A107

Asta 107 12 maggio 2018

Importante collezione di monete di Genova in associazione con Crippa Numismatica

Interessante serie di monete d’oro dello Stato Pontificio

NUMISMATICA ARS CLASSICA NAC AG www.arsclassicacoins.com

PUBBLICATO IN ESCLUSIVA PER CONTO DI

NAC NUMISMATICA SpA

Sede operativa NAC Via Brera 4 – 20121 Milano Tel: +39 028056304 Fax: +39 0280581271 Email: milano@arsclassicacoins.com

Crippa Numismatica Via dei Cavalieri del Santo Sepolcro 10 Tel: +39 02878680 Fax:+39 0240708308 Email: info@crippanumismatica.it

ORDINE DI VENDITA

ORDRE DE VENTE

sabato, 12 maggio

1 – 484

TIME TABLE 14:00 – 19:00

Hotel Principe di Savoia Piazza Della Repubblica 17 20124, Milano Tel. 0039 02 62301

ESPOSIZIONE EXHIBITION EXPOSITION MILANO 5 aprile – 11 maggio 2018 Esclusivamente previo appuntamento presso i nostri locali di via Brera 4 durante i nostri orari di ufficio (dal lunedì al venerdì 9:30 – 17:30) Only by appointment c/o our office in Via Brera 4, office opening hours (Monday to Friday from 9:30am to 5:30pm)

sabato, 12 maggio 2018 09:30 – 13:45

Hotel Principe di Savoia Piazza Della Repubblica 17 20124, Milano Tel: +39 02 62301

L’asta è visibile online all’indirizzo www.arsclassicacoins.com Gradi di conservazione

Grades of preservation

Erhaltungsgrad

Degrés de conservation

Grados de Conservación

Fdc Fior di conio Spl Splendido BB Bellissimo MB Molto Bello

Fdc Uncirculated Extremely fine Very Fine Fine

Stempelglanz Vorzüglich Sehr schön Schön

Fleur de coin (FDC) Superbe Très beau Beau

FDC EBC MBC BC

Commissioni d'asta, IVA e spese REGIME IVA (REGIME DEL MARGINE) Tutte le vendite effettuate da NAC NUMISMATICA S.p.A. sono operate in virtù di rapporti di commissione stipulati con privati consumatori o con soggetti IVA, che operano nel regime del margine, regolato dall'art. 40bis dl n. 41/95 e successive modifiche. In virtù di tale normativa la NAC NUMISMATICA S.p.A. non applicherà né l'IVA sui servizi resi all'acquirente e al venditore, né l'IVA sul prezzo di aggiudicazione.

COMMISSIONI COMPRATORI L'importo complessivo a carico del compratore, per ciascun lotto, è composto dal: -

Prezzo di aggiudicazione Commissione del 21,35 % IVA inclusa (23.18% per acquisti tramite internet live bidding) o del 17,5% (19% per acquisti tramite internet live bidding) per i lotti ufficialmente esportati al di fuori della Comunità Europea

Condizioni di Vendita 1.

I lotti sono posti in vendita in locali aperti al pubblico da NAC NUMISMATICA S.p.A., che agisce quale mandataria in esclusiva in nome proprio e per conto di ciascun venditore il cui nome viene trascritto negli appositi registri di P.S. presso NAC NUMISMATICA S.p.A.. Gli effetti della vendita influiscono sul venditore e NAC NUMISMATICA S.p.A. non assume nei confronti dell'aggiudicatario o di terzi in genere altra responsabilità oltre quella ad essa derivante dalla propria qualità di mandataria.

2.

Gli oggetti vengono aggiudicati al migliore offerente e per contanti; in caso di contestazione tra più aggiudicatari, l'oggetto disputato verrà, a insindacabile giudizio del banditore, rimesso in vendita nel corso dell' asta stessa e nuovamente aggiudicato. NAC NUMISMATICA S.p.A. non accetterà trasferimenti a terzi di lotti già aggiudicati e riterrà unicamente responsabile del pagamento l'aggiudicatario; la partecipazione all'asta in nome e per conto di terzi potrà essere ammessa solo previo deposito presso gli uffici di NAC NUMISMATICA S.p.A. di una procura autenticata e di adeguate referenze bancarie.

3. NAC NUMISMATICA S.p.A. si riserva la facoltà di ritirare all'asta qualsiasi lotto. Il banditore, durante l'asta, ha facoltà di abbinare o separare i lotti ed eventualmente variare l'ordine di vendita. Lo stesso potrà, a proprio insindacabile giudizio, ritirare i lotti qualora le offerte in asta non raggiungano il prezzo di riserva concordato tra NAC NUMISMATICA S.p.A. e venditore.

4. L' aggiudicatario corrisponderà a NAC NUMISMATICA S.p.A. una commissione d'asta, sul prezzo di aggiudicazione di ciascun lotto, pari al 21,35% IVA inclusa (23.18% IVA inclusa se l’acquisto viene effettuato tramite internet live bidding) se residente in un paese

dell’Unione Europea o pari al 17,5% (19% se l’acquisto viene effettuato tramite internet live bidding) se residente in un paese NON facente parte dell’Unione Europea.

5. A tutti i partecipanti all'asta è richiesto, ai sensi della validità di un’eventuale aggiudicazione, di compilare una scheda di partecipazione con i dati personali e le referenze bancarie, prima di ogni asta, in modo che gli stessi possano effettuare le offerte per mezzo del numero loro assegnato.

6. NAC NUMISMATICA S.p.A. può accettare mandati per l'acquisto [offerte scritte e telefoniche], effettuando rilanci mediante il banditore, in gara con il pubblico partecipante all'asta. In caso di offerte identiche, l'offerta scritta prevarrà su quella orale manifestata in sala.

7. Nel caso di due offerte scritte identiche per il medesimo lotto, lo stesso verrà aggiudicato all'offerente la cui offerta sia stata ricevuta per prima. NAC NUMISMATICA S.p.A. si riserva il diritto di rifiutare le offerte di acquirenti non conosciuti a meno che non venga rilasciato un deposito a intera copertura del valore dei lotti desiderati o, in ogni caso, fornita altra adeguata garanzia. All'atto di aggiudicazione, NAC NUMISMATICA S.p.A. potrà chiedere all'aggiudicatario le proprie generalità e, in caso di pagamento non immediato e in contanti, l'aggiudicatario dovrà fornire a NAC NUMISMATICA S.p.A. referenze bancarie congrue e comunque controllabili: in caso di evidente non rispondenza al vero o di incompletezza dei dati o delle circostanze di cui sopra, o comunque di inadeguatezza delle referenze bancarie, NAC NUMISMATICA S.p.A. si riserva di annullare il contratto di vendita del lotto aggiudicato.

