,7/$QIDQJIP HXURVHW$(% HXURVHW ,VWUX]LRQLGnXVR 7DVWLGLVHOH]LRQHUDSLGD euroset 2015 $OWRSDUODQWH 0LNURIRQR ❏ 6SLHJD]LRQHGHLWDVWLHGHLVLPEROLGHOGLVSOD\ 7DVWL " 7DVWR0HPRULD a 7DVWR6KLIW d 7DVWR$OWRSDUODQWH 4 7DVWR'XUDWDFKLDPDWD 7DVWR0HQR3LÓ 2 7DVWR5 / 7DVWR5LSHWL]LRQHVHO L l 7DVWR0XWH 7DVWR%ORFFR )XQ]LRQHVSHFLDOH 6LPEROLGHOGLVSOD\ 0 0RGRPHPRULD ^ 7DVWR6KLIWSUHPXWR T 0LFURIRQRVSHQWR P 7DVWR5SUHPXWR 6WDQGE\ K &XUVRUH 1 3DXVD ,PPLVVLRQH3,1 R 0HPRULDYXRWD RRRR 7HOHIRQREORFFDWR r J i h g j 1XPHURWHOHIRQLFR 6XWLSRGLVHOH]PXOWLIUHTXHQ]D r7DVWRSUHPXWR r7DVWRSUHPXWR $YYLVRGLFKLDPDWDDWWLYDUH ,QROWURLPPHGLDWRDWWLYDUH ,QROWURGLIIHULWRDWWLYDUH ,QROWURVXRFFXSDWRDWWLYDUH &KLDPDWDDQRQLPDDWWLYDUH ,7/$QIDQJIP HXURVHW$(% 0HVVDLQIXQ]LRQH ❏ &ROOHJDUHLOWHOHIRQRYHGLILJXUD &ROOHJDUHLOFDYRGHOPLFURWHOHIRQRHLQVHULUHLOFDYRWHOHIRQLFRQHOOnDWWDFFR ,OWHOHIRQRÂSURQWRSHUOnXVR < rr ,7/IP HXURVHW$(% +UVTW\KQPKFKUKEWTG\\C 3HUUDJLRQLGLVLFXUH]]DHSHUODWXWHODGHOODYRVWUDVDOXWHQRQXWLOL]]DUHLO WHOHIRQRLQVWDQ]HGDEDJQRRFDELQHGHOODGRFFLDDPELHQWLXPLGL,OWHOH IRQRQRQÂLPSHUPHDELOH 8QDYROWDFKHQRQYLHQHSLÓXWLOL]]DWRVPDOWLUHLOWHOHIRQRLQFRQIRUPLWºDOOH QRUPHVXOODWXWHODGHOOnDPELHQWH 6HFHGHWHOn(XURVHWDWHU]HSHUVRQHIRUQLWHDQFKHOHSUHVHQWL,VWUX]LR QLGnXVR 1OQNQIC\KQPG5'' /n(XURVHWÂRPRORJDWRQHOORVSD]LRHFRQRPLFRHXURSHR6((HIXQ ]LRQDLQWXWWLLVLVWHPLGLFRPXQLFD]LRQHFRQIRUPHPHQWHDOOHLVWUX]LRQL GnXVR 1RWD ODSUHVHQWHDSSDUHFFKLDWXUDWHUPLQDOHÂVWDWDDSSURYDWDLQFRQ IRUPLWºDOODGHFLVLRQH&(GHO&RQVLJOLRSHUODFRQQHVVLRQHSDQHX URSHDFRPHWHUPLQDOHVLQJRORDGXQDUHWHDQDORJLFD3671$FDXVDGHOOH GLIIHUHQ]HWUDOHUHWLGHLGLIIHUHQWLSDHVLOnDSSURYD]LRQHQRQJDUDQWLVFHSHUÌ GLSHUVÂ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ºPHPRUL]]DWDOnLPSRVWD]LRQHJLºSUHVHQWH /GOQTK\\CTGPWOGTKFKVGNGHQPQ ❏ 0HPRUL]]DUHQXPHULGLVHOH]LRQHUDSLGD)XQ]LRQHEORFN QRWHV 6XLGXHOLYHOOLGHLWDVWLGLVHOH]LRQHUDSLGDSRVVRQRHVVHUHFRPSOHVVLYD PHQWHPHPRUL]]DWLILQRDQXPHULGLWHOHIRQR >" K J /... / "< 6ROOHYDUHLOPLFURWHOHIRQRHSUHPHUHLOWDVWR0HPRULD SHULOOLYHOORSUHPHUHLQROWUHa 3UHPHUHLOWDVWRGLVHOH]LRQHUDSLGDQHOTXDOHYROHWH PHPRUL]]DUHLOQXPHURWHOHIRQLFR 6HYLÂJLºPHPRUL]]DWRXQQXPHURHVVRDSSDUHVXO GLVSOD\6HODPHPRULDGHOWDVWRÂYXRWDDSSDUHR ,QVHULUHLOQXPHURGDPHPRUL]]DUHPD[FLIUH RSSXUH 0HPRUL]]DUHFRQODIXQ]LRQHEORFNQRWHV 3UHPHUHLOWDVWRGL5LSHWL]LRQHGHOODVHOH]LRQHILQRD FKHVXOGLVSOD\QRQDSSDUHLOQXPHURGDPHPRUL]]DUH 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH 3UHPHQGRLOWDVWR/VLSRVVRQRLQVHULUHSDXVHGLVHOH]LRQHGLVHFRQGL QRQDOSULPRSRVWR 'RSRODYHQWHVLPDFLIUDLOQXPHURUDSSUHVHQWDWRDGLVSOD\VFRUUHGDGHVWUD DVLQLVWUD rr ,7/IP