5it61231b.fm5 Page 36 Friday, June 20, 2003 11:14 AM
,6758=,21,3(5/·862
35,0$',86$5(,/3,$12',&27785$
&216,*/,3(5/$6$/9$*8$5',$
'(//·$0%,(17(
35(&$8=,21,(68**(5,0(17,*(1(5$/,
&216,*/,3(5,/5,63$50,2(1(5*(7,&2
38/,=,$(0$187(1=,21(
*8,'$5,&(5&$*8$67,
6(59,=,2$66,67(1=$7(&1,&$
,167$//$=,21(
5it61231b.fm5 Page 37 Friday, June 20, 2003 11:14 AM
35,0$',86$5(,/3,$12',&27785$
4XHVWHLVWUX]LRQLVRQRYDOLGHVRODPHQWHSHUL3DHVL
OHFXLVLJOHGLGHVWLQD]LRQHVRQRULSRUWDWHVXOOD
FRSHUWLQDGHOOLEUHWWRLVWUX]LRQLHVXOO·DSSDUHFFKLR
• 3HUXWLOL]]DUHDOPHJOLRLOYRVWURSLDQRGL
FRWWXUDYLLQYLWLDPRDOHJJHUH
DWWHQWDPHQWHOHLVWUX]LRQLSHUO·XVRHD
FRQVHUYDUOHLQFDVRGLQHFHVVLWj
• *OLHOHPHQWLGHOO·LPEDOORVDFFKHWWLGLSODVWLFD
SROLXUHWDQRHVSDQVRHFFQRQGHYRQRHVVHUH
WHQXWLDOODSRUWDWDGHLEDPELQLSHUFKp
FRVWLWXLVFRQRXQDSRWHQ]LDOHIRQWHGLSHULFROR
• 9HULILFDUHFKHLOSLDQRGLFRWWXUDQRQDEELDVXELWR
GDQQLGXUDQWHLOWUDVSRUWR
• $FFHUWDUVLFKHO·LQVWDOOD]LRQHHGL
FROOHJDPHQWLJDVHOHWWULFRVLDQRHIIHWWXDWL
GDXQWHFQLFRTXDOLILFDWRVHFRQGROH
LVWUX]LRQLGHO)DEEULFDQWHHVHFRQGROH
QRUPHORFDOLLQYLJRUH
&216,*/,3(5/$6$/9$*8$5',$
'(//·$0%,(17(
,PEDOOR
,OPDWHULDOHG·LPEDOORqLQWHUDPHQWHULFLFODELOHHGq
FRQWUDVVHJQDWRGDOVLPERORGHOULFLFODJJLR FKH
ORLGHQWLILFDFRPHXQWLSRGLPDWHULDOHGDLQYLDUHDL
FHQWULORFDOLGLVPDOWLPHQWRGHLULILXWL
3URGRWWR
,OSLDQRGLFRWWXUDqIDEEULFDWRFRQPDWHULDOH
ULFLFODELOH5RWWDUPDUORVHJXHQGROHQRUPHORFDOL
SHUORVPDOWLPHQWRGHLULILXWL3ULPDGLURWWDPDUOR
UHQGHUORLQVHUYLELOHWDJOLDQGRLOFDYRGL
DOLPHQWD]LRQH
35(&$8=,21,(68**(5,0(17,*(1(5$/,
• 3ULPDGLTXDOVLDVLLQWHUYHQWRGLSXOL]LDR
PDQXWHQ]LRQHGLVLQVHULUHLOSLDQRGDOODUHWH
HOHWWULFD
• /·XVRGLXQDSSDUHFFKLRDJDVSURGXFH
FDORUHHGXPLGLWjQHOORFDOH$VVLFXUDUHXQD
EXRQDDHUD]LRQHGHOORFDOHRLQVWDOODUHXQD
FDSSDGLDVSLUD]LRQHFRQFRQGRWWRGL
VFDULFR
• 8QXWLOL]]RSUROXQJDWRGHOSLDQRGLFRWWXUD
SXzQHFHVVLWDUHGLXQDDHUD]LRQH
VXSSOHPHQWDUHDSHUWXUDGLXQDILQHVWUDR
DXPHQWRGHOODSRWHQ]DGLDVSLUD]LRQHGHOOD
