH UXLWDEORXELGLPHQVLRQDOLVHDORFăVSDĠLXGHPHPRULHvQWUR]RQăFRQWLQXăGHPHPR
™&DUHXULPDJLFH ULHHOHPHQWHOHDIOkQGXVHvQORFDĠLLVXFFHVLYHGHPHPRULHDúH]DWHOLQLHGXSăOLQLH
™,PSOHPHQWăULVXJHUDWH

™3UREOHPHSURSXVH
™6ROXĠLLOHSUREOHPHORU ([HPSOX
  8QWDEORXELGLPHQVLRQDODYkQGWUHLOLQLLúLSDWUXFRORDQHVHYDUHSUH]HQWDvQPHPR
 ULHDVWIHO
$P Yă]XW Fă vQWUXQ WDEORX XQLGLPHQVLRQDO VH SRW SăVWUD PDL PXOWH YDORUL GH DFHODúL 
WLS )LH GH H[HPSOX PHGLLOH JHQHUDOH DOH WXWXURU HOHYLORU XQHL FODVH 7RDWH PHGLLOH
QXPHUHUHDOH VHGHQXPHVFFXDFHODúLLGHQWLILFDWRUGHH[HPSOX0HG*HQLDUXQHOH            
PHQWvQDFHDVWăJUXSDUHVHJăVHúWHSHED]DSR]LĠLHLRFXSDWHvQJUXSXOGHYDORULDUDQMD 
WHOLQLDU'DFăSULYLPúLUXOQXPHORUDFHVWHDODUkQGXOORUIRUPHD]ăXQDOWúLUvQFDUH 
ILHFDUHHOHPHQWHVWHXQúLUGHFDUDFWHUH  /LQLD/LQLD/LQLD


([HPSOX 
0HG*HQ
3R]LĠLH      9RPGDGHILQLĠLDWDEORXOXLELGLPHQVLRQDO vQFD]JHQHUDO

9DORDUH    

1XPH
3R]LĠLH    
9DORDUH $OEX %DQ  =HFLX
'HILQLĠLH
 )LH0 ^P`úL1 ^«Q`PXOĠLPHDSULPHORUPUHVSHFWLYQQXPHUHQD
 &RUHVSXQ]ăWRUDFHVWXLH[HPSOXQHSXWHDPUHIHULODQRWDXQXLHOHYSULQ0HG*HQ>QU@ WXUDOHQHQXOH&RQVLGHUăPRPXOĠLPHGHHOHPHQWH(DOHFăURUWLSGHED]ăHVWH7
XQGHQUHVWHQXPăUXOGHRUGLQHGLQFDWDORJDOHOHYXOXLUHVSHFWLY$FHDVWăYDORDUHHVWH  6HQXPHúWHWDEORXELGLPHQVLRQDOGHGLPHQVLXQHPuQDYkQGHOHPHQWHGHWLSXO7
LQGLFHOHHOHPHQWXOXLvQúLU RIXQFĠLH$0u1ĺ(
 1HSURSXQHPVăUHIHULPWRDWHPHGLLOHSHGLVFLSOLQHDOHILHFăUXLHOHYSULQWURVLQJX
UăYDULDELOă&RQIRUPFDWDORJXOXL FXQRVFXWGLQúFRDOă DYHPXUPăWRDUHOHGDWH  1RWăP HOHPHQWHOH FX DLM XQGH L  0 M  1 $FHVWH HOHPHQWH VXQW DUDQMDWH SH P
 OLQLLúLQFRORDQHDVWIHOvQFkWDFHOHHOHPHQWHFDUHDXLQGLFHOHGHOLQLHLVXQWSODVDWHSH
   /LPEDURPkQă  0DWHPDWLFă   (GXFDĠLHIL]LFă DFHHDúLOLQLHLLDUFHOHDYkQGDFHODúLLQGLFHGHFRORDQăMSHDFHHDúLFRORDQăM

 $OEX    
 %DQ     § D D   DQ ·
¨ ¸
      D D   D  Q ¸
 =HFLX     $  ¨  
¨     ¸
¨D ¸
© P D P   D PQ ¹


1RĠLXQHDGHWDEORXELGLPHQVLRQDOGHULYăGLQQRĠLXQHDGHPDWULFH FXQRVFXWăGLQPDWHPDWLFă 
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
&D]XULSDUWLFXODUH
x ÌQPRGVLPLODUúLUXOGHHOHPHQWHDQDQDQ IRUPHD]ăGLDJRQDODVHFXQGDUă
 'DFăQ DYHPXQWDEORXGHGLPHQVLXQLP uFDUHVHQXPHúWHWDEORXFRORDQăúL DWDEORXOXLÌQFD]XODFHVWRUDLQGLFLLHOHPHQWHORUUHVSHFWăUHODĠLDLM Q
HVWHGHIRUPD
x ÌQ FD]XO HOHPHQWHORU DIODWH GHDVXSUD GLDJRQDOHL VHFXQGDUH LQGLFLL DX SURSULHWDWHD
§ D · LMQLDUFHOHFDUHVHDIOăVXEGLDJRQDODSULQFLSDOăDXLQGLFLFXSURSULHWDWHD
¨ ¸
¨ D  ¸ LM!Q
$  
¨  ¸ 
¨D ¸  2EVHUYăPFăSHQWUXDSDUFXUJHGRDUHOHPHQWHOHGHVXEGLDJRQDODSULQFLSDOăLQGLFLL
© P ¹ GH OLQLH úL GH FRORDQă YDULD]ă DVWIHO vQFkW Vă DFRSHUH XQ ÄWULXQJKL GUHSWXQJKLF´ GLQ
 'DFăP WDEORXOGHGLPHQVLXQHuQVHQXPHúWHWDEORXOLQLHúLHVWHGHIRUPD WDEORX$FHVWWULXQJKLDUHLSRWHQX]DVXEGLDJRQDODSULQFLSDOăúLFHOHGRXăFDWHWHVXQW
$  DD«DQ  FRORDQDúLOLQLDQÌQFRQFOX]LHODDFHVWWULXQJKLGHSHOLQLDLYRUSDUWLFLSDHOHPHQWHOH
 GHSHFRORDQHOHL±
 'DFăP QDYHPXQWDEORXGHGLPHQVLXQHQuQQXPLWWDEORXSăWUDWLF


([HPSOX 2SHUDĠLLFXWDEORXULELGLPHQVLRQDOH
 )LHXQWDEORXSăWUDWLFGHGLPHQVLXQH P Q   ÌQ DOJRULWPL YRP SUHOXFUD WDEORXUL ELGLPHQVLRQDOH vQ FHOH PDL YDULDWH PRGXUL 9RP
L MLM IDFH GLVWLQFĠLH vQWUH RSHUDĠLL FDUH DFFHVHD]ă WDEORXO FD SH XQ vQWUHJ úL RSHUDĠLL FDUH
D D D D D D DFFHVHD]ăHOHPHQWHOHWDEORXOXL'DUvQDLQWHGHWRDWHXQWDEORXWUHEXLHGHFODUDW
 
D D D D D D 'HFODUDUHDWDEORXULORUELGLPHQVLRQDOH
'HFODUDĠLDDUHXUPăWRDUHDIRUPăJHQHUDOă

D D D D D D
˜\ ›WLSBLQGLFHWLSBLQGLFHœWLSBGHBED]ăKJ
˜Q˜K

D D D D D D XQGHSULQWLSBLQGLFHWLSBLQGLFHVHvQĠHOHJHWLSXOYDORULORUGLQFDUHVHDOLPHQWHD]ăLQ
GLFLL HVWHREOLJDWRULXXQWLSRUGLQDO LDUWLSBGHBED]ăHVWHWLSXOHOHPHQWHORUWDEORXOXL
$FHVWWLSGHED]ăSRDWHILRULFHSXWHPDYHDHOHPHQWHGHRULFHWLSQXPHULFGHFDUDFWH
D D D D D D
UHVDXúLUXULGHFDUDFWHUHYDORULERROHHQHvQUHJLVWUăUL YH]LWLSXO 
 WDEORXULGH
FHOHPDLGLYHUVHWLSXULHWF
D D D D D D  WLSBLQGLFHWLSBLQGLFHSRWILLGHQWLILFDWRULGHWLSSUHGHILQLWVDXGHILQLWGHXWLOL]DWRU
 úLGHDVHPHQHDSRWILH[SUHVLLFXPHQĠLXQHDFăvQDFHVWHDSRWLQWHUYHQLGRDUFRQVWDQ
L!M WHúLFRQVWDQWHVLPEROLFH
 
x (OHPHQWHOH vQ FD]XO FăURUD LQGLFHOH GH OLQLH FRLQFLGH FX LQGLFHOH GH FRORDQă D ([HPSOX
DDQQ IRUPHD]ăGLDJRQDODSULQFLSDOăDWDEORXOXL  
\|K
x 3DUDOHOHOHODGLDJRQDODSULQFLSDOăDWDEORXOXLYRUDWLQJHDFHOHHOHPHQWHvQFD]XOFă J˜\ ›‘

œJJXYKJ
URUDL MNXQGH±QNQ±3HQWUXILHFDUHYDORDUHDOXLNYDULLQGMREĠL JJJJƒ\ ›X
XYœJJ€
 KJ
QHPRSDUDOHOăODGLDJRQDODSULQFLSDOă 
 'DFăVWUXFWXUDXQXLWDEORXHVWHGHVFULVăvQVHFĠLXQHD DWXQFLHOYDDYHDXQWLS
x (OHPHQWHOH GH GHDVXSUD GLDJRQDOHL SULQFLSDOH VDWLVIDF SURSULHWDWHD L  M LDU FHOH
FDUHVHVLWXHD]ăVXEGLDJRQDODSULQFLSDOăDXSURSULHWDWHDFăLQGLFLLORUVDWLVIDFUHOD DQRQLP$VRFLLQGWLSXOXLUHVSHFWLYXQLGHQWLILFDWRUGHWLSvQWURGHFODUDĠLH
DFHVWD
ĠLDL!M YDSXWHDILIRORVLWvQSURJUDPRULXQGHYUHPVăUHIHULPDFHVWWLS
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
 5HDPLQWLPFăGRXăWDEORXULGHFODUDWHvQGRXăGHFODUDĠLLDQRQLPHGLIHULWHYRUILGH $WULEXLUHD
WLSXULGLIHULWHFKLDUGDFăvQHOHVDGHVFULVDFHHDúLVWUXFWXUă $WULEXLUHDODQLYHOGHWDEORXHVWHSHUPLVăGRDUGDFăLGHQWLILFDWRULLPHQĠLRQDĠLvQSDUWHD


([HPSOX VWkQJăúLFHDGUHDSWăDRSHUDĠLHLGHDWULEXLUHDXDFHODúLWLS'HH[HPSOXFRQIRUPGH

J˜\ ›`|œJJXYKJ FODUDĠLLORUGLQH[HPSOXOPHQĠLRQDW[SRDWHSULPLYDORDUHDOXL\LDUESRDWHOXDYDORD
JYQ˜KJ UHDOXLF3XWHPVFULHvQSURJUDPQ\YKúL˜Q\%KGDUQXSXWHPVFULHQ\˜K
JJJJQ ›`|œJJXYKJ 
JJJJ˜%Q ›`|œJJXYKJ  ğLQkQGFRQWGHIDSWXOFăvQPXOWHDSOLFDĠLLYDILQHFHVDUăHIHFWXDUHDXQRURSHUDĠLLFX
 HOHPHQWHOHWDEORXULORUELGLPHQVLRQDOHDVHPăQăWRURSHUDĠLLORUGLQWHRULDPDWULFHORUvQ
 ÌQ SURJUDPXO FDUH FRQĠLQH DFHVWH GHFODUDĠLL WDEORXULOH [ úL \ YRU IL FRQVLGHUDWH GH PDWHPDWLFăYRPSUH]HQWDFkWHYDGLQDFHVWHRSHUDĠLL
DFHODúLWLS ˜ EúLFGHDVHPHQHDYRUDYHDXQWLSFRPXQ DQRQLP LDUDYD 
ILGHWLSDQRQLPGLIHULWGH˜UHVSHFWLYGHWLSXODQRQLPDOOXLEúLF
$GXQDUHDPDWULFHORU
 )LH$úL%GRXăPDWULFHGHGLPHQVLXQHPuQ
&LWLUHDWDEORXULORUELGLPHQVLRQDOH  $  DLM dLdPdMdQ
ÌQSURJUDPHGHUHJXOăSULPDRSHUDĠLHYDILFLWLUHDXQXLDVWIHOGHWDEORXÌQOLPEDMHOH  %  ELM dLdPdMdQ
3DVFDOúL&QXVHSRDWHFLWLRYDULDELOăGHWLSWDEORX$FHDVWăRSHUDĠLHVHYDUHDOL]DHOH  'HILQLPPDWULFHD
PHQWFXHOHPHQW  &  FLM dLdPdMdQ

 J
 QJ
DOHFăUHLHOHPHQWHVXQWGDWHGHHJDOLWăĠLOH
 FLM DLMELM 
JJ
ú
J
JJ ^WDEORXO[DUHPOLQLLúLQFRORDQH`J

 J\J

 ă,JJ RULFDUHDUILL «PM «Q
JJJJ
 J\
J

 ă,J  0DWULFHD&VHQXPHúWHVXPDGLQWUHPDWULFHOH$úL%úLVHQRWHD]ă
JJJJJJ
ú
J›œJ  & $%
 ú 
   ÌQSURJUDPYRPUHDOL]DDGXQDUHDHOHPHQWFXHOHPHQWFRQIRUPIRUPXOHL 
 ú 
   0HQĠLRQăPFăDGXQDUHDDGRXăPDWULFHHVWHFRPXWDWLYă$% %$úLHVWHDVR
ú    FLDWLYă $% & $ %& 0DWULFHDHOHPHQWQHXWUXIDĠăGHDGXQDUHVHQXPHú
 WHPDWULFHQXOăúLDUHWRDWHHOHPHQWHOHHJDOHFX6HYDQRWDPQ
 2PDWULFHIRUPDWăGLQHOHPHQWXOPDLSXĠLQSHGLDJRQDODSULQFLSDOăXQGHDUHQX
$ILúDUHDWDEORXULORUELGLPHQVLRQDOH PDLYDORULHJDOHFXVHQXPHúWHPDWULFHXQLWDWHúLVHQRWHD]ăFX,Q
$ILúDUHD WDEORXULORU VH UHDOL]HD]ă DVHPăQăWRU 'DFă GRULP Vă UHDOL]ăP R DILúDUH OLQLH
GXSă OLQLH D WDEORXOXL  GH WLSXO ˜ DYkQG  OLQLL úL
 FRORDQH vQ 3DVFDO YRP 
VFULHSURFHGXUDvQIHOXOXUPăWRU 0DWULFHDRSXVă
J 2ULFDUHDUILPDWULFHD$H[LVWăRPDWULFHQRWDWăFX±$DVWIHOvQFkW


J ú 
QXYKJQ˜ KJ  $ ±$   ±$ $ PQ


JQ\J JJJ
J 
JJJJJQ\J J
JJ
JJJJJJ ›œJ KJ
&DUHXULPDJLFH
([LVWă R ERJDWă WUDGLĠLH D SăWUDWHORU PDJLFH 5HIHULULOH OD SULPHOH SăWUDWH PDJLFH VH
JJJJ
JJ ^WUHFHPODOLQLHQRXă`J

J SLHUGvQQHJXUDWLPSXULORU

 
'HILQLĠLH
  8QFDUHXGHGLPHQVLXQHQFDUHFRQĠLQHQXPHUHGHODODQVHQXPHúWHPDJLFGDFă
 VXPDQXPHUHORUGHSHRULFDUHOLQLHDFDUHXOXLHVWHHJDOăFXVXPDQXPHUHORUGHSHRUL
 7DEORXULELGLPHQVLRQDOH

([HPSOX
7DEORXULELGLPHQVLRQDOH 
 Q SDúLL SDúLLSkQăODSDVXO
 

FDUHFRORDQăúLVXQWHJDOHFXVXPDQXPHUHORUDIODWHSHRULFDUHGLQWUHFHOHGRXăGLDJR          
QDOH$FHDVWăYDORDUHVHQXPHúWHVXPăPDJLFăúLVHFDOFXOHD]ăFXIRUPXOD
VXPăBPDJLFă Q  Q˜ Q           
 
         
 3UH]HQWăP WUHL DOJRULWPL GLIHULĠL SHQWUX JHQHUDUHD SăWUDWHORU PDJLFH vQ IXQFĠLH GH
SURSULHWDWHDOXLQ          
D  QHVWHLPSDU
E  QHVWHPXOWLSOXGH           
F  QHVWHSDUGDUQXHVWHPXOWLSOXGH

 3ăWUDWXOPDJLFGHRUGLQPXOWLSOXGH
3ăWUDWXOPDJLFGHRUGLQLPSDU 3HQWUXDJHQHUDXQSăWUDWPDJLFGHRUGLQQ QPXOWLSOXGH VHDSOLFăXUPăWRULLSDúL
ÌQFDUWHDOXL)HQJ6KXL $UWDYLHĠLLvQDUPRQLHFXQDWXUD SUHFXPúLvQFDUWHDOXL<L x 6HJHQHUHD]ăSăWUDWXOGHGLPHQVLXQHQvQFDUHDúH]ăPQXPHUHOHGHODODQvQRU
-LQJ &DUWHDVFKLPEăULORU DXWRULLFRQVLGHUăFăSăWUDWXOPDJLFGHVFRSHULWGH:X+VLD GLQHSHOLQLL
DIRVWLPDJLQDWSHFDUDSDFHDXQHLEURDúWHĠHVWRDVH$FHVWSăWUDWPDJLFHVWHDWULEXLWFL x (OHPHQWHOHDIODWHSHOLQLLDYkQGQXPăUGHRUGLQHSHQWUXFDUHUHVWXOvPSăUĠLULLOD
YLOL]DĠLHLFKLQH]HGLQWUHDQLL±vQDLQWHGH&KULVWRV HVWHVDXúLFRORDQHFDUHQXDXDFHDVWăSURSULHWDWHVDXSHFRORDQHDYkQGQXPăU
   GHRUGLQHSHQWUXFDUHUHVWXOvPSăUĠLULLODHVWHVDXúLOLQLLFDUHQXDXDFHDVWă
   SURSULHWDWHYRUILVFKLPEDWHFXHOHPHQWHOHDIODWHvQSR]LĠLLVLPHWULFHIDĠăGHPLMOR
FXOFDUHXOXLDúDFXPVHSRDWHREVHUYDGLQILJXUDXUPăWRDUH
    

                



                   
                 
7UDVHXOREĠLQXWSULQSDUFXUJHUHDvQRUGLQHDQXPHUHORUGLQDFHVWFDUHXPDJLFHVWH
FXQRVFXW VXE QXPHOH GH ÄGUXPXO vPSăUDWXOXL 9HQ´ 8UPăULQG DFHVW WUDVHX SXWHP 
               
GHGXFHPRGXOGHJHQHUDUHDORULFăUXLFDUHXPDJLFGHRUGLQLPSDU6HREVHUYăXUPă
WRDUHOHUHJXOL                 
x 3RUQLPGLQSR]LĠLDDYkQGLQGLFLLúLªQº SDUWHvQWUHDJăVXSHULRDUă 
x 'DFăVXQWHPSHSULPDOLQLHGUXPXOFRQWLQXăSHXOWLPDOLQLHúLSHFRORDQDSUHFH                 
GHQWăGDFăH[LVWăRDVWIHOGHFRORDQă 
x 'DFăVXQWHPSHSULPDFRORDQăGUXPXOFRQWLQXăSHXOWLPDFRORDQăúLSHOLQLDSUH                
FHGHQWăGDFăH[LVWăRDVWIHOGHOLQLH 
               
x ÌQ UHVW vQFHUFăP Vă DYDQVăP SH GLDJRQDOă SDUDOHO FX GLDJRQDOD SULQFLSDOă  VSUH
VWkQJDVXVGDFăDYHPSR]LĠLHOLEHUăvQFDUHXvQDFHDGLUHFĠLH&kQGQXPDLSXWHP 
DYDQVDDVWIHOFRERUkPFXROLQLHSHDFHHDúLFRORDQă
3ăWUDWPDJLFGHRUGLQQXQGHQ ˜P PQXPăULPSDU 
$OJRULWPXOGHJHQHUDUHDXQXLSăWUDWPDJLFGHRUGLQQXQGHQ ˜PúLPHVWHQXPăU
LPSDUHVWHRPHWRGăHOHJDQWăDMXQVăSULPDGDWăvQ(XURSDSULQ6LDP
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
 $FHVWDOJRULWPVHDSOLFăFRQIRUPXUPăWRULORUSDúL 2EĠLQHP
x 6HFDOFXOHD]ăYDORDUHDOXLP 
x 6HJHQHUHD]ăRPDWULFHGHOLWHUH FRQVWUXFĠLHDMXWăWRDUH DVWIHO
± SULPHOH>P@OLQLLVHFRPSOHWHD]ăFXOLWHUDÄ/´          
± OLQLDXUPăWRDUHVHFRPSOHWHD]ăFXOLWHUDÄ8´
± UHVWXOOLQLLORUVHFRPSOHWHD]ăFXOLWHUDÄ;´
         
± OLWHUDÄ/´DIODWăvQPLMORFXOFDUHXOXLVHLQWHUVFKLPEăFXOLWHUDÄ8´DIODWăVXEHD

([HPSOX          
'DFăQ DYHPP 
 / / / / /   / / / / /
          
 / / / / /   / / / / /

/ / / / /   / / 8 / /          

 8 8 8 8 8   8 8 / 8 8
          
 ; ; ; ; ;   ; ; ; ; ;
          
x SăWUDWXOPDJLFGHGLPHQVLXQH˜PVHFRQVWUXLHúWHXUPăULQGDOJRULWPXOGHJHQHUDUH
DSăWUDWHORUPDJLFHLPSDUHFRQVLGHUkQGSăWUDWXOGHGLPHQVLXQHP PHVWHLPSDU 
IRUPDWGLQSăWUDWHGHGLPHQVLXQH
         
x )LHFDUHSăWUDWGHGLPHQVLXQHuYDDYHDFDúLFRUHVSRQGHQWROLWHUăÄ/´Ä8´VDX
Ä;´úLYDILFRPSOHWDWvQRUGLQHDVXJHUDWăGHDFHDVWăOLWHUă
          
/8;

          

 $SOLFăPSDúLLDOJRULWPXOXL9HQSUH]HQWDWDQWHULRU 

    
,PSOHPHQWăULVXJHUDWH
3HQWUXDYăIDPLOLDUL]DFXPRGXOvQFDUHWUHEXLHUH]ROYDWHSUREOHPHOHvQFDGUXOFăURUD
    
LQWHUYLQRSHUDĠLLFXILúLHUHWH[WYăVXJHUăPVăvQFHUFDĠLVăLPSOHPHQWDĠLDOJRULWPLSHQWUX
      VXPDHOHPHQWHORUXQXLWDEORXELGLPHQVLRQDO
      LGHQWLILFDUHDOLQLHLúLFRORDQHLSHFDUHVHDIOăPLQLPXOPD[LPXOXQXLWDEORXELGL
     PHQVLRQDO
  VXPDHOHPHQWHORUGHSHGLDJRQDODSULQFLSDOă
  VXPDHOHPHQWHORUGHSHGLDJRQDODVHFXQGDUă
  VXPDHOHPHQWHORUGHGHDVXSUD GHGHGHVXEWXO GLDJRQDOHLSULQFLSDOH
  VXPDHOHPHQWHORUGHGHDVXSUD GHGHGHVXEWXO GLDJRQDOHLVHFXQGDUH
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
 GHWHUPLQDUHDVXPHLFHORURSWYHFLQLDLXQXLHOHPHQW 'DWHGHLHúLUH
 GHWHUPLQDUHDVXPHORUHOHPHQWHORUDIODWHvQWULXQJKLXOGH16(úL9GHOLPLWDWGH 3HSULPDOLQLHDILúLHUXOXLGHLHúLUH  !"#&'(!VHYRUVFULHQXPHUHOHGHRUGLQHDOH
GLDJRQDOHOHPDWULFHL vQFăSHULORUvQFDUHLQWUăVDXGLQFDUHLHVXQDFHODúLQXPăUPD[LPGHFRULGRDUH
 URWLUHDXQXLWDEORXELGLPHQVLRQDOFXGHJUDGH  3H D GRXD OLQLH VH YRU DIOD QXPHUHOH GH RUGLQH DOH vQFăSHULORU vQ FDUH SHúWHUD VH
 GHWHUPLQDUHDPDWULFHLVLPHWULFHIDĠăGHGLDJRQDODSULQFLSDOă VHFXQGDUă  vQIXQGăÌQFD]XOvQFDUHQXH[LVWăDVWIHOGHvQFăSHULvQILúLHUVHYDVFULHPHVDMXO ƒJ
 vQORFXLUHDHOHPHQWHORUGLQWULXQJKLXOGHQRUGFXFHOHGLQWULXQJKLXOGHYHVW úLYD 
ULDQWH   $ WUHLD OLQLH D ILúLHUXOXL úL XOWLPD  YD FRQĠLQH QXPHUHOH GH RUGLQH DOH vQFăSHULORU
 SDUFXUJHUHDSHGLDJRQDOHDXQHLPDWULFH L]RODWH'DFăDVHPHQHDvQFăSHULQXH[LVWăVHYDDILúDPHVDMXOƒJ
 SDUFXUJHUHDvQVSLUDOăDXQHLPDWULFH 
 FDOFXODUHDVXPHORUGHDOXQJXOODWXULORUPDWULFHORUSăWUDWLFH 5HVWULFĠLLúLSUHFL]ăUL
 YHULILFDUHDXQHLSURSULHWăĠLJOREDOHDXQXLWDEORXELGLPHQVLRQDO x dQd
 SURGXVXODGRXăPDWULFHGHQXPHUH 
 SURGXVXODQPDWULFH ([HPSOH
 LQYHUVDUHDDGRXăOLQLLFRORDQHvQWURPDWULFH  !"#.&$  !"#.&'(!
 RUGRQDUHDOLQLLORUDVWIHOvQFkWHOHPHQWHOHGHSHGLDJRQDODSULQFLSDOăVHFXQGDUăVă |J ‡J|J
ILHvQRUGLQHFUHVFăWRDUHGHVFUHVFăWRDUH `J`JJ`J`JJ JˆJ
 YHULILFDUHDWULXQJKLXODULWăĠLLXQHLPDWULFH LQIHULRUVXSHULRUWULXQJKLXODUă  `J`J`J`J`J 
 VXPDHOHPHQWHORUXQXLWDEORXQGLPHQVLRQDO J`J`J`JJ
`J`J`J`JJ
 LGHQWLILFDUHDFRRUGRQDWHORUXQXLHOHPHQWDYkQGRYDORDUHGDWă WRDWHDSDULĠLLOH vQ `J`JJJ`
WUXQWDEORXQGLPHQVLRQDO

 YHULILFDUHDSURSULHWăĠLLGHSăWUDWPDJLF
 !"#/&$  !"#/&'(!
 |J J‡J|J
3UREOHPHSURSXVH `JJJ`J`JJ
J`J`J`J`J
JˆJ
ƒJJ
 J`J`J`JJ
3HúWHUD `J`J`J`JJ
`J`JJJ`J
2SHúWHUăDUHQvQFăSHULQXPHURWDWHGHODODQÌQWUHDQXPLWHvQFăSHULVDXDPHQDMDW
FRULGRDUHGHDFFHVDOWHOHDXUăPDVL]RODWH$GPLQLVWUDWRUXOFRPSOH[XOXLWXULVWLFFăUXLD 
LVDGDWvQJULMăSHúWHUDDUYUHDVăúWLHUăVSXQVXOODXUPăWRDUHOHvQWUHEăUL $FYDULXOFXSHúWL
 &DUHVXQWvQFăSHULOHvQFDUHLQWUăFHOHPDLPXOWHFRULGRDUH" ÌQWUXQDFYDULXVXQWLQWURGXúLQSHúWLGHGLIHULWHVSHFLLSULQWUHFDUHúLXQHOHFDUQLYRUH
 &DUHVXQWvQFăSHULOHXQGHSHúWHUDVHvQIXQGă" 3HQWUX ILHFDUH SHúWH VH FXQRVF SHúWLL SH FDUH DFHVWD LDU PkQFD vQ FD]XO vQ FDUH Pă
 &DUHVXQWvQFăSHULOHL]RODWH" QkQFăDOĠLSHúWL 'HRDUHFHQXWRĠLSHúWLLVXQWIRDUWHvQIRPHWDĠLQXVHFXQRDúWHRUGLQHD
 vQFDUHDFHúWLDVHYRUDWDFD6WDELOLĠLVSHFLLOHGHSHúWLFDUHGXSăXQLQWHUYDOGHWLPS
'DWHGHLQWUDUH YRUUăPkQHvQYLDĠăvQPRGVLJXU
3ULPDOLQLHDILúLHUXOXLGHLQWUDUH  !"#&$FRQĠLQHQXPăUXOQDWXUDOQHQXOQDOvQ 
FăSHULORU SHúWHULL 3H XUPăWRDUHOH Q OLQLL VXQW VFULVH FkWH Q YDORUL  úL  YDORULOH HOH 'DWHGHLQWUDUH
PHQWHORUXQXLWDEORXELGLPHQVLRQDOS9DORULOHúLDXXUPăWRDUHDVHPQLILFDĠLH 3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH !&$VHJăVHúWHQXPăUXOQDWXUDOQHQXOQUH
x SLM GDFăvQWUHvQFăSHUHDLúLvQFăSHUHDMH[LVWăFDOHGHDFFHVDPHQDMDWă SUH]HQWkQGQXPăUXOGHSHúWL3HXUPăWRDUHOHQOLQLLVHDIOăHOHPHQWHOHWDEORXOXLELGL
x SLM vQFD]FRQWUDU PHQVLRQDOSDYkQGYDORULúL GHVSăUĠLWHSULQVSDĠLL FXXUPăWRDUHDVHPQLILFDĠLH
 9DORULOHVFULVHSHRDFHHDúLOLQLHGLQILúLHUVXQWGHVSăUĠLWHSULQFkWHXQVSDĠLX x SLM GDFăVSHFLDLPăQkQFăVSHFLDM
 x SLM vQFD]FRQWUDU
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
'DWHGHLHúLUH  6H REVHUYă Fă ILHFDUH QXPăU QDWXUDO QHSULP HVWH XUPDW GH FHO PDL PDUH GLYL]RU
3HSULPDOLQLHDILúLHUXOXLGHLHúLUH  !&'(!VHYDVFULHXQúLUGHQXPHUHVHSDUDWH SULP VDX QX  DO VăX 3HQWUX R EXQă GLVWULEXĠLH D DFHVWRU QXPHUH PDWHPDWLFLDQXO VD
SULQFkWHXQVSDĠLXUHSUH]HQWkQGQXPHUHOHGHRUGLQHDVSHFLLORUGHSHúWLFDUHVXSUDYLH JkQGLWVăOHDúH]HSHĠLQWDSăWUDWLFăGHDOXQJXOXQHLVSLUDOHvQFHSkQGGLQFROĠXOVWkQ
ĠXLHVFvQPRGVLJXUvQDFYDULX JDVXVFRQWLQXkQGVSUHGUHDSWDDSRLvQMRVXUPkQGDSRLPDUJLQHDGHMRVGHODGUHDSWD
 ODVWkQJDDSRLvQVXVúLFRQWLQXkQGVSLUDODFkWWLPSHVWHSRVLELO
5HVWULFĠLLúLSUHFL]ăUL 6FULHĠLXQSURJUDPFDUHÄFRQVWUXLHúWH´ĠLQWDSHQWUXXQSăWUDWGHODWXUăQUHVSHFWkQG
x dQd UHJXOLOHPDWHPDWLFLDQXOXL

x 'DFă XQ SHúWH GH VSHFLD L PăQkQFă SHúWL GH VSHFLD M úL VSHFLD M PăQkQFă SHúWL GH
'DWHGHLQWUDUH
VSHFLDLQLFLXQXOQXUăPkQHvQPRGVLJXUvQYLDĠăGHRDUHFHQXúWLPQLPLFUHIHULWRU
ÌQILúLHUXOGHLQWUDUH !"&$VHJăVHúWHQXPăUXOQDWXUDOQHQXOQUHSUH]HQWkQGOXQJL
ODRUGLQHDvQFDUHHLVHYRUPkQFDvQWUHHL
 PHDODWXULLĠLQWHL

([HPSOX  'DWHGHLHúLUH
 !&$  !&'(! ([SOLFDĠLH ğLQWD JHQHUDWă VH YD VFULH VXE IRUPD XQXL WDEORX ELGLPHQVLRQDO vQ ILúLHUXO GH LHúLUH
ŠJ ˆJ| 3HúWHOHPăQkQFăSHúWHOH !"&'(!XQGHSHOLQLDLVHYRUVFULHHOHPHQWHOHVLWXDWHSHFHDGHDLDOLQLHvQĠLQWă
`J`JJ`J`J`J 3HúWHOHQXHVWHFDUQLYRU 1XPHUHOHVFULVHSHOLQLLYRUILVHSDUDWHSULQFkWHXQVSDĠLX
`J`J`J`J`J`J
3HúWHOHPăQkQFăSHúWHOH 
`JJ`J`J`J`J
J`J`J`J`JJ 3HúWHOHPăQkQFăSHúWHOHúL 5HVWULFĠLLúLSUHFL]ăUL
`J`J`J`J`J`J 3HúWHOHúLSHúWHOHQXVXQWFDUQLYRUL x dQd
`J`J`J`J`J`J 'HFLGHRDUHFHSHúWLLúLSRWIL 
PkQFDĠLGHDOĠLSHúWLUăPkQvQYLDĠăFX ([HPSOX
VLJXUDQĠăSHúWLLúL !"&$ !"&'(!
|J JJJ‡JJˆJJJJ|J
 JJŠJ‡JˆJJŠJ
7LUVSRUWLY JJŒJJJJJ‡J
8QPDWHPDWLFLDQLXELWRUGHWLUVSRUWLYúLDSXVSUREOHPDFRQVWUXLULLXQHLĠLQWHSăWUDWH J|JŠJJ|J|JJJ
GHODWXUăQvQFDUHSXQFWDMHOHVăILHGLVWULEXLWHGXSăUHJXOLPDWHPDWLFHSURSULL(OPDL `JJ‡JJ‰JJˆJJŒ
vQWkLDJHQHUDWúLUXOSXQFWDMHORUSHED]DXQHLUHJXOLREĠLQkQG 
 %LOLDUG

          
2ELOăHVWHORYLWăFXWDFXOSHRPDVăGHELOLDUGGUHSWXQJKLXODUăGHGLPHQVLXQHP uQ
          vQWURGLUHFĠLHREOLFă GUHDSWDVXVGUHDSWDMRVVWkQJDMRVVDXVWkQJDVXV $WXQFLFkQG
          ELODVHORYHúWHGHRPDUJLQHDPHVHLFXH[FHSĠLDFROĠXULORUHDULFRúHD]ăQRXOWUDVHXDO
HLIRUPkQGXQXQJKLGHqFXYHFKLXOWUDVHX'DFăELODDMXQJHvQWUXQFROĠHDLHVHGH
         
SHPDVă&XQRVFkQGGLPHQVLXQLOHPHVHLSR]LĠLDGHSOHFDUHDELOHLúLGLUHFĠLDGHGHSOD
          VDUHLQLĠLDOăVăVHVLPXOH]HPLúFDUHDELOHLSkQăODLHúLUHDGHSHPDVăVDXSkQăFkQGVH
          REVHUYăFăWUDVHXODFHVWHLDLQWUăvQFLFOX

          'DWHGHLQWUDUH
3ULPDOLQLHDILúLHUXOXLGHLQWUDUH *#"%&$FRQĠLQHQXPHUHOHPúLQUHSUH]HQWkQG
         
GLPHQVLXQHDPHVHL3HOLQLDDGRXDVHJăVHVFFRRUGRQDWHOHSR]LĠLHLLQLĠLDOHDELOHLLDU
          SHDWUHLDOLQLHVHDIOăRFLIUăGLQPXOĠLPHD^`UHSUH]HQWkQGGLUHFĠLDGHSRUQL
          UHDELOHLFRUHVSXQGHGLUHFĠLHLGUHDSWDVXVGLUHFĠLHLGUHDSWDMRVGLUHFĠLHLVWkQJD
 MRVLDUGLUHFĠLHLVWkQJDVXV
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
'DWHGHLHúLUH 5HVWULFĠLLúLSUHFL]ăUL
)LúLHUXO GH LHúLUH *#"%&'(! YD FRQĠLQH WUDVHXO ELOHL VXE IRUPD XQXL WDEORX ELGL x dQd
PHQVLRQDO GH GLPHQVLXQL FRUHVSXQ]ăWRDUH PHVHL )LHFDUH OLQLHDWDEORXOXLVHYDVFULH x dPd
SHOLQLHQRXăvQILúLHU(OHPHQWXOFRUHVSXQ]ăWRUSR]LĠLHLLQLĠLDOHDELOHLVHPDUFKHD]ăFX x 1XPHUHOHWDEORXOXLVXQWGLVWLQFWH
XUPăWRDUHDSR]LĠLHDWLQVăGHELOăFRQIRUPGLUHFĠLHLGHPLúFDUHFXHWFÌQFD]XOvQ 
FDUHELODWUHFHDGRXDRDUăSULQWURSR]LĠLHVHSăVWUHD]ăSULPXOPDUFDM3R]LĠLLOHQHVWUă ([HPSOH
EăWXWHYRUFRQĠLQHYDORDUHD #&$ #&'(!
 'DFăELODQXSRDWHLHúLGHSHPDVăGHRDUHFHWUDVHXOHLIRUPHD]ăXQFLFOXvQILúLHU ‡JˆJ J‡J
VHYDVFULHPHVDMXOXJ
JJJJJDSRLVHYDVFULHvQILúL JJ‡J`J JJ
HUWDEORXOELGLPHQVLRQDOFRUHVSXQ]ăWRUPLúFăULORUELOHL JJ`JˆJ`J 
 |JŒJ‰J
5HVWULFĠLLúLSUHFL]ăUL 
x dPQd 5DPHGHWDEORXULFDUHWUHEXLHVXSUDSXVH

([HPSOH ÌQWUXQVSDĠLXGUHSWXQJKLXODUGHGLPHQVLXQHP uQWUHEXLHDúH]DWHXQDGXSăDOWDSUD
*#"%.&$ *#"%.&'(! PHGHWDEORXULGHGLPHQVLXQHGDWă5DPHOHVHSRWDúH]DXQHOHSHVWHDOWHOHDVWIHOvQFkW
‡J‡J XJ
JJJJJJ ODWXULOHORUYRUILSDUDOHOHFXPDUJLQLOHVSDĠLXOXLGHGHSR]LWDUH
JJ `JJ`JJ  6ăVHDILúH]HVXEIRUPDSUHFL]DWăODGDWHGHLHúLUHFHHDFHYDYHGHDGLQUDPHOHVX
J J`J‡JJ SUDSXVHRSHUVRDQăFDUHVHYDXLWDODWHDQFXOGHUDPHGLQWURSR]LĠLHVLWXDWăGHDVXSUD
J `JˆJ`J VSDĠLXOXLvQFDUHDFHVWHDVDXDúH]DW
J
*#"%/&$
J
*#"%/&'(!

|JJ JJ`J`J`JˆJ`J`JJ 'DWHGHLQWUDUH
ˆJJ J`JJ`J‡J`J|J`J 'HSHSULPDOLQLHDILúLHUXOXLGHLQWUDUH"#+&$VHYRUFLWLQXPHUHOHPúLQUHSUH]HQ
J J`JJ`JJ`J`J`JŠJJ WkQGGLPHQVLXQLOHVSDĠLXOXLvQFDUHVHDúHD]ăUDPHOH3HXUPăWRDUHDOLQLHVHDIOăQXPă
JJ J`JJJ`J‰J`JJ`J UXOQDWXUDOSUHSUH]HQWkQGQXPăUXOUDPHORUFDUHWUHEXLHVXSUDSXVH8UPăWRDUHOHSOLQLL
 J`JJ`J`J`JŒJ`J` FRQĠLQILHFDUHFRRUGRQDWHOHFROĠXOXLVWkQJDVXV LQGLFHOHGHOLQLHúLGHFRORDQă DOXQHL
 UDPHOXQJLPHD vQQXPăUGHOLQLL úLOăĠLPHD vQQXPăUGHFRORDQH DUDPHL
3XQFWHúD 
6HQXPHúWHSXQFWúDvQWUXQWDEORXELGLPHQVLRQDOSR]LĠLDvQFDUHHOHPHQWXOHVWHPL 'DWHGHLHúLUH
QLP SH FRORDQD OXL úL PD[LP SH OLQLH VDX LQYHUV 6FULHĠL XQ SURJUDP FDUH GHWHUPLQă ÌQILúLHUXOGHLHúLUH "#+&'(!VHYDVFULHXQWDEORXELGLPHQVLRQDOGHFDUDFWHUHUHSUH
WRDWHSXQFWHOHúDvQWURPDWULFHELGLPHQVLRQDOăGUHSWXQJKLXODUă ]HQWkQGLPDJLQHDFXUDPHOHVXSUDSXVH3HQWUXRUDPăVHYDVSHFLILFDGRDUFKHQDUXOHL
 $FHVWHDVHYRUFRGLILFDFXOLWHUHOHPDULDOHDOIDEHWXOXLHQJOH]vQRUGLQHDvQFDUHVXQW
'DWHGHLQWUDUH GHVFULVHvQILúLHUXOGHLQWUDUHvQFHSkQGFXOLWHUD$WXQFLFkQGRUDPăVHVXSUDSXQH
3ULPDOLQLHDILúLHUXOXLGHLQWUDUH #&$FRQĠLQHQXPHUHOHPúLQUHSUH]HQWkQGGLPHQ SHVWHXQDDúH]DWăGHMDvLYDDFRSHULFDUDFWHUHOHGLQFKHQDUvQSR]LĠLLOHvQFDUHFHOHGRXă
VLXQLOH WDEORXOXL 3H ILHFDUH GLQWUH XUPăWRDUHOH P OLQLL VH DIOă FkWH Q QXPHUH vQWUHJL UDPHVHLQWHUVHFWHD]ăSHOăĠLPHDXQXLVLQJXUFDUDFWHU FRORDQă 
GHVSăUĠLWHSULQFkWHXQVSDĠLXUHSUH]HQWkQGHOHPHQWHOHPDWULFHL 
 5HVWULFĠLLúLSUHFL]ăUL
'DWHGHLHúLUH x dPd
)LúLHUXOGHLHúLUH #&'(!YDFRQĠLQHDWkWHDOLQLLFkWHSXQFWHúDVDXJăVLW&RUHVSXQ]ă x dQd
WRUXQXLDVWIHOGHSXQFWvQILúLHUVHYRUVFULHGRXăQXPHUHQDWXUDOHGHVSăUĠLWHSULQWUXQ x dSd
VSDĠLXUHSUH]HQWkQGLQGLFLLSXQFWXOXLúD'DFăWDEORXOGDWQXDUHQLFLXQSXQFWúDvQ x 'DFă GLPHQVLXQLOH XQHL UDPH GHSăúHVF VSDĠLXO GH GHSR]LWDUH UDPD UHVSHFWLYă QX
ILúLHUVHYDVFULHPHVDMXOƒJJ
%J YDILGHSR]LWDWăLDUOLWHUDFDUHvLFRUHVSXQGHQXYDILXWLOL]DWă
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
([HPSOX x dSd
"#+&$ "#+&'(!  x 'LQILHFDUHODWXUăDILHFăUHLUDPHVHYHGHFHOSXĠLQXQSXQFW
J‰       
‡ XJ  X 
([HPSOX
‡JJŒJ J J XJ  X    "#+&$ "#+&'(!
   
J‡JˆJ‡ J XJ  X    ‰J     J —J£Jª
JˆJJŠ J XJ  X  
J J J —J — —J —J —J —J  
 J   
J J £J —J £ J J J —J 
 J   
ªJ ªJ £J —J £ ªJ ªJ J —J 
 J    ªJ J £J —J £ J ªJ J —J 
 J    ªJ J £J —J £ J ªJ J —J 
 J J J      ªJ J J —J J J ªJ J —J 
   ªJ J J —J J J ªJ J —J 
       ªJ J J —J J J ªJ J —J 
 ªJ J J —J J J ªJ J —J 
5DPHGHWDEORXULVXSUDSXVH ªJ ªJ ªJ —J ª ªJ ªJ J —J 
J J J —J J J J J —J 
ÌQWUXQVSDĠLXGUHSWXQJKLXODUGHGLPHQVLXQHPuQDXIRVWDúH]DWHXQDGXSăDOWDSUDPH J J J —J — —J —J —J —J 
GHWDEORXUL5DPHOHSRWILDúH]DWHXQHOHSHVWHDOWHOHDVWIHOvQFkWODWXULOHORUYRUILSD
UDOHOHFXPDUJLQLOHVSDĠLXOXLGHGHSR]LWDUH 
 &XQRVFkQGLPDJLQHDSHFDUHRYHGHGLQUDPHOHVXSUDSXVHRSHUVRDQăFDUHVHXLWăOD 3UHOXFUDUHGHLPDJLQH
WHDQFXOGHUDPHGLQWURSR]LĠLHVLWXDWăGHDVXSUDVSDĠLXOXLvQFDUHDFHVWHDVDXDúH]DWVă 2 LPDJLQH DOEQHJUX HVWH SUHOXDWă FRGLILFDW vQWUXQ WDEORX ELGLPHQVLRQDO GH YDORUL 
VHGHWHUPLQHRUGLQHDvQFDUHHVWHSRVLELOăULGLFDUHDWXWXURUUDPHORU6HúWLHFăILHFDUH VDXGHGLPHQVLXQHP uP$VXSUDDFHVWHLLPDJLQLVHSRWHIHFWXDXUPăWRDUHOHWUDQV
UDPăHVWHGHVFULVăvQPRGXQLFIRORVLQGROLWHUăPDUHDDOIDEHWXOXLHQJOH]úLFăDWXQFL IRUPăUL
FkQGDXIRVWVXSUDSXVHGRXăUDPHVHYDYHGHDFRPSOHWQXPDLUDPDGHGHDVXSUD x 7UDQVIRUPDUHDÄYLGHR,QYHUV´YDORULOHVHWUDQVIRUPăvQLDUYDORULOHvQ
 x Ä5RWLUHFXž´VHFUHHD]ăXQWDEORXURWLWvQVHQVXODFHORUGHFHDVRUQLF
'DWHGHLQWUDUH x Ä=RRP´LPDJLQHDVHPăUHúWHODGLPHQVLXQHDPuP
'HSHSULPDOLQLHDILúLHUXOXLGHLQWUDUH"#+&$VHFLWHVFGLPHQVLXQLOHPúLQDVSDĠL  6HGHILQHúWHRVHFYHQĠăGHWUDQVIRUPăULFDILLQGRVXFFHVLXQHGHOLWHUH,5úL=
XOXLvQFDUHDúH]ăPUDPHOH'HSHXUPăWRDUHOHPOLQLLVHFLWHúWHLPDJLQHDSHFDUHRYH  6ăVHDILúH]HWDEORXOELGLPHQVLRQDOODFDUHVDDMXQVvQXUPDXQXLúLUGHWUDQVIRU
GHSHUVRDQD&RGLILFDUHDLPDJLQLLHVWHUHDOL]DWăvQWUXQWDEORXELGLPHQVLRQDOFRUHVSXQ PăULFHUXWH
]ăWRU VSDĠLXOXL GH GHSR]LWDUH vQ FDUH SHQWUX R UDPă VH YD VSHFLILFD GRDU FKHQDUXO HL 
$FHVWHDVXQWFRGLILFDWHFXOLWHUHOHPDULDOHDOIDEHWXOXLHQJOH]vQRUGLQHDvQFDUHDXIRVW 'DWHGHLQWUDUH
GHSR]LWDWH$WXQFLFkQGRUDPăVDVXSUDSXVSHVWHXQDDúH]DWăGHMDHDDFRSHUăFDUDFWH 'HSHSULPDOLQLHDILúLHUXOXLGHLQWUDUH+#)&$VHFLWHúWHXQQXPăUQDWXUDOPUHSUH
UHOHGLQFKHQDUvQSR]LĠLLOHvQFDUHFHOHGRXăUDPHVHLQWHUVHFWHD]ăSHOăĠLPHDXQXLVLQ ]HQWkQGGLPHQVLXQHDWDEORXOXL3HXUPăWRDUHOHPOLQLLVHDIOăHOHPHQWHOHWDEORXOXLEL
JXUFDUDFWHU FRORDQă  GLPHQVLRQDO FRUHVSXQ]ăWRU XQHL LPDJLQL OLQLH GXSă OLQLH (OHPHQWHOH VXQW VHSDUDWH
 SULQFkWHXQVSDĠLX
'DWHGHLHúLUH  'LQILúLHUXOGHLQWUDUH!"#$ &$VHFLWHúWHVXFFHVLXQHDGHOLWHUH,5úL=FRUHVSXQ
)LúLHUXO "#+&'(! YD FRQĠLQH XQ úLU GH OLWHUH PDUL DOH DOIDEHWXOXL HQJOH] GHVSăUĠLWH ]ăWRDUHXQRUWUDQVIRUPăULGRULWH$FHVWHFDUDFWHUHQXVXQWGHVSăUĠLWHGHVSDĠLX
SULQWUXQVSDĠLXFDUHFRUHVSXQGUDPHORUvQRUGLQHDvQFDUHDFHVWHDVHSRWULGLFD 
 'DWHGHLHúLUH
5HVWULFĠLLúLSUHFL]ăUL 3H SULPD OLQLH D ILúLHUXOXL +#)&'(! VH YRU VFULH GLPHQVLXQLOH DFWXDOH DOH WDEORXOXL
x dPd 3HXUPăWRDUHOHOLQLLVHYRUDIODHOHPHQWHOHWDEORXOXLELGLPHQVLRQDOREĠLQXWHFDXUPDUH
x dQd DWUDQVIRUPăULORUHIHFWXDWH
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
5HVWULFĠLLúLSUHFL]ăUL ([HPSOH
x dPd LQGLIHUHQWGHWUDQVIRUPăULOHDSOLFDWH  +#)&$ +#)&'(!J ([SOLFDĠLH
x OLWHUHOHVXQWPDMXVFXOHGLQDOIDEHWXOHQJOH] ŠJ ŠJ QHVWHQXPăUSDUIăUăDIL

J ŠJJ‡JJ‡J‡ˆJ‡|JJJ PXOWLSOXGH
JJJJŒJJŒJ‡`JJ
([HPSOH ‰JˆJŠJ|J‡JˆJ
+#)&$ !"#$ &$J +#)&'(! ŒJ`JJJJ‡J
ŒJ € ŒJ |J‰J`JJ‰JŠJJ
`J`J`J`J`J`J`J`J JJJJJJJ ‡ŠJJ|J‡‡JJˆJJJ‡J
`JJ`J`J`J`JJ`J JJJ`J`JJJJ +#)&$ +#)&'(!J ([SOLFDĠLH
JJJ`J`JJJJ JJ`JJJ`JJ
`J`J`J`J`J`J`J`J J`JJJJJ`JJ
ˆJ ˆJ QHVWHPXOWLSOXGH
JˆJˆJ|JJJ
`JJ`J`J`J`JJ`J JJJJJJJJ J‰JJJJŠJJJ
`J`JJ`J`JJ`J`J `J`J`JJJ`J`J`J J|JJ`JJŒJ
`J`J`JJJ`J`J`J J`JJJJJ`JJ ŠJJJJ‡J‡J
`J`J`J`J`J`J`J` JJJJJJJ 

 +#)&$ +#)&'(!J ([SOLFDĠLH


+#)&$ !"#$ &$ +#)&'(! ‡J ‡J QHVWHQXPăULPSDU
ˆJ J ŒJ ˆJ‰JJ
JJJJ JJJJJJJJ ‡J|JJ
J`J`JJ JJJJJJJJ ŒJJŠ
J`J`JJ JJ`J`J`J`JJJ 
JJJ JJ`J`J`J`JJJ
JJ`J`J`J`JJJ 6ROXĠLLOHSUREOHPHORUSURSXVH
JJ`J`J`J`JJJ 
JJJJJJJJ
JJJJJJJ 3HúWHUD
9RPGHVFRPSXQHSUREOHPDvQVXESUREOHPHúLYRPSURLHFWDSHQWUXILHFDUHVXESUREOH
 PăUH]ROYăULSHFDUHOHYRPLPSOHPHQWDIRORVLQGVXESURJUDPH
&DUHXPDJLF  7DEORXOELGLPHQVLRQDOFDUHÄFRQĠLQH´SDUWLFXODULWăĠLOHSHúWHULLvOFLWLPGLQILúLHU
6ăVHJHQHUH]HXQSăWUDWPDJLFGHGLPHQVLXQHQXQGHQHVWHXQQXPăUvQWUHJSR]LWLY 
  
 QJ
'DWHGHLQWUDUH JJ
ú
J
J
ÌQILúLHUXOGHLQWUDUH +#)&$VHJăVHúWHQXPăUXOQUHSUH]HQWkQGGLPHQVLXQHDFDUHXOXL JJ
 J\
J

 ă,J
FDUHWUHEXLHJHQHUDW JJJJ
 J\
J

 ă,J
JJJJJJ
ú
J›œJJ
  ú 
 
'DWHGHLHúLUH  ú 
 
3HSULPDOLQLHDILúLHUXOXLGHLHúLUH+#)&'(!VHYDDIODQXPăUXOQ3HXUPăWRDUHOHQOL ú   
QLL VH YRU VFULH QXPHUHOH GH SH FHOH Q OLQLL DOH FDUHXOXL GRXă QXPHUH ILLQG VHSDUDWH 
SULQFkWHXQVSDĠLX  1XPăUăP FRULGRDUHOH FDUH LQWUă vQ vQFăSHUL &XQRDúWHP VHPQLILFDĠLD YDORULORU
 SLMGHFLSHQWUXDGHWHUPLQDQXPăUXOFRULGRDUHORUFDUHVHvQWkOQHVFvQvQFăSHUHD
5HVWULFĠLLúLSUHFL]ăUL L SHQWUXLIL[DWúLYDORULSRVLELOHL «Q YRPDGXQDYDORULOHSLMXQGH
x dQd M «QDGLFăYRPDGXQDHOHPHQWHOHSHOLQLL
 