HXURVHW$(% ❏ 0HPRUL]]DUHFDQFHOODUHLOQXPHURGLFKLDPDWDGLUHWWD 6HLOWHOHIRQRÂEORFFDWRYHGLd%ORFFDUHVEORFFDUHLOWHOHIRQRoDSDJLQD SUHPHQGRXQWDVWRTXDOVLDVLDGHVFOXVLRQHGLTXHOOL"ld YLHQHVHOH]LRQDWRDXWRPDWLFDPHQWHLOQXPHURGLFKLDPDWDGLUHWWD >"l J J 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH ,QVHULUHLO3,1DOOnDFTXLVWRÂ $SSDUHLOQXPHURGLFKLDPDWDGLUHWWD 6HQRQÂDQFRUDPHPRUL]]DWRDSSDUHR ,QVHULUHLOQXPHURGLFKLDPDWDGLUHWWDPD[FLIUH RSSXUH / "< FDQFHOODUOR 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH 5GNG\KQPCTGPWOGTKFKVGNGHQPQ ❏ 6HOH]LRQDUHXQQXPHURGLWHOHIRQR > J 6ROOHYDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWRSDU ODQWHd &RPSRUUHLOQXPHURGLWHOHIRQR 'RSRODYHQWHVLPDFLIUDLOQXPHURUDSSUHVHQWDWRDGLVSOD\VFRUUHGDGHVWUDD VLQLVWUD&RQLOWDVWR/GXUDQWHODVHOH]LRQHGHOQXPHURSRVVRQRHVVHUH LQVHULWHSDXVHGLVHFRQGLGDOODVHFRQGDFLIUDLQSRL ❏ 6HOH]LRQDUHQXPHULFRQLWDVWLGLVHOH]LRQHUDSLGD > 5RVVL K 6ROOHYDUHLOPLFURWHOHIRQRRSUHPHUH$OWRSDUODQWH d 6HQHFHVVDULRSUHPHUHaSHULOOLYHOORGHOWDVWR 3UHPHUHLOWDVWRGLVHOH]LRQHUDSLGD ❏ 5LSHWL]LRQHGHOODVHOH]LRQHXQRGHJOLXOWLPLQXPHUL *OLXOWLPLFLQTXHQXPHULGLYHUVLVHOH]LRQDWLGLQRQROWUHFLIUHYHQJRQR DXWRPDWLFDPHQWHPHPRUL]]DWL > // J 6ROOHYDUHLOPLFURWHOHIRQRRSUHPHUH$OWRSDUODQWH d 3UHPHUHLOWDVWRGHOOD5LSHWL]LRQHILQRDFKHLOQUFHU FDWRQRQDSSDUHFRQODSRVL]LRQHGLPHPRULD ,QVHULUHODSRVL]LRQHGLPHPRULD 9LHQHULVHOH]LRQDWRLOQXPHURFRUULVSRQGHQWH ❏ 6HOH]LRQDUHLOQXPHURGLFKLDPDWDGLUHWWD 3UHPHVVDLOQXPHURGLFKLDPDWDGLUHWWDÂVWDWRPHPRUL]]DWRHLOWHOHIRQR ÂEORFFDWRLOGLVSOD\PRVWUDRRRR > 6ROOHYDUHLOPLFURWHOHIRQRHSUHPHUHXQWDVWR TXDOVLDVLDGHVFOXVLRQHGL"ld rr ,7/IP HXURVHW$(% 5GPVKTGGFGUUGTGUGPVKVK ❏ ,PSRVWDUHLOYROXPHGHOODVXRQHULD ,OYROXPHGHOODVXRQHULDSXÌHVVHUHLPSRVWDWRVXOLYHOOLDOOnDFTXLVWRLOYR OXPHÂLPSRVWDWRVXOOLYHOOR ,PSRVWDUHLOYROXPHFRQLOWHOHIRQRLQVWDQGE\ >" RSSXUH "< 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH /DVXRQHULDVLDWWLYDDVFRSRGLFRQWUROOR 3UHPHUHLOWDVWR3LÓRTXHOOR0HQR $GRJQLSUHVVLRQHGHOWDVWRYLHQHDXPHQWDWRRGLPL QXLWRLOYROXPH 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH ,PSRVWDUHLOYROXPHPHQWUHLOWHOHIRQRVTXLOOD 3ULPDGLVROOHYDUHLOPLFURWHOHIRQRSUHPHUHR /nLPSRVWD]LRQHHIIHWWXDWDUHVWDPHPRUL]]DWD ❏ ,PSRVWDUHODIUHTXHQ]DGHOODVXRQHULD /DIUHTXHQ]DYHORFLWºGHOODVXRQHULDSXÌHVVHUHLPSRVWDWDVXOLYHOOL DOOnDFTXLVWRÂLPSRVWDWDVXOOLYHOOR >" 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH /DVXRQHULDVLDWWLYDDVFRSRGLFRQWUROOR "< 3UHPHUHXQRGHLWDVWL IUHTXHQ]DSLÓEDVVD IUHTXHQ]DSLÓDOWD 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH ❏ ,PSRVWDUHODPHORGLDGHOODVXRQHULD 