FDSSD
• 7HQHUHORQWDQLLEDPELQLTXDQGRLOSLDQRqLQ
IXQ]LRQH
• 'RSRO·XVRDVVLFXUDUVLFKHOHPDQRSROH
VLDQRLQSRVL]LRQHGLFKLXVXUD HFKLXGHUH
LOUXELQHWWRSULQFLSDOHGHOFRQGRWWR
HURJD]LRQHGHOJDVRLOUXELQHWWRGHOOD
ERPEROD
• $WWHQ]LRQHLOFRSHUFKLRVHSUHVHQWH
SRWUHEEHURPSHUVLVHYLHQHVXUULVFDOGDWR
3ULPDGLFKLXGHUORDFFHUWDUVLFKHWXWWLL
EUXFLDWRULVLDQRVSHQWL
• $YYHUWHQ]DLSLHGLQLGLSURWH]LRQHLQ
JRPPDVRWWROHJULJOLHDPRYLELOL
UDSSUHVHQWDQRXQULVFKLRGLVRIIRFDPHQWR
SHULEDPELQLPROWRSLFFROL
'RSRDYHUSXOLWROHJULJOLHDFFHUWDUVLFKH
WXWWLLSLHGLQLGLJRPPDVLDQRVWDWL
SRVL]LRQDWLFRUUHWWDPHQWH
'LFKLDUD]LRQHGLFRQIRUPLWj
• 4XHVWRSLDQRGLFRWWXUDqVWDWRSURJHWWDWR
FRVWUXLWRHLPPHVVRVXOPHUFDWRLQ
FRQIRUPLWj
DLUHTXLVLWLGLVLFXUH]]DGHOOD'LUHWWLYD&((
´*DVµ
DLUHTXLVLWLGLVLFXUH]]DGHOOD'LUHWWLYD&((
´%DVVD7HQVLRQHµ
DLUHTXLVLWLGLSURWH]LRQHGHOOD'LUHWWLYD
&((
´(0&µ
DLUHTXLVLWLGHOOD'LUHWWLYD&((
• 4XHVWRSLDQRGLFRWWXUDqLGRQHRDOFRQWDWWR
FRQJOLDOLPHQWLHGqFRQIRUPHDOOD'LUHWWLYD
&((
• 4XHVWRSLDQRGLFRWWXUD&ODVVHqVWDWR
SURJHWWDWRSHUHVVHUHXWLOL]]DWRVRORSHUOD
FRWWXUDGLFLEL4XDOVLDVLDOWURXVRFRPHLO
ULVFDOGDPHQWRGLXQDVWDQ]DqLPSURSULRH
SHULFRORVR
5it61231b.fm5 Page 38 Friday, June 20, 2003 11:14 AM
&216,*/,3(5,/5,63$50,2(1(5*(7,&2
• ,OSLDQRFRWWXUDqGRWDWRGLEUXFLDWRULHRSLDVWUDFRQGLDPHWUL
GLYHUVL8WLOL]]DUHWHJDPLHSHQWROHFRQXQGLDPHWURGHOIRQGR
XJXDOHROLHYHPHQWHPDJJLRUHULVSHWWRDTXHOORGHLEUXFLDWRUL
HGHOODSLDVWUD
• 8WLOL]]DUHVROWDQWRSHQWROHHWHJDPLFRQIRQGRSLDWWR
• /HSHQWROHHLWHJDPLQRQGHYRQRVRYUDSSRUVLDOODPDVFKHULQD
FRPDQGL
%UXFLDWRUH
'LDPHWURGHOWHJDPH
5DSLGRFP
6HPLUDSLGRFP
$XVLOLDULRFP
7ULSODFRURQDFP
3HVFLHUDFP[FP
GDDFP
GDDFP
GDDFP
GDDFP
[FP
• 6HSRVVLELOHWHQHUHLOWHJDPHFRSHUWRGXUDQWHODFRWWXUD
• &XRFHUHYHUGXUHSDWDWHHFFFRQXQDSLFFRODTXDQWLWj
G·DFTXDSHUULGXUUHLOWHPSRGLFRWWXUD
• 8WLOL]]DQGRODSHQWRODDSUHVVLRQHVLULGXFHXOWHULRUPHQWHLO
FRQVXPRGLHQHUJLDHLOWHPSRGLFRWWXUD
12
5it61231b.fm5 Page 39 Friday, June 20, 2003 11:14 AM