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
 ƒă

% QJ JJăJ ăJ JJ
JJ
 J\
J

 ă,JJ JJJJ 
JƒJJ
JJJJ
%›œJmJ`J  ú ă
JJJJ
 J\
J

 ă,J ú   
JJJJJJ
%›œJmJ
%›œJ~J›œJ 
 ú 
   'HSLVWDUHDvQFăSHULORUL]RODWHRUHDOL]ăPFXDMXWRUXODFHOXLDúLúLUFăXWkQGHOH
 ú 
  PHQWHHJDOHFX QXLQWUăQXLHVHQLFLXQFRULGRU 
ú    
J  J€‹

% QJ
 'HWHUPLQăPYDORDUHDPD[LPăDQXPHUHORUFDUHUHSUH]LQWăQXPăUXOFRULGRDUH JJ ăJmJIDOVJ
ORUFDUHVHvQWkOQHVFvQWURvQFăSHUH JJ
 J\
J

 ă,J
 JJJJăJ
%›œJ\J`J JJ
 „

% QJ JJJJJJ 
JJ
JJJmJ
%›œJ JJJJJJ ăJmJDGHYăUDWJ
JJ
 J\
J

 ă,J  ú ă
JJJJăJ
%›œJ…JJ J  ú 
 
JJJJJJJmJ
%›œJ JJăJ ăJ JJ
 ú ă JJJJ 
JƒJJ
 ú 
   ú ă
ú    ú   J
J 
 6HOHFWDUHD QXPHUHORU GH RUGLQH DOH vQFăSHULORU vQ FDUH LQWUă VDX LHVXQDFHODúL $FYDULXOFXSHúWL
QXPăUPD[LPGHFRULGRDUHVHUHDOL]HD]ăFXXQDOJRULWPGHVHOHFWDUH (VWHHYLGHQWFăGLQFDX]DFăQXúWLPQLPLFGHVSUHRUGLQHDvQFDUHVHPăQkQFăSHúWLL
J
 „

% QJ SHQWUXDGHSLVWDVSHFLLOHFDUHUăPkQVLJXUvQYLDĠăHVWHVXILFLHQWVăFăXWăPvQWDEORXO
JJ
 J\
J

 ă,J GDWFRORDQHOHFDUHQXFRQĠLQQLFLRYDORDUH,QGLFLLDFHVWRUFRORDQHUHSUH]LQWăQXPH
JJJJăJ
%›œJ\JJ J UHOHGHRUGLQHDOHVSHFLLORUFăXWDWH
JJJJJJ 
JJ  9RPSDUFXUJHWDEORXOGDWSHOLQLLúLYRPPDUFDvQWURYDULDELOăERROHDQă YLFWLPă 
 ú ă FXYDORDUHDDGHYăUDWGDFăSHOLQLDUHVSHFWLYăJăVLPFHOSXĠLQRYDORDUH&XDOWHFX
 ú 
  YLQWHSHúWLLFDUHSRWILPkQFDĠLGHXQDOWSHúWHLQGLIHUHQWFDUHVXQWPDUFDĠLFDYLFWLPH
ú    $FHDVWăSUHOXFUDUHRSXWHPUHDOL]DvQSDUDOHOFXFLWLUHDGDWHORU'HDVHPHQHDvQDLQWH
 VăWUHFHPODDOWăOLQLHvQFD]XOvQFDUHSHúWHOHGHLQGLFHLQXHVWHYLFWLPăvOVFULHPvQ
 'HWHUPLQăPvQFăSHULOHvQFDUHSHúWHUDVHvQIXQGăIRORVLQGúLUXOFRQVWUXLWDQWH ILúLHU
ULRU'DFăYDORDUHDHOHPHQWXOXLDYkQGLQGLFHOHLHVWHHJDOFX DPSXWXWYHQL 
GHXQGHYDSHXQFRULGRUSkQăDLFL DWXQFLSHúWHUDVHvQIXQGăvQvQFăSHUHDL # %%
•%ă QJ
 
ú
J
J
 ™§



% QJ 
 J\
J

 ă,
JJ ăJmJIDOVJ JJJJ•%ăJmJIDOVJ
JJ
 J\
J

 ă,J JJJJ
 J\
J

 ă,J
JJJJăJ
%›œJ\JJ JJ JJJJJJ
ú
J›œJJ
JJJJJJ 
JJ JJJJJJăJ›œJ\JJ JJ
JJJJJJ ăJmJDGHYăUDWJ JJJJJJJJ•%ăJmJDGHYăUDWJ
 ú ă JJJJJJ ú ă
 ú 
   ú 
 
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
ă•%ă   $YkQGQXPHUHOHQHFHVDUHĠLQWHLJHQHUDWHvQILúLHUOHYRPFLWLXQXOFkWHXQXOúLOH
JJJJJJ 
JJJ ^DILúDUHDVSHFLLORUVXSUDYLHĠXLWRDUH`J YRPDúH]DvQWDEORXOELGLPHQVLRQDOSHSR]LĠLDFRUHVSXQ]ăWRDUHSDUFXUJHULLDFHVWXLDvQ
JJJJ ú ă VSLUDOă
 ú 
   9RPUHĠLQHFkWHYDSURSULHWăĠLSHFDUHOHYRPIUXFWLILFDvQDOJRULWP
ú     0DLvQWkLREVHUYăPFăDFHDVWăVSLUDOăVHWHUPLQăILHGXSăRSDUFXUJHUHDXOWLPHORU
 SR]LĠLLGLQVWkQJDVSUHGUHDSWD GLPHQVLXQHDWDEORXOXLHVWHQXPăULPSDU ILHGXSăR
7LUVSRUWLY SDUFXUJHUHDXOWLPHORUSR]LĠLLGLQGUHDSWDVSUHVWkQJD GLPHQVLXQHDWDEORXOXLHVWHQX
3HQWUXUH]ROYDUHDDFHVWHLSUREOHPHHVWHXWLOVăFUHăPvQSUHDODELOúLUXOGHQXPHUHGXSă PăUSDU 
UHJXODHQXQĠDWă3HQWUXYDORULPLFLDOHOXLQúLUXOYDILFUHDWvQWUXQWDEORXXQLGLPHQVL  ÌQILJXULOHGHPDLMRVVXQWSUH]HQWDWHFHOHGRXăFD]XULSHQWUXQ UHVSHFWLYQ 

RQDOSHQWUXYDORULPDULDOHOXLQSXWHPFUHDÄúLUXO´UHVSHFWLYvQWUXQILúLHUGHWLSWH[W

'HDVHPHQHDOăVăPSHVHDPDFLWLWRULORUVăUHDOL]H]HRLPSOHPHQWDUHvQFDUHQXPHUHOH
JHQHUDWHVHVFULXGLUHFWÄSHĠLQWă´HYLWkQGDVWIHOXWLOL]DUHDXQXLúLU VDXILúLHU GHOXFUX
 ÌQSVHXGRFRGXOGHVFULVvQFRQWLQXDUHQXYHULILFăPVHSDUDWGDFăQXPăUXOHVWHSULP
VDX QX FL vQ SULPXO UkQG GXSă FH RULFH QXPăU FXUHQW N VD VFULV vQ úLU YRP FăXWD
SULPXOVăXFHOPDLPLFGLYL]RUXUPkQGVăIRORVLPvQúLUFkWXOvPSăUĠLULLvQWUHJLDOOXLN 

ODDFHVWD DGLFăSHFHOPDLPDUHGLYL]RU 'DFăQXJăVLPXQDVWIHOGHGLYL]RUvQVHDPQă  2DOWăREVHUYDĠLHVHUHIHUăODIDSWXOFăDWXQFLFkQGVXQWHPSHÄFHUFXO´H[WHULRUDO
FăQXPăUXOQXHVWHSULPLDUGLYL]RUXOJăVLWvOVFULHPvQILúLHU VSLUDOHLDYHPGHSDUFXUVOLQLDGHODSULPXOVăXHOHPHQWODXOWLPXODQDFRORDQăGH
J
ODDOGRLOHDHOHPHQWDOVăX SULPXODIRVWSDUFXUVDWXQFLFkQGDPOXFUDWSHOLQLD ODXO
  
ù

QJ ^QQ Q QQXPăUXOQXPHUHORUSHĠLQWă`J WLPXODSRLDQDOLQLHGHODSHQXOWLPXOHOHPHQWODSULPXOÌQILQDOYRPSDUFXUJHSULPD


JJJmJ`JJ ^L QXPăUăQXPHUHJHQHUDWH`J FRORDQăGHODSHQXOWLPXOVăXHOHPHQWSkQăODDOGRLOHD XOWLPXODIRVWSDUFXUVDWXQFL
JJ?JmJJ ^N QXPHUHOHSHFDUHOHVFULHPvQILúLHUSULPXOQXPăUHVWH`J FkQG DP SUHOXFUDW XOWLPD OLQLH LDU SULPXO DWXQFL FkQG DP SUHOXFUDW OLQLD   &HHD FH
JJ   J

J

 ă,J
HVWHúLPDLLPSRUWDQWGHREVHUYDWVHUHIHUăODIDSWXOFăDWXQFLFkQGYRPSDUFXUJHXQ
JJJJJmJJ~JJJ ^FUHúWHFRQWRUXOSăWUăĠHOHORURFXSDWH`J ÄFHUF´ LQWHULRU LPHGLDW XUPăWRU H[WHULRUXOXL WRDWH OLPLWHOH GH vQFHSXW FUHVF FX  LDU
JJJJ 
J?J ^vOVFULHPSHNvQILúLHU`J OLPLWHOHGHVIkUúLWVFDGFXÌQFRQVHFLQĠăYRPLQLĠLDOL]DGRXăYDULDELOH FX
JJJJJmJSDUWHvQWUHDJăGLQUăGăFLQDSăWUDWăDOXLNJ úL FX
FDUHvúLYRUVFKLPEDYDORULOHGXSăvQFKLGHUHDXQXLÄFHUF´DVSLUDOHL
JJJJăJ?JHVWHQXPăUSDUJ JJ
mmJJ 
JJJJJJ•‹JmJJJ
JJJJ 

 'LQREVHUYDĠLDUH]XOWăFăYRPvQFHSHDúH]DUHDQXPHUHORUGLQILúLHULQGLIHUHQWGH
SDULWDWHDOXLQSDUFXUJkQGHOHPHQWHOHWDEORXOXLSHOLQLDGHLQGLFHSULPXOVSUHGUHDSWD
JJJJJJ•‹JmJ‡J ^FHOPDL0,&GLYL]RUDOOXLN`J
$UXUPDSDUFXUJHUHDGHVXVvQMRVDFRORDQHLGHLQGLFHXOWLPXOGDUDFHDVWăSDUFXUJHUH
JJJJJJ   J ?JJ•‹JzJ` JúJ •‹JdJ J

 ă,
QXvQWRWGHDXQDHVWHSRVLELOă QHFHVDUă úLDQXPHGDFăQHVWHLPSDUGXSăRDVHPHQHD
JJJJJJJJ•‹JmJ•‹J~JJ ^GLYL]RULLPSDUL`J
JJJJJJ ú    
SDUFXUJHUHVHWHUPLQăSUHOXFUDUHD6XEDOJRULWPXOFDUHFUHHD]ăĠLQWDHVWHXUPăWRUXO
 ú ăJ 
 Jğ



Ġ
 QJ
JJJJăJ•‹JdJJ  ^DYHPXQGLYL]RU`J
JJmJ
JJJJJJJmJJ~JJ ^QHSUHJăWLPVăVFULHPXQQXPăUvQILúLHU`J
JJJJJJăJJdJ

J  ^vOVFULHPQXPDLGDFăDYHPQHYRLHGHHO`J JJm


J
JJJJJJJJ 
J?JJ•‹JJ ^VFULHPFHOPDL0$5(GLYL]RU`J JJ m`J
 ú ă JJSDUFXUJHPSULPDOLQLHGHODVWkQJDODGUHDSWDJ
JJJJ ú ăJ JJăJ
HVWHQXPăULPSDU J
JJJJ?JmJ?J~JJ ^XUPăWRUXOQXPăU`J JJJJ   J JJ

J

 ă,
JJ ú    J   ^vQYDULDELOD QXPăUăPSR]LĠLLOHSUHOXFUDWHSHĠLQWă`J
ú    JJJJJJSDUFXUJHPFRORDQDGHLQGLFHGHVXVvQMRV
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
JJJJJJSDUFXUJHPOLQLDGHLQGLFHGHODGUHDSWDODVWkQJDJ  9RPGHILQLGRXăúLUXULGHFkWHSDWUXHOHPHQWHvQFDUHYRPSăVWUDYDORULOHFDUHWUH
JJJJJJSDUFXUJHPFRORDQDGHLQGLFHGHMRVvQVXVJ EXLHDGXQDWHFRRUGRQDWHL[UHVSHFWLYFRRUGRQDWHL\SHQWUXDQHGHSODVDSHRGLUHFĠLH
GDWăG'HSODVDUHDvQFHOHSDWUXGLUHFĠLLOHSXWHPFRGLILFDvQIHOXOXUPăWRU
JJJJJJmJ 

JJJJJJmJJJ G    
JJJJJJSDUFXUJHPOLQLDGHLQGLFHGHODVWkQJDODGUHDSWDJ    
JJ ú     
 
J
HVWHQXPăULPSDU J SR]LĠLDFXUHQWă LM LM LM LM
JJSDUFXUJHPXOWLPDFRORDQăGHVXVvQMRV QRXDSR]LĠLH L±M LM LM± L±M±
JJSDUFXUJHPXOWLPDOLQLHGHODGUHDSWDODVWkQJDJ VFDGHOLQLD FUHúWHOLQLD FUHúWHOLQLD VFDGHOLQLD
JJ   J JJ

J

 ă, FUHúWHFRORDQD FUHúWHFRORDQD VFDGHFRORDQD VFDGHFRORDQD
  ^vQYDULDELOD QXPăUăPSR]LĠLLOHSUHOXFUDWHSHĠLQWă`J '[ ±   ±
JJJJSDUFXUJHPFRORDQDGHLQGLFHGHMRVvQVXVJ '\   ± ±
JJJJmJ 

 /D ILHFDUH SDV FRRUGRQDWHOH L úL M VH PRGLILFă vQ  L  '[>G@ UHVSHFWLY M  '\>G@
JJJJmJJJ
$FHVWPRGGHUHSUH]HQWDUHQHYDXúXUDJHVWLRQDUHDVFKLPEăULORUGHGLUHFĠLH
JJJJSDUFXUJHPOLQLDGHLQGLFHGHODVWkQJDODGUHDSWD

JJJJSDUFXUJHPFRORDQDGHLQGLFHGHVXVvQMRV
 2EVHUYăPFăODvQWkOQLUHDXQHLPDUJLQLDPHVHLFRUHVSXQ]ăWRDUHXQHLPDUJLQLYHU
JJJJSDUFXUJHPOLQLDGHLQGLFHGHODGUHDSWDODVWkQJDJ
 ú    
WLFDOHvQWDEORXGLUHFĠLDGHGHSODVDUHVHPRGLILFăDVWIHO
 ú ă 
ú    
 GLUHFĠLDVHWUDQVIRUPăvQGLUHFĠLDúLLQYHUV
 3DUFXUJHULOHPHQĠLRQDWHPDLVXVQXVXQWSUREOHPDWLFH7UHEXLHGRDUVăDYHPJULMă 
VăQXSUHOXFUăPXQDFHODúLHOHPHQWGHGRXăRULGHRDUHFHDVWIHODPVXSUDVFULHDQXPLWH 
YDORULúLvQILQDOQXQHDUDMXQJHQXPHUHOHJHQHUDWHvQILúLHU3HQWUXH[HPSOLILFDUHVă 
YHGHPSDUFXUJHUHDGHMRVvQVXV 
 
 «™   QJ 
JJ
 J\~J

 ă, ^SDVXOHVWH±` GLUHFĠLDVHWUDQVIRUPăvQGLUHFĠLDúLvQ
JJJJ m J 
JJJJ
ú
J
JJ ^VHFLWHúWHQXPăUXOFXUHQWGLQILúLHUXOGHPDQHYUă`J 
JJJJĠ
ă›œm
J 
J J ^HOHPHQWXOGHSHOLQLDúLFRORDQDvQWDEORXOFRUHVSXQ]ăWRUĠLQWHL`J 
 ú 
   /DvQWkOQLUHDXQHLPDUJLQLDPHVHLFRUHVSXQ]ăWRDUHXQHLPDUJLQLRUL]RQWDOHvQWD
ú    EORXGLUHFĠLDVHVFKLPEăvQGLUHFĠLDúLvQLDUGLUHFĠLDVHWUDQVIRUPăvQúL
 vQ9RPDVLJXUDVFKLPEDUHDGLUHFĠLHLFXRVWUXFWXUăGHWLS

ăFDUHVHYDH[HFX
WDSkQăFkQGELODLHVHSULQWUXQFROĠVDXLQWUăvQFLFOX
%LOLDUG  ÌQ VXEDOJRULWPXO XUPăWRU vQ YDULDELOD SDV JHQHUăP YDORDUHD FDUH PDUFKHD]ă PR
5H]ROYDUHDSUREOHPHLQHFHVLWăVLPXODUHDDQXPLWRUGHSODVăULGHDOXQJXOXQRUOLQLLFDUH PHQWXOvQFDUHELODWUDYHUVHD]ăXQDQXPLWSXQFWGHSHPDVă'DFăPLQJHDDUXUPDVă
VXQW SDUDOHOH FX GLDJRQDOHOH SăWUDWXOXL ÄGHFXSDW´ GH PLúFDUHD ELOHL GLQ WDEORXO ELGL úLUHLDWUDVHXOúLDVWIHOVăLQWUHvQFLFOXLQILQLWYDULDELODERROHDQăLQILQLWSULPHúWHYDORD
PHQVLRQDO GUHSWXQJKLXODU FRUHVSXQ]ăWRU PHVHL úL R VWăSkQLUH FRUHFWă D VFKLPEăULORU UHD DGHYăUDW 3HQWUX D DYHD FRQWURO DVXSUD PRPHQWXOXL vQ FDUH ELOD LHVH GH SH PDVă
GHGLUHFĠLHDWXQFLFkQGELODVHORYHúWHGHPDUJLQHDPHVHL DMXQJHvQWUXQFROĠ QHIRORVLPGHRIXQFĠLHERROHDQă
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
 J ăQJJ  $ILúDUHDWDEORXOXLDFRUHVSXQ]ăWRUPHVHLGHELOLDUGHVWHSUHFHGDWăGHYHULILFDUHD
JJ ăJmJ J\J J J J\J JúJ J\J J J J\J
J YDULDELOHLLQILQLWSHQWUXDVWDELOLGDFăVHYDVFULHPHVDMXOUHIHULWRUODPLúFDUHDELOHL
ú    
J   úQ
 5H]ROYDUHDSUREOHPHLFRQVWăvQVLPXODUHDPLúFăULLELOHL$QWHULRUDSHOXOXLVXEDOJR JJăJ

J J
ULWPXOXL„ú%VDXFLWLWGDWHOHGHLQWUDUHúLVDLQLĠLDOL]DWWDEORXODFXHOHPHQWHQXOH JJJJ 
J„
J
JJJJJJ
J  ú ăJJ
 J„ú% 


 QJ JJ
 J\J

 ăQJ
JJJmJ›œJ JJJJ
 J\
J

 ăQJ
JJYJmJY›œJ JJJJJJ 
J›œJ
 ú 
 JJ
JJJmJ ^FRQWRUXOSHQWUXPDUFDUHDSR]LĠLLORUVWUăEăWXWH`J JJ ú 
 JJ
JJ›œJmJJ ú   
JJăJmJIDOVJJ J
JJ

JmJIDOVJJ
JJ   PLQJHDQXDLHúLWDIDUăúJJ

J

 ăQJ
3XQFWHúD
6XESUREOHPHOHvQFDUHGHVFRPSXQHPDFHDVWăSUREOHPăVXQW
JJJJJmJJ~J ^FUHúWHFRQWRUXOGHSR]LĠLL`J
 FLWLUHDWDEORXOXL
JJJJJmJJ~J ^GHSODVDUHSHGLUHFĠLDSkQăODvQWkOQLUHDXQHLPDUJLQL`
 GHWHUPLQDUHDPLQLPXOXLSHROLQLHDWDEORXOXL
JJJJJmJJ~JYJ
 GHWHUPLQDUHDPD[LPXOXLSHRFRORDQăDWDEORXOXL
JJJJăJ J\J` J J J…J J ^ELODVDORYLWGHRPDUJLQHRUL]RQWDOă`J
 GHWHUPLQDUHDPD[LPXOXLSHROLQLHDWDEORXOXL
JJJJJJJmJJ  GHWHUPLQDUHDPLQLPXOXLSHRFRORDQăDWDEORXOXL
JJJJJJJmJ~‘J  FRPSDUDUHDUH]XOWDWHORUREĠLQXWHODSXQFWXOúL
JJJJ ú ă
 FRPSDUDUHDUH]XOWDWHORUREĠLQXWHODSXQFWXOúL
JJJJăJ J\J` J J J…J
J ^ELODVDORYLWGHRPDUJLQHYHUWLFDOă`J 
JJJJJJYJmJYJ  2EVHUYăPFăWUHEXLHVăFăXWăPXQPLQLP VDXXQPD[LP vQWUROLQLH UHVSHFWLYvQ
JJJJJJJmJJ~J‘YJ WUR FRORDQă  GLQ PDWULFH $FHDVWă REVHUYDĠLH QH VXJHUHD]ă Vă ÄWUDQVIRUPăP´ WDEORXO
JJJJ ú ă ELGLPHQVLRQDOvQWUXQúLUGHOLQLLIRORVLQGXQHGHGHFODUDĠLLOHGHWLSúLGHYDULDELOH
JJJJăJ›œ\`J  ^GDFăDFHDVWăSR]LĠLHQXDIRVWVWUăEăWXWăvQFă`J 

J
\ ›ˆœJJ€
 KJ
JJJJJJJăJmJIDOVJ JJJJJ˜\ ›‡œJJ
KJ
JJJJJJ›œJmJ ^RPDUFăP`J JQ˜KJ
JJJJ 
 ^GDFăDFHDVWăSR]LĠLHDPDLIRVWPDUFDWăúLHVWHSHRPDUJLQH`J JJJJQ
KJ
JJJJJJăJăJúJ ›œJ\J J J J

 $VWIHOOLQLDLGLQWDEORXOWVHYDSXWHDWUDQVPLWHFDSDUDPHWUXGHWLS 
VXESUR
JJJJJJJ

mDGHYăUDW ^ELODDLQWUDWvQPLúFDUHFLFOLFăGHRDUHFH`
JUDPHORUFDUHGHWHUPLQăPLQLPXO UHVSHFWLYPD[LPXO GLQOLQLDUHVSHFWLYă'LQSăFDWH
  ^GLQSR]LĠLDPDUFDWăFXDDMXQVvQSR]LĠLDPDUFDWăFX`
JJJJJJ 
JJ QXSXWHPSURFHGDODIHOvQFD]XOFRORDQHORUGHFkWGDFăOHWUDQVIRUPăPWHPSRUDUFXXQ
JJJJJJJJăJ›œJ\JJ JJ VXESURJUDPVLPSOXvQúLUGHWLS

JJJJJJJJJJăJmJDGHYăUDW 
 J
 ă ?ú QJ
JJJJJJJJ 
JăJmJIDOVJ
JJJJJJJJ ú ăJ J ^WUDQVIRUPăFRORDQDNGLQWDEORXvQúLUGHWLSOLQLH`
JJJJJJ ú ăJJ JJ
 J\J

 ăQJ ^FRORDQHOHDXPHOHPHQWH`J
JJJJ ú ăJ JJJJú›œJmJ›?œJ
JJ ú    JJ  ú 
 
ú   J ú   
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
 )XQFĠLLOH 
ú‹  úL 

ú‹  GHWHUPLQă YDORDUHD PD[LPă 5DPHGHVXSUDSXV
UHVSHFWLY PLQLPă GLQWUXQ úLU UHWXUQkQG WRWRGDWă úL SR]LĠLD XQGH VD JăVLW PD[LPXO $OJRULWPXO XUPăWRU WUDVHD]ă UDPHOH SH UkQG FX OLWHUHOH PDUL DOH DOIDEHWXOXL HQJOH]
UHVSHFWLYPLQLPXO vQFHSkQGFXOLWHUD úLOHGHSXQHvQWUXQWDEORXELGLPHQVLRQDOGHFDUDFWHUH7DEORXO
 ÌQDOJRULWPYRPWUDYHUVDWDEORXOOLQLHGXSăOLQLH3HQWUXILHFDUHOLQLHLYRPGHWHU YDILvQSUHDODELOLQLĠLDOL]DWFXFDUDFWHUXOVSDĠLX   
PLQDPLQLPXO PLQLP úLSR]LĠLDOXLSHOLQLH SR]PLQ DSRLYRPWUDQVIRUPDFRORDQDGH  ÌQ LPSOHPHQWDUHD SURSXVă GHVHQăP SULPD UDPă vQ VSDĠLXO GH GHSR]LWDUH DSRL vQ
LQGLFH SR]PLQ vQ úLU úL YRP FăXWD PD[LPXO OXL PD[LP  'DFă FHOH GRXă YDORUL VXQW DFHODúLWDEORXGHVHQăPDGRXDUDPă1XHVWHQHYRLHGHYHULILFăULFDUDFWHUXOFFXUHQW
HJDOH PLQLP PD[LP DILúăPLQGLFHOHOLQLHL L úLLQGLFHOHFRORDQHL SR]PD[ 3URFH ILHVXSUDVFULHXQFDUDFWHUVSDĠLXILHXQFDUDFWHUDSDUĠLQkQGXQHLUDPHDúH]DWHGHMD
GăPODIHOFăXWkQGPD[LPXOSHOLQLHúLPLQLPXOSHFRORDQDSHFDUHDPJăVLWPD[LPXO 
 JQJ
J
# J
%ùQJ JJ%JmJJ
JJ
 J?\J

 ăQJ
JJ&LWLUHDGDWHORUGHLQWUDUH PQW 
JJ ăJmJIDOVJ
JJJJ
ú
JYJ ^LQGLFHOHGHOLQLHúLGHFRORDQăDFROĠXOXLVWkQJDVXV`J
JJ
 J\J

 ăQJ JJJJ
ú
JYJ ^OXQJLPLOHODWXULORUUDPHLFXUHQWH`J
JJJJ
JmJ

›œ‹
J JJJJYJmJYJ~JYJŸJJ ^LQGLFHOHGHOLQLHDFROĠXOXLGUHDSWDMRV`
J ^PLQLPXOSHOLQLDLVHDIOăSHFRORDQDSR]PLQ`J JJJJJmJJ~JJŸJJ ^LQGLFHOHGHFRORDQăDFROĠXOXLGUHDSWDMRV`J
JJJJ
 ă ‹
ú  ^WUDQVIRUPăPFRORDQDSR]PLQvQúLU` JJJJăJ JdJ
JúJ YJdJ J J
JJJJJmJ ú‹ J ^PD[LPXOGHSHFRORDQDSR]PLQ` JJJJJJ
 J\YYJ

 ăQJ ^GHVHQăPUDPD`J
JJJJăJ
J\JJ J JJJJJJJJ›œJmJ%J ^YHUWLFDODGLQVWkQJD`J
JJJJJJ 
JJ‹J JJJJJJJJ›œJmJ%J ^YHUWLFDODGLQGUHDSWD`J
JJJJJJ ăJmJDGHYăUDWJJ JJJJJJ ú 
 
JJJJ ú ă JJJJJJ
 J\~J

 ăQJ
JJJJJmJ
›œ‹ J JJJJJJJJ›YœJmJ%J ^RUL]RQWDODGHVXV`J
 ^PD[LPXOSHOLQLDLVHDIOăSHFRORDQDSR]PD[` JJJJJJJJ›YœJmJ%J ^RUL]RQWDODGHMRV`J
JJJJ
 ă ‹ú J ^WUDQVIRUPăPFRORDQDSR]PD[vQúLU` JJJJJJ ú 
 
JJJJ
JmJ
ú‹
J ^PLQLPXOGHSHFRORDQDSR]PD[` JJJJ ú ă
JJJJăJJ\J
J J   ^FDUDFWHUXOFXFDUHVHYDWUDVDXUPăWRDUHDUDPă`
JJJJJJ 
JJ‹J JJJJ%JmJVXFFHVRUXOFDUDFWHUXOXL%J
JJJJJJ ăJmJDGHYăUDWJJ  ú 
 
 ú ă ú   
 ú 
  
JJă ăJ J
JJJJ 
JƒJJ
%JJ
5DPHVXSUDSXVH
 ú ă 3UREOHPDHVWHGHVFRPSXVăvQVXESUREOHPHGXSăFXPXUPHD]ă
ú  J x &LWLUHDGDWHORUGHLQWUDUH GLPHQVLXQLOHVSDĠLXOXLGHGHSR]LWDUHúLWDEORXOGH
 FDUDFWHUH
 9DULDELODJăVLWSULPHúWHYDORDUHDDGHYăUDWGDFăDPJăVLWXQSXQFWúD$IRVWQHYRLH x 'HWHUPLQDUHDFRRUGRQDWHORUFROĠXULORUUDPHORU
GHUHĠLQHUHDIDSWXOXLFăDPUHXúLWVăGHWHUPLQăPXQUH]XOWDWSHQWUXDVFULHPHVDMXOVROL x 'HWHUPLQDUHDSR]LĠLLORUUHODWLYHDUDPHORU VXSUDSXQHULOH 
FLWDWvQFD]XOvQFDUHQXH[LVWăSXQFWúDvQWDEORX x $ILúDUHDFDUDFWHUHORUFXFDUHVDXGHVHQDWUDPHOHvQRUGLQHDvQFDUHDFHVWHDVHSRW
 
ULGLFD
  1RWăPFXPLQ[LPLQ\LPD[[LPD[\LFRRUGRQDWHOHFROĠXOXLVWkQJDVXVúLDFHOXLGLQ
GUHDSWDMRVDFHOHLGHDLDUDPH$FHVWHYDORULVHSRWLQLĠLDOL]DFXFRRUGRQDWHOHVSDĠLX
 OXLGHGHSR]LWDUHGHRDUHFHVLJXUYRPJăVLFHOSXĠLQRUDPăPDLPLFăGHFkWVSDĠLXO
7DEORXULELGLPHQVLRQDOH 
 7DEORXULELGLPHQVLRQDOH

 J†

 


YY QJ 
JJ
 J%\J

 ăQJJ JJJJJJăJ%&JzJ%J J ^GDFăvQWkOQLPFKvQGHVHQXOUDPHLGHVHQDWHFXF`
JJJJ
›%œJmJ
J ^LQLĠLDOL]DUHDFRRUGRQDWHORUFROĠXULORU` J J ^UDPDGHVHQDWăFXFKHVWHGHDVXSUDUDPHLGHVHQDWHFXF`
JJJJ
Y›%œJmJJ JJJJJJJJ›%%&œJmJDGHYăUDWJJ
 ú ă
JJJJ›%œJmJ`J
JJJJJJ%&JmJ››%œœJ
JJJJY›%œJmJ`J
 ú 
  JJJJJJăJ%&JzJ%J JJ
JJ
 J\J

 ăQJ ^GHWHUPLQDUHDFRRUGRQDWHORUFROĠXULORU`J JJJJJJJJ›%%&œJmJDGHYăUDWJJ
JJJJ
 J\
J

 ăQJ  ú ăJJ
JJJJ ú 
 JJ
J J ^GHWHUPLQăPFRRUGRQDWHOHFROĠXULORUUDPHLGLQFDUHIDFHSDUWHSR]LĠLDFXUHQWă`J
JJJJ
 J\
›%œ~›%œJ

 ăQJ
JJJJJJ%JmJ›œJ
JJJJJJ%&JmJ›
Y›%œœJ
JJJJJJăJ
›%œJ…JJ J
JJJJJJăJ%&JzJ%J JJ
JJJJJJJJ
›%œJmJJ
JJJJJJ ú ăJJ JJJJJJJJ›%%&œJmJDGHYăUDWJJ
JJJJJJăJ
Y›%œJ…JJ J  ú ăJJ
JJJJJJJJ
Y›%œJmJJ JJJJJJ%&JmJ›Y›%œœJ
JJJJJJ ú ăJJ JJJJJJăJ%&JzJ%J JJ
JJJJJJăJ›%œJJJ  JJJJJJJJ›%%&œJmJDGHYăUDWJJ
JJJJJJJJ›%œJmJJ  ú ăJJ
JJJJJJ ú ăJJ JJJJ ú 
 JJ
JJJJJJăJY›%œJJJ  JJ ú 
 JJ
JJJJJJJJY›%œJmJJJ ú   J
JJJJJJ ú ăJJ J
JJJJ ú 
 JJ  $ILúDUHD vQ DFHDVWă SUREOHPă QHFHVLWă FkWHYD YHULILFăUL vQ SOXV 'H DVHPHQHD YD
JJ ú 
 JJ WUHEXLVăĠLQHPHYLGHQĠDUDPHORUDILúDWHGHMD vQúLUXOGHDILúDWDYkQGYDORULERROHHQH 
ú   J SHQWUXDHYLWDDILúDUHDORUUHSHWDWă$FHVWúLUVHLQLĠLDOL]HD]ăFXIDOV'DFăRUDPăQX
J
DUHQLFLXQDGHDVXSUDHLSRDWHILULGLFDWăúLGHFLDILúDWă9RPFRQWLQXDDILúăULOHFkW
 3HQWUXDGHWHUPLQDSR]LĠLLOHUHODWLYHDOHUDPHORUYRPFRQVWUXLXQWDEORXGHFRQV WLPSPDLH[LVWăUDPăQHDILúDWă'XSăDILúDUHDUDPHLGHVHQDWHFXFDUDFWHUXO\ULGLFDUHD
WDQWHORJLFHSHVWHvQFDUHYDORDUHDHOHPHQWXOXLSHVWH[\YDILDGHYăUDWGDFăUDPDGHVH HLYDvQVHPQDPRGLILFDUHDYDORULLOXLSHVWH[\FDUHYDGHYHQLIDOV
QDWăFXFDUDFWHUXO\HVWHGHDVXSUDUDPHLGHVHQDWHFXFDUDFWHUXO[$FHVWWDEORXVHLQLĠL 
DOL]HD]ăFXIDOVSHQWUXWRDWHUDPHOH WRDWHFDUDFWHUHOHFXFDUHHVWHSRVLELOăGHVHQDUHD  J ú 

YY QJ
XQHLUDPH 9RPUHDOL]DFăXWăULSHQWUXILHFDUHFDUDFWHUSRVLELOvQWUHOLPLWHOHGLPHQVLX JJ
 J%\J

 ăQJJ
QLORUUDPHLGHVHQDWHFXFDUDFWHUXOFXUHQW&ăXWăULOHWUHEXLHHIHFWXDWHvQDPEHOHGLUHFĠLL J J ^GDFăJ…J`vQVHDPQăFăH[LVWăUDPăGHVHQDWăFXF`J
RUL]RQWDOăúLYHUWLFDOă  JJJJăJ›%œJ…J`J JJ
J
JJJJJJ ú›%œJmJDGHYăUDWJ ^GHFLWUHEXLHDILúDWă`
 ‹Ġ• 

YYY Q
 

JJ
 J%\J

 ăQ
JJJJ
 J%&\J

 ăQJ JJJJJJ ú›%œJmJIDOVH
 ú ăJJ
JJJJJJ›%%&œJmJIDOV ^GHRFDPGDWăQXDPGHVFRSHULWQLFLRVXSUDSXQHUH`J
JJ ú 
 JJ
JJJJ ú 
 JJ
JJ ú 
 JJ JJ• úJmJDGHYăUDWJJ
JJ
 J%\J

 ăQJ ^GHWHUPLQăPVXSUDSXQHULOH` JJ   J• úJ

 ăQJ^FkWWLPSDYHPUDPHGHDILúDWOHDILúăP`
JJJJ
 J\
Y›%œY›%œJ

 ăQJJ^UDPDGHVHQDWăFXFDUDFWHUXOF`J JJJJ• úJmJIDOVJ
JJ
JJJJJJ%&JmJ›
›%œœ ^FDUDFWHUGLQGHVHQXOUDPHLGHVHQDWHFXF`J
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
JJJ
 J%Q\J

 ăQJ  J€
•  J
JJJJJJăJ ú›%œJ J 
 J\J

 ă,J
JJJJJJJJ?JmJDGHYăUDWJJ JJJJ
 J\J

 ă,J
JJJJJJJJ%&JmJJ JJJJJJ›œJmJ›œJJ
JJJJJJJJ   J?JúJ %&JdJ J

 ăQJ  ú 
 
  ^YHULILFăPGDFăUDPDGHVHQDWăFXFSRDWHILULGLFDWă`  ú 
 
JJJJJJJJJJăJ›%%&œJ J ú   
JJJJJJJJJJJJ?JmJIDOVJJ
J
 ú ăJ %5RWLUHDWDEORXOXLFXvQVHQVXODFHORUGHFHDVRUQLF
JJJJJJJJJJ%&JmVXFFHVRUXOOXL%&J 3HQWUXDURWLWRDWHHOHPHQWHOHWDEORXOXLWUHEXLHVăOXăPSHUkQGILHFDUHHOHPHQWúLVăO
JJJJJJJJ ú    J DúH]ăP vQWUXQ DOW WDEORX ELGLPHQVLRQDO SH SR]LĠLD SRWULYLWă 'H]DYDQWDMXO DFHVWHL
JJJJJJJJăJ?J J ^GDFăGDRDILúăPúLRULGLFăP` YDULDQWH GH DOJRULWP HVWH FRQVXPXO H[FHVLY GH VSDĠLX GH PHPRULH 6H SUH]LQWă vQ
JJJJJJJJJJ 
J%J FRQWLQXDUH R YDULDQWă PDL HFRQRPLFRDVă FDUH VH ED]HD]ă SH URWLUHD VXFFHVLYă D FHORU
JJJJJJJJJJ
 J%&\J

 ăQJ SDWUXSXQFWH
JJJJJJJJJJJJ›%&%œJmJIDOVJJ   'DFă SHQWUX XQ HOHPHQW VH DUDQMHD]ă SDWUX
 ú ăJ DLM  HOHPHQWHODORFXOORU IRORVLQGRYDULDELOăDX[LOL
JJJJJJJJJJ ú›%œJmJIDOVJ ^QXPDLWUHEXLHDILúDWă` DUă vQVHDPQăFăWUHEXLHUHSHWDWăDFHDVWăRSHUD
JJJJJJJJJJ• úmJDGHYăUDWJJ  ĠLHGRDUSHQWUXRSăWULPHGLQHOHPHQWHOHWDEORX
JJJJJJJJ ú ăJ OXL 6H SDUFXUJH GH H[HPSOX QXPDL WULXQJKLXO

JJJJJJ ú ă VXSHULRU GLQWUH GLDJRQDOH LQFOXVLY GLDJRQDOD
 ú 
 J SULQFLSDOă(OHPHQWXODLMVHVDOYHD]ăvQYDULDELOD
JJ ú    J  DX[LOLDUă GXSă FDUH VH HIHFWXHD]ă FHOH WUHL DWUL
ú   J
 EXLULHYLGHQĠLDWHSHILJXUă
 
3UHOXFUDUHLPDJLQH ([HPSOH
ÌQWUXFkWFHULQĠHOHDFHVWHLSUREOHPHVXQWIRUPXODWHSHVXESXQFWHVHSDUDWHVHGHVFULXvQ P  D D D D P  D D D D D
FRQWLQXDUHDOJRULWPLVHSDUDĠLSHQWUXILHFDUHWUDQVIRUPDUHvQSDUWH$PQRWDWFXDWDEOR D D D D   D D D D D
XOELGLPHQVLRQDOSăWUDWLFFRQĠLQkQGLPDJLQHDLDUFXPGLPHQVLXQHDDFHVWXLD D D D D   D D D D D
 D D D D   D D D D D
$,QYHUVDUHDYDORULORUFXYDORULúLYLFHYHUVD       D D D D D
ÌQPRGQRUPDOLQYHUVDUHDYDORULORUVHIDFHSDUFXUJkQGWDEORXOLDUGDFăHOHPHQWXODUH 
YDORDUHDDFHDVWDVHVFKLPEăvQúLLQYHUV
x P DVHYDvQORFXLFXDFDUHVHYDvQORFXLFXDFDUHVHYDvQORFXLFXD
ă›œJ\JJ J›œJmJ`J
x P DVHYDvQORFXLFXDFDUHVHYDvQORFXLFXDFDUHVHYDvQORFXLFXD
JJJJJJJJJJJJJJJJ 
J›œJmJJ

 $FHDVWăVFKLPEDUHGHYDORDUHVHSRDWHH[SULPDVLQWHWLFDSOLFkQGRSHUDWRULLSHELĠL
 ÌQFRQFOX]LHLQGLFHOHGHOLQLHGHYLQHLQGLFHGHFRORDQăLDULQGLFHOHGHFRORDQăQH
DVWIHO›œJmJ›œJ([SULPăULOHVXQWHFKLYDOHQWHGHRDUHFH
DMXWăODFDOFXODUHDQRXOXLLQGLFHGHOLQLHP±IRVWXOLQGLFHFRORDQă
`J\JúLJ\J` 

  ÌQ FHHD FH SULYHúWH SDUFXUJHUHD WULXQJKLXOXLGLQWUHGLDJRQDOHOHWDEORXOXL IăUăHOH


 ÌQDFHVWHFRQGLĠLLSVHXGRFRGXODOJRULWPXOXLGHLQYHUVDUHHVWHXUPăWRUXO PHQWHOHGHSHGLDJRQDODVHFXQGDUă LQGLFHOHGHOLQLHYDULD]ăvQWUHSULPDOLQLHúLOLQLD
 GH PLMORF VDX GHDVXSUD PLMORFXOXL DWXQFL FkQG GLPHQVLXQHD WDEORXOXL HVWH SDUă  LDU
 LQGLFHOHGHFRORDQăSRUQHúWHGHODHOHPHQWXOGHSHGLDJRQDODSULQFLSDOăLúLFUHúWHSkQă
 ODP±L
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
P  D D D D P  D D D D D  J  QJ
D D D D   D D D D D 
 J\J

 ă,J
D D D D   D D D D D JJJJ
 J\?J

 ă,J
D D D D   D D D D D JJJJJJ˜›‘‘œJmJ›œJJ ^E±WDEORXDX[LOLDU`J
      D D D D D JJJJJJ˜›‘‘œJmJ›œJ
 JJJJJJ˜›‘‘œJmJ›œJ
 3UH]HQWăPvQFRQWLQXDUHSVHXGRFRGXOFRUHVSXQ]ăWRUDOJRULWPXOXLGHVFULV JJJJJJ˜›‘‘œJmJ›œJ

 ú 
 
 Jú  QJ
 ú 
 

 J\›’œJ~J›’œJ

 ă,J
JJJmJ‘J
JJJJ
 J\„J

 ă, ^SHQWUXRSăWULPHGLQHOHPHQWHOHWDEORXOXL`
JJJJJJJmJJ
JJJmJ˜J ^DWULEXLUHODQLYHOGHWDEORXVXSUDVFULHPYHFKLXODFXE`J
ú   
JJJJJJJmJJ 

JJJJJJJmJ›œJJ ^VHSăVWUHD]ăHOHPHQWXOGHSRUQLUH`  ÌQ DOJRULWPXO FDUH YD DSHOD VXEDOJRULWPLL SUH]HQWDĠL DPQRWDWFXWUDQVIRUPDUHFD
JJJJJJ
 J?\‡J

 ă, UDFWHUXOFDUHFRQĠLQHFRGXOWUDQVIRUPăULLFXUHQWH

JJJJJJJJJmJJJJ~JJJ ^VHLQLĠLDOL]HD]ăLQGLFLLGHXQGHVHLDYDORDUHD` # J%QJ
JJJJJJJJJmJJ &&& ^VHFLWHVFGLPHQVLXQHDúLHOHPHQWHOHWDEORXOXLGDW`
JJJJJJJJ›œJmJ›œ ^PXWDUH` JJ   JVDDMXQVODVIkUúLWXOILúLHUXOXL

 ă,J
JJJJJJJJJmJJJ ^VHLQLĠLDOL]HD]ăLQGLFLLXQGHVHYDSXQHYDORDUHD`J JJJJ
ú

 J
JJJJJJJJJmJJJ ^ODXUPăWRDUHDLWHUDĠLH` JJJJă
 J\J€J JJ
JJJJJJ ú 
  JJJJJJ€
•  J
JJJJJJ›œJmJ JJJJ 

 ú 
  JJJJJJă
 J\JJ JJ
 ú 
  JJJJJJJJú  J
ú    JJJJJJ 
JJ
ă
 J\JJ JJ

JJJJJJJJJJ  J
&'XEODUHDLPDJLQLL =RRP  JJJJJJJJ ú ă
3HQWUX D H[WLQGH WDEORXO SH XQ WDEORX GH GRXă RUL PDL PDUH VH YRU FRQVWUXL vQ QRXO  ú ă
WDEORXFkWHSDWUXHOHPHQWHFXDFHDYDORDUHDúH]DWHvQIRUPDXQHLPDWULFHSăWUDWLFHGH  ú ă
GLPHQVLXQH  ú    J
 'HH[HPSOXXQHOHPHQWDYkQGYDORDUHDvQPDWULFHDLQLĠLDOăVHvQORFXLHúWHFX &&& ^VHDILúHD]ăWDEORXOELGLPHQVLRQDOREĠLQXW`
  ú  J
`  
 1HSURSXQHPvQFRQWLQXDUHVăGHWHUPLQăPPRGDOLWDWHDvQFDUHVHREĠLQLQGLFLLHOH
PHQWHORUPDWULFHLPăULWHGLQPDWULFHDLQLĠLDOă &DUHX0DJLF
J J J J LQGLFLGHOLQLH   ‡ ˆ J $OJRULWPXOGHUH]ROYDUHDDFHVWHLSUREOHPHvQFHSHSULQDWHVWDGLPHQVLXQHDFDUHXOXLGH
LQGLFLGHOLQLH   LQGLFLGH    ` ` J JHQHUDWÌQIXQFĠLHGHSURSULHWDWHDSHFDUHDFHVWQXPăURDUHLPSDUSDUPXOWLSOXGH
LQGLFLGH J  ` FRORDQă    ` ` J VDXSDUIăUăDILPXOWLSOXGHDSOLFăPDOJRULWPXOSUH]HQWDWODWHRULH
FRORDQă J `  ‡ ` `   J  6ăXUPăULPGHVFULHUHDLPSOHPHQWăULORUSHQWUXILHFDUHGLQWUHFHLWUHLDOJRULWPL
J J J J ˆ ` `   J 
 (OHPHQWXOXLDvLFRUHVSXQGHOHPHQWHOHDDDD(OHPHQWXOXLDvLFRUHV D'UXPXOÌPSăUDWXOXL9HQVDXJHQHUDUHDSăWUDWHORUPDJLFHGHRUGLQLPSDU
SXQGHOHPHQWHOHDDDD*HQHUDOL]kQGFHOHREVHUYDWHHOHPHQWXOXLDLMvLFRUHV 'HVFULHPvQFRQWLQXDUHRYDULDQWăGHJHQHUDUHDXQXLSăWUDWPDJLFGHRUGLQLPSDUFDUH
SXQGHOHPHQWHOHDL±M±DL±MDLM±DLM UHVSHFWă GUXPXO ÌPSăUDWXOXL 9HQ &DUHXO PDJLF vO JHQHUăP vQ WDEORXO D $OJRULWPXO
7DEORXULELGLPHQVLRQDOH   7DEORXULELGLPHQVLRQDOH
 
 J„ %ˆ„QJ
DWULEXLHSHUkQGYDORULOHFXSULQVHvQLQWHUYDOXO>Q@YDULDELOHLQUXUPkQGFDDFHDVWă
JJ
JmJJ
YDORDUHVăVHDWULEXLHHOHPHQWHORUFDUHXOXLSHED]DUHJXOLORUSUHFL]DWH
J JJ

JmJ
‘
J~JJ
 J£
QJ JJ
 J\
J

 ăQJ
JJJJ
 J\
J

 ăQJ
JJYJmJ
J
JJJJJJăJ ›’ˆœJdJ JJ ›’ˆœJdJ J J
JJJmJ›
~ ’œJ
JJJJJJJJ›œJmJ

JJ
J
JJ
JmJJ JJJJJJ 
J
JJ
 J\
J

 ăQJ
JJJJJJJJ›œJmJ
J
JJJJ›YœJmJ
J  ú ă
JJJJ
 J\
J

 ăQJ
JJJJJJăJJ\JJ  JJJJJJ
JmJ
J~JJ
 ú 
 
JJJJJJJJJmJ
J  ú 
 
JJJJJJ 
J
ú   
JJJJJJJJJmJJŸJJ J
 ú ă
JJJJJJăJYJ\JJ 
F3ăWUDWPDJLFGHRUGLQQXQGHQ ˜PúLPHVWHQXPăULPSDU
JJJJJJJJYJmJ
J
6ăXUPăULPSDúLLDOJRULWPXOXLGHJHQHUDUHDXQXLSăWUDWPDJLFGHRUGLQQXQGHQ ˜P
JJJJJJ 
J úLPHVWHQXPăULPSDU7UHEXLHVăvPSăUĠLPFDUHXOvQFDUHXULPLFLGHGLPHQVLXQH˜
JJJJJJJJYJmJYJŸJJ DVXSUD FăURUD GHFLGHP vQ FH IRUPă VH YRU FRPSOHWD $FHDVWă IRUPă VH VWDELOHúWH vQ
 ú ă VXEDOJRULWPXO“ Y
 DSHODWGHVXEDOJRULWPXOXUPăWRU
JJJJJJ
JmJ
J~JJ 
JJJJJJ›YœJmJ
J  J„ %„QJ
JJJJ ú 
  JJ
JmJ›
’œJ
JJJJăJYJ\J
J  JJYJmJJ
JJJJJJYJmJJ JJJmJ›
~ ’œJ
JJJJ 
J JJ
JmJJ
JJJJJJYJmJYJ~JJ JJ
 J\
J

 ăQJ
 ú ă JJJJ“ Y
 J
JJJJ
JmJ
J~JJ JJJJ
 J\
J

 ăQJ
 ú 
  JJJJJJăJJ\JJ JJ
ú    JJJJJJJJJmJ
J
 JJJJJJ 
JJ
E&DUHXOPDJLFGHGLPHQVLXQHSDUă Q ˜P  JJJJJJJJJmJJJJ
3HQWUX D JHQHUD FDUHXO PDJLF GH GLPHQVLXQH SDUă SRUQLP GH OD PDWULFHD GH RUGLQ Q  ú ă
IRUPDWăFXQXPHUHOH«QDúH]DWHvQRUGLQHSHOLQLL JJJJJJăJYJ\JJ JJ
 'LQGHVFULHUHDDOJRULWPXOXLVHGHVSULQGHFăHOHPHQWHOHDIODWHSHOLQLLDYkQGQXPăU JJJJJJJJYJmJ
J
JJJJJJ 

GHRUGLQHSHQWUXFDUHUHVWXOvPSăUĠLULLODHVWHVDXúLFRORDQHFDUHQXDXDFHDVWă
YJmJYJJJ
SURSULHWDWHVDXSHFRORDQHDYkQGQXPăUGHRUGLQHSHQWUXFDUHUHVWXOvPSăUĠLULLODHVWH
 ú ă
VDXúLOLQLLFDUHQXDXDFHDVWăSURSULHWDWHWUHEXLHVFKLPEDWHFXHOHPHQWHOHDIODWHvQ JJJJJJ“ Y
 J
SR]LĠLLVLPHWULFHIDĠăGHPLMORFXOFDUHXOXL$FHDVWăSURSULHWDWHSULYLQGSR]LĠLDHOHPHQ  ú 
 J
WXOXLRYRPH[SULPDIRORVLQGRSHUDWRUXOORJLF 6FKLPEDUHDFXHOHPHQWXOVLPHWULF JJJJăJYJ\J
J JJ
VHDVLJXUăIRORVLQGYDORDUHDYDULDELOHLQQ JJJJJJYJmJJ
7DEORXULELGLPHQVLRQDOH 

JJJJ 

YJmJYJ~JJ
JJJJ ú ă
 ú 
 
JJ
JmJ
‘J
ú   

 J“ Y
 QJ
JJăJYJ…J›
’œJ~JJ JJ
JJJJҬ Y
 J ¥J¨¨¨¨¨J¦J
JJ 
J
JJJJăJYJ\J›
’œJ~JJ JJ ¥J‚‚‚‚J¦J
JJJJJJăJJ\J›
~ ’œJ JJ
JJJJJJJJ“ Y
 J
JJJJJJ 
JJ
JJJJJJJJ“‚ Y
 J
JJJJJJ ú ă
 
J  7DEORXULELGLPHQVLRQDOH
JJJJJJăJYJ\J›
’œJ~JJ JJ ¥J‚J¦J 
JJJJJJJJăJJ\J›
’œJ~JJ JJ  J“¨ Y
 QJ
JJJJJJJJJJ“‚ Y
 J JJ›‘Y‘œJmJ
J~JJ
JJJJJJJJ 
JJ JJ›‘Y‘JJœJmJ
J~JJ
JJJJJJJJJJ“ Y
 J
JJJJJJJJ ú ăJ
JJ›‘YJJ‘œJmJ
J~J‡J
JJJJJJ 
JJ JJ›‘YJJ‘JJœJmJ
J
JJJJJJJJ“ Y
 J ¥JJ¦J ú   
JJJJJJ ú ă 
 ú ă
 ú ăJ
JJ
JmJ
J~JˆJ
ú   J
J
 J“ Y
 QJ
JJ›‘Y‘œJmJ
J~JJ
JJ›‘Y‘JJœJmJ
J~JJ
JJ›‘YJJ‘œJmJ
J
JJ›‘YJJ‘JJœJmJ
J~J‡J
ú   J
J
 J“‚ Y
 QJ
JJ›‘Y‘œJmJ
J~JJ
JJ›‘Y‘JJœJmJ
J~JJ
JJ›‘YJJ‘œJmJ
J~J‡J
JJ›‘YJJ‘JJœJmJ
J
ú   J
 7DEORXULWULGLPHQVLRQDOH

 9RP QXPL DFHVW WDEORX UHJLVWUX 8Q WDEORX WULGLPHQVLRQDO VH UHSUH]LQWă vQ VSDĠLX
SULQWUXQSDUDOHOLSLSHGGUHSWXQJKLFDFFHVXOODXQHOHPHQWDOVăXQHFHVLWkQGSUHFL]DUHD

YDORULORUDWUHLLQGLFL FkWHXQXOSHQWUXILHFDUHGLPHQVLXQH 
  ÌQWDEORXOSUH]HQWDWFDH[HPSOXYDORDUHDXQXLHOHPHQWHVWHRPHGLHúLHVWHORFDOL
 ]DWFXWUHLLQGLFL
x SULPXOLQGLFăHOHYXO QXPăUGHRUGLQHGLQFDWDORJ 
7DEORXUL &DSLWROXO x DOGRLOHDLQGLFHSUHFL]HD]ăPDWHULDGHvQYăĠăPkQWODFDUHDIRVWREĠLQXWăDFHDVWă


