!"#$%&&# '( )(*+,-(#
'( )+,-+ '( ."%,&# % )#*/+,#
'%**012%"-(/(# 3456
)+,-+ '( ."%,&# % )#*/+,# 7898:8
7%'% ;%$+*% % <("%/(#,% =%,&"+*% >(+ ?+,&#@+ 5A 6B533 ."%,&# =+9(&+*% 7#-(+*% 1C"# DE8A5E8F4GHG4 I%$(2&"# JK9"%2% '( ."%,&# =#'(-%
L(2-+*% % !+"&(&+ J@+ 445EB6E4336 M8 J2-"(/(#,% +**0:*N# '%**% )+,-O% G6B4834 =#'(-% :)J 63G48A :'%"%,&% +* PL#,'# J,&%"N+,-+"(# '(
.C&%*+ '%( <%9#2(&(Q % +* PL#,'# M+/(#,+*% '( R+"+,/(+Q :99+"&%,%,&% +* $"C99# N+,-+"(# PJ,&%2+ 7+,9+#*#Q (2-"(&&# +**0:*N# '%( R"C99(
)+,-+"( <("%/(#,% % =##"'(,+K%,&# '( J,&%2+ 7+,9+#*# 7898:8
!""#$%!
#$%&'() *+'&$,&
-
.),$/&+0) *1,,2$03$4)05+ 3),,$ 6)*5&+0)
7
J#/%1;%19%2/09%1;%1L%.#2B%!101%2;%B#/!$%1#./0$2#/%<%1;%1:0$3!$"#2B0
&
=23!$"#4%!2%19>..?#2;#"02/!1;0..#1@09/%!201019>@.%10<02/%1:%A19%@2%3%B#/%<%1;0..?090$B%4%!1()'5
'(
C?#//%<%/D1;0..#1E#2B#1;%1F$02/!101E!.4#2!120.1()'5
()
C!19B02#$%!1"#B$!0B!2!"%B!10;1%.19%9/0"#1B$0;%/%4%!
((
=1$%9>./#/%10B!2!"%B%
(&
G.%1#@@$0@#/%1:#/$%"!2%#.%
*+
8$%2B%:#.%1$%9BM%10;1%2B0$/0440101%.1:$09>::!9/!1;0..#1B!2/%2>%/D1#4%02;#.0
,)
=13#//%1;%1$%.%0<!1;!:!1.#13%201;0.1()'5101.#1:$0<0;%L%.010<!.>4%!201;0..#1@09/%!201
,'
C?#//%<%/D1;%1;%$04%!20101B!!$;%2#"02/!101%1$#::!$/%1B!21.019!B%0/D1;0.1G$>::!120.1()'5
,(
-./$01%23!$"#4%!2%
,,
8%+9+*5) $,,2:**)4;,)$
<=
8%+*9)55& '+05$;&,&
7"
/#/!18#/$%"!2%#.01
+*
N!2/!1OB!2!"%B!
+,
8$!9:0//!1;0..#1$0;;%/%<%/D1B!":.099%<#
++
8$!9:0//!1;0..01<#$%#4%!2%1;0.1:#/$%"!2%!120//!1
+&
K02;%B!2/!13%2#24%#$%!1
&)
>+5$ &05)6%$5&?$
8#$/01-H18!.%/%BM01B!2/#L%.%
@A
&5
8#$/01EH1=23!$"#4%!2%19>..!19/#/!1:#/$%"!2%#.01
'('
8#$/01NH1=23!$"#4%!2%19>.1B!2/!10B!2!"%B!
',&
8#$/01JH1K0;;%/%<%/D1B!":.099%<#
'6(
8#$/01OH1=23!$"#4%!2%19>%1$%9BM%1019>..01$0.#/%<01:!.%/%BM01;%1B!:0$/>$#
'65
8#$/01QH1=23!$"#4%!2%19>.1:#/$%"!2%!1
(5(
8#$/01GH1I:0$#4%!2%1;%1#@@$0@#4%!201$%@>#$;#2/%1%":$0901!1$#"%1;?#4%02;#
(56
8#$/01RH1=23!$"#4%!2%19>%1B!":029%101!:0$#4%!2%1B!21:#$/%1B!$$0.#/0
(*)
8#$/01=H1-BB!$;%1;%1:#@#"02/!1L#9#/%19>1:$!:$%19/$>"02/%1:#/$%"!2%#.%
(7(
8#$/01CH1=23!$"#/%<#1;%190//!$0
(75
:,,)6$5& 3& ;&,$0'&+
B-C
O.02B!1;0%1:$%2B%:%1B!2/#L%.%1%2/0$2#4%!2#.%1!"!.!@#/%1;#..#1N!""%99%!201O>$!:0#1#.15'P'(P()'5
(77
K#BB!$;!1/$#19BM0"%1;%1L%.#2B%!1$%B.#99%3%B#/%101:$!9:0//%1B!2/#L%.%
(7+
BM0"%1;%1 /#/!18#/$%"!2%#.0101N!2/!1OB!2!"%B!1;0..#1B!2/$!..#2/01=2/09#1 #2:#!.!1 P:P#P1#.15'P'(P()'(
(,)
8>LL.%B%/D1;0%1B!$$%9:0//%<%1;%1$0<%9%!201B!2/#L%.0
(,5
O.02B!1;0%1/%/!.%1;%1B#:%/#.01-Q 1S1J%9:!2%L%.%1:0$1.#1<02;%/#1#.15'P'(P()'5
(,*
I$@#2%44#4%!201/0$$%/!$%#.01#.15'P'(P()'5
(,7
"
!"#$%&'()$#!*#'
"#$%&'(!)*&%#+%!
!
)+(#,*#)'-#'.//#+#(0"!1#)+&'
3"&(#-&+0&'
!!!,#$%*!,-.-/01/2!
)**&,#)'2#+-!$!*&'
'
! ! !
! !
3"&(#-&+0&!!
3$#4&*!56..2/2!
!
! ! !
!
!
! ! !
!
4#$&'3"&(#-&+0&!!
! !
2#+-!$#'566&00#7#!!
!!!,%&'#(+!78/7.!
! !
69*!7/:.2;;2!
!
! !
,#$%+(4#!)70/-/-!
!
! ! !
!
!
! ! !
!
! ! !
2#+-!$#'2899*&+0#'
)+(#,*#&"#'
!!!!!5'*<#=!-6))7.>137.!
! !
7$4(=?*!"-..7.-!
!!!!!-@$%#4*!:-AB7;!
!!!!!7+%#4*!A1:7)-/2!!
!!!!!7??*$(!A1,8-.:1!
! !
,#$%(++#!5-0A2-867!
! !
!
!!!!!,#??(*!8$C4*!A6/7AA2!
! !
!
!
! !
!
! !
!
!
! ! !
!
!
! !
!
:#"&1#)+&';&+&"!*&'
' '
'
:#"&00)"&';&+&"!*&'
! !
!
!!!!!3$#4&*!:-AAD-.,7AA2/-!
D! !
!
2)$#&0!<'-#'"&7#(#)+&'
' '
'
! !
!
!
EB,0!)FGF#F!
H.%IF?*!<#$J*!KLMNO!
'
!
!"#$%&'!()*""+#',#-!'.&((
,!""#(/!).%&'!(
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(1#.%(,%()%'.!)%(!,(%',%2#.&3%(,%(4!35&3-#'2!
1#.%(!2&'&-%2%(,%()%'.!)%(
(
<%+#%.#(&#
%66($7-,
:
?%-#!,'(&(=#'#!8-%/"%#%#(,%(!*3&9
GGHBFE
I'.!3!))%('!..%
G?HC?<
;?HGF<
J&--%))%&'%('!..!
;DHC?<
CG=
%)*".#.&(,!""A#..%7 %.K(,%('!/&$%#$%&'!
:DH;;<
:F>E
DHBCE
<C>C
:=EG
:;B>=
:;;<
:==>?
DEF
E>G
:DHD<G
:F>=
DHC;;
<?>;
=EH?B?
<=G>=
;B;
BB>C
<H<GC
:D=E
6".3%(43&7!'.%(8&'!3%9(,%(/!).%&'!
:BG<
CGHB?B
L3&7 !'.%(&4!3#.%7 %('!..%
CGH;C?
:GGHF<=
@'!3%(&4!3#.%7 %
:BEH<;C
;?H?C=
%)*".#.&(,!""#(/!).%&'!(&4!3#.%7#
;GH<B<
:G=HCGC
!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%(
:;;HCC?
:BGD
@'!3%(,%(%'.!/3#$%&'!(!(%'2!'.%7#$%&'!(#""A!)&,&(8#"('!..&(,!""!(%-4&).!9
:=?;
:<CH;BB
%)*".#.&('!..&
<FH=F=
:C?=
;E<=
;E<;
;<($7.#(&,!-+#=,6-+%$,!),#!>+#&'#>%$#!)%-#!,'(&(=#'#!8-%/"%#%#(,%(!*3&9
@+(<,&-#!(>,+%-#<#!&,--#
5#67$-%-(!&,--(
5#67$-%-(!B,6-#(&,!(>,+%-#<%
A&,+#!(>,+%-#<#
;<HG?F CGHB?B
GGHF<=
;<H=<;
<=H<FG
<DHEFB
;<HFEG
;?H?C=
<=H?GD
;<HEC;
FH;=B
<DHGEC
BHGFD
CHD;;
:;HB<D
FHFG<
:=HC;; :<HDB<
:<EH=B? :<CH;BB
<P
;P
=P
DP
NO
<P
;P
=P
DP
NO
<P
;P
=P
DP
NO
<P
;P
=P
DP
NO
<P((((((((((<Q(R3%-!).3!
;P((((((((((;Q(R3%-!).3!
=P((((((((((=Q(R3%-!).3!
DP((((((((((DQ(R3%-!).3!
N O((((((((((6''&(%'.!3&
(
I( ,#.%( ,%( 3%5!3%-!'.&( ,%( .*..%( %( 43!,!..%( 7#"&3%( !2&'&-%2%( )&'&( S*!""%( ,!""&( )2M!-#( ,%( J&'.&( T2&'&-%2&(
3%2"#))%5%2#.&H(
!
9!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(1#.%(,%()%'.!)%(!,(%',%2#.&3%(,%(4!35&3-#'2!
1#.%(4#.3%-&'%#"%(,%()%'.!)%(!().3*..*3#(&4!3#.%7#(
(
<%+#%.#(&#
%66($7-,
:
?%-#!>%-+#=(&#%$#!8-%/"%#%#(,%(!*3&9
;H<?EHF<<
J3!,%.%(7!3)&(2"%!'.!"#
:=CFHEGF
:<G>E
:<D?
:<CB>=
:;HD=D
:?>;
:G;;
:;>E
:D<CH;;;
:<D>C
:D;HD=?
:=>D
<;BHCG=
D>G
<GEHEBC
;D>G
CDHD<D
;><
:=<<HCEC
:;G>F
:<GH;FG
:?>D
;HGFFHFBC
6..%7 %.KVL#))%7%.K(5%'#'$%#3%!(,%('!/&$%#$%&'!('!..!
:B?
CE
6..%7 %.K(,%)4&'%X%"%(4!3("#(7 !',%.#
;DH<GB
;BHG?E
6..%7 %.K(%--&X%"%$$#.!
;GHF?E
;BH=<;
;HD<;H?BB
R&.#"!(#..%7%.K(8<9
;HC=<H<CC
<H;EBH;FB
(:( #22&".#(,%3!..#
<H;DCHF<G
;H?==H?E;
(:( #22&".#(%',%3!..#
;HCEFHED?
FB=H=BC
((,%(2*%W(3%)4#3-%&(/!).%.&
B<=H=EE
DH<DEH<FC
6..%7 %.K(5%'#'$%#3%!(,!""#(2"%!'.!"#
DHEGGHFBD
:?EEH?C<
L&)%$%&'!(%'.!3X#'2#3%#('!..#
:<H;<;HFC?
L#.3%-&'%&('!..&(8<9
<DFH?<G
<B=H<?E
(1) I valo ri dell'esercizio 2012 so no stati rideterminati in seguito all'ado zione del principio co ntabile IA S 19 "revised" relativo al criterio di rilevazio ne degli utili e perdite attuariali relativi ai fondi a prestazio ne definita,
co me meglio precisato nella Sezio ne 1delle P o liche co ntabili.
=<V<;V;E<=
=<V<;V;E<;
(
(
E -+7--7+%!(>,+%-#<%
<%+#%.#(&#
%66($7-,
/0F02F230/
/0F02F2302
Y*-!3&(,!%(,%4!',!'.%(#("%X3&(-#.3%2&"#(8<9
DC=
GEE
:<F
(((,%(2*%W(I.#"%#
DF=
DCC
:<G
:=
<E
<;
:;
:<F
Y*-!3&(,!%(,%4!',!'.%(2&-43!)%(,%).#22M%(8;9
DC<
GE;
:;<
:D
(((,%(2*%W(I.#"%#
DF<
D?E
:<?
:D
((((((((((((((T).!3&
<E
<;
:;
:<F
Y*-!3&(,!""!(5%"%#"%(X#'2#3%!(8=9
FB
CF
:<<
:<=
(((,%(2*%W(I.#"%#
FG
CG
:<E
:<;
((((((((((((((T).!3&
<
;
:<
:GE
Y*-!3&(,!/"%(*55%2%(,%( #443!)!'.#'$#
E
E
E
E
FB
CF
:<<
:<=
((((((((((((((T).!3&
Y*-!3&(.&.#"!(5%"%#"%(X#'2#3%!(!(*55%2%(,%( #443!)!'.#'$#
:
:=
(1) Dati riferiti ai dipendenti della B anca a libro matrico la.
(2) Dati riferiti ai dipendenti co mprensivi dei c.d. distacchi attivi e passivi.
(3) Il dato include: le filali Retail, i Centri Imprese, i Nuclei Estero e i Nuclei delle c.d. Teso rerie.
(
I(,#.%(,%(3%5!3%-!'.&(,%(.*..%(%(43!,!..%(7#"&3%(4#.3%-&'%#"%()&'&(S*!""%(,!""&(Z.#.&(L#.3%-&'%#"!(3%2"#))%5%2#.&H(
(
!
D!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(1#.%(,%()%'.!)%(!,(%',%2#.&3%(,%(4!35&3-#'2!
I',%2#.&3%(#".!3'#.%7%(,%(4!35&3-#'2!(
(
(
G&)#'%-(+#!)#!H#$%&'#(!I:J
?E>C(
J3!,%.%(7!3)&(2"%!'.!"#(V(R&.#"!(#..%7 %.K
?<>E(
<><(
6..%7 %.K(%--&X%"%$$#.! (V(R&.#"!(#..%7 %.K
E>?(
GE>E(
#22&".#(,%3!..#(,#(2"%!'.!"#(V(>R&.#"!(#..%7 %.K
DD><(
;B>E(
#22&".#(/!).%.#(V( #22&".#(%',%3!..#
;<>C(
(a) Le attività immo bilizzate co mprendo no le attività finanziarie detenute sino a scadenza, le partecipazio ni e le immo bilizzazio ni materiali ed immateriali
G&)#'%-(+#!)#!+,))#-#<#-K!I\9
BG>E(
I'.!3!))%('!..%(V(L3&7 !'.%(&4!3#.%7 %('!..%
FE>;(
=D>G(
J&--%))%&'%('!..!(V(L3&7!'.%(&4!3#.%7 %('!..%
;?>;(
GD>?(
J&--%))%&'%('!..!(V(Z4!)!(#--%'%).3#.%7!(
D;>F(
BG>E(
@'!3%(&4!3#.%7 %(V(L3&7 !'.%(&4!3#.%7 %('!..%(8J&).(%'2&-!9
FE>G(
:<<><(
[.%"!('!..&(V(L#.3%-&'%&('!..&(-!,%&!(8 @T9
:E>G(
(b) Il patrimo nio netto medio è dato dalla media del patrimo nio iniziale, co mpreso il risultato netto dell'anno precedente destinato a po ste del patrimonio , e il patrimo nio finale, escluso il
risultato netto di perio do
=<V<;V;E<=
=<V<;V;E<;
(
(
I( 7#"&3%( ,%( 3%5!3%-!'.&>( !2&'&-%2%( !( 4#.3%-&'%#"%>( ,!%( 43!,!..%( %',%2#.&3%( )&'&( S*!""%( ,!/"%( )2M!-%( ,%( J&'.&(
T2&'&-%2&(!(,!""&(Z.#.&(L#.3%-&'%#"!(3%2"#))%5%2#.%H(
(
(
!
03!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(1#.%(,%()%'.!)%(!,(%',%2#.&3%(,%(4!35&3-#'2!
(
(
(
(
G&)#'%-(+#!)#!+#6'L#(6#-K!8\9
<;>E(
6..%7 %.K(,!.!3%&3#.!(V(J3!,%.%(7 !3)&(2"%!'.!"#
?><(
G>B(
Z&55!3!'$!('!..!(V(J3!,%.%(7 !3)&(2"%!'.!"#
=>B(
G>B(
J3!,%.%(%'2#/"%#.%(!(3%).3*..*3#.%(V(J3!,%.%(7!3)&(2"%!'.!"#
D>D(
E>C(
J3!,%.%()2#,*.%(!()2&'5%'#.%(V(J3!,%.%(7 !3)&(2"%!'.!"#
<>E(
=C>E(
!..%5%2M!(,%(7 #"&3!()*(23!,%.%(V(J3!,%.%(,!.!3%&3#.%("&3,%
=;>=(
GE>?(
!..%5%2M!(,%(7 #"&3!()*()&55!3!'$!(V(J3!,%.%(%'()&55!3!'$#("&3,%
GE>;(
;<>E(
!..%5%2M!(,%(7 #"&3!()*(%'2#/"%(!(3%).3*..*3#.%(V(J3!,%.%(%'2#/"%#.%("&3,%
<<>G(
<E>G(
!..%5%2M!(,%(7 #"&3!()*()2#,*.%(!()2&'5%'#.%(V(J3!,%.%()2&'5%'#.%("&3,%
?>?(
E>?(
!..%5%2M!(,%(7 #"&3!()*(23!,%.%(%'(X&'%)(V(J3!,%.%(%'(X&'%)("&3,%
E>F(
;>G(
!..%5%2M!(,%(7 #"&3!('!..!()*(23!,%.%(V(J3!,%.%(7 !3)&(2"%!'.!"#
E>?(
M(,NN#'#,&-#!>%-+#=(&#%$#!8\9
L#.3%-&'%&(,%(X#)!(V(6..%7 %.K(,%(3%)2M%&(4&',!3#.!(8R%!3(<(2#4%.#"(3#.%&9
L#.3%-&'%&(,%(7 %/%"#'$#(V(6..%7 %.K(,%(3%)2M%&(4&',!3#.!(8R&.#"(2#4%.#"(3#.%&9
<;>C(
<;>E(
<=>;(
<;>F(
6..%7 %.K(,%(3%)2M%&(4&',!3#.!(8%'(-%/"%#%#(,%(!*3&9
?C=HDF;(
<H<CEH<B;(
=<V<;V;E<=
=<V<;V;E<;
(
(
I( 7#"&3%( ,%( 3%5!3%-!'.&>( !2&'&-%2%( !( 4#.3%-&'%#"%>( ,!%( 43!,!..%( %',%2#.&3%( )&'&( S*!""%( ,!/"%( )2M!-%( ,%( J&'.&(
T2&'&-%2&(!(,!""&(Z.#.&(L#.3%-&'%#"!(3%2"#))%5%2#.%H(
!
00!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
I'5&3-#$%&'%( )*""+#',#-!'.&( ,!""#( /!).%&'!( !( )*/"%(
!7!'.%(4%]()%/'%5%2#.%7%(,!""+!)!32%$%&(;E<=(
(
@+,=,66%!!
!
L!3( *'#( 4%]( 2&33!..#( !( 2&-4"!.#( 2&-43!')%&'!( ,!%( 7#"&3%( ,%( ).#.&( 4#.3%-&'%#"!( 2&--!'.#.%( '!""!( )*22!))%7!(
4#3.%( ,!"( X%"#'2%&( ;E<=( ^( &44&3.*'&( #'.%2%4#3!( %'( )%'.!)%( /"%( !55!..%( )%#( )*"( RN ( 2M!( )*%( 5&',%( 4!')%&'!( #(
43!).#$%&'!( ,!5%'%.#( !( )*"( 4#.3%-&'%&( '!..&>( ,!3%7#'.%( ,#""!( -&,%5%2M!( #44&3.#.!( ,#""&( I6Z_( #"( 43%'2%4%&(
2&'.#X%"!(I6Z(<?(0(_!'!5%2%(4!3(%(,%4!',!'.%>(,%7!'*.!(!55!..%7!(#(,!2&33!3!(,#"(<Q(/!''#%&(;E<=(!(2M!()#3#''&(
4%]( ,!..#/"%#.#-!'.!( !)4&).!( '!"( 4#3#/3#5&( L3%'2%4%( /!'!3#"%( ,%( 3!,#$%&'!( #""+%'.!3'&( ,!"( 2#4%.&"&( L&"%.%2M!(
J&'.#X%"%H((
(
`+#44"%2#$%&'!( ,%( .#"!( -&,%5%2#( #"( 43%'2%4%&( I6Z( <?( )%( ^( !)4"%2#.#( 4!3( "#( _#'2#( 2&'( "#( 3%"!7#$%&'!( ,!/"%(
*.%"%V4!3,%.!(#..*#3%#"%('&'(3%"!7#.%(5%'&(#"(=<H<;H;E<;>(3%,!.!3-%'#',&(S*%',%(%(7#"&3%(,!""!()!/*!'.%(7&2%(,!""&(
).#.&(4#.3%-&'%#"!(#"(=<H<;H;E<;W(
− #*-!'.&(,!"(.3#..#-!'.&(,%(5%'!(3#44&3.&(4#3%(#(<HD?G(-%/"%#%#a(
− #*-!'.&(,!%(5&',%(,%(S*%!)2!'$#>(#""+%'.!3'&(,!%(N&',%(#(,!).%'#$%&'!()4!2%5%2#>(4#3%(#(;?;(-%/"%#%#a((
− #*-!'.&(,!""!(#..%7%.K(5%)2#"%(4#3%(#(D?<(-%/"%#%#a(
− ,%-%'*$%&'!(,!""!(3%)!37!(,#(7#"*.#$%&'!(,!"(4#.3%-&'%&('!..&(4#3%(#(<H;?B(-%/"%#%#(,%(!*3&H(
(
I"( 4#.3%-&'%&( '!..&( ,!""#( _#'2#( #"( =<H<;H;E<;( 3%)*".#( 4!3.#'.&( 3%,!.!3-%'#.&( %'( <B=H<?E( -%/"%#%#( ,%( !*3&(
3%)4!..&(#%(<BDHDCB(-%/"%#%#(,%(!*3&(&3%/%'#3%(#""#().!))#(,#.#H(((
`#(43!,!..#(-&,%5%2#(#"(43%'2%4%&(I6Z(<?(M#(2&-4&3.#.&(#".3!)b(4!3("#(_#'2#("#(3%,!.!3-%'#$%&'!(,%(#"2*'%(7#"&3%(
,!%()!/*!'.%(#".3%(43&)4!..%(2&'.#X%"%(#"(=<(,%2!-X3!(;E<;W(
− 4!3(%"(L3&)4!..&(,!""#( !,,%.%7%.K(2&-4"!))%7#(,!"(4!3%&,&>(%"(7#"&3!(,!""#(7&2!(<DE(0( !,,%.%7%.K(2&-4"!))%7#(
87&2!( <E( c( 7&2!( <=E9( ^( -*.#.&( ,#"( 7#"&3!( &3%/%'#3%&( ,%( 0DHEGCHCGF( !*3&( #"( 7#"&3!( ,%( 0DHF=EHCE=(
3%,!.!3-%'#.&(4!3(!55!..&(,!""+%')!3%-!'.&(,!"(7#"&3!(,%(0BF<H?DB(!*3&('!""#(7&2!(dDE(:(L!3,%.!(#..*#3%#"%()*(
4%#'%(#(X!'!5%2%(,!5%'%.%e(43%-#('&'(7#"&3%$$#.#('!"(43&)4!..&().!))&a(
− 4!3(%"(L3&)4!..&(,!""!(7#3%#$%&'%(,!""!(7&2%(,%(L#.3%-&'%&('!..&>(%"(7#"&3!(2&-4"!))%7&(,!"(L#.3%-&'%&('!..&(#"(
=<H<;H;E<;(^(-*.#.&(,#"(7#"&3!(&3%/%'#3%&(,%(<BDHDCGH==G(!*3&(#"(7#"&3!(,%(<B=H<C?H;BG(!*3&(%'()!/*%.&(
#""+%')!3%-!'.&(,!"(7#"&3!(,%(0<H;?BHEFE(!*3&(3%5!3%.%(#""!(4&).!(%',%2#.!('!"(2#4&7!3)&(43!2!,!'.!H(
(
I( 7#"&3%( ,%( .*..!( "!( .#X!""!( )&'&( !)4&).%( %'( -%/"%#%#( ,%( !*3&>( -!'.3!( %( 2&--!'.%( )&'&( )7&".%( 2%.#',&( %( ,#.%( %'(
-%"%&'%(,%(!*3&a(2%f(4!3(X3!7%.K(!)4&)%.%7#(!(&-&/!'!%.K(2&'("!(3!"#$%&'%(,!/"%(#''%(43!2!,!'.%H(
(
8$#!,<,&-#!,'(&(=#'#!,!>%-+#=(&#%$#!>#O!6#B&#N#'%-#<#!),$$P,6,+'#.#(!230/!!
!
I(5#..&3%(!2&'&-%2%(!(4#.3%-&'%#"%(2&'(-#//%&3!(3%"!7#'$#('!""+!)!32%$%&(;E<=(4&))&'&(!))!3!(2&)b(3%#))*'.%W(
− *'( *".!3%&3!( %'23!-!'.&>( ,&4&( S*!""%( /%K( 3!/%).3#.%( '!"( ;E<;( !( '!"( ;E<<( 3%)4!..&( #"( 2&33%)4&',!'.!( #''&(
43!2!,!'.!>(,!"(d3%)*".#.&(,!""#(/!).%&'!(&4!3#.%7#e>(/3#$%!(#"(4&)%.%7&(!('&'()2&'.#.&(-#'.!'%-!'.&(,!%(
43&7!'.%( &4!3#.%7%( '!..%( #"( "%7!""&( ,!%( ,*!( #''%( 43!2!,!'.%>( '&'&).#'.!( "+#2*%3)%( ,!""#( 23%)%( !2&'&-%2#(
/!'!3#"!>(!(#,(*'+#'2&3#(4%](%'2%)%7#(#$%&'!(,%(3%,*$%&'!(,!/"%(&'!3%(&4!3#.%7%a(,#(2%f(^(,%4!)&(*'('!..&(!,(
*".!3%&3!(-%/"%&3#-!'.&(,!""+%',%2#.&3!(2&).V%'2&-!a(
− *'(#--&'.#3!(-&".&(!"!7#.&(,%(d3!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%e('!"(;E<=(,&7*.&(#""!(3#/%&'%(4%](%'(
,!..#/"%&(!)4&).!('!""!()*22!))%7!(4#3.%(,!""#(3!"#$%&'!(!(2M!(M#(#''*""#.&(/"%(!55!..%(!2&'&-%2%()*"(3%)*".#.&(
5%'#"!(2M!(43!)!'.#(S*%',%(*'+!"!7#.#(4!3,%.#('!..#('!"(;E<=a(
− *'+%-4&3.#'.!( 23!)2%.#>( )!-43!( 3%)4!..&( #"( ;E<;>( ,!""#( 3#22&".#( %',%3!..#( /!).%.#>( 4&)%.%7&( )!/'#"!( ,!"(
/3#,%-!'.&(,#(4#3.!(,!""#(2"%!'.!"#(,!%(43&,&..%(&55!3.%(,#""#(3!.!(,%(7!',%.#(,!""#(_#'2#a(
− *'#( '!..#( ,%-%'*$%&'!( ,!%( 23!,%.%( 7!3)&( 2"%!'.!"#>( #22&-4#/'#.#( 4!3f( ,#( *'( '!..&( !,( %-4&3.#'.!(
-%/"%&3#-!'.&('!"(;E<=(4!3(/"%(%',%2#.&3%(2M!(-%)*3#'&(%"(/3#,&(,%(2&4!3.*3#(,!%(23!,%.%().!))%>('&'&).#'.!(
"+#*-!'.&(,!""!(!)4&)%$%&'%("&3,!(,!.!3%&3#.!a(
− *'#( 5&3.!( 2&'.3#$%&'!( )%#( ,!"( 4#.3%-&'%&( '!..&( )%#( ,!"( 4#.3%-&'%&( ,%( 7%/%"#'$#( %'( )!/*%.&( #""#( 4!3,%.#(
,+!)!32%$%&(;E<=(-#(2M!('&'(M#(%-4!,%.&(#%(2&!55%2%!'.%(4#.3%-&'%#"%(,%(7%/%"#'$#(;E<=(,%(-%/"%&3#3!(%"(X*&'(
"%7!""&(/%K(3#//%*'.&('!"(;E<;(!(,%(3!).#3!(4!3.#'.&(#("%7!""%(#,!/*#.#-!'.!()*4!3%&3%(#%("%-%.%(3!/&"#-!'.#3%H(
!
02!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
J&'( 3%5!3%-!'.&( #%( 5#..&3%( !2&'&-%2%( !( 4#.3%-&'%#"%( )&43#( %',%2#.%( !( #( .*..!( "!( )%'/&"!( 7&2%( !2&'&-%2M!( !(
4#.3%-&'%#"%>()&'&(5&3'%.!>('!/"%(#44&)%.%(4#3#/3#5%(,!""#(43!)!'.!(3!"#$%&'!>("!()%'.!.%2M!(-#(#"(.!-4&().!))&(
!)#*3%!'.%(%'5&3-#$%&'%(*.%"%(#,(*'#(2M%#3#(2&-43!')%&'!(,!%(5!'&-!'%(#22#,*.%H(((
(
M(==,&-(!)#!6#&-,6#!%#!+#67$-%-#!,'(&(=#'#!,!>%-+#=(&#%$#1!
!
I( 3%)*".#.%( !2&'&-%2%( ,!""+#''&( ;E<=( )%( 4&))&'&( 3%#))*-!3!>( %'( !).3!-#( )%'.!)%>( .3#-%.!( %( )!/*!'.%( 43%'2%4#"%(
#//3!/#.%(!2&'&-%2%W(
− 43&7!'.%(&4!3#.%7%('!..%W(CG>F(-%"%&'%>(c(E>D(-%"%&'%(3%)4!..&(#/"%(CG>=(-%"%&'%(,!"(;E<;(8c(E>G\9a(
− &'!3%(&4!3#.%7%W(GG>F(-%"%&'%>(0(D>D(-%"%&'%(%'(3#553&'.&(#%(BE><(-%"%&'%(,!"(;E<;(80(F>=\9a(
− 3%)*".#.&(,!""#(/!).%&'!(&4!3#.%7#W(=E>E(-%"%&'%>(%'(23!)2%.#(,%(D>C(-%"%&'%>(4#3%(#(c(<?>;\>(3%)4!..&(#"(7#"&3!(
,%(;G>;(-%"%&'%(,!"(4!3%&,&(43!2!,!'.!a(
− 3!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%W(0(G=>?(-%"%&'%>(%'(#*-!'.&(,%(=<>E(-%"%&'%(3%)4!..&(#%(0(;;>?(-%"%&'%(,!"(
;E<;a(
− 3%)*".#.&("&3,&(%-4&).!W(4!3,%.#(,%(0(;D>F(-%"%&'%>(3%)4!..&(#""+*.%"!(,%(c(E>F(-%"%&'%(,!"(;E<;a((
− 3%)*".#.&('!..&W(4!3,%.#(,%(0(<C>=(-%"%&'%>(3%)4!..&(#""#(4!3,%.#(,%(0(E>?(-%"%&'%(,!""&()2&3)&(#''&(;E<;H(
(
Y!"(43&)%!/*&(,!"(2&--!'.&()&'&(!)4&).!("!(3#/%&'%(,!""!(7#3%#$%&'%(,%(.*..!("!()%'/&"!(7&2%(2M!(2&-4&'/&'&(
)%#( %( 7#3%( -#3/%'%( %'.!3-!,%( ,%( 2&'.&( !2&'&-%2&( 5%'&( #"( 3%)*".#.&( '!..&( )%#( %( ,%7!3)%( #//3!/#.%( ,%( ).#.&(
4#.3%-&'%#"!H(
I( )%'.!.%2%( 7#"&3%( )&43#( %',%2#.%( ,%-&).3#'&( 2M!( #'2M!( '!"( ;E<=>( 2&-!( /%K( #77!'*.&( '!%( ,*!( !)!32%$%(
%--!,%#.#-!'.!( 43!2!,!'.%>( %"( S*#,3&( !2&'&-%2&( ,!""#( _#'2#( ^( 2&''&.#.&( ,#( ,*!( #)4!..%( 53#( "&3&(
2&'.3#44&).%W(,#(*'("#.&(*'(#',#-!'.&(4%](2M!(4&)%.%7&(4!3("#(/!).%&'!(2#3#..!3%).%2#(83%)*".#.&(,!""#(/!).%&'!(
&4!3#.%7#9(!(,#""+#".3&(*'("%7!""&(-&".&(!"!7#.&(4!3("!(3!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%(2M!(2&).%.*%)2!("#(2#*)#(
*'%2#( ,!"( 3%)*".#.&( 3!,,%.*#"!( '!/#.%7&( ,%( S*!).&( !)!32%$%&( ;E<=>( 2&')%,!3#.#( "+!'.%.K( ).3#&3,%'#3%#( ,%( .#"%(
3!..%5%2M!H((
(
5#67$-%-#!,'(&(=#'#!Q!M(&-(!,'(&(=#'(!+#'$%66#N#'%-(!
I'.!3!))%('!..%
1%7 %,!',%(!(*.%"%(84!3,%.!9(,%(4#3.!2%4#$%&'%(7 #"*.#.!(#"(4#.3%-&'%&('!..&
J&--%))%&'%('!..!
%)*".#.&(,!""A#..%7 %.K(,%('!/&$%#$%&'!
8-%/"%#%#(,%(!*3&9
!!!!!!<%+#%.#(&#
%66($7-,
:
230/
2302
GGHBFE
G?HC?<
:DH;;<
=;
:
=;
:
;?HGF<
;DHC?<
DHBCE
<C>C
:F>E
CG=
<H<GC
:=EG
:;B>=
:D=E
:BG<
:;;<
:==>?
L3&7 !'. %(&4!3#. %7 %('!. . %
CGHB?B
CGH;C?
DEF
E>G
Z4!)!(,!"(4!3)&'#"!
:=EH=<?
:=DHEDB
:=HF;F
:<E>?
Z4!)!(#--%'%).3#.%7 !
:;=HG<;
:;DH;;E
:FEC
:;>?
:<HCC;
:<HCB;
;E
<><
: GGHF<=
: BEH<;C
: DHD<G
: F>=
;?H?C=
;GH<B<
DHC;;
<?>;
:?DB
:??F
:G<
:G><
:G=HCGC
:;;HCC?
:DB
:CE?
:FB=
:?D>=
<<C
;D<
:<;=
:G<>E
: ;DHFD?
FEF
: ;GHDGB (
FH<=F
:<H;EC
CH=DG (
:BGD
:=?;
;B;
:
:
:
:
:
:
:
:
Q0912RR
Q9D/
6".3%(43&7 !'.%(8&'!3%9(,%(/!).%&'!
6--&3.#-!'.&(%--&X%"%$$#$%&'%(%--#.!3%#"%(!(-#.!3%#"%
@ '!3%(&4!3#. %7 %
%)*". #. &(,!""#( /!). %&'!(&4!3#. %7 #
622#'.&'#-!'.%('!..%(#%(5&',%(3%)2M%(!,(&'!3%
!..%5%2M!(,%(7 #"&3!('!..!()*(23!,%.%
!..%5%2M!(,%(7 #"&3!('!..!()*(#".3!(#..%7 %.K
[.%"%(84!3,%.!9()*(#..%7 %.K(5%'#'$%#3%!(,!.!'*.!()%'&(#()2#,!'$#(!()*(#".3%(
%'7 !).%-!'.%
%)*". #. &(2 &33!'. !(#"("&3,&(,!""!(%-4&). !
I-4&).!()*"(3!,,%.&(,!""A&4!3#.%7 %.K(2&33!'.!
@'!3%(,%(%'.!/3#$%&'!(!(%'2!'.%7 #$%&'!(#""A!)&,&(8#"('!..&(,!""!(%-4&).!9
!..%5%2M!(,%(7 #"&3!(,!""A#7 7 %#-!'.&(8#"('!..&(!7 !'.*#"%(%-4&).!9
[.%"!(84!3,%.#9(,!%(/3*44%(,%(#..%7 %.K(%'(7 %#(,%(,%)-%))%&'!(8#"('!..&(,!""!(%-4&).!9
5#67$-%-(!&,--(
=EH?B? (
BB>C
0 1/ / !
!
!
0/!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
G&-,+,66#!&,--#!
!
g"%(( %'.!3!))%( '!..%(( 5"!..&'&( ,%( D>;( -%"%&'%( 80( F>E\9( !))!'$%#"-!'.!( #( 2#*)#( ,!""#( 3%,*$%&'!( )*X%.#( ,#""#( 4&).#(
dI'.!3-!,%#$%&'!(2&'(2"%!'.!"#e(%'()!/*%.&(#"(2#"&(,!/"%(d%'.!3!))%('!..%(,#(2"%!'.!"#e(,&7*.&(#""#(,%-%'*$%&'!(
)%#(,!%(7&"*-%(-!,%(2M!(,!"(.#))&(-!,%&(,!/"%(%-4%!/M%H(`#(3%,*$%&'!(4*3(2&')%).!'.!(,!""#(7&2!(d3#44&3.%(2&'(
X#'2M!e>(/3#$%!(#%(-%'&3%(%'.!3!))%(4#))%7%()&).!'*.%(4!3(!55!..&(,!""#(,%-%'*$%&'!()%#(,!%(7&"*-%(,!%(,!X%.%(2M!(
,!%( .#))%( ,%( -!32#.&>( '&'( ^( ).#.#( )*55%2%!'.!( #,( #''*""#3!( "+%-4#..&( !2&'&-%2&( /!'!3#.&( ,#""#( 2&-4&'!'.!(
%'.!3!))%(,#(2"%!'.!"#H((((((
!
M(==#66#(&#!&,--,!
!
`!(2&--%))%&'%('!..!(2&'(;?>B(-%"%&'%(43!)!'.#'&(*'&()7%"*44&(,%(c(D>F(-%"%&'%(8c(<C>C\9(3%)4!..&(#"(;E<;(
2M!( ,!3%7#( )%#( ,#""#( 2&-4&'!'.!( h#..%7%.K( X#'2#3%#( !( 2&--!32%#"!h( 8c<>F( -%"%&'%>( c( <;>=\9( )%#( )&43#..*..&(
,#""#( d#..%7%.K( ,%( /!).%&'!>( %'.!3-!,%#$%&'!( !( 2&')*"!'$#h( 8c=>D( -%"%&'%>( c( D;><\9( -!'.3!( S*!""#( 3!)%,*#"!(
2&-4&).#(,#""!(d#".3!(2&--%))%&'%('!..!e(43!)!'.#(*'(2#"&(,%(E>D(-%"%&'%(80(<G>F\9H((
`+%'23!-!'.&(,!""!(2&--%))%&'%(,#(h#..%7%.K(X#'2#3%#(!(2&--!32%#"!h(3%/*#3,#(%'.!3#-!'.!("!(2&--%))%&'%(,%(
,%)4&'%X%"%.K( 5&',%( 82,( JH1HNH9( #""+%'.!3'&( ,!""#( 2&-4&'!'.!( d2&'.%( 2&33!'.%e>( -!'.3!( "+!)4#')%&'!( ,!""!(
2&--%))%&'%( ,#( d#..%7%.K( ,%( /!).%&'!>( %'.!3-!,%#$%&'!( !( 2&')*"!'$#h( ,!3%7#( ,#%( 2&""&2#-!'.%( ,%( N&',%(
#""+%'.!3'&(,!""#(7&2!(d%'.!3-!,%#$%&'!(!(2&""&2#-!'.&(.%.&"%e(!(,#"(2&-4#3.&(d3%)4#3-%&(/!).%.&eH(
(
5#67$-%-(!),$$P%--#<#-K!)#!&,B(.#%.#(&,!
!
`#( 7&2!( d3%)*".#.&( #..%7%.K( ,%( '!/&$%#$%&'!e( -&).3#( '!"( ;E<=( *'( 3%)*".#.&( 2&-4"!))%7&( 4&)%.%7&( 4!3( c( E>?(
-%"%&'%>(3%)4!..&(#(S*!""&(,!"(;E<;>(#'2M+!))&(4&)%.%7&(4!3(<>;(-%"%&'%H(`#(3%,*$%&'!(,%(E>=(-%"%&'%(,!""#(7&2!(^(
,&7*.#(#(,*!(!"!-!'.%W(%'(43%-&("*&/&(#""#(43!)!'$#('!"(;E<;(,%(*'(*.%"!(,#(2!))%&'!(!(3%#2S*%).&(,%(4#))%7%.K(
5%'#'$%#3%!(4#3%(#(E>D(-%"%&'%(3%5!3%.&(#""+&4!3#$%&'!(,%(2H,(d)-&'.#//%&(,!""!(4&).!(#(7%).#e(.&.#"-!'.!(#))!'.!(
'!"( ;E<=( !( %'( )!2&',&( "*&/&( #""#( ,%-%'*$%&'!( ,%( E><( -%"%&'%( 3!/%).3#.#( .3#( %( ,*!( #''%( '!""#( 7&2!( d3%)*".#.&(
'!..&(,!""+#..%7%.K(,%(2&4!3.*3#eH(g"%(!55!..%(!2&'&-%2%('!/#.%7%(,%(.#"%(,*!(2&-4&'!'.%()&'&().#.%(4#3$%#"-!'.!(
#..!'*#.%(,#""+%-4#..&(4&)%.%7&(,%(E>;(-%"%&'%(3%"!7#.&>()!-43!(%'(.!3-%'%(,%55!3!'$%#"%(.3#(%"(;E<=(!(%"(;E<;>(,#""#(
7&2!(d3%)*".#.&(#..%7%.K(,%(.3#,%'/e(3!"#.%7#-!'.!(#/"%().3*-!'.%(,!3%7#.%(5%'#'$%#3%H(((
(
T$-+#!>+(<,&-#!,)!(&,+#!)#!B,6-#(&,!
!
g"%(h#".3%(43&7!'.%(V(8&'!3%9(,%(/!).%&'!h(3%"!7#'&('!"(;E<=(*'()#",&('!/#.%7&(,%(0(E>D=(-%"%&'%>(%'5!3%&3!(,%(E>;;(
-%"%&'%( 3%)4!..&( #%( 0( E>BG( -%"%&'%( ,!""&( )2&3)&( #''&( ;E<;H( I"( -%/"%&3#-!'.&( ^( ,&7*.&( #""+%'23!-!'.&( ,%( E>=(
-%"%&'%( '!""#( 2&-4&'!'.!( d#".3%( 43&7!'.%e>( /3#$%!( #,( #*-!'.%( ,%( E><( -%"%&'%( '!%( 3!2*4!3%( ,%( )4!)!( !( ,%( E>;(
-%"%&'%('!/"%(#".3%(43&7!'.%('&'(3%2&33!'.%H(`#(23!)2%.#(,%(E><(-%"%&'%(3!/%).3#.#('!""#(2&-4&'!'.!(d#".3%(&'!3%(,%(
/!).%&'!e(^(%'.!3#-!'.!(3%5!3%.#(#/"%(#--&3.#-!'.%(4!3(-%/"%&3%!()*(X!'%(,%(.!3$%(!,(M#()&"&(%'(4#3.!(%'5"*%.&(
2&'()!/'&('!/#.%7&()*"(3%)*".#.&(2&-4"!))%7&(,!""+#//3!/#.&(%'(S*!).%&'!H(
(
@+(<,&-#!(>,+%-#<#!&,--#!
!
I(43&7!'.%(&4!3#.%7%('!..%('!"(;E<=()&'&(4#3%(#(CG>F(-%"%&'%(!(43!)!'.#'&(*'#("!//!3#(23!)2%.#(,%(E>D(-%"%&'%(8c(
E>G\9( 3%)4!..&( #"( 7#"&3!( ,%( CG>=( -%"%&'%( ,!"( ;E<;H( R#"!( 3%)*".#.&( ^( 53*..&>( 2&-!( )&43#( %',%2#.&>( ,!"( '!..&(
)7%"*44&( )*( X#)!( #''*#( ,!""!( 2&--%))%&'%( '!..!( %"( S*#"!( M#( )*4!3#.&( "#( ,%-%'*$%&'!( 3%"!7#.#( ,#/"%( %'.!3!))%(
'!..%>( -!'.3!( )%( )&'&( 2&-4!')#.%( "+!55!..&( !2&'&-%2&( 4&)%.%7&( &..!'*.&( ,#""#( 7&2!( d#".3%( 43&7!'.%( V( &'!3%( ,%(
/!).%&'!e( 2&'( S*!""&( '!/#.%7&( ,!""#( 3%,*$%&'!( ,!"( d3%)*".#.&( ,!""+#..%7%.K( ,%( '!/&$%#$%&'!e( 2M!( )&'&( ).#.%(
)&).#'$%#"-!'.!(,!""#().!))#(!'.%.K(%'(7#"&3!(#))&"*.&H(
(
E>,6,!),$!>,+6(&%$,!
!
`!( h)4!)!( ,!"( 4!3)&'#"!h( )%( )&'&( 3%,&..!( ,%( 0( =>F( -%"%&'%( 80( <E>?\9>( 43%'2%4#"-!'.!( 4!3( "#( ,%-%'*$%&'!( ,!"(
2&).&(-!,%&(*'%.#3%&(&..!'*.&('!"(;E<=(3%)4!..&(#"(;E<;(/3#$%!(#""#(3%,*$%&'!(,!""#(2&-4&'!'.!(7#3%#X%"!(,!"(
2&).&(,!"(4!3)&'#"!(-#(%'(4#3.!(#'2M!(#""#(,%-%'*$%&'!(,!""+&3/#'%2&(-!,%&(4&',!3#.&(;E<=(3%)4!..&(#"(;E<;(
2&')!/*!'.!()%#(#""#(43&)!2*$%&'!(,!""!(*)2%.!(,%(4#3.!(,!"(4!3)&'#"!(2M!(M#(#,!3%.&(#"(4%#'&(,%(!)&,%(7&"&'.#3%(
,!""&()2&3)&(#''&(;E<<()%#(#"(5%)%&"&/%2&(d.*3'&7!3e(#$%!',#"!H(
(
E>,6,!%==#&#6-+%-#<,!
!
`!(h#".3!()4!)!(#--%'%).3#.%7!h(!)4&'/&'&(*'#(3%,*$%&'!(2&-4"!))%7#(,%(0(E>F(-%"%&'%(80(;>?\9(2&'2!'.3#.#(
%'( 4#3.%2&"#3!( )*""!( d)4!)!( ,%( /!).%&'!( %--&X%"%e( !( )*""!( d)4!)!( /!'!3#"%( ,%( 5*'$%&'#-!'.&eH( ( I( 3%)4#3-%( )*(
!
0S!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
S*!).!(,*!(7&2%()&'&("+!55!..&(,!""+*".!3%&3!(3#$%&'#"%$$#$%&'!(,!%(4*'.%(&4!3#.%7%(,!""#(X#'2#(#..*#.#('!"(2&3)&(
,!"(;E<=>(,&4&(S*!""#(/%K(#77!'*.#('!"(;E<;>()%#(,%(%'.!37!'.%(,%(3%,*$%&'!(,!%(2&).%(*'%.#3%(!(,%(3%7%)%.#$%&'%(,!%(
43&2!))%(&4!3#.%7%H(1#(3%"!7#3!(#'2M!("+#*-!'.&(,!%(d3!2*4!3%()4!)!eH(
!
T==(+-%=,&-#!67!#==(H#$#..%.#(&#!#==%-,+#%$#!,!=%-,+#%$#!
!
P*!).#(.!3$#(!(*".%-#(2&-4&'!'.!(,!/"%(&'!3%(&4!3#.%7%(#--&'.#('!"(;E<=(#(<>?(-%"%&'%(!(2&'5!3-#("&().!))&(
7#"&3!(3%"!7#.&('!""+#''&(;E<;(#(53&'.!(,%(*'(#--&'.#3!('&'()%/'%5%2#.%7&(,%('*&7!(#2S*%)%$%&'%(,%(2!)4%.%('!"(
2&3)&(,!"(;E<=H((
(
A&,+#!(>,+%-#<#!
!
g"%(&'!3%(&4!3#.%7%()&'&(S*%',%()2!)%(,#%(BE><(-%"%&'%(,!"(;E<;(#%(GG>F(-%"%&'%('!"(;E<=>(%'(2#"&(,%((0(D>D(-%"%&'%(
3%)4!..&(#"(;E<;(80(F>=\9>(/3#$%!(#"(2&'.!'%-!'.&(3!/%).3#.&(,#""!(,*!(43%'2%4#"%(2&-4&'!'.%(,!""+#//3!/#.&W(
"!( d)4!)!( ,!"( 4!3)&'#"!e( !( "!( h#".3!( )4!)!( #--%'%).3#.%7!h( -!'.3!( /"%( #--&3.#-!'.%( 4!3( %--&X%"%$$#$%&'%(
%--#.!3%#"%(!(-#.!3%#"%('&'(M#''&(43!)!'.#.&(7#3%#$%&'%(3%)4!..&(#"(;E<;H(
(
5#67$-%-(!),$$%!B,6-#(&,!(>,+%-#<%!
!
I"(h3%)*".#.&(,!""#(/!).%&'!(&4!3#.%7#h(,!"(;E<=()%(#..!).#(4!32%f(#(=E>E(-%"%&'%>(2&'(*'#('!..#(23!)2%.#(,%(D>C(
-%"%&'%(3%)4!..&(#%(;G>;(-%"%&'%(,!"(;E<;(8c(<?>;\9H(T+(%'&".3!()%/'%5%2#.%7&(%"(5#..&(2M!(.#"!(4!35&3-#'2!(5#22%#(
)!/*%.&( #,( #".3!..#'.%( %'23!-!'.%( #''*#"%( 3!/%).3#.%( ,#""&( ).!))&( #//3!/#.&( !2&'&-%2&( )%#( '!"( ;E<;>( 2&'( c(
D>E\(3%)4!..&(#"(;E<<>()%#('!"(;E<<>(2&'(c(GD>F\(3%)4!..&(#"(;E<E(2M!(,%7!'.#(*'(c(FB>C\(3%)4!..&(#"(,#.&(
;E<E(43&:5&3-#.&(4!3(2&')%,!3#3!(%"(,%7!3)&(4!3%-!.3&(,%-!')%&'#"!()2#.*3%.&(,#"(3%&3,%'&(.!33%.&3%#"!H(
(
T''%&-(&%=,&-#!&,--#!%#!N(&)#!+#6'L#!,)!(&,+#!
!
g"%( h#22#'.&'#-!'.%( '!..%( #%( 5&',%( 4!3( 3%)2M%( !,( &'!3%h( ,!.!3-%'#'&( '!"( ;E<=( *'( )#",&( '!/#.%7&( ,%( 0( E>?(
-%"%&'%>(%'5!3%&3!(,%(0(E><((#(S*!""&(,%(0(<>E(-%"%&'%(,!""&()2&3)&(#''&H(`+#--&'.#3!(;E<=()%(3%5!3%)2!(4!3("&(4%](
#,(#22#'.&'#-!'.%(4!3(5*.*3%(&'!3%(3%5!3%.%(%'(43!7#"!'$#(#().&3'%(2&--%))%&'#"%(3!"#.%7%(#(43&,&..%(#))%2*3#.%7%(!(
#,(&'!3%(#()&).!/'&(,%(*'#(X#'2#(2&')&3$%#.#(#"(N&',&(I'.!3X#'2#3%&(,%(R*.!"#(,!%(1!4&)%.%(0(NHIHRH1H(
(
5,--#N#'L,!)#!<%$(+,!&,--,!67!'+,)#-#!
!
`!( h3!..%5%2M!( ,%( 7#"&3!( '!..!( )*( 23!,%.%e( '!"( ;E<=( #--&'.#'&( #( 0( G=>?( -%"%&'%>( *'( 7#"&3!( 2&'( ,%-!')%&'%(
'*-!3%2M!( ).3#&3,%'#3%!( 2M!( 43!)!'.#( *'( #*-!'.&( ,%( X!'( =<>E( -%"%&'%( 3%)4!..&( #%( ;;>?( -%"%&'%( ,!"( ;E<;a(
"+%',%2#.&3!( d2&).&( ,!"( 23!,%.&e( 83!..%5%2M!( 7#"&3!( '!..!( )*( 23!,%.%( V( 23!,%.%( #( 2"%!'.!"#9( ,!"( ;E<=( #--&'.#( #"(
;>DB\( 3%)4!..&( #"( 4*3( !"!7#.&( E>C?\( ,!"( ;E<;H( `+#--&'.#3!( 2&-4"!))%7&( ,%( 0( G=>?( -%"%&'%( )%( 3%5!3%)2!(
%'.!3#-!'.!(#%(23!,%.%(,!.!3%&3#.%(!(53#(S*!).%(4!3(;?>B(-%"%&'%(#%(23!,%.%(%'()&55!3!'$#(8%"(GD>?\(,!"(.&.#"!9>(4!3(
;E>?(-%"%&'%(#%(23!,%.%(%'2#/"%#.%(8%"(=C>C\(,!"(.&.#"!9(!(4!3(=>;(-%"%&'%(#%(23!,%.%(3%).3*..*3#.%(!(#%(4#).(0(,*!H(
Y!%(2&--!'.%(,!""#(7&2!(d3!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%e(#""+%'.!3'&(,!%(3%)*".#.%(!2&'&-%2%(!(,!""#(7&2!(
dS*#"%.K( ,!%( 23!,%.%( 7!3)&( "#( 2"%!'.!"#e( '!""+#-X%.&( ,!/"%( #//3!/#.%( 4#.3%-&'%#"%>( )&'&( %""*).3#.!( "!( 3#/%&'%( #""#(
X#)!( ,%( .#"%( 3!..%5%2M!( ,%( 7#"&3!>( 3%2&',*2%X%"%( %'( )%'.!)%( #( ,*!( 5#..&3%( 43!)!'.%( '!"( ;E<=W( %"( 43%-&( ^( %"( 5&3.!(
%'23!-!'.&( ,!""!( 2&')%).!'$!( "&3,!( ,!""#( 2"#))!( 4%]( 3%)2M%&)#( ,!%( 23!,%.%( ,!.!3%&3#.%>( 2%&^( "!( )&55!3!'$!a( %"(
)!2&',&( ^( %"( 2&)4%2*&( #*-!'.&( ,!"( /3#,&( ,%( 2&4!3.*3#( !)!/*%.&( '!%( 23!,%.%( %'2#/"%#.%( !( 3%).3*..*3#.%( #'2M!( %'(
)!/*%.&(#""+%-43&77%)&(,!.!3%&3#-!'.&(,%(#"2*'!(3%"!7#'.%(4&)%$%&'%(23!,%.%$%!(#77!'*.&('!""+#''&().!))&H(((
(
5,--#N#'L,! )#! <%$(+,! &,--,! 67! %$-+,! %--#<#-K! ,! 7-#$#! I>,+)#-,J! 67! %--#<#-K! N#&%&.#%+#,! ),-,&7-,! 6#&(! %!
6'%),&.%!,!67!%$-+#!#&<,6-#=,&-#!
!
`#( 7&2!( h3!..%5%2M!( ,%( 7#"&3!( '!..!( )*( #".3!( #..%7%.Kh( ,!"( ;E<=( #))*-!( %"( 7#"&3!( '!/#.%7&( ,%( 0( E><( -%"%&'%>(
!)2"*)%7#-!'.!( %'( )!/*%.&( d#""+%-4#%3-!'.e( ,%( *'( %'7!).%-!'.&( 4#3.!2%4#.%7&H( T))#( )%( 2&'53&'.#( 2&'( *'#(
)7#"*.#$%&'!( ,%( 0( E>C( -%"%&'%( ,!"( ;E<;( !)!/*%.#( 4!3( d%-4#%3-!'.e( )!-43!( )*""&( ).!))&( %'7!).%-!'.&(
4#3.!2%4#.%7&H(`+&'!3!(,!"(;E<=(^().#.&(.*..#7%#(%'.!3#-!'.!(2&-4!')#.&(,#(c(E><(-%"%&'%(,%(d*.%"%(84!3,%.!9()*(
#..%7%.K(5%'#'$%#3%!(,!.!'*.!()%'&(#()2#,!'$#(!()*(#".3%(%'7!).%-!'.%e(3%/*#3,#'.!("#(4"*)7#"!'$#(,#(2!))%&'!(,%(
*'(%--&X%"!('&'().3*-!'.#"!H(
(
5#67$-%-(!'(++,&-,!%$!$(+)(!),$$,!#=>(6-,!
!
I'()!/*%.&(#""+#',#-!'.&(,!""!(7&2%()*,,!..!>(%"(3%)*".#.&(2&33!'.!(#"("&3,&(( ,!""!(%-4&).!(;E<=()%(^(4&)%$%&'#.&(
#,(*'(7#"&3!('!/#.%7&(,%(0(;D>F(-%"%&'%>(3%)4!..&(#(S*!""&(,!"(;E<;(2M!(!3#(4&)%.%7&(4!3(c(E>F(-%"%&'%H(
!
0U!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
G=>(6-,!67$!+,))#-(!
!
`!(%-4&).!()*"(3!,,%.&(,!""A!)!32%$%&>(2&)b(2&-!(!)4&).!(#""#(7&2!(;BE((,!""&()2M!-#(_#'2#(,+I.#"%#>(43&,*2&'&(
c( F>D( -%"%&'%( ,%( 43&7!'.%( '!..%( ,%( 2&-4!.!'$#( '!"( ;E<=>( 4!3( !55!..&( )&43#..*..&( ,%( B>?( -%"%&'%( ,%( 3%2#7%( 4!3(
%-4&).!(#'.%2%4#.!(/!'!3#.!(,#""!(3!..%5%2M!(,%(7#"&3!()*(23!,%.%(3%"!7#.!('!""+#''&(;E<=>(#%(S*#"%()%(#//%*'/&'&(
E>G(-%"%&'%(,%()&43#77!'%!'$!(#..%7!(3!/%).3#.!('!"(;E<=(%'()!/*%.&(#,(!22!,!'$!(,%(%-4&).!(#22#'.&'#.!('!""&(
)2&3)&(#''&(;E<;H(
(
A&,+#!)#!#&-,B+%.#(&,!,!)#!#&',&-#<%.#(&,!%$$P,6()(!&,--#!
!
g"%( &'!3%( ,%( %'.!/3#$%&'!( !( ,%( %'2!'.%7#$%&'!( #""+!)&,&( 8#"( '!..&( ,!""!( %-4&).!9( ;E<=( #--&'.#'&( #( 0( E>F( !(
3%/*#3,#'&( %'( 4#3.%2&"#3!( "+%'.!/3#$%&'!>( 4#3%( #( E>G( -%"%&'%>( ,!""&( ).#'$%#-!'.&( 4!3( !)&,%( 7&"&'.#3%( ,!"(
4!3)&'#"!(,!""#(_#'2#(2&-4%*.&('!/"%(#''%(43!2!,!'.%H(I(3!).#'.%(E>;(-%"%&'%(3%/*#3,#'&(%'(4#3.%(*/*#"%()%#(/"%(
&'!3%( !2&'&-%2%( 3%5!3%.%( #"( 2H,H( !55!..&( 3!7!3)#"( ,!""+#..*#"%$$#$%&'!( I6Z( )*/"%( #22#'.&'#-!'.%( ,!/"%( #''%(
43!2!,!'.%( )%#( %( 2&).%( ,%( )4!..#'$#( ,!""#( _#'2#( 4!3( %"( 3%-X&3)&( #""#( )&2%!.K( 2&')&3.%"!( I'.!)#( Z#'4#&"&( g3&*4(
Z!37%2!(,!%(2&).%(,#(!))#()&).!'*.%(4!3(%"(43&43%&(4!3)&'#"!(#,!3!'.!(#/"%(#22&3,%(4!3(!)&,%(7&"&'.#3%H(
I"(7#"&3!(,%(0(E>D(-%"%&'%(,!"(;E<;()%(3%5!3%7#(#""!().!))!(.3!(.%4&"&/%!(,%(&'!3%(%',%2#.!(4!3(%"(;E<=H(
(
@,+)#-%!&,--%!
!
I"(h3%)*".#.&('!..&h(5%'#"!(,!""+!)!32%$%&(;E<=(!)4&'!(4!3.#'.&(*'#(4!3,%.#('!..#(,%(0(<C>=(-%"%&'%(3%)4!..&(#,(
*'(4!3,%.#('!..#(,%(0(E>?(-%"%&'%(,!"(;E<;H(
(
5#67$-%-#!>%-+#=(&#%$#!4!E-%-(!>%-+#=(&#%$,!+#'$%66#N#'%-(!
8-%/"%#"%#(,%(!*3&9
T--#<#-K
!!!!!!<%+#%.#(&#
/0F02F230/
/0F02F2302
%66($7-,
:
<;H=;?
<FH?DG
:GHB<B
:=<>=
;B
<?
F
=B>C
6..%7 %.K(,%)4&'%X%"%(4!3("#(7 !',%.#
;DH<GB
;BHG?E
:;HD=D
:?>;
J3!,%.%(7 !3)&(X#'2M!
B;HFDE
?EH<CC
:;FHDDC
:=E>D
J3!,%.%(7 !3)&(2"%!'.!"#
;H<?EHF<<
;HGFFHFBC
:=CFHEGF
:<G>E
:DF>;
6..%7 %.K(5%'#'$%#3%!(,%('!/&$%#$%&'!
6..%7 %.K(5%'#'$%#3%!(7 #"*.#.!(#"(5#%3(7#"*!
L#3.!2%4#$%&'%(
=C
F;
:=D
6..%7 %.K(-#.!3%#"%(!(%--#.!3%#"%
;GHFG;
;BH;DE
:DCC
:<>?
6..%7 %.K(5%)2#"%
=FHF<<
;CHFFF
CH?=D
=<>E
6..%7 %.K('&'(2&33!'.%(!(/3*44%(,%(#..%7 %.K(%'(7 %#(,%(,%)-%))%&'!
6".3!(7&2%(,!""A#..%7&
*(-%$,!%--#<#-K
@%66#<#-K
1!X%.%(7!3)&(X#'2M!
1!X%.%(7!3)&(2"%!'.!"#(!(.%.&"%(%'(2%32&"#$%&'!
L#))%7%.K(5%'#'$%#3%!(,%('!/&$%#$%&'!
L#))%7%.K(5%)2#"%
=G
:
=G
:
G?HDBC
B=HGC?
:DH<;<
:B>G
21S021DRR
219/01099
QS091222
Q0SV9
/0F02F230/
/0F02F2302
!!!!!!<%+#%.#(&#
%66($7-,
:
:;B>E
?B=HF;<
<H=E;H?EF
:==?H<CB
<H;EBH;FB
<H;DCHF<G
:D;HD=?
:=>D
<;H=?C
<FHCBG
:GHDBF
:=E>B
;E<
<F?
;;
<;>=
6".3!(7&2%(,!"(4#))%7&(
BCHC<C
F?HF;E
:<EH?E;
:<=>F
N &',%(#(,!).%'#$%&'!()4!2%5%2#
<=HB=F
<CHB<;
:DH?FG
:;B>F
J#4%.#"!(
BGH?<B
BGH?<B
:
:
%)!37!
<E=HC<B
<EDHFEF
:C?<
:E>?
%)!37!(,#(7 #"*.#$%&'!
:=HGG<
:BHGDE
:;H?C?
:DG>F
[.%"!(V(4!3,%.#(,%(4!3%&,&
:<CH;BB
:C?=
21S021DRR
219/01099
*(-%$,!>%66#<#-K!,!>%-+#=(&#(!&,--(
<FH=F= (
QS091222
Q0SV9
I valo ri dell'esercizio 2012 so no stati rideterminati in seguito all’ ado zio ne del principio co ntabile IA S 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite
attuariali relativi ai fo ndi a prestazio ne definita, co me meglio precisato nella Sezio ne 1delle P o liche co ntabili.
(
!
0R!
!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
`&( ).#.&( 4#.3%-&'%#"!( #"( =<( ,%2!-X3!( ;E<=( 2&'53&'.#.&( 2&'( %( 7#"&3%( ,!"( =<( ,%2!-X3!( ;E<;( .3#22%#( *'(
#',#-!'.&(4#.3%-&'%#"!(!(5%'#'$%#3%&(,!""#(_#'2#(!)43!))&(,#""!(7#3%#$%&'%(,!%()!/*!'.%(43%'2%4#"%(#//3!/#.%W((
− *'#( 2&'.!'*.#( 5"!))%&'!( ,%( 0( D;>D( -%"%&'%( 80( =>D\9( 4!3( "#( 3#22&".#( ,%3!..#( ,#( 2"%!'.!"#( 8,!X%.%( 2"%!'.!"#( !(
.%.&"%(%'(2%32&"#$%&'!9(3%)4!..&(#"(=<H<;H;E<;(2M!>(5#2!',&(3%5!3%-!'.&(#""#()&"#(2&-4&'!'.!(d2&3!e>(2%&^(#%(
2&'.%(2&33!'.%(!(%(,!4&)%.%(#(3%)4#3-%&>()%(3%,*2!(#(0(<G>E(-%"%&'%(>(4#3%(#,(*'(0(<>=\(!,(#*-!'.#(,!""+<>E\(
3%)4!..&( #""#( 5%'!( ,!"( .!3$&( .3%-!).3!( ;E<=a( ^( .*..#7%#( ,#( )!/'#"#3!>( #'2&32Mi( '&'( 43!)!'.!( '!""&( ).#.&(
4#.3%-&'%#"!>(%"(7#"&3!(,!""#(3#22&".#(%',%3!..#(#..!).#.#)%(#(;H?==>?(-%"%&'%(#"(=<H<;H;E<=(%'(23!)2%.#(,!"(c(
D>G\(3%)4!..&(#%(;HCEF>E(-%"%&'%(,%(5%'!(;E<;>(#"(2*%(%'.!3'&()4%22#("+!)4#')%&'!(,%(<GE><(-%"%&'%(8c(;D>G\9(
,!""#(3#22&".#(/!).%.#(2M!(M#(#-4%#-!'.!()*4!3#.&(%"("!//!3&(2#"&(,%(;=>;(-%"%&'%(,%(S*!""#(#--%'%).3#.#a(
− *'#(5&3.!(,%-%'*$%&'!(,%(=CF><(-%"%&'%(80(<G>E\9(,!%(23!,%.%(7!3)&(2"%!'.!"#>(%'.!3#-!'.!(3%7&".#(#%(23!,%.%(%'(
X&'%)(80(<F>F\9(-!'.3!(S*!""%(,!.!3%&3#.%(#*-!'.#'&(,!"(<;><\a(
− *'('!..&(-%/"%&3#-!'.&(,!""#(4&)%$%&'!(,!X%.&3%#(%'.!3X#'2#3%#('!..#(2M!(#"(=<(,%2!-X3!(;E<=(3%)*".#(4#3%(
#(?E<>E(-%"%&'%>(S*#)%(!)2"*)%7#-!'.!('!%(2&'53&'.%(,!""#(J#4&/3*44&>(3%)4!..&(#%(<H;<;>C(-%"%&'%(,!"(;E<;>(
4!3(!55!..&(,!""#(,%-%'*$%&'!(,!/"%(%-4%!/M%(#(2"%!'.!"#a(
− *'#(2&'.3#$%&'!(,%(<G>=(-%"%&'%(,!"(4#.3%-&'%&('!..&(;E<=(3%)4!..&(#"(;E<;>(,&7*.#(#""#(4!3,%.#(,+!)!32%$%&(
;E<=>( %"( 2*%( %-4#..&( ^( ).#.&( %'( 4#3.!( 2#"-%!3#.&( ,#""#( ,%-%'*$%&'!( ,%( =>E( -%"%&'%( 3!/%).3#.#( ,#"( 7#"&3!(
'!/#.%7&(d3%)!37!(4#.3%-&'%#"%(,#(7#"*.#$%&'!ea(
− "+*".!3%&3!( -%/"%&3#-!'.&( ,!%( 2&!55%2%!'.%( ,%( )&"7%X%"%.K( %',%7%,*#"%( ,%( 7%/%"#'$#( #( 5%'!( ;E<=( 3%)4!..&( #( S*!""%(
,!"(;E<;W(#"(=<(,%2!-X3!(;E<=(%"(dR%!3(<(J#4%.#"(3#.%&e()%(^(4&)%$%&'#.&(#"((<;>C\>(3%)4!..&(#"(<;>E\(#"(=<(
,%2!-X3!(;E<;>(-!'.3!(%"(dR&.#"(J#4%.#"(3#.%&e(^(#"(<=>;\(2&'.3&(%"(<;>F\(,%(5%'!(#''&(;E<;H(
(
T--#<#-K!N#&%&.#%+#,!,!>%66#<#-K!N#&%&.#%+#,!)#!&,B(.#%.#(&,!
!
`!(h#..%7%.K(5%'#'$%#3%!(,%('!/&$%#$%&'!('!..!h(( 80(E><(-%"%&'%9>(3!"#.%7!(!))!'$%#"-!'.!(#%(2&'.3#..%(,!3%7#.%(2M!(
"#( _#'2#( M#( %'( !))!3!( 2&'( "#( 43&43%#( 2"%!'.!"#( !( 2M!( 2&43!( 2&'( 2&'.3&4#3.%( %).%.*$%&'#"%>( 4!//%&3#'&( ,%( E>;(
-%"%&'%(%"("&3&()X%"#'2%&('!/#.%7&(3%)4!..&(#(5%'!(#''&(;E<;(8c(E><(-%"%&'%9H(
I"()#",&(4#.3%-&'%#"!('!/#.%7&(,%(0(E><(-%"%&'%(,%(S*!).#(7&2!(#"(=<H<;H;E<=(^(,&7*.&(,#(*'("#.&(#"(7#"&3!(,!"(
J3!,%.( %)j(6,k*).-!'.(4#3%(#(E>D(-%"%&'%(!(,#""+#".3&(#""#(4&)%$%&'!(4&)%.%7#(%'(,!3%7#.%(,%(.3#,%'/>(4#3%(#(c(E>=(
-%"%&'%>( %'( !))!3!( #"( =<H<;H;E<=( %'( )!/*%.&( #""#( -#'&73#( ,%( )-&'.#//%&( ,!""!( &4!3#$%&'%( ,%( 2&4!3.*3#( ,!""!(
4&).!(#(7%).#(2&'2"*)#('!"(;E<=H((((
(
T--#<#-K!N#&%&.#%+#,!<%$7-%-,!%$!N%#+!<%$7,!
!
Y!""#(7&2!(d=E(0(6..%7%.K(5%'#'$%#3%!(7#"*.#.!(#"(N#%3(l#"*!e(,!""&()2M!-#(_#'2#(,+I.#"%#>(^(%)23%..&("+%-4&3.&(,%(
!*3&(;B(-%/"%#%#(2M!(^(3%5!3%.&(#""!(#$%&'%(,!""#(J#4&/3*44&(#2S*%).#.!(,#""#(_#'2#(#'2&3#('!"(2&3)&(,!"(-!)!(
,%(/%*/'&(;E<;(%'(#..*#$%&'!(,!"(4%#'&(,%(%'2!'.%7#$%&'!(3!"#.%7&(#%(m!n(o#'#/!3)H(
(
T--#<#-K!N#&%&.#%+#,!)#6>(&#H#$#!>,+!$%!<,&)#-%!
!
`!(h#..%7%.K(5%'#'$%#3%!(,%)4&'%X%"%(4!3("#(7!',%.#h()&'&(4#3%(#(;D>;(-%"%&'%(#"(=<H<;H;E<=>(%'(,%-%'*$%&'!(,%(;>D(
-%"%&'%(3%)4!..&(#"(7#"&3!(,!"(=<H<;H;E<;(8;B>B(-%"%&'%9H( T))!(3%/*#3,#'&( 4!3( "&( 4%]().3*-!'.%(4#3.!2%4#.%7%( %'(
)&2%!.K(,%(2#4%.#"%(!(%'(@HIHJH H(!(%'(-%)*3#(-%'&3!(.%.&"%(,%().#.&H(`#(7#3%#$%&'!(#77!'*.#('!"(;E<=(^("+!)%.&(,%(
&4!3#$%&'%( ,%( #2S*%).&>(,%(3%-X&3)%(!( ,!""!(3!"#.%7!(7#"*.#$%&'%( ,%(X%"#'2%&(2M!(M#''&(%'.!3!))#.&( #"2*'%( ,%(.#"%(
).3*-!'.%( 5%'#'$%#3%( 4!3( %"( 2*%( ,!..#/"%&( )%( 3%'7%#( #""&( )4!2%5%2&( ( 4#3#/3#5&( ,!""!( )*22!))%7!( dY&.!( I""*).3#.%7!( 0(
6//3!/#.%(4#.3%-&'%#"%eH(
(
M+,)#-#!<,+6(!'$#,&-,$%!
!
g"%(%-4%!/M%(2&-4"!))%7%(#(2"%!'.!"#(#"(=<H<;H;E<=(#--&'.#'&(#(;H<?E>F(-%"%&'%>(#33!.3#',&(,%(=CF><(-%"%&'%(
80(<G>E\9("#( "&3&(2&')%).!'$#(3%)4!..&(#%(;HGFF>C(3#//%*'.%(#(5%'!(;E<;H(R#"!( ,%-%'*$%&'!( %'(7#"&3!( #))&"*.&(
3%/*#3,#( )&"&(%(23!,%.%(%'(X&'%)(80(D<G>G( -%"%&'%9(-!'.3!(7%(^().#.&(*'(#*-!'.&(4!3( S*!""%(,!.!3%&3#.%( 8c(;C>D(
-%"%&'%>(c(<;><\9(!(%(,#.%()&43#(%',%2#.%()%(3%5!3%)2&'&(#%(7#"&3%(,%(X%"#'2%&>(2&')%,!3#.%(4!32%f(#"('!..&(,!%(3!"#.%7%(
5&',%(3!..%5%2#.%7%H(
`+!)4&)%$%&'!( "&3,#( ,!"( .&.#"!( 23!,%.%( ,!.!3%&3#.%( ^( #*-!'.#.#( ,%( FF>B( -%"%&'%( 8c( ;;>D\( 3%)4!..&( #"( ;E<;9( '!"(
2&3)&( ,!"( ;E<=>( 2&'( *'#( 23!)2%.#( 2&'2!'.3#.#( )&43#..*..&( '!""#( 2#.!/&3%#( ,!""!( )&55!3!'$!( 8BE>F( -%"%&'%( ,%(
%'23!-!'.&(4#3%(#,(*'(c(=;>D\()*"(;E<;9(-#(#'2M!('!/"%(%'2#/"%(8c(;G>C(-%"%&'%>(4#3%(#,(*'(c(;;><\9(-!'.3!(
^(2#"#.&(%"(7&"*-!("&3,&(,!%(4#).(,*!(80(C>C(-%"%&'%9(!,(^(3%-#).&().#X%"!(S*!""&(,!%(23!,%.%(3%).3*..*3#.%H(
Z&'&( 2&')!/*!'.!-!'.!( #*-!'.#.%( #'2M!( %( 3%)4!..%7%( 5&',%( 3!..%5%2#.%7%>( ,!.!3-%'#',&( 2&'( 2%f( *'(
-%/"%&3#-!'.&( ,!""#( 2&4!3.*3#( ,%( .*..!( "!( )%'/&"!( .%4&"&/%!( ,%( 23!,%.%( ,!.!3%&3#.%W( )&55!3!'$!( ,#"( GE>;\( ,!"(
;E<;(#"(GE>?\(,!"(;E<=a(%'2#/"%(,#""+<<>?\(#"(;<>=\(,!"(;E<=>(23!,%.%(3%).3*..*3#.%(,#"(B>?\(#"(<F>D\(,!"(
!
0 !
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
;E<=(!(%(4#).(:(,*!(,#"(?>?\(#"(<E>G\(,!"(;E<=H(I"(/3#,&(,%(2&4!3.*3#(2&-4"!))%7&(,!%(23!,%.%(,!.!3%&3#.%(#"(
=<H<;H;E<=(^(4!3.#'.&("%!7%.#.&(#"(=C>E\(3%)4!..&(#"(=;>=\H((
6'2M!("+%',%2!(,%(2&4!3.*3#(,!%(23!,%.%(%'(X&'%)>(,&4&(!))!3!(/%K(#*-!'.#.&(%'%'.!33&..#-!'.!(,#""&(E>GG\(,%(
5%'!( ;E<E( #""&( E>F<\( ,!"( =<H<;H;E<;>( ^( *".!3%&3-!'.!( -%/"%&3#.&( #""&( E>CB\( ,!"( =<H<;H;E<=( #( -#//%&3(
43!)%,%&(,!""#(3%)2M%&)%.K(,!"(-&'.!(23!,%.%(2&-4"!))%7&H(
I"(/3#,&(,%(%'2%,!'$#(,!%(23!,%.%(,!.!3%&3#.%('!..%(3%)4!..&(#"(-&'.!(23!,%.%(2&-4"!))%7%('!..%(^(23!)2%*.&(,#"(?>E\(
,!"( ;E<;( #"( <;>E\( ,!"( ;E<=( #( 2#*)#( #'2M!( ,!""#( 2&'2&-%.#'.!( ,%-%'*$%&'!( ,!%( 23!,%.%( %'( X&'%)( "#( 2*%(
%'2%,!'$#(^(%'5#..%()2!)#(#""+CC>E\(#(5%'!(;E<=>(2&'.3&(%"(?<>E\(,!"(;E<;H((((
I(7#"&3%()&43#(2&--!'.#.%(,%4%'/&'&(3!#"%).%2#-!'.!("&()2!'#3%&(,%(/3#7!(23%)%(!2&'&-%2&(0(5%'#'$%#3%#(2M!(M#(
2&''&.#.&(%"(;E<=(!(2M!(^(.*..&3#(4!3)%).!'.!H(
(
5%''($-%!&,--%!)%!H%&'L,!
!
`#( 3#22&".#( '!..#( ,#( X#'2M!>( !)!/*%.#( S*#)%( !)2"*)%7#-!'.!( .3#-%.!( "#( J#4&/3*44&>( )%( ,!.!3-%'#( %'( ?E<>E(
-%"%&'%>( 2&'( *'#( 3%,*$%&'!( ,%( =<<>C( -%"%&'%( 80( ;G>F\9( )*"( "%7!""&( ,%( 5%'!( #''&( ;E<;( 8<H;<;>C( -%"%&'%9>( %'(
2&33!"#$%&'!(#""#(2&'.!-4&3#'!#(,%-%'*$%&'!(,!%(23!,%.%(#(2"%!'.!"#(2&)b(5%'#'$%#.%H(
(
5%''($-%!)#+,--%!)%$$%!'$#,&-,$%!
!
`#(3#22&".#(,%3!..#(,#(2"%!'.!"#(#--&'.#(#(<H;EB>=(-%"%&'%>(2&'(*'#(5"!))%&'!(,%(D;>D(-%"%&'%(80(=>D\9(3%)4!..&(
#%(<H;DC>F(-%"%&'%(,!"(;E<;(,&7*.#(%'(4#3.!(#""#(,%-%'*$%&'!(2&-4"!))%7#(,%(<F>C(,!""!(7&2%(d&XX"%/#$%&'%e(!(
d2!3.%5%2#.%( ,%( ,!4&)%.&e( 3%)4!..&( #( 5%'!( ;E<;( !,( %'( 4#3.!( #'2M!( #""#( 2&-4&'!'.!( 2H,H( d2&3!e( 2%&^( %( d2&'.%(
2&33!'.%( !( ,!4&)%.%e>( %"( 2*%( 2#"&( ,%( )&"%( <G>E( -%"%&'%>( 4#3%( #,( 0( <>=\>( '&'( M#( 4!3f( 3%/*#3,#.&( %( d_*&'%( ,%(
3%)4#3-%&e(%"(2*%(7&"*-!(^(#*-!'.#.&(,#(<=F>F(-%"%&'%(,%(5%'!(;E<;(#(<=C>;(-%"%&'%(,!"(=<(,%2!-X3!(;E<=H(
`&( )7%"*44&( ,%( S*!).#( '*&7#( 5&3-#( ,%( 3#22&".#( ,%3!..#( M#( 2&')!'.%.&( #""#( _#'2#( ,%( 3!4!3%3!( '*&7#( 43&77%).#>((
2&'.3#).#',&( %'( .#"( -&,&( "#( 3%,*$%&'!( ,%( S*!).&( #//3!/#.&( "!/#.#( #""#( .&.#"!( !).%'$%&'!( ,!""#( 2&-4&'!'.!(
&XX"%/#$%&'#3%#( '&'( 4%]( )&).%.*%.#( ,#( '*&7!( !-%))%&'%>( 2&-!( ,%-&).3#( %"( )*&( #77!'*.&( #$$!3#-!'.&( 2&'( %"(
=<H<;H;E<=H((
(
5%''($-%!#&)#+,--%!,!%--#<#-K!N#&%&.#%+#,!),$$%!'$#,&-,$%!
!
`#( 3#22&".#( %',%3!..#>(
>( 2&-43!)#( "#( 2"%!'.!"#( %).%.*$%&'#"!>( #"( =<( ,%2!-X3!( ;E<=( #--&'.#( #( ;H?==>?( -%"%&'%>(
,#.&( )*4!3%&3!( ,%( <;B>?( -%"%&'%( 8c( D>G\9( #( S*!""&( ,%( 5%'!( ;E<;>( 4#3%( #( ;HCEF>E( -%"%&'%H( R#"!( %'23!-!'.&(
2&-4"!))%7&(,!3%7#(,#(*'#(23!)2%.#(,%(<GE><(-%"%&'%(8c(;D>G\9(,!""#(3#22&".#(/!).%.#(2M!(M#(3!)&(%'%'5"*!'.!("#(
3%,*$%&'!( ,%( ;=>;( -%"%&'%( ,!""#( 2&-4&'!'.!( #--%'%).3#.#H( I"( 2%.#.&( )7%"*44&( 4!32!'.*#"!( ,!""#( 2&-4&'!'.!(
/!).%.#( ^( #'2&3#( 4%]( %-4&3.#'.!( %'( S*#'.&( ^( ,!3%7#.&( 43!))&2Mi( %'.!3#-!'.!( 8c( ;<>?\9( ,#""#( 23!)2%.#( ,!""#(
3#22&".#( '!..#( 4&)%.%7#( !( '&'( ,#"( 2H,H( d!55!..&( 4!35&3-#'2!e( ,!""!( -#))!( #--%'%).3#.!( !,( %'&".3!( ^( ).#.&(
2&')!/*%.&(S*#)%(%'.!3#-!'.!('!"(2&-4#3.&(,!""#(2H,H(2"%!'.!"#(.3#,%$%&'#"!>(2&'(!7%,!'.%(3%.&3'%(!2&'&-%2%(%'(
.!3-%'%(,%(5"*))&(2&--%))%&'#"!H((
I"(7#"&3!(,%(DH<DE>;(-%"%&'%(3#//%*'.&(#"(=<(,%2!-X3!(;E<=(,#""!(#..%7%.K(5%'#'$%#3%!(,!""#(2"%!'.!"#(^("#()%'.!)%(
,!""+#',#-!'.&( ,!""!( ,*!( 2&-4&'!'.%( 2M!( 5&3-#'&( .#"!( #//3!/#.&( !( )&43#( %',%2#.!( 83#22&".#( ,%3!..#( !(
%',%3!..#9(!(S*%',%()%(!)4#',!(,%(c(CD>D(-%"%&'%(8c(;><\9(3%)4!..&(#"(7#"&3!(,%(DHEGG>C(-%"%&'%(,%(5%'!(;E<;H(Z*""#(
X#)!( ,%( S*!).%( 7#"&3%>( '!"( ;E<=( )%( ^( 4!3.#'.&( 3!/%).3#.&( *'( *".!3%&3!( -%/"%&3#-!'.&( ,!""+%'2%,!'$#( ,!""#(
2&-4&'!'.!(/!).%.#()*""#(3#22&".#(%',%3!..#(.&.#"!>(,#"(;<>C\(,%(5%'!(;E<;(#"(;B>E\(,%(5%'!(;E<=H((
(
@%-+#=(&#(!&,--(!
!
6"(=<(,%2!-X3!(;E<=(%"(L#.3%-&'%&('!..&(,!""#(_#'2#>(2&-43!')%7&(,!""#(4!3,%.#('!..#(,!""+!)!32%$%&>(^(4#3%(#(
<DF>?(-%"%&'%(!,(!7%,!'$%#(*'#(5"!))%&'!(,%(<G>=(-%"%&'%(3%)4!..&(#%(<B=>;(-%"%&'%(,!"(=<H<;H;E<;(3%,!.!3-%'#.&(
2&-!(%',%2#.&(%'(L3!-!))#>(,&7*.#(#%()!/*!'.%(!7!'.%(,!"(;E<=W(
− "#(,%-%'*$%&'!(4#.3%-&'%#"!(,%(<C>=(-%"%&'%(2&')!/*!'.!(#""#(4!3,%.#('!..#(,!""+#''&(;E<=a(
− "+%'23!-!'.&( 2&-4"!))%7&( ,%( =>E( -%"%&'%( ,!""!( d3%)!37!( 4#.3%-&'%#"%( ,#( 7#"*.#$%&'!( ,%( #..%7%.K( 5%'#'$%#3%!e>(
4#))#.!(,#"(7#"&3!(,%(0(B>G(-%"%&'%(,!"(;E<;(#(S*!""&(,%(0(=>G(-%"%&'%(,!"(;E<=H(
(
!
09!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6',#-!'.&(,!""#(/!).%&'!
@%-+#=(&#(!)#!W#B#$%&.%!,!'(,NN#'#,&-#!)#!6($<#H#$#-K!
!
I"( 4#.3%-&'%&( ,%( 7%/%"#'$#( #"( =<( ,%2!-X3!( ;E<=( )%( ^( 3%,&..&( #( <=E>E( -%"%&'%>( 3%)4!..&( #%( <GE><( -%"%&'%( ,!"(
=<H<;H;E<;>( 2&'( *'#( 2&'.3#$%&'!( ,%( ;E><( -%"%&'%( ,&7*.#( d%'( 43%-%)e( #""#( 4!3,%.#( '!..#( ,+!)!32%$%&( ,%( <C>=(
-%"%&'%( ,!"( ;E<=( !( )!2&',#3%#-!'.!( #""#( 3%,*$%&'!( ,%( C>E( -%"%&'%( ,!""!( 4#))%7%.K( )*X&3,%'#.!( 2&-4*.#X%"%( '!"(
4#.3%-&'%&().!))&(4!3(!55!..&(,!""#()!2&',#(S*&.#(,!""+#--&3.#-!'.&(S*%'S*!''#"!().#X%"%.&(,#""#('&3-#.%7#(
,%( 7%/%"#'$#a( .#"%( %-4#..%( '!/#.%7%( )&'&( ).#.%( 4#3$%#"-!'.!( #..!'*#.%( ,#""#( ,%-%'*$%&'!( ,%( G>C( -%"%&'%( 3%"!7#.#>(
3%)4!..&( #"( =<H<;H;E<;>( '!""+!22!,!'$#( ,!""!( 4!3,%.!( #..!)!( 3%)4!..&( #""!( 3!..%5%2M!( ,%( 7#"&3!( 2&-4"!))%7!( !( ,#(
*'#(23!)2%.#(,%(E>D(-%"%&'%>()!-43!(3%)4!..&(#"(;E<;>(,!""!(3%)!37!(,#(7#"*.#$%&'!()*(#..%7%.K(5%'#'$%#3%!H(
`!(#..%7%.K(,%(3%)2M%&(4&',!3#.!(#"(=<(,%2!-X3!(;E<=()&'&(4#3%(#(?C=>G(-%"%&'%>(#XX#))#',&(,%(<?B>F(-%"%&'%(%"(
7#"&3!(,%(<H<CE>;(,!"(=<H<;H;E<;(!(2%f(M#(4!3-!))&(#""#(_#'2#(,%(-%/"%&3#3!>('&'&).#'.!("#(,%-%'*$%&'!(,!"(
4#.3%-&'%&(,%(X#)!( !(2&-4"!))%7&( ,%(7%/%"#'$#>()%#( %"(2&!55%2%!'.!( R%!3(<(J#4%.#"( #.%&(>(<;>C\(#"(=<H<;H;E<=(
3%)4!..&(#"(<;>E\(,!"(=<H<;H;E<<()%#(%"(dR&.#"(J#4%.#"( #.%&e>(<=>;\('!"(;E<=(3%)4!..&(#"(<;>F\(,!"(;E<;H(
R#"%( 2&!55%2%!'.%( )%( -#'.!'/&'&( #( "%7!""%( #,!/*#.#-!'.!( )*4!3%&3%( #%( "%-%.%( 3%2M%!).%( ,#""#( #..*#"!( '&3-#.%7#( ,%(
7%/%"#'$#>( 2%f( /3#$%!( #"( 3#55&3$#-!'.&( ,!"( 4#.3%-&'%&( '!..&( &..!'*.&( '!"( X%!''%&( ;EE?( :( ;E<E( ,#""#( _#'2#(
#..3#7!3)&( "!( &4!3#$%&'%( )&2%!.#3%!( ,%( 3%&3,%'&( .!33%.&3%#"!( !( #""+#,&$%&'!( ,%( -&,!""%( %'.!3'%( ,%( -%)*3#$%&'!( ,!%(
3%)2M%(23!,%.%$%(!(&4!3#.%7%(2M!>(#(4#3%.K(,%(#..%7%.K('&-%'#"%>(M#''&(/!'!3#.&(*'#(,%-%'*$%&'!(,!""!(#..%7%.K(,%(
3%)2M%&(4&',!3#.!(82H,H( HpH6H9H(
!
@+#&'#>%$#!#&)#'%-(+#!)#!>,+N(+=%&',!
!
`#(4!3,%.#('!..#(3!/%).3#.#('!""+!)!32%$%&(;E<=>(%'('!..&(#*-!'.&(3%)4!..&(#(S*!""#(,!"(;E<;>(M#(43&,&..&(*'(
4!//%&3#-!'.&( ,!"( &!(
&! 2M!( )%( ^( ).#X%"%.&( '!"( ;E<=( #,( *'( 7#"&3!( '!/#.%7&( ,%( 0( <<><\( 3%)4!..&( #"( "%7!""&(
'!/#.%7&(,%(0(E>G\(,!"(;E<;>('&'&).#'.!("#(,%-%'*$%&'!(,!"(4#.3%-&'%&('!..&(-!,%&(,!%(,*!(#''%H(
T+(%'7!2!(,!2%)#-!'.!(-%/"%&3#.&(%"(2&).V%'2&-!
2&).V%'2&-!(2M!(^()2!)&(#"(7#"&3!(,%(BG>E\>(G>G(4*'.%(4!32!'.*#"%(%'(-!'&(
2&).V%'2&-!
3%)4!..&( #"( FE>G\( ,!"( ;E<;H( R#"!( ,%-%'*$%&'!( ^( #'2&3( 4%]( )%/'%5%2#.%7#( 2&')%,!3#',&( 2M!( )!/*!( #,( #".3!(
43!2!,!'.%( 3%,*$%&'%( 2M!( M#''&( 4&3.#.&( .#"!( 3#.%&( ,#""+C<>E\( ,!"( ;E<E( #"( F<>C\( ,!"( ;E<<( !( 4&%( #"( 2%.#.&(
FE>G\(,!"(;E<;H((((
(
T$-+#!)%-#!)#=,&6#(&%$#!
!
`A&3/#'%2&( #"( =<( ,%2!-X3!( ;E<=>( 2&-43!')%7&( ,!%( ,%).#22M%( #..%7%( !( 4#))%7%>( ^( ,%( DC<( *'%.K>( 3%)4!..&( #""!( GE;(
3%)&3)!(,!"(=<(,%2!-X3!(;E<;a("#(3%,*$%&'!(,%(;<(&3/#'%2%(^(,&7*.#(%'(4#3.!(#""!(*)2%.!(4!3(/"%(!)&,%(7&"&'.#3%(!(
%'(4#3.!(#(,%-%))%&'%(!(#(.3#)5!3%-!'.%(,%(4!3)&'#"!(.3#()&2%!.K(,!""&().!))&(g3*44&(,%(#44#3.!'!'$#(#77!'*.%(
'!"(2&3)&(,!""+#''&(;E<=H(
6"( =<( ,%2!-X3!( ;E<=( "#( ).3*..*3#( ,!""#( _#'2#( ^( 5&3-#.#( ,#( FB( 5%"%#"%( X#'2#3%!>( <<( %'( -!'&( 3%)4!..&( #""!( CF(
43!)!'.%(#"(=<H<;H;E<;(4!3(!55!..&(,!""+#22&34#-!'.&(,%(<<(5%"%#"%(2&)b(.!33%.&3%#"-!'.!()*,,%7%)!W(D(%'(43&7%'2%#(
,%(R3!'.&>(B(%'(43&7%'2%#(,%(_&"$#'&(!(<(%'(6*).3%#>("#(5%"%#"!(,%(1&3X%3'('!"(l&3#"X!3/H((((((
P*!).!( FB( 5%"%#"%( X#'2#3%!( 43!)!'.%( #( 5%'!( #''&( ;E<=( )&'&( 4!3.#'.&( 2&).%.*%.!( ,#( BC( )4&3.!""%>( D( *'%.K(
43&,*..%7!(#()!37%$%&(,!""#(2"%!'.!"#(I-43!)!(!(;()4&3.!""%()4!2%#"%$$#.%(%'(&4!3#$%&'%(,%(R!)&3!3%#(,%(T'.%(4*XX"%2%H(
Z&'&(%'&".3!(#..%7%(;(Y*2"!%()4!2%#"%$$#.%(4!3("!(&4!3#$%&'%(2&'("+T).!3&H(
R#"!(3!.!(,%(7!',%.#(^(2&)b(.!33%.&3%#"-!'.!(3%4#3.%.#W(
− %'(43&7%'2%#(,%(R3!'.&>(=D(N%"%#"%>(;(*'%.K(#()!37%$%&(,!""#(2"%!'.!"#(I-43!)!(!(<(Y*2"!&(T).!3&a(
− %'( 43&7%'2%#( ,%( _&"$#'&>( ==( N%"%#"%>( ;( *'%.K( #( )!37%$%&( ,!""#( 2"%!'.!"#( I-43!)!>( ;( )4&3.!""%( ,%( R!)&3!3%#( !( <(
,%).#22#-!'.&(Y*2"!&(T).!3&a(
− %'(6*).3%#(<(N%"%#"!>("#()*22*3)#"!(,%(I'')X3*2jH(
!
0D!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6..%7%.K(2&--!32%#"!
`+#..%7%.K( ,!""#( _#'2#( ,%( R3!'.&( !( _&"$#'&( '!"(
;E<=(
(
X,!$#&,,!6-+%-,B#'L,!,)!(+B%&#..%-#<,!,!$(!6<#$7>>(!),$$P%--#<#-K!'(==,+'#%$,!
!
Y!"(2&3)&(,!"(;E<=>(#'2M!(%'(*'(2&'.!).&(,%(-!32#.&(4#3.%2&"#3-!'.!(2&-4"!))&>(_#'2#(,%(R3!'.&(!(_&"$#'&(
M#( 4!3)!/*%.&( 2&'( ,!.!3-%'#$%&'!( %"( 43&43%&( 3#55&3$#-!'.&( &4!3#.%7&( !( 2&--!32%#"!( S*#"!( )&//!..&(
!2&'&-%2&(,%(43%-#3%#(%-4&3.#'$#()*"(.!33%.&3%&>(#..3#7!3)&W(
− 2&).#'.!( )&).!/'&( #""!( %'%$%#.%7!( %-43!',%.&3%#"%( %'( !))!3!>( 4%!'&( )*44&3.&( #%( 43&/!..%( ,%( 3%).3*..*3#$%&'!>(
2&')&"%,#-!'.&(!(#..!'.#(7#"*.#$%&'!(,!""!(&44&3.*'%.K(,%(!)4#')%&'!(!,(%'.!3'#$%&'#"%$$#$%&'!()*%()!..&3%(
#,(!"!7#.&(4&.!'$%#"!a(
− 5%,!"%$$#$%&'!(!,(#2S*%)%$%&'!(,%('*&7#(2"%!'.!"#(43%7#.#(#22&-4#/'#',&(%(2"%!'.%(%'(*'#(/!).%&'!(,!%(43&43%(
3%)4#3-%()!-43!(4%](,%).%'.%7#a(
− ).3!..#(2&""#X&3#$%&'!(2&'("!(-#//%&3%(#))&2%#$%&'!(,%(2#.!/&3%#(,!"(.!33%.&3%&a(
− #..!'.#( /!).%&'!( ,!""+!7&"*$%&'!( ,!"( 4&3.#5&/"%&( 23!,%.%$%&( 2&'( 5&3.!( #..!'$%&'!( #""+!S*%"%X3%&( %'( .!3-%'%( ,%(
3%)2M%&(3!',%-!'.&(,!/"%(#))!.a(
− #..!'$%&'!(#"(2&'.%'*&(!55%2!'.#-!'.&(,!"(43!)%,%&(.!33%.&3%#"!(!,(#"(3%'5&3$&(,!""#(7&2#$%&'!(2&--!32%#"!(
,!""#(3!.!(7!',%.#(#..3#7!3)&("+!7&"*$%&'!(,!"(-&,!""&(,%()!37%$%&(#""#(2"%!'.!"#(2&'("+!).!')%&'!(,!/"%(&3#3%(,%(
#4!3.*3#( #"( 4*XX"%2&( !( "#( ,!5%'%$%&'!( ,%( 5%/*3!( 2&'( -#//%&3!( 2&'.!'*.&( 2&')*"!'$%#"!( #( ( 4%]( #".&( 7#"&3!(
#//%*'.&H(
(
`+#44#3.!'!'$#(#"(/3*44&(I'.!)#(Z#'4#&"&(2&'.%'*#(%'&".3!(#(3#443!)!'.#3!(4!3(_#'2#(,%(R3!'.&(!(_&"$#'&(*'(
2M%#3&(7#'.#//%&(%'(.!3-%'%(,%()&"%,%.K(!,(#55%,#X%"%.K(2&-4!.%.%7#H(
(
(
X%!6-+7--7+%!(>,+%-#<%!,!$,!+#6(+6,!
!
6"(=<H<;H;E<=("#(3!.!(,%(7!',%.#(,!""#(_#'2#(3%)*".#(2&).%.*%.#(,#(FB(5%"%#"%(X#'2#3%!W(FG(%'(I.#"%#(!(<(%'(6*).3%#(
8I'')X3*2j9H(R#"!().3*..*3#(^(5&3-#.#(,#(BC(N%"%#"%( !.#%">(D(N%"%#"%(I-43!)!>(;(Z4&3.!""%(R!)&3!3%#(!(;(Y*2"!%(T).!3&>(
2&-!( -!/"%&( ,!..#/"%#.&( '!"( )*22!))%7&( 43&)4!..&H( Y!""+#-X%.&( ,!"( 4%#'&( ,%( 3#$%&'#"%$$#$%&'!( ,!""#( 3!.!( ,%(
7!',%.#()%(^(43&2!,*.&('!"(2&3)&(,!""+#''&(2&'("+#22&34#-!'.&(,%(;(5%"%#"%(%'(R3!'.%'&>(=(5%"%#"%(%'(6".&(6,%/!(!(B(
)4&3.!""%()!'$#(#*.&'&-%#(2&'.#X%"!(8;(%'(R3!'.%'&(!(=(%'(6".&(6,%/!(!(<(%'(6*).3%#9(2&'("!(5%"%#"%(3%)4!..%7#-!'.!(
4%]( 7%2%'!H( J&'.!-4&3#'!#-!'.!( ^( ).#.&( 3!#"%$$#.&( %"( 4&.!'$%#-!'.&( ,!""!( 5%"%#"%( ,%( -#//%&3%( ,%-!')%&'%( !(
"+#..%7#$%&'!( ,!""+&3#3%&( !).!)&>( )%'&( #""!( ;EHEE( !( #"( )#X#.&( -#..%'#>( 43!))&( "!( N%"%#"%( ,%( R3!'.&( !( _&"$#'&>(
'!""+&..%2#(,%(-%/"%&3#3!(%"("%7!""&(,%()!37%$%&(#""#(2"%!'.!"#H(((
I'(,!..#/"%&>("#().3*..*3#(43!)!'.!(#"(=<H<;H;E<=(^(%"(3%)*".#.&(,!""!()!/*!'.%(&4!3#$%&'%W(
− /!''#%&( ;E<=W( #22&34#-!'.&( ,!""#( 5%"%#"!( ,%( _&"$#'&( ?( 2&'( "#( 5%"%#"!( ,%( _&"$#'&( ;( !( ,!""&( )4&3.!""&( )!'$#(
#*.&'&-%#(2&'.#X%"!(,%(1&3'X%3'(86*).3%#9(2&'("#()*22*3)#"!(,%(I'')X3*2ja(
− 5!XX3#%&( ;E<=W( #22&34#-!'.&( ,!/"%( )4&3.!""%( )!'$#( #*.&'&-%#( 2&'.#X%"!( ,%( J#",&'#$$&>( ,%( o!3#'&( ;>( ,%(
&7!3!.&(;(!(Z#'.#(J3%).%'#(l#"/#3,!'#(3%)4!..%7#-!'.!(2&'("!(5%"%#"%(,%(`!7%2&(R!3-!>(o!3#'&>( &7!3!.&(!(
@3.%)!%a(
− /%*/'&( ;E<=W( #22&34#-!'.&( ,!""&( )4&3.!""&( )!'$#( #*.&'&-%#( 2&'.#X%"!( ,%( _3!))#'&'!( <( 2&'( "#( 5%"%#"!( ,%(
_3!))#'&'!(L"&)!a(
− )!..!-X3!(;E<=W(#22&34#-!'.&(,!""#(5%"%#"!(,%(JM%*)#(2&'("#(5%"%#"!(,%(_3!))#'&'!(L"&)!a(
− ,%2!-X3!( ;E<=W( #22&34#-!'.&( ,!""!( 5%"%#"%( ,%( o!3#'&( =>( o&3%>( R3!'.&( ?( 3%)4!..%7#-!'.!( 2&'( "!( 5%"%#"%( ,%(
o!3#'&>( &7!3!.&(!(R3!'.&(BH(
(
(
!
23!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(6..%7%.K(2&--!32%#"!
A+B%&#..%.#(&,!*,++#-(+#%$,
/0F02F230/
/0F02F2302
@7&-#!(>,+%-#<#
@7&-#!(>,+%-#<#
5,-%#$
*,6(+,+#,!!!!!
5,-%#$
F!;6-,+(
G=>+,6,
*,6(+,+#,!!!!!
F!;6-,+(
G=>+,6,
L3&7%'2%#(,%(R3!'.&
=D
;
<
=C
;
<
L3&7%'2%#(,%(_&"$#'&
==
;
=
=?
;
=
R 3!'. %'&(6 ". &(6 ,%/!
BF
D
D
FF
D
D
R &. HN %"%#"%(I. #"%#
BF
D
D
FF
D
D
S
S
Z*22*3)#"!(,%(I'')X3*2j
<
<
N%"%#"!(,%(1&3'X%3'
*(-%$,
<
R9
S
S
D
(
(
`+&3/#'%2&(,!""#(_#'2#(#"(=<H<;H;E<=(82&'.!//%#',&(%'(5&3$#("!(3%)&3)!(2!))#.!(#"(=<V<;9()%(^(#..!).#.&(#(DC=(
,%4!',!'.%(#("%X3&(-#.3%2&"#(8DC<(2&-43!)%(%(,%).#22M%(#..%7%V4#))%7%9(3%)4!..&(#%(GEE(,%4!',!'.%(#"(=<H<;H;E<;(
8GE;( 2&-43!)%( %( ,%).#22M%( #..%7%V4#))%7%9H( L!3.#'.&( %"( ,!23!-!'.&( 2&-4"!))%7&( ,%( &3/#'%2&>( 2&-43!')%7&( ,!%(
,%).#22M%( #..%7%V4#))%7%>( 3!/%).3#.&( #( 5%'!( ;E<=( 3%)4!..&( #""#( ).!))#( ,#.#( ,!"( ;E<;( ^( ).#.&( ,%( ;<( *'%.K>(
,!.!3-%'#.&(%'(4#3.!(,#""!(*)2%.!(4!3(/"%(!)&,%(7&"&'.#3%(!(%'(4#3.!(,#(,%-%))%&'%(!(,#(.3#)5!3%-!'.%(,%(4!3)&'#"!(
.3#()&2%!.K(,!""&().!))&(g3*44&(,%(#44#3.!'!'$#(#77!'*.%('!"(2&3)&(,!""+#''&(;E<=H(
6"(=<H<;H;E<=(%"('*-!3&(,!%(,%4!',!'.%(#))!/'#.%(#""!().3*..*3!(2!'.3#"%(82&')%,!3#.%(#'2M!(%(,%).#22M%9(^(,%(F?(
*'%.K(2&'(*'+%'2%,!'$#()*"(.&.#"!(,!/"%(&3/#'%2%(82&-43!)%(%(,%).#22M%9(4#3%(#"(<B>DG\(8<B>F=\(#''&(;E<;9H(
(
(
!
20!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(Z2!'#3%&(-#23&!2&'&-%2&
J!''%()*""&()2!'#3%&(-#23&!2&'&-%2&(!()*"(
)%).!-#(23!,%.%$%&(
(
XP,'(&(=#%!#&-,+&%.#(&%$,!
!
Y!"(;E<=("+!2&'&-%#(-&',%#"!(M#(2&'.%'*#.&(#,(!)4#',!3)%(#(3%.-&(-&,!3#.&(!(#".#"!'#'.!H(Y!/"%(Z.#.%(['%.%>(
"#( 3%43!)#( ,!""#( 23!)2%.#( M#( #7*.&( 5#7&3!7&"%( 3%4!32*))%&'%( )*""#( ,%'#-%2#( ,!""+&22*4#$%&'!a( "#( N!,!3#"( !)!37!(
8NT19( M#( 3!#/%.&( #"( 2&')&"%,#-!'.&( ,!""#( 3%43!)#( !2&'&-%2#( #''*'2%#',&( #( 5%'!( #''&( %"( 3%,%-!')%&'#-!'.&(
,!"( -#))%22%&( 43&/3#--#( ,%( #2S*%).&( ,%( .%.&"%>( #..*#.&( )!'$#( -&,%5%2M!( 4!3( .*..&( %"( ;E<=H( I'( g%#44&'!>( /"%(
%',%2%( ,%( #..%7%.K( !2&'&-%2#( M#''&( 3%)4&).&( 4&)%.%7#-!'.!( #""#( 4&"%.%2#( !2&'&-%2#( !)4#')%7#( %'.3&,&..#( ,#"(
'*&7&(/&7!3'&>(2M!(%'2"*,!(*'(#//3!))%7&().%-&"&(-&'!.#3%&H(
`#( )%.*#$%&'!( !2&'&-%2#( ,!""+63!#( T*3&( ^( 3%-#).#( ,!X&"!>( -#( #( 4#3.%3!( ,#"( )!2&',&( .3%-!).3!( )%( )&'&(
-#'%5!).#.%( %( 43%-%( )!/'#"%( ,%( *)2%.#( ,#""#( 5#)!( 3!2!))%7#H( `#( 3%43!)#( )%( ^( 3%'5&3$#.#( '!"( 2&3)&( ,!"( )!2&',&(
)!-!).3!>(#""#3/#',&)%(#'2M!(#,(#"2*'%(,!%(L#!)%(2&"4%.%(,#""#(23%)%(,!"(,!X%.&H(`#(23!)2%.#(2*-*"#.#('!%(43%-%(.3!(
.3%-!).3%( '&'( ^( ).#.#( 4!3f( )*55%2%!'.!( #( %-4!,%3!( 2M!( %"( 43&,&..&( %'.!3'&( "&3,&( )*X%))!( *'#( -&,!).#(
2&'.3#$%&'!( %'( -!,%#( #''*#( #'2M!( '!"( ;E<=H( `+#".&( "%7!""&( ,%( 3%)&3)!( %'*.%"%$$#.!( !( "+#))!'$#( ,%( %-4*")%(
%'5"#$%&'%).%2%( 43&7!'%!'.%( ,#""+!).!3&( M#''&( 5#..&( 2#"#3!( %( .#))%( ,%( %'5"#$%&'!( )*( "%7!""%( %'5!3%&3%( #""+<\H( `!(
4&"%.%2M!( 5%)2#"%( M#''&( -#'.!'*.&( *'+%-4&).#$%&'!( 3!).3%..%7#>( X!'2Mi( -!'&( %'.!')#( 3%)4!..&( #"( ;E<;H( `!(
2&',%$%&'%( 5%'#'$%#3%!( )&'&( 3%-#).!( 4%]( )5#7&3!7&"%( '!%( L#!)%( -!,%.!33#'!%( 3%)4!..&( #( S*!""%( ,!"( Y&3,( T*3&4#>(
#'2M!( )!( %"( )&).#'$%#"!( 2#"&( ,!%( 43!-%( #"( 3%)2M%&( )!/'#"#( 2M!( "#( 5#)!( #2*.#( ,!""#( 23%)%( ^( ).#.#( #-4%#-!'.!(
)*4!3#.#H(Z*"(53&'.!(,!""#(23%)%(,!"(,!X%.&>()%()&'&(2M%*)%(%(,%55%2%"%('!/&$%#.%()*"(4%#'&(,%()&).!/'&(#(J%43&>(2M!(
M#''&( 2&-4&3.#.&( *'#( ,3#).%2#( 3%).3*..*3#$%&'!( ,!%( ,*!( 43%'2%4#"%( %).%.*.%( X#'2#3%( !( %"( 2&%'7&"/%-!'.&(
'!""+&4!3#$%&'!( ,!%( ,!4&)%.%( &".3!( "#( )&/"%#( !*3&4!#( ,%( /#3#'$%#H( `!( 3!7%)%&'%( ,!/"%( #".3%( 43&/3#--%( %'( 2&3)&(
8g3!2%#>( L&3.&/#""&>( I3"#',#( !( Z4#/'#9( )&'&( ).#.!( 2&'2"*)!( 2&'( !)%.&( 4&)%.%7&H( 6""#( 5%'!( ,!"( ;E<=( I3"#',#( !(
Z4#/'#()&'&(*)2%.!(,#%(43&/3#--%(,%()&).!/'&(5%'#'$%#3%&>()!'$#(3%2M%!,!3!(*".!3%&3!(#))%).!'$#H(
I'(-#//%&>("#(_#'2#(J!'.3#"!(T*3&4!#(8_JT9(M#(.#/"%#.&(,#(E>FG\(#(E>GE\(%"(.#))&()*""!(&4!3#$%&'%(43%'2%4#"%(
,%(3%5%'#'$%#-!'.&(8@L 9(!(M#(4&3.#.&(,#(<>GE\(#(<>EE\(%"(.#))&(,%(3%5%'#'$%#-!'.&(-#3/%'#"!a(*'#()!2&',#(
"%-#.*3#( ^( ).#.#( !55!..*#.#( %'( '&7!-X3!>( 3%,*2!',&( %"( .#))&( )*""!( @L ( #""&( E>;G\( !( %"( 3%5%'#'$%#-!'.&(
-#3/%'#"!(#""&(E>FG\H(I"(.#))&()*%(,!4&)%.%(^(3%-#).&(#($!3&H(`#(_JT('&'(M#(!)2"*)&(2M!('*&7!(-%)*3!(4&))#'&(
!))!3!(#,&..#.!(#'2M!(%'(5*.*3&>()!/'#"#',&(2M!(%(.#))%(*55%2%#"%(3%-#33#''&(4#3%(&(%'5!3%&3%(#"("%7!""&(#..*#"!(4!3(
*'( 4!3%&,&( 43&"*'/#.&H( I( .#))%( ,%( -!32#.&( -&'!.#3%&( )&'&( 3%-#).%( ).#X%"%>( 2&'( -&,!).%( )!/'#"%( ,%( 3%)#"%.#( #(
4#3.%3!(,#(/%*/'&(!(*'#()&).#'$%#"!(%')!')%X%"%.K(#/"%(%'.!37!'.%()*%(.#))%(*55%2%#"%H(
I( .#))%( I Z( M#''&( #77%#.&( ,#( -#//%&( *'#( ,!2%)#( #)2!)#>( ,&7*.#( )&43#..*..&( #""#( 2&33!"#$%&'!( 2&'( %"( -!32#.&(
#-!3%2#'&H(
N%'&(#(/%*/'&>(4*3(3!/%).3#',&(#-4%!(&)2%""#$%&'%>("+!*3&(^(3%-#).&()*("%7!""%(-!,%#-!'.!(4%](,!X&"%(3%)4!..&(#(
5%'!( ;E<;H( Y!"( )!2&',&( )!-!).3!( ^( %'%$%#.&( *'( /3#,*#"!( 3#55&3$#-!'.&( 7!3)&( <>=D:<>=B( ,&""#3%>( )*( "%7!""%(
-#'.!'*.%(#'2M!(#""+%'%$%&(,!""+!)!32%$%&(;E<DH((
(
G!=,+'%-#!%.#(&%+#!
!
Y!"(2&3)&( ,!"(;E<=>(%( -!32#.%(#$%&'#3%(%'.!3'#$%&'#"%(M#''&(3!/%).3#.&(,%'#-%2M!(2&-4"!))%7#-!'.!(4&)%.%7!>(
)&).!'*.!( ,#""!( 4&"%.%2M!( -&'!.#3%!( !)4#')%7!( ,!""!( X#'2M!( 2!'.3#"%( !( ,#%( 43&/3!))%7%( )!/'#"%( ,+%'7!3)%&'!( ,%(
.!',!'$#('!"(2%2"&(!2&'&-%2&(,!""+#3!#(,!""+!*3&H(
1&4&( *'( %'%$%&( ,+#''&( 2#3#..!3%$$#.&( %'( T*3&4#( ,#""#( 23%)%( ,!"( )%).!-#( X#'2#3%&:5%'#'$%#3%&( #( J%43&>( !( ,#""#(
23!)2!'.!( %'2!3.!$$#( 4&"%.%2#( %'( I.#"%#>( "+#''*'2%&( %'( #43%"!( ,!""#( X#'2#( 2!'.3#"!( /%#44&'!)!( ,%( *'#( 4&"%.%2#(
-&'!.#3%#(5&3.!-!'.!(!)4#')%7#>(2&-X%'#.#(#""!(4&"%.%2M!(#22&-&,#'.%(,!""#(N!,!3#"( !)!37!(!(,!""#(_JT>(M#(
%''!)2#.&(*'#(5#)!(#"(3%#"$&(,!/"%(%',%2%(#$%&'#3%(%'.!3'#$%&'#"%H((
R#"!(-&7%-!'.&()%( ^(.!-4&3#'!#-!'.!( %'.!33&..&(,&4&(-!.K( -#//%&>( 4!3(%(23!)2!'.%(.%-&3%(,!/"%( %'7!).%.&3%(
)*%( .!-4%( ,%( *)2%.#( ,!""#( N!,!3#"( !)!37!( ,#""#( )*#( 4&"%.%2#( -&'!.#3%#( !)4#')%7#W( "#( 2&33!$%&'!( ,!/"%( %',%2%(
#$%&'#3%(M#(5&3.!-!'.!(3%,&..&>(!(%'(.#"*'%(2#)%(#$$!3#.&>(%(43&/3!))%(,!/"%(%',%2%(,#(%'%$%&(#''&H((
Y!"(.!3$&(.3%-!).3!("+#',#-!'.&(,!%(-!32#.%(#$%&'#3%(^(.&3'#.&("#3/#-!'.!(4&)%.%7&>(/3#$%!(#%(43%-%()!/'#"%(,%(
).#X%"%$$#$%&'!( ,!"( 2%2"&( '!""+#3!#( ,!""+!*3&( 8!( %'( #"2*'%( 4#!)%>( 2&-!( "#( g!3-#'%#>( ,%( 7!3#( !( 43&43%#( 3%43!)#(
!2&'&-%2#9>(%'(*'(S*#,3&(,%(-#//%&3!(#44!.%.&(4!3(%"(3%)2M%&(,#(4#3.!(,!/"%(%'7!).%.&3%>(!(,%(/3#,*#"!(3%.&3'&(,%(
#..!'$%&'!( #""!( ,%'#-%2M!( 5&',#-!'.#"%H( I( 4#!)%( d4!3%5!3%2%e( ,!""+!*3&$&'#( 8%'( 4#3.%2&"#3!>( I.#"%#( !( Z4#/'#9(
!
22!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(Z2!'#3%&(-#23&!2&'&-%2&
M#''&( %'( S*!).#( 5#)!( &..!'*.&( 4!35&3-#'2!( )*4!3%&3%( #( S*!""!( ,!%( 4#!)%( d2&3!e( 8g!3-#'%#( !( N3#'2%#9(
2M%*,!',&(%'(X*&'#(4#3.!(%"(/#4(#22*-*"#.&('!""#(43%-#(-!.K(,!""+#''&H(
Y&'&).#'.!( *'#( .!-4&3#'!#( 43!)#( ,%( 43&5%..&( )*%( -!32#.%>( %''!)2#.#( ,#%( .%-&3%( 4!3( "#( ,!X&"!( ,%'#-%2#( ,!%(
43!$$%( '!""+#3!#( ,!""+!*3&>( "!( *".%-!( )!..%-#'!( ,!"( ;E<=( )&'&( ).#.!( 2#3#..!3%$$#.!( #'2&3#( ,#( *'( 5&3.!(
-&7%-!'.&( #"( 3%#"$&( ,!/"%( %',%2%( #$%&'#3%>( )2&'.#',&( 2&',%$%&'%( !2&'&-%2M!( !( 5%'#'$%#3%!( '&3-#"%$$#.!( '!"(
;E<DH((
Y!"(2&3)&(,!"(;E<=>("+%',%2!(ZqL(GEE(M#(3!/%).3#.&(*'(3%#"$&(,!"(;?>B\>()&).!'*.&(,#""#(4&)%.%7#(,%'#-%2#(,!""#(
23!)2%.#(!2&'&-%2#(!(,!/"%(*.%"%()&2%!.#3%('!/"%(Z.#.%(['%.%H(`!(4!35&3-#'2!(,!%(43%'2%4#"%(-!32#.%(#$%&'#3%(#)%#.%2%(
M#''&(2&'.%'*#.&(#,(!7%,!'$%#3!(*'+!"!7#.#(,%7!3/!'$#W("+I',%2!(ZZT(J&-4&)%.!(,!"(-!32#.&(2%'!)!(M#(2M%*)&(
%"(;E<=(%'(2#"&(,!"(B>C\>(4!'#"%$$#.&(,#(43!&22*4#$%&'%()*""+%'.!')%.K(,!""#(23!)2%.#(!2&'&-%2#>(-!'.3!("+%',%2!(
Y%jj!%(;;G()%(^(5&3.!-!'.!(3%7#"*.#.&(8cGB>F\9>()*/"%(!55!..%(X!'!5%2%(,%(4&"%.%2M!(-&'!.#3%!(!(5%)2#"%(!)4#')%7!H(
`#(23!)2!'.!(7%)%X%"%.K()*""#(3%43!)#(!2&'&-%2#>(!(%"(2#"&(,!""!(.!')%&'%("!/#.!(#""#(23%)%(,!"(,!X%.&()&73#'&>(M#''&(
)&).!'*.&( %( -!32#.%( #$%&'#3%( '!""+#3!#( !*3&H( `+%',%2!( 16r( =E( M#( 3!#"%$$#.&( '!"( ;E<=( *'( 3%#"$&( ,!"( ;G>G\>( ,%(
3%5"!))&( #""#( 5&3$#( 3!"#.%7#( ,!""+!2&'&-%#( ,&-!).%2#>( -!'.3!( %"( J6J( DE( )%( ^( 3%7#"*.#.&( ,!"( <C\( '!""&( ).!))&(
4!3%&,&H( I'( 5&3.!( 3!2*4!3&( %"( -!32#.&( #$%&'#3%&( )4#/'&"&>( 2&'( "+I_Tr( =G( %'( 3%#"$&( ,!"( ;<>D\H( `+%',%2!( T*3&(
Z.&ss(M#(2M%*)&("+#''&(2&'(*'(3%#"$&(,!"(;E>G\H(6"(,%(5*&3%(,!""+#3!#(!*3&>("+%',%2!(,!"(-!32#.&(X3%.#''%2&(NRZT(
<EE()%(^(3%7#"*.#.&(,!"(<D>D\>(-!'.3!("+#$%&'#3%&()7%$$!3&(M#(2M%*)&(%"(4!3%&,&(2&'(*'(c;E>;\(,!""+%',%2!(ZoIH((
(
G!=,+'%-#!(HH$#B%.#(&%+#!'(+>(+%-,!
!
I(-!32#.%(,!"(23!,%.&(!*3&4!%(M#''&(2M%*)&(4&)%.%7#-!'.!(%"(;E<=>(2&'(3!).3%'/%-!'.%(/!'!3#"%$$#.%(,!%(43!-%(#"(
3%)2M%&>(%'(4#3.%2&"#3!(.3#("!(#))!.(2"#))(4%](3%)2M%&)!>(2M!(M#''&(2&'.%'*#.&(#(X!'!5%2%#3!(,!"(-#'.!'%-!'.&(,%(
4&"%.%2M!( -&'!.#3%!( #22&-&,#'.%( ,#( 4#3.!( ,!""!( X#'2M!( 2!'.3#"%( !( ,%( %'2&3#//%#'.%( )!/'#"%( ,%( 3%43!)#(
!2&'&-%2#('!""+T*3&$&'#H((
I"(4&)%.%7&(#',#-!'.&(,!%(-!32#.%(M#()*X%.&(*'#(X#..*.#(,%(#33!).&(#(4#3.%3!(,#(-!.K(-#//%&()*%(.%-&3%("!/#.%(#(
*'#( 3%,*$%&'!( ,!""&( ).%-&"&( S*#'.%.#.%7&( ,!""#( N!,!3#"( !)!37!( /%K( !'.3&( "+#''&H( `#( 2&'5!3-#( ,%( *'#(
%-4&).#$%&'!( ).#X%"-!'.!( !)4#')%7#( ,#( 4#3.!( ,!""#( _JT( !( "+#XX&',#'.!( "%S*%,%.K( #""#( 3%2!32#( ,%( 3!',%-!'.&(
M#''&( 4!3-!))&( 2&-*'S*!( #%( -!32#.%( ,%( 2&'.%'*#3!( %"( -&7%-!'.&( ,%( 2&'.3#$%&'!( ,!%( 43!-%( #"( 3%)2M%&H( R#"!(
.!',!'$#( M#( .3#..&( *".!3%&3!( 5&3$#( ,#""+!55!..&( )&343!)#( /!'!3#.&( ,#""#( ,!2%)%&'!( ,!""#( N!,( %'( )!..!-X3!( ,%(
3%'7%#3!("#(3%,*$%&'!(,!"()*&(43&/3#--#(,%(#2S*%).&(.%.&"%H(I"(S*#3.&(.3%-!).3!(M#(7%).&(4&%("+%'#..!)&(.#/"%&(,!%(
.#))%>()!('&'(#".3&(%'(.!3-%'%(,%(.%-%'/>(,#(4#3.!(,!""#(_JT(!("#(2&-*'%2#$%&'!(,!""#(X#'2#(2!'.3#"!(#-!3%2#'#(
2M!(#,(*'#(3%,*$%&'!(,!"(43&/3#--#(,%(#2S*%).%('&'()#3!XX!(2&33%)4&).&(*'(%--!,%#.&(3%#"$&(,!%(.#))%(!(#'$%(
2M!(%"("&3&("%7!""&(3%-#33K(X#))&(4!3(*'(.!-4&(3#/%&'!7&"-!'.!("*'/&H(
I"(;E<=(M#(3!/%).3#.&(*'(-!32#.&(43%-#3%&(.&'%2&(4!3(%"(2&-4#3.&(%'7!).-!'.(/3#,!(!(2&'(7&"*-%(3!2&3,(4!3("!(
!-%))%&'%( )4!2*"#.%7!( /3#,!a( %'( 4#3.%2&"#3!( S*!).!( *".%-!( M#''&( X!'!5%2%#.&( ,!""#( 3%2!32#( ,%( 3!',%-!'.&( ,#(
4#3.!( ,!/"%( %'7!).%.&3%( !( ,!""#( '!2!))%.K( ,!/"%( !-%..!'.%( ,%( 3%2&33!3!( ( #"( -!32#.&( 43%-#3%&( %'( )&).%.*$%&'!( ,!"(
,!X%.&(X#'2#3%&>(#(2&',%$%&'%(5#7&3!7&"%H(
I"( -!32#.&( &XX"%/#$%&'#3%&( !*3&4!&( M#( !7%,!'$%#.&( *'#( )&73#:4!35&3-#'2!( ,!%( X&',( %',*).3%#"%( 3%)4!..&( #%(
5%'#'$%#3%( '!"( )!/-!'.&( %'7!).-!'.( /3#,!H( I"( 3%.&3'&( ,!""#( 43&4!')%&'!( #"( 3%)2M%&( !( "#( 2&'.%'*#( 3%2!32#( ,%(
3!',%-!'.%( #..3#!'.%( ,#( 4#3.!( ,!/"%( %'7!).%.&3%( M#''&( .3#%'#.&( "!( 4!35&3-#'2!( ,!%( .%.&"%( ,!%( 4#!)%( 4!3%5!3%2%(
3%)4!..&(#%(4#!)%(2&3!(!(,!%(.%.&"%()4!2*"#.%7%(3%)4!..&(#/"%(%'7!).-!'.(/3#,!>()4!2%#"-!'.!('!""!(2"#))%(,%(-%'&3(
-!3%.&(23!,%.%$%&H(
(
;'(&(=#,!,!=,+'%-#!,=,+B,&-#!
!
Y!"( ;E<=( "#( 23!)2%.#( ,!"( LI`( '!""!( !2&'&-%!( !-!3/!'.%>( )*""#( X#)!( ,%( ).%-!( #'2&3#( 43!"%-%'#3%( ,!"( N&',&(
o&'!.#3%&( I'.!3'#$%&'#"!( 8NoI9>( M#( ,!2!"!3#.&( #"( D>F\( ,#"( D>?\( '!"( ;E<;H( I"( 3#""!'.#-!'.&( ^( ).#.&( 4%](
-#32#.&( '!""!( #3!!( 4%]( !)4&).!( #"( 2%2"&( ,!""!( -#.!3%!( 43%-!>( '!""&( )4!2%5%2&( %'( 6-!3%2#( `#.%'#>( '!%( L#!)%( JZI(
8J&-*'%.K( ,!/"%( Z.#.%( I',%4!',!'.%9( !( oTY6( 8o!,%&( @3%!'.!( !( Y&3,( 653%2#9H( I'( S*!).+*".%-#( 3!/%&'!>( M#''&(
%'&".3!(4!)#.&("!(4!3)%).!'.%(.!')%&'%(4&"%.%2M!H((
I'( 6-!3%2#( `#.%'#( %"( LI`( ^( ).%-#.&( %'( ,!2!"!3#$%&'!( 2&'( %"( )&"&( _3#)%"!( 2M!>( /3#$%!( #"( )*44&3.&( ( ,!""#( 4&"%.%2#(
5%)2#"!>(^(7%).&>(%'(2&'.3&.!',!'$#>(%'(23!)2%.#(,#""+<\(#"(;>=\H(I'( *))%#(%"(LI`(^().%-#.&(%'(23!)2%.#(#""+<>=>(4#3%(
#(-!'&(,!""#(-!.K(3%)4!..&(#"(;E<;(-!'.3!("+[23#%'#(^('*&7#-!'.!(.&3'#.#(%'(3!2!))%&'!H(I'(6)%#("#(,%'#-%2#(
,!"( LI`( ^( 3%)*".#.#( %'( -&,!).#( #22!"!3#$%&'!>( ,#"( B>D\( #"( B>G\H( `#( 3!/%&'!( #)%#.%2#( M#( 3%)!'.%.&( ,!"(
3#""!'.#-!'.&(,!%(,*!(-#//%&3%(L#!)%>(J%'#(!(I',%#>(&))!37#.&('!""+*".%-&H((
I"( LI`( M#( ,%7!3)#-!'.!( 7%).&( *'( 3!2*4!3&( '!%( 4#!)%( JTT( 8J&-*'%.K( T2&'&-%2#( T*3&4!#9( !( ZTT( 8Z4#$%&(
T2&'&-%2&(T*3&4!&9>(2M!(M#''&(X!'!5%2%#.&(,!""#(3%43!)#(,!"(2%2"&('!""+63!#(T*3&H(`#(Z!3X%#(!("+['/M!3%#()&'&((
*)2%.!(,#""#(3!2!))%&'!(-!'.3!("#( &-#'%#(M#(3!/%).3#.&(*'#()%/'%5%2#.%7#(#22!"!3#$%&'!H(J3&#$%#(!(Z"&7!'%#()%(
!
2/!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(Z2!'#3%&(-#23&!2&'&-%2&
)&'&( %'7!2!( 2&'5!3-#.!( %'( 3!2!))%&'!>( #'2M!( )!( %'( J3&#$%#( "#( 2#,*.#( ,!"( LI`( ).%-#.#( 4!3( %"( ;E<=( 8:E>?\9( ^(
).#.#( %'5!3%&3!( #( S*!""#( %'.!37!'*.#( '!"( ;E<;( 8:;\9H( I'( Z"&7#22M%#( "#( 23!)2%.#( M#( 3#""!'.#.&( )*( X#)!( #''*#((
!7%,!'$%#',&(.*..#7%#(*'#(/3#,*#"!(#22!"!3#$%&'!(%'(2&3)&(,+#''&H((
Y!"( ;E<=( %"( .#))&( ,+%'5"#$%&'!( ^( "%!7!-!'.!( #*-!'.#.&( %'( -!,%#( ,+#''&( 4&3.#',&)%>( )*""#( X#)!( ,!""!( ).%-!(
43!"%-%'#3%( ,!"( NoI>( #"( B><\( ,#"( B\( '!""+%'.!3&( ;E<;H( `!( 2&'.!'*.!( 43!))%&'%( #"( 3%#"$&( )&'&( ).#.!(
43%'2%4#"-!'.!( ,!.!3-%'#.!( ,#/"%( #*-!'.%( ,!%( 43!$$%( ,!%( X!'%( #"%-!'.#3%( !,( !'!3/!.%2%( 2M!( '!%( 4#'%!3%( ,!""!(
!2&'&-%!(!-!3/!'.%(M#''&(*'(4!)&(3!"#.%7#-!'.!(4%](#".&(3%)4!..&(#(S*!""%(,!%(4#!)%(#7#'$#.%H(
`+%')%!-!( ( ,!/"%( %'.!37!'.%( ,%( 4&"%.%2#( -&'!.#3%#( &4!3#.%( '!"( ;E<=( ,#%( 4#!)%( !-!3/!'.%( )%( 43!)!'.#( 7#3%!/#.&H(
Y!""+T*3&4#(J!'.3&(@3%!'.#"!>(%'(*'(S*#,3&>('!"(2&-4"!))&>( ,%().#X%"%$$#$%&'!(5%)2#"!>(%'5"#$%&'!(2&'.!'*.#(!(
23!)2%.#( #'2&3#( ,!X&"!( 7%( )&'&( ).#.%( ,%55*)%( .#/"%( ,!%( .#))%( ,%( 3%5!3%-!'.&( 8[23#%'#>( L&"&'%#>( &-#'%#>( Z!3X%#>(
['/M!3%#9H(`#(R*32M%#>(.*..#7%#>(,&4&(#7!3(#XX#))#.&(%(.#))%(%'(-&,&(#//3!))%7&('!""#(43%-#(-!.K(,!""+#''&(8:
;;G( 4X9>( M#( %'7!3.%.&( "#( -#32%#( '!"( )!2&',&( )!-!).3!( 4!3( 2&'.3#).#3!( %"( ,!43!$$#-!'.&( ,!"( 2#-X%&( !(
"+#22!"!3#$%&'!(,!""+%'5"#$%&'!H((
I'( 6-!3%2#( `#.%'#( M#''&( 43!7#")&( %'.!37!'.%( ,%).!')%7%>( -#( '&'( )&'&( -#'2#.%( 2#)%( ,%( 3!).3%$%&'!H( `#( _#'2#(
2!'.3#"!( ,!"( _3#)%"!>( #( 53&'.!( ,%( *'#( 4&"%.%2#( 5%)2#"!( !)4#')%7#( !,( %'5"#$%&'!( &".3!( %"( .#3/!.>( M#( #"$#.&(
3%4!.*.#-!'.!(%"(.#))&(,%(3%5!3%-!'.&H(I'(6)%#>("#( !)!37!(_#'j(,!""+I',%#>(,&4&(#7!3(.#/"%#.&('!""#(43%-#(-!.K(
,!"(;E<=(4!3()&).!'!3!("#(,&-#',#(%'.!3'#>(M#()*22!))%7#-!'.!(#"$#.&(%(.#))%(4!3(2&'.3#).#3!("!(43!))%&'%(#"(
3%X#))&()*""#(7#"*.#H(I'(J%'#("!(6*.&3%.K(-&'!.#3%!()&'&(%'.!37!'*.!(2&'(-%)*3!(3!).3%..%7!(4!3(2&'.!'!3!(%'7!2!(
"+!)4#')%&'!(,!"(23!,%.&H(
Y!"( ;E<=( %( -!32#.%( 5%'#'$%#3%( ,!%( L#!)%( !-!3/!'.%( M#''&( 3%)!'.%.&( ,!""+%',!X&"%-!'.&( ,!""+#..%7%.K( !2&'&-%2#(
3!#"!( !>( '!%( 2#)%( ,%( -#//%&3!( 7*"'!3#X%"%.K( 5%'#'$%#3%#>( ,%( -%'&3%( #55"*))%( ,%( 2#4%.#"%>( ,&4&( "+#''*'2%&( ,!""#(
N!,!3#"( !)!37!( ,%( *'( /3#,*#"!( 3%!'.3&( ,#"( 43&/3#--#( ,%( !)4#')%&'!( ,!""#( "%S*%,%.KH( `#( )*22!))%7#( 3!7%)%&'!(
,!""!( #)4!..#.%7!( )*%( .!-4%( !( %( -&,%( ,%( #77%&( ,!"( .#4!3%'/( 8,%-%'*$%&'!( !( 5%'!( ,!/"%( #2S*%).%( ,%( .%.&"%( ,%( Z.#.&(
/&7!3'#.%7%( ,#( 4#3.!( ,!""#( N!,!3#"( !)!37!9( M#''&( %'( 4#3.!( 2&33!..&( "+%-4#..&( '!/#.%7&( '!""#( )!2&',#( 4#3.!(
,!""+#''&H(
`+%',%2!(#$%&'#3%&(oZJI(2&-4&)%.&(,!%(4#!)%(!-!3/!'.%(^()#"%.&(,%(*'(-&,!).&(E>?\('!""+%'.!3&(;E<=(3%)4!..&(
#"(<=>?\('!"(;E<;H(Y!"(,!..#/"%&>("+%',%2!>()2!)&(,%(&".3!(%"(B>=\('!"(<Q()!-!).3!>(M#(3%/*#,#/'#.&(&".3!(%"(F\(
'!"()!2&',&()!-!).3!H(I(-!32#.%(,!%(4#!)%(4!.3&"%5!3%(,!"(g&"5&(!("+T/%..&(M#''&(4!3f(-!))&(#()!/'&(2&')%).!'.%(
3%#"$%H(6'2M!("!(4%#$$!(,!""+T*3&4#(J!'.3&(@3%!'.#"!(M#''&(3!/%).3#.&(X*&'!(4!35&3-#'2!>()!/*!',&(#"(3%#"$&(
"+T*3&Z.&ssH((
I( -!32#.%( &XX"%/#$%&'#3%( ,!%( 4#!)%( !-!3/!'.%>( )!2&',&( %"( tLo( .&.#"( 3!.*3'( %',!s>( M#''&( &55!3.&( '!"( ;E<=( *'(
3!',%-!'.&( 4&)%.%7&( 4#3%( #""&( E>?\>( '!..#-!'.!( %'5!3%&3!( .*..#7%#( #( S*!""&( ,!"( ;E<;>( S*#',&( #7!7#'&(
/*#,#/'#.&( &".3!( %"( <D\H( I( -!32#.%( ,!""+T*3&4#( J!'.3&( @3%!'.#"!( M#''&( /#3#'.%.&( *'( 3!',%-!'.&(
3!"#.%7#-!'.!(-#//%&3!(8%'.&3'&(#"(;\9()&).!'*.%(,#""!(4&"%.%2M!(,%().#X%"%$$#$%&'!(%'.!3'#(!(,#"(3%!'.3&(,!""!(
.!')%&'%(5%'#'$%#3%!(%'(63!#(T*3&H(
(
XP,'(&(=#%!#-%$#%&%!
!
`#(5#)!(3!2!))%7#(,!""+!2&'&-%#(%.#"%#'#()%(^(!).!)#(#"(.!3$&(.3%-!).3!(,!"(;E<=>(4*3(%'(*'(2&'.!).&(,%(/3#,*#"!(
).#X%"%$$#$%&'!H(I(,#.%(,%(43&,*$%&'!(%',*).3%#"!(!("!(%',#/%'%(2&'/%*'.*3#"%()!/'#"#'&(2M!(%"(S*#3.&(.3%-!).3!(M#(
)!/'#.&( %"( 3%.&3'&( #""#( 23!)2%.#( ,!""+#..%7%.K( !2&'&-%2#H( `#( 7#3%#$%&'!( -!,%#( #''*#( ^( ).#.#( #'2&3#( -&".&(
'!/#.%7#>(2&'(*'#(5"!))%&'!(3%)4!..&(#"(;E<;()*4!3%&3!(#""+<>G\H(`#(2&'.3#$%&'!(,!""#(,&-#',#(%'.!3'#(^().#.#(
4#3$%#"-!'.!( 2&-4!')#.#( ,#( *'( '*&7&( -%/"%&3#-!'.&( ,!""#( X%"#'2%#( 2&--!32%#"!>( ,&7*.&( 4!3f( 4%]( #"( 2#"&(
,!""!(%-4&3.#$%&'%(2M!(#""#(23!)2%.#(,!""+!s4&3.H(`#()%.*#$%&'!(2&-4"!))%7#(2&'.%'*#(#(!))!3!(4!'#"%$$#.#(,#(*'#(
-#32#.#( 2&'.3#$%&'!( ,!%( "%7!""%( ,%( 3!,,%.&( ,!""!( 5#-%/"%!>( #))&2%#.#( #( *'#( ,%'#-%2#( ,!""+&22*4#$%&'!( -&".&(
)5#7&3!7&"!H(`#(4&"%.%2#(5%)2#"!(M#(-#'.!'*.&(#'2&3#(*'(.&'&(43!7#"!'.!-!'.!(3!).3%..%7&H(R*..#7%#>('!"(2&3)&(
,!""+#''&( "#( L*XX"%2#( 6--%'%).3#$%&'!( M#( #77%#.&( %"( 4#/#-!'.&( ,%( 5#..*3!( #33!.3#.!( 4!3( &".3!( ;E( -%"%#3,%( ,%(
!*3&(!("+&3%!'.#-!'.&(,!""#(4&"%.%2#(5%)2#"!(#''*'2%#.&(4!3(%"(;E<D(^(,%7!'.#.&(/3#,*#"-!'.!('!*.3#"!H((
I"( -!32#.&( ,!%( _RL( M#( 7%).&( *'( ,3#).%2&( 2#"&( ,!%( 3!',%-!'.%( %'( /!''#%&>( 4&%( 3%!'.3#.&( #( 2#*)#( ,!""+%'2!3.!$$#(
#))&2%#.#(#""!(!"!$%&'%(4&"%.%2M!(,%(5%'!(5!XX3#%&H(I'()!/*%.&>("+%-4#))!(4&"%.%2#(M#(#7*.&(3%4!32*))%&'%('!/#.%7!(
3!"#.%7#-!'.!( 2&'.!'*.!( )*( 43!-%( #"( 3%)2M%&( !( .#))%( !( '&'( M#( %-4!,%.&( *'( '*&7&( 2#*.&( %'/3!))&( ,%( 2#4%.#"%(
!).!3%( )*"( -!32#.&( %.#"%#'&H( 1#( 5%'!( -#//%&( )%( ^( 3!/%).3#.&( *'( '*&7&( #""#3/#-!'.&( ,!%( ,%55!3!'$%#"%( ,%(
3!',%-!'.&( .3#( .%.&"%( %.#"%#'%( !( .!,!)2M%>( %'( )%'.&'%#( 2&'( "#( -#//%&3!( #77!3)%&'!( #"( 3%)2M%&( &))!37#.#( '!%(
43%'2%4#"%(-!32#.%(5%'#'$%#3%a(%(,%55!3!'$%#"%(,%(.#))&>(,&4&(#7!3()!/'#.&(*'(4%22&(#""#(5%'!(,!"()!2&',&(.3%-!).3!>(
M#''&( 4&%( X!'!5%2%#.&( ,%( *'#( 43&"*'/#.#( !( %'.!')#( ,%)2!)#>( 2&'.%'*#.#( 5%'&( #""+%'%$%&( ,!""+!)!32%$%&( ;E<D>(
2&""&2#',&)%(%'(43&))%-%.K(,!%(;EE4XH(
!
2S!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(Z2!'#3%&(-#23&!2&'&-%2&
I"(-!32#.&(#$%&'#3%&(I.#"%#'&(M#("%!7!-!'.!()&..&4!35&3-#.&(%(-#//%&3%(-!32#.%(!*3&4!%('!"(;E<=>(4!'#"%$$#.&(
'!""#(43%-#(4#3.!(,!""+#''&(,#""#(43&"*'/#.#(,!X&"!$$#(,!""#(2&'/%*'.*3#(!2&'&-%2#(,&-!).%2#>('&'2Mi(,#""!(
.!')%&'%()*22!))%7!(#""!(!"!$%&'%(4&"%.%2M!(,%(5!XX3#%&H(R*..#7%#>(%"(/#4(,%(4!35&3-#'2!()%(^("#3/#-!'.!(3%,&..&(
'!""#( )!2&',#( 4#3.!( ,!""+#''&>( %'( 7%).#( ,%( *'#( 43&/3!))%7#( ).#X%"%$$#$%&'!( ,!"( 2%2"&( !2&'&-%2&H( `+%',%2!( NRZT(
oI_(M#(2M%*)&("+#''&(2&'(*'(3%#"$&(,!"(<B>B\(8,&4&(%"(2#"&(,!"(B>D\(#(5%'!(/%*/'&9a(#'#"&/#-!'.!>(%"(NRZT(
I.#"%#( 6""( ZM#3!( M#( 3!/%).3#.&( *'( 3%#"$&( ,!"( <F>B\H( I( .%.&"%( #( -!,%#( 2#4%.#"%$$#$%&'!( M#''&( %'7!2!( "#3/#-!'.!(
)&73#4!35&3-#.&( "!( X"*!( 2M%4)>( 2&'( "+%',%2!( NRZT( I.#"%#( ZR6 ( 2M!( M#( 3!/%).3#.&( *'( 5&3.!( 3%#"$&( 8cGG>F\9( '!"(
2&3)&(,!"(;E<=H(
(
G$!6#6-,=%!'+,)#-#.#(!#-%$#%&(!
!
*%66#!,!6>+,%)!!
Y!"(;E<=()%(^(#))%).%.&(#,(*'#(/3#,*#"!(3%,*$%&'!(,!"(2&).&(2&-4"!))%7&(,!""#(43&77%).#(,#(2"%!'.!"#H(`#(,%)2!)#(
^().#.#(/*%,#.#()&43#..*..&(,#"(2#"&(,!"(.#))&(-!,%&()*%(,!4&)%.%(#(.!-4&(/3#$%!(#""+!55!..&(2&'/%*'.&(,!"(2&).&(
4%]( 2&'.!'*.&( ,!%( '*&7%( ,!4&)%.%( !( ,!""+*)2%.#( ,#""&( ).&2j( ,%( S*!""%( #22!)%( '!""!( 5#)%( 4%]( #2*.!( ,!""#( 23%)%( ,!"(
,!X%.&()&73#'&>(/%*'.%(#()2#,!'$#H(I"(.#))&(-!,%&()*""#(2&')%).!'$#(,!%(,!4&)%.%(2&'(,*3#.#(43!).#X%"%.#(^()2!)&(
'!""+*".%-#( 4#3.!( ,!""+#''&( #%( -%'%-%( ,#( &..&X3!( ;E<<H( 6"( 2#"&( ,!"( 2&).&( ,!""#( 3#22&".#( M#( 2&'.3%X*%.&( "#(
3%,*$%&'!(,!%(.#))%()*%(2&'.%(2&33!'.%>()&43#..*..&(,%(S*!""%(2&33%)4&).%(#""!()&2%!.K('&'(5%'#'$%#3%!H(6'2M!(%"(2&).&(
-#3/%'#"!(,!""!(!-%))%&'%(&XX"%/#$%&'#3%!(#(.#))&(5%))&()%(^(3%,&..&(3%)4!..&(#""+!)!32%$%&(43!2!,!'.!>(%'(-!,%#(
#''*#(,%(S*#)%(*'(4*'.&(4!32!'.*#"!H(
1%7!3)#-!'.!( ,#( S*#'.&( &))!37#.&( 4!3( %"( 2&).&( ,!""#( '*&7#( 3#22&".#>( %( .#))%( )*%( 43!).%.%( M#''&( -&).3#.&( *'#(
)&).#'$%#"!( 3!)%).!'$#>( ,#( 3%2&',*33!( #"( 4!3-#'!3!( ,%( *'( !"!7#.&( 3%)2M%&( ,%( 23!,%.&( 2M!( M#( 2&'.%'*#.&( #(
%'5"*!'$#3!( "!( 2&',%$%&'%( )*"( -!32#.&( 23!,%.%$%&H( L!3( %"( .#))&( )*%( '*&7%( 43!).%.%( #""!( )&2%!.K( '&'( 5%'#'$%#3%!( %"(
)!2&',&( )!-!).3!( ^( 3%)*".#.&( %'( "%'!#( 2&'( "#( 43%-#( -!.K( ,!""+#''&>( -!'.3!( '!"( 2&-4"!))&( ,!"( ;E<=( )%( ^(
3!/%).3#.#( *'#( -!,%#( "!//!3-!'.!( %'5!3%&3!( #""+!)!32%$%&( 43!2!,!'.!( 8=>G<\( ,#"( =>BD\( ,!"( ;E<;9>( 2M!(
3%)!'.%7#(,!%(.#))%(!"!7#.%(,!%(43%-%(-!)%H(Y!""+*".%-#(4#3.!(,!"(;E<=>(2!''%(,%(,%)2!)#(M#''&(%'.!3!))#.&>(%'7!2!>(
%"( .#))&( -!,%&( )*%( '*&7%( 43!).%.%( #""!( 5#-%/"%!( 4!3( #2S*%).&( ,%( #X%.#$%&'%>( ,&4&( "!( "%!7%( "%-#.*3!( 3!/%).3#.!( '!%(
.3%-!).3%(43!2!,!'.%>(2&'(*'#(-!,%#(#''*#()%/'%5%2#.%7#-!'.!(%'5!3%&3!(#"(;E<;(8=>BG\(3%)4!..&(#(D>E;\(,!"(
;E<;9H(
6'2M!(%(.#))%()*""!(2&')%).!'$!(,!%(43!).%.%(M#''&(2&'5!3-#.&("#(3!)%).!'$#("*'/&(.*..&(%"(;E<=>(,&4&("#(,%)2!)#(
&))!37#.#( '!"( 2&3)&( ,!"( ;E<;H( Y!"( )!2&',&( )!-!).3!( ;E<=( %"( .#))&( -!,%&( )*""&( ).&2j( ,%( 43!).%.%( #( 5#-%/"%!( !(
%-43!)!( M#( !7%,!'$%#.&( 2!''%( ,%( 3!2*4!3&( 3%)4!..&( #%( -!)%( 43%-#7!3%"%>( %',&..&( ,#""+#',#-!'.&( ,!"( .#))&(
43#.%2#.&(#""!()&2%!.K('&'(5%'#'$%#3%!H(I'(-!,%#(#''*#(%"(.#))&(2&-4"!))%7&()*""&().&2j(,%(43!).%.%()%(^(#..!).#.&(#(
=>F?\>(,#"(=>?F\(,!"(;E<;H(
g3#$%!(#""#(3%,*$%&'!(,!"(2&).&(,!""#(3#22&".#(!(,#.#("#(7%)2M%&)%.K(,!%(.#))%()*%(43!).%.%>(%"(-#3/%'!(2&-4"!))%7&(
,!""+%'.!3-!,%#$%&'!( 23!,%.%$%#( M#( 3!2*4!3#.&( #'2M!( '!"( S*#3.&( .3%-!).3!>( ,&4&( %( 43&/3!))%( )!/'#.%( '!%( 43%-%(
'&7!(-!)%H(`#(5&3X%2!(.3#(.#))%(-!,%()*""!(2&')%).!'$!(,!%(43!).%.%(!(,!""#(3#22&".#(^(3%)#"%.#(,#("*/"%&(;E<=()&43#(
%"(;\>("#)2%#',&)%(#""!()4#""!(%(-%'%-%(.&22#.%('!""+*".%-#(4#3.!(,!"(;E<;(8;>E?\("#().%-#(4!3(%"(S*#3.&(.3%-!).3!(
;E<=>(c;G4X(3%)4!..&(#""&().!))&(4!3%&,&(,!"(;E<;9H(R*..#7%#>(%'(-!,%#(#''*#>("#(5&3X%2!(,!"(;E<=(^(3%)*".#.#(
#'2&3#( %'( "%'!#( 2&'( S*!""#( ,!""+#''&( 43!2!,!'.!H( Y&'&).#'.!( %"( -%/"%&3#-!'.&( '!"( 2&3)&( ,!"( ;E<=>( "#(
2&'.3%X*$%&'!( #( X3!7!( ,!%( ,!4&)%.%( M#( 3%4&3.#.&( *'#( -!,%#( #''*#( 4!//%&3!( ,%( S*!""#( ,!"( ;E<;( 8:E>=D\( '!"(
<(
;E<=>(:E>;E\(%'(-!,%#('!"(;E<;9H(I"(-#3j:*4 )*""+T*3%X&3(#(<(-!)!(^(3%-#).&(!"!7#.&>(-&).3#',&(-&7%-!'.%(
%'(2#"&()*"(5%'%3!(,!"(;E<=>()&43#..*..&(4!3(!55!..&(,!""+#*-!'.&(,!%(.#))%(%'.!3X#'2#3%H(I'(-!,%#(#''*#(%"(-#3j:
*4( 3%)*".#( "!//!3-!'.!( )*4!3%&3!( #"( "%7!""&( ,!"( ;E<;( 8G>E<\( "#( -!,%#( ).%-#.#( 4!3( %"( ;E<=>( ,#"( D>?E\( ,!"(
;E<;9H(
(
G=>#,BL#!
`+#..%7%.K( 23!,%.%$%#( ^( 3%)*".#.#( ,!X&"!H( `#( 2&')%).!'$#( ,!%( 43!).%.%( #""!( )&2%!.K( '&'( 5%'#'$%#3%!( M#( )*X%.&(
*'+*".!3%&3!(2&'.3#$%&'!('!"(S*#3.&(.3%-!).3!(8:G>F\(#V#(%'(-!,%#('!/"%(*".%-%(.3!(-!)%(!(:D>D\(#V#(%'(-!,%#(
#''*#9>(4!3("#(5&3.!(3%,*$%&'!(,!%(43!).%.%(#(X3!7!>(-!'.3!(%(43!).%.%(#(-!,%&:"*'/&(.!3-%'!(M#''&(2&'5!3-#.&(
"!( .!',!'$!( 43!2!,!'.%( 2&'( 3%,*$%&'%( ,!""+&3,%'!( ,!"( D:G\( #V#H( `#( 5"!))%&'!( ,%( S*!).%( *".%-%( ^( ).#.#( )!'$#(
43!2!,!'.%>( #( )!/*%.&( ,!""#( 2#,*.#( ,!""#( ,&-#',#( ,%( 23!,%.&( 4!3( %'7!).%-!'.%H( Y!""+#-X%.&( ,!""!( %-43!)!>(
'!""+*".%-#(4#3.!(,!""+#''&(%"(2#"&(,!%(43!).%.%(^(3%)*".#.&(4%](-#32#.&(4!3("!(/3#',%(%-43!)!(3%)4!..&(#""!(4%22&"!H((
I(5%'#'$%#-!'.%(#""!(5#-%/"%!(M#''&(2&'.%'*#.&(#(3!/%).3#3!(*'#(5"!))%&'!( -&".&(2&'.!'*.#>(,!"(:<>=\( #V#( %'(
-!,%#(#''*#H(R3#("!(2&-4&'!'.%(,!""+#//3!/#.&>(%(43!).%.%(4!3(#2S*%).&(,%(#X%.#$%&'%(M#''&(7%).&(*'(2#"&(#))#%(
"%-%.#.&>(4#3%(#(:E>C\(#V#(%'(-!,%#(#''*#H((
<
(1%55!3!'$#(.3#(.#))&(#44"%2#.&(#"(2&-4"!))&(,%(5#-%/"%!(!(%-43!)!()*%(5%'#'$%#-!'.%(2&'(,*3#.#(%'5!3%&3!(#(*'(#''&(!(T*3%X&3(#(<(-!)!H(
!
2U!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(Z2!'#3%&(-#23&!2&'&-%2&
Y!"(2&-4"!))&>(%(43!).%.%(#(5#-%/"%!(!(%-43!)!(M#''&(3%4&3.#.&(*'(2#"&(-!,%&(#''*&().%-#.&(%'(:=>=\(#V#>(,#(:
E>?\('!"(;E<;H(((
`#( 2&'.3#$%&'!( ,!%( 43!).%.%( M#( 3%)!'.%.&( ,!"( 2#"&( ,%( ,&-#',#( 2&''!))&( #""#( 3!2!))%&'!( !( #""+%'2!3.!$$#( ,!""!(
43&)4!..%7!( !2&'&-%2M!H( I'&".3!>( .3#( %( 5#..&3%( 2M!( ,!.!3-%'#'&( "+&55!3.#( M#''&( 2&'.%'*#.&( #( 43!7#"!3!( "!(
43&)4!..%7!(,%(,!.!3%&3#-!'.&(,!"(-!3%.&(23!,%.%$%&(,!%(43!',%.&3%(!(%"(4!//%&3#-!'.&(,!""#(S*#"%.K(,!"(23!,%.&H(
I'(2&3)&(,+#''&>()%(^(3!/%).3#.&(*'(5"*))&(!"!7#.&(,%('*&7!()&55!3!'$!>()&43#..*..&(,#"("#.&(,!""!(%-43!)!>(2M!(
M#(#"%-!'.#.&(*'#(23!)2%.#(,!""&().&2j(,%()&55!3!'$!("&3,!()*4!3%&3!(#"(;;\(#V#(,#(-#3$&(%'(4&%>(#33%7#',&(#(
3#443!)!'.#3!( %"( F>C\( ,!%( 43!).%.%( #( '&7!-X3!H( I"( 2&-4"!))&( ,!%( 23!,%.%( ,!.!3%&3#.%( "&3,%( ^( )#"%.&( #"( <B\( ,!%(
43!).%.%(#()!..!-X3!(;E<=H(L!3.#'.&>(%"(-!32#.&(,!%(43!).%.%(X#'2#3%(^(3%-#).&(2#3#..!3%$$#.&(,#(*'+%'.&'#$%&'!(
-&".&( 43*,!'.!>( 4*3( 3!/%).3#',&( *'( -%/"%&3#-!'.&( ,!%( /%*,%$%( ,!""!( %-43!)!( )*""!( 2&',%$%&'%( ,%( #22!))&( #"(
23!,%.&H(
(
5%''($-%!)#+,--%!
`#(3#22&".#(X#'2#3%#('!"()*&(2&-4"!))&(M#(-&).3#.&(*'#(X*&'#(.!'*.#>(X!'2Mi(%'(3#""!'.#-!'.&(3%)4!..&(#""#(
3%43!)#( !-!3)#( '!""+*".%-#( 4#3.!( ,!"( ;E<;( !( 43&)!/*%.#( '!%( 43%-%( -!)%( ,!""+!)!32%$%&>( 2*%( ^( )!/*%.&( *'(
#44%#..%-!'.&(,!""#(7#3%#$%&'!(-!,%#(#..&3'&(#""&($!3&('!"()!2&',&()!-!).3!H(`#(3#22&".#(^().#.#()&).!'*.#(,#%(
,!4&)%.%(,#(3!)%,!'.%>(%'(23!)2%.#(#,(*'(3%.-&(-!,%&(,!"(B\(#V#('!""+#''&H(`+#',#-!'.&(M#(X!'!5%2%#.&(,!""#(
)&"%,%.K( ,!%( ,!4&)%.%( ,!""!( 5#-%/"%!( !( ,!""#( X3%""#'.!( ,%'#-%2#( ,%( S*!""%( ,!""!( )&2%!.K( '&'( 5%'#'$%#3%!>( 2M!( '!"(
)!2&',&( )!-!).3!( M#''&( .&22#.&( 4%]( 7&".!( .#))%( ,%( )7%"*44&( #( ,*!( 2%53!H( 6""#( .!',!'$#( ,!%( ,!4&)%.%( M#(
2&'.3%X*%.&("#(23!)2%.#(,!%(2&'.%(2&33!'.%>(5%'&(#(*'#(,%'#-%2#()*4!3%&3!(#""+C\(#V#(%'('&7!-X3!>(,&4&("#()7&".#(
,%(%'%$%&(;E<=(2M!(M#(2M%*)&(*'#(5#)!(,%(7#3%#$%&'%('!/#.%7!("*'/#(&".3!(,*!(#''%H(6"(2&'.!-4&>(%(,!4&)%.%(2&'(
,*3#.#(43!).#X%"%.#()&'&(!'.3#.%(%'(*'&().#,%&(,%(2&')&"%,#-!'.&>()*(*'(7&"*-!(3#443!)!'.#.%7&(,!"(<D\(,!"(
.&.#"!(,!""#(3#22&".#H((
1&4&(%(5&3.%(#55"*))%(3!/%).3#.%(#(4#3.%3!(,#""+*".%-#(4#3.!(,!"(;E<<>('!"(2&3)&(,!""+!).#.!(;E<=(%(,!4&)%.%(#(.!-4&(
M#''&( 3%4&3.#.&( 7#3%#$%&'%( -!')%"%( "!//!3-!'.!( '!/#.%7!>( 3%)4!..&( #"( -#))%-&( 3#//%*'.&( #( -#//%&H( 6(
2&'53&'.&( 2&'( *'( #''&( 43%-#>( "#( 2&')%).!'$#( ,!%( ,!4&)%.%( #( .!-4&( M#( 3!/%).3#.&( *'#( ,%'#-%2#( %'(
3#""!'.#-!'.&>(2&-!(#..!)&>(3%)4!..&(#%(.#))%(,%(23!)2%.#(!22!$%&'#"%()!/'#.%("*'/&("#(5#)!(,%(5&3.!()7%"*44&H((
1%7!3)#-!'.!>( ^( 43&)!/*%.&( %"( 5&3.!( 2#"&( ,!""!( &XX"%/#$%&'%( X#'2#3%!>( 5%'&( #"( :<E><\( #V#( -!,%&( '!"( .!3$&(
.3%-!).3!>( %'( )!/*%.&( "!//!3-!'.!( #..!'*#.&( 8#( :?>G\( #V#( "#( -!,%#( ).%-#.#( 4!3( %"( S*#3.&( .3%-!).3!a( ,#.%(
,!4*3#.%( ,#%( .%.&"%( ,!.!'*.%( %'( 4&3.#5&/"%&( ,#""!( X#'2M!( ).!))!9H( `+#',#-!'.&( ,!""!( &XX"%/#$%&'%>( 2M!( 3%)!'.!(
,!""#()&).%.*$%&'!(.3#(S*!""!(2&""&2#.!(43!))&("#(2"%!'.!"#(3!.#%"(!(%(,!4&)%.%(#(.!-4&>('!/"%(*".%-%(-!)%(,!"(;E<=(
M#(X!'!5%2%#.&(,!"(3%.&3'&(,!""!(X#'2M!(%.#"%#'!(#""!(!-%))%&'%()*"(-!32#.&(%'.!3'#$%&'#"!(#""+%'/3&))&H(
(
5%''($-%!#&)#+,--%!
I'(.!-#(,%(3#22&".#( #--%'%).3#.#>( ^(43&)!/*%.&( %"(2#"&( ,!%(.%.&"%(,%(,!X%.&(,!""#(2"%!'.!"#(%'(2*).&,%#( 43!))&( "!(
X#'2M!>(4*3(2&'()!/'%(,%(#..!'*#$%&'!()*"(5%'%3!(,!""+#''&H(`+#',#-!'.&(3%)!'.!>(.3#("+#".3&>(,!""#()&).%.*$%&'!(
%'(#..&(.3#(&XX"%/#$%&'%(X#'2#3%!>(%'(5&3.!(2#"&>(!(,!4&)%.%>(%'(23!)2%.#>('&'2Mi(,!""#(5#)!(,%('&.!7&"!(%'.!3!))!(
#..3#7!3)#.#(,#%(5&',%(2&-*'%H(I'(4#3.%2&"#3!>(%'(2&3)&(,+#''&(%"(.3!',(2!,!'.!(,!%(.%.&"%(,%(,!X%.&(%'(2*).&,%#(
4!3(2&'.&(,!""!(5#-%/"%!(2&')*-#.3%2%()%(^(#22!'.*#.&(5%'&(#()!/'#3!(.#))%(,%(7#3%#$%&'!(,!""+&3,%'!(,!"(:<<\(
#V#(2&'.%'*#.%7#-!'.!(,#(-#//%&(#(&..&X3!>()!/*%.%(,#(*'("!//!3&(-%/"%&3#-!'.&(#('&7!-X3!H((
J&'(3%5!3%-!'.&(#"(3%)4#3-%&(/!).%.&>('!"(2&3)&(,%(.*..&(%"(;E<=(%"(-!32#.&(%.#"%#'&(,!%(5&',%(2&-*'%(#4!3.%(M#(
&..!'*.&( *'( )#",&( .3#( )&..&)23%$%&'%( !( 3%)2#..%( ,!2%)#-!'.!( 4&)%.%7&H( I( 5&',%( ,%( ,%3%..&( !).!3&( M#''&( #))&3X%.&(
"#3/#(4#3.!(,!%(5"*))%(!(#'2M!(%(5&',%(,%(,%3%..&(%.#"%#'&()&'&(.&3'#.%(#(3!/%).3#3!(2&')%).!'.%()&..&)23%$%&'%('!..!H(
l#"*.#.#()*""A%'.!3&(#32&(,!""A#''&("#(3#22&".#(2*-*"#.#(,!%(5&',%(2&-*'%(#4!3.%(^(3%)*".#.#(4#3%(#(DC>F(-%"%#3,%(
,%(!*3&W(%(5&',%(5"!))%X%"%(M#''&(3!/%).3#.&("#3/#(4#3.!(,!%(5"*))%(4&)%.%7%(82&'(&".3!(;C(-%"%#3,%(,%(!*3&9>(#(2*%()%(^(
#//%*'.&( %"( 2&'.3%X*.&( ,!%( 5&',%( &XX"%/#$%&'#3%( 8<;>C( -%"%#3,%9>( )!44*3( 4%]( 2&'.!'*.&( 3%)4!..&( #"( ;E<;H( ['(
)#",&( 4&)%.%7&( ,%( 3#22&".#( M#( 2#3#..!3%$$#.&( #'2M!( %( 5&',%( X%"#'2%#.%( 8B>=( -%"%#3,%9( !( /"%( #$%&'#3%( 8D>B( -%"%#3,%9(
-!'.3!( %( 3%)2#..%( M#''&( 43!7#")&( 2&'( %-4&3.%( 2&'.!'*.%( .3#( %( 5&',%( M!,/!( 8:<>F( -%"%#3,%9( !( %( -&'!.#3%( 8:<>B(
-%"%#3,%9H( g3#$%!( #'2M!( #"( X*&'( #',#-!'.&( ,!%( -!32#.%( 5%'#'$%#3%( '!"( 2&3)&( ,!"( ;E<=>( %"( 4#.3%-&'%&( /!).%.&(
,#""+%',*).3%#(,!%(5&',%(2&-*'%(#4!3.%(#(5%'!(#''&()%(^(4&3.#.&(#(GGC>?(-%"%#3,%(,%(!*3&>(%'(#*-!'.&(3%)4!..&(#%(
DC<>?(-%"%#3,%(,%(,%2!-X3!(;E<;(8c<B\(#V#9H(
P*#'.&(#""!(#))%2*3#$%&'%>('!"(2&3)&(,!"(;E<=()%(^(3!/%).3#.#(*'#(,!2%)#(3%43!)#(,!""#(43&,*$%&'!(43!-%(,!%(3#-%(
l%.#( 8c;?>F\( "#( 3#22&".#( 2*-*"#.#( '!%( 43%-%( *',%2%( -!)%( ,!""+#''&( 3%)4!..&( #"( 2&33%)4&',!'.!( 4!3%&,&( ,!"(
;E<;9H(I"(3!2*4!3&(,!""#(3#22&".#(43!-%(^(3%)*".#.&(4#3.%2&"#3-!'.!()&).!'*.&(4!3(%(43&,&..%(.3#,%$%&'#"%a(.*..#7%#(
#'2M!(%(43&,&..%(#(4%](!"!7#.&(2&'.!'*.&(5%'#'$%#3%&(82M!(3#443!)!'.#'&(%"(;<\(,!""#(3#22&".#9(M#''&(&..!'*.&(
*'#(23!)2%.#(,!""!()&..&)23%$%&'%>()!44*3(4%](2&'.!'*.#H(
(
!
2R!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0(Z2!'#3%&(-#23&!2&'&-%2&
XP,'(&(=#%!),$$%!5,B#(&,!
!
`!(%'5&3-#$%&'%(,%('#.*3#().#.%).%2#(,%()!/*%.&(!)4&).!(3%4&3.#'&(,#.%(-#23&:!2&'&-%2%(,!""#( !/%&'!(R3!'.%'&(
0(6".&(6,%/!H(Z%(43!2%)#>(#(3%/*#3,&>(2M!('&'(.*..%(%(,#.%()&'&(3%5!3%.%>(4!3(3#/%&'%(.!2'%2M!>(#"(4!3%&,&(#''*#"!(
<H<H;E<=(0(=<H<;H;E<=>(-#()&"&(#,(*'#(4#3.!(,%(.#"!(#32&(,%(.!-4&H(
(
XP%&)%=,&-(!),#!<%+#!6,--(+#!,'(&(=#'#!
`!( ,%55%2&".K( ,%( 3%43!)#( ,!""+!2&'&-%#( %.#"%#'#( )&'&( 43&)!/*%.!( ,*'S*!( #'2M!( '!"( ;E<=( !( #'2M!( "#( '&).3#(
!/%&'!(2&'.%'*#(#(3%)!'.%3!(,%(S*!).&(2&'.!).&>(X!'2Mi>(#'2&3#(*'#(7&".#>("#()%.*#$%&'!(#44#%#(2&'(2&'.&3'%(
-!'&( 4!)#'.%H( L!3( "+%'.!3&( ;E<=( )%( ).%-#( %'5#..%( *'( #33!.3#-!'.&( ,!"( LI`( %'.&3'&( #""&( E>F\( 82&'.3&( *'#(
2&'.3#$%&'!(,!"(LI`('#$%&'#"!(#"(<>?\9H(
`#( 5#)!( 2&'/%*'.*3#"!( )5#7&3!7&"!( 2M!( #7!7#( 2#3#..!3%$$#.&( %"( ;E<;( !,( !3#( 43&)!/*%.#( )%'&( #""#( 43%-#( -!.K(
,!""+#''&( )!-X3#>( .*..#7%#>( "#)2%#3!( &3#( )4#$%&( #,( *'+%'7!3)%&'!( ,%( .!',!'$#( %'( )!')&( 4&)%.%7&>( #'2M!( )!(
4%*..&).&( ,!X&"!H( I"( 5#..*3#.&( 2&-4"!))%7&( ,!""!( %-43!)!( "&2#"%( ^( #*-!'.#.&( 4!3( ,*!( .3%-!).3%( 2&')!2*.%7%(
3%)4!..&(#"(;E<;a("#(,&-#',#(%'.!3'#(2&-%'2%#(#(3%#2S*%).#3!(*'#(2!3.#(7%7#2%.Ka("#(,&-#',#(!).!3#>(,&4&(*'#(
5#)!(,%(,!2!"!3#$%&'!>(^(3%4#3.%.#(2&'(*'#(2!3.#(,!2%)%&'!H(
I"( )!..&3!( 2M!( !7%,!'$%#( %"( -%/"%&3( #',#-!'.&( ^( S*!""&( ,!%( )!37%$%( #""!( %-43!)!>( -#( #'2M!( %( .3#)4&3.%( !( %"(
2&--!32%&( #"( ,!..#/"%&( -&).3#'&( ,%)23!.%( "%7!""%( ,%( 23!)2%.#H( 6'2M!( %"( )!..&3!( !,%"!( -&).3#( 3%)*".#.%( 4&)%.%7%( %'(
.!3-%'%(,%(5#..*3#.&(!(,%(7#"&3!(,!""#(43&,*$%&'!>(/3#$%!(#'2M!(#""!(-#'&73!(-!))!(%'(#..&(,#""!(,*!(L3&7%'2%!(
!(#""&()X"&22&(,%(3%)&3)!(4*XX"%2M!(4!3("!(%'53#).3*..*3!H(
L!3( %"()!..&3!( ,!"(.*3%)-&()%( 43!7!,!7#(2&-4"!))%7#-!'.!(*'#(X*&'#().#/%&'!>( -#(%"(2"%-#('&'( M#(#%*.#.&( !(
'&'&).#'.!(S*!).&(%(3%)*".#.%('&'(,&73!XX!3&(!))!3!('!/#.%7%H(
`#(43&"*'/#.#(5#)!(,%(,!X&"!$$#(2%2"%2#(2&'.%'*#( #,(%'2%,!3!('!/#.%7#-!'.!()*""!(2&',%$%&'%(,!"(-!32#.&(,!"(
"#7&3&H( `#( ,%)&22*4#$%&'!( ^( #*-!'.#.#( #'2&3#( !( #( )&553%3'!( -#//%&3-!'.!( )&'&( #'2&3#( *'#( 7&".#( "!(
2&-4&'!'.%(-!'&().3*..*3#.!(!(43&.!..!H((
`!(43&)4!..%7!()&'&(2&-*'S*!(4!3(*'#()%.*#$%&'!(,%().#X%"%.K(4!3(%(43&))%-%(-!)%(2&'(*'(#..!)&(-%/"%&3#-!'.&(
'!"(43&)%!/*&(,!""+#''&H(
(
XP%--#<#-K!),B$#!#&-,+=,)#%+#!N#&%&.#%+#!
Y!"(;E<=(%(5%'#'$%#-!'.%(#""!(5#-%/"%!(3!)%,!'.%(M#''&(-#'.!'*.&(*'(.#))&(,%(23!)2%.#("!//!3-!'.!(4&)%.%7&>(
-!'.3!()%(^(#22!'.*#.#("#(2&'.3#$%&'!(,!"(23!,%.&(!3&/#.&(#""!(%-43!)!H(`+#',#-!'.&>(2M!(M#(3%/*#3,#.&(.*..%(%(
43%'2%4#"%( )!..&3%( ,%( #..%7%.K( !2&'&-%2#>( M#( 3%)!'.%.&( ,!""+*".!3%&3!( 5"!))%&'!( ,!""#( ,&-#',#( 4!3( %'7!).%-!'.%(
43&,*..%7%H(
1#( !7%,!'$%#3!( 2M!( %( ,!X%.%( '&'( 4#/#.%( ,#( 5#-%/"%!( !( %-43!)!( )&'&( #33%7#.%( #( '&7!-X3!( #( "%7!""%( 3!2&3,( 2&'(
%'23!-!'.%(#''*%(#'2M!(5%'&(#"(DE\H((
!
2 !
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0( %)*".#.%(!2&'&-%2%
I(3%)*".#.%(!2&'&-%2%(
(
8$#!%6>,--#!B,&,+%$#!
!
Y!%( )*22!))%7%( 43&)4!..%( !( '!%( 3!"#.%7%( 2&--!'.%( 7!'/&'&( #'#"%$$#.%( %( 3%)*".#.%( ,!"( 2&'.&( !2&'&-%2&( ,!""+#''&(
;E<=>( 3#553&'.#',&"%( 2&'( S*!""%( ,!""+#''&( 43!2!,!'.!H( L!3( 5&3'%3!( *'#( 3#443!)!'.#$%&'!( 4%]( !55%2#2!( ,!""!(
3%)*".#'$!(3!,,%.*#"%(^().#.&(43!,%)4&).&(*'(J&'.&(T2&'&-%2&()%'.!.%2&(%'(5&3-#(3%2"#))%5%2#.#H(
Y!""#(4#3.!(d6""!/#.%(,%(X%"#'2%&e(^(!)4&).&()%#(4!3(%"(2&'.&(!2&'&-%2&()%#(4!3("&().#.&(4#.3%-&'%#"!("&()2M!-#(
,%(3#22&3,&(.3#(%"(43!,!..&(43&)4!..&(,%(X%"#'2%&(3%2"#))%5%2#.&(!("&()2M!-#(,%(X%"#'2%&(&XX"%/#.&3%&().#X%"%.&(,#""#(
_#'2#(,+I.#"%#(2&'(L3&77!,%-!'.&('Q(;B;(,!"(;;(,%2!-X3!(;EEG(!()*22!))%7%(#//%&3'#-!'.%H(
g"%( %'.!37!'.%( ,%( 3%2"#))%5%2#$%&'!>( 3%)4!..&( #""&( )2M!-#( ,%( J&'.&( T2&'&-%2&( ,%( _#'2#( ,+I.#"%#( !)4&).&( '!"(
2#4%.&"&(L3&)4!..%(2&'.#X%"%>(3%/*#3,#'&W(
− %( ,%7%,!',%( )*( #$%&'%( 2"#))%5%2#.!( .3#( "!( #..%7%.K( ,%)4&'%X%"%( 4!3( "#( 7!',%.#( !( S*!""!( ,!.!'*.!( 4!3( "#(
'!/&$%#$%&'!>(2M!()&'&().#.%(3%#""&2#.%('!""+#-X%.&(,!"(3%)*".#.&(,!""#('!/&$%#$%&'!a(
− %"(3%)*".#.&('!..&(,!""+#..%7%.K(,%(2&4!3.*3#(3%2&',&..&('!"(3%)*".#.&(,!""#('!/&$%#$%&'!a(
− /"%( *.%"%( !( 4!3,%.!( ,#( 2!))%&'!( V( 3%#2S*%).&( ,%( #..%7%.K( 5%'#'$%#3%!( ,%)4&'%X%"%( 4!3( "#( 7!',%.#( !( ,%( 4#))%7%.K(
5%'#'$%#3%!>(3%#""&2#.%('!""+#-X%.&(,!"(3%)*".#.&(,!""#('!/&$%#$%&'!a(
− %( 3!2*4!3%( ,%( )4!)!( !( ,%( %-4&).!( !( .#))!>( 2M!( )&'&( ).#.%( 4&3.#.%( #( ,%3!..#( ,%-%'*$%&'!( ,!""!( )4!)!(
#--%'%).3#.%7!>(#'$%2Mi(!))!3!(!7%,!'$%#.%(.3#(/"%(#".3%(43&7!'.%(,%(/!).%&'!a(
− %(2H,H(d&'!3%(,%(%'.!/3#$%&'!e>(3%5!3%.%(#(2&).%(%)23%..%('!""&()2M!-#(,%(_#'2#(,+I.#"%#(%'(4#3.!(53#("!(d)4!)!(4!3(
%"( 4!3)&'#"!e( !( %'( 4#3.!( 53#( "!( d#".3!( )4!)!( #--%'%).3#.%7!e>( 2M!( )&'&( ).#.%( !)4&).%( %'( *'#( )4!2%5%2#( 7&2!(
43&43%#( ,!""&( )2M!-#( 3%2"#))%5%2#.&( #"( '!..&( ,!"( 3!"#.%7&( !55!..&( 5%)2#"!>( %'( 5*'$%&'!( ,!""#( "&3&( '#.*3#(
!22!$%&'#"!(!('&'(3%2&33!'.!a(
− /"%(*.%"%(!(4!3,%.!(,#(2!))%&'!(&(3%#2S*%).&(,%(23!,%.%>(2M!()&'&(#44&).#.%(.3#("!(3!..%5%2M!(,%(7#"&3!('!..!()*(
23!,%.%a(
− "!(3!..%5%2M!(,%(7#"&3!('!..!( 4!3(,!.!3%&3#-!'.&( ,%( #".3!( &4!3#$%&'%(5%'#'$%#3%!>(3!"#.%7!(43!7#"!'.!-!'.!(#(
/#3#'$%!(!,(%-4!/'%>(2M!()&'&(3%2&',&..!('!""+#-X%.&(,!""!(3!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%a(
− %"( 3%!'.3&( ,!"( 2H,H( d.%-!( 7#"*!e( )*( 23!,%.%>( 2M!( ^( ).#.&( 3%2&',&..&( .3#( /"%( %'.!3!))%( '!..%( #'$%2Mi( !))!3!(
#""&2#.&( .3#( "!( 3!..%5%2M!( ,%( 7#"&3!( '!..!( )*( 23!,%.%>( %'( S*#'.&( %"( 5!'&-!'&( ,!3%7#( ,%3!..#-!'.!(
,#""+#44"%2#$%&'!( ,!"( 23%.!3%&( ,!"( 2&).&( #--&3.%$$#.&( %'( #))!'$#( ,%( 7#3%#$%&'%( '!""#( 43!7%)%&'!( ,!%( 5"*))%(
5*.*3%(#..!)%H(['+%-4&).#$%&'!(2&!3!'.!(^().#.#(*.%"%$$#.#(4!3(%"(.%-!(7#"*!(,!"(R3#..#-!'.&(,%(N%'!( #44&3.&(
,!"(4!3)&'#"!>(,!%(dL3!-%(5!,!".Ke(!(,!%(N&',%(4!3(3%)2M%(!,(&'!3%a(
− "!(!7!'.*#"%()7#"*.#$%&'%(,*3#.*3!(,%(#..%7%.K(-#.!3%#"%(!,(%--#.!3%#"%(8!)2"*)!(,#""!(3!..%5%2M!(,%(7#"&3!('!..!(
)*""!( ).!))!( 2M!( !)43%-&'&( 2&)b( %"( )&"&( #--&3.#-!'.&9( 2M!( 7!'/&'&( %'2"*)!( 4!3( S*!).&( %'( *'#( 7&2!(
3!)%,*#"!('!""+#-X%.&(,!""#(S*#"!(2&'5"*%)2&'&("!(3!..%5%2M!(,%(7#"&3!('!..!(4!3(,!.!3%&3#-!'.&(,%(d#..%7%.K(
5%'#'$%#3%!(,%)4&'%X%"%(4!3("#(7!',%.#e>(d,!.!'*.!()%'&(#""#()2#,!'$#e(!,(#".3!(&4!3#$%&'%(5%'#'$%#3%!a(
− "#(!7!'.*#"!(2&-4&'!'.!(,%(*.%"!V4!3,%.#(,#(2!))%&'!(,%(4#3.!2%4#$%&'%>(3%2&',&..#('!""+#-X%.&(,!/"%(*.%"%(!(
,!""!( 4!3,%.!( )*( #..%7%.K( 5%'#'$%#3%!( ,!.!'*.!( )%'&( #( )2#,!'$#( !( )*( #".3%( %'7!).%-!'.%>( #'$%2Mi( !))!3!(
!7%,!'$%#.#(*'%.#-!'.!(#/"%(*.%"%(!(4!3,%.!()*(4#3.!2%4#$%&'%(7#"*.#.!(#"(4#.3%-&'%&('!..&H(
(
I( 7#"&3%( ,%( .*..!( "!( .#X!""!( )&'&( !)4&).%( %'( -%/"%#%#( ,%( !*3&>( -!'.3!( %( 2&--!'.%( )&'&( )7&".%( 2%.#',&( %( ,#.%( %'(
-%"%&'%(,%(!*3&a(2%f(4!3(X3!7%.K(!)4&)%.%7#(!(&-&/!'!%.K(2&'("!(3!"#$%&'%(,!/"%(#''%(43!2!,!'.%H(
(
!
29!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0( %)*".#.%(!2&'&-%2%
M(&-(!;'(&(=#'(!+#'$%66#N#'%-(!
I'.!3!))%('!..%
1%7 %,!',%(!(*.%"%(84!3,%.!9(,%(4#3.!2%4#$%&'%(7 #"*.#.!(#"(4#.3%-&'%&('!..&
J&--%))%&'%('!..!
%)*".#.&(,!""A#..%7 %.K(,%('!/&$%#$%&'!
230/
2302
GGHBFE
G?HC?<
8-%/"%#%#(,%(!*3&9
!!!!!!<%+#%.#(&#
%66($7-,
:
:DH;;<
:F>E
=;
:
=;
:
;?HGF<
;DHC?<
DHBCE
<C>C
CG=
<H<GC
:=EG
:;B>=
:D=E
:BG<
:;;<
:==>?
L3&7 !' . %(&4 !3#. %7 %('!. . %
C GHB? B
CGH; C?
D EF
E>G
Z4!)!(,!"(4!3)&'#"!
:=EH=<?
:=DHEDB
:=HF;F
:<E>?
Z4!)!(#--%'%).3#.%7 !
:;=HG<;
:;DH;;E
:FEC
:;>?
6".3%(43&7 !'.%(8&'!3%9(,%(/!).%&'!
6--&3.#-!'.&(%--&X%"%$$#$%&'%(%--#.!3%#"%(!(-#.!3%#"%
@ ' !3%(&4!3#. %7 %
%)*". #. &(, !""#( /!). %& '!(&4 !3#. %7 #
622#'.&'#-!'.%('!..%(#%(5&',%(3%)2M%(!,(&'!3%
!..%5%2M!(,%(7 #"&3!('!..!()*(23!,%.%
!..%5%2M!(,%(7 #"&3!('!..!()*(#".3!(#..%7 %.K
[.%"%(84!3,%.!9()*(#..%7 %.K(5%'#'$%#3%!(,!.!'*.!()%'&(#()2#,!'$#(!()*(#".3%(
%'7 !).%-!'.%
%)*". #. &(2 &33!'. !(#"("& 3,&(, !""!(%-4& ). !
I-4&).!()*"(3!,,%.&(,!""A&4!3#.%7 %.K(2&33!'.!
@'!3%(,%(%'.!/3#$%&'!(!(%'2!'.%7 #$%&'!(#""A!)&,&(8#"('!..&(,!""!(%-4&).!9
!..%5%2M!(,%(7 #"&3!(,!""A#7 7 %#-!'.&(8#"('!..&(!7 !'.*#"%(%-4&).!9
[.%"!(84!3,%.#9(,!%(/3*44%(,%(#..%7 %.K(%'(7 %#(,%(,%)-%))%&'!(8#"('!..&(,!""!(%-4&).!9
5#67$-%-(!&,--(
:<HCC;
:<HCB;
;E
<><
: G GHF< =
: BEH< ;C
: DHD <G
: F>=
; ?H?C =
;GH< B<
DHC ;;
<?>;
:G<
:G><
:?DB
:??F
:G=HCGC
:;;HCC?
:DB
:CE?
:FB=
:?D>=
<<C
;D<
:<;=
:G<>E
=EH?B? (
: ; DHFD ?
F EF
: ; GHD GB (
FH<=F
:<H;EC
CH=DG (
:BGD
:=?;
;B;
BB>C
:
:
:
:
:
:
:
:
Q0912RR
Q9D/
0 1/ / !
(
I"( 2&'.&( !2&'&-%2&( ;E<=( 43!)!'.#( *'( 3%)*".#.&( ,%( 4!3,%.#( '!..#( ,%( <C>=( -%"%&'%( )%'.!.%$$#.&( ,#%( )!/*!'.%( .3!(
4#))#//%W(%"(3%)*".#.&(,!""#(/!).%&'!(&4!3#.%7#(4&)%.%7&(,%(=E>E(-%"%&'%>(%"(3%)*".#.&(2&33!'.!(#"("&3,&(,!""!(%-4&).!(
'!/#.%7&( 4!3( ;D>F( -%"%&'%( !,( %'5%'!>( ,&4&( %-4&).!( 4&)%.%7!( 4!3( F><( -%"%&'%>( %"( 3%)*".#.&( '!..&( '!/#.%7&( )&43#(
%',%2#.&H(
L!3.#'.&(!-!3/!(%'(-&,&(!7%,!'.!(2M!(#'2M!>(!(#'2&3(4%]>('!""+#''&(;E<=(%"(3%)*".#.&('!..&(5%'#"!('!/#.%7&(^(
%'.!3#-!'.!(,&7*.&(#""!(!"!7#.!(3!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%(3!/%).3#.!('!""+!)!32%$%&().!))&("!(S*#"%>(4!3(
"!( 3#/%&'%( 4%]( ,%55*)#-!'.!( %""*).3#.!( '!"( 43&)%!/*&( ,!"( 2&--!'.&>( M#''&( .&.#"-!'.!( %'7!3.%.&( %"( 4&)%.%7&(
#',#-!'.&(!2&'&-%2&(,!""#(/!).%&'!(&4!3#.%7#(!(,!.!3-%'#.&(%"(3%)*".#.&(5%'#"!>(5%))#.&(%'(*'#(4!3,%.#('!..#(,%(
0( <C>=( -%"%&'%>( 2&'( *'( 3%)*".#.&( S*%',%( '!..#-!'.!( 4!//%&3!( ,%( S*!""&( ,!""+( #''&( ;E<;( 2M!( 43!)!'.#7#( *'#(
4!3,%.#('!..#(,%((0(E>?(-%"%&'%H(
I"( 2&'.&( !2&'&-%2&( 3%2"#))%5%2#.&( )&43#( !)4&).&( ,!'&.#( %'5#..%( 2M!>( ,#( *'( "#.&>( %"( %)*".#.&( ,!""#( /!).%&'!(
&4!3#.%7#( ;E<=( 43!)!'.#( *'( 7#"&3!( 4&)%.%7&( ,%( c( =E>E( -%"%&'%( ,%( !*3&>( )*4!3%&3!( ,%( D>C( -%"%&'%( 84#3%( #,( *'( c(
<?>;\9( #( S*!""&( ,!""&( )2&3)&( !)!32%$%&( 2M!( !3#( 2&-*'S*!( 4&)%.%7&( 4!3( ;G>;( -%"%&'%>( -#>( ,#""+#".3&( "#.&>( %"(
%)*".#.&(2&33!'.!(#"("&3,&(,!""!(%-4&).!(;E<=()%(#..!).#(#(0(;D>F(-%"%&'%>(%'(S*#'.&("#(7&2!(d3!..%5%2M!('!..!()*(
23!,%.%e( ^( 4#3%( #( G=>?( -%"%&'%>( )*4!3%&3!( ,%( X!'( =<>E( -%"%&'%( #"( 7#"&3!( ,%( ;;>?( -%"%&'%( ,!"( ;E<;a( #"( 7#"&3!(
'!/#.%7&( ,!"( 43!,!..&( %)*".#.&( "&3,&( M#( 2&'2&3)&( #'2M!( *'( 7#"&3!( '!/#.%7&( ,%( 0( E>?( -%"%&'%( ,!""#( 7&2!(
d#22#'.&'#-!'.%(4!3(3%)2M%(!,(&'!3%eH(
L!3.#'.&>( ,&4&( #7!3( 2&')*'.%7#.&( %-4&).!( )*"( 3!,,%.&( ,%( 2&-4!.!'$#( 4&)%.%7!( 4!3( cF><( -%"%&'%( !( 3%"!7#.&(
d&'!3%(,%(%'.!/3#$%&'!(!(%'2!'.%7#$%&'!('!..%e(4!3(0(E>F(-%"%&'%>(%"(3%)*".#.&('!..&(5%'#"!(;E<=(3%)*".#('!/#.%7&(
4!3(0(<C>=(-%"%&'%H(
I(43&7!'.%(&4!3#.%7%('!..%()%()&'&(-#'.!'*.%()&).#'$%#"-!'.!().#X%"%(2&'(*'("!//!3&(-#(%-4&3.#'.!(#*-!'.&(,%(
E>D(-%"%&'%(8cE>G\9(,&7*.&(%'.!3#-!'.!(#""#('!..#(23!)2%.#(,!""!(2&--%))%&'%('!..!>(#*-!'.#.!(,%(D>F(-%"%&'%(
8c(<C>C\9>(2M!(M#(#''*""#.&("+!55!..&('!/#.%7&(,!""#(,%-%'*$%&'!(,%(D>;(-%"%&'%(80(F>E\9(,!/"%(%'.!3!))%('!..%H(
`+#//3!/#.&(,!%(43&7!'.%(^().#.&(#'2M!()&).!'*.&(%'(4%22&"#(4#3.!(,#"(-%/"%&3#-!'.&(,%(E>;(-%"%&'%(,!/"%(d#".3%(
43&7!'.%(V(8&'!3%9(,%(/!).%&'!eH(
I"(2&-4#3.&(,!/"%(&'!3%(&4!3#.%7%(^().#.&(%"(5#..&3!(2M!(M#(%'5"*!'$#.&(4&)%.%7#-!'.!(!(%'(-%)*3#(,!.!3-%'#'.!(%"((((
%)*".#.&(!2&'&-%2&(;E<=>(%'(S*#'.&(M#(43!)!'.#(*'('!..&(2&'.!'%-!'.&(,%(D>D(-%"%&'%(80(F>=\9(3%)4!..&(#"(
;E<;(&..!'*.&()&43#..*..&()*%(2&).%(,!"(4!3)&'#"!H(
!
2D!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0( %)*".#.%(!2&'&-%2%
L!3( 2&'.3&>( 2&-!( /%K( #22!''#.&>( "!( d3!..%5%2M!( ,%( 7#"&3!( '!..!( )*( 23!,%.%e( 2&).%.*%)2&'&( "+!"!-!'.&( 2M!( M#(
%'7!3.%.&( "#( ,%3!$%&'!( ,%( -#32%#( 4&)%.%7#( 2M%#3#-!'.!( !7%,!'$%#.#( ,#"( %)*".#.&( ,!""#( g!).%&'!( @4!3#.%7#( ,!"(
;E<=>(4#3%(#(=E>E(-%"%&'%(8c(<?>;\(3%)4!..&(#"(;E<;9(!(M#(,!.!3-%'#.&(%'(-&,&(,3#).%2&(!(,!5%'%.%7&(%"(3%)*".#.&(
'!..&(5%'#"!()&43#(%',%2#.&H(I"(7#"&3!(-&".&(!"!7#.&(,%(G=>?(-%"%&'%(3#//%*'.&(,#""!(3!..%5%2M!()*(23!,%.%('!"(;E<=(
4*f( ,!5%'%3)%( 3!#"-!'.!( ).3#&3,%'#3%&( %'( .!3-%'%( '*-!3%2%a( .#"!( ,%-!')%&'!( ,%( 3!..%5%2M!( M#( %'5#..%( *'( )&"&(
43!2!,!'.!(%'(.*..#("#().&3%#(,!""#(_#'2#H(I"(3#553&'.&(2&'("#(4*3(3#//*#3,!7&"!(2%53#(,%(;;>?(-%"%&'%(,%(3!..%5%2M!(
'!..!(3%"!7#.#('!""+#''&(;E<;>(2M!(5#()!/*%.&(#%(=?>;(-%"%&'%(3!/%).3#.%('!"(2&'.&(!2&'&-%2&(;E<<(4!3("#().!))#(
7&2!>( !7%,!'$%#( *'( %'23!-!'.&( ,%( =<>E( -%"%&'%( )*( X#)!( #''*#( 3%)4!..&( #"( ;E<;( 4!3( S*!).#( 7&2!( 2M!( '!(
,%-&).3#(*".!3%&3-!'.!("#()*#().3#&3,%'#3%!.KH(
(((((
;<($7.#(&,!-+#=,6-+%$,!),$!M(&-(!;'(&(=#'(!+#'$%66#N#'%-(!
8-%/"%#%#(,%(!*3&9
230/
W('#
2302
SY!!!!!!!!!!!!!!! /Y!!!!!!!!!!!!!!! 2Y!!!!!!!!!!!!!!! 0Y
-+#=,6-+, -+#=,6-+,! -+#=,6-+, -+#=,6-+,
I'.!3!))%('!..%
1%7%,!',%(!(*.%"%(84!3,%.!9(,%(4#3.!2%4#$%&'%(7#"*.#.!(#"(
4#.3%-&'%&('!..&
J&--%))%&'%('!..!
%)*".#.&(,!""A#..%7%.K(,%('!/&$%#$%&'!
6".3%(43&7 !'.%(8&'!3%9(,%(/!).%&'!
L3&7 !'. %(&4!3#. %7 %('!. . %
<DH<EC
<=H?DE
<DHEGF
<=HGBG
SY!!!!!!!!!!!!!!! /Y!!!!!!!!!!!!!!! 2Y!!!!!!!!!!!!!!! 0Y!!!!!!!!!!!!!!!
-+#=,6-+, -+#=,6-+, -+#=,6-+, -+#=,6-+,
<=HFCC
<BHEGD
<BHEEB
<DHED=
:
:
=;
:
:
:
:
:
FHB<E
FH=ED
FHG<G
FH<D;
BHGCB
BHGD;
BH<<E
GHBG=
;B<
:<;
<CC
D<B
<HEFE
<DD
:<EG
D?
:=C;
CE
:CF
:D<
:?F
:;C;
:<FF
:?G
;<HG?F
;<H=<;
;<HFEG
;<HEC;
;<H=DF
;;HDGC
;<HC=D
<?HBGE
Z4!)!(,!"(4!3)&'#"!
:FH<==
:FHBBE
:FHD<E
:CH<<B
:CHD<=
:CH;==
:CHBB;
:CHF=C
Z4!)!(#--%'%).3#.%7 !
:GHGGB
:GH?G;
:BHECE
:GH?;D
:BHD<B
:GHBFB
:GH?<F
:BH;<<
:DCB
:DBD
:DBD
:DBC
:DFG
:DBF
:DGC
:DB;
: <=H<FG
: <DHEFB
: <=H?GD
: <DHGEC
: <GH=ED
: <DH=FB
: <GHE=F
: <GHD<<
CHD;;
FH;=B
FHFG<
BHGFD
BHED=
CHEC;
BHF?F
DH;=?
:CD<
<C
:<E?
:<D
:<D=
:FG?
:F?
:<B
:;=H;?B
:?H;;F
:<;HE;=
:?H=<;
:CHD?<
:GHEEF
:DHCF?
:DHG<;
:
:
:DB
:
:CE?
:
:
:
:
:
<<C
:
;D<
:
:
:
: <GHF<G
: <H?F=
: DH=E?
: ;HFG;
: =H<G?
;H=<B
<HC=?
: ;C?
GH?ED
G;F
GGE
<GB
=?D
:<HEDE
:;=
:G=?
:GGC
:<G
:B=
:<C
:;GE
:DF
:DD
:G<
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
:
Q031/RD
Q01SR0
Q/1922
Q21R0S
Q/130U
0122D
2
Q9 D
6--&3.#-!'.&(%--&X%"%$$#$%&'%(%--#.!3%#"%(!(-#.!3%#"%
@ '!3%(&4!3#. %7 %
%)*". #. &(,!""#(/!). %&'!(&4!3#. %7 #
622#'.&'#-!'.%('!..%(#%(5&',%(3%)2M%(!,(&'!3%
!..%5%2M!(,%(7 #"&3!('!..!()*(23!,%.%
!..%5%2M!(,%(7 #"&3!('!..!()*(#".3!(#..%7%.K
[.%"%(84!3,%.!9()*(#..%7 %.K(5%'#'$%#3%!(,!.!'*.!()%'&(#()2#,!'$#(!(
)*(#".3%(%'7 !).%-!'.%
%)*". #. &(2&33!'. !(#"("&3,&(,!""!(%-4&). !
I-4&).!()*"(3!,,%.&(,!""A&4!3#.%7 %.K(2&33!'.!
@'!3%(,%(%'.!/3#$%&'!(!(%'2!'.%7 #$%&'!(#""A!)&,&(8#"('!..&(,!""!(
%-4&).!9
!..%5%2M!(,%(7 #"&3!(,!""A#7 7%#-!'.&(8#"('!..&(!7!'.*#"%(
%-4&).!9
[.%"!(84!3,%.#9(,!%(/3*44%(,%(#..%7 %.K(%'(7 %#(,%(,%)-%))%&'!(8#"(
'!..&(,!""!(%-4&).!9
5#67$-%-(!&,--(
01
(
I"(43&)4!..&()&43#(3%4&3.#.&(2M!(!7%,!'$%#("+!7&"*$%&'!(.3%-!).3#"!(,!"(J&'.&(T2&'&-%2&(4&'!',&(#(3#553&'.&(
4!3(.*..!("!()%'/&"%(7&2%("+#',#-!'.&(,!%(S*#..3&(.3%-!).3%(;E<=(2&'(/"%(#".3!..#'.%(.3%-!).3%(,!"(;E<;(,%-&).3#(
#'2&3#(*'#(7&".#(2M!("!(d3!..%5%2M!('!..!()*(23!,%.%e(M#''&(3#443!)!'.#.&("#(4&).#(2&'.#X%"!(2M!(4%](,%(.*..!(
M#(5%))#.&(%'(-&,&(,!2%)%7&(%"(3%)*".#.&(5%'#"!(,!"(2&'.&(!2&'&-%2&(,%(.*..%(X%"#'2%>()%#(#''*#"%(2M!(%'53#''*#"%>(
,!""+#''&(;E<=(!(#'2M!(,!""+#''&(;E<;>()!44*3(%'(-%)*3#(X!'(4%](#..!'*#.#H(
Z%()2&3/!(%'5#..%(2M!(.*..!("!(7&2%(,%(2&'.&(!2&'&-%2&>(#,(!22!$%&'!(,!""!(3!..%5%2M!('!..!()*(23!,%.%>(#))*-&'&(
'!"( 2&3)&( ,!%( )%'/&"%( .3%-!).3%( ,!%( 7#"&3%( )&).#'$%#"-!'.!( #""%'!#.%( 53#( ,%( "&3&>( #( -!'&( 2M!( '&'( 3%)!'.#'&( ,%(
!55!..%().3#&3,%'#3%(!('&'(3%2&33!'.%(2&-!(3%"!7#.&(#,(!)!-4%&('!"(DQ(.3%-!).3!(;E<;(4!3(%"(d3%)*".#.&(#..%7%.K(,%(
'!/&$%#$%&'!e>( "!(d3!..%5%2M!(,%(7#"&3!('!..!( )*( #".3!( #..%7%.Ke(&( 4!3( d/"%( *.%"%V4!3,%.!( )*( #..%7%.K( #()2#,!'$#( !(
#".3%(%'7!).%-!'.%eH(L!3(2&'.3&("+%-4&3.&(%'(7#"&3!(#))&"*.&(,!""!(3!..%5%2M!('!..!()*(23!,%.%(^().#.&(,%)&-&/!'!&(
'!%(43%-%(.3!(-!)%(,!"(;E<;(3%)4!..&(#""+*".%-&(,!"(;E<;a('!"(2&3)&(,%(.*..%(%(.3%-!).3%(,!"(;E<=()%(^(4&%(5%))#.&(#,(
*'( "%7!""&( )!-43!( '!..#-!'.!( )*4!3%&3!( #( S*!""&( ,!"( 3%)*".#.&( /!).%&'!( &4!3#.%7#>( %'( 4#3.%2&"#3( -&,&(
'!""+*".%-&(.3%-!).3!(;E<=>(!("#()*#(!'.%.K(M#()!-43!(,!.!3-%'#.&(%"(3%)*".#.&(,%(4!3,%.#('!..#(5%'#"!(,%(.*..%(%(
)%'/&"%(.3%-!).3%(;E<=H((
6'#"%$$#',&(%'5%'!(%"(2&')*'.%7&('!"(DQ(.3%-!).3!(;E<=>()!-43!(%'(3#44&3.&(#%(43!2!,!'.%(.3%-!).3%(;E<=>(,!""!(
#".3!( 43%'2%4#"%( 7&2%( ,%( 2&'.&( !2&'&-%2&>( ,%7!3)!( ,#""!( 3!..%5%2M!( ,%( 7#"&3!( '!..!( )*( 23!,%.%>( )%( !7%,!'$%#'&( %(
)!/*!'.%(43%'2%4#"%(5#..%(,%(3%"%!7&W(
!
/3!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0( %)*".#.%(!2&'&-%2%
− *'#(.!'*.#(,!""+#44&3.&(!2&'&-%2&(,!/"%(%'.!3!))%('!..%>(%"(2*%(7#"&3!(,!"(DQ(.3%-!).3!(;E<=(8<D><(-%"%&'%9()%(
4&'!( #,( *'( "%7!""&( ,%( 4&2&( )*4!3%&3!( 3%)4!..&( #( S*!""&( ,!"( =Q( .3%-!).3!( 8<=>?( -%"%&'%9( ;E<=>( #""%'!#.&( #(
S*!""&(,!"(;Q(.3%-!).3!(!(X!'(-#//%&3!(,%(S*!""&(,!"(<Q(.3%-!).3!(;E<=(8<=>B(-%"%&'%9a(
− *'(4&)%.%7&(!(*".!3%&3!(-%/"%&3#-!'.&(,!""!(2&--%))%&'%('!..!(;E<=("!(S*#"%(2&'(F>B(-%"%&'%(-%/"%&3#'&()%#(
%"( ,#.&( ,!"( =Q( .3%-!).3!( 8F>=( -%"%&'%9( )%#( %"( ,#.&( -!,%&( ,!%( 43%-%( .3!( .3%-!).3%( ,!""&( ).!))&( #''&( ;E<=( 8F>=(
-%"%&'%9( !()%(4&)%$%&'#'&(#,(*'("%7!""&(,!2%)#-!'.!()*4!3%&3!(3%)4!..&()%#(#,(&/'*'&( ,!%(S*#..3&(.3%-!).3%(
;E<;()%#(#""#(-!,%#(.3%-!).3#"!(,!""+%'.!3&(#''&(;E<;a((
− *'( '!..&( 2&'.!'%-!'.&( ,!/"%( &'!3%( &4!3#.%7%>( ,%-&).3#.&( ,#"( 5#..&( 2M!( %"( "%7!""&( ,%( <=><( -%"%&'%( ,!"( DQ(
.3%-!).3!(;E<=(^(%"(4%](X#))&(%'(#))&"*.&(,%(.*..%(/"%(&..&(.3%-!).3%(2M!(2&-4&'/&'&(%"(X%!''%&(;E<;(0(;E<=(
!( ,%( 2&')!/*!'$#( 4%]( 2&'.!'*.&( #'2M!( 3%)4!..&( #"( ,#.&( -!,%&( .3%-!).3#"!( ,!""+%'.!3&( #''&( ;E<=( 8<=>?(
-%"%&'%9()%#(,!""+%'.!3&(#''&(;E<;>(4#3%(#(<G>E(-%"%&'%a(
− %"(X*&'(-%/"%&3#-!'.&(,!"( %)*".#.&(,!""#(g!).%&'!(@4!3#.%7#(.3%-!).3#"!('!"(;E<=W(%'5#..%('!"(DQ(.3%-!).3!(
!))&(#--&'.#(#(C>D(-%"%&'%>(3%)4!..&(#%(F>;(-%"%&'%(,!"(=Q(.3%-!).3!>(#%(F>C(-%"%&'%(,!"(;Q(.3%-!).3!(!(#%(B>B(
-%"%&'%( ,!"( <Q( .3%-!).3!( ;E<=( !( #%( B>E( -%"%&'%( ,!"( DQ( .3%-!).3!( ;E<;H( `#( 23!)2%.#( ,%( S*!).&( -#3/%'!(
%'.!3-!,%&(^(3%)2&'.3#X%"!(#'2M!(3%)4!..&(#"(7#"&3!(-!,%&(.3%-!).3#"!(,!""+%'.!3&(#''&(;E<;(2M!(^(4#3%(#(B>=(
-%"%&'%a(
− %'5%'!( %"( 5&3.!( %-4#..&( !2&'&-%2&( 4&)%.%7&( ,%( G>?( -%"%&'%( /!'!3#.&( ,#""#( 7&2!( %-4&).!( )*"( 3!,,%.&( ,!"( DQ(
.3%-!).3!( ;E<=>( '!..#-!'.!()*4!3%&3!(#(S*!""&(4*3(4&)%.%7&(,%( &/'*'&(,!%(.3!(.3%-!).3%(;E<=(43!2!,!'.%a(
2%f(4!3(!55!..&(!))!'$%#"-!'.!(,!%(3%2#7%(4!3(%-4&).!(#'.%2%4#.!(/!'!3#.%(,#""&().3#&3,%'#3%&(7#"&3!(,%(;=>=(
-%"%&'%(,%(3!..%5%2M!(,%(7#"&3!('!..!()*(23!,%.%(3%"!7#.&('!"(DQ(.3%-!).3!(;E<=H(((
(
M(==,&-(!%#!>+#&'#>%$#!)%-#!,'(&(=#'#!
!
@+(<,&-#!(>,+%-#<#!&,--#!
!
I(d43&7!'.%(&4!3#.%7%('!..%e()&'&(2&-4&).%(,#(%'.!3!))%('!..%>(,%7%,!',%()*(4#3.!2%4#$%&'%>(2&--%))%&'!('!..!>(
3%)*".#.&(,!""#(#..%7%.K(,%('!/&$%#$%&'!(!(%'5%'!(,#"()#",&(,!/"%(#".3%(43&7!'.%(!,(&'!3%(,%(/!).%&'!H(
I"("&3&(#--&'.#3!(2&-4"!))%7&('!"(;E<=(^().#.&(,%(CG>F(-%"%&'%>(2&'(*'("!//!3&(%'23!-!'.&(,%(c(E>D(-%"%&'%(
3%)4!..&(#/"%(CG>=(,!"(;E<;(8c(E>G\9>(2&')!/*%.&(/3#$%!(#""&()7%"*44&(3!/%).3#.&(,#""!(d2&--%))%&'%('!..!e(8c(
D>F(-%"%&'%>(4#3%(#"(c(<C>C\9>(2M!(M#(%'.!3#-!'.!(#''*""#.&("#(,%-%'*$%&'!(,!/"%(d%'.!3!))%('!..%e(#33!.3#.%(,%(
D>;( -%"%&'%( 80( F>E\9( 3%)4!..&( #"( ;E<;H( ['( #44&3.&( 4&)%.%7&( #( S*!).&( #//3!/#.&( ^( ).#.&( 5&3'%.&( #'2M!( ,#/"%(
d#".3%( 43&7!'.%( 8&'!3%9( ,%( /!).%&'!e( 2M!( -%/"%&3#'&( ,%( E>;( -%"%&'%( 3%,*2!',&( %"( "&3&( )#",&( '!/#.%7&( 3%)4!..&( #"(
7#"&3!(,!"(2&33%)4&',!'.!(4!3%&,&(;E<;H(
((
G&-,+,66#!&,--#!!
: < D> ?
:B
:BE>E
6..%7 %.K(5%'#'$%#3%!(,!.!'*.!()%'&(#""#()2#,!'$#
:
:
:
:
=E?
DDG
:<=B
:=E>B
6..%7 %.K(5%'#'$%#3%!(,%)4&'%X%"%(4!3("#(7 !',%.#
6 . . %7 %. K ( 5 %' #' $ %#3%!
#4 4 & 3. %( 2 & ' ( X #' 2 M !(
6 . . %7 %. K ( , !. !3%& 3#. !
6".3%(%'.!3!))%('!..%(:(Z4!)!(,!"(L!3)&'#"!
=<=
DG G
: <D;
: = <> ;
: FHCCC
: < DH <C D
: BH;?B
: D D> D
=HED?
;H ?; ?
<;E
D> <
:;=F
:=D?
:<<;
:=;><
:;G>E
6".3%(%'.!3!))%('!..%(:(N &',%(3%7 #"*.#$%&'!(&'!3%
:=
:D
:<
6".3%(%'.!3!))%('!..%
<;
<=
:<
:F>F
: ;;C
: =D E
: <<;
: = ;> ?
UU1R 3
UD19D0
QS1220
Q V3
6 ". 3%( %' . !3!))%( ' !. . %
G &-,+,66#!&,--#
<DH<EC
: <EHBEF
<E
DV<=
F <H E= <
D
<=H?DE
BEHD;D
<DHED=
I' . !3-!, %#$ %& '!( 2 & ' ( 2 "%!' . !"#
6..%7 %.K(5%'#'$%#3%!(,%('!/&$%#$%&'!
=V<=
:BG>?
D;G (
<DHEGF
:?;F
:B?
;V<=
:<HDEB
:D?D
<=HGBG
:DF?
1%55!3!'$%#"%()*(,!3%7 #.%(,%(2&4!3.*3#
<V<=
R%.&"%(%'(2%32&"#$%&'!
;<($7.#(&,!-+#=,6-+%$,!G &-,+,66#!&,--#
<=HFCC
:<G>=
DV<;
:<<H<E?
<BHEGD
F;HGEB
=V<;
B<H=?F
#44&3.%(2&'(2"%!'.!"#
<BHEEB
2302
;V<;
8-%/"%#%#(,%(!*3&9
!!<%+#%.#(&#
%66($7-,
:
230/
<V<;
W('#
;E<=
;E<;
(
(
g"%(%'.!3!))%('!..%( #"(=<(,%2!-X3!(;E<=(#--&'.#'&(#(GG>F(-%"%&'%(,%(!*3&>(2&'(*'#(5"!))%&'!(,%(D>;(-%"%&'%>(
4#3%(#"(0(F>E\(3%)4!..&(#"(,#.&(,%(G?>?(-%"%&'%(,!"(=<(,%2!-X3!(;E<;H(
!
/0!
