EULFRFHQWHULW
2IIHUWHYDOLGHGDODOVHWWHPEUH
,SUH]]LVRQRFRPSUHQVLYLGL,9$9DOLGLGDODOVHWWHPEUH6DOYRHVDXULPHQWRVFRUWH)DWWDFRPXQLFD]LRQHDOFRPXQH
*OLVFRQWLQRQVRQRFXPXODELOLFRQDOWUHSURPR]LRQLVFRQWLHRWHVVHUHVFRQWR
75$)$5((6,67(0$5(
62/8=,21,3(57877,,*867,
€
$UPDGLR
DGDWWRSHUHVWHUQR
HSHUDPELHQWLXPLGL
‡PLV[[+FP
‡FRORUHJULJLRFKLDUR
‡LQSROLSURSLOHQH5HI
/RFDOLGLVHUYL]LR
DSURYDGLGLVRUGLQH
GDSDJ
7XWWRDSRVWRLQEDJQR
HODYDQGHULD
GDSDJ
2UJDQL]]DODFDVD
HULQQRYDJOLDPELHQWL
GDSDJ
7XWWLJOLXWHQVLOL
QHFHVVDULSHULWXRLODYRUL
GDSDJ
8QJLDUGLQRSURQWR
SHUO·DXWXQQR
GDSDJ
%ULFRODJH'HFRUD]LRQHFDVD$UUHGREDJQR*LDUGLQR
EULFRFHQWHULW
%DOFRQHHULSRVWLJOLRVLVWHPDUHFRQSUDWLFLWj
€
FP
‡FRQULQIRU]R
‡SRUWDWDNJDULSLDQR
FRQFDULFRXQLIRUPHPHQWH
GLVWULEXLWR5HI
FP
6FDIIDOHULSLDQL
LQPHWDOORDEXOORQL
FP
FP
€
FP
6FDIIDOHULSLDQLLQPHWDOOR
DLQFDVWUR
FP
]LQFDWRQRQDUUXJJLQLVFH
DGDWWRSHUDPELHQWLXPLGL
‡SRUWDWDNJDULSLDQRFRQFDULFR
XQLIRUPHPHQWHGLVWULEXLWR
5HI
€ € 6XSSRUWRSHU
ELFLFOHWWD
*DQFLRELFLFOHWWD
‡LQDFFLDLR]LQFDWR
HULYHVWLWR5HI
‡LQDFFLDLR]LQFDWR
HULYHVWLWR5HI
€
VFRQWR
DQ]LFKp€
5LSLDQRPHODPLQLFR
‡PLV[[PP‡FRORUHELDQFR
‡ERUGDWRVXLODWLOXQJKL5HI
DSDUWLUHGD
€ €
*DQFLXQLYHUVDOL
‡PP‡LQDFFLDLR]LQFDWR
HULYHVWLWR5HI
VFRQWR
DQ]LFKp€
&DQWLQHWWDFRPSRQLELOH
HPRGXODELOHSRVWL
‡LQOHJQRJUH]]R5HI
€ 3DUDFROSLGDJDUDJH
SHUODSURWH]LRQH
GHOOHSRUWLHUH
5HI
€ € $SSHQGLVFRSH
5HJJLPHQVRODWURSLFDOL]]DWD
FRQULQIRU]RFP
5HI
5HI
€
VFRQWR
DQ]LFKp€
&DVVDSDQFDLQSYF
FP
DGDWWDSHUHVWHUQR
HSHUDPELHQWLXPLGL
5HI
FP
FP
FP
FP
FP
€
€
$SSOLTXH³0DULQD´
$UPDGLRULSLDQL
FP
DGDWWRSHUHVWHUQR
HSHUDPELHQWLXPLGL
‡FRORUHJULJLRFKLDUR‡LQSROLSURSLOHQH
5HI
‡:‡DWWDFFR(
‡FODVVHGLSURWH]LRQH,3
‡FRORUHEUXQLWR5HI
FP
FP
*5(6,67(17($/)5(''2ƒ
€
*6,0217$6(1=$$775(==,
DGDWWRSHUHVWHUQR
HSHUDPELHQWLXPLGL
‡FRORUHJULJLRFKLDUR
‡LQSROLSURSLOHQH5HI
FP
€ $UPDGLRULSLDQR
FP
FP
7HORUHWLQDWRDQWLVWUDSSR
DGDWWRSHUSURWHJJHUHLOEXFDWR
HTXDOVLDVLFRVDSUHVHQWH
VXOEDOFRQH
‡PLV[FP‡LQSYF
‡FRQFRUGDGLULQIRU]RVXLERUGL
5HI
*3(55$&&2/7$',))(5(1=,$7$
€
6FDIIDOHULSLDQL
DGDWWRSHUDPELHQWLXPLGL
‡FRORUHQHUR
‡LQSROLSURSLOHQH
‡SRUWDWDNJDULSLDQR
FRQFDULFRXQLIRUPHPHQWH
GLVWULEXLWR5HI
FP
€
FP
FP
€ € € /DPSDGLQDFUHSXVFRODUH
DULVSDUPLRHQHUJHWLFR:
DWWDFFR(
6DFFKHWWL
SDWWXPLHUDOW
%DFLQHOODRYDOH
FRQPDQLFLULFKLXGLELOL
5HI
5HI
5HI
6HWSDWWXPLHUHOW
5HI
2UJDQL]]DRJQLDQJRORGHOODFDVD
*6,$**$1&,$$//$3257$
VFRQWR
€
€
DQ]LFKp€
6FDUSLHUDGDSRUWD
DGDWWDSHUSDLDGLVFDUSH
‡QRQQHFHVVLWDGLIRUDWXUD5HI
VFRQWR
FP
DQ]LFKp€
FP
FP
FP
FP
FP
6FDUSLHUDULEDOWH³6OLP´
DGDWWDSHUSDLDGLVFDUSH
‡FRORUHELDQFR5HI
FP
*,03,/$%,/,
FP
*,03,/$%,/,
FP
FP
FP
FP
FDG
€
VFRQWR
DQ]LFKp€
&RQWHQLWRUH³6FDUSDER[´
6FDUSLHUDPRGXODUH
³+DUPRQ\´
5HI
DGDWWDSHUSDLDGLVFDUSH
‡FRORUHWRUWRUD5HI
FP
€
FP
VFRQWR
'LVSRQLELOHDQFKHQHOFRORUHDUDQFLR
5HI
6FDUSLHUDDVSHFFKLR
FP
DGDWWDSHUSDLDGLVFDUSH
‡FRORUHELDQFR5HI
FP
€ VFRQWR
€ DQ]LFKp€
&XVWRGLDVRWWROHWWR
SRUWDVFDUSH
&RQWHQLWRUH³6FDUSDER[´
SHUVWLYDOL
DGDWWD¿QRDSDLDGLVFDUSH
‡WUDVSDUHQWH‡FRORULDVVRUWLWL5HI
€ DQ]LFKp€
FP
FP
‡WUDVSDUHQWH‡FRORULDVVRUWLWL
FP
€ FP
5HI
€ € FP
€ 3URIXPDWRUH
SHUVFDUSH
7HQGLWRUHSODVWLFDSHU
PDQWHQHUHODIRUPD
6FDWRODSHUVFDUSH
[[+FP
SRUWDVFDUSHGDYLDJJLR
LQSROLHVWHUH
5HI
5HI
5HI
5HI
FP
FP
€
FP
FP
FP
FP
&RQWHQLWRUH³%LJUROOER[´
OW
€ ‡WUDVSDUHQWH‡PXOWLXVR‡FRQFKLXVXUD
DFOLSHURWHOOH5HI
&RQWHQLWRUH³5ROOER[´OW
‡WUDVSDUHQWH‡PXOWLXVR‡FRQFKLXVXUDDFOLSHURWHOOH5HI
€ DSDUWLUHGD
3ODIRQLHUDWRQGD
‡:‡DWWDFFR(
€ &RQWHQLWRUL³%L%R[´
FP
5HI
€ ‡YDULFRORUL‡PLVXUD;6[[+FP
‡FRQFKLXVXUDDFOLS5HI
'LVSRQLELOHDQFKHPLVXUD6[[+FP
5HI€ FP
FP
6FDWRODGLFDUWRQHOW
5HI
FP
FP
€
3RUWDVRI¿HWWR
³5LR´
FP
‡FRORUHFLOLHJLR‡LQSYF
‡FRPSOHWDGLNLW¿VVDJJLR
