67(00$ $10, 6267(1,725, &20,7$72¯0$5(1267580° $7,72/23(5621$/(( ,1',3(1'(17('(/ #10(#.%10' &+(',9(17,&21*(67,21(,1$77,92$1&+(/82*2', ,1&21752&8/785$/('232,//$9252(3(5,3(16,21$7, 3(548(//,&+(&(5&$12/$9252678'(17,785,67, 0XVHR' R'LQDPLFR 9(56$5(/,5(68/&& GHOOD&DVVDGL5LVSDUPLRGL*RUL]LD SHU086(2&$17,(5,67,&$ 'RSRLSULPL6RVWHQLWRULODTXRWDVDUjGLOLUH 3HUGLPRVWUDUHDOOH,VWLWX]LRQL FKHODSRSROD]LRQHqLQWHUHVVDWDDTXHVWRSURJHWWR 3(53523267((68**(5,0(17, 6&5,9(5($ ¯0$5(1267580° $10, $VVRFLD]LRQH1D]LRQDOH0DULQDLG¶,WDOLD YLDVDQ)UDQFHVFR 0RQIDOFRQH*RUL]LD &DWDORJRGHO #10(#.%10' ³$662&,$=,21(&8/785$/((62&,$/(´ %R]]D FKHULJXDUGDLOSULPRGHLUHSDUWLLQFXLVLVXSSRQHDUWLFRODWRLO0XVHR/D UDFFROWDLQIDVFLFRORGHL6RPPDULSUHFHGXWDGDXQ¶LQWURGX]LRQHHGDOODVWRULDGLFRPH qQDWRLOPXVHRFRVWLWXLUjLO&$7$/2*2QHOTXDOHWURYHUDQQRVSD]LRSXEEOLFLWDULR DQFKHWXWWLJOLHQWLHOHGLWWHLQWHUHVVDWHDOODFDQWLHULVWLFDDOODQDXWLFDGDGLSRUWRHGDO WXULVPR8WLOL]]D]LRQH,17(51(79LVLWHJXLGDWH ,5HSDUWR$FFRJOLHQ]DYLVLWDWRUL 6200$5,2%R]]D 1HOODVWHVXUDILQDOHRJQL6RPPDULRDYUjXQDSULPDSDJLQDVFULWWDH GXHSDJLQHGLIRWR HGLGRFXPHQWLULSURGRWWL ,Q TXHVWR UHSDUWR VRQR HVSRVWH GRFXPHQWD]LRQL VXL &5'$ VXO 5LRQH GL 3DQ]DQR VXOO¶$OEHUJR,PSLHJDWLVXOOD),1&$17,(5,HVX0RQIDOFRQH ,QJUHVVR VDOD FRQIHUHQ]H VDOHWWD ULXQLRQL EDU VSRUWHOOR GHO &RPXQH FRQ $VVLVWHQWH VRFLDOH VSRUWHOOR LQIRUPD]LRQL WXULVWLFKH 8IILFL GHOO¶$VVRFLD]LRQH VDOHWWH SHU $VVRFLD]LRQL H &LUFROL $]LHQGDOL /¶DFFRJOLHQ]D YLVLWDWRUL q DQFKH GHVWLQDWD DO SHUVRQDOH GL WXWWH OH 'LWWH GHOOD ]RQD LQWHUHVVDWH DOOD FDQWLHULVWLFD HG DOOD QDXWLFD GD GLSRUWRLQSULPROXRJRGHOOD),1&$17,(5,HGDQFKHDLGLVRFFXSDWLHGDLSHQVLRQDWL FKH YRJOLRQR PDQWHQHUH L FRQWDWWL FRQ TXHOOL FKH ODYRUDQR ,O UHSDUWR DFFRJOLHQ]D GRYUHEEH DYHUH DPSL RUDUL GL DSHUWXUD IHULDOL H IHVWLYL DVVLFXUDWL GD SHUVRQDOH YRORQWDULRHQRQJHVWLWRGDOO¶$VVRFLD]LRQHHGDGLVSRVL]LRQHSHUFRQIHUHQ]HVRFLDOLH FXOWXUDOL 'DYDQWL DOO¶LQJUHVVR GHO 0XVHR ELVRJQHUHEEH SUHYHGHUH XQ DXWREXV FLUFRODUHFRQFDGHQ]DRJQLPLQXWLFKHSURYHQJDGDXQSDUFKHJJLRQHOOHYLFLQDQ]H