,7$/,$12 (1*/,6+ %(',(181*6$1/(,781* %HGLHQXQJVDQOHLWXQJLVWYRUGHPHUVWHQ*HEUDXFKGHU0DVFKLQH DXIPHUNVDP]XOHVHQ 02'('¶(03/2, ,16758&&,21(6'(862 7<3(683<15 ,16758d®(63$5$862 /HU DWHQWDPHQWH HVWDV LQVWUXo}HV GH XVR DQWHV GH XWLOL]DU D PiTXLQD *(%58,.6$$1:,-=,1* /HHVGH]H,16758&7,(6DDQGDFKWLJGRRUDOYRUHQVKHWDSSDUDDW WHJHEUXLNHQ )25+286(+2/'86(21/< ?Z[Wim_j^FWii_ed '(876&+ (63$f2/ /LUHDWWHQWLYHPHQWFHPRGHG¶HPSORLDYDQWG¶XWLOLVHUODPDFKLQH 'LHVH /HHU DWHQWDPHQWH HVWDV LQVWUXFFLRQHV GH XVR DQWHV GH XWLOL]DUODPiTXLQD 6DHFR,QWHUQDWLRQDO*URXS6S$9LD3DQLJDOL *DJJLR0RQWDQR%RORJQD,WDO\ 7HO)D[ KWWSZZZVDHFRFRP )5$1d$,6 23(5$7,1*,16758&7,216 5HDG WKHVH RSHUDWLQJ LQVWUXFWLRQV FDUHIXOO\ EHIRUH XVLQJ WKH PDFKLQH 1('(5/$1' 32578*8Ç6 &RG5HYGHO ,6758=,21,3(5/¶862 /HJJHUHDWWHQWDPHQWHTXHVWHLVWUX]LRQLG¶XVRSULPDGLXWLOL]]DUH ODPDFFKLQD 35(&$8=,21,,03257$17, $99(57(1=$ 'XUDQWHO·XWLOL]]RGLHOHWWURGRPHVWLFLqFRQVLJOLDELOHSUHQGHUHDOFXQHSUHFDX]LRQLSHU OLPLWDUHLOULVFKLRGLLQFHQGLVFRVVHHOHWWULFKHHRLQFLGHQWL /HJJHUH DWWHQWDPHQWH WXWWH OH LVWUX]LRQL HG LQIRUPD]LRQL ULSRUWDWH LQ TXHVWR PDQXDOHHLQTXDOVLDVLDOWURRSXVFRORFRQWHQXWRQHOO·LPEDOORSULPDGLDYYLDUHRG XWLOL]]DUHODPDFFKLQDHVSUHVVR 1RQWRFFDUHVXSHUILFLFDOGH 1RQLPPHUJHUHFDYRVSLQHRLOFRUSRGHOODPDFFKLQDLQDFTXDRDOWUROLTXLGRSHU HYLWDUHLQFHQGLVFRVVHHOHWWULFKHRLQFLGHQWL )DUHSDUWLFRODUHDWWHQ]LRQHGXUDQWHO·XWLOL]]RGHOODPDFFKLQDHVSUHVVRLQSUHVHQ]D GLEDPELQL 7RJOLHUH OD VSLQD GDOOD SUHVD VH OD PDFFKLQD QRQ YLHQH XWLOL]]DWD R GXUDQWH OD SXOL]LD)DUODUDIIUHGGDUHSULPDGLLQVHULUHRULPXRYHUHSH]]LHSULPDGLSURFHGHUH DOODVXDSXOL]LD 1RQXWLOL]]DUHODPDFFKLQDFRQFDYRRVSLQDGDQQHJJLDWLRLQFDVRGLJXDVWLRURWWXUH )DUFRQWUROODUHRULSDUDUHO·DSSDUHFFKLRSUHVVRLOFHQWURGLDVVLVWHQ]DSLYLFLQR /·XWLOL]]RGLDFFHVVRULQRQFRQVLJOLDWLGDOSURGXWWRUHSRVVRQRFDXVDUHGDQQLDFRVH HSHUVRQH 1RQXWLOL]]DUHODPDFFKLQDHVSUHVVRDOO·DSHUWR (YLWDUHFKHLOFDYRSHQGDGDOWDYRORRFKHWRFFKLVXSHUILFLFDOGH 7HQHUHODPDFFKLQDHVSUHVVRORQWDQRGDIRQWLGLFDORUH &RQWUROODUHFKHODPDFFKLQDHVSUHVVRVLDLQSRVL]LRQH´6SHQWRµSULPDGLLQVHULUHOD VSLQDQHOODSUHVD3HUVSHJQHUODSRVL]LRQDUODVX´6SHQWRµHULPXRYHUHTXLQGLOD VSLQDGDOODSUHVD 8WLOL]]DUHODPDFFKLQDXQLFDPHQWHSHUXVRGRPHVWLFR )DUHHVWUHPDDWWHQ]LRQHGXUDQWHO·XWLOL]]RGHOYDSRUH /D PDFFKLQD HVSUHVVR q VWDWD VWXGLDWD XQLFDPHQWH SHU XVR GRPHVWLFR 4XDOVLDVL LQWUHYHQWR GL DVVLVWHQ]D IDWWD HFFH]LRQH SHU OH RSHUD]LRQL GL SXOL]LD H GL QRUPDOH PDQXWHQ]LRQH GRYUj HVVHUH SUHVWDWR GD XQ FHQWUR GL DVVLVWHQ]D DXWRUL]]DWR 1RQ LPPHUJHUH OD PDFFKLQD LQ DFTXD 4XDOVLDVL ULSDUD]LRQH GRYUj HVVHUH HIIHWWXDWD XQLFDPHQWHGDOFHQWURGLDVVLVWHQ]DDXWRUL]]DWR &216(59$5(48(67(,6758=,21, &RQWUROODUHFKHLOYROWDJJLRLQGLFDWRVXOODWDUJKHWWDFRUULVSRQGDDOYRVWUR 1RQXWLOL]]DWHPDLDFTXDWLHSLGDRFDOGDSHUULHPSLUHLOVHUEDWRLRGHOO·DFTXD8WLOL]]DWH XQLFDPHQWHDFTXDIUHGGD 1RQWRFFDWHFRQOHPDQLOHSDUWLFDOGHGHOODPDFFKLQDHGLOFDYRGLDOLPHQWD]LRQH GXUDQWHLOIXQ]LRQDPHQWR 1RQ SXOLUH PDL FRQ GHWHUVLYL FRUURVLYL R XWHQVLOL FKH JUDIILDQR e VXIILFLHQWH XQ SDQQRPRUELGRLQXPLGLWRFRQDFTXD 3HUHYLWDUHODIRUPD]LRQHGLFDOFDUHVLSXzXWLOL]]DUHDFTXDPLQHUDOHQDWXUDOH ,6758=,21,68/&$92(/(775,&2 $ 9LHQHIRUQLWRXQFDYRHOHWWULFRDEEDVWDQ]DFRUWRSHUHYLWDUHFKHVLDWWRUFLJOLRFKHYL LQFLDPSLDWH % 6LSRVVRQRXWLOL]]DUHFRQPROWDDWWHQ]LRQHGHOOHSUROXQJKH & 4XDORUDYHQJDXWLOL]]DWDXQDSUROXQJDYHULILFDUH FKHLOYROWDJJLRULSRUWDWRVXOODSUROXQJDVLDSHUORPHQRXJXDOHDOYROWDJJLR HOHWWULFRGHOO·HOHWWURGRPHVWLFR FKH VLD PXQLWR GL XQD VSLQD D WUH SLQ FRQ PHVVD D WHUUD TXDORUD LO FDYR GHOO·HOHWWURGRPHVWLFRVLDGLTXHVWRWLSR FKHLOFDYRQRQSHQGDGDOWDYRORSHUHYLWDUHGLLQFLDPSDUYL *(1(5$/,7¬ /DPDFFKLQDGDFDIIqqLQGLFDWDSHUODSUHSDUD]LRQHGLFDIIqHVSUHVVRLPSLHJDQGR VLDFDIIqLQJUDQLVLDFDIIqPDFLQDWRHGqGRWDWDGLXQGLVSRVLWLYRSHUO¶HURJD]LRQH GHOYDSRUHHGHOO¶DFTXDFDOGD ,OFRUSRGHOODPDFFKLQDGDOO¶HOHJDQWHGHVLJQqVWDWRSURJHWWDWRSHUXVRGRPHVWL FRHQRQqLQGLFDWRSHUXQIXQ]LRQDPHQWRFRQWLQXRGLWLSRSURIHVVLRQDOH '$7,7(&1,&, 7HQVLRQHQRPLQDOH 9HGLWDUJKHWWDSRVWDVXOO¶DSSDUHFFKLR 3RWHQ]DQRPLQDOH 9HGLWDUJKHWWDSRVWDVXOO¶DSSDUHFFKLR 0DWHULDOHFRUSR 0HWDOOR 'LPHQVLRQLO[D[SPP [[ 3HVR.J /XQJKH]]DFDYRPP 3DQQHOORFRPDQGL )URQWDOH 6HUEDWRLRDFTXDOW (VWUDLELOH $OLPHQWD]LRQH 9HGLWDUJKHWWDSRVWDVXOO¶DSSDUHFFKLR 3UHVVLRQHSRPSDEDU &DOGDLD $FFLDLR,QR[ 3(5)$&,/,7$5(/$/(7785$ &DSDFLWjFRQWHQLWRUHFDIIqJU GLFDIIqLQJUDQL ,OWULDQJRORG¶DYYHUWLPHQWRLQGLFDWXWWHOHLVWUX]LRQLLPSRUWDQWLSHUOD VLFXUH]]D GHOO¶XWHQWH$WWHQHUVL VFUXSRORVDPHQWH D WDOL LQGLFD]LRQL SHUHYLWDUHIHULPHQWLJUDYL 5DSLG6WHDP 9DSRUHSURQWRLQSRFKLVHFRQGL 0DFLQH ,QFHUDPLFD 4XDQWLWjFDIIqPDFLQDWR J &DSDFLWjFDVVHWWRUDFFRJOLIRQGL $WWHQ]LRQH1RQVLDVVXPRQRUHVSRQVDELOLWjSHUHYHQWXDOLGDQQLLQFDVRGL LPSLHJRHUUDWRHQRQFRQIRUPHDJOLVFRSLSUHYLVWL ULSDUD]LRQLQRQHVHJXLWHSUHVVRLFHQWULG·DVVLVWHQ]DDXWRUL]]DWL PDQRPLVVLRQHGHOFDYRG·DOLPHQWD]LRQH PDQRPLVVLRQHGLTXDOVLDVLFRPSRQHQWHGHOODPDFFKLQD LPSLHJRGLSH]]LGLULFDPELRHGDFFHVVRULQRQRULJLQDOL ,QTXHVWLFDVLYLHQHDGHFDGHUHODJDUDQ]LD ,03,(*2',48(67(,6758=,21,3(5/¶862 &RQVHUYDUHTXHVWHLVWUX]LRQLSHUO¶XVRLQXQOXRJRVLFXURHGDOOHJDUOHDOODPDFFKL QDSHUFDIIqTXDORUDXQ¶DOWUDSHUVRQDGRYHVVHXWLOL]]DUOD3HUXOWHULRULLQIRUPD]LRQL R QHO FDVR GL SUREOHPL QRQ WUDWWDWL GHO WXWWR R VROWDQWR LQVXI¿FLHQWHPHQWH QHOOH SUHVHQWLLVWUX]LRQLULYROJHWHYLDL&HQWULGL$VVLVWHQ]D$XWRUL]]DWL 'LVSRVLWLYLGLVLFXUH]]D 9DOYRODGLVLFXUH]]DSUHVVLRQHFDOGDLD WHUPRVWDWRGLVLFXUH]]D &RQULVHUYDGLPRGL¿FKHGLFRVWUX]LRQHHGHVHFX]LRQHGRYXWHDOSURJUHVVRWHF QRORJLFR 0DFFKLQDFRQIRUPHDOOD'LUHWWLYD(XURSHD&(('HFUHWROHJLVODWLYR GHOUHODWLYDDOO¶HOLPLQD]LRQHGHLGLVWXUELUDGLRWHOHYLVLYL ,7$/,$12 1250(',6,&85(==$ ,1&$62'·(0(5*(1=$ (VWUDUUHLPPHGLDWDPHQWHODVSLQDGDOODSUHVDGLUHWH 87,/,==$5((6&/86,9$0(17(/·$33$5(&&+,2 ,QOXRJRFKLXVR 3HUODSUHSDUD]LRQHGLFDIIqDFTXDFDOGDSHUPRQWDUHLOODWWHRSHUULVFDOGDUH EHYDQGHXWLOL]]DQGRYDSRUH 3HUO¶LPSLHJRGRPHVWLFR 'DDGXOWLLQFRQGL]LRQLSVLFR¿VLFKHQRQDOWHUDWH 12187,/,==$5(0$,/·$33$5(&&+,2 SHUVFRSLGLYHUVLGDTXHOOLVRSUDLQGLFDWLDO¿QHGLHYLWDUHSHULFROL1RQLQWURGXUUH QHLFRQWHQLWRULVRVWDQ]HGLYHUVHGDTXHOOHLQGLFDWHQHOPDQXDOHLVWUX]LRQL'XUDQWH LOQRUPDOHULHPSLPHQWRGLRJQLFRQWHQLWRUHqREEOLJDWRULRFKLXGHUHWXWWLLFRQWHQL WRULYLFLQL5LHPSLUHLOVHUEDWRLRDFTXDVROWDQWRFRQDFTXDIUHVFDSRWDELOHDFTXD