PXOWLGLPHQVLRQDOH PHGLH QXPăUXOGHRUGLQHDOGLVFLSOLQHL 
x DOWUHLOHDLQGLFHFRUHVSXQGHDQXOXLGHVWXGLXvQFDUHHOHYXODREĠLQXWDFHDPHGLH

™ $SOLFDĠLLFXWDEORXULWULGLPHQVLRQDOH ODGLVFLSOLQDSUHFL]DWă
™ ,PSOHPHQWăULVXJHUDWH 
™ 3UREOHPHSURSXVH  'H H[HPSOX UHJLVWUX>@ UHSUH]LQWă PHGLD REĠLQXWă GH HOHYXO %DQ OD /LPED úL
™ 6ROXĠLLOHSUREOHPHORU
OLWHUDWXUDURPkQăvQFHOGHDOWUHLOHDDQGHOLFHX

$PYă]XWFăvQWUXQWDEORXXQLGLPHQVLRQDOVHSRWSăVWUDPHGLLOHJHQHUDOHDOHHOHYLORU  ÌQPRGVLPLODUVHSRWLPDJLQDVLWXDĠLLDFăURUUHSUH]HQWDUHVHSUHWHD]ăODVWUXFWXUL
XQHLFODVH 0HG*HQ QRWDXQXLHOHYILLQGUHIHULWăSULQFRQVWUXFĠLD0HG*HQ>QU@XQGH FXVDXPDLPXOWHGLPHQVLXQL*HQHUDOL]kQGSXWHPVSXQHFăvQWUXQWDEORXQGL
QUHVWHQXPăUXOGHRUGLQHGLQFDWDORJDOHOHYXOXLUHVSHFWLY PHQVLRQDOXQHOHPHQWVHUHJăVHúWHSUHFL]kQGQXPHOHWDEORXOXLSUHFXPúLYDORULOHFHORU
0HG*HQ QLQGLFL
QXPHUHGHRUGLQHo    
PHGLLo   « 



 0HGLLOHSHGLVFLSOLQHDOHILHFăUXLHOHYVHSRWSăVWUDvQWUXQWDEORXELGLPHQVLRQDO $SOLFDĠLLFXWDEORXULWULGLPHQVLRQDOH



 LQGLFLGHFRORDQă  /LPEDURP  0DWHP   (GXFIL]LFă


 $OEX     3DUFXUJHUHDXQHLIHĠHDXQXLWDEORXWULGLPHQVLRQDO
LQGLFL GH

 %DQ     &RQVLGHUăPSUREOHPDvQFDUHWUHEXLHVăFDOFXOăPVXPDHOHPHQWHORUGLQWDEORXOWULGL


OLQLH

      PHQVLRQDOGHGLPHQVLXQLPQSDIODWHSHIDĠDLQIHULRDUăDSDUDOHOLSLSHGXOXLFRUHVSXQ


 =HFLX    
 ]ăWRUWDEORXOXL(OHPHQWHOHFDUHIDFSDUWHGLQ]RQDPHQĠLRQDWăDXYDORDUHDFHOXLGHDO
0HGLLOH OD ILHFDUH GLVFLSOLQă SH WRĠL FHL SDWUX DQL GH OLFHX SHQWUX WRĠL DEVROYHQĠLL WUHLOHDLQGLFHN 6XEDOJRULWPXOFDUHGHVFULHFDOFXOXODFHVWHLVXPHHVWH
XQHLFODVHVHYRUFRGLILFDvQWUXQWDEORXPXOWLGLPHQVLRQDODVWIHO 
LQGLFHN$QGHVWXGLX   J™“Ġă 
QJ
$QGHVWXGLX
JJ™JmJ`J
$QGHVWXGLX N

 J\J

 ă,J
$QGHVWXGLX   LQGLFHM

 J\
J

 ă,
PHGLH /EURP 0DWHP « (GIL]
LQGLFHL J J ¬J J M
JJJJJJ™JmJ™J~J›œJ
$OEX    «  JJJJ ú 
 
%DQ    «   ú 
 
«  « « « « L ú   
=HFLX    «  

3DUFXUJHUHDXQHLVHFĠLXQL
9RPSUH]HQWDPRGDOLWDWHDvQFDUHVHDILúHD]ăHOHPHQWHOHWDEORXOXLWULGLPHQVLRQDODGH
GLPHQVLXQLPuPuPDIODWHvQWDEORXOELGLPHQVLRQDOPăUJLQLWGHHOHPHQWHOHGHIRU
PDD>N@úLHOHPHQWHOHGHIRUPDD>PPN@ VXSUDIDĠDIRUPDWăGLQWRDWHGLDJRQDOHOH
SULQFLSDOHDOHWDEORXULORUELGLPHQVLRQDOHGHFRRUGRQDWHLM 
7DEORXULWULGLPHQVLRQDOH   7DEORXULWULGLPHQVLRQDOH
 
 $FHVWWDEORXELGLPHQVLRQDOVHYDDILúDSHOLQLLGHVXVvQMRV #  
˜

QJ
 
ú


N  ™%Ġ
 
QJ 
 
•\›
’œJ~J›
’œJ

 ă,

 J?\J

 ă,  
 
? J
JJJJ
 J\J

 ă,J  ú 
 
M JJJJJJ 
J›?œJ ú  
JJJJ ú 
 
L  ú 
  
 ú    $GXQDUHDDGRXăWDEORXULWULGLPHQVLRQDOH
 $GXQDUHDDGRXăWDEORXULWULGLPHQVLRQDOHVHIDFHVLPLODUDGXQăULLDGRXăWDEORXULELGL
3DUFXUJHUHDWDEORXOXLWULGLPHQVLRQDOSRUQLQGGHOD PHQVLRQDOH6LQJXUXOHOHPHQWGHQRXWDWHHVWHDSDULĠLDXQHLGLPHQVLXQLvQSOXV
 'DFăDúLEVXQWGRXăWDEORXULWULGLPHQVLRQDOHGHGLPHQVLXQLPQúLSVXPDDE
  IHĠHOHH[WHULRDUHVSUHLQWHULRU VHFDOFXOHD]ăDVWIHO
9RPJHQHUDXQWDEORXWULGLPHQVLRQDOFXELFGHGLPHQVLXQHQDVWIHOvQFkWSHIHĠHOHH[

WHULRDUHVăFRQĠLQăQXPDLYDORULFXRSR]LĠLHPDLvQLQWHULRUVăFRQĠLQăQXPDLYDORUL  
ă ˜% Q
úLDúDPDLGHSDUWH/DILHFDUHQLYHORGDWăFXILHFDUHHOHPHQWDOXQHLIHĠHVHYRULQLĠL 
 J\J

 ă,J
DOL]DúLFHOHODOWHFLQFLHOHPHQWHFRUHVSXQ]ăWRDUHFHORUODOWHIHĠHDOHFXEXOXL6HGHWHUPL JJJJ
 J\
J

 ă,
QăPDLvQWkLQXPăUXOQLYHOXULORUGHDGkQFLPHSHQWUXFDUHWUHEXLHJHQHUDWHIHĠH JJJJJJ
 J?Q\J

 ă,
 JJJJJJJJ%›?œm›?œJ~J˜›?œJ
([HPSOX JJJJJJ ú 
 
Q  Q  JJJJ ú 
 
                  ú 
 
                 ú  
                 J
                 $ILúDUHDHOHPHQWHORUXQXLWDEORXWULGLPHQVLRQDO
                 $ILúDUHDHOHPHQWHORUXQXLDVWIHOGHWDEORXSRDWHILIăFXWăSHIHOLL8QH[HPSOXGHDVW
                 IHOGHDILúDUHHVWHGDWGHXUPăWRUXOVXEDOJRULWP


 6HREVHUYăFăSHQWUXQ QXPăUXOGHQLYHOXULHVWH >Q@ $WXQFLFkQGQXPăUXO   ú 


Q
QHVWHLPSDUQXPăUXOGHQLYHOXULGHSDUFXUVHVWH>Q@ SHQWUXQ HVWH 3HQWUX 
 \
J

 ă,
DXQLILFDDPEHOHVLWXDĠLLvQWURVLQJXUăIRUPXOăYRPSDUFXUJH>Q@UHVW>Q@QLYHOXUL 
 \
J

 ă,
J 
 ?\


 ă,
  
 

• QJ  
›?œJ

 \
•

•~J

 ă,  ú 
 

 \
•

•~J

 ă,  ú 
 
›
•œJmJ
•J  ú 
 
›
•œJmJ
•J ú   
›
•œJmJ
•J
 6WUXFWXUDGHGDWHGHWLSWDEORXDUHQXPHURDVHDSOLFDĠLLvQSUDFWLFăGDUPDMRULWDWHD
›

•~œJmJ
•J
PHWRGHORUODUJXWLOL]DWHVHFRQFHQWUHD]ăSHWDEORXULXQLúLELGLPHQVLRQDOHÌQDQXPLWH
›

•~œJmJ
•J
VLWXDĠLLPHWRGDSURJUDPăULLGLQDPLFH QHFHVLWăWDEORXULDX[LOLDUHWULGLPHQVLRQDOHSHQ
›

•~œJmJ
•J
 ú 
  WUXDSăVWUDLQIRUPDĠLLXWLOHvQFRQVWUXLUHDUH]XOWDWXOXL
 ú 
  
ú   
0HWRGDSURJUDPăULLGLQDPLFHVHYDvQYăĠDvQFODVDD;D
7DEORXULWULGLPHQVLRQDOH   7DEORXULWULGLPHQVLRQDOH
 
,PSOHPHQWăULVXJHUDWH 5HVWULFĠLLúLSUHFL]ăUL
3HQWUX D Yă IDPLOLDUL]D FX PRGXO GH OXFUX FX WDEORXUL GH GLPHQVLXQL PDL PDUL GHFkW x dPQd
GRLYăSURSXQHPVăUHDOL]DĠLLPSOHPHQWDUHDH[HUFLĠLLORU x dSd
 VXPDHOHPHQWHORUXQXLWDEORXQGLPHQVLRQDO 
 LGHQWLILFDUHDFRRUGRQDWHORUXQXLHOHPHQWGDW WRDWHDSDULĠLLOH vQWUXQWDEORXQGL ([HPSOX 
PHQVLRQDO 8"( &$ 8"( &'(! ‡JJ ([SOLFDĠLH
 SDUFXUJHUHDXQXLWDEORXWULGLPHQVLRQDOGLQVSUHH[WHULRUvQVSUHLQWHULRU |J|J|J J|J ‡JˆJ )LúLHUXO GH LHúLUH HVWH YL]XDOL]DW SH
 GHWHUPLQDUHD PDWULFHL GLQWUXQ WDEORX WULGLPHQVLRQDO FDUH DUH VXPD HOHPHQWHORU J`JJ`JJ JJ ˆJJ GRXăFRORDQHSHPRWLYGHVSDĠLX
`JJ`JJ`J J‡J ˆJ‡J
PD[LPă 
`JJ`JJ`J J|J ˆJ|J
 J`JJ`JJ JJ |JJ
`JJ`JJ`
3UREOHPHSURSXVH JˆJ |JˆJ

 
3RSXODĠLHYLUXVDWă 6ROXĠLLOHSUREOHPHORUSURSXVH
6H XUPăUHúWH HYROXĠLD vPEROQăYLULL XQHL SRSXODĠLL FX XQ YLUXV SH SDUFXUVXO D S ]LOH 
,QLĠLDOSRSXODĠLDHVWHGDWăvQWUXQWDEORXELGLPHQVLRQDO5HIHULWRUODYLQGHFDUHDLQGLYL 3RSXODĠLHYLUXVDWă
]LORUEROQDYLVDXvPEROQăYLUHDFHORUVăQăWRúLIXQFĠLRQHD]ăXUPăWRDUHOHUHJXOL ÌQDFHDVWăDSOLFDĠLHWDEORXOWULGLPHQVLRQDOHVWHGHILQLWFDúLUGHWDEORXULELGLPHQVLRQDOH
x 8QLQGLYLGVăQăWRVDYkQGFHOSXĠLQWUHLYHFLQLLQIHVWDĠLvQMXUVHvPEROQăYHúWHúLHO DVWIHO vQFkW ILHFăUHL ]LOH VăL FRUHVSXQGă FkWH XQ WDEORX ELGLPHQVLRQDO SULYLQG VWDUHD
x 8QLQGLYLGEROQDYvQFRQMXUDWQXPDLGHEROQDYLVHPRELOL]HD]ăúLVHYLQGHFă VăQăWăĠLLGLQ]LXDUHVSHFWLYă
x 2ULFHLQGLYLGEROQDYSHGXUDWDDFHOSXĠLQGH]LOHVHvQVăQăWRúHúWH  $OJRULWPXOGHUH]ROYDUHFRQĠLQHVXEDOJRULWPLSHQWUXUH]ROYDUHDVXESUREOHPHORU
 3ULQ YHFLQL VH vQĠHOHJ QXPDL LQGLYL]LL DIODĠL vQ LPHGLDWD DSURSLHUH SH DFHHDúL OLQLH 
VDXSHDFHHDúLFRORDQăFXXQDQXPLWHOHPHQWFRQVLGHUDW  &RQVWUXLUHD WDEORXOXL WULGLPHQVLRQDO SRUQLQG GH OD WDEORXO ELGLPHQVLRQDO GDW SH
 6ăVHJHQHUH]HWDEORXOWULGLPHQVLRQDOFXSULQ]kQGHYROXĠLDSRSXODĠLHLvQFHOHS]LOH ED]DUHJXOLORUGHWUDQVPLWHUHDEROLLVDXGHVWRSDUHDHL3ULPXOSDVvQDERUGDUHDDFHV
WHLVXESUREOHPHHVWHFLWLUHDGLPHQVLXQLORUWDEORXOXLWULGLPHQVLRQDOFDUHVHYDFRQVWUXL
 6ăVHGHWHUPLQH]LXDVDX]LOHOHvQFDUHQXPăUXOLQGLYL]LORUEROQDYLDIRVWPD[LPă
úLDWDEORXOXLFXLQIRUPDĠLLOHSULYLQGVWDUHDGHVăQăWDWHGLQSULPD]L
 6ăVHDILúH]HFRRUGRQDWHOHLQGLYL]LORUFDUHDXIRVWEROQDYLSHvQWUHDJDSHULRDGăGHS 
]LOH  J‹ 
 QJ
 JJ
ú
J
JJ ^GLPHQVLXQLOHWDEORXOXLWULGLPHQVLRQDO`
'DWHGHLQWUDUH JJ
 J\
J

 ăQJ
3HSULPDOLQLHDILúLHUXOXL 8"( &$VHDIOăGLPHQVLXQLOHWDEORXOXLELGLPHQVLRQDO P JJJJ
 J\
J

 ă,J
Q XUPDWHGHQXPăUXOGH]LOH S SHFDUHVHHIHFWXHD]ăVWXGLXO3HXUPăWRDUHOHPOLQLL JJJJJJ
ú
J›œJJ ^FLWLUHDWDEORXOXLFRUHVSXQ]ăWRUSULPHL]LOH`
VH DIOă HOHPHQWHOH WDEORXOXL LQLĠLDO FXSULQ]kQG VWDUHD LQGLYL]LORU vQ SULPD ]L 7DEORXO JJJJ ú 
 
FRQĠLQHYDORULúLDYkQGVHPQLILFDĠLDXQXLLQGLYLGVăQăWRVLDUvQVHPQkQGXQLQ JJ ú 
 
GLYLGDWLQVGHYLUXV ú   
 J
'DWHGHLHúLUH  *HQHUDUHDWDEORXOXLWULGLPHQVLRQDOVHUHDOL]HD]ăFRQVWUXLQGWDEORXULOHELGLPHQVLR
3HSULPDOLQLHDILúLHUXOXL 8"( &'(!VHYRUVFULH]LOHOHvQFDUHQXPăUXOvPEROQăYLUL QDOHFRUHVSXQ]ăWRDUH]LOHLSRUQLQGGLQVLWXDĠLDFRUHVSXQ]ăWRDUH]LOHLSUHFHGHQWH
ORUDIRVWPD[LP3HXUPăWRDUHOHOLQLLVHYRUVFULHSHUHFKLGHQXPHUHQDWXUDOHUHSUH 

]HQWkQGFRRUGRQDWHOHDFHORULQGLYL]LFDUHDXIRVWEROQDYLvQWRDWăSHULRDGDFHORUS]LOH

7RDWHQXPHUHOHVFULVHSHDFHHDúLOLQLHVHYRUVHSDUDSULQFkWHXQVSDĠLX 

7DEORXULWULGLPHQVLRQDOH   7DEORXULWULGLPHQVLRQDOH
 
 J 
‹ă 
QJ ^SHQWUXDQHSXWHDUHIHULúLODYHFLQLLXQXL`  Jƒă‹ ‹ QJ
   ^HOHPHQWDIODWSHPDUJLQHERUGăPPDWULFHDLQLĠLDOăFX`   ^UHWXUQHD]ăQXPăUXOGH]LOHGHERDOăFRQWLQXăDOHSHUVRDQHLGHSHSR]LĠLDLM`
JJ
 J\`~J

 ăQJ JJ?JmJ‹JJJ
JJJJ›`œJmJ`J JJ    ?J…J JúJ ›?œJ\J J

 ăQJ
JJJJ›
~œJmJ`J JJJJ?JmJ?JJJ
JJ ú 
  JJ ú    
JJ
 J\`
~J

 ă,J JJ
ă‹JmJ‹JŸJ?J~JJ
JJJJ›`œJmJ`J ú   
JJJJ›~œJmJ`J
JJ ú 
  5H]ROYDUHDSULPHLFHULQĠHGLQHQXQĠQHFHVLWăFRQVWUXLUHDvQSUHDODELODXQXLúLUFRQ
^JHQHUDUHDSURSULX]LVă` ĠLQkQGQXPăUXOWRWDOGHSHUVRDQHYLUXVDWHSHILHFDUH]L$FHDVWDVHSRDWHUHDOL]DDSH
JJ
 J‹\J

 ăQJJ ^SHQWUXILHFDUH‹` OkQGSHQWUXILHFDUH]LRIXQFĠLHFDUHvQVXPHD]ăFD]XULOHGHERDOăSHED]DXQXLDOJRULWP
JJJJ
 J\J

 ăQJ FDUHvQVXPHD]ăHOHPHQWHOHXQXLWDEORXELGLPHQVLRQDO

JJJJJJ
 J\
J

 ăQJ^SHQWUXILHFDUHHOHPHQWDOPDWULFHLGLQ]LXD‹`  J™ 
QJJ
   ^VHQXPăUăYHFLQLLYLUXVDĠLGLQ]LXDSUHFHGHQWă` JJ™JmJ`JJ ^UHWXUQHD]ăVXPDHOHPHQWHORUXQXLWDEORXELGLPHQVLRQDO`J
JJJJJJJJ
ăJmJ›‹œJ~J›‹~œJ~J›‹œJ~JJ 
 J\
J

 ă
J J J ›‹~œKJ 
 J\
J

 ăJ
  ^DGDFăQXHUDYLUXVDWGDUDUHFHOSXĠLQWUHLYHFLQLYLUXVDĠLVHYLUXVHD]ăúLHO` JJJJJJJmJJ~J›œJ
JJJJJJJJăJ›‹œJ\J`J J  ú 
 
JJJJJJJJJJăJ
ăJtJ‡J J›‹œJmJJ  ú 
 
JJJJJJJJJJJJJJJJJJJJJJJJJ 
J›‹œJmJ`J JJ™JmJJ
JJJJJJJJJJ ú ă ú   J
 ^EGDFăHUDYLUXVDWúLHVWHvQFRQMXUDWGLQWRDWHSăUĠLOHGHYLUXúLVHvQVăQăWRúHúWH` J
JJJJJJJJ 
J ^HUDYLUXVDW›‹œJ\J`J  'HWHUPLQDUHDPD[LPXOXLGLQúLUXOVXPHORURUHDOL]ăPFXVXEDOJRULWPXOFXQRVFXW
J
JJJJJJJJJJăJ
ăJ\JˆJ JJ
 J„ 
QJ
JJJJJJJJJJJJ›‹œJmJ`J
JJJJJJJJJJ 
JJ    ^UHWXUQHD]ăYDORDUHDFHOXLPDLPDUHHOHPHQWGLQWUXQúLUGHQXPHUH`
JJJmJ›œJ
JJJJJJJJJJJJ›‹œJmJJ

 J\
J

 ă
 ú ă
JJJJăJJJ›œJ JJ
 ú ă
JJJJJJJmJ›œJ
   ^FGDFăHUDYLUXVDWGHGH]LOHVHvQVăQăWRúHúWH`
 ú ă
JJJJJJJJăJ ‹JtJ‡` Jú ›‹œJ\J Jú JJ ú 
 
  
ă‹ ‹ J\J‡` J JJ
JJJmJJ
JJJJJJJJJJ›‹œJmJ`J J ú   
 ú ă 
 ú 
 
 'XSă FH QXPăUXO PD[LP GH vPEROQăYLUL D IRVW GHWHUPLQDW QX UăPkQH GHFkWVăVH
 ú 
 
 ú 
  DILúH]H]LOHOHvQFDUHDFHDVWăYDORDUHPD[LPăDIRVWDWLQVă YH]LDOJRULWPXOSULQFLSDO 
ú    
3HQWUXDUH]ROYDFHOGHDOGRLOHDVXESXQFWWUHEXLHVăYHULILFăPSHQWUXILHFDUHLQGL
 $FHVWVXEDOJRULWPDSHOHD]ăXQDOWVXEDOJRULWPFDUHSRUQLQGGHOD]LXD]LFDOFXOHD YLGGDFăDIRVWFRQWLQXXEROQDYSHSDUFXUVXOFHORUS]LOH$FHDVWăFHULQĠăHVWHUH]ROYDWă
]ăGHFkWH]LOHSHUVRDQDLGHQWLILFDWăSULQFRRUGRQDWHOHLMHVWHEROQDYă3UH]HQWăPvQ vQDOJRULWPXOSULQFLSDOvQFDUHDPQRWDWFXVúLUXOVXPHORUGHLQGLYL]LEROQDYLSHILH
FRQWLQXDUHDFHVWVXEDOJRULWP FDUH]LJ

7DEORXULWULGLPHQVLRQDOH  
 
# J£QJ
JJ‹ 
 QJ 3ROLQRDPH &DSLWROXO
   ^JHQHUDUHDWDEORXOXLWULGLPHQVLRQDOFXSULQ]kQGHYROXĠLDYLUXVăULORU`



JJ 
‹ă 
KJ ™'HILQLUHDQRĠLXQLLGHSROLQRP
   ^VHFRQVWUXLHúWHúLUXOQXPăUXOXLWRWDOGHLQGLYL]LYLUXVDĠLSHQWUXILHFDUH]L` ™)RUPDDOJHEULFăDSROLQRDPHORU
JJ
 J‹\J

 ăQJ ™5HSUH]HQWDUHDSROLQRDPHORUvQPHPRULDFDOFXODWRUXOXL
™,PSOHPHQWăULVXJHUDWH
JJJJ›‹œJmJ™ ›‹œ
J ™3UREOHPHSURSXVH
JJ ú 
  ™6ROXĠLLOHSUREOHPHORU
   ^VHGHWHUPLQăQXPăUXOPD[LPGHLQGLYL]LYLUXVDĠL` 

JJ
ăJmJ„ ™ J 
   ^VHDILúHD]ă]LOHOHvQFDUHVDDWLQVJUDGXOPD[LPGHYLUXVDUH` 'HILQLUHDQRĠLXQLLGHSROLQRP
JJ
 J‹\J

 ăQJ )LHPXOĠLPHDúLUXULORU LQILQLWH GHQXPHUHFRPSOH[HI  DDDDQ FDUHDX
JJJJăJ›‹œJ\J
ăJ JJ QXPDLXQQXPăUILQLWGHWHUPHQLQHQXOLDGLFăH[LVWăXQQXPăUQDWXUDOPDVWIHOvQFkW
JJJJJJ 
J‹J DL SHQWUXRULFHL!P
JJJJ ú ă 
 ú 
  ([HPSOH
   ^FăXWăPSHUVRDQHEROQDYHQXPDLGDFăQXPăUXOSGH]LOHHVWHPDLPLF` úLUXOI   DUHWUHLWHUPHQLQHQXOL
úLUXOJ   DUHGRLWHUPHQLQHQXOL
   ^GHFkWQXPăUXOPD[LPGH]LOHvQFDUHYLUXVXOWUăLHúWH` 
JJăJJJ‡`J J  3HDFHDVWăPXOĠLPHVHGHILQHVFGRXăRSHUDĠLLDOJHEULFH
JJJJ
 J\
J

 ăQJ 
JJJJJJ
 J\
J

 ăQJ $GXQDUHD
JJJJJJJJ£JmJDGHYăUDWJJ^LQLĠLDOL]DUHPDUFăPLQGLYLGXOFDILLQGYLUXVDW`  IJ  DEDEDE 
JJJJJJJJ
 J‹\J

 ăQJ 
JJJJJJJJJJăJ›‹œJ\J`J JJ ÌQPXOĠLUHD
JJJJJJJJJJJJ£JmJIDOV^GDFăFHOSXĠLQR]LQXDIRVWYLUXVDWvOGHPDUFăP`  I˜J  FFF XQGH
 ú ă F D˜E
JJJJJJJJJJăJ£J JJ F D˜ED˜E
JJJJJJJJJJJJ 
JJJ F D˜ED˜ED˜E
 ú ă 
 ú 
  DU D˜EUD˜EU±D˜EU±DU˜E

 ú 
   6HREVHUYăFăVXPDIJúLSURGXVXOI˜JDSDUĠLQDFHOHLDúLPXOĠLPL
 ú 
  
 ú ă 'HILQLĠLH
ú    )LHFDUHHOHPHQWDOPXOĠLPLLGHILQLWHDQWHULRUSHFDUHVXQWGHILQLWHFHOHGRXăRSHUD
ĠLLVHQXPHúWHSROLQRP
3ROLQRDPH   3ROLQRDPH
 
 'DFăI  DDDDQ HVWHXQSROLQRPQXPHUHOHDDDVHQXPHVFFRH  ÌQPXOĠLPHDSROLQRDPHORUFXFRHILFLHQĠLFRPSOHFúLVHGLVWLQJXUPăWRDUHOHVXEPXO
ILFLHQĠLLOXLI ĠLPLLPSRUWDQWH
 5>;@ PXOĠLPHDSROLQRDPHORUFXFRHILFLHQĠLUHDOL
$3URSULHWăĠLDOHDGXQăULLSROLQRDPHORU 4>;@ PXOĠLPHDSROLQRDPHORUFXFRHILFLHQĠLUDĠLRQDOL
 )LHIJúLKWUHLSROLQRDPH =>;@ PXOĠLPHDSROLQRDPHORUFXFRHILFLHQĠLvQWUHJL
$GXQDUHDHVWHFRPXWDWLYăIJ JI 
$GXQDUHDHVWHDVRFLDWLYă IJ K I JK 
(OHPHQWQHXWUXSHQWUXDGXQDUHDSROLQRDPHORUHVWHSROLQRPXOFRQVWDQW    5HSUH]HQWDUHDSROLQRDPHORUvQPHPRULD
$YHPI I I  FDOFXODWRUXOXL
2ULFHSROLQRPDUHXQRSXVQRWDWFX±IDVWIHOvQFkWI ±I   ±I I  

%3URSULHWăĠLDOHvQPXOĠLULLSROLQRDPHORU 5HSUH]HQWDUHDSULQúLUXOFRHILFLHQĠLORU
ÌQPXOĠLUHDHVWHFRPXWDWLYăI˜J J˜I &RHILFLHQĠLLXQXLSROLQRPVHYRUSăVWUDvQWUXQWDEORXXQLGLPHQVLRQDOvQRUGLQHFUHVFă
ÌQPXOĠLUHDHVWHDVRFLDWLYă I˜J ˜K I˜ J˜K  WRDUH VDXGHVFUHVFăWRDUH GXSăSXWHUHDOXL;1XPLPJUDGXOSROLQRPXOXLSXWHUHDFHD
(OHPHQWQHXWUXSHQWUXvQPXOĠLUHDSROLQRDPHORUHVWHSROLQRPXOFRQVWDQW    PDLPDUHDOXL;SHQWUXFDUHFRHILFLHQWXOHVWHGLIHULWGHÌQFRQFOX]LHúLUXOFRUHV
SXQ]ăWRUFRHILFLHQĠLORUYDDYHDFHOSXĠLQDWkWHDHOHPHQWH SHQWUXWHUPHQXOOLEHU 
$YHPI˜ ˜I I
FkWHVWHJUDGXOSROLQRPXOXL
ÌQPXOĠLUHDHVWHGLVWULEXWLYăIDĠăGHDGXQDUHI˜ JK  I˜JI˜KúL
 $FHVWPRGGHUHSUH]HQWDUHDUHDYDQWDMXOFăvQFD]XODGRXăSROLQRDPHFRHILFLHQĠLL
 $YHP IJ ˜K I˜KJ˜K DFHORUDúLSXWHULDOHOXL;VXQWDúH]DĠLvQFHLGRLYHFWRULSHSR]LĠLLFRUHVSXQ]ăWRDUH
'DFăIúLJVXQWSROLQRDPHQHQXOHDWXQFLSURGXVXOORUHVWHXQSROLQRPQHQXO Iz
úLJzŸI˜Jz 

 3RVLELOLWDWHD VLPSOLILFăULL FX XQ IDFWRU QHQXO GDFă I J úL K VXQW SROLQRDPH DVWIHO ([HPSOXGHDGXQDUHúLVFăGHUHDGRXăSROLQRDPH
vQFkWI˜J I˜KúLIzDWXQFLJ K )LH3 ;  ;±;;±;
úL3 ;  ;±;;;±
 33 ;  ;±;;±;;±;;;± 
)RUPDDOJHEULFăDSROLQRDPHORU  ;±;;±;
3ULQFRQYHQĠLHYRPQRWDSROLQRPXO  FX;úLvOYRPFLWLQHGHWHUPLQDWD; 3±3 ;  ;±;;±;±;;±;±; 
ÌQXUPDvQPXOĠLULLSROLQRDPHORUYDUH]XOWD  ;±;;±;
; ;˜;   ˜      
; ;˜;   ˜       5HSUH]HQWkQGSROLQRDPHOHVXEIRUPăGHWDEORXULXQLGLPHQVLRQDOHvQFDUHDPDúH]DW
 FRHILFLHQĠLLvQRUGLQHFUHVFăWRDUHGXSăSXWHULOHOXL;DGXQDUHDúLVFăGHUHDVHHIHFWXHD
;Q ;˜;Q±   ˜      ]ăDVWIHO

LQGLFH      
  Q±Q 3   ±   ± 
 3  ±   ±  

33  ±  ±  
 )RORVLPvQPXOĠLUHDúLDGXQDUHDSHQWUXDVFULHI DD;D;DP;PXQGH
DDDDPVXQWFRHILFLHQĠLLSROLQRPXOXLI 3±3  ±   ± 
 
 3ROLQRDPHOHGHIRUPD D;QXQGHD& PXOĠLPHDQXPHUHORUFRPSOH[H úLQHVWH ([HPSOXGHvQPXOĠLUHDGRXăSROLQRDPH
XQQXPăUQDWXUDOVHQXPHVFPRQRDPH )LH3 ;  ;±;     
 úL3 ;  ;±
3ROLQRDPH 

 3ROLQRDPH

3   ±  
 ;±; ˜ ;±  
3  ±  
;±;; ([HPSOX
±;;± 3˜;   ±  )LH3 ;  ;±;;±  ;±;;±  ;±  ;±
;±;;± 3˜ ± ±  ±  úL3 ;  ;± ±;;
±;;±
 3˜3 ±  ±  ;±
 ;±
9DORDUHDXQXLSROLQRP 2EVHUYDĠLH
3ULQGHILQLĠLHQXPăUXOI Į  DDĮDĮDQĮQVHQXPHúWHYDORDUHDSROLQRPX  'DFăFHOHGRXăSROLQRDPHDXFRHILFLHQĠLQXPHUHvQWUHJLúLFRHILFLHQWXOWHUPHQXOXL
OXLIvQĮ GHJUDGPD[LPDOvPSăUĠLWRUXOXLHVWHrDWXQFLFkWXOúLUHVWXOVXQWSROLQRDPHFXFRHIL
 FLHQĠLvQWUHJL
([HPSOX 
9DORDUHDSROLQRPXOXL3 ;  ;±;vQSXQFWXO; HVWH  )LHIúLJGRXăSROLQRDPH6SXQHPFăSROLQRPXOJGLYLGHSROLQRPXOI VDXIHVWH
3   ˜± ˜± ±  GLYL]LELOSULQJVDXJHVWHXQGLYL]RUDOOXLIVDXIHVWHXQPXOWLSOXDOOXLJ GDFăH[LVWă
 XQSROLQRPKDVWIHOvQFkWI J˜K
 6DGHPRQVWUDWFăFHDPDLUDSLGăPHWRGăGHDFDOFXODYDORDUHDXQXLSROLQRPHVWH 

FHDED]DWăSHVFKHPDOXL+RUQHU  )LHIXQSROLQRPQHQXOFXFRHILFLHQĠLGHWLSFRPSOH[8QQXPăUFRPSOH[DHVWHUă
 3ROLQRPXO3 ; VHVFULHVXEIRUPD GăFLQăDSROLQRPXOXLIGDFăI D  
3 ;    DQ˜[DQ± ˜[D ˜[D ˜[D 
úL VH DSOLFă XQ DOJRULWP VLPSOX vQ FDUH [ HVWH DUJXPHQWXO SHQWUX FDUH VH FDOFXOHD]ă 7HRUHPDOXL%p]RXW
YDORDUHDSROLQRPXOXL3GHFRHILFLHQĠLDLúLJUDGQ  )LHIzXQSROLQRPQHQXO1XPăUXOD&HVWHUăGăFLQăDSROLQRPXOXLIGDFăúL
 QXPDLGDFă;±DvOGLYLGHSHI
 Jš

 QJ 
JJJmJ›
œJ 7HRUHPă
JJ
 J\
`J

 ăQJ  )LHI DD;D;DQ;QXQSROLQRPFXDQzQt'DFă[[[Q
JJJJJmJ‘J~J›œJ VXQWUăGăFLQLOHOXLIDWXQFLI DQ˜ ;±[ ˜ ;±[ ˜˜ ;±[Q úLvQSOXVDFHDVWă
ú    GHVFRPSXQHUHDOXLIvQIDFWRULOLQLDULHVWHXQLFă
 
ÌPSăUĠLUHDSROLQRDPHORU 7HRUHPă
3UH]HQWăPvQFRQWLQXDUHRVHULHGHGHILQLĠLLúLWHRUHPHDFăURUFXQRDúWHUHHVWHQHFHVDUă  5HVWXOvPSăUĠLULLXQXLSROLQRPIzSULQELQRPXO;±DHVWHHJDOFXYDORDUHDI D D
vQUH]ROYDUHDSUREOHPHLSURSXVHODVIkUúLWXODFHVWXLFDSLWRO  SROLQRPXOXLIvQD
 
$7HRUHPDvPSăUĠLULLFXUHVW  6FKHPDOXL+RUQHURIHUăXQSURFHGHXGHDIODUHDFkWXOXLúLDUHVWXOXLvPSăUĠLULLSR
)LLQGGDWHGRXăSROLQRDPHRDUHFDUHFXFRHILFLHQĠLLFRPSOHFúLIúLJXQGHJzDWXQFL OLQRPXOXLISULQELQRPXO;±DÌQFD]XOvQFDUHUHVWXOvPSăUĠLULLHVWHDHVWHUăGăFLQă
H[LVWăGRXăSROLQRDPHFXFRHILFLHQĠLGHWLSFRPSOH[TúLUDVWIHOvQFkWI J˜TUXQ DSROLQRPXOXL2ULFHUăGăFLQăDSROLQRPXOXLHVWHGLYL]RUDOQXPăUXOXLDDQ GLQXOWLPD
GHJUDGXOSROLQRPXOXLUHVWHPDLPLFGHFkWJUDGXOSROLQRPXOXLJ UHODĠLHDOXL9LpWH 
 3ROLQRDPHOHTúLUVXQWXQLFHGDFăVDWLVIDFDFHDVWăSURSULHWDWH 
 ÌQWDEHOXOXUPăWRUSUH]HQWăPVFKHPDOXL+RUQHUSHQWUXvPSăUĠLUH

 )LHDLFRHILFLHQĠLLSROLQRPXOXL3(IHFWXăPvPSăUĠLUHDODPRQRPXO;±Y
 &HL FDUH VLPW QHYRLD XQXL VWXGLX DSURIXQGDW SRW FRQVXOWD ELEOLRJUDILH GH VSHFLDOLWDWH GH
H[HPSOXPDQXDOXOGHPDWHPDWLFăSHQWUXFODVDD;D 
3ROLQRDPH   3ROLQRDPH
 
 SXWHUHD Y     
SXWHULOHQHGHWHUPLQDWHL Q Q± Q±    FRHILFLHQĠL   ±  ± 
HVWHUăGăFLQă   ±˜ ±  ± ˜  ±˜ ± ˜ ±  
FRHILFLHQĠL DQ DQ± DQ±  D D GDUQXGXEOă   ±˜  
˜  ±˜ ±
FRHILFLHQĠLLFkWXOXL DQ DQ±YEQ± DQ±YEQ±  DYE DYE QXHVWHUăGăFLQă ±  ± ± ˜ ±  ± ˜ ±   ± ± ˜ ± 
vLQRWăP EQ± EQ± EQ±  E U HVWHUăGăFLQă   ±˜  ˜  ±˜  
 QXHVWHUăGăFLQă   ˜  ˜   
 $FHVWWDEHOVHFRPSOHWHD]ăDVWIHO  ±  ±˜ ±  ± ˜ ±    
x vQUkQGXOGRLDOWDEHOXOXLVHVFULXFRHILFLHQĠLLSROLQRPXOXLI    ˜  ˜   
 ±   ± ˜ ±  ± ˜ ±    
x XUPăWRDUHDOLQLHDWDEHOXOXLYDFRQĠLQHFRHILFLHQĠLLEúLVHIRUPHD]ăDVWIHO    ˜  ˜   
 EQ±SULPHúWHYDORDUHDDQ  ±  ±˜ ±  ± ˜ ±    
 SHFHOHODOWHFRORDQH GHODQ±OD HOHPHQWHOHELVHFDOFXOHD]ăFXIRUPXOD 
EL DLY˜EL  &RHILFLHQĠLLSROLQRPXOXLFkWVXQW
x 'DFă D  YE HVWH  vQVHDPQă Fă Y HVWH UăGăFLQă D SROLQRPXOXL &kWXOvPSăUĠLULL 
SROLQRPXOXLGDWODDFHVWPRQRP ;±Y HVWHSROLQRPXODLFăUXLFRHILFLHQĠLVXQWFR QXHVWHUăGăFLQă ; ; ;  
HILFLHQĠLLELQHQXOL GRDUFXXQJUDGPDLPLF LDUUHVWXOHVWHDYE     
 
([HPSOX  ÌQFRQFOX]LH;±;;±;  ;; ˜ ;± ˜ ;± 
 ÌPSăUĠLPSROLQRPXO;±;±;OD;±


SXWHUHD Y      5HSUH]HQWDUHDSROLQRDPHORUSULQPRQRDPHOHVDOH
FRHILFLHQĠL  ±  ±  'DFăXQSROLQRPDUHPXOĠLFRHILFLHQĠLHJDOLFXUHSUH]HQWDUHDSULQúLUXOFRHILFLHQĠLORU
FkWXOE   ±˜ ±  ±  ± ± ±  ±  ±  ± QXPDLHVWHDYDQWDMRDVăÌQDFHVWFD]VHSUHIHUăUHSUH]HQWDUHDSULQúLUXOPRQRDPHORU
  E E E  E  U 'HDVHPHQHDGDFăDFHVWHPRQRDPHQXVXQWDFFHVLELOHvQRUGLQHDFUHVFăWRDUH VDXGHV
FUHVFăWRDUH DSXWHULLOXL;QXYRUDSăUHDSUREOHPHGHRDUHFHvQFD]XOILHFăUXLPRQRP

VHSUHFL]HD]ăGRXăLQIRUPDĠLLYDORDUHDFRHILFLHQWXOXLúLJUDGXOWHUPHQXOXL5HSUH]HQ
 &kWXOvPSăUĠLULLHVWH;±;±;±LDUUHVWXOHVWH±
WDUHDSULQPRQRDPHVHSRDWHUHDOL]DFXPDLPXOWHWLSXULGHVWUXFWXULGHGDWH

 3HQWUXDGHVFRPSXQHXQSROLQRPFXFRHILFLHQĠLvQWUHJLVXEIRUPăGHSURGXVGHEL x FX GRXă úLUXUL XQXO SHQWUX FRHILFLHQĠLL GLIHULĠL GH  DL SROLQRPXOXLúLXQXOSHQWUX
QRDPHVHDSOLFăVFKHPDOXL+RUQHUSHQWUXILHFDUHGLYL]RUSRVLELODOOXLDDQ ÌQFD]XO JUDGHOHFRUHVSXQ]ăWRDUHDOHWHUPHQLORU
vQFDUHDFHVWDHVWHUăGăFLQăDSROLQRPXOXLVHUHĠLQHúLVHFRQWLQXăSURFHGHXOFXSROLQR x FXXQúLUGHDUWLFROH 
PXOFkWÌQILQDOSHQWUXILHFDUHUăGăFLQăGHWHUPLQDWăDYHPXQPRQRP'DFăUHVWXOHV x FXDMXWRUXOXQHLOLVWHOLQLDUHDORFDWăGLQDPLF 
WHXQSROLQRPQHQXOvQVHDPQăFăDFHVWDQXVHSRDWHGHVFRPSXQHvQSURGXVGHPRQRD 
PHvQPXOĠLPHDQXPHUHORUvQWUHJL

([HPSOX
 6ăVHGHVFRPSXQăSROLQRPXO;±;;±;

 6HGHWHUPLQăUăGăFLQLOHvQWUHJLSRVLELOHGHFLGLYL]RULLOXL±±±±

$SOLFăP VFKHPD OXL +RUQHU SHQWUX DFHVWH YDORUL 3RW H[LVWD UăGăFLQL PXOWLSOH DGLFă
7LSXO
VHYDvQYăĠDODVIkUúLWXOFODVHLDD
SXWHPJăVLRYDORDUHSHQWUXFDUHSROLQRPXOVăVHGLYLGăOD [±Y NXQGHN!
 $ORFDUHDGLQDPLFăRYRPvQYăĠDvQFODVDDD
3ROLQRDPH   3ROLQRDPH
 
,PSOHPHQWăULVXJHUDWH  3HQWUXFDOFXOXOYDORULLXQXLSROLQRPYDORDUHDQXPHULFăvQWUHDJăSHQWUXFDUHVHFH
3HQWUXDYăIDPLOLDUL]DFXLPSOHPHQWDUHDRSHUDĠLLORUFXSROLQRDPHYăUHFRPDQGăPVă UHFDOFXODUHDYDORULLSROLQRPXOXLVHYDFLWLGHSHDGRXDOLQLHDILúLHUXOXLSHOLQLDDWUH
UH]ROYDĠLXUPăWRDUHOHH[HUFLĠLLSULQFDUHVăUHDOL]DĠLRSHUDĠLLOH LDDIOkQGXVHFRHILFLHQĠLLSROLQRPXOXLGDW
 FLWLUHDXQXLSROLQRPGDWSULQJUDGúLFRHILFLHQĠL  'DFăRSĠLXQHDHVWH FRHILFLHQĠLLSROLQRPXOXLGHGHVFRPSXVVHDIOăSHDGRXD
 FLWLUHDXQXLSROLQRPGDWSULQPRQRDPH OLQLHDILúLHUXOXL
 YDORDUHDXQXLSROLQRPSHQWUXXQDUJXPHQWGDW  &RHILFLHQĠLLSROLQRDPHORUVHYRUFLWLGLQILúLHUXO'*&$vQRUGLQHFUHVFăWRDUHGX
 DGXQDUHDDGRXăSROLQRDPH Să SXWHULOH QHGHWHUPLQDWHL $VWIHO DYkQG úL FRHILFLHQĠLL QXOL JUDGXO SROLQRPXOXL VH
 vQPXOĠLUHDDGRXăSROLQRDPH YDGHWHUPLQDSHED]DQXPăUXOXLFRHILFLHQĠLORU 
 vPSăUĠLUHDDGRXăSROLQRDPH 
 GHWHUPLQDUHDDFHOXLSROLQRPGLQWUHQSROLQRDPHFDUHSHQWUXXQDUJXPHQWGDWDUH 'DWHGHLHúLUH
YDORDUHPD[LPă ÌQILúLHUXO'*&'(!VHYDVFULHvQIXQFĠLHGHRSHUDĠLDVROLFLWDWă
 x SHQWUXRSHUDĠLLOH ~ úL ‘VHYDDILúDSROLQRPXOUH]XOWDWvQXUPDHIHFWXăULL
RSHUDĠLHLUHVSHFWLYH
3UREOHPHSURSXVH x vQXUPDRSHUDĠLHLGHvPSăUĠLUH  YRUUH]XOWDGRXăSROLQRDPH FkWXOúLUHVWXO FRHIL
 FLHQĠLLDFHVWRUSROLQRDPHVHYRUVFULHSHSULPD FkWXO úLUHVSHFWLYDGRXDOLQLHDIL
2SHUDĠLLFXSROLQRDPH úLHUXOXLUH]XOWDW UHVWXO 
ÌQIXQFĠLHGHFHULQĠDSUHFL]DWăvQILúLHUXOGHLQWUDUHVHYDHIHFWXDXQDGLQWUHXUPăWRDUH x YDORDUHD XQXL SROLQRP FX FRHILFLHQĠL vQWUHJL vQWUXQ SXQFW GDW QXPăU vQWUHJ  HVWH
OHRSHUDĠLLDVXSUDXQRUSROLQRDPHFXFRHILFLHQĠLvQWUHJL XQQXPăUvQWUHJFDUHYDILVFULVvQILúLHUXOGHLHúLUH
x DGXQDUHDDGRXăSROLQRDPH x vQ XUPDGHVFRPSXQHULLXQXLSROLQRPFDSURGXVGHELQRDPHUH]XOWăRH[SUHVLHGH
x VFăGHUHDDGRXăSROLQRDPH IRUPD SROLQRP SROLQRP  SROLQRPN 

x vQPXOĠLUHDDGRXăSROLQRDPH
 3ROLQRDPHOH VH YRU DILúD vQ IRUPă DOJHEULFă vQ RUGLQHD GHVFUHVFăWRDUH D JUDGHORU
x vPSăUĠLUHDDGRXăSROLQRDPH
WHUPHQLORU3XWHULOHOXL;VHYRUDILúDVXEIRUPD
x FDOFXODUHDYDORULLXQXLSROLQRPvQWUXQSXQFW QXPăUvQWUHJ GDW
x GHVFRPSXQHUHDXQXLSROLQRPvQSURGXVGHELQRDPH
 ;­SXWHUH GDFăSXWHUH! 
  ;VHYDDILúD;
'DWHGHLQWUDUH  ;QXVHYDDILúD DSDUHGRDUFRHILFLHQWXO 
'HSHSULPDOLQLHDILúLHUXOXLGHLQWUDUH '*&$VHFLWHúWHXQFDUDFWHUFDUHFRPXQLFă  WHUPHQLLDLFăURUFRHILFLHQĠLVXQWQXVHYRUVFULHH[FHSĠLHIăFkQGSROLQRPXOQXO
RSHUDĠLDFDUHWUHEXLHHIHFWXDWă&DUDFWHUHOHSRVLELOHVXQW 
x ~VHVROLFLWăDGXQDUHDDGRXăSROLQRDPH 5HVWULFĠLLúLSUHFL]ăUL
x VHVROLFLWăVFăGHUHDFHOXLGHDOGRLOHDSROLQRPGLQSULPXO x WRDWHSROLQRDPHOHDXFRHILFLHQĠLvQWUHJL
x GDWHOHGHLQWUDUHVXQWFRUHFWHúLFRQIRUPHFXGHVFULHUHDGLQHQXQĠ
x ‘VHVROLFLWăSURGXVXODGRXăSROLQRDPH
x FRHILFLHQWXOWHUPHQXOXLGHJUDGPD[LPDSROLQRPXOXLvPSăUĠLWRUvQFD]XORSHUDĠLHL
x ’VHVROLFLWăFkWXOúLUHVWXOGXSăFHSULPXOSROLQRPVDvPSăUĠLWODDOGRLOHD ’HVWH
x •VHVROLFLWăFDOFXODUHDYDORULLXQXLSROLQRPvQWUXQSXQFWGDW 
x VHVROLFLWăGHVFRPSXQHUHDSROLQRPXOXLvQELQRDPH ([HPSOH
 '*&$ '*&'(!J
 ÌQFD]XOvQFDUHVHGRUHúWHRRSHUDĠLHDULWPHWLFăFRHILFLHQĠLLFHORUGRXăSROLQRDPH ~J ¨­‡~¨­‡¨
VHYRUDIODSHOLQLLOHDGRXDúLUHVSHFWLYDWUHLDDILúLHUXOXL JŸJ`JJ
 JJ
 

 3ROLQRDPH
3ROLQRDPH 

 

J ‹ Q
KJ QXYKJJ Q KJ
'*&$ '*&'(!J
J ¨­‡¨­¨~ J J ^DILúHD]ăXQSROLQRPvQIRUPDVDDOJHEULFă`
J
JŸJ`JJ


J‹ JQ
KJ QXYKJJ QXY KJ
JJ
  J J ^FRPSOHWHD]ăSROLQRPXOSFXXULSkQăODQRXOJUDG`
'*&$J '*&'(!J J
‘J ¨­|¨­ˆ‡¨­‡~‡¨­~¨ 


‹‹ JQ
KJ QXY KJ
JŸJ`JJ J J ^LQLĠLDOL]HD]ăFRHILFLHQĠLLSROLQRPXOXLSGHJUDGJFXXUL`
JJ J
J  

J—¨ JQ
KJJ QXY KJ
'*&$J '*&'(!J J J ^vQPXOĠHúWHSROLQRPXOSFX;`
J
’J ¨~J
JŸJ`JJ  


%% JQ
KJ QXYKJJ
JJJ J J %

Q€
  KJ
J    ^UHWXUQHD]ăSROLQRPXOUH]XOWDWGLQvQPXOĠLUHDOXLFXRFRQVWDQWă`
'*&$ '*&'(!J J


J
 Q
KJ  QXYKJJ‡Q
KJJ
•J Š
J J J ‡QXY KJ
|J
JŸJ`JJ   ^DGXQDUHDDGRXăSROLQRDPH SúLSGHJUDGJUHVSHFWLYJ `
J
 


J™% Q
KJ  QXYKJJ‡Q
KJJ
'*&$ '*&'(!J
J J J ‡QXY KJ
J ¨­~¨~ˆ J¨ J¨ 
ŒJŸ`J‡JŸJ   ^HIHFWXHD]ăVFăGHUHDDGRXăSROLQRDPH SúLSGHJUDGJUHVSHFWLYJ `
J
 


 Q
KJ  QXYKJJ‡Q
KJJ
J ‡QXY KJ
6ROXĠLLOHSUREOHPHORUSURSXVH
J J
  ^UHWXUQHD]ăSROLQRPXOUH]XOWDWGLQvQPXOĠLUHDDGRXăSROLQRDPH`
 J


J€ Q
KJ  QXYKJJ
2SHUDĠLLFXSROLQRDPH J J J%Q
KJJ % QXY KJ
&RPSOH[LWDWHDDFHVWHLDSOLFDĠLLREOLJăODXWLOL]DUHDVXESURJUDPHORUXQHOHGLQWUHHOHIL   ^UHWXUQHD]ăSROLQRPXOFkWúLUHVWUH]XOWDWHGLQvPSăUĠLUHDDGRXăSROLQRDPH`
LQGQHFHVDUHvQFD]XOUHDOL]ăULLPDLPXOWRURSHUDĠLL'LQVXESURJUDPHOHFDUHSUHOXFUHD J
]ăSROLQRDPHOHDPFRQVWUXLWXQXQLWÌQDFHVWXQLWDPGHILQLWWLSXO
úLVXESUR 

J†%
 Q
KJ QXYKJJ Q K
JUDPHOHFDUHUHDOL]HD]ăRSHUDĠLLOHGHFDUHYRPDYHDQHYRLH8QHOHVXESURJUDPHVXQW   ^GHVFRPSXQHSROLQRPXOvQSURGXVGHELQRDPH`
DSHODWHGRDUGHVXESURJUDPHúLÄQXVHYăG´GLQSURJUDPXOXWLOL]DWRUDOXQLWXOXL 
 ,QWHUIDĠDDFHVWXLXQLW  6XEDOJRULWPXO úFLWHúWHGHSHOLQLDFXUHQWăDILúLHUXOXLGHLQWUDUHFRHILFLHQ
 ĠLLXQXLSROLQRPúLGHWHUPLQăJUDGXODFHVWXLD vQIXQFĠLHGHQXPăUXOGHFRHILFLHQĠL 


J 
J  Jú   QJ

J
\ ›`‡`œJJ€
 KJ JJ JmJ`J
J JJ   XUPHD]ăPDUFDGHVIkUúLWGHOLQLH

 ăQJ
 J£ Q
KJ QXYKJQ€
  Q€
 KJ JJJJ
ú
J› œJ
  ^FDOFXOHD]ăYDORDUHDSROLQRPXOXLSvQWUXQSXQFWGDW[FXVFKHPDOXL+RUQHU` JJJJ JmJ ~J
J  ú    


J% JQ
KJJ QXYKJJ Q KJ JJ JmJ JJJ
  ^UHWXUQHD]ăSROLQRPXOFLWLWGLQILúLHUúLJUDGXOOXL` ú   
3ROLQRDPH   3ROLQRDPH
 
JJJJăJ›`œJ…J`J J
 ÌQVXEDOJRULWPXOFDUHDILúHD]ăXQSROLQRPVXEIRUPăDOJHEULFăúLFRQIRUPFHULQĠH
ORUHQXQĠDWHVDXVHSDUDWXUPăWRDUHOHVLWXDĠLL JJJJJJ 
J~›`œJ ^DILúDUHDWHUPHQXOXLOLEHU`
JJJJ ú ăJ
x GDFăSROLQRPXODUHJUDGVHDILúHD]ăWHUPHQXOOLEHU JJJJăJ›`œJJ`J J
x GDFăSROLQRPXODUHJUDGPDLPDUHGHFkW JJJJJJ 
J›`œJ
 VHDILúHD]ăSULPXOWHUPHQ GHJUDGPD[LP  JJ ú ăJ
 VHDILúHD]ăWHUPHQLLGHJUDG  ú   