FP
VFRQWR
€
DQ]LFKp€
‡LQDOOXPLQLR‡SRUWDWDNJ
‡FDVVHWWL5HI
FP
6JDEHOORJUDGLQL
&DVVHWWLHUD³%DPE´
€ FP
€
5HI
5HI
€ 1DVWURLPEDOODJJLR
³$YDQD´
%RELQDSOXULEDOO
[PW
5HI
5HI
€ %RELQD¿OPHVWHQVLELOH
[PW
5HI
,QXQEDJQRVLVWHPDWRVLYLYHPHJOLR
*&5,67$//27(03(5$72
6(5,*5$)$7200
€
€
VFRQWR
&HVWRGRFFLD
DQ]LFKp€
%R[GRFFLD
UHWWDQJRODUH³3ULPD´
‡WHODLRLQDOOXPLQLRELDQFR
‡DSHUWXUDVFRUUHYROHUHYHUVLELOH
‡VFRUULPHQWRVXUXRWHLQWHÀRQ
‡FKLXVXUDPDJQHWLFD
LGHDOHGDDSSHQGHUHDOODSDUHWHGRFFLD
‡¿QLWXUDFURPDWD5HI
'LVSRQLELOHDQFKHFRQJDQFLRVLQJROR
LGHDOHGDDSSHQGHUHDOVRI¿RQHGRFFLD
5HI€ FP
5HI
'LVSRQLELOHDQFKHDQJRODUH
HVWHQVLELOHFP
5HI
FP
FP
€ FP
DQ]LFKp€
VFRQWR€ P
F
7DSSHWR³*HRPDJ´
LGHDOHSHUHYLWDUHGLVFLYRODUHLQGRFFLD
‡UHDOL]]DWRFRQPDWHULDOLDWRVVLFL‡FRQYHQWRVH
DQWLVFLYROR‡JDUDQ]LDDQQL5HI
*&$3$&,7¬/7
*
'LVSRQLELOHDQFKHPLV[FPSHUODYDVFD
5HI
€
FP
VFRQWR
DQ]LFKp€
6FDOGDPELHQWH
HSRUWDVDOYLHWWH
³'LEDG´
‡PLV[+FP
‡UHVDWHUPLFD:
‡LQDFFLDLR
‡LQWHUDVVHFP
‡VXSSRUWLLQFOXVL
‡JDUDQ]LDDQQLVXOOD
WHQXWDLGUDXOLFD
‡0DGHLQ,WDO\
5HI
€ FP
FP
€
VFRQWR
DSDUWLUHGD
DQ]LFKp€
€ 6FDOGDEDJQRHOHWWULFR
6XSHUOX[
‡:‡WHUPRVWDWRODPSDGDVSLD
‡SHVRNJ‡0DGHLQ,WDO\
5HI
€ 7DSSHWLQREDJQRRYDOH
‡LQFRWRQH‡PLV[FP5HI
'LVSRQLELOHDQFKHFRORUHJULJLR
5HI€ € 'HWHUJHQWH
DQWLPXIIDPO
3XOLWRUH
ER[GRFFLDPO
*HOZFGLVLQFURVWDQWH
VXSHUSRWHQWHPO
5HI
5HI
5HI
*/$03$'$,1&/86$
€
€
VFRQWR
DQ]LFKp€
VFRQWR
6SHFFKLR³5LÀHVVR´
‡PLV[FP‡UHYHUVLELOH
FRQODPSDGDTXDGUD*
‡DSSOLFDELOHVLDLQSRVL]LRQH
YHUWLFDOHFKHRUL]]RQWDOH
5HI
0RELOHEDJQR
‡LQOHJQRODFFDWR
‡FRPSRVWRGD
DQWHODYDERLQFHUDPLFD
VSHFFKLRFRQLOOXPLQD]LRQH
DORJHQDHYDQRFRQWHQLWRUH
‡FRQSLHGL
5HI
VFRQWR
DQ]LFKp€
€ $FFHVVRULEDJQR
GDPXUR³%HVWORFN´
*/$35(6(1=$'(,3,(',1,
)$&,/,7$/$38/,=,$
'(/3$9,0(172
FRQ¿VVDJJLRDYHQWRVD
LGHDOHSHUSLULSRVL]LRQDPHQWL
‡DGDWWRSHUVXSHU¿FLOLVFH
‡LQDFFLDLRFURPDWR5HI
$OWULHVHPSL
€ 6HGLOHZF
LGHDOHSHUWXWWLLZF
GLIRUPDXQLYHUVDOH
‡LQOHJQRODFFDWRELDQFR
‡FHUQLHUHFURPDWH5HI
€
0LVFHODWRUHODYDER
³*HQRYD´
/·,'($,13,Ö
‡LQRWWRQH‡¿QLWXUDFURPDWD
‡SLOHWWDHDWWDFFKLLQFOXVL
5HI
3DWWXPLHUD
EDJQRFRQSHGDOH
‡¿QLWXUDFURPDWD
5HI
€ FP
FP
&HVWHOOR5HI
DQ]LFKp€VFRQWR€ $QHOORSRUWDVFLXJDPDQR5HI
DQ]LFKp€VFRQWR€ € FP
DSSHQGLQL
DQ]LFKp€
3ULPDGLVLVWHPDUHGDLXQDPDQRGLELDQFR
/¶LGURSLWWXUD)UHVKVXSHUWUDVSLUDQWHqLGHDOHSHULOEDJQR
DGHOHYDWDFRSHUWXUDqSURQWDDOO¶XVRHIDFLOHGDXVDUH
QRQJRFFLRODHLJLHQL]]DOHSDUHWL
GHOEDJQR1HOIRUPDWRVHQ]D
VSUHFKLJLXVWROLWULVRORODTXDQWLWj
FKHVHUYHSHUGLSLQJHUHLOORFDOH
UHVDPTFLUFDSHUPDQR
€
3LDQWDQD
SRUWDDVFLXJDPDQL
‡LQDFFLDLRFURPDWR5HI
€
VFRQWR
DQ]LFKp€
,GURSLWWXUDELDQFD³)UHVK´OW
‡SUH]]RDOOWVFRQWDWR€ 5HI
€ € VDFFKHWWLSHUEDJQR
[FP
'LVLQFURVWDQWHVXSHUSRWHQWH
EDJQRPO
.LWDVVRUELXPLGLWj
³$PELDQFH´FRQWDE
5HI
5HI
5HI
3LHI¿FLHQWHODODYDQGHULDSLSUDWLFDODFXFLQD
€
6WHQGLDVFLXJD
³%DORRQ´
LGHDOHSHUXQDUDSLGD
DVFLXJDWXUD
‡SRWHQ]D:‡,3
‡GLDPHWUR[+FP
‡WLPHUPLQ
‡SHVRNJ5HI
€ 6WHQGLELDQFKHULD³5LR´
LGHDOHSHUVWHQGHUHXQFDULFR
ODYDWULFHGDNJ
‡LQDFFLDLRYHUQLFLDWR‡PWGLVWHQGLWXUD
‡LQFOXVRXQSRUWDPROOHWWH5HI
€
€
/LQHD0RELOL³6XSHU´
3HQVLOH
‡PLV[[FP‡DQWD5HI
DQ]LFKp€VFRQWR€ %DVH
‡PLV[[FP‡DQWD
FDVVHWWR5HI
DQ]LFKp€VFRQWR€ 3HQVLOH
‡PLV[[FP‡DQWH5HI
DQ]LFKp€VFRQWR€ %DVH
‡PLV[[FP‡DQWHFDVVHWWL
5HI
DQ]LFKp€VFRQWR€ %DVHFRSULFRORQQD
‡PLV[[FP5HI
DQ]LFKp€VFRQWR€ &RORQQD
‡PLV[[FP‡DQWH
FDVVHWWR5HI
DQ]LFKp€VFRQWR€ FP
*/$&2/211$Ê),66$7$6881$
%$6(*,5(92/(&+(&216(17(',
87,/,==$5(,//$72',&8,6,+$%,62*12
‡IURQWDOL¿QLWXUDODFFDWRELDQFROXFLGR
‡VDQLWDULHVFOXVL
FP
€
VFRQWR
DQ]LFKp€
&RORQQDEDJQR
PXOWLIXQ]LRQDOH
‡LQOHJQRODFFDWR
‡FRPSRVWDGD
XQODWRFRQYDQL
FRQWHQLWRUL
XQODWRVSHFFKLR
D¿JXUDLQWHUD
XQODWREDUUD
SRUWDVFLXJDPDQL
XQODWRJDQFL
DSSHQGLDELWL
