'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
0,1,67(52'(,/$925,38%%/,&,
'(&5(720,1,67(5,$/(JHQQDLR
6XSSO2UGDOOD*D]]HWWD8IILFLDOHQGHOIHEEUDLR
©1RUPHWHFQLFKHSHULOFDOFRORO¶HVHFX]LRQHHGLOFROODXGRGHOOHVWUXWWXUHLQFHPHQWRDUPDWR
QRUPDOHHSUHFRPSUHVVRHSHUOHVWUXWWXUHPHWDOOLFKHª
6RPPDULR
,/0,1,6752'(,/$925,38%%/,&, $UW $UW $UW $UW $UW 3DUWH*HQHUDOH 0RGDOLWjRSHUDWLYH 6H]LRQH, 1RUPHGLULIHULPHQWR 1RUPHWHFQLFKHPHWRGRGHOOHWHQVLRQLDPPLVVLELOL 1RUPHWHFQLFKHDOWULPHWRGLGLYHULILFD ,QGLFD]LRQHGHOODQRUPDWHFQLFDVHJXLWD $]LRQLGLFDOFROR 3DUWH,&(0(172$50$721250$/((35(&2035(662 $6LPEROL %,QGLFL &6LPEROLVSHFLDOL '6LPEROLIUHTXHQWL 6H]LRQH,3UHVFUL]LRQLJHQHUDOLHFRPXQL 2**(772 0$7(5,$/,(352'277, &DOFHVWUX]]R 5HVLVWHQ]DDFRPSUHVVLRQHVHPSOLFH 5HVLVWHQ]DDWUD]LRQHVHPSOLFH 0RGXORHODVWLFR &RHIILFLHQWHGL3RLVVRQ &RHIILFLHQWHGLGLODWD]LRQHWHUPLFD 5LWLUR 9LVFRVLWj 'XUDELOLWj $FFLDLRGDFHPHQWRDUPDWRQRUPDOH $FFHUWDPHQWRGHOOHSURSULHWjPHFFDQLFKH $FFLDLLQEDUUHWRQGHOLVFH $FFLDLLQEDUUHDGDGHUHQ]DPLJOLRUDWD )LOLGLDFFLDLRWUDILODWRRODPLQDWRDIUHGGRGLGLDPHWURFRPSUHVRIUDHPP 5HWLHWUDOLFFLGLDFFLDLRHOHWWURVDOGDWL 6DOGDWXUH 'HURJDDOOHOLPLWD]LRQLGLPHQVLRQDOL &RQWUROOLVXOOHDUPDWXUH 0DUFKLDWXUDSHULGHQWLILFD]LRQH $FFLDLRGDFHPHQWRDUPDWRSUHFRPSUHVVR *HQHUDOLWj &RPSRVL]LRQHFKLPLFD *UDQGH]]HJHRPHWULFKHHPHFFDQLFKH&RQWUROOL 5HTXLVLWL 0DUFKLDWXUDSHULGHQWLILFD]LRQH &DGXWHGLWHQVLRQHSHUULODVVDPHQWR KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
&2//$8'267$7,&2 3UHVFUL]LRQLJHQHUDOL 3URYHGLFDULFR 6H]LRQH,,&DOFRORHGHVHFX]LRQH 1250(',&$/&2/2 *HQHUDOLWj $]LRQLGLFDOFROR 5HVLVWHQ]HGLFDOFROR &DOFRORGHOOHVROOHFLWD]LRQL 6WUXWWXUHFRVWLWXLWHGDHOHPHQWLPRQRGLPHQVLRQDOL /DVWUHSLDQH 9HULILFKHDOORVWDWROLPLWHXOWLPR 9HULILFKHDOORVWDWROLPLWHXOWLPRSHUVROOHFLWD]LRQLFKHSURYRFDQRWHQVLRQLQRUPDOLVIRU]R
QRUPDOHIOHVVLRQHVHPSOLFHHFRPSRVWD 9HULILFKHDOORVWDWROLPLWHXOWLPRSHUVROOHFLWD]LRQLWDJOLDQWL 9HULILFKHDOORVWDWROLPLWHXOWLPRSHUVROOHFLWD]LRQLWRUFHQWL (OHPHQWLVQHOOL 9HULILFKHDOORVWDWROLPLWHGLHVHUFL]LR 6WDWROLPLWHGLIHVVXUD]LRQH 6WDWROLPLWHGHOOHWHQVLRQLGLHVHUFL]LR 6WDWROLPLWHGLGHIRUPD]LRQH 1RUPHVSHFLILFKHGLFDOFRORSHULOFHPHQWRDUPDWRSUHFRPSUHVVR 9HULILFKHPHGLDQWHSURYHVXVWUXWWXUHFDPSLRQHHVXPRGHOOL 3URYHVXVWUXWWXUHRHOHPHQWLFDPSLRQH 3URYHVXPRGHOOL 5(*2/(35$7,&+(',352*(77$=,21( 3HVRSURSULRGHOFRQJORPHUDWR 9DORULPDVVLPLHPLQLPLGL 5FN 6WUXWWXUHLQFHPHQWRDUPDWRQRUPDOH 6WUXWWXUHLQFHPHQWRDUPDWRSUHFRPSUHVVR 5HJROHVSHFLILFKHSHUVWUXWWXUHLQFHPHQWRDUPDWRQRUPDOH $UPDWXUDORQJLWXGLQDOH 6WDIIH $QFRUDJJLRGHOOHEDUUH 3LODVWUL $UPDWXUHGLULSDUWL]LRQHGHOOHVROHWWH 5HJROHVSHFLILFKHSHUVWUXWWXUHLQFHPHQWRDUPDWRSUHFRPSUHVVR $UPDWXUDORQJLWXGLQDOHRUGLQDULD 6WDIIH 1HUYDWXUHFRQVROHWWDFROODERUDQWH 1250(',(6(&8=,21( &HPHQWRDUPDWRQRUPDOH ,PSDVWL *LXQ]LRQL %DUUHSLHJDWH &RSULIHUURHGLQWHUIHUUR 'LVDUPR &HPHQWRDUPDWRSUHFRPSUHVVR &RPSDWWD]LRQHGHLJHWWL 6SHVVRUHGLULFRSULPHQWRGHOOHDUPDWXUHGLSUHFRPSUHVVLRQH 7HVWDWHGLDQFRUDJJLRGHOO¶DUPDWXUDGLSUHFRPSUHVVLRQH 3RVDGHOOHEDUUHGHLFDYLHORURPHVVDLQRSHUD 1250(&203/(0(17$5,5(/$7,9($,62/$, *HQHUDOLWjHFODVVLILFD]LRQHVRODL 1RUPHFRPSOHPHQWDULUHODWLYHDLVRODLPLVWLGLFDHFDSHEORFFKLIRUDWLLQODWHUL]LR &ODVVLILFD]LRQH 3UHVFUL]LRQLJHQHUDOL 5HTXLVLWLGLDFFHWWD]LRQHSURYHHFRQWUROOL 3URJHWWD]LRQH KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
(VHFX]LRQH 'LVSRVL]LRQLDJJLXQWLYHSHULWUDYHWWLGLVRODLRSUHFRPSUHVVLSUHIDEEULFDWLSHUODUHDOL]]D]LRQH
GLVRODLFRQEORFFKLLQODWHUL]LR 1RUPHFRPSOHPHQWDULUHODWLYHDLVRODLPLVWLGLFDHFDSHEORFFKLGLYHUVLGDOODWHUL]LR &ODVVLILFD]LRQHHSUHVFUL]LRQLJHQHUDOL %ORFFKLFROODERUDQWL %ORFFKLQRQFROODERUDQWL 5HVLVWHQ]DDOSXQ]RQDPHQWR 9HULILFKHGLULVSRQGHQ]D 6SHVVRULPLQLPL 1RUPHFRPSOHPHQWDULUHODWLYHDLVRODLUHDOL]]DWLFRQO¶DVVRFLD]LRQHGLHOHPHQWLLQFDHFDS
SUHIDEEULFDWLFRQXQLRQLHRJHWWLGLFRPSOHWDPHQWR 6ROLGDUL]]D]LRQHWUDJOLHOHPHQWLGLVRODLR $OWH]]DPLQLPDGHOVRODLR 6RODLDOYHRODUL 6RODLFRQJHWWRGLFRPSOHWDPHQWR 6H]LRQH,,,(852&2',&(81,(19FULWHULHSUHVFUL]LRQL 35(6&5,=,21,63(&,),&+(686,1*2/,3817,'(//$1250$81,(19 &DOFHVWUX]]R $FFLDLSHUDUPDWXUH $FFLDLSHUSUHFRPSUHVVLRQH 'LVSRVLWLYLGLSUHFRPSUHVVLRQH 6WDWLOLPLWHXOWLPLLQGRWWLGDGHIRUPD]LRQHGHOODVWUXWWXUDLQVWDELOLWj ,/0,1,6752'(,/$925,38%%/,&,
9LVWDODOHJJHQRYHPEUHQSXEEOLFDWDQHOOD*D]]HWWD8IILFLDOHQGHOGLFHPEUHUHFDQWH
QRUPHSHUODGLVFLSOLQDGHOOHRSHUHLQFRQJORPHUDWRFHPHQWL]LRDUPDWRQRUPDOHHSUHFRPSUHVVRHGDVWUXWWXUD
PHWDOOLFD
9LVWRLOGHFUHWRPLQLVWHULDOHIHEEUDLRSXEEOLFDWRQHOOD*D]]HWWD8IILFLDOHQGHOPDU]R
&RQVLGHUDWRFKHDLVHQVLGHOO¶DUWGHOODFLWDWDOHJJHQRYHPEUHQRFFRUUHDSSRUWDUHPRGLILFKHDOOH
QRUPHWHFQLFKHDOOHTXDOLGHYRQRXQLIRUPDUVLOHFRVWUX]LRQLGLFXLDOODOHJJHPHGHVLPD
9LVWRLOWHVWRGHOOHQRUPHWHFQLFKHSUHGLVSRVWRDFXUDGHOVHUYL]LRWHFQLFRFHQWUDOHGHO&RQVLJOLRVXSHULRUHGHLODYRUL
SXEEOLFL
6HQWLWRLO&RQVLJOLRQD]LRQDOHGHOOHULFHUFKH
6HQWLWRLO&RQVLJOLRVXSHULRUHGHLODYRULSXEEOLFLFKHVLqIDYRUHYROPHQWHHVSUHVVRFRQLOYRWRQUHVR
GDOO¶DVVHPEOHDJHQHUDOHQHOOHDGXQDQ]HGHOHJLXJQR
(VSOHWDWDODSURFHGXUDGLFXLDOODOHJJHJLXJQRQHPDQDWDLQRWWHPSHUDQ]DGHOODGLUHWWLYD&((Q
'HFUHWD
$UW
6RQRDSSURYDWHOHDOOHJDWHQRUPHWHFQLFKHSHULOFDOFRORO¶HVHFX]LRQHHGLOFROODXGRGHOOHVWUXWWXUHLQFHPHQWR
DUPDWRQRUPDOHHSUHFRPSUHVVRHSHUOHVWUXWWXUHPHWDOOLFKHGLFXLDOODOHJJHQRYHPEUHQFKHVL
ULSRUWDQRLQDOOHJDWRDOSUHVHQWHGHFUHWRHGLFXLIRUPDQRSDUWHLQWHJUDQWH
6RQRDOWUHVuDSSOLFDELOLOHQRUPHWHFQLFKHGLFXLDOSUHFHGHQWHGHFUHWRIHEEUDLRSHUODSDUWHFRQFHUQHQWHOH
QRUPHGLFDOFRORHOHYHULILFKHFROPHWRGRGHOOHWHQVLRQLDPPLVVLELOLHOHUHODWLYHUHJROHGLSURJHWWD]LRQHHGL
HVHFX]LRQH
ÊFRQVHQWLWDO¶DSSOLFD]LRQHGHOOHQRUPHHXURSHHVSHULPHQWDOL(XURFRGLFH3URJHWWD]LRQHGHOOHVWUXWWXUHGL
FDOFHVWUX]]RSDUWHUHJROHJHQHUDOLHUHJROHSHUJOLHGLILFLHG(XURFRGLFH3URJHWWD]LRQHGHOOHVWUXWWXUHGL
DFFLDLRSDUWHUHJROHJHQHUDOLHUHJROHSHUJOLHGLILFLQHOOHULVSHWWLYHYHUVLRQLLQOLQJXDLWDOLDQDSXEEOLFDWHDFXUD
GHOO¶81,81,(19UDWLILFDLQGDWDJHQQDLRH81,(19UDWLILFDWDLQGDWDJLXJQR
FRPHPRGLILFDWHHGLQWHJUDWHGDOOHSUHVFUL]LRQLGLFXLDOODSDUWH,VH]LRQH,,,HGDOODSDUWH,,VH]LRQH,,,GHOOHQRUPH
WHFQLFKHGLFXLDOFRPPD
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
$UW
/¶DGR]LRQHGDSDUWHGHOSURJHWWLVWDHVRWWRVXDUHVSRQVDELOLWjGLXQRGHLVLVWHPLQRUPDWLYLLQGLFDWLULVSHWWLYDPHQWH
QHLFRPPLHGHOO¶DUWQHFRPSRUWDO¶DSSOLFD]LRQHXQLWDULDHGLQWHJUDOHDOO¶LQWHURRUJDQLVPRVWUXWWXUDOH
/¶LQRVVHUYDQ]DGHOOHQRUPHGLFXLDOO¶DUWqVDQ]LRQDWDDLVHQVLGHOODOHJJHQRYHPEUHQ
$UW
/HQRUPHWHFQLFKHGLFXLDOO¶DUWGHYRQRHVVHUHRVVHUYDWHSHUWXWWHOHRSHUHVHHSHUTXDQWRSHUODVSHFLILFD
FDWHJRULDGLRSHUHQRQYLJDGLYHUVDUHJRODPHQWD]LRQH
$UW
/HSUHVHQWLQRUPHHQWUHUDQQRLQYLJRUHTXDWWURPHVLGRSRODSXEEOLFD]LRQHGHLSUHVHQWHGHFUHWRQHOOD*D]]HWWD
8IILFLDOHGHOOD5HSXEEOLFDLWDOLDQD
$UW
6DOYRTXDQWRGLVSRVWRQHOO¶DUWFRPPDLQYLDWUDQVLWRULDFRQWLQXDQRDGDSSOLFDUVLOHQRUPHGLFXLDOSUHFHGHQWH
GHFUHWRIHEEUDLRSHUOHRSHUHLQFRUVRHSHUOHTXDOLVLDVWDWDJLjSUHVHQWDWDODGHQXQFLDSUHYLVWDGDOO¶DUWGHOOD
OHJJHQRYHPEUHQQRQFKpSHUOHRSHUHGLFXLDOO¶XOWLPRFRPPDGHOORVWHVVRDUWSHUOHTXDOLVLDVWDWR
SXEEOLFDWRLOEDQGRGLJDUDSHUO¶DSSDOWRRYYHURVLDLQWHUYHQXWDODVWLSXOD]LRQHGHLFRQWUDWWRGLDSSDOWRDWUDWWDWLYD
SULYDWD
5RPDJHQQDLR
,O0LQLVWUR%$5$77$
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
3DUWH*HQHUDOH
6LULSRUWDQRTXLGLVHJXLWROHFRQVLGHUD]LRQLJHQHUDOLHFRPXQLDOOH3DUWH,FHPHQWRDUPDWRQRUPDOHHSUHFRPSUHVVR
H3DUWH,,DFFLDLR
0RGDOLWjRSHUDWLYH
1HOO¶DPELWRGHOOHSUHVHQWLQRUPHWHFQLFKHSRVVRQRHVVHUHVHJXLWHLQDOWHUQDWLYDGXHGLYHUVHPRGDOLWjRSHUDWLYHGL
YHULILFDGHOOHFRVWUX]LRQLULSRUWDWHULVSHWWLYDPHQWHQHOOH6H]LRQL,,H,,,GHOOH3DUWL,&$&$3H,,$FFLDLR
/D6H]LRQH,,IRUQLVFHOHLQGLFD]LRQLGDVHJXLUHSHUODYHULILFDGHOOHVWUXWWXUHLQFHPHQWRDUPDWRQRUPDOHH
SUHFRPSUHVVRHLQDFFLDLR
/D6H]LRQH,,,IRUQLVFHOHLQGLFD]LRQLSHUO¶XVRGHJOL(XURFRGLFL81,(193URJHWWD]LRQHGLVWUXWWXUHLQ
FD GDWDWRJHQQDLR(&HG81,(193URJHWWD]LRQHGLVWUXWWXUHLQDFFLDLRGDWDWRJLXJQR(&
IRUQHQGRDOWUHVuVSHFLILFKHSUHVFUL]LRQLLQWHJUDWLYHVRVWLWXWLYHHVRSSUHVVLYHGHOOHLQGLFD]LRQLFRQWHQXWHQHJOL
(XURFRGLFLVWHVVL/D6H]LRQH,,,FRVWLWXLVFHLO'$1'RFXPHQWRGLDSSOLFD]LRQHQD]LRQDOHFRVuULFKLDPDWRQHL
GRFXPHQWLGHO&(1&RPLWDWRHXURSHRGLQRUPDL]]D]LRQH
$OVXFFHVVLYRSXQWRVLULSRUWDQROHSUHVFUL]LRQLFLUFDOHD]LRQLGLFDOFRORFKHGHEERQRHVVHUHVHJXLWHSHU
O¶LPSLHJRGHOOH6H]LRQL,,H,,,GHOOH3DUWL,H,,
6H]LRQH,
1HOOD6H]LRQH,VRQRULSRUWDWHOHSUHVFUL]LRQLFRPXQLDOOH6H]LRQL,,H,,,7DOLSUHVFUL]LRQLFRPXQLVRVWLWXLVFRQROH
FRUULVSRQGHQWLLQGLFD]LRQLULSRUWDWHQHOGHFUHWRPLQLVWHULDOHIHEEUDLR
,QSDUWLFRODUHYDOJRQROHVHJXHQWLLQGLFD]LRQLFRPXQL
DSHUOHD]LRQLVLIDUjULIHULPHQWRDTXDQWRLQGLFDWRQHOOHQRUPH©&ULWHULJHQHUDOLSHUODYHULILFDGHOODVLFXUH]]D
GHOOHFRVWUX]LRQLHGHLFDULFKLHVRYUDFFDULFKLªHPDQDWHDLVHQVLGHOO¶DUWGHOODOHJJHIHEEUDLRQ
ESHULPDWHULDOLHGLSURGRWWLVLGRYUDQQRVHJXLUHOHLQGLFD]LRQLFRQWHQXWHQHO&DSGHOOD6H]LRQH,
HSHULOFROODXGRVWDWLFRYDOJRQROHSUHVFUL]LRQLULSRUWDWHQHO&DSGHOOD6H]LRQH,
1RUPHGLULIHULPHQWR
/HQRUPHHXURSHHGLULIHULPHQWRFLWDWHQHOOHQRUPH81,(19HG81,(19QRQVRQRDO
PRPHQWRSHUODPDJJLRUSDUWHGLVSRQLELOLRORVRQRVRORLQDOFXQLFDVLLQIRUPDGLQRUPHVSHULPHQWDOL
)HUPRUHVWDQGRO¶REEOLJRGLVHJXLUHOHSUHVFUL]LRQLGHOOHQRUPHVXLPDWHULDOLHVSOLFLWDPHQWHULFKLDPDWHDOSXQWR
GHOOHSUHVHQWLQRUPH&DSGHOOD6H]LRQHSHUDOWUHQRUPHFLWDWHQHOOHQRUPH81,(19H81,(19
SRVVRQRDGRWWDUVLOHQRUPHFLWDWHQHOSUHVHQWHGHFUHWRRLQPDQFDQ]DOHQRUPHQD]LRQDOLSHUWLQHQWL
1RUPHWHFQLFKHPHWRGRGHOOHWHQVLRQLDPPLVVLELOL
,OPHWRGRGHOOHWHQVLRQLDPPLVVLELOLSXzHVVHUHDSSOLFDWRFRVuFRPHSUHYLVWRGDOO¶DUWGHOSUHVHQWHGHFUHWR
ULIHUHQGRVLDOOHQRUPHWHFQLFKHGLFXLDOGHFUHWRIHEEUDLRFKHVLGHEERQRLQWDOFDVRDSSOLFDUHLQWHJUDOPHQWH
VDOYRSHULPDWHULDOLHSURGRWWLOHD]LRQLHLOFROODXGRVWDWLFRSHULTXDOLYDOJRQROHLQGLFD]LRQLULSRUWDWHQHOOD6H]LRQH,
GHLSUHVHQWHGHFUHWRQRQFKpJOL$OOHJDWLSHULTXDOLYDOJRQRTXHOOLXQLWLDOOHSUHVHQWLQRUPHWHFQLFKH
,QSDUWLFRODUHVLGRYUjIDUHULIHULPHQWRSHUTXDQWRFRQFHUQHOHD]LRQLDOOHVSHFLILFKHSUHVFUL]LRQLFRQWHQXWHQHOOH
QRUPHWHFQLFKH©&ULWHULJHQHUDOLSHUODYHULILFDGHOODVLFXUH]]DGHOOHFRVWUX]LRQLHGHLFDULFKLHVRYUDFFDULFKLªLQYLJRUH
DOPRPHQWRGHOO¶XVR
1RUPHWHFQLFKHDOWULPHWRGLGLYHULILFD
1HOODSURJHWWD]LRQHVLSRVVRQRDGRWWDUHPHWRGLGLYHULILFDHUHJROHGLGLPHQVLRQDPHQWRGLYHUVLGDTXHOOLFRQWHQXWL
QHOOHSUHVHQWLQRUPHWHFQLFKHSXUFKpIRQGDWLVXLSRWHVLWHRULFKHHULVXOWDWLVSHULPHQWDOLVFLHQWLILFDPHQWHFRPSURYDWLH
SXUFKpVLDFRPSURYDWDXQDVLFXUH]]DQRQLQIHULRUHDTXHOODTXLSUHVFULWWD
,QGLFD]LRQHGHOODQRUPDWHFQLFDVHJXLWD
1HJOLHODERUDWLGLSURJHWWRSUHYLVWLDOO¶DUWSXQWREGHOODOHJJHGHYHHVVHUHLQGLFDWDFKLDUDPHQWHOD
QRUPDWHFQLFDDOODTXDOHVLqIDWWRULIHULPHQWR
$]LRQLGLFDOFROR
/HYHULILFKHGHEERQRHVVHUHFRQGRWWHQHLULJXDUGLGHJOLVWDWLOLPLWHGLHVHUFL]LRHGHJOLVWDWLOLPLWHXOWLPL
/HD]LRQLVXOODFRVWUX]LRQHGHYRQRHVVHUHFXPXODWHLQPRGRGDGHWHUPLQDUHFRQGL]LRQLGLFDULFRWDOLGDULVXOWDUHSL
VIDYRUHYROLDLILQLGHOOHVLQJROHYHULILFKHWHQHQGRFRQWRGHOODSUREDELOLWjULGRWWDGLLQWHUYHQWRVLPXOWDQHRGLWXWWHOH
D]LRQLFRQLULVSHWWLYLYDORULSLVIDYRUHYROLFRPHFRQVHQWLWRGDOOHQRUPHYLJHQWL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
3HUJOLVWDWLOLPLWHXOWLPLVLDGRWWHUDQQROHFRPELQD]LRQLGHOWLSR
)G
L Q
ª
º
J J *N J S 3N J T «4N ¦ \ L 4LN »
L ¬
¼
HVVHQGR
*N LOYDORUHFDUDWWHULVWLFRGHOOHD]LRQLSHUPDQHQWL
3N LOYDORUHFDUDWWHULVWLFRGHOODIRU]DGLSUHFRPSUHVVLRQH
4N LOYDORUHFDUDWWHULVWLFRGHOO¶D]LRQHGLEDVHGLRJQLFRPELQD]LRQH
4LN LYDORULFDUDWWHULVWLFLGHOOHD]LRQLYDULDELOLWUDORURLQGLSHQGHQWL
JJ
VHLOVXRFRQWULEXWRDXPHQWDODVLFXUH]]D
JS
VHLOVXRFRQWULEXWRGLPLQXLVFHODVLFXUH]]D
JT
VHLOVXRFRQWULEXWRDXPHQWDODVLFXUH]]D
\L FRHIILFLHQWHGLFRPELQD]LRQHDOORVWDWROLPLWHXOWLPRGDGHWHUPLQDUVLVXOODEDVHGLFRQVLGHUD]LRQLVWDWLVWLFKH
4XDORUDOHGHIRUPD]LRQLLPSUHVVHHVHUFLWLQRXQDD]LRQHVLJQLILFDWLYDVXOORVWDWROLPLWHXOWLPRFRQVLGHUDWRVHQH
GHYHWHQHUFRQWRDSSOLFDQGRORURXQFRHIILFLHQWHGL
,OFRQWULEXWRGHOOHGHIRUPD]LRQLLPSUHVVHQRQLPSRVWHDSSRVLWDPHQWHGHYHHVVHUHWUDVFXUDWRVHDIDYRUHGHOOD
VLFXUH]]D
3HUJOLVWDWLOLPLWHGLHVHUFL]LRVLGHYRQRSUHQGHUHLQHVDPHOHFRPELQD]LRQLUDUHIUHTXHQWLHTXDVLSHUPDQHQWLFRQ
JJ JS JT HDSSOLFDQGRDLYDORULFDUDWWHULVWLFLGHOOHD]LRQLYDULDELOLDGHJXDWLFRHIILFLHQWL\\\
,QIRUPDFRQYHQ]LRQDOHOHFRPELQD]LRQLSRVVRQRHVVHUHHVSUHVVHQHOPRGRVHJXHQWH
FRPELQD]LRQLUDUH
FRPELQD]LRQLIUHTXHQWL
)G
*N 3N 4N ¦ \ L 4LN )G
*N 3N \ 4N ¦ \ L 4LN )G
*N 3N ¦ \ L 4LN FRPELQD]LRQLTXDVLSHUPDQHQWL
L Q
L L Q
L L Q
L \L FRHIILFLHQWHDWWRDGHILQLUHLYDORULGHOOHD]LRQLDVVLPLODELOLDLIUDWWLOLGLRUGLQHGHOOHGLVWULEX]LRQLGHLYDORUL
LVWDQWDQHL
\L FRHIILFLHQWHDWWRDGHILQLUHLYDORULTXDVLSHUPDQHQWLGHOOHD]LRQLYDULDELOLDVVLPLODELOLDLYDORULPHGLGHOOH
GLVWULEX]LRQLGHLYDORULLVWDQWDQHL
,QPDQFDQ]DGLLQIRUPD]LRQLDGHJXDWHVLSRWUDQQRDWWULEXLUHDLFRHIILFLHQWL\\\LYDORULVHJXHQWL
$]LRQH
&DULFKLYDULDELOLQHLIDEEULFDWLSHU
DELWD]LRQL
XIILFLQHJR]LVFXROHHFF
DXWRULPHVVH
9HQWRQHYH
3URVSHWWR
\
KWWSZZZLQJHJQHULDVRIWFRP
\
\
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
6LPERORJLD
3DUWH,
&(0(172$50$721250$/((35(&2035(662
$6LPEROL
$ DUHD
( PRGXORGLHODVWLFLWjORQJLWXGLQDOH
) D]LRQLLQJHQHUDOHFDULFKLHGHIRUPD]LRQLLPSRVWH
* D]LRQLSHUPDQHQWLPRGXORGLHODVWLFLWjWDQJHQ]LDOH
,
PRPHQWRGLLQHU]LD
/ OLPLWHGLIDWLFD
0 PRPHQWRIOHWWHQWH
1 IRU]DQRUPDOHQXPHURGLSLHJDPHQWLQHOODSURYDGLSLHJDPHQWRSHUDUPDWXUHGLSUHFRPSUHVVLRQH
3 IRU]DGLSUHFRPSUHVVLRQH
4 D]LRQLYDULDELOL
6 HIIHWWRGHOOHD]LRQLVROOHFLWD]LRQHDJHQWH
7 PRPHQWRWRUFHQWH
9 IRU]DGLWDJOLR
E ODUJKH]]D
F VSHVVRUHGLULFRSULPHQWR
G GLDPHWURJUDQXORPHWULDDOWH]]DXWLOH
H HFFHQWULFLWj
I
UHVLVWHQ]DGLXQPDWHULDOH
J FDULFRSHUPDQHQWHULSDUWLWRDFFHOHUD]LRQHGLJUDYLWj
K DOWH]]DWRWDOHGLXQDVH]LRQH
L
UDJJLRGLLQHU]LD
M
QXPHURGLJLRUQL
O
OXQJKH]]DGLXQHOHPHQWRDOOXQJDPHQWRDURWWXUDSHUDFFLDLRGDFDS
P PRPHQWRIOHWWHQWHSHUXQLWjGLOXQJKH]]D
Q IRU]DQRUPDOHSHUXQLWjGLOXQJKH]]DFRHIILFLHQWHGLRPRJHQHL]]D]LRQHGHOOHDUPDWXUHQXPHUR
T FDULFRYDULDELOHULSDUWLWR
U UDJJLRULODVVDPHQWR
V VFDUWRTXDGUDWLFRPHGLR
W
WHPSRPRPHQWRWRUFHQWHSHUXQLWjGLOXQJKH]]D
X SHULPHWUR
Y IRU]DGLWDJOLRSHUXQLWjGLOXQJKH]]DRODUJKH]]D
Z DSHUWXUDGHOOHIHVVXUH
[ DOWH]]DGHOO¶DVVHQHXWUR
\ DOWH]]DGHOGLDJUDPPDUHWWDQJRODUHGHOOHWHQVLRQLQRUPDOL
] EUDFFLRGHOOHIRU]HLQWHUQH
J FRHIILFLHQWHGLVLFXUH]]DJP SHULPDWHULDOLJI SHUOHD]LRQLSHVRVSHFLILFR
G FRHIILFLHQWHGLYDULD]LRQH
H GHIRUPD]LRQH
I GHIRUPD]LRQH
P FRHIILFLHQWHGLDWWULWR
O VQHOOH]]D
U UDSSRUWRJHRPHWULFRGLDUPDWXUD
V WHQVLRQHQRUPDOH
W WHQVLRQHWDQJHQ]LDOH
M FRHIILFLHQWHGLGHIRUPD]LRQHYLVFRVD
Z FRHIILFLHQWHGLDPSOLILFD]LRQHGHLFDULFKLQHOFDULFRGLSXQWDUDSSRUWRPHFFDQLFRGLDUPDWXUD
‡ GLDPHWURGL XQ DEDUUDRGLXQFDYR
¦ VRPPDWRULD
%,QGLFL
E DGHUHQ]D
F FDOFHVWUX]]R
G YDORUHGLFDOFROR
H OLPLWHGLHODVWLFLWjGLXQPDWHULDOHHIIHWWLYRHIILFDFH
I
IRU]HHGDOWUHD]LRQLIOHVVLRQH
J FDULFRSHUPDQHQWH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
L
K
N
O
P
Q
S
T
V
U
W
X
Z
\
LQL]LDOH
RUL]]RQWDOH
YDORUHFDUDWWHULVWLFR
ORQJLWXGLQDOH
YDORUHPHGLRPDWHULDOHPRPHQWRIOHWWHQWH
VIRU]RQRUPDOH
SUHFRPSUHVVLRQH
FDULFRYDULDELOH
DFFLDLRULWLUR
ULODVVDPHQWRIHVVXUD]LRQH
WUD]LRQHWRUVLRQH
XOWLPRVWDWROLPLWH
DQLPD
VQHUYDPHQWR
&6LPEROLVSHFLDOL
f FRPHLQGLFHGLXQVLPEROR YDORUHDVLQWRWLFR
'6LPEROLIUHTXHQWL
&DOFHVWUX]]R
IF UHVLVWHQ]DFLOLQGULFDDFRPSUHVVLRQH
5F UHVLVWHQ]DFXELFD
5FP UHVLVWHQ]DPHGLDFXELFD
IFP UHVLVWHQ]DPHGLDFLOLQGULFD
5FN UHVLVWHQ]DFDUDWWHULVWLFDFXELFD
IFN UHVLVWHQ]DFDUDWWHULVWLFDFLOLQGULFD
IFG UHVLVWHQ]DGLFDOFRORFLOLQGULFD
I FN
JF
IFWG UHVLVWHQ]DGLFDOFRORDWUD]LRQH
I FWN
JF
IFW UHVLVWHQ]DDWUD]LRQH
IFWN UHVLVWHQ]DFDUDWWHULVWLFDDWUD]LRQH
$FFLDLRSHUFHPHQWRDUPDWR
I\ WHQVLRQHGLVQHUYDPHQWR
IW WHQVLRQHGLURWWXUD
I\N WHQVLRQHFDUDWWHULVWLFDGLVQHUYDPHQWR
IWN WHQVLRQHFDUDWWHULVWLFDGLURWWXUD
I WHQVLRQHDOORGLGHIRUPD]LRQHUHVLGXD
INWHQVLRQHFDUDWWHULVWLFDDOORGLGHIRUPD]LRQHUHVLGXD
$FFLDLRSHUSUHFRPSUHVVLRQH
IS\ WHQVLRQHGLVQHUYDPHQWREDUUH
IS WHQVLRQHDOO¶GLGHIRUPD]LRQHVRWWRFDULFR
IS WHQVLRQHDOORGLGHIRUPD]LRQHUHVLGXD
ISW WHQVLRQHGLURWWXUD
IS\N WHQVLRQHFDUDWWHULVWLFDGLVQHUYDPHQWREDUUH
ISN WHQVLRQHFDUDWWHULVWLFDDOO¶GLGHIRUPD]LRQHVRWWRFDULFR
ISN WHQVLRQHFDUDWWHULVWLFDDOORGLGHIRUPD]LRQHUHVLGXD
ISWN WHQVLRQHFDUDWWHULVWLFDGLURWWXUD
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
6H]LRQH,
3UHVFUL]LRQLJHQHUDOLHFRPXQL
2**(772
)RUPDQRRJJHWWRGHOOHSUHVHQWLQRUPHWXWWHOHRSHUHGLFRQJORPHUDWRFHPHQWL]LRDUPDWRQRUPDOHHGLFRQJORPHUDWR
FHPHQWL]LRDUPDWRSUHFRPSUHVVRHFFHWWXDWHTXHOOHSHUOHTXDOLYLJHXQDUHJRODPHQWD]LRQHDSSRVLWDDFDUDWWHUH
SDUWLFRODUH
,GDWLVXOOHD]LRQLGDFRQVLGHUDUHQHLFDOFROLVRQRTXHOOLFRQWHQXWLQHOOHQRUPH&ULWHULJHQHUDOLSHUODYHULILFDGHOOD
VLFXUH]]DGHOOHFRVWUX]LRQLHGHLFDULFKLHVRYUDFFDULFKLHPDQDWHDLVHQVLGHOO¶DUWGHOODOHJJHIHEEUDLRQ
1HOO¶DPELWRGLXQRVWHVVRRUJDQLVPRVWUXWWXUDOHQRQqFRQVHQWLWRDGRWWDUHUHJROHSURJHWWXDOLHGHVHFXWLYH
SURYHQLHQWLLQSDUWHGDOOD6H],,HLQSDUWHGDOOD6H],,,RYYHURLQSDUWHGHULYDQWLGDOO¶XVRGHOPHWRGRGHOOHWHQVLRQL
DPPLVVLELOL
/HSUHVHQWLQRUPHQRQVRQRDSSOLFDELOLDLFDOFHVWUX]]LFRQIH]LRQDWLFRQDJJUHJDWLOHJJHUL7DOLFDOFHVWUX]]LSRVVRQR
HVVHUHLPSLHJDWLSXUFKpFRQDGHJXDWDGRFXPHQWD]LRQHWHRULFDHVSHULPHQWDOHYHQJDJDUDQWLWDXQDVLFXUH]]DQRQ
LQIHULRUHDTXHOODSUHYLVWDGDOOHSUHVHQWLQRUPH
0$7(5,$/,(352'277,
,PDWHULDOLHGLSURGRWWLGHEERQRULVSRQGHUHDLUHTXLVLWLLQGLFDWLQHOO¶$OOHJDWR
3RWUDQQRLQROWUHHVVHUHLPSLHJDWLPDWHULDOLHSURGRWWLFRQIRUPLDGXQDQRUPDDUPRQL]]DWDRDGXQEHQHVWDUHWHFQLFR
HXURSHRFRVuFRPHGHILQLWLQHOOD'LUHWWLYD&((RYYHURFRQIRUPLDVSHFLILFKHQD]LRQDOLGHL3DHVLGHOOD&RPXQLWj
HXURSHDTXDORUDGHWWHVSHFLILFKHJDUDQWLVFDQRXQOLYHOORGLVLFXUH]]DHTXLYDOHQWHHWDOHGDVRGGLVIDUHLUHTXLVLWL
HVVHQ]LDOLGHOOD'LUHWWLYD&((7DOHHTXLYDOHQ]DVDUjDFFHUWDWDGDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LR
WHFQLFRFHQWUDOHVHQWLWRLO&RQVLJOLRVXSHULRUHGHLODYRULSXEEOLFL
&DOFHVWUX]]R
3HUTXDQWRDSSOLFDELOHHQRQLQFRQWUDVWRFRQOHSUHVHQWLQRUPHVLSRWUjIDUHXWLOHULIHULPHQWRDOOD81,
PDJJLR
5(6,67(1=$$&2035(66,21(6(03/,&( /HSUHVHQWLQRUPHVRQREDVDWHVXOODUHVLVWHQ]DDFRPSUHVVLRQHPLVXUDWDVXFXELGLVSLJRORRFP/D
UHVLVWHQ]DDFRPSUHVVLRQHGHOFDOFHVWUX]]RYHUUjYDOXWDWDVHFRQGROHLQGLFD]LRQLGHOO¶$OOHJDWR
5(6,67(1=$$75$=,21(6(03/,&( ,OYDORUHPHGLRGHOODUHVLVWHQ]DDWUD]LRQHVHPSOLFHDVVLDOHLQPDQFDQ]DGLGLUHWWDVSHULPHQWD]LRQHSXzHVVHUH
DVVXQWRSDULD
I FWP
5FN 1PP
,YDORULFDUDWWHULVWLFLFRUULVSRQGHQWLDLIUDWWLOLHSRVVRQRDVVXPHUVLULVSHWWLYDPHQWHSDULDIFWPHGIFWP
,OYDORUHPHGLRGHOODUHVLVWHQ]DDWUD]LRQHSHUIOHVVLRQHVLDVVXPHLQPDQFDQ]DGLVSHULPHQWD]LRQHGLUHWWDSDULD
I FIP
I FWP
02'8/2(/$67,&2
3HUPRGXORHODVWLFRLVWDQWDQHRWDQJHQWHDOO¶RULJLQHLQPDQFDQ]DGLGLUHWWDVSHULPHQWD]LRQHGDHVHJXLUVLVHFRQGROD
QRUPD81,PDU]RVLDVVXPHLQVHGHGLSURJHWWRLOYDORUH
(F
5FN 1PP
7DOHIRUPXODQRQqDSSOLFDELOHDLFDOFHVWUX]]LPDWXUDWLDYDSRUH(VVDQRQqGDFRQVLGHUDUVLYLQFRODQWH
QHOO¶LQWHUSUHWD]LRQHGHLFRQWUROOLVSHULPHQWDOLGHOOHVWUXWWXUH