8. NAC NUMISMATICA S.p.A. agisce in qualità di mandataria dei venditori e declina ogni responsabilità in ordine alla descrizione degli oggetti contenuta nei cataloghi, nelle brochure ed in qualsiasi altro materiale illustrativo; le descrizioni di cui sopra, così come ogni altra indicazione o illustrazione, sono puramente indicative e soggettive per cui non potranno essere motivo di contestazione da parte degli aggiudicatari. Tutte le aste sono precedute da un'esposizione al fine di permettere un esame approfondito circa lo stato di conservazione, la provenienza, il tipo e la qualità degli oggetti. Dopo l'aggiudicazione, né NAC NUMISMATICA S.p.A. né i venditori potranno esser responsabili per i vizi relativi allo stato di conservazione, per l'errata attribuzione, la provenienza, il peso la mancanza di qualità degli oggetti. Né NAC NUMISMATICA S.p.A. né il personale incaricato da NAC NUMISMATICA S.p.A. potranno rilasciare una qualsiasi garanzia in tal senso, salvi i casi previsti dalla legge.

9. Le stime relative al possibile prezzo di vendita di ciascun lotto sono stampate sotto la descrizione dei lotti riportata nel catalogo e non includono i diritti d'asta dovuti all'aggiudicatario. Tali stime sono puramente indicative, se non pervengono offerte più elevate il prezzo di partenza corrisponde generalmente all'80% del prezzo di stima. Le descrizioni dei lotti nel catalogo potranno essere soggette a revisione, mediante comunicazioni al pubblico durante l'asta.

10. Il pagamento totale del prezzo di aggiudicazione e dei dritti d'asta potrà essere immediatamente preteso da NAC NUMISMATICA S.p.A.; in ogni caso dovrà essere effettuato per intero, in Euro, entro sette giorni dall' aggiudicazione. In difetto NAC NUMISMATICA S.p.A., fatto comunque salvo il risarcimento dei maggiori danni, potrà a) procedere per l'esecuzione coattiva dell'obbligo di acquisto; b) alienare il lotto a trattativa privata oppure in un'asta successiva in danno dell'aggiudicatario, trattenendo comunque, a

titolo di penale, eventuali acconti ricevuti. L'oggetto verrà custodito da NAC NUMISMATICA S.p.A. a rischio e spese dell'aggiudicatario fino a quando non sarà venduto come sopra oppure restituito al venditore su richiesta del medesimo. In ogni caso, fino alla data di restituzione o di vendita, l' aggiudicatario sarà tenuto a corrispondere a NAC NUMISMATICA S.p.A. una penale pari agli interessi, calcolati sul prezzo di aggiudicazione più le commissioni d'asta, al tasso interbancario in vigore maggiorato di due punti; gli interessi così calcolati saranno applicati sulle somme dovute a decorrere dall'ottavo giorno seguente la data dell' aggiudicazione.

11. L'invio degli oggetti fino a un valore massimo di 3.000 euro viene di regola effettuato in plico postale assicurato raccomandato a spese e a rischio del destinatario. Le spedizioni per un valore superiore a 3.000 euro sono effettuate tramite corriere (Battistolli) sempre a spese e rischio del destinatario.

12. Nonostante ogni disposizione contraria qui contenuta, NAC NUMISMATICA S.p.A. si riserva il diritto di concordare con gli aggiudicatari forme speciali di pagamento, di depositare in magazzini privati/pubblici o vendere privatamente i lotti aggiudicati, di risolvere controversie o contestazioni effettuate da aggiudicatari o contro gli stessi e in generale di intraprendere qualsiasi iniziativa ritenuta opportuna al fine di riscuotere somme dovute dall' aggiudicatario o anche, a seconda delle circostanze, di annullare la vendita ai sensi degli articoli 13 e 15 e restituire il prezzo all' aggiudicatario.

13. Gli aggiudicatari sono tenuti all'osservanza di tutte le disposizioni legislative o regolamentari in vigore relativamente agli oggetti dichiarati di interesse storico o artistico particolarmente importante. L'esportazione di oggetti di rilevante interesse numismatico da parte di Aggiudicatari residenti e non residenti in Italia è regolata da specifiche normative doganali, valutarie e tributarie. I tempi di attesa di un permesso di libera circolazione sono di 40 giorni circa dal giorno della richiesta al Ministero dei Beni Culturali, Ufficio Esportazioni.

La richiesta della licenza è inoltrata al ministero previo pagamento del lotto e su esplicita autorizzazione dell'aggiudicatario. NAC NUMISMATICA S.p.A. non assume alcuna responsabilità nei confronti degli aggiudicatari in ordine ad eventuali restrizioni all'esportazione dei lotti aggiudicati, né in ordine ad eventuali licenze o attestati che l'aggiudicatario dovrà ottenere in base alla legge italiana. L'aggiudicatario, in caso di esercizio del diritto di prelazione da parte dello Stato italiano, non potrà pretendere da NAC NUMISMATICA S.p.A. o dal venditore alcun rimborso di eventuali interessi sul prezzo e sulle commissioni d'asta già corrisposte.

14. Gli aggiudicatari (cittadini italiani o residenti in Italia) sono tenuti a fornire alla NAC NUMISMATICA S.p.A. il proprio Codice Fiscale e un documento d’identità in corso di validità come da legge espressa nel D. Lgs. Antiriciclaggio N. 231/2007 divenuto effettivo il 30/04/2008.

15 NAC NUMISMATICA S.p.A., in osservanza all’articolo 49, comma 1, del D.Lgs. n.

231/2007 e a seguito delle modifiche introdotte dall’articolo 12 del Dl 201/2011 non può accettare pagamenti in contanti per un importo pari o superiore ai 3.000 euro.

16. Gli oggetti offerti in vendita sono garantiti autentici.

17. I lotti contenenti più monete e non illustrati sono venduti come visti e piaciuti e non sono soggetti a resa da parte dell’acquirente.

18. Le presenti condizioni di vendita sono accettate automaticamente da quanti concorrono all'asta e sono a disposizione di qualsiasi interessato che ne faccia richiesta. Per qualsiasi controversa è stabilita la competenza esclusiva del foro di Milano.

Commissions, VAT And Fees VAT REGIME Sales made by NAC NUMISMATICA SPA are handled on a commission agreement with third parties including a VAT regime based on the conditions set forth in art. 40bis dl no.

41/95 and subsequent modifications. As per the above-mentioned law, NAC NUMISMATICA SPA will not apply VAT on services provided to the buyer or consigner or on the hammer price.

BUYERS’ COMMISSIONS The total amount of every single lot, charged to the buyer, is composed of: ‐ ‐

The hammer price 21.35% commission including VAT (23.18% for purchases made through internet live bidding) or 19% (20.5% for purchases made through internet live bidding) for lots sent outside the European Union

GENERAL TERMS OF SALE 1. Auctions are held by NAC NUMISMATICA SPA in public premises.

NAC NUMISMATICA SPA acts as commission agent in its own name or for every consigner whose name is listed on the specific police records held at NAC offices. The results of the sale effect the consignor and NAC NUMISMATICA SPA does not assume any responsibility, towards the buyer or third parties, except that stated in its commission agent agreement.