"#$%&'#(!)#!"%&'%!)#!*+,&-(!,!"($.%&(!%$!/01021230/!4!5,$%.#(&,!67$$%!8,6-#(&, 0( %)*".#.%(!2&'&-%2%
`#( 3%,*$%&'!( ,%( S*!).&( #//3!/#.&( ,%4!',!( ,#""#( 5"!))%&'!( 3!/%).3#.#( '!""!( 7&2%( 2M!( 2&-4&'/&'&( "#( 4&).#(
d%'.!3-!,%#$%&'!( 2&'( 2"%!'.!"#e( 2*%( )%( ^( 2&'.3#44&).&( *'( '!..&( 2&'.!'%-!'.&( ,!""+&'!3!( !2&'&-%2&( ,!%(
d3#44&3.%(2&'(X#'2M!e>('&'()*55%2%!'.!(.*..#7%#(#(2&-4!')#3!("#(2&'.3#$%&'!(,!""#(2&-4&'!'.!(2"%!'.!"#H(
`#(4&).#(%'.!3-!,%#$%&'!(2&'(2"%!'.!"#('!"(;E<=(^(4#3%(#(BE>D(-%"%&'%(3%)4!..&(#(F<>E(-%"%&'%(,!"(;E<;>(2&'(*'(
2#"&( ,%( <E>B( -%"%&'%>( 2M!( ,!3%7#( 43!))&2Mi( %'.!3#-!'.!( ,#""#( 3%,*$%&'!( ,%( <<><( -%"%&'%( 84#3%( #,( *'( 0<G>=\9(
,!""#(7&2!(d3#44&3.%(2&'(2"%!'.!"#e(,&7*.#(#""#(2&-X%'#$%&'!>("#.&(%-4%!/M%(#""#(2"%!'.!"#>(,%(*'#(,%-%'*$%&'!(
,!%(7&"*-%(-!,%(80;;G(-%"%&'%(,%(!*3&9(!(,!"(.#))&(-!,%&(80(;D(X#)%)(4&%'.9>(!>("#.&(3#22&".#(2"%!'.!"#>(,#(*'(
%'23!-!'.&(,!%(7&"*-%(-!,%(2&-4"!))%7%(,%(GB>;(-%"%&'%( ,%(!*3&(!(*'#(5"!))%&'!(,!"( .#))&(-!,%&(,%(=E(4*'.%(
X#)!H( `#( 2H,H( d5&3X%2!e( ,!%( .#))%( ,!%( 3#44&3.%( 2&'( 2"%!'.!"#( 3!/%).3#( S*%',%( *'#( "!//!3#( 23!)2%.#( ,%( c( B( X#)%)(
4&%'.H((
`+!55!..&( !2&'&-%2&( '!/#.%7&( 2&)b( 43&,&..&( ,#""#( 7&2!( 43!2!,!'.!>( ^( ).#.&( )&"&( %'( 4#3.!( #..*.%.&( ,#( *'(
-%/"%&3#-!'.&( !2&'&-%2&( ,!""#( 7&2!( h.%.&"%( %'( 2%32&"#$%&'!h>( 2M!( 3%/*#3,#( /"%( %'.!3!))%( 4#))%7%( )*""!(
&XX"%/#$%&'%( !-!))!>( "#( 2*%( 5"!))%&'!( ,%( E>?( -%"%&'%( 80( BG>?\9( 3%/*#3,#( "#( 3%,*$%&'!( ,!%( 7&"*-%( #77!'*.#( '!"(
;E<=(3%)4!..&(#""+#'#"&/&(4!3%&,&(;E<;(4!3(!55!..&(,!""#(-#'2#.#(!-%))%&'!(,%(43&43%!(&XX"%/#$%&'%(#(53&'.!(
,!""#(2&-4"!.#.#()2#,!'$#(,!""!(43!2!,!'.%(!-%))%&'%(&XX"%/#$%&'#3%!H((
`+*".!3%&3!( 7&2!( ,!""#( 2&-4&'!'.!( %'.!3-!,%#$%&'!( 2"%!'.!"#>( 2&'( !55!..&( !2&'&-%2&( '!/#.%7&( ,%( E>D( -%"%&'%(
)*""+#//3!/#.&( %'.!3!))%( '!..%( %'( .!3-%'%( ,%( 7#3%#$%&'!( .3#( %( ,*!( #''%( 3#553&'.#.%>( ^( 3#443!)!'.#.#( ,#""#( 7&2!(
d1%55!3!'$%#"%()*(,!3%7#.%(,%(2&4!3.*3#e>(%""*).3#.#('!"()*22!))%7&(!()4!2%5%2&(4#3#/3#5&H(
(
`#( 4&).#( d%'.!3!))%( )*( #..%7%.K( ,!.!3%&3#.!e( )!/'#( '!"( ;E<=( *'( 7#"&3!( 4&)%.%7&( ,%( =>E( -%"%&'%>( )*4!3%&3!( ,!"(
D><\( #"(7#"&3!>(4*3!( 4&)%.%7&>(,%(;>?(-%"%&'%(,!"(;E<;( !(3%/*#3,#(!))!'$%#"-!'.!( "+!55!..&(3!7!3)#"(,!"(d.%-!(
7#"*!e()*%(23!,%.%(,!.!3%&3#.%H(
J&'( 3%5!3%-!'.&( #""#( 4&).#( d3#44&3.%( 2&'( X#'2M!e( 8F>?( -%"%&'%( '!"( ;E<=( 3%)4!..&( #%( <D>;( ,!"( ;E<;9>( "#( '!..#(
,%-%'*$%&'!(,%(B>=(-%"%&'%(^(,&7*.#()%#(#,(*'#(3%,*$%&'!(,!%(7&"*-%(-!,%(,!""#(3#22&".#(X#'2M!(80(;=;(-%"%&'%(
,%( !*3&9>( )%#( #""#( 2&'.3#$%&'!( ,%( =G( X#)%)( 4&%'.( ,!"( .#))&( -!,%&( 4&',!3#.&( ;E<=( 8E>F=\9( 3%)4!..&( #( S*!""&(
;E<;(8<>EC\9>(2M!(M#(X!'!5%2%#.&(,!"(2#"&(,!%(.#))%(,%(-!32#.&(#77!'*.&(53#(%(,*!(!)!32%$%H(
`#( 3%,*$%&'!( ,!""#( 3#22&".#( X#'2M!( 3%)4!..&( #"( ;E<;>( &4!3#.#( 43!))&2Mi( %'.!/3#"-!'.!( '!%( 2&'53&'.%( ,!""#(
J#4&/3*44&>(^(2&33!"#.#(%'(/3#'(4#3.!(#""#(2%.#.#(5"!))%&'!(,!/"%(%-4%!/M%(#(2"%!'.!"#(-#(#'2M!(#"(-!'$%&'#.&(
)7%"*44&(,!%(7&"*-%(-!,%(,%(3#22&".#(,%3!..#(&..!'*.#(,#""#(X#'2#('!""&().!))&(4!3%&,&H(
(
`#(4&).#(dI'.!3!))%()*(#..%7%.K(5%'#'$%#3%!e(3%/*#3,#(!)2"*)%7#-!'.!(/"%(%'.!3!))%(#..%7%(43&,&..%(,#(#"2*'%(.%.&"%(,%(
43&43%!.K( ,!""#( _#'2#( 2"#))%5%2#.%( 2&-!( d#..%7%.K( 5%'#'$%#3%!( ,%)4&'%X%"%( 4!3( "#( 7!',%.#e( !,( #--&'.#'&( #( E>=(
-%"%&'%(,%(!*3&>(%'(2#"&(,%(E><(-%"%&'%(3%)4!..&(#%(E>D(-%"%&'%(,!"(;E<;H((
(
I'5%'!("#(4&).#(d#".3%(%'.!3!))%('!..%e(43&,*2!('!"(;E<=(*'()#",&(!2&'&-%2&('!/#.%7&(,%(0(E>;(-%"%&'%>(-%/"%&3!(
,%( S*!""&( '!/#.%7&( ,%( 0( E>=( -%"%&'%( 3!/%).3#.&( '!"( ;E<;H( T))#( )%( 3%5!3%)2!( %'.!3#-!'.!( #/"%( &'!3%( ,#(
#..*#"%$$#$%&'!(-#.*3#.%('!"(;E<=()*%(43!/3!))%(#22#'.&'#-!'.%(#%(5&',%(4!3()4!)!(,!"(4!3)&'#"!(!(#%(5&',%(4!3(
3%)2M%(!,(&'!3%H(
(
?#NN,+,&.#%$#!67!),+#<%-#!)#!'(>,+-7+%!
=!0(
6;8<
/#*(#,(!+(
6;86
9=& *(:&
6;8<
999& *(:&
6;8<
!"#$"%"%&'"&()*+,
99& *(:&
9& *(:&
6;8<
6;8<
%66($7-,
:
-459
43,4
-361
-372
-376
-407
-173 -80,1
-57
-58
-57
129
-
-
-
-
670
647
881
485
-416
-408
-396
-398
2853&
2848&
76
2848
Differenziali netti relativi a operazioni di:
Copertura specifica del fair value di attività (impieghi)
Ammortamento cap coperture del fair value di attività (impieghi)
Copertura specifica del fair value di passività (obbligazioni)
Copertura generica del rischio di tasso di interesse (poste a vista)
Copertura generica dei flussi finanziari (cash flow hedge)
!"#$%&'())%*%+,(#$(&+%""(&-.&'%*(/#"(&'(&0!1%*".*#
&
-1.516
-1.057
-43
-216
-
-
-
2.683
2.561
122
4,8
-1.618
-1.357
261
19,2
2343&
254&
367 &
-
&
-&.'"//(*(01"%$"&2)&'(*"3%4"&'"&5+6(*4)*%7&*(#"24*%0+&0($&89:;&)0&*"2)$4%4+&0(#%4"3+&'"&<&9=>&!"$"+0"=&*"26(44+&%'&
)0&*"2)$4%4+&0(#%4"3+&'"&<&9=:&!"$"+0"&'($&89:8=&5+0&)0&6(##"+*%!(04+&(5+0+!"5+=&?)"0'"=&'"&9=@&!"$"+0"&0($&
*%//*+04+&4*%&"&')(&6(*"+'"=&'+3)4+&%$$(&2(#)(04"&5+!6+0(04"A&
-&'"//(*(01"%$"&2)$$(&5+6(*4)*(&#(0(*"5B(&'($&*"25B"+&'"&4%22+&"04(*(22(&2)$$(&6+24(&%&3"24%=&2+0+&24%4"&6+2"4"3"&6(*&
8=C&!"$"+0"=&"0&%)!(04+&'"&9=:&!"$"+0"&*"26(44+&%$&89:8=&"0&?)%04+&"&'(*"3%4"&"0&(22(*(&6*(3('+0+&"$&6%#%!(04+&
!
/2!
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
'%& 6%*4(& '($$%& E%05%& '"& 4%22+& 3%*"%F"$(& 5+04*+& $G"05%22+& '"& 4%22+& /"22+& (& 6(*4%04+& $%& '"!"0)1"+0(& '("& 4%22"& '"&
!(*5%4+&3%*"%F"$"&B%&'(4(*!"0%4+&"$&!%04(0"!(04+&'($$+&26*(%'&6+2"4"3+&%&/%3+*(&'($$%&E%05%A&
-&'"//(*(01"%$"&2)$$(&5+6(*4)*(&'"&/%"*&3%$)(&2)&%44"3"4H& "!6"(#B",&'"&4"6+&26(5"/"5+=&5B(&6*(3('+0+&6(*&$%&E%05%&"$&
6%#%!(04+& '"& 4%22+& /"22+& 5+04*+& $G"05%22+& '"& 4%22+& 3%*"%F"$(=& B%00+& %)!(04%4+& %& <& :=>& !"$"+0"& "$& $+*+& /$)22+&
0(44+&0(#%4"3+&'"&"04(*(22"&6*+'+44+&0($&89:;&*"26(44+&%&?)($$+&0(#%4"3+&'"&<&:=:&!"$"+0"&'($&89:8=&"0&2(#)"4+&%$&
*"F%22+&'("&4%22"&'"&!(*5%4+&(&?)"0'"&5+0&)0&%##*%3"+&(5+0+!"5+&'"&9=@&!"$"+0"&4*%&"&8&%00"A&&
I($&5+*2+&'($&89:;&J&24%4+&(//(44)%4+&$G%!!+*4%!(04+&'("&6*(!"&'($$(&+61"+0"&2)&4%22"&%&5+6(*4)*%&'"&!)4)"&%&
4%22+& 3%*"%F"$(& 24"6)$%4(& '%$& 89:9& (& 5B(& B%& 6*+'+44+& 0($& 89:;& )0& (//(44+& 0(#%4"3+& '"& <& 9=9@& !"$"+0"=& !%& "$&
*"2)$4%4+&J&5+!)0?)(&2)6(*"+*(&'"&5"*5%&9=:C&!"$"+0"&%&?)($$+&0(#%4"3+&'"&<&9=8:&!"$"+0"&'($&89:8A&
KG(//(44+&(5+0+!"5+&'($$%&5+6(*4)*%&#(0(*"5%&'("&/$)22"&/"0%01"%*"=&5"+J&"&'"//(*(01"%$"&#(0(*%4"&'%&5+6(*4)*(&'"&
L%2B& M$+N& O('#(& M$)22"& /"0%01"%*",& J& 24%4+& 0(#%4"3+& 6(*& <& :=P& !"$"+0"& 0($& 89:;& *"26(44+& %"& <& :=;& !"$"+0"& '($&
89:8& 5+0& )0& 6(##"+*%!(04+& (5+0+!"5+& '"& 9=;& !"$"+0"& 4*%& "& ')(& 6(*"+'"=& "0& ?)%04+& 4*%!"4(& ?)(24"& 5+04*%44"&
'(*"3%4"&$%&E%05%&6%#%&"$&4%22+&/"22+&(&"05%22%&"$&4%22+&3%*"%F"$(A&
D"2)$4%0+&"03(5(&"04(*%!(04(&%11(*%4"&6(*&(04*%!F"&"&')(&6(*"+'"&89:;&(&89:8=&"&'"//(*(01"%$"&$"?)"'%4"&*($%4"3"&
%$$(&5+6(*4)*(&26(5"/"5B(&'"&+FF$"#%1"+0"&'($&6%22"3+&6*+3(0"(04"&'%&5+6(*4)*(&2)&4"4+$"&+FF$"#%1"+0%*"&%$$%&'%4%&
"0&(2%!(&"0&2(#)"4+&%$$%&5B")2)*%&%33(0)4%&$+&25+*2+&(2(*5"1"+&'("&6*(24"4"&5+6(*4"A&
&
Q"& *"5+*'%& "0/"0(& 5B(& 5+0& *"/(*"!(04+& %$$%& 5+!6+0(04(& 5+6(*4)*(& 2)$$(& 6+24(& %& 3"24%=& 2+6*%& !(01"+0%4(=& 0($&
5+*2+&'($&6*(5('(04(&@R&4*"!(24*(&89:8&(*%&24%4+&(2(#)"4+&$+&2!+04%##"+&'($$%&6%*4(&5A'A&.+FF$"#%4+*"%7&'($$(&
24(22(& 5+6(*4)*(& (& 5B(& %3(3%& 6*+'+44+& 0($& 4*"!(24*(& 24(22+=& 6(*& (//(44+& '($$%& $+*+& 5$%22"/"5%1"+0(& ?)%$"&
24*)!(04"&'"&.4*%'"0#7=&)0%&6$)23%$(01%&'"&9=@&!"$"+0"&#(0(*%4%&'%$$%&'"!"0)1"+0(&'($&2+44+24%04(&+##(44+&'"&
5+6(*4)*%& $(& 6+24(& %& 3"24%,& 5+04%F"$"11%4%& 0($& 89:8& 0($$%& 3+5(& :99& '"& 5+04+& (5+0+!"5+& .S4"$"& T(*'"4(,& '%&
5(22"+0(V& *"%5?)"24+7A& I($& 5+*2+& '($& 89:;& 2+0+& *"2)$4%4"& 6(*4%04+& %22(04"& "& '"//(*(01"%$"& %44"3"& 5+$$(#%4"& %& 4%$"&
5+6(*4)*(&.+FF$"#%4+*"(7&"$&5)"&2!+04%##"+&%3(3%&'(4(*!"0%4+&$%&5"4%4%&6$)23%$(01%&0($&89:8A&
W05+*%&0($&5+*2+&'($&6*"!+&4*"!(24*(&89:;&J&24%4%&6+*4%4%&%&4(*!"0(=&%&5)*%&'($$%&6*(6+24%&/)01"+0(&'"&WAKAXA&
'($$%&L%6+#*)66+=&%05B(&$%&!%0+3*%&'"&2!+04%##"+&'($$%&6%*4(&5A'A&.3+$+04%*"%7&'($$(&6*('(44(&5+6(*4)*(& &"0&
*(#"!(& '"& X%5*+& M%"*& Y%$)(& O('#(,Z& #$"& (//(44"& (5+0+!"5"& 6*+'+44"& '%& 4%$"& +6(*%1"+0"& 2+0+& 5+!!(04%4"&
0($$G%!F"4+&'($$%&3+5(&&.D"2)$4%4+&'($$G%44"3"4H&'"&0(#+1"%1"+0(7&2)55(22"3%!(04(&(26+24%A&&&
&
D!::(--(!+(&+%""%&&
!"#$"%"%&'"&()*+,
&&/#*(#,(!+(
#--!$."%
E
=!0(
6;8<
6;86
[%*%01"(&*"$%25"%4(
:A\>C
:A\P;
]P
Q(*3 "1"&'"&"05%22+&(&6%#%!(04+
:A;\8
:A8>@
:8\
:9=8
::A:CC
^A>>:
:AP8P
:C=9
74=4
:A^@@
;5?:<
?9
7=9
!(*-"#
9587:
@58@7
@5<;4
6;=9
8:?
:;7
;8
@=<
89>
8@C
]@8
]:C=9
;A:^:
:A^C:
:A889
P:=^
!AB$$*01B!*C"#-#
-04(*!('"%1"+0(&3%$)4(
D"26%*!"+&[(24"4+
!DE,1#*-#!.B1C#+*-#B0#
:86
???
97@
66=8
@5@<9
;59;4
688
??=4
\9C
>;9
8CC
>8=;
::A@C;
\A 9C@
;A;^^
@8= :
W $4 *(&5 +!!"22"+0"&0(4 4 (&
8A;>@
8A C^8
] @;\ ] :>= C
D!::(--(!+(&+%""%&
64?7F8
63?G48
3?5G;
!'#,1C#/%F#*-E!.C*"*11#!B,,#$%CB1#G#
W$4*(&5+!!"22"+0"&"04(*!('"%1"+0(V#(24"+0(
W 4 4 "3 "4 H &'"&#(24 "+0(=& "04 (*!('"%1 "+0(&(&
5+02)$(01 %
8GHG
CA;9@
CAP:9
@V:;
>A;8P
;5?74
;V:;
CA8C9
!>#1*0#
CA>:>
;P=>
-04(*!('"%1"+0(&(&5+$$+5%!(04+&4"4+$"
8V:;
:8= ;
CA:@8
:AC:^
:V:;
:@A 98>
PA>\P
:>AC@@
@V:8
]8=:
W 4 4 "3 "4 H &F%05 %*"%&5 +!!(*5"%$(
PA>@8
]8^
;V:8
;58<9
:A;>C
PA::9
95:79
:A;8\
8V:8
45678
Q(*3 "1"+&E%05+!%4&(&5%*4(&'"&5*('"4+
>AP>;
!"#!$%#!&'()!&*++#,,#*-#!"#,.*-#/#0#12!3*-"#
]9=;&
:V:8
L+04"&5+**(04"
I/!$.,(!+%&"*(:%-"*#$%&D!::(--(!+(&+%""%
89:;
89:8
&
K(& 5+!!"22"+0"& 0(44(& %$& ;:& '"5(!F*(& 89:;& %!!+04%0+& %& 8^=P& !"$"+0"=& "0& 5*(25"4%& '"& @=C& !"$"+0"& *"26(44+& %"&
8@=^&!"$"+0"&'($&89:8&6%*"&%'&)0&_:\=\`A&-$&'(5"2+&23"$)66+&*(#"24*%4+&'%$&5+!6%*4+&5+!!"22"+0%$(&0($&2)+&
&
<<&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
"02"(!(& 2"& 5+05(04*%& 2+6*%44)44+& 0($$%& 6+24%& .%44"3"4H& '"& #(24"+0(=& "04(*!('"%1"+0(& (& 5+02)$(01%a& _;=@&
!"$"+0",=& !%& *"#)%*'%& %05B(& $%& 5+!6+0(04(& a%44"3"4H& F%05%*"%& (& 5+!!(*5"%$(a& _:=C& !"$"+0",& !(04*(& ?)($$%&&
*(2"')%$(& 5+!6+24%& '%$$(& .%$4*(& 5+!!"22"+0"& 0(44(7& 6*(2(04%& )0%& /$(22"+0(& '"& <& 9=@& !"$"+0"& 5B(& %44(0)%&
6%*1"%$!(04(&$G"!6%44+&6+2"4"3+&'($$(&')(&6*(5('(04"&5+!6+0(04"&6*"05"6%$"A&
K(&5+!!"22"+0"&6(*&a%44"3"4H&F%05%*"%&(&5+!!(*5"%$(a=&2+0+&24%4(&6%*"&%&:>=C&!"$"+0"&*"26(44+&%"&:@=9&!"$"+0"&
'($& 89:8=& 5+0& )0& "05*(!(04+& '"& :=C& !"$"+0"& _& :8=;`,& *"#)%*'%04(& ?)%2"& 4+4%$!(04(& $G%*(%& .5+04"& 5+**(04"7&
#*%1"(&%$$G%)!(04+&'"&:=\&!"$"+0"&'($$(&5+!!"22"+0"&LbM&<&.5+!!"22"+0"&6(*&'"26+0"F"$"4H&/+0'"7&5B(&0($&89:;&
2+0+&6%*"&%&P=C&!"$"+0"&*"26(44+&%"&@=^&'($&89:8& _&;P=P`,A&Q"&*(#"24*%&%05B(&"$&$(##(*+&%)!(04+&'"&9=:&!"$"+0"&
0("& .2(*3"1"& '"& "05%22+& (& 6%#%!(04+7& 6%*"& %& :=@& !"$"+0"& 0($& 89:;,A& Q+0+& "03(5(& 2+24%01"%$!(04(& *"!%24"&
"0%$4(*%4"&*"26(44+&%$&89:8&#$"&"04*+"4"&5+!!"22"+0%$"&'($$(&')(&2(#)(04"&%$4*(&%*((c&.2(*3"1"+&F%05+!%4&(&5%*4(&'"&
5*('"4+7& :=;&!"$"+0",&(&.#%*%01"(&*"$%25"%4(7& :=^&!"$"+0",A&&
d2%!"0%0'+&6+"&$(&5+!!"22"+0"&6(*&.$G%44"3"4H&'"&#(24"+0(=&"04(*!('"%1"+0(&(&5+02)$(01%7=&5B(&*%66*(2(04%0+&
0($&$+*+&5+!6$(22+&"$&;\=\`&'(#$"&"04*+"4"&2)$&4+4%$(&'($$(&5+!!"22"+0"&0(44(&6(*5(6"4(&%&/*+04(&'($&;8=@`&'($&
89:8=&$(&24(22(&2+0+&%)!(04%4(&'($&@8=:`&2)&F%2(&%00)%& _;=@&!"$"+0"&'"&()*+,=&#*%1"(&%"&2(#)(04"&"05*(!(04"&
'("&*"5%3"& '"&4)44(&$(&3+5"c&"$& 2(44+*(& ."04(*!('"%1"+0(& (& 5+$$+5%!(04+&4"4+$"7& _:=^& !"$"+0"=& 6%*"&%&_;P=>`,=&"$&
.*"26%*!"+& #(24"4+7& _:=8& !"$"+0"=& 6%*"& %& _P:=^`,& (& $(& .%$4*(& 5+!!"22"+0"& '"& "04(*!('"%1"+0(& (& #(24"+0(7&
_9=;&!"$"+0"=&6%*"&%&_>8=;`,A&
d04*%0'+&0($&'(44%#$"+&'($$(&3+5"&('&&%0%$"11%0'+&$%&."04(*!('"%1"+0(&(&5+$$+5%!(04+&4"4+$"7=&$%&6*"!%&3+5(&'($&
5+!6%*4+&%44"3"4H&#(24"+0(=&"04(*!('"%1"+0(&(&5+02)$(01%&2+6*%&"0'"5%4+=&2"&(3"'(01"%&5B(&$G%0'%!(04+&'($$(&
5+!!"22"+0"&'(*"3%04"&'%$$G%44"3"4H&'"&5+$$+5%!(04+&'("&4"4+$"&+FF$"#%1"+0%*"&J&"0&$(##(*+&5%$+&'"&5"*5%&9=:&!"$"+0"&
<& ;=@`,& 25(0'(0'+& '%& :=P& !"$"+0"& '($& 89:8& %& :=>& '($& 89:;A& -0/%44"=& $(& 5+!!"22"+0"& )6]/*+04& 6(*5(6"4(& 0($&
89:;&'(0+4%0+&)0%&/$(22"+0(&"0&3%$+*(&%22+$)4+&*"26(44+&%$&$"3($$+&'($&89:8=&"0&2(#)"4+&%$$%&*"')1"+0(&'("&3+$)!"&
5+$$+5%4"& <&;:=8&!"$"+0"&'"&()*+=&6%*"&%&<&8\=;`,&"0&6%*4(&5+!6(02%4%&'%$$%&5*(25"4%&'($$%&6(*5(04)%$(&)6&/*+04&
%66$"5%4%=&5B(&%)!(04%&'"&9=@8&6)04"&6(*5(04)%$"A&b%&(3"'(01"%*(&5B(&0($&89:;=&5+!(&%05B(&0($&89:8=&2+0+&
24%4(&5+$$+5%4(&?)%2"&(25$)2"3%!(04(&+FF$"#%1"+0"&(!(22(&'%&2+5"(4H&'($&[*)66+&-04(2%&Q%06%+$+A&
-$& $"3($$+& '($$%& 5+!!"22"+0(& )6]/*+04& 5+02(#)"4%& '%$$%& E%05%=& '"6(0'(& %05B(& '%$$%& ')*%4%& '("& 6*(24"4"&
+FF$"#%1"+0%*"&5+$$+5%4"&6(*&5)"&%&/*+04(&'"&5+$$+5%!(04"&%&!('"+&$)0#+&4(*!"0(&3(0#+0+&*"5+0+25")4"&)6]/*+04&
6"e&($(3%4"&*"26(44+&%&+FF$"#%1"+0"&5+0&25%'(01(&6"e&F*(3"A&&
-0&!(*"4+&%$&.5+$$+5%!(04+&'"&/+0'"7& $%&2(5+0'%&3+5(&'($$+&24(22+&5+!6%*4+&"04(*!('"%1"+0(&(&5+$$+5%!(04+&
4"4+$",&2"&*(#"24*%&0($&89:;&*"26(44+&%$&89:8&)0&/+*4(&"05*(!(04+&'"&F(0&8=9&!"$"+0"&'($$(&5+!!"22"+0"&6(*5(6"4(&
@=\& !"$"+0"& 0($& 89:;& *"26(44+& %& 8=\& !"$"+0"& '($& 89:8,& 2)$& 5+$$+5%!(04+& '("& M+0'"& 5+!)0"& '"& "03(24"!(04+=&
#*%1"(&%'&)0&%)!(04+&'($&3+$)!(&!('"+&'($$(&#"%5(01(&5+!6$(22"3(&*(#"24*%4+&0($$G+*'"0(&'"&^:=@&!"$"+0"& _&
@:=9`,&6(*&"&/+0'"&#(24"4"&'%&d)*"1+0&L%6"4%$A&&
T%22%0'+&6+"& %$&5+!6%*4+&.*"26%*!"+&#(24"4+7=&2"&0+4%0+&'(5"2"&"05*(!(04"&0($$(&5+!!"22"+0"&6*+3(0"(04"&2"%&
'%$$G%!F"4+&.'"24*"F)1"+0(&6*+'+44"&%22"5)*%4"3"7=&2"%&'%&?)($$+&.#(24"+0"&6%4*"!+0"%$"7A&
D($%4"3%!(04(&%$&6*"!+& 6*+'+44"&%22"5)*%4"3",=&"$&89:;&6*(2(04%&)0&%!!+04%*(&'"&5+!!"22"+0"&%44"3(&6%*"&%&8=8&
!"$"+0"&*"26(44+&%#$"&:=@&!"$"+0"&'($&89:8=&5+0&)0&%)!(04+&'"&9=\&!"$"+0"& _>>=P`,&'(4(*!"0%4+&'%$$%&*"6*(2%&
'($$(& 5+!!"22"+0"& 2)"& 6*+'+44"& 4*%'"1"+0%$"=& 5+$$(#%4%& "04(*%!(04(& %$$G"05*(!(04+& '("& 3+$)!"& *%55+$4"& 2)& F%2(&
%00)%& 5+!6$(22"3%!(04(&2)"&6*+'+44"&4*%'"1"+0%$"&_@:=;&!"$"+0"=&6%*"&%&_88C=;`,A&
K(&5+!!"22"+0"&'%&#(24"+0"&6%4*"!+0"%$"&'($$G%00+&89:;=&5B(&5+!6*(0'+0+&$(&5+!!"22"+0"&2)&[TM&<&[(24"+0"&
T%4*"!+0"%$"&M+0'"&(&2)&[TX&<&[(24"+0"&T%4*"!+0"&X+F"$"%*"=&2"&6+2"1"+0%0+&%&:=9&!"$"+0"&*"26(44+&%"&9=P&!"$"+0"&
'($&89:8Z&$G%)!(04+&'"&9=@&!"$"+0"&'(*"3%=&%05B(&"0&4%$&5%2+=&2+6*%44)44+&'%&)0&"05*(!(04+&'("&3+$)!"&'"&^=;&
!"$"+0"& _&:9=>`,&*"26(44+&%$&89:8A&
W05B(& $%& 3+5(& .%$4*(& 5+!!"22"+0"& '"& "04(*!('"%1"+0(& V& #(24"+0(7=& %)!(04%& '"& 9=;& !"$"+0"=& 6%22%0'+& '%& )0&
3%$+*(&6+2"4"3+&'"&_&9=>&!"$"+0"&'($&89:8&%'&)0&3%$+*(&6%*"!(04"&6+2"4"3+&'"&_9=\&!"$"+0"&'($&89:;A&d22%&"05$)'(&
"&5+!6(02"&26(44%04"&6(*&"&6*+'+44"&'"&L*('"4+&%$&5+02)!+&/"0%$"11%4+& 6*(24"4"&6(*2+0%$",&(&L(22"+0(&'($&?)"04+=&
(04*%!F"& (*+#%4"& '%$$%& 2+5"(4H& -QT& T(*2+0%$& (f& X+0(4%& QA6AWA,& %66%*4(0(04(& %$& #*)66+=& (& $(& 5+!!"22"+0"&
6(*5(6"4(&'%&K(%2"04=&6(*&%44"3"4H&23+$4%&'%$$%&E%05%A&-&*"5%3"&!%##"+*"&*"#)%*'%0+&$%&6*"!%&'($$(&')(&/+*!(&'"&
5+!6(02"A&&
T(*&$(&a%$4*(&5+!!"22"+0"&0(44(a=&6%*"&%&8=@&!"$"+0"&0($&89:;=&$G"!6%44+&%&L+04+&d5+0+!"5+&'($&89:;&J&24%4+&
"0/(*"+*(&'"&9=@&!"$"+0"&*"26(44+&%$&89:8& 8=\&!"$"+0",=&5+0&)0%&/$(22"+0(&'($&<&:>=C`=&5+05(04*%4%&"0&6%*4"5+$%*(&
0($$%& 3+5(& .%$4*"& /"0%01"%!(04"7& <& 9=@& !"$"+0"& 2)& F%2(& %00)%=& 2)''"3"2%& 4*%& <& 9=8& !"$"+0"& 2)& /"0%01"%!(04"& %&
!('"+& $)0#+& 4(*!"0(& (& <& 9=8& !"$"+0"& 2)& *(5)6(*+& 26(2(& 6(*& "24*)44+*"%& !)4)",A& D"5+*'"%!+& 5B(& ?)(24+&
%##*(#%4+&B%&5+!)0?)(&0%4)*%&*(2"')%$(&(&%55+#$"(&?)"0'"&4)44(&$(&3%*"(&4"6+$+#"(&'"&5+!!"22"+0"&0+0&*"/(*"F"$"&
%&4)44(&$(&%$4*(&'"3(*2(&5%4(#+*"(A&
&
&
<3&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
A(-.$"#"!&'%$$J#""(/("K&'(&+%L!,(#,(!+%&
!"#$"%"%&'"&()*+,
&&&&/#*(#,(!+(
#--!$."%
E
6;8<
6;86
W44"3"4H&/"0%01"%*"(&'"&0(#+1"%1"+0(
;8
C;
]@:
T%22"3 "4H&/"0%01"%*"(&'"&0(#+1"%1"+0(
]
]
]
]
Q4*)!(04"&'(*"3%4"&/"0%01"%*"
@:P
8;9
:\P
\9=^
D"2)$4 %4 +&+6(*%4 "3 "4 H & '"&4 *%'"0#& 4 %22"=&4 "4 +$"&
'"&5%6"4 %$(=&3 %$)4 (,
@@\
;9;
:@>
@C= ^
]
]
]
@88
:>
;=P
\\>
C8>
:P9
88= :
]
:^
8
]
8
]
\\C
C@@
:@;
:^= 8
] @:
>@
] ^> &
]
;>>
] ;>> &
C
>
8
@9= 9
G7<
8?87G
2<;7
265H<
:A9C9
:@@
:\\
8P:
@:P
]:^ &
]:8
@V:;
;V:;
8V:;
:V:;
@V:8
]:9>
;V:8
A(-.$"#"!&+%""!&'%$$M#""(/("K&'(&+%L!,(#,(!+%&
*(0$#--()(0#"!
]
@;C
8V:8
g +4 %$(&)4 "$"& 6(*'"4 (,&2)&%4 4 "3 "4 H V6%22"3 "4 H &
/ "0%01"%*"(&'"&0(#+1 "%1"+0(
D"2)$4%4+&'%&5(22"+0(&'"&%44"3 "4H&/"0%01"%*"(&'"26+0"F"$"&
6(*&$%&3 (0'"4%&(&*"%5?)"24+&'"&6%22"3 "4H&/"0%01"%*"(
b"3 "'(0'"&(&6*+3 (04"&2"!"$"&2)&%1"+0"&'"26+0"F"$"&6(*&$%&
3(0'"4%=&'(4(0)4(&6(*&$%&0(#+1"%1"+0(&(&3 %$)4%4(&%$&/%"*&
3%$)(
D"2)$4 %4 +&'($$h%4 4 "3 "4 H &'"& 0(#+1 "%1 "+0(&
5"3 "$"24 "5 +
D"2)$4 %4 +&0(4 4 +&'($$h%4 4 "3 "4 H &'"&5+6(*4 )*%&
5"3 "$"24 "5 +
S4 "$(V6(*'"4 %&5 (22"+0(&(&*"%5 ?)"24 +&
6%22A/ "0%01 "%*"(
D"2)$4 %4 +&0(4 4 +&'($$(&%4 4 "3 "4 H &(&6%22"3 "4 H &
/ "0%01"%*"(&3 %$)4 %4 (&%$&/ %"*&3 %$)(
]>P=8
@^
Q4*)!(04"&'(*"3%4"&5*('"4"1"
W$4*(&%44"3"4HV6%22"3 "4H&/"0%01"%*"(c&'"//(*(01(&'"&5%!F"+
I/!$.,(!+%&"*(:%-"*#$%&A(-.$"#"!
'%$$M#""(/("K&'(&+%L!,(#,(!+%
:V:8
=!0(
89:;
89:8
&
-$&a*"2)$4%4+&0(44+&'($$h%44"3"4H&'"&0(#+1"%1"+0(a&'"!"0)"25(&'"&9=;&!"$"+0"=&6%22%0'+&'%&_&:=8&!"$"+0"&0($&89:8&%&
_&9=^&!"$"+0"&0($&89:;Z&$%&*"')1"+0(&5+!6$(22"3%&J&"!6)4%F"$(&%$$%&/$(22"+0(&'"&5"*5%&9=;&!"$"+0"&*(#"24*%4%&0($&
89:;& *"26(44+& %$& 89:8& '%$$%& 6+24%& .S4"$(& '%& 5(22"+0(& (& *"%5?)"24+& '"& 6%22"3"4H& /"0%01"%*"(7A& W& ?)(24%& 2"& J&
%##")04%& )0%& '"!"0)1"+0(& '"& 9=:& !"$"+0"& 0($$%& 3+5(& .D"2)$4%4+& 0(44+& '($$G%44"3"4H& '"& 5+6(*4)*%7& "$& 5)"& (//(44+&
(5+0+!"5+& 0(#%4"3+& 2)$& *"2)$4%4+& /"0%$(& J& 24%4+& 5+04*+F"$%05"%4+& '%$$G%)!(04+& '"& 9=:& !"$"+0"& 0($$%& 6+24%&
.D"2)$4%4+& +6(*%4"3"4H& '"& 4*%'"0#7& 5B(& *%66*(2(04%& "$& *(''"4+& 5+02(#)"4+& '%$$(& %44"3"4H& /"0%01"%*"(& 4"4+$"& '"&
6*+6*"(4H,&'"&4*%'"0#&(&2+6*%44)44+&'%"&'(*"3%4"&/"0%01"%*"&'"&"04(*!('"%1"+0(&6%*(##"%4%&5+0&$%&5$"(04($%A&
i)(24G)$4"!%& 5+!6+0(04(=& '(*"3%4"& /"0%01"%*"=& 6*(2(04%& )0& !"#$"+*%!(04+& 5+!6$(22"3+& '"& 9=8& !"$"+0"& _& @:P&
!"#$"%"%&0($&89:;&*"26(44+&%&_&8;9&!"#$"%"%&0($&89:8,&'+3)4+&"0&6*"!+&$)+#+&%'&)0&(//(44+&(5+0+!"5+&6+2"4"3+&
6*+'+44+&'%$&.5*('"4&3%$)%4"+0&%'j)24!(047&5B(&0($&89:;&J&6+2"4"3+&6(*&_&8\9&!"#$"%"%&!(04*(&0($&89:8&(*%&
0(#%4"3+&6(*&<&@9&!"#$"%"%A&
S0&2(5+0'+& (//(44+&(5+0+!"5+&6+2"4"3+&J&'%4+&'%$$(&5+!!"22"+0"&'"& )6]/*+04&6(*5(6"4(&0($&89:;&2)#$"&24(22"&
'(*"3%4"&/"0%01"%*"&5B(&2+0+&24%4(&6%*"&%&8P;&!"#$"%"%=&2)6(*"+*"&%&?)($$(&'($&89:8&5B(&6*(2(04%3%0+&"03(5(&)0&
"!6+*4+&'"&::^&!"#$"%"%A&&
T(*&5+04*+&"$&*"2)$4%4+&'($$%&5+!6+0(04(&'(*"3%4"&/"0%01"%*"&B%&2)F"4+&)0&(//(44+&(5+0+!"5+&0(#%4"3+&'"&<&:@8&
!"#$"%"%& '"& ()*+& '+3)4+& %$$%& 3%*"%1"+0(& %33(*2%& '("& 3%$+*"& '"& !(*5%4+& '("& '(*"3%4"& *"5$%22"/"5%4"& 2"%& 6(*& (//(44+&
'($$G+6(*%1"+0(& '($& 5A'A& .'"25+04"0)"0#& +FF$"#%4+*"+7& 5B(& 6(*& ?)($$%& '($& 5A'A& .'"25+04"0)"0#& 3+$+04%*"+7& (&
2)55(22"3%!(04(& 5+!!(04%4(& 5B(& B%00+& 5+!6+*4%4+& $%& *"$(3%1"+0(& '(#$"& (//(44"& 3%$)4%4"3"& 0($$G%!F"4+& '($&
*"2)$4%4+&'($$G%44"3"4H&'"&0(#+1"%1"+0(A&&
&
K%& 6+24%& a*"2)$4%4+& 0(44+& '($$h%44"3"4H& '"& 5+6(*4)*%a& B%& 6*+'+44+=& 5+!(& %04"5"6%4+=& )0%& '"!"0)1"+0(& '($&
*"2)$4%4+&(5+0+!"5+&'($$G"04(*+&%##*(#%4+&.D"2)$4%4+&0(44+&%44"3"4H&'"&0(#+1"%1"+0(7&5B(&"0&4(*!"0"&'"//(*(01"%$"&
4*%&"$&89:;&(&"$&89:8&2"&!"2)*%&"0&&<&9=:&!"$"+0"=&/*)44+&'"&)0&3%$+*(&0(#%4"3+&'"&<&@:&!"$%&()*+&0($&89:;&(&'"&)0&
3%$+*(&'"&_&>@&!"$%&()*+&0($&89:8A&
K%& $(##(*%& !"0)23%$(01%& #(0(*%4%& 0($& 89:;& *"#)%*'%& $(& 2+44+3+5"& .b(*"3%4"& %& 5+6(*4)*%& '($& M%"*& 3%$)(& '"&
"!6"(#B"& %& 4%22+& /"22+& (& %& 4%22+& 3%*"%F"$(7& (& .b(*"3%4"& '"& 5+6(*4)*%& '($$(& 6+24(& %& 3"24%7A& -0& 6%*4"5+$%*(& $(&
5+6(*4)*(& 2)#$"& "!6"(#B"& %& 4%22+& /"22+& 0($& 89:;& 2+0+& 24%4(& 6(*/(44%!(04(& 6%*(##"%4(& 6*+')5(0'+& )0%&
!"0)23%$(01%&3%$)4%4"3%&'"&2+$"&@;&!"#$"%"%&!(04*(&0($&89:8&$%&!"0)23%$(01%&'%&3%$)4%1"+0(&(*%&'"&:C9&!"#$"%"%&
'"&()*+=&%&5%)2%&'($&*"!F+*2+&%04"5"6%4+&+&'($&6%22%##"+&%&5*('"4+&'(4(*"+*%4+&'"&%$5)0"&'("&!)4)"&%&4%22+&/"22+&
+##(44+&'"&5+6(*4)*%A&T(*&?)(24(&5+6(*4)*(&"0/%44"&"$&3(0"*(&!(0+&'($&/%"*&3%$)(&6+2"4"3+&'("&!)4)"&(24"04"&%3(3%&
$%25"%4+&0+0&6%*(##"%4+&"$&/%"*&3%$)(&0(#%4"3+&'($&5+**"26+0'(04(&'(*"3%4+&'"&5+6(*4)*%&#(0(*%0'+&"$&*"2)$4%4+&
&
<7&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
0(#%4"3+& "0& (2%!(Z& J& ?)(24%& %2"!!(4*"%& $%& 5%)2%& '("& 5A'A& )0N"0'"0#& 6%*1"%$"& "$& 5)"& 25+6+& J& *"%$$"0(%*(& "$&
0+1"+0%$(&'("&'(*"3%4"&%&?)($$+&'($$G+##(44+&5+6(*4+A&
K(& 5+6(*4)*(& 2)& "!6"(#B"& %& 4%22+& 3%*"%F"$(& 0($& 89:;& 0+0& B%00+& 6*+'+44+& %$5)0+& 2F"$%05"+& 3%$)4%4"3+& 4*%&
'(*"3%4+& '"& 5+6(*4)*%& (& 2+44+24%04(& 5+6(*4+=& !(04*(& 0($& 89:8& %3(3%0+& #(0(*%4+& )0%& 6$)23%$(01%& '"& :P9&
!"#$"%"%&'"&()*+A&
-0&!(*"4+&%$$(&5+6(*4)*(&2)$$(&6+24(&%&3"24%=&J&+66+*4)0+&2(#0%$%*(&5B(&$%&!%0+3*%&'"&2!+04%##"+&'($$%&6%*4(&
5A'A&.3+$+04%*"%7&'($$(&5+6(*4)*(&24(22(=&5"4%4%&0($$G%!F"4+&'($&6*(5('(04(&6%*%#*%/+&.b"//(*(01"%$"&'(*"3%4"&'"&
5+6(*4)*%7& %$$G"04(*0+& '($$%& 3+5(& .-04(*(22"& 0(44"7=& B%& 5+!6+*4%4+& $%& 5B")2)*%& 4+4%$(& +& 6%*1"%$(& '"& %$5)0(&
24*%4(#"(&'"&5+6(*4)*%&'"&XLMYOT& X%5*+&M%"*&Y%$)(&O('#(&'($&T%22"3+,&6(*&$(&?)%$"&J&24%4%&5+02+$"'%4%&%&3+5(&
^9& '"& 5+04+& (5+0+!"5+& .D"2)$4%4+& '($$G%44"3"4H& '"& 5+6(*4)*%7& $%& ?)+4%& '"& "0(//"5%5"%& (24*(!%!(04(& $"!"4%4%,&
*"2)$4%04(& '%$$G)$4"!+& 4(24& '"& (//"5%5"%& 3%$"'%!(04(& 2)6(*%4+=& ('& J& 24%4+& "03(5(& 2+26(2+& 6%4*"!+0"%$!(04(& %&
3+5(&C9&'($&T%22"3+&"$&b($4%& M%"*&Y%$)(&*($%4"3+&%$$(&6+24(&%&3"24%&'"25+04"0)%4(&6%*"& %&9=\&!"$"+0"&'"& ()*+&5B(&
5+0/$)"*H&%& !%*#"0(&'"&"04(*(22(=& %&'(5)*4%1"+0(&'(#$"&"04(*(22"&6%22"3"&'%&5$"(04($%=& 0($&4(!6+&%&6%*4"*(&'%$$%&
'%4%& '"& '"25+04"0)"0#& "0& F%2(& %$$%& ')*%4%& +*"#"0%*"%& '($$(& 24*%4(#"(& '"& 5+6(*4)*%& "04(**+44(& (& "$& 5)"&
%!!+*4%!(04+&J&24%4+&6%*"&%&9=;&!"$"+0"&'"&()*+&%$&;:&'"5(!F*(&89:;=&5+0/$)"4"&'"*(44%!(04(&4*%&#$"&"04(*(22"&
6%22"3"&2)"&5+04"&5+**(04"&(&'(6+2"4"A&
K%&*"5$%22"/"5%1"+0(&'("&'(*"3%4"& %&4*%'"0#& J&%33(0)4%&6(*&"&'(*"3%4"&*($%4"3"&%$&.'"25+04"0)"0#&3+$+04%*"+7&#"H& %&
'(5+**(*(&'%$&6*"!+&4*"!(24*(&89:;&!(04*(&6(*&$%&6%*4(&'"&.'"25+04"0)"0#&+FF$"#%4+*"+7&%33(00(&%05+*%&0($&
F"$%05"+& %$& ;:A:8A89:8A& K%& *($%4"3%& 24(*"$"11%1"+0(=& 6(*& (04*%!F(& $(& 4"6+$+#"(=& J& 24%4%& %44"3%4%& %44*%3(*2+& $%&
0(#+1"%1"+0(&'"&)0&)0"5+&'(*"3%4+&'"&4*%'"0#&'"&2(#0+&+66+24+=&0($&5+*2+&'($&89:;=&"0&*($%1"+0(&%$&?)%$(&2"&J&
#(0(*%4+&"$&#"H&5"4%4+&"!6%44+&0(#%4"3+&'"&<&:@8&!"$%&()*+&0($&*"2)$4%4+&'"&0(#+1"%1"+0(&'($$G(2(*5"1"+&89:;&6(*&
(//(44+&'($$G"04(*3(0)4%&3%*"%1"+0(&%33(*2%&'("&3%$+*"&'"&!(*5%4+&'"&4%$"&'(*"3%4"A&
K(& 5+6(*4)*(& 2)& 4"4+$"& +FF$"#%1"+0%*"& 2"& 2+0+& (24"04(& +*!%"& '%& 4(!6+& 5+0& $%& 25%'(01%& 0($$G%6*"$(& 89::&
'($$G)$4"!+&6*(24"4+&+FF$"#%1"+0%*"+&5+6(*4+A&
&
K%& 6+24%& 5+0& !%##"+*& "!6%44+& 0(#%4"3+& /*%& "& ')(& %00"& 89:;& (& 89:8=& 6%*"& %& <& 9=@& !"$"+0"=& 2)$& *"2)$4%4+&
'($$G%##*(#%4+&D"2)$4%4+&0(44+&%44"3"4H&'"&0(#+1"%1"+0(=&J&$G7S4"$(&V&6(*'"4%&'%&5(22"+0(&(&*"%5?)"24+&'"&6%22"3"4H&
/"0%01"%*"(7& 5B(& 0($& 89:;& B%& %3)4+& )0& 3%$+*(& 0)$$+& !(04*(& 0($& 89:8& 6*(2(04%3%& )0& 3%$+*(& 6+2"4"3+& '"& 9=@&
!"$"+0"& ;>>& !"#$"%"%& '"& ()*+,& '+3)4+& %$$G(//(44+& (5+0+!"5+& 25%4)*"4+& '%$$+& 2!+04%##"+& 6%*1"%$(& '($$(&
+6(*%1"+0"& '"& X%5*+& M%"*& Y%$)(& O('#(& '($$(& 6+24(& %& 3"24%=& "& 5)"& 5+04+*0"& 2+0+& 24%4"& '(44%#$"%4"& 0($&
5+**"26+0'(04(&6%*%#*%/+&'($$%&D($%1"+0(&2)$$%&[(24"+0(&%$&F"$%05"+&89:8&%$&?)%$(&2"&/%&*"03"+A&&
&
T(*&?)%04+&*"#)%*'%&-0/"0(&$(&*"!%0(04"&6+24(&'($$G%##*(#%4+&?)"&"0&5+!!(04+=&2"&*"$(3%&5B(&$G"02"(!(&'($$(&')(&
5+!6+0(04"& *%66*(2(04%4(& '%$& a*"2)$4%4+& '%& 5(22"+0(& '"& %44"3"4H& '"26+0"F"$"& 6(*& $%& 3(0'"4%& (& '%& '"3"'(0'"a=&
(26+0(&)0&*"2)$4%4+&0)$$+&6(*&"$&89:;=&!(04*(&0($&89:8&(*%&6+2"4"3+&6(*&2+$"&:^&!"#$"%"%&'"&()*+A&
[$"& .)4"$"& 2)& %$4*(& %44"3"4H& V& 6%22"3"4H& (& '"//(*(01(& 5%!F"+7& B%00+& 5+0/(*!%4+& 0($& 89:;=& 5+0& 9=@& !"$"+0"& $+&
24(22+&3%$+*(&'($&89:8A&
=!0(
6;8<
6;86
/#*(#,(!+(
#--!$."%
Derivati a copertura del Fair Value: impieghi a tasso fisso
Sottostante oggetto di copertura: impieghi a tasso fisso
Sbilancio netto
Derivati a copertura del Fair Value: impieghi a tasso variabile
Sottostante oggetto di copertura: impieghi a tasso variabile
Sbilancio netto
Derivati a copertura del Fair Value: poste a vista
Sottostante oggetto di copertura: poste a vista
Sbilancio netto
E
9=& *(:&
6;8<
999& *(:&
6;8<
!"#$"%"%&'"&()*+,
99& *(:&
9& *(:&
6;8<
6;8<
3.485
-2.954
6.439
447
463
1.769
806
-3.528
2.784
-6.312
-458
-474
-1.792
-805
-43
-170
-127
-11
-11
-23
1
1.158
-1.542
2.700
44
253
734
127
-1.146
1.702
-2.848
-43
-256
-730
-116
-74,7
12
160
-148
1
-3
4
11
-2.928
3.033
-5.961
-93
-269
-120
-1.435
-1.104
2.918
-2.969
5.887
269
120
1.430
1.099
-5
-10
64
-74
-
-
-5
Derivati a copertura del Fair Value: obbligazioni
-
-
-
-
-
-
-
-
Sottostante oggetto di copertura: obbligazioni
-
-
-
-
-
-
-
-
-
-
-
-
-
73
247& &
Sbilancio netto
A(-.$"#"!&+%""!&'%$$M#""(/("K&'(&0!1%*".*#
238&
28;&
283&
263
F
&
&
-0& !(*"4+& %$$(& 5+6(*4)*(& '"& X%5*+& L%2B& M$+N& O('#(& '($& 6%22"3+=& 6(*& $(& ?)%$"& $%& E%05%& 6%#%& "$& 4%22+& /"22+& (&
"05%22%&"$&4%22+&3%*"%F"$(&(&5B(=&5+!(&J&0+4+=&2+0+&#(24"4(&4*%!"4(&)0%&*"2(*3%&'"&T%4*"!+0"+&I(44+&5B(&3%*"%&"0&
F%2(& %$& ./%"*& 3%$)(7& '("& '(*"3%4"& '"& 5+6(*4)*%& '"& ?)(24+& 4"6+=& J& '%& 2+44+$"0(%*(& 5B(& 4%$(& *"2(*3%=& %$& $+*'+&
&
<5&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
'($$G(//(44+& /"25%$(=& %!!+04%& %$& ;:& '"5(!F*(& 89:;& %'& )0& 3%$+*(& 0(#%4"3+& '"& 5"*5%& <& >=C& !"$"+0"& '"& ()*+=& "0&
!"#$"+*%!(04+& *"26(44+& %$& ;:& '"5(!F*(& 89:8& <& \=\& !"$"+0",=& "0& 2(#)"4+& %$& *"%$1+& '("& 4%22"& %& !('"+& $)0#+&
4(*!"0(&3(*"/"5%4+2"&0($&5+*2+&'($&89:;A&
K%& 3%*"%1"+0(& J& 5+05(04*%4%& 0($$(& ;& 24*%4(#"(& '"& 5+6(*4)*%& 0(#+1"%4(& %05+*%& 0($& 899^& 5B(=& 5+!(& #"H&
5+!!(04%4+&"0&+55%2"+0(&'("&6*(5('(04"&F"$%05"&%00)%$"=&B%00+&25%'(01(&%05B(&%&$)0#B"22"!+&4(*!"0(& 89;;,&
5B(&0(&'(4(*!"0%0+&)0%&!%*5%4%&3+$%4"$"4H&$(#%4%&%$$G%0'%!(04+&'("&4%22"A&
i)(24"&;&'(*"3%4"&B%00+&"0+$4*(&)0&0+1"+0%$(&5+!6$(22"3+&'"&>8&!"$"+0"&'"&()*+=&%&/*+04(&'("&5"*5%&>@&!"$"+0"&'"&
()*+& 4+4%$"& '"& X%5*+& L%2B& M$+N& O('#(& '($$%& E%05%=& 6(*& 5)"& )0%& 3%*"%1"+0(& %05B(& !"0"!%& 0("& 4%22"& %& $)0#+&
4(*!"0(&B%&)0&"!6%44+&*"$(3%04(&0($$%&'(4(*!"0%1"+0(&'($&3%$+*(&%44)%$(&'("&/$)22"&/)4)*"&5B(&3%00+&%&5+!6+**(&
"$&/%"*&3%$)(&'("&'(*"3%4"A&
dG&'%&2(#0%$%*(&"0+$4*(&5B(&0($&5+*2+&'($&89:;&2"&J&5+!6$(4%!(04(&(24"04%&$%&4"6+$+#"%&'"&5+6(*4)*%&'"&X%5*+&
L%2B&M$+N&O('#(&'($$G%44"3+=&6(*&$%&#(24"+0(&'($&*"25B"+&4%22+&*"3(0"(04(&'%$$G+6(*%4"3"4H&"0&E)+0"&'"&D"26%*!"+&
'%&6%*4(&'($$%&E%05%=&5B(&(*%&24%4%&%44"3%4%&%05+*%&0($&5+*2+&'($&:R&4*"!(24*(&89:8&5+0&8P&!"$"+0"&'"&()*+&'"&
0+1"+0%$(& (& 5B(=& 5+!(& ?)($$%& '"& XLMO& '($& 6%22"3+=& 0+0& %3(3%& 5+!(& 5+04*+6%*4"4%& "$& 5+04+& (5+0+!"5+=& !%&
)0%&%66+2"4%&*"2(*3%&'"&6%4*"!+0"+&5B(&%$&;9&#")#0+&89:;=&)$4"!%&'%4%&"0&5)"&$%&5+6(*4)*%&(*%&%05+*%&%44"3%=&
*"2)$4%3%&(22(*(&6+2"4"3%&6(*&\&!"$%&()*+&5"*5%& 2(!6*(&%$&$+*'+&'($$G(//(44+&'($$%&/"25%$"4H,A&
&
N$"*(&1*!/%+"(&O!+%*(P&'(&L%-"(!+%?&
&
[$"&%$4*"&6*+3(04"&
%$4*"&6*+3(04"& +0(*",&'"&#(24"+0(&6*(2(04%0+&0($&89:;&)0&3%$+*(&0(#%4"3+&'"&<&9=@;&!"$"+0"&(&2"&*%//*+04%0+&
+0(*",&'"&#(24"+0(
5+0&)0&3%$+*(&0(#%4"3+&'"&5"*5%&<&9=P>&!"$"+0"&'($&89:8Z&"&3%$+*"&89:;&2+0+&5+!6+24"&'%&_&9=^&!"$"+0"&'"&.W$4*"&
T*+3(04"7&(&'%&<&:=;&!"$"+0"&'"&.W$4*"&k0(*"7& _&9=>P&(&<&:=8:&!"$"+0"&*"26(44"3%!(04(&0($&89:8,A&
=!0(
6;8<
6;86
/#*(#,(!+(
#--!$."%
E
Recuperi di spese
206
70
136
Fitti attivi ed altri proventi da gestione immobiliare
347
341
6
Altri proventi non ricorrenti
214
48
166
Altri proventi - di cui
100
106
-6
-5,7
- Altri proventi non da intermediazione
100
106
-6
-5,7
99 9& *(:&
6;8<
!"#$"%"%&'"&()*+,
99& *(:&
9 & *(:&
6;8<
6;8<
49
64
59
34
87
89
87
84
35
177
2
-
-1
11
1
89
-1
11
1
89
-
-
-
-
-
-
-
-
G5F
757
<;6
7<H7
8F;
<38
834
6;F
28?64F&
28?685&
G8
5HF
2776&
2658&
26<5
263G
23<;&
2578&
2668&
2<3&
2<G6&
G;
2GF
238
- Recupero spese personale
!"#$%&#$"*(&1*!/%+"(
!"#$%&#$"*(&!+%*(
1,8
9=& *(:&
6;8<
!"#$%&N$"*(&1*!/%+"(&O!+%*(P&'(&L%-"(!+%
&
[$"& W$4*"& T*+3(04"& 6+24(& 6+2"4"3(,& '($& 89:;& *"#)%*'%0+& 9=;& !"$"+0"& '"& ./"44"& %44"3"& (& %$4*"& 6*+3(04"& '%& #(24"+0(&
"!!+F"$"%*(7& 5+0&$+&24(22+&3%$+*(&'($&89:8,=&9=8&!"$"+0"&'"&.*(5)6(*"&26(2(7&5B(&2"&*"/(*"25+0+&(22(01"%$!(04(&
%$$%&L+!!"22"+0(&-24*)44+*"%&Y($+5(&(&2+0+&2)6(*"+*"&'"&9=:&!"$"+0"&*"26(44+&%$&89:8=&9=8&!"$"+0"&'"&()*+&'"&.%$4*"&
6*+3(04"&0+0&*"5+**(04"7=&%05B(&?)(24"&"0&%)!(04+&'"&9=8&!"$"+0"&2)$&89:;&(&"0/"0(&9=:&!"$"+0"&.W$4*"&6*+3(04"&
0+0&'%&"04(*!('"%1"+0(7& 24(22+&3%$+*(&'($&89:8,&5B(&"05$)'+0+&"&6*+3(04"&6(*&*(5)6(*+&+0(*"&'"&%22"5)*%1"+0(&
'"3(*2"A&
=!0(
6;8<
6;86
/#*(#,(!+(
9=& *(:&
6;8<
999& *(:&
6;8<
!"#$"%"%&'"&()*+,
99& *(:&
9& *(:&
6;8<
6;8<
#--!$."%
E
Altri oneri non ricorrenti
-437
-461
-24
-5,2
-317
-47
-22
-51
Altri oneri - di cui
-860
-755
105
13,9
-235
-214
-214
-197
- Altri oneri non da intermediazione
- Ammortamento migliorie su beni di terzi
!"#$%&#$"*(&!+%*(
!"#$%&#$"*(&1*!/%+"(
!"#$%&N$"*(&1*!/%+"(&O!+%*(P&'(&L%-"(!+%
-
-
-
-860
-755
105
28?64F&
28?685&
G5F
23<;&
-
-
-
-
-
13,9
-235
-214
-214
-197
G8
5HF
2776&
2658&
26<5
263G
757
<;6
7<H7
8F;
<38
834
6;F
2578&
2668&
2<<H4&
2<G6&
G;
2GF
238
&
&
<F&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
[$"&W$4*"&k0(*"& 6+24(&0(#%4"3(,&'($&89:;&%!!+04%0+&%&<&:=;&!"$"+0"=&"0&%)!(04+&'"&9=:&!"$"+0"&*"26(44+&%"&<&
:=8&!"$"+0"&'($&89:8A&I($&'(44%#$"+&"&3%$+*"&89:;&2"&*"/(*"25+0+&%'&%!!+*4%!(04"&6(*&!"#$"+*"(&2)&"!!+F"$"&'"&
4(*1"& 6(*& <& 9=^& !"$"+0"& ()*+=& 2)6(*"+*"& '"& 9=:& !"$"+0"& 5"*5%& %$& 89:8& (& %'& %$4*"& +0(*"& 0+0& *"5+**(04"& 6(*& <& 9=@&
!"$"+0"&'"&()*+& 24(22+&3%$+*(&'($&89:8,=&5B(&5+!6*(0'+0+&%05B(&9=:&!"$"+0"&'"&+0(*"&6(*&(**+*"&+6(*%4"3"&(&9=:&
!"$"+0"&'"&2+!!(&'+3)4(&%$&M+0'+&-04(*F%05%*"+&'"&g)4($%&'("&'(6+2"4"A&
-$&!"#$"+*%!(04+&(5+0+!"5+&'"&9=8&!"$"+0"&'"&()*+&(26+24+&'%$$%&6+24%&W$4*"&T*+3(04"&V& k0(*",&'"&#(24"+0(&4*%&"&
')(& %00"=& J& '+3)4+& ?)"0'"& "04(*%!(04(& %$$G"05*(!(04+& '"& 9=;& !"$"+0"& '($$%& 3+5(& W$4*"& T*+3(04"& 5)"& 2"& J&
5+04*%66+24+&2+$+&6%*1"%$!(04(&$G%)!(04+&'"&9=:&'($$%&3+5(&W$4*"&k0(*"A&
&
Q+%*(&!1%*#"(/(&
!"#$"%"%&'"&()*+,
&&&&/#*(#,(!+(
#--!$."%
E
8:AP:;
8;A\@>
]8A8;8
k0(*"&2+5"%$"
>AP9C
PA:88
]>:>
]\=@
W$4*"&+0(*"&'($&6(*2+0%$(
;A9^^
@A9C^
]^\9
]8@=9
Q6(2(&'($&6(*2+0%$(
;9A;:^
;@A 9@P
P>
:8C
]P8
]@\=\
Q6(2(&'"&#(24"+0(&"!!+F"$"
@AC;9
>A;^8
]PP8
]:8=;
Q6(2(&#(0(*%$"&'"&/)01"+0%!(04+
8AP:^
8AC@9
]:8:
]@=@
Q6(2(&$(#%$"=&6*+/(22"+0%$"&(&%22"5)*%4"3 (
:AP>;
:A@@^
89@
:@=:
\>=9
;AP^P
;A>CC
::^
;=;
];A:^P
];A:8:
C>
8=@
]
]
]
]&
8;A>:8
8@A 889
] C9\
] 8= ^
:A\\8
:A\P8
89
:=:
]
]
]
]&
W !!+*4 %!(04 "
:A\\8
:A \P8
89
:= :
Q+%*(&!1%*#"(/(
77?F8<
5;?86G
23?387
2FH<
D(5)6(*"&"!6+24(&"0'"*(44(&(&4%22(
W$4*(&26(2(
Q6(2(&%!!"0"24 *%4 "3 (
W!!+*4%!(04"&"!!+F"$"11%1"+0"&!%4(*"%$"
W!!+*4%!(04"&"!!+F"$"11%1"+0"&"!!%4(*"%$"
89:;
89:8
:;A:C>
:@A>9\
:>A;9@
:@A;CP
;;9 &
@V:;
:89
];::
:@A9CP
:98
888
]P@:
;V:;
9=@
9=\
:;A^>@
-!6+24(&"0'"*(44(&(&4%22(
8
::>
8V:;
D(5)6(*"&26(2(
@^9
:;AC>C
:V:;
L+24"&"0'"*(44"&'($&6(*2+0%$(
@^8
:;A\C8
@V:8
k0(*"&6(*&+)42+)*5"0#&(&6(*&%$4*"&2(*3"1"&6*(24%4"&'%&4(*1"
] ;AC8C ] :9= ^
;V:8
Q6(2(&6)FF$"5"4%*"(&(&6*+!+1"+0%$"
]^=@
:>A9;C
Q6(2(&6(*&2(*3 "1"&"0/+*!%4"5"
I/!$.,(!+%&"*(:%-"*#$%&Q+%*(&!1%*#"(/(
8V:8
6;86
:>A@::
Q%$%*"&(&24"6(0'"
6;8<
:V:8
=!0(
&
&
[$"&+0(*"&+6(*%4"3"&'($$G(2(*5"1"+&89:;&%!!+04%0+&%&>>=C&!"$"+0"&('&(26+0#+0+&)0%&*"')1"+0(&#$+F%$(&'"&@=@&
!"$"+0"& <& C=;`,& *"26(44+& %$& 5+02)04"3+& '"& P9=:& !"$"+0"& '($$G%00+& 89:8Z& 4%$(& /$(22"+0(& *"#)%*'%& 6(*& $G\@`& $%&
5+!6+0(04(& a26(2(& '($& 6(*2+0%$(a=& "0& 5%$+& '($& <:9=^`& (& 6(*& "$& *(24%04(& :P`& $(& a26(2(& %!!"0"24*%4"3(a&
'"!"0)"4(&'"&9=C&!"$"+0"& <&8=^`,&!(04*(&#$"&%!!+*4%!(04"&2)&"!!+F"$"11%1"+0"&"!!%4(*"%$"&(&!%4(*"%$"&2"&2+0+&
!%04(0)4"&24%F"$"&%&:=^&!"$"+0"=&$+&24(22+&$"3($$+&'($&89:8A&
K(&*%#"+0"&'"&4%$"&%0'%!(04"&2+0+&'"&2(#)"4+&(26+24(A&
&
K(&.26(2(&'($&6(*2+0%$(7&'($$G(2(*5"1"+&89:;&%!!+04%0+&%&;9=;&!"$"+0"=&"0&0(44+&5%$+&'"&;=C&!"$"+0"&*"26(44+&%"&
;@=9&!"$"+0"&'($&89:8=&6%*"&%'&)0&<&:9=^`=&5B(&J&"!6)4%F"$(&6*"05"6%$!(04(&%$$%&'"!"0)1"+0(&'($&5+24+&!('"+&
)0"4%*"+&6(*&'"6(0'(04(&!%&"0&F)+0%&!"2)*%&%05B(&%$$%&'"!"0)1"+0(&'($$G+*#%0"5+&!('"+A&
-$& 5+24+& !('"+& %00)+& 6*+& 5%6"4(& '($$G%00+& 89:;& J& 25(2+& %& P8=;& !"$"+0"& *"26(44+& %"& PP=8& !"$"+0"& '($& 89:8& <&
P=9`,&#*%1"(&2+6*%44)44+&%$&5+04(0"!(04+&'($$%&5+!6+0(04(&3%*"%F"$(A&
W05B(&$G+*#%0"5+&!('"+&'($&89:;=&5+!6*(02"3+&'($&5A'A&6(*2+0%$(&'"24%55%4+&%44"3+&(&6%22"3+=&J&'"!"0)"4+&%&
@\C&)0"4H&*"26(44+&%$$(&>:@&'($&89:8& 8C&+*#%0"5"=&6%*"&%'&)0&<&>=;`,&"0&6%*4(&"0&2(#)"4+&%$$%&5(22%1"+0(&'($&
*%66+*4+& '"& $%3+*+& 6(*& %$5)0"& '"6(0'(04"& 5B(& B%00+& %'(*"4+& %$& 6"%0+& '"& (2+'"& 3+$+04%*"& '($& [*)66+& -04(2%&
Q%06%+$+& '($& $)#$"+& 89::=& %33(0)4%& %& /"0(& 2(44(!F*(& 89:8& (& "0& 6%*4(& %& '"!"22"+0"& (& %& 4*%2/(*"!(04"& '"&
6(*2+0%$(&4*%&2+5"(4H&'($$+&24(22+&[*)66+&'"&%66%*4(0(01%A&g%$(&'"!"0)1"+0(&'"&+*#%0"5"&4*%&"$&89:;&(&"$&89:8&J&
24%4%&6(*4%04+&!%##"+*(&*($%4"3%!(04(&%"&'%4"&!('"& 8C&)0"4H,&5B(&0+0&*"26(44+&%"&'%4"&6)04)%$"& &/$(22"+0(&'"&
8:&)0"4H=&'"//(*(01%&4*%&@\:&%$&;:A:8A89:;&(&>98&%$&;:A:8A89:8,A&
&
<G&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
-$&5+04(0"!(04+&'"&5+24"&5B(&0(&J&25%4)*"4+&J&'+3)4+&?)"0'"&%#$"&(//(44"&6+2"4"3"&'(*"3%04"&'%$&5+04(0"!(04+&'($&
5+24+&'($&$%3+*+&+44(0)4+&5+0&"&6*(5('(04"&%55+*'"&2"0'%5%$"&(&%#$"&"04(*3(04"&*(%$"11%4"&6(*&'"!"0)"*(&"$&0)!(*+&
'(#$"&%''(44"=&/%3+*(0'+&"0&6%*4"5+$%*(&$G(2+'+&'($&6(*2+0%$(&6*+22"!+&%&!%4)*%*(&"$&'"*"44+&%$$%&6(02"+0(A&
Y%&"0/"0(&2(#0%$%4+&5B(&"$&89:;&F(0(/"5"%&'"&)0&%66+*4+&(5+0+!"5+&6+2"4"3+&'"&9=@&!"$"+0"&*($%4"3%!(04(&%$$%&
*"')1"+0(& '($& '(F"4+& %$& ;:A:8A89:;& 6(*& .M(*"(=& (f& /(24"3"4H& (& F%05%& +*(7& 5B(& 2"& *%//*+04%& 5+0& )0& %0%$+#+&
(//(44+&6+2"4"3+&'"&9=;&!"$"+0"&5+02(#)"4+&%05B(&0($&89:8Z&0(&J&25%4)*"4+&?)"0'"&)0&!"#$"+*%!(04+&(5+0+!"5+&
'"//(*(01"%$(&'"&9=:&!"$"+0"&4*%&"$&89:;&(&"$&89:8A&
&
K(&a26(2(&%!!"0"24*%4"3(a&0($&89:;&%!!+04%0+&%&8;=>&*"26(44+&%"&8@=8&!"$"+0"&'($&89:8A&
K%& '"!"0)1"+0(& '"& 9=C& !"$"+0"& '"& ?)(24+& %##*(#%4+=& 5+**"26+0'(04(& %'& )0& <& 8=^`=& J& '+3)4%& & %$$(& 3%*"%1"+0"&
*(#"24*%4(&'%$$(&2(#)(04"&3+5"&($(05%4(&0($&2+3*%(26+24+&6*+26(44+c&
− 26(2(&6(*&2(*3"1"&"0/+*!%4"5"c&"0&'"!"0)1"+0(&'"&<&9=:&!"$"+0"=&6%*"&%'&)0&<&@\=\`Z&
− 26(2(&'"&#(24"+0(&"!!+F"$"c&"0&'"!"0)1"+0(&'"&<&9=C&!"$"+0"=&6%*"&%'&)0&<&:8=;`Z&
− 26(2(&6)FF$"5"4%*"(&(&6*+!+1"+0%$"c&0($&89:;&24%F"$"&%&9=>&!"$"+0"=&2(01%&3%*"%1"+0"&*"26(44+&%$&89:8Z&
− *(5)6(*"&26(2(c&"0&%)!(04+&'"&_&9=;&!"$"+0"Z&
− +0(*"&6(*&+)42+)*5"0#&(&2(*3"1"&'%&4(*1"c&"0&%)!(04+&'"&_&9=:&!"$"+0"& _&9=\`,Z&
− 26(2(&#(0(*%$"&'"&/)01"+0%!(04+c&"0&/$(22"+0(&'"&<&9=:&!"$"+0"& <&@=@`,Z&
− 26(2(&$(#%$"=&6*+/(22"+0%$"&(&%22"5)*%4"3(c&"0&"05*(!(04+&'"&_&9=8&!"$"+0"& _&:@=:`,Z&&&
− 5+24"&"0'"*(44"&'($&6(*2+0%$(c&"0&%)!(04+&'"&9=:&!"$"+0"A&
&
-$&?)%'*+&J&5+!6$(4%4+&'%$$(&.26(2(&6(*&"!6+24(&"0'"*(44(&(&4%22(&%$&0(44+&'("&*($%4"3"&*(5)6(*"7&5B(&0($&89:;&
6*(2(04%0+&)0&3%$+*(&'"&<&9=>&!"$"+0"=&%0%$+#+&%&?)($$+&'($&89:8=&2(01%&?)"0'"&(//(44"&(5+0+!"5"&'"//(*(01"%$"&
4*%&"&')(&%00"A&
&
K%& *"')1"+0(& '"& <& 9=C& !"$"+0"& '($$(& .26(2(& '"& #(24"+0(& "!!+F"$"7& 5B(& %!!+04%0+& 0($& 89:;& %& @=C& !"$"+0"&
*"26(44+& %"& >=@& !"$"+0"& '($& 89:8=& J& '+3)4%& %"& !"0+*"& 5%0+0"& '"& $+5%1"+0(& (& %$$(& 5+02(#)(04"& 26(2(& %55(22+*"(&
5+$$(#%4(=&?)%$"&26(2(&5+0'+!"0"%$"=&(0(*#(4"5B(=&!%0)4(01"+0(&(&26(2(&'"&6)$"1"%=&2+24(0)4(&'%$$%&E%05%&0($&
89:;& *"26(44+& %$& 89:8& 6(*& (//(44+& 2"%& '($$%& '"!"0)1"+0(& '($$(& /"$"%$"& F%05%*"(& %33(0)4%& 4*%& "& 8& %00"& CP& %$& ;:&
'"5(!F*(& 89:;& *"26(44+& %'& \C& %$& ;:& '"5(!F*(& 89:8,& 2"%& '"& !"0+*"& 26(2(& (0(*#(4"5B(& %& 2(#)"4+& '"&
*%1"+0%$"11%1"+0(&(&*"')1"+0(&26%1"A&
[$"& .+0(*"& 6(*& +)42+)*5"0#& (& %$4*"& 2(*3"1"& 6*(24%4"& '%& 4(*1"7& %!!+04%0+& %& :;=^& !"$"+0"& 0($& 89:;=& *"26(44+& %"&
:;=\&!"$"+0"&'($&89:8&(&*(#"24*%0+&?)"0'"&)0&%)!(04+&'"&_9=:&!"$"+0"& _&9=\`,7A&
[$"&+0(*"&*%##*)66%4"&"0&4%$(&3+5(=&5B(&*%66*(2(04%&5"*5%&"$&P9`&'($&4+4%$(&'($$%&3+5(&.26(2(&%!!"0"24*%4"3(7=&
*"#)%*'%0+&?)%2"&"04(*%!(04(&"&2(*3"1"&*"5(3)4"&'%$$%&L%6+#*)66+&-04(2%&Q%06%+$+& ;=:&!"$"+0"&0($&89:;=&5+2l&
5+!(&0($&89:8,&(&'%$&L+02+*1"+&-04(2%&Q%06%+$+&[*+)6&Q(*3"5(&]&-Q[Q& :9=;&!"$"+0"&0($&89:;&*"26(44+&%"&:9=:&
!"$"+0"&'($&89:8,A&K%& 6%*4(&*"!%0(04(& '($$%&3+5(& 24(22%& %!!+04%&0($& 89:;&%& 9=>& !"$"+0"=&5+!(& 0($&89:8=&(&
*"#)%*'%& 6(*& 9=8& !"$"+0"& $(& 26(2(& 6(*& 2(*3"1"& '"& +)42+)*5"0#& "0/+*!%4"5+& 2+24(0)4"& 3(*2+& 2+##(44"& 4(*1"& '%$$%&
2)55)*2%$(& %)24*"%5%& '"& -002F*)5m& (& 6(*& 9=;& !"$"+0"& 6(*& %$4*"& 2(*3"1"& "0& +)42+)*5"0#=& 26(5"(& 0($$G%44"3"4H& '"&
*(5)6(*+&5*('"4"=&2+24(0)4"&2(!6*(&0("&5+0/*+04"&'"&2+##(44"&4(*1"&%$&[*)66+A&&
KG%)!(04+& '"& 9=:& !"$"+0"& '($& 89:;& *"26(44+& %$& 89:8=& J& '+3)4+& "04(*%!(04(& %$$%& 5*(25"4%& '"& 9=8& !"$"+0"& '(#$"&
+0(*"&$(#%4"&%$$(&6*(24%1"+0"&/+*0"4(&'%$&L+02+*1"+&-04(2%&Q%06%+$+&[*+)6&Q(*3"5(& -Q[Q,=&"0&6%*4(&5+!6(02%4%&
'%& )0%& '"!"0)1"+0(& '"& 9=:& !"$"+0"& 0(#$"& +0(*"& 6(*& 2(*3"1"& /+*0"4"& "03(5(& '%$$%& L%6+#*)66+& -04(2%& Q%06%+$+A&
KG"05*(!(04+& '("& 5+24"& *"/(*"4"& %$& L+02+*1"+& -Q[Q& J& *"5+0')5"F"$(& (22(01"%$!(04(& %$$%& 5+!6+0(04(& '("& Q"24(!"&
-0/+*!%4"3"=&6"e&"0& 26(5"/"5+& %"&2(*3"1"&5A'A& +6(*%4"3"=&"0&2(#)"4+&%$$G%!6$"%!(04+&'($&6(*"!(4*+&'($$(&%44"3"4H&'"&
F%5m&+//"5(&23+$4(&'%$&6*('(44+&L+02+*1"+A&
&
K%&3+5(&.26(2(&#(0(*%$"&'"&/)01"+0%!(04+7&0($&89:;&%!!+04%&%&8=P&!"$"+0"=&5+0&)0%&'"!"0)1"+0(&'"&<&9=:&
!"$"+0"&*"26(44+&%"&8=C&!"$"+0"&'($&89:8& <&@=@`,&5B(&J&*"5+0')5"F"$(&%&*"26%*!"&$(#%4"&"0&6%*4(&%$$%&'"!"0)1"+0(&
'("&6)04"&+6(*%4"3"&'($$%&E%05%&(&"0&6%*4(&%$$%&*"3"2"4%1"+0(&5+04*%44)%$(&'("&5+24"&'($$(&6*(24%1"+0"&/+*0"4(=&/*%&$(&
?)%$"&"0&6%*4"5+$%*(&$(&.26(2(&6+24%$"7&#*%1"(&%$$%&*"')1"+0(&4%*"//%*"%&0(#+1"%4%&6(*&%$5)0"&2(*3"1"A&T(*&4%$"&26(2(&
3%&2(#0%$%4+&5B(&2+0+&24%4"&+44(0)4"&*"26%*!"&'"&5+24"&'+3)4"&%$$G%)!(04+&'($&3+$)!(&'"&*(0'"5+04%1"+0(&+0]$"0(&
'%&6%*4(&'($$%&5$"(04($%&5+0&5+02(#)(04(&*"')1"+0(&'($$%&6*+')1"+0(&(&"03"+&'"&'+5)!(04%1"+0(&5%*4%5(%A&
K(&26(2(&$(#%$"=&6*+/(22"+0%$"&(&%22"5)*%4"3(&2+0+&6%*"&%&:=P&!"$"+0"&0($&89:;=&"0&5*(25"4%&'"&9=8&!"$"+0"&*"26(44+&
%#$"& :=@& !"$"+0"& '($& 89:8& _& :@=:`,=& "04(*%!(04(& 6(*& (//(44+& '($$G%)!(04+& '($$(& 26(2(& $(#%$"& 2+24(0)4(&
0($$G%!F"4+& '"& 5+04(01"+2+& *(5)6(*%4+*"+& 2)& 6+2"1"+0"& 5*('"4"1"(& "0& 2+//(*(01%=& 5+!6(02%4+& '%$$%& 5*(25"4%& '("&
*($%4"3"&*(5)6(*"&26(2(A&Y%&*"$(3%4+&5+!)0?)(&5B(&"$&6*('(44+&5+02)04"3+&89:8&6(*&4%$(&3+5(&(*%&24%4+&"0/(*"+*(&
'"&F(0&<&9=\&!"$"+0"& <&;@=8`,&*"26(44+&%$&5+02)04"3+&'($&6*(5('(04(&%00+&89::A&&&
&
<4&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
K%&3+5(&.*(5)6(*"&26(2(7&%!!+04%&%&9=P&!"$"+0"&0($&89:;&*"26(44+&%&9=;&!"$"+0"&0($&89:8&(&*"#)%*'%&$(&26(2(&
$(#%$"& *(5)6(*%4(& 0($& 5+*2+& '($$G%00+Z& "$& 2)+& (//(44+& 6+2"4"3+& '"& 9=;& !"$"+0"& 5+04*"F)"25(& 2(02"F"$!(04(& %$&
5+04(0"!(04+&'($$G%##*(#%4+&26(2(&%!!"0"24*%4"3(&0($&2)+&5+!6$(22+A&&
K%&3+5(&.5+24"&"0'"*(44"&'($&6(*2+0%$(7&&%!!+04%&0($&89:;&%&9=8&!"$"+0"&('&J&%)!(04%4%&*"26(44+&%$&3%$+*(&'"&
9=:&*"$(3%4+&0($&89:8Z&(22%&2"&*"/(*"25(&6*"05"6%$!(04(&%#$"&+0(*"&6(*&26(2(&6(*&4*%2/(*4(&(&!"22"+0"&(&0($&89:;A&
&
K%& 4(*1%& 5+!6+0(04(& '(#$"& +0(*"& +6(*%4"3"=& *%66*(2(04%4%& '%#$"& .%!!+*4%!(04"7=& 5+0& :=^& !"$"+0"& 0($& 89:;=&
5+0/(*!%& (2%44%!(04(& "$& 3%$+*(& '($$G%00+& 89:8& %& /*+04(& '"& )0& %!!+04%*(& 0+0& 2"#0"/"5%4"3+& '"& 0)+3(&
%5?)"2"1"+0"&'"&5(26"4"&0($&5+*2+&'($&89:;A&
K%&4+4%$"4H&'($$(&?)+4(&'"&%!!+*4%!(04+&n&*"/(*"4%&%$$(&5A'A&"!!+F"$"11%1"+0"&!%4(*"%$"=&?)%$"&#$"&"!!+F"$"&(&F(0"&
!+F"$"&'"&6*+6*"(4H&'($$%&E%05%&5B(&0+0&'(4"(0(&5(26"4"&%5?)"2"4"&%44*%3(*2+&5+04*%44"&'"&$(%2"0#A&
Q"& *"5+*'%=& "0/"0(=& 5B(& $G(04"4H& '"& ?)(24%& 4(*1%& 5+!6+0(04(& '("& 5+24"& 0+0& 5+!6*(0'(& $(& ?)+4(& '"&
%!!+*4%!(04+& *"/(*"4(& %& !"#$"+*"(& 2)& F(0"& '"& 4(*1"& 5B(=& 5+!(& #"H& 5+!!(04%4+=& 2+0+& "03(5(& 5+!6*(2(&
%$$G"04(*0+&'($$%&3+5(&.%$4*"&+0(*"&'"&#(24"+0(7A&
(migliaia di euro)
=!0(
Immobili in proprietà
Immobili in Leasing
Mobili
!"#$%&:#"%*(#$(
Beni immateriali
!"#$%&:#"%*(#$(&%&(::#"%*(#$(
Migliorie su beni di terzi
!"#$%&:(L$(!*(%&-.&R%+(&'(&"%*,(
!"#$%
6;8<
6;86
/#*(#,(!+(
9=& *(:&
6;8<
999& *(:&
6;8<
99& *(:&
6;8<
9& *(:&
6;8<
-247
-237
-236
-237
-
-
-
-
#--!$."%
E
-957
-950
7
0,7
-
-
-
-
-925
-912
13
1,4
-239
-227
-228
-231
28?GG6&
28?G56&
6;
8H8
23G5&
2353&
2353&
235G
-
-
6;
8H8
28?GG6&
28?G56&
-
-
-
-
23G5&
2353&
2353&
235G
-860
-755
105
13,9
-235
-214
-214
-197
2G5;&
2F77&
8;7
8<H4
26<7&
2683&
2683&
284F
26?F36&
26?58F&
867
3HG
2F68&
25FG&
25FG&
2557
&
&
A(-.$"#"!&'%$$#&L%-"(!+%&!1%*#"(/#&
&
-$&5+02)04"3+&89:;&'($&.*"2)$4%4+&'($$%&#(24"+0(&+6(*%4"3%7&%!!+04%&%&;9=9&!"$"+0"=&"0&23"$)66+&'"&@=\&!"$"+0"&
*"26(44+&%"&8>=8&5+02(#)"4"&0($&89:8=&5+**"26+0'(04(&%'&)0&_&:^=8`=&#*%1"(&%$$%&24%F"$"4H&'("&6*+3(04"&+6(*%4"3"&
0(44"& _9=>`,&(&%$&'(5"2+&5+04(0"!(04+&'($&<&C=;`&'(#$"&+0(*"&+6(*%4"3"&"0&6*(5('(01%&5+!!(04%4"A&
-0&2(#)"4+&%"&3%$+*"&%22)04"&'%"&')(&6*('(44"&%##*(#%4"&"04(*!('"&'"&5+04+&(5+0+!"5+=&"$&3%$+*(&'($$G"0'"5(&5+24&V&
"05+!(& +0(*"&+6(*%4"3"&V&6*+3(04"&+6(*%4"3"&0(44",&!"#$"+*%&0(44%!(04(&'"&+$4*(&>&6)04"&6(*5(04)%$"=&25(0'(0'+&
0($&89:;&%$&P>=9`&*"26(44+&%$&C9=>`&'($&89:8A& g%$(&6+2"4"3%&6(*/+*!%05(& '($&89:;&%22)!(&%05+*&!%##"+*&
*"$"(3+& 5+02"'(*%0'+& "$& /%44+& 5B(& "$& 6*('(44+& .*%4"+7& 2"& 6+2"1"+0%3%& %$$G\:=9`& 0($$G(2(*5"1"+& 89:9& ('& (*%&
'"!"0)"4+&%$&$"3($$+&'"&C:=\`&0($$G(2(*5"1"+&89::A&&&
&
N00#+"!+#:%+"(&+%""(&#(&)!+'(&*(-0S(&%'&!+%*(&
&
K%& 3+5(& *"$(3%& "$& *"2)$4%4+& 0(44+& '(#$"& %55%04+0%!(04"& (& '($$(& *"6*(2(& '"& 3%$+*(& '($& 6(*"+'+& *($%4"3%!(04(& %"&
/+0'"&*"25B"&6(*&*(3+5%4+*"(& (&5%)2(&6%22"3(&'"&3%*"+&4"6+&5+0&5$"(04($%& (&0($$G(2(*5"1"+&89:;&(26+0(& )0& 2%$'+&
0(#%4"3+&'"&<&9=^&!"$"+0"=&"0/(*"+*(&'"&9=:&!"$"+0"&%"&2%$'+&'($&89:8=&%05BG(22+&0(#%4"3+=&6%*"&%&<&:=9&!"$"+0"A&
KG"!6+*4+&'(#$"&%55%04+0%!(04"&0(44"&89:;&*"#)%*'%&6(*&9=@&!"$"+0"&$%&2+!!%&24%01"%4%&%"&/+0'"&6(*&*"25B"&('&
+0(*"& %& /*+04(& '"& 6+22"F"$"& *(24"4)1"+0"& '"& 5+!!"22"+0"& %44"3(& %& 2)+& 4(!6+& 6(*5(6"4(& '%$$%& 3(0'"4%& '"& 6*+'+44"&
%22"5)*%4"3"& (& 6(*& 9=8& !"$"+0"& $%& 2+!!%& (3(04)%$!(04(& '"& 26(44%01%& EgE& "0& F%2(& %$$%& 6*+6*"%& ?)+4%& '"&
6%*4(5"6%1"+0(&%$&M+0'+&-04(*F%05%*"+&'"&g)4($%&'("&b(6+2"4"& M-gb,&"0&2(#)"4+&%$$G"04(*3(04+&'($&M-gb&24(22+&%&
2+24(#0+&'"&)0%&F%05%&5+02+*1"%4%A&&&&
&
I+0+24%04(&"$&*(%$"11%*2"&'"&4%$"&')(&/%44"&"!6*(3"24"=&#$"&%55%04+0%!(04"&0(44"&89:;&2+0+&24%4"&"0/(*"+*"&%&?)($$"&
'($&89:8&$%&5)"&(04"4H=&6(*o=&*"2(04"3%&'"&)0&%55%04+0%!(04+&*"/(*"4+&%&5%)2(&6%22"3(&"0&5+*2+&'"&!('"%1"+0(&(&
5B(&*"#)%*'%3%&(3(04"&'"&0%4)*%&0+0&*"5+**(04(=&*($%4"3"&%'&(2(*5"1"&6*(5('(04"&"$&89:8&24(22+A&&
&
3;&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
I($$%& 2)55(22"3%& 4%F($$%& J& 5+!!(04%4%& $%& !+3"!(04%1"+0(& %33(0)4%& 0($& 5+*2+& '($& 89:;& 6(*& "& 3%*"& /+0'"& '($&
6%22"3+&6%4*"!+0"%$(&5B(& %55+$#+0+=& "0&5+04*+6%*4"4%=&#$"&"!6+*4"&'($$G%55%04+0%!(04+&0(44+&'"&<&9=^&!"$"+0"&
2+6*%&5"4%4"A&
&
T!/(:%+"#,(!+%&'%(&)!+'(&'%$&1#--(/!&
!"#$"%$"%&'"&()*+,
T!/(:%+"(&
Z"!0[&
Y#"*(:!+(#$(
W$4*"
<8\86\6;86 k6(*%1"+0"&
24*%+*'"0%*"( !+3 "!(04"
M +0'"&gM D& :,
A('.,(!+(
9+0*%:%+"(&+%""(
S4"$"11"Vd2F+*2+ T%4*"!+0"+
0(44+
W55%04A04"& Q6(2(&6(*&"$& T%4*"!+0"+
0(44" 6(*2+0%$(
0(44+
Z"!0[&6;8<
\A;^P
]&
;P
]P:>
]&
]&
8:9
@;
M +0'"&6(02"+0(& :,
;C^
]&
]&
]&
]&
]&
P;
\
\A9C9
@>9
T*(!"&'"&%01"%0"4H
:A>;\
]&
^
]:\>
]&
]&
@:
]&
:A@9;
d2+'"&'"&6(*2+0%$(
@AP;8
]&
]8A\P\
]:AP@9
]&
]&
\89
]&
^@@
W$4*"&+0(*"&*($%4"3 "&%$&6(*2+0%$(&
:AC:P
]&
^
]:A@:C
]&
]&
]&
]&
;9\
Y (*4(01(&5"3 "$"
:A8P\
]&
]&
]88\
]&
;99
]&
]&
:A;@9
;P
]&
]&
]\
]&
\
]&
]&
;P
L%)2(&*(5)6(*+&5*('"4"
;99
]&
]&
]:9@
]&
]P
]&
]&
:^9
M +0'+&D"3 %$2%&!+0(4%
W1"+0"&*(3 +5%4+*"(
:>
]&
]&
]:>
]&
]&
]&
]&
]&
L+0#)%#$"&6(*&*"!F+*2"&0)+3 (&WM -
]&
]&
]&
]&
]&
8:
]&
]&
8:
E%05%&g(*5%2&"04(*3 (04+&M -gb
]&
]&
]&
]&
]&
8;^
]&
]&
8;^
Q4+*0"&6*+3 3"#"+0%$"
]&
]&
]&
]&
]&
;P;
]&
]&
;P;
W$4*"&+0(*"&'"&3 %*"%&0%4)*%
]&
]&
]&
]&
]&
]&
]&
]&
]&
L+04(01"+2+&4*"F)4%*"+
:^P
]&
]&
]&
]&
8@
]&
]&
889
d*+#%1"+0"&$"F(*%$"
:;P
]&
]&
]\;
]&
]&
]&
]&
>;
Q NUI&VQWX9
8G?586
2&
26?G83
23?647
2&
434
8?8<3
78
8<?5<F
A c c a nt o na m e nt i net t i c o m e da v o c e C E R ic la ss if ic a t o "A c c a nt o na m e nt i net t i a i f o ndi ris c hi e d o ne ri"
946
A c c a nt o na m e nt i net t i a vo c e C E R ic la s s if ic a t o "S pes e a m m inis t rat iv e"
-
E f f e t t o T im e V a lue s u A cc a nt o na m e nt i ne t t i a l F o ndo R is c hi e d o ne ri
3
I valori so no stati rideterminati in seguito all’ ado zione del principio co ntabile IA S 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite attuariali relativi ai fo ndi a
prestazio ne definita, co me meglio precisato nella Sezio ne 1delle P o liche co ntabili.
&
&
K%&3+5(&'($$+&Q4%4+&T%4*"!+0"%$(&*"5$%22"/"5%4+&.M+0'"&%&'(24"0%1"+0(&26(5"/"5%7&%$$%&'%4%&'($&;:&'"5(!F*(&89:;&
%!!+04%&%&:;=P&!"$"+0"&"0&'"!"0)1"+0(&'"&>=9&!"$"+0"&*"26(44+&%"&:\=P&'"&/"0(&%00+&89:8A&
i)(24G)$4"!+&3%$+*(&*%66*(2(04%=&5+!(&26(5"/"5%4+&%05B(&0($$%&0+4%&6+24%&"0&5%$5(&%$$%&4%F($$%&24(22%=&"$&3%$+*(&
'($$%& 3+5(& .M+0'"& %& '(24"0%1"+0(& 26(5"/"5%7& '($& F"$%05"+& %$& ;:A:8A89:8& 6%*"& %& :P=\& !"$"+0"& '"& ()*+,&
*"'(4(*!"0%4%&"0&:\=P&!"$"+0"&'"&()*+&"0&2(#)"4+&%$$G%'+1"+0(&'($&6*"05"6"+&5+04%F"$(&-WQ&:^&.*(3"2('7&*($%4"3+&%$&
5*"4(*"+& '"& *"$(3%1"+0(& '(#$"& )4"$"& (& 6(*'"4(& %44)%*"%$"& *"/(*"4+& %"& /+0'"& %& 6*(24%1"+0(& '(/"0"4%=& 5+!(& J& 24%4+& 6"e&
'(44%#$"%4%!(04(&26(5"/"5%4+&0($&6%*%#*%/+&.T*"05"6"&#(0(*%$"&'"&*('%1"+0(7&%$$G"04(*0+&'($&5%6"4+$+&.T+$"4"5B(&
5+04%F"$"7A&&&&&&&
g%$(&*"')1"+0(&'"&>=9&!"$"+0"&'(*"3%&'%$$+&2F"$%05"+&4*%c&
− _&8=:&!"$"+0"&'"&"05*(!(04"&0(44"&6(*&%55%04+0%!(04"=&*"/(*"4"&6(*&$+&6"e&%&3(*4(01(&5"3"$"=&+0(*"&3(*2+&"$&M-gb&(&
6(*& 24+*0"& 6*+33"#"+0%$"& 2)& 5+!!"22"+0"& %22"5)*%4"3(=& (& %'& %$4*"& 24%01"%!(04"& *"/(*"4"& %& /+0'"& +0(*"& 6(*& "$&
6(*2+0%$(& (& 6(*& (2+'"& 6(*& "$& 6(*2+0%$(& 5+!6*(2+& $G(//(44+& "05*(!(04%4"3+& '+3)4+& %$& 5A'A& 2!+04%!(04+&
'($$G%44)%$"11%1"+0(&+*"#"0%*"%!(04(&5%$5+$%4%&2)"&/+0'"&24(22",Z&
− <&@=;&!"$"+0"&'"&)4"$"11"&'"&2+!!(&24%01"%4(&%$&;:A:8A89:8&*"/(*"4(&6(*&;=^&!"$"+0"&%&/+0'"&*"#)%*'%04"&+0(*"&
6(*&"$&6(*2+0%$(&'"6(0'(04(&(&6(*&9=@&!"$"+0"&%&/+0'"&%55%04+0%4"&6(*&%$4*(&/"0%$"4HZ&
− <& 8=\& !"$"+0"& '"& '"!"0)1"+0(& 0(44%& '("& 6*('(44"& /+0'"& '+3)4+& %& !+3"!(04"& 2+$%!(04(& 6%4*"!+0"%$"& %&
*"')1"+0(&'($&/+0'+&d2+'"&'($&T(*2+0%$(A&&
&
-& /+0'"& 5B(& 5+!6+0#+0+& ?)(24+& %##*(#%4+& 6%4*"!+0"%$(& *"#)%*'%0+& 6*"05"6%$!(04(& "$& g*%44%!(04+& '"& /"0(&
*%66+*4+& \=:&!"$"+0",&(&%$4*"&/+0'"&6(*&*"25B"&('&+0(*"&24%01"%4"&%&3%*"+&4"4+$+& >=>&!"$"+0",=&?)%$"&?)($$"&6(*&5%)2(&
6%22"3(& 5+0& 5$"(04($%& (& 5+0& "$& 6(*2+0%$(=& 5%)2(& 6(*& %1"+0"& *(3+5%4+*"(=& 5%)2(& 6(*& *(5)6(*+& 5*('"4"=& 5%)2(& 6(*&
5+04(01"+2+&4*"F)4%*"+=&6(*&+0(*"&3(*2+&M-gb& M+0'+&-04(*F%05%*"+&g)4($%&b(6+2"4",=&6(*&24+*0"&6*+33"#"+0%$"=&6(*&
(*+#%1"+0"& $"F(*%$"=& 6(*& (2+'"& '($& 6(*2+0%$(& (& 6*(!"& '"& %01"%0"4H& '($& 6(*2+0%$(& ('& "0/"0(& 6(*& %$4*(& 2+!!(& '%&
(*+#%*(&%$&6(*2+0%$(&'"6(0'(04(A&&
&
&
38&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
A%""()(0S%&\&*(1*%-%&'(&/#$!*%&+%""%&-.&0*%'("(&
!"#$"%"%&'"&()*+,
&&&&/#*(#,(!+(
#--!$."%
E
6;86
Q+//(*(01(
]8^AP89
]:8A>;:
:CA9\^ &
-05%#$"
]89A^8;
]PAP^>
:@A88\ &
L*('"4"&*"24*)44)*%4"
]:A8C@
]@>
:A88^ &
L*('"4"&25%')4"&V&25+0/"0%4"
]:A\^@
]8AC^:
]\^C
];8=:
]::P
]@@C
];;:
]C@=9
] >;A\8C
] 88A >9^
;:A;:\ &
C\
] :PP
8@@ &
] :9^
] 8:@
27<?G7G
266?GG4
^A88C
^A;:8
:V:;
:8A98;
\A@^:
@V:8
>A99C
@V:;
<;?454 &
;V:;
] :9> ] @^= :
8V:;
!"#$%&*%""()(0S%\*(1*%-%&'(&/#$!*%&+%""%&-.&
0*%'("(
;V:8
S4 "$"V6(*'"4 (&'%&5 (22"+0(
@A\C^
D"6*(2(&0(4 4 (&6(*&#%*%01 "(& (&"!6(#0"
8V:8
D(4 4 "/ "5 B(&0(4 4 (&6(*&'(4 (*"+*%!(04 +&'"& 5*('"4 "
@A>:8
L*('"4"&"0&F+0"2
I/!$.,(!+%&"*(:%-"*#$%&'%$$%&A%""()(0S%&'(
/#$!*%&+%""%&-.&0*%'("(
8;A8^P
6;8<
:V:8
=!0(
89:;
89:8
&
K(& *(44"/"5B(& '"& 3%$+*(& 0(44(& 2)& 5*('"4"& '($$G%00+& 89:;& 6*(2(04%0+& )0& 2%$'+& 0(#%4"3+& '"& <& >;=^& !"$"+0"=& '"&
"!6+*4+& 2)6(*"+*(& '"& F(0& ;:=9& !"$"+0"& 6%*"& %'& )0& _& :;>=;`,& *"26(44+& %$& 6)*& ($(3%4+& 5+02)04"3+& '"& <& 88=^&
!"$"+0"& *(#"24*%4+& 0($& 89:8A& -$& *%66+*4+& 4*%& $(& *(44"/"5B(& '"& 3%$+*(& 89:;& (& "$& 3%$+*(& '("& 5*('"4"& %& 5$"(04($%& 5A'&
5+24+&'($&5*('"4+,&J&6(*4%04+&2%$"4+&0($&89:;&%$&8=@P`&*"26(44+&%$$+&9=\^`&'($&89:8A&
KG"!6+*4+& 5+!6$(22"3+& '"& 4%$"& *(44"/"5B(& 0(44(& '($& 89:;& *"#)%*'%& "04(*%!(04(& "& 5*('"4"& '(4(*"+*%4"& (& /*%& ?)(24"&
2+6*%44)44+&"&5*('"4"&"0&2+//(*(01%&6(*&<&8^=P&!"$"+0"=&!%&%05B(&"&5*('"4"&"05%#$"%4"&6(*&<&89=^&!"$"+0"=&!(04*(&$(&
*(24%04"&')(&5%4(#+*"(&%00+4%0+&"!6+*4"&6"e&5+04(0)4"=&6%*"&%&<&:=;&!"$"+0"&6(*&"&5*('"4"&*"24*)44)*%4"&(&%&<&:=^&
!"$"+0"&6(*&"&5*('"4"&6%24&')(A&
T(*&5+04*+&6(*&"&5*('"4"&"0&F+0"2&6(*&5%22%=&0($&89:;&2+0+&24%4(&*"$(3%4(&*(44"/"5B(&'"&"!6+*4+&$"!"4%4+&6%*"&%&<&
9=:&!"$"+0"A&
-$&*"2)$4%4+&/+*4(!(04(&0(#%4"3+&*(#"24*%4+&0($&89:;&'%&?)(24%&6+24%&'($&5+04+&(5+0+!"5+&*"5$%22"/"5%4+&6*(0'(&
%33"+& "0& 6*"!+& $)+#+& '%$$%& 3%*"%1"+0(& *"$(3%4%& 0($& 5+*2+& '($& 89:;& '%$$(& !%22(& 6%4*"!+0"%$"& '("& 5*('"4"& 3(*2+&
5$"(04($%=&2"%&?)($$"&"0&F+0"2&2"%&2+6*%44)44+&?)($$"&'(4(*"+*%4"=&6"e&"0&'(44%#$"+&"$$)24*%4%&0($&2)55(22"3+&5%6"4+$+&
*($%4"3+&%#$"&%##*(#%4"&6%4*"!+0"%$"A&
-0/%44"&"$&*"$(3%04(&5%$+&'"&@:>=>&!"$"+0"&%33(0)4+&0($$%&5+02"24(01%&'("&5*('"4"&"0&F+0"2&$+*'"&4*%&"$&;:A:8A89:;&(&
"$& ;:A:8A89:8=& 6%*"& %'& )0& <& :C=P`=& (& "$& 5+05+!"4%04(& (& /+*4(& "05*(!(04+& '("& 3+$)!"& $+*'"& '($$(& 5$%22"& 6"e&
*"25B"+2(&'("&5*('"4"&'(4(*"+*%4"=&?)%$"&$(&2+//(*(01(& _&P9=C&!"$"+0"=&6%*"&%'&)0&_&;8=@`=&(&#$"&"05%#$"& _&8>=\&
!"$"+0"=&6%*"&%'&)0&_&88=:`,&*(#"24*%4+&0($$+&24(22+&%*5+&'"&4(!6+=&B%00+&'"!+24*%4+&0($&89:;&)0%&'*%24"5%&
*(5*)'(25(01%&'(#$"&(//(44"&'($$%&5*"2"&(5+0+!"5%=&5B(&2"&*"4(0(3%&6+4(22(*+&(22(*(&"0&/%2(&'"&%44(0)%1"+0(&'+6+&
5B(&0($&6*(5('(04(&%00+&89:8&2"&(*%&*"$(3%4+&)0&*%$$(04%!(04+&*"26(44+&%$&89::&0($$%&5*(25"4%&'($$(&6*('(44(&
5%4(#+*"(&'"&5*('"4"&'(4(*"+*%4"&6(*&?)%04+&*"#)%*'%&2"%&"&3%$+*"&$+*'"&2"%&"&*($%4"3"&/+0'"&'"&%55%04+0%!(04+A&
K%& 2(5+0'%& 5%)2%& '"& %)!(04+& '($$(& *(44"/"5B(& 0(44(& 2)& 5*('"4"& 0($& 89:;& *"2"('(& 0($$(& 5%4(#+*"(& '"& 5*('"4"&
'(4(*"+*%4"& !(0+& 6*+F$(!%4"5B(=& "0& 6%*4"5+$%*(& 0(#$"& "05%#$"& !%& %05B(& 0("& 5*('"4"& *"24*)44)*%4"=& "0& 2(#)"4+& %$$%&
0(5(22"4H&'"&6*(2"'"%*(&)0%&2(*"(&'"&6+2"1"+0"&'"&($(3%4+&"!6+*4+&4*%!"4(&%'(#)%4"&!%&5+26"5)"&%55%04+0%!(04"&
*(2"2"& "!6*+*+#%F"$"& "0& 2(#)"4+& %$$G)$4(*"+*(& 6(##"+*%!(04+& (5+0+!"5+& (& /"0%01"%*"+& 2"%& '($$(& 26(5"/"5B(&
6+2"1"+0"&"04(*(22%4(&2"%&'($&5+04(24+&!%5*+(5+0+!"5+&'"&*"/(*"!(04+A&L"o&B%&'(4(*!"0%4+&'%&)0&$%4+&)0&0(44+&
!"#$"+*%!(04+&'($&#*%'+&'"&5+6(*4)*%&!%&'%$$G%$4*+&B%&#(0(*%4+&)0G"0(3"4%F"$(&%##*%3"+&(5+0+!"5+&0($$G%00+A&&&&&&&&&&
&
W0%$"11%0'+& 6"e& "0& '(44%#$"+& $%& 5+!6+2"1"+0(& '($& 4+4%$(& '($$(& *(44"/"5B(& 0(44(& '($& 89:;=& (& ?)"0'"& $(& 2"0#+$(&
5%4(#+*"(&'"&5*('"4"&'(4(*"+*%4"=&$(&6*('(44(&')(&!+4"3%1"+0"&4*+3%0+&)0&6)04)%$(&*"25+04*+&0)!(*"5+A&-0/%44"&"&
3+$)!"& $+*'"& '("& 5*('"4"& "0& 2+//(*(01%=& 5B(& J& $%& 5%4(#+*"%& 2+##(44%& %& !%##"+*"& *(44"/"5B(& '"& 3%$+*(& "0& 2('(& '"&
3%$)4%1"+0(&'($&5*('"4+=&2+0+&%)!(04%4"&"0&!"2)*%&0(44%!(04(&!%##"+*(&0($&89:;=&_P9=C&!"$"+0"&6%*"&%'&)0&_&
;8=@`=&*"26(44+&%$&89:8&0($&?)%$(&$G%)!(04+&(*%&24%4+&'"&:^=C&!"$"+0"=&6%*"&%'&)0&_&::=C`A&
g%$(& /+*4(& 5*(25"4%& '("& 3+$)!"& $+*'"& '($$(& 2+//(*(01(& 2"& J& 5+05(04*%4%& 2)& )0%& 2(*"(& '"& 6+2"1"+0"& '"& ($(3%4+& (&
!('"+&"!6+*4+&5$%22"/"5%4(&%&2+//(*(01%&0($&5+*2+&'($&89:;=&"0&6%*4"5+$%*(&0($$G)$4"!+&4*"!(24*(&'($$G%00+A&&
K(&*(44"/"5B(&'"&3%$+*(&0(44(&2)&5*('"4"&"0&2+//(*(01%&0($&89:;&B%00+&5+2l&*(#"24*%4+&)0&%)!(04+&'"&:C=:&!"$"+0"&
*"26(44+& %$& 89:8& 5B(=& 4)44%3"%=& '(*"3%& "0& 6%*4(& '%$$%& 5+04%F"$"11%1"+0(& '"& F(0& P=9& !"$"+0"& '"& *(44"/"5B(& '%&
%44)%$"11%1"+0(& 4"!(&3%$)(,=&5+0&)0&"!6+*4+&?)"0'"&6"e&5B(&'+66"+&*"26(44+&%"&8=^&!"$"+0"&*(#"24*%4"&0($&89:8&
6(*&$%&24(22%&/%44"26(5"(A&
&
36&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
K%&2"4)%1"+0(&%66(0%&'(25*"44%&6(*&"&5*('"4"&"0&2+//(*(01%=&2"&J&*(#"24*%4%&%05B(&2)"&5*('"4"&"05%#$"%4"&"&5)"&3+$)!"&
$+*'"&%$&;:A:8A89:;&2+0+&$"(3"4%4"&'"&8>=\&!"$"+0"&*"26(44+&%$&;:A:8A89:8& _&88=:`,&!(04*(&0($&89:8&$G%)!(04+&
%00)+&*"26(44+&%$&89::&(*%&24%4+&'"&:P=C&!"$"+0"& _&:P=C`,A&KG"05*(!(04+&'"&3+$)!"&'($$G"04(*+&%00+&89:;&J&
%33(0)4+&%05B(&6(*&#$"&"05%#$"=&5+!(&#"H&6(*&$(&2+//(*(01(=&2+6*%44)44+&0($&@R&4*"!(24*(&'($$G%00+A&&
K(& *(44"/"5B(& '"& 3%$+*(& 0(44(& 2)"& 5*('"4"& "05%#$"%4"& 0($& 89:;& 2+0+& 24%4(& 6%*"& ?)"0'"& %& <& 89=^& !"$"+0"=& 5+0& )0&
%)!(04+& '"& :@=8& !"$"+0"& *"26(44+& %"& <& P=C& !"$"+0"& '"& *(44"/"5B(& 0(44(& '($& 89:8A& g%$(& 5*(25"4%& '(*"3%& 0+0&
2+$%!(04(& '%$$G"05*(!(04+& '("& 5*('"4"& "05%#$"%4"& %33(0)4+& 0($& 89:;& !%& %05B(& '%$$G"00%$1%!(04+& '(#$"&
%55%04+0%!(04"& 2)$$(& 6+2"1"+0"& 5*('"4"1"(& '"& "!6+*4+& 6"e& ($(3%4+& (& 5+0& !%##"+*(& *"25B"+2"4H& 6*+26(44"5%& "0&
4(*!"0"&'"&*(5)6(*%F"$"4H=&%$$%&$)5(&'($&6*+4*%*2"&'($$%&#*%3(&5*"2"&(5+0+!"5%&"0&%44+A&
K%& 5*(25"4%& 0($& 89:;& '("& /+0'"& %55%04+0%4"& 2)$$(& 2"0#+$(& 6+2"1"+0"& "05%#$"%4(& J& "0/"0(& '+3)4%& "0& 6%*4(& %05B(&
'%$$G"00%$1%!(04+=& 5+0& '(5+**(01%& '%$$G%00+& 89:;=& '%& 8>9& !"$%& ()*+& %'& :& !"$"+0(& '"& ()*+& '($$%& 2+#$"%& '($&
3+$)!(&$+*'+&'"&5*('"4+&"05%#$"%4+&"0'"3"')%$(&+$4*(&$%&?)%$(&$%&3%$)4%1"+0(&'($&5*('"4+&24(22+=&%"&/"0"&'($&5%$5+$+&
'("& *($%4"3"& /+0'"& *(44"/"5%4"3"=& %33"(0(& "0& /+*!%& %0%$"4"5%Z& %$& '"& 2+44+& '($$%& 2+#$"%& '"& :& !"$"+0(& '"& ()*+=& $%&
'(4(*!"0%1"+0(& '($& /+0'+& *(44"/"5%4"3+& J& (2(#)"4%& 5+0& $G%'+1"+0(& '"& !+'($$"& '"& 3%$)4%1"+0(& F%2%4"& 2)&
!(4+'+$+#"(&24%4"24"5+&]&/"0%01"%*"(&(&%66$"5%4(&%&$"3($$+&'"&2"0#+$%&6+2"1"+0(&5*('"4"1"%A&&
W05B(&6(*&$%&5$%22(&'(#$"&"05%#$"&2"&J&?)"0'"&*"$(3%4+&0($&89:;&)0&0(44+&!"#$"+*%!(04+&'($&#*%'+&'"&5+6(*4)*%&
+44(0)4+&%44*%3(*2+&$(&%'(#)%4(&(&5*(25(04"&*(44"/"5B(&'"&3%$+*(&(2(#)"4(A&
-&5*('"4"&*"24*)44)*%4"&2+0+&$%&4(*1%&5%4(#+*"%&'"&5*('"4"&'(4(*"+*%4"&6(*&$%&?)%$(&2"&J&*(#"24*%4+&)0&'(5"2+&%)!(04+&
'($$(&*(44"/"5B(&'"&3%$+*(&0(44(&2)&5*('"4"&*"26(44+&%$$G%00+&6*(5('(04(A&-0/%44"&$(&*(44"/"5B(&0(44(&'"&4%$(&5%4(#+*"%&
0($&89:;&2+0+&24%4(&6%*"&%&:=;&!"$"+0"=&!(04*(&0($&89:8&%3(3%0+&)0&3%$+*(&'"&9=9>&!"$"+0"=&2+24%01"%$!(04(&
0)$$+A& KG%)!(04+& ?)"0'"& '"& :=8& !"$"+0"& *"$(3%4+& 0($& 89:;& *"26(44+& %$$G%00+& 6*(5('(04(=& '(*"3%& "0& ?)(24+& 5%2+&
2+$%!(04(& '%$$G"05*(!(04+& '("& /+0'"& *(44"/"5%4"3"& %55%04+0%4"& 6(*& $(& 6+5B(& 6+2"1"+0"& "0'"3"')%$"& 5B(&
5+!6+0#+0+& 4%$(& 5$%22(& '"& 5*('"4"& ')FF"=& "$& 5)"& 3%$+*(& $+*'+& 0+0& J& 2+24%01"%$!(04(& 3%*"%4+& %$& ;:A:8A89:;&
*"26(44+&%$&89:8&*(24%0'+&%$&;:A:8A89:;&%$&$"3($$+&'"&:8=>&!"$"+0"A&K(&*(44"/"5B(&'"&3%$+*(&5+2l&(2(#)"4(&0($&89:;=&
"0&2(#)"4+&%$&'(4(*"+*%*2"&'($$(&6+2"1"+0"&5*('"4"1"(&*"24*)44)*%4(=&B%&6(*4%04+&6*+'+44+&)0&'(5"2+& %)!(04+&'($&
#*%'+&'"&5+6(*4)*%&6%22%4+&'%$&P=^`&'($&;:A:8A89:8&%$&:C=@`&'($&;:A:8A89:;A&&
K(&*(44"/"5B(&'"&3%$+*(&89:;&6(*&"&5*('"4"&6%24&')(&2+0+&24%4(&6%*"&%&:=^&!"$"+0"=&"0&5%$+&'"&9=^&!"$"+0"&*"26(44+&%"&
8=\&!"$"+0"&'($&5+02)04"3+&89:8A&K(&*%#"+0"&'($&5+04(0"!(04+&'"&?)(24%&3+5(&2+0+&$(&')(&2(#)(04"A&-0&6*"!+&
$)+#+& %$& ;:A:8A89:;& J& 24%4%& 5+02(#)"4%& )0%& *"')1"+0(& '"& \=\& !"$"+0"& *"26(44+& %$& ;:A:8A89:8& 0($& 3+$)!(& '"&
?)(24%& 5$%22(& '"& 5*('"4"& ')FF"=& 6%22%4"& '%& 8^=>& !"$"+0"& '($& 89:8& %"& 89=C& !"$"+0"& '($& 89:;& 5B(=& 0+0& (22(0'+&
"04(*3(0)4(&!+'"5B(&0($$(&%$"?)+4(&6(*5(04)%$"&'"&23%$)4%1"+0(&/+*/(44%*"%=&2"&J&*"/$(22%&%05B(&0($$%&'"!"0)1"+0(&
'($$(& *(44"/"5B(& '"& 3%$+*(& 0($& 5+04+& (5+0+!"5+A& -0& 2(5+0'+& $)+#+& 3%& *"5+*'%4+& 5B(& $G($(3%4%& (04"4H& '($$(&
*(44"/"5B(&'"&3%$+*(&2)"&6%24&')(&0($&89:8&(*%&'+3)4%&(25$)2"3%!(04(&%$$G%)!(04+&'($$(&5+02"24(01(&'("&5*('"4"&
'"&?)(24%&5$%22(& '%&@=\&!"$"+0"&%$&;:A:8A89::&%"&8^=>&!"$"+0"&'($&89:8,&5%)2%4%&'%$$(&0)+3(&*(#+$(&'"&3"#"$%01%&
%66$"5%4(&6(*&$%&6*"!%&3+$4%&0($&89:8& 5A'A&.5*('"4"&6%24&')(&6(*&4*%02%1"+0(7,A&&&
W05B(& "$& #*%'+& '"& 5+6(*4)*%& '"& ?)(24%& 5%4(#+*"%& J& 6(*4%04+& !"#$"+*%4+& 0($& 89:;& :9=>`,& *"26(44+& %$& 89:8&
^=^`,&!%&"0&!"2)*%&"0/(*"+*(&%&?)%04+&%33(0)4+&6(*&$(&6*(5('(04"&4*(&5%4(#+*"(A&&
&
K(& %$4*(& 5%4(#+*"(& 5B(& 5+!6+0#+0+& $(& *(44"/"5B(& 2)"& 5*('"4"& 3(*2+& 5$"(04($%=& 2)''"3"2"& 4*%& '(4(*"+*%4"& (& F+0"2=&
B%00+&#(0(*%4+&0($&$+*+&"02"(!(&)0&(//(44+&(5+0+!"5+&6+2"4"3+&6%*"&9=P&!"$"+0"&4*%&"$&89:;&(&"$&89:8A&d22(&2"&
*"/(*"25+0+&"0/%44"&%$$(&2(#)(04"&/%44"26(5"(c&
− $(& *(44"/"5B(& 0(44(& 2)& 5*('"4"& "0& F+0"2& 6(*& 5%22%& 0($& 89:;& 2+0+& 6%*"& %& <& 9=:& !"$"+0"& (& B%00+& ?)"0'"&
'(4(*!"0%4+& )0& !"#$"+*%!(04+& '"& 9=;& !"$"+0"& 0($$G%66+*4+& (5+0+!"5+& *"26(44+& %$& 89:8& ?)%0'+&
(3"'(01"%3%0+&)0&2%$'+&0(#%4"3+&'"&<&9=@&!"$"+0"Z&
− $(& *"6*(2(& 0(44(& 2)& #%*%01"(& (& "!6(#0"& '"& /"*!%& '($& 89:;& %!!+04%0+& %& _& 9=:& !"$"+0"& (& B%00+& 6(*5"o&
6*+'+44+& )0& !"#$"+*%!(04+& (5+0+!"5+& '"& 9=8& !"$"+0"& "0& 5+0/*+04+& %"& <& 9=:& !"$"+0"& '"& *(44"/"5B(& 0(44(&
*"$(3%4(&0($&89:8Z&
− "0/"0(& $(& 6(*'"4(& '%& 5(22"+0(& '(*"3%04"& '%$$%& 5A'A& 5(22"+0(& *+)4"0%*"%& '("& 5*('"4"& '"& !+'(24%& (04"4H=&
%!!+04%0+&%&<&9=:&!"$"+0"&0($&89:;&%FF%22%0'+&'"&9=:&!"$"+0"&"$&3%$+*(&'"&<&9=8&!"$"+0"&'($&89:8A&
&
&
3<&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
A%""()(0S%&'(&/#$!*%
Z1%0()(0S%
X(&
1!*"#)!L$(!
D#+0%$$#,(!+(
N$"*%
=!0(
A(1*%-%&'(&/#$!*%&O0!:1*%-!&%))%""!&"%:1!P
I))%""!& A%""()(0S%&
Z1%0()(0S%
X(& "%:1!
+%""%
X#& 1!*"#)!L$(!
Q NUI&
X#&9+0#--(&
/#$."#,(!+(
<8\86\6;8<
!"#$"%"%&'"&()*+,
A%""()(0S%&
X%$"#
+%""%
Q NUI&
<8\86\6;86
L*('"4 "&6(*&5 %22%
Q+//(*(01(
-05%#$"&
]8>\
];9AC8C
P\@
]CC
]8;A@CC
;>C
D"24*)44)*%4"
]:A8C@
Q5%')4"& 6%24&')(,
];
&&&&&&&&&&&&&&&&&&]
]8A:9@
E+0"2
P@
]::P
g +4 %$(&6(*&5 %22%
] ;;\ ] >CA>\8
] ::P
&&&&&&&&&&&&&&&&&&]
:A:9>
:,
;AP@:
]8A^P9
]8^AP89
]:8A>;:
]:CA9\^
8A;P;
]\^
]89A^8;
]PAP^>
]:@A88\
:
]:
]:A8C@
]@>
]:A88^
]:A\^@
]8AC^:
\^C
]::P
]@@C
;;:
:@^
&&&&&&&&&&&&&&&&&&]
PA:>@
-
] ;A9>9
] >;A\8C
] 88A>9^ ] ;:A;:\
L*('"4 "&'"&/ "*!%
Q+//(*(01(
-05%#$"&
]8:>
]8:>
;;
]89
]89
]@9
D"24*)44)*%4"
&&&&&&&&&&&&&&&&&&]
Q5%')4"& 6%24&')(,
&&&&&&&&&&&&]
E+0"2
g +4 %$(&'"&/ "*!%
] 8;>
-
g kg W K d&
S4 "$"V6(*'"4 (&'%&5 (22"+0( &
;
&&&&&&&&&&&&&&&&&&]
] ;;\ ] >CA\:C
8,
!"#$%&*%""()(0S%\*(1*%-%&+%""%&
-.&0*%'("(
;:9
27F?G8F
89
&&&&&&&&&&&]
;
]@
C
;:9
]:>>
@P>
] :PP
8@@
;
;:9
] ::P
:A:9>
PA:>C
;:9
] ;A9>9
] >;AC@^
] :9^
] 8:@
:9>
2885
8?8;7
5?87F
<8;
2<?;7;
27<?G7G
266?GG4
2<;?454
14
275
-261
-
-
C\
] :9^
233F
]
]8@\
Vedi no ta (1) = di cui riprese da incasso su so fferenze stralciate
14
Vedi no ta (2) = Trattasi di effetto netto cessioni ro utinarie.
99
] 88APC> ] ;:A9C@
&
-$&2+3*%(26+24+&6*+26(44+&'"!+24*%&%05+*%&6"e&'(44%#$"%4%!(04(&$%&5+!6+2"1"+0(&'($$(&*(44"/"5B(&0(44(&'"&<>;=^&
!"$"+0"& 5+02)04"3%4(& 0($$G(2(*5"1"+& 89:;=& 2)''"3"2(& 4*%& *(44"/"5B(& '"& 3%$+*(& (& *"6*(2(& '"& 3%$+*(& 5B(& *"2)$4%0+&
/+*!%4(&'%$$(&2(#)(04"&6*"05"6%$"&5+!6+0(04"c&
− *(44"/"5B(& '"& 3%$+*(& 26(5"/"5B(& 6(*& <>\=;& !"$"+0"=& %$$G"04(*0+& '($$(& ?)%$"& 2+0+& 5+!6*(2(& %05B(& *(44"/"5B(& '"&
3%$+*(&'+3)4(&%$&5A'A&(//(44+&a4"!(&3%$)(a&6(*&<P=9&!"$"+0"Z&
− *(44"/"5B(&'"&3%$+*(&5A'A&#(0(*"5B(&'"&6+*4%/+#$"+&2)"&5*('"4"&"0&F+0"2&6(*&5%22%=&6%*"&%&<&9=:&!"$"+0"Z&
− *"6*(2(&'"&3%$+*(&26(5"/"5B(&'%&"05%22+&6(*&_:=:&!"$"+0"Z&
− *"6*(2(& '"& 3%$+*(& 26(5"/"5B(& '%& 3%$)4%1"+0(& 6%*"& %& _P=:& !"$"+0"=& 5B(& 2+0+& 5+!6*(02"3(& %05B(& '($$h(//(44+&
*(3(*2(& '($& a4"!(& 3%$)(a& 5B(& %!!+04%& %& _;=9& !"$"+0"& (& 5B(=& 5+!(& 0+4+=& 3"(0(& *"5+0'+44+& %$$%& 3+5(&
."04(*(22"&0(44"7&/*%&#$"&."04(*(22"&'%&%44"3"4H&'(4(*"+*%4(7Z&
− *"6*(2(&'"&3%$+*(&5A'A&#(0(*"5B(&'"&6+*4%/+#$"+&2)"&5*('"4"&"0&F+0"2&'"&/"*!%=&6%*"&%&_&9=;&!"$"+0"A&
&
-$& 6*+26(44+& (3"'(01"%& %05B(& 5B(& $%& 6%*4(& 6*(6+0'(*%04(& '($$(& *(44"/"5B(& '"& 3%$+*(& *"#)%*'%& $(& 2+//(*(01(& 2)&
5*('"4"& 6(*& 5%22%& <;:=9& !"$"+0"=& '("& ?)%$"& <>=\& !"$"+0"& *"/(*"4(& %& *(44"/"5B(& '%& 4"!(& 3%$)(,& !(04*(& $%& ?)+4%&
6*"05"6%$(&'"&*"6*(2(&'"&3%$+*(=&%$&0(44+&'"&?)($$(&*($%4"3(&%$$G(//(44+&4(!6+=&J&24%4%&5+02(#)"4%&0($$G%!F"4+&'(#$"&
"05%#$"&2)&5*('"4"&6(*&5%22%& _8=;&!"$"+0",A&
&
A%""()(0S%&'(&/#$!*%&+%""%&-.&#$"*%&#""(/("K&
&
K%&3+5(&.*(44"/"5B(&'"&3%$+*(&0(44(&2)&%$4*(&%44"3"4H7&*"6+*4%&6(*&"$&89:;&)0&3%$+*(&0(#%4"3+&'"&<&9=9>&!"$"+0"& @P&
!"$%& ()*+,& '+3)4+& %'& )0%& 23%$)4%1"+0(& '%& ."!6%"*!(04& 4(247& (2(#)"4%& 2)$$G"03(24"!(04+& 6%*4(5"6%4"3+& 0($&
M+0'+&T*+#*(22"+&--=&)0G%44"3"4H&/"0%01"%*"%&'"26+0"F"$(&6(*&$%&3(0'"4%&%5?)"2"4%&'%$$%&E%05%&0($&5+*2+&'($&89::&(&
6(*&$%&?)%$(&0($&5+04+&(5+0+!"5+&89:8&3(00(&(2(#)"4%&)0G%0%$+#%&23%$)4%1"+0(&'"&&<&9=\:&!"$"+0"A&
-0&4(*!"0"&'"//(*(01"%$"=&6(*4%04+=&2"&*(#"24*%&)0&F(0(/"5"+&(5+0+!"5+&'"&9=CP&!"$"+0"&4*%&"$&89:;&(&"$&89:8A&&
&
]"($(&O1%*'("#P&-.&#""(/("K&)(+#+,(#*(%&'%"%+."%&-(+!&#&-0#'%+,#&%&-.&#$"*(&(+/%-"(:%+"(&
&
K%&3+5(&.S4"$"& 6(*'"4%,& 2)& %44"3"4H&/"0%01"%*"(&'(4(0)4(& 2"0+& %&25%'(01%& (&2)& %$4*"&"03(24"!(04"7& (26+0(&6(*&"$&
89:;&)0&3%$+*(&6+2"4"3+&'"&_&9=:&!"$"+0"&*"#)%*'%04(&)0%&6$)23%$(01%&'"&6%*"&"!6+*4+&*(%$"11%4%&%05+*%&0($&:R&
2(!(24*(&89:;&%44*%3(*2+&$%&3(0'"4%&'"&)0&"!!+F"$(&0+0&24*)!(04%$(&'"&6*+6*"(4H&'($$%&E%05%A&
W05B(& 0($$G(2(*5"1"+& 89:8& $%& 3+5(& *"$(3%3%& )0%& 6$)23%$(01%& +*"#"0%4%& '%$$%& 5(22"+0(& '"& ')(& "!!+F"$"& 0+0&
24*)!(04%$"&'"&6*+6*"(4H&'($$%&E%05%&6(*&)0&%!!+04%*(&'"&9=8&!"$"+0"A&
&
&
&
33&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
A(-.$"#"!&0!**%+"%&#$&$!*'!&'%$$%&(:1!-"%&
&
-$&a*"2)$4%4+&5+**(04(&%$&$+*'+&'($$(&"!6+24(a&J&'%4+&'%$$%&'"//(*(01%&4*%&a*"2)$4%4+&'($$%&#(24"+0(&+6(*%4"3%a&(&
#$"&%55%04+0%!(04"&0(44"&%"&/+0'"=&$(&*(44"/"5B(V*"6*(2(&*($%4"3(&%&5*('"4"&('&%$4*(&%44"3"4H&/"0%01"%*"(&'(4(0)4(&2"0+&
%&25%'(01%=&('&"0/"0(&#$"&)4"$"V6(*'"4(&*($%4"3(&%'&"!!+F"$"11%1"+0"&(&6%*4(5"6%1"+0"A&
g%$(&!%*#"0(&"04(*!('"+&*"2(04(&0+0&2+$+&'($$G%0'%!(04+&'($&*"2)$4%4+&'($$%&#(24"+0(&5%*%44(*"24"5%&5+!(&"&')(&
!%*#"0"& 6*(5('(04"& T*+3(04"& +6(*%4"3"& (& D"2)$4%4+& #(24"+0(& +6(*%4"3%,=& !%& %05B(& '($$G(04"4H& '(#$"&
.%55%04+0%!(04"&0(44"&%"&/+0'"&6(*&*"25B"&('&+0(*"7&(&2+6*%44)44+&'($$(&.*(44"/"5B(&'"&3%$+*(&0(44(&2)&5*('"4"7A&
KG"!6%44+& 0(#%4"3+& '"& ?)(24G)$4"!%& 3+5(=& 6"e& 2+6*%& 5+!!(04%4+& (& 5B(=& 5+!(& 3"24+=& J& %)!(04%4%& "0& !+'+&
5+02"'(*(3+$(& *"26(44+& %$& 89:8=& B%& "03(*4"4+& 0(44%!(04(& "$& 6(*5+*2+& '"& 5*(25"4%& "04*%6*(2+& '%$& *"2)$4%4+& '($$%&
#(24"+0(& +6(*%4"3%& (& B%& 6*+'+44+& )0& *"2)$4%4+& $+*'+& "!6+24(& 89:;& 0(#%4"3+& 6(*& <& 8@=C& !"$"+0"=& "0/(*"+*(& '"&
8>=@&!"$"+0"&%&?)($$+&'($&89:8&5B(&(*%&"03(5(&6+2"4"3+&6(*&_&9=C&!"$"+0"A&&
&
9:1!-"%&-.$&*%''("!&'%$$J#""(/("K&0!**%+"%&
&
K(& "!6+24(& 2)$& *(''"4+& '"& 5+!6(4(01%& '($$G%00+& *($%4"3(& %$& .*"2)$4%4+& 5+**(04(7& '($& 89:;& 6*(2(04%0+& )0&
(//(44+&(5+0+!"5+&6+2"4"3+&'"&_C=@&!"$"+0"&%&/*+04(&'"&)0&*"2)$4%4+&5+**(04(&%$&$+*'+&'($$(&"!6+24(& '(4(*!"0%4+&
6"e&5+**(44%!(04(&2(5+0'+&$+&25B(!%&'"&L+04+&d5+0+!"5+&'"&E%05%&'G-4%$"%&%01"5Bn&5+0&?)($$+&*"5$%22"/"5%4+&
?)"&5+!!(04%4+,&5B(&(26+0(&)0%&6(*'"4%&%04(&"!6+24(&'"&<8>=C&!"$"+0"A&T(*4%04+&"$&.4%f&*%4(7&'($$G%00+&89:;&
J&24%4+&6%*"&%&_&8\=\`A&K(&*%#"+0"&'"&4%$(&%0'%!(04+&2+0+&'"&2(#)"4+&(26+24(A&
Y(*2+& $%& /"0(& '($$G%00+& 89:;& 2+0+& 24%4(& (!%0%4(& *"$(3%04"& !+'"/"5B(& 0+*!%4"3(& "0& !%4(*"%& '"& "!6+24(& 2)$&
*(''"4+=& -*(2&(&-*%6=&'($$(&F%05B(&"4%$"%0(& #"H& %66$"5%4(&0($$%&'(4(*!"0%1"+0(&'($&5%*"5+&/"25%$(& '($&6(*"+'+& '"&
"!6+24%& 89:;A& M*%& 4%$"& '"3(*2(& '"26+2"1"+0"=& J& +66+*4)0+& 2(#0%$%*(& 2+$%!(04(& $(& 4*(& 2(#)(04"& 5B(& B%00+&
"0/$)(01%4+&$%&3+5(&"!6+24(&2)$&*(''"4+&'($&5+04+&(5+0+!"5+&89:;&'($$%&E%05%=&5+0&)0&"!6%44+&5B(&J&24%4+&
5+!6$(22"3%!(04(&6+2"4"3+&2)$&*"2)$4%4+&0(44+c&
− $%& '(')5"F"$"4H& '($$(& *(44"/"5B(& '"& 3%$+*(& 0(44(& 2)& 5*('"4"& %"& /"0"& -*%6& 2(5+0'+& $(& 24(22(& *(#+$(& '"& '(')1"+0(&
3%$"'(& %"& /"0"& -*(2=& 5B(& 0+0& (*%& %!!(22%& /"0+& %$$G(2(*5"1"+& 89:8& (& 5B(& 6(*4%04+& B%& 6*+'+44+& )0& (//(44+&
6+2"4"3+& 0($& 5+04+& (5+0+!"5+& 89:;& '+3)4+& %"& *"5%3"& 6(*& $(& "!6+24(& %04"5"6%4(& #(0(*%4(& '%$& *"03"+& '($$%&
'(')5"F"$"4H& %"& /)4)*"& (2(*5"1"& '("& @V>& '($$(& *(44"/"5B(& 24(22(& 0+0& '('+44(& /"25%$!(04(& 0($$G%00+& 89:;A& g%$(&
'"26+2"1"+0(=& "0& 2(#)"4+& %$& *"$(3%04(& %!!+04%*(& '"& *(44"/"5B(& '"& 3%$+*(& 0(44(& 2)& 5*('"4"& '($$G%00+& 89:;=& J&
24%4%&?)($$%&5B(&B%&#(0(*%4+&6(*&$%&E%05%&)0&!%##"+*&F(0(/"5"+&(5+0+!"5+=&5+!(&'"!+24*%&"$&/%44+&5B(&"$&
5+24+&6(*&$G-DWT&'"&5+!6(4(01%&'($&89:;&&J&6%*"&%&2+$"&C&!"$%&()*+Z&
− $%&'(')5"F"$"4H&'($$(&*(44"/"5B(&'"&3%$+*(&0(44(&2)&5*('"4"&'($$G(2(*5"1"+&89:;&%"&/"0"&-*(2&"0&>&%00"&5+0&?)+4(&
5+24%04"&6%*"&%'&:V>&%$$G%00+&(&0+0&6"e&"0&:\&(2(*5"1"=&5+0&?)+4(&'"&:V:\&%$$G%00+A&g%$(&'"26+2"1"+0(&0+0&B%&
#(0(*%4+& 6(*& $%& E%05%=& 5+!(& 6(*& 4)44(& $(& %1"(0'(& '"& 5*('"4+=& %$5)0%& 3%*"%1"+0(& "0& 4(*!"0"& '"& "!6+24(& '"&
5+!6(4(01%=&!%&2+$+&)0%&'"3(*2%&*"6%*4"1"+0(&'($$(&24(22(&4*%&"!6+24(&5+**(04"&(&"!6+24(&%04"5"6%4(Z&
− $G%66$"5%1"+0(& 6(*& $(& 2+$(& %1"(0'(& '"& 5*('"4+& (& "!6*(2(& '"& %22"5)*%1"+0(& (& 6(*& "$& 2+$+& %00+& 89:;& '"&
)0G%''"1"+0%$(&-*(2&6%*"&%$$G\=>9`&5%$5+$%4%&2)$&*(''"4+&"!6+0"F"$(&'"&"!6*(2%&*"2)$4%04(&'%$$%&'"5B"%*%1"+0(&
'("& *(''"4"& %"& /"0"& -*(2& "0'"3"')%$(=& '(4(*!"0%4+& (25$)'(0'+& $(& 3%*"%1"+0"& "0& %)!(04+& '(*"3%04"&
'%$$G%66$"5%1"+0(& '($$(& 0)+3(& 0+*!(& '"& '(')5"F"$"4H& '($$(& *(44"/"5B(& 2)& 5*('"4"A& g%$(& '"26+2"1"+0(& 0+0& B%&
6*+'+44+& %$5)0& %##*%3"+& (5+0+!"5+& 6(*& $%& E%05%=& "0& ?)%04+& $%& 26(5"/"5%& F%2(& "!6+0"F"$(& -*(2& '($& 89:;&
5%$5+$%4%&%"&/"0"&'($$%&6*('(44%&%''"1"+0%$(&J&*"2)$4%4%&0(#%4"3%A&&&&&
&
-$& 6*('(44+& "!6+*4+& 6+2"4"3+& '($$(& "!6+24(& '"& 5+!6(4(01%& 89:;& 6%*"& %& _& C=@& !"$"+0"& J& 24%4+& ')0?)(&
'(4(*!"0%4+&'%"&2(#)(04"&')(&($(!(04"A&
-$& 6*"!+& (& 6"e& *"$(3%04(& /%44+*(& '"& 2(#0+& 6+2"4"3+& 2)$& *"2)$4%4+& (5+0+!"5+& /"0%$(& J& "$& *"5%3+& 6(*& "!6+24(& '"&
5+!6(4(01%& *($%4"3+& %$$G-DdQ& 89:;& 6%*"& %& _& P=^& !"$"+0"& '"& ()*+=& 5B(& '(*"3%& (22(01"%$!(04(& '%$$(& "!6+24(&
%04"5"6%4(&#(0(*%4(&'%$$(&*(44"/"5B(&'"&3%$+*(&2)&5*('"4"&*"$(3%4(&0($&89:;A&
-$& 2(5+0'+& /%44+*(& '"& 2(#0+& (5+0+!"5+& 6+2"4"3+& J& '%4+& '%& 9=>& !"$"+0"& '"& 6*+3(04"& '+3)4"& %'& (55('(01(& '"&
"!6+24(&5+**(04"&-*(2&(&-*%6&%55%04+0%4(&0($$+&25+*2+&(2(*5"1"+&89:8A&
&
&
&
37&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&D"2)$4%4"&(5+0+!"5"
Q+%*(&'(&(+"%L*#,(!+%&%&'(&(+0%+"(/#,(!+%&#$$J%-!'!&O#$&+%""!&'%$$%&(:1!-"%P&
&
i)(24%& 3+5(& (26+0(& 0($& 89:;=& %$& 0(44+& '($& *($%4"3+& "!6%44+& /"25%$(=& +0(*"& 6%*"& %& <& 9=C& !"$"+0"A& g%$(& 5"/*%& 2"&
*"/(*"25(&%$$(&2(#)(04"&5+!6+0(04"&(5+0+!"5B(c&
− 6(*& <& 9=>& !"$"+0"& %'& )0G"04(#*%1"+0(& %$$+& 24%01"%!(04+& 6(*& (2+'"& 3+$+04%*"& '($& 6(*2+0%$(& '($$%& E%05%&
(2(#)"4+&0(#$"&%00"&6*(5('(04"&%$&89:;Z&
− 6(*&<&9=:&!"$"+0"&%#$"&+0(*"&(5+0+!"5"&*"#)%*'%04"&"$&5A'A&(//(44+&*(3(*2%$&'($$G%44)%$"11%1"+0(&-WQ&*"/(*"4%&%#$"&
%55%04+0%!(04"&%"&/+0'"&*"25B"&('&+0(*"=&6(*&"&?)%$"&"&4(!6"&'"&6*(3"24+&(2F+*2+&'($$G+0(*(&2)6(*%0+&"&'+'"5"&
!(2"=&(2(#)"4"&0("&F"$%05"&'(#$"&%00"&6*(5('(04"&%$&89:;=&2+6*%44)44+&6(*&"&3%*"&(2+'"&3+$+04%*"&'($&6(*2+0%$(&
'"6(0'(04(Z&
− 6(*& <& 9=:& !"$"+0"& '"& +0(*"& '"& 26(44%01%& '"& EgE& (& *"#)%*'%04"& "$& *"!F+*2+& %$$%& 2+5"(4H& 5+02+*4"$(& -04(2%&
Q%06%+$+&[*+)6&Q(*3"5(&'("&5+24"&'%&(22%&2+24(0)4"&0($&89:;&6(*&(2+'"&'($&6*+6*"+&6(*2+0%$(A&
&
T(*& ?)(24%& 3+5(& 0($& 89:8& 2"& (*%0+& "03(5(& *"$(3%4"& +0(*"& 6(*& <& 9=@& !"$"+0"=& %05BG(22"& *"/(*"4"& %$$(& 24(22(&
5+!6+0(04"&"0'"5%4(&6(*&"$&89:;A&Q"&J&6(*4%04+&*(#"24*%4+&0($&89:;&*"26(44+&%$&89:8&)0&%)!(04+&'"&+0(*"=&%$&
0(44+&'($&*($%4"3+&"!6%44+&/"25%$(=&6%*"&%&9=;&!"$"+0"A&&
&
A(-.$"#"!&+%""!&'%$$J%-%*0(,(!&
&
-$&*"2)$4%4+&0(44+&/"0%$(&'($$G(2(*5"1"+&J&+44(0)4+&2+44*%(0'+&%$#(F*"5%!(04(&%$&*"2)$4%4+&5+**(04(&%$&$+*'+&'($$(&
"!6+24(&#$"&.+0(*"&'"&"04(#*%1"+0(&%$&0(44+&'($$(&*($%4"3(&"!6+24(7&(&$(&."!6+24(&2)$&*(''"4+7&'"&5+!6(4(01%A&
I($&89:;&(22+&%!!+04%&?)"0'"&%'&)0%&6(*'"4%&0(44%&'"&<:\=;&!"$"+0"&'"&()*+=&*"26(44+&%'&)0%&6(*'"4%&0(44%&'"&
<&9=^&!"$"+0"&'"&()*+&*"$(3%4%&0($$G"04(*+&%00+&89:8A&
&
35&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
[$"&%##*(#%4"&6%4*"!+0"%$"&
&
B$(&#-1%""(&L%+%*#$(&
&
W$& /"0(& '"& /+*0"*(& )0%& $(44)*%& 4*%26%*(04(& '($$%& 2"4)%1"+0(& 6%4*"!+0"%$(& (& /"0%01"%*"%& '($$%& E%05%& J& 24%4+&
6*('"26+24+&)0+&25B(!%&2"04(4"5+&(&*"5$%22"/"5%4+&'($$(& %44"3"4H&(&6%22"3"4H&'"&F"$%05"+A&K+&25B(!%&*"5$%22"/"5%4+&
*%##*)66%&$(&2(#)(04"&3+5"&'($$+&25B(!%&+FF$"#%4+*"+&'"&E%05%&'G-4%$"%c&
− .L%22%&(&'"26+0"F"$"4H&$"?)"'(7&0($$G%!F"4+&'($$%&3+5(&*(2"')%$(&.W$4*(&%44"3"4H7Z&
− "$&3%$+*(&'("&'(*"3%4"&'"&5+6(*4)*%&4*%&$(&.W$4*(&W44"3"4HVT%22"3"4H7Z&
− "0&)0G)0"5%&3+5(&$(&.W44"3"4H&!%4(*"%$"&('&"!!%4(*"%$"7Z&
− "0& )0G)0"5%& 3+5(=& '(0+!"0%4%& .D%55+$4%& '%& 5$"(04($%7=& $G%!!+04%*(& '("& .b(F"4"& 3(*2+& 5$"(04($%7& (& '("&
.g"4+$"&"0&5"*5+$%1"+0(7Z&
− "0& )0G)0"5%& 3+5(& "& .M+0'"& %3(04"& '(24"0%1"+0(& 26(5"/"5%7& g*%44%!(04+& /"0(& *%66+*4+& (& M+0'"& *"25B"& ('&
+0(*",Z&
− "0&)0G)0"5%&3+5(&$(&D"2(*3(& '"3(*2(&'%$$(&D"2(*3(&'%&3%$)4%1"+0(,&(26+24(&#"H&%$&0(44+&'($$(&(3(04)%$"&%1"+0"&
6*+6*"(A&
&
I($$(&2)55(22"3(&4%F($$(&'"&'(44%#$"+&(&0("&*($%4"3"&5+!!(04"&2"&J&"0+$4*(&6*+33(')4+&%'&"0'"5%*(&2)&F%2(&0(44%&$(&
W44"3"4HVT%22"3"4H& /"0%01"%*"(& '"& 0(#+1"%1"+0(& *%66*(2(04%4(& '%"& 5+04*%44"& '(*"3%4"& (& "& L*('"4"Vb(F"4"& 3(*2+&
F%05B(=&0+05Bn&%&*"5+0')**(&2(!6*(&2)&F%2(&0(44%=&"$&3%$+*(&'("&5+04*%44"&'(*"3%4"&'"&5+6(*4)*%&'"&./%"*&3%$)(7&
%$$(&*($%4"3(&%44"3"4H&(&6%22"3"4H&5+6(*4(A&
I($$%& 6%*4(a& W$$(#%4"& '"& F"$%05"+a& J& *"6+*4%4+& %05B(& 6(*& $+& Q4%4+& T%4*"!+0"%$(& $+& 25B(!%& '"& *%55+*'+& 4*%& "$&
6*+26(44+&'"&Q4%4+&T%4*"!+0"%$(&*"5$%22"/"5%4+&(&$+&25B(!%&'"&F"$%05"+&+FF$"#%4+*"+&24%F"$"4+&'%$$%&E%05%&'h-4%$"%&
5+0&"$&T*+33('"!(04+&0R&8P8&'($&88&'"5(!F*(&899>&(&2)55(22"3"&%##"+*0%!(04"A&
T(*&$+&Q4%4+&T%4*"!+0"%$(=&5+!(&6(*&"$&L+04+&d5+0+!"5+=&"&3%$+*"&'"&4)44(&$(&4%F($$(&2+0+&(26+24"&"0&!"#$"%"%&'"&
()*+=& !(04*(& "& 5+!!(04"=& +3(& 0+0& '"3(*2%!(04(& "0'"5%4+=& 4*%44%0+& "& '%4"& "0& !"$"+0"& '"& ()*+Z& 5"o& 6(*& F*(3"4H&
(26+2"4"3%&(&+!+#(0("4H&5+0&$(&*($%1"+0"&'(#$"&%00"&6*(5('(04"A&
&
Z"#"!&Y#"*(:!+(#$%&*(0$#--()(0#"!&
&
-0& 2(#)"4+& %$$(& !+'"/"5B(& "04*+'+44(& '%$& :R& #(00%"+& 89:;& '%$$G%'+1"+0(& '($& 6*"05"6"+& 5+04%F"$(& -WQ& :^&
.*(3"2('7&*($%4"3+&%$&5*"4(*"+&'"&*"$(3%1"+0(&'(#$"&)4"$"&(&6(*'"4(&%44)%*"%$"&*"/(*"4+&%"&/+0'"&%&6*(24%1"+0(&'(/"0"4%=&
4*%&"&?)%$"&"$&g*%44%!(04+&M"0(&D%66+*4+& gAMADA,&(&"&M+0'"&T(02"+0(&"04(#*%4"3"=&5+!(&26(5"/"5%4+&0($&6%*%#*%/+&
.T*"05"6"&#(0(*%$"&'"&*('%1"+0(7&%$$G"04(*0+&'($&5%6"4+$+&.T+$"4"5B(&5+04%F"$"7=&%$&/"0(&'"&*(0'(*(&+!+#(0("&"&'%4"&
6%4*"!+0"%$"& '($& ;:A:8A89:;& (& ?)($$"& '($& 6(*"+'+& '"& *%//*+04+& ;:A:8A89:8=& 2"& J& 6*+33(')4+& %& *"'(4(*!"0%*(& "&
'%4"&'($$+& Q4%4+&T%4*"!+0"%$(& %$&;:A:8A89:8& %66+*4%0'+&$(& 2(#)(04"&!+'"/"5B(=&*"26(44+& %"&3%$+*"&'($&F"$%05"+&
89:8c&
− "02(*"!(04+& 0($& gAMADA& (& 0("& M+0'"& 6(02"+0(& %& 6*(24%1"+0(& '(/"0"4%& '($& 6%22"3+& 6%4*"!+0"%$(& '($$G"!6+*4+&
'($$(&6(*'"4(&%44)%*"%$"&0+0&*"$(3%4(&%$$%&'%4%&'($&;:&'"5(!F*(&89:8=&*"26(44"3%!(04(&6%*"&%&:A@^>&!"#$"%"%&
6(*&"$&gAMADA&(&8^8&!"#$"%"%&6(*&"&M+0'"&6(02"+0(Z&
− "02(*"!(04+& 0($$%& 3+5(& W44"3"4H& M"25%$"& '($$G%44"3+& 6%4*"!+0"%$(& '($$G"!6+*4+=& 6%*"& %& @^:& !"#$"%"%=& '($$(&
"!6+24(&*"/(*"4(&%$$(&6*('(44(&6%22"3"4HZ&&
− "02(*"!(04+& '($& 3%$+*(& 0(44+& '"& :A8^P& !"#$"%"%=& ?)%$(& '"//(*(01%& 4*%& $(& 5"4%4(& 6+24(& 5+04%F"$"=& 0($& 6%22"3+&
6%4*"!+0"%$(&4*%&$(&*"2(*3(&'%&3%$)4%1"+0(&'"&6%4*"!+0"+&0(44+A&
&
b"& 5+02(#)(01%& "$& 4+4%$(& '($$G%44"3+& (& '($& 6%22"3+& '($$+& 24%4+& 6%4*"!+0"%$(& %$& ;:A:8A89:8& *"2)$4%& 3%*"%4+& '%&
8A\;9AP^P&!"#$"%"%=&"0'"5%4"&0($&F"$%05"+&89:8=&%&()*+&8A\;:A:\\&!"#$"%"%&(26+24"&0($&6*+26(44+&5B(&2(#)(A&
-$&5+0/*+04+&4*%&"&'%4"&6%4*"!+0"%$"&%$&;:&'"5(!F*(&89:;&5+0&?)($$"&'($&;:A:8A89:8=&*"'(4(*!"0%4"&5+!(&2+6*%&
"0'"5%4+=& ('& (26+24+& 0($& 2)55(22"3+& 6*+26(44+& (3"'(01"%& 5B(& "& 6*"05"6%$"& %##*(#%4"& '($$G%44"3+& (& 6%22"3+&
6%4*"!+0"%$(&B%00+&2)F"4+&)0%&5+04*%1"+0(&*"26(44+&%$&;:A:8A&'($$G%00+&6*(5('(04(&5+!(&'"&2(#)"4+&"0'"5%4+c&&
− "&5*('"4"&3(*2+&5$"(04($%&2+0+&'"!"0)"4"&'"&;\C=:&!"$"+0"& <&:>=9`,=&5+0&)0%&/$(22"+0(&*"/(*"4%&"04(*%!(04(&%"&
5*('"4"&"0&F+0"2Z&
− $%& *%55+$4%& '"*(44%& %& F*(3(& 4(*!"0(& '%& 5$"(04($%& 6*(2(04%& )0%& $"(3(& /$(22"+0(& '"& <& :>=9& !"$"+0"& <& :=;`,=&&
(26+24%&0($$G%66+2"4%&2)55(22"3%&4%F($$%&%&5+!!(04+&'($$%&*%55+$4%&'"*(44%&5+!6$(22"3%& 3+5(&.b(F"4"&3(*2+&
5$"(04($%&(&4"4+$"&"0&5"*5+$%1"+0(7,&$%&?)%$(&(26+0(&)0%&*"')1"+0(&'"&<&@8=@&!"$"+0"& <&;=@`,Z&
&
3F&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
− $%& 6+2"1"+0(& '(F"4+*"%& "04(*F%05%*"%& 0(44%& *"2)$4%& 6%*"& %& ^9:=9& !"$"+0"& %$& ;:& '"5(!F*(& 89:;& 5+0& )0&
!"#$"+*%!(04+& '"& ;::=\& !"$"+0"=& ?)%2"& (25$)2"3%!(04(& 0("& 5+0/*+04"& '($$%& L%6+#*)66+=& !+4"3%4%& '%$$%&
*"')1"+0(&'(#$"&"!6"(#B"&%&5$"(04($%Z&&
− "$&6%4*"!+0"+&0(44+&'"!"0)"25(&'"&:>=;&!"$"+0"=&6(*&(//(44+&'($$%&6(*'"4%&0(44%&'"&:\=;&!"$"+0"&*(#"24*%4%&0($&
89:;&(&'($$G%)!(04+&'"&;=9&!"$"+0"&'($$(&.*"2(*3(&6%4*"!+0"%$"&'%&3%$)4%1"+0(7Z&
− !"#$"+*%0+&(04*%!F"&"&5+(//"5"(04"&'"&2+$3"F"$"4H&"0'"3"')%$"&'"&3"#"$%01%&%$&;:A:8A89:;c&"$&g"(*&:&L%6"4%$&*%4"+&
%)!(04%& %$& :8=\`& *"26(44+& %$& :8=9`& '($& ;:& '"5(!F*(& 89:8& (& "$& .g+4%$& L%6"4%$& *%4"+7& 5*(25(& %$& :;=8`&
*"26(44+&%$&:8=C`&'"&/"0(&89:8A&
&
Y%& 2(#0%$%4+& %05B(& "$& F)+0& "05*(!(04+& *(#"24*%4+& 0($& 89:;& '%$$G%##*(#%4+& .*%55+$4%& "0'"*(44%7=& "& 5)"& 3%$+*"=&
6)*& 0+0& (22(0'+& *"$(3%4"& 0($$+& 24%4+& 6%4*"!+0"%$(& '($$%& E%05%=& *%66*(2(04%0+& )0& ($(!(04+& "!6+*4%04(&
'($$G+6(*%4"3"4H& F%05%*"%A& g%$(& %##*(#%4+& 5*(25(& %& 8A^;;=^& !"$"+0"& %$& ;:A:8A89:;=& 5+0& )0& %)!(04+& '"& :8P=^&
!"$"+0"& _& @=>`,& *"26(44+& %"& 8A\9C=9& !"$"+0"& '($& ;:A:8A89:8=& "04(*%!(04(& 5+05(04*%4+& 0($$%& 5+!6+0(04(&
*%55+$4%&#(24"4%=&5+!(&"$$)24*%4+&"0&)0&2)55(22"3+&6%*%#*%/+&'"&?)(24+&5%6"4+$+A&&&
!"#$"%$"%&'"&()*+,
N""(/("K
W44"3 "4H&/"0%01"%*"(&'"&0(#+1"%1"+0(
W44"3 "4H&/"0%01"%*"(&3 %$)4%4(&%$&/%"*&3%$)(
W44"3 "4H&'"26+0"F"$"&6(*&$%&3 (0'"4%
<8\86\6;8<
<8\86\6;86
:8A;8^
:CA^@>
&&&&&&/#*(#,(!+(
#--!$."%
E
]>AP:P
];:=;
8P
:^
C
;P=\
8@A:>P
8PA>^9
]8A@;@
]^=8
];9=@
L*('"4"&3 (*2+&F%05B(
P8AC@9
^9A:\\
]8CA@@\
L*('"4"&3 (*2+&5$"(04($%
8A:^9AC::
8A>CCACP\
];\CA9>C
]:>=9
;\
C8
];@
]@C=8
W44"3 "4H&!%4(*"%$"&(&"!!%4(*"%$"
8>AC>8
8PA8@9
]@\\
]:=^
W44"3 "4H&/"25%$"
;CAC::
8\ACCC
\A^;@
;:=9
T%*4(5"6%1"+0"&
W44"3 "4H&0+0&5+**(04"&(&#*)66"&'"&%44"3 "4H&"0&3 "%&'"&'"2!"22"+0(
W$4*(&3+5"&'($$h%44"3+
!"#$%&#""(/("K
Y#--(/("K
b(F"4"&3(*2+&F%05B(
;>
]
;>
]
>^A@P\
P;A>\^
]@A:8:
]P=>
6?386?455
6?G<8?8GG
238G?666
283HG
<8\86\6;8<
<8\86\6;86
&&&&&&/#*(#,(!+(
#--!$."%
E
^P;AC8:
:A;98A^9C
];;^A:\P
]8P=9
:A89PA8CP
:A8@\AC:>
]@8A@;^
];=@
:8A;^\
:CA\P>
]>A@PC
];9=P
89:
:C^
88
:8=;
W$4*(&3+5"&'($&6%22"3+&
P\A\:\
C^AC89
]:9A^98
]:;=C
M +0'"&%&'(24"0%1"+0(&26(5"/"5%
:;AP;C
:\AP:8
]@A^C>
]8P=C
L%6"4%$(&
P>A^:P
P>A^:P
]
]
D"2(*3(
:9;A\:P
:9@AC9C
]\^:
]9=^
];A>>:
]PA>@9
]8A^\^
]@>=C
]:\A8PP
]\^;
6?386?455
6?G<8?8GG
b(F"4"&3(*2+&5$"(04($%&(&4"4+$"&"0&5"*5+$%1"+0(
T%22"3"4H&/"0%01"%*"(&'"&0(#+1"%1"+0(
T%22"3"4H&/"25%$"
D"2(*3(&'%&3 %$)4%1"+0(
S4"$(&V&6(*'"4%&'"&6(*"+'+
!"#$%&1#--(/("K&%&1#"*(:!+(!&+%""!
:CA;C; &
238G?666
283HG
I valo ri dell'esercizio 2012 so no stati rideterminati in seguito all’ ado zio ne del principio contabile IA S 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite
attuariali relativi ai fo ndi a prestazio ne definita, co me meglio precisato nella Sezio ne 1delle P o liche contabili.
&
I/!$.,(!+%&"*(:%-"*#$%&'%(&'#"(&1#"*(:!+(#$(&
&
K%& 2)55(22"3%& 4%F($$%& (26+0(& "0& !%0"(*%& 2"0+44"5%& (& "0& +*'"0(& 4(!6+*%$(& $G(3+$)1"+0(& '($$%& 2"4)%1"+0(&
6%4*"!+0"%$(& '($$%& E%05%& %$$%& /"0(& '"& +#0)0+& '("& 4*"!(24*"& '(#$"& )$4"!"& ')(& %00"& 89:;& (& 89:8=& 5+!6*(2+&
$G)$4"!+&'($&89:;&5B(&J&+##(44+&'"&%0%$"2"&'($&6*(2(04(&F"$%05"+A&
-$&4+4%$(&'($$(&%44"3"4H&(&6%22"3"4H&'($$%&F%05%&%$&;:&'"5(!F*(&89:;&J&6%*"&%&8A@:;=9&!"$"+0"&*(#"24*%0'+&%$$%&/"0(&
'"&+#0)0+&'("&@&4*"!(24*"&89:;&)0%&'"!"0)1"+0(&*"26(44+&%$&4*"!(24*(&6*(5('(04(&/"0+&%'&%**"3%*(&%'&)0&5%$+&'"&
&
3G&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
@:\=8&!"$"+0"&*"26(44+&%$&3%$+*(&'"&8A\;:=8&!"$"+0"&'($&;:&'"5(!F*(&89:8Z&5"o&"0&2(#)"4+&%$$%&'"!"0)1"+0(&'($&
3+$)!(&'("&5*('"4"&%&5$"(04($%=&5B(&2%*H&6"e&+$4*(&+##(44+&'"&%0%$"2"=&6(*&?)%04+&*"#)%*'%&$G%44"3+&6%4*"!+0"%$(&(&
%$$%&5+02(#)(04(&5+04*%1"+0(&'("&'(F"4"&3(*2+&F%05B(&*($%4"3%!(04(&%$&6%22"3+&6%4*"!+0"%$(A&&&
&
-0+$4*(& '%$& !('(2"!+& 6*+26(44+& '"& (3+$)1"+0(& 4*"!(24*%$(=& 2"& 4*%##+0+& %05B(& "& 2(#)(04"& %$4*"& ')(& "!6+*4%04"&
%26(44"&'($&6*('(44+&%*5+&'"&4(!6+&F"(00%$(c&
− $%& 2+24%01"%$(& 24%F"$"4H& 6(*& $%& *%55+$4%& '"*(44%& 5+0& 5$"(04($%& 5B(& 6%22%& '%"& :A8;8=^& !"$"+0"& '"& 24+5m& %& /"0(&
!%*1+&89:8&%"&:A89P=;&!"$"+0"&'"&3+$)!"&%$&;:A:8A89:;=&*(#"24*%0'+&0($&5+*2+&'($&89:;&)0&3%$+*(&!('"+&
2)6(*"+*(&%$$%&5"/*%&'"&:=8&!"$"%*'"Z&
− $%&'"!"0)1"+0(&'"&:^=\&!"$"+0"&'($&6%4*"!+0"+&0(44+&*"'+44+2"&%&:@C=^&!"$"+0"&'($&;:&'"5(!F*(&89:;&*"26(44+&
%"&:PC=C&!"$"+0"&'($&;:A9;A89:8&%&5%)2%&2+6*%44)44+&'($$%&6(*'"4%&(5+0+!"5%&'($&89:;& :\=;&!"$"+0",&(&"0&
6%*4(& %05B(& '($& 89:8& 9=^& !"$"+0",=& '($$%& '"!"0)1"+0(& '($$(& *"2(*3(& 6%4*"!+0"%$"& '"& 3%$)4%1"+0(& 25%4)*"4%&
'%$$(&.%44"3"4H&/"0%01"%*"(&'"26+0"F"$"&6(*&$%&3(0'"4%7=&'%$$(&.5+6(*4)*(&'"&/$)22"&/"0%01"%*"&'"&X%5*+&M%"*&Y%$)(&
O('#(& (&'%&)$4"!+&'%$$(&6(*'"4(& %44)%*"%$"&2+*4(&/"0+&%$& ;:A:8A89:8& 2)$& gAMADA& (& 2)"& /+0'"&'"&6*(3"'(01%&%&
6*(24%1"+0(&'(/"0"4%=&"0&6*(5('(01%&"$$)24*%4(A&
&
!"#$"%$"%&'"&()*+,
N""(/("K
W44"3"4H&/"0%01"%*"(&'"&0(#+1"%1"+0(
W44"3"4H&/"0%01"%*"(&3%$)4%4(&%$&/%"*&3%$)(
I-%*0(,(!&6;8<
I-%*0(,(!&6;86
<8\86
<;\4&
<;\5&
:8A;8^
:;A9\P
:@A@C;
8P
88
:\
<8\<&&
<8\86
<;\4
<;\5
<8\<
:CA99>
:CA^@>
:^A8C\
:\A>@^
:\A@@\
:C
:^
:C
:P
]
W44"3"4H&'"26+0"F"$"&6(*&$%&3(0'"4%
8@A:>P
8@A^PP
8CA8P9
8PA@^:
8PA>^9
8\A:C>
8\A:;:
8CA\P8
L*('"4"&3(*2+&F%05B(
P8AC@9
^8A^\8
>^A;9^
:98A9>9
^9A:\\
;>A\>>
;CA:9;
;>A8C;
L*('"4"&3(*2+&5$"(04($%
8A:^9AC::
8A8\;A>:P
8A@9PAP:P
8A@8^A\^@
8A>CCACP\
8A>@>A>P@
8AP9@A8C^
8A>P;A@P:
;\
C8
C8
C8
C8
C8
C8
C8
T%*4(5"6%1"+0"
W44"3"4H&!%4(*"%$"&(&"!!%4(*"%$"
8>AC>8
8@A^CP
8>A@98
8>AC^C
8PA8@9
8>A^\C
8PA898
8PA>\>
W44"3"4H&/"25%$"
;CAC::
8^A:;P
8\A9;@
8\A^8\
8\ACCC
;:A::;
;9A9^9
8CA@9>
;>
]
]
]
]
]
]
]
>^A@P\
>8A9\8
>>A@:C
P;A>^\
P;A>\^
:9;A88;
P>A@>C
\^A^88
6?386?455
6?76;?G<G
6?585?5;8
6?54<?G76
6?G<8?8GG
6?FG4?6G3
6?G;4?G44
6?FG4?;6G
W44"3"4H&0+0&5+**(04"&(&#*)66"&'"&%44"3"4H&"0&3"%&
'"&'"2!"22"+0(
W$4*(&3+5"&'($$h%44"3+
!"#$%&#""(/("K
Y#--(/("K
b(F"4"&3(*2+&F%05B(
b(F"4"&3(*2+&5$"(04($%&(&4"4+$"&"0&5"*5+$%1"+0(
T%22"3"4H&/"0%01"%*"(&'"&0(#+1"%1"+0(
T%22"3"4H&/"25%$"
W$4*(&3+5"&'($&6%22"3+&
I-%*0(,(!&6;8<
I-%*0(,(!&6;86
<8\86
<;\4&
<;\5&
^P;AC8:
:A98;A@PC
:A9^>A@C;
:A89PA8CP
:A:^:A88^
:8A;^\
:;A8P\
<8\<&&
<8\86
<;\4
<;\5
<8\<
:A:C:A9PP
:A;98A^9C
:A;P@A9CC
:A;>>A^^^
:A8PCA^98
:A8P>A:;^
:A8@^A;CP
:A8@\AC:>
:A:;CA\8>
:A:C8A9PP
:A8;8A^:>
:@A:;8
:PA^^@
:CA\P>
:^ACC\
:^A9P\
:\AC^P
89:
:APC9
P\\
CP>
:C^
:A;;@
\P\
:AC@:
P\A\:\
::CA^>^
P>A\8:
C>A^PC
C^AC89
\9A;^:
CPA\P9
\8A>8>
M+0'"&%&'(24"0%1"+0(&26(5"/"5%
:;AP;C
:>A^:^
:PA\P@
:\APP^
:\AP:8
:CA:@P
:CA88>
:CA@>C
L%6"4%$(&
P>A^:P
P>A^:P
P>A^:P
P>A^:P
P>A^:P
P>A^:P
P>A^:P
P>A^:P
D"2(*3(
:9;A\:P
:9;A\:P
:9;A\:P
:9;A\:P
:9@AC9C
:9@AC9C
:9@AC9C
:9@A^9>
D"2(*3(&'%&3%$)4%1"+0(
];A>>:
]@A>9^
]@A\:8
]PA:9;
]PA>@9
]@A9:8
];AC9;
]8A8>9
S4"$(&V&6(*'"4%&'"&6(*"+'+
]:\A8PP
]CA\^C
]PA@;P
]8AP:@
]\^;
8A:88
\^;
]\C^
6?386?455
6?76;?G<G
6?585?5;8
6?54<?G76
6?G<8?8GG
6?FG4?6G3
6?G;4?G44
6?FG4?;6G
!"#$%&1#--(/("K&%&1#"*(:!+(!&+%""!
I valori dell'esercizio 2012 so no stati rideterminati in seguito all’adozione del principio contabile IAS 19 “ revised” relativo al criterio di rilevazione degli utili e perdite attuariali relativi ai fondi a prestazione
definita, co me meglio precisato nella Sezio ne 1delle Poliche co ntabili.
&
34&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
D*%'("(&/%*-!&0$(%+"%$#&
]:9CAP>9
]\=:
@;@AP>^
:^=\
>C^APPC
88=>
]:@>A99\
]8>=9
8A:C:AC:8
^^=:
8A>>CACP\
^^=8
]
]&
]
]&
]
]&
:\A^^^
9=^
89A999
9=\
]:A99:
]>=9
6?84;?F88
8;;H;
6?7FF?F5G
8;;H;
2<GF?;7F
287H;
8A:^9AC::
>:=;
;:V:8V:;
:A;8:A@^9
8A8\;A>:P
>>=@
;9V^V:;
:A8:;A\@9
8A@9PAP:P
]89=;
;9VPV:;
]:;;A;^\
8A@8^A\^@
8>=@
;:V;V:;
P>PAP::
8A>CCACP\
8;=^
;:V:8V:8
D*%'("(&/%*-!&0$(%+"%$#
>8;A8:;
I/!$.,(!+%&"*(:%-"*#$%
D*%'("(&/%*-!&0$(%+"%$#
8A>@>A>P@
L*('"4"&*%66*(2(04%4 "&'%&4"4+$"
E
;9V^V:8
W04"5"6%1"+0"&(&/"0%01"%!(04"
L*('"4"&'%&%44"3 "4H &
5+!!(*5"%$(
k6(*%1"+0"&6*+04"&5+04*+&
4(*!"0(
#--!$."%
8AP9@A8C^
X)4)"
(+0('%+,#&E
;9VPV:8
(+0('%+,#&E
L+04"&5+**(04"
!"#$"%$"%&'"&()*+,
&&&&&&/#*(#,(!+(
<8\86\6;86
8A>P;A@P:
<8\86\6;8<
;:V;V:8
=!0(
] ;\PA9>P ]:>=:
89:;
89:8
&
W$& ;:A:8A89:;& *"26(44+& %$$%& /"0(& '($& 89:8& "& 5*('"4"& 3(*2+& $%& 5$"(04($%=& 5+0& 8A:^9=C& !"$"+0"=& 2+0+& %**(4*%4"& '"&
;\C=:&!"$"+0"&*"26(44+&%$&$"3($$+&'"&/"0(&89:8& 8A>CC=\&!"$"+0",=&6%*"&%'&)0&&<:>=9`A&K%&0(44%&5+04*%1"+0(&2)F"4%&
0($& 89:;& J& $(#%4%& %$$G"04(02"/"5%*2"& '($$%& 6(*')*%04(& 5*"2"& (5+0+!"5%& 5B(& B%& 5+"03+$4+& %05B(& "& 4(**"4+*"& '+3(&
+6(*%& $%& E%05%& (& B%& '(4(*!"0%4+& )0G)$4(*"+*(& *"')1"+0(& '($$%& '+!%0'%& '"& 0)+3(& (*+#%1"+0"& '"& 5*('"4+A& K%&
E%05%& 0+0& B%& 5+!)0?)(& 5(22%4+& '"& 2+24(0(*(& $G(5+0+!"%& $+5%$(& (& B%& (*+#%4+& 0($$G%00+& 89:;& $%& 2+!!%& '"&
:89& !"$"+0"& '"& 0)+3"& /"0%01"%!(04"& %& !('"+& <& $)0#+& 4(*!"0(=& 6)*& "0& )0& 5+04(24+& !%5*+& ]& (5+0+!"5+& !+$4+&
2/%3+*(3+$(A&
-$&3%$+*(&'(#$"&"!6"(#B"&%$&;:&'"5(!F*(&89:;&5+!6*(0'(&%05B(&)0&/"0%01"%!(04+&'"&:^=9&!"$"+0"&(*+#%4+&'%$$%&
E%05%& %$$%& 2+5"(4H& 6)FF$"5%& T%4*"!+0"+& '($& g*(04"0+& %44*%3(*2+& )0G+6(*%1"+0(& 0%4%& 0($& 89:8& (& 5++*'"0%4%& %&
$"3($$+&'"&[*)66+&-04(2%&Q%06%+$+&(&5B(&2"&J&5+05*(4"11%4%&%$$G(6+5%&5+0&$%&2+44+25*"1"+0(&'%&6%*4(&'($$%&E%05%&
'"& F+0'& 2(!(24*%$"& 6(*& 89=9& !"$"+0"& (!(22"& '%& 4%$(& 2+5"(4H& 5+0& 25%'(01%& 8\A;A89:;& ('& "25*"44"& 0($$%& 3+5(&
.L*('"4"&*%66*(2(04%4"&'%&4"4+$"7&'($&6*+26(44+&2+6*%&*"6+*4%4+=&"0&?)%04+&5+$$(#%4"&%'&)0%&+6(*%1"+0(&5*('"4"1"%&
'($$%& 2+5"(4H& '($& [*)66+& .E%05%& -04(2%& -0/*%24*)44)*(& (& Q3"$)66+& E--Q,7A& W& 4%$(& 25%'(01%& $%& E%05%& B%&
6*+33(')4+& %& *"%5?)"24%*(& :^=9& !"$"+0"& 0+!"0%$"& '($$+& 24(22+& 4"6+& '"& 4"4+$"& 5+0& 25%'(01%& 8CA9;A89:@=& 5B(&
*"2)$4%0+&"0'"5%4"&0($&6*+26(44+&2+6*%&*"6+*4%4+A&
K%&5"4%4%&*"')1"+0(&'"&;\C=:&!"$"+0"&*"26(44+&%$&;:A:8A89:8&*"#)%*'%&4)44(&$(&/+*!(&4(50"5B(&(&2"&J&'"24*"F)"4%&
(?)%!(04(&"0&3%$+*(&%22+$)4+&0($$(&%04"5"6%1"+0"&(&/"0%01"%!(04"& <&:@>=9&!"$"+0"=&<8>=9`,=&0("&5+04"&5+**(04"&
<:;;=@& !"$"+0"=& <& 89=;`,& (& 0("& !)4)"& 5B(& B%00+& *(#"24*%4+& )0%& *"')1"+0(& 6"e& $"!"4%4%& <& :9C=P& !"$"+0"=& <&
\=:`,A&-0"0/$)(04(&J&$%&'"!"0)1"+0(&'"&<&:=9&!"$"+0"& <&>=9`,&0("&5*('"4"&*%66*(2(04%4"&'%&4"4+$"A&&&
I(&J&'(*"3%4%&6(*4%04+&)0%&5+!6+2"1"+0(&4*%&$(&6*('(44(&/+*!(&4(50"5B(&'("&5*('"4"&5+!6$(22"3"& 2"%&F+0"2&5B(&
'(4(*"+*%4",=&5B(&%&/"0(&'"5(!F*(&89:;&B%&/%44+&*(#"24*%*(&)0&%)!(04+&'($$G"05"'(01%&'("&!)4)"&5B(&6%22%&%$&
>>=@`&*"26(44+&%$&>:=;`&'($&;:A:8A89:8=&)0%&'"!"0)1"+0(&'($&6(2+&'("&5+04"&5+**(04"& 8;=^`&%$&;:A:8A89:;&
*"26(44+&%$&8>=@`&'($&;:A:8A89:8,&(&%05B(&'($$(&%04"5"6%1"+0"&(&%$4*"&/"0%01"%!(04"& :^=\`&*"26(44+&%&88=>`&
'($&;:A:8A89:8,=&!(04*(&*"!%0(&6*%4"5%!(04(&"0%$4(*%4+&%$$+&9=^`&"$&6(2+&'("&5*('"4"&*%66*(2(04%4"&'%&4"4+$"A&&
-$& 6*+26(44+& 2+6*%& *"6+*4%4+& "0'"5%& 5B(& %$$%& /"0(& '"& (04*%!F"& #$"& %00"& 6+24"& %& *%//*+04+=& $G"04(*+& !+04(& 5*('"4"&
'($$%& E%05%& J& *%66*(2(04%4+& '%& +6(*%1"+0"& 4"6"5%!(04(& 5+!!(*5"%$"=& 5+02"'(*%4+& 5B(& %05B(& $G"!6+*4+& '($$%&
3+5(&.5*('"4"&*%66*(2(04%4"&'%&4"4+$"7&*"#)%*'%&)0%&4"6"5%&+6(*%1"+0(&'"&/"0%01"%!(04+&5*('"4"1"+A&
&
&
7;&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
D*%'("(&/%*-!&0$(%+"%$#^&_.#$("K&'%$&0*%'("!&
!"#$"%$"%&'"&()*+,
=!0(
<8\86\6;8<
I-1!-(,(!+%
$!*'#
<8\86\6;86
A%""()(0S%& I-1!-(,(!+%
+%""#
'(&/#$!*%&
0!:1$%--(/%
9+0('%+,#
E
B*#'!&'(&
0!1%*".*#
E
I-1!-(,(!+%
$!*'#
A%""()(0S%& I-1!-(,(!+%
+%""#
'(&/#$!*%&
0!:1$%--(/%
9+0('%+,#
E
=#*(#,(!+%&
B*#'!&'(& I-1!-(,(!+%&
+%""#
0!1%*".*#
E
Q+//(*(01(
8@\A8:9
:8PA@99
:8:A\:9
>=P
>9=^
:\CA>99
^@A:C@
^;A;8P
;=P
>9=8
-05%#$"
:@8A\^C
;9A@P>
::8A@;8
>=:
8:=;
::CA9C\
:;A^PC
:9;A:::
@=9
::=^
^A;8:
:8A:CP
8A::C
:9A9>^
9=>
:C=@
:8A8@\
\@;
::A@9>
9=@
P=^
]:A;@P
L*('"4"&*"24*)44)*%4"
L*('"4"&25%')4"V25+0/"0%04"
8\A@\@
89AP\:
8A:PP
:\A>:>
9=\
:9=>
8^A>98
8A^;;
8PA>P^
:=9
^=^
]\A9>@
W 44"3 "4H&'(4(*"+*%4(
@8;A^P@
:P:A:@\
8P8A\:P
:8=9
;\=9
;@PA;8\
:::A^:C
8;@A@::
^=9
;8=;
8\A@9>
M"0%01"%!(04"&"0&F+0"2
:A^8>A>P@
:PAPP^
:A^9\A\^>
\C=:
9=^
8A;@9A9:^
:PAPP8
8A;8;A;>C
^9=8
9=C
]@:@A@P8
:^A999
]
:^A999
9=^
89A999
]
89A999
9=\
6?<5G?76G
8FF?G8F
6?84;?F88
8;;H;
6?F;5?<3F
86G?7F4
6?7FF?F5G
8;;H;
L*('"4"&"0&F+0"2&*%66*(2(04%4"&
'%&4"4+$"
D*%'("(&/%*-!&0$(%+"%$#
FH7
]:A999
3HG
2<GF?;7F
&
D($%4"3%!(04(&%$$%&5+!6+2"1"+0(&?)%$"4%4"3%&'($&5*('"4+&(*+#%4+&(26+24%&0($&6*+26(44+&2+6*%&"0'"5%4+=&2"&0+4%&
5B(&$%&'"!"0)1"+0(&"0&3%$+*(&%22+$)4+&'("&5*('"4"&%&5$"(04($%&J&'+3)4%&"04(*%!(04(&%"&5*('"4"&"0&F+0"2=&<&@:>=>&
!"$"+0"&*"26(44+&%$&;:A:8A89:8=&!(04*(&"$&3+$)!(&'("&5*('"4"&'(4(*"+*%4"&J&%)!(04%4+&'"&_&8\=@&!"$"+0"&6%*"&%'&
)0&_&:8=:`&2(!6*(&*"26(44+&%$&;:A:8A89:8A&
-& 3%$+*"& %22+$)4"& '($$(& ')(& !%22(& 5B(& /+*!%0+& $G"02"(!(& '("& 5*('"4"& %$& ;:& '"5(!F*(& 89:;& 6(*4%04+& 2+0+& "&
2(#)(04"c&
− 6(*&"&5*('"4"&"0&F+0"2=&:A^8C=^&!"$"+0"&*"26(44+&%"&8A;@;=@&!"$"+0"&'"&/"0(&%00+&89:8Z&
− 6(*&"&5*('"4"&'(4(*"+*%4"=&8P8=\&!"$"+0"&*"26(44+&%"&8;@=@&!"$"+0"&'"&/"0(&%00+&89:8A&
&
-&6*('(44"&3%$+*"&2+0+&5+02"'(*%4"&%$&0(44+&'("&*($%4"3"&/+0'"&5B(&*(44"/"5%0+&$(&(26+2"1"+0"&$+*'(&'("&5*('"4"&24(22"A&
W0%$"11%0'+&"0&6%*4"5+$%*(&"$&5+!6%*4+&'("&5*('"4"&'(4(*"+*%4"=&2"&25+*#(&5B(&$%&$+*+&"05"'(01%&2)$&5+!6$(22+&'("&
5*('"4"&%&5$"(04($%&%$&;:&'"5(!F*(&89:;&J&%)!(04%4%&%$&:8=9`&*"26(44+&%$&^=9`&'"&/"0(&%00+&89:8=&"0&?)%04+&
$%&$+*+&(26+2"1"+0(&0(44%&J&)$4(*"+*!(04(&"05*(!(04%4%&0($&5+*2+&'($&89:;&(&%$&4(!6+&24(22+&"$&!+04(&5*('"4"&
5+!6$(22"3+&0($$+&24(22+&%00+=&5+!(&%66(0%&3"24+=&J&'"!"0)"4+A&
-$& '(44%#$"+& '($$(& 2"0#+$(& 3+5"& (3"'(01"%& )0%& *"$(3%04(& 5*(25"4%& '("& 5*('"4"& '(4(*"+*%4"& %$& $+*'+& '("& /+0'"&
*(44"/"5%4"3"&*"26(44+&%&/"0(&89:8& &_&CC=P&!"$"+0",=&5B(&2"&J&5+05(04*%4%&"0&6%*4"5+$%*(&2)$$(&.2+//(*(01(7& _&P9=C&
!"$"+0",=&!%& %05B(&2)"&5*('"4"&"05%#$"%4"& _& 8>=\&!"$"+0"&*"26(44+& %$&;:A:8A89:8,& !(04*(&6(*&"&3+$)!"& $+*'"&'("&
5*('"4"& 6%24& ')(& 2"& J& *(#"24*%4%& )0%& /$(22"+0(& '"& <& \=\& *"26(44+& $"3($$+& '"& /"0(& %00+& 89:8& (& ?)($$"& '("& 5*('"4"&
*"24*)44)*%4"&2"&2+0+&!%04(0)4"&%$$+&24(22+&$"3($$+&'"&:8=8&!"$"+0"&'($&;:A:8A89:8A&
g%$"&5*(25"4(&'($$(&(26+2"1"+0"&$+*'(=&B%00+&'(4(*!"0%4+&0($&5+*2+&'($&89:;&)0&/+*4(&%)!(04+=&6%*"&%&_&@^=8&
!"$"+0"& 6(*& "& 5+**"26+0'(04"& /+0'"& *(44"/"5%4"3"=& %$$G)+6+& %55%04+0%4"=& 2)''"3"2+& 0($& 2(#)(04(& !+'+Z& 6(*& $(&
2+//(*(01(=&_&;8=8&!"$"+0"&'"&%)!(04+&'("&/+0'"=&6(*&#$"&"05%#$"=&_&:P=>&!"$"+0"&'"&"05*(!(04+&'("&/+0'"=&6(*&"&
5*('"4"&*"24*)44)*%4"=&_&:=;&!"$"+0"&'"&5*(25"4%&'("&/+0'"&('&"0/"0(&6(*&"&5*('"4"&6%24&')(=&)0%&'"!"0)1"+0(&'"&/+0'"&
6%*"&%&<&9=\&!"$"+0"A&
I(&J&'(*"3%4+&6(*5"o&)0&!"#$"+*%!(04+&'($&#*%'+&'"&5+6(*4)*%&'("&5*('"4"&'(4(*"+*%4"&2"%&0($&$+*+&"02"(!(=&5B(&J&
$"(3"4%4+&%$&;:&'"5(!F*(&89:;&%$&;\=9`&*"26(44+&%$&;8=;`&'($&;:&'"5(!F*(&89:8=&2"%&'"&+#0)0%&'($$(&2"0#+$(&
5$%22"&'"&5*('"4"&')FF"A&
L"o&#*%1"(&0+0&2+$+&%$&!%##"+*&#*%'+&'"&5+6(*4)*%&'($$(&2+//(*(01(=&6%22%4+&%$&>9=^`&'"&/"0(&'"5(!F*(&89:;&
'%$& >9=8`& '($& ;:A:8A89:8=& !%& 2+6*%44)44+& %& ?)($$+& '(#$"& "05%#$"=& 5*(25")4+& '%$$G::=^`& '($& ;:A:8A89:8& %$&
8:=;`& '($& ;:& '"5(!F*(& 89:;=& (& "0& 6%*4(& %& ?)($$+& '("& 5*('"4"& *"24*)44)*%4"& '%& P=^`& %$& :C=@`& '"& /"0(& %00+&
89:;,Z&%05B(&"$&#*%'+&'"&5+6(*4)*%&6(*&"&5*('"4"&6%24&')(&J&%)!(04%4+&%$&:9=>`&*"26(44+&%$&^=^`&'"&/"0(&89:8A&&
-0& 4(*!"0"& '"& 3%$+*"& 0(44"=& $G%)!(04+& '($$(& 2+//(*(01(& J& 24%4+& '"& 8\=>& !"$"+0"& :8:=\& !"$"+0"& %$& ;:A:8A89:;&
*"26(44+&%&^;=;&'"&/"0(&89:8,&('&J&'"6(2+&'%&)0&$%4+&'%$$G"05*(!(04+&'"&P9=C&!"$"+0"&'("&5*('"4"&$+*'"&*(#"24*%4+&
0($& 89:;& "0& 2(#)"4+& (22(01"%$!(04(& %$& 4*%2/(*"!(04+& '"& >C=@& !"$"+0"& *"/(*"4"& %& 6+2"1"+0"& 6*"!%& 5$%22"/"5%4(& %'&
"05%#$"&(&'%$$G%$4*+&$%4+&%$$G%)!(04+&'"&;8=8&!"$"+0"&0("&/+0'"&*(44"/"5%4"3"A&&
T(*& (//(44+& '"& ?)(24+& 23"$)66+& '($$(& 2+//(*(01%& 0(44(=& !%& %05B(& "0& 2(#)"4+& %$$%& '"!"0)1"+0(& '("& 5*('"4"&
5+!6$(22"3"&%&5$"(04($%=&$%&6(*5(04)%$(&'"&"05"'(01%&'("&5*('"4"&%&2+//(*(01%&%&/"0(&%00+&89:;&J&%)!(04%4%&%$&
>=P`=&*"26(44+&%$&;=P`&'($&;:A:8A89:8A&
W05B(&$h(26+2"1"+0(& 0(44%& '(#$"& "05%#$"& J&5*(25")4%&"0&!%0"(*%&*"$(3%04(=&2(66)*&6"e& $"!"4%4%&'($$(&2+//(*(01(=&
6(*&)0&"!6+*4+&'"&^=;&!"$"+0"&6%22%0'+&'%"&:9;=:&!"$"+0"&'($&89:8&%"&::8=@&!"$"+0"&'"&/"0(&'"5(!F*(&89:;=&"0&
&
78&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
2(#)"4+& %$$G"05*(!(04+& '"& _& 8>=\& !"$"+0"& *"26(44+& %$& ;:A:8A89:8& '("& 5*('"4"& $+*'"=& '+3)4+& %$& 4*%2/(*"!(04+& '"&
P9=;&!"$"+0"&'"&5*('"4"&"0&6*(5('(01%&5$%22"/"5%4"&"0&F+0"2&(&'"&>:=8&!"$"+0"&'"&5*('"4"&6*"!%&5+!6*(2"&/*%&"&6%24&
')(=& (& %$$%& '"!"0)1"+0(& '("& 3+$)!"& '+3)4%& %$& 5"4%4+& 4*%2/(*"!(04+& '"& >C=@& !"$"+0"& '%& "05%#$"& %& 2+//(*(01(=& '"&
8>=8&!"$"+0"&'%&"05%#$"&%&F+0"2&(&'"&:9=P&!"$"+0"&'"&"05%22"Z&%&5"o&2"&J&%22+5"%4+&)0&"05*(!(04+&'"&:P=>&!"$"+0"&
'("&/+0'"&*(44"/"5%4"3"A&
W05B(&0($&5%2+&'(#$"&"05%#$"&$G"0'"5(&'"&*"25B"+2"4H=&!"2)*%4+&'%$$G"05"'(01%&2)$&!+04(&5*('"4"=&J&6(##"+*%4+&'%$&
@=9`& '"& /"0(& '"5(!F*(& 89:8& %$& >=:`& '($& ;:& '"5(!F*(& 89:;& 6(*& $(& 24(22(& *%#"+0"& (26+24(& 6(*& "& 5*('"4"& "0&
2+//(*(01%A&
-$&3%$+*(&0(44+&'("&5*('"4"&*"24*)44)*%4"&%$&;:A:8A89:;&J&6%*"&%&:9=:&!"$"+0"=&5+0&)0%&'"!"0)1"+0(&'"&<&:=;&!"$"+0"&
*"26(44+& %#$"& ::=@& !"$"+0"& '($& ;:A:8A89:8& 5B(& '"6(0'(& (25$)2"3%!(04(& '%$$G%)!(04+& '("& /+0'"& *(44"/"5%4"3"&
(2(#)"4+&2)$$(&6+5B(&6+2"1"+0"&#"H&(2"24(04"&%$&;:A:8A89:8&(&"$&5)"&3%$+*(&$+*'+&%&/"0(&89:;&J&*"!%24+&"03%*"%4+&
*"26(44+&%$$G%00+&6*(5('(04(A&K%&$+*+&"05"'(01%&2)$&!+04(&5*('"4"&5+!6$(22"3+&%$&;:A:8A89:;&*(24%&24%F"$(&%$$+&
9=>`A&&
-$& 3%$+*(& 0(44+& '("& 5*('"4"& 6%24& <& ')(& %$& ;:A:8A89:;& J& 6%*"& %& :\=>& !"$"+0"=& "0& '"!"0)1"+0(& '"& <& \=:& !"$"+0"&
*"26(44+&%"&8P=P&!"$"+0"&'($&;:A:8A89:8A&L"o&J&'"6(2+&'%$$%&0(44%&*"')1"+0(&'"&\=\&!"$"+0"&'("&3+$)!"&'("&5*('"4"&
$+*'"&%$$%&?)%$(&*"2)$4%&5+$$(#%4%&)0%&'"!"0)1"+0(&'"&2+$"&9=\&!"$"+0"&0("&*"26(44"3"&/+0'"&*(44"/"5%4"3"A&
K%&/$(22"+0(&'("&5*('"4"&$+*'"&J&'+3)4%&'%&)0&$%4+&%&@=^&!"$"+0"&'"&5*('"4"&4*%2/(*"4"&%&2+//(*(01(=&%&>:=8&!"$"+0"&'"&
5*('"4"&4*%2/(*"4"&%&"05%#$"=&%&88=;&!"$"+0"&'"&5*('"4"&*"(04*%4"&"0&F+0"2&(&%&>=8&!"$"+0"&'"&5*('"4"&"05%22%4"=&5)"&2"&J&
5+04*%66+24+&)0&"0#*(22+&'"&P>=C&!"$"+0"&'"&5*('"4"&"0&6*(5('(01%&"0&F+0"2A&&
K%&$+*+&"05"'(01%&2)$&!+04(&5*('"4"&5+!6$(22"3+&%$&;:A:8A89:;&/$(44(&$(##(*!(04(&%$$+&9=\`&*"26(44+&%$$G:=9`&
'($&;:A:8A89:8A&&
K%& /$(22"+0(& '"& @:>=>& !"$"+0"& *(#"24*%4%& %$& ;:& '"5(!F*(& 89:;& *"26(44+& %$& ;:& '"5(!F*(& 89:8& 0($& 3+$)!(&
6)04)%$(&'("&5*('"4"&"0&F+0"2&3(*2+&5$"(04($%&6(*&5%22%&J&'+3)4%&"04(*%!(04(&%$&5%$+&'("&5*('"4"&$+*'"=&"0&?)%04+&
$G(04"4H&'($&/+0'+&5+$$(44"3+&%&*(44"/"5%&'(#$"&24(22"&5*('"4"&6(*&5%22%& 5A'A&#(0(*"5%,&J&*"!%24%&/(*!%&%$&3%$+*(&'"&
:P=C&!"$"+0"&5B(&%3(3%&%$&;:A:8A89:8=&6)*&%&/*+04(&'"&)0&3+$)!(&'"&5*('"4"&$+*'"&'(5"2%!(04(&"0/(*"+*(&*"26(44+&
%&4%$(&'%4%A&
L"o&B%&6(*4%04+&6*+'+44+&)0&!"#$"+*%!(04+&'($&#*%'+&'"&5+6(*4)*%&'("&5*('"4"&"0&F+0"2&5B(&2"&J&%44(24%4+&%&/"0(&
%00+&89:;&%$$+&9=\P`&*"26(44+&%$$+&9=C:`&'($&;:A:8A89:8A&KG"05"'(01%&'("&5*('"4"&"0&F+0"2&2)$&!+04(&5*('"4"&
5+!6$(22"3+&J&6%*"&%$$G\\=9`&%&/"0(&%00+&89:;&*"26(44+&%$&^:=9`&'($&;:&'"5(!F*(&89:8A&
&
A#00!$"#&'(*%""#&
!"#$"%$"%&'"&()*+,
&&&&&&/#*(#,(!+(
]&
:CA8^\
:=@
]:CA8^\ &
L(*4"/"5%4"&'"&'(6+2"4+
C^\
9=:
:A;9P
9=:
]>9\
];\=^
T%22"3"4H&2)F+*'"0%4(
@9A::^
;=;
@9A:>P
;=8
];C
]9=:
W$4*%&*%55+$4%
:>A9@@
:=8
8@A>@C
8=9
]^A>9;
];\=C
8?6;5?6F5 8;;H;
8?63G?F87
8;;H;
236?3<4
2<H3
A#00!$"#&'(*%""#&'#&0$(%+"%$#
:A89PA8CP
]
;:V:8V:;
kFF$"#%1"+0"
:A:^:A88^
]C9 &
;9V^V:;
]&
:A8P>A:;^
C9
;9VPV:;
]&
:A8@^A;CP
]
;:V;V:;
^;=;
:A8@\AC:>
:A:P>A;;\
;:V:8V:8
]:=;
^>=@
:A:;CA\8>
]:>A98;
:A:>9A;:>
k6(*%1"+0"&6*+04"&5V&4(*!"0(&(&
6*(24"4+&4"4+$"
I/!$.,(!+%&"*(:%-"*#$%&A#00!$"#&'(*%""#
;9V^V:8
E
:A:C8A9PP
#--!$."%
;9VPV:8
<8\86\6;86
(+0('%+,#
E
:A8;8A^:>
L+04"&5+**(04"&(&'(6+2"4"
<8\86\6;8<
(+0('%+,#
E
;:V;V:8
=!0(
89:;
89:8
&
K%&*%55+$4%&'"*(44%&'%&5$"(04($%=&'(44%#$"%4%&0($&6*(5('(04(&6*+26(44+=&J&6%*"&%&:A89P=;&!"$"+0"=&"0&/$(22"+0(&'"&<
@8=@& !"$"+0"& <& ;=@`,& *"26(44+& %"& :A8@\=C& !"$"+0"& '($& ;:A:8A89:8& !%& "0& 5*(25"4%& '"& :>=9& !"$"+0"& _& :=;`,&
*"26(44+&%$&3%$+*(&'($&;9A^A89:;A&&
W0%$"11%0'+& $(& 2"0#+$(& 5+!6+0(04"& '($$G%##*(#%4+& (26+24(& 0($& 6*+26(44+=& 2"& 25+*#(& 5B(& $%& *"')1"+0(&
5+!6$(22"3%& '"6(0'(& 2"%& '%$$G(24"01"+0(& 0($& 89:;& '"& %$5)0(& 3+5"& '"& *%55+$4%=& ?)%$"& $(& .+FF$"#%1"+0"7& <& :C=;&
!"$"+0",& 5B(& %$& ;:A:8A89:8& (*%0+& %05+*%& 6*(2(04"& 2"%& '%$& 5%$+& '($$(& %$4*(& 5+!6+0(04"=& 5B(& 6)o& *"4(0(*2"&
/"2"+$+#"5+&'+6+&$%&5*(25"4%&"0"04(**+44%&%33(0)4%&'%$&;9A^A89:8&%$&;9APA89:;A&
M*%& 4%$"& ($(!(04"& %66(0%& 5"4%4"=& 3%& 2(#0%$%4%& %66)04+& $%& '"!"0)1"+0(& '("& .5+04"& 5+**(04"& (& '(6+2"4"7& $%& 5A'A&
*%55+$4%& '"*(44%& %& F*(3(& 4(*!"0(,& '"!"0)"4%& '"& :>=9& !"$"+0"& <& :=;`,& *"26(44+& %$$%& /"0(& '($& 89:8& !(04*(&
%)!(04%&'($$G:=9`&0($&5+0/*+04+&4*"!(24*%$(&5+0&"&'%4"&%$&;9A^A89:;A&dG&'%&2(#0%$%*(&4)44%3"%&5B(&"$&5"4%4+&5%$+&
&
76&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
'("& .5+04"& 5+**(04"& (& '(6+2"4"7& 0+0& J& "!6)4%F"$(& %$$%& *(5(04(& 0)+3%& 4"6+$+#"%& '"& *%55+$4%& %& F*(3(& 4(*!"0(&
'(0+!"0%4%& .E)+0"& '"& *"26%*!"+7=& & "$& 5)"& 3+$)!(& J& %)!(04%4+=& 2(66)*& '"& 6+5+=& '%& :;C=C& !"$"+0"& '"& /"0(&
'"5(!F*(& 89:8& %& :;\=8& !"$"+0"& '($& ;:A:8A89:;=& !%& %$$(& %$4*(& 5+!6+0(04"& 6"e& 4*%'"1"+0%$"& '("& 5+04"& 5+**(04"&
)4"$"11%4"&'%$$%&5$"(04($%&6(*&(2"#(01(&'"&$"?)"'"4H&5+**(04(A&
-$& F)+0& 3+$)!(& '"& *%55+$4%& '"*(44%& (26*(22+& '%"& E)+0"& '"& D"26%*!"+& 5+04"0)%& %& *%66*(2(04%*(& "0& ?)(24+&
!+!(04+& )0& "'+0(+& ('& (//"5%5(& 24*)!(04+& 6(*& 5+02(04"*(& %$$%& E%05%& '"& 5+04*%24%*(& $%& *"')1"+0(& '"& ?)(24+&
%##*(#%4+& $(#%4%& 2"%& %$$%& 5*"2"& (5+0+!"5%& "0& %44+& 2"%& %$$%& 4+4%$(& (& 5+!6$(4%4%& (24"01"+0(& '($$%& 5+!6+0(04(&
+FF$"#%1"+0%*"%& (& '%& !+$4+& 4(!6+& 0+0& 6"e& 2+24"4)"4%& '%& 0)+3(& (!"22"+0"A& g%$(& /%44+& n& 3"2"F"$(& %05B(& 0($&
6*+26(44+&2+6*%&*"6+*4%4+&0($&?)%$(&$%&3+5(&.+FF$"#%1"+0"7&%$&;:A:8A89:;&B%&)0&3%$+*(&6%*"&%&1(*+=&*"26(44+&%$&
3%$+*(& '"& :C=;& !"$"+0"& 6*(2(04(& %$& ;:A:8A89:8A& Q"& *"5+*'%& 5+!)0?)(& 5B(& $%& *(4(& '"& 3(0'"4%& '($$%& E%05%&
5+04"0)%& %& 5+$$+5%*(& $(& +FF$"#%1"+0"& (!(22(& 2)& 5%*4%& '($$%& L%6+#*)66+& (& '"& %$4*(& 2+5"(4H& '($& [*)66+& -04(2%&
Q%06%+$+&5B(&4*+3%0+&*"25+04*+&0($$%&*%55+$4%&"0'"*(44%&'"&EgE=&5+!(&2)55(22"3%!(04(&5+!!(04%4+A&
W05B(& $(& %$4*(&3+5"&'($$%&*%55+$4%& 6*+04"&5+04*+&4(*!"0(=&5(*4"/"5%4"&'"& '(6+2"4+=&6%22"3"4H&2)F+*'"0%4(&(& %$4*%&
*%55+$4%,&5B(&0($&$+*+&"02"(!(&%!!+04%0+&%&/"0(&%00+&89:;&%&>P=9&*"26(44+&%"&PP=:&!"$"+0"&'($&;:&'"5(!F*(&
89:8=&6*(2(04%0+&)0%&/$(22"+0(&5+!6$(22"3%&'"&<&:9=:&!"$"+0"A&
&
A#00!$"#&(+'(*%""#&
@=>
88APCC
;@=:
:\=;
@:AC>@
:>=P
D"26%*!"+&#(24 "4 +
C;>A8:9
>:=C
>\^A9>>
@9=;
:@PA:>>
8@=\
D%55+$4 %&%!!"0"24 *%4 %
P\\A9;8
@\=;
\C;A:98
>^=C
:A@8;A8@8
:99=9
:A@P8A:>C
:99=9
L$"(04($%&"24"4)1"+0%$(&]&*%55+$4%&%!!"0"24*%4%
L$"(04($%&"24"4)1"+0%$(&]&*%55+$4%&#(24"4%
A#00!$"#&(+'(*%""#&(+0$.-#&0$(%+"%$#&
(-"(".,(!+#$%
] :\>A9C9 ] 8:=8
] ;\A^:>
] 8=C
:A@\8A>98
:A;89AP@C
:P:A\>>
:8=;
8\A:>\
8@A8@>
;A^:;
:P=:
6?4<<?4;6
6?G;F?;34
865?G7<
3H7
;:V:8V:;
D%55+$4 %&"0'"*(4 4 %&(25$)2%&5$"(04 ($%&
"24 "4 )1"+0%$(
8A^;;A^98
PPA@9\
8PCA\;>
8A\C9AP9@
P=;
8:=\
;9V^V:;
\^A9\>
;9^A>\^
D"2(*3(&4(50"5B(&(&6%22"3"4H&/"0%01"%*"(&3"4%
8A\8CA8;@
@>=>
;9VPV:;
:AC9\
8A\9@AC@P
9=;
;:V;V:;
;AC>@
;:=^
8A\9CA9@^
9=@
\9A9:P
;:V:8V:8
>A@P8
:C=8
I/!$.,(!+%&"*(:%-"*#$%&A#00!$"#&(+'(*%""#
;A98^A^P:
8>:A9>\
E
;9V^V:8
8;=;
#--!$."%
8A^PCA9:@
[(24"+0"&6%4*"!+0"%$"
;;:A9C@
!"#$"%$"%&'"&()*+,
&&&&&&/#*(#,(!+(
;9VPV:8
M+0'"&6(02"+0(&%6(*4"&(&6+$"11(&"0'"3"')%$"&
6(02"+0"24"5B(
<8\86\6;86
(+0('%+,#
E
;A:;@A\;P
M+0'"&5+!)0"&'"&"03(24"!(04+&
<8\86\6;8<
(+0('%+,#
E
;:V;V:8
=!0(
89:;
89:8
&
&
-$& 3+$)!(& '($$%& *%55+$4%& "0'"*(44%& %$& ;:A:8A89:;& "05*(!(04%& '"& :8P=^& !"$"+0"& _& @=>`,& "$& '%4+& '"& /"0(& %00+&
89:8=&6+*4%0'+&$%&5"/*%&5+!6$(22"3%&%&8A^;;=^&!"$"+0"=&2)6(*"+*(&%$&3%$+*(&'"&8A\9C=9&!"$"+0"&'($&;:A:8A89:8c&
$G%0%$"2"&'($$G%##*(#%4+&'"!+24*%&5B(&5"o&J&'"6(2+&'%&)0&0(44+&"05*(!(04+&'($$%&*%55+$4%&#(24"4%&2"%&"0&4(*!"0"&
%22+$)4"&5B(&6(*5(04)%$"&(&'%&)0%&$(##(*%&'"!"0)1"+0(&6(*5(04)%$(&'"&?)($$%&%!!"0"24*%4%A&&
K%&.*%55+$4%&#(24"4%7&%$&;:&'"5(!F*(&89:;&J&"0/%44"&6%*"&%&CP;=@&!"$"+0"=&"0&5*(25"4%&'"&:>9=:&!"$"+0"& _&8@=>`,&
*"26(44+& %"& P:;=;& !"$"+0"& '($& ;:A:8A89:8=& (& %05B(& "$& *%//*+04+& 2)& F%2(& 4*"!(24*%$(& 5+0& "& 3%$+*"& '($& ;9A^A89:;&
!+24*%&)0&6+2"4"3+&4*(0'&'"&5*(25"4%& _&;@=@&!"$"+0"=&6%*"&%'&)0&_&@=C`,A&g%$(&%)!(04+&*"#)%*'%&26(5"%$!(04(&
$%&5+!6+0(04(&'"&5$"(04($%&4*%'"1"+0%$(=&5B(&"0/%44"&2"&J&(26%02%&'($&8@=\`Z&%$4*+&%26(44+&6+2"4"3+&5+02"24(&0($&
/%44+&5B(&$G"05*(!(04+&'(*"3%&?)%2"&"04(*%!(04(=&6(*&"$&8:=^`=&'%$$%&3%*"%1"+0(&6+2"4"3%&'($$%&*%55+$4%&0(44%&(&
2+$+&"0&!"0"!%&6%*4(=&"$&*(24%04(&8=^`=&'%$&5A'A&(//(44+&6(*/+*!%05(=&'+3)4+&%$$%&3%$+*"11%1"+0(&'($$(&#"%5(01(&
%$&3%$+*(&'"&!(*5%4+A&
Q"&*"5+*'%&5B(&$%&*%55+$4%&#(24"4%&n&5+!6*(02"3%&%05B(&'($&3%$+*(&'("&5+04*%44"&'"&[TX&(&[TM&5(')4"&%05+*%&0($&
899\&%&d)*"1+0&L%6"4%$&6(*&"&?)%$"&$%&E%05%&5+04"0)%&%&23+$#(*(&$h%44"3"4H&'"&5+$$+5%!(04+A&
-0& 2(#)"4+& %"& 3%$+*"& 2+6*%& *"6+*4%4"=& $G"05"'(01%& '($$%& 5+!6+0(04(& #(24"4%& 5+!6*(2%& $%& 5$"(04($%& "24"4)1"+0%$(,&
2)$$G"02"(!(&'($$%&*%55+$4%&"0'"*(44%=&J&!"#$"+*%4%&'%$&8:=\`&'"&/"0(&89:8&%$&8P=9`&'($&;:&'"5(!F*(&89:;&(&5"o&
B%& 6*+'+44+& "& 2)+"& 6+2"4"3"& (//(44"& (5+0+!"5"& 0($$G%!F"4+& 5+!!"22"+0%$(& '($& 5+04+& (5+0+!"5+& 89:;& "0&
6*(5('(01%&5+!!(04%4+A&
K%& .*%55+$4%& %!!"0"24*%4%7& /$(44(& "03(5(& '"& 8;=8& !"$"+0"=& 6%*"& %'& )0& <& :=:`=& 4+55%0'+& $%& 5"/*%& '"& 8A:C9=>&
!"$"+0"& *"26(44+& %"& 8A:^;=C& '"& /"0(& %00+& 89:8A& b%$& 6*+26(44+& 6*(5('(04(& 2"& *"5%3%& "0+$4*(& 5B(& ?)(24%&
'"!"0)1"+0(& '($$%& 5+!6+0(04(& %!!"0"24*%4%& B%& *"#)%*'%4+& "04(*%!(04(& $%& 5$"(04($%& 4*%'"1"+0%$(& $%& 5)"&
&
7<&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
/$(22"+0(& '"& :\>=:& !"$"+0"& J& 24%4%& "0& 6%*4(& 5+!6(02%4%& '%$$G%)!(04+& '"& :P:=^& !"$"+0"& '($$%& 5+!6+0(04(&
5$"(04($%&"24"4)1"+0%$(A&&
K%& .*%55+$4%& %!!"0"24*%4%7& 5+!6*(0'(& %05B(& C\=\& !"$"+0"& '"& +FF$"#%1"+0"& (!(22(& '%& 2+5"(4H& '($& [*)66+& (&
5+$$+5%4(& '%$$%& E%05%& 0($& 89:;=& 5"/*%& 5B(& *%66*(2(04%& )0& 3+$)!(& '"& 5+$$+5%!(04"& "0& 5%$+& '"& ;:=:& !"$"+0"&
*"26(44+&%"&:9^=^&!"$"+0"&*%##")04"&0($&89:8&('&"0#$+F%&0($&2)+&%!!+04%*(&5+!6$(22"3+&%05B(&$G(//(44+&'($$%&
3%$+*"11%1"+0(&%$&3%$+*(&'"&!(*5%4+&'($$(&!%22(&'($$%&*%55+$4%&"0'"*(44%&"0&(22(*(&%$&;:&'"5(!F*(&89:;A&
&
N""(/("K&)(+#+,(#*(%&'%$$#&0$(%+"%$#&
=!0(
<8\86\6;8<
/#$!*%& (+0('%+,#&E
#--!$."!
D%55 +$4 %&'"*(4 4 %
:A89PA8CP
D"26%*!"+&#(24"4+
!"#$"%"%&'"&()*+,
/#*(#,(!+(
<8\86\6;86
/#$!*%& (+0('%+,#&E
#--!$."!