38/,=,$(0$187(1=,21(
3XOL]LDGHOODVXSHUILFLHGHOSLDQRGLFRWWXUDGHOOH
JULJOLHDPRYLELOLHGHOODPDVFKHULQDFRPDQGL
• 3ULPDGLSXOLUHLOSLDQRFRWWXUDGLVLQVHULUORGDOODUHWH
HOHWWULFDHGDWWHQGHUHFKHVLVLDUDIIUHGGDWR
• 3XOLUORFRQXQSDQQRLQXPLGLWRLQDFTXDFDOGDHVDSRQHR
GHWHUJHQWHOLTXLGRGLOXLWR
• 1RQXWLOL]]DUHSURGRWWLDEUDVLYLRFRUURVLYLSURGRWWL
FRQWHQHQWLFORURRSDJOLHWWHPHWDOOLFKH
• 1RQXVDUHSXOLWRULDYDSRUH
• 1RQXWLOL]]DUHSURGRWWLLQILDPPDELOL
• (YLWDUHGLODVFLDUHVXOSLDQRGLFRWWXUDVRVWDQ]HDFLGHR
DOFDOLQHFRPHDFHWRVDOHVXFFRGLOLPRQHHFF
6XSHUILFLHLQDFFLDLRLQR[
• 3XOLUODFRQXQSURGRWWRVSHFLILFRQRUPDOPHQWHUHSHULELOHLQ
FRPPHUFLR
1RWDO·XVRFRQWLQXRGHOSLDQRSRWUHEEHFDXVDUHLQ
FRUULVSRQGHQ]DGHLEUXFLDWRULXQDFRORUD]LRQHGLYHUVD
GDOO·RULJLQDOHGRYXWDDOO·DOWDWHPSHUDWXUDGHOODILDPPD
3XOL]LDGHLEUXFLDWRUL
6ROOHYDUHHWRJOLHUHLOFDSSHOORWWR
(VWUDUUHLOEUXFLDWRUHGDOODSURSULDVHGHWLUDQGRORYHUVR
O·DOWR
,PPHUJHUHLOEUXFLDWRUHHLOFDSSHOORWWRLQDFTXDFDOGDH
GHWHUVLYROLTXLGRQRQODYDUHLQODYDVWRYLJOLH
5LVFLDFTXDUHHGDVFLXJDUHDFFXUDWDPHQWH
&RQWUROODUHFKHQHVVXQDGHOOHDSHUWXUHGHOEUXFLDWRUHVLD
RWWXUDWD
5LSRVL]LRQDUHLOEUXFLDWRUHHLOFDSSHOORWWR
1RWDSHUHYLWDUHGDQQLDOO·DFFHQVLRQHHOHWWULFDQRQ
XWLOL]]DUODTXDQGRLEUXFLDWRULQRQVRQRQHOODORURVHGH
3XOL]LDGHOODSLDVWUDHOHWWULFD
/DSXOL]LDGHYHDYYHQLUHDSLDVWUDWLHSLGD
3XOLUODFRQXQSDQQRLQXPLGLWRLQDFTXDHVDOHHULILQLUH
VWURILQDQGRFRQXQRVWUDFFLRLPEHYXWRGLROLR
5it61231b.fm5 Page 40 Friday, June 20, 2003 11:14 AM
*8,'$5,&(5&$*8$67,
,OEUXFLDWRUHQRQVLDFFHQGH
‡ ,OUXELQHWWRHURJD]LRQHJDVqDSHUWR"
‡ ËVWDWDVRVSHVDO·HURJD]LRQHGHOJDVGLFLWWj
PHWDQR"
‡ /DERPERODGHOJDVJDVOLTXLGRqYXRWD"
‡ /HDSHUWXUHGHOEUXFLDWRUHVRQRRWWXUDWH"
‡ ,OFDSSHOORWWRHLOEUXFLDWRUHVRQRVWDWLSRVL]LRQDWL
FRUUHWWDPHQWHGRSROHRSHUD]LRQLGLSXOL]LD"
9HGHUHLOSDUDJUDIR´3XOL]LDHPDQXWHQ]LRQHµ
,OEUXFLDWRUHQRQULPDQHDFFHVR
‡ 5LSHWHUHO·RSHUD]LRQHGLDFFHQVLRQH
SRVL]LRQDQGRODPDQRSRODVXOVLPEROR
UDSSUHVHQWDQWHODILDPPDSLFFROD /·DFFHQVLRQHHOHWWULFDQRQIXQ]LRQD
‡ 6LqYHULILFDWDXQ·LQWHUUX]LRQHGLFRUUHQWH"
6(59,=,2$66,67(1=$7(&1,&$
3ULPDGLFRQWDWWDUHLOVHUYL]LRDVVLVWHQ]D
WHFQLFD
&RQVXOWDUHOD´*XLGDULFHUFDJXDVWLµVRSUD
ULSRUWDWDSHUYHULILFDUHVHqSRVVLELOHHOLPLQDUH
LOSUREOHPDSHUVRQDOPHQWH
5LDFFHQGHUHLOSLDQRFRWWXUDSHUYHULILFDUHFKH
VLDVWDWRULSULVWLQDWRLOFRUUHWWRIXQ]LRQDPHQWR
6HLOSUREOHPDSHUVLVWHFRQWDWWDUHLO6HUYL]LRGL
$VVLVWHQ]D7HFQLFD
)RUQLUHOHVHJXHQWLLQIRUPD]LRQL
‡WLSRGLJXDVWR
‡PRGHOORGLSLDQRFRWWXUD
‡QXPHURGLDVVLVWHQ]DODFLIUDFKHVLWURYD
GRSRODSDUROD6(59,&(VXOODWDUJKHWWD
PDWULFRODSRVWDVRWWRLOSLDQRHVXOODJDUDQ]LD
‡LOSURSULRLQGLUL]]RFRPSOHWR
‡LOSURSULRQXPHURGLWHOHIRQRHSUHILVVR
4XDORUDVLUHQGDQHFHVVDULRXQLQWHUYHQWRGL
ULSDUD]LRQHULYROJHUVLDXQFHQWURGLDVVLVWHQ]D
WHFQLFDDXWRUL]]DWRLQGLFDWRVXOODJDUDQ]LD
1HOO·LPSUREDELOHHYHQWXDOLWjFKHXQLQWHUYHQWRR
XQDULSDUD]LRQHVLDQRHIIHWWXDWLGDXQWHFQLFRQRQ
DXWRUL]]DWRULFKLHGHUHVHPSUHXQ·DWWHVWD]LRQH
GHOODYRURHVHJXLWRHLQVLVWHUHVXOO·XVRGLSH]]LGL
ULFDPELRRULJLQDOL
/DPDQFDWDRVVHUYDQ]DGLTXHVWHLVWUX]LRQL
SXzFRPSURPHWWHUHODVLFXUH]]DHODTXDOLWj
GHOSURGRWWR
5it61231b.fm5 Page 41 Friday, June 20, 2003 11:14 AM
,167$//$=,21(
,QIRUPD]LRQLWHFQLFKHSHUO·,QVWDOODWRUH
4XHVWRSLDQRFRWWXUDSXzHVVHUHLQFDVVDWRLQXQSLDQRGL
ODYRURGLVSHVVRUHGDDPP6HVRWWRLOSLDQRFRWWXUD
QRQqSUHVHQWHLOIRUQRLOIRUQRLQVWDOODWRGHYHHVVHUH
IDEEULFDWRGD:KLUOSRROHGRWDWRGLVLVWHPDGL
UDIIUHGGDPHQWRLQVHULUHXQSDQQHOORVHSDUDWRUHDGXQD
GLVWDQ]DPLQLPDGLPPGDOIRQGRGHOSLDQRFRWWXUD
1RWDSULPDGHOO·LQVWDOOD]LRQHDFFHUWDUVLFKHOHFRQGL]LRQL
ORFDOLGLHURJD]LRQHGHOJDVWLSRHSUHVVLRQHGHOJDVHOH
UHJROD]LRQLGHOSLDQRGLFRWWXUDVLDQRFRPSDWLELOLYHGL
WDUJKHWWDPDWULFRODH6FKHGDSURGRWWR
• 8QHYHQWXDOHPRELOHDFRORQQDGRYUjGLVWDUHGDOERUGR
GHOSLDQRGLFRWWXUDGLDOPHQRPP
• 3ULPDGLLQVWDOODUHLOSLDQRULPXRYHUHO·HYHQWXDOHSHOOLFRODGL
SURWH]LRQH
,ULYHVWLPHQWLGHOOHSDUHWLGHOPRELOHRDSSDUHFFKLDGLDFHQWLDO
SLDQRGLFRWWXUDGHYRQRHVVHUHUHVLVWHQWLDOFDORUHSURWH]LRQH