&2()),&,(17(',32,6621
3HULOFRHIILFLHQWHGL3RLVVRQSXzDGRWWDUVLDVHFRQGDGHOORVWDWRGLVROOHFLWD]LRQHXQYDORUHFRPSUHVRWUDH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
&2()),&,(17(',',/$7$=,21(7(50,&$ ,QPDQFDQ]DGLXQDGHWHUPLQD]LRQHVSHULPHQWDOHGLUHWWDLOFRHIILFLHQWHGLGLODWD]LRQHWHUPLFDGHOFRQJORPHUDWRSXz
DVVXPHUVLSDULDuƒ&
5,7,52
,QPDQFDQ]DGLVSHULPHQWD]LRQHGLUHWWDHTXDQGRQRQVLULFRUUDDGDGGLWLYLVSHFLDOLVLDPPHWWHUDQQRSHULOULWLUR
ILQDOHHFV WfWLVHJXHQWLYDORUL
D$WPRVIHUDFRQXPLGLWjUHODWLYDGLFLUFD
W
yJLRUQL
yJLRUQL
!JLRUQL
E$WPRVIHUDFRQXPLGLWjUHODWLYDGLFLUFD
W
y
JLRUQL
yJLRUQL
!JLRUQL
D d FP
u u u D tFP
u u u D dFP
u u u D tFP
u u u LQFXL
HWjFRQJORPHUDWRDSDUWLUHGDOODTXDOHVLFRQVLGHUDO¶HIIHWWRGHOULWLUR
W
D
GLPHQVLRQHILWWL]LD
$F
X
$F
DUHDGHOODVH]LRQHGHOFRQJORPHUDWR
X
SHULPHWURGHOODVH]LRQHGLFRQJORPHUDWRDFRQWDWWRFRQO¶DWPRVIHUD
3HUYDORULLQWHUPHGLVLLQWHUSROHUjOLQHDUPHQWH
3HUYDOXWDUHODFDGXWDGLWHQVLRQHQHOOHDUPDWXUHGDFDSFRQVHJXHQWHDOULWLURGHOFDOFHVWUX]]RVLWHUUjFRQWRGHOOH
SUHVFUL]LRQLFRQWHQXWHDOSXQWRD
9,6&26,7¬
,QPDQFDQ]DGLVSHULPHQWD]LRQHGLUHWWDSHULOFRHIILFLHQWHILQDOHGLYLVFRVLWjM WfWGLXQFRQJORPHUDWR
VRWWRSRVWRDGXQDWHQVLRQHDOSLXJXDOHD5FNMDOWHPSRW M GLPHVVDLQFDULFRVLDPPHWWHUDQQRLVHJXHQWLYDORUL
D$WPRVIHUDFRQXPLGLWjUHODWLYDGLFLUFD
W
yJLRUQL
yJLRUQL
!JLRUQL
E$WPRVIHUDFRQXPLGLWjUHODWLYDGLFLUFD
W
yJLRUQL
yJLRUQL
!JLRUQL
D dFP
D tFP
D dFP
D tFP
,OVLJQLILFDWRGHLVLPEROLqULSRUWDWRDOSUHFHGHQWHSXQWR
3HULYDORULLQWHUPHGLVLLQWHUSROHUjOLQHDUPHQWH
3HUYDOXWDUHODFDGXWDGLWHQVLRQHGHOOHDUPDWXUHGDFDSFRQVHJXHQWHDOODYLVFRVLWjGHOFDOFHVWUX]]RVLWHUUjFRQWR
GHOOHSUHVFUL]LRQLFRQWHQXWHDOSXQWRE
'85$%,/,7¬
$OILQHGLJDUDQWLUHODGXUDELOLWjGHOFRQJORPHUDWRSDUWLFRODUPHQWHLQDPELHQWHDJJUHVVLYRFRVuFRPHLQSUHVHQ]DGL
FLFOLGLJHORHGLVJHORqQHFHVVDULRVWXGLDUQHDGHJXDWDPHQWHODFRPSRVL]LRQH
6LSRWUjDQFKHIDUHULIHULPHQWRDOODQRUPD81,0DJJLRFLWDWDDOSXQWR
$FFLDLRGDFHPHQWRDUPDWRQRUPDOH
/¶XVRGLDFFLDLIRUQLWLLQURWROLqDPPHVVRSHUGLDPHWUL‘dPP
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
3HUGLDPHWULVXSHULRULQHqDPPHVVRO¶XVRSUHYLDDXWRUL]]D]LRQHGHO6HUYL]LRWHFQLFRFHQWUDOHVHQWLWRLO&RQVLJOLR
VXSHULRUHGHLODYRULSXEEOLFL
$&&(57$0(172'(//(35235,(7¬0(&&$1,&+( 3HUO¶DFFHUWDPHQWRGHOOHSURSULHWjPHFFDQLFKHYDOHTXDQWRLQGLFDWRQHOOH(1D PDU]R81,
IHEEUDLRH81,PDU]RVDOYRLQGLFD]LRQLFRQWUDULHRFRPSOHPHQWDUL
3HUDFFLDLGHIRUPDWLDIUHGGRLYLFRPSUHVLLURWROLOHSURSULHWjPHFFDQLFKHVLLQWHQGRQRGHWHUPLQDWHVXSURYHWWH
PDQWHQXWHSHUPLQXWLDƒ&HVXFFHVVLYDPHQWHUDIIUHGGDWHLQDULD
,QRJQLFDVRTXDORUDORVQHUYDPHQWRQRQVLDFKLDUDPHQWHLQGLYLGXDELOHVLVRVWLWXLVFHI\ FRQI
$&&,$,,1%$55(721'(/,6&( /HEDUUHGLDFFLDLRWRQGHOLVFHGHYRQRSRVVHGHUHOHSURSULHWjLQGLFDWHQHOVXFFHVVLYRSURVSHWWR,
3URVSHWWR,
7LSRGLDFFLDLR
7HQVLRQHFDUDWWHULVWLFDGLVQHUYDPHQWR«««««««««««I\N 1PP
7HQVLRQHFDUDWWHULVWLFDGLURWWXUD«««««««««««««IWN 1PP
$OOXQJDPHQWR««««««««««««««««««««««« $ 3LHJDPHQWRDƒVXPDQGULQRDYHQWHGLDPHWUR««««««««««'
6LGHYRQRXVDUHEDUUHGLGLDPHWURFRPSUHVRWUDHPP
)H%N
t t t ‘
) %NH
t t t ‘
$&&,$,,1%$55($'$'(5(1=$0,*/,25$7$ /HEDUUHGLDFFLDLRDGDGHUHQ]DPLJOLRUDWDVLGLIIHUHQ]LDQRGDOOHEDUUHOLVFHSHUODSDUWLFRODULWjGLIRUPDDWWDDG
DXPHQWDUHO¶DGHUHQ]DDOFRQJORPHUDWRFHPHQWL]LRHVRQRFDUDWWHUL]]DWHGDOGLDPHWUR‘GHOODEDUUDWRQGDHTXLSHVDQWH
FDOFRODWRQHOO¶LSRWHVLFKHODGHQVLWjGHOO¶DFFLDLRVLDSDULDNJGP
/HEDUUHDGDGHUHQ]DPLJOLRUDWDGHYRQRDYHUHGLDPHWUR
d ‘d PPSHUDFFLDLR)H%N
d ‘d PPSHUDFFLDLR)H%NVDOYRTXDQWRVSHFLILFDWRDOSXQWR
&DUDWWHULVWLFKHPHFFDQLFKHHWHFQRORJLFKH
*OLDFFLDLLQEDUUHDGDGHUHQ]DPLJOLRUDWDGHYRQRSRVVHGHUHOHFDUDWWHULVWLFKHLQGLFDWHQHOSURVSHWWR,YDOXWDQGROH
WHQVLRQLGLVQHUYDPHQWRHGLURWWXUDFRPHJUDQGH]]HFDUDWWHULVWLFKHVHFRQGRTXDQWRLQGLFDWRDOSXQWR
/DSURYDGLSLHJDPHQWRHUDGGUL]]DPHQWRVLHVHJXHDOODWHPSHUDWXUDGL“ƒ&SLHJDQGRODSURYHWWDDƒ
PDQWHQHQGRODSRLSHUPLQXWLLQDFTXDEROOHQWHHSURFHGHQGRGRSRUDIIUHGGDPHQWRLQDULDDOSDU]LDOH
UDGGUL]]DPHQWRSHUDOPHQRƒ'RSRODSURYDLOFDPSLRQHQRQGHYHSUHVHQWDUHFULFFKH
3URVSHWWR,
7LSRGLDFFLDLR
7HQVLRQHFDUDWWHULVWLFDGLVQHUYDPHQWR«««««««««««I\N 1PP
7HQVLRQHFDUDWWHULVWLFDGLURWWXUD«««««««««««««IWN 1PP
$OOXQJDPHQWR$«««««««««««««««««««« «««««««««««««««« 3LHJDPHQWRDƒ
ILQRDPP
VXPDQGULQRDYHQWH
GLDPHWUR'
3HUEDUUH
ROWUHPP
DGDGHUHQ]D
ILQRDPP
3LHJDPHQWRH
PLJOLRUDWD
ROWUHPP
UDGGUL]]DPHQWRVX
DYHQWL‘
ILQRDPP
PDQGULQRDYHQWH
GLDPHWUR'
ROWUHPP
ILQRDPP
,OGLDPHWUR‘qTXHOORGHOODEDUUDWRQGDOLVFLDHTXLSHVDQWH
)H%N
t
t
t
)H%N
t
t
t
‘
‘
‘
‘
‘
‘
‘
‘
3RLFKpJOLDFFLDLSXUULVSHWWDQGROHOLPLWD]LRQLGHOOHFDUDWWHULVWLFKHLQGLFDWHQHOSURVSHWWR,,SRVVRQRSUHVHQWDUH
YDORULVHQVLELOPHQWHGLYHUVLSHUFRVWUX]LRQLLQ]RQDVLVPLFDHFRPXQTXHTXDQGRVLRSHUDODULGLVWULEX]LRQHGHOOH
VROOHFLWD]LRQLGLFXLDOSXQWRLOSURJHWWLVWDGHYHGLFKLDUDUHQHOODUHOD]LRQHVXLPDWHULDOLLOLPLWLGHLUDSSRUWLI\I\N H
IWI\PHGLR SRVWLDEDVHGHOFDOFRORHFKHGRYUDQQRHVVHUHVRGGLVIDWWLGDOO¶DFFLDLRLPSLHJDWR
,OLPLWLSUHFHGHQWHPHQWHGHILQLWLVDUDQQRFRQWUROODWLQHOORVWDELOLPHQWRGLSURGX]LRQHHVLULIHULUDQQRDJOLVWHVVL
FDPSLRQLGLFXLDOOHSURYHGLTXDOLILFD]LRQH$OOHJDWRQƒSXQWR
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
,QWDOLOLPLWLI\ UDSSUHVHQWDLOVLQJRORYDORUHGLVQHUYDPHQWRI\N LOYDORUHQRPLQDOHGLULIHULPHQWRHGIW LOVLQJROR
YDORUHGHOODWHQVLRQHGLURWWXUD
3URYDGLDGHUHQ]D
/HEDUUHHGLILOLWUDILODWLDGDGHUHQ]DPLJOLRUDWDGHYRQRVXSHUDUHFRQHVLWRSRVLWLYROHSURYHGLDGHUHQ]DVHFRQGRLO
PHWRGR%HDPWHVWFRQIRUPHPHQWHDTXDQWRSUHYLVWRQHOO¶DOOHJDWRQHOO¶DOOHJDWRVWHVVRVRQRSXUHLQGLFDWHOH
PRGDOLWjGLFRQWUROORGHOSURILORGDHVHJXLUVLLQFDQWLHUHRLQVWDELOLPHQWR
),/,',$&&,$,275$),/$722/$0,1$72$)5(''2',',$0(752&2035(62)5$ (00
/¶DFFLDLRSHUILOLGHYHULVSRQGHUHDOOHSURSULHWjLQGLFDWHQHOSURVSHWWR,
3URVSHWWR,
7HQVLRQHI\N RYYHURIN ««««««««««««««««««««1PP
7HQVLRQHFDUDWWHULVWLFDIWN««««««««««««««««««««1PP
$OOXQJDPHQWR$ «««««««««««««««««««««««««
3LHJDPHQWRDIUHGGRDƒVXPDQGULQRDYHQWHGLDPHWUR'
t t t
‘
3HUODSURYDGLDGHUHQ]DYDOHTXDQWRSUHFLVDWRDOSUHFHGHQWHSXQWR
5(7,(75$/,&&,',$&&,$,2(/(77526$/'$7, /HUHWLHGLWUDOLFFLGHYRQRDYHUHILOLHOHPHQWDULGLGLDPHWUR‘FRPSUHVRWUDHPPHGHYRQRULVSRQGHUHDOOH
FDUDWWHULVWLFKHULSRUWDWHQHOSURVSHWWR,
3URVSHWWR,
7HQVLRQHI\N RYYHURIN «««««««««««««««««««««1PP
7HQVLRQHFDUDWWHULVWLFDIWN «««««««««««««««««««««1PP
5DSSRUWRGHLGLDPHWULGHLILOLGHOO¶RUGLWR
t t ‘PLQ
‘PD[
t t
t $OOXQJDPHQWR$ «««««««««««««««««««««««««
5DSSRUWRIWN I\N««««««««««««««««««««««««««««««
/DWHQVLRQHGLURWWXUDTXHOODGLVQHUYDPHQWRHO¶DOOXQJDPHQWRGHYRQRHVVHUHGHWHUPLQDWLFRQSURYDGLWUD]LRQHVX
FDPSLRQHFKHFRPSUHQGDDOPHQRXQRGHLQRGLVDOGDWL
,OWUDWWDPHQWRWHUPLFRGLFXLDOSXQWRQRQVLDSSOLFDSHUODGHWHUPLQD]LRQHGHOOHSURSULHWjPHFFDQLFKHGLUHWLH
WUDOLFFLGLDFFLDLRHOHWWURVDOGDWR
'RYUjLQROWUHHVVHUHFRQWUROODWDODUHVLVWHQ]DDOGLVWDFFRRIIHUWDGDOODVDOGDWXUDGHOQRGRGHWHUPLQDWDIRU]DQGRFRQ
LGRQHRGLVSRVLWLYRLOILORWUDVYHUVDOHQHOODGLUH]LRQHGLTXHOORPDJJLRUHSRVWRLQWUD]LRQHWDOHUHVLVWHQ]DGRYUjULVXOWDUH
PDJJLRUHGL
u u $ >1@
1HOODTXDOH$ qO¶DUHDGHOODVH]LRQHGHOILORGLGLDPHWURPDJJLRUHPLVXUDWDLQPLOOLPHWULTXDGUDWL
/DGLVWDQ]DDVVLDOHWUDLILOLHOHPHQWDULQRQGHYHVXSHUDUHFP
6$/'$785(
*OLDFFLDLVDOGDELOLVDUDQQRRJJHWWRGLDSSRVLWDPDUFKLDWXUDGHSRVLWDWDVHFRQGRTXDQWRLQGLFDWRQHOSXQWRFKH
OLGLIIHUHQ]LDGDJOLDFFLDLQRQVDOGDELOL
6RQRSURLELWHOHJLXQ]LRQLPHGLDQWHVDOGDWXUDLQRSHUDRIXRULRSHUDQRQFKpLOILVVDJJLRGHOOHJDEELHGLDUPDWXUD
WUDPLWHSXQWLGLVDOGDWXUDSHUWXWWLLWLSLGLDFFLDLRSHULTXDOLLOSURGXWWRUHQRQDEELDJDUDQWLWRODVDOGDELOLWjDOO¶DWWRGHO
GHSRVLWRGLFXLDOSXQWR
3HUWDOLDFFLDLO¶DQDOLVLFKLPLFDHIIHWWXDWDVXFRODWDHO¶HYHQWXDOHDQDOLVLFKLPLFDGLFRQWUROORHIIHWWXDWDVXOSURGRWWR
ILQLWRGRYUDQQRLQROWUHVRGGLVIDUHOHOLPLWD]LRQLVRWWRULSRUWDWH
&DUERQLR
)RVIRUR
=ROIR
$]RWR
&DUERQLRHTXLYDOHQWH
0DVVLPRFRQWHQXWRGLHOHPHQWLFKLPLFLLQ
&
3
6
1
&HT
$QDOLVLVXSURGRWWR
KWWSZZZLQJHJQHULDVRIWFRP
$QDOLVLGLFRODWD
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
,OFDOFRORGHOFDUERQLRHTXLYDOHQWH&HTVDUjHIIHWWXDWRFRQODVHJXHQWHIRUPXOD
&HT
&
0Q &U 0R 9 1L &X
LQFXLLVLPEROLFKLPLFLGHQRWDQRLOFRQWHQXWRGHJOLHOHPHQWLVWHVVLHVSUHVVRLQSHUFHQWXDOH
'(52*$$//(/,0,7$=,21,',0(16,21$/, /HOLPLWD]LRQLULJXDUGDQWLLPDVVLPLGLDPHWULDPPHVVLGLFXLDOSXQWRQRQVLDSSOLFDQRDOOHDUPDWXUHDG
DGHUHQ]DPLJOLRUDWDGHVWLQDWHDVWUXWWXUHLQFRQJORPHUDWRFHPHQWL]LRDUPDWRGLSDUWLFRODULFDUDWWHULVWLFKHHGLPRVWUDWH
HVLJHQ]HFRVWUXWWLYH
/¶LPSLHJRGLWDOLDUPDWXUHGLPDJJLRUGLDPHWURGHYHHVVHUHDXWRUL]]DWRGDO6HUYL]LRWHFQLFRFHQWUDOHGHO0LQLVWHUR
GHLODYRULSXEEOLFLVHQWLWRLO&RQVLJOLRVXSHULRUHGHLODYRULSXEEOLFL
&21752//,68//($50$785(
0RGDOLWjGLSUHOLHYRHPHWRGLGLSURYD
,OSUHOLHYRGHLFDPSLRQLHOHSURYHVDUDQQRHIIHWWXDWLVHFRQGRODQRUPD81,VDOYRTXDQWRVWDELOLWRDLSXQWL
SHUTXDQWRULJXDUGDODGHWHUPLQD]LRQHGHLYDORULFDUDWWHULVWLFLI\N RIN HIWN
&RQWUROOLLQVWDELOLPHQWR
,SURGXWWRULGLEDUUHOLVFHHDGDGHUHQ]DPLJOLRUDWDGLILOLWUDILODWLGLUHWLHGLWUDOLFFLHOHWWURVDOGDWLGHEERQR
VRWWRSRUUHODORURSURGX]LRQHSUHVVRLSURSULVWDELOLPHQWLDSURYHGLFDUDWWHUHVWDWLVWLFRVHJXHQGROHSUHVFUL]LRQLVRWWR
ULSRUWDWH
,QWDOHFDVRLYDORULFDUDWWHULVWLFLI\N RIN HIWN HSHUEDUUHHILOLDGDGHUHQ]DPLJOLRUDWDO¶LQGLFHGLDGHUHQ]D
YHQJRQRGHWHUPLQDWLVHFRQGROHPRGDOLWjLQGLFDWHQHJOLDOOHJDWLH
$LSURGXWWRULGLDFFLDLGLFXLDOSULPRFRPPDqIDWWRREEOLJRGLWHQHUHGHSRVLWDWRSUHVVRLO0LQLVWHURGHLODYRUL
SXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHLOFDWDORJRDJJLRUQDWRGHOODORURSURGX]LRQHFRQWHQHQWHWXWWLLGDWLWHFQLFLSUHYLVWL
GDOOHSUHVHQWLQRUPHLYLFRPSUHVDO¶HYHQWXDOHVDOGDELOLWjGLFXLDOSXQWR
3HUODTXDOLILFD]LRQHGHOODSURGX]LRQHLSURGXWWRULGHYRQRVRWWRSRUVLDJOLDGHPSLPHQWLTXLGLVHJXLWRVSHFLILFDWLH
SURGXUUHODGRFXPHQWD]LRQHUHODWLYDDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHFKHQRWLILFDDOSURGXWWRUH
O¶DYYHQXWRGHSRVLWRHGDFFHUWDODYDOLGLWjHODULVSRQGHQ]DGHOODGRFXPHQWD]LRQHVWHVVDDQFKHDWWUDYHUVRVRSUDOOXRJKL
ULODVFLDQGRDSSRVLWRDWWHVWDWR
'LPRVWUD]LRQHGHOO¶LGRQHLWjGHOSURFHVVRSURGXWWLYR
LOWLSRGLSURGRWWLWLSRGLPHQVLRQLFRPSRVL]LRQHFKLPLFD
OHFRQGL]LRQLJHQHUDOLGHOODIDEEULFD]LRQHHGHOO¶DSSURYYLJLRQDPHQWRGHOO¶DFFLDLRHGHOSURGRWWRLQWHUPHGLR
ELOOHWWHYHUJHOOD
ODGHVFUL]LRQHGHJOLLPSLDQWLGLSURGX]LRQH
O¶RUJDQL]]D]LRQHGHOFRQWUROORLQWHUQRGLTXDOLWjFRQO¶LQGLFD]LRQHGHLUHVSRQVDELOLD]LHQGDOL
LO/DERUDWRULR8IILFLDOHUHVSRQVDELOHGHOOHSURYHGLFRQWUROOR
&RQWUROORFRQWLQXRLQWHUQRGLTXDOLWjGHOODSURGX]LRQHFRQGRWWRVXEDVLVWDWLVWLFKH
9HULILFDSHULRGLFDGHOODTXDOLWjGDSDUWHGHL/DERUDWRUL8IILFLDOL
2JQLPHVLLSURGXWWRULGLFXLDOSULPRFRPPDVRQRWHQXWLLQROWUHDGLQYLDUHDO0LQLVWHURGHLODYRULSXEEOLFL
6HUYL]LRWHFQLFRFHQWUDOHLVHJXHQWLGRFXPHQWL
DXQDGLFKLDUD]LRQHDWWHVWDQWHODSHUPDQHQ]DGHOOHFRQGL]LRQLLQL]LDOLGLLGRQHLWjGHOSURFHVVRSURGXWWLYRH
GHOO¶RUJDQL]]D]LRQHGHOFRQWUROORLQWHUQRGLTXDOLWjROHHYHQWXDOLPRGLILFKH
ELULVXOWDWLGHLFRQWUROOLLQWHUQLHVHJXLWLQHJOLXOWLPLPHVLSHUFLDVFXQWLSRGLSURGRWWRGDFXLULVXOWLLO
TXDQWLWDWLYRGLSURGX]LRQHLOQXPHURGHOOHSURYHHO¶HODERUD]LRQHVWDWLVWLFDGHOOHWHQVLRQLGLVQHUYDPHQWRHGL
URWWXUD
FLULVXOWDWLGHLFRQWUROOLHVHJXLWLGDO/DERUDWRULR8IILFLDOHFHUWLILFDWLHORURHODERUD]LRQHQHOORVWHVVRSHULRGR
GLFXLDOSXQWRESHUOHSURYHPHFFDQLFKHHFKLPLFKH
GLOFRQWUROORGHOODULVSRQGHQ]DGHJOLLQGLFLGLDGHUHQ]DGLFXLDLSXQWLEHFDOOHSUHVFUL]LRQLGHOOHSUHVHQWL
QRUPH
HODGRFXPHQWD]LRQHGLFRQIRUPLWjVWDWLVWLFDVHFRQGRXQDPHWRGRORJLDFKHGHYHHVVHUHGLFKLDUDWDGHOOH
WHQVLRQLGLVQHUYDPHQWRHGLURWWXUDGLFXLDLSXQWLEHFWUDORURHFRQOHSUHVFUL]LRQLFRQWHQXWHQHOOHSUHVHQWL
QRUPHWHFQLFKH
,OPDQFDWRULVSHWWRGHOOHFRQGL]LRQLVRSUDLQGLFDWHDFFHUWDWRDQFKHDWWUDYHUVRVRSUDOOXRJKLSXzFRPSRUWDUHOD
GHFDGHQ]DGHOODTXDOLILFD]LRQH
7XWWHOHIRUQLWXUHGLDFFLDLRGHEERQRHVVHUHDFFRPSDJQDWHGDXQFHUWLILFDWRGL/DERUDWRULR8IILFLDOHULIHUHQWHVLDO
WLSRGLDUPDWXUDGLFXLWUDWWDVLHPDUFKLDWHVHFRQGRTXDQWRSUHVFULWWRLQ/DGDWDGHOFHUWLILFDWRGHYHHVVHUHQRQ
DQWHULRUHGLPHVLDTXHOODGLVSHGL]LRQH7DOHSHULRGRSXzHVVHUHSUROXQJDWRILQRDPHVLTXDORUDLOSURGXWWRUHDEELD
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
FRPXQLFDWRXIILFLDOPHQWHDO/DERUDWRULR8IILFLDOHLQFDULFDWRGHOFRQWUROORGLDYHUHVRVSHVRODSURGX]LRQHQHOTXDOFDVR
LOFHUWLILFDWRGRYUjHVVHUHDFFRPSDJQDWRGDFRSLDGLGHWWDFRPXQLFD]LRQH4XDORUDODVRVSHQVLRQHGHOODSURGX]LRQHVL
SURWUDJJDSHUROWUHPHVLODSURFHGXUDGLTXDOLILFD]LRQHGRYUjHVVHUHULSUHVDDELQLWLR
3URGRWWLSURYHQLHQWLGDOO¶HVWHUR
*OLDGHPSLPHQWLGLFXLDOSXQWRVLDSSOLFDQRDQFKHDLSURGRWWLSURYHQLHQWLGDOO¶HVWHUR
3HULSURGRWWLSURYHQLHQWLGD3DHVLGHOOD&RPXQLWjHFRQRPLFDHXURSHDQHLTXDOLVLDLQYLJRUHXQDFHUWLILFD]LRQHGL
LGRQHLWjWHFQLFDULFRQRVFLXWDGDOOHULVSHWWLYH$XWRULWjFRPSHWHQWLLOSURGXWWRUHSRWUjLQDOWHUQDWLYDDTXDQWRSUHYLVWRDO
SULPRFRPPDLQROWUDUHDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHGRPDQGDLQWHVDDGRWWHQHUHLO
WUDWWDPHQWRDOO¶HTXLYDOHQ]DGHOODSURFHGXUDDGRWWDWDQHO3DHVHGLRULJLQHGHSRVLWDQGRFRQWHVWXDOPHQWHODUHODWLYD
GRFXPHQWD]LRQHSHULSURGRWWLGDIRUQLUHFRQLOFRUULVSRQGHQWHPDUFKLR
/¶HTXLYDOHQ]DGHOODSURFHGXUDGLFXLDOSUHFHGHQWHFRPPDqVDQFLWDFRQGHFUHWRGHO0LQLVWHURGHLODYRULSXEEOLFL
VHQWLWRLO&RQVLJOLRVXSHULRUHGHLODYRULSXEEOLFL
&RQWUROOLLQFDQWLHUHRQHOOXRJRGLODYRUD]LRQHGHOOHEDUUH
,FRQWUROOLVRQRREEOLJDWRULHGHYRQRULIHULUVLDJOLVWHVVLJUXSSLGLGLDPHWULFRQWHPSODWLQHOOHSURYHDFDUDWWHUH
VWDWLVWLFRGLFXLDOSXQWRHDOOHJDWLHLQUDJLRQHGLVSH]]RQLPDUFKLDWLGLXQRVWHVVRGLDPHWURVFHOWRHQWUR
FLDVFXQJUXSSRGLGLDPHWULSHUFLDVFXQDSDUWLWDSUHVFHOWDVHPSUHFKpLOPDUFKLRHODGRFXPHQWD]LRQHGL
DFFRPSDJQDPHQWRGLPRVWULQRODSURYHQLHQ]DGHOPDWHULDOHGDXQRVWHVVRVWDELOLPHQWR,QFDVRFRQWUDULRLFRQWUROOL
GHYRQRHVVHUHHVWHVLDJOLDOWULGLDPHWULGHOODSDUWLWD/HSURYHVLHIIHWWXDQRSUHVVRXQ/DERUDWRULR8IILFLDOHHULJXDUGDQR
ODUHVLVWHQ]DHODGXWWLOLWj,YDORULFDUDWWHULVWLFLGHOOHJUDQGH]]HI\ RIHIW VLYDOXWDQRGHWUDHQGRGDOODPHGLDGHL
FRUULVSRQGHQWLYDORULULIHULWLDGXQRVWHVVRGLDPHWURULVSHWWLYDPHQWH1PP SHUI\ RIH1PP SHUIW
4XDORUDLOULVXOWDWRQRQVLDFRQIRUPHDTXHOORGLFKLDUDWRGDOSURGXWWRUHLOGLUHWWRUHGHLODYRULGLVSRUUjODULSHWL]LRQH
GHOODSURYDVXVHLXOWHULRULFDPSLRQLGHOORVWHVVRGLDPHWURLQWDOFDVRGDOOHPHGLHGHLQRYHYDORULVLGHWUDJJRQR
ULVSHWWLYDPHQWH1PP SHUI\ RIH1PP
2YHDQFKHGDWDOHDFFHUWDPHQWRLOLPLWLGLFKLDUDWLQRQULVXOWLQRULVSHWWDWLLOFRQWUROORGHYHHVWHQGHUVLSUHYLRDYYLVR
DOSURGXWWRUHDFDPSLRQLDSSOLFDQGRDLGDWLRWWHQXWLODIRUPXODJHQHUDOHYDOLGDSHUFRQWUROOLLQVWDELOLPHQWR&IU
$OOHJDWLH
/¶XOWHULRUHULVXOWDWRQHJDWLYRFRPSRUWDO¶LQLGRQHLWjGHOODSDUWLWDHODWUDVPLVVLRQHGHLULVXOWDWLDOSURGXWWRUHFKHVDUj
WHQXWRDIDUOLLQVHULUHWUDLULVXOWDWLGHLFRQWUROOLVWDWLVWLFLGHOODVXDSURGX]LRQH$QDORJKHQRUPHVLDSSOLFDQRDLFRQWUROOL
GLGXWWLOLWjDGHUHQ]DHGLVWDFFRDOQRGRVDOGDWRXQVLQJRORULVXOWDWRQHJDWLYRVXOSULPRSUHOLHYRFRPSRUWDO¶HVDPHGLVHL
QXRYLVSH]]RQLGHOORVWHVVRGLDPHWURXQXOWHULRUHVLQJRORULVXOWDWRQHJDWLYRFRPSRUWDO¶LQLGRQHLWjGHOODSDUWLWD
,QROWUHLOGLUHWWRUHGHLODYRULGRYUjFRPXQLFDUHLOULVXOWDWRDQRPDORVLDDO/DERUDWRULR8IILFLDOHLQFDULFDWRGHO
FRQWUROORLQVWDELOLPHQWRFKHDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOH
,FHUWLILFDWLUHODWLYLDOOHSURYHPHFFDQLFKHGHJOLDFFLDLGHYRQRULSRUWDUHO¶LQGLFD]LRQHGHOPDUFKLRLGHQWLILFDWLYRGL
FXLDOVXFFHVVLYRSXQWRULOHYDWRDFXUDGHO/DERUDWRULRLQFDULFDWRGHLFRQWUROOLVXLFDPSLRQLGDVRWWRSRUUHD
SURYH2YHLFDPSLRQLIRVVHURVSURYYLVWLGLWDOHPDUFKLRRSSXUHLOPDUFKLRQRQGRYHVVHULHQWUDUHIUDTXHOOLGHSRVLWDWL
SUHVVRLO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHGRYUjHVVHUHULSRUWDWDVSHFLILFDDQQRWD]LRQHVXO
FHUWLILFDWRGLSURYD
7ROOHUDQ]H
1HLFDOFROLVWDWLFLVLDGRWWDQRGLQRUPDOHVH]LRQLQRPLQDOL/HVH]LRQLHIIHWWLYHQRQGHYRQRULVXOWDUHLQIHULRULDO
GLTXHOOHQRPLQDOL
4XDORUDOHVH]LRQLHIIHWWLYHULVXOWDVVHURLQIHULRULDWDOHOLPLWHQHLFDOFROLVWDWLFLVLDGRWWHUDQQROHVH]LRQLHIIHWWLYH
3HUEDUUHDGDGHUHQ]DPLJOLRUDWDQRQqFRPXQTXHDPPHVVRVXSHUDUHOHWROOHUDQ]HLQGLFDWHQHOSURVSHWWR,
'LDPHWUR
1RPLQDOHPP
7ROOHUDQ]DLQ
VXOODVH]LRQH
DPPHVVDSHU
O¶LPSLHJR
“
“
7ROOHUDQ]DLQ
VXOODVH]LRQH
DPPHVVDSHU
“
'LDPHWUR
1RPLQDOHPP
O¶LPSLHJR
3URVSHWWR,
“
“
“
“
“
“
“
“
“
“
“
“
“
“
1HOO¶HODERUD]LRQHGHLULVXOWDWLVSHULPHQWDOLRWWHQXWLLQODERUDWRULRVLRSHUDFRPXQTXHVXOOHVH]LRQLHIIHWWLYHGHOOH
EDUUHOLVFHHVXOOHVH]LRQLGHOOHEDUUHHTXLSHVDQWLSHUEDUUHHILOLWUDILODWLDGDGHUHQ]DPLJOLRUDWD
3HULILOLGLDFFLDLRWUDILODWLHSHULILOLGHOOHUHWLHGHLWUDOLFFLODWROOHUDQ]DVXOOHVH]LRQLDPPHVVHSHUO¶LPSLHJRqGL“
SHUWXWWLLGLDPHWUL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
0$5&+,$785$3(5,'(17,),&$=,21( 7XWWLLSURGXWWRULGLEDUUHOLVFHRDGDGHUHQ]DPLJOLRUDWDGLILOLGLUHWLHGLWUDOLFFLGHYRQRSURFHGHUHDGXQD
PDUFKLDWXUDGHOSURGRWWRIRUQLWRGDOODTXDOHULVXOWLLQPRGRLQHTXLYRFDELOHLOULIHULPHQWRDOO¶$]LHQGDSURGXWWULFHDOOR
6WDELOLPHQWRDOWLSRGLDFFLDLRHGDOODVXDHYHQWXDOHVDOGDELOLWj
$WDOLSURGXWWRULqIDWWRREEOLJRGLGHSRVLWDUHLOPDUFKLRQHUYDWXUDHPDUFKLDWXUDSUHVVRLO0LQLVWHURGHLODYRUL
SXEEOLFL6HUYL]LRWHFQLFRFHQWUDOH
$FFLDLRGDFHPHQWRDUPDWRSUHFRPSUHVVR
*(1(5$/,7¬
/HSUHVFUL]LRQLVHJXHQWLVLULIHULVFRQRDJOLDFFLDLSHUDUPDWXUHGDSUHFRPSUHVVLRQHIRUQLWLVRWWRIRUPDGL
)LORSURGRWWRWUDILODWRGLVH]LRQHSLHQDFKHSRVVDIRUQLUVLLQURWROL
%DUUDSURGRWWRODPLQDWRGLVH]LRQHSLHQDFKHSRVVDIRUQLUVLVROWDQWRLQIRUPDGLHOHPHQWLUHWWLOLQHL
7UHFFLDJUXSSLGLHILOLDYYROWLDGHOLFDLQWRUQRDOORURFRPXQHDVVHORQJLWXGLQDOHSDVVRHVHQVRGL
DYYROJLPHQWRGHOO¶HOLFDVRQRHJXDOLSHUWXWWLLILOLGHOODWUHFFLD
7UHIRORJUXSSLGLILOLDYYROWLDGHOLFDLQXQRRSLVWUDWLLQWRUQRDGXQILORUHWWLOLQHRGLVSRVWRVHFRQGRO¶DVVH
ORQJLWXGLQDOHGHOO¶LQVLHPHHFRPSOHWDPHQWHULFRSHUWRGDJOLVWUDWL,OSDVVRHGLOVHQVRGLDYYROJLPHQWRGHOO¶HOLFDVRQR
HJXDOLSHUWXWWLLILOLGLXQRVWHVVRVWUDWR
,ILOLSRVVRQRHVVHUHOLVFLRQGXODWLFRQLPSURQWHWRQGLRGLDOWUHIRUPHYHQJRQRLQGLYLGXDWLPHGLDQWHLOGLDPHWUR
QRPLQDOHRLOGLDPHWURQRPLQDOHHTXLYDOHQWHULIHULWRDOODVH]LRQHFLUFRODUHHTXLSHVDQWH1RQqFRQVHQWLWRO¶XVRGLILOL
OLVFLQHOOHVWUXWWXUHSUHFRPSUHVVHDGDUPDWXUHSUHWHVH
/HEDUUHSRVVRQRHVVHUHOLVFHDILOHWWDWXUDFRQWLQXDRSDU]LDOHFRQULVDOWLYHQJRQRLQGLYLGXDWHPHGLDQWHLOGLDPHWUR
QRPLQDOH
&20326,=,21(&+,0,&$ ,OSURGXWWRUHGHYHFRQWUROODUHODFRPSRVL]LRQHFKLPLFDHODVWUXWWXUDPHWDOORJUDILFDDOILQHGLJDUDQWLUHOHSURSULHWj
PHFFDQLFKHSUHVFULWWH
*5$1'(==(*(20(75,&+((0(&&$1,&+( &21752//,
/HJUDQGH]]HTXLGLVHJXLWRHOHQFDWH‘$ISWNIS\NISNISNO(S1DƒHGHYHQWXDOPHQWH/ HU GHEERQR
IDUHRJJHWWRGLJDUDQ]LDGDSDUWHGHOSURGXWWRUHHGLFRUULVSRQGHQWLYDORULJDUDQWLWLILJXUDUHQHOFDWDORJRGHOSURGXWWRUH
VWHVVR
,OFRQWUROORVDUjHVHJXLWRVHFRQGROHPRGDOLWjHOHSUHVFUL]LRQLLQGLFDWHQHLSXQWLVXFFHVVLYLHQHOO¶$OOHJDWR
3HUWDQWRLYDORULGHOOHJUDQGH]]H
‘$(S VDUDQQRFRQIURQWDWLFRQTXHOOLFKHGHULYDQRGDOO¶DSSOLFD]LRQHDLYDORULQRPLQDOLGHOOHWROOHUDQ]H
SUHVFULWWHULVSHWWLYDPHQWHDLSXQWLHGHOO¶$OOHJDWR
ISWNIS\NISNISNRWWHQXWLDSSOLFDQGRDLYDORULVLQJROLGLISWIS\ISISOHIRUPXOHGLFXLDLSXQWLH
GHOO¶$OOHJDWRVDUDQQRFRQIURQWDWLFRQLFRUULVSRQGHQWLYDORULJDUDQWLWLFKHILJXUDQRQHOFDWDORJRGHO
SURGXWWRUH
O1D ƒVDUDQQRFRQIURQWDWLFRQTXHOOLSUHVFULWWLULVSHWWLYDPHQWHDLSXQWLHGHOO¶$OOHJDWR