3HUODVXRQHULDSRVVRQRHVVHUHLPSRVWDWHPHORGLHGLYHUVHDOOnDFTXLVWR ÂLPSRVWDWDODPHORGLD >" "< 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH 9LHQHHPHVVDODPHORGLDLPSRVWDWDDVFRSRGLFRQ WUROOR 3UHPHUHXQRGHLWDVWR 9LHQHHPHVVDODULVSHWWLYDPHORGLDDVFRSRGLFRQ WUROOR 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH ❏ ,PSRVWDUHLOYROXPHGHOOnDOWRSDUODQWH 4XDQGROnDOWRSDUODQWHÂDFFHVVRGXUDQWHODFRQYHUVD]LRQHSRWHWHLPSRVWD UHLOYROXPHVXOLYHOOL RSSXUH 3UHPHUHLOWDVWR3LÓRTXHOOR0HQR $GRJQLSUHVVLRQHGHOWDVWRYLHQHDXPHQWDWRRGLPL QXLWRLOYROXPH rr ,7/IP HXURVHW$(% ❏ $WWLYDUHGLVDWWLYDUHOnDVFROWRDPSOLILFDWR 4XHVWDIXQ]LRQHFRQVHQWHGLGLIIRQGHUHGDOOnDOWRSDUODQWHGHOWHOHIRQRODFR PXQLFD]LRQHHSHUPHWWHUHFRVÆDSHUVRQHSUHVHQWLQHOODVWDQ]DGLVHJXLUH ODFRQYHUVD]LRQHWHOHIRQLFD d 'XUDQWHODFRQYHUVD]LRQHSUHPHUHLOWDVWR$OWRSDUODQ WH 3HUGLVDWWLYDUHOnDVFROWRDPSOLILFDWRSUHPHUHGLQXR YRLOWDVWR 4XDQGROnDOWRSDUODQWHÂDFFHVRHLOPLFURWHOHIRQRÂVJDQFLDWROnDVFROWR DPSOLILFDWRÂDWWLYR,OPLFURIRQRLQWHJUDWRSHULOYLYDYRFHÂGLVDWWLYR 4XDQGROnDOWRSDUODQWHÂDFFHVRHLOPLFURWHOHIRQRÂDJJDQFLDWRLOYLYD YRFHÂDWWLYRWUDPLWHLOPLFURIRQRLQFRUSRUDWR ❏ $WWLYDUHGLVDWWLYDUHLOYLYDYRFH ,OYRVWURWHOHIRQRYLFRQVHQWHGLVYROJHUHOHFRQYHUVD]LRQLDQFKHFRQLOPL FURWHOHIRQRDJJDQFLDWRLQYLYDYRFH/DGLVWDQ]DRWWLPDOHGDOPLFURIRQR GXUDQWHODFRQYHUVD]LRQHÂGLFLUFD FP D $WWLYDUHGXUDQWHXQDFRQYHUVD]LRQHGDOPLFURWHOHIRQR d < 5LDJJDQFLDUHLOPLFURWHOHIRQRWHQHQGRSUHPXWRLOWD VWRGHOOn$OWRSDUODQWH E $WWLYDUHSULPDGHOODVHOH]LRQHGHOQXPHUR d 3ULPDGHOODVHOH]LRQHSUHPHUHLOWDVWR$OWRSDUODQWH ,OYLYDYRFHÂDWWLYDWR 'LVDWWLYDUH > 6ROOHYDUHLOPLFURWHOHIRQRGXUDQWHODFRQYHUVD]LRQH ❏ )XQ]LRQH0XWH ,OPLFURIRQRORSRWHWHGLVDWWLYDUHLOYRVWURLQWHUORFXWRUHQRQSXÌVHQWLUYL L 'XUDQWHODFRQYHUVD]LRQHSUHPHUHLOWDVWR0XWH 3HUULDWWLYDUHLOPLFURIRQRSUHPHUHGLQXRYRLOWDVWR ❏ $WWLYDUHGLVDWWLYDUHODPXVLFDLQDWWHVD /DPXVLFDLQDWWHVDSHUODIXQ]LRQH0XWHSXÌHVVHUHDWWLYDWDHGLVDWWLYDWD > 6ROOHYDUHLOPLFURWHOHIRQR " DYYLDUHTXLQGLODIXQ]LRQH RSSXUH SHUGLVDWWLYDUHODPXVLFDLQDWWHVD SHUDWWLYDUHODPXVLFDLQDWWHVD "< 3UHPHUHTXHVWRWDVWRHULDJJDQFLDUHLOPLFURWHOHIR QR ❏ ,PSRVWDUHLOYROXPHGHOPLFURWHOHIRQR ,OYROXPHGHOPLFURWHOHIRQRSXÌHVVHUHLPSRVWDWRVXOLYHOOLDOOnDFTXLVWRÂ LPSRVWDWRLOOLYHOOR >" 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH RSSXUH 3UHPHUHLOWDVWR3LÓRTXHOOR0HQR $GRJQLSUHVVLRQHGHOWDVWRYLHQHDXPHQWDWRRGLPL QXLWRLOYROXPH "< 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH rr ,7/IP HXURVHW$(% 5KEWTG\\C$NQEEQ&WTCVCFGNNCEJKCOCVC ,OWHOHIRQRSXÌHVVHUHEORFFDWRSHUHYLWDUHOnXVRQRQDXWRUL]]DWRGDSDUWHGL WHU]HSHUVRQH3HUSRWHUXWLOL]]DUHTXHVWHIXQ]LRQLYDLQVHULWRLO3,11XPH URGL,GHQWLILFD]LRQH3HUVRQDOHFRPSRVWRGDFLIUH ❏ 0RGLILFDUHLO3,1 >"l J J J "< 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH ,QVHULUHLO3,1DFLIUHDWWXDOH DOOnDFTXLVWRLO3,1Â ,QVHULUHLOQXRYR3,1VHPSUHDFLIUH. 