FRQWURLULVFDOGDPHQWL´<µVHFRQGROHQRUPHORFDOL
• /·LQVWDOOD]LRQHGHYHHVVHUHFRQIRUPHDOOHQRUPHORFDOLLQ
YLJRUH
• (·LQGLVSHQVDELOHFKHQHOORFDOHLQFXLYLHQHLQVWDOODWRLOSLDQRGL
FRWWXUDFLVLDDULDDVXIILFLHQ]DSHUODFRUUHWWDFRPEXVWLRQHGHO
JDVYHGHUHOD6FKHGD3URGRWWRVHSDUDWD
• /DFLUFROD]LRQHQDWXUDOHGHOO·DULDGHYHDYYHQLUHDWWUDYHUVR
XQ·DSHUWXUDDGHJXDWDODTXDOHGHYHHVVHUH
SHUPDQHQWHHSUDWLFDWDVXSDUHWLGHOORFDOHGDYHQWLODUHFKH
GDQQRYHUVRO·HVWHUQRLQ]RQDORQWDQRGDIRQWLGL
LQTXLQDPHQWR
UHDOL]]DWDLQPRGRFKHOHERFFKHGLDSHUWXUDVLDDOO·LQWHUQR
FKHDOO·HVWHUQRGHOODSDUHWHQRQSRVVDQRYHQLUHRVWUXLWH
QHSSXUHDFFLGHQWDOPHQWH
SURWHWWDFRQJULJOLHUHWLPHWDOOLFKHHFFLQPRGRGDQRQ
ULGXUUHODVH]LRQHXWLOHVRSUDLQGLFDWD
VLWXDWDLQSURVVLPLWjGHOOLYHOORGHOSDYLPHQWRHSRVL]LRQDWDLQ
PRGRGDQRQLQWHUIHULUHFRQLOIXQ]LRQDPHQWRGHLGLVSRVLWLYLGL
VFDULFRGHLSURGRWWLGHOODFRPEXVWLRQH
7DOLSURGRWWLGHYRQRHVVHUHVFDULFDWLDWWUDYHUVRDSSRVLWH
FDSSHRWUDPLWHHOHWWURYHQWLODWRULLQVWDOODWLDSDUHWHHRVX
ILQHVWUH
0RQWDJJLR
• $SSOLFDUHDOSLDQRFRWWXUDODJXDUQL]LRQHLQGRWD]LRQH
VHQRQJLjLQVWDOODWDGRSRDYHUSXOLWRODVXSHUILFLH
FRPHLOOXVWUDWRQHOODILJXUD
3HUILVVDUHLOSLDQRFRWWXUDXWLOL]]DUHOHVWDIIH$LQGRWD]LRQH
3RVL]LRQDUHOHVWDIIHLQFRUULVSRQGHQ]DGHLIRULHILVVDUOHFRQ
OHDSSRVLWHYLWL
3UDWLFDUHXQ·DSHUWXUDQHOSLDQRGLODYRURULVSHWWDQGROH
GLPHQVLRQLLQGLFDWHQHOOD6FKHGD3URGRWWRVHSDUDWD
,QVWDOODUHLOSLDQRFRWWXUDQHOSLDQRGLODYRUR
$WWHQ]LRQHLOFDYRGLDOLPHQWD]LRQHHOHWWULFDHODVSLQD
GHYRQRHVVHUHLGRQHLDOO·DVVRUELPHQWRGHOSLDQRHLOFDYR
GHYHDYHUHXQDOXQJKH]]DWDOHGDSHUPHWWHUHO·HVWUD]LRQH
GHOSLDQRYHUVRO·DOWR
5it61231b.fm5 Page 42 Friday, June 20, 2003 11:14 AM
,167$//$=,21(
&ROOHJDPHQWRHOHWWULFR
• ,FROOHJDPHQWLHOHWWULFLGHYRQRGHYRQRHVVHUHFRQIRUPLDOOH
QRUPHORFDOL
‡ ,GDWLUHODWLYLDOODWHQVLRQHHDOODSRWHQ]DDVVRUELWDVRQR
ULSRUWDWLVXOODWDUJKHWWDPDWULFROD
• /DPHVVDDWHUUDGHOO·DSSDUHFFKLRqREEOLJDWRULDSHU
OHJJH
• ,O)DEEULFDQWHGHFOLQDRJQLUHVSRQVDELOLWjSHUHYHQWXDOL