/ HU VDUDQQRFRQIURQWDWLFRQLYDORULFKHHYHQWXDOPHQWHILJXUDQRQHOFDWDORJRGHOSURGXWWRUH
6LSUHQGHUjLQROWUHLQFRQVLGHUD]LRQHODIRUPDGHOGLDJUDPPDVIRU]LGHIRUPD]LRQL
/HSUHVHQWLQRUPHSUHYHGRQRGXHIRUPHGLFRQWUROOR
FRQWUROOLREEOLJDWRULQHOORVWDELOLPHQWRGLSURGX]LRQH
FRQWUROOLIDFROWDWLYLLQFDQWLHUHRQHOOXRJRGLIRUPDWXUDGHLFDYL
,FRQWUROOLHVHJXLWLLQVWDELOLPHQWRVLULIHULVFRQRDORWWLGLIDEEULFD]LRQH,FRQWUROOLHVHJXLWLLQFDQWLHUHVLULIHULVFRQR
DORWWLGLVSHGL]LRQH
/RWWLGLVSHGL]LRQHORWWLDOPDVVLPRGLWVSHGLWLLQXQ¶XQLFDYROWDFRVWLWXLWLGDSURGRWWLDYHQWLJUDQGH]]H
QRPLQDOLRPRJHQHHGLPHQVLRQDOLPHFFDQLFKHGLIRUPD]LRQH
/RWWLGLIDEEULFD]LRQHVLULIHULVFRQRDSURGX]LRQHFRQWLQXDRUGLQDWDFURQRORJLFDPHQWHPHGLDQWHDSSRVL]LRQHGL
FRQWUDVVHJQLDOSURGRWWRILQLWRQXPHURGLURWRORILQLWRGHOODERELQDGLWUHIRORHGHOIDVFLRGLEDUUH8QORWWRGL
IDEEULFD]LRQHGHYHDYHUHJUDQGH]]HQRPLQDOLRPRJHQHHGLPHQVLRQDOLPHFFDQLFKHGLIRUPD]LRQHHGHVVHUHFRPSUHVR
WUDHWRQQHOODWH
,OSURGXWWRUHGRYUjDFFRPSDJQDUHWXWWHOHVSHGL]LRQLFRQXQSURSULRFHUWLILFDWRGLFRQWUROORULIHUHQWHVLDGXQQXPHUR
GLSURYHDOPHQRSDULDTXHOORLQGLFDWRQHOODFRORQQDGHOODWDEHOODGHOO¶$OOHJDWR
$LSURGXWWRULGLDFFLDLRSHUFDSqIDWWRREEOLJRGLWHQHUHGHSRVLWDWRSUHVVRLO0LQLVWHURGHLODYRULSXEEOLFL
6HUYL]LRWHFQLFRFHQWUDOHLOFDWDORJRDJJLRUQDWRGHOODSURGX]LRQHFRQWHQHQWHWXWWLLGDWLWHFQLFLVHFRQGROHSUHVFUL]LRQL
GHOOHSUHVHQWLQRUPH
3HUODTXDOLILFD]LRQHGHOODSURGX]LRQHLSURGXWWRULGHYRQRVRWWRSRUVLDJOLDGHPSLPHQWLTXLGLVHJXLWRVSHFLILFDWLH
SURGXUUHODGRFXPHQWD]LRQHUHODWLYDDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHFKHQRWLILFDDOSURGXWWRUH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
O¶DYYHQXWRGHSRVLWRHGDFFHUWDODYDOLGLWjHODULVSRQGHQ]DGHOODGRFXPHQWD]LRQHVWHVVDDQFKHDWWUDYHUVRVRSUDOOXRJKL
ULODVFLDQGRDSSRVLWRDWWHVWDWR
'LPRVWUD]LRQHGHOO¶LGRQHLWjGHOSURFHVVRSURGXWWLYR
LOWLSRGLSURGRWWLWLSRGLPHQVLRQLFRPSRVL]LRQHFKLPLFD
OHFRQGL]LRQLJHQHUDOLGHOODIDEEULFD]LRQHHGHOO¶DSSURYYLJLRQDPHQWRGHOO¶DFFLDLRHGHOSURGRWWRLQWHUPHGLR
ELOOHWWHYHUJHOOD
ODGHVFUL]LRQHGHJOLLPSLDQWLGLSURGX]LRQH
O¶RUJDQL]]D]LRQHGHOFRQWUROORLQWHUQRGLTXDOLWjFRQO¶LQGLFD]LRQHGHLUHVSRQVDELOLD]LHQGDOL
LO/DERUDWRULR8IILFLDOHUHVSRQVDELOHGHOOHSURYHGLFRQWUROOR
&RQWUROORFRQWLQXRLQWHUQRGLTXDOLWjGHOODSURGX]LRQHFRQGRWWRVXEDVLVWDWLVWLFKH
9HULILFDSHULRGLFDGHOODTXDOLWjGDSDUWHGHL/DERUDWRUL8IILFLDOL
2JQLPHVLLSURGXWWRULVRQRWHQXWLLQROWUHDGLQYLDUHDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHL
VHJXHQWLGRFXPHQWL
D XQDGLFKLDUD]LRQHDWWHVWDQWHODSHUPDQHQ]DGHOOHFRQGL]LRQLLQL]LDOLGLLGRQHLWjGHOSURFHVVRSURGXWWLYRH
GHOO¶RUJDQL]]D]LRQHGHOFRQWUROORLQWHUQRGLTXDOLWjROHHYHQWXDOLPRGLILFKH
E LULVXOWDWLGHLFRQWUROOLLQWHUQLHVHJXLWLQHJOLXOWLPLPHVLSHUFLDVFXQWLSRGLSURGRWWRGDFXLULVXOWLLO
TXDQWLWDWLYRGLSURGX]LRQHLOQXPHURGHOOHSURYHHO¶HODERUD]LRQHVWDWLVWLFDGHOOHWHQVLRQLOLPLWHHGLURWWXUD
F LULVXOWDWLGHLFRQWUROOLHVHJXLWLGDO/DERUDWRULR8IILFLDOHFHUWLILFDWLHORURHODERUD]LRQHQHOORVWHVVRSHULRGRGL
FXLDOSXQWRESHUOHSURYHPHFFDQLFKHHFKLPLFKH
G ODGRFXPHQWD]LRQHGLFRQIRUPLWjVWDWLVWLFDVHFRQGRXQDPHWRGRORJLDFKHGHYHHVVHUHGLFKLDUDWDGHOOHWHQVLRQL
OLPLWHHGLURWWXUDGLFXLDLSXQWLEHFWUDORURHFRQOHSUHVFUL]LRQLFRQWHQXWHQHOOHSUHVHQWLQRUPHWHFQLFKH
H LOFRQWUROORGHOODULVSRQGHQ]DGHOOHYHULILFKHGLULODVVDPHQWRHGLIDWLFDTXDORUDSHUWDOLJUDQGH]]HVLDVWDWD
ULFKLHVWDODTXDOLILFD]LRQHGLFXLDLSXQWLEHFDOOHSUHVFUL]LRQLGHOOHSUHVHQWLQRUPH
,OPDQFDWRULVSHWWRGHOOHFRQGL]LRQLVRSUDLQGLFDWHDFFHUWDWRDQFKHDWWUDYHUVRVRSUDOOXRJKLSXzFRPSRUWDUHOD
GHFDGHQ]DGHOODTXDOLILFD]LRQH
&RQWUROOLLQVWDELOLPHQWR
,SURGXWWRULGLDFFLDLSHUDUPDWXUHGDSUHFRPSUHVVLRQHGHEERQRVRWWRSRUUHODORURSURGX]LRQHSUHVVRLSURSUL
VWDELOLPHQWLDSURYHDFDUDWWHUHVWDWLVWLFRVHJXHQGROHSUHVFUL]LRQLGLFXLDOSXQWR
,SURGXWWRULGRYUDQQRFRQWUDVVHJQDUHFURQRORJLFDPHQWHODORURSURGX]LRQHQXPHUDQGRLORWWLGLIDEEULFD]LRQH3HU
FLDVFXQORWWRVDUDQQRWHQXWLDGHVHJXLUHSUHVVRORVWDELOLPHQWRGLSURGX]LRQHFRQWUROOLFRQWLQXDWLYLJHRPHWULFLH
PHFFDQLFLGHLTXDOLULSRUWHUDQQRLULVXOWDWLLQDSSRVLWLUHJLVWUL
7XWWHOHIRUQLWXUHGLDFFLDLRGHEERQRHVVHUHDFFRPSDJQDWHGDXQFHUWLILFDWRGLXQ/DERUDWRULR8IILFLDOHULIHUHQWHVLDO
WLSRGLDUPDWXUDGLFXLWUDWWDVLHPXQLWHGLXQVLJLOORVXOOHOHJDWXUHFRQLOPDUFKLRGHOSURGXWWRUHVHFRQGRTXDQWR
LQGLFDWRDOSXQWR/DGDWDGHOFHUWLILFDWRGHYHHVVHUHQRQDQWHULRUHGLPHVLDOODGDWDGLVSHGL]LRQH/LPLWDWDPHQWH
DOODUHVLVWHQ]DDIDWLFDHDOULODVVDPHQWRLOFHUWLILFDWRqXWLOL]]DELOHVHKDGDWDQRQDQWHULRUHGLXQDQQRDOODGDWDGL
VSHGL]LRQH
7DOHSHULRGRSXzHVVHUHSUROXQJDWRILQRDPHVLTXDORUDLOSURGXWWRUHDEELDFRPXQLFDWRXIILFLDOPHQWHDO
ODERUDWRULRLQFDULFDWRGHOFRQWUROORGLDYHUHVRVSHVRODSURGX]LRQHQHOTXDOFDVRLOFHUWLILFDWRGRYUjHVVHUH
DFFRPSDJQDWRGDFRSLDGLGHWWDFRPXQLFD]LRQH
4XDORUDODVRVSHQVLRQHGHOODSURGX]LRQHVLSUROXQJKLSHUROWUHPHVLODSURFHGXUDGLTXDOLILFD]LRQHGRYUjHVVHUH
ULSUHVDDELQLWLR
,OFHUWLILFDWRSXzHVVHUHXWLOL]]DWRVHQ]DOLPLWD]LRQHGLWHPSRSHULORWWLFXLVLULIHULVFRQROHSURYHFLWDWHQHO
FHUWLILFDWRVWHVVR
&RQWUROOLLQFDQWLHUHRQHOOXRJRGLIRUPD]LRQHGHLFDYL
,OGLUHWWRUHGHLODYRULLQFDQWLHUHRLOWHFQLFRUHVSRQVDELOHGHOO¶RIILFLQDGLIRUPD]LRQHGHLFDYLFKHDVVXPHDWDOH
ULJXDUGROHUHVSRQVDELOLWjDWWULEXLWHGDOODOHJJHDOGLUHWWRUHGHLODYRULGHYHFRQWUROODUHFKHVLSRVVDQRLQGLYLGXDUHLQ
PRGRLQFRQWURYHUWLELOHO¶RULJLQHHOHFDUDWWHULVWLFKHGHOPDWHULDOH(¶LQROWUHUHVSRQVDELOLWjGHOWHFQLFRUHVSRQVDELOH
GHOO¶RIILFLQDGLIRUPD]LRQHGHLFDYLGLGRFXPHQWDUHDOGLUHWWRUHGHLODYRULODSURYHQLHQ]DHOHFDUDWWHULVWLFKHHGLO
PDUFKLRGHOPDWHULDOHVWHVVR
4XDORUDLOGLUHWWRUHGHLODYRULRLOWHFQLFRUHVSRQVDELOHGHOO¶RIILFLQDGLIRUPD]LRQHGHLFDYLULWHQHVVHGLULFRQWUROODUH
IRUQLWXUHGLDFFLDLFKHULVSRQGDQRDLUHTXLVLWLGLFXLVRSUDYDOJRQROHVHJXHQWLQRUPH
(IIHWWXDWRXQSUHOLHYRLQFDQWLHUHRQHOOXRJRGLIRUPD]LRQHGHLFDYLGLGLHFLVDJJLSURYHQLHQWLGDXQDVWHVVD
IRUQLWXUDHGDSSDUWHQHQWLDGXQDVWHVVDFDWHJRULDVLGHWHUPLQDQRPHGLDQWHSURYHHIIHWWXDWHSUHVVRXQ/DERUDWRULR
8IILFLDOHLFRUULVSRQGHQWLYDORULPHGLJPQGLISWIS\ISISHGLUHODWLYLVFDUWLTXDGUDWLFLPHGLVQ HVLFRQWUROODQR
LQROWUHOHJUDQGH]]H‘$1O(SDƒ
,ULVXOWDWLGHOOHSURYHYHQJRQRFRQVLGHUDWLFRPSDWLELOLFRQTXHOOLRWWHQXWLLQVWDELOLPHQWRVHOHJUDQGH]]H‘$1O
(SDƒULVSHWWDQROHSUHVFUL]LRQLGLFXLDOO¶$OOHJDWRSXQWRHVH
SHUOHWHQVLRQLGLURWWXUDISW
J PQ t I SWN
VQ d I SWN
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
SHUOHJUDQGH]]DIS\ISIS
J PQ
VQ
­ I S N
°
t ® I S N
°̄ I
S\N
­ I S N
°
d ® I S N
°̄ I
S\N
QHOOHTXDOLLYDORULFDUDWWHULVWLFLVRQRTXHOOLJDUDQWLWLFKHILJXUDQRQHOFDWDORJRGHOSURGXWWRUH
6HWDOLGLVHJXDJOLDQ]HQRQVRQRYHULILFDWHRVHQRQVRQRULVSHWWDWHOHSUHVFUL]LRQLGLFXLDOO¶$OOHJDWRVL
ULSHWHUDQQRSUHYLRDYYLVRDOSURGXWWRUHOHSURYHVXDOWULVDJJL
/¶XOWHULRUHULVXOWDWRQHJDWLYRFRPSRUWDO¶LQLGRQHLWjGHOODSDUWLWDHODWUDVPLVVLRQHGHLULVXOWDWLDOSURGXWWRUHFKHVDUj
WHQXWRDIDUOLLQVHULUHWUDLULVXOWDWLGHLFRQWUROOLVWDWLVWLFLGHOODVXDSURGX]LRQH
,QROWUHLOGLUHWWRUHGHLODYRULGRYUjFRPXQLFDUHLOULVXOWDWRDQRPDORVLDDO/DERUDWRULR8IILFLDOHLQFDULFDWRGHO
FRQWUROORLQVWDELOLPHQWRFKHDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOH
,FHUWLILFDWLUHODWLYLDOOHSURYHPHFFDQLFKHGHJOLDFFLDLGHYRQRULSRUWDUHO¶LQGLFD]LRQHGHOPDUFKLRLGHQWLILFDWLYRGL
FXLDOVXFFHVVLYRSXQWRUHODWLYRDFXUDGHO/DERUDWRULRLQFDULFDWRGHLFRQWUROOLVXLFDPSLRQLGDVRWWRSRUUHD
SURYH2YHLFDPSLRQLIRVVHURVSURYYLVWLGLWDOHPDUFKLRRSSXUHLOPDUFKLRQRQGRYHVVHULHQWUDUHIUDTXHOOLGHSRVLWDWL
SUHVVRLO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHGRYUjHVVHUHULSRUWDWDVSHFLILFDDQQRWD]LRQHVXO
FHUWLILFDWRGLSURYD
3URGRWWLSURYHQLHQWLGDOO¶HVWHUR
*OLDGHPSLPHQWLGLFXLDLSXQWLHVLDSSOLFDQRDQFKHDLSURGRWWLSURYHQLHQWLGDOO¶HVWHUR
3HULSURGRWWLSURYHQLHQWLGD3DHVLGHOOD&RPXQLWjHFRQRPLFDHXURSHDQHLTXDOLVLDLQYLJRUHXQDFHUWLILFD]LRQHGL
LGRQHLWjWHFQLFDULFRQRVFLXWDGDOOHULVSHWWLYH$XWRULWjFRPSHWHQWLLOSURGXWWRUHSRWUjLQDOWHUQDWLYDDTXDQWRSUHYLVWRDO
SULPRFRPPDLQROWUDUHDO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHGRPDQGDLQWHVDDGRWWHQHUHLO
ULFRQRVFLPHQWRGHOO¶HTXLYDOHQ]DGHOODSURFHGXUDDGRWWDWDQHO3DHVHGLRULJLQHGHSRVLWDQGRFRQWHVWXDOPHQWHODUHODWLYD
GRFXPHQWD]LRQHSHULSURGRWWLGDIRUQLUHFRQLOFRUULVSRQGHQWHPDUFKLR
/¶HTXLYDOHQ]DGHOODSURFHGXUDGLFXLDOSUHFHGHQWHFRPPDqVDQFLWDFRQGHFUHWRGHO0LQLVWHURGHLODYRULSXEEOLFL
VHQWLWRLO&RQVLJOLRVXSHULRUHGHLODYRULSXEEOLFL
5(48,6,7,
*OLDFFLDLSRVVRQRHVVHUHIRUQLWLLQURWROLILOLWUHFFHWUHIROLLQERELQHWUHIROLLQIDVFLEDUUH
,ILOLGHEERQRHVVHUHIRUQLWLLQURWROLGLGLDPHWURWDOHFKHDOO¶DWWRGHOORVYROJLPHQWRDOOXQJDWLDOVXRORVXXQWUDWWRGL
PQRQSUHVHQWLQRFXUYDWXUDFRQIUHFFLDVXSHULRUHDPPLOSURGXWWRUHGHYHLQGLFDUHLOGLDPHWURPLQLPRGL
DYYROJLPHQWR
&LDVFXQURWRORGLILOROLVFLRRQGXODWRRFRQLPSURQWHGRYUjHVVHUHHVHQWHGDVDOGDWXUH
6RQRDPPHVVHOHVDOGDWXUHGLILOLGHVWLQDWLDOODIDEEULFD]LRQHGLWUHFFHHGLWUHIROLVHHIIHWWXDWHSULPDGHOOD
WUDILODWXUDSHUWUHIROLVRQRDPPHVVHVDOGDWXUHDQFKHGXUDQWHO¶RSHUD]LRQHGLFRUGDWXUDSXUFKpWDOLVDOGDWXUHVLDQR
RSSRUWXQDPHQWHGLVWDQ]LDWHHVIDOVDWH
&RQGL]LRQLGHJOLDFFLDLDOO¶DWWRGHOODSRVDLQRSHUD
$OO¶DWWRGHOODSRVDLQRSHUDJOLDFFLDLGHYRQRSUHVHQWDUVLSULYLGLRVVLGD]LRQHFRUURVLRQHGLIHWWLVXSHUILFLDOLYLVLELOL
SLHJKH
ÊWROOHUDWDXQ¶RVVLGD]LRQHFKHVFRPSDLDWRWDOPHQWHPHGLDQWHVIUHJDPHQWRFRQXQSDQQRDVFLXWWR
1RQqDPPHVVDLQFDQWLHUHDOFXQDRSHUD]LRQHGLUDGGUL]]DPHQWR
3UHOLHYRGHLVDJJL
,VDJJLGHVWLQDWLDLFRQWUROOLQRQGHEERQRHVVHUHDYYROWLFRQGLDPHWURLQIHULRUHDTXHOORGHOODERELQDRURWRORGL
SURYHQLHQ]D
,VDJJLGHEERQRHVVHUHSUHOHYDWLFRQOHOXQJKH]]HULFKLHVWHGDO/DERUDWRULR8IILFLDOHGLGHVWLQD]LRQHHGLQQXPHUR
VXIILFLHQWHSHUHVHJXLUHHYHQWXDOLSURYHGLFRQWUROORVXFFHVVLYH
,VDJJLGHEERQRHVVHUHDGHJXDWDPHQWHSURWHWWLQHOWUDVSRUWR
0$5&+,$785$3(5,'(17,),&$=,21( 7XWWLLSURGXWWRULGLDFFLDLRSHUDUPDWXUDGDSUHFRPSUHVVLRQHGHEERQRPXQLUHOHORURIRUQLWXUHGLXQVLJLOORQHOOH
OHJDWXUHFRQWHQHQWHLOPDUFKLRGHOSURGXWWRUHGDFXLULVXOWLLQPRGRLQHTXLYRFDELOHLOULIHULPHQWRDOO¶$]LHQGD
SURGXWWULFHDOOR6WDELOLPHQWRDOOHFDUDWWHULVWLFKHGHOO¶DFFLDLR
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
$WDOLSURGXWWRULqIDWWRREEOLJRGLGHSRVLWDUHLOPDUFKLRSUHVVRLO0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFR
FHQWUDOH
&$'87(',7(16,21(3(55,/$66$0(172 ,QDVVHQ]DGLGDWLVSHULPHQWDOLDIIHUHQWLDOORWWRFRQVLGHUDWRODFDGXWDGLWHQVLRQHSHUULODVVDPHQWRDWHPSRLQILQLWR
'VUf DGXQDWHPSHUDWXUDGLƒ&HSHUXQDWHQVLRQHLQL]LDOHVVSL ISWNSXzDVVXPHUVLSDULDLVHJXHQWLYDORUL
'VUf
WLSRGLDUPDWXUD
)LORWUDILODWR
VVSL
7UHFFLD
VVSL
7UHIROR
VVSL
%DUUDODPLQDWD
VVSL
6LDPPHWWHFKHDOYDULDUHGHOODWHQVLRQHLQL]LDOHODFDGXWDSHUULODVVDPHQWRYDULFRQOHJJHSDUDEROLFDHFKHLO
UHODWLYRGLDJUDPPDWUDFFLDWRLQIXQ]LRQHGLVVSLDEELDRUGLQDWDQXOODHWDQJHQWHRUL]]RQWDOHSHUVVSL ISWN
/DFDGXWDDWHPSRLQILQLWRSXzDOWUHVuYDOXWDUVLSDUWHQGRGDOODPHGLDGHOOHFDGXWHPLVXUDWHVXDOPHQRGXHFDPSLRQL
VRWWRSRVWLDSURYHGLULODVVDPHQWRDRUHDSSOLFDQGRO¶HVSUHVVLRQH
'V Uf
'V U V VSL I SWN YDOLGD SHU
6LRSHUHUjGLUHJRODFRQ
V VSL
V VSL t I SWN I SWN
HLQPDQFDQ]DGLSLSUHFLVLGDWLVSHULPHQWDOLVLDPPHWWHUjFKHODFDGXWDYDULLQIXQ]LRQHGLVVSLFRQODVXGGHWWD
OHJJHSDUDEROLFD3DUWHQGRGDLULVXOWDWLGLSURYDDRUHQRQSRVVRQRFRPXQTXHDVVXPHUVLFDGXWHLQIHULRULDOODPHWjGL
TXHOOHLQGLFDWHQHOSUHFHGHQWHFDSRYHUVR
3HUOHEDUUHVLULVSHWWHUjFRPXQTXHLOOLPLWHVVSLd IS\N
4XDORUDVLGLVSRQJDGLSURYHDOXQJDGXUDWDODFDGXWDSHUULODVVDPHQWRDWHPSRLQILQLWR
'V Uf
'V UW & 'V UW 'V U GRYH'VU H'VUWVRQRULVSHWWLYDPHQWHOHFDGXWHSHUULODVVDPHQWRGLFDWDORJRSHURUHHSHUWHPSRW t RUH& qXQFRHIILFLHQWHGDWRGDOODVHJXHQWHWDEHOOD
W LQRUH
&
3HUWHQHUHFRQWRGHOO¶LQIOXHQ]DGHOYDORUHGHOODWHQVLRQHLQL]LDOHVLSRWUjVLDRSHUDUHSHUVVSL ISWNHGDGRWWDUHOD
OHJJHGLYDULD]LRQHSDUDEROLFDVRSUDLQGLFDWDVLDRSHUDUHVXOOHWUHWHQVLRQLISWNISWNISWNHGHGXUQHXQD
OHJJHGLYDULD]LRQHVSHULPHQWDOH
,OULODVVDPHQWRGLDUPDWXUHFKHVXELVFRQRXQFLFORWHUPLFRGRSRODPHVVDLQWHQVLRQHqRSSRUWXQRYHQJDYDOXWDWR
VSHULPHQWDOPHQWH
&2//$8'267$7,&2
3UHVFUL]LRQLJHQHUDOL
,OFROODXGRGLFXLDOO¶DUWGHOODOHJJHQRYHPEUHQROWUHDOFRQWUROORGHOFRUUHWWRDGHPSLPHQWRGHOOH
SUHVFUL]LRQLIRUPDOLGLFXLDJOLDUWWHGHOODPHGHVLPDOHJJHQRQFKpGHOO¶DUWRYHLOFROODXGRVLDVWDWRDIILGDWRLQ
FRUVRG¶RSHUDGRYUjFRPSUHQGHUHLVHJXHQWLDGHPSLPHQWLWHFQLFL
D LVSH]LRQHJHQHUDOHGHOO¶RSHUDQHOVXRFRPSOHVVRFRQSDUWLFRODUHULJXDUGRDTXHOOHVWUXWWXUHRSDUWLGLVWUXWWXUH
SLVLJQLILFDWLYHGDFRQIURQWDUHFRQLGLVHJQLHVHFXWLYLGHSRVLWDWLLQFDQWLHUH
E HVDPHGHLFHUWLILFDWLGHOOHSURYHVXLPDWHULDOLDUWLFRODWR
QHOO¶DFFHUWDPHQWRGHOQXPHURGHLSUHOLHYLHIIHWWXDWLHGHOODVXDFRQIRUPLWjDOSUHVHQWHGHFUHWRDTXDQWR
ILVVDWRGDJOLDOOHJDWLGHOORVWHVVR
QHOFRQWUROORFKHLULVXOWDWLHODERUDWLGHOOHSURYHVLDQRFRPSDWLELOLFRQLFULWHULGLDFFHWWD]LRQHILVVDWLQHL
VRSUDFLWDWLDOOHJDWL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
F HVDPHGHLFHUWLILFDWLGLFXLDLSXQWLH
G FRQWUROORGHLYHUEDOLGHOOHHYHQWXDOLSURYHGLFDULFRIDWWHHVHJXLUHGDOGLUHWWRUHGHLODYRUL
H HVDPHGHOO¶LPSRVWD]LRQHJHQHUDOHGHOODSURJHWWD]LRQHVWUXWWXUDOHGHJOLVFKHPLGLFDOFRORHGHOOHD]LRQL
FRQVLGHUDWH
,QROWUHQHOO¶DPELWRGHOODSURSULDGLVFUH]LRQDOLWjLOFROODXGDWRUHSRWUjULFKLHGHUH
$ GLHIIHWWXDUHTXHJOLDFFHUWDPHQWLXWLOLSHUIRUPDUVLLOFRQYLQFLPHQWRGHOODVLFXUH]]DGHOO¶RSHUDTXDOL
SURYHGLFDULFRGDHVHJXLUVLVHFRQGROHPRGDOLWjSUHYLVWHQHOVXFFHVVLYRSXQWR
VDJJLGLUHWWLVXLFRQJORPHUDWLFRQSUHOLHYLGLFDPSLRQLHFRQWUROORGHOOHDUPDWXUH
FRQWUROOLQRQGLVWUXWWLYLVXOOHVWUXWWXUH
% GRFXPHQWD]LRQLLQWHJUDWLYHGLSURJHWWR
3URYHGLFDULFR
/HSURYHGLFDULFRRYHULWHQXWHQHFHVVDULHGDOFROODXGDWRUHULVSHWWHUDQQROHPRGDOLWjVRWWRLQGLFDWHHQRQSRWUDQQR
DYHUHOXRJRSULPDFKHVLDVWDWDUDJJLXQWDODUHVLVWHQ]DFKHFDUDWWHUL]]DODFODVVHGLFRQJORPHUDWRSUHYLVWDHLQPDQFDQ]D
GLSUHFLVLDFFHUWDPHQWLDOULJXDUGRQRQSULPDGLJLRUQLGDOODXOWLPD]LRQHGHOJHWWR
,OSURJUDPPDGHOOHSURYHGHYHHVVHUHVRWWRSRVWRDOGLUHWWRUHGHLODYRULHGDOSURJHWWLVWDHUHVRQRWRDOFRVWUXWWRUH
/HSURYHGLFDULFRVLGHYRQRVYROJHUHFRQOHPRGDOLWjLQGLFDWHGDOFROODXGDWRUHFKHVHQHDVVXPHODSLHQD
UHVSRQVDELOLWjPHQWUHSHUTXDQWRULJXDUGDODORURPDWHULDOHDWWXD]LRQHHLQSDUWLFRODUHSHUOHHYHQWXDOLSXQWHOOD]LRQL
SUHFDX]LRQDOLqUHVSRQVDELOHLOGLUHWWRUHGHLODYRUL
,FDULFKLGLSURYDGHYRQRHVVHUHGLUHJRODWDOLGDLQGXUUHOHVROOHFLWD]LRQLPDVVLPHGLHVHUFL]LRSHUFRPELQD]LRQL
UDUH,QUHOD]LRQHDOWLSRGHOODVWUXWWXUDHGDOODQDWXUDGHLFDULFKLOHSURYHGHYRQRHVVHUHFRQYHQLHQWHPHQWHSURWUDWWHQHO
WHPSR
/¶HVLWRGHOODSURYDSRWUjHVVHUHYDOXWDWRVXOODEDVHGHLVHJXHQWLHOHPHQWL
OHGHIRUPD]LRQLVLDFFUHVFDQRDOO¶LQFLUFDSURSRU]LRQDOPHQWHDLFDULFKL
QHOFRUVRGHOODSURYDQRQVLVLDQRSURGRWWHOHVLRQLGLVVHVWLRGHIRUPD]LRQLFKHFRPSURPHWWDQRODVLFXUH]]DROD
FRQVHUYD]LRQHGHOO¶RSHUD
ODGHIRUPD]LRQHUHVLGXDGRSRODSULPDDSSOLFD]LRQHGHOFDULFRPDVVLPRQRQVXSHULXQDTXRWDSDUWHGLTXHOOD
WRWDOHFRPPLVXUDWDDLSUHYHGLELOLDVVHVWDPHQWLLQL]LDOLGLWLSRDQHODVWLFRGHOODVWUXWWXUDRJJHWWRGHOODSURYD1HO
FDVRLQYHFHFKHWDOHOLPLWHYHQJDVXSHUDWRSURYHGLFDULFRVXFFHVVLYHDFFHUWLQRFKHODVWUXWWXUDWHQGDDGXQ
FRPSRUWDPHQWRHODVWLFR
ODGHIRUPD]LRQHHODVWLFDULVXOWLQRQPDJJLRUHGLTXHOODFDOFRODWD
1HOFDOFRORVLWHUUjFRQWRGLTXDQWRLQGLFDWRDOSXQWRHGHOODHYHQWXDOHSUHVHQ]DGLPLFURIHVVXUD]LRQLGHO
FDOFHVWUX]]R
4XDQGROHRSHUHVLDQRXOWLPDWHSULPDGHOODQRPLQDGHOFROODXGDWRUHOHSURYHGLFDULFRSRVVRQRHVVHUHHVHJXLWHGDO
GLUHWWRUHGHLODYRULFKHQHUHGLJHYHUEDOHVRWWRVFULYHQGRORDVVLHPHDOFRVWUXWWRUHÊIDFROWjGHOFROODXGDWRUHFRQWUROODUH
IDUULSHWHUHHGLQWHJUDUHOHSURYHSUHFHGHQWHPHQWHHVHJXLWH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
6H]LRQH,,
&DOFRORHGHVHFX]LRQH
1250(',&$/&2/2
*HQHUDOLWj
/HYHULILFKHGHYRQRHVVHUHFRQGRWWHVLDQHLULJXDUGLGHJOLVWDWLOLPLWHGLHVHUFL]LRVLDQHLULJXDUGLGHJOLVWDWLOLPLWH
XOWLPL
3HUWHQHUFRQWRGHOOHLQFHUWH]]HVXLGDWLGLVSRQLELOLLOPHWRGRVHPLSUREDELOLVWLFRFRPSRUWDO¶DVVXQ]LRQHGLYDORUL
FDUDWWHULVWLFLVLDSHUOHUHVLVWHQ]HGHLPDWHULDOLFKHSHUO¶HQWLWjGHOOHD]LRQL(VVLVRQRSHUOHUHVLVWHQ]HGHLPDWHULDOLL
IUDWWLOLGLRUGLQHGHOOHULVSHWWLYHGLVWULEX]LRQLVWDWLVWLFKHHVLLQGLFDQRFRQINSHUOHD]LRQLSHUPDQHQWLHODIRU]DGL
SUHWHQVLRQHLIUDWWLOLGLRUGLQHRYYHURTXHOOLGLRUGLQHDVHFRQGDFKHLYDORULULOHYDQWLDLILQLGHOODVLFXUH]]D
VLDQRTXHOOLSLHOHYDWLRYYHURTXHOOLSLEDVVLSHUOHD]LRQLYDULDELOLQHOWHPSRLYDORULFDUDWWHULVWLFLVRQRDVVRFLDWLDG
LGRQHLSHULRGLGLULWRUQRGHOOHVWHVVHLQUHOD]LRQHDOSHULRGRGLYLWDILVVDWRSHUODVWUXWWXUD
,YDORULFDUDWWHULVWLFLYHQJRQRSRLWUDVIRUPDWLLQYDORULGLFDOFRORPHGLDQWHO¶DSSOLFD]LRQHGLRSSRUWXQLFRHIILFLHQWL
6LYHULILFDTXLQGLFKHJOLHIIHWWLGHOOHD]LRQLGLFDOFRORQRQVXSHULQRTXHOOLFRPSDWLELOLFRQORVWDWROLPLWH
FRQVLGHUDWR
/HYHULILFKHGLFXLDLVXFFHVVLYLSXQWLVLDSSOLFDQRDOFDRUGLQDULRDOFHPHQWRDUPDWRSUHFRPSUHVVRHGDTXHOOR
SDU]LDOPHQWHSUHFRPSUHVVR
$=,21,',&$/&2/2
6LDGRWWHUDQQROHD]LRQLGLSURJHWWRHUHODWLYHFRPELQD]LRQLLQGLFDWHDOSXQWRGHOOD3DUWH*HQHUDOH
5(6,67(1=(',&$/&2/2
/HUHVLVWHQ]HGLFDOFRORIG VLYDOXWDQRPHGLDQWHO¶HVSUHVVLRQH
IG
IN
JP
DVVXPHQGRSHULOFRHIILFLHQWHJP LYDORULLQGLFDWLQHOSURVSHWWR,
,QSDUWLFRODUHODUHVLVWHQ]DGLFDOFRORGHOFDOFHVWUX]]RIFGULVXOWDSDULD
I FG
6WDWLOLPLWH
8OWLPL
GLHVHUFL]LR
I FN
JF
5FN ˜ JF
3URVSHWWR,
$FFLDLRJV
3HUVSHVVRULPLQRULGLFPLOFRHIILFLHQWHJF YDPDJJLRUDWRGHO
&DOFHVWUX]]RJF
SHUFDS
SHUFDHFDFRQSUHFRPSUHVVLRQH
SDU]LDOH
&DOFRORGHOOHVROOHFLWD]LRQL
67587785(&267,78,7('$(/(0(17,0212',0(16,21$/, /DGHWHUPLQD]LRQHGHOOHVROOHFLWD]LRQLQHOOHVWUXWWXUHLSHUVWDWLFKHSXzHIIHWWXDUVLDPH]]RGL
FDOFRORQRQOLQHDUH
FDOFRORHODVWLFROLQHDUHVHQ]DULGLVWULEX]LRQL
FDOFRORHODVWLFROLQHDUHFRQULGLVWULEX]LRQL
&DOFRORQRQOLQHDUH
,OFDOFRORDOORVWDWROLPLWHXOWLPRGHYHHVVHUHHIIHWWXDWRSHUODFRPELQD]LRQHGLD]LRQLSLVIDYRUHYROH3HUWDOH
VLWXD]LRQHVLLPPDJLQDWXWWDYLDFRQYHQ]LRQDOPHQWHGLUDJJLXQJHUHORVWDWROLPLWHPHGLDQWHXQXQLFRDFFUHVFLPHQWR
SURSRU]LRQDOHGHOOHD]LRQLDSSOLFDWH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
/HFRQGL]LRQLGLFRPSDWLELOLWjVLHVSULPRQRGLUHJRODDWWULEXHQGRDFLDVFXQDVH]LRQHXQDOHJJHPRPHQWLFXUYDWXUH
HGLQWHJUDQGROHFXUYDWXUHOXQJRO¶DVVHGHJOLHOHPHQWL
/HOHJJLPRPHQWLFXUYDWXUHGHYRQRUDSSUHVHQWDUHLQPRGRDGHJXDWRLOFRPSRUWDPHQWRDEUHYHGXUDWDGLHOHPHQWL
VWUXWWXUDOLVXSSRVWLFRVWLWXLWLGDPDWHULDOLDYHQWLOHUHVLVWHQ]HIN LQWURGRWWHQHOSURJHWWR
1HLFDVLXVXDOLVLSRWUjDQFKHSURFHGHUHFRQFHQWUDQGROHURWD]LRQLDQHODVWLFKHQHOOHVH]LRQLFULWLFKH
1HOFDVRGLHOHPHQWLVRJJHWWLSUHYDOHQWHPHQWHDIOHVVLRQHVLSRVVRQRDQFKHDGRWWDUHVFKHPDWL]]D]LRQLWULOLQHDUL
GHOODOHJJHPRPHQWLURWD]LRQL0DGLFLDVFXQDVH]LRQHFULWLFDUDSSUHVHQWDQGRLWUHODWLOHVHJXHQWLWUHIDVL
IDVHHODVWLFDOLQHDUH
IDVHIHVVXUDWD
IDVHSODVWLFD
)LJ,
/DURWD]LRQHSODVWLFDISOGDVXSSRUUHORFDOL]]DWDQHOODVH]LRQHFULWLFDSXzGHGXUVLGDOSUHFHGHQWHGLDJUDPPD
HPSLULFRYDOLGRSHUVH]LRQLUHWWDQJRODULRGD7LQIXQ]LRQHGHOODSRVL]LRQH[G GHOO¶DVVHQHXWURDURWWXUD
&DOFRORHODVWLFROLQHDUHVHQ]DULGLVWULEX]LRQL
,OFDOFRORHODVWLFROLQHDUHSXzHVVHUHXWLOL]]DWRVLDSHUJOLVWDWLOLPLWHGLHVHUFL]LRVLDSHUORVWDWROLPLWHXOWLPRLQ
TXHVW¶XOWLPRFDVRRFFRUUHHYLWDUHVLWXD]LRQLGLIUDJLOLWjORFDOHQHOODVWUXWWXUD$GHVHPSLRLQHOHPHQWLFRPHTXHOOL
GHILQLWLQHOWHU]RFRPPDGHOSXQWRLOUDSSRUWR[G QRQGHYHGLUHJRODHVVHUHPDJJLRUHQHOODVH]LRQHFULWLFDGL
[
G
[
G
SHUFDOFHVWUX]]RGLUHVLVWHQ]DIFN d SHUFDOFHVWUX]]RGLUHVLVWHQ]DIFN !