8^=:
:A8@\AC:>
#--!$."%
E
;9=\
] @8A@;^&
] ;=@
CP;A;P\
:\=@
P:;A;99
:>=:
:>9A9P\
8@=>
D%55+$4%&%!!"0"24*%4%
8A:C9A>;@
>8=@
8A:^;AC@^
>@=:
]8;A8:>&
]:=:
D%55 +$4 %&"0'"*(4 4 %
8A^;;A^98
C9=^
8A\9CA9@^
P^=8
3?83;?8FG
8;;H;
3?;77?F53
8;;H;
N""(/("K&)(+#+,(#*(%&'%$$#&0$(%+"%$#
:8PA\>;
@=>
G3?383
6H8
&
&
K(& %44"3"4H& /"0%01"%*"(& '($$%& 5$"(04($%& 2+0+& 5+24"4)"4(& '%$$%& 2+!!%& '($$%& *%55+$4%& '"*(44%& (& '"& ?)($$%& "0'"*(44%=&
?)(24G)$4"!%&5+!6*(02"3%&%05B(&'($$%&*%55+$4%&'%&5$"(04($%&"24"4)1"+0%$(A&
K(& 3%*"%1"+0"& *(#"24*%4(& %$& ;:A:8A89:;& '%$$%& *%55+$4%& '"*(44%=& 5%$%4%& '"& @8=@& !"$"+0"& <& ;=@`,=& (& '%$$%& *%55+$4%&
"0'"*(44%=&23"$)66%4%2"&"03(5(&'"&:8P=^&!"$"+0"& _&@=>`,=&B%00+&'(4(*!"0%4+&6(*&?)(24+&%##*(#%4+& 5A'A&!%22%&
%!!"0"24*%4%,&)0&3+$)!(&5+!6$(22"3+&'"&@A:@9=8&!"$"+0"&%$&;:A:8A89:;&5B(&!"#$"+*%&'"&\@=@&!"$"+0"& _&8=:`,&
?)($$+&'"&@A9>>=\&!"$"+0"&'($&;:A:8A89:8A&
&
N""(/("K&%&1#--(/("K&)(+#+,(#*(%&'(&+%L!,(#,(!+%&+%""%&
=!0(
<8\86\6;8<
!"#$"%$"%&'"&()*+,
&&&&&&/#*(#,(!+(
<8\86\6;86
(+0('%+,#
E
(+0('%+,#
E
#--!$."%
E
kFF$"#%1"+0"&(&%$4*"&4"4+$"&'"&'(F"4+
]
]
8\:
:=P
g"4+$"&'"&5%6"4%$(&(&?)+4(&k-LD
:
]
]
]
:
]
W$4*(&%44"3"4H&'"&0(#+1"%1"+0(
]
]
]
]
]
]
:8A;8\
:99=9
:CAPP@
^\=@
]>A;;P
];9=8
g +4 %$(&%4 4 "3 "4 H &/ "0%01 "%*"(&'"&0(#+1 "%1 "+0(
:8A;8^
:99=9
:CA^@>
:99=9
] >AP:P
] ;:=;
b(*"3 %4"&'"&0(#+1"%1"+0(&]&T%22"3 "4H
]:8A;^\
:99=9
]:CA\P>
:99=9
]>A@PC
];9=P
]
]
]
]
]
]
] :8A;^\
:99=9
] :CA\P>
:99=9
] >A@PC
] ;9=P
b(*"3 %4"&'"&0(#+1"%1"+0(&]&W44"3"4H
W$4*(&6%22"3 "4H&'"&0(#+1"%1"+0(&0(44(
g +4 %$(&6%22"3 "4 H &/ "0%01 "%*"(&'"&0(#+1"%1 "+0(
]8\: &
Y#--(/("K&)(+#+,(#*(%&'(&+%L!,(#,(!+%&+%""%
254
G;
2834 &
g "4 +$"&'"&5 %6"4 %$(&] &3 %$)4 %4 "&%$&/ %"*&3 %$)(&] &LM Y
8P
:^
C
;P=\
N""(/("K&)(+#+,(#*(%&/#$."#"%&#$&)#(*&/#$.%
65
84
F
<5HG
&
&
-$&2%$'+&/*%&%44"3"4H&(&6%22"3"4H&/"0%01"%*"(&'"&0(#+1"%1"+0(&%$$%&'%4%&'($&;:&'"5(!F*(&89:;&*"2)$4%&0(#%4"3+&6(*&
5"*5%& <& 9=:& !"$"+0"& & <& P^& !"#$"%"%,=& "0& 6(##"+*%!(04+& '"& 5"*5%& 9=8& !"$"+0"& *"26(44+& %$& 3%$+*(& 6+2"4"3+& '"& _9=:&
!"$"+0"& _& \9& !"#$"%"%,& '($& ;:& '"5(!F*(& 89:8A& -$& 6*+26(44+& 2+6*%& *"6+*4%4+& (26+0(& $%& 5+!6+2"1"+0(&
'($$h%##*(#%4+&5B(&%&/"0(&%00+&89:;&J&5+24"4)"4+&2+$%!(04(&'%$&3%$+*(&0(44+&0(#%4"3+&'("&5+04*%44"&'(*"3%4"&'"&
0(#+1"%1"+0(=&6%*"&%&<&9=:&!"$"+0"=&!(04*(&%$&;:&'"5(!F*(&89:8&5+04(0(3%&%05B(&9=;&!"$"+0"&'"&+FF$"#%1"+0"&(&
%$4*"& 4"4+$"& '"& '(F"4+& 0+0& 6"e& 6*(2(04"& %$& ;:A:8A89:;& "0& ?)%04+& #")04"& %& 25%'(01%& '"& *"!F+*2+& 0($& 5+*2+& '($&
89:;Z&?)(24G)$4"!%&J&$%&*%#"+0(&6*"05"6%$(&'($$%&'"!"0)1"+0(&'($$%&5+!6$(22"3%&'($$%&3+5(&24(22%A&
K%&3%*"%1"+0(&0(#%4"3%&0(44%&'"&<&9=:&!"$"+0"=&4*%&'(*"3%4"&'"&0(#+1"%1"+0(&%44"3"& :8=;&!"$"+0"&'"&()*+,&(&6%22"3"&
<:8=@&!"$"+0"&'"&()*+,&%$&;:&'"5(!F*(&89:;&J&'+3)4%&%"&2(#)(04"&(//(44"&6%4*"!+0"%$"&5+04*%66+24"c&
&
73&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
− )0+& 5+0& "!6%44+& 0(#%4"3+& 2)$& 3%$+*(& '($$%& 3+5(& "0& ?)(24"+0(=& '+3)4+& %$& LDW& L*('"4& D"2m& W'j)24!(04,&
%55%04+0%4+&6(*&9=@&!"$"+0"&2)$$(&6+2"1"+0"&%44"3(&6(*&$%&E%05%&"0&'(*"3%4"&'"&"04(*!('"%1"+0(&6%*(##"%4%&5+0&
6+2"1"+0"&5$"(04($%&2"%&"0&F+0"2&5B(&'(4(*"+*%4(&(&5B(&%$&;:A:8A89:8&%!!+04%3%&%&9=P&!"$"+0"Z&
− )0&%$4*+&'"&2(#0+&6+2"4"3+&2)$$%&3+5(&24(22%=&6(*&(//(44+&'($$%&6+2"1"+0(&"0&'(*"3%4"&'"&4*%'"0#&6%*"&%&_&9=;&
!"$"+0"&#(0(*%4%2"&%&2(#)"4+&'($$%&!%0+3*%&'"&2!+04%##"+&'($$(&+6(*%1"+0"&'"&5+6(*4)*%&'($$(&6+24(&%&3"24%=&
"$$)24*%4%&0($$G%!F"4+&'($&5+!!(04+&'("&*"2)$4%4"&(5+0+!"5"A&
&
W05B(& %$& ;:& '"5(!F*(& 89:8& $%& '"//(*(01%& 4*%& '(*"3%4"& '"& 0(#+1"%1"+0(& %44"3"& :C=P& !"$"+0",& (& 6%22"3"& <& :C=\&
!"$"+0",&(*%&0(#%4"3%&6(*&<&9=8&!"$"+0"A&
&
N""(/("K&)(+#+,(#*(%&/#$."#"%&#$&)#(*&/#$.%&
&
I($$%&3+5(&.;9&]&W44"3"4H&/"0%01"%*"(&3%$)4%4(&%$&M%"*&3%$)(7&'($$G%44"3+&'($$+&24%4+&6%4*"!+0"%$(&J&"0'"5%4+&%05B(&
$G"!6+*4+&'"&()*+&8P&!"#$"%"%&*"/(*"4+&%$&M%"*&3%$)(&'($$(&%1"+0"&'($$%&L%6+#*)66+&%5?)"24%4(&'%$$%&E%05%&%05+*%&
0($&5+*2+&'($&!(2(&'"&#")#0+&89:8&"0&%44)%1"+0(&'($&6"%0+&'"&"05(04"3%1"+0(&*($%4"3+&%"&p(q&X%0%#(*2A&
I($& 5+*2+& '"& !(2(& '"& !%##"+& 89:8=& 5+04(24)%$!(04(& %$$G%22)01"+0(& '($$%& '($"F(*%& %22(!F$(%*(& %$$G%5?)"24+&
'($$(& %1"+0"& '%& '(24"0%*(& %$& 6"%0+& '"& "05(04"3%1"+0(& '("& m(q& !%0%#(*2=& 2"& (*%& 6*+33(')4+& %& *"5$%22"/"5%*(& #$"&
"!6+*4"=& %$$G)+6+& %55%04+0%4"& 0($& F"$%05"+& 89::=& '%"& /+0'"& 6(*& "$& 6(*2+0%$(& M+0'"& D"25B"& ('& k0(*",& %"& '(F"4"&
3(*2+&"$&6(*2+0%$(& W$4*(&T%22"3"4H,A&
I($&!(2(&'"&#")#0+&89:8&$%&E%05%&B%&6*+33(')4+&%$$G%5?)"24+&'($$(&%1"+0"&'($$%&L%6+#*)66+=&6(*&)0&3%$+*(&'"&
:@&!"$%&()*+=&('&%$$%&*($%4"3%&"25*"1"+0(&/*%&$(&%44"3"4H&/"0%01"%*"(&'(2"#0%4(&%$&/%"*&3%$)(& 24*)!(04"&"0&/%"*&3%$)(&
+64"+0,=& 0($$G%66+2"4%& 3+5(& '($$+& 24%4+& 6%4*"!+0"%$(=& %05B(& *"5$%22"/"5%4+=& 5B(& %$$%& '%4%& '($& ;:A:8A89:;& J&
3%$+*"11%4%&6(*&8P&!"$%&()*+A&
L+(*(04(!(04(& %$$%& 3%$)4%1"+0(& '($$(& %1"+0"& %$& ;:& '"5(!F*(& 89:;=& 5B(& B%& 6*+'+44+& )0& (//(44+& 6+2"4"3+& '"& C&
!"#$"%"%& '"& ()*+& "25*"44+& 0($$%& 3+5(& ::9& '($& 5+04+& (5+0+!"5+=& 2"& J& 6*+33(')4+& %& *"3%$)4%*(& "$& '(F"4+& 3(*2+& "&
'"6(0'(04"& 5+0& 5+04*+6%*4"4%& .26(2(& 6(*& "$& 6(*2+0%$(7=& %$$%& 3+5(& .5+!6+0(04"& 3%*"%F"$"7A& g%$(& "!6+24%1"+0(&
5+04%F"$(& 6(*!(44(& '"& !%04(0(*(& "25*"44+& "$& '(F"4+& 3(*2+& '"6(0'(04"& %'& )0& 3%$+*(& 2(!6*(& %$$"0(%4+& %& ?)($$+&
'($$(&%1"+0"&'(24"0%4(&%$&6"%0+&(&'"&26(2%*(&%&5+04+&(5+0+!"5+&$(&*($%4"3(&+25"$$%1"+0"&'"&3%$+*(&6(*&5+!6(4(01%&
4*%&#$"&.+0(*"&6(*&5+!6+0(04(&3%*"%F"$(7&'($$(&26(2(&6(*&"$&6(*2+0%$(A&
KG(//(44+& (5+0+!"5+& '($$G%'(#)%!(04+& '($& M%"*& Y%$)(& '($& '(F"4+& J& 24%4+& 0(#%4"3+& 6(*& C& !"#$"%"%& ()*+& ('& J&
24%4+& *"$(3%4+& 0($& 5+04+& (5+0+!"5+& 89:;=& %$$G"04(*0+& '($$%& 3+5(& rGQ6(2(& 6(*& "$& 6(*2+0%$(7A& g%$(& +0(*(& *"2)$4%&
5+04*+F"$%05"%4+& '%$$%& *"$(3%1"+0(& '"& )0%& *"3%$)4%1"+0(& '"& %0%$+#+& "!6+*4+& 0($$%& 3+5(& 7::9& ]& D"2)$4%4+& 0(44+&
'($$(& %44"3"4H& (& 6%22"3"4H& /"0%01"%*"(& 3%$)4%4(& %$& /%"*& 3%$)(7& '($$+& 25B(!%& )//"5"%$(& '"& 5+04+& (5+0+!"5+& 3+5(&
.D"2)$4%4+&'($$G%44"3"4H&'"&0(#+1"%1"+0(7&'($$+&25B(!%&'"&5+04+&(5+0+!"5+&*"5$%22"/"5%4+,A&
D"5+*'"%!+& 5B(& 4%$(& +6(*%1"+0(& '"& %5?)"24+& '"& %1"+0"& +*'"0%*"(& '($$%& 5+04*+$$%04(& %3(3%& %& 2)+& 4(!6+&
5+!6+*4%4+&$G"25*"1"+0(&0($&6%22"3+&'($$+&24%4+&6%4*"!+0"%$(&89:8=&0($$G%!F"4+&'($$%&3+5(&.:P9&<&D"2(*3(7=&'"&
)0%& 26(5"/"5%& .D"2(*3%& "0'"26+0"F"$(& %1"+0"& 5+04*+$$%04(& "0& 6+*4%/+#$"+& %& 2(*3"1"+& '($& T"%0+& '"& "05(04"3%1"+0(&
89:87=& 5+24"4)"4%& !('"%04(& $%& '"!"0)1"+0(& 6(*& 6%*"& "!6+*4+& '($$%& .D"2(*3%& 24*%+*'"0%*"%7=& %05BG(22%&
*%55+*'%4%& %$$G"04(*0+& '($$%& 3+5(& .:P9& <& D"2(*3(7& 0($& F"$%05"+A& I($$+& 24%4+& 6%4*"!+0"%$(& '($& F"$%05"+& %$&
;:A:8A89:;&$G"!6+*4+&'($$%&6*('(44%&D"2(*3%&"0'"26+0"F"$(&J&6%*"&%'&()*+&8P&!"$%A&
&
N""(/("K&)(+#+,(#*(%&'(-1!+(R($(&1%*&$#&/%+'("#&
=!0(
<8\86\6;8<
(+0('%+,#
E
<8\86\6;86
(+0('%+,#
E
!"#$"%$"%&'"&()*+,
&&&&&&/#*(#,(!+(
#--!$."%
E
kFF$"#%1"+0"&(&%$4*"&4"4+$"&'"&'(F"4+
::A;:8
@P=\
:;A>>C
>:=9
]8A8@>
]:P=P
g"4+$"&'"&5%6"4%$(&(&?)+4(&'"&kA-ALADA
:8A\@@
>;=8
:;A9;;
@^=9
]:\^
]:=>
]
]
]
]
]
]&
63?875
8;;H;
65?74;
8;;H;
26?3<3
24H6
M"0%01"%!(04"
N""(/("K&)(+#+,(#*(%&'(-1!+(R($(&1%*&$#&/%+'("#
&
K(& %44"3"4H& /"0%01"%*"(& '"26+0"F"$"& 6(*& $%& 3(0'"4%=& 5+24"4)"4(& 6(*& $%& E%05%& '%& 4"4+$"& '"& '(F"4+& (& '%& "03(24"!(04"&
%1"+0%*"& 6%*4(5"6%4"3"=& %!!+04%0+& %$& ;:& '"5(!F*(& 89:;& %& 8@=8& !"$"+0"& 5+0& )0%& *"')1"+0(& '"& 8=@& !"$"+0"&
*"26(44+&%$&3%$+*(&'"&8P=P&'"&/"0(&%00+&89:8=&'+3)4%&"0&6*"!+&$)+#+&%$$%&'"!"0)1"+0(&'"&8=8&!"$"+0"&*(#"24*%4%&
0($$%& 3+5(& .kFF$"#%1"+0"& (& %$4*"& 4"4+$"& '"& '(F"4+7& (& 2(5+0'%*"%!(04(& %$$%& /$(22"+0(& '"& 9=8& !"$"+0"& '($$%& 3+5(&
.g"4+$"&'"&5%6"4%$(&(&?)+4(&'"&k-LD7A&
&
77&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
D($%4"3%!(04(&%$$%&6*"!%&'"&4%$"&6+24(=&2"&*"$(3%&5B(&$%&5+04*%1"+0(&'"&8=8&!"$"+0"&'(*"3%&'%$$G%5?)"24+&0($&!(2(&
'"& $)#$"+& 89:;& '"& 0+!"0%$"& P& !"$"+0"& '"& ()*+& '"& LLg& +$4*(& %$& '($4%& *%4("& "04(*(22"& "0& 5+*2+& '"& !%4)*%1"+0(& (&
%$$G%'(#)%!(04+& '"& 3%$+*(& %$& /%"*& 3%$)(& '($& 4"4+$+,& 6+24"& %& 5%)1"+0(& '($$G(!"22"+0(& '"& %22(#0"& 5"*5+$%*"=& "0&
2+24"4)1"+0(&'"&0+!"0%$"&\&!"$"+0"&'"&%0%$+#B"&4"4+$"&LLg&#")04"&%&25%'(01%&0($$+&24(22+&!(2(A&
-03(5(& $%& *"')1"+0(& '"& 9=8& !"$"+0"& 0($$%& 3+5(& .g"4+$"& '"& 5%6"4%$(& (& ?)+4(& k-LD7=& 2"& *"/(*"25(& %$$(& 3%*"%1"+0"&
*(#"24*%4(&0($&89:;&0($&3%$+*(&'"&"25*"1"+0(&"0&F"$%05"+&'($$%&E%05%&6(*&"&2(#)(04"&M+0'"&'"&-03(24"!(04+c&&
− M+0'+& L$(2"+c& )0& %)!(04+& '"& 9=@& !"$"+0"=& '+3)4+& %$$%& *"3%$)4%1"+0(& '($$(& ?)+4(& '(4(0)4(& ('& "25*"44%& %'&
"05*(!(04+&'($$(&*"2(*3(&6%4*"!+0"%$"&'"&3%$)4%1"+0(Z&
− M+0'+& T*+#*(22"+& -03(24"!(04"& -c& )0%& '"!"0)1"+0(& '"& :=:& !"$"+0"=& /*)44+& '"& )0& *"!F+*2+& '"& :=>& !"$"+0"& '"&
?)+4(& '"& 4%$(& M+0'+& '%& )0& $%4+& (& '"& )0%& *"3%$)4%1"+0(& '"& 9=@& !"$"+0"& '($$(& ?)+4(& '(4(0)4(& ('& "25*"44%& %'&
"05*(!(04+&'($$(&*"2(*3(&6%4*"!+0"%$"&'"&3%$)4%1"+0(&'%$$G%$4*+Z&&&
− M+0'+&T*+#*(22"+&-03(24"!(04"&--c&)0&%)!(04+&'"&9=>&!"$"+0"=&*"2)$4%4+&'"&)0&3(*2%!(04+&'"&9=C&!"$"+0"&6(*&
*"5B"%!"& '"& ?)+4(=& '"& )0& *"!F+*2+& '"& ?)+4(& 6%*"& %& & 9=:& !"$"+0"& ('& "0/"0(& '"& )0& ."!6%"*!(047& '"& 5"*5%& 9=:&
!"$"+0"&"25*"44+&%&5+04+&(5+0+!"5+&89:;&6(*&4%$(&M+0'+A&
&
Q"& *"5+*'%=& "0/"0(=& 5B(& %05+*%& %& !%*1+& 89:;& 2+0+& 25%')4"& "& 0+!"0%$"& 89& !"$"+0"& '"& ()*+& '"& F+0'& 2(!(24*%$"&
T%4*"!+0"+&'($&g*(04"0+&(&"25*"44"&5+!(&5*('"4"&3(*2+&5$"(04($%&"0&?)%04+&5+$$(#%4"&%'&)0%&+6(*%1"+0(&5*('"4"1"%&
'"& E--QA& K%& E%05%& B%& 6*+33(')4+& %'& %5?)"24%*(& 0+!"0%$"& :^& !"$"+0"& '"& F+0'& %00)%$"& T%4*"!+0"+& '($& g*(04"0+&
5+0&25%'(01%&8CA9;A89:@=&"25*"44"&2(!6*(&5+!(&5*('"4"&3(*2+&5$"(04($%A&
&
Y#*"%0(1#,(!+(&
(migliaia di euro)
=!0(
<8\86\6;8<
T%*4(5"6%1"+0"&'"&5+$$(#%!(04+&(&'"&5+04*+$$+&5+0#")04+
W$4*(&6%*4(5"6%1"+0"
!"#$%&1#*"%0(1#,(!+(
<8\86\6;86
&/#*(#,(!+(
#--!$."%
E
]@C=8
;\
C8
];@
]
]
]
<G
F6
2<3
23FH6
Kr"!6+*4+& '"& ;\& !"#$"%"%& (3"'(01"%4+& 6(*& ?)(24%& 3+5(& %$& ;:A:8A89:;=& 2"& *"/(*"25(& %$$(& 6%*4(5"6%1"+0"& '(4(0)4(&
0($$(& 4*(& 2(#)(04"& 2+5"(4H& 5+02+5"%4(c& -04(2%& Q%06%+$+& [*+)6& Q(*3"5(& QA5A6A%A=& -0/+#*+)6& QA5A6A%A& (& -04(2%&
Q%06%+$+&M+*!%1"+0(&QA5A6A%AA&KG"!6+*4+&89:;&J&"0&/$(22"+0(&'"&;@&!"#$"%"%&*"26(44+&%$&6*(5('(04(&%00+&89:8&
"0&2(#)"4+&%$$%&*"5$%22"/"5%=&"0&%66$"5%1"+0(&'($$G-MDQ&>&'%&6%*4(5"6%1"+0(&%'&%44"3"4H&"0&3"%&'"&'"2!"22"+0(=&'($$(&
?)+4(& '(4(0)4(& '%$$%& E%05%& 0($$%& 2+5"(4H& QA-AWA& Q6%=& $%& 5)"& 5(22"+0(& 2%*H& 6(*/(1"+0%4%& 2+$+& 0($& 5+*2+& '($&
2)55(22"3+&(2(*5"1"+&89:@AA&
&
Y!-(,(!+%&(+"%*R#+0#*(#&+%""#&
=!0(
L*('"4"&3 (*2+&F%05B(
k6(*%1"+0"&6*+04"&5+04*+&4(*!"0(&%44"3 "
L*('"4 "&3 (*2+&F%05 B(&%$&0(4 4 +&TLg &%4 4 "3 "
]&&'"&5)"&'(6A3"05A6(*&*"2(*3%&+FF$"#%4+*"%
b(F"4 "&3 (*2+&F%05 B(
Y!-(,(!+%&(+"%*R#+0#*(#&+%""#
<8\86\6;8<
/#$!*%& (+0('%+,#&E
#--!$."!
<8\86\6;86
/#$!*%& (+0('%+,#&E
#--!$."!
P8AC@9
C=9
^9A:\\
]&
]&
C9
P8AC@9
C=9
^9A::\
:8A@@P
:=@
^P;AC8:
4;;?4G8
C=@
!"#$"%"%&'"&()*+,
/#*(#,(!+(
#--!$."%
E
]8CA@@\
];9=@
]C9
&
C=@
] 8CA;C\
] ;9=@
:8A:^9
:=9
8>P
8=:
:9C=9
:A;98A^9C
:9C=@
] ;;^A:\P
] 8P=9
8;;H;
8?686?FG4
8;;H;
2<88?G;G
267HF
&
K%&*%55+$4%&"04(*F%05%*"%&0(44%&%&'(F"4+&'($$%&E%05%&%$&;:&'"5(!F*(&89:;&2"&%44(24%&%&^9:=9&!"$"+0"=&"0&5%$+&'"&
;::=\& !"$"+0"& <& 8>=C`,& *"26(44+& %$& 3%$+*(& '"& :A8:8=\& !"$"+0"& '($& ;:& '"5(!F*(& 89:8=& 5+0& )0& !"0+*&
"0'(F"4%!(04+& "04(*F%05%*"+& 6*+3(0"(04(& (& '"*(44%!(04(& 5+**($%4+& 5+!(& %!!+04%*(& %$$%& '"!"0)1"+0(&
5+!6$(22"3%& *(#"24*%4%& 0($& 6(*"+'+& '%"& 5*('"4"& %& 5$"(04($%& /"0%01"%4"& 5+0& ?)(24+& 4"6+& '"& 6*+33"24%& (& 2+6*%&
5+!!(04%4"& <& ;\C=:& !"$"+0",A& Kh"!6+*4+& J& 6*(22+5Bn& "04(*%!(04(& *"/(*"4+& %$$%& L%6+#*)66+& -04(2%& Q%06%+$+=&
%44*%3(*2+&$%&?)%$(&$%&E%05%&(2(#)(&$%&?)%2"&4+4%$"4H&'($$%&*%55+$4%&"04(*F%05%*"%A&&
&
75&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
9$&1#"*(:!+(!&+%""!&
!"#$"%"%&'"&()*+,
O8P
Y#"*(:!+(!&+%""!&#$&<8&'(0%:R*%&6;86&
b(5 *(!(04 "
85<?84;
9
&]&b"3"'(0'"
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&L%6"4%$(&2+5"%$(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&W1"+0"&6*+6*"(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&$(#%$(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&2+3 *%66*(11"&(!"22"+0(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&24*%+*'"0%*"%
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&'"26+0"F"$(&6(*&%5?)"24+&%1"+0"&6*+6*"(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 (&'%&3%$)4%1"+0(& _V],
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&W$4*(&*"2(*3 (
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
]&W22(#0%1"+0(&)4"$(&0(44+&%&D"2(*3 %&$(#%$(&(&24*%+*'"0%*"%
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
]&W22(#0%1"+0(&)4"$(&0(44+&%&/A'+&(*+#%1"+0"&+6(*(&2+5"%$"&(&5)$4)*%$"
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
-05*(!(04 "
] :>A8C>
&]&L%6"4%$(&2+5"%$(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&W1"+0"&6*+6*"(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&$(#%$(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&2+3 *%66*(11"&(!"22"+0(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&24*%+*'"0%*"%
8
&]&D"2(*3 %&"0'"26+0"F"$(&6(*&%5?)"24+&%1"+0"&6*+6*"(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 %&'"26+0"F"$(&6(*&%5?)"24+&%1"+0"&6*+6*"(
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 (&S0'(*&L+!!+0&L+04*+$&'%&D"+*'"0+&g(**"4+*"%$(&EgE&
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&D"2(*3 (&'%&3%$)4%1"+0(& _V],
&]&W$4*(&*"2(*3 (
8A^\^
&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&&]
&]&S4"$(&0(44+& 6(*'"4%,&'($$h(2(*5"1"+
]:\A8PP
Y#"*(:!+(!&+%""!&#$&<8&'(0%:R*%&6;8<
83F?487
(1) I valo ri al 31/12/2012 acco lgo no gli effetti dell’ ado zio ne del principio co ntabile IA S 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite attuariali
relativi ai fo ndi a prestazio ne definita, co me meglio precisato nella Sezio ne 1delle P o litiche Co ntabili.
&
-$&6%4*"!+0"+&0(44+&'($$%& E%05%& J&/+*!%4+&'%$&5%6"4%$(&2+5"%$(=&'%"& 2+3*%66*(11"&'"&(!"22"+0(=&'%$$(&*"2(*3(&'"&
)4"$"=&'%$&*"2)$4%4+&0(44+&(&"0/"0(&'%$$(&*"2(*3(&5A'A&'%&3%$)4%1"+0(A&
T(*& (//(44+& '($$%& *"'(4(*!"0%1"+0(& '($$+& 24%4+& 6%4*"!+0"%$(& %$& ;:A:8A89:8=& "$$)24*%4%& %$$G"0"1"+& '($& 6*(2(04(&
5%6"4+$+& W##*(#%4"& 6%4*"!+0"%$"& (& 5+02(#)(04(& %$$(& !+'"/"5B(& "04*+'+44(& '%$& :R& #(00%"+& 89:;& '%$$G%'+1"+0(&
'($&6*"05"6"+&5+04%F"$(&-WQ&:^&.*(3"2('7&*($%4"3+&%$&5*"4(*"+&'"&*"$(3%1"+0(&'(#$"&)4"$"&(&6(*'"4(&%44)%*"%$"&*"/(*"4+&%"&
/+0'"&%&6*(24%1"+0(&'(/"0"4%=&"$&6%4*"!+0"+&0(44+&/"0%$(&%$&;:A:8A89:8=&6%*"&%&:P@A@\P&!"#$"%"%&'"&()*+=&3"(0(&
'"!"0)"4+&'"&:A8^P&!"#$"%"%&'"&()*+&(&6(*4%04+&"$&2)+&3%$+*(&"0"1"%$(&%$&:R&#(00%"+&89:;&%!!+04%&%&:P;A:^9&
!"#$"%"%& '"& ()*+A& -$& 6*('(44+& "!6+*4+& '"& :A8^P& !"#$"%"%& '"& ()*+& 5+**"26+0'(& %$$%& 2+!!%& '($$(& 3+5"& .6(*'"4(&
%44)%*"%$"&]&gMD7&(&.6(*'"4(&%44)%*"%$"&/+0'"&6*(3"'(01%&%&6*(24%1"+0(&'(/"0"4%7=&"0'"5%4(&0($$%&2)55(22"3%&4%F($$%&
.D"2(*3(&'%&3%$)4%1"+0(7&*"26(44"3%!(04(&6(*&<:A9\@&!"#$"%"%&'"&()*+&(&6(*&<8:8&!"#$"%"%&'"&()*+=&%$&0(44+&'("&
*($%4"3"&(//(44"&/"25%$"A&&&&
W&/"0(&'"5(!F*(&89:;=&"$&6%4*"!+0"+&0(44+&%!!+04%&%&:@C=^&!"$"+0"=&"0&5%$+&'"&:>=;&!"$"+0"&*"26(44+&%$&$"3($$+&
'"&:P;=8&!"$"+0"&'"&/"0(&89:8=&5+!(&2+6*%&*"'(4(*!"0%4+&('&(26+24+&0($&6*+26(44+=&'%$&?)%$(&2"&*"5%3%&5B(&$%&
/$(22"+0(&'"6(0'(&'%"&2(#)(04"&')(&(3(04"&%55%')4"&0($&5+*2+&'($&89:;c&
− $%&6(*'"4%&0(44%&'"&:\=;&!"$"+0"&*"$(3%4%&0($&5+04+&(5+0+!"5+&89:;Z&
− $G&"05*(!(04+&'"&;=9&!"$"+0"&*(#"24*%4+&0($$(&a*"2(*3(&'%&3%$)4%1"+0(&'"&%44"3"4H&/"0%01"%*"(a&5+!(&*"2)$4%&'%$$%&
4%F($$%&2+44+&*"6+*4%4%&5B(&0(&(26+0(&$%&!+3"!(04%1"+0(&%33(0)4%&0($&5+*2+&'($&89:;A&
&
&
7F&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
A(-%*/%&'#&/#$."#,(!+%&
=!0(
A(-%*/#
<8\86\6;86
=#*(#,(!+%
'%$&
!"#$"%$"%&'"&()*+,
A(-%*/#
<8\86\6;8<
1%*(!'!
W44"3 "4H&/"0%01"%*"(&'"26+0"F"$"&6(*&$%&3 (0'"4%
(+0('%+,#&E
>;9
^9>
:A@;>
]@9=@
L+6(*4)*%&'("&/$)22"&/"0%01"%*"
]>A^C\
8A:8:
];A\>C
:9\=P
S4"$"V6(*'"4(&%44)%*"%$"&]&gM D& :,
]:A9\@
];:
]:A::>
;:=@
]8:8
]P
]8:\
P=:
89@
]
89@
]>=C
]
]
]
]&
25?73;
6?4G4
2<?778
8;;H;
S4"$"V6(*'"4(&%44)%*"%$"&/+0'"&6*(3 "'(01%&%&6*(24%1"+0(&'(/"0"4%
K(##"&26(5"%$"&'"&*"3 %$)4%1"+0(
W$4*(
A(-%*/%&'#&/#$."#,(!+%
(1)
I valo ri so no stati rideterminati in seguito all’ ado zio ne del principio co ntabile IA S 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite
attuariali relativi ai fo ndi a prestazio ne definita, co me meglio precisato nella Sezio ne 1delle P o liche co ntabili.
&
Q(!6*(& 5+0& *"/(*"!(04+& %$$(& !+'"/"5B(& "04*+'+44(& '%$& :R& #(00%"+& 89:;& '%$$G%'+1"+0(& '($& 6*"05"6"+& 5+04%F"$(&
-WQ&:^& .*(3"2('7&6"e& 2+6*%& (26+24+=& "$&3%$+*(&5+!6$(22"3+&'($$(&*"2(*3(&'%&3%$)4%1"+0(&%$&;:A:8A89:8&J& 24%4+&
*"'(4(*!"0%4+&"0&<&PA>@9&!"#$"%"%&'"&()*+&*"26(44+&%&?)($$+&+*"#"0%*"+&'"&<&>A8@@&!"#$"%"%&'"&()*+A&&
I($$G(2(*5"1"+&89:;=&2"&J&*(#"24*%4+&)0&!"#$"+*%!(04+&'"&;=9&!"$"+0"&'($$(&.*"2(*3(&'%&3%$)4%1"+0(7=&6%22%4+&'%&
)0& 3%$+*(& 0(#%4"3+& '"& <& P=>& !"$"+0"& '($& ;:A:8A89:8& %'& )0& 3%$+*(& 0(#%4"3+& '"& <& ;=>& !"$"+0"& %$& ;:& '"5(!F*(&
89:;A&g%$(&(//(44+&6%4*"!+0"%$(&6+2"4"3+&J&'+3)4+&%"&2(#)(04"&(3(04"c&
− "00%01"4)44+&%$$%&3%*"%1"+0(&6+2"4"3%&'"& ./%"*&3%$)(7&6%*"&%&_&8=:&!"$"+0"&*(#"24*%4%&0($&89:;&'%$$(&.*"2(*3(&'"&
5+6(*4)*%&'("&/$)22"&/"0%01"%*"7=&"0&2(#)"4+&%$$%&3%*"%1"+0(&'"&6%*"&"!6+*4+&*"26(44+&%$&;:A:8A89:8&6*+'+44%&
'%$$%&*"2(*3%&6%4*"!+0"%$(&#(0(*%4%&'%$$(&5+6(*4)*(&'"&X%5*+&L%2B&M$+N&O('#(&6(*&$(&*%#"+0"&(26+24(&0($&
5+!!(04+&%$$%&3+5(&.D"2)$4%4+&%44"3"4H&'"&0(#+1"%1"+0(7&0($&5%6"4+$+&'("&.D"2)$4%4"&(5+0+!"5"7Z&
− "0&2(5+0'+&$)+#+&%$$%&3%*"%1"+0(&6+2"4"3%&'"&./%"*&3%$)(7&6%*"&%&9=^&!"$"+0"&'($$(&.*"2(*3(&'%&3%$)4%1"+0(&2)&
%44"3"4H&/"0%01"%*"(&'"26+0"F"$"&6(*&$%&3(0'"4%7&*"/(*"4%&%$$(&5"4%4(&*"3%$)4%1"+0"&%33(0)4(&0($&89:;&6(*&"$&M+0'+&
L$(2"+&(&"$&M+0'+&T*+#*(22"+&-=&%$$(&?)%$"&2"&%##")0#(&%05B(&)0%&*"3%$)4%1"+0(&'"&9=:&!"$"+0"&6(*&"&5"4%4"&4"4+$"&
+FF$"#%1"+0"&LLg&'"&6*+6*"(4H&'($$%&F%05%&(&6+24"&%&5%)1"+0(&'(#$"&%22(#0"&5"*5+$%*"A&&
&
X(/('%+'(&'(-"*(R.("(&
&
Q"& "0/+*!%& 5B(& 0($& 5+*2+& '($$G%00+& 89:;& 0+0& 2+0+& 24%4"& '"24*"F)"4"& '"3"'(0'"& %"& Q+5"=& 5+0& *"/(*"!(04+&
%$$G(2(*5"1"+&89:8=&2)$$(&0A&:8PACP9A^C9&%1"+0"&"0&5"*5+$%1"+0(A&
&
9$&1#"*(:!+(!&'(&/(L($#+,#&
!"#$"%"%&'"&()*+,
Y#"*(:!+(!&'(&/(L($#+,#
<8\86\6;8<
<8\86\6;86
%&0!%))(0(%+"(&'(&-!$/(R($("K
g + 4 %$(& T%4 *"!+ 0 "+ & ' "& F %2(& 4 "(*& : ,
g + 4 %$(& T%4 *"!+ 0 "+ & 2) 6 6 $(!(0 4 %*(& 4 "(*& 8 ,
T%4*"!+0"+&'"&;R&$"3 ($$+
:8>AP;\
:@:A9@P
@A;C^
^A9;:
&&&&&&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&&&&&&]
T%4 *"!+ 0 "+ & ' "& 3 "# "$%0 1 %
:;9A9:C
:>9A9CC
D"25B"&'"&5*('"4+&(&'"&5+04*+6%*4(
:A:P>APC^
:A@9\A@;P
D"25B"&'"&!(*5%4+&
D"25B"&+6(*%4"3 "
W$4*"&*(?)"2"4"&6*)'(01"%$"&
>P\
;A8\9
:@>A9@^
:P:A\;;
&&&&&&&&&&&&&&&&&&&&]
W44"3 "4H&'"&*"25B"+&6+0'(*%4(&%$&$+*'+&*"')1"+0(&8>`
D"')1"+0(&8>`&6(*&%66%*4(0(01%&%$&[*)66+
W 4 4 "3 "4 H & ' "& *"25 B "+ & 6 + 0 ' (*%4 (
d55('(01%&6%4*"!+0"%$(&*"26(44+&%$&!"0"!+&*"5B"(24+
&&&&&&&&&&&&&&&&&&&&]
:A;::A8^P
:A>C;A>@^
];8CA\8@
];^;A;\C
^\;A@C8
:A:\9A:P8
>:A;;^
>>APP@
&&&&&
L+(/ / "5 "(04 "& '"&2+ $3 "F"$"4 H &`
T%4*"!+0"+&'"&F%2(V&g+4%$(&%44"3 "4H&'"&*"25B"+&6+0'(*%4(& g"(*&:&L%6"4%$&D%4"+,
:8=CC
::=^>
T%4*"!+0"+&4+4%$(V&g+4%$(&%44"3 "4H&'"&*"25B"+&6+0'(*%4(& g+4%$&L%6"4%$&*%4"+,
:;=88
:8=C8
&&&&&
&
7G&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W##*(#%4"&6%4*"!+0"%$"
W$& ;:A:8A89:;& "$& 6%4*"!+0"+& '"& 3"#"$%01%& "0'"3"')%$(& '($$%& E%05%& %!!+04%& %& :;9=9& !"$"+0"& *"26(44+& %"& :>9=:&
!"$"+0"&'($&;:A:8A89:8=&5+0&)0%&/$(22"+0(&'"&89=:&!"$"+0"& <&:;=@`,&'+3)4%&%"&2(#)(04"&/%44+*"=&"&6*"!"&')(&'("&
?)%$"&5+0&"!6%44+&0(#%4"3+&2)$&6%4*"!+0"+c&
− $%&6(*'"4%&0(44%&'"&:\=;&!"$"+0"&*(#"24*%4%&0($$G(2(*5"1"+&89:;Z&
− $%&*"')1"+0(&'"&\=9&!"$"+0"&*(#"24*%4%&'%$$(&6%22"3"4H&2)F+*'"0%4(&5+!6)4%F"$"&0($&6%4*"!+0"+&'"&3"#"$%01%&6(*&
(//(44+& '($$%& 2(5+0'%& ?)+4%=& *"/(*"4%& %$$G%00+& 89:;=& '($$G%!!+*4%!(04+& ?)"0?)(00%$(& 24%F"$"4+& '%$$%&
0+*!%4"3%&'"&3"#"$%01%&6(*&4%$"&24*)!(04"&/"0%01"%*"Z&
− $%& '"!"0)1"+0(& '"& >=\& !"$"+0"& '($$G(55('(01%& '($$(& 6(*'"4(& %44(2(& *"26(44+& %$$(& *(44"/"5B(& '"& 3%$+*(&
5+!6$(22"3(& *"$(3%4%& %$& ;:A:8A89:;& *"26(44+& %& /"0(& 89:8& *($%4"3%!(04(& %$& 6+*4%/+#$"+& 5+*6+*%4(&
*(#+$%!(04%*(&(&!)4)"&*(4%"$Z&
− $G%)!(04+&'"&9=@&!"$"+0"&'($$(&*"2(*3(&'%&3%$)4%1"+0(&2)&.%44"3"4H&/"0%01"%*"(&'"26+0"F"$"&6(*&$%&3(0'"4%7A&
&
K(&%44"3"4H&'"&*"25B"+&6+0'(*%4(&%$&;:&'"5(!F*(&89:;&%!!+04%0+&%&^\;=>&!"$"+0"&(&*"')5+0+&'"&:^P=C&!"$"+0"&
<& :P=C`,& "$& 3%$+*(& '"& :A:\9=8& '($& ;:A:8A89:8=& "0& 5+**"26+0'(01%& '($$%& /$(22"+0(& '($& 3+$)!(& '("& 5*('"4"& %&
5$"(04($%&*(#"24*%4%&0($&89:;A&
b%$$%& 4%F($$%& 6*(5('(04(& 2"& "04)"25(& 5B(& $G"!6%44+& 0(#%4"3+& '($$%& '"!"0)1"+0(& '($& 6%4*"!+0"+& '"& 3"#"$%01%& J&
24%4+&%22+*F"4+&'%&?)($$+&6+2"4"3+&'($$%&*"')1"+0(&'($$(&%44"3"4H&'"&*"25B"+&6+0'(*%4(c&$G"02"(!(&'("&')(&(//(44"&B%&
6(*5"o&6*+'+44+&)0&!"#$"+*%!(04+&2"%&'($&5+(//"5"(04(&g"(*&:&L%6"4%$&*%4"+&6%22%4+&%$&:8=\`&*"26(44+&%$&:8=9`&
'($&;:&'"5(!F*(&89:8&2"%&'"&?)($$+&.g+4%$&L%6"4%$&*%4"+7&%)!(04%4+&%$&:;=8`&*"26(44+&%$&:8=C`&'"&/"0(&89:8A&
-$& 3%$+*(& %& /"0(& %00+& 89:;& '"& (04*%!F"& "& 5+(//"5"(04"& J& %!6"%!(04(& 2)6(*"+*(& %"& $"!"4"& *"5B"(24"& '%$$%& %44)%$(&
0+*!%4"3%&'"&3"#"$%01%A&
&
9$&*%+'(0!+"!&)(+#+,(#*(!&
&
-$& *(0'"5+04+& /"0%01"%*"+=& (26+24+& 4*%& "& 6*+26(44"& 5+04%F"$"& '"& F"$%05"+=& J& 24%4+& *('%44+& 2(#)(0'+& "$& .!(4+'+&
"0'"*(44+7A& W& /"0(& %00+& 89:;& $G%44"3"4H& %1"(0'%$(& B%& 5+!6$(22"3%!(04(& %22+*F"4+& 5"*5%& 9=8& !"$"+0"& '"& ()*+& '"&
$"?)"'"4H&0(44%&*"26(44+&%#$"&\=9&!"$"+0"&'"&()*+&#(0(*%4"&0($$G%00+&89:8A&L+!(&2"&6)o&*"$(3%*(&'%$$%&$(44)*%&'("&
'(44%#$"& *"6+*4%4"& 0($& 6*+26(44+& '($$%& 2(1"+0(& T*+26(44"& L+04%F"$"=& 4%$(& %0'%!(04+& '(*"3%& '%$$%& 5+!F"0%1"+0(&
'("&/%44+*"&'"&2(#)"4+&($(05%4"c&
− $G%44"3"4H&+6(*%4"3%&'($$G%00+&89:;&5B(&B%&#(0(*%4+&:=9&!"$"+0"&'"&()*+&'"&$"?)"'"4H=&2+6*%44)44+&6(*&(//(44+&
'($$%& 5+04*%1"+0(& '"& ;\P=^& !"$"+0"& '("& 5*('"4"& %& 5$"(04($%& %$& 0(44+& '($$(& *($%4"3(& *(44"/"5B(& '"& 3%$+*(=&
5+04*+F"$%05"%4%&'%$$(&'"!"0)1"+0"&'"&;;^=8&!"$"+0"&'("&'(F"4"&3(*2+&F%05B(&(&'"&@8=@&!"$"+0"&'($$%&*%55+$4%&
'"*(44%&'%&5$"(04($%& 2+!!%&'($$(&3+5"&.'(F"4"&3(*2+&5$"(04($%7&(&.4"4+$"&"0&5"*5+$%1"+0(7,Z&
− $G%44"3"4H&'G"03(24"!(04+&5B(&B%&%22+*F"4+&:=8&!"$"+0"&'"&()*+&"0&2(#)"4+&%$$G%5?)"2"1"+0(&'"&%44"3"4H&!%4(*"%$"Z&
− $G%44"3"4H&'"&6*+33"24%&5B(&0+0&B%&#(0(*%4+&0n&%22+*F"4+&$"?)"'"4H&0($&5+*2+&'($&89:;A&
&
74&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&T*"05"6%$"&*"25B"&('&"05(*4(11(&(&6*(2)66+24+&5+04"0)"4H&%1"(0'%$(
T*"05"6%$"& *"25B"& ('& "05(*4(11(& (& "$& 6*(2)66+24+&
'($$%&5+04"0)"4H&%1"(0'%$(&
&
Y*(+0(1#$(&*(-0S(&%'&(+0%*"%,,%&
&
K(& "0/+*!%1"+0"& 2)"& *"25B"& (& 2)$$(& "05(*4(11(& 5)"& $%& E%05%& J& (26+24%& 2+0+& '(44%#$"%4%!(04(& "$$)24*%4(& 0($$%&
6*(2(04(&D($%1"+0(&2)$$%&#(24"+0(&(&0($$%&I+4%&"04(#*%4"3%A&
&
T"e&"0&6%*4"5+$%*(=&"&*"25B"&5+00(22"&%$$G%0'%!(04+&'($$G(5+0+!"%&!+0'"%$(&(&'("&!(*5%4"&/"0%01"%*"&2+0+&(26+24"&
0($$%& 6%*4(& "04*+')44"3%& '($$%& D($%1"+0(& 2)$$%& #(24"+0(=& 0($& 5%6"4+$+& 2)$$+& 25(0%*"+& !%5*+(5+0+!"5+& (& 0($&
2)55(22"3+& 5%6"4+$+& 2)$$%& 6*(3('"F"$(& (3+$)1"+0(& '($$%& #(24"+0(A& I($$%& T%*4(& E& '($$%& I+4%& "04(#*%4"3%=& 0($&
6%*%#*%/+&*($%4"3+&%"&4(24&'"&"!6%"*!(04=&2+0+&"0'"5%4(&$(&%22)01"+0"&2)$$(&?)%$"&2+0+&F%2%4(&$(&3%$)4%1"+0"&(&$(&
6*(3"2"+0"&(//(44)%4(A&
&
K(& "0/+*!%1"+0"& 2)"& *"25B"& /"0%01"%*"& (& 2)"& *"25B"& +6(*%4"3"& 2+0+& '(44%#$"%4%!(04(& "$$)24*%4(& 0($$%& 6%*4(& d& '($$%&
I+4%&"04(#*%4"3%A&
&
9$&1*%-.11!-"!&'%$$#&0!+"(+.("K&#,(%+'#$%&
&
I($& '+5)!(04+& 5+0#")04+& (!(22+& '%& E%05%& 'G-4%$"%=& L+02+F& (& -23%6& "0& '%4%& PA8A899^=& 2+0+& /+*0"4(&
"0'"5%1"+0"&%&4)44(&$(&2+5"(4H&5"*5%&$G"02(*"!(04+&0("&F"$%05"&'G(2(*5"1"+&'"&)0%&26(5"/"5%&"0/+*!%4"3%&"0&!(*"4+&%&
4%$(&6*"05"6"+A&&
K%& *('%1"+0(& '($& F"$%05"+& 'G(2(*5"1"+& 2"& F%2%=& /*%& #$"& %$4*"=& 2)$& 6*"05"6"+& 5%*'"0(& '($$%& /)4)*%& 6(*!%0(01%& '($&
6*(2)66+24+& '($$%& 5+04"0)"4H& %1"(0'%$(=& 5"+J& '($$%& .6*+26(44"3%& '($$%& 5+04"0)%1"+0(& '($$G%44"3"4H7& 24%4)"4+&
'%$$G%*4A&8@8;&F"2&'($&L+'"5(&L"3"$(A&
-$& '"//"5"$(& 5+04(24+& !%5*+(5+0+!"5+& (& $G($(3%4%& 3+$%4"$"4H& '("& !(*5%4"& /"0%01"%*"& *(0'+0+& 5+!)0?)(& 6"e&
5+!6$(22%&$%&3%$)4%1"+0(& '($&*"25B"+&5*('"4"1"+=&$%&3%$+*"11%1"+0(&'(#$"&24*)!(04"&/"0%01"%*"=&$%&'(4(*!"0%1"+0(&
'($&3%$+*(&*(5)6(*%F"$(&'($$(&%$4*(&%44"3"4H&(&"!6+0#+0+&)0G%0%$"2"&%44(04%&'("&*"/$(22"&'"&?)(24(&3%$)4%1"+0"&2)$$%&
2+$"'"4H&%1"(0'%$(&(&2)$&5+!6$(22"3+&/)01"+0%!(04+&'($$G"!6*(2%A&I($&*"!%0'%*(&%$$%&I+4%&"04(#*%4"3%&6(*&)0%&
(2%)24"3%&'(25*"1"+0(&'("&5*"4(*"&'"&3%$)4%1"+0(&2(#)"4"=&2"&J&*"4(0)4+&+66+*4)0+&&'($"0(%*(&)0&?)%'*+&'"&2"04(2"&
'("& 6*+5(22"& 5B(& B%00+& 6+*4%4+& %$$%& '(4(*!"0%1"+0(& '($& 3%$+*(& '"& F"$%05"+& '(#$"& %22(4& 6%4*"!+0"%$"=& 5+0&
$G%33(*4(01%&5B(&0+0&2+0+&24%4"&*%33"2%4"&0($$%&24*)44)*%&6%4*"!+0"%$(&(&/"0%01"%*"%&(&0($$G%0'%!(04+&+6(*%4"3+&
2"04+!"&5B(&6+22%0+&"0')**(&"05(*4(11(&2)$$(&6*+26(44"3(&'"&5+04"0)"4H&%1"(0'%$(A&
i)%04+& %$& 6*(2)66+24+& '($$%& 5+04"0)"4H& %1"(0'%$(=& #$"& W!!"0"24*%4+*"& '($$%& E%05%& '"& g*(04+& (& E+$1%0+&
*"F%'"25+0+& '"& %3(*(& $%& *%#"+0(3+$(& 5(*4(11%& 5B(& $%& Q+5"(4H& 5+04"0)(*H& 0($$%& 2)%& (2"24(01%& +6(*%4"3%& "0& )0&
/)4)*+& 6*(3('"F"$(& (& 5B(=& '"& 5+02(#)(01%=& "$& F"$%05"+& '($$G(2(*5"1"+& 89:;& J& 24%4+& 6*('"26+24+& "0& ?)(24%&
6*+26(44"3%& '"& 5+04"0)"4HA& T*(5"2%0+& %$4*(2l& '"& 0+0& %3(*(& *"$(3%4+& 0($$%& 24*)44)*%& 6%4*"!+0"%$(& (& /"0%01"%*"%& (&
0($$G%0'%!(04+&+6(*%4"3+&2"04+!"&5B(&6+22%0+&"0')**(&"05(*4(11(&2)$&6)04+&'($$%&5+04"0)"4H&%1"(0'%$(A&
&
&
&
&
5;&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&M%44"&'"&*"$"(3+&(&6*(3"2"+0"&6(*&$G(2(*5"1"+
-&/%44"&'"&*"$"(3+&'+6+&$%&/"0(&'($&89:;&
&
b%$$%&'%4%&'"&5B")2)*%&'($$G(2(*5"1"+&0+0&2"&2+0+&3(*"/"5%4"&/%44"&+&(3(04"&4%$"&'%&5+!6+*4%*(&)0%&*(44"/"5%&'($$(&
*"2)$4%01(&'($&F"$%05"+&%$&;:&'"5(!F*(&89:;A&
&
K%&6*(3('"F"$(&(3+$)1"+0(&'($$%&#(24"+0(&
&
U%&1*!-1%""(/%&'%$&_.#'*!&%0!+!:(0!&L%+%*#$%&%&1%*&(&1#%-(&%:%*L%+"(&+%$&6;83&
&
Y"&2+0+&'"//)2(&%26(44%4"3(&5B(&"$&89:@&2"%&)0&%00+&'"&!+'(*%4%&(26%02"+0(&6(*&$G(5+0+!"%&#$+F%$(=&5+0&)0%&
!%##"+*(& 5+03(*#(01%& '("& 4%22"& '"& 5*(25"4%& '($$(& (5+0+!"(& %3%01%4(& (& %22(01%& '"& 6*(22"+0"& "0/$%1"+0"24"5B(A&
KGW*(%&d)*+&4+*0(*H&%$$%&5*(25"4%&(&$G-4%$"%&0(&*"2(04"*H&6+2"4"3%!(04(&%05B(&2(&5+0&4%22"&'"&(26%02"+0(&!+'(24"&
*"26(44+&%$$%&*(5(22"+0(&'(#$"&)$4"!"&')(&%00"A&K(&6+$"4"5B(&!+0(4%*"(&*"!%**%00+&!+$4+&(26%02"3(c&#$"&Q4%4"&S0"4"&
5%05($$(*%00+& #*%')%$!(04(& "$& 6*+#*%!!%& '"& 24"!+$+& ?)%04"4%4"3+=& !%& "& 4%22"& )//"5"%$"& *"!%**%00+& 3"5"0"& %$$+&
1(*+&0("&6*"05"6%$"&T%(2"&%3%01%4"&(&$+&24"!+$+&?)%04"4%4"3+&6*+2(#)"*H&"0&["%66+0(A&L"o&0+0+24%04(=&2"&%44(0'(&
5B(&"&4%22"&'"&"04(*(22(&%&!('"+&(&$)0#+&4(*!"0(&5+04"0)"0+&$%&#*%')%$(&4(0'(01%&%$&*"%$1+&"0"1"%4%&0($&89:;A&
I($&89:@=&%05B(&4*%&$(&%*((&(!(*#(04"&J&6*(3"24%&)0G%55($(*%1"+0(&'($&4%22+&'"&5*(25"4%&'($&T-K=&%$&>=:`&0($$(&
6*(3"2"+0"& '($& M+0'+& X+0(4%*"+& -04(*0%1"+0%$(& MX-,A& X+$4"& T%(2"& F(0(/"5(*%00+& '($& *(5)6(*+& "0& 5+*2+& 0($$(&
(5+0+!"(&%3%01%4(=&!%&*"2(04"*%00+&%05+*%&0(#%4"3%!(04(&'($$G"0'(F+$"!(04+&'($&5"5$+&'($$(&!%4(*"(&6*"!(&(&
'"&5+0'"1"+0"&'"&$"?)"'"4H&!(0+&/%3+*(3+$"&2)"&!(*5%4"&"04(*0%1"+0%$"A&Q)&F%2(&*(#"+0%$(=&)0G%55($(*%1"+0(&'($$(&
'"0%!"5B(&'"&5*(25"4%&J&%44(2%&"0&4)44(&$(&%*((=&2+6*%44)44+&0("&T%(2"&5B(&6"e&%3(3%0+&2+//(*4+&)0&*%$$(04%!(04+&
0($&89:;c&6(*&"&T%(2"&LQ-& L+!)0"4H&'(#$"&Q4%4"&-0'"6(0'(04",&J&6*(3"24+&)0&"05*(!(04+&'($&T-K&'($&8=P`=&6(*&
$GW!(*"5%&K%4"0%&'($&;`&(&6(*&$GW*(%&XdIW& X('"+&k*"(04(&(&I+*'&W/*"5%,&'($&;=;`A&S0&*%//+*1%!(04+&'($$%&
*"6*(2%& J& %44(2+& %05B(& 6(*& "$& 5+!6$(22+& '("& T%(2"& Ldd& L+!)0"4H& d5+0+!"5%& d)*+6(%,& (& Qdd& Q6%1"+&
d5+0+!"5+&d)*+6(+,=&2+24(0)4%&'%$$G%44(2+&!"#$"+*%!(04+&'($$%&5+0#")04)*%&"0&W*(%&d)*+=&6*"05"6%$(&!(*5%4+&
'"& (26+*4%1"+0(A& I($$GW2"%& (!(*#(04(& $%& '"0%!"5%& '($& T-K& J& 6*(3"24%& "0& $"(3(& *"%$1+=& %$& P=C`=& 0+0+24%04(& )0&
%22(24%!(04+&'($$%&L"0%&"04+*0+&%$&C=>`& '%$&C=C`&'($&89:;,&(&#*%1"(&%'&)0%&*"6*(2%&'($$G-0'"%=&3"24%&'%$&MX-&
"0&5*(25"4%&'($&>=@`&'%$&@=@`&'($&89:;A&
T(*&"$&2"24(!%&F%05%*"+&"4%$"%0+=&$G)25"4%&'%$$%&/%2(&*(#*(22"3%&'($&5*('"4+&2%*H&$(04%&(&"$&*"4+*0+&%$$%&5*(25"4%&'(#$"&
"!6"(#B"&2(#)"*H&'"&%$5)0"&4*"!(24*"&$%&*"6*(2%&'($$G(5+0+!"%=&2(5+0'+&$(&*(#+$%*"4H&24+*"5B(A&-0+$4*(=&J&6+22"F"$(&
5B(&$%&3%$)4%1"+0(&%66*+/+0'"4%&'($$(&F%05B(&'%&6%*4(&'($$%&E%05%&L(04*%$(&d)*+6(%& ELd,=&"0&3"24%&'($$G%33"+&
'($& X(55%0"2!+& S0"5+& '"& Q)6(*3"2"+0(=& "0/$)(01"& "0& 2(02+& 6*)'(01"%$(& $G+//(*4%& '"& 5*('"4+& (& $G%44(01"+0(& %&
6*(2(*3%*(&"$&5%6"4%$(=&"0&)0&5+04(24+&"0&5)"&6*+2(#)"*H&$G(!(*2"+0(&'("&5*('"4"&6*+F$(!%4"5"A&&
b%$& $%4+& '($$%& *%55+$4%=& J& %44(2%& )0%& 5*(25"4%& !+$4+& !+'(*%4%=& 5+05(04*%4%& (22(01"%$!(04(& 0("& '(6+2"4"=& 5B(&
3('*%00+& )0& *"4!+& '"& (26%02"+0(& '($$%& 5+!6+0(04(& %& 4(!6+& 6"e& 5+04(0)4+& '($& *(5(04(& 6%22%4+A& -0& )0&
5+04(24+&'"&5+0'"1"+0"&'"&%55(22+&%$&5*('"4+&2(!6*(&%44(04+=&J&6*(3"24%&)0%&2+24%01"%$(&"03%*"%01%&'("&4%22"&2)"&
6*(24"4"=&!(04*(&6+4*H&6*+2(#)"*(&)0%&$(##(*%&'"24(02"+0(&'($&5+24+&'($$%&*%55+$4%A&
&
U%&1*!-1%""(/%&'%$$#&>#+0#&1%*&($&6;83&
&
K(&6*+26(44"3(&(5+0+!"5B(&(&6%4*"!+0"%$"&'($$%&E%05%&6(*&$G%00+&89:@&2+0+&24*(44%!(04(&5+00(22(=&%05+*&6"e&
5B(& "0& 6%22%4+=& %$& 6(*5+*2+& '"& 2+24(0"F"$"4H& '("& *"2)$4%4"& 0(#$"& %00"& %& 3(0"*(& "04*%6*(2+& '%$$%& L%6+#*)66+=& %$&
?)%$(& 2+0+& 2(!6*(& 24%4(& "!6*+04%4(& $(& '(5"2"+0"& 24*%4(#"5B(& '($$%& E%05%=& "0& 2"04+0"%& 5+0& ?)($$(& '($& [*)66+&
-04(2%&Q%06%+$+A&&
-0&?)(24G+44"5%&2"&6)o&6(*4%04+&'($"0(%*(&)0&4*%55"%4+&5B(&3('*H&$%&E%05%&%#"*(&5+0&'(4(*!"0%1"+0(&0($&89:@&
2+44+& $G%26(44+& *(''"4)%$(=& 5+0& $G+F"(44"3+& '"& 5+02(#)"*(& )0& !+'(*%4+& !%& "0'"5%4"3+& 23"$)66+& '("& 6*+3(04"&
+6(*%4"3"&0(44"=&%05+*&6"e&5+05(04*%4"&2)"&*"5%3"&5+!!"22"+0%$"=&!%04(0(0'+&)0G($(3%4%&%44(01"+0(&2)$&$"3($$+&'"&
4)44"&#$"&+0(*"&+6(*%4"3"A&
K(& .*(44"/"5B(& '"& 3%$+*(& 0(44(& 2)& 5*('"4"7& *%66*(2(04(*%00+& %05B(& 0($& 89:@& $G($(!(04+& 2+44+6+24+& %'& )0&
6%*4"5+$%*(& !+0"4+*%##"+& %& 5)*%& '"& 4)44%& $%& 24*)44)*%& 5*('"4"1"%& '($$%& E%05%=& 6*+2(#)(0'+& "0& ?)($$%& $"0(%&
+6(*%4"3%& '"& %44(04%& 3%$)4%1"+0(& (& '"& *"#+*+2%& 6*)'(01%& #"H& %'+44%4%& '%& 4(!6+& "0& 4)44(& $(& /%2"& '($& 6*+5(22+&
5*('"4"1"+&'($$(&6+2"1"+0"&"0&(22(*(A&&
&
58&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W44"3"4H&'"&'"*(1"+0(&(&5++*'"0%!(04+
KG%44"3"4H& '"& '"*(1"+0(& (& 5++*'"0%!(04+& (& "&
*%66+*4"&5+0&$(&2+5"(4H&'($&[*)66+&0($&89:;&
&
UJ#""(/("K&'(&'(*%,(!+%&%&0!!*'(+#:%+"!&'%$$#&D#1!L*.11!&
&
W& 2(#)"4+& '($$%& *"/+*!%& '($& '"*"44+& 2+5"(4%*"+& "4%$"%0+& bAK#2A& :CA:A899;& 0R& P,=& "& F"$%05"& *($%4"3"& %$& 5+**(04(&
(2(*5"1"+&89:;=&5+!(&#"H&?)($$"&'%$&899@&"0&6+"=&*(5(6"25+0+&$(&!+'"/"5B(&"04*+'+44(&'%$&5"4%4+&'(5*(4+A&
-0& 6*+6+2"4+=& +$4*(& %$$(& 0+*!(& '"*(44%!(04(& %44"0(04"& $%& *('%1"+0(& '($& F"$%05"+=& 3"& 2+0+& %$4*(& 6*(3"2"+0"&
5+04(0)4(& "0& 4%$(& '"25"6$"0%& 5B(& '(3+0+& (22(*(& 4(0)4(& 6*(2(04"& "0& 2('(& '"& *('%1"+0(& '("& F"$%05"& '($$(& 2+5"(4H&
5+04*+$$%4(=&"0&?)%04+&"04*+')5+0+&+FF$"#B"&'"&"0/+*!%1"+0(&5+04%F"$(&%&5%*"5+&'($$(&2+5"(4H&2+##(44(&%$$h%$4*)"&
'"*(1"+0(&(&5++*'"0%!(04+& 5%2"24"5%&5B(&*"#)%*'%&$%&E%05%&'"&g*(04+&(&E+$1%0+,A&
d22"&2+0+&"0&2"04(2"&'"&;&4"6"A&
&
9$&1*!-1%""!&*(%1($!L#"(/!&'%(&'#"(&'%$$J.$"(:!&R($#+0(!&'%$$#&-!0(%"K&0S%&%-%*0("#&#""(/("K&'(&'(*%,(!+%&
%&0!!*'(+#:%+"!?&
&
K%& '"26+2"1"+0(& 5+04(0)4%& 0($& @R& 5+!!%& '($$G%*4A& 8@^C& F"2& '($& 5+'"5(& 5"3"$(& 6*(25*"3(& 5B(& .$%& 2+5"(4H& '(3(&
(26+**(& "0& %66+2"4%& 2(1"+0(& '($$%& 0+4%& "04(#*%4"3%& )0& 6*+26(44+& *"(6"$+#%4"3+& '("& '%4"& (22(01"%$"& '($$G)$4"!+&
F"$%05"+&'($$%&2+5"(4H&+&'($$G(04(&5B(&(2(*5"4%&2)&'"&(22%&$G%44"3"4H&'"&'"*(1"+0(&(&5++*'"0%!(04+7A&
g%$(&"0/+*!%1"+0(&J&6(*4%04+&(26+24%&0($$%&2)55(22"3%&I+4%&-04(#*%4"3%&<&W$$(#%4"&'"&F"$%05"+A&
&
9+'(0#,(!+%&'%(&*#11!*"(&(+"%*0!*-(&0!+&0S(&%-%*0("#&$J#""(/("K&'(&'(*%,(!+%&%&0!!*'(+#:%+"!?&&
&
K%&'"26+2"1"+0(&5+04(0)4%&0($&>R&5+!!%&'($$G%*4A&8@^C&F"2&'($&5+'"5(&5"3"$(&6*(25*"3(&5B(&.#$"&%!!"0"24*%4+*"&
'(3+0+& "0'"5%*(& 0($$%& *($%1"+0(& 2)$$%& #(24"+0(& "& *%66+*4"& "04(*5+*2"& 5+0& 5B"& (2(*5"4%& $h%44"3"4H& '"& '"*(1"+0(& (&
5++*'"0%!(04+& (& 5+0& $(& %$4*(& 2+5"(4H& 5B(& 3"& 2+0+& 2+##(44(=& 0+05Bn& $h(//(44+& 5B(& 4%$(& %44"3"4H& B%& %3)4+&
2)$$G(2(*5"1"+&'($$h"!6*(2%&2+5"%$(&(&2)"&2)+"&*"2)$4%4"7A&
-0& +44(!6(*%01%& %& 4%$(& 0+*!%& 2+0+& 6(*4%04+& *"6+*4%4(& '($$(& 2"04(4"5B(& "0'"5%1"+0"& '"& 4)44(& $(& 5%4(#+*"(& '"&
+6(*%1"+0"&'"&!%##"+*(&"!6+*4%01%&(&'($&$+*+&3%$+*(&(5+0+!"5+&5B(&0($&5+*2+&'($&89:;&2+0+&24%4(&5+!6")4(&
'%&E%05%&'"&g*(04+&(&E+$1%0+&0("&5+0/*+04"&'($$%&2+5"(4H&5+04*+$$%04(&"0&4%$(&%00+&<&-04(2%&Q%06%+$+&QA6A%A&]&(&
'($$(&%$4*(&2+5"(4H&'($&[*)66+&-04(2%&Q%06%+$+&'%&(22%&5+04*+$$%4(A&
K(& %44"3"4H& (& $(& 6%22"3"4H& 3(*2+& $(& 2+5"(4H& '($& [*)66+& -04(2%& Q%06%+$+& %$& ;:& '"5(!F*(& 89:;& *"2)$4%0+&
*"26(44"3%!(04(c&
- @:A>@^&!"#$"%"%&'"&()*+&'"&%44"3"4HZ&
- ^\;APC\&!"#$"%"%&'"&()*+&'"&6%22"3"4HA&
&
I($&5+*2+&'($&89:;&2+0+&6*+2(#)"4"&"&/%44"3"&*%66+*4"&'"&5+$$%F+*%1"+0(&5+0&0)!(*+2(&2+5"(4H&'($&[*)66+&('&"0&
6%*4"5+$%*(c&
- 5+0& $%& L%6+#*)66+& -04(2%& Q%06%+$+& Q6%=& 2(5+0'+& "$& !+'($$+& +*#%0"11%4"3+& '"& 5A'A& ./)$$& +)42+)*5"0#7&
%'+44%4+& %05+*%& 0($& 5+*2+& '($$G%00+& 899^=& 6(*& $%& /+*0"4)*%& '("& 2(*3"1"& "0(*(04"& $(& 5A'A& .%44"3"4H& '"&
#+3(*0%05(7&'($$%&E%05%=&?)%$"&$%&#(24"+0(&%!!"0"24*%4"3%&'($$%&5+04%F"$"4H&(&'($&F"$%05"+=&"$&2)66+*4+&%$$%&
5+05(22"+0(&(&#(24"+0(&'($&5*('"4+=&$G%44"3"4H&'"&%)'"4"0#=&5+04*+$$+&"04(*0+=&.5+!6$"%05(7&(&'"&5+04*%24+&%$&
*"5"5$%##"+=&$(&%44"3"4H&"0&!%4(*"%&'"&%//%*"&2+5"(4%*"&(&6%*4(5"6%1"+0"=&#$"&%'(!6"!(04"&(&$%&5+02)$(01%&/"25%$(=&
$G%44"3"4H& '"& F)'#(4"0#=& 5+04*+$$+& '"& #(24"+0(& (& 5+04*+$$+& 5+24"=& $G%44"3"4H& '"& *"2m& !%0%#(!(04=& $(& *($%1"+0"&
(24(*0(=& $%& 4(2+*(*"%& %1"(0'%$(=& $%& #(24"+0(& '("& *(5$%!"=& (& 4)44(& $(& %44"3"4H& (22(01"%$!(04(& '"& 2)66+*4+&
5+!!(*5"%$(=&+*#%0"11%4"3+&(&5*('"4"1"+&23+$4(&"0&/+*!%&5(04*%$"11%4%&'%$$(&24*)44)*(&26(5"%$"24"5B(&'($$%&5A'A&
E%05%&'("&g(**"4+*"&'($$%&6*('(44%&L%6+#*)66+Z&
- 2(!6*(& 2(5+0'+& "$& 5"4%4+& !+'($$+=& 5+0& $%& 2+5"(4H& 5+02+*4"$(& -04(2%& Q%06%+$+& [*+)6& Q(*3"5(& Q56%=& 6(*&
?)%04+&%44"(0(&$%&/+*0"4)*%&'($&2"24(!%&"0/+*!%4"5+=&%66$"5%4"3+&('&+6(*%4"3+&'($$%&E%05%=&2+0+&24%4"&*"5(3)4"&
"&2(*3"1"& '"& ."0/+]6*+3"'(*27& (& $%&/+*0"4)*%& '"&2(*3"1"&"0(*(04"& "&'"3(*2"&%!F"4"&+6(*%4"3"& 5+!(& %'& (2(!6"+& $(&
%44"3"4H&'"&F%5m]+//"5(&5(04*%$"11%4+=&$%&6*('"26+2"1"+0(&'"&6*+'+44"&6(*&$%&D(4(=&$%&#(24"+0(&'($$%&/+0"%&/"22%&(&
!+F"$(& (& '("& 2(*3"1"& '"& 4*%2!"22"+0(& '%4"=& $G(2(5)1"+0(& '"& 4)44(& $(& %44"3"4H& '"& 4"6+& "!!+F"$"%*(=& $%& #(24"+0(&
+6(*%4"3%& '($& L+04%54& L(04(*& (& '($& 2"4+& -04(*0(4& .E4F+0$"0(7=& "$& 2)66+*4+& 0($$(& %44"3"4H& '"& 6*(3(01"+0(=&
&
56&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W44"3"4H&'"&'"*(1"+0(&(&5++*'"0%!(04+
-
-
-
-
2"5)*(11%& (& 6*"3%5q=& $%& #(24"+0(& %!!"0"24*%4"3%& (& '"& /+*!%1"+0(& '($& 6(*2+0%$(& '"6(0'(04(=& $G%44"3"4H& '"&
#(24"+0(&(&*(5)6(*+&'("&5*('"4"&"0&2+//(*(01%=&$G%44"3"4H&'"&5+02)$(01%=&5+04(01"+2+&(&5+05"$"%1"+0(&$(#%$(Z&
5+0& -04(2%& Q%06%+$+& T*"3%4(& E%0m"0#& Q6%=& 6(*& $%& *"5(*5%& '"& 6+4(01"%$(& 5$"(04($%& 6(*& $%& Q+5"(4H& (&
$G"04(*!('"%1"+0(&4*%&4%$(&6+4(01"%$(&5$"(04($%&(&$%&Q+5"(4H&24(22%Z&
5+0&E%05%&-!"&Q6%=&6(*&$G%44"3"4H&'"&5+$$+5%!(04+&+&'"24*"F)1"+0(&'"&6*+'+44"V2(*3"1"=&6(*&$%&0(#+1"%1"+0(&'("&
5+04*%44"&'(*"3%4"=&'"&5+6(*4)*%&(&'"&4*%'"0#=&24"6)$%4"&'%$$%&E%05%Z&
5+0&K(%2"04&Q6%=&6(*&$(&+6(*%1"+0"&'"&$(%2"0#Z&
5+0&X('"+/%54+*"0#&Q6%=&6(*&$(&+6(*%1"+0"&'"&/%54+*"0#Z&
5+0&X('"+5*('"4+&-4%$"%0+&Q6%=&6(*&$%&'($"F(*%&(&$%&24"6)$%&'"&/"0%01"%!(04"&%&!('"+]$)0#+&4(*!"0(&"0&0+!(&
(&6(*&5+04+&'"&X('"+5*('"4+&-4%$"%0+&Q6%&!('(2"!+Z&
5+0&Q(4(/"&<&Q(*3"1"&g($(!%4"5"&M"0%01"%*"&6(*&"$&g(*1"%*"+&<&Q6%=&6(*&$G"024%$$%1"+0(&(&$%&!%0)4(01"+0(&'("&T+2&
6*(22+&$%&0+24*%&5$"(04($%&(&$%&#(24"+0(&'($$(&5%*4(&'"&5*('"4+&(&5%*4(&E%05+!%4Z&
5+0& W#*"3(04)*(& Q6%=& 2+5"(4H& 26(5"%$"24"5%& '($& [*)66+& '('"5%4%& %$& 2(44+*(& %#*+%$"!(04%*(=& %#*+"0')24*"%$(&
('& %#*+& (0(*#(4"5+=& 6(*& $%&5+02)$(01%&4(2%& %$$+& 23"$)66+&'("&*%66+*4"&5*('"4"1"& "0&?)(24+&%!F"4+&6*(22+&$%&
*(4(&'"&E%05%&'"&g*(04+&(&E+$1%0+Z&
5+0&-04(2%&T*(3"'(01%&Q-X&QA6AWA&6(*&"$&*(#+$%!(04+&'("&*%66+*4"&+6(*%4"3"&(&5+!!(*5"%$"&*($%4"3"&%"&2(*3"1"&'"&
6*(3"'(01%&5+!6$(!(04%*(&+//(*4"&%#$"&%'(*(04"&'("&M+0'"&T(02"+0(&W6(*4"&.-04(2%&X"%T*(3"'(01%7=&.-04(2%&
T*(3"'K%3+*+7&(&.-04(2%&T*(3"'Qq2(4(!7&"24"4)"4"&'%$$%&!('(2"!%&2+5"(4HZ&
5+0& -04(2%& Q%06%+$+& W22"5)*%& QA6AWA& (f& d)*"1+04)4($%& QA6AWA,& 6(*& *(#+$%*(& $(& %44"3"4H& '"&
3(0'"4%V5+$$+5%!(04+&'"&6*+'+44"&%22"5)*%4"3"=&5+02)$(01%&(&%22"24(01%&'"&6+24&3(0'"4%&23+$4(&'%$$%&*(4(&/"$"%$"&
'"&EgE&6(*&5+04+&'"&-04(2%&Q%06%+$+&W22"5)*%&QA6AWAZ&
5+0&-04(2%&Q%06%+$+&Y"4%&Q6%=&6(*&$%&3(0'"4%V5+$$+5%!(04+&'"&6*+'+44"&%22"5)*%4"3"Z&
5+0&X+0(4%&Q6%=&6(*&"$&5+$$+5%!(04+&'"&6*+'+44"&X+0(4%Z&
5+0& d)*"1+0=& 6(*& $(& +6(*%1"+0"& '"& 5+$$+5%!(04+& '("& /+0'"& '($& [*)66+& (& 6(*& $%& #(24"+0(& "0& '($(#%& '($$(&
[(24"+0"&T%4*"!+0"%$"&"0&4"4+$"&(&/+0'"=&6(*&$%&3(0'"4%V5+$$+5%!(04+&'"&6*+'+44"&%22"5)*%4"3"Z&
5+0&-4%$/+0'"%*"+&Q6%&6(*&$%&#(24"+0(&'("&5*('"4"&"0&2+//(*(01%&"0/(*"+*(&%'&)0%&6*(/"22%4%&2+#$"%&'"&"!6+*4+A&
&
T*(5"2"%!+&5B(&4)44"&"&6*('(44"&*%66+*4"&2+0+&*(#+$%4"&%&5+0'"1"+0"&'"&!(*5%4+A&&
&
U%& :!"(/#,(!+(H& $%& *#L(!+(& %& L$(& (+"%*%--(& #$$#& R#-%& '(& '%0(-(!+(& #--.+"%& '#$$#& 0!+"*!$$#"#& (+& -%L.("!&
#$$J#""(/("K&'(&'(*%,(!+%&%&0!!*'(+#:%+"!?&&
&
Kh%*4A& 8@^C& 4(*& '($& L+'"5(& L"3"$(& 6*(3('(& 5B(& .$(& '(5"2"+0"& '($$(& 2+5"(4H& 2+##(44(& %'& %44"3"4H& '"& '"*(1"+0(& (&
5++*'"0%!(04+=& ?)%0'+& '%& ?)(24%& "0/$)(01%4(=& '(FF+0+& (22(*(& %0%$"4"5%!(04(& !+4"3%4(& (& *(5%*(& 6)04)%$(&
"0'"5%1"+0(& '($$(& *%#"+0"& (& '(#$"& "04(*(22"& $%& 5)"& 3%$)4%1"+0(& B%& "05"2+& 2)$$%& '(5"2"+0(A& b"& (22(& 3"(0(& '%4+&
%'(#)%4+&5+04+&0($$%&*($%1"+0(&'"&5)"&%$$G%*4A&8@8\&L+'A&L"3A7A&
-0& F%2(& %& ?)(24%& 0+*!%=& J& *"5B"(24%& "0& *($%1"+0(& 2)$$%& #(24"+0(& )0%& 26(5"/"5%& !+4"3%1"+0(& '($$(& '(5"2"+0"&
%22)04(& '%$$%& 2+5"(4H& 5+04*+$$%4%& "0& ?)(24+& 5%2+& E4F,& 5B(& 2"%0+& 24%4(& "0/$)(01%4(& '%$$%& L%6+#*)66+=& 6(*&
'"*(44"3(& '%$$%& 24(22%& "!6%*4"4(A& I($$%& !+4"3%1"+0(& '(3+0+& (22(*(& "0'"5%4(& "0& !+'+& 6)04)%$(& $(& *%#"+0"& (& #$"&
"04(*(22"&"04(*3(0)4"&0($$%&'(5"2"+0(A&
W&4%$(&*"#)%*'+&2"&"0/+*!%&5B(&E4F&B%&(24(*0%$"11%4+=&%&6%*4"*(&'%$&:^^>=&"$&2"24(!%&"0/+*!%4"3+&('&%$4*(&%44"3"4H&
'"&F%5m&+//"5(&%05B(&*($%4"3(&%$&5+!6%*4+&'("&2"24(!"&'"&6%#%!(04+=&'("&4"4+$"&(&'($$G(24(*+A&
-0& )0%& 6*"!%& /%2(& J& 24%4+& %44"3%4+& "$& 6*+5(22+& '"& M%5"$"4"(2& X%0%#(!(04=& 5B(& B%& 5+02(04"4+& '"& 2)6(*%*(& $(&
5%*(01(&'"&5%6%5"4H&($%F+*%4"3%&(3"4%0'+&"0'"26(02%F"$"&(&4*+66+&+0(*+2"&"03(24"!(04"&"0/+*!%4"5"A&
-$& 2)55(22"3+& +)42+)*5"0#& '($& 2"24(!%& "0/+*!%4"3+& B%& 5+02(04"4+& %$$%& E%05%& '"& %3(*(& %& '"26+2"1"+0(& )0&
6+*4%/+#$"+& %66$"5%4"3+& 6"e& 5+!6$(4+& '($& 6*(5('(04(=& '"& 2/*)44%*(& $(& 2"0(*#"(& '"& [*)66+& *($%4"3%!(04(& %"&
6*+'+44"& +//(*4"& %$$%& 5$"(04($%=& '"& !"#$"+*%*(& "& $"3($$"& '"& 2(*3"1"+& (& '"& /%*& /*+04(& %#$"& "!6+0(04"& %'(#)%!(04"&
%66$"5%4"3"&6*(3"24"&0(#$"&%00"&2)55(22"3"& %00+&8999=&()*+=&0)+3"&6*"05"6"&5+04%F"$"&"04(*0%1"+0%$"&-WQ=&0+*!%4"3(&
/"25%$"=&(55A,A&&
-0+$4*(& 2"& J& #%*%04"4+& )0& 5+24%04(& %##"+*0%!(04+& '($$(& 6+24%1"+0"& '"& $%3+*+& '"& 4)44"& #$"& +6(*%4+*"& 5+0& $(&
6"%44%/+*!(& B%*'N%*(& (& 2+/4N%*(& 4*%& $(& 6"e& (3+$)4(& /*%& ?)($$(& (2"24(04"& 2)$& !(*5%4+=& "0& #*%'+& ?)"0'"& '"&
2+24(0(*(& 4)44"& #$"& 23"$)66"& %66$"5%4"3"& *(2"2"& '"& 3+$4%& "0& 3+$4%& 0(5(22%*"=& /*%& 5)"& $G)2+& '($$%& !)$4"!('"%$"4H& (& $%&
/+*!%1"+0(&%&'"24%01%&'($&6(*2+0%$(A&
I($&5+*2+&'($&899\&J&24%4+&*(%$"11%4+&$G%$$"0(%!(04+&%$&2"24(!%&"0/+*!%4"3+&(&+*#%0"11%4"3+&'($&[*)66+&-04(2%&
Q%06%+$+& 5A'A&./)$$&+)42+)*5"0#7,&5+0&"$&5+!6$(4+&*"00+3%!(04+&'($$(&%66$"5%1"+0"&"0&)2+&%$$%&0+24*%&E%05%=&
%!6$"%0'+&5+2l&%05+*&6"e&$%&'"26+0"F"$"4H&'"&6*+'+44"&(&2(*3"1"&%$$%&5$"(04($%A&L+04(24)%$!(04(&J&24%4%&5+05$)2%&
)0%& *(3"2"+0(& +*#%0"11%4"3%& 2)& 4)44(& $(& S0"4H& '"& b"*(1"+0(& L(04*%$(=& *%1"+0%$"11%0'+0(& $%& 24*)44)*%& (&
*%//+*1%0'+&"$&6*(2"'"+&2)$$(&%44"3"4H&5+!!(*5"%$"A&
&
5<&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W44"3"4H&'"&'"*(1"+0(&(&5++*'"0%!(04+
b%$$G(2(*5"1"+&899^&$G"02"(!(&'("&2(*3"1"&/+*0"4"&'%$$%&L%6+#*)66+&%$$%&E%05%&2(5+0'+&?)%04+&6*(3"24+&'%$&5"4%4+&
!+'($$+&./)$$&+)42+)*5"0#7&2+0+&*(2"&'"24"04%!(04(&2"%&'%$$%&0)+3%&2+5"(4H&5+02+*4"$(&-04(2%&Q%06%+$+&[*+)6&
Q(*3"5(& Q56%& 2"%& '%$$%& L%6+#*)66+& -04(2%& Q%06%+$+& Q6%A& -& 2(*3"1"& (*+#%4"& '%$$%& 2+5"(4H& 5+02+*4"$(& 2+0+&
2"04(4"11%F"$"&0($$(&^&2(#)(04"&4"6+$+#"(&2(5+0'+&?)%04+&6*(3"24+&'%$&.5+04*%44+&'"&2(*3"1"+&6(*&$(&6*(24%1"+0"&'"&
%44"3"4H&'"&4"6+&+6(*%4"3+7&3"#(04(&5+0&$%&6*('(44%&2+5"(4Hc&
:A W5?)"24"Z&
8A L+!)0"5%1"+0(&-04(*0%Z&
;A L+04%54&S0"4Z&
@A -!!+F"$"Z&
>A K(#%$(&(&L+04(01"+2+Z&
PA k6(*%4"+02&L(04*%$"&(&'"&D(4(Z&
CA T(*2+0%$(=&5+!6*(2%&$%&/+*!%1"+0(&(&$G%!!"0"24*%1"+0(=&(&k*#%0"11%1"+0(Z&
\A D(5)6(*+&L*('"4"Z&
^A Q"24(!"&-0/+*!%4"3"A&
&
-& 2(*3"1"& /+*0"4"& '"*(44%!(04(& '%$$%& L%6+#*)66+=& 2(5+0'+& ?)%04+& 6*(3"24+& '%$& .5+04*%44+& '"& 2(*3"1"+& 6(*& $(
6*(24%1"+0"&'"&%44"3"4H&'"&#+3(*0%05(7&3"#(04(&5+0&$%&6*('(44%&2+5"(4H&2+0+&"0&2"04(2"&"&2(#)(04"c&
:A W!!"0"24*%1"+0(&(&M"25%$(Z&
8A E%05%&'("&g(**"4+*"Z&
;A D"2+*2(&)!%0(=&5+!6*(2%&$%&2($(1"+0(&(&$%&3%$)4%1"+0(Z&
@A L%6"4%$&F)'#(4=&L+04*+$$+&5+24"&(&T"%0"/"5%1"+0(&(&5+04*+$$+Z&
>A L*('"4+&T*+F$(!%4"5+Z&
PA b(5"2"+0"&5*('"4"1"(Z&
CA T*(2"'"+&i)%$"4H&'($&L*('"4+&(&Y%$)4%1"+0"&26(5"%$"24"5B(&'"&*%4"0#Z&
\A W44"3"4H& '"& W)'"4"0#=& '"& .L+!6$"%05(7& (& '"& L+04*%24+& %$& *"5"5$%##"+=& #(24"+0(& +6(*%4"3%& (& %!!"0"24*%4"3%&
'($$(&T%*4(5"6%1"+0"&(&%44"3"4H&'"&D($%1"+0"&(24(*0(Z&&
^A W44"3"4H& '"& D"2m& X%0%#(!(04=& g(2+*(*"%& %1"(0'%$(=& #(24"+0(& '("& *(5$%!"=& (& 4)44(& $(& %$4*(& 23+$4(& "0& /+*!%&
5(04*%$"11%4%& '%$$(& 24*)44)*(& 26(5"%$"24"5B(& '($$%& 5A'A& b"3"2"+0(& E%05%& '("& g(**"4+*"=& (22(01"%$!(04(& '"&
2)66+*4+&5+!!(*5"%$(=&+*#%0"11%4"3+&(&5*('"4"1"+A&
&
K%&4%*"//%1"+0(&'"&4)44"&4%$"&2(*3"1"&J&%$$"0(%4%&%#$"&24%0'%*'&'"&!(*5%4+A&-$&5+**"26(44"3+&2+24(0)4+&'%$$%&E%05%&%&
/*+04(&'"&4%$"&2(*3"1"&/+*0"4"&"0&+)42+)*5"0#&'%$$%&L%6+#*)66+&(&'%$$%&2+5"(4H&5+02+*4"$(&2+6*%&5"4%4%&J&"0'"5%4+&
5+!6$(22"3%!(04(&0($$(&%66+2"4(&T%*4(&L&<&-0/+*!%1"+0"&2)$&5+04+&(5+0+!"5+&<&(&6"e&'(44%#$"%4%!(04(&0($$%&
T%*4(&O&<&-0/+*!%1"+0"&2)&+6(*%1"+0"&5+0&6%*4"&5+**($%4(&]&'($$%&I+4%&-04(#*%4"3%A&&
-0/"0(=&$G%//"'%!(04+&%&-04(2%&Q%06%+$+&'($$%&#(24"+0(&'"&4(2+*(*"%&B%&6*+'+44+&)0%&5+26"5)%&!+3"!(04%1"+0(&
'($&5+04+&*(5"6*+5+=&5B(&3"(0(&*(#+$%4+&"0&!+'+&0()4*+=&5"+J&%$$%&!('"%&'($&4%22+&.()*"F+*7&!(02"$(&'($&!(2(&
6*(5('(04(&"0&'%*(&(&"0&%3(*(=&?)"0'"&2(5+0'+&$(&!"#$"+*"&5+0'"1"+0"&'"&!(*5%4+A&
&
N'%-(!+%&#$&D!+-!$('#"!&V(-0#$%&
&
M*%& "& *%66+*4"& "0& (22(*(& 5+0& $%& L%6+#*)66+=& 2"& "0/+*!%& 5B(& $%& E%05%& '"& g*(04+& (& E+$1%0+& B%& %'(*"4+=& %&
'(5+**(*(&'%$&6*(5('(04(&6(*"+'+&'G"!6+24%&89:8=&%$&L+02+$"'%4+&M"25%$(&I%1"+0%$(&'"25"6$"0%4+&'%#$"&%*4"5+$"&
'%&::C&%&:8^&5+!6*(2"&'($&5A'A&gASA-ADA& bATADA&^:CV:^\P,A&
&
N,(!+(&1*!1*(%&!&'%$$#&-!0(%"K&0!+"*!$$#+"%&
&
W$&;:&'"5(!F*(&89:;&*"2)$4%0+&"0&6+*4%/+#$"+&:@AP8^&%1"+0"&'($$%&2+5"(4H&5+04*+$$%04(&-04(2%&Q%06%+$+&Q6%&5+0&
3%$+*(&0+!"0%$(&'"&CAP9C&()*+A&-$&$+*+&3%$+*(&'"&F"$%05"+&J&6%*"&%&8PA8@@&()*+A&
&
Q1%*#,(!+(&0!+&($&`%a&T#+#L%:%+"&'%$$#&>#+0#&%\!&'%$$#&D#1!L*.11!&
&
-&*%66+*4"&4*%& $%& E%05%& (& "$&p(q&X%0%#(!(04&2+0+&*"5+0')5"F"$"& %$$%& 0+*!%$(&+6(*%4"3"4H&'($$%&E%05%&24(22%& (&
2+0+&6+24"&"0&(22(*(&%&5+0'"1"+0"&'"&!(*5%4+A&
K(&"0/+*!%1"+0"&*($%4"3(&%$$G+6(*%4"3"4H&0("&5+0/*+04"&'"&.W$4*(&6%*4"&5+**($%4(7&2+0+&*"6+*4%4(&0($$%&T%*4(&O&'($$%&
I+4%&-04(#*%4"3%A&
&
&
53&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W44"3"4H&'"&'"*(1"+0(&(&5++*'"0%!(04+
A#11!*"(&0!+&$%&-!0(%"K&'%$&B*.11!&@&'%""#L$(!&
!"#$"%"%&'"&()*+,
9:1*%-#&0!+"*!$$#+"%
N""(/("K
Y#--(/("K
B#*#+,(%
9:1%L+(
Y*!/%+"(
Q+%*(
:&D%66+*4 "&5+0&F%05 B(
-04(2%&Q%0&T%+$+&QTW&]&L%2%&X%'*(
&&&&8CA>9^
!"#$%&(:1*%-#&0!+"*!$$#+"%
&&&&6F?7;4
&&&&G8<?35;
&&&&&&&&&&&&&&&2
&&&&&&&&&&F4G
&&&&&&&8?<;8
88?4;F
&
N""(/("K
Y#--(/("K
B#*#+,(%
9:1%L+(
Y*!/%+"(
Q+%*(
&&&&&&&&&&&&&&]
&&&&::A>:\
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&:P
&&&&&&&&&&&&&8
&&&&&&&&&&&&&&]
8
:\AP;8
&&&&&&&&&&&&&&&&]
8
8^
&&&&&&&&&&&&&&&&]
:>
;:
:>9A:@:
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
@
:CA9^> :8A\9P
C@ &&&&&&&&&&&]
&&&&&&&&&&&&&&&] &&&&&&&&&&&]
:C8
8>8
: &&&&&&&&&&&]
:>;
\
8;
P@
&&&&&&&&&&&&&&&]
8A:CP
&&&&&&&&&&&&&\
&&&&&&&&&:\C
&&&&&&:A:@:
&&&&&&&&&:\8
&&&&&&&&&:;8
&&&&&&&&&@>9
&&&&&&&&&&&8>
&&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&&]
>
8;>
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&C
&&&&&&&&&&&;P
&&&&&&&&&&&&&&]
&&&&&&&&&;;P
&&&&&&&&&&&&&&]
^
&&&&&&&&&&&&&&&&]
8C
:A9PC
8;
&&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&]
&&&&&&&&&&&&&&&] &&&&&&&&&&&]
8@ &&&&&&&&&&&]
8\8 &&&&&&&&&&&]
;; :9A@9@
:A\@;
8;
&&&&&&&&&&&&&&&]
:
!"#$%&(:1*%-%&0!+"*!$$#"%&'#$$#&0!+"*!$$#+"%
&&&&83?;3;
&&&&8F;?68G
&&&&&&&&&&&&&&&2
&&&&&&&&&&&&&&2
&&&&&65?<;G
!"#$%&B%+%*#$%
&&&&38?734
9:1*%-%&0!+"*!$$#"%&'#$$#&0!+"*!$$#+"%
\:;A@P9 &&&&&&&&&&&&&&&]
C^\
:A;9:
::A^9C
:&D%66+*4 "&5+0&F%05 B(
E%05%&M "'()*%!&Q6W
E%05%&-X-&Q6W
E%05%&T*+22"!%&Q6W
L%22%&'"&D"26%*!"+&'($&M"*)$"&Y (0(1"%&[")$"%&Q6W
L%22%&'"&D"26%*!"+&'($&Y (0(4+&Q6W
L%22%&'"&D"26%*!"+&'"&Y (0(1"%&Q6W
-04(2%&Q%06%+$+&T*"3 %4(&E%0m"0#&Q6%
X('"+5*('"4+&-4%$"%0+&Q6W
Q+5"(4J&d)*+6((00(&'(&E%0?)(&QAWA
8&D%66+*4 "&5+0&(04 "&/ "0%01"%*"
d62"$+0&W22+5"%4"&Q[D
d)*"1+0&L%6"4%$&QW
d)*"1+0&L%6"4%$&Q[D&Q6W
-04(2%&Q%06%+$+&T(*2+0%$&M "0%05(&Q6W
K(%2"04&Q6W
X('"+/%54+*"0#&Q6W
Q(4(/"]Q(*3"1"&g($(!%4"5"&M "0%01"%*"&Q6W
;;
^8P
@ACP;
P:P
:;C
:
:;8
&&&&&&&&&&&]
&&&&&&&&&&&]
&&&&&&&&&&&]
&&&&&&&&&&&]
&&&&&&&&&&&]
8>
\89
;&D%66+*4 "&5+0&%$4 *%&5 $"(04 ($%
-0/+#*+)6&Q6W
-04(2%&T*(3"'(01%&Q6W
-04(2%&Q%06%+$+&W22"5)*%&Q6W
-04(2%&Q%06%+$+&[*+)6&Q(*3 "5(2&Q56W
-04(2%&Q%06%+$+&Y "4%&Q6W
Q%06%+$+&-03(24&Q+5"(4H&-04(*!('"%1"+0(
4G<?5FG &&&&&&&&&&&&&&&2
F4G
6F?5;4
65?7G<
&
<G?34;
&
&
57&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W$4*(&"0/+*!%1"+0"
W$4*(&"0/+*!%1"+0"&
&
U#&R.-(+%--&0!+"(+.("a&
&
I($&5+*2+&'($&89:;&J&6*+2(#)"4%&$G%44"3"4H&'"&%##"+*0%!(04+&(&5+$$%)'+&'($$(&2+$)1"+0"&'"&5+04"0)"4H&+6(*%4"3%=&
*%//+*1%0'+=&5+0&26(5"/"5B(&"0"1"%4"3(=&"&6*(2"'"&"0&(22(*(A&
-0& 6%*4"5+$%*(& J& 6*+2(#)"4%& $G%44"3"4H& '"& (24(02"+0(& '($$+& 26(5"/"5+& 4++$& 6(*& $%& #(24"+0(& '("& '%4"& '"& E)2"0(22&
L+04"0)"4q& X%0%#(!(04& ELX,& '($$(& 2"0#+$(& Q+5"(4H& %& $"3($$+& [*)66+Z& J& 24%4%& #%*%04"4%& $%& !%0)4(01"+0(&
6(*"+'"5%& '($$(& 2+$)1"+0"& 5B(=& +$4*(& %'& %22"5)*%*(& %$& [*)66+& $%& /*)"F"$"4H& 0($& 4(!6+& '($& T"%0+& '"& L+04"0)"4H&
k6(*%4"3%&(&$%&5+!6$"%05(&0("&5+0/*+04"&'($$(&-24*)1"+0"&'"&Y"#"$%01%=&5+04*"F)"25(&%$$G"00%$1%!(04+&'($&$"3($$+&'"&
*(2"$"(01%&(&%$$G(3+$)1"+0(&'($$(&2+$)1"+0"&"3"&"'(04"/"5%4(&"0&5+(*(01%&5+0&$(&$+#"5B(&'"&2(!6$"/"5%1"+0(&%'+44%4(&
'%$&[*)66+A&&
KG(24(02"+0(&'($&!+'($$+&'"&ELX&B%&*"#)%*'%4+=&"0&6%*4"5+$%*(=&"$&6(*"!(4*+&"04(*0%1"+0%$(&'($&[*)66+=&6(*&"$&
?)%$(&6*+2(#)+0+&$(&%44"3"4H&'("&6*+#(44"&.b"3"2"+0(&L+*6+*%4(&s&-03(24!(04&E%0m"0#&]&-04(*0%4"+0%$&I(4N+*m7&
(&.b"3"2"+0(&E%05B(&d24(*(7=&5+0&$G+F"(44"3+&'"&"00%$1%*(&"$&$"3($$+&'("&6*(2"'"&'"&5+04"0)"4H&+6(*%4"3%&'($$(&/"$"%$"&
(& 5+04*+$$%4(& (24(*(Z& 2"& (3"'(01"%0+& "0& 6%*4"5+$%*(& $(& 3(*"/"5B(& 23+$4(& 6*(22+& $(& M"$"%$"& '"& K+0'*%& (& I(N& t+*m=&
6*(22+&$%&F%05%&)0#B(*(2(&L-E&(&$G%'+1"+0(&'($&4++$&'"&[*)66+&'%&6%*4(&'"&4)44(&$(&E%05B(&(24(*(A&&
L+!(& *"5B"(24+& '%$$Gk*#%0+& D(#+$%4+*(& 2+0+& 24%4(& (//(44)%4(& $(& %44"3"4H& /"0%$"11%4(& %& 5+0/(*!%*(& $G%)4+&
5(*4"/"5%1"+0(& %00)%$(& '"& -04(2%& Q%06%+$+& ?)%$(& .L*"4"5%$& T%*4"5"6%047& '($& 5"*5)"4+& g%*#(48Z& 4*%& ?)(24(& $%&
*(3"2"+0(&(&$G%##"+*0%!(04+&'("&L+04"0#(05q&T$%0&6(*&"&6*+5(22"&'(/"0"4"&.2"24(!"5"7&'%&E%05%&'G-4%$"%A&
dG&24%4+&#%*%04"4+& $G"02(*"!(04+&'($&6(*2+0%$(&'($&[*)66+&%$$G(24(*+&0("&6"%0"& '"& (!(*#(01%& '($$G)0"4H&'"&5*"2"&
'($&X"0"24(*+&'(#$"&W//%*"&d24(*"=&2)$$%&F%2(&'(#$"&%55+*'"&6*(2"&*($%4"3%!(04(&%$$%&#(24"+0(&('&%$&!+0"4+*%##"+&
'"&(3(04"&'"&5*"2"&5B(&5+"03+$#%0+&T%(2"&"0&5)"&2+0+&6*(2(04"&E%05B(VQ+5"(4H&'($&[*)66+A&
-& !(55%0"2!"& #(0(*%$"& '"& #(24"+0(& '($$(& 5*"2"& 2+0+& 24%4"& 6*+/"5)%!(04(& )4"$"11%4"& "0& '"3(*2(& +55%2"+0"=& "0&
5+$$%F+*%1"+0(& 5+0& $(& 24*)44)*(& %1"(0'%$"& 5+!6(4(04"c& 0($$(& 2"4)%1"+0"& '"& 5*"2"& "04(*0%1"+0%$"& "0& d#"44+& ('& "0&
S5*%"0%=& "0& +55%2"+0(& '($$(& 2"4)%1"+0"& '"& /+*4(& !%$4(!6+& +55+*2(& "0& -4%$"%=& "0& +55%2"+0(& '($$(& '"3(*2(&
!%0"/(24%1"+0"& 2+5"%$"& 2)$& 4(**"4+*"+& "4%$"%0+& %33(0)4(& "0& 6*+22"!"4H& %& 24*)44)*(& '($& [*)66+=& +$4*(& %'& %$5)0"&
'"22(*3"1"&4(50+$+#"5"&'("&2"24(!"&"0/+*!%4"3"&"4%$"%0"&('&(24(*"A&-0&4%$(&%!F"4+=&J&24%4+&*(%$"11%4+&(&5+$$%)'%4+&"$&
T+*4%$(&#(24"+0(&(!(*#(01(c&)0&0)+3+&4++$&6(*&$%&#(24"+0(&'($&5"5$+&'"&3"4%&'($$(&(!(*#(01(=&5B(&5+24"4)"25(&"$&
5(04*+&'"&#+3(*0+&'($$%&5*"2"&(&$+&24*)!(04+&'"&5+!)0"5%1"+0(&6(*&4)44"&"&*)+$"&5+"03+$4"A&
I($& 5+*2+& '($& 89:;& 2+0+& 24%4(& 23+$4(& 5+!6$(22"3%!(04(& ^>& 3(*"/"5B(& 6)04)%$"& '("& 6*(2"'"& '"& 5+04"0)"4H&
+6(*%4"3%&'"&Q+5"(4H&"4%$"%0(&('&(24(*(&'($&[*)66+A&-0&6%*4"5+$%*(&2"&(3"'(01"%&&$%&3(*"/"5%&%00)%$(&'($$(&2+$)1"+0"&
4(50+$+#"5B(&'"&5+04"0)"4H&+6(*%4"3%& '"2%24(*&*(5+3(*q,&'("&2"24(!"&g%*#(4=&23+$4%&0($&5+*2+&'("&!(2"&'"&!%##"+&
(&#")#0+Z&2+0+&24%4(&6+"&(//(44)%4(&3(*"/"5B(&'("&6*(2"'"&'"&5+04"0)"4H&+6(*%4"3%&(&'($$(&6*"05"6%$"&"0/*%24*)44)*(&
'"&%55(22+&%"&!(*5%4"&(&'($$(&*($%4"3(&"04(*5+00(22"+0"&5+0&"&2"24(!"&'($&[*)66+A&-0+$4*(=&2+0+&24%4(&23+$4(&4)44(&
$(& 3(*"/"5B(& 6*+#*%!!%4(& '"& 5+0/+*!"4H& %"& *(?)"2"4"& 6*(3"24"& 6(*& $G%//"'%F"$"4H& "!6"%04"24"5%& '("& 6%$%11"& 5B(&
+26"4%0+&6*+5(22"&2"24(!"5"=&5*"4"5"&(V+&5(04*"&-gA&
W&$"3($$+&'"&2"24(!%&/"0%01"%*"+&'+!(24"5+=&5+0&"$&5++*'"0%!(04+&'($&LkAb-AQd& L+04"0)"4H&'"&Q(*3"1"+&]&#*)66+&
'"&$%3+*+&6(*&$%&5+04"0)"4H&'"&2(*3"1"+&'($&2"24(!%&/"0%01"%*"+&"4%$"%0+=&5++*'"0%4+&'%$$%&E%05%&'h-4%$"%&'h"04(2%&
5+0& $%& LkIQkE,=& "$& @& '"5(!F*(& J& 24%4%& 23+$4%& 5+0& (2"4+& 6+2"4"3+& $%& 3(*"/"5%& %00)%$(& '("& !(55%0"2!"& '"&
5++*'"0%!(04+A&
-0/"0(=& 2"& (3"'(01"%& 5B(& J& 24%4+& *(%$"11%4+& "$& 6*"!+& D(5+3(*q& T$%0& '"& [*)66+& "0& +44(!6(*%01%& %$$%&
*%55+!%0'%1"+0(& .D(5+!!(0'%4"+02& +0& 4B(& '(3($+6!(04& +/& 4B(& D(5+3(*q& T$%027& (!%0%4%& '%$$Gd)*+6(%0&
E%0m"0#& W)4B+*"4q& ]& dEW& "0& '%4%& 8;& #(00%"+& 89:;& %"& 2(02"& '(#$"& %*44A& :P& (& :>& '($& *(#+$%!(04+& dS& 0A&
:9^;V89:8A&K(&%44"3"4H&6*+#(44)%$"=&%33"%4(&0($&5+*2+&'($&89:;=&B%00+&5+"03+$4+&$(&/)01"+0"&LMk=&LDk&(&LkkZ&
J&24%4+&'(/"0"4+&"$&6"%0+&'"&$%3+*+=&"'(04"/"5%0'+&4)44"&#$"&24%m(B+$'(*A&-$&6*"!+&D(5+3(*q&T$%0&'"&[*)66+&J&24%4+&
/+*!%$!(04(&%66*+3%4+&'%"&L+02"#$"&'"&-04(2%&Q%06%+$+&"0&'%4%&:C&'"5(!F*(&89:;&('&"03"%4+&%&E%05%&'G-4%$"%&
(04*+&"$&;:&'"5(!F*(&89:;A&
&
9$&X?UL-?&6<8\6;;8&
&
-$& bAK#2A& \& #")#0+& 899:& 0A& 8;:& 6*(3('(& )0& 6(5)$"%*(& *(#"!(& '"& *(26+02%F"$"4H& %!!"0"24*%4"3%& %& 5%*"5+& '(#$"&
d04"& 6(*& '(4(*!"0%4(& 4"6+$+#"(& '"& *(%4"& 5+!!(22"& 0($& $+*+& "04(*(22(& +& 3%04%##"+=& 0+05Bn& $%& 6+22"F"$"4H& '"&
(25$)'(*(=& +& !"4"#%*(=& 4%$(& *(26+02%F"$"4H& 2(& $Gd04(& '"!+24*%& '"& %3(*& %'+44%4+=& ('& (//"5%5(!(04(& %44)%4+=& )0&
!+'($$+&'"&+*#%0"11%1"+0(&(&#(24"+0(&"'+0(+&%&6*(3(0"*(&*(%4"&'($$%&26(5"(&(&'"&%3(*&"24"4)"4+&)0&.k*#%0"2!+&'"&
&
55&
>($#+0(!&'(&>#+0#&'(& *%+"!&%&>!$,#+!&#$&<8?86?6;8<&@&A%$#,(!+%&-.$$#&B%-"(!+% <&W$4*(&"0/+*!%1"+0"
Y"#"$%01%7& 5)"& J& '(!%0'%4+& "$& 5+!6"4+& '"& 3"#"$%*(& 2)$& /)01"+0%!(04+=& $G+22(*3%01%& (& "$& 5+24%04(&
%##"+*0%!(04+&'($&!+'($$+&!('(2"!+A&
KG%44)%$(&.X+'($$+&'"&+*#%0"11%1"+0(=&#(24"+0(&(&5+04*+$$+&%"&2(02"&'($&b(5*(4+&K(#"2$%4"3+&\&#")#0+&899:=&0A&
8;:7& J& 24%4+& %'+44%4+& '%& E%05%& '"& g*(04+& (& E+$1%0+& 0($& 899^& (& %##"+*0%4+& 5+0& '($"F(*(& '($& L+02"#$"+& '"&
W!!"0"24*%1"+0(&'"&'%4%&;9&$)#$"+&89:9=&'"&'%4%&:P&$)#$"+&89:8&(&'"&'%4%&8C&'"5(!F*(&89:;A&
-$&.X+'($$+&'"&+*#%0"11%1"+0(=&#(24"+0(&(&5+04*+$$+7&(&$G"!6"%04+&0+*!%4"3+&(2"24(04(=&5B(&0(&5+24"4)"25(&6%*4(&
"04(#*%04(& (& 2+24%01"%$(=& %22"5)*%0+& ?)"0'"& "$& 6*(2"'"+& '("& *"25B"& *"3(0"(04"& '%$& *(#"!(& '"& *(26+02%F"$"4H&
"04*+'+44+&'%$&bA&K#2A&0A&8;:V899:A&&
-$&.X+'($$+&'"&+*#%0"11%1"+0(=&#(24"+0(&(&5+04*+$$+7&'($"0(%&"0&6%*4"5+$%*(c&&
- "$&5+04(24+&0+*!%4"3+&'"&*"/(*"!(04+Z&&
- "$& *)+$+& (& $%& *(26+02%F"$"4H& '($$(& 24*)44)*(& 5+"03+$4(& 0($$G%'+1"+0(=& 0($$G(//"5%5(& %44)%1"+0(& (& 0($$%&
!+'"/"5%1"+0(&'($&X+'($$+Z&&
- #$"&26(5"/"5"&5+!6"4"&(&*(26+02%F"$"4H&'($$G&k*#%0"2!+&'"&Y"#"$%01%Z&&
- "&/$)22"&"0/+*!%4"3"&3(*2+&$Gk*#%0"2!+&'"&Y"#"$%01%Z&
- "$&2"24(!%&2%01"+0%4+*"+Z&
- $(&$+#"5B(&/+*!%4"3(Z&
- $(&%*((&.2(02"F"$"7&"0&*($%1"+0(&%$$(&/%44"26(5"(&'"&"$$(5"4+&'"&5)"&%$&b(5*(4+Z&
- $(&%44"3"4H&%1"(0'%$"&0($$G%!F"4+&'($$(&?)%$"&6)o&3(*"/"5%*2"&"$&*"25B"+&'"&5+!!"22"+0(&'(#$"&"$$(5"4"&('&"&6*"05"6"&
'"&5+!6+*4%!(04+&(&$(&*(#+$(&'"&5+04*+$$+&3+$4"&%&6*(3(0"*$"& %44"3"4H&.2(02"F"$"7,A&
&
W"& 2(02"& '($& b(5*(4+=& "$& 5+!6"4+& '"& 3"#"$%*(& 2)$& /)01"+0%!(04+=& 2)$$G(//"5%5"%& (& 2)$$G+22(*3%01%& '($& X+'($$+=&
0+05Bn& '"& 5)*%*0(& $G%##"+*0%!(04+=& '(3(& (22(*(& %//"'%4+& %'& )0& +*#%0"2!+& "04(*0+& %$$Gd04(& '+4%4+& '"&
%)4+0+!"&6+4(*"&'"&"0"1"%4"3%&(&'"&5+04*+$$+& $G.k*#%0"2!+&'"&Y"#"$%01%7,A&
KGk*#%0"2!+& '"& Y"#"$%01%& '(3(& 6+22('(*(& 5%*%44(*"24"5B(& '"& %)4+0+!"%=& "0'"6(0'(01%=& 6*+/(22"+0%$"4H& (&
5+04"0)"4H&'"&%1"+0(&0(5(22%*"(&6(*&"$&5+**(44+&('&(//"5"(04(&23+$#"!(04+&'($$(&/)01"+0"&%'&(22+&%22(#0%4(A&d22+&
"0+$4*(& '(3(& (22(*(& '+4%4+& '"& 6+4(*"& '"& "0"1"%4"3%& (& '"& 5+04*+$$+& 2)$$(& %44"3"4H& '($$%& Q+5"(4H=& 2(01%& '"26+**(& '"&
6+4(*"&#(24"+0%$"&(V+&%!!"0"24*%4"3"A&&
g(0)4+&5+04+&'"&?)%04+&'"26+24+&'%$&5+!!%&@&F"2&'($$G%*4A&P&'($&bA&K#2&8;:V899:=&5+!(&"04*+'+44+&'%$$G%*4A&
:@=& 5+!!%& :8=& KA& :8& 0+3(!F*(& 89::& 0A& :\;& .b"26+2"1"+0"& 6(*& $%& /+*!%1"+0(& '($& F"$%05"+& %00)%$(& (&
6$)*"(00%$(& '($$+& Q4%4+& <& K(##(& '"& 24%F"$"4H& 89:87,=& $%& Q+5"(4H& 0($$GW22(!F$(%& '(#$"& W1"+0"24"& '($& 89& !%*1+&
89:;&B%&*"4(0)4+&'"&%//"'%*(&$(&/)01"+0"&'"&k*#%0"2!+&'"&Y"#"$%01%&%$&L+$$(#"+&Q"0'%5%$(A&
-$&L+$$(#"+&0($$+&23+$#"!(04+&'"&'(44(&/)01"+0"&+6(*%&2)$$%&F%2(&'"&)0+&26(5"/"5+&*(#+$%!(04+&&%66*+3%4+&'%$&
!('(2"!+&(&!%04(0(0'+&'"24"04(& (&2(6%*%4(&$(&%44"3"4H&23+$4(&?)%$(&k*#%0"2!+&'"&Y"#"$%01%&'%&?)($$(&23+$4(&
0($$%&2)%&?)%$"4H&'"&+*#%0+&'"&5+04*+$$+&'($$%&Q+5"(4HA&&
k#0"& '"26+2"1"+0(& 5+05(*0(04(& $Gk*#%0"2!+& '"& Y"#"$%01%& 5+04(0)4%& 0($& X+'($$+& '(3(& "04(0'(*2"& *"/(*"4%& %$&
L+$$(#"+&Q"0'%5%$(=&0($$G(2(*5"1"+&'($$(&26(5"/"5B(&/)01"+0"&%'& (22+&%22(#0%4(&'%$& b(5*(4+=&/%44+&2%$3+&?)%04+&
6*(3"24+& "0& 4(!%& '"& L%)2(& '"& '(5%'(01%=& L%)2(& '"& 2+26(02"+0(& (& g(!6+*%0(+& "!6('"!(04+& '"& )0&
5+!6+0(04(&(//(44"3+&0($$(&?)%$"&$Gk*#%0"2!+&'"&Y"#"$%01%&%3*H&)0%&5+!6+2"1"+0(&'"3(*2%&*"26(44+&%&?)($$%&'($&
L+$$(#"+&Q"0'%5%$(A&
KGk*#%0"2!+& '"& Y"#"$%01%& B%& 23+$4+& 5+0& *(#+$%*"4H& $(& /)01"+0"& 2+6*%& *"5B"%!%4(=& B%& %0%$"11%4+& "& /$)22"&
"0/+*!%4"3"& 6*+3(0"(04"& '%$$(& 3%*"(& 24*)44)*(& +*#%0"11%4"3(& 6(*& 3(*"/"5%*(& $G"'+0("4H& '("& 6*+5(22"& +6(*%4"3"& %&
6*(3(0"*(&5+!6+*4%!(04"&"$$(5"4"&%"&2(02"&'($&b(5*(4+&('&B%&%66*+/+0'"4+&"&3%*"&%*#+!(04"&"$&5)"&(2%!(&J&24%4+&
*"4(0)4+&+66+*4)0+A&
KGk*#%0"2!+&'"&Y"#"$%01%&2"&J&%33%$2+=&6(*&$+&23+$#"!(04+&'("&2)+"&5+!6"4"=&'($$(&24*)44)*(&'($$%&E%05%&(&'($$%&
L%6+#*)66+=& 4*%& 5)"& "0& 6*"!"2& $(& 24*)44)*(& '($$%& b"*(1"+0(& -04(*0%$& W)'"4"0#=& b"*(1"+0(& L+!6$"%05(& (&
W04"*"5"5$%##"+=&5)"&2+0+&24%4(&%//"'%4(&"0&+)42+)*5"0#&$(&*"26(44"3(&%44"3"4HA&
-$& L+02"#$"+& '"& W!!"0"24*%1"+0(& J& 24%4+& 4(0)4+& "0/+*!%4+& 2)$$(& %44"3"4H& 6+24(& "0& (22(*(& '%$$Gk*#%0"2!+& '"&
Y"#"$%01%&"0&(2(5)1"+0(&'("&5+!6"4"&%$$+&24(22+&%22(#0%4"A&
&
N""(/("K&'(&A(0%*0#&%&Z/($.11!&
&
K(&%44"3"4H&'"&*"5(*5%&(&23"$)66+&2+0+&'(!%0'%4(&%$$(&24*)44)*(&'($$%&L%6+#*)66+=&$(&?)%$"&6*+33('+0+&%&5)*%*(&
"$& *"00+3+& (& $G"!6$(!(04%1"+0(& '($$(& '"3(*2(& 6*+5(')*(& "0/+*!%4"5B(=& %$& /"0(& '"& %'(#)%*$(& %$$(& !+'"/"5B(&
0+*!%4"3(&"04(*3(0)4(&('&%$$(&0+3"4H&*"#)%*'%04"&"&6*+'+44"V2(*3"1"&+//(*4"&%$$%&5$"(04($%A&
&&
&
5F&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
&
!"!#$%&'(()*##%+,(%'&
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
&
!"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
!"#$%!&'(!' #$%#'(!')*+$,&''+' &"-#$&'#"'./0/1012/.'3'4*&5&6,+'#""7866+9:"+#' !"##$%&'()%*+!,)-'*.)%!!!
/$%#%01'! 2)! '##$%&'()%*+! 2+-! ,)-'*.)%! ! +! 2)!
.%#+$13$'!2+--'!#+$2)1'!2)!+0+$.)()%!
!
4)5*%$)!"()%*)01)6!
855*&<#-!&$+'(+"' !"#$%!&'12/.'
!
"--'! -3.+! 2)! 1311%! 73'*1%! 8)*! 73)! +&)2+*()'1%9! 0)! 0%11%#%*+! '--:'##$%&'()%*+! 2+--:"00+;<-+'! )-! ,)-'*.)%!
2+--:+0+$.)()%!=>?@9!.%01)13)1%!2'!41'1%!/'1$);%*)'-+9!A%*1%!B.%*%;).%9!/$%0#+11%!2+--'!C+22)1)&)1D!.%;#-+00)&'9!
/$%0#+11%!2+--+!&'$)'()%*)!2+-!/'1$);%*)%!*+11%9!C+*2).%*1%!E)*'*()'$)%!+!F%1'!G*1+5$'1)&'!.%*!)!$+-'1)&)!'--+5'1)9!
)-!1311%!.%$$+2'1%!2'--'!C+-'()%*+!03--'!H+01)%*+6!!!
!
4*&5&6,#'(!'%&5+*,=*#'(+""#'5+*(!,#'(+""7+6+*%!-!&'12/.'
!
I:+0+$.)()%!=>?@!.J)32+!.%*!-'!#+$2)1'!#'$)!'!+3$%!?K6=LL6?MK9L?!.J+!)-!A%*0)5-)%!2)!';;)*)01$'()%*+!#$%#%*+!
'--:"00+;<-+'!2)!.%#$)$+!;+2)'*1+!31)-)((%!)*1+5$'-+!2+--'!C)0+$&'!41$'%$2)*'$)'!!+!#$+-)+&%9!#+$!-'!73%1'!#'$1+!2)!
#+$2)1'!.J+!$+0)23'9!#'$)!'!L6?NO6NKO9KL9!2'--+!C)0+$&+!P*2+$!A%;;%*!A%*1$%-9!.%;+!2)!0+53)1%!$)#%$1'1%Q!
R+3$%S
'
4+*(!,#'(!'+6+*%!-!&
>/?01@@0/A?B@/
P1)-)((%!2+--'!!C)0+$&'!41$'%$2)*'$)'!#+$!.%#+$13$'!#+$2)1'!2)!+0+$.)()%
?=6>KL6@LK9NM
P1)-)((%!2+--+!!C)0+$&+!P*2+$!A%;;%*!A%*1$%-!#+$!.%#+$13$'!73%1'!$+0)23'-+!#+$2)1'!2)!+0+$.)()%
L6?NO6NKO9KL
!
TTT!
!
4+! -+! 0322+11+! #$%#%01+! %11+$$'**%! -:'##$%&'()%*+! 2+--:"00+;<-+'9! )-! #'1$);%*)%! *+11%! 2)! ,'*.'! 2)! U$+*1%! +!
,%-('*%!46#6"6!$)03-1+$D!.%;+!)*2).'1%!*+--'!1'<+--'!0%11%!$)#%$1'1'6!
!
4#,*!9&$!&'$+,,&
!"#$%!&'12/.
R3*)1D!2)!+3$%S
D#5!,#"+
C#*!#-!&$+'5+*'
%&5+*,=*#'(+""#'5+*(!,#'
+'*!6+*<+'(&5&'"#'
(!'+6+*%!-!& %&5+*,=*#'(+""#'5+*(!,#'
(!'+6+*%!-!&
A'#)1'-+
!"#$%&'#%"
()*+,)*-./
!
()*+,)*-./
)&,#"+'%#5!,#"+
@A0E/A0;2F
>'
@A0E/A0;2F
4%& $'##$+(()!2)!+;)00)%*+
LV6L>?6N>?
C)0+$& +
@O6=?V6N>L
W?K6=LL6?MO
=>6OVK6MVK
!!!!!2)!.3)Q!C)0+$&'!I+5'-+
?=6?>O6K?@
W!
?=6?>O6K?@
W@6MM?6?K>
W!
W@6MM?6?K>
)&,#"+'*!6+*<+
/2201@A011;
>/?01@@0/AE
?/0EEE02@E
)G)8HI
/@@0/?20E.1
>/?01@@0/AE
/F;0E/F0;;.
C)0+$& +!2'!& '-31'()%*+
!
!
U$+*1%9!?O!;'$(%!=>?V!
!
'
'
'
'
'
'
'
'
'
LV6L>?6N>?
'
J"'D&$6!K"!&'(!'#99!$!6,*#-!&$+''
'
;/'
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
!"#$%&&'()"*&+,'-'(
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
!"
#$%&'($)"*$"#&'(&"*$"+,-'.)"-"#)%/&')"&%"!01021230! 4""5,)67-..$"()'.&8$%$
.&+&"( +&!'/"*'+-%(
(
0'*(1*'&2(3'(%1!"4
:)($"*-%%;&..$<)
!01021230!
!010212302"=0>
567
8+##+(%(3'#$"*','-'&2(-'91'3%
:57:;67:<5
:57=:>755;
?;5<7>=5
?6@>
;67
A&&'B '&2(C'*+*D'+!'%(3%&%*1&%($%!(-+(*%E"D'+D'"*%
5;7:;F7>;G
5>7GH=76GF
?=7<5<7:<G
?:5@:
:67
A&&'B '&2(C'*+*D'+!'%(B+-1&+&%(+-(C+'!(B +-1%
;<7;HH
5G765F
>7;;<
:F@6
H67
A&&'B '&2(C'*+*D'+!'%(3'#$"*','-'($%!(-+(B %*3'&+
;H75=<7:G5
;<7=FG7FFH
?;7H::7HG:
?G@;
?(
?(
?(
?
=67( A&&'B '&2(C'*+*D'+!'%(3%&%*1&%(#'*"(+--+(#)+3%*D+
<&,$&/$)'$
&66)%?.-
@
<67
8!%3'&'(B %!#"(,+*)I%
<;7>H67;>;
G675FF7H<:
?;>7HHF75G5
?:6@H
>67
8!%3'&'(B %!#"()-'%*&%-+
;75G67>5576F=
;7=>>7><F76H6
?:F>76=<7G==
?5=@6
F67
J%!'B+&'(3'()"$%!&1!+
G7H;67H<=
557:G675FF
?57G<G7>;:
?5>@:
G67
A3%E1+/%*&"(3'(B+-"!%(3%--%(+&&'B '&2(C'*+*D'+!'%("EE%&&"(
3'()"$%!&1!+(E%*%!')+(0KL?4
?(
?(
?(
?
:>7=H>
>;7H;=
?:H7F>F
?HF@;
;67H<=7H;;
;67G=:7<66
?HFF75>F
?;@:
=7;F<7=:<
=7;F<7=:<
?(
?
./012/.32
./012/.32
&
&
:>7>5575F5
;F7>><7>:=
F7G:H7HH<
:5@6
6/217/899
7/310/766
&9/273/722
&91:9
38/800/968
97/373/6.1
98/201/=90
.=:1
& !" #$" ,5'>?-5)';"@" "+ #5*!"," !A")<->,' BC/ +/ 09=D08994
02/660/=31
93/2=9/17.
93/938/.=3
72:3
5H67 A&&'B '&2(*"*()"!!%*&'(%(E!1$$'(3'((+&&'B '&2('*(B'+(3'(3'#/'##'"*%
:H7F>F
?(
:H7F>F
?
5F7>;>766H
;67<<67>=6
?57G::7>H<
?G@H
219021ABB100C
21D!010D 1D9A
E90D12201 !9
E09FD
5667
+!&%)'$+D'"*'
5567 A&&'B '&2(/+&%!'+-'
5;67 A&&'B '&2('//+&%!'+-'
!" #$"%
& '(("')*+,5:67 A&&'B '&2(C'#)+-'
'4 #-55*+,"
;4 '+,"#"<',*
5=67 A-&!%(+&&'B '&2
+).&%-"*-%%;&..$<)
(1) I valo ri so no stati rideterminati in seguito all’ ado zio ne del principio co ntabile IA S 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite attuariali relativi ai fo ndi
a prestazio ne definita, co me meglio precisato nella Sezio ne 1delle P o liche co ntabili.
"
9"
#$%&'($)"*$"#&'(&"*$"+,-'.)"-"#)%/&')"&%"!01021230! 4""5,)67-..$"()'.&8$%$
(
(
0'*(1*'&2(3'(%1!"4
<&,$&/$)'$
&66)%?.@
!01021230!
!010212302"=0>
567 J%,'&'(B%!#"(,+*)I%
G<:7>;67FGG
57:6;7G6<7F=F
?::G75F=7G=G
?;<@6
;67 J%,'&'(B%!#"()-'%*&%-+
575<=7:=G7;G<
575FG7G==7<5F
?;H7=G<7:;;
?;@5
:67 N'&"-'('*()'!)"-+D'"*%
H67G5<7F6:
=F7>=G75F<
?5>7FH;7:F:
?:6@H
H67
+##'B'&2(C'*+*D'+!'%(3'(*%E"D'+D'"*%
5;7:G>7>55
5>7F<H7=;G
?=7H<<7F5F
?:6@<
=67
+##'B'&2(C'*+*D'+!'%(B +-1&+&%(+-(C+'!(B+-1%
?(
?(
?(
?(
G7;<=7H=;
5=7:=>7;F6
?<76G57F;F
?:G@>
:7H<=765;
<7>5;7FG=
?:7;H>7FF:
?HF@H
;667=H<
5>F7>55
;57F:=
5;@;
'4 #-55*+,"
1/999
30/1.1
&0=/6=6
&6.:3
;4 !"??*5",*
970/=3.
9=./1.3
=2/.10
39:7
?(
?(
?(
?(
=<76FF75<F
=>7<=57>>H
?57=<:7<6<
?;@>
5567 N!+&&+/%*&"(3'(C'*%(!+$$"!&"(3%-($%!#"*+-%
F76<G7G;H
F7:G<75>=
?:;<7;=5
?:@G
5;67 O "*3'($%!(!'#)I'(%3("*%!'
=7=<>7=:;
567;5=7==G
?H7<HF76;>
?H=@=
=.8/888
367/888
69/888
91:6
./996/.30
7/132/..7
&=/697/806
&=1:8
?:7==575F6
?<7=H67HFF
?;7GFG7:6F
?H=@>
5H67 AD'"*'(!'/,"!#+,'-'
?(
?(
?(
?(
5=67 .&!1/%*&'(3'()+$'&+-%
?(
?(
?(
?(
5<67 P'#%!B%
:G7;5H7>6<
H6756=7==5
?FG67FH=
?;@;
5>67 ."B !+$$!%DD'(3'(%/'##'"*%
<H7<657>65
<H7<657>65
?(
?(
5F67 8+$'&+-%(
<=7G5=7>6H
<=7G5=7>6H
?(
?(
?(
?(
?(
?(
?5F7;<<75=G
?FG:7;6H
219021ABB100C
21D!010D 1D9A
:)($"*-%"7&66$<)"-"*-%"7&.,$H)'$)"'-..)
<67 J%!'B+&'(3'()"$%!&1!+
>67 A3%E1+/%*&"(3'(B+-"!%(3%--%($+##'B '&2((C'*+*D'+!'%
"EE%&&"(3'()"$%!&1!+(E%*%!')+(0KL?4
F67
G67
+##'B'&2(C'#)+-'
+##'B'&2(+##")'+&%(+3(+&&'B'&2('*(B'+(3'(3'#/'##'"*%
5667 A-&!%($+##'B'&2(
'4 E$"*>#*+F' * -;;@"GH" >")"@"
;4 '@,5" ?-+!"
5:67 P'#%!B%(3+(B +-1&+D'"*%(
5G67 AD'"*'($!"$!'%(0?4
;667 Q&'-%(0$%!3'&+4(3R%#%!)'D'"
+).&%-"*-%"7&66$<)"-"*-%"7&.,$H)'$)"'-..)
5>7:>;7G== (
E90D12201 !9
E09FD
(1) I valo ri so no stati rideterminati in seguito all’ ado zio ne del principio co ntabile IA S 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite attuariali relativi ai fo ndi
a prestazio ne definita, co me meglio precisato nella Sezio ne 1delle P o liche co ntabili.
"
C"
#$%&'($)"*$"#&'(&"*$"+,-'.)"-"#)%/&')"&%"!01021230! 4""5,)67-..$"()'.&8$%$
8"*&"(S)"*"/')"(
(
:)($"
>67H=G7G;=
F:7FH67;6<
?5:7:F67;F5
?5<@6
?5>7=GF7F6:
?;<7=;H7<6F
?F7G;=7F6=
?::@>
T*&%!%##'(+&&'B '(%($!"B %*&'(+##'/'-+&'
;67
T*&%!%##'($+##'B '(%("*%!'(+##'/'-+&'
!31
I&,J$'-"*$"$'.-,-66-
C21DB01022
C 1!0C1CAD
E919C919 B
E FD
H67
8"//'##'"*'(+&&'B %
:57=;67<>;
;<7G;;7::=
H7=GF7::>
5>@5
=67
8"//'##'"*'($+##'B %
?57F=G75==
?57G5>7H6F
B31
K)HH$66$)'$"'-..-
2A1BB01C0
2C13391A2
>67
J'B '3%*3'(%($!"B %*&'(#'/'-'
F67
P'#1-&+&"(*%&&"(3%--R+&&'B '&2(3'(*%E"D'+D'"*%(
G67
P'#1-&+&"(*%&&"(3%--R+&&'B '&2(3'()"$%!&1!+(
'4 #5*!","
;4 ',,"(",J ?"+'+F"'5"* !"><-+";"@" <*5 @' (*+!",'
?(
::7<HF
?(
>;<75:G
5=F7<<=
;5@G
?H67GG:
=:7>5G
?GH7>5; (
?56F7>;6
5=G7>=F
?;<F7H>F (
&981/110
&09=/960
&98./078
&=7:0
920
91/7=9
&91/667
&77:9
!4 <'>>"(",J ?"+'+F"'5"*
&
5:67 P%&&'C')I%LP'$!%#%(3'(B +-"!%(*%&&%($%!(3%&%!'"!+/%*&"(3'U
'4 #5*!","
;4 ',,"(",J ?"+'+F"'5"* !"><-+";"@" <*5 @' (*+!",'
#4 ',,"(",J ?"+'+F"'5"* !*,*+$,* >"+- '@@' >#'!*+F'
!4 '@,5* -<*5'F"-+" ?"+'+F"'5"*
?:@6
0DFB
::7<HF
&
0231 I&,J$'-"*$"$'.-,H-*$&/$)'-
?=F7;=:
91BCB1CA3
FFH7F6H
#4 ',,"(",J ?"+'+F"'5"* !*,*+$,* >"+- '@@' >#'!*+F'
5567 P'#1-&+&"(*%&&"(3%--%(+&&'B '&2(%($+##'B '&2(C'*+*D'+!'%(
B +-1&+&%(+-(C+'!(B +-1%
6/006
&
&
3.=/717
&3.=/717
=/.21
0/2.7
.1:0
!!1DAB
E"
D!12AD1B3C
D!12B91 3A
?=67>H<76GG
?;67==H7G>5
:675G575;F (
&.8/666/=99
&97/.67/37.
39/971/892
&=2/=30
&187/0.9
&620/197
&
&
&
&
&7=:3
&
66/6==
&922/30.
0==/827
!21CC21C3B
B21 3A1 !D
E!310C 12!2
E9DF0
?=F7;<57:F<
?<;7:G=76;F
?H75::7<H;
?<@<
'4 ><*>* <*5 "@ <*5>-+'@*
&39/312/92=
&3=/129/.=0
&3/=6./361
&98:8
;4 '@,5* ><*>* '))"+">,5',"(*
&02/16./000
&06/.33/=12
&2.1/02=
&0:=
?GHF7<FF
?576657<:=
?=;7GH>
?=@:
?57FF;76==
?57F<;7H5G
5G7<:<
5@5
?(
?(
?(
?(
0931 L$6?%.&.)"'-..)"*-%%&"J-6.$)'-"M$'&'/$&,$&
5=67 .$%#%(+//'*'#&!+&'B %U
5<67 A))+*&"*+/%*&'(*%&&'(+'(C"*3'($%!(!'#)I'(%("*%!'
5>67 P%&&'C')I%LP'$!%#%(3'(B +-"!%(*%&&%(#1(+&&'B '&2(/+&%!'+-'
5F67 P%&&'C')I%LP'$!%#%(3'(B +-"!%(*%&&%(#1(+&&'B '&2('//+&%!'+-'
5G67 A-&!'("*%!'L$!"B %*&'(3'(E%#&'"*%
;7><<7HFH
;7H<G7;::
;G>7;=5
5;@6
ECD1!2C1B9C
EB21 DA1D9A
E919B91239
E F0
;567 Q&'-'(0 %!3'&%4(3%--%($+!&%)'$+D'"*'(
?(
?(
?(
?(
;;67 P'#1-&+&"(*%&&"(3%--+(B +-1&+D'"*%(+-(C+'!(B +-1%(3%--%(
+&&'B '&2(/+&%!'+-'(%('//+&%!'+-'
?(
?(
?(
?(
;:67 P%&&'C')I%(3'(B +-"!%(3%--R+B B '+/%*&"
?(
?(
?(
?(
55>7GF6
;H57HG;
?5;:7=5;
?=5@5
E2C1BCC10CA
0B01!D0
E2C1D0B1C93 "
>7:FG7666
?576=H7=F=
F7HH:7=F= (
E0D12BB10CA
EDA!1239
0 1! 21ACC "
2331 K)6.$")7-,&.$<$
;H67 Q&'-'(0 %!3'&%4(3+()%##'"*%(3'('*B %#&'/%*&'
2C31 N.$%-"=5-,*$.&>"*-%%&")7-,&.$<$.O"(),,-'.-"
&%"%),*)"*-%%-"$H7)6.-"
;<67 T/$"#&%(#1-(!%33'&"(3%--R%#%!)'D'"(3%--V"$%!+&'B '&2(
)"!!%*&%
2 31 N.$%-"=5-,*$.&>"*-%%&")7-,&.$<$.O"(),,-'.-"
&%"'-..)"*-%%-"$H7)6.-"
;F67 Q&'-%(0 %!3'&+4(3%'(E!1$$'(3'(+&&'B '&2('*(B '+(3'(
3'#/'##'"*%(+-(*%&&"(3%--%('/$"#&%
2A31 N.$%-P"=7-,*$.&>"*;-6-,($/$)"
"
2302
567
5667 Q&'-%L$%!3'&+(3+()%##'"*%("(!'+)91'#&"(3'U
B"
0'*(1*'&2(3'(%1!"4
<&,$&/$)'$
&66)%?.@
230!
?(
?(
E0D12BB10CA
EDA!1239
?(
0 1! 21ACC "
?(
#$%&'($)"*$"#&'(&"*$"+,-'.)"-"#)%/&')"&%"!01021230! 4""5,)67-..$"()'.&8$%$
!"#$%&&"(3%--+(!%33'&'B'&2()"/$-%##'B+(
(
:)($
0'*(1*'&2(3'(%1!"4
<&,$&/$)'$
2302"=0>
230!
&66)%?.567 Q& '-%(0 %!3'& +4(3R%#%!)'D'"
? 5F7;<<75=G
? FG:7;6H
@
5>7:>;7G==
A -&!%()"/$"*%*& '(!%33'& 1+-'(+-(*%& & "(3%--%('/$"#& %(#%*D+(!'E'!"(+()"*& "(%)"*"/')"
;67 A&&'B'&2(/+&%!'+-'
(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
:67 A&&'B'&2('//+&%!'+-'
(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
H67 Q&'-'(0 %!3'&%4(+&&1+!'+-'(#1($'+*'(+(,%*%C')'(3%C'*'&'
=67 A&&'B'&2(*"*()"!!%*&'('*(B'+(3'(3'#/'##'"*%
?:<7=F>(
?<>57GH<
?<:=7:=G
(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
<67 W1"&+(3%--%(!'#%!B%(3+(B+-1&+D'"*%(3%--%($+!&%)'$+D'"*'(B+-1&+&%(+($+&!'/"*'"(*%&&"(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
EA9FB
A -&!%()"/$"*%*& '(!%33'& 1+-'(+-(*%& & "(3%--%('/$"#& %()"*(!'E'!"(+()"*& "(%)"*"/')"
>67 8"$%!&1!+(3'('*B%#&'/%*&'(%#&%!'
(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
F67 J'CC%!%*D%(3'()+/,'"
(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
G67 8"$%!&1!+(3%'(C-1##'(C'*+*D'+!'
5667 A&&'B'&2(C'*+*D'+!'%(3'#$"*','-'($%!(-+(B%*3'&+
5567 A&&'B'&2(*"*()"!!%*&'('*(B'+(3'(3'#/'##'"*%
;75;67>5<
?;765:75=6
H75::7F<>
G6=75>G
?575=;7=6;
;76=>7<F5
(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
5;67 W1"&+(3%--%(!'#%!B%(3+(B+-1&+D'"*%(3%--%($+!&%)'$+D'"*'(B+-1&+&%(+($+&!'/"*'"(*%&&"(((((((((((((((((((((((((((((((((((((((?
(((((((((((((((((((((((((((((((((((((((?
((((((((((((((((((((((((((((?
5:67 N "& +-%(+-& !%()"/$"*%*& '(!%33'& 1+-'(+-(*%& & "(3%--%('/$"#& %
;7GFG7:6F
? :7F:>7=GG
<7F;<7G6>
0931 L-**$.$<$.O"()H7%-66$<&"=:)(-"03Q0!3>
E0C12 B1DC0
E91 !31D3!
031C9B139D
(1) I valori so no stati rideterminati in seguito all’ado zio ne del principio co ntabile IAS 19 “ revised” relativo al criterio di rilevazio ne degli utili e perdite attuariali relativi ai fo ndi a prestazione definita, co me meglio
precisato nella Sezione 1delle Poliche contabili.
"
"
#$%&'($)"*$"#&'(&"*$"+,-'.)"-"#)%/&')"&%"!01021230! 4""5,)67-..$"()'.&8$%$
!"#$%&&"(3%--%(B+!'+D'"*'(3%-($+&!'/"*'"(*%&&"(
(
(
(in unità di euro)
!0"*$(-H8,-"230!
""""""""""K&7$.&%-S
T)<,&77,-//$"
&/$)'$" &%.,-" *$"-H$66$)'),*$'&,$- &/$)'$
S.T.N SXY S(A Z(5757;65:
<=7G5=7>6H
""""""L$6-,<-S
*$"?.$%$ &%.,-
<H7<657>65 H6756=7==5
(( (?
R*$67)'$8$%$"
7-,""%&"
<-'*$.&
L$6-,<-"*&"<&%?.&/$)'-S
()7-,.?,&"
%-JJ$"
M%?66$" 67-($&%$"*$"
M$'&'/$&,$ ,$<&%?.&/1
=;F7<;5 ?=7G>>7:6>(
;6H7;<F
T.,?H-'.$" U/$)'$" N.$%-"=5-,*$.&>"
5&.,$H)'$)"
?.$%$P7-,*$.-" *$"(&7$.&%- 7,)7,$*$"7-,$)*)"
'-..)"
&..?&,$&%$"6?$"
M)'*$"7-,"
7-,6)'&%-"=0>
?57;G<76>6( (((((((((( (? (((((( (?
?FG:7;6H( 5<:75FG7;<=
AZZ[8AYT[XS(PT.QZNAN[(S.SP8TYT[(
PS8SJSXNS
P'#%!B%
FG:7;6H (((((((((((((((( (?
?FG:7;6H(
J'B'3%*3'(%(+-&!%(3%#&'*+D'"*'
\APTAYT[XT(JSZZRS.SP8TYT[
((((((((((((( (?
\+!'+D'"*'(3'(!'#%!B%
((((((((((( (?
;7:=G
;7:=G
[$%!+D'"*'(#1-($+&!'/"*'"(*%&&"
(
(((((((((((((((( (?
S/'##'"*%(*1"B%(+D'"*'
A)91'#&"(+D'"*'($!"$!'%
J'#&!',1D'"*%(#&!+"!3'*+!'+(3'B'3%*3'
\+!'+D'"*%(#&!1/%*&'(3'()+$'&+-%
J%!'B+&'(#1($!"$!'%(+D'"*'(
.&")](("$&'"*
P%33'&'B'&2()"/$-%##'B+(%#%!)'D'"(;65:
A N PT^[XT[(XSN N [(A Z(:575;7;65:
G6=75>G
<=7G5=7>6H
<H7<657>65 :G7;5H7>6<
(( (?
;75;67>5<
57H::7F66 ?:7F=<7=G5(
;6H7;<F
?:<7=F>(
?57::;7<=>( (((((((((( (?
(((((( (?
?5F7;<<75=G( ?5=7;><7F=5(
?5F7;<<75=G( 5H>7G5H7>>:
(1) I valori sono stati rideterminati in seguito all’adozione del principio contabile IAS 19 “ revised” relativo al criterio di rilevazione degli utili e perdite attuariali relativi ai fondi a prestazione definita, come meglio precisato nella Sezione 1delle P oliche contabili.
(
"
D"
#$%&'($)"*$"#&'(&"*$"+,-'.)"-"#)%/&')"&%"!01021230! 4""5,)67-..$"()'.&8$%$
(
(
(
""""""""""K&7$.&%-S
T)<,&77,-//$"
&/$)'$" &%.,-" *$"-H$66$)'),*$'&,$- &/$)'$
S.T.N SXY S(A Z(5757;65;
<=7G5=7>6H
""""""L$6-,<-S
*$"?.$%$ &%.,-
<H7<657>65 =G75=;7><F
(((
(( (?
!0"*$(-H8,-"2302
L$6-,<-"*&"<&%?.&/$)'-S
R*$67)'$8$%$" ()7-,.?,&"
%-JJ$"
7-,""%&"
M%?66$" 67-($&%$"*$"
<-'*$.&
M$'&'/$&,$ ,$<&%?.&/1
57<F575;: ?:7G<H75=<(
;6H7;<F
(in unità di euro)
T.,?H-'.$" U/$)'$" N.$%-"=5-,*$.&>"
5&.,$H)'$)"
?.$%$P7-,*$.-" *$"(&7$.&%- 7,)7,$*$"7-,$)*)"
'-..)"
&..?&,$&%$"6?$"
M)'*$"7-,"
7-,6)'&%-"=0>
?<;H75;H(
?5F7FHG7HG:( 5<F755>7>G;
AZZ[8AYT[XS(PT.QZNAN[(S.SP8TYT[(
PS8SJSXNS
P'#%!B%
(((((((((((((((( (?
5F7FHG7HG: (((((((((((((((((
?5F7FHG7HG:(
J'B'3%*3'(%(+-&!%(3%#&'*+D'"*'
\APTAYT[XT(JSZZRS.SP8TYT[
((((((((((((((
((((((((((((( (?
\+!'+D'"*'(3'(!'#%!B%
((((((((((((
((((((((((( ?(
?5G>7>;H(
?5G>7>;H(
[$%!+D'"*'(#1-($+&!'/"*'"(*%&&"
(
S/'##'"*%(*1"B%(+D'"*'
A)91'#&"(+D'"*'($!"$!'%
J'#&!',1D'"*%(#&!+"!3'*+!'+(3'B'3%*3'
\+!'+D'"*%(#&!1/%*&'(3'()+$'&+-%
J%!'B+&'(#1($!"$!'%(+D'"*'(
.&")](("$&'"*
P%33'&'B'&2()"/$-%##'B+(%#%!)'D'"(;65;
A N PT^[XT[(XSN N [(A Z(:575;7;65;
?575=;7=6;
<=7G5=7>6H
<H7<657>65 H6756=7==5
(((
(( (?
?;765:75=6
=;F7<;5 ?=7G>>7:6>(
;6H7;<F
?<>57GH<(
?57;G<76>6(
?FG:7;6H( ?H7>:67F6:(
?FG:7;6H( 5<:75FG7;<=
(1) I valori sono stati rideterminati in seguito all’adozione del principio contabile IAS 19 “ revised” relativo al criterio di rilevazione degli utili e perdite attuariali relativi ai fondi a prestazione definita, come meglio precisato nella Sezione 1delle Poliche contabili.
(
"
A"
#$%&'($)"*$"#&'(&"*$"+,-'.)"-"#)%/&')"&%"!01021230! 4""5,)67-..$"()'.&8$%$
P%*3')"*&"(O'*+*D'+!'"((
(
(impo rti in euro )
!01021230!
A 7 ( ( A N N T\ TN A R ( [ SPA N T\ A
57 ( _ %#& '"*%
?(!'#1-&+&"(3V%#%!)'D'"(0KL?4
?($-1#L/'*1#B +-%*D%(#1(+&&'B '&2(C'*+*D'+!'%(3%&%*1&%($%!(-+(*%E"D'+D'"*%(%(
((#1(+&&'B '&2L$+##'B '&2(B +-1&+&%(+-(C+'!(B +-1%(0?LK4
?($-1#L/'*1#B +-%*D%(#1(+&&'B '&2(3'()"$%!&1!+(0?LK4
?(!%&&'C')I%L!'$!%#%(3'(B +-"!%(*%&&%($%!(3%&%!'"!+/%*&"(0KL?4
?(!%&&'C')I%L!'$!%#%(3'(B +-"!%(*%&&%(#1('//",'-'DD+D'"*'(/+&%!'+-'(%('//+&%!'+-'(0KL?4
?(+))+*&"*+/%*&'(*%&&'(+(C"*3'(!'#)I'(%3("*%!'(%3(+-&!'()"#&'L!')+B '(0KL?4
?('/$"#&%(%(&+##%(*"*(-'91'3+&%(0K4
?(!%&&'C')I%L!'$!%#%(3'(B +-"!%(*%&&%(3%'(E!1$$'(3'(+&&'B '&2('*(B '+(3'(3'#/'##'"*%(+-(*%&&"
((3%--V%CC%&&"(C'#)+-%(0?LK4
?(+-&!'(+EE'1#&+/%*&'(0KL?4
;7 ( Z '91'3'& 2 ( E%*%!+& +L+##"!,'& +( 3+--%( +& & 'B '& 2 ( C '*+*D '+!'%
?(+&&'B '&2(C'*+*D'+!'%(3%&%*1&%($%!(-+(*%E"D'+D'"*%(
?(+&&'B '&2(C'*+*D'+!'%(B +-1&+&%(+-(C+'!(B +-1%
?(+&&'B '&2(C'*+*D'+!'%(3'#$"*','-'($%!(-+(B %*3'&+
?()!%3'&'(B %!#"(,+*)I%U(+(B '#&+
?()!%3'&'(B %!#"(,+*)I%U(+-&!'()!%3'&'
?()!%3'&'(B %!#"()-'%*&%-+
?(+-&!%(+&&'B '&2
:7 ( Z '91'3'& 2 ( E%*%!+& +L+##"!,'& +( 3+--%( $+##'B '& 2 ( C '*+*D '+!'%
?(3%,'&'(B %!#"(,+*)I%U(+(B '#&+
?(3%,'&'(B %!#"(,+*)I%U(+-&!'(3%,'&'(
?(3%,'&'(B %!#"()-'%*&%-+
?(&'&"-'('*()'!)"-+D'"*%
?($+##'B '&2(C'*+*D'+!'%(3'(*%E"D'+D'"*%
?($+##'B '&2(C'*+*D'+!'%(B +-1&+&%(+-(C+'!(B +-1%
?(+-&!%($+##'B '&2(
V$W?$*$.O"'-..&"J-'-,&.&P&66),8$.&"*&%%X&..$<$.O")7-,&.$<&
`7( ( A N N T\ TN a(JT( TX\ S.N T^ SXN [ (
57 ( Z '91'3'& 2 ( E%*%!+& +(3+
?(B %*3'&%(3'($+!&%)'$+D'"*'
?(3'B '3%*3'('*)+##+&'(#1($+!&%)'$+D'"*'(
?(B %*3'&%(3'(+&&'B '&2(C'*+*D'+!'%(3%&%*1&%(#'*"(+--+(#)+3%*D+
?(B %*3'&%(3'(+&&'B '&2(/+&%!'+-'
?(B %*3'&%(3'(+&&'B '&2('//+&%!'+-'
?(B %*3'&%(3'(#")'%&2()"*&!"--+&%(%(3'(!+/'(3V+D'%*3+(
;7 ( Z '91'3'& 2 ( +##"!,'& +( 3+
?(+)91'#&'(3'($+!&%)'$+D'"*'
?(+)91'#&'(3'(+&&'B '&2(C'*+*D'+!'%(3%&%*1&%(#'*"(+--+(#)+3%*D+
?(+)91'#&'(3'(+&&'B '&2(/+&%!'+-'
?(+)91'#&'(3'(+&&'B '&2('//+&%!'+-'
?(+)91'#&'(3'(#")'%&2()"*&!"--+&%(%(3'(!+/'(3V+D'%*3+
V$W?$*$.O"'-..&"J-'-,&.&P&66),8$.&"*&%%X&..$<$.O"*X$'<-6.$H-'.)"
87( ( A N N T\ TN a(JT( P[ \ \ T.N A
(((((?(%/'##'"*'L+)91'#&'(3'(+D'"*'($!"$!'%(
(((((?(+1/%*&'(3'()+$'&+-%(054
(((((?(3'#&!',1D'"*%(3'B '3%*3'(%(+-&!%(C'*+-'&2(0;4
5<57 GHG
?(
:57GHG
?(
5:67666
?(
?(
? 57 H6=7 FG>
?(
?(
?57H6=7FG>
?(
?(
E0129!1A9D
A133913A9
;H57 HG;
?(
?(
?(
;H57HG;
?(
?(
? 57 6FG7 H><
?(
?(
?576FG7H><
?(
?(
ED9 1AD9
?(
;7;><
?;667666
V$W?$*$.O"'-..&"J-'-,&.&P&66),8$.&"*&%%X&..$<$.O"*$"7,)<<$6.&"
21!CA
E0A 1 29
VYZNY[Y +\"]^++U"_^]^LU+UPUTT`L#Y+U"]^VVX^T^LKY aY `"
E20B1 C0
1ACD1!DB
PT8[ X8TZ TA Y T[ XS
\ ") '( 3'( ,'-+*) '"(
8+##+(%(3'#$"*','-'&2(-'91'3%(+--V'*'D'"(3%--V%#%!)'D'"(
Z'91'3'&2(&"&+-%(*%&&+(E%*%!+&+L+##"!,'&+(*%--V%#%!)'D'"
8+##+(%(3'#$"*','-'&2(-'91'3%U(%CC%&&"(3%--+(B +!'+D'"*%(3%'()+/,'
:57=:>755;
?;5<7>=5
?(
;:7=>F7>;<
>7G=F7:F<
?(
K&66&"-"*$67)'$8$%$.O"%$W?$*-"&%%&"(b$?6?,&"*-%%X-6-,($/$)
!01!231!B0
!01C! 1002
(2) A ssegnazione al F.do per Erogazioni a f avore di opere a carat t ere sociale e cult urale
"
013291D!D
;G7 ==57 5>:
?FG:7;6H
?(
?=H7;=:
?=:7>5G
;;75>=7=6:
57F<;7H5G
:7G5<7<6;
:7<<G7<H<
?(
?(
?576>57F;5
=;7 5<<7 5<G
?<GG7>6>
?5G765F
?576;<7H<5
?<;765>7666
5F7H6;7;66
=;7H5G75;<
H=756>76;G
? >;7 >5:7 ;HF
?55>7F><7666
?:57>:G7:66
G;7<>67FG;
?<>G7FGH
575H>7;5F
?(
?5<7;:<75<H
?(
;7:=G
?(
(1) Dividendi prescritt i
D3"
H67 HF67 GHH
?5F7;<<75=G
?(
>G:7:>=
H67GG:
=57=5;7<=<
57FF;76==
;76F;7F=G
H75==766F
?(
?(
?57>5G7FH:
:<;7 G;67 =6>
<7=657<;F
?>7;;<
:7;G;7H6;
;>7F667666
?:=57F6G
::=7H6H756=
?G7>5F7=G:
? H6;7 :><7 <5:
<7<F57666
?:H=7F<<7G=G
?;H7=G<7:;;
?5>7FH;7:F:
?=7H<<7F5F
?(
?5=7;F=75:5
!010212302
!"#$%!&'("!$)"#
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
"
!"
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'!
!" !"#$#%&'(%!)$*+#"#'
*,$'(-(.( !"#$#%&'(%!)$*+#"#(
(
80/':'78;)<'=<4<;8><'
'
'
?+-!&$+'/'3'@!%A!#*#-!&$+'(!'%&$B&*C!,D'#!'E*!$%!E!'%&$,#F!"!'!$,+*$#-!&$#"!'
'
/"( +#"*)%#!( 0'""*( 1*)%*2( #)( *33"#%*4#!)'( 0'"( 56( 7896( :;( <'++,*#!( :==>( )6( ?;2( @( ,'0*$$!( 9'%!)0!( #( 3,#)%#3#(
%!)$*+#"#( /-AB/CDA( 'E*)*$#( 0*""F/)$',)*$#!)*"( -%%!G)$#)8( A$*)0*,09( 1!*,0( H/-A1I( '( "'( ,'"*$#J'( #)$',3,'$*4#!)#(
0'""F/)$',)*$#!)*"( C#)*)%#*"( D'3!,$#)8( /)$',3,'$*$#!)9( K!EE#$$''( H/CD/KI( '0( !E!"!8*$#( 0*""*( K!EE#99#!)'(
LG,!3'*2(%!E'(9$*+#"#$!(0*"(D'8!"*E')$!(K!EG)#$*,#!()6(MN=N(0'"(MO("G8"#!(:==:6((
/"( +#"*)%#!( *"( ?M(0#%'E+,'( :=M?( @( 9$*$!( 3,'0#93!9$!( 9G""*( +*9'( 0'""'( P/9$,G4#!)#( 3',( "*( ,'0*4#!)'( 0'"( +#"*)%#!(
0'""F#E3,'9*('(0'"(+#"*)%#!(%!)9!"#0*$!(0'""'(+*)%&'('(0'""'(9!%#'$Q(<#)*)4#*,#'(%*3!8,G33!(0#(8,G33#(+*)%*,#R(
'E*)*$'( 0*""*( 1*)%*( 0F/$*"#*2( )'""F'9',%#4#!( 0'#( 3!$',#( 9$*+#"#$#( 0*""F*,$6( O( 0'"( 56( 7896( )6(?;B:==>2( %!)( #"(
,!JJ'0#E')$!( 0'"( ::( 0#%'E+,'( :==>( %!)( %G#( @( 9$*$*( 'E*)*$*( "*( K#,%!"*,'( )6( :N:B=>2( %!)( #( 9G%%'99#J#(
*88#!,)*E')$#(0'"(M;()!J'E+,'(:==O('(0'"(:M(8'))*#!(:=MS6(
TG'9$'(/9$,G4#!)#(9$*+#"#9%!)!(#)(E!0!(J#)%!"*)$'(8"#(9%&'E#(0#(+#"*)%#!('("'(,'"*$#J'(E!0*"#$Q(0#(%!E3#"*4#!)'2(
)!)%&U(#"(%!)$')G$!(0'""*(V!$*(/)$'8,*$#J*6((
V'""*(3,'0#93!9#4#!)'(0'"(+#"*)%#!(9!)!(9$*$#(*33"#%*$#(#(3,#)%#3#(/-AB/CDA(!E!"!8*$#('0(#)(J#8!,'(*"(?M(0#%'E+,'(
:=M?( H#)%"G9#( #( 0!%GE')$#( #)$',3,'$*$#J#( 0')!E#)*$#( A/K( '( /CD/KI( #"( %G#( '"')%!( @( ,#3!,$*$!( $,*( 8"#( *""'8*$#( 0'"(
3,'9')$'(+#"*)%#!6((
V'""*( $*+'""*( %&'( 9'8G'( 9!)!( ,#3!,$*$#( #( )G!J#( 3,#)%#3#( %!)$*+#"#( #)$',)*4#!)*"#( !( "'( E!0#<#%&'( 0#( 3,#)%#3#(
%!)$*+#"#(8#Q(#)(J#8!,'2(%!)(#(,'"*$#J#(,'8!"*E')$#(0#(!E!"!8*4#!)'(0*(3*,$'(0'""*(K!EE#99#!)'(LG,!3'*2(')$,*$#(
#)(J#8!,'()'""F'9',%#4#!(:=M?6(
(
7*!$%!E!'%&$,#F!"!'!$,+*$#-!&$#"!'!$'6!5&*+'(#"'12/.'
Regolamento
omologazione
Titolo
475/2012
Modific a dello IAS 1 Presentazione del bilanc io —Esposizione nel bilanc io delle voc i delle altre c omponenti di
c onto ec onomic o c omplessivo
Modific a dello IAS 19 Benefic i per i dipendenti
1255/2012
Modific a dell'IFRS 1 Prima adozione degli International Financ ial Reporting Standard - Grave iperinflazione ed
eliminazione di date fissate per neo- utilizzatori
Modific a dello IAS 12 Imposte sul reddito - Fisc alità differita: rec upero delle attività sottostanti
IFRS 13 Valutazione del fair value
Interpretazione IFRIC n. 20 Costi di sbanc amento nella fase di produzione di una miniera a c ielo aperto
1256/2012
Modific he all'IFRS 7 Strumenti finanziari: Informazioni integrative —Compensazione di attività e passività
finanziarie
Modific he allo IAS 32 Strumenti finanziari: Esposizione in bilanc io —Compensazione di attività e passività
finanziarie (*)
183/2013
Modific he all'IFRS 1 Prima adozione degli International Financ ial Reporting Standard - Finanziamenti pubblic i
301/2013
Modific a
Modific a
Modific a
Modific a
Modific a
all'IFRS
allo IAS
allo IAS
allo IAS
allo IAS
1 Prima adozione degli International Financ ial Reporting Standard
1 Presentazione del bilanc io
16 Immobili, impianti e mac c hinari
32 Strumenti finanziari: Esposizione nel bilanc io
34 Bilanc i intermedi
(*) Le soc ietà applic ano le modific he allo IAS 32 dal primo eserc izio c on inizio in data 01/01/2014 o suc c essiva
(
(
5*$*( "*( ,#"'J*)4*( 0'""'( )!J#$Q( )!,E*$#J'2( 9#( *%%'))*( +,'J'E')$'( *#( %!)$')G$#( 0#( *"%G)#( $,*( #( D'8!"*E')$#(
#)0#%*$#()'""*($*+'""*6(
K!)( #"( D'8!"*E')$!( )6( SW>B:=M:( "*( K!EE#99#!)'( LG,!3'*( &*( !E!"!8*$!( "'( ( E!0#<#%&'( *""!( /-A( MX(
,'9')$*4#!)'( 0'"( 1#"*)%#!( <#)*"#44*$'( *0( *GE')$*,'( "*( %&#*,'44*( '93!9#$#J*( 0'"( ,!93'$$!( 0'""*( ,'00#$#J#$Q(
%!E3"'99#J*6( -( ,#8G*,0!( J#')'( ,#%&#'9$*( G)*( 9'3*,*$*( 'J#0')4*( 0'""'( %!E3!)')$#( %&'( )!)( 9*,*))!( #)( <G$G,!(
!88'$$!( 0#( ,#8#,!( *( %!)$!( '%!)!E#%!( 0*( YG'""'( %&'( 3!$,*))!( '99','( 9G%%'99#J*E')$'( ,#J',9*$'( )'""FG$#"'(
H3',0#$*I( 0'""F'9',%#4#!2( *"( ,#%!,,','( 0#( 0'$',E#)*$'( %!)0#4#!)#6( /"( ,!93'$$!( 0'""*( ,'00#$#J#$Q( %!E3"'99#J*( @(
3,'9')$*$!(9G""*(+*9'(0'""'(#)0#%*4#!)#(0'""*(1*)%*(0F/$*"#*(%&'()'""F*E+#$!(0'""*(K#,%!"*,'()6(:N:B=>(9$*+#"#9%'(
#)(E!0!(J#)%!"*)$'(8"#(9%&'E#(0#(+#"*)%#!('("'(,'"*$#J'(E!0*"#$Q(0#(%!E3#"*4#!)'6(
/"(E'0'9#E!(D'8!"*E')$!(&*(!E!"!8*$!("*()G!J*(J',9#!)'(0'""!(/-A(MO(.1')'<#%#(3',(#(0#3')0')$#2(%!9Z(%!E'(
'
9.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
*33,!J*$'(0*""!(/-A1(#)(0*$*(MN(8#G8)!(:=MM2(%!)("F!+#'$$#J!(0#(<*J!,#,'("*(%!E3,')9#+#"#$Q('("*(%!E3*,*+#"#$Q(
0'#( +#"*)%#2( 9!3,*$$G$$!( %!)( ,#<',#E')$!( *#( 3#*)#( *( +')'<#%#( 0'<#)#$#6( 7*( )!J#$Q( 0#( E*88#!,( ,#"#'J!( #)$,!0!$$*(
,#8G*,0*( "F'"#E#)*4#!)'( 0'#( 0#<<',')$#( $,*$$*E')$#( %!)$*+#"#( *EE#99#+#"#( 3',( "*( ,#"'J*4#!)'( 0'#( 3#*)#( *( +')'<#%#(
0'<#)#$#( '( "*( %!)9'8G')$'( #)$,!0G4#!)'( 0#( G)( G)#%!( E'$!0!( %&'( 3,'J'0'( #"( ,#%!)!9%#E')$!( #EE'0#*$!( )'"(
3,!93'$$!(0'""*(,'00#$#J#$Q(%!E3"'99#J*(0'8"#(G$#"#B3',0#$'(*$$G*,#*"#(0',#J*)$#(0*""*(J*"G$*4#!)'(0'""F!++"#8*4#!)'6(
/)( ,'"*4#!)'( *""*( 3,'%'0')$'( #E3!9$*4#!)'( %!)$*+#"'( *0!$$*$*( 0*""*( 1*)%*2( "F'<<'$$!( 3,#)%#3*"'( %!)9#9$'(
)'""F'"#E#)*4#!)'( 0'"( PE'$!0!( 0'"( %!,,#0!#!R2( %!)( #EE'0#*$!( ,#%!)!9%#E')$!( )'"( 3,!93'$$!( 0'""*( ,'00#$#J#$Q(
%!E3"'99#J*(0'""'(E!0#<#%&'(0'"(J*"!,'(0'""'(!++"#8*4#!)#('(0'""'(*$$#J#$Q(*"(9',J#4#!(0'"(3#*)!6(
7F'"#E#)*4#!)'(0#($*"'(E'$!0!(&*(%!E3!,$*$!(G)(#E3*$$!(9G"(3*$,#E!)#!()'$$!(0'""*(+*)%*(*""*(0*$*(0#(3,#E*(
*33"#%*4#!)'( 0'"( )G!J!( 3,#)%#3#!2( #)( YG*)$!( 9!)!( 9$*$'( %!)$*+#"#44*$'( ( 3',0#$'( *$$G*,#*"#( )!)( ,#"'J*$'(
3,'%'0')$'E')$'(#)(*33"#%*4#!)'(0'"(PE'$!0!(0'"(%!,,#0!#!R6(7F#E3*$$!(%!E3"'99#J!2(*"(M[(8'))*#!(:=M?2(&*(
%!E3!,$*$!( G)*( ,#0G4#!)'( 0'""'( ,#9',J'( 0*( J*"G$*4#!)'( 0'"( 3*$,#E!)#!( )'$$!( 3',( M6:ON( E#8"#*#*( *"( )'$$!(
0'""F'<<'$$!(<#9%*"'(HM6W;W(E#"#!)#(*"("!,0!(0'""*(<#9%*"#$QI2(%!)(%!)$'9$G*"'(#)%,'E')$!(0'"(\,*$$*E')$!(0#(<#)'(
,*33!,$!(0'"(3',9!)*"'(3',(M6SO>(E#8"#*#*('(0'#(C!)0#(,#9%&#('(!)',#(3',(:O:(E#8"#*#*6(
-$$,*J',9!(#"(D'8!"*E')$!()6(M:>>B:=M:2("*(K!EE#99#!)'(LG,!3'*(&*(!E!"!8*$!("F/CDA(M?(.(]*"G$*4#!)'(0'"(
<*#,(J*"G'6(/"()G!J!(9$*)0*,0()!)('9$')0'("F*E+#$!(0#(*33"#%*4#!)'(0'""*(E#9G,*4#!)'(*"(<*#,(J*"G'2(E*(<!,)#9%'(
G)*( 8G#0*( 9G( %!E'( 0'J'( '99','( E#9G,*$!( #"( <*#,( J*"G'( 0'8"#( 9$,GE')$#( <#)*)4#*,#( '( 0#( *$$#J#$Q( '( 3*99#J#$Q( )!)(
<#)*)4#*,#'(YG*)0!(8#Q(#E3!9$!(!(%!)9')$#$!(0*8"#(*"$,#(3,#)%#3#(%!)$*+#"#6(K!)(%#^(9#(9!)!(J!"G$'(%!)%')$,*,'(#)(
G)(G)#%!(3,#)%#3#!("'(,'8!"'(3',("*(E#9G,*4#!)'(0'"(<*#,(J*"G'2(#)(3,'%'0')4*(3,'9')$#(#)(0#<<',')$#(9$*)0*,0('(
$*"J!"$*(%!)(3,'9%,#4#!)#()!)(%!',')$#($,*(0#("!,!6(V!)!9$*)$'(E!"$#(0'#(%!)%'$$#(0'""F/CDA(M?(9#*)!(%!',')$#(%!)(
"*(3,*$#%*(*$$G*"'2(*"%G)#(*93'$$#(0'"()G!J!(3,#)%#3#!(&*))!(0'$',E#)*$!(#E3*$$#(9G""*(1*)%*2(#"(3,#)%#3*"'(0'#(
YG*"#(@(0*$!(0*""'(3,'%#9*4#!)#(#)$,!0!$$'(%!)(,#<',#E')$!(*""*(E#9G,*4#!)'(0'"(,#9%&#!(0#(#)*0'E3#E')$!()'""*(
0'$',E#)*4#!)'( 0'"( <*#,( J*"G'( 0'#( %!)$,*$$#( 0',#J*$#6( \*"'( ,#9%&#!( #)%"G0'( 9#*( "'( J*,#*4#!)#( 0'"( E',#$!( %,'0#$#4#!(
0'""*( %!)$,!3*,$'( %&'( YG'""'( 0'""F'E#$$')$'( 9$'99!6( ',( *0'E3#','( *( YG*)$!( 3,'J#9$!( 0*"( 3,#)%#3#!2( @( 9$*$!(
9J#"G33*$!( G)( )G!J!( E!0'""!( 0#( %*"%!"!( 0')!E#)*$!( P1#"*$',*"( K,'0#$( ]*"G'( -0_G9$E')$R( H+K]-I6(
7F*33"#%*4#!)'(0#($*"'()G!J!(E!0'""!(#)("G!8!(0#(YG'""!(3,'%'0')$'E')$'(*0!$$*$!()!)(&*(%!E3!,$*$!('<<'$$#(
9#8)#<#%*$#J#6((
',*"$,!2(%!E'(3,'J#9$!(0*"(3,#)%#3#!(%!)$*+#"'2("*(1*)%*()!)(&*(*33"#%*$!(,'$,!93'$$#J*E')$'("'()G!J'(,'8!"'6(
/)<#)'2( %!)( #"( D'8!"*E')$!( )6( M:>NB:=M:2( "*( K!EE#99#!)'( LG,!3'*( &*( !E!"!8*$!( "'( E!0#<#%&'( *""F/CDA( W`(
A$,GE')$#(<#)*)4#*,#`(/)<!,E*4#!)#(#)$'8,*$#J'(.(K!E3')9*4#!)#(0#(*$$#J#$Q('(3*99#J#$Q(<#)*)4#*,#'('("'(E!0#<#%&'(
*""!( /-A( ?:`( A$,GE')$#( <#)*)4#*,#`( L93!9#4#!)'( #)( +#"*)%#!( .( K!E3')9*4#!)#( 0#( *$$#J#$Q( '( 3*99#J#$Q( <#)*)4#*,#'6(
A!"!("'(E!0#<#%&'(*""F/CDA(W(9!)!(*33"#%*+#"#(*"(1#"*)%#!(:=M?6((
K!)("'(E!0#<#%&'(*""!(/-A(?:2(0*(*33"#%*,'(!++"#8*$!,#*E')$'(*(3*,$#,'(0*"(M[(8'))*#!(:=MS2("!(/-A1(&*(J!"G$!(
E#8"#!,*,'( "*( 8G#0*( *33"#%*$#J*( 3',( '"#E#)*,'( "'( #)%!)8,G')4'( )'""F*33"#%*4#!)'( 0'"( 3,#)%#3#!( '( 3',( E'8"#!(
3,'%#9*,'(#(,'YG#9#$#(8#Q(#)0#%*$#()'"(3*,*8,*<!(S:(0'""!(/-A(?:(3',(0'<#)#,'(YG*)0!(*$$#J#$Q('(3*99#J#$Q(<#)*)4#*,#*(
0'J!)!('99','(!88'$$!(0#(%!E3')9*4#!)'()'""!(A$*$!( *$,#E!)#*"'6((
',( YG*)$!( %!)%',)'( #)J'%'( "'( E!0#<#%&'( #)$,!0!$$'( *"( 3,#)%#3#!( /CDA( W2( 9!)!( 9$*$#( #)$'8,*$#( 8"#( !++"#8&#( 0#(
#)<!,E*$#J*( YG*)$#$*$#J*( #)( E',#$!( *8"#( 9$,GE')$#( <#)*)4#*,#( !88'$$!( 0#( %!E3')9*4#!)'( 3',( 3',E'$$','( *8"#(
G$#"#44*$!,#(0'"(+#"*)%#!(0#(J*"G$*,'(8"#('<<'$$#(,'*"#(!(3!$')4#*"#(0#($*"#(*%%!,0#(9G""*(9#$G*4#!)'(3*$,#E!)#*"'('((0#(
%!E3*,*,'(#(+#"*)%#(,'0*$$#(%!)(#(3,#)%#3#(%!)$*+#"#(#)$',)*4#!)*"#(%!)(YG'""#(,'0*$$#(9'%!)0!(#(0#<<',')$#(3,#)%#3#(
%!)$*+#"#( *E',#%*)#6( /)( 3*,$#%!"*,'2( J#')'( ,#%&#'9$!( 0#( <!,)#,'( #)<!,E*$#J*( 9G8"#( 9$,GE')$#( <#)*)4#*,#( !88'$$!( 0#(
%!E3')9*4#!)'( )'""!( A$*$!( 3*$,#E!)#*"'( *#( 9')9#( 0'""!( /-A( ?:( '( 9G( YG'""#( 9!$$!3!9$#( *0( *%%!,0#( 0#(
%!E3')9*4#!)'( %&'( 3',^( )!)( 9!00#9<*)!( *"%G)#( 0'#( ,'YG#9#$#( 0'<#)#$#( 0*""!( /-A( ?:( 3',( 3!$',( '<<'$$G*,'( "*(
%!E3')9*4#!)'2(%!E3,'9#(8"#('<<'$$#(0'""'(8*,*)4#'(,'*"#(<#)*)4#*,#'(*('99#(%!,,'"*$'6((
V'"( 3,'9')$'( 1#"*)%#!( "F#)<!,E*$#J*( #)$,!0!$$*( 0*""F/CDA( W( @( <!,)#$*( 9G""*( +*9'( 0'8"#( 9%&'E#( 0'""*( K#,%!"*,'(
:N:B:==>6(((
V'""*($*+'""*(%&'(9'8G'(9!)!2(#)J'%'2(,#3!,$*$#(#()G!J#(3,#)%#3#(%!)$*+#"#(#)$',)*4#!)*"#(!("'(E!0#<#%&'(0#(3,#)%#3#(
%!)$*+#"#(8#Q(#)(J#8!,'2(%!)(#(,'"*$#J#(D'8!"*E')$#(0#(!E!"!8*4#!)'(0*(3*,$'(0'""*(K!EE#99#!)'(LG,!3'*("*(%G#(
*33"#%*4#!)'(!++"#8*$!,#*(0'%!,,'(0*"(M[(8'))*#!(:=MS(.()'"(%*9!(0#(+#"*)%#(%!#)%#0')$#(%!)("F*))!(9!"*,'(.(!(
0*(0*$*(9G%%'99#J*6((
(
(
'
9G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
7*!$%!E!'%&$,#F!"!'!$,+*$#-!&$#"!'%&$'#EE"!%#-!&$+'IJ%%+II!6#'#"'./0/1012/.'
Regolamento
omologazione
1254/2012
313/2013
1174/2013
1374/2013
1375/2013
Titolo
Data di entrata in vigore
IFRS 10 Bilancio c onsolidato
IFRS 11 Acc ordi a c ontrollo congiunto
IFRS 12 Informativa sulle partec ipazioni in altre entità
IAS 27 Bilanc io separato
IAS 28 Partec ipazioni in società c ollegate e joint venture
Modifiche all'IFRS 10 Bilancio c onsolidato
Modifiche all'IFRS 11 Acc ordi a controllo c ongiunto
Modifiche all'IFRS 12 Informativa sulle partecipazioni in altre entità
Modifiche all'IFRS 10 Bilancio c onsolidato
Modifiche all'IFRS 12 Informativa sulle partecipazioni in altre entità
Modifiche allo IAS 27 Bilanc io separato
Modifiche allo IAS 36 Riduzione di valore delle attività
01/01/2014
Primo eserc izio c on inizio in data 01/01/2014
o suc cessiva
Modifiche allo IAS 39 Strumenti finanziari: Rilevazione e valutazione - Novazione di derivati e
c ontinuazione della contabilizzazione di copertura
01/01/2014
Primo eserc izio c on inizio in data 01/01/2014
o suc cessiva
01/01/2014
Primo eserc izio c on inizio in data 01/01/2014
o suc cessiva
01/01/2014
Primo eserc izio c on inizio in data 01/01/2014
o suc cessiva
01/01/2014
Primo eserc izio c on inizio in data 01/01/2014
o suc cessiva
(
(
-$$,*J',9!( #"( D'8!"*E')$!( )6( M:>SB:=M:( 9!)!( 9$*$'( #)$,!0!$$'( $*"G)'( )!J#$Q( #)( $'E*( 0#( %!)9!"#0*E')$!(
E'0#*)$'("F!E!"!8*4#!)'(0#(*"%G)#(3,#)%#3#(%!)$*+#"#(H/CDA(M=2(/CDA(MM2(/CDA(M:I('("*(%!)9'8G')$'(#)$,!0G4#!)'(
0#( E!0#<#%&'( *( 9$*)0*,0( 8#Q( '9#9$')$#( H/-A( :W( '( /-A( :;I6( 7F!+#'$$#J!( 0'""F/CDA( M=( @( YG'""!( 0#( <!,)#,'( G)( G)#%!(
E!0'""!( 3',( #"( +#"*)%#!( %!)9!"#0*$!2( E!0'""!( %&'( 3,'J'0'( "*( 3,'9')4*( 0'"( P%!)$,!""!R( %!E'( +*9'( 3',( #"(
%!)9!"#0*E')$!( 0#( $G$$#( #( 3!99#+#"#( $#3#( 0#( ')$#$Q6( /"( 3,#)%#3#!( 0'<#)#9%'( #)( E*)#',*( 3G)$G*"'( "*( <*$$#93'%#'( 0'"(
%!)$,!""!(0#(G)(#)J'9$#$!,'(#)(G)*(9!%#'$Q6(A'%!)0!("F/CDA(M=2(#)<*$$#2('9#9$'(%!)$,!""!(9'(.('(9!"!(9'("F#)J'9$#$!,'`(
− &*(#"(3!$','(0#(0'%#0','(9G""F*$$#J#$Q(0'""*(3*,$'%#3*$*a(
− @('93!9$!(*""*(J*,#*+#"#$Q(0'#(,')0#E')$#(0'""*(3*,$'%#3*$*()'""*(YG*"'(&*(#)J'9$#$!a(
− &*("*(%*3*%#$Q(0#(#)<"G#,'2(*$$,*J',9!("FG9!(0'"(3!$','(0#(%G#(0#93!)'2(9G#(,')0#E')$#(<G$G,#(0'""*(3*,$'%#3*$*6(
(
7F/CDA( M=2( #)( +G!)*( 9!9$*)4*2( 9$*+#"#9%'( %&'( 3',( *J','( #"( %!)$,!""!( 9G( G)*( 9!%#'$Q2( "F#)J'9$#$!,'( 0'J'( *J','( "*(
%*3*%#$Q2(0',#J*)$'( 0*(G)(0#,#$$!(8#G,#0#%*E')$'(#)$'9!( !(*)%&'(0*(G)*( E',*( 9#$G*4#!)'( 0#(<*$$!2( 0#(#)%#0','(
9#8)#<#%*$#J*E')$'(9G"($#3!(0#(9%'"$'(8'9$#!)*"#(0*(*99GE','(,#8G*,0!(*""'(*$$#J#$Q(,#"'J*)$#(0'""*(3*,$'%#3*$*('(0#(
'99','('93!9$!(*""*(J*,#*+#"#$Q(0'#(,#9G"$*$#6(
7F/CDA(MM(9$*+#"#9%'2(#)J'%'2(#(3,#)%#3#(0#(,')0#%!)$*4#!)'(%!)$*+#"'(3',("'(')$#$Q(%&'(9!)!(3*,$#(0#(*%%!,0#(%&'(
9$*+#"#9%!)!(G)(P%!)$,!""!(%!)8#G)$!R2(%&'(3G^(*J','("*(<!,E*(0#(G)*(_!#)$(J')$G,'(H')$#$Q()'""*(YG*"'("'(3*,$#(
&*))!(0#,#$$!(*""*(3,!3,#*(YG!$*(0#(3*$,#E!)#!()'$$!I(!33G,'(0#(G)*(_!#)$(!3',*$#!)2(!99#*(G)F!3',*4#!)'(9G""*(
YG*"'( "'( 3*,$#2( %&'( &*))!( #"( %!)$,!""!( %!)8#G)$!2( &*))!( 0#,#$$#( 9G8"#( *99'$( %!#)J!"$#( '( !++"#8&#( #)( E',#$!( *""'(
3*99#J#$Q6(
/)<#)'2( "F/CDA( M:( %!E+#)*2( ,*<<!,4*( '( 9!9$#$G#9%'( 8"#( !++"#8&#( 0#( #)<!,E*$#J*( 3',( "'( %!)$,!""*$'2( 8"#( *%%!,0#( 0#(
%!)$,!""!( %!)8#G)$!2( "'( 9!%#'$Q( %!""'8*$'( '( "'( ')$#$Q( 9$,G$$G,*$'( )!)( %!)9!"#0*$'6( TG'9$!( 3,#)%#3#!( @( 9$*$!(
9J#"G33*$!(%!)("!(9%!3!(0#(G)#<#%*,'('(E#8"#!,*,'2(*)%&'(*$$,*J',9!("F#)$,!0G4#!)'(0#(*"%G)'()!J#$Q(#)($',E#)#(0#(
#)<!,E*$#J*(,#%&#'9$*2(#(,'YG#9#$#(9G""*(0#9%"!9G,'(3,'J#9$#(0*#(3,'%'0')$#(/-A(:W2(:;('(?M6(
/)<#)'2(9'E3,'(#)($'E*(0#(%!)9!"#0*E')$!2(@(0*(9'8)*"*,'(#"(D'8!"*E')$!(MMWSB:=M?(%&'()'""F*E+#$!(0'""F/CDA(
M=( &*( #)$,!0!$$!( "*( 0'<#)#4#!)'( 0#( ')$#$Q( 0#( #)J'9$#E')$!2( $*"G)'( '%%'4#!)#( #)( $'E*( 0#( %!)9!"#0*E')$!( '0( #(
,'YG#9#$#(0#(#)<!,E*$#J*(HE!0#<#%&'(*""F/CDA(M:I6(
K!E'( #)0#%*$!( )'""*( $*+'""*( 3,'%'0')$'2( 9#*( "'( 3,'9%,#4#!)#( 0'"( D'8!"*E')$!( )6( M:>SB:=M:( 9#*( YG'""'( 0'"(
D'8!"*E')$!()6(MMWSB:=M?(9!)!(*33"#%*+#"#(*(3*,$#,'(0*""F'9',%#4#!(%&'(@(#)#4#*$!(#"(M[(8'))*#!(:=MS6(
A#(9'8)*"*2(#)!"$,'2(%&'()'"(%!,9!(0'"(:=M?("!(/-A1(&*(*33!,$*$!(E!0#<#%&'(*($*"G)#(/-AB/CDA(3,'%'0')$'E')$'(
'E*)*$#6((
V'""*( $*+'""*( %&'( 9'8G'2( 9!)!( ,#3!,$*$#( #( 3,#)%#3#( %!)$*+#"#( #)$','99*$#( 0*""'( E!0#<#%&'( %!)( "*( 93'%#<#%*4#!)'(
0'""F*E+#$!( !( 0'""F!88'$$!( 0'#( %*E+#*E')$#6( V!)( '99')0!2( *""!( 9$*$!2( #)$',J')G$*( "F!E!"!8*4#!)'( 0*( 3*,$'(
0'""*(K!EE#99#!)'(LG,!3'*2()'99G)!(0#($*"#(*88#!,)*E')$#(,#"'J*(*#(<#)#(0'"(+#"*)%#!(0'""*(+*)%*6(
'
9H'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
7*!$%!E!'%&$,#F!"!'!$,+*$#-!&$#"!'$&$'&C&"&5#,!'#"'./'(!%+CF*+'12/.'
Princ ipio/
Interpretazione
Modific he
Data di pubblic azione
IAS 19
Defined benefit plans: Employee contributions
21/11/2013
IFRS 2
Improvements to IFRSs (2010- 2012 c ycle)
12/12/2013
IFRS 3
Improvements to IFRSs (2010- 2012 c ycle)
Statements
12/12/2013
IFRS 8
Improvements to IFRSs (2010- 2012 c ycle)
12/12/2013
IFRS 13
Improvements to IFRSs (2010- 2012 c ycle)
12/12/2013
IAS 16
Improvements to IFRSs (2010- 2012 c ycle)
12/12/2013
IAS 24
Improvements to IFRSs (2010- 2012 c ycle)
12/12/2013
IAS 38
Improvements to IFRSs (2010- 2012 c ycle)
12/12/2013
IFRS 1
Improvements to IFRSs (2011- 2013 c ycle)
12/12/2013
IFRS 3
Improvements to IFRSs (2011- 2013 c ycle)
12/12/2013
IFRS 13
Improvements to IFRSs (2011- 2013 c ycle)
12/12/2013
IFRS 40
Improvements to IFRSs (2011- 2013 c ycle)
12/12/2013
/)<#)'2( )!)( ,#"'J*( *#( <#)#( 0'"( 1#"*)%#!( :=M?( #)( YG*)$!( )!)( !E!"!8*$!( 0*""*( K!EE#99#!)'( LG,!3'*2(
"F*33"#%*4#!)'(0'""F/CDA(O(.(C#)*)%#*"(/)9$,GE')$92('E*)*$!()'""F!$$!+,'(:=M=(H)'""*(J',9#!)'(#)$'8,*"'2(,'"*$#J*(
*"( $,*$$*E')$!( %!)$*+#"'( 0#( *$$#J#$Q( '( 3*99#J#$Q( <#)*)4#*,#'I2( #)$'8,*$!( )'"( )!J'E+,'( :=M?( 0*( 0#93!9#4#!)#(
,'"*$#J'(*""F&'08'(*%%!G)$#)86(
(
?+-!&$+'1'3'7*!$%!E!'5+$+*#"!'(!'*+(#-!&$+'
'
/"( +#"*)%#!( @( %!9$#$G#$!( 0*""!( A$*$!( 3*$,#E!)#*"'2( 0*"( K!)$!( '%!)!E#%!2( 0*"( ,!93'$$!( 0'""*( ,'00#$#J#$Q(
%!E3"'99#J*2( 0*"( ,!93'$$!( 0'""'( J*,#*4#!)#( 0#( 3*$,#E!)#!( )'$$!2( 0*"( D')0#%!)$!( <#)*)4#*,#!2( 0*""*( V!$*(
/)$'8,*$#J*('(0*""'(,'"*$#J'(#)<!,E*4#!)#(%!E3*,*$#J'('0(@(#)!"$,'(%!,,'0*$!(0*(G)*(D'"*4#!)'(9G""F*)0*E')$!(
0'""*( 8'9$#!)'2( 9G#( ,#9G"$*$#( '%!)!E#%#( %!)9'8G#$#( '( 9G""*( 9#$G*4#!)'( 3*$,#E!)#*"'( '( <#)*)4#*,#*( 0'""*( 1*)%*6( /)(
%!)<!,E#$Q(*(YG*)$!(0#93!9$!(0*""F*,$6(>(0'"(56(7896()6(?;B:==>2(#"(+#"*)%#!(@(,'0*$$!(G$#"#44*)0!("FLG,!(YG*"'(
E!)'$*(0#(%!)$!6(
b"#(#E3!,$#(0'#( ,!93'$$#(%!)$*+#"#(9!)!('93,'99#(#)(G)#$Q(0#(LG,!2(E')$,'(#(0*$#(,#3!,$*$#()'""*(V!$*(#)$'8,*$#J*2(
%!9Z(%!E'(YG'""#(#)0#%*$#()'""*(D'"*4#!)'(9G""*(8'9$#!)'2(9!)!('93,'99#(.(YG*"!,*()!)(0#J',9*E')$'(93'%#<#%*$!(.(
#)(E#8"#*#*(0#(LG,!6(
/"(+#"*)%#!(@(,'0*$$!(%!)("F*33"#%*4#!)'(0'#(3,#)%#3#(8')',*"#(3,'J#9$#(0*""!(/-A(M('(0'8"#(93'%#<#%#(3,#)%#3#(%!)$*+#"#(
!E!"!8*$#( 0*""*( K!EE#99#!)'( 'G,!3'*( '( #""G9$,*$#( )'""*( *,$'( -6:( 0'""*( 3,'9')$'( V!$*( /)$'8,*$#J*2( )!)%&U( #)(
*0',')4*(%!)("'(*99G)4#!)#(8')',*"#(3,'J#9$'(0*"(TG*0,!(A#9$'E*$#%!(3',("*(3,'3*,*4#!)'('(3,'9')$*4#!)'(0'"(
+#"*)%#!('"*+!,*$!(0*""!(/-A16(
V!)(9!)!(9$*$'('<<'$$G*$'(0',!8&'(*""F*33"#%*4#!)'(0'#(3,#)%#3#(%!)$*+#"#(/-AB/CDA6(
V'""*( D'"*4#!)'( 9G""*( 8'9$#!)'( '( )'""*( V!$*( /)$'8,*$#J*( 9!)!( <!,)#$'( "'( #)<!,E*4#!)#( ,#%&#'9$'( 0*#( 3,#)%#3#(
%!)$*+#"#( #)$',)*4#!)*"#2( 0*""'( 7'88#2( 0*""*( 1*)%*( 0F/$*"#*( '( 0*""*( K!EE#99#!)'( V*4#!)*"'( 3',( "'( A!%#'$Q( '( "*(
1!,9*(.(K!)9!+2(!"$,'(*0(*"$,'(#)<!,E*4#!)#()!)(!++"#8*$!,#'(E*(,#$')G$'(G8G*"E')$'()'%'99*,#'(3',(0*,'(G)*(
,*33,'9')$*4#!)'(%!,,'$$*('(J',#$#',*(0'""*(9#$G*4#!)'(0'""*(1*)%*6(
/"( 3,!93'$$!( 0#( %!)$!( '%!)!E#%!( *"( ?M( 0#%'E+,'( :=M?( )!)( 3,'9')$*( %!E3!)')$#( ,'"*$#J#( *0( *$$#J#$Q( #)(
0#9E#99#!)'2( E')$,'( 8"#( #E3!,$#( *33!9$*$#( )'""*( 93'%#<#%*( J!%'( 0'""!( 9$*$!( 3*$,#E!)#*"'( 9!)!( ,#<',#$#( *(
3*,$'%#3*4#!)#6(A#($,*$$*(#)(3*,$#%!"*,'(0'""F*%%!,0!(3',("*(9G%%'99#J*(%'99#!)'(0'""*(3*,$'%#3*4#!)'(#)(A/-(A636*66(
/( ,!93'$$#( %!)$*+#"#( '( "*( V!$*( #)$'8,*$#J*( 3,'9')$*)!( !"$,'( *8"#( #E3!,$#( 0'"( 3',#!0!( 0#( ,#<',#E')$!2( *)%&'( #(
%!,,#93!)0')$#( 0*$#( 0#( ,*<<,!)$!( ,#<',#$#( *"( ?M( 0#%'E+,'( :=M:6( /( 0*$#( %!E3*,*$#J#( 3*$,#E!)#*"#( 0'#( 3',#!0#( *(
%!)<,!)$!(9!)!(9$*$#(,#'93!9$#(3',("F*33"#%*4#!)'(0'""*()G!J*(J',9#!)'(0'""!(/-A(MO(.(1')'<#%#(3',(#(0#3')0')$#6(
V'8"#(-""'8*$#(J')8!)!(3,'9')$*$#(#(3,!93'$$#(0#(,*%%!,0!($,*(#(0*$#(0#(9$*$!(3*$,#E!)#*"'('(0#(%!)$!('%!)!E#%!(
'(#(3,!93'$$#(,#%"*99#<#%*$#(#)%"G9#()'""*(D'"*4#!)'(9G""*(8'9$#!)'(%&'(%!,,'0*(#"(3,'9')$'(+#"*)%#!6(
(
(
'
9K'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
M&$,+$J,&'(+!'E*&IE+,,!'%&$,#F!"!'
'
?,#,&'E#,*!C&$!#"+'+'%&$,&'+%&$&C!%&'
'
b"#( 9%&'E#( 0'""!( 9$*$!( 3*$,#E!)#*"'( '( 0'"( %!)$!( '%!)!E#%!( 9!)!( %!9$#$G#$#( 0*( J!%#2( 9!$$!J!%#( '( 0*( G"$',#!,#(
0'$$*8"#(#)<!,E*$#J#(H#(P0#(%G#R(0'""'(J!%#('(9!$$!J!%#I6( ',(%!E3"'$'44*(,#93'$$!(*8"#(9%&'E#(0'<#)#$#(0*""*(1*)%*(
0F/$*"#*( 9!)!( ,#3!,$*$'( *)%&'( "'( J!%#( %&'( )!)( 3,'9')$*)!( #E3!,$#( )U( 3',( "F'9',%#4#!( *"( YG*"'( 9#( ,#<',#9%'( #"(
+#"*)%#!2( )U( 3',( YG'""!( 3,'%'0')$'6( V'"( %!)$!( '%!)!E#%!( #( ,#%*J#( 9!)!( #)0#%*$#( 9')4*( 9'8)!2( E')$,'( #( %!9$#(
9!)!(3,'%'0G$#(0*"(9'8)!(E')!6(
(
7*&IE+,,&'(+""#'*+((!,!6!,D'%&CE"+II!6#'
'
/"( 3,!93'$$!( 0'""*( ,'00#$#J#$Q( %!E3"'99#J*2( 3*,$')0!( 0*""FG$#"'( H3',0#$*I( 0F'9',%#4#!( '93!)'( "'( %!E3!)')$#(
,'00#$G*"#( ,#"'J*$'( #)( %!)$,!3*,$#$*( 0'""'( ,#9',J'( 0*( J*"G$*4#!)'2( *"( )'$$!( 0'"( ,'"*$#J!( '<<'$$!( <#9%*"'2( #)(
%!)<!,E#$Q(*#(3,#)%#3#(%!)$*+#"#(#)$',)*4#!)*"#6((
K!E'(3',("!(9$*$!(3*$,#E!)#*"'('0(#"(%!)$!('%!)!E#%!2(,#93'$$!(*8"#(9%&'E#(0'<#)#$#(0*""*(1*)%*(0F/$*"#*(9!)!(
,#3!,$*$'( *)%&'( "'( J!%#( %&'( )!)( 3,'9')$*)!( #E3!,$#( )U( 3',( "F'9',%#4#!( *"( YG*"'( 9#( ,#<',#9%'( #"( +#"*)%#!2( )U( 3',(
YG'""!(3,'%'0')$'6(b"#(#E3!,$#()'8*$#J#(9!)!(3,'%'0G$#(0*"(9'8)!(E')!6(
(
7*&IE+,,&'(+""+'6#*!#-!&$!'(+"'E#,*!C&$!&'$+,,&'
'
/"(3,!93'$$!(0'""'(J*,#*4#!)#(0'"(3*$,#E!)#!()'$$!(@(3,'9')$*$!2(3',(G)*(E*88#!,'(#)$'""'88#+#"#$Q2(#)J',$')0!("'(
,#8&'( '( "'( %!"!))'( ,#93'$$!( *"( E'0'9#E!( 3,!93'$$!( 3,'J#9$!( 0*""*( K#,%!"*,'( )6( :N:B:==>( 0'""*( 1*)%*( 0F/$*"#*6(
V'"(3,!93'$$!(J#')'(,#3!,$*$*("*(%!E3!9#4#!)'('("*(E!J#E')$*4#!)'(0'#(%!)$#(0#(3*$,#E!)#!()'$$!(#)$',J')G$*(
)'""F'9',%#4#!( 0#( ,#<',#E')$!( 0'"( +#"*)%#!( '0( #)( YG'""!( 3,'%'0')$'2( 9G00#J#9#( $,*( #"( %*3#$*"'( 9!%#*"'( H*4#!)#(
!,0#)*,#'('( 0#(,#93*,E#!I2( "'( ,#9',J'(0#(%*3#$*"'2(0#( G$#"#( '(0*(J*"G$*4#!)'(0#( *$$#J#$Q(!( 3*99#J#$Q( 0#(+#"*)%#!( '0(#"(
,#9G"$*$!( '%!)!E#%!6( 7'( 'J')$G*"#( *4#!)#( 3,!3,#'( #)( 3!,$*<!8"#!( 9!)!( 3!,$*$'( #)( 0#E#)G4#!)'( 0'"( 3*$,#E!)#!(
)'$$!6(V!)(9!)!(9$*$#('E'99#(9$,GE')$#(0#(%*3#$*"'(0#J',9#(0*""'(*4#!)#(!,0#)*,#'6(
(
;+$(!%&$,&'B!$#$-!#*!&'
'
/"(3,!93'$$!(0'#(<"G99#(<#)*)4#*,#(#)$',J')G$#()'""F'9',%#4#!(0#(,#<',#E')$!(0'"(+#"*)%#!('0(#)(YG'""!(3,'%'0')$'(@(
9$*$!(3,'0#93!9$!(9'8G')0!(#"(E'$!0!(#)0#,'$$!2(#)(+*9'(*"(YG*"'(#(<"G99#(0',#J*)$#(0*""F*$$#J#$Q(!3',*$#J*(9!)!(
,*33,'9')$*$#(0*"(,#9G"$*$!(0'""F'9',%#4#!(,'$$#<#%*$!(0'8"#('<<'$$#(0'""'(!3',*4#!)#(0#()*$G,*()!)(E!)'$*,#*6(
/( <"G99#( <#)*)4#*,#( 9!)!( 9G00#J#9#( $,*( YG'""#( 0',#J*)$#( 0*""F*$$#J#$Q( !3',*$#J*2( YG'""#( 8')',*$#( 0*""F*$$#J#$Q( 0#(
#)J'9$#E')$!('(YG'""#(3,!0!$$#(0*""F*$$#J#$Q(0#(3,!JJ#9$*6(
V'"(3,!93'$$!(#(<"G99#(8')',*$#9#()'"(%!,9!(0'""F'9',%#4#!(9!)!(#)0#%*$#(9')4*(9'8)!2(E')$,'(YG'""#(*99!,+#$#(9!)!(
3,'%'0G$#(0*"(9'8)!(E')!6(
(
M&$,+$J,&'(+""#'4&,#'!$,+5*#,!6#'
'
7*(V!$*(#)$'8,*$#J*(%!E3,')0'("'(#)<!,E*4#!)#(3,'J#9$'(0*#(3,#)%#3#(%!)$*+#"#(#)$',)*4#!)*"#('(0*""*(K#,%!"*,'()6(
:N:B:==>(0'""*(1*)%*(0F/$*"#*('E*)*$*(#"(::(0#%'E+,'(:==>2('(9G%%'99#J#(*88#!,)*E')$#6(
(
?+-!&$+'.'3'<6+$,!'IJ%%+II!6!'#""#'(#,#'(!'*!B+*!C+$,&'(+"'F!"#$%!&'
'
V'"(3',#!0!(#)$',%!,9!($,*("*(%&#G9G,*(0'""F'9',%#4#!(:=M?('("*(0*$*(0#(*33,!J*4#!)'(0'"(3,'9')$'(+#"*)%#!()!)(9#(
9!)!( J',#<#%*$#( 'J')$#( $*"#( 0*( #)%#0','( #)( E#9G,*( *33,'44*+#"'( 9G""F!3',*$#J#$Q( '( 9G#( ,#9G"$*$#( '%!)!E#%#( 0'""*(
+*)%*6(
(
?+-!&$+'G'3'8",*!'#IE+,,!'
'
NE-!&$+'E+*'!"'%&$I&"!(#,&'B!I%#"+'$#-!&$#"+'
'
/)$'9*( A*)3*!"!( '( "'( 9!%#'$Q( #$*"#*)'( 0'"( b,G33!( &*))!( *0!$$*$!( #"( %606( P%!)9!"#0*$!( <#9%*"'( )*4#!)*"'R2(
0#9%#3"#)*$!( 0*8"#( *,$$6( MMWXM:O( 0'"( \c/D2( #)$,!0!$$!( )'""*( "'8#9"*4#!)'( <#9%*"'( 0*"( 567896( )6( ?SSB:==?6( L99!(
%!)9#9$'(#)(G)(,'8#E'(!34#!)*"'2(#)(J#,$d(0'"(YG*"'(#"(,'00#$!(%!E3"'99#J!()'$$!(!("*(3',0#$*(<#9%*"'(0#(%#*9%G)*(
'
9L'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
9!%#'$Q( %!)$,!""*$*( 3*,$'%#3*)$'( *"( %!)9!"#0*$!( <#9%*"'( .( G)#$*E')$'( *""'( ,#$')G$'( 9G+#$'2( *""'( 0'$,*4#!)#( '( *#(
%,'0#$#(0#(#E3!9$*(.(9!)!($,*9<',#$#(*""*(9!%#'$Q(%!)$,!""*)$'2(#)(%*3!(*""*(YG*"'(@(0'$',E#)*$!(G)(G)#%!(,'00#$!(
#E3!)#+#"'( !( G)FG)#%*( 3',0#$*( <#9%*"'( ,#3!,$*+#"'( H,#9G"$*)$#( 0*""*( 9!EE*( *"8'+,#%*( 0'#( ,'00#$#B3',0#$'( 3,!3,#( '(
0'""'(9!%#'$Q(%!)$,!""*$'(3*,$'%#3*)$#I('2(%!)9'8G')$'E')$'2(G)(G)#%!(0'+#$!B%,'0#$!(0#(#E3!9$*6(
/)( J#,$d( 0#( YG'9$*( !34#!)'( "'( #E3,'9'( 0'"( b,G33!( %&'( &*))!( *0',#$!( *"( P%!)9!"#0*$!( <#9%*"'( )*4#!)*"'R(
0'$',E#)*)!("F!)','(<#9%*"'(0#(3,!3,#*(3',$#)')4*('0(#"(%!,,#93!)0')$'(,'00#$!(#E3!)#+#"'(J#')'($,*9<',#$!(*""*(
K*3!8,G33!6( 7*( 1*)%*( 0#( \,')$!( '( 1!"4*)!( &*( *0',#$!( *"( (P%!)9!"#0*$!( <#9%*"'( )*4#!)*"'R( 0'"( b,G33!( 3',( #"(
$,#'))#!(:=M:X:=MS6(
(
>+'!$B&*C#-!&$!'*!%A!+I,+'(#!'@&%JC+$,!' #$%#'(OP,#"!#Q'M&$I&F'+'PI6#E'
'
V'"( 5!%GE')$!( )6( S( 0'"( ?( E*,4!( :=M=2( %&'( <*( 9'8G#$!( *( YG'""!( 'E*)*$!( )'"( <'++,*#!( :==O2( "'( -G$!,#$Q( 0#(
J#8#"*)4*( &*))!( ,#%&#*E*$!( "F*$$')4#!)'( 0'8"#( -EE#)#9$,*$!,#( 0'""'( 9!%#'$Q( YG!$*$'( 9G""*( )'%'99#$Q( 0#( <!,)#,'((
)'"(+#"*)%#!(G)*(%&#*,*(#)<!,E*$#J*(9G(*"%G)'(*,''()'""'(YG*"#(@(,#$')G$!(<!)0*E')$*"'(*99#%G,*,'(G)('"'J*$!(
8,*0!( 0#( $,*93*,')4*`( "*( J*"G$*4#!)'( 0'""F*JJ#*E')$!( H#E3*#,E')$( $'9$I2( 0'""'( *"$,'( *$$#J#$Q( #EE*$',#*"#( *( J#$*(
G$#"'(#)0'<#)#$*('(0'""'(3*,$'%#3*4#!)#a("*(J*"G$*4#!)'(0'#($#$!"#(0#(%*3#$*"'(0#93!)#+#"#(3',("*(J')0#$*a("'(%"*G9!"'(
%!)$,*$$G*"#(0'#(0'+#$#(<#)*)4#*,#6(
7*( %!EG)#%*4#!)'( .( %&'( )!)( &*( G)( %!)$')G$!( 3,'%'$$#J!( *G$!)!E!2( E*( 9#( "#E#$*( *( ,#%&#*E*,'( *0( G)*(
3G)$G*"'( *33"#%*4#!)'( 0'""'( )!,E'( #)( J#8!,'( '( 0'#( 3,#)%#3#( %!)$*+#"#( 0#( ,#<',#E')$!( .( <!,)#9%'( 3!#( *"%G)'(
3,'%#9*4#!)#( %#,%*( "'( #)<!,E*4#!)#( 0*( 0*,'( #)( E',#$!( *""'( ,#9$,G$$G,*4#!)#( 0'"( 0'+#$!( '( ,#%&#*E*( 8"#( !++"#8&#(
#)<!,E*$#J#(,#8G*,0*)$#("*(8',*,%&#*(0'"(<*#,(J*"G'6(
V'"( 3,'9')$'( +#"*)%#!2( "'( #)<!,E*4#!)#( ,#"'J*)$#( 3',( "*( 1*)%*( 9!)!( <!,)#$'( )'""*( D'"*4#!)'( 9G""*( 8'9$#!)'( '2(
9!3,*$$G$$!2( )'""F*E+#$!( 0#( YG'9$*( V!$*( #)$'8,*$#J*2( )'"( %!)$'9$!( 0'""*( $,*$$*4#!)'( 0'8"#( 93'%#<#%#( *,8!E')$#6(
K#,%*( #"( $'E*( 0'""*( P%!)$#)G#$Q( *4#')0*"'R2( 8#Q( !88'$$!( 0#( 93'%#<#%*( ,#%&#'9$*( 0#( #)<!,E*$#J*( #)( !%%*9#!)'( 0'"(
1#"*)%#!(:==;(H5!%GE')$!()6(:(0'"(<'++,*#!(:==OI2()'"(%#$*$!(5!%GE')$!(%!)8#G)$!()6(S2(#(D'8G"*$!,9(&*))!(
,#%&#*E*$!( )G!J*E')$'( "F*$$')4#!)'( 0#( $G$$#( #( 3*,$'%#3*)$#( *"( 3,!%'99!( 0#( '"*+!,*4#!)'( 0'""'( ,'"*4#!)#(
<#)*)4#*,#'( 9G""*( )'%'99#$Q( 0#( 0'0#%*,'( #"( E*99#E!( #E3'8)!( )'""'( J*"G$*4#!)#( ,'"*$#J'( *"( 3,'9G33!9$!( 0'""*(
P%!)$#)G#$QR(9$'99*6(
/)( 3,!3!9#$!2( 8"#( -EE#)#9$,*$!,#( ,#+*0#9%!)!( 0#( *J','( "*( ,*8#!)'J!"'( %',$'44*( %&'( "*( A!%#'$Q( %!)$#)G',Q( *0(
!3',*,'( 3,!<#%G*E')$'( #)( G)( <G$G,!( 3,'J'0#+#"'( '2( 0#( %!)9'8G')4*2( #"( 1#"*)%#!( @( 9$*$!( 3,'0#93!9$!( #)( G)*(
3,!93'$$#J*( 0#( %!)$#)G#$Q6( ,'%#9*)!( *"$,'9Z( 0#( )!)( *J','( ,#"'J*$!( )'""*( 9$,G$$G,*( 3*$,#E!)#*"'( '( <#)*)4#*,#*( '(
)'""F*)0*E')$!( !3',*$#J!( 9#)$!E#( %&'( 3!99*)!( E!9$,*,'( #)%',$'44'( 9G"( 3G)$!( 93'%#<#%!( 0'""*( %!)$#)G#$Q(
*4#')0*"'6(
(
8",*!'#IE+,,!'
