$&&,$, /$0,1$7, $ &$/'2 1250$ 0$7(5,$/,

2 75$),/$7,
/$0,(5( 1$675, ),/, %$55( 
( 352),/$7,
QRUPD]LRQH ', 862 *(1(5$/( '$ &26758=,21(
3DJLQD 
'DWD 'LFHPEUH 


),1$/,7 '(//$ 1250$

70'
'HILQLUH OH FDUDWWHULVWLFKH GHJOL DFFLDL QRQ OHJDWL ODPLQDWL D FDOGR R WUDILODWL LQ ODPLHUH QDVWUL ILOL EDUUH H
SURILODWL GL XVR JHQHUDOH GD FRVWUX]LRQH

&ODVVH
)RUQLUH OH SUHVFUL]LRQL SHU O
LQGLFD]LRQH D GLVHJQR GL WDOL DFFLDL


0RG

(GL]LRQH
 5(&<&/(' 3$3(5

/D SUHVHQWH 1RUPD ý FRPSRVWD GL Q•  SDJLQH

0RGLILFD 'DWD 'HVFUL]LRQH GHOOD PRGLILFD

&$57$ 5,&,&/$7$ 

 'LF
 (GL]LRQH   5LYHGXWD FRPSOHWDPHQWH HG DUPRQL]]DWD FRQ OH WDE $5
   
       

    
    

&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
 *)
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
5,6(59$72

,1 &$62 ', 67$03$ /$ &23,$ (

'$ 5,7(1(56, 121 &21752//$7$ 3(57$172 (
1(&(66$5,2 9(5,),&$5( /
$**,251$0(172 1(//
$3326,72 6,72 :(%

5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(

 3DJ 
 0RGLI


*(1(5$/,7



7LSR GL PDWHULDOH
3URGRWWL LQ DFFLDLR DO FDUERQLR QRQ OHJDWR H QRQ GD WUDWWDPHQWR GHVWLQDWL DOOD IDEEULFD]LRQH GL SDUWLFRODUL
VWUXWWXUDOL
 /DPLHUH H QDVWUL ODPLQDWL D FDOGR VSHVVRUH    PP IRUQLWL LQ IRJOL R URWROL GHVWLQDWL DG RSHUD]LRQL
GL WUDQFLDWXUD R SLHJDWXUD HG HQWUR FHUWL OLPLWL H SUHYLR DFFRUGR DOO
RUGLQH VWDPSDJJLR
 7RQGL TXDGUL HVDJRQL SLDWWL LQ EDUUH H SURILODWL ODPLQDWL D FDOGR WUDILODWL R SHODWL UXOODWL H SUHYLR DFFRU
GR DOO
RUGLQH UHWWLILFDWL DYHQWL GLPHQVLRQL    PP
, SURGRWWL ODPLQDWL D FDOGR VRQR GL UHJROD IRUQLWL GRSR WUDWWDPHQWR GL QRUPDOL]]D]LRQH VH ULFKLHVWR DOO
RUGL
QH /H EDUUH FKH GRSR OD ODPLQD]LRQH YHQJRQR WUDILODWH VRQR IRUQLWH DOOR VWDWR FUXGR R DOOR VWDWR ULFRWWR



,PSLHJR
3DUWLFRODUL VWUXWWXUDOL

 5(&<&/(' 3$3(5


,1',&$=,21, $ ',6(*12 ( 180(52 ', &2',&( 0(&&$12*5$),&2

,1',&$=,21( $ ',6(*12 o 1• &2',&( 0(&&$12*5$),&2 7DE 

)(  

&$57$ 5,&,&/$7$ 

)(  & 

)(  ' 

)(  & 

)(  ' 

)(  & 

&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$

)(  ' 

,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $

)(  

)(  

)(  & 

)(  ' 
5,6(59$72

o 3HU O
LQGLFD]LRQH D GLVHJQR YHGHUH DQFKH
 /DPLHUH H QDVWUL 7DE   /H FRQGL]LRQL JHQHUDOL GL IRUQLWXUD VRQR ULSRUWDWH QHO &DS 
 %DUUH SURILODWL ILOL 7DE   /
LQGLFD]LRQH D GLVHJQR GRYU ULVXOWDUH FRPSRVWD GDOOD VLJOD
GHOO
DFFLDLR H GDOOR VWDWR GHO PDWHULDOH /07& /07& 3(/ 75) 75) 5&7
(VHPSLR )(  & 75) 5&7