2. All material shall be sold to the highest bidder as determined by the Auctioneer.

If any dispute arises during or immediately after the sale of a lot, the Auctioneer has the right to recall the lot and put it up for sale again. In all cases the Auctioneer’s decision is final.

NAC NUMISMATICA SPA will not allow transfers of the lots already won and will consider the buyer (successful bidder) the one responsible for the payment. All those who wish to participate in the auction on the behalf of third parties, must provide the NAC office with a valid letter of attorney and bank references.

3.

NAC NUMISMATICA SPA reserves the right to withdraw any lot from the auction.

Moreover, the auctioneer reserves the right to combine or split up catalogue lots and offer them out of sequence; he or she may withdraw lots if the bids do not reach the upset price previously arranged between NAC NUMISMATICA SPA and the consignor.

4.

5.

The buyer (successful bidder) will pay NAC NUMISMATICA SPA an auction commission, for every lot, as follows: ‐ 21.35% VAT included (23.18% VAT included for purchases made through internet live bidding) on the hammer price for EU citizens. ‐ 17.5% (19% for purchases made through internet live bidding) on the hammer price for NON EU citizens or if the lots are to be sent outside the European Union.

All those wanting take part in the auction are required to fill out a registration form with all necessary personal details (and bank references if required) in order to validate a possible bidding with the assigned bid number.

6.

NAC NUMISMATICA SPA may accept telephone and written bids forms while the auction is being called. In the event of equal bids, the written one will take precedence over a floor bid.

7.

In the event of equal written bids (for the same lot), the lot will be adjudicated to the first received bid. NAC NUMISMATICA SPA reserves the right to reject all bids coming from unknown persons unless they deposit an amount covering in full the bid value of the desired lots (or another suitable guarantee). NAC NUMISMATICA SPA may require further details from the buyer (successful bidder) and in the case of NON prompt payment by cash, he or she must provide full bank details that will be checked

by NAC. If they result as incorrect or invalid, NAC NUMISMATICA SPA reserves the right to nullify the invoice.

8.

NAC NUMISMATICA SPA acts as commission agent for every consigner and declines responsibility for any differences between the description in the catalogues, brochures or in any other advertising material, and the actual item offered. The description are purely indicative and made to the best of knowledge of NAC. (NAC) cannot be held responsible for any errors or omissions. Before every auction there is a viewing in order to allow customers to examine the grade of preservation, origin, kind and quality of the items. After an item has been sold neither NAC NUMISMATICA SPA nor the consigner will be responsible for misattribution, irregularities relating to the state of conservation, the origin, the weight and the lack of quality of the objects. Neither NAC NUMISMATICA SPA nor any partner or consultant will release any guarantee, except for rare cases as per law.

9.

Commission fees are not included in the estimates printed underneath the lot description in the catalogue. The estimates are purely indicative. The starting price is usually 80% of the estimate unless NAC NUMISMATICA SPA receives higher bids.

The lot descriptions may be revised during the auction, if so, NAC NUMISMATICA SPA will communicate this during the auction.

10.

NAC NUMISMATICA SPA may claim the entire payment of the hammer price and commissions. The total amount must be paid in full, in Euros, within 7 days from the auction sale. Otherwise, NAC NUMISMATICA SPA will: a) proceed with the buyingin procedure; b) alienate the lot in a private treaty or in a future auction sale, to the detriment of the buyer and will keep any deposit previously received (as a penalty).

The lot will be kept by NAC NUMISMATICA SPA at the buyer’s own risk until it is sold (as mentioned above) or returned to the consigner upon request. However, until the lot is sold or returned to the consigner, the buyer must pay NAC NUMISMATICA SPA a fee corresponding to the interest on the hammer price plus the commissions at two decimals higher than the nominal bank lending rate; the interest, as calculated above, will be applied to the total amount accruing from the eighth day following the date on the invoice.

11.

Every shipment within Italy, for goods up to a value of € 3’000, will be made by registered and insured post at the buyer’s own expense and risk. For goods with a value of over € 3’000, NAC NUMISMATICA SPA will ship the lots by armoured courier (Battistolli Spa within Italy) at the buyer’s own expense and risk.

12.

NAC NUMISMATICA SPA reserves the right to: arrange any special methods of payment with the buyer; deposit the purchases in public or private warehouses or sell them privately; resolve disputes or protests made by buyers (successful bidders) or against them; take action in order to obtain payments or, in some circumstances, cancel the purchase as per the law described in art. No. 13 and 15 and to reimburse the buyer.

13.

Every buyer (successful bidder) must observe all legislative decrees concerning items considered to be of particular and important artistic or historic interest and value. The export of a lot of numismatic interest, outside Italian territory, is regulated by specific customs, tributary and monetary regulations. Every export licence applied for through the Cultural Heritage office takes roughly 40 days to be issued. The export licence application will be sent to the ministry only upon payment of the lot and only upon express authorization of the buyer. NAC NUMISMATICA SPA is neither responsible for any restrictions the ministry may place on the export of the lot nor for any other export licence the buyer may have to obtain as per Italian law. In the event that the Italian State takes action for the right of pre-emption, the buyer will not have the right to request a refund from NAC NUMISMATICA SPA or the seller for any possible interest on the total price and commissions already paid.

14.

A valid proof of photo identity (e.g. ID card, Passport, driving licence etc.) is mandatory for every buyer (successful bidder), as per legislative decree no. 231/2007 effective from the 30th April 2008.

15.

NAC NUMISMATICA SPA cannot accept payments by cash equal to or greater than € 3’000 as per art. No. 12 D.lgs. 201/2011.

16.

All the items in this catalogue are guaranteed to be genuine.

17.

For multiple lots with no catalogue photograph return privileges are not permitted.

18.

Bidding or participating in this sale constitutes acceptance by the bidder or participant of all the aforementioned terms and conditions of sale.

The text is given in English for your convenience, however the only legally valid, is that in Italian

Prefazione all’Importante Collezione di Monete di Genova Per la Numismatica Ars Classica e per la NAC Numismatica SpA è un grande onore poter presentare questa bellissima collezione di monete di Genova per diverse ragioni.

Prima di tutto perché è una delle raccolte più complete e curate di questa zecca ad essere offerta in asta pubblica negli ultimi trenta anni, ma anche in virtù della collaborazione con la Crippa Numismatica e in particolare con Paolo Crippa.

La Crippa Numismatica è l’ultima ditta attiva delle quattro che formarono la mitica Montenapoleone Aste. All’inizio degli anni ottanti i quattro più importanti commercianti italiani decisero di associarsi per dare vita a una casa d’asta che potesse porsi come punto di riferimento per il mercato italiano. I fondatori erano gli eredi delle due più importanti famiglie di numismatici italiani, Marco Ratto e Livio Santamaria e due numismatici, che pur non avendo alle spalle una tradizione familiare consolidata si erano affermati nel panorama nazionale e internazionale, Giuseppe de Falco e Carlo Crippa.

La storia di Carlo Crippa per chi non la conoscesse merita di essere raccontata.