'
/"(+#"*)%#!(0'""*(1*)%*(@(9!$$!3!9$!(*(,'J#9#!)'(%!)$*+#"'(0*(3*,$'(0'""*(9!%#'$Q(e fb(A -2(#)('9'%G4#!)'(0'""*(
5'"#+',*( 0'""F-99'E+"'*( 0'"( :S( *3,#"'( :=M:2( %&'( &*( *$$,#+G#$!( *( YG'9$*( 9!%#'$Q( "F#)%*,#%!( 3',( 8"#( '9',%#4#( 0*"(
:=M:(*"(:=:=(%!E3,'9!6(
(
(
(
'
99'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
801'3'78;)<';<>8)PS8'8>><'7;P4MP78>P'SNMP'@P' P>84MPN'
'
(
/0'8,,!6!,D'B!$#$-!#*!+'(+,+$J,+'E+*'"#'$+5&-!#-!&$+'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
A!)!( %"*99#<#%*$'( #)( YG'9$*( %*$'8!,#*( "'( *$$#J#$Q( <#)*)4#*,#'( *""!%*$'( )'"( 3!,$*<!8"#!( 0#( )'8!4#*4#!)'2(
'99')4#*"E')$'( ,*33,'9')$*$'( 0*( $#$!"#( 0#( 0'+#$!( '( 0#( %*3#$*"'( '( 0*"( J*"!,'( 3!9#$#J!( 0'#( %!)$,*$$#( 0',#J*$#(
0'$')G$#(%!)(<#)*"#$Q(0#()'8!4#*4#!)'6(C,*(#(%!)$,*$$#(0',#J*$#(9!)!(#)%"G9#(*)%&'(YG'""#(#)%!,3!,*$#(#)(9$,GE')$#(
<#)*)4#*,#(%!E3"'99#(%&'(9!)!(9$*$#(!88'$$!(0#(,#"'J*4#!)'(9'3*,*$*(#)(YG*)$!`(
− "'( "!,!( %*,*$$',#9$#%&'( '%!)!E#%&'( '0( #( ,#9%&#( )!)( 9!)!( 9$,'$$*E')$'( %!,,'"*$#( *""'( %*,*$$',#9$#%&'( 0'"(
%!)$,*$$!(9!$$!9$*)$'a(
− 8"#(9$,GE')$#(#)%!,3!,*$#2(*)%&'(9'(9'3*,*$#2(9!00#9<*)!("*(0'<#)#4#!)'(0#(0',#J*$!a(
− 8"#( 9$,GE')$#( #+,#0#( %G#( *33*,$')8!)!( )!)( 9!)!( J*"G$*$#( *"( <*#,( J*"G'( %!)( "'( ,'"*$#J'( J*,#*4#!)#( ,#"'J*$'( *(
%!)$!('%!)!E#%!6(
(
/(0',#J*$#(9!)!(,*33,'9')$*$#(%!E'(*$$#J#$Q(9'(#"(<*#,(J*"G'(@(3!9#$#J!('(%!E'(3*99#J#$Q(9'(#"(<*#,(J*"G'(@()'8*$#J!6(
LF(3!99#+#"'(%!E3')9*,'(#(J*"!,#(%!,,')$#(3!9#$#J#('()'8*$#J#(0',#J*)$#(0*(!3',*4#!)#(#)('99','(%!)("*(E'0'9#E*(
%!)$,!3*,$'( 9!"$*)$!( YG*"!,*( 9#( *++#*( %!,,')$'E')$'( #"( 0#,#$$!( "'8*"'( 0#( %!E3')9*,'( 8"#( #E3!,$#( ,#"'J*$#(
%!)$*+#"E')$'('(9#(#)$')0*(3,!%'0','(*"(,'8!"*E')$!(9G(+*9'()'$$*(0'""'(3!9#4#!)#(!88'$$!(0#(%!E3')9*4#!)'6(
V!)(9!)!(*EE'99'(,#%"*99#<#%&'(J',9!(*"$,'(%*$'8!,#'(0#(*$$#J#$Q(<#)*)4#*,#'(9*"J!(#"(%*9!(#)(%G#(9#(9#*(#)(3,'9')4*(
0#('J')$#(#)G9G*"#('(%&'(0#<<#%#"E')$'(9#(3!99!)!(,#3,'9')$*,'()'"(+,'J'(3',#!0!6(
/)($*"#(%*9#(@(3!99#+#"'(,#%"*99#<#%*,'($#$!"#(0#(0'+#$!('(0#(%*3#$*"'()!)(3#d(0'$')G$#(3',(<#)*"#$Q(0#()'8!4#*4#!)'(#)(
*"$,'( ( %*$'8!,#'( 3,'J#9$'( 0*""!( /-A( ?O( YG*"!,*( )'( ,#%!,,*)!( "'( %!)0#4#!)#( 3',( "F#9%,#4#!)'( H-$$#J#$Q( <#)*)4#*,#'(
0'$')G$'(9#)!(*""*(9%*0')4*2(-$$#J#$Q(<#)*)4#*,'(0#93!)#+#"#(3',("*(J')0#$*2(K,'0#$#I6(/"(J*"!,'(0#($,*9<',#E')$!(@(
,*33,'9')$*$!(0*"(<*#,(J*"G'(*"(E!E')$!(0'""*(,#%"*99#<#%*4#!)'6(/)(9'0'(0#(,#%"*99#<#%*4#!)'(J#')'('<<'$$G*$*("*(
J',#<#%*(#)(E',#$!(*""F'J')$G*"'(3,'9')4*(0#(%!)$,*$$#(0',#J*$#(#)%!,3!,*$#(0*(9%!,3!,*,'6(
(
M*!,+*!'(!'!I%*!-!&$+'
'
7F#9%,#4#!)'(#)#4#*"'(0'""'(*$$#J#$Q(<#)*)4#*,#'(*JJ#')'(*""*(0*$*(0#(,'8!"*E')$!(3',(#($#$!"#(0#(0'+#$!('(0#(%*3#$*"'(
'0(*""*(0*$*(0#(9!$$!9%,#4#!)'(3',(#(%!)$,*$$#(0',#J*$#6(
-""F*$$!( 0'""*( ,#"'J*4#!)'( #)#4#*"'( "'( *$$#J#$Q( <#)*)4#*,#'( 0'$')G$'( 3',( "*( )'8!4#*4#!)'( J')8!)!( ,#"'J*$'( *"( <*#,(
J*"G'2(9')4*(%!)9#0',*,'(#(%!9$#(!(3,!J')$#(0#($,*)9*4#!)'(0#,'$$*E')$'(*$$,#+G#+#"#(*""!(9$,GE')$!(9$'99!6(
LJ')$G*"#( 0',#J*$#( #E3"#%#$#( 3,'9')$#( #)( %!)$,*$$#( %!E3"'99#( )!)( 9$,'$$*E')$'( %!,,'"*$#( *8"#( 9$'99#( '0( *J')$#( "'(
%*,*$$',#9$#%&'(3',(9!00#9<*,'("*(0'<#)#4#!)'(0#(0',#J*$!(J')8!)!(9%!,3!,*$#(0*"(%!)$,*$$!(3,#E*,#!('0(#9%,#$$#(*"(
<*#,(J*"G'6(
(
M*!,+*!'(!'6#"J,#-!&$+'
'
AG%%'99#J*E')$'(*""*(,#"'J*4#!)'(#)#4#*"'2("'(*$$#J#$Q(<#)*)4#*,#'(0'$')G$'(3',("*()'8!4#*4#!)'(9!)!(J*"!,#44*$'(*"(
<*#,(J*"G'6(b"#('<<'$$#(0'""F*33"#%*4#!)'(0#($*"'(%,#$',#!(0#(J*"G$*4#!)'(9!)!(#E3G$*$#()'"(%!)$!('%!)!E#%!6(
',("*(0'$',E#)*4#!)'(0'"(<*#,(J*"G'(0'8"#(9$,GE')$#(<#)*)4#*,#(YG!$*$#(#)(G)(E',%*$!(*$$#J!2(J')8!)!(G$#"#44*$'(
YG!$*4#!)#(0#(E',%*$!6(/)(*99')4*(0#(G)(E',%*$!(*$$#J!2(J')8!)!(G$#"#44*$#(E'$!0#(0#(9$#E*('(E!0'""#(J*"G$*$#J#(
%!EG)'E')$'(*0!$$*$#2(%&'($')8!)!(%!)$!(0#($G$$#(#(<*$$!,#(0#(,#9%&#!(%!,,'"*$#(*8"#(9$,GE')$#('(%&'(9!)!(+*9*$#(
9G(0*$#(,#"'J*+#"#(9G"(E',%*$!(YG*"#`(J*"G$*4#!)'(0#(9$,GE')$#(YG!$*$#(%&'(3,'9')$*)!(*)*"!8&'(%*,*$$',#9$#%&'2(
%*"%!"#( 0#( <"G99#( 0#( %*99*( 9%!)$*$#2( E!0'""#( 0#( 0'$',E#)*4#!)'( 0'"( 3,'44!( 0#( !34#!)#2( J*"!,#( ,#"'J*$#( #)( ,'%')$#(
$,*)9*4#!)#(%!E3*,*+#"#2('%%6(/($#$!"#(0#(%*3#$*"'2("'(YG!$'(0#(g/KD('(8"#(9$,GE')$#(0',#J*$#(%&'(&*))!(3',(!88'$$!(
$#$!"#( 0#( %*3#$*"'2( )!)( YG!$*$#( #)( G)( E',%*$!( *$$#J!2( 3',( #( YG*"#( )!)( 9#*( 3!99#+#"'( 0'$',E#)*,'( #"( <*#,( J*"G'( #)(
E*)#',*(*$$')0#+#"'(9'%!)0!("'("#)''(8G#0*(9!3,*(#)0#%*$'2(9!)!(E*)$')G$#(*"(%!9$!6(
M*!,+*!'(!'%#$%+""#-!&$+'
'
7'( *$$#J#$Q( <#)*)4#*,#'( J')8!)!( %*)%'""*$'( 0*"( +#"*)%#!( 9!"*E')$'( 9'( "*( %'99#!)'( &*( %!E3!,$*$!( #"( 9!9$*)4#*"'(
$,*9<',#E')$!( 0#( $G$$#( #( ,#9%&#( '( +')'<#%#( %!))'99#( *""'( *$$#J#$Q( 9$'99'6( ',( %!)$,!2( YG*"!,*( 9#*( 9$*$*( E*)$')G$*(
G)*( YG!$*( 3*,$'( ,#"'J*)$'( 0'#( ,#9%&#( '( +')'<#%#( ,'"*$#J#( *""'( *$$#J#$Q( <#)*)4#*,#'( %'0G$'2( YG'9$'( %!)$#)G*)!( *0(
'
9R'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
'99','( #9%,#$$'( #)( +#"*)%#!2( *)%!,%&U( 8#G,#0#%*E')$'( "*( $#$!"*,#$Q( 0'""'( *$$#J#$Q( 9$'99'( 9#*( 9$*$*( '<<'$$#J*E')$'(
$,*9<',#$*6(
V'"(%*9!(#)(%G#()!)(9#*(3!99#+#"'(*%%',$*,'(#"(9!9$*)4#*"'($,*9<',#E')$!(0'#(,#9%&#('(+')'<#%#2("'(*$$#J#$Q(<#)*)4#*,#'(
J')8!)!(%*)%'""*$'(0*"(+#"*)%#!(YG*"!,*()!)(9#*(9$*$!(E*)$')G$!(*"%G)($#3!(0#(%!)$,!""!(9G""'(9$'99'6(/)(%*9!(
%!)$,*,#!2( "*( %!)9',J*4#!)'2( *)%&'( #)( 3*,$'2( 0#( $*"'( %!)$,!""!( %!E3!,$*( #"( E*)$')#E')$!( #)( +#"*)%#!( 0'""'(
*$$#J#$Q( #)( E#9G,*( 3*,#( *"( %!#)J!"8#E')$!( ,'9#0G!2( E#9G,*$!( 0*""F'93!9#4#!)'( *#( %*E+#*E')$#( 0#( J*"!,'( 0'""'(
*$$#J#$Q(%'0G$'('0(*""'(J*,#*4#!)#(0'#(<"G99#(<#)*)4#*,#(0'""'(9$'99'6(
/)<#)'2("'(*$$#J#$Q(<#)*)4#*,#'(%'0G$'(J')8!)!(%*)%'""*$'(0*"(+#"*)%#!()'"(%*9!(#)(%G#(J#(9#*("*(%!)9',J*4#!)'(0'#(
0#,#$$#(%!)$,*$$G*"#(*(,#%'J','(#(,'"*$#J#(<"G99#(0#(%*99*2(%!)("*(%!)$'9$G*"'(*99G)4#!)'(0#(G)F!++"#8*4#!)'(*(3*8*,'(
0'$$#(<"G99#2('(9!"!('99#2(*0(*"$,#(9!88'$$#($',4#6(
(
10'8,,!6!,D'B!$#$-!#*!+'(!IE&$!F!"!'E+*'"#'6+$(!,#'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
A!)!(#)%"G9'()'""*(3,'9')$'(%*$'8!,#*("'(*$$#J#$Q(<#)*)4#*,#'()!)(0#J',9*E')$'(%"*99#<#%*$'(%!E'(K,'0#$#2(-$$#J#$Q(
0'$')G$'(3',("*()'8!4#*4#!)'2(-$$#J#$Q(0'$')G$'(9#)!(*(9%*0')4*(!(-$$#J#$Q(<#)*)4#*,#'(J*"G$*$'(*"(<*#,(J*"G'6(/)(
3*,$#%!"*,'2(J')8!)!(#)%"G9'(#)(YG'9$*(J!%'2(!"$,'(*#($#$!"#(!++"#8*4#!)*,#(%&'( )!)( 9!)!(!88'$$!( 0#( *$$#J#$Q(0#(
$,*0#)8('(%&'()!)(9!)!(%"*99#<#%*$#($,*("'(-$$#J#$Q(0'$')G$'(9#)!(*""*(9%*0')4*(!(J*"G$*$'(*"(<*#,(J*"G'(!33G,'($,*(
#( K,'0#$#2( *)%&'( "'( #)$','99')4'( *4#!)*,#'( )!)( 8'9$#$'( %!)( <#)*"#$Q( 0#( )'8!4#*4#!)'( '( )!)( YG*"#<#%*+#"#( 0#(
%!)$,!""!2(%!""'8*E')$!('(%!)$,!""!(%!)8#G)$!2(#)%"G9#(8"#('J')$G*"#(#)J'9$#E')$#(0#(3,#J*$'('YG#$h('0(#)(<!)0#(0#(
3,#J*$'( 'YG#$h2( )!)%&U( "*( YG!$*( 0'#( 3,'9$#$#( 9#)0*%*$#( 9!$$!9%,#$$#( %&'2( 9#)( 0*""F!,#8#)'2( J#')'( 0'9$#)*$*( *""*(
%'99#!)'6(
V'#(%*9#(%!)9')$#$#(0*#(3,#)%#3#(%!)$*+#"#2(9!)!(*EE'99'(,#%"*99#<#%&'('9%"G9#J*E')$'(J',9!("*(%*$'8!,#*(-$$#J#$Q(
<#)*)4#*,'( 0'$')G$'( 9#)!( *""*( 9%*0')4*6( LF( 3!99#+#"'( #)!"$,'( ,#%"*99#<#%*,'( #( $#$!"#( 0#( 0'+#$!( !"$,'( %&'( )'""*(
%*$'8!,#*( 0'""'( -$$#J#$Q( <#)*)4#*,#'( 0'$')G$'( 9#)!( *""*( 9%*0')4*2( *)%&'( )'#( K,'0#$#2( #)( 3,'9')4*( 0#( #)$')$!( 0#(
0'$')4#!)'( 3',( #"( 3,'J'0#+#"'( <G$G,!( '( YG*"!,*( )'( ,#%!,,*)!( "'( %!)0#4#!)#( 3',( "F#9%,#4#!)'6( /"( J*"!,'( 0#(
$,*9<',#E')$!(@(,*33,'9')$*$!(0*"(<*#,(J*"G'(*"(E!E')$!(0'""*(,#%"*99#<#%*4#!)'6(
(
M*!,+*!'(!'!I%*!-!&$+'
'
7F#9%,#4#!)'(#)#4#*"'(0'""F*$$#J#$Q(<#)*)4#*,#*(*JJ#')'(*""*(0*$*(0#(,'8!"*E')$!(3',(#($#$!"#(0#(0'+#$!(!(0#(%*3#$*"'('0(
*""*(0*$*(0#(',!8*4#!)'()'"(%*9!(0#(%,'0#$#6(
-""F*$$!(0'""*(,#"'J*4#!)'(#)#4#*"'("'(*$$#J#$Q(9!)!(%!)$*+#"#44*$'(*"(<*#,(J*"G'2(%!E3,')9#J!(0'#(%!9$#(!(3,!J')$#(0#(
$,*)9*4#!)'(0#,'$$*E')$'(*$$,#+G#+#"#(*""!(9$,GE')$!(9$'99!6(
TG*"!,*2()'#(%*9#(%!)9')$#$#(0*#(3,#)%#3#(%!)$*+#"#2("F#9%,#4#!)'(*JJ')8*(*(9'8G#$!(0#(,#%"*99#<#%*4#!)'(0*""'(-$$#J#$Q(
<#)*)4#*,#'( 0'$')G$'( 9#)!( *""*( 9%*0')4*( !JJ',!2( #)( 3,'9')4*( 0#( 'J')$#( #)G9G*"#2( 0*""'( -$$#J#$Q( <#)*)4#*,#'(
0'$')G$'( 3',( "*( )'8!4#*4#!)'2( #"( J*"!,'( 0#( #9%,#4#!)'( 9*,'++'( ,*33,'9')$*$!( 0*"( <*#,( J*"G'( *"( E!E')$!( 0'"(
$,*9<',#E')$!6(
(
M*!,+*!'(!'6#"J,#-!&$+'
'
AG%%'99#J*E')$'(*""*(,#"'J*4#!)'(#)#4#*"'2("'(-$$#J#$Q(0#93!)#+#"#(3',("*(J')0#$*(9!)!(J*"G$*$'(*"(<*#,(J*"G'2(%!)("*(
,#"'J*4#!)'(*(%!)$!('%!)!E#%!(0'"(J*"!,'(%!,,#93!)0')$'(*"(%!9$!(*EE!,$#44*$!2(E')$,'(8"#(G$#"#(!("'(3',0#$'(
0',#J*)$#(0*(G)*(J*,#*4#!)'(0#(<*#,(J*"G'(J')8!)!(,#"'J*$#(#)(G)*(93'%#<#%*(,#9',J*(0#(3*$,#E!)#!()'$$!(9#)!(*(%&'(
"F*$$#J#$Q( <#)*)4#*,#*( )!)( J#')'( %*)%'""*$*( !( )!)( J#')'( ,#"'J*$*( G)*( 3',0#$*( 0#( J*"!,'6( -"( E!E')$!( 0'""*(
0#9E#99#!)'(!(0'""*(,#"'J*4#!)'(0#(G)*(3',0#$*(0#(J*"!,'2("FG$#"'(!("*(3',0#$*(%GEG"*$#(J')8!)!(,#J',9*$#2(#)($G$$!(
!(#)(3*,$'2(*(%!)$!('%!)!E#%!6(
/"( <*#,( J*"G'( J#')'( 0'$',E#)*$!( 9G""*( +*9'( 0'#( %,#$',#( 8#Q( #""G9$,*$#( 3',( "'( *$$#J#$Q( <#)*)4#*,#'( 0'$')G$'( 3',( "*(
)'8!4#*4#!)'6(
/($#$!"#(0#(%*3#$*"'(#)%"G9#(#)(YG'9$*(%*$'8!,#*2("'(YG!$'(0#(g/KD('(8"#(9$,GE')$#(0',#J*$#(%&'(&*))!(3',(!88'$$!(
$#$!"#( 0#( %*3#$*"'2( )!)( YG!$*$#( #)( G)( E',%*$!( *$$#J!2( 3',( #( YG*"#( )!)( 9#*( 3!99#+#"'( 0'$',E#)*,'( #"( <*#,( J*"G'( #)(
E*)#',*(*$$')0#+#"'2(9!)!(E*)$')G$#(*"(%!9$!6(
7'(*$$#J#$Q(<#)*)4#*,#'(0#93!)#+#"#(3',("*(J')0#$*(9!)!(9!$$!3!9$'(*0(G)*(J',#<#%*(J!"$*(*0(#)0#J#0G*,'("F'9#9$')4*(
0#(!+#'$$#J'('J#0')4'(0#(,#0G4#!)'(0#(J*"!,'6(
A'( 9G99#9$!)!( $*"#( 'J#0')4'2( "F#E3!,$!( 0'""*( 3',0#$*( J#')'( E#9G,*$!( %!E'( 0#<<',')4*( $,*( #"( J*"!,'( %!)$*+#"'(
0'""F*$$#J#$Q('0(#"(<*#,(J*"G'6(
'
R2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
TG*"!,*(#(E!$#J#(0'""*(3',0#$*(0#(J*"!,'(9#*)!(,#E!99#(*(9'8G#$!(0#(G)('J')$!(J',#<#%*$!9#(9G%%'99#J*E')$'(*""*(
,#"'J*4#!)'(0'""*(,#0G4#!)'(0#(J*"!,'2(J')8!)!('<<'$$G*$'(,#3,'9'(0#(J*"!,'(%!)(#E3G$*4#!)'(*(%!)$!('%!)!E#%!2(
)'"( %*9!( 0#( %,'0#$#( !( $#$!"#( 0#( 0'+#$!2( '0( *( 3*$,#E!)#!( )'$$!( )'"( %*9!( 0#( $#$!"#( 0#( %*3#$*"'6( 7F*EE!)$*,'( 0'""*(
,#3,'9*( )!)( 3G^( #)( !8)#( %*9!( 9G3',*,'( #"( %!9$!( *EE!,$#44*$!( %&'( "!( 9$,GE')$!( *J,'++'( *JG$!( #)( *99')4*( 0#(
3,'%'0')$#(,'$$#<#%&'6(
(
M*!,+*!'(!'%#$%+""#-!&$+'
'
7'( *$$#J#$Q( <#)*)4#*,#'( J')8!)!( %*)%'""*$'( 0*"( +#"*)%#!( 9!"*E')$'( 9'( "*( %'99#!)'( &*( %!E3!,$*$!( #"( 9!9$*)4#*"'(
$,*9<',#E')$!( 0#( $G$$#( #( ,#9%&#( '( +')'<#%#( %!))'99#( *""'( *$$#J#$Q( 9$'99'6( ',( %!)$,!2( YG*"!,*( 9#*( 9$*$*( E*)$')G$*(
G)*( YG!$*( 3*,$'( ,#"'J*)$'( 0'#( ,#9%&#( '( +')'<#%#( ,'"*$#J#( *""'( *$$#J#$Q( <#)*)4#*,#'( %'0G$'2( YG'9$'( %!)$#)G*)!( *0(
'99','( #9%,#$$'( #)( +#"*)%#!2( *)%!,%&U( 8#G,#0#%*E')$'( "*( $#$!"*,#$Q( 0'""'( *$$#J#$Q( 9$'99'( 9#*( 9$*$*( '<<'$$#J*E')$'(
$,*9<',#$*6(
V'"(%*9!(#)(%G#()!)(9#*(3!99#+#"'(*%%',$*,'(#"(9!9$*)4#*"'($,*9<',#E')$!(0'#(,#9%&#('(+')'<#%#2("'(*$$#J#$Q(<#)*)4#*,#'(
J')8!)!(%*)%'""*$'(0*"(+#"*)%#!(YG*"!,*()!)(9#*(9$*$!(E*)$')G$!(*"%G)($#3!(0#(%!)$,!""!(9G""'(9$'99'6(/)(%*9!(
%!)$,*,#!2( "*( %!)9',J*4#!)'2( *)%&'( #)( 3*,$'2( 0#( $*"'( %!)$,!""!( %!E3!,$*( #"( E*)$')#E')$!( #)( +#"*)%#!( 0'""'(
*$$#J#$Q( #)( E#9G,*( 3*,#( *"( %!#)J!"8#E')$!( ,'9#0G!2( E#9G,*$!( 0*""F'93!9#4#!)'( *#( %*E+#*E')$#( 0#( J*"!,'( 0'""'(
*$$#J#$Q(%'0G$'('0(*""'(J*,#*4#!)#(0'#(<"G99#(<#)*)4#*,#(0'""'(9$'99'6(
/)<#)'2("'(*$$#J#$Q(<#)*)4#*,#'(%'0G$'(J')8!)!(%*)%'""*$'(0*"(+#"*)%#!()'"(%*9!(#)(%G#(J#(9#*("*(%!)9',J*4#!)'(0'#(
0#,#$$#(%!)$,*$$G*"#(*(,#%'J','(#(,'"*$#J#(<"G99#(0#(%*99*2(%!)("*(%!)$'9$G*"'(*99G)4#!)'(0#(G)F!++"#8*4#!)'(*(3*8*,'(
0'$$#(<"G99#2('(9!"!('99#2(*0(*"$,#(9!88'$$#($',4#6(
(
.0'8,,!6!,D'B!$#$-!#*!+'(+,+$J,+'I!$&'#""#'I%#(+$-#'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
A!)!( %"*99#<#%*$#( )'""*( 3,'9')$'( %*$'8!,#*( #( $#$!"#( 0#( 0'+#$!( YG!$*$#( %!)( 3*8*E')$#( <#99#( !( 0'$',E#)*+#"#( '( %!)(
9%*0')4*(<#99*2(%&'(9#(&*(#)$')4#!)'('(%*3*%#$Q(0#(0'$')','(9#)!(*(9%*0')4*6(
-"(?M(0#%'E+,'(:=M?("*(1*)%*()!)(0'$#')'(*$$#J#$Q(<#)*)4#*,#'(0'""*(93'%#'6(
(
G0'M*+(!,!'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
/(%,'0#$#(#)%"G0!)!(8"#(#E3#'8&#(%!)(%"#')$'"*('(%!)(+*)%&'2(9#*(',!8*$#(0#,'$$*E')$'(9#*(*%YG#9$*$#(0*($',4#2(%&'(
3,'J'0!)!(3*8*E')$#(<#99#(!(%!EG)YG'(0'$',E#)*+#"#2(%&'()!)(9!)!(YG!$*$#(#)(G)(E',%*$!(*$$#J!('(%&'()!)(
9!)!(9$*$#(%"*99#<#%*$#(*""F!,#8#)'($,*("'(-$$#J#$Q(<#)*)4#*,#'(0#93!)#+#"#(3',("*(J')0#$*6(
V'""*( J!%'( K,'0#$#( ,#')$,*)!( #)!"$,'( #( %,'0#$#( %!EE',%#*"#2( "'( !3',*4#!)#( 3,!)$#( %!)$,!( $',E#)'( %!)( !++"#8!( 0#(
,#J')0#$*(*($',E#)'2('0(#($#$!"#(*%YG#9$*$#(#)(9!$$!9%,#4#!)'(!(%!""!%*E')$!(3,#J*$!2(%!)(3*8*E')$#(0'$',E#)*$#(!(
0'$',E#)*+#"#2()!)(YG!$*$#(#)(E',%*$#(*$$#J#6(
V!)(9!)!(*EE'99'(,#%"*99#<#%&'(#)(*"$,'(%*$'8!,#'(0#(*$$#J#$Q(<#)*)4#*,#'(3,'J#9$'(0*""!(/-A(?O6(
(
M*!,+*!'(!'!I%*!-!&$+'
'
7*(3,#E*(#9%,#4#!)'(0#(G)(%,'0#$!(*JJ#')'(*""*(0*$*(0#(9!$$!9%,#4#!)'(0'"(%!)$,*$$!2(%&'()!,E*"E')$'(%!#)%#0'(
%!)("*(0*$*(0#(',!8*4#!)'6(TG*"!,*($*"'(%!#)%#0')4*()!)(9#(E*)#<'9$#2(#)(9'0'(0#(9!$$!9%,#4#!)'(0'"(%!)$,*$$!(9#(
3,!JJ'0'(*0(#9%,#J','(G)(#E3'8)!(*0(',!8*,'(<!)0#(%&'(9#(%&#G0'(*""*(0*$*(0#(',!8*4#!)'(0'"(<#)*)4#*E')$!6(
7F#9%,#4#!)'(0'"(%,'0#$!(*JJ#')'(9G""*(+*9'(0'"(<*#,(J*"G'(0'""!(9$'99!2(3*,#(*""F*EE!)$*,'(',!8*$!2(!(3,'44!(0#(
9!$$!9%,#4#!)'2(%!E3,')9#J!(0'#(%!9$#B3,!J')$#(0#,'$$*E')$'(,#%!)0G%#+#"#(*"(9#)8!"!(%,'0#$!('(0'$',E#)*+#"#(9#)(
0*""F!,#8#)'(0'""F!3',*4#!)'2(*)%!,%&U("#YG#0*$#(#)(G)(E!E')$!(9G%%'99#J!6(A!)!('9%"G9#(#(%!9$#(%&'2(3G,(*J')0!(
"'(%*,*$$',#9$#%&'(9G00'$$'2(9!)!(!88'$$!(0#(,#E+!,9!(0*(3*,$'(0'""*(%!)$,!3*,$'(0'+#$,#%'(!(9!)!(#)YG*0,*+#"#(
$,*(#()!,E*"#(%!9$#(#)$',)#(0#(%*,*$$','(*EE#)#9$,*$#J!6(
TG*"!,*2(#)(3,'9')4*(0#('J')$#(#)G9G*"#2("*(,#"'J*4#!)'(#)(YG'9$*(%*$'8!,#*(*JJ')#99'( 3',(,#%"*99#<#%*4#!)'(0*""'(
-$$#J#$Q( <#)*)4#*,#'( 0#93!)#+#"#( 3',( "*( J')0#$*( !( 0*""'( -$$#J#$Q( <#)*)4#*,#'( 0'$')G$'( 3',( "*( )'8!4#*4#!)'2( #"( <*#,(
J*"G'( 0'""F*$$#J#$Q( *""*( 0*$*( 0#( ,#%"*99#<#%*4#!)'( J#')'( *99G)$!( %!E'( )G!J!( %!9$!( *EE!,$#44*$!(
0'""F*$$#J#$Q(9$'99*6(
(
'
R/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
M*!,+*!'(!'6#"J,#-!&$+'
'
5!3!( "*( ,#"'J*4#!)'( #)#4#*"'2( #( %,'0#$#( 9!)!( J*"G$*$#( *"( %!9$!( *EE!,$#44*$!2( 3*,#( *"( J*"!,'( 0#( 3,#E*( #9%,#4#!)'(
0#E#)G#$!B*GE')$*$!( 0'#( ,#E+!,9#( 0#( %*3#$*"'2( 0'""'( ,'$$#<#%&'B,#3,'9'( 0#( J*"!,'( '( 0'""F*EE!,$*E')$!( .(
%*"%!"*$!( %!"( E'$!0!( 0'"( $*99!( 0#( #)$','99'( '<<'$$#J!( .( 0'""*( 0#<<',')4*( $,*( "F*EE!)$*,'( ',!8*$!( '( YG'""!(
,#E+!,9*+#"'(*(9%*0')4*2(,#%!)0G%#+#"'($#3#%*E')$'(*#(%!9$#B3,!J')$#(#E3G$*$#(0#,'$$*E')$'(*"(9#)8!"!(%,'0#$!6(/"(
$*99!(0#(#)$','99'('<<'$$#J!(@(#)0#J#0G*$!(%*"%!"*)0!(#"($*99!(%&'('8G*8"#*(#"(J*"!,'(*$$G*"'(0'#(<"G99#(<G$G,#(0'"(
%,'0#$!2(3',(%*3#$*"'('0(#)$','99'2(*""F*EE!)$*,'(',!8*$!(#)%"G9#J!(0'#(%!9$#B3,!J')$#(,#%!)0!$$#(*"(%,'0#$!6(\*"'(
E!0*"#$Q( 0#( %!)$*+#"#44*4#!)'2( G$#"#44*)0!( G)*( "!8#%*( <#)*)4#*,#*2( %!)9')$'( 0#( 0#9$,#+G#,'( "F'<<'$$!( '%!)!E#%!(
0'#(%!9$#B3,!J')$#("G)8!("*(J#$*(,'9#0G*(*$$'9*(0'"(%,'0#$!6(
/"(E'$!0!(0'"(%!9$!(*EE!,$#44*$!()!)(J#')'(G$#"#44*$!(3',(#(%,'0#$#("*(%G#(+,'J'(0G,*$*(<*(,#$')','($,*9%G,*+#"'(
"F'<<'$$!( 0'""F*33"#%*4#!)'( 0'""*( "!8#%*( 0#( *$$G*"#44*4#!)'6( 5'$$#( %,'0#$#( J')8!)!( J*"!,#44*$#( *"( %!9$!( 9$!,#%!6(
-)*"!8!(%,#$',#!(0#(J*"!,#44*4#!)'(J#')'(*0!$$*$!(3',(#(%,'0#$#(9')4*(G)*(9%*0')4*(0'<#)#$*(!(*(,'J!%*6(
/(%,'0#$#(9!)!(9!$$!3!9$#(*0(G)*(,#%!8)#4#!)'(J!"$*(*0(#)0#J#0G*,'(YG'""#(%&'2(*(9'8G#$!(0'"(J',#<#%*,9#(0#('J')$#(
!%%!,9#(0!3!("*("!,!(#9%,#4#!)'2(E!9$,#)!(!88'$$#J'('J#0')4'(0#(G)*(3!99#+#"'(3',0#$*(0#(J*"!,'6(D#')$,*)!(#)($*"'(
*E+#$!( #( %,'0#$#( *#( YG*"#( @( 9$*$!( *$$,#+G#$!( "!( 9$*$G9( 0#( 9!<<',')4*2( #)%*8"#!2( ,#9$,G$$G,*$!( !( 0#(
9%*0G$!B9%!)<#)*)$'(9'%!)0!("'(,'8!"'(0#(1*)%*(0F/$*"#*2(%!',')$#(%!)("*()!,E*$#J*(/-AB/CDA6(
K!)(,#<',#E')$!(*""'(,#9$,G$$G,*4#!)#(0#('93!9#4#!)#(%,'0#$#4#'(9!)!(#0')$#<#%*$'($,'(0#J',9'(<*$$#93'%#'`(
− "'(,#9$,G$$G,*4#!)#(3,!3,#*E')$'(0'$$'(H%!E'(0'<#)#$'(0*""*(%#,%!"*,'(:W:(0#(1*)%*(0F/$*"#*Ia(
− "'(,#)'8!4#*4#!)#a(
− "F'9$#)4#!)'(0'"(0'+#$!(E'0#*)$'(9!9$#$G4#!)'(0'"(0'+#$!,'(!(9i*3(0#(0'+#$!(J9('YG#$h6(
(
/)(%!',')4*(%!)("*()!,E*$#J*(0#(1*)%*(0F/$*"#*2(3',(,#9$,G$$G,*4#!)'(0'"(0'+#$!(H'93!9#4#!)'(%,'0#$#4#*I(9F#)$')0'(
G)F!3',*4#!)'(E'0#*)$'("*( YG*"'("*(+*)%*2(3',(,*8#!)#( '%!)!E#%&'2('<<'$$G*(G)*(%!)%'99#!)'(*"(0'+#$!,'(#)(
%!)9#0',*4#!)'( 0'""'( 0#<<#%!"$Q( <#)*)4#*,#'( 0'""!( 9$'99!2( %!)%'99#!)'( %&'( *"$,#E')$#( )!)( *J,'++'( *%%!,0*$!( '(
%&'( 0'$',E#)*( #)( %*3!( *"( %,'0#$!,'( G)*( 3',0#$*6( 7*( %!)%'99#!)'( 0'""*( +*)%*( 9#( 9!9$*)4#*( )'""*( ,#)G)%#*( 0'""*(
9$'99*(*0(*"%G)#(0#,#$$#(%!)$,*$$G*"E')$'(0'<#)#$#2(%&'(9#($,*0G%!)!(#)(G)(+')'<#%#!(#EE'0#*$!(!(0#<<',#$!(3',(#"(
0'+#$!,'2(%&'($,*'(G)(J*)$*88#!(0*($*"'(,#)G)%#*2('(#)(G)*(%!,,#93!)0')$'(3',0#$*(3',("*(+*)%*6(b"#('<<'$$#(0#(
$*"'( ,#)G)%#*( 9!)!( E#9G,*$#( 0*""*( J*,#*4#!)'( )'8*$#J*( H3!9#$#J*I( 0'"( J*"!,'( '%!)!E#%!( 0'"( %,'0#$!( H0'+#$!I(
,#93'$$!(*"(J*"!,'(%!)$*+#"'(0'"(%,'0#$!(H0'+#$!I(*)$'X,#9$,G$$G,*4#!)'6((
/(,*33!,$#(%&'(,#')$,*)!(#)($*"#(9#$G*4#!)#(9!)!(%"*99#<#%*$#($,*(#(%,'0#$#(0'$',#!,*$#6(
7*( ,#)'8!4#*4#!)'( 0#( '93!9#4#!)#( %,'0#$#4#'( *%%!,0*$*( 0*""*( +*)%*( *( %"#')$'"*( #)( +!)#9( J#')'( *99#E#"*$*( )'""*(
9!9$*)4*( *""F*3',$G,*( 0#( G)*( )G!J*( 3!9#4#!)'2( YG*"!,*( YG'9$*( 9#*( %!)%'99*( '99')4#*"E')$'( 3',( ,*8#!)#(
%!EE',%#*"#2( 0#J',9'( 0*""'( 0#<<#%!"$Q( '%!)!E#%!X<#)*)4#*,#'( 0'"( 0'+#$!,'2( '( 9'E3,'( %&'( #"( $*99!( 0F#)$','99'(
*33"#%*$!(9#*(G)($*99!(0#(E',%*$!(*""*(0*$*(0#(,#)'8!4#*4#!)'6((
1*)%*( '( 0'+#$!,'( 3!99!)!2( #)( *"$',)*$#J*( *""'( #3!$'9#( 3,'%'0')$'E')$'( 0'9%,#$$'( H,#9$,G$$G,*4#!)#( '(
,#)'8!4#*4#!)#I2(%!)%!,0*,'("F'9$#)4#!)'(0'"(0'+#$!(!,#8#)*,#!(*$$,*J',9!`(
− "*()!J*4#!)'(!(#"(9G+')$,!(0#(G)(*"$,!(0'+#$!,'(H9G%%'99#!)'("#+',*$!,#*Ia(
− "*(9!9$*)4#*"'(E!0#<#%*()'""*()*$G,*(0'"(%!)$,*$$!(%&'(3,'J'0'(G)!(9i*3(0'+$X'YG#$h6(
(
\*"#( 'J')$#2( %!E3!,$*)0!( G)*( E!0#<#%*( 9!9$*)4#*"'( 0'#( $',E#)#( %!)$,*$$G*"#2( 0*"( 3G)$!( 0#( J#9$*( %!)$*+#"'2(
0'$',E#)*)!( "F'9$#)4#!)'( 0'"( ,*33!,$!( 3,''9#9$')$'( '( "*( %!)9'8G')$'( #9%,#4#!)'( *"( <*#,( J*"G'( 0'"( )G!J!(
,*33!,$!2(,#%!)!9%')0!(*(%!)$!('%!)!E#%!(G)(G$#"'(!(G)*(3',0#$*(3*,#(*""*(0#<<',')4*(<,*(#"(J*"!,'(0#("#+,!(0'"(
J'%%&#!(%,'0#$!('(#"(<*#,(J*"G'(0'8"#(*99'$(,#%'JG$#6(
/( %,'0#$#( 0'$',#!,*$#( 9!)!( !88'$$!( 0#( G)( 3,!%'99!( 0#( J*"G$*4#!)'( *)*"#$#%*2( !( %!)( 0'$',E#)*4#!)'( 0'""*(
3,'J#9#!)'(0#(3',0#$*(3',(%*$'8!,#'(!E!8')''('0(*$$,#+G4#!)'(*)*"#$#%*(*0(!8)#(3!9#4#!)'2('("F*EE!)$*,'(0'""*(
,'$$#<#%*(0#(J*"!,'(0#(%#*9%G)(%,'0#$!(@(3*,#(*""*(0#<<',')4*($,*(#"(J*"!,'(0#(+#"*)%#!(0'""!(9$'99!(*"(E!E')$!(0'""*(
J*"G$*4#!)'(H%!9$!(*EE!,$#44*$!I('0(#"(J*"!,'(*$$G*"'(0'#(3,'J#9$#(<"G99#(0#(%*99*(<G$G,#2(%*"%!"*$!(*33"#%*)0!(#"(
$*99!(0#(#)$','99'('<<'$$#J!(!,#8#)*,#!6(
/( <"G99#( 0#( %*99*( 3,'J#9$#( $')8!)!( %!)$!( 0'#( $'E3#( 0#( ,'%G3',!( *$$'9#2( 0'"( 3,'9GE#+#"'( J*"!,'( 0#( ,'*"#44!( 0'""'(
'J')$G*"#(8*,*)4#'()!)%&U(0'#(%!9$#(%&'(9#(,#$#')'(J',,*))!(9!9$')G$#(3',(#"(,'%G3',!(0'""F'93!9#4#!)'(%,'0#$#4#*6(
/"( $*99!( '<<'$$#J!( !,#8#)*,#!( 0#( %#*9%G)( %,'0#$!( ,#E*)'( #)J*,#*$!( )'"( $'E3!( *)%!,%&U( 9#*( #)$',J')G$*( G)*(
,#9$,G$$G,*4#!)'( 0'"( ,*33!,$!( %&'( *++#*( %!E3!,$*$!( "*( J*,#*4#!)'( 0'"( $*99!( %!)$,*$$G*"'( '0( *)%&'( YG*"!,*( #"(
,*33!,$!(0#J')8*2()'""*(3,*$#%*2(#)<,G$$#<',!(0#(#)$','99#(%!)$,*$$G*"#6(
7*(,'$$#<#%*(0#(J*"!,'(@(#9%,#$$*(*(%!)$!('%!)!E#%!6(
/"( J*"!,'( !,#8#)*,#!( 0'#( %,'0#$#( J#')'( ,#3,#9$#)*$!( )'8"#( '9',%#4#( 9G%%'99#J#( )'""*( E#9G,*( #)( %G#( J')8*)!( E')!( #(
E!$#J#( %&'( )'( &*))!( 0'$',E#)*$!( "*( ,'$$#<#%*2( 3G,%&U( $*"'( J*"G$*4#!)'( 9#*( !88'$$#J*E')$'( %!""'8*+#"'( *0( G)(
'
R1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
'J')$!( J',#<#%*$!9#( 9G%%'99#J*E')$'( *""*( ,'$$#<#%*( 9$'99*6( 7*( ,#3,'9*( 0#( J*"!,'( @( #9%,#$$*( )'"( %!)$!( '%!)!E#%!( '(
)!)( 3G^( #)( !8)#( %*9!( 9G3',*,'( #"( %!9$!( *EE!,$#44*$!( %&'( #"( %,'0#$!( *J,'++'( *JG$!( #)( *99')4*( 0#( 3,'%'0')$#(
,'$$#<#%&'6(
/(,#3,#9$#)#(0#(J*"!,'(%!))'99#(%!)(#"($,*9%!,,','(0'"($'E3!(9!)!(*33!9$*$#($,*("'(,#3,'9'(0#(J*"!,'6(
/(%,'0#$#(3',(#(YG*"#()!)(9!)!(9$*$'(#)0#J#0G*$'(9#)8!"*,E')$'('J#0')4'(!88'$$#J'(0#(3',0#$*(9!)!(9!$$!3!9$#(*""*(
J*"G$*4#!)'(0#(G)*(3',0#$*(0#(J*"!,'(%!""'$$#J*6(\*"'(J*"G$*4#!)'(*JJ#')'(3',(%*$'8!,#'(0#(%,'0#$#(!E!8')''(#)(
$',E#)#(0#(,#9%&#!(0#(%,'0#$!('("'(,'"*$#J'(3',%')$G*"#(0#(3',0#$*(9!)!(9$#E*$'($')')0!(%!)$!(0#(9',#'(9$!,#%&'('(0#(
*"$,#('"'E')$#(!99',J*+#"#(*""*(0*$*(0'""*(J*"G$*4#!)'2(%&'(%!)9')$*)!(0#(9$#E*,'(#"(J*"!,'(0'""*(3',0#$*("*$')$'(#)(
%#*9%G)*(%*$'8!,#*(0#(%,'0#$#6(V'""*(J*"G$*4#!)'(9#($#')'(%!)$!(*)%&'(0'""*(,#9%&#!9#$Q(%!))'99*(%!)(#"( *'9'(0#(
,'9#0')4*(0'""*(%!)$,!3*,$'6(
7'(,'$$#<#%&'(0#(J*"!,'(0'$',E#)*$'(%!""'$$#J*E')$'(9!)!(#E3G$*$'()'"(%!)$!('%!)!E#%!6(
(
M*!,+*!'(!'%#$%+""#-!&$+'
'
/( %,'0#$#( %'0G$#( J')8!)!( %*)%'""*$#( 0*""'( *$$#J#$Q( #)( +#"*)%#!( 9!"*E')$'( 9'( "*( %'99#!)'( &*( %!E3!,$*$!( #"(
9!9$*)4#*"'( $,*9<',#E')$!( 0#( $G$$#( #( ,#9%&#( '( +')'<#%#( %!))'99#( *#( %,'0#$#( 9$'99#6( ',( %!)$,!2( YG*"!,*( 9#*( 9$*$*(
E*)$')G$*(G)*(3*,$'(,#"'J*)$'(0'#(,#9%&#('(+')'<#%#(,'"*$#J#(*#(%,'0#$#(%'0G$#2(YG'9$#(%!)$#)G*)!(*0('99','(#9%,#$$#(
$,*("'(*$$#J#$Q(0'"(+#"*)%#!2(*)%!,%&U(8#G,#0#%*E')$'("*($#$!"*,#$Q(0'"(%,'0#$!(9#*(9$*$*('<<'$$#J*E')$'($,*9<',#$*6(
V'"(%*9!(#)(%G#()!)(9#*(3!99#+#"'(*%%',$*,'(#"(9!9$*)4#*"'( $,*9<',#E')$!(0'#(,#9%&#( '( +')'<#%#2( #(%,'0#$#(J')8!)!(
%*)%'""*$#(0*"(+#"*)%#!(YG*"!,*()!)(9#*(9$*$!(E*)$')G$!(*"%G)($#3!(0#(%!)$,!""!(9G8"#(9$'99#6(/)(%*9!(%!)$,*,#!2("*(
%!)9',J*4#!)'2(*)%&'(#)(3*,$'2(0#($*"'(%!)$,!""!(%!E3!,$*(#"(E*)$')#E')$!(#)(+#"*)%#!(0'#(%,'0#$#(#)(E#9G,*(3*,#(
*"( %!#)J!"8#E')$!( ,'9#0G!2( E#9G,*$!( 0*""F'93!9#4#!)'( *#( %*E+#*E')$#( 0#( J*"!,'( 0'#( %,'0#$#( %'0G$#( '0( *""'(
J*,#*4#!)#(0'#(<"G99#(<#)*)4#*,#(0'8"#(9$'99#6(
/)<#)'2( #( %,'0#$#( %'0G$#( J')8!)!( %*)%'""*$#( 0*"( +#"*)%#!( )'"( %*9!( #)( %G#( J#( 9#*( "*( %!)9',J*4#!)'( 0'#( 0#,#$$#(
%!)$,*$$G*"#(*(,#%'J','(#(,'"*$#J#(<"G99#(0#(%*99*2(%!)("*(%!)$'9$G*"'(*99G)4#!)'(0#(G)F!++"#8*4#!)'(*(3*8*,'(0'$$#(
<"G99#2('(9!"!('99#2(*0(*"$,#(9!88'$$#($',4#6(
(
H0'8,,!6!,D'B!$#$-!#*!+'6#"J,#,+'#"'B#!*'6#"J+'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
/( 3,#)%#3#( %!)$*+#"#( /-AB/CDA( !E!"!8*$#( 0*""*( K!EE#99#!)'( LG,!3'*( %!)9')$!)!( 0#( %"*99#<#%*,'( )'""*( %*$'8!,#*(
0'8"#( 9$,GE')$#( <#)*)4#*,#( J*"G$*$#( *"( <*#,( J*"G'( %!)( %!)$,!3*,$#$*( #)( %!)$!( '%!)!E#%!2( YG*"9#*9#( *$$#J#$Q(
<#)*)4#*,#*(%!9Z(0'<#)#$*(*"(E!E')$!(0'""F*%YG#9#4#!)'2()'"(,#93'$$!(0'""'(%*9#9$#%&'(3,'J#9$'(0*""*()!,E*$#J*(0#(
,#<',#E')$!6(
V!)(9!)!(*EE'99'(,#%"*99#<#%&'(#)(*"$,'(%*$'8!,#'(0#(*$$#J#$Q(<#)*)4#*,#'6(
/)( $*"'( J!%'( 9!)!( ,#%!E3,'9'( G)#%*E')$'( "'( *4#!)#( *%YG#9$*$'( 0*""*( 1*)%*( #)( !$$'E3',*)4*( *"( 3#*)!( 0#(
#)%')$#J*4#!)'(0'#(j'h(E*)*8',6(
M*!,+*!'(!'!I%*!-!&$+'
'
-""F*$$!(0'""*(,#"'J*4#!)'(#)#4#*"'("'(*$$#J#$Q(<#)*)4#*,#'(J')8!)!(,#"'J*$'(*"(<*#,(J*"G'2(9')4*(%!)9#0',*,'(#(%!9$#(!(
3,!J')$#(0#($,*)9*4#!)'(0#,'$$*E')$'(*$$,#+G#+#"#(*""!(9$,GE')$!(9$'99!6((
(
M*!,+*!'(!'6#"J,#-!&$+'
'
AG%%'99#J*E')$'(*""*(,#"'J*4#!)'(#)#4#*"'2(8"#(9$,GE')$#(<#)*)4#*,#(#)(YG'9$#!)'(9!)!(J*"!,#44*$#(*"(<*#,(J*"G'6(b"#(
'<<'$$#(0'""F*33"#%*4#!)'(0#($*"'(%,#$',#!(0#(J*"G$*4#!)'(9!)!(#E3G$*$#()'"(%!)$!('%!)!E#%!6(
(
M*!,+*!'(!'%#$%+""#-!&$+'
'
7'( *$$#J#$Q( <#)*)4#*,#'( J')8!)!( %*)%'""*$'( 0*"( +#"*)%#!( 9!"*E')$'( 9'( "*( %'99#!)'( &*( %!E3!,$*$!( #"( 9!9$*)4#*"'(
$,*9<',#E')$!( 0#( $G$$#( #( ,#9%&#( '( +')'<#%#( %!))'99#( *""'( *$$#J#$Q( 9$'99'6( ',( %!)$,!2( YG*"!,*( 9#*( 9$*$*( E*)$')G$*(
G)*( YG!$*( 3*,$'( ,#"'J*)$'( 0'#( ,#9%&#( '( +')'<#%#( ,'"*$#J#( *""'( *$$#J#$Q( <#)*)4#*,#'( %'0G$'2( YG'9$'( %!)$#)G*)!( *0(
'99','( #9%,#$$'( #)( +#"*)%#!2( *)%!,%&U( 8#G,#0#%*E')$'( "*( $#$!"*,#$Q( 0'""'( *$$#J#$Q( 9$'99'( 9#*( 9$*$*(
'<<'$$#J*E')$'($,*9<',#$*6(
V'"(%*9!(#)(%G#()!)(9#*(3!99#+#"'(*%%',$*,'(#"(9!9$*)4#*"'($,*9<',#E')$!(0'#(,#9%&#('(+')'<#%#2("'(*$$#J#$Q(<#)*)4#*,#'(
'
R.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
J')8!)!(%*)%'""*$'(0*"(+#"*)%#!(YG*"!,*()!)(9#*(9$*$!(E*)$')G$!(*"%G)($#3!(0#(%!)$,!""!(9G""'(9$'99'6(/)(%*9!(
%!)$,*,#!2( "*( %!)9',J*4#!)'2( *)%&'( #)( 3*,$'2( 0#( $*"'( %!)$,!""!( %!E3!,$*( #"( E*)$')#E')$!( #)( +#"*)%#!( 0'""'(
*$$#J#$Q( #)( E#9G,*( 3*,#( *"( %!#)J!"8#E')$!( ,'9#0G!2( E#9G,*$!( 0*""F'93!9#4#!)'( *#( %*E+#*E')$#( 0#( J*"!,'( 0'""'(
*$$#J#$Q(%'0G$'('0(*""'(J*,#*4#!)#(0'#(<"G99#(<#)*)4#*,#(0'""'(9$'99'6(
/)<#)'2("'(*$$#J#$Q(<#)*)4#*,#'(%'0G$'(J')8!)!(%*)%'""*$'(0*"(+#"*)%#!()'"(%*9!(#)(%G#(J#(9#*("*(%!)9',J*4#!)'(0'#(
0#,#$$#(%!)$,*$$G*"#(*(,#%'J','(#(,'"*$#J#(<"G99#(0#(%*99*2(%!)("*(%!)$'9$G*"'(*99G)4#!)'(0#(G)F!++"#8*4#!)'(*(3*8*,'(
0'$$#(<"G99#2('(9!"!('99#2(*0(*"$,#(9!88'$$#($',4#6(
(
K0'NE+*#-!&$!'(!'%&E+*,J*#'
'
M*!,+*!'(!'%"#II!B!%#-!&$+T',!E&"&5!#'(!'%&E+*,J*+'
'
7'( !3',*4#!)#( 0#( %!3',$G,*( 0'#( ,#9%&#( 9!)!( <#)*"#44*$'( *( )'G$,*"#44*,'( 3!$')4#*"#( 3',0#$'( ,#"'J*+#"#( 9G( G)(
0'$',E#)*$!( '"'E')$!( !( 8,G33!( 0#( '"'E')$#( *$$,#+G#+#"#( *0( G)( 0'$',E#)*$!( ,#9%&#!2( )'"( %*9!( #)( %G#( YG'"(
3*,$#%!"*,'(,#9%&#!(0!J'99'('<<'$$#J*E')$'(E*)#<'9$*,9#6(
7'($#3!"!8#'(0#(%!3',$G,'(G$#"#44*$'(9!)!("'(9'8G')$#`(
− %!3',$G,*(0#(<*#,(J*"G'2(&*( "F!+#'$$#J!( 0#(%!3,#,'("F'93!9#4#!)'( *""*(J*,#*4#!)'(0'"(<*#,( J*"G'( H*$$,#+G#+#"#( *""'(
0#J',9'( $#3!"!8#'( 0#( ,#9%&#!I( 0#( *$$#J#$Q( '( 3*99#J#$Q( #9%,#$$'( #)( +#"*)%#!( !( 3!,4#!)#( 0#( '99'2( 0#( 8,G33#( 0#(
*$$#J#$QB3*99#J#$Q2( 0#( #E3'8)#( #,,'J!%*+#"#( '( 0#( 3!,$*<!8"#( 0#( *$$#J#$Q( '( 3*99#J#$Q( <#)*)4#*,#'2( #)%"G9#( #( %!,'(
0'3!9#$92(%!E'(%!)9')$#$!(0*""!(/-A(?O(!E!"!8*$!(0*""*(K!EE#99#!)'('G,!3'*a(
− %!3',$G,*( 0#( <"G99#( <#)*)4#*,#2( &*( "F!+#'$$#J!( 0#( %!3,#,'( "F'93!9#4#!)'( *( J*,#*4#!)#( 0'#( <"G99#( 0#( %*99*( <G$G,#(
*$$,#+G#+#"#( *( 3*,$#%!"*,#( ,#9%&#( *99!%#*$#( *( 3!9$'( 0'"( +#"*)%#!6( \*"'( $#3!"!8#*( 0#( %!3',$G,*( @( G$#"#44*$*( 3',(
9$*+#"#44*,'( #"( <"G99!( 0#( #)$','99#( 0'""*( ,*%%!"$*( *( $*99!( J*,#*+#"'( )'""*( E#9G,*( #)( %G#( YG'9$FG"$#E*( <#)*)4#*(
#E3#'8&#( *( $*99!( <#99!6( /)( $*"G)'( %#,%!9$*)4'2( *)*"!8&'( !3',*4#!)#( 9!)!( 3!9$'( #)( '99','( ,'"*$#J*E')$'( *0(
*"%G)'($#3!"!8#'(0#(#E3#'8&#(*($*99!(J*,#*+#"'6(
(
A!"!( 8"#( 9$,GE')$#( %&'( %!#)J!"8!)!( G)*( %!)$,!3*,$'( '9$',)*( *"( b,G33!( 3!99!)!( '99','( 0'9#8)*$#( %!E'(
9$,GE')$#(0#(%!3',$G,*6(
(
M*!,+*!'(!'!I%*!-!&$+'
'
b"#( 9$,GE')$#( <#)*)4#*,#( 0',#J*$#( 0#( %!3',$G,*2( *"( 3*,#( 0#( $G$$#( #( 0',#J*$#2( 9!)!( #)#4#*"E')$'( #9%,#$$#( '(
9G%%'99#J*E')$'(E#9G,*$#(*"(<*#,(J*"G'6(
(
M*!,+*!'(!'6#"J,#-!&$+'
'
/(0',#J*$#(0#(%!3',$G,*(9!)!(J*"G$*$#(*"(<*#,(J*"G'6(/)(3*,$#%!"*,'`(
− )'"( %*9!( 0#( %!3',$G,*( 0#( <*#,( J*"G'2( 9#( %!E3')9*( "*( J*,#*4#!)'( 0'"( <*#,( J*"G'( 0'""F'"'E')$!( %!3',$!( %!)( "*(
J*,#*4#!)'( 0'"( <*#,( J*"G'( 0'""!( 9$,GE')$!( 0#( %!3',$G,*6( \*"'( %!E3')9*4#!)'( @( ,#%!)!9%#G$*( *$$,*J',9!( "*(
,#"'J*4#!)'( *( %!)$!( '%!)!E#%!( 0'""'( J*,#*4#!)#( 0#( J*"!,'2( ,#<',#$'( 9#*( *""F'"'E')$!( %!3',$!( H3',( YG*)$!(
,#8G*,0*( "'( J*,#*4#!)#( 3,!0!$$'( 0*"( <*$$!,'( 0#( ,#9%&#!( 9!$$!9$*)$'I2( 9#*( *""!( 9$,GE')$!( 0#( %!3',$G,*6(
7F'J')$G*"'( 0#<<',')4*2( %&'( ,*33,'9')$*( "*( 3*,4#*"'( #)'<<#%*%#*( 0'""*( %!3',$G,*2( )'( %!9$#$G#9%'( 0#(
%!)9'8G')4*("F'<<'$$!('%!)!E#%!()'$$!a(
− )'"(%*9!(0#(%!3',$G,*(0#(<"G99#(<#)*)4#*,#2("'(J*,#*4#!)#(0#(<*#,(J*"G'(0'"(0',#J*$!(9!)!(#E3G$*$'(*(3*$,#E!)#!(
)'$$!2( 3',( "*( YG!$*( '<<#%*%'( 0'""*( %!3',$G,*2( '( 9!)!( ,#"'J*$'( *( %!)$!( '%!)!E#%!( 9!"!( YG*)0!2( %!)(
,#<',#E')$!( *""*( 3!9$*( %!3',$*2( 9#( E*)#<'9$*( "*( J*,#*4#!)'( 0'#( <"G99#( 0#( %*99*( 0*( %!E3')9*,'( !( 9'( "*(
%!3',$G,*(,#9G"$*(#)'<<#%*%'6(
(
7!(9$,GE')$!(0',#J*$!(@(0'9#8)*$!(0#(%!3',$G,*(9'('9#9$'(G)*(0!%GE')$*4#!)'(<!,E*"#44*$*(0'""*(,'"*4#!)'($,*(
"!(9$,GE')$!(%!3',$!('("!(9$,GE')$!(0#(%!3',$G,*('(9'(@('<<#%*%'()'"(E!E')$!(#)(%G#("*(%!3',$G,*(&*(#)#4#!('2(
3,!93'$$#%*E')$'2(0G,*)$'($G$$*("*(J#$*(0'""*(9$'99*6(
7k'<<#%*%#*(0'""*(%!3',$G,*(0#3')0'(0*""*(E#9G,*(#)(%G#("'(J*,#*4#!)#(0#(<*#,(J*"G'(0'""!(9$,GE')$!(%!3',$!(!(0'#(
,'"*$#J#(<"G99#(<#)*)4#*,#(*$$'9#(,#9G"$*)!(%!E3')9*$#(0*(YG'""'(0'""!(9$,GE')$!(0#(%!3',$G,*6( ',$*)$!("k'<<#%*%#*(
@( *33,'44*$*( 0*"( %!)<,!)$!( 0#( 9G00'$$'( J*,#*4#!)#2( $')G$!( %!)$!( 0'""k#)$')$!( 3',9'8G#$!( 0*""k#E3,'9*( )'"(
E!E')$!(#)(%G#("*(%!3',$G,*(@(9$*$*(3!9$*(#)('99','6(
'
RG'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
A#(&*('<<#%*%#*(YG*)0!("'(J*,#*4#!)#(0#(<*#,(J*"G'(H!(0'#(<"G99#(0#(%*99*I(0'""!(9$,GE')$!(<#)*)4#*,#!(0#(%!3',$G,*(
)'G$,*"#44*)!(YG*9#(#)$'8,*"E')$'2(%#!@()'#("#E#$#(9$*+#"#$#(0*""F#)$',J*""!(;=XM:>l2("'(J*,#*4#!)#(0'""!(9$,GE')$!(
%!3',$!2(3',("F'"'E')$!(0#(,#9%&#!(!88'$$!(0#(%!3',$G,*6(
7*(J*"G$*4#!)'(0'""k'<<#%*%#*(@('<<'$$G*$*(*0(!8)#(%&#G9G,*(0#(+#"*)%#!(!(0#(9#$G*4#!)'(#)<,*))G*"'(G$#"#44*)0!`(
− $'9$(3,!93'$$#%#2(%&'(8#G9$#<#%*)!("k*33"#%*4#!)'(0'""*(%!)$*+#"#44*4#!)'(0#(%!3',$G,*2(#)(YG*)$!(0#E!9$,*)!(
"*(9G*('<<#%*%#*(*$$'9*a(
− $'9$( ,'$,!93'$$#J#2( %&'( 'J#0')4#*)!( #"( 8,*0!( 0#( '<<#%*%#*( 0'""*( %!3',$G,*( ,*88#G)$!( )'"( 3',#!0!( %G#( 9#(
,#<',#9%!)!6(/)(*"$,'(3*,!"'2(E#9G,*)!(YG*)$!(#(,#9G"$*$#('<<'$$#J#(9#(9#*)!(0#9%!9$*$#(0*""*(%!3',$G,*(3',<'$$*6(
(
A'( "'( J',#<#%&'( )!)( %!)<',E*)!( "F'<<#%*%#*( 0'""*( %!3',$G,*2( 0*( YG'"( E!E')$!( "*( %!)$*+#"#44*4#!)'( 0'""'(
!3',*4#!)#( 0#( %!3',$G,*2( 9'%!)0!( YG*)$!( 9!3,*( '93!9$!2( J#')'( #)$',,!$$*2( #"( %!)$,*$$!( 0',#J*$!( 0#( %!3',$G,*(
J#')'(,#%"*99#<#%*$!($,*(8"#(9$,GE')$#(0#()'8!4#*4#!)'('("!(9$,GE')$!(<#)*)4#*,#!(%!3',$!(,#*%YG#9#9%'(#"(%,#$',#!(0#(
J*"G$*4#!)'(%!,,#93!)0')$'(*""*(9G*(%"*99#<#%*4#!)'(0#(+#"*)%#!6(
(
L0'7#*,+%!E#-!&$!'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
7*(J!%'(#)%"G0'("'(#)$','99')4'(0'$')G$'(#)(9!%#'$Q(%!)$,!""*$'2(%!""'8*$'('(9!88'$$'(*(%!)$,!""!(%!)8#G)$!6(
A!)!( #)<*$$#( %!)9#0',*$'( YG*"#( #E3,'9'( 9!$$!3!9$'( *0( #)<"G')4*( )!$'J!"'( )'#( +#"*)%#( #)0#J#0G*"#( "'( 9!%#'$Q(
3*,$'%#3*$'(0*(3#d(')$#$Q(0'"(b,G33!(%!)9#0',*$'(*#(<#)#(0'"(+#"*)%#!(%!)9!"#0*$!(%!E'(%!)$,!""*$'6(
A!)!(%!)9#0',*$'(%!)$,!""*$'("'(#E3,'9'()'""'(YG*"#("*(1*)%*2(0#,'$$*E')$'(!(#)0#,'$$*E')$'2(3!99#'0'(3#d(0'""*(
E'$Q( 0'#( 0#,#$$#( 0#( J!$!( !( YG*)0!( 3G,( %!)( G)*( YG!$*( 0#( 0#,#$$#( 0#( J!$!( #)<',#!,'( "*( 1*)%*( &*( #"( 3!$','( 0#(
)!E#)*,'( "*( E*88#!,*)4*( 0'8"#( *EE#)#9$,*$!,#( 0'""*( 3*,$'%#3*$*( !( 0#( 0'$',E#)*,'( "'( 3!"#$#%&'( <#)*)4#*,#'( '0(
!3',*$#J'(0'""*(9$'99*6(V'""*(J*"G$*4#!)'(0'#(0#,#$$#(0#(J!$!(9#($#')'(%!)$!(*)%&'(0'#(0#,#$$#(P3!$')4#*"#R(%&'(9#*)!(
%!,,')$'E')$'('9',%#$*+#"#(!(%!)J',$#+#"#(#)(0#,#$$#(0#(J!$!('<<'$$#J#(#)(YG*"9#*9#(E!E')$!(0*""*(1*)%*6(
A!)!(%!)9#0',*$'(%!)$,!""*$'(%!)8#G)$*E')$'("'(#E3,'9'()'""'(YG*"#(#(0#,#$$#(0#(J!$!('0(#"(%!)$,!""!(0'""F*$$#J#$Q(
'%!)!E#%*(0'""*(3*,$'%#3*$*(9!)!(%!)0#J#9#(#)(E!0!(3*,#$'$#%!(0*""*(1*)%*2(0#,'$$*E')$'(!(#)0#,'$$*E')$'2('(
0*( G)( *"$,!( 9!88'$$!6( /)!"$,'( J#')'( YG*"#<#%*$!( %!E'( 9!$$!3!9$!( *( %!)$,!""!( %!)8#G)$!( G)( #)J'9$#E')$!(
3*,$'%#3*$#J!( )'"( YG*"'2( 3G,( #)( *99')4*( 0#( G)*( YG!$*( 3*,#$'$#%*( 0#( 0#,#$$#( 0#( J!$!2( #"( %!)$,!""!( 9G""F*$$#J#$Q(
'%!)!E#%*( '( 9G8"#( #)0#,#44#( 9$,*$'8#%#( 0'""*( 3*,$'%#3*$*( @( %!)0#J#9!( %!)( *"$,#( 9!88'$$#( #)( J#,$d( 0#( *%%!,0#(
%!)$,*$$G*"#6(
A!)!( %!)9#0',*$'( %!""'8*$'2( %#!@( 9!$$!3!9$'( *0( #)<"G')4*( )!$'J!"'2( "'( #E3,'9'( )'""'( YG*"#( "*( 1*)%*( 3!99#'0'(
*"E')!(#"(:=l(0'#(0#,#$$#(0#(J!$!(H#J#(#)%"G9#(#(0#,#$$#(0#(J!$!(P3!$')4#*"#R(%!E'(9!3,*(0'<#)#$#I(!()'""'(YG*"#(X(3G,(
%!)( G)*( YG!$*( 0#( 0#,#$$#( 0#( J!$!( #)<',#!,'( X( &*( #"( 3!$','( 0#( 3*,$'%#3*,'( *""*( 0'$',E#)*4#!)'( 0'""'( 3!"#$#%&'(
<#)*)4#*,#'('(8'9$#!)*"#(0'""*(3*,$'%#3*$*(#)(J#,$d(0#(3*,$#%!"*,#("'8*E#(8#G,#0#%#(YG*"#("*(3*,$'%#3*4#!)'(*(3*$$#(0#(
9#)0*%*$!6(
V!)( 9!)!( %!)9#0',*$'( 9!$$!3!9$'( *0( #)<"G')4*( )!$'J!"'( *"%G)'( #)$','99')4'( 9G3',#!,#( *"( :=l2( )'""'( YG*"#( "*(
1*)%*(0'$#')'('9%"G9#J*E')$'(0#,#$$#(3*$,#E!)#*"#(9G(G)*(3!,4#!)'(0'#(<,G$$#(0'8"#(#)J'9$#E')$#2()!)(&*(*%%'99!(
*""'(3!"#$#%&'(0#(8'9$#!)'('(3G^('9',%#$*,'(0#,#$$#(0#(8!J',)*)%'("#E#$*$#(*""*($G$'"*(0'8"#(#)$','99#(3*$,#E!)#*"#6(
(
M*!,+*!'(!'!I%*!-!&$+'
'
7'( 3*,$'%#3*4#!)#( 9!)!( #9%,#$$'( *""*( 0*$*( 0#( ,'8!"*E')$!6( -""F*$$!( 0'""*( ,#"'J*4#!)'( #)#4#*"'( "'( #)$','99')4'(
3*,$'%#3*$#J'(9!)!(%!)$*+#"#44*$'(*"(%!9$!6(
(
M*!,+*!'(!'6#"J,#-!&$+'
'
7'(3*,$'%#3*4#!)#(9!)!(J*"G$*$'(*"(%!9$!2('J')$G*"E')$'(,'$$#<#%*$!(3',(3',0#$'(0#(J*"!,'6(A'('9#9$!)!('J#0')4'(
%&'( #"( J*"!,'( 0#( G)*( 3*,$'%#3*4#!)'( 3!99*( *J',( 9G+#$!( G)*( ,#0G4#!)'2( 9#( 3,!%'0'( *""*( 9$#E*( 0'"( J*"!,'(
,'%G3',*+#"'( 0'""*( 3*,$'%#3*4#!)'( 9$'99*2( $')')0!( %!)$!( 0'"( J*"!,'( *$$G*"'( 0'#( <"G99#( <#)*)4#*,#( <G$G,#( %&'( "*(
3*,$'%#3*4#!)'(3!$,Q(8')',*,'2(#)%"G9!(#"(J*"!,'(0#(0#9E#99#!)'(<#)*"'(0'""F#)J'9$#E')$!6(
TG*"!,*( #"( J*"!,'( 0#( ,'%G3',!( ,#9G"$#( #)<',#!,'( *"( J*"!,'( %!)$*+#"'2( "*( ,'"*$#J*( 0#<<',')4*( @( ,#"'J*$*( *( %!)$!(
'%!)!E#%!6(
TG*"!,*(#(E!$#J#(0'""*(3',0#$*(0#(J*"!,'(9#*)!(,#E!99#(*(9'8G#$!(0#(G)('J')$!(J',#<#%*$!9#(9G%%'99#J*E')$'(*""*(
,#"'J*4#!)'(0'""*(,#0G4#!)'(0#(J*"!,'2(J')8!)!('<<'$$G*$'(,#3,'9'(0#(J*"!,'(%!)(#E3G$*4#!)'(*(%!)$!('%!)!E#%!6(
(
'
RH'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
M*!,+*!'(!'%#$%+""#-!&$+'
'
7'( 3*,$'%#3*4#!)#( J')8!)!( %*)%'""*$'( YG*)0!( 9%*0!)!( #( 0#,#$$#( %!)$,*$$G*"#( 9G#( <"G99#( <#)*)4#*,#( 0',#J*$#( 0*""'(
*$$#J#$Q(9$'99'(!(YG*)0!("*(3*,$'%#3*4#!)'(J#')'(%'0G$*($,*9<',')0!(9!9$*)4#*"E')$'($G$$#(#(,#9%&#('(+')'<#%#(*0(
'99*(%!))'99#6(
(
90'8,,!6!,D'C#,+*!#"!'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
7'(*$$#J#$Q(E*$',#*"#(%!E3,')0!)!(#($',,')#2(8"#(#EE!+#"#(9$,GE')$*"#2(8"#(#)J'9$#E')$#(#EE!+#"#*,#2(8"#(#E3#*)$#(
$'%)#%#2(#(E!+#"#('(8"#(*,,'0#('("'(*$$,'44*$G,'(0#(YG*"9#*9#($#3!(%&'(9#(,#$#')'(0#(G$#"#44*,'(3',(3#d(0#(G)(3',#!0!6(
7'( *$$#J#$Q( E*$',#*"#( 0'$')G$'( 3',( '99','( G$#"#44*$'( )'""*( 3,!0G4#!)'( !( )'""*( <!,)#$G,*( 0#( +')#( '( 9',J#4#( 9!)!(
%"*99#<#%*$'( %!E'( P*$$#J#$Q( *0( G9!( <G)4#!)*"'R( 9'%!)0!( "!( /-A( MN6( b"#( #EE!+#"#( 3!99'0G$#( %!)( <#)*"#$Q( 0#(
#)J'9$#E')$!(H3',(%!)9'8G#,'(%*)!)#(0#("!%*4#!)'(!(3',("F*33,'44*E')$!(0'"(%*3#$*"'(#)J'9$#$!I(9!)!(%"*99#<#%*$#(
%!E'(P*$$#J#$Q(0'$')G$'(*(9%!3!(0#(#)J'9$#E')$!R(#)(+*9'(*""!(/-A(S=6((
A!)!( #)!"$,'( #9%,#$$#( )'""'( *$$#J#$Q( E*$',#*"#( #( +')#( G$#"#44*$#( )'""F*E+#$!( 0#( %!)$,*$$#( 0#( "'*9#)8( <#)*)4#*,#!2(
*)%!,%&U("*($#$!"*,#$Q(8#G,#0#%*(0'8"#(9$'99#(,#E*)8*(*""*(9!%#'$Q("!%*$,#%'6((
M*!,+*!'(!'!I%*!-!&$+'
'
7'( #EE!+#"#44*4#!)#( E*$',#*"#( 9!)!( #)#4#*"E')$'( #9%,#$$'( *"( %!9$!( %&'( %!E3,')0'2( !"$,'( *"( 3,'44!( 0#( *%YG#9$!2(
$G$$#(8"#('J')$G*"#(!)',#(*%%'99!,#(0#,'$$*E')$'(#E3G$*+#"#(*""F*%YG#9$!('(*""*(E'99*(#)(<G)4#!)'(0'"(+')'6(
7'( 93'9'( 0#( E*)G$')4#!)'( 9$,*!,0#)*,#*( %&'( %!E3!,$*)!( G)( #)%,'E')$!( 0'#( +')'<#%#( '%!)!E#%#( <G$G,#2(
J')8!)!(#E3G$*$'(*0(#)%,'E')$!(0'"(J*"!,'(0'#(%'93#$#2(E')$,'(8"#(*"$,#(%!9$#(0#(E*)G$')4#!)'(!,0#)*,#*(9!)!(
,#"'J*$#(*(%!)$!('%!)!E#%!6(
(
M*!,+*!'(!'6#"J,#-!&$+'
'
7'( #EE!+#"#44*4#!)#( E*$',#*"#2( #)%"G9#( 8"#( #)J'9$#E')$#( #EE!+#"#*,#2( 9!)!( J*"G$*$'( *"( %!9$!2( 0'0!$$#( 'J')$G*"#(
*EE!,$*E')$#('(3',0#$'(0#(J*"!,'6(
7'( #EE!+#"#44*4#!)#( 9!)!( 9#9$'E*$#%*E')$'( *EE!,$#44*$'2( *0!$$*)0!( %!E'( %,#$',#!( 0#( *EE!,$*E')$!( #"(
E'$!0!(*(YG!$'(%!9$*)$#2("G)8!("*("!,!(J#$*(G$#"'6(/"(J*"!,'(*EE!,$#44*+#"'(@(,*33,'9')$*$!(0*"(%!9$!(0'#(+')#(#)(
YG*)$!(#"(J*"!,'(,'9#0G!( *"($',E#)'(0'"(3,!%'99!(0#(*EE!,$*E')$!( @(,#$')G$!()!)(9#8)#<#%*$#J!6(b"#( #EE!+#"#(
J')8!)!(*EE!,$#44*$#(3',(G)*(YG!$*(,#$')G$*(%!)8,G*(3',(,*33,'9')$*,'(#"(0'3',#E')$!(0'#(%'93#$#()'"($'E3!(
*(9'8G#$!(0'"("!,!(G$#"#44!2($')G$!(%!)$!(0'""'(93'9'(0#(E*)G$')4#!)'(0#(%*,*$$','(9$,*!,0#)*,#!2(%&'(J')8!)!(
3!,$*$'(*0(#)%,'E')$!(0'"(J*"!,'(0'#(%'93#$#6(
V!)(J')8!)!(#)J'%'(*EE!,$#44*$#`(
− #($',,')#2(9#*)!('99#(9$*$#(*%YG#9#$#(9#)8!"*,E')$'(!(#)%!,3!,*$#()'"(J*"!,'(0'#(<*++,#%*$#2(#)(YG*)$!(&*))!(J#$*(
G$#"'(#)0'<#)#$*a(
− #"(3*$,#E!)#!(*,$#9$#%!2(#)(YG*)$!("*(J#$*(G$#"'(0#(G)F!3',*(0F*,$'()!)(3G^('99','(9$#E*$*('0(#"(9G!(J*"!,'(@(
)!,E*"E')$'(0'9$#)*$!(*0(*GE')$*,'()'"($'E3!6(
(
A'('9#9$'(YG*"%&'(#)0#%*4#!)'(%&'(0#E!9$,#(%&'(G)F*$$#J#$Q(3!99*(*J',(9G+#$!(G)*(3',0#$*(0#(J*"!,'2(9#(3,!%'0'(*"(
%!)<,!)$!($,*(#"(J*"!,'(0#(%*,#%!(0'"(%'93#$'('0(#"(9G!(J*"!,'(0#(,'%G3',!6(7'('J')$G*"#(,'$$#<#%&'(J')8!)!(,#"'J*$'(
*(%!)$!('%!)!E#%!6(
TG*"!,*(J')8*)!(E')!(#(E!$#J#(%&'(&*))!(3!,$*$!(*""*(,#"'J*4#!)'(0'""*(3',0#$*2(9#(0Q("G!8!(*0(G)*(,#3,'9*(0#(
J*"!,'2(%&'()!)(3G^(9G3',*,'(#"(J*"!,'(%&'("F*$$#J#$Q(*J,'++'(*JG$!2(*"()'$$!(0'8"#(*EE!,$*E')$#(%*"%!"*$#2(#)(
*99')4*(0#(3,'%'0')$#(3',0#$'(0#(J*"!,'6(
(
M*!,+*!'(!'%#$%+""#-!&$+'
'
c)k#EE!+#"#44*4#!)'(E*$',#*"'(@('"#E#)*$*(0*""!(9$*$!(3*$,#E!)#*"'(*"(E!E')$!(0'""*(0#9E#99#!)'(!(YG*)0!(#"(
+')'(@(3',E*)')$'E')$'(,#$#,*$!(0*""FG9!('(0*""*(9G*(0#9E#99#!)'()!)(9!)!(*$$'9#(+')'<#%#('%!)!E#%#(<G$G,#6(
'
RK'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
R0'8,,!6!,D'!CC#,+*!#"!'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
7'( *$$#J#$Q( #EE*$',#*"#( 9!)!( #9%,#$$'( %!E'( $*"#( 9'( 9!)!( #0')$#<#%*+#"#( '( $,!J*)!( !,#8#)'( #)( 0#,#$$#( "'8*"#( !(
%!)$,*$$G*"#6(\,*("'(*$$#J#$Q(#EE*$',#*"#(@(#9%,#$$!("F*JJ#*E')$!(%&'(,*33,'9')$*("*(0#<<',')4*(3!9#$#J*($,*(#"(%!9$!(
0#(*%YG#9$!('0(#"(<*#,(J*"G'(0'""'(*$$#J#$Q('(3*99#J#$Q(0#(3',$#)')4*(0#(G)F#E3,'9*(*%YG#9#$*6(
',("*(1*)%*("'(*$$#J#$Q(#EE*$',#*"#(%!E3,')0!)!('9%"G9#J*E')$'("F*JJ#*E')$!6(
M*!,+*!'(!'!I%*!-!&$+'+'6#"J,#-!&$+'
'
7'(*$$#J#$Q(#EE*$',#*"#(9!)!(#9%,#$$'(*"(%!9$!2(,'$$#<#%*$!(3',('J')$G*"#(!)',#(*%%'99!,#(9!"!(9'(@(3,!+*+#"'(%&'(#(
<G$G,#( +')'<#%#( '%!)!E#%#( *$$,#+G#+#"#( *""F*$$#J#$Q( 9#( ,'*"#44#)!( '( 9'( #"( %!9$!( 0'""F*$$#J#$Q( 9$'99*( 3G^( '99','(
0'$',E#)*$!(*$$')0#+#"E')$'6(/)(%*9!(%!)$,*,#!(#"(%!9$!(0'""F*$$#J#$Q(#EE*$',#*"'(@(,#"'J*$!(*(%!)$!('%!)!E#%!(
)'""F'9',%#4#!(#)(%G#(@(9$*$!(9!9$')G$!6(
',("'(*$$#J#$Q(*(J#$*(G$#"'(0'<#)#$*2(/"(%!9$!(@(*EE!,$#44*$!(#)(YG!$'(%!9$*)$#(!(#)(YG!$'(0'%,'9%')$#(0'$',E#)*$'(
#)( <G)4#!)'( 0'""F*<<"G99!( 0'#( +')'<#%#( '%!)!E#%#( *$$'9#( 0*""F*$$#J#$Q6( 7'( *$$#J#$Q( *( J#$*( G$#"'( #)0'<#)#$*( )!)( 9!)!(
#)J'%'( 9!88'$$'( *0( *EE!,$*E')$!( 9#9$'E*$#%!2( +')9Z( *0( G)( $'9$( 3',#!0#%!( 0#( J',#<#%*( 0'""F*0'8G*$'44*( 0'"(
,'"*$#J!(J*"!,'(0#(#9%,#4#!)'(#)(+#"*)%#!6(
A'('9#9$'(YG*"%&'(#)0#%*4#!)'(%&'(0#E!9$,#(%&'(G)F*$$#J#$Q(3!99*(*J','(9G+Z$!(G)*(3',0#$*(0#(J*"!,'2(9#(3,!%'0'(
*""*( 9$#E*( 0'"( J*"!,'( 0#( ,'%G3',!( 0'""k*$$#J#$Q6( 7F*EE!)$*,'( 0'""*( 3',0#$*2( ,#"'J*$!( *( %!)$!( '%!)!E#%!2( @( 3*,#(
*""*(0#<<',')4*($,*(#"(J*"!,'(%!)$*+#"'(0'""F*$$#J#$Q('0(#"(J*"!,'(,'%G3',*+#"'6(
/)(3*,$#%!"*,'($,*("'(*$$#J#$Q(#EE*$',#*"#(9!)!(#)%"G9'`(
− *$$#J#$Q( #EE*$',#*"#( +*9*$'( 9G""*( $'%)!"!8#*2( YG*"#( #"( 9!<$i*,'( *33"#%*$#J!2( %&'( 9!)!( *EE!,$#44*$'( #)(
<G)4#!)'(0'""F!+9!"'9%')4*(0'""'(9$'99'('0(#)(G)(3',#!0!(E*99#E!(0#(9'$$'(*))#a((
− *$$#J#$Q( #EE*$',#*"#( "'8*$'( *""*( %"#')$'"*( ,*33,'9')$*$'( 0*""*( J*"!,#44*4#!)'2( #)( !%%*9#!)'( 0#( !3',*4#!)#( 0#(
*88,'8*4#!)'2( 0'#( ,*33!,$#( 0#( *99'$( E*)*8'E')$2( 0'"( 3!,$*<!8"#!( *99#%G,*$#J!( '( 0'#( %!,'( 0'3!9#$96( \*"#(
*$$#J#$Q2($G$$'(*(J#$*(0'<#)#$*2(9!)!(!,#8#)*,#*E')$'(J*"!,#44*$'(*$$,*J',9!("F*$$G*"#44*4#!)'2(%!)("FG$#"#44!(0#(
G)( $*99!( ,*33,'9')$*$#J!( 0'"( J*"!,'( $'E3!,*"'( 0'"( 0')*,!( '( 0'#( ,#9%&#( 93'%#<#%#( 0'""F*$$#J#$Q2( 0'#( <"G99#(
,*33,'9')$*$#J#( 0'#( E*,8#)#( ,'00#$G*"#( "G)8!( G)( 3',#!0!( '93,#E')$'( "*( 0G,*$*( ,'9#0G*2( %!)$,*$$G*"'( !(
9$#E*$*2( 0'#( ,*33!,$#( #)( '99','( *"( E!E')$!( 0'""F!3',*4#!)'( 0#( *88,'8*4#!)'6( L99'( 9!)!( *EE!,$#44*$'( #)(
YG!$'(%!9$*)$#("G)8!(#"(3',#!0!(0#(*<<"G99!(0#(E*88#!,'(9#8)#<#%*$#J#$Q(0'#(+')'<#%#('%!)!E#%#(*$$'9#()'"(%*9!(
0#(,*33!,$#()!)(*J')$#(G)*(9%*0')4*(3,'0'$',E#)*$*('0(#)(YG!$'(0'%,'9%')$#(%!,,#93!)0')$#(*"(3',#!0!(0#(
0G,*$*(0'#(%!)$,*$$#()'"(%*9!(0#(,*33!,$#(%!)(9%*0')4*(0'<#)#$*6(/)(0'$$*8"#!(#(,*33!,$#(0#(*99'$(E*)*8'E')$(
9!)!(*EE!,$#44*$#(#)(WXM=(*))#2(#(%!,'(0'3!9#$(#)(M;X:S(*))#('0(#(,*33!,$#("'8*$#(*(%!)$,*$$#(*99#%G,*$#J#(#)(
YG!$'(0'%,'9%')$#(%!,,#93!)0')$#(*""*(J#$*(,'9#0G*(0'""'(3!"#44'a(
− *$$#J#$Q( #EE*$',#*"#( "'8*$'( *"( E*,j'$#)8( ,*33,'9')$*$'( 0*""*( J*"!,#44*4#!)'( 0'"( E*,%&#!( HP+,*)0( )*E'RI(
*)%&F'99!(#9%,#$$!(#)(!%%*9#!)'(0#(!3',*4#!)#(0#(*88,'8*4#!)'6(\*"'(*$$#J#$Q(@(%!)9#0',*$*(*(J#$*(#)0'<#)#$*(#)(
YG*)$!(9#(,#$#')'(%&'(3!99*(%!)$,#+G#,'(3',(G)(3',#!0!(#)0'$',E#)*$!(*""*(<!,E*4#!)'(0'#(<"G99#(,'00#$G*"#6(
(
/)<#)'2($,*("'(*$$#J#$Q(#EE*$',#*"#(@(#)%"G9!("F*JJ#*E')$!6(
7F*JJ#*E')$!( 3G^( '99','( #9%,#$$!( ( YG*)0!( "*( 0#<<',')4*( 3!9#$#J*( <,*( #"( <*#,( J*"G'( 0'8"#( '"'E')$#( 3*$,#E!)#*"#(
*%YG#9#$#( '( #"( %!9$!( 0#( *%YG#9$!( 0'""*( 3*,$'%#3*4#!)'( @( ,*33,'9')$*$#J!( 0'""'( %*3*%#$Q( ,'00#$G*"#( <G$G,'( 0'""*(
3*,$'%#3*4#!)'(H8!!0i#""I6(
TG*"!,*($*"'(0#<<',')4*(,#9G"$#()'8*$#J*(H+*0i#""I(!()'""F#3!$'9#(#)(%G#(#"(8!!0i#""()!)($,!J#(8#G9$#<#%*4#!)'()'""'(
%*3*%#$Q(,'00#$G*"#(<G$G,'(0'""*(3*,$'%#3*$*2("*(0#<<',')4*(9$'99*(J#')'(#9%,#$$*(0#,'$$*E')$'(*(%!)$!('%!)!E#%!6(
K!)( 3',#!0#%#$Q( *))G*"'( H!0( !8)#( J!"$*( %&'( J#( 9#*( 'J#0')4*( 0#( 3',0#$*( 0#( J*"!,'I( J#')'( '<<'$$G*$!( G)( $'9$( 0#(
J',#<#%*( 0'""F*0'8G*$'44*( 0'"( J*"!,'( 0'""F*JJ#*E')$!6( -( $*"( <#)'( J#')'( #0')$#<#%*$*( "Fc)#$Q( 8')',*$,#%'( 0#( <"G99#(
<#)*)4#*,#(%G#(*$$,#+G#,'("F*JJ#*E')$!(%&'(%!,,#93!)0'(%!)("F#)$',*(1*)%*(#)(YG*)$!(!3',*(YG*9#(#)(J#*('9%"G9#J*(
)'""F*E+#$!(0'""*(5#J#9#!)'(1*)%*(0'#(\',,#$!,#6(7F*EE!)$*,'(0'""F'J')$G*"'(,#0G4#!)'(0#(J*"!,'(@(0'$',E#)*$!(
9G""*(+*9'(0'""*(0#<<',')4*($,*(#"(J*"!,'(0#(#9%,#4#!)'(0'""F*JJ#*E')$!('0(#"(9G!(J*"!,'(0#(,'%G3',!2(9'(#)<',#!,'6(
5'$$!(J*"!,'(0#(,'%G3',!(@(3*,#(*"(E*88#!,'($,*(#"(<*#,(J*"G'(0'""Fc)#$Q(8')',*$,#%'(0#(<"G99#(<#)*)4#*,#2(*"()'$$!(
0'8"#('J')$G*"#(%!9$#(0#(J')0#$*2('0(#"(,'"*$#J!(J*"!,'(0FG9!6(7'(%!)9'8G')$#(,'$$#<#%&'(0#(J*"!,'(J')8!)!(,#"'J*$'(
*(%!)$!('%!)!E#%!6(
(
'
RL'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
M*!,+*!'(!'%#$%+""#-!&$+'
'
c)k#EE!+#"#44*4#!)'(#EE*$',#*"'(@('"#E#)*$*(0*""!(9$*$!(3*$,#E!)#*"'(*"(E!E')$!(0'""*(0#9E#99#!)'(!(YG*"!,*(
)!)(9#*)!(3#d(*$$'9#(+')'<#%#('%!)!E#%#(<G$G,#6(
(
/20'8",*+'#,,!6!,D'
'
\,*( "'( *"$,'( *$$#J#$Q( 9!)!( ,#%!E3,'9#( 8"#( #EE!+#"#( '( 8"#( *"$,#( +')#( 0',#J*)$#( 0*""F*$$#J#$Q( 0#( ,'%G3',!( %,'0#$#(
*$$,*J',9!("F'9%G99#!)'(0#(8*,*)4#'(!("F*%YG#9$!(#)(*9$*2()'"(%*9!(#)(%G#("*(3,!3,#'$Q(9#*(9$*$*(*%YG#9#$*()'"(%!,9!(
0'"( )!,E*"'( 9J!"8#E')$!( 0'"( +G9#)'99( %,'0#$#4#!2( %!)( "F#)$')4#!)'( 0#( ,#J')0',"*( )'"( 3,!99#E!( <G$G,!( 9')4*(
'<<'$$G*,'(,#"'J*)$#(!3','(0#(,#9$,G$$G,*4#!)'6(/(+')#(,#')$,*)$#(#)(YG'9$*(%*$'8!,#*(H,#E*)')4'(0#(+')#2(9'%!)0!(
"*(0'<#)#4#!)'(0'""!(/-A(:I(9!)!(#)%"G9#()'""*(J!%'(M>=6(P-"$,'(*$$#J#$QR6((
\*"#(+')#2(%"*99#<#%*$#(9'%!)0!("!(/-A(:2(9!)!(J*"G$*$#(*"(E#)!,'($,*(#"(%!9$!('0(#"(J*"!,'()'$$!(0#(,'*"#44!2(<',E!(
,'9$*)0!(%&'(9#(3,!%'0'(%!EG)YG'(*"(%!)<,!)$!($,*(#"(J*"!,'(0#(%*,#%!(0'"(%'93#$'('0(#"(9G!(J*"!,'(0#(,'%G3',!(
!J'('9#9$*(YG*"%&'(#)0#%*4#!)'(%&'(0#E!9$,#(%&'(#"(+')'(3!99*(*J',(9G+#$!(G)*(3',0#$*(0#(J*"!,'6(7'('J')$G*"#(
,'$$#<#%&'(J')8!)!(,#"'J*$'(*(%!)$!('%!)!E#%!6(
(
7*(<*$$#93'%#'()!)(@(3,'9')$'()'"(+#"*)%#!(0'""*(1*)%*6(
'
//0'8,,!6!,D'$&$'%&**+$,!'&'5*JEE!'(!'#,,!6!,DUE#II!6!,D'!$'6!#'(!'(!IC!II!&$+'
'
]')8!)!(%"*99#<#%*$'()'""*(J!%'(0'""F*$$#J!(P-$$#J#$Q()!)(%!,,')$#('(8,G33#(0#(*$$#J#$Q(#)(J#*(0#(0#9E#99#!)'R('(#)(
YG'""*( 0'"( 3*99#J!( P *99#J#$Q( *99!%#*$'( *0( *$$#J#$Q( #)( J#*( 0#( 0#9E#99#!)'R( *$$#J#$Q( )!)( %!,,')$#( !( 8,G33#( 0#(
*$$#J#$QB3*99#J#$Q(3',(#(YG*"#(@(9$*$!( *JJ#*$!(G)(3,!%'99!(0#(0#9E#99#!)'('("*("!,!(J')0#$*( @(,#$')G$*(*"$*E')$'(
3,!+*+#"'6(\*"#(*$$#J#$QB3*99#J#$Q(9!)!(J*"G$*$'(*"(E#)!,'($,*(#"(J*"!,'(0#(%*,#%!('0(#"("!,!(<*#,(J*"G'(*"()'$$!(0'#(
%!9$#(0#(%'99#!)'6(
/(3,!J')$#('0(!)',#(H*"()'$$!(0'""F'<<'$$!(<#9%*"'I2(,#%!)0G%#+#"#(*(8,G33#(0#(*$$#J#$Q(#)(J#*(0#(0#9E#99#!)'(!(,#"'J*$#(
%!E'($*"#()'"(%!,9!(0'""F'9',%#4#!2(9!)!('93!9$#()'"(%!)$!('%!)!E#%!(#)(J!%'(9'3*,*$*6(
K!E'(8#Q(*)$#%#3*$!2()'""*(3,'9')$'(J!%'(@(%"*99#<#%*$*('9%"G9#J*E')$'("*(3*,$'%#3*4#!)'()'""*(A/-(A3*6(
(
/10'V!I%#"!,D'%&**+$,+'+'(!BB+*!,#'
'
7'(#E3!9$'(9G"(,'00#$!2(%*"%!"*$'()'"(,#93'$$!(0'""'("'8#9"*4#!)#(<#9%*"#()*4#!)*"#2(9!)!(%!)$*+#"#44*$'(%!E'(%!9$!(
#)(+*9'(*"(%,#$',#!(0'""*(%!E3'$')4*('%!)!E#%*2(%!',')$'E')$'(%!)("'(E!0*"#$Q(0#(,#"'J*4#!)'(#)(+#"*)%#!(0'#(
%!9$#( '( ,#%*J#( %&'( "'( &*))!( 8')',*$'6( L99'( ,*33,'9')$*)!( 3',$*)$!( #"( 9*"0!( 0'""*( <#9%*"#$Q( %!,,')$'( '( 0#<<',#$*(
,'"*$#J*( *"(,'00#$!( 0'""F'9',%#4#!6(7'( -$$#J#$Q( '( *99#J#$Q(<#9%*"#(%!,,')$#( *%%!"8!)!( #"( 9*"0!( )'$$!( 0'""'( 3!9#4#!)#(
<#9%*"#( 0'""*( 1*)%*( )'#( %!)<,!)$#( 0'""'( *EE#)#9$,*4#!)#( <#)*)4#*,#'( #$*"#*)*( '0( '9$','6( /)( 3*,$#%!"*,'2( $*"#( 3!9$'(
*%%!"8!)!( #"( 9*"0!( )'$$!( $,*( "'( 3*99#J#$Q( <#9%*"#( %!,,')$#( 0'""F'9',%#4#!2( %*"%!"*$'( #)( +*9'( *0( G)*( 3,G0')4#*"'(
3,'J#9#!)'(0'""F!)','($,#+G$*,#!(0!JG$!(3',("F'9',%#4#!2(0'$',E#)*$!(#)(+*9'(*""'()!,E'($,#+G$*,#'(#)(J#8!,'2('("'(
*$$#J#$Q(<#9%*"#(%!,,')$#(,*33,'9')$*$'(0*8"#(*%%!)$#('(0*8"#(*"$,#(%,'0#$#(0F#E3!9$*(3',(,#$')G$'(0F*%%!)$!(9G+#$'(
!0(*"$,#(%,'0#$#(0F#E3!9$*(0#('9',%#4#(3,'%'0')$#(3',(#(YG*"#("*(1*)%*(&*(,#%&#'9$!("*(%!E3')9*4#!)'(%!)(#E3!9$'(
0#('9',%#4#(9G%%'99#J#6(
7'(-$$#J#$Q(<#9%*"#(%!,,')$#(*%%!"8!)!(*"$,'9Z(#(%,'0#$#(0F#E3!9$*(3',(#(YG*"#("*(1*)%*(&*(,#%&#'9$!(#"(,#E+!,9!(*""'(
*G$!,#$Q(<#9%*"#(%!E3'$')$#6(
\')G$!(%!)$!(0'""F*0!4#!)'(0'"(%!)9!"#0*$!(<#9%*"'()*4#!)*"'(0*(3*,$'(0'"(b,G33!2("'(3!9#4#!)#(<#9%*"#(,#<',#+#"#(
*""*( 1*)%*( '( YG'""'( !,#8#)*$'( 0*( *"$,'( 9!%#'$Q( 0'"( b,G33!( 9!)!( 8'9$#$'( #)( E!0!( 0#9$#)$!( 9!$$!( #"( 3,!<#"!(
*EE#)#9$,*$#J!6((
/)(3*,$#%!"*,'(%!)(,#<',#E')$!(*""F#E3!9$*(9G"(,'00#$!(0'""'(9!%#'$Q(H/DLAI2("*(3!9#4#!)'(<#9%*"'(9#(%!)%,'$#44*(#)(
,*33!,$#()'#(%!)<,!)$#(0'""*(9$'99*(K*3!8,G33!(,*33,'9')$*$#(0*(3*99#J#$Q2(*)%&F'99'(%*"%!"*$'(#)(+*9'(*0(G)*(
3,G0')4#*"'( 3,'J#9#!)'( 0'""F!)','( $,#+G$*,#!( 0!JG$!( 3',( "F'9',%#4#!2( %!E'( 9!3,*( 0'9%,#$$!2( '( 0*( *$$#J#$Q(
,*33,'9')$*$'(0*(*%%!)$#('(0*(*"$,#(%,'0#$#(0F#E3!9$*(3',(,#$')G$'(0F*%%!)$!(9G+#$'6(\*"#(3!9$'(9!)!(%"*99#<#%*$'(
)'"(+#"*)%#!(0'""*(1*)%*(3',(#"("!,!(9*"0!()'$$!($,*("'(-"$,'(-$$#J#$Q(!(-"$,'( *99#J#$Q(*(9'%!)0*(0'"(9'8)!(0'""!(
9+#"*)%#!6((
7*(<#9%*"#$Q(0#<<',#$*(J#')'(0'$',E#)*$*(#)(+*9'(*"(%,#$',#!(0'"(%!9#00'$$!(+*"*)%'(9&''$("#*+#"#$h(E'$&!02($')G$!(
%!)$!(0'""F'<<'$$!(<#9%*"'(%!))'99!(*""'(0#<<',')4'($'E3!,*)''($,*(#"(J*"!,'(%!)$*+#"'(0'""'(*$$#J#$Q('(3*99#J#$Q('0(
#"( "!,!( J*"!,'( <#9%*"'( %&'( 0'$',E#)',*))!( #E3!,$#( #E3!)#+#"#( !( 0'0G%#+#"#( )'#( <G$G,#( 3',#!0#6( -( $*"#( <#)#2( 9#(
'
R9'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
#)$')0!)!(P0#<<',')4'($'E3!,*)''($*99*+#"#P(YG'""'(%&'()'#(3',#!0#(<G$G,#(0'$',E#)',*))!(#E3!,$#(#E3!)#+#"#('(
P0#<<',')4'($'E3!,*)''(0'0G%#+#"#R(YG'""'(%&'()'8"#('9',%#4#(<G$G,#(0'$',E#)',*))!(#E3!,$#(0'0G%#+#"#6(
7*(<#9%*"#$Q(0#<<',#$*(J#')'(%*"%!"*$*(*33"#%*)0!("'(*"#YG!$'(0#(#E3!9#4#!)'(9$*+#"#$'(0*""'(0#93!9#4#!)#(0#("'88'(#)(
J#8!,'(*""'(0#<<',')4'($'E3!,*)''($*99*+#"#(3',(%G#('9#9$'("*(3,!+*+#"#$Q(0#(G)('<<'$$#J!(9!9$')#E')$!(0#(#E3!9$'(
'0( *""'( 0#<<',')4'( $'E3!,*)''( 0'0G%#+#"#( 3',( %G#( '9#9$'( G)*( ,*8#!)'J!"'( %',$'44*( %&'( J#( 9#*)!( *EE!)$*,#(
#E3!)#+#"#( <G$G,#( *"( E!E')$!( #)( %G#( 9#( E*)#<'9$',Q( "*( ,'"*$#J*( 0'0G%#+#"#$Q( <#9%*"'( H%606( 3,!+*+#"#$h( $'9$I6( 7'(
#E3!9$'( *)$#%#3*$'( '( 0#<<',#$'( ,'"*$#J'( *""*( E'0'9#E*( #E3!9$*( '( 9%*0')$#( )'"( E'0'9#E!( 3',#!0!( J')8!)!(
%!E3')9*$'6(
V'8"#( '9',%#4#( #)( %G#( "'( 0#<<',')4'( $'E3!,*)''( 0'0G%#+#"#( ,#9G"$*)!( 9G3',#!,#( *""'( 0#<<',')4'( $'E3!,*)''(
$*99*+#"#2( "'( ,'"*$#J'( #E3!9$'( *)$#%#3*$'( 9!)!( #9%,#$$'( )'""F*$$#J!( 0'""!( 9$*$!( 3*$,#E!)#*"'( $,*( "'( -$$#J#$Q( <#9%*"#(
0#<<',#$'6( ',(%!)$,!2()'8"#('9',%#4#(#)(%G#("'(0#<<',')4'($'E3!,*)''($*99*+#"#(,#9G"$*)!(9G3',#!,#(*""'(0#<<',')4'(
$'E3!,*)''( 0'0G%#+#"#2( "'( ,'"*$#J'( #E3!9$'( 0#<<',#$'( 9!)!( #9%,#$$'( )'"( 3*99#J!( 0'""!( 9$*$!( 3*$,#E!)#*"'( $,*( "'(
*99#J#$Q(<#9%*"#(0#<<',#$'6(
TG*"!,*( "'( -$$#J#$Q( '( *99#J#$Q( <#9%*"#( 0#<<',#$'( 9#( ,#<',#9%*)!( *( %!E3!)')$#( %&'( &*))!( #)$','99*$!( #"( %!)$!(
'%!)!E#%!2("*(%!)$,!3*,$#$*(@(,*33,'9')$*$*(0*""'(#E3!9$'(9G"(,'00#$!6(
V'#( %*9#( #)( %G#( "'( #E3!9$'( *)$#%#3*$'( '( 0#<<',#$'( ,#8G*,0#)!( $,*)9*4#!)#( %&'( &*))!( #)$','99*$!( 0#,'$$*E')$'( #"(
3*$,#E!)#!()'$$!(9')4*(#)<"G')4*,'(#"(%!)$!('%!)!E#%!(HYG*"#("'(,'$$#<#%&'(0#(3,#E*(*33"#%*4#!)'(0'8"#(/-AB/CDA2(
"'(J*"G$*4#!)#(0'8"#(9$,GE')$#(<#)*)4#*,#(0#93!)#+#"#(3',("*(J')0#$*(!(0'#(%!)$,*$$#(0',#J*$#(0#(%!3',$G,*(0#(<"G99#(
<#)*)4#*,#I2( "'( 9$'99'( J')8!)!( #9%,#$$'( #)( %!)$,!3*,$#$*( *"( 3*$,#E!)#!( )'$$!2( #)$','99*)0!( "'( 93'%#<#%&'( ,#9',J'(
YG*)0!(3,'J#9$!(H'96(,#9',J'(0*(J*"G$*4#!)'I6(
7*( <#9%*"#$Q( "*$')$'( ,#<',#$*( *""'( 3!9$'( 3*$,#E!)#*"#( #)( 9!93')9#!)'( 0F#E3!9$*( P$*99*+#"#( 9!"$*)$!( #)( #3!$'9#( 0#(
0#9$,#+G4#!)'R()!)(J#')'(#9%,#$$*(#)(+#"*)%#!2(#)(YG*)$!("*(%!)9#9$')4*(0'""'(,#9',J'(0#93!)#+#"#(8#Q(*99!88'$$*$'(
*($*99*4#!)'(%!)9')$'(0#(,#$')','(%&'()!)(9*,*))!('<<'$$G*$'(!3',*4#!)#(%&'()'(%!E3!,$#)!("*($*99*4#!)'6(
7*(<#9%*"#$Q(0#<<',#$*(,#<',#$*(*""'(9!%#'$Q(#)%"G9'()'"(%!)9!"#0*$!(<#9%*"'(J#')'(,#"'J*$*(#)(+#"*)%#!(0*""'(9$'99'2(#)(
*33"#%*4#!)'(0'"(%,#$',#!(0#(%!E3'$')4*('%!)!E#%*('0(#)(%!)9#0',*4#!)'(0'""*(J*"')4*(0'"(%!)9!"#0*$!(<#9%*"'(
"#E#$*$*(*8"#(*0'E3#E')$#(0#("#YG#0*4#!)'(0'""'(3!9#4#!)#(<#9%*"#(%!,,')$#6(
7*(<#9%*"#$Q("*$')$'(9G""'(%!E3!)')$#(0#(3*$,#E!)#!()'$$!()!)(J#')'(#9%,#$$*(#)(+#"*)%#!(YG*"!,*()!)(9#(,#$')8*(
3,!+*+#"'(#"(J',#<#%*,9#(0'#(3,'9G33!9$#(3',("*(,'"*$#J*($*99*4#!)'2('(%#^(*)%&'(#)(,'"*4#!)'(*""*()*$G,*(0G,'J!"'(
0'""F#)J'9$#E')$!6(
(
/.0'V&$(!'E+*'*!I%A!'+('&$+*!'
'
V&$(!'(!'WJ!+I%+$-#'+'E+*'&FF"!5A!'I!C!"!'
'
/(C!)0#(0#(YG#'9%')4*(9!)!( %!9$#$G#$#(#)(*$$G*4#!)'(0#( *%%!,0#( *4#')0*"#( '(9#( YG*"#<#%*)!(%!E'(3#*)#( *(+')'<#%#(
0'<#)#$#6( #d(#)(3*,$#%!"*,'2("*(J!%'(*%%!8"#'(8"#(9$*)4#*E')$#(%!)$*+#"#44*$#(*#(<#)#(0'"(,#3#*)*E')$!(0'"(0#9*J*)4!(
$'%)#%!( 0'#( <!)0#( 0#( 3,'J#0')4*( %!E3"'E')$*,'( *( 3,'9$*4#!)'( 0'<#)#$*( *#( YG*"#( "*( 1*)%*( 3*,$'%#3*2(
%!)0#J#0')0!)'( #( ,#9%&#( #)( 3,!3!,4#!)'( *"( 3',9!)*"'( 0'"( 3,!3,#!( !,8*)#%!( #9%,#$$!2( *""*( 3,'0'$$'( <!,E'( 0#(
3,'J#0')4*(%!E3"'E')$*,'6(7*(3*99#J#$Q(,'"*$#J*(*($*"#(3#*)#('0(#"(,'"*$#J!(%!9$!(3,'J#0')4#*"'(0'""'(3,'9$*4#!)#(
0#( "*J!,!( %!,,')$'( 9!)!( 0'$',E#)*$'( 9G""*( +*9'( 0#( #3!$'9#( *$$G*,#*"#( *33"#%*)0!( #"( E'$!0!( 0'""*( P ,!#'4#!)'(
c)#$*,#*(0'"(K,'0#$!R2(%&'(3,'J'0'("*(3,!#'4#!)'(0'8"#('9+!,9#(<G$G,#(9G""*(+*9'(0#(*)*"#9#(9$!,#%&'(9$*$#9$#%&'('(
0'""*( %G,J*( 0'E!8,*<#%*( '( "F*$$G*"#44*4#!)'( <#)*)4#*,#*( 0#( $*"#( <"G99#( 9G""*( +*9'( 0#( G)( $*99!( 0#( #)$','99'( 0#(
E',%*$!6( /( %!)$,#+G$#( J',9*$#( #)( %#*9%G)( '9',%#4#!( 9!)!( %!)9#0',*$#( %!E'( G)#$Q( 9'3*,*$'2( ,#"'J*$'( '( J*"G$*$'(
9#)8!"*,E')$'( *#( <#)#( 0'""*( 0'$',E#)*4#!)'( 0'""k!++"#8*4#!)'( <#)*"'6( /"( $*99!( G$#"#44*$!( 3',( "F*$$G*"#44*4#!)'( @(
0'$',E#)*$!( #)( +*9'( *#( ,')0#E')$#( 0#( E',%*$!( ,#"'J*$#( *""'( 0*$'( 0#( J*"G$*4#!)'( 0#( !++"#8*4#!)#( 0#( *4#')0'(
3,#E*,#'($')')0!(%!)$!(0'""*(0G,*$*(E'0#*(,'9#0G*(0'""*(3*99#J#$Q6(/"(J*"!,'(*$$G*"'(0'""k!++"#8*4#!)'(*""*(0*$*(
0#(,#<',#E')$!(0'"(+#"*)%#!(@(#)!"$,'(,'$$#<#%*$!(0'"(<*#,(J*"G'(0'""'('J')$G*"#(*$$#J#$Q(*(9',J#4#!(0'"(3#*)!6(
b"#(G$#"#('("'(3',0#$'(*$$G*,#*"#(H!JJ',!("'(J*,#*4#!)#()'"(J*"!,'(*$$G*"'(0'""F!++"#8*4#!)'(0',#J*)$#(0*""'(E!0#<#%&'(
*""'( #3!$'9#( *$$G*,#*"#( '( 0*""'( ,'$$#<#%&'( +*9*$'( 9G""F'93',#')4*( 3*99*$*I( 9!)!( ,#%!)!9%#G$#( )'"( 3,!93'$$!( 0'""*(
,'00#$#J#$Q(%!E3"'99#J*6(
(
8",*!'B&$(!'
'
b"#( *"$,#( <!)0#( 3',( ,#9%&#( '0( !)',#( *%%!"8!)!( 8"#( *%%*)$!)*E')$#( ,'"*$#J#( *0( !++"#8*4#!)#( "'8*"#( !( %!))'99#( *(
,*33!,$#(0#("*J!,!(!33G,'(*(%!)$')4#!9#2(*)%&'(<#9%*"#2(!,#8#)*$#(0*(G)('J')$!(3*99*$!(3',(#(YG*"#(9#*(3,!+*+#"'(
"F'9+!,9!( 0#( ,#9!,9'( '%!)!E#%&'( 3',( "F*0'E3#E')$!( 0'""'( !++"#8*4#!)#( 9$'99'2( 9'E3,'( %&'( 3!99*( '99','(
'<<'$$G*$*(G)*(9$#E*(*$$')0#+#"'(0'"(,'"*$#J!(*EE!)$*,'6(
'
RR'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
K!)9'8G')$'E')$'2("*(,#"'J*4#!)'(0#(G)(*%%*)$!)*E')$!(*JJ#')'(9'('(9!"!(9'`(
− J#(@(G)F!++"#8*4#!)'(#)(%!,9!(H"'8*"'(!(#E3"#%#$*I(YG*"'(,#9G"$*$!(0#(G)('J')$!(3*99*$!a((
− @(3,!+*+#"'(%&'( 3',( *0'E3#','( *""F!++"#8*4#!)'(9#(,')0',Q()'%'99*,#!( "F#E3#'8!(0#(,#9!,9'(*$$'(*( 3,!0G,,'(
+')'<#%#('%!)!E#%#a(
− 3G^('99','('<<'$$G*$*(G)*(9$#E*(*$$')0#+#"'(0'""F#E3!,$!(0',#J*)$'(0*""F*0'E3#E')$!(0'""F!++"#8*4#!)'6(
(
7F#E3!,$!( ,#"'J*$!( %!E'( *%%*)$!)*E')$!( ,*33,'9')$*( "*( E#8"#!,'( 9$#E*( 0'""*( 93'9*( ,#%&#'9$*( 3',( *0'E3#','(
*""F!++"#8*4#!)'('9#9$')$'(*""*(0*$*(0#(,#<',#E')$!(0'"(+#"*)%#!('(,#<"'$$'(,#9%&#('0(#)%',$'44'(%&'(#)'J#$*+#"E')$'(
%*,*$$',#44*)!( G)*( 3"G,*"#$Q( 0#( <*$$#( '( %#,%!9$*)4'6( 7*00!J'( "F'"'E')$!( $'E3!,*"'( 9#*( 9#8)#<#%*$#J!2( 8"#(
*%%*)$!)*E')$#( J')8!)!( *$$G*"#44*$#( G$#"#44*)0!( #( $*99#( %!,,')$#( 0#( E',%*$!6( ( 7F*%%*)$!)*E')$!( '( 8"#(
#)%,'E')$#(0!JG$#(*"(<*$$!,'($'E3!,*"'(9!)!(,#"'J*$#(*(K!)$!(L%!)!E#%!6(
7F*%%*)$!)*E')$!( J#')'( 9$!,)*$!( YG*)0!( 0#J#')'( #E3,!+*+#"'( "F#E3#'8!( 0#( ,#9!,9'( *$$'( *( 3,!0G,,'( +')'<#%#(
'%!)!E#%#(3',(*0'E3#','("F!++"#8*4#!)'6(
V'""*(J!%'(9!)!(#)%"G9#(*)%&'(#(+')'<#%#(*("G)8!($',E#)'(*#(0#3')0')$#2(#(%G#(!)',#(J')8!)!(0'$',E#)*$#(%!)(#(
E'0'9#E#(%,#$',#(*$$G*,#*"#(J*"#0#(3',(#(<!)0#(0#(YG#'9%')4*6(b"#(G$#"#('("'(3',0#$'(*$$G*,#*"#(J')8!)!(,#"'J*$#($G$$#(
#EE'0#*$*E')$'()'"(%!)$!('%!)!E#%!6(
(
/G0'@+F!,!'+',!,&"!'!$'%!*%&"#-!&$+'
'
M*!,+*!'(!'%"#II!B!%#-!&$+'
'
/(5'+#$#(J',9!(+*)%&'2(#(5'+#$#(J',9!(%"#')$'"*('(#(\#$!"#(#)(%#,%!"*4#!)'(,#%!E3,')0!)!("'(J*,#'(<!,E'(0#(3,!JJ#9$*(
#)$',+*)%*,#*( '( %!)( %"#')$'"*2( "'( !3',*4#!)#( 3,!)$#( %!)$,!( $',E#)'( %!)( !++"#8!( 0#( ,#*%YG#9$!( *( $',E#)'( '( "*(
,*%%!"$*( '<<'$$G*$*( *$$,*J',9!( %',$#<#%*$#( 0#( 0'3!9#$!2( $#$!"#( !++"#8*4#!)*,#( '0( *"$,#( 9$,GE')$#( 0#( ,*%%!"$*( #)(
%#,%!"*4#!)'2(*"()'$$!(0'8"#('J')$G*"#(*EE!)$*,#(,#*%YG#9$*$#6(
A!)!( #)!"$,'( #)%"G9#( #( 0'+#$#( #9%,#$$#( 0*""*( +*)%*( #)( YG*"#$Q( 0#( "!%*$*,#!( )'""F*E+#$!( 0#( !3',*4#!)#( 0#( "'*9#)8(
<#)*)4#*,#!2(<*$$#93'%#'()!)(3,'9')$'()'""*(1*)%*6(
(
M*!,+*!'(!'!I%*!-!&$+'
'
7*( 3,#E*( #9%,#4#!)'( 0#( $*"#( 3*99#J#$Q( <#)*)4#*,#'( *JJ#')'( *""*( 0*$*( 0#( 9!$$!9%,#4#!)'( 0'"( %!)$,*$$!2( %&'(
)!,E*"E')$'( %!#)%#0'( %!)( #"( E!E')$!( 0'""*( ,#%'4#!)'( 0'""'( 9!EE'( ,*%%!"$'( !( 0'""*( 'E#99#!)'( 0'#( $#$!"#( 0#(
0'+#$!6(
7*( 3,#E*( #9%,#4#!)'( @( '<<'$$G*$*( 9G""*( +*9'( 0'"( <*#,( J*"G'( 0'""'( 3*99#J#$Q2( )!,E*"E')$'( 3*,#( *""F*EE!)$*,'(
#)%*99*$!( !0( *"( 3,'44!( 0#( 'E#99#!)'2( *GE')$*$!( 0'8"#( 'J')$G*"#( %!9$#B3,!J')$#( *88#G)$#J#( 0#,'$$*E')$'(
*$$,#+G#+#"#( *""*( 9#)8!"*( !3',*4#!)'( 0#( 3,!JJ#9$*( !( 0#( 'E#99#!)'6( A!)!( '9%"G9#( #( %!9$#( #)$',)#( 0#( %*,*$$','(
*EE#)#9$,*$#J!6(
(
M*!,+*!'(!'6#"J,#-!&$+'
'
5!3!( "*( ,#"'J*4#!)'( #)#4#*"'2( "'( 3*99#J#$Q( <#)*)4#*,#'( J')8!)!( J*"G$*$'( *"( %!9$!( *EE!,$#44*$!( %!"( E'$!0!( 0'"(
$*99!(0#(#)$','99'('<<'$$#J!6(
C*))!( '%%'4#!)'( "'( 3*99#J#$Q( *( +,'J'( $',E#)'2( 3',( "'( YG*"#( #"( <*$$!,'( $'E3!,*"'( ,#9G"$*( $,*9%G,*+#"'2( %&'(
,#E*)8!)!(#9%,#$$'(3',(#"(J*"!,'(#)%*99*$!6(
(
M*!,+*!'(!'%#$%+""#-!&$+'
'
7'( 3*99#J#$Q( <#)*)4#*,#'( 9!)!( %*)%'""*$'( 0*"( +#"*)%#!( YG*)0!( ,#9G"$*)!( 9%*0G$'( !( '9$#)$'6( 7*( %*)%'""*4#!)'(
*JJ#')'( *)%&'( #)( 3,'9')4*( 0#( ,#*%YG#9$!( 0#( $#$!"#( !++"#8*4#!)*,#( 3,'%'0')$'E')$'( 'E'99#6( 7*( 0#<<',')4*( $,*(
J*"!,'(%!)$*+#"'(0'""*(3*99#J#$Q('("F*EE!)$*,'(%!,,#93!9$!(3',(*%YG#9$*,"*(J#')'(,'8#9$,*$!(*(%!)$!('%!)!E#%!6(
/"(,#%!""!%*E')$!(9G"(E',%*$!(0#($#$!"#(3,!3,#(9G%%'99#J*E')$'(*"("!,!(,#*%YG#9$!(@(%!)9#0',*$!(%!E'(G)*()G!J*(
'E#99#!)'(%!)(#9%,#4#!)'(*"()G!J!(3,'44!(0#(%!""!%*E')$!6(
(
'
/22'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
/H0'7#II!6!,D'B!$#$-!#*!+'(!'$+5&-!#-!&$+'
'
M*!,+*!'(!'!I%*!-!&$+'
'
b"#(9$,GE')$#(<#)*)4#*,#(#)(!88'$$!(9!)!(#9%,#$$#(*""*(0*$*(0#(9!$$!9%,#4#!)'(!(*""*(0*$*(0#('E#99#!)'(*0(G)(J*"!,'(
3*,#( *"( %!9$!( #)$'9!( %!E'( #"( <*#,( J*"G'( 0'""!( 9$,GE')$!2( 9')4*( %!)9#0',*,'( 'J')$G*"#( %!9$#( !( 3,!J')$#( 0#(
$,*)9*4#!)'(0#,'$$*E')$'(*$$,#+G#+#"#(*8"#(9$,GE')$#(9$'99#6(
/)( $*"'( %*$'8!,#*( 0#( 3*99#J#$Q( 9!)!2( #)( 3*,$#%!"*,'2( #)%"G9#( #"( J*"!,'( )'8*$#J!( 0'#( %!)$,*$$#( 0',#J*$#( 0#( $,*0#)82(
)!)%&U( #"( J*"!,'( )'8*$#J!( 0'#( 0',#J*$#( #E3"#%#$#( 3,'9')$#( #)( %!)$,*$$#( %!E3"'99#( E*( )!)( 9$,'$$*E')$'( %!,,'"*$#(
*8"#( 9$'99#6( /)!"$,'( 9!)!( #)%"G9'( "'( 3*99#J#$Q( %&'( !,#8#)*)!( 0*( 9%!3',$#( $'%)#%#( 8')',*$#( 0*""F*$$#J#$Q( 0#(
)'8!4#*4#!)'(0#($#$!"#6(
(
M*!,+*!'(!'6#"J,#-!&$+'
'
\G$$'("'(3*99#J#$Q(0#()'8!4#*4#!)'(9!)!(J*"G$*$'(*"(<*#,(J*"G'(%!)(#E3G$*4#!)'(0'"(,#9G"$*$!(0'""*(J*"G$*4#!)'()'"(
%!)$!('%!)!E#%!6(
(
M*!,+*!'(!'%#$%+""#-!&$+'
'
7'( *99#J#$Q( <#)*)4#*,#'( 0'$')G$'( 3',( )'8!4#*4#!)'( J')8!)!( %*)%'""*$'( 0*"( +#"*)%#!( YG*)0!( 9%*0!)!( #( 0#,#$$#(
%!)$,*$$G*"#(9G#(,'"*$#J#(<"G99#(<#)*)4#*,#(!(YG*)0!("*(3*99#J#$Q(<#)*)4#*,#*(@(%'0G$*(%!)($,*9<',#E')$!(9!9$*)4#*"'(
0#($G$$#(#(,#9%&#('0(#(+')'<#%#(0',#J*)$#(0*""*(3,!3,#'$Q(0'""'(9$'99'6(
(
/K0'7#II!6!,D'B!$#$-!#*!+'6#"J,#,+'#"'B#!*'6#"J+'
'
7*(1*)%*()!)(&*(!3$*$!(3',("*(J*"G$*4#!)'(*"(<*#,(J*"G'(0#(*"%G)*(3*99#J#$Q(<#)*)4#*,#*6(
(
/L0'NE+*#-!&$!'!$'6#"J,#'
'
M*!,+*!'(!'*!"+6#-!&$+'!$!-!#"+'
'
7'( !3',*4#!)#( #)( J*"G$*( '9$',*( 9!)!( ,'8#9$,*$'2( *"( E!E')$!( 0'""*( ,#"'J*4#!)'( #)#4#*"'2( #)( 0#J#9*( 0#( %!)$!2(
*33"#%*)0!(*""F#E3!,$!(#)(J*"G$*('9$',*(#"($*99!(0#(%*E+#!(#)(J#8!,'(*""*(0*$*(0'""F!3',*4#!)'6(
(
M*!,+*!'(!'*!"+6#-!&$+'IJ%%+II!6#'
'
-0( !8)#( %&#G9G,*( 0#( +#"*)%#!( !( 0#( 9#$G*4#!)'( #)<,*))G*"'2( "'( 3!9$'( 0#( +#"*)%#!( #)( J*"G$*( '9$',*( J')8!)!(
J*"!,#44*$'(%!E'(9'8G'`(
− "'(3!9$'(E!)'$*,#'(9!)!(%!)J',$#$'(*"($*99!(0#(%*E+#!(*""*(0*$*(0#(%&#G9G,*a(
− "'( 3!9$'( )!)( E!)'$*,#'( J*"G$*$'( *"( %!9$!( 9$!,#%!( 9!)!( %!)J',$#$'( *"( $*99!( 0#( %*E+#!( #)( '99','( *""*( 0*$*(
0'""F!3',*4#!)'a(
− "'(3!9$'()!)(E!)'$*,#'(J*"G$*$'(*"(<*#,(J*"G'(9!)!(%!)J',$#$'(G$#"#44*)0!(#($*99#(0#(%*E+#!(#)('99','(*""*(0*$*(
0#(%&#G9G,*6(
(
7'(0#<<',')4'(0#(%*E+#!(%&'(0',#J*)!(0*"(,'8!"*E')$!(0#('"'E')$#(E!)'$*,#(!(0*""*(%!)J',9#!)'(0#('"'E')$#(
E!)'$*,#(*($*99#(0#J',9#(0*(YG'""#(0#(%!)J',9#!)'(#)#4#*"#2(!(0#(%!)J',9#!)'(0'"(+#"*)%#!(3,'%'0')$'2(9!)!(,#"'J*$'(
)'"(%!)$!('%!)!E#%!(0'"(3',#!0!(#)(%G#(9!,8!)!6(
TG*)0!( G)( G$#"'( !( G)*( 3',0#$*( ,'"*$#J#( *0( G)( '"'E')$!( )!)( E!)'$*,#!( 9!)!( ,#"'J*$#( *( 3*$,#E!)#!( )'$$!2( "*(
0#<<',')4*(%*E+#!(,'"*$#J*( *($*"'( '"'E')$!( @(,#"'J*$*( *)%&F'99*( *(3*$,#E!)#!6( ',(%!)$,!2(YG*)0!(G)(G$#"'(!(
G)*( 3',0#$*( 9!)!( ,#"'J*$#( *( %!)$!( '%!)!E#%!2( @( ,#"'J*$*( #)( %!)$!( '%!)!E#%!( *)%&'( "*( ,'"*$#J*( 0#<<',')4*(
%*E+#!6(
(
'
/2/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
/90'8",*+'!$B&*C#-!&$!'
'
8-!&$!'E*&E*!+'
'
7*(1*)%*()!)(0'$#')'(*4#!)#(3,!3,#'6(
'
;#,+!'+'*!I%&$,!'
'
/(,*$'#('0(#(,#9%!)$#(%&'(*%%!"8!)!(!)',#('(3,!J')$#(0#(%!E3'$')4*(0'"(3',#!0!(E*$G,*$#(9G(*$$#J#$Q('(3*99#J#$Q(
9!)!(#9%,#$$#(#)(+#"*)%#!(*(,'$$#<#%*(0'""'(*$$#J#$Q('(3*99#J#$Q(*(%G#(9#(,#<',#9%!)!6(
(
?E+I+'E+*'C!5"!&*!+'IJ'F+$!'(!',+*-!'
'
/(%!9$#(0#(,#9$,G$$G,*4#!)'(0#(#EE!+#"#()!)(0#(3,!3,#'$Q(J')8!)!(%*3#$*"#44*$#(#)(%!)9#0',*4#!)'(0'"(<*$$!(%&'(3',(
"*( 0G,*$*( 0'"( %!)$,*$$!( 0#( *<<#$$!( "*( 9!%#'$Q( G$#"#44*$,#%'( &*( #"( %!)$,!""!( 0'#( +')#( '( 3G^( $,*,,'( 0*( '99#( +')'<#%#(
'%!)!E#%#( <G$G,#6( /( 9G00'$$#( %!9$#2( %"*99#<#%*$#( $,*( "'( -"$,'( *$$#J#$Q( %!E'( 3,'J#9$!( 0*""'( /9$,G4#!)#( 0'""*( 1*)%*(
0F/$*"#*2(J')8!)!(*EE!,$#44*$#(3',(G)(3',#!0!()!)(9G3',#!,'(*""*(0G,*$*(0'"(%!)$,*$$!(0#(*<<#$$!6(
(
)*#,,#C+$,&'(!'B!$+'*#EE&*,&'(+"'E+*I&$#"+'
'
/"($,*$$*E')$!(0#(<#)'(,*33!,$!(9#(%!)<#8G,*(%!E'(G)(P+')'<#%#!(9G%%'99#J!(*"(,*33!,$!(0#("*J!,!R(%"*99#<#%*$!(
%!E'`(
− P3#*)!(*(%!)$,#+G4#!)'(0'<#)#$*R(3',("'(YG!$'(0#($,*$$*E')$!(0#(<#)'(,*33!,$!(0'"(3',9!)*"'(E*$G,*)0'(*(
3*,$#,'(0*"(M[(8'))*#!(:==W(H!JJ',!(9G%%'99#J*E')$'(*"(M[(8'))*#!(:==W2(0*$*(0#(')$,*$*(#)(J#8!,'(0'""*(
,#<!,E*(0'""*(3,'J#0')4*(%!E3"'E')$*,'(0#(%G#(*"(5'%,'$!(7'8#9"*$#J!(>(0#%'E+,'(:==>()6(:>:I(9#*()'"(%*9!(
0#(!34#!)'(0*(3*,$'(0'"(0#3')0')$'(3',("*(3,'J#0')4*(%!E3"'E')$*,'2(9#*()'"(%*9!(0#(0'9$#)*4#!)'(*"(<!)0!(
0#(\'9!,',#*(3,'99!( "F/V A6( ',($*"#(YG!$'2( "F#E3!,$!(0'""'(YG!$'2(%!)$*+#"#44*$!($,*( #( %!9$#(0'"( 3',9!)*"'2( @(
0'$',E#)*$!(9G""*(+*9'(0'#(%!)$,#+G$#(0!JG$#(9')4*("F*33"#%*4#!)'(0#(E'$!0!"!8#'(0#(%*"%!"!(*$$G*,#*"#6(
− P3#*)!(*(+')'<#%#(0'<#)#$#R('(3',$*)$!(@(#9%,#$$!(9G""*(+*9'(0'"(9G!(J*"!,'(*$$G*,#*"'(0'$',E#)*$!(G$#"#44*)0!(
#"( E'$!0!( 0'""*( P ,!#'4#!)'( c)#$*,#*( 0'"( K,'0#$!R2( 3',( "*( YG!$*( 0'"( $,*$$*E')$!( 0#( <#)'( ,*33!,$!( 0'"(
3',9!)*"'(E*$G,*$*(9#)!(*"(?M(0#%'E+,'(:==N6((
(
\*"#( YG!$'( 9!)!( #9%,#$$'( 9G""*( +*9'( 0'"( "!,!( J*"!,'( *$$G*,#*"'( 0'$',E#)*$!( G$#"#44*)0!( #"( E'$!0!( 0'""*(
P ,!#'4#!)'( c)#$*,#*( 0'"( K,'0#$!R2( 9')4*( *33"#%*4#!)'( 0'"( 3,!X,*$*( 0'"( 9',J#4#!( 3,'9$*$!( #)( YG*)$!( #"( %!9$!(
3,'J#0')4#*"'(HP%G,,')$(9',J#%'(%!9$RI(0'"(\CD(@(YG*9#(#)$',*E')$'(E*$G,*$!('("*(,#J*"G$*4#!)'(0'""!(9$'99!2(3',(
8"#(*))#(*(J')#,'2()!)(9#(,#$#')'(0#*("G!8!(*(9#8)#<#%*$#J#(+')'<#%#(3',(#(0#3')0')$#6((
-#( <#)#( 0'""k*$$G*"#44*4#!)'2( #"( $*99!( G$#"#44*$!( @( 0'$',E#)*$!( %!)( ,#<',#E')$!( *"( ,')0#E')$!( 0#( E',%*$!( 0#(
!++"#8*4#!)#(0#(*4#')0'(3,#E*,#'2($')')0!(%!)$!(0'""*(0G,*$*(E'0#*(,'9#0G*(0'""*(3*99#J#$Q2(3!)0',*$*(#)(+*9'(
*""*( 3',%')$G*"'( 0'""k#E3!,$!( 3*8*$!( '( *)$#%#3*$!2( 3',( %#*9%G)*( 9%*0')4*2( ,#93'$$!( *"( $!$*"'( 0*( 3*8*,'( '(
*)$#%#3*,'(<#)!(*""k'9$#)4#!)'(<#)*"'(0'""F#)$',*(!++"#8*4#!)'6(
/(%!9$#(3',(#"(9',J#4#!(0'"(3#*)!(9!)!(%!)$*+#"#44*$#($,*(#(%!9$#(0'"(3',9!)*"'(E')$,'(8"#(G$#"#('("'(3',0#$'(*$$G*,#*"#(
9!)!(,#"'J*$#()'"(3,!93'$$!(0'""*(,'00#$#J#$Q(%!E3"'99#J*6((
(
8%%#$,&$#C+$,!'E+*'5#*#$-!+'*!"#I%!#,+'+'!CE+5$!'
'
b"#( *%%*)$!)*E')$#(9G(+*9'(*)*"#$#%*( '(%!""'$$#J*2(,'"*$#J#(*""*( 9$#E*(0'#(3!99#+#"#('9+!,9#(%!))'99#( *"(,#9%&#!(0#(
%,'0#$!(,'"*$#J!(*""'(8*,*)4#'('0(#E3'8)#2(0'$',E#)*$#(*33"#%*)0!(#(E'0'9#E#(%,#$',#(3,'%'0')$'E')$'('93!9$#(
%!)( ,#<',#E')$!( *#( %,'0#$#2( 9!)!( *33!9$*$#( $,*( "'( -"$,'( 3*99#J#$Q2( %!E'( 3,'J#9$!( 0*""'( /9$,G4#!)#( 0'""*( 1*)%*(
0F/$*"#*6(
(
7#5#C+$,!'F#I#,!'IJ'#-!&$!'
'
A#($,*$$*(0#(J!%'()!)(*33"#%*+#"'(3',("*(1*)%*6(
(
'
/21'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
;!%&$&I%!C+$,&'(+!'*!%#6!'+'(+!'%&I,!'
'
/(,#%*J#(9!)!(,#%!)!9%#G$#()'"(E!E')$!(#)(%G#(J')8!)!(%!)9'8G#$#(!2(%!EG)YG'2()'"(%*9!(0#(J')0#$*(0#(+')#(!(
3,!0!$$#2(YG*)0!(@(3,!+*+#"'(%&'(9*,*))!(,#%'JG$#(#(+')'<#%#(<G$G,#('($*"#(+')'<#%#(3!99!)!('99','(YG*)$#<#%*+#"#(
#)( E!0!( *$$')0#+#"'2( )'"( %*9!( 0#( 3,'9$*4#!)#( 0#( 9',J#4#2( )'"( E!E')$!( #)( %G#( 8"#( 9$'99#( J')8!)!( 3,'9$*$#6( /)(
3*,$#%!"*,'`(
− 8"#(#)$','99#(%!,,#93'$$#J#(9!)!(,#%!)!9%#G$#(3,!(,*$*($'E3!,#9(9G""*(+*9'(0'"($*99!(0#(#)$','99'(%!)$,*$$G*"'(!(
0#(YG'""!('<<'$$#J!()'"(%*9!(0#(*33"#%*4#!)'(0'"(%!9$!(*EE!,$#44*$!6(7*(J!%'(#)$','99#(*$$#J#(H!JJ',!(#)$','99#(
3*99#J#I( %!E3,')0'( *)%&'( #( 0#<<',')4#*"#( !( #( E*,8#)#2( 3!9#$#J#( H!( )'8*$#J#I2( E*$G,*$#( 9#)!( *""*( 0*$*( 0#(
,#<',#E')$!(0'"(+#"*)%#!2(,'"*$#J#(*(%!)$,*$$#(0',#J*$#(<#)*)4#*,#`(
*I 0#(%!3',$G,*(0#(*$$#J#$Q('(3*99#J#$Q(%&'(8')',*)!(#)$','99#a(
+I %"*99#<#%*$#( )'""!( A$*$!( *$,#E!)#*"'( )'"( 3!,$*<!8"#!( 0#( )'8!4#*4#!)'2( E*( 8'9$#!)*"E')$'( %!""'8*$#( *0(
*$$#J#$Q('B!(3*99#J#$Q(<#)*)4#*,#'(J*"G$*$'(*"(<*#,(J*"G'(H<*#,(J*"G'(!3$#!)Ia(
%I %!))'99#( 8'9$#!)*"E')$'( %!)( *$$#J#$Q( '( 3*99#J#$Q( %"*99#<#%*$'( )'"( 3!,$*<!8"#!( 0#( )'8!4#*4#!)'( '( %&'(
3,'J'0!)!("*("#YG#0*4#!)'(0#(0#<<',')4#*"#(!(0#(E*,8#)#(*(3#d(9%*0')4'a(
− 8"#(#)$','99#(0#(E!,*2('J')$G*"E')$'(3,'J#9$#(#)(J#*(%!)$,*$$G*"'2(9!)!(%!)$*+#"#44*$#(*(%!)$!('%!)!E#%!(9!"!(
*"(E!E')$!(0'"("!,!('<<'$$#J!(#)%*99!a(
− #( 0#J#0')0#( 9!)!( ,#"'J*$#( *( %!)$!( '%!)!E#%!( )'"( %!,9!( 0'""F'9',%#4#!( #)( %G#( )'( J#')'( 0'"#+',*$*( "*(
0#9$,#+G4#!)'a(
− "'( %!EE#99#!)#( 3',( ,#%*J#( 0*( 9',J#4#( 9!)!( #9%,#$$'2( 9G""*( +*9'( 0'""F'9#9$')4*( 0#( *%%!,0#( %!)$,*$$G*"#2( )'"(
3',#!0!(#)(%G#(#(9',J#4#(9$'99#(9!)!(9$*$#(3,'9$*$#6(7'(%!EE#99#!)#(%!)9#0',*$'()'"(%!9$!(*EE!,$#44*$!(*#(<#)#(
0'""*(0'$',E#)*4#!)'(0'"($*99!(0#(#)$','99'('<<'$$#J!2(9!)!(,#"'J*$'($,*(8"#(#)$','99#a(
− #(,#%*J#(0',#J*)$#(0*""*(J')0#$*(0#(9$,GE')$#(<#)*)4#*,#2(0'$',E#)*$#(0*""*(0#<<',')4*($,*(%!,,#93'$$#J!(3*8*$!(!(
#)%*99*$!( 0'""*( $,*)9*4#!)'( '0( #"( <*#,( J*"G'( 0'""!( 9$,GE')$!2( J')8!)!( ,#%!)!9%#G$#( *"( %!)$!( '%!)!E#%!( #)(
9'0'( 0#( ,#"'J*4#!)'( 0'""F!3',*4#!)'( 9'( #"( <*#,( J*"G'( @( 0'$',E#)*+#"'( %!)( ,#<',#E')$!( *( 3,'44#( G<<#%#*"#(
0#93!)#+#"#(9G(E',%*$#(*$$#J#2(!JJ',!(3',(*$$#J#$Q('(3*99#J#$Q(E#9G,*$'(9G""*(+*9'(0#($'%)#%&'(0#(J*"G$*4#!)'(%&'(
3,')0!)!( *( ,#<',#E')$!( 3*,*E'$,#( !99',J*+#"#( 9G"( E',%*$!( 0#J',9#( 0*""'( YG!$*4#!)#( 0'""!( 9$,GE')$!(
<#)*)4#*,#!(H"#J'""!(M('("#J'""!(:(0'""*(8',*,%&#*(0'"(<*#,(J*"G'I6(TG*"!,*(#(3*,*E'$,#(0#(,#<',#E')$!(G$#"#44*$#(3',(
"*( J*"G$*4#!)'( )!)( 9#*)!( !99',J*+#"#( 9G"( E',%*$!( !( 8"#( 9$,GE')$#( 9$'99#( 3,'9')$#)!( G)*( ,#0!$$*( "#YG#0#$Q(
H"#J'""!( ?I2( "!( 9$,GE')$!( <#)*)4#*,#!( J#')'( #9%,#$$!( 3',( G)( #E3!,$!( 3*,#( *"( 3,'44!( 0'""*( $,*)9*4#!)'a( "*(
0#<<',')4*(,#93'$$!(*"(<*#,(J*"G'(*<<"G#9%'(*"(%!)$!('%!)!E#%!("G)8!("*(0G,*$*(0'""F!3',*4#!)'a(
− 8"#(G$#"#('(3',0#$'(0',#J*)$#(0*""*()'8!4#*4#!)'(0#(9$,GE')$#(<#)*)4#*,#(9!)!(,#%!)!9%#G$#(*"(%!)$!('%!)!E#%!(
*"( E!E')$!( 0'"( 3',<'4#!)*E')$!( 0'""*( J')0#$*2( 9G""*( +*9'( 0'""*( 0#<<',')4*( $,*( #"( %!,,#93'$$#J!( 3*8*$!( !(
#)%*99*$!('0(#"(J*"!,'(0#(#9%,#4#!)'(0'8"#(9$,GE')$#(9$'99#a(
− #(,#%*J#(0',#J*)$#(0*""*(J')0#$*(0#(*$$#J#$Q()!)(<#)*)4#*,#'(9!)!(,#"'J*$#(*"(E!E')$!(0'"(3',<'4#!)*E')$!(0'""*(
J')0#$*2(*(E')!(%&'(9#*(9$*$*(E*)$')G$*("*(E*88#!,(3*,$'(0'#(,#9%&#('(+')'<#%#(%!))'99#(%!)("F*$$#J#$Q6(
(
/( %!9$#( 9!)!( ,#"'J*$#( #)( %!)$!( '%!)!E#%!( )'#( 3',#!0#( )'#( YG*"#( 9!)!( %!)$*+#"#44*$#( #( ,'"*$#J#( ,#%*J#6( A'(
"F*99!%#*4#!)'($,*(%!9$#('(,#%*J#(3G^('99','('<<'$$G*$*(#)(E!0!(8')',#%!('0(#)0#,'$$!2(#(%!9$#(9!)!(#9%,#$$#(9G(3#d(
3',#!0#(%!)(3,!%'0G,'(,*4#!)*"#('(9G(+*9'(9#9$'E*$#%*6((
/(%!9$#(%&'()!)(3!99!)!('99','(*99!%#*$#(*#(3,!J')$#(9!)!(,#"'J*$#(#EE'0#*$*E')$'(#)(%!)$!('%!)!E#%!6(
(
X,!"!--&'(!'I,!C+'+'#IIJ$-!&$!'$+""#'E*+(!IE&I!-!&$+'(+""O!$B&*C#,!6#'B!$#$-!#*!#'
'
7*( 3,'0#93!9#4#!)'( 0'""F#)<!,E*$#J*( <#)*)4#*,#*( ,#%&#'0'( *)%&'( #"( ,#%!,9!( *( 9$#E'( '( *0( *99G)4#!)#( %&'( 3!99!)!(
0'$',E#)*,'( 9#8)#<#%*$#J#( '<<'$$#( 9G#( J*"!,#( #9%,#$$#( )'""!( A$*$!( *$,#E!)#*"'( '( )'"( K!)$!( L%!)!E#%!2( )!)%&U(
9G""F#)<!,E*$#J*( ,'"*$#J*( *""'( *$$#J#$Q( '( 3*99#J#$Q( 3!$')4#*"#( ,#3!,$*$'( #)( +#"*)%#!6( 7F'"*+!,*4#!)'( 0#( $*"#( 9$#E'(
#E3"#%*( "FG$#"#44!( 0'""'( #)<!,E*4#!)#( 0#93!)#+#"#( '( "F*0!4#!)'( 0#( J*"G$*4#!)#( 9!88'$$#J'2( <!)0*$'( *)%&'(
9G""F'93',#')4*(9$!,#%*2(G$#"#44*$*(*#(<#)#(0'""*(<!,EG"*4#!)'(0#(*99G)4#!)#(,*8#!)'J!"#(3',("*(,#"'J*4#!)'(0'#(<*$$#(
0#( 8'9$#!)'6( ',( "!,!( )*$G,*( "'( 9$#E'( '( "'( *99G)4#!)#( G$#"#44*$'( 3!99!)!( J*,#*,'( 0#( '9',%#4#!( #)( '9',%#4#!( '2(
3',$*)$!2()!)(@(0*('9%"G0',9#(%&'()'8"#('9',%#4#(9G%%'99#J#(#(J*"!,#(#9%,#$$#(#)(+#"*)%#!(3!99!)!(J*,#*,'(*)%&'(#)(
E*)#',*(9#8)#<#%*$#J*(*(9'8G#$!(0'"(EG$*E')$!(0'""'(J*"G$*4#!)#(9!88'$$#J'(G$#"#44*$'6(
7'(3,#)%#3*"#(<*$$#93'%#'(3',("'(YG*"#(@(E*88#!,E')$'(,#%&#'9$!("F#E3#'8!(0#(J*"G$*4#!)#(9!88'$$#J'(0*(3*,$'(0'""*(
0#,'4#!)'(*4#')0*"'(9!)!`(
− "*( YG*)$#<#%*4#!)'( 0'""'(3',0#$'( 3',(,#0G4#!)'( 0#(J*"!,'( 0'#(%,'0#$#2( 0'""'( 3*,$'%#3*4#!)#( '2( #)( 8')','2(0'""'(
*"$,'(*$$#J#$Q(<#)*)4#*,#'a(
'
/2.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
− "FG$#"#44!( 0#( E!0'""#( J*"G$*$#J#( 3',( "*( ,#"'J*4#!)'( 0'"( <*#,( J*"G'( 0'8"#( 9$,GE')$#( <#)*)4#*,#( )!)( YG!$*$#( #)(
E',%*$#(*$$#J#a(
− "*(J*"G$*4#!)'(0'""*(%!)8,G#$Q(0'"(J*"!,'(0'8"#(*JJ#*E')$#('(0'""'(*"$,'(*$$#J#$Q(#EE*$',#*"#a(
− "*(YG*)$#<#%*4#!)'(0'#(<!)0#(0'"(3',9!)*"'('(0'#(<!)0#(3',(,#9%&#('(!)',#a(
− "'(9$#E'('("'(*99G)4#!)#(9G""*(,'%G3',*+#"#$Q(0'""*(<#9%*"#$Q(0#<<',#$*(*$$#J*a(
− "'( #3!$'9#( 0'E!8,*<#%&'( H"'8*$'( *""*( E!,$*"#$Q( 3,!93'$$#%*( 0'""*( 3!3!"*4#!)'( *99#%G,*$*I( '( <#)*)4#*,#'(
H0',#J*)$#(0*""*(3!99#+#"'('J!"G4#!)'(0'#(E',%*$#(<#)*)4#*,#I(G$#"#44*$'()'""!(9$,G$$G,*,'(#(3,!0!$$#(*99#%G,*$#J#(
'()'"(0'<#)#,'("'(+*9#(0#(%*"%!"!(0'""'(,#9',J'(#)$'8,*$#J'6(
(
',($*"G)'(0'""'(<*$$#93'%#'(*33')*('"')%*$'(3!99!)!(#0')$#<#%*,9#(#(3,#)%#3*"#(<*$$!,#(%&'(9!)!(!88'$$!(0#(9$#E'(
0*( 3*,$'( 0'""F')$#$Q( '( %&'2( YG#)0#2( %!)%!,,!)!( *( 0'$',E#)*,'( #"( J*"!,'( 0#( #9%,#4#!)'( #)( +#"*)%#!( 0#( *$$#J#$Q( !(
3*99#J#$Q6(A')4*(3,'$'9*(0#('9*G9$#J#$Q2(9#(9'8)*"*(%&'`(
− 3',( "*( 0'$',E#)*4#!)'( 0'"( <*#,( J*"G'( 0'8"#( 9$,GE')$#( <#)*)4#*,#( )!)( YG!$*$#( 9G( E',%*$#( *$$#J#2( YG*"!,*( 9#*(
)'%'99*,#!("FG$#"#44!(0#(3*,*E'$,#()!)(0'9GE#+#"#(0*"(E',%*$!2("'(3,#)%#3*"#(9$#E'(,#8G*,0*)!2(0*(G)("*$!2("!(
9J#"G33!( 0'#( <"G99#( <#)*)4#*,#( <G$G,#( H!( *)%&'( <"G99#( ,'00#$G*"#2( )'"( %*9!( 0#( $#$!"#( *4#!)*,#I2( 'J')$G*"E')$'(
%!)0#4#!)*$#(*('J')$#(<G$G,#('2(0*""F*"$,!2(#"("#J'""!(0#(0'$',E#)*$#(3*,*E'$,#(#)(#)3G$()!)(YG!$*$#(9G(E',%*$#(
*$$#J#a(
− 3',(( "*(0'$',E#)*4#!)'(0'""'(9$#E'( 0'#(<"G99#( 0#(%*99*(<G$G,#(,#J')#')$#( 0*#(%,'0#$#(0'$',#!,*$#2(9!)!( 3,'9#( #)(
%!)9#0',*4#!)'(*"%G)#('"'E')$#`(#($'E3#(0#(,'%G3',!(*$$'9#2(#"(3,'9GE#+#"'(J*"!,'(0#(,'*"#44!(0'""'('J')$G*"#(
8*,*)4#'( )!)%&U(#(%!9$#(%&'(9#(,#$#')'(J',,*))!(9!9$')G$#(3',( #"(,'%G3',!(0'""F'93!9#4#!)'(%,'0#$#4#*6( ',( "*(
0'$',E#)*4#!)'( 0'""'( 9$#E'( 0'#( <"G99#( 0#( %*99*( <G$G,#( ,#J')#')$#( 0*#( %,'0#$#( 3',( #( YG*"#( )!)( 9!)!( 9$*$'(
#)0#J#0G*$'( 9#)8!"*,E')$'( 'J#0')4'( !88'$$#J'( 0#( 3',0#$*( HJ*"G$*4#!)'( %!""'$$#J*I2( 9#( $#')'( %!)$!( 0#( 9',#'(
9$!,#%&'('(0#(*"$,#('"'E')$#(!99',J*+#"#(*""*(0*$*(0'""*(J*"G$*4#!)'2(%&'(%!)9')$*)!(0#(9$#E*,'(#"(J*"!,'(0'""*(
3',0#$*("*$')$'(#)(%#*9%G)*(%*$'8!,#*(0#(%,'0#$#a(
− 3',( "*( 0'$',E#)*4#!)'( 0'"( J*"!,'( 0FG9!( 0'""'( *$$#J#$Q( #EE*$',#*"#( *( J#$*( #)0'<#)#$*( H+,*)0( )*E'( '(
*JJ#*E')$!I( #)( ,#<',#E')$!( *""'( %*9&( 8')',*$#)8( G)#$9( HKbcI2( 9!)!( !88'$$!( 0#( 9$#E*2( 9'3*,*$*E')$'( '0(
!33!,$G)*E')$'( *$$G*"#44*$#2(#(<"G99#(<#)*)4#*,#(<G$G,#()'"(3',#!0!(0#( 3,'J#9#!)'( *)*"#$#%*('(#(<"G99#(G$#"#44*$#(
3',( 0'$',E#)*,'( #"( %606( P$',E#)*"( J*"G'R2( 8')',*$#( 0*""*( Kbc6( D#')$,*( $,*( 8"#( '"'E')$#( !88'$$!( 0#( 9$#E*( #"(
%!9$!(0'"(%*3#$*"'a(
− 3',( "*( 0'$',E#)*4#!)'( 0'"( J*"!,'( 0FG9!( 0'""'( *$$#J#$Q( #EE*$',#*"#( *( J#$*( 0'<#)#$*( H3!,$*<!8"#( 0#( *99'$(
E*)*8'E')$('(*99#%G,*$#J!2(%!,'(0'3!9#$9I(#)(,#<',#E')$!(*""'(%*9&(8')',*$#)8(G)#$92(9!)!(!88'$$!(0#(9$#E*(
"*( J#$*( G$#"'2( 0*( G)( "*$!2( '0( #( <"G99#( <#)*)4#*,#( <G$G,#( ,#J')#')$#( 0*""F*$$#J#$Q2( 0*""F*"$,!6( -)%&'( )'"( %*9!( 0'""'(
*$$#J#$Q(#EE*$',#*"#(*(J#$*(0'<#)#$*(,#')$,*($,*(8"#('"'E')$#(!88'$$!(0#(9$#E*(#"(%!9$!(0'"(%*3#$*"'a((
− 3',("*(YG*)$#<#%*4#!)'(0'#(<!)0#(0#(YG#'9%')4*('(3',(!++"#8&#(9#E#"#(@(!88'$$!(0#(9$#E*(#"(J*"!,'(*$$G*"'(0'""'(
!++"#8*4#!)#2( $')G$!( %!)$!( 0'#( <"G99#2( !33!,$G)*E')$'( *$$G*"#44*$#2( 0',#J*)$#( 0*""'( *)*"#9#( 9$!,#%&'(
9$*$#9$#%&'('(0'""*(%G,J*(0'E!8,*<#%*a((
− 3',("*(YG*)$#<#%*4#!)'(0'#(<!)0#(3',(,#9%&#('(!)',#(@(!88'$$!(0#(9$#E*(.(!J'(3!99#+#"'(.("F*EE!)$*,'(0'8"#(
'9+!,9#()'%'99*,#(3',("F*0'E3#E')$!(0'""'(!++"#8*4#!)#2($')G$!(%!)$!(0'""*(3,!+*+#"#$Q('<<'$$#J*(0'"(0!J',(
#E3#'8*,'(,#9!,9'a(
− 3',( "*( 0'$',E#)*4#!)'( 0'""'( 3!9$'( ,'"*$#J'( *""*( <#9%*"#$Q( 0#<<',#$*( @( 9$#E*$*( "*( 3,!+*+#"#$Q( 0#( G)( <G$G,!(
'<<'$$#J!(9!9$')#E')$!(0#(#E3!9$'(H0#<<',')4'($'E3!,*)''($*99*+#"#I('0(#"(8,*0!(0#(,*8#!)'J!"'(%',$'44*(.(9'(
'9#9$')$'( .( 0#( *EE!)$*,#( #E3!)#+#"#( <G$G,#( *"( E!E')$!( #)( %G#( 9#( E*)#<'9$',Q( "*( 0'0G%#+#"#$Q( <#9%*"'(
H0#<<',')4'($'E3!,*)''(0'0G%#+#"#I6(
(
Y&(#"!,D'(!'(+,+*C!$#-!&$+'(+"'B#!*'6#"J+'
'
/)( +*9'( *( YG*)$!( 9$*+#"#$!( 0*""'( )G!J'( 0#93!9#4#!)#( 0#( 1*)%*( 0F/$*"#*( ,'"*$#J'( *""*( 3,'0#93!9#4#!)'( 0'"( +#"*)%#!(
0'""'( +*)%&'2( "F#)<!,E*$#J*( 9G""*( E!0*"#$Q( 0#( 0'$',E#)*4#!)'( 0'#( <*#,( J*"G'( '( 9G#( 3,!%'99#( %&'( "*( ,'8!"*)!( @(
<!,)#$*()'""*(3*,$'(-6S(.(/)<!,E*$#J*(9G"(<*#,(J*"G'(.(0'""*(3,'9')$'(9'4#!)'(0'""*(V!$*(/)$'8,*$#J*6(
(
Y&(#"!,D'(!'(+,+*C!$#-!&$+'(+"'%&I,&'#CC&*,!--#,&'
(
/"( %!9$!( *EE!,$#44*$!( 0#( G)F*$$#J#$Q( !( 3*99#J#$Q( <#)*)4#*,#*( @( #"( J*"!,'( *( %G#( @( 9$*$*( E#9G,*$*( *""*( ,#"'J*4#!)'(
#)#4#*"'2( "F*$$#J#$Q( !( "*( 3*99#J#$Q( <#)*)4#*,#*( *"( )'$$!( 0'#( ,#E+!,9#( 0#( %*3#$*"'2( *%%,'9%#G$!( !( 0#E#)G#$!(
0*""F*EE!,$*E')$!( %!E3"'99#J!2( %*"%!"*$!( G9*)0!( #"( E'$!0!( 0'""F#)$','99'( '<<'$$#J!2( 0'""'( 0#<<',')4'( $,*( #"(
J*"!,'(#)#4#*"'('(YG'""!(*(9%*0')4*('(*"()'$$!(0#(YG*"9#*9#(3',0#$*(0#(J*"!,'6(
'
/2G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
/"($*99!(0#(#)$','99'('<<'$$#J!(@(YG'"($*99!(%&'('8G*8"#*(#"(J*"!,'(*$$G*"'(0#(G)F*$$#J#$Q(!(3*99#J#$Q(<#)*)4#*,#*(*"(
<"G99!( %!)$,*$$G*"'( 0'#( 3*8*E')$#( <G$G,#( #)( 0')*,!( !( ,#%'JG$#( <#)!( *""*( 9%*0')4*( !( *""*( 9G%%'99#J*( 0*$*( 0#(
,#%*"%!"!(0'"(3,'44!6( ',(#"(%*"%!"!(0'"(J*"!,'(*$$G*"'(9#(*33"#%*(#"($*99!(0#(#)$','99'('<<'$$#J!(*"(<"G99!(0'#(<G$G,#(
#)%*99#(!(3*8*E')$#("G)8!("F#)$',*(J#$*(G$#"'(0'""F*$$#J#$Q(!(3*99#J#$Q(<#)*)4#*,#*(X(!(3',(G)(3',#!0!(3#d(+,'J'(#)(
3,'9')4*(0#($*"G)'(%!)0#4#!)#(H3',('9'E3#!(,'J#9#!)'(0'#($*99#(0#(E',%*$!I6(
AG%%'99#J*E')$'( *""*( ,#"'J*4#!)'( #)#4#*"'2( #"( %!9$!( *EE!,$#44*$!( 3',E'$$'( 0#( *""!%*,'( ,#%*J#( '( %!9$#( 3!,$*$#( #)(
0#E#)G4#!)'(!( *GE')$!( 0'""!(9$,GE')$!("G)8!( "F#)$',*( J#$*( *$$'9*(0'""!( 9$'99!(3',(#"($,*E#$'(0'"(3,!%'99!( 0#(
*EE!,$*E')$!6( 7*( 0'$',E#)*4#!)'( 0'"( %!9$!( *EE!,$#44*$!( @( 0#J',9*( *( 9'%!)0*( %&'( "'( *$$#J#$QB3*99#J#$Q(
<#)*)4#*,#'(!88'$$!(0#(J*"G$*4#!)'(9#*)!(*($*99!(<#99!(!(J*,#*+#"'('(.(#)(YG'9$FG"$#E!(%*9!(.(*(9'%!)0*(%&'("*(
J*,#*+#"#$Q(0'"($*99!(9#*()!$*(!(E')!(*(3,#!,#6( ',(8"#(9$,GE')$#(*($*99!(<#99!(!(*($*99!(<#99!(3',(<*9%'($'E3!,*"#2(
#(<"G99#(<G$G,#(0#(%*99*(J')8!)!(YG*)$#<#%*$#(#)(+*9'(*"($*99!(0#(#)$','99'()!$!(HG)#%!(!(J*,#*+#"'I(0G,*)$'("*(J#$*(
0'"(<#)*)4#*E')$!6( ',("'(*$$#J#$QB3*99#J#$Q(<#)*)4#*,#'(*($*99!(J*,#*+#"'2("*(%G#(J*,#*+#"#$Q()!)(@()!$*(*(3,#!,#(H*0(
'9'E3#!(3',%&U("'8*$*(*0(G)(#)0#%'I2("*(0'$',E#)*4#!)'(0'#(<"G99#(0#(%*99*(@('<<'$$G*$*(9G""*(+*9'(0'""FG"$#E!(
$*99!()!$!6(-0(!8)#(0*$*(0#(,'J#9#!)'(0'"($*99!(9#(3,!%'0'(*"(,#%*"%!"!(0'"(3#*)!(0#(*EE!,$*E')$!('(0'"($*99!(
0#(,')0#E')$!('<<'$$#J!(9G($G$$*("*(J#$*(G$#"'(0'""!(9$,GE')$!2(%#!@(<#)!(*""*(0*$*(0#(9%*0')4*6(7F*88#G9$*E')$!(
J#')'(,#%!)!9%#G$!(%!E'(%!9$!(!(3,!J')$!()'"(%!)$!('%!)!E#%!6(
7*( J*"G$*4#!)'( *"( %!9$!( *EE!,$#44*$!( J#')'( '<<'$$G*$*( 3',( #( %,'0#$#2( "'( *$$#J#$Q( <#)*)4#*,#'( 0'$')G$'( 9#)!( *""*(
9%*0')4*('(YG'""'(0#93!)#+#"#(3',("*(J')0#$*2(3',(#(0'+#$#('0(#($#$!"#(#)(%#,%!"*4#!)'6(
7'( *$$#J#$Q( '( "'( 3*99#J#$Q( <#)*)4#*,#'( )'8!4#*$'( *( %!)0#4#!)#( 0#( E',%*$!( 9!)!( #)#4#*"E')$'( ,#"'J*$'( *"( "!,!( <*#,(
J*"G'2(%&'()!,E*"E')$'(%!,,#93!)0'(*""F*EE!)$*,'(',!8*$!(!(3*8*$!(%!E3,')9#J!2(3',(8"#(9$,GE')$#(J*"G$*$#(
*"(%!9$!(*EE!,$#44*$!2(0'#(%!9$#(0#($,*)9*4#!)'('(0'""'(%!EE#99#!)#(0#,'$$*E')$'(#E3G$*+#"#6(
A!)!(%!)9#0',*$#(%!9$#(0#($,*)9*4#!)'2(#(%!9$#('0(#(3,!J')$#(E*,8#)*"#(#)$',)#(!('9$',)#(*$$,#+G#+#"#(*""k'E#99#!)'2(
*""F*%YG#9#4#!)'(!(*""*(0#9E#99#!)'(0#(G)!(9$,GE')$!(<#)*)4#*,#!('()!)(,#*00'+#$*+#"#(*"(%"#')$'6(\*"#(%!EE#99#!)#2(
%&'( 0'J!)!( '99','( 0#,'$$*E')$'( ,#%!)0G%#+#"#( *""*( 9#)8!"*( *$$#J#$Q( !( 3*99#J#$Q( <#)*)4#*,#*2( #)%#0!)!( 9G"(
,')0#E')$!('<<'$$#J!(!,#8#)*,#!('(,')0!)!(#"($*99!(0#(#)$','99'('<<'$$#J!(*99!%#*$!(*""*($,*)9*4#!)'(0#J',9!(0*"(
$*99!( 0#( #)$','99'( %!)$,*$$G*"'6( A!)!( '9%"G9#( ( #( %!9$#B3,!J')$#( ,'"*$#J#( #)0#9$#)$*E')$'( *( 3#d( !3',*4#!)#( '( "'(
%!E3!)')$#(%!,,'"*$'(*0('J')$#(%&'(3!99!)!(J',#<#%*,9#()'"(%!,9!(0'""*(J#$*(0'""!(9$,GE')$!(<#)*)4#*,#!2(E*(%&'(
)!)( 9!)!( %',$#( *""F*$$!( 0'""*( 0'<#)#4#!)'( #)#4#*"'2( YG*"#( *0( '9'E3#!`( %!EE#99#!)#( 3',( ,'$,!%'99#!)'2( ( 3',(
E*)%*$!(G$#"#44!2(3',('9$#)4#!)'(*)$#%#3*$*6(/)!"$,'()!)(9!)!(%!)9#0',*$#()'"(%*"%!"!(0'"(%!9$!(*EE!,$#44*$!(#(
%!9$#( %&'( "F#E3,'9*( 0!J,'++'( 9!9$')','( #)0#3')0')$'E')$'( 0*""F!3',*4#!)'( H'96( %!9$#( *EE#)#9$,*$#J#2( 0#(
%*)%'""',#*2( 0#( %!EG)#%*4#!)'I2( YG'""#( %&'2( 3G,( '99')0!( 93'%#<#%*$*E')$'( *$$,#+G#+#"#( *""F!3',*4#!)'2( ,#')$,*)!(
)'""*( )!,E*"'( 3,*99#( 0#( 8'9$#!)'( 0'"( <#)*)4#*E')$!( H*0( '9'E3#!2( *$$#J#$Q( <#)*"#44*$'( *""F',!8*4#!)'( 0'"( <#0!I2(
)!)%&U("'(%!EE#99#!)#(3',(9',J#4#(#)%*99*$'(*(9'8G#$!(0'""k'93"'$*E')$!(0#(*$$#J#$Q(0#(C#)*)4*(A$,G$$G,*$*(%&'(9#(
9*,'++',!( %!EG)YG'( #)%*99*$'( #)0#3')0')$'E')$'( 0*"( 9G%%'99#J!( <#)*)4#*E')$!( 0'""k!3',*4#!)'( HYG*"#( *0(
'9'E3#!("'(%!EE#99#!)#(0#(<*%#"#$h('(0#(*,,*)8'E')$I('02(#)<#)'2(#(%!9$#B,#%*J#(#)<,*8,G33!6((
K!)(3*,$#%!"*,'(,#<',#E')$!(*#(%,'0#$#2(9#(%!)9#0',*)!(%!9$#(,#%!)0G%#+#"#(*""!(9$,GE')$!(<#)*)4#*,#!("'(3,!JJ#8#!)#(
3*8*$'( *#( %*)*"#( 0#9$,#+G$#J#2( #( %!E3')9#( 3*8*$#( 3',( %!)9G"')4*B*99#9$')4*( 3',( "F!,8*)#44*4#!)'( 'B!( "*(
3*,$'%#3*4#!)'(*#(3,'9$#$#(9#)0*%*$#('0(#)<#)'("'(%!EE#99#!)#(G3X<,!)$(%!,,'"*$'(*(%,'0#$#(',!8*$#(*($*99#(9G3',#!,#(
*( YG'""#( 0#( E',%*$!a( E')$,'( #( ,#%*J#( %!)9#0',*$#( )'"( %*"%!"!( 0'"( %!9$!( *EE!,$#44*$!( 9!)!( "'( %!EE#99#!)#( G3X
<,!)$( %!,,'"*$'( *( %,'0#$#( ',!8*$#( *( $*99#( #)<',#!,#( *( YG'""#( 0#( E',%*$!2( YG'""'( 0#( 3*,$'%#3*4#!)'( *""'( !3',*4#!)#(
9#)0*%*$'('("'(%!EE#99#!)#(0#(+,!j',*88#!(%!""'8*$'(*(3,!JJ#8#!)#(,#%!)!9%#G$'(0*(9!%#'$Q(0#(#)$',E'0#*4#!)'6((
',(YG*)$!(,#8G*,0*(#($#$!"#()!)(%"*99#<#%*$#($,*("'(*$$#J#$Q(0#()'8!4#*4#!)'2(9!)!(%!)9#0',*$#(%!9$#(0#($,*)9*4#!)'(
"'(%!EE#99#!)#(3',(%!)$,*$$#(%!)(+,!j',(!3',*)$#(9G#(E',%*$#(*4#!)*,#(#$*"#*)#2(YG'""'(',!8*$'(*8"#(#)$',E'0#*,#(
!3',*)$#( 9G#( E',%*$#( *4#!)*,#( '( !++"#8*4#!)*,#( '9$',#( 0'<#)#$'( 9G""*( +*9'( 0#( $*+'""'( %!EE#99#!)*"#6( V!)( 9#(
%!)9#0',*)!(*$$,*$$#(0*"(%!9$!(*EE!,$#44*$!(#(+!""#2(#)(YG*)$!()!)(9#8)#<#%*$#J#6(
',( #( $#$!"#( 'E'99#2( 9!)!( %!)9#0',*$#( )'"( %*"%!"!( 0'"( %!9$!( *EE!,$#44*$!( "'( %!EE#99#!)#( 0#( %!""!%*E')$!( 0'#(
3,'9$#$#( !++"#8*4#!)*,#( 3*8*$'( *( $',4#2( "'( YG!$'( 3*8*$'( *""'( +!,9'( J*"!,#( '0( #( %!E3')9#( 3*8*$#( *#( ,'J#9!,#( 3',(
"F*$$#J#$Q(9J!"$*(*(<,!)$'(0#(!8)#(9#)8!"*('E#99#!)'2(E')$,'()!)(9#(%!)9#0',*)!(*$$,*$$'(0*"(%!9$!(*EE!,$#44*$!(
"'( %!EE#99#!)#( 3*8*$'( *0( *8')4#'( 0#( ,*$#)82( "'( 93'9'( "'8*"#( '( 0#( %!)9G"')4*B,'J#9#!)'( 3',( "F*88#!,)*E')$!(
*))G*"'(0'#(3,!93'$$#(#)<!,E*$#J#2(#(%!9$#(3',("FG$#"#44!(0#(#)0#%#('("'(%!EE#99#!)#(%&'(9#(!,#8#)*)!(0G,*)$'("*(J#$*(
0'"(3,'9$#$!(!++"#8*4#!)*,#!('E'99!6(
/"( %!9$!( *EE!,$#44*$!( 9#( *33"#%*( *)%&'( 3',( "*( J*"G$*4#!)'( 0'""*( 3',0#$*( 0#( J*"!,'( 0'8"#( 9$,GE')$#( <#)*)4#*,#(
9!3,*( '"')%*$#( )!)%&U( 3',( "F#9%,#4#!)'( 0#( YG'""#( 'E'99#( !( *%YG#9$*$#( *0( G)( J*"!,'( 0#J',9!( 0*"( "!,!( <*#,( J*"G'6(
TG'9$#(G"$#E#(J')8!)!(#9%,#$$#(*"(<*#,(J*"G'2(*)4#%&U(3',("F#E3!,$!(#)%*99*$!(!(3*8*$!2(%*"%!"*$!(*$$G*"#44*)0!(#(
<"G99#(0#(%*99*(<G$G,#(*0(G)($*99!(G8G*"'(*"($*99!(0#(,')0#E')$!('<<'$$#J!(0#(9$,GE')$#(9#E#"#(H#)($',E#)#(0#(E',#$!(
%,'0#$#4#!2(9%*0')4'(%!)$,*$$G*"#2(J*"G$*2('%%6I2(%!)(%!)$'9$G*"'(,#"'J*4#!)'()'"(%!)$!('%!)!E#%!(0#(G)(!)','(!(
0#( G)( 3,!J')$!( <#)*)4#*,#!a( 9G%%'99#J*E')$'( *""*( J*"!,#44*4#!)'( #)#4#*"'2( 9!)!( J*"G$*$#( *"( %!9$!( *EE!,$#44*$!(
'
/2H'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
%!)("F'J#0')4#*4#!)'(0#(#)$','99#('<<'$$#J#(E*88#!,#(!(E#)!,#(,#93'$$!(*(YG'""#()!E#)*"#6(/)<#)'2(9!)!(J*"G$*$'(*"(
%!9$!(*EE!,$#44*$!(*)%&'("'(*$$#J#$Q(!(3*99#J#$Q(9$,G$$G,*$'()!)(J*"G$*$'(*"(<*#,(J*"G'(%!)(#E3G$*4#!)'(*"(%!)$!(
'%!)!E#%!(3',("'(YG*"#(9#(@(3,!JJ'0G$!(*(9%!,3!,*,'('(,#"'J*,'(9'3*,*$*E')$'(#"(%!)$,*$$!(0',#J*$!(#)%!,3!,*$!(
)'""!(9$,GE')$!(<#)*)4#*,#!6(
/"(%,#$',#!(0#(J*"G$*4#!)'(*"(%!9$!(*EE!,$#44*$!()!)(9#(*33"#%*(3',("'(*$$#J#$QB3*99#J#$Q(<#)*)4#*,#'(%!3',$'(3',("'(
YG*"#( @( 3,'J#9$*( "*( ,#"'J*4#!)'( 0'""'( J*,#*4#!)#( 0#( <*#,( J*"G'( ,'"*$#J'( *"( ,#9%&#!( %!3',$!( *( %!)$!( '%!)!E#%!6( 7!(
9$,GE')$!( <#)*)4#*,#!( J#')'( 3',^( )G!J*E')$'( J*"G$*$!( *"( %!9$!( *EE!,$#44*$!( #)( %*9!( 0#( %'99*4#!)'( 0'""*(
%!3',$G,*2( E!E')$!( *( 3*,$#,'( 0*"( YG*"'( "'( J*,#*4#!)#( 0#( <*#,( J*"G'( 3,'%'0')$'E')$'( ,#"'J*$'( 9!)!(
*EE!,$#44*$'2( %*"%!"*)0!( G)( )G!J!( $*99!( 0#( #)$','99'( '<<'$$#J!( 0#( ,')0#E')$!( %&'( %!)9#0',*( #"( J*"!,'( 0'"(
%,'0#$!( *88#G9$*$!( 0'"( <*#,( J*"G'( 0'""*( 3*,$'( !88'$$!( 0#( %!3',$G,*2( <#)!( *""*( 9%*0')4*( 0'""*( %!3',$G,*(
!,#8#)*,#*E')$'(3,'J#9$*6(/)!"$,'2(%!E'(8#Q(,#%!,0*$!()'"(3*,*8,*<!(,'"*$#J!(*#(%,#$',#(0#(J*"G$*4#!)'(0'#(%,'0#$#('(
0'#( 0'+#$#( '( $#$!"#( #)( %#,%!"*4#!)'2( "*( J*"G$*4#!)'( *"( %!9$!( *EE!,$#44*$!( )!)( 9#( *33"#%*( 3',( "'( *$$#J#$QB3*99#J#$Q(
<#)*)4#*,#'("*(%G#(+,'J'(0G,*$*(<*(,#$')','($,*9%G,*+#"'("F'<<'$$!('%!)!E#%!(0'""F*$$G*"#44*4#!)'()U(3',(#(%,'0#$#(
9')4*(G)*(9%*0')4*(0'<#)#$*(!(*(,'J!%*6(
(
Y&(#"!,D'(!'(+,+*C!$#-!&$+'(+""+'E+*(!,+'(!'6#"&*+'
(
8,,!6!,D'B!$#$-!#*!+'
-0( !8)#( 0*$*( 0#( +#"*)%#!( "'( *$$#J#$Q( <#)*)4#*,#'( )!)( %"*99#<#%*$'( )'""'( J!%#( -$$#J#$Q( <#)*)4#*,#'( 0'$')G$'( 3',( "*(
)'8!4#*4#!)'('(-$$#J#$Q(<#)*)4#*,#'(J*"G$*$'(*"(<*#,(J*"G'(9!)!(9!$$!3!9$'(*0(G)($'9$(0#(#E3*#,E')$(H3',0#$*(0#(
J*"!,'I( *"( <#)'( 0#( J',#<#%*,'( 9'( '9#9$!)!( !+#'$$#J'( 'J#0')4'( %&'( 3!99*)!( <*,( ,#$')','( )!)( #)$',*E')$'(
,'%G3',*+#"'(#"(J*"!,'(0#(#9%,#4#!)'(0'""'(*$$#J#$Q(9$'99'6(
A#( @( #)( 3,'9')4*( 0#( 3',0#$'( 0#( J*"!,'( 9'( J#( @( 'J#0')4*( !88'$$#J*( 0#( G)*( ,#0G4#!)'( 0'#( <"G99#( 0#( %*99*( <G$G,#2(
,#93'$$!(*(YG'""#(!,#8#)*,#*E')$'(9$#E*$#2(*(9'8G#$!(0#(93'%#<#%#('J')$#a("*(3',0#$*(0'J'(3!$',('99','(YG*)$#<#%*$*(
#)(E*)#',*(*<<#0*+#"'('0('99','(%!,,'"*$*(*0('J')$#(*$$G*"#2()!)(E',*E')$'(*$$'9#6(
7*( J*"G$*4#!)'( 0#( #E3*#,E')$( J#')'( '<<'$$G*$*( 9G( +*9'( *)*"#$#%*( 3',( "'( *$$#J#$Q( <#)*)4#*,#'( %&'( 3,'9')$*)!(
93'%#<#%&'('J#0')4'(0#(3',0#$'(0#(J*"!,'('(%!""'$$#J*E')$'2(3',("'(*$$#J#$Q(<#)*)4#*,#'(3',("'(YG*"#()!)(@(,#%&#'9$*(
"*( J*"G$*4#!)'( *)*"#$#%*( !( 3',( "'( YG*"#( "*( J*"G$*4#!)'( *)*"#$#%*( )!)( &*( 0'$',E#)*$!( G)*( ,'$$#<#%*( 0#( J*"!,'6( 7*(
J*"G$*4#!)'( %!""'$$#J*( 9#( +*9*( 9G""F#)0#J#0G*4#!)'( 0#( %"*99#( 0#( ,#9%&#!( !E!8')''( 0'""'( *$$#J#$Q( <#)*)4#*,#'( %!)(
,#<',#E')$!(*""'(%*,*$$',#9$#%&'(0'"(0'+#$!,'B'E#$$')$'2(*"(9'$$!,'('%!)!E#%!2(*""F*,'*(8'!8,*<#%*2(*""*(3,'9')4*(
0#('J')$G*"#(8*,*)4#'('(0#(*"$,#(<*$$!,#(,#"'J*)$#6(
K!)( ,#<',#E')$!( *#( %,'0#$#( J',9!( %"#')$'"*( '( J',9!( +*)%&'2( 9!)!( 9!$$!3!9$#( *( J*"G$*4#!)'( *)*"#$#%*( #( %,'0#$#( *#(
YG*"#(@(9$*$!(*$$,#+G#$!("!(9$*$G9(0#(9!<<',')4*2(#)%*8"#!2(,#9$,G$$G,*$!(!(0#(9%*0G$!(9'%!)0!("'(0'<#)#4#!)#(0'""*(
1*)%*(0F/$*"#*2(%!',')$#(%!)(#(3,#)%#3#(/-AB/CDA6(
5'$$#( %,'0#$#( 0'$',#!,*$#( 9!)!( !88'$$!( 0#( G)( 3,!%'99!( 0#( J*"G$*4#!)'( *)*"#$#%*2( !( %!)( 0'$',E#)*4#!)'( 0'""*(
3,'J#9#!)'(0#(3',0#$*(3',(%*$'8!,#'(!E!8')''('0(*$$,#+G4#!)'(*)*"#$#%*(*0(!8)#(3!9#4#!)'2('("F*EE!)$*,'(0'""*(
,'$$#<#%*(0#(J*"!,'(0#(%#*9%G)(%,'0#$!(@(3*,#(*""*(0#<<',')4*($,*(#"(J*"!,'(0#(+#"*)%#!(0'""!(9$'99!(*"(E!E')$!(0'""*(
J*"G$*4#!)'(H%!9$!(*EE!,$#44*$!I('0(#"(J*"!,'(*$$G*"'(0'#(3,'J#9$#(<"G99#(0#(%*99*(<G$G,#2(%*"%!"*$!(*33"#%*)0!(#"(
$*99!(0#(#)$','99'('<<'$$#J!(!,#8#)*,#!6(
/( <"G99#( 0#( %*99*( 3,'J#9$#( $')8!)!( %!)$!( 0'#( $'E3#( 0#( ,'%G3',!( *$$'9#2( 0'"( 3,'9GE#+#"'( J*"!,'( 0#( ,'*"#44!( 0'""'(
'J')$G*"#(8*,*)4#'()!)%&U(0'#(%!9$#(%&'(9#(,#$#')'(J',,*))!(9!9$')G$#(3',(#"(,'%G3',!(0'""F'93!9#4#!)'(%,'0#$#4#*6(
/(<"G99#(0#(%*99*(,'"*$#J#(*(%,'0#$#(#"(%G#(,'%G3',!(@(3,'J#9$!()'"(+,'J'($',E#)'()!)(J')8!)!(*$$G*"#44*$#2(#)(YG*)$!(
#"(<*$$!,'(<#)*)4#*,#!(,#9G"$*()!)(9#8)#<#%*$#J!6(
/(%,'0#$#(3',(#(YG*"#()!)(9!)!(9$*$'(#)0#J#0G*$'(9#)8!"*,E')$'('J#0')4'(!88'$$#J'(0#(3',0#$*(9!)!(9!$$!3!9$#(*""*(
J*"G$*4#!)'(0#(G)*(3',0#$*(0#(J*"!,'(%!""'$$#J*6(\*"'(J*"G$*4#!)'(*JJ#')'(3',(%*$'8!,#'(0#(%,'0#$#(!E!8')''(#)(
$',E#)#(0#(,#9%&#!( 0#(%,'0#$!( '("'(,'"*$#J'(3',%')$G*"#(0#( 3',0#$*(9!)!(9$#E*$'($')')0!(%!)$!(0#( 9',#'( 9$!,#%&'2(
<!)0*$'( 9G( '"'E')$#( !99',J*+#"#( *""*( 0*$*( 0'""*( J*"G$*4#!)'2( %&'( %!)9')$*)!( 0#( 9$#E*,'( #"( J*"!,'( 0'""*( 3',0#$*(
"*$')$'(#)(%#*9%G)*(%*$'8!,#*(0#(%,'0#$#6(V'""*(J*"G$*4#!)'(9#($#')'(%!)$!(*)%&'(0'""*(,#9%&#!9#$Q(%!))'99*(%!)(#"(
3*'9'(0#(,'9#0')4*(0'""*(%!)$,!3*,$'6(
7*(0'$',E#)*4#!)'(0'8"#(*%%*)$!)*E')$#(9G#(%,'0#$#(J#J#(@('<<'$$G*$*(#0')$#<#%*)0!("'(E*88#!,#(9#)',8#'(3!99#+#"#(
H3',(YG*)$!(%!)9')$#$!(0*""'(0#J',9'()!,E*$#J'I(%!)("F*33,!%%#!(3,'J#9$!( *#(<#)#( 0#(J#8#"*)4*(0*""'(0#93!9#4#!)#(
0'"( PVG!J!( *%%!,0!( 9G"( %*3#$*"'R( 0')!E#)*$!( 1*9#"'*( //6( /)( 3*,$#%!"*,'2( #( 3*,*E'$,#( 0'"( E!0'""!( 0#( %*"%!"!(
3,'J#9$#(0*""'()G!J'(0#93!9#4#!)#(0#(J#8#"*)4*2(,*33,'9')$*$#(0*""*( 5(H ,!+*+#"#$h(!<(5'<*G"$I('(0*""*(7b5(H7!99(
b#J')( 5'<*G"$I2( J')8!)!( G$#"#44*$#( .( "*00!J'( 8#Q( 0#93!)#+#"#( .( *)%&'( *#( <#)#( 0'""'( J*"G$*4#!)#( 0#( +#"*)%#!6( /"(
,*33!,$!($,*(#(0G'(%#$*$#(3*,*E'$,#(%!9$#$G#9%'("*(+*9'(0#(3*,$')4*(3',("*(9'8E')$*4#!)'(0'#(%,'0#$#2(#)(YG*)$!(
'99#( 9#)$'$#44*)!( #( <*$$!,#( ,#"'J*)$#( %!)9#0',*$#( 0*#( 3,#)%#3#( /-AB/CDA( 3',( "*( 0'$',E#)*4#!)'( 0'""'( %*$'8!,#'(
!E!8')''2( '( 3',( #"( %*"%!"!( 0'8"#( *%%*)$!)*E')$#6( 7F!,#44!)$'( $'E3!,*"'( 0#( G)( *))!( G$#"#44*$!( 3',( "*(
'
/2K'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
J*"!,#44*4#!)'( 0'""*( 3,!+*+#"#$Q( 0#( 0'<*G"$( 9#( ,#$#')'( 3!99*( *33,!99#E*,'( "*( )!4#!)'( 0#( #)%G,,'0( "!992( %#!@( 0#(
3',0#$*(<!)0*$*(9G('J')$#(*$$G*"#(E*()!)(*)%!,*(*%YG#9#$#(0*""F#E3,'9*()'""*(,'J#9#!)'(0'"(8,*0!(0#(,#9%&#!(0'""!(
93'%#<#%!(%"#')$'2(3,'J#9$*(0*#(3,#)%#3#(%!)$*+#"#(#)$',)*4#!)*"#6(7!(9$'99!(!,#44!)$'($'E3!,*"'(J#')'(,#0!$$!(*(9'#(
E'9#(9!"!(%!)(,#<',#E')$!(*""'(%!)$,!3*,$#(,*33,'9')$*$'(0*(3',9!)'(<#9#%&'(3',("'(YG*"#(#"(,#%!)!9%#E')$!(0'""*(
9#$G*4#!)'( 0#( 3'88#!,*E')$!( %,'0#$#4#!( '0( #"( %!)9'8G')$'( $,*9<',#E')$!( $,*( #( %,'0#$#( 0'$',#!,*$#( *JJ#')'( #)(
8')','(*(9'8G#$!(0#(,*$'(#E3*8*$'(!(0#(9%!)<#)#(%!)$#)G*$#J#(3',(!"$,'(O=(8#!,)#6((
7*(E#9G,*(0'""F*%%*)$!)*E')$!($#')'(#)!"$,'(%!)$!(0#(<*$$!,#(%!,,'$$#J#(YG*"#("F*)0*E')$!(0'"(%#%"!('%!)!E#%!('(
"*(%!)%')$,*4#!)'(0#(,#9%&#(%,'0#$#4#(J',9!(9!88'$$#("'(%G#('93!9#4#!)#(J',9!("*(1*)%*(9!)!(,#"'J*)$#6(((
K!)( ,#<',#E')$!( *""'( *$$#J#$Q( 0#93!)#+#"#( 3',( "*( J')0#$*2( #"( 3,!%'99!( 0#( ,#"'J*4#!)'( 0#( 'J')$G*"#( #E3*#,E')$(
3,'J'0'("*(J',#<#%*(0'""*(3,'9')4*(0#(#)0#%*$!,#(0#(#E3*#,E')$('("*(0'$',E#)*4#!)'(0'""F'J')$G*"'(9J*"G$*4#!)'6(
b"#(#)0#%*$!,#(0#(#E3*#,E')$(9!)!(9!9$*)4#*"E')$'(9G00#J#9#+#"#(#)(0G'(%*$'8!,#'`(#)0#%*$!,#(0',#J*)$#(0*(<*$$!,#(
#)$',)#( #)',')$#( "*( 9!%#'$Q( !88'$$!( 0#( J*"G$*4#!)'2( '( YG#)0#( 0#( $#3!( YG*"#$*$#J!2( '( X( 3',( #( $#$!"#( 0#( %*3#$*"'( X(
#)0#%*$!,#('9$',)#(0#(%*,*$$','(YG*)$#$*$#J!(0',#J*)$#(0*#(J*"!,#(0#(E',%*$!(0'""F#E3,'9*6(
D'"*$#J*E')$'( *""*( 3,#E*( %*$'8!,#*( 0#( #)0#%*$!,#( 9!)!( ,#$')G$#( ,#"'J*)$#( #( 9'8G')$#( <*$$!,#`( #"( %!)9'8G#E')$!( 0#(
,#9G"$*$#('%!)!E#%#()'8*$#J#(!(%!EG)YG'(G)(9#8)#<#%*$#J!(9%!9$*E')$!(,#93'$$!(*0(!+#'$$#J#(0#(+G08'$(!(3,'J#9$#(
0*( 3#*)#( 3"G,#'))*"#( %!EG)#%*$#( *"( E',%*$!2( "F*))G)%#!B*JJ#!( 0#( 3,!%'0G,'( %!)%!,9G*"#( !( 0#( 3#*)#( 0#(
,#9$,G$$G,*4#!)'2( "*( ,'J#9#!)'( *"( ,#+*99!( 0'"( P,*$#)8R( '93,'99!( 0*( G)*( 9!%#'$Q( 93'%#*"#44*$*( 0#( !"$,'( 0G'( %"*99#6(
',(YG*)$!(,#8G*,0*("*(9'%!)0*(%*$'8!,#*2(*99GE'(,#"'J*)4*(G)*(9#8)#<#%*$#J*(!(3,!"G)8*$*(,#0G4#!)'(0'"(<*#,(
J*"G'( *"( 0#( 9!$$!( 0'"( J*"!,'( 0#( #9%,#4#!)'( #)#4#*"'a( 3#d( #)( 3*,$#%!"*,'2( ,#93'$$!( *( YG'9$FG"$#E!( J*"!,'2( @( ,#$')G$*(
9#8)#<#%*$#J*( G)*( ,#0G4#!)'( 0'"( <*#,( J*"G'( 0#( !"$,'( #"( ?=l( '( 3,!"G)8*$*( G)*( ,#0G4#!)'( %!)$#)G*$#J*( 3',( G)(
3',#!0!(9G3',#!,'(*#(:S(E'9#6(/)(3,'9')4*(0'"(9G3',*E')$!(0#(G)*(0#($*"#(9!8"#'(J#')'('<<'$$G*$!("F#E3*#,E')$(
0'"($#$!"!a(#)(*99')4*(0'"(9G3',*E')$!(0#($*"#(9!8"#'('(#)(3,'9')4*(0#(*"$,#(#)0#%*$!,#(0#(#E3*#,E')$("*(,#"'J*4#!)'(
0'""*( 3',0#$*( 0#( J*"!,'( 0'J'( '99','( %!,,!+!,*$*( *)%&'( 0*"( ,#9G"$*$!( 0#( 93'%#<#%&'( *)*"#9#( ,'"*$#J'( *"( $#$!"!( '(
*""F#)J'9$#E')$!6(
7F#E3!,$!(0'""F#E3*#,E')$(@(0'$',E#)*$!(%!)(,#<',#E')$!(*"(<*#,(J*"G'(0'""F*$$#J#$Q(<#)*)4#*,#*6(
',( #(E'$!0#( G$#"#44*$#(3',("*(0'$',E#)*4#!)'(0'"(<*#,(J*"G'(9#(,#E*)0*( *(YG*)$!(#)0#%*$!()'"(,'"*$#J!(%*3#$!"!(
#""G9$,*$#J!6(
7#*,+%!E#-!&$!'
-0(!8)#(0*$*(0#(+#"*)%#!("'(3*,$'%#3*4#!)#(0#(%!""'8*E')$!(!(9!$$!3!9$'(*(%!)$,!""!(%!)8#G)$!(9!)!(9!$$!3!9$'(
*0( G)( $'9$( 0#( #E3*#,E')$( *"( <#)'( 0#( J',#<#%*,'( 9'( '9#9$!)!( !+#'$$#J'( 'J#0')4'( %&'( 3!99*)!( <*,( ,#$')','( )!)(
#)$',*E')$'(,'%G3',*+#"'(#"(J*"!,'(0#(#9%,#4#!)'(0'""'(*$$#J#$Q(9$'99'6(
/"( 3,!%'99!( 0#( ,#"'J*4#!)'( 0#( 'J')$G*"#( #E3*#,E')$( 3,'J'0'( "*( J',#<#%*( 0'""*( 3,'9')4*( 0#( #)0#%*$!,#( 0#( 3!99#+#"#(
,#0G4#!)#( 0#( J*"!,'( '( "*( 0'$',E#)*4#!)'( 0'""F'J')$G*"'( 9J*"G$*4#!)'6( b"#( #)0#%*$!,#( 0#( #E3*#,E')$( 9!)!(
9!9$*)4#*"E')$'( 9G00#J#9#+#"#( #)( 0G'( %*$'8!,#'`( #)0#%*$!,#( YG*"#$*$#J#2( YG*"#( #"( %!)9'8G#E')$!( 0#( ,#9G"$*$#(
'%!)!E#%#()'8*$#J#(!(%!EG)YG'(G)(9#8)#<#%*$#J!(9%!9$*E')$!(,#93'$$!(*0(!+#'$$#J#(0#(+G08'$(!(3,'J#9$#(0*(3#*)#(
3"G,#'))*"#(%!EG)#%*$#(*"(E',%*$!2("F*))G)%#!B*JJ#!(0#(3,!%'0G,'(%!)%!,9G*"#(!(0#(3#*)#(0#(,#9$,G$$G,*4#!)'2("*(
,'J#9#!)'(*"(,#+*99!(0'"(P,*$#)8R('93,'99!(0*(G)*(9!%#'$Q(93'%#*"#44*$*(0#(!"$,'(0G'(%"*99#a(#)0#%*$!,#(YG*)$#$*$#J#(
,*33,'9')$*$#(0*( G)*(,#0G4#!)'(0'"(<*#,(J*"G'( *"(0#(9!$$!(0'"(J*"!,'(0#(+#"*)%#!(0#(!"$,'(#"(?=l( !JJ',!(3',(:S(
E'9#("*(%*3#$*"#44*4#!)'(0#(+!,9*(#)<',#!,'(*"(3*$,#E!)#!()'$$!(%!)$*+#"'(0'""*(9!%#'$Q2()'"(%*9!(0#($#$!"#(YG!$*$#(
9G(E',%*$#(*$$#J#2(!JJ',!(0*(G)(J*"!,'(%!)$*+#"'(0'""*(3*,$'%#3*4#!)'()'"(+#"*)%#!(9'3*,*$!(9G3',#!,'(*"(J*"!,'(
%!)$*+#"'()'"(+#"*)%#!(%!)9!"#0*$!(0'""F*$$#J!()'$$!('(0'""F*JJ#*E')$!(0'""*(3*,$'%#3*$*(!(0*""*(0#9$,#+G4#!)'(0*(
3*,$'(0#(YG'9$FG"$#E*(0#(G)(0#J#0')0!(9G3',#!,'(*"(3,!3,#!(,'00#$!(%!E3"'99#J!6((
7*(3,'9')4*(0#(#)0#%*$!,#(0#(#E3*#,E')$(%!E3!,$*("*(,#"'J*4#!)'(0#(G)*(9J*"G$*4#!)'()'""*(E#9G,*(#)(%G#(#"(J*"!,'(
,'%G3',*+#"'(,#9G"$#(#)<',#!,'(*"(J*"!,'(0#(#9%,#4#!)'6((
/"( J*"!,'( ,'%G3',*+#"'( @( ,*33,'9')$*$!( 0*"( E*88#!,'( $,*( #"( <*#,( J*"G'( *"( )'$$!( 0'#( %!9$#( 0#( J')0#$*( '0( #"( J*"!,'(
0FG9!6(
',( YG*)$!( %!)%',)'( #( E'$!0#( 0#( J*"G$*4#!)'( G$#"#44*$#( 3',( "*( 0'$',E#)*4#!)'( 0'"( <*#,( J*"G'2( 9#( ,#E*)0*( *(
YG*)$!(9!3,*(#)0#%*$!()'"(,'"*$#J!(%*3#$!"!(#""G9$,*$#J!6(
/"(J*"!,'(0FG9!(@(#"(J*"!,'(*$$G*"'(0'#(<"G99#(<#)*)4#*,#(*$$'9#(,#J')#')$#(0*""F*$$#J#$Qa('99!(,#<"'$$'("*(9$#E*(0'#(<"G99#(
<#)*)4#*,#( *$$'9#( 0*""*( *$$#J#$Q2( "*( 9$#E*( 0'""'( 3!99#+#"#( J*,#*4#!)#( )'""F*EE!)$*,'( 'B!( )'""*( $'E3#9$#%*( 0'#( <"G99#(
<#)*)4#*,#2(#"(J*"!,'(<#)*)4#*,#!(0'"($'E3!2(#"(3,'44!(*$$!(*(,'EG)',*,'("*(,#9%&#!9#$Q(0'""*(*$$#J#$Q('0(*"$,#(<*$$!,#(
%&'( 3!99*)!( #)<"G')4*,'( "F*33,'44*E')$!2( 0*( 3*,$'( 0'8"#( !3',*$!,#( 0#( E',%*$!2( 0'#( <"G99#( <#)*)4#*,#( *$$'9#(
,#J')#')$#(0*""F*$$#J#$Q6(
V'""*(0'$',E#)*4#!)'(0'"(J*"!,'(0FG9!(9#(G$#"#44*(#"(E'$!0!(0'""F*$$G*"#44*4#!)'(0'#(<"G99#(0#(%*99*(<G$G,#6(
(
'
/2L'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
8",*+'#,,!6!,D'$&$'B!$#$-!#*!+'
7'( *$$#J#$Q( E*$',#*"#( '0( #EE*$',#*"#( %!)( J#$*( G$#"'( 0'<#)#$*( 9!)!( 9!88'$$'( *( $'9$( 0#( #E3*#,E')$( 9'( '9#9$'(
G)F#)0#%*4#!)'( %&'( #"( J*"!,'( %!)$*+#"'( 0'"( +')'( )!)( 3G^( 3#d( '99','( ,'%G3',*$!6( /"( J*"!,'( ,'%G3',*+#"'( J#')'(
0'$',E#)*$!( %!)( ,#<',#E')$!( *"( <*#,( J*"G'( 0'""F*$$#J#$Q( E*$',#*"'( !( #EE*$',#*"'( *"( )'$$!( 0'8"#( !)',#( 0#(
0#9E#99#!)'(!(*"(J*"!,'(0FG9!(9'(0'$',E#)*+#"'('(9'('99!(,#9G"$*(9G3',#!,'(*"(<*#,(J*"G'6(
',( YG*)$!( ,#8G*,0*( 8"#( #EE!+#"#2( *"( <#)'( 0#( J',#<#%*,'( "*( 3,'9')4*( 0#( #)0#%*$!,#( 0#( #E3*#,E')$2( "*( 1*)%*(
*))G*"E')$'('<<'$$G*(G)F*)*"#9#(0'#(0#J',9#(9%')*,#(0'#(E',%*$#(#EE!+#"#*,#6(A'(0*($*"#(*)*"#9#('E',8!)!(0'8"#(
#)0#%*$!,#( 0#( #E3*#,E')$( 9#( 3,!%'0'( %!)( "*( 3,'0#93!9#4#!)'( 0#( G)*( 3',#4#*( 9G8"#( #EE!+#"#( 3',( #( YG*"#( @( 9$*$*(
J',#<#%*$*( $*"'( 3,'9')4*6( ',( "'( *"$,'( #EE!+#"#44*4#!)#( E*$',#*"#( '( "'( #EE!+#"#44*4#!)#( #EE*$',#*"#( H0#J',9'( 0*(
YG'""'( ,#"'J*$'( *( 9'8G#$!( 0#( !3',*4#!)#( 0#( *88,'8*4#!)'I( 9#( *99GE'( %&'( #"( J*"!,'( 0#( %*,#%!( %!,,#93!)0*(
)!,E*"E')$'( *"( J*"!,'( 0FG9!2( #)( YG*)$!( 0'$',E#)*$!( 0*( G)( 3,!%'99!( 0#( *EE!,$*E')$!( 9$#E*$!( 9G""*( +*9'(
0'""F'<<'$$#J!( %!)$,#+G$!( 0'"( +')'( *"( 3,!%'99!( 3,!0G$$#J!( '( ,#9G"$*)0!( '9$,'E*E')$'( *"'*$!,#*( "*(
0'$',E#)*4#!)'( 0#( G)( <*#,( J*"G'6( /( 0G'( J*"!,#( 9#( 0#9%!9$*)!2( 0*)0!( "G!8!( *( #E3*#,E')$2( #)( %*9!( 0#(
0*))'88#*E')$#2(G9%#$*(0*"(3,!%'99!(3,!0G$$#J!(!(*"$,#(%#,%!9$*)4'(9#E#"*,#()!)(,#%!,,')$#6(
7'(*$$#J#$Q(#EE*$',#*"#(,#"'J*$'(*(9'8G#$!(0#(!3',*4#!)#(0#(*%YG#9#4#!)'('0(#)(*33"#%*4#!)'(0'"(3,#)%#3#!(/CDA(?(*0(
!8)#( 0*$*( 0#( +#"*)%#!( 9!)!( 9!$$!3!9$'( *0( G)( $'9$( 0#( #E3*#,E')$( *"( <#)'( 0#( J',#<#%*,'( 9'( '9#9$!)!( !+#'$$#J'(
'J#0')4'(%&'("F*$$#J#$Q(3!99*(*J',(9G+#$!(G)*(,#0G4#!)'(0#(J*"!,'6(
7'(*$$#J#$Q(#EE*$',#*"#(*(J#$*(0'<#)#$*2(,*33,'9')$*$'(0*"(J*"!,'(0'"(3!,$*<!8"#!(0#(*99'$(E*)*8'E')$2(0*"(J*"!,'(
0'"(3!,$*<!8"#!(*99#%G,*$#J!('(0*#(%!9#00'$$#(P%!,'(0'3!9#$9R(#)(3,'9')4*(0#(#)0#%*$!,#(0#(#E3*#,E')$(J')8!)!(
9!$$!3!9$'(*0(G)()G!J!(3,!%'99!(J*"G$*$#J!(3',(J',#<#%*,'("*(,'%G3',*+#"#$Q(0'#(J*"!,#(#9%,#$$#(#)(+#"*)%#!6(/"(J*"!,'(
,'%G3',*+#"'( J#')'( 0'$',E#)*$!( 9G""*( +*9'( 0'"( J*"!,'( 0FG9!2( !JJ',!( 0'"( J*"!,'( *$$G*"'2( 9$#E*$!( *$$,*J',9!(
"FG$#"#44!( 0#( G)( $*99!( ,*33,'9')$*$#J!( 0'"( J*"!,'( $'E3!,*"'( 0'"( 0')*,!( '( 0'#( ,#9%&#( 93'%#<#%#( 0'""F*$$#J#$Q2( 0'#(
E*,8#)#( ,'00#$G*"#( 8')',*$#( 0*#( ,*33!,$#( #)( '99','( *""*( 0*$*( 0'""*( J*"G$*4#!)'( "G)8!( G)( !,#44!)$'( $'E3!,*"'(
'93,#E')$'("*(0G,*$*(,'9#0G*(*$$'9*(0'8"#(9$'99#6(
7'( *$$#J#$Q( #EE*$',#*"#( *( J#$*( #)0'<#)#$*2( ,*33,'9')$*$'( 0*""*( J*"!,#44*4#!)'( 0'"( E*,%&#!( HP+,*)0( )*E'RI( '(
0*""F*JJ#*E')$!2( )!)( 3,'9')$*)0!( <"G99#( <#)*)4#*,#( *G$!)!E#2( 9!)!( *))G*"E')$'( 9!$$!3!9$'( *0( G)*( J',#<#%*(
0'""F*0'8G*$'44*(0'"(J*"!,'(#9%,#$$!($,*("'(*$$#J#$Q(%!)(,#<',#E')$!(*""*(K*9&(b')',*$#)8(c)#$(HKbcI(*(%G#(#(J*"!,#(
9!)!( 9$*$#( *$$,#+G#$#( #)( !%%*9#!)'( 0'""'( !3',*4#!)#( 0#( *88,'8*4#!)'( *4#')0*"'6( 7F*EE!)$*,'( 0'""F'J')$G*"'(
,#0G4#!)'( 0#( J*"!,'( @( 0'$',E#)*$!( 9G""*( +*9'( 0'""*( 0#<<',')4*( $,*( #"( J*"!,'( %!)$*+#"'( 0'""*( Kbc( '( #"( J*"!,'(
,'%G3',*+#"'(0'""*(9$'99*(,*33,'9')$*$!(0*"(E*88#!,'($,*(#"(<*#,(J*"G'2(*"()'$$!(0#('J')$G*"#(%!9$#(0#(J')0#$*2('0(#"(
J*"!,'(0FG9!6(
/"( J*"!,'( %!)$*+#"'( 0'""'( Kbc( 0'J'( '99','( 0'$',E#)*$!( #)( E*)#',*( %!',')$'( %!)( #"( %,#$',#!( %!)( %G#( @(
0'$',E#)*$!(#"(J*"!,'(,'%G3',*+#"'(0'""*(9$'99*6(V'""F!$$#%*(0#(G)F#E3,'9*(+*)%*,#*()!)(@(3!99#+#"'(#)0#J#0G*,'(#(
<"G99#( 8')',*$#( 0*( G)*( Kbc( 9')4*( %!)9#0',*,'( #( <"G99#( 0',#J*)$#( 0*( *$$#J#$QB3*99#J#$Q( <#)*)4#*,#'2( 3!9$!( %&'(
YG'9$'( G"$#E'( #)$'8,*)!( #"( %!,'( +G9#)'99( *4#')0*"'6( /)( *"$,#( $',E#)#2( #"( J*"!,'( ,'%G3',*+#"'( 0'""'( Kbc( @(
#)<"G')4*$!( 0*#( 9G00'$$#( <"G99#( '( 3',$*)$!( #"( J*"!,'( %!)$*+#"'( 0'""'( 9$'99'( 0'J'( '99','( 0'$',E#)*$!(
%!',')$'E')$'( *"( 3',#E'$,!( 0#( 9$#E*( 0'"( J*"!,'( ,'%G3',*+#"'( '( 0'J'2( YG#)0#2( #)%"G0','( *)%&'( "'(
*$$#J#$QB3*99#J#$Q(<#)*)4#*,#'6(-($*"(<#)'2(YG'9$'(*$$#J#$Q('(3*99#J#$Q(0'J!)!('99','(!33!,$G)*E')$'(*""!%*$'(*""'(
Kbc(0#(,#<',#E')$!6((
',(YG*)$!(%!)%',)'(#(E'$!0#(0#(J*"G$*4#!)'(G$#"#44*$#(3',("*(0'$',E#)*4#!)'(0'"(<*#,(J*"G'(9#(,#E*)0*(*(YG*)$!(
9!3,*('93!9$!()'"(,'"*$#J!(%*3#$!"!(#""G9$,*$#J!6(
/"(J*"!,'(0FG9!(0#(G)*(Kbc(@(0'$',E#)*$!(*$$,*J',9!("*(9$#E*(0'"(J*"!,'(*$$G*"'(0'#(<"G99#(<#)*)4#*,#(<G$G,#(%&'(9#(
3,'J'0'(3!99*)!('99','( 8')',*$#( 0*""*( Kbc6( \*"#(<"G99#(<#)*)4#*,#(9!)!( 0'$',E#)*$#(G$#"#44*)0!( "FG"$#E!(3#*)!(
0F#E3,'9*( 3G++"#%!( 0#93!)#+#"'( !JJ',!2( #)( E*)%*)4*2( *$$,*J',9!( "*( <!,EG"*4#!)'( 0#( G)( 3#*)!( 3,'J#9#!)*"'(
#)$',)!(0*(3*,$'(0'"(E*)*8'E')$(!(*$$,*J',9!(*"$,'('J#0')4'('9$',)'(0#93!)#+#"#6(V!,E*"E')$'(#"(3',#!0!(0#(
3,'J#9#!)'( *)*"#$#%!( %!E3,')0'( G)( *,%!( $'E3!,*"'( E*99#E!( 0#( %#)YG'( *))#6( /"( <"G99!( 0'""FG"$#E!( '9',%#4#!( 0#(
3,'J#9#!)'( *)*"#$#%*( J#')'( 3,!#'$$*$!( #)( 3',3'$G#$Q2( *$$,*J',9!( G)( *33,!3,#*$!( $*99!( 0#( %,'9%#$*( P8R( *#( <#)#( 0'"(
%!9#00'$$!(P$',E#)*"(J*"G'R6(/"($*99!(P8R(J#')'(0'$',E#)*$!(*99GE')0!(%!E'(<*$$!,'(0#(%,'9%#$*(#"(E#)!,'($,*(#"(
$*99!(E'0#!(0#(%,'9%#$*(,#"'J*$!()'"(3',#!0!(0#(3,'J#9#!)'(*)*"#$#%*('0(#"($*99!(E'0#!(0#(9J#"G33!(0'"( ,!0!$$!(
/)$',)!(7!,0!()'#( *'9#(#)(%G#(#(<"G99#(9#(8')',*)!6(((
V'""*(0'$',E#)*4#!)'(0'"(J*"!,'( 0FG9!( #(<"G99#(<#)*)4#*,#( 0'J!)!( '99','( *$$G*"#44*$#( *0(G)($*99!(%&'(,#<"'$$*("'(
J*"G$*4#!)#( %!,,')$#( 0'"( J*"!,'( $'E3!,*"'( 0'"( 0')*,!( '( 0'#( ,#9%&#( 93'%#<#%#( 0'""F*$$#J#$Q6( /)( 3*,$#%!"*,'( #( $*99#( 0#(
*$$G*"#44*4#!)'(G$#"#44*$#(#)%!,3!,*)!(#(J*"!,#(%!,,')$#(0#(E',%*$!(%!)(,#<',#E')$!(*""*(%!E3!)')$'(,#9j(<,''('(
3,'E#(3',(#"(,#9%&#!(%!,,'"*$#(*""*(%!E3!)')$'(*4#!)*,#*(!99',J*$#(9G(G)(*,%!($'E3!,*"'(9G<<#%#')$'E')$'(*E3#!(
3',( ,#<"'$$','( %!)0#4#!)#( 0#( E',%*$!( '( %#%"#( '%!)!E#%#( 0#<<',')4#*$#6( /)!"$,'2( 3',( !8)#( Kbc2( #)( %!)9#0',*4#!)'(
0'""*(0#J',9*(,#9%&#!9#$Q(0'#(,#93'$$#J#(*E+#$#(!3',*$#J#2(9!)!(G$#"#44*$#(%!'<<#%#')$#(1'$*(0#<<',')4#*$#6(\G$$#(#($*99#(
%!9Z(0'$',E#)*$#(9!)!(%!,,'$$#(3',($')','(%!)$!(0'"(%!9#00'$$!(PD#9%&#!( *'9'R6(
'
/29'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
/"( <"G99#( <#)*)4#*,#( 3,!0!$$#( 0*""'( 3*,$'%#3*$'( '9$','( 9!)!( 9$#E*$#( )'""*( J*"G$*( )'""*( YG*"'( '99#( 9#( 8')',*)!( '(
%!)J',$#$#(#)('G,!(G$#"#44*)0!(#"($*99!(0#(%*E+#!(*(3,!)$#(*""*(0*$*(0#(0'$',E#)*4#!)'(0'"(J*"!,'(0FG9!6(
(
855*+5#-!&$!'#-!+$(#"!'
/)($'E*(0#(-88,'8*4#!)#(*4#')0*"#(#"(3,#)%#3#!(%!)$*+#"'(0#(,#<',#E')$!(@("F/CDA(?6((
/"( $,*9<',#E')$!( 0'"( %!)$,!""!( 0#( G)F#E3,'9*( H!( 0#( G)( 8,G33!( 0#( *$$#J#$Q( '( +')#( #)$'8,*$#2( %!)0!$$#( '( 8'9$#$#(
G)#$*,#*E')$'I(%!)<#8G,*(G)F!3',*4#!)'(0#(*88,'8*4#!)'(*4#')0*"'6(
5#J',9*E')$'2( )!)( %!)<#8G,*)!( *88,'8*4#!)#( *4#')0*"#( "'( !3',*4#!)#( <#)*"#44*$'( *"( %!)$,!""!( 0#( G)*( !( 3#d(
#E3,'9'(%&'()!)(%!9$#$G#9%!)!(G)F*$$#J#$Q(*4#')0*"'(!(*"(%!)$,!""!(#)(J#*($,*)9#$!,#*(!2(#)<#)'2(9'("F*88,'8*4#!)'(
*4#')0*"'(@(,'*"#44*$*(%!)(<#)*"#$Q(,#!,8*)#44*$#J'2(YG#)0#($,*(0G'(!(3#d(#E3,'9'(!(*$$#J#$Q(*4#')0*"#(8#Q(<*%')$#(
3*,$'( 0'"( b,G33!( /)$'9*( A*)3*!"!2( '( %&'( )!)( %!E3!,$*( %*E+#*E')$!( 0'8"#( *99'$$#( 0#( %!)$,!""!(
#)0#3')0')$'E')$'( 0*""*( 3',%')$G*"'( 0#( 0#,#$$#( 0#( $',4#( 3,#E*( '( 0!3!( "F!3',*4#!)'( H%!9#00'$$'( *88,'8*4#!)#(
*4#')0*"#( 0#( #E3,'9'( 9!$$!3!9$'( *( %!)$,!""!( %!EG)'I6( \*"#( !3',*4#!)#( 9!)!( %!)9#0',*$'( 3,#J'( 0#( 9!9$*)4*(
'%!)!E#%*6( ',$*)$!2( #)( *99')4*( 0#( 93'%#<#%&'( #)0#%*4#!)#( 3,'J#9$'( 0*#( 3,#)%#3#( /-AB/CDA( '( #)( *0',')4*( %!)( "'(
3,'9G)4#!)#(0'""!(/-A(;(%&'(,#%&#'0'(%&'(.(#)(*99')4*(0#(G)(3,#)%#3#!(93'%#<#%!(.("F#E3,'9*(0'++*(<*,'(G9!(0'"(
3,!3,#!( 8#G0#4#!( )'""F*33"#%*,'( G)( 3,#)%#3#!( %!)$*+#"'( %&'( <!,)#9%*( G)F#)<!,E*$#J*( ,#"'J*)$'2( *$$')0#+#"'2(
3,G0')$'( '( %&'( ,#<"'$$*( "*( 9!9$*)4*( '%!)!E#%*( 0'""F!3',*4#!)'2( '99'( 9!)!( %!)$*+#"#44*$'( 9*"J*8G*,0*)0!( "*(
%!)$#)G#$Q(0'#(J*"!,#(0'""F*%YG#9#$*()'"(+#"*)%#!(0'""F*%YG#,')$'6(
7F*33"#%*4#!)'( 0'"( 3,#)%#3#!( 0'""*( %!)$#)G#$Q( 0'#( J*"!,#( 0Q( "G!8!( *""*( ,#"'J*4#!)'( )'""!( 9$*$!( 3*$,#E!)#*"'( 0#(
J*"!,#(G8G*"#(*(YG'""#(%&'(,#9G"$','++',!(9'("'(#E3,'9'(!88'$$!(0#(*88,'8*4#!)'(<!99',!(9$*$'(G)#$'(0*(9'E3,'6(
7'(*$$#J#$Q(*%YG#9#$'(9!)!(,#"'J*$'()'"(+#"*)%#!(0'""F#E3,'9*(*%YG#,')$'(*#(E'0'9#E#(J*"!,#(%&'("'(9$'99'(*J'J*)!(
)'"(+#"*)%#!(0'""F#E3,'9*(J')0#$,#%'6(7F'J')$G*"'(0#<<',')4*($,*(#"(3,'44!(3*8*$!B#)%*99*$!('0(#"(J*"!,'(%!)$*+#"'(
0'""'( *$$#J#$Q( $,*9<',#$'( @( #E3G$*$*( 0#,'$$*E')$'( *"( 3*$,#E!)#!( )'$$!( 9#*( )'"( +#"*)%#!( 0'""F*%YG#,')$'2( 9#*( )'"(
+#"*)%#!(0'"(J')0#$!,'6(((
'
'
'
/2R'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#
80.' 3' P4VN;Y8)PS8' ?XP' );8?V<;PY<4)P' );8' 7N;)8VN=>P' @P'
8))PSP)8O'VP484ZP8;P<'
'
V!)( 9#( ,#"'J*)!( J!%#( *JJ*"!,*$'( 3',( "'( $*+'""'2( 3,'J#9$'( 0*""*( 1*)%*( 0F/$*"#*2( 9'4#!)'( -6?( P\,*9<',#E')$#( $,*(
3!,$*<!8"#(0#(*$$#J#$Q(<#)*)4#*,#'R6((
'
'
'
//2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'.
.( !"#$#%&'(%!)$*+#"#'
80G'3'P4VN;Y8)PS8'?X>'V8P;'S8>X<'
'
P$B&*C#,!6#'(!'$#,J*#'WJ#"!,#,!6#'
/"( <*#,( J*"G'( @( #"( 3,'44!( %&'( 9#( 3',%'3#,'++'( 3',( "*( J')0#$*( 0#( G)F*$$#J#$Q( !JJ',!( %&'( 9#( 3*8&','++'( 3',( #"(
$,*9<',#E')$!( 0#( G)*( 3*99#J#$Q( #)( G)*( ,'8!"*,'( !3',*4#!)'( $,*( !3',*$!,#( 0#( E',%*$!( H!99#*( )!)( #)( G)*(
"#YG#0*4#!)'( <!,4!9*( !( #)( G)*( J')0#$*( 9!$$!%!9$!I( *""*( 0*$*( 0#( J*"G$*4#!)'6( /"( <*#,( J*"G'( @( G)( %,#$',#!( 0#(
J*"G$*4#!)'( 0#( E',%*$!2( )!)( 93'%#<#%*$*E')$'( ,#<',#$!( *""*( 9#)8!"*( #E3,'9*6( A!$$!9$*)$'( "*( 0'<#)#4#!)'( 0#( <*#,(
J*"G'(%F@("*(3,'9G)4#!)'(%&'("F#E3,'9*(9#($,!J#()'"()!,E*"'('9',%#4#!(0'""*(9G*(*$$#J#$Q(9')4*(*"%G)*(#)$')4#!)'(
0#( "#YG#0*,'( #( 3,!3,#( +')#2( 0#( ,#0G,,'( #)( J#*( 9#8)#<#%*$#J*( #"( "#J'""!( 0'""'( 3,!3,#'( *$$#J#$Q( !JJ',!( 0#( 3,!%'0','( *""*(
0'<#)#4#!)'(0#($,*)9*4#!)#(*(%!)0#4#!)#(9<*J!,'J!"#6(
7F#E3,'9*( 0'J'( J*"G$*,'( #"( <*#,( J*"G'( 0#( G)F*$$#J#$Q( !( 3*99#J#$Q( *0!$$*)0!( "'( *99G)4#!)#( %&'( 8"#( !3',*$!,#( 0#(
E',%*$!(G$#"#44','++',!()'""*(0'$',E#)*4#!)'(0'"(3,'44!(0'""F*$$#J#$Q(!(3*99#J#$Q2(3,'9GE')0!(%&'(8"#(!3',*$!,#(
0#(E',%*$!(*8#9%*)!(3',(9!00#9<*,'()'"(E!0!(E#8"#!,'(#"(3,!3,#!(#)$','99'('%!)!E#%!6(
',(8"#(9$,GE')$#(<#)*)4#*,#(#"(<*#,(J*"G'(J#')'(0'$',E#)*$!(9'%!)0!(G)*(8',*,%&#*(0#(%,#$',#(+*9*$*(9G""F!,#8#)'2(
"*( $#3!"!8#*( '( "*( YG*"#$Q( 0'""'( #)<!,E*4#!)#( G$#"#44*$'6( /)( 0'$$*8"#!2( $*"'( 8',*,%&#*( *99'8)*( E*99#E*( 3,#!,#$Q( *#(
3,'44#( YG!$*$#( H)!)( E!0#<#%*$#I( #)( E',%*$#( *$$#J#( '( E#)!,'( #E3!,$*)4*( *( #)3G$( )!)( !99',J*+#"#6( ]')8!)!(
#0')$#<#%*$#($,'(0#J',9#("#J'""#(0#(#)3G$`(
− "#J'""!( M`( 8"#( #)3G$( 9!)!( ,*33,'9')$*$#( 0*( 3,'44#( YG!$*$#( H)!)( E!0#<#%*$#I( #)( E',%*$#( *$$#J#( 3',( *$$#J#$Q( !(
3*99#J#$Q(#0')$#%&'(*""'(YG*"#("F#E3,'9*(3G^(*%%'0','(*""*(0*$*(0#(J*"G$*4#!)'a(
− "#J'""!( :`( #)3G$( 0#J',9#( 0*#( 3,'44#( YG!$*$#( #)%"G9#( )'"( 7#J'""!( M( %&'( 9!)!( !99',J*+#"#2( 0#,'$$*E')$'( !(
#)0#,'$$*E')$'2(3',("'(*$$#J#$Q(!(3*99#J#$Q(0*(J*"G$*,'a(
− "#J'""!(?`(#)3G$()!)(!99',J*+#"#(3',("F*$$#J#$Q(!(3*99#J#$Q6(
(
!#%&U(#)3G$(0#("#J'""!(M(9!)!(0#93!)#+#"#(3',(E!"$'(*$$#J#$Q('(3*99#J#$Q(<#)*)4#*,#'2(*"%G)'(0'""'(YG*"#(9%*E+#*$'(
#)( 3#d( 0#( G)( E',%*$!( *$$#J!2( "F#E3,'9*( 0'J'( 3,'9$*,'( 3*,$#%!"*,'( *$$')4#!)'( )'""*( 0'<#)#4#!)'( 0#( ')$,*E+#( #(
9'8G')$#(*93'$$#`(
− !" #$%&'()" *% +& *'!$" *$%" !,'(( - (." )" !'" *'// - (." )0" +" '//$+1'" 2 " 3+" #$%&'()" *% +& *'!$0" !" #$%&'()" * 4"
-'+('55 )/)"*$%"!,'(( - (.")"!'"*'// - (.6"
− /$"!, #*%$/'"*37"&)+&!32$%$"3+'"(%'+/'1 )+$"'-$+($"'2")55$(()"!,'(( - (.")"!'"*'// - (."'"83$!"*%$11)"$" +"
83$!"#$%&'()"'!!'"2'('"2 "-'!3('1 )+$9"
"
:'";'+&'"% ( $+$"&<$" !"#$%&'()"*% +& *'!$"2 "3+,'(( - (.")"*'// - (."= +'+1 '% '"*)//'"$//$%$" 2$+( = &'()"&)+" !"