 VHDILúHD]ăWHUPHQXOOLEHU  8UPHD]ă DFXP SUH]HQWDUHD VXEDOJRULWPLORU FDUHFRUHVSXQGRSĠLXQLORUSRVLELOHGLQ

ILúLHUXOGHLQWUDUH
 'HDVHPHQHD

x vQIDĠDFRHILFLHQĠLORUSR]LWLYLYRPVFULH ~ DYHPGHDILúDWRVXPăGHPRQRDPH  2SĠLXQHD22
SHFkQGvQIDĠDFHORUQHJDWLYLVHPQXO VHDILúHD]ăLPSOLFLW QXHVWHFD]XOVăVH  J£   J
DGDXJHQLPLF    ^FDOFXOHD]ăYDORDUHDSROLQRPXOXLSvQWUXQSXQFWGDW[FXVFKHPDOXL+RUQHU`
x GDFăFRHILFLHQWXOHVWHWHUPHQXOUHVSHFWLYQXVHDILúHD]ă JJ•JmJ`J
 JJ
 J\ `J

 ăQJ
 J ú‹ă
   Q JJJJ•JmJ•‘J~J›œJ
JJăJ J\J`J  
J› œJJ ^DYHPQXPDLWHUPHQOLEHU`J  ú 
 
JJ 
J JJ£JmJ•J
JJJJăJ› œJ\JJ  
J ^WHUPHQGHWLSXOÄ´`J ú   J
JJJJ 
J J
JJJJJJăJ› œJzJJ  ^WHUPHQGHWLSXOÄ ‘´`J 2SĠLXQHD2;2
JJJJJJJJ 
J› œJ  ÌQYHGHUHDDGXQăULLDGRXăSROLQRDPH SGHJUDGJúLSGHJUDGJ DFHVWHDPDL
 ú ă vQWkLVHDGXFODDFHHDúLOXQJLPH DFHOXLGHJUDGPD[LP  FXVXEDOJRULWPXO 
JJJJăJ J…JJ  ^WHUPHQGHWLSXOÄ­?´`J ‹ă     $FHVW OXFUX vQVHDPQă DGăXJDUH GH XUL SkQă OD OXQJLPHD
JJJJJJ 
J¨­  J
PDL PDUH FRHILFLHQĠL GH UDQJ PDL PDUH  GHRDUHFH úLUXO FRHILFLHQĠLORU HVWH RUGRQDW
JJJJ 
J 
J¨J ^WHUPHQGHWLSXOÄ´`J FUHVFăWRUGXSăSXWHULOHOXL;ÌQFRQWLQXDUHDGXQDUHDFRQVWăvQWURVLPSOăDGXQDUHDúL
 ú ăJ
JJJJ
 J\ J

 ăQJ
UXULORUFRHILFLHQĠLORU

JJJJJJăJ›œJzJ`J  ^GDFăWHUPHQXODUHFRHILFLHQWQHQXO`  J‹ă    QJ
JJJJJJJJăJ›œJ\JJ J 
JJ
JJJJJJJJ 
J J J ^FRPSOHWHD]ăSROLQRPXOSFXXULSkQăODQRXOJUDG`
JJ
 J\ ~ J

 ăQJ
JJJJJJJJJJăJ›œJ\JJ  
J~J
JJJJJJJJJJ 
J JJJJ›œJmJ`J
JJJJJJJJJJJJăJ›œJ…JJ J 
J~›œJ ú   
JJJJJJJJJJJJ 
J 
J›œJ 
JJJJJJJJJJJJ ú ă  J
ă   ‡ ‡ J
 ú ă  ^VHFRPSOHWHD]ăFXXULSROLQRPXOPDLVFXUWSkQăODOXQJLPHDFHOXLODOW`
 ú ă J J ^úLVHGHWHUPLQăJUDGXOUH]XOWDWXOXL`
JJJJJJJJăJJ…JJ J 
J¨­J JJăJ J…J J J
JJJJJJJJJJJJJJJJJJJ 
J 
J¨J JJJJ ‡JmJ J
 ú ăJ JJJJ‹ă    J
JJJJJJ ú ăJ JJ 
J
JJJJ ú 
 J JJJJ ‡JmJ J
3ROLQRDPH   3ROLQRDPH
 
JJJJ‹ă    J  ^GDFăvQXUPDVFăGHULLFHORUGRXăSROLQRDPHVDUHGXVJUDGXO`
 ú ă  ^SROLQRPXOXLUH]XOWDWVHPRGLILFăJUDGXOSROLQRPXOXLGLIHUHQĠă`
JJ
 J\` ‡J

 ăQJ    J ‡J…J` JúJ ‡› ‡œJ\J` J

 ăQJ
JJJJ‡›œJmJ›œJ~J›œJ ^VHDGXQăWHUPHQFXWHUPHQ` JJJJ ‡JmJ ‡J
 ^GDFăvQXUPDDGXQăULLFHORUGRXăSROLQRDPHVDUHGXVJUDGXO`  ú    JJ
 ^SROLQRPXOXLUH]XOWDWVHPRGLILFăJUDGXOSROLQRPXOXLVXPă` ú   J
JJ   J ‡J…J` JúJ ‡› ‡œJ\J` J

 ăQJ J
JJJJ ‡JmJ ‡JJ 2SĠLXQHD2B2
 ú    JJ  ÌQPXOĠLUHDSRDWHILSULYLWăFDDGXQDUHDSROLQRDPHORUREĠLQXWHGLQvQPXOĠLUHDOXLS
ú   J FXFkWHXQPRQRPGHDOOXLS3ROLQRPXOÄSURGXV´vOYRPLQLĠLDOL]D
 
 'DFăYUHPVăHYLWăPDFHDVWăRSHUDĠLHGHFRPSOHWDUHFXXULFDUHFDX]HD]ăFUHúWH  J€
Ġ‹‹ă  QJ
UHDRSHUDĠLLORUHOHPHQWDUHGHDGXQDUHSXWHPSURFHGDvQIHOXOXUPăWRU  ^LQLĠLDOL]HD]ăFRHILFLHQĠLLSROLQRPXOXLSGHJUDGJFXXUL`
J JJ
 J\` J

 ăQJ
 J
ă   ‡ ‡ QJ JJJJ›œJmJ`J
J J ^DGXQăPFX`  ú 
 JJ
JJăJ JJ J JJ ú   J
J
JJJJ
 J\`
J

 ăQJ
JJJJJJ›œJmJ›œJ~J›œJ
 0RQRDPHOHFXFDUHVHYDvQPXOĠLSOHREĠLQHPGLQSVXEIRUPăGHFRHILFLHQĠLÌQ
 ú 
  FRQVHFLQĠăQHWUHEXLHXQVXEDOJRULWPFDUHvQPXOĠHúWHXQSROLQRPFXXQQXPăUvQWUHJ
J
‡JmJJ  J¡
Ġú%%  %

 QJ
 ‡JmJ J  ^UHWXUQHD]ăSROLQRPXOUH]XOWDWGLQvQPXOĠLUHDOXLFX%

`
 
 JJ
 J\` J

 ăQJ
JJJJ
 J\`
J

 ăQJ
JJJJ›œJmJ%

‘›œJ
JJJJJJ›œJmJ›œJ~J›œJ  ú 
 JJ
 ú 
  ú   J
‡JmJJ 
JJJJ ‡JmJ J  ÌQ VXEDOJRULWPXO ¡
Ġú   ‡ ‡  YRP XWLOL]D WUHL SROLQRD
 ú ăJ
PHGHOXFUXGHJUDG 
úL
3ROLQRPXOSULPHúWHYD
ú   
J ORDUHD SROLQRPXOXL S vQ 
 ÄVWUkQJHP´ SROLQRPXO UH]XOWDW S  LDU vQ 
 $FHDVWăUH]ROYDUHDUHGH]DYDQWDMXOFăvOPRGLILFăSHSUHVSHFWLYSHSGXSăFD] 
SăVWUăPWHPSRUDUSROLQRPXOFDUHODILHFDUHSDVVHvQPXOĠHúWHFX;'HDVH
'DFăvQVăLDPWUDQVPLWHSULQYDORDUHGXSăUHYHQLUHDGLQDSHOLDPUHJăVLQHPRGLIL PHQHDODILHFDUHSDV vQQXPăUGHFkĠLWHUPHQLVXQWvQS YRPvQPXOĠLSFXFRHILFLHQ
FDWH WXOFRUHVSXQ]ăWRUGLQSúLUH]XOWDWXOVHDGXQăODS SăVWUDWvQ
 


 J¡
Ġú   ‡ ‡ QJ
2SĠLXQHD212
J J ^UHWXUQHD]ăSROLQRPXOUH]XOWDWGLQvQPXOĠLUHDDGRXăSROLQRDPH`
 6FăGHUHDDGRXăSROLQRDPHSRDWHILSULYLWăFDRDGXQDUHDSULPXOXLSROLQRPFXSR
JJ ‡JmJ J~J J
OLQRPXOUH]XOWDWGLQvQPXOĠLUHDFHOXLGHDOGRLOHDSROLQRPFX±
JJ€
Ġ‹‹ă ‡ ‡ J ^VHLQLĠLDOL]HD]ăUH]XOWDWXO`
S±S S ± ˜S
 JJJmJJ ^JJ\JSROLQRPGHOXFUX`J
 J™%   ‡ ‡ Q JJ JmJ J
JJ¡
Ġú%%   J   ^VHDGXQăODILHFDUHSDVSROLQRPXOODSROLQRPXOUH]XOWDW‡`J
JJ
ă   ‡ ‡ KJ J
3ROLQRDPH   3ROLQRDPH
 
JJ
 J\` J

 ăQJ ^SHQWUXILHFDUHFRHILFLHQWDOSROLQRPXOXL`  J¡   %ž %ž  QJ
JJJJ
JmJ‡J   ^UHWXUQHD]ăSROLQRPXOFkWúLUHVWUH]XOWDWHGLQvPSăUĠLUHDDGRXăSROLQRDPH`
JJJJ
JmJJ JJ %JmJ JJ ^JUDGXOSROLQRPXOXLFkWHVWHGLIHUHQĠDJUDGHORUSROLQRDPHORU`
JJJJ¡
Ġú%% 
 ›œ J  ^VHLQLĠLDOL]HD]ăFRHILFLHQĠLLSROLQRPXOXL%žFX`
JJJJ
ă 

 ‡ ‡ ‡ J JJ€
Ġ‹‹ă %ž %ž J
JJJJ—¨   J ^VHSUHJăWHúWHSHQWUXSDVXOXUPăWRU`   ^FkWXOúLUHVWXOYRUILSROLQRDPHFXFRHILFLHQĠLvQWUHJL`J
JJ ú 
  JJăJ › œJ\J J J › œJ\J J 
ú      ^JUDGXOGHvPSăUĠLWXOXLtJUDGXOvPSăUĠLWRUXOXL`J
 JJJJ   J JtJ J

 ăQJ 
 (IHFWXOVXEDOJRULWPXOXL —¨  HVWHÄHFKLYDOHQW´FXvQPXOĠLUHDSROLQRPXOXL  ^FRHILFLHQWXOWHUPHQXOXLGHJUDG  YDILUH]XOWDWXOvPSăUĠLULL`
SFX;'HIDSWVHGHSODVHD]ăFRHILFLHQĠLLvQúLUFXRSR]LĠLHODGUHDSWDHOLEHUkQGDVWIHO JJJJJJ%›  œJmJ›› œ’› œœJ
ORFXOWHUPHQXOXLOLEHUFDUHVHLQLĠLDOL]HD]ăFXúLvQILQDOVHPăUHúWHJUDGXOSROLQRPX JJJJJJ¡
Ġú %     J
OXLFX JJJJJJ™%     J
 JJJJJJJmJJ ^VHUHSHWăSURFHVXOvPSăUĠLQGUHVWXODFWXDOOD`J
 J—¨  QJ JJJJJJ JmJ J
J J ^vQPXOĠHúWHSROLQRPXOSFX;`  ú    
JJ
 J\ `J

 ăQJ^VHGHSODVHD]ăFRHILFLHQĠLLFXRSR]LĠLHVSUHGUHDSWD`J  ú ăJ
ú   J
JJJJ›~œJmJ›œJ 
JJ ú 
 J
2SĠLXQHD22
JJ›`œJmJ`J 3HUkQGSHQWUXILHFDUHSRVLELOGLYL]RUVHFRQVWUXLHúWHSROLQRPXOSFRQIRUPVFKHPHL
JJ JmJ J~JJ OXL+RUQHU
ú   

  J†%
   ,
 'DFă vQWUR SUREOHPă DP DYHD QHYRLH GH XQ VXEDOJRULWP VLPSOX GH vQPXOĠLUHDP JJăJ››`œ’› œœJ\J`J J ^QXPDLGDFăDUHFRHILFLHQĠLvQWUHJL`
SXWHDIRORVLXUPăWRUXO JJJJ
JmJ` ^VHLQWURGXFvQúLUXO•GLYL]RULLOXL›`œ`J
J JJJJ
 J\˜ ›`œ J

 ăQJ
 J¡
Ġú   ‡ ‡ QJ
JJJJJJăJ››`œ’œJ\J`J ^úLVHLQWURGXFvQúLUXOGLYL]RULORU`J
JJ ‡JmJ J~J J
JJJJJJJJ
JmJ
~J
JJ€
Ġ‹‹ă ‡ ‡  ^VHLQLĠLDOL]HD]ăUH]XOWDWXO`J JJJJJJJJ•›
œJmJJ
JJ
 J\` J

 ăQJ
JJJJ
 J\` J

 ăQJ JJJJJJJJ
JmJ
~J
JJJJJJJJ•›
œJmJJ
JJJJJ‡›~œJmJ‡›~œJ~J›œ‘›œJ
JJJJJJ ú ă
 ú 
 
 ú 
 
 ú 
 
ú    JJJJ JmJ  ^YDULDELOăDX[LOLDUăvQFDUHVHSăVWUHD]ăJUDGXOSROLQRPXOXL`
 JJJJ?JmJJJ ^LQGLFHvQúLUXOGLYL]RULORU`J
2SĠLXQHD2C2J JJJJ
ăJmJ`JJ ^QXPăUXOUăGăFLQLORUJăVLWH`J
 'HRDUHFHDFHDVWăDSOLFDĠLHGHWHUPLQăFkWXOúLUHVWXODGRXăSROLQRDPHFXFRHILFLHQĠL JJJJ

ăJ ^VHFRQVWUXLHúWHSROLQRPXOFRQIRUPVFKHPHLOXL+RUQHU`
vQWUHJL FRQIRUP XQXL UH]XOWDW SUH]HQWDW vQ VXSRUWXO WHRUHWLF DO OHFĠLHL FRHILFLHQWXO GH JJJJJJ› œJmJ› œJ ^FRHILFLHQWXOWHUPHQXOXLGHJUDGPD[LP`
JUDGPD[LPDOSROLQRPXOXLvPSăUĠLWRUWUHEXLHVăILHVDX± JJJJJJ
 J\ `J

 ăQJ
 JJJJJJJJ›œJmJ›œJ~J›~œ‘•›?œJ
  ú 
 
3ROLQRDPH 

JJJJJJăJ›`œJ\J`J J ^•›?œHVWHUăGăFLQăDOXL`J
JJJJJJJJ
ăJmJ
ăJ~JJ
JJJJJJJJă›
ăœJmJ•›?œJJJJ ^SăVWUăPUăGăFLQDvQúLUXOUăGăFLQLORU` 
JJJJJJJJ
 J\ J

 ăQJ 
JJJJJJJJJJJ›œJmJ›œJ 
 ú 
 J
JJJJJJJJ JmJ JJJJJJJJJJJJJJJJJJJJJJJ ^VFDGHJUDGXOSROLQRPXOXL`J 0XOĠLPL &DSLWROXO


JJJJJJ 
J 
JJJJJJJJ?JmJ?J~JJ ™7LSXOPXOĠLPH
™2SHUDĠLLOHSRVLELOHFXGDWHOHGHWLSPXOĠLPH
 ú ăJ
™3UREOHPHSURSXVH
JJJJ ăJ ?J…J
 J J
ăJ\J  J ™6ROXĠLLOHSUREOHPHORU
 ^SkQăFkQGQXPDLVXQWGLYL]RULVDXDPJăVLWWRDWHUăGăFLQLOH`
JJJJ ú‹ăX

JJ ú ăJ 

ú   


 6XEDOJRULWPXOGHPDLVXVDSHOHD]ăRSURFHGXUăVSHFLDOăGHDILúDUH3URFHGXUDIDFH 7LSXOPXOĠLPH
0XOĠLPHDHVWHRVWUXFWXUăVWDWLFăGHGDWHFXDMXWRUXOFăUHLDVHSRDWHUHSUH]HQWDRFR
SDUWHGLQ]RQDGHGHFODUDĠLLDVXESURJUDPXOXL†%
    OHFĠLH ILQLWă GH HOHPHQWH &DUDFWHUXO ILQLW QH SHUPLWH LQGH[DUHD HOHPHQWHORU VDOH
 0 ^PPPQ` FHHD FH vQVHDPQă Fă OD QLYHOXO UHSUH]HQWăULL LQWHUQH PXOĠLPHD
  ú‹ăX
Q SRDWHILDVLPLODWăFXXQúLU PPPQ 
 ^VHDILúHD]ăSURGXVXOGHSROLQRDPHGHWHUPLQDW`  3HQWUXDSXWHDSUHFL]DPRGXOvQFDUHVHYRUHIHFWXDRSHUDĠLLOHFXPXOĠLPLYRPGHIL
JJăJ J…J`J J QLVWUXFWXUDGHVXEPXOĠLPH$FHDVWDVHSRDWHUHDOL]DFXDMXWRUXOXQXLYHFWRUIRUPDWGLQ
J J ^VHDILúHD]ăFDUHQXPDLDUHUăGăFLQLvQPXOĠLPHDQXPHUHORUvQWUHJL` YDORULOHIXQFĠLHLFDUDFWHULVWLFHDVRFLDWHVXEPXOĠLPLL
JJJJ 
J J ­ GDFă PL  6
YV  VVVQ XQGH VL ® 
JJJJ ú‹ă   J ¯ GDFă PL  6
JJJJ 
J J  )LH660úL Y V  Y V YHFWRULLORUFRUHVSXQ]ăWRUL$WXQFL
 ú ă
JJ
 J?\
J

 ăQJ D  6 ‰6YDILFDUDFWHUL]DWăGHYHFWRUXOYREĠLQXWGLQ YV úL YV HIHFWXkQGRSHUDĠLD
JJJJ›`œJmJă›?œJ ORJLFă› VDX HOHPHQWFXHOHPHQW
JJJJ›œJmJJ E  6 ˆ6YDILFDUDFWHUL]DWăGHYHFWRUXOYREĠLQXWGLQ YV úL YV HIHFWXkQGRSHUDĠLD
JJJJ 
J J ORJLFăš úL HOHPHQWFXHOHPHQW
JJJJ ú‹ă  J  2ULFDUHDOWHRSHUDĠLLFXVXEPXOĠLPLOHXQHLPXOĠLPLSRWILLPDJLQDWHFDRSHUDĠLLORJL
JJJJ 
J J FHDVXSUDYHFWRULORUDWDúDĠL

JJ ú 
 
 7LSXOPXOĠLPHHVWHXQWLSVWUXFWXUDWGLIHULWGHFHOHODOWHWLSXULVWUXFWXUDWHHOFRUHV
ú  J
SXQGHQRĠLXQLLGHPXOĠLPHGLQPDWHPDWLFă
  2YDORDUHDXQXLWLSPXOĠLPHHVWHRVXEPXOĠLPHDYDORULORUXQXLWLSRUGLQDOVWDQ
 $FHVWHVXESURJUDPHVXQWWRDWHvQFRUSRUDWHvQXQLWXOSăVWUDWvQILúLHUXO  GDUGVDXGHILQLWGHXWLOL]DWRUQXPLW WLSXOGHED]ăDOPXOĠLPLL 'HH[HPSOXvQOLPED
FDUHWUHEXLHLQFOXVvQSURJUDPXOFDUHvOYDXWLOL]D3URJUDPXOSULQFLSDOFXSULQGHFLWLUHD MXO 3DVFDO WLSXO GH ED]ă DO PXOĠLPLL DUH FHO PXOW  GH YDORUL YDORULOH RUGLQDOH DOH
DFHVWRUDWUHEXLHVăDSDUĠLQăLQWHUYDOXOXL>@ 
FDUDFWHUXOXLFDUHFRGLILFăRSHUDĠLDGHHIHFWXDWÌQIXQFĠLHGHYDORDUHDDFHVWXLFDUDFWHU
VH H[HFXWă VHFYHQĠD GH LQVWUXFĠLXQL FDUH FLWHúWH GDWHOH GH LQWUDUH HIHFWXHD]ă RSHUDĠLD
SUHFL]DWăúLDILúHD]ăUH]XOWDWHOHvQIRUPDVROLFLWDWă‡úLˆVXQWSROLQRDPHGH
JUDGH   ‡úLUHVSHFWLY ˆ
J
0XOĠLPHD   0XOĠLPHD
 
 8QWLSPXOĠLPHDUHDWkWHDYDORULFkWHVXEPXOĠLPLDGPLWHPXOĠLPHDYDORULORUWLSXOXL ăJ…\JX 
GHED]ăúLPXOĠLPHDYLGăUHVSHFWLYQVXEPXOĠLPLGDFăWLSXOGHED]ăDUHQYDORUL  
JJ
%JJX
ú ă
 ăJ X 
2SHUDĠLLOHSRVLELOHFXGDWHOHGHWLSPXOĠLPH  
J J%JX
 ú ă
$WULEXLUHD ăJ…JX 
 
JJ JJX
8QHLYDULDELOHGHWLSPXOĠLPHLVHDWULEXLHYDORDUHDXQHLH[SUHVLLGHDFHODúLWLSPXOĠLPH
ú ă


([HPSOH 3DVFDO 
F7HVWGHDSDUWHQHQĠăDXQXLHOHPHQWODRPXOĠLPH
Q\›œK ^LQLĠLDOL]DUHFXPXOĠLPHDYLGă`
XQ\›‡ˆ|œKJ 6HIRORVHúWHRSHUDWRUXOUHODĠLRQDO
Q\›"€—‚œKJ 
 ([HPSOH
'HFODUDUHDWLSXOXLPXOĠLPH 3DVFDO  ă
J 
 

JJ J
JJ

QXPHBWLS
WLSBGHBED]ă
ú ă
JLGHQWLILFDWRUBYDULDELOăQQXPHBWLS ă  
J  
XQGHWLSBGHBED]ăHVWHWLSXOGHED]ăDOPXOĠLPLLúLDUHFHOPXOWGHYDORUL  

J
JJ J
JJ
 ú ă
([HPSOH

\
XYK ^QXPHUHvQWUHJLPDLPLFLGHFkW` G&LWLUHDXQHLYDULDELOHGHWLSPXOĠLPH
\
`‰K ^PXOĠLPHGHFLIUH` ÌQOLPEDMXO3DVFDOQXHVWHSHUPLVăFLWLUHDXQHLYDULDELOHGHWLSPXOĠLPHÌQFRQFOX]LH
‡\
& ^PXOĠLPHGHFDUDFWHUH` VHYDSURFHGDVLPLODUFXFLWLUHDXQHLYDULDELOHGHWLSWDEORXFLWLQGFRPSRQHQWHOHPXO
ˆ\
‹K ^PXOĠLPHDOLWHUHORUPLFL` ĠLPLLXQDFkWHXQD

2SHUDĠLLFXPXOĠLPL  „Ġ  Q
2SHUDĠLLOH FXQRVFXWH GLQ WHRULD PXOĠLPLORU ± VH LPSOHPHQWHD]ă vQ IXQFĠLH GH LQVWUX JJJmJ‡J ^vQ3DVFDOPXOĠLPHDYLGăVHQRWHD]ăFXDMXWRUXOFRQVWUXFWRUXOXL›œ`
PHQWHOHOLPEDMXOXLGHSURJUDPDUH    PDLH[LVWăHOHPHQWH

 ă,
 
ú

J
D2SHUDWRULELQDUL ^
WUHEXLHVăILHGHDFHODúLWLSFXWLSXOGHED]ăDOPXOĠLPLL`
 5HXQLXQHDDGRXăPXOĠLPL~ JJJJJmJJ~J›
œJJ
 ,QWHUVHFĠLDDGRXăPXOĠLPL‘ ^RSHUDĠLDGHUHXQLXQHVHHIHFWXHD]ăvQWUHGRLRSHUDQ]LGHWLSPXOĠLPH`
 ú ă
 'LIHUHQĠDDGRXăPXOĠLPL ú   

E2SHUDWRULUHODĠLRQDOL H6FULHUHDXQHLYDULDELOHGHWLSPXOĠLPH
d LQFOX]LXQH t LQFOXGHSH \ HJDOLWDWH … GLIHULWH  ÌQ OLPEDMXO 3DVFDO QX HVWH SHUPLVă VFULHUHD XQHL YDULDELOH GH WLS PXOĠLPH ùL GH GDWD
 DFHDVWDVHYDSURFHGDVLPLODUFXVFULHUHDXQHLYDULDELOHGHWLSWDEORXVFULLQGFRPSR
([HPSOH QHQWHOHPXOĠLPLLXQDFkWHXQD
ăJ\JX 

 
JJ
%JJX
ú ă  ÌQVXEDOJRULWPXOXUPăWRUSUHVXSXQHPFăPXOĠLPHDDUHWLSXOGHED]ăXY

0XOĠLPHD   0XOĠLPHD
 
 ™%„Ġ  Q ([HPSOX

 
\`||J

 ă,  $(+"&$ $(+"&'(!
^JHQHUăPILHFDUH
FDUHDSDUĠLQHWLSXOXLGHED]ăDOPXOĠLPLL` ˆJ‡`Œ‰ˆJˆˆJ JJˆJ
ă
JJJ  ^GDFă
DSDUĠLQHPXOĠLPLL` ‡ˆJˆˆJ|||ˆJ ŠJ
 

 ^DWXQFLvOVFULHP` |ˆ‡
 ú ă 
 ú 
 
ú    $JHQGD
 9DVLOHúLDFXPSăUDWRDJHQGăQRXăúLúLDQRWDWvQHDQQXPHUHGHWHOHIRQDOHFXQRú
2EVHUYDĠLH WLQĠHORUVDOHvQWURRUGLQHGRULWăGHHO&KLDUGDFăDUHDJHQGă9DVLOHDUYUHDVăÄvQYHĠH´
 1XRULFHVWUXFWXUăGHGDWHGHWLSPXOĠLPHSRDWHILLPSOHPHQWDWăFXXQWLSSUHGHILQLW WRDWHQXPHUHOHGHWHOHIRQQRWDWH'HRDUHFHHODREVHUYDWFăFHOPDLXúRUVHSRWSăVWUD
vQOLPEDMXOGHSURJUDPDUHUHVSHFWLY'HH[HPSOXFKLDUGDFăvQ3DVFDOH[LVWăSRVLEL vQPLQWHDFHOHQXPHUHGHWHOHIRQFDUHDXXQQXPăUPLQLPGHFLIUHGLVWLQFWHvúLSURSX
OLWDWHDIRORVLULLWLSXOXL
DFHVWDQXHVWHXWLOL]DELOvQFD]XOXQHLPXOĠLPLDYkQGFDUGL QHVăOHvQYHĠHPDLvQWkLSHDFHVWHD$SRLDUXUPDQXPHUHOHGHWHOHIRQGLQFHOHUăPDVH
QDOLWDWHPDLPDUHGHFkWVDXvQFD]XOvQFDUHHOHPHQWHOHXQHLPXOĠLPLQXVXQWGH FDUHDFXPDXQXPăUPLQLPGHFLIUHGLVWLQFWHúLDúDPDLGHSDUWH
WLSRUGLQDOÌQDFHVWHFD]XULYRPLPSOHPHQWDXQWLSPXOĠLPHSURSULXDSHOkQGODWLSXO  6FULHĠLXQSURJUDPFDUHVWDELOHúWHFDUHVXQWQXPHUHOHGHWHOHIRQGLQFHOHH[LVWHQWH
WDEORX  ÌQFD]XOLPSOHPHQWăULORUSURSULLYDWUHEXLVăFUHăPVXEDOJRULWPLLFDUH vQDJHQGDOXL9DVLOHSHFDUHOHYDÄvQYăĠD´vQSULPD]LDSRLFDUHVXQWFHOHSHFDUHOH
DVLJXUăRSHUDĠLLOHVSHFLILFHFXPVXQWUHXQLXQHDúLLQWHUVHFĠLD YH]LFDSLWROXO  YDUHĠLQHvQDGRXDHWF

 'DWHGHLQWUDUH
3UREOHPHSURSXVH 'LQILúLHUXOGHLQWUDUH#)$%#&$VHFLWHVFQXPHUHOHGHWHOHIRQGHSHOLQLLGLVWLQFWH
 
'DWHGHLHúLUH
&LIUHFRPXQH ÌQILúLHUXOGHLHúLUH#)$%#&'(!VHYRUVFULHSHDFHHDúLOLQLHVHSDUDWHSULQVSDĠLXQX
'LQWUXQILúLHUWH[WVHFLWHVFQXPHUHvQWUHJL$ILúDĠLFLIUHOHFRPXQHWXWXURUQXPHUHORU PHUHOHGHWHOHIRQDYkQGDFHODúLQXPăUGHFLIUHGLVWLQFWHOLQLDvQFKHLQGXVHFXQXPăUXO
FLWLWHúLFLIUHOHFDUHQXDSDUvQFRPSRQHQĠDQLFLXQXLQXPăUGLQILúLHU GHRUGLQHDO]LOHLvQFDUHVHPHPRUHD]ăDFHOHQXPHUH
 
'DWHGHLQWUDUH 5HVWULFĠLLúLSUHFL]ăUL
)LúLHUXOGHLQWUDUH $(+"&$FRQĠLQHXQQXPăURDUHFDUHGHOLQLLSHFDUHVXQWVFULVH
x XQQXPăUGHWHOHIRQDUHFHOPXOWFLIUH
XQQXPăURDUHFDUHGHQXPHUHvQWUHJLVHSDUDWHSULQFkWHXQVSDĠLX
 x dQd

'DWHGHLHúLUH
([HPSOX
ÌQILúLHUXOGHLHúLUH $(+"&'(!VHYRUVFULHFLIUHOHFRPXQHSHSULPDOLQLHvQRUGLQH #)$%#&$ #)$%#&'(!
FUHVFăWRDUHGRXăFLIUHILLQGVHSDUDWHSULQWUXQVSDĠLX&LIUHOHFDUHQXDSDUvQFRPSR ˆ|ŠJ JJ
QHQĠD QLFL XQXL QXPăU VH YRU VFULH SH D GRXD OLQLH vQ RUGLQH FUHVFăWRDUH GRXă FLIUH ‡ˆ|ŠJ ‡‡JJ
ILLQGVHSDUDWHSULQWUXQVSDĠLX'DFăQXH[LVWăFLIUHFDUHVăILHFRPXQHWXWXURUQXPHUH ˆ‡ŠJ ˆ‡‡‡J‡J
ORUGLQILúLHUXOGHLQWUDUHSHSULPDOLQLHGLQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXO ƒJ ˆ‡‡‡J ˆ|ŠJ|‡ˆJˆJ
J % J %
 'DFă WRDWH FHOH  FLIUH DSDU vQ VFULHUHD QXPHUHORU GLQ |‡ˆJ ‡ˆ|ŠJˆ‡ŠJŠˆ|‡J|
Šˆ|‡J
ILúLHUvQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXOJJ%  ‡‡J
 
5HVWULFĠLLúLSUHFL]ăUL

x QXPHUHOHGLQILúLHUXOGHLQWUDUHDXFHOPXOWFLIUHILHFDUH
 
0XOĠLPHD   0XOĠLPHD
 
,QGLYL]L 'DWHGHLQWUDUH
ÌQWUXQJUXSGHQLQGLYL]LVHVWDELOHVFUHODĠLLGHSULHWHQLHGLUHFWăúLLQGLUHFWăSULQLQWHU 3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH'*)&$VHDIOăQXPăUXOQDOSHUHFKLORUGHQX
PHGLXODOWRULQGLYL]L'kQGXVHSHQWUXILHFDUHLQGLYLGSULHWHQLLOXLGLUHFĠLDILúDĠLSHQ PHUHQDWXUDOHFDUHLGHQWLILFăGRXăSHUVRDQHFDUHDXIRVWFROHJLGHDQ3HXUPăWRDUHOHQ
WUXXQDQXPLWLQGLYLGWRĠLSULHWHQLLOXLLQGLUHFĠL OLQLL VH DIOă SHUHFKL GH QXPHUH QDWXUDOH GHVSăUĠLWH SULQWUXQ VSDĠLX UHSUH]HQWkQG GRL
 FROHJLGHDQ
'DWHGHLQWUDUH 
'HSHSULPDOLQLHDILúLHUXOXLGHLQWUDUH $%83&$VHFLWHúWHQXPăUXOGHLQGLYL]L 'DWHGHLHúLUH
Q'HSHXUPăWRDUHOHQOLQLLVHFLWHVFSULHWHQLLGLUHFĠLDLILHFăUXLLQGLYLGLQGLYL]LLGLQ )LúLHUXO GH LHúLUH '*)&'(! YD FRQĠLQH DWkWHD OLQLL FkWH JUXSXUL VDX IRUPDW GLQ
JUXS VXQW VLPEROL]DĠLSULQQXPHUHGHODODQÌQFDGUXOILHFăUHLOLQLLDFHVWHQXPHUH QXPHUHOHGHRUGLQHDOHSHUVRDQHORUGLQILúLHUXOGHLQWUDUH3HILHFDUHGLQXUPăWRDUHOH
VXQWVHSDUDWHSULQFkWHXQVSDĠLX3HXOWLPDOLQLHHVWHWUHFXWQXPăUXOGHRUGLQHDOLQGL OLQLLVHYRUVFULHQXPHUHOHGHRUGLQHDSDUĠLQkQGXQXLDVWIHOGHJUXSGHVSăUĠLWHSULQFkWH
YLGXOXLFăUXLDWUHEXLHVăLVHJăVHDVFăSULHWHQLLLQGLUHFĠL XQVSDĠLX
 
'DWHGHLHúLUH 5HVWULFĠLLúLSUHFL]ăUL
)LúLHUXOGHLHúLUH $%83&'(!YDFRQĠLQHRVLQJXUăOLQLHvQFDUHVHYRUVFULHQXPH x SHUVRDQHOHVXQWLGHQWLILFDWHSULQQXPHUHGHRUGLQHvQWUHúL
UHOHGHRUGLQHDOHSULHWHQLORULQGLUHFĠLDLLQGLYLGXOXLGDW$FHVWHQXPHUHVHYRUVHSDUD x dQd
SULQWUXQVSDĠLX x GLQWUXQJUXSQXIDFSDUWHPDLPXOWGHGHSDUVRDQH
 'DFăXQLQGLYLGQXDUHSULHWHQLLQGLUHFĠLDWXQFLvQILúLHUVHYDVFULHPHVDMXOƒ 
 ([HPSOX
'*)&$ '*)&'(!
5HVWULFĠLLúLSUHFL]ăUL
ŠJ J‡JˆJ
x UHODĠLDGHSULHWHQLHQXHVWHFRPXWDWLYăDGLFăGDFăLQGLYLGXOLHVWHSULHWHQFXLQGL J‡J J|JŠJ
YLGXOMDWXQFLQXvQVHDPQăFăLQGLYLGXOMHVWHSULHWHQFXLQGLYLGXOL ‡JˆJ 
x GDFăOLQLDLHVWHYLGăvQILúLHUXOGHLQWUDUHDFHVWOXFUXvQVHDPQăFăLQGLYLGXO |JJ
DYkQGQXPăUXOGHRUGLQHLQXDUHSULHWHQLGLUHFĠL ŠJ
 
([HPSOX
$%83&$ $%83&'(! 6ROXĠLLOHSUREOHPHORUSURSXVH
ŠJ JJˆJŠJ 
J‡J  &LIUHFRPXQH
‡JˆJ
|J ÌQUH]ROYDUHDDFHVWHLSUREOHPHYRPIRORVLWUHLPXOĠLPL
‡J|J ±PXOĠLPHDFRPXQHYDUHĠLQHFLIUHOHFRPXQHWXWXURUQXPHUHORU
ŠJ ±PXOĠLPHDWHPSYDSăVWUDFLIUHOHQXPăUXOXLFLWLWODSDVXOFXUHQW
JJ ±PXOĠLPHDQXVXQWYDSăVWUDFLIUHOHFDUHQXDSDUvQQLFLXQXOGLQWUHQXPHUHOHGDWH
‡ 
 ([HPSOX
 )LHFRQĠLQXWXOILúLHUXOXLGHLQWUDUH
ÌQWkOQLUH ‡ˆJ‡ˆ|ŠJ
ÌQWUXQOLFHXVHRUJDQL]HD]ăRvQWkOQLUHFXIRúWLLDEVROYHQĠL'LQSăFDWHSHUVRDQDFDUH ˆ‡ŠJ
DUHVDUFLQDVăWULPLWăLQYLWDĠLLOHDUHODGLVSR]LĠLHGRDULQIRUPDĠLLGHJHQXOSHUVRDQD[D ‡`‰J‡ˆ|J
IRVWFROHJGHDQFXSHUVRDQD\SHUVRDQD]DIRVWFROHJGHDQFXSHUVRDQD[HWF  0XOĠLPHDFRPXQHúLPXOĠLPHDQXVXQWVHLQLĠLDOL]HD]ăFXPXOĠLPHDFLIUHORUVLVWHPX
 6WDELOLĠLOLVWDLQYLWDĠLORUSHED]DLQIRUPDĠLLORUGHWLSXOFHORUGHVFULVHvQDúDIHOvQFkW OXL]HFLPDO
FROHJLLGHDQVăILHJUXSDĠL FRPXQH ^`
0XOĠLPHD 
  0XOĠLPHD
QXVXQW ^` 
 ăJ

JzJ‡J JJ ^GDFăH[LVWăHOHPHQWHvQPXOĠLPHD

Ÿ`
 1XPHUHOHVHFLWHVFSHUkQGGLQILúLHUXOGHLQWUDUH3UHOXFUDUHDXQXLQXPăUvQVHDPQă   ^H[LVWăFLIUHFDUHQXDXDSăUXWvQFRPSRQHQĠDQLFLXQXLQXPăU`
GHVFRPSXQHUHDOXLvQFLIUHúLGHSXQHUHDDFHVWRUDvQPXOĠLPHDWHPS'HFLvQFD]XOQX JJJJ
 J\`‰J

 ăQJJ^DFHVWHDVHVFULXSHFHDGHDGRXDOLQLHvQILúLHU`J
PăUXOXLQ PXOĠLPHDWHPSYDIL^` JJJJJJăJJJ

J J
JJJJJJJJ 
JJ
 0XOĠLPHD FRPXQH VH WUDQVIRUPă vQ LQWHUVHFĠLD GLQWUH HD vQVăúL úL PXOĠLPHD WHPS
JJJJJJ ú JăJ
DGLFăYDFRQĠLQHGXSăDFHDVWăSULPăFLWLUHGRDUFLIUHOHSULPXOXLQXPăUGLQILúLHU JJJJ ú J
 J
FRPXQH FRPXQHˆWHPSGHFLFRPXQH ^` JJ 
JJ ^GDFăPXOĠLPHD

HVWHYLGă`J
 'LQPXOĠLPHDQXVXQWFDUHFRQĠLQHDLQLĠLDOWRDWHFLIUHOHVHVFDGFLIUHOHJăVLWHvQSUL JJJJ 
JJJ% J^VHVFULHvQILúLHUXOGHLHúLUHPHVDMXOFHUXW`
PXOQXPăU JJ ú ăKJ
QXVXQW QXVXQW±WHPSGHFLQXVXQW ^` ú J  J
 3URFHGHXOFRQWLQXăFXFLWLUHDXUPăWRDUHORUQXPHUH,OXVWUăPvQWDEHOXOGHPDLMRV 
FRQĠLQXWXOFHORUWUHLPXOĠLPLSHQWUXILHFDUHQXPăUFLWLWvQFD]XOH[HPSOXOXL  ÌQSURJUDPXO3DVFDOPXOĠLPLOHIRORVLWHDXFDWLSGHED]ăVXEGRPHQLXO`‰GHRDUH
 FHYRUFRQĠLQHFLIUH1XPHUHOHSHFDUHOHFLWLPGLQILúLHUVXQWGHWLS

úLOHYRP
 Q  Q  Q  Q  Q  5H]XOWDWH UHĠLQHILHFDUHQXPăUFLWLWvQYDULDELOD
'HDVHPHQHDDPLQWLPFăvQ3DVFDORPXOĠLPH$
FRPXQH ^` ^` ^` ^` ^`  VHFUHHD]ăFXDMXWRUXOFRQVWUXFWRUXOXL $ >DDDN@XQGHDLL NUHSUH
QXVXQW ^` ^` ^` ^` ^`  ]LQWăHOHPHQWHOHPXOĠLPLL 
WHPS ^` ^` ^` ^` ^`  
 $JHQGD
 J 
QJ
9RPvQFHSHGLVFXĠLDSULYLQGUH]ROYDUHDSUREOHPHLFXXQH[HPSOX
JJ   XUPHD]ăPDUFDGHVIkUúLWGHILúLHU

 ăQJ
 ÌQWDEORXOQUDYHPFHOHQQXPHUHGHWHOHIRQFLWLWHGLQILúLHU
JJJJ
ú
J
J
QU   
JJJJJmJ‡J
 &UHăPXQWDEORXGHPXOĠLPLFLIvQFDUHFLILYDFRQĠLQHFLIUHOHGLVWLQFWHGLQQXPăUXO
JJJJ   J
J…J`J

 ăQJ
GHWHOHIRQQUL
JJJJJJJmJJ‰J›
’`œJ
FLI  ^`^`^`^`^`
JJJJJJ
JmJ›
’`œJ ^`^`^` 
JJJJ ú J   J
 ÌQWDEORXOFkWHSăVWUăPQXPăUXOGHFRPSRQHQWH FDUGLQDOLWDWHD ILHFăUHLPXOĠLPLFLIL
JJJJ%
JmJ%
JˆJJ ÌQH[HPSOXOFRQVLGHUDWFkWH   
JJJJ

JmJ

J®JJ  ÌQIXQFĠLHGHFRQĠLQXWXOWDEORXOXLFkWHYRPDOHJHvQWLPSXODILúăULLQXPăUXOGHWHOH
JJ ú J   J IRQQULDYkQGODSDVXOUHVSHFWLYQXPăUPLQLPGHFLIUH$FHDVWăFHULQĠăRUHDOL]ăPJH
  ^GXSăFHVDXFLWLWWRDWHQXPHUHOHGLQILúLHUVHYHULILFă` QHUkQGFDUGLQDOLWăĠLOHSRVLELOHDOHPXOĠLPLORU$FHVWHDVXQWQXPHUHFXSULQVHvQPXOĠL
  ^FRQĠLQXWXOPXOĠLPLORU%
úL

J` PHD^`SUHVXSXQkQGFăvQWUXQQXPăUGHWHOHIRQSXWHPDYHDWRDWHFLIUHOH
  ^GDFăPXOĠLPHD%
QXHVWHYLGăŸH[LVWăFLIUHFRPXQH`J HJDOH FD]XO VDXWRDWHFLIUHOHGLVWLQFWH GHIDSWFRQIRUPHQXQĠXOXL 
JJăJ%
JzJ‡J JJ  ÌQDLQWHGHDGHVFULHSDúLLDOJRULWPXOXLGHUH]ROYDUHYRPREVHUYDFăXQQXPăUGH
JJJJ
 J\`‰J

 ăQ ^VHVFULXHOHPHQWHOHPXOĠLPLLvQILúLHU`J WHOHIRQ SRDWH Vă vQFHDSă úL FX FLIUD  $FHDVWă REVHUYDĠLH HVWH LPSRUWDQWă GHRDUHFH
JJJJJJăJJJ%
J J GDFăQXPHUHOHGHWHOHIRQOHDPFLWLFDSHQLúWHQXPHUHDFHDFLIUăGHODvQFHSXWVDU
JJJJJJJJ 
JJ SLHUGH   ÌQFRQFOX]LHDOHJHPFDPRGDOLWDWHGHUHSUH]HQWDUHSHQWUXQXPHUHOH
JJJJJJ ú JăJ GHWHOHIRQúLUXOGHFDUDFWHUH VWULQJXO 
JJJJ ú J
 J  ÌQ SURJUDP YRP OXFUD FX WLSXO ‰ UHSUH]HQWkQG úLUXUL GH FDUDFWHUH DYkQG FHO
JJ 
JJ ^DOWIHOVHVFULHPHVDMXOFHUXWvQILúLHUXOGHLHúLUH`J PXOW  FDUDFWHUH FRUHVSXQ]ăWRU UHVWULFĠLHL GLQ HQXQĠ  1XPHUHOH GH WHOHIRQ OH YRP
JJJJ 
JƒJJ% J%
 SăVWUDvQWUXQWDEORXDYkQGHOHPHQWHGHWLS ‰GHRDUHFHYRPDYHDQHYRLHGHvQWUHJ
JJ ú JăJ
0XOĠLPHD   0XOĠLPHD
 
WDEORXO vQ PRPHQWXO vQ FDUH YRP GRUL Vă RUGRQăP QXPHUHOH GH WHOHIRQ vQ IXQFĠLH GH  ÌQVFRSXODILúăULLQXPHUHORUGHWHOHIRQvQRUGLQHFUHVFăWRDUHGXSăQXPăUXOFLIUHORU
QXPăUXOFLIUHORUGLVWLQFWHvQFRPSRQHQĠDORU GLVWLQFWHGLQFRPSRQHQĠDORUYRPFăXWDSHUkQGQXPHUHGHWHOHIRQDYkQG
 3HQWUXDREĠLQHFLIUHOHGLVWLQFWHGLQWUXQQXPăUGHWHOHIRQGLQFLIUHOHILHFăUXLQX FLIUHGLVWLQFWH
PăUvQSDUWHYRPFUHDFkWHRPXOĠLPH$VWIHOYRPJHQHUDXQWDEORXGHPXOĠLPL 
J  J ú
%ž QJ
 J 
˜Ġ % QJ
JJ‹JmJ`J
  ^GHVFRPSXQHPILHFDUHQXPăUGHWHOHIRQ
›œvQPXOĠLPHDGHFLIUH% ›œ` JJ
 J\‰J

 ăQJ
JJ
 J\
J

 ăQJ
JJJJ ăJmJIDOVJ
JJJJ% ›œJmJ‡J
JJJJ
 J\
J

 ăQJJJJJJJJJJJJ^VWXGLHPILHFDUHQXPăUGHWHOHIRQ`
JJ ú J
 JJJ
JJJJJJăJ\%ž›œJ 
JJ
 J\
J

 ăQJ
  ^GDFăDPJăVLWXQQXPăUGHWHOHIRQDYkQGLFLIUHGLVWLQFWH`J
JJJJ
 \OXQJLPHDOXL
›œ

 ăQ ^GHODSULPDFLIUăSkQăODXOWLPD`JJ
JJJJJJJJ ăJmJDGHYăUDW
  ^DOMOHDFDUDFWHUGLQDOLOHDQXPăUGHWHOHIRQ`J
JJJJJJJJ 
J
›œJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ^vOVFULHPvQILúLHU`
JJJJJJ% ›œJmJ% ›œJ‰J¥
›œ›œ¦JJ  JJJJJJ ú JăJ
JJJJ ú J
 J JJJJ ú J
 J
JJ ú J
 J
ú J  J   ^GDFăDPJăVLWFHOSXĠLQXQQXPăUGHWHOHIRQDYkQGFXPDLPXOWH`
J J J ^FLIUHGHFkWFHOHSURSXVHVSUHvQYăĠDUHSHQWUX]LXDSUHFHGHQWă`
6WDELOLPFDUGLQDOLWDWHDPXOĠLPLORUGHFLIUHGLQILHFDUHPXOĠLPH% ›œvQ%ž›œJ   ^FUHúWHPQXPăUXOGHRUGLQHDO]LOHLúLvOVFULHPvQILúLHU`J
J JJJJăJ ăJ J 
 J 
˜

 %ž QJ JJJJJJ‹JmJ‹J~JJ
JJ
 J\
J

 ăQJ JJJJJJ 
J‹JJ 
JJJJJmJ`J JJJJ ú JăJ
JJJJ
 J\`‰J

 ăQJ JJ ú J
 J
JJJJJJăJJJ% ›œJ J ú J  J
JJJJJJJJJmJJ~JJ 
JJJJJJ ú JăJ
JJJJ ú J
 J
,QGLYL]L
9RPvQFHSHDQDOL]DSUREOHPHLFXXQH[HPSOXÌQDFHVWH[HPSOXQHSURSXQHPDILúDUHD
JJJJ%ž›œJmJJ
JJ ú J
 J SULHWHQLORULQGLUHFĠLSHQWUXLQGLYLGXODYkQGQXPăUXOGHRUGLQH

ú J  J
 LQGLYL]LL      
 2UGRQăPQXPHUHOHGHWHOHIRQúLPXOĠLPLOHGHFLIUHFUHVFăWRUGXSăFDUGLQDOLWDWH SULHWHQLGLUHFĠL ^` ^` ^` ^` ^` ^`
J SULHWHQLLQGLUHFĠL ^` ^` ^` ^` ^` ^`
 J—
 %ž
% QJ  ^` ^` ^` ^` ^` ^`
JJ
 J\
J

 ăQJ
 ^` ^` ^` ^` ^` ^`
JJJJ
 J\~
J

 ăQJ
JJJJJJăJ%ž›œJ…J%ž›œJ J  ^` ^` ^` ^` ^` ^`
JJJJJJJJJmJ
›œKJ
›œJmJ
›œKJ
›œJmJKJ  ^` ^` ^` ^` ^` ^`
JJJJJJJJJmJ% ›œKJ% ›œJmJ% ›œKJ% ›œJmJKJ VHVFDGSULHWHQLLGLUHFĠL ^` ^` ^` ^` ^` ^`
JJJJJJJJ‡JmJ%ž›œKJ%ž›œJmJ%ž›œKJ%ž›œJmJ‡J VHVFDGHSHUVRDQDS ^` ^` ^` ^` ^` ^`
JJJJJJ ú JăJ 
JJJJ ú J
 J  3HUVRDQDvODUHFDSULHWHQGLUHFWSHDOOHD$GăXJăPODPXOĠLPHDSULHWHQLORUGL
JJ ú J
 J UHFĠL FDUHGHDFXPvQFRORvLYDFRQĠLQHúLSHFHLLQGLUHFĠL PXOĠLPHDSULHWHQLORUGLUHFĠL
ú J  J DLFHOXLGHDOOHD0XOĠLPHDGHYLQH^`
0XOĠLPHD   0XOĠLPHD
 
 $OOHDvODUHFDSULHWHQGLUHFWSHDOOHD$GăXJăPODPXOĠLPHDFRUHVSXQ]ăWRDUH JJJJJJJJ
›œJmJ
›œJ‰J
›œJ
OXLPXOĠLPHDFRUHVSXQ]ăWRDUHFHOXLGHDOOHD0XOĠLPHDDFXPGHYLQH^` JJJJJJ ú Jă
 ÌQPXOĠLPHDUH]XOWDWăDSDUHLQGLYLGXOGHFLVHYRUDGăXJDúLSULHWHQLLDFHVWXLDOD  ú J
 
OLVWDGHSULHWHQLLQGLUHFĠLDLOXL0XOĠLPHDHVWH^`  ú J
 
 ÌQPXOĠLPHDUH]XOWDWăDSDUHLQGLYLGXOGHFLVHYRUDGăXJDúLSULHWHQLLDFHVWXLDOD   ^vQILQDOGLQPXOĠLPHDSULHWHQLORUGLUHFĠLúL`
OLVWDGHSULHWHQLLQGLUHFĠLDLOXL0XOĠLPHDHVWH^`  ^LQGLUHFĠLH[WUDJHPPXOĠLPHDSULHWHQLORUGLUHFĠL LDPSăVWUDWvQ `J
 'LQ DFHDVWă PXOĠLPH VH VFDGH PXOĠLPHD SULHWHQLORU GLUHFĠL DL OXL  úL VH REĠLQH JJ
›œJmJ
›œJJJJJ 
PXOĠLPHD^`DSRLVHVFDGHúLSHUVRDQD JJ
›œJmJ
›œJŸJJ ^vOH[WUDJHPúLSHS`
 8QD GLQWUH IDFLOLWăĠLOH OLPEDMXOXL 3DVFDO HVWH IDSWXO Fă QH SXQH OD GLVSR]LĠLH WLSXO   ^GDFăPXOĠLPHDSULHWHQLORULQGLUHFĠLQXHVWHYLGă`J

FDUHSRDWHILXWLOL]DW SHOkQJăPXOWHDOWHOH FDWLSGHED]ăvQWUXQWDEORX   JJăJ
›œJzJ‡J JJ J
 JJJJ
 J\
J

 ăQJ ^DILúăPPXOĠLPHDSULHWHQLORULQGLUHFĠL`
 3UREOHPDGDWăHVWHUH]ROYDELOăSULQXWLOL]DUHDXQXLWDEORXGHPXOĠLPL7DEORXODUHQ JJJJJJăJJJ
›œJ J
HOHPHQWHILHFăUXLLQGLYLGL L «Q vLFRUHVSXQGHRSR]LĠLHvQWDEORX9DORDUHD JJJJJJJJ 
JJ
SULHWHQLLHVWHPXOĠLPHDIRUPDWăGLQSULHWHQLLGLUHFĠLDLOXLL JJJJJJ ú JăJ
JJJJ ú J
 J
 ,QLĠLDOWDEORXOHVWHIRUPDWGLQQPXOĠLPLYLGH$FHVWHDVHFRPSOHWHD]ăFXQXPHUHOH JJ 
J 
JƒJ
GHRUGLQHDLSULHWHQLORUGLUHFĠL ú J  

 J
 
 QJ 
JJ
 J\
J

 ăQJ ÌQWkOQLUH
JJJJ
›œJmJ‡JJJ ^vQFăQXDPGHVFRSHULWSULHWHQLLQLFLXQHLSHUVRDQH` 2EVHUYăPFăGDFăDDIRVWFROHJFXEDWXQFLúLEDIRVWFROHJFXD FRPXWDWLYLWDWH 'H
JJ ú J
 J DVHPHQHDGDFăDDIRVWFROHJFXEúLEDIRVWFROHJFXFDWXQFLDDIRVWFROHJúLFXF
JJ
 J\
J