DPHQRGLUHDOL]]DUHSDUWLFRODULGLVSRVL]LRQLGLDUPDWXUDDGHVHPSLRFRQILQDPHQWR
&DOFRORHODVWLFROLQHDUHFRQULGLVWULEX]LRQL
3HUODSURJHWWD]LRQHGHOOHVWUXWWXUHDWHODLRGLFDUDWWHULVWLFKHFRUUHQWLVLSRVVRQRJLXVWLILFDWDPHQWHDVVXPHUHLQWDOXQH
VH]LRQLGHLPRPHQWLG0H ULGRWWLULVSHWWRDLPRPHQWL0HGHULYDQWLGDOFDOFRORHODVWLFROLQHDUHDFRQGL]LRQHFKHQHOOH
DOWUHSDUWLGHOODVWUXWWXUDVLDQRFRQVLGHUDWHOHFRUULVSRQGHQWLYDULD]LRQLQHFHVVDULHSHUJDUDQWLUHO¶HTXLOLEULR
'HYHHVVHUHSUHVDLQFRQWRO¶HYHQWXDOHLQIOXHQ]DGHOOHULGLVWULEX]LRQLGHLPRPHQWLVXWXWWLJOLDVSHWWLGHOFDOFROR
7DOLDVSHWWLLQFOXGRQRODIOHVVLRQHLOWDJOLRO¶DQFRUDJJLROHLQWHUUX]LRQLGHOOHDUPDWXUHHODIHVVXUD]LRQH
1HOOHWUDYLFRQWLQXHLQFXLLOUDSSRUWRWUDGXHOXFLDGLDFHQWLqLQIHULRUHDGXHQHOOHWUDYLGLWHODLDQRGLILVVLHQHJOL
HOHPHQWLVRJJHWWLSUHYDOHQWHPHQWHDIOHVVLRQHXQDYHULILFDHVSOLFLWDGHOODFDSDFLWjGLURWD]LRQHGHOOH]RQHFULWLFKHSXz
HVVHUHRPHVVDSXUFKpYHQJDQRVRGGLVIDWWHOHFRQGL]LRQLVRWWRULSRUWDWH
LQSUHVHQ]DGLFDOFHVWUX]]RGLUHVLVWHQ]DQRQVXSHULRUHDIFN 1PP
G t [
G
LQSUHVHQ]DGLFDOFHVWUX]]RGLUHVLVWHQ]DVXSHULRUHDIFN 1PP
G t [
G
1HLWHODLFXLVRQRDIILGDWHULOHYDQWLIRU]HRUL]]RQWDOLQRQqFRQVHQWLWDDOFXQDULGLVWULEX]LRQHVHQ]DFRQWUROORFRQ
FDOFRORQRQOLQHDUH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
/$675(3,$1(
/DGHWHUPLQD]LRQHGHOOHVROOHFLWD]LRQLQHOOHODVWUHSLDQHVRJJHWWHSUHYDOHQWHPHQWHDIRU]HSHUSHQGLFRODULDOSLDQR
PHGLRSXzHIIHWWXDUVLDPH]]RGL
FDOFRORQRQOLQHDUH
FDOFRORHODVWLFROLQHDUHVHQ]DULGLVWULEX]LRQL
FDOFRORHODVWLFROLQHDUHFRQULGLVWULEX]LRQL
FDOFRORHODVWRSODVWLFRRULJLGRSODVWLFR
&DOFRORQRQOLQHDUH
,OSURFHGLPHQWRGLFDOFRORGHYHHVSULPHUHOHFRQGL]LRQLGLFRPSDWLELOLWjGHOODGHIRUPD]LRQHLQWURGXFHQGR
LGHDOL]]D]LRQLGHOOHOHJJLPRPHQWLFXUYDWXUHRPRPHQWLURWD]LRQLFKHWHQJDQRDGHJXDWRFRQWRGHOODIHVVXUD]LRQH
,OFDOFRORSXzHVVHUHXWLOL]]DWRVLDSHUORVWDWROLPLWHXOWLPRFKHSHUORVWDWROLPLWHGLHVHUFL]LR
&DOFRORHODVWLFROLQHDUHVHQ]DULGLVWULEX]LRQL
,OFDOFRORSXzHVVHUHXWLOL]]DWRVLDSHUORVWDWROLPLWHXOWLPRVLDSHUORVWDWROLPLWHGLHVHUFL]LR
&DOFRORHODVWLFROLQHDUHFRQULGLVWULEX]LRQL
,OFDOFRORSXzHVVHUHXWLOL]]DWRVLDSHUORVWDWROLPLWHXOWLPRVLDSHUORVWDWROLPLWHGLHVHUFL]LR
1HOOHODVWUHFRQWLQXHVLSRVVRQRHIIHWWXDUHULGLVWULEX]LRQLGLPRPHQWLULVSHWWRDOFDOFRORHODVWLFROLQHDUHIUDOH
VH]LRQLGLDSSRJJLRHTXHOOHGLFDPSDWDQHLOLPLWLFRQVHQWLWLLQSHUJOLHOHPHQWLPRQRGLPHQVLRQDOL
$JOLHIIHWWLGHOFRQWUROORGHOODGXWWLOLWjQHOFDOFRORGL[G VLGHYHSUHVFLQGHUHGDOODSUHVHQ]DGLXQDHYHQWXDOH
DUPDWXUDFRPSUHVVD
&DOFRORHODVWRSODVWLFRRULJLGRSODVWLFR
/DWHRULDGHOODSODVWLFLWjSXzHVVHUHDSSOLFDWDSHUODYHULILFDDOORVWDWROLPLWHXOWLPRVLDSHUPH]]RGHLPHWRGLVWDWLFL
FKHGHLPHWRGLFLQHPDWLFL
6HPSUHSHUORVWDWROLPLWHXOWLPRGHYHYHULILFDUVLODFRQGL]LRQHGLGXWWLOLWj
[
d G
SUHVFLQGHQGRQHOFDOFRORGL[ GDOODSUHVHQ]DGLXQDHYHQWXDOHDUPDWXUDFRPSUHVVD
3HUORVWDWROLPLWHGLHVHUFL]LRVLGHYRQRYHULILFDUHOHFRQGL]LRQLGLFXLDOSXQWRSHUODIHVVXUD]LRQHHDOSXQWR
SHUOHGHIRUPD]LRQLWDOLYHULILFKHQRQSRWUDQQRLQQHVVXQFDVRHVVHUHRPHVVH
9HULILFKHDOORVWDWROLPLWHXOWLPR
9(5,),&+( $//2 67$72 /,0,7( 8/7,02 3(5 62//(&,7$=,21, &+( 35292&$12 7(16,21, 1250$/, 6)25=2
1250$/()/(66,21(6(03/,&((&203267$ ,SRWHVLGLEDVH
/HQRUPHVHJXHQWLVLDSSOLFDQRDJOLHOHPHQWLFRQDUPDWXUHDGHUHQWLPRQRGLPHQVLRQDOLDSUHYDOHQWHVYLOXSSR
OLQHDUHHSHUTXDQWRSRVVLELOHDJOLHOHPHQWLELGLPHQVLRQDOL
9DOJRQROHVHJXHQWLLSRWHVL
FRQVHUYD]LRQHGHOOHVH]LRQLSLDQH
GHIRUPD]LRQHPDVVLPDGHOFDOFHVWUX]]RFRPSUHVVRSDULDQHOFDVRGLIOHVVLRQHVHPSOLFHHFRPSRVWD
FRQDVVHQHXWURUHDOHHYDULDELOHGDOYDORUHSUHGHWWRDTXDQGRO¶DVVHQHXWURHVWHUQRDOODVH]LRQHWHQGH
DOO¶LQILQLWR
GHIRUPD]LRQHPDVVLPDGHOO¶DUPDWXUDWHVDFRQWDWDDSDUWLUHGDOODGHFRPSUHVVLRQHGHOFDOFHVWUX]]RVHVLWUDWWDGL
DUPDWXUHGLSUHFRPSUHVVLRQH
6LFXUH]]D
1HLFDVLGLFRPSUHVVLRQHRGLSUHVVRIOHVVLRQHFKHQRQVLDQRGHWHUPLQDWLGDSUHFRPSUHVVLRQHYDQQRULVSHWWDWHOH
VHJXHQWLSUHVFUL]LRQL
D ORVIRU]RQRUPDOHGHYHULVXOWDUHPLQRUHGLTXHOORFDOFRODWRSHUFRPSUHVVLRQLFHQWUDWHFRQXQDPDJJLRUD]LRQH
GHOGHOFRHIILFLHQWHJF
E LQRJQLFDVRSHUWHQHUHFRQWRGHOOHLQFHUWH]]HVXOSXQWRGLDSSOLFD]LRQHGHLFDULFKLVLGHYHLSRWL]]DUHXQD
HFFHQWULFLWjSUHYLVWDQHOODGLUH]LRQHSLVIDYRUHYROHGDVRPPDUHDTXHOODHYHQWXDOHGHLFDULFKLHGLHQWLWjSDUL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
DOPDJJLRUHGHLGXHYDORULKHPPHVVHQGRK ODGLPHQVLRQHQHOODGLUH]LRQHFRQVLGHUDWDSHUOD
HFFHQWULFLWj
F SHUHOHPHQWLVQHOOLFRPHGHILQLWLLQVLGHYRQRHIIHWWXDUHOHFRQVHJXHQWLYHULILFKH
'LDJUDPPLGLFDOFRORWHQVLRQLGHIRUPD]LRQLGHOFDOFHVWUX]]R
'LQRUPDVLDGRWWDLOGLDJUDPPDSDUDERODUHWWDQJRORUDSSUHVHQWDWRLQILJXUD,GHILQLWRGDXQDUFRGLSDUDERODGL
VHFRQGRJUDGRSDVVDQWHSHUO¶RULJLQHDYHQWHDVVHSDUDOOHORDTXHOORGHOOHWHQVLRQLHGDXQVHJPHQWRGLUHWWDSDUDOOHOR
DOO¶DVVHGHOOHGHIRUPD]LRQLWDQJHQWHDOODSDUDERODQHOSXQWRGLVRPPLWj,OYHUWLFHGHOODSDUDERODKDDVFLVVD
O¶HVWUHPLWjGHOVHJPHQWRKDDVFLVVD/¶RUGLQDWDPDVVLPDGHOGLDJUDPPDqSDULDIFG
)LJ,
3HUODYHULILFDORFDOHGHOOHVH]LRQLLQDOWHUQDWLYDDOGLDJUDPPDSDUDERODUHWWDQJRORODGLVWULEX]LRQHGHOOH
FRPSUHVVLRQLSXzHVVHUHDVVXQWDXQLIRUPHFRQYDORUL
IFGVHOD]RQDFRPSUHVVDSUHVHQWDODUJKH]]DFRVWDQWHRFUHVFHQWHYHUVRODILEUDSLFRPSUHVVD
IFGVHOD]RQDFRPSUHVVDSUHVHQWDODUJKH]]DGHFUHVFHQWHYHUVRODPHGHVLPDILEUD
VXOOHVHJXHQWLDOWH]]HDSDUWLUHGDOOHPERFRPSUHVVR
VH[d KDOWH]]D[
§ [ K ·
˜K
© [ K ¹̧
VH[!KDOWH]]D ¨
6LSRWUDQQRDGRWWDUHDOWULGLDJUDPPLVIRU]LGHIRUPD]LRQLDFRQGL]LRQHFKHLULVXOWDWLFKHFRQTXHVWLVLRWWHQJRQR
VLDQRLQDFFRUGRFRQTXHOOLGHULYDQWLGDOO¶LPSLHJRGHOGLDJUDPPDSDUDERODUHWWDQJRORRVLDQRFKLDUDPHQWH
JLXVWLILFDELOL
'LDJUDPPLGLFDOFRORWHQVLRQLGHIRUPD]LRQLGHOO¶DFFLDLR
,OGLDJUDPPDGLFDOFRORGLXQDFFLDLRRUGLQDULRRGLXQDFFLDLRSHUSUHFRPSUHVVLRQHVLGHGXFHGDOGLDJUDPPD
FDUDWWHULVWLFRHIIHWWXDQGRXQ¶DIILQLWjSDUDOOHODPHQWHDOODWDQJHQWHDOO¶RULJLQHQHOUDSSRUWRJV
&HUFKLDWXUH
1HOOHVWUXWWXUHVHPSOLFHPHQWHFRPSUHVVHDUPDWHFRQIHUULORQJLWXGLQDOLGLVSRVWLOXQJRXQDFLUFRQIHUHQ]DH
UDFFKLXVLGDXQDVSLUDOHGLSDVVRQRQPDJJLRUHGLGHOGLDPHWURGHOQXFOHRFHUFKLDWRODUHVLVWHQ]DDOORVWDWROLPLWH
XOWLPRVLFDOFRODVRPPDQGRLFRQWULEXWLGHOODVH]LRQHGLFDOFHVWUX]]RGHOQXFOHRGHOO¶DFFLDLRORQJLWXGLQDOHHGLXQD
VH]LRQHGLDUPDWXUDILWWL]LDORQJLWXGLQDOHGLSHVRXJXDOHDTXHOORGHOODVSLUDOHPDJJLRUDQGRLOFRHIILFLHQWHJF GHO
FRPHSUHVFULWWRDOSXQWR
/DUHVLVWHQ]DJOREDOHFRVuYDOXWDWDQRQGHYHVXSHUDUHLOGRSSLRGLTXHOODGHOQXFOHR
/DVH]LRQHGLDUPDWXUDORQJLWXGLQDOHQRQGHYHULVXOWDUHLQIHULRUHDOODPHWjGLTXHOODGHOO¶DUPDWXUDILWWL]LD
FRUULVSRQGHQWHDOODVSLUDOH
$UPDWXUHGLSUHFRPSUHVVLRQHQRQDGHUHQWL
6HOHDUPDWXUHGLSUHFRPSUHVVLRQHQRQVRQRDGHUHQWLDOFDOFHVWUX]]RVLGHYHWHQHUFRQWRGHOODULGX]LRQHGL
UHVLVWHQ]DGRYXWDDOORVFRUULPHQWRUHODWLYRDFFLDLRFRQJORPHUDWR
9(5,),&+($//267$72/,0,7(8/7,023(562//(&,7$=,21,7$*/,$17, 3UHPHVVD
3HUOHYHULILFKHDOORVWDWROLPLWHXOWLPRSHUOHVROOHFLWD]LRQLWDJOLDQWLJOLHOHPHQWLPRQRGLPHQVLRQDOLGRWDWLGL
DUPDWXUHORQJLWXGLQDOLGHWHUPLQDWHLQEDVHDOSXQWRGHYRQRULVSHWWDUHOHSUHVFUL]LRQLGLFXLDLSXQWLVXFFHVVLYL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
(OHPHQWLVHQ]DDUPDWXUHWUDVYHUVDOLUHVLVWHQWLDWDJOLR
ÊFRQVHQWLWRO¶LPSLHJRGLHOHPHQWLVSURYYLVWLGLDUPDWXUHWUDVYHUVDOLUHVLVWHQWLDWDJOLRSHUVROHWWHSLDVWUHH
PHPEUDWXUHDFRPSRUWDPHQWRDQDORJRDFRQGL]LRQHFKHGHWWLHOHPHQWLDEELDQRVXIILFLHQWHFDSDFLWjGLULSDUWLUHLFDULFKL
WUDVYHUVDOPHQWH
9HULILFDGHOFRQJORPHUDWR
,OWDJOLRGLFDOFRORQRQGHYHVXSHUDUHLOYDORUHFKHFRQULIHULPHQWRDOODUHVLVWHQ]DDWUD]LRQHGLFDOFRORIFWG
GHWHUPLQDODIRUPD]LRQHGHOOHIHVVXUHREOLTXHWHQHQGRFRQWRROWUHFKHGHJOLHIIHWWLGHLFDULFKLGLHYHQWXDOLVWDWLFRDWWLYL
FKHIDYRULVFDQRODIRUPD]LRQHGHOOHVWHVVHIHVVXUH
9HULILFDGHOO¶DUPDWXUDORQJLWXGLQDOH
/DYHULILFDFRPSRUWDODWUDVOD]LRQHGHOGLDJUDPPDGHOPRPHQWRIOHWWHQWHOXQJRO¶DVVHORQJLWXGLQDOHQHOYHUVRFKHGj
OXRJRDGXQDXPHQWRGHOYDORUHDVVROXWRGHOPRPHQWRIOHWWHQWH
/HYHULILFKHSRVVRQRHIIHWWXDUVLULVSHWWDQGRODFRQGL]LRQH
96GX d I FWG ˜ U U O ˜ EZ ˜ G ˜ G
FRQLOVHJXHQWHVLJQLILFDWRGHLVLPEROL
9VGX WDJOLRVROOHFLWDQWHGLFDOFRORDOORVWDWROLPLWHXOWLPR
IFWG UHVLVWHQ]DDWUD]LRQHGLFDOFROR
U
GFRQG HVSUHVVDLQPHWULHFRPXQTXHG d P
UO
EZ
G
G
G
G
$VO
HFRPXQTXHUO d EZ G
ODUJKH]]DGHOODPHPEUDWXUDUHVLVWHQWHDWDJOLR
DOWH]]DXWLOHGHOODVH]LRQH
LQDVVHQ]DGLVIRU]RQRUPDOH
LQSUHVHQ]DGLXQDSSUH]]DELOHVIRU]RQRUPDOHGLWUD]LRQH
0
LQSUHVHQ]DGLVIRU]RGLFRPSUHVVLRQHRGLSUHFRPSUHVVLRQH0 qLOPRPHQWRGL
0 VGX
GHFRPSUHVVLRQHULIHULWRDOODILEUDHVWUHPDGHOODVH]LRQHVXFXLDJLVFH0VGX0VGXqLOPRPHQWRDJHQWHPDVVLPR
GLFDOFRORQHOODUHJLRQHLQFXLVLHIIHWWXDODYHULILFDDWDJOLRGDDVVXPHUVLDOPHQRSDULD0
$VO DUHDGHOO¶DUPDWXUDORQJLWXGLQDOHGLWUD]LRQHDQFRUDWDDOGLOjGHOO¶LQWHUVH]LRQHGHOO¶DVVHGHOO¶DUPDWXUDFRQXQD
HYHQWXDOHIHVVXUDDƒFKHVLLQQHVFKLQHOODVH]LRQHFRQVLGHUDWDYHGLILJXUD,
(OHPHQWLFRQDUPDWXUHWUDVYHUVDOLUHVLVWHQWLDOWDJOLR
/DUHVLVWHQ]DDOORVIRU]RGLWDJOLRGHOO¶HOHPHQWRIHVVXUDWRVLFDOFRODVFKHPDWL]]DQGRODWUDYHFRPHXQWUDOLFFLR
LGHDOHGLFXLTXHOORGL5LWWHU0|UVFKUDSSUHVHQWDXQPRGHOORVHPSOLILFDWR*OLHOHPHQWLGHOWUDOLFFLRUHVLVWHQWLDWDJOLR
VRQROHDUPDWXUHWUDVYHUVDOLG¶DQLPDIXQ]LRQDQWLFRPHDVWHGLSDUHWHHLOFRQJORPHUDWRVLDGHOFRUUHQWHFRPSUHVVRFKH
GHOOHELHOOHG¶DQLPD
,OWUDOLFFLRqFRPSOHWDWRGDOO¶DUPDWXUDORQJLWXGLQDOH
)LJ,
SHUOE OXQJKH]]DGLDQFRUDJJLRYHGDVLSXQWR
9HULILFDGHOFRQJORPHUDWR
/DYHULILFDFRQVLVWHQHOFRQIURQWDUHLOWDJOLRGLFDOFRORFRQXQDHVSUHVVLRQHFDXWHODWLYDGHOODUHVLVWHQ]DD
FRPSUHVVLRQHGHOOHELHOOHLQFOLQDWH
1HOFDVRLQFXLO¶DQLPDFRQWHQJDEDUUHSUHWHVHRFDYLLQLHWWDWLGLGLDPHWUR‘!EZVLGRYUjDVVXPHUHQHOFDOFROROD
ODUJKH]]DQRPLQDOHGHOO¶DQLPD
EZQ
EZ ¦
‘
GRYH¦‡qFDOFRODWRDOOLYHOORSLVIDYRUHYROH
3HUODYHULILFDGHOFRQJORPHUDWRFRPSUHVVRLQGLUH]LRQHREOLTXDVLSRWUjLPSRUUH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
96GX d I FG ˜ EZ ˜ G
HVVHQGRIFG ODUHVLVWHQ]DGLFDOFRORDFRPSUHVVLRQH
/¶HVSUHVVLRQHGHOWDJOLRUHVLVWHQWHULSRUWDWDFRUULVSRQGHDOFDVRLQFXLO¶DUPDWXUDWUDVYHUVDOHqFRVWLWXLWDGDVWDIIH
RUWRJRQDOLDOODOLQHDPHGLDD ƒ
6HOHVWDIIHVRQRLQFOLQDWHƒd DƒLOYDORUHGLFDOFRORGHOWDJOLRUHVLVWHQWHSXzHVVHUHDVVXQWRSDULD
I FG ˜ EZ ˜ G FRW D
FRQOLPLWHVXSHULRUHIFG˜ EZ ˜ G
1HOFDVRGLEDUUHULDO]DWHODPDJJLRUD]LRQHVRSUDLQGLFDWDQRQqOHFLWD
9HULILFDGHOO¶DUPDWXUDWUDVYHUVDOHG¶DQLPD
,OWDJOLRGLFDOFRORGHYHULVXOWDUHLQIHULRUHRGDOOLPLWHXJXDOHDOODVRPPDGHOODUHVLVWHQ]DGHOODDUPDWXUDG¶DQLPDH
GHOFRQWULEXWRGHJOLDOWULHOHPHQWLGHOWUDOLFFLRLGHDOH&RPXQTXHODUHVLVWHQ]DGLFDOFRORGHOO¶DUPDWXUDG¶DQLPDGHYH
ULVXOWDUHQRQLQIHULRUHDOODPHWjGHOWDJOLRGLFDOFROR
/¶DUPDWXUDWUDVYHUVDOHGHYHHVVHUHWDOHGDYHULILFDUH
9VGX d 9FG 9ZG
LQFXL
9ZG
9FG
I FWG ˜ EZ ˜ G ˜ G
$VZ ˜ I \ZG ˜
G
VHQ D FRV D
V
,QWDOLHVSUHVVLRQLD qO¶LQFOLQD]LRQHGHOO¶DUPDWXUDWUDVYHUVDOHULVSHWWRDOO¶DVVHGHOODWUDYH$VZO¶DUHDGHOO¶DUPDWXUD
WUDVYHUVDOHSRVWDDOO¶LQWHUDVVHVG qXQFRHIILFLHQWHFKHWLHQHFRQWRGHOODSUHVHQ]DGLVIRU]RQRUPDOHHFKHDVVXPHL
YDORUL
G
VHLQSUHVHQ]DGLVIRU]RQRUPDOHGLWUD]LRQHO¶DVVHQHXWURWDJOLDODVH]LRQH
G
VHLQSUHVHQ]DGLVIRU]RQRUPDOHGLWUD]LRQHO¶DVVHQHXWURULVXOWDHVWHUQRDOODVH]LRQH
G
§
¨¨ ©
0
0 VGX
·
¸¸ LQSUHVHQ]DGLVIRU]RGLFRPSUHVVLRQHHVVHQGR0 H0VGXGHILQLWLSUHFHGHQWHPHQWH
¹
3HUOHEDUUHULDO]DWHUHVLVWHQWLDWDJOLRqFRQVLJOLDELOHOLPLWDUHODWHQVLRQHGLFDOFRORDI\ZG
3DUWLFRODUHDWWHQ]LRQHGHYHHVVHUHULYROWDDOGLPHQVLRQDPHQWRGLHOHPHQWLVRWWRSRVWLDGD]LRQLGLIDWLFDSHULTXDOL
SXzYHULILFDUVLODQHFHVVLWjFKHODUHVLVWHQ]DGLWDJOLRGLFDOFRORGHEEDHVVHUHLQWHUDPHQWHDIILGDWDDOO¶DUPDWXUDG¶DQLPD
9HULILFDGHOO¶DUPDWXUDORQJLWXGLQDOH
/DYHULILFDFRPSRUWDODWUDVOD]LRQHGHOGLDJUDPPDGHOPRPHQWRIOHWWHQWHOXQJRO¶DVVHORQJLWXGLQDOHQHOYHUVRFKHGj
OXRJRDGXQDXPHQWRGHOYDORUHDVVROXWRGHOPRPHQWRIOHWWHQWH
,QDOWULWHUPLQLO¶DUPDWXUDORQJLWXGLQDOHGHYHHVVHUHGLPHQVLRQDWDSHUUHVLVWHUHDOPRPHQWRVROOHFLWDQWH0VGX9
SDULD
FRQ
06GX 9 06GX 96GX ˜ D
D G FRWD HFRPXQTXH
D t G
/DOXQJKH]]DGLDQFRUDJJLRGHOOHEDUUHGHYHHVVHUHFRPSXWDWDDSDUWLUHGDOGLDJUDPPDGHOPRPHQWR0VGXWUDVODWR
GHOODTXDQWLWjD
/HYHULILFKHGLFXLDOSUHFHGHQWHFDSRYHUVRHGDLSXQWLHVRQRUHODWLYHDGXQDLQFOLQD]LRQHGHOOH
ELHOOHG¶DQLPDSDULDƒ
&DVLSDUWLFRODUL
&RPSRQHQWLWUDVYHUVDOL
1HOFDVRGLHOHPHQWLDGDOWH]]DYDULDELOHRFRQFDYLLQFOLQDWLLOWDJOLRGLFDOFRORYLHQHDVVXQWRSDULD
9UG 9G 9PG9SG
GRYH
9G WDJOLRGHLFDULFKLHVWHUQLGLFDOFROR
9PG FRPSRQHQWLGLWDJOLRGRYXWHDOO¶LQFOLQD]LRQHGHLOHPELGHOODPHPEUDWXUD
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
9SG
FRPSRQHQWHGLWDJOLRGRYXWDDOORVIRU]RGLSUHFRPSUHVVLRQHGLFDOFROR
/HFRPSRQHQWL9PGH9SG GRYUDQQRHVVHUHVHPSUHSUHVHLQFRQWRVHLOORURHIIHWWRVLVRPPDDTXHOORGHLFDULFKL9PG
QRQGHYHHVVHUHSUHVDLQFRQWRVHIDYRUHYROH
&DULFKLLQSURVVLPLWjGHJOLDSSRJJL
,OWDJOLRDOO¶DSSRJJLRGHWHUPLQDWRGDFDULFKLDSSOLFDWLDOODGLVWDQ]DDY d G GDOO¶DSSRJJLRVWHVVRVLSRWUjULGXUUHQHO
UDSSRUWRDYGFRQO¶RVVHUYDQ]DGHOOHVHJXHQWLSUHVFUL]LRQL
QHOFDVRGLDSSRJJLRGLHVWUHPLWjO¶DUPDWXUDGLWUD]LRQHQHFHVVDULDQHOODVH]LRQHRYHqDSSOLFDWRLOFDULFRSL
YLFLQRDOO¶DSSRJJLRVLDSUROXQJDWDHDQFRUDWDDOGLOjGHOO¶DVVHWHRULFRGLDSSRJJLR
QHOFDVRGLDSSRJJLRLQWHUPHGLRO¶DUPDWXUDGLWUD]LRQHDOO¶DSSRJJLRVLDSUROXQJDWDVLQGRYHQHFHVVDULRH
FRPXQTXHILQRDOODVH]LRQHRYHqDSSOLFDWRLOFDULFRSLORQWDQRFRPSUHVRQHOOD]RQDFRQDY d G
$QFKHLQTXHVWRFDVRFRQHOHPHQWLDGDOWH]]DYDULDELOHO¶HYHQWXDOHFRPSRQHQWH9PGIDYRUHYROHGRYXWDDLFDULFKL
FRPSUHVLQHOWUDWWRDY YDDVVXQWDSDULD]HUR
&DULFKLDSSHVLRLQGLUHWWL
6HSHUSDUWLFRODULPRGDOLWjGLDSSOLFD]LRQHGHLFDULFKLJOLVIRU]LGHJOLHOHPHQWLWHVLGHOWUDOLFFLRULVXOWDQR
LQFUHPHQWDWLOHDUPDWXUHGRYUDQQRHVVHUHDOO¶XRSRDGHJXDWH
9HULILFDDOSXQ]RQDPHQWRGLODVWUHVRJJHWWHDFDULFKLFRQFHQWUDWL
,QFRUULVSRQGHQ]DGHLSLODVWULHGLFDULFKLFRQFHQWUDWLVLYHULILFKHUjODODVWUDDOSXQ]RQDPHQWRDOORVWDWROLPLWH
XOWLPR
,QPDQFDQ]DGLXQDDSSRVLWDDUPDWXUDODIRU]DUHVLVWHQWHDOSXQ]RQDPHQWRDVVXQWDSDULD
) ˜ X ˜ K ˜ IFWG
GRYH
K qORVSHVVRUHGHOODODVWUD
X qLOSHULPHWURGHOFRQWRUQRRWWHQXWRGDOFRQWRUQRHIIHWWLYRPHGLDQWHXQDULSDUWL]LRQHDƒILQRDOSLDQRPHGLR
GHOODODVWUD
IFWG qLOYDORUHGLFDOFRORGHOODUHVLVWHQ]DDWUD]LRQH
1HOFDVRLQFXLVLGLVSRQJDXQDDSSRVLWDDUPDWXUDO¶LQWHURVIRU]RDOORVWDWROLPLWHXOWLPRGRYUjHVVHUHDIILGDWR
DOO¶DUPDWXUDFRQVLGHUDWDODYRUDQWHDOODVXDUHVLVWHQ]DGLFDOFROR
9(5,),&+($//267$72/,0,7(8/7,023(562//(&,7$=,21,725&(17, 3UHPHVVD
/HQRUPHFKHVHJXRQRVLDSSOLFDQRDJOLHOHPHQWLSULVPDWLFLVRWWRSRVWLDWRUVLRQHVHPSOLFHRFRPSRVWDDGDUPDWXUH
DGHUHQWLFKHDEELDQRVH]LRQHSLHQDRFDYDLQFXLVLSRVVDLSRWL]]DUHXQIOXVVRDQXODUHGLWHQVLRQLWDQJHQ]LDOL
3HUWDOLHOHPHQWLVLDVVXPHFRPHVFKHPDUHVLVWHQWHXQWUDOLFFLRWXERODUHLVRVWDWLFRLQFXLJOLVIRU]LGLWUD]LRQHVRQR
DIILGDWLDOOHDUPDWXUHORQJLWXGLQDOLHWUDVYHUVDOLLYLFRQWHQXWHHJOLVIRU]LGLFRPSUHVVLRQHVRQRDIILGDWLDOOHELHOOHGL
FRQJORPHUDWR
/DVH]LRQHDQXODUHILWWL]LDUHVLVWHQWHqGHILQLWDGDLVHJXHQWLSDUDPHWUL
VSHVVRUHKV GH HVVHQGRGH LOGLDPHWURGHOFHUFKLRPDVVLPRLQVFULWWRQHOSROLJRQRSH DYHQWHSHUYHUWLFLL
EDULFHQWULGHOOHDUPDWXUHORQJLWXGLQDOL
%H DUHDUDFFKLXVDGDOSROLJRQRSH
XH OXQJKH]]DGHOSHULPHWURSH
)LJ,
1HOFDVRGLVH]LRQHUHDOHDQXODUHVLDGRWWHUjORVSHVVRUHHIIHWWLYRVHTXHVWRULVXOWDPLQRUHGLKV
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
1HOFDVRGLHOHPHQWLFKHQRQFRUULVSRQGRQRDOOHLSRWHVLIRUPXODWHTXDOLJOLHOHPHQWLDSDUHWLVRWWLOLDVH]LRQHDSHUWD
GRYUDQQRXWLOL]]DUVLPHWRGLGLFDOFRORIRQGDWLVXLSRWHVLWHRULFKHHULVXOWDWLVSHULPHQWDOLFKLDUDPHQWHFRPSURYDWL
/DVROOHFLWD]LRQHGLWRUVLRQHSXzHVVHUHWUDVFXUDWDQHOFDOFRORGHOORVWDWROLPLWHXOWLPRTXDQGRUDSSUHVHQWDXQD
VROOHFLWD]LRQHVHFRQGDULDHQRQHVVHQ]LDOHDOO¶HTXLOLEULRGHOODVWUXWWXUD
9HULILFDGHOODUHVLVWHQ]D
,OPRPHQWRWRUFHQWHGLFDOFROR7G GHYHULVXOWDUHLQIHULRUHRDOOLPLWHXJXDOHDLYDORULGHOPRPHQWRWRUFHQWH
UHVLVWHQWHFRUULVSRQGHQWLULVSHWWLYDPHQWHDOFHGLPHQWRGHOODVH]LRQHDQXODUHGLFDOFHVWUX]]RHDOFHGLPHQWRGHOOH
DUPDWXUHFRVWLWXHQWLLOWUDOLFFLR
3HUODYHULILFDGHOOHELHOOHFRPSUHVVHVLSXzDGRWWDUHODUHOD]LRQH
76GX d
I FG ˜ %H ˜ KV
HVVHQGR7VGXLOPRPHQWRWRUFHQWHVROOHFLWDQWHXOWLPR
3HUODYHULILFDGHOOHDUPDWXUHVLSRVVRQRLPSRUUHOHVHJXHQWLFRQGL]LRQL
6WDIIH
76GX d
FRQ
$VZ DUHDGHOODVH]LRQHGLXQEUDFFLRGLXQDVWDIID
V
GLVWDQ]DIUDGXHVWDIIHVXFFHVVLYH
I\ZG WHQVLRQHGLFDOFRORGHOOHVWDIIH
$UPDWXUHORQJLWXGLQDOL
76GX d
$VZ
˜ %H ˜ I \ZG
V
FRQ
$ VRPPDGHOOHDUHHGHOOHEDUUHORQJLWXGLQDOL
I\OG WHQVLRQHGLFDOFRORGHOOHDUPDWXUHORQJLWXGLQDOL
$O
˜ %H ˜ I \OG
XH
/¶HYHQWXDOHDUPDWXUDGLSUHFRPSUHVVLRQH$S VDUjSUHVDLQFRQWRFRQXQDVH]LRQHHTXLYDOHQWH
$V
I SON
I \ON
˜ $ S
6ROOHFLWD]LRQLFRPSRVWH
7RUVLRQHIOHVVLRQHHVIRU]RQRUPDOH
/HDUPDWXUHORQJLWXGLQDOLGLWRUVLRQHFDOFRODWHFRPHVRSUDLQGLFDWRVLVRPPDQRDTXHOOHGLIOHVVLRQH
1HOOH]RQHFRPSUHVVHSRVVRQRHVVHUHGLPLQXLWHSURSRU]LRQDOPHQWHDOODULVXOWDQWHGLFRPSUHVVLRQH
7RUVLRQHHWDJOLR
3HUODYHULILFDGHOOHELHOOHFRPSUHVVHVDUjRSSRUWXQRFKHULVXOWL
QHOODTXDOHUHOD]LRQH
75GX
95GX
I FG ˜ %H ˜ KV
I FG ˜ EZ ˜ G
76GX 96GX
d
75GX 95GX
,OFDOFRORGHOOHVWDIIHSXzHIIHWWXDUVLVHSDUDWDPHQWHSHUODWRUVLRQHHSHULOWDJOLRDYHQGRSRVWR9FG TXLQGLVL
VRPPDQROHDUHHGHOOHVH]LRQL
/HDUPDWXUHORQJLWXGLQDOLVLSRVVRQRFDOFRODUHFRPHLQGLFDWRSHUODVROOHFLWD]LRQHGLWRUVLRQHVHPSOLFH
(/(0(17,61(//,
*HQHUDOLWj
/HQRUPHFKHVHJXRQRULJXDUGDQRJOLHIIHWWLGHOVHFRQGRRUGLQHQHOOHVWUXWWXUHFRVWLWXLWHGDHOHPHQWL
PRQRGLPHQVLRQDOLGRYXWLDFXUYDWXUHGHOODOLQHDG¶DVVHSHUSUHVVRIOHVVLRQH6RQRSHUWDQWRHVFOXVLJOLHIIHWWLGHOOH
GHIRUPD]LRQLGRYXWHDWDJOLRHWRUVLRQHHGLIHQRPHQLG¶LQVWDELOLWjORFDOLGLSDUHWLVRWWLOLHGHOOHDUPDWXUH
1HOOHYHULILFKHVLGHYRQRFRQVLGHUDUHWXWWHOHGLUH]LRQLVHFRQGROHTXDOLJOLHIIHWWLGHOVHFRQGRRUGLQHDVVXPRQR
LQIOXHQ]DVLJQLILFDWLYD
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
/LPLWLGLVQHOOH]]D
9HQJRQRFRQVLGHUDWLVQHOOLLSLODVWULDVH]LRQHFRVWDQWHSHULTXDOLODVQHOOH]]DPDVVLPDYDOJD
O
FRQ
O
O
L
U
$F
1G
O
U
t L
1 G $F
O
FRHIILFLHQWHGLVQHOOH]]DQHOODGLUH]LRQHFRQVLGHUDWD
OXQJKH]]DOLEHUDGLLQIOHVVLRQHULVSHWWLYD
UDJJLRGLLQHU]LDULVSHWWLYRGHOODVH]LRQHGLFRQJORPHUDWR
UDSSRUWRJHRPHWULFRGHOO¶DUPDWXUDORQJLWXGLQDOHFRPSOHVVLYD
VH]LRQHGLFRQJORPHUDWRLQPP
VIRU]RQRUPDOHGLFDOFRORYDOXWDWRFRQOHD]LRQLGLFDOFRORGLFXLDOSXQWRGHOODSUHPHVVDLQ1
6QHOOH]]HVXSHULRULDO VRQRGDFRQVLGHUDUHFRQSDUWLFRODULFDXWHOHGLSURJHWWD]LRQHHGLFDOFROR
$]LRQL
'RYUDQQRHVVHUHSUHVHLQFRQWROHD]LRQLHVWHUQHGLFDOFRORSLVIDYRUHYROLTXDOLGHILQLWHDOSXQWRGHOODSUHPHVVD
/HFRPELQD]LRQLGLFDULFRVDUDQQRGLVWLQWHLQD]LRQLGLEUHYHHGLOXQJDGXUDWD
,QFHUWH]]HJHRPHWULFKH
3HUVWUXWWXUHFRPSOHVVHVLLSRWL]]DXQDLQFOLQD]LRQHQRQLQWHQ]LRQDOHSDULD
WDQ D
WDQ D
VWUXWWXUHDGXQSLDQRRYYHURFDULFDWHVRORLQVRPPLWj
DOWUHVWUXWWXUH
3HUFRORQQHVLQJROHLQDOWHUQDWLYDDTXDQWRVRSUDVLLSRWL]]DXQDHFFHQWULFLWjQRQLQWHQ]LRQDOHGHOODIRU]DDVVLDOH
SDULD
HQ
O
O HVSUHVVRLQFP
HFRPXQTXHQRQLQIHULRUHDFP
7DOLLPSHUIH]LRQLLQFOXGRQROHHFFHQWULFLWjDJJLXQWLYHSUHVFULWWHSHUODYHULILFDGHOOHVH]LRQLDSUHVVRIOHVVLRQH
'HIRUPD]LRQLYLVFRVH
3HUODYDOXWD]LRQHGHJOLHIIHWWLGHOVHFRQGRRUGLQHGRYXWLDOODGHIRUPD]LRQHYLVFRVDSURGRWWDGDOOHD]LRQL
SHUPDQHQWLHTXDVLSHUPDQHQWLVLDWWULEXLVFRQRDWDOLD]LRQLLORURYDORULFDUDWWHULVWLFLPDJJLRUDWLFRQFRHIILFLHQWH
JQ 9HULILFDGHOOHVWUXWWXUHFRPSOHVVHWHODLDQRGLVSRVWDELOLVWUXWWXUHFRQVIRU]RQRUPDOHRVH]LRQHYDULDELOH
HFF
/DYHULILFDFRQVLVWHDVHFRQGDGHLFDVLQHOFRQWUROODUHFKHQRQVLUDJJLXQJDXQDGLYHUJHQ]DG¶HTXLOLEULRG¶LQVLHPH
RORFDOHHFKHOHVROOHFLWD]LRQLSURGRWWHGDOOHD]LRQLHVWHUQHGLFDOFRORVLDQRLQIHULRULDOOHUHVLVWHQ]HXOWLPHGHOOHVH]LRQL