FP
5HI
FP
3RUWDELDQFKHULD³$PEURJLR´
‡PLV[FP
‡DOWH]]DUHJRODELOH
‡FRQSRUWDIHUUR
DQ]LFKp€
PLQLPDSURIRQGLWjLGHDOHSHUVSD]LULGRWWL
‡LQSODVWLFD‡GLVSRQLELOHQHLFRORULEOXEHLJH
HELDQFR‡FRQEDVHWUDVSLUDQWH
IDFLOHGDSXOLUH5HI
$VVHVWLUR
³3ULPR´
VFRQWR
FP
FP
5HI
€ &DYHWWRRWWRQH
LGHDOHSHUVWHQGHUHDOO¶DSHUWR
‡LQSYF‡GLDPHWURPP‡PW
5HI
€ € $FTXDGHPLQHUDOL]]DWDOW
5LFDPELRWHORVWLUR³(DV\¿W´
[FP
5HI
5HI
*Ê3266,%,/(81,5(/(%$55(3(5
)250$5(81¶81,&$%$55$'$&0&,5&$
€ VFRQWR
DQ]LFKp€
6HWEDUUDSDUHWH
‡FRPSRVWRGDEDUUHGDFP‡SH]]LWUDJDQFL
HVXSSRUWL‡LQPHWDOORVDWLQDWR5HI
€ *(67(16,%,/('$$&0
VFRQWR
€
%DUUDHVWHQVLELOH
VDWLQDWD
SRUWDVWUR¿QDFFL
DQ]LFKp€
/DYHOORLQDFFLDLRDGLQFDVWUR
‡PLV[FP‡YDVFDVJRFFLRODWRLRG[RV[
5HI
DGDWWDSHUDQWHQRQQHFHVVLWD
GLIRUDWXUD
‡PLV[[FP
5HI
€
VFRQWR
DQ]LFKp€
DQ]LFKp€
&DSSD³75'´
‡FRORUHELDQFR‡LOOXPLQD]LRQH:
‡GLDPHWURWXERDULDFP5HI
0LVFHODWRUHSHUODYHOOR
³0LUDJH´
‡LQRWWRQHFURPDWR‡PRQRIRUR
‡ERFFDDOWD‡NLWGL¿VVDJJLR
HÀHVVLELOLLQFOXVL5HI
VFRQWR
€
€
*87,/,==$%,/($1&+(
&20(/$03$'$3257$7,/(
/DPSDGDVRWWRSHQVLOHOHG
DGDWWDSHULQVWDOOD]LRQHFRPHVRWWR
SHQVLOHLQDUPDGLHFXFLQHRDPXUR
‡PLV[FP‡LQWHUUXWWRUHDV¿RUR
‡FRQWHOHFRPDQGR‡LQVWDOOD]LRQHFRQYLWLRFRQ
ELDGHVLYRLQFOXVL‡DOLPHQWD]LRQHODPSDGDSLOH
VWLOR$$HVFOXVH5HI
€ €
VFRQWR
DQ]LFKp€
DQ]LFKp€
&DUUHOOR³6LHQD´
3DWWXPLHUDWULSOD
DQ]LFKp€
5HI
DGDWWDSHUODUDFFROWD
GLIIHUHQ]LDWD
‡PLV/[3[+FP
‡FRQVFRPSDUWLGD
HOW5HI
6HGLDSLHJKHYROH
‡PLV[[+FP
‡LQDFFLDLRFRQVHGXWDLQSYF
FP
€ VFRQWR
VFRQWR
FP
5HI
€ € FP
€ 5RWRORDQWLVFLYROR
‡PLV[FP
3RUWDSRVDWH
LQPHWDOORVDWLQDWR
FRQWHQLWRULIULJR
TXDGUDWL
5HI
5HI
5HI
4XDQWRVSD]LRLQXQDUPDGLRRUJDQL]]DWR
€ VFRQWR
DQ]LFKp€
&RSULDELWRGDYLDJJLR
‡WUDQVOXFLGR‡PLV[+FP
5HI
'LVSRQLELOHDQFKHPLV[FP
5HI
DQ]LFKp€VFRQWR€ €
VFRQWR
DQ]LFKp€
6WHQGHUSRUWDDELWL
‡FRQUXRWHHJULJOLD
‡DOWH]]DUHJRODELOH
FP
5HI
FP
€
FP
6HUYRPXWR
SLHJKHYROH
/DVROX]LRQHLGHDOHSHUFRQVHUYDUHLQPRGRLQWHOOLJHQWHHVLFXUR
FRSHUWHSXzFRQWHQHUHSLXPRQLPDWULPRQLDOLFXVFLQL
ELDQFKHULDLQGXPHQWLLQJHQHUDOHULGXFHQGRORVSD]LRGHO
3URWHJJHGDXPLGLWjSROYHUHDFDULHVLVYXRWDFRQTXDOVLDVL
DVSLUDYROYHUH
€
‡LQDOOXPLQLRHOHJQR
5HI
VFRQWR
DQ]LFKp€
%RUVDFRQVDFFR
VRWWRYXRWRFRQYDOYROD
OW
‡PLV[[+FPGDFKLXVR
‡FXVWRGLDHVWHUQDLQWQW
‡VDFFRVDOYDVSD]LRLQFRUSRUDWR
‡YDOYRODXQLYHUVDOH5HI
DSDUWLUHGD
€ &RQWHQLWRULFDVVHWWR³6LVWHPR/LQH´
LGHDOHSHUWHQHUHLQRUGLQHFDO]HFLQWXUH
HDFFHVVRUL
5HI
€ 6DFFRVRWWRYXRWR
‡VLSXzDWWDFFDUHDOO¶DVSLUDSROYHUHSHUWRJOLHUH
O¶DULD5HI
€ &RQIH]LRQHEXVWHWUDVSDUHQWL
SHUFDSSRWWR[FP
5HI
€ 6HWEXVWHSHUFDPLFLH
5HI
'LVSRQLELOHDQFKHEXVWH5HI
*0217$**,26(03/,&(
5,&+,8',%,/(,1&$62',12187,/,==2
€
VFRQWR
DQ]LFKp€
0LV/[3[+FP
VFRQWR
€ DQ]LFKp€
$UPDGLR
‡LQWQWWUDVSLUDQWH
‡FRQFKLXVXUDODPSRHDVWD
DSSHQGLDELWL‡IRUQLWRLQXQD
FRPRGDYDOLJHWWD‡VWDELOHJUD]LH
DOODUREXVWDVWUXWWXUDLQPHWDOOR
&RQWHQLWRUH³/LJKW'UDZHU´
LGHDOHSHUULSRUUHDFFHVVRULFG
RJJHWWLVWLFDLQGXPHQWLYDUL
‡FRPSRQLELOL
5HI
FP
0LV/[3[+FP5HI
0LV/[3[+FP5HI
DQ]LFKp€VFRQWR€ 0LV/[3[+FP5HI
DQ]LFKp€VFRQWR€ 0LV/[3[+FP5HI
DQ]LFKp€VFRQWR€ FP
FP
VFRQWR
€ DQ]LFKp€
€ 6FDWRODLQSYF
‡DXWRPRQWDQWH
‡IDQWDVLHDVVRUWLWH
VFRQWR
DQ]LFKp€
FP
FP
FP
5HI
FP
6HWVFDWROH
LQFDUWRQH
‡DXWRPRQWDQWL5HI
FP
FP
/HVWULVFHDOHGVRQRODVROX]LRQHLGHDOH3UDWLFKH
IDFLOLGDLQVWDOODUHHDEDVVRFRQVXPRSRVVRQRHVVHUH
DSSOLFDWHRYXQTXHDQFKHQHJOLDQJROLSLGLI¿FLOL
VHFRQGROHSURSULHHVLJHQ]H
FP
/·,'($,13,Ö
9XRLGDUHOXFHDLWXRLVSD]LFRQVWLOHHIDQWDVLD"
FP
FP
€
€
.LWVWULVFLDOHGPW
‡ELDQFR‡:5HI
€ 6HWJUXFFHLQOHJQR
5HI
€ 6HWJUXFFH
LQSODVWLFD
5HI
DQ]LFKp€
&RQWHQLWRUHVRWWROHWWR
‡WUDVSDUHQWH5HI
€ 6HWEXVWHSURIXPDWH
SHUFDVVHWWR
5HI
VFRQWR
,QRJQLORFDOHODOXFHFKHVHUYH
€
VFRQWR
DQ]LFKp€
6RVSHQVLRQH³3LQWR´OXFH
‡GRSSLRYHWUR‡:‡DWWDFFR(