 ăQ ^SHQWUXILHFDUHSHUVRDQăL`J DVRFLDWLYLWDWH $PLQWLPúLSURSULHWDWHDFăvQRULFHVLWXDĠLHDHVWHFROHJFXD
JJJJ   J
XUPHD]ăPDUFDMXOGHVIkUúLWGHOLQLH

 ăQJ 
JJJJJJ
ú
JJJJJJJJJJJJ ^SHUVRDQDLvODUHSULQWUHSULHWHQLLGLUHFĠLSHS`  J
  QJ
JJJJJJ
›œJmJ
›œJ‰J¥¦J JJ
ú
J
J
JJ
 J\
J

 ăQJJJ
J J ^DGăXJăPSODPXOĠLPHDSULHWHQLORUGLUHFĠLDLOXLL`
JJJJ ú J   J JJJJ
ú
J˜ ^FLWLPSHUHFKLOHGHQXPHUH`J
JJ ú J
 J JJJJ ›œJmJ¥˜¦ ^IRUPăPFkWHXQJUXSGLQILHFDUHSHUHFKHFLWLWă`
JJ
ú
JJ ^QXPăUXOGHRUGLQHDOSHUVRDQHLLQYHVWLJDWH` JJ ú 
 J
ú   J
J J ^vQSăVWUăPPXOĠLPHDSHUVRDQHORUSULHWHQHGLUHFWFXS`
J
JJJmJ
›œ  J“ 
  ,J
JJ
 J\
J

 ăQJJ ^OXăPSHUkQGSHUVRDQHOH` JJ
 J\
J

 ăQJ
JJJJăJJJ
›œJ J^GDFăSHUVRDQDLHVWHSULHWHQGLUHFWFXS` JJJJ
 J\~
J

 ăQJ
JJJJJJ
›œJmJ
›œJ‰J
›œJ J J J ^GDFăLQWHUVHFĠLDDGRXăJUXSXULQXHVWHYLGă`
J J ^DGăXJăPPXOĠLPHDSULHWHQLORUGLUHFĠLDLDFHVWXLDPXOĠLPLLSULHWHQLORUOXLS` JJJJJJăJ ›œJˆJ ›œJzJ‡J JJJ
JJJJ ú JăJ JJJJJJJJ ›œJmJ ›œJ‰J ›œ ^XQLPJUXSXULOHvQDOGRLOHDJUXS`
JJJJ
 J\
J

 ăQJJJ ^OXăPvQFăRGDWăSHUVRDQHOHSHUkQG` JJJJJJJJ ›œJmJ‡J ^úLSHSULPXOJUXSvOIDFHPYLG`J
  ^GDFăMHVWHSULHWHQGLUHFWVDXLQGLUHFWFXSDGăXJăP` JJJJJJ ú ăJ
JJJJJJăJJJ
›œJ J   ú 
 
  ^ODPXOĠLPHDSULHWHQLORUGLUHFĠLúLLQGLUHFĠLDLOXLSVHDGDXJă`  ú 
 
ú   J
  ^PXOĠLPHDSULHWHQLORUGLUHFĠLDLDFHVWXLD`



0XOĠLPHD

 7LSXOvQUHJLVWUDUH &DSLWROXO



 J“ă
  QJ ™'HFODUDUHDXQXLWLSvQUHJLVWUDUH
JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJ ^HOLPLQăPJUXSXULOHYLGH` ™2SHUDĠLL
JJ
JmJ`J ™,PSOHPHQWăULVXJHUDWH
JJ
 J\
J

 ăQJ ™3UREOHPHSURSXVH
™6ROXĠLLOHSUREOHPHORU
JJJJăJ ›œJzJ‡J JJJ
JJJJJJ
JmJ
J~JJ 
JJJJJJ ›
œJmJ ›œJ 

JJJJ ú ăJ $UWLFROXO vQUHJLVWUDUHD UHSUH]LQWăUHXQLXQHDXQXLQXPăUIL[ VDXYDULDELO GHFRPSR
 ú 
 J QHQWHQXPLWHFkPSXUL GHUHJXOăDYkQGWLSXULGLIHULWH FDUHFRQVWLWXLHORJLFRXQLWDWH
JJ
JmJ
JJJJJJJ ^OXQJLPHDQRXăIăUăJUXSXULYLGH` GHSUHOXFUDUH7LSXULOHGLIHULWHDOHFkPSXULORUGLQFRPSRQHQĠDVDGDXDUWLFROXOXLFDUDF
ú   J WHUXOGHVWUXFWXUăQHRPRJHQă'DFă/LHVWHOXQJLPHDFkPSXOXLL L Q DWXQFL
J YDORDUHDDGUHVHLFkPSXOXLLHVWHDL D///L
 J ú
  QJ  &DUDFWHUXOQHRPRJHQDODUWLFROXOXLSUHFXPúLOLSVDXQHLUHODĠLLOLQLDUHvQWUHQXPăUXO
JJ 
J
J GHRUGLQHDOFkPSXOXLúLDGUHVDDFHVWXLDIDFFDUHJăVLUHDXQXLFkPSVăVHUHDOL]H]HFX
DMXWRUXOXQXLLGHQWLILFDWRUDVRFLDWFkPSXOXLUHVSHFWLYODGHILQLUHDDUWLFROXOXL
JJ%JmJIDOVJ 


JJ
 J\
J

 ăQJJJ FkPSFkPS  FkPSL  FkPSQ

¥
¥
¥

¥
JJJJ
 J\`||J

 ăQJ D D DL DQ
/ / /L /Q

JJJJJJăJJJ ›œJ JJJ 

JJJJJJJJ 
JJ  7LSXODUWLFRO vQUHJLVWUDUH HVWHRVWUXFWXUăVWDWLFăGHGDWHIOH[LELOăGDWRULWăIDSWXOXL
FăVSUHGHRVHELUHGHWLSXOWDEORXFXSULQGHXQQXPăUIL[VDXYDULDELOGHFRPSRQHQWH
JJJJJJJJ%JmJDGHYăUDWJ FDUHSRWILGHWLSXULGLIHULWH&RPSRQHQWHOHQXVHLQGH[HD]ăSULQWURH[SUHVLH FDvQFD
JJJJJJ ú ă ]XOWDEORXULORU FLVHVHOHFWHD]ăSULQLQWHUPHGLXOLGHQWLILFDWRULORUGHFkPSFDUHVHGHIL
 ú 
 J QHVFODGHFODUDUHDWLSXOXL
JJJJăJ%J J
JJJJJJWUHFHPODOLQLHQRXă ^GDFăDPDILúDWXQJUXSWUHFHPODOLQLHQRXăvQILúLHU`

 ú ăJ 'HFODUDUHDXQXLWLSDUWLFROvQOLPEDMXO3DVFDO
JJJJ%JmJIDOV )RUPDJHQHUDOăDGHILQLĠLHLXQXLWLSvQUHJLVWUDUHIL[ăHVWH

LGHQWLILFDWRUBWLS 

JJ ú 
 J
QXPHBFkPSQWLSKJ
ú   
QXPHBFkPSQWLSK
J
QXPHBFkPSQQWLSQ


7LSXOvQUHJLVWUDUH 
 7LSXOvQUHJLVWUDUH


([HPSOX 
J QJJ

J•\
J
JJJJJJJJJJJJJJJJJJQ %%Q KJ
JJJJJJJJJJJJ
Q KJ
JJJJJJJJJJJJJJJJJJQ ˜%Q KJ
JJJJJJJJJJJJQKJ JJJJJJJJJJJJJJJJJJQ %Q KJQ J
JJJJJJJJJJJJ•žăQ``J JJJJJJJJJJJJJJJ
KJ
JJJJJJJJJJ
KJ JQ
KJ
JQ•KJ
 
 7LSXOXQXLLGHQWLILFDWRUGHFkPSSRDWHILODUkQGXOOXLWRWDUWLFRO 2SHUDĠLL

([HPSOX 

J
\
J $WULEXLUHD
JJJJJJJJJJJJJJJJQ
J 8QHLYDULDELOHGHWLSvQUHJLVWUDUHLVHDWULEXLHYDORDUHDXQHLDOWHYDULDELOHGHDFHODúLWLS
JJJJJJJJJJJJJJJJJJJJJJJJJQ KJ vQUHJLVWUDUH)LLQGGDWHGRXăYDULDELOHGHWLSvQUHJLVWUDUHDúLEFDUHDXDFHODúLWLSVH
JJJJJJJJJJJJJJJJJJJJJJJJJ
QXYJ SRDWHUHDOL]DRSHUDĠLDGHDWULEXLUHDmJEFHHDFHvQVHDPQăFăYDORULOHFkPSXULORUOXLD
JJJJJJJJJJJJJJJJJJJJJJJ
KJ
JJJJJJJJJJJJJJJJ˜Q J
VHVXEVWLWXLHFXYDORULOHGLQE
JJJJJJJJJJJJJJ
KJ 
JQ
KJ 6HOHFWDUHDXQXLFkPS

/DXQFkPSDOXQHLYDULDELOHGHWLSvQUHJLVWUDUHQHUHIHULPSULQQXPHOHYDULDELOHLXU
 8QLGHQWLILFDWRUGHFkPSWUHEXLHVăILHXQLFvQFDGUXOSURSULXOXLWLSvQUHJLVWUDUH
PDWGHSXQFWDSRLQXPHOHFkPSXOXL
 
 'DFăVHGRUHúWHLQFOXGHUHDvQVWUXFWXUDDUWLFROXOXLDXQRULQIRUPDĠLLFDUHGHSLQGGH ([HPSOX
R DOWă LQIRUPDĠLH GHMD SUH]HQWă vQ VWUXFWXUă VH IRUPHD]ă FHD GHD GRXD FDWHJRULH úL ˜

DQXPHGDWHGHWLSvQUHJLVWUDUHFXYDULDQWH 
  2DVWIHOGHVFULHUHHVWHJUHRDLHúLSHQWUXHYLWDUHDVSHFLILFăULLLGHQWLILFDWRUXOXLGHWLS
 'HFODUDUHDXQXLWLSvQUHJLVWUDUHFXYDULDQWHvQOLPEDMXO3DVFDO vQUHJLVWUDUHvQIDĠDILHFăUXLFkPSFDUHLQWHUYLQHvQSUHOXFUDUHvQ3DVFDOVHSRDWHIRORVL

LGHQWLILFDWRUBWLS 
 LQVWUXFĠLXQHD FDUHVLPSOLILFăPRGXOGHVFULHUHDVHOHFWăULLFRPSRQHQWHORU
QXPHBFkPSQWLSKJ 
QXPHBFkPSQWLSK ([HPSOX
J  JJJ
QXPHBFkPSQQWLSQ JJ 2J˜J KJ

FkPSBVHOHFWRUWLSBVHOHFWRU 
FRQVW FkPSYBWLSYBFkPSYBWLSB   ÌQFD]XOvQUHJLVWUăULORUFXYDULDQWHSHQWUXGHFODUDĠLLOHGLQH[HPSOXOSUH]HQWDWVHSRW
FRQVW FkPSYBWLSYBFkPSYBWLSB 
IDFHXUPăWRDUHOHDWULEXLULGHGDWHSHQWUXFkPSXULOHYDULDELOHLD

Q\22KJJ
&&&

  Q\KJJ

 %Q\2
%ă2KJJ
([HPSOX Q\```KJ

J\  KJJ ^WLSHQXPHUDUH`J VDX
JJJJJ
\
J  Q\KJ%%Q\‰Œ`J
JJJJJJJJJJJJJJJJ
Q KJ 
  /DXQPRPHQWGDWHVWHDFWLYăRVLQJXUăYDULDQWă
7LSXOvQUHJLVWUDUH   7LSXOvQUHJLVWUDUH
 
5HVWULFĠLLúLSUHFL]ăUL
,PSOHPHQWăULVXJHUDWH x QXPăUXOGHvQUHJLVWUăULHVWHFHOPXOW
3HQWUXDYăIDPLOLDUL]DFXSUHOXFUDUHDGDWHORUGHWLSvQUHJLVWUDUHVHUHFRPDQGăHIHFWXD
x QXPHOHHVWHIRUPDWGLQFHOPXOWGHOLWHUHSULQWUHFDUHQXH[LVWăQLFLXQVSDĠLX
UHDXUPăWRDUHORUH[HUFLĠLL
 FUHDUHDXQXLFDWDORJSHQWUXRFODVă x ILHFDUHQXPăUGHWHOHIRQvQFHSHFXFLIUD
 DILúDUHDvQRUGLQHGHVFUHVFăWRDUHGXSăPHGLHDHOHYLORUDGPLúLúLDOIDEHWLFăDHOHYL x ODILHFDUHDFWXDOL]DUHVHYDVXEVWLWXLILúLHUXOGHLQWUDUHFXFHOGHLHúLUH
ORUUHVSLQúLODXQH[DPHQ x SURJUDPXOYDFRQĠLQHXQPHQLXGLQFDUHXWLOL]DWRUXOYDSXWHDVHOHFWDRSHUDĠLDSHFD
 DILúDUHDWXWXURUHOHYLORUFDUHDXGRPLFLOLXOvQWUXQDQXPLWRUDú UHGRUHúWHVRHIHFWXH]H
 RUGRQDUHDHOHYLORUvQIXQFĠLHGHvQăOĠLPHúLSHQWUXvQăOĠLPLHJDOHvQRUGLQHDJUHXWă x SHUVRDQHOHVXQWLQWURGXVHvQDJHQGăvQRUGLQHDOIDEHWLFăRSHUDĠLLOHGHLQWURGXFHUHD
ĠLL XQHLSHUVRDQHQRLúLúWHUJHUHDXQHLSHUVRDQHQXWUHEXLHVăPRGLILFHRUGRQDUHD
 FUHDUHDXQXLILúLHUFDUHVăFRQĠLQăDUWLFROHSULYLQGFăUĠLOHGLQWURELEOLRWHFă x FăXWDUHD XQHL SHUVRDQHWUHEXLHVăVHSRDWăUHDOL]DODFHUHUHGXSăQXPHVDXGXSă
 FUHDUHD XQXL ILúLHU FDUH Vă FRQĠLQă DUWLFROH SULYLQG FăUĠLOH GLQWURELEOLRWHFăDVWIHO QXPăUGHWHOHIRQ
vQFkW vQ FD]XO PDQXDOHORU Vă VH VSHFLILFH GLVFLSOLQD FODVD SHQWUX FDUH HVWH YDODELO x GDFăQXPHOHXQHLSHUVRDQHVHJăVHúWHvQDJHQGăvQWLPSXORSHUDĠLHLGHLQWURGXFHUH
PDQXDOXO DXWRULL HWF LDU SHQWUX FăUĠLOH FDUH QX VXQW PDQXDOH QXPăUXO DXWRULORU VH YD RIHUL SRVLELOLWDWHD PRGLILFăULL QXPăUXOXL GH WHOHIRQ vQ FD] Fă QX VH GRUHúWH
DXWRULLWLWOXOHGLWXUDHWF VHYDOXFUDFXvQUHJLVWUăULFXYDULDQWH  PRGLILFDUHDVHYDLQWURGXFHQXPăUXODOWIHOQRXOQXPăU
 FUHDUHDXQXLILúLHUFXDUWLFROHSULYLQGUH]XOWDWHOHSDUWLFLSDQĠLORUODROLPSLDGDLQWHU 
QDĠLRQDOăGHLQIRUPDWLFă ([HPSOXPHQLX
 JJ%
J 
J
JJ
%J
J
J
J
3UREOHPHSURSXVH ‡JJ J
J
J
ˆJJ%JJ
J
 |JJ%JJ 
J
$JHQGă ŠJJJ
8QHOHYDFUHDWRDJHQGăGHWHOHIRQvQFDUHDLQWURGXVQXPHOHúLQXPăUXOGHWHOHIRQDOH —
JJQ
FXQRúWLQĠHORU VDOH 'H DVHPHQHD HOHYXO GRUHúWH Vă SRDWă HIHFWXD DVXSUD DJHQGHL VDOH 
FkWHYDRSHUDĠLLGHIRUPD ([SR]LĠLH
x FRQVXOWDUHDDJHQGHLFXDILúDUHDvQWUHJXOXLFRQĠLQXW 2UJDQL]DWRULLXQHLH[SR]LĠLLGHSLFWXUăGRUHVFVăDLEăRHYLGHQĠăDILHFăUXLWDEORXúLD
x LQWURGXFHUHDXQHLQRLSHUVRDQHvQDJHQGă DUWLúWLORUFDUHDXFUHDWDFHVWHWDEORXUL2UJDQL]DWRULLDXDGXQDWGDWHOHGHVSUHWDEORXULúL
x úWHUJHUHDXQHLSHUVRDQH OHDXVFULVvQWUXQILúLHU3HQWUXILHFDUHWDEORXVHFXQRDúWHQXPHOHDUWLVWXOXLWLWOXOWD
x FăXWDUHGXSăQXPH EORXOXLDQXOvQFDUHDIRVWUHDOL]DWSUHĠXOGHYkQ]DUHSUHFXPúLSUHPLLOHREĠLQXWHOD
x FăXWDUHSHED]DFXQRDúWHULLQXPăUXOXLGHWHOHIRQ H[SR]LĠLLORFDOHQDĠLRQDOHúLLQWHUQDĠLRQDOH
 6FULHĠLXQSURJUDPFDUHVăUHDOL]H]HRSHUDĠLLOHFHUXWHGHHOHY  ([SR]LĠLLOH VH FRGLILFă SULQ FDUDFWHUHOH / ORFDOH  1 QDĠLRQDOH  úL ( HXURSHQH 
 5HIHULWRUODILHFDUHSUHPLXH[LVWăLQIRUPDĠLLGXSăFXPXUPHD]ă
'DWHGHLQWUDUH x DQXOúLSUHPLXOvQFD]XOH[SR]LĠLLORUORFDOH
)LúLHUXOGHLQWUDUH#)$%#&$FRQĠLQHSHILHFDUHOLQLHGDWHOHXQHLFXQRúWLQĠHvQIRUPD x DQXOSUHPLXOúLORFDOLWDWHDvQFD]XOH[SR]LĠLLORUQDĠLRQDOH
QXPHQXPăUGHWHOHIRQ x DQXOSUHPLXORUDúXOúLĠDUDvQFD]XOH[SR]LĠLLORULQWHUQDĠLRQDOH
 $FWXDOL]DUHDDJHQGHLVHYDIDFHSHED]DXQRUGDWHLQWURGXVHGHODWDVWDWXUă  $YkQG OD GLVSR]LĠLH DFHVWH GDWH RUJDQL]DWRULL vúL SURSXQ Vă UHDOL]H]H XQ SURJUDP
 FDUHVăFUHH]HXUPăWRDUHOHOLVWH
'DWHGHLHúLUH OLVWDOXFUăULORUSUHPLDWHSHFDWHJRULLvQRUGLQHDORFDOHQDĠLRQDOHúLHXURSHQH
1XYRPDYHDXQILúLHUGHLHúLUHFRPSOHWQRX)LúLHUXO#)$%#&'(!YDDYHDFRQĠLQXWXO OLVWDWDEORXULORUvQRUGLQHFUHVFăWRDUHDSUHĠXULORUGHYkQ]DUH
ILúLHUXOXLGHLQWUDUHúLvQUHJLVWUăULOHQRLFRQIRUPDFWXDOL]ăULORUHIHFWXDWHJ OLVWDDUWLúWLORUFDUHDXREĠLQXWSUHPLXOODFHOSXĠLQXQFRQFXUVLQGLIHUHQWGHWL
 SXODFHVWXLD
7LSXOvQUHJLVWUDUH   7LSXOvQUHJLVWUDUH
 
'DWHGHLQWUDUH ([HPSOX
9'&$
)LúLHUXOGHLQWUDUH 9'&$FRQĠLQHDWkWHDOLQLLFkWHWDEORXULVDXH[SXV3HILHFDUHOL
J
J‰‰ŒJ``````JJ‰‰‰JJ
QLHHVWHGHVFULVFkWHXQWDEORX5HIHULWRUODXQWDEORXSHROLQLHvQILúLHUDYHPXUPă JJ``J|``````J"J``JJ£
J€J
WRDUHOHGDWHGHVSăUĠLWHSULQFkWHXQVSDĠLX J%J‰‰‰J|`````JƒJ```J‡JX•J
x QXPHBDUWLVW %JJ```J|`````JJ```J
x WLWOXBWDEORX 
* !#.&'(!
x DQ %QJJ
J‰‰‰JJ
x SUHĠ %QJ%JJ```JJ
x QUBSUHPLL ƒ
QJJ%J```J‡JX•J
x WLSBH[SR]LĠLH "
QJJJ``JJ£
J€J
J
x DQ * !#/&'(!
x SUHPLX J%J|`````J
 J
J``````J
 'DFă XQ WDEORX D IRVW SUHPLDW GH PDL PXOWH RUL FHOHODOWH SUHPLL VXQW GHVFULVH vQ %JJ|`````J
FRQWLQXDUHSHDFHHDúLOLQLH JJ|``````J
 J
* !#0&'(!
'DWHGHLHúLUH J
JJ
6HYRUFUHDWUHLILúLHUHGHLHúLUH* !#.&'(!* !#/&'(!úL* !#0&'(!ÌQWRDWH %JJJ
FHOHWUHLILúLHUHROLQLHFRQĠLQHGDWHUHIHULWRDUHODXQVLQJXUWDEORXÌQILúLHUHVSHFLILFD
WRUXOWLSBH[SR]LĠLHYDILQRWDWFX /RFDOă ƒ 1DĠLRQDOă VDX" (XURSHDQă 

 6ROXĠLLOHSUREOHPHORUUH]ROYDWH
 )LúLHUXOGHLHúLUH * !#.&'(!FRQĠLQHOLVWDOXFUăULORUSUHPLDWH6WUXFWXUDXQHLOLQLL 
HVWHXUPăWRDUHD $JHQGD
WLSBH[SR]LĠLHJQJQXPHBDUWLVWJWLWOXBWDEORXJWLSBH[SR]LĠLHJFDUDFWHULVWLFLJ 'DWHOHUHIHULWRDUHODSHUVRDQHVHSăVWUHD]ăvQWURVWUXFWXUăGHWLSvQUHJLVWUDUHGHIRUPD
XQGH FDUDFWHULVWLFL vQVHDPQă GDWHOH VSHFLILFH ILHFăUXL WLS GH H[SR]LĠLH GHVFULVH vQ
%
\

HQXQĠ$FHVWHDYRUILVHSDUDWHSULQWUXQVSDĠLX JJJJJJJJJJJ
Q J
 
KJ
 )LúLHUXO * !#/&'(!FRQĠLQHWDEORXULOHvQRUGLQHFUHVFăWRDUHDSUHĠXULORU)LHFDUH  /DRUXODUHDSURJUDPXOXLGDWHOHVHSUHLDXGLQILúLHUXOGHLQWUDUH #)$%#&$úLVH
OLQLHDUHIRUPD GHSXQ vQ WDEORXO D GH WLSXO  ›``œ  %
 7RDWH SUHOXFUăULOH FHUXWH vQ
QXPHBDUWLVWJWLWOXBWDEORXJSUHĠ HQXQĠVHYRUUHDOL]DDVXSUDWDEORXOXLD/DILQDOXOH[HFXĠLHLSURJUDPXOXLVHIRUPHD]ă
J XQILúLHUWHPSRUDU#)$%#&'(!FDUHFRQĠLQHWDEORXOGXSăDFWXDOL]ăUL)LúLHUXOGHLQ
 )LúLHUXO* !#0&'(! YDFRQĠLQHGDWHGHVSUHDUWLúWLúLDUHIRUPD WUDUH #)$%#&$VHúWHUJHLDUILúLHUXO #)$%#&'(!VHUHGHQXPHúWHvQ #)$%#&$
QXPHBDUWLVWJWLWOXBWDEORXWLSBH[SR]LĠLHJJ DVWIHOvQFkWODXUPăWRDUHDUXODUHDSURJUDPXOXLGDWHOHGHLQWUDUHVăVHJăVHDVFăFXFRQ
 ÌQILúLHUDUWLúWLLYRUILRUGRQDĠLDOIDEHWLF ĠLQXWXODFWXDOL]DW
JJ  1XPăUXOvQUHJLVWUăULORUGLQWDEORXODHVWHQ
5HVWULFĠLLúLSUHFL]ăUL  &LWLUHDGDWHORUGLQILúLHUXOGHLQWUDUHúLPHPRUDUHDORUvQWDEORXODVHIDFHvQPRGXO
x QXPăUXOGHWDEORXULHVWHFHOPXOW XUPăWRU
x GDWHOHGHWLS DXFHOPXOWGHFDUDFWHUH x FLWLPROLQLHGLQILúLHUXOGHLQWUDUHvQWUXQúLUGHFDUDFWHUHV
 x GHRDUHFHILHFDUHQXPăUGHWHOHIRQvQFHSHFXFDUDFWHUXO`FăXWăPSR]LĠLDDFHVWXLD
 vQúLUXOGHFDUDFWHUH
7LSXOvQUHJLVWUDUH   7LSXOvQUHJLVWUDUH
 
FLWHúWHúLQXPăUXOGHWHOHIRQSHQWUXDLQWURGXFHSHUVRDQDvQDJHQGă'HRDUHFHDJHQGD
x FRSLHPFDUDFWHUHOHGHODvQFHSXWXOúLUXOXLGHFDUDFWHUH IăUăVSDĠLXOGHVSăUĠLWRUGLQ
FRQĠLQH QXPHOH SHUVRDQHORU RUGRQDWH DOIDEHWLF VXEDOJRULWPXO 
 
J
WUHQXPHúLQXPăUXOGHWHOHIRQ vQFkPSXO
DOHOHPHQWXOXLFXUHQWGLQúLUXOD

? HVWHDVWIHOUHDOL]DWvQFkWYDUHWXUQDúLYDORDUHDYDULDELOHLLFDUHvQFD]GHFă
x úWHUJHPDFHVWHFDUDFWHUH LQFOXVLYVSDĠLXO GLQúLUXOGHFDUDFWHUH
XWDUHFXVXFFHVUHSUH]LQWăLQGLFHOHHOHPHQWXOXLGLQúLUXODFDUHFRQĠLQHGDWHOHFăXWDWH
x FHHDFHDUăPDVvQúLUXOGHFDUDFWHUHHVWHQXPăUXOGHWHOHIRQ
J LDUvQFD]FRQWUDUUHSUH]LQWăLQGLFHOHHOHPHQWXOXLXQGHDUWUHEXLVăVHDIOHSHUVRDQDFX
 3ULPDDFĠLXQHSRVLELOăGHVROLFLWDWGHHOHYHVWHDILúDUHDGDWHORUGLQILúLHU PHPRUDWH QXPăUXOGHWHOHIRQFăXWDWÌQFRQFOX]LHDFHDVWăSHUVRDQăQRXăWUHEXLHVăDMXQJăSHSR
GHMDvQWDEORXOD  ]LĠLDL3HQWUXDSXWHDUHDOL]DDFHVWVFRSvQSUHDODELOPăULPGLPHQVLXQHDúLUXOXLDSRL
 WUDQVODWăP HOHPHQWHOH DYkQG LQGLFHOH HJDO VDX PDL PDUH FXL FX R SR]LĠLH OD GUHDSWD
 ,QWURGXFHUHDXQHLSHUVRDQHQRLvQDJHQGăVHUHDOL]HD]ăDVWIHO $SRLVFULHPGDWHOHvQHOHPHQWXOGHLQGLFHL

x FLWLPQXPHOHúLQXPăUXOGHWHOHIRQSHFDUHGRULPVăOHvQUHJLVWUăPvQDJHQGă  €
 
?
 QJ
x DSHOăPVXEDOJRULWPXOGHFăXWDUH 
 

? FDUHYDUHWXUQDvQ JJ
 

? J
YDULDELODRNRYDORDUHGHDGHYăU ăJ?J J ^SHUVRDQD
QXH[LVWăvQDJHQGă`
x GDFăYDORDUHDOXLRNHVWHDGHYăUDWvQVHDPQăFăDPJăVLWQXPHOHSHUVRDQHLDGLFă JJJJ
JmJ
J~JJ ^PăULPGLPHQVLXQHDúLUXOXL`J
DFHDVWD H[LVWă GHMD vQ DJHQGă GXSă UHYHQLUHD GLQ DSHOXO VXESURJUDPXOXL €
J JJJJ
 J\
~J

 ăQJ ^HOLEHUăPSR]LĠLDLWUDQVODWkQGUHVWXO`
DILúăPXQPHVDMFRUHVSXQ]ăWRUúLRIHULPSRVLELOLWDWHDPRGLILFăULLQXPăUXOXLGHWH JJJJJJ›œJmJ›œJ ^HOHPHQWHORUFXRSR]LĠLHODGUHDSWD`
OHIRQ DFHVWOXFUXHVWHSRVLELOGHRDUHFHvQYDULDELODLDYHPLQGLFHOHHOHPHQWXOXLGLQ  ú 
 
úLUXODFDUHFRQĠLQHGDWHOHSHUVRDQHLUHVSHFWLYH  JJJJ 
JƒJJ 
QJJ
 JJJJ
ú
JJ
 'DFă VD LQWURGXV RSĠLXQHD FRUHVSXQ]ăWRDUH LQWURGXFHULL XQHL QRL vQUHJLVWUăUL vQ JJJJ›œ
JmJ
J ^GDWHOHUHVSHFWLYHVHFRSLD]ăSHSR]LĠLDL`
VXESURJUDPXO „
 
Ġ
  VH YD VHOHFWD VHFYHQĠD GH SURJUDP vQ FDUH VH JJJJ›œJmJJ
DSHOHD]ăVXESURJUDPXO€
 
?
   ú ă
 ú   
&&& J
 
ƒQ2  &ăXWDUHDVHUHDOL]HD]ăFXVXEDOJRULWPXOFXQRVFXW YH]LFDSLWROXO 

ú

 J
€
 
?
   J
 

? QJ
ă?    ^FăXWDP
vQDJHQGăGDFă?\ŸODPJăVLWSHSR]LĠLDL`
 

J
JJJ
J 
   ^GDFă?\ ŸQXODPJăVLWDUILWUHEXLWVăILHSHSR]LĠLDL`
 
†%JJJ%&˜J
JJ 
JJ
JJJmJJ
J J 
%
 
†%J
J
%J`     JdJ
JúJ ›œ
JJ
 J

 ăQJ
 
ƒQJ JJJJJmJJ~JJ

ú
 JJăJ›œ
\
J J
ăJzJ`  ^QXPHUHOHGHWHOHIRQVXQWVWULQJXUL` JJJJ?JmJDGHYăUDWJ
JJJJJJ›œJmJJ  

 ú ăJ JJJJ?JmJIDOV
 ú ă ú   
&&& 
  ùWHUJHUHDXQXLHOHPHQWGLQDJHQGăVHHIHFWXHD]ăGDFăRSĠLXQHDGHDFWXDOL]DUHVSH
 6XEDOJRULWPXO €
 
?
  vQFHSH FX DSHODUHD DOWXL VXESURJUDP FLILFă FRGXO SHQWUX FDUH VH H[HFXWă XUPăWRDUHD VHFYHQĠă GLQ VXESURJUDPXO „

FDUHYDFăXWDQXPHOHSHUVRDQHLLQWURGXVH'DFăDFHVWQXPHVHJăVHúWHGHMDvQDJHQGă $SHODUHD VXESURJUDPXOXL ù 
?
 VHILQDOL]HD]ăILHFX úWHUJHUHDHOH
VHUHYLQHGLQVXEDOJRULWPFXYDORDUHDYDULDELOHLRNHJDOăFXDGHYăUDWÌQFD]FRQWUDUVH PHQWXOXLFRUHVSXQ]ăWRUGLQúLUILHFXXQPHVDMSHED]DYDORULLSDUDPHWUXOXLRNJ
7LSXOvQUHJLVWUDUH 

J
JJ 
JƒQJJ
JJ
ú
J
J
JJù 
?
 J
ăJ?J J
JJJJ 
J
J
J
JJ
J 
J
JJ ú ă
&&&

 6XEDOJRULWPXO ù 
?
  DSHOHD]ă OD UkQGXO VăX VXEDOJRULWPXO

 

?  vQ PRG VLPLODU FX VXEDOJRULWPXO €
 
?J

 

 ù 
?
 Q
JJ
 

? J  7LSXOvQUHJLVWUDUH
JJăJ?J  ^SHUVRDQD
H[LVWăvQDJHQGă`J 
JJJJ
 J\
J

 ăQJ ^HOLPLQăPHOHPHQWXOGHSHSR]LĠLDL`J  &UHDUHDSULPHLOLVWHFHUXWHvQSUREOHPăVHUHDOL]HD]ăGXSăYDORULOHFkPSXOXLVHOHF
JJJJJJ›œJmJ›~œ ^WUDQVODWkQGUHVWXOHOHPHQWHORUFXRSR]LĠLHODVWkQJD`J WRUH[SR6HSDUFXUJHWDEORXODúLVHDOHJGRDUDFHOHHOHPHQWHFDUHDXFkPSXOVHOHFWRU
 ú 
  HJDOFX/6HSURFHGHD]ăDQDORJSHQWUXFHOHODOWHGRXăWLSXULLGHQWLILFDWHFX1úL(
JJJJ
JmJ
JŸJJ ^PLFúRUăPGLPHQVLXQHDúLUXOXL`J  &UHDUHD FHOXL GHDO GRLOHD ILúLHU GH LHúLUH SUHVXSXQH RUGRQDUHD FUHVFăWRDUH D vQUH
 ú ă JLVWUăULORU GLQ WDEORX GXSă FkPSXO SUHĠ 6HSRDWHIRORVLRULFDUHDOJRULWPGHRUGRQDUH
ú    FXQRVFXW
 
 &ăXWDUHDQXPăUXOXLGHWHOHIRQHVWHLGHQWLFăFXFHDDQXPHOXLGLIHUăGRDUFkPSXO  3HQWUXSăVWUDUHDRUGLQLLDOIDEHWLFHvQFD]XOFHOHLGHDWUHLDFHULQĠHDSUREOHPHLVHUH
DQDOL]DWGLQHOHPHQWHOHúLUXOXL DOL]HD]ăRRUGRQDUHFUHVFăWRDUHDvQUHJLVWUăULORUGXSăFkPSXOQXPHDSRLVHFRPSOHWHD
 ]ăFHOGHDOWUHLOHDILúLHUGHLHúLUHFXDUWLúWLLFDUHDXREĠLQXWSUHPLXOVSHFLILFkQGúLWL
([SR]LĠLH SXOH[SR]LĠLHL
6HFUHHD]ăVWUXFWXUD

J`\ ›`œKJ
JJJJJ˜\
J
JJJJJJJJJJJJJJ
Q`KJ
JJJJJJJJJJJJJJ

 KJ
JJJJJJJJJJJJJJQ`KJ

JQ ƒ" JJ
JJJJJJJJJJJJJJJJQ 
Q€
 KJQ& KJ
JJJJJJJJJJJJJJJJƒQ 


 KJ
Q&KJ%Q` KJ
JJJJJJJJJJJJJJJJ"Q 
Q€
 KJQ&KJ%Q` J
JJJJJJJJJJJJJJ
KJ
JJJJJ\ ›`œJ J˜KJ

 'DWHOHOHYRPSUHOXDGLQILúLHUXOGHLQWUDUHúLYRPFRPSOHWDILHFDUHvQUHJLVWUDUHvQ
IXQFĠLHGHYDULDQWHOHVDOHùLUXOGDWHORU D DUHPHOHPHQWH

 2SHUDĠLLSHELĠL

5HSUH]HQWDUHDQXPHUHORUvQPHPRULH
$YkQG vQ YHGHUH Fă PHPRULD SRDWH UHĠLQH GRDU FLIUH ELQDUH  úL   QXPHUHOH YRU IL
 SăVWUDWHSHRULFHVXSRUWPDJQHWLFvQVLVWHPXOGHQXPHUDĠLHFXED]D

 
5HSUH]HQWDUHDQXPHUHORUQDWXUDOH
2SHUDĠLLSHELĠL &DSLWROXO 3HQWUXDUHSUH]HQWDXQQXPăUWUHEXLHVăFXQRDúWHPWLSXODFHVWXLDILHFăUXLWLSGHGDWă



™1RĠLXQLGHED]ă
ILLQGXLFDUDFWHULVWLFXQDQXPLWQXPăUGHRFWHĠLSHQWUXUHSUH]HQWDUH
™5HSUH]HQWDUHDQXPHUHORUvQPHPRULH 
™2SHUDĠLLSHELĠL ÌQOLPEDMXO3DVFDO  ÌQOLPEDMXO&
™ÌQPXOĠLUHFXRSHUDĠLLSHELĠL
WLS QXPăURFWHĠL WLS QXPăURFWHĠL
™,PSOHPHQWăULVXJHUDWH
™3UREOHPHSURSXVH XY RFWHW 

J& RFWHW
™6ROXĠLLOHSUREOHPHORU  RFWHĠL  

J
J RFWHĠL 

   

J
J RFWHĠL
 
1RĠLXQLGHED]ă  6ăGHWHUPLQăPDFXPFDUHQXPHUHQDWXUDOHSRWILUHSUH]HQWDWHSHXQRFWHW
3kQăvQSUH]HQWPHPRULLOHXWLOL]DWHGHFDOFXODWRDUHVXQWFRQVWUXLWHGLQPDWHULDOHPDJ  8QRFWHWHVWHIRUPDWGLQELĠLSR]LĠLLOHELQDUHSHFDUHOHRFXSăVXQWQXPHURWDWHGH
QHWL]DELOHDYkQGGRXăVWăULFăURUDSULQFRQYHQĠLHOLVHDVRFLD]ăYDORULOHELQDUHúL ODVWkQJDODGUHDSWD%LWXOFLDUHUDQJXOLvQFRPSRQHQĠDUHSUH]HQWăULL
 8QLWDWHDGHPHPRULHFDUHSRDWHÄvQPDJD]LQD´RYDORDUHGHVDXVHQXPHúWHbLt 
biQDU\GLJLt 
 ,QIRUPDĠLLOHUHSUH]HQWDWHFXELĠLVXQWJUXSDWHvQPHPRULHFkWHIRUPkQGRFWHĠL
3R]LĠLLELQDUH        
 0HPRULDHVWHSULYLWăFDRvQúLUXLUHGHRFWHĠLDFHúWLDILLQGLGHQWLILFDĠLSULQWURDGUH  F F F F F F F F
Vă2FWHĠLLGHPHPRULHVXQWJUXSDĠLODUkQGXOORUSHSDJLQLGHPHPRULH 

([HPSOX
 'HH[HPSOXGHVSUHSULPXOELWGLQVWkQJDVSXQHPFDHVWHELWXOGHSHSR]LĠLDúLDUH
0HPRULD5$0 RDQGRPAFFHVVMHPRU\  UDQJXO
   &HOPDLPLFQXPăUQDWXUDOFDUHSRDWHILUHSUH]HQWDWSHELĠLHVWH 
3DJLQD

3DJLQD        
3DJLQD 

RFWHW  &HOPDLPDUHQXPăUQDWXUDOFDUHSRDWHILUHSUH]HQWDWSHELĠLHVWH
 
           

 
 1XPăUXOGHRFWHĠLDLPHPRULHLLQWHUQHH[SULPăFDSDFLWDWHDGHPHPRULHDDFHVWHLD  3HQWUXDFDOFXODYDORDUHDDFHVWXLQXPăUvQVLVWHPXO]HFLPDODSOLFăPDOJRULWPXOGH
 $OWHXQLWăĠLGHPHPRUDUHIRORVLWHvQH[SULPDUHDFDSDFLWăĠLLGHPHPRUDUHVXQW FRQYHUVLHGLQED]DvQED]D
x .LORE\WH QRWăP.% .% RFWHĠL E\WHV 
x 0HJDE\WH QRWăP0% 0% .%
 ˜˜˜˜˜˜˜
x *LJDE\WH QRWăP*% *% 0% VDXPDLVLPSOXIRORVLQGRSHUDĠLLOHGLQED]DQXPăUXOVFULLQGXVHFD
± ±
 
   

 3XWHPWUDJHFRQFOX]LDFăSHELĠLVHSRWUHSUH]HQWDQXPHUHvQWUHúL ± 
2SHUDĠLLSHELĠL   2SHUDĠLLSHELĠL
 
 3ULQDQDORJLHSHELĠL RFWHĠL VHSRWUHSUH]HQWDQXPHUHQDWXUDOHFXSULQVHvQWUH  5HSUH]HQWDUHDQXPHUHORUSR]LWLYHVHUHDOL]HD]ăODIHOFDúLSHQWUXQXPHUHOHQDWXUD
úL± OHGDUOXQJLPHDGHUHSUH]HQWDUHHVWHPDLPLFăFX
 3HQWUXDUHSUH]HQWDXQQXPăUQDWXUDOSHXQQXPăUGDWGHRFWHĠLVHYRUHIHFWXDXU 
PăWRDUHOHRSHUDĠLL  3HQWUXDUHSUH]HQWDXQQXPăUQHJDWLYVHDSOLFăXUPăWRULLSDúL
 6HFRQYHUWHúWHQXPăUXOvQED]D 3DVXO6HUHSUH]LQWăQXPăUXOvQED]D FDúLFXPDUILSR]LWLY 
  6HDOLQLD]ăELĠLLGLQFRPSRQHQĠDQXPăUXOXLODGUHDSWDDSRLvQVWkQJDSULPHLFLIUH 3DVXO1XPăUXOREĠLQXWVHVFDGHGLQN XQGHNHVWHOXQJLPHDUHSUH]HQWăULLvQELĠL 
VHPQLILFDWLYHUHSUH]HQWDUHDVHFRPSOHWHD]ăFX GDFăHVWHFD]XO  3DVXO6HUHSUH]LQWăQXPăUXOREĠLQXWODSDVXOSHNELĠLFDvQDOJRULWPXOSUHFHGHQW


([HPSOX
([HPSOH
 6ăVHUHSUH]LQWHQXPăUXO±SHXQRFWHW N  
D6ăVHUHSUH]LQWHQXPăUXOSHRFWHĠL
3DVXO 
3DVXO1XPăUXOVHUHSUH]LQWăvQED]D
3DVXO±
  $SOLFăPDOJRULWPXOFXQRVFXWúLREĠLQHP 

3DVXODOLQLHPFLIUHOHQXPăUXOXLvQED]DODGUHDSWDSHELĠL RFWHĠL FRPSOH

WkQGODVWkQJDFXXUL
 3DVXO
                

       
                
  $OWHUQDWLYăSUDFWLFăSHQWUXSXQFWXO
E6ăVHUHSUH]LQWHQXPăUXOSHRFWHW  6HSRDWHGHPRQVWUDFăGDFăVHFRPSOHPHQWHD]ăQXPăUXOELWFXELW RSHUDĠLHGHQH
3DVXO1XPăUXOvQED]D JDUHSHELW úLDSRLODFHHDFHVDREĠLQXWVHDGXQăYRPDMXQJHODDFHODúLUH]XOWDW
3DVXO5HSUH]HQWăPDFHVWQXPăUSHXQRFWHW  QHJDWELWFXELWGHYLQH
 

         
         
 
 6HREVHUYăFăVDSLHUGXWFLIUDFHDPDLVHPQLILFDWLYăDQXPăUXOXLFHHDFHvQVHDP
QăFăQXSRDWHILUHSUH]HQWDWSHRFWHW7LSXOGHGDWăWUHEXLHDOHVvQGHSOLQăFRQ

FRUGDQĠăFXPăULPHDYDORULORU úLGHFLOXQJLPHDvQELĠLDDFHVWRUD  5HSUH]HQWDUHDQXPHUHORUUHDOH
5HSUH]HQWDUHDQXPHUHORUUHDOHVHUHDOL]HD]ăvQFRQYHQĠLDYLUJXOăPRELOă

 5HDPLQWLPFăXQQXPăUUHDOVHSRDWHVFULHVXEIRUPDFFFF(±SXQGHFXFDP
5HSUH]HQWDUHDQXPHUHORUvQWUHJLFXVHPQ QRWDWFLIUHOHQXPăUXOXLLDUSHVWHIRUPDWGLQXQDVDXGRXăFLIUHúLUHSUH]LQWăSXWHUHDOD


ÌQOLPEDMXO3DVFDODYHP ÌQOLPEDMXO&DYHP FDUHHVWHULGLFDW H[SRQHQWXO 


WLS QXPăUGHRFWHĠL WLS QXPăUGHRFWHĠL 
([HPSOX
™&
J RFWHW J RFWHW
 (± ˜±
€
 J RFWHĠL &J RFWHW
 'DFăVSDĠLXOGHUHSUH]HQWDUHHVWHGHRFWHĠL ELĠL DFHVWDDUHVWUXFWXUD


J RFWHĠL 
J  RFWHĠL


                  
 1XPHUHOH vQWUHJL FX VHPQ VH YRU UHSUH]HQWD DVHPăQăWRU QXPHUHORU IăUă VHPQ FX
GHRVHELUHDFăELWXOFHOPDLVHPQLILFDWLY ELWXO YDUHSUH]HQWDGHDFHDVWăGDWăVHPQXO  &DUDFWHULVWLFă  0DQWLVă
QXPăUXOXL VDX± 3ULQFRQYHQĠLHGDFăELWXOVHPQDUHYDORDUHDQXPăUXOHVWHFRQ %LWGHVHPQ
VLGHUDWDILSR]LWLYLDUGDFăELWXOVHPQHVWHHJDOFXQXPăUXOHVWHFRQVLGHUDWDILQH 
JDWLY  3HQWUXDUHSUH]HQWDvQFDOFXODWRUXQQXPăUUHDOVHUHVSHFWăXUPăWRULLSDúL
2SHUDĠLLSHELĠL   2SHUDĠLLSHELĠL
 
3DVXO6HUHSUH]LQWăQXPăUXOvQED]D  9DORDUH]HFLPDOă 5HSUH]HQWDUHSHRFWHW
3DVXO1XPăUXOVHDGXFHODIRUPăÄQRUPDOL]DWă´DGLFăODIRUPD˜S SDUWHD J  
vQWUHDJăHVWHHJDOăFXLDUSULPDFLIUăGHGXSăYLUJXOăHVWHvQIXQFĠLHGH  JJVDXJ¯J  
DFHDVWăWUDQVIRUPDUHVHVWDELOHúWHYDORDUHDH[SRQHQWXOXLS PDQWLVDFRQĠLQH
WRDWHFLIUHOHGHGXSăYLUJXOă 
3DVXO&DUDFWHULVWLFDVHFDOFXOHD]ăGXSăIRUPXODS 'LVMXQFĠLD
3DVXO&DUDFWHULVWLFDúLPDQWLVDVHLQWURGXFvQUHSUH]HQWDUHDOLQLDWHODGUHDSWDvQVSD 'LVMXQFĠLD QXPLWăVDXORJLF HVWHXQRSHUDWRUELQDUFDUHDFĠLRQHD]ăDVXSUDDGRLRSH
ĠLLOHFRUHVSXQ]ăWRDUHúLVHVWDELOHúWHELWXOVHPQDOQXPăUXOXL GDFăQXPăUXO UDQ]LvQWUHJLELWFXELWDYkQGFDHIHFWVHWDUHDELWXOXLUH]XOWDWSHGDFăFHOSXĠLQXQXO
HVWHSR]LWLYDFHVWDYDILHJDOFXGDFăQXYDIL  GLQWUHELĠLHVWHúLSHvQFD]FRQWUDU7DEODGHRSHUDUHDGLVMXQFĠLHLSHELWHVWH
 J

J ˜ ` 
([HPSOX ` ` 
 6ăVHUHSUH]LQWHQXPăUXOSHRFWHĠL   
3DVXO7UHFHPQXPăUXOGLQED]DvQED]D  

 &RQYHUWLPSDUWHDIUDFĠLRQDUă 'HFL   1RWDĠLL˜vQOLPEDMXO3DVFDOúLJ°J˜vQOLPEDMXO&



3DVXO6HQRUPDOL]HD]ăQXPăUXO
([HPSOX
  ˜Ÿ0DQWLVD H[SRQHQWXOS   6ăVHFDOFXOH]HYDORDUHDH[SUHVLHLJJ˜SHQWUXD úLE 
3DVXO&DUDFWHULVWLFDHVWH    


                    9DORDUH]HFLPDOă 5HSUH]HQWDUHSHRFWHW
                   J  
˜J  
 JJ˜VDXJ°J˜  
2SHUDĠLLSHELĠL 
'XSă FXP ELQH úWLP vQ PHPRULD FDOFXODWRUXOXL WRDWH QXPHUHOH VXQW UHSUH]HQWDWH vQ
VLVWHPXOGHQXPHUDĠLHELQDU1RLOHYHGHPvQVLVWHPXOGHQXPHUDĠLH]HFLPDOGRDUSHQ &RQMXQFĠLD
WUX Fă VLVWHPXO HIHFWXHD]ă SHUPDQHQW FRQYHUVLL GH OD WDVWDWXUă VSUH PHPRULL úL GH OD &RQMXQFĠLD QXPLWăúLORJLF HVWHXQRSHUDWRUELQDUFDUHDFĠLRQHD]ăDVXSUDDGRLRSH
PHPRULH vQVSUH PRQLWRU SHQWUX FD XWLOL]DWRULL Vă QX ILHREOLJDĠLVăGHVFLIUH]HQXPHUH UDQ]LvQWUHJLDYkQGFDHIHFWVHWDUHDILHFăUXLELWDOUH]XOWDWXOXLFRQIRUPDSOLFăULLXUPă
UHSUH]HQWDWHvQVLVWHPXOELQDU&DDWDUHFXDMXWRUXORSHUDWRULORUSHELĠLSXWHPDFĠLRQD WRDUHLWDEOHGHRSHUDUH


GLUHFWDVXSUDUHSUH]HQWăULLELQDUHIăUăDILQHYRLHGHFRQYHUVLL J ˜ ` 
 'HRDUHFHRSHUDWRULLSHELĠLVHH[HFXWăPDLUDSLGGHFkWRSHUDWRULLDULWPHWLFLvQLP ` ` `
SOHPHQWDUHDDOJRULWPLORUVHSUHIHUăIUHFYHQWXWLOL]DUHDORUvQVFKLPEXOFHORUDULWPHWLFL 
 ` 
  1RWDĠLLJJ˜vQOLPEDMXO3DVFDOúLJ±J˜vQOLPEDMXO&
1HJDUHD 
([HPSOX
1HJDUHDHVWHXQRSHUDWRUXQDUFDUHDFĠLRQHD]ăDVXSUDXQXLVLQJXURSHUDQGGHWLSvQWUHJ
6ăVHFDOFXOH]HYDORDUHDH[SUHVLHLJJ˜SHQWUXD úLE 
DYkQGFDHIHFWVFKLPEDUHDILHFăUXLELWDOUHSUH]HQWăULLQXPăUXOXLGLQvQúLGLQvQ
 
 1RWDĠLL vQOLPEDMXO3DVFDOúL¯vQOLPEDMXO&  9DORDUH]HFLPDOă 5HSUH]HQWDUHSHRFWHW
 J  
([HPSOX ˜J  
 6ăVHFDOFXOH]HYDORDUHDOXL JSHQWUXD  JJ˜VDXJ±J˜  

2SHUDĠLLSHELĠL 
 2SHUDĠLLSHELĠL


Ä6DXH[FOXVLY´ ÌQPXOĠLUHFXRSHUDĠLLSHELĠL
6DXH[FOXVLYHVWHXQRSHUDWRUELQDUFDUHDFĠLRQHD]ăDVXSUDDGRLRSHUDQ]LvQWUHJLELWFX
3UH]HQWăPXQDOJRULWPFDUHHIHFWXHD]ăvQPXOĠLUHDDGRXăQXPHUHvQWUHJL DEd 
ELWDYkQGFDHIHFWVHWDUHDELWXOXLUH]XOWDWSHGDFăFHLGRLELĠLQXDXDFHHDúLYDORDUHúL
IăUăFDvQLPSOHPHQWDUHVăILHQHYRLHGHRSHUDWRUXOvQPXOĠLUH 
SHvQFD]FRQWUDU7DEODGHRSHUDUHDRSHUDWRUXOXLVDXH[FOXVLYSHELWHVWH 
J J # J¡
Ġ ˜‹ QJ
J ˜ `  JJ   zJ`

 ăQJJ
` ` 
  ` JJJJăJELWXOFHOPDLGLQGUHDSWDJ\JJ JJ
 JJJJJJ‹JmJ‹J~J˜
 1RWDĠLLJJ˜vQOLPEDMXO3DVFDOúLJ­J˜vQOLPEDMXO& JJJJ ú JăJ
 JJJJJmJ‘JJ ^vOYRPLPSOHPHQWDFX `
([HPSOX JJJJ˜JJmJ›˜’œJ ^vOYRPLPSOHPHQWDFX `
 6ăVHFDOFXOH]HYDORDUHDOXLJJ˜SHQWUXD úLE   ú J   
ú J 


J 9DORDUH]HFLPDOă 5HSUH]HQWDUHSHRFWHW
 ÌQLQVWUXFĠLXQHD ăVHIDFHUHIHULUHODXOWLPXOELWGLQSULPXORSHUDQG$FHVWDVH
J   SRDWHDFFHVDVLPSOXHIHFWXkQGRSHUDĠLDvQWUHDúLFRQVWDQWDIăUăVăILHQHYRLHGH
˜J   XWLOL]DUHDvPSăUĠLULLvQWUHJLOD$LFLMRDFăUROGHPDVFă
JJ˜VDXJ­J˜    2PDVFăHVWHXQQXPăUFRQVWUXLWvQDúDIHOvQFkWVăSHUPLWăWHVWDUHDYDORULLXQXLD
 VDXDPDLPXOWRUELĠLDLXQXLQXPăUGDW
5RWLULSHELĠL  6ăFRQVLGHUăPXQH[HPSOXFRQFUHWúLVăXUPăULPSDúLLDOJRULWPXOXLSHQWUXD 
([LVWăGRLRSHUDWRULXQXOSHQWUXURWLUHDELĠLORUVSUHGUHDSWDLDUFHOăODOWSHQWUXURWLUHD úLE 
ELĠLORUVSUHVWkQJD$FHúWLDVXQWRSHUDWRULELQDULSULPXORSHUDQGILLQGQXPăUXODLFăUXL 
ELĠLYRUILURWLĠLLDUFHOGHDOGRLOHDUHSUH]LQWăQXPăUXOGHURWDĠLLÌQORFXOELĠLORUGHSOD D  E  D UH]XOWDW 
VDĠLGLQPDUJLQHQXPăUXOVHFRPSOHWHD]ăFXXUL    
    