/DYHULILFDGHOFRPSRUWDPHQWRJOREDOHGHYHHVVHUHVHJXLWDGDTXHOOHGHOOHVLQJROHFRORQQHWHQHQGRFRQWRGHOOH
VROOHFLWD]LRQLVXSSOHPHQWDULLQGRWWHGDJOLHIIHWWLGHOODGHIRUPD]LRQHGHOODVWUXWWXUD
3HULWHODLDPDJOLDUHWWDQJRODUHqDPPHVVRLOPHWRGRLWHUDWLYR3' FKHVRVWLWXLVFHDLPRPHQWLGHOVHFRQGRRUGLQH
TXHOOLSURGRWWLGDIRU]HRUL]]RQWDOLHTXLYDOHQWLGLSLDQR
7HODLDQRGLILVVL
3HULWHODLFKHVLSRVVRQRULWHQHUHDQRGLILVVLqVXIILFLHQWHODYHULILFDDOO¶LQVWDELOLWjORFDOHGHOOHVLQJROHFRORQQH
DVVXPHQGRODOXQJKH]]DOLEHUDSDULDOO¶LQWHUSLDQR
,QDVVHQ]DGLXQDYDOXWD]LRQHGLUHWWDSLSUHFLVDVLSXzDPPHWWHUHFKHJOLVSRVWDPHQWLRUL]]RQWDOLGHLQRGLVLDQR
WUDVFXUDELOLTXDORUDVLDYHULILFDWDODFRQGL]LRQH
+
1
(F -
SHU Q t d d Q SHU Q d HVVHQGR
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
+
(F 1
Q
DOWH]]DWRWDOHGHOWHODLR
VRPPDGHOOHULJLGH]]HGHLQXFOHLGLFRQWURYHQWDPHQWRFLUFDFRVWDQWHVXOO¶DOWH]]D
VRPPDGHLFDULFKLYHUWLFDOLGLHVHUFL]LRSHUFRPELQD]LRQLUDUH
QXPHURGHLSLDQL
&RORQQHVLQJROH
1HOFDOFRORDOORVWDWROLPLWHXOWLPRGLFRORQQHLVRVWDWLFKHDVH]LRQHHVIRU]RQRUPDOLFRVWDQWLSRVVRQRDGRWWDUVLOH
XOWHULRULVHPSOLILFD]LRQLGLFXLDLSXQWLHHVVHSRVVRQRHVWHQGHUVLDQFKHDFRORQQHSHUOH
TXDOLVLSRVVDDPPHWWHUHFKHODSRVL]LRQHGHLSXQWLGLIOHVVRQRQYDULFROFDULFR
1HLSLODVWULFRQQRGLILVVLHGLVWULEX]LRQHOLQHDUHGLPRPHQWLIOHWWHQWLGHOSULPRRUGLQHVLSXzYHULILFDUHODVH]LRQH
FULWLFDFRQXQPRPHQWRGHOSULPRRUGLQHGLFDOFRORFRUULVSRQGHQWHD
FRQ F
HG
F F
F t F
t
F
0 OG
1 G ˜ F
HVVHQGRF HF HFFHQWULFLWjGHOSULPRRUGLQHDOO¶HVWUHPLWjGHOO¶DVWD
DOTXDOHYDVRPPDWRLOPRPHQWRGHOVHFRQGRRUGLQHSDULD0 1G ˜ GHVVHQGRG GHILQLWRLQ
6HULVXOWDF !F¶G GRYUjHVVHUHDQFKHYHULILFDWDODVH]LRQHVRJJHWWDDOODHFFHQWULFLWjF VHQ]DHIIHWWLGHOVHFRQGR
RUGLQH
(VSUHVVLRQHDSSURVVLPDWDGHOODIUHFFLD4XDQGRODVH]LRQHFULWLFDGHOPRGRGLGHIRUPD]LRQHGHO
VHFRQG¶RUGLQHqDQFKHODSLVROOHFLWDWDDIOHVVLRQHQHOSULPRRUGLQHVLSXzLPSLHJDUHO¶HVSUHVVLRQHVHJXHQWHSHUOD
IUHFFLDPDVVLPD
§·
FXUYDWXUDHIIHWWLYDGHOODVH]LRQHFULWLFD
© U ¹̧
FRQ ¨
G
§ · O
¨ ˜
© U ¹̧ 3URFHGLPHQWRGHOODFRORQQDPRGHOORÊDPPHVVRGLYDOXWDUHJOLHIIHWWLGHOVHFRQGRRUGLQHTXDOLVL
YHULILFDQRLQXQDFRORQQDGHILQLWDFRORQQDPRGHOORXQDFRORQQDVRJJHWWDDVIRU]RQRUPDOHFRVWDQWHLQFRQGL]LRQLSHU
FXLVLDHVDWWDO¶HVSUHVVLRQHGLG GDWDDOSXQWR
'HWWR05GLOPRPHQWRUHVLVWHQWHGLFDOFRORGHOODVH]LRQHFULWLFDVLLQGLYLGXD05GPRPHQWRUHVLVWHQWHGHOSULPR
RUGLQHGLVSRQLELOHSHUO¶DVVRUELPHQWRGHOODVROOHFLWD]LRQHGLFDOFROROjGRYHODGLIIHUHQ]DIUDO¶RUGLQDWDGHOODFXUYD05G
UWUDFFLDWDSHUORVIRU]RQRUPDOHDJHQWHGLFDOFROR1G HTXHOODGHOODUHWWDUDSSUHVHQWDWLYDGHOO¶HIIHWWRGHOVHFRQGR
RUGLQH
O
1 G ˜ ˜ UDJJLXQJHLOVXRPDVVLPRYDORUH
U 0HWRGRGLUHWWRGHOORVWDWRGLHTXLOLEULR6LFRQWUROODFKHHVLVWDXQRVWDWRGLGHIRUPD]LRQHGHOODVH]LRQH
FULWLFDWDOHFKHGHWWL0L H1L OHULVXOWDQWLGLPRPHQWRIOHWWHQWHHGLVIRU]RQRUPDOHGHOORVWDWRGLWHQVLRQHFRUULVSRQGHQWH
HGHL O¶HFFHQWULFLWjSDULD
0L
ULVXOWL
1L
HL t HG
1L t 1 G
FRQ HG
0G
1G
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
)LJ,
9HULILFKHDOORVWDWROLPLWHGLHVHUFL]LR
67$72/,0,7(',)(6685$=,21( )LQDOLWj
3HUDVVLFXUDUHODIXQ]LRQDOLWjHODGXUDWDGHOOHVWUXWWXUHqQHFHVVDULR
SUHILVVDUHXQRVWDWROLPLWHGLIHVVXUD]LRQHDGHJXDWRDOOHFRQGL]LRQLDPELHQWDOLHGLVROOHFLWD]LRQHQRQFKpDOOD
VHQVLELOLWjGHOOHDUPDWXUHDOODFRUURVLRQH
UHDOL]]DUHXQVXIILFLHQWHULFRSULPHQWRGHOOHDUPDWXUHFRQFDOFHVWUX]]RGLEXRQHTXDOLWjHFRPSDWWH]]D
WHQH FRQWRGHOOHHVLJHQ]HHVWHWLFKH
U
'HILQL]LRQHGHJOLVWDWLOLPLWHGLIHVVXUD]LRQH
,QRUGLQHGLVHYHULWjGHFUHVFHQWHVLGLVWLQJXRQRLVHJXHQWLVWDWLOLPLWH
VWDWROLPLWHGLGHFRPSUHVVLRQHQHOTXDOHSHUODFRPELQD]LRQHGLD]LRQLSUHVFHOWDODWHQVLRQHQRUPDOHQHOODILEUD
FRQVLGHUDWDqSDULD]HUR
VWDWROLPLWHGLIRUPD]LRQHGHOOHIHVVXUHQHOTXDOHSHUODFRPELQD]LRQHGLD]LRQLSUHVFHOWDODWHQVLRQHQRUPDOH
GLWUD]LRQHQHOODILEUDFRQVLGHUDWDqXJXDOHDOIUDWWLOHLQIHULRUHGHOODUHVLVWHQ]DDWUD]LRQHRSSXUH
IFWN IFWP
IFIN IFIP
VWDWROLPLWHGLDSHUWXUDGHOOHIHVVXUHQHOTXDOHSHUODFRPELQD]LRQHGLD]LRQLSUHVFHOWDLOYDORUHFDUDWWHULVWLFRGL
DSHUWXUDGHOODIHVVXUDFDOFRODWRDOOLYHOORFRQVLGHUDWRqSDULDXQYDORUHQRPLQDOHSUHILVVDWR
,YDORULQRPLQDOLDLTXDOLVLULIHULVFRQROHVXFFHVVLYHSUHVFUL]LRQLVRQR
Z PP
Z PP
Z PP
&RPELQD]LRQLGLD]LRQL
6LSUHQGRQRLQFRQVLGHUD]LRQHOHVHJXHQWLFRPELQD]LRQL&IU
D]LRQLTXDVLSHUPDQHQWL
D]LRQLIUHTXHQWL
D]LRQLUDUH
&RQGL]LRQLDPELHQWDOL
6LLQGLYLGXDQRLVHJXHQWLDPELHQWLLQFXLSXzWURYDUVLODVWUXWWXUD
SRFRDJJUHVVLYRFDUDWWHUL]]DWRGDXPLGLWjUHODWLYDQRQHOHYDWDRGDXPLGLWjUHODWLYDHOHYDWDSHUEUHYLSHULRGL
PRGHUDWDPHQWHDJJUHVVLYRFDUDWWHUL]]DWRGDHOHYDWDXPLGLWjUHODWLYDLQDVVHQ]DGLYDSRULFRUURVLYL
PROWRDJJUHVVLYRFDUDWWHUL]]DWRGDSUHVHQ]DGLOLTXLGLRGLDHULIRUPLSDUWLFRODUPHQWHFRUURVLYL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
6HQVLELOLWjGHOOHDUPDWXUHDOODFRUURVLRQH
/HDUPDWXUHVLGLVWLQJXRQRLQGXHJUXSSL
DUPDWXUHVHQVLELOL
DUPDWXUHSRFRVHQVLELOL
$SSDUWHQJRQRDOSULPRJUXSSRJOLDFFLDLWHPSUDWLQRQULQYHQXWLGLTXDOXQTXHGLDPHWURHJOLDFFLDLLQFUXGLWLD
IUHGGRVRJJHWWLDWHQVLRQLSHUPDQHQWLVXSHULRULD1PP
$SSDUWHQJRQRDOVHFRQGRJUXSSROHDOWUHDUPDWXUHHTXHOOHDGHJXDWDPHQWHSURWHWWH
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHLGXHJUXSSLGLDUPDWXUHVRQRLQJHQHUDOHHQWUDPELSUHVHQWLVH]LRQHDG
DUPDWXUDPLVWD
6FHOWDGHJOLVWDWLOLPLWHGLIHVVXUD]LRQH
1HOSURVSHWWR,VRQRLQGLFDWLLFULWHULGLVFHOWDGHOORVWDWROLPLWHFRQULIHULPHQWRDOOHHVLJHQ]HVRSUDULSRUWDWH
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHqULFKLHVWDODYHULILFDDOORVWDWROLPLWHGLGHFRPSUHVVLRQHSHUOD
FRPELQD]LRQHGLD]LRQLTXDVLSHUPDQHQWHHODYHULILFDDOORVWDWROLPLWHGLDSHUWXUDGHOOHIHVVXUHSHUOHFRPELQD]LRQLGL
D]LRQLIUHTXHQWHHUDUD
/¶LPSLHJRGHOODSUHFRPSUHVVLRQHSDU]LDOHDFDXVDGHOODIHVVXUD]LRQHGHOODVH]LRQHLQFRQGL]LRQLGLVHUYL]LRq
VRJJHWWRDSDUWLFRODULOLPLWD]LRQLQHOVHJXLWRVSHFLILFDWH
*UXSSLGL
(VLJHQ]H
D
&RQGL]LRQL
DPELHQWH
3RFR
DJJUHVVLYR
E
0RGHUDWDPHQWH
DJJUHVVLYR
F
0ROWR
DJJUHVVLYR
&RPELQD]LRQH
GLD]LRQL
3URVSHWWR,
IUHTXHQWH
TXDVL
SHUPDQHQWH
IUHTXHQWH
TXDVL
SHUPDQHQWH
UDUD
IUHTXHQWH
6HQVLELOH
6WDWROLPLWH
DSIHVVXUH
GHFRPSR
DSIHVVXUH
DSIHVVXUH
GHFRPSUHVV
DSIHVVXUH
HIRUPD]
IHVVXUH
GHFRPSUHVV
$UPDWXUD
3RFRVHQVLELOH
ZN
d Z
6WDWROLPLWH
DSIHVVXUH
ZN
d Z
d Z
DSIHVVXUH
d Z
d Z
²
d Z
²
DSIHVVXUH
DSIHVVXUH
DSIHVVXUH
DSIHVVXUH
ZN qGHILQLWRDOSXQWRZZZ VRQRGHILQLWLDOSXQWR
d Z
d Z
d Z
d Z
9HULILFKHDOORVWDWROLPLWHGLIHVVXUD]LRQH
9HULILFKHDOORVWDWROLPLWHSHUVROOHFLWD]LRQLFKHSURYRFDQRWHQVLRQLQRUPDOL
6WDWROLPLWHGLGHFRPSUHVVLRQH/HWHQVLRQLVRQRFDOFRODWHLQEDVHDOOHFDUDWWHULVWLFKH
JHRPHWULFKHHPHFFDQLFKHGHOODVH]LRQHRPRJHQHL]]DWDQRQIHVVXUDWD,OFRHIILFLHQWHGLRPRJHQHL]]D]LRQHqGHILQLWRDO
SXQWR
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHODVH]LRQHGHYHULVXOWDUHWRWDOPHQWHFRPSUHVVDSHUODFRPELQD]LRQHGL
D]LRQLTXDVLSHUPDQHQWHHFRPXQTXHSHULOFDULFRSHUPDQHQWHSLLOGHLFDULFKLYDULDELOLGLVSRVWLQHOPRGRSL
VIDYRUHYROH
6WDWROLPLWHGLIRUPD]LRQHGHOOHIHVVXUH9DOJRQRLFULWHULGLFDOFRORGLFXLDOSXQWR
6WDWROLPLWHGLDSHUWXUDGHOOHIHVVXUH/D]RQDGLHIILFDFLDGHOO¶DUPDWXUDqOHJDWDDOOHFRQGL]LRQL
GLODYRURGHOO¶HOHPHQWRVWUXWWXUDOHHGDOODVXDFRQIRUPD]LRQH
,OYDORUHFDUDWWHULVWLFRGLDSHUWXUDGHOOHIHVVXUHQHOOD]RQDGLHIILFDFLDGHOOHDUPDWXUHQRQGHYHVXSHUDUHLOYDORUH
SUHILVVDWRDOSXQWR
,OYDORUHFDUDWWHULVWLFRGLFDOFRORqGDWRGD
ZN ZP
LQFXLZP FKHUDSSUHVHQWDLOYDORUHPHGLRGHOO¶DSHUWXUDFDOFRODWDLQEDVHDOODGHIRUPD]LRQHPHGLDHVPGHOWUDWWRVUP
SDULDOODGLVWDQ]DPHGLDIUDOHIHVVXUHVLD
ZP 0VP˜ VUP
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
,FULWHULLQGLFDWLVLDSSOLFDQRDQFKHDOFDOFRORGHOOHDSHUWXUHGHOOHIHVVXUHSURYRFDWHGDVWDWLGLFRD]LRQHHGDOOD
YHULILFDGHOOHFRQGL]LRQLGLIHVVXUD]LRQHGHOO¶DQLPDGHOOHWUDYLDOWH
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHSRLFKpO¶DUPDWXUDqPLVWDLQSDUWHVHQVLELOHHGLQSDUWHSRFRVHQVLELOHLO
FDOFRORGHOO¶DPSLH]]DGHOOHOHVLRQLVLHIIHWWXDDOOLYHOORGHOOHDUPDWXUHQRQSUHWHVHHFRQODWHQVLRQHSUHVHQWHLQTXHVWH
XOWLPHPDLYDORULGHOOHDPSLH]]HDPPLVVLELOLGHYRQRHVVHUHTXHOOLUHODWLYLDOOHDUPDWXUHVHQVLELOLVHFRQGRTXDQWR
SUHVFULWWRQHOSURVSHWWR,
67$72/,0,7('(//(7(16,21,',(6(5&,=,2 &HPHQWRDUPDWRQRUPDOH
7HQVLRQLGLFRPSUHVVLRQHGHOFDOFHVWUX]]R
3HUOHVWUXWWXUHRSDUWLGLVWUXWWXUHHVSRVWHDGDPELHQWHDJJUHVVLYRJUXSSRFGHO3URVSHWWR,GHYRQRHVVHUH
ULVSHWWDWLLVHJXHQWLOLPLWLSHUOHWHQVLRQLGLFRPSUHVVLRQHQHOFDOFHVWUX]]R
SHUFRPELQD]LRQLGLFDULFRUDUDIFN
SHUFRPELQD]LRQLGLFDULFRTXDVLSHUPDQHQWHIFN 3DUWLFRODUHDWWHQ]LRQHQHOODOLPLWD]LRQHGHOOHWHQVLRQLLQHVHUFL]LRYDULYROWDDLFDVLLQFXLVLULFRQRVFDO¶HVLVWHQ]DGL
XQDSDUWLFRODUHLQFHUWH]]DGHOPRGHOORVWUXWWXUDOHDGRWWDWRHRTXDQGRVXVVLVWDXQDVLJQLILFDWLYDDOWHUQDQ]DGHOOH
VROOHFLWD]LRQLLQHVHUFL]LRQHOODPHGHVLPDVH]LRQHDQFKHVHOHVWUXWWXUHVRQRULIHULWHDLJUXSSLD RE GHO3URVSHWWR,
'HOSDULSDUWLFRODUHDWWHQ]LRQHVLGHYHSRUUHQHOODOLPLWD]LRQHGHOOHWHQVLRQLLQHVHUFL]LRSHUVROOHFLWD]LRQHGL
SUHVVRIOHVVLRQHFRQSUHYDOHQ]DGLVIRU]RQRUPDOHSHUODFRQVHJXHQWHOLPLWDWDGXWWLOLWj
3HUOHVWUXWWXUHRSDUWLGLVWUXWWXUHHVSRVWHDGDPELHQWHGHLJUXSSLDE GHO3URVSHWWR,GHYRQRHVVHUHULVSHWWDWLL
VHJXHQWLOLPLWLSHUOHWHQVLRQLGLFRPSUHVVLRQHQHOFDOFHVWUX]]R
SHUFRPELQD]LRQHGLFDULFRUDUDIFN SHUFRPELQD]LRQHGLFDULFRTXDVLSHUPDQHQWHIFN
7HQVLRQLGLWUD]LRQHQHOO¶DFFLDLR
3HUOHDUPDWXUHRUGLQDULHODPDVVLPDWHQVLRQHGLWUD]LRQHVRWWRODFRPELQD]LRQHGLFDULFKLUDUDQRQGHYHVXSHUDUH
I\N
&HPHQWRDUPDWRSUHFRPSUHVVR
/HWHQVLRQLOLPLWHQHOFDOFHVWUX]]RHQHOO¶DFFLDLRVRQRULSRUWDWHDOFDSLWROR
0HWRGLSHULOFDOFRORGHOOHWHQVLRQL
1HOFDOFRORGHOOHWHQVLRQLqQHFHVVDULRFRQVLGHUDUHVHGHOFDVRROWUHDJOLHIIHWWLGHLFDULFKLDQFKHTXHOOLGHOOH
YDULD]LRQLWHUPLFKHGHOODYLVFRVLWjGHOULWLURHGHOOHGHIRUPD]LRQLLPSRVWHDYHQWLDOWUHRULJLQL
/HWHQVLRQLGHEERQRHVVHUHFDOFRODWHDGRWWDQGROHSURSULHWjJHRPHWULFKHGHOODVH]LRQHFRUULVSRQGHQWHDOOD
FRQGL]LRQHQRQIHVVXUDWDRSSXUHDTXHOODFRPSOHWDPHQWHIHVVXUDWDDVHFRQGDGHLFDVL
'HYHGLUHJRODHVVHUHDVVXQWRORVWDWRIHVVXUDWRVHODPDVVLPDWHQVLRQHGLWUD]LRQHQHOFDOFHVWUX]]RFDOFRODWDLQ
VH]LRQHQRQIHVVXUDWDVRWWRODFRPELQD]LRQHGLFDULFRUDUDVXSHUDIFWP
4XDQGRVLDGRWWDXQDVH]LRQHQRQIHVVXUDWDVLFRQVLGHUDDWWLYDO¶LQWHUDVH]LRQHGLFDOFHVWUX]]RHVLFRQVLGHUDQRLQ
FDPSRHODVWLFRVLDDWUD]LRQHFKHDFRPSUHVVLRQHLOFDOFHVWUX]]RHO¶DFFLDLR
4XDQGRVLDGRWWDODVH]LRQHIHVVXUDWDLOFDOFHVWUX]]RSXzHVVHUHFRQVLGHUDWRHODVWLFRLQFRPSUHVVLRQHPDLQFDSDFH
GLVRVWHQHUHDOFXQDWUD]LRQHQHOFDOFRORGHOOHWHQVLRQLVHFRQGROHSUHVHQWLUHJROHQRQYDGLQRUPDWHQXWRFRQWRQHOOH
YHULILFKHORFDOLGHOO¶HIIHWWRLUULJLGHQWHGHOFDOFHVWUX]]RWHVRGRSRIHVVXUD]LRQH
,QYLDVHPSOLILFDWLYDVLSXzDVVXPHUHLOFRPSRUWDPHQWRHODVWLFROLQHDUHHSHUOHDUPDWXUHLOFRHIILFLHQWHGL
RPRJHQHL]]D]LRQHFRQLOYDORUHFRQYHQ]LRQDOHQ )HQRPHQLGLIDWLFDYHULILFDGHOOHDUPDWXUH
,QSUHVHQ]DGLVROOHFLWD]LRQLFKHSRVVDQRLQGXUUHIHQRPHQLGLIDWLFDVHOHWHQVLRQLGLHVHUFL]LRULHQWUDQRQHOOD
VHJXHQWHOLPLWD]LRQH
VPLQ OHWHQVLRQLOLPLWHYHQJRQRULGRWWHVHFRQGRO¶HVSUHVVLRQH
VV
VPD[
§
V PLQ
V V ¨¨ V PD[
©
GRYHVV qODWHQVLRQHOLPLWHGHOO¶DUPDWXUDLQHVHUFL]LRY
KWWSZZZLQJHJQHULDVRIWFRP
·
¸
¸
¹
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
67$72/,0,7(','()250$=,21( *HQHUDOLWj
/DYHULILFDDOORVWDWROLPLWHGLGHIRUPD]LRQHFRQVLVWHQHOFRQWUROODUHFKHODGHIRUPD]LRQHVLD
D FRPSDWLELOHFRQODIXQ]LRQDOLWjGHOO¶RSHUDSHUWXWWHOHFRQGL]LRQLG¶LPSLHJRSUHYLVWH
E FRQYHQLHQWHPHQWHOLPLWDWDLQPRGRGDHYLWDUHGDQQLDOOHVRYUDVWUXWWXUHDGLDFHQWL
/DGHIRUPD]LRQHLVWDQWDQHDGHYHHVVHUHYHULILFDWDSHUOHFRPELQD]LRQLGLD]LRQLUDUHGLFXLDOSXQWR
/DGHIRUPD]LRQHDOXQJRWHUPLQHGHYHHVVHUHYHULILFDWDLQSUHVHQ]DGHLFDULFKLSHUPDQHQWLHTXDVLSHUPDQHQWL
,OFDOFRORGHOOHHYHQWXDOLFRQWURIUHFFHVLHIIHWWXDLQSUHVHQ]DGHOOHVROHD]LRQLSHUPDQHQWLHTXDVLSHUPDQHQWL
DGRWWDQGRLYDORULPHGLGHLSDUDPHWULFDUDWWHUL]]DQWLLOFRPSRUWDPHQWRGHLPDWHULDOL
&DOFRORGHOOHGHIRUPD]LRQL
,OFDOFRORGHOODGHIRUPD]LRQHIOHVVLRQDOHVLHIIHWWXDGLQRUPDPHGLDQWHLQWHJUD]LRQHGHOOHFXUYDWXUHWHQHQGRFRQWR
VHGHOFDVRGHJOLHIIHWWLGHOULWLURHGHOODYLVFRVLWj
3HULOFDOFRORGHOOHGHIRUPD]LRQLIOHVVLRQDOLVLFRQVLGHUDORVWDWR,QRQIHVVXUDWRVH]LRQHLQWHUDPHQWHUHDJHQWHSHU
WXWWHOHSDUWLGLVWUXWWXUDQHOOHTXDOLQHOOHFRQGL]LRQLGLFDULFRFRQVLGHUDWHOHWHQVLRQLGLWUD]LRQHQRQVXSHUDQROD
UHVLVWHQ]DDWUD]LRQHSHUOHDOWUHSDUWLGLVWUXWWXUDVLIDULIHULPHQWRDOORVWDWR,,IHVVXUDWRFRQVLGHUDQGRO¶HIIHWWR
LUULJLGHQWHGHOFDOFHVWUX]]RWHVRIUDOHIHVVXUH
5DSSRUWLGLVQHOOH]]DOLPLWH
3HUWUDYLDVH]LRQHUHWWDQJRODUHRDVVLPLODELOLHSHUOXFLILQRDPTXDORUDODYHULILFDDOORVWDWROLPLWHXOWLPRVLD
HIIHWWXDWDFRQFDOFRORQRQOLQHDUHRFRQFDOFROROLQHDUHHVFOXGHQGRTXLQGLLOFDOFRORULJLGRSODVWLFRVLSRWUjRPHWWHUHOD
YHULILFDDOORVWDWROLPLWHGLGHIRUPD]LRQHSXUFKpLUDSSRUWLOK O OXFHK DOWH]]DWRWDOHULVXOWLQRLQIHULRULRXJXDOLDL
YDORULGLFXLDOSURVSHWWR,
&RQGL]LRQLGLYLQFROR
7UDYLDVEDO]R
7UDYLHSLDVWUHVHPSOLFHPHQWHDSSRJJLDWH
7UDYLFRQWLQXHSLDVWUHLQFDVWUDWH
3URVSHWWR,
OK
/HLQGLFD]LRQLGLFXLVRSUDYDOJRQRDQFKHSHUOHSLDVWUHUHWWDQJRODULHVVHQGRLQWDOFDVRO ODOXFHPLQRUH
3HUHOHPHQWLSUHFRPSUHVVLLUDSSRUWLGHOSUHFHGHQWHSURVSHWWRSRVVRQRHVVHUHPROWLSOLFDWLSHULOIDWWRUH
1HOFDVRLQFXLJOLHOHPHQWLVLDQRGHVWLQDWLDSRUWDUHSDUHWLGLYLVRULHGRYUjDOWUHVuHVVHUHYHULILFDWRLOULVSHWWRGHOOH
VHJXHQWLFRQGL]LRQL
SHUWUDYLDSSRJJLDWH
SHUWUDYLFRQWLQXH
O HK HVSUHVVLLQPHWUL
O d
K
O
O d
K
O
1250(63(&,),&+(',&$/&2/23(5,/&(0(172$50$7235(&2035(662 *HQHUDOLWj
,OFDOFRORGHOOHWHQVLRQLYDHIIHWWXDWRFRQVLGHUDQGROHFRPELQD]LRQLSLVIDYRUHYROLGHOODSUHFRPSUHVVLRQHQHLVXRL
GLYHUVLVWDGLHGHOOHGLYHUVHFRQGL]LRQLGLFDULFRFRUULVSRQGHQWLDOOHVXFFHVVLYHIDVLGLFRVWUX]LRQHHGLHVHUFL]LRSHU
FRPELQD]LRQLUDUH
'LQRUPDVRQRDPPHVVHOLPLWDWHWHQVLRQLGLWUD]LRQHGLRULJLQHIOHVVLRQDOHSHUOHFRPELQD]LRQLGLHVHUFL]LRSHUOH
FRPELQD]LRQLUDUHSLVIDYRUHYROL
ÊDPPHVVDDQFKHODSUHFRPSUHVVLRQHSDU]LDOHFRQFRQVHJXHQWHSDU]LDOL]]D]LRQHGHOODVH]LRQHGLFRQJORPHUDWR
FRQODHVFOXVLRQHGHOO¶DSSRUWRGHOOHWHQVLRQLGLWUD]LRQHQHOFRQJORPHUDWRLQHVHUFL]LRSHUFRPELQD]LRQLUDUHHFRQOH
OLPLWD]LRQLGLFXLDLSXQWLVXFFHVVLYL
1HOFRPSXWRGHOOHFDUDWWHULVWLFKHJHRPHWULFKHGHOOHVH]LRQLYDQQRGHWUDWWLJOLHYHQWXDOLYXRWLSHULOSDVVDJJLRGHL
FDYLTXDQGRFRPSOHVVLYDPHQWHVXSHULQRLOGHOODVH]LRQHGHOFRQJORPHUDWR
1HOOHVWUXWWXUHDFDYLQRQDQFRUDLQLHWWDWLVLFRQVLGHUDFRPHUHVLVWHQWHODVH]LRQHGLFRQJORPHUDWRGHSXUDWDGHLIRUL
QHOOHVWUXWWXUHDFDYLLQLHWWDWLVLSXzFRQVLGHUDUHFROODERUDQWHO¶DUPDWXUDGLSUHFRPSUHVVLRQHFRQFRHIILFLHQWHGL
RPRJHQHL]]D]LRQHXJXDOHD
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
,SURFHGLPHQWLGLFDOFRORUHODWLYLDOOHFRQGL]LRQLGLHVHUFL]LRGHYRQRHVVHUHFRQGRWWLQHOO¶LSRWHVLGLHODVWLFLWjGHL
PDWHULDOLYDOXWDQGRSHUDOWURJOLHIIHWWLGHOOHFDGXWHGLWHQVLRQHSHUGHIRUPD]LRQLOHQWH
4XDQGRVLHVHUFLWLODSUHFRPSUHVVLRQHVXXQDVWUXWWXUDYLQFRODWDLQPRGRFKHQHULVXOWLRVWDFRODWDODOLEHUD
GHIRUPD]LRQHYDWHQXWRFRQWRGHOORVWDWRGLVROOHFLWD]LRQHGHULYDQWHGDOOHUHD]LRQLGLLSHUVWDWLFLWj
1HOFDOFRORGHOOHUHD]LRQLLSHUVWDWLFKHVLGRYUjJHQHUDOPHQWHWHQHUFRQWRGHOODYDULD]LRQHFKHORVIRU]RGLSUH
WHQVLRQHVXELVFHOXQJRO¶DVVHJHRPHWULFRSHUHIIHWWRGHOO¶DWWULWR
1HOOHVWUXWWXUHDGDUPDWXUDSRVWWHVDODWHQVLRQHLQL]LDOHQHOODVH]LRQHJHQHULFDYLHQHFDOFRODWDGHGXFHQGRGDOOD
WHQVLRQHDOPDUWLQHWWROHSHUGLWHSHUDWWULWROXQJRLOFDYRHSHUO¶HYHQWXDOHULHQWURGHJOLDSSDUHFFKLGLDQFRUDJJLRH
VFRUULPHQWRGHLILOLEORFFDWLGDQRQFRQVLGHUDUVLQHOFRPSXWRGLVVSLGLFXLDOSXQWR6LGRYUjWHQHUFRQWRDOWUHVu
GHOO¶HIIHWWRPXWXRIUDLFDYLWHVLVXFFHVVLYDPHQWHLQGRWWRGDOODGHIRUPD]LRQHHODVWLFDGHOODVWUXWWXUD1HOOHVWUXWWXUHDG
DUPDWXUDSUHWHVDYDFRQVLGHUDWDODFDGXWDGLWHQVLRQHSHUGHIRUPD]LRQHHODVWLFD
6XFFHVVLYDPHQWHVLYDOXWHUDQQRJOLHIIHWWLGHOOHGHIRUPD]LRQLOHQWH
ULWLUR
IOXDJHGHOFRQJORPHUDWR
ULODVVDPHQWRGHOO¶DFFLDLR
/HFDGXWHOHJDWHDOOHFRQGL]LRQLGLVROOHFLWD]LRQHGHOFRQJORPHUDWRHGHOO¶DFFLDLRYDQQRYDOXWDWHVXGGLYLGHQGR
LGHDOPHQWHODVWUXWWXUDLQWURQFKLHFRQVLGHUDQGRORVWDWRGLWHQVLRQHLYLDJHQWHQHLGXHPDWHULDOL
1HOOHVWUXWWXUHHVHJXLWHHSUHFRPSUHVVHLQSLIDVLOHFDGXWHSHUGHIRUPD]LRQHOHQWDYDQQRYDOXWDWHLQFLDVFXQDIDVH
FRQULJXDUGRDOOHFDUDWWHULVWLFKHJHRPHWULFKHDLFDULFKLHVWHUQLHGDOODSUHFRPSUHVVLRQHSUHVHQWLLQWDOLIDVL
1HOOHVWUXWWXUHPLVWHTXDQGRVLHVHJXRQRJHWWLVXFFHVVLYLYDWHQXWRFRQWRDOPHQRLQYLDDSSURVVLPDWDGHJOLVIRU]L
SURGRWWLGDOODGLIIHUHQ]DGHOOHGHIRUPD]LRQLOHQWHGHOFRQJORPHUDWRGHOOHSDUWLVROLGDUL]]DWH
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHSHUODSUHVHQ]DGLQRWHYROLTXDQWLWDWLYLGLDUPDWXUDRUGLQDULDVLSRWUj
WHQHUHFRQWRGHOO¶HIIHWWRGRYXWRDOODPLJUD]LRQHGHOOHWHQVLRQLGLFRPSUHVVLRQHGDOFRQJORPHUDWRFHPHQWL]LRDOOH
DUPDWXUHRUGLQDULH
3HUOHVWUXWWXUHVWDWLFDPHQWHLQGHWHUPLQDWHTXDQGRYHQJRQRRSHUDWHYDULD]LRQLGHOORVFKHPDVWUXWWXUDOHHVFHUQLHUH
SURYYLVRULHYDWHQXWRFRQWRGHOOHYDULD]LRQLGHOOHUHD]LRQLYLQFRODULFRQVHJXHQWLDOOHGHIRUPD]LRQLOHQWHFRQSDUWLFRODUH
ULIHULPHQWRDOO¶HWjGHLJHWWL
/DGRFXPHQWD]LRQHWHFQLFDUHODWLYDDLWLSLGHJOLDQFRUDJJLSHUDUPDWXUHGDFDSGRYUjHVVHUHGHSRVLWDWDSUHVVRLO
0LQLVWHURGHLODYRULSXEEOLFL6HUYL]LRWHFQLFRFHQWUDOHDFXUDGHOOHGLWWHSURGXWWULFLHGRYUjFRPSURYDUHODHIILFLHQ]D
GHJOLDQFRUDJJLVWHVVL
(IIHWWLGHOO¶DWWULWR
,OFDOFRORGHJOLHIIHWWLGHOO¶DWWULWRVLSXzHIIHWWXDUHFRPHVHJXHODWHQVLRQHVS DSSOLFDWDDOO¶HVWUHPLWjGHOFDYRD
FDXVDGHOO¶DWWULWRULVXOWDDOODGLVWDQ]D[ULGRWWDDOYDORUHVS[ GDWRGDOODUHOD]LRQH
V S[
V S H I D E[ QHOODTXDOH
I
qLOFRHIILFLHQWHGLDWWULWRGLSHQGHQWHGDOOHFDUDWWHULVWLFKHGHOOHVXSHUILFLGHOFDYRHGHOO¶DOORJJLDPHQWRFKHVL
WURYDQRDFRQWDWWR
D qODVRPPDGHLYDORULDVVROXWLGHOOHGHYLD]LRQLDQJRODULGLSURJHWWRGHOFDYRFRPSUHVHQHOWUDWWRGLOXQJKH]]D[
HVSUHVVHLQUDGLDQWLQHOFDVRGLGHYLD]LRQLDOWLPHWULFKHHSODQLPHWULFKHFRQFRPLWDQWLLUHODWLYLDQJROLVDUDQQRFRPSRVWL
JHRPHWULFDPHQWH
E UDSSUHVHQWDODGHYLD]LRQHDQJRODUHFRQYHQ]LRQDOHGHOFDYRHVSUHVVDLQUDGPFKHWLHQHFRQWRGHJOLLQHYLWDELOL
FRQWDWWLDFFLGHQWDOLFKHDQFKHQHOFDVRGLFDYRUHWWLOLQHRFRUUHWWDPHQWHUHDOL]]DWRVLYHULILFDQRIUDLYDULHOHPHQWLGHO
FDYRO¶DOORJJLDPHQWRHJOLHYHQWXDOLGLVSRVLWLYLGLVWDQ]LDWRUL
6DOYRLOFDVRGLGHWHUPLQD]LRQHVSHULPHQWDOHVLDGRWWHUDQQRSHUI HE LYDORULVHJXHQWLYDOLGLQHOO¶LSRWHVLFKHOH
DUPDWXUHVLDQRSULYHGLRVVLGD]LRQH
FDYRVXFDOFHVWUX]]ROLVFLRI FDYRLQJXDLQDPHWDOOLFDI E UDGP
4XDQGRI DE[ULVXOWDPLQRUHGLSHULOFDOFRORGLVS[VLSRWUjDGRWWDUHORVYLOXSSRLQVHULHGHOODIRUPXOD
HVSRQHQ]LDOHOLPLWDWRDOVHFRQGRWHUPLQH
V S[
V S > I D E [ @
1HOFDVRLOOXVWUDWRLQILJXUDVLKDQHOO¶DPELWRGHOO¶DSSURVVLPD]LRQHSUHGHWWDVXSSRQHQGRGLDSSOLFDUHLQ$OD
WHQVLRQHVS$
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
V S%
V S&
V S'
V S(
V S$ > I D E O V S% I E O V S& I E O
@
V S' > I D E O @
6WDELOLWDFRVuODOHJJHGLYDULD]LRQHGHOODWHQVLRQHOXQJRLOFDYRVHQHSXzGHGXUUHO¶DOOXQJDPHQWRGDRWWHQHUHLQ$
VXGGLYLGHQGRLOFDYRLQWURQFKLFDOFRODQGRLQFLDVFXQWURQFRODWHQVLRQHPHGLDHGHGXFHQGRLOFRUULVSRQGHQWH
DOOXQJDPHQWRXQLWDULRGHOGLDJUDPPDVIRU]LDOOXQJDPHQWLGHOO¶DFFLDLR
/¶DVVHVWDPHQWRLQL]LDOHGHOFDYRGHYHHVVHUHYDOXWDWRVSHULPHQWDOPHQWH,QWDOXQLFDVLTXDQGRLOFDYRQRQYHQJD
SUHYHQWLYDPHQWHFRQIH]LRQDWRTXHVWRHIIHWWRSXzDVVXPHUHSDUWLFRODUHLPSRUWDQ]DODVXDYDOXWD]LRQHSXzHVVHUH
HVHJXLWDLQL]LDQGRODPLVXUDGHJOLDOOXQJDPHQWLDSDUWLUHGDXQDWHQVLRQHVXIILFLHQWHPHQWHHOHYDWDHGHVWUDSRODQGRILQR
DOO¶DVVHGHOOHGHIRUPD]LRQLODOHJJHVIRU]LDOOXQJDPHQWLULOHYDWDDSDUWLUHGDWDOHSULPDOHWWXUD
)LJ,
,QWHUGLSHQGHQ]DIUDULWLURYLVFRVLWjHULODVVDPHQWR
3HUWHQHUFRQWRGHOO¶LQIOXHQ]DUHFLSURFDIUDOHFDGXWHGLWHQVLRQHSHUULWLURIOXDJHGHOFDOFHVWUX]]RLQGLFDWH
