7(+1,6.Ɩ$3.23(
a %5Ʈ',1Ɩ-806$WYLHQRMLHWDL]GHG]HVVYHFL
SLUPVYHLFDWLHNƗUWDVWHKQLVNRDSNRSLL]ƼHPRW
JDGƯMXPXVNDGUHJXOƝMDWNDUEXUDWRUX
9LVXVUHPRQWGDUEXVXQQRUHJXOƝãDQXNDV
QDYDSUDNVWƯWDãDMƗURNDVJUƗPDWƗLULHWHLFDPV
YHLNWSLOQYDURWDPDSNRSHVVQLHG]ƝMDPYDL
JDOYHQDMDPDSNRSHVVQLHG]ƝMDP
9,63Ɩ5Ʈ*,,(7(,.80,
âƯVLHNƗUWDVJDUDQWLMDQHDWWLHFDVX]LHUƯFƝPNXUDV
OLHWRWƗMVLUL]PDQWRMLVQHDWELOVWRãLQRWHLNXPLHP/DL
JDUDQWLMDEnjWXVSƝNƗOLHWRWƗMDPLUMƗYHLFLHUƯþXDSNRSH
DWELOVWRãLãƯVURNDVJUƗPDWDVLQVWUXNFLMƗP/DLSDUHL]L
X]WXUƝWXLHNƗUWXWƗLUSHULRGLVNLMƗQRUHJXOƝ
69$5Ʈ*,9LVXVUHPRQWGDUEXVL]ƼHPRWLHWHLFDPR
DSNRSLNDVDSUDNVWƯWDURNDVJUƗPDWƗL]SLOGLHW
SLOQYDURWƗVHUYLVDFHQWUƗ
-DSURGXNWDDSNRSLYHLFDSNRSHVVQLHG]ƝMVNDV
QDYSLOQYDURWVDSNRSHVVQLHG]ƝMVX]ƼƝPXPV
YDUQHPDNVƗWSDUUHPRQWXVDVNDƼƗDUJDUDQWLMDV
QRWHLNXPLHP-njVHVDWDWELOGƯJVSDUYLVSƗUƯJDV
DSNRSHVYHLNãDQX
$3.23(6*5$),.6
3LUPVNDWUDVOLHWRãDQDV
SƗUEDXGLHWGHJYLHODVPDLVƯMXPDOƯPHQL
SƗUEDXGLHWYDLYDGRWQHLULHHƺƺRWD
SƗUEDXGLHWƷƝGHVVSULHJRMXPX
SƗUEDXGLHWƷƝGHVDVXPX
SƗUEDXGLHWYDL]ƗƧDGDƺDVQDYERMƗWDV
SƗUEDXGLHWYDLYƗFLƼLQDYYDƺƯJL
SƗUEDXGLHWYDL¿NVDWRULQDYYDƺƯJL
SƗUEDXGLHWYDLGDƺDVQDYYDƺƯJDV
,NSƝFVWXQGƗP
SƗUEDXGLHWXQL]WƯULHWJDLVD¿OWUX
SƗUEDXGLHWXQQRWƯULHWƷƝGHVEUHP]L
SƗUEDXGLHWXQQRWƯULHWYDGRWQL
,NSƝFVWXQGƗP
SƗUEDXGLHWXQQRWƯULHWSUHWG]LUNVWHƺXHNUƗQXXQ
VOƗSƝWƗMX
5HL]LJDGƗ
QRPDLQLHWDL]GHG]HVVYHFHV
QRPDLQLHWGHJYLHODV¿OWUX
QRPDLQLHWJDLVD¿OWUX
.DWUDGDUEDVWXQGDDWELOVWDSWXYHQLL]WXNãRWƗP
GHJYLHODVWYHUWQƝP
$3.23(6'$5%Ʈ%$6
3Ɩ5%$8',(7'(7$ƹ$69$,7Ɩ61$9
12',/8â$69$,%2-Ɩ7$6
6D]LQLHWLHVDUSLOQYDURWXUHPRQWGDUEQƯFXODLQRPDLQƯWX
ERMƗWDVYDLQRGLOXãDVGHWDƺDV
3,(=Ʈ0(3ƝFG]LQƝMDGDUEƯEDVDSWXUƝãDQDVYDU
