3LVWROHGLVRI¿DJJLR 3LVWROHGLVRI¿DJJLRHUJRQRPLFKH HGDOOHDOWHSUHVWD]LRQL 3LVWROHGLVRI¿DJJLR /HSLVWROH&(-16HULHRIIURQRXQQXRYROLYHOORGL SUHVWD]LRQLLQWHUPLQLGLIXQ]LRQDPHQWRHIDFLOLWj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qFRQIRUPHDLUHTXLVLWLVXOODVLFXUH]]D 26+$ OK 3LVWRODGLVRIILDJJLR 6(5,( (OHYDWDIRU]DGLVRIILDJJLR 5HJROD]LRQLGLIOXVVRLQILQLWH &RPDQGLFRPRGLHGHUJRQRPLFL /DSLVWRODGLVRIILDJJLR&(-1VHULHKDXQSDFFKHWWRYDOYRODFKHOD UHQGHLGRQHDDOO¶XWLOL]]RVLDGLDULDFKHGLIOXLGLQRQHVSORVLYL/DVHULHH¶ GLVSRQLELOHLQSLPRGHOOLFRPSUHVHOHSLVWROHVWDQGDUGFRQIOXVVROLEHUR ³6WDU7LS´FRQVLOHQ]LDWRUHHXQDYHUVLRQHGLVLFXUH]]DFRQUHJROD]LRQH GHOODSUHVVLRQHLQXVFLWD6RQRGLVSRQLELOLQXPHURVLWXELHSXQWHSHUVRG GLVIDUHVSHFLILFKHDSSOLFD]LRQL 3HUVSHFLILFKHDSSOLFD]LRQLFRQLIOXLGLFRQVXOWDLOWXRGLVWULEXWRUH&(-1 4XHVWDVHULHLQFOXGHSURGRWWLGLVLFXUH]]D 3HULQIRUPD]LRQLVXDOWULSURGRWWLGLVLFXUH]]DYHGHUHSDJLQH 'DWLWHFQLFL 3HVR 0DWHULDOH 0DWHULDOHJXDUQL]LRQH 7HPSHUDWXUDGLXWLOL]]R OPLQ&)0 EDU36, EDU36, )LOHWWDWXUDIHPPLQDGD´ )OXVVRG¶DULD 3UHVVLRQHPD[GLHVHUFL]LR 3UHVVLRQHPLQGLVFRSSLR $WWDFFKL JR] 320VWUXWWXUDRWWRQHYDOYRODWXER 1%5JRPPDQLWULOH &&)) 3 , 6 72 / ( 6 2 ) ) , $ * * , 2 3LVWRODVRIILDJJLR FRQWXERGDPP 3LVWRODVRIILDJJLRFRQWXERGD PP6WDU7LS OK 3LVWRODVRIILDJJLR FRQUHJRODWRUH K O 3LVWRODVRIILDJJLREDVH SHUXVRFRQWXELGL SUROXQJDPHQWR OK (VSRVLWRUHGDSLVWROH $UWLFROR 208 208 208 208 7XER 5DFFRUGR )OXVVRG¶DULD 7XERILVVR * OPLQ&)0 7XERILVVR 137 OPLQ&)0 7XERULPRYLELOH * OPLQ&)0 7XERULPRYLELOH 137 OPLQ&)0 7XERILVVR * OPLQ&)0 7XERILVVR 137 OPLQ&)0 7XERULPRYLELOH * OPLQ&)0 7XERULPRYLELOH 137 OPLQ&)0 /LYHOORGLUXPRURVLWjFRQSUHVVLRQHGLLQJUHVVRGLEDU36,G%$ 7XERULPRYLELOH * OPLQ&)0 7XERULPRYLELOH 137 OPLQ&)0 3UHVVLRQHGLXVFLWDPDVVLPDFRQSXQWDRVWUXLWDEDU36, * 