‡FRORUHELDQFRHFURPR
5HI
6RVSHQVLRQHOXFL5HI
DQ]LFKp€VFRQWR€ €
3LDQWDQDDORJHQD
‡PD[:‡DWWDFFR(
‡GLVSRQLELOHQHLFRORULQHUR
HVLOYHU‡ODPSDGLQDLQFOXVD
5HI
€
VFRQWR
DQ]LFKp€
%DUUDIDUHWWL³/LNR´
‡:‡DWWDFFR*8‡LQQLFKHOVDWLQDWR
‡ODPSDGLQHLQFOXVH5HI
3ODIRQLHUDHDSSOLTXH³'XQD´
³'
'
´
‡FRORUHELDQFR‡PD[:‡DWWDFFR(
‡GLDPHWURFP5HI
3ODIRQLHUDGLVSRQLELOHDQFKHD]]XUUDYHUGHHWDEDFFR
5HI
VFRQWR
€ FDG
€
€
DQ]LFKp€
IDUHWWLGDLQFDVVR
/DQWHUQD
DQWLEODFNRXW
SRUWDWLOH
‡GLDPHWURFP‡:‡DWWDFFR*8
‡RULHQWDELOH‡FURPR‡ODPSDGLQHLQFOXVH
5HI
‡ULFDULFDELOHD9‡OHG
‡PLV[[FP
5HI
€
€
€ /DPSDGDVWXGLR³.RNNROD´
/DPSDGDVWXGLR³*XOX´
‡:‡DWWDFFR(‡FRORULDUDQFLRYLROD
YHUGHHELDQFR5HI
‡:‡DWWDFFR(‡YDULFRORUL5HI
/DPSDGDVWXGLR³*DR´
DOHGFRQSLQ]D
DGDWWDSHUHVVHUHDWWDFFDWD
DGLYHUVLVXSSRUWL
‡:‡PHWDOOR‡YDULFRORUL
‡ODPSDGLQDLQWHJUDWD5HI
€ /DPSDGLQDJRFFLD
DORJHQD:DWWDFFR(
5HI
€ € € /DPSDGLQDJORER
DULVSDUPLRHQHUJHWLFR7ULVODPSDGLQHDULVSDUPLR SLOH)DPLO\3DFN
HQHUJHWLFR:DWWDFFR
:DWWDFFR(
(QHUJL]HU³&ODVVLF´
(
‡OXFHFDOGDRIUHGGD
‡VWLOR$$5HI
5HI
‡OXFHFDOGDRIUHGGD5HI
'LVSRQLELOHDQFKHPLQLVWLOR$$$5HI
€
4XLF¶qVSD]LRSHUSHQVDUH
VFRQWR
DQ]LFKp€
6FULYDQLDSRUWD3&
LGHDOHSHU3&¿VVL
‡LQPHWDOORYHUQLFLDWR
FRQULSLDQRLQFULVWDOOR
FP
VFRQWR
€
5HI
DQ]LFKp€
/LEUHULDUHJRODELOH
LQPHWDOOROXFLGR
ULSLDQL
FP
FP
‡PLV/[3[+FP
5HI
'LVSRQLELOHULSLDQL
PLV[[+FP5HI
DQ]LFKp€VFRQWR€ VFRQWR
€
DQ]LFKp€
€ 6HGLDXI¿FLR
VFRQWR
DQ]LFKp€
‡PLV[[+FP
‡VHGXWDLQSYF‡FURPDWD
&RQWHQLWRUH³0LQL4%R[´
5HI
'LVSRQLELOHFRQWHQLWRUL4%R[SHUFDVVHWWR
PLV[[+FP5HI
DQ]LFKp€VFRQWR€ /LEUHULDFRPSRQLELOH³'LQDPLF´LQOHJQRJUH]]R
‡IDQWDVLHDVVRUWLWH5HI
*3,120$66,&&,2
FXEL
‡PLV[[FP5HI
DQ]LFKp€VFRQWR€ FXEL
‡PLV[[FP5HI
DQ]LFKp€VFRQWR€ FXEL
‡PLV[[FP5HI
DQ]LFKp€VFRQWR€ &XERVLQJROR
‡PLV[[FP
5HIDQ]LFKp€
VFRQWR€ &XERFDVVHWWL
‡PLV[[FP
5HI
DQ]LFKp€
VFRQWR€ € &XERFDVVHWWL
&XERDQWD
‡PLV[[FP
'LVSRQLELOLFHVWLSHUOLEUHULD³'LQDPLF´
5HI
DQ]LFKp€
VFRQWR€ 5HI
DQ]LFKp€
VFRQWR€ DQ]LFKp€VFRQWR€ ‡PLV[[FP
€ ‡GLVSRQLELOHQHLFRORULJULJLRELDQFRURVVRYHUGH
D]]XUURHOLOOD5HI
€ $GDWWDWRUHSUHVHFRQ
LQWHUUXWWRUHHVSLQDURWDQWH
0XOWLSUHVDSUHVH
5HI
‡SLFFROD$HJUDQGH$
*XDLQDUDFFRJOLFDYR
QHUDGLDPHWURPP
PW
5HI
5HI
8QWRFFRGLFRORUHQRQJXDVWD
€ &XVFLQR
‡PLV[FP
‡FRORULDVVRUWLWL
5HI
€
VFRQWR
DQ]LFKp€
.LWULORJD
‡HVWHQVLELOHGDDFP
‡GLDPHWURPP
‡¿QDOLDSRPRORFURPDWRRFLOLQGURVDWLQDWR
5HI
'LVSRQLELOHDQFKHSRPRORVPXVVDWR
5HI
DQ]LFKp€VFRQWR€ € 3RUWDDELWRSRVWL
DGDWWRSHUUHWURSRUWD
‡FRORUHURYHUH5HI
'LVSRQLELOHDQFKHQHLFRORULELDQFR
HZHQJp5HI
€
VFRQWR
DQ]LFKp€
€
6HWPHQVROHFXER
DQ]LFKp€
3LDQWDQDSRUWDDELWL
‡PLV[FP
5HI
VFRQWR
$OFXQLHVHPSL
‡PHWDOORQHUR‡+FP
‡EDVHLQPDUPRGLDPHWURFP
5HI
$YRULR
5RVVR
$UDQFLR
*LDOOR
*ULJLR
€
5RVD
9LROD
3LWWXUDGHFRUDWLYDFRORUDWDOW
DGDWWDSHUFDPHUHHVRJJLRUQL
‡UHVDPTDOOW‡PDQRXQLFD
‡SURQWDDOO¶XVR‡HIIHWWRYHOOXWDWR
‡SUH]]RDOOW€ € 3RUWDRPEUHOOL³=HXV´
‡PLV[[FP5HI
5HI
€ 'LIIXVRUH
GLIUDJUDQ]DPO
5HI
€ &RSSLDWHQGH³6PHUDOGR´
DGDWWDSHUHVVHUHXWLOL]]DWDFRPH
VHFRQGDWHQGDLQXQDULORJDGRSSLD
‡PLV[FP‡FRORULDVVRUWLWL
5HI
€ &RUQLFH³(PLOLH´
[FP
‡FRORULDVVRUWLWL5HI
€ 3RUWDIRWR³3OH[L´[FP
‡RUL]]RQWDOHYHUWLFDOH
5HI
DSDUWLUHGD
€ 3LDQWHYHUGL
DVVRUWLWH
‡YDULGLDPHWUL5HIYDULH
€ &LFODPLQR
‡YDVRGLDPHWURFP
5HIYDULH
€ € 3LDQWD6SDWKLSK\OOXP
‡YDVRGLDPHWURFP
5HIYDULH
€ 5HI
€ LGHDOHSHUULQYDVLWUDSLDQWL
VHPLQDHWDOHDJJLR
‡DOWDTXDOLWj5HI
DQ]LFKp€
‡YDVLGLDPHWURFP5HI
DGDWWRSHUSLDQWHJUDVVHLQYDVRFP
‡GLDPHWURFP‡SLDQWLQHHVFOXVH
VFRQWR
9DVFKHWWDSLDQWHJUDVVH
€ 9DVHWWRFDODPLWDWR
7HUULFFLRXQLYHUVDOH
OW
€ VFRQWR
€
DQ]LFKp€
9DVR³6DPED´
VFRQWR
DQ]LFKp€
9DVR³6DPED´
FRQUXRWHFP
‡FRQULVHUYDG¶DFTXD‡GLVSRQLELOHTXDGUDWR
FPHURWRQGRFP5HIYDULH
‡FRQULVHUYDG¶DFTXD5HIYDULH
€ FDG