FDOGD HR DOWUL OLTXLGL SRVVRQR GDQQHJJLDUH OD PDFFKLQD 1RQ XWLOL]]DUH DFTXD DGGL]LRQDWDFRQDQLGULGHFDUERQLFD/DUHJROD]LRQHGHOPDFLQDFDIIqGHYHHVVHUH HVHJXLWDVRORTXDQGRTXHVW¶XOWLPRqLQIXQ]LRQH1HOPDFLQDFDIIqqYLHWDWRLQWUR GXUUHOHGLWDHTXDOVLDVLPDWHULDOHFKHQRQVLDFDIIqLQJUDQL3ULPDGLLQWHUYHQLUH DOO¶LQWHUQR GHO PDFLQDFDIIq GLVLQVHULUH OD PDFFKLQD FRQ O¶LQWHUUXWWRUH JHQHUDOH H WRJOLHUHODVSLQDGDOODSUHVDGLFRUUHQWH1RQLQWURGXUUHFDIIqVROXELOHRLQJUDQLQHO FRQWHQLWRUHFDIIqPDFLQDWR $//$&&,$0(172$//$5(7( $OODFFLDUHODPDFFKLQDSHUFDIIqVROWDQWRDGXQDSUHVDGLFRUUHQWHDGHJXDWD /DWHQVLRQHGHYHFRUULVSRQGHUHDTXHOODLQGLFDWDVXOODWDUJKHWWDSRVWDVXOO¶DS SDUHFFKLR ,167$//$=,21( 6FHJOLHUHXQSLDQRG¶DSSRJJLREHQOLYHOODWR1RQFROORFDUHVXVXSHU¿FLLQFDQGH VFHQWL 3RUUHDFPGLGLVWDQ]DGDSDUHWLHSLDVWUHGLFRWWXUD 1RQWHQHUHDWHPSHUDWXUHLQIHULRULD&SHULFRORGLGDQQLGDFRQJHODPHQWR /DSUHVDGLFRUUHQWHGHYHHVVHUHUDJJLXQJLELOHLQRJQLPRPHQWR ,O FDYR GL DOLPHQWD]LRQH QRQ GHYH HVVHUH GDQQHJJLDWR OHJDWR FRQ PRUVHWWL SRVWRVXVXSHU¿FLLQFDQGHVFHQWLHFF 1RQODVFLDUSHQGHUHLOFDYRG¶DOLPHQWD]LRQH$WW3HULFRORG¶LQFLDPSDUHRGLIDU FDGHUHO¶DSSDUHFFKLRDWHUUD 1RQSRUWDUHRWLUDUHODPDFFKLQDSHUFDIIqWHQHQGRODSHULOFDYRG¶DOLPHQWD]LRQH 3(5,&2/, /¶DSSDUHFFKLRQRQGHYHHVVHUHXWLOL]]DWRGDEDPELQLHSHUVRQHQRQLQIRUPDWH FLUFDLOVXRIXQ]LRQDPHQWR /¶DSSDUHFFKLRqSHULFRORVRSHULEDPELQL6HLQFXVWRGLWRGLVDWWLYDUOR 1RQODVFLDUHLPDWHULDOLXWLOL]]DWLSHULPEDOODUHODPDFFKLQDDOODSRUWDWDGHLEDPELQL 1RQGLULJHUHFRQWURVHVWHVVLHRDOWULLOJHWWRGLYDSRUHVXUULVFDOGDWRHRG¶DFTXD FDOGDSHULFRORGLVFRWWDWXUH 1RQLQVHULUHRJJHWWLDWWUDYHUVROHDSHUWXUHGHOO¶DSSDUHFFKLR3HULFROR&RUUHQWH HOHWWULFD 1RQWRFFDUHODVSLQDFRQOHPDQLHSLHGLEDJQDWLQRQHVWUDUUHGDOODSUHVDWLUDQGR LOFDYR $WWHQ]LRQHSHULFRORGLXVWLRQLDOFRQWDWWRFRQO¶DFTXDFDOGDLOYDSRUHHLOEHFFXF FLRSHUO¶DFTXDFDOGDLOYDSRUH *8$67, 1RQXWLOL]]DUHO¶DSSDUHFFKLRLQFDVRGLJXDVWRDFFHUWDWRRVRVSHWWRDGHVGRSR XQDFDGXWD (YHQWXDOLULSDUD]LRQLGHYRQRHVVHUHHIIHWWXDWHGDOVHUYL]LRDVVLVWHQ]DDXWRUL]]DWR 1RQ XWLOL]]DUH XQ DSSDUHFFKLR FRQ FDYR GL DOLPHQWD]LRQH GLIHWWRVR 6H LO FDYR G¶DOLPHQWD]LRQHqGDQQHJJLDWRGHYHHVVHUHFDPELDWRGDOSURGXWWRUHRGDOVXR VHUYL]LRDVVLVWHQ]DFOLHQWL3HULFROR&RUUHQWHHOHWWULFD 6SHJQHUHO¶DSSDUHFFKLRSULPDGLDSULUHORVSRUWHOORGLVHUYL]LR3HULFRORGLXVWLRQL 38/,=,$'(&$/&,),&$=,21( 3ULPD GHOOD SXOL]LD HVWUDUUH OD VSLQD GL UHWH H ODVFLDUH UDIIUHGGDUH OµDSSDUHF FKLR ,PSHGLUHFKHO¶DSSDUHFFKLRYHQJDDFRQWDWWRFRQVFKL]]LG¶DFTXDRLPPHUVRLQ DFTXD 1RQDVFLXJDUHOHSDUWLGHOODPDFFKLQDLQIRUQLFRQYHQ]LRQDOLHRDPLFURRQGH 3$57,',5,&$0%,2 3HUUDJLRQLGLVLFXUH]]DXWLOL]]DUHVRORSDUWLGLULFDPELRHDFFHVVRULRULJLQDOL 60$/7,0(172 /¶LPEDOODJJLRSXzHVVHUHULFLFODWR $SSDUHFFKLR(VWUDUUHODVSLQDGLUHWHUHFLGHUHLOFDYRGLDOODFFLDPHQWRGHOO¶DS SDUHFFKLR &RQVHJQDUHO¶DSSDUHFFKLRHLOFDYRGLDOODFFLDPHQWRDOVHUYL]LRGLDVVLVWHQ]DR DOFHQWURGLVPDOWLPHQWRSXEEOLFR 3LDVWUDVFDOGDWD]]HSHULOSUHUL VFDOGDPHQWRGHOOHWD]]LQH &RSHUFKLRFRQWHQLWRUHFDIIqLQJUDQL &RQWHQLWRUHFDIIqLQJUDQL &RSHUFKLRGRVDWRUHFDIIq PDFLQDWR &RSHUFKLRVHUEDWRLRDFTXD 3HQQHOORSHU ODSXOL]LD &KLDYHJUXSSR FDIIq 7HVWSHUODGXUH]]D