137 3UHVVPD[GLHVHUFL]LR EDU36, EDU36, EDU36, EDU36, EDU36, EDU36, EDU36, EDU36, EDU36, EDU36, 7XERILVVR * OPLQ&)0 EDU36, 7XERILVVR * OPLQ&)0 EDU36, %OLVWHUSLVWROD /DSRUWDWDGHOIOXVVRqPLVXUDWDFRQSUHVVLRQHGLLQJUHVVRDEDU36,HFRQFDGXWDGLSUHVVLRQHDEDU36,,UDFFRUGLILOHWWDWLVRQRLQFRQIRUPLWjDOOHQRUPH,62VWDQGDUGSHUXOWHULRUL LQIRUPD]LRQLYHGHUHSDJLQD3HUGLVSRQLELOLWjHSUH]]LULYROJHUVLDXQGLVWULEXWRUH&(-1DXWRUL]]DWR 3LVWROHGLVRI¿DJJLR 9HUVLRQHFRQWXERVWDQGDUGGDPP $FFHVVRUL 5,029,%,/, $&&(6625, 8JHOORFRQSXQWDOHGLJRPPD 6LLQVHULVFHGLUHWWDPHQWHQHOWXER'DXWLOL]]DUHFRQVXSHUILFLGHOL FDWH$GDWWRSHUODSUHVVXUL]]D]LRQHDGHVHPSLRSHUOHSHUGLWHROD SURYDGHOFLOLQGUR*OLXJHOOLVRQRGLVSRQLELOLLQWUHGLPHQVLRQLVLQJROL RLQVHW 8JHOORFRQSXQWDOHGLJRPPD 6LLQVHULVFHGLUHWWDPHQWHQHOODILOHWWDWXUDGHOODSLVWROD'DXWLOL]]DUH TXDQGRORVSD]LRqOLPLWDWRHVRQRQHFHVVDULXQSXQWDOHHXQDFKLX VXUDGHLIRULSLHIILFDFH 7XER9HQWXUL 6LLQVHULVFHGLUHWWDPHQWHQHOWXER$VSLUDO DULDGHOO DPELHQWHSHU FUHDUHXQIOXVVRPROWRHOHYDWR&RQVHQWHGLDXPHQWDUHLOIOXVVR GHOO DULDGHO$GDWWRSHUGHYLDUHLIUDPPHQWLGLOHJQROHJJHUL HGHYLDUHO DULDLQFDVRGLSXQWDRVWUXLWDULGXFHQGRODSUHVVLRQHGL XVFLWDDXQOLYHOORLQIHULRUHDEDU36, PP PP PP 6HWGDSH]]L $UWLFROR 3LVWROHGLVRI¿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zHVVHUHSRVL]LRQDWRLQ TXDOVLDVLSRVL]LRQHVXOWXER%RFFROHLQQLWULOHSHUXQ IDFLOHPRQWDJJLR'LDPHWURVFKHUPRWUDVSDUHQWH PP´ 3HUGLVSRQLELOLWjHSUH]]LULYROJHUVLDXQGLVWULEXWRUH&(-1DXWRUL]]DWR OK 7XWWLLSURGRWWLFRQWUDVVHJQDWLFRQLOVLPEROR³2.´VRQRFRQIRUPLDOOHQRUPD WLYH26+$67'LQFDVRGLSXQWDRVWUXLWDODSUHVVLRQHVWDWLFDQHO O XVFLWDSULQFLSDOHQRQGHYHVXSHUDUH36,>EDU@ 7XWWLLSURGRWWLFRQWUDVVHJQDWLFRQLOVLPERORGHOO RUHFFKLRKDQQRXQOLYHOOR GLUXPRURVLWjLQIHULRUHDG%$HVRGGLVIDQRODGLUHWWLYD8(VXOOHPDFFKL