Carlo era entrato giovanissimo nella ditta di Mario e Marco Ratto, con una mansione diversa da quella di numismatico, ma nel corso di pochissimi anni si era fatto notare per la sua brillante intelligenza e intraprendenza ed era quindi stato “promosso” nella ditta numismatica.

All’interno della ditta Ratto era quindi diventato un prezioso e ascoltato collaboratore prima di spiccare il volo e aprire un proprio studio numismatico nel 1962.

Carlo alla brillante attività commerciale ha affiancato un’imponente e significativa produzione scientifica che, con la collaborazione della figlia Silvana, è culminata nella pubblicazione dei quattro volumi di “Le monete di Milano”, che oggi rappresenta non solo l’opera fondamentale per lo studio e la classificazione della produzione monetale di questa zecca, ma anche un vero e proprio saggio su undici secoli di storia milanese rivisitati attraverso le monete.

Paolo Crippa è il degno erede di suo padre e ha raccolto il testimone continuando la tradizione familiare con la stessa passione, competenza e soprattutto con un’etica commerciale che, spiace dirlo, oggi nel panorama italiano è diventata qualità rara.

Il collezionista che ha formato questa bella raccolta di monete della zecca di Genova ha deciso di rimanere anonimo, ma, come sempre avviene, le monete parlano per lui: la competenza e lo scrupolo con cui ha curato la raccolta sono evidenti e ci fanno capire che ci troviamo di fronte a un vero numismatico, che ha dedicato alla formazione di questo nucleo passione, competenza e sensibile gusto estetico.

Collezionisti così competenti e sistematici sono purtroppo ormai sempre più rari; d’altronde, lo studio e la dedizione che una vera collezione richiedono, sono sempre meno conciliabili con i tempi della società moderna e purtroppo internet, con la mole

d’informazioni immediatamente accessibile ma inevitabilmente incompleta, non aiuta la formazione di una nuova generazione di collezionisti che non dovrebbe dimenticare l’importanza delle pubblicazioni stampate.

Il nostro collezionista ha acquistato non solo le monete evidentemente rare e importanti, ma ha avuto la competenza di scovare anche quelle più oscure e quando si è presentata l’occasione non si è lasciato sfuggire l’opportunità di acquisire le monete chiave della serie genovese.

Il risultato è un gruppo di monete straordinario che ripercorre quasi settecento anni di storia genovese.

Proprio per la sua completezza abbiamo deciso di illustrare quasi tutte le monete e di ridurre al minimo i lotti multipli, sicuri che questo catalogo diverrà negli anni a venire non solo una fonte d’informazione utile per collezionisti e commercianti, ma anche e soprattutto un punto di riferimento per chi vorrà cimentarsi nel collezionare le monete di questa zecca.

Le monete degne di nota sarebbero moltissime, ma per ragione di spazio ci limiteremo solo a menzionare le più significative.

La collezione inizia con le primissime monete in oro emesse da Genova, prima zecca medioevale italiana a riprendere la coniazione aurea sospesa dalla riforma di Carlo Magno.

Il primo periodo (1139-1339) si conclude con i due rarissimi e splendidi genovini dei Governi Guelfo e Ghibellino, che si sono succeduti nei travagliati anni della prima metà del trecento.

Nel secondo periodo dei dogi a vita e delle dominazioni straniere (1339-1528) spiccano il genovino del doge XXIII Raffaele Adorno, estremamente raro e in conservazione eccezionale, il genovino del re di Francia Carlo VII e il genovino di Paolo di Campofregoso, praticamente fior di conio. Estremamente rari sono anche i genovini di Prospero Adorno, governatore con 12 capitani, e di Agostino Adorno che si intrecciano alle belle monete delle dominazioni milanesi dei duchi Visconti e Sforza. Nell’ultima parte di questo periodo spicca la serie delle monete emesse da Luigi XII tra cui l’eccezionalmente raro genovino.

L’ultimo periodo dei dogi biennali e governatori della Repubblica (1528-1797) è quello quantitativamente più consistente della collezione e in esso troviamo la moneta più rara e interessante dell’intera collezione: l’eccezionale zecchino, primo della serie d’imitazione veneziana che comprende anche i ducatoni e i testoni “della Benedizione”.

Degni di menzione sono anche la serie dei multipli di scudo con il castello e quella dei multipli con la Madonna sulle nubi in oro e in argento, tra cui non può passare inosservato lo straordinario 5 doppie 1641 e il rarissimo due doppie 1668.

Nella metĂ del XVII secolo va segnalata la serie completa dei reali con San Giorgio con il rarissimo e straordinariamente ben conservato esemplare da due reali.

La serie decimale è impreziosita da un 50 lire 1760 e un 25 lire 1758, entrambi in superbo stato di conservazione, e da un 12 lire 1798, probabilmente tra i piÚ belli esemplari conosciuti.

Non ci resta che augurarvi una piacevole lettura di questo catalogo sperando che la sua consultazione vi dia lo stesso piacere che abbiamo provato nel realizzarlo.

Buon divertimento.

,PSRUWDQWH &ROOH]LRQH GL 0RQHWH GL *HQRYD 5HSXEEOLFD 3ULPR SHULRGR FRQVROL SRGHVWj H FDSLWDQL GHO SRSROR

*HQRYLQR SULPR WLSR $9 J , $ 1 9 $ LQWHUYDOODWH GD URVHWWH D VHL SHWDOL H QLFFKLR GRSR OD VHFRQGD $ &DVWHOOR HQWUR FHUFKLR SHUOLQDWR 5Y &915 DQHOOR $ DQHOOR '96 5(; DQHOOR &URFH HQWUR FHUFKLR SHUOLQDWR &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR T 6SO

*HQRYLQR VHFRQGR WLSR $9 J ‡ &,9,7$6 WULIRJOLR ,$19$ XQJKLHWWD &DVWHOOR LQ DUFKHWWL LQ FHUFKLR SHUOLQDWR 5Y ‡ &915$'96 WULIRJOLR 5(; XQJKLHWWD &URFH LQ DUFKHWWL LQ FHUFKLR SHUOLQDWR &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR T 6SO

*HQRYLQR WHU]R WLSR $9 J DQHOOR ,$19$ DQHOOR 49$0 DQHOOR '(96 DQHOOR 3527(*$7 DQHOOR 5 &DVWHOOR LQ DUFKHWWL LQ FHUFKLR SHUOLQDWR 5Y &215$'96 5(; 520$12590 &URFH LQ DUFKHWWL LQ FHUFKLR SHUOLQDWR &1, /XQDUGL 0,5 )ULHGEHUJ

5DUR %XRQ %% T 6SO

*HQRYLQR WHU]R WLSR $9 J ,$19$ DQHOOR 49$0 DQHOOR '(96 DQHOOR 3527(*$7 DOEHUHOOR &DVWHOOR LQ DUFKHWWL LQ FHUFKLR SHUOLQDWR 5Y &215$'96 5(; 520$12590 &URFH LQ DUFKHWWL LQ FHUFKLR SHUOLQDWR &1, YDU /XQDUGL 0,5 )ULHGEHUJ 5DUR %%