GDQQLVXELWLGDSHUVRQHDQLPDOLGRPHVWLFLREHQL
GHULYDQWLGDOODPDQFDWDRVVHUYDQ]DGHOOHQRUPHVRSUD
LQGLFDWH
• $OO·LQVWDOOD]LRQHRFFRUUHSUHYHGHUHXQRUJDQRGL
LQWHUUX]LRQHRQQLSRODUHFRQGLVWDQ]DGLDSHUWXUDGHL
FRQWDWWLXJXDOHRVXSHULRUHDPP
• 6HQHFHVVDULRLOFDYRGLDOLPHQWD]LRQHGHYHHVVHUH
VRVWLWXLWRHVFOXVLYDPHQWHFRQXQFDYRGLDOLPHQWD]LRQH
DYHQWHFDUDWWHULVWLFKHLGHQWLFKHDTXHOORRULJLQDOH
IRUQLWRGDOSURGXWWRUHWLSR+99)7ƒ&R
+255)4XHVWDRSHUD]LRQHGHYHHVVHUHHVHJXLWDGDO
6HUYL]LRGL$VVLVWHQ]D7HFQLFDRGDXQWHFQLFR
TXDOLILFDWR
&ROOHJDPHQWRDOO·DOLPHQWD]LRQHGHOJDV
,OVLVWHPDGLHURJD]LRQHGHOJDVGHYHHVVHUHFRQIRUPHDOOH
QRUPHORFDOL
1HOO·DOOHJDWDVFKHGDGHOOH1RUPDWLYH1D]LRQDOLGLVLFXUH]]DVRQR
SUHVHQWLQRUPHORFDOLVSHFLILFKHSHUDOFXQL3DHVLHXURSHL
,QFDVRGLDVVHQ]DGLLQIRUPD]LRQLULJXDUGDQWLLO3DHVHGHVLGHUDWR
ULFKLHGHUHPDJJLRULGHWWDJOLDOYRVWURLQVWDOODWRUH
,OFROOHJDPHQWRGHOSLDQRFRWWXUDDOODUHWHGLHURJD]LRQHGHOJDV
RDOODERPERODGHOJDVGHYHHVVHUHHVHJXLWRPHGLDQWHXQWXER
ULJLGRGLUDPHRGLDFFLDLRFRQLUDFFRUGLFRQIRUPLDOOHQRUPH
ORFDOLRSSXUHPHGLDQWHXQWXERIOHVVLELOHGLDFFLDLRLQR[FRQ
VXSHUILFLHFRQWLQXDFRQIRUPHDOOHQRUPDWLYHORFDOL,QWHUSRUUHOD
JXDUQL]LRQH%QHOO·DWWDFFRDJRPLWR
/DOXQJKH]]DPDVVLPDGHOWXERPHWDOOLFRIOHVVLELOHqP
$WWHQ]LRQHQHOFDVRVLXWLOL]]LXQWXERIOHVVLELOHLQDFFLDLR
LQR[TXHVWRGRYUjHVVHUHLQVWDOODWRLQPDQLHUDWDOHFKH
QRQSRVVDHQWUDUHLQFRQWDWWRFRQXQDSDUWHPRELOHGHO
PRELOHWWRPDSDVVLLQXQSXQWROLEHURGDLQJRPEULH
SRVVDHVVHUHLVSH]LRQDWRVXWXWWDODOXQJKH]]D
'RSRLOFROOHJDPHQWRDOO·DOLPHQWD]LRQHGHOJDVYHULILFDUH
FRQDFTXDVDSRQRVDFKHQRQVLDQRSUHVHQWLSHUGLWH
$WWHQ]LRQHVHVLGRYHVVHYHULILFDUHXQDSURJUHVVLYD
GLIILFROWjQHOODURWD]LRQHGHOOHPDQRSROHGHLEUXFLDWRUL
FKLDPDUHLO&HQWUR$VVLVWHQ]DDXWRUL]]DWRFKH
SURYYHGHUjDOODVRVWLWX]LRQHGHOUXELQHWWR
/
7HUUD
JLDOORYHUGH
1
5it61231b.fm5 Page 43 Friday, June 20, 2003 11:14 AM
,167$//$=,21(
$'$77$0(172$,',9(56,7,3,',*$6
,QFDVRGLXWLOL]]D]LRQHFRQXQJDVGLYHUVRGDTXHOORLQGLFDWRVXOOD
WDUJKHWWDPDWULFRODHVXOO