JOREDOPHQWHFRQODQRWD]LRQH'VVVIHODFDGXWDSHUULODVVDPHQWR'VUf YDOXWDWDVHFRQGROHSUHVFUL]LRQLGLFXLDOSXQWR
TXHVW¶XOWLPDSXzHVVHUHULGRWWDDOYDORUH'µVUf GHVXQWRGDOODHVSUHVVLRQH
'cVUf
§ 'V VVI
'VUf ¨ ¨
V VSL
©
·
¸
¸
¹
/DULGX]LRQHVLDSSOLFDDOODVRODIUD]LRQHGHOULODVVDPHQWRFKHDYYLHQHGRSRO¶DSSOLFD]LRQHGHOORVWDWRGLFRD]LRQHDO
FRQJORPHUDWR7DOHDYYHUWHQ]DDVVXPHSDUWLFRODUHLPSRUWDQ]DQHOFDVRGLPDWXUD]LRQHDYDSRUH
,QQHVVXQFDVRODFDGXWDSHUULODVVDPHQWRDWHPSRLQILQLWR'VUf FRUULVSRQGHQWHDGXQDWHQVLRQHLQL]LDOHSDULD
ISWNHDGXQDWHPSHUDWXUDGLƒ&SRWUjHVVHUHDVVXQWDLQIHULRUHDVVSL3HUDOWULYDORULGHOODWHQVLRQHLQL]LDOHYDOHOD
OHJJHGLYDULD]LRQHSDUDEROLFDLQGLFDWDDOSXQWR
5LWDUDWXUD
7HQXWRSUHVHQWHTXDQWRVWDELOLWRDOSXQWRFLUFDODSURWH]LRQHGHOOHDUPDWXUHTXDQGRVLSURFHGHDOOD
ULWDUDWXUDGHOOHWHQVLRQLOHFDGXWHSHUULWLURHYLVFRVLWjGHOFRQJORPHUDWRHULODVVDPHQWRGHOO¶DFFLDLRSRVVRQRHVVHUH
ULGRWWHILQRDLVHJXHQWLYDORUL
DHIIHWWRGHOULWLURHGHOODYLVFRVLWjGHOFRQJORPHUDWR
'U SHU'W t JLRUQL
'U SHU'W t JLRUQL
EHIIHWWRGHOULODVVDPHQWRGHOO¶DFFLDLR
HVVHQGR
'U FRHIILFLHQWHGLULGX]LRQH
'W
LQWHUYDOORGLULWDUDWXUD
,QRJQLFDVRYDOHODOLPLWD]LRQHGLFXLDOSXQWR
7HQVLRQLGLHVHUFL]LRQHOFRQJORPHUDWR
/HWHQVLRQLQRUPDOLGLHVHUFL]LRQRQGHYRQRVXSHUDUHDFRPSUHVVLRQHLVHJXHQWLYDORULOLPLWH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
D LQDPELHQWLSRFRDJJUHVVLYRHPRGHUDWDPHQWHDJJUHVVLYRJUXSSLDE GHO3URVSHWWR,
SHUFRPELQD]LRQHGLFDULFRUDUDIFN
FRPELQD]LRQHGLFDULFRTXDVLSHUPDQHQWHIFN
E LQDPELHQWHPROWRDJJUHVVLYRJUXSSRF GHO3URVSHWWR,
SHUFRPELQD]LRQHGLFDULFRUDUDIFN
FRPELQD]LRQHGLFDULFRTXDVLSHUPDQHQWHIFN
3HUDPELHQWLSRFRRPRGHUDWDPHQWHDJJUHVVLYLJUXSSLDE GHO3URVSHWWR,VRQRDPPHVVHWHQVLRQLGLWUD]LRQHLQ
FRPELQD]LRQLUDUHDOPDVVLPRXJXDOLDIFNDFRQGL]LRQHFKHQHOOD]RQDVLDQRGLVSRVWHDUPDWXUHVXVVLGLDULHGL
DFFLDLRDGDGHUHQ]DPLJOLRUDWDRSSRUWXQDPHQWHGLIIXVHLQPLVXUDWDOHFKHLOSURGRWWRGHOODORURVH]LRQHFRPSOHVVLYD
SHULOWDVVRFRQYHQ]LRQDOHGL1PPFRUULVSRQGDDOO¶LQWHURVIRU]RGLWUD]LRQHFDOFRODWRDVH]LRQHLQWHUDPHQWH
UHDJHQWH
3HUOHWUDYLDGDUPDWXUDSUHWHVDVRQRDPPHVVHWHQVLRQLGLWUD]LRQHLQFRPELQD]LRQLUDUHILQRDIFNVHQ]D
DJJLXQWDGLDUPDWXUDVXVVLGLDULDSXUFKpO¶DUPDWXUDSUHWHVDVLDEHQGLIIXVDQHOOH]RQHVRJJHWWHDWUD]LRQH
3HUVSHVVRULPLQRULGLFPOHWHQVLRQLQRUPDOLOLPLWHGLHVHUFL]LRVXULSRUWDWHVRQRULGRWWHGHO
1RQVRQRDPPHVVHWHQVLRQLGLWUD]LRQHDLOHPELQHLVHJXHQWLFDVL
D TXDQGRODIHVVXUD]LRQHLQHVHUFL]LRSHUFRPELQD]LRQLUDUHFRPSURPHWWHODIXQ]LRQDOLWjGHOODVWUXWWXUD
E LQWXWWHOHVWUXWWXUHVRWWRO¶D]LRQHGHOVRORFDULFRSHUPDQHQWHSHVRSURSULRHVRYUDFFDULFRSHUPDQHQWHRYHLO
VRYUDFFDULFRYDULDELOHSRVVDLQFUHPHQWDUHOHWUD]LRQL
F QHOOHVWUXWWXUHVLWHLQDPELHQWHDJJUHVVLYRJUXSSRFGHO3URVSHWWR,
G QHOOHVWUXWWXUHFRVWUXLWHSHUFRQFLSUHIDEEULFDWLQHOOHTXDOLQRQVLSRVVDVSHULPHQWDOPHQWHGLPRVWUDUHFKHLO
JLXQWRGLVSRQHGLXQDUHVLVWHQ]DDWUD]LRQHDOPHQRHTXLYDOHQWHDTXHOODGHOOD]RQDFRUUHQWH
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHOHWHQVLRQLGHOFRQJORPHUDWRFRPSUHVVRHGHOOHDUPDWXUHRUGLQDULHVRQR
FDOFRODWHSUHVFLQGHQGRGDOFRQWULEXWRDWUD]LRQHGHOFRQJORPHUDWRFRPHQHOOHVH]LRQLSUHVVRLQIOHVVHGLFRQJORPHUDWR
FHPHQWL]LRDUPDWRQRUPDOH
1RQqDPPHVVDSUHFRPSUHVVLRQHSDU]LDOHQHLFDVLDFHGVRSUDHOHQFDWL
7HQVLRQLLQL]LDOLQHOFRQJORPHUDWR
$OO¶DWWRGHOODSUHFRPSUHVVLRQHOHWHQVLRQLQRQGHEERQRVXSHUDUHDFRPSUHVVLRQHLOYDORUHGL VF
I FNM
HVVHQGRIFNMODUHVLVWHQ]DFDUDWWHULVWLFDDFRPSUHVVLRQHGHOFRQJORPHUDWRDM JLRUQLGLVWDJLRQDWXUD
6RQRDPPHVVHWHQVLRQLGLWUD]LRQH VF I FNM IHUPRUHVWDQGRO¶REEOLJRVSHFLILFDWRDOSXQWRGL
GLVSRUUHDUPDWXUHPHWDOOLFKHFRPHLYLLQGLFDWRPDSURSRU]LRQDWHDOWDVVRFRQYHQ]LRQDOHPDVVLPRGL1PP1HOOH
WUDYLDGDUPDWXUHSUHWHVHVRQRDPPHVVHWHQVLRQLGLWUD]LRQHLQL]LDOLSDULDIFNMVHQ]DDJJLXQWDGLDUPDWXUDVXVVLGLDULD
SXUFKpO¶DUPDWXUDSUHWHVDVLDEHQGLIIXVDQHOOD]RQDVRJJHWWDDWUD]LRQH3HUVSHVVRULPLQRULGLFPOHWHQVLRQLQRUPDOL
LQL]LDOLVRQRULGRWWHGHO4XDORUDVLDPPHWWDQRWHQVLRQLLQL]LDOLHOHYDWHVLGRYUjFRQVLGHUDUHLOULVFKLRFKHOHFRQWUR
IUHFFHDVVXPDQRQHOWHPSRYDORULHFFHVVLYL
,QIDVLLQWHUPHGLHHWUDQVLWRULHGHOODFRVWUX]LRQHqFRQVHQWLWRVXSHUDUHQHOFRQJORPHUDWRLOOLPLWHDWUD]LRQHLQQDQ]L
VWDELOLWRSXUFKpOHIDVLVXFFHVVLYHSURYRFKLQRO¶DQQXOODPHQWRGHOORVWDWRGLWUD]LRQH
,QWDOLFRQGL]LRQLGRYUjFRQVLGHUDUVLODSDU]LDOL]]D]LRQHGHOODVH]LRQHGXUDQWHODSUHGHWWDIDVHWUDQVLWRULDHOH
DUPDWXUHGLVSRVWHFRPHSUHFLVDWRDOSXQWRGRYUDQQRYHULILFDUVLLQFRQIRUPLWjDOOHQRUPHHSUHVFUL]LRQLYDOLGH
SHUOHVH]LRQLSUHVVRLQIOHVVHGLFRQJORPHUDWRFHPHQWL]LRDUPDWRQRUPDOH/DUHVLVWHQ]DDWUD]LRQHGHOFRQJORPHUDWR
QHOOH]RQHYLUWXDOPHQWHIHVVXUDWHQRQSRWUjWHQHUVLLQFRQWRQHOOHYHULILFKHDWDJOLRHQHOODHYHQWXDOHYHULILFDD
IHVVXUD]LRQH
1HOOD]RQDGLDQFRUDJJLRGHOOHDUPDWXUHVLSRVVRQRWROOHUDUHFRPSUHVVLRQLORFDOLSURGRWWHGDJOLDSSDUHFFKLGL
DQFRUDJJLRSDULD
I FNM
4XDQGRODWHVWDWDGHOODWUDYHVLDSUHIDEEULFDWDLQFRQJORPHUDWRIFNMUDSSUHVHQWDODUHVLVWHQ]DFDUDWWHULVWLFDD
FRPSUHVVLRQHGHOFRQJORPHUDWRGHOODWHVWDWDPHGHVLPD,QWDOFDVRVLFRQWUROOHUjLQROWUHFKHODSUHVVLRQHGLFRQWDWWR
VRWWRODWHVWDWDSUHIDEEULFDWDYDOXWDWDQHOO¶LSRWHVLGLGLVWULEX]LRQHXQLIRUPHFRQGLIIXVLRQHDƒDWWUDYHUVRODWHVWDWD
ULVSHWWLODOLPLWD]LRQHSUHFHGHQWH
4XDORUDJOLDSSDUHFFKLGLDQFRUDJJLRQRQVLDQRDSSOLFDWLVXOODVXSHUILFLHGHOFRQJORPHUDWRPDLQFDVVDWLQHOFRUSR
GHOODWUDYHQHOODYDOXWD]LRQHGHOODSUHVVLRQHWUDVPHVVDVLSXzWHQHUFRQWRDQFKHGHOODGLIIXVLRQHGHOODIRU]DSHUDWWULWR
ODWHUDOHOXQJROHVXSHUILFLGHOO¶DSSDUHFFKLRWDOHFRQWULEXWRWDQWRPDJJLRUHTXDQWRPDJJLRUHqO¶DGHUHQ]DDVVLFXUDWD
GDOODVFDEURVLWjGHOOHVXSHUILFLODWHUDOLGHOO¶DSSDUHFFKLRQRQGRYUjVRWWROHPLJOLRULFRQGL]LRQLVXSHUDUHLOOLPLWH
PDVVLPRGHOGHOORVIRU]RWRWDOH
4XDORUDOH]RQHGLLQIOXHQ]DGLDSSDUHFFKLYLFLQLVLVRYUDSSRQJDQROHSUHVVLRQLYDQQRVRPPDWH
9HULILFKHORFDOLGRYUDQQRHVHJXLUVLSHUJOLDQFRUDJJLILVVLDQQHJDWL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
7UDYLDFRQFL
1HOOHWUDYLDFRQFLFRQJLXQWLOLVFLULHPSLWLFRQPDOWDFHPHQWL]LDLOUDSSRUWRIUDORVIRU]RGLWDJOLRHORVIRU]R
QRUPDOHQRQGHYHVXSHUDUHLQHVHUFL]LRSHUOHFRPELQD]LRQLUDUHLQFRUULVSRQGHQ]DGHLJLXQWLLOYDORUH4XDORUD
WDOHUDSSRUWRULVXOWLPDJJLRUHGLOHVXSHUILFLGHLFRQFLFRQWLJXLGHEERQRHVVHUHPXQLWHGLDSSRVLWHGHQWHOODWXUHR
UHVHVROLGDOLFRQO¶LPSLHJRGLDGHVLYLDGHJXDWDPHQWHVSHULPHQWDWLHFRQWUROODWL
'HIRUPD]LRQLOHQWH
D5LWLUR
3HULOFDOFRORGHOOHFDGXWHGLWHQVLRQHVDOYRSLSUHFLVHYDOXWD]LRQLYHGLSXQWRVLSRVVRQRDGRWWDUHL
VHJXHQWLYDORUL
VHODVWUXWWXUDYLHQHSUHFRPSUHVVDSULPDGLJLRUQLGLVWDJLRQDWXUD
VHODVWUXWWXUDYLHQHSUHFRPSUHVVDGRSRJLRUQLGLVWDJLRQDWXUD
3HUVWUXWWXUHSDUWLFRODUPHQWHVRWWLOLHGDPELHQWHSDUWLFRODUPHQWHVHFFRGRYUDQQRDGRWWDUVLYDORULVXSHULRUL
E9LVFRVLWj
/DGHIRUPD]LRQHOHQWDVRWWRFDULFRGHSXUDWDGHOULWLURSXzVDOYRSLSUHFLVHYDOXWD]LRQLYHGLSXQWRHVVHUH
DVVXQWDSDULDGDOPHQRYROWHODGHIRUPD]LRQHHODVWLFDLQHVHUFL]LRSHUOHFRPELQD]LRQLTXDVLSHUPDQHQWLVHPSUHFKH
ODVWUXWWXUDYHQJDVROOHFLWDWDQRQSULPDGLJLRUQLGLVWDJLRQDWXUD
6HODVWUXWWXUDYLHQHLQYHFHVROOHFLWDWDHQWURXQWHPSRPLQRUHODGHIRUPD]LRQHOHQWDVRWWRFDULFRVLDVVXPHUjQRQ
LQIHULRUHDYROWHODGHIRUPD]LRQHHODVWLFDLQHVHUFL]LRSHUOHFRPELQD]LRQLTXDVLSHUPDQHQWL
6HODPDWXUD]LRQHGHOFRQJORPHUDWRDYYLHQHFRQSURFHGLPHQWLSDUWLFRODULqDPPHVVDO¶DGR]LRQHGLXQPLQRUYDORUH
GHOODGHIRUPD]LRQHOHQWDSXUFKpVSHULPHQWDOPHQWHJLXVWLILFDWR
,OFDOFRORGHOODFDGXWDGLWHQVLRQHSHUYLVFRVLWjGRYUjHVVHUHHIIHWWXDWRFRQULIHULPHQWRDOODWHQVLRQHFKHQHOOD
VH]LRQHFRQVLGHUDWDDJLVFHVXOODILEUDGLFRQJORPHUDWRSRVWDDOOLYHOORGHOODDUPDWXUD
1HOOHWUDYLDGDUPDWXUDSUHWHVDQHOODHVHFX]LRQHGHOOHTXDOLLQWHUFRUUHVHPSUHXQLQWHUYDOORGLWHPSRWUDODWHVDWXUD
HO¶DSSOLFD]LRQHGHOORVIRU]RGLSUHFRPSUHVVLRQHDOFRQJORPHUDWRLOFDOFRORGHOODGHIRUPD]LRQHHODVWLFDGHO
FDOFHVWUX]]RQHFHVVDULRSHUODVXFFHVVLYDYDOXWD]LRQHGLTXHOODGLIIHULWDQHOWHPSRGRYUjEDVDUVLVXOYDORUHDVVXQWR
GDOODWHQVLRQHQHOO¶DFFLDLRDOPRPHQWRGHOODDSSOLFD]LRQHGHOORVWDWRGLFRD]LRQHDOFRQJORPHUDWRGHVXQWRGDOODFXUYD
VSHULPHQWDOHGLULODVVDPHQWRGHWHUPLQDWDLQFRQGL]LRQLVLPLOLDTXHOOHSUHVHQWLLQIDVHHVHFXWLYDSRQHQGRSDUWLFRODUH
DWWHQ]LRQHDOO¶LQIOXHQ]DVXOULODVVDPHQWRGHOO¶DFFLDLRGHOO¶HYHQWXDOHULVFDOGDPHQWRXWLOL]]DWRSHUDFFHOHUDUH
O¶LQGXULPHQWRGHOFRQJORPHUDWR
7HQVLRQLOLPLWHSHUJOLDFFLDLGDSUHFRPSUHVVR
/HWHQVLRQLGHYRQRHVVHUHOLPLWDWHDLVHJXHQWLYDORULULIHULWLDTXHOOLFDUDWWHULVWLFLJDUDQWLWLGDOSURGXWWRUH
VWUXWWXUHDGDUPDWXUDSRVWWHVD
½
ILOL RWUHFFH ¾
¿
½
WUHIROL
¾
¿
½
EDUUH
¾
¿
V VSL d I S N
VVS d I SWN
V VSL d I S N
V VS d I SWN
V VSL d I S\N
V VS d I SWN
1HOOHEDUUHVRQRDPPHVVHVRYUDWHQVLRQLDLOHPELGHOLQGRWWHGDOODFXUYDWXUD9ROHQGRFRQVHJXLUHUDJJLPLQRUL
GLTXHOOLFRQVHQWLWLGDLOLPLWLVXGGHWWLVLGRYUDQQRSUHIRUPDUHOHEDUUHPHGLDQWHSLHJDWXUDDIUHGGR
VWUXWWXUHDGDUPDWXUDSUHWHVD
½ V VSL
ILOL RWUHFFH ¾
¿ V VS
½ V VSL
WUHIROL
¾
¿ V VS
d I S N
d I SWN
d I S N
d I SWN
,OOLPLWHLQGLFDWRSHUVVSqLOPDVVLPRGLFXLqFRQVHQWLWDODSUHVDLQFRQWRSHUYDOXWDUHJOLHIIHWWLIDYRUHYROLGHOOD
SUHFRPSUHVVLRQHLQHVHUFL]LRVVSLLQGLFDODWHQVLRQHQHOO¶DFFLDLRDOO¶DWWRGHOODSUHFRPSUHVVLRQH
$FDXVDGHOO¶DWWULWROHWHQVLRQLSRVVRQRWXWWDYLDVXSHUDUHORFDOPHQWHWDOHOLPLWHGLFLzVLGRYUjWHQHUHFRQWROjGRYH
JOLHIIHWWLGHOODSUHFRPSUHVVLRQHSRVVDQRLQGXUUHFRQGL]LRQLGLODYRURSLVHYHUR&RPXQTXHQRQSXzVXSHUDUVLLOYDORUH
OLPLWHGHOODWHQVLRQHLQL]LDOHVVSL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
7HQVLRQLQHOO¶DFFLDLRSUHWHVRGRYXWHDLVRYUDFFDULFKL
1HJOLDFFLDLGLSUHWHQVLRQHSRVVRQRDPPHWWHUVLSHUHIIHWWRGHLVRYUDFFDULFKLLQFUHPHQWLGHLOLPLWLPDVVLPLGL
WHQVLRQHGLFXLDOSXQWRQRQVXSHULRULDISWN
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHJOLLQFUHPHQWLGLWHQVLRQHGHWHUPLQDWLLQFRUULVSRQGHQ]DGHOORVWUDWRGL
DUPDWXUDSUHVROOHFLWDWDSLORQWDQRGDOO¶DVVHQHXWURGHYRQRULVSHWWDUHOHOLPLWD]LRQLFKHGHULYDQRGDOODYHULILFD
GHOO¶DPSLH]]DGHOOHIHVVXUHHGDOODYHULILFDDIDWLFD
6RWWRO¶HIIHWWRGLTXHLVRYUDFFDULFKLFKHSRVVRQRGDUOXRJRDGHIIHWWLGLIDWLFDSHULOJUDQGHQXPHURGLULSHWL]LRQL
SUREDELOLGHYHVHPSUHVXVVLVWHUHXQUDSSRUWRGLVLFXUH]]DIUDO¶LQWHUYDOORGLWHQVLRQHFXLO¶DFFLDLRqFDSDFHGL
UHVLVWHUHDIDWLFDHO¶LQWHUYDOORIUDODPDVVLPDHODPLQLPDWHQVLRQHFXLqVRJJHWWRO¶DFFLDLRQHOODVWUXWWXUDLYLFRPSUHVL
JOLHYHQWXDOLHIIHWWLGLFXUYDWXUD,OFRQIURQWRYDULIHULWRDLULVXOWDWLGLSURYHHIIHWWXDWHDVVXPHQGRFRPHWHQVLRQHPHGLD
ODVHPLVRPPDGLTXHVWLXOWLPLYDORUL
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHODYHULILFDDIDWLFDqREEOLJDWRULD
9HULILFKHPHGLDQWHSURYHVXVWUXWWXUHFDPSLRQHHVXPRGHOOL
3529(6867587785(2(/(0(17,&$03,21( 1HOFDVRFKHODYHULILFDVLDULIHULWDDGHVSHULHQ]HGLUHWWHVXVWUXWWXUDFDPSLRQHGDHIIHWWXDUHVRWWRLOFRQWUROORGLXQ
/DERUDWRULR8IILFLDOHVXXQDGHJXDWRQXPHURGLHOHPHQWLWDOHGDFRQVHQWLUHXQDFRQYLQFHQWHHODERUD]LRQHVWDWLVWLFDGHL
ULVXOWDWLHQHLTXDOLVLDQRIHGHOPHQWHULSURGRWWHOHFRQGL]LRQLGLFDULFRHGLYLQFRORLOPLQLPRYDORUHGHOFRHIILFLHQWHGL
VLFXUH]]DULVSHWWRDOODUHVLVWHQ]DVSHULPHQWDOHDURWWXUDQRQGHYHHVVHUHLQIHULRUHDSHUFDULFKLGLEUHYHGXUDWDPHQWUHLO
YDORUHPHGLRGHOFRHIILFLHQWHGLVLFXUH]]DQRQGHYHHVVHUHLQIHULRUHDVHPSUHSHUFDULFKLGLEUHYHGXUDWD'HWWL
FRHIILFLHQWLGHYRQRHVVHUHRSSRUWXQDPHQWHLQFUHPHQWDWLQHOFDVRGLD]LRQLULSHWXWHRSURWUDWWHQHOWHPSRDPHQRFKH
O¶HIIHWWLYDVWRULDGLFDULFRQRQYHQJDULSURGRWWDQHOOHSURYH2YHVLDQRGDWHPHUHIHQRPHQLGLLQVWDELOLWjJOREDOHHORFDOH
RYYHURURWWXUHVHQ]DSUHDYYLVRLFRHIILFLHQWLGLVLFXUH]]DGHYRQRHVVHUHRSSRUWXQDPHQWHPDJJLRUDWL
/HHVSHULHQ]HGHYRQRDFFHUWDUHFKHVRWWROHFRPELQD]LRQLGHOOHD]LRQLGLHVHUFL]LRVLDQRULVSHWWDWHOHHVLJHQ]HGL
FXLDOSXQWRHFKHOHGHIRUPD]LRQLVLDQRFRQIRUPLDTXDQWRLQGLFDWRLQFRUULVSRQGHQWHPHQWHO¶DSHUWXUD
PDVVLPDGHOOHOHVLRQLQRQGRYUjVXSHUDUHO¶GHOOHDPSLH]]HOLPLWHDPPHVVHLQ
3HUODSURGX]LRQHGLVHULHLQVWDELOLPHQWRLFRQWUROOLGHEERQRDYHUHFDUDWWHUHSHULRGLFR
3529(6802'(//,
3HUVWUXWWXUHGLSDUWLFRODUHFRPSOHVVLWjOHLSRWHVLDEDVHGHOFDOFRORSRWUDQQRHVVHUHJXLGDWHGDLULVXOWDWLGLSURYHVX
PRGHOOL
5(*2/(35$7,&+(',352*(77$=,21(
3HVRSURSULRGHOFRQJORPHUDWR
,OSHVRSURSULRGHOFRQJORPHUDWRDUPDWRTXDQGRLOYDORUHIIHWWLYRQRQULVXOWLGDGHWHUPLQD]LRQHGLUHWWDGHYHHVVHUH
DVVXQWRSDULDN1P
9DORULPDVVLPLHPLQLPLGL5FN
67587785(,1&(0(172$50$721250$/( 3HUVWUXWWXUHDUPDWHQRQqDPPHVVRO¶LPSLHJRGLFRQJORPHUDWLFRQ
5FN 1PP
1HLFDOFROLVWDWLFLQRQSRWUjHVVHUHSUHVDLQFRQWRXQDUHVLVWHQ]DFDUDWWHULVWLFDVXSHULRUHD1PP3HU5FN t 1PP VLULFKLHGRQRFRQWUROOLVWDWLVWLFLVLDSUHOLPLQDULFKHLQFRUVRG¶LPSLHJRHFDOFROD]LRQLDFFXUDWHGHOOHVWUXWWXUH
67587785(,1&(0(172$50$7235(&2035(662 1RQSRVVRQRHVVHUHXWLOL]]DWLFRQJORPHUDWLFRQ
5FN 1PP
1HLFDOFROLVWDWLFLQRQSXzHVVHUHFRQVLGHUDWDXQD5FN !1PP3HU5FN t 1PP VLULFKLHGRQRFRQWUROOL
VWDWLVWLFLVLDSUHOLPLQDULFKHLQFRUVRGLLPSLHJRHFDOFROD]LRQLDFFXUDWHGHOOHVWUXWWXUH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
5HJROHVSHFLILFKHSHUVWUXWWXUHLQFHPHQWRDUPDWRQRUPDOH
$50$785$/21*,78',1$/( 1HOOHVWUXWWXUHLQIOHVVHLQHOHYD]LRQHODSHUFHQWXDOHGLDUPDWXUDORQJLWXGLQDOHQHOOD]RQDWHVDULIHULWDDOO¶DUHDWRWDOH
GHOODVH]LRQHGLFRQJORPHUDWRQRQGHYHVFHQGHUHVRWWRORSHUEDUUHDGDGHUHQ]DPLJOLRUDWDHVRWWRORSHUEDUUH
OLVFH7DOHDUPDWXUDGHYHHVVHUHFRQYHQLHQWHPHQWHGLIIXVD
,QSUHVHQ]DGLWRUVLRQHVLGRYUjGLVSRUUHDOPHQRXQDEDUUDORQJLWXGLQDOHSHUVSLJRORHFRPXQTXHO¶LQWHUDVVHIUDOH
EDUUHPHGHVLPHQRQGRYUjVXSHUDUHFP
$OOHHVWUHPLWjGHOOHWUDYLGHYHHVVHUHGLVSRVWDXQDDUPDWXUDLQIHULRUHFRQYHQLHQWHPHQWHDQFRUDWDLQJUDGRGL
DVVRUELUHDOORVWDWROLPLWHXOWLPRXQRVIRU]RGLWUD]LRQHXJXDOHDOWDJOLR
67$))(
1HOOHWUDYLVLGHYRQRSUHYHGHUHVWDIIHDYHQWLVH]LRQHFRPSOHVVLYDQRQLQIHULRUHD
$VW GEE FPP
HVVHQGRG O¶DOWH]]DXWLOHGHOODVH]LRQHHE ORVSHVVRUHPLQLPRGHOO¶DQLPDLQFPFRQXQPLQLPRGLWUHVWDIIHDOPHWUR
HFRPXQTXHSDVVRQRQVXSHULRUHDYROWHO¶DOWH]]DXWLOHGHOODVH]LRQH
,QSURVVLPLWjGLFDULFKLFRQFHQWUDWLRGHOOH]RQHG¶DSSRJJLRSHUXQDOXQJKH]]DSDULDOO¶DOWH]]DXWLOHGHOODVH]LRQHGD
FLDVFXQDSDUWHGHOFDULFRFRQFHQWUDWRLOSDVVRGHOOHVWDIIHQRQGRYUjVXSHUDUHLOYDORUH‡OHVVHQGR‡O LOGLDPHWUR
PLQLPRGHOO¶DUPDWXUDORQJLWXGLQDOH
,QSUHVHQ]DGLWRUVLRQHGRYUDQQRGLVSRUVLQHOOHWUDYLVWDIIHDYHQWLVH]LRQHFRPSOHVVLYDSHUPHWUROLQHDUHQRQ
LQIHULRUHDE FP SHUVWDIIHDGDGHUHQ]DPLJOLRUDWDHE FP SHUVWDIIHOLVFHHVVHQGRE ORVSHVVRUHPLQLPR
GHOO¶DQLPDPLVXUDWDLQFHQWLPHWUL,QROWUHLOSDVVRGHOOHVWDIIHQRQGRYUjVXSHUDUHGHOODOXQJKH]]DGHOODOLQHDPHGLD
GHOODVH]LRQHDQXODUHUHVLVWHQWHHFRPXQTXHFP
/HVWDIIHGHYRQRHVVHUHFROOHJDWHGDDSSRVLWHDUPDWXUHORQJLWXGLQDOL
$1&25$**,2'(//(%$55( /HEDUUHWHVHGHYRQRHVVHUHSUROXQJDWHROWUHODVH]LRQHQHOODTXDOHHVVHVRQRVRJJHWWHDOODPDVVLPDWHQVLRQHLQ
PLVXUDVXIILFLHQWHDJDUDQWLUQHO¶DQFRUDJJLRQHOO¶LSRWHVLGLULSDUWL]LRQHXQLIRUPHGHOOHWHQVLRQLWDQJHQ]LDOLGLDGHUHQ]D
&RQOHVWHVVHPRGDOLWjVLGRYUjLQROWUHYHULILFDUHFKHO¶DQFRUDJJLRVLDJDUDQWLWRDOGLOjGHOODVH]LRQHDSDUWLUHGDOODTXDOH
HVVHQRQYHQJRQRSLSUHVHLQFRQWRFRQULIHULPHQWRDOODWHQVLRQHHIIHWWLYDLYLDJHQWH
,YDORULGHOODWHQVLRQHWDQJHQ]LDOHXOWLPDGLDGHUHQ]DIEG DSSOLFDELOLDEDUUHDQFRUDWHLQ]RQDGLFRQJORPHUDWR
FRPSDWWRXWLOPHQWHFRPSUHVVDDLILQLGHOO¶DQFRUDJJLREDUUHDQFRUDWHQHOODPHWjLQIHULRUHGHOODWUDYHRDQRQPHQRGL
FPGDOODVXSHUILFLHVXSHULRUHGHOJHWWRRGDXQDULSUHVDHGDOORQWDQDWHGDOOHPERWHVRRSSXUHEDUUHLQFOLQDWHQRQPHQR
GLƒVXOOHWUDLHWWRULHGLFRPSUHVVLRQHVRQRGDWLGDOOHVHJXHQWLHVSUHVVLRQL
SHUEDUUHOLVFH
I EG
SHUEDUUHDGDGHUHQ]DPLJOLRUDWD
5FN
JF
I EG
1PP
I FWN
JF
1HOFDVRGLEDUUHDQFRUDWHLQFRQGL]LRQLGLYHUVHGDTXHOOHVRSUDLQGLFDWHVLGRYUDQQRFRQVLGHUDUHFRQJUXHULGX]LRQL
ILQRDOGHLYDORULLQGLFDWL
/HEDUUHWRQGHOLVFHGHYRQRHVVHUHDQFRUDWHFRQXQFLQLVDOYRFKHSHUEDUUHVLFXUDPHQWHFRPSUHVVH*OLXQFLQL
GHYRQRHVVHUHVHPLFLUFRODULFRQGLDPHWURLQWHUQRQRQLQIHULRUHDGLDPHWULHSUROXQJDWLROWUHLOVHPLFHUFKLRGLQRQ
PHQRGLGLDPHWUL
$JOLHIIHWWLGHOO¶DGHUHQ]DJOLXQFLQLFRVuHVHJXLWLSRVVRQRHVVHUHDVVXQWLFRPHHTXLYDOHQWLDGLDPHWUL
1HOOHEDUUHDGDGHUHQ]DPLJOLRUDWDqDPPHVVDODRPLVVLRQHGHJOLXQFLQLPDO¶DQFRUDJJLRGHYHHVVHUHLQRJQLFDVR
SDULDGLDPHWULFRQXQPLQLPRGLFP&RPXQTXHVHSUHVHQWLJOLXQFLQLGRYUDQQRDYHUHUDJJLRLQWHUQRSDULDG
DOPHQRDGLDPHWULHDLILQLGHOO¶DGHUHQ]DHVVLSRVVRQRHVVHUHFRPSXWDWLQHOODHIIHWWLYDPLVXUDGHOORURVYLOXSSRLQ
DVVHDOODEDUUD
3DUWLFRODULFDXWHOHGHYRQRHVVHUHDGRWWDWHRYHVLSRVVRQRSUHYHGHUHIHQRPHQLGLIDWLFDHGLVROOHFLWD]LRQLULSHWXWH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
3,/$675,
1HLSLODVWULVRJJHWWLDFRPSUHVVLRQHFHQWUDWDRGHFFHQWULFDGHYHHVVHUHGLVSRVWDXQ¶DUPDWXUDORQJLWXGLQDOHGL
VH]LRQHQRQPLQRUHGHOOR16G I\GGRYH16G qODIRU]DQRUPDOHGLFDOFRORLQHVHUFL]LRSHUFRPELQD]LRQHGLFDULFR
UDUDHGI\G qODUHVLVWHQ]DGLFDOFRORHFRPSUHVDIUDORHLOGHOODVH]LRQHHIIHWWLYD4XHVW¶XOWLPDOLPLWD]LRQHVDOH
DOGHOODVH]LRQHHIIHWWLYDQHLWUDWWLGLJLXQ]LRQHSHUULFRSULPHQWR,QRJQLFDVRLOQXPHURPLQLPRGLEDUUH
ORQJLWXGLQDOLqTXDWWURSHULSLODVWULDVH]LRQHUHWWDQJRODUHRTXDGUDWDHVHLSHUTXHOOLDVH]LRQHFLUFRODUH
,OGLDPHWURGHOOHEDUUHORQJLWXGLQDOLQRQGHYHHVVHUHPLQRUHGLPP
'HYHHVVHUHVHPSUHSUHYLVWDXQDVWDIIDWXUDSRVWDDGLQWHUDVVHQRQPDJJLRUHGLYROWHLOGLDPHWURPLQLPRGHOOH
EDUUHLPSLHJDWHSHUO¶DUPDWXUDORQJLWXGLQDOHFRQXQPDVVLPRGLFP
/HVWDIIHGHYRQRHVVHUHFKLXVHHFRQIRUPDWHLQPRGRGDFRQWUDVWDUHHIILFDFHPHQWHODYRUDQGRDWUD]LRQHJOL
VSRVWDPHQWLGHOOHEDUUHORQJLWXGLQDOLYHUVRO¶HVWHUQR
,OGLDPHWURGHOOHVWDIIHQRQGHYHHVVHUHPLQRUHGLPPHGLGHOGLDPHWURPDVVLPRGHOOHEDUUHORQJLWXGLQDOL
3HUSLODVWULSUHIDEEULFDWLLQVWDELOLPHQWRLGLDPHWULPLQLPLGHOOHEDUUHORQJLWXGLQDOLHGHOOHVWDIIHVRQR
ULVSHWWLYDPHQWHULGRWWLDHGDPP
3HUVWUXWWXUHLQFDLQWHVHFRPHVHWWLHSDUHWLGLLPSRUWDQ]DFRUUHQWHVRWWRSRVWHSUHYDOHQWHPHQWHDVIRU]RDVVLDOH
TXDQGRODFRPSUHVVLRQHPHGLDLQFRPELQD]LRQHUDUDULVXOWLQRQVXSHULRUHDOOLPLWHVHJXHQWH
VFG PHGLD d > V @ I FG
HVVHQGRV ORVSHVVRUHGHOODSDUHWHHVSUHVVRLQFPVLSRWUDQQRDGRWWDUHSHUOHDUPDWXUHGDGLVSRUUHSUHVVRHQWUDPEH
OHIDFFHOHVHJXHQWLOLPLWD]LRQLGLPHQVLRQDOLLQGHURJDDOOHSUHFHGHQWL
D GLDPHWURPLQLPRGHOOHEDUUHORQJLWXGLQDOL PP
LQWHUDVVHPDVVLPRd FP
E GLDPHWURPLQLPRGHOOHEDUUHWUDVYHUVDOL PP
LQWHUDVVHPDVVLPRd
­ ‡ ORQJLWXGLQDOH
®
¯ FP
F HOHPHQWLGLFROOHJDPHQWRWUDOHGXHDUPDWXUHGLVSRVWHVXIDFFHSDUDOOHOHSHURJQLP GLSDUHWH
$50$785(',5,3$57,=,21('(//(62/(77( 1HOOHVROHWWHQRQFDOFRODWHFRPHSLDVWUHROWUHDOO¶DUPDWXUDSULQFLSDOHGHYHHVVHUHDGRWWDWDXQ¶DUPDWXUDVHFRQGDULD
GLULSDUWL]LRQHGLVSRVWDRUWRJRQDOPHQWH
,QRJQLFDVRO¶DUPDWXUDGLULSDUWL]LRQHQRQGHYHHVVHUHLQIHULRUHDOGLTXHOODSULQFLSDOHQHFHVVDULD
5HJROHVSHFLILFKHSHUVWUXWWXUHLQFHPHQWRDUPDWRSUHFRPSUHVVR
$50$785$/21*,78',1$/(25',1$5,$ 1HOOHWUDYLDGDUPDWXUDSRVWWHVDDQFKHLQDVVHQ]DGLWHQVLRQLGLWUD]LRQHLQFRPELQD]LRQLUDUHODSHUFHQWXDOHGL
DUPDWXUDVXVVLGLDULDORQJLWXGLQDOHQRQGRYUjHVVHUHLQIHULRUHDOORGHOO¶DUHDFRPSOHVVLYDGHOO¶DQLPDH
GHOO¶HYHQWXDOHULQJURVVRGDOODWRGHLFDYL
,QSUHVHQ]DGLWRUVLRQHYDOHODSUHVFUL]LRQHGLFXLDOSHQXOWLPRFRPPDGHOSXQWR
1HOFDVRGHOODSUHFRPSUHVVLRQHSDU]LDOHOHEDUUHORQJLWXGLQDOLGLDUPDWXUDRUGLQDULDGHOWLSRDGDGHUHQ]D
PLJOLRUDWDGHYRQRHVVHUHGLVSRVWHQHOOD]RQDGHOODVH]LRQHFKHULVXOWDSDU]LDOL]]DWDLQPRGRGDULVXOWDUHSLGLVWDQWL
GDOO¶DVVHQHXWURHTXLQGLSLHVWHUQHULVSHWWRDOOHDUPDWXUHDGDOWROLPLWHHODVWLFRXWLOL]]DWHSHULPSULPHUHORVWDWRGL
FRD]LRQHDUWLILFLDOH
67$))(
'RYUDQQRGLVSRUVLQHOOHWUDYLVWDIIHDYHQWLVH]LRQHFRPSOHVVLYDSHUPHWUROLQHDUHQRQLQIHULRUHDE FP SHU
VWDIIHDGDGHUHQ]DPLJOLRUDWDHE FP SHUVWDIIHOLVFHHVVHQGRE ORVSHVVRUHPLQLPRGHOO¶DQLPDPLVXUDWDLQ
FHQWLPHWULFRQXQPLQLPRGLWUHVWDIIHDOPHWURHFRPXQTXHSDVVRQRQVXSHULRUHDYROWHO¶DOWH]]DXWLOHGHOODVH]LRQH