#$%&'()"+$!"83'!$"$//'")*$%'"+)%#'!#$+($9"
>+" #$%&'()" ?" &)+/ 2$%'()" '(( -)" /$" " *%$11 " 2 " 83)('1 )+$0" %'**%$/$+('+( " $==$(( -$" $" %$5)!'% " )*$%'1 )+ " 2 "
#$%&'()" -$% = &'($/ " +" 3+" &)+5%3)" *$% )2)" 2 " % =$% #$+()0" /)+)" *%)+('#$+($" $" %$5)!'%#$+($" 2 /*)+ @ ! "
(%'# ($"@)%/$0"#$2 '()% 0" +($%#$2 '% 0"/)& $(."2$!"/$(()%$0"/$%- 1 "2 "83)('1 )+$")"$+( "'3()% 11'( 9"
A+" /*$& = &<$" &'/ /( &<$0" 2 /& *! +'($" 2'" *)! &B" +($%+$0" -$+5)+)" $==$((3'( " /*$& = & " '**%)=)+2 #$+( 0" ($/ " '"
-$% = &'%$" !'" / 5+ = &'( - (." 2$!!$" 83)('1 )+ " $/*%$//$" 2'!" #$%&'()" 3== & '!$0" *3%" +" *%$/$+1'" 2 " 83)('1 )+ " /3"
#$%&'( "%$5)!'#$+('( 9"
C$!" &'/)" 2 " / 5+ = &'( -'" % 231 )+$" +$!" -)!3#$" )" +$!" ! -$!!)" 2 " )*$%'( - (." % /*$(()" '!!'" +)%#'!$" '(( - (." *$%"
!,'(( - (." )" *'// - (." D)" *$%" '(( - (." )" *'// - (." / # !'% E" $- 2$+1 '('" 2'" '!&3+ " +2 &'()% " D+3#$%)/ (." 2$!!$"
(%'+/'1 )+ 0" /&'%/'" / 5+ = &'( - (." 2$ " *%$11 " $/*%$// " 2'!" #$%&'()0" +&%$#$+()" / 5+ = &'( -)" 2$ " *%$# " #*! & ( "
*$%" !" % /&< )" 2 " ! 83 2 (.0" '!!'%5'#$+()" )" +&%$#$+()" 2$!!)" /*%$'2" @ 2F'/G0" % 231 )+$" )" '//$+1'" ()('!$" 2 "
#$%&'()"*$%"+3)-$" $# // )+ 0" /&'%/ (." 2 " +=)%#'1 )+ " 2 "2)# + )"*3@@! &)E0"-$+5)+)"$==$((3'($"'+'! / " 2$!!$"
(%'+/'1 )+ ")"2$ "*%$11 "83)('( 9"
H)+)" &)+/ 2$%'( " /(%3#$+( " = +'+1 '% " 2 " ! -$!!)" I" " ( ()! " '1 )+'% " &)+(% @3 ( 0" " ( ()! " )@@! 5'1 )+'% " 83)('( " /3!"
& %&3 ()"J3%)KLH0"83$!! "*$%" "83'! "/)+)"% !$-'@ ! "&)+"&)+( +3 (."2'!!$"*% +& *'! "* '(('=)%#$" +($%+'1 )+'! "2 "
&)+(% @31 )+$"2 "*%$11 "'!#$+)"(%$"*%$11 "$/$53 @ ! "$"83$!! " "&3 "*%$11 "/)+)"=)%+ ( "2'!!'"* '(('=)%#'"K'%G ("
&)+" 3+'" *%)=)+2 (." 2 " '!#$+)" (%$" *%$11 " $/$53 @ ! " *$%" " @)+2" $" " &)+-$%( @ ! " $" 2 " '!#$+)" & +83$" *%$11 "
$/$53 @ ! "*$%"5! "M;H"$3%)*$ 0" "=)+2 "&)#3+ "2 " +-$/( #$+()"'%#)+ 11'( "&)+(% @3 ( 0"!$")*$%'1 )+ " +"&'#@ "
/*)(0" " &)+(%'(( " 2$% -'( " *$%" 83'! " / '+)" 2 /*)+ @ ! " 83)('1 )+ " /3" 3+" #$%&'()" '(( -)" D*$%" $/$#* )" =3(3%$/" $"
)*1 )+ " $N&<'+5$2" (%'2$2E9" A+= +$0" / " &)+/ 2$%'+)" /(%3#$+( " 2 " ! -$!!)" I" '+&<$" " =)+2 " O<$25$P" *$%" " 83'! "
!,'## + /(%'()%$"2$!"=)+2)"%$+2$"2 /*)+ @ !$0"&)+"!'"*$% )2 & (."*%$- /('"2'!"&)+(%'(()"2 "/)(()/&% 1 )+$0" !"CMQ"
DC$(" M//$(" Q'!3$E0" $" !'" &<$&G" ! /(0" )--$%)" !" 2)&3#$+()" 2 " / +($/ " 2$!!$" +=)%#'1 )+ " % !$-'+( " /35! " '//$("
/)(()/('+( "'!"=)+2)0"+)+"$- 2$+1 "'!&3+'"&% ( & (." +"($%# + "2 "% /&< )"2 "! 83 2 (.")"2 "% /&< )"2 "&)+(%)*'%($9"
R$%"5! "/(%3#$+( "= +'+1 '% "2 "! -$!!)"I"- $+$"3( ! 11'()" !"*%$11)"O&)%%$+($P"2 ")==$%('"DO2$+'%)PE"*$%"!$"'(( - (."
'
///'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ !
= +'+1 '% $"$2" !"*%$11)"&)%%$+($"% &< $/()"DO!$(($%'PE"*$%"!$"*'// - (."= +'+1 '% $0"% !$-'()"/3!"#$%&'()"*% +& *'!$"
'!"83'!$"/ "<'"'&&$//)0"'!!'"&< 3/3%'"2$!"*$% )2)"2 "% =$% #$+()9"
C$!"&'/)"2 "/(%3#$+( "= +'+1 '% "*$%" "83'! " !"2 ==$%$+1 '!$"2)#'+2'F)==$%('"% /3!('"/&'%/'#$+($"% !$-'+($0")"*$%"
!$" '(( - (." $" *'// - (." = +'+1 '% $" &)+" &'%'(($% /( &<$" ('! " 2'" *)%('%$" '" *)/ 1 )+ " &)#*$+/'( -$" *$%" !" % /&< )" 2 "
#$%&'()0" - $+$" 3( ! 11'()" 3+" *%$11)" #$2 )" 2 " #$%&'()" D/$#*%$" % =$% ()" '!!,3!( #)" 5 )%+)" 2$!" *$% )2)" 2 "
% =$% #$+()E" +"!3)5)"2$!"*%$11)"2 ")==$%('")"2$!"*%$11)"% &< $/()9"
R$%" 2 ==$%$+1'0" (3(( " 5! " '!(% " /(%3#$+( " = +'+1 '% " &<$" +)+" '**'%($+5)+)" '!!$" &'($5)% $" /)*%'" 2$/&% (($" )" &<$"
+)+"*%$/$+('+)"!'"*%)=)+2 (."2 "&)+(% @31 )+$"2$= + ('"2'!!'"T' %"Q'!3$"R)! &B"+)+"/)+)"&)+/ 2$%'( "/(%3#$+( "
2 "! -$!!)"I9"
A+"'//$+1'"2 "83)('1 )+$"/3"3+"#$%&'()"'(( -)")" +"'//$+1'"2 "3+"%$5)!'%$"=3+1 )+'#$+()"2$!"#$%&'()0"& )?"
83'+2)" !" #$%&'()" +)+" <'" 3+" /3== & $+($" $" &)+( +3'( -)" +3#$%)" 2 " (%'+/'1 )+ 0" /*%$'2" 2$+'%)F!$(($%'" $"
-)!'( ! (." +)+" /3== & $+($#$+($" &)+($+3( 0" !'" 2$($%# +'1 )+$" 2$!" =' %" -'!3$" 2$5! " /(%3#$+( " = +'+1 '% " ?"
*%$-'!$+($#$+($"%$'! 11'('"5%'1 $"'!!,3( ! 11)"2 "($&+ &<$"2 "-'!3('1 )+$"'-$+( "!,)@ $(( -)"2 "/('@ ! %$" !"*%$11)"'!"
83'!$0" +" 3+'" (%'+/'1 )+$" )%2 +'% '" !,'(( - (." /'%$@@$" -$+23('" )" !'" *'// - (." (%'/=$% ('" (%'" *'%($& *'+( " '!"
#$%&'()0"'!!'"2'('"2 "-'!3('1 )+$0" +"&)+2 1 )+ "'((3'! "2 "#$%&'()9""
L'! "($&+ &<$" +&!32)+)U"
− !,3( ! 11)" 2 " -'!)% " 2 " #$%&'()" &<$" /)+)" +2 %$(('#$+($" &)!!$5'( " '!!)" /(%3#$+()" )55$(()" 2 " -'!3('1 )+$0"
2$% -'+( "2'"*%)2)(( "/ # !'% "*$%"&'%'(($% /( &<$"2 "% /&< )"D! -$!!)"VE6"
− -'!3('1 )+ " %$'! 11'($" 3( ! 11'+2)" S" '+&<$" /)!)" +" *'%($" S" +*3(" +)+" 2$% -'+( " 2'" *'%'#$(% " )//$%-'@ ! " /3!"
#$%&'()0"*$%" "83'! "/)+)"3( ! 11'($"/( #$"$" *)($/ "2'"*'%($"2$!"-'!3('()%$"D! -$!!)"WE9"
"
C$!"&'/)"2$5! " +*3("2 "! -$!!)"V"!'"-'!3('1 )+$"+)+"?"@'/'('"/3"83)('1 )+ "2$!!)"/($//)"/(%3#$+()"= +'+1 '% )"
)55$(()" 2 " -'!3('1 )+$0" #'" /3" *%$11 " )" /*%$'2" &%$2 ( 1 " 2$/3+( " 2'!!$" 83)('1 )+ " 3== & '! " 2 " /(%3#$+( "
/)/('+1 '!#$+($"/ # ! " +"($%# + "2 "='(()% "2 "% /&< )0"3( ! 11'+2)"3+'"2'('"#$()2)!)5 '"2 "&'!&)!)"D#)2$!!)"2 "
*% & +5E9" A!" % &)%/)" '" ('!$" '**%)&& )" / " (%'23&$" +$!!'" % &$%&'" 2 " (%'+/'1 )+ " *%$/$+( " /3" #$%&'( " '(( - 0" %$!'( -$" '"
/(%3#$+( " &<$0" +" ($%# + " 2 " ='(()% " 2 " % /&< )0" /)+)" &)#*'%'@ ! " &)+" !)" /(%3#$+()" )55$(()" 2 " -'!3('1 )+$9" :$"
#$()2)!)5 $"2 "&'!&)!)"&!'// = &'($"2 "! -$!!)"V"&)+/$+()+)"2 "% *%)23%%$" "*%$11 "2 "/(%3#$+( "= +'+1 '% "83)('( "
/3"#$%&'( "'(( - "D&'! @%'1 )+$"2$!"#)2$!!)E"/$+1'" +&!32$%$"*'%'#$(% "2 /&%$1 )+'! "S"& )?"*'%'#$(% " !"&3 "-'!)%$"
+)+"*37"$//$%$"2$/3+()"2'"83)('1 )+ "2 "/(%3#$+( "= +'+1 '% "*%$/$+( "/3"#$%&'( "'(( - ")--$%)"+)+"*37"$//$%$"
= //'()"/3"! -$!! "('! "2'"%$*! &'%$"83)('1 )+ "*%$/$+( "/3"#$%&'( "'(( - "S"('! "2'" +=!3 %$" +"#'+ $%'"2$($%# +'+($"
/3!"*%$11)"2 "-'!3('1 )+$"= +'!$9"
R$%"!'"2$($%# +'1 )+$"2$!"=' %"-'!3$"2 "('!3+$"( *)!)5 $"2 "/(%3#$+( "= +'+1 '% "?"+$&$//'% )"% &)%%$%$"'"#)2$!! "
-'!3('( - " &<$" *%$/3**)+5)+)" !,3( ! 11)" 2 " *'%'#$(% " +)+" 2 %$(('#$+($" )//$%-'@ ! " /3!" #$%&'()" $" &<$" 83 +2 "
&)#*)%('+)"/( #$"$"'//3+1 )+ "2'"*'%($"2$!"-'!3('()%$"D! -$!!)"WE9"A+"*'%( &)!'%$0"!'"-'!3('1 )+$"2$!!)"/(%3#$+()"
= +'+1 '% )" - $+$" &)+2)(('" 3( ! 11'+2)" 3+'" 2'('" #$()2)!)5 '" 2 " &'!&)!)" &<$" / " @'/'" /3" /*$& = &<$" *)($/ "
% 53'%2'+( U"
− !)"/- !3**)"2$ "&'/<F=!)X/"=3(3% 0"$-$+(3'!#$+($"&)+2 1 )+'( "'2"$-$+( "=3(3% "&3 "*)//)+)"$//$%$"'((% @3 ($'
*%)@'@ ! (."2$/3+($'2'!!,$/*$% $+1'"/()% &'")"/3!!'"@'/$"2 " *)($/ "2 "&)#*)%('#$+()6"
− !" ! -$!!)"2 "2$($%# +'( " *'%'#$(% " +" +*3("+)+" 83)('( " /3"#$%&'( "'(( - 0" *$%" !'"&3 "/( #'"/)+)"&)#3+83$"
*% - !$5 '($"!$" +=)%#'1 )+ "'&83 / ($"2'"*%$11 "$"/*%$'2")//$%-'( "/3!"#$%&'()9"C$!"&'/)"83$/($"+)+"/ '+)"
2 /*)+ @ ! 0" / " % &)%%$" '" 2'( " /()% & " 2$!" ='(()%$" 2 " % /&< )" /*$& = &)" /)(()/('+($" )" '" % &$%&<$" /*$& '! 11'($" +"
#'($% '"D'2"$/9"%$*)%("2 "M5$+1 $"2 "Y'( +5")"2 "*% #'% "'(()% "2$!"#$%&'()E9"
"
A!" *%)&$//)" 2 " -'!3('1 )+$" 2$5! " /(%3#$+( " = +'+1 '% " / " '%( &)!'" +" 2 -$%/$" ='/ " &<$" -$+5)+)" @%$-$#$+($"
% '//3+($"83 "2 "/$53 ()U"
− +2 - 23'1 )+$"2$!!$"=)+( "*$%"!$"-'!3('1 )+ U"!'"K'%G$("Z'('"Y$=$%$+&$"[3 2$"/('@ ! /&$0"*$%")5+ "&'($5)% '"
2 " % =$% #$+()" D'//$(" &!'//E0" " *%)&$// " +$&$//'% " '!!, 2$+( = &'1 )+$" 2$ " *'%'#$(% " 2 " #$%&'()" $" !$" #)2'! (."
/$&)+2)"!$"83'! "('! "2'( "2$-)+)"$//$%$"%$&$* ( "$"3( ! 11'( 6"
− &$%( = &'1 )+$"$"(%'(('#$+()"2$ "2'( "2 "#$%&'()"*$%"!$"-'!3('1 )+ U"('!$"='/$"&)+/ /($"+$!"&)+(%)!!)"*3+(3'!$"
2$ " *'%'#$(% " 2 " #$%&'()" 3( ! 11'( " D% !$-'1 )+$" 2$!!, +($5% (." 2$!" 2'()" /()% & 11'()" /3!!'" * '(('=)%#'"
*%)*% $('% '" % /*$(()" '!!'" =)+($" 2 " &)+(% @31 )+$E0" +$!" ($/(" 2 " -$%)/ # 5! '+1'" D&)+5%3$+1'" 2 " )5+ " / +5)!)"
2'()" &)+" 2'( " / # ! " )" &)#*'%'@ ! E" $" +$!!'" -$% = &'" 2$!!$" &)+&%$($" #)2'! (." '**! &'( -$9" A+" *'%( &)!'%$0"
-$+5)+)U"
• 2 /( +($"!$"&'($5)% $"2 "% =$% #$+()"*$%"2 ==$%$+( "( *)!)5 $"2 "*'%'#$(% "2 "#$%&'()6"
• /('@ ! ( " "%$83 / ( "2 "% =$% #$+()"*$%"2$($%# +'%$"!$"=)+( "3== & '! "2 "% -'!3('1 )+$6"
• = //'($"!$"#)2'! (."2 "= N +5"2$ "2'( "3== & '! 6"
• = //'($"!$"#)2'! (."2 "&$%( = &'1 )+$"2$ "2'( 6"
'
//1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ ! '
− &$%( = &'1 )+$"2$ "#)2$!! "2 "*% & +5"$"K)2$!"Y /G"M//$//#$+(U" +"83$/('"='/$"- $+$"-$% = &'('"!'"&)+/ /($+1'"
$"!,'2$%$+1'"2$!!$"-'% $"#$()2)!)5 $"-'!3('( -$"3( ! 11'($"&)+"!'"&)%%$+($"*%'// "2 "#$%&'()0"'!"= +$"2 "*)%%$"
+" !3&$" $-$+(3'! " '/*$(( "&% ( & " +/ ( " +$ " #)2$!! " 2 "*% & +5"3/'( " $"2 " 2$($%# +'%$" $-$+(3'! " '55 3/('#$+( "
+$&$//'% " '!!'" -'!3('1 )+$9" A!" *%)&$//)" 2 " -'! 2'1 )+$" ?" 2 " *'%( &)!'%$" #*)%('+1'" 83'+2)" - $+$" +(%)2)(('"
!,)*$%'( - (." +"3+"+3)-)"/(%3#$+()"= +'+1 '% )0"&<$"+$&$// ('"2$!!)"/- !3**)"2 "3!($% )% "#)2$!! "2 "*% & +50"
&)/\" &)#$" 83'+2)" / " 2$& 2$" 2 " 3( ! 11'%$" 3+" +3)-)" #)2$!!)" *$%" -'!3('%$" *'B)==" *%$&$2$+($#$+($" 5$/( ( "
&)+"#)2$!! "% ($+3( "#$+)"'2$53'( 9"L3(( " "#)2$!! "3( ! 11'( "*$%"!'"-'!3('1 )+$"/)(()/('++)"'2"3+"*%)&$//)"
2 " &$%( = &'1 )+$" +($%+'" &<$" -$2$" &) +-)!($" !$" 2 -$%/$" /(%3((3%$" &)#*$($+( " )" /)& $(." $/($%+$0" +" &'/ " 2 "
$!$-'('"&)#*!$// (.")"*'%( &)!'%$"(3%@)!$+1'6"
− #)+ ()%'55 )"2$!!'"&)+/ /($+1'"2$ "#)2$!! "2 "*% & +5"+$!"($#*)U" !"#)+ ()%'55 )"*$% )2 &)"2$!!,'2$%$+1'"'!"
#$%&'()" 2$!" #)2$!!)" 2 " *% & +5" *$%" !'" -'!3('1 )+$" &)+/$+($" 2 " $- 2$+1 '%$" ($#*$/( -'#$+($" $-$+(3'! "
/&)/('#$+( "$"'-- '%$"!$"+$&$//'% $"-$% = &<$"$" +($%-$+( 9"
"
9$(!6!(:#-!&$+;'%+*,!<!%#-!&$+'+',*#,,#=+$,&'(+!'(#,!'(!'=+*%#,&'+'(+""+'<&$,!'>+*'"+'6#":,#-!&$!'
A!"*%)&$//)"2 "&'!&)!)"2$!"=' %"-'!3$"$"!'"+$&$// (."2 "2 /( +53$%$"(%'"*%)2)(( "-'!3('@ ! " +"@'/$"'"*%$11 "$==$(( - "
2 "#$%&'()0"* 3(()/()"&<$"(%'# ($"!]'**! &'1 )+$"2 "'**%)&& "&)#*'%'( - ")"2 "#)2$!!)0"$- 2$+1 '"!'"+$&$// (."2 "
/('@ ! %$" 2$ " *% +& * " 3+ -)& " +$!!'" 2$($%# +'1 )+$" 2$ " *'%'#$(% " 2 " #$%&'()9" M" ('!" = +$" !'" K'%G$(" Z'('"
Y$=$%$+&$"[3 2$"S"2)&3#$+()"2 /& *! +'()"$"'55 )%+'()"2'!!'"Z %$1 )+$"Y /G"K'+'5$#$+("2 "A+($/'"H'+*')!)"
/3!!'"@'/$" 2$ "Y$5)!'#$+( " +($%+ "2 "[%3**)" '**%)-'( " 2'5! ")%5'+ " M## + /(%'( - " 2$!!'";'+&'" S" /('@ ! /&$" "
*%)&$// " +$&$//'% " '!!, 2$+( = &'1 )+$" 2$ " *'%'#$(% " 2 " #$%&'()" $" !$" #)2'! (." /$&)+2)" &3 " ('! " 2'( " 2$-)+)"
$//$%$" %$&$* ( " $" 3( ! 11'( 9" L'! " 2'( " 2 " #$%&'()" *)//)+)" $//$%$" % &)+2)(( " / '" '" 2'( " $!$#$+('% " &<$" '" 2'( "
2$% -'( 9" A!" %$5)!'#$+()0" +" *'%( &)!'%$0" 2$($%# +'0" *$%" )5+ " &'($5)% '" 2 " % =$% #$+()" D'//$(" &!'//E0" " %$!'( - "
%$83 / ( 0" +)+&<^" !$" #)2'! (." 2 " &3(F)==" $" 2 " &$%( = &'1 )+$9" A!" 2)&3#$+()" =)%#'! 11'" !'" %'&&)!('" 2$!!$" =)+( " 2 "
&)+(% @31 )+$" % ($+3($" 2)+$$" *$%" !'" -'!3('1 )+$" 2$5! " /(%3#$+( " = +'+1 '% " 2$($+3( " " '" -'% )" ( ()!)" +$ "
*)%('=)5! " 2 " *%)*% $(." 2$!!'" ;'+&'" $" 2$!!$" /)& $(." &)+(%)!!'($9" :$" /($//$" =)+( " -$+5)+)" 3( ! 11'($" *$%" !$"
-'!3('1 )+ "$==$((3'($"'"='-)%$"2$!!'";'+&'"/$&)+2)"3+"'&&)%2)"2 "H$%- &$":$-$!"M5%$$#$+(0"*%$-$+( -'#$+($"
=)%#'! 11'()9" :, 2)+$ (." ?" 5'%'+( ('" 2'!" % /*$(()" 2$ " %$83 / ( " 2 " % =$% #$+()0" " 83'! " / " % ='++)" ' " *% +& * " 2 "
&)#*'%'@ ! (.0"%$*$% @ ! (."$"(%'/*'%$+1'"2$!"2'()0")--$%)"'!!'"*)// @ ! (."2 "%$*$% %$" !"2'()"/3"3+)")"* 4"/ /($# "
2 " +=)*%)- 2 +50"2 "# /3%'%$" !"@ 2F'/G"2 "&)+(% @31 )+$"$0" += +$0"%$!'( -'#$+($"' "*%)2)(( "_L`0"2 "-$% = &'%$"!'"
&)#*'%'@ ! (."2$!!$"=)+( "2 " &)+(% @31 )+$9"R$%")5+ "&'($5)% '"2 "*'%'#$(%)"2 "#$%&'()"- $+$"2$($%# +'()" +"
#)2)" 3+ -)&)" !" &3(F)==" ( #$0" ='&$+2)" % =$% #$+()" '!" ( # +5" 2 " % !$-'1 )+$" 2$!" 2'()0" '!" @ 2a'/G" / 2$" 2 "
% =$% #$+()" $" '!" +3#$%)" 2 " &)+(% @31 )+ " +$&$//'% )" *$%" -$% = &'%$" !" *%$11)9" :,3( ! 11)" 2 " (3(( " " *'%'#$(% " 2 "
#$%&'()"?"/3@)%2 +'()"'!!'"!)%)"&$%( = &'1 )+$"DQ'! 2'( )+"R%)&$//E"2'"*'%($"2$!!'"Z %$1 )+$"Y /G"K'+'5$#$+("
2 "A+($/'"H'+*')!)0" +"($%# + "2 "&)+(%)!!)"*3+(3'!$"D% !$-'+2)"!, +($5% (."2$!"2'()"/()% & 11'()"/3!!'"* '(('=)%#'"
*%)*% $('% '"% /*$(()"'!!'"=)+($"2 "&)+(% @31 )+$E0"2 "($/(" 2 "-$%)/ # 5! '+1'"D&)+5%3$+1'"2 ")5+ "/ +5)!)"2'()"
&)+"2'( "/ # ! ")"&)#*'%'@ ! E"$"2 "-$% = &'"2$!!$"&)+&%$($"#)2'! (."'**! &'( -$9"
"
!"#$%&'()% *+*,#-#+.%
A+" 5$+$%'!$" !" K)2$!" Y /G" ?" %'**%$/$+('()" 2'!!'" *)// @ ! (." &<$" !" *%$11)" 2 " 3+)" /(%3#$+()" = +'+1 '% )" / '"
#'($% '!#$+($" /$+/ @ !$" '!!'" /&$!('" 2$!!'" #$()2)!)5 '" 2 " -'!3('1 )+$9" C$!" &'/)" 2 " /(%3#$+( " = +'+1 '% "
&)#*!$// 0"*$%" "83'! "+)+"$/ /($"3+'"#$()2)!)5 '"/('+2'%2"2 "-'!3('1 )+$"/3!"#$%&'()0")" +"*'%( &)!'% "*$% )2 "
+" &3 " +3)-$" #$()2)!)5 $" 2 " -'!3('1 )+$" / " '==$%#'+)" /3!" #$%&'()0" ?" *)// @ !$" &<$" #$()2)!)5 $" 2 -$%/$"
-'!3( +)" +"#'+ $%'"&)+/ /($+($"5! "/(%3#$+( "$!$#$+('% "2 "% =$% #$+()0"#'"=)%+ /&'+)"-'!3('1 )+ "2 ==)%# "*$%"
5! "/(%3#$+( "O$/)( & P9"A!"*%$/ 2 )"2$!"% /&< )"2 "#)2$!!)"'-- $+$"'((%'-$%/)"3+" +/ $#$"2 -$%/ = &'()"2 "'+'! / "$"
-$% = &<$"$==$((3'($" +"2 -$%/$"='/ 0"-)!($"'"&$%( = &'%$"!$"-'% $"#$()2)!)5 $"2 "*% & +5"3( ! 11'($"2'!!'";'+&'0"D&929"
OK)2$!" Q'! 2'( )+PE0" '" #)+ ()%'%$" *$% )2 &'#$+($" !$" *%$/('1 )+ " 2$!!$" #$()2)!)5 $" +" *%)231 )+$" *$%"
$- 2$+1 '%$" ($#*$/( -'#$+($" $-$+(3'! " /&)/('#$+( " % /*$(()" '!" #$%&'()" D&929" OK)2$!" Y /G" K)+ ()% +5PE" $" '"
2$($%# +'%$" $-$+(3'! " '55 3/('#$+( " 2'" '**)%('%$" '!!$" -'!3('1 )+ " D&929" OK)2$!" Y /G" M2b3/(#$+(P0" / " -$2'" !"
/3&&$// -)" *'%'5%'=)" OM55 3/('#$+( " '2)(('( " *$%" % =!$(($%$" !" #)2$!" % /G" $" !$" '!(%$" +&$%($11$" %$!'( -$" '!!'"
-'!3('1 )+$PE9"
"
!"#$%/*$'"*.'!+%
A+" 5$+$%'!$0" (3(($" !$" #$()2)!)5 $" 2 " *% & +5" 3( ! 11'($" 2'!!'" ;'+&'" 2$-)+)" /)(()/('%$" '2" 3+" *%)&$//)" 2 "
&$%( = &'1 )+$" +($%+'"&<$"-$2$"&) +-)!($"!$"2 -$%/$"/(%3((3%$"&)#*$($+( 9"A+"&'/ "2 "$!$-'('"&)#*!$// (."$a)" +"
*%$/$+1'" 2 " (3%@)!$+1'" +$ " #$%&'( " D&)/ 22$(('" #'%G$(" 2 /!)&'( )+E" ?" '+&<$" *%$- /('" !'" *)// @ ! (." 2 " 3+'"
&$%( = &'1 )+$" +2 *$+2$+($" 2'" *'%($" 2 " '&&%$2 ('($" /)& $(." 2 " /$%- 1 " = +'+1 '% 9" A+" *'%( &)!'%$" !" *%)&$//)" 2 "
&$%( = &'1 )+$" +($%+'" - $+$" '(( -'()" '!!,'(()" 2$!!, +(%)231 )+$" 2$!!,)*$%'( - (." +" 3+" +3)-)" /(%3#$+()"
'
//.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ !
= +'+1 '% )" &<$" % &< $2$" !,'2$53'#$+()" 2$!!$" #$()2)!)5 $" 2 " *% & +5" $/ /($+( " )" !)" /- !3**)" 2 " #$()2)!)5 $"
+3)-$0" )--$%)" 83'+2)" !$" #$()2)!)5 $" $/ /($+( " 2$-)+)" $//$%$" '2$53'($" *$%" -'!3('%$" &)+(%'(( " 5 ." +"
*)/ 1 )+$9" :'" -'! 2'1 )+$" 2$!!$" #$()2)!)5 $" *%$-$2$" 3+'" /$% $" 2 " *'//'55 " )*$%'( - 0" &<$" -$+5)+)" /$53 ( "
!'22)-$"% ($+3( "+$&$//'% 0"=%'"&3 U"
− &)+($/(3'! 11'1 )+$" 2$!" *%)@!$#'" '!!, +($%+)" 2$!!'" *%'( &'" 2 " #$%&'()" &)%%$+($" $" 2$!!'" !$(($%'(3%'"
2 /*)+ @ !$"/3!!,'%5)#$+()6"
− '+'! / "2$5! "'/*$(( "= +'+1 '% "$"2$!!$"( *)!)5 $"2 "*'B)=="% !$-'+( 6"
− =)%#'! 11'1 )+$"$"2$% -'1 )+$" +2 *$+2$+($"2$5! "'/*$(( "#'($#'( & 6"
− '+'! / " 2$5! " '/*$(( " +3#$% & a #*!$#$+('( - " $" ($/(" (%'# ($" %$*! &'0" 83'+2)" % ($+3()" +$&$//'% )0" 2$!!$"
! @%$% $"2 "*% & +5"2$ "/ /($# "2 "T%)+("_== &$"(%'# ($"3+"*%)()( *)" +2 *$+2$+($6"
− '+'! / " 2$ " 2'( " 2 " #$%&'()" 2 " *$%( +$+1'0" -$% = &'+2)" *%$/$+1'0" ! 83 2 (." $" =%$83$+1'" 2 " '55 )%+'#$+()"
2$!!$"&)+(% @31 )+ 6"
− '+'! / " 2$!!$" #)2'! (." 2 " &'! @%'1 )+$0" -'!$" '" 2 %$" 2$!!'" &'*'& (." 2$!" #)2$!!)" 2 " )(( # 11'%$" " *'%'#$(% "
+($%+ "D)"#$('F2'( E"*$%"%$*! &'%$"'!"#$5! )"!$" +=)%#'1 )+ "=)%+ ($"2'5! "/(%3#$+( "83)('( 6"
− /(%$//" ($/(" 2$ " *'%'#$(% " 2$!" #)2$!!)" +)+" )//$%-'@ ! " /3!" #$%&'()" $" '+'! / " 2$5! " $==$(( " /3!!'" -'!3('1 )+$"
2$5! "/(%3#$+( "&)#*!$// 6"
− ($/("2 "#$%&'()"&)+=%)+('+2)0"!'22)-$"*)// @ !$0" "*%$11 ")(($+3( "2'!"#)2$!!)"&)+"!$"83)('1 )+ "2 /*)+ @ ! "
2'!!$"&)+(%)*'%( 9"
"
C$!" &'/)" +" &3 " !,'+'! / " 2$/&% (('" +)+" $- 2$+1 " *'%( &)!'% " &% ( & (.0" !'" Z %$1 )+$" Y /G" K'+'5$#$+(" -'! 2'" !'"
#$()2)!)5 '0" &<$" 2 -$+('" *'%($" +($5%'+($" 2$!!'" T' %" Q'!3$" R)! &B" 2 " [%3**)" $" *37" $//$%$" 3( ! 11'('" *$%" !$"
-'!3('1 )+ " 3== & '! 9" C$!" &'/)" +" &3 " !,'+'! / " $- 2$+1 " 3+" OK)2$!" Y /GP" / 5+ = &'( -)0" #'" $+(%)" " ! # ( " 2$!!'"
&'*'& (."2$!!'"#$()2)!)5 '"2 "5$/( %$"&)%%$(('#$+($" "&)+(%'(( "2 "% =$% #$+()0"!'"Z %$1 )+$"Y /G"K'+'5$#$+("
+2 - 23'" !'" #$()2)!)5 '" +($5%'( -'" *$%" 2$($%# +'%$" 5! " )**)%(3+ " '55 3/('#$+( " 2'" '**)%('%$" '!" #'%G" ()"
#'%G$(0"$"-'! 2'"!'"#$()2)!)5 '" +($5%'('9"
"
!"#$%&'()% !+'.!0'+,%
:$" *%$/('1 )+ " 2$!!$" #$()2)!)5 $" 2 " -'!3('1 )+$" +" *%)231 )+$" -$+5)+)" &)/('+($#$+($" #)+ ()%'($" *$%"
$- 2$+1 '%$" ($#*$/( -'#$+($" $-$+(3'! " /&)/('#$+( " % /*$(()" '!" #$%&'()" $2" '-- '%$" !$" +$&$//'% $" -$% = &<$" $2"
+($%-$+( 9"L'!$"#)+ ()%'55 )"- $+$"/-)!()" +"2 -$%/ "#)2 0"=%'"&3 U"
− %$*% & +5" 2 " /(%3#$+( " $!$#$+('% " &)+(% @3 ( U" -$% = &'" 2$!!'" &'*'& (." 2$!" #)2$!!)" 2 " % *%)23%%$" " *%$11 " 2 "
#$%&'()"2 "(3(( "5! "/(%3#$+( "83)('( "% ($+3( "% !$-'+( "$"/3== & $+($#$+($"! 83 2 9"R$%" "*%)2)(( "2$% -'( "2 "
('//)0"?")*$%'( -)"/3 "/ /($# "2 "T%)+("_== &$"2$!!'";'+&'"3+"/ /($#'"'3()#'( &)"2 "%$*% & +5"2$5! "/(%3#$+( "
= +'+1 '% " $!$#$+('% 0" &<$" &)+/$+($" 2 " -$% = &'%$" / /($#'( &'#$+($" $-$+(3'! " /&)/('#$+( " =%'" #)2$!!)" $"
#$%&'()9" :'22)-$" / " %'-- / +)" 2$5! " /&)/('#$+( " / 5+ = &'( - 0" +" *'%( &)!'%$" '!" 2 " =3)% " 2$!!$" 83)('1 )+ "
2$+'%)F!$(($%'"2 "#$%&'()0"/ "*%)&$2$"'2"$==$((3'%$"!,'+'! / "2 " #*'(()"/3 "% /*$(( - "*)%('=)5! "2 "(%'2 +5"$"'"
83'+( = &'%$"5! "$-$+(3'! "'55 3/('#$+( "2'"'**)%('%$"'!!$"&)%% /*)+2$+( "-'!3('1 )+ 6"
− &)+=%)+()" &)+" 2'( " @$+&<#'%GU" !'" #$()2)!)5 '" 2 " #)+ ()%'55 )" /)*%'" 2$/&% (('" - $+$" 3!($% )%#$+($"
%'==)%1'('" (%'# ($" 3+" $/($+/ -)" % &)%/)" '" 2'( " =)%+ ( " 2'" 83'! = &'( " *%)- 2$%" $/($%+ " D'2" $/9" K'%G (E0" &<$"
&)+/$+($" 2 " )(($+$%$" -'!3('1 )+ " 2 " &)+/$+/)" 2'" *% #'% $" &)+(%)*'%( " 2 " #$%&'()" *$%" /(%3#$+( " 2 " ('//)"
D/X'*0" @'/ /" /X'*0" &'*a=!))%0" /X'*( )+" J3%)*$$" $" ;$%#32'+$0" `KH0" `KH" /*%$'2" )*( )+E0" 2 " $83 (B"
D)*1 )+ " /3" +2 & " $" / +5!$" /()&G/E0" 2 " &%$2 ()" D`ZHE" $" 2 " &)##)2 (B" D)*1 )+ " /3" +2 & " 2 " &)##)2 (BE9" L'! "
+=)%#'1 )+ " /)+)" #)!()" * 4" % &&<$" % /*$(()" '" 83$!!$" +)%#'!#$+($" %$*$% @ ! " 2'!!$" =)+( " 2 " &)+(% @31 )+$"
/('+2'%20" +" ($%# + 0" '2" $/$#* )0" 2 " /&'2$+1$0" /)(()/('+( " $" /(% G$9" J-$+(3'! " /&)/('#$+( " / 5+ = &'( - " =%'"
#)2$!!)"$"2'()"@$+&<#'%G"-$+5)+)"83'+( = &'( "% /*$(()"'!!'"=)%@ &$"#$2 '"=)%+ ('"2'!"*%)- 2$%"$/($%+)"$"
83 +2 "(%'(('( "&)#$"+$!"&'/)"*%$&$2$+($9":'"*)// @ ! (."2 "$/($+2$%$"83$/()"&)+=%)+()"2 "2'( "@$+&<#'%G"
'+&<$"'2"'!(% "/(%3#$+( ")"/)(()/('+( "- $+$"&)/('+($#$+($"#)+ ()%'('6"
− &)+=%)+()" &)+" *%$11 " 2 " #$%&'()U" -$% = &<$" &)+" *%$11 " =)%+ ( " 2'" &)+(%)*'%( " - '" `)!!'($%'!" K'+'5$#$+(0"
83)('1 )+ " +2 &'( -$"=)%+ ($"2'" @%)G$%/0"*'%'#$(% " #*! & ( "2$/3+( "2'"('! "83)('1 )+ " +2 &'( -$0"&)+(%)!! "
2$!"*%$11)"2$!!'"% -'!3('1 )+$"* 4"%$&$+($"% /*$(()"'!"*%$11)"2$!!)"/(%3#$+()"= +'+1 '% )"&<$"/ "2$($%# +'" +"
/$53 ()"'2"3+"3+X +2 +50"&$// )+ 0"+3)-$")*$%'1 )+ "'+'!)5<$")"% ($+3($"*'%'5)+'@ ! 9"
"
855!:@,#=+$,!'#(&,,#,!'>+*'*!<"+,,+*+'!"'=&(+"'*!@A'+'"+'#",*+'!$%+*,+--+'*+"#,!6+'#""#'6#":,#-!&$+'
c3'!)%'" " *%)&$// " 2 " K)2$!" Q'! 2'( )+" )" 2 " K)2$!" Y /G" K)+ ()% +5" '@@ '+)" $- 2$+1 '()" &% ( & (." +$!!'"
2$($%# +'1 )+$" 2$!" =' %" -'!3$" 2 " 2$($%# +'( " /(%3#$+( " = +'+1 '% 0" / " 2$= + /&)+)" )**)%(3+ " K'%GF()FK'%G$("
M2b3/(#$+(" 2'" '**)%('%$" '!!$" -'!3('1 )+ 9" L'! " '55 3/('#$+( " /)+)" % - /( " *$% )2 &'#$+($0" '+&<$" '!!'" !3&$"
2$!!,$-)!31 )+$" 2$ " #$%&'( 0" )--$%)" '!!,$-$+(3'!$" +(%)231 )+$" 2 " +3)- " /(%3#$+( " ! 83 2 0" 2 " 2 -$%/$"
'
//?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ ! '
#$()2)!)5 $" 2 "&'!&)!)" $0" +"5$+$%'!$0" 2 " '== +'#$+( "#$()2)!)5 & 0"&<$" *)//)+)"*)%('%$" '+&<$" '" #)2 = &<$"
/)/('+1 '! "+$ "#)2$!! "*%$/&$!( "$"+$!!$"!)%)" #*!$#$+('1 )+ 9""
_!(%$" '5! " '55 3/('#$+( " %$!'( - " ' " ='(()% " /)*%'" & ('( 0" !'" R)! &B" 2 " K'%GF()FK'%G$(" M2b3/(#$+(" '2)(('('"
*%$-$2$" '+&<$" '!(%$" ( *)!)5 $" 2 " '55 3/('#$+( " %$!'( - " '2" 3!($% )% " ='(()% " /3/&$(( @ ! " 2 " +=!3$+1'%$" !'"
-'!3('1 )+$9"L'! "='(()% "/)+)"$//$+1 '!#$+($"% &)+23& @ ! "'U"
− $!$-'()"$a)"&)#*!$//)"*%)= !)"2 "% /&< )6"
− !! 83 2 (." 2$!!$" *)/ 1 )+ " 2$($%# +'('" 2'" &)+2 1 )+ " ($#*)%'+$$" )" /(%3((3%'! " /3 " #$%&'( " )" +" %$!'1 )+$"
'!!,$+( (."2$ "&)+(%)-'!)% "2$($+3( "D +"&'/)"2 "$&&$// -'"&)+&$+(%'1 )+$E6"
− 2 == &)!(."2 "-'!3('1 )+$"*$%"#'+&'+1'"2 "*'%'#$(% "2 "#$%&'()"! 83 2 "$"% !$-'@ ! 9"
"
C$!"&'/)"2 "*%)2)(( " !! 83 2 "/ "*%)&$2$"'2"3+"'55 3/('#$+()"2$!"=' %"-'!3$9"L'!$"'55 3/('#$+()"?" +"5$+$%$"
/&'%/'#$+($"% !$-'+($"*$%"5! "/(%3#$+( "!'"&3 "-'!3('1 )+$"?"=)%+ ('"2 %$(('#$+($"2'"3+"#$%&'()"'(( -)"D!$-$!"IE9"
A+"*'%( &)!'%$0" "( ()! "83)('( "&'%'(($% 11'( "2'"3+'"$!$-'('"! 83 2 (."-$+5)+)"-'!3('( "2 %$(('#$+($"'!"# 2"*% &$0"
#$+(%$0" *$%" " ( ()! " 83)('( " *)&)" ! 83 2 " $" *$%" 83$!! " +)+" 83)('( 0" - $+$" 3( ! 11'()" !" @ 2" *% &$" *$%" !$" *)/ 1 )+ "
!3+5<$"$" !"*%$11)"'/G"*$%"!$"*)/ 1 )+ "&)%($9"A"( ()! ")@@! 5'1 )+'% "+)+"83)('( "-$+5)+)"-'!3('( "/3!!'"@'/$"2 "
/*%$'2"2 "&%$2 ()"2 ==$%$+1 '( " +"=3+1 )+$"2$!!'"*)/ 1 )+$"2$!"( ()!)"D!3+5'")"&)%('E9"
R$%"83'+()"'(( $+$" +-$&$"'5! "/(%3#$+( "2$% -'( " !"&3 "=' %"-'!3$"?"2$($%# +'()"&)+"($&+ &'"-'!3('( -'"D!$-$!"V"$"
WE0" !,'55 3/('#$+()" *37" $//$%$" &'!&)!'()" &)+" #)2'! (." 2 ==$%$+( " '" /$&)+2'" 2$!!'" %$*$% @ ! (." /3!" #$%&'()" 2 "
83)('1 )+ " @ 2" $" '/G" $" 2 " *%)2)(( " &)+" &'%'(($% /( &<$" / # ! " +" ($%# + " 2 " ( *)!)5 '0" /)(()/('+($0" &3%%$+&B0"
#'(3% (B"$"-)!3# "/&'#@ '( "2'"*)($%"3( ! 11'%$"&)#$"@$+&<#'%G9"
:'22)-$" +)+" / '" 2 /*)+ @ !$" +$//3+'" 2$!!$" +2 &'1 )+ " /)*%'" % &)%2'($0" / " *%)&$2$" '" /(%$//" /3 " *'%'#$(% " 2 "
+*3(" '!" #)2$!!)" % ($+3( " % !$-'+( 9" A" *% +& *'! " ='(()% " &)+/ 2$%'( " !! 83 2 " D)!(%$" '" 83$!! " +" +*3(" *$%" !'"
-'!3('1 )+$"2$ "*%)2)(( "/(%3((3%'( "2 "&%$2 ()0"/3"&3 "& "/ "/)==$%#$%." +"/$53 ()E"$"*$%" "83'! "/ "?"*%)&$23()"'"
&'!&)!'%$" " % /*$(( - " '55 3/('#$+( 0" /)+)" %'**%$/$+('( " +$!" *%$/$+($" &)+($/()" 2 " #$%&'()0" /)+)" &)!!$5'( " '"
% /&< "/3"`)##)2 (B0"/3"Z - 2$+2"$"Q'% '+&$"HX'*0" +=!'1 )+$"T_A"$2")*1 )+ "/3" +=!'1 )+$0"/3"*'%( &)!'% " +2 & "
2 " ('//)" &)#$" Y$+2 /('()0" -)!'( ! (." +2 & " &'*" IV" #$/ 0" &)%%$!'1 )+ " (%'" ('// " /X'*" $" &)%%$!'1 )+$" O83'+()P"
D&)!!$5'('"'"*'B")=="$2" +2 & 11'1 )+ "$/*%$//$" +"-'!3($"2 -$%/$E9"
A!"*%)&$//)"2 "5$/( )+$"2$ "K'%GF()FK'%G$("M2b3/(#$+("?"=)%#'! 11'()" +"'**%)*% '($"#$()2)!)5 $"2 "&'!&)!)"'"
/$&)+2'"2$!"2 -$%/)"&)+= 53%'%/ "2$ "*3+( "/)*%'" +2 &'( 9"A!"&'!&)!)"2$5! "'55 3/('#$+( "2 *$+2$"2'!!'"2 +'# &'"
2$ "='(()% "/)*%'" +2 &'( "$2"?"2 /& *! +'()"2'!!'"Z %$1 )+$"Y /G"K'+'5$#$+(9"A!"&% ($% )"2 "% !'/& )"?"/3@)%2 +'()"
'!"-$+ %"#$+)"2$ "='(()% "/)*%'" +2 &'( "$"2 /& *! +'()"2'!!'"Z %$1 )+$"Y /G"K'+'5$#$+(9"L'! "*%)&$// "/)+)"3+'"
&)#@ +'1 )+$" 2 " $!$#$+( " 83'+( ('( - " % 5 2'#$+($" /*$& = &'( " $" 2 " $!$#$+( " 83'! ('( - 0" -'!3('( " +" @'/$" '!!'"
2 -$%/'"&)+= 53%'1 )+$"+$!"($#*)"2$ "='(()% "2 "% /&< )"&<$"<'++)"5$+$%'()"5! "'55 3/('#$+( 6"83 +2 "!$"/( #$"
/3&&$// -$"'!!'"*% #'" /&% 1 )+$"/)+)"/$#*%$"53 2'($"2'!!'"# ( 5'1 )+$")"2'!"-$+ %"#$+)"2 "2$(( "% /&< 9""
R$%" " +3)- " *%)2)(( " !'" 2$& / )+$" 2 " '**! &'%$" *%)&$// " 2 " K'%GF()FK'%G$(" M2b3/(#$+(" - $+$" *%$/'" +" /$2$" 2 "
`)# ('()"C3)- "R%)2)(( "/3"*%)*)/('"2$!!'"Z %$1 )+$"Y /G"K'+'5$#$+(9"
"
80?0/'C!6+""!'(!'<#!*'6#":+'1'+'.D',+%$!%E+'(!'6#":,#-!&$+'+'!$>:,':,!"!--#,!'
'
A"*'%'5%'= "&<$"/$53)+)"% $* !)5'+)0"*$%"( *)!)5 '"2 "/(%3#$+()"= +'+1 '% )"D( ()! 0"2$% -'( 0"*%)2)(( "/(%3((3%'( 0"
<$25$"=3+2E0"!$" +=)%#'1 )+ "/3 "#)2$!! "2 "-'!3('1 )+$"3( ! 11'( "*$%"!'"-'!3('1 )+$"2$ "2 -$%/ ""/(%3#$+( 9"'
'
90 9"'=&(+""&'(!'>*!%!$5'(+!',!,&"!'$&$'%&$,*!F:!,!'
A!"*% & +5"2$ "( ()! "+)+"&)+(% @3 ( "D)--$%)"( ()! "*% - "2 "83)('1 )+ "3== & '! "$/*%$//$"2'"3+"#$%&'()"'(( -)E"- $+$"
$==$((3'()" (%'# ($" !,3( ! 11)" 2 " 3+" '**%)*% '()" &%$2 (" /*%$'20" +2 - 23'()" '" *'%( %$" 2'" /(%3#$+( " = +'+1 '% "
&)+( @3 ( "$"! 83 2 "&)+"&'%'(($% /( &<$"/ # !'% 9":$"=)+( "2'"&3 "'(( +5$%$"('!$"# /3%'"/)+)"!$"/$53$+( U"
− ( ()! "&)+(% @3 ( "$"! 83 2 "2$!"#$2$/ #)"$# (($+($6"
− &%$2 ("2$='3!("/X'*"/3!!'"#$2$/ #'"%$=$%$+&$"$+( (B6"
− ( ()! "&)+(% @3 ( "$"! 83 2 "$#$// "2'"$# (($+($"&)+"#$2$/ #)"%'( +5"$"'**'%($+$+($"'!"#$2$/ #)"/$(()%$9"
"
A+" )5+ " &'/)" / " ( $+$" &)+()" 2$!!'" 2 ==$%$+($" /$+ )% (B" 2$!" ( ()!)" 2'" *%$11'%$" %$!'( -'#$+($" '!!'" /(%3((3%'" 2$!"
2$@ ()"2$!!,$# (($+($9"
C$!" &'/)" 2$5! " $# (($+( " *3@@! & " ('! '+ " - $+$" &)/(%3 ('" 3+'" #'(% &$" 2 " %'( +5a23%'('" /3!!'" @'/$" 2$ " ! -$!! " 2 "
/*%$'2" 2$!!$" $# // )+ " 5)-$%+'( -$" &3 " -$+5)+)" '**! &'( " " 2 ==$%$+1 '! " (%'" !$" -'% $" &!'// " 2 " %'( +5a23%'('"
% /*$(()"'2"$# // )+ "*3@@! &<$"D%$5 )+ 0"*%)- +&$0"&)#3+ 0"$+( "5)-$%+'( - E9"
H # !'%#$+($0"*$%"!$"*'// - (."= +'+1 '% $"-'!3('($"'!"=' %"-'!3$0"*$%"!'"2$($%# +'1 )+$"$"# /3%'1 )+$"2$!"&%$2 ("
/*%$'2" 2$!" [%3**)" A+($/'" H'+*')!)" / " ='" % =$% #$+()" '" ( ()! " )@@! 5'1 )+'% " $#$// " 2'!!'" `'*)5%3**)0" &)+"
'
//B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ !
&$2)!$" *$% )2 &<$" %$5)!'% 0" /&'2$+1'" )!(%$" 3+" '++)" $" 83)('( " /3" 3+" #$%&'()" '(( -)" /3!!'" @'/$" 2 " 83'+()"
*%$/&% (()" 2'5! " AMHaATYH9" Z'!!$" 83)('1 )+ " 2 " #$%&'()" / " 2$/3#$" !" #$% ()" &%$2 ( 1 )" #*! & ()0" &<$" - $+$" *) "
*$%=$1 )+'()"'((%'-$%/)"#)2$!! "2 " +($%*)!'1 )+$0"&<$"5$+$%'+)"&3%-$"2 "&%$2 ("/*%$'2"2 ==$%$+1 '($"*$%"( *)"2 "
&$2)!'0"/&'2$+1'"$"! -$!!)"2 "/3@)%2 +'1 )+$9""
A+)!(%$0" +$!" &'/)" 2 " ( ()! " )@@! 5'1 )+'% " +)+" 83)('( " /3" #$%&'( " '(( - 0" '!" = +$" 2 " ($+$%$" +" &)+/ 2$%'1 )+$" !"
#'55 )%"*%$# )"% &< $/()"2'!" #$%&'()"% /*$(()" '2" 3+"( ()!)"/ # !'%$"&)+(% @3 ()0"/ " '55 3+5$"'!"&%$2 ("/*%$'2"
d=' %,"3+'"3!($% )%$"&)#*)+$+($"/( #'('""/3!!'"@'/$"2$ "@ 2a'/G"/*%$'2"% !$-'( "/3!"#$%&'()9"
C$!"&'/)" +"&3 "/ '" +)!(%$"*%$/$+($"3+,)*1 )+'! (."$#@$22$2"/ "*%)--$2$"'2"3+"3!($% )%$"'55 3/('#$+()"2$!!)"
/*%$'2" '55 3+5$+2)" 3+'" &)#*)+$+($" -)!('" '" &)5! $%$" " &)/( " 2 " <$25 +5" 2$!!'" /(%3((3%'" $" !! 83 2 (." 2$ "
/)(()/('+( 9"L'!$"&)#*)+$+($"?"2$($%# +'('"/3!!'"@'/$"2$!!'"( *)!)5 '"2 ")*1 )+$"$"2$!!'"#'(3% (B9"
"
990 9'=&(+""!'(!'>*!%!$5'(+!'(+*!6#,!'(!',#@@&;'%#=F!&;'+H:!,I;'!$<"#-!&$+'+'=+*%!'
R$%" "&)+(%'(( "2$% -'( 0" +"&)+/ 2$%'1 )+$"2$!!'"!)%)"+3#$%)/ (."$"&)#*!$// (.0"?"/('()" +2 - 23'()"3+"83'2%)"
/ /($#'( &)"2 "% =$% #$+()"&<$"%'**%$/$+('"!$"! +$$"&)#3+ "D'!5)% (# "2 "&'!&)!)0"#)2$!! "2 "$!'@)%'1 )+$0"2'( "
2 " #$%&'()" 3( ! 11'( 0" '//3+1 )+ " 2 " @'/$" 2$!" #)2$!!)E" /3!!$" 83'! " / " =)+2'" !'" -'!3('1 )+$" 2 " )5+ " &'($5)% '" 2 "
/(%3#$+( "2$% -'( 9"
A" 2$% -'( " 2 " ('//)0" &'#@ )0" '1 )+'% 0" /3" +=!'1 )+$" $" /3" &)##)2 ( $/0" !'22)-$" +)+" /&'#@ '( " /3" #$%&'( "
%$5)!'#$+('( 0" /)+)" /(%3#$+( " _-$%"L<$" `)3+($%" D_L`E0" )--$%)" +$5)1 '( " @ !'($%'!#$+($" &)+" &)+(%)*'%( " 2 "
#$%&'()" $" !'" !)%)" -'!3('1 )+$" ?" $==$((3'('" #$2 '+($" '**)/ ( " #)2$!! " 2 " *% & +50" '! #$+('( " 2'" *'%'#$(% " 2 "
+*3("D83'! "!$"&3%-$"2 "('//)0"&'#@ "$"-)!'( ! (.E")//$%-'( "/3!"#$%&'()"$"/)(()*)/( "' "*%)&$// "2 "#)+ ()%'55 )"
!!3/(%'( " +"*%$&$2$+1'9"
:'"('@$!!'"/$53$+($" !!3/(%'" "*% +& *'! "#)2$!! "3( ! 11'( "*$%" !"*% & +5"2$ "2$% -'( "_L`" +"=3+1 )+$"2$!!'"&!'//$"
2 "'**'%($+$+1'"2$!"/)(()/('+($9"
"
J"#@@+'(+"
K &,,&@,#$,+
L&(+""!'(!'M#":,#-!&$+'N,!"!--#,!
7*!$%!>#"!'(#,!'(!'=+*%#,&'+'>#*#=+,*!'(!'
!$>:,'(+!'=&(+""!
Tasso d’ interesse
Net Present Value, Blac k, SABR, Libor Market
Model, Hull- White a 1 e 2 fattori, Mistura di HullWhite a 1 e 2 fattori, Lognormale Bivariato,
Rendistato
Curve dei tassi d’ interesse (depositi, FRA,
Futures, OIS, swap, basis swap, paniere
Rendistato),
volatilità
opzioni
c ap/floor/swaption,
c orrelazioni
tra
tassi
Tasso di c ambio
Net present Value FX, Garman- Kohlhagen,
Lognormale c on Volatilità Inc erta (LMUV)
Curve dei tassi d’ interesse, c urve FX spot e
forward, volatilità FX
Equity
Net present Value Equity, Blac k- Sc holes
generalizzato, Heston, Jump Diffusion
Curve dei tassi di interesse, prezzi spot dei
sottostanti, c urve dei tassi d’ interesse,
dividendi attesi, volatilità e c orrelazioni dei
sottostanti, volatilità e c orrelazioni quanto
Inflazione
Bifattoriale Inflazione
Curve dei tassi d’interesse nominali e di
inflazione, volatilità dei tassi d’interesse e di
inflazione,
c oeffic ienti
di
stagionalità
dell’ indic e dei prezzi al c onsumo, c orrelazione
dei tassi di inflazione
Commodity
Net present Value Commodity, Blac k- Sc holes
generalizzato, Independent Forward
Curve dei tassi d’ interesse, prezzi spot,
forward e futures dei sottostanti, volatilità e
c orrelazioni
dei
sottostanti,
volatilità
e
c orrelazioni quanto
"
"
`)#$"*%$- /()"2'!!,ATYH"IW0"*$%"*$%-$+ %$"'!!'"2$($%# +'1 )+$"2$!"=' %"-'!3$0"!'";'+&'"&)+/ 2$%'"'+&<$"!,$==$(()"
2$!"% /&< )"2 " +'2$#* #$+()"D+)+F*$%=)%#'+&$"% /GE"+$!!'"2$($%# +'1 )+$"2$!"=' %"-'!3$9"L'!$"% /&< )" +&!32$"
/ '" !$" -'% '1 )+ " 2$!" #$% ()" &%$2 ( 1 )" 2$!!'" &)+(%)*'%($" &<$" !$" -'% '1 )+ " 2$!" #$% ()" 2 " &%$2 ()" 2$!!,$# (($+($"
/($//)"D)X+"&%$2 ("% /GE9"
R$%" " 2$% -'( " +" *'%( &)!'%$0" !" #)2$!!)" 2 " &'!&)!)" 2$+)# +'()" ; !'($%'!" `%$2 (" Q'!3$" M2b3/(#$+(" D@`QME"
-'!)% 11'" * $+'#$+($" )!(%$" &<$" 5! " $==$(( " 2$!!$" -'% '1 )+ " 2$!" #$% ()" &%$2 ( 1 )" 2$!!'" &)+(%)*'%($" '+&<$" !$"
-'% '1 )+ " 2$!" *%)*% )" #$% ()" &%$2 ( 1 )9" A!" @`QM" ?" &)/( (3 ()" +='(( " 2'!!'" /)##'" 2 " 23$" '22$+2 " &'!&)!'( "
&)+/ 2$%'+2)"!'"*)// @ ! (."2 "='!! #$+()"2 "$+(%'#@$"!$"&)+(%)*'%( U"
− !"`QM"D`%$2 ("Q'!3$"M2b3/(#$+(E"?"3+'"83'+( (."+$5'( -'"&<$"( $+$" +"&)+/ 2$%'1 )+$"5! "/&$+'% " +"&3 "!'"
&)+(%)*'%($" ='!! /&$" *% #'" 2$!!'" @'+&'" $" !'" @'+&'" *%$/$+('" 3+,$/*)/ 1 )+$" *)/ ( -'" +$ " &)+=%)+( " 2$!!'"
&)+(%)*'%($9" A+" ('! " /&$+'% 0" !'" @'+&'" /3@ /&$" 3+'" *$%2 ('" 2 " '##)+('%$" *'% " '!" &)/()" 2 " /)/( (31 )+$" 2$!"
2$% -'()"/($//)6"
− !" ZQM" DZ$@(" Q'!3$" M2b3/(#$+(E" ?" 3+'" 83'+( (." *)/ ( -'" &<$" ( $+$" +" &)+/ 2$%'1 )+$" 5! " /&$+'% " +" &3 " !'"
@'+&'"='!! /&$"*% #'"2$!!'"&)+(%)*'%($"$"*%$/$+('"3+,$/*)/ 1 )+$"+$5'( -'"+$ "&)+=%)+( "2$!!'"&)+(%)*'%($9"
A+"('! "/&$+'% "!'"@'+&'"@$+$= & '"2 "3+"53'2'5+)"2 "'##)+('%$"*'% "'!"&)/()"2 "/)/( (31 )+$"2$!"2$% -'()"
/($//)9"
'
//G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ ! '
A!" @`QM" 2 *$+2$" 2'!!,$/*)/ 1 )+$0" 2'!!$" *%)@'@ ! (." 2 " 2$='3!(" $" 2'!!$" :)//" [ -$+" Z$='3!(" 2$!!$" &)+(%)*'%( 9"
A+= +$" !"@`QM"2$-$"$//$%$"&'!&)!'()"($+$+2)" +"&)+/ 2$%'1 )+$"5! "$-$+(3'! "'&&)%2 "2 "# ( 5'1 )+$"2$!"% /&< )"
2 " &)+(%)*'%($0" +" *'%( &)!'%$" 5! " '&&)%2 " 2 " &)!!'($%'!" $" 2 " +$(( +5" *$%" )5+ " / +5)!'" &)+(%)*'%($9" A+" &'/)" 2 "
*%$/$+1'" 2 " '&&)%2 " 2 " +$(( +5" &)+" 3+'" 2'('" &)+(%)*'%($" !" @`QM" ?" &'!&)!'()" &)+" % =$% #$+()" '!" *)%('=)5! )"
&)#*%$+2$+($"(3(($"!$")*$%'1 )+ ")55$(()"2 "+$(( +5"&)+"83$!!'"&)+(%)*'%($9"
:'"# /3%'1 )+$"2$!"#$% ()"&%$2 ( 1 )"'-- $+$"'-$+2)"'"% =$% #$+()"2 -$%/$"=)+( 9"R 4" +"*'%( &)!'%$U"
− +"&'/)"2 "&)+(%)*'%( "&)+"/*%$'2"`ZH"83)('()"/3!"#$%&'()"D&)#*%$/'"!'"/($//'"A+($/'"H'+*')!)E0" !"&'!&)!)"
2$!"@`QM"- $+$" $==$((3'()"&)+/ 2$%'+2)" !'" *%)@'@ ! (."2 "2$='3!("+$3(%'!$"-$%/)" !"% /&< )"D)--$%)"/( #'('"
/3!!'"@'/$"2$ "*%$11 "2$!!$")@@! 5'1 )+ "$"+)+"/3!!'"@'/$"2$ "2'( "/()% & E"83)('('"/3!"#$%&'()"$"%$!'( -'"/ '"
'!!'"&)+(%)*'%($"&<$"'!!, +-$/( ()%$0"# /3%'('"/3!!'"@'/$"2$!!'"&3%-'"2 "&%$2 ()"`ZH"/*%$'2"83)('()6"
− +"&'/)" 2 "&)+(%)*'%( " :'%5$"`)%*)%'($" /$+1'"`ZH"83)('()" /3!"#$%&'()"&)+"='((3%'()"% !$-'+($0" !"&'!&)!)"
2$!"@`QM"- $+$"$==$((3'()"&)+/ 2$%'+2)"!'"*%)@'@ ! (."2 "2$='3!("+$3(%'!$"'!"% /&< )"2 "3+'"&)+(%)*'%($"&<$"
- $+$"'//)& '('"'!!'"&)+(%)*'%($"2$!"&)+(%'(()"D&)#*'%'@!$"'**%)'&<E9"A!"#$% ()"&%$2 ( 1 )"- $+$"# /3%'()U"
• *$%"!$"&)+(%)*'%( "R%)b$&("T +'+&$"3( ! 11'+2)"!'"&3%-'"2 "&%$2 ()"`ZH"/*%$'2"&)#*'%'@!$"A+23/(% '!6"
• *$%"!$"'!(%$"&)+(%)*'%( "3( ! 11'+2)"!'"&3%-'"2 "&%$2 ()"`ZH"/*%$'2"&)#*'%'@!$"*$%"!'"&)+(%)*'%($6"
− +"&'/)"2 "&)+(%)*'%( " !! 83 2$"+)+" +&!3/$"+$!!$"&'($5)% $"*%$&$2$+( 0" !"&'!&)!)"2$!"@`QM"- $+$"$==$((3'()"
&)+/ 2$%'+2)" !'" *%)@'@ ! (." 2 " 2$='3!(" 2$!!'" &)+(%)*'%($" $" 2$!" [%3**)" A+($/'" H'+*')!)0" 2$($%# +'('"
3( ! 11'+2)"!'"&3%-'"2 "&%$2 ()")(($+3('"2'!!$"#'(% & "2 "*%)@'@ ! (."2 "2$='3!(9"
"
R$%" !$" &)+(%)*'%( " +" 2$='3!(0" / " $==$((3'" +-$&$" 3+'" /( #'" 2$!" % /&< )" 2 " &)+(%)*'%($" &)$%$+($" &)+"!'"
*$%&$+(3'!$"2 "'&&'+()+'#$+()"'**! &'('"'!!$"$/*)/ 1 )+ "*$%"&'//'9"
A!" *%$&$2$+($" #)2$!!)" 2 " &'!&)!)" 2$!" `%$2 (" Y /G" M2b3/(#$+(" D`YME" " %$/('" '+&)%'" -'! 2)" *$%" 3+" *$% #$(%)" 2 "
*%)2)(( "*$%"&3 " !"#)2$!!)"@`QM"?"'+&)%'" +"='/$"2 "/- !3**)9"
"
9990 C#'6#":,#-!&$+'(+!',!,&"!'#-!&$#*!'%&$'=&(+""!'*+"#,!6!'+'#@@&":,!'
C$!!,'#@ ()" 2$5! " /(%3#$+( " = +'+1 '% " !" &3 " =' %" -'!3$" ?" 2$($%# +'()" &)+" +*3(" 2 " ! -$!!)" V" % $+(%'+)" '+&<$" "
( ()! "'1 )+'% "-'!3('( "&)+" !"% &)%/)"'"(%'+/'1 )+ "2 %$(($0")--$%)"(%'+/'1 )+ "/ 5+ = &'( -$"/3!"( ()!)"%$5 /(%'($" +"
3+"'%&)" 2 "($#*)"% ($+3()" /3== & $+($#$+($"@%$-$"% /*$(()"'!" #)#$+()"2$!!'"-'!3('1 )+$" $2" +"&)+2 1 )+ "2 "
#$%&'()" &)/('+( " $" *$%" " 83'! " /)+)0" 83 +2 0" 3( ! 11'( " " &)/ 22$(( " #)2$!! " -'!3('( - " O%$!'( - P" @'/'( " /3"
#)!( *! &'()% 9" :,3/)" 2$ " #)!( *! &'()% " '-- $+$" /$&)+2)" !,'**%)&& )" 2$!!$" /)& $(." &)#*'%'@ ! 0" )" !,'**%)&& )"
2$!!$"(%'+/'1 )+ "&)#*'%'@ ! 9"C$!"*% #)"&'/)" !"% =$% #$+()"?"%'**%$/$+('()"2'"3+"&'#* )+$"2 "/)& $(."83)('($"
&)#*'%'@ ! "$"83 +2 "2' "*%$11 "% !$-'( "2'!!$"@)%/$"2'"&3 "/ "2$23&)+)" "#3!( *! "*$%"-'!3('%$"!'"*'%($& *'('6"+$!"
/$&)+2)" &'/)" !" % =$% #$+()" ?" %'**%$/$+('()" 2' " *%$11 " 2 " +$5)1 '1 )+ " +($%-$+3($" /3!" #$%&'()" %$!'( -$" '"
/)& $(."&)#*'%'@ ! "%$5 /(%'($" +"3+"'%&)"2 "($#*)"% ($+3()"/3== & $+($#$+($"@%$-$"% /*$(()"'!"#)#$+()"2$!!'"
-'!3('1 )+$"$2" +"&)+2 1 )+ "2 "#$%&'()"&)/('+( 9"
R$%" " ( ()! " '1 )+'% " *$%" " 83'! " +)+" -$+5)+)" '**! &'( " " #)2$!! " O%$!'( - P" 2$/&% (( " /)*%'0" !'" -'!3('1 )+$" - $+$"
$==$((3'('" '((%'-$%/)" #)2$!! " -'!3('( - " O'//)!3( P9" A+" *'%( &)!'%$" / " (%'(('" 2 " #)2$!! " =)+2'( " /3" =!3// 0" &<$" +"
/)/('+1'"*%$-$2)+)"!'"2$($%# +'1 )+$"2$!"-'!)%$"2$!"( ()!)"'((%'-$%/)"!'"/( #'"2$ "=!3// "= +'+1 '% ")"%$22 (3'! "
&<$"!)"/($//)"?" +"5%'2)"2 "5$+$%'%$"+$!"($#*)"'((3'! 11'( "&)+"3+"('//)"'**%)*% '()" +"=3+1 )+$"2$!"! -$!!)"2 "
% /&< )"2$!!)"/(%3#$+()0"2 "#)2$!! "*'(% #)+ '! ")"2 "#)2$!! "# /( "*'(% #)+ '! F%$22 (3'! 9"
"
9M0 8",*!'=&(+""!'(!'6#":,#-!&$+'(!'"!6+""&'1'+'.'
Y $+(%'+)"(%'"5! "/(%3#$+( "= +'+1 '% " !"&3 "=' %"-'!3$"?"2$($%# +'()"/3"@'/$"% &)%%$+($"'((%'-$%/)" +*3("2 "! -$!!)"
V"'+&<$" "%'**)%( "&%$2 ( 1 "'(( - "$"*'// - 9"A+"*'%( &)!'%$0"*$%"!$"'(( - (."$"*'// - (."'"#$2 )"$"!3+5)"($%# +$0"!'"
-'!3('1 )+$" - $+$" $==$((3'('" '((%'-$%/)" !,'((3'! 11'1 )+$" 2$ " =!3// " 2 " &'//'" =3(3% 9" c3$/(,3!( #'" ?" @'/'('" /3!"
2 /&)3+(" %'($" '2b3/(#$+(" '**%)'&<0" &<$" *%$-$2$" &<$" " ='(()% " 2 " % /&< )" &)++$// " '!!,$%)5'1 )+$" 2$!" &%$2 ()"
/ '+)"&)+/ 2$%'( "+$!"('//)"3( ! 11'()"*$%"!,'((3'! 11'1 )+$"2$ "&'/<"=!)X"=3(3% 9"
`)#$"% &< $/()"2'!"*% +& * )"ATYH"IW0"!'"('@$!!'"&<$"/$53$"$- 2$+1 '0"*$%"!$"'(( - (."= +'+1 '% $"$"*$%"!$"*'// - (."
= +'+1 '% $" -'!3('($" '!" =' %" -'!3$" 2 " ! -$!!)" W0" !, +=)%#'( -'" 83'+( ('( -'" /35! " +*3(" +)+" )//$%-'@ ! " / 5+ = &'( - "
3( ! 11'( "+$!!'"-'!3('1 )+$"2$!"=' %"-'!3$9"
(migliaia di euro)
Attività / passività fianziarie
Derivati OTC oggetto di aggiustamento di Fv
per CVA /DVA
'
Tecnica di valutazione Principali input non osservabili Valore minimo del
range di variazione
bCVA
Lo ss Given Default Rate (LGD)
Valore massimo del Unità
range di variazione
0
100
Cambiamenti di FV
favorevoli
%
Cambiamenti di FV
sfavorevoli
23
-60
"
'
//O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ !
80?01'7*&%+@@!'+'@+$@!F!"!,Q'(+""+'6#":,#-!&$!'
'
R$%"83'+()"% 53'%2'"!'"2$/&% 1 )+$"2$ "*%)&$// "-'!3('( - "3( ! 11'( "2'!!'";'+&'"*$%"5! "/(%3#$+( "-'!3('( "'"! -$!! "
W" +"#'+ $%'"% &)%%$+($"$"+)+"% &)%%$+($0"/ "% +- '"'"83'+()"% *)%('()"+$ "*'%'5%'= "M9e9I"$"M9e9f9"
A+" )(($#*$%'+1'" '" 83'+()" % &< $/()" 2'!" *% +& * )" ATYH" IW0" / " /$5+'!'" &<$0" *$%" !$" '(( - (." = +'+1 '% $" $" *$%" !$"
*'// - (."= +'+1 '% $"-'!3('($"'!"=' %"-'!3$"2 " ! -$!!)" W0" 5! "$==$(( " 2$!"&'#@ '#$+()"2 "3+)")"* 4"2$ " *'%'#$(% "
+)+" )//$%-'@ ! " 3( ! 11'( " +$!!$" ($&+ &<$" 2 " -'!3('1 )+$" #* $5'($" *$%" !'" 2$($%# +'1 )+$" 2$!" =' %" -'!3$" /)+)"
% /3!('( " ##'($% '! 9"
"
80?0.'R+*#*%E!#'(+"'<#!*'6#":+'
'
:'";'+&'"#)2 = &'" !"! -$!!)"2$!!'"5$%'%&< '"2$!"=' %"-'!3$"2$!!$"'(( - (."$"*'// - (."= +'+1 '% $"$"+)+"= +'+1 '% $"
-'!3('($"'!"=' %"-'!3$"/3"@'/$"% &)%%$+($"+$!!'"# /3%'" +"&3 "5! " +*3("3( ! 11'( "+$!!'"2$($%# +'1 )+$"2$!"=' %"-'!3$"
+)+"/)+)"* 4"&)$%$+( "&)+"!$"2$= + 1 )+ "=)%+ ($"2'!"*% +& * )"ATYH"IW"$"2$&! +'($" +"%$5)!$")*$%'( -$" +($%+$9"
"
80?0?0'8",*+'!$<&*=#-!&$!'
'
R$%"!, +=)%#'( -'" +"#$% ()"'!!,P< 5<$/(" '+2"@$/("3/$P"% &< $/('"2'!!,ATYH"IW"/ "='"% +- )" '" 83'+()"2$/&% (()" +"
&'!&$"'!!'"('@$!!'"M9e9f9e"&)+"% =$% #$+()"'!!$"'(( - (."+)+"= +'+1 '% $9"
:'" ;'+&'" +)+" / " '--'!$" 2$!!,$&&$1 )+$" *%$- /('" 2'!" *'%'5%'=)" eg" 2$!!,ATYH" IW" %$!'( -)" '!!,'**! &'1 )+$" 2$!"
*% +& * )" '2" '(( - (." $" *'// - (." = +'+1 '% $" &)+" *)/ 1 )+ " &<$" / " &)#*$+/'+)" &)+" % =$% #$+()" '!" % /&< )" 2 "
#$%&'()")"'!"% /&< )"2 "&)+(%)*'%($9"
"
9$<&*=#,!6#'(!'$#,:*#'H:#$,!,#,!6#'
'
80?0B'R+*#*%E!#'(+"'<#!*'6#":+'
'
80?0B0/' 8,,!6!,Q' +' >#@@!6!,Q' 6#":,#,+' #"' <#!*' 6#":+' @:' F#@+' *!%&**+$,+D' *!>#*,!-!&$+' >+*' "!6+""!' (!' <#!*'
6#":+'''
D# 5! ' '"2 "$3%)E
Attività/Passività finanziarie
misurate al fair value
'
Livello 1 Livello 2
31.12.2012
Livello 3
Livello 1 Livello 2
Livello 3
1. Attività finanziarie detenute per la negoziazione
2. Attività finanziarie valutate al fair value
3. Attività finanziarie disponibili per la vendita
4. Derivati di copertura
5. Attività materiali
6. Attività immateriali
26
5.889
-
12.107
11
9.420
-
222
18.256
-
19
8.135
-
17.945
13
11.390
-
18.442
-
Totale
5.915
21.538
18.478
8.154
29.348
18.442
1. Passività finanziarie detenute per la negoziazione
2. Passività finanziarie valutate al fair value
3. Derivati di copertura
-
12.398
9.265
-
-
17.865
15.357
-
Totale
-
21.663
-
-
33.222
-
'
//P'
31.12.2013
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ ! '
80?0B01'M#*!#-!&$!'#$$:+'(+""+'#,,!6!,Q'6#":,#,+'#"'<#!*'6#":+'@:'F#@+'*!%&**+$,+'T"!6+""&'.U'
D# 5! ' '"2 "$3%)E
1. Esistenze iniziali
Attività
finanziarie
detenute
per la
negoziazione
Attività
finanziarie
valutate al
fair value
Attività
finanziarie
disponibili per
la vendita
Derivati di
c opertura
Attività
materiali
Attività
immateriali
-
-
18.442
-
-
-
2. Aumenti
2.1 Ac quisti
2.2 Profitti imputati a:
2.2.1 Conto Ec onomic o
- di c ui plusvalenze
2.2.2 Patrimonio netto
2.3 Trasferimenti da altri livelli
2.4 Altre variazioni in aumento
3. Diminuzioni
3.1 Vendite
3.2 Rimborsi
3.3 Perdite imputate a:
3.3.1 Conto Ec onomic o
- di c ui minusvalenze
3.3.2 Patrimonio netto
3.4 Trasferimenti ad altri livelli
3.5 Altre variazioni in diminuzione
222
X
222
X
-
X
X
-
1.502
686
816
816
- 1.688
- 1.632
- 56
- 46
- 46
- 10
-
-
-
-
4. Rimanenze finali
222
-
18.256
-
-
-
"
"
`)+" % =$% #$+()" '!!'" -'!)% 11'1 )+$" 2$!!'" % 5'" OL%'/=$% #$+( " 2'" '!(% " ! -$!! P" *$%" !$" OM(( - (." = +'+1 '% $" 2 "
+$5)1 '1 )+$P"/ "(%'(('"2 "2$% -'( "&)+"&)+(%)*'%( " +"2$='3!("D*%$-'!$+($#$+($E"$a")" +"@)+ /"$/ /($+( "'!!'"= +$"
2$!!,$/$%& 1 )" *%$&$2$+($" !" &3 " (%'/=$% #$+()" '" ! -$!!)" W" 2$% -'" 2'" 3+" '== +'#$+()" 2$!!'" #$()2)!)5 '" 2 "
'((% @31 )+$"2$!"! -$!!)"2$!!'"5$%'%&< '"2$!"=' %"-'!3$"&)+/$53$+($"'!!,$+(%'('" +"- 5)%$"2$!!,ATYH"IW9"
"
M(( - (."= +'+1 '% $"2 /*)+ @ ! "*$%"!'"-$+2 ('"
[! " '&83 /( " +2 &'( " (%'" 5! " '3#$+( 0" / " % =$% /&)+)" ' " % &< '# " *$%" 83)($" /)(()/&% (($" 2$!" T)+2)" R%)5%$// )"
A+-$/( #$+( "AA"Dfgh"# 5! ' 'E0"' "-$%/'#$+( "*$%"&)## // )+ "2 "5$/( )+$"2$!"T)+2)"R%)5%$// )"AA"Dij"# 5! ' 'E"$"
2$!"T)+2)"R%)5%$// )"A"DIj"# 5! ' 'E9"
:$" -'% '1 )+ " *)/ ( -$" 2 " =' %" -'!3$" /)+)" % =$% ($" '5! " '2$53'#$+( " 2 " -'!)%$" 2 " T +$/(" H9*9M9" DI" # 5! ' )E0" 2$!"
T)+2)" `!$/ )" DWiW" # 5! ' 'E0" 2$!" T)+2)" R%)5%$// )" A+-$/( #$+( " A" DWih" # 5! ' 'E" $" 2$!" T)+2)" R%)5%$// )"
A+-$/( #$+( "AA"DVh"# 5! ' 'E9"
A"% #@)%/ " +2 &'( "(%'"!$"2 # +31 )+ 0"/)+)"%$!'( - "'"% #@)%/ "*'%1 '! "2 "83)($"/3!"T)+2)"R%)5%$// )"A+-$/( #$+( "
A"DI9eij"# 5! ' 'E"$"/3!"T)+2)"R%)5%$// )"AA"DIeV"# 5! ' 'E9"
C)+" / " % !$-'+)" -)& " '--'!)%'($" *$%" !'" ('@$!!'0" *%$- /('" 2'!!'" ;'+&'" 2,A('! '0" M9e9f9W" Q'% '1 )+ " '++3$" 2$!!$"
*'// - (."-'!3('($"'!"=' %"-'!3$"/3"@'/$"% &)%%$+($"D! -$!!)"WEP9"
"
80?0B0?'8,,!6!,Q'+'>#@@!6!,Q'$&$'6#":,#,+'#"'<#!*'6#":+'&'6#":,#,+'#"'<#!*'6#":+'@:'F#@+'$&$'*!%&**+$,+D'
*!>#*,!-!&$+'>+*'"!6+""!'(!'<#!*'6#":+''
D# 5! ' '"2 "$3%)E
Attività/Passività non misurate al fair value o misurate al fair
value su base non ric orrente
1. Attività finanziarie detenute sino alla sc adenza
2. Crediti verso banc he
3. Crediti verso c lientela
31.12.2013
Valore di
bilanc io
Livello 1
Livello 2
Livello 3
-
-
-
-
62.740
-
1.537
61.203
2.190.711
-
1.234.619
996.811
4. Attività materiali detenute a sc opo di investimento
27
-
-
27
5. Attività non c orrenti e gruppi di attività in via di dismissione
35
-
35
-
2.253.513
-
1.236.191
963.721
-
809.566
154.155
1.165.359
-
1.005.437
160.022
40.917
-
40.917
-
-
-
-
-
2.169.997
-
1.855.920
314.177
Totale
1. Debiti verso banc he
2. Debiti verso c lientela
3. Titoli in c irc olazione
4. Passività assoc iate ad attività in via di dismissione
Totale
"
1.058.041
"
'
//S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'8'S
S"R)! ( &<$"&)+('@ !
A+" %$!'1 )+$" ' " =' %" -'!3$" 2$!!$" -)& " $/*)/($" +$!!'" *%$/$+($" ('@$!!'" '!" WI" 2 &$#@%$" VjIV" / " % #'+2'" '" 83'+()"
$/*)/()" +"R'%($";"S"M(( -)"S"H$1 )+ "h9I0"k9I"$"R'// -)"I9I0"V9I0"W9I9"
"
!!"#"!$%&%'())"#"!$%*"+(+,"(-"&%
R$%"83'+()"% 53'%2'"!$"'(( - (."$"!$"*'// - (."+)+"-'!3('($"'!"=' %"-'!3$"D( ()! "2$($+3( "= +)"'"/&'2$+1'0"&%$2 ( "$"
&%$2 ( " %'**%$/$+('( " 2'" ( ()! 0" 2$@ ( " $" ( ()! " +" & %&)!'1 )+$E" !'" *%'// " '2)(('('" 2'!!'" ;'+&'" *%$-$2$" !'"
2$($%# +'1 )+$"2$!"=' %"-'!3$"'((%'-$%/)" !"&'!&)!)"2$!"-'!)%$"'((3'!$"2$ "=!3// "2 "&'//'"=3(3% 0"'2"3+"('//)"&<$"
+&)%*)%'" !'" /( #'" 2$ " *% +& *'! " % /&< " $" 2$!!$" +&$%($11$" '//)& '( " '!!)" /(%3#$+()" = +'+1 '% )" )55$(()" 2 "
-'!3('1 )+$"D !"&)/ 22$(()"O2 /&)3+("%'($"'2b3/(#$+("'**%)'&<E9"
A+"*'%( &)!'%$" !"('//)"2 " +($%$//$"3( ! 11'()"*$%"!,'((3'! 11'1 )+$"2$ "&'/<"=!)X"=3(3% "?"2$($%# +'()"($+$+2)" +"
&)+/ 2$%'1 )+$" "/$53$+( "='(()% "2 "% /&< )U"
− !"% /&< )"('//)"2 " +($%$//$0" &<$"%'**%$/$+('" !"%$+2 #$+()"&<$" !" #$%&'()")==%$"*$%" )5+ "3+ (." 2 "&'* ('!$"
*%$/('()"'"&)+(%)*'%( "*% -$"2 "% /&< )6"
− !" % /&< )" 2 " &%$2 ()0" &<$" %'**%$/$+('" !" *%$# )" *$%" '-$%" *%$/('()" &'* ('!$" '" &)+(%)*'%( " &<$" *%$/$+('+)"
% /&< )"2 " +/)!-$+1'"6"
− !"&)/()"2$!!'"! 83 2 (."&)++$//)"'!"&%$2 ()9"
"
C$!"&'/)"2 "/(%3#$+( "'"('//)"= //)0" "=!3// "2 "&'//'"/)+)"*'% "'"83$!! "*%$- /( "2'!"&)+(%'(()6"*$%"5! "/(%3#$+( "'"
('//)"-'% '@ !$0" "=!3// "=3(3% "2 "&'//'"/)+)"2$($%# +'( "/3!!'"@'/$"2$ "('// "2 " +($%$//$"=)%X'%20" #*! & ( "+$!!$"
&3%-$"2 "('// "1$%)"&)3*)+")//$%-'( " +"&)%% /*)+2$+1'"2$!!$"2 -$%/$"2'($"2 "= N +5"$"2 ==$%$+1 '($"*$%"( *)!)5 '"
2 " +2 & 11'1 )+$9"
A!" -'!)%$" 2$!" *%$# )" *$%" !" % /&< )" D&%$2 (" /*%$'2E" ?" 2$($%# +'()" '" ! -$!!)" 2 " / +5)!'" *)/ 1 )+$0" (%'# ($"
!,'&83 / 1 )+$"2$!!'"&!'//$"2 "% /&< )"D:[ZE"$"2$!"%'( +5"DRZE9"c3$/($"5%'+2$11$0"3+ ('#$+($"'!!'"23%'('"#$2 '"
= +'+1 '% '" %$/ 23'0" &)/( (3 /&)+)" !" &% ($% )" 53 2'" *$%" !,'&83 / 1 )+$" 2$!" &%$2 (" /*%$'29" :'" &)/(%31 )+$" 2$!!'"
&3%-'"2 "/*%$'2"/$53$"!$"#$2$/ #$"%$5)!$"'+&<$"+$!"&'/)"2$ "( ()! "$#$// "2'"A+($/'"H'+*')!)9"
C$!"2$($%# +'%$" "=' %"-'!3$"$/*)/( "+$!!'"('@$!!'"M9e9f9e"/)+)"/('($"3( ! 11'($"!$"/$53$+( "'//3+1 )+ U"
− *$%" " ( ()! " 2 " 2$@ ()" 2 " *%)*% $(." &!'// = &'( " +$!!'" &'($5)% '" 2$($+3( " = +)" '" /&'2$+1'" $" *$%" " &%$2 ( "
%'**%$/$+('( "2'"( ()! 0"-$+5)+)"/$53 ($"!$"#$2$/ #$"%$5)!$"*%$- /($"*$%"!'"-'!3('1 )+$" '!"=' %"-'!3$"2$!!$"
'!(%$"&'($5)% $"2 "( ()! 6"
− *$%" "( ()! "$#$// 0"!$"%$5)!$"3( ! 11'($"/)+)"!$"/($//$"'**! &'($"' "( ()! "2 "*%)*% $(."2$!!,'(( -)6"
− !"-'!)%$"2 "@ !'+& )"- $+$"'//3+()"83'!$"%'5 )+$-)!$"'**%)// #'1 )+$"2$!"=' %"-'!3$"*$%U"
• !$"*)/($"= +'+1 '% $"D'(( -$"$"*'// -$E"'-$+( "23%'('")% 5 +'% '"353'!$")" +=$% )%$"'"Ig"#$/ 6"
• !$"*)/($"= +'+1 '% $"D'(( -$"$"*'// -$E"'-$+( "23%'('"%$/ 23'"353'!$")" +=$% )%$"'"IV"#$/ 6"
• 5! " #* $5< " $" !'" %'&&)!('" '" - /('0" *$%" &3 " / " '//3#$" 3+'" /&'2$+1'" ##$2 '('" 2$!!$" )@@! 5'1 )+ "
&)+(%'((3'! "&) +& 2$+($"&)+"!'"2'('"2 "@ !'+& )"$"*$%('+()" !"!)%)"=' %"-'!3$"?"'**%)// #'()"2'!"-'!)%$"2 "
&'% &)6"
• !$"'(( - (."2$($% )%'($6"
• !$"*)/($"= +'+1 '% $"D'(( -$"$"*'// -$E"-$%/)"/)& $(."2$!"[%3**)"A+($/'"H'+*')!)9"
'
!!"#"!$%+.+%*"+(+,"(-"&%
R$%"83'+()"&)+&$%+$"5! " ##)@ ! "2 " +-$/( #$+()0" !"&3 "=' %"-'!3$"?"&'!&)!'()"/)!)"' "= + "2$!!, +=)%#'( -'"2$!!'"
C)('" +($5%'( -'0" / " ='" % =$% #$+()" '2" 3+" -'!)%$" 2$($%# +'()0" *%$-'!$+($#$+($" '((%'-$%/)" *$% 1 $" $/($%+$0"
&)+/ 2$%'+2)")*$%'1 )+ "'"*%$11 "&)%%$+( " +"3+"#$%&'()"'(( -)"*$%"'(( - (." ##)@ ! '% "/ # !'% 0"+$!!'"#$2$/ #'"
!)&'! 11'1 )+$"$"&)+2 1 )+$"+)+&<^"/)55$(($"'"&)+2 1 )+ "/ # ! "*$%"'== (( "$2"'!(% "&)+(%'(( 9"
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'0"*%$- /('"2'!!'";'+&'"2,A('! '0"M9f"OA+=)%#'( -'"/3!"&29"O2'B")+$"
*%)= (a!)//PP9""
"
'
/12'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
R'%($";"F"A+=)%#'1 )+ "/3!!)"/('()"*'(% #)+ '!$"
"
8))9MV'
'
K+-!&$+'/'W'J#@@#'+'(!@>&$!F!"!,Q'"!H:!(+'W'M&%+'/2'
'
/0/'J#@@#'+'(!@>&$!F!"!,Q'"!H:!(+D'%&=>&@!-!&$+''
(m igliaia di euro )
a) C as sa
b) D epo s iti liberi pres s o B anc he C entrali
TO TA LE
"
31.12 .2013
31.12.20 12
31.320
31.537
-
-
3 1.3 20
31.537 "
'
/1/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
K+-!&$+'1'W'8,,!6!,Q'<!$#$-!#*!+'(+,+$:,+'>+*'"#'$+5&-!#-!&$+'W'M&%+'12''
'
10/'8,,!6!,Q'<!$#$-!#*!+'(+,+$:,+'>+*'"#'$+5&-!#-!&$+D'%&=>&@!-!&$+'=+*%+&"&5!%#'
( m ig lia ia d i e u r o )
V o c i/ V a lo ri
3 1. 12 . 2 0 13
L iv e llo 1
L iv e llo 2
3 1. 12 . 2 0 12
L iv e llo 3
L iv e llo 1
L iv e llo 2
L iv e llo 3
A . A t t iv it à p e r c a s s a
1. T it o li d i d e b it o
-
1
-
-
281
-
1.1 T it o li s t r u t t u r a t i
-
-
-
-
-
-
1.2 A lt r i t it o li d i d e b it o
-
1
-
281
-
2 . T it o li d i c a p it a le
-
-
-
-
-
-
3 . Q u o t e d i O .I.C .R .
-
-
-
-
-
-
4 . F in a n z ia m e n t i
-
-
-
-
-
-
4 .1 P r o n t i c o n t r o t e r m in e a t t iv i
-
-
-
-
-
-
4 .2 A lt r i
-
-
-
-
-
-
-
1
-
-
281
-
1. D e r iv a t i f in a n z ia r i:
-
12 .10 6
222
-
17 .6 6 4
-
1.1 d i n e g o z ia z io n e
-
12 .10 6
222
-
17 .6 6 4
-
1.2 c o n n e s s i c o n la f a ir v a lu e o p t io n
-
-
-
-
-
-
1.3 a lt r i
-
-
-
-
-
-
-
-
-
-
-
-
2 .1 d i n e g o z ia z io n e
-
-
-
-
-
-
2 .2 c o n n e s s i c o n la f a ir v a lu e o p t io n
-
-
-
-
-
-
2 .3 a lt r i
-
-
-
-
-
-
T o t a le B
-
12 . 10 6
222
-
17 . 6 6 4
-
T O T A L E (A + B )
-
12 . 10 7
222
-
17 . 9 4 5
-
T o t a le A
B . S t r u m e n t i d e r iv a t i
2 . D e r iv a t i c r e d it iz i
"
"
A"( ()! "2 "2$@ ()"/)+)"% =$% ( "'")@@! 5'1 )+ "$#$//$"2'"/)55$(( " +"/('()"2 "2$='3!("*$%"I"# 5! ' )"2 "$3%)9"
"
1010'8,,!6!,Q'<!$#$-!#*!+'(+,+$:,+'>+*'"#'$+5&-!#-!&$+D'%&=>&@!-!&$+'>+*'(+F!,&*!X+=!,,+$,!'
( m ig lia ia d i e u r o )
V o c i/ V a lo r i
3 1. 1 2 . 2 0 1 3
3 1. 12 . 2 0 12
A . A T T IV IT A ' P E R C A S S A
1. T i t o l i d i d e b i t o
1
281
a ) G o v e r n i e B a n c h e C e n t r a li
-
-
b ) A lt r i e n t i p u b b lic i
-
-
c) B anc he
-
280
d ) A lt r i e m it t e n t i
1
1
-
-
a) B anc he
-
-
b ) A lt r i e m it t e n t i:
-
-
- im p r e s e d i a s s ic u r a z io n e
-
-
- s o c ie t à f in a n z ia r ie
-
-
- im p r e s e n o n f in a n z ia r ie
-
-
- a lt ri
-
-
3 . Q u o t e d i O .I.C .R .
-
-
4 . F in a n z ia m e n t i
2 . T it o li d i c a p it a le
-
-
a ) G o v e r n i e B a n c h e C e n t r a li
-
-
b ) A lt r i e n t i p u b b lic i
-
-
c) B anc he
-
-
d ) A lt r i s o g g e t t i
-
-
1
2 8 1
T o t a le A
B ) S T R U M E N T I D E R IV A T I
'
/11'
a) B anc he
2 .2 18
1.0 9 0
b ) C lie n t e la
10 .110
16 .5 7 4
T o t a le B
12 . 3 2 8
17 . 6 6 4
T O T A L E (A + B )
12 . 3 2 9
17 . 9 4 5
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
10.0'8,,!6!,Q'<!$#$-!#*!+'>+*'%#@@#'(+,+$:,+'>+*'"#'$+5&-!#-!&$+D'6#*!#-!&$!'#$$:+'
(m igliaia di euro )
Tito li d i
d e b ito
A . Es is tenze iniziali
B . A um enti
B .1 ac quis ti
B .2 v ariazio ni po s itiv e di fair v alue
Tito li d i Q u o te d i Fin a n zia me n t
c a p ita le O .I.C.R.
i
To ta le
281
-
-
-
281
14.004
-
-
-
14.004
13.971
-
-
-
13.971
-
-
-
-
-
33
-
-
-
33
-14.284
-
-
-
-14.284
-14.003
-
-
-
-14.003
-276
-
-
-
-276
C .3 v ariazio ni negativ e di fair v alue
-1
-
-
-
-1
C .4 T ras ferim enti ad altri po rtafo gli
-
-
-
-
-
-4
-
-
-
-4
1
-
-
-
1
B .3 altre v ariazio ni
C . D im inuzio ni
C .1 v endite
C .2 rim bo rs i
C .5 altre v ariazio ni
D . R im anenze finali
"
"
:$"O'!(%$"-'% '1 )+ " +"'3#$+()P" +2 &'($"'!"*3+()";9W"2$!!'"('@$!!'"/ "% =$% /&)+)"'!!,3( !$"2 "+$5)1 '1 )+$"/3 "
( ()! "2 "2$@ ()9""
"
:$"O'!(%$"-'% '1 )+ " +"2 # +31 )+$P" +2 &'($"'!"*3+()"`9f"/ "% =$% /&)+)"' "%'($ "&$2)!'% "2 " + 1 )"*$% )2)9"
'
/1.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
K+-!&$+'.'W'8,,!6!,Q'<!$#$-!#*!+'6#":,#,+'#"'<#!*'6#":+'W'M&%+'.2'
'
.0/'8,,!6!,Q'<!$#$-!#*!+'6#":,#,+'#"'YM'D'%&=>&@!-!&$+'=+*%+&"&5!%#'
V o c i/V a lo ri
(m ig lia ia d i e u ro )
3 1.12 .2 0 12
3 1.12 .2 0 13
L ive llo 1
L ive llo 2
L ive llo 3
L ive llo 1
L ive llo 2
L ive llo 3
1. Tito li d i d e b ito
1.1 Tito li stru ttu ra ti
1.2 A ltri tito li d i d e b ito
2 . T ito li d i c a p ita le
3 . Q u o te d i O .I.C .R .
4 . F in a n zia m e n ti
4 .1 S tru ttu ra ti
4 .2 A ltri
26
-
-
-
19
-
-
-
T o ta le
26
-
-
19
-
-
"
"
A" ( ()! " 2 " &'* ('!$" /)+)" &)/( (3( " 2'!!$" '1 )+ " A+($/'" H'+*')!)" 2$($+3($" +" *)%('=)5! )0" '&83 /('($" +$!" &)%/)"
2$!!,$/$%& 1 )"VjIV" +"'((3'1 )+$"2$!"* '+)"2 " +&$+( -'1 )+$"%$!'( -)"' "G$B"#'+'5$%/9"
"
.010'8,,!6!,Q'<!$#$-!#*!+'6#":,#,+'#"'YM'D'%&=>&@!-!&$+'(+F!,&*!X+=!,,+$,!'
C o sto
14
-
-
14
-
-
( m ig li a i a d i e u r o )
1. T it o li d i d e b it o
3 1. 12 . 2 0 13
3 1. 12 . 2 0 12
-
-
a ) G o v e r n i e B a n c h e C e n t r a li
-
-
b ) A l t r i e n t i p u b b li c i
-
-
c) B anche
-
-
d ) A l t r i e m it t e n t i
-
-
26
19
26
19
-
-
- im p r e s e d i a s s i c u r a z i o n e
-
-
- s o c ie t à f in a n z ia r ie
-
-
- im p r e s e n o n f i n a n z i a r i e
-
-
- a lt r i
-
-
3 . Q u o t e d i O .I.C .R .
-
-
4 . F in a n z ia m e n t i
-
-
a ) G o v e r n i e B a n c h e C e n t r a li
-
-
b ) A l t r i e n t i p u b b li c i
-
-
c) B anche
-
-
d ) A lt r i s o g g e t t i
-
-
26
19
2 . T it o li d i c a p it a le
a) B anche
b ) A l t r i e m it t e n t i:
TO TALE
.0.'''''8,,!6!,Q'<!$#$-!#*!+'6#":,#,+'#"'<#!*'6#":+D'6#*!#-!&$!'#$$:+'
( m ig lia ia d i e u r o )
T it o li d i
d e b it o
T it o li d i
c a p it a le
Q u o te d i
O . I. C . R .
F in a n z ia m e n t i
T o t a le
A . E s is t e n z e in izia li
-
19
-
-
19
B . A um enti
-
7
-
-
7
B .1 a c q u i s t i
-
-
-
-
-
d i c u i o p e r a zio n i d i a g g re g a z io n e a z ie n d a le
-
-
-
-
-
B .2 v a r i a z i o n i p o s i t i v e d i f a i r v a l u e
-
7
-
-
7
B .3 a l t r e v a r ia z i o n i
-
-
-
-
-
-
-
-
-
-
C .1 v e n d i t e
-
-
-
-
-
d i c u i o p e r a zio n i d i a g g re g a z io n e a z ie n d a le
-
-
-
-
-
C .2 r i m b o r s i
-
-
-
-
-
C .3 v a r i a z i o n i n e g a t i v e d i f a i r v a l u e
-
-
-
-
-
C .4 a l t r e v a r ia z i o n i
-
-
-
-
-
-
26
-
-
26
C . D im in u z io n i
D . R i m a n e n z e f in a l i
C$!" &)%/)" 2$!!,$/$%& 1 )" VjIV" !'" ;'+&'" <'" *%)--$23()" '!!,'&83 /()" 2$!!$" '1 )+ " 2$!!'" `'*)5%3**)" $2" '!!'"
%$!'( -'" /&% 1 )+$" =%'" !$" '(( - (." = +'+1 '% $" -'!3('($" '!" =' %" -'!3$" D/(%3#$+( " +" =' %" -'!3$" )*( )+E6" !$" -'% '1 )+ "
*)/ ( -$" 2 " =' %" -'!3$" Dk" # 5! ' 'E" / " % =$% /&)+)" '!!,'2$53'#$+()" 2 " -'!)%$" %$5 /(%'()" +" &)+(%)*'%( ('" '" &)+()"
$&)+)# &)9""
'
/1?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
K+-!&$+'?'W'8,,!6!,Q'<!$#$-!#*!+'(!@>&$!F!"!'>+*'"#'6+$(!,#'3'M&%+'?2'
'
?0/'8,,!6!,Q'<!$#$-!#*!+'(!@>&$!F!"!'>+*'"#'6+$(!,#D'%&=>&@!-!&$+'=+*%+&"&5!%#''
(migliaia di euro)
Voci/Valori
31.12.2013
Livello 1
1. Titoli di debito
1.1 Titoli strutturati
1.2 Altri titoli di debito
2. Titoli di capitale
31.12.2012
Livello 2
Livello 3
Livello 1
Livello 2
Livello 3
5.889
-
5.423
8.135
-
-
-
-
-
-
5.423
-
5.889
-
5.423
8.135
-
5.423
-
11
1.140
-
13
1.149
2.1 Valutati al fair value
-
11
1.081
-
13
1.090
2.2 Valutati al costo
-
-
59
-
-
59
3. Quote di O.I.C.R.
-
-
11.693
-
-
11.870
4. Finanziamenti
-
-
-
-
-
-
5.889
11
18.256
8.135
13
18.442
TOTALE
"
"
A"( ()! "2 "2$@ ()" /&% (( "+$!"O! -$!!)"IP"/)+)"&)/( (3 ( "2'"( ()! "2 "/('()"*)/( "'"5'%'+1 '")"'"&'31 )+$9""
A" ( ()! " 2 " &'* ('!$" &!'// = &'( " &)#$" '(( - (." = +'+1 '% $" 2 /*)+ @ ! " *$%" !'" -$+2 ('" /)+)" &)/( (3 ( " 2'" (3(( " 83$5! "
+-$/( #$+( "/(%'($5 & "$/$53 ( "2'!!'";'+&'"+$!"&)%/)"2$5! "'++ "$"'+&)%'"*%$/$+( " +"@ !'+& )U"!'";'+&'"+)+"<'0"
'!" #)#$+()0" +($+1 )+$"2 " &$2$%$"('! "( ()! 9" A+" '!!$5'()"'!" @ !'+& )"- $+$"% *)%('()"!,$!$+&)"'+'! ( &)U"OJ!$+&)"
2$ "( ()! "2 ""&'* ('!$"MTH"'!"WIaIVaVjIWP9""
H "% &)%2'"&<$0"&)#$"5 ." !!3/(%'()"+$!!'"*'%($"M"2$!!'"*%$/$+($"C)('"A+($5%'( -'0" "( ()! "2 "&'* ('!$"+)+"83)('( "
*$%" " 83'! " !" =' %" -'!3$" +)+" % /3!('" 2$($%# +'@ !$" +" #)2)" '(($+2 @ !$" )" -$% = &'@ !$" /)+)" /&% (( " '!" &)/()0"
%$(( = &'()"'"=%)+($"2$!!,'&&$%('#$+()"2 "*$%2 ($"*$%"% 231 )+$"2 "-'!)%$9"
:'";'+&'"+)+"2$( $+$" +"*)%('=)5! )"( ()! "2 "&'* ('!$"83)('( " +"#$%&'( "'(( - 9"
R$%" 83'+()" % 53'%2'" " ( ()! " 2 " &'* ('!$" -'!3('( " '!" =' %" -'!3$0" / " % *)%('" 2 " /$53 ()" !" 2$(('5! )" 2$!!$" % /$%-$" 2 "
-'!3('1 )+$" +"$//$%$0"*'% "&)#*!$// -'#$+($"'"Vhf"# 5! ' '"D'!"+$(()"2$!!'"% /$%-'"*$%"= /&'! (."2 ==$% ('"*'% "'"
&)#*!$// - " Ih" # 5! ' 'EU" TACJHL" H9*9M9" Ve" # 5! ' '0" A+($%@%$++$%)" H9*9M9" Ikg" # 5! ' '0" R$+/" R!'+" A+-$/(" H5%"
H9*9M9"fV"# 5! ' '0"HX =("HM"II"# 5! ' '9"
:$" 83)($" 2 " _9A9`9Y9" /)+)" %$!'( -$" '!" T)+2)" ##)@ ! '%$" &< 3/)" `!$/ )" Di9kiV" # 5! ' 'E0" '!" T)+2)" #)@ ! '%$"
R%)5%$// )"A+-$/( #$+( "A"DhIf"# 5! ' 'E"$"'!"T)+2)"#)@ ! '%$"R%)5%$// )"A+-$/( #$+( "AA"DI9Vgh"# 5! ' 'E9"
"
?01'8,,!6!,Q'<!$#$-!#*!+'(!@>&$!F!"!'>+*'"#'6+$(!,#D'%&=>&@!-!&$+'>+*'(+F!,&*!X+=!,,+$,!'
( m ig lia ia d i e u r o )
1. T i t o l i d i d e b i t o
3 1. 12 . 2 0 13
3 1. 12 . 2 0 12
11. 3 12
13 . 5 5 8
5 .8 8 9
8 . 13 5
b ) A lt r i e n t i p u b b lic i
-
-
c ) B anc he
-
-
5 .4 2 3
5 .4 2 3
a ) G o v e r n i e B a n c h e C e n t r a li
d ) A lt r i e m it t e n t i
2 . T it o li d i c a p it a le
a) B anc he
b ) A lt r i e m it t e n t i:
- im p r e s e d i a s s ic u r a z io n e
1.15 1
1. 16 2
-
-
1.15 1
1. 16 2
-
-
- s o c ie t à f in a n z ia r ie
653
652
- im p r e s e n o n f in a n z ia r ie
498
5 10
- a lt r i
3 . Q u o t e d i O . I. C .R .
4 . F in a n z ia m e n t i
-
-
11. 6 9 3
11. 8 7 0
-
-
a ) G o v e r n i e B a n c h e C e n t r a li
-
-
b ) A lt r i e n t i p u b b lic i
-
-
c ) B anc he
-
-
d ) A lt r i s o g g e t t i
-
-
2 4 . 15 6
2 6 .5 9 0
T O T A L E
"
L%'" "( ()! "2 "&'* ('!$"/)+)"&)#*%$/ "83$!! "$#$// "2'"T))2"T'&()% +5"H9*9M9" +"! 83 2'1 )+$"$"'## + /(%'1 )+$"
/(%')%2 +'% '"$"H$+( $% "Q - "H9%9!9"D/)55$(( "&!'// = &'( "'" +&'5! )"$" /&% (( "'"@ !'+& )"*$%""-'!)% "+)+"/ 5+ = &'( - E9"
L'! "/)& $(."/)+)"/('($"/-'!3('($" +($5%'!#$+($"+$ "*%$&$2$+( "$/$%& 1 U"T))2"T'&()% +5"H9*9M9"*$%"IjW"# 5! ' '0"
H$+( $% "- - "H9%9!9"*$%"hj"# 5! ' '9""
L3(($"!$"'(( - (."= +'+1 '% $"2 /*)+ @ ! "*$%"!'"-$+2 ('"/)+)"&)/( (3 ($"2'"'(( - (."+)+"&)*$%($0"*$%"&3 "!'"('@$!!'"
e9W"OM(( - (."= +'+1 '% $"2 /*)+ @ ! "*$%"!'"-$+2 ('")55$(()"2 "&)*$%(3%'"/*$& = &'P"+)+"- $+$"'--'!)%'('9"
'
/1B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
?0?'8,,!6!,Q'<!$#$-!#*!+'(!@>&$!F!"!'>+*'"#'6+$(!,#'(!6+*@+D'6#*!#-!&$!'#$$:+'
(migliaia di euro )
A . Esistenze iniziali
B . A umenti
B .1acquisti
di cui o perazio ni di aggregazio ne aziendale
B .2 variazio ni po sitive di fair value
B .3 riprese di valo re:
- imputate al co nto eco no mico
- imputate al patrimo nio netto
B .4 trasferimenti da altri po rtafo gli
B .5 altre variazio ni
C. Diminuzio ni
C.1vendite
di cui o perazio ni di aggregazio ne aziendale
C.2 rimbo rsi
C.3 variazio ni negative di fair value
C.4 svalutazio ni da deterio ramento
- imputate al co nto eco no mico
- imputate al patrimo nio netto
C.5 trasferimenti ad altri po rtafo gli
C.6 altre variazio ni
D. Rimanenze finali
Titoli di
debito
Titoli di
c apitale
13.558
5.890
5.657
153
80
-8.136
-8.000
-136
11.312
1.162
1
1
X
-12
-12
1.151
"
Quote di Finanziame
O.I.C.R.
nti
11.870
1.501
686
815
-1.678
-1.632
-46
-46
11.693
-
Totale
26.590
7.392
6.343
969
80
-9.826
-9.632
-12
-46
-46
-136
24.156
"
L ()! "2 "2$@ ()"
"
[! "O'&83 /( P"$" "O% #@)%/ P"/ "% =$% /&)+)"'!!,'&83 / 1 )+$"2 "( ()! "2 "/('()" ('! '+ "*)/( "'"&'31 )+$"2$5! "'//$5+ "
& %&)!'% "$#$// "2'!!'"@'+&'"'"=%)+($"2$!"% #@)%/)"2 "( ()! "5 3+( "'"/&'2$+1'9"
:$"O'!(%$"-'% '1 )+ " +"'3#$+()P" +2 &'($"'!"*3+()";9f"/ "% =$% /&)+)U"
− '!"&)/()"'##)%( 11'()"DVf"# 5! ' 'E6"
− ' "%'($ "&$2)!'% "2 "= +$"*$% )2)"DIk"# 5! ' 'E6"
− '5! "/&'%( "2 "= +$"*$% )2)"DWg"# 5! ' 'E9"
"
:$"O'!(%$"-'% '1 )+ " +"2 # +31 )+$P"/$5+'!'($"'!"*3+()"`9h"/ "% =$% /&)+)"
− '!!$"*$%2 ($"2'"+$5)1 '1 )+$"Dh"# 5! ' 'E6"
− ' "%'($ "&$2)!'% "2 " + 1 )"*$% )2)"DIWj"# 5! ' 'E9"
"
R$%"83'+()"% 53'%2'" "( ()! "2 "2$@ ()"-'!3('( "'!"=' %"-'!3$0"!,'##)+('%$"2$!!'"% /$%-'"2 "-'!3('1 )+$" +"$//$%$"D'!"
+$(()"2$!!'"% /$%-'"*$%"= /&'! (."2 ==$% ('"*'% "'"ei"# 5! ' 'E"?"2 "Ije"# 5! ' '9"
"
L ()! "2 "&'* ('!$"
"
:$"O-'% '1 )+ "*)/ ( -$"2 "=' %"-'!3$P""D;9VE"/ "% =$% /&)+)"'!!,'2$53'#$+()"2 "-'!)%$"2 "TACJHL"H9*9M90"#$+(%$"!$"
O-'% '1 )+ "+$5'( -$"2 "=' %"-'!3$P"D`9WE"/ "% =$% /&)+)"'!!,'2$53'#$+()"2 "-'!)%$"2 "HX =("HM9""
"
c3)($"2 "_9A9`9Y9"
"
:, #*)%()" +2 &'()" '!" *3+()" ;9I" O'&83 /( P" / " % =$% /&$" '5! " '##)+('% " % &< '#'( " 2'!" T)+2)" R%)5%$// )"
A+-$/( #$+( " AA" Dfgh" # 5! ' 'E0" ' " -$%/'#$+( " *$%" &)## // )+ " 2 " 5$/( )+$" 2$!" T)+2)" R%)5%$// )" A+-$/( #$+( " AA"
Dij"# 5! ' 'E"$"' "-$%/'#$+( "*$%"&)## // )+$"2 "5$/( )+$"2$!"T)+2)"R%)5%$// )"A+-$/( #$+( "A"DIj"# 5! ' 'E9""
:, #*)%()" +2 &'()"'!"*3+()";9V"O-'% '1 )+ "*)/ ( -$"2 "=' %"-'!3$P"/ "% =$% /&$"'!!,'2$53'#$+()"*)/ ( -)"2 "-'!)%$"
2$!"T)+2)"`!$/ )"*$%"WiW"# 5! ' '"2 "$3%)0"2$!"T)+2)"R%)5%$// )"A+-$/( #$+( "A"*$%"Wih"# 5! ' '"2 "$3%)"$"2$!"
T)+2)"R%)5%$// )"A+-$/( #$+( "AA"*$%"Vh"# 5! ' '"2 "$3%)9""
:, #*)%()" +2 &'()" '!" *3+()" `9V" O% #@)%/ P" / " % =$% /&$" ' " % #@)%/ " 2 " 83)($" *$%" I9eij" # 5! ' '" 2 " $3%)" /3!"
T)+2)"R%)5%$// )"A+-$/( #$+( "A"$"*$%"IeV"# 5! ' '"2 "$3%)"/3!"T)+2)"R%)5%$// )"A+-$/( #$+( "AA9"
:, #*)%()" +2 &'()"'!"*3+()"`9e"O/-'!3('1 )+ "2'"2$($% )%'#$+()P"/ "% =$% /&$"'!!, #*' %#$+(0" +2 &'()"'"&)+()"
$&)+)# &)"(%'"!$"%$(( = &<$"2 "-'!)%$"+$(($"/3"'!(%$"'(( - (.0"2$!"T)+2)"R%)5%$// )"A+-$/( #$+( "AA9"
:$"% /$%-$"2 "-'!3('1 )+$" +"$//$%$"/)+)"!$"/$53$+( U""
− T)+2)"`!$/ )U"% /$%-'"*)/ ( -'"*'% "'"kWi"# 5! ' '9""
− T)+2)"R%)5%$// )"A+-$/( #$+( "AU"% /$%-'"*)/ ( -'"*'% "'"Wjj"# 5! ' '6"
− T)+2)"R%)5%$// )"A+-$/( #$+( "AAU"% /$%-'"*)/ ( -'"*'% "'"Vh"# 5! ' '9"
'
/1G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
K+-!&$+'B'W'8,,!6!,Q'<!$#$-!#*!+'(+,+$:,+'@!$&'#""#'@%#(+$-#'3''M&%+'B2'
'
C)+" / " % !$-'+)" -)& " '--'!)%'($" *$%" !$" ('@$!!$0" *%$- /($" 2'!!'" ;'+&'" 2,A('! '0" %$!'( -$" '!!'" OH$1 )+$" f" S" M(( - (."
= +'+1 '% $"2$($+3($"= +)"'!!'"/&'2$+1'P"S"Q)&$"fj9"
'
/1O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
K+-!&$+'G'3'J*+(!,!'6+*@&'F#$%E+'3'M&%+'G2'
'
G0/'J*+(!,!'6+*@&'F#$%E+D'%&=>&@!-!&$+'=+*%+&"&5!%#''
(migliaia di euro )
31.12.2013
Tipologia operazioni/Valori
A . Crediti verso B anche Centrali
1. Depo siti vinco lati
2. Riserva o bbligato ria
Valore di
bilanc io
31.12.2012
Fair value
Livello 3
Valore di
bilanc io
1.387
-
1.911
X
X
X
X
Livello 1
Livello 2
1.387
-
-
X
1.387
X
1.911
3. P ro nti co ntro termine attivi
-
X
X
X
4. A ltri
-
X
X
X
-
61.353
-
150
61.203
88.277
B . Crediti verso banche
1. Finanziamenti
1.1Co nti co rrenti e depo siti liberi
61.353
44.101
-
-
150
61.203
88.277
X
X
X
71.904
1.2. Depo siti vinco lati
17.208
X
X
X
16.279
1.3 A ltri finanziamenti:
44
X
X
X
94
- P ro nti co ntro termine attivi
-
X
X
X
70
- Leasing finanziario
-
X
X
X
-
44
-
X
-
X
-
X
-
24
-
-
X
X
X
-
62.740
X
-
X
1.537
X
61.203
90.188
X
X
X
X
90.188
- A ltri
2. Tito li di debito
2.1Tito li strutturati
2.2 A ltri tito li di debito
TOTA LE
TOTA LE Fair value al 31.12.2012
"
"
A" &%$2 ( " -$%/)" @'+&<$" <'++)" /3@ ()" 3+'" -'% '1 )+$" +" 2 # +31 )+$" 2 " Vk9eeg" # 5! ' '" (%'" !" VjIV" $" !" VjIW"
*% +& *'!#$+($"2)-3('"'!!'"2 # +31 )+$"2$ "`)+( "&)%%$+( "$"2$*)/ ( "! @$% "*'% "'"Vk9gjW"# 5! ' '9"
A"&%$2 ( "-$%/)"@'+&<$"&$+(%'! "*$%"I9Wgk"# 5! ' '"/ "% =$% /&)+)"'!"2$*)/ ()" +"$//$%$"*%$//)"!'";'+&'"`$+(%'!$"
M3/(% '&'")*$%'()"2'!!'"= ! '!$"2 "A++/@%3&G9"
H "/$5+'!'"&<$"!,)@@! 5)"2 "% /$%-'")@@! 5'()% '"+$ "&)+=%)+( "2$!!'";'+&'"2,A('! '"?"'//)!()" +2 %$(('#$+($"*$%" !"
(%'# ($" 2$!!'" `'*)5%3**)0" *%$//)" !'" 83'!$" ?" +" $//$%$" 3+" 2$*)/ ()" - +&)!'()0" &)/( (3 ()" '" ('!$" /&)*)0" &<$" '!"
WIaIVaVjIW"'##)+('"'"II9jfg"# 5! ' '9"
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!$"('@$!!$0"*%$- /($"2'!!'";'+&'"2,A('! '0"h9V"O"`%$2 ( "-$%/)"@'+&<$")55$(()"
2 "&)*$%(3%'"/*$& = &'P"$"h9W"O:$'/ +5"= +'+1 '% )P9""
'
/1P'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
K+-!&$+'O'3'J*+(!,!'6+*@&'%"!+$,+"#'3'M&%+'O2'
'
O0/'J*+(!,!'6+*@&'%"!+$,+"#D'%&=>&@!-!&$+'=+*%+&"&5!%#''
(migliaia di euro)
31.12.2012
31.12.2013
Valore di bilancio
Tipologia operazioni/Valori
Finanziamenti
1. Co nti co rrenti
2. P ro nti co ntro termine attivi
3. M utui
4. Carte di credito , prestiti perso nali
e cessio ni del quinto
Bonis
Valore di bilanc io
Deteriorati
Fair value
acquistati
altri
Livello 1
Livello 2
Livello 3
-
262.816
-
1.215.620
996.811
2.323.356
437.996
-
85.216
X
X
X
-
-
-
X
X
X
1.078.476
-
135.364
X
X
1.908.896
Deteriorati
Bonis
ac quistati
altri
-
234.412
585.301
-
71.310
-
-
-
X
1.186.986
-
134.504
18.848
-
708
X
X
X
22.674
-
824
5. Leasing finanziario
-
-
-
X
X
X
-
-
-
6. Facto ring
-
-
-
X
X
X
-
-
-
373.576
-
41.528
X
X
X
528.395
-
27.774
7. A ltri finanziamenti
Tito li di debito
8. Tito li strutturati
9. Altri tito li di debito
TOTALE
TOTALE Fair value al 31.12.2012
18.999
-
-
-
18.999
-
20.000
-
-
-
-
-
X
X
X
-
-
-
X
X
X
20.000
-
-
- 1.234.619
996.811
2.343.356
-
234.412
X
2.350.344
-
234.412
18.999
-
-
1.927.895
-
262.816
X
X
X
X
X
"
A"&%$2 ( "-$%/)"!'"&! $+($!'"+$!"VjIW"%$5 /(%'+)"3+'"2 # +31 )+$""5$+$%'! 11'('" +"(3(($"!$"=)%#$"($&+ &<$""*$%"
3+"()('!$"2 "Wgk9jfk"# 5! ' '9"A+"*'%( &)!'%$"!'"2 # +31 )+$"% 53'%2'"*% +& *'!#$+($"5! "OM!(% "= +'+1 '#$+( P"
*$%"IeI9jhf"# 5! ' '0" "O`)+( "&)%%$+( P"*$%"IWW9Wig"# 5! ' '"$" "OK3(3 P"*$%"Ijk9hfj"# 5! ' '9"
M!" WI" 2 &$#@%$" VjIW" !'" -)&$" +&!32$" !'" /)##'" 2 " Ig9iii" # 5! ' '" %$!'( -'" '!!'" /)(()/&% 1 )+$" '--$+3('" +$!"
&)%/)" 2$!!,'++)" 2 " @)+2" /$#$/(%'! " R'(% #)+ )" 2$!" L%$+( +)" /&% (( " +" ('!$" -)&$" +" 83'+()" &)!!$5'( " '2" 3+'"
)*$%'1 )+$"&%$2 ( 1 '"$/$53 ('"2'!!'"`'*)5%3**)9"
L%'"5! "OM!(% "= +'+1 '#$+( P"!$"* 4"/ 5+ = &'( -$"=)%#$"($&+ &<$"/ "% =$% /&)+)"'U"OM!(%$"/)--$+1 )+ "+)+" +"&)+()"
&)%%$+($P" *$%" VIk9gVi" # 5! ' '0" OM+( & *)" /3" $==$(( " $" 2)&3#$+( " /9@9=9P" *$%" Ijk9hgh" " # 5! ' '" $"
OT +'+1 '#$+( "$2"'+( & * "'!!,$/*)%('1 )+$a #*)%('1 )+$P"*$%"ki9iif"# 5! ' '9"
M!" WI" 2 &$#@%$" VjIW" +$!!'" /)(()-)&$" OM!(%$" )*$%'1 )+ P" $%'+)" /&% (( " &%$2 ( " &)+" =)+2 " 2 " ($%1 " +"
'## + /(%'1 )+$""*$%"W9gIW"# 5! ' '6"!,)*$%'( - (." +"@'/$"'!!'"83'!$"/)+)"/('( "$%)5'( "% 53'%2'"*% +& *'!#$+($"
!$"/$53$+( "!$55 U"
− :9R9";)!1'+)"+9"iaiI"T)+2)"Y)('1 )+$"L3% /#)"*$%"V9kek"# 5! ' '6"
− :9R9";)!1'+)"+9"iaiI"T)+2)"Y)('1 )+$"M%( 5 '+'()"*$%"fkh"# 5! ' '6"
− :9R9";)!1'+)"+9"iaiI"T)+2)"Y)('1 )+$"`)##$%& )"*$%"ehV"# 5! ' '9"
"
O01'J*+(!,!'6+*@&'%"!+$,+"#D'%&=>&@!-!&$+'>+*'(+F!,&*!X+=!,,+$,!'
(migliaia di euro )
31.12.2012
31.12.2013
B o nis
1. Tito li di debito
a) Go verni
b) A ltri enti pubblici
c) A ltri emittenti
B o nis
Deterio rati
acquistati
altri
18.999
-
-
-
-
-
18.999
-
Deterio rati
acquistati
altri
20.000
-
-
-
-
-
-
20.000
-
-
-
-
-
-
-
-
- imprese no n finanziarie
-
-
-
-
-
-
- imprese finanziarie
-
-
-
-
-
-
- assicurazio ni
-
-
-
-
-
-
- altri
-
-
-
-
-
-
1.908.896
-
262.816
2.323.356
-
234.412
-
2. Finanziamenti verso :
a) Go verni
b) A ltri enti pubblici
c) A ltri so ggetti
- imprese no n finanziarie
- imprese finanziarie
- assicurazio ni
- altri
TOTA LE
-
-
-
65
-
12.410
-
-
33.663
-
-
1.896.486
-
262.816
2.289.628
-
234.412
1.332.477
-
233.818
1.675.561
-
207.056
68.000
-
3.895
86.344
-
2.666
372
-
-
283
-
-
495.637
-
25.103
527.440
-
24.690
1.927.895
-
262.816
2.343.356
-
234.412
'
/1S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
O0.'J*+(!,!'6+*@&'%"!+$,+"#'#,,!6!,Q'&55+,,&'(!'%&>+*,:*#'@>+%!<!%#''
A"&%$2 ( "-$%/)"&! $+($!'")55$(()"2 "&)*$%(3%'"/*$& = &'"2$!"=' %"-'!3$"2$!"% /&< )"2 "('//)"2 " +($%$//$"'##)+('+)"
'!"WI"2 &$#@%$"VjIW"'"IWI9fhj"# 5! ' '"&)+(%)" "IeW9Wjg"# 5! ' '"'!"WI"2 &$#@%$"VjIV9"
"
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'0"*%$- /('"2'!!'";'+&'"2,A('! '0"k9e"O:$'/ +5"= +'+1 '% )P9""
'
/.2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
K+-!&$+'P'W'Z+*!6#,!'(!'%&>+*,:*#'3'M&%+'P2'(+""[#,,!6&''
'
R$%"83'+()"% 53'%2'"5! ")@ $(( - "$"!$"/(%'($5 $"/)(()/('+( "'!!$")*$%'1 )+ "2 "&)*$%(3%'"/ "% +- '"'!!, +=)%#'( -'"
=)%+ ('"+$!!,'#@ ()"2$!!'"R'%($"J"A+=)%#'( -'"/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'0"H$1 )+$"Y /&< "2 "
#$%&'()9"
"
P0/'Z+*!6#,!'(!'%&>+*,:*#D'%&=>&@!-!&$+'>+*',!>&"&5!#'(!'%&>+*,:*#'+'>+*'"!6+""!''
(m igliaia di euro )
3 1.12 .2 0 13
Tip o lo g ia o p e ra zio n i/V a lo ri
3 1.12 .2 0 12
Fa ir va lu e
L1
A ) D ER IVA T I F IN A N Z IA R I
L2
Fa ir va lu e
VN
L3
L1
L2
VN
L3
-
9.420
-
287.060
-
11.390
-
280.190
1) F air v alue
-
9.420
-
287.060
-
11.245
-
254.190
2) F lus s i finanziari
-
-
-
-
-
145
-
26.000
3) Inv es tim enti es teri
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1) F air v alue
-
-
-
-
-
-
-
-
2) F lus s i finanziari
-
-
-
-
-
-
-
-
-
9 .4 2 0
-
2 8 7.0 6 0
-
11.3 9 0
-
2 8 0 .190
B ) D ER IVA T I C R ED IT IZ I
To ta le
:$5$+2'"
VN = v alo re no m inale o no zio nale
L1 = Liv ello 1
L2 = Liv ello 2
L3 = Liv ello 3
P01'Z+*!6#,!'(!'%&>+*,:*#D'%&=>&@!-!&$+'>+*'>&*,#<&5"!'%&>+*,!'+'>+*',!>&"&5!#'(!'%&>+*,:*#'''
0&+&-"1(
D# 5! ' '"2 "$3%)E
Y":@@!'<!$#$-!#*!
2'&1"*"1(
Y#!*'6#":+
K>+%!<!%#
*!@%E!&
*!@%E!&
*!@%E!&
(!
(!
(!
%#=F!&
%*+(!,&
>*+--&
0&+&-"1(
V>+*#-!&$!X)!>&'(!'%&>+*,:*#
9$6+@,!=0'
+@,+*!
F
F
F
F
F
l
F
l
l
e9ikk
F
F
l
F
l
F
l
l
l
F
F
l
F
l
F
l
l
e9"R)%('=)5! )
l
l
l
l
l
F
l
F
l
f9"M!(%$")*$%'1 )+
F
F
F
F
F
l
F
l
F
?0SOO
W
W
W
W
W
W
W
W
I9"R'// - (."= +'+1 '% $
F
F
F
l
F
l
F
l
l
V9"R)%('=)5! )
l
l
l
l
l
e9eeW
l
F
l
)&,#"+'>#@@!6!,Q'
W
W
W
W
W
?0??.
W
W
W
I9"L%'+/'1 )+ "'(($/$
l
l
l
l
l
l
F
l
l
l
l
l
l
l
F
l
F
F
*!@%E!&
(!
,#@@&
>!\
*!@%E!
I9"M(( - (."= +'+1 '% $"2 /*)+ @ ! "
*$%"!'"-$+2 ('
V9"`%$2 ( "
W9"M(( - (."= +'+1 '% $"2$($+3($"
/ +)"'!!'"/&'2$+1'
)&,#"+'#,,!6!,Q
V9"R)%('=)5! )"2 "'(( - (."$
""""*'// - (."= +'+1 '% $
C$!!'"('@$!!'"/)+)" +2 &'( " "=' %"-'!3$"*)/ ( - "2$ "2$% -'( "2 "&)*$%(3%'0"/322 - / " +"%$!'1 )+$"'!!,'(( - (.")"'!!'"
*'// - (."&)*$%('"$"'!!'"( *)!)5 '"2 "&)*$%(3%'"%$'! 11'('9"H "(%'(('"2$ "&)+(%'(( "2$% -'( "2 "&)*$%(3%'"/*$& = &'"2 "
=' %"-'!3$"2 "&%$2 ( "$"2 "&)*$%(3%'"5$+$% &'"2$!"% /&< )"2 "('//)9"
'
/./'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
K+-!&$+'S'3'8(+5:#=+$,&'(!'6#"&*+'(+""+'#,,!6!,Q'<!$#$-!#*!+'&55+,,&'(!'%&>+*,:*#'
5+$+*!%#'3'M&%+'S2'
'
C)+" / " % !$-'+)" -)& " '--'!)%'($" *$%" !$" ('@$!!$0" *%$- /($" 2'!!'" ;'+&'" 2,A('! '0" %$!'( -$" '!!'" OH$1 )+$" i" S"
M2$53'#$+()"2 "-'!)%$"2$!!$"'(( - (."= +'+1 '% $")55$(()"2 "&)*$%(3%'"5$+$% &'P"S"Q)&$"ij9""
'
/.1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
K+-!&$+'/2'3'C+'>#*,+%!>#-!&$!'3'M&%+'/22'
'
/20/'7#*,+%!>#-!&$!'!$'@&%!+,Q'%&$,*&""#,+;'%&$,*&""#,+'!$'=&(&'%&$5!:$,&'&'@&,,&>&@,+'#('!$<":+$-#'
$&,+6&"+D'!$<&*=#-!&$!'@:!'*#>>&*,!'>#*,+%!>#,!6!''
"
Denominazioni
Sede
Quota
di
partec ipazione %
Roma
0,004
Disponibilità
voti %
A . Im prese c o ntro llate in v ia es c lus iva
B . Im prese c o ntro llate in m o do co ngiunto
C . Im prese s o tto po s te ad influenza no tevo le
1. C o nso rzio B ancario SIR S.p.A . (in liquidazio ne)
2. Im pianti S.r.l. (in liquidazio ne)
3. Intesa Sanpao lo Gro up Servic es S.c.p.A .
4. Info gro up - Info rm atic a e Serv izi T elem atic i S.c .p.A .
5. Intesa Sanpao lo F o rm azio ne S.c .p.A .
M ilano
1,685
Roma
0,004
F irenze
0,001
N apo li
2,405
L'! "/)& $(."/)+)" +&!3/$"=%'"!$"*'%($& *'1 )+ "% !$-'+( " +"83'+()0"&)#*!$// -'#$+($0" !"[%3**)"A+($/'"H'+*')!)"
2$( $+$" +" $//$" 3+'" 83)('" 2 " &)+(%)!!)" )" 2 " &)!!$5'#$+()6" *$%" 83$/($" /)& $(." !'" *$%&$+(3'!$" 2 " 2 /*)+ @ ! (."
-)( "2$!!'";'+&'"$83 -'!$"'!!'"83)('"2 "*'%($& *'1 )+$"2$($+3('"$"+)+"- "/)+)"2 % (( "2 "-)()"*)($+1 '! 9""
/201'7#*,+%!>#-!&$!'!$'@&%!+,Q'%&$,*&""#,+;'%&$,*&""#,+'!$'=&(&'%&$5!:$,&'&'@&,,&>&@,+'#('!$<":+$-#'
$&,+6&"+D'!$<&*=#-!&$!'%&$,#F!"!'
(migliaia di euro )
Denominazioni
Totale
attivo
Ric avi
totali
Utile
(Perdita)
Patrimonio
netto
A . IM P RESE CONTROLLA TE IN VIA ESCLUSIVA (*)
B . IM P RESE CONTROLLA TE IN M ODO CONGIUNTO (*)
C. IM P RESE SOTTOP OSTE A D INFLUENZA NOTEVOLE (*)
Fair value
Valore
di
bilanc io
Liv. 1
Liv. 2
Liv. 3
-
X
X
X
X
X
X
38
-
-
-
2.286
2.337
2.156
-3.823
-
-
-
-
786
17
-45
-2.015
-
-
-
-
1.431.013
1.578.153
-7.096
489.044
30
-
-
-
66.339
79.095
1.028
22.044
1
-
-
-
2.216
2.608
6
311
7
-
D. A LTRE P A RTECIP A ZIONI
-
-
-
-
B A NCA D'ITA LIA
-
-
-
-
38
-
-
-
1. Co nso rzio B ancario SIR S.p.A . (in liquidazio ne)
2. Im pianti S.r.l. (in liquidazio ne)
3. Intesa Sanpao lo Gro up Services S.c.p.A .
4. Info gro up S.c.p.A .
5. Intesa Sanpao lo Fo rm azio ne S.c.p.A .
TOTALE
DmE"
A"- '!)% " +2 &'( "/ "% =$% /&)+)"' "@ !'+& " +"&)%/)"2 "'**%)- '1 )+$9
"
L3(($"!$"/)& $(." +2 &'($"+)+"/)+)"83)('($"$"*$%('+()"+)+"- $+$" +2 &'()" !"=' %"-'!3$9"
A" 2'( " %$!'( - " '!" ()('!$" '(( -)0" ' " % &'- " ()('! 0" '!!,3( !$" D*$%2 ('E" $" '!" *'(% #)+ )" +$(()" /)+)" (%'(( " 2' " @ !'+& " '!"
WIaIVaVjIV9"
R$%"A#* '+( "H9%9!9" +"! 83 2'1 )+$0"/ "/$5+'!'"&<$"!'"/)& $(."?"&)#*%$/'"(%'" "/)55$(( "&!'// = &'( "'"/)==$%$+1'6"
&)#$"$- 2$+1 '()"+$!!'"/3&&$// -'"('@$!!'"Ij9W0"/3"('!$"/)& $(."/)+)"/('($"$/$53 ($" +"*'//'()"/-'!3('1 )+ "*$%"
#*' %#$+("*$%"V"# 5! ' '9""
"
'
/..'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
/20.'7#*,+%!>#-!&$!D'6#*!#-!&$!'#$$:+'
(m ig lia ia d i e u ro )
3 1.12 .2 0 13
3 1.12 .2 0 12
73
73
-
-
B .1 a c q u is t i
-
-
B .2 rip re s e d i v a lo re
-
-
B .3 riv a lu t a zio n i
-
-
A . E s is t e n ze in izia li
B . A um enti
B .4 a lt re v a ria zio n i
-
-
-3 5
-
C .1 v e n d it e
-
-
C .2 re t t if ic h e d i v a lo re
-
-
C . D im in u zio n i
C .3 a lt re v a ria zio n i
D . R im a n e n ze f in a li
E . R iv a lu t a zio n i t o t a li
F . R e t t if ic h e t o t a li
-3 5
-
38
73
-
-
-2
-2
:$" '!(%$" -'% '1 )+ " +" 2 # +31 )+$" D`9WE0" / " % =$% /&)+)" '!!'" % &!'// = &'" 2 " HAM" H9*9M9" DWf" # 5! ' 'E" 2'"
R'%($& *'1 )+$" '2" M(( - (." +"- '" 2 " 2 /# // )+$0" +" *%$- / )+$"2$!!'"&$// )+$" 2'" $==$((3'%/ "$+(%)" !"A"/$#$/(%$"
VjIe9"
:$"%$(( = &<$"()('! "%'**%$/$+('+)" !"()('!$"2$!!$"%$(( = &<$"2'"2$($% )%'#$+()"$==$((3'($0"'"*'%( %$"2'!!,$/$%& 1 )"
IiiW0"/3"A#* '+( "H9%9!9" +"! 83 2'1 )+$9""
/20?'9=>+5$!'*!<+*!,!'#'>#*,+%!>#-!&$!'!$'@&%!+,Q'%&$,*&""#,+'
`)#$" 5 ." /$5+'!'()" +$!!'" ('@$!!'" Ij9I0" !'" ;'+&'" +)+" 2$( $+$" *'%($& *'1 )+ " +" /)& $(." &)+(%)!!'($" +" #)2)"
$/&!3/ -)"$"*$%('+()"+)+"/3// /()+)" #*$5+ 9""
"
/20B'9=>+5$!'*!<+*!,!'#'>#*,+%!>#-!&$!'!$'@&%!+,Q'%&$,*&""#,+'!$'=&(&'%&$5!:$,&'
`)#$" 5 ." /$5+'!'()" +$!!'" ('@$!!'" Ij9I0" !'" ;'+&'" +)+" 2$( $+$" *'%($& *'1 )+ " +" /)& $(." &)+(%)!!'($" +" #)2)"
&)+5 3+()"$"*$%('+()"+)+"/3// /()+)" #*$5+ 9""
/20G'9=>+5$!'*!<+*!,!'#'>#*,+%!>#-!&$!'!$'@&%!+,Q'@&,,&>&@,+'#('!$<":+$-#'$&,+6&"+''
:'";'+&'"+)+"<'"'!&3+" #*$5+)" +"$//$%$"+$ "&)+=%)+( "2$!!$"/)& $(."&!'// = &'($"&)#$"/)(()*)/($"'2" +=!3$+1'"
+)($-)!$9""
'
/.?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
K+-!&$+'//'W'8,,!6!,Q'=#,+*!#"!'3'M&%+'//2'
'
//0/'8,,!6!,Q'=#,+*!#"!'#(':@&'<:$-!&$#"+D'%&=>&@!-!&$+'(+""+'#,,!6!,Q'6#":,#,+'#"'%&@,&'
(migliaia di euro )
Attività/Valori
1. A ttività di pro prietà
a) terreni
b) fabbricati
31.12.2013
31.12.2012
20.438
20.924
6.540
6.540
10.328
10.907
c) mo bili
2.162
1.937
d) impianti elettro nici
1.395
1.540
13
-
e) altre
2. A ttività acquisite in leasing finanziario
-
-
a) terreni
-
-
b) fabbricati
-
-
c) mo bili
-
-
d) impianti elettro nici
-
-
e) altre
-
-
20.438
20.924
TOTALE
"
"
`)+" % =$% #$+()" '!" *% +& * )" AMH" +n" Ih0" *'%'5%'=)" kW0" !$((9" &E" &<$" % &< $2$0" *$%" & '/&3+'" &!'//$" 2 " ##)@ ! 0"
#* '+( " $" #'&&< +'% 0" !, +2 &'1 )+$" 2$!!'" - ('" 3( !$" )" 2$ " ('// " 2 " '##)%('#$+()" 3( ! 11'( 0" / " +=)%#'" &<$" !$"
83)($"2 "'##)%('#$+()" /&% (($"+$!"&)+()"$&)+)# &)"/)+)"&'!&)!'($"'**! &'+2)"!$"'! 83)($"2 "/$53 ()"$/*)/($"
*$%")5+ "&'($5)% '"2 " ##)@ ! 11'1 )+ "#'($% '! U"
− ='@@% &'( "Wo6"
− #)@ ! "IVo6"
− '%%$2'#$+( "Ifo6"
− @'+&)+ "$"&% /('!! "@! +2'( "Vjo6"
− #'&&< +$")%2 +'% $"IVo6"
− #'&&< +$"$!$((%)+ &<$"Vjo6"
− #* '+( "2 "&)#3+ &'1 )+$"Vfo6"
− #* '+( "$"'**'%$&&< "-'% "Ifo6"
− #* '+( "2 "/)!!$-'#$+()"k0fo6"
− #* '+( "2 "'!!'%#$"Wjo9"
"
:$" % -'!3('1 )+ " $==$((3'($" '" +)%#'" 2 " :$55$" /35! " ##)@ ! 0" +" $//$%$" '!!'" 2'('" 2 " % =$% #$+()0" +$!" 2$(('5! )"
/)+)U"
− :$55$"jVaIVaIikf"+9"fkh" " IgW" # 5! ' '6"
− :$55$"IiajWaIigW"+9"kV" " V9giW"# 5! ' '6"
− :$55$"WjajkaIiij"+9"VIg" " kke" # 5! ' '6"
− :$55$"ViaIVaIiij"+9"ejg" " I9gWV"# 5! ' '6"
− :$55$"WjaIVaIiiI"+9"eIW" " i9IiI"# 5! ' '9"
'
/.B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
"
//01'8,,!6!,Q'=#,+*!#"!'(+,+$:,+'#'@%&>&'(!'!$6+@,!=+$,&D'%&=>&@!-!&$+'(+""+'#,,!6!,Q'6#":,#,+'#"'
%&@,&''
Attività/Valori
(migliaia di euro)
31.12.2012
31.12.2013
Fair value
Valore
di
bilanc io
1. Attività di proprietà
a) terreni
b) fabbric ati
Livello
1
Livello
2
Livello
3
Valore
di
bilanc io
27
-
-
27
-
-
-
-
30
-
27
-
-
27
30
-
-
-
-
-
a) terreni
-
-
-
-
-
b) fabbric ati
-
-
-
-
-
27
-
-
27
30
2. Attività ac quisite in leasing finanziario
TOTALE
"
"
//0.'8,,!6!,Q'=#,+*!#"!'#(':@&'<:$-!&$#"+D'%&=>&@!-!&$+'(+""+'#,,!6!,Q'*!6#":,#,+'
'
M!!'"2'('"2 "% =$% #$+()"+)+"/)+)"*%$/$+( "'(( - (."#'($% '! "% -'!3('($9""
"
//0?'8,,!6!,Q'=#,+*!#"!'(+,+$:,+'#'@%&>&'(!'!$6+@,!=+$,&D'%&=>&@!-!&$+'(+""+'#,,!6!,Q'6#":,#,+'#"'<#!*'
6#":+'
"
M!!'"2'('"2 "% =$% #$+()"+)+"/)+)"*%$/$+( "'(( - (."#'($% '! "-'!3('($"'!"=' %"-'!3$9""
"
//0B'8,,!6!,Q'=#,+*!#"!'#(':@&'<:$-!&$#"+D'6#*!#-!&$!'#$$:+'
(migliaia di euro )
Terreni
Fabbric ati
Mobili
Impianti
elettronici
Altre
Totale
A . Esistenze iniziali lo rde
A .1Riduzio ni di valo re to tali nette
A .2 Esistenze iniziali nette
B . A umenti:
B .1A cquisti
di cui o perazio ni di aggregazio ne aziendale
B .2 Spese per miglio rie capitalizzate
B .3 Riprese di valo re
B .4 Variazio ni po sitive di fair value imputate a
a) patrimo nio netto
b) co nto eco no mico
B .5 Differenze po sitive di cambio
B .6 Trasferimenti da immo bili
detenuti a sco po di investimento
B .7 A ltre variazio ni
C. Diminuzio ni:
C.1Vendite
di cui o perazio ni di aggregazio ne aziendale
C.2 A mmo rtamenti
C.3 Rettifiche di valo re da
deterio ramento imputate a
a) patrimo nio netto
b) co nto eco no mico
6.540
6.540
-
31.659
-20.752
10.907
508
390
-
7.312
-5.375
1.937
646
646
-
6.184
-4.644
1.540
372
372
-
8
-8
28
-
51.703
-30.779
20.924
1.554
1.018
390
-
-
118
-1.087
-130
-957
-421
-421
-517
-489
28
-15
-15
146
-2.040
-130
-1.882
-
-
-
-
-
-
C.4 Variazio ni negative di fair value imputate a
a) patrimo nio netto
b) co nto eco no mico
C.5 Differenze negative di cambio
C.6 Trasferimenti a:
a) attività materiali detenute
a sco po di investimento
b) attività in via di dismissio ne
C.7 A ltre variazio ni
D. Rimanenze finali nette
D.1Riduzio ni di valo re to tali nette
D.2 Rimanenze finali lo rde
E. Valutazio ne al co sto
-
-
-
-
-
-
6.540
6.540
-
10.328
-21.578
31.906
-
2.162
-5.760
7.922
-
-28
1.395
-4.987
6.382
-
13
-206
219
-
-28
20.438
-32.531
52.969
-
"
'
/.G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
C$!!$"-)& "M9I"$"Z9I"F"Y 231 )+ "2 "-'!)%$"()('! "+$(($"/)+)"% *)%('( "5! " #*)%( "%$!'( - "' "=)+2 "'##)%('#$+()"
)!(%$"'!!$"%$(( = &<$"2 "-'!)%$"&)+('@ ! 11'($"'!"= +$"2 "'!! +$'%$" !"-'!)%$"&)+('@ !$"2$!"@$+$"'!"-'!)%$"2 "%$&3*$%)"
2$!!)"/($//)9""
C$!!'" -)&$" ;9k" '!(%$" -'% '1 )+ " ?" +2 &'()" !,3( !$" 2'" &$// )+$" /3" ='@@% &'( " *'% " '" IIg" # 5! ' '" % =$% ()" '2" 3+"
##)@ !$"&<$"*%$/$+('-'"3+"-'!)%$"2 "@ !'+& )"*'% "'"IV"# 5! ' '"D&)/()"/()% &)"*'% "'"IeV"# 5! ' '"$2"3+"=)+2)"
'##)%('#$+()"*'% "'"IWj"# 5! ' 'E"$"-$+23()"'"IWj"# 5! ' '"2 "$3%)9"C$!!'"-)&$"`9I"Q$+2 ($"?"&)#*%$/'"!'"
-$+2 ('"2 "2$(()" ##)@ !$0"$==$((3'('"+$!"&)%/)"2$!"#$/$"2 "'*% !$"VjIW9"
H$#*%$" '!!'" -)&$" ;9k" M!(%$" $" % =$% ('" '!!$" '!(%$" '(( - (." ?" +2 &'('" 3+'" % &!'// = &'" (%'" &!'// " &)#$" +2 &'()" '!!'"
-)&$"`9k"M!(%$"-'% '1 )+ "/3" #* '+( "$!$((%)+ & 9""
:'"/)(()-)&$"OJ"F"Q'!3('1 )+$"'!"&)/()P"+)+"?"-'!)% 11'('" +"83'+()0"&)#$" 2'" /(%31 )+ "2 ";'+&'"2,A('! '0" !'"
/3'"&)#* !'1 )+$"?"*%$- /('"/)!)"*$%"!$"'(( - (."#'($% '! "-'!3('($" +"@ !'+& )"'!"=' %"-'!3$9"
"
//0G'8,,!6!,Q'=#,+*!#"!'(+,+$:,+'#'@%&>&'(!'!$6+@,!=+$,&D'6#*!#-!&$!'#$$:+'
(migliaia di euro )
A . Esistenze iniziali
B . A umenti
B .1A cquisti
B .2 Spese per miglio rie capitalizzate
B .3 Variazio ni po sitive nette di fair value
B .4 Riprese di valo re
B .5 Differenze di cambio po sitive
B .6 Trasferimenti da immo bili ad uso funzio nale
B .7 A ltre variazio ni
C. Diminuzio ni
C.1Vendite
di cui o perazio ni di aggregazio ne aziendale
C.2 A mmo rtamenti
C.3 Variazio ni negative nette di fair value
C.4 Rettifiche di valo re da deterio ramento
C.5 Differenze di cambio negative
C.6 Trasferimenti a ad altri po rtafo gli di attività
a) immo bili ad uso funzio nale
b) attività no n co rrenti in via di dismissio ne
C.7 A ltre variazio ni
D. Rimanenze finali
E. Valutazio ne al fair value
Terreni
Fabbric ati
Totale
-
30
-3
-3
27
27
30
-3
-3
27
27
"
"
//0O'9=>+5$!'>+*'#%H:!@,&'(!'#,,!6!,Q'=#,+*!#"!''
"
[! " #*$5+ " *$%" '&83 /()" 2 " '(( - (." #'($% '! " +" $//$%$" '!" WI" 2 &$#@%$" VjIW" *$%" & %&'" fij" # 5! ' '0" / "
% =$% /&)+)"'"@$+ " ##)@ ! 9"
'
'
/.O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
K+-!&$+'/1'W'8,,!6!,Q'!==#,+*!#"!'W'M&%+'/12'
'
/10/'8,,!6!,Q'!==#,+*!#"!D'%&=>&@!-!&$+'>+*',!>&"&5!#'(!'#,,!6!,Q''
(migliaia di euro )
Attività/Valori
31.12.2013
31.12.2012
Durata
definita
Durata
indefinita
Durata
definita
Durata
indefinita
X
5.287
X
5.287
-
-
-
-
-
-
-
-
a) A ttività immateriali generate
internamente
-
-
-
-
b) A ltre attività
-
-
-
-
-
-
-
-
a) A ttività immateriali generate
internamente
-
-
-
-
b) A ltre attività
-
-
-
-
A .1A vviamento
A .2 A ltre attività immateriali
A .2.1A ttività valutate al co sto :
A .2.2 A ttività valutate al fair value:
2
)V)8C]
W
B01PO
W
B01PO "
"
:$" '(( - (." ##'($% '! " 2$!!'" ;'+&'" /)+)" &)/( (3 ($" 2'!!,M-- '#$+()" 2$% -'+($" 2'5! " $==$(( " 2$!" &)+=$% #$+()"
2$!!$"= ! '! "2$!!'"`'*)5%3**)"'--$+3()" +"2'('"Ie"/$(($#@%$"Vjji"*$%"f9fik"% 2)(()"2 "WIj"# 5! ' '"(%'/=$% ($"
*$%" $==$(()"2$!"&)+=$% #$+()"2$!!$"= ! '! " +"='-)%$"2 " A+($/'" H'+*')!)" R% -'($";'+G +5"'--$+3('"+$!"&)%/)"2$!"
VjIj9"
"
:,'-- '#$+()" +)+" ?" /)55$(()" '2" '##)%('#$+()" / /($#'( &)" @$+/\" '2" 3+" ($/(" *$% )2 &)" 2 " -$% = &'"
/3!!,'2$53'($11'"2$!"%$!'( -)"-'!)%$"2 " /&% 1 )+$" +"@ !'+& )9"
"
:'";'+&'"<'"$==$((3'()" !"($/("2 " #*' %#$+("'!"WI"2 &$#@%$"VjIW"*'%($+2)"2'!!, #*' %#$+("($/("/3!!'"2 - / )+$"
2 " '**'%($+$+1'" 2$!!'" @'+&'" /-)!()" '" ! -$!!)" &)+/)! 2'()" 2'!!'" &'*)5%3**)9" :'" `'*)5%3**)" <'" $==$((3'()"
!, #*' %#$+(" ($/(" 2$!!,'-- '#$+()" 2$!!$" *%)*% $" `[>0" +&!3/'" 83 +2 " !'" `[>" ;'+&'" 2$ " L$%% ()% 0" /( #'+2)" !"
-'!)%$"2,3/)"2$!!$"/($//$"'((%'-$%/)"!,'((3'! 11'1 )+$"2$ "=!3// "= +'+1 '% "'(($/ "*%$2 /*)/( "'"! -$!!)"2 "2 - / )+$"
)*$%'( -'9"
"
R) &<^"!'"@'+&'")*$%'"83'/ " +"- '"$/&!3/ -'"+$!!,'#@ ()"2$!!'"Z - / )+$";'+&'"2$ "L$%% ()% 0"!,'-- '#$+()"?"/('()"
'!!)&'()"/3"3+,3+ &'"`'/<"[$+$%'( +5">+ (0"&<$"&) +& 2$"&)+"!'";'+&'"/($//'9"
"
A+"&)+/ 2$%'1 )+$"2$!!'"/(%$(('"&)%%$!'1 )+$"(%'" !"@3/ +$//"2$!!'"@'+&'"$"83$!!)"/-)!()"2'!!'"Z - / )+$";'+&'"2$ "
L$%% ()% 0" ' " = + " 2$!!'" /( #'" 2$!" -'!)%$" %$&3*$%'@ !$" 2$!!,'-- '#$+()" 2$!!'" ;'+&'" /)+)" /('( " *%$/ " +"
&)+/ 2$%'1 )+$" " #3!( *! " #*! & ( " 2$($%# +'( " /3!!'" @'/$" 2$ " -'!)% " 2$!!'" `[>" ;'+&<$" 2$!" L$%% ()% )" '!" WI"
2 &$#@%$" VjIW0" +" &)+( +3 (." &)+" " *%$&$2$+( " $/$%& 1 0" 2 " /$53 ()" 2$/&% (( U" RaL;Q" D*%$11)" /3" ('+5 @ !$" @))G"
-'!3$E0"RaJ"D*%$11)"/3"3( !$E0"M--aYL"D'-- '#$+()"/3!!'"Y'&&)!('"L)('!$E"$0"83 +2 0"!'"#$2 '"2$5! "/($// 9"
L3(('- '0" +" &)+/ 2$%'1 )+$" 2$!!'" +2 /*)+ @ ! (." 2 " 2'( " %$22 (3'! " *%)/*$(( & " '" ! -$!!)" 2 " :$5'!" J+( (B" $" +)+"
% ($+$+2)"/ 5+ = &'( -)" !"% &)%/)"' "2'( "/()% & "%$22 (3'! 0"/ "?"% ($+3()"2 "+)+"3( ! 11'%$" !"*'%'#$(%)"%$22 (3'!$9"
A+)!(%$0"'!!)"/($//)"#)2)0"- /($"!$"!)5 &<$"2 "2$($%# +'1 )+$"2$!"L'+5 @!$";))G"Q'!3$"'"! -$!!)"2 - / )+'!$"&<$"
/)+)" @'/'( " /3!" &'* ('!$" '!!)&'()" * 3(()/()" &<$" /3!" *'(% #)+ )" +$(()" &)+('@ !$0" / " ?" % ($+3()" )**)%(3+)" 2'%$"
*%$-'!$+1'"'!!, +2 &'()%$"M--aYL"F"'-- '#$+()"/3!!'"%'&&)!('"()('!$9"
"
:,'**! &'1 )+$" 2$!" #3!( *!)" '!" %$!'( -)" -'!)%$" 2 " @ !'+& )" 2$!!'" %'&&)!('" 2 %$(('" $" +2 %$(('" 2$!!'" ;'+&'" '!" WI"
2 &$#@%$" VjIW" <'" $- 2$+1 '()" 3+" -'!)%$" %$&3*$%'@ !$" /3*$% )%$" '" 83$!!)" 2 " /&% 1 )+$" +" @ !'+& )"
2$!!,'-- '#$+()"$"*$%('+()"+)+"/ "?"%$/)"+$&$//'% )"*%)&$2$%$"'!!'"%$(( = &'"2 "-'!)%$"*$%" #*' %#$+(9"
"
'
/.P'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
/101'8,,!6!,Q'!==#,+*!#"!D'6#*!#-!&$!'#$$:+''
(m igliaia di euro )
A vvia me n to
A ltre a ttività imma te ria li:
g e n e ra te in te rn a me n te
Du ra ta
d e fin ita
A . Es is tenze iniziali
A .1 R iduzio ni di v alo re to tali net te
A .2 Es is tenze iniziali nett e
B . A um enti
A ltre a ttività imma te ria li:
a ltre
Du ra ta
In d e fin ita
Du ra ta
d e fin ita
To ta le
Du ra ta
In d e fin ita
5.287
-
-
-
-
-
-
-
-
-
5.287
-
5.287
-
-
-
-
5.287
-
-
-
-
-
-
B .1 A c quis ti
di c ui o perazio nii di aggregazio ne aziendale
-
-
-
-
-
-
B .2 Inc rem enti di att iv ità im m ateriali int erne
X
-
-
-
-
-
B .3 R ipres e di v alo re
X
-
-
-
-
-
B .4 Variazio ni po s it iv e di fair v alue
-
-
-
-
-
-
- a pat rim o nio netto
X
-
-
-
-
-
- a c o nto ec o no m ic o
X
-
-
-
-
-
B .5 D if ferenze di c am bio po s itiv e
-
-
-
-
-
-
B .6 A lt re v ariazio ni
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
C .2 R ettific he di v alo re
-
-
-
-
-
-
- A m m o rtam ent i
X
-
-
-
-
-
-
-
-
-
-
-
C . D im inuzio ni
C .1 Vendite
di c ui o perazio ni di aggregazio ne aziendale
- Sv alutazio ni
patrim o nio nett o
c o nto ec o no m ic o
C .3 Variazio ni negat iv e di fair v alue
X
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- a pat rim o nio netto
X
-
-
-
-
-
- a c o nto ec o no m ic o
X
-
-
-
-
-
C .4 T ras ferim enti alle at tiv ità
no n c o rrenti in v ia di dis m is s io ne
-
-
-
-
-
-
C .5 D if ferenze di c am bio negat iv e
-
-
-
-
-
-
C .6 A lt re v ariazio ni
-
-
-
-
-
-
D . R im anenze finali net te
5.287
-
-
-
-
5.287
D .1 R ettif ic he di v alo re to tali nett e
E. R im anenze finali lo rde
5.287
-
-
-
-
5.287
-
-
-
-
-
-
F . Valut azio ni al c o s to
"
"
:'" ;'+&'" <'" *%)--$23()" '2" $==$((3'%$" !" ($/(" *$% )2 &)" 2 " -$% = &'" /3!!,'2$53'($11'" 2$!" %$!'( -)" -'!)%$" 2 "
/&% 1 )+$" +"@ !'+& )9"A!"($/("+)+"<'"$- 2$+1 '()"!,$/ /($+1'"2 "*$%2 ($"23%$-)! "2 "-'!)%$9""
R$%"83'+()"% 53'%2'"!$"#)2'! (."2 "2$($%# +'1 )+$"2$!!$"*$%2 ($"2 "-'!)%$0"/ "% +- '"'"83'+()"5 ." !!3/(%'()"+$!!'"
R'%($"M"S"R)! ( &<$"&)+('@ ! 9""
"
/10.'8,,!6!,Q'!==#,+*!#"!D'#",*+'!$<&*=#-!&$!'
"
":'";'+&'"+)+"2$( $+$U"
− M(( - (." ##'($% '! "% -'!3('($6"
− M(( - (." ##'($% '! "'&83 / ($"*$%"&)+&$// )+$"5)-$%+'( -'6"
− M(( - (." ##'($% '! "&)/( (3 ($" +"5'%'+1 $"2 "*%)*% "2$@ ( 6"
− A#*$5+ "'!!,'&83 /()"2 "'(( - (." ##'($% '! 6"
− M(( - (." ##'($% '! ")55$(()"2 ")*$%'1 )+ "2 "!)&'1 )+$9"
"
`)#$" *%$&$2$+($#$+($" *%$& /'()" !,'-- '#$+()" ?" '!!)&'()" /3" 3+,3+ &'" `'/<" [$+$%'( +5" >+ (" %'**%$/$+('('"
2'!!'"Z - / )+$";'+&'"2$ "L$%% ()% 9"
'
/.S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
K+-!&$+'/.'3'C+'#,,!6!,Q'<!@%#"!'+'"+'>#@@!6!,Q'<!@%#"!'3'M&%+'/.2'+'M&%+'P2'
'
/.0/'8,,!6!,Q'>+*'!=>&@,+'#$,!%!>#,+D'%&=>&@!-!&$+''
(migliaia di euro)
31.12.2013
Contropartita del Conto ec onomic o
31.12.2012
IRES (27,5%)
IRAP (4,5%)
IRES (27,5%)
IRAP (4,5%)
A. Differenze temporanee deduc ibili
Rettifiche di crediti deducibili in futuri esercizi
23.108
1.830
12.158
-
A vviamento
1.576
258
1.576
293
A ccanto namenti per o neri futuri
1.102
-
1.330
-
Oneri strao rdinari per incentivi all'eso do
259
-
1.586
-
A ltre
430
5
572
6
B. Differenze temporanee tassabili
P lusvalenze rateizzate
444
-
941
-
26.031
2.093
16.281
299
IRES (27,5%)
IRAP (4,5%)
IRES (27,5%)
IRAP (4,5%)
1.560
256
2.418
396
82
-
-
-
1.642
256
2.418
396
1O0GO.
10.?S
/P0GSS
GSB
TOTALE
Contropartita del Patrimonio netto
Cash flo w hedge
Rilevazio ne di utili/perdite attuariali
TOTALE
)&,#"+'#,,!6!,Q'>+*'!=>&@,+'#$,!%!>#,+
'
/.01'7#@@!6!,Q'>+*'!=>&@,+'(!<<+*!,+D'%&=>&@!-!&$+'''
"
( m ig lia ia d i e u r o )
3 1. 12 . 2 0 13
C o n t ro p a rt it a d e l C o n t o e c o n o m ic o
3 1. 12 . 2 0 12
IR E S (2 7 , 5 % )
IR A P (4 , 5 % )
IR E S (2 7 , 5 % )
IR A P (4 , 5 % )
444
-
941
-
12 7
-
12 8
-
444
-
849
-
-
-
92
-
12 7
-
12 8
-
IR E S (2 7 , 5 % )
IR A P (4 , 5 % )
IR E S (2 7 , 5 % )
IR A P (4 , 5 % )
46
19
5
13
-
-
-
-
46
19
5
13
/O.
/S
/..
/.
A . D if f e re n z e t e m p o ra n e e t a s s a b ili
P lu s v a le n z e r a t e iz z a t e
A lt r e
B . D if f e re n z e t e m p o ra n e e d e d u c ib ili
A c c a n t o n a m e n t o p e r o n e ri f u t u ri
A t t iv it à f is c a l i L . 2 14 / 11
TO TA L E
C o n t ro p a rt it a d e l P a t rim o n io n e t t o
A t t iv it à d is p o n ib ili p e r la v e n d it a
A lt r e
TO TA L E
) & , # " + ' > # @ @ !6 !, Q ' > + * '! = > & @ , + '( ! < < + * ! , +
'
/.0.'M#*!#-!&$!'(+""+'!=>&@,+'#$,!%!>#,+'T!$'%&$,*&>#*,!,#'(+"'%&$,&'+%&$&=!%&U''
( m ig lia ia d i e u r o )
3 1. 12 . 2 0 13
3 1. 12 . 2 0 12
1. Im p o r t o in iz ia le
16 .5 8 0
15 .7 7 9
2. A um enti
14 .9 4 8
7 .0 3 8
14 .0 0 7
5 .6 2 9
15 3
3 14
b ) d o v u t e a l m u t a m e n t o d i c r it e r i c o n t a b ili
-
-
c ) r ip r e s e d i v a lo r e
-
-
13 .8 5 4
5 .3 15
2 .1 Im p o s t e a n t ic ip a t e r ile v a t e n e ll’ e s e r c iz io
a ) r e la t iv e a p r e c e d e n t i e s e r c iz i
d ) a lt r e
2 .2 N u o v e im p o s t e o in c r e m e n t i d i a liq u o t e f is c a li
-
-
941
1.4 0 9
-
-
- 3 .4 0 4
- 6 .2 3 7
- 2 .8 8 6
- 3 .4 5 8
- 2 .7 7 7
- 3 .3 12
b ) s v a lu t a z io n i p e r s o p r a v v e n u t a ir r e c u p e r a b ilit à
-
-
c ) m u t a m e n t o d i c r it e r i c o n t a b ili
-
-
- 10 9
- 14 6
2 .3 A lt r i a u m e n t i
2 .4 O p e r a z io n i d i a g g r e g a z io n e a z ie n d a le
3 . D im in u z io n i
3 .1 Im p o s t e a n t ic ip a t e a n n u lla t e n e ll’ e s e r c iz io
a ) r ig ir i
d ) a lt r e
3 .2 R id u z io n i d i a liq u o t e f is c a li
3 .3 A lt r e d im in u z io n i
a ) t r a s f o r m a z io n i in c r e d it i d ' im p o s t a d i c u i a lla L . 2 14 / 2 0 11
b ) a lt r e
? 0' 9 = > & * , & '< !$ # "+
'
/?2'
-
-2 5
- 5 18
- 2 .7 5 4
-7 4
- 1.8 13
-4 4 4
1 P 0/ 1 ?
-9 4 1
/ G 0B P 2
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
:'" -)&$" OA#*)/($" '+( & *'($" % !$-'($" +$!!,$/$%& 1 )" F" '!(%$P0" *3+()" V9I" !$((9" 2E0" &)#*%$+2$" '+&<$" !$" #*)/($"
'+( & *'($" DIW9VfI" # 5! ' 'E" % &)+23& @ ! " '!!'" +3)-'" 2 /& *! +'" *%$- /('" 2'!!'" :$55$" 2 " H('@ ! (." VjIe" " 2$!!$"
%$(( = &<$"+$(($"$"2$!!$"*$%2 ($"/3"&%$2 ( "-$%/)"&! $+($!'"D!$55$"+9IekaVjIWE9""
:'" -)&$" OM!(% " '3#$+( P0" *3+()" V9W0" *'% " '" ieI" # 5! ' '0" % *)%('" !)" /()%+)" 2$!!'" &)#*$+/'1 )+$" $==$((3'('"
+$!!,$/$%& 1 )"*%$&$2$+($9"
:'"-)&$"OM!(%$"2 # +31 )+ P0"*3+()"W9W"@E0"*'% "'"eee"# 5! ' '0"% *)%('"!'"&)#*$+/'1 )+$"$==$((3'('"+$!!,'++)"
&)+"!$"*'// - (."= /&'! "2 ==$% ($9"
'
/.0.0/''M#*!#-!&$!'(+""+'!=>&@,+'#$,!%!>#,+'(!'%:!'#""#'C0'1/?X12//'T!$'%&$,*&>#*,!,#'(+"'%&$,&'
+%&$&=!%&U''
(m igliaia di euro )
3 1.12 .2 0 13
3 1.12 .2 0 12
1. Im po rto iniziale
13.642
11.470
2. A um enti
13.788
4.546
3. D im inuzio ni
-658
-2.374
3.1 R igiri
-584
-468
-74
-1.814
-74
-1.203
-
-611
3.2 T ras fo rm azio ne in c rediti d'im po s ta
a) deriv ante da perdita di es erc izio
b) deriv ante da perdite fis c ali
3.3 A ltre dim inuzio ni
?0'9 => & *, & '< !$#"+
-
-92
1G0OO1
/.0G?1
'
/.0?'M#*!#-!&$!'(+""+'!=>&@,+'(!<<+*!,+'T!$'%&$,*&>#*,!,#'(+"'%&$,&'+%&$&=!%&U''
'
(m ig lia ia d i e u ro )
3 1.12 .2 0 13
3 1.12 .2 0 12
1. Im p o rt o in izia le
12 8
12 8
2. A um enti
941
1.4 6 2
2 .1 Im p o s t e d if f e rit e rile v a t e n e ll’ e s e rc izio
-
53
a ) re la t iv e a p re c e d e n t i e s e rc izi
-
-
b ) d o v u t e a l m u t a m e n t o d i c rit e ri c o n t a b ili
-
-
c ) a lt re
-
53
2 .2 N u o v e im p o s t e o in c re m e n t i d i a liq u o t e f is c a li
2 .3 A lt ri a u m e n t i
3 . D im in u zio n i
3 .1 Im p o s t e d if f e rit e a n n u lla t e n e ll’ e s e rc izio
a ) rig iri
b ) d o v u t e a l m u t a m e n t o d i c rit e ri c o n t a b ili
c ) a lt re
3 .2 R id u zio n i d i a liq u o t e f is c a li
3 .3 A lt re d im in u zio n i
?0'9 => & *, & '< !$ #"+
-
-
941
1.4 0 9
-9 4 2
-1.4 6 2
-4 9 8
-5 2 1
-4 4 4
-5 2 1
-
-
-5 4
-
-
-
-4 4 4
-9 4 1
/1O
/1P
"
"
:'" -)&$" OM!(% " '3#$+( P0" *3+()" V9W0" *'% " '" ieI" # 5! ' '0" % *)%('" !)" /()%+)" 2$!!'" &)#*$+/'1 )+$" $==$((3'('"
+$!!,$/$%& 1 )"*%$&$2$+($9"
:'"-)&$" OM!(%$" 2 # +31 )+ P0"*3+()"W9W0" *'% "'"eee"# 5! ' '0"% *)%('"!'"&)#*$+/'1 )+$" $==$((3'('" +$!!," '++)"
&)+"!$"'(( - (."= /&'! "2 ==$% ($9"
'
'
/?/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
/.0B'M#*!#-!&$!'(+""+'!=>&@,+'#$,!%!>#,+'T!$'%&$,*&>#*,!,#'(+"'>#,*!=&$!&'$+,,&U''
(migliaia di euro )
1. Impo rto iniziale
2. A umenti
2.1Impo ste anticipate rilevate nell’ esercizio
31.12.2013
31.12.2012
2.814
1.994
82
948
82
948
-
-
a) relative a precedenti esercizi
b) do vute al mutamento di criteri co ntabili
-
-
82
948
2.2 Nuo ve impo ste o incrementi di aliquo te fiscali
-
-
2.3 A ltri aumenti
-
-
-998
-128
-998
-96
c) altre
3. Diminuzio ni
3.1Impo ste anticipate annullate nell’ esercizio
a) rigiri
-998
-96
b) svalutazio ni per so pravvenuta irrecuperabilità
-
-
c) do vute al mutamento di criteri co ntabili
-
-
d) altre
-
-
3.2 Riduzio ni di aliquo te fiscali
-
-32
3.3 A ltre diminuzio ni
-
-
?0''9=>&*,&'<!$#"+
/0PSP
10P/? "
'
/.0G'M#*!#-!&$!'(+""+'!=>&@,+'(!<<+*!,+'T!$'%&$,*&>#*,!,#'(+"'>#,*!=&$!&'$+,,&U'' '
'
(m ig lia ia d i e u ro )
3 1.12 .2 0 13
3 1.12 .2 0 12
1. Im p o rt o in izia le
18
19
2. A um enti
47
2
47
2
a ) re la t iv e a p re c e d e n t i e s e rc izi
-
-
b ) d o v u t e a l m u t a m e n t o d e i c rit e ri c o n t a b ili
-
-
2 .1 Im p o s t e d if f e rit e rile v a t e n e ll’ e s e rc izio
47
2
2 .2 N u o v e im p o s t e o in c re m e n t i d i a liq u o t e f is c a li
c ) a lt re
-
-
2 .3 A lt ri a u m e n t i
-
-
-
-3
3 . D im in u zio n i
3 .1 Im p o s t e d if f e rit e a n n u llat e n e ll’ es e rc izio
-
-2
a ) rig iri
-
-2
b ) d o v u t e a l m u t a m e n t o d e i c rit e ri c o n t a b ili
-
-
c ) a lt re
-
-
3 .2 R id u zio n i d i a liq u o t e f is c a li
-
-1
3 .3 A lt re d im in u zio n i
-
-
GB
/P
?0''9 => & *, & '< !$ #"+
'
'
!"#$#%&%'()'*+')+,&&$)-%+.$&%'/)0%--*!%'$)
:)"AMH"IV"*%$-$2$"&<$"!'"% !$-'1 )+$"2$!!$"*'// - (."$"2$!!$"'(( - (."= /&'! "2 ==$% ($"'--$+5'"&)+" "/$53$+( "&% ($% U"
− 2 ==$%$+1$"($#*)%'+$$" #*)+ @ ! U"3+'"*'// - (."= /&'!$"2 ==$% ('"2$-$"$//$%$"% !$-'('"*$%"(3(($"!$"2 ==$%$+1$"
($#*)%'+$$" #*)+ @ ! 6"
− 2 ==$%$+1$" ($#*)%'+$$" 2$23& @ ! U" 3+,'(( - (." = /&'!$" 2 ==$% ('" 2$-$" $//$%$" % !$-'('" *$%" (3(($" !$" 2 ==$%$+1$"
($#*)%'+$$" 2$23& @ ! " /$" ?" *%)@'@ !$" &<$" /'%." %$'! 11'()" 3+" %$22 ()" #*)+ @ !$" '" =%)+($" 2$!" 83'!$" *)(%."
$//$%$" 3( ! 11'('" !'" 2 ==$%$+1'" ($#*)%'+$'" 2$23& @ !$9" :$" #*)/($" '+( & *'($" +)+" &)+('@ ! 11'($" +" 3+"
2$($%# +'()" $/$%& 1 )" S" +" 83'+()" +)+" /3// /($-'+)" " #)( - " *$%" !" !)%)" % &)+)/& #$+()" S" 2$-)+)" $//$%$"
/&% (($"+$!!,"$/$%& 1 )" +"&3 "('! "%$83 / ( "$#$%5)+)9"
'
/?1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
:,'##)+('%$"2$!!$" #*)/($"'+( & *'($" /&% (()" +"@ !'+& )"2$-$"$//$%$0"*$%('+()0"/)(()*)/()"'"($/(")5+ "'++)0"
*$%"-$% = &'%$"/$"/3// /($"3+'"%'5 )+$-)!$"&$%($11'"2 "&)+/$53 %$" +"=3(3%)"%$22 ( " #*)+ @ ! "= /&'! "$"83 +2 "!'"
*)// @ ! (."2 "%$&3*$%'%$"!$" #*)/($"'+( & *'($9"
:$" #*)/($" '+( & *'($"2 "&3 "'!!'"!$55$" VIeaVjII0" /&% (($"'"=%)+($" 2 " /-'!3('1 )+$"&%$2 ( " $"'##)%('#$+( " 2 "
'-- '#$+( " $2" '(( - (." ##'($% '! 0" /)+)" $/*)/($" '!!'" *%$&$2$+($" ('@$!!'" IW9W9I9" M" ('!$" % 53'%2)" -'" % &)%2'()"
&<$" !"Z:"VVfaVjIj0"&)+-$%( ()"&)+"#)2 = &'1 )+ "+$!!'":$55$"IjaVjII"$"/3&&$// -$"#)2 = &<$"$" +($5%'1 )+ 0""
<'"*%$- /()"&<$0" +"*%$/$+1'"2 "*'%( &)!'% "&)+2 1 )+ "$&)+)# &)F*'(% #)+ '! 0" !$"/322$(($" #*)/($"'+( & *'($"
-$+5'+)"(%'/=)%#'($" +"&%$2 ( "-$%/)"!,J%'% )"*$%"&3 "'!"= / )!)5 &)"O% 5 %)P"'!!$"% /*$(( -$"/&'2$+1$0"/ "'== '+&'"
+)!(%$"3+'"#)2'! (."2 "%$&3*$%)"'55 3+( -'"$2" +($5%'( -'"&<$"%$+2$"2 "='(()"'3()#'( &'#$+($"/)22 /='(()" !"
*%)@'@ ! (B"($/("*$%"('! "( *)!)5 $"2 " #*)/($"'+( & *'($9"
`)+/ 2$%'()" &<$" !'" ;'+&'" 2 " L%$+()" $" ;)!1'+)0" &)#$" !'" #'55 )%" *'%($" 2$!!$" '!(%$" /)& $(." 2$!" [%3**)0"
*'%($& *'" '!" `)+/)! 2'()" = /&'!$0" !'" -$% = &'" 2$!!$" &)+2 1 )+ " 2, /&% 1 )+$" - $+$" /-)!('" 2'!!'" `)+/)! 2'+($" &<$0"
-'!3('('" !'" &'*'& (." %$22 (3'!$" *%)/*$(( &'" 2$!" [%3**)0" &)#3+ &'" '++3'!#$+($" !,$/ ()" 2$!" *%)@'@ ! (B" ($/(9"
:,$/ ()"*)/ ( -)"2$!"*%)@'@ ! (B"($/(0"83 +2 0" +($5%'" "%$83 / ( "2 " /&% 1 )+$"2$!!$" #*)/($"'+( & *'($"+$!"; !'+& )"
2$!!'";'+&'"2 "L%$+()"$";)!1'+)9"
A+)!(%$0"!'";'+&'"2 "L%$+()"$";)!1'+)"<'"$==$((3'()"3+'"3!($% )%$"'+'! / "-)!('"'"-$% = &'%$"!'"*%)@'@ ! (."2 "3+'"
%$22 ( - (." =3(3%'" ('!$" 2'" 5'%'+( %$" !" % '//)%@ #$+()" 2$!!$" #*)/($" '+( & *'($" /&% (($" '!" WIaIVaVjIW0" &<$" <'"
$- 2$+1 '()"3+'"@'/$" #*)+ @ !$"'#* '#$+($"&'* $+($9"
/.0O'8",*+'!$<&*=#-!&$!''
"
:'"% !$-'1 )+$"2$!!$"'(( - (."$"*'// - (."= /&'! "2 ==$% ($"?"/('('"$==$((3'('" +"@'/$"'!!$"'! 83)($"= /&'! "'((3'!#$+($"
- 5$+( "$"&<$"/ "*%$-$2$"/'%'++)" +"- 5)%$"'!"#)#$+()"2$!"%$'! 11)"2$!!,'(( - (.")"2$!!,$/( +1 )+$"2$!!'"*'// - (.9"
:'"-)&$"OM(( - (."= /&'! "&)%%$+( P"'##)+('"'"k9hgi"# 5! ' '"$"/ "% =$% /&$"'!!)"/@ !'+& )"2$ "&%$2 ( "$"2$@ ( "-$%/)"
!,J%'% )" *$%" AYMR0"% ($+3($"$" #*)/($" +2 %$(($9":'"#$2$/ #'"-)&$" +&!32$" !"&%$2 ()" #'(3%'()"'"/$53 ()"2$!!'"
*%$/$+('1 )+$" 2 " /('+1'" 2 " % #@)%/)" *$%" !'" 2$23& @ ! (." AYMR0" 2'!!'" @'/$" #*)+ @ !$" AYJH0" %$!'( -'#$+($" '!!$"
'++3'! (."VjjeFVjII"DI9eeV"# 5! ' 'E9"
"
C)+"% /3!('" /&% (('"'!&3+'" #*)/('"&)%%$+($" +"%$!'1 )+$"'!!'" +(%)231 )+$"2$!!'"'22 1 )+'!$"AYJH"2$!!,g0fjo"2'"
&'!&)!'%$"/3!"%$22 ()"2, #*%$/'0"/*$& = &'('#$+($"*%$- /('"*$%"!$";'+&<$"2'!"%$&$+($"Z$&%$()"!$55$"IWWaVjIW9"
'
/?.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)
K+-!&$+' /?' W' 8,,!6!,Q' $&$' %&**+$,!' +' 5*:>>!' (!' #,,!6!,Q' !$' 6!#' (!' (!@=!@@!&$+' +'
>#@@!6!,Q'#@@&%!#,+'3'M&%+'/?2''(+""[#,,!6&'+'M&%+'S2'(+"'>#@@!6&'
'
/?0/' 8,,!6!,Q' $&$' %&**+$,!' +' 5*:>>!' (!' #,,!6!,Q' !$' 6!#' (!' (!@=!@@!&$+D' %&=>&@!-!&$+' >+*' ,!>&"&5!#' (!'
#,,!6!,Q''
(migliaia di euro )
31.12.2013
31.12.2012
A . Singo le attività
-
-
35
-
A .3 A ttività materiali
-
-
A .4 A ttività immateriali
-
-
A .5 A ltre attività no n co rrenti
-
-
35
-
B .1 A ttività finanziarie detenute per la nego ziazio ne
-
-
B .2 A ttività finanziarie valutate al fair value
-
-
B .3 A ttività finanziarie dispo nibili per la vendita
-
-
B .4 A ttività finanziarie detenute sino alla scadenza
-
-
B .5 Crediti verso banche
-
-
B .6 Crediti verso clientela
-
-
B .7 P artecipazio ni
-
-
B .8 A ttività materiali
-
-
B .9 A ttività immateriali
-
-
B .10 A ltre attività
-
-
-
-
C.1Debiti
-
-
C.2 Tito li
-
-
C.3 A ltre passività
-
-
-
-
D.1Debiti verso banche
-
-
D.2 Debiti verso clientela
-
-
D.3 Tito li in circo lazio ne
-
-
D.4 P assività finanziarie di nego ziazio ne
-
-
D.5 P assività finanziarie valutate al fair value
-
-
D.6 Fo ndi
-
-
D.7 A ltre passività
-
-
-
-
A .1A ttività finanziarie
A .2 P artecipazio ni
Totale A
B . Gruppi di attività (unità o perative dismesse)
Totale B
C. P assività asso ciate ad attività
no n co rrenti in via di dismissio ne
Totale C
D. P assività asso ciate a gruppi di attività
in via di dismissio ne
Totale D
"
:'"-)&$"M9V"R'%($& *'1 )+ "/ "% =$% /&$"'!!'"% &!'// = &'"2 "HAM"H9*9M9"2'"R'%($& *'1 )+ "'2"M(( - (." +"- '"2 "
2 /# // )+$9":,)*$%'1 )+$"2 "&$// )+$"-$%%."&)+&!3/'"$+(%)" !"A"/$#$/(%$"VjIe9"
'
/??'
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"M(( -)'
K+-!&$+'/B'W'8",*+'#,,!6!,Q'3'M&%+'/B2'
'
/B0/'8",*+'#,,!6!,QD'%&=>&@!-!&$+''
(migliaia di euro )
Voc i
31.12.2013
31.12.2012
7.342
5.954
P artite viaggianti
289
135
P artite debito rie per valuta rego lamento
254
181
A ssegni ed altri valo ri in cassa
1.723
1.522
M iglio rie e spese incrementative so stenute su beni di terzi
3.277
3.828
748
-
5.094
9.041
A ddebiti diversi in co rso di esecuzio ne
Crediti verso la Capo gruppo per co nso lidato fiscale
P artite varie
TOTALE
18.727
20.661
"
"
[! " OM22$@ ( " 2 -$%/ " +" &)%/)" 2 " $/$&31 )+$P" $" !$" OR'%( ($" - '55 '+( P" 2$% -'+)0" *%$-'!$+($#$+($0" 2'"
$!'@)%'1 )+ " $==$((3'($" +$5! " 3!( # " 5 )%+ " 2$!!,$/$%& 1 )" VjIW" $" *'%$55 '($" +$ " *% # " 5 )%+ " 2$!!,$/$%& 1 )"
/3&&$// -)9"
M!!, +($%+)"2$!!'"-)&$"OM22$@ ( "2 -$%/ " +"&)%/)"2 "$/$&31 )+$P"/)+)"&)#*%$/ " !"&)+(%)-'!)%$"2$5! "'//$5+ " +"
&)%/)"2 "'22$@ ()"/3 "&a&"*$%"fie"# 5! ' '"+)+&<^" "#)- #$+( " +"&)%/)"2 "'22$@ ()"/3 "&a&"*$%"V9eeW"# 5! ' '9"
:'" -)&$" OR'%( ($" -'% $P" &)#*%$+2$" !$" M!(%$" *'%( ($0" *$%" e9IWe" # 5! ' '" D!'" -)&$" %'&&)5! $" 5! " #*)%( " 2'"
'22$@ ('%$"'!!'"&! $+($!'"83'!$"%$&3*$%)"*$%" #*)/('"2 "@)!!)"*$%"I9jVe"# 5! ' 'E"$" "%'($ "$"% /&)+( "'(( - "*$%"
ihI"# 5! ' '9"
C$!!,'55%$5'()" ?" +&!3/'" !'" 83)('" %$!'( -'" '!" T)+2)" `)+/)%( !$" D'%(9" VhIe" 2$!" &)2 &$" & - !$E" 2$!" T)+2)"
A+($%@'+&'% )"2 "(3($!'"2$ "Z$*)/ ( "D'%(9"VV"2$!!)"/('(3()"2$!"=)+2)E"&<$"'!"WI"2 &$#@%$"'##)+('"'"I"# 5! ' )9"
:$"*'%( ($"O2$@ ()% $"*$%"-'!3('"2 "%$5)!'#$+()P"&)+($+5)+)"*% +& *'!#$+($"!'"&)+(%)*'%( ('"2$!!'"-'!3('1 )+$"
2$!!$")*$%'1 )+ " +"&'#@ "'"*%)+( "D)--$%)"&)+"-'!3('"2 "%$5)!'#$+()"$+(%)" "(%$"5 )%+ "/3&&$// - E9"
"
'
/?B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
78KK9MV''
'
K+-!&$+'/'3'Z+F!,!'6+*@&'F#$%E+'W'M&%+'/2'
'
/0/'Z+F!,!'6+*@&'F#$%E+D'%&=>&@!-!&$+'=+*%+&"&5!%#'''
(migliaia di euro )
Tipologia operazioni/Valori
31.12.2013
1. Debiti verso banche centrali
2. Debiti verso banche
2.1 Co nti co rrenti e depo siti liberi
2.2 Depo siti vinco lati
2.3 Finanziamenti
2.3.1P ro nti co ntro termine passivi
2.3.2 A ltri
2.4 Debiti per impegni di riacquisto di pro pri strumenti patrimo niali
2.5 A ltri debiti
TOTALE
31.12.2012
-
-
963.721
1.302.907
23.192
16.511
936.461
1.279.182
4.014
7.122
-
-
4.014
7.122
-
-
54
92
963.721
1.302.907
Fair value - Livello 1
-
X
Fair value - Livello 2
809.566
X
Fair value - Livello 3
154.155
X
TOTALE fair value
963.721
1.302.907
"
"
A" 2$*)/ ( " - +&)!'( " /)+)" $==$((3'( " *$%" !'" 83'/ " ()('! (." &)+" H)& $(." 2$!" 5%3**)U" kgf9IWg" # 5! ' '" &)+" " !'"
`'*)5%3**)"$"Ifj9IeI"# 5! ' '"&)+"H)& ^(^"J3%)*$$++$"2$";'+83$"H9'99"
'
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!$"('@$!!$0"*%$- /($"2'!!'";'+&'"2,A('! '0"I9V"Z$(('5! )"2$!!'"-)&$"Ij"OZ$@ ( "
-$%/)" @'+&<$PU" 2$@ ( " /3@)%2 +'( 0" I9W" Z$(('5! )" 2$!!'" -)&$" Ij" OZ$@ ( " -$%/)" @'+&<$PU" 2$@ ( " /(%3((3%'( 0" I9e"
OZ$@ ( "-$%/)"@'+&<$")55$(()"2 "&)*$%(3%'"/*$& = &'P"$"I9f"OZ$@ ( "*$%"!$'/ +5"= +'+1 '% )P9"
'
'
/?G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
K+-!&$+'1'3'Z+F!,!'6+*@&'%"!+$,+"#'3'M&%+'12'
'
10/'Z+F!,!'6+*@&'%"!+$,+"#D'%&=>&@!-!&$+'=+*%+&"&5!%#'''
(migliaia di euro )
Tipologia operazioni/Valori
31.12.2013
31.12.2012
1. Co nti co rrenti e depo siti liberi
913.437
879.896
2. Depo siti vinco lati
236.878
285.437
-
70
3.1P ro nti co ntro termine passivi
-
70
3.2 A ltri
-
-
15.044
24.553
TOTALE
1.165.359
1.189.956
Fair value - Livello 1
-
X
Fair value - Livello 2
1.005.437
X
Fair value - Livello 3
160.022
X
TOTALE fair value
1.165.459
1.189.956
3. Finanziamenti
4. Debiti per impegni di riacquisto di pro pri strumenti patrimo niali
5. A ltri debiti
'
"
A" *%)+( " &)+(%)" ($%# +$" *'// - " *$%" kj" # 5! ' '" *%$/$+( " +$!!,$/$%& 1 )" VjIV" $%'+)" '" -'!$%$" /3" *%)+( " &)+(%)"
($%# +$"'(( - "$/*)/( "+$!!'"('@$!!'"2$!!,'(( -)"Oh9I"`%$2 ( "-$%/)"@'+&<$U"&)#*)/ 1 )+$"#$%&$)!)5 &'P9"
"
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!$"('@$!!$0"*%$- /($"2'!!'";'+&'"2,A('! '0""V9V"Z$(('5! )"2$!!'"-)&$"Vj"OZ$@ ( "
-$%/)"&! $+($!'PU"2$@ ( "/3@)%2 +'( 0"V9W"Z$(('5! )"2$!!'"-)&$"Vj"OZ$@ ( "-$%/)"&! $+($!'PU"2$@ ( "/(%3((3%'( 0"V9e"
OZ$@ ( "-$%/)"&! $+($!'")55$(()"2 "&)*$%(3%'"/*$& = &'P"$"V9f"OZ$@ ( "*$%"!$'/ +5"= +'+1 '% )P9"
'
'
/?O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
K+-!&$+'.'3')!,&"!'!$'%!*%&"#-!&$+'W''M&%+'.2'
'
.0/')!,&"!'!$'%!*%&"#-!&$+D'%&=>&@!-!&$+'=+*%+&"&5!%#''
(migliaia di euro )
31.12.2013
Tipologia titoli/Valori
31.12.2012
Fair value
Valore di
bilanc io Livello 1 Livello 2 Livello
3
Fair value
Valore di
Livello
bilanc io Livello 1 Livello 2
3
A . Tito li
1. o bbligazio ni
1.1strutturate
1.2 altre
2. altri tito li
2.1strutturati
2.2 altri
Totale
40.119
-
40.119
-
57.453
-
57.453
-
-
-
-
-
-
-
-
40.119
-
40.119
-
57.453
-
57.453
-
798
-
798
-
1.306
-
1.306
-
-
-
-
-
-
-
-
-
798
-
798
-
1.306
-
1.306
-
40.917
-
40.917
-
58.759
-
58.759
-
"
"
.01'Z+,,#5"!&'(+""#'6&%+'.2'^)!,&"!'!$'%!*%&"#-!&$+_D',!,&"!'@:F&*(!$#,!''
'
:, #*)%()" 2$ " ( ()! " +" & %&)!'1 )+$" O/3@)%2 +'( P" ?" *'% " '" ej9IIi" # 5! ' '0" #$+(%$" '!" WI" 2 &$#@%$" VjIV" $%'"
*'% "'"ej9Ifh"# 5! ' '9"
:$" +=)%#'1 )+ "/3 "*%$/( ( "/3@)%2 +'( "/)+)"% *)%('($"+$!!'"*'%($"T"S"OA+=)%#'1 )+ "/3!"R'(% #)+ )"S"H$1 )+$"
VP9"
"
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!$"('@$!!$0"*%$- /($"2'!!'";'+&'"2,A('! '0""W9W"OL ()! " +"& %&)!'1 )+$")55$(()"
2 "&)*$%(3%'"/*$& = &'P9"
'
/?P'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
K+-!&$+'?'3'7#@@!6!,Q'<!$#$-!#*!+'(!'$+5&-!#-!&$+'3'M&%+'?2'
'
?0/'7#@@!6!,Q'<!$#$-!#*!+'(!'$+5&-!#-!&$+D'%&=>&@!-!&$+'=+*%+&"&5!%#''
(migliaia di euro )
31.12.2013
Tipologia operazioni/Valori
31.12.2012
Fair value
VN
L1
L2
Fair value
FV*
L3
VN
L1
L2
FV*
L3
A . P A SSIVITA ' P ER CA SSA
1. Debiti verso banche
-
-
-
-
-
-
-
-
-
-
2. Debiti verso clientela
-
-
-
-
-
-
-
-
-
-
3. Tito li di debito
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3.1.1strutturate
-
-
-
-
X
-
-
-
-
X
3.1.2 altre o bbligazio ni
-
-
-
-
X
-
-
-
-
X
-
-
-
-
-
-
-
-
3.2.1strutturatI
-
-
-
-
X
-
-
-
-
X
3.2.2 altri
-
-
-
-
X
-
-
-
-
X
-
-
-
-
-
-
-
-
X
3.1Obbligazio ni
3.2 A ltri tito li
Totale A
B . STRUM ENTI DERIVA TI
1. Derivati finanziari
X
-
12.398
-
X
X
-
17.865
-
1.1Di nego ziazio ne
X
-
12.398
-
X
X
-
17.865
-
X
1.2 Co nnessi co n la fair value o ptio n
X
-
-
-
X
X
-
-
-
X
1.3 A ltri
X
-
-
-
X
X
-
-
-
X
X
-
-
-
X
X
-
-
-
X
2.1Di nego ziazio ne
X
-
-
-
X
X
-
-
-
X
2.2 Co nnessi co n la fair value o ptio n
X
-
-
-
X
X
-
-
-
X
2.3 A ltri
X
-
-
-
X
X
-
-
-
X
2. Derivati creditizi
Totale B
X
-
12.398
-
X
X
-
17.865
-
X
TOTALE (A+B)
X
-
12.398
-
X
X
-
17.865
-
X
3#,#+"*
FV = fair value
FV* = fair value calcolat o escludendo le variazioni di valore dovut e al cambiamento del merit o creditizio dell'emit tent e rispet to
alla dat a di emissione
VN = valore nominale o nozionale
L1 = Livello 1
L2 = Livello 2
L3 = Livello 3
"
"
C)+" / " % !$-'+)" -)& " '--'!)%'($" *$%" !$" ('@$!!$0" *%$- /($" 2'!!'" ;'+&'" 2,A('! '0" e9V" Z$(('5! )" 2$!!'" -)&$" ej"
OR'// - (."= +'+1 '% $"2 "+$5)1 '1 )+$PU"*'// - (."/3@)%2 +'($0"e9W"Z$(('5! )"2$!!'"-)&$"ej"OR'// - (."= +'+1 '% $"
2 " +$5)1 '1 )+$PU" 2$@ ( " /(%3((3%'( " $" e9e" Z$(('5! )" 2$!!'" -)&$" ej" OR'// - (." = +'+1 '% $" *$%" &'//'" D$/&!3/ "
O/&)*$%( "($&+ & PE"2 "+$5)1 '1 )+$U"-'% '1 )+ "'++3$9"
'
/?S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
K+-!&$+'B'3'7#@@!6!,Q'<!$#$-!#*!+'6#":,#,+'#"'<#!*'6#":+'3'M&%+'B2''
'
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!$"('@$!!$0"*%$- /($"2'!!'";'+&'"2,A('! '0"%$!'( -$"'!!'"OH$1 )+$""f"S"R'// - (."
= +'+1 '% $"-'!3('($"'!"=' %"-'!3$P"S"-)&$"fj9"
'
/B2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
K+-!&$+''G'W'Z+*!6#,!'(!'%&>+*,:*#'3'M&%+'G2'
'
G0/0'Z+*!6#,!'(!'%&>+*,:*#D'%&=>&@!-!&$+'>+*',!>&"&5!#'(!'%&>+*,:*#'+'>+*'"!6+""!'5+*#*%E!%!'
(migliaia di euro )
31.12.2013
Tipologia operazioni/Valori
31.12.2012
Fair value
L1
L2
-
A . DERIVA TI FINA NZIA RI
-
9.265
Fair value
VN
L3
L1
L2
-
10 8 . 0 9 2
VN
L3
-
15 . 3 5 7
14 7 . 7 4 9
1) Fair value
-
3.589
-
54.854
-
6.510
-
93.696
2) Flussi finanziari
-
5.676
-
53.238
-
8.847
-
54.053
3) Investimenti esteri
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1) Fair value
-
-
-
-
-
-
-
-
2) Flussi finanziari
-
9.265
-
108.092
-
15.357
-
147.749
B . DERIVA TI CREDITIZI
Totale
C+5+$(#
VN = valo re no minale o no zio nale
L1 = Livello 1
L2 = Livello 2
"
L3 = Livello 3
"
G010'Z+*!6#,!'(!'%&>+*,:*#D'%&=>&@!-!&$+'>+*'>&*,#<&5"!'%&>+*,!'+'>+*',!>&"&5!#'(!'%&>+*,:*#'
I9"M(( - (."= +'+1 '% $"2 /*)+ @ ! ""
*$%"!'"-$+2 ('"
V9"`%$2 ( ""
"
"
K>+%!<!%#'
*!@%E!&' *!@%E!&' *!@%E!&' *!@%E!&'
(!'
(!'
(!'
(!'
,#@@&' %#=F!&' %*+(!,&' >*+--&'
>!\'
*!@%E!'
''
" ''
F""
F""
F""
F""
F""
l""
W9ehi"
F"
F"
l"
F"
l"
l""
F""
F""
l""
F""
e9"R)%('=)5! )"
l"
l"
l"
l"
l"
F"
f9"M!(%$")*$%'1 )+ "
F"
F"
F"
F"
F"
l"
"
"
"
"
"
"
)&,#"+'#,,!6!,Q'
.0?GS'
W'
W'
W'
W'
l""
W'
I9"R'// - (."= +'+1 '% $"
F"
F"
F"
l"
F"
l"
V9"R)%('=)5! )"
l"
l"
l"
l"
l"
IVj"
"
"
"
"
"
"
"
)&,#"+'>#@@!6!,Q''
W'
W'
W'
W'
W'
/12'
I9"L%'+/'1 )+ "'(($/$"
l"
l"
l"
l"
l"
l"
V9"R)%('=)5! )"2 "'(( - (."$"*'// - (."
"""""= +'+1 '% $"
"
"
'Y":@@!'"
<!$#$-!#*!'
9$6+@,!=+$,!'
+@,+*!'
F""
l""
l""
F"
l"
l"
F""
l""
l""
l"
F"
l"
F"
l"
F"
"
"
"
W9"M(( - (."= +'+1 '% $"2$($+3($""
/ +)"'!!'"/&'2$+1'"
"
"
[$+$% &'"
Y#!*'6#":+'
"
"
H*$& = &'"
V>+*#-!&$!X)!>&'(!'%&>+*,:*#'
"
""
"
""
"
[$+$% &'"
D# 5! ' '"2 "
$3%)E"
"
"
"
"
"
''
"
"
"
''
W'
"
W'
W'
F"
l"
l"
l"
f9hkh"
l"
"
"
"
W'
B0GOG'
W'
F"
l"
l"
l""
F""
F""
"
l""
l""
l""
l""
l""
F""
"
"
"
"
C$!!'"('@$!!'"/)+)" +2 &'( " "=' %"-'!3$"+$5'( - "2$ "2$% -'( "2 "&)*$%(3%'0"/322 - / " +"%$!'1 )+$"'!!,'(( - (.")"'!!'"
*'// - (."&)*$%('"$" '!!'"( *)!)5 '"2 "&)*$%(3%'"%$'! 11'('9"H "(%'(('" *%$-'!$+($#$+($"2$ "&)+(%'(( "2 "&)*$%(3%'"
/*$& = &'"2 "=' %"-'!3$"2 "&%$2 ( "$"2 "&)*$%(3%'"5$+$% &'"2$!"*)%('=)5! )"2 "=!3// "= +'+1 '% "$" +"# +)%"# /3%'"2 "
&)*$%(3%'"5$+$% &'"2$!"% /&< )"2 "('//)9"
'
/B/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
K+-!&$+'O'W'8(+5:#=+$,&'(!'6#"&*+'(+""+'>#@@!6!,Q'<!$#$-!#*!+'&55+,,&'(!'%&>+*,:*#'
5+$+*!%#'3'M&%+'O2'
'
O0/'8(+5:#=+$,&'(!'6#"&*+'(+""+'>#@@!6!,Q'<!$#$-!#*!+'%&>+*,+'
(migliaia di euro )
Adeguamento di valore delle attività c operte / Valori
1. A deguamento po sitivo delle passività finanziarie
2. A deguamento negativo delle passività finanziarie
TOTALE
31.12.2013
31.12.2012
3.465
6.713
-
-
3.465
6.713
'
"
:'" -)&$" kj" O'2$53'#$+()" 2 " -'!)%$" 2$!!$" *'// - (." = +'+1 '% $" )55$(()" 2 " &)*$%(3%'" 5$+$% &'P" +)+"
% &)#*%$+2$"$-$+(3'! "%'($ " +($%$// "#'(3%'( "&<$"-$+5)+)"% &)+2)(( "'!!'"-)&$"*%)*% '"2$!"*'// -)9"
c3$/()"=$+)#$+)"%'**%$/$+('"!'"2 ==$%$+1'"*% +& *'!$"=%'" !"-'!)%$"2$!!'"-)&$"$2" !"-'!)%$"2$ "%$!'( - "2$% -'( "2 "
&)*$%(3%'"$/*)/( " +"@ !'+& )"'!"!)%2)"2$ "%$!'( - "%'($ 9"
"
O01'7#@@!6!,Q'<!$#$-!#*!+'&55+,,&'(!'%&>+*,:*#'5+$+*!%#'(+"'*!@%E!&'(!',#@@&'(!'!$,+*+@@+D'
%&=>&@!-!&$+'
'
:$"*'// - (.")55$(()"2 "&)*$%(3%'"5$+$% &'"'##)+('+)"'"VIV9Ijj"# 5! ' '"$"/ "% =$% /&)+)" '"&)+( "&)%%$+( "$"
2$*)/ ( "'"- /('"&)+"&! $+($!'9"
'
/B1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
K+-!&$+'P'3'7#@@!6!,Q'<!@%#"!'3'M&%+'P2''
'
H "% +- '"'!!'"/$1 )+$"IW"2$!!,M(( -)"2 "C)('"A+($5%'( -'"O:$"'(( - (."= /&'! "$"!$"*'// - (."= /&'! P9"
'
/B.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
K+-!&$+'S'W'7#@@!6!,Q'#@@&%!#,+'#'5*:>>!'(!'#,,!6!,Q'!$'6!#'(!'(!@=!@@!&$+'3'M&%+'S2'
'
H "% +- '"'!!'"/$1 )+$"Ie"2$!!,M(( -)"2 "C)('"A+($5%'( -'"OM(( - (."+)+"&)%%$+( " +"- '" 2 "2 /# // )+$" $"*'// - (."
'//)& '($P9"
'
/B?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
K+-!&$+'/2'−'8",*+'>#@@!6!,Q'−'M&%+'/22'
'
/20/'8",*+'>#@@!6!,QD'%&=>&@!-!&$+''
(migliaia di euro )
Voc i
31.12.2013
31.12.2012
Debiti verso fo rnito ri
5.852
7.940
Impo rti da rico no scere a terzi
1.862
1.408
A ccrediti e partite in co rso di lavo razio ne
7.219
9.787
13
348
14.245
4.699
P artite viaggianti
Rettifiche per partite illiquide po rtafo glio
P artite credito rie per valuta rego lamento
1.036
617
Oneri per il perso nale
3.611
1.254
Debiti verso enti previdenziali
1.510
2.439
Debiti verso co ntro llante per co nso lidato fiscale
-
2.750
1.105
1.182
So mme da versare al fisco per ritenute o perate a clientela
3.497
4.840
P artite varie
16.138
20.388
56.088
57.652
Co pertura rischio a fro nte garanzie rilasciate ed impegni
TOTALE
'
'
[! " OM&&%$2 ( " $" *'%( ($" +" &)%/)" 2 " !'-)%'1 )+$P" $" !$" OR'%( ($" - '55 '+( P" 2$% -'+)0" *%$-'!$+($#$+($0" 2'"
$!'@)%'1 )+ " $==$((3'($" +$5! " 3!( # " 5 )%+ " 2$!!,$/$%& 1 )" VjIW" $" *'%$55 '($" +$ " *% # " 5 )%+ " 2$!!,$/$%& 1 )"
/3&&$// -)9"
:$" *'%( ($" O&%$2 ()% $" *$%" -'!3('" 2 " %$5)!'#$+()P" &)+($+5)+)" *% +& *'!#$+($" !'" &)+(%)*'%( ('" 2$!!'"
-'!3('1 )+$"2$!!$")*$%'1 )+ " +"&'#@ "'"*%)+( "D)--$%)"&)+"-'!3('"2 "%$5)!'#$+()"$+(%)" "(%$"5 )%+ "/3&&$// - E9"
:$"OY$(( = &<$"*$%"*'%( ($" !! 83 2$"*)%('=)5! )P"%'**%$/$+('+)"!)"/@ !'+& )"(%'"!$"%$(( = &<$"O2'%$P"$"!$"%$(( = &<$"
O'-$%$P"% !$-'($" +"/$2$"2 "@ !'+& )"'!"= +$"2 "2$*3%'%$" "&)+( "2$!!,'(( -)"$"2$!"*'// -)"2$!!$"*'%( ($"+)+"'+&)%'"
! 83 2$" )" 2 " &)#*$($+1'" 2 " ($%1 9" A!" /'!2)" 2$!!,$! / )+$" &< 32$" +" *)/ ( -)" +" 83'+()" !,3!( #)" 5 )%+)" !'-)%'( -)"
2$!!,'++)"?"/('()"3+"5 )%+)"!'-)%'( -)0"*$%"&3 "!,'22$@ ()"' "&! $+( "2$!!$"% &$-3($" +"/&'2$+1'"'!"WI"2 &$#@%$"
'-- $+$" +$!!'" #$2$/ #'" 2'('" &)+('@ !$" #$+(%$" !,'&&%$2 ()" '!!$" @'+&<$" &)%% /*)+2$+( " '-- $+$" &)+" 2'('"
&)+('@ !$"pI0"5$+$%'+2)" +"('!"#)2)"!)"/@ !'+& )"*)/ ( -)"&<$"/ "% /&)+(%'" +"('@$!!'9"
T%'"!$"OR'%( ($"-'% $P"/)+)" +&!3/ " "@)+ = & " +"'(($/'"2 "%$5)!'#$+()"*$%"&)#*!$// -$"IV9ekg"# 5! ' '9"
'
/BB'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
K+-!&$+'//'−')*#,,#=+$,&'(!'<!$+'*#>>&*,&'(+"'>+*@&$#"+'−'M&%+'//2'
'
//0/')*#,,#=+$,&'(!'<!$+'*#>>&*,&'(+"'>+*@&$#"+D'6#*!#-!&$!'#$$:+'''
(migliaia di euro )
31.12.2013
A . Esistenze iniziali
B . A um enti
B .1 A ccant o nament o dell'esercizio
B .2 A ltre variazio ni
C. Dim inuzio ni
C.1 Liquidazio ni effett uate
C.2 A ltre variazio ni
D. Rim anenze finali
31.12.2012
8.396
8.763
1.792
2.446
210
324
1.582
2.122
-2.118
-2.813
-615
-1.175
-1.503
-1.638
8.070
8.396
"
"
:'"/)(()-)&$";9I"OM&&'+()+'#$+()"2$!!,$/$%& 1 )P"'&&)5! $"*% +& *'!#$+($"!'"% !$-'1 )+$"'"&)+()"$&)+)# &)"
2$!!, +($%$/("&)/(0"&<$"%'**%$/$+('"!, +($%$//$"'++3)"#'(3%'()"/3!!,)@@! 5'1 )+$"+$ "&)+=%)+( "2$ "2 *$+2$+( 9"
M"/$53 ()"2$!!,'2)1 )+$"2$!!)"AMH"Ii"%$- /$20"'"-'!$%$"2'!!,$/$%& 1 )"VjIW0"?"/('()"'@@'+2)+'()" !"#$()2)"2$!"
&)%% 2) )"&)+"!'"&)+/$53$+($"% !$-'1 )+$" ##$2 '('"2$!!$"*$%2 ($"$"3( ! "'((3'% '! "'2"3+'"% /$%-'"2 "*'(% #)+ )"
+$(()9":$"*$%2 ($"'((3'% '! "DIeW"# 5! ' 'E"$"5! "3( ! "'((3'% '! "DIjj"# 5! ' 'E"$#$%5$+( "2'!!'"-'!3('1 )+$"*$% ('!$"
/)+)"/('( "$/*)/( "+$!!$"OM!(%$"-'% '1 )+ P0"/)(()-)& ";9V"$"`9V9"
R$%" )#)5$+$ (." 2 " &)+=%)+()" " 2'( " % =$% ( " '!!,'++)" *%$&$2$+($" D$/ /($+1$" + 1 '! 0" $/ /($+1$" = +'! " $"
#)- #$+('1 )+ E" /)+)" /('( " % $/*)/( " /$&)+2)" !" +3)-)" *% +& * )" 2'+2)" 83 +2 " % ! $-)" '+&<$" '!!$" *$%2 ($" $" 5! "
3( ! "'((3'% '! "#'(3%'( " +"$/$%& 1 "*%$&$2$+( "$"+)+"'+&)%'"% &)+)/& 3( "DI9eif"# 5! ' 'E9"
C$!!$" OM!(%$" -'% '1 )+ P" 2 " &3 " '!!'" /)(()-)&$" ;9V" $" `9V" /)+)" $/*)/($" '+&<$" !$" 83)($" 2 " =)+2)" #'(3%'($"
+$!!,$/$%& 1 )"&)+=!3 ($"'5! "$+( "*%$- 2$+1 '! "$/($%+ "D'&&'+()+'( "$"% -$%/'( E"+)+&<^"'!!$"&$// )+ "2 "&)+(%'(()"
+"$+(%'('"D;9VE"$2" +"3/& ('"D`9VE9""
:'"/)(()-)&$"`9I"/ "% =$% /&$"'5! "3( ! 11 "2$!"=)+2)"'!"WI"2 &$#@%$"VjIW9"
"
//01''8",*+'!$<&*=#-!&$!'
"
//010/')*#,,#=+$,&'(!'<!$+'*#>>&*,&D'6#*!#-!&$!'$+""[+@+*%!-!&'(+"'6#"&*+'#,,:#"+'(+""+'&FF"!5#-!&$!'#'
F+$+<!%!'(+<!$!,!'
(migliaia di euro )
Obbligazioni a benefic i definiti
Esist enze iniziali
Co st o previdenziale relativo alle prestazio ni di lavo ro
Co st o previdenziale per prest azio ni di lavo ro passat e
31.12.2013
31.12.2012
8.396
8.763
20
27
-
-
Interes si passivi
190
297
P erdite att uariali rilevate per variazio ni ipo tesi finanziarie
134
649
P erdite att uariali rilevate per variazio ni ipo tesi demo graf iche
9
P erdite att uariali basate sull'esperienza passata
68
Differenze po sitive di cambio
-
-
A ument i - o perazio ni di aggregazio ni aziendali
-
-
Co nt ributi dei part ecipanti al piano
-
-
Utili att uariali rilevati per variazio ni ipo t esi f inanziarie
-
-
-
-82
Utili att uariali rilevati per variazio ni ipo t esi dem o grafiche
Utili att uariali basati sull'esperienza passata
Differenze negative di c ambio
-100
-
-
-615
-1.176
Diminuzio ni - o perazio ni di aggregazio ni aziendali
-
-
Effetto riduzio ne del fo ndo
-
-
Effetto estinzio ne del fo ndo
-
-
1.439
1.405
A ltre variazio ni in diminuzio ne
-1.403
-1.555
Esist enze finali
8.070
8.396
Indennità pagate
A ltre variazio ni in aumento
"
"
A!"(%'(('#$+()"2 "= +$"%'**)%()"?" +83'2%'@ !$"(%'" "* '+ "'"@$+$= & "2$= + ( "+)+"= +'+1 '( 9"
:,'##)+('%$"2$!"(%'(('#$+()"2 "= +$"%'**)%()"2 "&3 "'!!,'%( &)!)"VIVj"2$!"&)2 &$"& - !$0"#'(3%'()"'!!'"2'('"2$!"
WI9IV9VjIW0"'##)+('"'"k9kkg"# 5! ' '9"
"
'
/BG'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
//0101'Z+@%*!-!&$+'(+""+'>*!$%!>#"!'!>&,+@!'#,,:#*!#"!'
3 1.12 .2 0 13
3 1. 12 .2 0 12
T as s i di s c o nto
2 ,14 %
2 ,3 5 %
T a s s i a t t e s i d i in c r e m e n t i r e t r ib u t iv i
2 ,3 8 %
3 ,5 0 %
T a s s o a n n u o d i in f la zio n e
2 ,0 0 %
V
2 ,0 0 %
"
A!" ('//)" 2 " /&)+()" 3( ! 11'()" *$%" !$" -'!3('1 )+ " '((3'% '! " '!" WI9IV9VjIW" ?" 2$($%# +'()0" &)+" % =$% #$+()" '!!'"
23%'('" #$2 '" *)+2$%'('" 2$!!,)@@! 5'1 )+$" $/ /($+($" +$ " &)+=%)+( " 2$ " 2 *$+2$+( 0" /3!!'" @'/$" 2$ " ('// " 2$!!'"
&3%-'"J3%"`)#*)/ ($"MM"'!"WI9IV9VjIW9"
"
//010.''9$<&*=#-!&$!'@:'!=>&*,&;',+=>!@,!%#'+'!$%+*,+--#'(+!'<":@@!'<!$#$-!#*!'