5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(

 &$57$ 5,&,&/$7$   5(&<&/(' 3$3(5


3DJ
0RGLI


5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(



5,6(59$72
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
 3DJ 
 0RGLI



,PSLHJKL VSHFLDOL
3HU LPSLHJKL SDUWLFRODUPHQWH LPSHJQDWLYL H OLPLWDWL D FDVL HFFH]LRQDOL O
RUGLQH GHYH HVVHUH FRUUHGDWR GDO
OD k6FKHGD LGHQWLILFD]LRQH ODPLQDWRl RSSRUWXQDPHQWH FRPSLODWD GDL k6HUYL]L 'HILQL]LRQH 3URGRWWRl ,O
PRGXOR GL TXHVWD VFKHGD ý VFKHPDWL]]DWR QHO &DS 
/
LGHQWLILFD]LRQH GHO PDWHULDOH GRYU HVVHUH OHJJHUPHQWH PRGLILFDWD FRQ O
DJJLXQWD ILQDOH GL XQD k.3l
PDLXVFROD SUHFHGXWD GD XQ WUDWWLQR (VHPSLR k)(.3l


$63(772 683(5),&,$/(



$VSHWWR ODPLHUH H QDVWUL

3HU OD GHILQL]LRQH GHOO
DVSHWWR 0+ 0* H 0) YHGHUH &DS  H 7DE 



(VDPH YLVLYR

 5(&<&/(' 3$3(5

/D VXSHUILFLH GHYH HVVHUH HVHQWH GD FULFFKH VFDJOLH SDJOLH VRIILDWXUH YDLRODWXUH ULSLHJDWXUH VFUHSROD
WXUH R DOWUL GLIHWWL GL HQWLW WDOH FKH QH SRVVDQR SUHJLXGLFDUH OD QRUPDOH XWLOL]]D]LRQH
$OFXQL GL TXHVWL GLIHWWL SRVVRQR HVVHUH HOLPLQDWL PHGLDQWH PRODWXUD R DOWUL PH]]L DSSURSULDWL SXUFKÿ OD
]RQD ULSDUDWD VLD EHQ VSLDQDWD H UDFFRUGDWD H OD ULGX]LRQH GL VSHVVRUH FKH QH FRQVHJXH ULHQWUL QHOOH WROOH
UDQ]H DPPHVVH
6HFRQGR TXDQWR VSHFLILFDWR DOO
RUGLQD]LRQH OH ODPLHUH H L QDVWUL SRVVRQR HVVHUH IRUQLWL FRQ ERUGL JUH]]L

&$57$ 5,&,&/$7$ 

GL ODPLQD]LRQH R FRQ ERUGL ULILODWL /R VWDWR GHL ERUGL QRQ GHYH SUHJLXGLFDUH O
LPSLHJR GHO VHPLODYRUDWR


&20326,=,21( &+,0,&$ 

'(6,*1$
'(6,*1$ $1$/,6, ', &2/$7$ $1$/,6, 68/ 6(0,/$925$72
=,21( '(,
& 3 6 1 0Q 6L & 3 6 1 0Q 6L
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$

6(0,/$92
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $

5$7, PD[ PD[ PD[ PD[ PD[ PD[ PD[ PD[ PD[ PD[ PD[ PD[

)(             

)(  & q      

 
    
  
)(  ' r      

)(  &      


5,6(59$72

   
  
)(  ' r w      

)(  &      

    
  
)(  ' r w      

)(  &      

  
  
   
  

)(  ' r p    p   

)(             

)(             

5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(

 3DJ 
0RGLI

w 3HU L SURGRWWL GL VSHVVRUH VXSHULRUH D  PP ý DPPHVVR XQ WHQRUH PDVVLPR GL FDUERQLR GHOOR 
DOO
DQDOLVL GL FRODWD
p 3HU L SURGRWWL GHO JUDGR & DYHQWL VSHVVRUH VXSHULRUH D  PP H SHU L SURGRWWL GHO JUDGR ' DYHQWL VSHV
VRUH VXSHULRUH D  PP ý DPPHVVR XQ WHQRUH PDVVLPR GHO FDUERQLR GHOOR  DOO
DQDOLVL GL FRODWD
H GHOOR  DOO
DQDOLVL VX SURGRWWR
q /
)(  QRQ ý GD LPSLHJDUVL QHOOH QXRYH SURJHWWD]LRQL
r ü SUHYLVWD O
DJJLXQWD GL HOHPHQWL GHVWLQDWL D ILVVDUH O
D]RWR DG HVHPSLR $O VROXELOH PLQ  VX FROD
WD