5LSHWHUHOnLPPLVVLRQHGHOQXRYR3,1 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH 6HGLPHQWLFDWHLO3,1FRQVXOWDWHLOULYHQGLWRUHDXWRUL]]DWR ❏ %ORFFDUHVEORFFDUHQUGLVHOH]LRQHUDSLGDFRQWUR PRGLILFKH >"l J RSSXUH "< 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH 6HQHFHVVDULRSUHPHUHaSHUEORFFDUHVEORFFDUH LOVHFRQGROLYHOORGHOWDVWRGLVHOH]LRQHUDSLGD ,QVHULUHLO3,1DOOnDFTXLVWRÂ WDVWLGLVHOH]LRQHUDSLGDQRQEORFFDWL WDVWLGLVHOH]LRQHUDSLGDEORFFDWL 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH ❏ %ORFFDUHVEORFFDUHLOWHOHIRQR 6HLOWHOHIRQRÂEORFFDWRÂSRVVLELOHVHOH]LRQHVRORLOQXPHURGLFKLDPDWD GLUHWWDYHGLd6HOH]LRQDUHLOQXPHURGLFKLDPDWDGLUHWWDoDSDJLQD >"l RSSXUH J "< 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH VEORFFDUH EORFFDUH ,QVHULUHLO3,1 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH &RQLOWHOHIRQREORFFDWRLOGLVSOD\PRVWUDRRRR 6EORFFDUHWHPSRUDQHDPHQWHLOWHOHIRQRSHUXQDFKLDPD WD >lJ J 6ROOHYDUHLOPLFURWHOHIRQRSUHPHUHLOWDVWRGL%ORFFR HLQVHULUHLO3,1 6HOH]LRQDUHLOQXPHUR 'RSRDYHUULDJJDQFLDWRLOPLFURWHOHIRQRLOWHOHIRQRÂ GLQXRYREORFFDWR rr ,7/IP HXURVHW$(% ❏ $WWLYDUHGLVDWWLYDUHODYLVXDOL]]D]LRQHGHOODGXUDWDGHOOHFKLD PDWH ,OYRVWURWHOHIRQRSXÌYLVXDOL]]DUHVXOGLVSOD\ODGXUDWDGHOOHFKLDPDWH6H ODIXQ]LRQHÂDWWLYDWDODYLVXDOL]]D]LRQHLQL]LDVHFRQGLGRSRDYHUGLJLWDWR OnXOWLPDFLIUDGHOQXPHUR > " RSSXUH "< 6ROOHYDUHLOPLFURWHOHIRQRH DYYLDUHODIXQ]LRQH GLVDWWLYDUHODYLVXDOL]]D]LRQHGHOODGXUDWD DWWLYDUHODYLVXDOL]]D]LRQHGHOODGXUDWD 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH 3UHPHQGR4GXUDQWHODFRQYHUVD]LRQHODYLVXDOL]]D]LRQHGHOODGXUDWD GHOODFKLDPDWDLQFRUVRSXÌHVVHUHULDYYLDWD 'UGTEK\KQUWUKUVGOKVGNGHQPKEKRTKXCVK ❏ 3URJUDPPDUHFDQFHOODUHLFRGLFLGLDFFHVVRDOODOLQHD HVWHUQD 6HXWLOL]]DWHLOYRVWURWHOHIRQRVXXQVLVWHPDWHOHIRQLFRSULYDWRGRYHWHSUR JUDPPDUHXQRRSLÓFRGLFLGLDFFHVVRDOODOLQHDHVWHUQD3URJUDPPDQGR GHWWRFRGLFHYLHQHDXWRPDWLFDPHQWHLQVHULWDXQDSDXVDGLVHOH]LRQHGL VHFRQGL >" 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH 6HQRQVRQRSURJUDPPDWLFRGLFLGLDFFHVVRDOODOLQHD HVWHUQDVXOGLVSOD\DSSDUHR 6HVRQRSURJUDPPDWLXQRRSLÓFRGLFLHVVLYHQJRQR UDSSUHVHQWDWLXQRDFFDQWRDOOnDOWURTXHOORFKHSXÌ HVVHUHPRGLILFDWRODPSHJJLD &RQ/VLSXÌSDVVDUHGDXQFRGLFHDOOnDOWURHPRGL ILFDUORFRPHVHJXH "< J DFDQFHOODUHXQFRGLFHGnDFFHVVRDOODOLQHDHVWHU QD SUHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH ESURJUDPPDUHXQFRGGnDFFHVVRDOODOLQHDHVWHU