( m ig l i a i a d i e u r o )
+ 10 0 b p s
T a s s o d i a t t u a liz z a z io n e
- 10 0 b p s
7 .5 16
8 .6 9 5
T a s s o d i i n c r e m e n t i r e t r i b u t iv i
8 .0 7 0
8 .0 7 0
T a s s o d i in f la z io n e
8 .4 7 6
7 .6 9 1
'
'
/BO'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
K+-!&$+'/1'3'Y&$(!'>+*'*!@%E!'+'&$+*!'−'M&%+'/12'
'
/10/'Y&$(!'>+*'*!@%E!'+'&$+*!D'%&=>&@!-!&$+''
(migliaia di euro )
Voc i/Valori
31.12.2013
1. Fo ndi di quiescenza aziendali
2. A ltri fo ndi rischi ed o neri
31.12.2012
450
379
5.118
9.837
2.1co ntro versie legali
1.567
1.603
2.2 o neri per il perso nale
2.655
7.886
2.3 altri
896
348
TOTALE
5.568
10.216
"
"
A!"&)+($+3()"2$!!'"-)&$"OV9"M!(% "=)+2 "% /&< "$2")+$% P"?" !!3/(%'()"'!"/3&&$// -)"*3+()"IV9e9""
A!"&)+($+3()"2$!!'"-)&$"I9"T)+2 "2 "83 $/&$+1'"'1 $+2'! "?" !!3/(%'()"'!"/3&&$// -)"*3+()"IV9W9"
"
/101'Y&$(!'>+*'*!@%E!'+'&$+*!D'6#*!#-!&$!'#$$:+''
(migliaia di euro )
Fondi di
quiesc enza
A . Esistenze iniziali
Controversie
legali
Oneri per il
personale
Altri fondi
Totale
379
1.603
7.886
348
71
309
890
647
1.917
B .1A ccanto namento dell'esercizio
50
306
769
647
1.772
B .2 Variazio ni do vute al passare del tempo
96
B . A umenti
9.924
13
3
80
-
B .3 Variazio ni do vute a mo difiche del tasso di sco nto
-
-
12
-
12
B .4 A ltre variazio ni
8
-
29
-
37
-
-345
-6.121
-99
-6.565
-
-338
-3.242
-99
-3.679
C. Diminuzio ni
C.1Utilizzo nell'esercizio
C.2 Variazio ni do vute a mo difiche del tasso di sco nto
-
-1
-
-
-1
C.3 A ltre variazio ni
-
-6
-2.879
-
-2.885
450
1.567
2.655
896
5.568
D. Rimanenze finali
"
"
C$5! " OM!(% " =)+2 P" !'" /)(()-)&$" ;9I" &)#*%$+2$" !)" /('+1 '#$+()" 2$/( +'()" '" &)*% %$" " % /&< " 2 " % #@)%/)" 2 "
83)($" *%)-- 5 )+'! " /3" *%)2)(( " '// &3%'( - " $" 5! " )+$% " &)++$// " ' " -$%/'#$+( " 2'" $==$((3'%$" '!" T)+2)"
A+($%@'+&'% )"2 "L3($!'"2$ "Z$*)/ ( 0"%$!'( - "'!!'"L$%&'/0"! # ('('#$+($"'!!'"83)('"'+&)%'" +&$%('"+$!" 83'+(3#9"
:'" #$2$/ #'" /)(()-)&$" %$!'( -'" '5! " _+$% " *$%" !" R$%/)+'!$" ?" &)/( (3 ('" *% +& *'!#$+($" 2'!!,'&&'+()+'#$+()"
*$%" &)/( " 2 " +&$+( -'1 )+$" '!!,$/)2)" &)+/$53$+( " '!" +3)-)" '&&)%2)" /( *3!'()" +" 2'('" II" '*% !$" VjIW" Dkff"
# 5! ' 'E9"
:'"/)(()-)&$";9e"OM!(%$"-'% '1 )+ P"2$ "T)+2 "2 "c3 $/&$+1'"%'**%$/$+('"!$"*$%2 ($"'((3'% '! "%$!'( -$"'!!'"`'//'"
2 "R%$- 2$+1'"A+($5%'( -'"*$%" !"R$%/)+'!$"2$!!,A/( (3()";'+&'% )"H'+"R')!)"2 "L)% +)"$#$%5$+( "2'!!'"-'!3('1 )+$"
*$% ('!$" +" &)+(%)*'%( ('" '" 3+'" % /$%-'" 2 " *'(% #)+ )" +$(()" $" % !$-'($" '" /$53 ()" 2$!!,'2)1 )+$" 2$!!)" AMH" Ii"
%$- /$29" R$%" )#)5$+$ (."2 " &)+=%)+()" "2'( "% =$% ( " '!!,'++)" *%$&$2$+($"/)+)"/('( "% $/*)/( " /$&)+2)" !" +3)-)"
*% +& * )" 2'+2)" 83 +2 " % ! $-)" '+&<$" '!!$" *$%2 ($" " '((3'% '! " #'(3%'($" +" $/$%& 1 " *%$&$2$+( " $" +)+" '+&)%'"
% &)+)/& 3( " DViV" # 5! ' 'E0" *$%" $==$(()" 2$!!'" *% #'" '**! &'1 )+$" 2$!!)" AMH" Ii" %$- /$20" *)%('($" '2" +&%$#$+()"
2$!!$"$/ /($+1$" + 1 '! 9"
:'" /)(()-)&$" `9W" OM!(%$" -'% '1 )+ P" 2$5! " _+$% " *$%" !" R$%/)+'!$" &)+&$%+$" *% +& *'!#$+($" !" #)- #$+()"
*'(% #)+ '!$" +"2 # +31 )+$"DV9ghg"# 5! ' 'E"%$!'( -)"'!"T)+2)"*$%"$/)2 "2$!"*$%/)+'!$0"2)-3()"'!!'"% &!'// = &'"
2$!!)"/('+1 '#$+()"(%'"!$"OM!(%$"*'// - (.P"2$!!'"*'%($"% ($+3('"O&$%('P"/3!!'"@'/$"2$ "* '+ "2 "$/@)%/)"2$= + ( "
&)+"!,A+*/9"
"
/10.'Y&$(!'(!'H:!+@%+$-#'#-!+$(#"!'#'F+$+<!%!'(+<!$!,!'W''
"
/0'9"":@,*#-!&$+'(+""+'%#*#,,+*!@,!%E+'(+!'<&$(!'+'(+!'*+"#,!6!'*!@%E!'
"
`)+" % =$% #$+()" ' " =)+2 " 2 " *%$- 2$+1'" &)#*!$#$+('%$" '" *%$/('1 )+$" 2$= + ('0" !'" 2$($%# +'1 )+$" 2$ " -'!)% "
'((3'% '! " % &< $/( " 2'!!,'**! &'1 )+$" 2$!!)" AMH" Ii" O;$+$= & " ' " 2 *$+2$+( P" - $+$" $==$((3'('" 2'" 3+" M((3'% )"
+2 *$+2$+($0" &)+" !,3( ! 11)" 2$!" O#$()2)" 2 " *%) $1 )+$" 3+ ('% 'P" D*%)b$&(" >+ (" `%$2 (" K$(<)2E0" &)#$"
$- 2$+1 '()" +"2$(('5! )"+$!!'"*'%($"M"S"R)! ( &<$"&)+('@ ! 9"
'
/BP'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
M"/$53 ()"2$!!$")*$%'1 )+ " 2 "% )%2 +)"($%% ()% '!$" +($%-$+3($"+$!!,$/$%& 1 )"VjIj"!'" ;'+&'"% /3!('"&))@@! 5'('"
+$ "&)+=%)+( "2$!!'"`'//'"2 "R%$- 2$+1'"A+($5%'( -'"*$%" !"R$%/)+'!$"2$!!,A/( (3()";'+&'% )"H'+"R')!)"2 "L)% +)9"
L%'(('/ "2 "3+"=)+2)"'"*%$/('1 )+$"2$= + ('"$/($%+)"&)+"*$%/)+'! (."5 3% 2 &'0"* $+'"'3()+)# '"*'(% #)+ '!$"' "
/$+/ " 2$!!,'%( &)!)" VIIk" 2$!" &)2 &$" & - !$" $" 5$/( )+$" *'(% #)+ '!$" '3()+)#'9" :'" ;'+&'" $" !$" '!(%$" /)& $(." 2$!"
5%3**)"/)+)"/)! 2'!#$+($"%$/*)+/'@ ! "2$5! " #*$5+ "2$!!'"O`'//'P"-$%/)" "2 *$+2$+( " /&% (( 0" "*$+/ )+'( "$2" "
($%1 0"*%)*)%1 )+'!#$+($"'!!'"*)*)!'1 )+$"2$5! " /&% (( "'"& '/&3+'"% =$% @ ! 9"
`)#$"% &< $/()"2' "*% +& * " &)+('@ ! " +($%+'1 )+'! "&)+" % =$% #$+()"' " * '+ "&<$"&)+2 - 2)+)" "% /&< "(%'"-'% $"
$+( (."/)(()"&)+(%)!!)"&)#3+$0"!$" +=)%#'1 )+ " +2 &'($"+$!!$"('@$!!$"/)(()"% *)%('($"/ "% =$% /&)+)"'!"* '+)"+$!"
/3)" +/ $#$0"&)+" +2 &'1 )+$" +"+)('"2$!!'"83)('"2 "*$%( +$+1'"2$!!'";'+&'9""
"
10'M#*!#-!&$+'$+""[+@+*%!-!&'(+""+'>#@@!6!,Q'T#,,!6!,QU'$+,,+'#'F+$+<!%!'(+<!$!,!'+'(+!'(!*!,,!'(!'*!=F&*@&'
4-',$'*'*%"'%#50!6
Obbligazioni a benefic i definiti
Cassa di Previdenza Integrativa per il
Personale dell'Istituto Banc ario San
Paolo di Torino
31.12.2013
Es is tenze iniziali
C o s to previdenziale relat ivo alle prest azio ni di lav o ro
31.12.2012
1.337.870
1.211.030
19.120
17.140
C o s to previdenziale per pres tazio ni di lav o ro pas sat e
Interess i pass ivi
-
-
45.190
-
P erdite attuariali rilevate per variazio ni ipo t esi finanziarie
-
56.920
33.040
12.220
155.060
90.160
D ifferenze po sit iv e di cam bio
-
-
A um ent i - o perazio ni di aggregazio ni aziendali
-
-
100
1.000
P erdite attuariali rilevate per variazio ni ipo t esi demo graf ic he
P erdite attuariali basate s ull'esperienza passata
C o ntributi dei partecipanti al piano
Ut ili attuariali rilevati per variazio ni ipo tesi finanziarie
-140.680
-
-
-50.600
-
-
Ut ili attuariali rilevati per variazio ni ipo tesi dem o grafiche
Ut ili attuariali basati sull'esperienza pas sat a
-
D ifferenze negativ e di cambio
Indennità pagate
-49.400
-
D iminuzio ni - o perazio ni di aggregazio ni aziendali
-
-
Ef fet to riduzio ne del f o ndo
-
Ef fet to est inzio ne del fo ndo
-
-
-
750
-
1.401.050
1.337.870
A ltre variazio ni in aum ento
A ltre variazio ni in dim inuzio ne
Es is tenze finali
Passività del piano pensionistisc o dbo
Cassa di Previdenza Integrativa per il
Personale dell'Istituto Banc ario San
Paolo di Torino
31.12.2013
31.12.2012
P iani no n f inanziati
-
-
P iani finanziat i parzialmente
-
-
1.401.050
1.337.870
P iani finanziat i pienam ent e
"
"
H3!!'" @'/$" 2$!!$" % /3!('+1$" 2$ " &)+($55 " '((3'% '! 0" !" -'!)%$" '((3'!$" 2$!!$" )@@! 5'1 )+ " '" @$+$= & " 2$= + ( " 2 "
&)#*$($+1'"2$!!'";'+&'"?"*'% "'"I9Vij"# 5! ' '9"
(migliaia di euro )
Attività a servizio del piano
Es ist enze iniziali
Rendim ent o at teso at tività al net to di int eress i
Int eres si at tivi
Cassa di Previdenza Integrativa per il
Personale dell'Istituto Banc ario San Paolo di
Torino
31.12.2013
31.12.2012
935.000
863.000
-790
40.560
31.340
-
Diff erenze po sitive di cam bio
-
-
A um ent i - o perazio ni di aggregazio ne aziendali
-
-
Co nt ribut i versati dal dat o re di lavo ro
-
-
Co nt ribut i versati dai partec ipanti al piano
Diff erenze negat ive di cambio
Dim inuzio ni - o perazio ni di aggregazio ne aziendali
Indennit à pagat e
100
-
-
1.000
-
8.920
-49.400
72.120
Ef fetto riduzio ne del fo ndo
-
-
Ef fetto est inzio ne del fo ndo
-
-50.600
A ltre variazio ni
750
-
Es ist enze f inali
917.000
935.000
"
'
/BS'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
:$" $/ /($+1$" = +'! " 2$!!$" '(( - (." '" /$%- 1 )" 2$!" * '+)" 2 " &)#*$($+1'" 2$!!'" ;'+&'" '##)+('+)" '" gej" # 5! ' '0"
#$+(%$"!'"*'// - (."2 "&)#*$($+1'"2$!!'";'+&'0"&)/( (3 ('"2'"2 /'-'+1)"($&+ &)"$"*$%2 ($"'((3'% '! 0" /&% (('""'!!'"
-)&$"OT)+2 "2 "83 $/&$+1'"'1 $+2'! P"'##)+('"'"efj"# 5! ' '9""
"
.0'9$<&*=#-!&$!'@:"'<#!*'6#":+'(+""+'#,,!6!,Q'#"'@+*6!-!&'(+"'>!#$&'
(migliaia di euro )
Cassa di Previdenza Integrativa per il Personale
dell'Istituto Banc ario San Paolo di Torino
31.12.2013
Importo
Strumenti di c apitale
- di c ui liv ello 1
Fo ndi c o muni di investimento
- di c ui liv ello 1
Tito li di debito
- di c ui liv ello 1
137.930
137.930
83.140
83.140
583.790
583.790
Immo bili e partecipazio ni in so cietà
immo biliari
- di c ui liv ello 1
Gestio ni assicurativ e
- di c ui liv ello 1
A ltre attività
Totale
31.12.2012
%
101.760
Importo
15,0
%
825.000
88,2
9,1
-
-
63,7
106.000
11,3
-
-
-
4.000
0,4
935.000
100,0
11,1
10.380
917.000
1,1
100,0
"
"
(migliaia di euro )
Cassa di Previdenza
Integrativa per il Personale
dell'Istituto Banc ario San
Paolo di Torino
Strument i di capitale
137.930
So cietà finanziarie
So cietà no n finanziarie
29.880
108.050
F o ndi co muni di invest iment o
83.140
T ito li di debito
T ito li di stato
- di cui rating investment grade
- di cui rating speculative grade
583.790
536.670
536.670
So cietà finanziarie
- di cui rating investment grade
- di cui rating speculative grade
23.160
20.420
2.740
So cietà no n finanziarie
- di cui rating investment grade
- di cui rating speculative grade
23.960
19.290
4.670
Immo bili e partecipazio ni in so cietà
immo biliari
101.760
Gestio ni assicurative
-
A ltre at tività
10.380
Totale
917.000
"
?0'Z+@%*!-!&$+'(+""+'>*!$%!>#"!'!>&,+@!'#,,:#*!#"!'
)
Cassa di Previdenza Integrativa per il
Personale dell'Istituto Banc ario San
Paolo di Torino
"
"
'
/G2'
31.12.2013
31.12.2012
T asso di sco nto
3,5%
3,4%
T assi di rendimento at tesi
3,4%
4,7%
T assi attesi di incrementi retributivi
2,4%
2,0%
T asso annuo di inflazio ne
2,0%
2,0%
T asso annuo di incremento no minale del P .I.L.
2,0%
2,0%
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
B0'9$<&*=#-!&$!'@:'!=>&*,&;',+=>!@,!%#'+'!$%+*,+--#'(+!'<":@@!'<!$#$-!#*!'
( m ig lia ia d i e u r o )
C a s s a d i P re v id e n z a In t e g ra t iv a p e r il
P e rs o n a le d e ll'Is t it u t o B a n c a rio S a n
P a o lo d i T o rin o
+ 10 0 b p s
- 10 0 b p s
T a s s o d i a t t u a lizza zio n e
1.2 0 6 .7 6 0
1.6 4 8 .6 10
T a s s o d i in c r e m e n t i r e t r ib u t iv i
1.6 0 7 .7 4 0
1.2 3 4 .4 3 0
T a s s o d i in f la zio n e
1.5 4 3 .5 2 0
1.2 7 7 .3 8 0
"
_!(%$" '!"=)+2)" /)*%'" !!3/(%'()0" $/ /($0" '!" 2 " =3)% " 2$!!'"/=$%'" 5 3% 2 &'" 2 " *$%( +$+1'" 2$!!'" ;'+&'" 2 " L%$+()" $"
;)!1'+)0" 3+)" /*$& = &)" T)+2)" 2 "*%$- 2$+1'" 2$+)# +'()" T)+2)"R$+/ )+$"*$%" !" *$%/)+'!$" 2$!!'";'+&'" 2 "
L%$+()" $" ;)!1'+)"DTAR" ;L;E9"L'!$" =)+2)" 2 " *%$- 2$+1'" 2$!" *$%/)+'!$" 2 *$+2$+($" <'" '3()+)# '" 5 3% 2 &'0"
$//$+2)"/('()"&)/( (3 ()"2'"2 *$+2$+( "'"+)%#'"2$!!,'%(9"Wh"2$!"&)2 &$"& - !$9":'";'+&'"-$%/'"*$% )2 &'#$+($"'!"
=)+2)" &)+(% @3( " 2)-3( " +" =)%1'" 2 " '&&)%2 " '1 $+2'! 9" R$%('+()" / " (%'(('" 2 " 3+" =)+2)" $/($%+)" '!!'" ;'+&'0" '"
&)+(% @31 )+$" 2$= + ('9" M" &'% &)" 2$!!'" ;'+&'" +)+" /3// /()+)" '!(% " )+$% " $2" '!(% " #*$5+ " *$%" !'" *%$- 2$+1'"
+($5%'( -'"2$ "2 *$+2$+( 9"
)
G0'7!#$!'*+"#,!6!'#'>!\'(#,&*!'(!'"#6&*&'
"
M!!'" `'//'" 2 " R%$- 2$+1'" A+($5%'( -'" *$%" !" R$%/)+'!$" 2$!!,A/( (3()" ;'+&'% )" H'+" R')!)" 2 " L)% +)" *'%($& *'+)"
2 -$%/ "2'()% "2 "!'-)%)0"#'"(3(( "% $+(%'+( "+$!"[%3**)"A+($/'"H'+*')!)9))
)
O0'7!#$!'#'F+$+<!%!'(+<!$!,!'%E+'%&$(!6!(&$&'!'*!@%E!',*#'+$,!,Q'@&,,&'!"'%&$,*&""&'%&=:$+'
"
`)#$"5 ."$/*)/()"+$!!'"/$1 )+$"IV9W9I0"!$"*'// - (."2$!!'"@'+&'"/ "% =$% /&)+)"'"* '+ "&<$"&)+2 - 2)+)" "% /&< "
(%'"-'% $"$+( (."/)(()" !"&)+(%)!!)"&)#3+$"2 "A+($/'"H'+*')!)9"
'
/10?'Y&$(!'>+*'*!@%E!'+('&$+*!'W'#",*!'<&$(!''
(m ig lia ia d i e u ro )
3 1.12 .2 0 13
3 1.12 .2 0 12
2 .1 c o n t ro v e rs ie le g a li
1.5 6 7
1.6 0 3
2 .2 o n e ri p e r il p e rs o n a le
2 .6 5 5
2 . A lt ri f o n d i
o n e ri p e r in izia t iv e d i in c e n t iv a zio n e a ll'e s o d o
p re m i p e r a n zia n it à d ip e n d e n t i
a lt ri o n e ri d iv e rs i d e l p e rs o n a le
2 .3 a lt ri ris c h i e o n e ri
TO TA L E
7 .8 8 6
944
1.4 0 3
4 .6 3 2
1.5 3 8
308
1.7 16
896
348
5 . 118
9 .8 3 7
"
[! " /('+1 '#$+( " *$%" O&)+(%)-$%/ $" !$5'! P" / " % =$% /&)+)" '" *$%2 ($" *%$/3+($" /3" &'3/$" *'// -$0" %$-)&'()% $"
='!! #$+('% "$"&'3/$"&)++$//$"'"*)/ 1 )+ " +"/)==$%$+1'9"
[! "'!(% "% /&< "$")+$% 0"2 "&3 "'!"*3+()"V9W0"&)#*%$+2)+)"5! "/('+1 '#$+( "2$/( +'( ""'"&)*% %$" "% /&< "2 "% #@)%/)"
2 " 83)($" *%)-- 5 )+'! " /3" *%)2)(( " '// &3%'( - " DWhW" # 5! ' 'E0" 83$!! " &)++$// " '!!, +($%-$+()" 2$!" T)+2)"
A+($%@'+&'% )" 2 " L3($!'" 2$ " Z$*)/ ( " DVWi" # 5! ' 'E0" " &)+($+1 )/ " (% @3('% " DVVj" # 5! ' 'E0" $%)5'1 )+ " 2 "
@$+$= &$+1'"DfV"# 5! ' 'E"$"'!(% ")+$% "DVI"# 5! ' 'E9"
'
/G/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
K+-!&$+'/.'3'8-!&$!'*!=F&*@#F!"!'3'M&%+'/?2'
'
L%'(('/ "2 "-)&$"+)+"'**! &'@ !$"2'!!'";'+&'9""
'
/G1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
K+-!&$+'/?'3'7#,*!=&$!&'(+""`!=>*+@#'3'M&%!'/.2;'/B2;'/G2;'/O2;'/P2;'/S2'+'122''
'
/?0/'aJ#>!,#"+a'+'a8-!&$!'>*&>*!+aD'%&=>&@!-!&$+'
'
A!" &'* ('!$" /)& '!$" 2$!!'" ;'+&'" '!" WI" 2 &$#@%$" VjIW" % /3!('-'" 2 " $3%)" hf9iIf9kje0ej0" /322 - /)" +" +n"
IVh9khj9ikj"'1 )+ ")%2 +'% $"2$!"-'!)%$"2 "$3%)"j0fV"& '/&3+'9"`)#$"% /3!('"'+&<$"2'!"*%)/*$(()"$/*)/()"+$!!'"
/$1 )+$"/3&&$// -'"Ie9V"(3(($"!$"'1 )+ " +"& %&)!'1 )+$"&)#*)+$+( " !"&'* ('!$"/)& '!$"'+1 2$(()"% $+(%'+)"+$!!'"
&'($5)% '"2$!!$"'1 )+ ")%2 +'% $9"
'
/?01'J#>!,#"+''W'4:=+*&'#-!&$!D'6#*!#-!&$!'#$$:+''
'
V o c i/T ip o lo g ie
A . A zio n i e s is t e n t i a ll’ in izio d e ll’ e s e r c izio
- in t e ra m e n t e lib e ra t e
- n o n in t e ra m e n t e lib e ra t e
A .1 A zio n i p ro p rie (-)
A .2 A zio n i in c irc o la zio n e : e s is t e n ze in izia li
O rd in a rie
A ltre
12 6 .7 6 0 .9 7 0
-
12 6 .7 6 0 .9 7 0
-
-
-
-
-
12 6 .7 6 0 .9 7 0
-
-
-
-
-
-
-
o p e ra zio n i d i a g g re g a zio n i d i im p re s e
-
-
c o n v e rs io n e d i o b b lig a zio n i
-
-
e s e rc izio d i w a rra n t
-
B . A um enti
B .1 N u o v e e m is s io n i
- a pagam ento :
a lt r e
- a t it o lo g ra t u it o :
-
-
-
a f a v o re d e i d ip e n d e n t i
-
-
a f a v o re d e g li a m m in is t ra t o ri
-
-
a lt r e
-
-
B .2 V e n d it a d i a zio n i p ro p rie
-
-
B .3 A lt r e v a ria zio n i
-
-
-
-
C . D im in u zio n i
C .1 A n n u lla m e n t o
-
-
C .2 A c q u is t o d i a zio n i p ro p rie
-
-
C .3 O p e ra zio n i d i c e s s io n e d i im p re s e
-
-
C .4 A lt r e v a ria zio n i
-
-
12 6 .7 6 0 .9 7 0
-
-
-
12 6 .7 6 0 .9 7 0
-
D . A zio n i in c irc o la zio n e : rim a n e n ze f in a li
D .1 A zio n i p ro p rie (+)
D .2 A zio n i e s is t e n t i a lla f in e d e ll’ e s e rc izio
- in t e ra m e n t e lib e ra t e
- n o n in t e r a m e n t e lib e r a t e
12 6 .7 6 0 .9 7 0
-
-
-
"
'
/?0'.'J#>!,#"+D'#",*+'!$<&*=#-!&$!'
'
A!" *% +& * )" AMH"I9" '!" *'%'5%'=)"ke" !$((9" 'E" *%$-$2$"&<$" *$%"& '/&3+'"&'($5)% '"2 " '1 )+ "&)/( (3$+( " !"&'* ('!$"
/)& '!$0"/ '" +2 &'()U"
F !"-'!)%$"+)# +'!$"*$%"'1 )+$0")" !"='(()"&<$"!$"'1 )+ "+)+"<'++)"-'!)%$"+)# +'!$6"
F "2 % (( 0"*% - !$5 "$"- +&)! "2 "& '/&3+'"&'($5)% '"2 "'1 )+ 0" +&!3/ " "- +&)! "+$!!'"2 /(% @31 )+$"2$ "2 - 2$+2 "$"
+$!"% #@)%/)"2$!"&'* ('!$6"
F !$"'1 )+ "*%)*% $"*)//$23($"2'!!,$+( (.")" +2 %$(('#$+($"(%'# ($"!$"/3$"&)+(%)!!'($")"&)!!$5'($6"
F !$" '1 )+ " % /$%-'($" *$%" $# // )+$" /)(()" )*1 )+$" $" &)+(%'(( " 2 " -$+2 ('0" +&!3/$" !$" &)+2 1 )+ " $" 5! " #*)%( 9"
`)+"% =$% #$+()"'"& 70"/ "&)#3+ &'"&<$"'!!'"2'('"2$!"WI9IV9VjIW"+)+"$/ /()+)"+$!"*)%('=)5! )"2 "*%)*% $(."
'1 )+ "2$!!'";'+&'9"
"
'
/G.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
/?0?'b!@+*6+'(!':,!"!D'#",*+'!$<&*=#-!&$!'
'
`)+"% =$% #$+()"'!!'" +=)%#'( -'"% &< $/('"2'!"*% +& * )"AMH"I"*'%'5%'=)"kh"!$((9"D@E"/ "&)#3+ &'"&<$"!, #*)%()"
2 " Wi9VIe" # 5! ' '" 2$!!'" -)&$" OIhj" F" Y /$%-$P" 2$!" *'// -)" *'(% #)+ '!$" / " &)#*)+$" 2$!!$" /$53$+( " % /$%-$" 2 "
3( ! 0"&)#$" !!3/(%'()"+$!!'"/3&&$// -'"*'%($"T"('@$!!'";9IU"
F % /$%-'"!$5'!$0"*$%"IV9IIj"# 5! ' '6"
"
$"'!(%$"% /$%-$0"*$%"&)#*!$// - "Vk9Ije"# 5! ' '0"83'! U"
F % /$%-'"/(%')%2 +'% '0"*$%"IV9jgh"# 5! ' '6"
F % /$%-$">+2$%"`)##)+"`)+(%)!0"*$%"Ie9iij"# 5! ' '6"
F % /$%-'" +2 /*)+ @ !$"'1 )+ "&)+(%)!!'+($" +"*)%('=)5! )0"*$%"Vh"# 5! ' '6"
F % /$%-$" +"/)/*$+/ )+$"2, #*)/('0"*$%"V"# 5! ' '9"
"
:$"% /$%-$">+2$%"&)##)+"`)+(%)!"$"!'"% /$%-'" +"/)/*$+/ )+$"'&&)!5)+)"!,$==$(()"2$!!$")*$%'1 )+ "2 "% )%2 +)"
($%% ()% '!$"'--$+3($"+$!"&)%/)"VjIj9"
:$" % /$%-$" 2 " -'!3('1 )+$" % /3!('+)" +$5'( -$" *$%" " FW9ffI" # 5! ' '" $2" +&!32)+)" !$" % /$%-$" 2'" -'!3('1 )+$" 2$!!$"
'(( - (."2 /*)+ @ ! "*$%"!'"-$+2 ('0"2$ "&)+(%'(( "2 "&)*$%(3%'"2 "=!3// "= +'+1 '% "+)+&<^"!$"% /$%-$""2$% -'+( "2'"
!$55 "/*$& '! "2 "% -'!3('1 )+$9"
A+")(($#*$%'+1'"'!!,'%(9"VeVk0"+9e"$"k"@ /"2$!"&)2 &$"& - !$0"/ "% *)%('"2 "/$53 ()" !"2$(('5! )"2$!!'"&)#*)/ 1 )+$"
2$!" *'(% #)+ )" +$(()" 2$!!'" ;'+&'0" $/&!3/)" !" % /3!('()" 2$!!,$/$%& 1 )0" &)+" !,$- 2$+1 '1 )+$" 2$!!,)% 5 +$" $" !'"
*)// @ ! (."2 "3( ! 11'1 )+$0"!'"2 /(% @3 @ ! (."2$!!$"2 -$%/$"*)/($"$"!,3( ! 11)"2$5! "3!( # "(%$"$/$%& 1 9"
(m ig lia ia d i e uro )
Im p o rt o al
31.12.20 13
Q uo ta
c a p it a le
Q u o t a u t ili in
s o s pe n s io n e
d'im p o s t a
Q uo ta
ut ili
R ie p ilo g o
ut ilizza zio n i
ef f et t u at e ne g li u lt im i
t re e s e rc izi
P o s s ib ilit à d i
u t ilizza zio n e
(a )
P a t rim o n io n e t t o
– C a p it ale s o c ia le
6 5.9 16
6 5 .916
-
-
-
-
– S o v rap rezzi d i e m is s io n e
64 .6 0 2
6 4.60 2
-
-
A,B,C
-
12.110
-
12 .110
-
A (1), B
-
12 .0 8 6
-
12 .08 6
-
A,B,C
-19 .96 9
– R is e rv a le g a le
– R is e rv a s t ra o rd ina ria
– R is e rv a in d is po nib ile a zio ni c o n t ro lla nt e in p o rt a f o g lio
– R is e rv a Un d e r C o m m o n C o nt ro l
– S p ec ia le ris e rv a a rt . 13 c . 6 D .Lg s . 124 / 9 3
26
-
26
-
(6 )
-
14 .9 9 0
-
14 .99 0
-
A,B,C
-
2
-
2
A , B (3 ), C (4 )
-
R is e rv e d a v alu t a zio n e :
– R is e rv a d i riv alu t a zio n e (L . 2 2 / 11/ 2 0 0 0, n . 3 4 2 )
– R is e rv a d a v alu t azio n e A F S
204
-
-
204
A , B (3 ), C (4 )
-
1.4 3 4
-
1.4 34
-
(5 )
-
– R is e rv a d i u t ili e pe rd it e a t t u a ria li
-1.3 3 3
– R is e rv a d a v alu t azio n e C F H
-3 .8 5 6
-
-3 .85 6
-
T o t a le C a p it ale e R is erv e
16 6.18 1
13 0 .518
3 5 .4 57
206
-
-
204
-
-
-
-
-
Q u o t a n o n d is t rib uib ile
(b)
-1.3 33
(2 )
(2 )
-
(a ) A = pe r au m en t o d i c a pit a le ; B = pe r c o pe rt ura pe rd it e ; C = p er d is t rib u zio n e a i s o c i.
(b ) L a q u o t a no n d is t rib u ib ile è rif e rit a a lla ris e rv a L . 3 42 / 2 00 0 , ridu c ib ile s o lt an t o c o n l'o s s e rv a n za de lle d is po s izio n i d ell'art . 2 44 5 c .c . e c o s t it uit a s i p er e f f e t t o
de ll'o pe ra zio n e di s c is s io n e pa rzia le av v e nu t a ne l 2 0 10 .
(1) Ut ilizza b ile p er a um e nt o d i c a pit a le (A ) p e r la q u o t a c h e s up e ra u n q uin t o d e l c ap it a le s o c ia le .
(2 ) L a ris e rv a n eg a t iv a è c o n s id e rat a a rid u zio n e d elle ris e rv e d is p o nib ili.
(3 ) In c a s o d i u t ilizza zio ne d e lla ris e rv a a c o p ert ura d i p erd it e n o n s i p u ò f are lu o g o a d is t rib uzio n e d i u t ili f in o a q ua n d o la ris e rv a n o n è in t e g rat a , o rid o t t a in m is u ra
c o rris p o n de n t e .
(4 ) L a ris e rv a , q ua lo ra n o n v en g a im p u t a t a a l c a p it a le , p u ò e s s e re rid o t t a s o lt a nt o c o n l'o s s e rv a n za d elle d is p o s izio n i d e i c o m m i s ec o n d o e t e rzo d ell'art . 24 4 5 c .c . Q u a lo ra
v e n g a d is t rib u it a a i s o c i c o n c o rre a f o rm a re il re d dit o im p o n ib ile de lla s o c ie t à .
(5 ) L a ris e rv a è in dis p o n ib ile ai s e n s i d ell'art . 6 de l D .L g s . N .38 / 20 0 5 .
(6 ) L a ris e rv a è in dis p o n ib ile ai s e n s i d ell'art . 2 35 9 -b is c .c ..
Le ris erv e da v a lu t a zio n e s o n o s t at e ric o m p re s e ne ll’ a m b it o d elle ris e rv e d i u t ili s t a n t e c h e s i t rat t a o d i ris e rv e d e s t in a t e a c o nf lu ire n el c o nt o e c o no m ic o a l m o m e nt o d e l
re a lizzo o d e ll'e s t in zio n e d elle c o rris po nd e n t i a t t iv it à o p a s s iv it à (A F S e C F H ) o v v e ro d i ris e rv e s o s t an zia lm en t e a s s im ila b ili a ris erv e d i u t ile .
La ris erv a s t rao rd in a ria è s t a t a ut ilizzat a n el 20 12 pe r c o p rire la pe rd it a rile v a t a al 31/ 12 / 20 11(-18 .8 5 0 m ig lia ia ), p e r la c o s t it u zio ne d e lla ris erv a ind is p o n ib ile a zio ni c o n t ro lla nt e
in po rt a f o glio (-16 m ig lia ia ) n o n c h é p e r l'a c c a n t o n a m e n t o a f o nd o pe r e ro g a zio n i e f a v o re d i o p e re a c a ra t t e re s o c ia le e c u lt ura le (2 0 0 m igliaia ). N e l c o rs o d e l 2 0 13 l'ut ilizzo
è a v v en u t o p er c o p rire la p e rd it a rile v a t a a l 3 1/ 12/ 2 012 (-8 9 3 m ig lia ia ) e p e r l'a d e gu a m e n t o d ella ris e rv a azio n i c o n t ro llan t e in p o rt af o g lio (-10 m ig lia ia).
'
/?0B'K,*:=+$,!'(!'%#>!,#"+D'%&=>&@!-!&$+'+'6#*!#-!&$+'#$$:+'
'
H "(%'(('"2 "-)&$"+)+"'**! &'@ !$"*$%"!'";'+&'9""
"
/?0G'8",*+'!$<&*=#-!&$!'
'
'
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'0"*%$- /('"2'!!'";'+&'"2,A('! '0"Ie9h"OM!(%$" +=)%#'1 )+ P9"
'
/G?'
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
8",*+'!$<&*=#-!&$!"
'
/0
R#*#$-!+''*!"#@%!#,+'+'!=>+5$!''
( m ig lia ia d i e u r o )
O p e ra z io n i
1) G a r a n z ie r ila s c ia t e d i n a t u r a f in a n zia r ia
a) B anc he
b ) C lie n t e la
2 ) G a r a n z ie r ila s c ia t e d i n a t u r a c o m m e r c ia le
a) B anc he
b ) C lie n t e la
3 ) Im p e g n i ir r e v o c a b ili a e r o g a r e f o n d i
a) B anc he
- a u t ilizz o c e r t o
- a u t ilizz o in c e r t o
b ) C lie n t e la
- a u t ilizz o c e r t o
- a u t ilizz o in c e r t o
3 1. 12 . 2 0 13
3 1. 12 . 2 0 12
18 .8 8 2
18 .7 2 3
2 .4 4 9
2 .5 6 1
16 .4 3 3
16 .16 2
17 0 .2 6 6
18 9 .0 3 1
-
-
17 0 .2 6 6
18 9 .0 3 1
2 2 .8 6 0
18 0 .5 2 3
798
1.4 8 7
798
1.4 8 7
-
-
2 2 .0 6 2
17 9 .0 3 6
3 .4 9 8
4 .14 6
18 .5 6 4
17 4 .8 9 0
4 ) Im p e g n i s o t t o s t a n t i a i d e r iv a t i s u c r e d it i:
v e n d it e d i p r o t e z io n e
-
-
5 ) A t t iv it à c o s t it u it e in g a r a n zia d i o b b lig a z io n i d i t e r zi
2
2
6 ) A lt r i im p e g n i
-
-
2 12 . 0 10
3 8 8 .2 7 9
TO TA LE
"
"
[! " #*$5+ "2 "@'+&<$"'"3( ! 11)"&$%()"/)+)"&)/( (3 ( "2'"( ()! "2'"% &$-$%$"2'"&)+(%)*'%( "@'+&'% $9"
"
10'8,,!6!,Q'%&@,!,:!,+'#'5#*#$-!#'(!'>*&>*!+'>#@@!6!,Q'+'!=>+5$!'
(m igliaia di euro )
P o rta fo gli
1. A ttiv ità finanziarie detenute per la nego ziazio ne
2. A ttiv ità finanziarie v alutate al fair v alue
3. A ttiv ità finanziarie dis po nibili per la v endita
4. A ttiv ità finanziarie detenute s ino alla s c adenza
5. C rediti v ers o banc he
6. C rediti v ers o c lientela
7. A ttiv ità m ateriali
TO TA L E
"
3 1.12 .2 0 13
3 1.12 .2 012
-
-
-
-
5.889
6.101
-
-
10.540
-
2.071
-
-
-
18 .5 0 0
6 .10 1
'
:$""OM(( - (."= +'+1 '% $"2 /*)+ @ ! "*$%"!'"-$+2 ('"O"/)+)"&)/( (3 ($"2'"( ()! "'"&'31 )+$"'"=%)+($"2$!!,$# // )+$"
2$ "*%)*% "'//$5+ "& %&)!'% 9"
C$ "O`%$2 ( "-$%/)"@'+&<$P"/)+)"% *)%('( " "&)!!'($%'! ""*)/( "'"5'%'+1 '"2$!!)"/@ !'+& )"+$5'( -)"2$!"=' %"-'!3$"
2$ " 2$% -'( " -$%/)" A+($/'" H'+*')!)" $" ;'+&'" AKA" /@ !'+& '( " *$%" &)+(%)*'%($" $" /)55$(( " '2" '&&)%2 " 83'2%)" 2 "
&)#*$+/'1 )+$9"
A"O&%$2 ( "-$%/)"&! $+($!'P"% &)#*%$+2)+)" "= +'+1 '#$+( "&<$0"$%)5'( " +"@'/$"'!!'"AQ"(%'+&<$"2$!!,'&&)%2)"M;A"S"
`ZR"*$%" "&%$2 ( "'!!$"RKA0"2$-)+)"$//$%$")@@! 5'()% '#$+($"&$23( "'"5'%'+1 '"'!!'"`'//'"Z$*)/ ( "$"R%$/( ( "$2"
$-$+(3'! "2$*)/ ( "&'31 )+'! "'(( - 9"
"
.0'9$<&*=#-!&$!'@:"'"+#@!$5'&>+*#,!6&'
"
H " /$5+'!'" &<$" " &)/( " % !$-'( " +$!" &)%/)" 2$!!,$/$%& 1 )" *$%" /*$/$" %$!'( -$" '2" '3()-$ &)! " $" #'&&< +$" 2,3== & )0"
% !$-'($"+$!!'"-)&$"'**%)*% '('" +"@'/$"'!!'"+'(3%'"2$!"@$+$0"+)+"&)#*%$+2)+)"83)($"2 "&'+)+ "*)($+1 '! "2 "
!)&'1 )+$9"
A"*'5'#$+( "# + # "*$%"!$'/ +5"+)+"'++3!!'@ ! "/)+)"2 " #*)%()"+)+"/ 5+ = &'( -)9"
'
/GB'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)
?0'R+@,!&$+'+'!$,+*=+(!#-!&$+'>+*'%&$,&',+*-!'
( m ig lia ia d i e u r o )
T ip o lo g ia s e rv iz i
3 1. 12 . 2 0 13
1. E s e c u zio n e d i o r d in i p e r c o n t o d e lla c lie n t e la
a ) A c q u is t i
10 5
1. r e g o la t i
10 5
2 . n o n r e g o la t i
-
b ) V e n d it e
7 .2 8 8
1. r e g o la t e
7 .2 8 8
2 . n o n r e g o la t e
-
2 . G e s t io n i d i p o r t a f o g li
a ) in d iv id u a li
-
b ) c o lle t t iv e
-
3 . C u s t o d ia e a m m in is t r a zio n e d i t it o li
a ) t it o li d i t e r zi in d e p o s it o : c o n n e s s i c o n lo s v o lg im e n t o d i b a n c a d e p o s it a r ia
( e s c lu s e le g e s t io n i p a t r im o n ia li)
-
1. t it o li e m e s s i d a lla b a n c a c h e r e d ig e il b ila n c io
-
2 . a lt r i t it o li
-
b ) a lt r i t it o li d i t e r zi in d e p o s it o ( e s c lu s e g e s t io n i p a t r im o n ia li) : a lt r i
2 .115 .0 6 9
1. t it o li e m e s s i d a lla b a n c a c h e r e d ig e il b ila n c io
5 .9 0 1
2 . a lt r i t it o li
2 .10 9 .16 8
c ) t it o li d i t e r zi d e p o s it a t i p r e s s o t e r zi
2 .0 6 9 .2 9 2
d ) t it o li d i p r o p r ie t à d e p o s it a t i p r e s s o t e r zi
4 6 .2 4 7
4 . A lt r e o p e r a zio n i
5 9 5 .7 8 9
'
"
C$!!'"OJ/$&31 )+$"2 ")%2 + "*$%"&)+()"($%1 P"5! " #*)%( "/ "% =$% /&)+)"' "&)+(%)-'!)% "2$!!$")*$%'1 )+ "$==$((3'($"
2'!!'"&! $+($!'9"
C$!!'" -)&$" O`3/()2 '" $" '## + /(%'1 )+$" 2 " ( ()! P" = 53%'+)" ( ()! " )55$(()" 2 " &)+(%'(( " 2 " &3/()2 '" $"
'## + /(%'1 )+$" +"@'/$" '!"!)%)"-'!)%$"+)# +'!$9" R$%('+()"+)+"/)+)"&)#*%$/$" 83)($"2 "_9A9`9Y9"&)!!)&'($"'"
($%1 " +"2$*)/ ()"'## + /(%'()"*%$//)"!'"@'+&'"Z$*)/ ('% '"*$%"3+"-'!)%$"+)# +'!$"2 "VI9iWh"# 5! ' '9"""
A"( ()! "2$+)# +'( " +"-'!3('"/)+)"&)+-$%( ( " +"$3%)"'!"&'#@ )"'"*%)+( "2 "= +$"2 &$#@%$9"
L%'" " ( ()! " 2 " ($%1 " +" 2$*)/ ()" $" 2$*)/ ('( " *%$//)" ($%1 " +)+" % $+(%'+)" 83$!! " ($#*)%'+$'#$+($" &$23( " +"
)*$%'1 )+ "2 "*%)+( "&)+(%)"($%# +$9"
:'"-)&$"OM!(%$")*$%'1 )+ P"&)#*%$+2$U"
− !,'(( - (."2 "% &$1 )+$"$"(%'/# // )+$"2 ")%2 + "*$%"WVh9fge"# 5! ' '"
− !"-'!)%$"+)# +'!$"2$ "&%$2 ( "2 "($%1 "% &$-3( "*$%"!, +&'//)"*$%"Vhk9hik"# 5! ' '"
− !$"83)($"2 "($%1 "2 "= +'+1 '#$+( " +"*))!"&'*)= !'( "2'!!'";'+&'"*$%"I9fjg"# 5! ' '9"
B0'8,,!6!,Q'<!$#$-!#*!+'&55+,,&'(!'%&=>+$@#-!&$+'!$'F!"#$%!&;'&>>:*+'@&55+,,+'#('#%%&*(!WH:#(*&'(!'
%&=>+$@#-!&$+'&'#('#%%&*(!'@!=!"#*!'
(migliaia di euro)
Forme tecniche
Ammontari correlati
non oggetto di
compensazione
in bilancio
Ammontare
netto
31.12.2013
(f = c- d- e)
Ammontare
netto
31.12.2012
Depositi di
Strumenti
finanziari contante ricevuti
in garanzia
(d)
(e)
11.638
-
11.638
11.638
-
-
-
-
-
-
-
-
-
-
3. Prestito titoli
-
-
-
-
-
-
-
4. Altre
-
-
-
-
-
-
-
TOTALE 31.12.2013
11.638
-
11.638
11.638
-
-
X
TOTALE 31.12.2012
12.480
-
12.480
12.480
-
X
-
"
'
Ammontare
netto delle
attività
finanziarie
riportato
in bilancio
(c = a- b)
2. Pronti contro termine
1. Derivati
/GG'
Ammontare
Ammontare
lordo delle delle passività
attività
finanziarie
finanziarie
compensato
(a)
in bilancio
(b)
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+' 'S
S"A+=)%#'1 )+ "/3!!)"H('()"R'(% #)+ '!$"S"R'// -)'
G0'7#@@!6!,Q'<!$#$-!#*!+'&55+,,&'(!'%&=>+$@#-!&$+'!$'F!"#$%!&';'&>>:*+'@&55+,,+'#('#%%&*(!WH:#(*&'
(!'%&=>+$@#-!&$+'&'#('#%%&*(!'@!=!"#*!'
(migliaia di euro )
Forme tecniche
1. Derivati
Ammontare
lordo delle
passività
finanziarie
(a)
Ammontare
delle attività
finanziarie
compensato
in bilancio
(b)
Ammontare
netto delle
passività
finanziarie
riportato
in bilancio
(c = a- b)
Ammontari correlati
non oggetto di
compensazione
in bilancio
Strumenti
finanziari
(d)
Depo siti di
co ntante po sti
a garanzia
(e)
Ammontare
netto
31.12.2013
(f = c- d- e)
Ammontare
netto
31.12.2012
18.880
-
18.880
11.638
5.640
1.602
9.289
2. Pro nti co ntro termine
-
-
-
-
-
-
-
3. Prestito titoli
-
-
-
-
-
-
-
4. Altre
-
-
-
-
-
-
-
TOTALE 31.12.2013
18.880
-
18.880
11.638
5.640
1.602
X
TOTALE 31.12.2012
30.437
-
30.437
12.480
8.668
X
9.289
"
C$!!$"('@$!!$"/)*%'"% *)%('($"% /3!('+)"$/*)/($"!$"'(( - (."$"*'// - (."= +'+1 '% $"$"5! "/(%3#$+( "= +'+1 '% ""-$%/)"
A+($/'"H'+*')!)"$";'+&'"AKA"/@ !'+& '( "*$%"&)+(%)*'%($"$"/)55$(( "'2"'&&)%2 "83'2%)"2 "&)#*$+/'1 )+$")"'2"
'!(% "'&&)%2 "/ # !'% 0" +2 *$+2$+($#$+($"2'!"='(()"&<$"'@@ '+)"2'()"!3)5)"'"3+'"&)#*$+/'1 )+$"' "/$+/ "2$!!)"
AMH" Wi" *'%'5%'=)" eV9" A" 2$*)/ ( " 2 " &)+('+( " % &$-3( " )" *)/( " '" 5'%'+1 '" /)+)" % &)#*%$/ " % /*$(( -'#$+($" +$ "
2$@ ( "a"&%$2 ( "-$%/)""@'+&<$"(%'" "&)+( "&)%%$+( "$"2$*)/ ( "! @$% 9""
'
/GO'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
R'%($"`"S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)"
"
K+-!&$+'/''3'R"!'!$,+*+@@!'W'M&%!'/2'+'12'
'
/0/'9$,+*+@@!'#,,!6!'+'>*&6+$,!'#@@!=!"#,!D'%&=>&@!-!&$+''
( m ig lia ia d i e u r o )
V o c i/ F o rm e t e c n ic h e
T it o li d i
d e b it o
A lt re
o p e ra z io n i
F in a n z ia m e n t i
1. A t t iv it à f in a n zia r ie d e t e n u t e p e r
la n e g o zia zio n e
2 0 13
2 0 12
3
-
-
3
11
2 . A t t iv it à f in a n zia r ie d is p o n ib ili p e r
la v e n d it a
309
-
-
309
445
3 . A t t iv it à f in a n zia r ie d e t e n u t e s in o
a lla s c a d e n za
-
-
-
4 . C r e d it i v e r s o b a n c h e
-
16 0
402
6 9 .5 7 3
5 . C r e d it i v e r s o c lie n t e la
6 . A t t iv it à f in a n zia r ie v a lu t a t e a l
f a ir v a lu e
-
-
16 0
303
-
6 9 .9 7 5
8 3 .0 6 8
-
-
-
-
-
7 . D e r iv a t i d i c o p e r t u ra
X
X
-
-
-
8 . A lt r e a t t iv it à
X
X
13
13
13
TO TA LE
7 14
6 9 .7 3 3
13
7 0 .4 6 0
8 3 .8 4 0 "
"
L%'" " &%$2 ( " -$%/)" &! $+($!'" /)+)" % &)#*%$/ " +($%$// " '(( - " /3" '(( - (." 2$($% )%'($" *$%" I9hjf" # 5! ' '" DI9IWV""
# 5! ' '"+$!"VjIVE9"
"
/010'9$,+*+@@!'#,,!6!'+'>*&6+$,!'#@@!=!"#,!D'(!<<+*+$-!#"!'*+"#,!6!'#""+'&>+*#-!&$!'(!'%&>+*,:*#'''
'
:$" +=)%#'1 )+ " /3 " 2 ==$%$+1 '! " %$!'( - " '!!$" )*$%'1 )+ " 2 " &)*$%(3%'" /)+)" /('($" !!3/(%'($" +$!!'" /3&&$/ -'" ('@9"
I9f0" +"83'+()"*$%"$+(%'#@ "5! "$/$%& 1 " !"/'!2)"?" +&!3/)"+$5! " +($%$// "*'// - 9"
"
/0.'9$,+*+@@!'#,,!6!'+'>*&6+$,!'#@@!=!"#,!D'#",*+'!$<&*=#-!&$!''
'
/0.0/'9$,+*+@@!'#,,!6!'@:'#,,!6!,Q'<!$#$-!#*!+'!$'6#":,#'
[! " +($%$// "'(( - "/3"'(( - (."= +'+1 '% $" +"-'!3('"'##)+('+)0"'!"WI"2 &$#@%$"VjIW0"'"VhW"# 5! ' '9"
"
/0.01'9$,+*+@@!'#,,!6!'@:'&>+*#-!&$!'(!'"+#@!$5'<!$#$-!#*!&'
T'(( /*$& $"+)+"*%$/$+($9"
"
/0?'9$,+*+@@!'>#@@!6!'+'&$+*!'#@@!=!"#,!D'%&=>&@!-!&$+'''
( m ig lia ia d i e u ro )
V o c i/ F o rm e te c n ic h e
1. D e b it i v e rs o b a n c h e c e n t r a li
D e b iti
A ltre
o p e ra z io n i
T ito li
2 0 13
2 0 12
-
X
-
-
-
2 . D e b it i v e r s o b a n c h e
8 .0 4 8
X
-
8 .0 4 8
14 .5 3 5
3 . D e b it i v e r s o c lie n t e la
8 .5 7 8
X
-
8 .5 7 8
10 .5 15
X
479
-
479
1.4 0 6
-
-
-
-
-
4 . T it o li in c irc o la zio n e
5 . P a s s iv it à f in a n zia rie d i n e g o zia zio n e
6 . P a s s iv it à f in a n zia rie v a lu t a t e a l f a ir v a lu e
-
-
-
-
-
7 . A lt r e p a s s iv it à e f o n d i
X
X
-
-
-
8 . D e r iv a t i d i c o p e rt u r a
X
X
494
494
69
TO TA L E
16 . 6 2 6
479
494
17 .5 9 9
2 6 .5 2 5 "
"
C$!!$"-)& "OV9"Z$@ ( "-$%/)"@'+&<$P"$"OW9"Z$@ ( "-$%/)"&! $+($!'P"/)+)" +&!3/ "'+&<$"5! " +($%$// "/3")*$%'1 )+ "
2 "*%)+( "&)+(%)"($%# +$"2 "%'&&)!('9"
'
/GP'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
"
/0B'9$,+*+@@!'>#@@!6!'+'&$+*!'#@@!=!"#,!D'(!<<+*+$-!#"!'*+"#,!6!'#""+'&>+*#-!&$!'(!'%&>+*,:*#''''
(m igliaia di euro )
2 0 13
2 0 12
A . D if f erenziali po s it iv i relat iv i a o perazio ni di c o pert ura:
3.048
4.015
B . D if f erenziali negat iv i relat iv i a o perazio ni di c o pert ura:
-3.542
-4.084
Voc i
J 0'K #"( & 'T8'W' U'
W?S?
WGS
'
"
:'"-)&$" +&!32$"!$"83)($"2 " '##)%('#$+()"2$ "*%$# "*'5'( " /3!!$")*1 )+ "2 "&)*$%(3%'"*$%"&)#*!$// -$"FeW"
# 5! ' '9"
'
/0G'9$,+*+@@!'>#@@!6!'+'&$+*!'#@@!=!"#,!D'#",*+'!$<&*=#-!&$!''
'
/0G0/'9$,+*+@@!'>#@@!6!'@:'>#@@!6!,Q'!$'6#":,#'
L%'"5! " +($%$// "*'// - "$")+$% "'// # !'( 0"'!"WI"2 &$#@%$"VjIW0"/)+)"/('( "&)+('@ ! 11'( "Vg"# 5! ' '"%$!'( - "'"
*'// - (."= +'+1 '% $" +"-'!3('9"
"
/0G01'9$,+*+@@!'>#@@!6!'@:'>#@@!6!,Q'>+*'&>+*#-!&$!'(!'"+#@!$5'<!$#$-!#*!&'
:'"/)& $(."+)+"<'"*)/()" +"$//$%$")*$%'1 )+ "2 "!$'/ +5"= +'+1 '% )"*%)23((% & "2 " +($%$// "*'// - 9"
"
'
/GS'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'1''3'C+'%&==!@@!&$!'W'M&%!'?2'+'B2'
'
10/'J&==!@@!&$!'#,,!6+D'%&=>&@!-!&$+''
(m ig lia ia d i e u ro )
T ip o lo g ia s e rv iz i/V a lo ri
A ) G a ra n zie rila s c ia t e
B ) D e riv a t i s u c re d it i
C ) S e rv izi d i g e s t io n e , in t e rm e d ia zio n e e c o n s u le n za :
1. n e g o zia zio n e d i s t ru m e n t i f in a n zia ri
2 0 13
2 0 12
1.8 8 5
1.8 9 0
-
-
11.6 9 1
8 .3 7 3
26
1
205
247
-
-
3 .1. in d iv id u a li
-
-
3 .2 . c o lle t t iv e
-
-
2 16
259
2 . n e g o zia zio n e d i v a lu t e
3 . g e s t io n i d i p o rt a f o g li
4 . c u s t o d ia e a m m in is t ra zio n e d i t it o li
5 . b a n c a d e p o s it a ria
6 . c o llo c a m e n t o d i t it o li
7 . a t t iv it à d i ric e zio n e e t ra s m is s io n e d i o rd in i
8 . a t t iv it à d i c o n s u le n za
-
-
6 .3 4 7
4 .3 9 3
895
9 13
-
-
8 .1. in m a t e ria d i in v e s t im e n t i
-
-
8 .2 . in m a t e ria d i s t ru t t u ra f in a n zia ria
-
-
4 .0 0 2
2 .5 6 0
989
555
989
555
9 . d is t rib u zio n e d i s e rv izi d i t e rzi
9 .1. g e s t io n i d i p o rt a f o g li
9 .1.1. in d iv id u a li
9 .1.2 . c o lle t t iv e
9 .2 . p ro d o t t i a s s ic u ra t iv i
9 .3 . a lt ri p ro d o t t i
D ) S e rv izi d i in c a s s o e p a g a m e n t o
-
-
2 .2 0 4
1.4 3 5
809
570
1.9 2 5
1.8 8 3
E ) S e rv izi d i s e rv ic in g p e r o p e ra zio n i d i c a rt o la rizza zio n e
-
-
F ) S e rv izi p e r o p e ra zio n i d i f a c t o rin g
-
-
G ) E s e rc izio d i e s a t t o rie e ric e v it o rie
-
-
H ) A t t iv it à d i g e s t io n e d i s is t e m i m u lt ila t e ra li d i s c a m b io
-
-
I) T e n u t a e g e s t io n e d e i c o n t i c o rre n t i
11.17 7
9 .5 5 1
J ) A lt ri s e rv izi
4 .8 4 3
5 .2 2 5
3 1.5 2 1
2 6 .9 2 2
TO TA L E
"
"
:$"&)## // )+ "'(( -$" +2 &'($"'!!'"/)(()-)&$"OqE"F"M!(% "/$%- 1 P"*%$/$+('+)0"*$%" !"VjIW0" !"/$53$+($"2$(('5! )0"
+"# 5! ' '"2 "$3%)U"
− T +'+1 '#$+( "&)+&$// "" " V9WWh"
− H$%- 1 )"`'%($"2 "`%$2 ()" " I9hfI"
− H$%- 1 )";'+&)#'(" " " " ""ffh"
− M!(% ""/$%- 1 " " " " " " ""Wjj"
"
""
"
'
/O2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
101'J&==!@@!&$!'#,,!6+D'%#$#"!'(!@,*!F:,!6!'(+!'>*&(&,,!'+'@+*6!-!'''
(m ig lia ia d i e u ro )
2 0 13
2 0 12
A ) P re s s o p ro p ri s p o rt e lli
10 .3 0 7
6 .9 4 9
1. g e s t io ni d i p o rt af o g li
989
555
2. c o llo c a m e n t o d i t it o li
6 .3 4 7
4 .3 9 3
3. s erv izi e p ro d o t t i d i t e rzi
2 .97 1
2 .0 01
C a n a li/V a lo ri
B ) O f f e rt a f u o ri s e d e
-
-
1. g e s t io ni d i p o rt af o g li
-
-
2. c o llo c a m e n t o d i t it o li
-
-
3. s erv izi e p ro d o t t i d i t e rzi
-
-
42
4
1. g e s t io ni d i p o rt af o g li
-
-
2. c o llo c a m e n t o d i t it o li
-
-
42
4
C ) A lt ri c an a li d is t rib u t iv i
3. s erv izi e p ro d o t t i d i t e rzi
"
"
10.'J&==!@@!&$!'>#@@!6+D'%&=>&@!-!&$+'
'
(m iglia ia di eu ro )
2 0 13
2 0 12
A ) G ara nzie ric ev ut e
27
27
B ) D eriv a t i s u c red it i
-
-
S e rvizi/V a lo ri
C ) S e rv izi di ge s t io ne e in t e rm e dia zio n e :
2 18
2 99
1. n e go zia zio n e d i s t rum en t i f ina n zia ri
-
-
2. n eg o ziazio n e d i v a lut e
-
-
3. g es t io n i d i p o rt af o g li:
-
-
-
-
3 .1 p ro p rie
3 .2 de le g at e d a t e rzi
4. c us t o dia e a m m inis t ra zio ne di t it o li
5. c o llo c a m en t o d i s t rum en t i f ina nzia ri
6. o f f e rt a f uo ri s e de d i s t rum en t i f ina n ziari, p ro d o t t i e s erv izi
D ) S e rv izi di in c a s s o e pa g am en t o
E ) A lt ri s erv izi
-
-
2 18
2 99
-
-
-
-
54 3
5 89
1.0 71
1.0 02
1.8 5 9
1.9 17 "
' TO TA L E
"
C$!!'" /)(()-)&$" OJ" S" M!(% " /$%- 1 P" /)+)" +&!3/ 0" *$%" !" VjIW0" kkg" # 5! ' '" *$%" /$%- 1 " @'+&)#'(0" Ijj" # 5! ' '"
% 53'%2'+( "!$"&'%($"2 "&%$2 ()"$"IiW"# 5! ' '"%$!'( - "'2"'!(% "/$%- 1 9"
"
"
"
'
/O/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'.'3'Z!6!(+$(!'+'>*&6+$,!'@!=!"!''W'M&%+'O2'
'
.0/'Z!6!(+$(!'+'>*&6+$,!'@!=!"!D'%&=>&@!-!&$+''
(m igliaia di euro )
2 0 13
Divid e n d i
V o c i/P ro ve n ti
P ro ve n ti d a
q u o te d i
O .I.C.R.
2 0 12
Divid e n d i
P ro ve n ti d a
q u o te d i
O .I.C.R.
A . A ttiv ità f inanziarie det enute per la nego ziazio ne
-
-
-
-
B . A ttiv ità f inanziarie dis po nibili per la v endita
1
-
-
-
C . A ttiv ità f inanziarie v alutate al fair v alue
1
-
-
-
D . P artec ipazio ni
32
X
-
X
TO TA L E
34
-
-
-
"
"
"
:'"/)(()-)&$"O;9"M(( - (."= +'+1 '% $"2 /*)+ @ ! "*$%"!'"-$+2 ('P"'&&)5! $" !"2 - 2$+2)"2 /(% @3 ()"2'"T +$/("H9*9M9"
"
:'" /)(()-)&$" O`9" M(( - (." = +'+1 '% $" -'!3('($" '!" =' %" -'!3$P" '&&)5! $" !" 2 - 2$+2)" +&'//'()" /3!!$" '1 )+ " A+($/'"
H'+*')!)9"
"
:'"/)(()-)&$"OZ9"R'%($& *'1 )+ "'&&)5! $" !"2 - 2$+2)" +&'//'()"2'"HAM"H9*9M9"
"
'
/O1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'?'3'9"'*!@:",#,&'$+,,&'(+""`#,,!6!,Q'(!'$+5&-!#-!&$+'W'M&%+'P2'
'
?0/'b!@:",#,&'$+,,&'(+""[#,,!6!,Q'(!'$+5&-!#-!&$+D'%&=>&@!-!&$+''
(m igliaia di euro )
P lu sva len ze
Utili
da
ne go zia z.
Min u sva l.
Pe rd ite
da
n eg oziaz.
Risu ltato
ne tto
O p erazion i/Compo ne nti re dd itu a li
1. A ttività finanziarie di nego ziazio ne
-
33
-
-
33
1.1 T ito li di debito
-
33
-
-
33
1.2 T ito li di c apit ale
-
-
-
-
-
1.3 Quo te di O.I.C .R .
-
-
-
-
-
1.4 F inanziam enti
-
-
-
-
-
1.5 A ltre
-
-
-
-
-
-
-
-
-1
-1
2.1 T ito li di debit o
-
-
-
-1
-1
2.2 D ebito
-
-
-
-
-
2.3 A lt re
-
-
-
-
-
2. P as siv it à finanziarie di nego ziazio ne
3. A tt iv it à e pas s iv it à finanziarie: differenze di c am bio
4. St rum ent i deriv ati
4.1 D erivati f inanziari:
- s u tito li di debito e tas si di interes se
- s u tito li di c apitale e indic i azio nari
- s u v alute e o ro
- alt ri
4.2 D eriv ati s u c redit i
TO TALE
X
X
X
X
437
5.458
11.674
-6.254
-10.506
416
5.458
11.674
-6.254
-10.506
416
4.989
7.718
-5.785
-6.550
372
-
-
-
-
-
X
X
X
X
44
469
3.956
-469
-3.956
-
-
-
-
-
-
5 .4 58
11.7 07
- 6 .25 4
- 10.50 7
8 85
"
"
C$!!'" &)!)++'" OY /3!('()" +$(()P" /)+)" +&!3/ " 5! " 3( ! 0" *$%2 ($0" *!3/-'!$+1$" $" # +3/-'!$+1$" 2'" )*$%'1 )+ " /3"
-'!3($0"/3"2$% -'( "/3"-'!3($"$"/3"( ()! "2 "2$@ ()9""
'
/O.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'B'3'9"'*!@:",#,&'$+,,&'(+""`#,,!6!,Q'(!'%&>+*,:*#'W'M&%+'S2'
'
B0/'b!@:",#,&'$+,,&'(+""[#,,!6!,Q'(!'%&>+*,:*#D'%&=>&@!-!&$+''
(m igliaia di euro )
Co mp o n e n ti re d d itu a li/Va lo ri
2 0 13
2 0 12
A . P ro venti relativ i a:
A .1 deriv ati di c o pertura del fair v alue
3.707
3.462
77
4.486
3.682
-
A .4 deriv ati finanziari di c o pertura dei flus s i finanziari
-
-
A .5 attiv ità e pas s iv it à in v aluta
-
-
7 .4 6 6
7 .9 4 8
A .2 attiv ità f inanziarie c o perte (fair v alue)
A .3 pas s iv ità finanziarie co perte (fair value)
To ta le p ro ve n ti d e ll'a ttività d i c o p e rtu ra (A )
B . Oneri relat iv i a:
B .1 deriv ati di c o pertura del fair v alue
B .2 attiv ità f inanziarie c o perte (fair v alue)
-
-764
-2.969
B .4 deriv ati finanziari di c o pertura dei flus s i finanziari
-
-
B .5 attiv ità e pas s iv it à in v aluta
-
-
- 7 .5 0 7
- 7 .8 9 4
- 41
54
To ta le o n e ri d e ll'a ttività d i c o p e rtu ra (B )
C. Risu lta to n e tto d e ll'a ttività d i c o p e rtu ra (A - B )
'
/O?'
-4.925
-4.752
B .3 pas s iv ità finanziarie co perte (fair value)
"
-1.991
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'G'3'N,!"!'T7+*(!,+U'(#'%+@@!&$+X*!#%H:!@,&'W'M&%+'/22'
'
G0/'N,!"!'T7+*(!,+U'(#'%+@@!&$+X*!#%H:!@,&D'%&=>&@!-!&$+'''
(m igliaia di euro )
Vo c i/Co mp on e nti red ditu ali
Utili
20 13
Pe rdite
Risu ltato
n etto
Utili
20 12
P erd ite
Risu lta to
ne tto
A ttiv ità finanziarie
1. C rediti v ers o banc he
-
-
-
-
-
-
2. C rediti v ers o c lientela
1
-110
-109
1
-215
-214
3. A ttiv ità finanziarie dis po nibili per la v endita
19
6
-6
-
19
-
3.1 T ito li di debito
6
-6
-
-
-
-
3.2 T ito li di c apitale
-
-
-
19
-
19
3.3 Quo te di O.I.C .R .
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7
- 116
- 10 9
20
- 2 15
- 19 5
1. D ebiti v ers o banc he
-
-
-
-
-
-
2. D ebiti v ers o c lientela
-
-
-
355
-
355
3. T ito li in c irc o lazio ne
-
-
-
-
-
-
3.4 F inanziam enti
4. A ttiv ità finanziarie detenute s ino alla
s c adenza
To ta le a ttività
P as s iv ità finanziarie
To ta le p assività
3 55
355 "
"
L%'"!$"*$%2 ($"%$!'( -$"' "O`%$2 ( "-$%/)"&! $+($!'P"/)+)"% &)#*%$/$"&$// )+ "2 "/)==$%$+1$"*$%"$3%)"ii"# 5! ' '"
$/$53 ($"*$%"3+"-'!)%$"!)%2)"*'% "'"VgI"# 5! ' '"*$%"!$"83'! "/)+)"/('( "3( ! 11'( "=)+2 "*'% "'"IeW"# 5! ' '"$"*$%"
3+" +&'//)"2 "Wi"# 5! ' '9"
'
/OB'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+' O' 3' 9"' *!@:",#,&' $+,,&' (+""+' #,,!6!,Q' +' >#@@!6!,Q' <!$#$-!#*!+' 6#":,#,+' #"' <#!*'
6#":+'3'M&%+'//2'
'
O0/'M#*!#-!&$+'$+,,#'(!'6#"&*+'(+""+'#,,!6!,QX>#@@!6!,Q'<!$#$-!#*!+'6#":,#,+'#"'<#!*'6#":+D'
%&=>&@!-!&$+'
(migliaia di euro )
Plusvalenze
Utili
da
realizzo
Minusval.
Perdite
da
realizzo
Risultato
netto
1. A ttività finanziarie
7
-
-
-
7
1.1 Tito li di debito
-
-
-
-
-
1.2 Tito li di capitale
7
-
-
-
7
1.3 Quo te di O.I.C.R.
-
-
-
-
-
1.4 Finanziamenti
-
-
-
-
-
2. P assività finanziarie
-
-
-
-
-
2.1 Tito li di debito
-
-
-
-
-
2.2 Debiti verso banche
-
-
-
-
-
2.3 Debiti verso clientela
-
-
-
-
-
X
X
X
X
-
-
-
-
-
-
Operazioni/Componenti reddituali
3. A ttività e passività finanziarie in valuta:
differenze di cambio
4. Derivati creditizi e finanziari
TOTALE
7
7"
"
:, #*)%()" +2 &'()"'!!'"-)&$"?"%$!'( -)"'!!'"-'!3('1 )+$"'!"=' %"-'!3$"2$!!$"'1 )+ "2$!!'"`'*)5%3**)"2$($+3($"+$!"
*)%('=)5! )"$2"'//$5+'($"' "* '+ "2 "%$#3+$%'1 )+$"2$ "r$B"#'+'5$%9""
"
'
/OG'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'P'3'C+'*+,,!<!%E+'(!'6#"&*+'$+,,+'>+*'(+,+*!&*#=+$,&'W'M&%+'/.2'
'
P0/'b+,,!<!%E+'(!'6#"&*+'$+,,+'>+*'(+,+*!&*#=+$,&'(!'%*+(!,!D'%&=>&@!-!&$+''
(migliaia di euro )
Rettific he di valore
Operazioni/Componenti
reddituali
A . Crediti verso banche
- Finanziamenti
- Tito li di debito
B . Crediti verso clientela
Di
portaf.
Spec ific he
c anc ellaz.
altre
2013
Riprese di valore
Spec ific he
da
Interessi
2012
Di portafoglio
altre
riprese
da
Interessi
altre
riprese
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- 338
- 57.582
- 117
3.050
4.210
-
-
- 50.777
- 19.580
-
Crediti deterio rati
-
-
-
-
-
-
-
-
- Finanziamenti
-
-
X
-
-
-
X
-
-
- Tito li di debito
-
-
X
-
-
-
X
-
-
- 338
- 338
-
- 57.582
- 57.582
-
- 117
- 117
-
3.050
3.050
-
4.210
4.210
-
-
-
-50.777
-19.580
-50.777
-19.580
-
-
- 338
- 57.582
- 117
3.050
4.210
-
-
- 50.777
- 19.580
A cquistati
A ltri crediti
- Finanziamenti
- Tito li di debito
C. Totale
"
"
A!"-'!)%$"+$5'( -)"5!)@'!$"2 "Ffj9kkk"# 5! ' '"%'**%$/$+('"!)"/@ !'+& )"(%'"%$(( = &<$"2 "-'!)%$"&)#*!$// -$"*$%"F
fg9jWk" # 5! ' '" $" % *%$/$" 2 " -'!)%$" *$%" pk9Vhj" # 5! ' '0" 2$!!$" 83'! " " W9jfj" # 5! ' '" / " % =$% /&)+)" '" +($%$// "
'(( - " 2$% -'+( " 2'!!,$==$(()" 2 " *%)5%$// -)" '++3!!'#$+()" DO&929" /#)+('#$+()PE" 2$!!,)% 5 +'% )" $==$(()" 2 "
'((3'! 11'1 )+$"D&929"$==$(()"( #$"-'!3$E"/3"*)/ 1 )+ " /&% (($"'"&%$2 ( " +"/)==$%$+1'0" +&'5! '( "$"% /(%3((3%'( 9"
:,'##)+('%$" +2 &'()" 2$!!$" %$(( = &<$" 2 " -'!)%$0" % 53'%2'" / '" *)/ 1 )+ " 2 " &%$2 ( " 2$($% )%'( " *$%" !$" 83'! " /)+)"
/('($" )*$%'($" %$(( = &<$" '+'! ( &<$" '" ! -$!!)" 2 " / +5)!)" %'**)%()" D&929" /*$& = &<$E" *$%" fk9iVj" # 5! ' '" &<$"
*)/ 1 )+ "2 "&%$2 ()" +"@)+ /"D*$%"IIk"# 5! ' 'E9"
'
P01'b+,,!<!%E+'(!'6#"&*+'$+,,+'>+*'(+,+*!&*#=+$,&'(!'#,,!6!,Q'<!$#$-!#*!+'(!@>&$!F!"!'>+*'"#'6+$(!,#D'
%&=>&@!-!&$+''
( m ig lia ia d i e u r o )
R e t t if ic h e d i v a lo r e
R ip r e s e d i v a lo r e
S p e c if ic h e
S p e c if ic h e
O p e r a z i o n i / C o m p o n e n t i r e d d it u a li
2 0 12
c a n c e l la z .
a lt r e
A . T it o li d i d e b it o
-
-
-
-
-
-
B . T it o li d i c a p it a le
-
-
X
X
-
-
C . Q u o t e d i O .I.C .R .
-
-4 6
X
-
-4 6
-8 0 9
D . F in a n z ia m e n t i a b a n c h e
-
-
-
-
-
-
E . F in a n z ia m e n t i a c lie n t e la
-
-
-
-
-
-
- 46
-
-
- 46
- 809
F . T o t a le
-
da
in t e r e s s i
2 0 13
a lt r e
r ip r e s e
"
"
:$"OY$(( = &<$"2 "-'!)%$P"/ "% =$% /&)+)"'!!, #*' %#$+("/3!"T)+2)"R%)5%$// )"A+-$/( #$+( "AA9'
'
P0.'b+,,!<!%E+'(!'6#"&*+'$+,,+'>+*'(+,+*!&*#=+$,&'(!'#,,!6!,Q'<!$#$-!#*!+'(+,+$:,+'@!$&'#""#'@%#(+$-#D'
%&=>&@!-!&$+''
"
C)+" / "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'0"*%$- /('"2'!!'" ;'+&'" 2,A('! '" g9W"OY$(( = &<$" 2 "-'!)%$"+$(($"*$%"
2$($% )%'#$+()"2 "'(( - (."= +'+1 '% $"2$($+3($"= +)"'!!'"/&'2$+1'U"&)#*)/ 1 )+$P9"
P0?'b+,,!<!%E+'(!'6#"&*+'$+,,+'>+*'(+,+*!&*#=+$,&'(!'#",*+'&>+*#-!&$!'<!$#$-!#*!+D'%&=>&@!-!&$+''
(m igliaia di euro )
Re ttific h e d i va lo re
O p e ra zio n i/Co m p o n e n ti
re d d itu a li
S p e c ific h e
c a n c e lla z.
Rip re se d i va lo re
a ltre
Di
p o rta f.
S p e c ific h e
da
a ltre
in te re ssi
rip re se
2 0 13
2 0 12
-166
Di p o rta fo g lio
da
a ltre
in te re ssi
rip re se
A . G aranzie rilas c ia te
-
-235
-
-
3
-
3 10
78
B . D eriv at i s u c re diti
-
-
-
-
-
-
-
-
-
C . Im p egn i ad e ro gare fo ndi
-
-
-
-
-
-
-
-
-
D . A ltre o pe razio ni
-
-
-
-
-
-
-
-
-
E. To ta le
- 235
3
3 10
78
- 16 6 "
"
:'"-)&$0"'--'!)%'('"*$%"kg"# 5! ' '0"/ "% =$% /&$"'!"/'!2)"*)/ ( -)"(%'"%$(( = &<$"2 "-'!)%$"DVWf"# 5! ' 'E"$"!$"% *%$/$"
DWIW"# 5! ' 'E"'"=%)+($"% /*$(( -'#$+($"2 "'&&'+()+'#$+( "$"3( ! 11 "2$!"=)+2)"5'%'+1 $"% !'/& '($0"&)/( (3 ()"'"
=%)+($"2 " #*$5+ "2 "= %#'"% !'/& '( "2'!!'";'+&'"'"='-)%$"2$!!'"*%)*% '"&! $+($!'9""
'
/OO'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'S'W'C+'@>+@+'#==!$!@,*#,!6+'W'M&%+'/B2'
'
S0/'K>+@+'>+*'!"'>+*@&$#"+D'%&=>&@!-!&$+''
( m ig lia ia d i e u r o )
2 0 13
2 0 12
1) P e r s o n a l e d ip e n d e n t e
3 0 .3 7 6
3 3 .7 5 6
a ) s a la r i e s t ip e n d i
2 0 .8 7 2
2 3 .17 9
5 .4 9 2
5 .9 7 3
2 14
7
T ip o lo g ia d i s p e s e / V a lo r i
b ) o n e r i s o c ia li
c ) i n d e n n it à d i f i n e r a p p o r t o
d ) s p e s e p r e v i d e n z ia l i
e ) a c c a n t o n a m e n t o a l t r a t t a m e n t o d i f in e r a p p o r t o d e l p e r s o n a le
f ) a c c a n t o n a m e n t o a l f o n d o t r a t t a m e n t o d i q u ie s c e n z a e o b b lig h i
s im ili:
- a c o n t r ib u z io n e d e f i n i t a
- a b e n e f ic i d e f in it i
g ) v e r s a m e n t i a i f o n d i d i p r e v id e n z a c o m p le m e n t a r e e s t e r n i:
- a c o n t r ib u z io n e d e f i n i t a
- a b e n e f ic i d e f in it i
h ) c o s t i d e r iv a n t i d a a c c o r d i d i p a g a m e n t o b a s a t i
s u p r o p r i s t r u m e n t i p a t r im o n ia li
i) a l t r i b e n e f i c i a f a v o r e d e i d i p e n d e n t i
-
-
2 15
331
63
-
-
-
63
40
1.6 6 2
1.9 5 8
1.6 6 2
1.9 5 8
-
-
-
-
1.8 5 8
2 .2 6 8
2 ) A lt r o p e r s o n a le in a t t iv it à
-
-
3 ) A m m in is t r a t o r i e S in d a c i
361
490
-
-
-4 4 5
-3 4 2
1.0 9 5
958
4 ) P e r s o n a le c o llo c a t o a r ip o s o
5 ) R e c u p e r i s p e s e p e r d ip e n d e n t i d is t a c c a t i p r e s s o a lt r e a z ie n d e
6 ) R im b o r s i d i s p e s e p e r d ip e n d e n t i d i t e r z i d is t a c c a t i p r e s s o la
s o c ie t à
TO TA LE
3 1. 3 8 7
3 4 .8 6 2 "
"
A+" &)$%$+1'" &)+" !$" *%$- / )+ " 2$!!'" & %&)!'%$" VhV" 2 " ;'+&'" 2,A('! '0" '55 )%+'#$+()" 2 " 5$++' )" VjIe0" "
-$%/'#$+( " 2 " LTY" $==$((3'( " 2 %$(('#$+($" '!!,ACRH" /)+)" /('( " % &!'// = &'( " 2'!!'" -)&$" d-$%/'#$+( " ' " =)+2 " 2 "
*%$- 2$+1'"&)#*!$#$+('%$"$/($%+ "'"&)+(% @31 )+$"2$= + (',"'!!'"-)&$"d +2$++ (."2 "= +$"%'**)%(),9"
"
S01''4:=+*&'=+(!&'(+!'(!>+$(+$,!'>+*'%#,+5&*!#''
2 0 13
2 0 12
P e r s o n a le d ip e n d e n t e
2
a ) d ir ig e n t i
b ) t o t a le q u a d r i d ir e t t iv i
c ) r e s t a n t e p e r s o n a le d ip e n d e n t e
A lt r o p e r s o n a le
TO TA LE
2
19 3
201
263
282
-
-
458
485
'
S0.'Y&$(!'(!'H:!+@%+$-#'#-!+$(#"!'#'F+$+<!%!'(+<!$!,!D',&,#"+'%&@,!''
"
( m ig lia ia d i e u r o )
2 0 13
2 0 12
P ia n i
e s te rn i
P ia n i
e s te rn i
- 19 . 12 0
- 17 . 14 0
- 4 5 . 19 0
- 5 6 .9 2 0
3 1. 3 4 0
4 0 .5 6 0
-
-
-
-
R id u z io n e d e l f o n d o
-
-
E s t in z io n e d e l f o n d o
-
-
C o s to
p r e v id e n z ia le r e la t iv o
a lle p r e s t a z io n i d i la v o r o
In t e r e s s i p a s s i v i
In t e r e s s i a t t i v i
R im b o r s o
C o s to
d a te rzi
p r e v id e n z ia le r e la t iv o
a lle p r e s t a z io n i d i la v o r o
p a s s a te
"
'
A" -'!)% " 2$!!$" *%$&$2$+( " ('@$!!$" / " % =$% /&)+)" '!" =)+2)" '" *%$/('1 )+$" 2$= + ('" &)+" *$%/)+'! (." 5 3% 2 &'"
2$+)# +'()" `'//'" 2 " R%$- 2$+1'" A+($5%'( -'" *$%" !" R$%/)+'!$" 2$!!]A/( (3()" ;'+&'% )" H'+" R')!)" 2 " L)% +)0"
!!3/(%'()"+$!!'"*%$&$2$+($"/$1 )+$"IV9W"*'%($";"F"R'// -)9"
:$" &)#*)+$+( " $&)+)# &<$" 2 " &)#*$($+1'" 2$!!'" @'+&'" DhW" # 5! ' 'E" /)+)" &)+=!3 ($" (%'" !$" /*$/$" *$%" !"
*$%/)+'!$"F"'&&'+()+'#$+()"'!"(%'(('#$+()"2 "83 $/&$+1'"'"*%$/('1 )+$"2$= + ('"D% 5'"="F"('@$!!'"i9IE9"
'
/OP'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
_!(%$"'!"*%$2$(()"=)+2)0"$/ /($0"'"='-)%$"2$ "2 *$+2$+( "2$!!'";'+&'0"3+"*%$$/ /($+($"=)+2)"2 "*%$- 2$+1'"2$!"
*$%/)+'!$"2 *$+2$+($"2$+)# +'()"T)+2)"R$+/ )+$"*$%" !"*$%/)+'!$"2$!!'";'+&'"2 "L%$+()"$";)!1'+)"DTAR";L;E9"
M+&<]$//)"<'" '3()+)# '" 5 3% 2 &'0" $//$+2)" /('()" &)/( (3 ()" 2' " 2 *$+2$+( " '" +)%#'" 2$!!]'%(9" Wh" 2$!" &)2 &$"
& - !$6" '" ('!$" =)+2)" !'" ;'+&'" -$%/'" *$% )2 &'#$+($" " &)+(% @3( " 2)-3( " +" =)%1'" 2 " '&&)%2 " '1 $+2'! 9" A!" =)+2)"
/322$(()"+)+"% $+(%'"+$!!'"/=$%'"*'(% #)+ '!$"2$!!'";'+&'"$2"?"3+"=)+2)"'"&)+(% @31 )+$"2$= + ('9"
M"&'% &)"2$!!,'1 $+2'"+)+"$/ /()+)"'!(% ")+$% "$2"'!(% " #*$5+ "*$%"!'"*%$- 2$+1'" +($5%'( -'"2$ "2 *$+2$+( 9"
'
S0?'8",*!'F+$+<!%!'#'<#6&*+'(!'(!>+$(+$,!'
'
C$!!'" *)/('" O'!(% " @$+$= & " '" ='-)%$" 2 " 2 *$+2$+( P" /)+)0" (%'" !,'!(%)0" % &)#*%$/ " )+$% " /)/($+3( " *$%" &)+(% @3( "
'// /($+1 '! "*$%"fVk"# 5! ' '0"( &G$("*'/()"*$%"Whh"# 5! ' '0"'// &3%'1 )+ "*$%"VV"# 5! ' '"$"!,'&&'+()+'#$+()"
'!"=)+2)"*%$# "2 "'+1 '+ (."*$%"eI"# 5! ' '0"+)+&<^"'!(% ")+$% "+$(( "*$%"kI"# 5! ' '9"
H)+)"% &)#*%$/ " )+$% "% =$% ( "'2" '&&'+()+'#$+( "$2"'!!,'((3'! 11'1 )+$"2$ "=)+2 " *$%"$/)2 "2$!" *$%/)+'!$"*$%"
gWI"# 5! ' '9"
"
S0B'8",*+'@>+@+'#==!$!@,*#,!6+D'%&=>&@!-!&$+''
( m ig lia ia d i e u r o )
) !> & "& 5 !# '( !'@ > + @ # X 6 # "& * !
K > + @ + '!$ < & * = # , !% E +
S p e s e t e le f o n ic h e e t r a s m is s io n e d a t i
K > + @ + '!= = & F !"!# *!
C a n o n i p a s s iv i p e r lo c a z io n e im m o b ili
1 2 / 1
G /
/ 1 P
6 1
B 0. S 2
2 .7 4 3
3 . 10 5
4 2 2
S p e s e p e r p u liz ia lo c a li
S p e s e p e r im m o b ili d i p r o p ie t à
S p e s e p e r m a n u t e n z io n e im m o b ili p r e s i in lo c a z io n e
16 8
4 0
7 7 2
S p e s e e n e r g e t ic h e
S p e s e d iv e r s e im m o b ilia r i
K > + @ + '5 + $ + *# "!
S p e s e p o s t a li e t e le g r a f ic h e
S p e s e p e r m a t e r ia li p e r u f f ic io
e c o n t a v a lo r i
C o r r ie r i e t r a s p o r t i
12 8
? 0O ? 1
9 3
S p e s e d i v ig ila n z a
S p e s e p e r tra s p o rto
1 2 / .
9 9
4 9 1
2 8 9
4 7
8 2 1
5 0 4
5 3 8
1 0O / B
1 0O . S
5 8 1
2 8 8
7 8 6
2 9 9
5 4 8
6 0 5
2 4 6
2 0 0
In f o r m a z i o n i e v i s u r e
4 6 9
3 7 2
A lt r e s p e s e
3 8 2
2 8 2
C o n t r ib u t i a d a s s o c ia z io n i s in d a c a li e d i c a t e g o r ia
K > + @ + '> * & < + @ @ !& $ # "!'+ '# @ @ !% : * # , !6 +
C o m p e n s i a p r o f e s s io n is t i
P r e m i d i a s s ic u r a z io n e b a n c h e e c lie n t i
K > + @ + '> * & = & 'W '> : F F "!% !, Q '+ '( !'= # * A + , !$ 5
S p e s e d i p u b b lic it à e r a p p r e s e n t a n z a
K + * 6 !- !'* + @ !'( # ', + * - !
O n e r i p e r s e r v iz i p r e s t a t i d a t e r z i
O n e r i p e r o u t s o u r c in g in t e r n i a l g r u p p o
J & @ , !'!$ ( !* + , , !'( + "'> + * @ & $ # "+
O n e r i in d ir e t t i d e l p e r s o n a le
b + % : > + *!
) & , # "+
6 0 1/ 7 3
Im p o s t e e t a s s e s u g l i i m m o b i l i
A lt r e im p o s t e in d ir e t t e e t a s s e
9 = > & @ , + '!$ ( !* + , , + '+ ', # @ @ + '
19 5
/ 0B G .
3 7 1
5 7 9
5 9 4
6 13
? S 1
? S 2
4 9 2
4 9 0
/ . 0S ? P
/ . 0P . G
3 9 5
4 6 6
13 . 5 5 3
13 . 3 7 0
1 2 S
/ 1 2
2 0 9
12 0
WG ? /
1 . 0/ O P
W. / /
1 . 0S B B
3 . 17 1
Im p o s t a d i b o l l o
) V ) 8 C ]
19 4
8 6 4
S p e s e le g a li e g iu d iz ia r ie
Im p o s t a s o s t i t u t i v a D P R
2 0 1
/ 0G B 1
2 .8 0 1
18 8
4 4 1
18 5
18 8
15 3
14 9
. 0G S O
. 0B O S
1 G 0P O B
1 O 0B . ?
V$+*!'(!'!$,+5*#-!&$+'+('!$%+$,!6!'#""[+@&(&'
'
[! ")+$% "2 " +($5%'1 )+$0"$/*)/( "+$!"&)+()"$&)+)# &)"% &!'// = &'()"'!"+$(()"2$!!,$==$(()"= /&'!$0"$""&)+=!3 ( "'!!'"
-)&$"Ifj"OH*$/$"'## + /(%'( -$P"/)+)"*'% "&)#*!$// -'#$+($0"'!"!)%2)"2 "('!$"$==$(()0"'"ijh"# 5! ' '9"Z$(( "
)+$% "<'++)"(%)-'()"'!!)&'1 )+$"(%'"!$"OH*$/$"2$!"*$%/)+'!$"S"M!(% "@$+$= & "'"='-)%$"2$ "2 *$+2$+( P"$"(%'"!$"
OM!(%$"/*$/$"'## + /(%'( -$"F"_+$% "*$%")3(/)3%& +5" +($%+ "'!"[%3**)P9"c3'+()"'!!'"*% #'"='(( /*$& $0"*'% "'"
gWj"# 5! ' '0"5! "/($// "/)+)"% &)+23& @ ! 0"*$%"kff"# 5! ' '0"'!!,'&&'+()+'#$+()"'!"=)+2)" +&$+( - "'!!,$/)2)"2 "
&3 "'!!,'&&)%2)"/( *3!'()"+$!"&)%/)"2$!"VjIW"$0"*$%" "%$/ 23 "kf"# 5! ' '0"'")+$% "%$!'( - "'")*$%'1 )+ "*%$5%$//$6"
+$!!$"'!(%$"/*$/$"'## + /(%'( -$"/)+)"&)+=!3 ( "kh"# 5! ' '9"
'
/OS'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'/2'W'8%%#$,&$#=+$,!'$+,,!'#!'<&$(!'>+*'*!@%E!'+'&$+*!'W'M&%+'/G2'
'
/20/'8%%#$,&$#=+$,!'$+,,!'#!'<&$(!'>+*'*!@%E!'+'&$+*!D'%&=>&@!-!&$+'''
(m igliaia di euro )
A c c a n to n a m e n ti
Ria ttrib u zio n i
2 0 13
A c c ant o na m ent i net t i ai f o ndi per c o nt ro v ers ie legali
-308
6
-302
A c c ant o na m ent i net t i ai f o ndi per ris c hi ed o neri div ers i
-647
TO TA L E
- 955
-647
6
- 949
"
:'" -)&$" O'&&'+()+'#$+( " +$(( " '!" =)+2)" % /&< " $" )+$% P0" !" &3 " /'!2)" ?" *'% " '" iei" # 5! ' '0" '&&)5! $" 5! "
/('+1 '#$+( "2$!!,$/$%& 1 )"%$!'( - "'"U"
− &'3/$"*'// -$"$"%$-)&'()% $"='!! #$+('% 6"
− &)*$%(3%'"2$ "% /&< "2 "% #@)%/)"2 "83)($"*%)-- 5 )+'! "/3"*%)2)(( "'// &3%'( - 0")+$% "&)++$// "' "-$%/'#$+( "
2'"$==$((3'%$"'!"T)+2)"A+($%@'+&'% )"2 "L3($!'"2$ "Z$*)/ ( 9"
'
/P2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'//'3'b+,,!<!%E+Xb!>*+@+'(!'6#"&*+'$+,,+'@:'#,,!6!,Q'=#,+*!#"!'3''M&%+'/O2'
'
//0/'b+,,!<!%E+'(!'6#"&*+'$+,,+'@:'#,,!6!,Q'=#,+*!#"!D'%&=>&@!-!&$+''
(m igliaia di euro )
A mmo rta m.
Re ttific h e
d i va lo re
per
d e te rio ra m.
Rip re se
di
va lo re
Risu lta to
n e tto
1.882
-
-
1.882
1.882
-
-
1.882
-
-
-
-
A ttività /Co mp o n e n te re d d itu a le
A . A ttiv ità m ateriali
A .1 D i pro prietà
- A d us o funzio nale
- P er inv es tim ento
A .2 A c quis ite in leas ing finanziario
-
-
-
-
- A d us o funzio nale
-
-
-
-
- P er inv es tim ento
-
-
-
-
1.8 8 2
-
-
1.8 8 2
TO TA L E
"
"
'
/P/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'/1'3'b+,,!<!%E+Xb!>*+@+'(!'6#"&*+'$+,,+'@:'#,,!6!,Q'!==#,+*!#"!'3''M&%+'/P2'
'
/10/'b+,,!<!%E+X*!>*+@+'(!'6#"&*+'$+,,+'@:'#,,!6!,Q'!==#,+*!#"!D'%&=>&@!-!&$+'''
'
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'"*%$- /($"2'!!'";'+&'"2,A('! '"+$!!'"OH$1 )+$"IV"S"Y$(( = &<$a% *%$/$"
2 "-'!)%$"+$(($"/3"'(( - (." ##'($% '! "S"Q)&$"IgjP9"
'
'
'
/P1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'/.'3'R"!'#",*!'&$+*!'+'>*&6+$,!'(!'5+@,!&$+'W'M&%+'/S2'
'
/.0/'8",*!'&$+*!'(!'5+@,!&$+D'%&=>&@!-!&$+'''
'
[! ")+$% "2 "5$/( )+$0"&<$"'##)+('+)"'"I9Vik"# 5! ' '0"DI9VIf"# 5! ' '"+$!"VjIVE"/ "% =$% /&)+)"'2")+$% "+)+"
% &)%%$+( " *$%" Vki" # 5! ' '0" '2" '##)%('#$+( " 2 " /*$/$" /)/($+3($" *$%" # 5! )% $" /3" @$+ " 2 " ($%1 " *$%" ghj"
# 5! ' '0" '" )+$% " *$%" -$%/'#$+( " '!" =)+2)" +($%@'+&'% )" 2 " (3($!'" 2$ " 2$*)/ ( 0" *$%" !, +($%-$+()" +" L$%&'/0" *$%"
IWf"# 5! ' '"$"'2"'!(% ")+$% "*$%"VW"# 5! ' '9"
"
/.01'8",*!'>*&6+$,!'(!'5+@,!&$+D'%&=>&@!-!&$+'''
'
[! "'!(% "*%)-$+( "2 "5$/( )+$"/)+)"*'% "'"e9jhW"# 5! ' '"DW9hge"+$!"VjIVE"$"/ "% =$% /&)+)"'"%$&3*$% " #*)/('"2 "
@)!!)" *$%" W9jjg" # 5! ' '0" '" %$&3*$% " #*)/('" /)/( (3( -'" *$%" Igi" # 5! ' '0" 2'!!'" &)## // )+$" 2 " /(%3(()% '"
-$!)&$"D`AQE"*$%"IgI"# 5! ' '0"'"= (( "'(( - "*$%"Wek"# 5! ' '0"'2"'!(% "*%)-$+( "+)+"% &)%%$+( "*$%"VIf"# 5! ' '"$"
'2"'!(% "*%)-$+( "*$%"IVW"# 5! ' '9"
'
/P.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'/?'3'N,!"!'T7+*(!,+U'(+""+'>#*,+%!>#-!&$!'W'M&%+'1/2'
'
C$!"&)%/)"2$!!,$/$%& 1 )"VjIW0"&)#$"*$%" !"VjIV0"+)+"/)+)"/('( "%$5 /(%'( "3( ! ")"*$%2 ($"/3!!$"/)& $(."&!'// = &'($"
&)#$"*'%($& *'1 )+ "% !$-'+( 9"
'
'
'
/P?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'/B'W'b!@:",#,&'$+,,&'(+""#'6#":,#-!&$+'#"'<#!*'6#":+'(+""+'#,,!6!,Q''
=#,+*!#"!'+'!==#,+*!#"!'W'M&%+'112''
'
Q)&$"+)+"'**! &'@ !$"*$%";'+&'"2 "L%$+()"$";)!1'+)9"
'
/PB'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'/G'3'b+,,!<!%E+'(!'6#"&*+'(+""`#66!#=+$,&'W'M&%+'1.2'
'
/G0/'b+,,!<!%E+'(!'6#"&*+'(+""`#66!#=+$,&D'%&=>&@!-!&$+''
'
`)#$" $- 2$+1 '()" +$!!'" R'%($" ;" S" H$1 )+$" IV" 2$!!,'(( -)0" +" @'/$" ' " ($/(" $==$((3'( " !,'-- '#$+()" /&% (()" +"
@ !'+& )"+)+"*%$/$+('"% 231 )+ "2 "-'!)%$9"
"
'
/PG'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'/O'3'N,!"!'T7+*(!,+U'(#'%+@@!&$+'(!'!$6+@,!=+$,!'W'M&%+'1?2'
'
/O0/'N,!"!'T7+*(!,+U'(#'%+@@!&$+'(!'!$6+@,!=+$,!D'%&=>&@!-!&$+'''
(m igliaia di euro )
Co mp o n e n te re d d itu a le /V a lo ri
A . Im m o bili
2 0 13
2 0 12
118
241
118
241
-
-
-
-
- Utili da c es s io ne
-
-
- P erdit e da c es s io ne
-
-
118
241
- Utili da c es s io ne
- P erdit e da c es s io ne
B . A lt re attiv ità
Risu lta to n e tto
"
"
C$!!'"-)&$"M">( ! "2'"&$// )+$"?" +2 &'()"!,3( !$"2$% -'+($"2'!!'"-$+2 ('"2 "3+" ##)@ !$0"$==$((3'('"+$!"&)%/)"2$!"
#$/$"2 "'*% !$"VjIW9"
"
'
/PO'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+' /P' W' C+' !=>&@,+' @:"' *+((!,&' (+""`+@+*%!-!&' (+""`&>+*#,!6!,Q' %&**+$,+' W' M&%+'
1G2'
'
/P0/'9=>&@,+'@:"'*+((!,&'(+""[+@+*%!-!&'(+""[&>+*#,!6!,Q'%&**+$,+D'%&=>&@!-!&$+''
(migliaia di euro )
Componenti reddituali/Valori
1. Impo ste co rrenti (-)
2. Variazio ni delle impo ste co rrenti dei precedenti esercizi (+/-)
3. Riduzio ne delle impo ste co rrenti dell’ esercizio (+)
3.bis Riduzio ne delle impo ste co rrenti dell'esercizio per crediti
d'impo sta di cui alla legge n. 214/11
4. Variazio ne delle impo ste anticipate (+/-)
5. Variazio ne delle impo ste differite (+/-)
6. Imposte di c ompetenza dell’eserc izio (- )
(- 1+/- 2+3+/- 4+/- 5)
2013
2012
-4.674
-5.079
-
1.105
444
304
74
1.814
11.047
333
498
468
7.389
- 1.055 "
R$%" 3+'"# 5! )%$"&)#*%$+/ )+$"/ "%'##$+('"&<$"!,'&&'+()+'#$+()"*$%" #*)/($"2 "&)#*$($+1'"@$+$= & '"2 "
3+"$==$(()"*)/ ( -)"*'% "'"feW"# 5! ' '0"% &)+23& @ !$"'!!,"$/$%& 1 )"*%$&$2$+($9"s'++)"*%)2)(()"('!$"@$+$= & )" !"
% !'/& )" '" &)+()" $&)+)# &)" 2$!!$" #*)/($" AYJH" $2" AYMR" &)+('@ ! 11'($" +" /$2$" 2 " *%$/$+('1 )+$" 2$!!$"
2 &< '%'1 )+ "2$ "%$22 ( "2$!!,$/$%& 1 )"*%$&$2$+($"eee"# 5! ' '0"$/*)/('"+$!"*3+()"W"2$!!'"('@$!!'"$"-'% '1 )+$"
*)/ ( -'"!$5'('"'!"&'% &)"2 "#'55 )% " #*)/($"*%$*'5'($"Dii"# 5! ' 'E"&)!!$5'($"'!"#$2$/ #)"$-$+()9"
"
/P01'b!%&$%!"!#-!&$+',*#'&$+*+'<!@%#"+',+&*!%&'+'&$+*+'<!@%#"+'+<<+,,!6&'(!'F!"#$%!&''
(m igliaia di euro )
2 0 13
P erdita della o perativ ità c o rrente al lo rdo delle im po s te
-25.655
2 012
-161
(m igliaia di euro )
Imp oste
%
-8.248
32,2%
Variazio ni in aum ento delle im po s te
1.758
-6,9%
.M aggio re bas e im po nibile IR A P
1.115
-4,3%
.Interes s i pas s iv i indeduc ibili
227
-0,9%
.C o s ti indeduc ibili (IC I, s pes e pers o nale, ec c .)
403
-1,6%
13
-0,1%
-899
3,5%
-1
0,0%
-9
0,0%
Im po s te s ul reddito - o nere/pro v ento fis c ale teo ric o (+/-)
.A ltre
Variazio ni in dim inuzio ne delle im po s te
.R eddito es ente per agev o lazio ni fis c ali
.Quo ta es ente plus v alenze s u partec ipazio ni
.Im po s te (IR A P ) deduc ibili dall' IR ES c o rrente
-284
1,1%
.Variazio ne im po s te es erc izi prec edenti
-543
2,1%
-62
0,2%
.A ltre
T o tale v ariazio ni delle im po s te
O n e re/p roven to fisc a le e ffe ttivo di b ila n c io (+/- )
'
/PP'
859
- 7.3 8 9
-3,4%
28 ,8% '
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'/S'3'N,!"+'T7+*(!,#U'(+!'5*:>>!'(!'#,,!6!,Q'!$'6!#'(!'(!@=!@@!&$+'#"'$+,,&'(+""+'
!=>&@,+'W'M&%+'1P2'
'
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!$"('@$!!$"Ii9I"$"Ii9V0"*%$- /($"2'!!'";'+&'"2,A('! '0"%$!'( -'"'!!'"OH$1 )+$"Ii"
S">( !$"D*$%2 ($E"2$ "5%3** "2 "'(( - (." +"- '"2 "2 /# // )+$"'!'"+$(()"2$!!$" #*)/($"S"-)&$"VgjP9"
"
'
/PS'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)
K+-!&$+'12'3'8",*+'!$<&*=#-!&$!''
'
C)+"/ "% !$-'+)"'!(%$" +=)%#'1 )+ "2$!"&)+()"$&)+)# &)"2'"$- 2$+1 '%$9"
"
'
/S2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'J'S
S"A+=)%#'1 )+ "/3!"&)+()"$&)+)# &)'
K+-!&$+'1/'3'N,!"+'>+*'#-!&$+''
'
:'"*%$/$+($"/$1 )+$"+)+"- $+$"&)#* !'('" +"83'+()"*%$- /('"*$%"!$"/)!$"/)& $(."83)('($9"
"
"
"
"
'
/S/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+'Z'S
S"Y$22 ( - (."&)#*!$// -'
R'%($"Z"S"Y$22 ( - (."`)#*!$// -'"
"
D #*)%( " +"# 5! ' 'E
9=>&*,&
9=>&*,&' 9=>&@,#'@:"'
"&*(&
*+((!,&
4+,,&
/20 N)9C]'T7]bZ9)8U'Z`]K]bJ9c9V'
d
d
W/P01GG
WB/
/?
W.O
F"
F"
F"
F"
F
F
?20 7!#$!'#'F+$+<!%!'(+<!$!,!
WB/
/?
W.O
"F"% /$%-'"3( ! a*$%2 ($"'((3'% '! "/3!"=)+2)"(=%
'E"-'% '1 )+ "2 "=' %"-'!3$
@E"'!(%$"-'% '1 )+
""F"% /$%-'"3( ! a*$%2 ($"'((3'% '! "/3 "=)+2 "2 -$%/ "2'!"(=%
'E"-'% '1 )+ "2 "=' %"-'!3$
@E"'!(%$"-'% '1 )+
fj9 M(( - (."+)+"&)%%$+( " +"- '"2 "2 /# // )+$
hj9 c3)('"2$!!$"% /$%-$"2'"-'!3('1 )+$"2$!!$"*'%($& *'1 )+ "-'!3('($"'"*'(% #)+ )"+$(()
FeW
FeW
F"
Fg
Fg
IV
IV
F"
V
V
F"
F"
F"
F"
FWI
FWI
F
Fh
Fh
F
F
F
?02O2
W/02??
.021G
W'
W'
W
F"
F"
F"
F"
F"
F"
F
F
F
W'
W'
W
F"
F"
F"
F"
F"
F"
F
F
F
.0//S
WSSP
10/1/
W9IIi
F"
F"
Fiig
F"
F"
V9IVI
F
F
SB/
W?G
S2B
ifk
Fh
F"
Fh
F"
Feg
V
F"
V
F"
iji
Fe
F
Fe
F
W'
W'
W
F"
F"
F"
F"
F"
F"
F
F
F
W'
W'
W
F"
F"
F"
F"
F"
F"
F"
F"
F"
F"
F
F
F
F
F
e9jIi
FI9jWj
V9igi
d
d
W/B01OO
8",*+'%&=>&$+$,!'*+((!,:#"!'@+$-#'*!5!*&'#'%&$,&'+%&$&=!%&D
Vj9 M(( - (."#'($% '!
Wj9 M(( - (." ##'($% '!
8",*+'%&=>&$+$,!'*+((!,:#"!'%&$'*!5!*&'#'%&$,&'+%&$&=!%&D
O20 J&>+*,:*#'(!'!$6+@,!=+$,!'+@,+*!D
'E"-'% '1 )+ "2 "=' %"-'!3$
@E"% 5 %)"'"&)+()"$&)+)# &)
&E"'!(%$"-'% '1 )+
P20 Z!<<+*+$-+'(!'%#=F!&D
'E"-'% '1 )+ "2 "-'!)%$
@E"% 5 %)"'"&)+()"$&)+)# &)
&E"'!(%$"-'% '1 )+
S20 J&>+*,:*#'(+!'<":@@!'<!$#$-!#*!D
'E"-'% '1 )+ "2 "=' %"-'!3$
@E"% 5 %)"'"&)+()"$&)+)# &)
&E"'!(%$"-'% '1 )+
/220 8,,!6!,Q'<!$#$-!#*!+'(!@>&$!F!"!'>+*'"#'6+$(!,#D
'E"-'% '1 )+ "2 "=' %"-'!3$
@E"% 5 %)"'"&)+()"$&)+)# &)
"F"%$(( = &<$"2'"2$($% )%'#$+()
"F"3( ! a*$%2 ($"2'"%$'! 11)
&E"'!(%$"-'% '1 )+
//20 8,,!6!,Q'$&$'%&**+$,!'!$'6!#'(!'(!@=!@@!&$+D
'E"-'% '1 )+ "2 "=' %"-'!3$
@E"% 5 %)"'"&)+()"$&)+)# &)
&E"'!(%$"-'% '1 )+
/120 e:&,#'(+""+'*!@+*6+'(#'6#":,#-!&$+'(+""+'>#*,+%!>#-!&$!'6#":,#,+'#'>#,*!=&$!&'$+,,&D
'E"-'% '1 )+ "2 "=' %"-'!3$
@E"% 5 %)"'"&)+()"$&)+)# &)
"F"%$(( = &<$"2'"2$($% )%'#$+()
"F"3( ! a*$%2 ($"2'"%$'! 11)
&E"'!(%$"-'% '1 )+
IWj9 L)('!$"'!(%$"&)#*)+$+( "%$22 (3'!
/?20 b]ZZ9)9M9)8`'JVL7C]KK9M8'TM&%+'/2f/.2U
'
/S1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
R'%($"J"S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"
*)! ( &<$"2 "&)*$%(3%'
"
9$,*&(:-!&$+''
'
A!"[%3**)"A+($/'"H'+*')!)"'((% @3 /&$"3+'"=)%($"% !$-'+1'"'!!'"5$/( )+$"$"'!"&)+(%)!!)"2$ "% /&< 0"83'! "&)+2 1 )+ "
*$%" 5'%'+( %$" 3+,'== 2'@ !$" $" /)/($+ @ !$" 5$+$%'1 )+$" 2 " -'!)%$" +" 3+" &)+($/()" 2 " % /&< )" &)+(%)!!'()0" " 2)-$"
'2$53'($11'" *'(% #)+ '!$0" /('@ ! (." 2$5! " 3( ! 0" ! 83 2 (." $" 3+'" =)%($" %$*3('1 )+$" 2$!" [%3**)" %'**%$/$+('+)" "
&'%2 + "*$%"*%$/$%-'%$"!'"*%)*% '"%$22 ( - (."&)%%$+($"$"*%)/*$(( &'9"
:'" /(%'($5 '" 2 " % /G" #'+'5$#$+(" *3+('" '2" 3+'" - / )+$" &)#*!$('" $" &)$%$+($" 2$ " % /&< " &)+/ 2$%'+2)" / '" !)"
/&$+'% )"#'&%)"$&)+)# &)"/ '" !"*%)= !)"2 "% /&< )"2$!"[%3**)"$"/( #)!'+2)"!'"&%$/& ('"2$!!'"&3!(3%'"2$!"% /&< )"$"
%'==)%1'+2)"3+'"(%'/*'%$+($"%'**%$/$+('1 )+$"2$!!'"% /&< )/ (."2$ "*)%('=)5! "2$!"[%3**)9""
A+"('!$"*%)/*$(( -'"-'"!$(()"!)"/=)%1)"*%)=3/)" +"83$/( "'++ "*$%")(($+$%$"2'"*'%($"2$!!$"M3()% (."2 "Q 5 !'+1'"!'"
-'! 2'1 )+$"2$ "#)2$!! " +($%+ "/3 "% /&< "2 "#$%&'()0"2 "&%$2 ()"$")*$%'( - 9""
:'"2$= + 1 )+$"2$!"Y /G"M**$( ($"T%'#$X)%G"$"&)+/$53$+( "! # ( ")*$%'( - "/3 "*% +& *'! "% /&< "/*$& = & 0"!,3( ! 11)"
2 " /(%3#$+( " 2 " # /3%'1 )+$" 2$!" % /&< )" +$!!,'#@ ()" 2$!" *%)&$//)" 2 " &)+&$// )+$" $" 5$/( )+$" 2$!" &%$2 ()" $" 2 "
&)+(%)!!)" 2$ " % /&< " )*$%'( - 0" $" !, #* $5)" 2 " # /3%$" 2 " &'* ('!$" '" % /&< )" *$%" !'" %$+2 &)+('1 )+$" 2$!!$"
*$%=)%#'+&$" '1 $+2'! " $" !'" -'!3('1 )+$" 2$!!,'2$53'($11'" 2$!" &'* ('!$" +($%+)0" %'**%$/$+('+)" " *'//'55 "
=)+2'#$+('! "2$!!'"2$&! +'1 )+$")*$%'( -'"2$!!'"/(%'($5 '"2 "% /&< )"2$= + ('"2'!"`)+/ 5! )"2 "H)%-$5! '+1'"$"2'!"
`)+/ 5! )"2 "[$/( )+$"2$!!'"`'*)5%3**)"!3+5)"(3(('"!'"&'($+'"2$& / )+'!$"2$!"[%3**)0"= +)"'!!'"/ +5)!'"3+ (."
)*$%'( -'"$"'!"/ +5)!)"2$/G9"
A"*% +& * "2 "@'/$"2$!!'"5$/( )+$"$"&)+(%)!!)"2$ "% /&< "/)+)" "/$53$+( U"
− &< '%'" +2 - 23'1 )+$"2$!!$"%$/*)+/'@ ! (."2 "'//3+1 )+$"2$ "% /&< 6""
− / /($# "2 "# /3%'1 )+$"$"&)+(%)!!)"'!! +$'( "'!!'"@$/("*%'&( &$" +($%+'1 )+'!$6""
− /$*'%'($11'")%5'+ 11'( -'"(%'"=3+1 )+ "2$*3('($"'!!'"5$/( )+$"$"=3+1 )+ "'22$(($"'!"&)+(%)!!)9"
"
:$"*)! ( &<$"%$!'( -$"'!!,'//3+1 )+$"2$ "% /&< "/)+)"2$= + ($"2'5! "_%5'+ "H('(3('% "2$!!'"`'*)5%3**)0" !"`)+/ 5! )"
2 " H)%-$5! '+1'" $" !" `)+/ 5! )" 2 " [$/( )+$9" A!" `)+/ 5! )" 2 " H)%-$5! '+1'" /-)!5$" !'" *%)*% '" '(( - (." '((%'-$%/)"
/*$& = & "&)# ('( "&)/( (3 ( "'!"*%)*% )" +($%+)0"(%'" "83'! "-'"/$5+'!'()" !"`)# ('()"*$%" !"`)+(%)!!)6" !"`)+/ 5! )"2 "
[$/( )+$"/ "'--'!$"2$!!,'1 )+$"2 "&)# ('( "#'+'5$% '! 0""(%'" "83'! "-'"/$5+'!'()" !"`)# ('()"[)-$%+)"2$ "Y /&< "
2 "[%3**)9"J+(%'#@ "5! "_%5'+ "H('(3('% "@$+$= & '+)"2$!"/3**)%()"2$!"`< $="Y /G"_== &$%"'"2 %$(()"% *)%()"2$!"
`< $="JN$&3( -$"_== &$%9"A!" `< $="Y /G"_== &$%"<'"!'"%$/*)+/'@ ! (."2 "*%)*)%%$" !"Y /G" M**$( ($"T%'#$X)%G" $"2 "
2$= + %$0" +"&)$%$+1'"&)+"!$"/(%'($5 $"$"5! ")@ $(( - "'1 $+2'! 0"5! " +2 % 11 "$"!$"*)! ( &<$" +"#'($% '"2 "5$/( )+$"
2$ " % /&< " $" &)#*! '+&$" 2$!" [%3**)" $" +$" &))%2 +'" $" -$% = &'" !,'((3'1 )+$" 2'" *'%($" 2$!!$" 3+ (." *%$*)/($" 2$!"
[%3**)0" '+&<$" +$ " 2 -$%/ " '#@ ( " /)& $('% 9" M// &3%'" !" *%$/ 2 )" 2$!" *%)= !)" 2 " % /&< )" &)#*!$// -)" 2$!" [%3**)"
2$= +$+2)"!$"#$()2)!)5 $"$"#)+ ()%'+2)"!$"$/*)/ 1 )+ "2$!!$"2 -$%/$"( *)!)5 $"2 "% /&< )9"
:$" # /3%'1 )+ " %$!'( -$" '!!$" / +5)!$" ( *)!)5 $" 2 " % /&< )" /)+)" +($5%'($" +" 3+'" 5%'+2$11'" 2 " / +($/ 0"
%'**%$/$+('('" 2'!" &'* ('!$" $&)+)# &)0" &<$" &)+/ /($" +$!!'" #'// #'" *$%2 ('" O +'(($/'P" +" &3 " !'" ;'+&'" *37"
+&)%%$%$" +"3+")% 11)+($"2 "3+"'++)9"J//)"%'**%$/$+('"3+'"#$(% &'"&< '-$"*$%"2$= + %$"!,'//$(()"= +'+1 '% )0"!'"
()!!$%'+1'" '!" % /&< )" $2" )% $+('%$" !,)*$%'( - (.0" '// &3%'+2)" !,$83 ! @% )" (%'" " % /&< " '//3+( " $" !" % ()%+)" *$%" 5! "
'1 )+ /( 9" J//)" - $+$" /( #'()0" )!(%$" &<$" /3!!'" @'/$" 2$!!'" / (3'1 )+$" '((3'!$0" '+&<$" '" ! -$!!)" *%)/*$(( &)0" +"
=3+1 )+$"2$!!$" *)($/ "2 "@325$("$"2$!!)"/&$+'% )"$&)+)# &)"2 "*%$- / )+$0" +"&)+2 1 )+ ")%2 +'% $"$"2 "/(%$//9""
L'! " *% +& * " 5$+$%'! " -$+5)+)0" 83 +2 0" (%'2)(( " +" *)! ( &<$0" ! # ( " $" &% ($% " '**! &'( " '!!$" 2 -$%/$" &'($5)% $" 2 "
% /&< )"$2"'%$$"2,'=='% "&)+"/*$& = & "/)(()F! -$!! "2 "()!!$%'+1'"*$%" !"% /&< )0" +"3+"83'2%)"/(%3((3%'()"2 "! # ( "$"
*%)&$23%$"2 "5)-$%+)"$"2 "&)+(%)!!)9"
A!"*$% #$(%)"2$ "% /&< " +2 - 23'( 0"*%$/ 2 '( "$" +($5%'( 0"&)+/ 2$%'+2)" "@$+$= & "2 "2 -$%/ = &'1 )+$0"+$!"&'* ('!$"
$&)+)# &)0"/ "'%( &)!'"&)#$"/$53$U"
− % /&< )" 2 " &%$2 ()" $" 2 " &)+(%)*'%($9" M!!, +($%+)" 2 " ('!$" &'($5)% '" -$+5)+)" '+&<$" % &)+2)(( " !" % /&< )" 2 "
&)+&$+(%'1 )+$0" !"% /&< )"*'$/$"$2" "% /&< "%$/ 23 0"% /*$(( -'#$+($"2'"&'%()!'% 11'1 )+ "$"2'" +&$%($11'"/3 "
('// "2 "%$&3*$%)"&%$2 ( 1 )6"
− % /&< )" 2 " #$%&'()" D(%'2 +5" @))GE0" &)#*%$+2$+($" !" % /&< )" 2 " *)/ 1 )+$0" 2 " %$5)!'#$+()" $" 2 "
&)+&$+(%'1 )+$"/3!"*)%('=)5! )"2 "+$5)1 '1 )+$6"
− % /&< )"= +'+1 '% )"2$!"@'+G +5"@))G0"%'**%$/$+('()"*% +& *'!#$+($"2'"('//)"2 " +($%$//$"$"2 "&'#@ )6"
'
/S.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
− % /&< )")*$%'( -)0"&)#*%$+2$+($"'+&<$" !"% /&< )"!$5'!$6"
− % /&< )"/(%'($5 &)6"
− % /&< )"/3"*'%($& *'1 )+ "+)+" +($5%'!#$+($"&)+/)! 2'($6"
− % /&< )"/35! " ##)@ ! "2 "*%)*% $(."2$($+3( "'"83'!3+83$"( ()!)6""
− % /&< )"2 "%$*3('1 )+$9"
"
:'"&)*$%(3%'"2$ "% /&< 0"'"/$&)+2'"2$!!'"!)%)"+'(3%'0"=%$83$+1'"$"2 #$+/ )+$"*)($+1 '!$"2, #*'(()0"?"'== 2'('"
'2"3+'"&)/('+($"&)#@ +'1 )+$"(%'"'1 )+ "$2" +($%-$+( "2 "'(($+3'1 )+$a ##3+ 11'1 )+$0"*%)&$23%$a*%)&$// "2 "
&)+(%)!!)"$"*%)($1 )+$"*'(% #)+ '!$9"
R'%( &)!'%$"'(($+1 )+$"- $+$"*)/('"'!!'"5$/( )+$"2$!!'"*)/ 1 )+$"2 "! 83 2 (."/ '"2 "@%$-$"($%# +$"&<$"/(%3((3%'!$0"
'// &3%'+2)"S"&)+"/*$& = &<$"O*)! &B"$"*%)&$23%$/P"S" !"* $+)"% /*$(()"2$ "! # ( "/('@ ! ( "'"! -$!!)"2 "[%3**)"$"2 "
/)(()*$% #$(% " )*$%'( - " &)$%$+( " &)+" !'" +)%#'( -'" +($%+'1 )+'!$" $2" !" Y /G" M**$( ($" '**%)-'()" '" ! -$!!)" 2 "
[%3**)9"
A!"[%3**)0" +)!(%$0" +($+2$"#'+($+$%$"'2$53'( "! -$!! "2 "*%$/ 2 )"2$!"% /&< )"%$*3('1 )+'!$0"('! "2'"# + # 11'%$"
!"% /&< )"2 "$-$+( "+$5'( - "&<$"+$"&)#*%)#$(('+)"!, ##'5 +$6"'"('!$"= +$"<'"*)/()" +"$//$%$"3+"*%)&$//)"2 "
5$/( )+$" 2$ " % /&< " $NF'+($" *$%" !, +2 - 23'1 )+$" 2$ " *% +& *'! " % /&< " 2 " %$*3('1 )+$" $" 2 " &)#*! '+&$" *$%" !"
[%3**)0" !'" 2$= + 1 )+$" '+( & *'('" 2 " /(%3#$+( " $" '1 )+ " 2 " *%$-$+1 )+$" $" # ( 5'1 )+$" $" !'" %$'! 11'1 )+$" 2 "
/*$& = & "=!3// "2 "%$*)%( +5"2$2 &'( 9"
:'"`'*)5%3**)"/-)!5$"=3+1 )+ "2 " +2 % 11)0"5$/( )+$"$"&)+(%)!!)"&)#*!$// -)"2$ "% /&< 9":'";'+&'")*$%'"$+(%)" "
! # ( "2 "'3()+)# '"/('@ ! ( "'"! -$!!)"2 "[%3**)"$2"?"2)('('"2 "*%)*% $"/(%3((3%$"2 "&)+(%)!!)9"L'! "=3+1 )+ "/)+)"
/-)!($0"/3!!'"@'/$"2 "3+"&)+(%'(()"2 "/$%- 1 )0"2'!!$"=3+1 )+ "2 "&)+(%)!!)"% /&< "2$!!'"`'*)5%3**)0"&<$"% *)%('+)"
*$% )2 &'#$+($"'5! "_%5'+ "M## + /(%'( - "2$!!'";'+&'9"
R$%"!$"= +'! (."/)*%'"2$/&% (($0" !"[%3**)"A+($/'"H'+*')!)"3( ! 11'"3+"-'/()" +/ $#$"2 "($&+ &<$"$"/(%3#$+( "*$%"
!'" # /3%'1 )+$" $" !'" 5$/( )+$" 2$ " % /&< 0" 2 ==3/'#$+($" 2$/&% (()" +" 83$/('" R'%($" J" 2$!!'" C)('" A+($5%'( -'" '!"
; !'+& )9"
:$" +=)%#'1 )+ "*%$- /($"+$!!'"*%$/$+($"*'%($"/ "@'/'+)"/3"2'( "5$/( )+'! " +($%+ "$"*)//)+)"+)+"&) +& 2$%$"&)+"
83$!! " % *)%('( " +$!!$" *'%( " ;" $" `9" T'++)" $&&$1 )+$" !$" ('@$!!$" $" !$" +=)%#'( -$" *$%" !$" 83'! " ?" /*$& = &'#$+($"
% &< $/('"!, +2 &'1 )+$"2$!"O-'!)%$"2 "@ !'+& )P9"
C#'$&*=#,!6#' #@!"+#'1'+' #@!"+#'.'+'!"'7*&5+,,&'9$,+*$&'
'
C$!!,'#@ ()"2$!"OR%)5$(()";'/ !$'"VP0"!'"&3 "# // )+"?"!,'2)1 )+$"2'"*'%($"2$!!$"*% +& *'! "/)& $(."2$!"[%3**)"
2$5! "'**%)&& "'-'+1'( 0"*$%"83'+()"% 53'%2'" "% /&< "&%$2 ( 1 0"*$%" !"/$5#$+()"`)%*)%'($"?"/('('")(($+3('"2'"
*'%($" 2$!!,_%5'+)" 2 " Q 5 !'+1'" !,'3()% 11'1 )+$" '!" *'//'55 )" 2'!" #$()2)" TAY;" D +" 3/)" 2'!" 2 &$#@%$" VjjgE" '!"
#$()2)"MAY;0"'"*'%( %$"2'!!'"/$5+'!'1 )+$"'!"WI"Z &$#@%$"VjIj9"M"5 35+)"VjIj0" +)!(%$0"$%'"/('()")(($+3()" !"
% &)+)/& #$+()"*$%" !"#$()2)"AY;"*$%" !"/$5#$+()"K3(3 "Y$(' !9"
R$%" !"/$5#$+()"HKJ"Y$(' !"?"/('('"&)+/$53 ('"!,'3()% 11'1 )+$"*$%" !"*'//'55 )"'!"#$()2)"AY;"'"*'%( %$"2'!!'"
/$5+'!'1 )+$"2 "2 &$#@%$"VjIV9"
:)"/- !3**)"2$ "#)2$!! "2 "%'( +5"%$!'( - "'5! "'!(% "/$5#$+( "$"!,$/($+/ )+$"2$!"*$% #$(%)"/)& $('% )0"'#@ ()"2$!!'"
!)%)" '**! &'1 )+$0" *%)&$2)+)" /$&)+2)" 3+" * '+)" 2 " $/($+/ )+$" *%)5%$// -'" ' " #$()2 " '-'+1'( " *%$/$+('()"
'!!,_%5'+)"2 "Q 5 !'+1'"$2"'55 )%+'()"&)+"&'2$+1'"/$#$/(%'!$9"
R$%" 83'+()" '(( $+$" ' " % /&< " )*$%'( - 0" !'" &)+(%)!!'('" '2)(('" ' " = + " 2 " Q 5 !'+1'" !" K$()2)" M-'+1'()" MKM"
D#)2$!!)" +($%+)E"*$%"!'"2$($%# +'1 )+$"2$!"%$!'( -)"%$83 / ()"*'(% #)+ '!$"'"*'%( %$"2'!"WI"2 &$#@%$"Vjji9"
C$!" &)%/)" 2$!" VjIW" !" [%3**)" <'" *%$/$+('()" !" %$/)&)+()" 2$!" *%)&$//)" 2 " &)+(%)!!)" *%32$+1 '!$" '" = + " 2 "
'2$53'($11'"*'(% #)+ '!$"&)#$"5%3**)"@'+&'% )"2 "O&!'//$"IP0"/$&)+2)"!'"&!'// = &'1 )+$"2$!!'";'+&'"2,A('! '0"
@'/'()"/3!!,3( ! 11)"$/($/)"2$!!$"#$()2)!)5 $" +($%+$"2 "# /3%'1 )+$"2$ "% /&< 0"2 "2$($%# +'1 )+$"2$!"&'* ('!$"
+($%+)"$"2$!"&'* ('!$"&)#*!$// -)"2 /*)+ @ !$9"
C$!!,'#@ ()" 2$!!,'2)1 )+$" 2 " O;'/ !$'" VP0" !" [%3**)" *3@@! &'" !$" +=)%#'1 )+ " % 53'%2'+( " !]'2$53'($11'"
*'(% #)+ '!$0" !,$/*)/ 1 )+$" ' " % /&< " $" !$" &'%'(($% /( &<$" 5$+$%'! " 2$ " / /($# " *%$*)/( " '!!'" !)%)" 2$+( = &'1 )+$0"
# /3%'1 )+$"$"5$/( )+$"+$!"2)&3#$+()"2$+)# +'()"L$%1)"R !'/(%)"2 ";'/ !$'"V")"OR !!'%"WP9"
A!"2)&3#$+()"- $+$" *3@@! &'()"/3!" / ()" A+($%+$("2$!!'" `'*)5%3**)"&)+"&'2$+1'"(% #$/(%'!$0" +" 83'+()"A+($/'"
H'+*')!)" % $+(%'" (%'" " 5%3** " &<$" <'++)" '2)(('()" '**%)&& " AY;" $a)" MKM" /3 " % /&< " 2 " &%$2 ()" )" )*$%'( - 0"
'!!, +2 % 11)U"5%)3*9 +($/'/'+*')!)9&)#9"
R$%" 83'+()" '(( $+$" '5! " /- !3** " 2$!" &)#*!$//)" +)%#'( -)" 2$+)# +'()" O;'/ !$'" WP0" !$" *% +& *'! " ++)-'1 )+ "
% 53'%2'+)" !" ! -$!!)" $" !'" 83'! (." 2$!" &'* ('!$" +" 2)('1 )+$" 2$!!$" @'+&<$0" !, +(%)231 )+$" 2$!" !$-$%'5$" %'( )"
D%'**)%()" (%'" !" `)%$" L $%" A" $" !" L)('!" M//$(0" &)#*%$+/ -)" 2$!!,)==" @'!'+&$" /<$$(" %$(( = &'()" *$%" !,$==$(( -'"
'
/S?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
$/*)/ 1 )+$" +" 2$% -'( E0" #)2 = &<$" %$!'( -$" '!!'" -'!3('1 )+$" 2$!" % /&< )" 2 " &)+(%)*'%($" $" !, +(%)231 )+$" 2 " 23$"
+3)- " +2 &'()% "%$5)!'#$+('% "2$!!'"! 83 2 (."D: 83 2 (B"`)-$%'5$"Y'( )"$"C$("H('@!$"T3+2 +5"Y'( )E9""
A!" [%3**)0" '!!)" /&)*)" 2 " *%$*'%'%/ " '!!,'2)1 )+$" 2$!!$" +3)-$" %$5)!$" *%$- /($" 2'" ;'/ !$'" W0" <'" +(%'*%$/)"
'2$53'($" + 1 '( -$"*%)5$((3'! 0"'#*! '+2)"5! ")@ $(( - "2$!"R%)5$(()";'/ !$'"V0"'!"= +$"2 "# 5! )%'%$" "/ /($# "2 "
# /3%'1 )+$"$" "&)++$// "/ /($# "2 "5$/( )+$"2$ "% /&< 9""
'
9"'@!@,+=#'(!'%&$,*&""&'!$,+*$&'
'
:'" ;'+&'" 2 " L%$+()" $" ;)!1'+)0" *$%" 5'%'+( %$" 3+'" /'+'" $" *%32$+($" 5$/( )+$0" &)+ 35'" !'" *%)= (('@ ! (."
2$!!] #*%$/'" &)+" 3+]'//3+1 )+$" 2$ " % /&< " &)+/'*$-)!$" $" &)+" 3+'" &)+2)(('" )*$%'( -'" #*%)+('('" '" &% ($% " 2 "
&)%%$(($11'9" R$%('+()" !'" ;'+&'0" +" ! +$'" &)+" !'" +)%#'( -'" 2 " !$55$" $" 2 " Q 5 !'+1'" $2" +" &)$%$+1'" &)+" !$"
+2 &'1 )+ " 2$!!'" `'*)5%3**)0" / " ?" 2)('('" 2 " 3+" / /($#'" 2$ " &)+(%)!! " +($%+ " 2)+$)" '" % !$-'%$0" # /3%'%$" $"
-$% = &'%$"+$!"&)+( +3)" "% /&< "( * & "2$!!,'(( - (."/)& '!$0" - "&)#*%$/'"83$!!'"/-)!('" +")3(/)3%& +59"
A!" / /($#'" 2$ " &)+(%)!! " '((3'()" ?" &)/( (3 ()" 2'" 3+" +/ $#$" 2 " %$5)!$0" =3+1 )+ 0" % /)%/$0" *%)&$23%$" $" /(%3((3%$"
)%5'+ 11'( -$"&<$"# %'+)"'2"'// &3%'%$" !"% /*$(()"2$!!$"/(%'($5 $"'1 $+2'! "$2" !"&)+/$53 #$+()"2$!!$"/$53$+( "
= +'! (.U""
− &)%%$(('"'((3'1 )+$"2$!!$"/(%'($5 $"$"2$!!$"*)! ( &<$"'1 $+2'! 6"
− &)+($+ #$+()" 2$!" % /&< )" $+(%)" " ! # ( " +2 &'( " +$!" 83'2%)" 2 " % =$% #$+()" *$%" !'" 2$($%# +'1 )+$" 2$!!'"
*%)*$+/ )+$"'!"% /&< )"2$!!'"@'+&'6"
− /'!-'53'%2 '"2$!"-'!)%$"2$!!$"'(( - (."$"*%)($1 )+$"2'!!$"*$%2 ($6"
− $== &'& '"$2"$== & $+1'"2$ "*%)&$// "'1 $+2'! 6"
− '== 2'@ ! (."$"/ &3%$11'"2$!!$" +=)%#'1 )+ "'1 $+2'! "$"2$!!$"*%)&$23%$" +=)%#'( &<$6"
− *%$-$+1 )+$" 2$!" % /&< )" &<$" !'" @'+&'" / '" &) +-)!('0" '+&<$" +-)!)+('% '#$+($0" +" '(( - (." !!$& ($" D&)+"
*'%( &)!'%$"% =$% #$+()"'"83$!!$"&)++$//$"&)+" !"% & &!'55 )0"!,3/3%'"$2" !"= +'+1 '#$+()"'!"($%%)% /#)E6"
− &)+=)%# (."2$!!$")*$%'1 )+ "&)+"!'"!$55$"$"!'"+)%#'( -'"2 "- 5 !'+1'0"+)+&<^"&)+"!$"*)! ( &<$0" "%$5)!'#$+( "
$"!$"*%)&$23%$" +($%+$9""
"
A!" / /($#'" 2$ " &)+(%)!! " +($%+ " % -$/($" 3+" %3)!)" &%3& '!$" $" &) +-)!5$" (3(('" !,)%5'+ 11'1 )+$" '1 $+2'!$" D)%5'+ 0"
/(%3((3%$0"! -$!! "5$%'%&< & 0"(3(()" !"*$%/)+'!$E9"
J//)" ?" 2$! +$'()" 2'" 3+, +=%'/(%3((3%'" 2)&3#$+('!$" DOZ)&3#$+( " 2 " [)-$%+'+&$P" +$%$+( " '!" =3+1 )+'#$+()"
2$!" [%3**)" $" +)%#$" * 4" /(%$(('#$+($" )*$%'( -$" '" 2 /& *! +'" 2$ " *%)&$// " $" 2$!!$" '(( - (." '1 $+2'! E" &<$"
*$%#$(($"2 "% *$%&)%%$%$" +"#)2)")%5'+ &)"$"&)2 = &'()"!$"! +$$"53 2'0"!$"*%)&$23%$0"!$"/(%3((3%$")%5'+ 11'( -$0"
"% /&< "$2" "&)+(%)!! "*%$/$+( " +"'1 $+2'0"%$&$*$+2)0")!(%$"'5! " +2 % 11 "2 "5)-$%+)"/)& $('% )"$"'!!$" +2 &'1 )+ "
2$5! "_%5'+ "2 "Q 5 !'+1'0"'+&<$"!$"2 /*)/ 1 )+ "2 "!$55$0" - "&)#*%$/ " "*% +& * "2$(('( "2'!"Z$&%$()":$5 /!'( -)"
VWIaVjjI"$"2'!!'":$55$"VhVaVjjf9"
R 4"+$!!)"/*$& = &)"!$"%$5)!$"2 /$5+'+)"/)!31 )+ ")%5'+ 11'( -$"&<$U"
− '// &3%'+)"3+'"/3== & $+($"/$*'%'($11'"(%'"!$"=3+1 )+ ")*$%'( -$"$"83$!!$"2 "&)+(%)!!)"$2"$- ('+)"/ (3'1 )+ "
2 "&)+=! (()"2 " +($%$//$"+$!!]'//$5+'1 )+$"2$!!$"&)#*$($+1$6"
− /)+)" +" 5%'2)" 2 " 2$+( = &'%$0" # /3%'%$" $" #)+ ()%'%$" '2$53'('#$+($" " *% +& *'! " % /&< " '//3+( " +$ " 2 -$%/ "
/$5#$+( ")*$%'( - 6"
− &)+/$+()+)0"&)+"3+"'2$53'()"! -$!!)"2 "2$(('5! )0"!'"%$5 /(%'1 )+$"2 ")5+ "='(()"2 "5$/( )+$"$0" +"*'%( &)!'%$0"
2 ")5+ ")*$%'1 )+$"'// &3%'+2)+$"!'"&)%%$(('"'((% @31 )+$"/)(()" !"*%)= !)"($#*)%'!$6"
− '// &3%'+)"/ /($# " +=)%#'( - "'== 2'@ ! "$" 2)+$$"*%)&$23%$"2 "%$*)%( +5"' "2 -$%/ "! -$!! "2 %$1 )+'! "' "83'! "
/)+)"'((% @3 ($"=3+1 )+ "2 "5)-$%+)"$"&)+(%)!!)6"
− *$%#$(()+)" &<$" !$" '+)#'! $" % /&)+(%'($" 2'!!$" 3+ (." )*$%'( -$0" +)+&<^" 2'!!$" =3+1 )+ " 2 " &)+(%)!!)0" / '+)"
($#*$/( -'#$+($"*)%('($"'"&)+)/&$+1'"2 "! -$!! "'**%)*% '( "2$!!]'1 $+2'"$"5$/( ($"&)+" ##$2 '($11'6"
− 5'%'+( /&)+)"'2$53'( "! -$!! "2 "&)+( +3 (.")*$%'( -'9"
"
A+)!(%$0" !$" /)!31 )+ " )%5'+ 11'( -$" '((3'($" &)+/$+()+)" !]3+ -)&'" $" =)%#'! 11'('" +2 - 23'1 )+$" 2$!!$"
%$/*)+/'@ ! (.0" +"*'%( &)!'%$"+$ "&)#* ( "2 "&)+(%)!!)"$"2 "&)%%$1 )+$"2$!!$" %%$5)!'% (."% /&)+(%'($9"
M"! -$!!)"2 "`)%*)%'($"[)-$%+'+&$0"!'";'+&'"2 "L%$+()"$";)!1'+)"<'"'2)(('()" !"#)2$!!)"(%'2 1 )+'!$0" +"&3 "!'"
=3+1 )+$"2 "/3*$%- / )+$"/(%'($5 &'"$"2 "5$/( )+$"?"'== 2'('"'!"`)+/ 5! )"2 "M## + /(%'1 )+$0"#$+(%$"!$"=3+1 )+ "
2 "&)+(%)!!)"/)+)"'== 2'($"'!"`)!!$5 )"H +2'&'!$9"
C$!!,'#@ ()" 2$!!'" ;'+&'" ?" '!(%$/\" &)/( (3 ()" 3+" _%5'+ /#)" 2 " Q 5 !'+1'" ' " /$+/ " 2$!" Z$&%$()" :$5 /!'( -)" +9"
VWIaVjjI" +" ($#'" 2 " %$/*)+/'@ ! (." '## + /(%'( -'" 2$!!$" /)& $(.0" 2)('()" 2 " '3()+)# " *)($% " 2 " + 1 '( -'" $" 2 "
&)+(%)!!)0"'"&3 "/*$(('" !"&)#* ()"2 "- 5 !'%$"/3!"=3+1 )+'#$+()0"!,$== &'& '"$"!,)//$%-'+1'"2$!"%$!'( -)"K)2$!!)"2 "
)%5'+ 11'1 )+$0"5$/( )+$"$"&)+(%)!!)9"
'
/SB'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
A!" / /($#'" 2$ " &)+(%)!! 0" *$% )2 &'#$+($" /)55$(()" '" % &)5+ 1 )+$" $2" '2$53'#$+()" +" %$!'1 )+$" '!!,$-)!31 )+$"
2$!!,)*$%'( - (."'1 $+2'!$"$2"'!"&)+($/()"2 "% =$% #$+()0"%$*! &'"5! "/(%3#$+( "$"!$"#)2'! (."'((3'!#$+($" +"3/)"
*%$//)"A+($/'"H'+*')!)U" '&&'+()"'2"3+"'%( &)!'()"/ /($#'"2 "&)+(%)!! "2 "! +$'0"2 %$(( "'2"'// &3%'%$" !"&)%%$(()"
/-)!5 #$+()" 2$!!,)*$%'( - (." 83)( 2 '+'" $" 2$!!$" / +5)!$" (%'+/'1 )+ 0" /)+)" *%$- /( " &)+(%)!! " 2 " Vn" ! -$!!)" &<$"
% 53'%2'+)"!'"5$/( )+$"2$ "% /&< "D&929"% /G"#'+'5$#$+(E" $"!,'2$%$+1'"'!!'"+)%#'( -'"$/($%+'"D&929"&)+(%)!!)"2 "
&)+=)%# (.E0" &3 " / " '55 3+5$" !,'(( - (." 2 " %$- / )+$" +($%+'9" J&&$1 )+" ='(('" *$%" 2$($%# +'( " &)+(%)!! " 2 " ! +$'0"
+)+&<^" 83$!! " 2 " &)+=)%# (." ! # ('('#$+($" '!!'" H3&&3%/'!$" $/($%'" 2 " A++/@%3&G0" '== 2'( " '!!$" /(%3((3%$" 2$!!'"
;'+&'"2 "L%$+()"$";)!1'+)0" "&)+(%)!! "/3!!'"5$/( )+$"2$ "% /&< 0" "&)+(%)!! "2 "&)+=)%# (."$"!'"%$- / )+$" +($%+'"
/)+)" /-)!( " +" /$%- &$" 2'!!$" /(%3((3%$" 2 " `'*)5%3**)0" *%$-$2$+2)/ " '2$53'($" ! +$$" 2 " %$*)%( +5" '5! " _%5'+ "
M## + /(%'( - "$"2 "&)+(%)!!)")!(%$"'!"-$%( &$"$/$&3( -)"2$!!'";'+&'9'
C$!!,'#@ ()"2$ "&)+(%)!! " +($%+ "2 "Vn"! -$!!)0"!'"Z %$1 )+$"Y /G"K'+'5$#$+("?"%$/*)+/'@ !$"2$!!)"/- !3**)"2$!!$"
#$()2)!)5 $"$"2$!"&)+(%)!!)"2$!!,$/*)/ 1 )+$"' "% /&< "/3!!$"2 -$%/$"3+ (."2 "@3/ +$//0"% *)%('+2)+$"!'"/ (3'1 )+$"
&)#*!$// -'" '5! " _%5'+ " 2 " 5)-$%+)" '1 $+2'!$0" '2)(('" # /3%$" 2 " &'* ('!$" '" % /&< )" *$%" !'" %$+2 &)+('1 )+$"
5$/( )+'!$" $" !'" -'!3('1 )+$" 2$!!,'2$53'($11'" 2$!" &'* ('!$" +($%+)" 2$!" [%3**)0" '// &3%'" +)!(%$" '5! " _%5'+ " 2 "
Q 5 !'+1'" !$" +=)%#'1 )+ " % &< $/($" 2'!!'" +)%#'( -'" - 5$+($9" A" &)#* ( " $" !$" =3+1 )+ " 2$!!'" Z %$1 )+$" /)+)"
'#* '#$+($"(%'(('( "+$ "&'* ()! "/3&&$// - "2$!!'"*%$/$+($"R'%($9"
"
C#'Y:$-!&$+'(!'J&=>"!#$%+'
'
A!"[%3**)"A+($/'"H'+*')!)"'((% @3 /&$"% ! $-)"/(%'($5 &)"'!"*%$/ 2 )"2$!"% /&< )"2 "&)#*! '+&$0"+$!!'"&)+- +1 )+$"
&<$" !"% /*$(()"2$!!$"+)%#$"$"!'"&)%%$(($11'"+$5! "'=='% "&)/( (3 /&'+)"$!$#$+( "=)+2'#$+('! "+$!!)"/-)!5 #$+()"
2$!!,'(( - (."@'+&'% '0"&<$"*$%"/3'"+'(3%'"?"=)+2'('"/3!!'"= 23& '9"
A+"A+($/'"H'+*')!)" !"&)#* ()"2 "5$/( %$"'"! -$!!)"2 "[%3**)" !"% /&< )"2 "+)+"&)+=)%# (."?"'== 2'()"'!!'"Z %$1 )+$"
`)#*! '+&$" &<$0" +" )(($#*$%'+1'" '!!$" 2 /*)/ 1 )+ " - 5$+( 0" ?" &)!!)&'('" +" *)/ 1 )+$" 2 " '3()+)# '" 2'!!$"
/(%3((3%$" )*$%'( -$" $" 2 " /$*'%'($11'" 2'!!'" %$- / )+$" +($%+'9" A!" K)2$!!)" 2 " `)#*! '+&$" 2 " [%3**)" ?" 2$&! +'()"
2'!!$": +$$"[3 2'"2 "`)#*! '+&$0"$#'+'($"2' "&)#*$($+( "_%5'+ "H)& '! "2$!!'"`'*)5%3**)"$2"'**%)-'($"2'!"
`)+/ 5! )"2 "M## + /(%'1 )+$"2$!!'";'+&'9"
A+"@'/$"'!"K)2$!!)"'2)(('()"2'"A+($/'"H'+*')!)0"!'"5$/( )+$"2$!"% /&< )"2 "+)+"&)+=)%# (."%$!'( -)"'!!$"'(( - (."
('! '+$" 2$!!'" ;'+&'" 2 " L%$+()" $" ;)!1'+)" ?" '&&$+(%'('" *%$//)" !'" Z %$1 )+$" `)#*! '+&$" 2 " `'*)5%3**)6" !$"
'(( - (."/-)!($"/)+)"%$5)!'($"2'"'**)/ ( "&)+(%'(( "2 "/$%- &$9":'";'+&'"<'"+)# +'()"83'!$"`)#*! '+&$"_== &$%"
*$%" !$" '(( - (." ('! '+$" 3+" $/*)+$+($" 2$!!'" Z %$1 )+$" `)#*! '+&$0" +2 - 23'+2)" 3+" Y$=$%$+($" +($%+)" &)+" !"
&)#* ()"2 "/3**)%('%$" !"`)#*! '+&$"_== &$%"+$!!)"/-)!5 #$+()"2$!!$"/3$"'(( - (.9":$"%$/*)+/'@ ! (." +"&'*)"'!!$"
/3&&3%/'! "'3/(% '&<$"2$!!'";'+&'"/)+)"/('($"% &)+2)(($"'2"3+"`)#*! '+&$"_== &$%"!)&'!$9"
:'"Z %$1 )+$"`)#*! '+&$"*%$/ 2 '"!$"! +$$"53 2'0"!$"*)! ( &<$"$"!$"%$5)!$"#$()2)!)5 &<$" +$%$+( "!'"5$/( )+$"2$!"
% /&< )" 2 " +)+" &)+=)%# (." '" ! -$!!)" 2 " [%3**)6" !$" '(( - (." 2 " &)#*! '+&$" &)#*%$+2)+)0" +" *'%( &)!'%$0"
!, +2 - 23'1 )+$" $" !'" -'!3('1 )+$" 2$ " % /&< " 2 " +)+" &)+=)%# (.0" !'" 2$= + 1 )+$" 2$5! " +($%-$+( " )%5'+ 11'( - "
=3+1 )+'! "'!!'"!)%)"# ( 5'1 )+$0"!'"-$% = &'"2$!!'"&)$%$+1'"2$!"/ /($#'"*%$# '+($"'1 $+2'!$0"!'"-'!3('1 )+$" +"- '"
*%$-$+( -'" 2$!!'" &)+=)%# (." 2$ " *%)5$(( " ++)-'( - 0" 2$!!$" )*$%'1 )+ " $" 2$ " +3)- " *%)2)(( " $" /$%- 1 0" !'"
*%$/('1 )+$"2 "&)+/3!$+1'"$"'// /($+1'"'5! ")%5'+ "2 "-$%( &$"$2"'!!$"3+ (."2 "@3/ +$//" +"(3(($"!$"#'($% $" +"&3 "
'//3#$" % ! $-)" !" % /&< )" 2 " +)+" &)+=)%# (.0" !" #)+ ()%'55 )0" '+&<$" #$2 '+($" !,3( ! 11)" 2$!!$" +=)%#'1 )+ "
*%)-$+ $+( " 2'!!'" Z %$1 )+$" A+($%+'!" M32 ( +50" 2$!" *$%#'+$%$" 2$!!$" &)+2 1 )+ " 2 " &)+=)%# (.0" +)+&<^" !'"
*%)#)1 )+$" 2 " 3+'" &3!(3%'" '1 $+2'!$" #*%)+('('" '" *% +& * " 2 " )+$/(.0" &)%%$(($11'" $" % /*$(()" 2$!!'" !$(($%'" $"
2$!!)"/* % ()"2$!!$"+)%#$9"
A" `)#*! '+&$" _== &$%" *%$/$+('+)" '5! " _%5'+ " H)& '! " 2$!!'" ;'+&'" %$!'1 )+ " *$% )2 &<$" /3!!,'2$53'($11'" 2$!"
*%$/ 2 )"2$!!'"&)+=)%# (."&<$"&)#*%$+2)+)0"/3"@'/$"'++3'!$0"!, 2$+( = &'1 )+$"$"!'"-'!3('1 )+$"2$ "*% +& *'! "
% /&< "2 "+)+"&)+=)%# (."'"&3 "!'";'+&'"?"$/*)/('"$"!'"*%)5%'##'1 )+$"2$ "%$!'( - " +($%-$+( "2 "5$/( )+$"$0"/3"
@'/$"/$#$/(%'!$0"!'"2$/&% 1 )+$"2$!!$"'(( - (."$==$((3'($0"2$!!$"&% ( & (."% !$-'($"$"2$ "% #$2 " +2 - 23'( 6"/*$& = &'"
+=)%#'( -'"- $+$"=)%+ ('"'!"-$% = &'%/ "2 "$-$+( "2 "*'%( &)!'%$"% !$-'+1'9"""
C$!" &)%/)" 2$!" VjIW" ?" /('('" '-- '('" 3+'" %$- / )+$" 2$!!,'((3'!$" K)2$!!)" 2 " `)#*! '+&$0" +" 3+,)(( &'" 2 "
'2$53'#$+()"'!!$"+3)-$"Z /*)/ 1 )+ "/3!"/ /($#'"2$ "&)+(%)!! " +($%+ "$#'+'($"2'!!'";'+&'"2,A('! '"+$!"#$/$"2 "
!35! )0"&<$"'((% @3 /&)+)"'!!'"=3+1 )+$"2 "&)+=)%# (."!'"%$/*)+/'@ ! (."2 "*%$/ 2 )"2$!"% /&< )"2 "+)+"&)+=)%# (."
/3"(3(( "5! "'#@ ( "+)%#'( - "'**! &'@ ! "'!!,'(( - (."'1 $+2'!$0"&)+"='&)!(."2 "5%'23'%$" "/3) "&)#* ( "*$%"83$!!$"
+)%#'( -$"*$%"!$"83'! "/ '+)"*%$- /($"'2$53'($"=)%#$"2 "*%$/ 2 )"/*$& '! 11'()9""
:$"'(( - (."/-)!($"+$!"&)%/)"2$!!,$/$%& 1 )"/)+)"/('($"&)+&$+(%'($"/35! "'#@ ( "+)%#'( - "&)+/ 2$%'( "* 4"% !$-'+( "
' " = + " 2$!" % /&< )" 2 " +)+" &)+=)%# (.0" &)+" *'%( &)!'%$" % =$% #$+()" '!!$" '(( - (." 2 " *%$/ 2 )" 2$!!,'//$(()"
)%5'+ 11'( -)" *%)&$23%'!$" '" /3**)%()" 2$!" #)2$!!)" 2 " /$%- 1 )" #*!$#$+('()" *$%" !'" *%$/('1 )+$" 2$ " /$%- 1 " 2 "
+-$/( #$+()0" '!" %'==)%1'#$+()" 2$ " *%$/ 2 " % =$% ( " '!" &)#*'%()" '// &3%'( -)0" +)+&<^" '!!$" + 1 '( -$" %$/$"
'
/SG'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
+$&$//'% $" 2'!!,$-)!31 )+$" 2$!" &)+($/()" +)%#'( -)" +" #'($% '" 2 " *%)2)(( " $" /$%- 1 " @'+&'% 0" &)+" *'%( &)!'%$"
% =$% #$+()" '!!'" L%'/*'%$+1'0" '!" `%$2 ()" '!" `)+/3#)" $" '!!,>/3%'6" ?" /('()" '!(%$/\" *%$/ 2 '()" !" K)2$!!)" 2 "
)%5'+ 11'1 )+$" 5$/( )+$" $" &)+(%)!!)" ' " /$+/ " 2$!" Z9" :5/9" VWIaVjjI0" -$% = &'+2)+$" !'" &)$%$+1'" % /*$(()" '!!'"
+)%#'( -'"'1 $+2'!$"$"'2$53'+2)!)"' "+3)- "%$'( "*%$/3**)/()9"
"
C#'Y:$-!&$+'(!'8$,!*!%!%"#55!&'
'
C$!!,'5)/()"VjII0" +"! +$'"&)+"!$"2 /*)/ 1 )+ "+)%#'( -$"$#'+'($"2'!!'";'+&'"2,A('! '" +"2'('"Vj"#'%1)"VjII0"
!$" %$/*)+/'@ ! (." +" #'($% '" 2 " M+( % & &!'55 )" $2" J#@'%5< 0" *%$&$2$+($#$+($" +" &'*)" '!!'" Z %$1 )+$"
`)#*! '+&$0" /)+)" /('($" % &)+2)(($" '2" 3+'" /*$& = &'" T3+1 )+$" 2 " M+( % & &!'55 )0" &)!!)&'('" '!!$" 2 %$(($"
2 *$+2$+1$" 2$!" `< $=" Y /G" _== &$%9" L'!$" T3+1 )+$" <'" !" &)#* ()" 2 " '// &3%'%$" !" *%$/ 2 )" 2$!" % /&< )" 2 " +)+"
&)+=)%# (." +" #'($% '" 2 " % & &!'55 )0" &)+(%'/()" '!" = +'+1 '#$+()" 2$!" ($%%)% /#)" $" 5$/( )+$" 2$5! " $#@'%5< "
'((%'-$%/)U"
− !'" 2$= + 1 )+$" 2$ " *% +& * " 5$+$%'! " 2'" '2)(('%$" +$!!,'#@ ()" 2$!" [%3**)" *$%" !'" 5$/( )+$" 2$!" % /&< )" 2 " +)+"
&)+=)%# (.U"
− !" #)+ ()%'55 )" +$!" &)+( +3)0" &)+" !" /3**)%()" 2$!!$" =3+1 )+ " &)#*$($+( 0" 2$!!$" $-)!31 )+ " 2$!" &)+($/()"
+)%#'( -)" +'1 )+'!$" $2" +($%+'1 )+'!$" 2 " % =$% #$+()0" -$% = &'+2)" !,'2$53'($11'" 2$ " *%)&$// " $" 2$!!$"
*%)&$23%$"'1 $+2'! "% /*$(()"'!!$"+)%#$"'**! &'@ ! "$"*%)*)+$+2)"!$")**)%(3+$"#)2 = &<$")%5'+ 11'( -$"$"
*%)&$23%'! 6"
− !'"*%$/('1 )+$"2 "&)+/3!$+1'"'"='-)%$"2$!!$"=3+1 )+ "2$!!'"`'*)5%3**)"$"2$!!$"H)& $(."&)+(%)!!'($" +"%$5 #$"
'&&$+(%'()0"+)+&<^"!'"2$= + 1 )+$"2 "* '+ "=)%#'( - "'2$53'( 6"
− !'"*%$2 /*)/ 1 )+$"2 " 2)+$'" +=)%#'( -'"*$% )2 &'"'5! "_%5'+ "H)& $('% "$"'!!,M!('"Z %$1 )+$6"
− !)" /-)!5 #$+()0" *$%" !'" `'*)5%3**)" $" *$%" !$" &)+(%)!!'($" +" %$5 #$" '&&$+(%'()0" 2$ " *%$- /( " '2$#* #$+( "
/*$& = & 0" 83'! " +" *'%( &)!'%$" !'" -$% = &'" %'==)%1'('" /3!!'" &! $+($!'0" " &)+(%)!! " /3!!'" &)%%$(('" 5$/( )+$"
2$!!,M%&< - )" >+ &)" A+=)%#'( &)0" !'" -'!3('1 )+$" 2$!!$" /$5+'!'1 )+ " 2 " )*$%'1 )+ " /)/*$(($" *$%-$+3($" 2'!!$"
/(%3((3%$" )*$%'( -$0" *$%" !'" (%'/# // )+$" '!!,>+ (." 2 " A+=)%#'1 )+$" T +'+1 '% '" 2$!!$" /$5+'!'1 )+ " % ($+3($"
=)+2'($9"
"
C$!"&)%/)"2$!"VjIW"!'"T3+1 )+$"2 "M+( % & &!'55 )"<'"*%$/ 2 '()"&)+"!'"#'// #'"'(($+1 )+$" "*%)5$(( "# %'( "'!"
%'==)%1'#$+()"2$!"*%$/ 2 )"2$!!$"/)& $(." ('! '+$"$2"$/($%$"2$!"[%3**)" +"($#'"2 "'+( % & &!'55 )"$2"$#@'%5< 0"
'+&<$"'!!'"!3&$"2$!!$"+3)-$"2 /*)/ 1 )+ "!$5 /!'( -$"$#'+'($"'"! -$!!)"+'1 )+'!$"$2" +($%+'1 )+'!$9"A+"*'%( &)!'%$0"
/)+)"/('($"*)/($" +"$//$%$"!$"'(( - (.")%5'+ 11'( -$0" +=)%#'( &<$"$"2 "=)%#'1 )+$"= +'! 11'($"'!!,'((3'1 )+$"2$!!'"
- 5$+($"+)%#'( -'" +"#'($% '9"
[! "'2$#* #$+( "'+( % & &!'55 )"%$!'( - "'!!,)*$%'( - (',"2 / #*$5+'('"2'!!'"= ! '!$"'3/(% '&'"2$!!'";'+&'"-$+5)+)"
$/*!$('( " 2'!" %$/*)+/'@ !$" '+( % & &!'55 )" !)&'!$0" % /3!('+2)" !'" = ! '!$" $/($%'" 2$!!'" @'+&'" +)+" +" 5$/( )+$"
'&&$+(%'('"*%$//)"!'"`'*)5%3**)9"
"
C#'Y:$-!&$+'(!'9$,+*$#"'8:(!,!$5'
'
:$" '(( - (." 2 " %$- / )+$" +($%+'" /)+)" '== 2'($" +" /$%- &$" '!!'" Z %$1 )+$" `$+(%'!$" A+($%+'!" M32 ( +5" 2 "
`'*)5%3**)9"
:'"=3+1 )+$"2 "%$- / )+$" +($%+'"-'!3('0" +"3+])(( &'"2 "($%1)"! -$!!)0"!'"=3+1 )+'! (."&)#*!$// -'"2$!"/ /($#'"2$ "
&)+(%)!! " +($%+ 0"*)%('+2)"'!!]'(($+1 )+$"2$5! "_%5'+ "'1 $+2'! " "*)// @ ! "# 5! )%'#$+( 9"
A+"*'%( &)!'%$0"!'"=3+1 )+$"-'!3('"!'"&)#*!$($11'0"!,'2$53'($11'0"!'"=3+1 )+'! (.0"!,'== 2'@ ! (."2$!!$"&)#*)+$+( "
2$!"/ /($#'"2$ "&)+(%)!! " +($%+ 0"2$!"*%)&$//)"2 "5$/( )+$"2$ "% /&< "$"2$ " *%)&$// "'1 $+2'! 0" '-$+2)"% 53'%2)"
'+&<$" '!!'" &'*'& (." 2 " +2 - 23'%$" $%%)% " $2" %%$5)!'% (.9" A+" ('!$" &)+($/()0" /)(()*)+$0" (%'" !,'!(%)0" '" -$% = &'" !$"
=3+1 )+ " '1 $+2'! " 2 " &)+(%)!!)" 2$ " % /&< " $" 2 " &)+=)%# (." '!!$" +)%#$" '+&<$" '((%'-$%/)" !'" *'%($& *'1 )+$" '"
*%)5$(( 0" '!" = +$" 2 " &%$'%$" -'!)%$" '55 3+()" $" # 5! )%'%$" !,$== &'& '" 2$ " *%)&$// " 2 " &)+(%)!!)" $" !'" 5)-$%+'+&$"
2$!!,)%5'+ 11'1 )+$9""
A!"Y$/*)+/'@ !$"2$!!'"=3+1 )+$"2 "%$- / )+$" +($%+'" ?"2)('()"2$!!'"+$&$//'% '"'3()+)# '"$" +2 *$+2$+1'"2'!!$"
/(%3((3%$" )*$%'( -$6" !'" =3+1 )+$" <'" ! @$%)" '&&$//)" '!!$" '(( - (.0" ' " 2'( " $" ' " 2)&3#$+( " 2 " (3(($" !$" T3+1 )+ "
M1 $+2'! 9"
:'"Z %$1 )+$")*$%'"&)+"*$%/)+'!$"2)('()"2$!!$"'2$53'($"&)+)/&$+1$"$"&)#*$($+1$"*%)=$// )+'! "3( ! 11'+2)"
&)#$" % =$% #$+()" !$" @$/(" *%'&( &$" $" 5! " /('+2'%2" +($%+'1 )+'! " *$%" !'" *%'( &'" *%)=$// )+'!$" 2$!!, +($%+'!"
'32 ( +5"2$= + ( "2'!!,A+/( (3($")="A+($%+'!"M32 ()%/"DAAME9":'"=3+1 )+$"<'"&)+/$53 ()"!'"c3'! (B"M//3%'+&$"Y$- $X"
$/($%+'"*%$- /('"2'5! "/('+2'%2" +($%+'1 )+'! ")(($+$+2)"!'"#'// #'"-'!3('1 )+$"O[$+$%'!#$+($"`)+=)%#$P9"
'
/SO'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
C$!!)" /-)!5 #$+()" 2$ " *%)*% " &)#* ( 0" !'" Z %$1 )+$" 3( ! 11'" #$()2)!)5 $" /(%3((3%'($" 2 " % /G" '//$//#$+(0" *$%"
+2 - 23'%$" !$" '%$$" 2 " #'55 )%$" '(($+1 )+$" +" $//$%$" $" " *% +& *'! " +3)- " ='(()% " 2 " % /&< )9" A+" =3+1 )+$" 2$!!$"
-'!3('1 )+ " $#$%/$" 2'!" % /G" '//$//#$+(" $" 2$!!$" *% )% (." &<$" +$" &)+/$53)+)0" +)+&<^" 2$!!$" $-$+(3'! " % &< $/($"
/*$& = &<$"2 "'**%)=)+2 #$+()"$/*%$//$"2'!"-$%( &$"$"2'5! "_%5'+ "'1 $+2'! 0"*%$2 /*)+$"$"/)(()*)+$"'!"-'5! )"
*%$-$+( -)"2$!"`)+/ 5! )"2 "M## + /(%'1 )+$0"3+"R '+)"M++3'!$"2$5! " +($%-$+( "/3!!'"@'/$"2$!"83'!$"*) ")*$%'"
+$!"&)%/)"2$!!,$/$%& 1 )9""
:,'1 )+$"2 "*%$/ 2 )"?"/('('"&)+2 1 )+'('"2'!"*$%23%'%$"2$!"2$! &'()"&)+($/()"$&)+)# &)9" R$%('+()0"'+&<$"/3"
+2 &'1 )+ "*%)-$+ $+( "2'5! "_%5'+ "$"2'!"Q$%( &$"'1 $+2'!$0"!$"-$% = &<$"/)+)"/('($"*% +& *'!#$+($" +2 % 11'($"'"
#)+ ()%'%$" !,$-)!31 )+$" 2$ " % /&< " &)%%$!'( " '!!'" 83'! (." 2$!" &%$2 ()" $" ' " &% ($% " 2 " /( #'" 2 " '2$53'($11'" 2$!"
&'* ('!$" +($%+)9"R'%( &)!'%$"'(($+1 )+$"?"/('('"*)/('"'+&<$"'!!$"($#'( &<$"2 "&)#*! '+&$"&)+"% =$% #$+()"'5! "
'2$#* #$+( "'+( % & &!'55 )9"
A+"5$+$%'!$0"!,'(( - (."2 "&)+(%)!!)"?"/('('")% $+('('"/3 "*%)&$// "/-)!( "2'!!$"=3+1 )+ "'1 $+2'! "&)+"!,)@ $(( -)"2 "
-'!3('%$U"
− !'"=3+1 )+'! (."2$ "&)+(%)!! 0"/ '"2 "! +$'0"/ '"2 "Vn"! -$!!)6"
− !,'== 2'@ ! (."2$!!$"/(%3((3%$")*$%'( -$"$"2$ "#$&&'+ /# "2 "2$!$5'6"
− !'"&)%%$(($11'"2$!!$" +=)%#'1 )+ "2 /*)+ @ ! "+$!!$"2 -$%/$"'(( - (."$" !"!)%)"'2$53'()"3( ! 11)9"
"
C$!"&)%/)"2$!!,'++)"!,'1 )+$"2 "'32 ("<'"% 53'%2'()"!$"-$% = &<$"2 %$(($"/3!!'";'+&'"$2"'+&<$" "*%)&$// "5$/( ( "2'"
`'*)5%3**)" $" 2'" AHR" [%)3*" H$%- &$/" *$%" &)+()" 2$!!'" ;'+&'" /($//'0" +" *'%( &)!'%$0" !$" '(( - (." 2 " /)%-$5! '+1'"
/)+)"/('($"/-)!($"'((%'-$%/)" !"*%$/ 2 )"2$ "*%)&$// "2 U"
− $%)5'1 )+$0" 5$/( )+$" $" &!'// = &'1 )+$" 2$!" &%$2 ()0" -$% = &'+2)+$" !,'2$53'($11'" % /*$(()" '!" / /($#'" 2 "
&)+(%)!!)"2$ "% /&< "$2" !"=3+1 )+'#$+()"2$ "#$&&'+ /# "2 "# /3%'1 )+$"'(( -'( 6"
− # /3%'1 )+$0"5$/( )+$"$"&)+(%)!!)"2$!!,$/*)/ 1 )+$"2$!!'";'+&'"$"* 4" +"5$+$%'!$"2$!"[%3**)"' "-'% "% /&< "2 "
#$%&'()0"2 "&)+(%)*'%($0" ##)@ ! '%$0"2 "! 83 2 (."$"('//)0")*$%'( - 0"&%$2 ( 1 "$"R'$/$9"R'%( &)!'%$"'(($+1 )+$"
?"/('('"*)/('"'!!,'2$53'($11'"2$ "*%)&$// "$"2$ "&% ($% "2 "/( #'"2$!"&'* ('!$" +($%+)"' "/$+/ "2 ";'/ !$'"V"$"
2$!!'"+)%#'( -'"2 "Q 5 !'+1'"R%32$+1 '!$6"
− &)+(%)!!)" '((3'( " 2'!!$" =3+1 )+ " 2 " 5)-$%+)0" +)+&<^" 2'!!$" =3+1 )+ " )*$%'( -$0" 2$ " % /&< " 2 " &)+=)%# (." +"
*'%( &)!'%$"/3 "2 /*)/( "+)%#'( - "%$!'( - "'!!,M+( % & &!'55 )0">/3%'0" H$%- 1 "2 "A+-$/( #$+()0"_*$%'( - (."&)+"
R'%( "`)%%$!'($0"Y$/*)+/'@ ! (."M## + /(%'( -'"2$5! "J+( "$N"Z9:5/9"VWIajI6"
− /- !3**)"$"5$/( )+$"2$ "/ /($# " +=)%#'( - "'"5'%'+1 '"2$!!'"!)%)"'== 2'@ ! (.0"/ &3%$11'"$"=3+1 )+'! (.6"
− 5$/( )+$"2$!!,)*$%'( - (."= +'+1 '% '"'!"= +$"2 "-$% = &'%$"!,'2$53'($11'"2$ "/ /($# "2 "&)+(%)!!)"2$ "% /&< "'2"
$//'"&)!!$5'( 6""
− 5$/( )+$"2$!!,'#@ ()")*$%'( )+/"&)+"/*$& = &'"'(($+1 )+$"'!!'"&)%%$(('"5$/( )+$"2$ "/)/*$/ "&)+('@ ! 9"
"
:,'(( - (." 2 " &)+(%)!!)" ?" /('('" *) " &)#*!$('('" #$2 '+($" !'" *3+(3'!$" $/$&31 )+$" 2$!!$" -$% = &<$" % &< $/($" 2'5! "
_%5'+ "2 "Q 5 !'+1'"/3"/*$& = & "'#@ ( 9"
A"*3+( "2 "2$@)!$11'"% !$-'( "23%'+($"!$"'(( - (."2 "&)+(%)!!)"/)+)"/('( "/ /($#'( &'#$+($"/$5+'!'( "'!!$"=3+1 )+ "
2$!!'" ;'+&'" $" 2$!" [%3**)" +($%$//'($" *$%" 3+'" /)!!$& ('" '1 )+$" 2 " # 5! )%'#$+()0" +$ " &3 " &)+=%)+( " ?" /('('"
/3&&$// -'#$+($"$/*!$('('"3+,'(( - (."2 "=)!!)XF3*9"
[! " '&&'2 #$+( " 2 " #'55 )%$" % !$-'+1'" /)+)" /('( " +)!(%$" )55$(()" 2 " /$5+'!'1 )+ " ($#*$/( -$" $" *3+(3'! " '!"
`)!!$5 )"H +2'&'!$9"M+'!)5)"'**%)&& )"?" +"3/)"'+&<$" +"#'($% '"2 "%$/*)+/'@ ! (." '## + /(%'( -'" $N"Z9":5/9"
VWIajI"+$ "&)+=%)+( "2$!!)"/*$& = &)"_%5'+ /#)"2 "Q 5 !'+1'9"
:$"-'!3('1 )+ "2 " / +($/ " /3!" / /($#'" 2 "&)+(%)!!)" +($%+)"2$% -'($"2'5! "'&&$%('#$+( "/-)!( " /)+)"/('($"*)%('($"
*$% )2 &'#$+($"'"&)+)/&$+1'"2$!"`)+/ 5! )"2 "M## + /(%'1 )+$0"'!!'"*%$/$+1'"'+&<$"2$!"`)!!$5 )"H +2'&'!$0"$"
'!" -$%( &$" $/$&3( -)" 2$!!'" ;'+&'9" A" *% +& *'! " *3+( " 2 " 2$@)!$11'" % /&)+(%'( " $" !'" !)%)" %$!'( -'" $-)!31 )+$" /)+)"
/('( " +/$% ( "+$!"L'@!$'3"2$";)%2"DL2;E"M32 (" +"#)2)"2'"*)($%"$//$%$"/$53 ( "/ +)"'2"'--$+3('"/ /($#'1 )+$9""
Z'" 3!( #)0" !'" Z %$1 )+$" `$+(%'!$" A+($%+'!" M32 ( +5" <'" 5'%'+( ()" 3+,'(( - (." &)+( +3'( -'" 2 " '3()-'!3('1 )+$"
2$!!'"*%)*% '"$== & $+1'"$2"$== &'& '0" +"! +$'"&)+"3+"*%)*% )"* '+)" +($%+)"2 "O'// &3%'1 )+$"$"# 5! )%'#$+()"
83'! (.P" %$2'(()" &)+=)%#$#$+($" '" 83'+()" %'&&)#'+2'()" 2'5! " /('+2'%2" +($%+'1 )+'! " *$%" !'" *%'( &'"
*%)=$// )+'!$"2 "M32 (9"
'
/SP'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
K]c9V4]'/'3'b9KJg9V'Z9'Jb]Z9)V'
'
9$<&*=#-!&$!'(!'$#,:*#'H:#"!,#,!6#'
'
/0'8@>+,,!'5+$+*#"!'
'
:$"/(%'($5 $0"!$"='&)!(."$"!$"%$5)!$"2 "&)+&$// )+$"$"5$/( )+$"2$!"&%$2 ()"2$!"[%3**)"/)+)" +2 % 11'($U"
− '!" &))%2 +'#$+()" 2$!!$" '1 )+ " ($/$" '!" %'55 3+5 #$+()" 2 " 3+" )@ $(( -)" 2 " &%$/& ('" 2$!!$" '(( - (." &%$2 ( 1 $"
/)/($+ @ !$"$"&)$%$+($"&)+"!'"*%)*$+/ )+$"'!"% /&< )"$"!'"&%$'1 )+$"2 "-'!)%$"2$!"[%3**)6"
− '!!'" 2 -$%/ = &'1 )+$" 2$!" *)%('=)5! )0" ! # ('+2)" !'" &)+&$+(%'1 )+$" 2$!!$" $/*)/ 1 )+ " /3" / +5)!$"
&)+(%)*'%( a5%3** 0"/3"/ +5)! "/$(()% "2 "'(( - (."$&)+)# &'")"'%$$"5$)5%'= &<$6"
− '2" 3+,$== & $+($" /$!$1 )+$" 2$ " 5%3** " $&)+)# & " $" 2$ " / +5)! " '== 2'( " '((%'-$%/)" 3+,'&&3%'('" '+'! / " 2$!"
#$% ()"&%$2 ( 1 )"= +'! 11'('"'"&)+($+$%$" !"% /&< )"2 " +/)!-$+1'6"
− '"*% - !$5 '%$0"+$!!,'((3'!$"='/$"&)+5 3+(3%'!$0"5! " +($%-$+( "&%$2 ( 1 "2 "+'(3%'"&)##$%& '!$"-)!( "'"/)/($+$%$"
!,$&)+)# '"%$'!$"$" !"/ /($#'"*%)23(( -)6"
− '!" &)/('+($" &)+(%)!!)" 2$!!$" %$!'1 )+ 0" $==$((3'()" / '" &)+" *%)&$23%$" +=)%#'( &<$" / '" &)+" 3+,'(( - (." 2 "
/)%-$5! '+1'" / /($#'( &'" 2$!!$" *)/ 1 )+ 0" '!!)" /&)*)" 2 " &)5! $%$" ($#*$/( -'#$+($" $-$+(3'! " / +()# " 2 "
/83 ! @% )"$"*%)#3)-$%$"5! " +($%-$+( "&)%%$(( - "-)!( "'"*%$-$+ %$" !"*)// @ !$"2$($% )%'#$+()"2$!"%'**)%()9"
"
A!"&)/('+($"#)+ ()%'55 )"2$!!'"83'! (."2$!"*)%('=)5! )"&%$2 ( "- $+$"*$%/$53 ()"'((%'-$%/)"!,'2)1 )+$"2 "*%$& /$"
#)2'! (.")*$%'( -$" +"(3(($"!$"='/ "5$/( )+'! "2$!!'"%$!'1 )+$"2 "'== 2'#$+()9"
"
10'7&"!,!%E+'(!'5+@,!&$+'(+"'*!@%E!&'(!'%*+(!,&'
'
10/'8@>+,,!'&*5#$!--#,!6!'
C$!!,'#@ ()" 2$!" [%3**)" A+($/'" H'+*')!)0" 3+" %3)!)" =)+2'#$+('!$" +$!!'" 5$/( )+$" $" &)+(%)!!)" 2$!" % /&< )" 2 "
&%$2 ()"?"/-)!()"2'5! "_%5'+ "H)& $('% "&<$0"& '/&3+)"/$&)+2)"!$"% /*$(( -$"&)#*$($+1$0"'// &3%'+)"!,'2$53'()"
*%$/ 2 )" 2$!" % /&< )" 2 " &%$2 ()" +2 - 23'+2)" 5! " )% $+('#$+( " /(%'($5 & " $" !$" *)! ( &<$" 2 " 5$/( )+$" 2$!" % /&< )0"
-$% = &'+2)+$" +$!" &)+( +3)" !,$== & $+1'" $" !,$== &'& '" $" 2$= +$+2)" " &)#* ( " $" !$" %$/*)+/'@ ! (." 2$!!$" =3+1 )+ " $"
/(%3((3%$"'1 $+2'! "&) +-)!($"+$ "*%)&$// 9"
A!"*%$/ 2 )"$" 5)-$%+)"2$!"&%$2 ()" '// &3%'()"2'5! "_%5'+ "H)& $('% "?"% =!$//)"+$!!,'((3'!$"'//$(()")%5'+ 11'( -)"
&<$" +2 - 23'"/*$& = &<$"'%$$"2 "%$/*)+/'@ ! (."&$+(%'!$"% &)+23& @ ! "' U"
− `< $=":$+2 +5"_== &$%"
− `< $="Y /G"_== &$%"
− `< $="T +'+& '!"_== &$%"
"
&<$" 5'%'+( /&)+)0" &)+" !,'2$53'()" ! -$!!)" 2 " /$5%$5'1 )+$0" !)" /-)!5 #$+()" 2$!!$" =3+1 )+ " 2 " 5$/( )+$" $"
!,'((3'1 )+$"2$!!$"'(( - (."2 "&)+(%)!!)"2$!"% /&< )9"
A!"`< $=":$+2 +5"_== &$%"-'!3('" !"#$% ()"&%$2 ( 1 )"2$!!$"*%)*)/($"2 "= 2)"% &$-3($"$0"/$"2 "&)#*$($+1'0"2$! @$%'"
)" % !'/& '" !" *'%$%$" 2 " &)+=)%# (.6" 5$/( /&$" $" *%$/ 2 '" !" &%$2 ()" *%)@!$#'( &)" $" &))%2 +'" =3+1 )+'!#$+($" !"
%$&3*$%)" 2$!!$" *)/ 1 )+ " '" /)==$%$+1'" $==$((3'()" 2'" A+($/'" H'+*')!)" [%)3*" H$%- &$/" '((%'-$%/)" !'" Z %$1 )+$"
Y$&3*$%)" `%$2 ( 6" 2$= + /&$" +)!(%$" !$" Y$5)!$" 2 " `)+&$// )+$" $" [$/( )+$" 2$!" `%$2 ()0" 5'%'+( /&$" !'" &)%%$(('"
-'!3('1 )+$" ' " = + " 2 " ; !'+& )" 2$!!$" *)/ 1 )+ " &!'// = &'($" '" &%$2 ()" 2$($% )%'()" &<$" % $+(%'+)" +$!!'" *%)*% '"
&)#*$($+1'0" 2$= + /&$0" '+&<$" /3" *%)*)/('" 2$!!$" -'% $" =3+1 )+ a/(%3((3%$" 2$!" [%3**)0" " *%)&$// " )*$%'( - " 2$!"
&%$2 ()"'--'!$+2)/ "2$!!'"/)& $(."A+($/'"H'+*')!)"[%)3*"H$%- &$/9"
A!"`< $="Y /G"_== &$%"<'"!'"%$/*)+/'@ ! (."2 "2$&! +'%$" !"Y /G"M**$( ($"T%'#$X)%G"+$!!,'#@ ()"2$!!'"5$/( )+$"2$ "
% /&< "2 "&%$2 ()0" +"&)$%$+1'"&)+"!$"/(%'($5 $"$"5! ")@ $(( - "'1 $+2'! 0"$2"'// &3%'"!'"# /3%'1 )+$"$" !"&)+(%)!!)"
2$!!$" $/*)/ 1 )+ " 2 " % /&< )" 2 " [%3**)0" 2$= + /&$" !$" #$(% &<$" *$%" 83'+()" &)+&$%+$" !'" # /3%'1 )+$" 2$!" % /&< )"
&%$2 ( 1 )0" =)%+ /&$" " #)2$!! " 2 " *% & +5" % /G" '2b3/($2" $" 5! " +2 % 11 " +" #$% ()" '!!'" R$%2 ('" M(($/'0" '!" `'* ('!$"
J&)+)# &)"DJ`MRE0"'5! "YtM"$"'!!$"/)5! $"2 "'&&$(('1 )+$0"=)%#3!'"!$"*%)*)/($"2 "'//$5+'1 )+$"2$!!$"T'&)!(."2 "
`)+&$// )+$"$"[$/( )+$"2$!"`%$2 ()0"'((3'" "&)+(%)!! "/3!"&%$2 ()0" - "&)#*%$/ "83$!! "/3!"%'( +50"$"#)+ ()%'"+$!"
&)+( +3)"!,'+2'#$+()"2$!"% /&< )"$"!'"83'! (."2$!"&%$2 ()9"
A!" `< $=" T +'+& '!" _== &$%" S" +" &)$%$+1'" &)+" 5! " )% $+('#$+( " /(%'($5 & " $" !$" *)! ( &<$" 2 " 5$/( )+$" 2$!" % /&< )"
2$= + ( " 2'!" `)+/ 5! )" 2 " 5$/( )+$" $" '**%)-'( " 2'!" `)+/ 5! )" 2 " /)%-$5! '+1'" S" &))%2 +'" !" *%)&$//)" 2 "
=)%#3!'1 )+$"2$!!$"/(%'($5 $"&%$2 ( 1 $"D'"&3 "*'%($& *'+)"5! "'!(% "`< $="$"!$";3/ +$//">+ (E0" +2 % 11'" !"*% & +5" +"
)(( &'"2 "% /&< )a%$+2 #$+()"/$&)+2)")@ $(( - "2 "&%$'1 )+$"2$!"-'!)%$0"&))%2 +'" !"*%)&$//)"2 "-'!3('1 )+$"2$ "
'
/SS'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
&%$2 ( "' "= + "2 "@ !'+& )6" +)!(%$"'!"`< $="T +'+& '!"_== & $%"='"&'*)"!,'(( - (."2 " 2$+( = &'1 )+$"$"'(( -'1 )+$"2$!!'"
%$'! 11'1 )+$" 2$!!$" )*$%'1 )+ " 2 " &)*$%(3%'" 2$!!$" $/*)/ 1 )+ " 2 " % /&< )" 2$!!$" '//$(" &!'//" 2$!" *)%('=)5! )"
&%$2 ( 1 )0"3( ! 11'+2)"!$")**)%(3+ (.")==$%($"2'!"#$%&'()"/$&)+2'% )"2$!"&%$2 ()0" +"3+,)(( &'"2 "5$/( )+$"'(( -'"
2$!"-'!)%$"'1 $+2'!$9""
A+)!(%$" +$!!,'#@ ()" 2$!" *%)&$//)" 2 " -'!3('1 )+$" &%$2 ( 0" '!!'" Z %$1 )+$" `$+(%'!$" M## + /(%'1 )+$" $" T /&'!$0"
&)!!)&'('"'"2 %$(()"% *)%()"2$!"`)+/ 5! $%$"Z$!$5'()"$"`J_0"&)#*$($"!'"%$/*)+/'@ ! (."2 "%$&$* %$"!$"-'!3('1 )+ "
2$!!$" *)/ 1 )+ " &%$2 ( 1 $" =)%#3!'($0" +" - '" =)%=$('% '" )" '+'! ( &'0" 2'!!$" /(%3((3%$" &)#*$($+( " $" &))%2 +'%$" !"
*%)&$//)"2 "-'!3('1 )+$"2$ "&%$2 ( "' "= + "2 "@ !'+& )9"
A+($/'"H'+*')!)"[%)3*"H$%- &$/"=)%+ /&$" !"/3**)%()")*$%'( -)"$"/*$& '! /( &)"*$%"!,'(( - (."2 "%$&3*$%)"&%$2 ( "$"
+$!!'"2$= + 1 )+$"2$ "*%)&$// "&%$2 ( 1 "'// &3%'+2)"!$"/ +$%5 $"2 "&)/()"$"2 "$&&$!!$+1'"+$!"/$%- 1 )")==$%()9""
A"! -$!! "2 "'3()+)# '"'((% @3 ( "'5! "_%5'+ "2$! @$%'+( "/)+)"2$= + ( " +"($%# + "2 "'&&)%2'()"2$!!'";'+&'a[%3**)"
@'+&'% )" +$ " &)+=%)+( " 2$!!'" &)+(%)*'%($a5%3**)" $&)+)# &)9" A!" %'( +5" '((% @3 ()0" &)+5 3+('#$+($" &)+" 5! "
$-$+(3'! " ='(()% " # ( 5'+( " 2$!" % /&< )" &%$2 ( 1 )0" &)+2 1 )+'" !'" 2$($%# +'1 )+$" 2$!!'" &)#*$($+1'" 2$! @$%'( -'"
*$%" )5+ " )%5'+)" 2$!$5'()9" A+($/'" H'+*')!)0" +" 83'! (." 2 " `'*)5%3**)0" <'" /('@ ! ()" 2$!!$" ! +$$" 2 "
&)#*)%('#$+()" +" #$% ()" '!!,'//3+1 )+$" 2 " % /&< )" &%$2 ( 1 )0" '!" = +$" 2 " $- ('%$" $&&$// -$" &)+&$+(%'1 )+ 0"
! # ('%$"!$"*)($+1 '! "*$%2 ($"$"5'%'+( %$"!'"83'! (."2$!"&%$2 ()9""
C$!!'" ='/$" 2 " &)+&$// )+$" 2$!" &%$2 ()0" /)+)" /('( " *%$- /( " #$&&'+ /# " 2 " &))%2 +'#$+()" &)+" " 83'! " A+($/'"
H'+*')!)"$/$%& ('" !"%3)!)"2 " +2 % 11)0"5)-$%+)"$"/3**)%()"2$!"[%3**)U"
− !, #* '+()"2$!!$"T'&)!(."$"2$!!$"Y$5)!$"2 "`)+&$// )+$"$"[$/( )+$0"&<$"2 /& *! +'+)"!$"#)2'! (."'((%'-$%/)"
!$"83'! "'//3#$%$" !"% /&< )"2 "&%$2 ()"-$%/)"!'"&! $+($!'6"
− !" OR!'=)+2" 2 " '== 2'@ ! (.P0" +($/)" 83'!$" ! # ($" &)#*!$// -)" 2$5! " '== 2'#$+( " '&&)%2'@ ! " 2'!!$" /)& $(." 2$!"
[%3**)"A+($/'"H'+*')!)"' "[%3** "J&)+)# & "2 "#'55 )%"% ! $-)6"
− !"OR'%$%$"2 "`)+=)%# (.P"/3!!'"&)+&$// )+$"2 "&%$2 ( "'2"'!(% "&! $+( "% !$-'+( "D/ +5)!)"+)# +'( -)")"[%3**)"
J&)+)# &)E"&<$"$&&$2'+)"2$($%# +'($"/)5! $9""
"
:, +($%/&'#@ )"2$ "=!3// " +=)%#'( - "2 "@'/$"(%'"!$"2 -$%/$"$+( (."2$!"[%3**)"?"'// &3%'()"2'!!'"`$+(%'!$"Y /&< "
2 " [%3**)" $" 2'!!'" OR)/ 1 )+$" `)#*!$// -'" 2 " Y /&< )P0" &<$" &)+/$+()+)" 2 " $- 2$+1 '%$" $2" '+'! 11'%$" " % /&< "
&%$2 ( 1 " +"&'*)"'2")5+ "&! $+($a5%3**)"$&)+)# &)0"/ '"-$%/)" !"[%3**)"+$!"/3)"&)#*!$//)0"/ '"+$ "&)+=%)+( "
2$!!$"/ +5)!$"%$'!(."&<$"!)"&)#*)+5)+)9"
:$"'(( - (."2 "&)#*$($+1'"2$!"`< $="Y /G"_== &$%"/)+)"&)+2)(($"2 %$(('#$+($"2'!!'"Z %$1 )+$"Y /G"K'+'5$#$+("
$"2'!"H$%- 1 )"R%$/ 2 )"c3'! (."2$!"`%$2 ()0"/ '"*$%"!'"`'*)5%3**)0"/ '"*$%"!$"*% +& *'! "/)& $(."&)+(%)!!'($0"/3!!'"
@'/$"2 "3+"&)+(%'(()"2 "/$%- 1 )0"#$+(%$"!$"'!(%$"/(%3((3%$"2 "&)+(%)!!)")*$%'+( "'!!, +($%+)"2$!!$"/ +5)!$"/)& $(."
$==$((3'+)"3+"%$*)%( +5"*$% )2 &)"'!!$"& ('($"=3+1 )+ "2 "`'*)5%3**)9"
"
101'K!@,+=!'(!'5+@,!&$+;'=!@:*#-!&$+'+'%&$,*&""&'
:'";'+&'"/ "'--'!$"2 "3+" +/ $#$"2 "/(%3#$+( 0"/- !3**'( "2'!!'"`'*)5%3**)0" +"5%'2)"2 "'// &3%'%$"3+"&)+(%)!!)"
'+'! ( &)"2$!!'"83'! (."2$!"*)%('=)5! )" #* $5< "'"&! $+($!'"$"'2" /( (31 )+ "= +'+1 '% $9"
R$%"83'+()"% 53'%2'0" +"*'%( &)!'%$0"5! " #* $5< "'"&! $+($!'0"!'"# /3%'1 )+$"2$!"% /&< )"='"% &)%/)"'"#)2$!! "2 "
%'( +5" 2 ==$%$+1 '( " '" /$&)+2'" 2$!" /$5#$+()" 2 " )*$%'( - (." 2$!!'" &)+(%)*'%($" D`)%*)%'($0" H#'!!" ;3/ +$//0"
K)%(5'5$0" R%$/( ( " R$%/)+'! E9"L'! "#)2$!! "&)+/$+()+)" 2 "/ +($( 11'%$" !'"83'! (."&%$2 ( 1 '"2$!!'"&)+(%)*'%($" +"
3+'" # /3%'0" !" %'( +50" &<$" +$" % =!$(($" !'" *%)@'@ ! (." 2 " +/)!-$+1'" &)+" 3+" )% 11)+($" ($#*)%'!$" 2 " 3+" '++)0"
&'! @%'('"/3"3+"! -$!!)"#$2 )"2$!"& &!)"$&)+)# &)9"A"%'( +5"&'!&)!'( "/)+)0" +)!(%$0"%'&&)%2'( "'!!$"&!'// = &'1 )+ "
2$!!$"'5$+1 $"3== & '! "2 "%'( +5"*$%"#$11)"2 "3+'"/&'!'")#)5$+$'"2 "% =$% #$+()9"
M!"/$5#$+()"`)%*)%'($"/)+)"'**! &'( "3+'"*!3%'! (."2 "#)2$!! "2 "%'( +5U"
− '!!'" 5$+$%'! (." 2$!!$" #*%$/$" /)+)" '**! &'( " #)2$!! " 2 ==$%$+1 '( " '" /$&)+2'" 2$!" #$%&'()" 2 " % =$% #$+()"
D2)#$/( &)")" +($%+'1 )+'!$E"$"2$!!'"='/& '"2 #$+/ )+'!$6"
− *$%" " = +'+1 '#$+( " /*$& '! 11'( " /)+)" +" 3/)" #)2$!! " /*$& = & " 2$2 &'( " '!!$" + 1 '( -$" ##)@ ! '% 0" '!!$"
)*$%'1 )+ "2 "*%)b$&("= +'+&$"$"'!!$")*$%'1 )+ "2 ":;_a'&83 / ( )+"= +'+&$"$"'//$("= +'+&$9"
"
:'"/(%3((3%'"2$ "#)2$!! "*%$-$2$" +"! +$'"5$+$%'!$"!, +($5%'1 )+$"2 "* 4"#)23! U"
− 3+"#)23!)"83'+( ('( -)0"&<$"$!'@)%'"2'( "= +'+1 '% "$"&)#*)%('#$+('! 6"
− 3+"#)23!)"83'! ('( -)0"&<$"*%$-$2$"!, +($%-$+()"2$!"5$/()%$"'((%'-$%/)"!'"&)#* !'1 )+$"2 "3+"83$/( )+'% )6"
− 3+'" -'!3('1 )+$" +2 *$+2$+($" 2'" *'%($" 2$!" 5$/()%$0" '%( &)!'('" /$&)+2)" 3+" *%)&$//)" /(%3((3%'()0" &<$"
/&'($+'" !'" *%)&$23%'" 2 " O)-$%% 2$P" +" &'/)" 2 " 2 ==)%# (." &)+" !'" -'!3('1 )+$" $/*%$//'" 2'!" %'( +5" 83'+( F
83'! ('( -)9"
"
'
122'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
:,'((% @31 )+$" 2$!" %'( +5" ?" +" 5$+$%'!$" $==$((3'('" +" #)2'! (." 2$&$+(%'('" 2'!" [$/()%$" &<$" %'**%$/$+('" !'"
*% +& *'!$" = 53%'" +$!!,'#@ ()" 2$!" *%)&$//)" 2 " '((% @31 )+$" 2$!" %'( +5" '2" 3+'" &)+(%)*'%($9" :'" -'! 2'1 )+$" 2 "
$-$+(3'! "*%)*)/($"2 ")-$%% 2$"# 5! )%'( -'"?"/-)!('"2'"3+'">+ (."H*$& '! /( &'"'!!)&'('"*%$//)"!'"`'*)5%3**)" +"
/('=="'!"`< $=":$+2 +5"_== &$%9"M!!,>+ (."H*$& '! /( &'"*%$//)"!'"`'*)5%3**)"?"2$#'+2'()0"=%'"!,'!(%)0"'+&<$" !"
&)#* ()" 2 " '//$5+'%$" " &)/ 22$(( " O%'( +5" '&&$+(%'( P" *%$- /( " +$!!,'#@ ()" 2$!" *%)&$//)" 2 " '((% @31 )+$" 2$!"
%'( +5"&)+"#$()2)!)5 '"A#*%$/$"$"2 " +($%-$+ %$"+$!!,'#@ ()"2$!"&'!&)!)"2$ "%'( +5"&)+"#)2$!! "/*$& '! /( & 9"
R$%"83'+()"&)+&$%+$" !"*)%('=)5! )"Y$(' !0"!,'%( &)!'1 )+$"2$ "#)2$!! "?"!'"/$53$+($U"
− *$%" !" /$5#$+()" H#'!!" ;3/ +$//0" '" *'%( %$" 2'" = +$" Vjjg0" ?" +" 3/)" 3+" #)2$!!)" 2 " %'( +5" 2 " [%3**)" *$%"
&)+(%)*'%($0" &)+" !)5 &<$" '== + " '" 83$!!$" 2$!" `)%*)%'($0" )--$%)" =)%($#$+($" 2$&$+(%'()" $" +$!" 83'!$" 5! "
$!$#$+( "83'+( ('( - F)55$(( - "/)+)" +($5%'( "2'"83$!! "83'! ('( - "/)55$(( - 6"+$!"&)%/)"2$!"VjII" !"#)2$!!)"
2 " /$%- 1 )" 2$!" /$5#$+()" H#'!!" ;3/ +$//" ?" /('()" % 2$= + ()0" +(%)23&$+2)" +" *'%( &)!'%$" 3+'" /)(()F
/$5#$+('1 )+$"(%'"&! $+($!'"OK &%)P"$"O`)%$P"@'/'('"/3"&% ($% "2 "2 #$+/ )+$"$"/$#*! & (."$"3+'"*'%1 '!$"
'3()#'( 11'1 )+$"2$!"*%)&$//)"2 "&)+&$// )+$0"5 .")*$%'( -'"/3!"/$5#$+()"K &%)"'"*'%( %$"2'"!35! )"VjII9"
` 7" <'" % &< $/()" 3+" '2$53'#$+()" 2$!" #)2$!!)" 2 " %'( +50" &<$" ?" /('()" '%( &)!'()" +$ " 23$" /)(()F/$5#$+( "
/322$(( 0"&)5! $+2)"!,)&&'/ )+$"*$%"'55 )%+'%$"=)+( "2'( "$"/$% $"/()% &<$"2 "/- !3**)6"
− *$%" !"/$5#$+()"#3(3 "DK)%(5'5$E0" !"#)2$!!)"2 "[%3**)"$!'@)%'" +=)%#'1 )+ "%$!'( -$"/ '"'!"&! $+($"/ '"'!"
&)+(%'(()6" $//)" / " 2 ==$%$+1 '" (%'" !" &'/)" 2 " *% #'" $%)5'1 )+$0" +" &3 " - $+$" 3( ! 11'()" !" #)2$!!)" 2 "
'&&$(('1 )+$"$"83$!!)"2 "-'!3('1 )+$"/3&&$// -'"23%'+($"!'"- ('"2$!"#3(3)"D#)2$!!)"'+2'#$+('!$E0"&<$"( $+$"
&)+()"2$ "2'( "&)#*)%('#$+('! 6"
− *$%" 83'+()" % 53'%2'" 5! " '!(% " *%)2)(( " % -)!( " ' " *% -'( " D/$5#$+()" _(<$%" Y$(' !E0" 83'! " *%$/( ( " *$%/)+'! 0"
&%$2 ()" '!" &)+/3#)0" &'%($" 2 " &%$2 ()0" /&)*$%( " 2 " &)+()" &)%%$+($0" $(&90" ?" +" ='/$" 2 " /- !3**)" 3+'" &!'//$" 2 "
#)2$!! 0" &<$" /)/( (3 %." *%)5%$// -'#$+($" " / /($# " 2 " %'( +5" )" /&)% +5" 5$/( )+'! " '((3'!#$+($" +" 3/)" /3 "
2 -$%/ "*%)2)(( 9"
"
Y$!'( -'#$+($" '!" *)%('=)5! )" H)-$%$ 5+0" !" #)2$!!)" 2 " %'( +5" '2)(('()" 2'!!'" `'*)5%3**)" /3**)%('"
!,'((% @31 )+$" 2 " 3+" 5 32 1 )" /3!" #$% ()" &%$2 ( 1 )" *$%" )!(%$" Vhj" *'$/ 9" :'" /(%3((3%'" 2$!" #)2$!!)" *%$-$2$" 3+"
#)23!)"83'+( ('( -)"2 "-'!3('1 )+$"2$!"% /&< )"*'$/$"$"3+'"&)#*)+$+($"2 "5 32 1 )"83'! ('( -)9"
`)#*!$('" !" 83'2%)" !'" &!'//$" 2 " $/*)/ 1 )+ " %$5)!'#$+('% " &)/( (3 ('" 2'" 3+" !'()" 2'" @'+&<$" D$" '!(%$" #*%$/$"
= +'+1 '% $"% &)+23& @ ! "'"5%3** "@'+&'% E"$"2'!!$"/)& $(."*'%'@'+&'% $"D/)& $(."&<$"/-)!5)+)"'(( - (."2 "!$'/ +50"
='&()% +5"$"&%$2 ()"'!"&)+/3#)E"$"2'!!,'!(%)"!'()"2'5! "$+( "*3@@! & 9"
− R$%" 83'+()" % 53'%2'" !" /$5#$+()" ;'+&<$0" 2'!" *3+()" 2 " - /('" 2$!!'" 2$($%# +'1 )+$" 2$!!'" R%)@'@ ! (." 2 "
2$='3!(0" !'" /&$!('" &< '-$" ?" /('('" 83$!!'" 2 " 2 ==$%$+1 '%$" " #)2$!! " (%'" @'+&<$" 2$!!$" $&)+)# $" #'(3%$" $"
@'+&<$"2$ "R'$/ "$#$%5$+( 0"!'"&3 "/(%3((3%'"?"*$%'!(%)"#)!()"/ # !$9"A+"/ +($/ "/ "&)#*)+5)+)"2 "3+'"*'%($"
83'+( ('( -'"$"3+'"*'%($"83'! ('( -'0"2 ==$%$+1 '($"'"/$&)+2'"2$!!,'**'%($+$+1'"'"R'$/ "#'(3% ")"$#$%5$+( 0"
3+'" &)#*)+$+($" 2 " %'( +5" R'$/$" +" 83'! (." 2 " % /&< )" / /($# &)" $" 3+'" &)#*)+$+($" 2 " % /&< )" R'$/$"
/*$& = &)0" *$%" !$" @'+&<$" #'55 )%#$+($" &)%%$!'($" &)+" !" % /&< )" H('()6" += +$" 3+" #)23!)" DO5 32 1 )" 2$!"
5$/()%$PE"&<$"&)+/$+($" +"2$($%# +'($"&)+2 1 )+ "2 "#)2 = &'%$" !"%'( +59"
− R$%"83'+()"% 53'%2'" !"/$5#$+()"J+( "R3@@! & 0"!'"#)2$!! /( &'"2 "% =$% #$+()"?"/('('"2 ==$%$+1 '('"/3!!'"@'/$"
2$!!'"( *)!)5 '"2$!!'"&)+(%)*'%($9"H)+)"/('( "83 +2 "/- !3**'( "#)2$!! "*$%"`)#3+ "$"R%)- +&$"2'"3+"!'()0"2 "
( *)" 2$='3!("#)2$!0"$"*$%"!$"Y$5 )+ "2'!!,'!(%)0"2 "( *)"O/<'2)XP"/3 "%'( +5"2 "'5$+1 '9"H3!!$"MH:"$"5! "'!(% "
J+( "2$!"/$(()%$"?"/('()"'2)(('()"3+"'**%)&& )"$/($+/ -)"&)+"*)// @ ! (."2 "+)(&< +5"'"*'%( %$"2'"-'!3('1 )+ "
/3 "2'( "2 "@ !'+& )9"
"
R$%" !$" &)+(%)*'%( " '**'%($+$+( " '!" *)%('=)5! )" C)+" ;'+G +5" T +'+& '!" A+/( (3( )+/" /)+)" +" 3/)" #)2$!! " '"
&'%'(($%$"$/*$% $+1 '!$9"
A!"#)2$!!)":[Z"?"@'/'()"/3!!'"+)1 )+$"2 "OJ&)+)# &":[ZP0")--$%)" !"-'!)%$"'((3'!$"2$ "=!3// "2 "&'//'"% &'-'( "
+$!!$" -'% $" ='/ " 2$!" *%)&$//)" 2 " %$&3*$%)" '!" +$(()" 2$5! " $-$+(3'! " &)/( " '## + /(%'( - " 2 " 2 %$(('" #*3('1 )+$"
)!(%$"&<$"2 "83$!! " +2 %$(( "2 "5$/( )+$"/)/($+3( "2'!"[%3**)"$"/ "&)#*)+$0" +"/ +($/ 0"2$ "/$53$+( "$!$#$+( U"
− /( #'"2 "3+"K)2$!!)"2 ":[Z"H)==$%$+1'U"'"*'%( %$"2'!!'":[Z")//$%-'('"/3!"*)%('=)5! )0")"Ot)%G)3(":[ZP0"
2$($%# +'('" +" =3+1 )+$" 2$ " =!3// " 2 " %$&3*$%)" $" 2$ " &)/( 0" - $+$" /( #'()" 3+" #)2$!!)" $&)+)#$(% &)" 2 "
%$5%$// )+$" 2$!!'" :[Z" /3" -'% '@ ! " % ($+3($" 2 /&% # +'+( " *$%" !'" 2$($%# +'1 )+$" 2$!!'" *$%2 ('" '//)& '('"
'!!,$-$+()"2 "H)==$%$+1'6"
− '**! &'1 )+$" 2 " 3+" ='(()%$" &)%%$(( -)0" )" OZ'+5$%" Y'($PU" !" Z'+5$%" Y'($" ?" 3+" ='(()%$" &)%%$(( -)"
#)!( *! &'( -)0" -)!()" '" % &'! @%'%$" !'" :[Z" H)==$%$+1'" &)+" !, +=)%#'1 )+$" 2 /*)+ @ !$" /35! " '!(% " $-$+( " 2 "
2$='3!(0" +"#)2)"2'"2$($%# +'%$"3+'":[Z"%'**%$/$+('( -'"2 "(3(( " "*)// @ ! "$-$+( "2 "2$='3!("$"2$!!'"!)%)"
$-)!31 )+$6"
'
12/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
− '**! &'1 )+$"2 "3+"'!(%)"='(()%$"&)%%$(( -)"'22 ( -)0")"O`)#*)+$+($"H'!2)"$"H(%'!& )PU"83$/('"&)#*)+$+($"
- $+$"3( ! 11'('"&)#$"'22F)+"'!!'"/( #'"% &'! @%'('"*$%" !"Z'+5$%"Y'($"'!"= +$"2 "($+$%$" +"&)+/ 2$%'1 )+$" "
('// "2 " *$%2 ('" '//)& '( " '"*)/ 1 )+ "*$%"!$"83'! "+)+"/ " ?"-$% = &'()" !"*'//'55 )" '"H)==$%$+1'"D*)/ 1 )+ " +"
A+&'5! )")"R'/("Z3$E9"
"
:'" 2$($%# +'1 )+$" 2$!!'" :[Z" / " '--'!$" 2 " #)2$!! " 2 ==$%$+1 '( " $" /*$& '! 11'( " *$%" /$5#$+()" 2 " )*$%'( - (."
D`)%*)%'($0"HKJ"Y$(' !0"K)%(5'5$0"T'&()% +50":$'/ +5E9""
C$!"&)%/)"2$!"VjIe"?"*%$- /()"!)"/- !3**)"2 "3+"#)2$!!)" +($%+)"*$%"!'"2$($%# +'1 )+$"2$!!,JMZ"DJN*)/3%$"M("
Z$='3!(E9""
A"#)2$!! "2 "%'( +5"DRZ" $":[ZE"*$%" !" /$5#$+()"K)%(5'5$"<'++)"% &$-3()"!,'3()% 11'1 )+$"*$%" !" *'//'55 )" '!"
#$()2)"AY;"2'!!'"/$5+'!'1 )+$"2 "5 35+)"VjIj0"#$+(%$" "#)2$!! "2 "%'( +5"*$%" !"/$5#$+()"`)%*)%'($"<'++)"
% &$-3()" !"% &)+)/& #$+()"*$%"!,3( ! 11)"2$!"#$()2)"MAY;"' "= + "2$!"&'!&)!)"2$!"%$83 / ()"'"*'%( %$"2'!!'"2'('"2 "
% =$% #$+()"2$!"WI"2 &$#@%$"VjIj"D !"#$()2)"TAY;"$%'" +"3/)"2'!"2 &$#@%$"VjjgE9"`)+"% =$% #$+()"' "#)2$!! "
2 " RZ" $" :[Z" *$%" !" /$5#$+()" HKJ" Y$(' !" ?" /('('" &)+/$53 ('" !,'3()% 11'1 )+$" '!" *'//'55 )" '!" #$()2)" AY;" '"
*'%( %$"2'!!'"/$5+'!'1 )+$"2 "2 &$#@%$"VjIV9""
C$!"/ /($#'"2 "%'( +5"?"*%$/$+($" +)!(%$"3+" +2 &'()%$"'+2'#$+('!$"2 "% /&< )0"&'!&)!'()"&)+"&'2$+1'"#$+/ !$9"
J//)" +($%'5 /&$"&)+" "*%)&$// "$"!$"*%)&$23%$"2 "5$/( )+$""$"2 "&)+(%)!!)"2$!"&%$2 ()"$"&)+/$+($"2 "=)%#3!'%$"
-'!3('1 )+ " ($#*$/( -$" /3!!, +/)%5$%$" )" /3!" *$%/ /($%$" 2 " $-$+(3'! " '+)#'! $9" :$" *)/ 1 )+ " '!!$" 83'! " !, +2 &$"
/ +($( &)"2 "% /&< )"'((% @3 /&$"3+'"-'!3('1 )+$"2 "% /&< )/ (."$!$-'('0"&)+=$%#'('"+$!"($#*)0"/)+)" +($%&$(('($"
+$!"R%)&$//)"2$ "`%$2 ( "R%)@!$#'( & 9"c3$/()"*%)&$//)0"/3**)%('()"2'"3+'"*%)&$23%'" +=)%#'( &'0"&)+/$+($"2 "
#)+ ()%'%$"&)/('+($#$+($0" +"!'%5'"# /3%'"&)+" +($%-$+( "'3()#'( & 0"(3(($"!$"='/ "5$/( )+'! "&)+($#*!'($"*$%"
!$"*)/ 1 )+ "'"% /&< )9":$"*)/ 1 )+ "&<$"*%$/$+('+)"'+2'#$+()"'+)#'!)"/)+)"&!'// = &'($" +"2 ==$%$+( "*%)&$// "'"
/$&)+2'"2$!"! -$!!)"2 "% /&< )"= +)"'!!'"&!'// = &'1 )+$"'3()#'( &'"(%'"!$"'(( - (."2$($% )%'($0"&)#$"2$/&% (()"+$!"
*'%'5%'=)"%$!'( -)9"
L3(($" !$" *)/ 1 )+ " &%$2 ( 1 $" /)+)" +)!(%$" )55$(()" 2 " 3+" % $/'#$" *$% )2 &)0" /-)!()0" *$%" )5+ " / +5)!'"
&)+(%)*'%($a5%3**)"$&)+)# &)"2 "'**'%($+$+1'0"2'!!$"/(%3((3%$"&$+(%'! ")"*$% =$% &<$"&)#*$($+( "*$%"! # ( "2 "
= 2)9"
A!" %'( +5" $" " ='(()% " # ( 5'+( " 2$!" &%$2 ()" D5'%'+1 $0" =)%#$" ($&+ &<$" $" &)-$+'+(/E" '//3#)+)" 3+" %3)!)"
=)+2'#$+('!$"+$!"*%)&$//)"2 "&)+&$// )+$"$"5$/( )+$"2$!"&%$2 ()"$"&)+&)%%)+)"+$!!'"2$= + 1 )+$"2$!!$"T'&)!(."
$"2$!!$"Y$5)!$"2 "`)+&$// )+$"$"[$/( )+$9"A!"H$%- 1 )"R%$/ 2 )"c3'! (."2$!"`%$2 ()0"&)+"/*$& = &<$"$2"'%( &)!'($"
'(( - (."2 "&)+(%)!!)"$"#)+ ()%'55 )0"*%$/ 2 '""('! "'/*$(( "'"! -$!!)"2 "[%3**)9"L'! "'(( - (."*$%'!(%)"/ " +&'%2 +'+)"
+"3+"* 4"'#* )"/ /($#'"2 "&)+(%)!! "/3!"&%$2 ()"&<$" !"H$%- 1 )"'((3'"2 %$(('#$+($"$"&<$"&))%2 +'"&)+"!,'3/ ! )"2 "
/(%3#$+( " +=)%#'( & " $-)!3( " %$/ " 2 /*)+ @ ! 0" *$%" !$" *%)*% $" &)#*$($+1$0" '+&<$" '!!$" /(%3((3%$" 2 " Z - / )+$9" A+"
#$% ()" / " & ('+)" !,'**! &'( -)" OJ%#$/F" `)+(%)!! " %'( +5P0" /(%3#$+()" &<$" *$%#$(($" 3+'" 5$/( )+$" +=)%#'( &'"
2$!!$"'(( - (."2 "&)+(%)!!)"/3!"%'( +50"$2" !"R)%('!$"K)+ ()%'55 )"2$!"`%$2 ()9"
c3$/(,3!( #)" '**! &'( -)0" '(( -)"2'!"VjIj" $2" '! #$+('()" 2'!"c3'2%)"2 "`)+(%)!!)"2$!"`%$2 ()0"%'**%$/$+('" !'"
=)+($"*% +& *'!$"*$%" !"/3**)%()"'!!$"'(( - (."2 "#)+ ()%'55 )"2$!"*)%('=)5! )"&%$2 ( 0" +"($%# + "2 "$-)!31 )+$"$"
&)#*)/ 1 )+$"83'+( ('( -'"$"83'! ('( -'0"+)+&<^"2$ "*%)&$// "2 "+'(3%'"&%$2 ( 1 '0"-)!($"'2" +2 - 23'%$"$-$+(3'! "
'%$$"&'%'(($% 11'($"2'"*)($+1 '! "&% ( & (.9":$" +=)%#'1 )+ "2 /*)+ @ ! "/ "% =$% /&)+)"'"(3(($"!$"@'+&<$"$"/)& $(."
2$!"[%3**)"&<$")*$%'+)"/3!"/ /($#'" +=)%#'( -)"('%5$(9""
A+"('!$"&)+($/()"!$"/(%3((3%$"2$&$+(%'($"2$!!$"Z - / )+ ";'+&'"2$ "L$%% ()% "$"`)%*)%'($"u"A+-$/(#$+(";'+G +50"
/ +)" '!" ! -$!!)" 2 " M%$'0" <'++)" !'" *)// @ ! (." 2 " '&&$2$%$" '" &%3/&)(( " O +=)%#'( - P" )-$" ?" 2 /*)+ @ !$" 3+'"
%$*)%( /( &'")%5'+ &'"$2"'%( &)!'('"*%$2 /*)/('"&)+"!,)@ $(( -)"2 U"
− =)%+ %$"3+'"- / )+$"/(%3((3%'('"$"+'- 5'@ !$"2$ "=$+)#$+ ")55$(()"2 "&)+(%)!!)6"
− % 23%%$" "($#* "2 "% &$%&'"$"!'-)%'1 )+$"2$!!$" +=)%#'1 )+ 6"
− '5$-)!'%$"!, +2 - 23'1 )+$"2$!!$"'%$$"2 "&% ( & (."$"!'"2$= + 1 )+$"2$!!$"*% )% (."2 " +($%-$+()6"
− /3**)%('%$"!)"/&'#@ )" +=)%#'( -)"(%'"/(%3((3%$"/3"@'/ ")#)5$+$$9"
"
A" /)*%'& ('( " /(%3#$+( " /)+)" )55$(()" 2 " &)/('+($" #'+3($+1 )+$" 2'" *'%($" 2$!" H$%- 1 )" R%$/ 2 )" c3'! (." 2$!"