€ /XFLGDQWHIRJOLDUH
VSUD\PO
&RQFLPH³,OQXWUHJLXVWR´
SHUSLDQWHYHUGLRSLDQWH
JUDVVHPO
,QQDI¿DWRLROW
5HI
5HI
5HI
,QXQRVSD]LRDWWUH]]DWRqXQSLDFHUHPHWWHUVLDOO¶RSHUD
DQ]LFKp€
FP
€
VFRQWR
7UROOH\SRUWDWXWWRLQ
FP
‡LQDOOXPLQLR
‡YDOLJHWWDVXSHULRUH
FRQFLQJKLDSHUWUDFROOD
VHSDUDELOHGDOWUROOH\
FRQGLYLVLRQHPRGXODELOHSHUPLQXWHULD
‡SDUWHLQIHULRUHFRQSRUWDPLQXWHULD
PRGXODELOHHVWUDLELOH5HI
€ &DVVHWWDSRUWDXWHQVLOLLQSODVWLFD
5HI
€
,OPRPHQWRJLXVWRSHUULQIUHVFDUHER[HFDQWLQD
&RJOLO¶RFFDVLRQHGLSLWWXUDUHJDUDJHHFDQWLQD
FRQO¶LGURSLWWXUDWUDVSLUDQWHqVHPSOLFHHYHORFH
HULQQRYDLQXQDWWLPRLORFDOLUHVDPT
FKHWHQGRQRPDJJLRUPHQWHDLQJULJLUH
VFRQWR
DQ]LFKp€
€ ,GURSLWWXUDWUDVSLUDQWH
ELDQFDOW
‡SUH]]RDOOW€ /DPSDGDSRUWDWLOH
GDRI¿FLQDFRQFDYRPW
‡ODPSDGLQDDWWDFFRJUDQGH(HVFOXVD
5HI
5HI
DSDUWLUHGD
€
€
6FDUSHDQWLQIRUWXQLVWLFD
PLVXUHYDULH
5HI
&RQWHQLWRUHSRUWDPLQXWHULD
DERFFDGLOXSR
‡PLV[[PP5HI
FP
5HI
€ FP
&RQWHQLWRUH³9R\DJHU´OW
€ DSDUWLUHGD
FP
/·,'($,13,Ö
€ $GDWWDWRUHVDOYDVSD]LR
SUHVH
5HI
FP
3URLHWWRUHDORJHQR
SRUWDWLOH
DGDWWRSHUJLDUGLQR
‡:‡DWWDFFR56
‡ODPSDGLQDLQFOXVD5HI
€ 3RUWDPLQXWHULD
WUDVSDUHQWH
‡FRQVFRPSDUWL5HI
FP
FP
*0217$**,2)$&,/,7$72$',1&$6752
€
VFRQWR
DQ]LFKp€
%DQFRGDODYRUR
‡LQPHWDOOR‡FRQFDVVHWWL
‡FRQSDQQHOORSRUWDXWHQVLOL
‡GRSSLRULSLDQRLQOHJQR
‡XWHQVLOLHVFOXVL
€
5HI
FP
6HWSRUWDXWHQVLOLIRUDWL
FRQEDUUDSRUWDXWHQVLOL
‡SDQQHOOL[FPFDG
‡FRPSOHWRGLJDQFL
‡XWHQVLOLHVFOXVL5HI
FP
FP
€
VFRQWR
DQ]LFKp€
6FDODGRPHVWLFD
JUDGLQL
‡LQDFFLDLR
‡DOWH]]DGLODYRURPWFLUFD
5HI
€
VFRQWR
€ DQ]LFKp€
7DYRODJLXQWDWDLQDEHWH
VFRQWR
DQ]LFKp€
&DYDOOHWWRSLQR³6XSHU´
‡PLV[FP‡VSHVVRUHFP
‡PLV+[FP5HI
5HI
*7$0%852),662(9,7$
/¶$**529,*/,$56,'(,&$9,
*&203/(7$',1(21:
€
€
‡PW‡SUHVHSLFFROD$JUDQGH$
VWDQGDUGWHGHVFR‡VH]LRQHFDYR[PP
‡VSLQDJUDQGH$‡GLVJLXQWRUH5HI
‡FRORUHJULJLR‡FODVVHGLSURWH]LRQH,3
‡WHQXWDVWDJQD5HI
DQ]LFKp€
$YYROJLFDYR
5HJOHWWHVWDJQD
€ VFRQWR
€ € 0DVFKHULQDDQWLSROYHUH
FRQIS]
*XDQWR
VFDPRVFLDWR
2FFKLDOHSURWHWWLYR
5HI
5HI
5HI
*OLXWHQVLOLJLXVWLSHULOIDLGDWH
VFRQWR
€
DQ]LFKp€
7UDSDQRDSHUFXVVLRQH
UHYHUVLELOH
³&'&5(:46´
‡:‡YHORFLWjHOHWWURQLFD
YDULDELOH‡PDQGULQRDXWRVHUUDQWH
PP‡FDSDFLWjGLIRUDWXUD
PPOHJQRPPPHWDOOR
PPPXUDWXUD‡LPSXJQDWXUD
VXSSOHPHQWDUH5HI
*%$77(5,(
€
7UDSDQRDYYLWDWRUH
‡9‡EDWWHULDGD$K
‡UHYHUVLELOH‡PDQGULQRDXWRVHUUDQWHPP
‡PD[JLULPLQ‡LQYDOLJHWWD
‡FRQLQVHUWL5HI
€
*,1&/86,%256$08/7,862
($&&(6625,0,67,3(5)25$5(
$99,7$5((0,6&(/$5(&2//((9(51,&,
/HYLJDWULFH
LGHDOHSHUOHYLJDWXUHGLSUHFLVLRQH
HVSHUVLDQHLQOHJQR
‡:5HI
*,038*1$785$
$17,9,%5$=,21(
€
€
0DUWHOORGHPROLWRUH
LGHDOHSHUIRUDUHFHPHQWRDUPDWR
HIDUHWUDFFHQHOPXUR
‡:‡DWWDFFR6'6‡SRWHQ]DFROSR
MRXOH‡YHORFLWjDYXRWRJLULPLQ
‡LPSXJQDWXUDVRIWJULS
‡IXQ]LRQLWUDSDQRWDVVHOODWRUHHGHPROLWRUH
‡PDQGULQRWUDSDQRFRQDWWDFFR6'6
‡YLEURVWRS5HI
6PHULJOLDWULFHDQJRODUH
‡:‡GLDPHWURGLVFRPP‡YHORFLWj
JLULPLQ‡LPSXJQDWXUDPRUELGD
‡GLVFRHVFOXVR5HI
€
€
6HWFDFFLDYLWL
6HWSH]]L
SHUIRUDUHHDYYLWDUH
5HI
5HI
€ 5RWRORFDUWDYHWUDWD
HJUDQH
5HI
€ /XEUL¿FDQWHVSUD\
³6YLWROVXSHU´PO
5HI
€ €
6HWFKLDYL¿VVH
‡PP‡LQDFFLDLR&595HI
€ 6YLWDYYLWD
‡FRQLQVHUWL‡FRQSLOHLQFOXVH
5HI
€ 5RWRORQHDVFLXJDWXWWR
³7HQHUHOOD´
3DVWDODYDPDQL³&\FORQ´
NJ
5HI
5HI
*&203/(7$',$&&(6625,
€
%LGRQHDVSLUDWXWWR
€
LGHDOHSHUULPXRYHUHVSRUFL]LD
JURVVRODQDGDFDQWLQHHJDUDJH
PDDQFKHULSXOLUHJOLLQWHUQL
GHOO¶DXWR
‡LQDFFLDLRLQR[‡:
‡FDSDFLWjOW
‡D]LRQHVRI¿DQWH
‡FRPSOHWRGLDFFHVVRUL
VFRQWR
5HI
DQ]LFKp€
&RPSUHVVRUHOW
DGDWWRSHUODYRULGLJRQ¿DJJLR
SLWWXUDHSLFFRODPDQXWHQ]LRQH
‡EDU‡+S‡OXEUL¿FDWRDGROLR5HI
€
*&203/(72',3,672/$
*21),$**,2.,7$*+,
*21),$**,2
8*(//262)),$**,2
78%2*200$07
7URQFDWULFHSHUOHJQR
³%7:´
LGHDOHSHUWDJOLDUHEDWWLVFRSDHOLVWHOOL
‡:‡FRQSLDQHWWR
‡GLDPHWURODPDPP‡HVWHQVLRQLODWHUDOL