QD LQVHULUHXQFRGLFHFRPSRVWRGDFLIUH / J 6HYROHWHSURJUDPPDUHXQXOWHULRUHFRGLFH SUHPHUHLOWDVWRGL5LSHWL]LRQHGHOODVHOH]LRQH HLQVHULUHLOFRGLFH "< 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH ❏ ,PSRVWDUHLOWLSRGLVHOH]LRQH >" RSSXUH "< 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH PXOWLIUHTXHQ]D LPSXOVLVHQ]DIXQ]LRQHIODVK 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH rr ,7/IP HXURVHW$(% ❏ &RPPXWDUHLOWLSRGLVHOH]LRQHGXUDQWHXQFROOHJDPHQWR 6HLOYRVWURWHOHIRQRÂLPSRVWDWRVXOWLSRGLVHOH]LRQHDGLPSXOVLHYROHWH XWLOL]]DUHIXQ]LRQLSHUOHTXDOLÂQHFHVVDULRTXHOORPXOWLIUHTXHQ]DSHSHU OnDVFROWRUHPRWRGLXQDVHJUHWHULDWHOHIRQLFDGXUDQWHLOFROOHJDPHQWRSR WHWHFRPPXWDUHLOWLSRGLVHOH]LRQH J $FROOHJDPHQWRLQVWDXUDWRSUHPHUHLOWDVWRDVWHULVFR LOWLSRGLVHOH]LRQHÂFRPPXWDWR ,QVHULUHOHFLIUHSHULOFRQWUROORUHPRWRWUDVIHULPHQWR GDWL 5LDJJDQFLDQGRLOPLFURWHOHIRQRYLHQHGLQXRYRLPSRVWDWRLOWLSRGLVHOH]LR QHRULJLQDULR ❏ 7DVWR5XWLOL]]RVXVLVWHPLWHOHIRQLFLSULYDWL 'XUDQWHXQDFRQYHUVD]LRQHWHOHIRQLFDVXOODOLQHDHVWHUQDSRWHWHFKLDPDUH RYYHURFRQVXOWDUHXQDWHU]DSHUVRQDRWUDVIHULUHODFKLDPDWDSUHPHQGRLO WDVWR5&RPHFRQWLQXDUHODSURFHGXUDGLSHQGHGDOYRVWURVLVWHPDWHOHIR QLFR$OOnDFTXLVWRODIXQ]LRQHGHOWDVWR5SHUOnXWLOL]]RGHLQXRYLVHUYL]LVX VLVWHPLWHOHIRQLFLSXEEOLFLÂSUHLPSRVWDWDVXXQWHPSRGLIODVKWHPSRGL LQWHUUX]LRQHGL PV6HLOWHOHIRQRÂFROOHJDWRDGXQVLVWHPDWHOHIRQLFR SULYDWRSXÌGDUVLFKHYDGDPRGLILFDWRGHWWRWHPSRGLIODVKSHPV &RQVXOWDUHDQFKHOHLVWUX]LRQLGnXVRGHOYRVWURVLVWHPDWHOHIRQLFR ,PSRVWDUHLOWHPSRGLIODVKGHOWDVWR5 >" "< 6ROOHYDUHLOPLFURWHOHIRQRHDYYLDUHODIXQ]LRQH ,QVHULUHLOFRGLFHGHOIODVKGHVLGHUDWR PVDOOnDFTXLVWR PV PV PV PV 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH 7VKNK\\CTGHWP\KQPKRGTUGTXK\KUWRRNGOGP VCTKFGKUKUVGOKVGNGHQPKEKRWDDNKEK 6HYROHWHXVXIUXLUHGLTXHLVHUYL]LFKHSUHYHGRQROnXVRGHOWDVWR5DFFHU WDUVLFKHLOWHPSRGLIODVKLPSRVWDWRVLDTXHOORHVDWWR ❏ 7DVWR5XWLOL]]RVXVLVWHPLWHOHIRQLFLSXEEOLFL 6XLVLVWHPLWHOHIRQLFLSXEEOLFLTXHVWRWDVWRÂQHFHVVDULRSHUXWLOL]]DUHGH WHUPLQDWLVHUYL]LVXSSOHPHQWDUL 1RWD $VHFRQGDGHOSDHVHSULPDGLXWLOL]]DUHLOWDVWR5YDLPSRVWDWRLOWHPSRGL IODVKDGHJXDWRYHGLd,PSRVWDUHLOWHPSRGLIODVKGHOWDVWR5oDSDJLQD r %HOJLR2ODQGD6YL]]HUD PVFRGLFH r )UDQFLD/XVVHPEXUJR3RUWRJDOOR *HUPDQLD*UHFLD PVFRGLFH r 3DHVLHXURSHLUHVWDQWL PVFRGLFH rr ,7/IP HXURVHW$(% ❏ 8WLOL]]DUHLWDVWLGLVHOH]LRQHUDSLGDFRPH oWDVWLIXQ]LRQHo ,GLYHUVLVHUYL]LIXQ]LRQLGHLVLVWHPLWHOHIRQLFLSXEEOLFLrSHUOnXWLOL]]RGHL TXDOLSXÌGDUVLFKHVLDQHFHVVDULDXQDULFKLHVWDDSDUWHrSRVVRQRHVVHUH XWLOL]]DWLWUDPLWHGHWHUPLQDWHFRPELQD]LRQLGLWDVWLFKHSRWHWHULFKLHGHUHDO YRVWURJHVWRUHGLUHWH'HWWHFRPELQD]LRQLGLWDVWLOHSRWHWHSURJUDPPDUH