`%$2 ()" &<$0" +" )(( &'" $-)!3( -'0" / " *%)*)+$" 2 " 5'%'+( %$" !,'#*! '#$+()" 2$ " /$(" +=)%#'( - " 2 /*)+ @ ! " &)+" !'"
%$'! 11'1 )+$"2 "+3)- "&%3/&)(( "=3+1 )+'! "'!!$"'(( - (."2 "&)+(%)!!)"$"#)+ ()%'55 )"2 "=$+)#$+ "5$+$%'! "$a)"2 "
/*$& = & "'/*$(( "2$!"*%)&$//)"2$!"&%$2 ()9"
A!" % /&< )" *'$/$" %'**%$/$+('" 3+'" &)#*)+$+($" '55 3+( -'" 2$!" % /&< )" 2 " +/)!-$+1'" 2$ " / +5)! " *%$+2 ()% 0"
# /3%'()" +$!!,'#@ ()" 2$ " / /($# " 2 " &)+(%)!!)" 2$ " % /&< " &%$2 ( 1 9" L'!$" &)#*)+$+($" ?" &)!!$5'('" '!!$" *)($+1 '! "
*$%2 ($"2$% -'+( "2'!!,'(( - (."2 "= +'+1 '#$+()" +($%+'1 )+'!$"&'3/'($"2'"$-$+( " +"3+"2$($%# +'()"R'$/$"&<$"
/)(()/('++)0"'!#$+)" +"*'%($0"'!"&)+(%)!!)"2$!"%$!'( -)"[)-$%+)0"#'"+)+"'"83$!!)"2$ "/ +5)! "/)55$(( "%$/ 2$+( "
+$!!)"/($//)"R'$/$9"
'
121'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
A!" % /&< )" *'$/$" / " /)/('+1 '" *$%('+()" +" % /&< )" 2 " (%'/=$% #$+()" 2$($%# +'()" 2'!" @!)&&)" 2$ " *'5'#$+( " -$%/)"
!,$/($%)"$"- $+$"# /3%'()"'((%'-$%/)" !"5 32 1 )"/3!"#$% ()"&%$2 ( 1 )"2$!"H)-%'+)9"A+"83$/('"2$= + 1 )+$"% $+(%'+)"
(3(($"!$"=)%#$"2 "*%$/( ()"&%)//F@)%2$%"-$%/)" "/)55$(( "%$/ 2$+( " +"3+"2$($%# +'()"R'$/$0"/ '+)"$// " !"[)-$%+)0"
3+'"@'+&'0"3+, #*%$/'"*% -'('")"3+"/ +5)!)" +2 - 23)9""
:'" &)#*)+$+($" 2 " % /&< )" *'$/$" - $+$" -'!3('('" +$!!,'#@ ()" 2$!!'" &)+&$// )+$" 2 " &%$2 ()" '" /)55$(( " +)+"
%$/ 2$+( 0"'!"= +$"2 "-$% = &'%$" +"- '"*%$! # +'%$"!'"&'* $+1'"2$ "! # ( "*$%" !"% /&< )"*'$/$"/('@ ! ( "$N"'+($"2'!!'"
`'*)5%3**)9"
A!"% /&< )"2 "&)+(%)*'%($"?"3+'"*'%( &)!'%$"='(( /*$& $"2 "% /&< )"2 "&%$2 ()0"%$!'( -)"' "&)+(%'(( "2$% -'( "_L`0"&<$"
/ "% =$% /&$"'!!,$-$+(3'!$" +/)!-$+1'"2$!!'"&)+(%)*'%($"*% #'"2$!!'"/&'2$+1'"2$!"&)+(%'(()9"L'!$"% /&< )0"/)-$+($"
2$+)# +'()" % /&< )" 2 " /)/( (31 )+$0" ?" &)++$//)" '!!,$-$+(3'! (." &<$" !" -'!)%$" 2 " #$%&'()" 2$!!'" *)/ 1 )+$" / '"
2 -$+3()" *)/ ( -)0" $" 23+83$" &<$0" +" &'/)" 2 " +/)!-$+1'" 2$!!'" &)+(%)*'%($0" !'" *'%($" /)!-$+($" / '" &)/(%$(('" '"
/)/( (3 %$"!'"*)/ 1 )+$"/3!"#$%&'()0"/)**)%('+2)"3+'"*$%2 ('9"
A!"% /&< )"2 "&)+(%)*'%($"/3// /($"'+&<$"/3!!$")*$%'1 )+ "2 "( *)"H$&3% ( $/"T +'+& +5"L%'+/'&( )+/"DR%)+( "&)+(%)"
L$%# +$0"*%$/( ()"( ()! 0"$(&9E9"
A!" % /&< )" 2 " &)+(%)*'%($" ?" 2 " ( *)" @ !'($%'!$" +" 83'+()" !" K'%GF()FK'%G$(" 2$!!'" (%'+/'1 )+$" *37" $//$%$" / '"
*)/ ( -)"&<$"+$5'( -)0" +"=3+1 )+$"2$!!,'+2'#$+()"2$ "='(()% "2 "#$%&'()"/)(()/('+( "!)"/(%3#$+()"= +'+1 '% )9"
Z'!"*3+()"2 "- /('"%$5)!'#$+('%$0"!$";'+&<$"2$-)+)"% /*$(('%$"*%$& / "%$83 / ( "*'(% #)+ '! "'"=%)+($"2$!"% /&< )"
2 " &)+(%)*'%($0" +2 *$+2$+($#$+($" 2'!" *)%('=)5! )" 2 " '!!)&'1 )+$" 2$!!$" *)/ 1 )+ " D/ '" !" @'+G +5" @))G" / '" !"
*)%('=)5! )" 2 " +$5)1 '1 )+$" '" = + " 2 " - 5 !'+1'" /)+)" /)55$(( " ' " %$83 / ( " *'(% #)+ '! " *$%" !" % /&< )" 2 "
&)+(%)*'%($E9"
A+" *'%( &)!'%$" !" [%3**)" A+($/'" H'+*')!)" '**! &'" !" K$()2)" 2$!" Q'!)%$" `)%%$+($" D/ '" *$%" !" *)%('=)5! )" 2 "
+$5)1 '1 )+$"&<$"*$%" !"*)%('=)5! )"@'+&'% )E"' "= + "2$!!'"2$($%# +'1 )+$"2$!!,$83 -'!$+($"&%$2 ( 1 )"2$ "2$% -'( "
_(&0"3( !$"'!!'"2$= + 1 )+$"2$!"%$83 / ()"*'(% #)+ '!$9"
L'!$" #$()2)" /( #'" !,$83 -'!$+($" &%$2 ( 1 )" &)#$" !'" /)##'" 2$!" K(K" R)/ ( -)" $" 2$!!,$/*)/ 1 )+$" *)($+1 '!$"
=3(3%'0"83$/(,3!( #'"&'!&)!'('"'**! &'+2)"2$($%# +'($"'! 83)($"*$%&$+(3'! "/3 "+)1 )+'! "2$!!$")*$%'1 )+ 9"
Z'!" *3+()" 2 " - /('" 5$/( )+'!$0" !" % /&< )" 2 " &)+(%)*'%($0" +($/)" &)#$" #'// #'" *$%2 ('" &<$" / " ?" 2 /*)/( " '"
/)/($+$%$"-$%/)"3+'"&$%('"&)+(%)*'%($0"- $+$"83'+( = &'()"#$2 '+($"!'"2$= + 1 )+$"2 "! +$$"2 "&%$2 ()"'"=%)+($"
2 "% /&< )"2 "/)/( (31 )+$" *$%")*$%'1 )+ " +"2$% -'( "_(&"$"HTL9" A!"#)+ ()%'55 )"2$5! " 3( ! 11 " '-- $+$"#$2 '+($"
!,3/)" &)+5 3+()" 2 " -'!)% " 2 " K'%G" ()" K'%G$(" $" 2 " -'!)% " 2 " M22F_+" D/( #$0" %$'! 11'($" +($%+'#$+($" 2'!!'"
Z %$1 )+$"Y /G"K'+'5$#$+(0"2$!!'"#'// #'"$/*)/ 1 )+$"*)($+1 '!$"/3!!$"(%'+/'1 )+ " +")55$(()E9""
A!"&)+(%)!!)"2 %$1 )+'!$"2$ "% /&< "&%$2 ( 1 "- $+$"%$'! 11'()"'((%'-$%/)"3+"#)2$!!)"2 "*)%('=)5! )"&<$"/ +($( 11'"!$"
+=)%#'1 )+ "/3!!'"83'! (."2$!!,'(( -)" +" +2 &'()% "2 "% /&< )/ (.0"(%'"&3 "!'"*$%2 ('"'(($/'"$" !"&'* ('!$"'"% /&< )9"
:'" *$%2 ('" '(($/'" % /3!('" 2'!" *%)2)(()" 2 " $/*)/ 1 )+$0" *%)@'@ ! (." 2 " 2$='3!(" D2$% -'('" 2'!" %'( +5E" $" !)//" 5 -$+"
2$='3!(9""
:'"*$%2 ('"O'(($/'P"%'**%$/$+('" !'"#$2 '"2$!!'"2 /(% @31 )+$"*%)@'@ ! /( &'" 2$!!$"*$%2 ($0" #$+(%$" !"&'* ('!$"'"
% /&< )"- $+$"2$= + ()"&)#$"!'"#'// #'"*$%2 ('"O +'(($/'P" +"&3 " !"[%3**)"*37" +&)%%$%$"'"2$($%# +'( "! -$!! "2 "
&)+= 2$+1'9" L'! " +2 &'()% " /)+)" &'!&)!'( " &)+" % =$% #$+()" '!!'" / (3'1 )+$" 2$!" *)%('=)5! )" '((3'!$" $" '" ! -$!!)"
2 +'# &)0" 2$($%# +'+2)+$" !" ! -$!!)" *%)/*$(( &)0" / '" /3!!'" @'/$" 2$!!)" /&$+'% )" #'&%)$&)+)# &)" '(($/)0" / '" +"
%$!'1 )+$"'"/&$+'% "2 "/(%$//9"
:'" *$%2 ('" '(($/'0" )**)%(3+'#$+($" (%'/=)%#'('" +" O +&3%%$2" !)//P" +" &)$%$+1'" &)+" !" 2$(('()" 2$!!)" AMH" Wi0"
- $+$" #* $5'('" +$!" *%)&$//)" 2 " -'!3('1 )+$" &)!!$(( -'" 2$ " &%$2 ( 0" #$+(%$" !" &'* ('!$" '" % /&< )" &)/( (3 /&$"
$!$#$+()" =)+2'#$+('!$" *$%" !'" -'!3('1 )+$" 2 " '2$53'($11'" *'(% #)+ '!$" 2$!" [%3**)9" J+(%'#@ " 5! " +2 &'()% "
/)+)" +)!(%$"3( ! 11'( "+$!"/ /($#'"2 "%$+2 &)+('1 )+$"5$/( )+'!$"@'/'()"/3!"-'!)%$9"
"
10.')+%$!%E+'(!'=!,!5#-!&$+'(+"'*!@%E!&'(!'%*+(!,&'
Y $+(%'+)"+$!!,'#@ ()"2$!!$"($&+ &<$"2 "# ( 5'1 )+$"2$!"% /&< )"83$5! "/(%3#$+( "&<$"&)+(% @3 /&)+)"'"% 23%%$"!'"
*$%2 ('" &<$" !'" ;'+&'" '+2%$@@$" '" /)**)%('%$" +" &'/)" 2 " 2$='3!(" 2$!!'" &)+(%)*'%($" D!)//" 5 -$+" 2$='3!(E6" $//$"
&)#*%$+2)+)0" +" *'%( &)!'%$0" !$" 5'%'+1 $" $2" '!&3+ " &)+(%'(( " &<$" 2$($%# +'+)" 3+'" % 231 )+$" 2$!" % /&< )" 2 "
&%$2 ()9"
:'" -'!3('1 )+$" 2 " ('! " ='(()% " # ( 5'+( " ?" $==$((3'('" '//)& '+2)" '2" )5+ " / +5)!'" $/*)/ 1 )+$" 3+'" !)//" 5 -$+"
2$='3!(" &<$" '//3#$" -'!)% " * 4" $!$-'( " +$!" &'/)" 2 " = +'+1 '#$+( " )%2 +'% " +)+" 5'%'+( ( " $" / " % 23&$0" +-$&$0" +"
=3+1 )+$"2$!!'"=)%1'" +&%$#$+('!$"2 "83$ "='(()% "# ( 5'+( "$-$+(3'!#$+($"*%$/$+( 9"
A" -'!)% " 2 " !)//" 5 -$+" 2$='3!(" /)+)" /3&&$// -'#$+($" '55%$5'( " '" ! -$!!)" 2 " &! $+($0" +" #)2)" 2'" $/*% #$%$" 3+'"
-'!3('1 )+$"/ +($( &'"2$!!'"=)%1'"2$ "='(()% "# ( 5'+( "/3!"&)#*!$// -)"%'**)%()"&%$2 ( 1 )9"
C$!!,'#@ ()"2$!"*%)&$//)"2 "&)+&$// )+$"$"5$/( )+$"2$!"&%$2 ()"- $+$" +&$+( -'('"!'"*%$/$+1'"2 "='(()% "# ( 5'+( "
'"=%)+($"2 "&)+(%)*'%( "&)+"3+"%'( +5""+)+" +-$/(#$+("5%'2$")--$%)"2 ""'!&3+$"( *)!)5 $"2 ")*$%'1 )+ "'"#$2 )"
!3+5)"($%# +$9"
'
12.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
L%'" " ='(()% " # ( 5'+( " '" * 4" '!()" #*'(()" % $+(%'+)" " *$5+ " /3" '(( - (." = +'+1 '% $" $" !$" *)($&<$" /3" ##)@ ! "
%$/ 2$+1 '! 6" '!(%$" =)%#$" 2 " # ( 5'1 )+$" 2$!" % /&< )" /)+)" " *$5+ " /3" '(( - (." +)+" = +'+1 '% $0" !$" *)($&<$" /3"
##)@ ! "+)+"%$/ 2$+1 '! 9"
:'" =)%1'" 2$!!$" 5'%'+1 $" *$%/)+'! " % !'/& '($" 2'" /)55$(( " %'($20" ( * &'#$+($" @'+&<$a'// &3%'1 )+ 0" `)+= 2 " $"
#*%$/$0"- $+$" +-$&$"5%'23'('"/3!!'"@'/$"2$!!'"( *)!)5 '"2$!!'"5'%'+1 '"$"2$!!'"83'! (."&%$2 ( 1 '"2$!"5'%'+($9"
R%)&$// " 2 " 2$(('5! )" 2 /& *! +'+)" !'" #'($% '!$" '&83 / 1 )+$" 2$!!$" / +5)!$" 5'%'+1 $0" +2 - 23'+2)" !$" /(%3((3%$"
%$/*)+/'@ ! " +)+&<^" !$" #)2'! (." *$%" !" !)%)" &)%%$(()" *$%=$1 )+'#$+()0" *$%" !,'%&< - '1 )+$" 2$!!'"
2)&3#$+('1 )+$"$"*$%"!'"&)#*!$('"$"($#*$/( -'"% !$-'1 )+$"+$5! "'**! &'( - "2$!!$"*$%( +$+( " +=)%#'1 )+ 9"
:, +/ $#$"2$!!'"%$5)!'#$+('1 )+$" +($%+'0"2$ "&)+(%)!! ")%5'+ 11'( - "$"*%)&$23%'! 0"^"-)!()"'2"'// &3%'%$"&<$U"
− / '+)"*%$- /( "(3(( "5! "'2$#* #$+( "*$%"!'"-'! 2 (."$2"$== &'& '"2$!!'"*%)($1 )+$"2$!"&%$2 ()6"
− / '" 2$= + ('0" *$%" !$" 5'%'+1 $" 2 " 3/)" 5$+$%'!$" $" &)%%$+($0" 3+'" &)+(%'((3'! /( &'" /('+2'%2" &)%%$2'('" 2'"
&)#*!$($" /(%31 )+ "*$%" !"/3)"3( ! 11)6""
− / '+)" +2 - 23'($" !$" #)2'! (." 2 " '**%)-'1 )+$" 2$ " ($/( " 2 " 5'%'+1 '" 2 ==)%# " 2'5! " /('+2'%2" 2'" *'%($" 2 "
/(%3((3%$"2 -$%/$"% /*$(()"'"83$!!$"*%$*)/($"'!!'"5$/( )+$"2$!!'"%$!'1 )+$"&)##$%& '!$"&)+" !"&! $+($9"
"
:,$%)5'1 )+$" 2$!" &%$2 ()" &)+" '&83 / 1 )+$" 2 " 5'%'+1 $" %$'! " ?" /)55$(('" '" +)%#$" $" *%)&$// " +($%+ " *$%" !'""
-'!3('1 )+$"2$!"@$+$0" !"*$%=$1 )+'#$+()"2$!!'"5'%'+1 '"$2" !"&)+(%)!!)"2$!"-'!)%$9":,$-$+(3'!$"%$'! 11)"=)%1)/)"
2$!!'"5'%'+1 '"?"&3%'()"2'"/(%3((3%$"/*$& '! /( &<$"2$*3('($"'!"%$&3*$%)"2$!"&%$2 ()9"
:'"*%$/$+1'"2 "5'%'+1 $"%$'! "+)+"$/ #$0" +")5+ "&'/)0"2'"3+'"-'!3('1 )+$"&)#*!$// -'"2$!"% /&< )"2 "&%$2 ()0"
+&$+(%'('" *% +& *'!#$+($" /3!!'" &'*'& (." 2$!" *%$+2 ()%$" 2 " ='%" =%)+($" '!!$" )@@! 5'1 )+ " '//3+($"
+2 *$+2$+($#$+($"2'!!,'&&$//)% '"5'%'+1 '9""
:'" -'!3('1 )+$" 2$!!$" 5'%'+1 $" * 5+)%'( 1 $" ?" @'/'('" /3!" -'!)%$" %$'!$0" +($/)" 83'!$" -'!)%$" 2 " #$%&'()" *$%" 5! "
/(%3#$+( "= +'+1 '% "83)('( " +"3+"#$%&'()"%$5)!'#$+('()0")"2 -$%/'#$+($0"83'!$"-'!)%$"2 "*%$/3+()"%$'! 11)9"
M!" -'!)%$" &)/\" 2$($%# +'()" /)+)" '**! &'( " 2$5! " /&'%( " *$%&$+(3'! 0" 2 ==$%$+1 '( " +" =3+1 )+$" 2$5! " /(%3#$+( "
= +'+1 '% "'//3+( "'"5'%'+1 '9"
R$%"!$"5'%'+1 $" ##)@ ! '% "/ "&)+/ 2$%'" +-$&$" !"-'!)%$"2 "#$%&'()"*%32$+1 '!$")0"*$%"5! " ##)@ ! " +"&)%/)"2 "
%$'! 11'1 )+$0" !" &)/()" 2 " &)/(%31 )+$0" '!" +$(()" 2 " /&'%( " *%32$+1 '! " " 2 /( +( " /3!!'" @'/$" 2$!!'" 2$/( +'1 )+$"
2$!!, ##)@ !$9"
:'" -'!3('1 )+$" 2$ " @$+ " ?" $==$((3'('" 2'" ($&+ & " +($%+ " $2" $/($%+ 9" A" ($&+ & " $/($%+ " /)+)" +/$% ( " +" '**)/ ()"
$!$+&)" 2 " *%)=$// )+ /( " '&&%$2 ('( " /3!!'" @'/$" 2 " 3+'" -$% = &'" +2 - 23'!$" 2$!!'" &'*'& (.0" *%)=$// )+'! (." $2"
$/*$% $+1'9":'"-'!3('1 )+$"2 " ##)@ ! "%$/ 2$+1 '! "*)/( "'"5'%'+1 '"2 "#3(3 "'"*% -'( "?"'== 2'('"*% +& *'!#$+($"
'"/)& $(."/*$& '! 11'($9":,)*$%'()"2$ "*$% ( "?"&)/('+($#$+($"#)+ ()%'()0"(%'# ($"% /&)+(% "/('( /( & "$"&)+(%)!! "'"
&'#* )+$"$==$((3'( "&$+(%'!#$+($9"
A" ($&+ & " 2$-)+)" %$2 5$%$" !$" /( #$" /3!!'" @'/$" 2 " %'**)%( " 2 " *$% 1 '" /('+2'%2 11'( " $" 2 ==$%$+1 '( " /$&)+2)" !'"
#$()2)!)5 '" 2 " -'!3('1 )+$" 2'" '**! &'%$" $" 2$!!'" &'%'(($% /( &<$" " 2$!" @$+$0" +$!" % /*$(()" 2$!" O`)2 &$" 2 "
-'!3('1 )+$" A##)@ ! '%$P" %$2'(()" 2'!!'" @'+&'9" A!" &)+($+3()" 2$!" O&)2 &$P" +($%+)" ?" &)$%$+($" &)+" !$" O: +$$"
[3 2'"*$%"!'"-'!3('1 )+$"2$5! " ##)@ ! " +"5'%'+1 '"2$!!$"$/*)/ 1 )+ "&%$2 ( 1 $P"*%)#)//$"2'"M;A9"
:'" 5$/( )+$" 2$!!$" -'!3('1 )+ " ##)@ ! '% " / " '--'!$" 2 " 3+,'**)/ ('" * '(('=)%#'" +($5%'('" &<$" *%$/ 2 '" !, +($%'"
='/$"2$!!, /(%3(()% '"($&+ &'0"5'%'+($+2)"3+"&)%%$(()"&)+=$% #$+()"2$5! " +&'% &< 0"&)+"#)2'! (." +2 *$+2$+( "$"
/3!!'" @'/$" 2 " &% ($% " )@ $(( - 0" 3+" &)#*!$()" #)+ ()%'55 )" 2$!" X)%G" =!)X0" 3+'" *3+(3'!$" '**! &'1 )+$" 2$5! "
/('+2'%2"-'!3('( - "$"!'"&)+/$%-'1 )+$"2 "(3(($"!$" +=)%#'1 )+ "$"2$ "2)&3#$+( "'(( +$+( "' "@$+ " ##)@ ! 9"
A!" -'!)%$" 2 " #$%&'()" 2$!!, ##)@ !$" 2'()" '" 5'%'+1 '" - $+$" % &'!&)!'()" *$% )2 &'#$+($" '((%'-$%/)" -'% $"
#$()2)!)5 $"2 "% -'!3('1 )+$"&<$"/ "'--'!5)+)"'+&<$"2 "*%$11 a&)$== & $+( "'&83 / ( "2'"3+"=)%+ ()%$"$/($%+)"&<$"
*%$/$+('" &)#*%)-'($" &'*'& (." $" %$*3('1 )+$" +$!!'" % !$-'1 )+$" $" # /3%'1 )+$" 2$ " *%$11 " 2 " #$%&'()" 2$!"
*'(% #)+ )" ##)@ ! '%$" ('! '+)9"
M!"= +$"2 "! # ('%$" "% /&< "2 " +/3// /($+1'")"&$//'1 )+$"2$!!'"*%)($1 )+$"/)+)"*%$- /($"/*$& = &<$"(3($!$0"83'! U" !"
%$ +($5%)"2$!"*$5+)" +"*%$/$+1'"2 "3+'"2 # +31 )+$"2$!"-'!)%$" + 1 '!$"2$ "@$+ ")0"*$%"!$"5'%'+1 $" *)($&'% $0"
!,)@@! 5)" 2$!!'" &)*$%(3%'" '// &3%'( -'" &)+(%)" " 2'++ " 2 " +&$+2 )" +)+&<^" !'" *%$/$+1'" 2 " 3+,'2$53'('"
/)%-$5! '+1'"2$!"-'!)%$"2$!"@$+$" ##)@ !$9"
A!" -'!)%$" 2$ " @$+ " ?" /)55$(()" '2" 3+" #)+ ()%'55 )" &)/('+($9" R$%" 5! " ##)@ ! " +" &)%/)" 2 " &)/(%31 )+$0" " *$% ( "
$/$53)+)" /)*%'!!3)5< " $" -$% = &'+)" !)" /('()" 2 " '-'+1'#$+()" !'-)% 9" >+" '55 )%+'#$+()" 2$!!'" -'!3('1 )+$" ?"
$==$((3'()"+$ "&'/ "2 "%$/(% 1 )+$")"=%'1 )+'#$+()"2$!!, *)($&'0" +"*%$/$+1'"2 "2'++ " '!!, ##)@ !$0"'"=%)+($"2 "
/ 5+ = &'( -$"/-'!3('1 )+ "$- 2$+1 '($"2'5! " +2 &'()% "2 "#$%&'()"3( ! 11'( "*$%"!'"/)%-$5! '+1'"2$!"=' %"-'!3$"$0" +"
)5+ "&'/)0")5+ "(%$"'++ "*$%"!$"$/*)/ 1 )+ "2 "#'55 )%"% ! $-)9""
:$" 5'%'+1 $" /)+)" /)(()*)/($" '" 3+" *3+(3'!$" $" *$% )2 &)" &)+(%)!!)" #$2 '+($" 3+" '**)/ ()" '**! &'( -)0" " !" &929"
-$% = &'()%$" `YK0" '!!, +($%+)" 2$!" 83'!$" /)+)" /('( " #*!$#$+('( " 3+'" /$% $" 2 " ($/(" " *$%" '**3%'%$" !,$==$(( -)"
% /*$(()"2$ "%$83 / ( "% &< $/( "2'!!'"%$5)!'#$+('1 )+$" +"#'($% '"2 "Q 5 !'+1'"*%32$+1 '!$9"
'
12?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
:,'**! &'( -)" 2 " /3**)%()" &)+/$+($" 2 " '&&$%('%$" /$" !$" 5'%'+1 $" % &$-3($" % /3!('+)" $!$55 @ ! " )" #$+)" &)+"
% =$% #$+()" '2" )5+3+)" 2$ " (%$" #$()2 " '##$// " 2'!!'" +)%#'( -'" *$%" !" &'!&)!)" 2$!" %$83 / ()" *'(% #)+ '!$9" A+"
'&&)%2)" &)+" !$" *$&3! '% (." *%)*% $" 2 " & '/&3+'" &'($5)% '0" !,$/ ()" 2 " $!$55 @ ! (." ?" 2$= + ()" '" ! -$!!)" 2 " / +5)!'"
5'%'+1 '" *$%" 83$!!$" 3+=3+2$2" D( * &'#$+($" !$" 5'%'+1 $" *$%/)+'! E" )--$%)0" +$!" &'/)" 2 " 5'%'+1 $" %$'! 0" *$%"
& '/&3+"@$+$")"/(%3#$+()"= +'+1 '% )9"
C$!" &)%/)" 2$!" VjIW" ?" /('('" $/$53 ('" 3+'" /$% $" 2 " '1 )+ " -)!($" '" 5'%'+( %$" !'" 83'! (." 2$ " 2'( " $" '!" %$&3*$%)"
2$!!,$!$55 @ ! (."2 "'!&3+$"=)%#$"2 "*%)($1 )+$9"
"
10?'8,,!6!,Q'<!$#$-!#*!+'(+,+*!&*#,+'
Y $+(%'+)"(%'"!$"'(( - (."= +'+1 '% $"2$($% )%'($" "&%$2 ( "&<$0"'"/$53 ()"2$!"-$% = &'%/ "2 "$-$+( ")&&)%/ "2)*)"!'"
!)%)" /&% 1 )+$0" #)/(% +)" )55$(( -$" $- 2$+1$" 2 " 3+'" *)// @ !$" *$%2 ('" 2 " -'!)%$9" R$%" !'" &!'// = &'1 )+$" 2$!!$"
'(( - (."2$($% )%'($"+$!!$"2 -$%/$"&'($5)% $"2 "% /&< )"D/)==$%$+1$0" +&'5! 0"$/*)/ 1 )+ "% /(%3((3%'($"$2"$/*)/ 1 )+ "
/&'23($" $a)" /&)+= +'+( 0" +" %$!'1 )+$" '!" !)%)" 2$&%$/&$+($" /('()" 2 " &% ( & (.E0" !'" ;'+&'" ='" % =$% #$+()" '!!'"
+)%#'( -'" $#'+'('" +" #'($% '" 2'!!'" ;'+&'" 2,A('! '0" &)$%$+($" '!!'" %$5)!'#$+('1 )+$" '!!,3)*)" *%$- /('" 2'5! "
'&&)%2 " 2 " ;'/ !$'" $" ' " *% +& * " AMHaATYH0" +($5%'('" &)+" 2 /*)/ 1 )+ " +($%+$" &<$" = //'+)" &% ($% " $" %$5)!$" *$%" !"
*'//'55 )0" ('!)%'" '+&<$" +" '3()#'( &)" D/)==$%$+1$" $/&!3/$E0" 2$ " &%$2 ( " +$!!,'#@ ()" 2$!!$" 2 /( +($" &'($5)% $" 2 "
% /&< )9"
A+"*'%( &)!'%$0"!$"'(( - (."2$($% )%'($"+)+"'"/)==$%$+1'"/)+)"/)(()*)/($"'2"3+"*%)&$//)"2 "-'!3('1 )+$"'+'! ( &'"
)**3%$" &)+" 2$($%# +'1 )+$" 2$!!'" *%$- / )+$" 2 " *$%2 ('" *$%" &'($5)% $" )#)5$+$$0" 83$/(,3!( #$" +2 - 23'($" +"
=3+1 )+$" 2$!!)" /('()" % /&< )0" 2$!!'" 23%'('" 2$!!, +'2$#* $+1'" +)+&<^" 2$!!'" % !$-'+1'" 2$!!,$/*)/ 1 )+$"
%'**%$/$+('('0"$2"'((% @31 )+$"'+'! ( &'"'2")5+ "*)/ 1 )+$9"
L'!$" -'!3('1 )+$" ?" $==$((3'('" +" )&&'/ )+$" 2$!!'" !)%)" &!'// = &'1 )+$0" '!" -$% = &'%/ " 2 " $-$+( " 2 " % ! $-)" $0"
&)#3+83$0" %$- / )+'('" &)+" &'2$+1'" *$% )2 &'" +" &)+=)%# (." ' " &% ($% " $" '!!$" #)2'! (." !!3/(%'($" +$!!'"
*%$&$2$+($"R'%($"M"S"R)! ( &<$"`)+('@ ! 0"H$1 )+ "S"`%$2 ( "S"$2"S"M!(%$"A+=)%#'1 )+ "S0"'!!$"83'! "/ "='"/*$& = &)"
% #'+2)9"
`)+" % =$% #$+()" ' " &%$2 ( " /&'23( " $a)" /&)+= +'+( 0" ' " % /(%3((3%'( " $2" '5! " +&'5! 0" !$" $+( (." &)#*$($+( " *$%" !'"
5$/( )+$" /)+)" +2 - 23'($0" /3!!'" " @'/$" 2 " *%$= //'($" /)5! $" 2 " % !$-'+1'0" +" 3+ (." )%5'+ 11'( -$" &$+(%'! " 2$!!'"
;'+&'" &<$" /-)!5)+)" '(( - (." /*$& '! /( &'" $2" +" /(%3((3%$" *$% =$% &<$" $" &$+(%'! " 2 " `'*)5%3**)0" '+&<,$//$"
/*$& '! /( &<$0" '!!$" 3!( #$" 2$!!$" 83'! " &)#*$()+)" '!(%$/\" =3+1 )+ " 2 " +2 % 11)" $" &))%2 +'#$+()" 2$!!, +($%'"
#'($% '9"
`)+"% =$% #$+()"' "&%$2 ( "'"/)==$%$+1'0"/ "$- 2$+1 '"&<$"!'";'+&'"'2)(('" !"#)2$!!)")%5'+ 11'( -)"2 "[%3**)0"
@'/'()"/3!!'"/*$& '! 11'1 )+$"2$!!$"&)#*$($+1$"5$/( )+'! "(%'"/(%3((3%$" +($%+$"$"/(%3((3%$"$/($%+$"'!!)"/($//)0"
*%$-$2$+2)" &<$" !$" *)/ 1 )+ " 2 " #'55 )%$" % !$-'+1'" $" &)#*!$// (." / '+)" 5$/( ($" +($%+'#$+($9" A+" *'%( &)!'%$0"
('!$"#)2$!!)"*%$-$2$U"
− !,'((% @31 )+$" '!!'" Z %$1 )+$" Y$&3*$%)" `%$2 ( " 2 " A+($/'" H'+*')!)" [%)3*" H$%- &$/" 2$!" &))%2 +'#$+()" 2 "
(3(($"!$"'(( - (."2 "%$&3*$%)"&%$2 ( "+)+&<?"!'"5$/( )+$"2 %$(('"D*$%"A+($/'"H'+*')!)"H9*9M9"$"*$%"!'"()('! (."
2$!!$" ;'+&<$" 2$!!'" Z - / )+$" ;'+&'" 2$ " L$%% ()% E" 2$ " &! $+( " &!'// = &'( " '" /)==$%$+1'" '-$+( " 3+,$/*)/ 1 )+$"
/3*$% )%$"'2"3+'"*%$= //'('"/)5! '"2, #*)%()6"
− !,'((% @31 )+$" '" A('!=)+2 '% )" H9*9M9" D*$%" A+($/'" H'+*')!)" H9*9M9" $" *$%" !'" 83'/ " ()('! (." 2$!!$" ;'+&<$" 2$!!'"
Z - / )+$";'+&'"2$ "L$%% ()% E"!'"5$/( )+$"2 %$(('"S"'((%'-$%/)"3+)"/*$& = &)"#'+2'()"$"&)+"! # ( "*%$2$= + ( "
F"2$ "&! $+( "&!'// = &'( "'"/)==$%$+1'"'-$+( "3+,$/*)/ 1 )+$" +=$% )%$"'!!'"/322$(('"/)5! '"2, #*)%()"D!,'(( - (."
2 "A('!=)+2 '% )"H9*9M9"?"/$#*%$"&))%2 +'('"$"#)+ ()%'('"2'!!'"Z %$1 )+$"Y$&3*$%)"`%$2 ( E6"
− !'" *)// @ ! (.0" +" &'/ " *'%( &)!'% 0" " 2 " +)+" '== 2'%$" '" A('!=)+2 '% )" H9*9M9" !'" 5$/( )+$" 2 " '!&3+$" ( *)!)5 $" 2 "
&%$2 ( 6"
− !" /)/('+1 '!$" #'+($+ #$+()" 2$!!'" &)#*$($+1'" 5$/( )+'!$0" 2$= + ('" +" @'/$" '!" *%$&$2$+($" #)2$!!)"
)%5'+ 11'( -)0"(%'"Z %$1 )+$" Y$&3*$%)"`%$2 ( "$" A('!=)+2 '% )" H9*9M9"*$%" "&%$2 ( "'" /)==$%$+1'"$/ /($+( "'!!'"
2'('"2 "&)#*!$('"'2$/ )+$"'!"#)2$!!)"2 "[%3**)"2'"*'%($"2$!!'";'+&'6"
− *$%"!$"*)/ 1 )+ "'"/)==$%$+1'"2 " #*)%()"! # ('()"!'"&$// )+$"%)3( +'% '"*%)F/)!3()"/3"@'/$"#$+/ !$"'"/)& $(."
($%1$"'!!,'(()"2$!!'"&!'// = &'1 )+$"'"/)==$%$+1'0"&)+"'!&3+$"$/&!3/ )+ "/*$& = &<$9"
"
R$%"83'+()"'(( $+$"' "&%$2 ( "'== 2'( "'!!'"5$/( )+$"2 %$(('"2$!!'"Z %$1 )+$"Y$&3*$%)"`%$2 ( 0"/ "$- 2$+1 '"&<$"!'"
/($//'"/ "'--'!$"2 "/(%3((3%$"/*$& '! /( &<$"2'"$//'"2 *$+2$+( "2 /!)&'($"/3!"($%% ()% )9"C$!!,'#@ ()"2$!!'"*%$2$(('"
'(( - (.0"' "= + "2$!!, +2 - 23'1 )+$"2$!!$")(( #'! "/(%'($5 $"'((3'@ ! "*$%"& '/&3+'"*)/ 1 )+$0"/)+)"$/'# +'($"F" +"
($%# + " 2 " '+'! / " &)/( a@$+$= & " F" / '" /)!31 )+ " 5 32 1 '! " &<$" /(%'5 32 1 '! 0" ($+$+2)" &)+()" '+&<$" 2$!!,$==$(()"
= +'+1 '% )"2$ "($#* "/( #'( "2 "%$&3*$%)9"
:'"-'!3('1 )+$"2$ "&%$2 ( "?")55$(()"2 "%$- / )+$")5+ "83'!"-)!('"/ "- $+$"'"&)+)/&$+1'"2 "$-$+( "/ 5+ = &'( - "('! "
2'" #)2 = &'%$" !$" *%)/*$(( -$" 2 " %$&3*$%)9" M== +&<^" ('! " $-$+( " *)//'+)" $//$%$" ($#*$/( -'#$+($" %$&$* ( 0" / "
'
12B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
*%)&$2$" '2" 3+" #)+ ()%'55 )" *$% )2 &)" 2$!" *'(% #)+ )" +=)%#'( -)" %$!'( -)" ' " 2$@ ()% " $" '2" 3+" &)/('+($"
&)+(%)!!)"/3!!,'+2'#$+()"2$5! "'&&)%2 "/(%'5 32 1 '! "$"/3!!$"2 -$%/$"='/ "2$!!$"*%)&$23%$"5 32 1 '! " +"$//$%$9"
R$%" 83'+()" '(( $+$" ' " &%$2 ( " '== 2'( " +" #'+2'()" 2 " 5$/( )+$" '" A('!=)+2 '% )" H9*9M90" / " $- 2$+1 '" &<$" !,'(( - (."
/-)!('"2'"('!$"/)& $(."?")55$(()"2 "#)+ ()%'55 )"2'"*'%($"2$!!$"/(%3((3%$" +($%+$"'!"[%3**)"'"& 7"*%$*)/($9"
H " /$5+'!'" +" *'%( &)!'%$" &<$" !,'(( - (." 2 " -'!3('1 )+$" '+'! ( &'" 2$ " &%$2 ( " ?" /-)!('" &)+" #)2'! (." '+'!)5<$" '"
83$!!$"*%$- /($"*$%"!$"*)/ 1 )+ " +"5$/( )+$" +($%+'"$"&<$"*$%"83'+()"'(( $+$"'!!$"'!(%$"'(( - (."5$/( )+'! "/)+)"
*%$- /( "&% ($% "53 2'"'+'!)5< "'"83$!! "$/ /($+( "*$%"!$"*)/ 1 )+ "5$/( ($" +($%+'#$+($9"
:'" &!'// = &'1 )+$" 2$!!$" *)/ 1 )+ " (%'" !$" '(( - (." = +'+1 '% $" 2$($% )%'($" $" +$ " %$!'( - " / /($# " 5$/( )+'! " ?"
$==$((3'('"/3"*%)*)/('"/ '"2$!!$"/(%3((3%$"($%% ()% '! "*%)*% $('% $"2$!!'"%$!'1 )+$"&)##$%& '!$0"/ '"2$!!$"=3+1 )+ "
/*$& '! /( &<$" 2$!!'" ;'+&'" $" 2$!!$" /(%3((3%$" 2$!!'" `'*)5%3**)" +)+&<?" 2 " A+($/'" H'+*')!)" [%)3*" H$%- &$/"
*%$*)/($"'!"&)+(%)!!)"$2"'!!'"5$/( )+$"2$ "&%$2 ( 9"
M " = + " 2 " @ !'+& )" !'" &!'// = &'1 )+$" (%'" !$" '(( - (." = +'+1 '% $" 2$($% )%'($" '-- $+$" '+&<$" (%'# ($" '3()#'( /# "
83'!)%'"/ '+)"/3*$%'($"*%$2$($%# +'($"&)+2 1 )+ ")55$(( -$"2, +'2$#* $+1'9"` "/ "% =$% /&$"' "&%$2 ( "O/&'23( "
$a)" /&)+= +'+( P" )!(%$" &<$" '!!$" *)/ 1 )+ " &<$" <'++)" #'(3%'()" !$" &)+2 1 )+ " 2 " A+&'5! )" _55$(( -)0" $+(%'#@ "
+2 - 23'( "/3!!'"@'/$"2$ "&% ($% "2$= + ( "2'";'+&'"2,A('! '9"
A!" % ()%+)" +" ;)+ /" 2$!!$" $/*)/ 1 )+ " &!'// = &'($" (%'" 5! " A+&'5! 0" !$" Y /(%3((3%'($" $" !$" H)==$%$+1$0" 2 /& *! +'()"
2'!!,_%5'+)"2 "Q 5 !'+1'"+)+&<^"2'"/*$& = &'"+)%#'( -'" +($%+'"&)#$"2'"2 /*)/ 1 )+ "2$!"[%3**)0"'-- $+$"/3"
+ 1 '( -'"2$!!$"& ('($"/(%3((3%$"*%$*)/($"'!!'"5$/( )+$0"*%$- )"'&&$%('#$+()"2$!"-$+ %"#$+)"2$!!$"&)+2 1 )+ "2 "
&% ( & (.")"2$!!)"/('()"2 " +/)!-$+1'9""
R$%" 83'+()" '(( $+$" '!!$" $/*)/ 1 )+ " &!'// = &'($" (%'" " O&%$2 ( " /&'23( " $" /&)+= +'+( P" !'" % #$//'" +" @)+ /" ?"
$==$((3'('" +" - '" '3()#'( &'" '2" '--$+3()" % $+(%)" 2$!!,$/*)/ 1 )+$0" &)/\" &)#$" *3%$0" *$%" 83'+()" '(( $+$" !$"
$/*)/ 1 )+ " 2 " #)2$/('" $+( (.0" 5 ." '3()#'( &'#$+($" &!'// = &'($" '2" +&'5! )" +" )(($#*$%'+1'" '" 2 /*)/ 1 )+ "
+($%+$0"83'!)%'"/ '"'3()#'( &'#$+($"% !$-'()" !"/3*$%'#$+()"2$!!$"&)+2 1 )+ "&<$"+$"$@@$%)"'"2$($%# +'%$"!'"
&!'// = &'1 )+$9"
A!" &)#*!$//)" 2$ " &%$2 ( " 2$($% )%'( " ?" )55$(()" 2 " &)/('+($" #)+ ()%'55 )" '((%'-$%/)" 3+" *%$2$= + ()" / /($#'" 2 "
&)+(%)!!)"$"2 "*$% )2 &)"%$*)%( +5"2 %$1 )+'!$9"
"
9$<&*=#-!&$!'(!'$#,:*#'H:#$,!,#,!6#'
'
80'e:#"!,Q'(+"'%*+(!,&''
'
80/0']@>&@!-!&$!'%*+(!,!-!+'(+,+*!&*#,+'+'!$'F&$!@D'%&$@!@,+$-+;'*+,,!<!%E+'(!'6#"&*+;'(!$#=!%#;'
(!@,*!F:-!&$+'+%&$&=!%#'+',+**!,&*!#"+'
'
`)+"% =$% #$+()"'!!$"('@$!!$"/)(()/('+( 0"/ "/*$& = &'"&<$"!$"$/*)/ 1 )+ "*$%"&'//'"&)#*%$+2)+)"(3(($"!$"'(( - (."
= +'+1 '% $" *$%" &'//'0" 83'!3+83$" / '" !" *)%('=)5! )" 2 " '!!)&'1 )+$" &)+('@ !$U" +$5)1 '1 )+$0" 2 /*)+ @ !$" *$%" !'"
-$+2 ('0"2$($+3($"= +)"'!!'"/&'2$+1'0"&%$2 ( 0"'(( - (."-'!3('($"'!"=' %"-'!3$0"'(( - (." +"- '"2 "2 /# // )+$9""
`)$%$+($#$+($"&)+"83'+()" +2 &'()"2'!!'";'+&'"2,A('! '"+$!!$" /(%31 )+ "*$%"!'"&)#* !'1 )+$"2$!"; !'+& )""2$!!'"
*'%($"M9I"/)+)"$/&!3/ " "( ()! "2 "&'* ('!$"$"!$"83)($"2 "_9A9`9Y9""
"
80/0/0'Z!@,*!F:-!&$+'(+""+'+@>&@!-!&$!'%*+(!,!-!+'>+*'>&*,#<&5"!'(!'#>>#*,+$+$-#'+'>+*'H:#"!,Q'%*+(!,!-!#'T6#"&*!'(!'F!"#$%!&U'
P o rtafo gli/qualità
1. A ttività finanziarie detenute per la
nego ziazio ne
'
Incagli
Espo sizio ni
ristrutturate
Espo sizio ni
scadute
deterio rate
Espo sizio ni
scadute no n
deterio rate
(migliaia di euro )
A ltre
To tale
A ttività
153
69
-
1
-
12.106
12.329
2. A ttività finanziarie dispo nibili per la
vendita
-
-
-
-
-
11.312
11.312
3. A ttività finanziarie detenute sino alla
scadenza
-
-
-
-
-
-
-
4. Crediti verso banche
-
-
-
-
-
62.740
62.740
5. Crediti verso clientela
12G'
So fferenze
121.810
112.432
10.059
18.515
62.498
1.865.397
2.190.711
6. A ttività finanziarie valutate al fair value
-
-
-
-
-
-
-
7. A ttività finanziarie in co rso di
dismissio ne
-
-
-
-
-
-
-
8. Derivati di co pertura
-
-
-
-
-
9.420
9.420
To tale 31.12.2013
121.963
112.501
10.059
18.516
62.498
1.960.975
2.286.512
To tale 31.12.2012
93.328
103.560
11.405
26.627
43.438
2.432.490
2.710.848
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
80/010'Z!@,*!F:-!&$+'(+""+'+@>&@!-!&$!'%*+(!,!-!+'>+*'>&*,#<&5"!'(!'#>>#*,+$+$-#'+'>+*'H:#"!,Q'%*+(!,!-!#'T6#"&*!'"&*(!'+'$+,,!U'
P o rtafo gli/qualità
(m igliaia di euro )
T o tale
(es po s izio ne
R ettific he di Es po s izio ne
netta)
po rtafo glio
nett a
In bo nis
A t tiv ità deterio rate
Es po s izio ne
lo rda
1. A tt iv ità f inanziarie detenute per la
nego ziazio ne
2. A ttiv ità finanziarie dis po nibili per la
v endita
R ettific he Es po s izio ne
s pec ific he
netta
Es po s izio ne
lo rda
327
-104
223
X
X
12.106
12.329
-
11.312
-
11.312
11.312
-
-
3. A ttiv ità finanziarie detenut e s ino alla
s c adenza
-
-
-
-
-
-
-
4. C rediti v ers o banc he
-
-
-
62.740
-
62.740
62.740
423.964
-161.148
262.816
1.944.564
-16.669
1.927.895
2.190.711
-
-
-
X
X
-
-
7. A ttiv ità finanziarie in c o rs o di
dis m is s io ne
-
-
-
-
-
-
-
8. D eriv ati di c o pertura
-
-
-
X
X
9.420
9.420
424.291
-161.252
263.039
2.018.616
-16.669
2.023.473
2.286.512
5. C rediti v ers o c lient ela
6. A ttiv ità finanziarie v alutate al fair v alue
T o tale 31.12.2013
T o tale 31.12.2012
346.960
-112.040
234.920
2.463.764
-16.663
2.475.928
2.710.848
"
"
A+" )(($#*$%'+1'" '!!$" 2 /*)/ 1 )+ " +)%#'( -$0" +$!!$" vY$(( = &<$" 2 " -'!)%$" /*$& = &<$v" /)+)" /('($" +&!3/$" !$"
/-'!3('1 )+ " )*$%'($" *$%" ($+$%$" &)+()" 2$!" % /&< )" 2 " &)+(%)*'%($" D&929" &%$2 (" % /G" '2b3/(#$+(E" /3 " &)+(%'(( "
2$% -'( "2$($% )%'( "*$%"3+"'##)+('%$"*'% "'"Ije"# 5! ' '"D*'% "'"IVe"# 5! ' '"'!"WI"2 &$#@%$"VjIVE9"
C$!!,'#@ ()" 2$!!$" $/*)/ 1 )+ " +" @)+ /0" '!!'" 2'('" 2$!" WI" 2 &$#@%$" VjIW0" !$" '!(%$" '(( - (." )55$(()" 2 "
% +$5)1 '1 )+$" +$!!,'#@ ()" 2 " M&&)%2 " `)!!$(( - " '##)+('+)" '" Wi9kif" # 5! ' '" '" -'!)% " !)%2 " $" '" Wi9fkj"
# 5! ' '" '"-'!)% "+$(( 6"!$" '!(%$"$/*)/ 1 )+ " +"@)+ /"/ " '(($/('+)" 83 +2 "'" I9ikg9gVI" # 5! ' '" '"-'!)% "!)%2 " $" '"
I9ike9egW"# 5! ' '"'"-'!)% "+$(( 9"
C$!!,'#@ ()"2$!!$"'!(%$"$/*)/ 1 )+ "/)+)" +&!3/ "II9efW"# 5! ' '"2 "'(( - (."/&'23($"/ +)"'"(%$"#$/ 0"hie"# 5! ' '"
2 "'(( - (."/&'23($"2'"(%$"'"/$ "#$/ "$"h9Iji"# 5! ' '"2 "'(( - (."/&'23($"2'")!(%$"/$ "#$/ 9":'"83)('"2 "2$@ ()"
+)+" '+&)%'" /&'23('" 2$!!$" #$2$/ #$" '(( - (." '##)+('" % /*$(( -'#$+($" '" If9IfW" # 5! ' '0" IW9Vhj" # 5! ' '" $"
If9gVi"# 5! ' '9"
:$"$/*)/ 1 )+ "*$%"&'//'"-$%/)"@'+&<$"$"&! $+($!'"D/3&&$// -$"('@$!!$"I9W"$"I9hE"&)#*%$+2)+)"(3(($"!$"'(( - (."
= +'+1 '% $"*$%"&'//'0"83'!3+83$"/ '" !"!)%)"*)%('=)5! )"2 "'!!)&'1 )+$"&)+('@ !$9"
:,'##)+('%$0" '!!'"2'('"2$!" WI"2 &$#@%$"VjIW"0"2$!!$"&'+&$!!'1 )+ "*'%1 '! ""$==$((3'($"+$!"&)%/)"2$5! " '++ "?"
*'% " '" VW" # ! )+ " 2 " $3%)" *$%" !$" /)==$%$+1$9" L'!$" #*)%()" +)+" ?" *$%('+()" &)#*%$/)" +$ " -'!)% " !)%2 " $" +$!!$"
%$(( = &<$"2 "-'!)%$"2$!!'"('@$!!'"/)*%'"% *)%('('9"
"
80/0.0']@>&@!-!&$!'>+*'%#@@#'+'<:&*!'F!"#$%!&'6+*@&'F#$%E+D'6#"&*!'"&*(!'+'$+,,!''
(m igliaia di euro )
Es po s izio ne
netta
Es po s izio ne
lo rda
R ettific he di
v alo re
s pec ific he
R ettific he di
v alo re di
po rtafo glio
a) So fferenze
-
-
X
-
b) Inc agli
-
-
X
-
c ) Es po s izio ni ris trutturate
-
-
X
-
T ipo lo gie es po s izio ni/v alo ri
A . ESP OSIZ ION I P ER C A SSA
d) Es po s izio ni s c adute deterio rate
e) A ltre attiv ità
T o tale A
-
-
X
-
62.740
X
-
62.740
62.740
-
-
62.740
B . ESP OSIZ ION I F UOR I B ILA N C IO
a) D eterio rate
b) A ltre
T o tale B
T o tale A +B
"
-
-
X
-
2.449
X
-
2.449
2.449
-
-
2.449
65.189
-
-
65.189
"
'
12O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
C)+" / " % !$-'+)" -)& " '--'!)%'($" *$%" !$" ('@$!!$0" *%$- /($" 2'!!'" ;'+&'" 2,A('! '0" M9I9e" " OJ/*)/ 1 )+ " &%$2 ( 1 $" *$%"
&'//'" -$%/)" @'+&<$U" 2 +'# &'" 2$!!$" $/*)/ 1 )+ " 2$($% )%'($" !)%2$P" $" M9I9f" OJ/*)/ 1 )+ " &%$2 ( 1 $" *$%" &'//'"
-$%/)"@'+&<$U"2 +'# &'"2$!!$"%$(( = &<$"2 "-'!)%$"&)#*!$// -$P9"
""
80/0G0']@>&@!-!&$!'%*+(!,!-!+'>+*'%#@@#'+'<:&*!'F!"#$%!&'6+*@&'%"!+$,+"#D'6#"&*!'"&*(!'+'$+,,!''
(m igliaia di euro )
Es po s izio ne
netta
Es po s izio ne
lo rda
R ettific he di
v alo re
s pec ific he
R ettific he di
v alo re di
po rtafo glio
a) So fferenze
248.210
-126.400
X
121.810
b) Inc agli
142.897
-30.465
X
112.432
12.176
-2.117
X
10.059
T ipo lo gie es po s izio ni/v alo ri
A . ESP OSIZ ION I P ER C A SSA
c ) Es po s izio ni ris trutturate
d) Es po s izio ni s c adute deterio rate
e) A ltre attiv ità
T o tale A
20.681
-2.166
X
18.515
1.955.876
X
-16.669
1.939.207
2.379.840
-161.148
-16.669
2.202.023
6.843
-510
X
6.333
214.038
X
-699
213.339
220.881
-510
-699
219.672
B . ESP OSIZ ION I F UOR I B ILA N C IO
a) D eterio rate
b) A ltre
T o tale B
"
"
80/0O0']@>&@!-!&$!'%*+(!,!-!+'>+*'%#@@#'6+*@&'%"!+$,+"#D'(!$#=!%#'(+""+'+@>&@!-!&$!'(+,+*!&*#,+'"&*(+''
Causali/Categorie
(migliaia di euro)
Esposizioni
Esposizioni
ristrutturate
scadute
Sofferenze
Incagli
A. Esposizione lorda iniziale
- di cui: esposizioni cedute non cancellate
187.501
-
117.078
-
12.248
-
29.502
-
B. Variazioni in aumento
72.855
119.224
327
74.760
3.276
60.272
-
65.669
62.309
51.217
B.1 ingressi da esposizioni creditizie in bonis
B.2 trasferimenti da altre categorie
di esposizioni deteriorate
28
B.3 altre variazioni in aumento
7.270
7.735
327
9.063
C. Variazioni in diminuzione
-12.146
-93.405
-399
-83.581
C.1 uscite verso esposizioni creditizie in bonis
-720
-25.201
-
-22.274
C.2 cancellazioni
-3.612
-128
-
-14
C.3 incassi
-7.666
-10.608
-399
-5.207
-39
-
-
-
-109
-
-
-
-
-57.468
-
-56.086
C.4 realizzi per cessioni
C.4 bis perdite da cessione
C.5 trasferimenti ad altre categorie
di esposizioni deteriorate
C.6 altre variazioni in diminuzione
D. Esposizione lorda finale
- di cui: esposizioni cedute non cancellate
-
-
-
-
248.210
-
142.897
-
12.176
-
20.681
-
"
"
:$"O'!(%$"-'% '1 )+ " +"'3#$+()P"&)#*%$+2)+)U"
− 5! " +($%$// "2 "#)%'"&'* ('! 11'( "+$!!,$/$%& 1 )"*$%"!$"/)==$%$+1$"W9VWV"# 5! ' '0"*$%"5! " +&'5! "Vgf"# 5! ' '"
$"*$%"5! "/&'23( "VW"# 5! ' '6"
− 5! " +&'// "2 "/)==$%$+1$"&'+&$!!'($" +($5%'!#$+($"2'!"@ !'+& )" +"&)+(%)*'%( ('"'5! "O +&'// P"*$%"Ie"# 5! ' '"
+")(($#*$%'+1'"'!!$"- 5$+( "2 /*)/ 1 )+ "+)%#'( -$9"
'
12P'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
80/0P0']@>&@!-!&$!'%*+(!,!-!+'>+*'%#@@#'6+*@&'%"!+$,+"#D'(!$#=!%#'(+""+'*+,,!<!%E+'(!'6#"&*+'%&=>"+@@!6+''
So fferenze
Incagli
Espo sizio ni
ristrutturate
(migliaia di euro )
Espo sizio ni
scadute
A . R e t t if ic he c o m ple s s iv e inizia li
- di cui: espo sizio ni cedute no n cancellate
94.173
-
13.967
-
843
-
2.933
-
B . V a ria zio ni in a um e nt o
41.559
25.773
1.275
2.194
30.986
23.555
1.274
2.107
109
-
-
-
B .2. trasferimenti da altre catego rie
di espo sizio ni deterio rate
7.153
1.906
-
52
B .3. altre variazio ni in aumento
3.311
312
1
35
C . V a ria zio ni in dim inuzio ne
-9.332
-9.275
-1
-2.961
-3.642
-2.364
-1
-149
-683
-357
-
-64
-
-
-
-
-3.612
-128
-
-14
-
-6.379
-
-2.732
Causali/Catego rie
B .1. rettifiche di valo re
B .1.bis perdite da cessio ne
C.1. riprese di valo re da valutazio ne
C.2. riprese di valo re da incasso
C.2.bis utili da cessio ne
C.3. cancellazio ni
C.4. trasferimenti ad altre catego rie
di espo sizio ni deterio rate
C.5. altre variazio ni in diminuzio ne
D . R e t t if ic he c o m ple s s iv e f ina li
- di cui: espo sizio ni cedute no n cancellate
-1.395
-47
-
-2
126.400
-
30.465
-
2.117
-
2.166
-
"
"
L%'"!$"O'!(%$"-'% '1 )+ " +"'3#$+()P"(%)-'+)"'!!)&'1 )+$"/ '"5! " +($%$// "2 "#)%'"&'* ('! 11'( "+$!!,$/$%& 1 )"$"5! "
+&'// " 2 " /)==$%$+1$" &'+&$!!'($" +($5%'!#$+($" 2'!" @ !'+& )" +" &)+(%)*'%( ('" '5! " O +&'// P" #$+(%$" !$" O'!(%$"
-'% '1 )+ " +" 2 # +31 )+$P" /)+)" % =$% ($" / '" '5! " +($%$// " 2 " #)%'" +&'//'( " '" -'!$%$" /3 " &%$2 ( " #'(3%'( " +"
$/$%& 1 "*%$&$2$+( "*$%"I9Vgh"# 5! ' '"/ '"'!!$"*$%2 ($"2'"&$// )+$"*$%"!'"83)('"+)+"&)*$%('"2'!"=)+2)"*$%"Iji"
# 5! ' '9"
"
8010'J"#@@!<!%#-!&$+'(+""+'+@>&@!-!&$!'!$'F#@+'#!'*#,!$5'+@,+*$!'+'!$,+*$!''
'
8010/0'Z!@,*!F:-!&$+'(+""+'+@>&@!-!&$!'%*+(!,!-!+'>+*'%#@@#'+'^<:&*!'F!"#$%!&_'>+*'%"#@@!'(!'*#,!$5'+@,+*$!''
C las s i di rating es terni
c las s e
1
c las s e
2
c las s e
3
A . Es po s izio ni c reditizie per c as s a
-
1.840
35.041
B . D eriv ati
-
-
-
-
-
-
B .1. D eriv at i finanziari
B .2. D eriv ati c reditizi
c las s e
4
(m igliaia di euro )
Senza
T o tale
rating
c las s e
5
c las s e
6
1
-
262.816
1.976.758
-
-
223
9.888
10.111
-
-
223
9.888
10.111
-
-
-
-
-
-
3.360
185.792
189.152
2.276.456
-
-
C . G aranzie rilas c iate
-
-
-
D . Im pegni a ero gare fo ndi
-
-
798
-
-
2.750
19.312
22.860
E. A ltre
-
-
-
-
-
-
-
-
T o tale
-
1.840
35.839
1
-
269.149
2.191.750
2.498.579
C$!!'"('@$!!'"*$%"%'( +5"$/($%+ "/)+)"/('( "3( ! 11'( " "%'( +5"2$!!$"'5$+1 $"H('+2'%2"'+2"R))%,/0"K))2B,/"$"T (&<"
'2)(('+2)0"!'22)-$"*%$/$+( "23$"-'!3('1 )+ "2$!!)"/($//)"&! $+($0"83$!!'"* 4"*%32$+1 '!$"$"!'22)-$"*%$/$+( "(%$"
-'!3('1 )+ "83$!!'" +($%#$2 '9"
:'"&)!)++'"2$!!$"-'!3('1 )+ "%$!'( -$"'!!'"`!'//$"h"&)#*%$+2$" "&%$2 ( "2$($% )%'( 9"
"
L#>>!$5'(+!'*#,!$5'#'":$5&',+*=!$+'*!"#@%!#,!'(#""+'#5+$-!+'(!'*#,!$5'+@,+*$+'
'
Y'( +5"'"!3+5)"($%# +$"-$%/)U"'## + /(%'1 )+ "&$+(%'! "$"@'+&<$"&$+(%'! 6" +($%#$2 '% "- 5 !'( 6"$+( "2$!"/$(()%$"
*3@@! &)6"$+( "($%% ()% '! 6"@'+&<$"#3!( !'($%'! "2 "/- !3**)6" #*%$/$"$"'!(% "/)55$(( "
"
"
'
12S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
]J89
L&&(I`@
Y!,%E
K,#$(#*('h' 7&&*`@
J"#@@+'(!'=+*!,&'(!'%*+(!,&
`!'//$" I
`!'//$" V
"2'"M''"'"M'W"
"2'"MI"'"MW"
"2'"MMM"'"MMF"
"2'"Mp"'"MF"
"2'" MMM"'"MMF"
"2'"Mp"'"MF"
`!'//$" W
" 2'";''I"'";''W"
"2'";;;p"'" ;;;F"
"2'";;;p"'";;;F"
`!'//$" e
"2'";'I"'";'W"
" 2'";;p"'";;F"
"2'";;p" '" ;;F"
`!'//$" f
"2'";I"'";W"
"2'";p"'";F"
`!'//$" h
"`''I"$" +=$% )% "
"```p"$" +=$% )% "
)
L#>>!$5'(+!'*#,!$5'#'F*+6+',+*=!$+'6+*@&'!$,+*=+(!#*!'6!5!"#,!'+'!=>*+@+'
'
" 2'";p"'";F"
"```p" $" +=$% )% ""
]J89
L&&(I`@
Y!,%E
K,#$(#*('h' 7&&*`@
J"#@@+'(!'=+*!,&'(!'%*+(!,&
`!'//$" I
`!'//$" V
"R"FI"
"R"FV""
`!'//$" W
"R"FW"
"M"FW"
"TW"
"CR"
" +=$% )% "'"M"FW"
" +=$% )% "'"TW"
`!'//$" 2'"e"'"h
"TIp"0"TI"
"M"FV"
"M" FI" p"0" M"FI"
"TV"
L#>>!$5'(+!'*#,!$5'6+*@&'V9Jb'
'
]J89
L&&(I`@
Y!,%E
K,#$(#*('h' 7&&*`@
J"#@@+'(!'=+*!,&'(!'%*+(!,&
`!'//$" I
`!'//$" V
"2'" M''"'"M'W"
"2'"MI"'"MW"
"2'"MMM"'" MMF"
"2'"Mp"'" MF"
"2'"MMM" #a=" '"MM"F" #a="
"2'"M"p" #a="'"M"F" #a="
`!'// "W"$"e
"2'";''I"'";'W"
"2'";;;p"'";;F"
"2'";;;"#a ="'";;"F" #a="
`!'// "f"$"h
";I"$" +=$% )% "
";p"$" +=$% )% "
";"p" #a=" $" +=$% )% "'
)
801010'Z!@,*!F:-!&$+'(+""+'+@>&@!-!&$!'>+*'%#@@#'+'^<:&*!'F!"#$%!&_'>+*'%"#@@!'(!'*#,!$5'!$,+*$!''
(migliaia di euro )
Senza
To tale
rating
Classi di rating interni
A . Espo sizio ni creditizie per cassa
B . Derivati
B .1. Derivati finanziari
B .2. Derivati creditizi
classe 1
classe 2
classe 3
classe 4
classe 5
classe 6
10.584
Espo sizio ni
deterio rate
262.816
16.234
173.685
694.259
680.862
310.081
-
229
1.140
7.407
1.027
116.241
77
223
9
-
229
1.140
7.407
1.027
10.112
77
223
9
10.112
2.264.762
-
-
-
-
-
-
-
-
-
C. Garanzie rilasciate
-
89.318
29.495
38.895
8.606
62
3.360
19.415
189.151
D. Impegni a ero gare fo ndi
-
1.298
1.226
4.374
6.135
78
2.750
6.999
22.860
E. A ltre
-
-
-
-
-
-
-
-
-
16.234
264.530
726.120
731.538
325.849
10.801
269.149
142.664
2.486.885
To tale
"
"
M "= + "2$!!'"%$2'1 )+$"2$!!'"('@$!!'"*$%"%'( +5" +($%+)"/)+)"/('( " #* $5'( "(3(( " "%'( +5"3( ! 11'( "+$ "/ /($# "2 "
5$/( )+$"$"&)+(%)!!)"2$ "% /&< "&%$2 ( 1 0" - "&)#*%$/ " "%'( +5"2 "'5$+1 '"$/($%+'"*$%"&)+(%)*'%( "'**'%($+$+( "'"
/$5#$+( "2 "&! $+($!'"*$%"&3 "+)+"?"2 /*)+ @ !$"3+"#)2$!!)" +($%+)9":$"$/*)/ 1 )+ "*% -$"2 "%'( +5"/ "% =$% /&)+)"
$//$+1 '!#$+($"' "/$5#$+( "+)+"'+&)%'"&)*$%( "2'"#)2$!! "2 "%'( +5"D*%$/( ( "*$%/)+'! "' "*% -'( E9"
"
80.0'Z!@,*!F:-!&$+'(+""+'+@>&@!-!&$!'%*+(!,!-!+'5#*#$,!,+'>+*',!>&"&5!#'(!'5#*#$-!#'
'
:$"*%$/$+( "('@$!!$"/)+)"/('($"&)#* !'($"='&$+2)"% =$% #$+()"'!"-'!)%$"&)+(%'((3'!$"2$!!$"5'%'+1 $0"'+1 &<^"'!"
%$!'( -)" =' %" -'!3$" &)/\" &)#$" ='(()" +$ " *%$&$2$+( " $/$%& 1 0" *$%" '!! +$'%/ " ' " &% ($% " 2 " %$2'1 )+$" 3( ! 11'( " 2'!!'"
`'*)5%3**)"$2" +"3+ =)%# (."'!!$"2 /*)/ 1 )+ "2 ";'+&'"2,A('! '"&<$"&)+/$+()+)"2 "3( ! 11'%$0" +"!3)5)"2$!"=' %"
-'!3$0" !"-'!)%$"&)+(%'((3'!$9"
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'0"*%$- /('"2'!!'";'+&'"2,A('! '"OM9W9I9"J/*)/ 1 )+ "&%$2 ( 1 $"-$%/)"
@'+&<$"5'%'+( ($9"
'
1/2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
80.010']@>&@!-!&$!'%*+(!,!-!+'6+*@&'%"!+$,+"#'5#*#$,!,+'
(migliaia di euro)
Garanzie reali
Garanzie perso nali
Derivati su crediti
CLN
Espo sizioni creditizie
per cassa garantite:
Crediti di firma
TOTA LE
A ltri derivati
1.516.417
3.451.659
3.451.659
-
20.057
4.628
-
-
-
-
-
834
11.804
15.125
311.846
3.815.953
to talmente garantite
1.434.793
3.439.496
3.439.496
-
14.290
3.504
-
-
-
-
-
391
10.456
14.241
272.516
3.754.894
- di cui deterio rate
402.269
154.958
354.852
354.852
-
299
1.202
-
-
-
-
-
-
-
329
45.587
parzialmente garantite
81.624
12.163
12.163
-
5.767
1.124
-
-
-
-
-
443
1.348
884
39.330
61.059
- di cui deterio rate
Espo sizioni creditizie
" fuo ri bilancio"
29.965
2.300
2.300
-
783
686
-
-
-
-
-
-
-
144
21.282
25.195
58.796
27.290
27.290
-
1.590
871
-
-
-
-
-
-
853
9.285
29.687
69.576
to talmente garantite
51.446
27.290
27.290
-
957
651
-
-
-
-
-
-
853
9.285
25.857
64.893
- di cui deterio rate
3.000
2.692
2.692
-
-
14
-
-
-
-
-
-
-
-
516
3.222
7.350
-
-
-
633
220
-
-
-
-
-
-
-
-
3.830
4.683
466
-
-
-
-
4
-
-
-
-
-
-
-
-
443
447
parzialmente garantite
- di cui deterio rate
"
'
'
0'Z!@,*!F:-!&$+'+'%&$%+$,*#-!&$+'(+""+'+@>&@!-!&$!'%*+(!,!-!+''
'
0/0'Z!@,*!F:-!&$+'@+,,&*!#"+'(+""+'+@>&@!-!&$!'%*+(!,!-!+'>+*'%#@@#'+'^<:&*!'F!"#$%!&_'6+*@&'%"!+$,+"#'
T6#"&*+'(!'F!"#$%!&U'
Esposizioni/Controparti
(migliaia di euro)
TOTALE
TOTALE
TOTALE T OT A LE
ESPOSIZIONI FUORI BILANCIO
ESPOSIZIONI
ESPOSIZIONI 31.12.2013
31.12.2012
PER
CASSA
FUORI
Esposizioni Esposizioni
Altre
Altre
Altre
Sofferenze
Incagli
BILANCIO
ristrutturate
scadute esposizioni
attività esposizioni
ESPOSIZIONI PER CASSA
Sofferenze
Incagli
GOVERNI
Esposizione netta
-
-
-
-
5.889
5.889
-
-
-
798
798
6.687
9.686
Rettifiche valore specifiche
-
-
-
-
X
-
-
-
-
X
-
-
-
Rettifiche valore di portafoglio
X
X
X
X
-
-
X
X
X
-
-
-
-
53.663
ALTRI ENTI PUBBLICI
Esposizione netta
-
-
-
-
31.409
31.409
-
-
-
6.978
6.978
38.387
Rettifiche valore specifiche
-
-
-
-
X
-
-
-
-
X
-
-
-
Rettifiche valore di portafoglio
X
X
X
X
- 91
- 91
X
X
X
- 29
- 29
- 120
- 160
95.735
SOCIETA' FINANZIARIE
Esposizione netta
Rettifiche valore specifiche
Rettifiche valore di portafoglio
IMPRESE
DI
ASSICURAZIONE
1.201
315
-
2.380
68.000
71.896
-
-
-
4.204
4.204
76.100
- 1.156
- 75
-
- 558
X
- 1.789
-
-
-
X
-
- 1.789
- 189
X
X
X
X
- 375
- 375
X
X
X
-3
-3
- 378
- 458
4.191
9.986
8.850
Esposizione netta
-
-
-
-
5.795
5.795
-
-
-
4.191
Rettifiche valore specifiche
-
-
-
-
X
-
-
-
-
X
-
-
-
Rettifiche valore di portafoglio
X
X
X
X
-
-
X
X
X
- 18
- 18
- 18
- 17
IMPRESE NON FINANZIARIE
Esposizione netta
104.663
103.428
10.059
15.668 1.332.477
1.566.295
2.276
3.958
86
191.724
Rettifiche valore specifiche
- 114.088
- 28.485
- 2.117
- 1.530
X
- 146.220
- 338
- 170
-2
X
- 510
- 146.730
- 100.681
X
X
X
X
- 15.101
- 15.101
X
X
X
- 631
- 631
- 15.732
- 15.987
Rettifiche valore di portafoglio
198.044 1.764.339 2.109.406
ALTRI SOGGETTI
Esposizione netta
15.946
8.689
-
467
495.637
520.739
2
-
11
5.445
5.458
526.197
559.232
Rettifiche valore specifiche
- 11.156
- 1.905
-
- 78
X
- 13.139
-
-
-
X
-
- 13.139
- 11.344
X
X
X
X
- 1.102
- 1.102
X
X
X
- 18
- 18
- 1.120
- 1.050
Rettifiche valore di portafoglio
"
"
'
1//'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
010'Z!@,*!F:-!&$+',+**!,&*!#"+'(+""+'+@>&@!-!&$!'%*+(!,!-!+'>+*'%#@@#'+'^<:&*!'F!"#$%!&_'6+*@&'%"!+$,+"#'
T6#"&*+'(!'F!"#$%!&U'
Es po sizio ni/A ree geo graf iche
It alia N o rd Ov est
Italia N o rd Est
Italia C entro
(m igliaia di euro )
R esto del M o ndo
Italia Sud e Iso le
Espo siz.
N etta
R ettifiche
valo re
co m pless ive
Es po siz.
N etta
R ettifiche
valo re
co m pless ive
Espo s iz.
N et ta
R ett ifiche
v alo re
co m plessive
Es po siz.
N etta
R ettifiche
valo re
co m pless ive
Espo siz.
N etta
R ettifiche
valo re
co m plessiv e
A . ESP OSIZION I P ER C A SSA
A .1. So fferenze
A .2. Incagli
3.086
-3.644
110.962
-116.045
522
-1.183
868
-1.372
6.372
-4.156
22.259
-3.621
88.241
-26.167
90
-40
1.097
-317
745
-320
-
-
10.059
-2.117
-
-
-
-
-
-
1.584
-165
16.914
-1.998
17
-3
-
-
-
-
88.321
-636
1.765.522
-14.330
23.978
-213
2.960
-18
58.426
-1.472
//B01B2
WP02GG
/0SS/0GSP
W/G20GBO
1?0G2O
W/0?.S
?0S1B
W/0O2O
GB0B?.
WB0S?P
A .3. Espo s izio ni ristrutt urate
A .4. Espo s izio ni s cadute
A .5. A ltre espo sizio ni
)&,#"+''8
B . ESP OSIZION I FUOR I B ILA N C IO
B .1. So fferenze
10
-6
2.261
-331
-
-
5
-1
2
-
B .2. Incagli
20
-3
3.938
-167
-
-
-
-
-
-
-
-
97
-2
-
-
-
-
-
-
2.273
-8
194.934
-656
6.750
-3
1.328
-5
8.054
-27
B .3. A ltre attività deterio rate
B .4. A ltre espo sizio ni
)&,#"+'
10.2.
W/O
12/01.2
W/0/BG
G0OB2
W.
/0...
WG
P02BG
W1O
)V )8C ]'T8f U'./0/1012/.
//O0BB.
WP02P.
10/S10S1P
W/G/0P/.
./0.BO
W/0??1
G01BP
W/0O/.
O.0BSS
WB0SOB
)V )8C ]'./0/1012/1
/?.0/B/
WB0GO2
10O2P0S?.
W//O0BPS
B10G2S
W/0?/O
G0PPO
W/01OP
P1021P
W.0S.1
'
'
0.0'Z!@,*!F:-!&$+',+**!,&*!#"+'(+""+'+@>&@!-!&$!'%*+(!,!-!+'>+*'%#@@#'+'^<:&*!'F!"#$%!&_'6+*@&'F#$%E+'
T6#"&*+'(!'F!"#$%!&U'
E s p o s izio ni/A ree geo graf ic h e
It alia N o rd O v e s t
It alia N o rd E s t
Ita lia C ent ro
(m igliaia d i euro )
R es t o del M o ndo
It alia S ud e Is o le
E s po s iz.
N et t a
R et t if ic he
v alo re
c o m ples s iv e
E s p o s iz.
N e tt a
R et t if ic h e
v alo re
c o m ple s s iv e
E s p o s iz.
N e tt a
R e tt ific he
v a lo re
c o m ples s iv e
E s po s iz.
N et t a
R et t if ic he
v alo re
c o m ples s iv e
E s po s iz.
N et t a
R et t if ic he
v alo re
c o m ple s s iv e
A .1. S o ff eren ze
-
-
-
-
-
-
-
-
-
-
A .2. Inc ag li
-
-
-
-
-
-
-
-
-
-
A .3. E s po s izio n i ris t ru tt urat e
-
-
-
-
-
-
-
-
-
-
A .4. E s po s izio n i s c adu te
-
-
-
-
-
-
-
-
-
-
28 .49 4
-
-
-
-
-
-
-
34 .24 6
-
1P 0? S?
W
W
W
W
W
W
W
.? 01 ?G
W
B .1. S o ff eren ze
-
-
-
-
-
-
-
-
-
-
B .2. Inc ag li
-
-
-
-
-
-
-
-
-
-
B .3. A lt re at tiv ità det erio rat e
-
-
-
-
-
-
-
-
-
-
2 .44 9
-
-
-
-
-
-
-
-
-
A . E S P O S IZ IO N I P E R C A S S A
A .5. A lt re es po s izio n i
)& , # "+ ''8
B . E S P O S IZ IO N I F UO R I B ILA N C IO
B .4. A lt re es po s izio n i
)& , # "+ '
1 0? ?S
W
W
W
W
W
W
W
W
W
)V ) 8 C ] 'T8 f U'./ 0/ 101 2/ .
.2 0S ?.
W
W
W
W
W
W
W
.? 01 ?G
W
)V ) 8 C ] './ 0/ 101 2/1
O2 0/ 12
W
P.
W
?0?/ /
W
W
W
.2 0P SG
W
"
"
0?0'R*#$(!'*!@%E!''
G r a n d i r is c h i
a ) A m m o n t a r e ( m ig lia ia d i e u r o )
b ) N u m e ro
3 1.12 .2 0 13
3 9 1.7 0 1
24
3 1.12 .2 0 12
4 4 5 .3 13
22
"
"
H3!!'"@'/$"2 "83'+()"*%$- /()"2'!!,'55 )%+'#$+()"2$!!'"& %&)!'%$";'+&'"2,A('! '"+9"VhW"2$!"Vk"2 &$#@%$"Vjjh" +"
($#'" 2 " 5%'+2 " % /&< 0" !" +3#$%)" 2$5! " /($// " ?" /('()" 2$($%# +'()" ='&$+2)" % =$% #$+()" '!!$" $/*)/ 1 )+ " &<$"
/3*$%'+)" !"Ijo"2$!"R'(% #)+ )"2 "Q 5 !'+1'0"2)-$"*$%"$/*)/ 1 )+ "/ " +($+2$"!'"/)##'"2$!!$"'(( - (."2 "% /&< )"
*$%"&'//'"$"2$!!$")*$%'1 )+ "=3)% "@ !'+& )"+$ "&)+=%)+( "2 "3+"&! $+($")"2 "3+"5%3**)"2 "&! $+( "&)++$// 0"/$+1'"
!,'**! &'1 )+$"2$ "='(()% "2 "*)+2$%'1 )+$9"A+"83$/()"#)2)"/)+)"/('( "&)+/ 2$%'( "5%'+2 "% /&< "/)55$(( "&)#$"!'"
`'*)5%3**)" )" !" K + /($%)" 2$!!,J&)+)# '" &<$" S" *3%" &)+" *)+2$%'1 )+$" *'% " '!!)" jo" F" % /3!('+)" '-$%$" 3+"
$/*)/ 1 )+$"/3*$% )%$"'!"Ijo"2$!"*'(% #)+ )9":, #*)%()"&)#*!$// -)"2$!!$"$/*)/ 1 )+ "+)+"*)+2$%'($"?"*'% "'"
gkj9ehe"# 5! ' '"$"2$($%# +'"3+"'##)+('%$"2$ "5%'+2 "% /&< "*'% "'"WiI9kjI"# 5! ' '9"
H "*%$& /'0" +)!(%$0"&<$" !"R'(% #)+ )"2 "Q 5 !'+1'"3( !$"'!!'"2$($%# +'1 )+$"2$ "5%'+2 "% /&< "?"&'!&)!'()"'!"!)%2)"
2$!!'"2 ==$%$+1'"2$!!$"*$%2 ($"'(($/$"% /*$(()"'!!$"%$(( = &<$"2 "-'!)%$"&)#*!$// -$.
'
1/1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
J0'V>+*#-!&$!'(!'%#*,&"#*!--#-!&$+'+'(!'%+@@!&$+'(+""+'#,,!6!,Q''
'
:'" /)& $(." +)+" <'" $==$((3'()" '!&3+'" )*$%'1 )+$" 2 " &'%()!'% 11'1 )+$" )" &$23()" '(( - (." = +'+1 '% $" '+&)%'"
)55$(()"2 "% !$-'1 )+$"+$!!)"/('()"*'(% #)+ '!$"+$!"&)%/)"2$!!,$/$%& 1 )9"
"
Z0'L&(+""!'>+*'"#'=!@:*#-!&$+'(+"'*!@%E!&'(!'%*+(!,&'
'
M" = +$" '++)0" !'" *$%2 ('" '(($/'" % /3!('-'" *'% " '!!)" j0hfo" 2$!!,3( ! 11'()0" &)+" 3+'" -'% '1 )+$" +" '3#$+()" 2$!!)"
j0IIo"% /*$(()"'"= +$"VjIV"2$($%# +'()"*%$-'!$+($#$+($"2'"3+'"# +)%$"83'! (."&%$2 ( 1 '9""
A"#)2$!! " +($%+ "2 "%'( +5"$"2 ":[Z"/)+)"/)(()*)/( "'2"3+"*%)&$//)"2 "-'! 2'1 )+$" +($%+'"$"'2"3+"&)+(%)!!)"2 "
($%1)"! -$!!)"2'"*'%($"2$!!'"Z %$1 )+$"A+($%+'!"M32 ( +59":$"=3+1 )+ "2 "&)+(%)!!)"*%)23&)+)"*$%";'+&'"2]A('! '"
3+'" %$!'1 )+$" 2 " &)+=)%# (." 2$ " #)2$!! " '!!'" +)%#'( -'" 2 " Q 5 !'+1'0" +$!!]'#@ ()" 2$!!'" 83'!$" / " -$% = &'" !)"
/&)/('#$+()"(%'"!$"/( #$"$==$((3'($"$NF'+($"$" "-'!)% "%$'! 11'( "$NF*)/(9"L'!$"%$!'1 )+$0"'**%)-'('"2' "`)+/ 5! "
2 "[$/( )+$"$"2 "H)%-$5! '+1'"2 "A+($/'"H'+*')!)0"'(($/('" !"*$%#'+$%$"2$ "%$83 / ( "2 "&)+=)%# (.9"
"
"
'
1/.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
K]c9V4]'1'W'b9KJg9'Z9'L]bJ8)V'
'
A!" *%)= !)" 2 " % /&< )" 2$!!,)*$%'( - (." = +'+1 '% '" 2 " ;'+&'" 2 " L%$+()" $" ;)!1'+)" ?" #)!()" &)+($+3()0" /3// /($+2)"
!,)@ $(( -)" 2 " ##3+ 11'1 )+$" 2$!" % /&< )" 2 " ('//)" $" ! 83 2 (." $" 2 " # + # 11'%$" !'" /$+/ @ ! (." 2$!" #'%5 +$"
2, +($%$//$"$"2$!"-'!)%$"2$!"*'(% #)+ )"'"-'% '1 )+ "'--$%/$"2$ "*'%'#$(% "2 "#$%&'()9"
A!"% /&< )"= +'+1 '% )"2 ";'+&'"2 "L%$+()"$";)!1'+)"?")% 5 +'()"2'!!,)*$%'( - (."( * &'"2$!!'"&! $+($!'"&<$"'! #$+('"
!"*)%('=)5! )"@'+&'% )0" !"83'!$"- $+$" ##3+ 11'()"/3"*%)*)/('"2$!!$"/(%3((3%$"2$!!'"`'*)5%3**)0" +")(( &'"2 "
* $+)" % /*$(()" 2$ " ! # ( " 2 " % /&< )" 2$! @$%'( " 2'!" `)# ('()" Y /&< " T +'+1 '% " 2 " [%3**)" D`YT[E9" H3!!'" @'/$" 2$ "
&)+(%'(( "2 "/$%- 1 )" +"$//$%$0" !"Y /G"K'+'5$#$+("2$!!'"`'*)5%3**)"?"%$/*)+/'@ !$"2$!!)"/- !3**)"2$ "&% ($% "$"
2$!!$" #$()2)!)5 $" 2 " # /3%'1 )+$" +)+&<^" 2$!" #)+ ()%'55 )" 2$!!,$/*)/ 1 )+$" ' " % /&< " = +'+1 '% " #$+(%$" !'"
Z %$1 )+$"L$/)%$% '"2$!!'"`'*)5%3**)"?" +&'% &'('"2 "5$/( %$" "% /&< "= +'+1 '% ")% 5 +'( "2'!!'";'+&'9"A!"*%)= !)"2 "
% /&< )"= +'+1 '% )"$"5! ")**)%(3+ " +($%-$+( "-)!( "'"#)2 = &'%!)"/)+)"$/'# +'( "2'!"`)# ('()"Y /&< "T +'+1 '% "2 "
[%3**)9"
"
10/0' b9KJg9V' Z9' )8KKV' Z9' 94)]b]KK]' ]' b9KJg9V' Z9' 7b]ccV' 3' 7Vb)8YVRC9V' Z9' 4]RVc98c9V4]' Z9'
M9R9C84c8''
'
9$<&*=#-!&$!'(!'$#,:*#'H:#"!,#,!6#'
'
:'";'+&'"2 "L%$+()"$";)!1'+)"+)+"/-)!5$"'(( - (."2 "(%'2 +5"$"+)+"2$( $+$"*)%('=)5! "2 "+$5)1 '1 )+$0""
"
1010'b9KJg9V'Z9')8KKV'Z9'94)]b]KK]']'b9KJg9V'Z9'7b]ccV'3'7Vb)8YVRC9V' 84J8b9V'
'
9$<&*=#-!&$!'(!'$#,:*#'H:#"!,#,!6#'
'
80'8@>+,,!'5+$+*#"!;'>*&%+(:*+'(!'5+@,!&$+'+'=+,&(!'(!'=!@:*#-!&$+'(+"'*!@%E!&'(!',#@@&'(!'!$,+*+@@+'+'
(+"'*!@%E!&'(!'>*+--&'
'
:'" 5$/( )+$" 2$ " % /&< " = +'+1 '% " ?" %$'! 11'('" 2 %$(('#$+($" +" /$%- &$" 2'!!'" Z %$1 )+$" L$/)%$% '" 2$!!'"
`'*)5%3**)0"&)#$"*%$- /()"+$!" #)2$!!)")%5'+ 11'( -)" )*$%'( -)"*%$//)" !$";'+&<$" 2$!!'" Z - / )+$";'+&'"2$ "
L$%% ()% 9"
:'" /($//'" = !)/)= '" )*$%'( -'" ?" /$53 ('" *$%" !$" '(( - (." 2 " ;'+&'" 2 " L%$+()" $" ;)!1'+)" &)++$//$" '!!,'&&$//)" ' "
#$%&'( "= +'+1 '% "$2"'!!$"'(( - (."2 " ##3+ 11'1 )+$"2' "% /&< "2 "#$%&'()"'//3+( "2'!!'";'+&'"+$!!)"/-)!5 #$+()"
2$!!'"/3'"'(( - (."&%$2 ( 1 '"D%$(' !"$"&)%*)%'($"@'+G +5E9"R$%"!,'&&$//)"' "#$%&'( "2$ "2$% -'( "'"@%$-$"$"'"#$2 )F
!3+5)" ($%# +$0" ;'+&'" 2 " L%$+()" $" ;)!1'+)" / " '--'!$" '((3'!#$+($" / '" 2$!!'" `'*)5%3**)" / '0" 2 %$(('#$+($0" 2 "
;'+&'"AKA"&<$"/-)!5$"('!$"/$%- 1 )"/=%3(('+2)"!$"/ +$%5 $"2$% -'+( "2'!!'"*%)*% '"'(( - (."2 "#'%G$("#'G +59"R$%"
83'+()" % 53'%2'" !" % /&< )" 2 " ('//)" 2 " +($%$//$0" -$+5)+)" +$5)1 '($" +$!!,'#@ ()" +=%'5%3**)" )*$%'1 )+ " 2 "
#$%&'()"*%$-'!$+($#$+($"+$!!'"=)%#'"2 "2$*)/ ( " +($%@'+&'% "$"2 "/(%3#$+( "2$% -'( "'"@%$-$"$"'"#$2 )"!3+5)"
D_AH0"AYH0"999E"'!"= +$"2 "% &)+23%%$" !"*%)= !)"2 "% /&< )"2$!!'";'+&'"-$%/)" !"*%)= !)")@ $(( -)9"
R$%" !'" # /3%'1 )+$" 2$ " % /&< " = +'+1 '% " 5$+$%'( " 2'!" *)%('=)5! )" @'+&'% )" /)+)" '2)(('($" !$" /$53$+( "
#$()2)!)5 $"U"
− Q'!3$"'("Y /G"DQ'YE6"
− H$+/ ( - (B"'+'!B/ /9"
"
A!" Q'!3$" '(" Y /G" ?" &'!&)!'()" &)#$" #'// #'" *$%2 ('" *)($+1 '!$" O+)+" '(($/'P" 2$!" -'!)%$" 2$!" *)%('=)5! )" &<$"
*)(%$@@$"%$5 /(%'%/ "+$ "2 $& "5 )%+ "!'-)%'( - "/3&&$// - "&)+"3+" +($%-'!!)"/('( /( &)"2 "&)+= 2$+1'"2$!"iio"DQ'Y"
*'%'#$(% &)E9"
:'" /< =(" /$+/ ( - (B" '+'!B/ /" 83'+( = &'" !'" -'% '1 )+$" 2 " -'!)%$" 2 " 3+" *)%('=)5! )" = +'+1 '% )" &)+/$53$+($" '"
#)- #$+( "'--$%/ "2$ "*% +& *'! "='(()% "2 "% /&< )"D('//)0"&'#@ )0"$83 (BE9"R$%"83'+()"% 53'%2'" !"% /&< )"2 "('//)"
2 " +($%$//$0" !" #)- #$+()" '--$%/)" ?" 2$= + ()" &)#$" /*)/('#$+()" *'%'!!$!)" $2" 3+ =)%#$" 2 " wIjj" *3+( " @'/$"
2$!!'"&3%-'9":$"# /3%'1 )+ " +&!32)+)"3+'" /( #'" 2$!"=$+)#$+)" 2$!"% #@)%/)" '+( & *'()"D*%$*'B#$+(E"$" 2$!!'"
% /&< )/ (."5$+$%'('"2'!!$"*)/($"'"- /('"&)+"&! $+($!'0"!$"&3 "&'%'(($% /( &<$"2 "/('@ ! (."$"2 "%$'(( - (."*'%1 '!$"$"
% ('%2'('"'!!'"-'% '1 )+$"2$ "('// "2 " +($%$//$"/)+)"/('($"'+'! 11'($"/3"3+,'#* '"/$% $"/()% &'0"*$%-$+$+2)"'2"
3+"#)2$!!)"2 "%'**%$/$+('1 )+$"'"/&'2$+1'"#$2 '+($"2$*)/ ( "$83 -'!$+( 9"M"*'%( %$"2'"5$++' )"VjIW0"?"/('()"
+(%)2)(()" 3+" '55 )%+'#$+()" #$()2)!)5 &)" = +'! 11'()" '" /($% ! 11'%$" !, #*'(()" 2$!!)" /*%$'2" &%$2 ( 1 )0"
'3#$+('()" +"#)2)"% !$-'+($"&)+"!'"%$&$+($"&% / "= +'+1 '% '9"
"
'
1/?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
Q $+$" +)!(%$"# /3%'('"!'"/$+/ ( - (B"2$!"#'%5 +$"2 " +($%$//$0"&<$"83'+( = &'"!, #*'(()"/35! "3( ! "&)%%$+( "2 "3+)"
/<)&G" *'%'!!$!)" $2" /('+('+$)" 2$!!'" &3%-'" 2$ " ('// " 2 " +($%$//$" 2 " Ijj" *3+( " @'/$0" '-$+2)" '" % =$% #$+()" 3+"
)% 11)+($" ($#*)%'!$" 2 " 2)2 & " #$/ 9" L'!$" # /3%'" $- 2$+1 '" !,$==$(()" 2$!!$" -'% '1 )+ " 2$ " ('// " /3!" *)%('=)5! )"
)55$(()" 2 # /3%'1 )+$0" $/&!32$+2)" *)($/ " & %&'" " =3(3% " &'#@ '#$+( " +$!" # N" 2$!!$" '(( - (." $" *'// - (." $"
*$%('+()"+)+"*37"&)+/ 2$%'%/ "3+" +2 &'()%$"*%$- / )+'!$"/3!"! -$!!)"=3(3%)"2$!"#'%5 +$"2 " +($%$//$9"
"
0'8,,!6!,Q'(!'%&>+*,:*#'(+"'<#!*'6#":+'
'
:,'(( - (."2 "&)*$%(3%'"2$!"=' %"-'!3$"<'"!,)@ $(( -)"2 " ##3+ 11'%$"!$"-'% '1 )+ "2 "-'!)%$"2$!!'"%'&&)!('"$"2$5! "
#* $5< " &'3/'($" 2' " #)- #$+( " 2$!!'" &3%-'" 2$ " ('// " 2, +($%$//$9" :$" ( *)!)5 $" 2 " 2$% -'( " 3( ! 11'( " /)+)"
%'**%$/$+('( " 2'" +($%$/(" %'($" /X'*" DAYHE0" )-$%+ 5<(" +2$N" /X'*" D_AHE" $" )*1 )+ " /3" ('// " %$'! 11'( " &)+"
`'*)5%3**)")"&)+";'+&'"AKA9"c3$/($0"'"!)%)"-)!('0"&)*%)+)" !"% /&< )"/3!"#$%&'()"'== +&<^" "%$83 / ( "% &< $/( "
*$%" 83'! = &'%$" !$" &)*$%(3%$" AMH" &)#*! '+(" '" ! -$!!)" 2 " @ !'+& )" &)+/)! 2'()" / '+)" % /*$(('( 9" :$" *)/($" &)*$%($0"
2$+( = &'($" +"#)2)"*3+(3'!$"+$!!'"/ +5)!'"/(%'($5 '0"/)+)"%'**%$/$+('($"2'" #* $5< "'"&! $+($!'9"Q $+$" +)!(%$"
$==$((3'('" 3+,'(( - (." 2 " &)*$%(3%'" 5$+$% &'" DK'&%)<$25$E" /3!!'" %'&&)!('" '" - /('" /('@ !$" '((%'-$%/)" &)+(%'(( "
2$% -'( "DAYH"$"_AHE9"
"
J0'8,,!6!,Q'(!'%&>+*,:*#'(+!'<":@@!'<!$#$-!#*!'
'
:$"&)*$%(3%$"2 "&'/<"=!)X"<$25$"<'++)"!,)@ $(( -)"2 " ##3+ 11'%$"!$"-'% '1 )+ "2$ "=!3// "2 "&'//'"2 "*)/ 1 )+ "
'(( -$"$"*'// -$"'"('//)"-'% '@ !$"&'3/'($"2' "#)- #$+( "2$!!'"&3%-'"2$ "('// "2, +($%$//$9"A+"*'%( &)!'%$0"!'";'+&'"
2$( $+$" /(%'($5 $" 2 " &)*$%(3%'" 2 " #'&%)" &'/<" =!)X" <$25$" &<$" <'++)" !,)@ $(( -)" 2 " /('@ ! 11'%$" !" =!3//)" 2 "
+($%$// " 2$!!'" %'&&)!('" '" ('//)" -'% '@ !$0" 3( ! 11'('" *$%" = +'+1 '%$" #* $5< " '" ('//)" = //)9" L'! " &)*$%(3%$" " /)+)"
%$'! 11'($"2 %$(('#$+($" +"&)+(%)*'%( ('"&)+"!'"`'*)5%3**)9"
:'";'+&'"+)+"<'"'(( -'()"+$!"&)%/)"2$!"VjIW"/(%'($5 $"2 "&)*$%(3%'"2 "&'/<"=!)X"<$25$"/*$& = &)9"
`)#*$($"'!"Y /G"K'+'5$#$+("2$!!'"`'*)5%3**)"!'"-$% = &'"2$!!,$== &'& '"2$!!$"&)*$%(3%$"2$!"% /&< )"2 "('//)"' "
= + "2$!!,<$25$"'&&)3+( +50"+$!"% /*$(()"2$!!$"+)%#$"2$(('($"2' "*% +& * "&)+('@ ! " +($%+'1 )+'! 9"
"
Z0'8,,!6!,Q'(!'%&>+*,:*#'(!'!$6+@,!=+$,!'+@,+*!'
'
:'";'+&'"+)+"2$( $+$"% /&< "2$!!'"/*$& $9"
"
9$<&*=#-!&$!'(!'$#,:*#'H:#$,!,#,!6#'
'
7&*,#<&5"!&'F#$%#*!&D'=&(+""!'!$,+*$!'+'#",*+'=+,&(&"&5!+'(!'#$#"!@!'(+""#'@+$@!,!6!,Q'
'
:'"/$+/ ( - (B"2$!"#'%5 +$"2 " +($%$//$"S"+$!!, *)($/ "2 "-'% '1 )+$"2 "Ijj"*3+( "@'/$"2$ "('// "S"'##)+('"'"= +$"
$/$%& 1 )"VjIW"'"V"# ! )+ 0"&<$"/ "&)+=%)+('"&)+" !"-'!)%$"2 "= +$"VjIV"*'% "'"I0e"# ! )+ 9"
"
9=>#,,&'@:"'>#,*!=&$!&'$+,,&'
'
A!"% /&< )"('//)"2 " +($%$//$"5$+$%'()"2'!"*)%('=)5! )"@'+&'% )"2 ";'+&'"2 "L%$+()"$";)!1'+)0"# /3%'()"#$2 '+($"
!'"/< =("/$+/ ( - (B"'+'!B/ /0"<'"%$5 /(%'()"+$!"&)%/)"2$!"VjIW"3+"-'!)%$"#$2 )"*'% "'"I0W"# ! )+ "'(($/('+2)/ "'"
= +$"'++)"/3"2 "3+"-'!)%$"*'% "'"j0h"# ! )+ 6"('! "2'( "/ "&)+=%)+('+)"&)+"3+"-'!)%$"2 "= +$"$/$%& 1 )"VjIV"*'% "'"
I0e"# ! )+ 9"
A!" % /&< )" ('//)" 2 " +($%$//$0" # /3%'()" +" ($%# + " 2 " Q'Y0" ?" )/& !!'()" +$!" #$2$/ #)" *$% )2)" +()%+)" '!" -'!)%$"
#$2 )" 2 " j0V" # ! )+ " Dj0h" # ! )+ " !" 2'()" 2 " = +$" VjIVE0" &)+" 3+" -'!)%$" #'// #)" *'% " '" j0f" # ! )+ 9" M" = +$"
2 &$#@%$"VjIW" !"Q'Y"?"*'% "'"j0V"# ! )+ 9"
"
'
1/B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
10.0'b9KJg9V'Z9'J8L 9V''
'
9$<&*=#-!&$!'(!'$#,:*#'H:#"!,#,!6#'
'
80'8@>+,,!'5+$+*#"!;'>*&%+@@!'(!'5+@,!&$+'+'=+,&(!'(!'=!@:*#-!&$+'(+"'*!@%E!&'(!'%#=F!&'
'
H " 2$= + /&$" O% /&< )" 2 " &'#@ )P" !'" *)// @ ! (." &<$" )/& !!'1 )+ " 2$ " ('// " 2 " &'#@ )" 2 " #$%&'()" *%)23&'+)"
/ 5+ = &'( -$" -'% '1 )+ 0" / '" *)/ ( -$" / '" +$5'( -$0" 2$!" -'!)%$" *'(% #)+ '!$" 2$!!'" ;'+&'9" :$" *% +& *'! " =)+( " 2$!"
% /&< )"2 "&'#@ )"/)+)"%'**%$/$+('($"2'U"
− #* $5< "$"%'&&)!('" +"2 - /'"&)+"&! $+($!'"&)%*)%'($"$a)"%$(' !6"
− '&83 /( "2 "( ()! "$a)"*'%($& *'1 )+ "$"2 "'!(% "/(%3#$+( "= +'+1 '% " +"2 - /'6"
− +$5)1 '1 )+$"2 "2 - /$"$"@'+&)+)($"$/($%$6"
− !, +&'//)"$a)"*'5'#$+()"2 " +($%$// 0"&)## // )+ 0"2 - 2$+2 0"/*$/$"'## + /(%'( -$0" +"2 - /'9"
"
C$!!)"/*$& = &)0" !"% /&< )"2 "&'#@ )"/(%3((3%'!$"% 53'%2'"!$"$/*)/ 1 )+ "% -$+ $+( "2'!!,)*$%'( - (."&)##$%& '!$9"
:$" ( *)!)5 $" 2 " /(%3#$+( " = +'+1 '% " (%'(('( " /)+)" *%$-'!$+($#$+($" )*$%'1 )+ " +" &'#@ )" '" &)+('+($" $2" '"
($%# +$9"
"
0'8,,!6!,Q'(!'%&>+*,:*#'(+"'*!@%E!&'(!'%#=F!&'
'
A!" % /&< )" 2 " &'#@ )" )% 5 +'()" 2'!!$" *)/ 1 )+ " )*$%'( -$" +" -'!3('" 2$!" *)%('=)5! )" @'+&'% )" ?" )55$(()" 2 "
(%'/=$% #$+()" 2'" *'%($" 2 " ;'+&'" 2 " L%$+()" $" ;)!1'+)" '!!'" Z %$1 )+$" L$/)%$% '" 2$!!'" `'*)5%3**)" '!" = +$" 2 "
&)+/$+( %+$" !'" &)*$%(3%'9" A+" *%'( &'0" ('!$" % /&< )" - $+$" /)/('+1 '!#$+($" '11$%'()" &)+" !'" *%'// " 2 " $==$((3'%$" !"
=3+2 +5"+$!!'"/($//'"2 - /'"2$5! "'(( - 9"
`)+" % =$% #$+()" '!" % /&< )" 2 " &'#@ )" 5$+$%'()" 2'!!,)*$%'( - (." +" 2 - /'" &)+" !'" &! $+($!'0" ;'+&'" 2 " L%$+()" $"
;)!1'+)" $==$((3'" &)+" ;'+&'" AKA" " $a)" &)+" !'" Z %$1 )+$" L$/)%$% '" 2$!!'" `'*)5%3**)" " )*$%'1 )+ " /*)(" '"
&)+2 1 )+ "2 "#$%&'()"'!"= +$"2 "%$'! 11'%+$"!'"&)*$%(3%'"*3+(3'!$9"
"
9$<&*=#-!&$!'(!'$#,:*#'H:#$,!,#,!6#'
"
/0'Z!@,*!F:-!&$+'>+*'6#":,#'(!'(+$&=!$#-!&$+'(+""+'#,,!6!,Q'+'>#@@!6!,Q'+'(+!'(+*!6#,!'
( m ig lia ia d i e u r o )
Vo ci
V a lu t e
D o ll a r o U S A
S t e r l in a
F ra n c o
S v iz z e r o
Yen
D o ll a r o
C anada
A lt r e v a lu t e
7 .3 6 3
1.3 4 4
10 .9 7 5
10 3
9 14
268
A .1 T i t o li d i d e b i t o
-
-
-
-
-
-
A .2 T it o li d i c a p it a le
-
-
-
-
-
-
A .3 F in a n z ia m e n t i a b a n c h e
4 .4 4 3
1.2 7 6
220
54
9 14
268
A .4 F in a n z ia m e n t i a c l ie n t e la
2 .9 2 0
68
10 .7 5 5
49
-
-
-
-
-
-
-
-
A . A T T IV IT A ' F IN A N Z IA R IE
A .5 A l t r e a t t i v it à f i n a n z ia r ie
B . A L T R E A T T IV IT A '
C . P A S S IV IT A ' F IN A N Z IA R IE
C .1 D e b it i v e r s o b a n c h e
350
7 .7 5 1
402
-
10
110
2 12
1.7 4 6
11.3 8 8
-
1.0 2 4
492
19 7
-
10 .6 5 5
-
-
283
7 .5 5 4
1.7 4 6
733
-
1.0 2 4
209
C .3 T it o li d i d e b it o
-
-
-
-
-
-
C .4 A l t r e p a s s i v i t à f in a n z ia r ie
-
-
-
-
-
-
-
-
-
-
-
-
p o s iz io n i lu n g h e
-
-
-
-
7 .0 6 8
-
p o s iz io n i c o r t e
-
-
-
-
7 .7 2 6
-
p o s iz io n i lu n g h e
9 .8 9 2
5 .5 4 8
15
46
71
655
p o s iz io n i c o r t e
9 .8 6 8
5 .5 3 3
29
23
14 1
589
T O T A L E A T T IV IT A '
17 .6 0 5
7 .2 9 4
10 .9 9 0
15 9
8 .16 3
1.13 5
17 .6 19
7 .2 7 9
11.4 17
23
8 .8 9 1
1.0 8 1
C .2 D e b it i v e r s o c lie n t e la
D . A L T R E P A S S IV IT A '
E . D E R IV A T I F IN A N Z IA R I
- O p z io n i
- A lt r i d e r iv a t i
T O T A L E P A S S IV IT A '
"
'
10'L&(+""!'!$,+*$!'+'#",*+'=+,&(&"&5!+'(!'#$#"!@!'(+""#'@+$@!,!6!,Q'
'
A!" % /&< )" 2 " &'#@ )" 5$+$%'()" 2'!!$" *)/ 1 )+ " )*$%'( -$" 2$!" *)%('=)5! )" @'+&'% )0" # /3%'()" #$2 '+($" !" Q'Y"
D +($%-'!!)"2 "&)+= 2$+1'"iio0"<)!2 +5"*$% )2"Ij"5 )%+ E0"?"% /3!('()" +"&)%/)"2,'++)"$/(%$#'#$+($"&)+($+3()9"
S B IL A N C IO ( +/ - )
'
1/G'
- 14
15
-4 2 7
13 6
-7 2 8
54
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
10?0'RC9'K)bNL]4)9'Z]b9M8)9'
'
80'Z]b9M8)9'Y9484c98b9'
'
80/0'7&*,#<&5"!&'(!'$+5&-!#-!&$+'(!'6!5!"#$-#D'6#"&*!'$&-!&$#"!'(!'<!$+'>+*!&(&'+'=+(!'
A t t iv it à s o t t o s t a n t i/
d e r iv a t i
T ip o lo g ie
1. T it o li d i d e b it o e t a s s i d 'in t e r e s s e
T o t a l e 3 1/ 12 / 2 0 13
O v e r th e
C o n t ro p a rti
c o u n te r
c e n t r a li
( m ig lia ia d i e u r o )
T o t a l e 3 1/ 12 / 2 0 12
O v e r th e
C o n tro p a rti
c o u n te r
c e n t r a li
6 4 9 .8 6 1
-
6 5 8 .9 8 0
-
a ) O p z io n i
3 8 .7 5 1
-
4 0 .7 6 9
-
b ) S w a p
6 11. 110
-
6 16 . 7 2 4
-
c ) F o rw a rd
-
-
1. 4 8 7
-
d ) F u tu re s
-
-
-
-
e ) A lt r i
-
-
-
2 . T it o li d i c a p it a le e in d ic i a z io n a r i
-
-
-
-
-
a ) O p z io n i
-
-
-
-
b ) S w a p
-
-
-
-
c ) F o rw a rd
-
-
-
-
d ) F u tu re s
-
-
-
-
e ) A lt r i
-
-
-
-
3 . V a lu t e e o r o
5 9 .7 0 9
-
6 3 .5 6 3
-
2 8 .5 8 5
-
4 2 .4 9 6
-
-
-
-
-
c ) F o rw a rd
17 . 4 6 2
-
16 . 9 19
-
d ) F u tu re s
-
-
-
-
13 . 6 6 2
-
4 . 14 8
-
a ) O p z io n i
b ) S w a p
e ) A lt r i
4 . M e rc i
5 . A lt r i s o t t o s t a n t i
T O T A L E
2 . 10 0
-
2 8 .4 8 4
-
-
-
-
-
7 11. 6 7 0
-
7 5 1. 0 2 7
-
)
)
A"2$% -'( "2 "+$5)1 '1 )+$"/ "% =$% /&)+)")!(%$"&<$"'!!$")*$%'1 )+ )2 " +($%#$2 '1 )+$"*'%$55 '('"&)+"!'"&! $+($!'0"
'+&<$"'"2$% -'( ")% 5 +'% '#$+($"2$/( +'( "'!!'"&)*$%(3%'"2$!!$"*)/($"'"- /('"$" /#)+('( "*'%1 '!#$+($0"*$%"3+"
+)1 )+'!$"*'% "'"Ij0V"# ! )+ "2 "$3%)6"/ "*%$& /'"&<$"!$")*$%'1 )+ " +")55$(()"/)+)"/('($")55$(()"2 ")==/$(( +5"
+$!"#$/$"2 "=$@@%' )"VjIW"*$%"&)+/$+( %$"!'"+$3(%'! 11'1 )+$"2$ "% /&< " +"$//$%$9"
'
8010'7&*,#<&5"!&'F#$%#*!&D'6#"&*!'$&-!&$#"!'(!'<!$+'>+*!&(&'+'=+(!''
'
V A L O R I M E D I
7 3 1. 6 5 0
-
8 5 1. 0 7 0
M9V9I9"Z "&)*$%(3%'"
"&)*$%(3%'"
A t t iv it à s o t t o s t a n t i/
d e r iv a t i
1. T it o li d i d e b it o e t a s s i d 'in t e r e s s e
T o t a l e 3 1/ 12 / 2 0 13
O v e r th e
C o n t ro p a rti
c o u n te r
c e n t r a li
( m ig lia ia d i e u r o )
T o t a l e 3 1/ 12 / 2 0 12
O v e r th e
C o n tro p a rti
c o u n te r
c e n t r a li
3 9 5 . 15 2
-
4 2 7 .9 3 8
-
7 0 .5 5 3
-
7 4 .4 9 0
-
3 2 4 .5 9 9
-
3 5 3 .4 4 8
-
c ) F o rw a rd
-
-
-
-
d ) F u tu re s
-
-
-
-
e ) A lt r i
-
-
-
a ) O p z io n i
b ) S w a p
2 . T it o li d i c a p it a le e in d ic i a z io n a r i
-
-
-
-
-
a ) O p z io n i
-
-
-
-
b ) S w a p
-
-
-
-
c ) F o rw a rd
-
-
-
-
d ) F u tu re s
-
-
-
-
e ) A lt r i
-
-
-
-
-
-
-
-
a ) O p z io n i
-
-
-
-
b ) S w a p
-
-
-
-
c ) F o rw a rd
-
-
-
-
d ) F u tu re s
-
-
-
-
e ) A lt r i
-
-
-
-
4 . M e rc i
-
-
-
-
5 . A lt r i s o t t o s t a n t i
-
-
-
-
3 9 5 . 15 2
-
4 2 7 .9 3 8
-
3 6 2 .3 8 6
-
3 9 6 .0 7 8
-
3 . V a lu t e e o r o
T O T A L E
V A L O R I M E D I
)
T ip o lo g ie
)
'
1/O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'0"*%$- /('"2'!!'";'+&'"2,A('! '"M9V9V"OR)%('=)5! )"@'+&'% )U"-'!)% "
+)1 )+'! "2 "= +$"*$% )2)"$"#$2 F'!(% "2$% -'( P9"
)
80.0'Z+*!6#,!'<!$#$-!#*!'<#!*'6#":+'"&*(&'>&@!,!6&'3'*!>#*,!-!&$+'>+*'>*&(&,,!''
( m ig lia ia d i e u r o )
P o r t a f o g li/ T ip o lo g ie d e r iv a t i
F a ir v a lu e
T o t a l e 3 1/ 12 / 2 0 13
O v e r th e
C o n t ro p a rti
c o u nte r
c e n t r a li
A . P o r t a f o g lio d i n e g o z ia z io n e d i v ig ila n z a
p o s it iv o
T o t a l e 3 1/ 12 / 2 0 12
O v e r th e
C o n tro p a rti
c o u nte r
c e n t r a li
12 . 3 2 8
-
17 . 6 6 4
-
994
-
903
-
10 . 9 3 4
-
16 .0 9 1
-
c ) C ro s s c u rre n c y s w a p
-
-
-
-
d ) E q u it y s w a p
-
-
-
-
16 1
-
12 5
-
-
-
-
-
239
-
545
-
9 .4 2 0
-
11. 3 9 0
-
a ) O p z io n i
b ) In t e r e s t r a t e s w a p
e ) F o rw a rd
f ) F u t u re s
g ) A lt r i
B . P o r t a f o g lio b a n c a r io - d i c o p e r t u r a
a ) O p z io n i
4 .2 7 1
-
3 .18 9
-
b ) In t e r e s t r a t e s w a p
5 .14 9
-
8 .2 0 1
-
c ) C ro s s c u rre n c y s w a p
-
-
-
-
d ) E q u it y s w a p
-
-
-
-
e ) F o rw a rd
-
-
-
-
f ) F u t u re s
-
-
-
-
g ) A lt r i
-
-
-
C . P o r t a f o g lio b a n c a r io - a lt r i d e r iv a t i
-
-
-
-
-
a ) O p z io n i
-
-
-
-
b ) In t e r e s t r a t e s w a p
-
-
-
-
c ) C ro s s c u rre n c y s w a p
-
-
-
-
d ) E q u it y s w a p
-
-
-
-
e ) F o rw a rd
-
-
-
-
f ) F u t u re s
-
-
-
-
g ) A lt r i
-
-
-
-
2 1. 7 4 8
-
2 9 .0 5 4
-
TO TA L E
"
80?0'Z+*!6#,!'<!$#$-!#*!'<#!*'6#":+'"&*(&'$+5#,!6&'3'*!>#*,!-!&$+'>+*'>*&(&,,!'
"
( m ig lia ia d i e u r o )
P o r t a f o g li/ T ip o lo g ie d e r iv a t i
F a ir v a lu e
T o t a l e 3 1/ 12 / 2 0 13
O v e r th e
C o n t ro p a rti
c o u nte r
c e n t r a li
A . P o r t a f o g lio d i n e g o z ia z io n e d i v ig ila n z a
-
11.0 4 9
-
16 . 2 8 6
-
c ) C ro s s c u rre n c y s w a p
-
-
-
-
d ) E q u it y s w a p
-
-
-
-
15 8
-
12 3
-
-
-
-
-
239
-
545
-
9 .2 6 5
-
15 . 3 5 7
-
-
-
-
-
9 .2 6 5
-
15 . 3 5 7
-
c ) C ro s s c u rre n c y s w a p
-
-
-
-
d ) E q u it y s w a p
-
-
-
-
e ) F o rw a rd
-
-
-
-
f ) F u t u re s
-
-
-
-
g ) A lt r i
-
-
-
e ) F o rw a rd
f ) F u t u re s
g ) A lt r i
B . P o r t a f o g lio b a n c a r io - d i c o p e r t u r a
a ) O p z io n i
b ) In t e r e s t r a t e s w a p
C . P o r t a f o g lio b a n c a r io - a lt r i d e r iv a t i
17 . 8 6 5
-
-
952
b ) In t e r e s t r a t e s w a p
9 11
-
-
-
-
-
-
a ) O p z io n i
-
-
-
-
b ) In t e r e s t r a t e s w a p
-
-
-
-
c ) C ro s s c u rre n c y s w a p
-
-
-
-
d ) E q u it y s w a p
-
-
-
-
e ) F o rw a rd
-
-
-
-
f ) F u t u re s
-
-
-
-
g ) A lt r i
-
-
-
-
2 1. 6 6 3
-
3 3 .2 2 2
-
TO TA L E
'
T o t a l e 3 1/ 12 / 2 0 12
O v e r th e
C o n tro p a rti
c o u nte r
c e n t r a li
12 . 3 9 8
a ) O p z io n i
1/P'
n e g a t iv o
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
80B0' Z+*!6#,!' <!$#$-!#*!' ^&6+*' ,E+' %&:$,+*_D' >&*,#<&5"!&' (!' $+5&-!#-!&$+' (!' 6!5!"#$-#' W' 6#"&*!'
$&-!&$#"!;'<#!*'6#":+'"&*(!'>&@!,!6!'+'$+5#,!6!'>+*'%&$,*&>#*,!'3'%&$,*#,,!'$&$'*!+$,*#$,!'!$'#%%&*(!'(!'
%&=>+$@#-!&$+'
Co ntratti no n rientranti in acco rdi di
co mpensazio ne
Go verni e
B anche
Centrali
A ltri enti
pubblici
B anche
So cietà
finanziarie
So cietà di
assicurazio ne
(m igliaia di euro )
Imprese no n A ltri so ggetti
finanziarie
1) Titoli di debito e tassi d'interesse
- valore nozionale
-
-
15.017
8.264
-
277.673
994
- fair value positivo
-
-
-
188
-
9.629
14
- fair value negativo
- esposizione futura
-
-
-1.714
-
-
-227
-
-
-
19
17
-
1.111
-
- valore nozionale
-
-
-
-
-
-
-
- fair value positivo
- fair value negativo
-
-
-
-
-
-
-
- esposizione futura
-
-
-
-
-
-
-
- valore nozionale
- fair value positivo
-
-
13
-
-
25.552
94
-
-
-
-
-
265
-
- fair value negativo
-
-
-
-
-
-800
-
- esposizione futura
-
-
-
-
-
404
1
2) Titoli di c apitale e indic i azionari
3) Valute e oro
4) Altri valori
- valore nozionale
-
-
-
-
-
1.050
-
- fair value positivo
-
-
-
-
-
13
-
- fair value negativo
-
-
-
-
-
-30
-
- esposizione futura
-
-
-
-
-
105
-
'
"
80G0' Z+*!6#,!' <!$#$-!#*!' ^&6+*' ,E+' %&:$,+*_D' >&*,#<&5"!&' (!' $+5&-!#-!&$+' (!' 6!5!"#$-#' W' 6#"&*!'
$&-!&$#"!;' <#!*' 6#":+' "&*(!' >&@!,!6!' +' $+5#,!6!' >+*' %&$,*&>#*,!' 3' %&$,*#,,!' *!+$,*#$,!' !$' #%%&*(!' (!'
%&=>+$@#-!&$+'
Co ntratti rientranti in acco rdi di
co mpensazio ne
1) Titoli di debito e tassi d'interesse
- valore nozionale
- fair value positivo
- fair value negativo
Go verni e
B anche
Centrali
A ltri enti
pubblici
B anche
So cietà
finanziarie
So cietà di
assicurazio ne
(migliaia di euro )
Imprese no n A ltri so ggetti
finanziarie
347.913
1.310
- 9.273
2) Titoli di capitale e indici azionari
- valore nozionale
- fair value positivo
- fair value negativo
-
3) Valute e oro
- valore nozionale
- fair value positivo
- fair value negativo
34.050
879
4) Altri valori
- valore nozionale
- fair value positivo
- fair value negativo
"
- 341
1.050
30
- 13
'
'
1/S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
80O0' Z+*!6#,!' <!$#$-!#*!' ^&6+*' ,E+' %&:$,+*_D' >&*,#<&5"!&' F#$%#*!&' W' 6#"&*!' $&-!&$#"!;' <#!*' 6#":+' "&*(!'
>&@!,!6!'+'$+5#,!6!'>+*'%&$,*&>#*,!'3'%&$,*#,,!'$&$'*!+$,*#$,!'!$'#%%&*(!'(!'%&=>+$@#-!&$+'
C o n t ra t t i n o n rie n t ra n t i in a c c o rd i d i
c o m p e n s a zio n e
A lt ri e n t i
p u b b lic i
G o v e rn i e
B anc he
C e n t ra li
B anc he
S o c ie t à
f in a n zia rie
(m ig lia ia d i e u ro )
Im p re s e n o n A lt ri s o g g e t t i
f in a n zia rie
S o c ie t à d i
a s s ic u ra zio n e
1) T it o li d i d e b it o e t a s s i d 'in t e re s s e
- v a lo re n o z io n a le
-
-
16 1
-
-
-
-
- f a ir v a lu e
- f a ir v a lu e
-
-
-13
-
-
-
-
-
-
1
-
-
-
-
p o s it iv o
n e g a t iv o
- e s p o s iz io n e f u t u ra
2 ) T it o li d i c a p it a le e in d ic i a z io n a ri
- v a lo re n o z io n a le
-
-
-
-
-
-
-
- f a ir v a lu e
- f a ir v a lu e
-
-
-
-
-
-
-
- e s p o s iz io n e f u t u ra
3 ) V a lu t e e o ro
-
-
-
-
-
-
-
- v a lo re n o z io n a le
- f a ir v a lu e p o s it iv o
-
-
-
-
-
-
-
- f a ir v a lu e
p o s it iv o
n e g a t iv o
-
-
-
-
-
-
-
- e s p o s iz io n e f u t u ra
4 ) A lt ri v a lo ri
n e g a t iv o
-
-
-
-
-
-
-
- v a lo re n o z io n a le
- f a ir v a lu e p o s it iv o
-
-
-
-
-
-
-
- f a ir v a lu e
-
-
-
-
-
-
-
-
-
-
-
-
-
-
A ltri enti
pubblici
B anche
n e g a t iv o
- e s p o s iz io n e f u t u ra
'
'
80P0' Z+*!6#,!' <!$#$-!#*!' ^&6+*' ,E+' %&:$,+*_D' >&*,#<&5"!&' F#$%#*!&D' 6#"&*!' $&-!&$#"!;' <#!*' 6#":+' "&*(!'
>&@!,!6!'+'$+5#,!6!'>+*'%&$,*&>#*,!'3'%&$,*#,,!'*!+$,*#$,!'!$'#%%&*(!'(!'%&=>+$@#-!&$+'
Co ntratti no n rientranti in acco rdi di
co mpensazio ne
Go verni e
B anche
Centrali
1) Titoli di debito e tassi d'interesse
- valore nozionale
So cietà
finanziarie
So cietà di
assicurazio n
e
(migliaia di euro )
Imprese no n A ltri so ggetti
finanziarie
394.991
- fair value positivo
9.421
- fair value negativo
2) Titoli di c apitale e indic i azionari
- 9.253
- valore nozionale
- fair value positivo
- fair value negativo
3) Valute e oro
- valore nozionale
- fair value positivo
- fair value negativo
4) Altri valori
- valore nozionale
- fair value positivo
'
- fair value negativo
'
80S0'M!,#'*+@!(:#'(+!'(+*!6#,!'<!$#$-!#*!'^&6+*',E+'%&:$,+*_D'6#"&*!'$&-!&$#"!'
( m ig lia ia d i e u r o )
S o t t o s t a n t i/ V it a r e s id u a
F in o
a 1anno
O lt r e 1 a n n o
e f in o
a 5 anni
O lt r e
a 5 anni
T o t a le
A . P o r t a f o g lio d i n e g o z ia z io n e d i v ig ila n z a
2 2 0 .4 3 5
3 2 4 .9 9 1
16 6 .2 4 4
7 11.6 7 0
3 0 3 .4 9 8
16 6 .2 4 4
6 4 9 .8 6 1
-
-
-
-
3 8 .2 16
2 1.4 9 3
-
5 9 .7 0 9
A .1 D e r i v a t i f i n a n z i a r i s u t i t o l i d i d e b i t o e t a s s i
d i in t e re s s e
18 0 .119
A .2 D e r i v a t i f i n a n z i a r i s u t i t o l i d i c a p i t a l e e
in d ic i a z io n a r i
A .3 D e r i v a t i f i n a n z i a r i s u t a s s i d i c a m b i o e o r o
A .4 D e r i v a t i f i n a n z i a r i s u a l t r i v a l o r i
B . P o r t a f o g lio b a n c a r io
2 .10 0
-
-
2 .10 0
4 4 .4 0 4
2 10 .4 3 9
14 0 .3 0 9
3 9 5 .15 2
4 4 .4 0 4
2 10 .4 3 9
14 0 .3 0 9
3 9 5 .15 2
-
B .1 D e r i v a t i f i n a n z i a r i s u t i t o l i d i d e b i t o e t a s s i
d i in t e re s s e
B .2 D e r i v a t i f i n a n z i a r i s u t i t o l i d i c a p i t a l e e
-
-
-
B .3 D e r i v a t i f i n a n z i a r i s u t a s s i d i c a m b i o e o r o
in d ic i a z io n a r i
-
-
-
-
B .4 D e r i v a t i f i n a n z i a r i s u a l t r i v a l o r i
-
-
-
-
) & , # "+ ''. / 0/ 1 01 2 / .
1 G ? 0P . S
B . B 0? . 2
. 2 G 0B B .
/ 0/ 2 G 0P 1 1
) & , # "+ '. / 0/ 1 01 2 / 1
1 1 B 0B G O
G G ? 0? 2 B
1 P P 0S S .
/ 0/ O P 0S G B
)
"
:'";'+&'0"+)+"3( ! 11'+2)"*$%" !"&'!&)!)"2$!"% /&< )"2 "&)+(%)*'%($"#)2$!! " +($%+ "2$!"( *)"JRJ0"+)+"*%)--$2$"'"
&)#* !'%$"!'"*%$/$+($"('@$!!'"*%$2 /*)+$+2)0" +-$&$0"!$"*%$&$2$+( "2'"M9W"'"M9g9"
'
112'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
0'Z]b9M8)9'Jb]Z9)9c9'
'
:'"/)& $(."+)+"2$( $+$"2$% -'( "&%$2 ( 1 9""
"
"
J0'Z]b9M8)9'Y9484c98b9']'Jb]Z9)9c9"
"
J0/0' Z+*!6#,!' <!$#$-!#*!' +' %*+(!,!-!' ^&6+*' ,E+' %&:$,+*_D' <#!*' 6#":+' $+,,!' +(' +@>&@!-!&$+' <:,:*#' >+*'
%&$,*&>#*,!'
(migliaia di euro)
Altri
soggetti
Governi e
Banc he
Centrali
Altri enti
pubblic i
Banc he
Soc ietà
finanziarie
Soc ietà di
assic urazione
Imprese
non
finanziarie
1. Ac c ordi bilaterali derivati finanziari
- fair value positivo
- fair value negativo
- esposizione futura
- risc hio di c ontroparte netto
-
-
- 7.240
2.174
2.174
-
-
-
-
2. Ac c ordi bilaterali derivati c rediti
- fair value positivo
- fair value negativo
- esposizione futura
- risc hio di c ontroparte netto
-
-
-
-
-
-
-
3. Ac c ordi "Cross produc t"
- fair value positivo
- fair value negativo
- esposizione futura
- risc hio di c ontroparte netto
-
-
-
-
-
-
-
'
"
'
11/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
K]c9V4]'.'W'b9KJg9V'Z9'C9eN9Z9)i'
'
94YVbL8c9V49'Z9'48)Nb8'eN8C9)8)9M8''
'
80'8@>+,,!'5+$+*#"!;'>*&%+@@!'(!'5+@,!&$+'+'=+,&(!'(!'=!@:*#-!&$+'(+"'*!@%E!&'(!'"!H:!(!,Q'
'
H "2$= + /&$"% /&< )"2 "! 83 2 (." !"% /&< )"&<$"!'";'+&'"+)+"% $/&'"'"='%"=%)+($"' "*%)*% " #*$5+ "2 "*'5'#$+()"
*$%" !] +&'*'& (." / '" 2 " %$*$% %$" =)+2 " /3!" #$%&'()" D=3+2 +5" ! 83 2 (B" % /GE" / '" 2 " /#)@ ! 11'%$" " *%)*% " '(( - "
D#'%G$("! 83 2 (B"% /GE9"
:'" *%$2 /*)/ 1 )+$" 2 " 3+" '2$53'()" / /($#'" 2 " 5)-$%+)" $" 5$/( )+$" 2 " ('!$" % /&< )" '//3#$" 3+" %3)!)"
=)+2'#$+('!$" *$%" !" #'+($+ #$+()" 2$!!'" /('@ ! (." +)+" /)!)" 2$!!'" / +5)!'" @'+&'0" #'" '+&<$" 2$!" #$%&'()0"
&)+/ 2$%'()"&<$"5! "/83 ! @% "2 "3+'"/ +5)!'" /( (31 )+$"= +'+1 '% '"*)//)+)"'-$%$"% *$%&3// )+ "/ /($# &<$9"L'!$"
/ /($#'" 2$-$" $//$%$" +($5%'()" +" 83$!!)" &)#*!$// -)" *$%" !'" 5$/( )+$" 2$ " % /&< " $" *%$-$2$%$" &)+(%)!! " +& / - " $"
&)$%$+( "&)+"!,$-)!31 )+$"2$!"&)+($/()"2 "% =$% #$+()9"
:$" O: +$$" [3 2'" 2 " [)-$%+)" 2$!" Y /&< )" 2 " : 83 2 (." 2 " [%3**)P" '**%)-'($" 2'5! " _%5'+ " H)& $('% " 2 " A+($/'"
H'+*')!)" !!3/(%'+)" "&)#* ( "2$!!$"2 -$%/$"=3+1 )+ "'1 $+2'! 0"!$"+)%#$"$"!, +/ $#$"2$ "*%)&$// "2 "&)+(%)!!)"$"
5$/( )+$" = +'! 11'( " '2" '// &3%'%$" 3+" *%32$+($" *%$/ 2 )" 2$!" % /&< )" 2 " ! 83 2 (.0" *%$-$+$+2)" !, +/)%5$%$" 2 "
/ (3'1 )+ "2 "&% / 9"
H3!!'"@'/$"2$!"#)2$!!)"'**%)-'()"2'!"[%3**)"A+($/'"H'+*')!)0"*$%"!'"5$/( )+$"2$!"% /&< )"2 "! 83 2 (.";'+&'"2 "
L%$+()" $" ;)!1'+)" / " '--'!$" 2$!!'" ;'+&'" `'*)5%3**)" &<$0" '((%'-$%/)" !,'&&$//)" ' " #$%&'( " / '" 2 %$(()" / '" *$%" !"
(%'# ($"2 "/3// 2 '% $"$/($%$0"/3**)%('"!$"$/ 5$+1$"2 "%'&&)!('"$" #* $5)")% 5 +'($"2'!!,'(( - (."&)##$%& '!$"&)+"
!'"&! $+($!'0"/)-% +($+2$+2)"!,$83 ! @% )"=%'"!$"*)/($"*'(% #)+ '! "&)+"2 -$%/'"- ('"%$/ 23'9""
A+" 83$/('" *%)/*$(( -'0" !'" `'*)5%3**)" /-)!5$" !$" *%)*% $" =3+1 )+ " 2 " *%$/ 2 )" $" 5$/( )+$" 2$!!'" ! 83 2 (." &)+"
% =$% #$+()"+)+"/)!)"'!!'"*%)*% '"%$'!(."'1 $+2'!$0"#'"'+&<$"-'!3('+2)"!,)*$%'( - (."&)#*!$// -'"2$!"[%3**)"$"
2$!!$"/ +5)!$"!$5'!"$+( (B"$" !"% /&< )"2 "! 83 2 (."'"&3 "$//$"/)+)"$/*)/($9"
A+"*'%( &)!'%$0"!$"! +$$"53 2'"2 "5$/( )+$"$"&)+(%)!!)"&)#*%$+2)+)"!$"*%)&$23%$"*$%"!, 2$+( = &'1 )+$"2$ "='(()% "
2 "% /&< )0"!'"# /3%'1 )+$"2$!!,$/*)/ 1 )+$"'!"% /&< )"$"!'"-$% = &'"2$!"% /*$(()"2$ "! # ( 0"!,$==$((3'1 )+$"2 "*%)-$"
2 " /(%$//0" !, +2 - 23'1 )+$" 2 " '**%)*% '($" + 1 '( -$" 2 " '(($+3'1 )+$" 2$!" % /&< )0" !'" *%$2 /*)/ 1 )+$" 2 " * '+ "
2,$#$%5$+1'" $" !" %$*)%( +5" +=)%#'( -)" '5! " )%5'+ " '1 $+2'! 9" A+" ('!$" 83'2%)0" !$" #$(% &<$" 2 " # /3%'1 )+$" 2$!"
% /&< )"2 "! 83 2 (."/)+)"'%( &)!'($0"2 /( +53$+2)"=%'"! 83 2 (."2 "@%$-$0"! 83 2 (."/(%3((3%'!$"$"'+'! / "2 "/(%$//9""
:'"R)! ( &'"2 ": 83 2 (."2 "@%$-$"($%# +$" +($+2$"'// &3%'%$"3+"! -$!!)"'2$53'()"$"@ !'+& '()"(%'"=!3// "2 "&'//'" +"
3/& ('" $" +" $+(%'('" '-$+( " /&'2$+1'" &$%('" )" /( #'('" &)#*%$/'" +$!!,)% 11)+($" ($#*)%'!$" 2 " IV" #$/ 0" &)+"
!,)@ $(( -)" 2 " =%)+($55 '%$" *$% )2 " 2 " ($+/ )+$0" '+&<$" *%)!3+5'('0" /3 " 2 -$%/ " #$%&'( " 2 " '**%)-- 5 )+'#$+()"
2$!"=3+2 +50"'+&<$"'((%'-$%/)"!'"&)/( (31 )+$"2 "'2$53'($"% /$%-$"2 "! 83 2 (."%'**%$/$+('($"2'"( ()! "! 83 2 "/3 "
#$%&'( "*% -'( "$"( ()! "% = +'+1 '@ ! "*%$//)";'+&<$"`$+(%'! 9"M"('!"= +$"$" +"&)$%$+1'"&)+"!'"/)5! '"#'// #'"2 "
()!!$%'+1'"'!"% /&< )"2 "! 83 2 (.0" !"/ /($#'"2$ "! # ( "*%$-$2$0"(%'"5! "'!(% 0"3+" +2 &'()%$"2 "H<)%("($%#"5'*"&<$"
# /3%'0"*$%"!$"2 -$%/$"='/&$"($#*)%'! "2 "@%$-$"($%# +$0" !"%'**)%()"(%'"!'"2 /*)+ @ ! (."2 "% /$%-$"$" "=!3// "*)/ ( - "
'(($/ 0"% /*$(()"'!!$"3/& ($"2 "&'//'"'(($/$" $"*)($+1 '! 0"*%$+2$+2)"'"% =$% #$+()"(3(($"!$"*)/($"/ '"2 "@ !'+& )0"
&<$" =3)% " @ !'+& )0" ($+3()" &)+()" 2$!!$" /&'2$+1$" &)#*)%('#$+('! " *$%" !$" *)/($" &'%'(($% 11'($" 2'" 3+" *%)= !)"
'(($/)"2 "! 83 2 (."2 -$%/)"2'"83$!!)"&)+(%'((3'!$9"
:'" R)! ( &'" 2 " : 83 2 (." /(%3((3%'!$" 2$!" [%3**)" A+($/'" H'+*')!)" %'&&)5! $" !, +/ $#$" 2$!!$" # /3%$" $" 2$ " ! # ( "
= +'! 11'( "'"&)+(%)!!'%$"$"5$/( %$" "% /&< "2$% -'+( "2'!"# /#'(&<"2 "/&'2$+1$"'"#$2 )F!3+5)"($%# +$"2$!!,'(( -)"
$" 2$!" *'// -)0" +2 /*$+/'@ !$" *$%" * '+ = &'%$" /(%'($5 &'#$+($" !'" 5$/( )+$" 2$!!'" ! 83 2 (.9" M" ('!" = +$" ?" *%$- /('"
!,'2)1 )+$"2 " ! # ( " +($%+ " '!!'"(%'/=)%#'1 )+$"2$!!$"/&'2$+1$"= +'! 11'( " '2"$- ('%$"&<$" !,)*$%'( - (." '" #$2 )F
!3+5)"($%# +$"*)//'"2'%$"!3)5)"'2"$&&$// - "/83 ! @% "2'"= +'+1 '%$"'"@%$-$"($%# +$9"
:$" : +$$" [3 2'" *%$-$2)+)" '!(%$/\" !)" /-)!5 #$+()" *$% )2 &)" 2 " 3+'" /( #'" 2, #*'(()" +" 3+)" /&$+'% )" '&3()" 2 "
/(%$//" O&)#@ +'()P" D/ '" /*$& = &)" 2$!" [%3**)0" &<$" 2$!" #$%&'()0" +2 &'+2)" 5! " /&$+'% " 2 " % =$% #$+()" 2'"
3( ! 11'%$" $" +(%)23&$+2)" 3+'" /)5! '" )@ $(( -)" '" W" #$/ " /3!!)" xH(%$//$2" H<)%(" L$%#" 5'*y0" = +'! 11'('" '"
*%$-$2$%$0" +"($%# + "&)+/)! 2'( 0"3+"! -$!!)"&)#*!$// -)"2 "% /$%-$" +"5%'2)"2 "=%)+($55 '%$"!$"#'55 )% "3/& ($"2 "
&'//'" +" 3+" +($%-'!!)" 2 " ($#*)" '2$53'()" '" *)%%$" +" $//$%$" " +$&$//'% " +($%-$+( " )*$%'( - " *$%" % &)+23%%$" !'"
;'+&'"`'*)5%3**)"$"!$"H)& $(."2$!"[%3**)" +"&)+2 1 )+ "2 "$83 ! @% )9"
`)+5 3+('#$+($"'5! " +2 &'()% "2 ": 83 2 (."2 "@%$-$"$"/(%3((3%'!$"$"'!!,'+'! / "2 "/(%$//"?" +)!(%$"*%$- /()"/ '+)"
'// &3%'($"!$"#)2'! (."2 "5)-$%+)"2 "3+,$-$+(3'!$"&% / "2 "! 83 2 (.0"2$= + ('"&)#$"3+'"/ (3'1 )+$"2 "2 == &)!(.")"
+&'*'& (."2$!!'";'+&'"2 "='%"=%)+($"' "*%)*% " #*$5+ "2 "&'//'" +"/&'2$+1'0"'"#$+)"2 "'(( -'%$"*%)&$23%$"$a)"
3( ! 11'%$" /(%3#$+( " +" #'+ $%'" +)+" % &)+23& @ !$0" *$%" +($+/ (." )" #)2'! (.0" '!!,)%2 +'% '" '## + /(%'1 )+$9" A!"
`)+( +5$+&B" : 83 2 (B" R!'+0" *%$= 55$+2)/ " 5! " )@ $(( - " 2 " /'!-'53'%2 '" 2$!" *'(% #)+ )" 2$!" [%3**)" $0"
&)+($/(3'!#$+($0" 2 " 5'%'+1 '" 2$!!'" &)+( +3 (." )*$%'( -'" +" &)+2 1 )+ " 2 " 5%'-$" $#$%5$+1'" /3!" =%)+($" 2$!!'"
'
111'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
! 83 2 (.0"'// &3%'0"'"! -$!!)"2 ";'+&'"`'*)5%3**)0""!, 2$+( = &'1 )+$"2$ "/$5+'! "2 "*%$F'!!'%#$0" !"!)%)"&)+( +3)"
#)+ ()%'55 )0"!'"2$= + 1 )+$"2$!!$"*%)&$23%$"2'"'(( -'%$"+$!"&'/)"/ "#'+ =$/( +)"($+/ )+ "/3!!'"! 83 2 (.0"!$"! +$$"
2 "'1 )+$" ##$2 '($"$"5! "/(%3#$+( "2 " +($%-$+()"*$%"!'"% /)!31 )+$"2$!!,$#$%5$+1'9"[! " +2 & "2 "*%$F'!!'%#$0"
= +'! 11'( " '" &)5! $%$" " /$5+'! " 2 " 3+'" *)($+1 '!$" ($+/ )+$" 2 " ! 83 2 (.0" / '" / /($#'( &'" / '" /*$& = &'0" /)+)"
#)+ ()%'( "&)+"*$% )2 & (."5 )%+'! $%'"2'!!'"Z %$1 )+$"Y /G"K'+'5$#$+(9"""
:$"=3+1 )+ "'1 $+2'! "2$!!'"`'*)5%3**)"*%$*)/($"'"5'%'+( %$"!'"&)%%$(('"'**! &'1 )+$"2$!!$": +$$"[3 2'"/)+)" +"
*'%( &)!'%$"!'"Z %$1 )+$"L$/)%$% '0"%$/*)+/'@ !$"2$!!'"5$/( )+$"2$!!'"! 83 2 (.0"$"!'"Z %$1 )+$"Y /G"K'+'5$#$+(0"
&<$" <'"!'"%$/*)+/'@ ! (." 2 %$(('"2$ "&)+(%)!! "2 " /$&)+2)" ! -$!!)" $" +"83'! (."2 " '(( -)" *'%($& *'+($" ' "`)# ('( "
Y /&< "T +'+1 '% "/-)!5$"3+"%3)!)"*% #'% )"+$!!'"5$/( )+$"$"2 ==3/ )+$"2$!!$" +=)%#'1 )+ "/3!"% /&< )"2 "! 83 2 (.0"
&)+(% @3$+2)"'!"# 5! )%'#$+()"&)#*!$// -)"2$!!'"&)+/'*$-)!$11'"2$!"[%3**)"/3!!'"*)/ 1 )+$" +"$//$%$9"
"
1*)2,"3*)4*'!%.5*)0%)6$+%&*$)7)+,&)!%+.5%")&%8,%0%'/)
I
:$"+3)-$"2 /*)/ 1 )+ "/3!!'"! 83 2 (. 0"&<$"/)+)"/('($" +(%)2)(($"+$!!,>+ )+$"$3%)*$'"!)"/&)%/)"Vk"5 35+)"VjIW"
&)+"!'"*3@@! &'1 )+$"2$!"Y$5)!'#$+()"DJ>E"fkfaVjIW"$"2$!!'"Z %$(( -'"VjIWaWhaJ>0"<'++)" +&)%*)%'()" "+3)- "
%$83 / ( " # + # " /3!!'" ! 83 2 (." '2)(('+2)! " '!!$" /*$& = & (." $3%)*$$9" :,M3()% (." ;'+&'% '" J3%)*$'" DJ;ME" <'"
&)+($/(3'!#$+($" % &$-3()" #'+2'()" *$%" !)" /- !3**)" 2 " ! +$$" 53 2'" = +'! 11'($" '2" '&&%$/&$%$" !,'%#)+ 11'1 )+$"
%$5)!'#$+('%$" $3%)*$'" '((%'-$%/)" !'" 2$= + 1 )+$" 2 " 3+" 3+ &)" xH +5!$" Y3!$@))Gy0" &<$" &)/( (3 %." !'" &)%+ &$"
+)%#'( -'" +$!!'" 83'!$" !" &929" K$&&'+ /#)" 2 " Q 5 !'+1'" >+ &)" DHYKE" $/$%& ($%." !$" *%)*% $" =3+1 )+ 9" L'! "
*%)--$2 #$+( " &)/( (3 /&)+)" !" 83'2%)" +)%#'( -)" 2 " % =$% #$+()" 2$!!,>+ )+$" $3%)*$'" *$%" !$" @'+&<$" $" !$"
#*%$/$" 2 " +-$/( #$+()" 2'!" In" 5$++' )" VjIe9" Z'!" #$/$" 2 " #'%1)" VjIe0" " [%3** " @'+&'% " /'%'++)" +)!(%$"
($+3( "'!!,'2$#* #$+()"2 "/*$& = & ")@@! 5< "/$5+'!$( & "*$%"!'"% !$-'1 )+$"2$!!'"*%)*% '"$/*)/ 1 )+$"'!"% /&< )"2 "
! 83 2 (.9"
R$%"% =!$(($%$"('! "*%)--$2 #$+( "+)%#'( - "$"5'%'+( %$"3+"%$5)!'%$"3( ! 11)0"'+&<$"' "= + "5$/( )+'! 0"2$!!$"+3)-$"
#$(% &<$"%$5)!'#$+('% 0"!$"O: +$$"[3 2'"2 "[)-$%+)"2$!"Y /&< )"2 ": 83 2 (."2$!"[%3**)P0" +"2'('"IkaIVaVjIW"
/)+)"/('($"'55 )%+'($"2'5! "_%5'+ "H)& $('% "2 "A+($/'"H'+*')!)"/)/( (3$+2)0"'"2$&)%%$%$"2'"5$++' )"VjIe0"5! "
'((3'! " +2 &'()% " +($%+ "&)+"!$"#$(% &<$"2$= + ($"2'!"`)# ('()"2 ";'/ !$'U"
− : 83 2 (B"`)-$%'5$"Y'( )"D:`YEU"# /3%'" !"%'**)%()"(%'""!)"/()&G"2 "'(( - (."! 83 2$"2 "$!$-'('"83'! (."Dsc:ME"
+)+" - +&)!'($" $" !" ()('!$" 2$ " 2$=!3// " 2 " &'//'" +$(( " " '" Wj" 5 )%+ " " '!!)" /&)*)" 2 " # /3%'%$" !'" &'*'& (." 2 "
/)22 /='%$" "='@@ /)5+ "2 "! 83 2 (."2 "@%$-$"($%# +$" +"3+)"/&$+'% )"2 "/(%$//"2 "! 83 2 (.6""
− C$("H('@!$"T3+2 +5"Y'( )"DCHTYEU"<'"!,)@ $(( -)"2 "%'==)%1'%$"!'"%$/ ! $+1'"'"* 4"!3+5)"($%# +$"2$!"[%3**)0"
'// &3%'+2)" !"% &)%/)"'"=)+( "2 "*%)-- /('"* 4"/('@ !$"$"'"* 4"!3+5)"($%# +$"*$%"= +'+1 '%$"!$"'(( - (." +"$//$%$"
+"#)2)"2'"5'%'+( %$"&<$"'(( - (."$"*'// - (."*%$/$+( +)"3+'"/(%3((3%'"*$%"/&'2$+1$"/)/($+ @ ! 9""
H3!!'"@'/$"2 "('! "%'( )0"/)+)"/('( "2$= + ( " "+3)- "! # ( " +($%+ "*$%"(3(($"!$";'+&<$"2$!"[%3**)0"&)#*%$/'";'+&'"
2 " L%$+()" $" ;)!1'+)0" *$%" &3 " /)+)" /('( " '**)%('( " )**)%(3+ " '2b3/(#$+(" *$%" ($+$%" &)+()" 2$!!$" *'%( &)!'% (."
5$/( )+'! "!$5'($"'!!,'&&$+(%'#$+()"2$!!$"'(( - (."2 "($/)%$% '"*%$//)"!'"`'*)5%3**)9"
I
`=%9"* '+)"2 "% =)%#'"&<$" !"`)# ('()"2 ";'/ !$'"*$%"!'"Q 5 !'+1'";'+&'% '"D;`;HE"<'"2$= + ()"+$!"2 &$#@%$"VjIj"$"/3&&$// -'#$+($"#)2 = &'()"$" +($5%'()" +"
5$++' )"VjIW"*$%"%'==)%1'%$"!'"%$5)!'#$+('1 )+$" +"#'($% '"2 "! 83 2 (."
'
11.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
94YVbL8c9V49'Z9'48)Nb8'eN84)9)8)9M8''
'
/0'Z!@,*!F:-!&$+',+=>&*#"+'>+*'(:*#,#'*+@!(:#'%&$,*#,,:#"+'(+""+'#,,!6!,Q'+'>#@@!6!,Q'<!$#$-!#*!+''''
'
9$&,'$)0%)0*2"4%2$:%"2*;)<,!")
Vo ci/Scaglio ni tempo rali
A vista
Da o ltre
1 gio rno
a 7 gio rni
Da o ltre
7 gio rni
a 15 gio rni
Da o ltre
15 gio rni
a 1mese
Da o ltre
1mese
fino a
3 mesi
Da o ltre
3 mesi
fino a
6 mesi
Da o ltre
6 mesi
fino a
1 anno
Da o ltre
1anno
fino a
5 anni
Oltre
5 anni
(migliaia di euro )
Durata
Indeterminata
A ttività per cassa
619.173
19.430
53.735
58.232
151.759
91.878
138.765
537.314
622.515
1.388
40
40
6.000
5.423
-
531.314
617.092
1.388
1.388
617.092
A .1Tito li di Stato
A .2 A ltri tito li di debito
98
-
-
607.382
32.259
575.123
19.430
19.430
53.735
11.057
42.678
58.232
58.232
132.759
6.000
126.759
91.838
91.838
138.725
531.314
921.100
3.324
25.092
298.818
281.328
294.611
92.109
146.463
83.184
-
909.955
12.256
897.699
3.314
25.077
293.054
255.750
37.304
90.495
827
89.668
104.480
70.000
34.480
-
25.077
281.007
252.285
28.722
80.000
80.000
3.314
298.783
280.635
18.148
B .2 Tito li di debito
258
10
15
35
321
261
369
40.011
B .3 A ltre passività
10.887
-
-
-
1.296
1.245
1.972
3.184
A .3 Quo te O.I.C.R.
11.693
A .4 Finanziamenti
- B anche
- Clientela
P assività per cassa
B .1Depo siti e co nti co rrenti
- B anche
- Clientela
19.000
-
138.725
Operazio ni " fuo ri bilancio "
C.1Derivati finanziari co n scambio
di capitale
- P o sizio ni lunghe
- P o sizio ni co rte
4
684
1.528
-
995
994
5.284
5.284
3.881
3.079
7.310
7.309
6.560
6.560
-
-
C.2 Derivati finanziari senza
scambio di capitale
- P o sizio ni lunghe
- P o sizio ni co rte
11.145
11.292
6
14
-
88
50
519
691
1.025
727
2.038
2.543
-
-
-
C.3 Depo siti e finanziamenti
da ricevere
- P o sizio ni lunghe
- P o sizio ni co rte
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
C.4 Impegni irrevo cabili a ero gare
fo ndi
- P o sizio ni lunghe
- P o sizio ni co rte
C.5 Garanzie finanziarie
rilasciate
C.6 Garanzie finanziarie ricevute
C.7 Derivati creditizi co n scambio
di capitale
- P o sizio ni lunghe
- P o sizio ni co rte
C.8 Derivati creditizi senza scambio
di capitale
- P o sizio ni lunghe
- P o sizio ni co rte
'
11?'
1
-
-
4
6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
%
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
9$&,'$)0%)0*2"4%2$:%"2*;)="&&$!%)>?@)
V o c i/ S c a g lio n i t e m p o r a li
A t t iv it à p e r c a s s a
A v is t a
D a o lt re
1 g io rn o
a 7 g io rn i
D a o lt re
7 g io r n i
a 15 g io r n i
D a o lt re
15 g io rn i
a 1m es e
D a o lt re
1m es e
f in o a
3 m esi
D a o lt re
3 m es i
f in o a
6 m es i
D a o lt re
6 m esi
f in o a
1anno
D a o lt re
1anno
f in o a
5 anni
O lt re
5 anni
( m ig lia ia d i e u r o )
D u ra t a
In d e t e r m in a t a
9 .4 10
606
43
87
1.9 3 7
-
-
-
-
-
A .1 T it o li d i S t a t o
-
-
-
-
-
-
-
-
-
-
A .2 A lt ri t it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
A .3 Q u o t e O .I.C .R .
-
-
-
-
-
-
-
-
-
-
9 .4 10
9 .13 8
272
606
606
43
43
87
87
1.9 3 7
1.9 3 7
-
-
-
-
-
-
-
-
P a s s iv it à p e r c a s s a
12 .2 4 7
-
-
-
19 9
-
-
-
-
-
B .1 D e p o s it i e c o n t i c o rre n t i
- B anc he
- C lie n t e la
11.9 5 3
11.9 5 3
-
-
-
-
-
-
-
-
-
B .2 T it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
B .3 A lt re p a s s iv it à
294
-
-
-
19 9
-
-
-
-
-
4
379
350
-
500
500
2 .8 4 9
2 .8 5 0
2 .12 5
2 .12 5
3 .2 8 4
3 .2 8 5
755
754
-
-
A .4 F in a n zia m e n t i
- B anc he
- C lie n t e la
-
O p e r a zio n i " f u o ri b ila n c io "
C .1 D e riv a t i f in a n zia ri c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
C .2 D e riv a t i f in a n zia ri s e n za
s c a m b io d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
39
39
-
-
-
-
-
-
-
-
-
C .3 D e p o s it i e f in a n zia m e n t i
d a r ic e v e re
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .4 Im p e g n i irre v o c a b ili a e ro g a re
fo ndi
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
D a o lt r e
6 m es i
f in o a
1anno
D a o lt re
1anno
f in o a
5 anni
O lt re
5 anni
(m ig lia ia d i e u ro )
D u rat a
In d e t e rm in a t a
C .5 G a ra n zie f in a n zia rie
r ila s c ia t e
C .6 G a ra n zie f in a n zia rie ric e v u t e
C .7 D e riv a t i c re d it izi c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
C .8 D e riv a t i c re d it izi s e n za s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
"
%
9$&,'$)0%)0*2"4%2$:%"2*;)?'*!&%2*)
V o c i/ S c a g lio n i t e m p o ra li
A t t iv it à p e r c a s s a
A v is t a
D a o lt re
1 g io r n o
a 7 g io rn i
D a o lt r e
7 g io rn i
a 15 g io rn i
D a o lt re
15 g io r n i
a 1m es e
D a o lt re
1m es e
f in o a
3 m es i
D a o lt re
3 m es i
f in o a
6 m es i
1.2 7 6
-
4
8
8
48
-
-
-
-
A .1 T it o li d i S t a t o
-
-
-
-
-
-
-
-
-
-
A .2 A lt ri t it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
A .3 Q u o t e O .I.C .R .
-
-
-
-
-
-
-
-
-
-
1.2 7 6
1.2 7 6
-
-
4
4
8
8
8
8
48
48
-
-
-
-
A .4 F in a n zia m e n t i
- B anc he
- C lie n t e la
P a s s iv it à p e r c a s s a
1.7 4 6
-
-
-
-
-
-
-
-
-
B .1 D e p o s it i e c o n t i c o r re n t i
- B anc he
- C lie n t e la
1.7 2 8
1.7 2 8
-
-
-
-
-
-
-
-
-
B .2 T it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
B .3 A lt re p a s s iv it à
18
-
-
-
-
-
-
-
-
-
C .1 D e riv a t i f in a n zia r i c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
30
15
-
480
480
960
960
960
960
2 .16 0
2 .15 9
960
960
-
-
C .2 D e riv a t i f in a n zia ri s e n za
s c a m b io d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .3 D e p o s it i e f in a n zia m e n t i
d a r ic e v e re
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .4 Im p e g n i irre v o c a b ili a e ro g a re
fo ndi
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
O p e ra zio n i " f u o ri b ila n c io "
C .5 G a ra n zie f in a n zia rie
rila s c ia t e
C .6 G a ra n zie f in a n zia rie r ic e v u t e
C .7 D e riv a t i c re d it izi c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
C .8 D e riv a t i c re d it izi s e n za s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
%
'
11B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
9$&,'$)0%)0*2"4%2$:%"2*;)A*2)
V o c i/ S c a g lio n i t e m p o ra li
A t t iv it à p e r c a s s a
A v is t a
D a o lt re
1 g io rn o
a 7 g io rn i
D a o lt re
7 g io rn i
a 15 g io rn i
D a o lt re
15 g io rn i
a 1m es e
D a o lt re
1m es e
f in o a
3 m es i
D a o lt re
3 m es i
f in o a
6 m es i
D a o lt re
6 m es i
f in o a
1anno
D a o lt re
1anno
f in o a
5 anni
(m ig lia ia d i e u ro )
D u ra t a
In d e t e rm in a t a
O lt re
5 anni
243
28
-
-
-
-
-
-
-
-
A .1 T it o li d i S t a t o
-
-
-
-
-
-
-
-
-
-
A .2 A lt ri t it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
A .3 Q u o t e O .I.C .R .
-
-
-
-
-
-
-
-
-
-
A .4 F in a n zia m e n t i
- B anc he
- C lie n t e la
243
221
22
28
28
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
P a s s iv it à p e r c a s s a
16 7
-
-
-
-
-
-
-
-
-
B .1 D e p o s it i e c o n t i c o rre n t i
- B anc he
- C lie n t e la
16 7
16 7
-
-
-
-
-
-
-
-
-
B .2 T it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
B .3 A lt re p a s s iv it à
-
-
-
-
-
-
-
-
-
-
C .1 D e riv a t i f in a n zia ri c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
46
23
-
-
-
-
-
-
-
-
C .2 D e riv a t i f in a n zia ri s e n za
s c a m b io d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .3 D e p o s it i e f in a n zia m e n t i
d a ric e v e re
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .4 Im p e g n i irre v o c a b ili a e ro g a re
fo ndi
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
O p e ra zio n i " f u o ri b ila n c io "
C .5 G a ra n zie f in a n zia rie
rila s c ia t e
C .6 G a ra n zie f in a n zia rie ric e v u t e
C .7 D e riv a t i c re d it izi c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
C .8 D e riv a t i c re d it izi s e n za s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
%
%
9$&,'$)0%)0*2"4%2$:%"2*;)B!$2.5%)+3%::*!%)
V o c i/ S c a g lio n i t e m p o ra li
A t t iv it à p e r c a s s a
A .1 T it o li d i S t a t o
A .2 A lt r i t it o li d i d e b it o
A v is t a
D a o lt re
1 g io rn o
a 7 g io rn i
D a o lt r e
7 g io r n i
a 15 g io r n i
D a o lt re
15 g io rn i
a 1m es e
D a o lt re
1m ese
f in o a
3 m es i
D a o lt r e
3 m esi
f in o a
6 m esi
D a o lt re
6 m es i
f in o a
1anno
D a o lt re
1anno
f in o a
5 anni
O lt r e
5 anni
(m ig lia ia d i e u ro )
D u ra t a
In d e t e rm in a t a
1.12 0
-
-
4 .2 0 1
39
1
5 .7 7 3
-
1.18 2
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1.12 0
220
900
-
-
4 .2 0 1
39
1
5 .7 7 3
-
1.18 2
-
-
-
4 .2 0 1
39
1
5 .7 7 3
-
1.18 2
P a s s iv it à p e r c a s s a
11.3 8 8
-
-
-
1.18 2
-
-
-
-
-
B .1 D e p o s it i e c o n t i c o r re n t i
- B anc he
- C lie n t e la
11.3 7 4
10 .6 5 5
7 19
-
-
-
1.18 2
1.18 2
-
-
-
-
-
-
B .2 T it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
B .3 A lt r e p a s s iv it à
14
-
-
-
-
-
-
-
-
-
O p e r a zio n i " f u o ri b ila n c io "
-
-
-
-
-
-
-
-
-
-
C .1 D e r iv a t i f in a n zia r i c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o r t e
-
15
29
-
-
-
-
-
-
-
-
C .2 D e r iv a t i f in a n zia r i s e n za
s c a m b io d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o r t e
-
-
-
-
-
-
-
-
-
-
C .3 D e p o s it i e f in a n zia m e n t i
d a r ic e v e re
- P o s izio n i lu n g h e
- P o s izio n i c o r t e
-
-
-
-
-
-
-
-
-
-
C .4 Im p e g n i ir re v o c a b ili a e r o g a re
fo ndi
- P o s izio n i lu n g h e
- P o s izio n i c o r t e
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
A .3 Q u o t e O .I.C .R .
A .4 F in a n zia m e n t i
- B anc he
- C lie n t e la
-
C .5 G a r a n zie f in a n zia r ie
rila s c ia t e
C .6 G a r a n zie f in a n zia r ie ric e v u t e
C .7 D e r iv a t i c re d it izi c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o r t e
C .8 D e r iv a t i c re d it izi s e n za s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o r t e
'
11G'
'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
9$&,'$)0%)0*2"4%2$:%"2*;)="&&$!")C$2$0*+*)
V o c i/ S c a g lio n i t e m p o ra li
A t t iv it à p e r c a s s a
A .1 T it o li d i S t a t o
A v is t a
D a o lt re
1 g io rn o
a 7 g io rn i
D a o lt r e
7 g io rn i
a 15 g io rn i
D a o lt re
15 g io rn i
a 1m es e
D a o lt re
1m es e
f in o a
3 m es i
D a o lt re
3 m es i
f in o a
6 m es i
D a o lt re
6 m es i
f in o a
1anno
D a o lt re
1anno
f in o a
5 anni
O lt re
5 anni
(m ig lia ia d i e u ro )
D u ra t a
In d e t e rm in a t a
9 14
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
A .2 A lt ri t it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
A .3 Q u o t e O .I.C .R .
-
-
-
-
-
-
-
-
-
-
9 14
9 14
-
-
-
-
-
-
-
-
-
-
1.0 2 4
-
-
-
-
-
-
-
-
-
954
954
-
-
-
-
-
-
-
-
-
B .2 T it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
B .3 A lt re p a s s iv it à
70
-
-
-
-
-
-
-
-
-
C .1 D e riv a t i f in a n zia ri c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
71
14 1
-
-
1.3 14
1.4 3 6
-
1.3 0 5
1.4 2 6
4 .4 4 9
4 .8 6 4
-
-
C .2 D e riv a t i f in a n zia ri s e n za
s c a m b io d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .3 D e p o s it i e f in a n zia m e n t i
d a ric e v e re
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .4 Im p e g n i ir re v o c a b ili a e ro g a re
fo ndi
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
A .4 F in a n zia m e n t i
- B anc he
- C lie n t e la
P a s s iv it à p e r c a s s a
B .1 D e p o s it i e c o n t i c o rr e n t i
- B anc he
- C lie n t e la
O p e r a zio n i " f u o ri b ila n c io "
C .5 G a ra n zie f in a n zia rie
rila s c ia t e
C .6 G a ra n zie f in a n zia rie ric e v u t e
C .7 D e riv a t i c re d it izi c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
C .8 D e riv a t i c re d it izi s e n za s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
%
%
9$&,'$)0%)0*2"4%2$:%"2*;)@&'!*)3$&,'*)
V o c i/ S c a g lio n i t e m p o ra li
A t t iv it à p e r c a s s a
A v is t a
D a o lt re
1 g io rn o
a 7 g io rn i
D a o lt re
7 g io r n i
a 15 g io rn i
D a o lt re
15 g io r n i
a 1m es e
D a o lt re
1m es e
f in o a
3 m esi
D a o lt re
3 m es i
f in o a
6 m es i
D a o lt re
6 m es i
f in o a
1anno
D a o lt re
1anno
f in o a
5 anni
O lt re
5 anni
(m ig lia ia d i e u ro )
D u ra t a
In d e t e rm in a t a
-
119
15 0
-
-
-
-
-
-
-
A .1 T it o li d i S t a t o
-
-
-
-
-
-
-
-
-
-
A .2 A lt ri t it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
A .3 Q u o t e O .I.C .R .
A .4 F in a n zia m e n t i
- B anc he
- C lie n t e la
-
-
-
-
-
-
-
-
-
-
119
119
-
15 0
15 0
-
-
-
-
-
-
-
-
-
P a s s iv it à p e r c a s s a
491
-
-
-
-
-
-
-
-
-
B .1 D e p o s it i e c o n t i c o rr e n t i
- B anc he
- C lie n t e la
491
282
209
-
-
-
-
-
-
-
-
-
B .2 T it o li d i d e b it o
-
-
-
-
-
-
-
-
-
-
B .3 A lt re p a s s iv it à
-
-
-
-
-
-
-
-
-
-
C .1 D e riv a t i f in a n zia ri c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
18 9
12 2
-
-
-
-
466
467
-
-
-
C .2 D e riv a t i f in a n zia ri s e n za
s c a m b io d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .3 D e p o s it i e f in a n zia m e n t i
d a ric e v e re
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
C .4 Im p e g n i irre v o c a b ili a e ro g a re
fo ndi
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
O p e ra zio n i " f u o ri b ila n c io "
C .5 G a ra n zie f in a n zia rie
rila s c ia t e
C .6 G a ra n zie f in a n zia rie ric e v u t e
C .7 D e riv a t i c re d it izi c o n s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
C .8 D e riv a t i c re d it izi s e n za s c a m b io
d i c a p it a le
- P o s izio n i lu n g h e
- P o s izio n i c o rt e
'
'
11O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
10'9$<&*=#,!6#'@:""+'#,,!6!,Q'!=>+5$#,+'!@%*!,,+'!$'F!"#$%!&'
Fo rme te c n ic he
Imp e g n a te
Valo re di
bilanc io
1. Ca ssa e d isp o n ib ilità liq u id e
2 . Tito li d i d e b ito
3 . Tito li d i c a p ita le
4 . Fin a n zia men ti
5 .88 9
12 .6 11
(mig lia ia d i e uro )
3 1.12 .2 0 13
No n imp e g n a te
F air
v alue
Valo re di
bilanc io
F air
v alue
X
3 1.3 2 0
X
3 1.32 0
5 .8 8 9
2 4 .4 2 2
2 4 .4 2 2
3 0 .3 11
1.17 7
1.17 7
1.177
X
2 .22 1.8 4 2
X
2 .2 3 4 .45 3
-
5 . Altre a ttività fin a n ziarie
-
X
3 3 .4 4 2
X
3 3 .44 2
6 . Attività n o n fin a n zia rie
-
X
8 2 .2 6 3
X
8 2 .26 3
TO TA L E 3 1.12 .2 0 13
18 .50 0
5 .8 8 9
2 .3 9 4 .4 6 6
2 5 .5 9 9
2 .4 12 .9 66
%
"
L%'"!$"'(( - (." #*$5+'($U"
− !'"-)&$"OL ()! "2 "2$@ ()P"% *)%('" "( ()! "*)/( "'"&'31 )+$"'"=%)+($"2$!!,$# // )+$"2$ "*%)*% "'//$5+ "& %&)!'% 6"
− +$ " O= +'+1 '#$+( P" /)+)" % *)%('( " " &)!!'($%'! " *)/( " '" 5'%'+1 '" 2$!!)" /@ !'+& )" +$5'( -)" 2$!" =' %" -'!3$" 2$ "
2$% -'( " -$%/)" A+($/'" H'+*')!)" $" ;'+&'" AKA" /@ !'+& '( " *$%" &)+(%)*'%($" $" /)55$(( " '2" '&&)%2 " 83'2%)" 2 "
&)#*$+/'1 )+$6" "&%$2 ( "&<$0"$%)5'( " +"@'/$"'!!'"AQ"(%'+&<$"2$!!,'&&)%2)"M;A"S"`ZR"*$%" "&%$2 ( "'!!$"RKA0"
2$-)+)" $//$%$" )@@! 5'()% '#$+($" &$23( " '" 5'%'+1 '" '!!'" `'//'" Z$*)/ ( " $" R%$/( ( " $2" $-$+(3'! " 2$*)/ ( "
&'31 )+'! "'(( - 9"
"
.0'9$<&*=#,!6#'@:""+'#,,!6!,Q'!=>+5$#,+'$&$'!@%*!,,+'!$'F!"#$%!&'''
'
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!'"('@$!!'"*%$- /('"2'";'+&'"2,A('! '"OW9"A+=)%#'( -'"/3!!$"'(( - (." #*$5+'($"
+)+" /&% (($" +"@ !'+& )P9"
'
11P'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
K]c9V4]'?'W'b9KJg9'V7]b8)9M9'
'
94YVbL8c9V49'Z9'48)Nb8'eN8C9)8)9M8'
'
80'8@>+,,!'5+$+*#"!;'>*&%+@@!'(!'5+@,!&$+'+'=+,&(!'(!'=!@:*#-!&$+'(+"'*!@%E!&'&>+*#,!6&'
'
A!"% /&< )")*$%'( -)"?"2$= + ()"&)#$" !"% /&< )"2 "/3@ %$"*$%2 ($"2$% -'+( "2'!!'" +'2$53'($11'")"2'!!'"2 /=3+1 )+$"
2 "*%)&$23%$0"% /)%/$"3#'+$"$"/ /($# " +($%+ 0")**3%$"2'"$-$+( " $/)5$+ 9"C$!"% /&< )")*$%'( -)" ?"&)#*%$/)" !"
% /&< )" !$5'!$0" )// '" !" % /&< )" 2 " *$%2 ($" 2$% -'+( " 2'" - )!'1 )+ " 2 " !$55 " )" %$5)!'#$+( 0" 2'" %$/*)+/'@ ! (."
&)+(%'((3'!$" )" $N(%'F&)+(%'((3'!$" )--$%)" 2'" '!(%$" &)+(%)-$%/ $6" +)+" /)+)" +-$&$" +&!3/ " " % /&< " /(%'($5 & " $" 2 "
%$*3('1 )+$9"
:'" `'*)5%3**)" A+($/'" H'+*')!)" <'" 2$= + ()" !" 83'2%)" &)#*!$// -)" *$%" !" 5)-$%+)" 2$ " % /&< " )*$%'( - 0"
/('@ !$+2)"+)%#'( -'"$"*%)&$// ")%5'+ 11'( - "*$%"!'"# /3%'1 )+$0"!'"5$/( )+$"$" !"&)+(%)!!)"2$5! "/($// 9"
A!" 5)-$%+)" 2$ " % /&< " )*$%'( - " 2 " [%3**)" ?" '((% @3 ()" '!" `)+/ 5! )" 2 " [$/( )+$0" &<$" +2 - 23'" !$" *)! ( &<$" 2 "
5$/( )+$" 2$!" % /&< )0" $" '!" `)+/ 5! )" 2 " H)%-$5! '+1'0" &3 " /)+)" 2$#'+2'($" !,'**%)-'1 )+$" $" !'" -$% = &'" 2$!!$"
/($//$0"+)+&<^"!'"5'%'+1 '"2$!!'"=3+1 )+'! (.0"2$!!,$== & $+1'"$"2$!!,$== &'& '"2$!"/ /($#'"2 "5$/( )+$"$"&)+(%)!!)"
2$ "% /&< 9"
A!"`)# ('()"`)#*! '+&$"$"_*$%'( )+'!"Y /G"2 "[%3**)"<'0"=%'"5! "'!(% 0" !"&)#* ()"2 "-$% = &'%$"*$% )2 &'#$+($" !"
*%)= !)"2 "% /&< )")*$%'( -)"&)#*!$// -)"2$!"[%3**)0"2 /*)+$+2)"!$"$-$+(3'! "'1 )+ "&)%%$(( -$0"&))%2 +'+2)"$"
#)+ ()%'+2)" !,$== &'& '" 2$!!$" *% +& *'! " '(( - (." 2 " # ( 5'1 )+$" $" '**%)-'+2)" !$" /(%'($5 $" 2 " (%'/=$% #$+()" 2$!"
% /&< )")*$%'( -)9""
A!" [%3**)" <'" 3+'" =3+1 )+$" &$+(%'! 11'('" 2 " 5$/( )+$" 2$!" % /&< )" )*$%'( -)0" &<$" ?" *'%($" 2$!!'" Z %$1 )+$" Y /G"
K'+'5$#$+(9":,>+ (."?"%$/*)+/'@ !$"2$!!'"*%)5$(('1 )+$0"2$!!, #*!$#$+('1 )+$"$"2$!"*%$/ 2 )"2$!"=%'#$X)%G"
#$()2)!)5 &)"$")%5'+ 11'( -)0"+)+&<^"2$!!'"# /3%'1 )+$"2$ "*%)= ! "2 "% /&< )0"2$!!'"-$% = &'"2$!!,$== &'& '"2$!!$"
# /3%$"2 "# ( 5'1 )+$"$"2$!"%$*)%( +5"-$%/)" "-$%( & "'1 $+2'! 9""
A+" &)+=)%# (." ' " %$83 / ( " 2$!!'" +)%#'( -'" - 5$+($0" !$" / +5)!$" >+ (." _%5'+ 11'( -$" <'++)" !'" %$/*)+/'@ ! (."
2$!!, +2 - 23'1 )+$0" 2$!!'" -'!3('1 )+$0" 2$!!'" 5$/( )+$" $" 2$!!'" # ( 5'1 )+$" 2$ " % /&< U" '!" !)%)" +($%+)" /)+)"
+2 - 23'($"!$"=3+1 )+ "%$/*)+/'@ ! "2$ "*%)&$// "2 "_*$%'( )+'!"Y /G"K'+'5$#$+("*$%"!,3+ (."2 "'**'%($+$+1'"
D%'&&)!('" $" &$+/ #$+()" /(%3((3%'()" 2$!!$" +=)%#'1 )+ " %$!'( -$" '5! " $-$+( " )*$%'( - 0" $/$&31 )+$" 2$!!,'+'! / " 2 "
/&$+'% )"$"2$!!'"-'!3('1 )+$"2$!!'"% /&< )/ (."'//)& '('"'!"&)+($/()")*$%'( -)E9"
A!"R%)&$//)"2 "M3()2 '5+)/ "A+($5%'('0"/-)!()"&)+"&'2$+1'"'++3'!$0"&)+/$+($"2 U"
− +2 - 23'%$0" # /3%'%$0" #)+ ()%'%$" $" # ( 5'%$" " % /&< " )*$%'( - " '((%'-$%/)" !, 2$+( = &'1 )+$" 2$!!$" *% +& *'! "
&% ( & (.")*$%'( -$"$"!'"2$= + 1 )+$"2$!!$"* 4")**)%(3+$"'1 )+ "2 "# ( 5'1 )+$6"
− &%$'%$" #*)%('+( " / +$%5 $" &)+" !$" =3+1 )+ " /*$& '! /( &<$" 2$!!'" Z %$1 )+$" R$%/)+'!$" $" _%5'+ 11'1 )+$" &<$"
*%$/ 2 '+)"!'"*%)5$(('1 )+$"2$ "*%)&$// ")*$%'( - "$"!$"($#'( &<$"2 ";3/ +$//"`)+( +3 (B"$"&)+"!$"=3+1 )+ "2 "
&)+(%)!!)" D`)#*! '+&$0" [)-$%+'+&$" M## + /(%'( -)" T +'+1 '% '" $" M32 (E" &<$" *%$/ 2 '+)" /*$& = &<$"
+)%#'( -$" $" ($#'( &<$" DZ9:5/" VWIajI0" :9" VhVajfE" )" /-)!5)+)" " ($/(" 2 " $==$(( - (." 2$ " &)+(%)!! " /3 " *%)&$// "
'1 $+2'! 9"
"
A!" *%)&$//)" 2 " M3()2 '5+)/ " <'" $- 2$+1 '()" &)#*!$// -'#$+($" !,$/ /($+1'" 2 " 3+" @3)+" *%$/ 2 )" 2$ " % /&< "
)*$%'( - "$"<'"&)+(% @3 ()"'2"'#*! '%$"!'"2 ==3/ )+$"2 "3+'"&3!(3%'"'1 $+2'!$"= +'! 11'('"'!"*%$/ 2 )"&)+( +3'( -)"
2 "('! "% /&< 9"
A!" *%)&$//)" 2 " %'&&)!('" 2$ " 2'( " /35! " $-$+( " )*$%'( - " D*$%2 ($" )*$%'( -$" +" *'%( &)!'%$0" )(($+3($" / '" 2'" =)+( "
+($%+$" &<$" $/($%+$E" =)%+ /&$" +=)%#'1 )+ " / 5+ = &'( -$" /3!!,$/*)/ 1 )+$" *%$5%$//'6" &)+(% @3 /&$" +)!(%$" '!!'"
&)+)/&$+1'"$"'!!'"&)#*%$+/ )+$"2$!!,$/*)/ 1 )+$"'!"% /&< )")*$%'( -)"2'"3+"!'()"$"'!!'"-'!3('1 )+$"2$!!,$== &'& '"
)--$%)"2 "*)($+1 '! "2$@)!$11$"+$!"/ /($#'"2$ "&)+(%)!! " +($%+ "2'!!,'!(%)9"
A!"#)2$!!)" +($%+)"2 "&'!&)!)"2$!!,'//)%@ #$+()"*'(% #)+ '!$"/- !3**'()"2'!!'"`'*)5%3**)"?"&)+&$* ()" +"#)2)"
2'" &)#@ +'%$" (3(($" !$" *% +& *'! " =)+( " +=)%#'( -$" / '" 2 " ( *)" 83'+( ('( -)" D*$%2 ($" )*$%'( -$E" &<$" 83'! ('( -)"
DM3()2 '5+)/ E9"
:'"&)#*)+$+($"83'+( ('( -'"/ "@'/'"/3!!,'+'! / "2$ "2'( " /()% & "%$!'( - "'" $-$+( " +($%+ "D% !$-'( "*%$//)" "*%$/ 2 "
2$&$+(%'( 0" )**)%(3+'#$+($" -$% = &'( " 2'!!'" =3+1 )+$" &$+(%'! 11'('" $" 5$/( ( " 2'" 3+" / /($#'" +=)%#'( &)"
2$2 &'()E"$2"$/($%+ "D2'!"&)+/)%1 )"_*$%'( )+'!"Y /G2'('"$l&<'+5$"M//)& '( )+E9"
:'"&)#*)+$+($"83'! ('( -'"D'+'! / "2 "/&$+'% )E"?"=)&'! 11'('"/3!!'"-'!3('1 )+$"*%)/*$(( &'"2$!"*%)= !)"2 "% /&< )"
2 "& '/&3+'"3+ (."$"/ "@'/'"/3!!'"%'&&)!('" /(%3((3%'('"$" )%5'+ 11'('"2 "/( #$"/)55$(( -$"$/*%$//$"2 %$(('#$+($"
2'!"K'+'5$#$+("$"'-$+( "*$%")@ $(( -)"!'"-'!3('1 )+$"2$!"*)($+1 '!$" #*'(()"$&)+)# &)"2 "$-$+( ")*$%'( - "2 "
*'%( &)!'%$"5%'- (.9"
'
11S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%'
A!" &'* ('!$" '" % /&< )" - $+$" 83 +2 " +2 - 23'()" &)#$" !'" # /3%'" # + #'" '" ! -$!!)" 2 " [%3**)0" " +$&$//'% '" *$%"
=%)+($55 '%$" !'" #'// #'" *$%2 ('" *)($+1 '!$6" !" &'* ('!$" '" % /&< )" ?" /( #'()" 3( ! 11'+2)" 3+" #)2$!!)" 2 " :)//"
Z /(% @3( )+"M**%)'&<"D#)2$!!)"/('( /( &)"2 "2$% -'1 )+$"'((3'% '!$"*$%" !"&'!&)!)"2$!"Q'!3$F'(FY /G"2$!!$"*$%2 ($"
)*$%'( -$E0"'**! &'()"/ '"' "2'( "83'+( ('( - "/ '"' "% /3!('( "2$!!,'+'! / "2 "/&$+'% )"/3"3+")% 11)+($"($#*)%'!$"2 "
3+" '++)0" &)+" 3+" +($%-'!!)" 2 " &)+= 2$+1'" 2$!" ii0ijo6" !'" #$()2)!)5 '" *%$-$2$" +)!(%$" !,'**! &'1 )+$" 2 " 3+"
='(()%$" 2 " &)%%$1 )+$0" 2$% -'+($" 2'!!$" '+'! / " 83'! ('( -$" /3!!'" % /&< )/ (." 2$!" &)+($/()" )*$%'( -)0" *$%" ($+$%$"
&)+()"2$!!,$== &'& '"2$ "&)+(%)!! " +($%+ "+$!!$"-'% $"3+ (.")%5'+ 11'( -$9"
A!" #)+ ()%'55 )" 2$ " % /&< " )*$%'( - " ?" %$'! 11'()" '((%'-$%/)" 3+" / /($#'" +($5%'()" 2 " %$*)%( +50" &<$" =)%+ /&$" '!"
#'+'5$#$+(" +=)%#'1 )+ "'"/3**)%()"2$!!'"5$/( )+$"$a)"2$!!'"# ( 5'1 )+$"2$ "% /&< "'//3+( 9""
R$%" /3**)%('%$" &)+" &)+( +3 (." !" *%)&$//)" 2 " 5)-$%+)" 2$!" % /&< )" )*$%'( -)0" !'" `'*)5%3**)" <'" '(( -'()" 3+"
*%)5%'##'"/(%3((3%'()"2 "=)%#'1 )+$"*$%"!$"*$%/)+$"'(( -'#$+($"&) +-)!($"+$!"*%)&$//)"/($//)9"
_!(%$"'"& 70" !"[%3**)"'((3'"2'"($#*)"3+'"*)! ( &'"(%'2 1 )+'!$"2 "(%'/=$% #$+()"2$!"% /&< )")*$%'( -)"D'"(3($!'"
2'" !!$& ( " &)#$" !, +=$2$!(." 2$ " 2 *$+2$+( 0" =3%()" $" 2'++$55 '#$+( 0" (%'/*)%()" -'!)% 0" =%)2$" +=)%#'( &'0"
='!/ = &'1 )+$0" +&$+2 )" $" ($%%$#)()" +)+&<^" 2'" %$/*)+/'@ ! (." & - !$" -$%/)" ($%1 E" &<$" &)+(% @3 /&$" '!!'" /3'"
'(($+3'1 )+$9" M" = +$" 5 35+)0" *$%" &)+/$+( %$" 3+" 3( ! 11)" )(( #'!$" 2$5! " /(%3#$+( " 2 " (%'/=$% #$+()" 2$!" % /&< )"
)*$%'( -)"2 /*)+ @ ! "$"*)($%"=%3 %$"2$ "@$+$= & "*'(% #)+ '! 0"+$!"% /*$(()"2$ "%$83 / ( "/('@ ! ( "2'!!'"+)%#'( -'0" !"
[%3**)" <'" /( *3!'()" 3+'" *)! 11'" '// &3%'( -'" 2$+)# +'('" _*$%'( )+'!" Y /G" A+/3%'+&$" R%)5%'##$" &<$" )==%$"
3+'"&)*$%(3%'" +"/3*$%)"'!!$"*)! 11$"(%'2 1 )+'! 0"$!$-'+2)"/$+/ @ !#$+($" "#'// #'! "&)*$%( 0"&)+"(%'/=$% #$+()"
'!" #$%&'()" '// &3%'( -)" 2$!" % /&< )" 2$% -'+($" 2'" *$%2 ($" )*$%'( -$" % !$-'+( 9" :'" &)#*)+$+($" 2 " # ( 5'1 )+$"
'// &3%'( -'"2$!"#)2$!!)" +($%+)"?"/('('"'3()% 11'('"2'";'+&'"2,A('! '"+$!"#$/$"2 "5 35+)"VjIW"$"<'"$/*! &'()" "
/3) "@$+$= & "5$/( )+'! "$"/3!"%$83 / ()"*'(% #)+ '!$"&)+"*'% "2$&)%%$+1'9
94YVbL8c9V49'Z9'48)Nb8'eN84)9)8)9M8'
'
R$%"!'"2$($%# +'1 )+$"2$!"%$83 / ()"*'(% #)+ '!$0"!'";'+&'"'2)(('" !"K$()2)"M-'+1'()"MKM"D#)2$!!)" +($%+)E0"
'3()% 11'()" 2'!!,_%5'+)" 2 " Q 5 !'+1'0" 3+ ('#$+($" '!!'" `'*)5%3**)" $" '2" '!(%$" &)+(%)!!'($6" !,'//)%@ #$+()"
*'(% #)+ '!$"&)/\")(($+3()"?"2 "& %&'"II0hje"# ! )+ "2 "J3%)9""
Z " /$53 ()" / " !!3/(%'" !'" % *'%( 1 )+$" 2$!!$" *$%2 ($" )*$%'( -$" D2 " #*)%()" /3*$% )%$" '!!'" /)5! '" 2 " % !$-'1 )+$"
)@@! 5'()% '"/('@ ! ('"*$%" !"[%3**)E"&)+('@ ! 11'($"+$!!,$/$%& 1 )0"/322 - /$"*$%"( *)!)5 '"2 "$-$+()9"
"
"
'
1.2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'4&,#'!$,+5*#,!6#'3'7#*,+']'S
S"A+=)%#'1 )+ "/3 "% /&< "$"/3!!$"%$!'( -$"*)! ( &<$"2 "&)*$%(3%''
b!@%E!'"+5#"!''
'
A"Y /&< "&)++$// "&)+"-$%($+1$"!$5'! "/)+)"/('( "'**%)=)+2 ('#$+($"$/'# +'( " +"-'% "'#@ ( "83'! "'2"$/$#* )" !"
&)!!$5 )"/ +2'&'!$"$"!$"/(%3((3%$" +($%+$"2$!!$";'+&'9"
c3'!)%'" / " / '+)" % /&)+(%'( " *$% &)! " 2 " *$%2 ('" $&)+)# &'0" / " ?" *%)--$23()" '2" $==$((3'%$" " %$!'( - "
'&&'+()+'#$+( "'!"= +$"2 "'2$53'%$" !"=)+2)"% /&< "$2")+$% 9"
Z "/$53 ()"-$+5)+)" !!3/(%'( 0"*$%"/)## "&'* "$"&'($5)% $0"!$"-$%($+1$"!$5'! "# +'&& '($"$a)" +/('3%'($"&)+"!$"
&)+(%)*'%( 9"
"
J&$,+$-!&@&'!$'=#,+*!#'(!'#$#,&%!@=&''
C$!" Iiii" !'" `)%($" 2 " `'//'1 )+$0" #3('+2)" !" *%)*% )" )% $+('#$+()0" <'" % ($+3()" +)+" * 4" !$5 (( #'" !'"
&'* ('! 11'1 )+$" (% #$/(%'!$" 2$5! " +($%$// " 2$@ ()% " /3 " &)+( " &)%%$+( " /3!" *%$/3**)/()" &<$" !'" &!'3/)!'"
&)+(%'((3'!$"&<$"!'"*%$-$2$" +($5% "3+"3/)"+)+"O+)%#'( -)P"#'"#$%'#$+($"O+$5)1 '!$P0"83 +2 " + 2)+$)"'"
2$%)5'%$"'!!'"+)%#'" #*$%'( -'"2 "&3 "'!!,'%(9"IVgW"&)29"& -9"&<$"- $('"!,'+'()& /#)9"
A!" /3&&$// -)" Z9" :5/9"+9" WeVaii" <'" '==$%#'()" !'" !$5 (( # (." 2$!!'" &'* ('! 11'1 )+$" +=%'F'++3'!$" 2$5! " +($%$// "
+$ " &)+( " &)%%$+( " @'+&'% 0" *3%&<?" &)+" *'% " *$% )2 & (." 2 " &)+($55 )" 2$5! " +($%$// " 2$@ ()% " $" &%$2 ()% 6"
2'!!,$+(%'('" +" - 5)%$" 2 " ('!$" +3)-'" 2 /& *! +'" D'*% !$" VjjjE" (3(( " " %'**)%( " 2 " &)+()" &)%%$+($" /)+)" /('( "
'2$53'( 0"&)+"*%$- / )+$"2 "&'* ('! 11'1 )+$"(% #$/(%'!$"2$5! " +($%$// "/ '"'(( - "&<$"*'// - 9"
A!"&)+($+1 )/)"/)%()" +"('!$"#'($% '"% 53'%2'"83 +2 "/)!)" "&)+(%'(( "/( *3!'( "'+($% )%#$+($"'!!'"2'('" +2 &'('9"
`)+" /$+($+1'" '" H$1 )+ " >+ ($" +9" VeeIg" 2$!" V" 2 &$#@%$" VjIj" !'" `'//'1 )+$" <'" &)+=$%#'()" 83$/(,3!( #)"
+2 % 11)"$2"<'"% /)!()" !"23@@ )"/3!"($%# +$"2 "2$&)%%$+1'"2$!"*$% )2)"2 "*%$/&% 1 )+$"2$&$++'!$"&3 "?"/)55$(()"
!"2 % (()"2$ "&)%%$+( /( "'!"% #@)%/)"2$5! " +($%$// " +2$@ ('#$+($"*'5'( 0"2 /( +53$+2)0"'"83$/()"% 53'%2)0"(%'"
&)+()"'== 2'()"&<$"'@@ '")*$%'()"+$ "! # ( "2$!"= 2)"$"&)+()"+)+"'// /( ()"2'"= 2)")--$%)"&<$"/ '"/('()"3( ! 11'()"
)!(%$"2$(( "! # ( 9"C$!"*% #)"&'/)"!'"*%$/&% 1 )+$"- $+$"='(('"2$&)%%$%$"2'!!'"2'('"2 "&< 3/3%'"2$!"&)+()"#$+(%$"
+$!"/$&)+2)"&'/)"2'!!'"2'('" +"&3 "/)+)"/('($"'&&%$2 ('($"!$"/ +5)!$"% #$//$"&<$"<'++)"'-3()"*$%"$==$(()"83$!!)"
2 "% * '+'%$" +"(3(()")" +"*'%($" "*%$&$2$+( "'22$@ ( "*$%" +($%$// 9""
C)+" ?" *)// @ !$" /( #'%$" '" *% )% " !, #*'(()" &<$" 83$/('" 2$& / )+$" *37" *%)23%%$" /3!!$" &'3/$" +" $//$%$" 2'!"
#)#$+()"&<$"?"+$&$//'% )"*%)&$2$%$"/3!!'"@'/$"2 "3+'"-'!3('1 )+$"&'/)"*$%"&'/)9"
A!" +3#$%)" &)#*!$// -)" 2$!!$" &'3/$" *$+2$+( " / " #'+( $+$0" +" ($%# + " '//)!3( 0" /3" ! -$!! " +)+" / 5+ = &'( - " $2" ?"
)55$(()" 2 " &)/('+($" #)+ ()%'55 )9" A" % /&< " &<$" +$" 2$% -'+)" /)+)" =%)+($55 '( " 2'" *3+(3'! " $" &)+5%3 "
'&&'+()+'#$+( "' "T)+2 "*$%"% /&< "$2")+$% 9"
"
J&$,+$-!&@&'!$'=#,+*!#'(!'@+*6!-!&'(!'!$6+@,!=+$,&''
R$%"83'+()"&)+&$%+$"!$"&)+(%)-$%/ $"'-$+( "'2")55$(()" "@)+2" !"&3 " 2$='3!(" / "?"/()% &'#$+($"-$% = &'()"*% #'"
2$!" Vjjg" DM%5$+( +'0" ` % )0" R'%#'!'(0" $&&9E0" / " (%'(('" 2 " 3+" =$+)#$+)" &<$" / " ?" /$#*%$" #'+($+3()" /3" ! -$!! "
#)2$/( "$"&<$"% /3!('")55 " +"- '"2 "$/'3% #$+()6"'"('!$"% /3!('()"<'++)"&)+(% @3 ()"5! " +($%-$+( "2 " &3/()#$%"
&'%$"#$// "'"*3+()"2'!!$"23$"%$( "@'+&'% $"D$N"A+($/'"$2"$N"H'+*')!)"A# E"#$2 '+($""23$"2 -$%/ "#'"&)+&)%%$+( "
/(%3#$+( "%'**%$/$+('( " 2'!!'"&)+& ! '1 )+$" /3" @'/ "*'% ($( &<$" $"2'!!'" /( (31 )+$" 2$!"`)# ('()" R'%#'!'(@)+2"
*$%"!'"(3($!'"2$ "2 % (( "% /'%& ()% "2$5! "'2$%$+( 9"
A!" &)+($+1 )/)" '==$%$+($" " ( ()! " $#$// " 2'!!$" /)& $(." '**'%($+$+( " '!" 5%3**)" :$<#'+" ;%)(<$%/0" !" &3 " 2$='3!("
% /'!$" '!" /$(($#@%$" Vjjg0" %$5 /(%'" 3+" !$55$%)" +&%$#$+()" % /*$(()" ' " 23$" '++ " *%$&$2$+( " #'0" +" ($%# + "
'//)!3( 0" *%$/$+('" 2 #$+/ )+ " ! # ('($" / '" *$%" +3#$%)" &<$" *$%" -'!)%$9" :$" 2$& / )+ " / +)%'" +($%-$+3($" &)+"
% =$% #$+()"'!!, +($%)"*$% #$(%)"2$!!$";'+&<$"2$ "($%% ()% "/)+)"% /3!('($"='-)%$-)! 0"'2"$&&$1 )+$"2 "(%$"/)! "&'/ "
/)!'( " F" &<$" +)+" % 53'%2'+)" *$%'!(%)" 83$/('" ;'+&'" F" +" %$!'1 )+$" ' " 83'! " *$+2$" )" /('" *$%" $//$%$" *%)#)//)"
5 32 1 )"2,'**$!!)9"
A!"[%3**)"A+($/'"H'+*')!)0"+$!!,'#@ ()"2 "3+, + 1 '( -'"2 "/ /($#'0"<'"&3%'()"$2")(($+3()""*$%"&)+()"2$ "*%)*% "
&! $+( "*)//$//)% "2$ "( ()! ":$<#'+0"/$+1'"'!&3+")+$%$"'"!)%)"&'% &)0"!, +/ +3'1 )+$" +"- '"&3#3!'( -'"2$ "%$!'( - "
&%$2 ( "'!"*'// -)"2$!!$"*%)&$23%$"2, +/)!-$+1'"*$+2$+( "+$ "-'% "*'$/ "$/($% 9"
C$!!, +/ $#$0" !" &)+($+1 )/)" &)+&$%+$+($" " @)+2" " +" 2$='3!(" ?" *%$/ 2 '()" 2'" '&&'+()+'#$+( " *3+(3'! " &<$"
% =!$(()+)"!'"/*$& = & (."2$ "/ +5)! "&'/ 9""
:$" &)+(%)-$%/ $" +" #'($% '" 2 " 2$% -'( 0" *3%" '-$+2)" ='(()" %$5 /(%'%$" 3+" +&%$#$+()" % /*$(()" '!!,$/$%& 1 )"
*%$&$2$+($0"&)+( +3'+)"'"#'+($+$%/ 0" +"($%# + "'//)!3( 0"/3"! -$!! "+)+"/ 5+ = &'( - "$"/)+)")55$(()"2 "&)/('+($"
#)+ ()%'55 )9"
A"% /&< "%$!'( - "/)+)"=%)+($55 '( "2'"/*$& = & "$"&)+5%3 "'&&'+()+'#$+( 9
"
'
1./'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'Y S"A+=)%#'1 )+ "/3!"*'(% #)+ )
R'%($"T"S"A+=)%#'1 )+ "/3!"*'(% #)+ )"
"
K+-!&$+'/'3'9"'>#,*!=&$!&'(+""[!=>*+@#'
'
7*+=+@@#'
'
A!"*%$/ 2 )"2$!!,'2$53'($11'"*'(% #)+ '!$"'"! -$!!)"&)+/)! 2'()"$"2 "/ +5)!'"*'%($& *'('"?"'// &3%'()"2'!!,'(( - (."
2 "&'* ('!"#'+'5$#$+("+$!!,'#@ ()"2$!!'"83'!$"-$+5)+)"2$= + ($"!'"2 #$+/ )+$"$"!'"&)#@ +'1 )+$")(( #'!$"(%'"
"2 -$%/ "/(%3#$+( "2 "*'(% #)+ '! 11'1 )+$"+$!"% /*$(()"2$ "- +&)! "%$5)!'#$+('% "$" +"&)$%$+1'"&)+" !"*%)= !)"2 "
% /&< )"'//3+()"2'!"[%3**)9"
A!"[%3**)"A+($/'"H'+*')!)"'//$5+'"3+"%3)!)"*% )% ('% )"'!!'"5$/( )+$"$"'!!,'!!)&'1 )+$"2$!!$"% /)%/$"*'(% #)+ '! "
'+&<$" ' " = + " 2$!" 5)-$%+)" 2$!!,)*$%'( - (.9" >+'" -)!('" 2$= + ('" !'" /(%'($5 '" 2 " =)+2)" &<$" !" [%3**)" +($+2$"
*$%/$53 %$"-$+5)+)"'!!)&'($"' "2 -$%/ "@3/ +$//"!$"% /)%/$"'((%'-$%/)"3+"*%)&$//)"&<$" 2$+( = &'" !"*)($+1 '!$"2 "
&%$/& ('"$"!'"&'*'& (."2 "&%$'1 )+$"2 "-'!)%$"/*$& = &<$" +"#)2)"2'"*$%#$(($%$" !"%'55 3+5 #$+()"2$5! ")@ $(( - "
2 "%$22 ( - (.0"/)! 2 (."*'(% #)+ '!$"$"2 "! 83 2 (.9"
A!"&)+&$(()"2 "&'* ('!$"'"% /&< )"?"2 ==$%$+1 '()" +"%$!'1 )+$"'!!,)(( &'"&)+"&3 "- $+$"# /3%'()U"
- &'* ('!$"%$5)!'#$+('%$"'"=%)+($"2$ "% /&< "2 "R !!'%"I6"
- &'* ('!$" +($%+)"&)#*!$// -)"'"=%)+($"2$ "% /&< "2 "R !!'%"V0"' "= + "2$!"*%)&$//)"A`MMR9"
"
A!"&'* ('!$"%$5)!'#$+('%$"$" !"&'* ('!$" +($%+)"&)#*!$// -)"2 ==$% /&)+)"(%'"!)%)"*$%"2$= + 1 )+$"$"*$%"&)*$%(3%'"
2$!!$" &'($5)% $" 2 " % /&< )9" A!" *% #)" 2 /&$+2$" 2'" /&<$# " 2$= + ( " +$!!'" +)%#'( -'" 2 " - 5 !'+1'0" !" /$&)+2)"
2'!!,$==$(( -'"# /3%'1 )+$"2$!!,$/*)/ 1 )+$"'//3+('9""
:,'(( - (." 2 " &'* ('!" #'+'5$#$+(" / " /)/('+1 '0" *$%('+()0" +$!" 5)-$%+)" 2$!!'" /)! 2 (." *'(% #)+ '!$" '((3'!$" $"
*%)/*$(( &'"'((%'-$%/)"3+"'(($+()"*%$/ 2 )"/ '"2$ "- +&)! "%$5)!'#$+('% "DR !!'%"IE0"/ '"2$ "- +&)! "5$/( )+'! "DR !!'%"
VE9" c3$/( " 3!( # " /)+)" -'!3('( " '+&<$" +" &)+2 1 )+ " 2 " /(%$//" '!" = +$" 2 " '// &3%'%$" &<$" !$" % /)%/$" = +'+1 '% $"
2 /*)+ @ ! "/ '+)"'2$53'($"'"&)*% %$"(3(( " "% /&< "'+&<$" +"&)+2 1 )+ "&)+5 3+(3%'! "'--$%/$9"
:,'(( - (."?"2 +'# &'"+$!"($#*)"$"% =!$(($0"'+1 (3(()0"!$"$/ 5$+1$"*'(% #)+ '! "&)%%$!'($"'5! ")@ $(( - "*!3% $++'! "
= //'( " +$!" R '+)" 2, #*%$/'9" C$!!,'#@ ()" 2$!" *%)&$//)" 2 " '//$5+'1 )+$" 2$5! " )@ $(( - " '++3'! " 2 " @325$(" - $+$"
/-)!('"3+'"-$% = &'"2 "&)#*'( @ ! (."'"! -$!!)"&)+/)! 2'()"$"2 "/ +5)!'"*'%($& *'('0" +"=3+1 )+$"2$!!$"2 +'# &<$"
'(($/$"2$5! "'55%$5'( "*'(% #)+ '! "$2"$&)+)# & 9"
A!" % /*$(()" 2$!!,'2$53'($11'" *'(% #)+ '!$" - $+$" )(($+3()" '((%'-$%/)" -'% $" !$-$0" 83'! " !'" *)! ( &'" 2 " *'B" )3(0" !'"
2$= + 1 )+$" 2 " )*$%'1 )+ " 2 " = +'+1'" /(%'($5 &'" D'3#$+( " 2 " &'* ('!$0" $# // )+$" 2 " *%$/( ( " &)+-$%( @ ! " $" 2 "
)@@! 5'1 )+ " /3@)%2 +'($0" 2 /# // )+$" 2 " '(( - (." +)+" /(%'($5 &<$0" $&&9E" $" !'" 5$/( )+$" 2$!!'" *)! ( &'" 2$5! "
#* $5< " +"=3+1 )+$"2$!!'"% /&< )/ (."2$!!$"&)+(%)*'%( 9"
C$!"&)%/)"2$!!,'++)"$"/3"@'/$"(% #$/(%'!$"- $+$"$==$((3'('"3+,'(( - (."2 "#)+ ()%'55 )"2$!"% /*$(()"2$ "! -$!! "2 "
*'(% #)+ '! 11'1 )+$0" +($%-$+$+2)0" 2)-$" +$&$//'% )0" &)+" '**%)*% '($" '1 )+ " 2 " +2 % 11)" $" &)+(%)!!)" /35! "
'55%$5'( "*'(% #)+ '! 9"
>!($% )% " '+'! / " ' " = + " 2$!" &)+(%)!!)" *%$-$+( -)" 2$!!,'2$53'($11'" *'(% #)+ '!$" -$+5)+)" /-)!($" +" )&&'/ )+$"
2$!!)"/(32 )"2 ")*$%'1 )+ "2 "&'%'(($%$"/(%')%2 +'% )"D=3/ )+ 0"'&83 / 1 )+ 0"&$// )+ 0"$&&9E"/ '" +($%+$"'!"5%3**)"
&<$"#)2 = &'( -$"2$!"*$% #$(%)"2$!!)"/($//)9"
"
80'9$<&*=#-!&$!'(!'$#,:*#'H:#"!,#,!6#'
'
A+"&)+/ 2$%'1 )+$"2$!!'"+'(3%'"$# +$+($#$+($"2 "@'+&'"&)##$%& '!$"'**'%($+$+($"'2"3+"5%3**)0"!,)@ $(( -)"
*$%/$53 ()"+$!!'"5$/( )+$"2$!"*'(% #)+ )0"&)/( (3 ()"/)/('+1 '!#$+($"2'"&'* ('!$0"% /$%-$"2 "&'* ('!$0"% /$%-$"2 "
3( ! "$"% /$%-$"2'"-'!3('1 )+$0"?"*% +& *'!#$+($"83$!!)" 2 "5'%'+( %$"!$"&)*$%(3%$" 2$ "&)$== & $+( "*%32$+1 '! "2 "
- 5 !'+1'"'// &3%'+2)"+$!"&)+($#*)"'!"/)& )"3+'"'2$53'('"%$#3+$%'1 )+$"2$!"&'* ('!$" +-$/( ()9"
A+"*'%( &)!'%$0"($+3()"&)+()"2$ "='(()% "&)%%$(( - "&<$"2$($%# +'+)" !"*'//'55 )"2'!"*'(% #)+ )"+$(()"&)+('@ !$"
'!"*'(% #)+ )"3( !$"' "= + "2 "- 5 !'+1'0"- $+$"5'%'+( ('"!'"&)*$%(3%'"2$!"&)$== & $+($"2 "/)!- @ ! (." +2 - 23'!$9"
M// &3%'" +)!(%$"!'"&)*$%(3%'"2$ "% /&< "2 "#$%&'()"$"2$ "% /&< ")*$%'( - "&<$0"3+ ('#$+($"'!"% /&< )"2 "&%$2 ()"2 "
&3 "/)*%'0"2$($%# +'+)" "%$83 / ( "*'(% #)+ '! "# + # ")@@! 5'()% "2'"% /*$(('%$9"
R$%" !" *$%/$53 #$+()" 2$5! " )@ $(( - " /)*%'" $/*)/( 0" !'" /)& $(." -$% = &'" / /($#'( &'#$+($" !'" / (3'1 )+$" 2$ "
*'%'#$(% " +" 83$/( )+$" *$%" *%$2 /*)%%$0" +$ " &'/ " 2 " +$&$// (.0" !$" )**)%(3+$" '1 )+ " &)%%$(( -$" +" ($%# + " 2 "
*'(% #)+ '! 11'1 )+$"*$%"83'+()"&)+&$%+$" "%$83 / ( "*%32$+1 '! "# + # ")@@! 5'()% 9"
'
1.1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'Y S"A+=)%#'1 )+ "/3!"*'(% #)+ )'
"
0'9$<&*=#-!&$!'(!'$#,:*#'H:#$,!,#,!6#'
'
R$%" 5! " '/*$(( " 2 " +'(3%'" 83'+( ('( -'0" / " " $/*)+$" 2 " /$53 ()" !'" &)+/ /($+1'" 2$!" *'(% #)+ )" +$(()" &)+('@ !$" $0"
+$!!'""/3&&$// -'"H$1 )+$"V0"83$!!'"2$!""*'(% #)+ )"2 "- 5 !'+1'9"""
"
0/'7#,*!=&$!&'(+""`!=>*+@#D'%&=>&@!-!&$+'
(m ig lia ia d i e u ro )
. / 0/ 1 01 2 / .
. / 0/ 1 01 2 / 1 'T j U
"I 9""""`'* ( '!$
h f 9i I h
h f 9i I h
"V 9""""H) - %'* * %$1 1 "2 "$# // ) + $
h e 9h j V
h e 9h j V
"W 9""""Y /$%- $
W i 9V I e
e j 9I j f
""""F "2 "3 ( !
W i 9V I e
e j 9I j f
"""""""""""""""'E""""!$5 '!$
I V 9I I j
I V 9I I j
V k 9I j e
V k 9i i f
F W 9f f I
F h 9f e I
I 9e W e
fVi
F W 9g f h
F f 9i k g
F I 9W W W
F I 9V i h
Vje
Vje
F I g 9V h h
FgiW
/?O0S/B
/G.0/PS
M & % !XM # "& *!
"""""""""""""""@ E""""/( '( 3 ( '% '
"""""""""""""""& E""""'1 ) + "* %) * % $
"""""""""""""""2 E""""'!( %$
""""F "'!( %$
"e 9""""H( %3 #$+ ( "2 "& '* ( '!$
"f 9""""DM 1 ) + "* %) * % $E
"h 9""""Y /$%- $"2 '"- '!3 ( '1 ) + $
""""""""""""""""F """"M ( ( - ( . "= + '+ 1 '% $"2 /* ) + @ ! "* $%"!'"- $+ 2 ( '
""""""""""""""""F """"M ( ( - ( . "#'( $% '!
""""""""""""""""F """"M ( ( - ( . " ##'( $% '!
""""""""""""""""F """"`) * $%( 3 %'"2 " + - $/( #$+ ( "$/( $%
""""""""""""""""F """"`) * $%( 3 %'"2 $ "= !3 // "= + '+ 1 '%
""""""""""""""""F """"Z = = $%$+ 1 $"2 "& '#@ )
""""""""""""""""F """"M ( ( - ( . "+ ) + "& ) %%$+ ( " + "- '"2 "2 /# // ) + $
""""""""""""""""F """"> ( ! "D* $%2 ( $E"'( ( 3 '% '! "%$!'( - "'"* '+ "* %$- 2 $+ 1 '! "'"@ $+ $= & "2 $= + (
""""""""""""""""F """"c 3 ) ( $"2 $!!$"% /$%- $"2 '"- '!3 ( '1 ) + $"%$!'( - $"'!!$"* '%( $& * '( $
""""""""""""""""""""""""- '!3 ( '( $"'!"* '( % #) + ) "+ $( ( )
""""""""""""""""F """": $5 5 "/* $& '! "2 "% - '!3 ( '1 ) + $
"k 9""""> ( !$"D* $%2 ( 'E"2 ]$/$%& 1 )
)& ,# "+
"
DmE""A"-'!)% "/)+)"/('( "% $/*)/( " +"/$53 ()"'!!]'2)1 )+$"2$!"*% +& * )"&)+('@ !$""AMH"Ii"v%$- /$2v"%$!'( -)"'!"&% ($% )"2 "% !$-'1 )+$"2$5! "3( ! "$"*$%2 ($"'((3'% '! "
%$!'( -$"'!"(%'(('#$+()"2 "= +$"%'**)%()"$"' "=)+2 "2$!"*$%/)+'!$9"R$%"#'55 )% "2$(('5! "/ "-$2'"!'"H$1 )+$"I"2$!!$"R)! ( &<$"&)+('@ ! 9"
"
`)+" % =$% #$+()" '!!'" -)&$" OY /$%-$" S" 2 " 3( ! P0" *$%" !'" &)#*)/ 1 )+$" / " % #'+2'" '!!'" *'%($" ;" /$1 )+$" Ie" 2$!"
*'// -)"'!"*'%'5%'=)"Ie9e9"
:'"-'% '1 )+$"+$5'( -'"2$!!'"-)&$"OY /$%-$"S"2 "3( ! P"?"2)-3('""'!"2$&%$#$+()"2$!!'"% /$%-'"/(%')%2 +'% '"DFgiI"
# 5! ' 'E0" '" /$53 ()" 2$!!'" &)*$%(3%'" 2$!!'" *$%2 ('" 2$!!,$/$%& 1 )" VjIV" DFgiW" # 5! ' 'E0" $" 2$!!,'((% @31 )+$" '!!'"
% /$%-'"/($//'"2$!!'"83)('"2 "2 - 2$+2 "*%$/&% (( "DV"# 5! ' 'E9"
`)+" % =$% #$+()" '!!$" OY /$%-$" 2'" -'!3('1 )+$F" `)*$%(3%'" 2$ " =!3// " = +'+1 '% P" " !'" &)+(%'1 )+$" 2$!!'" % /$%-'"
+$5'( -'"?"% &)+23& @ !$"'!!'"-'% '1 )+$"*)/ ( -'"2 "=' %"-'!3$"2$!"*$% )2)9"
"
'
1..'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'Y S"A+=)%#'1 )+ "/3!"*'(% #)+ )
01'b!@+*6+'(#'6#":,#-!&$+'(+""+'#,,!6!,Q'<!$#$-!#*!+'(!@>&$!F!"!'>+*'"#'6+$(!,#D'%&=>&@!-!&$+'
(m igliaia di euro )
Attività /V a lo ri
3 1.12 .2 0 13
Rise rva
p o sitiva
3 1.12 .2 0 12
Rise rva
n e g a tiva
Rise rva
p o sitiva
Rise rva
n e g a tiva
1. T it o li di debit o
104
-
4
-
2. T ito li di c apitale
265
-
275
-
1.065
-
345
-95
-
-
-
-
1.4 3 4
-
624
- 95
3. Quo t e di O.I.C .R .
4. F inanziam ent i
TO TA L E
"
"
0.' b!@+*6+' (#' 6#":,#-!&$+' (+""+' #,,!6!,Q' <!$#$-!#*!+' (!@>&$!F!"!' >+*' "#' 6+$(!,#D' 6#*!#-!&$!'
#$$:+
(m igliaia di eu ro )
Tito li d i
d e b ito
Tito li d i
c a p ita le
Q u o te d i
O .I.C.R .
Fin a n zia m e n ti
4
27 5
25 0
-
10 4
1
815
-
10 4
1
815
-
-
-
-
-
- da det erio ram ent o
-
-
-
-
1. E s is t enze in izia li
2 . V a riazio ni p o s it iv e
2.1 inc rem ent i di f a ir v a lue
2.2 rigiro a c o nt o e c o no m ic o di ris erv e ne gat iv e:
- da rea lizzo
-
-
-
-
2.3 alt re v a riazio ni
-
-
-
-
3 . V a riazio ni n ega t iv e
-4
-11
-
-
3.1 ridu zio n i d i f air v alu e
-
-11
-
-
3.2 R et t if ic he d a de t erio ram en t o
-
-
-
-
-4
-
3.3 rigiro a c o nt o e c o no m ic o da ris erv e p o s it iv e :
da realizzo
3.4 alt re v a riazio ni
4 . R im ane nze f in ali
10 4
26 5
-
-
-
-
1.06 5
-
'
"
0?'b!@+*6+'(#'6#":,#-!&$+'*+"#,!6+'#'>!#$!'#'F+$+<!%!'(+<!$!,!D'6#*!#-!&$!'#$$:+'
(migliaia di euro )
A . Esistenze iniziali
B . A umenti
Utili/perdite attuariali sul TFR
Utili/perdite attuariali fondi di
previdenza a prestazione
definita
-1.084
-212
-
-
B .1incrementi di fair value
B .2 altre variazio ni
C. Diminuzio ni
C.1riduzio ni di fair value
C.2 altre variazio ni
D. Rimanenze finali
-
-
-31
-6
-31
-6
-
-
-1.115
-218
'
"
:'" ('@$!!'" OY /$%-$" 2'" -'!3('1 )+$" %$!'( -$" '" * '+ " '" @$+$= & " 2$= + ( P" $/*)+$" !, #*)%()" 2$5! " 3( ! a*$%2 ($"
'((3'% '! "&)+=!3 ( "'"*'(% #)+ )"+$(()"'"/$53 ()"2$!!,'2)1 )+$0"'--$+3('" +"&)%/)"2,'++)0"2$!!,)*1 )+$"*%$- /('"
2'!!)" AMH" Ii" O%$- /$2P6" 2 " &)+/$53$+1'0" " -'!)% " '==$%$+( " !$" $/ /($+1$" + 1 '! " /)+)" /('( " % 2$($%# +'( 9" R$%"
#'55 )% "2$(('5! "/ "-$2'"!'"R'%($"M"S"R)! ( &<$"&)+('@ ! 9"
:'" -'% '1 )+$" 2$!!$" -'!3('1 )+ " '((3'% '! " D/)##'" 2 " 3( ! " $" *$%2 ($E" %$!'( -$" '!" LTY" $" ' " =)+2 " 2 " *%$- 2$+1'"
&)#*!$#$+('%$"?"&)+=!3 ('"'!!'"-)&$"`I9"O% 231 )+ "2 "=' %"-'!3$P9"
"
'
1.?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'Y S"A+=)%#'1 )+ "/3!"*'(% #)+ )'
K+-!&$+'1'3'9"'>#,*!=&$!&'+'!'%&+<<!%!+$,!'(!'6!5!"#$-#''
'
8=F!,&'(!'#>>"!%#-!&$+'(+""#'$&*=#,!6#'
'
A!" *'(% #)+ )" 2 " - 5 !'+1'" $" " &)$== & $+( " *'(% #)+ '! " 2 " /)!- @ ! (." /)+)" /('( " &'!&)!'( " /3!!'" @'/$" 2$!!$" +3)-$"
2 /*)/ 1 )+ "DIfn"'55 )%+'#$+()"2$!!'"` %&)!'%$"VhW"2$!"2 &$#@%$"Vjjh"$"Ifn"'55 )%+'#$+()"2$!!'"` %&)!'%$"
Iff"2$!"2 &$#@%$"IiiIE"$#'+'($"2'!!'";'+&'"2,A('! '"'"/$53 ()"2$!"%$&$* #$+()"2$!!$"#)2 = &<$"'!!$"Z %$(( -$"
`)#3+ ('% $0"&<$"%$5)!'#$+('+)" "%$83 / ( "2 "&'* ('!$"*$%"!$"@'+&<$"$" "5%3** "@'+&'% " +(%)2)(( "2'!"C3)-)"
M&&)%2)"2 ";'/ !$'"/3!"`'* ('!$"D&29";'/ !$'"VE9"
A+" *'%( &)!'%$" - $+$" % 2$= + ('" +$!" VjIj0" /$&)+2)" &% ($% " * 4" /(% +5$+( " % /*$(()" '!!'" *%$&$2$+($" 2 /& *! +'0" !'"