UHJJLSH]]R‡DOWH]]DPDVVLPDGLWDJOLR
[PPDƒ5HI
*3257$7,/(/(**(52
€
VFRQWR
€
DQ]LFKp€
$YYLDWRUHSRUWDWLOH
³(QHUJ\´
&RPSUHVVRUHSRUWDWLOH
³+REE\%R[L´LQYDOLJHWWD
‡:‡KS‡PD[EDU‡DXWROXEUL¿FDWR
‡DULDDVSLUDWDOWPLQ‡SHVRNJ
‡FRQIRUWHYROHOHJJHURHPLQLPRLQJRPEUR
‡FRQVHUEDWRLRGDOW5HI
‡SHUDXWRYHWWXUHFRQEDWWHULDPD[$K
‡FDYRSHUSUHVDDFFHQGLVLJDUL5HI
€ VFRQWR
DQ]LFKp€
€
0RWRJHQHUDWRUH³/7´
DGDWWRSHUFDPSHJJLRHLOOXPLQD]LRQH
GLSLFFROLDPELHQWL
‡PRWRUHDWHPSL‡SRWHQ]DPD[:
‡DOLPHQWD]LRQHDPLVFHOD‡VHUEDWRLROLWUL
‡DXWRQRPLDRUH5HI
3LVWRODLQFROODWULFH³+REE\
*OXHJXQ´FRQVWLFN
GLDPHWURPP
€
LGHDOHSHUODYRULGLGHFRUD]LRQH
SLFFROHULSDUD]LRQLPRGHOOLVPR
6HWFDQQHOOR
SHUVDOGDUH.HPSHU
5HI
5HI
€ € € $ULDFRPSUHVVDVSUD\ &ROOD³9LQDYLO´
PO
JU
5HI
5HI
€ &ROODGLPRQWDJJLR
³0LOOHFKLRGL´PO
5HI
&DUWXFFLD
JDVFDPSHJJLR
5HI
3UHSDUDLOWXRJLDUGLQRDOODVWDJLRQHIUHGGD
PW
€
PW
VFRQWR
DQ]LFKp€
&DVHWWD³/LEHU´
‡LQOHJQRGLSLQR
‡VSHVVRUHPP
‡WHWWRLQDJJORPHUDWR
ULFRSHUWRFRQJXDLQDELWXPLQRVD
‡FRQSDYLPHQWR
‡GLPHQVLRQLLQWHUQH
/[3PW
‡VXSHU¿FLHLQWHUQD
FDOSHVWDELOHPT
*67587785$$
3$11(//235(0217$7$
3(581)$&,/(0217$**,2
€
‡PLV[[+FP
‡VWUXWWXUDLQDFFLDLRYHUQLFLDWR
‡WHORLQSYFWUDVSDUHQWH‡DSHUWXUD
IURQWDOHFRQFHUQLHUD5HI
P
F
7HWWRLDLQSROLFDUERQDWR
5HI
‡FRORUHQHUR5HI
5RWRORFDOGRWHOR
&DVHWWHHFXFFHSURWHWWHFRQXQDSDVVDWD
,QSUHYLVLRQHGHOO¶LQYHUQRSURWHJJLJD]HERFDVHWWH
HFXFFHLQPRGRIDFLOHHVLFXUREDVWDXQDPDQR
GLLPSUHJQDQWHGLVSRQLELOHLQYDULFRORUL
SHUJDUDQWLUHXQ¶DPSLDGLIHVDSURWH]LRQHDQQL
FRQWURDJHQWLDWPRVIHULFLIXQJKLHLQVHWWL
3HUWXWWLLVXSSRUWLHVWHUQLLQOHJQRLQRGRUH
QRQFROD$GDWWRDQFKHSHULQWHUQR
DQ]LFKp€
€ /·,'($,13,Ö
€
VFRQWR
*3(50($%,/($//$/8&(
$5,$('$&48$
‡WUDVSDUHQWH‡VXSSRUWRQHUR
&DVVHWWDSRVWDOH
€
FP
DQ]LFKp€
6HUUDULSLDQL
5HI
€ VFRQWR
LGHDOHSHUSURWHJJHUHGDOIUHGGRLQLQYHUQR
DQWLFLSDUHODVHPLQDLQSULPDYHUDHSUROXQJDUH
LOUDFFROWRLQDXWXQQR
‡[PW‡LQWQW5HI
VFRQWR
DQ]LFKp€
,PSUHJQDQWHDFTXDOW
‡UHVDPTFLUFDSHUPDQR
‡SUH]]RDOOWVFRQWDWR€ 5HI
€ &RUWHFFLDGLSLQROW
LGHDOHSHULPSHGLUHODFUHVFLWD
GHOOHPDOHUEHHSHUSURWHJJHUHOHUDGLFL
GHOOHSLDQWHGDOJHORGXUDQWHO¶LQYHUQR
FP
FP
5HIYDULH
€ 7HORRFFKLHOODWRUHWLQDWR
[PW
5HI
FP
€ =HUELQRFRFFR
‡IDQWDVLHDVVRUWLWH5HI
FP
€ =HUELQRJRPPD³*XPP\´
5HI
*&2175$&2//$('233,$,038*1$785$
,1&/862&21&(175$725('¶$5,$
€
*&203$77$
(/(**(5$3(62.*
VFRQWR
DQ]LFKp€
VFRQWR
€
DQ]LFKp€
0RWRVHJD³.0´
6RI¿DWRUHDVSLUDWRUHWULWXUDWRUH³*:46´
LGHDOHSHUODYRULGLSRWDWXUDRFFDVLRQDOL
HSHUWDJOLDUHOHJQDGDDUGHUH
‡PRWRUHFF‡SRWHQ]D.Z
‡OXQJKH]]DEDUUDFPFLUFD
‡JLULPLQ5HI
LGHDOHSHURJQLJLDUGLQR
‡:‡YHORFLWjYDULDELOH¿QRDNPK‡UDSSRUWR
GLWULWXUD]LRQH‡YROXPHGLDVSLUD]LRQHPPLQ
‡FDSDFLWjVDFFROW5HI
€
€
VFRQWR
VFRQWR
DQ]LFKp€
,GURSXOLWULFH³N´
ODYDSDYLPHQWLSHUHVWHUQR
³W´
DQ]LFKp€
6YHWWDWRLR
SURIHVVLRQDOHWHVWD
RULHQWDELOH
‡:‡EDU‡OK‡FRQVSD]]ROD
‡ODQFLDWXUER‡ODQFLDQRUPDOH5HI
‡FDYRLQWHUQR‡WDJOLRSDVVDQWH
‡PDQLFR¿VVRLQDOOXPLQLR
FP
5HI
*6$&&25$&&2*/,)2*/,(
,1&/862
€
€ VFRQWR
DQ]LFKp€
7UHVSROR
FRQFRSHUFKLR
OW
5HI
€ &RQFLPHSUDWRHJLDUGLQR
NJ
5HI
‡SRWHQ]D:‡OXQJKH]]DODPDFP
‡SDVVRPP‡ODPHDVLPPHWULFKH
GRSSLDD]LRQH‡GRSSLDLPSXJQDWXUD
‡JXDUGLDWUDVSDUHQWH‡GRSSLRLQWHUUXWWRUH
GLDYYLDPHQWR5HI
5HI
&HVRLDE\SDVV
WDJOLRPP
DQ]LFKp€
7DJOLDVLHSLHOHWWULFR³*7´
‡PDQLFRLQIDJJLR
OXQJKH]]DFP
€ 5HI
€
5DVWUHOOR
UDFFRJOLIRJOLH
VFRQWR
€ *XDQWR)OH[\SLXPD
DUHDWRPLV/H;/
5HI
3URQWLDGDFFRJOLHUHO¶LQYHUQR"
**$5$1=,$$11,
€
*UXSSR3DOD]]HWWL
FP
FP
6WXIDDSHOOHW³.OLPD´
DGDWWRSHUDPELHQWL¿QR
DPTFLUFD
‡SRWHQ]DWHUPLFDQRPLQDOH.Z
‡FRORUHURVVR‡VHUEDWRLRNJ
‡IRFRODUHLQJKLVDHPLVVLRQHGLFR
‡DFFHQVLRQLSURJUDPPDELOL
JLRUQDOPHQWH‡HFRQRPLDGHLFRQVXPL
‡ULYHVWLPHQWRLQDFFLDLRYHUQLFLDWRURVVR
‡GLDPHWURWXERGLVFDULFRIXPLFP
‡SHVRNJ5HI