VXLWDVWLGLVHOH]LRQHUDSLGDFRPHQRUPDOLQXPHULGLWHOHIRQRVHOH]LRQDUH HGLVDWWLYDUH 1RWD 6HDWWLYDWHODYLVXDOL]]D]LRQHGHLVLPEROLHSURJUDPPDWHLULFKLDPLGHOOHIXQ ]LRQLVXO OLYHOORGHLWDVWLGLVHOH]LRQHUDSLGDSRWHWHDVVRFLDUHOnDWWLYD ]LRQHHODGLVDWWLYD]LRQHGLGLYHUVLVHUYL]LWUDPLWHWDVWLIXQ]LRQHFRQODYL VXDOL]]D]LRQHRLOPDVFKHUDPHQWRGLGHWHUPLQDWLVLPEROLGHOGLVSOD\ 4XDQGRSURJUDPPDWHLWDVWLGLVHOH]LRQHUDSLGDVXOOLYHOORQRWDUHFKH H OnDWWLYD]LRQHHGLVDWWLYD]LRQHGHLVLPEROLGHOGLVSOD\ VRQRDVVRFLDWHDWDVWLEHQSUHFLVLQHOOLYHOORrLQGLSHQGHQWHPHQWH GDLQXPHULWHOHIRQLFLRULFKLDPLGLIXQ]LRQLLQHVVLSURJUDPPDWL i h g j $WWLYDUHGLVDWWLYDUHODYLVXDOL]]D]LRQHGHLVLPEROL /DYLVXDOL]]D]LRQHGHLVLPEROLSXÌHVVHUHDWWLYDWDRGLVDWWLYDWD$OOnDFTXLVWR ODYLVXDOL]]D]LRQHÂGLVDWWLYDWD > 6ROOHYDUHLOPLFURWHOHIRQRH " DYYLDUHODIXQ]LRQH RSSXUH DWWLYDUHODYLVXDOL]]D]LRQHGHLVLPEROL GLVDWWLYDUHODYLVXDOL]]D]LRQHGHLVLPEROL "< 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH i h g 7DVWR 6LPEROLGHLGLVSOD\ 7DVWR 6HFRQODYLVXDOL]]D]LRQHGHLVLPEROLDWWLYDWDSUHPHWHaHLQILQHXQRGHL VHJXHQWLWDVWLGLVHOH]LRQHUDSLGDVXOGLVSOD\YLHQHDWWLYDWRRYYHURGLVDWWL YDWRLOVLPERORGHOGLVSOD\ULVSHWWLYDPHQWHDVVHJQDWR K 'LVDWWLYDUH K 'LVDWWLYDUH K 'LVDWWLYDUH K 'LVDWWLYDUH K K K K K K 6LPEROLGHLGLVSOD\ i $WWLYDUH h $WWLYDUH g $WWLYDUH $WWLYDUH j $WWLYDUH SHU&KLDP K K K K K K 8VRFRQVLJOLDWRGHLVLPEROLHGHLWDVWLDVVHJQDWL ,QROWURLPPHGLDWR ,QROWURVXRFFXSDWR ,QROWURGLIIHULWR $YYLVRGLFKLDPDWD &KLDPDWDDQRQLPD i h j g rr ,7/IP HXURVHW$(% ❏ (VHPSLR,QROWURGLFKLDPDWD 4XLGLVHJXLWRÂGHVFULWWRXQHVHPSLRSHUOnXWLOL]]RGLWDVWLGLVHOH]LRQHUDSL GDFRPHWDVWLIXQ]LRQH6HODYLVXDOL]]D]LRQHGHLVLPEROLÂDWWLYDWD QHOOnHVHPSLR,QROWURGLFKLDPDWDTXDQGRYLHQHDWWLYDWRLOVHUYL]LRVXOGL VSOD\YLHQHYLVXDOL]]DWRLOUHODWLYRVLPERORRYYHURVSHQWRTXDQGRLOVHUYL]LR YLHQHGLVDWWLYDWR /DFRPELQD]LRQHGHLWDVWLSHUOnDWWLYD]LRQHGHOODIXQ]LRQH,QROWURLPPHGLD WRoSUHVVRLOYRVWURJHVWRUHGLUHWHÂSHFRPSRVWDGDWUHIDVL 5LFKLDPRIXQ]LRQH 'HVWLQD]LRQHGHOOnLQROWUR &RQFOIXQ]LRQH 1UGLGHVWLQD]LRQHGHOOnLQROWUR 6LKDQQROHVHJXHQWLSRVVLELOLWº GLJLWDUHRJQLYROWDWUDPLWHWDVWLHUDODFRPSOHWDFRPELQD]LRQHGLWDVWL PHPRUL]]DUHODFRPELQD]LRQHGLWDVWLVXLWDVWLGLVHOH]LRQHUDSLGD D FRPHIXQ]LRQHFRPSOHVVLYDLQVLHPHDOQXPHURGLWHOHIRQRGLXQD GHVWLQD]LRQHILVVDGHOOnLQROWUR E VRORLOULFKLDPRGHOODIXQ]LRQHHODFRQFOXVLRQH,QTXHVWRFDVRUH VWD DSHUWDODSRVVLELOLWºGLGHWHUPLQDUHGLYROWDLQYROWDODGHVWLQD]LRQH GHOOnLQROWURFKHLQTXHVWRFDVRÂYDULDELOH q 3URJUDPPDUHOnLQROWURGLFKLDPDWDVXXQWDVWRIXQ]LRQH >"a 6ROOHYDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWRSDUODQ WHdHDYYLDUHTXLQGLODIXQ]LRQH 