HWLFKHWWDDUDQFLRQHSRVWDVXOODSDUWH
VXSHULRUHGHOSLDQRDGDWWDWHLOSLDQRDTXHVWDQXRYDIXQ]LRQH/D
WDUJKHWWDDUDQFLRQHYDULPRVVDHLQFROODWDVXOOLEUHWWRLVWUX]LRQL
FKHGHYHHVVHUHFRQVHUYDWR
8WLOL]]DUHUHJRODWRULGLSUHVVLRQHLGRQHLDOOHSUHVVLRQLGHO
JDVLQGLFDWHQHOOD6FKHGD3URGRWWRVHSDUDWD
3HUODVRVWLWX]LRQHGHJOLLQLHWWRULULYROJHUVLDO6HUYL]LR
$VVLVWHQ]DRDGXQWHFQLFRTXDOLILFDWR
*OLLQLHWWRULQRQIRUQLWLDFRUUHGRYDQQRULFKLHVWLDO6HUYL]LR
$VVLVWHQ]D
$OODFFLDUHLOSLDQRDOUXELQHWWRGLLQWHUFHWWD]LRQHFRQXQWXER
DGDWWRDOJDVGLXWLOL]]RVHFRQGROHQRUPHYLJHQWL
5HJRODUHLPLQLPLGHLUXELQHWWL
1RWDFRQLJDVGLSHWUROLROLTXHIDWWR**LPLQLPLGHYRQR
HVVHUHDYYLWDWLDIRQGR
6RVWLWX]LRQHGHJOLLQLHWWRULYHGHUHWDEHOODQHOODVFKHGD
SURGRWWRVHSDUDWD
7RJOLHUHOHJULJOLH$
6ILODUHLFRUSLEUXFLDWRUL%
&RQXQDFKLDYHDWXERGHO&VYLWDUHO·LQLHWWRUHGD
VRVWLWXLUH
6RVWLWXLUORFRQO·LQLHWWRUHSUHYLVWRSHULOQXRYRWLSRGLJDV
5LPRQWDUHO·LQLHWWRUHLQ'
3HULPRGHOOLGRWDWLGLEUXFLDWRUHDWULSODFRURQDSURFHGHUH
FRPHLOOXVWUDWRQHOODILJXUD
‡5LPXRYHUHOHGXHYLWL)VHJXLWHGDOODSURWH]LRQH*
TXLQGLVRVWLWXLUHHQWUDPELJOLLQLHWWRUL'FRPHGHVFULWWR
SUHFHGHQWHPHQWH
5LSRVL]LRQDUHODSURWH]LRQH*HSULPDGLXWLOL]]DUHLO
SLDQRFRWWXUDYHULILFDUHFKHODJXDUQL]LRQHVLDSRVL]LRQDWD
FRUUHWWDPHQWH
3ULPDGLLQVWDOODUHLOSLDQRFRWWXUDULFRUGDUVLGLDSSOLFDUHOD
WDUJKHWWDGLWDUDWXUDGHOJDVIRUQLWDFRQJOLLQLHWWRULLQPRGR
FKHFRSUDOHLQIRUPD]LRQLJLjSUHVHQWL
5HJROD]LRQHGHOPLQLPRGHLUXELQHWWLGHOJDV
3HUJDUDQWLUHXQDFRUUHWWDUHJROD]LRQHGHOPLQLPR
ULPXRYHUHODPDQRSROD(HSURFHGHUHFRPHVHJXH
‡ DYYLWDUHSHUULGXUUHO·DOWH]]DGHOODILDPPD
‡ DOOHQWDUHSHUDXPHQWDUHO·DOWH]]DGHOODILDPPD
/DUHJROD]LRQHGHYHHVVHUHHVHJXLWDFRQLOUXELQHWWRQHOOD
SRVL]LRQHGLPLQLPRILDPPDSLFFROD 7HUPLQDWDODUHJROD]LRQHULSULVWLQDUHLVLJLOOLFRQFHUDODFFDR
PDWHULDOHHTXLYDOHQWH
1RQRFFRUUHUHJRODUHO·DULDSULPDULDGHLEUXFLDWRUL
$UHJROD]LRQHXOWLPDWDDFFHQGHUHLEUXFLDWRULHUXRWDUHOH
PDQRSROHGDSRVL]LRQHPDVVLPD DSRVL]LRQHPLQLPD SHUYHULILFDUHODVWDELOLWjGHOODILDPPD