FP
FP
FP
FP
€
FP
*UXSSR3DOD]]HWWL
FP
FP
6WXIDEUXFLDWXWWRDOHJQR
³(IHVWR´
(&2,1&(17,92³&21727(50,&2(1(5*,$´
/DVWXIDRIIUHODSRVVLELOLWjGLSHUFHSLUHO¶LQFHQWLYR
PDVVLPRSHUODVXDFODVVHGLSRWHQ]DEDVVHHPLVVLRQL
ZZZJVHLW
DGDWWRSHUDPELHQWL¿QRDPT
‡SRWHQ]DWHUPLFDQRPLQDOH.Z
‡FRORULURVVRHSDQQD‡IRFRODUH
LQUHIUDWWDULR‡ULYHVWLPHQWRLQJKLVD
HFHUDPLFD5HI
9$672$66257,0(172',3(//(7
(/(*1$'$$5'(5(
*&219$/92/$',6,&85(==$
FP
*&21),/75,
€
€
%LGRQHDVSLUDFHQHUH
)XQJRUDGLDQWHD*3/³6ROHDGR´
LGHDOHSHUSXOLUHVWXIHDSHOOHW
FDPLQLHEDUEHFXH
‡FDSLHQ]DOW‡:
‡IXQ]LRQHVRI¿DQWH‡IXVWRLQPHWDOOR
‡WXERLQPHWDOORULFRSHUWRLQJRPPD
HWHUPLQDOHLQPHWDOOR‡FRQVFXRWL¿OWUR
‡PRWRUHVLOHQ]LDWR5HI
€ DGDWWRSHUDPELHQWLHVWHUQL¿QRDPTFLUFD
‡SRWHQ]DWHUPLFDPD[.Z‡FRQVXPRPHGLR.JK
‡DFFHQVLRQHSLH]RHOHWWULFD
‡VWUXWWXUDLQDFFLDLRYHUQLFLDWRDSROYHULHSRVVLGLFKH
‡SHVR.J‡JUDGRGLSURWH]LRQH,3;
5HI
€ € € 6DFFRSHUSXOL]LD
FDQQHIXPDULHVWXIH
HFDOGDLHDSHOOHWNJ
3XOLVFLYHWUR
SHUVWXIH
7URQFKHWWRDQWLIXOLJJLQH
SHUSXOL]LDFDQQHIXPDULH
VWXIHHFDPLQHWWLDOHJQD
5HI
$FFHQGLIXRFRFXEHWWL
LQOHJQRHSDUDI¿QD
5HI
5HI
5HI
*87,/,==$%,/(6,$$3$5(7(&+('¶$332**,2
*&219$/92/$',6,&85(==$
€
7HUPRFRQYHWWRUH&RQYH[
&RPSDFW³7&3(´
€
DGDWWRSHUDPELHQWL¿QRDPT
‡:‡FRQWHOHFRPDQGR‡FRQWLPHU
GLVSHJQLPHQWR‡UHVLVWHQ]DFHUDPLFD
‡WHUPRVWDWRGLVLFXUH]]D5HI
VFRQWR
DQ]LFKp€
*385,),&$/¶$5,$
€
DGDWWRSHUDPELHQWL¿QRDPTFLUFD
‡SRWHQ]D.Z‡FRQVXPROWK
‡FDSDFLWjVHUEDWRLROW
‡GLVSRVLWLYRDQWLULEDOWDPHQWR5HI
7HUPREDJQRLRQL]]DQWH
DGDWWRSHUDPELHQWL¿QRDPT
LGHDOHSHULOEDJQR
‡SRWHQ]DWHUPLFD.Z‡JUDGRGLSURWH]LRQH
,3‡GLVSRQLELOHDQFKHQHLFRORULDUDQFLR
EOXHELDQFR‡LQVWDOOD]LRQHDQFKHDPXUR
FP
6WXIDDSHWUROLR
DVWRSSLQR³7RVDL´
FP
FP
*&217(50267$72
',6,&85(==$
$17,6855,6&$/'$0(172
5HI
*&21&21752//2
(/(77521,&2'(//¶80,',7¬
&21
26&,//$=,21(
€
&RPEXVWLELOH
³3HWURSXU´OW
5HI
'LVSRQLELOHDQFKHOW5HI€ €
VFRQWR
€
DQ]LFKp€
LGHDOHSHUDPELHQWLPT
FRQXQJUDGRGLXPLGLWjPHGLR
‡:‡¿OWURDQWLSROYHUHODYDELOH
‡UXRWHLQWHJUDWHSHUIDFLOLWDUHLOWUDVSRUWR
‡GHXPLGL¿FD]LRQHOWJLRUQR
‡FDSDFLWjWDQLFDOW
‡OLYHOORVRQRURG%$5HI
€ € 6WXIDDORJHQD³$/0´
'HXPLGL¿FDWRUH³'(26´
DGDWWRSHUDPELHQWL¿QRDPT
‡SRWHQ]H:‡JUDGRGL
SURWH]LRQH,3‡FRQPDQLJOLDSHUDJHYRODUH
LOWUDVSRUWR‡FRQEDVHRVFLOODQWH
‡FRQLQWHUUXWWRUHGLVLFXUH]]DDQWLFDGXWD
‡GLVSRVLWLYRGLVLFXUH]]D5HI
€ *XDUQL]LRQHDXWRDGHVLYD
SHU¿QHVWUHSUR¿OL³(3´
LQJRPPD
&RSULFDORULIHUR
¿OWUDVPRJ[FP
5HI
5HI
7LPHUPDQXDOHJLRUQDOLHUR
LGHDOHSHUSURJUDPPDUHO¶DFFHQVLRQH
HORVSHJQLPHQWRGHOODVWXIDHOHWWULFD
‡SUHVDSLFFROD$HJUDQGH$
‡VSLQDJUDQGH$5HI
€ 3DUDVSLIIHULSHU
SRUWDFRQVSD]]ROD
‡GLVSRQLELOHDQFKH
QHOFRORUHPDUURQH5HI
6HLXQHVSHUWRGLEULFRODJH
RXQSULQFLSLDQWHGHOIDLGDWH"
3LGLXQ6(59,=,2
SLGLXQD62'',6)$=,21(
6FRSULFDVDEULFREULFRFHQWHULW
7DQWH
LQIRUP
D]LRQ
L
%XRQL
7$*/,2/(*12
VFRQWR
&(1752&2/25(
8QVHUYL]LR
DPLVXUDGLLGHH
XWLOL
/DWLQWDFKHSUHIHULVFL
LQPLQXWL
,VFULYLWLDOODFRPPXQLW\
,VFULYHUVLqVHPSOLFH
HSRWUDLSDUWHFLSDUH
FRQGLYLGHUHLQIRUPD]LRQL
HFRPLQFLDUHVXELWR
DRWWHQHUHEXRQLVFRQWR
),1$1=,$0(172
&RPRGHUDWH
SHUDOOHJJHULUHODVSHVD
5(620(5&(
*XDGDJQDSXQWL
HRWWLHQLVFRQWL
2JQLD]LRQHFKHVYROJL
WLSHUPHWWHGLDFFXPXODUH
SXQWLFKHWLIDUDQQRRWWHQHUHEXRQL
VFRQWRGDVSHQGHUHLQ%ULFRFHQWHU
&RQGLYLGL
OHWXH
HVSHULHQ]H
6HFDPELLGHDRKDLDFTXLVWDWR
SURGRWWLLQSLULSRUWDFHOL
WLUHVWLWXLDPRLOGHQDUR
0HVVDJJLRSXEEOLFLWDULRFRQ¿QDOLWjSURPR]LRQDOH
$3(57,7877(/('20(1,&+(
,1(*2=,&21 +$11281$66257,0(172
6(/(=,21$72 ', 352'277,
,1(*2=,&21121*$5$17,6&212
/¶$3(5785$ '20(1,&$/(
,1(*2=,&21Ÿ1212))5212,/6(59,=,2
7$*/,2 /(*12
9(5,),&$ 68 :::%5,&2&(17(5,7
3,(0217(
$67,FR&&³,O%RUJR´7HO
&$67(//(7727,&,12126WUDGD6WDWDOH
/RFDOLWj6WUDGH7HO
&81(2FR*DOOHULD$XFKDQ&XQHR
7HO
5,92/,72IURQWH*DOOHULD$XFKDQ5LYROL