([ DVWD 9DUHVL

4XDUWDUROD SULPR WLSR $9 J , $ 1 9 $ LQWHUYDOODWH GD JOREHWWL H VWHOOD GRSR OD VHFRQGD $ &DVWHOOR HQWUR FHUFKLR SHUOLQDWR VHQ]D L GXH SXQWL QHJOL DUFKL GHO FDVWHOOR 5Y &915$' 5(; &URFH HQWUR FHUFKLR SHUOLQDWR &1, /XQDUGL 0,5 )ULHGEHUJ

5DUD H LQ HFFH]LRQDOH VWDWR GL FRQVHUYD]LRQH SHU TXHVWR WLSR GL PRQHWD 0LJOLRUH GL 6SO

/H TXDUWDUROH LQVLHPH DJOL RWWDYLQL VRQR OH SULPH PRQHWH G¶RUR EDWWXWH GDOOD ]HFFD GL *HQRYD

4XDUWDUROD SULPR WLSR $9 J , $ 1 9 $ LQWHUYDOODWH GD DQHOOHWWL H JOREHWWR GRSR OD VHFRQGD $ &DVWHOOR HQWUR FHUFKLR SHUOLQDWR 5Y &915$' 5(; &URFH HQWUR FHUFKLR SHUOLQDWR &1, YDU /XQDUGL 0,5 )ULHGEHUJ 5DUD %XRQ %%

4XDUWDUROD SULPR WLSR $9 J , $ 1 9 $ LQWHUYDOODWH GD URVHWWH D TXDWWUR SHWDOL &DVWHOOR HQWUR FHUFKLR SHUOLQDWR 5Y DQHOOL &915 DQHOOR $ DQHOOR '96 DQHOOL 5(; DQHOOL &URFH HQWUR FHUFKLR SHUOLQDWR &1, YDU /XQDUGL 0,5 )ULHGEHUJ

5DUD /LHYH RQGXOD]LRQH QHO WRQGHOOR DOWULPHQWL 6SO

4XDUWDUROD SULPR WLSR $9 J , $ 1 9 $ LQWHUYDOODWH GD DQHOOL &DVWHOOR HQWUR FHUFKLR SHUOLQDWR 5Y DQHOOR &915 DQHOOR $ DQHOOR '96 5(; DQHOOR &URFH HQWUR FHUFKLR SHUOLQDWR &1, YDU /XQDUGL 0,5 )ULHGEHUJ 5DUD T 6SO

6ROGR G¶RUR R RWWDYLQR $9 J &DVWHOOR DL ODWL & ± 9 H VRWWR ; 5Y &URFH DFFDQWRQDWD GD OHWWHUH , $ 1 9 UHWURJUDGH &1, YDU /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR 6SO

6ROGR G¶RUR R RWWDYLQR $9 J &DVWHOOR DL ODWL & ± 9 H VRWWR ; 5Y &URFH DFFDQWRQDWD GD OHWWHUH , $ 1 9 UHWURJUDGH &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR %XRQ %%

*URVVR GD GHQDUL $5 J ‡ ,$ ‡ 19 ‡ $ ‡ &DVWHOOR 5Y ‡ &915$', 5(; &URFH SDWHQWH &1, /XQDUGL 0,5 %HOOD SDWLQD GL PHGDJOLHUH 6SO

*URVVR GD GHQDUL $5 J ‡ ,$ ‡ 19 ‡ $ ‡ &DVWHOOR 5Y ‡ &915$', 5(; &URFH LQ FHUFKLR D FRUGRQH ULJDWR &1, /XQDUGL 0,5 6SO

*URVVR GD GHQDUL $5 J ‡ , ‡ $ ‡ 19 ‡ $ ‡ &DVWHOOR 5Y WUH JOREHWWL &915$', 5(; &URFH SDWHQWH &1, FIU /XQDUGL E 0,5 0ROWR UDUR %HOOLVVLPD SDWLQD GL PHGDJOLHUH 6SO

9DULHWj FRQ VHJQR GL ]HFFD DG LQL]LR OHJHQGD DO UY H FXQHR WUD OD FURFH SDWHQWH HG LO FHUFKLR SHUOLQDWR DO GU

0HGDJOLD $5 J ‡ ,$ ‡ 1 9 ‡ $ ‡ &DVWHOOR 5Y &915$', ‡ 5(; ‡ &URFH SDWHQWH &1, YDU /XQDUGL 0,5 6SO

0HGDJOLD $5 J ‡ ,$ ‡ 1 9 ‡ $ ‡ &DVWHOOR 5Y &915$', ‡ 5(; ‡ &URFH SDWHQWH FRQ FXQHR QHO WHU]R TXDUWR &1, /XQDUGL 0,5 6SO

4XDUWDUR $( J 49$57$52 *ULIRQH UDPSDQWH FRQ FRGD GL OHRQH 5Y &915$'96 &URFH SDWHQWH FRQ WULIRJOLR QHO TXDUWR TXDUWR &1, /XQDUGL 0,5 5DUR %%

*RYHUQR JXHOIR *HQRYLQR $9 J DQHOOR ,$19$ DQHOOR 49$0 DQHOOR '(96 DQHOOR 3527(*$7 OHRQFLQR DQHOOR &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'96 5(;

520$12590 &URFH HQWUR FRUQLFH GL DUFKHWWL &1, /XQDUGL 0,5 )ULHGEHUJ D (VWUHPDPHQWH UDUR %HOO¶HVHPSODUH FRQLDWR VX WRQGHOOR GL PRGXOR ODUJR H UHJRODUH 6SO

([ DVWD $UWHPLGH GLFHPEUH

*RYHUQR JKLEHOOLQR *HQRYLQR $9 J ,$19$ 49$0 '(96 3527(*$7 DTXLOHWWD &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'96 5(; 520$12590 &URFH HQWUR FRUQLFH GL DUFKHWWL &1, /XQDUGL 0,5 TXHVWR HVHPSODUH LOOXVWUDWR )ULHGEHUJ E

(VWUHPDPHQWH UDUR T 6SO

([ DVWD 9DUHVL

/RWWR GL YHQWLGXH PRQHWH 5HSXEEOLFD 'HQDUR /XQDUGL 0,5

'D %% D 6SO

6HFRQGR SHULRGR GRJL D YLWD H GRPLQD]LRQL VWUDQLHUH

6LPRQ %RFFDQHJUD GRJH , *HQRYLQR SULPR WLSR $9 J 0 '9; ,$19( 49$ '(96 37(*$7 6 &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'96 5(; 520$12590 &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ T 6SO

*HQRYLQR SULPR WLSR $9 J 0 '9; ,$19( 49$ '(96 37(*$7 6 &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'96 5(; 520$12590 &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ T 6SO

*HQRYLQR SULPR WLSR $9 J '9; ,$19( 49$ '(96 37(*$7 è &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'96 5(; 520$12590 &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ %%