QHUHODWLYDDOODULGX]LRQHGHOUXPRUH $&&(6625, $UWLFROR 6LOHQ]LDWRUH 6LLQVHULVFHGLUHWWDPHQWHQHOWXER&RQVHQWHGLULGXUUHLO UXPRUHLQPRGRHIILFDFHTXDQGRODULGX]LRQHGHOVXRQRqXQ UHTXLVLWRIRQGDPHQWDOH/LYHOORGLUXPRURVLWjG%$ 8JHOORVLOHQ]LDWRUH 6LLQVHULVFHGLUHWWDPHQWHQHOODILOHWWDWXUDGHOODSLVWROD 'DXWLOL]]DUHTXDQGRORVSD]LRqOLPLWDWR 5HJRODWRUHWXERPP 6LLQVHULVFHGLUHWWDPHQWHQHOODILOHWWDWXUDGHOODSLVWROD &RQVHQWHGLULGXUUHODSUHVVLRQHGLXVFLWDDXQOLYHOORVLFXUR QHOFDVRGLEORFFRQHOWXERRGLSXQWDRVWUXLWD OK 7XER6WDU7LSPP´PP´PP´ 6LLQVHULVFHGLUHWWDPHQWHQHOODILOHWWDWXUDGHOFRUSRSLVWROD ,OWXERGDPP´qSLHJDWRSHURIIULUHXQ¶HUJRQRPLD RWWLPDOHGXUDQWHO¶XWLOL]]RPHQWUHLWXELGLSUROXQJDPHQWR GDPP´´RIIURQRXQSLIDFLOHDFFHVVR DOOHDUHHGLIILFLOLGDUDJJLXQJHUH/DSDUWLFRODULWjGHOOD FDUDWWHULVWLFD6WDU7LSFRQVLVWHQHOULGXUUHLOOLYHOORGL UXPRURVLWjHGHYLDUHLOIOXVVRLQFDVRGLSXQWDRVWUXLWDLQ FRQIRUPLWjDOODQRUPDWLYD26+$ )OXVVRDULD PP´±OPLQ&)0 PP´´±OPLQ&)0 7XELPP´PP´PP´ 6LLQVHULVFHGLUHWWDPHQWHQHOODILOHWWDWXUDGHOFRUSRSLVWROD ,OWXERGDPP´qSLHJDWRSHURIIULUHXQ¶HUJRQRPLDRWWLPDOH GXUDQWHO¶XWLOL]]RPHQWUHLWXELGLSUROXQJDPHQWRGD PP´´RIIURQRXQSLIDFLOHDFFHVVRDOOHDUHHGLIILFLOLGD UDJJLXQJHUH )OXVVRDULD PP´±OPLQ&)0 PP´´±OPLQ&)0 7XERGLSUROXQJDPHQWRIOHVVLELOHPP 6LLQVHULVFHGLUHWWDPHQWHQHOODILOHWWDWXUDGHOODSLVWROD3Xz HVVHUHSLHJDWRHUHJRODWRLQEDVHDOOHDWWLYLWjVSHFLILFKHLQ DUHHGLIILFLOLGDUDJJLXQJHUH7XERLQUDPHULFRSHUWRGDPP ´ .LWQHEXOL]]DWRUH $FFHVVRULR QHEXOL]]DWRUH PP PP PP 3LVWROHGLVRI¿DJJLR OK OK PP PP PP )OXVVRG¶DULDOPLQ&)0 1HEXOL]]DWRUH 6LLQVHULVFHGLUHWWDPHQWHQHOWXERGHOODSLVWROD /¶XJHOORqSURJHWWDWRSHUFUHDUHXQDQHEELD SDUWLFRODUPHQWHGHQVD,OIOXVVRGLIOXLGRHGL PLVFHODIOXLGRDULDSXzHVVHUHIDFLOPHQWHUHJRODWR 'LVSRQLELOHFRPHHOHPHQWRDFFHVVRULRRFRPHNLW FRQSLVWRODLQFOXVD&DSDFLWjVHUEDWRLRO JO8. OK