GHOO¶DFTXD 0LVXULQRFDIIq LQSROYHUH 6HUEDWRLRDFTXD 3DQQHOORFRPDQGL 3RPHOORHURJD]LRQH YDSRUH 6SRUWHOORGLVHUYL]LR 6%6 ,QWHUUXWWRUHJHQHUDOH 212)) (URJDWRUHFDIIq UHJRODELOHLQDOWH]]D HSURIRQGLWj $SSOLFDWRUH¿OWUR DFDUWXFFLD )LOWURDFDUWXFFLD ³$TXD3ULPD´ 7XERDFTXDFDOGDYDSRUH 9DVFDUDFFRJOL JRFFHJULJOLD 3XOVDQWHFDIIqHVSUHVVR ,QGLFDWRUHYDVFKHWWD SLHQD 3XOVDQWHHURJD]LRQHFDIIq %DVHJLUHYROH &DVVHWWRUDFFRJOLIRQGL *UXSSRHURJDWRUHFDIIq 3RPHOORUHJROD]LRQH PDFLQDWXUD 3XOVDQWHFDIIqPDFLQDWR 3XOVDQWHVHOH]LRQHDFTXDFDOGD 3XOVDQWHVHOH]LRQHGHFDOFL¿FD]LRQH 6SLDGLDOODUPH 6SLDVRVWLWX]LRQH¿OWUR³$TXD3ULPD´ 9HGLSDJ 6SLDGLFRQWUROORFRQWHQLWRUHFDIIq LQJUDQLHFDVVHWWRUDFFRJOLIRQGL 6SLDGLFRQWUROORVHUEDWRLRDFTXD HFDULFDPHQWRFLUFXLWR ,7$/,$12 '(6&5,=,21(&20321(17, ,167$//$=,21(&$5,&$0(172&,5&8,72 $ SDJ VRQR ULSRUWDWL PHVVDJJL FKH OD PDFFKLQD IRUQLVFH DOO·XWHQWH GXUDQWHLOIXQ]LRQDPHQWR $YYHUWHQ]HLPSRUWDQWLSHUO·XWLOL]]RGHOÀOWUR´$TXDSULPDµVRQRULSRUWDWH DSDJ 9HGLWDUJKHWWDGDWL 5LHPSLUHLOFRQWHQLWRUHFRQ FDIIqLQJUDQL LDQWH /DPSHJJ 6LSXzLQVWDOODUHLO¿OWUR³$TXD 3ULPD´YHGLSDJ 5LHPSLUH LO VHUEDWRLR FRQ DFTXDIUHVFDSRWDELOH ,QVHULUHODVSLQDLQXQDSUH VDGLFRUUHQWHDGHJXDWD 3UHPHUH O¶LQWHUUXWWRUH VXOOD SRVL]LRQH³,´SHUDFFHQGHUH ODPDFFKLQD $WWHQGHUH FKH GDOO¶XJHOOR IXRULHVFD DFTXD LQ PRGR UHJRODUH &KLXGHUH LO UXELQHWWR SHU WHUPLQDUH LO FDULFDPHQWR GHOFLUFXLWR )LVVR LDQWH /DPSHJJ /D PDFFKLQD LQGLFD FKH GHYH HVVHUH FDULFDWR LO FLUFXLWR ,QVHULUHXQFRQWHQLWRUHVRW WRDOWXERYDSRUH LDQWH /DPSHJJ 7RJOLHUHLOFRQWHQLWRUH /D PDFFKLQD VL VWD ULVFDOGDQGR OH VSLH ODP SHJJLDQR $SULUH LO UXELQHWWR SHU LQL]LDUH LO FDULFDPHQWR GHO FLUFXLWR )LVVR /D PDFFKLQD q SURQWD SHU O¶XVR TXDQGR OH VSLH VRQR DFFHVHLQPRGR¿VVR 1RWD 3ULPD GL SURFHGHUH DOOD SULPD PHVVD LQ IXQ]LRQH LQ FDVR GL SUROXQJDWD LQDWWLYLWj VH LO VHUEDWRLR DFTXD q VWDWR YXRWDWR FRPSOHWDPHQWH qREEOLJDWRULRFDULFDUHLOFLUFXLWRGHOODPDFFKLQD ,QROWUHLOFLUFXLWRYDFDULFDWRRJQLTXDOYROWDODP SHJJLDODVSLD 8VDUHPLVFHOHGLFDIIqLQJUDQLSHUPDFFKLQHHVSUHVVR6HQRQVLRWWLHQHLO ULVXOWDWRGHVLGHUDWRFDPELDUHPLVFHODGLFDIIq&RQVHUYDUHLOFDIIqDOIUHVFR LQXQFRQWHQLWRUHFKLXVRHUPHWLFDPHQWH /DYDULD]LRQHVLRWWLHQHGRSRDYHUHURJDWRFDIIq ,O JUDGR GL PDFLQDWXUD SXz HVVHUH UHJRODWRFRQLOSRPHOOR ,O FDIIq HVFH OHQWDPHQWH ,OFDIIqHVFHYHORFHPHQWH 3UHPHUHHUXRWDUH 3UHPHUHHUXRWDUH 6HUHJRODWHODPDFLQDWXUDVXXQYDORUHWURSSR¿QHSRPHOORFRPSOHWDPHQWH LQVHQVRDQWLRUDULRHODPDQRSROD6%6VXOODSRVL]LRQH³ULVWUHWWR´YHUVRGH VWUDO¶HURJD]LRQHGHOFDIIqSXzULVXOWDUHWURSSRVFDUVDRDVVHQWH 6%6 6ROR SHU PDFFKLQH SURYYLVWH GL 6%6 3HU UHJRODUH OD FRUSRVLWj GHO FDIIq HURJDWR /D UHJROD]LRQH SXz HVVHUH HVHJXLWD DQFKH GXUDQWH O¶HURJD]LRQH GHO FDIIq 4XHVWD UHJROD]LRQH KD XQ HIIHWWR LPPHGLDWR VXOO¶HURJD]LRQH VHOH]LRQDWD &DIIqHVSUHVVR 7$==(*5$1', 7$==(*5$1', 3HUULSRVL]LRQDUHO¶HURJDWRUHWLUDUOR¿QRDOVXRLQFDVWUR 3HU XWLOL]]DUH WD]]H GL JUDQGL GLPHQVLRQL SUHPHUH LO SXOVDQWH H VSLQJHUH¿QRDEDWWXWDO¶HURJDWRUH &DIIqULVWUHWWR &$))Ê,17$==$ 3HUDGDWWDUHODTXDQWLWjGLFDIIqHURJDWRDOOHGLPHQVLRQLGHOOHWD]]H 3RUUHODWD]]DVRWWRO¶HURJDWRUHSUHPHUHLOWDVWRGLHURJD ]LRQHGHOWLSRGLFDIIqGHVLGHUDWRHPDQWHQHUORSUHPXWR 2SSXUH GXUDQWHWXWWRLOSURFHVVRGLHURJD]LRQHGHOFDIIq &$))Ê,17$==$ &DIIq&UHPH 4XDQGRODWD]]DqVWDWDULHPSLWDFRQODTXDQWLWjGHVLGHUDWD ULODVFLDUHLOWDVWRODPDFFKLQDqSURJUDPPDWDSHUHURJDUH ODTXDQWLWjGLFDIIqGDYRLGHVLGHUDWD ,7$/,$12 /DUHJROD]LRQHGHYHHVVHUHHVHJXLWDVRORTXDQGRLOPDFLQDFDI IqqLQIXQ]LRQH 0$&,1$785$ 5(*2/$=,21( 5(*2/$=,21, (52*$=,21(&$))Ê$&48$&$/'$ &$))Ë,1*5$1, $WWHQ]LRQHDFTXDFDOGDHYDSRUHSRVVRQRSURYRFDUHXVWLRQL'LULJHUHLOWXERYDSRUHVXOODYDVFDUDFFRJOLJRFFH 2SSXUH 2SSXUH )LVVR 3RVL]LRQDUH ODH WD]]DH GD FDIIq FDOGH VRWWR O¶HUR JDWRUH 3UHPHUHLOWDVWRGHOFDIIq GHVLGHUDWR YROWD FDIIq &$))Ë0$&,1$72 9HUL¿FDUHFKHODPDFFKLQD VLDSURQWD YROWH FDIIq 4XDQGR OD PDFFKLQD WHU PLQDODSUHSDUD]LRQHSUH OHYDUHODHWD]]DH 2SSXUH 3RVL]LRQDUH OD WD]]D GD FDIIq FDOGD VRWWR O¶HUR JDWRUH 6HOH]LRQDUH OD IXQ]LRQH ³&DIIqPDFLQDWR´ 9HUVDUH LO FDIIq PDFLQDWR FROPLVXULQR 0$;0,685,12 3UHPHUHLOWDVWRGHOFDIIq GHVLGHUDWR 4XDQGR OD PDFFKLQD WHU PLQDODSUHSDUD]LRQHSUH OHYDUHODWD]]D 3RVL]LRQDUHXQFRQWHQLWRUH VRWWRDOWXERYDSRUH 3UHPHUHLOWDVWRSHUHURJD UHDFTXD $SULUH LO UXELQHWWR SHU LQL ]LDUHO¶HURJD]LRQH4XDQGR ¿QLWRFKLXGHUHLOUXELQHWWR 3UHOHYDUHLOFRQWHQLWRUH 3UHPHUHLOWDVWRSHUSRUWD UH OD PDFFKLQD QHO IXQ]LR QDPHQWRQRUPDOH $&48$&$/'$ 9$325(&$338&&,12 &$338&&,12 ,7$/,$12 $WWHQ]LRQHDFTXDFDOGDHYDSRUHSRVVRQRSURYRFDUHXVWLRQL'LULJHUHLOWXERYDSRUHVXOODYDVFDUDFFRJOLJRFFH 5LHPSLUH OD WD]]D FRQ GLODWWHIUHGGR )LQLWR GL PRQWDUH LO ODWWH FKLXGHUHLOUXELQHWWR 4XDQGR HVFH VROR YDSRUH FKLXGHUHLOUXELQHWWR 3UHOHYDUHLOFRQWHQLWRUH 3UHOHYDUH OD WD]]D H SRVL ]LRQDUOD VRWWR O¶HURJDWRUH FDIIq 3RVL]LRQDUHODWD]]DFRQLO ODWWHVRWWRDOWXERYDSRUH 3XOLUH LO EHFFXFFLR FRQ XQ SDQQR XPLGR SHU HYLWDUH FKHLUHVLGXLGLVFKLXPDVL LQFURVWLQR $SULUH LO UXELQHWWR SHU HUR JDUHYDSRUH (URJDUHLOFDIIqQHOODWD]]D SHU RWWHQHUH XQ RWWLPR FDSSXFFLQR 9$325( 0XRYHUH FRQ PRYLPHQWL FLUFRODULODWD]]DSHUXQLIRU PDUHLOULVFDOGDPHQWR 3RVL]LRQDUH XQ FRQWHQLWR UH $SULUH LO UXELQHWWR SHU VFDULFDUHO¶DFTXDUHVLGXD $SULUH LO UXELQHWWR SHU HOL PLQDUHO¶DFTXDUHVLGXD &KLXGHUHLOUXELQHWWR ,QVHULUH OD WD]]D VRWWR DO WXERYDSRUH $SULUHLOUXELQHWWR 5LVFDOGDUH FRQ PRYLPHQWL URWDWLYL &KLXGHUHLOUXELQHWWR 3UHOHYDUHLOFRQWHQLWRUH '(&$/&,),&$=,21( $WWHQ]LRQH1RQXWLOL]]DUHLQQHVVXQFDVRO·DFHWRFRPHGHFDOFLÀFDQWH6LSXz XWLOL]]DUHXQSURGRWWRGHFDOFL¿FDQWHSHUPDFFKLQHGDFDIIqGLWLSRQRQWRVVLFRHR QRFLYRFRPXQHPHQWHUHSHULELOHLQFRPPHUFLR6LUDFFRPDQGDLOGHFDOFL¿FDQWH6DHFR '(&$/&,),&$ =,21( /DGHFDOFL¿FD]LRQHqQHFHVVDULDRJQLPHVLTXDQGRVLRVVHUYDXQDULGX]LRQHGHOOD SRUWDWDGHOO¶DFTXDRTXDQGRODPDFFKLQDORVHJQDOD/DPDFFKLQDGHYHHVVHUHDFFHVD HJHVWLVFHDXWRPDWLFDPHQWHODGLVWULEX]LRQHGHOGHFDOFL¿FDQWH )LVVR LDQWH /DPSHJJ 4XDQGRODPDFFKLQDGHYH HVVHUHGHFDOFL¿FDWDODVSLD ODPSHJJLD 5LPXRYHUHFRQFXUDLO¿OWUR DFDUWXFFLD 5LHPSLUHLOVHUEDWRLRFRQOD VROX]LRQHGHFDOFL¿FDQWH 0HWWHUHXQUHFLSLHQWHJUDQ GHVRWWRLOWXERYDSRUH 3UHPHUH LO SXOVDQWH SHU VHFRQGL $SULUHLOUXELQHWWR ,QL]LDLOSURFHVVRGLGHFDO FL¿FD]LRQH /DVROX]LRQHYLHQHHURJD WDDGLQWHUYDOOL 4XDQGR OH VSLH ODPSHJ JLDQRODGHFDOFL¿FD]LRQHq WHUPLQDWD &KLXGHUHLOUXELQHWWR 3UHOHYDUHLOFRQWHQLWRUH 6FLDFTXDUH H ULHPSLUH LO VHUEDWRLRFRQDFTXDIUHVFD SRWDELOH 6HLOFLFORGLGHFDO FLÀFD]LRQH YLHQH LQWHUURWWRVLGHYHSURFHGH UHDOULVFLDTXRGHOODYDVFD GHOO·DFTXDHGHLFLUFXLWLLQ WHUQLGHOODPDFFKLQD 0HWWHUHXQUHFLSLHQWHJUDQ GHVRWWRLOWXERYDSRUH $SULUHLOUXELQHWWRHGHVH JXLUHLOULVFLDFTXR 4XDQGR O¶DFTXD QHO VHU EDWRLR q ¿QLWD FKLXGHUH LO UXELQHWWR 3UHOHYDUHLOFRQWHQLWRUH $O WHUPLQH GHOOD GHFDOFLÀ FD]LRQH LQVWDOODUH QXRYD PHQWHLOÀOWURDFDUWXFFLD 3ULPD G·HVHJXLUH OD GHFDOFLÀFD]LRQH LO ÀOWUR GHYH HVVHUH ULPRVVR GDO VHUEDWRLR ,167$//$=,21( ,OÀOWURGHYHHVVHUHVRVWLWXLWRTXDQGRYLHQHVHJQDODWRGDOODPDFFKLQD 9HGL´3DJµ 3UHOHYDUHLO¿OWURGDOO¶LPEDO OR 5HJRODUH LO GDWDULR VXO PHVHFRUUHQWH 3UHPHUH¿QRLQIRQGR ,QVHULUH H UXRWDUH O¶DSSOL FDWRUH LQ VHQVR RUDULR SHU ¿VVDUORDO¿OWUR 5XRWDUH O¶DSSOLFDWRUH LQ VHQVRDQWLRUDULRHGHVWUDU ORGDOVHUEDWRLR 9HUL¿FDUH GRYH VL WURYD OD WDFFDGLULIHULPHQWRHSRVL ]LRQDPHQWRGHO¿OWUR 5LHPSLUH LO VHUEDWRLR FRQ DFTXDIUHVFDSRWDELOH ,QVHULUH LO ¿OWUR QHO VHUED WRLRYXRWR 3RVL]LRQDUHXQFRQWHQLWRUH VRWWRDOWXERYDSRUHHDF FHQGHUHODPDFFKLQD ,O ULIHULPHQWR GHYH HVVHUH SRVL]LRQDWR LQ FRUULVSRQ GHQ]DGHOODVFDQDODWXUD 3UHPHUH LO SXOVDQWH SHU HURJDUHDFTXD Ê SRVVLELOH XWLOL]]DUH OD PDF FKLQD VHQ]D ¿OWUR 6DHFR QH FRQVLJOLD O¶XWLOL]]R 1HO FDVR QRQ YHQJD XWLOL]]DWR LO ¿OWUR GHFDOFL¿FDUH OD PDFFKLQD FRQ PDJJLRUHIUHTXHQ]D 5HJRODUH OD GXUH]]D DFTXD YHGL³SURJUDPPD]LRQHIXQ]LR QLPDFFKLQD´ $SULUH LO UXELQHWWR HG HUR JDUHDFTXD 9XRWDUH DG LQWHUYDOOL O¶LQWH UR FRQWHQXWR GHO VHUEDWRLR GHOO¶DFTXD 4XDQGR LO VHUEDWRLR q YXRWR ULHPSLUOR QXRYDPHQWH FRQ DFTXDIUHVFDSRWDELOH 3UHPHUH LO SXOVDQWH H PDQWHQHUORSUHPXWRTXDQ GR OD VSLD ODPSHJJLD ULOD VFLDUHLOSXOVDQWH $GHVVRSRWHWHXWLOL]]DUHOD YRVWUDPDFFKLQDGDFDIIq ,7$/,$12 ),/752$&$578&&,$³$48$35,0$´ 38/,=,$(0$187(1=,21( 1RQDVFLXJDUHODPDFFKLQDHRLVXRLFRPSRQHQWLXWLOL]]DQGRXQIRUQRD PLFURRQGHHRXQIRUQRFRQYHQ]LRQDOH 1RQLPPHUJHUHODPDFFKLQDQHOO·DFTXDHQRQLQVHULUHLFRPSRQHQWLQHOOD ODYDVWRYLJOLH 38/,=,$ *(1(5,&$ 6SHJQHUHODPDFFKLQD 6FROOHJDUHODVSLQD /DYDUHLOVHUEDWRLR /DYDUHLO¿OWURFKHVLWURYD DOO¶LQWHUQR (VWUDUUH OD YDVFD UDFFRJOL JRFFHVYXRWDUODHODYDUOD (VWUDUUH H YXRWDUH LO FDVVHWWR UDFFRJOL IRQGL H ODYDUOR /D SXOL]LD GHOOD PDFFKLQD GHL VXRL FRPSRQHQWL H GHO JUXSSR HURJDWRUHGHYHHVVHUHHVHJXLWDDOPHQR XQDYROWDDOODVHWWLPDQD &RQLOSHQQHOORSXOLUHLOGR VDWRUHFDIIqPDFLQDWR 6PRQWDUH O¶HURJDWRUH H ODYDUORFRQDFTXD 3UHPHUH VXO WDVWR 386+ SHUHVWUDUUHLOJUXSSR 6YLWDUH LO ¿OWUR VXSHULRUH FRQ O¶DSSRVLWD FKLDYH H ODYDUOR 6¿ODUH H SXOLUH LO SDQQD UHOOR *58332 (52*$725( 5LPXRYHUHODJULJOLD $SULUHODSRUWDDQWHULRUH 5LPXRYHUHLFDVVHWWL 5LPRQWDUHLO¿OWURSXOLWR /DYDUH LO JUXSSR DVFLX JDUOR H ULPRQWDUOR 1RQ SUHPHUHVXOWDVWR³386+´ 5LSRVL]LRQDUHWXWWLLFRPSR QHQWLQHOODPDFFKLQD &KLXGHUHORVSRUWHOOR 352*5$00$=,21()81=,21,0$&&+,1$ H 3URFHGLPHQWR SHU DFFHGHUH DOOD SURJUDPPD]LRQH GHOOD PDFFKLQD 6SHJQHUHODPDFFKLQD '85(==$ $&48$ ,7$/,$12 ,1,=,2 352*5$00 /¶XWLOL]]DWRUHSXzPRGL¿FDUHDOFXQLSDUDPHWULGLIXQ]LRQDPHQWRGHOODPDFFKLQDVHFRQGROHSURSULHHVLJHQ]HSHUVRQDOL /¶DFTXDFRUUHQWHqSLRPHQRFDOFDUHDDVHFRQGDGHOOHUH JLRQL3HUTXHVWRPRWLYRO¶DSSDUHFFKLRSXzHVVHUHUHJRODWR VHFRQGRLOJUDGRGLGXUH]]DGHOO¶DFTXDGHOODORFDOLWjDFXLq GHVWLQDWRHVSUHVVRLQVFDODGDD /¶DSSDUHFFKLRqSURJUDPPDWRVXXQYDORUHGLGXUH]]D /D GXUH]]D GHOO¶DFTXD QHOO¶DSSDUHFFKLR DQGUHEEH UHJROD WDDVHFRQGDGHOWHQRUHGLFDOFDUHHGHOJUDGRGLGXUH]]D GHOO¶DFTXD 3UHPHUH L WDVWL FRQWHPSRUDQHDPHQWH 0DQWHQHQGR L WDVWL SUHPXWLDFFHQGHUHODPDFFKLQD 'XUH]]D 'XUH]]D 'XUH]]D 'XUH]]D ,PPHUJHUHODVWULVFLDSHU VHFRQGRQHOO¶DFTXD 9HUL¿FDUH TXDQWL TXDGUDWL FDPELDQRFRORUH 'XUH]]D 'XUH]]D 'XUH]]D 'XUH]]D 'XUH]]D 'XUH]]D 'XUH]]D 'XUH]]D 6HQHOODPDFFKLQDqVWDWRLQVWDOODWRLO¿OWUR³$TXD3ULPD´ LPSRVWDUHODPDFFKLQDVHFRQGRTXHVWHLQGLFD]LRQL ,OJUDGRGLGXUH]]DqVHJQDODWRGDOO¶DFFHQVLRQHGHOOHVSLH 6HQHOODPDFFKLQD121qVWDWRLQVWDOODWRLO¿OWUR³$TXD3UL PD´LPSRVWDUHODPDFFKLQDVHFRQGRTXHVWHLQGLFD]LRQL ,OJUDGRGLGXUH]]DqVHJQDODWRGDOO¶DFFHQVLRQHGHOOHVSLH 3UHPHUH LO SXOVDQWH SHU LPSRVWDUH OD GXUH]]D GHO O¶DFTXD 35(,1)86,21( 352*5$00$=,21()81=,21,0$&&+,1$ ,OSURFHVVRGLSUHLQIXVLRQHFRQLOTXDOHLOFDIIqYLHQHOHJ JHUPHQWH LQXPLGLWR SULPD GHOO¶LQIXVLRQH YHUD H SURSULD ID ULVDOWDUHO¶DURPDSLHQRGHOFDIIqFKHDFTXLVWDXQJXVWRHF FHOOHQWH(¶SRVVLELOHVFHJOLHUHWUD³DWWLYDWD´³GLVDWWLYDWD´ 5,6&,$&482 3UHPHUH LO SXOVDQWH SHU UHJRODUHODIXQ]LRQH 3UHLQIXVLRQHDWWLYDWD 3UHLQIXVLRQHGLVDWWLYDWD 5LVFLDFTXRDWWLYDWR 5LVFLDFTXRGLVDWWLYDWR 4XDQGR VL DWWLYD TXHVWD IXQ]LRQH VXELWR GRSR OD IDVH GL ULVFDOGDPHQWR O¶DSSDUHFFKLR SXOLVFH L FRQGRWWL LQWHUQL SHU JDUDQWLUHFKHO¶HURJD]LRQHGHOFDIIqVLDHVHJXLWDVRORFRQ DFTXDIUHVFD ,QWXWWLJOLDSSDUHFFKLQXRYLTXHVWDIXQ]LRQHqJLjDWWLYDWD GDOFRVWUXWWRUH ),1( 352*5$00 3UHPHUH LO SXOVDQWH SHU UHJRODUHODIXQ]LRQH &RQTXHVWRSURFHGLPHQWRVLUHQGRQRDWWLYHOHLPSRVWD]LRQL VHJQDODWH 6SHJQHUHODPDFFKLQD 5LDFFHQGHUH OD PDFFKLQD SHU DWWLYDUH OH IXQ]LRQL SURJUDPPDWH 7UDPLWHLOSDQQHOORFRPDQGLODPDFFKLQDJXLGDO¶XWHQWHDOFRUUHWWRXWLOL]]RGHOODVWHVVD LDQWH 'HFDOFL¿FDUHODPDFFKLQD /DPSHJJ LDQWH /DPDFFKLQDqLQIDVHGLULVFDOGDPHQWRDW WHQGHUHFKHODPDFFKLQDSRUWLDWHUPLQHTXH VWDRSHUD]LRQH )LVVR 5LHPSLUH LO VHUEDWRLR GHOO¶DFTXD FRQ DFTXD IUHVFDSRWDELOH /DPSHJJ LDQWH /DPSHJJ &DULFDUHLOFLUFXLWR0HVVDLQIXQ]LRQH 5LHPSLUHLOFRQWHQLWRUHFDIIqLQJUDQLFRQFDI IqLQJUDQL )LVVR H LDQW /DPSHJJ $SULUHORVSRUWHOORHVWUDUUHLOFDVVHWWRUDFFR JOLIRQGL H VYXRWDUH L IRQGL LQ XQ FRQWHQLWRUH LGRQHR 1RWDLPSRUWDQWHLOFDVVHWWRUDFFRJOLIRQGLGHYHHVVHUHYXRWDWRVRORTXDQGR ODPDFFKLQDqDFFHVD,OFDVVHWWRGHYHHVVHUHHVWUDWWRSHUDOPHQRVHFRQGL /RVYXRWDPHQWRGHOFDVVHWWRDPDFFKLQDVSHQWDQRQSHUPHWWHO·HURJD]LRQHGHO FDIIqDOODULDFFHQVLRQHGHOODVWHVVD ,QVHULUHFRUUHWWDPHQWHLOJUXSSRHURJDWRUH )LVVR ODYDVFDUDFFRJOLJRFFHHGLOFDVVHWWRUDFFRJOL IRQGL&KLXGHUHORVSRUWHOORDQWHULRUH LDQWH /DPSHJJ 0RWRUHPDFLQDFDIIqEORFFDWR 0RWRUHJUXSSRHURJDWRUHEORFFDWR 5LYROJHUVL DG XQ FHQWUR GL$VVLVWHQ]D$XWR UL]]DWR LDQWH /DPSHJJ )LVVR /DPDFFKLQDVWDHVHJXHQGRLOULVFLDFTXRDW WHQGHUHFKHODPDFFKLQDSRUWLDWHUPLQHTXH VWDRSHUD]LRQH 6RVWLWXLUH LO ¿OWUR ³$TXD 3ULPD´ SUHVHQWH QHO VHUEDWRLR 