*HQRYLQR SULPR WLSR $9 J '9; ,$19( 49$ '(96 37(*$7 FDVWHOOHWWR &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y ‡ &215$'96 ‡ 5(; ‡ 520$12590 ‡ VFXGHWWR EDQGDWR &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ T 6SO

*HQRYLQR WHU]R WLSR $9 J '9; ,$19( 16,90 35,096 & ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9¶ ‡ 5(; ‡ 520$12590 $ ‡ &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ T 6SO

([ DVWD )LQDUWH

7HU]DUROD VHFRQGR WLSR $9 J WULIRJOLR '9; WULIRJOLR ,$19( WULIRJOLR 3 &DVWHOOR HQWUR FRUQLFH GL DUFKL 5Y &215$'9 ¶‡ 5(; ‡ 3 &URFH SDWHQWH LQ DUFKHWWL &1, /XQDUGL 0,5 )ULHGEHUJ 5DUD %%

([ DVWD )LQDUWH

4XDUWDUROD VHFRQGR WLSR $9 J ‡ '9; ‡ ,$19( ‡ $ ‡ &DVWHOOR 5Y VWHOOD &215$'9¶ ‡ 5(; &URFH SDWHQWH &1, /XQDUGL 0,5 )ULHGEHUJ 5DUD %XRQ %%

4XDUWDUROD VHFRQGR WLSR $9 J ‡ '9; ‡ ,$19( ‡ $ ‡ &DVWHOOR 5Y VWHOOD &215$'9¶ ‡ 5(; &URFH SDWHQWH &1, /XQDUGL 0,5 )ULHGEHUJ 5DUD %%

*URVVR WHU]R WLSR $5 J '9; ,$19(16,90 35,09¶ ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRWWR & 5Y URVHWWD &215$'96 URVHWWD 5(; URVHWWD $ URVHWWD &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 %XRQ %%

*URVVR WHU]R WLSR $5 J '9; ,$19(16,90 35,09¶ ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRWWR * 5Y URVHWWD &215$'96 URVHWWD 5(; URVHWWD $ URVHWWD &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 3LFFROR JUDIILR QHO FDPSR DOWULPHQWL EXRQ %%

*LRYDQQL 9DOHQWH GRJH ,,, *URVVR $5 J '9; ,$19( 7(5&,96 WULIRJOLR

&DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y WULIRJOLR &915$'96 WULIRJOLR 5(; ‡ DQHOOR &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 0ROWR UDUR T %%

6LPRQ %RFFDQHJUD GRJH ,9 *HQRYLQR $9 J '9; ,$19(6,90 48$579¶ ‡ & &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9¶ ‡ 5(; 520$12590 $ &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ D 5DUR %XRQ %%

*URVVR $5 J DVX : IANVESIVM : QUART’ ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRWWR 9 5Y +

URVHWWD CONRADVS URVHWWD REX URVHWWD P URVHWWD &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5

&1,

T 6SO

*DEULHOH $GRUQR GRJH 9 *HQRYLQR $9 J '9; ,$19(16,90 ‡ 49,17¶ ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9 ¶ ‡ 5(; 520$12590 , &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR 6SO

*HQRYLQR $9 J '9; ,$19(16,90 ‡ 49,17¶ ‡ M &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9 ¶ ‡ 5(; 520$12590 0 JRWLFD &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR %%

*URVVR $5 J '9; ‡ ,$19(16,90 ‡ 49,17 ¶ ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRWWR / 5Y URVHWWD &215$'9 6 URVHWWD 5(; URVHWWD , URVHWWD &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5

7RQGHOOR LUUHJRODUH EXRQ %%

'RPHQLFR GL &DPSRIUHJRVR GRJH 9, *HQRYLQR $9 J '9; ,$19(16,90 6(;796 , &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9 ¶ ‡ 5(; 520$125 90 ‡ , &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUR &ROSR QHO FDPSR DOWULPHQWL %%

([ DVWD 0 0

*HQRYLQR $9 J ‡ '9; ,$19(16,90 6(;786 ‡ , &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9 6 5(; 520$125 5 &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUR T 6SO

([ DVWD *KLJOLRQH

$QWRQLRWWR $GRUQR GRJH 9,, *HQRYLQR $9 J '9; ,$19(16,90 6(37,0 µ , &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9 ¶ ‡ 5(; 520$12590 5 &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ 5DULVVLPR %XRQ %% T 6SO

([ DVWD .XQVW XQG 0XQ]HQ

*URVVR $5 J '9; ,$19(16,90 6(37,0 ¶ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y URVHWWD

&215$'9 6 URVHWWD 5(; URVHWWD 5 URVHWWD &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 0ROWR UDUR T 6SO

([ &ULSSD 1XPLVPDWLFD OXJOLR

1LFROD *XDUFR GRJH 9,,, *HQRYLQR $9 J '9; ,$19(16,90 27$996 , &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'9¶ ‡ 5(; 520$12590 5 &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR %XRQ %%

([ DVWD )LQDUWH

*URVVR $5 J '9; ,$19(16,90 27$996 &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL FRQ WULIRJOL VRWWR $ JRWLFD 5Y URVHWWD &215$'9 6 URVHWWD 5(; URVHWWD 8 URVHWWD &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 %%

/HRQDUGR GL 0RQWDOGR GRJH ; *HQRYLQR $9 J '9; ,$19(16,90 '(&(0 $ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL FRQ RUQDWL WULOREDWL DOOH SXQWH H VWHOOHWWH 5Y &215$'9 ¶ ‡ 5(; 520$12590 $ &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ 5DULVVLPR %XRQ %%

([ DVWD .XQVW XQG 0XQ]HQ

9DOHUDQGR GL /XFHPEXUJR JRYHUQDWRUH 6ROGLQR $5 J ,$19$ 4 '(96 3527(*$7 &DVWHOOR LQ VHL DUFKL FRQ SHUOLQH DJOL DQJROL 5Y &215$'9 6 5(; 520$ $ &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 0ROWR UDUR %XRQ %%

&DUOR 9, UH GL )UDQFLD H VLJQRUH GL *HQRYD *HQRYLQR $9 J . 5(; )5$1&25 ¶ ‡ ' ,$19( $ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL FRQ JLJOL DOOH SXQWH H VWHOOHWWH 5Y &215$'9 ¶‡ 5(; 520$125 ¶ ‡ / &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ D 5DULVVLPR %XRQ %%

([ DVWD 9DUHVL

3HWDFKLQD $5 J . 5(; ) ' ,$19( 9 6FXGR ELSDUWLWR GL JLJOLR H FDVWHOOR VRWWR % 5Y &215$'9 6 5(; 5 > VLJOD @ &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5

T 6SO

3HWDFKLQD $5 J . 5(; ) ' ,$19( 9 6FXGR ELSDUWLWR GL JLJOLR H FDVWHOOR VRWWR % 5Y &215$'9 6 5(; 5 > VLJOD @ &URFH SDWHQWH LQ RUQDWL FRPH DO GLULWWR &1, /XQDUGL 0,5 T %%