3UHPHUHLOWDVWRGLVHOH]LRQHUDSLGDFKHSHUODYLVXDOL] ]D]LRQHGHOVLPERORÂSUHYLVWR DWWLYDUHoYHGLd$W WLYDUHGLVDWWLYDUHODYLVXDOL]]D]LRQHGHLVLPEROLoDSDJL QD 6HVXOWDVWRÂJLºPHPRUL]]DWRXQQXPHURGLWHOHIRQR YLHQHYLVXDOL]]DWRVXOGLVSOD\6HODPHPRULDGHOWDVWR GLVHOH]LRQHUDSLGDÂYXRWDDSSDUHR i K ,QVHULUHLOULFKLDPRGLIXQ]LRQHSHU,QROWURLPPHGLDWRo D'HWHUPLQDUHLOQXPHURGLWHOHIRQRGHOODGHVWLQD ]LRQHGHOOnLQROWURGLFKLDPDWD J "< ,QVHULUHLOQUGLWHOHIRQRGLGHVWLQD]LRQHGHOOnLQROWUR 3UHPHUHLOWDVWRFDQFHOOHWWRSHUVHOH]LRQDUHODFRQFOX VLRQHGHOODIXQ]LRQH 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH RSSXUH E,PSRVWDUHSHUODGHVWLQD]LRQHGnLQROWURYDULDELOH a "< 3UHPHUHLOWDVWR6KLIW 4XHVWRWDVWRIDVÆFKHTXDQGRLQXQVHFRQGRPRPHQWR YLHQHDWWLYDWROn,QROWURLPPHGLDWRLOFXUVRUHSHUOnLP PLVVLRQHGHOQXPHURGLWHOHIRQRODPSHJJLD 3UHPHUHLOWDVWRFDQFHOOHWWRSHUVHOH]LRQDUHODFRQFOX VLRQHGHOODIXQ]LRQH 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUHLOPLFUR WHOHIRQRRSUHPHUHLOWDVWR$OWRSDUODQWHd rr ,7/IP HXURVHW$(% q $WWLYDUHOnLQROWURGLFKLDPDWDFRQLOWDVWRIXQ]LRQH >a 6ROOHYDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWRSDUODQ WHdHSUHPHUHLOWDVWR6KLIW 3UHPHUHLOWDVWRGLVHOH]LRQHUDSLGDSHUYLVXDOL]]D]LRQH VLPEROL DWWLYDUHo 6XOGLVSOD\YLHQHYLVXDOL]]DWR K i i D ,OQXPHURGHOODGHVWLQD]LRQHGHOOnLQROWURÂGHILQLWR 3XÌGDUVLFKHXQDQQXQFLRYLFRPXQLFKLFKHLOVHUYL]LR ÂDWWLYDWR < $JJDQFLDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWRSDU ODQWHd 'DTXHVWRPRPHQWRLQSRLOHFKLDPDWHHQWUDQWLYHQJR QRLQROWUDWHYHUVRODGHVWLQD]LRQHSURJUDPPDWDLO YRVWURWHOHIRQRQRQVTXLOOD E 'HVWLQD]LRQHYDULDELOH J / < ,QVHULUHLOQXPHURGLGHVWLQD]LRQHGHOOnLQROWUR 3UHPHUHLOWDVWRGL5LSHWL]LRQHGHOODVHOH]LRQHSHUVHOH ]LRQDUHODFRQFOXVLRQHGHOQXPHURGLWHOHIRQRLQVHULWR 3XÌGDUVLFKHXQDQQXQFLRYLFRPXQLFKLFKHLOVHUYL]LR ÂDWWLYDWR 5LDJJDQFLDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWR SDUODQWHd 'DTXHVWRPRPHQWRLQSRLOHFKLDPDWHHQWUDQWLYHQJR QRLQROWUDWHYHUVRODGHVWLQD]LRQHSURJUDPPDWDLO YRVWURWHOHIRQRQRQVTXLOOD rr ,7/IP HXURVHW$(% q 0HPRUL]]DUHVXXQWDVWRIXQ]LRQHo'LVDWWLYDUHOnLQROWURGLFKLDPDWDo /nLQROWURGLFKLDPDWDFRPHUDSSUHVHQWDWRQHOOnHVHPSLRSUHFHGHQWHSUHVVR LOYRVWURJHVWRUHGLUHWHORSRWHWHSHGLVDWWLYDUHFRQODFRPELQD]LRQHGLWD VWL 'HWWDFRPELQD]LRQHGLWDVWLODSRWHWHPHPRUL]]DUHVXXQWDVWRGLVHOH]LRQH UDSLGDSUHYLVWRDWDOHILQH6HODYLVXDOL]]D]LRQHGHLVLPEROLÂDWWLYDWDHLO VHUYL]LRYLHQHDWWLYDWRFRPHGHVFULWWRGRSRDYHUGLVDWWLYDWRLOVHUYL]LRLO VLPEROR VFRPSDUHGDOGLVSOD\ i >"a 6ROOHYDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWRSDUODQ WHdHDYYLDUHODIXQ]LRQH 3UHPHUHLOWDVWRGLVHOH]LRQHUDSLGDSUHYLVWRSHUODYL