7HO
6(77,02725,1(6(72
FR&&³3DQRUDPD´7HO
725,129LD)UDQFHVFR&LJQD
7HO
9(1$5,$72FR*DOOHULD$XFKDQ9HQDULD
7HO
/20%$5',$
%5(0%$7(%*¿DQFR&&³,SHU´
7HO
&,1,6(//2%$/6$020,9LDOH%ULDQ]D
7HO
&857$721(01FR&&³4XDWWUR9HQWL´
7HO
*$'(6&23,(9('(/021$&5
7HO
4XHVWRYRODQWLQR
qVWDPSDWRVXFDUWD
FHUWL¿FDWD)6&Š
SHUXQDJHVWLRQH
UHVSRQVDELOH
GHOOHIRUHVWH
*$5%$*1$7(0,9LDƒPDJJLR
DQJROR;;6HWWHPEUH7HO
08==$',&251(*/,$12/$8'(16(/2
9LD'HO&RGRJQLQR7HO
0$1729$FR&&³/D)DYRULWD´
7HO
0$==$12%6FR*DOOHULD$XFKDQ0D]]DQR
7HO
0(5$7(/&FR*DOOHULD$XFKDQ0HUDWH
9LD%HUJDPR7HO
0,/$12
Ÿ3LD]]DOH%DQGH1HUH7HO
Ÿ 9LD)DULQLFR83,07HO
(0,/,$520$*1$
&$67(1$62%29LD9LOODQRYD
FF³&HQWUR1RYD´7HO
)(55$5$9LD9HUJD7HO
3$50$FR&&³(XUR7RUUL´7HO
5(**,2(0,/,$9LDOH5RGROIR0RUDQGLI
FR&&³/¶$ULRVWR´7HO
726&$1$
/8&&$9LD6DYRQDUROD$7HO
Ÿ
),5(1=(9LDOH7DOHQWLFR2YLHVVH
7HO
9LDOH&RUVLFD7HO
'(&2&,7<9LD:DVKLQJWRQ7HO
2/*,$7(2/21$9$9LD6DQW¶$QQD
7HO
5(6&$/',1$0,FR*DOOHULD$XFKDQ5HVFDOGLQD
7HO
521&$'(//(%6FR&&³/H5RQGLQHOOH´
7HO
9(57(0$7(&26WUDGD6WDWDOHGHL*LRYL$
7HO
9,02'521(0,&KLXVXUDWHPSRUDQHD
80%5,$
3(58*,$9LD6HWWHYDOOL7HO
7(51,9LDGHO0DJOLR7HO
9(1(72
%8662/(1*295
FR*DOOHULD$XFKDQ%XVVROHQJR7HO
3$'29$9LD9HQH]LD$7HO
9,&(1=$9LD*LQR6ROGj7HO
/$=,2
520$
)5,8/,9(1(=,$*,8/,$
08**,$766WUDGD)DUQHL=RQD5DEXLHVH
7HO
/,*85,$
Ÿ
/$63(=,$9LD99HQHWR
7HO
6$921$9LD6WDOLQJUDGR
&HQWURSROLQIXQ]LRQDOH³/HRI¿FLQH´7HO
0$5&+(
)$/&21$5$$19LD0DUFRQL
7HO
)$12389LD/(LQDXGL7HO
$6&2/,3,&(12$3
FR&&³$O%DWWHQWH´7HO
Ÿ
9LD3UDWL)LVFDOLFR83,07HO
‡9LD1LFFRGHPLFR&&³%XIDORWWD´
7HO
‡9LD3UHQHVWLQD7HO
)526,121(9LD/H/DPH
FR&&³/H6RUJHQWL´7HO
$%58==2
&,77­6$17·$1*(/23(
=RQD&HQWUR&RPPOH3HVFDUD1RUG7HO
1XRYRRUDULR
GDOXQHGuDGRPHQLFDFKLXVXUDRUH
6HJXLFLDQFKHVXIDFHERRNFRPEULFRFHQWHULWDOLD#%ULFRFHQWHUBLW
&2/211(//$7(8VFLWD$9DO9LEUDWD
FR&&³9DO9LEUDWD´7HO
/·$48,/$FR&&³$TXLORQH´7HO
&$03$1,$
0$5&,$1,6(&(FR&&³&DPSDQLD´
7HO
0(5&2*/,$12$9
9LD1D]LRQDOH7RUUHWWH7HO
Ÿ
6$/(512
9LD6/HRQDUGR7HO
38*/,$
&$9$//,12/(FR3DUFR&RPPOH
³(/HFOHUF&RQDG´7HO
685%2/(FR3DUFR&RPPOH³0RQJRO¿HUD´
,SHUFRRS7HO
7$5$172FR*DOOHULD$XFKDQ7DUDQWR
9LDSHU6DQ*LRUJLR-RQLFR7HO
6,&,/,$
0(/,//,65FR&&³%HOYHGHUH$XFKDQ´
&RQWUDGD6SDOOD7HO
0,/$==20(3DUFR³&RUROOD´
9LD)LUHQ]HVYLQFROR$7HO
0,67(5%,$1&2&7¿DQFR*DOOHULD$XFKDQ
0LVWHUELDQFR7HO
2*1,1$&7¿DQFR³6LPSO\´7HO
3$/(5029LD/D0DOID7HO
5$*86$FR&&³,EOHR´7HO
6$5'(*1$
&$*/,$5,6*,//$FR*DOOHULD$XFKDQ
6*LOOD7HO
&$*/,$5,3,55,FR*DOOHULD$XFKDQ0DUFRQL
7HO
6$66$5,FR*DOOHULD$XFKDQ3UHGGD1LHGGD
7HO
FRQWDWWDFLEULFRFHQWHULW
,SUH]]LSRVVRQRVXELUHYDULD]LRQLQHOFDVRGLHUURULWLSRJUD¿FL/HIRWRUDSSUHVHQWDQRRJJHWWLFKHSRVVRQRQRQFRUULVSRQGHUHDTXDQWRHVSRVWRLQQHJR]LR
%ULFRFHQWHU,WDOLD6UO6WUDGD3DOD]]R15R]]DQR0,3,YD
2IIHUWDGLFUHGLWR¿QDOL]]DWRYDOLGDGDODOVHWWHPEUH,PSRUWRPLQLPR¿QDQ]LDELOH€FRPHGDHVHPSLRUDSSUHVHQWDWLYR3UH]]RGHOEHQH€7DQ¿VVR7DHJ
LQUDWHGD€ROWUHOHVHJXHQWLVSHVHJLjLQFOXVHQHOFDOFRORGHO7DHJVSHVHLQFDVVRHJHVWLRQHUDWD€ SHURJQLPHQVLOLWjLPSRVWDGLEROORDGGHELWDWDVXOODSULPDUDWD
€ VSHVHSHUFRPXQLFD]LRQLSHULRGLFKHDOPHQRXQDDOO¶DQQR€ ROWUH€ SHULPSRVWDGLEROOR,PSRUWRWRWDOHGHOFUHGLWR€,PSRUWRWRWDOHGRYXWRGDO&RQVXPDWRUH
€ $O ¿QH GL JHVWLUH OH WXH VSHVH LQ PRGR UHVSRQVDELOH H GL FRQRVFHUH HYHQWXDOL DOWUH RIIHUWH GLVSRQLELOL )LQGRPHVWLF WL ULFRUGD SULPD GL VRWWRVFULYHUH LO FRQWUDWWR GL
SUHQGHUH YLVLRQH GL WXWWH OH FRQGL]LRQL HFRQRPLFKH H FRQWUDWWXDOL IDFHQGR ULIHULPHQWR DOOH ,QIRUPD]LRQL (XURSHH GL %DVH VXO &UHGLWR DL &RQVXPDWRUL ,(%&& SUHVVR LO
SXQWR YHQGLWD 6DOYR DSSURYD]LRQH GL )LQGRPHVWLF %DQFD 6S$ %5,&2&(17(5 RSHUD TXDOH LQWHUPHGLDULR GHO FUHGLWR SHU )LQGRPHVWLF %DQFD 6S$ QRQ LQ HVFOXVLYD
Scarica

colori ref