*LRUJLR $GRUQR 'RJH ;9,, *HQRYLQR $9 J * $ '9; ,$19(16,90 ;9,, , &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL FRQ RUQDWL WULOREDWL H VWHOOHWWH 5Y &215$'96 5(; 520$125 , &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR %%

([ DVWD 9DUHVL

7RPPDVR GL &DPSRIUHJRVR GRJH ;9,,,, *URVVR $5 J 7 URVHWWD ' URVHWWD & URVHWWD '9; ,$19(16 ;9,,,, 5 &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL DL ODWL 7 ± & H VRWWR $ 5Y &215$'96 URVHWWD 5(; URVHWWD 520$ ‡ 1 URVHWWD &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5

5DUR 3DWLQD LULGHVFHQWH T 6SO

([ DVWD 9DUHVL

6ROGLQR 0LVW J 7 URVHWWD ' URVHWWD & URVHWWD '9; ,$19(16 ;9,,, &DVWHOOR LQ FRUQLFH G¶DUFKL DL ODWL 7 ± & H VRWWR , 5Y &215$'9¶ 5(; 520$125 &URFH SDWHQWH HQWUR RUQDWL &1, /XQDUGL 0,5 T 6SO

)LOLSSR 0DULD 9LVFRQWL VLJQRUH 'XFDWR $9 J ) 0 '9; 0(',2/$,,, ' ,$ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRSUD ELVFLD YLVFRQWHD 5Y &2,,5$'96 5(; 52,,,$ $ &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR T 6SO

'XFDWR $9 J ) 0 '9; 0(',2/$,,, M ,$ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRSUD ELVFLD YLVFRQWHD 5Y &2,,5$'96 5(; 52,,,$,, % &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR )ODQ LUUHJRODUH DOWULPHQWL 6SO

([ &ULSSD 1XPLVPDWLFD

*URVVR $5 J WUH DQHOOL ) WUH DQHOOL 0 WUH DQHOOL '9; WUH DQHOOL 0(',2/$,,, ' ,$ WUH DQHOOL

&DVWHOOR VRSUD VWHPPD GL 0LODQR LQTXDUWDWR 5Y &2,,5ƒ'9 6 5(; 52,,,$,,2 $ &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 0ROWR UDUR %%

([ DVWD /HX

*URVVR $5 J ) URVHWWD 0 URVHWWD '9; URVHWWD 0(',2/$,,, URVHWWD ' ,$ &DVWHOOR VRSUD ELVFLD YLVFRQWHD H DL ODWL ) ± 0 5Y &2,,5$'9 6 URVHWWD 5(; URVHWWD 52,,,$ URVHWWD $ URVHWWD &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 5DUR %%

6ROGLQR 0LVW J ) 0 '9; 0(',2/$,,, M ,$ ‡ &DVWHOOR VRSUD ELVFLD YLVFRQWHD 5Y &2,,5$'96 5(; 520$ $ &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 %XRQ %%

6ROGLQR 0LVW J ELVFLD ) 0 '9; 0(',2/$,,, M ,$ ‡ &DVWHOOR VRSUD ELVFLD YLVFRQWHD 5Y &2,,5$'96 5(; 520$,, $ &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 %%

7RPPDVR GL &DPSRIUHJRVR GRJH ;;, 'XFDWR $9 J 7 & '9; ,$,,9(,, ;;, &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL FRQ RUQDWL WULOREDWL DOOH SXQWH H VWHOOHWWH 5Y &2,,5$'9 5(; 52,,, ( &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUR /LHYH GHEROH]]D GL FRQLR DOWULPHQWL T 6SO

6ROGLQR 0LVW J 7 & '9; ,$,,9(,,6 ;;, &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'96 5(; 520$ 7 &URFH SDWHQWH LQ RUQDWL &1, YDU /XQDUGL 0,5 T %%

6ROGLQR 0LVW J 7 & '9; ,$19(16 ;;, &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'96 5(; 52 \ &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5

%%

5DIIDHOH $GRUQR GRJH ;;,, 'XFDWR $9 J 5 $ '8; ,$18(1 ;;,, $ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL GRSSL FRQ FURFHWWH HG DQHOOLQL 5Y &215$'8; 5(; 520$125 ( &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR %%

5DIIDHOH $GRUQR GRJH ;;,,, 'XFDWR $9 J 5 $ '8; ,$18(1 ;;,,,

URVHWWD &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL GRSSL FRQ FURFHWWH HG DQHOOLQL 5Y &215$'8; 5(;

520$125 ( &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ

(VWUHPDPHQWH UDUR H LQ VWDWR GL FRQVHUYD]LRQH HFFH]LRQDOH 6SO

([ DVWD 0 0

3HWDFKLQD 0LVW J 5 URVHWWD $ URVHWWD '8; URVHWWD ,$18 URVHWWD ;;,,, &DVWHOOR 5Y &2 15$' URVHWWD 5(; URVHWWD 52 URVHWWD 2 &URFH SDWHQWH &1, /XQDUGL 0,5 5DUD %%

/XGRYLFR GL &DPSRIUHJRVR GRJH ;;9 'XFDWR $9 J / & '8; ,$18(1 ;;8 &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL GRSSL FRQ FURFHWWH HG DQHOOLQL 5Y &215$'8; 5(; 520$125 2 &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPR ,PSHUFHWWLELOL JUDIILHWWL QHL FDPSL DOWULPHQWL T 6SO

([ DVWD 9DUHVL

3LHWUR GL &DPSRIUHJRVR GRJH ;;9, 'XFDWR $9 J 3 & '8; ,$18(1 ;;9, &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL GRSSL FRQ FURFHWWH HG DQHOOLQL 5Y &215$'8; 5(; 520$125 ' &URFH SDWHQWH LQ RUQDWL &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUR %XRQ %%

*URVVR $5 J ,K6 3 & '8; ,$18 ;;9, &DVWHOOR 5Y &215$' 5(; 52 % &URFH SDWHQWH &1, /XQDUGL 0,5 5DUR T %%

([ DVWD 9DUHVL

*URVVR $5 J ,K6 3 & '8; ,$18 ;;9, &DVWHOOR LQ FHUFKLR SHUOLQDWR 5Y &215$' 5(; 52 % &URFH LQ FHUFKLR SHUOLQDWR &1, /XQDUGL 0,5 5DUR T 6SO

([ OLVWLQR &ULSSD 1XPLVPDWLFD SULPDYHUD

0LQXWR 0LVW J 3 & '8; ,$1 ‡ &DVWHOOR 5Y &2 15 $' ‡ , URVHWWD &URFH LQWHUVHFDQWH OD OHJHQGD &1, /XQDUGL 0,5 %%

&DUOR 9,, UH GL )UDQFLD 'XFDWR $9 J *LJOLR ‡ & 5(; )5$1&25 ' ,$18( ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKL GRSSL FRQ WULIRJOL H DQHOOLQL 5Y &215$'8; 5(; 520$125 $ &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL GRSSL FRQ WULIRJOL HG DQHOOLQL &1, /XQDUGL 0,5 )ULHGEHUJ D (VWUHPDPHQWH UDUR ,PSHUFHWWLELOL JUDIILHWWL QHL FDPSL DOWULPHQWL T 6SO