,QSURVVLPLWjGLFDULFKLFRQFHQWUDWLRGHOOH]RQHG¶DSSRJJLRYDOHODSUHVFUL]LRQHGLFXLDOVHFRQGRFRPPDGHOSXQWR
,QSUHVHQ]DGLWRUVLRQHYDOHODSUHVFUL]LRQHGLFXLDOWHU]RFRPPDGHOSXQWR
/HVWDIIHGHEERQRHVVHUHFROOHJDWHGDDUPDWXUHORQJLWXGLQDOL
1HUYDWXUHFRQVROHWWDFROODERUDQWH
1HOFDOFRORGLQHUYDWXUHVROLGDOLFRQVROHWWHVDOYRSLDFFXUDWDGHWHUPLQD]LRQHVLSXzDPPHWWHUHQHOO¶LSRWHVLGL
FRQVHUYD]LRQHGHOOHVH]LRQLSLDQHFRPHFROODERUDQWHFRQODQHUYDWXUDGDFLDVFXQODWRXQDVWULVFLDGLVROHWWDGL
ODUJKH]]DSDULDOODPDJJLRUHIUDOHGLPHQVLRQLVHJXHQWL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
XQGHFLPRGHOODOXFHGHOODQHUYDWXUD
FLQTXHYROWHORVSHVVRUHGHOODVROHWWDSLXQDYROWDODOXQJKH]]DGHOO¶HYHQWXDOHUDFFRUGRGHOODVROHWWD
,QQHVVXQFDVRODODUJKH]]DGLVROHWWDFROODERUDQWHGDFLDVFXQODWRSXzVXSHUDUHODGLVWDQ]DIUDODVH]LRQHLQHVDPHH
TXHOODLQFXLKDWHUPLQHODVROHWWDQpODPHWjGHOODOXFHIUDOHQHUYDWXUH
3HUOXFLGLTXDOFKHLPSRUWDQ]DRFRPXQTXHVXSHULRULDPRLQSUHVHQ]DGLULOHYDQWLFDULFKLFRQFHQWUDWLVRQRGD
SUHYHGHUHDGHJXDWLGLVSRVLWLYLGLULSDUWL]LRQH
1250(',(6(&8=,21(
&HPHQWRDUPDWRQRUPDOH
,03$67,
*OLLPSDVWLGHYRQRHVVHUHSUHSDUDWLHWUDVSRUWDWLLQPRGRGDHVFOXGHUHSHULFROLGLVHJUHJD]LRQHGHLFRPSRQHQWLRGL
SUHPDWXURLQL]LRGHOODSUHVDDOPRPHQWRGHOJHWWR,OJHWWRGHYHHVVHUHFRQYHQLHQWHPHQWHFRPSDWWDWRODVXSHUILFLHGHL
JHWWLGHYHHVVHUHPDQWHQXWDXPLGDSHUDOPHQRWUHJLRUQL
1RQVLGHYHPHWWHUHLQRSHUDLOFRQJORPHUDWRDWHPSHUDWXUHPLQRULGLƒ&VDOYRLOULFRUVRDGRSSRUWXQHFDXWHOH
*,81=,21,
/HJLXQ]LRQLGHOOHEDUUHLQ]RQDWHVDTXDQGRQRQVLDQRHYLWDELOLVLGHYRQRUHDOL]]DUHSRVVLELOPHQWHQHOOHUHJLRQLGL
PLQRUVROOHFLWD]LRQHLQRJQLFDVRGHYRQRHVVHUHRSSRUWXQDPHQWHVIDOVDWH
/HJLXQ]LRQLGLFXLVRSUDSRVVRQRHIIHWWXDUVLPHGLDQWH
VDOGDWXUHHVHJXLWHLQFRQIRUPLWjDOOHQRUPHLQYLJRUHVXOOHVDOGDWXUH'HYRQRHVVHUHDFFHUWDWHODVDOGDELOLWjGHJOL
DFFLDLGDLPSLHJDUHFRPHLQGLFDWRDOSXQWRQRQFKpODFRPSDWLELOLWjIUDPHWDOORHPHWDOORGLDSSRUWRQHOOH
SRVL]LRQLRFRQGL]LRQLRSHUDWLYHSUHYLVWHQHOSURJHWWRHVHFXWLYR
PDQLFRWWRILOHWWDWR
VRYUDSSRVL]LRQHFDOFRODWDLQPRGRGDDVVLFXUDUHO¶DQFRUDJJLRGLFLDVFXQDEDUUD,QRJQLFDVRODOXQJKH]]DGL
VRYUDSSRVL]LRQHLQUHWWRGHYHHVVHUHQRQPLQRUHGLYROWHLOGLDPHWURHODSURVHFX]LRQHGLFLDVFXQDEDUUDGHYH
HVVHUHGHYLDWDYHUVROD]RQDFRPSUHVVD/DGLVWDQ]DPXWXDLQWHUIHUURQHOODVRYUDSSRVL]LRQHQRQGHYHVXSHUDUH
YROWHLOGLDPHWUR
ÊFRQVHQWLWRO¶LPSLHJRGLPDQLFRWWLGLWLSRVSHFLDOHSXUFKpLOWLSRVWHVVRVLDVWDWRSUHYHQWLYDPHQWHDSSURYDWRGDO
&RQVLJOLRVXSHULRUHGHLODYRULSXEEOLFL
%$55(3,(*$7(
/HEDUUHSLHJDWHGHYRQRSUHVHQWDUHQHOOHSLHJDWXUHXQUDFFRUGRFLUFRODUHGLUDJJLRQRQPLQRUHGLYROWHLO
GLDPHWUR*OLDQFRUDJJLGHYRQRULVSRQGHUHDTXDQWRSUHVFULWWRDOSXQWR
3HUEDUUHGLDFFLDLRLQFUXGLWRDIUHGGROHSLHJDWXUHQRQSRVVRQRHVVHUHHIIHWWXDWHDFDOGR
&235,)(552(',17(5)(552
/DVXSHUILFLHGHOO¶DUPDWXUDUHVLVWHQWHFRPSUHVHOHVWDIIHGHYHGLVWDUHGDOOHIDFFHHVWHUQHGHOFRQJORPHUDWRGL
DOPHQRFPQHOFDVRGLVROHWWHVHWWLHSDUHWLHGLDOPHQRFPQHOFDVRGLWUDYLHSLODVWUL7DOLPLVXUHGHYRQRHVVHUH
DXPHQWDWHHULVSHWWLYDPHQWHSRUWDWHDFPSHUOHVROHWWHHDFPSHUOHWUDYLHGLSLODVWULLQSUHVHQ]DGLVDOVHGLQH
PDULQDGLHPDQD]LRQLQRFLYHRGLQDPELHQWHFRPXQTXHDJJUHVVLYR&RSULIHUULPDJJLRULSRVVRQRHVVHUHXWLOL]]DWLLQ
FDVLVSHFLILFLDGHVRSHUHLGUDXOLFKH
/HVXSHUILFLGHOOHEDUUHGHYRQRHVVHUHPXWXDPHQWHGLVWDQ]LDWHLQRJQLGLUH]LRQHGLDOPHQRXQDYROWDLOGLDPHWUR
GHOOHEDUUHPHGHVLPHHLQRJQLFDVRQRQPHQRGLFP6LSRWUjGHURJDUHDTXDQWRVRSUDUDJJUXSSDQGROHEDUUHD
FRSSLHHGDXPHQWDQGRODPXWXDGLVWDQ]DPLQLPDWUDOHFRSSLHDGDOPHQRFP
3HUOHEDUUHGLVH]LRQHQRQFLUFRODUHVLGHYHFRQVLGHUDUHLOGLDPHWURGHOFHUFKLRFLUFRVFULWWR
',6$502
,OGLVDUPRGHYHDYYHQLUHSHUJUDGLHGLQPRGRGDHYLWDUHD]LRQLGLQDPLFKHDGRWWDQGRRSSRUWXQLSURYYHGLPHQWL
,OGLVDUPRQRQGHYHDYYHQLUHSULPDFKHODUHVLVWHQ]DGHOFRQJORPHUDWRDEELDUDJJLXQWRLOYDORUHQHFHVVDULRLQ
UHOD]LRQHDOO¶LPSLHJRGHOODVWUXWWXUDDOO¶DWWRGHOGLVDUPRWHQHQGRDQFKHFRQWRGHOOHDOWUHHVLJHQ]HSURJHWWXDOLH
FRVWUXWWLYHODGHFLVLRQHqODVFLDWDDOJLXGL]LRGHOGLUHWWRUHGHLODYRUL
&HPHQWRDUPDWRSUHFRPSUHVVR
&203$77$=,21('(,*(77,
,OJHWWRGHYHHVVHUHFRVWLSDWRSHUPH]]RGLSHUYLEUDWRULDGDJRRGDODPLQDRYYHURFRQYLEUDWRULHVWHUQLIDFHQGR
SDUWLFRODUHDWWHQ]LRQHDQRQGHWHULRUDUHOHJXDLQHGHLFDYL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
63(6625(',5,&235,0(172'(//($50$785(',35(&2035(66,21( /HVXSHUILFLHVWHUQHGHLFDYLSRVWWHVLGHYRQRGLVWDUHGDOODVXSHUILFLHGHOFRQJORPHUDWRQRQPHQRGLPPQHLFDVL
QRUPDOLHQRQPHQRGLPPLQFDVRGLVWUXWWXUHVLWHDOO¶HVWHUQRRLQDPELHQWHDJJUHVVLYR,OULFRSULPHQWRGHOOH
DUPDWXUHSUHWHVHQRQGHYHHVVHUHLQIHULRUHDPPRDOGLDPHWURPDVVLPRGHOO¶LQHUWHLPSLHJDWRHQRQPHQRGLPP
LQFDVRGLVWUXWWXUHVLWHDOO¶HVWHUQRRLQDPELHQWHDJJUHVVLYR
7(67$7(',$1&25$**,2'(//¶$50$785$',35(&2035(66,21( 'LHWURJOLDSSDUHFFKLGLDQFRUDJJLRGHYHGLVSRUVLXQDDUPDWXUDWULGLUH]LRQDOHDWWDDGDVVRUELUHFRQODUJRPDUJLQH
JOLVIRU]LGLWUD]LRQHHGLWDJOLRGHULYDQWLGDOODGLIIXVLRQHGHOOHIRU]HFRQFHQWUDWHLYLFRPSUHVHOHHYHQWXDOLUHD]LRQL
YLQFRODUL
326$'(//(%$55('(,&$9,(/2520(66$,123(5$ HFF
1HOFRUVRGHOO¶RSHUD]LRQHGLSRVDVLGHYHHYLWDUHFRQSDUWLFRODUHFXUDGLGDQQHJJLDUHO¶DFFLDLRFRQLQWDJOLRSLHJKH
6LGHYHDOWUHVuSUHQGHUHRJQLSUHFDX]LRQHSHUHYLWDUHFKHLILOLVXELVFDQRGDQQLGLFRUURVLRQHVLDQHLGHSRVLWLGL
DSSURYYLJLRQDPHQWRVLDLQRSHUDILQRDOODXOWLPD]LRQHGHOODVWUXWWXUD$OO¶DWWRGHOODPHVVDLQWLURVLGHEERQRPLVXUDUH
FRQWHPSRUDQHDPHQWHORVIRU]RDSSOLFDWRHO¶DOOXQJDPHQWRFRQVHJXLWRLGXHGDWLGHEERQRHVVHUHFRQIURQWDWLWHQHQGR
SUHVHQWHODIRUPDGHOGLDJUDPPDVIRU]LDOOXQJDPHQWLDVFRSRGLFRQWUROORGHOOHSHUGLWHSHUDWWULWR
,OSRVL]LRQDPHQWRGHOOHEDUUHHGHLFDYLGRYUjHVVHUHDFFXUDWDPHQWHFRQWUROODWRSULPDGHOJHWWR
2SHUD]LRQLGLWLUR
4XDORUDDOO¶DWWRGHOWLURVLULVFRQWULQRSHUGLWHSHUDWWULWRVXSHULRULDTXHOOHSUHYLVWHLQSURJHWWRXQ¶DOLTXRWDGLTXHVWH
ILQRDGXQPDVVLPRGHOGHOODWHQVLRQHLQL]LDOHSRWUjHVVHUHFRPSHQVDWDGDXQDPDJJLRUHWHQVLRQHGLFDUDWWHUH
WHPSRUDQHR
,ULVXOWDWLFRQVHJXLWLQHOOHRSHUD]LRQLGLWLURRVVLDOHOHWWXUHDLPDQRPHWULHJOLDOOXQJDPHQWLPLVXUDWLYHUUDQQR
UHJLVWUDWLLQDSSRVLWHWDEHOOHVXOOHTXDOLVDUDQQRSUHYHQWLYDPHQWHLQGLFDWHOHWHQVLRQLLQL]LDOLGHOOHDUPDWXUHHJOL
DOOXQJDPHQWLWHRULFL
,OGLVSRVLWLYRGLPLVXUDGHOORVIRU]RGHYHHVVHUHSRVVLELOPHQWHLQGLSHQGHQWHGDOOHDSSDUHFFKLDWXUHSHULQGXUUHOD
SUHWHQVLRQH
,PDQRPHWULGHEERQRHVVHUHIUHTXHQWHPHQWHWDUDWL
6LGHYHLQROWUHHIIHWWXDUHSUHYHQWLYDPHQWHXQDPLVXUDGHJOLDWWULWLFKHVLVYLOXSSDQRDOO¶LQWHUQRGHOPDUWLQHWWR
$OO¶DWWRGHOWLURVLFRQIURQWHUDQQRJOLDOOXQJDPHQWLULOHYDWLFRQTXHOOLSUHYLVWLGDOFDOFROR
8Q¶LQVXIILFLHQ]DGLDOOXQJDPHQWRULOHYDQGRXQDWWULWRVXSHULRUHDTXHOORVXSSRVWRULFKLHGHODPHVVDLQDWWRGL
DSSRVLWLDFFRUJLPHQWLLQQDO]DQGRODWHQVLRQHLQL]LDOHILQRDOPDVVLPRFRQVHQWLWRHDOO¶RFFRUUHQ]DO¶DWWXD]LRQHGL
SURFHGLPHQWLSDUWLFRODULTXDOHOXEULILFD]LRQHFKHSHUzQRQGHYHDOWHUDUHODVXFFHVVLYDDGHUHQ]DWUDDUPDWXUDHPDOWD
GHOOHLQLH]LRQL
8Q¶HFFHGHQ]DGLDOOXQJDPHQWRTXDQGRQRQVLDGRYXWDDOFHGLPHQWRGHOO¶DQFRUDJJLRRSSRVWRRDOO¶DVVHVWDPHQWR
LQL]LDOHGHOFDYRFLzFKHVLGHYHDFFHUWDUHFRQSDUWLFRODUHDWWHQ]LRQHLQGLFDXQDWWULWRLQIHULRUHDTXHOORSUHYLVWRLQWDO
FDVRVLGHYHULGXUUHODWHQVLRQHSHUHYLWDUHFKHODWHQVLRQHILQDOHOXQJRLOFDYRVLDVXSHULRUHDTXHOODDPPHVVD
3URWH]LRQHGHLFDYLHGLQLH]LRQL
/HJXDLQHGHLFDYLGHYRQRHVVHUHDVVROXWDPHQWHVWDJQHHOHJLXQ]LRQLGHYRQRHVVHUHHIILFDFHPHQWHSURWHWWH
$OODEXRQDHVHFX]LRQHGHOOHLQLH]LRQLqDIILGDWDODFRQVHUYD]LRQHQHOWHPSRGHOOHVWUXWWXUHLQFDSDFDYLH
SHUWDQWRGLVHJXLWRYHQJRQRIRUQLWHDSSRVLWHLQGLFD]LRQL
/¶LQLH]LRQHGHLFDYLVFRUUHYROLKDGXHVFRSLSULQFLSDOL
SUHYHQLUHODFRUURVLRQHGHOO¶DFFLDLRGLSUHFRPSUHVVLRQH
IRUQLUHXQ¶HIILFDFHDGHUHQ]DIUDO¶DFFLDLRHGLOFRQJORPHUDWR
&DUDWWHULVWLFKHGHOODPDOWD
/DPDOWDGHYHHVVHUHIOXLGDHVWDELOHFRQPLQLPRULWLURHGDGHJXDWDUHVLVWHQ]DHQRQGHYHFRQWHQHUHDJHQWL
DJJUHVVLYL'HYHHVVHUHFRPSRVWDGDFHPHQWRDFTXDHGHYHQWXDOLDGGLWLYL(OHPHQWLLQHUWLDGHVHPSLRIDULQDGLVDEELD
SRVVRQRLPSLHJDUVLVRORSHUJXDLQHGLGLPHQVLRQLVXSHULRULDFPQHOUDSSRUWRLQSHVRLQHUWLFHPHQWR
*OLDGGLWLYLQRQGHEERQRFRQWHQHUHLRQLDJJUHVVLYLFORUXULVROIDWLQLWUDWLHFFHFRPXQTXHQRQSURGXUUHXQ
DXPHQWRGLULWLUR
3RVVRQRLPSLHJDUVLUHVLQHVLQWHWLFKHRELWXPHRDOWURPDWHULDOHVRORGRSRDYHUQHGLPRVWUDWRODYDOLGLWjPHGLDQWH
LGRQHDGRFXPHQWD]LRQHVSHULPHQWDOH
/DPDOWDGHYHHVVHUHVXIILFLHQWHPHQWHIOXLGDSHUFKpODVLSRVVDFRUUHWWDPHQWHLQLHWWDUHQHLFDQDOL6LFRQVLJOLDGL
FRQWUROODUHODIOXLGLWjGHOODPDOWDDFFHUWDQGRFKHLOWHPSRPLVXUDWRDOFRQRGL0DUVKVLDFRPSUHVRIUDHVHFRQGL
/DUHVLVWHQ]DDWUD]LRQHSHUIOHVVLRQHDJLRUQLGHYHHVVHUHPDJJLRUHRGHJXDOHD1PP
,OWHPSRG¶LQL]LRGHOODSUHVDDƒ&GHYHHVVHUHVXSHULRUHDWUHRUH
,OUDSSRUWRDFTXDFHPHQWRGDGHWHUPLQDUHVSHULPHQWDOPHQWHSHURJQLWLSRGLFHPHQWRGHYHHVVHUHLOPLQRUH
SRVVLELOHFRPSDWLELOPHQWHFRQODIOXLGLWjULFKLHVWDHFRPXQTXHQRQGHYHVXSHUDUHHVHFRQDGGLWLYLHLQROWUH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
GHYHHVVHUHWDOHFKHODTXDQWLWjG¶DFTXDGLHVVXGDPHQWRDOODVXSHUILFLHGHOODSDVWDLQFRQGL]LRQLGLULSRVRVLDLQIHULRUHDO
,OULWLURDJLRUQLQRQGHYHVXSHUDUHPPP
2SHUD]LRQLGLLQLH]LRQH
D 'RSRO¶LPSDVWRODPDOWDGHYHHVVHUHPDQWHQXWDLQPRYLPHQWRFRQWLQXR(¶HVVHQ]LDOHFKHO¶LPSDVWRVLDHVHQWH
GDJUXPL
E LPPHGLDWDPHQWHSULPDGHOO¶LQLH]LRQHGLPDOWDLFDYLYDQQRSXOLWL
F O¶LQLH]LRQHGHYHDYYHQLUHFRQFRQWLQXLWjHVHQ]DLQWHUUX]LRQL/DSRPSDGHYHDYHUHFDSDFLWjVXIILFLHQWHSHUFKp
LQFDYLGLGLDPHWURLQIHULRUHDFPODYHORFLWjGHOODPDOWDVLDFRPSUHVDIUDHPDOPLQXWRVHQ]DFKHOD
SUHVVLRQHVXSHULOHN3D>DWP@
G ODSRPSDGHYHDYHUHXQ¶HIILFDFHGLVSRVLWLYRSHUHYLWDUHOHVRYUDSSUHVVLRQL
H QRQqDPPHVVDO¶LQLH]LRQHFRQDULDFRPSUHVVD
I TXDQGRSRVVLELOHO¶LQLH]LRQHVLGHYHHIIHWWXDUHGDOSLEDVVRDQFRUDJJLRRGDOSLEDVVRIRURGHOFRQGRWWR
J SHUFRQGRWWLGLJUDQGHGLDPHWURSXzHVVHUHQHFHVVDULRULSHWHUHO¶LQLH]LRQHGRSRFLUFDGXHRUH
K ODPDOWDFKHHVFHGDJOLVILDWLGHYHHVVHUHDQDORJDDTXHOODDOODERFFDGLLPPLVVLRQHHQRQFRQWHQHUHEROOH
G¶DULDXQDYROWDFKLXVLJOLVILDWLVLPDQWHUUjXQDSUHVVLRQHGLN3D>DWP@ILQWDQWRFKHODSUHVVLRQH
SHUPDQHVHQ]DSRPSDUHSHUDOPHQRPLQXWR
L ODFRQQHVVLRQHIUDO¶XJHOORGHOWXERGLLQLH]LRQHHGLOFRQGRWWRGHYHHVVHUHUHDOL]]DWDFRQGLVSRVLWLYRPHFFDQLFR
HWDOHFKHQRQSRVVDDYHUVLHQWUDWDG¶DULD
O DSSHQDWHUPLQDWDO¶LQLH]LRQHELVRJQDDYHUHFXUDGLHYLWDUHSHUGLWHGLPDOWDGDOFDYR,WXELGLLQLH]LRQHGHYRQR
HVVHUHGLFRQVHJXHQ]DFROPDWLGLPDOWDVHQHFHVVDULR
&RQGRWWL
D ,SXQWLGLILVVDJJLRGHLFRQGRWWLGHEERQRHVVHUHIUHTXHQWLHGHYLWDUHXQDQGDPHQWRVHUSHJJLDQWH
E DGHYLWDUHVDFFKHG¶DULDGHYRQRHVVHUHGLVSRVWLVILDWLQHLSXQWLSLDOWLGHOFDYR
F LFRQGRWWLGHEERQRDYHUHIRUPDUHJRODUHSUHIHULELOPHQWHFLUFRODUH/DORURVH]LRQHGHYHULVXOWDUH
PDJJLRUHGL
$
¦ DL
Q
L $ D
SHUFDYLDILOLWUHFFHRWUHIROL
SHUVLVWHPLDEDUUDLVRODWD
GRYHDL qO¶DUHDGHOVLQJRORILORWUHFFLDRWUHIRORQ LOQXPHURGLILOLWUHFFHRWUHIROLFRVWLWXHQWLLOFDYRHGD O¶DUHD
GHOODEDUUDLVRODWD,QRJQLFDVRO¶DUHDOLEHUDGHOFRQGRWWRGRYUjULVXOWDUHQRQPLQRUHGLFP
VLGHYRQRHYLWDUHSHUTXDQWRSRVVLELOHEUXVFKHGHYLD]LRQLRFDPELDPHQWLGLVH]LRQH
,QLH]LRQL
D )LQRDOPRPHQWRGHOO¶LQLH]LRQHGHLFDYLRFFRUUHSURWHJJHUHO¶DUPDWXUDGDOO¶RVVLGD]LRQH/HLQLH]LRQLGRYUDQQR
HVVHUHHVHJXLWHHQWURJLRUQLDSDUWLUHGDOODPHVVDLQWHQVLRQHVDOYRFDVLHFFH]LRQDOLGLULWDUDWXUDQHLTXDOL
GHEERQRHVVHUHDGRWWDWLDFFRUJLPHQWLVSHFLDOLDOILQHGLHYLWDUHFKHSRVVDQRLQL]LDUHIHQRPHQLGLFRUURVLRQH
E LQWHPSRGLJHORqEHQHULQYLDUHOHLQLH]LRQLDPHQRFKHQRQVLDQRSUHVHSUHFDX]LRQLVSHFLDOL
F VHVLqVLFXULFKHODWHPSHUDWXUDGHOODVWUXWWXUDQRQVFHQGHUjDOGLVRWWRGLƒ&QHOOHRUHVHJXHQWLDOOD
LQLH]LRQHVLSXzFRQWLQXDUHO¶LQLH]LRQHVWHVVDFRQXQDPDOWDDQWLJHORGLFXLVLDDFFHUWDWDODQRQDJJUHVVLYLWj
FRQWHQHQWHLOy GLDULDRFFOXVD
G VHSXzDYHUVLJHORQHOOHRUHVHJXHQWLDOO¶LQLH]LRQHELVRJQDULVFDOGDUHODVWUXWWXUDHPDQWHQHUODFDOGDDOPHQR
SHURUHLQPRGRFKHODWHPSHUDWXUDGHOODPDOWDLQLHWWDWDQRQVFHQGDDOGLVRWWRGLƒ&
H GRSRLOSHULRGRGLJHORELVRJQDDVVLFXUDUVLFKHLFRQGRWWLVLDQRFRPSOHWDPHQWHOLEHULGDJKLDFFLRREULQDÊ
YLHWDWRLOODYDJJLRDYDSRUH
1250(&203/(0(17$5,5(/$7,9($,62/$,
*HQHUDOLWjHFODVVLILFD]LRQHVRODL
D*HQHUDOLWj
1HOSUHVHQWHFDSLWRORVRQRWUDWWDWLLVRODLUHDOL]]DWLHVFOXVLYDPHQWHLQFDRFDSRPLVWLLQFDHFDSHEORFFKLLQ
ODWHUL]LRRGLQDOWULPDWHULDOL9HQJRQRFRQVLGHUDWLVLDLVRODLHVHJXLWLLQRSHUDFKHTXHOOLIRUPDWLGDOO¶DVVRFLD]LRQHGL
HOHPHQWLSUHIDEEULFDWL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
3HUWXWWLLVRODLYDOJRQROHSUHVFUL]LRQLJLjGDWHQHLFDSLWROLSUHFHGHQWLSHUOHRSHUHLQFDHFDSFRQSDUWLFRODUH
ULJXDUGRDOOHSUHVFUL]LRQLUHODWLYHDJOLHOHPHQWLLQIOHVVL
,QSDUWLFRODUHVLGRYUjGLVSRUUHDJOLDSSRJJLGHLVRODLXQ¶DUPDWXUDLQIHULRUHLQFRUSRUDWDRDJJLXQWLYD
FRQYHQLHQWHPHQWHDQFRUDWDLQJUDGRGLDVVRUELUHXQRVIRU]RGLWUD]LRQHSDULDOWDJOLR
$GHVVHGHYRQRDJJLXQJHUVLRGLQWHJUDUVLOHQRUPHFRPSOHPHQWDULLQGLFDWHQHOVHJXLWR
E&ODVVLILFD]LRQH
,
6RODLLQJHWWRSLHQRLQFDRGLQFDS
,,
6RODLPLVWLLQFDFDSHEORFFKLLQWHUSRVWLGLDOOHJJHULPHQWRFROODERUDQWLHQRQLQODWHUL]LRYHGL
RGDOWURPDWHULDOHYHGL
,,,
6RODLUHDOL]]DWLGDOO¶DVVRFLD]LRQHGLHOHPHQWLLQFDHFDSSUHIDEEULFDWLFRQXQLRQLHRJHWWLGL
FRPSOHWDPHQWR
3HULVRODLGHOWLSR,YDOJRQRLQWHJUDOPHQWHOHSUHVFUL]LRQLGHLSUHFHGHQWLFDSLWROLHQRQRFFRUURQRQRUPH
DJJLXQWLYH
,VRODLGHOWLSR,,VRQRVRJJHWWLDQFKHDOOHQRUPHFRPSOHPHQWDULULSRUWDWHQHLVXFFHVVLYLSDUDJUDILH
,VRODLGHOWLSR,,,VRQRVRJJHWWLDQFKHDOOHQRUPHFRPSOHPHQWDULULSRUWDWHLQHLQTXDQWRDSSOLFDELOLHGD
TXHOOHULSRUWDWHLQ
1RUPHFRPSOHPHQWDULUHODWLYHDLVRODLPLVWLGLFDHFDSHEORFFKLIRUDWLLQODWHUL]LR
&/$66,),&$=,21(
,VRODLPLVWLLQFHPHQWRDUPDWRQRUPDOHHSUHFRPSUHVVRHEORFFKLIRUDWLLQODWHUL]LRVLGLVWLQJXRQRQHOOHVHJXHQWL
FDWHJRULH
VRODLFRQEORFFKLDYHQWLIXQ]LRQHSULQFLSDOHGLDOOHJJHULPHQWR
VRODLFRQEORFFKLDYHQWLIXQ]LRQHVWDWLFDLQFROODERUD]LRQHFRQLOFRQJORPHUDWR
35(6&5,=,21,*(1(5$/,
,EORFFKLGLFXLDOSXQWREGHYRQRHVVHUHFRQIRUPDWLLQPRGRFKHQHOVRODLRLQRSHUDVLDDVVLFXUDWDFRQ
FRQWLQXLWjODWUDVPLVVLRQHGHJOLVIRU]LGDOO¶XQRDOO¶DOWURHOHPHQWR
1HOFDVRVLULFKLHGDDOODWHUL]LRLOFRQFRUVRDOODUHVLVWHQ]DDJOLVIRU]LWDQJHQ]LDOLVLGHYRQRXVDUHHOHPHQWL
PRQREORFFRGLVSRVWLLQPRGRFKHQHOOHILOHDGLDFHQWLFRPSUHQGHQWLXQDQHUYDWXUDGLFRQJORPHUDWRLJLXQWLULVXOWLQR
VIDOVDWLWUDORUR,QRJQLFDVRRYHVLDSUHYLVWDXQDVROHWWDGLFRQJORPHUDWRVWDWLFDPHQWHLQWHJUDWLYDGLDOWUDLQODWHUL]LR
TXHVW¶XOWLPDGHYHDYHUHIRUPDHILQLWXUDWDOLGDDVVLFXUDUHODVROLGDULHWjDLILQLGHOODWUDVPLVVLRQHGHJOLVIRU]LWDQJHQ]LDOL
3HUHQWUDPEHOHFDWHJRULHLOSURILORGHLEORFFKLGHOLPLWDQWLODQHUYDWXUDGLFRQJORPHUDWRGDJHWWDUVLLQRSHUDQRQ
GHYHSUHVHQWDUHULVYROWLFKHRVWDFROLQRLOGHIOXVVRGLFDOFHVWUX]]RHUHVWULQJDQRODVH]LRQHGHOOHQHUYDWXUHVWHVVHVRWWRL
OLPLWLVWDELOLWLLQ
5(48,6,7,',$&&(77$=,21(3529((&21752//, 6SHVVRUHGHOOHSDUHWLHGHLVHWWL
/RVSHVVRUHGHOOHSDUHWLRUL]]RQWDOLFRPSUHVVHQRQGHYHHVVHUHPLQRUHGLPPTXHOORGHOOHSDUHWLSHULPHWUDOLQRQ
PLQRUHGLPPTXHOORGHLVHWWLQRQPLQRUHGLPP
7XWWHOHLQWHUVH]LRQLGRYUDQQRHVVHUHUDFFRUGDWHFRQUDJJLRGLFXUYDWXUDDOQHWWRGHOOHWROOHUDQ]HPDJJLRUHGL
PP
6LGHYRQRDGRWWDUHIRUPHVHPSOLFLFDUDWWHUL]]DWHGDVHWWLUHWWLOLQHLHGDOOLQHDWLSDUWLFRODUPHQWHLQGLUH]LRQH
RUL]]RQWDOHFRQVHWWLFRQUDSSRUWRVSHVVRUHOXQJKH]]DLOSLSRVVLELOHXQLIRUPH
,OUDSSRUWRIUDO¶DUHDFRPSOHVVLYDGHLIRULHO¶DUHDORUGDGHOLPLWDWDGDOSHULPHWURGHOODVH]LRQHGHOEORFFRQRQGHYH
ULVXOWDUHVXSHULRUHDKRYHK qO¶DOWH]]DGHOEORFFRLQPHWULFRQXQPDVVLPRGHO
&DUDWWHULVWLFKHILVLFRPHFFDQLFKH
/DUHVLVWHQ]DFDUDWWHULVWLFDDFRPSUHVVLRQHGHWHUPLQDWDVHFRQGROHSUHVFUL]LRQLGHOO¶$OOHJDWRULIHULWDDOODVH]LRQH
QHWWDGHOOHSDUHWLHGHOOHFRVWRODWXUHGHYHULVXOWDUHQRQPLQRUHGL
1PP QHOODGLUH]LRQHGHLIRUL
1PP QHOODGLUH]LRQHWUDVYHUVDOHDLIRULQHOSLDQRGHOVRODLR
SHULEORFFKLGLFXLDOE
HGL
1PP QHOODGLUH]LRQHGHLIRUL
1PP QHOODGLUH]LRQHWUDVYHUVDOHDLIRULQHOSLDQRGHOVRODLR
SHULEORFFKLGLFXLDOD
/DUHVLVWHQ]DFDUDWWHULVWLFDDWUD]LRQHSHUIOHVVLRQHGHWHUPLQDWDVHFRQGRO¶$OOHJDWRGHYHHVVHUHQRQPLQRUHGL
1PP SHULEORFFKLGLWLSRE
HGL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
1PP SHULEORFFKLWLSRD
,QDVVHQ]DGLFDVVHURFRQWLQXRLQIHULRUHGXUDQWHODIDVHGLDUPDWXUDHJHWWRWXWWLLEORFFKLGHYRQRUHVLVWHUHDGXQ
FDULFRFRQFHQWUDWRDSSOLFDWRQHOFHQWURGHOODIDFFLDVXSHULRUHVXXQ¶DUHDGLuFPQRQLQIHULRUHDN1/DSURYD
YDHIIHWWXDWDVHFRQGROHPRGDOLWjLQGLFDWHQHOO¶$OOHJDWR
,OPRGXORHODVWLFRGHOODWHUL]LRQRQGHYHHVVHUHVXSHULRUHDN1PP
,OFRHIILFLHQWHGLGLODWD]LRQHWHUPLFDOLQHDUHGHOODWHUL]LRGHYHHVVHUH
D t ˜ q& ,OYDORUHGLGLODWD]LRQHSHUXPLGLWjPLVXUDWRVHFRQGRTXDQWRVWDELOLWRQHOO¶$OOHJDWRGHYHHVVHUHPLQRUHGL˜
,QWHJULWjGHLEORFFKL
6SHFLDOHFXUDGHYHHVVHUHULYROWDDOFRQWUROORGHOO¶LQWHJULWjGHLEORFFKLFRQSDUWLFRODUHULIHULPHQWRDOODHYHQWXDOH
SUHVHQ]DGLIHVVXUD]LRQL
&RQWUROOLGLTXDOLWjGHLEORFFKLLQODWHUL]LR
/DSURGX]LRQHGHJOLHOHPHQWLODWHUL]LGHYHHVVHUHFRQWUROODWDPHGLDQWHSURYHVXEORFFKLGLSURGX]LRQHFRUUHQWH
FHUWLILFDWHGD/DERUDWRUL8IILFLDOLFRQIUHTXHQ]DDOPHQRDQQXDOH
352*(77$=,21(
9HULILFKH
/HWHQVLRQLOLPLWHLQHVHUFL]LRSHUFRPELQD]LRQLUDUHQHOFRQJORPHUDWRHQHOOHDUPDWXUHPHWDOOLFKHVRQRTXHOOH
SUHVFULWWHDOSUHFHGHQWHSXQWR
3HULOODWHUL]LRQHLVRODLGLFXLDOSXQWREODFRPSUHVVLRQHLQHVHUFL]LRSHUFRPELQD]LRQLUDUHQRQGHYH
VXSHUDUH1PP SHUJOLVIRU]LDJHQWLQHOODGLUH]LRQHGHLIRULH1PP SHUVIRU]LLQGLUH]LRQHQRUPDOHDGHVVL
VHPSUHFKHLQTXHVWRVHFRQGRFDVRLOWLSRFRVWUXWWLYRORJLXVWLILFKL
6RQRDQFKHDPPHVVHYHULILFKHDJOLVWDWLOLPLWHIRQGDWLVXSURYHGLVWUXWWXUHRGLHOHPHQWLFDPSLRQLGLVHULHVHFRQGR
TXDQWRLQGLFDWRDOSXQWR
6SHVVRUHPLQLPRGHLVRODL
/RVSHVVRUHGHLVRODLDSRUWDWDXQLGLUH]LRQDOHFKHQRQVLDQRGLVHPSOLFHFRSHUWXUDQRQGHYHHVVHUHPLQRUHGL
GHOODOXFHGLFDOFRORHGLQQHVVXQFDVRPLQRUHGLFP
3HULVRODLFRVWLWXLWLGDWUDYHWWLSUHFRPSUHVVLHEORFFKLLQWHUSRVWLLOSUHGHWWROLPLWHSXzVFHQGHUHDG
/HGHIRUPD]LRQLGHYRQRULVXOWDUHFRPSDWLELOLFRQOHFRQGL]LRQLGLHVHUFL]LRGHOVRODLRHGHJOLHOHPHQWLFRVWUXWWLYLHG
LPSLDQWLVWLFLDGHVVRFROOHJDWL
0RGXORHODVWLFRGLFDOFROR
1HOFDOFRORGHOOHUHD]LRQLLSHUVWDWLFKHLOPRGXORGLHODVWLFLWjGHOODWHUL]LRLQPDQFDQ]DGLGHWHUPLQD]LRQLGLUHWWH
SXzDVVXPHUVLSDULDN1PP
6SHVVRUHPLQLPRGHOODVROHWWD
1HLVRODLGLFXLDOSXQWRDORVSHVVRUHPLQLPRGHOFDOFHVWUX]]RGHOODVROHWWDGLFRQJORPHUDWRQRQGHYHHVVHUH
PLQRUHGLFP
1HLVRODLGLFXLDOSXQWRESXzHVVHUHRPHVVDODVROHWWDGLFDOFHVWUX]]RHOD]RQDULQIRU]DWDGLODWHUL]LRSHU
DOWURVHPSUHUDVDWDFRQFDOFHVWUX]]RSXzHVVHUHFRQVLGHUDWDFROODERUDQWHHGHYHVRGGLVIDUHLVHJXHQWLUHTXLVLWL
SRVVHGHUHVSHVVRUHQRQPLQRUHGLGHOO¶DOWH]]DSHUVRODLFRQDOWH]]DILQRDFPQRQPLQRUHGLFPSHU
VRODLFRQDOWH]]DPDJJLRUH
DYHUHDUHDHIIHWWLYDGHLVHWWLHGHOOHSDUHWLPLVXUDWDLQTXDOXQTXHVH]LRQHQRUPDOHDOODGLUH]LRQHGHOORVIRU]RGL
FRPSUHVVLRQHQRQPLQRUHGHOGHOODVXSHUILFLHORUGD
/DUJKH]]DHGLQWHUDVVHGHOOHQHUYDWXUH
/DODUJKH]]DPLQLPDGHOOHQHUYDWXUHLQFDOFHVWUX]]RSHUVRODLFRQQHUYDWXUHJHWWDWHRFRPSOHWDWHLQRSHUDQRQGHYH
HVVHUHPLQRUHGLGHOO¶LQWHUDVVHHFRPXQTXHQRQLQIHULRUHDFP
1HOFDVRGLSURGX]LRQHGLVHULHLQVWDELOLPHQWRGLSDQQHOOLGLVRODLRFRPSOHWLFRQWUROODWLFRPHSUHYLVWRDOSXQWR
LOOLPLWHPLQLPRSUHGHWWRSRWUjVFHQGHUHDFP
/¶LQWHUDVVHGHOOHQHUYDWXUHQRQGHYHLQRJQLFDVRHVVHUHPDJJLRUHGLYROWHORVSHVVRUHPHGLRGHOODVROHWWD,O
EORFFRLQWHUSRVWRGHYHDYHUHGLPHQVLRQHPDVVLPDLQIHULRUHDFP
3HULVRODLGLFDWHJRULDESRVVRQRFRQVLGHUDUVLDSSDUWHQHQWLDOOHQHUYDWXUHDLILQLGHOFDOFROROHSDUHWLGLODWHUL]LR
IRUPDQWLFDVVHURVHPSUHFKHVLDDVVLFXUDWDO¶DGHUHQ]DIUDLGXHPDWHULDOL/DODUJKH]]DFROODERUDQWHYDGHWHUPLQDWDLQ
FRQIRUPLWjDOSXQWRSHUSURGX]LRQLGLVHULHLQVWDELOLPHQWRGLSDQQHOOLVRODLRFRPSOHWLODODUJKH]]DFROODERUDQWH
SRWUjHVVHUHGHWHUPLQDWDFRQODVSHULPHQWD]LRQHGLFXLDOSXQWR
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
$UPDWXUDWUDVYHUVDOH