 1RWDĠLL SHQWUXURWLUHODVWkQJD ShLIWLHIW úL SHQWUXURWLUHODGUHDSWD ShLIW    
RLJKW      
    
([HPSOX      
 6ăVHFDOFXOH]HYDORDUHDOXLJ J‡úLDOXLJ JSHQWUXD  
  'HH[HPSOXVăOXăPvQFRQVLGHUDUHVLWXDĠLD 
J 9DORDUH]HFLPDOă 5HSUH]HQWDUHSHRFWHW (FKLYDOHQWFX  VDXXUPăWRDUHD    5H]XOWăFODUFă
  DVWIHOSXWHPREĠLQHLQIRUPDĠLDGRULWăGHVSUHYDORDUHDXOWLPXOXLELWDOXLD

J‡    


J     

,PSOHPHQWăULVXJHUDWH
3HQWUXDYăIDPLOLDUL]DFXXWLOL]DUHDRSHUDWRULORUFDUHSHUPLWSUHOXFUDUHDGDWHORUSHELĠL
2EVHUYDĠLL
SURSXQHPUH]ROYDUHDXUPăWRDUHORUH[HUFLĠLL
 6HREVHUYăFăRULFHURWLUH WUDQVODWDUH ODVWkQJDFXRSR]LĠLHHVWHHFKLYDOHQWăFXR
 VFKLPEDUHDVHPQXOXLXQXLQXPăU
vQPXOĠLUHDQXPăUXOXLFXúLRULFHURWLUHODGUHDSWDFXRSR]LĠLHHVWHHFKLYDOHQWăFXR
 VFKLPEDUHDYDORULLXQXLELWGLQWUXQQXPăU
vPSăUĠLUHDQXPăUXOXLOD
2SHUDĠLLSHELĠL   2SHUDĠLLSHELĠL
 
 FRGLILFDUHDúLGHFRGLILFDUHDXQXLQXPăUSHED]DXQHLFKHL ([HPSOX 
 vQPXOĠLUHDúLvPSăUĠLUHDFXSXWHULDOHOXL %#!&$ %#!&'(!J
 QXPăUDUHDELĠLORUDYkQGYDORDUHD VDX GLQUHSUH]HQWDUHDXQXLQXPăUvQED]D ˆ` ­|~­‡
 GHVFRPSXQHUHDXQXLQXPăUvQWUHJvQRFWHWXOGLQVWkQJDúLRFWHWXOGLQGUHDSWD 
 URWLUHDFLIUHORUELQDUHDOHXQXLQXPăUvQWUHJ ,QYHUVDUH
 VFKLPEDUHDFLIUHORUELQDUHHJDOHFXvQúLLQYHUV 6HFRQVLGHUăGRXăQXPHUHvQWUHJLDúLE6ăVHLQYHUVH]HFRQĠLQXWXOYDULDELOHLDFX
 JHQHUDUHDWXWXURUVXEPXOĠLPLORUPXOĠLPLL^«1` FRQĠLQXWXOYDULDELOHLEIăUăXWLOL]DUHDXQHLYDULDELOHDX[LOLDUH
JHQHUDUHDWXWXURUúLUXULORUFDUHFRQĠLQQXPDLYDORULOHúL 
 'DWHGHLQWUDUH
&HOHGRXăQXPHUHVHDIOăSHSULPDOLQLHDILúLHUXOXLGHLQWUDUH$8" &$
3UREOHPHSURSXVH 
 'DWHGHLHúLUH
$ILúDUHvQED]D &HOH GRXă QXPHUH VH YRU VFULH GXSă FH FRQĠLQXWXULOH ORU VDX LQYHUVDW vQ ILúLHUXO GH
6FULHĠLXQSURJUDPFDUHFLWHúWHXQQXPăUQDWXUDOQúLDILúHD]ăFLIUHOHUHSUH]HQWăULLEL LHúLUH$8" &'(!
QDUHDQXPăUXOXL 
 5HVWULFĠLLúLSUHFL]ăUL
'DWHGHLQWUDUH x dDEd
1XPăUXOQDWXUDOQVHFLWHúWHGLQILúLHUXO$"&$ 
 ([HPSOX
'DWHGHLHúLUH $8" &$ $8" &'(!
1XPăUXOUHSUH]HQWDWvQED]DVHYDVFULHvQILúLHUXO$"&'(! `JˆJ ˆJ`J

5HVWULFĠLLúLSUHFL]ăUL

x dQd 6ROXĠLLOHSUREOHPHORUSURSXVH
 J
([HPSOX  $ILúDUHvQED]D
$"&$ $"&'(!J
ˆ` ```` 3HQWUXDDILúDUHSUH]HQWDUHDELQDUăDQXPăUXOXLYDWUHEXLVăWHVWăPSHUkQGELĠLLDFHVWX
LD ([LVWă PDL PXOWH PRGDOLWăĠL GH D IDFH DFHVW OXFUX 3UH]HQWăP vQ FRQWLQXDUH GRXă

GLQWUHHOH
6XPăGHSXWHULDOHOXL 
6ăVHGHVFRPSXQăXQQXPăUQDWXUDOQFDVXPăGHSXWHULDOHOXL D6ROXĠLHFDUHURWHúWHPDVFD
 3HQWUXDWHVWDWRĠLELĠLLYDWUHEXLVăUHSHWăPGHRULWHVWDUHD GDFăQXPăUXOHVWHUHSUH
'DWHGHLQWUDUH ]HQWDW SH  ELĠL  OD ILHFDUH SDV GHSODVkQG ELWXO GH WHVW FX R SR]LĠLH 'H GDWD DFHDVWD
1XPăUXOQDWXUDOQVHFLWHúWHGLQILúLHUXO%#!&$ YUHPVăDILúăPYDORDUHDELĠLORUvQFHSkQGFXELWXOGHFLPDVFDVHYDLQLĠLDOL]DFXYD
 ORDUHD
'DWHGHLHúLUH   
'HVFRPSXQHUHDQXPăUXOXLQFDVXPăGHSXWHULDOHOXLVHYDVFULHvQILúLHUXOGHLHúLUH  /DILHFDUHSDVURWLPPDVFDODGUHDSWDFXRSR]LĠLH
%#!&'(!2SHUDĠLDGHULGLFDUHODSXWHUHYDILUHSUH]HQWDWăSULQFDUDFWHUXO­ 
 ([HPSOX
5HVWULFĠLLúLSUHFL]ăUL  
x dQd 
2SHUDĠLLSHELĠL   2SHUDĠLLSHELĠL
 
L QU PDVFD QUPDVFD UH]XOWDW DILúăP 
 \‡J

 ă,J
     ăJ
JJ%JzJ`J JJ
      
JJ
     JJJJJJ% ă
 %•ăJmJDGHYăUDWJ
JJJJ 

    
ăJ% ă
 %•ăJ 
    
 
J` ^XULOHQHVHPQLILFDWLYHQXVHYRUDILúD`

 ú ă
 3H XUPăWRDUHOH WUHL SR]LĠLL DILúăP  'HFL SH SDUFXUVXO H[HFXWăULL SURJUDPXOXL VH
JJJJJJ
JmJ
J JJJ ^URWLPQXPăUXOFXRSR]LĠLHODVWkQJD`
DILúHD]ă JJJJ ú ă
 JJ ú 
 
E6ROXĠLHED]DWăSHURWLUHDQXPăUXOXLGDW ú  
ÌQDFHDVWăDERUGDUHvQORFVăVHPRGLILFHSR]LĠLDELWXOXLGHWHVWGLQPDVFăVHYDURWL 
QXPăUXOGDWELWFXELWWHVWkQGXVHODILHFDUHSDVDFHHDúLSR]LĠLH SULPXOELW 5RWLULOHúL
WHVWăULOHVHYRUUHSHWDGHDWkWHDRULFkĠLELĠLDUHUHSUH]HQWDUHDQXPăUXOXLQ&LIUHOHGLQ 6XPăGHSXWHULDOHOXL
IDĠDQXPăUXOXLQXYRUILDILúDWH ÌQPRGDVHPăQăWRUSUREOHPHLDQWHULRDUHVHYRUWHVWDELĠLLQXPăUXOXLQGHGDWDDFHDVWD
 vQVăDFHúWLDYRUILSDUFXUúLGHODGUHDSWDVSUHVWkQJDFHHDFHQHYDSHUPLWHVăSăVWUăP
([HPSOX vQWUXQFRQWRU SDV UDQJXOILHFăUXLELW$WXQFLFkQGXQELWYDDYHDYDORDUHDFRQWRUXO
 )LHQ úLPDVFD UHSUH]HQWDWHSHELĠL YDDUăWDSXWHUHDOXLFDUHFRUHVSXQGHDFHOXLELW
 /D ILHFDUH SDV VH URWHúWH QXPăUXO Q OD VWkQJD SHQWUX FD XUPăWRUXO ELW ELWXO GHSH 
SR]LĠLD VăDMXQJăvQSR]LĠLDGHWHVWDUH ([HPSOX
 ÌQ SURJUDPXO FX FDUH LPSOHPHQWăP DFHVWDOJRULWPDPLQWURGXVRYDULDELOăORJLFă Q  
FLIUăBVHPQLILFDWLYă FDUH YD SULPL YDORDUHD DGHYăUDW GXSă JăVLUHD úL DILúDUHD SULPHL 
FLIUHVHPQLILFDWLYHDVWIHORIHULQGSRVLELOLWDWHDGHDHYLWDDILúDUHDFLIUHORUHJDOHFXvQ 3DV Q 8OWLPXOELW $ILúăP
IDĠDSULPHLFLIUHVHPQLILFDWLYH    
    
3DV QU PDVFD QUPDVFD UH]XOWDW FLIUăBVHPQLILFDWLYă DILúăP    
    IDOV     A
    IDOV     
    DGHYăUDW     A
    DGHYăUDW     
    DGHYăUDW  
  6HREVHUYăFăODILHFDUHSDVDIRVWWHVWDWXOWLPXOELWFHHDFHQHDUDWăFăPDVFDYD
 ÌQXUPăWRULLWUHLSDúLVHYDDILúDYDORDUHD WUHEXLVăDLEăXOWLPXOELWHJDOFXLDUFHLODOĠLELĠLHJDOLFX'HFLPDVFDYDILLQLĠLDOL
 ]DWăFX
# J úQJ  ÌQDOJRULWPXOFRUHVSXQ]ăWRUYRPIRORVLYDULDELODERROHDQăSULPXOFDUHQHYDDUDWă

ú
J
J GDFăVXQWHPVDXQXODSULPXOWHUPHQDOVXPHLSHQWUXDúWLGDFăYRPDILúDXQVDXQX
JJ%JmJJJ ^VHFRQVWUXLHúWHRPDVFăSHGHELĠLFDUHYDDYHD` 
JJ%JmJ%J J‡JJ ^SULPXOELWUHVWXOELĠLORUILLQG` # J†%
ăQJ

ú
J
J
% ă
 %•ăJmJIDOV
 JJ%JmJJ
 JJJmJ`J
2SHUDĠLLSHELĠL 
 
JJJmJ•ăJ 
JJ   J
JzJ`J

 ă, ^FkWWLPSPDLH[LVWăELĠLHJDOLFXvQQXPăU` 
JJJJăJ
JúJ% JzJ`J 
ăJJJ JJ
^GDFăDPJăVLWXQELWHJDOFX`J
5HFXUVLYLWDWH &DSLWROXO


JJJJJJJJ 
J~J 
 
JJ ™1RĠLXQHDGHUHFXUVLYLWDWH
™3URLHFWDUHDXQXLDOJRULWPUHFXUVLY
JJJmJ JJ ™([HFXĠLDDSHOXULORUUHFXUVLYH
 ú ă ™5HFXUVLYLWDWHLQGLUHFWă vQFUXFLúDWă 
 
J­JJ ^DILúăPSXWHUHDOXLFRUHVSXQ]ăWRDUH` ™*UHúHOLIUHFYHQWHvQVFULHUHDSURJUDPHORUUHFXUVLYH
J JJ ú ă ™&kQGPHULWăVăXWLOL]ăPWHKQLFDUHFXUVLYLWăĠLL"
™,PSOHPHQWăULVXJHUDWH
J JJ
JmJ
JURWLWODGUHDSWDFXSR]LĠLH ^WUHFHPODXUPăWRUXOELW` ™3UREOHPHSURSXVH
J JJJmJJ~JJ ™6ROXĠLLOHSUREOHPHORU
JJ ú     
ú   


1RĠLXQHDGHUHFXUVLYLWDWH
,QYHUVDUH 1RĠLXQHDGHUHFXUVLYLWDWHGLQSURJUDPDUHGHULYăvQPRGQDWXUDOGLQQRĠLXQHDPDWHPD
9RP IRORVL RSHUDWRUXO  FDUH DSOLFDW GH GRXă RUL FRQVHFXWLY vúL DQXOHD]ă ÄDFĠLX WLFă FXQRVFXWă VXE QXPHOH GH UHFXUHQĠă 'DU úL YLDĠD GH ]L FX ]L RIHUă QHQXPăUDWH
QHD´ 'DFă VH DSOLFă vQWUH FHOH GRXă QXPHUH vQWUHJL GDWH DSRL DVXSUD UH]XOWDWXOXL FX H[HPSOH$WXQFLFkQGQHDSXFăPGHIăFXWWHPHOHGHVFKLGHPRFDUWHFLWLPGLQHDGDU
SULPXOXPăUúLODIHOFXDOGRLOHDFRQĠLQXWXOFHORUGRXăYDULDELOHVHLQYHUVHD]ă OD XQ PRPHQW GDW QH WUHEXLH R DOWă FDUWH ÌQWUHUXSHP VWXGLXO GLQ SULPD FDUWH úL FLWLP
GLQ FHDODOWă (VWH SRVLELO Vă DYHP QHYRLH vQ FRQWLQXDUH GH DOWH FăUĠL 9D VRVL vQVă úL
 )LHD úLE  PRPHQWXO FkQG QH vQWRDUFHP OD XOWLPD FDUWH vQWUHUXSWă FRQWLQXăP VDX QX  Vă FLWLP
J GLQHDDSRLQHvQWRDUFHPODSUHFHGHQWDúLvQILQDOODSULPD$WXQFLFkQGDPWHUPLQDW
J      ˜J      J     WHPDRvQFKLGHPúLSHDFHDVWD
˜J     Ÿ      Ÿ ˜      3UH]HQWăP vQ FRQWLQXDUH FkWHYD H[HPSOH FODVLFH GH IXQFĠLL GHILQLWH UHFXUHQW 2
JJ˜J     J ˜JJ      JJ˜J     IXQFĠLHHVWHUHFXUHQWăGDFăHVWHGHILQLWăSULQVLQHvQVăúL
 
([HPSOH
 'HFLDYHPvQEYDORDUHDLDUvQDYDORDUHD 'HILQLĠLDQXPHUHORUQDWXUDOHFRQIRUPD[LRPHORUOXL3HDQR
  
x HVWHQXPăUQDWXUDO
# €
•,J
x 2ULFHVXFFHVRUDOXQXLQXPăUQDWXUDOHVWHXQQXPăUQDWXUDO
JJ
ú
J˜J

JJJmJJJ˜J 6HFĠLXQHDGHDXU
JJ˜JmJ˜JJJ ^YDORDUHDSULPXOXLQXPăUDMXQJHvQDOGRLOHD`J  6HFĠLXQHD GH DXU VHJPHQWXO GH DXU VDX SURSRUĠLD GLYLQă UHSUH]LQWă WRDWH DFHODúL
JJJmJJJ˜J ^YDORDUHDFHOXLGHDOGRLOHDQXPăUDMXQJHvQSULPXO` OXFUXDGLFăFHDPDLDUPRQLRDVăvPSăUĠLUHSURSRUĠLRQDUHGLYLQăDILJXULORUJHRPHWULFH
JJ 
JJJ ÌQFăGLQDQWLFKLWDWH6HFĠLXQHDGHDXUHUDFXQRVFXWăFDILLQGVROXĠLDHFXDĠLHL
JJ 
J˜JJ [±[± 

ú  

5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
 )UDFWDOL
 5H]ROYkQGHFXDĠLDREĠLQHP [    FHHDFHvQVHDPQăDSUR[LPDWLY
 )UDFWDOLLVXQWIRUPHJHRPHWULFHGHILQLWHUHFXUHQWSULQvPSăUĠLUHDXQXLVHJPHQWVDXD
 XQHLVXSUDIHĠHvQEXFăĠLGXSăRSURSRUĠLHGDWă)LHFDUHEXFDWăDXQXLIUDFWDOHVWHRFR
 SLHODVFDUăUHGXVăDvQWUHJXOXL
 $FHDVWăFRQVWDQWăHVWHSUH]HQWăvQWRWFHHDFHHVWHYLXFXPDUILUDSRUWXOGLQWUHGH 
JHWúLSDOPăUDSRUWXOGLQWUHSDOPăúLDQWHEUDĠúLDúDPDLGHSDUWHPRWLYSHQWUXFDUHD  'LQSXQFWGHYHGHUHDOPRGHOXOXLGHJHQHUDUH
IRVWDGHVHDIRORVLWGHPDULLDUWLúWLGHODFRQVWUXFĠLDSLUDPLGHORUúLSkQăODSLFWXUDUH DIUDFWDOLORUDFHúWLDSRWILvPSăUĠLĠLvQIUDFWDOLQD
QDVFHQWLVWă1XPHURDVHVFULHULDXIRVWFRQVDFUDWHVHFĠLXQLLGHDXUOHJLORUVDOHúLSDUWL WXUDOL úL IUDFWDOL DUWLILFLDOL )UDFWDOLL QDWXUDOL VXQW
FLSăULLVDOHODVWUXFWXUDUHDQDWXULLúLDDUWHL6XEQXPHOHGHÄGLYLQHSURSRUWLRQH´RJă FHLH[LVWHQĠLvQQDWXUăVDXFDUHVXQWFUHDĠLvQXUPD
VLPOD/XFD3DFLROLSULHWHQúLFRODERUDWRUDOOXL/HRQDUGRGD9LQFLVXEIRUPăGHIUDF XQRUSURFHVHQDWXUDOH1RULLPXQĠLLFRSDFLLPD
ĠLHFRQWLQXăLQILQLWă OXULOH SRW IL FRQVLGHUDĠL IUDFWDOL QDWXUDOL 'H DVH
PHQHDVLVWHPXOQHUYRVúLVLVWHPXOGHUDPLILFDĠLHD

[   EURQKLLORUVXQWH[HPSOHGHIUDFWDOLQDWXUDOLÌQQD
 WXUă FHO PDL DGHVHD vQWkOQLP SURSRUĠLD GLYLQă FD

 IDFWRUGHSURSRUĠLRQDOLWDWHDOIUDFWDOLORU


 


   3URLHFWDUHDXQXLDOJRULWPUHFXUVLY
IRUPăQXPLWăúLÄFRPELQDUHDXQLWăĠLLFXLQILQLWXO´ ÌQSURJUDPDUHYRUELPGHVSUHVXESURJUDPUHFXUVLYGDFăDFHVWDVHDXWRDSHOHD]ă$OWIHO
 VSXVvQFRUSXOVXESURJUDPXOXLDSDUHXQDSHODOVXESURJUDPXOXLvQVXúLvQWLPSFHDFHV
ùLUXOOXL)LERQDFFL WD HVWH DFWLY 3HQWUX FD DSHOXO Vă QX VH UHDOL]H]H OD LQILQLW HVWH QHFHVDUă H[LVWHQĠD vQ
 6HFRQVLGHUăFăGHILQLUHDúLUXOXLDDSăUXW VXESURJUDPDXQHLFRQGLĠLLFRUHFWHGHRSULUHDDFHVWRUDSHOXUL
vQDQXOúLDFHVWDVHJHQHUHD]ăFXIRUPXOHOH  8QDOWSXQFWGHOLFDWvQUHDOL]DUHDXQXLVXESURJUDPUHFXUVLYHVWHGHVFULHUHDPRGHOX
I I IL IL±IL±SHQWUXL! OXL([LVWăSUREOHPHvQFDUHSXWHPDSOLFDRIRUPXOăGHUHFXUHQĠăGDWăGDUúLSUREOHPH
 $FHVWDHVWHGDWRUDWOXL/HRQDUGRGD3LVDILXOOXL%RQDFFLR FDXUPDUHDIRUPXOăULL vQFDUHDFHDVWăUHODĠLHWUHEXLHGHWHUPLQDWăSHED]DHQXQĠXOXL
XQHLSUREOHPHSULYLQGvQPXOĠLUHDLHSXULORU  
 3ULPXOWHUPHQHVWHXUPăWRULLGRLWHUPHQLDLúLUXOXLVXQWLDUILHFDUHWHUPHQGH  3UH]HQWăPvQFRQWLQXDUHGRXăH[HPSOHGHSURLHFWDUHDXQRUDOJRULWPLUHFXUVLYL
LQGLFHPDLPDUHGHFkWHVWHHJDOFXVXPDXOWLPLORUGRLWHUPHQLFDUHvOSUHFHG D  'DFăIRUPXODUHFXUHQWăHVWHFXQRVFXWăDOJRULWPXOYDGHVFULHDFHDVWăIRUPXOă
 
2EVHUYDĠLH ([HPSOX
 3HPăVXUăFHúLUXOFRQWLQXăUDSRUWXOGLQWUHGRLWHUPHQLFRQVHFXWLYLVHDSURSLHGH 9RPVFULHXQVXESURJUDPUHFXUVLYFDUHFDOFXOHD]ăYDORDUHDOXLDQXQGHDHVWHXQQX
YDORDUHD QXPăUXOGHDXU  PăUUHDOLDUQHVWHQXPăUQDWXUDOGLIHULWGH
 
 ÌQFRQWLQXDUHYRPHQXPHUDFkWHYDSURSULHWăĠLLQWHUHVDQWHDOHWHUPHQLORUúLUXOXLOXL  )RUPXODUHFXUHQWăGHFDOFXODUHDIXQFĠLHLSXWHUHHVWH
)LERQDFFL ­ GDFă Q 
DQ ® Q  
 IQ IQ±˜IQ±  Q ¯ D ˜ D GDFă Q z 
 IQ±˜IQ IQ±˜IQ±  Q 

 $FHDVWăIRUPXOăVHSRDWHUHVFULH
 IIIQ IQ±±
 IIIQ± IQ ­ GDFă Q 

3XWHUH D Q ®
 IIIQ IQ˜IQ ¯D ˜ 3XWHUH D Q   GDFă Q z 
5HFXUVLYLWDWH 

 2YDULDQWăGHVXESURJUDPUHFXUVLYFDUHFRUHVSXQGHDFHVWHLGHVFULHULHVWH  5HFXUVLYLWDWH


 J 
QJJ ^GHWLSIXQFĠLHUHWXUQHD]ăXQQXPăUUHDO`
ăJ
J\JJ JJ ([HFXĠLDDSHOXULORUUHFXUVLYH
JJJJJmJJ $úDFXPVDSUHFL]DWvQFDSLWROXO 6XESURJUDPH RULFHDSHOGHVXESURJUDP FKLDUúL
JJ 
JJ DWXQFLFkQGHVWHYRUEDGHDXWRDSHO DUHFDHIHFWVDOYDUHDSHVWLYDFDOFXODWRUXOXLDDGUH
JJJJJmJJ‘J 
 J VHLGHUHYHQLUHDYDORULORUSDUDPHWULORUWUDQVPLúLSULQYDORDUHúLDDGUHVHLSDUDPHWULORU
 ú ă WUDQVPLúLSULQUHIHULQĠăSUHFXPúLDORFDUHDGHVSDĠLXSHVWLYăSHQWUXYDULDELOHOHORFDOH
ú    DOHVXESURJUDPXOXL
J  ÌQ FRQWLQXDUH YRP VLPXOD PRGXO vQ FDUH VH H[HFXWă VXESURJUDPXO % ˜ 
E  'DFăIRUPXODUHFXUHQWăQXHVWHGDWăDFHDVWDWUHEXLHVăILHGHGXVă SUH]HQWDWPDLVXVSHQWUXD úLE XUPăULQGXVHSDVFXSDVDSHOXULOHVXFFHVL
 YHDOHVXESURJUDPXOXLSUHFXPúLYDORULOHH[LVWHQWHSHVWLYă
([HPSOX 

 9RPVFULHXQVXESURJUDPUHFXUVLYFDUHFDOFXOHD]ăFHOPDLPDUHGLYL]RUFRPXQD   E  /DUHYHQLUH


GRXăQXPHUHQDWXUDOHDúLEFRQIRUPDOJRULWPXOXLOXL(XFOLG  D ÌQXUPDDSHOXOXL% ˆ``  %J\J`J

 E  
 3HQWUXDGHGXFHIRUPXODUHFXUHQWăGHFDOFXODFHOXLPDLPDUHGLYL]RUFRPXQSULQ
DOJRULWPXOOXL(XFOLGYRPXUPăULHIHFWXODOJRULWPXOXLSHXQH[HPSOX  D ÌQXUPDDSHOXOXL% `ˆ`  %J\J`J

 E  
 )LHD úLE 

 D ÌQXUPDDSHOXOXL% ˆŒ`` %J\J`J
D  E FkW  UHVW 
      
      $OWHH[HPSOH
      9RPVFULHXQDOJRULWPFDUHGHWHUPLQăFHOGHDOQOHDWHUPHQDOúLUXOXLOXL)LERQDFFL

 &PPGF DE   XOWLPDYDORDUHDvPSăUĠLWRUXOXL±FkQGDVHGLYLGHODE  XWLOL]kQGvQDFHVWVFRSXQVXESURJUDPUHFXUVLY,PSOHPHQWkQGDFHVWDOJRULWPYRPYH
 6HREVHUYăFăDOJRULWPXOVHRSUHúWHDWXQFLFkQGDVHGLYLGHODE$FHDVWăFRQGLĠLHR GHDFăQXvQFD]XORULFăUHLSUREOHPHHVWHLQGLFDWVăOHUH]ROYăPUHFXUVLYÌQFD]XOúLUX
YRPIRORVLúLSHQWUXDRSULDXWRDSHOăULOH OXLOXL)LERQDFFLVXESURJUDPXOUHFXUVLYHVWHPDUHFRQVXPDWRDUHGHWLPSGHRDUHFHvQ
 ÌQWHUPHQLUHFXUVLYLSXWHPVFULH FD]XOILHFăUXLWHUPHQFDOFXOHOHvQFHSGHODWHUPHQXOGHUDQJ
FPPGF   FPPGF   FPPGF    
 3ULQJHQHUDOL]DUHVHREĠLQH  ùWLLQGFăRULFHWHUPHQGLQúLUXOOXL)LERQDFFLVHFDOFXOHD]ăFDVXPDFHORUGRLWHU
PHQLFDUHvOSUHFHGVHYDXUPăULPRGXOGHFDOFXODUHDOFHOXLGHDOOHDWHUPHQ)LH
­E GDFă UHVW> D  E@ 
 Q   &RQVLGHUăP Fă VXESURJUDPXO UHFXUVLY SRDUWă QXPHOH )LE ÌQ XUPD DSHOXOXL
FPPGF D E ®
¯FPPGF E  UHVW> D  E @ GDFă UHVW> D  E@ z  )LE   VXESURJUDPXO VH YD DXWRDSHOD SHQWUX )LE   úL )LE   6ă XUPăULP FH VH
 vQWkPSOăvQFD]XOOXL)LE  6HYDDSHOD)LE  úL)LE  DSRL)LE  úL)LE  vQILQDO
 J% ˜ QJ
ăJ›’˜œJ\J`J JJ
)LE  úL)LE  9DORULOHDFHVWRUWHUPHQLVHFXQRVFGHFLDXWRDSHOăULOHSHDFHVWÄILU´VH
RSUHVF$VWIHOVHSRDWHFDOFXODYDORDUHDOXL)LE  'DUSHQWUXDOFDOFXODSH)LE  
JJJJ%JmJ˜J
JJ 
JJ PDLvQWkLHVWHQHYRLHGH)LE  $SRLGXSăFHVDFDOFXODW)LE  SHQWUXDOFDOFXODSH
JJJJ%JmJ% ˜›’˜œ J
)LE  GLQQRXHVWHQHYRLHGH)LE  ÌQDLQWHGHDOSXWHDFDOFXODSH)LE  GLQQRX
 ú ăJ HVWHQHYRLHvQDIDUăGH)LE  GH)LE  FDUH6HREVHUYăFăXQDFHODúLWHUPHQ)LE L 
ú    VHFDOFXOHD]ăGHIRDUWHPXOWHRUL
J
5HFXUVLYLWDWH 
  5HFXUVLYLWDWH
 
-=6>< D
 ÌQDFHDVWăYDULDQWăSHQWUXQ VHYRUHIHFWXDDSHOXUL&XFkWQDUHRYDORDUHPDL
PDUHFXDWkWSULQDGRXDYDULDQWăVHHFRQRPLVHúWHXQQXPăUPDLPDUHGHFDOFXOH
-=5><5  'HVSUHVXESURJUDPXO)LE Q SXWHPVSXQHFăDUHXQJUDGPDLvQDOWGHUHFXUVLYLWDWH
-=4>< 0
GHFkWVXESURJUDPXO&PPGF DE ([LVWăúLVXESURJUDPHFXXQJUDGúLPDLvQDOWGHUH
FXUVLYLWDWHGHFkW)LE Q GHH[HPSOXVXESURJUDPXOUHFXUVLYFDUHDULPSOHPHQWDIXQFĠLD
-=4><0 -=0></ -=0>< / -=/><
. OXL$FNHUPDQQGHILQLWăDVWIHO
­Q   GDFă P 
° 
) P Q ® ) P   GDFă Q 
-=0></-=/>< -=/>< -=.> -=/>< -=.><
. ° ) P   ) P Q   GDFă P z  úL Q z 
. . . . ¯
 6HREVHUYăGLQIRUPXODUHFXUHQWăDDFHVWHLIXQFĠLLFăvQVLWXDĠLDvQFDUHPzúLQz
VHHIHFWXHD]ăDXWRDSHOvQDXWRDSHO
-=/><. -=.><.  &XFkWXQVXESURJUDPDUHXQJUDGPDLvQDOWGHUHFXUVLYLWDWHFXDWkWFUHúWHLQHILFL


 6XESURJUDPXOFRUHVSXQ]ăWRUVHSRDWHLPSOHPHQWDSHED]DVXEDOJRULWPXOXL HQĠDOXL9LWH]DGHFDOFXOVFDGHúLVHDMXQJHODGHSăúLUHDVSDĠLXOXLVWLYHLSHQWUXGDWHGH
 LQWUDUHUHODWLYPLFL
 J“˜
QJ  2VROXĠLHGHUHGXFHUHDQXPăUXOXLGHDXWRDSHOXULvQDFHVWHFD]XULHVWHFRQVWUXLUHD
ăJ
J\J J J J
J\J J JJ XQHLVWUXFWXULGHGDWH WDEORXXQLVDXELGLPHQVLRQDOvQIXQFĠLHGHFD] vQFDUHVăVH
JJJJ“˜JmJJ SăVWUH]HYDORULOHGHMDFDOFXODWHDúDFXPVDDUăWDWvQH[HPSOXOSUH]HQWDWPDLVXV
JJ 
JJ  ÌQFKHLHPDFHDVWăGLVFXĠLHFXUHFRPDQGDUHDGHDHYLWDDOWHUQDWLYHOHUHFXUVLYHvQUH
JJJJ“˜JmJ“˜
 J~J“˜
 J ]ROYDUHDSUREOHPHORUvQFD]XOFăURUDH[LVWăYDULDQWăLWHUDWLYăFDUHVăQXILHPDUHFRQ
 ú ă VXPDWRDUHGHVSDĠLXGHPHPRULHFKLDUGDFăSURJUDPHOHUHFXUVLYHVXQWPDLFRPSDFWH
ú   
 
 $PYă]XWFăSHQWUXQ DYHPDSHOXUL3XWHPUHGXFHQXPăUXODXWRDSHOXULORU
GDFăYDORULOHFDOFXODWHOHSăVWUăPvQWUXQYHFWRU)LH)DFHVWYHFWRUGHILQLWFDYDULDELOă 5HFXUVLYLWDWHLQGLUHFWă vQFUXFLúDWă 
JOREDOă6XEDOJRULWPXOVDUUHVFULHDVWIHO ÌQVLWXDĠLDvQFDUHGRXăVDXPDLPXOWHVXESURJUDPHVHDSHOHD]ăUHFLSURFVHVSXQHFă
 UHFXUVLYLWDWHDHVWHLQGLUHFWăVDXvQFUXFLúDWă
 J“˜
QJ 
ăJ
J\J J J J
J\J J JJ ([HPSOX
JJJJ“˜JmJJ 
JJJJ“›
œJmJJ $SHOGLQSURJUDPXOSULQFLSDO6XESURJUDP5HYHQLUHvQSURJUDPXOSULQFLSDO
JJ 
JJ 
ăJ“›
œJzJ`J JJ 
JJJJJJ“˜JmJ“›
œJJ ^GHWHUPLQăP“˜
 `J 
JJJJ 
JJ 
JJJJJJ“˜JmJ“˜
 J 
JJJJJJăJ“›
œJzJ`J J“˜JmJ“›
œ ^GHWHUPLQăP“˜
 `J 6XESURJUDP5HYHQLUHvQSURJUDPXOSULQFLSDO

JJJJJJJJJJJJJJJJJJJJJJ 
J“˜JmJ“˜
 J
 ú ăJ 

JJJJJJ“˜JmJ“˜J~J“˜J 
 ú ă 6XESURJUDP5HYHQLUHvQSURJUDPXOSULQFLSDO
 ú ăJ

ú   
5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
2EVHUYDĠLH 

J†% J
Q€
  KJ
 (VWHDEVROXWQHFHVDUVăVHDVLJXUHLHúLUHDGLQUHFXUVLYLWDWH3HQWUXDFHDVWDYDH[LVWD 

RFRQGLĠLHGHLHúLUHFHOSXĠLQvQWUXQXOGLQWUHVXESURJUDPH JJ™%KJ
 JJ Y `` KJJ
([HPSOX JJ
 KJJ
JJJ˜
 …`J 
J
 3UH]HQWăPvQFRQWLQXDUHXQ SURJUDPGHPRQVWUDWLYFDUHH[HPSOLILFăXWLOL]DUHDWHK JJJJªY…JJ 


QLFLLUHFXUVLYLWăĠLLvQFUXFLúDWHvQWUXQSURJUDPFDUHVLPXOHD]ăXQFURQRPHWUXFDUHSRD †%
 KJJ
WHIXQFĠLRQDDWkWFUHVFăWRUFkWúLGHVFUHVFăWRU JJJJJJ†%
 J
 )RORVLP GRXă SURFHGXUL XQD FDUH FUHúWH YDORDUHD FURQRPHWUXOXL LDU FHDODOWă FDUH 
J



VFDGHYDORDUHDGHDILúDW7DVWDVSDĠLXRYRPIRORVLSHQWUXDFRPXWDGHODXQVWLOGHFUR €
%
 KJJ
QRPHWUDUHODDOWXO JJJJJJ
 J
 $OJRULWPXOVHRSUHúWHFkQGFURQRPHWUXODMXQJHODVDX±DFHDVWăYDORDUH JJJJ
J
ILLQGDOHDVăDUELWUDU
KJ
J
 

 ([HPSOXODOHVHVWHXQXOGLQWUHFHOHPDLVLPSOHUH]ROYDUHDED]kQGXVHSHDSHOXULOH
JJ
Q\KJJ ^VHSRUQHúWHGHODYDORDUHDDFRQWRUXOXL`
UHFLSURFHDGRXăSURFHGXUL8QDFDUHFUHúWHYDORDUHDFRQWRUXOXLFHDODOWăVFDGHYDORD
JJ
 JJJ ^úLODvQFHSXWFUHúWHFRQWRUXO`
UHDDFHOXLDúLFRQWRU J
 'XSăFXPVHSRDWHREVHUYDGLQDOJRULWPXOXUPăWRUVXEDOJRULWPLLVHDSHOHD]ăXQXO
SHFHOăODOWDWXQFLFkQGVHDSDVăWDVWDVSDĠLX 
 $OJRULWPXOYDILSUH]HQWDWLPSOHPHQWDWvQOLPEDMXO3DVFDOIRORVLQGFkWHYDVXESUR *UHúHOLIUHFYHQWHvQVFULHUHDSURJUDPHORUUHFXUVLYH
JUDPHSUHGHILQLWHGLQXQLWXO&UW x 2FRQGLĠLHGHLHúLUHLQFRUHFWăGLQUHFXUVLYLWDWHYDGXFHFHOPDLDGHVHDODGHSăúLUHD
J FDSDFLWăĠLLGHPHPRUDUHDVWLYHLFD]vQFDUHSURJUDPXOVHRSUHúWHDILúkQGPHVDMXO


J†% J
Q€
  KJKJ
™%?J• Ž
  ^SULQFXYkQWXO ŽVHDQXQĠăFRPSLODWRUXOGHVSUHIDSWXOFă†%`
x 8QDXWRDSHOLQFRUHFWIRUPXODWGXFHODXQUH]XOWDWLQFRUHFWVDXODXPSOHUHDVWLYHL
  ^HVWHRSURFHGXUăFDUHVHYDGH]YROWDXOWHULRU`
 x ÌQFD]XOvQFDUHVHGHFODUăSDUDPHWULIRUPDOLWUDQVPLúLSULQYDORDUHúLVDXYDULDELOH


J J
Q€
  KJ ORFDOHGHWLSXULFDUHRFXSăPXOWVSDĠLXGHPHPRULHVWLYDFDOFXODWRUXOXLVHYDXPSOH

 H[WUHP GH UHSHGH DMXQJkQGXVH OD GHSăúLUHD VSDĠLXOXL UH]HUYDW DFHVWXLD FKLDU úL
JJ™%KJJ ^úWHUJHPHFUDQXO`J SHQWUXXQQXPăUPLFGHDXWRDSHOXUL
JJ Y `` KJJ ^VHSR]LĠLRQHD]ăFXUVRUXOSHHFUDQvQYHGHUHDVFULHULL` 
^VHDILúHD]ăFRQWRUXOFXUHQW`
JJ
 KJJ
JJJ˜
 …`J 
J &kQGPHULWăVăXWLOL]ăPWHKQLFDUHFXUVLYLWăĠLL"
  ^GDFăQXVFKLPEăPGLUHFĠLDWLPSXOFUHúWHDOWIHOGHVFUHúWH` $WXQFL FkQG DOJRULWPXO FDUH XUPHD]ă Vă ILH LPSOHPHQWDW GHVFULH R QRĠLXQH UHFXUHQWă
JJJJJªY…JJ 
J
JJ VDX DOJRULWPXO vQ VLQH HVWH UHFXUVLY VH YD OXD vQ FRQVLGHUDUH RSRUWXQLWDWHD GHVFULHULL
JJJJJJ€
%
 KJJ DFHVWXLD XWLOL]kQG WHKQLFD UHFXUVLYLWăĠLL 6H SXQH vQVă SUREOHPD RSWLPDOLWăĠLLYDULDQWHL
JJJJJJ
 JJ UHFXUVLYH D DOJRULWPXOXL 'DFă DFHODúL DOJRULWP VH SRDWH UHDOL]D UHODWLY VLPSOX XWLOL
JJJJ
J

J
JJ ]kQGWHKQLFDLWHUDWLYă IRORVLQGVWUXFWXULUHSHWLWLYHvQORFXODSHOXOXLUHFXUVLY DWXQFLVH
JJJJJJ†%
 KJJ SUHIHUăYDULDQWDLWHUDWLYăGDWRULWăIDSWXOXLFăDVWIHOVHYRUUHDOL]DSURJUDPHPDLUDSLGH
JJJJJJ†%
 JJ 6H HYLWă DVWIHO RSHUDĠLLOH PXOW SUHD GHVH GH VDOYDUH SH VWLYDFDOFXODWRUXOXLSUHFXPúL
JJJJ
J vQFăUFDUHDDFHVWHLDvQFD]XODSHOXULORUUHSHWDWH'HDVHPHQHDGHSDQDUHDSURJUDPHORU

KJ
J UHFXUVLYHHVWHPDLDQHYRLRDVăGHFkWDFHORULWHUDWLYH
 
5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
 3ULQFLSDOXODYDQWDMDOXWLOL]ăULLWHKQLFLLUHFXUVLYHHVWHFăSHUPLWHRGHVFULHUHFRQFLVă 1XPăUPD[LP
DDOJRULWPXOXLRJOLQGLQGSHUIHFWGHILQLĠLDUHFXUHQWăDUHVSHFWLYHLQRĠLXQL7H[WXOVXUVă 6FULHĠL XQ SURJUDP FDUH FLWHúWH XQ QXPăU QDWXUDO Q úL XQ QXPăU GH FLIUH N PDL PLF
DOXQXLDVWIHOGHDOJRULWPHVWHGHUHJXOăPXOWPDLVFXUWúLPDLFODUGHFkWDOWHYDULDQWH GHFkW QXPăUXO GH FLIUH DOH QXPăUXOXL Q  úL GHWHUPLQă QXPăUXO PD[LP FDUH VH SRDWH
GHDOJRULWPL$FHVWPRGGHVFULHUHSHUPLWHRGLYL]DUHXúRDUăDSUREOHPHLvQVXESUREOH REĠLQHGLQQSULQHOLPLQDUHDDNFLIUH&LIUHOHQXPăUXOXLUH]XOWDWvúLYRUSăVWUDRUGLQHD
PHGHDFHODúLWLS vQQXPăU
 
'DWHGHLQWUDUH
,PSOHPHQWăULVXJHUDWH &HOHGRXăQXPHUHQDWXUDOHVHYRUFLWLGLQILúLHUXO+#9+&$
3HQWUX D Yă IDPLOLDUL]D FX LPSOHPHQWDUHD VXESURJUDPHORU UHFXUVLYH Yă UHFRPDQGăP 
VăUHDOL]DĠLXUPăWRDUHOHH[HUFLĠLL 'DWHGHLHúLUH
 LQYHUVDUHDFLIUHORUGLQFRQILJXUDĠLDXQXLQXPăUGDW IăUăVWULQJXUL  1XPăUXOREĠLQXWSULQHOLPLQDUHDFHORUNFLIUHVHYDVFULHvQILúLHUXO+#9+&'(!
 LQYHUVDUHDQXPHUHORUGLQWUXQúLUGDW IăUăWDEORXUL  
 FDOFXOXOUHFXUVLYDOIDFWRULDOXOXL 5HVWULFĠLLúLSUHFL]ăUL
 GHVFRPSXQHUHDUHFXUVLYăDOXQXLQXPăUGDWvQIDFWRULSULPL x QXPăUXOQDWXUDOQSRDWHDYHDFHOPXOWGHFLIUH
 FDOFXOXOUHFXUVLYDOWHUPHQLORUXQXLúLUSHED]DXQHLUHODĠLLGHUHFXUHQĠH x dNdQXPăUXOGHFLIUHDOHQXPăUXOXLGDWQ±
 JHQHUDUHDVXEPXOĠLPLORUPXOĠLPLL^«Q` 
 GHWHUPLQDUHDRELHFWHORUGLQFDUHVHFRPSXQHRIRWRJUDILH ([HPSOX
 +#9+&$ +#9+&'(!J
ˆ‡ŒŠ‰J‡ Œ‰
3UREOHPHSURSXVH 
 6XPăGHQXPHUH)LERQDFFL
&LIUDPD[LPă 6FULHĠLXQSURJUDPFDUHGHVFRPSXQHXQQXPăUQDWXUDOQFDVXPăGHQXPăUPLQLPGH
6FULHĠLXQSURJUDPFDUHFLWHúWHXQQXPăUQDWXUDOúLGHWHUPLQăFHOPDLPLFUDQJDOFLIUHL QXPHUH)LERQDFFLXWLOL]kQGSHQWUXDFHDVWDXQVXESURJUDPUHFXUVLY
PD[LPHGLQQXPăUXWLOL]kQGXQVXESURJUDPUHFXUVLY 
 'DWHGHLQWUDUH
'DWHGHLQWUDUH 1XPăUXOQDWXUDOQVHYDFLWLGLQILúLHUXO (+#&$
9DORDUHDQXPăUXOXLQDWXUDOVHFLWHúWHGLQILúLHUXO-"#&$ 
 'DWHGHLHúLUH
'DWHGHLHúLUH ÌQ ILúLHUXO GH LHúLUH (+#&'(! VH YD VFULH QXPăUXO GDW XUPDW GH VHPQXO \ úL GH
&LIUDPD[LPăúLUDQJXOHLVHSDUDWHGHXQVSDĠLXYRUILVFULVHvQILúLHUXO-"#&'(! WHUPHQLLVXPHLGHQXPHUH)LERQDFFL
 
5HVWULFĠLLúLSUHFL]ăUL 5HVWULFĠLLúLSUHFL]ăUL
x dQXPăUXOGDWd x dQd
 
([HPSOX ([HPSOX
-"#&$ -"#&'(!J (+#&$ (+#&'(!
Œ‡ŒŠ| ŒJˆ Œ` Œ`\||~~‡~
 
 
 
5HFXUVLYLWDWH 

/DFXOHV  5HFXUVLYLWDWH
8QIHUPLHUDUHROLYDGăGUHSWXQJKLXODUăúLGRUHúWHVăFXOHDJăIUXFWHOHFkWPDLXúRU8Q 
YHFLQELQHYRLWRUVHRIHUăVăODMXWHFXXQFDPLRQGDUDUHGRDURVLQJXUă]LODGLVSR]L
ĠLH FHHD FH vQVHDPQă Fă SRDWH IDFH R VLQJXUă SDUFXUJHUH D OLYH]LL /LYDGD VH DIOă vQ 1XPHUHURPDQH
SDQWăúLPDúLQDSRDWHVăVHGHSODVH]HQXPDLVSUHGUHDSWDúLvQMRV&DPLRQXOLQWUăvQ 6FULHĠL XQ SURJUDP FDUH DILúHD]ă XQ QXPăU GDW vQ VLVWHPXO GH QXPHUDĠLH ]HFLPDO FX
OLYDGă vQ FROĠXO VWkQJDVXV DO FDURLDMXOXL FRUHVSXQ]ăWRU OLYH]LL úL YD LHúL vQ FROĠXO GLQ FLIUHDUDEH vQVLVWHPGHQXPHUDĠLHURPDQXWLOL]kQGXQVXESURJUDPUHFXUVLY
GUHDSWDMRV 
 &XQRVFkQGFHOHGRXăGLPHQVLXQLDOHOLYH]LLúLQXPăUXOGHPHUHGLQILHFDUHSRPVă 'DWHGHLQWUDUH
VHJăVHDVFăXQGUXPRSWLPSRVLELOSHQWUXFDPLRQDVWIHOvQFkWSkQăODLHúLUHDGLQOLYD 1XPăUXOQDWXUDOGDWFXFLIUHDUDEHVHYDFLWLGLQILúLHUXOGHLQWUDUH"'+#$&$
GăVăILHFXOHVHFkWPDLPXOWHPHUH 
 'DWHGHLHúLUH
,QWUDUH      ùLUXOGHFDUDFWHUHUHSUH]HQWkQGQXPăUXOURPDQVHYDVFULHvQILúLHUXO"'+#$&'(!
 