VXDOL]]D]LRQHGHOVLPERORo GLVDWWLYDUHoYHGLd$WWL YDUHGLVDWWLYDUHODYLVXDOL]]D]LRQHGHLVLPEROLoDSDJLQD i K "< 5LFKLDPDUHODIXQ]LRQHo,QROWURLPPHGLDWRo 3UHPHUHLOWDVWRGHOODPHPRULDHULDJJDQFLDUH q 'LVDWWLYDUHOnLQROWURGLFKLDPDWDFRQLOWDVWRIXQ]LRQH >a 6ROOHYDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWRSDUODQ WHdHSUHPHUHLOWDVWR6KLIW 3UHPHUHLOWDVWRGLVHOH]LRQHUDSLGDSHUODYLVXDOL]]D]LR QHGHLVLPEROLo GLVDWWLYDUHo ,OVLPEROR VFRPSDUHHSXÌGDUVLFKHXQDQQXQFLRYL FRPXQLFKLFKHLOVHUYL]LRÂGLVDWWLYDWR K i < i $JJDQFLDUHLOPLFURWHOHIRQRRSUHPHUHLOWDVWR$OWRSDU ODQWHd rr ,7/IP HXURVHW$(% #NVTGKPHQTOC\KQPK ❏ 5HFRPHQGDFLÍQSDUDODFRORFDFLÍQGHOWHOÃIRQR q 1RH[SRQHUHOWHOÃIRQRDODOX]GLUHFWDGHOVROXRWUDVIXHQWHVGHFDORU q 6HUYLFLRDWHPSHUDWXUDVGH&KDVWD& q 'HEHJXDUGDUVHXQDGLVWDQFLDPÇQLPDGHXQPHWURHQWUHHOWHOÃIRQR\ RWURVDSDUDWRVUDGLRHOÃFWULFRVWDOHVFRPRWHOÃIRQRVPÍYLOHVHTXLSRV EXVFDSHUVRQDVRWHOHYLVLRQHV 'HORFRQWUDULRSXHGHQSURGXFLUVHLQWHUIHUHQFLDVHQHOWU»ILFRWHOHIÍQL FR q (OWHOÃIRQRQRGHEHFRORFDUVHHQOXJDUHVFRQPXFKRSROYR\DTXHHOOR SXHGHDIHFWDUDODGXUDFLÍQGHODYLGDÔWLOGHOWHOÃIRQR q 3DUDODOLPSLH]DGHEHU»XWLOL]DUVHVÍORXQSDËRKÔPHGRRDQWLHVW»WLFR QXQFDXQSDËRVHFRSHOLJURGHFDUJD\GHVFDUJDHOHFWURHVW»WLFDQL SURGXFWRVGHWHUJHQWHVDJUHVLYRV q (OFRQWDFWRGHSDUWHVGHOWHOÃIRQRFRQODFDVRSXOLPHQWRVGHPXHEOHV SXHGHRFDVLRQDUKXHOODVSHMODVSDWDVGHOWHOÃIRQR ❏ 6HLOYRVWURWHOHIRQRQRQIXQ]LRQDQHOPRGRGRYXWR ,OWHOHIRQRQRQVTXLOODLOWDVWRGHOOnDOWRSDUODQWHODPSHJJLDDOULWPRGL VHJQDOD]LRQHGHOODFKLDPDWDSXÌGDUVLFKHLOYROXPHGHOODVXRQHULDVLD LPSRVWDWRVX 6ROOHYDWHLOPLFURWHOHIRQRHQRQVHQWLWHLOVHJQDOHGLOLQHD LOFDYRGL FRQQHVVLRQHÂFROOHJDWREHQHDOWHOHIRQRHDOOnDWWDFFRWHOHIRQLFR" 6LVHQWHLOVHJQDOHGLOLQHDPDLOWHOHIRQRQRQVHOH]LRQD ODOLQHDÂLQRU GLQH,OWLSRGLVHOH]LRQHLPSRVWDWRÂTXHOORJLXVWR"9HGLd,PSRVWDUHLOWLSR GLVHOH]LRQHoDSDJLQD 6RORQHOFDVRGLVLVWHPLWHOHIRQLFLQHVVXQFROOHJDPHQWRRFROOHJD PHQWRHUUDWRTXDQGRLOQXPHURYLHQHVHOH]LRQDWRGDOODPHPRULDS H ULSHWL]LRQHGHOODVHOH]LRQHVHOH]LRQHEUHYHSURJUDPPDUHLOFRGLFHGL DFFHVVRDOODOLQHDHVWHUQD /nLQWHUORFXWRUHQRQYLVHQWHÂVWDWRSUHPXWRLOWDVWR0XWH"3UHPHUHGL QXRYRLOWDVWR,OFRQQHWWRUHGHOFDYRGHOPLFURWHOHIRQRÂLQVHULWREHQH" ,OWDVWR5QRQIXQ]LRQDLPSRVWDUHLOWHPSRGLIODVKHVDWWR ❏ ,QWHUORFXWRUL 3HUGRPDQGHVXOOHIXQ]LRQLHVXOOnXVRULYROJHUVLDOULYHQGLWRUHVSHFLDOL]]DWR 3HUTXHVWLRQLULJXDUGDQWLODOLQHDULYROJHUVLDOJHVWRUHGLUHWHFRPSHWHQWH rr ,7/(QGHIP HXURVHW$(% rr ,7/(QGHIP HXURVHW$(% 3XEEOLFDWRGDOOD'LYLVLRQH ,QIRUPDWLRQDQG&RPPXQLFDWLRQ3URGXFWV +RIPDQQVWUD¹H '0ÖQFKHQ 6LHPHQV$NWLHQJHVHOOVFKDIW 6LHPHQV$* 7XWWLLGLULWWLULVHUYDWL 6DOYRGLVSRQLELOLWºGLFRQVH JQDHPRGLILFKHWHFQLFKH 1UGnRUGLQH $(%