+)1 )+$"2 "&'* ('!$"F"&)#*3('@ !$"/$+1'"! # ( "+$!"*'(% #)+ )"2 "- 5 !'+1'"F"! # ('('"'!!$"/)!$"'1 )+ ")%2 +'% $")"
'!!$" '1 )+ " &<$" +)+" '((% @3 /&)+)" 2 % (( " '2" 3+'" %$#3+$%'1 )+$" # + #'" +^" *%$-$2)+)" !" *'5'#$+()"
)@@! 5'()% )"2 "2 - 2$+2 0"+)+"/)+)"*% - !$5 '($"+$!!'"&)*$%(3%'"2$!!$"*$%2 ($0" +"&'/)"2 "! 83 2'1 )+$"<'++)"3+"
2 % (()"/3!"%$/ 23)" '(( -)" 2$!"@ !'+& )"2 "! 83 2'1 )+$"/3@)%2 +'()" '"83$!!)"2 "(3(( "5! "'!(% " '1 )+ /( " $"&%$2 ()% "
/)& '! 9" z" +-$&$" *)// @ !$" &)+( +3'%$" '2" +&!32$%$0" +$!" &'* ('!$" 2 " 83'! (." *% #'% '0" !'" % /$%-'" /)-%'**%$11)"
'1 )+ 9"
c3'+()"'5! "/(%3#$+( " ++)-'( - "$"+)+" ++)-'( - "2 "&'* ('!$0"!'"2 /& *! +'"*%)*)/('"*%$-$2$U""
− 3+" %'==)%1'#$+()" 2$!!'" !)%)" 83'! (." *'(% #)+ '!$" +" ($%# + " 2 " =!$// @ ! (." 2$ " *'5'#$+( " $" 2 " &'*'& (." 2 "
'//)%@ #$+()"2$!!$"*$%2 ($6"
− !, ++'!1'#$+()" 2$!" ! # ($" &)#*!$// -)" 2 " &)#*3('@ ! (." 2'!!,'((3'!$" Vjo" '!" fjo" D&)+" /*$& = &)" ! # ($" 2$!"
Ifo"*$%"5! "/(%3#$+( " ++)-'( - "&)+" +&$+( - "'!"% #@)%/)"'+( & *'()")"'-$+( "3+'"/&'2$+1'"&)+(%'((3'!$"$"
2$!"Wfo"*$%"5! "/(%3#$+( "+)+" ++)-'( - "*% - "2 " +&$+( - "'!"% #@)%/)"'+( & *'()E9"Q $+$0" +)!(%$0"*%)*)/('"
!, +(%)231 )+$" 2 " 3+'" +3)-'" &'($5)% '" 2 " /(%3#$+( " )@@! 5'()% '#$+($" &)+-$%( @ ! " +" '1 )+ " )%2 +'% $" +"
&'/)" 2 " $#$%5$+1'" )" /3" % &< $/('" 2$!!'" ;'+&'" 2,A('! '0" &)#*3('@ ! " = +)" '!" fjo9" A!" 2)&3#$+()" *%$-$2$" !"
%$5 #$"(%'+/ ()% )"&)+($#*!'()"2'!!'"Z %$(( -'"D&929"5%'+2='(<$% +5E"2 "23%'('"(%$+($++'!$0"&<$"&)+($#*!'"
!'"% 231 )+$"*%)5%$// -'"2$!!'"&)#*3('@ ! (."2$5! "/(%3#$+( "&)#*%$/ "+$!"*'(% #)+ )"2 "- 5 !'+1'"*% #'"2$!"
WI"2 &$#@%$"VjIj"&<$"+)+"% /*$(('+)" "+3)- "&% ($% "2 "'## // @ ! (.9"
"
c3$/($" +3)-$" 2 /*)/ 1 )+ " +)+" <'++)" 2$($%# +'()" $==$(( " /3!" 2 #$+/ )+'#$+()" 2$!" *'(% #)+ )" 2 " - 5 !'+1'"
2$!!'";'+&'9"
10/0'7#,*!=&$!&'(!'6!5!"#$-#''
'
80'9$<&*=#,!6#'(!'$#,:*#'H:#"!,#,!6#'
'
A!" *'(% #)+ )" 2 " - 5 !'+1'" - $+$" &'!&)!'()" &)#$" /)##'" 2 " &)#*)+$+( " *)/ ( -$0" +&!3/$" '!&3+$" ! # ('1 )+ 0" $"
+$5'( -$0" +"@'/$"'!!'"!)%)"83'! (."*'(% #)+ '!$6"!$"&)#*)+$+( "*)/ ( -$"2$-)+)"$//$%$"+$!!'"* $+'"2 /*)+ @ ! (."
2$!!'"@'+&'0"'!"= +$"2 "*)($%!$"3( ! 11'%$"+$!"&'!&)!)"2$5! "'//)%@ #$+( "*'(% #)+ '! 9"
A!" *'(% #)+ )" 2 " - 5 !'+1'" ?" &)/( (3 ()" 2'!" *'(% #)+ )" 2 " @'/$" $" 2'!" *'(% #)+ )" /3**!$#$+('%$0" %$(( = &'( " 2' "
& ('( "O= !(% "*%32$+1 '! P"$"'!"+$(()"2 "'!&3+$"2$231 )+ 9"A+"*'%( &)!'%$U"
"
I9"R'(% #)+ )"2 "@'/$"
A!"*'(% #)+ )"2 "@'/$"&)#*%$+2$"`'* ('!$"H)& '!$"-$%/'()"Dhf9iIh"# 5! ' 'E0"Y /$%-'":$5'!$"DIV9IIj"# 5! ' 'E0"
Y /$%-'" H(%')%2 +'% '"IV9jgh"# 5! ' 'E0" Y /$%-'"/)-%'**%$11)"'1 )+ "Dhe9hjV"# 5! ' 'E0"Y /$%-$" 3+2$%"&)##)+"
&)+(%)!" DIe9iij" # 5! ' 'E0" Y /$%-'" +2 /*)+ @ !$" '1 )+ " &)+(%)!!'+($" +" *)%('=)5! )" DVh" # 5! ' 'E" $" !'" H*$& '!$"
Y /$%-'" DV" # 5! ' 'E0" 2$($%# +'( " ' " /$+/ " 2$ " *% +& * " &)+('@ ! " +($%+'1 )+'! " $" &)#*%$+/ - " 2$!!$" -'% '1 )+ "
*'(% #)+ '! " +($%-$+3($"+$!!,'++)9"
A"O= !(% "*%32$+1 '! "*)/ ( - P"DI9Vih"# 5! ' 'E"'&&)!5)+)"!,$==$(()"2$!!,'**! &'1 )+$"2$!!)"A'/"Ii"%$- /$20"&<$"<'"
*%$- /()" !,'2)1 )+$" 2$!" #$()2)" 2$!" *'(% #)+ )" +$(()" *$%" !'" % !$-'1 )+$" 2$!!$" *$%2 ($a3( ! " '((3'% '! " %$!'( - " ' "
=)+2 "'"*%$/('1 )+$"2$= + ('0"&)#$"2 "/$53 ()"*%$& /'()9"
C$!!,'#@ ()" 2$!" *'(% #)+ )" 2 " @'/$0" 5! " $!$#$+( " +$5'( - " /)+)" %'**%$/$+('( " 2'!!'" *$%2 ('" % !$-'('" +$!" &)%/)"
2$!!,$/$%& 1 )"DIg9Vhh"# 5! ' 'E0"2'!!,'-- '#$+()"2$% -'+($"2'!"&)+=$% #$+()"2$5! "/*)%($!! "2 "A+($/'"H'+*')!)"
'--$+3()"+$!"&)%/)"2$!"Vjji"Df9Vgk"# 5! ' 'E"$"2'!!$"*$%2 ($"'((3'% '! "%$!'( -$"' "=)+2 "'"*%$/('1 )+$"2$= + ('"$"
'!"LTY"DI9WWW"# 5! ' 'E9"
C$!"*'(% #)+ )"2 "@'/$"2$!!'";'+&'"+)+"- "/)+)"/(%3#$+( " ++)-'( - "2 "&'* ('!$9"
A!"()('!$"2$ "/322$(( "$!$#$+( "&)/( (3 /&$" !"O*'(% #)+ )"2 "@'/$"'!"!)%2)"2$5! "$!$#$+( "2'"2$23%%$P9"
"
'
1.B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'Y S"A+=)%#'1 )+ "/3!"*'(% #)+ )
A!"*'(% #)+ )"2 "@'/$"?"&)/( (3 ()"2'!!'"2 ==$%$+1'"(%'" !"O*'(% #)+ )"2 "@'/$"'!"!)%2)"2$5! "$!$#$+( "2'"2$23%%$P"
$" !" fj" *$%" &$+()" 2$5! " O$!$#$+( " 2'" 2$23%%$P6" 83$/(,3!( # " /)+)" %'**%$/$+('( " 2'!!,$&&$2$+1'" 2$!!$" *$%2 ($"
'(($/$" % /*$(()" '!!$" %$(( = &<$" 2 " -'!)%$" &)#*!$// -$" *$%" & '/&3+'" &!'//$" 2 " '(( - (." &<$" '##)+('+)" '" eI9jjg"
# 5! ' '0"Vj9fje"# 5! ' '"2$ "83'! "&)+=!3 ( "'"% 231 )+$"2$!"*'(% #)+ )"2 "@'/$9"
`)+"% =$% #$+()"' "( ()! "2 "2$@ ()0" "R%)--$2 #$+()";'+G ("2$!"Ig"#'55 )"VjIj"&)+" !"83'!$"<'" +(%)2)(()"!'"
*)// @ ! (." 2 " +$3(%'! 11'%$" !]$==$(()" /3!" RZQ" 2$!!$" % /$%-$" 2'" -'!3('1 )+$" 2$ " ( ()! " MTH" $#$// " 2'"
M## + /(%'1 )+ " &$+(%'! " 2 " R'$/ " >J" $0" ='&$+2)" /$53 ()" '!!'" &)#3+ &'1 )+$" 2$!!'" `'*)5%3**)" &<$" <'" 2'()"
*'%$%$"='-)%$-)!$"'!!]$/$%& 1 )"2$!!])*1 )+$"'"*'%( %$"2'!"Wj"5 35+)"VjIj0"/ "/$5+'!'"&<$"+)+"% /3!('+)"% /$%-$"
&% /('!! 11'($0"83 +2 "&)#*3('($"' "= + "2$!"R'(% #)+ )"2 "- 5 !'+1'"D-'!)%$"2$!!'"% /$%-'"'!"WIaIVaVjji"'!"+$(()"
2$!!$"$-$+(3'! "-$+2 ($a/&'2$+1$E9"H)+)"*%$/$+( "'!(%$/\"% /$%-$"%$!'( -$"'2"'!(% "( ()! "&<$"-$+5)+)"(%'(('( "&)+"!'"
%$5)!'"'/ ##$(% &'0"&)#$"2 "/$53 ()"/*$& = &'()9"
"
V9"R'(% #)+ )"/3**!$#$+('%$"
A!"*'(% #)+ )"/3**!$#$+('%$" +&!32$"!'"% /$%-'"2 "% -'!3('1 )+$"' "/$+/ "2$!!,'%(9"IW0":9"WeVaVjjj"DVje"# 5! ' 'E0"
!"*%$/( ()""/3@)%2 +'()"$#$//)"2'!!'";'+&'"&)#*3('@ !$"' "= + "2 "- 5 !'+1'"DVe9jjj"# 5! ' 'E0"2 "&3 "+$!"/$53 ()"
/)+)"=)%+ ($"3!($% )% " +=)%#'1 )+ "$"!$"% /$%-$"*)/ ( -$0"*$%"!'"*'%($"&)#*3('@ !$"' "/$+/ "2$!!'"& ('('"+)%#'( -'0"
%$!'( -$"' "( ()! "2 /*)+ @ ! "*$%"!'"-$+2 ('"S"( ()! "2 "&'* ('!$"DI9Vfe"# 5! ' 'E"$"' "( ()! "2 "2$@ ()"DIje"# 5! ' 'E9""
C$!"*'(% #)+ )"/3**!$#$+('%$"2$!!'";'+&'"+)+"- "/)+)"/(%3#$+( " ++)-'( - "2 "&'* ('!$9"
A" O= !(% " *%32$+1 '! " +$5'( - P" /)+)" %'**%$/$+('( " 2'!!'" 83)('" +)+" &)#*3('@ !$" Dhki" # 5! ' 'E" 2$!!$" % /$%-$"
% &)#*%$/$"(%'"5! "$!$#$+( "*)/ ( - "2$!"*'(% #)+ )"/3**!$#$+('%$9"
A!"()('!$"2$ "/322$(( "$!$#$+( "&)/( (3 /&$" !"O*'(% #)+ )"/3**!$#$+('%$"'!"!)%2)"2$5! "$!$#$+( "2'"2$23%%$P9"
A!" *'(% #)+ )" /3**!$#$+('%$" ?" &)/( (3 ()" 2'!!'" 2 ==$%$+1'" (%'" !" O*'(% #)+ )" /3**!$#$+('%$" '!" !)%2)" 2$5! "
$!$#$+( " 2'" 2$23%%$P" $" !" fj" *$%" &$+()" 2$5! " O$!$#$+( " 2'" 2$23%%$P6" 83$/(,3!( # " /)+)" %'**%$/$+('( "
2'!!,$&&$2$+1'"2$!!$"*$%2 ($"'(($/$"% /*$(()"'!!$"%$(( = &<$"2 "-'!)%$"&)#*!$// -$"*$%"& '/&3+'"&!'//$"2 "'(( - (."
&<$" '##)+('+)" '" eI9jjg" # 5! ' '0" Vj9fje" " # 5! ' '" 2$ " 83'! " &)+=!3 ( " '" % 231 )+$" 2$!" *'(% #)+ )"
/3**!$#$+('%$9"
"
W9"R'(% #)+ )"2 "($%1)"! -$!!)"
A!"*'(% #)+ )"2 "($%1)"! -$!!)"% 53'%2'"5! "$-$+(3'! "/(%3#$+( "*'(% #)+ '! "D83'! "$2"$/$#* )"*%$/( ( "/3@)%2 +'( E"
$#$// "$/&!3/ -'#$+($"'"&)*$%(3%'"2$ "&929"% /&< "2 "#$%&'()"2$!!'";'+&'9""
L'!$"&'/ /( &'"+)+"?"*%$/$+($"*$%"!'";'+&'"$"83 +2 "+)+"?"-'!)% 11'('9"
`)+"% =$% #$+()"' "= !(% "*%32$+1 '! "* 4"% !$-'+( "/ "'**! &'+)"!$"/$53$+( "2 /*)/ 1 )+ U"
− *$%"!'"% !$-'1 )+$"2$5! "3( ! a*$%2 ($"'((3'% '! "%$!'( - "' "=)+2 "'"*%$/('1 )+$"2$= + ('0" /&% (( "*$%"!'"*% #'"-)!('"
'" *'(% #)+ )" +$(()0" +" '!($%+'( -'" '!" *%$- 5$+($" #$()2)" 2$!" O&)%% 2) )P0" " ?" /('()" '**! &'()" 3+" = !(%)"
*%32$+1 '!$" " /$&)+2)" !$" /$53$+( " 2 /*)/ 1 )+ " +)%#'( -$9" C$!!)" /*$& = &)0" !,'**! &'1 )+$" 2$!" = !(%)"
*%32$+1 '!$" # %'" '" O% !$-'%$" 5%'23'!#$+($" D +" f" '++ E" +$!" *'(% #)+ )" 2 " - 5 !'+1'" !'" 2 ==$%$+1'" D2 " /$5+)"
*)/ ( -)")"+$5'( -)E"(%'" !"-'!)%$"2$!!'"*'// - (.a'(( - (."+$(('"*$%"@$+$= & "2$= + ( "&<$"/ "'-%$@@$"'**! &'+2)"
' "+3)- "2'( "!,'**%)&& )"'2)(('()" +"@ !'+& )"&)+" !"-$&&< )"AMH"Ii"$"83$!!)"% /3!('+($"2'!!,'**! &'1 )+$"2$!"
+3)-)"AMH"Ii9"R$%" !"VjIW"!'"@)11'"2 "%$5)!'#$+()"*%$-$2$"!'"* $+'"/($% ! 11'1 )+$"2 "('! "2 ==$%$+1$P6"
− *$%"!$"% /$%-$"2 "-'!3('1 )+$"%$!'( -$"'!!$"'(( - (."= +'+1 '% $"2 /*)+ @ ! "*$%"!'"-$+2 ('"D( ()! "2 "&'* ('!$0"83)($"
2 " _9A9`9Y9" $" ( ()! " 2 " 2$@ ()E" 5! " 3( ! " $" !$" *$%2 ($" +)+" %$'! 11'( " -$+5)+)" &)#*$+/'( " *$%" &'($5)% $"
)#)5$+$$U" !" /'!2)0" /$" +$5'( -)" % 23&$" !" *'(% #)+ )" 2 " @'/$0" /$" *)/ ( -)" &)+(% @3 /&$" *$%" !" fjo" '!"
*'(% #)+ )" /3**!$#$+('%$9" H " % &)%2'" &<$" !" [%3**)" <'" 2$& /)" 2 " '**! &'%$" !" R%)--$2 #$+()" $#$//)" 2'"
;'+&'" 2,A('! '" !" Ig" #'55 )" VjIj" &)+" !" 83'!$" - $+$" +(%)2)(('" !'" *)// @ ! (." 2 " +$3(%'! 11'%$" !,$==$(()" /3!"
R'(% #)+ )" 2 " Q 5 !'+1'" 2$!!$" % /$%-$" 2'" -'!3('1 )+$" 2$ " ( ()! " '-' !'@!$" =)%" /'!$" DMTHE" $#$// " 2'"
M## + /(%'1 )+ "&$+(%'! "2$ "R'$/ "2$!!,>+ )+$"J3%)*$'"D!'"&'/ /( &'"+)+"?"*%$/$+($"*$%"!'";'+&'"2 "L%$+()"$"
;)!1'+)E6"
− *$%" !$" )*$%'1 )+ " 2 " &)*$%(3%'0" 5! " 3( ! " $" !$" *$%2 ($" +)+" %$'! 11'( " /3!!$" &)*$%(3%$" 2 " &'/<" =!)X0" /&% (( "
+$!!,'**)/ ('"% /$%-'0"-$+5)+)"/($% ! 11'( 9"
"
Z'!"O*'(% #)+ )"2 "@'/$"'!"!)%2)"2$5! "$!$#$+( "2'"2$23%%$P"$"2'!"O*'(% #)+ )"/3**!$#$+('%$"'!"!)%2)"2$5! "
$!$#$+( " 2'" 2$23%%$P" / " 2$23&)+)" '!" fjo" & '/&3+)0" /$&)+2)" !$" #)2'! (." 2$/&% (($" +" *%$&$2$+1'0" !$"
+($%$//$+1$" '1 )+'% $0" +)+&<^" S" )-$" *)//$55'+)" !$" &'%'(($% /( &<$" *$%" $//$%$" &)#*3('( " +$!" *'(% #)+ )" 2 "
- 5 !'+1'" 2$5! " $# (($+( " S" 5! " /(%3#$+( " +)+" ++)-'( - " $" ++)-'( - " 2 " &'* ('!$0" 5! " /(%3#$+( " @% 2 " 2 "
*'(% #)+ '! 11'1 )+$" $" 5! " /(%3#$+( " /3@)%2 +'( " *)//$23( " +" @'+&<$0" /)& $(." = +'+1 '% $" $" /)& $(." 2 "
'// &3%'1 )+$9""
'
1.G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'Y S"A+=)%#'1 )+ "/3!"*'(% #)+ )'
R$%" 83'+()" % 53'%2'" !,$&&$2$+1'" 2$!!$" *$%2 ($" '(($/$" % /*$(()" '!!$" %$(( = &<$" 2 " -'!)%$" &)#*!$// -$" 2$!"
*)%('=)5! )"&)%*)%'($"%$5)!'#$+('%$0"/ "*%)--$2$"'"&)+=%)+('%$"!$"#$2$/ #$"*$%2 ($"'(($/$"&)+"!$"%$(( = &<$"2 "
-'!)%$"&)#*!$// -$"*$%"& '/&3+'"&!'//$"2 "'(( - (."2$!"*)%('=)5! )"%$5)!'#$+('%$"$"#3(3 "%$(' !9""
:'" /)##'()% '" 2$!!,$&&$2$+1'" 2$!!$" *$%2 ($" '(($/$" % /*$(()" '!!$" %$(( = &<$" 2 " -'!)%$" &)#*!$// -$" *$%" & '/&3+'"
&!'//$"2 "'(( - (."- $+$"2$2)(('"'!"fjo"2'!"*'(% #)+ )"2 "@'/$"$"'!"fjo"+$!"*'(% #)+ )"/3**!$#$+('%$9""
Q &$-$%/'"!'"/)##'()% '"2$!!$"$&&$2$+1$"2$!!$"%$(( = &<$"2 "-'!)%$"&)#*!$// -$"% /*$(()"'!!$"*$%2 ($"'(($/$"*$%"
& '/&3+'"&!'//$"2 "'(( - (."- $+$"% &)+2)(('"+$!"*'(% #)+ )"/3**!$#$+('%$"+$!"! # ($"2$!!)"j0ho"2$!!$"'(( - (."2 "
% /&< )" *)+2$%'($"*$%" !"% /&< )"2 "&%$2 ()"$a)" 2 "&)+(%)*'%($9"M!" WI"2 &$#@%$"VjIW"!'";'+&'"+)+"*%$/$+('" !"
&'/)9"
M!!'" 2'('" 2$!" WI" 2 &$#@%$" VjIW" % /3!('" +" $//$%$" !" " R%$/( ()" )@@! 5'1 )+'% )" /3@)%2 +'()" O&'!!'@!$P" '" ('//)"
-'% '@ !$"$#$//)" !"Vk"2 &$#@%$"Vjjh"*$%"!,'##)+('%$"2 "ej9jjj"# 5! ' '0"&)+"/&'2$+1'" !"Vk"2 &$#@%$"VjIh"
$"&$2)!$"(% #$/(%'! "*'5'($" +"- '"*)/( & *'('"&)+"('//)"2 " +($%$//$"-'% '@ !$9"A!"*%$/( ()")@@! 5'1 )+'% )"+)+"?"
&)*$%()9" A!" Vk" 2 &$#@%$" VjIV" !" *%$/( ()" +" 83$/( )+$" ?" $+(%'()" +" '##)%('#$+()" 83 +83$++'!$" ' " = + " 2$!"
*'(% #)+ )" 2 " - 5 !'+1'9" C$" &)+/$53$" &<$" !" /3)" '**)%()" *'(% #)+ '!$" '!" WI" 2 &$#@%$" VjIW" ?" 2 " Ve9jjj"
# 5! ' '9"
"
0'9$<&*=#-!&$!'(!'$#,:*#'H:#$,!,#,!6#'
(m igliaia di euro )
A . P atrim o nio di bas e prim a dell'applic azio ne dei filtri prudenziali
./0/1012/.
./0/1012/1
144.846
164.443
B . F iltri prudenziali del patrim o nio bas e:
1.296
-
B .1 F iltri prudenziali IA S/IF R S po s itiv i (+)
1.296
-
-
-
C . P atrim o nio di bas e al lo rdo degli elem enti da dedurre (A +B )
B .2 F iltri prudenziali IA S/IF R S negativ i (-)
146.142
164.443
D . Elem enti da dedurre dal patrim o nio di bas e
20.504
23.398
125.638
141.046
25.562
32.654
-679
-225
E. T o tale patrim o nio di bas e (T IER 1) (C -D )
F . P atrim o nio s upplem entare prim a dell'applic azio ne dei filtri prudenziali
G. F iltri prudenziali del patrim o nio s upplem entare:
G.1 F iltri prudenziali IA S/IF R S po s itiv i (+)
-
-
-679
-225
H . P atrim o nio s upplem entare al lo rdo degli elem enti da dedurre (F +G)
24.883
32.429
I. Elem enti da dedurre dal patrim o nio s upplem entare
20.504
23.398
4.379
9.031
-
-
130.017
150.077
G.2 F iltri prudenziali IA S/IF R S negativ i (-)
L. T o tale patrim o nio s upplem entare (T IER 2) (H -I)
M . Elem enti da dedurre dal to tale del patrim o nio di bas e e s upplem entare
N . P atrim o nio di v igilanza (E+L-M )
O. P atrim o nio di terzo liv ello (T IER 3)
P . P atrim o nio di v igilanza inc lus o T IER 3 (N +O)
-
-
130.017
150.077
'
1010'8(+5:#,+--#'>#,*!=&$!#"+'
'
80'9$<&*=#-!&$!'(!'$#,:*#'H:#"!,#,!6#'
'
:$" OC3)-$" 2 /*)/ 1 )+ " 2 " - 5 !'+1'" *%32$+1 '!$" *$%" !$" ;'+&<$P" D` %&)!'%$" 2 " ;'+&'" 2,A('! '" +9" VhW" 2$!" Vk"
2 &$#@%$"VjjhE0"$+(%'($"'"%$5 #$"+$!"&)%/)"2$!"Vjjg0"%$&$* /&)+)"5! ")%2 +'#$+( " +"#'($% '"2 "`)+-$%5$+1'"
+($%+'1 )+'!$" 2$!!'" # /3%'1 )+$" 2$!" &'* ('!$" $" 2$ " &)$== & $+( " *'(% #)+ '! " D;'/ !$'" AAE9" A+" ('!$" '#@ ()0" !"
*'(% #)+ )"2$!!'";'+&'"2$-$"%'**%$/$+('%$"'!#$+)"!,go"2$!"()('!$"2$!!$"'(( - (."*)+2$%'($"D()('!"&'* ('!"%'( )E"
2$% -'+( " 2' " % /&< " ( * & " 2$!!,'(( - (." @'+&'% '" $" = +'+1 '% '" D% /&< " 2 " &%$2 ()0" 2 " &)+(%)*'%($0" 2 " #$%&'()" $"
)*$%'( - E0"*$/'( " +"@'/$"'!!'"/$5#$+('1 )+$"%$5)!'#$+('%$"2$!!$"&)+(%)*'%( "2$@ (% & "$"($+$+2)"&)+()"2$!!$"
($&+ &<$" 2 " # ( 5'1 )+$" 2$!" % /&< )" 2 " &%$2 ()9" R$%" !$" @'+&<$" '**'%($+$+( " ' " 5%3** " @'+&'% 0" " %$83 / ( "
*'(% #)+ '! " +2 - 23'! "'"=%)+($"2$ "% /&< "2 "&%$2 ()0"&)+(%)*'%($0"#$%&'()"$2")*$%'( -)"/)+)"% 2)(( "2$!"Vf"*$%"
&$+()" *3%&<^" /3" @'/$" &)+/)! 2'('" !,'##)+('%$" 2$!" *'(% #)+ )" 2 " - 5 !'+1'" +)+" / '" +=$% )%$" '!" %$83 / ()"
*'(% #)+ '!$"&)#*!$// -)9"
'
1.O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'Y S"A+=)%#'1 )+ "/3!"*'(% #)+ )
J," +)!(%$" +" 3/)" *$%" !'" -'!3('1 )+$" 2$!!'" /)! 2 (." *'(% #)+ '!$" '+&<$" 3+" &)$== & $+($" * 4" % 5)%)/)0" !" L $%I"
&'* ('!"%'( )0"%'**%$/$+('()"2'!"%'**)%()"(%'"*'(% #)+ )"2 "@'/$"$"'(( - (."2 "% /&< )"*)+2$%'($9"
"
R$%"83'+()"% 53'%2'" "% /&< "2 "&%$2 ()"$"2 "&)+(%)*'%($0"!$"OC3)-$"2 /*)/ 1 )+ "2 "- 5 !'+1'"*%32$+1 '!$"*$%"!$"
@'+&<$P" &)+/$+()+)" '!!$" @'+&<$" $2" ' " 5%3** " @'+&'% " 2 " '2)(('%$" / /($# " +($%+ " *$%" !'" 2$($%# +'1 )+$ 2$!"
%$83 / ()"*'(% #)+ '!$"*$%" !"% /&< )"2 "&%$2 ()"*%$- )")(($+ #$+()"2 "'**)/ ('"'3()% 11'1 )+$"2'"*'%($"2 ";'+&'"
2,A('! '0" /3@)%2 +'('" '!!,'&&$%('#$+()" 2$!!'" /3// /($+1'" +" &'*)" '!" % &< $2$+($" 2 " /*$& = & " %$83 / ( " # + # "
)%5'+ 11'( - "$"83'+( ('( - 9"M"/$53 ()"2$!!,)(($+ #$+()"2$!!,'3()% 11'1 )+$"2'"*'%($"2$!!,_%5'+)"2 "Q 5 !'+1'0"
!$"@'+&<$"%$($"2$!"[%3**)"A+($/'"H'+*')!)""D +&!3/'"!'";'+&'"2 "L%$+()"$";)!1'+)E"3( ! 11'+)"% /*$(( -'#$+($0"'"
*'%( %$" 2'!" Wj" 5 35+)" VjIj0" !" #$()2)" AY;" *$%" !" /$5#$+()" K3(3 " Y$(' !" DK3(3 " %$/ 2$+1 '! " '" *% -'( E" $0" '"
*'%( %$"2'!"WI"2 &$#@%$"VjIj0" !"#$()2)"AY;"M-'+1'()"D&)/ 22$(()"#$()2)"MAY;"F"M2-'+&$2" A+($%+'!"Y'( +5"
;'/$2E"&)+"% =$% #$+()"'!"*)%('=)5! )"%$5)!'#$+('%$"OJ/*)/ 1 )+ "&%$2 ( 1 $"-$%/)" #*%$/$"D`)%*)%'($EP"*$%"!'"
`'*)5%3**)0" !$" @'+&<$" %$($" D$" (%'" $//$" ;'+&'" 2 " L%$+()" $" ;)!1'+)E" $" !$" *% +& *'! " /)& $(." /*$& '! 11'($" +$!"
&%$2 ()9" R$%" !" /$5#$+()" HKJ" Y$(' !" ?" /('('" &)+/$53 ('" !,'3()% 11'1 )+$" '!" #$()2)" AY;" '" *'%( %$" 2'!!'"
/$5+'!'1 )+$"2 "2 &$#@%$"VjIV9"
R$%" 83'+()" % 53'%2'" " % /&< " 2 " #$%&'()0" !$" @'+&<$" /)+)" ($+3($" '" % /*$(('%$" " %$83 / ( " *'(% #)+ '! " &'!&)!'( "
/3!!, +($%)"*)%('=)5! )"2 "+$5)1 '1 )+$"2 /( +('#$+($"*$%" "2 -$%/ "( * "2 "% /&< )U"% /&< )"2 "*)/ 1 )+$"/3"( ()! "2 "
2$@ ()" $" 2 " &'* ('!$0" % /&< )" 2 " %$5)!'#$+()" $" % /&< )" 2 " &)+&$+(%'1 )+$9" `)+" % =$% #$+()" '!!, +($%)" @ !'+& )0"
)&&)%%$" +)!(%$" 2$($%# +'%$" !" % /&< )" 2 " &'#@ )9" M+&)%&<?" / '" &)+/$+( ()" !,3( ! 11)" 2 " #)2$!! " +($%+ " *$%"
2$($%# +'%$" !"%$83 / ()"*'(% #)+ '!$"2$ "% /&< "2 "#$%&'()0"!'";'+&'"<'"3( ! 11'()" !"#$()2)"@'/$9"A!"% /&< )"2 "
&)+(%)*'%($"?"&'!&)!'()" +2 *$+2$+($#$+($"2'!"*)%('=)5! )"2 "'!!)&'1 )+$9"
R$%"83'+()"'(( $+$" "% /&< ")*$%'( - 0"/ "$- 2$+1 '"&<$" !"[%3**)"<'")(($+3()0"'"*'%( %$"2'!!'"/$5+'!'1 )+$"'!"WI"
2 &$#@%$" Vjji0" !,'3()% 11'1 )+$" '!!,3( ! 11)" 2$!" K$()2)" M-'+1'()" MKM" D#)2$!!)" +($%+)E" *$%" !'"
2$($%# +'1 )+$" 2$!" %$!'( -)" %$83 / ()" *'(% #)+ '!$" /3" 3+" *% #)" *$% #$(%)" &<$" &)#*%$+2$" !'" #'55 )%" *'%($"
2$!!$"@'+&<$"$"2$!!$"/)& $(."2$!!'"Z - / )+$";'+&'"2$ "L$%% ()% 0"2 "&3 "='"*'%($"!'";'+&'"2 "L%$+()"$";)!1'+)9""
0'9$<&*=#-!&$!'(!'$#,:*#'H:#$,!,#,!6#'
'
(m igliaia di euro )
J#, +5 &*!+XM#"& *!
''''''''''9 => &*, !'$&$ '>&$ (+*#, !
'''''''''''9 =>& *, !'> &$( +*#, !X'
*+H :!@!, !
./0/1012/.
./0/1012/1
./0/1012/.
./0/1012/1
2.663.166
3.102.414
1.165.679
1.408.436
462.721
577.497
248.600
257.091
2.200.445
2.524.917
917.079
1.151.345
A . A T T IVIT A ' D I R ISC H IO
A .1 R is c hio di c redito e di c o ntro parte
1. M eto do lo gia s tandardizzata
2. M eto do lo gia bas ata s ui rating interni
2.1 B as e
2.2 A v anzata
3. C arto larizzazio ni
38
7
57
26
2.200.407
2.524.910
917.022
1.151.319
-
-
-
-
93.254
112.675
B . R EQ UISIT I P A T R IM O N IA LI D I VIGILA N Z A
B .1 R is c hio di c redito e di c o ntro parte
B .2 R is c hi di m erc ato
46
262
1. M eto do lo gia s tandard
X
X
46
262
2. M o delli interni
X
X
-
-
3. R is c hio di c o nc ent razio ne
X
X
-
-
B .3 R is c hio o perat iv o
X
X
11.604
12.947
1. M eto do bas e
X
X
2. M eto do s tandardizzato
X
X
3. M eto do av anzato
X
X
11.604
12.947
X
X
-
-
-26.226
-31.471
78.678
94.413
B .4 A ltri requis iti prudenziali
B .5 A ltri elem enti di c alc o lo
B .6 T o t ale requis it i prudenziali
X
X
C . A T T IVIT A ' D I R ISC H IO E C OEF F IC IEN T I D I VIG ILA N Z A
X
X
X
X
983.472
1.180.160
X
X
12,77%
11,95%
X
X
13,22%
12,72%
C .1 A ttiv it à di ris c hio po nderate
C .2 P atrim o nio di bas e/A t tiv ità di ris c hio
po nderate (T ier 1 c apit al ratio )
C .3 P atrim o nio di v igilanza inc lus o T IER 3/A ttiv ità di ris c hio
po nderate (T o tal c apital rat io )
'
1.P'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'R S"_*$%')+"2"'55%$5'1)+$"%53'%2'+("#*%$/$")"%'#"2,'1$+2''
R'%($" [" S" _*$%'1 )+ " 2 " '55%$5'1 )+$"
% 53'%2'+( " #*%$/$")"%'# "2,'1 $+2'
"
"
C)+"/ "% !$-'+)"-)& "'--'!)%'($"*$%"!$"/$1 )+ 0"*%$- /($"2'!!'";'+&'"2,A('! '0"%$!'( -$"'!!'"OR'%($"["S")*$%'1 )+ "2 "
'55%$5'1 )+$"% 53'%2'+( " #*%$/$")"%'# "2,'1 $+2'P9"
"
'
1.S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($
R'%($" s" S" A+=)%#'1 )+ " /3 " &)#*$+/ " $"
)*$%'1 )+ "&)+"*'%( "&)%%$!'($"
"
9$<&*=#-!&$!'@:!'%&=>+$@!'+'&>+*#-!&$!'%&$'>#*,!'%&**+"#,+'
'
8@>+,,!'>*&%+(:*#"!'
'
A+"&)$%$+1'"&)+" !"*% +& * )"&)+('@ !$"AMH"Ve0"!'";'+&'"<'" 2$+( = &'()"!$"*%)*% $"*'%( "&)%%$!'($"$"*%)--$2$"'5! "
)@@! 5< "2 " +=)%#'( -'"/3 "%'**)%( "&)+"('! "/)55$(( 9"
R$%" 83'+()" % 53'%2'" 5! " '/*$(( " *%)&$23%'! 0" !'" ;'+&'" '**! &'0" '" 2$&)%%$%$" 2'!" WI" 2 &$#@%$" VjIV0" !"
OY$5)!'#$+()" 2 " [%3**)" *$%" !'" 5$/( )+$" 2$!!$" )*$%'1 )+ " &)+" R'%( " `)%%$!'($" 2 " A+($/'" H'+*')!)" H9*9'9" $"
H)55$(( " `)!!$5'( " 2$!" [%3**)P" $" !$" Y$5)!$" $" R%)&$23%$" +($5%'( -$" D2 " /$53 ()" Y$5)!'#$+()E0" '**%)-'( " +$!"
#$/$"2 "5 35+)"VjIV"2'!"`)+/ 5! )"2 "M## + /(%'1 )+$"*%$- )"*'%$%$"='-)%$-)!$"2$!"`)# ('()"_*$%'1 )+ "&)+"
R'%( "`)%%$!'($"$"2$!"`)!!$5 )"H +2'&'!$9"
A!" Y$5)!'#$+()" ( $+$" &)+()" / '" 2$!!'" 2 /& *! +'" $#'+'('" 2'!!'" `)+/)@0" ' " /$+/ " 2$!" '%(9" VWiI" @ /" &9&90" F"
2 %$(('#$+($"'**! &'@ !$"'!!'";'+&'" +"83'+()"$# (($+($"'1 )+ "2 ==3/$"(%'" !"*3@@! &)" +"# /3%'"% !$-'+($"F"&<$"
2$!!$"2 /*)/ 1 )+ "2 "- 5 !'+1'" +(%)2)(($"2'!!'";'+&'"2,A('! '" !"IV"2 &$#@%$"VjII" +"#'($% '"2 "'(( - (."2 "% /&< )"
$"&)+=! (( "2 " +($%$//$"2$!!$"@'+&<$"$"2$ "5%3** "@'+&'% "+$ "&)+=%)+( "2 "OH)55$(( "`)!!$5'( P"$2"$#'+'($" +"
'((3'1 )+$"2$!!,'%(9"fW0"&)##'"e"$"//9"2$!"L$/()"3+ &)"@'+&'% )"$" +"&)+=)%# (."'!!'"2$! @$%'"2$!"`A`Y"2$!"Vi"
!35! )"Vjjg0"+9"Vkk9"
A!" *$% #$(%)" &)#*!$// -)" 2$ " /)55$(( " &)+/ 2$%'( " % !$-'+( " 2'!" Y$5)!'#$+()" +&!32$" !$" *'%( " &)%%$!'($" 2$!!'"
;'+&'" 2$+( = &'($"' "/$+/ "2$!!)"AMH"Ve"$"2$!!'"2 /& *! +'"$#'+'('"2'!!'"`)+/)@"/)*%'" +2 &'('9"
A!"Y$5)!'#$+()"2 /& *! +'" "/$53$+( "'/*$(( U"
− "&% ($% "*$%" 2$+( = &'%$"!$"*'%( "&)%%$!'($"*%)*% $0"!$"R'%( "`)%%$!'($"2 "A+($/'"H'+*')!)"$" "H)55$(( "`)!!$5'( 6"
− !"*%)&$//)" 2 " /(%3(()% '0"2$! @$%'1 )+$" $" +=)%#'1 )+$" '5! " _%5'+ " /)& '! " *$%" !$" )*$%'1 )+ "%$'! 11'($"&)+"
*'%( "&)%%$!'($"$"H)55$(( "`)!!$5'( 6"
− !, +=)%#'1 )+$"'!"#$%&'()"*$%"!$")*$%'1 )+ "&)+"R'%( "`)%%$!'($6"
− "! # ( "*%32$+1 '! "$"5! "'2$#* #$+( "2 "/$5+'!'1 )+$"*$% )2 &'"'!!'";'+&'"2,A('! '"*$%"!,'(( - (."2 "% /&< )"+$ "
&)+=%)+( "2$ "H)55$(( "`)!!$5'( 6""
− !$"%$5)!$"&<$"% 53'%2'+)" "&)+(%)!! "$" "*%$/ 2 ")%5'+ 11'( - 6"
− !$" %$5)!$" 5$+$%'! " 2 " 2 /&!)/3%$" $" '/($+/ )+$" *$%" !'" 5$/( )+$" 2$5! " +($%$// " *$%/)+'! " 2$5! " $/*)+$+( 0" 2$ "
2 *$+2$+( "$"2$ "&)!!'@)%'()% "'1 $+2'! "'+&<$"2 -$%/ "2' "H)55$(( "`)!!$5'( 9""
"
M "/$+/ "2$!"& ('()"Y$5)!'#$+()"/)+)"&)+/ 2$%'($"R'%( "`)%%$!'($"2 "A+($/'"H'+*')!)U" "/)55$(( "&<$"$/$%& ('+)"
!" &)+(%)!!)" )" !, +=!3$+1'" +)($-)!$0" !$" $+( (." &)+(%)!!'($" $" &)!!$5'($0" !$" b) +(" -$+(3%$0" " =)+2 " *$+/ )+$" 2$!"
[%3**)0"5! "J/*)+$+( "$" " r$B"K'+'5$%"2 "A+($/'"H'+*')!)"&)+" "%$!'( - "/(%$(( "='# ! '% "$"!$"$+( (."*'%($& *'($"
% !$-'+( 9""
:, +/ $#$"2$ "H)55$(( " `)!!$5'( "2 "[%3**)" ?"&)/( (3 ()" 2' "H)55$(( " `)!!$5'( "2 "& '/&3+'"@'+&'" 2$!"[%3**)"
D&)#*%$/'"!'";'+&'"2 "L%$+()"$";)!1'+)"H9*9M9E"$"2 "& '/&3+" +($%#$2 '% )"- 5 !'()"% !$-'+($"&)+"*'(% #)+ )"2 "
- 5 !'+1'" /3*$% )%$" '!" Vo" 2$!" *'(% #)+ )" &)+/)! 2'()9" Y /*$(()" '" & '/&3+'" @'+&'" )" +($%#$2 '% )" - 5 !'()"
% !$-'+($"2$!"[%3**)"/)+)"H)55$(( "`)!!$5'( U" E"5! "'1 )+ /( "&<$"$/$%& ('+)" !"&)+(%)!!)0"!, +=!3$+1'"+)($-)!$")"
&<$" /)+)" &)#3+83$" ($+3( " '" % &< $2$%$" '3()% 11'1 )+$" ' " /$+/ " 2$!!,'%(9" Ii" L>;" )" +" 5%'2)" 2 " +)# +'%$" 3+"
&)#*)+$+($"2$!!,)%5'+)"&)+"=3+1 )+$"2 "5$/( )+$")"2 "/3*$%- / )+$"/(%'($5 &'"$" "%$!'( - "5%3** "/)& $('% 0" E"!$"
$+( (." &)+(%)!!'($0" &)+(%)!!'($" &)+5 3+($" $" &)!!$5'($0" +)+&<^" !$" $+( (." 2'" 83$/($" &)+(%)!!'($" '+&<$"
&)+5 3+('#$+($" '2" '!(% 6" E" 5! " $/*)+$+( " '1 $+2'! " &)+" " %$!'( - " *'%$+( " = +)" '!" /$&)+2)" 5%'2)" $" !$" $+( (."
*'%($& *'($"% !$-'+( 9"
A+" - '" 2 " '3()%$5)!'#$+('1 )+$0" !'" `'*)5%3**)" <'" $/($/)" !'" 2 /& *! +'" +" #'($% '" 2 " )*$%'1 )+ " &)+" R'%( "
`)%%$!'($"$"83$!!'"/3!!,'(( - (."2 "% /&< )"$"&)+=! (( "2 " +($%$//$"+$ "&)+=%)+( "2$ "H)55$(( "`)!!$5'( "'5! "'1 )+ /( "
2 " A+($/'" H'+*')!)" $" %$!'( - " 5%3** " /)& $('% " &<$" '@@ '+)" 3+'" *'%($& *'1 )+$" '!" &'* ('!$" &)+" 2 % (()" 2 " -)()"
2$!!'" `'*)5%3**)" /3*$% )%$" '!" Vo" &'!&)!'('" /3!!$" /)!$" '1 )+ " +" *%)*% $(." )" +" 5$/( )+$9" L'!$" /)!31 )+$"
&)+/$+($"2 "/- !3**'%$"3+)"/('+2'%2"* 4"$!$-'()"2 "#)+ ()%'55 )"2$!!$"(%'+/'1 )+ "&)+" "*% +& *'! "'1 )+ /( "2 "
A+($/'" H'+*')!)" F" '//)55$(('+2)!$" '5! " '2$#* #$+( " /(%3(()% 0" 2$! @$%'( - " $" 2 " +=)%#'( -'" /3&&$// -'" '5! "
'
1?2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($'
_%5'+ "$"'!"#$%&'()"% /$%-'( "'!!$")*$%'1 )+ "&)+"R'%( "`)%%$!'($"$"H)55$(( "`)!!$5'( "F"$"&)+($+$%$"$+(%)" "! # ( "
*%32$+1 '! "/('@ ! ( "2'!!'";'+&'"2,A('! '"'+&<$"!$"'(( - (."2 "% /&< )"/-)!($"2'!"[%3**)"&)+"('! "/)55$(( 9"
A!"Y$5)!'#$+()"&)+($#*!'"!$"2 -$%/$"&'3($!$" /(%3(()% $"&<$"2$-)+)"$//$%$")//$%-'($"2'!!$"/(%3((3%$"2$!!'";'+&'"
+$!!'" %$'! 11'1 )+$" 2 " )*$%'1 )+ " &)+" R'%( " `)%%$!'($" $" H)55$(( " `)!!$5'( " 2 " [%3**)0" '!" = +$" 2 " /)22 /='%$" !$"
$/ 5$+1$" 2 " &)%%$(($11'" /)/('+1 '!$" 2$!!$" (%'+/'1 )+ 0" % &< $2$+2)0" (%'" !,'!(%)0" 3+" $/'#$" 2$(('5! '()" 2$!!$"
#)( -'1 )+ 0" 2$5! " +($%$// 0" 2$5! " $==$(( " 2'!" *3+()" 2 " - /('" *'(% #)+ '!$0" $&)+)# &)" $" = +'+1 '% )" $" 2$!!$"
&)+2 1 )+ "2$!!,)*$%'1 )+$9"
A+"&)$%$+1'"&)+"!'"%$5)!'#$+('1 )+$"'2)(('('"2'!!'"`)+/)@"$"2'!!'";'+&'"2,A('! '0"?" +)!(%$"*%$- /()"3+"%$5 #$"
2 "$/$+1 )+ 0" +($5%'! ")"*'%1 '! 0"2'!!,'**! &'1 )+$"2$!!'"2 /& *! +'9"
R$%"83'+()"'(( $+$"' "*%)= ! "2$! @$%'( - 0" !"*%)&$2 #$+()"- $+$"2 ==$%$+1 '()"*$%U"
− )*$%'1 )+ "2 " #*)%()"$/ 53)U"2 "&)+(%)-'!)%$" +=$% )%$")"*'% "'"$3%)"Vfj9jjj"*$%"!$"*$%/)+$"= / &<$"$"$3%)"
I"# ! )+$"*$%"!$"*$%/)+$"5 3% 2 &<$"D$/&!3/$"2'!!,'**! &'1 )+$"2$!!'"2 /& *! +'E6"
− )*$%'1 )+ " 2 " # +)%$" % !$-'+1'U" 2 " &)+(%)-'!)%$" /3*$% )%$" '!!$" /)5! $" 2 " $/ 53 (." D$3%)" Vfj9jjj" *$%" !$"
*$%/)+$" = / &<$" $" $3%)" I" # ! )+$" *$%" !$" *$%/)+$" 5 3% 2 &<$E" #'" +=$% )%$" )" *'% " '!!$" /)5! $" 2 " #'55 )%$"
% !$-'+1'"2 "/$53 ()" +2 &'($6"
− )*$%'1 )+ "2 "#'55 )%$"% !$-'+1'U"2 "&)+(%)-'!)%$"/3*$% )%$"'!!'"/)5! '"2$!"fo"2$!"*'(% #)+ )"2 "- 5 !'+1'")"
2$!"V0fo"+$!"&'/)"2 ")*$%'1 )+ " +=%'5%3**)6"
− )*$%'1 )+ "/(%'($5 &<$"' "/$+/ "2$!!)"H('(3()"2 "A+($/'"H'+*')!)"H9*9'96"""
− )*$%'1 )+ "2 "&)#*$($+1'"'//$#@!$'%$0"'"+)%#'"2 "!$55$")"2 "/('(3()9"
"
C$!"*%)&$//)"= +'! 11'()"'!!,'**%)-'1 )+$"2$!!$")*$%'1 )+ "&)+"*'%( "&)%%$!'($"$"H)55$(( "`)!!$5'( "2 "[%3**)0"
3+" %3)!)" 83'! = &'()" ?" /-)!()" 2'!" `)# ('()" _*$%'1 )+ " &)+" R'%( " `)%%$!'($0" &)/( (3 ()" +" /$+)" '!" `)+/ 5! )" 2 "
M## + /(%'1 )+$"2$!!'";'+&'"$"&)#*)/()"2'"W"D(%$E"#$#@% "+)+"$/$&3( - " +"*)//$//)"2$ "+$&$//'% "%$83 / ( "2 "
+2 *$+2$+1'9" A!" `)# ('()" *37" '--'!$%/ 0" )-$" % ($+3()" )**)%(3+)0" 2 " $/*$%( " +2 *$+2$+( " +" %$!'1 )+$" '!!'"
/ 5+ = &'( - (.0"'!!$"*'%( &)!'% "&'%'(($% /( &<$"$&)+)# &<$")"/(%3((3%'! "2$!!,)*$%'1 )+$")"2$!!'"+'(3%'"2$!!'"*'%($"
&)%%$!'('")"/)55$(()"&)!!$5'()9"
R$%"!$")*$%'1 )+ "2 "#'55 )%$"% !$-'+1'"!$"/(%3((3%$"2$-)+)"&) +-)!5$%$" !"`)# ('()"+$!!$"='/ "2$!!, /(%3(()% '"$"
2$!!$" (%'(('( -$0" '((%'-$%/)" !, +- )" 2 " 3+" =!3//)" &)#*!$()" $" ($#*$/( -)" $" &)+" !'" ='&)!(." 2$!" `)# ('()" 2 "
% &< $2$%$"3!($% )% " +=)%#'1 )+ "$"=)%#3!'%$")//$%-'1 )+ 9"
:$")*$%'1 )+ "S"&<$"+)+"/ '+)"$/$+( " +"@'/$"'!"Y$5)!'#$+()"S"%$'! 11'($"2'!!'";'+&'"&)+"3+'"R'%($"`)%%$!'('"
)" H)55$(()" `)!!$5'()" /)+)" '//)55$(('($" '!" @$+$/('%$" 2$!!'" `'*)5%3**)" D/'!-)" &<$" *$%" !$" )*$%'1 )+ "
+=%'5%3**)E" $" % /$%-'($" '!!'" &)#*$($+1'" 2$! @$%'( -'" 2$!" `)+/ 5! )" 2 " M## + /(%'1 )+$0" *%$- )" *'%$%$" 2$!"
`)# ('()"_*$%'1 )+ "&)+"R'%( "`)%%$!'($9""
A!"Y$5)!'#$+()"*%$-$2$"/*$& = & "*%$/ 2 "+$!"&'/)" +"&3 " !"`)+/ 5! )"2 "M## + /(%'1 )+$"2$! @$% "3+,)*$%'1 )+$"
2 "# +)%$")"#'55 )%$"% !$-'+1'0"+)+)/('+($" !"*'%$%$"+$5'( -)"2$!"`)# ('()"2 " +2 *$+2$+( 9""
A!" Y$5)!'#$+()" 2$= + /&$" '!(%$/\" " &% ($% " 5$+$%'! " *$%" !, +=)%#'( -'" 2'" %$+2$%$0" '!#$+)" (% #$/(%'!#$+($0" '!"
`)+/ 5! )"2 " M## + /(%'1 )+$"$"'!"`)!!$5 )" H +2'&'!$" +" )%2 +$"'!!$")*$%'1 )+ "&)+" *'%( "&)%%$!'($" $"H)55$(( "
`)!!$5'( " *$%=$1 )+'($" 2'!!'" ;'+&'" +$!" *$% )2)" 2 " % =$% #$+()0" '!" = +$" 2 " =)%+ %$" 3+" 83'2%)" &)#*!$()"
2$!!, +/ $#$" 2$!!$" )*$%'1 )+ " * 4" / 5+ = &'( -$" *)/($" +" $//$%$0" +)+&<^" 2$ " -)!3# " $" 2$!!$" *% +& *'! "
&'%'(($% /( &<$"2 "(3(($"83$!!$"2$!$5'($9":, +=)%#'( -'"2$-$"% 53'%2'%$"(3(($"!$")*$%'1 )+ 0"'+&<$"/$"$/$+( "2'"
*%)&$23%'"2$! @$%'( -'0"2 "&)+(%)-'!)%$"/3*$% )%$"'!!$"/)5! $"2 "$/ 53 (.6"/)+)"$/&!3/$"!$")*$%'1 )+ "2 "%'&&)!('"
@'+&'% '" %$'! 11'($" '" &)+2 1 )+ " 2 " #$%&'()" )" /('+2'%2" $" " = +'+1 '#$+( " $" !'" %'&&)!('" @'+&'% '" +=%'5%3**)"
D/$#*%$" &<$" +)+" % 53'%2 +)" 3+'" /)& $(." &)+(%)!!'('" &)+" +($%$// " / 5+ = &'( - " 2 " '!(%'" *'%($" &)%%$!'('" )"
/)55$(()" &)!!$5'()" $" *%$/$+( +)" &)+2 1 )+ " +)+" 2 " #$%&'()" )" /('+2'%2E9" R$%" !$" )*$%'1 )+ " +=%'5%3**)"
)%2 +'% $"$"'"&)+2 1 )+ "2 "#$%&'()"?0" +-$&$0"*%$- /('"3+, +=)%#'( -'"2 "( *)"'55%$5'()"/3"@'/$"'++3'!$9"
R$%" &)#*!$($11'0" / " $- 2$+1 '" &<$" !'" ;'+&'" ?" ($+3('" '2" '**! &'%$" !,'%(9" IWh" L>;9" L'!$" +)%#'" % &< $2$"
!,'2)1 )+$" 2 " 3+'" *%)&$23%'" 2$! @$%'( -'" '55%'-'('" D2$! @$%'" 3+'+ #$" 2$!!,)%5'+)" '## + /(%'( -)" $" -)()"
='-)%$-)!$"2$ "&)#*)+$+( "!,)%5'+)"2 "&)+(%)!!)E"*$%"&)+/$+( %$"' "*%)*% "$/*)+$+( "2 "'//3#$%$0"2 %$(('#$+($"
)" +2 %$(('#$+($0")@@! 5'1 )+ "&)+"!'";'+&'"/($//'9""
A+"*'%( &)!'%$"!'" *%)&$23%'" 2$! @$%'( -'" '55%'-'('" /('@ ! ('"+$!!,'%(9"IWh"L>;"F" '+&<$"83'+2)" / "(%'(( "2 " R'%( "
`)%%$!'($" )" H)55$(( " `)!!$5'( " F" /3@)%2 +'" !,)*$%'1 )+$" '!!'" *%$- '" 2$! @$%'1 )+$" 3+'+ #$" 2$!" `)+/ 5! )" 2 "
M## + /(%'1 )+$" $" '!" -)()" ='-)%$-)!$" 2 " (3(( " " &)#*)+$+( " 2$!" `)!!$5 )" H +2'&'!$9" H +)" '!!,'&83 / 1 )+$" 2$!"
*'%$%$"='-)%$-)!$"2 "(3(( " "&)#*)+$+( "2$!!,)%5'+)"2 "&)+(%)!!)"?"('//'( -'#$+($"$/&!3/'"!'"*)// @ ! (."2 "2'%"
&)%/)"'!!,)*$%'1 )+$" +")55$(()9"
H)+)" +)!(%$"='(( "/'!- "5! ")@@! 5< "*%$- /( "2'!"&)2 &$"& - !$" +"#'($% '"2 " +($%$// "2$5! "'## + /(%'()% 0"' "/$+/ "
2$!!,'%(9"VWiI"`9`9"
'
1?/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($
/0'9$<&*=#-!&$!' @:!' %&=>+$@!' %&**!@>&@,!' #!' %&=>&$+$,!' (+5"!' &*5#$!' (!' #==!$!@,*#-!&$+' +' (!''
%&$,*&""&'+'#!'(!*!5+$,!'%&$'*+@>&$@#F!"!,Q'@,*#,+5!%E+'
"
:,'((3'!$"'//$(()")%5'+ 11'( -)"2 ";L;" +&!32$"+$!"*$% #$(%)"2$ "O2 % 5$+( "&)+"%$/*)+/'@ ! (."/(%'($5 &<$P"D2 "
/$53 ()"O$/*)+$+( PE" "`)+/ 5! $% "2 "M## + /(%'1 )+$0" "H +2'& "$" !"Z %$(()%$"[$+$%'!$9"
A"*% +& *'! "@$+$= & "% &)+)/& 3( "2'!!'";'+&'"' "*%$2$(( "$/*)+$+( "/)+)"% *)%('( "/ +($( &'#$+($"+$!!'"/$53$+($"
('@$!!'U"
3 1.12 .2 0 13
( m ig lia ia d i e u r o )
3 1.12 .2 0 12
697
775
24
24
A lt r i b e n e f ic i a lu n g o t e r m in e
-
-
In d e n n it à p e r la c e s s a z io n e d e l r a p p o r t o d i la v o r o
-
-
P a g a m e n t i in a z io n i
-
-
721
799
F o r m a d i r e t r ib u z io n e
B e n e f ic i a b r e v e t e r m in e
B e n e f ic i s u c c e s s iv i a l r a p p o r t o d i la v o r o
T o t a le r e m u n e r a z io n i c o r r is p o s t e a i D ir ig e n t i c o n r e s p o n s a b ilit à s t r a t e g ic h e
"
"
:$"=)%#$"2 "%$(% @31 )+$"$- 2$+1 '($" +"('@$!!'"% $+(%'+)"=%'"83$!!$"*%$- /($"2'!!)"AMH0"&<$"&)#*%$+2)+)"(3(( " "
@$+$= & "% &)+)/& 3( " +"&'#@ )"2 "/$%- 1 "%$/ "$"/)+)"%'**%$/$+('( "2'"83'!/ '/ "=)%#'"2 "&)%% /*$(( -)"*'5'()0"
*'5'@ !$")"$%)5'()"2'!!'";'+&'0")"*$%"&)+()"2$!!'";'+&'9"A+"*'%( &)!'%$0"$// "*)//)+)"$//$%$"&)/( (3 ( "2'U"
'E @$+$= & "'"@%$-$"($%# +$U"/'!'% 0"/( *$+2 "$"%$!'( - "&)+(% @3( "/)& '! 0"*'5'#$+()"2 " +2$++ (."/)/( (3( -$"2 "
=$% $" $" 2 " '//$+1$" *$%" #'!'(( '0" &)#*'%($& *'1 )+$" '5! " 3( ! " $" +&$+( -'1 )+ " D/$" 2)-3( " $+(%)" 2)2 & " #$/ "
2'!!'"= +$" 2$!!,$/$%& 1 )E"$" @$+$= & " +"+'(3%'"D83'! " '// /($+1'"#$2 &'0" '@ ('1 )+$0"'3()"'1 $+2'! " $"@$+ ")"
/$%- 1 "5%'(3 ( ")"=)%+ ( "'"&)/()"% 2)(()E"*$%" !"*$%/)+'!$" +"/$%- 1 )6"
@E @$+$= & " /3&&$// - " '!!'" = +$" 2$!" %'**)%()" 2 " !'-)%)" 83'! " *$+/ )+ 0" '!(% " @$+$= & " *%$- 2$+1 '! " D&)#*%$/)" !"
L9T9Y9E0"'// &3%'1 )+ "/3!!'"- ('"$"'// /($+1'"/'+ ('% '"/3&&$// -$"'!"%'**)%()"2 "!'-)%)6"
&E '!(% "@$+$= & "'"!3+5)"($%# +$0" - " +&!3/ "*$%#$// "$"*$% )2 "/'@@'( & "!$5'( "'!!,'+1 '+ (."2 "/$%- 1 )0"*%$# " +"
)&&'/ )+$"2 "'++ -$%/'% ")"'!(% "@$+$= & "!$5'( "'!!,'+1 '+ (."2 "/$%- 1 )0" +2$++ (."*$%" +-'! 2 (."$0"/$"2)-3( "
2)*)" 2)2 & " #$/ " )" * 4" 2'!!'" &< 3/3%'" 2$!!,$/$%& 1 )0" &)#*'%($& *'1 )+$" '5! " 3( ! 0" +&$+( - " $" %$(% @31 )+ "
2 ==$% ($6"
2E +2$++ (."2)-3($"*$%"!'"&$//'1 )+$"2$!"%'**)%()"2 "!'-)%)6"
$E *'5'#$+( " +"'1 )+ 9"
"
10'9$<&*=#-!&$!'@:""+',*#$@#-!&$!'%&$'>#*,!'%&**+"#,+'
"
C$!"VjIW"/)+)"/('($"$==$((3'($"2'!!'"/)& $(."23$")*$%'1 )+ "O2 "+'(3%'"'( * &'")" +3/3'!$P"&)+"*'%( "&)%%$!'($0"
2 " &3 " 3+'" 2 " *'%( &)!'%$" % !$-'+1'0" *$%" !$" 83'! " ?" /('('" /(%3 ('" !'" *%'( &'" +" )//$%-'+1'" 2$!!$" *%)&$23%$"
'55%'-'($"*%$- /($"2'!"OY$5)!'#$+()"*$%"!'"5$/( )+$"2$!!$")*$%'1 )+ "&)+"*'%( "&)%%$!'($P"'"/'!-'53'%2 '"2$!"
*'(% #)+ )"'1 $+2'!$"$"'!!'"(3($!'"2$5! "'1 )+ /( "2 "# +)%'+1'9""
L'! ")*$%'1 )+ "&)+/ /()+)"+$5! "'&&)%2 "&)+"!'"`'*)5%3**)"$"&)+"A+($/'"H'+*')!)"[%)3*"H$%- &$/"H9&9*9M9"*$%"
!'" =)%+ (3%'" 2 " /$%- 1 " D +2 &'( " '+&<$" +$ " /3&&$// - " *'%'5%'= E6" 83$/(,3!( #)" - $+$" '" &)+= 53%'%/ " &)#$"
)*$%'1 )+$" 2 " O#'55 )%$" % !$-'+1'P0" +" 83'+()" !" &)+(%)-'!)%$" &)#*!$// -)" % /3!('" /3*$% )%$" '!" V0fo" 2$!"
*'(% #)+ )" 2 " Q 5 !'+1'" 2 " ;(@" '!" WIaIVaVjIV9" C)+" $//$+2)" +2 - 23'@ !$" 3+" #$%&'()" 2 " % =$% #$+()" *$%" !$"
&)#*!$// -$" '(( - (." )55$(()" 2$ " `)+(%'(( " 2 " H$%- 1 )0" ('! " '&&)%2 " D&<$" &)/( (3 /&)+)" !" % ++)-)" 2 " %'**)%( "
&)+(%'((3'! "5 ." +"$//$%$0" +"! +$'"&)+"!'"/(%3((3%'")%5'+ 11'( -'"2$!"[%3**)E"/)+)"*)/( " +"$//$%$"'"&)+2 1 )+ "
2$= + ($" +$!" 83'2%)" 2$!" #)2$!!)" 2 " ('% =='1 )+$" 2$ " /$%- 1 " +=%'5%3**)0" &<$" &)%% /*)+2$" '!!'" %$& *%)&'"
&)+-$+ $+1'"2$!!$"*'%( 9"[! "'&&)%2 0" +)!(%$0"% $+(%'+)"+$!"83'2%)"2 "3+"2 /$5+)"3+ ('% )"2 "5$/( )+$" +($5%'('"
2$ "&)+(%'(( "2 "/$%- 1 )"2 "5%3**)9"
R$%" 83'+()" % 53'%2'" !$" )*$%'1 )+ " 2 " +'(3%'" +)+" '( * &'" )" +3/3'!$" *)/($" +" $//$%$" &)+" *'%( " &)%%$!'($0" $//$"
% $+(%'+)"+$!!,'#@ ()"2$!!'" )%2 +'% '")*$%'( - (."2$!!'";'+&'"$"/)+)"2 "+)%#'"*)/($" +"$//$%$" '"&)+2 1 )+ "2 "
#$%&'()" $" &)#3+83$" /3!!'" @'/$" 2 " -'!3('1 )+ " 2 " %$& *%)&'" &)+-$+ $+1'" $&)+)# &'0" +$!" % /*$(()" 2$!!'"
+)%#'( -'"$/ /($+($9"
H "/$5+'!'+)0"+$!"*%)/ $53)0"!$"*% +& *'! "&'%'(($% /( &<$"2$!!,)*$%'( - (."&)+"& '/&3+'"&'($5)% '"2 "&)+(%)*'%($"
&)%%$!'('0" +"@'/$"'"83'+()"*%$- /()"2'!!)"AMH"Ve"{"IiU"!'"/)& $(."&)+(%)!!'+($0"'!(% "'1 )+ /( "% !$-'+( 0" "2 % 5$+( "
&)+"%$/*)+/'@ ! (."/(%'($5 &<$"2$!!'"@'+&'")"2$!!'"/3'"&)+(%)!!'+($"Dr$B"K'+'5$#$+(E0"'!(%$"*'%( "&)%%$!'($9"
"
'
1?1'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($'
10/'V>+*#-!&$!'%&$'"#'@&%!+,Q'%&$,*&""#$,+'
"
A+($/'" H'+*')!)" $/$%& ('0" ' " /$+/ " 2$5! " '%( &)! " Veik" $" /$53$+( " 2$!" `)2 &$" ` - !$0" '(( - (." 2 " 2 %$1 )+$" $"
&))%2 +'#$+()"+$ "&)+=%)+( "2$!!'";'+&'9""
:,)*$%'( - (."&)+"!'"`'*)5%3**)"% 53'%2'"*% +& *'!#$+($U"
− !"/)/($5+)"2'"*'%($"2 "A+($/'"H'+*')!)"'!!$"$/ 5$+1$"= +'+1 '% $"2 ";L;0"/)(()"=)%#'"/ '"2 "&'* ('!$"2 "% /&< )"
/ '"2 "= +'+1 '#$+( 6"
− !$")*$%'1 )+ "2, #* $5)"2$!!'"! 83 2 (."2$!!'";'+&'"*%$//)"!'"`'*)5%3**)6"
− !"2$*)/ ()"*$%"!,'//)!- #$+()"2$!!,)@@! 5)"2 "% /$%-'")@@! 5'()% '"*%$//)"!'";'+&'"2,A('! '6"
− "%'**)%( "2 ")3(/)3%& +5"&<$"%$5)!'+)"!$"'(( - (."2 "&'%'(($%$"'3/ ! '% )"*%$/('($"2'"A+($/'"H'+*')!)"'"='-)%$"
2$!!'" /)& $(.0" &)+" *'%( &)!'%$" % =$% #$+()" ' " %'**)%( " 2 " /$%- &$" &<$" %$5)!'+)" !$" '(( - (." 2 " [)-$%+'+&$9" M!"
% 53'%2)" / " /$5+'!'" &<$0" *$%" !" VjIW0" 5! " )+$% " &)#*!$// - " '" &'% &)" 2 " ;L;" *$%" ('! " '(( - (." '##)+('+)" '"
W9Ije"# 5! ' '6"
− !,'2$/ )+$" 2$!!'" ;'+&'" '!!,'(( -'1 )+$" 2$!" O&)+/)! 2'()" = /&'!$" +'1 )+'!$P" +$!!,'#@ ()" 2$!" [%3**)" A+($/'"
H'+*')!)9" M" ('!" *%)*)/ ()" / " /$5+'!'+)" " /$53$+( " %'**)%( " +" $//$%$" 2$!!'" ;'+&'" +$ " &)+=%)+( " 2$!!'"
`'*)5%3**)" '!" WIaIVaVjIWU" &%$2 ( " *$%" % ($+3($" $" &%$2 ( " 2, #*)/('" $/9" VjIW" IVi" # 5! ' '0" &%$2 ( " *$%"
'&&)+( "AYJH"(%'/=$% ( "W9jhi"# 5! ' '0"2$@ ( "*$%"AYJH"V9efj"# 5! ' '"D!, #*)%()"()('!$"?"$/*)/()"+$!"2$(('5! )"
2$!!'" ('@$!!'" If9I" OM!(%$" '(( - (.U" &)#*)/ 1 )+$P" 2$!!'" *'%($" ;" A+=)%#'1 )+ " /3!!)" /('()" *'(% #)+ '!$" S"
M(( -)"2$!!'"*%$/$+($"C)('E6""
− 5! " '&&)%2 " (%'" !'" ;'+&'" $" !'" `'*)5%3**)" % 53'%2'+( " !'" 2 /(% @31 )+$" 2 " *%)2)(( " $a)" /$%- 1 " 2 " A+($/'"
H'+*')!)")0"* 4" +"5$+$%'!$0"!,'// /($+1'"$"!'"&)+/3!$+1'6"
− !,'&&)%2)" *$%" 2 /& *! +'%$" !$" '(( - (." &<$" !'" ;'+&'" /-)!5$%." *$%" &)+()" 2$!!'" `'*)5%3**)" +" )%2 +$" '!"
*'5'#$+()"2 "*$+/ )+ "$2"'!(% " +&'// a*'5'#$+( "2 /*)/( "2'"ACRH6"
− !,'&&)%2)"(%'"!'";'+&'"$"!'"`'*)5%3**)"*$%"!'"&)+&$// )+$"2 "= +'+1 '#$+( "'"='-)%$"2$!!$"* &&)!$"$"#$2 $"
#*%$/$0" +"@'/$"'!!'"%'&&)!('"$==$((3'('"2'!!'"`'//'"Z$*)/ ( "$"R%$/( ( 6"
− !,'2$/ )+$" '2" 3+" '&&)%2)" 2 " (%'# ('1 )+$" &)+" &3 " - $+$" &)+=$% ()" '!!'" `'*)5%3**)" +&'% &)" 2 " $#$(($%$0"
+$!!, +($%$//$"2$!!'"&! $+($!'0"5! " #*$5+ "2 "= %#'"D&)+"$/&!3/ )+$"2 "83$!! " +"$3%)"/3"2)#'+2'"$"'"='-)%$"2 "
/)55$(( "%$/ 2$+( E"$" "&%$2 ( "2)&3#$+('% 6"(%'(('%$"&%$2 ( "2)&3#$+('% "$" #*$5+ "2 "= %#'0" +"$3%)a-'!3('0"
+"='-)%$"2 "!)%)"&! $+( 0"&)+=)%#$#$+($"'!!$" /(%31 )+ "2$!!$";'+&<$"`)%% /*)+2$+( 6"(%'(('%$"2)&3#$+( "*$%"
!, +&'//)" &)+=)%#$#$+($" '!!$" /(%31 )+ " 2$!!'" &! $+($!'" )" 2$!!$" ;'+&<$" `)%% /*)+2$+( 6" 5$/( %$" (3(($" !$"
'(( - (."'"83'!/ '/ "( ()!)"&)++$//$"'!!'"*%$2$(('")*$%'( - (.6"
− "#'+2'( "% !'/& '( " '!!'"`'*)5%3**)"*$%"!'"/( *3!'1 )+$"2 "'!(% " '&&)%2 " )"&)+(%'(( "&)+"/)55$(( "2 -$%/ "D +"
*'%( &)!'%$"&)+"'!(%$"/)& $(."&)+(%)!!'($"2'"A+($/'"H'+*')!)0"&)#$" +2 &'()"+$!"%$!'( -)"*'%'5%'=)E9""
"
:$")*$%'1 )+ "&)+"A+($/'"H'+*')!)"/)+)"*$%"!)"* 4"%$5)!'($"'!!$"&)+2 1 )+ "'!!$"83'! "!'"`'*)5%3**)"'&&$2$"/3 "
#$%&'( "2 "% =$% #$+()0"!$"83'! "+)+"/)+)"+$&$//'% '#$+($"353'! "'"83$!!$"&<$"% /3!($%$@@$%)"'**! &'@ ! "/$"!'"
/)& $(." )*$%'//$" +" - '" '3()+)#'9" L'! " &)+2 1 )+ " -$+5)+)" &)#3+83$" '**! &'($" +$!" % /*$(()" 2$ " &% ($% " 2 "
&)%%$(($11'"/)/('+1 '!$"$"/$#*%$"&)+"!,)@ $(( -)"2 "&%$'%$"-'!)%$"*$%" !"[%3**)9"
H "/$5+'!'"&<$"+$!"&)%/)"2$!"VjIW0"/3!!'"@'/$"2$!!$"2$! @$%'1 )+ "2$!!,M//$#@!$'"D*%$/$" +"@'/$"'!!$"+)%#$"2 "
!$55$" $" 2 " H('(3()E" +" #$% ()" '!!'" 2$/( +'1 )+$" 2$!" % /3!('()" 2 " $/$%& 1 )0" +)+" ?" /('()" 2 /(% @3 ()" '!!'"
`'*)5%3**)"'!&3+"2 - 2$+2)9"
C$!!'"/$53$+($"('@$!!'"/)+)"% $* !)5'( " "*% +& *'! "%'**)%( "*'(% #)+ '! "$2"$&)+)# & "2$!!'";'+&'"+$ "&)+=%)+( "
2$!!'"`'*)5%3**)"'!!'"2'('"2$!"WI"2 &$#@%$"VjIWU"
'
1?.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($
R a p p o r t i c o n In t e s a S a n p a o l o
A t t iv it à f in a n z ia r ie d e t e n u t e p e r la n e g o z ia z io n e
A t t i v i t à f i n a n z i a r i e v a l u t a t e a l F a ir V a l u e
3 1.12 .2 0 13
( m i g l ia i a d i e u r o )
3 1.12 .2 0 12
12 0
340
26
C r e d it i v e r s o b a n c h e
2 6 .6 2 8
D e r iv a t i d i c o p e r t u r a ( a t t iv o )
19
5 7 .2 5 1
-
A lt r e a t t iv it à
14 5
761
D e b it i v e r s o b a n c h e
8 0 6 .5 7 9
P a s s i v i t à f i n a n z i a r i e d i n e g o z ia z i o n e
D e r i v a t i d i c o p e r t u r a ( p a s s iv o )
A lt r e p a s s iv it à
118
10 3
5 .6 4 2
8 .7 9 2
1.12 1
In t e r e s s i a t t iv i e p r o v e n t i a s s i m i l a t i
In t e r e s s i p a s s i v i e o n e r i a s s im i la t i
D iv id e n d i in c a s s a t i
41
1.14 8 .4 8 3
2 .7 9 4
18 6
748
- 7 .5 2 8
- 13 .9 4 8
1
C o m m is s io n i a t t iv e
958
C o m m i s s i o n i p a s s iv e
C o s t i d i f u n z io n a m e n t o
R e t t i f i c h e d i v a l o r e s u a t t i v i t à f i n a n z ia r ie
1.2 10
- 16 7
- 13 2
- 4 .13 5
- 4 .18 0
-
- 16 6
A lt r i r ic a v i
15 7
3 .8 4 1
A lt r i c o s t i
-7 7
- 3 .4 6 1
798
1.4 8 7
-
-
Im p e g n i
G a r a n z i e r i la s c i a t e
"
:$"'(( - (."= +'+1 '% $"-'!3('($"'!"=' %"-'!3$"/ "% =$% /&)+)"'!!$"'1 )+ "A+($/'"H'+*')!)"2$($+3($" +"*)%('=)5! )" +"
'((3'1 )+$"2$!"* '+)"2 " +&$+( -'1 )+$"%$!'( -)" ' "G$B" #'+'5$%6"/3"('! " '1 )+ "?" /('()" +&'//'()"3+" 2 - 2$+2)"
*'% "'"I"# 5! ' )9"
C$!" &)%/)" 2$!" VjIW" /)+)" /('( " % #@)%/'( " Vff" # 5! ' '" 2 " ( ()! " 2 " 2$@ ()" $#$// " 2'!!'" `'*)5%3**)0" 2$($+3( "
2'!!'";'+&'"(%'"!$"'(( - (."= +'+1 '% $"2$($+3($"*$%"!'"+$5)1 '1 )+$9"
H "/$5+'!'" +)!(%$"&<$"!'"`'*)5%3**)"<'"% !'/& '()"&)+(%)5'%'+1 $"*$%"IV9jge"# 5! ' '" +"=)%1'"2$!!,'&&)%2)"2 "
(%'# ('1 )+$"D'"=%)+($"2$!!,'//3+1 )+$"2 "% /&< "2 ";(@"+$ "&)+=%)+( "2$!!$";'+&<$"$/($%$E"$"5'%'+1 $"*$%/)+'! "'"
='-)%$" 2 " /)55$(( " ($%1 " +)+" *'%( " &)%%$!'($" *$%" Ijf9jjj" # 5! ' '6" !'" ;'+&'" <'" *) " % !'/& '()" '" ($%1 " &)+"
@$+$= & '% )"A+($/'"H'+*')!)"5'%'+1 $"*$%"W9jii"# 5! ' '9"
"
101'V>+*#-!&$!'%&$'#",*!'#-!&$!@,!'*!"+6#$,!'
"
M!"WIaIVaVjIW" "23$"#'55 )% "'1 )+ /( "/)+)" "/$53$+( U"
A z io n is t i
In t e s a S a n p a o lo S .p .A .
It a s M u t u a
N u m e r o a zio n i o r d in a r ie
Q uo ta %
s u l c a p it a le o r d in a r io
111.8 0 9 .2 4 7
8 8 ,2 0 5
4 .2 3 8 .7 3 5
3 ,3 4 4
"
Y$!'( -'#$+($" ' " %'**)%( " +(%'(($+3( " &)+" A+($/'" H'+*')!)" H9*9M9" / " % +- '" '" 83'+()" 5 ." *%$&$2$+($#$+($"
$/*)/()9""
C$!!'" ('@$!!'" /)(()/('+($" / " % *)%('+)" !$" *% +& *'! " +=)%#'1 )+ " %$!'( -$" ' " %'**)%( " *'(% #)+ '! " $2" $&)+)# & "
+(%'(($+3( " 2'!!'" ;'+&'" &)+" A('/" K3(3'" $" !" %$!'( -)" 5%3**)" /)& $('% )9" L'! " %'**)%( " /)+)" % &)+23& @ ! " '!!'"
+)%#'!$" )*$%'( - (." $" /)+)" 2 " +)%#'" *)/( " +" $//$%$" '" &)+2 1 )+ " 2 " #$%&'()0" '+'!)5'#$+($" '" 83'+()"
*%'( &'()"&)+"'!(%$"&)+(%)*'%( "+)+"&)%%$!'($"2 "'+'!)5)"#$% ()"&%$2 ( 1 )"$"&)#3+83$"/3!!'"@'/$"2 "-'!3('1 )+ "
2 "%$& *%)&'"&)+-$+ $+1'"$&)+)# &'0"+$!"% /*$(()"2$!!'"+)%#'( -'"$/ /($+($9"
'
1??'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($'
R a p p o r t i c o n g li a z io n is t i r ile v a n t i e i r e la t iv i g r u p p i s o c ie t a r i
A t t iv it à f in a n z ia r ie d is p o n ib ili p e r la v e n d it a
C r e d iv i v e r s o c lie n t e la
A lt r e a t t iv it à
D e b it i v e r s o c lie n t e la
A lt r e p a s s iv it à
In t e r e s s i a t t i v i e p r o v e n t i a s s i m i l a t i
In t e r e s s i p a s s i v i e o n e r i a s s i m i l a t i
C o m m is s io n i a t t iv e
3 1.12 .2 0 13
( m ig lia ia d i e u r o )
3 1.12 .2 0 12
5 .4 2 3
5 .4 2 3
6
3
-
-
4 .3 2 7
2 .19 4
-
-
18 8
1.6 5 1
-6 2 7
-6 9 1
46
114
C o m m is s io n i p a s s iv e
-
-
C o s t i d i f u n z io n a m e n t o
-
- 16 3
R e t t if ic h e d i v a lo r e s u a t t iv it à f in a n z ia r ie
-
-
A lt r i r ic a v i
-
-
A lt r i c o s t i
-
-
Im p e g n i
G a r a n z ie r ila s c ia t e
-
-
4 .19 1
3 .14 4
"
L%'"!$"'(( - (."= +'+1 '% $"'!"WI"2 &$#@%$"VjIW"/)+)"&)#*%$/ " "( ()! "2 "2$@ ()"$#$// "2'!!'"/)& $(."ALMH"K3(3'"
Df9eVW" # 5! ' 'E6" " %$!'( - " +($%$// " #'(3%'( " 83'!$" %$#3+$%'1 )+$" ' " /)& " /)--$+()% " DIgk" # 5! ' 'E" /)+)"
&)#*%$/ "(%'"5! " +($%$// "'(( - 9""
C$!"@ !'+& )"2,$/$%& 1 )"?"/('('"'**! &'('"!'"/-'!3('1 )+$"=)%=$('% '"/3 "&%$2 ( "$"/3!!$"5'%'+1 $9""
C$!" &)%/)" 2$!" VjIW0" /3!!'" @'/$" 2$!!$" 2$! @$%'1 )+ " 2$!!,M//$#@!$'" D*%$/$" +" @'/$" '!!$" +)%#$" 2 " !$55$" $" 2 "
H('(3()E" +" #$% ()" '!!'" 2$/( +'1 )+$" 2$!" % /3!('()" 2 " $/$%& 1 )0" +)+" ?" /('()" 2 /(% @3 ()" '!&3+" 2 - 2$+2)" '" A('/"
K3(3'9""
"
10.'V>+*#-!&$!'%&$'!"'k+I'L#$#5+=+$,'(+""#' #$%#'+'(+""#'J#>&5*:>>&'
"
A" %'**)%( " (%'" !'" ;'+&'" $" !" r$B" K'+'5$#$+(" /)+)" % &)+23& @ ! " '!!'" +)%#'!$" )*$%'( - (." 2$!!'" ;'+&'" $" /)+)"
*)/( " +" $//$%$" '" &)+2 1 )+ " 2 " #$%&'()0" '**! &'+2)0" )-$" +$" % &)%%'+)" " *%$/3**)/( 0" &)+-$+1 )+ " % /$%-'($" ' "
2 *$+2$+( "$a)"' "&)!!'@)%'()% 9"A+"*'%( &)!'%$U""
− &)+"% =$% #$+()"'5! "$/*)+$+( "&<$"/)+)"2 *$+2$+( "2$!!'";'+&'0"+$ "% 53'%2 "2$5! "/($// "-$+5)+)"'**! &'($"
!$"&)+-$+1 )+ "% /$%-'($"'"(3(()" !"*$%/)+'!$"2 *$+2$+($0"&)+"* $+)"% /*$(()"$"(%'/*'%$+1'"2$!!$"&)+2 1 )+ "
*%'( &'($6"
− &)+" % =$% #$+()" '5! " $/*)+$+( " &<$" /)+)" 2 *$+2$+( " 2$!!'" `'*)5%3**)0" +$ " % 53'%2 " 2$5! " /($// " -$+5)+)"
'**! &'($" !$" &)+-$+1 )+ " % /$%-'($" '" (3(()" !" *$%/)+'!$" 2 *$+2$+($" 2$!!'" `'*)5%3**)" &<$" +(%'(($+5'"
%'**)%( "&)+"!'";'+&'0"&)+"* $+)"% /*$(()"$"(%'/*'%$+1'"2$!!$"&)+2 1 )+ "*%'( &'($6"
− +"%$!'1 )+$" +-$&$"'5! "$/*)+$+( " +2 *$+2$+( 0"&)+" "83'! "$/ /($"3+"&)+(%'(()"2 "&)!!'@)%'1 )+$"'"($%# +$0"
/ " % !$-'" &<$" +$ " &)+=%)+( " 2$ " #$2$/ # " / " '**! &'+)" &)+2 1 )+ " % /$%-'($" '" *%)=$// )+ /( " 2 " '+'!)5)"
/('+2 +50"+$!"* $+)"% /*$(()"2$!!'"+)%#'( -'" +"#'($% '9"
"
C$!!'"/$53$+($"('@$!!'"/)+)"% $* !)5'( " "%'**)%( " +"$//$%$"&)+" "2 % 5$+( "&)+"%$/*)+/'@ ! (."/(%'($5 &<$"2$!!'"
;'+&'"$"2$!!'"`'*)5%3**)6"/)+)" +&!3/$"'+&<$"!$"%$#3+$%'1 )+ "2 "*$%( +$+1'0"5 ." !!3/(%'($" +"*%$&$2$+1'9"
R a p p o r t i c o n D i r ig e n t i c o n r e s p o n s a b i li t à s t r a t e g i c h e
C r e d i v i v e r s o c l ie n t e l a
A lt r e a t t iv i t à
D e b i t i v e r s o c li e n t e la
T i t o l i in c ir c o la z io n e
A lt r e p a s s iv it à
In t e r e s s i a t t i v i e p r o v e n t i a s s im i la t i
In t e r e s s i p a s s iv i e o n e r i a s s im i la t i
C o m m i s s io n i a t t i v e
C o m m i s s io n i p a s s i v e
C o s t i d i f u n z io n a m e n t o
3 1.12 .2 0 13
( m i g l ia i a d i e u r o )
3 1.12 .2 0 12
2
-
-
-
285
84
-
10 0
15
1
-
-
-5
- 14
6
-
-
-
-7 2 1
-7 9 9
R e t t if ic h e d i v a lo r e s u a t t iv it à f in a n z i a r ie
-
-
A lt r i r ic a v i
-
-
A lt r i c o s t i
-
-
Im p e g n i
-
-
G a r a n z i e r il a s c ia t e
-
-
"
'
1?B'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($
C$!"@ !'+& )"2,$/$%& 1 )0" +)!(%$0"?"/('('"'**! &'('"!'"/-'!3('1 )+$"=)%=$('% '"/3 "&%$2 ( "$"/3!!$"5'%'+1 $0" +"&'/)"
2 "$/ /($+1'"2$5! "/($// 9""
"
10?'V>+*#-!&$!'%&$'#",*+'>#*,!'%&**+"#,+'
"
L%'"!$"'!(%$"*'%( "&)%%$!'($"% $+(%'+)"(3(( "83$ "/)55$(( "&<$"='++)"&'*)"'5! "$/*)+$+( "D/(%$(( "='# ! '% 6"/)55$(( "
&)+(%)!!'( " '+&<$" &)+5 3+('#$+($" 2'5! " $/*)+$+( 6" /)55$(( " &)+(%)!!'( 0" '+&<$" &)+5 3+('#$+($0" 2'" /(%$(( "
='# ! '% E0" " =)+2 " *$+/ )+$0" !$" /)& $(." &)+(%)!!'($" 2'" A+($/'" H'+*')!)" )" '" 83$/('" &)!!$5'($0" !$" /)& $(."
&)+(%)!!'($" 2'!!$" /)& $(." &)!!$5'($" '!!'" `'*)5%3**)0" '!(% " /)55$(( " +" 83'!&<$" #)2)" !$5'( " '!!'" `'*)5%3**)"
83'! "!$"q) +("Q$+(3%$/0"5! "'1 )+ /( "% !$-'+( "D)// '"5! "'1 )+ /( "&<$"<'++)"3+'"*'%($& *'1 )+$"'!"&'* ('!$"&)+"
2 % (()"2 "-)()"2 "A+($/'"H'+*')!)"/3*$% )%$"'!"VoE"$2" "%$!'( - "/(%$(( "='# ! '% "$"5%3** "/)& $('% 9"
A" %'**)%( " (%'" !'" ;'+&'" $" !$" '!(%$" *'%( " &)%%$!'($" /)+)" % &)+23& @ ! " '!!'" +)%#'!$" )*$%'( - (." $" /)+)" 2 " +)%#'"
*)/( " +"$//$%$"'"&)+2 1 )+ "2 "#$%&'()0"'+'!)5'#$+($"'"83'+()"*%'( &'()"&)+"'!(%$"&)+(%)*'%( "+)+"&)%%$!'($"
2 " '+'!)5)" #$% ()" &%$2 ( 1 )" $" &)#3+83$" /3!!'" @'/$" 2 " -'!3('1 )+ " 2 " %$& *%)&'" &)+-$+ $+1'" $&)+)# &'0" +$!"
% /*$(()"2$!!'"+)%#'( -'"$/ /($+($9"
C$!" @ !'+& )" 2,$/$%& 1 )" ?" /('('" '**! &'('" !'" /-'!3('1 )+$" =)%=$('% '" /3 " &%$2 ( " $" /3!!$" 5'%'+1 $0" +" &'/)" 2 "
$/ /($+1'"2$5! "/($// 9""
Z " /$53 ()"-$+5)+)" $/*)/($"!$"*% +& *'! " +=)%#'1 )+ "%$!'( -$" ' "%'**)%( "&)+" "/)55$(( "&<$"='++)"&'*)" '5! "
$/*)+$+( 0" &)+" " =)+2 " *$+/ )+$0" &)+" 5! " '1 )+ /( " % !$-'+( " 2$!!'" `'*)5%3**)" $" " %$!'( - " ='# ! '% " $" 5%3** "
/)& $('% 9""
R a p p o r t i c o n i s o g g e t t i c h e f a n n o c a p o a g li e s p o n e n t i
C r e d iv i v e r s o c lie n t e la
A t t iv it à f in a n z ia r ie d e t e n u t e p e r la n e g o z ia z io n e
A lt r e a t t iv it à
D e b it i v e r s o c lie n t e la
A lt r e p a s s iv it à
In t e r e s s i a t t i v i e p r o v e n t i a s s i m i l a t i
In t e r e s s i p a s s i v i e o n e r i a s s i m i l a t i
C o m m is s io n i a t t iv e
C o m m is s io n i p a s s iv e
C o s t i d i f u n z io n a m e n t o
( m ig lia ia d i e u r o )
3 1.12 .2 0 12
14 .3 6 2
1.9 14
321
-
-
-
17 6
49
10
-
406
86
-1
-1
71
7
-
-
-1
-
R e t t if ic h e d i v a lo r e s u a t t iv it à f in a n z ia r ie
-
-
A lt r i r ic a v i
1
-
A lt r i c o s t i
-
-
Im p e g n i
G a r a n z ie r ila s c ia t e
"
3 1.12 .2 0 13
-
-
689
-
"
;L;" <'" % &$-3()" 2' " /)55$(( " &<$" ='++)" &'*)" '5! " $/*)+$+( " '1 $+2'! " 5'%'+1 $" *$%/)+'! " *$%" Wjj" # 5! ' '0"
5'%'+1 $" *)($&'% $" *$%" IV9jjj" # 5! ' '0" '!(%$" 5'%'+1 $" *$%" e9gfj" # 5! ' '0" '" ='-)%$" /$#*%$" 2 " /)55$(( " &<$"
='++)"&'*)"'5! "$/*)+$+( 9"
M"/$53 ()"2 "% ++)- 0"*%)%)5<$")"-'% '1 )+ " +($%-$+3($"+$!"&)%/)"2$!!,$/$%& 1 )0"'!"WI"2 &$#@%$"VjIW"% /3!('+)"
'&&)%2'($"! +$$"2 "&%$2 ()"*$%"kI9IfV"# 5! ' '"' "/)55$(( "&<$"='++)"&'*)"'5! "$/*)+$+( 9"
'
1?G'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($'
3 1.12 .2 0 13
( m ig lia ia d i e u r o )
3 1.12 .2 0 12
C r e d iv i v e r s o c lie n t e la
-
-
A lt r e a t t iv it à
-
-
554
465
A lt r e p a s s iv it à
-
-
In t e r e s s i a t t i v i e p r o v e n t i a s s i m i l a t i
-
-
In t e r e s s i p a s s i v i e o n e r i a s s i m i l a t i
-
-
C o m m is s io n i a t t iv e
-
-
C o m m is s io n i p a s s iv e
-
-
- 14
-2 9
R e t t if ic h e d i v a lo r e s u a t t iv it à f in a n z ia r ie
-
-
A lt r i r ic a v i
-
-
A lt r i c o s t i
-
-
Im p e g n i
-
-
G a r a n z ie r ila s c ia t e
-
-
R a p p o r t i c o n i f o n d i p e n s io n e
D e b it i v e r s o c lie n t e la
C o s t i d i f u n z io n a m e n t o
"
"
R a p p o r t i c o n a z io n is t i r ile v a n t i d e lla C a p o g r u p p o e r e la t iv i f a m ilia r i e g r u p p i
s o c ie t a r i
3 1.12 .2 0 13
( m ig lia ia d i e u r o )
3 1.12 .2 0 12
-
-
C r e d it i v e r s o c lie n t e la
A lt r e a t t iv it à
17 0
-
D e b it i v e r s o c lie n t e la
13 3
449
D e b it i v e r s o b a n c h e
-
-
4
5
In t e r e s s i a t t i v i e p r o v e n t i a s s i m i l a t i
-
-
In t e r e s s i p a s s i v i e o n e r i a s s i m i l a t i
-
-
2
2
A lt r e p a s s iv it à
C o m m is s io n i a t t iv e
C o m m is s io n i p a s s iv e
-1
C o s t i d i f u n z io n a m e n t o
-5
-6 7 3
-5 8 7
R e t t if ic h e d i v a lo r e s u a t t iv it à f in a n z ia r ie
-
-
A lt r i r ic a v i
-
-
A lt r i c o s t i
-
-
Im p e g n i
-
-
G a r a n z ie r ila s c ia t e
-
-
"
"
H " /$5+'!'" &<$" +$!" &)%/)" 2$!!,$/$%& 1 )" ?" '--$+3()" !" % ++)-)" 2$!!$" ! +$$" 2 " &%$2 ()" +" $//$%$" &)+" 5! " '1 )+ /( "
% !$-'+( "2$!!'"`'*)5%3**)"*$%"fjj"# 5! ' '9"
C$!!$" /$53$+( " ('@$!!$" /)+)" % $* !)5'( " += +$" " *% +& *'! " %'**)%( " *'(% #)+ '! " $2" $&)+)# & " 2$!!'" ;'+&'" +$ "
&)+=%)+( " 2$!!$" /)& $(." &)+(%)!!'($0" &)!!$5'($" $" b) +(" -$+(3%$/" 2 " A+($/'" H'+*')!)" '!!'" 2'('" 2$!" WI" 2 &$#@%$"
VjIWU"
(m ig lia ia di eu ro )
S o c iet à c o n t ro llat e, c o llega t e e jo int
v ent ure s di Int es a Sa npa o lo
B anc a Im i S .p.A .
31.12.2 013
A t t iv it à
f ina nziarie
de t en ut e per la
neg o zia zio ne
C re dit i v e rs o
b anc he
C red it i v ers o
c lie nt e la
D eriv at i di
c o pe rt u ra
A lt re at t iv it à
G a ran zie
rilas c iat e
Im pe gni
-
2.098
-
-
9 .420
-
-
E ps ilo n A s s o c iat i S G R S .p.A .
-
-
8
-
-
-
-
E urizo n C ap it al S .A .
-
-
18 7
-
-
-
-
E urizo n C ap it al S G R S .p.A .
-
-
1.141
-
-
-
-
In t es a S anp ao lo V it a S.p .A .
-
-
33 6
-
-
-
-
In t es a S anp ao lo A s s ic u ra S .p.A .
-
-
36
-
-
-
-
In t es a S anp ao lo P rev id enza S im S .p .A .
-
7
-
-
-
-
-
In t es a S anp ao lo P riv at e B a nk ing S.p .A .
-
16
-
-
-
-
-
L eas int S .p.A .
-
132
-
-
-
-
-
M edio c redit o It aliano S .p.A .
-
2
-
-
-
-
-
M edio f a c t o rin g S .p.A .
In t es a S anp ao lo P ers o n al F in anc e S pA
(ex M o net a S pA )
S et ef i - S erv izi t elem at ic i f inan ziari pe r il
t erzia rio S.p .A .
-
4 50
-
-
-
-
-
-
-
18 2
-
-
-
-
-
25
-
-
-
-
-
A griv ent ure Sp A
-
-
-
-
14
-
-
S o c iet à c o lleg at e e lo ro c o nt ro lla t e
-
-
6
-
-
-
-
J o in t V ent ures
-
-
-
-
-
-
-
2.098
6 32
1.89 6
9 .420
14
-
-
T o t a le
"
'
1?O'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($
(m ig lia ia di eu ro )
S o c iet à c o n t ro llat e, c o llega t e e jo int
v ent ure s di Int es a Sa npa o lo
31.12.2 012
A t t iv it à
f ina nziarie
de t en ut e per la
neg o zia zio ne
C re dit i v e rs o
b anc he
B anc a Im i S .p.A .
C red it i v ers o
c lie nt e la
D eriv at i di
c o pe rt u ra
A lt re at t iv it à
G a ran zie
rilas c iat e
Im pe gni
-
1.007
-
-
11.245
-
-
E ps ilo n A s s o c iat i S G R S .p.A .
-
-
5
-
-
-
-
E urizo n C ap it al S .A .
-
-
10 5
-
-
-
-
E urizo n C ap it al S G R S .p.A .
-
-
816
-
-
-
-
In t es a S anp ao lo V it a S.p .A .
-
-
27 5
-
-
-
-
In t es a S anp ao lo A s s ic u ra S .p.A .
-
-
5
-
-
-
-
In t es a S anp ao lo P rev id enza S im S .p .A .
-
-
5
-
-
-
-
In t es a S anp ao lo P riv at e B a nk ing S.p .A .
-
10
-
-
1
-
-
L eas int S .p.A .
-
-
18 6
-
-
-
-
M edio c redit o It aliano S .p.A .
-
-
-
-
1
-
-
M edio f a c t o rin g S .p.A .
In t es a S anp ao lo P ers o n al F in anc e S pA
(ex M o net a S pA )
S et ef i - S erv izi t elem at ic i f inan ziari pe r il
t erzia rio S.p .A .
-
-
39 7
-
-
-
-
-
-
112
-
-
-
-
-
-
21
-
-
-
-
A griv ent ure Sp A
-
-
-
-
14
-
-
S o c iet à c o lleg at e e lo ro c o nt ro lla t e
-
-
14
-
-
24
-
J o in t V ent ures
-
-
4
-
11
-
-
1.007
10
1.94 5
11.245
27
24
-
T o t a le
( m ig lia ia d i e u r o )
S o c ie t à c o n t r o lla t e , c o lle g a t e e jo in t
v e n t u r e s d i In t e s a S a n p a o l o
B a n c a F i d e u r a m S .p .A .
B a n c a Im i S .p .A .
D e b it i v e r s o
banche
D e b it i v e r s o
c lie n t e la
P a s s iv it à
f in a n z ia r ie d i
n e g o z ia z io n e
D e r iv a t i d i
c o p e rtu ra
A lt r e p a s s iv it à
-
2
-
-
-
5 .5 12
-
9 .5 10
3 .6 10
-
C a s s a d i R i s p a r m i o d e l V e n e t o S .p .A .
C a s s a d i R is p a r m io d e l F r iu li V e n e z ia
G i u l i a S .p .A .
-
-
-
-
29
-
-
-
-
2
C a s s a d i R i s p a r m i o d i F i r e n z e S .p .A .
-
-
-
-
-
C a s s a d i R i s p a r m i o d i V e n e z i a S .p .A .
-
-
-
-
-
In f o g r o u p S .c .p .A .
-
-
-
-
9
In t e s a S a n p a o l o V i t a S .p .A .
-
23
-
-
-
In t e s a S a n p a o l o A s s i c u r a S .p .A .
-
27
-
-
-
In t e s a S a n p a o l o G r o u p S e r v i c e s S .c .p .A .
-
-
-
-
1.0 6 7
In t e s a S a n p a o l o P r i v a t e B a n k i n g S .p .A .
1
-
-
-
14
M e d i o c r e d i t o It a l i a n o S .p .A .
-
-
-
-
31
M e d i o f a c t o r i n g S .p .A .
S e t e f i - S e r v iz i t e le m a t ic i f in a n z ia r i p e r il
t e r z i a r i o S .p .A .
-
5
-
-
-
-
235
-
-
-
15 0 .14 1
-
-
-
-
A g r iv e n t u r e S p A
-
-
-
-
21
S o c ie t à c o lle g a t e e lo r o c o n t r o lla t e
-
19
-
-
J o in t V e n t u r e s
-
-
-
-
-
15 5 .6 5 6
309
9 .5 10
3 .6 10
1.2 9 1
S o c i e t è E u r o p e e n n e d e B a n q u e S .A .
T o t a le
"
3 1.12 .2 0 13
118
"
"
( m ig lia ia d i e u ro )
S o c ie t à c o n t r o lla t e , c o lle g a t e e jo in t
v e n t u r e s d i In t e s a S a n p a o l o
B a n c a F i d e u r a m S .p .A .
D e b it i v e r s o
c lie n t e la
P a s s iv it à
f in a n z ia r ie d i
n e g o z ia z io n e
D e r iv a t i d i
c o p e rtu ra
A lt r e p a s s iv it à
-
-
-
-
-
-
14 .9 9 6
6 .5 4 6
-
32
-
-
-
13
9
-
-
-
5
C a s s a d i R i s p a r m i o d i F i r e n z e S .p .A .
3
-
-
-
-
C a s s a d i R i s p a r m i o d i V e n e z i a S .p .A .
2
-
-
-
-
In f o g r o u p S .c .p .A .
-
6
-
-
-
In t e s a S a n p a o l o V i t a S .p .A .
-
75
-
-
-
In t e s a S a n p a o l o A s s i c u r a S .p .A .
-
18 6
-
-
-
-
1.3 8 0
-
-
-
8
-
-
-
12
4
C a s s a d i R i s p a r m i o d e l V e n e t o S .p .A .
C a s s a d i R i s p a r m i o d e l F r i u li V e n e z i a
G i u li a S .p .A .
In t e s a S a n p a o l o G r o u p S e r v i c e s S .c .p .A .
In t e s a S a n p a o l o P r i v a t e B a n k i n g S .p .A .
M e d i o c r e d i t o It a l i a n o S .p .A .
M e d i o f a c t o r i n g S .p .A .
S e t e f i - S e r v iz i t e le m a t ic i f in a n z ia r i p e r il
t e r z ia r i o S .p .A .
S o c i e t è E u r o p e e n n e d e B a n q u e S .A .
70
-
-
-
-
5
-
-
-
-
2 13
-
-
-
15 0 .13 8
-
-
-
-
A g r iv e n t u r e S p A
-
8
-
-
27
S o c i e t à c o l le g a t e e lo r o c o n t r o l l a t e
-
479
-
-
111
J o in t V e n t u re s
-
-
-
-
-
15 5 .7 6 3
2 .3 5 2
14 .9 9 6
6 .5 4 6
17 2
T o t a le
"
'
D e b it i v e r s o
banche
5 .5 0 1
B a n c a Im i S .p .A .
1?P'
3 1.12 .2 0 12
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($'
L%'" "2$@ ( "-$%/)"@'+&<$"/ "/$5+'!'+)" "2$*)/ ( "- +&)!'( "'"#$2 )a!3+5)"($%# +$"&)+"H)& $(?"J3%)*$$++$"2$"
;'+83$" H9M9" *$%" &)#*!$// - " Ifj9jjj" # 5! ' '0" 2 " &3 " hj9jjj" # 5! ' '" /&'2$+( " +$!" VjIh0" Ij9jjj" # 5! ' '"
/&'2$+( "+$!"VjIg"$"gj9jjj"# 5! ' '"/&'2$+( "+$!"VjIi9"
(m igliaia di euro )
So c ietà c o nt ro llat e/ c o llegat e e jo int v ent ures
di Intes a Sanpao lo
B anc a F ideuram S.p.A .
31.12.2013
Int eres s i at tiv i e
pro v enti as s im iliat i
C o m m is s io ni
at tiv e
A ltri ric av i
Int eres s i pas s iv i e
o neri as s im ilat i
C o m m is s io ni
pas s iv e
C o s ti di R et tific he di
f unzio nam ent o
v alo re
A lt ri c o s t i
-
-
-
-
-4
-
-
-
2.982
393
13.720
-1.863
-13
-
-224
-10.706
B anc a P ro s s im a S.p.A .
-
-
74
-
-
-
-
-
B anc o di N apo li S.p.A .
C as s a di R is parm io del F riuli Venezia G iulia
S.p.A .
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
C as s a di R is parm io del Veneto S.p.A .
-
-
172
-
-
-252
-
-
C as s a di R is parm io di F irenze S.p.A .
-
-
-
-
-
-
-
-
C as s a di R is parm io di Venezia S.p.A .
-
-
1
-
-
-
-
-
C as s a di R is parm io in B o lo gna S.p.A .
-
-
-
-
-
-
-
-
Eps ilo n A s s o c iat i SGR S.p.A .
-
33
-
-
-
-
-
-
Eurizo n C apital S.A .
-
926
-
-
-
-
-
-
Eurizo n C apital SG R S.p.A .
-
4.763
-
-
-
-
-
-
F ideuram Vit a S.p.A .
-
-
-
-
-
-
-
-
Int es a Sanpao lo Vita S.p.A .
-
1.843
-
-
-
-
-
-23
Int es a Sanpao lo A s s ic ura S.p.A .
-
282
-
-
-
-
-
-
Int es a Sanpao lo P rev idenza Sim S.p.A .
-
24
-
-
-
-
-
-
B anc a Im i S.p.A .
Int es a Sanpao lo Gro up Serv ic es S.c .p.A .
-
-
33
-
-
-10.404
-
-
Int es a Sanpao lo P riv at e B ank ing S.p.A .
-
26
127
-
-
-8
-
-
Leas int S.p.A .
-
131
6
-
-
-
-
-
M edio c redit o It aliano S.p.A .
-
23
-
-
-
-64
-
-
M edio f ac to ring S.p.A .
Int es a Sanpao lo P ers o nal F inanc e SpA (ex
M o net a SpA )
1
-
-
-
-25
-
-
-
-
616
-
-
-
-
-
-
Sanpao lo Inv es t Sim S.p.A .
Set ef i - Serv izi t elem at ic i finanziari per il
t erziario S.p.A .
-
-
-
-
-1
-
-
-
-
132
-
-
-778
-42
-
-
So c ietè Euro peenne de B anque S.A .
-
-
-
-2.176
-
-
-
-
A griv enture S.p.A .
-
-
23
-
-22
-27
-
-
Int es a Sanpao lo F o rm azio ne S.c .p.A .
-
-
-
-
-
-3
-
-
So c ietà c o llegat e e lo ro c o nt ro llat e
-
19
-
-
-171
-234
-
-
J o int Vent ures
-
5
-
-
-
-
-
-
2.983
9.216
14.156
-4.039
-1.014
-11.034
-224
-10.729
T o tale
(m ig lia ia d i e u ro )
S o c ie t à c o n t ro lla t e / c o lle g a t e e jo in t v e n t u re s
d i In t e s a S a n p a o lo
B a n c a F id e u ra m S .p .A .
In t e re s s i a t t iv i e
p ro v e n t i a s s im ilia t i
C o m m is s io n i
a t t iv e
A lt ri ric a v i
In t e re s s i p a s s iv i e
o n e ri a s s im ila t i
C o m m is s io n i
p a s s iv e
C o s t i d i R e t t if ic h e d i
f u n zio n a m e n t o
v a lo re
A lt ri c o s t i
-
-
-
-
-3
-
-
-
3 .5 0 1
203
2 2 .10 6
-2 .0 0 0
-2
-
-4 .2 7 0
-2 9 .3 6 6
B a n c a P ro s s im a S .p .A .
-
-
26
-
-
-
-
-
B a n c o d i N a p o li S .p .A .
C a s s a d i R is p a rm io d e l F riu li V e n e zia G iu lia
S .p .A .
-
-
1
-
-
-18
-
-
-
-
-
-
-
-6 6
-
-
C a s s a d i R is p a rm io d e l V e n e t o S .p .A .
-
-
89
-
-
-3 4 6
-
-
B a n c a Im i S .p .A .
C a s s a d i R is p a rm io d i F ire n ze S .p .A .
-
-
-
-
-
-3
-
-
C a s s a d i R is p a rm io d i V e n e zia S .p .A .
-
-
2
-
-
-2
-
-
C a s s a d i R is p a rm io in B o lo g n a S .p .A .
-
-
22
-
-
-
-
-
E p s ilo n A s s o c ia t i S G R S .p .A .
-
23
-
-
-
-
-
-
E u rizo n C a p it a l S .A .
-
599
-
-
-
-
-
-
E u rizo n C a p it a l S G R S .p .A .
-
2 .6 6 5
-
-
-
-
-
-
F id e u ra m V it a S .p .A .
-
-
-
-
-
-8
-
-
In t e s a S a n p a o lo V it a S .p .A .
-
1.0 12
-
-
-
-
-
-7 5
In t e s a S a n p a o lo A s s ic u ra S .p .A .
-
301
-
-
-
-
-
-
In t e s a S a n p a o lo P re v id e n za S im S .p .A .
-
20
-
-
-
-
-
-
In t e s a S a n p a o lo G ro u p S e rv ic e s S .c .p .A .
-
-
32
-
-
-10 .2 17
-
-
In t e s a S a n p a o lo P riv a t e B a n k in g S .p .A .
-
12 1
12 5
-
-
-12
-
-
11
87
-
-
-
-
-
-
M e d io c re d it o It a lia n o S .p .A .
-
6
54
-
-5 0
-9
-
-
M e d io f a c t o rin g S .p .A .
In t e s a S a n p a o lo P e rs o n a l F in a n c e S p A (e x
M o neta SpA )
5
11
-
-
-14
-
-
-
-
427
-
-
-
-
-
-
S a n p a o lo In v e s t S im S .p .A .
S e t e f i - S e rv izi t e le m a t ic i f in a n zia ri p e r il
t e rzia rio S .p .A .
-
-
-
-
-2
-
-
-
-
13 4
-
-
-6 9 5
-17
-
-
S o c ie t è E u ro p e e n n e d e B a n q u e S .A .
-
-
-
-2 .3 3 5
-
-
-
-
L e a s in t S .p .A .
A g riv e n t u re S .p .A .
-
-
25
-
-8
-7 8
-
-
In t e s a S a n p a o lo F o rm a zio n e S .c .p .A .
-
-
-
-
-
-
-
-
S o c ie t à c o lle g a t e e lo ro c o n t ro lla t e
-
27
-
-
-15 1
-2 6 1
-
-
J o in t V e n t u re s
-
13
-
-
-
-
-
-
3 .5 17
5 .6 4 9
2 2 .4 8 2
-4 .3 3 5
-9 2 5
-11.0 3 7
-4 .2 7 0
-2 9 .4 4 1
T o t a le
"
3 1.12 .2 0 12
"
'
1?S'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($
:'";'+&'"<'"% !'/& '()"'"($%1 "&)+"@$+$= & '% )"K$2 )='&()% +5"H*M"5'%'+1 $"*$%"kf"# 5! ' '9"
L%'"!$")*$%'1 )+ "$"5! "'&&)%2 " +"$//$%$"(%'";L;"$"!$"'!(%$"/)& $(."&)+(%)!!'($"2'"D)"&)!!$5'($"'E"A+($/'"H'+*')!)0"
/ "/$5+'!'+)" +"*'%( &)!'%$U"
− !"&)+(%'(()"2 "/$%- 1 )"*$%"!$"O*%$/('1 )+ "2 "'(( - (."2 "( *)")*$%'( -)P"&)+"A+($/'"H'+*')!)"[%)3*"H$%- &$/"
H9&9*9M90"*$%"2 /& *! +'%$"!$"'(( - (."2 "&'%'(($%$"'3/ ! '% )"$"2 "/3**)%()"*%$/('($"2'!!'"/)& $(."'!!'";'+&'"&)+"
*'%( &)!'%$" % =$% #$+()" 'U" A+=)%#'( &'" $" _*$%'( )+/0" /$%- 1 " '## + /(%'( - " ##)@ ! '% " $" 2 " /3**)%()0"
/ &3%$11'0" `)+('&(" >+ (0" :$5'!$" $" `)+($+1 )/)0" Y$&3*$%)" `%$2 ( 0" R$%/)+'!$" &)+=$% ()0" T)%#'1 )+$9" R$%" !"
VjIW0"5! ")+$% "&)#*!$// - "'"&'% &)"2$!!'";'+&'"*$%"('! "'(( - (."'##)+('+)"'"Ij9eje"# 5! ' '6"
− !'" &)+-$+1 )+$" &)+" M[_H" H9*9M9" *$%" !'" =)%+ (3%'" 2 " /$%- 1 " &)++$// " '!!'" 5$/( )+$" 2$!!)" /()&G" 2$ " *%$/( ( "
*$%/)+'! "% &)+23& @ ! "'!!$"= ! '! "$N";'+&'"A+($/'"&)+=$% ($"'!!'";'+&'6"
− !,'&&)%2)" &)+" M5% -$+(3%$" H9*9M9" &<$" %$5)!'" !$" '(( - (." 2 " *%)#)1 )+$" $" &)+/3!$+1'" &<$" ('!$" /)& $(."
/-)!5$%."*$%"&)+()"2$!!'";'+&'6"
− !,'&&)%2)"&)##$%& '!$"&)+"`)#*'5+ '"M$%$'"A('! '+'"H9*9M96"
− !,'&&)%2)"&)+";'+&'"T 2$3%'#"*$%"!'"&)##$%& '! 11'1 )+$"2 "#3(3 "'!!'"&! $+($!'"%$(' !6"
− !,'&&)%2)" &)+" ;'+&'" AKA" H9*9M9" *$%" !,'(( - (." 2 " &)!!)&'#$+()" )" 2 /(% @31 )+$" 2 " *%)2)(( a/$%- 1 " D(%'" &3 "
)@@! 5'1 )+ " /$+ )%" )" /3@)%2 +'($" $#$//$" 2'!!'" /($//'" ;'+&'" AKA" H9*9M9E" $" !'" % &$1 )+$0" (%'/# // )+$" $2"
$/$&31 )+$"2 ")%2 + "*$%"&)+()"2$!!'"&! $+($!'"2 ";L;6"
− !"&)+(%'(()"AHZM"K'/($%"M5%$$#$+("&)+";'+&'"AKA"H9*9M9"'"&)*$%(3%'"2 ")*$%'1 )+ " +"2$% -'( 6"
− !,'2$/ )+$" '!!,'&&)%2)" 2 " &)!!'@)%'1 )+$" (%'" A+($/'" H'+*')!)" H9*9M9" $" ;'+&'" AKA" H9*9M9" *$%" !'"
&)##$%& '! 11'1 )+$"2 "*%)2)(( "$a)"/$%- 1 "2 "A+-$/(#$+(";'+G +5"+$ "&)+=%)+( "2$!!'"`! $+($!'"A#*%$/$6"
− !,'2$/ )+$"'!!,'&&)%2)"2 "&)!!'@)%'1 )+$"(%'"A+($/'"H'+*')!)"H9*9M90";'+&'"AKA"H9*9M90"K$2 )&%$2 ()"A('! '+)"
H9*9M9"*$%")*$%'1 )+ "2 "= +'+1'"/(%3((3%'('"&)+"`! $+($!'"A#*%$/$6"
− !,'2$/ )+$"'!!,'&&)%2)"=%'"A+($/'"H'+*')!)"H9*9M9"$";'+&'"AKA"H9*9M9"*$%"!'"*%$/('1 )+$"2 "/$%- 1 "$"2 "'(( - (."
/(%3#$+('! "'!!,)*$%'( - (." +"/(%3#$+( "= +'+1 '% "2$% -'( "_L`"/3"('// 0"&'#@ "$"7!-!"'.8"$"'!!,)*$%'( - (." +"
&'#@ 0")%)"$"#$('!! "*%$1 )/ "&)+"&! $+($!'"2$!!'"Z - / )+$"`)%*)%'($6"
− !,'&&)%2)"&)+"J3% 1)+"`'* ('!"HM"*$%"!'"*%)#)1 )+$"$" !"&)!!)&'#$+()"2 "T)+2 "`)#3+ "2 " +-$/( #$+()6"
− !,'&&)%2)" &)+" J3% 1)+" `'* ('!" H5%" H9*9M9" *$%" !'" *%)#)1 )+$" $" !" &)!!)&'#$+()" 2 " T)+2 " `)#3+ " 2 "
+-$/( #$+()6"
− !,'&&)%2)"&)+"A+($/'" H'+*')!)"M// &3%'" H9*9M9"*$%"%$5)!'%$" !$" '(( - (."2 "-$+2 ('a&)!!)&'#$+()"2 " *%)2)(( "
'// &3%'( - 0"&)+/3!$+1'"$"'// /($+1'"2 "*)/("-$+2 ('"/-)!($"2'!!'"%$($"= ! '! "2 ";L;"*$%"&)+()"2$!!'"/)& $(.6""
− !,'2$/ )+$" '!!,'&&)%2)" (%'" A+($/'" H'+*')!)" $" A+($/'" H'+*')!)" R%$- 2$+1'" H #" H9*9M9" '-$+($" '2" )55$(()"
!,'(( - (." 2 " &)!!)&'#$+()" 2$!!$" T)%#$" R$+/ )+ /( &<$" `)#*!$#$+('% " A+2 - 23'! " $0" * 4" +" 5$+$%'!$0" !'"
2 /(% @31 )+$"2 "*%)2)(( "*%$- 2$+1 '! "2$!!'"/)& $(.6"
− !"&)+(%'(()"&)+"A+($/'"H'+*')!)"R% -'($";'+G +5"H9*9M90"&<$"*%$-$2$"2'"*'%($"2 ";(@"3+,'(( - (."2 "% &$%&'"2 "
*)($+1 '!$"&! $+($!'"*$%"!'"/)& $(."$"2 " +($%#$2 '1 )+$"(%'"('!$"*)($+1 '!$"&! $+($!'"$"!'"/)& $(."/($//'6""
− !,'&&)%2)" c3'2%)" &)+" A+($/'" H'+*')!)" Q ('" H9*9M9" *$%" !)" /-)!5 #$+()" 2 " '(( - (." 2 " +($%#$2 '1 )+$"
'// &3%'( -'0" !"&)!!)&'#$+()"2$!!$"=)%#$"*$+/ )+ /( &<$"&)#*!$#$+('% "$"2$ "*%)2)(( "'// &3%'( - "- ('"&<$"!'"
/)& $(."#$(($%."'"2 /*)/ 1 )+$0"!,'// /($+1'"*)/("-$+2 ('"' "&! $+( "#$2$/ # 6"
− !"&)+(%'(()"2 "/$%- 1 )"&)+"A('!=)+2 '% )"H9*9M9"*$%"!'"5$/( )+$"2$!!$"*)/ 1 )+ "'"/)==$%$+1'" +=$% )% "'"$3%)"
Vfj9jjj0"='(($"/'!-$"'!&3+$"$&&$1 )+ " +"&'/ "*'%( &)!'% 0"&<$"&)+/$+( %'++)"2 "+)+"'== 2'%$"'!&3+$"( *)!)5 $"
2 "&%$2 ( 6"
− !,'&&)%2)" &)+" :$'/ +(" H9*9M9" *$%" !'" *%)#)1 )+$" $" !" &)!!)&'#$+()" *%$//)" !'" &! $+($!'" 2$ " *%)2)(( " $" 2$ "
/$%- 1 "2 "!)&'1 )+$"= +'+1 '% '6"
− !'"&)+-$+1 )+$"&)+"K$2 )&%$2 ()"A('! '+)"H9*9M9"D/( *3!'('"2'!!'"`'*)5%3**)"'+&<$" +"+)#$"$"*$%"&)+()"
2$!!'";'+&'E0"&<$"&)+/$+($"2 " /(%3 %$0"2$! @$%'%$"$"/( *3!'%$"= +'+1 '#$+( "'"#$2 )"!3+5)"($%# +$" +"+)#$"
$"*$%"&)+()"2 "K$2 )&%$2 ()"A('! '+)"H9*9M9"#$2$/ #)6"
− "&)+(%'(( "2 ")3(/)3%& +5"&)+"K$2 )&%$2 ()"A('! '+)"H9*9M9"*$%"/$%- 1 "2 "&)+/3!$+1'"$"/3**)%()")*$%'( -)"
+$ "%'**)%( "&)+"!'"`! $+($!'"A#*%$/$"$"`)%*)%'($6"
− !,'&&)%2)"&)+"K$2 )='&()% +5"H9*9M9"*$%"!,$%)5'1 )+$"2 "/$%- 1 "2 "='&()% +5"'!!'"&! $+($!'"2$!!'";'+&'6"
− !,'2$/ )+$" 2$!!'" ;'+&'" '!!'" `)+-$+1 )+$" OJN*)%(" T'& !$P" (%'" A+($/'" H'+*')!)" $" K$2 )='&()% +5" *$%"
!,'&83 /()" *%)F/)!3()" '" /&'2$+1'" 2 " `%$2 ( " `)##$%& '! " JN*)%(" '" @%$-$" ($%# +$" $" &)+&$// )+$" ! +$$" 2 "
&%$2 ()"'"='-)%$"2 "K$2 )='&()% +56"
− !,'&&)%2)" &)+" C)-$%&'" A('! '" H9*9M9" *$%" !'" &)##$%& '! 11'1 )+$" *%$//)" !'" &! $+($!'" 2 " &'%($" ($!$=)+ &<$"
*%$*'5'($6"
− !,'&&)%2)" &)+" A+($/'" H'+*')!)" R$%/)+'!" T +'+&$" H9*9M9" D$N" K)+$('" H9*9M9E" *$%" !,$%)5'1 )+$" 2 " *%$/( ( "
*$%/)+'! 0" &%$2 ()" '!" &)+/3#)0" &$// )+$" 2$!" 83 +()" 2$!!)" /( *$+2 )" $" &'%($" 2 " &%$2 ()9" :'" /($//'" /)& $(." ?"
/3@$+(%'('"'+&<$"+$!!,'+'!)5)"'&&)%2)"*%$&$2$+($#$+($" +"$//$%$"&)+"C$)/"T +'+&$"H9*9M96"
'
1B2'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'g S"A+=)%#'1 )+ "/3 "&)#*$+/ "$")*$%'1 )+ "&)+"*'%( "&)%%$!'($'
− !,'2$/ )+$" 2$!!'" ;'+&'" '!!,'&&)%2)" (%'" A+($/'" H'+*')!)" $" A+($/'" H'+*')!)" R$%/)+'!" T +'+&$" H9*9M9" *$%" !"
&)!!)&'#$+()"2 "*%)2)(( "2 "= +'+1 '#$+()"2 "A+($/'"H'+*')!)"R$%/)+'!"T +'+&$"H9*9M"2$/( +'( "'!!'"&! $+($!'"
*% -'('6"
− !,'2$/ )+$" 2$!!'" ;'+&'" '!!'" `)+-$+1 )+$" (%'" A+($/'" H'+*')!)" H9*9M9" $" A+($/'" H'+*')!)" R$%/)+'!" T +'+&$"
H9*9M90"A+($/'"H'+*')!)"Q ('"H9*9M9"$"A+($/'"H'+*')!)"M// &3%'"H9*9M9"'-$+($"*$%")55$(()" !"&)!!)&'#$+()"2 "
*)! 11$"'// &3%'( -$")@@! 5'()% $"&)%%$!'($"' "R%$/( ( "Z *$+2$+( "R3@@! & 6"
− !,'&&)%2)"&)+"H'+*')!)"A+-$/("H #"H9*9M9"*$%"!, +($%#$2 '1 )+$"2 "2)#'+2$"2 " +-$/( #$+()6"
− !,'&&)%2)"&)+"H'+*')!)"A+-$/("H #"H9*9M9"*$%"!'"*%)#)1 )+$"2 "#3(3 "%$(' !"*$%"!'"&'/'6"
− !"&)+(%'(()"2 "/$%- 1 )"&)+"H$($= "H9*9M9"= +'! 11'()"'!!'"5$/( )+$"2$!!$"&'%($"2 "*'5'#$+()9"R$%" !"VjIW"5! "
)+$% "&)#*!$// - "'"&'% &)"2 ";L;"*$%"('! "'(( - (."'##)+('+)"'"eV"# 5! ' '9"
"
A+)!(%$0" !'" ;'+&'" 2$( $+$" 2$!!$" +($%$//$+1$" *'%($& *'( -$" +" A+($/'" H'+*')!)" [%)3*" H$%- &$" H9&9*9M9" DWj"
# 5! ' 'E0"A+=)5%)3*"H9&9*9M9"DI"# 5! ' )E0"A+($/'"H'+*')!)"T)%#'1 )+$"H9&9*9M9"Dk"# 5! ' 'E0"`)+/)%1 )";'+&'% )"
HAY" H9*9M9" +" ! 83 2'1 )+$" $" A#* '+( " H9%9!9" +" ! 83 2'1 )+$" D$+(%'#@$" /&% (($" '" @ !'+& )" *$%" 3+" -'!)%$" +)+"
/ 5+ = &'( -)EU" &)#$" $/*)/()" +$!!'" *'%($" ;" H$1 )+$" Ij" 2$!!'" C)('" A+($5%'( -'0" ('! " +($%$//$+1$" /)+)" /('($"
+&!3/$"(%'"!$"R'%($& *'1 )+ "% !$-'+( 0" +"83'+()"&)#*!$// -'#$+($" !"[%3**)"A+($/'"H'+*')!)"2$( $+$" +"$//$"
3+'"83)('"2 "&)+(%)!!)")"2 "&)!!$5'#$+()9":, +($%$//$+1'"*'%($& *'( -'" +"HAM"H9*9M9"DWf"# 5! ' 'E"?"/('('" +-$&$"
% &!'// = &'('" '" '(( - (." +" - '" 2 " 2 /# // )+$0" '" =%)+($" 2$5! " '&&)%2 " /( *3!'( " 2'!!$" ;'+&<$" 2$!" [%3**)" A+($/'"
H'+*')!)" &)+" /)& $(." 2 " +-$/( #$+()0" &<$" *%$-$2)+)" $+(%)" !" WjajhaVjIe" !'" &$// )+$" 2$!!$" 83)($" +" HAM"
H9*9M90"/3@)%2 +'('" '!!$" '3()% 11'1 )+ "2$!!$" '3()% (."2 " - 5 !'+1'9"H$#*%$"2'"HAM"H9*9M9" ?"/('()" +&'//'()"+$!"
VjIW"3+"2 - 2$+2)"*'% "'"WV"# 5! ' '9"""
"
10B'V>+*#-!&$!'(!'>#*,!%&"#*+'*!"+6#$-#'
'
C)+"/ "% !$-'+)"3!($% )% ")*$%'1 )+ "2 "*'%( &)!'%$"% !$-'+1'" +($%&)%/$"+$!"&)%/)"2$!!,$/$%& 1 )"(%'"!'";'+&'"$"!$"
*'%( "&)%%$!'($0"'2"$&&$1 )+$"2 "83$!!'"5 ." +2 &'('"+$ "*'%'5%'= "*%$&$2$+( "%$!'( -'"'!!,'&&)%2)"*$%"!'"=)%+ (3%'"
2 " /$%- 1 " &)+" A+($/'" H'+*')!)" [%)3*" H$%- &$/" H9&9*9'9" $" '" (%$" % ++)- " 2 " '== 2'#$+( 0" +" -'% '1 )+$" 2$!!$"
&)+2 1 )+ " '**! &'($" +" /&'2$+1'0" &)+" /)55$(( " &<$" ='++)" &'*)" '5! " $/*)+$+( " D% ++)- " $/$53 ( " /$#*%$" '"
&)+2 1 )+ "2 "#$%&'()E9"
"
.0'8",*+'!$<&*=#-!&$!'
'
AKRYJHM"`MR_[Y>RR_"
"
Z$+)# +'1 )+$"
"
ACLJHM"HMCRM_:_"H9*9M9"
"
H$2$"
"
R '11'"H'+"`'%!)0"Ifh"
IjIVI"L)% +)"
"
H$2$"H$&)+2'% '"
"
Q '"K)+($"2 "R $(.0"g"
VjIVI"K !'+)"
"
C3#$%)"2 " /&% 1 )+$"'!!,M!@)"2$!!$";'+&<$U"fWhI"
A/&% (('"'!!,M!@)"2$ "5%3** "@'+&'% "
"
'
1B/'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'9 SM&&)%2"2"*'5'#$+()"@'/'("/3"*%)*%"/(%3#$+("*'(%#)+'!
R'%($"A"S"M&&)%2 "2 "*'5'#$+()"@'/'( "/3"*%)*% "
/(%3#$+( "*'(% #)+ '! "
"
80'94YVbL8c9V49'Z9'48)Nb8'eN8C9)8)9M8'
'
/0'Z+@%*!-!&$+'(+5"!'#%%&*(!'(!'>#5#=+$,&'F#@#,!'@:'>*&>*!'@,*:=+$,!'>#,*!=&$!#"!'
'
/0/0'7!#$&'(!'!$%+$,!6#-!&$+'F#@#,&'@:'@,*:=+$,!'<!$#$-!#*!'
:,M//$#@!$'" 2 " A+($/'" H'+*')!)" 2$!" Vg" #'55 )" VjIV" <'0" (%'" !,'!(%)0" '3()% 11'()" !,'&83 /()0" '+&<$" +" * 4"
(%'+&<$/0" 2 " '1 )+ " )%2 +'% $" A+($/'" H'+*')!)" '!" /$%- 1 )" 2$!" H /($#'" 2 " A+&$+( -'1 )+$" @'/'()" /3" /(%3#$+( "
= +'+1 '% "2$/( +'()"'"3+'"*'%($"2$!"K'+'5$#$+("$"' "&)/ 22$(( "O% /G"('G$%/P"%$!'( -)"'!!,$/$%& 1 )"VjII"&<$0"
%$&$*$+2)" !$" 3!( #$" 2 /*)/ 1 )+ " +)%#'( -$" +" #'($% '0" *%$-$2$-'" !'" &)%%$/*)+/ )+$" 2 " *'%($" 2$!" %$!'( -)"
+&$+( -)"#$2 '+($"!,'//$5+'1 )+$"5%'(3 ('"2 "'1 )+ ")%2 +'% $"A+($/'"H'+*')!)9"
:'";'+&'"2 "L%$+()"$";)!1'+)"+$!"&)%/)"2$!"#$/$"2 "5 35+)"VjIV"<'"&)#*!$// -'#$+($"'&83 /('()"S"(%'# ($"
;'+&'"AKA0" +&'% &'('"2$!!,$/$&31 )+$"2$!"*%)5%'##'"S"+9"Ie9hVi"'1 )+ ")%2 +'% $"A+($/'"H'+*')!)"'"3+"*%$11)"
#$2 )"2 "'&83 /()"*$%"'1 )+$"*'% "'"j0igjg"$3%)0"*$%"3+"&)+(%)-'!)%$"()('!$"2 "Ie9Weg0IV"$3%)9"
:$" /322$(($" '1 )+ " /)+)" /('($" '&83 / ($" *$%" !$" '((% @31 )+ " ' " @$+$= & '% " +$5! " '++ " VjIe0" VjIf" $" VjIh" +$!"
% /*$(()" 2$!!$" +)%#$" '((3'( -$" &)+($+3($" +$!" / /($#'" +&$+( -'+($" 2 " &3 " /)*%'" &<$" % &< $2)+)0" 2 " +)%#'0" !'"
*$%#'+$+1'" +" /$%- 1 )" 2$ " @$+$= & '% " / +)" '!" #)#$+()" 2$!!,$==$(( -'" &)+/$5+'" 2$ " ( ()! " '5! " /($// " $"
/)(()*)+5)+)" & '/&3+'" 83)('" 2 ==$% ('" D/ '" $//'" $%)5'('" +" =)%#'" &'/<0" / '" #$2 '+($" /(%3#$+( " = +'+1 '% E"
2$!!, +&$+( -)" % =$% ()" ' " % /3!('( " %'55 3+( " +$!!,$/$%& 1 )" VjII" '" 3+" #$&&'+ /#)" 2 " &)%%$1 )+$" $N" *)/(" S"
&)/ 22$(('" O#'!3/" &)+2 ( )+P" S" /$&)+2)" !" 83'!$" !" %$!'( -)" #*)%()" % &)+)/& 3()" $" !" +3#$%)" 2$!!$" $-$+(3'! "
'1 )+ "'((% @3 ($"*)(%'++)"$//$%$"2$&3%('( " +"%$!'1 )+$"'!"5%'2)"2 "&)+/$53 #$+()0"+$!!,$/$%& 1 )"'"&3 "!'"83)('"
2 ==$% ('" ='" % =$% #$+()0" 2 " /*$& = & " )@ $(( - " $&)+)# &)F*'(% #)+ '! " &<$" # /3%'+)" !'" /)/($+ @ ! (." +$!" ($#*)"
% /3!('( "&)+/$53 ( 9"
"
"
0'9$<&*=#-!&$!'(!'$#,:*#'H:#$,!,#,!6#'
'
]6&":-!&$+'(+!'>!#$!'(!'!$%+$,!6#-!&$+'F#@#,!'@:'@,*:=+$,!'<!$#$-!#*!'$+"'12/.'
"
"
"
''
"
H(%3#$+( "= +'+1 '% "$/ /($+( "'!"WI"2 &$#@%$"VjIV"
"
"
4:=+*&' "
(!'
#-!&$!'
7*+--&'=+(!&' "
(!'+@+*%!-!&''
D$3%)E'
M!,#'b+@!(:#'
Ie9hVi"
F"
F"
F"
F"
Ie9hVi"
F"
K'%"VjIe"a"[ 3"VjIh"
H(%3#$+( "= +'+1 '% "-$/($2"+$!"&)%/)"2$!!]$/$%& 1 )"$"'((% @3 ( "
F"
F"
F"
H(%3#$+( "= +'+1 '% "$/ /($+( "'!"WI"2 &$#@%$"VjIW"
F"
F"
F"
"'%75'9%:#(.#"%#"%*..0';5'.'%*$%<=%"'7#-;0#%>?=<%
2%
2%
F"
H(%3#$+( "= +'+1 '% "'//$5+'( "+$!"&)%/)"2$!!]$/$%& 1 )"
"D'E
H(%3#$+( "= +'+1 '% "+)+"* 4"'((% @3 @ ! "
D'E"
K'%"VjIe"a"[ 3"VjIh"
M1 )+ "+)+"* 4"&)+/$5+'@ ! "' "@$+$= & '% "'"/$53 ()"2$!"-$+ %"#$+)"2$!"%$!'( -)"%'**)%()"2 "!'-)%)9"
"
"
"
'
1B1'
"
"
"
"
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.3'4&,#'!$,+5*#,!6#'3'7#*,+'C S"A+=)%#'( -'"2 "/$(()%$'
R'%($":"S"A+=)%#'( -'"2 "/$(()%$"
"
:'"/$1 )+$"+)+"- $+$"&)#* !'('" +"83'+()"!'";'+&'"+)+"<'"$#$//)"/(%3#$+( "= +'+1 '% "83)('( "/3!"#$%&'()9"
"
'
1B.'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'M!!$5'( "2 "; !'+& )
M!!$5'( "2 "@ !'+& )""
"
'
]"+$%&' (+!' >*!$%!>!' %&$,#F!"!' !$,+*$#-!&$#"!' &=&"&5#,!' (#""#' J&==!@@!&$+' ]:*&>+#'
#"'./'(!%+=F*+'12/.'
'
'
b#%%&*(&',*#'@%E+=!'(!'F!"#$%!&'*!%"#@@!<!%#,!'+'>*&@>+,,!'%&$,#F!"!'
'
'
K%E+=!' (!' K,#,&' 7#,*!=&$!#"+' +' J&$,&' ]%&$&=!%&' (+""#' %&$,*&""#$,+' 9$,+@#'
K#$>#&"&'K0>080'#"'./0/1012/1'
'
'
7:FF"!%!,#['(+!'%&**!@>+,,!6!'(!'*+6!@!&$+'%&$,#F!"+''
'
'
]"+$%&'(+!',!,&"!'(!'%#>!,#"+'8YK'3'Z!@>&$!F!"!'>+*'"#'6+$(!,#'#"'./0/1012/.'
'
'
V*5#$!--#-!&$+',+**!,&*!#"+'#"'./0/1012/.'
'
'
1B?'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'M!!$5'( "2 "; !'+& )'
R% +& * "`)+('@ ! "
"
7*!$%!>!'%&$,#F!"!'!$,+*$#-!&$#"!'&=&"&5#,!'@!$&'#"'./'(!%+=F*+'12/.'
'
7b94J979'JV4)8 9C9
ATYH"I
ATYH"V
ATYH"W
ATYH"e
ATYH"f"
ATYH"h
ATYH"k
ATYH"g
ATYH"Ij
ATYH"II
ATYH"IV
ATYH"IW
AMH"""I
AMH"""V
AMH"""k
AMH"""g
AMH"Ij
AMH"II
AMH"IV
AMH"Ih
AMH"Ik
AMH"Ig
AMH"Ii
AMH"Vj
AMH"VI
AMH"VW
AMH"Ve
AMH"Vh
AMH"Vk
AMH"Vg
AMH"Vi
AMH"WI
AMH"WV
AMH"WW
AMH"We
AMH"Wh"
AMH"Wk
AMH"Wg
AMH"Wi
AMH"ej"
AMH"eI
b+5&"#=+$,&'&=&"&5#-!&$+
IIVhaVjjg"#)29"IVhjaVjjg"F"IVkeaVjjg"F"hiaVjji"F"kjaVjji"FVfeaVjji"F"eieaVjji"F"eifaVjji"F"
IIWhaVjji"F"IIheaVjji"F"ffjaVjIj"F"fkeaVjIj"F"hhVaVjIj"F"IeiaVjII"F"IVjfaVjII"F"ekfaVjIV"F"
IVfeaVjIV"DmE"F"IVffaVjIV"F"IgWaVjIW"F"WjIaVjIW"FIIkeaVjIW"DmE
R'5'#$+( "@'/'( "/3"'1 )+
IIVhaVjjg"#)29"IVhIaVjjg"F"eifaVjji"F"VeWaVjIj"F"VeeaVjIj"F"IVfeaVjIV"DmE"F"IVffaVjIV
M55%$5'1 )+ "'1 $+2'!
IIVhaVjjg"#)29"eifaVjji"F"IeiaVjII"F"IVfeaVjIV"DmE"F"IVffaVjIV"F"IIkeaVjIW"DmE
`)+(%'(( "'// &3%'( IIVhaVjjg"#)29"IVkeaVjjg"F"eieaVjji"F"IIhfaVjji"F"IVffaVjIV
M(( - (."+)+"&)%%$+( "*)//$23($"*$%"!'"-$+2 ('"$"'(( - (.")*$%'( -$"&$//'($
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"eieaVjji"F"IIeVaVjji"F"VeWaVjIj"F"ekfaVjIV"F"IVfeaVjIVDmE"
F"IVffaVjIV"
J/*!)%'1 )+$"$"-'!3('1 )+$"2$!!$"% /)%/$"# +$%'% $
IIVhaVjjg
H(%3#$+( "= +'+1 '% U" +=)%#'1 )+ " +($5%'( -$
IIVhaVjjg"#)29"IVkeaVjjg"F"fWaVjji"F"kjaVjji"F"eifaVjji"F"gVeaVjji"F"IIhfaVjji"F"fkeaVjIj"F"
IeiaVjII"F"IVjfaVjII"F"ekfaVjIV"F"IVfeaVjIV"DmE"F"IVffaVjIV"F"IVfhaVjIV"DmmE"F"IIkeaVjIW"DmE
H$(()% ")*$%'( IIVhaVjjg"#)29"IVkeaVjjg"F"VeWaVjIj"F"hWVaVjIj"F"ekfaVjIV
; !'+& )"&)+/)! 2'()
IVfeaVjIV"DmE"#)29"WIWaVjIW"DmE""F"IIkeaVjIW"DmE
M&&)%2 "'"&)+(%)!!)"&)+5 3+()
IVfeaVjIV"DmE"#)29"WIWaVjIW"DmE
A+=)%#'( -'"/3!!$"*'%($& *'1 )+ " +"'!(%$"$+( (.
IVfeaVjIV"DmE"#)29"WIWaVjIW"DmE"F"IIkeaVjIW"DmE
Q'!3('1 )+ "2$!"=' %"-'!3$
IVffaVjIV
R%$/$+('1 )+$"2$!"@ !'+& )"
IIVhaVjjg"#)29"IVkeaVjjg"F"fWaVjji"F"kjaVjji"F"eieaVjji"F"VeWaVjIj"F"IeiaVjII"F"ekfaVjIV"F"
IVfeaVjIV"DmE"F"IVffaVjIV"F"WjIaVjIW
Y #'+$+1$
IIVhaVjjg"#)29"kjaVjji"F"IVffaVjIV"
Y$+2 &)+()"= +'+1 '% )
IIVhaVjjg"#)29"IVhjaVjjg"F"IVkeaVjjg"F"kjaVjji"F"eieaVjji"F"VeWaVjIj"F"IVfeaVjIV"DmE"F"
IIkeaVjIW"DmE
R% +& * "&)+('@ ! 0"&'#@ '#$+( "+$!!$"/( #$"$2"$%%)% "
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"IVffaVjIV"
T'(( " +($%-$+3( "2)*)"!'"2'('"2 "% =$% #$+()"2$!"@ !'+& )
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"IIeVaVjji"F"IVffaVjIV
:'-)% "/3")%2 +'1 )+$
IIVhaVjjg"#)29"IVhjaVjjg"F"IVkeaVjjg
A#*)/($"/3!"%$22 ()"
IIVhaVjjg"#)29"IVkeaVjjg"F"eifaVjji"F"ekfaVjIV"F"IVfeaVjIV"DmE"F"IVffaVjIV"F"IIkeaVjIW"DmE
A##)@ ! 0" #* '+( "$"#'&&< +'%
IIVhaVjjg"#)29"IVhjaVjjg"F"IVkeaVjjg"F"kjaVjji"F"eifaVjji"F"IVffaVjIV"F"WjIaVjIW
:$'/ +5
IIVhaVjjg"#)29"VeWaVjIj"F"IVffaVjIV
Y &'IIVhaVjjg"#)29"hiaVjji"F"IVfeaVjIV"DmE"F"IVffaVjIV
;$+$= & "*$%" ""2 *$+2$+( "
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"ekfaVjIV"F"IVffaVjIV
`)+('@ ! 11'1 )+$"2$ "&)+(% @3( "*3@@! & "$" +=)%#'( -'""/3!!,'// /($+1'"*3@@! &'" IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"ekfaVjIV"F"IVffaVjIV"
J==$(( "2$!!$"-'% '1 )+ "2$ "&'#@ "2$!!$"-'!3($"$/($%$
IIVhaVjjg"#)29"IVkeaVjjg"F"hiaVjji"F"eieaVjji"F"IeiaVjII"F"ekfaVjIV"F"IVfeaVjIV"DmE"F"
IVffaVjIV
_+$% "= +'+1 '% "
IIVhaVjjg"#)29"IVhjaVjjg"F"kjaVjji
A+=)%#'( -'"2 "@ !'+& )"/3!!$")*$%'1 )+ "&)+"*'%( "&)%%$!'($
IIVhaVjjg"#)29"IVkeaVjjg"F"hWVaVjIj"F"ekfaVjIV"F"IVfeaVjIV"DmE"F"IIkeaVjIW"DmE
Y !$-'1 )+$"$"%'**%$/$+('1 )+$" +"@ !'+& )"2 "=)+2 "*$+/ )+$
IIVhaVjjg
; !'+& )"&)+/)! 2'()"$"/$*'%'()
IIVhaVjjg"#)29"IVkeaVjjg"F"hiaVjji"F"kjaVjji"F"eieaVjji"F"IVfeaVjIV"DmE"F"IIkeaVjIW"DmE
R'%($& *'1 )+ " +"/)& $(."&)!!$5'($
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"eieaVjji"F"eifaVjji"F"IVfeaVjIV"DmE"F"IVffaVjIV
Y$+2 &)+('1 )+$"&)+('@ !$" +"$&)+)# $" *$% +=!'1 )+'($"
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji
R'%($& *'1 )+ " +"b) +("-$+(3%$" D'@%)5'()"2'!"Y$5)!'#$+()"+9"IVfeaVjIV E
IIVhaVjjg"#)29"kjaVjji"F"eieaVjji"F"IeiaVjII"F"IVfeaVjIV"DmE"F"IVffaVjIV
H(%3#$+( "= +'+1 '% U"$/*)/ 1 )+$"+$!"@ !'+& )"
IIVhaVjjg"#)29"IVkeaVjjg"F"fWaVjji"F"kjaVjji"F"eieaVjji"F"eifaVjji"F"IViWaVjji"F"ekfaVjIV"F"
IVfeaVjIV"DmE"F"IVffaVjIV"F"IVfhaVjIV"DmmE"F"WjIaVjIW"F"IIkeaVjIW"DmE
>( !$"*$%"'1 )+$
IIVhaVjjg"#)29"IVkeaVjjg"F"eieaVjji""F"eifaVjji"F"ekfaVjIV"F"IVfeaVjIV"DmE"F"IVffaVjIV
; !'+& " +($%#$2
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"eifaVjji"F"IeiaVjII"F"ekfaVjIV"F"IVffaVjIV"F"WjIaVjIW"F"
IIkeaVjIW"DmE
IIVhaVjjg"#)29"IVkeaVjjg"F"hiaVjji"F"kjaVjji"F"eifaVjji"F"VeWaVjIj"F"IVfeaVjIV"DmE"F"IVffaVjIV"F"
Y 231 )+$"2 "-'!)%$"2$!!$"'(( - (.
IWkeaVjIW"DmE
M&&'+()+'#$+( 0"*'// - (."$"'(( - (."*)($+1 '!
IIVhaVjjg"#)29"IVkeaVjjg"F"eifaVjji
M(( - (." ##'($% '! "
IIVhaVjjg"#)29"IVhjaVjjg"F"IVkeaVjjg"F"kjaVjji"F"eifaVjji"F"VeWaVjIj"F"IVfeaVjIV"DmE"F"
IVffaVjIV
H(%3#$+( "= +'+1 '% U"% !$-'1 )+$"$"-'!3('1 )+$"D'2"$&&$1 )+$"2 "('!3+$"
IIVhaVjjg"#)29"IVkeaVjjg"F"fWaVjji"F"kjaVjji"F"eieaVjji"F"eifaVjji"F"gVeaVjji"F"gWiaVjji"F"
2 /*)/ 1 )+ "%$!'( -$"'!!'"&)+('@ ! 11'1 )+$"2$!!$")*$%'1 )+ "2 "&)*$%(3%'E
IIkIaVjji"F"VeWaVjIj"F"IeiaVjII"F"IVfeaVjIV"DmE"F"IVffaVjIV"F"IIkeaVjIW"DmE"F"IWkfaVjIW"DmE
A+-$/( #$+( " ##)@ ! '%
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"IVffaVjIV"
M5% &)!(3%'
IIVhaVjjg"#)29"IVkeaVjjg"F"kjaVjji"F"IVffaVjIV"
R% #'"'2)1 )+$"2$ "*% +& * "&)+('@ ! " +($%+'1 )+'!
(*) Le società applicano quanto previsto dal presente Regolamento al più tardi a partire dalla data di inizio del loro primo esercizio finanziario che cominci dopo il 1gennaio 2014.
(**) Le società applicano quanto previsto dal presente Regolamento al più tardi a partire dalla data di inizio del loro primo esercizio finanziario che cominci dopo il 1gennaio 2013 (modifiche IFRS 7) o dopo il 1gennaio 2014 (modifiche IA S 32).
"
"
'
1BB'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'M!!$5'( "2 "; !'+& )
7*!$%!>!'%&$,#F!"!'!$,+*$#-!&$#"!'&=&"&5#,!'@!$&'#"'./'(!%+=F*+'12/.'
'
94)]b7b])8c9V49
b+5&"#=+$,&'&=&"&5#-!&$+
ATYA`"I" `'#@ '#$+( "+$!!$"*'// - (." /&% (($"*$%"/#'+($!!'#$+( 0"% *% /( + "$"*'// - (."/ # !'%
IIVhaVjjg"#)29"IVhjaVjjg"F"IVkeaVjjg
ATYA`"V M1 )+ "2$ "/)& " +"$+( (."&))*$%'( -$"$"/(%3#$+( "/ # !
IIVhaVjjg"#)29"fWaVjji"F"IVffaVjIV"F"WjIaVjIW
ATYA`"e Z$($%# +'%$"/$"3+"'&&)%2)"&)+( $+$"3+"!$'/ +5
IIVhaVjjg"#)29"VfeaVjji"F"IVffaVjIV
ATYA`"f Z % (( "2$% -'+( "2'" +($%$//$+1$" +"=)+2 "*$%"/#'+($!!'#$+( 0"% *% /( + "$"@)+ = &<$"'#@ $+('!
IIVhaVjjg"#)29"IVfeaVjIV"DmE
ATYA`"h R'// - (."2$% -'+( "2'!!'"*'%($& *'1 )+$"'2"3+"#$%&'()"/*$& = &)"F"Y = 3( "2 "'**'%$&&< '(3%$"$!$((% &<$"$2"$!$((%)+ &<$
IIVhaVjjg
ATYA`"k M**! &'1 )+$"2$!"#$()2)"2$!!'"% 2$($%# +'1 )+$"2$!"-'!)%$"' "/$+/ "2$!!)"AMH"Vi"F"Y$+2 &)+('1 )+$"&)+('@ !$" +"$&)+)# $"
+=!'1 +'1
)+'($
ATYA`"i Y*$%
2$($%#
)+$"2$!"-'!)%$"2$ "2$% -'( " +&)%*)%'(
IIVhaVjjg"#)29"IVkeaVjjg
IIVhaVjjg"#)29"eifaVjji"F"IIkIaVjji"F"VeWaVjIj"F"IVfeaVjIV"DmE
ATYA`"Ij ; !'+& " +($%#$2 "$"% 231 )+$"2 "-'!)%$
IIVhaVjjg"#)29"IVkeaVjjg
ATYA`"IV M&&)%2 "*$%"/$%- 1 " +"&)+&$// )+$
VfeaVjji
ATYA`"IW R%)5%'## "2 "=$2$! 11'1 )+$"2$!!'"&! $+($!'
IVhVaVjjg"#)29"IeiaVjII"F"IVffaVjIV
ATYA`"Ie A!"! # ($"%$!'( -)"'2"3+'"'(( - (."'"/$%- 1 )"2 "3+"* '+)"'"@$+$= & "2$= + ( 0"!$"*%$- / )+ "2 "&)+(% @31 )+$"# + #'
$"!'"!)%)""*$%"!'"&)/(%31
+($%'1 )+$ )+$"2 " ##)@ !
ATYA`"If M&&)%2
IVhWaVjjg"#)29"IVkeaVjjg"F"hWWaVjIj"F"ekfaVjIV
ATYA`"Ih `)*$%(3%$"2 "3+" +-$/( #$+()"+$(()" +"3+'"5$/( )+$"$/($%'
ehjaVjji"#)29"VeWaVjIj"F"IVfeaVjIV"DmE
ATYA`"Ik Z /(% @31 )+ "' "/)& "2 "'(( - (."+)+"%'**%$/$+('($"2'"2 /*)+ @ ! (."! 83 2$
IIeVaVjji"#)29"IVfeaVjIV"DmE"F"IVffaVjIV
ATYA`"Ig `$// )+ "2 "'(( - (."2'"*'%($"2$!!'"&! $+($!'
IIheaVjji"
ATYA`"Ii J/( +1 )+$"2 "*'// - (."= +'+1 '% $"&)+"/(%3#$+( "%'**%$/$+('( - "2 "&'* ('!$
hhVaVjIj"#)29"IVffaVjIV
ATYA`"Vj `)/( "2 "/@'+&'#$+()"+$!!'"='/$"2 "*%)231 )+$"2 "3+'"# + $%'"'"& $!)"'*$%()
IVffaVjIV
HA`"""k
A+(%)231 )+$""2$!!,$3%)
IIVhaVjjg"#)29"IVkeaVjjg"F"eieaVjji
HA`"Ij
M// /($+1'"*3@@! &'"S"C$//3+'"/*$& = &'"%$!'1 )+$"&)+"!$"'(( - (.")*$%'( -$
IIVhaVjjg"#)29"IVkeaVjjg
HA`"IV
`)+/)! 2'#$+()"S"H)& $(."'"2$/( +'1 )+$"/*$& = &'"DH)& $(."-$ &)!)E"D'@%)5'()"2'!"Y$5)!'#$+()"+9"IVfeaVjIV E
IIVhaVjjg"#)29"IVfeaVjIV"DmE
HA`"IW
IIVhaVjjg"#)29"IVkeaVjjg"F"IVfeaVjIV"DmE
HA`"If
J+( (."'"&)+(%)!!)"&)+5 3+()"S"`)+=$% #$+( " +"+'(3%'"2'"*'%($"2$ "*'%($& *'+( "'!"&)+(%)!!)"
D'@%)5'()"2'!"Y$5)!'#$+()"+9"IVfeaVjIVE
:$'/ +5")*$%'( -)"S"A+&$+( -
HA`"Vf
A#*)/($"/3!"%$22 ()"S"`'#@ '#$+( "+$!!'"&)+2 1 )+$"= /&'!$"2 "3+,$+( (.")"2$ "/3) "'1 )+ /(
IIVhaVjjg"#)29"IVkeaVjjg
HA`"Vk
:'"-'!3('1 )+$"2$!!'"/)/('+1'"2$!!$")*$%'1 )+ "+$!!'"=)%#'"!$5'!$"2$!"!$'/ +5
IIVhaVjjg
HA`"Vi
M&&)%2 "*$%"/$%- 1 " +"&)+&$// )+$U" +=)%#'1 )+ " +($5%'( -$
IIVhaVjjg"#)29"IVkeaVjjg"F"VfeaVjji
HA`"WI
Y &'- "S"_*$%'1 )+ "2 "@'%'(()"&)#*%$+2$+( "'(( - (."*3@@! & ('% '
IIVhaVjjg
HA`"WV
M(( - (." ##'($% '! "S"`)/( "&)++$// "'"/ ( "X$@
IIVhaVjjg"#)29"IVkeaVjjg
hWhaVjji
IIVhaVjjg"#)29"IVkeaVjjg
(*) Le società applicano quanto previsto dal presente Regolamento al più tardi a partire dalla data di inizio del loro primo esercizio finanziario che cominci dopo il 1gennaio 2014.
'
1BG'
' !"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'M!!$5'( "2 "; !'+& )'
Y'&&)%2)"(%'"/&<$# "2 "@ !'+& )"% &!'// = &'( "$"
*%)/*$(( "&)+('@ ! "
"
H " % *)%('+)" 2 " /$53 ()" 5! " /&<$# " 2 " %'&&)%2)" (%'" " *%)/*$(( " 2 " @ !'+& )" % &!'// = &'( " % *)%('( " +$!!'" Y$!'1 )+$"
/3!!'"5$/( )+$"$"5! "/&<$# "2 "@ !'+& )")@@! 5'()% "/('@ ! ( "2'!!'";'+&'"2,A('! '"&)+" !"R%)--$2 #$+()"+9"VhV"2$!"
VV"2 &$#@%$"Vjjf"$"&)+" !"/3&&$// -)"'55 )%+'#$+()"2$!Ig"+)-$#@%$"Vjji9"[! " #*)%( "% *)%('( "+$!!$"('@$!!$"
='++)"% =$% #$+()"'!!$"% &!'// = &'1 )+ "* 4"2 ==3/'#$+($" !!3/(%'($"+$!!'"Y$!'1 )+$"/($//'9"
'
1BO'
!"#$%!&'(!' #$%#'(!')*+$,&'+' &"-#$&'#"'./0/1012/.'3'M!!$5'( "2 "; !'+& )
b#%%&*(&',*#'@,#,&'>#,*!=&$!#"+'*!%"#@@!<!%#,&'+'@%E+=#'(!'@,#,&'>#,*!=&$!#"+'
'
(migliaia di euro )
M&%!'(+""&'@,#,&'>#,*!=&$!#"+'*!%"#@@!<!%#,&'W'8,,!6&
M&%!'(+""&'@%E+=#'(!'@,#,&'>#,*!=&$!#"+'W'8,,!6&
M(( - (."= +'+1 '% $"2 "+$5)1 '1 )+$
/!7#%>?%2%@..':'.A%B'+*+C'*0'#%"#.#+5.#%D#0%$*%+#,!C'*C'!+#
())*+*),-.*/0/1*02*3-+045)0)3-04-.0*2-+ 0453
!"#$%&$'$())*+*),$-*./.0*/1*#$+/23)/)#$/2$-/*1$+/23#
())*+*),-7*89:/*;*4*-932-40-+ 3/7*)0
!"#$4&$'$())*+*),$-*./.0*/1*#$5*67!.*8*2*$7#1$2/$+#.5*)/
())*+*),-.*/0/1*02*3-73)3/5)3-8*/:-0440-8=073/10
!"#$9&$'$())*+*),$-*./.0*/1*#$5#)#.3)#$6*.!$/22/$6"/5#.0/
?237*)*-+328:-;0/=@3
!"#$:&$'$;1#5*)*$+#16!$8/."<#
?237*)*-+328:-=4*3/)340
!"#$=&$'$;1#5*)*$+#16!$"2*#.)#2/
B02)3=*901*:/*!"#$>&&$'$?/1)#"*7/0*!.*$
())*+*),-C0)32*04*-3-*CC0)32*04*
A
!"#$>>&$'$())*+*),$@/)#1*/2*
!"#$>B&$'$())*+*),$*@@/)#1*/2*
())*+*),-.*8=04*
!"#$>%&$'$())*+*),$-*6"/2*
())*+*),-/:/-=:223/)*-3-D2599*-7*-0))*+ *),-*/-+*0-7*-7*8C*88*:/3
!"#$>4&$'$())*+*),$.!.$"!11#.)*$#$C1377*$5*$/))*+*),$*.$+*/$5*$5*6@*66*!.#$
(4)23-+:=*-7344E0))*+:
A
A
A
!"#$%&#""'('")
5!6'&*%$$!&7"#"!&8#"9':!;'#$%&9'6$#77'<'6#"!&=&>#77'(!
!"#$>&$'$;/66/$#$5*67!.*8*2*),$2*D3*5#$
!"#$E&$'$F#1*+/)*$5*$"!7#1)31/
!"#$G&$'$(5#C3/@#.)!$5*$+/2!1#$5#22#$/))*+*),$-*./.0*/1*#$!CC#))!$5*$"!7#1)31/$C#.#1*"/
!"#$>9&$'$(2)1#$/))*+*),
!"#$%&*%$$+#""'(!
5!6'&*%$$!&76?%:#&*'&7"#"!&8#"9':!;'#$%&=&>#77'(!
F3;*)*-+328:-;0/=@3
!"#$>&$'$F#8*)*$+#16!$8/."<#
F3;*)*-+328:-=4*3/)340-3-)*):4*-*/-=*2=:401*:/3
A
!"#$B&$'$F#8*)*$+#16!$"2*#.)#2/
!"#$%&$'$I*)!2*$*.$"*1"!2/0*!.#$
B088*+*),-.*/0/1*02*3-7*-/3D:1*01*:/3
!"#$4&$'$?/66*+*),$-*./.0*/1*#$5*$.#C!0*/0*!.#
B088*+*),-.*/0/1*02*3-+045)0)3-04-.0*2-+ 0453
!"#$9&$'$?/66*+*),$-*./.0*/1*#$+/23)/)#$/2$-/*1$+/23#
B088*+*),-.*8=04*
!"#$E&$'$?/66*+*),$-*6"/2*
B088*+*),-088:=*0)3-07-0))*+ *),-*/-+ *0-7*-7*8C*88*:/3
!"#$G&$'$?/66*+*),$/66!"*/)#$/5$/))*+*),$*.$+*/$5*$5*6@*66*!.#
(4)23-+:=*-734-9088*+ :A
A
!"#$:&$'$F#1*+/)*$5*$"!7#1)31/
!"#$=&$'$(5#C3/@#.)!$5*$+/2!1#$5#22#$7/66*+*),$-*./.0*/1*#$!CC#))!$5*$"!7#1)31/$C#.#1*"/
!"#$>&&$'$(2)1#$7/66*+*),
A
!"#$>>&$'$I1/))/@#.)!$5*$-*.#$1/77!1)!$5#2$7#16!./2#
!"#$>B&$'$J!.5*$7#1$1*6"<*$#$!.#1*
G:/7*-0-738)*/01*:/3-893=*.*=0
?09*)043!"#$>E&$'$;/7*)/2#
H*832+3-I04-/3)):-73443-01*:/*-92:92*3JA
'
!"#$>:&$'$K*6#1+#
!"#$>=&$'$L!+1/771#00*$5*$#@*66*!.#
!"#$>G&$'$(0*!.*$71!71*#
H*832+3-70-+ 045)01*:/3
!"#$>%&$'$K*6#1+#$5/$+/23)/0*!.#
K)*43-IB327*)0J-7E3832=*1*:
!"#$B&&$'$M)*2#$N?#15*)/O$5P#6#1"*0*!
!"#$%&8#77'('")&%&8#"9':!;'!&;%""!
'
1BP'
!"#$%&*%$&8#77'(!
12/.
12/1
IV9WVi
Ik9ief
!"#!$
%"$&'
!6
$
!6
$
!&" '6
!6"'$<
!&" '6
!6"'$<
>
>
>
>
6!"%&<
$<" AA
6!"%&<
$<" AA
!" $<"%
!"'%%"%6A
!" $<"%
!"'%%"%6A
#A
%!
#A
%!
!'"%'!
!6"!&
!<"&6'
!<"$'&
'"!A%
'"!A%
#%"%
!A"!A'
#%"%
!A"!A'
#'
>
#'
>
'$"&6A
6#"'AA
# "#!<
# "'#%
$"&!<
"#$<
>
>
A"%!A
!<"66
,-./,-011 ,-234-101
,4/3
,4/,
$6#"%!
"#<!"$<%
G:%H=B> >H%&BHG&=
"!<6"!%6 "!&A"% '
>H>:9H%9G >H>EGHG9:
4&HG>=
9EH=9G
!"#$A
%"A6'
>BH%GE
>=HE:9
>
>
'
'
!<
%$
B&>
>=G
>
>
'
'
6A"A A
%$"%!<
GHB:9
>9H%9=
%H4:9
:H=>%
9:H&EE
9=H:9&
#"6#%
6"A!&
EH&=&
:HG&>
9H9:=
GHGB%
6'"$ 6
6'"$ 6
:9HG>:
:9HG>:
<#"A 6
<&"%<%
%GHB>9
4&H>&9
:4H:&>
:4H:&B
'
'
>#"''
>'"!&&
'%H99>
'9HB44
> A"!66
>A$#
'>EHB::
'EG%
,-./,-011 ,-234-101
-
&@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:&
D#66!9*!&"9#&6!;"!&%6!;!:'6!&9'6$#77'<'6#"!&%&&76?%:#&*'&6!;"!&%6!;!:'6!&
&
(migliaia di euro)
5!6'&*%$&6!;"!&%6!;!:'6!&9'6$#77'<'6#"!
5!6'&*%$$!&76?%:#&*'&6!;"!&%6!;!:'6!
M/)32388*-N3))*
!"#$%&$'$Q/1C*.#$5*$*.)#1#66#
,4/3
,4/,
''"6%<
'$"A$!
'!"A6
'%"# 6
>
>
#"<&$
!"$!$
>!#%
>#&$
>#
>&
#!
>
#&
>
A$ !"#$E&$N7/10*/2#O$'$;!@7!.#.)*$5#2$1*632)/)!$5#22#$/))*+*),$5*$.#C!0*/0*!.#$"!11#2/)#$/5$*.)#1#66*$.#))*
A$ !"#$>%&$/O$N7/10*/2#O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$7#1$5#)#1*!1/@#.)!$5*$"1#5*)*$N1*#.)1!$)*@#$+/23#$"1#5*)*O
A$ !"#$>9&$/O$N7/10*/2#O$'$L7#6#$7#1$*2$7#16!./2#$NK*#.)1!$)*@#$+/23#$)1/))/@#.)!$5*$-*.#$1/77!1)!$#$/2)1*$-!.5*$5#2$7#16!./2#O
A$ !"#$>:&$N7/10*/2#O$'$(""/.)!./@#.)!$.#))*$/*$-!.5*$7#1$1*6"<*$#$!.#1*$NK*#.)1!$)*@#$+/23#$-!.5*$1*6"<*$#5$!.#1*O
F*+*73/7*
!"#$=&$'$F*+*5#.5*$#$71!+#.)*$6*@*2*
$'$ !"#$=&$N7/10*/2#O$'$F*+*5#.5*$#$71!+#1.)*$6*@*2*$63$/0*!.*$5*67!.*8*2*$7#1$2/$+#.5*)/$#$5#)#.3)#$7#1$2/$.#C!0*/0*!.#
?:CC*88*:/*-/3))3
>!
!$"'%
$ !"#$:&$'$;!@@*66*!.*$.#))#
!$"66!
>
'$$ !"#$:&$N7/10*/2#O$'$;!@@*66*!.*$.#))#S$1#"37#1*$67#6#$7#1$*6)13))!1*/$@3)3*
A$ !"#$>9&$8O$N7/10*/2#O$'$(2)1#$67#6#$/@@*.*6)1/)*+#S$67#6#$7#1$*6)13))!1*/$@3)3*$1#"37#1/)#
H*854)0):-7344E0))*+ *),-7*-/3D:1*01*:/3
>
!&"A$
!'"<<'
>
&
>$
>
A'#
" '$
AA'
%!6
'$ !"#$E&$N7/10*/2#O$'$;!@7!.#.)*$5#2$1*632)/)!$5#22#$/))*+*),$5*$.#C!0*/0*!.#$"!11#2/)#$/5$*.)#1#66*$.#))*
>
>
A$ !"#$=&$N7/10*/2#O$'$F*+*5#.5*$#$71!+#.5*$6*@*2*$63$/0*!.*$5*67!.*8*2*$7#1$2/$+#.5*)/$#$5#)#.3)#$7#1$2/$.#C!0*/0*!.#
!
!"#$E&$'$K*632)/)!$.#))!$5#22P/))*+*),$5*$.#C!0*/0*!.#
A$ !"#$G&$'$K*632)/)!$.#))!$5#22P/))*+*),$5*$"!7#1)31/
>&
>
'&
A$ !"#$>&&$8O$'$M)*2#$N?#15*)#O$5/$"#66*!.#$!$1*/"D3*6)!$5*$/))*+*),$-*./.0*/1*#$5*67!.*8*2*$7#1$2/$+#.5*)/
>
$
A$ !"#$>&&$5O$'$M)*2#$N?#15*)#O$5/$"#66*!.#$!$1*/"D3*6)!$5*$7/66*+*),$-*./.0/1*#
>
#''
A$ !"#$>>&$'$K*632)/)!$.#))!$5#22#$/))*+*),$#$7/66*+*),$-*./.0*/1*#$+/23)/)#$/2$-/*1$+/23#
(4)2*-92:+3/)*-I:/32*J-7*-D38)*:/3
!"#$>G&$'$(2)1*$!.#1*$R$71!+#.)*$5*$C#6)*!.#
$'$ !"#$>G&$N7/10*/2#O$'$(2)1*$!.#1*R71!+#.)*$5*$C#6)*!.#$NK#"37#1*$67#6#$#$5*$*@7!6)#$#$)/66#O
%
'
>&#<
>6'#
!"%66
>#" $6
!"&6A
>#" !
B2:+ 3/)*-:9320)*+ *-/3)) *
A'"6$6
A'"!A$
O9383-734-9328:/043
>#<"# $
>#&"<&%
># "#A6
>#&"A6!
$'$ !"#$>9&$/O$N7/10*/2#O$'$L7#6#$7#1$*2$7#16!./2#S$!.#1*$5*$*.)#C1/0*!.#$#$*."#.)*+/0*!.#$/22P#6!5!
A#<
&66
$'$ !"#$>9&$/O$N7/10*/2#O$'$L7#6#$7#1$*2$7#16!./2#S$1*#.)1!$)*@#$+/23#$)1/))/@#.)!$5*$-*.#$1/77!1)!$#$/2)1*$-!.5*$5#2$7#16!./2#
!#%
#&$
>!#"' !
>!&"! $
>!6"A%'
>!%"'##
!"#$>9&$/O$'$L7#6#$7#1$*2$7#16!./2#
O9383-0CC*/*8)20)*+3
!"#$>9&$8O$'$(2)1#$67#6#$/@@*.*6)1/)*+#
$A$ !"#$>G&$N7/10*/2#O$'$(2)1*$!.#1*$R$71!+#.)*$5*$C#6)*!.#S$1#"37#1*$5*$67#6#$#$*@7!6)#$#$)/66#
#" $6
$'$ !"#$>9&$8O$N7/10*/2#O$'$(2)1#$67#6#$/@@*.*6)1/)*+#S$67#6#$7#1$*6)13))!1*/$@3)3*$1#"37#1/)#
$'$ !"#$>9&$8O$N7/10*/2#O$'$(2)1#$67#6#$/@@*.*6)1/)*+#$N!.#1*$5*$*.)#C1/0*!.#O
(CC:2)0C3/):-*CC:;*4*1101*:/*-C0)32*04*-3-*CC0)32*04*
#" !
>
$A$ !"#$:&$N7/10*/2#O$'$;!@@*66*!.*$.#))#S$1#"37#1*$67#6#$7#1$*6)13))!1*/$@3)3*
>
$
&
%6
%$
> "AA!
> "A6!
> "AA!
> "A6!
$A$ !"#$>E&$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$63$/))*+*),$*@@/)#1*/2*
>
>
$'$ !"#$>=&$N7/10*/2#O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$63$/))*+*),$@/)#1*/2*S$6+/23)/0*!.*$531/)31#
>
>
$'$ !"#$>E&$N7/10*/2#O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$63$/))*+*),$*@@/)#1*/2*S$6+/23)/0*!.*$531/)31#
>
>
!"#$>=&$/O$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$63$/))*+*),$@/)#1*/2*
P/32*-:9320) *+ *
> ''"% # > 6<" !A
H*854) 0) :-73440-D38) *:/3-:9320) *+ 0
!$"$A#
(==0/):/0C3/)*-/3))*-0*-.:/7*-932-2*8=@*-3-:/32*
!"#$>:&$'$(""/.)!./@#.)*$.#))*$/*$-!.5*$7#1$1*6"<*$#5$!.#1*
$'$ !"#$>:&$N7/10*/2#O$'$(""/.)!./@#.)*$.#))*$/*$-!.5*$7#1$1*6"<*$#5$!.#1S$1*#.)1!$)*@#$+/23#$-!.5*
H3))*.*=@3-7*-+04:23-/3))3-85*-=237*)*
!"#$>&&$/O$'$M)*2#$N?#15*)/O$5/$"#66*!.#$!$1*/"D3*6)!$5*$"1#5*)*
A$ !"#$>%&$/O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$7#1$5#)#1*!1/@#.)!$5*$"1#5*)*
'$ !"#$>%&$/O$N7/10*/2#O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$7#1$5#)#1*!1/@#.)!$5*$"1#5*)*S$1*#.)1!$)*@#$+/23#$"1#5*)*
A$ !"#$>%&$5O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$7#1$5#)#1*!1/@#.)!$5*$/2)1#$!7#1/0*!.*$-*./.0/1*#
H3))*.*=@3-7*-+04:23-/3))3-85-04)23-0))*+*),
!'" 6
>$&6
>$$A
>$&$
> "<<!
#
&
>'#"A'A
>!!"AAA
> <$
>! &
>'<"%%A
> $"'%$
>#"<&$
>!"$!$
%A
> 66
>&6
>A<$
>&6
>A<$
$A$ !"#$>%&$"O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$7#1$*2$5#)#1*!1/@#.)!$5*$/))*+*),$-*./.0*/1*#$5#)#.3)#$6*.!$/22/$6"/5#.0/
>
>
$'$ !"#$>=&$N7/10*/2#O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$63$/))*+*),$@/)#1*/2*S$6+/23)/0*!.*$531/)31#
>
>
!"#$>%&$8O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$7#1$*2$5#)#1*!1/@#.)!$5*$/))*+*),$-*./.0*/1*#$5*67!.*8*2*$7#1$2/$+#.5*)/
K)*4*-I9327*)3J-85-0))*+ *),-.*/0/1*02*3-73)3/5)3-8*/:-0-8=073/10-385-04)2*-*/+ 38)*C3/)*
A
!"#$>&&$"O$'$M)*2#$N?#15*)/O$5/$"#66*!.#$!$1*/"D3*6)!$5*$/))*+*),$-*./.0*/1*#$5#)#.3)#$6*.!$/22/$6"/5#.0/
!&
>
>
A$ !"#$B4&$'$M)*2*$N?#15*)#O$5/$"#66*!.#$5*$*.+#6)*@#.)*
A
A$ !"#$B>&$'$M)*2*$N?#15*)#O$5#22#$7/1)#"*7/0*!.*
>
A$ !"#$BB&$'$K*632)/)!$.#))!$5#22#$+/23)/0*!.*$/2$-/*1$+/23#$5#22#$/))*+*),$@/)#1*/2*$#$*@@/)#1*/2*
>
>
> !&"%&$
%<%
H*854) 0) :-=:223/) 3-04-4:27:-73443-*C9:8) 3
MC9:8)3-854-2377*):-7344E:9320)*+*),-=:223/)3
!"#$B:&$'$T@7!6)#$632$1#55*)!$5#22P#6#1"*0*!$5#22P!7#1/)*+*),$"!11#.)#
$'$ !"#$B:&$N7/10*/2#O$'$T@7!6)#$632$1#55#*)!$5#22P#6#1"*0*!$5#22P!7#1/)*+*),$"!11#.)#$N1#2/)*+#$/5$!.#1*$5*$*.)#C1/0*!.#O
!&
>
%" #%
> "!<A
%"#A$
> "<''
>!'!
> '#
$'$ !"#$B:&$N7/10*/2#O$'$T@7!6)#$632$1#5H$5#22P#6H$5#22P!7#1H$"!11HS$#--#))!$-*6"/2#$1#))H$5*$+/2!1#$5#22#$/2)1#$/))H$*.)/.C*8*2*
>
>
$'$ !"#$B:&$N7/10*/2#O$'$T@7!6)#$632$1#55*)!$5#22P#6#1"*0*!$5#22P!7#1/)*+*),$"!11#.)#S$#--#))!$-*6"/2#$1#))*-*"<#$5*$+/2!1#$5#22P/++*/@#.)!
>
>
>6'&
>#$!
>A#<
>&66
>%6
>%$
!'!
'#
>
>
P/32*-7*-*/)3D201*:/3-3-*/=3/)*+ 01*:/3-044E38:7:-I04-/3)):-73443*C9:8)3J
U.#1*$5*$*.)#C1/0*!.#$#$*."#.)*+/0*!.#$/22P#6!5!$"2/66*-*"/)*$.#22#$5*+#16#$+!"*S
$A$ !"#$>9&$/O$N7/10*/2#O$'$L7#6#$7#1$*2$7#16!./2#S$!.#1*$5*$*.)#C1/0*!.#$#$*."#.)*+/0*!.#$/22P#6!5!
$A$ !"#$>9&$8O$N7/10*/2#O$'$(2)1#$67#6#$/@@*.*6)1/)*+#S$!.#1*$5*$*.)#C1/0*!.#
$A$ !"#$B:&$N7/10*/2#O$'$T@7!6)#$632$1#55*)!$5#22P#6#1"*0*!$5#22P!7#1/)*+*),$"!11#.)#S$#--#))!$-*6"/2#$!.#1*$5*$*.)#C1/0*!.#$#$*."#.)*+/0*!.#$/22P#6!5!
H3))*.*=@3-7*-+04:23-7344E0+ +*0C3/):-3-73443-04)23-0))*+*),-*/)0/D*;*4*I04-/3)):-3+3/)504*-*C9:8)3J
!"#$B%&$'$K#))*-*"<#$5*$+/2!1#$5#22P/++*/@#.)!
$A$ !"#$>E&$N7/10*/2#O$'$K#))*-*"<#$R$1*71#6#$5*$+/2!1#$.#))#$63$/))*+*),$*@@/)#1*/2*S$6+/23)/0*!.*$531/)31#
>
>
>
$A$ !"#$B:&$N7/10*/2#O$'$T@7!6)#$632$1#5H$5#22P#6H$5#22P!7#1H$"!11HS$#--#))!$-*6"/2#$1#))H$5*$+/2!1#$5#22#$/2)1#$/))H$*.)/.C*8*2*
>
>
$A$ !"#$B:&$N7/10*/2#O$'$T@7!6)#$632$1#55*)!$5#22P#6#1"*0*!$5#22P!7#1/)*+*),$"!11#.)#S$#--#))!$-*6"/2#$1#))*-*"<#$5*$+/2!1#$5#22P/++*/@#.)!
>
>
>
>
$A$ !"#$BE&$'$M)*2#$N7#15*)#O$5#*$C1377*$5*$/))*+*),$*.$+*/$5*$5*6@*66*!.#$/2$.#))!$5#22#$*@7!6)#
>
>
=/2-,11
=203
K)*4*-I9327*)3J-73*-D2599*-7*-0))*+ *),-*/-+*0-7*-7*8C*88*:/3-04-/3)):73443-*C9:8)3
D'7E$"#"!&;%""!
>
&
,C0&
@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:
O=@3C*- 7*- O)0):- B0)2*C:/*043- 3- ?:/):Q=:/:C*=:- 73440- ?:/)2:440/)3- M/)380- O0/90:4:O"9"("-04-# " !"!< !F"#"!&>#"9':!;'#$%&*'&GH IFJ&FJH>JKLK&
&
(importi in euro)
5!6'&*%$$+#""'(!
<" ?0880-3-7*89:/*;*4*),-4*R5*73
!<" ())*+*),-.*/0/1*02*3-73)3/5)3-932-40-/3D:1*01*:/3
#<" ())*+*),-.*/0/1*02*3-+045)0)3-04-.0*2-+0453
&<" ())*+*),-.*/0/1*02*3-7*89:/*;*4*-932-40-+3/7*)0
'<"- ())*+*),-.*/0/1*02*3-73)3/5)3-8*/:-0440-8=073/10
&&&(#9'#A'!;'
#77!$E"%
3/M/,M,4/,
3/M/,M,4//
!"A 6"A'%"%A!
"A&A"$&'"'$#
$6%"$ !" A$
! "%' "A%%"%6A
A"'%'"'&<"%!'
#" %6"##%"<&#
'!!"<!6"6$$
#'&"#A'"$A%
6%"6&<"% !
#'"$A "A!%"#A&
!"66#"'$6"%!6
!$$"%<!"&&&
'!%"$!A"#<<
>!!A"!!'"A'6
>&#S!
N
'!S#
%S
&%S#
!#"# A"!#<"6'A -
6<" ?237*)*-+ 328:-;0/=@3
$6" &6"6%$"<&
&6"A# "$#%"<A'
>'<"6A'"!'A"<&&
>#&S'
%<" ?237*)*-+ 328:-=4*3/)340
! %"&<'"$A&"6%$
%<"<&'"& "<!#
&%"#6<"'%#"6'6
!%S$
A<" F32*+0)*-7*-=:932)520
$"6#$"& "#!&
"%#%"%A6"%'#
!!S<
(73D50C3/):-7*-+04:23-73443-0))*+*),-.*/0/1*02*3-:DD3)):-7*-=:932)520$<"
D3/32*=0-ITU>J
%"$< "6!&"'%
%<"A <"'<$
%'"$' "%%6
>'" & "!6%
>6SA
#!"A<A"A&#"%$&
#$"6#<"' 6"$#<
>6"A! "6%#" #6
> %S!
<" ())*+*),-C0)32*04*
!"&A&"&'A" !<
!"&#A"#$&"<!6
&6"<6&"<$&
S$
!<" ())*+*),-*CC0)32*04*
'"#%A"'#<"<$!
'"'& "!#!"$&%
> 6!"%<!"A''
>!S$
<<" B02)3=*901*:/*
$$5*$"3*S
$$'$/++*/@#.)!
BH:%EH4:9H99B
BH:G>H4:9H99B
'9%H&&&H&&&
'BV&
A"$%$"'!$"#&%
$"<!%"<!6"&$A
>&%"&$%" '
><S'
$$/O$"!11#.)*
BH>BGH=E:H%4%
>H:9GH>%:HB&>
4=&H:9&H>4B
BEV4
$$8O$/.)*"*7/)#
:HE4GH=4%H&&4
=H%:=HEG&HBG=
'9>EH>4=HBG%
'=V&
$$$$'$5*$"3*$)1/6-!1@/8*2*$*.$"1#5*)*$5P*@7!6)/$NWH$.H$B>4RB&>>O
&<" ())*+*),-/:/-=:223/)*-3-D2599*-7*-0))*+ *),-*/-+*0-7*-7*8C*88*:/3
4HEG4HB=&H=BG
&!&"<<<
9H4E=H>G:HEBG
&!&"<<<
'9GBHGB:H>&&
>-
'>&VE
>
'<" (4)23-0))*+*),
#"$#A"$6!"#6<
#"%A "'A'"%%#
'%"#%6"'A%
&S!
.32-,,C-0,C-3.3
./0-,..-C4/-014
/2-02/-.,3-323
.OC
#<" ())*+*),-.*8=04*
!"#$%&*%$$+#""'(!
&
,14&
&@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:&
F"#"!&>#"9':!;'#$%&*'&GH IFJ&FJH>JKLK&
&
(importi in euro)
5!6'&*%$&8#77'(!&%&*%$&8#"9':!;'!&;%""!
&&&(#9'#A'!;'
#77!$E"%
3/M/,M,4/,
3/M/,M,4//
<" F3;*)*-+328:-;0/=@3
!<"&!A"'&#"A%<
!"6%<"<&&"A%'
%"%'A"&$A"$$'
6S$
!<" F3;*)*-+328:-=4*3/)340
<%"#!<"#A$"'%'
$'"#!&" '&"!&#
"$$6"!#'"##!
!S6
#<" V*):4*-*/-=*2=:401*:/3
##" &'"! '"%A%
&!"6$%"'<&"'6#
>$"''!"!AA"%%6
>6S%
'"'&6"'#!"<A#
#"<&#"6#'"<!!
!"'<!"A$%"<6
$S!
>-
>-
%"!%%"'%$"$A6
!"&6&"$<$"'!#
&"A !"6%<"&6# -
" &6" 6 "<&
" %'"6A'"#<
>!$"'!&"!6<
"''6"$!$"%!
6&A"<% "&'
$<A"A'A"!%< -
&<" B088*+*),-.*/0/1*02*3-7*-/3D:1*01*:/3
'<" B088*+*),-.*/0/1*02*3-+045)0)3-04-.0*2-+0453
6<" F32*+0)*-7*-=:932)520
%<"
(73D50C3/):-7*-+04:23-73443-9088*+*),--.*/0/1*02*3-:DD3)):-7*=:932)520-D3/32*=0-ITU>J
A<" B088*+*),-.*8=04*
>-
N
>-
>!S'
$$/O$"!11#.)*
>H&:BH%9&H%49
B>>H%:%HEE:
E9&HGE:H49G $
$$8O$5*--#1*)#
4G4H9=GH%=:
4%:H=&=H9:9
9=HE=>HE>>
>%V%
>-
>-
>-
>-
"A66
&"'#%"%&6"&'6
A#'"#6'"& <
AS&
&$%"##6"<%'
'$<"# '"'#%
>$!"$%$"&6!
> 'SA
"6&&"<%#"%<<
"A! "'! "%'A
> %%"&&A"<'A
>$S%
%>EH&E&HG:&
%&:H&&4HE==
>BH&=:H&E%
%VG
>H%B9HGGBH=4&
>H9>9H9>:HEE>
'>EGH9B4H>4>
'>BV9
$<" B088*+*),-088:=*0)3-07-0))*+*),-*/-+*0-7*-7*8C*88*:/3
<<" (4)23-9088*+*),<" V20))0C3/):-7*-.*/3-2099:2):-734-9328:/043
!<" G:/7*-932-2*8=@*-37-:/32*
$$/O$D3*#6"#.0/$#$!882*C<*$6*@*2*
$$8O$/2)1*$-!.5*
#<" H*832+3-70-+ 045)01*:/3-
'"#%#"
> %A"$'&"$<
<A"6#%"#A&
>!A%"'$!"!A' -
&<" (1*:/*-2*C;:280;*4*
>-
>-
>-
>-
'<" O)25C3/)*-7*-=09*)043
>-
>-
>-
>-
#"$!'"#!'"'$%
6"$$&" 6!"##%
>#"<6A"A#6"%&<
>&#S$
#6"#< "$#%"''$
>'"!<$"! %"<6A
> &S#
A"'&'"'6 "6 &
$"%$A
>-
6<" H*832+3
%<" O:+20992311*-7*-3C*88*:/3
A<" ?09*)043$<" (1*:/*-92:92*3-I>J
!<<" K)*43-I9327*)0J-7E3832=*1*:
!"#$%&*%$&8#77'(!&%&*%$&8#"9':!;'!&;%""!
# "<$!"%!<"&$
A"'&'"6A "& !
>6"#&A" !
>-
$ "6!%" 6
>%"6%$"#A'"66#
.32-,,C-0,C-3.3
./0-,..-C4/-014
6"#&A" !
>-
A"'$ "< !"A!& /2-02/-.,3-323
.OC
&
,1/&
@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:
P!;"!&I6!;!:'6!&*'&GH IFJ&FJH>JKLK&
&
(importi in euro)
5!6'&
,4/,
,4//
M/)32388*-0))*+*-3-92:+3/)*-088*C*40)*
<"<6&"%&&"&'6
$"!6<"%6'"''<
A<#"$%A"$<6
AS%
!<"
M/)32388*-9088*+*-3-:/32*-088*C*40)*
>%"6&<"A' "$A'
>6"A 6"!&'" %#
A!&"6<6"A !
!S
34-
Q#9R';%&*'&';"%9%77%
,-.,3-20,-.S/
,-...-C,4-3SS
=,4-1,S-041
=4O2
&<"
?:CC*88*:/*-0))*+3
!"#$&"<$A"<
!"#<#"<!%"! #
$ "<%<"%$A
&S<
'<"
?:CC*88*:/*-9088*+3
>&$!"$$&" 6<
>#!&"#'!"%A6
6A"6& "#%&
'!S<
14-
P!::'77'!;'&;%""%
/-04/-/43-2C/
/-0S2-1S.-.,S
=SS-CS4-CS1
=3O0
%<"
F*+*73/7*-3-92:+3/)*-8*C*4*
"!&'" 6"'!#
"6!<"!%A"' '
>#%'" 6 "$$!
>!#S!
A<"
H*854)0):-/3)):-7344E0))*+*),-7*-/3D:1*01*:/3-
'&"A<%"&<6
> $#"!A'"&#A
!&A"<$!"A&& -
$<"
H*854)0):-/3)):-7344E0))*+*),-7*-=:932)520-
! "6#%"#A
>!&"''%"!'<
&6" $&"6# -
"!##"%'#"&!!
'9:%H&=>
B%EH9=9H>E4
'$
GG9H=4>H%&G
'"&6'"&#%
&%<"$!A"#<!
9H&B4H&&9
%==H%E%H&9G
'$
EEH9B>HB%E
>!$"<'$"A%'
%6!"A!'" !<
'9H9E=H&=:
'>%EHE&=HE=9
'$
G&=HBB&H&=>
&&"'!'"# !
/,4- Q#9R';%&*'&';"%9:%*'#A'!;%
1-20C-SS1-.0/
1-,1S-.00-4C2
1,2-,SS-.33
/4O4
#<" H3))*.*=@3UH*92383-7*-+04:23-/3))3-932-73)32*:20C3/):-7*W
/O$"1#5*)*
8O$/))*+*),$-*./.0*/1*#$5*67!.*8*2*$7#1$2/$+#.5*)/
"O$/))*+*),$-*./.0*/1*#$5#)#.3)#$6*.!$/22/$6"/5#.0/
5O$/2)1#$!7#1/0*!.*$-*./.0*/1*#
/.4- D'7E$"#"!&;%""!&*%$$#&R%7"'!;%&<';#;A'#9'#
> "&#$"#<!"'A&
'>H%:%HEG%H%>&
'4%HB4>HG>&
:GH>>=
'%BHB%:H4E>
C-.C1-.S3-04S
> "&6%"%&6"#A'
'>H%EEH%%%HB=E
'99H=B9H>>&
':GH>>=
'B%H:>EHEE&
.-S00-SC,-1S3
>!A"&&#"A<
'B4H4%GHG:E
'>BH4E%HB&&
>%EHB%4 $
EH:>=H:&>
1C1-S,/-,3.
> S$
'>VE
'BBV4
>&"< &"<$&"%!<
'BH>B>H9>:HE9G
'>HEGBH9==HE:>
>'$"#&'"<%&
>&"'< "$%%"!#!
'BH44:H4BEHG%E
'BH&99H94EHBG4
> !<"A%<"A''
>&A%"AA!"' !
'%B4HG>BH&=G
'>:BHG=&H4%%
>6 "'!'"%A
> <SA
'>%V%
'=VG
>'<S$
> !%"$!#" #A
> 6"<<!"A%'
"$!<"!6#
<S#
>$<"6!$"##<
>$'"$'$"' A
>'"##<" AA
>'S6
<"
<<" K)*43U9327*)0-70-=388*:/3-:-2*0=R5*8):-7*W
/O$"1#5*)*
8O$/))*+*),$-*./.0*/1*#$5*67!.*8*2*$7#1$2/$+#.5*)/
"O$/))*+*),$-*./.0*/1*#$5#)#.3)#$6*.!$/22/$6"/5#.0/
5O$7/66*+*),$-*./.0*/1*#
<" H*854)0):-/3)):-73443-0))*+*),-3-9088*+*),-.*/0/1*02*3-+045)0)3-04-.0*2-+0453
'<" O9383-0CC*/*8)20)*+3W
/O$67#6#$7#1$*2$7#16!./2#
8O$/2)1#$67#6#$/@@*.*6)1/)*+#
6<" (==0/):/0C3/)*-/3))*-0*-.:/7*-932-2*8=@*-3-:/32*
%<" H3))*.*=@3UH*92383-7*-+04:23-/3))3-85-0))*+*),-C0)32*04*
A<" H3))*.*=@3UH*92383-7*-+04:23-/3))3-85-0))*+*),-*CC0)32*04*
$<" (4)2*-:/32*U92:+3/)*-7*-D38)*:/3
,44- P!7"'&!8%9#"'('
! <" K)*4*-IB327*)3J-73443-902)3=*901*:/*!!<" H*854)0):-/3)):-73440-+045)01*:/3-04-.0*2-+0453-73443-0))*+*),-C0)32*04*-3-*CC0)32*04*
!#<" H3))*.*=@3-7*-+04:23-7344E0++*0C3/):
!&<" K)*4*-IB327*)3J-70-=388*:/3-7*-*/+38)*C3/)*
,C4- T"'$%&U>%9*'"#V&*%$$#&!8%9#"'('")&6!99%;"%&#$&$!9*!&*%$$%&':8!7"%&
&
'%:VE
'$
$
-
%:V9
/3OS
&! "<#<"<'&
'"A '"$<%
S&
=3-21C-/.1-34/
=.-./3-S24-.,1
=C.2-13.-/,C
=/,O.
>'&A"!%'"% 6
>%"!#$"&6$"!6%
>-
>-
>-
>#"#%6"%'<"$#$
!!"'%!"'A
/-41C-1,.-.S/
!'"' <"!<<
>6"6$ " $#"''
>-
>$!S&
>-
>#"#%6"%'<"$#$ > <!"$#%"6 $
=/4-/4.-S3S-SC0
//-/S4-31,-,34 &
> '#"$$%"# <
!"&!'"#'!"<$6
>!"'%$"#&$"&<6 -
,S4- T"'$%&U>%9*'"#V&*%$$#&!8%9#"'('")&6!99%;"%&#$&;%""!&*%$$%&':8!7"%&
0//-1,S-/1/
=S-1S0-32C-113
2-C0/-4/,-2,. &
>-
>-
0//-1,S-/1/
=S-1S0-32C-113
,04- T"'$%M&U8%9*'"#V&*+%7%96'A'!&
N
$
!6<" MC9:8)3-854-2377*):-7344E3832=*1*:-7344X:9320)*+*),-=:223/)3
!A<" K)*43-IB327*)0J-73*-D2599*-7*-0))*+*),-*/-+*0-7*-7*8C*88*:/3-04-/3)):-73443-*C9:8)3
,1,&
&!6"A&'"$6
&&&&&&(#9'#A'!;'
#77!$E"%
>2-C0/-4/,-2,. &
>A!S<
>-
&@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:&
?:22*893))*+*- 7*- 23+*8*:/3- =:/)0;*43- 3- 73*- 832+*1*7*+328*- 70440- 23+*8*:/3- 0*- 83/8*- 7344X02)"- &$75:73=*38-734-H3D:40C3/):-?:/8:;-/"- $% H*9:2)*0C:-/3440-92383/)3-)0;3440-5/-73))0D4*:-73*-=:22*893))*+*-2*=:/:8=*5)*-932-*4-!< #-*/-;083-04-=:/)20)):-04408:=*3),- 7*- 23+*8*:/3- =5*- Y- 8)0):- =:/.32*):- 4X*/=02*=:- 7*- 23+*8*:/3- =:/)0;*43- 0*- 83/8*- 734- F"- ZD8"- 'AU$AS- 37- 04433/)*),-73440-23)3-=5*-09902)*3/3-40-8:=*3),-7*-23+*8*:/3-8)3880W'8!$!R'#&*'&7%9('A'&89%7"#"'
F!RR%""!&6?%&?#&%9!R#"!&'$&7%9('A'!
P!:8%;7'&';&:'R$'#'#&*'&%E9!
O32+*1*-7*-23+*8*:/3-=:/)0;*43-[
\B]^-O"9"("
<<
O32+*1*-7*-0))38)01*:/3
\B]^-O"9"("
>
O32+*1*-7*-=:/8543/10-.*8=043
\B]^-O"9"("
>
(4)2*-832+*1*-
\B]^-O"9"("
>
!"#$%&6!:8%"%;A#&,4/3
/44
¹ I servizi di revisio ne co ntabile comprendono la revisio ne co ntabile del bilancio di esercizio , la revisio ne co ntabile limitata della relazio ne semestrale, la verifica della
rego lare tenuta della co ntabilità e l'attestazione per il Fondo nazionale di Garanzia. I co mpensi includo no i co rrispettivi per la revisione co ntabile della filiale estera.
-
&
,13&
@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:
Q43/=:-73*-)*):4*-7*-=09*)043-(GO-_-F*89:/*;*4*-93240-+3/7*)0-04-# " !"!< #(dati in euro)
H!:%&7!6'%")
F%*%&7!6'#$%
%E9!&!&
(#$E"#
6#8'"#$%&
(#$!9%& H-&#A'!;'&!& (#$!9%&;!:';#$%&
(#$!9%&*'&X'$#;6'!&UIE9!V
7!6'#$% ;!:';#$%&
YE!"%&
"!"#$%&
E;'"#9'!
6!:8$%77'(!
E;'"#9'! 8!77%*E"%
8!77%*E"!
N&*'&
8!77%77!
` 045) 0) *-04-G 0*2-` 0453
G*/38)-O"9"("
M/)32;23//32:->-M/)329:2):-O32+*1*F:D0/04*-3-M/)32C:704*-734-L23//32:O"9"("
B3/8-B40/-M/+38)-O"D"2"-O"9"("
ObMGV-O"("-
B:273/:/3
Q52:
#%" %6"%%<
' S6'
#" !
6 "!<<
'%SA<
A<"#$'S<<
<S Aa
V23/):
Q52:
#"A A"$##
#S<<
#!"6 $
$%"A'%
#S $
&#<" &'S<<
<S%<Aa
L:410/:
Q52:
$"A6A"'<<
'S 6
A'"<<<
&#A"6<<
'S'#
&%<"<'<S<<
&S&&&a
Z0-c5493-IL34D*:J
Q52:
#"AA'"6!'
!'S<<
&
'<<
!"A&<S<<
"#6<S<<
<S<<&a
V :) 043-) *) :4*-7*-=09*) 043-+ 045) 0)*-04-. 0*2-+ 0453
"<$ "$'<S<<
` 045) 0) *-04-=:8) :
(*2-(498-(+*0)*:/-^"C";"@"
G*320-7*-L:410/:-O"9"("
Q..39*-O"9"("-*/-4*R5*701*:/3-I3eG*/92:D3))*-O"9"("J
G::7-G0=):2*/D-O"9"("-*/4*R5*701*:/3-3-0CC*/*8)201*:/38)20:27*/02*0
M/734-M/758)2*0-Q43))2*=0-O"9"("-*/4*R5*701*:/3
M//8;25=d-I(58)2*0J
Q52:
#"<<6"'$<
#"%6AS'!
S<<
<S !'a
L:410/:
Q52:
!&"<'<"<<<
S<<
6&"&<<
6&"&<<
<S&
!6"#6AS<<
<S!6Aa
]*40/:
Q52:
6'!"A#!
AS<<
"<#'
A"!A<
#S #
#"!#&S<<
S!6Aa
` 32:/0
Q52:
"!$ " &!
'S 6
!<"<<<
>
S<<
AS<<<a
]*40/:
Q52:
!" <<"<<<
<S !
&&"<<<
'"!A<
>
S<<
<S!' a
"!'<
S<<
S<<
%SA$'a
#<"&AA
#<"&AA
<S$%
!$"'A'S<<
<S!6!a
%<
%<S<<
%<S<<
<S <<a
V :)043-)*):4*-7*-=09*) 043-+ 045) 0) *-04-=:8):
'$"!6 S<<
O3/)*32*-` *+*-O"2"4"
V23/):
Q52:
'"A##
"!'<S<<
V23/):-G*323-O"9"("
V23/):
Q52:
"6''" #$
S<<
M//8;25=d-I(58)2*0J
Q52:
%<"<<<
%<S<<
Q*/40D3/8*=@325/D-732-L0/d3/-5/7L0/d*328-^"C";"@"
K JLI&GH5IF GQIH G&>JD IPG>J G5G&J-W-F-&U(!6%&.4&#""'(!V
&
,1.&
#"%6$
<#"!$
S<<
/-/C/-,//O44
&@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:&
P2D0/*1101*:/3-)322*):2*043-04-# -7*=3C;23-!< #`*0-]0/):+0S- $->-#A !!-V23/):->-V343.:/:-<&6 A$!
-
-
>9%7'*%;A#&%&Z'9%A'!;%&[%;%9#$%&
&
`*0-]0/):+0S- $->-#A !!-V23/):->-V343.:/:-<&6 A$!
-
-
F%*%&F%6!;*#9'#&
&
`*0-73440-]:8)20S-%U(->-#$ <<-L:410/:->-V343.:/:-<&% U#<&!
-
-
P!;"#6"&P%;"%9&
&
A<<>%%##!!-*/-4*/D50-*)04*0/0A<<>%%##&&-*/-4*/D50-)3738=0-
F'"!&G;"%9;%"&
&
fff";);:/4*/3"*)-
F\'<"&P!*%&
&
L(VL-MV-!V-
&
,1C&
@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:
DIH GHK
#A<6
&
I<&6&J 6% <6A
P!*-';"-
6% &$A
<%
PJ@&
#&!%<
#A<6! ( H?PS-` *0-O0/) 0-?0) 32*/0S-- <
I<&6&J ' $$ $
' $A$'
<A
#&# <
#A<6< LQOQNQZ ZPS-` *0-N01*:/043S-
I<&6&J A! <'!
A! <!$
6$
#&#'
#A<'
,11&
( Z ( S-B*01 10-?0/) :23S--!
W#]
%$%<!;!
I<&6 J %'#< <
%'!A$A
6
#&&<<
#A<#! ?( N( g QMS-O) 2370-F:4:C*) 38S-$ -I` *0-F:4:C*) 38S-$ J
LPH^P-` ( ZOK^( N( S-B*01 10-F0/) 3S-%
I<&6!J 6<<<$6
6<!&<A
'$
#&'!<
#A<## ?( ` ( ZQOQS-B*01 10-O=:9:4*S-
I<&6!J #&< A$
!# <&!
!%
#&6<<
#A<!# ?ZQOS-B*011 0-N0+ 022*/:S-A
I<&6#J &!
<6
&!&##!
#<
#&6%<
#A< < G ( M-73440-B( ^( NQZ Z( S-` *0-?38023-L0) ) *8) *S- A
I<&6 J 'A# 6&
'A#&$A
#$
#&%%<
#A<'& G MQH( -FM-BHM] MQHPS-` *0-V 3220;5D*:S- $
I<&#$J %6!<!%
%6! &A
&!
#&A<<
#A< # G PNFPS-` *0-?"-L0) ) *8) *S--!<
I<&6#J A#<&&&
A#<&#!
&#
#&A#<
#A !
I<&6 J $'<A'%
$'6<A&
&%
< A<A
^( HFPZ PS-` *0--Z"-G 3*/*/D32S-#!
#A< ' Z ( ` MOS-B*011 0-] 0/=*S-6
I<&6 J !&!<A<
!&66<6
'!
#&$#<
#A<'6 Z Q` M?P-V QH] QS-B*011 0-73440-?@*380S-&
I<&6 J %<6 #A
%<! %6
'&
#&$&<
#A<A6 ] ( FPNN( -7*-?( ] BM^ZMPS-B*011 0-L23/) 0-( 4) 0S-$U <
I<&6'J &&!$ '
&&!%AA
''
#'!6<
#A<!% ] ( Z QES-` *043-V 23/) :S-A
I<&6#J $< !%6
$< $#$
'%
#'<<<
#A< 6 ] Qg g P?PHPN( S-B*011 0-O0/-^:) ) 027:S-'!
I<&6 J 6<#A '
6<&!!!
6#
#'<#<
#A< % ] Qg g PZP] L( HFPS-B*01 10-73443-Q2;3S-!
I<&6 J 6< <%6
6<6!'!
6&
#'<&<
#A<#' ] PQN( S-Z-` *04S-'
I<&6!J '%# '#
'%#<$
6%
#'<'<
#A<'% BQH^MNQ-` ( ZOK^( N( S-` "?@*C344*-!> 0/D"-` "?2*+ 344*
I<&6 J '# <#6
'# %!%
%#
#'!!<
#A<#6 BPg g ( -FM-G ( OO( S-O) 2070-F:4:C*) 38S-6<-
I<&6!J %6# A%
%6#!6<
$%
#'!%<
#A<#% BHQF( g g PS-` *0-V 23/) :S-&-
I<&6!J '<!%%%
'<!%A#
%&
#'!A<
#A<66 HM` ( -FQZ -^( HF( S-` *043-] 02) *2*-h h ` MMM-^*5D/:S- U(
I<&6&J ''# &
'!<AA<
%6
#'#!<
#A<6A HP` QHQV PS-B*0110-?38023-L0) ) *8) *S-
I<&6&J &!6'
&#%A!$
%$
!<A%$
#A<6A HP` QHQV P-#S-?:28:-( /) :/*:-H:8C*/*S-'6
I<&6&J &'&&
&#&!#
#A<6A HP` QHQV P- S-` *043-V 23/) :S- AU(
I<&6&J & !A!!
&
#<
#<<
A<
!<A<
!<AA<
#A<%$ V MPNQ-7*-V HQNV PS-` *0-] :/8*D/:2-F:/0) :-B324*-AU0
I<&6'J #! < '
#!#<A&
$&
#'66<
#A !! V HQNV PS-` *0-] 0/) :+ 0S- $-
I<&6 J A$!
A$!'6'
<
< A<
#A !! V HQNV P- S-` *0-] 0/1:/*S-!#
I<&6 J $A 6 $
!#<$#%
<#
< A<#
#A !# V HQNV P-!S-B*011 043-Q52:90S-!$
I<&6 J $! ##!
$#'A&'
<&
< A<&
#A !! V HQNV P-#S-` *0-L3113== 0S-!!
I<&6 J !#<<<!
!#<!A
<'
< A<'
#A !! V HQNV P-&S-` *0-O0/-B*:-h S--$%
I<&6 J $#<%'<
$#<%&<
<6
< A<6
#A !# V HQNV P-'S-` *043-` 32:/0S-- !AU(
I<&6 J #$<!!
$!!%$<
!!
< A<%
#A !! V HQNV P-6S-` *0-G 20) 344*-G :/) 0/0-&&
I<&6 J &!
!#
A!% &'
#!
< A#!
#A !! V HQNV P-%S-` *0-^:== *07:2:S-!<U!!
I<&6 J $
A<$
$ 6%'&
#'
< A#'
&@'$#;6'!&*'&@#;6#&*'& 9%;"!&%&@!$A#;!&#$&3/-/,-,4/3&B&(443D0)*-7*-L*40/=*:&
JL K&JZG[I
%$%<!;!
W#]
P!*-';"-
PJ@&
%!
'A 6
#$<'% ( BBM( NPS-` *0-73440-O) 01 *:/3S-- #%
I<&% J 66 6 6
66 ''<
#$ << LPZ g ( NPS-` *0-73440-] :8) 20S-%U( -
I<&% J #<&!
#!&% A
<
6 <
#$ << LPZ g ( NPS-` *0-^04*43*S-!&
I<&% J '#$&6<
'<!<66
#< #
6<$
<!
#$ << LPZ g ( NPS-` *0-G 0D:S-#A
I<&% J &< $<
!A'%A&
#$ << LPZ g ( NP- S-` *0-L23//32:S-'
I<&% J $%<A66
$A<6A#
6<6
6
#$ << LPZ g ( NP- <S-` *0-H:C0- AU?--> -1:/0-3e -. *320
I<&% J $ A6$%
'< <!$
&$
6&$
#$ << LPZ g ( NP- !S-` *0-F258:-$
I<&% J '<<#A
'< '6'
&
6<<
#$ << LPZ g ( NP-!S-` *0-] *40/:S-#A
I<&% J '6%A
!<&&'<
!
6 !
#$ << LPZ g ( NP-#S-?:28:-M) 04*0S-!$U(
I<&% J !A!#<<
!6'$'&
#
6 #
#$ << LPZ g ( NP-&S-` *0-?4057*0-( 5D58) 0S-#'
I<&% J !A' $<
!%$&A
&
6 &
#$ << LPZ g ( NP-'S-` *0-O08802*S--'$
I<&% J $##<''
$##<'A
'
6<
#$ << LPZ g ( NP-6S-` *0-L25/:-L5:1 1*S--&
I<&% J $ % !%
$!
%
6 %
$
#$ << LPZ g ( NP-AS-` *0-^"-] 02= :/*S-!
I<&% J $$$<<<
$%!!#$
#%
#$<&! LHQOO( NPNQS-` *0-L08) *:/*-] 0DD*:2*S-!!
I<&%!J A#6%#&
A<
!
#$<&! LHQOO( NPNQS-` *0-B4:83S- #
I<&%!J !% A
A#!%66
#$<#
LHKNM?PS-` *0-L08) *:/*S- '
#$<#! ?( ] BP-V KHQOS-` *0-c5D:-+ :/-V 05. 328S-A
&&
&<
6#%
'A!!<
'A!!!
I<&%&J '''& !
'''&A#
!&
'A!&<
I<&%&J 6%$#''
6%$#'!
!6
'A!%<
#$<&< ?( OV QZ HPV V PS-` *0-P8f 047-+ :/-b:4d 38) 3*/
I<&% J %<6<<%
% <##$
%A
!# <<
#$<#& FPLLM( ?PS-` *043--O0/-^*:+ 0//*S--#&U(
I<&%&J $%6< <
$%!'66
#&
'A#6<
#$<&& Q^N( S-Z02D:-] 5/*=*9*:S--&A
I<&% J A !# #
A!<!'<
#6
'A#%<
#$<#< Z ( -` MZ Z( -L( FM( S-O) 2070-?:41S-6%
I<&% J A&%<'%
A&%!A
'
'A A<
#$<'' Z ( M` QOS-` *0-\ 3//37i S-!'!
I<&% J $''#$$
$''&&#
&6
'A&A<
#$<
I<&%#J '6 &%#
'6&%'6
%
'A&$
#$< ! ] QH( NPS-B*01 10-V 30) 2:S-!#
I<&%#J !#%%6'
!
6<
'A'$<
#$< ! ] QH( NP- S-` *0-H:88*/*S-'--?UP-P8937043-V 0993*/32
I<&%#J !<<$$$
!<<$
6
'A'$
#$<&6 PHV MOQMS-` *0-H31 *0S-#%
I<&% J %$6!6!
%$6' A
%<
'A6A<
Z ( N( S-` *0-( /72308-c:. 32S-%U(
&
#$<#% HMP-FM-BKOV QHM( S-` *0-] *) ) 32f 521 32S-/" > #-
I<&%!J AA6<$%
AAA<<6
%'
'A%6<
#$<&< O( ZPHNPS-B*01 10-?38023-L0) ) *8) *S- %
I<&% J AA& $
AA&# <
A!
'A%A<
#$<#A O( N-?( NFMFPS-` *0-B3) 32-B054-H0*/32S- U(
I<&%&J $ #!<<
$ &<'6
A'
'A%$<
#$<#< O( N-?( OOM( NPS-O) 2070-] *=52, -73-H53S-!&
I<&% J A&$&%$
A&$!%!
A6
'A A$
#$<!A OMZ ( NFHPS-` *0-?:+ 340/:S- $
I<&%#J %#!<&$
%#<A$<
A#
'A$!<
#$<&< V QH] QNPS-B*01 10-] 5/*=*9*:S-A
I<&% J A6< #'
A6<$6&
$
'A$%<
#$<&$ ` MBMV QNPS-` *0-O) 01*:/3S-
I<&%!J %6%'!'
%6%''<
$6
'$
JTF DGJ
MNNOLHK?\ jS-b*4@34C-^23*4-O) 20883S-&-> -( > 6<! -MNNOLHK?\-I( 58) 2*0J
%$%<!;!
<<&#-' ! 'A!
W#]
'%!
P!*-';"-
<
PJ@&
&<
(1) Trattasi di agenzie, cioè delle filiali della B anca no n do tate di auto no mia co ntabile
(2) Trattasi di Succursale
-
&
,1S&