    
5HVWULFĠLLúLSUHFL]ăUL
      x dQXPăUXOGDWd
      
     ,HúLUH ([HPSOX
 "'+#$&$ "'+#$&'(!J
'DWHGHLQWUDUH ‰‰| „¨£
&HOHGRXăQXPHUHQDWXUDOH PúLQ UHSUH]HQWkQGGLPHQVLXQLOHOLYH]LLVHFLWHVFGHSH 
SULPD OLQLH D ILúLHUXOXL *8#%#&$ 'H SH XUPăWRDUHOH P OLQLL DOH DFHOXLDúL ILúLHU VH
YRUFLWLFkWHQQXPHUHQDWXUDOHGHVSăUĠLWHSULQFkWHXQVSDĠLXUHSUH]HQWkQGQXPăUXOGH
6ROXĠLLOHSUREOHPHORUSURSXVH
PHUHGLQILHFDUHSRPDOUkQGXOXLUHVSHFWLYGLQOLYDGă 
 &LIUăPD[LPă
'DWHGHLHúLUH 3UH]HQWăPDFHDVWăSUREOHPăFDH[HUFLĠLXGHVFULHUHDXQXLVXESURJUDPUHFXUVLY UH]RO
ÌQILúLHUXO *8#%#&'(!VHYDVFULHXQúLUGHFDUDFWHUH †úL «XQGH †DUHVHP YDUHDLWHUDWLYă XWLOL]kQGXQFLFOX   HVWHPDLVLPSOăúLPDLUDSLGă 
QLILFDĠLDGUHDSWDLDU «vQVHDPQăGLUHFĠLHGHGHSODVDUHvQMRVOLWHUHFDUHFRUHVSXQG 
GHSODVăULORUVXFFHVLYHSHFDUHOHYDDYHDFDPLRQXOSHGUXPXORSWLPJăVLW  $P SXWHD GHWHUPLQD vQWkL FLIUD PD[LPă GLQ QXPăU úL DSRL SULPD SR]LĠLH SH FDUH
 DFHDVWD DSDUH 'DU DFHVWH GRXă RELHFWLYH SRW IL DWLQVH SULQWUR VLQJXUă SDUFXUJHUH D
5HVWULFĠLLúLSUHFL]ăUL FLIUHORUQXPăUXOXL
x dPQd 
  ,GHHDGHUHDOL]DUHUHFXUVLYăDUVXQDDVWIHOGDFăDYHPPDLPXOWGHRFLIUăvQQXPăU
([HPSOX FLIUD PD[LPă YD IL FHD PDL PDUH FLIUă GLQWUH XOWLPD FLIUă D QXPăUXOXL FXUHQW úL FLIUD
*8#%#&$ *8#%#&'(!J PD[LPăDQXPăUXOXLGLQFDUHDPHOLPLQDWXOWLPDFLIUă'DFăQXPăUXOFXUHQWDUHRFL
|JˆJ †««†««† IUăDFHDVWDHVWHFLIUDPD[LPă
‡‡J`J|J‰`J 
`J|`Jˆ`J‡J
 3UH]HQWăP vQ FRQWLQXDUH R VFKHPă GH DSOLFDUH D DFHVWXL DOJRULWP UHFXUVLY SHQWUX
`J||JŒ`Jˆ‡J
JJˆ`JJ QXPăUXO
Œ`Jˆ|JŒJ‡ˆ

5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
$SHOXULUHFXUVLYH5HYHQLUHDGLQDSHOXUL 2EVHUYDĠLH
      YPD[ LPD[  $OJRULWPXOVHSRDWHvQFKHLDPDLUHSHGHvQFD]XOvQFDUHVHJăVHúWHRFLIUăGHRDUH
QXPăUXOFXUHQW QU L FLIUD  SR]LĠLD FHQXPDLSRDWHH[LVWDDOWDPDLPDUHGHFkWHD
PD[LPă FLIUHL 
        

1XPăUPD[LP
6ăSUHVXSXQHPFăQXPHUHOHFLWLWHVXQWúL1XPăUXOGHFLIUHDOHUH]XOWDWX
        
OXL YD IL HJDO FX QXPăUXO FLIUHORU QXPăUXOXL GDW PLQXV QXPăUXO GH FLIUH FDUH WUHEXLH
 HOLPLQDWGHFL± 
          ÌQDOJRULWPXOSURSXVYRPGHWHUPLQDODILHFDUHSDVFkWHRFLIUăGLQUH]XOWDW
 
         3DVXO
  /DSULPXOSDVVHGHWHUPLQăSULPDFLIUă FHDGHUDQJPD[LP DUH]XOWDWXOXL$FHDVWă
         FLIUăVHDOHJHGLQWUHFLIUHOHQXPăUXOXLGDWH[FHSWkQGXOWLPHOHGRXăFLIUH DFHVWHDQXDX
 FXPVăILHSHSULPDSR]LĠLHDXQXLQXPăUGHWUHLFLIUHGHRDUHFHWUHEXLHSăVWUDWăRUGL
         QHDFLIUHORUvQQXPăUXOGDW ÌQH[HPSOXOFRQVLGHUDWFLIUDPD[LPăDQXPăUXOXL
 HVWHFLIUăSHFDUHRSXQHPvQUH]XOWDW
         3HQWUXDSUHJăWLSDVXOXUPăWRUYRPúWHUJHGLQQXPăUXOLQLĠLDOWRDWHFLIUHOHGHODvQ
 FHSXWúLSkQăLQFOXVLYODSULPDDSDULĠLHDFLIUHLGHWHUPLQDWH FLIUHOHúL GHRDUHFH
 6XEDOJRULWPXOWUHEXLHVăGHWHUPLQHGRXăYDORULPRWLYSHQWUXFDUHDFHVWDYDILGH DFHVWHDQXPDLSRWIDFHSDUWHGLQQXPăUXOUH]XOWDW1XPăUXOUăPDVHVWH
WLSSURFHGXUăúLDFHVWHYDORULYRUILSDUDPHWULWUDQVPLúLSULQUHIHULQĠă3VHXGRFXGXOGH 
PDLMRVUHSUH]LQWăDOJRULWPXOVXJHUDW$YHPXUPăWRDUHOHVHPQLILFDĠLLDOHYDULDELOHORUJ 3DVXO
± QUHVWHQXPăUXOGDW  /D SDVXO GRL VH GHWHUPLQă D GRXD FLIUă D UH]XOWDWXOXL XUPăULQG DFHODúL DOJRULWP
± LSăVWUHD]ăUDQJXOFLIUHLFXUHQWH 9RP FăXWD FLIUD PD[LPă GLQ QXPăUXO  OăVkQG OD R SDUWH  FLIUă GH OD VIkUúLW
± YPD[FRQĠLQHYDORDUHDFLIUHLPD[LPH SkQăvQSUH]HQW  GHRDUHFHGDFăDPOXDRúLSHDFHDVWDvQFRQVLGHUDUHVDUSXWHDvQWkPSODVRDOHDJăúL
± LPD[SăVWUHD]ăUDQJXOFLIUHLYPD[ GXSă HOLPLQDUHD HL UHVSHFWLY D FLIUHORU FDUH R SUHFHG QX DP PDL DYHD FLIUă SHQWUX D
J FRPSOHWDUH]XOWDWXOFRQIRUPFHULQĠHL 6HJăVHúWHFLIUDFDUHVHDGDXJăODUH]XOWDWúLVH
 J ă
• QJ UHQXQĠăGLQQRXODFLIUHOHFDUHQXSRWDSăUHDODSDVXOXUPăWRUGHRDUHFHVXQWDQWHULRDUH
JJăJ
J…J‰J  ^GDFăQXPăUXODUHPDLPXOWHFLIUH` FLIUHLJăVLWH6HúWHUJHVHFYHQĠD SkQăODSULPDDSDULĠLHDFLIUHLPD[LPHLQFOXVLY 
  ^VHDSHOHD]ăUHFXUVLYGHWHUPLQDUHDFLIUHLPD[LPHGLQUHVWXOFLIUHORUQXPăUXOXL`J GLQQXPăU
JJJJ 㠛
’`œ~• J  1XPăUXOUăPDVDFXPHVWH
JJJJăJ›
’`œJ…J•J ^GDFăXOWLPDFLIUăDQXPăUXOXLHVWH` 
  ^PDLPDUHGHFkWFLIUDPD[LPăGHSkQăDFXP`JJ 3DVXO
JJJJJJ•JmJ›
’`œJJ ^VHSăVWUHD]ăFLIUD`  /DSDVXOWUHLFLIUDFăXWDWăHVWHLDUQXPăUXOUăPDVGXSăHOLPLQDUHDOXLHVWH
JmJJJ ^úLUDQJXO`  1XPăUXOPD[LPFăXWDWHVWHGHFL
JJJJ ú ă J
 
 ^FkQGDPDMXQVODFLIUDGHUDQJPD[LP`  ÌQVXEDOJRULWPXOUHFXUVLYFRUHVSXQ]ăWRUDFHVWXLDOJRULWPDYHPXUPăWRDUHOHVHPQL
JJJJJJ•JmJ
JJ ^VHLQLĠLDOL]HD]ăFLIUDPD[LPă` ILFDĠLLDOHYDULDELOHORUJ
JJJJJJJmJJJ ^úLUDQJXOFLIUHLPD[LPH`J ± QUHVWHQXPăUXOGDW VXEIRUPăGHúLUGHFDUDFWHUH 
JJJJ ú ă ± FkWHSăVWUHD]ăQXPăUXOFLIUHORUUăPDVHGHDOHVSHWUXUH]XOWDW
JJ ú ă ± UH]XOWDWHVWHQXPăUXOFDUHVHFDXWă
ú    ± SĠLQHHYLGHQĠDQXPăUXOXLFLIUHORUFDUHVHSRWDOHJH
5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
 J
ú
‹ QJ  Jă
 QJ
JJăJJ…J`J J   ^UHWXUQHD]ăSR]LĠLDSHFDUHDSDUHQXPăUXO
vQúLUXO)LERQDFFL`
JJJJJmJJJ ^FRQVLGHUăPSULPDFLIUăFDILLQGPD[LPă` JJ   J ˜›
œJ…J
J

 ă,J
J
 J\ OXQJLPHDQXPăUXOXL
 JŸJJ~JJ

 ă, JJJJ
JmJ
J
  ^VHGHWHUPLQăFLIUDPD[LPăGHSHSR]LĠLLOHÄSHUPLVH´` JJ ú    
JJJJJJăJ
›œJ…J
›œJ JJ JJăJmJ
J
JJJJJJJJJmJJJ ú   J
JJJJJJ ú ă 
JJJJ ú 
   &XDFHVWHSUHFL]ăULSUHOLPLQDULLVXESURJUDPXOUHFXUVLYSURSXVSHQWUXDILúDUHDGHV
JJJJ‹JmJ‹J~J
›œJJ ^VHSăVWUHD]ăFLIUDJăVLWă` FRPSXQHULLXQXLQXPăUvQVXPăGHQXPHUH)LERQDFFLHVWH
JJJJVHúWHUJFLIUHOHFDUHQXPDLSRWIDFHSDUWHGLQUH]XOWDW J
J J ^GHWHUPLQăPXUPăWRDUHDFLIUăDVROXĠLHL`  J%•
 QJ
JJJJ
ú
‹ J JJ?JmJă
 JJ ^VHGHWHUPLQăLQGLFHOHDFHOXLQXPăU)LERQDFFL`
JJ ú ă JJ 
J ˜›?œJJ ^FDUHHVWHFHOPDLDSURSLDWGHQXPăUXO
`
ú    JJăJ
JzJ ˜›?œJ J
 JJJJ 
J~J
6XPăGHQXPHUH)LERQDFFL JJJJ%•
 ˜›?œ J
JJ ú ă
6ROXĠLDSUH]HQWDWăvQFRQWLQXDUHGHWHUPLQăFHOPDLDSURSLDWQXPăU)LERQDFFLGHQXPă ú   J
UXOGDWGXSăFDUHDOJRULWPXOUHSHWăUHFXUVLYDFHHDúLDFĠLXQHSHQWUXGLIHUHQĠDGLQWUHQX 
PăUXOGDWúLQXPăUXO)LERQDFFLJăVLW J ÌQSURJUDPXOSULQFLSDOVXQWGHVFULVHXUPăWRDUHOHDFĠLXQL
 ÌQYDULDQWDUHFXUVLYăDDOJRULWPXOXLGHUH]ROYDUHYRPLQLĠLDOL]DvQSUHDODELOHOHPHQ ± VHFLWHúWHQXPăUXOGDW
WHOHúLUXOXLOXL)LERQDFFLSkQăODFHOPDLDSURSLDWQXPăUGHQXPăUXOGDW$VWIHOYRP ± VHDSHOHD]ăLQLĠLDOL]DUHDFDUHGHWHUPLQăúLLQGLFHOHFHOXLPDLDSURSLDWQXPăU)LER
HYLWD UHFDOFXODUHD UHSHWDWă D XQRU WHUPHQL GLQ úLUXO OXL )LERQDFFL FHHD FH DU vQFHWLQL QDFFLPDLPLFVDXHJDOFXQXPăUXOGDW
H[HFXĠLDSURJUDPXOXL ± VHDILúHD]ăQXPăUXOGDWXUPDWGHVHPQXO\
 ± VH DSHOHD]ăVXESURJUDPXOUHFXUVLYSRUQLQGGHODFHOPDLPDUHQXPăU)LERQDFFL
 J€
Ġ‹
 QJ GLQGHVFRPSXQHUHDQXPăUXOXLGDW
  ^JHQHUăPLWHUPHQLDLúLUXOXLOXL)LERQDFFLXOWLPXOWHUPHQJHQHUDWHVWH`
  ^FHOPDLDSURSLDWQXPăU)LERQDFFLPDLPLFVDXHJDOFXQXPăUXOGDW`

JJ ˜›œJmJJ /DFXOHV
JJ ˜›œJmJJ 5H]ROYDUHDDFHVWHLSUREOHPHvQVHDPQăJăVLUHDUăVSXQVXOXLODGRXăFHULQĠH
JJJmJJ D GHWHUPLQDUHD QXPăUXOXL PD[LP GH PHUH FDUH SRW IL FXOHVH SULQWUR SDUFXUJHUH
JJ   J ˜›œJJ
J

 ăJ FRQIRUPHQXQĠXOXL
JJJJJmJ~J EGHWHUPLQDUHDGUXPXOXLFDUHDFRQGXVODVROXĠLDRSWLPă
JJJJ ˜›œJmJ ˜›œJ~J ˜›œJ 
JJ ú     DğLQkQGFRQWGHIDSWXOFăGHSODVDUHDVHSRDWHIDFHGRDUSHGRXăGLUHFĠLLQXPăUXOPD
JJ
JmJJ [LPGHPHUHFDUHSRWILFXOHVHVHSRDWHGHWHUPLQDSkQăvQRULFHSXQFWDOOLYH]LL$FHVWH
ú    LQIRUPDĠLLVHYRUFRQVWUXLSDVFXSDVúLVHYRUVWRFDvQWUXQWDEORXELGLPHQVLRQDOE
  3ULPXOHOHPHQWDOWDEORXOXLEYDILE>@FDUHYDILLQLĠLDOL]DWFXQXPăUXOGHPHUH
 8QDOWVXESURJUDPXWLOvQUH]ROYDUHDSUREOHPHLHVWHFHOFDUHGHWHUPLQăLQGLFHOHGLQ DOHSULPXOXLSRP D>@ DIODWSHGLUHFĠLDGHSRUQLUHÌQFRQWLQXDUHYRPSXWHDFRP
úLUXO)LERQDFFLFDUHFRUHVSXQGHXQXLQXPăU)LERQDFFLGDW SOHWDSULPDOLQLH GDFăSăVWUăPGLUHFĠLDGHSRUQLUHSkQăODFDSăWXOOLYH]LL úLSULPDFR
J ORDQăDWDEORXOXLELGLPHQVLRQDOGDFăVHXUPHD]ăGLUHFĠLDvQMRV6ăXUPăULPDFHúWLSDúL
 SHH[HPSOXOGDWvQHQXQĠ
5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
‡‡J`J|J‰`J úLDúDPDLGHSDUWHSkQăFkQGVDXFDOFXODWWRDWHHOHPHQWHOHWDEORXOXLELGLPHQVLRQDOE
`J|`Jˆ`J‡J  9DORDUHD GLQ FROĠXO GUHDSWD MRV E>P Q@  YD IL HJDOă FX QXPăUXO PD[LP GH PHUH
`J||JŒ`Jˆ‡J FDUHSRWILFXOHVHODRSDUFXUJHUHDOLYH]LL
JJˆ`JJ 

Œ`Jˆ|JŒJ‡ˆJ    



 &RQVWUXLUHDOLQLHL       

      
             
«          
 
 6HFYHQĠDvQSVHXGRFRGFRUHVSXQ]ăWRDUHDFHVWRUDFĠLXQLHVWH  $OJRULWPXOFXFDUHFDOFXOăPDFHDVWăYDORDUHHVWH
J ^FUHDUHDSULPHLOLQLL`J J
JJ˜›œJmJ›œ   ^FRPSOHWDUHDWDEORXOXLSHFHOHODOWHOLQLLúLFRORDQH`
JJ
 J\
J

 ă,^VHDGXQăODQXPăUXOPD[LPGHPHUHGHSHSR]LĠLD` JJ
 J\J

 ă,J
  ^DQWHULRDUăQXPăUXOGHPHUHGLQSRPXOFXUHQW`J JJJJ
 J\
J

 ă,J
JJJJ˜›œJmJ˜›œJ~J›œ JJJJJJăJ˜›œJ…J˜›œJ JJ
JJ ú 
  JJJJJJJJ˜›œJmJ˜›œJ~J›œJ
&&& JJJJJJ 
JJ
JJ JJJJJJJJ˜›œJmJ˜›œJ~J›œJ
 &RQVWUXLUHDFRORDQHL JJJJJJ ú ă

JJJJ ú 
 
    JJ ú 
 
     &&&

    
EÌQID]DDGRXDWUHEXLHVăQHvQWRDUFHPSRUQLQGGHODHOHPHQWXOE>PQ@SHGUXPXO
     SHFDUHVDREĠLQXWDFHDVWăYDORDUHPD[LPă
      $FHVWSURFHVGHÄUHJăVLUHDGUXPXOXL´HVWHFHOPDLDGHVHDGHVFULVSULQWHKQLFăUH


 $OJRULWPXOHVWHVLPLODUFHOXLGHPDLVXV FXUVLYă
J J^FUHDUHDSULPHLFRORDQH`  0RGDOLWDWHDGHUHJăVLUHDGUXPXOXLSHFDUHDIRVWGHWHUPLQDWăYDORDUHDPD[LPăVH
J
 J\J

 ă, ^VHDGXQăODQXPăUXOPD[LP` SRDWHLQWXLGLQWDEHOXODQWHULRU6HSRUQHúWHGHODHOHPHQWXOE>PQ@úLVHYHULILFăGDFă
ODDFHDYDORDUHDPDMXQVGHODHOHPHQWXOGHGHDVXSUDVDXGHODHOHPHQWXOGLQVWkQJDVD
JJJ˜›œJmJ˜›œ~›œJJ ^GHPHUHGHSHSR]LĠLDGHGHDVXSUDSR]LĠLHL`
&DOFXOăP± úL± 'HRDUHFHD>PQ@ VHWUDJHFRQFOX]LD
 ú 
  ^FXUHQWHQXPăUXOGHPHUHGLQSRPXOFXUHQW`
J
FăDPDMXQVvQE>PQ@GLQE>PQ±@ÌQYHFWRUXOUH]XOWDWLQWURGXFHPFDUDFWHUXO †
 GHRDUHFHDPDYDQVDWvQDFHDVWăSR]LĠLHPHUJkQGVSUHGUHDSWD 
 'LQDFHVWPRPHQWVHSRDWHvQFHSHFRPSOHWDUHDUHVWXOXLWDEORXOXLSHOLQLL vQFHSkQG  ÌQPRGVLPLODUVHUHIDFHWRWGUXPXO5HVWXOFDUDFWHUHORUOHDOLSLPPHUHXvQIDĠDúL
FXOLQLD VDXSHFRORDQH vQFHSkQGFXFRORDQD FDOFXODUHDYDORULLILHFăUXLHOHPHQW UXOXL UH]XOWDW FRUHVSXQ]ăWRU XQXL SDV FDUH SH GUXP HVWH PDL DSURDSH GH SXQFWXO GH
QHDSăUDWvQRUGLQH VHYDIDFHSULQDOHJHUHDQXPăUXOXLPD[LPGHSRPLvQWUHYDORDUHD VWDUW
GHGHDVXSUDúLFHDGLQVWkQJD FDUHVXQWGHMDFDOFXODWH SOXVQXPăUXOGHPHUHGLQSR  ÌQFD]XOVXESURJUDPHORUUHFXUVLYHHVWHHVHQĠLDOVăVHGHWHUPLQHFRUHFWFRQGLĠLDGH
PXOODFDUHQHDIOăP RSULUHúLIRUPXODUHFXUHQWăGXSăFDUHVHIDFHDXWRDSHOXOÌQFD]XOGHIDĠăQHYRPRSUL
 'HH[HPSOX DWXQFLFkQGDPDMXQVODHOHPHQWXOGHLQGLFH  2EVHUYăPFăvQWRWGHDXQDVHYDDMXQJH
E>@ PD[LP^`D>@   vQDFHDVWăSR]LĠLHDWDEORXOXLGHRDUHFHDFHVWDDIRVWSXQFWXOGHSOHFDUHvQSULPDSDUWHD
E>@ PD[LP^`D>@   DOJRULWPXOXL$FXPVHUHIDFHGUXPXORSWLPSHFDUHVDDMXQVGLQE>@vQE>PQ@
5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
2EVHUYDĠLH  'DFăFLIUDGHUHSUH]HQWDWHVWHVDXVHIRORVHúWHYDULDQWDDGLWLYăúL
 ÌQ DOJRULWPXO GHVFULV DP DSOLFDW PHWRGD SURJUDPăULL GLQDPLFH  6H REVHUYă FHOH DOLSLPVLPEROXULOH,;úL&VDX0
GRXăID]HDOHDOJRULWPXOXLVSHFLILFHDFHVWHLPHWRGHDXIRVW  'DFăYDORDUHDFLIUHLGHUHSUH]HQWDWvQFHSHFXVDXVHIRORVHúWHWRWYDULDQ
 &RQVWUXLUHDVROXĠLHLRSWLPH WDDGLWLYăSULQDOLSLUHDVLPEROXULORU9/VDX'úLGXSăFD]FXDOLSLUHDVXSOLPHQ
 5HIDFHUHDGUXPXOXLSHFDUHDIRVWREĠLQXWăDFHDVWăVROXĠLH WDUăDVLPEROXULORU,;VDX&vQQXPăUXOFRUHVSXQ]ăWRU
  'DFăYDORDUHDFLIUHLGHUHSUH]HQWDWvQFHSHFXVHIRORVHúWHYDULDQWDSULQGLIHUHQĠă
 6XEDOJRULWPXOUHFXUVLYFDUHUHJăVHúWHGUXPXOSHFDUHDIRVWFRQVWUXLWăVROXĠLDRSWL IDĠăGHVLPEROXO9/VDX'
PăHVWH  'DFăYDORDUHDFLIUHLGHUHSUH]HQWDWvQFHSHFXVHIRORVHúWHYDULDQWDSULQGLIHUHQĠă
 IDĠăGHVLPEROXO;&VDX0
 J† ‹ QJ 
ăJ JzJ J JzJ J J  ÌQYDULDQWHOHSULQGLIHUHQĠăIRUPXODGHFDOFXOGLIHUăvQIXQFĠLHGHPRGXOvQFDUHVH
JJJJăJ˜›œJ\J˜›œJ~J›œJ J vQGHSOLQHVFFRQGLĠLLOHúL'HH[HPSOXQXPăUXOVHFDOFXOHD]ăFDGLIHUHQĠăvQWUH
JJJJJJ‹JmJ†J~J‹J úLGHRDUHFHHVWHHJDOFXR]HFLPHGLQ5HSUH]HQWDUHDURPDQăDQXPăUXOXLHVWH
JJJJJJ† ‹ J ,;1XPăUXOQXVHSRDWHFDOFXODFDGLIHUHQĠăvQWUHúL FXPDPILvQGUHSWăĠLĠL
JJJJ ú ă VăVSHUăP SHQWUXFăHVWHPDLSXĠLQGHR]HFLPHGLQÌQDFHVWFD]DSOLFăPFHDODO
JJ 
 WăYDULDQWăvQFDUHH[SULPăPFDGLIHUHQĠăvQWUHúL FHHDFHHVWHSHUPLV XU
JJJJăJ˜›œJ\J˜›œJ~J›œJ J PkQGVăUHOXăPDOJRULWPXOSHQWUXGLIHUHQĠDUăPDVă± ÌQILQDOQXPăUXOvQ
JJJJJJ‹JmJ«J~J‹J UHSUH]HQWDUHDURPDQăHVWH;&,;
JJJJJJ† ‹ J
JJJJ ú ă

JJ ú ă  $P DOHV Vă GHVFULHP DFHVW DOJRULWP vQ YDULDQWD UHFXUVLYă GHRDUHFH PRGDOLWDWHD
ú    SUDFWLFăGHUH]ROYDUHDDFHVWHLSUREOHPHHVWHGHILQLWăUHFXUHQWVHGHWHUPLQăROLWHUăUR
J PDQăGXSăFDUHDOJRULWPXOVHDSOLFăLGHQWLFúLSHQWUXQXPăUXOUăPDV

1XPHUHURPDQH  ÌQYDULDQWDXUPăWRDUHIRORVLPGRXăFRQVWDQWHGHWLSYHFWRUXQDFRQĠLQkQGYDORULOH
'XSăFXPVHúWLHH[LVWăGRXăPHWRGHGHVFULHUHDXQXLQXPăUvQVLVWHPXOGHQXPHUDĠLH FRUHVSXQ]ăWRDUHFLIUHORUURPDQHLDUFHDODOWăFRQĠLQkQGFKLDUOLWHUHOHIRORVLWHvQVFULH
URPDQXQDDGLWLYăúLXQDSULQGLIHUHQĠăDPEHOHPHWRGHDYkQGWRWXúLOLPLWăULGHDSOL UHDURPDQă(VWHGHvQĠHOHVFăSHQWUXRULFHLQGLFHYDORDUHDGLQSULPXOYHFWRUYDFRUHV
FDUH SXQGHOLWHUHLGLQFHOGHDOGRLOHDYHFWRUDVWIHO
 ÌQYDULDQWDDGLWLYăGHH[HPSOXQXSXWHPVFULHPDLPXOWGHWUHLOLWHUHFRQVHFXWLYH 
LGHQWLFH9DULDQWDSULQGLIHUHQĠăDDSăUXWSHQWUXDSUHVFXUWDQXPHUHOHFDUHDOWIHOHUDX  \ J„†¨£€ KJJ ^YHFWRUGHFDUDFWHUH`J
PXOWSUHDOXQJL3HQWUXFDVFULHUHDVăILHWRWXúLXQLFăVDXHPLVXUPăWRDUHOHUHJXOL
JJJJJJ•\ ```````|````|``| KJJ ^YHFWRUGHQXPHUH`J
 1XPDLFLIUHOH,;úL&SRWILVFă]XWH 
 'RDUYDORDUHDXQHLVLQJXUHFLIUHSRDWHILVFă]XWă QXVHSHUPLWHVFăGHUHDXQXLJUXS  (OHPHQWXOGHLQGLFHDUHRYDORDUHQHVHPQLILFDWLYăSHQWUXVLPSOLWDWHDUH]ROYăULL
GHOLWHUH  
 1XPăUXOFDUHVHVFDGHWUHEXLHVăDLEăRYDORDUHPDLPDUHVDXHJDOăFXR]HFLPHGLQ  'HWHUPLQDUHDRUGLQXOXLGHPăULPHDFLIUHLURPDQHFRUHVSXQ]kQGXQXLQXPăUGDWVH
GHVFă]XW UHDOL]HD]ăvQXUPăWRUXOVXEDOJRULWP
 
([HPSOX  J% 

ă QJ
Q &';/,;&' ± DSRL;/ ± úL,; ±    ^HVWHRUGLQXOGHPăULPHPD[LPFRUHVSXQGHOLWHUHL,DYkQGYDORDUHD`J
'HFLvQWRWDO  JJ
JmJJJ J
 'HRVHELPXUPăWRDUHOHVLWXDĠLL JJ   J•›
œJdJ
ăJ

 ă,J
 JJJJ
JmJ
JJJ

0HWRGDSURJUDPăULLGLQDPLFHVHYDVWXGLDvQFODVDD;D JJ ú    
5HFXUVLYLWDWH   5HFXUVLYLWDWH
 
JJăJ% ă˜ă
ă J\J‰J JJ ăJ% ăHVWH J
JJJJ
JmJ
J~JJ JJJJJJăJ •›
œJJ
ăJJ¥```¦ JúJ
 ú ă
J J •›
œJ
ăJtJ›•›
œ’`œ J 
ú   
 JJJJJJJJ
JmJƒ •›
œJ
ă J~J›
œJ
JJJJJJ 

 3HQWUXQXPHUHOHFDUHvQFHSFXFLIUDVHHIHFWXHD]ăRFRUHFĠLHDVWIHOUDQJXOUHWXUQDW
JJJJJJJJ
JmJ›
œJ~J›
œJ~JJ
YDFRUHVSXQGHVLPEROXULORUGHVFă]XW,;VDX&GXSăFD] vQORFGH9/VDX'  J J ƒ
ăJJ% ‘•›
œ J
 JJJJJJ ú ă
 8UPăWRUXOVXEDOJRULWPUHFXUVLYGHWHUPLQăQXPăUXOURPDQFXSDPQRWDWXQúLUGH  ú ă
FDUDFWHUHvQFDUHDPDOLSLWOLWHUHOHLGHQWLFHDWXQFLFkQGDFHVWHDWUHEXLHVăVHUHSHWH  ú ăJ
J ú   
 Jƒ
ă QJ 
JJăJ
ăJ\J`J JJ
 ÌQvQFKHLHUHÄQXSXWHPUH]LVWDWHQWDĠLHL´úLYăSUH]HQWăPúLRDOWHUQDWLYăLWHUDWLYă
JJJJƒJmJJ
SHQWUXUH]ROYDUHDDFHVWHLSUREOHPH&XDUDEDPQRWDWQXPăUXODUDEFXURPDQQXPă
JJ 

JJJJ% 

ă J UXOURPDQÌQVXEDOJRULWPXO

˜˜‡ VH
JJJJ% ăJmJ›
ă’•›
œœJ FDXWăSăUĠLGLQQXPăUXODUDEDSDUĠLQkQGDQXPLWRULQWHUYDOH$FHVWHDVHVFDGGLQQXPă
  ^YDULDQWăDGLWLYăFDUHIRORVHúWHOLWHUHOH,;&VDX0` UXODUDEúLvQQXPăUXOURPDQVHDOLSHVFOLWHUHOHFRUHVSXQ]ăWRDUH ˜SRDWHIL
JJJJăJ% ăJHVWHVDX J   VDX  LDU FDUDFWHUHOH   ‡ DX YDORUL FRUHVSXQ]ăWRDUH RUGLQXOXL GH
JJJJJJJmJJ PăULPHDOXL˜„†¨¨£€
JJJJJJ
 J\% ăJ

 ă,J J
 J

˜˜‡ QJ
JJJJJJJJJmJJ~J›
œJ
JJJJJJ ú 
  JJ   ˜JtJ˜J

 ă,J
JJJJJJƒJmJJ~Jƒ
ăJJ% 㑕›
œ J JJJJ
JmJ
J~JJ
JJJJ ú ă JJJJ˜JmJ˜JJ˜J
  ^YDULDQWăDGLWLYăvQFDUHFLIUDFXUHQWăVHVFULHIRORVLQGOLWHUD9/VDX'` JJ ú    J
JJJJăJ% JHVWHVDXJ J JJăJ˜JtJ›‰‘˜’`œJ J
JJJJJJJmJJ JJJJ
JmJ
J~J‡J~JJ
JJJJJJ
 J\Š% ăJ

 ă,J JJJJ˜JmJ˜JŸJ›‰‘˜’`œJ
JJJJJJJJJmJJ~J›
~œJ JJ 

 ú 
  ă˜JtJ›˜’œJ J
JJJJJJƒJmJ›
œJ~JJ~Jƒ
ăJJ% 㑕›
œ J JJJJJJ
JmJ
J~JJ
 ú JăJ JJJJJJ˜JmJ˜JŸJ›˜’œJ
  ^YDULDQWDSULQGLIHUHQĠă` JJJJ 

JJJJăJ% ăHVWH J ă˜J…J›ˆ‘˜’`œJ J
JJJJJJăJ •›
œJJ
ăJJ¥```¦ JúJ JJJJJJJJ
JmJ
J~J‡J~JJ
JJJJJJJJJJJ •›
œJŸJ
ăJtJ›•›
œ’`œ J  JJJJJJJJ˜JmJ˜JŸJ›ˆ‘˜’`œJ
JJJJJJ ú ăJ
JJJJJJJJ
JmJƒ •›
œJ
ă J~J›
œJ
 ú ă
JJJJJJ 

 ú ăJ
JJJJJJJJ
JmJ›
œJ~J›
œ~J ú   J
JJJJJJJJJJJJJJƒ
ăJJ% 
‘•›
œ J 

 ú ă  $FHVWVXEDOJRULWPVHDSHOHD]ăGHWUHLRULGLQSURJUDPXOSULQFLSDODSRLvQFD]XOvQ


 ú ă FDUHPDLH[LVWăYDORULGLIHULWHGHvQQXPăUXODUDEDFHVWHDVHVFULXFXFLIUH,




0HWRGDEDFNWUDFNLQJ &DSLWROXO



™%DFNWUDFNLQJLWHUDWLY
™%DFNWUDFNLQJUHFXUVLY
™,PSOHPHQWăULVXJHUDWH
™3UREOHPHSURSXVH
™6ROXĠLLOHSUREOHPHORU


5HFXUVLYLWDWH  

 0HWRGDEDFNWUDFNLQJHVWHRPHWRGăGHSURJUDPDUHFXDMXWRUXOFăUHLDVHUH]ROYăSUR
&&& EOHPHOHvQFDUH
JJ
JmJJ x VROXĠLDVHSRDWHUHSUH]HQWDVXEIRUPDXQXLWDEORX;  [[«[Q FX[0
JJ

˜```„† J [0HWF000QILLQGPXOĠLPLILQLWHDYkQGVVVQHOHPHQWH
JJ

˜``¨ J x vQWUHHOHPHQWHOHWDEORXOXL;H[LVWăDQXPLWHOHJăWXULLPSXVHvQHQXQĠ
JJ

˜`¨£€ J 
J   J˜J…\JJ

 ă,J^FHHDFHDUăPDVGLQDUDEVHVFULHFXFLIUH,`J &RQGLĠLLLQWHUQH
 ÌQILHFDUHSUREOHPăVXQWGDWHDQXPLWHUHODĠLLFDUHWUHEXLHVăH[LVWHvQWUHFRPSRQHQ
JJJJ
JmJ
J~J€J
WHOH[[[QDOHYHFWRUXOXL;QXPLWHFRQGLĠLLLQWHUQH
JJJJ˜JmJ˜JJJ 
JJ ú    J 6SDĠLXOVROXĠLLORUSRVLELOH
&&J  0XOĠLPHD0u0uu0QVHQXPHúWHVSDĠLXOVROXĠLLORUSRVLELOH
 
&RQGLĠLLGHFRQWLQXDUH
 'DFăODSDVXONFRQGLĠLLOHLQWHUQHVXQWVDWLVIăFXWHDOJRULWPXOVHFRQWLQXăvQIXQFĠLH
GHFHULQĠH'DFăPDLWUHEXLHFăXWDWHFRPSRQHQWHGHRDUHFHQXPăUXOORUVHFXQRDúWHúL
vQFăQXOHDPREĠLQXWSHWRDWHVDXFRPSRQHQWHOHvQFăQXFRQVWLWXLHRVROXĠLHSHED]D
XQRUSURSULHWăĠLFRQGLĠLLOHGHFRQWLQXDUHYRUSHUPLWHFRQWLQXDUHDDOJRULWPXOXL

6ROXĠLLUH]XOWDW
 $FHOH VROXĠLL GLQWUH VROXĠLLOH SRVLELOH FDUH VDWLVIDF FRQGLĠLLOH LPSXVH GH SUREOHPă
FRQGLĠLLOH LQWHUQH úL FRQGLĠLLOH GH FRQWLQXDUH QX FHU FRPSRQHQWH vQ SOXV  VH QXPHVF
VROXĠLLUH]XOWDW
 2 PHWRGă GH UH]ROYDUH D DFHVWHL FDWHJRULL GH SUREOHPH DU IL GHWHUPLQDUHD WXWXURU
VROXĠLLORUSRVLELOHúLDSRLFăXWDUHDDFHORUDFDUHVDWLVIDFFRQGLĠLLOHLQWHUQH'H]DYDQWDMXO
HVWHXúRUGHREVHUYDWGHRDUHFHWLPSXOFHUXWGHDFHDVWăFăXWDUHHVWHIRDUWHPDUH
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
0RGXOGHOXFUXDOPHWRGHLEDFNWUDFNLQJ    J ›?œJYDORDUHPD[LPăSHUPLVă JúJJ?J

 ă,
x (OHPHQWHOHGLQWDEORXO;SULPHVFSHUkQGYDORULDGLFăOXL[NLVHDWULEXLHRYDORDUH   ^PDLVXQWYDORULQHWHVWDWHvQPXOĠLPHGHFLOXL›?œLVHDWULEXLHRDOWăYDORDUH`
QXPDLGDFăDXIRVWGHMDDWULEXLWHYDORULHOHPHQWHORU[[[N± JJJJJJ›?œJmJ›?œJ~JJ
x ÌQSOXVOXL[NLVHDWULEXLHRYDORDUHQXPDLGDFăSHQWUXYDORULOH[[[N±úLYD JJJJJJ?JJmJ˜ ? J ^SRDWHDPJăVLWYDORDUHSRVLELOăSHQWUX›?œ`J
ORDUHDSURSXVăSHQWUX[NVXQWvQGHSOLQLWHFRQGLĠLLOHLQWHUQHúLFHOHGHFRQWLQXDUHLP  ú    J
SXVHGHSUREOHPă ÌQFD]XOvQFDUHDFHVWHFRQGLĠLLQXVXQWvQGHSOLQLWHRULFXPDP ăJJ?J JJ
DOHJHXUPăWRULLWHUPHQL[N[QQXYRPDMXQJHODRVROXĠLHvQFDUHFRQGLĠLLOHLQ   ^GDFăQXVHGHFUHPHQWHD]ă?SHQWUXDDOHJHRYDORDUHQRXăSHQWUXDFHDVWD`J
WHUQHVăILHVDWLVIăFXWH  JJJJJJ?JmJ?JJJJ
x 'DFăODSDVXONFRQGLĠLLOHGHFRQWLQXDUHQXVXQWvQGHSOLQLWHWUHEXLHVăVHIDFăRDOWă JJJJ 
 ^GDFăDPDMXQVODVIkUúLWXOJHQHUăULL`
DOHJHUHSHQWUX[NGLQPXOĠLPHD0N ăJ?J\JQXPăUXOGHHOHPHQWHFHUXW  ^VDXDOWăFRQGLĠLH`
x 'DFăPXOĠLPHD0NDIRVWHSXL]DWă VDXWHVWDWWRDWHYDORULOHGLQPXOĠLPH VHGHFUH JJJJJJJJVFULHVROXĠLD JJ
PHQWHD]ăNúLVHvQFHDUFăRDOWăDOHJHUHSHQWUX[N±GLQPXOĠLPHD0N± JJJJJJ 

 JJJJJJJJ?JmJ?J~JJJ ^WUHFHPODXUPăWRUXOHOHPHQWGLQVROXĠLH`J
2EVHUYDĠLL JJJJJJJJ›?œJmJ`JJ ^LQLĠLDOL]ăPQRXOHOHPHQWGLQWDEORXOVROXĠLH`
± $FHVWHL GHFUHPHQWăUL D OXL N L VH GDWRUHD]ă QXPHOH PHWRGHL H[SULPkQG IDSWXO Fă JJJJJJ ú ăJ
DWXQFLFkQGQXSXWHPDYDQVDVHDYDQVHD]ăvQVHQVLQYHUV vQDSRL vQVHFYHQĠDFX JJJJ ú ă
UHQWăDVROXĠLHL  ú    J
ú   J
± ÌQWUHFRQGLĠLLOHLQWHUQHúLFHOHGHFRQWLQXDUHH[LVWăRVWUkQVăOHJăWXUă2EXQăDOHJH
UHDFRQGLĠLLORUGHFRQWLQXDUHDUHFDHIHFWUHGXFHUHDQXPăUXOXLGHFDOFXOH 
 %DFNWUDFNLQJUHFXUVLY
%DFNWUDFNLQJLWHUDWLY $OJRULWPXO SRDWH IL LPSOHPHQWDW úL UHFXUVLY IXQFĠLD ˜ ?  DUH IRUPD SUH]HQ
&RQGLĠLLOH LQWHUQH YRU IL YHULILFDWH vQ VXEDOJRULWPXO ˜ ?  $FHVWD UHWXUQHD]ă WDWă 

DGHYăUDW GDFă DGăXJDUHD FRPSRQHQWHL [N D úLUXOXL VROXĠLH HVWH SRVLELOă úL IDOV vQ FD]  X%? ? QJ
FRQWUDU

 JJ\JYDORDUHDPD[LPăLPSXVăGHSUREOHPă

 ă,

 ˜ ? QJ JJJJ›?œJmJJ
JJJJăJ˜ ? J JJ
ăJFRQGLĠLLOHLQWHUQHVXQWvQGHSOLQLWH JJ
  ^GDFăDPDMXQVODVIkUúLWXOJHQHUăULL`
JJJJ˜JmJIDOV
ăJ ‘ J?J\JQXPăUXOGHHOHPHQWHFHUXW 
JJJJLHúLUHIRUĠDWăJ
 ú ăJ   ^VDXDOWăFRQGLĠLHGHFRQWLQXDUH`
JJJJJJJJVFULHVROXĠLD ? J
JJ˜JmJDGHYăUDWJ
JJJJJJ 

ú   J
JJJJJJJJX%? ?~ J
  ú ăJ
 *HQHUDUHDVROXĠLLORUVHUHDOL]HD]ăFXVXEDOJRULWPXOX%?  ú ăJ
  ú 
 J
 X%?QJ ú   
JJ?JmJJ 
JJ›?œJmJ`J  'DFă vQ FRQGLĠLD GH FRQWLQXDUH ‘  H[SUHVLD HVWH IRUPDWă GLQ VXEH[SUHVLL ORJLFH
   J?J…J`J

 ă, UHODĠLRQDOH  úL FRQGLĠLD QX HVWH vQGHSOLQLWă SH UDPXUD  
 YD WUHEXL Vă GHFLGHP
JJJJ?JmJIDOVJJ PRWLYXO SHQWUX FDUH FRQGLĠLD QX HVWH vQGHSOLQLWă 'DFă GH H[HPSOX QXPăUXO GH HOH
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
PHQWHFHUXWVDDWLQVGDUGLQDOWHPRWLYHVROXĠLDREĠLQXWăQXHVWHFRUHFWăúLGHFLQXVH
VFULHDWXQFLHYLGHQWQXDSHOăPVXEDOJRULWPXOX%?SHQWUXYDORDUHDNFLYRPLHúL 3UREOHPHSURSXVH
GLQVXESURJUDPDVLJXUkQGWRWRGDWăUHYHQLUHDODSDVXOSUHFHGHQWúLFăXWDUHDXQHLYDORUL 
QRLSHQWUXN± 1XPHUH
 6HGăXQWDEORXXQLGLPHQVLRQDOGHQQXPHUHvQWUHJL6ăVHJHQHUH]HWRDWHWDEORXULOHDO
2EVHUYDĠLH WHUQDQWH úLUXULvQFDUHGXSăILHFDUHHOHPHQWVWULFWSR]LWLYXUPHD]ăXQXOVWULFWQHJDWLYúL
 $OJRULWPLL GH UH]ROYDUH D SUREOHPHORU FX PHWRGD EDFNWUDFNLQJ vQ SULQFLSLX YRU GXSăILHFDUHHOHPHQWVWULFWQHJDWLYXUPHD]ăXQXOVWULFWSR]LWLY FDUHVăFRQĠLQăHOHPHQ
UHVSHFWDIRUPDJHQHUDOăGHPDLVXVGDUGHILHFDUHGDWăYRPFăXWDSRVLELOLWăĠLOHGHRS WHGLQúLUXOGDWvQRUGLQHDLQLĠLDOăDORU
WLPL]DUHúLLPSOHPHQWăULFkWPDLVXJHVWLYH8QFD]VSHFLDOvOUHSUH]LQWăDFHOHSUREOHPH 
vQFDUHVROXĠLDVHFRPSXQHGLQGRXă VDXPDLPXOWH úLUXULFDUHGHVFULXGHH[HPSOX 'DWHGHLQWUDUH
FRRUGRQDWHvQSODQ (OHPHQWHOHWDEORXOXLVHDIOăvQILúLHUXOGHLQWUDUH$(+"&$XQQXPăUSHROLQLH

 'DWHGHLHúLUH
,PSOHPHQWăULVXJHUDWH 6ROXĠLLOHVHYRUVFULHvQILúLHUXOGHLHúLUH $(+"&'(!2VROXĠLH XQúLUDOWHUQDQW VH
3HQWUXDYăIDPLOLDUL]DFXDQDOL]DSUREOHPHORUFDUHVHUH]ROYăFXPHWRGDEDFNWUDFNLQJ YDVFULHSHROLQLHÌQFDGUXODFHVWRUúLUXULGRXăQXPHUHYRUILVHSDUDWHSULQWUXQVSDĠLX
SUHFXP FX LPSOHPHQWDUHD SURJUDPHORU GH UH]ROYDUH Yă UHFRPDQGăP Vă vQFHUFDĠL Vă 
UH]ROYDĠLXUPăWRDUHOHSUREOHPH 5HVWULFĠLLúLSUHFL]ăUL
 JHQHUDUHDWXWXURUSHUPXWăULORUúLUXOXLGHQXPHUHQ x dQd VHGHWHUPLQăSHED]DQXPăUXOXLQXPHUHORUGLQILúLHUXOGHLQWUDUH 
 DúH]DUHDDUHJLQHSHWDEODGHúDKIăUăFDDFHVWHDVăVHDWDFH x 'DFă GLQ WDEORXO GDW QX VH SRDWH IRUPD QLFL XQ VXEúLU FDUH vQGHSOLQHúWH FHULQĠHOH
 JHQHUDUHDSURGXVXOXLVFDODUDGRXăPXOĠLPL SUREOHPHLvQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXO˜
 JHQHUDUHDWXWXURUDUDQMDPHQWHORUGHQOXDWHFkWHP 
 JHQHUDUHDWXWXURUSHUHFKLORUGHSDUDQWH]HFDUHVHvQFKLGFRUHFW ([HPSOH
$(+"&$ $(+"&'(!
 JHQHUDUHD WXWXURU IXQFĠLLORU LQMHFWLYH FXQRVFkQG PXOĠLPHD GH DUJXPHQWH úL FHD D
J`JŸ‡JŸˆ ˜
YDORULORUIXQFĠLLORU  

 JHQHUDUHDWXWXURUIXQFĠLLORUVXUMHFWLYHFXQRVFkQGPXOĠLPHDGHDUJXPHQWHúLFHDD $(+"&$ $(+"&'(!


JJŸ‡ JŸ‡J
YDORULORUIXQFĠLLORU JŸ‡
 JHQHUDUHDWXWXURUSDUWLĠLLORUXQXLQXPăUGDW
 JHQHUDUHDSDUWLĠLLORUPXOĠLPLL^«Q` 
 JHQHUDUHDWXWXURUWXUQXULORUGHFXEXULvQIXQFĠLHGHDQXPLWHSURSULHWăĠLGDWH 5HFKL]LWH
 LHúLUHDGLQODELULQW 3HQWUXSULPD]LGHúFRDOăXQHOHYGRUHúWHVăúLFXPSHUHUHFKL]LWHúFRODUHDOHFăURUFRV
 LHúLUHDGLQODELULQW SHUHĠLLFHOXOHORUSăVWUDĠLSHELĠL  WXULOHFXQRDúWH$FHVWDDUHODGLVSR]LĠLHRVXPăGHEDQL6úLGRUHúWHVăDOHDJăGLQPDL
 DUDQMDUHDXQRUSLHVHGHWHWULVDVWIHOvQFkWVăFRPSOHWH]HLQWHJUDOXQGUHSWXQJKLGH PXOWHRELHFWHFXPDUIL
GLPHQVLXQLGDWH x FUHLRDQH
 GHWHUPLQDUHDWXUQXOXLGHFXEXULGHvQăOĠLPHPLQLPă x UDGLHUH
 GHWHUPLQDUHDGUXPXOXLSHFDUHEURDVFDDMXQJHODOăFXVWăúLVHvQWRDUFHODORFXOGH x FDLHWH
SkQGăSHVXSUDIDĠDXQXLODFvQJKHĠDWXQGHJKHDĠDVHUXSHvQXUPDHIHFWXăULLVăULWX x OLQLDUH
ULORUHIHFWXDWHFRQIRUPVăULWXULLFDOXOXLSHWDEODGHúDK x UH]HUYHVWLORX
 PXWDUHD HOHPHQWHORU XQHL PDWULFH GH GLPHQVLXQL P u Q vQWUXQ úLU D DVWIHO vQFkW x FUHLRDQHFRORUDWH
GRXă HOHPHQWH DIODWH SH SR]LĠLL FRQVHFXWLYH vQ úLUXO D Vă ILH YHFLQH vQ PDWULFH úL x DFXDUHOH
VXPDÂDÂD«PÂQÂDPÂQVăILHPLQLPă  ùWLLQGFăHOHYXODVWDELOLWXQQHFHVDUPD[LPSHQWUXILHFDUHRELHFWDILúDĠLFkWHEXFăĠL
 GLQILHFDUHRELHFWUHXúHúWHVăFXPSHUH
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
'DWHGHLQWUDUH
'DWHOHGHLQWUDUHVHFLWHVFGLQILúLHUXO"@3!&$FDUHDUHXUPăWRDUHDVWUXFWXUă
([SUHVLH
6HGăXQúLUGHQQXPHUHvQWUHJL6ăVHSODVH]HvQWUHDFHVWHQXPHUHQ±RSHUDWRULDULW
± 3HSULPDOLQLHVHJăVHúWHVXPDGHEDQL6GHFDUHGLVSXQHHOHYXO
PHWLFL ±  DVWIHOvQFkWYDORDUHDH[SUHVLHLREĠLQXWHVăILHHJDOăFXXQQXPăUvQ
± 3HDGRXDOLQLHVHJăVHVFFRVWXULOHFHORURELHFWHVHSDUDWHSULQFkWHXQVSDĠLX
WUHJGDWP
± 3H D WUHLD OLQLH VH JăVHVF FDQWLWăĠLOH PD[LPH QHFHVDUH GLQ ILHFDUH RELHFW VHSDUDWH

SULQFkWHXQVSDĠLX
'DWHGHLQWUDUH

3HSULPDOLQLHDILúLHUXOXLGHLQWUDUH9" &$VHDIOăQXPăUXOvQWUHJQ3HDGRXDOL
'DWHGHLHúLUH
QLHVHDIOăFHOHQQXPHUHVHSDUDWHSULQFkWHXQVSDĠLXLDUSHDWUHLDOLQLHVHDIOăQXPă
'DWHOHGHLHúLUHVHYRUVFULHSHOLQLLGLVWLQFWHvQILúLHUXOGHLHúLUH "@3!&'(!VXE
UXOP
IRUPDXUPăWRDUH

EXF FRVW±QXPHSURGXV
'DWHGHLHúLUH
XQGHEXFUHSUH]LQWăQXPăUXOEXFăĠLORUGLQUHFKL]LWHOHDYkQGGHQXPLUHDQXPHSURGXVúL
ÌQILúLHUXOGHLHúLUH9" &'(!ILHFDUHVROXĠLHHVWHVFULVăSHOLQLHQRXă2VROXĠLHDUH
SUHĠXOXQLWDUFRVW
IRUPD
 'DFă HOHYXO QX UHXúHúWH Vă HIHFWXH]H FXPSăUDWXULOH vQ FRQGLĠLLOH VSHFLILFDWH vQ
P H[SUHVLHXQGHH[SUHVLHHVWHRVXFFHVLXQHGHRSHUDQ]LúLRSHUDWRULSULPXOúLXOWLPXO
HQXQĠvQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXO˜
ILLQGRSHUDQ]L

 'DFăSHQWUXQXPHUHOHGDWHQXVHSRDWHJăVLRFRPELQDĠLHGHRSHUDWRULDVWIHOvQFkW
5HVWULFĠLLúLSUHFL]ăUL
UH]XOWDWXO H[SUHVLHL REĠLQXWH Vă ILH QXPăUXO P GDW vQ ILúLHU VH YD VFULH PHVDMXO
x d6d ˜
x FRVWXULOHPD[LPHVXQWQXPHUHSR]LWLYHPDLPLFLGHFkW 
x FDQWLWăĠLOHPD[LPHVXQWQXPHUHSR]LWLYHPDLPLFLGHFkW 5HVWULFĠLLúLSUHFL]ăUL
x QXHVWHQHFHVDUFDHOHYXOVăFXPSHUHGLQWRDWHRELHFWHOHOăVDĠLOSHHOVăDOHDJăFH x dQ
DQXPHúLvQFHFDQWLWăĠLFXPSăUăFXFRQGLĠLDVăúLFKHOWXLHWRĠLEDQLL x ±dQULdL «Q
 x YDORDUHDH[SUHVLHLWUHEXLHVăILHXQQXPăUvQWUHJODILHFDUHSDVDOHYDOXăULL
([HPSOH
"@3!&$ "@3!&'(! x QX VH UHVSHFWă SULRULWDWHD RSHUDWRULORU FXQRVFXWă GLQ DULWPHWLFă RSHUDĠLLOH VH YRU
`````J ˜ HIHFWXDGHODVWkQJDODGUHDSWDvQRUGLQHDvQFDUHDSDUvQH[SUHVLH 
```J|```J‡```J```JŠ```JŒ````J````J 
JJJJJ`J` ([HPSOX
 9" &$ 9" &'(!
"@3!&$ ˆJ ˆ\~~J
`````J JJJJ ˆ\~~J
```J```J````J‡```Jˆ```J````JŒ````J ˆ ˆ\~‘‘J
JJJJJJJ ˆ\~‘’J
 ˆ\~’‘J
"@3!&'(! ˆ\~’’
‘````J%
J%J
‘Œ````J%J 
J
‘```%
J
0DúLQXĠH
‘```J 8QFRSLOGRUHúWHVăDúH]HQPDúLQXĠHQXPHURWDWHGHODODQvQQFXWLLLGHQWLILFDWHSULQ
‘````%J QXPHUHGHODODQ6ăVHDILúH]HWRDWHPRGDOLWăĠLOHvQFDUHFRSLOXOSRDWHVăDúH]HPD
‘‡```
J úLQXĠHOHvQFXWLLúWLLQGFăvQWURFXWLHvQFDSFHOPXOWPPDúLQXĠH
‘ˆ```‹•JJ 
‘Œ````J% 
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
'DWHGHLQWUDUH x 3HSULPDOLQLHDILúLHUXOXLVHDIOăGLPHQVLXQLOHGHSR]LWXOXL Q 
)LúLHUXOGHLQWUDUH+# $&$FRQĠLQHRVLQJXUăOLQLHSHFDUHVXQWWUHFXWHYDORULOHQúL x 3HXUPăWRDUHOHQOLQLLVHDIOăFkWHQYDORULUHSUH]HQWkQGGDWHOHUHIHULWRDUHODGHSR]LW
PVHSDUDWHSULQWUXQVSDĠLX ±UHSUH]LQWăVSDĠLXOLEHU
 ±UHSUH]LQWăXQREVWDFRO
'DWHGHLHúLUH ±UHSUH]LQWăXQIRF
)LúLHUXO GH LHúLUH +# $&'(! YD FRQĠLQH SHQWUX ILHFDUH VROXĠLH REĠLQXWă FkWH Q OLQLL ±UHSUH]LQWăSR]LĠLDPDJD]LRQHUXOXL
FDUHYRUGHVFULHFRQĠLQXWXOFXWLLORU3HOLQLDL L «Q VHVFULXPQXPHUHGHRU 
GLQHDOHPDúLQXĠHORUFDUHVXQWSXVHvQFXWLDDYkQGQXPăUXOGHRUGLQHL$FHVWHQXPHUH 'DWHGHLHúLUH
VHYRUGHVSăUĠLSULQWUXQVSDĠLXLDUvQIDĠDQXPHUHORUGHRUGLQHDPDúLQXĠHORUVHYDVFULH 6ROXĠLDVHYDDILúDvQILúLHUXOGHLHúLUH %'3!&'(!VXEIRUPDXQXLWDEORXELGLPHQ
FXYkQWXO%DSRLXQVSDĠLXúLQXPăUXOGHRUGLQHLFDUHODUkQGXOOXLHVWHXUPDWGH VLRQDO DYkQG Q OLQLL úL Q FRORDQH $FHVW WDEORX YD FRQĠLQH WUDVHXO PDJD]LRQHUXOXL
,'DFăvQWURFXWLHQXVHSXQHQLFLRPDúLQXĠăHDQXYDFRQĠLQHGXSăQJQLPLF 3HQWUXILHFDUHYDORDUHN FXSULQVăvQWUHúLOXQJLPHDWUDVHXOXL vQWDEORXYDH[LVWDXQ
 VLQJXUHOHPHQWDYkQGYDORDUHDN FRUHVSXQ]ăWRUSDVXOXLNDOPDJD]LRQHUXOXL vQUHVW
5HVWULFĠLLúLSUHFL]ăUL WDEORXOYDFRQĠLQHHOHPHQWHHJDOHFX
x dQPd 
 5HVWULFĠLLúLSUHFL]ăUL
([HPSOX x dQ
+# $&$ +# $&'(!
x GRXăVROXĠLLvQILúLHUXOGHLHúLUHYRUILVHSDUDWHSULQWUROLQLHJRDOă
/0 %JQJJJJ
%JQJ x GDFăQXVHSRDWHDMXQJHODLHúLUHGLQFDX]ăFăHVWHLPSRVLELOVăVHLDVăGLQGHSR]LW
J GDWRULWăIRFXULORUúLREVWDFROHORUvQILúLHUXOGHLHúLUHVHYDVFULH˜
%JQJJJ 
%JQJJJ
J ([HPSOX
%JQJJJ %'3!&$ %'3!&'(!
%JQJJJ |J J`J`J`J`JJ
J
‡J`J`JJ`J J`J`J`J`JJ
%JQJJ
`JJ`J`J`J ‡JˆJ|JŠJJJ
%JQJJJ
`J`J`J`J`J `J`J`J`JŒJJ
 `J`J`JJ`J `J`J`J`J‰JJ
'HSR]LW J`J`J`J` J
J`J`J`J`JJ
ÌQWUXQGHSR]LWFRPSDUWLPHQWDWFRQIRUPXQXLFDURLDMDL]EXFQLWIRFXOvQPORFXULGLIH
J`J`J`J`JJ
ULWH0DJD]LRQHUXODIODWvQGHSR]LWDUYUHDVăLDVăGLQFOăGLUHùWLLQGFăLHúLUHDVHDIOăvQ ‡JˆJ|J`J`JJ
FROĠXOGLQGUHDSWDMRVDGHSR]LWXOXLVăVHGHWHUPLQHWRDWHGUXPXULOHSRVLELOHVSUHLHúLUH `J`JŠJ`J`JJ
 ÌQ DQXPLWH FRPSDUWLPHQWH FRUHVSXQ]ăWRDUH XQRU SăWUăĠHOH GLQ FDURLDM VH DIOă `J`JJŒJ‰
RELHFWH SHVWH FDUH PDJD]LRQHUXO QX YD SXWHD WUHFH VDXVăUL'HDVHPHQHDSHGUXPXO 
VăX VSUH LHúLUH PDJD]LRQHUXO QX SRDWH WUHFH SULQ FRPSDUWLPHQWHOH YHFLQH RUL]RQWDO
YHUWLFDOVDXSHGLDJRQDOăFHORUFXSULQVHGHLQFHQGLX0DJD]LRQHUXOYDSXWHDVăWUDYHU &DOúLQHEXQSHWDEODGHúDK
VH]HGHSR]LWXOWUHFkQGSULQWURVXFFHVLXQHGHFRPSDUWLPHQWHYHFLQHRUL]RQWDOVDXYHU 3HRWDEOăGHúDKGHGLPHQVLXQHQuQVHDIOăXQQHEXQvQSR]LĠLD [\ úLXQFDOvQSR
WLFDO ]LĠLDLQLĠLDOă [\ &DOXOWUHEXLHVăDMXQJăGLQDFHDVWăSR]LĠLHLQLĠLDOăvQWURSR]LĠLHIL
 QDOă [\ IăUăVăWUHDFăGHGRXăRULSULQDFHHDúLSR]LĠLHúLIăUăVăVHRSUHDVFăSHXQ
'DWHGHLQWUDUH SăWUDWDIODWvQUD]DGHDFĠLXQHDQHEXQXOXL
ÌQILúLHUXOGHLQWUDUH%'3!&$VHYRUDIODGDWHOHUHIHULWRDUHODGHSR]LWXODYkQGIRU  $ILúDĠLWRDWHVHFYHQĠHOHGHSDúLGHOXQJLPHPLQLPăSULQFDUHFDOXOSRDWHVăDMXQJă
PDSăWUDWLFăSR]LĠLDPDJD]LRQHUXOXLúLSR]LĠLLOHFXSULQVHGHIOăFăUL GLQSR]LĠLDLQLĠLDOăvQSR]LĠLDILQDOăIăUăDILFDSWXUDWGHQHEXQ
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
'DWHGHLQWUDUH 6ROXĠLLOHSUREOHPHORUSURSXVH
)LúLHUXOGHLQWUDUH#*$($&$DUHXUPăWRDUHDVWUXFWXUă 
x SHSULPDOLQLHVHDIOăXQQXPăUQDWXUDOGLIHULWGHUHSUH]HQWkQGGLPHQVLXQHDWD 1XPHUH
EOHL 3UREOHPDGDWăVHUH]ROYăSULQPHWRGDEDFNWUDFNLQJGHRDUHFHVHFHUHJHQHUDUHDWXWX
x SHFHDGHDGRXDOLQLHVXQWVFULVHGRXăQXPHUHQDWXUDOHGHVSăUĠLWHSULQWUXQVSDĠLX URUVXEúLUXULORUFDUHDXSURSULHWăĠLOHFHUXWHvQHQXQĠ
FRUHVSXQ]ăWRUSR]LĠLHLQHEXQXOXL  )LHDúLUXOGDWDYkQGQHOHPHQWHQXPHUHvQWUHJL9RPOXFUDODQLYHOXOLQGLFLORUDGL
x SHXUPăWRDUHOHGRXăOLQLLVXQWvQUHJLVWUDWHvQIRUPDWXOOLQLHLGRLSR]LĠLDLQLĠLDOăD FăYRPJHQHUDPXOĠLPLGHLQGLFLDLHOHPHQWHORUGLQDIRUPkQGVROXĠLDvQúLUXOGHLQGLFL[
FDOXOXLSUHFXPúLSR]LĠLDSHFDUHWUHEXLHVăDMXQJă 
 ([HPSOX
'DWHGHLHúLUH  6ăSUHVXSXQHPFăúLUXODDUHHOHPHQWHQXPHUHvQWUHJLJŸJJ‡JŸJŸˆJJ
)LúLHUXOGHLHúLUH #*$($&'(!YDFRQĠLQHFkWHROLQLHFRUHVSXQ]ăWRDUHXQHLVROXĠLL  2VROXĠLHDSUREOHPHLHVWHúLUXOGHQXPHUHJŸJJŸJJ
)LHFDUHVROXĠLHYDILVFULVăVXEIRUPDXQRUSHUHFKLGHQXPHUHQDWXUDOHLQGLFkQGWUDVHXO  ùLUXOGHLQGLFL[FDUHVHJHQHUHD]ăvQDFHVWFD]HVWHJJ‡J|JJ
FDOXOXL$FHVWHSHUHFKLUHSUH]LQWăFRRUGRQDWHOHSăWUDWHORUWDEOHLGHúDKDWLQVHGHFDOSH 
WUDVHXOOXLvQFHSkQGFXSR]LĠLDLQLĠLDOăúLWHUPLQkQGFXSR]LĠLDILQDOă3HUHFKLOHVHYRU  6HREVHUYăFăvQHQXQĠQXVHVSHFLILFăOXQJLPHDVROXĠLHLGHFLHVWHQHFHVDUăJHQHUD
VFULHvQFDGUDWHvQWUHSDUDQWH]HURWXQGHúLvQLQWHULRUXOSDUDQWH]HLGHVSăUĠLWHGHRYLUJXOă UHDWXWXURUVROXĠLLORUGHOXQJLPLYDULDELOH FHOSXĠLQGRXăHOHPHQWHúLFHOPXOWQ 9RP
 'DFăGLQVWDUWFDOXOVHDIOăvQEăWDLDQHEXQXOXLVDXFRRUGRQDWHOHFLWLWHGLQILúLHUQX DVLJXUD JHQHUDUHD ORU VSHFLILFkQG OXQJLPLOH SRVLELOH vQ SURJUDPXO SULQFLSDO vQWUR
VHDIOăvQLQWHULRUXOWDEOHLvQILúLHUXOGHLHúLUHVHYDVFULHPHVDMXO€˜ VWUXFWXUăGHWLS
 3HQWUXILHFDUHOXQJLPHSRVLELOăGHODODQYRPJHQHUDWRDWH
 VXEúLUXULOHGHOXQJLPHDUHVSHFWLYăFDUHUHVSHFWăFHULQĠHOHGLQHQXQĠ
5HVWULFĠLLúLSUHFL]ăUL  9RPFRQVWUXLXQVXEDOJRULWPGHYDOLGDUHFDUHYHULILFăGDFăH[LVWăFHOSXĠLQXQHOH
x dQd PHQWSR]LWLYvQúLUXOGDWúLFHOSXĠLQXQHOHPHQWQHJDWLYDVWIHOvQFkWVăILHDVLJXUDWăJH
x FDOXOQXDUHYRLHVăLDVăGHSHWDEOă QHUDUHDDFHOSXĠLQDXQHLVROXĠLLGHOXQJLPH'DFăvQúLUXOGDWQXVHJăVHúWHFHOSXĠLQ
x SR]LĠLDLQLĠLDOăQXSRDWHVăFRLQFLGăFXSR]LĠLDILQDOă XQHOHPHQWSR]LWLYúLFHOSXĠLQXQHOHPHQWQHJDWLYvQILúLHUXOGHLHúLUHVHYDVFULHPH
x vQFD]XOvQFDUHFRRUGRQDWHOHLQLĠLDOHúLILQDOHDOHFDOXOXLVHDIOăvQLQWHULRUXOWDEOHL VDMXO˜
J
úLSR]LĠLDLQLĠLDOăQXHVWHDWDFDWăGHQHEXQDWXQFLYDH[LVWDvQWRWGHDXQDFHOSXĠLQR
 J£ 
Q
VROXĠLH
JJJmJ ^YHULILFăPGDFăH[LVWăFHOSXĠLQXQHOHPHQWSR]LWLY`