'RSRDYHUVRVWLWXLWRLO¿OWURQHOVHUEDWRLRWH QHUH SUHPXWR LO SXOVDQWH TXDQGR LO OHG ODP SHJJLDULODVFLDUHLOSXOVDQWH ,1)250$=,21,$**,817,9(3(5,/&255(77287,/,==2'(/),/752 ´$48$35,0$µ 3HUXWLOL]]DUHFRUUHWWDPHQWHLO¿OWUR³$TXDSULPD´YLHOHQFKLDPRDOFXQHDYYHUWHQ]H GDSUHQGHUHLQFRQVLGHUD]LRQH &RQVHUYDUHLO¿OWUR³$TXDSULPD´LQXQDPELHQWHIUHVFRDOULSDURGDOVROHOD WHPSHUDWXUDGHOO¶DPELHQWHGHYHHVVHUHFRPSUHVDWUD&H& 8WLOL]]DUHLO¿OWURLQDPELHQWLODFXLWHPSHUDWXUDQRQVXSHULL& &RQVLJOLDPRGLODYDUHLO¿OWUR³$TXDSULPD´GRSRJLRUQLG¶LQXWLOL]]RGHOODPDF FKLQDGDFDIIq ÊQHFHVVDULRVRVWLWXLUHLO¿OWURGRSRJLRUQLG¶LQXWLOL]]RGHOODPDFFKLQDGD FDIIq 1HOFDVRVLYRJOLDFRQVHUYDUHXQ¿OWURJLjDSHUWRFKLXGHUORHUPHWLFDPHQWHLQ XQVDFFKHWWRGLQ\ORQHULSRUORQHOIULJRULIHURqYLHWDWRFRQVHUYDUORQHOIUHH]HU LQTXDQWRVLDOWHUDQROHSURSULHWjGHO¿OWUR 3ULPD G¶XWLOL]]DUH LO ¿OWUR ODVFLDUOR LPPHUVR QHO VHUEDWRLR GHOO¶DFTXD SHU PLQXWL 1RQFRQVHUYDUHLO¿OWURDOO¶DSHUWRXQDYROWDHVWUDWWRGDOODFRQIH]LRQH ,O¿OWURGHYHHVVHUHVRVWLWXLWRGRSRJLRUQLGDOO¶DSHUWXUDGHOO¶LPEDOORRGRSR DYHUWUDWWDWROLWULGLDFTXDSRWDELOH ,7$/,$12 6(*1$/$=,21,',63/$<127(),/752$48$35,0$ 352%/(0,&$86(5,0(', 352%/(0, &$86( 5,0(', /D PDFFKLQD QRQ VL /D PDFFKLQD QRQ q FROOH $WWLYDUH O¶LQWHUUXWWRUH JHQH DFFHQGH JDWDDOODUHWHHOHWWULFD UDOH &RQWUROODUHODVSLQDHODFRQ QHVVLRQH ,O FDIIq QRQ q DEED /HWD]]LQHVRQRIUHGGH VWDQ]DFDOGR 352%/(0, &$86( (URJD]LRQH WURSSR 0DFLQDWXUDWURSSR¿QH VFDUVDRDVVHQWH 5,0(', 5HJRODUHODPDFLQDWXUDVXXQ YDORUH SL JURVVR UXRWDUH LO SRPHOORLQVHQVRRUDULR 6FDOGDUHOHWD]]LQH 6HOH]LRQDQGR ³FDIIq 1RQqVWDWRLQVHULWRLOFDIIq (URJDUH QXRYDPHQWH LQVH PDFLQDWR ³ YLHQH HUR PDFLQDWR UHQGRLOFDIIqPDFLQDWR JDWDVRORDFTXD 1HVVXQD HURJD]LRQH %HFFXFFLR GHO WXER RWWX 3XOLUH LO EHFFXFFLR FRQ XQ GL DFTXD FDOGD R YD UDWR DJR SRUH 3HU TXHVWD RSHUD]LR QH LO SRPHOOR GHYH HVVHUHFKLXVRODPDFFKLQD GHYHHVVHUHVSHQWD /D PDFFKLQD LPSLHJD /¶DSSDUHFFKLR KD PROWR 'HFDOFL¿FDUHO¶DSSDUHFFKLR PROWR WHPSR SHU VFDO FDOFDUH GDUVL ,O JUXSSR QRQ SXz ,O JUXSSR VL q DUUHVWDWR LQ &KLXGHUH OR VSRUWHOOR HG HVVHUHHVWUDWWR XQDSRVL]LRQHHUUDWD DFFHQGHUH OD PDFFKLQD LO JUXSSRHURJDWRUHHVHJXHXQ FLFORGLULSULVWLQR HR H PDQRSROD 6%6 UXRWDWD 5XRWDUH OD PDQRSROD 6%6 YHUVRGHVWUD YHUVRVLQLVWUD ,7$/,$12 127( ,7$/,$12 (1*/,6+ %(',(181*6$1/(,781* %HGLHQXQJVDQOHLWXQJLVWYRUGHPHUVWHQ*HEUDXFKGHU0DVFKLQH DXIPHUNVDP]XOHVHQ 02'('¶(03/2, ,16758&&,21(6'(862 7<3(683<15 ,16758d®(63$5$862 /HU DWHQWDPHQWH HVWDV LQVWUXo}HV GH XVR DQWHV GH XWLOL]DU D PiTXLQD *(%58,.6$$1:,-=,1* /HHVGH]H,16758&7,(6DDQGDFKWLJGRRUDOYRUHQVKHWDSSDUDDW WHJHEUXLNHQ )25+286(+2/'86(21/< ?Z[Wim_j^FWii_ed '(876&+ (63$f2/ /LUHDWWHQWLYHPHQWFHPRGHG¶HPSORLDYDQWG¶XWLOLVHUODPDFKLQH 'LHVH /HHU DWHQWDPHQWH HVWDV LQVWUXFFLRQHV GH XVR DQWHV GH XWLOL]DUODPiTXLQD 6DHFR,QWHUQDWLRQDO*URXS6S$9LD3DQLJDOL *DJJLR0RQWDQR%RORJQD,WDO\ 7HO)D[ KWWSZZZVDHFRFRP )5$1d$,6 23(5$7,1*,16758&7,216 5HDG WKHVH RSHUDWLQJ LQVWUXFWLRQV FDUHIXOO\ EHIRUH XVLQJ WKH PDFKLQH 1('(5/$1' 32578*8Ç6 &RG5HYGHO ,6758=,21,3(5/¶862 /HJJHUHDWWHQWDPHQWHTXHVWHLVWUX]LRQLG¶XVRSULPDGLXWLOL]]DUH ODPDFFKLQD