&$5$77(5,67,&+(



&DUDWWHULVWLFKH PHFFDQLFKH ODPLQDWL WUDILODWL ULFRWWL SHODWL UXOODWL

3URYD GL

DE  t
UHVLOLHQ]D

E  s
s
3URYD GL WUD]LRQH 7DE 

GXUH]]D
 5(&<&/(' 3$3(5

7DE
QD]LRQH GHL



D GL
URYD GL G

PHQWR WD
3URYD
ZHOO WDE
PLODYRUDWL
WL

&DULFR XQLWDULR GL VQHUYD

$OOXQJDPHQWR PLQ  .9 PLQ
PHQWR 5S 
&DULFR XQLWD
'HVLJQD

SLHJDPH
3UR
VHPL

5RFNZ
ULR GL URWWXUD
5 SHU VSHVVRUL PP $ $
6   PP
-
&$57$ 5,&,&/$7$ 

$   SHU VSHVVRUL PP 'D 7HPS •&

+5%
1PP 1PP 1PP 1PP    § •  

)(           

&  
)(  q        

'  

&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
&   ,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
)(         
'  

&  
)(         $OOR VWX 
' GLR u >@  

&  
5,6(59$72

)(         

'  

 u
)(          


 u
)(          


q /
)(  QRQ ý GD LPSLHJDUVL QHOOH QXRYH SURJHWWD]LRQL
s 3URYD QRQ GHWHUPLQDQWH DL ILQL GL VFDUWR
t 3URYD SUHYLVWD VROR SHU OH ODPLHUH HG L QDVWUL VX SURYHWWD ORQJLWXGLQDOH

5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(

 3DJ 
 0RGLI

u , YDORUL WUD SDUHQWHVL VL ULIHULVFRQR D QDVWUL FRQ VSHVVRUH   PP

v 3HU OH PRGDOLW GL SUHOLHYR SURYHWWD YHGHUH 7DE  ODPLHUH QDVWUL H SURILODWL H 7DE  ILOL H
EDUUH



&DUDWWHULVWLFKH PHFFDQLFKH WUDILODWL FUXGL

3529$ ', 75$=,21( 7DE 

'(6,*1$=,21( *58332 ', ', &DULFR XQLWDULR GL &DULFR XQLWDULR GL

$OOXQJDPHQWR
'(, 6(0,/$92
6(0,/$92 0(16,21, URWWXUD VQHUYDPHQWR
5$7, 5 PLQ 5S  $ PLQ

PP 1PP 1PP 

  
    
)(  &58'2     
    
    

 5(&<&/(' 3$3(5

  
    
)(  &58'2     
    
    $OOR VWXGLR 

  
    
)(  &58'2     

&$57$ 5,&,&/$7$ 

    
    

  
)(  &58'2
    


&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $

$WWLWXGLQH DO SLHJDPHQWR D IUHGGR GHOOH ODPLHUH H QDVWUL GDWR D WLWROR LQGLFDWLYR

9DORUL PLQLPL GHO UDJJLR GL SLHJDPHQWR D IUHGGR FKH ý SRVVLELOH UDJJLXQJHUH VHQ]D FKH VL SURGXFDQR
IHVVXUD]LRQL

5DJJLR PLQLPR GL SLHJDPHQWR DPPHVVR SHU VSHVVRUL PP

0DWH 6HQVR GL             
ULDOH SLHJDPHQWR 
5,6(59$72

            

            