   J JdJ
JúJ ›œJdJ` J

 ă, 
([HPSOX
#*$($&$ #*$($&'(!  JJJmJJ~JJ ^FkWWLPSQXPăUXOQXHVWHSR]LWLYDYDQVăP`J
ŠJ  ˆ‡ ˆ ‡Š ˆˆ J  ú    JJJ
J‡J  ˆ‡ || ‡Š ˆˆ J JJ?‹•JmJJdJ
J ^DPJăVLWFHOSXĠLQXQQXPăUSR]LWLY"`J
JJ  ˆ‡ || Š‡ ˆˆ J JJJmJJ ^YHULILFăPGDFăH[LVWăFHOSXĠLQXQHOHPHQWQHJDWLY`J
ˆJˆ  ˆ‡ Šˆ | ˆˆ J JJ   J JdJ
JúJ ›œJtJ` J

 ă, 
 ˆ‡ | Š‡ ˆˆ J  JJJmJJ~J ^FkWWLPSQXPăUXOQXHVWHQHJDWLYDYDQVăP`
 ˆ‡ ‡ | ˆˆ  JJ ú    JJJ
 JJ?
 •JmJJdJ
J ^DPJăVLWFHOSXĠLQXQQXPăUQHJDWLY"`J
  ^GDFăDYHPFHOSXĠLQXQHOHPHQWSR]LWLYúLFHOSXĠLQXQXOQHJDWLY`
   ^YRPDYHDFHOSXĠLQRVROXĠLH`J
 £JmJ?‹•JúJ?
 •JJ
ú   J
 
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
 ™%™Ġ ? J
 &RQGLĠLLOHGHFRQWLQXDUHVHYHULILFăvQWUXQDOWVXEDOJRULWPXQGHQHDVLJXUăPFă 
 J\?J

 ă
± HOHPHQWXOFDUHVHDGDXJăSHSR]LĠLDNQXDPDLIRVWLQWURGXVvQúLUXOVROXĠLH JJJJ 
J››œœJ
± GDFăVHDGDXJăXQHOHPHQWSR]LWLYSHSR]LĠLDNDWXQFLHOHPHQWXOGHSHSR]LĠLDN±  ú 
 J
QXYDILWRWSR]LWLY ú   J
± GDFăVHDGDXJăXQHOHPHQWQHJDWLYSHSR]LĠLDNDWXQFLHOHPHQWXOGHSHSR]LĠLDN± 
QXYDILWRWQHJDWLY  ÌQVXEDOJRULWPXOFDUHUHDOL]HD]ăSDúLLPHWRGHLEDFNWUDFNLQJ
± LQGLFLLWUHEXLHVăDSDUăvQRUGLQHFUHVFăWRDUHDVWIHOvQFkWvQVROXĠLLVăVHSăVWUH]HRU ± YDORDUHDOXL[NHVWHPDLPLFăVDXHJDOăFXQ[NUHSUH]HQWkQGXQLQGLFHGLQúLUXOD
GLQHDQXPHUHORUGLQúLUXOLQLĠLDODúDFXPFHUHSUREOHPD ± DILúDUHD VH IDFH DWXQFL FkQG N  T XQGH YDULDELOD T HVWH LQLĠLDOL]DWă vQ SURJUDPXO
 SULQFLSDOHDOXkQGYDORULvQWUHúLQúLRIRORVLPSHQWUXDSXWHDJHQHUDVXEúLUXULGH
 'DFăvQXUPDH[HFXĠLHLVXEDOJRULWPXOXLGHPDLMRVYDORDUHDDOHDVăSHSR]LĠLDNHVWH OXQJLPLYDULDELOH
DFFHSWDWăVXEDOJRULWPXO ˜ ? UHWXUQHD]ăDGHYăUDWvQFD]FRQWUDUIDOV&D]XO 
vQFDUHN  JHQHUăPSULPDFRPSRQHQWăGLQVROXĠLH VHYDWUDWDFXDWHQĠLHGHRDUHFH  X%? ² QJ
vQDFHDVWăVLWXDĠLHQXH[LVWă›?œ JJ?JmJJ
 JJ›?œJmJ`J
 ˜ ? QJJ    J?J…J`J

 ă,
JmJJ  JJJJ?JmJIDOV ^vQFăQXDPJăVLWYDORDUHDFXUHQWăDVROXĠLHL`
   J JdJ? JúJ ›œJzJ›?œ J

 ă,J    J ›?œJJ
JúJJ?J

 ă,J
JmJJ~JJ ^GDFă›?œDIRVWLQFOXVGHMDvQVROXĠLHQXvOPDLSXWHPSXQH`J JJJJJJ›?œJmJ›?œ~J
JJ˜JmJJ…J?J JJJJJJ?JmJ˜ ? JJ ^YHULILFăPGDFă›?œSRDWHILSXVvQVROXĠLH`
 ú    J JJJJ ú    J
ăJ ?J…J JúJ ››?œœJ…J` JúJ ››?œœJ…J` J JJ ăJJ?J JJ
 ^GDFăvQIDĠDOXL››?œœ QXPăUSR]LWLY DYHPWRWXQQXPăUSR]LWLYQXvOSXQHP` JJJJJJ?JmJ?JŸJJJ ^FăXWăPDOWăYDORDUHSHQWUXHOHPHQWXOSUHFHGHQW`
JJJJ˜JmJIDOVJ  

JJJJLHúLUHIRUĠDWăGLQVXESURJUDPJJJ ăJ?J\J²J JJ ^GDFăDYHPTHOHPHQWHvQVROXĠLHRVFULHP`J
JJ ú ăJ JJJJJJJJ™%™Ġ ? JJ
ăJ ?J…J JúJ ››?œœJJ` JúJ ››?œœJJ` J JJ JJJJJJ 
JJ
^GDFăvQIDĠDOXL››?œœ QXPăUQHJDWLY DYHPWRWXQQXPăUQHJDWLYQXvOSXQHP` JJJJJJJJ?JmJ?J~JJJ ^GDFăQXSUHJăWLPXUPăWRUXOHOHPHQW`
JJJJ˜JmJIDOVJ JJJJJJJJ›?œJmJ`J
JJJJLHúLUHIRUĠDWăGLQVXESURJUDP JJJJJJ ú ăJ
JJ ú ăJ JJJJ ú ăJ
ăJ ?J…J JúJ ›?œJ…J›?œ J JJ J ú    J
JJJJ˜JmJIDOV ^GDFăLQGLFHOH›?œHVWHPDLPLFGHFkWFHOGLQIDĠDOXL` ú   J

JJJJLHúLUHIRUĠDWăGLQVXESURJUDPJ
JJ ú ă
 3URJUDPXOSULQFLSDOFRQĠLQHVHFYHQĠDGHPDLMRVFDUHDVLJXUăYHULILFDUHDH[LVWHQĠHL
FHOSXĠLQDXQHLVROXĠLLúLODQVDUHDvQH[HFXĠLHDVXESURJUDPHORUGHVFULVHPDLVXV
  ^GDFăDPDMXQVSkQăDLFLDOHJHUHDOXL›?œHVWHSRVLELOă`J J

JJ˜JmJDGHYăUDW J &&&
ú   J ăJ£ 
J J
 
 J²\
J

 ă,
 $ILúDUHD XQHL VROXĠLL VH UHDOL]HD]ă VFULLQG HOHPHQWHOH WDEORXOXL D FRUHVSXQ]ăWRDUH JX%? ² J
JJJJ ú 
 J
LQGLFLORUGDĠLvQúLUXO['HRDUHFHúLUXULOHVROXĠLHDXOXQJLPHYDULDELOăWUHEXLHWUDQVPLV JJ 
J 
J˜J
FDSDUDPHWUXúLOXQJLPHDNDORU  ú ă
 &&&
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
ăJ ? J\JJ J™% ? J
5HFKL]LWH JJJJJJ 

'HRDUHFHvQSUREOHPăVHFHUWRDWHPRGDOLWăĠLOHGHFKHOWXLUHDVXPHL6RYRPUH]ROYD   ^H[LVWăvQWRWDORELHFWHGLQFDUHHOHYXOvúLIDFHFXPSăUăWXULOH`
SULQPHWRGDEDFNWUDFNLQJ3UREOHPDUHYLQHODDVFULHXQQXPăUvQWUHJVXEIRUPDXQHL JJJJJJJJJ?JJJ JJ J
VXPHGHWHUPHQLQXPHUHvQWUHJLDGLFăVXPD6GDWăWUHEXLHGHVFRPSXVăvQIXQFĠLHGH JJJJJJJJJJX%? ?~ KJ
UHVWULFĠLLOHLPSXVHvQHQXQĠXOSUREOHPHL JJJJJJJJ ú ăJ
 7DEORXOVROXĠLH[YDFRQĠLQHSHSR]LĠLDLQXPăUXOGHRELHFWHGHSDSHWăULHGHWLSXOL JJJJJJ ú ăJ
SHFDUHHOHYXOOHFXPSăUăFXDOWHFXYLQWHLUHSUH]LQWăLQGLFHOHGLQWDEORXOGHDUWLFROH JJJJ ú ăJ
JJ ú 
 J
GHSDSHWăULHúL[LUHSUH]LQWăFDQWLWDWHDGLQDUWLFROXODYkQGLQGLFHOHL ú   J
 ÌQUH]ROYDUHIRORVLPXQVXEDOJRULWPFDUHFDOFXOHD]ăFRVWXOWRWDODOSURGXVHORUFXP 
SăUDWHSkQăODLQFOXVLYSDVXOFXUHQWN  'DFăQXVHSRDWHVFULHQLFLRVROXĠLHvQILúLHUVHYDVFULHPHVDMXO˜

 J™ ? QJ

JJJmJ`J ([SUHVLL

 J\?J

 ă, 3UREOHPDVHUH]ROYăSULQPHWRGDEDFNWUDFNLQJGHRDUHFHGRULPVăREĠLQHPWRDWHVROX
J J ^›œEXFăĠLGLQSURGXVXOFDUHFRVWă˜
›œ`J ĠLLOHFDUHUHVSHFWăFHULQĠHOHSUREOHPHL3HQWUXDFHDVWDDPUHĠLQXWYDORULOHRSHUDQ]LORUvQ
JJJJJmJJ~J›œJ‘J˜
›œJ WDEORXOD9RPJHQHUDWRDWHWDEORXULOH[FDUHFRQĠLQRSHUDWRULFRGLILFDĠLDVWIHO
 ú E
 J DGXQDUH
JJ™JmJJ VFăGHUH
ú    vQPXOĠLUH
 vPSăUĠLUH
 ÌQDOJRULWPVHYHULILFăODILHFDUHSDVGDFăFKHOWXLHOLOHUHDOL]DWHSkQăODSDVXOFXUHQW  9RPJHQHUDXQúLUGHRSHUDWRULúLODILHFDUHDGăXJDUHDXQXLRSHUDWRUvQúLUXO[YRP
QXGHSăúHVFVXPDGHEDQLSHFDUHRDUHHOHYXOODGLVSR]LĠLH$FHVWWHVWVHUHDOL]HD]ăvQ FDOFXODUH]XOWDWXOFXUHQWDOH[SUHVLHL'DFăRSHUDWRUXOSHFDUHODPDGăXJDWSHSR]LĠLDN
FDGUXOXQXLVXEDOJRULWPGHYDOLGDUH HVWHDGLFăXUPHD]ăVăHIHFWXăPRvPSăUĠLUHYHULILFăPGDFăUH]XOWDWXOREĠLQXWHVWHXQ
 QXPăUvQWUHJVDXQX
 J˜QJ  3HQWUXUH]ROYDUHDYHPQHYRLHGHXQVXEDOJRULWPFDUHFDOFXOHD]ăYDORDUHDH[SUHVLHL
JJ˜JmJ™ ? JdJJ LQFOXVLYODSDVXOFXUHQWN
ú    
  J% ? QJ
 6XEDOJRULWPXOFDUHLPSOHPHQWHD]ăPHWRGDEDFNWUDFNLQJDUHFkWHYDSDUWLFXODULWăĠL JJJmJ›œJ
x )LHFDUH HOHPHQW GLQ úLU UHSUH]HQWkQG FDQWLWăĠL GH SURGXVH  SRDWH DYHD FD YDORDUH 
 J\?J

 ă,
PD[LPăYDORDUHDFRUHVSXQ]ăWRDUHGLQúLUXO
% JJJJăJ›œ\J JJmJJ~J›~œJ
x 'LQPRPHQWFHQXHVWHREOLJDWRULXVăVHFXPSHUHGLQILHFDUHRELHFWHVWHSRVLELOăúL JJJJ 
J
FDQWLWDWHD JJJJJJăJ›œ\J JJmJJJ›~œJ
JJJJJJ 
J
x 'DFăODXQDQXPLWSDVFRVWXORELHFWHORUGHMDFXPSăUDWHHVWHHJDOFXVXPDGHĠLQXWă
JJJJJJJJăJ›œ\‡J JJmJJ‘J›~œJ
GHHOHYDWXQFLDFHDVWDVHFRQVLGHUăDILRVROXĠLHúLVHVFULHvQILúLHUXOGHLHúLUHDOW
JJJJJJJJ 
JJmJJ’J›~œJ
IHOVHvQFHDUFăFXPSăUDUHDDvQFăXQXLRELHFW
JJJJJJJJ ú ă

JJJJJJ ú ă
 X%? ? QJ
JJJJ ú ăJ

 J\`
%›?œJ

 ă ^FDQWLWăĠLSRVLELOHvQWUHQLPLFúLPD[LP` JJ ú 
 
JJJJ›?œJmJJ JJ%JmJJ
ăJ˜ ? J  ú   
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
 ÌQSURJUDPXO3DVFDOYDULDELODORFDOăVúLIXQFĠLD% ? YRUILGHWLSGLQ 0DúLQXĠH
FDX]DFăYRPIRORVLRSHUDWRUXO $FHDVWăSUREOHPăVHUH]ROYăSULQPHWRGDEDFNWUDFNLQJGHRDUHFHWUHEXLHJHQHUDWHWRDWH
 &RQGLĠLLOH LQWHUQH vQ DFHDVWă SUREOHPă DX IRVW GHILQLWH vQ HQXQĠ WRDWH UH]XOWDWHOH VROXĠLLOHÌQDFHDVWăLGHHYRPUHDOL]DXUPăWRDUHDFRGLILFDUHDGDWHORU
SDUĠLDOHWUHEXLHVăILHQXPHUHvQWUHJL6XEDOJRULWPXO˜ ? YDUHWXUQDDGHYăUDW x [YDILúLUXOVROXĠLHúLYRPSăVWUDvQ[LQXPăUXOGHRUGLQHDOFXWLHLvQFDUHSXQHP
vQFD]DILUPDWLYúLIDOVHvQFD]FRQWUDU PDúLQXĠDL
 x vQúLUXOQULSăVWUăPQXPăUXO FDQWLWDWHD PDúLQXĠHORUSXVHvQFXWLDL
 J˜ ? QJ x vQúLUXOSXVLYRPDYHDYDORDUHDDGHYăUDWGDFăPDúLQXĠDLDIRVWSXVăGHMDvQVROXĠLD
JJ˜JmJJ ›?œJ\Jˆ JúJJ FXUHQWăLDUvQFD]FRQWUDUSXVLYDDYHDYDORDUHDIDOV
J J % ? ’›?~œ JzJ› % ? ’›?~œ œJ 
ú    ([HPSOX 
  )LHQ úLP 
 $OJRULWPXOGHEDFNWUDFNLQJDUHFkWHYDSDUWLFXODULWăĠL [   FXVHPQLILFDĠLDFăDWkWPDúLQXĠDFkWúLPDúLQXĠDVHLQWURGXFvQFXWLD
x (OHPHQWHOHGLQVROXĠLD[YRUDYHDYDORULGHODODGHRDUHFHFHLSDWUXRSHUDWRULV [   PDúLQXĠDVHLQWURGXFHvQFXWLDúLPDúLQXĠDvQFXWLD
DXFRGLILFDWFXFLIUH [   PDúLQXĠDVHLQWURGXFHvQFXWLDúLPDúLQXĠDvQFXWLD
x *HQHUDUHDVHvQFKHLHDWXQFLFkQGVDDMXQVODSDVXOQ±úLYDORDUHDH[SUHVLHLHVWH [   DPEHOHPDúLQXĠHVHLQWURGXFvQFXWLD
HJDOăFXP 
x 9DORDUHD H[SUHVLHL VH FDOFXOHD]ă DSHOkQG VXEDOJRULWPXO % ?  GHVFULV PDL  3HQWUXUH]ROYDUHDSUREOHPHLDYHPQHYRLHGHXQDOJRULWPFDUHYHULILFăFRQGLĠLLOHGH
VXV FRQWLQXDUH$PSXWHDQXPăUDDSDULĠLLOHILHFăUHLFXWLLSkQăODSDVXOFXUHQWNúLDPSXWHD
x 'DFăQXVDDMXQVODSDVXOQ±VHFRQWLQXăJHQHUDUHD YHULILFD DSRL GDFă QXPHUHOH REĠLQXWH QX VXQW FXPYD PDL PDUL GHFkW P 5HQXQĠăP OD
 DFHDVWăLGHHúLYRPYHULILFDODILHFDUHSDVNGDFăPDúLQXĠDNQXHVWHSXVăGHMDvQYUHR
 X%? ? QJ FXWLHúLGDFăFXWLDvQFDUHYUHPVRSXQHPQXHVWHGHMDSOLQăIRORVLQGXQHGHúLUXULOH
JJ
 J\ˆJ

 ă, ^DYHPRSHUDWRULSRVLELOL`J SXVúLQU
JJJJ›?œJmJJ ^SXQHPXQRSHUDWRUvQúLUXOVROXĠLH`J J
JJJJă˜ ? J  ^YHULILFăPFRQGLĠLLOHLQWHUQH`  J˜ ? QJ
  ^GDFăDPREĠLQXWRVROXĠLH` JJ˜JmJ
›œJJ JúJ J›?œ J
 JJJJJJăJ ?J\J
 JúJ % ? J\J J JJ J ú   J
JJJJJJJJ ú  J ^RDILúăP`J 
JJJJJJ 
  $ILúDUHD FHUXWă vQ HQXQĠ DUH XQ IRUPDW VSHFLDO DGLFă WUHEXLH Vă VFULHP FXYkQWXO
ăJ?JJ
J JJ ^GDFăPDLDYHPRSHUDQ]L`J ÄFXWLD´DSRLQXPăUXOGHRUGLQHDOFXWLHLúLGXSăQJQXPHUHOHPDúLQXĠHORUFDUHVXQW
JJJJJJJJJJX%? ?~ J ^vQFHUFăPVăOHSODVăPvQH[SUHVLH`J vQDFHDFXWLHVHSDUDWHSULQFkWHXQVSDĠLX6XEDOJRULWPXOSULQFDUHREĠLQHPDILúDUHDFH
 ú ăJ UXWăHVWH
 ú ăJ 
JJJJ ú ăJ  J ú  QJ
JJ ú 
 J 
 J\
J

 ă,J
ú   J JJJJ 
J%JQJ2
 
 \
J

 ă,J
 ÌQHQXQĠXODFHVWHLSUREOHPHVHFHUHFDvQFD]XOvQFDUHSHQWUXH[SUHVLDJHQHUDWăQX JJJJJJăJJ\J›œJ J 
JJJ
JJJJJJ ú ăJ
VH SRDWH REĠLQH UH]XOWDWXO P SULQWUR FRPELQDĠLH GH RSHUDWRUL Vă VH DILúH]H PHVDMXO  ú 
 J
˜$WXQFLFkQGDILúăPRVROXĠLHVFKLPEăPYDORDUHDYDULDELOHLERROHHQH JJ ú 
 J
JOREDOH  vQ DGHYăUDW XUPkQG FD vQ SURJUDPXO SULQFLSDO Vă YHULILFăP YDORDUHD ú   J
DFHVWHLYDULDELOHúLVăVFULHPvQILúLHUXOGHLHúLUHPHVDMXOUHVSHFWLY 
 0HWRGDEDFNWUDFNLQJ
0HWRGDEDFNWUDFNLQJ 

 `J`J`J`J`J`J`J`J`JJ           2
 $OJRULWPXOGHEDFNWUDFNLQJvQIRUPăUHFXUVLYăHVWH `JJ`J`J`J`J`JJJ`J
 `JJ`J`JJ`J`JJJ`J  2      2 2 
 X%? ? QJ `J`J`J`JJ`J`J`J`J`JJ  )   2   2 2 
JJ
 J\
J

 ă, ^SXWHPDOHJHGLQWUHQFXWLL` `JJ`J`J`J`J`J`J`J`JJ     2     
JJJJ›?œJmJJ ^vQFHUFăPVăSXQHPPDúLQXĠDNvQFXWLDL` `JJ`JJ`J‡JJJ`J`JJ
 2        
JJJJăJ˜ ? J JJ ^GDFăHVWHSRVLELO` `JJ`JJ`J`J`JJ`J`JJ
`JJJJ`JJ`J`J`J`J  2  2  0 2 )  
JJJJJJ›?œJmJDGHYăUDW ^RSXQHPGHFLPDúLQXĠDNHVWHSXVă` `J`JJ`J`J`JJJ`J`JJ  2  2    2  
JJJJJJ
›œJmJ
›œJ~J ^FUHúWHQXPăUXOPDúLQXĠHORUvQFXWLDL` `JJ`JJ`J`J`J`J`J`J
JJJJJJăJ?J\J
J  ^GDFăDPSXVúLDQDPDúLQXĠă`  2 ) 2  )    
JJJJJJJJ ú   ^DYHPRVROXĠLHRDILúăP`   2    2 2  
JJJJJJ 
J  2  2      (
JJJJJJJJX%? ?~  ^vQFD]FRQWUDUvQFHUFăPVăSODVăPXUPăWRDUHDPDúLQXĠă`
 ú ăJJJJJ  ÌQ ILJXUă VXQW PDUFDWH FRPSDUWLPHQWHOH          2
JJJJJJ›?œJmJIDOV ^ODUHYHQLUHVFRDWHPPDúLQXĠDNGLQFXWLDL` LQFHQGLDWHFRPSDUWLPHQWHOHvQFDUHVHDIOă 2 2 2     2 2 
JJJJJJ
›œJmJ
›œJŸJ ^GHFLGHVFUHúWHQXPăUXOPDúLQXĠHORUvQFXWLDL` REVWDFROH ORFXO XQGH VH DIOă PDJD]LRQHUXO 2 ) 2  2   2 2 
JJJJ ú ă úLLHúLUHD
JJ ú 
 J 2 2 2  2     
 (QXQĠXO SUREOHPHL SUHFL]HD]ă Fă QX VH
ú   J  2     2 2 2 
SRDWH WUHFH SULQ ]RQHOH YHFLQH LQFHQGLXOXL

=RQH YHFLQH FX IRFXO SH ED]D HQXQĠXOXL   2  2  0 2 ) 2 
 ÌQDFHDVWăLPSOHPHQWDUHDPHWRGHLEDFNWUDFNLQJDPvQORFXLWWUDYHUVDUHDúLUXOXLVR
VXQWWRDWHFăVXĠHOHvQYHFLQDWHSHRUL]RQWDOă  2 2 2 2 2 2 2 2 
OXĠLHLFXVFRSXOGHDYHULILFDGDFăRDQXPLWăFRPSRQHQWăQXHVWHGHMDSUH]HQWăvQVROX
YHUWLFDOăúLGLDJRQDOă3ULQXUPDUHYRPPDU  2 ) 2 2 ) 2   
ĠLHSULQXWLOL]DUHDúLUXOXLGHYDORULORJLFHÌQSOXVSHQWUXRPDLXúRDUăYHULILFDUHD
FDDFHVWH]RQHFDILLQGRFXSDWHGHÄREVWDFR  2 2 2 2 2 2 2  
VSDĠLXOXLRFXSDWvQFXWLLQHDPIRORVLWGHúLUXO
&HHDFHDSDUHFDHOHPHQWQRXGLQ OH´'HSR]LWXODUDWăDFXPvQIHOXOXUPăWRU
DFHDVWăFDX]ăVHSRDWHIRUPXODvQIHOXOXUPăWRUvQPRPHQWXODOHJHULLXQHLFRPSRQHQ   2  2      (
WHGLQVSDĠLXOVROXĠLLORUSRVLELOHSHQWUXVROXĠLDFXUHQWăWRDWHHQWLWăĠLOHFDUHVXQWÄDWLQ 
VH´ GH DFHDVWă DOHJHUH VH PRGLILFă vQ PRG FRUHVSXQ]ăWRU ›?œ GHYLQH DGHYăUDW  ÌQVHFYHQĠDGHDOJRULWPFDUHUHDOL]HD]ăDFHDVWăSUHOXFUDUHDGHSR]LWXOXLIRORVLPúLUXO

›œFUHúWH LDUvQPRPHQWXOUHYHQLULLGLQWUXQDSHOUHFXUVLYDFHVWHYDORULVHUHVWDX GHSODVDPHQWHORULQGLFLORUGHOLQLHúLGHFRORDQăFDvQSUREOHPD%LOLDUG FDSLWROXO 


J
UHD]ăODVWDUHDDQWHULRDUă ›?œGHYLQHIDOV
›œGHVFUHúWH GHRDUHFHUHQXQĠăP \ `` JJJJJ
ODYDORDUHDFRPSRQHQWHLNúLDVWIHOWRDWHPRGLILFăULOHIăFXWHGLQFDX]DDOHJHULLDFHVWHLD Y\ `` J
OD SDVXO SUHFHGHQW VH DQXOHD]ă $FHDVWă DERUGDUH DFFHOHUHD]ăDOJRULWPXOGHRDUHFHvQ 
ORF Vă WUDYHUVăP XQ úLU DGUHVăP GLUHFW XQ HOHPHQW YDORDUH ORJLFă  $VWIHO HYLWăP  J ?
`` ,J
JHQHUDUHDLQXWLOăDPXOWRUVROXĠLLFDUHXOWHULRUVDUGRYHGLDILQHLQWHUHVDQWH LQFRUHFWH  JJ
ú
J
JJJ ^GLPHQVLXQHDGHSR]LWXOXL`
 JJ
 J\
J

 ăQJ
JJJJ
 J\
J

 ăQJ
'HSR]LW JJJJJJ
ú
J›œJJ ^ÄFRQĠLQXWXO´GHSR]LWXOXL`
ÌQSUREOHPDGDWăGHSR]LWXOVHPHPRUHD]ăSULQWUXQWDEORXELGLPHQVLRQDO 
 J\
J

 ă, ^FăXWăPSR]LĠLLOHLQFHQGLDWH`
 
 J\
J

 ă,
([HPSOX  ăJ›œJ\JJ 
 )LHQ ÌQILJXUDXUPăWRDUHGHSR]LWXOFRGLILFDWFXWDEORXOGHQXPHUHVHSRDWH 
 ?\ŒJ

 ă, ^FHOHSR]LĠLLYHFLQH`
YHGHDvQVWkQJDLDUYL]XDOL]DWPDLVXJHVWLYvQGUHDSWD JJJJJJJJJJJmJJ~J›?œJ
 JJJJJJJJJJJmJJ~JY›?œJ
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
ăJ JJ¥
¦ Jú JJ¥
¦ J JJ  J˜  QJ
  ^GDFăSR]LĠLDYHFLQăHVWHvQLQWHULRUXOGHSR]LWXOXL`   ^SUHVXSXQHPFăVHSRDWHHIHFWXDSDVvQvQFăSHUHDGHFRRUGRQDWH  `J
JJJJJJJJJJJJ›œJmJJ ^RFRQVLGHUăPGHDVHPHQHDRFXSDWă` JJ˜JmJDGHYăUDW
 

ăJ JJ¥
¦ J J JJ¥
¦ J JJ
JJJJJJJJJJJJăJ›œJ\J‡J J
  ^GDFăvQFăSHUHDVHDIOăvQDIDUDGHSR]LWXOXLSDVXOQXHVWHSRVLELO`J
JJJJJJJJJJJJJJ`JmJJJJJJ ^SR]LĠLDvQFDUHVHDIOăPDJD]LRQHUXO`
JJJJ˜JmJIDOVJ
JJJJJJJJJJJJJJ`JmJJ  ú ăJ
 ú ă
 ú ă ăJ›œJzJ`J J 
 ú 
    ^GDFăSR]LĠLDHVWHRFXSDWăGHREVWDFROVDXHVWHFXSULQVăGHLQFHQGLX`J
 ú ă JJJJ˜JmJIDOVJ
 ú 
 J  ú ăJ
 ú 
 J ăJ˜›œJzJ`J J ^GDFăVDPDLWUHFXWSHDLFL`J
ú    JJJJ˜JmJIDOVJ
  ú ăJ
J &RRUGRQDWHOHLQLĠLDOHDOHPDJD]LRQHUXOXL `úL` OHGHWHUPLQăPGLQGDWHOHGHSR ú   J
]LWXOXL 
 0DJD]LRQHUXOSRDWHWUDYHUVDGHSR]LWXODYDQVkQGGLQWURSR]LĠLHvQDOWDFDUHHVWHYH  6XEDOJRULWPXO ˜   HVWH DSHODW vQ DOJRULWPXO X%?   DWXQFL
FLQăSHRUL]RQWDOăVDXYHUWLFDOăFXFHDvQFDUHVHDIOă9RPSUHJăWLúLUXOGHSODVDPHQWH FkQGODSDVXOGLQSR]LĠLD  VHvQFHDUFăWUHFHUHDvQWURQRXăSR]LĠLH  
ORU LQGLFLORU GH OLQLH úL GH FRORDQă FD vQ SUREOHPD %LOLDUG GH GDWD DFHDVWD GLQ SDWUX 
FRPSRQHQWH  JX%?  QJ
\ Ÿ`` úLY\ ``Ÿ  
 J?\ˆJ

 ă, ^VHvQFHDUFăGHSODVăULOHvQFHOHSR]LĠLLYHFLQH`
 'DFăPDJD]LRQHUXOVHDIOăvQSR]LĠLDPDUFDWăFX0úLUXO[FRQĠLQHYDORULFDUHWUH JJJJJmJJ~J›?œJ ^VHGHWHUPLQăLQGLFHOHGHOLQLHDSR]LĠLHLYHFLQH`J
EXLHDGXQDWHYDORULLLQGLFHOXLGHOLQLHDSR]LĠLHLPDJD]LRQHUXOXLSHQWUXDDMXQJHSHOL JJJJJmJJ~JY›?œJ ^VHGHWHUPLQăLQGLFHOHGHFRORDQăDSR]LĠLHLYHFLQH`J
QLLOHYHFLQHLDU\FRQĠLQHYDORULFDUHWUHEXLHDGXQDWHYDORULLLQGLFHOXLGHFRORDQăDSR ăJ˜  J ^GDFăSDVXOvQDFHDVWăSR]LĠLHHVWHSRVLELO`
]LĠLHLPDJD]LRQHUXOXLSHQWUXDDMXQJHSHFRORDQHOHYHFLQH PDUFDWHFXúLvQIL JJJJJJ˜›œJmJJ ^VHHIHFWXHD]ăSDVXO`J
JXUDGHPDLMRV  ăJ \
Jú \
J JJ^GDFăSR]LĠLDFXUHQWăHVWHLHúLUHD`J
   JJJJJJJJ ú ˜  ^VHDILúHD]ăRVROXĠLH`J
 0   
JJ ^vQFD]FRQWUDU`J
   JJJJJJJJX%? ~ J J
 J J ^VHvQFHDUFăXQSDVQRXFDUHVHHIHFWXHD]ăGLQSR]LĠLD  `J
 &RQGLĠLLOHLQWHUQHVXQWSUHFL]DWHvQHQXQĠVXEIRUPDUHVWULFĠLLORUvQGHSODVDUH$FHV  ú ă
WRUDVHDGDXJăúLFRQGLĠLDGHDQXLHúLGLQGHSR]LWvQDOWăSDUWHGHFkWHVWHLHúLUHDSUR   ^ODUHYHQLUHVHúWHUJHXOWLPXOSDVHIHFWXDWGLQSR]LĠLD  vQ  `
SULX]LVă JJJJJJ˜›œJmJ`^GHRDUHFHGLQ  YRPvQFHUFDVăWUHFHPvQDOWăSR]LĠLH`J
x FRRUGRQDWHOHvQFăSHULLvQFDUHVHWUHFHWUHEXLHVăILHvQWUHúLQ  ú ăJ
 ú 
 J
x vQvQFăSHUHDvQFDUHVHIDFHGHSODVDUHDQXSRDWHH[LVWDREVWDFROVDXIRF ú   J
x SULQvQFăSHUHDvQFDUHVHWUHFHODSDVXOFXUHQWDFHVWGUXPQXDWUHFXWvQFă 
  'DWHOH FX FDUH OXFUHD]ă DOJRULWPXO X%? VXQW FXQRVFXWH 0DL UăPkQH Vă LQWHUSUH
 $FHVWHFRQGLĠLLVXQWYHULILFDWHvQVXEDOJRULWPXO ˜ HVWHWDEORXOvQFDUHVH WăPPRGXOvQFDUHDFHVWDOXFUHD]ă
PHPRUHD]ăGHSR]LWXOLDU˜HVWHWDEORXOFDUHUHĠLQHGUXPXOSDUFXUVGHPDJD]LRQHU  x 6H GHWHUPLQă FRRUGRQDWHOH SR]LĠLHL vQ FDUH XUPHD]ă Vă WUHDFă PDJD]LRQHUXO

  
 0HWRGDEDFNWUDFNLQJ
0HWRGDEDFNWUDFNLQJ 


 3ULPDLGHHDUILVăVWDELOLP FRQIRUPDOJRULWPXOXLFODVLF XQDVWIHOGHPLQLPDSRL
x 6HYHULILFăFRQGLĠLLOHGHFRQWLQXDUHSULQDSHODUHDDOJRULWPXOXL˜  J
VăDILúăPWRDWHVROXĠLLOHFDUHFRUHVSXQGDFHVWXLD$VWIHODUWUHEXLVăHIHFWXăPDOJRULW
x 'DFăVXQWvQGHSOLQLWHFRQGLĠLLOHGHFRQWLQXDUHGHFL˜ ? DUHYDORDUHD PXOUHDOL]DWFXPHWRGDEDFNWUDFNLQJRGDWăSHQWUXVWDELOLUHDWXWXURUVROXĠLLORUUHĠLQkQG
DGHYăUDWDWXQFLSDVXOFXUHQWVHWUHFHvQWDEORXO ˜FDUHUHĠLQHGUXPXOSDUFXUVVSUH YDORDUHDPLQLPăDWUDVHXOXLDSRLVăH[HFXWăPvQFăRGDWăDFHODúLDOJRULWPSHQWUXJăVL
LHúLUH UHDWXWXURUVROXĠLLORU WUDVHHORU DYkQGOXQJLPHDPLQLPă
x 'DFăVDDMXQVvQFROĠXOGLQGUHDSWDMRVDWXQFLVHIDFHDILúDUHDWDEORXOXL˜DOWIHOVH  (VWH HYLGHQW Fă R DVWIHO GH VROXĠLH QX HVWH DFFHSWDELOă GHRDUHFH DU FRQGXFH OD XQ
FRQWLQXăGHSODVDUHD WLPSGHH[HFXĠLHPXOWSUHDPDUH$QDOL]kQGvQFRQWLQXDUHSUREOHPDDMXQJHPODFRQ


           2 FOX]LDFăWUHEXLHVăJăVLPRPRGDOLWDWHFDUHQXH[HFXWăLQWHJUDOSURFHGXUDFDUHLPSOH
 2VROXĠLHSHQWUXH[HPSOXOFRQVLGHUDW 2 2 2     2 2  PHQWHD]ăPHWRGDEDFNWUDFNLQJGHGRXăRUL
HVWHYL]XDOL]DWăvQILJXUDXUPăWRDUH2E 2 ) 2  2   2 2   0DLvQWkLQHSURSXQHPVăJăVLPRUH]ROYDUHvQFDUHVRH[HFXWăPRVLQJXUăGDWă
VHUYăP Fă WUDVHXO WUHFH LQXWLO SULQSR]L 2 2 2  2      'DFăDPSXWHDVWDELOLPLQLPXOúLUXOXLWUDYHUVkQGXORVLQJXUăGDWăDPJăVLWVLPSOLIL
ĠLLOH ± GDU DFHVW OXFUX QX FRQVWLWXLH  2     2 2 2  FDUHDSHFDUHQHDPSURSXVR
JUHúHDOă GLQ PRPHQW FH QX VDX FHUXW  2  2   2 ) 2   ÌQXUPăWRUXODOJRULWPSUHVXSXQHPFăVHFDXWă PDLVLPSOX WRDWHSR]LĠLLOHGLQúLUXO
WUDVHHGHOXQJLPHPLQLPă  2 2 2 2 2 2 2 2  [ SH FDUH VH DIOă YDORDUHD PLQLPă D úLUXOXL [ 5H]XOWDWXO VH YD IXUQL]D SURJUDPXOXL
 2 ) 2 2 ) 2    DSHODQWvQúLUXOUH]GHOXQJLPHM
 2 2 2 2 2 2 2   J
 2  2        J„

‹ QJ
JJ
JmJ›œJ
 JJJmJJ
&DOúLQHEXQSHWDEODGHúDK JJ‹›œJmJJ
ÌQILJXUDGHPDLMRVVXQWKDúXUDWHSR]LĠLLOHSHFDUHEDWHQHEXQXOFkQGVHDIOăSHSR]LĠLD 
 JJ\JJ
J

 ăJ
1DYkQGFRRUGRQDWHOH  &DOXOVHDIOăLQLĠLDOvQSR]LĠLDGHVWDUWPDUFDWăFX&   JJJJăJ
J…J›œJ J
úLWUHEXLHVăDMXQJăvQSR]LĠLDILQDOă)  (ODUHGRXăWUDVHHGHDFHHDúLOXQJLPHPL JJJJJJJmJJ
QLPăSHQWUXDDMXQJHvQSR]LĠLDILQDOăVLDQXPH JJJJJJ‹›œJmJJ
    JJJJJJ
JmJ›œJ
    JJJJ 
JJ
JJJJJJăJ
J\J›œJ J
     
JJJJJJJJJmJJ~JJ
 &  1   JJJJJJJJ‹›œJmJJJ
       ú ă
 ú ă
       ú 
 
    )  ú   

       'DUvQFD]XOQRVWUXWUHEXLHUHĠLQXWHVROXĠLLFDUHVXQWúLUXULGHFRRUGRQDWHúLQXGRDU
 LQGLFL $OHJHP DOWă FDOH GH UH]ROYDUH 9RP VFULH UH]XOWDWXO FXUHQW vQ ILúLHU úL DWXQFL
 3ULPDREVHUYDĠLHSHFDUHRIDFHPVHUHIHUăODIDSWXOFăvQHQXQĠVHFHUWRDWHVROXĠLLOH FkQGJăVLPXQXOFDUHFRUHVSXQGHDFHOXLDúLPLQLPGHVFKLGHPILúLHUXOFX 
úLvO
SUREOHPHLFDUHFRUHVSXQGFHULQĠHORUÌQDFHVWPRPHQWúWLPFăPHWRGDGHUH]ROYDUHYD VFULHPLDUFkQGJăVLPRVROXĠLHFRUHVSXQ]ăWRDUHXQXLPLQLPPDLPLFGHFkWFHOFXUHQW
ILEDFNWUDFNLQJ$QDOL]kQGFHULQĠHOHFRQVWDWăPFăWUHEXLHVăGHWHUPLQăPXQPLQLPÌQ GHVFKLGHPILúLHUXOFXDVWIHOvQFHSkQGVFULHUHDJUXSXOXLQRXGHVROXĠLL
DFHDVWăSUREOHPăPLQLPXOQXHVWHGRDUXQQXPăU FDUHGHDOWIHOQLFLQXWUHEXLHDILúDW  6H SRDWH REVHUYD Fă SH OkQJă DFHDVWă PRGDOLWDWH PDL H[LVWă úL DOWHOH FDUH UH]ROYă
ODLHúLUH FLXQúLUGHFRRUGRQDWHGHSHWDEODGHúDKFDUHFRUHVSXQGWUDVHXOXLGHOXQJL SUREOHPD'HH[HPSOXSXWHPÄSUHVXSXQH´FăWUDVHXOPLQLPDUHOXQJLPHDPLQLPă
PHPLQLPăÌQSOXVVHFHUWRDWHDFHVWHúLUXUL $SHOăPSURFHGXUDX%?  úLFăXWăPWUDVHHDYkQGDFHDVWăOXQJLPH'DFăJă
0HWRGDEDFNWUDFNLQJ   0HWRGDEDFNWUDFNLQJ
 
VLPXQDVWIHOGHWUDVHXvOVFULHPvQILúLHUGDFăQXDWXQFLPăULPYDORDUHDPLQLPXOXLOD UHFHQXDUHVHQVVăGHWHUPLQăPVROXĠLLFDUHFRQGXFODROXQJLPHPDLPDUHGHFkWFHD
úLFăXWăPWUDVHHDYkQGDFHDVWăOXQJLPH$OJRULWPXOVHRSUHúWHHYLGHQWDWXQFLFkQG SURSXVăGLQPRPHQWFHDFHVWHDQXVHYDORULILFă
DP JăVLW FHO SXĠLQ R VROXĠLH FDUH FRUHVSXQGH PLQLPXOXL SUHVXSXV OD SDVXO UHVSHFWLY  ÌQFRQFOX]LHDOJRULWPXOUHFXUVLYFDUHLPSOHPHQWHD]ăPHWRGDEDFNWUDFNLQJHVWHXU
6XQWHPVLJXULFăDVWIHOJăVLPVROXĠLLOHFRUHVSXQ]ăWRDUHPLQLPXOXLGHRDUHFHDPOXDWvQ PăWRUXO
FRQVLGHUDUHYDORULOHSRVLELOHvQRUGLQHFUHVFăWRDUH$FHVWDOJRULWPHVWHXUPăWRUXO 
 JX%?  QJ

 „
QJ JJ
 J?\ŒJ

 ă,J
JJ
JmJJ JJJJJmJJ~J›?œ ^LQGLFHOHGHOLQLHDSR]LĠLHLQRL`
JJ?JmJIDOVJ JJJJJmJJ~J›?œ ^LQGLFHOHGHFRORDQăDSR]LĠLHLQRL`
JJ

ăJ   ^GDFăSR]LĠLDDOHDVăHVWHSHWDEOă`
JJJJX%? `Y`
? J JJJJăJ JJ¥
¦ JúJ JJ¥
¦ J  
JJJJ
JmJ
J~J JJJJJJăJ ¨¸ JzJ¨Y¸ JúJ ›œJ\J` J J
JJ ăJ?J   ^GDFăSR]LĠLDQXVHDIOăSHWUDLHFWRULLOHQHEXQXOXLúL`
ú     ^vQDFHDVWăSR]LĠLHQXDPWUHFXWODXQSDVDQWHULRU`
 JJJJJJJJ›œJmJJ ^HIHFWXăPSDVXO PDUFăPSR]LĠLD `
 6ROXĠLDRYRPFRGLILFDvQWUXQWDEORX FRUHVSXQ]ăWRUWDEOHLGHúDKLQLĠLDOL]kQGXL   ^GDFăDPDMXQVvQSR]LĠLDILQDOă`
HOHPHQWHOHFX$WXQFLFkQGvQFăXWDUHDVROXĠLHLHIHFWXăPXQSDVSHUPLVvQWURDQXPL JJJJJJJJăJ J\J JúJ J\JY J  
Wă SR]LĠLH YDORDUHD DFHOXL HOHPHQW YD IL HJDOă FX QXPăUXO GH RUGLQH DO SDVXOXL (YL   ^GDFăQXPăUXOSDúLORUHIHFWXDĠLHVWHHJDOFXPLQLPXO`
GHQWODUHYHQLUHYRPDYHDJULMăVăUHVWDELOLPYDORDUHDLQLĠLDOăDHOHPHQWXOXLUHVSHFWLY JJJJJJJJJJăJJ\J
J JJ 
SHQWUXFDvQWLPSXOJHQHUăULLXQHLVROXĠLLQRLVăSXWHPHIHFWXDXQSDVvQDFHDVWăSR]LĠLH JJJJJJJJJJJJ ú  J
 ÌQSURFHGXUD X%?  YRPJHQHUDSR]LĠLLOH  FRUHVSXQ]ăWRDUHSD JJJJJJJJJJJJ?JmJDGHYăUDWJ
úLORU QRL SH FDUH XQ FDO OH SRDWH HIHFWXD GLQWUR SR]LĠLH FXUHQW㠏  FX DMXWRUXO D JJJJJJJJJJ ú ă
JJJJJJJJ 
J
GRXă úLUXUL GH FRQVWDQWH  úL Y  FDUH UHSUH]LQWă GHSODVDPHQWHOH OLQLLORU UHVSHFWLY JJJJJJJJJJăJJJ
J 
FRORDQHORUFHORUSR]LĠLLvQFDUHSRDWHVăULXQFDO   ^GDFăQXPăUXOSDúLORUHIHFWXDĠLHVWHPDLPLFGHFkWPLQLPXOFXUHQW`
 JJJJJJJJJJJJX%? ~ JJ ^FRQWLQXăPGUXPXO`
\ ›ŒœJJKJ
 ú ă
 JQ\  KJJ
 ú ăJ
JJJJJJQ\  KJ
JJJJJJJJ›œJmJ`J
 
J  ^úWHUJHPXUPDSDVXOXLHIHFWXDWGHRDUHFHDPUHYHQLWODRVWDUHDQWHULRDUă`
 3HQWUXILHFDUHDVWIHOGHSR]LĠLHQRXăYRPYHULILFDGDFăHDVHDIOăVDXQXSHWDEODGH  ú ă
úDK J JJ›
œ JJ JJ›
œ   ú ă
  ú 
 
 'DFăQHDIOăPSHWDEOăYRPYHULILFDGDFăDFHDVWăSR]LĠLHHVWHvQDIDUDEăWăLLQHEX ú   
QXOXL DIODWvQSR]LĠLD Y FXLQVWUXFĠLXQHDJ ˜  J…J˜ Y 7RW 
RGDWăYHULILFăPúLHOHPHQWXOFRUHVSXQ]ăWRUGLQWDEORXO 'DFăDFHVWHOHPHQWDUHYD  $ILúDUHDUH]XOWDWXOXLVHUHDOL]HD]ăSHED]DYDORULORUGLIHULWHGH]HURGLQWDEORXO 
ORDUHDvQVHDPQăFăvQFăQXDIRVWLQFOXVvQWUDVHXGHFLSXWHPHIHFWXDXQSDVDLFL 'HRDUHFHúWLPFăQXPăUXODFHVWRUHOHPHQWHHVWH 
 DFFHVLELOăGHRDUHFHDOJRULWPXO
$FXPYRPYHULILFDGDFăDFHDVWăSR]LĠLHQXHVWHFXPYDFHDILQDOăFD]vQFDUHXUPHD]ă VD WHUPLQDW FkQG DP JăVLW XQ WUDVHX DYkQG FHD PDL PLFă YDORDUH  vQ WDEORXO  YRP
VăQHFRQYLQJHPFăOXQJLPHDWUDVHXOXLHVWHHJDOăFXOXQJLPHDPLQLPăSURSXVă FăXWDYDORULFXSULQVHvQWUHúL 
vQDFHDVWăRUGLQHDILúkQGLQGLFLLGHOLQLHúLGHFR
 'DFăDPDWLQVSR]LĠLDILQDOăúLQXPăUXOSDúLORUHVWHHJDOFX
DPREĠLQXWRVROX ORDQăDDFHVWRUD
ĠLHúLRSXWHPDILúDÌQFD]FRQWUDUYRPFRQWLQXDWUDVHXOvQFHSXWGDUQXPDLGDFăQX  
PăUXOGHRUGLQHDOSDVXOXLFXUHQWHVWHPDLPLFGHFkWOXQJLPHDPLQLPăSURSXVăGHRD 


%LEOLRJUDILH


>$QDV@ 'RUX 3RSHVFX $QDVWDVLX &XOHJHUH GH SUREOHPH GH LQIRUPDWLFă
(GLWXUD$OO%XFXUHúWL
>&HUFD@ (PDQXHOD &HUFKH] &XOHJHUH GH SUREOHPH GH LQIRUPDWLFă (GLWXUD
0HWRGDEDFNWUDFNLQJ  3ROLURP,DúL
 >&HUFE@ (PDQXHOD &HUFKH] 0DULQHO ùHUEDQ ,QIRUPDWLFD SHQWUX JLPQD]LX
 J ú  QJ (GLWXUD3ROLURP,DúL
JJ?JmJJ >&LRU@ $QGUHL &LRURLDQX 3URJUDPH 7XUER 3DVFDO vQ GHWDOLX (GLWXUD 7HRUD
JJ   J?JdJ
J

 ăJ %XFXUHúWL
JJJJ
 J\
J

 ăJ >/RJR@ 'RLQD+ULQFLXF/RJRIăWX&3UREOHPHUH]ROYDWHúLDOJRULWPL(GL
JJJJJJ
 J\
J

 ăJ WXUD3ROLURP,DúL
JJJJJJJJăJ›œJ\J?J  >7KRP@ 7KRPDV+&RUPHQ&KDUOHV(/HLVHUVRQ5RQDOG55LYHVW,QWUR
JJJJJJJJJJ 
JJ GXFHUH vQ DOJRULWPL (GLWXUD &RPSXWHU /LEULV $JRUD &OXM1DSRFD
JJJJJJJJJJ?JmJ?J~JJ 
JJJJJJJJ ú ă *D]HWDGHLQIRUPDWLFă±(GLWXUD$JRUD0HGLD7kUJX0XUHú
 ú 
  
 ú 
 J 
JJ ú    

ú   J
J 













You might also like