3HULVRODLFRQQHUYDWXUDJHWWDWDRFRPSOHWDWDLQRSHUDHGLOXFHVXSHULRUHDPRTXDQGRVLDVHQVLELOHLO
FRPSRUWDPHQWRDSLDVWUDRTXDQGRDJLVFDQRFDULFKLFRQFHQWUDWLFKHLQFLGDQRLQPLVXUDFRQVLGHUHYROHVXOOHVROOHFLWD]LRQL
GLFDOFRORVLGHYHSUHYHGHUHDOO¶HVWUDGRVVRXQDVROHWWDJHWWDWDLQRSHUDGLVSHVVRUHQRQLQIHULRUHDFPPXQLWDGL
DGHJXDWDDUPDWXUDGHOOHVROHWWHRQHOOHHYHQWXDOLQHUYDWXUHSDULDOPHQRD‘DOPHWURRDOGLTXHOODORQJLWXGLQDOH
QHOO¶LQWUDGRVVRGHOVRODLR
3DUWLFRODUHDWWHQ]LRQHGHYHHVVHUHGHGLFDWDDOODVLFXUH]]DDOGLVWDFFRGLSDUWLODWHUL]LHVSHFLDOPHQWHLQGLSHQGHQ]DGL
VIRU]LWUDVYHUVDOLDQFKHGLFDUDWWHUHVHFRQGDULR
,QDVVHQ]DGLVROHWWDLQFDOFHVWUX]]RVRODLRUDVDWRqQHFHVVDULDO¶DGR]LRQHGLDOPHQRXQDQHUYDWXUDWUDVYHUVDOHSHU
OXFLVXSHULRULDP1HOFDVRGLSURGX]LRQHGLVHULHLQVWDELOLPHQWRGLSDQQHOOLVRODLRFRPSOHWLODFDSDFLWjGL
ULSDUWL]LRQHWUDVYHUVDOHSRWUjHVVHUHJDUDQWLWDDQFKHDPH]]RGLDOWULGLVSRVLWLYLODFXLHIILFDFLDqGDGLPRVWUDUVLFRQ
LGRQHHSURYHVSHULPHQWDOL
$UPDWXUDORQJLWXGLQDOH
/¶DUPDWXUDORQJLWXGLQDOHGHYHHVVHUHVXSHULRUHD
RYHK qO¶DOWH]]DGHOVRODLRHVSUHVVDLQFP
$V PLQt K FP DOPHWUR
$UPDWXUDSHULOWDJOLR
1HOOHFRQGL]LRQLSUHYLVWHLQSXzQRQGLVSRUVLDUPDWXUDSHULOWDJOLR
4XDQGRLQYHFHRFFRUUHIDUULFRUVRDGXQDDUPDWXUDSHULOWDJOLRQRQqDPPHVVRWHQHUFRQWRGHOODFROODERUD]LRQH
GHOOHSDUHWLODWHUDOLGLODWHUL]LRDLILQLGHOODYDOXWD]LRQHGHOODVROOHFLWD]LRQHWDQJHQ]LDOHWFO
(6(&8=,21(
3URWH]LRQHGHOOHDUPDWXUH
1HLVRODLODFXLDUPDWXUDqFROORFDWDHQWURVFDQDODWXUHTXDOXQTXHVXSHUILFLHPHWDOOLFDGHYHULVXOWDUHFRQWRUQDWDLQ
RJQLGLUH]LRQHGDXQRVSHVVRUHPLQLPRGLPPGLPDOWDFHPHQWL]LD
3HUDUPDWXUDFROORFDWDHQWURQHUYDWXUDOHGLPHQVLRQLGLTXHVWDGHYRQRHVVHUHWDOLGDFRQVHQWLUHLOULVSHWWRGHL
VHJXHQWLOLPLWL
GLVWDQ]DQHWWDWUDDUPDWXUDHEORFFRt PP
GLVWDQ]DQHWWDWUDDUPDWXUDHGDUPDWXUDt PP
%DJQDWXUDGHJOLHOHPHQWL
3ULPDGLSURFHGHUHDLJHWWLLODWHUL]LGHYRQRHVVHUHFRQYHQLHQWHPHQWHEDJQDWL
&DUDWWHULVWLFKHGHJOLLPSDVWLSHUHOHPHQWLSUHIDEEULFDWL
'HYRQRLPSLHJDUVLPDOWHFHPHQWL]LHFRQGRVDWXUHGLOHJDQWHQRQPLQRULDNJP GLFHPHQWRHFRQJORPHUDWL
FRQ5FN t 1PP
%ORFFKL
*OLHOHPHQWLFRQULOHYDQWLGLIHWWLGLRULJLQHRGDQQHJJLDWLGXUDQWHODPRYLPHQWD]LRQHGRYUDQQRHVVHUHHOLPLQDWL
$OOLQHDPHQWLHIRU]DWXUH
6LGRYUjFXUDUHLOFRUUHWWRDOOLQHDPHQWRGHLEORFFKLHYLWDQGRODIRU]DWXUDGHLEORFFKLLQWHUSRVWLWUDLWUDYHWWL
SUHIDEEULFDWL
&RQJORPHUDWLSHULJHWWLLQRSHUD
6LGRYUjVWXGLDUHODFRPSRVL]LRQHGHOJHWWRLQPRGRGDHYLWDUHULVFKLGLVHJUHJD]LRQHRODIRUPD]LRQHGLQLGLGL
JKLDLDHSHUULGXUUHO¶HQWLWjGHOOHGHIRUPD]LRQLGLIIHULWH
,OGLDPHWURPDVVLPRGHJOLLQHUWLLPSLHJDWLQRQGRYUjVXSHUDUHGHOORVSHVVRUHPLQLPRGHOOHQHUYDWXUHQpOD
GLVWDQ]DQHWWDPLQLPDWUDOHDUPDWXUH
,OJHWWRGHYHHVVHUHFRVWLSDWRLQPRGRGDJDUDQWLUHO¶DYYROJLPHQWRGHOOHDUPDWXUHHO¶DGHUHQ]DVLDFRQLEORFFKLVLD
FRQHYHQWXDOLDOWULHOHPHQWLSUHIDEEULFDWL
0RGDOLWjGLJHWWR
3HUUHQGHUHHIILFDFHTXDQWRLQGLFDWRDLSXQWLSUHFHGHQWLRFFRUUHFRQRSSRUWXQLSURYYHGLPHQWLHOLPLQDUHLOULVFKLRGL
DUUHVWRGHOJHWWRDOOLYHOORGHOOHDUPDWXUH
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
6ROLGDUL]]D]LRQHWUDLQWRQDFLHVXSHUILFLGLLQWUDGRVVR
4XDORUDVLLPSLHJKLQRPDWHULDOLG¶LQWRQDFRFHPHQWL]LDYHQWLUHVLVWHQ]DFDUDWWHULVWLFDDWUD]LRQHVXSHULRUHDG
1PP GRYUDQQRDGRWWDUVLVSHVVRULLQIHULRULDGFPRSUHGLVSRUUHDUPDWXUHGLVRVWHJQRHGLIIXVLRQHRSSRUWXQDPHQWH
DQFRUDWHQHOOHQHUYDWXUH
',6326,=,21,$**,817,9(3(5,75$9(77,',62/$,235(&2035(66,35()$%%5,&$7,3(5/$5($/,==$=,21(',
62/$,&21%/2&&+,,1/$7(5,=,2 (OHPHQWLFRQDUPDWXUDSUHWHVD
3HUHOHPHQWLFRQDUPDWXUDSUHWHVDqDPPHVVDODGHURJDDOO¶REEOLJRGLGLVSRUUHODVWDIIDWXUDPLQLPDSUHYLVWDDO
SXQWR
&ULWHULGLFDOFROR
3HUODVH]LRQHLQFDPSDWDROWUHDOOHYHULILFKHDJOLVWDWLOLPLWHIRQGDWHVXOFDOFRORVRQRDQFKHDPPHVVHYHULILFKH
IRQGDWHVXSURYHGLHOHPHQWLSUHIDEEULFDWLGLVHULHVHFRQGRTXDQWRLQGLFDWRDOSXQWR
3HUOHVWUXWWXUHSDU]LDOPHQWHJHWWDWHLQRSHUDSXzRPHWWHUVLODVWDIIDWXUDGLFROOHJDPHQWRTXDQGRODWHQVLRQH
WDQJHQ]LDOHPHGLDLQHVHUFL]LRSHUFRPELQD]LRQLUDUHWUDO¶HOHPHQWRSUHIDEEULFDWRHLOFRQJORPHUDWRJHWWDWRLQRSHUD
ULVXOWLLQIHULRUHD1PP SHUOHVXSHUILFLGLFRQWDWWROLVFHH1PP SHUVXSHUILFLVFDEUH
,QFRUULVSRQGHQ]DDOOHPERVXSHULRUHGHLWUDYHWWLVRQRFRQVHQWLWHLQHVHUFL]LRWUD]LRQLSDULDIFWPGHILQLWHDOSXQWR
*HWWLLQRSHUD
,WUDYHWWLSULYLGLDUPDWXUHDWDJOLRGHYRQRHVVHUHLQWHJUDWLVXJOLDSSRJJLGDJHWWLLQRSHUDDUPDWLVHFRQGRTXDQWR
SUHYLVWRDOSXQWRDXOWLPRFDSRYHUVRVDOYRFKHSHUJOLHOHPHQWLGLVRODLGLFRSHUWXUDSRJJLDQWLVXWUDYLHGRWDWLGL
DGHJXDWDOXQJKH]]DGLDSSRJJLR
7DOLFROOHJDPHQWLVHGHVWLQDWLDGDVVLFXUDUHFRQWLQXLWjVWUXWWXUDOHDJOLDSSRJJLGRYUDQQRHVVHUHYHULILFDWLVHFRQGR
OHGLVSRVL]LRQLUHODWLYHDOFRQJORPHUDWRFHPHQWL]LRDUPDWRQRUPDOHYHULILFDQGRDOWUHVuOHFRQGL]LRQLGLDGHUHQ]DIUD
JHWWLLQRSHUDHWUDYHWWLVHFRQGRLFULWHULLQGLFDWLLQ
1RUPHFRPSOHPHQWDULUHODWLYHDLVRODLPLVWLGLFDHFDSHEORFFKLGLYHUVLGDOODWHUL]LR
&/$66,),&$=,21((35(6&5,=,21,*(1(5$/, ,EORFFKLFRQIXQ]LRQHSULQFLSDOHGLDOOHJJHULPHQWRSRVVRQRHVVHUHUHDOL]]DWLDQFKHFRQPDWHULDOLGLYHUVLGDO
ODWHUL]LRFDOFHVWUX]]ROHJJHURGLDUJLOODHVSDQVDFDOFHVWUX]]RQRUPDOHVDJRPDWRPDWHULHSODVWLFKHHOHPHQWLRUJDQLFL
PLQHUDOL]]DWLHFF
,OPDWHULDOHGHLEORFFKLGHYHHVVHUHVWDELOHGLPHQVLRQDOPHQWH
$LILQLVWDWLFLVLGLVWLQJXRQRGXHFDWHJRULHGLEORFFKLSHUVRODLR
D EORFFKLFROODERUDQWL
E EORFFKLQRQFROODERUDQWL
6DOYRFRQWUDULDLQGLFD]LRQHQHOVHJXLWRYDOJRQROHSUHVFUL]LRQLJHQHUDOLHOHSUHVFUL]LRQLGLSURJHWWD]LRQHHGL
HVHFX]LRQHULSRUWDWHLQ
%/2&&+,&2//$%25$17,
'HYRQRDYHUHPRGXORHODVWLFRVXSHULRUHDN1PP HGLQIHULRUHDN1PP
'HYRQRHVVHUHWRWDOPHQWHFRPSDWLELOLFRQLOFRQJORPHUDWRFRQFXLFROODERUDQRVXOODEDVHGLGDWLHFDUDWWHULVWLFKH
GLFKLDUDWHGDOSURGXWWRUHHYHULILFDWHGDOOD'LUH]LRQHGHLODYRUL'HYRQRVRGGLVIDUHDWXWWHOHFDUDWWHULVWLFKHILVVDWHQHO
SDUDJUDIRSHULEORFFKLLQODWHUL]LRGLFXLDOSXQWRE
%/2&&+,121&2//$%25$17,
'HYRQRDYHUHPRGXORHODVWLFRLQIHULRUHDGN1PP HVYROJHUHIXQ]LRQLGLVRORDOOHJJHULPHQWR
6RODLFRQEORFFKLQRQFROODERUDQWLULFKLHGRQRQHFHVVDULDPHQWHXQDVROHWWDGLULSDUWL]LRQHGHOORVSHVVRUHPLQLPRGL
FPDUPDWDRSSRUWXQDPHQWHHGLPHQVLRQDWDSHUODIOHVVLRQHWUDVYHUVDOH,OSURILORHOHGLPHQVLRQLGHLEORFFKLGHYRQR
HVVHUHWDOLGDVRGGLVIDUHOHSUHVFUL]LRQLGLPHQVLRQDOLLPSRVWHQHOSDUDJUDIRSHULEORFFKLLQODWHUL]LRQRQ
FROODERUDQWL
5(6,67(1=$$/381=21$0(172
,QDVVHQ]DGLFDVVHURFRQWLQXRLQIHULRUHGXUDQWHODIDVHGLDUPDWXUDHJHWWRLEORFFKLGLTXDOXQTXHWLSRGHYRQR
UHVLVWHUHDGXQFDULFRFRQFHQWUDWRDSSOLFDWRDOFHQWURGHOODIDFFLDVXSHULRUHVXXQ¶DUHDGLuFPQRQLQIHULRUHD
N1
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
/DSURYDYDHIIHWWXDWDVHFRQGROHPRGDOLWjLQGLFDWHQHOO¶$OOHJDWR
9(5,),&+(',5,6321'(1=$
/HFDUDWWHULVWLFKHGHLEORFFKLGHYRQRHVVHUHFRQWUROODWHPHGLDQWHSURYHFHUWLILFDWHGD/DERUDWRUL8IILFLDOLVHFRQGROH
QRUPHGHOO¶$OOHJDWRFRQIUHTXHQ]DDOPHQRDQQXDOH
63(6625,0,1,0,
3HUWXWWLLVRODLFRVuFRPHSHULFRPSRQHQWLFROODERUDQWLORVSHVVRUHGHOOHVLQJROHSDUWLGLFDOFHVWUX]]RFRQWHQHQWL
DUPDWXUHGLDFFLDLRQRQSRWUjHVVHUHLQIHULRUHDFP
1RUPHFRPSOHPHQWDULUHODWLYHDLVRODLUHDOL]]DWLFRQO¶DVVRFLD]LRQHGLHOHPHQWLLQFDHFDS
SUHIDEEULFDWLFRQXQLRQLHRJHWWLGLFRPSOHWDPHQWR
2OWUHDTXDQWRLQGLFDWRQHLSUHFHGHQWLFDSLWROLYHGLSDUDJUDILSUHFHGHQWLHLQTXDQWRDSSOLFDELOLHGLQ
SDUWLFRODUHSHUHOHPHQWLSUHFRPSUHVVLGHYRQRHVVHUHWHQXWHSUHVHQWLOHVHJXHQWLQRUPHFRPSOHPHQWDUL
62/,'$5,==$=,21(75$*/,(/(0(17,',62/$,2 2YHVLGHEEDJDUDQWLUHLOFRPSRUWDPHQWRGHOVRODLRDSLDVWUDRDGLDIUDPPDqSUHVFULWWRXQFROOHJDPHQWRWUDVYHUVDOH
GLVFUHWRRFRQWLQXRWUDVWULVFHGLVRODLRDFFRVWDWH
$/7(==$0,1,0$'(/62/$,2 /¶DOWH]]DPLQLPDGHOVRODLRYDGHWHUPLQDWDFRQULIHULPHQWRDOOHGLPHQVLRQLILQDOLGLHVHUFL]LRHQRQULJXDUGDOH
GLPHQVLRQLGHJOLHOHPHQWLFRPSRQHQWLQHOOHIDVLGLFRVWUX]LRQH
/¶DOWH]]DPLQLPDQRQSXzHVVHUHLQIHULRUHDGFP
1HOFDVRGLVRODLRYLQFRODWRLQVHPSOLFHDSSRJJLRPRQRGLUH]LRQDOHLOUDSSRUWRWUDOXFHGLFDOFRORGHOVRODLRH
VSHVVRUHGHOVRODLRVWHVVRQRQGHYHHVVHUHVXSHULRUHD
3HUVRODLFRVWLWXLWLGDSDQQHOOLSLDQLSLHQLRGDOOHJJHULWLSUHIDEEULFDWLSUHFRPSUHVVLWLSR,,,VHQ]DVROHWWD
LQWHJUDWLYDLQGHURJDDOODSUHFHGHQWHOLPLWD]LRQHLOUDSSRUWRVRSUDLQGLFDWRSXzHVVHUHSRUWDWRD
3HULVRODLFRQWLQXLLQUHOD]LRQHDOJUDGRG¶LQFDVWURRGLFRQWLQXLWjUHDOL]]DWRDJOLHVWUHPLWDOLUDSSRUWLSRVVRQR
HVVHUHLQFUHPHQWDWLILQRDGXQPDVVLPRGHO
ÊDPPHVVDGHURJDDOOHSUHVFUL]LRQLGLFXLVRSUDTXDORUDLFDOFROLFRQGRWWLFRQULIHULPHQWRDOUHDOHFRPSRUWDPHQWR
GHOODVWUXWWXUDPHVVDLQFRQWRGHLFRPSRUWDPHQWLQRQOLQHDULIHVVXUD]LRQHDIILGDELOLPRGHOOLGLSUHYLVLRQHYLVFRVD
HFFDQFKHHYHQWXDOPHQWHLQWHJUDWLGDLGRQHHVSHULPHQWD]LRQLVXSURWRWLSLGRFXPHQWLQRFKHO¶HQWLWjGHOOHIUHFFH
LVWDQWDQHHHDOXQJRWHUPLQHQRQVXSHULQRLOLPLWLVHJXHQWL
DIUHFFLDLVWDQWDQHDGRYXWDDOOHD]LRQLSHUPDQHQWL*N HDWXWWHTXHOOHYDULDELOL4LN
I LVW d
O
EIUHFFLDDWHPSRLQILQLWRGRYXWRDOOHD]LRQLSHUPDQHQWL*N HDGGLWXWWHTXHOOHYDULDELOL4LN
If d
O
/HGHIRUPD]LRQLGHYRQRULVXOWDUHLQRJQLFDVRFRPSDWLELOLFRQOHFRQGL]LRQLGLHVHUFL]LRGHOVRODLRHGHJOLHOHPHQWL
FRVWUXWWLYLHGLPSLDQWLVWLFLDGHVVRFROOHJDWL
62/$,$/9(2/$5,
3HULVRODLDOYHRODULSHUHOHPHQWLSULYLG¶DUPDWXUDSDVVLYDG¶DSSRJJLRLOJHWWRLQWHJUDWLYRGHYHHVWHQGHUVL
DOO¶LQWHUQRGHJOLDOYHROLLQWHUHVVDWLGDOO¶DUPDWXUDDJJLXQWLYDSHUXQWUDWWRDOPHQRSDULDOODOXQJKH]]DGLWUDVIHULPHQWR
GHOODSUHFRPSUHVVLRQH9DOHDQFKHTXDQWRLQGLFDWRDO
62/$,&21*(772',&203/(7$0(172 /DVROHWWDJHWWDWDLQRSHUDGHYHDYHUHXQRVSHVVRUHQRQLQIHULRUHDFPHGHVVHUHGRWDWDGLXQDDUPDWXUDGL
ULSDUWL]LRQHDPDJOLDLQFURFLDWD
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
6H]LRQH,,,
(852&2',&(81,(19FULWHULHSUHVFUL]LRQL
35(6&5,=,21,63(&,),&+(686,1*2/,3817,'(//$1250$81,(19
/¶XVRGHOODQRUPD81,(19(XURFRGLFH3URJHWWD]LRQHGHOOHVWUXWWXUHGLFDOFHVWUX]]R3DUWH5HJROH
JHQHUDOLHUHJROHSHUJOLHGLILFLqDPPHVVRSXUFKpYHQJDQRVHJXLWHOHSUHVFUL]LRQLVRVWLWXWLYHLQWHJUDWLYHRVRSSUHVVLYH
ULSRUWDWHLQTXHVWD6H]LRQHROWUHDTXDQWRULSRUWDWRQHOOD6H]LRQH,HQHOOD3DUWH*HQHUDOH/HDSSHQGLFLGHOODQRUPD
81,(19QRQKDQQRYDORUHSUHVFULWWLYR
3HUIDFLOLWjGLULIHULPHQWRqVWDWDDGRWWDWDTXLGLVHJXLWRODVWHVVDQXPHUD]LRQHGHLSDUDJUDILGHOO¶81,(19
6RQRULSRUWDWLTXHLSXQWLQHLTXDOLVRQRVWDWHLQWURGRWWHSUHVFUL]LRQLVRVWLWXWLYHLQWHJUDWLYHRVRSSUHVVLYH
3HUOHQRUPHFRPSOHPHQWDULUHODWLYHDLVRODLYDOHTXDQWRULSRUWDWRQHOOD6H]LRQH,,
)DWWRULGLVLFXUH]]DSDU]LDOLSHUOHD]LRQLVXVWUXWWXUHGLHGLILFL
$OSDUDJUDIRODIRUPXOD>E@qVRVWLWXLWDGDOODVHJXHQWH
¦J
* M
*N M ¦ 4N L
L t
)DWWRULGLVLFXUH]]DSDU]LDOLSHULPDWHULDOL
,O3URVSHWWRqVRVWLWXLWRGDOVHJXHQWH
&RPELQD]LRQH
)RQGDPHQWDOH
(FFH]LRQDOH
HFFHWWRVLVPD
3URVSHWWR
)DWWRULGLVLFXUH]]DSDU]LDOLSHUOHSURSULHWjGHLPDWHULDOL
$FFLDLRSHUFD
&DOFHVWUX]]R
RSHUSUHFRPSUHVVLRQH
JF
SHUFDS
SHUFDHFDFRQ
SUHFRPSUHVVLRQHSDU]LDOH
JV
,PSHUIH]LRQL
$OSDUDJUDIRLOSULPRYDORUHLQFDVHOODWR qVRVWLWXLWRFRQLOYDORUH
0RGHOOLVWUXWWXUDOLSHUO¶DQDOLVLJOREDOH
,OSDUDJUDIRVLULIHULVFHDLVRODLDEORFFKLSHULTXDOLDPPHWWHXQDVROHWWDGLVROLPPFRPHLOSXQWR3DUWH,HG
DOO¶$OOHJDWRGHOSUHVHQWHGHFUHWRDLTXDOLVLULPDQGD
0HQVROH
$OSDUDJUDIRLOYDORUHLQFDVHOODWR)Y qVRVWLWXLWRFRQ)Y
&DOFHVWUX]]R
/¶LQWHURSXQWRqVRVWLWXLWRGDOSXQWR3DUWH,FRQLUHODWLYL$OOHJDWLHGHOSUHVHQWHGHFUHWR
$FFLDLSHUDUPDWXUH
/¶LQWHURSXQWRqVRVWLWXLWRGDOSXQWR3DUWH,FRQLUHODWLYL$OOHJDWLHGHOSUHVHQWHGHFUHWR$WDOH
SXQWRHGDWDOLDOOHJDWLVLIDUjULIHULPHQWRSHUTXDOVLDVLULFKLDPRGHOO¶81,(19DSURSULHWjGHJOLDFFLDLGD
DUPDWXUD
6LSUHFLVDFKHJOLDFFLDL)HE.NNNVRQRFODVVLILFDELOLFRPHDFFLDLFRQYHQ]LRQDOPHQWHGHILQLWL
GDOO¶81,(19GL³DOWDGXWWLOLWj´+PHQWUHLILOLWUDILODWLOHUHWLHGLWUDOLFFLVRQRFODVVLILFDELOLFRPHDFFLDLGL
³GXWWLOLWjQRUPDOH´1
$FFLDLSHUSUHFRPSUHVVLRQH
/¶LQWHURSXQWRqVRVWLWXLWRGDOSXQWR3DUWH,FRQLOUHODWLYR$OOHJDWRGHOSUHVHQWHGHFUHWR
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
'LVSRVLWLYLGLSUHFRPSUHVVLRQH
,OFRQWHQXWRGLTXHVWRSXQWRqLQGLFDWLYR2SHUDWLYDPHQWHVLULQYLDDOOD6H]LRQH,,SXQWR
&RSULIHUUR
$OSDUDJUDIRLOSULPRYDORUHLQFDVHOODWRPP qVRVWLWXLWRFRQLOYDORUHPP
,O3URVSHWWRqVRVWLWXLWRGDOVHJXHQWH
3URVSHWWR
5LFRSULPHQWLPLQLPLGHOOHDUPDWXUHULFKLHVWLSHU
FDOFHVWUX]]LGLPDVVDYROXPLFDQRUPDOH
FRSULIHUUR
PLQLPR
PP
EDUUHGL
DUPDWXUD
DFFLDLR
GDSUHF
D
&ODVVHGLHVSRVL]LRQHGHILQLWDQHO3URVSHWWR
E
D
E
DE
F
6LUDPPHQWDGLWHQHUSUHVHQWLOHQRWHULSRUWDWHQHO3URVSHWWRHULFKLDPDWHQHO3URVSHWWRVRSUD
ULSRUWDWR
6LULFRUGDLQROWUHFKHLOSXQWR3SUHVFULYHFKH³LOFRSULIHUURGHYHHVVHUHDXPHQWDWRSHUWHQHUFRQWRGHOOD
WROOHUDQ]DGLXQDTXDQWLWj' KFKHGLSHQGHGDOWLSRHGDOODGLPHQVLRQHGHOO¶HOHPHQWRVWUXWWXUDOHGDOWLSRGLFRVWUX]LRQH
GDOOLYHOORGLSUHSDUD]LRQHSURIHVVLRQDOHLQFDQWLHUHHGLFRQWUROORGLTXDOLWjHGDOODGLVSRVL]LRQHGHOOHDUPDWXUH,O
ULVXOWDWRRWWHQXWRUDSSUHVHQWDLOFRSULIHUURQRPLQDOHULFKLHVWRFKHGHYHHVVHUHVSHFLILFDWRVXLGLVHJQL´
=RQHGLDQFRUDJJLRGLHOHPHQWLSUHWHVL
,O3URVSHWWRqVRVWLWXLWRGDOVHJXHQWH
3URVSHWWR
)DWWRUHEE GDFRQVLGHUDUHSHUODOXQJKH]]DGLWUDVPLVVLRQHGLWUHIROLHILOL
>OLVFLRLPSURQWDWL@LQUHOD]LRQHDOODUHVLVWHQ]DGHOFDOFHVWUX]]R
DOPRPHQWRGHOWUDVIHULPHQWR
5HVLVWHQ]DUHDOHGHOFDOFHVWUX]]RDOWUDVIHULPHQWR
1PP
7UHIROLHILOLOLVFLRLPSURQWDWL
EE
)LOLQHUYDWL
,ILOLOLVFLQHOOHVWUXWWXUHSUHFRPSUHVVHDGDUPDWXUHSUHWHVHVRQRHVFOXVL
(OHPHQWLFKHQRQULFKLHGRQRDUPDWXUHDWDJOLR9VGd 95G
,OSURVSHWWRqFRPSOHWDWRFRQLYDORULGLW5GFRUULVSRQGHQWLDJF FRQO¶DJJLXQWDGLXQDVHFRQGDULJDGLYDORUL
IFN
JF JF 3URVSHWWR
9DORULGLW5G1PPFRQJF HHSHUGLYHUVHUHVLVWHQ]HGHOFDOFHVWUX]]R
0HWRGRGHOO¶LQFOLQD]LRQHYDULDELOHGHOWUDOLFFLR
$OSDUDJUDIRODSULPDOLPLWD]LRQHSHUT qVRVWLWXLWDGDOODVHJXHQWH
HODVHFRQGDGDOODVHJXHQWH
d FRWT d
d FRWT d
7RUVLRQHSXUD
$OSDUDJUDIRODOLPLWD]LRQH>@SHUT qVRVWLWXLWDGDOODVHJXHQWH
d FRWT d
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
$UHDFDULFDWD
$OSDUDJUDIRFDSRYHUVRDWHU]RULJRLOYDORUHLQFDVHOODWRG qVRVWLWXLWRFRQLOYDORUHG
67$7,/,0,7(8/7,0,,1'277,'$'()250$=,21('(//$67587785$ ,167$%,/,7¬
6LVHJQDODFKHO¶HVWHQVLRQHGHOODWUDWWD]LRQHGHLSUREOHPLGHOVHFRQGRRUGLQHDXQJUDQQXPHURGLFDVLSDUWLFRODUL
FRPSRUWDDOFXQHLQFRPSOHWH]]HQHOODGHILQL]LRQHGHLOLPLWLGLYDOLGLWjGLWDOXQLPHWRGLVHPSOLILFDWL0HQWUHTXLQGLLO
WHVWRqGDFRQVLGHUDUVLYDOLGRSHUTXDQWRDWWLHQHDLSULQFLSLJHQHUDOLHDOOHDSSOLFD]LRQLFRUUHQWLVLUDFFRPDQGDFDXWHOD
SDUWLFRODUHQHOO¶DSSOLFD]LRQHGHLSXQWL>IRUPXOD@
QRQFKpQHOO¶XVRGHOODIRUPXODFRQVQHOOH]]HPLQRULGL
&RQVLGHUD]LRQLGLEDVH
/¶LQWHURSXQWRqVRVWLWXLWRGDOVHJXHQWHWHVWR
37HQVLRQLGLFRPSUHVVLRQHHOHYDWHQHOFDOFHVWUX]]RLQSUHVHQ]DGLFDULFKLGLHVHUFL]LRSRVVRQRIDYRULUHOD
IRUPD]LRQHGLIHVVXUHORQJLWXGLQDOLHGHWHUPLQDUHRPLFURIHVVXUD]LRQLQHOFDOFHVWUX]]RROLYHOOLGLYLVFRVLWjPDJJLRULGL
TXHOOLSUHYLVWL(OHYDWHWHQVLRQLQHOO¶DFFLDLRSRVVRQRFRQGXUUHDIHVVXUHDPSLHHSHUPDQHQWHPHQWHDSHUWH7DOLIHQRPHQL
SRVVRQRULGXUUHODGXUDELOLWjGHOOHRSHUH
,YDORULGHOOHWHQVLRQLGHOFDOFHVWUX]]RHGHOO¶DFFLDLRGDFRQIURQWDUHFRQLFRUULVSRQGHQWLYDORULOLPLWHGHEERQR
WHQHUFRQWRVHGHOFDVRGHJOLVWDWLFRDWWLYL
/LPLWLLPSRVWLDOOHWHQVLRQLQRUPDOLGLFRPSUHVVLRQHQHOOHVWUXWWXUHLQFD
D 3HUOHVWUXWWXUHRSDUWLGLVWUXWWXUHHVSRVWHDGDPELHQWHGLFXLDOOHFODVVLHGHO3URVSHWWRGHYRQRHVVHUH
ULVSHWWDWLLVHJXHQWLOLPLWLSHUOHWHQVLRQLGLFRPSUHVVLRQHQHOFDOFHVWUX]]R
FRPELQD]LRQHGLFDULFRUDUDIFN
FRPELQD]LRQHGLFDULFRTXDVLSHUPDQHQWHIFN
3DUWLFRODUHDWWHQ]LRQHQHOODOLPLWD]LRQHGHOOHWHQVLRQLLQHVHUFL]LRYDULYROWDTXDQGRVLULFRQRVFDO¶HVLVWHQ]DGLXQD
SDUWLFRODUHLQFHUWH]]DGHOPRGHOORVWUXWWXUDOHDGRWWDWRHRTXDQGRVXVVLVWDXQDVLJQLILFDWLYDDOWHUQDQ]DGHOOH
VROOHFLWD]LRQLLQHVHUFL]LRQHOODVWHVVDVH]LRQHDQFKHVHOHVWUXWWXUHVRQRULIHULWHDOOHFODVVLRGHO3URVSHWWR
'HOSDULSDUWLFRODUHDWWHQ]LRQHVLGHYHSRUUHQHOODOLPLWD]LRQHGHOOHWHQVLRQLLQHVHUFL]LRSHUVROOHFLWD]LRQHD
SUHVVRIOHVVLRQHFRQSUHYDOHQ]DGLVIRU]RQRUPDOHSHUODFRQVHJXHQWHOLPLWDWDGXWWLOLWj
E 3HUOHVWUXWWXUHRSDUWLGLVWUXWWXUHHVSRVWHDGDPELHQWHGLFXLDOOHFODVVLHGHO3URVSHWWRGHYRQRHVVHUH
ULVSHWWDWLLVHJXHQWLOLPLWLSHUOHWHQVLRQLGLFRPSUHVVLRQHQHOFDOFHVWUX]]R
WHQVLRQLGLFRPSUHVVLRQH
FRPELQD]LRQHGLFDULFRUDUDIFN
FRPELQD]LRQHGLFDULFRTXDVLSHUPDQHQWHIFN
/LPLWLLPSRVWLDOOHWHQVLRQLQRUPDOLGLFRPSUHVVLRQHQHOOHVWUXWWXUHLQFDS
3HUOHVWUXWWXUHLQFDSGHEERQRHVVHUHULVSHWWDWLLVHJXHQWLOLPLWLSHUOHWHQVLRQLGLFRPSUHVVLRQHQHOFDOFHVWUX]]R
DOO¶DWWRGHOODSUHFRPSUHVVLRQHIFNMGRYHIFNMqLOYDORUHFDUDWWHULVWLFRGHOODUHVLVWHQ]DDFRPSUHVVLRQH
FLOLQGULFDGHOFDOFHVWUX]]RDOO¶DWWRGHOODSUHFRPSUHVVLRQH
LQVHUYL]LR
D SHUOHVWUXWWXUHRSDUWLGLVWUXWWXUHHVSRVWHDGDPELHQWHGLFXLDOOHFODVVLHGHO3URVSHWWR
SHUFRPELQD]LRQHGLFDULFRUDUDIFN
SHUFRPELQD]LRQHGLFDULFRTXDVLSHUPDQHQWHIFN
E SHUOHVWUXWWXUHRSDUWLGLVWUXWWXUHHVSRVWHDGDPELHQWHGLFXLDOOHFODVVLHGHO3URVSHWWR
SHUFRPELQD]LRQHGLFDULFRUDUDIFN
SHUFRPELQD]LRQHGLFDULFRTXDVLSHUPDQHQWHIFN
9DOJRQRLQROWUHJOLVWHVVLDYYHUWLPHQWLFRQWHQXWLQHOSUHFHGHQWHSXQWR
/LPLWLSHUOHWHQVLRQLGLWUD]LRQHQHOO¶DFFLDLR
D SHUOHDUPDWXUHRUGLQDULHODPDVVLPDWHQVLRQHGLWUD]LRQHVRWWRODFRPELQD]LRQHGLFDULFKLUDUDQRQGHYH
VXSHUDUHI\N
E SHUOHDUPDWXUHGLSUHFRPSUHVVLRQHWHQHQGRFRQWRRYHRFFRUUDGHJOLVWDWLFRDWWLYLQRQVLGHYRQRVXSHUDUHL
VHJXHQWLOLPLWL
DOO¶DWWRGHOODSUHFRPSUHVVLRQHYDOJRQRLOLPLWLGLFXLDOSXQWRGHOOD3DUWH,GHOSUHVHQWHGHFUHWR
DSHUGLWHDYYHQXWHSHUFRPELQD]LRQLUDUHISNWHQHQGRFRQWRDQFKHGHOO¶LQFUHPHQWRGLWHQVLRQHGRYXWRDL
FDULFKL
0HWRGLSHUODYHULILFDGHOOHWHQVLRQL
/¶LQWHURSXQWRqVRVWLWXLWRGDOVHJXHQWHWHVWR
31HOODYHULILFDGHOOHWHQVLRQLq QHFHVVDULRFRQVLGHUDUHVHGHOFDVRROWUHDJOLHIIHWWLGHLFDULFKLDQFKHTXHOOLGHOOH
YDULD]LRQLWHUPLFKHGHOODYLVFRVLWjGHOULWLURHGHOOHGHIRUPD]LRQLLPSRVWHDYHQWLDOWUHRULJLQL
KWWSZZZLQJHJQHULDVRIWFRP
'0*HQQDLR3DUWH,&HPHQWR±DUPDWRPHWRGRVWDWLOLPLWH
/HWHQVLRQLGHEERQRHVVHUHYHULILFDWHDGRWWDQGROHSURSULHWjJHRPHWULFKHGHOODVH]LRQHFRUULVSRQGHQWHDOOD
FRQGL]LRQHQRQIHVVXUDWDRSSXUHDTXHOODFRPSOHWDPHQWHIHVVXUDWDDVHFRQGDGHLFDVL
,QJHQHUDOHGHYHGLUHJRODHVVHUHDVVXQWRORVWDWRIHVVXUDWRVHODPDVVLPDWHQVLRQHGLWUD]LRQHQHOFDOFHVWUX]]R
FDOFRODWDLQVH]LRQHQRQIHVVXUDWDVRWWRODFRPELQD]LRQHGLFDULFRUDUDVXSHUDIFWPYHGHUH3URVSHWWR
4XDQGRVLDGRWWDXQDVH]LRQHQRQIHVVXUDWDVLFRQVLGHUDDWWLYDO¶LQWHUDVH]LRQHGLFDOFHVWUX]]RHVLFRQVLGHUDQR
LQFDPSRHODVWLFRVLDDWUD]LRQHFKHDFRPSUHVVLRQHLOFDOFHVWUX]]RHO¶DFFLDLR
4XDQGRVLDGRWWDODVH]LRQHIHVVXUDWDLOFDOFHVWUX]]RSXzHVVHUHFRQVLGHUDWRHODVWLFRLQFRPSUHVVLRQHPD
LQFDSDFHGLVRVWHQHUHDOFXQDWUD]LRQHQHOFDOFRORGHOOHWHQVLRQLVHFRQGROHSUHVHQWLUHJROHQRQYDGLQRUPDWHQXWRFRQWR
QHOOHYHULILFKHORFDOLGHOO¶HIIHWWRLUULJLGHQWHGHOFDOFHVWUX]]RWHVRGRSRIHVVXUD]LRQH
,QYLDVHPSOLILFDWLYDVLSXzDVVXPHUHLOFRPSRUWDPHQWRHODVWLFROLQHDUHHSHUOHDUPDWXUHLOFRHIILFLHQWHGL
RPRJHQHL]]D]LRQHFRQLOYDORUHFRQYHQ]LRQDOHQ $UHHPLQLPHGLDUPDWXUD
$OSDUDJUDIRQHOODGHILQL]LRQHGLFXLDOODIRUPXOD>@LOYDORUHLQFDVHOODWR qVRVWLWXLWRFRQLOYDORUH
7HQVLRQHXOWLPDGLDGHUHQ]D
,O3URVSHWWRqVRVWLWXLWRGDOVHJXHQWH
IFN
%DUUHOLVFH
%DUUHDGPLJOFRQ
‡dPP
UHWLHOHWWURVDOGDWHGLILOL
QHUYDWL
3URVSHWWR
9DORULGLFDOFRORGLIEG 1PPSHUFRQGL]LRQLGLEXRQDDGHUHQ]D
TXHVWLYDORULWHQJRQRFRQWRGLXQIDWWRUHJF SDULD
0DVVLPDHPLQLPDSHUFHQWXDOHGLDUPDWXUD
$OSDUDJUDIRLOYDORUHLQFDVHOODWRq$F VRVWLWXLWRFRQLOYDORUH$F
*HQHUDOLWj
$OSDUDJUDIRLOSULPRYDORUHLQFDVHOODWRK d PP qVRVWLWXLWRFRQLOYDORUHK d PPHGLOVHFRQGR
YDORUHLQFDVHOODWRK d PP qVRVWLWXLWRFRQLOYDORUHK d PP
7ROOHUDQ]HULJXDUGDQWLODVLFXUH]]DVWUXWWXUDOH
/DIRUPXOD>@qVRVWLWXLWDGDOODVHJXHQWH
SHUO PP'O rPP
&RQWUROOLGLFRQIRUPLWj
3HUTXDQWRFRQFHUQHLUHTXLVLWLGHLPDWHULDOLFRVWLWXHQWLLOFDOFHVWUX]]RHLFRQWUROOLVXOFRQJORPHUDWRYDOJRQRJOL
$OOHJDWLHGHOSUHVHQWHGHFUHWR
KWWSZZZLQJHJQHULDVRIWFRP