SDUƗGƯWLHVQHOLHOVGDXG]XPVHƺƺDV7DVQHOLHFLQDSDU
HƺƺDVWYHUWQHVQRSOnjGL
6OƝG]LV216723,HVOƝJWDSWXUƝW²SƗUEDXGLHWYDL
VOƝG]LV216723,HVOƝJWDSWXUƝWGDUERMDVSDUHL]L
SƗUVOƝG]RWVOƝG]LX]OHMX3ƗUOLHFLQLHWLHVYDLG]LQƝMD
GDUEƯEDLUDSWXUƝWD3ƝFWDPDWNƗUWRWLLHGDUELQLHW
G]LQƝMXXQWXUSLQLHWGDUEX
'HJYLHODVWYHUWQH²QHOLHWRMLHWGHJYLHODVWYHUWQLMD
WƗLUERMƗWDYDLWDMƗLUUDGXVLHVQRSOnjGH
(ƺƺDVWYHUWQH²QHOLHWRMLHWHƺƺDVWYHUWQLMDWƗLUERMƗWD
YDLLUUDGXVLHVWƗVQRSOnjGH
3Ɩ5%$8',(79$,67,35,1Ɩ-80,81
'(7$ƹ$61$99$ƹƮ*$6
6OLHGHVX]JULHåƼL
=ƗƧDƷƝGH
6OƗSƝWƗMV
&LOLQGUDDL]VDUJV
*DLVD¿OWUV
5RNWXUDVNUnjYHV
9LEUƗFLMDVVWLSULQƗMXPL
6WDUWHUDNRUSXVV
3ULHNãƝMDLVURNXDL]VDUJV
3Ɩ5%$8',(7ƶƜ'(6$6808
,]PDQWRMRWDVXƷƝGLURGDVNRNDVNDLGDV,]PDQWRMRW
QHDVXƷƝGLURGDV]ƗƧXVNDLGXSXWHNƺLXQ]ƗƧƝãDQD
QRULWOƝQL6NDWLHWVDGDƺXƶƜ'(6$6,1Ɩâ$1$
9$'271(
7ƗOƗNQRUƗGƯWDVSD]ƯPHVNDVOLHFLQDSDUYDGRWQHV
DSNRSHVQHSLHFLHãDPƯEX
=ƗƧLV]ƗƧƝYLHQƗNRNDSXVƝYDLOHƼƷƯ
=ƗƧLVMƗYLU]DLHJULH]XPƗDUVSƝNX
9DGRWQHƷƝGHQHWLHNSLHWLHNDPLLHHƺƺRWD
3ƗUEDXGLHWYDGRWQLLNUHL]NDGDVLQƗWƷƝGL1RGLOXVL
YDGRWQHVDERMƗVƷƝGLXQDSJUnjWLQƗV]ƗƧƝãDQX
3ƝFNDWUDVOLHWRãDQDVUHL]HVSƗUVOƝG]LHWVOƝG]L21
6723,HVOƝJWDSWXUƝWX]OHMXOƯG]G]LQƝMVWLHN
DSWXUƝWVSƝFWDPQRWƯULHWYLVDV]ƗƧXVNDLGDVQR
YLU]ƯWƗMVOLHGHVXQƷƝGHVUDWDFDXUXPD
/DLYHLNWXYDGRWQHVDSNRSLYHLFLHWWƗOƗNQRUƗGƯWƗV
GDUEƯEDV
$WODLGLHWYDGRWQHVX]JULHåƼXVXQVDMnjJDYƗNX
YDƺƯJƗNXQQRƼHPLHWWRV1RƼHPLHWYDGRWQLXQƷƝGL
QR]ƗƧD
,]WƯULHWHƺƺDVSDGHYHVFDXUXPXV$XQYDGRWQHV
ULHYX%
6OLHGHVQRGLOXPDGƝƺYDGRWQHVULHYDNƺnjVW
QHOƯG]HQD1ROƯG]LQLHWULHYXL]PDQWRMRWSODNDQX
YƯOL
-DVOLHGHVDXJãGDƺDLUQHOƯG]HQDL]PDQWRMLHW
SODNDQXYƯOLODLDWMDXQRWXOƯG]HQDVPDODVXQVWnjUXV