SHUDOPHQRSXOOPDQHDXWRHFRQSHUFRUVRFKHSDVVLSHUYLD&RVXOLFKSLD]]D GHOOD 5HSXEEOLFD &RUVR GHO 3RSROR 6WD]LRQH GHOOH )HUURYLH YLDOH 6DQ 0DUFR 3RUWLFFLROR 5LRQH GL 3DQ]DQR H GL QXRYR $OEHUJR ,PSLHJDWL )HUPDWH YLFLQR D IDUPDFLDULVWRUDQWLDOEHUJKLQHJR]LEDUDXWRFRUULHUHWD[L&RPXQH%DQFKHXIILFL WXULVWLFLULWRUQRDO0XVHR (YHQWXDOH ]RQD HVWHUQD DO 0XVHR SHU VH]LRQL QDYDOL WLPRQL HOLFKH DQFRUH HFF FROOHJDWD FRQ DXWREXV )RUVH UHDOL]]DELOH GDO SRUWLFFLROR GHO &DQDOH 9DOHQWLQLV XQ VHUYL]LRPRWRVFDILSHUODYLVLWDGDOPDUHGHO&DQWLHUHHGHOOHQDYLLQFRVWUX]LRQHHLQ DOOHVWLPHQWR &HQWUDOH 7HUPRHOHWWULFD (1(/ SRUWR GL 0RQIDOFRQH 1$87(& &DUWLHUD9LOODJJLRGHO3HVFDWRUHIRFLGHO7LPDYR'XLQR6LVWLDQD,VRODGHOOD&RQD 3DUFR1DWXUDOH6GREED)RFLGHOO¶,VRQ]R+$11,%$/6RFLHWj9HOD2VFDU&RVXOLFK 0DULQD -XOLD OH *LDUHWWH 6RFLHWj &DQRWWLHUL 7LPDYR LO &DUVR GHOOD ,D *XHUUD 0RQGLDOH /LGR GL 3DQ]DQR LO /RNRYDF LO %UDQFROR PDULFROWXUD PLWLFROWXUD /H *LQHVWUH/D&RVWDGHL%DUEDUL #10(#.%10' 1RPLGL5HSDUWLSHUORVWXGLRHODVFHOWD x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x x 6DODWUDFFLDWRVDODGLVHJQRLQWURGX]LRQHGHOFRPSXWHU ,VDOGDWRUL/HDOWUH&DWHJRULHGLODYRUDWRUL/HTXDOLILFKH ,QIRUWXQLHPDODWWLHSURIHVVLRQDOL$PELHQWHHFRQGL]LRQLGLODYRUR /¶LQIOXHQ]DVRFLRHFRQRPLFDQHOWHUULWRULRGHL&DQWLHULHGHO0XVHR /¶2IILFLQD0HFFDQLFD1DYDOH $OWUL5HSDUWL ,QGXVWULHORFDOLHDUWLJLDQLVLPLODUL 2(2(7$16$/'2$6*(1)06$ $OWUHLQGXVWULHGHOOD5HJLRQH*OLDUWLJLDQL *OLDUPDWRUL /HVRFLHWjGLQDYLJD]LRQH &RQWUROOL$SSURYD]LRQLGHOO¶$UPDWRUHGHL5HJLVWULGHJOL(QWL /H2IILFLQH0HFFDQLFKH)HUURYLDULHH$HURQDXWLFKH20)$ ,&5'$O¶,7$/&$17,(5,OD),1&$17,(5,5LFDGXWDG¶LPPDJLQHVX0RQIDOFRQHH 5HJLRQH,&DQWLHUL6DQ0DUFR$760 'LYHUVLILFD]LRQHLQGXVWULDOH /HSUHPLD]LRQL1DWDOH3DVTXD 6WRULDGHOODQDYLJD]LRQHQHOPRQGRLQ,WDOLDLQ5HJLRQH 6WRULDGHO)9* 6WRULDGL0RQIDOFRQH ,&RVXOLFK /D FRVWUX]LRQH GHOOR VFDIR /¶DOOHVWLPHQWR , 5LIRUQLPHQWL 0HWRGRORJLH 7HFQRORJLH QHOODFDQWLHULVWLFDHQHOO¶LQGXVWULD /D³VFRYD]]HUD´OH³JHPHOOH.HVVOHU´HFF 0RQWDJJLRGHJOLDSSDUDWLPRWRULDVWXFFLDVVLHOLFKHWLPRQL /D'LUH]LRQH&HQWUDOH5DSSRUWLFRQJOL$UPDWRUL$FFRUGLFRQDOWUL&DQWLHUL &HULPRQLHGHLYDULHGHOOHFRQVHJQH9LVLWHDO&DQWLHUHHDOOH1DYL 8IILFL3URGX]LRQH3URJUDPPD]LRQH3HUVRQDOH $SSDOWL'LWWHHVWHUQH8IILFL$FTXLVWL,)RUQLWRUL,7UDVIHUWLVWL 'DOO¶LQWURGX]LRQHGHOFRPSXWHUDOODURERWL]]D]LRQHGHOOHRIILFLQH $UHJRODG¶DUWHJOL³$UWLVWL´GHO&DQWLHUH &LUFRORULFUHDWLYR&RUR*ULRQ$1/$/HWUDGL]LRQLGHO&DQWLHUHHGHOOHYDULH(WQLH,O IDVFLVPR/DUHVLVWHQ]D/HORWWHVLQGDFDOL R' 'LQDPLFR /R6WDELOLPHQWRFRPHHVSUHVVLRQHFXOWXUDOHHGLQWHJUD]LRQHFRQ 0XVHR /HPRJOLHLILJOLGLTXHOOLGHOFDQWLHUHLHULHRJJL 2IILFLQHHG8IILFLQHO&DQWLHUH'LULJHQWLLPSLHJDWLHRSHUDLODYRUDQRLQVLHPH %LEOLRWHFDVXOODFDQWLHULVWLFD2SXVFROL'LWWHH)RUQLWRUL)LOPDWL $WWUH]]DWXUHFRVWUXLWHLQ&DQWLHUH,O/DERUDWRULRVSHULPHQWDOH $UUHGDPHQWRQDYDOH&RQIURQWRFRQDOWULDUUHGDPHQWLQRQQDYDOL /HQDYLELDQFKH /HQDYLPLOLWDUL /HQDYLHFRORJLFKH /HQDYLVSHFLDOL /¶HVHUFL]LR GHOOHQDYL ,EDFLQL *OLDUVHQDOL ,SRUWL &RUVLHVFXROHD]LHQGDOLFRPHFRPSOHWDPHQWRGHOOHVFXROHSXEEOLFKH 5HOLJLRVLWjGHOODJHQWHGLPDUHGLIURQWHDOOHIRU]HGHOODQDWXUD ,QYHQ]LRQLFDUDWWHULVWLFKHDWWXDWHHGDDWWXDUH &DQWLHULSHUODQDXWLFDGDGLSRUWR,%25$+$11,%$/1$87(& ,OPDUHHODGLIHVDGHOO¶DPELHQWH,SHULFROLGHOO¶LQGXVWULD 1DXWLFDGDGLSRUWRQHOOD%DLDGL3DQ]DQRVYLOXSSRHLQWHJUD]LRQH 6WRULDGHOOD&DQWLHULVWLFDQHOPRQGRLQ,WDOLDLQ5HJLRQHHD0RQIDOFRQH 6WRULDGHOOD1DXWLFDGD'LSRUWRQHOPRQGRLQ,WDOLDLQ5HJLRQHHD0RQIDOFRQH ,O0XVHRFRPHSURPR]LRQHSHULO785,602,15(*,21( « /2*2 ),1&$17,(5, 67(00$ $1/$ /2*2 $7(1$ /2*2 352/2&2 021)$/&21( 67(00$ 67(00$ 5(38%%/,&+(0$5,1$5( $10, 'RSRODVFHOWDGHLFRQWHQXWLDQFKHLQDFFRUGRFRQDOWUL0XVHL QD]LRQDOLHFRQOHSULQFLSDOL,QGXVWULHHG(QWLLQWHUHVVDWL ELVRJQHUjFRPSOHWDUHWDOLLQGDJLQLFRQ VWXGLGLIDWWLELOLWjHGLJHVWLRQHFKHWHQJDQRFRQWR GHLGHVLGHULGHLVRVWHQLWRULHGHOOHSRVVLELOLWjGL SRVWLGLODYRURRIIHUWHGDOOHDWWLYLWjFRVuFUHDWH /D5HJLRQHILQDQ]LLO&RPXQHFKHDFTXLVWLORVWDELOHHFRQ O¶DVVLVWHQ]DGHO &20,7$72¯0$5(1267580° JHVWLVFDLO 0XVHR 32/25(*,21$/(GLULIHULPHQWRVRFLDOH GHOODFXOWXUDHGHOWXULVPR GLYXOJDWHO·HOHQFRGHL6RVWHQLWRUL FRQLOULQJUD]LDPHQWRGHO&RPLWDWR VWDPSDWRLQSURSULR SUHJKLDPRVHJQDODUH(2 ER]]D 0RQIDOFRQHOXJOLR