7UDVYHUVDOH              

)( 
/RQJLWXG              

7UDVYHUVDOH              
)( 
/RQJLWXG              

7UDVYHUVDOH              
)( 
/RQJLWXG              

5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(

 3DJ 
0RGLI




6DOGDELOLW
/
DWWLWXGLQH DL QRUPDOL SURFHGLPHQWL HG DOOH DSSOLFD]LRQL QRUPDOL GL VDOGDWXUD ý JDUDQWLWD SHU L WLSL )( 
)(  )(  ý SHUÌ UDFFRPDQGDELOH O
XVR GL DFFLDL FDOPDWL D JUDQR ILQH SLXWWRVWR FKH GL DFFLDL HIIHUYH
VFHQWL VRSUDWWXWWR TXDQGR OD VDOGDWXUD SXÌ UDJJLXQJHUH ]RQH GL VHJUHJD]LRQH H SUHJLXGLFDUH OD UHVL
VWHQ]D GHO JLXQWR
3HU SURFHGLPHQWL HG DSSOLFD]LRQL SDUWLFRODUL RFFRUURQR SUHYHQWLYL DFFRUGL DOO
RUGLQD]LRQH
3HU L WLSL )(  )(  )(  QRQ VL JDUDQWLVFH OD VDOGDELOLW DGRWWDQGR L QRUPDOL SURFHGLPHQWL



&DUDWWHULVWLFKH VWUXWWXUDOL
$OOR VWXGLR



'LPHQVLRQL H WROOHUDQ]H
9HG 7DEHOOD  H VHJXHQWL
 5(&<&/(' 3$3(5


1250( &,7$7(
                     

&$57$ 5,&,&/$7$ 

&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
5,6(59$72

5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(

 &$57$ 5,&,&/$7$   5(&<&/(' 3$3(5


&/$66,),&$=,21( ( &$5$77(5,67,&+( '$ &21752//$5(


,PSLHJKL JHQHUDOL
6DOYR DOWULPHQWL VSHFLILFDWR QHOO
RUGLQH FL VL GHYH DWWHQHUH DOOD VHJXHQWH WDEHOOD

6,0%2/2 &+(
,'(17,),&$ /$ &$5$77(5,67,&+( '$ &21752//$5( ;
&/$66( 6,0%2/2 &+(
5($/,==$=,21( (',725,$/( $ &85$ ', 6$7,= 6S$  1250$=,21(

,'(17,),&$ $1
$1 67$72 '(/
$33/,&$=,21, ', 0$66,0$
&+( /$ 62772 0$7(5,$/( 3,(*$0(172 5(6,/,(1=$
&2032
&/$66( 75$=,2 62/2 3(5 67587 $ •&
DWWXDOH YHFFKLD 6,=,21(
1( /$0,(5( ( 785$
&+,0,&$
1$675,   

)(  )(  1RQ ý JDUDQWLWD OD VDOGDELOLW )(    ; ;   

)(  & FDOPDWR  

)(  )(  FDOPDWR D ; ; ; ;
)(  ' ; ;
3DUWLFRODUL FRQ GHIRUPD]LRQL PHGLH JUDGR ILQH
)(  H OHJJHUH )(  H )( 
PRQWDJJL PHGLDQWH FKLRGL H EXOORQL )(  & FDOPDWR  

0RGLI
3DJ
)(  )(  H PHGLDQWH VDOGDWXUD DOO
DUFR RG DX ; ; ; ;
FDOPDWR D
WRJHQD , JUDGL & H ' VL GLVWLQJXRQR )(  ' ; ;
JUDQR ILQH
IUD ORUR SHU OD VDOGDELOLW H OD UHVLVWHQ


]D D EDVVD WHPSHUDWXUD )(  & FDOPDWR  
)(  )(  FDOPDWR D ; ; ; ;
)(  ' ; ;
JUDQR ILQH

)(  )(  1RQ ý JDUDQWLWD OD VDOGDELOLW )(    ;    


)(  )(  1RQ ý JDUDQWLWD OD VDOGDELOLW )(    ;    

)(  & FDOPDWR  

'D QRQ LPSLHJDUVL QHOOH QXRYH SUR
SUR
 )(  FDOPDWR D ; ; ; ;
JHWWD]LRQL )(  ' ; ;
JUDQR ILQH

5,6(59$72
,/ 35(6(17( '2&80(172 121 382
(66(5( 5,352'2772 1(
3257$72 $
&2126&(1=$ ', 7(5=, 6(1=$ $8725,==$=,21( 6&5,77$ '(//$ ),$7 $872 6S$