([ DVWD 5DIIDHOH 1HJULQL JLXJQR

3DROR GL &DPSRIUHJRVR GRJH ;;9,,, 'XFDWR $9 J 3 & '9; ,$19(1 ;;9,,, &DVWHOOR HQWUR FRUQLFH G¶DUFKL H VRUPRQWDWR GD FRPSDVVR DL ODWL 3 ± & 5Y &215$'9; 5(; 520$125 % &URFH SDWHQWH HQWUR FRUQLFH G¶DUFKL &1, /XQDUGL 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR )RQGL OXFHQWL H FRQVHUYD]LRQH HFFH]LRQDOH T )GF

)UDQFHVFR 6IRU]D GXFD GL 0LODQR H VLJQRUH GL *HQRYD 'XFDWR $9 J ‡ ) 6 '8; 0(',2/$1, ' ,$1 ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRSUD ELVFLRQH 5Y &215$'8; 5(; 520$125 % &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUR 6SO

*DOHD]]R 0DULD 6IRU]D GXFD GL 0LODQR H VLJQRUH GL *HQRYD 'XFDWR $9 J ‡ * 6 '8; 0(',2/$1, ' ,$1 ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL VRSUD ELVFLRQH 5Y &215$'8; 5(; 520$12 $ &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL &1, YDU /XQDUGL 0,5 )ULHGEHUJ 5DUR %XRQ %%

*URVVR $5 J * ‡ 6 ‡ '8; ‡ 0(',2/$ ‡ ' ‡ ,$1 &DVWHOOR VRUPRQWDWR GD ELVFLRQH 5Y &215$' ‡ 5(; ‡ 520$12 ‡ $ &URFH SDWHQWH &1, /XQDUGL 0,5 %%

*URVVR $5 J * ‡ 6 ‡ '8; ‡ 0(',2/$ ‡ ' ‡ ,$1 &DVWHOOR VRUPRQWDWR GD ELVFLRQH 5Y &215$' ‡ 5(; ‡ 520$12 ‡ ,3 &URFH SDWHQWH &1, /XQDUGL 0,5 T 6SO

*URVVR $5 J * ‡ 6 ‡ '8; ‡ 0(',2/$ ‡ ' ‡ ,$1 &DVWHOOR VRUPRQWDWR GD ELVFLRQH 5Y &215$' ‡ 5(; ‡ 520$12 ‡ 3 &URFH SDWHQWH &1, /XQDUGL 0,5 %%

3URVSHUR $GRUQR JRYHUQDWRUH FRQ GRGLFL FDSLWDQL 'XFDWR $9 J ‡ 3 $ * = ;,, &$3, 3238/, ,$1 ‡ &DVWHOOR HQWUR FRUQLFH GL DUFKL GRSSL FRQ FURFHWWH DOOH SXQWH HG DQHOOLQL DJOL DQJROL 5Y &215$'8; 5(; 520$12 &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL GRSSL FRQ FURFHWWH DG DQHOOLQL &1, /XQDUGL 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR %XRQ %%

%DWWLVWD GL &DPSRIUHJRVR GRJH ;;; 'XFDWR $9 J DQHOOR % & '8; ,$18(1 ;;; DQHOOR &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL H VRUPRQWDWR GD FRPSDVVR 5Y DQHOOR &215$'8; 5(; 520>$1@2 * &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL GRSSL FRQ FURFHWWH DG DQHOOLQL &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR 6SO

'XFDWR $9 J DQHOOR % & '8; ,$18(1 ;;; DQHOOR &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL H VRUPRQWDWR GD FRPSDVVR 5Y &215$'8; 5(; 520>$1@2 * &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL GRSSL FRQ FURFHWWH DG DQHOOLQL &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUR /HJJHUPHQWH WRVDWR %%

([ &ULSSD 1XPLVPDWLFD

*URVVR $5 J DQHOOR % ‡ & ‡ '8; ‡ ,$18(1 ‡ ;;; DQHOOR &DVWHOOR VRUPRQWDWR GD FRPSDVVR 5Y &215$' ‡ 5(; ‡ 520$12 ‡ * ‡ &URFH SDWHQWH &1, /XQDUGL 0,5

0ROWR UDUR T %%

3DROR GL &DPSRIUHJRVR FDUGLQDOH GRJH ;;;, 'XFDWR $9 J 3 &) &$5 = '8; ,$1 ;;;, &DVWHOOR VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR 5Y &215$'8; 5(; 520 >$1@2 * &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL FRQ WULIRJOL DOOH SXQWH H DQHOOLQL DJOL DQJROL &1, YDU /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR %XRQ %%

([ &ULSSD 1XPLVPDWLFD

$JRVWLQR $GRUQR JRYHUQDWRUH SHU LO GXFD GL 0LODQR 'XFDWR $9 J $9* $'95196 *9% ' , &DVWHOOR VRUPRQWDWR GD ELVFLRQH DL ODWL $ ± $ FRURQDWH 5Y &21 5$'96 5(; 520 ‡ &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL FRQ SXQWL GHQWUR H IXRUL &1, ± /XQDUGL 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR /LHYH GHEROH]]D GL FRQLR DOWULPHQWL T 6SO

([ $VWDUWH DVWD , 9DULDQWH VFRQRVFLXWD DO &RUSXV

*LDQ *DOHD]]R 0DULD 6IRU]D GXFD GL 0LODQR H VLJQRUH GL *HQRYD 'XFDWR $9 J ,2 * 6) '9; 0 9, ,$ ' &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL H VRUPRQWDWR GD ELVFLRQH 5Y &215$'96 >«« @ 52520 1 ‡ * &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL FRQ SXQWL GHQWUR H IXRUL &1, YDU /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPR 7UDFFH GL GRSSLD EDWWLWXUD DOWULPHQWL EXRQ %%

([ DVWD )LQDUWH

7HVWRQH GD VROGL R OLUD $5 J ‡ ,2 * 0 6) '9; 0 9, >$&@ ,$1>9(@ ' &DVWHOOR VRUPRQWDWR GD ELVFLRQH HQWUR FRUQLFH GL DUFKL GRSSL DL ODWL GXH VWHOOH 5Y ‡ &215$' ¶ 5(; 520$125¶ ‡ ) ‡ 6 ‡ &URFH SDWHQWH HQWUR FRUQLFH GL GRGLFL DUFKL GRSSL FRQ VWHOOH QHO VHFRQGR WHU]R H TXDUWR TXDUWR &1, /XQDUGL 0,5

0ROWR UDUR ,PSHUFHWWLELOH FROSHWWR VXO ERUGR DOWULPHQWL PLJOLRUH GL %%

([ DVWD 9DUHVL

7HVWRQH GD VROGL $5 J ‡ ,2 * 0 6)2 '9; 0 9, $& ,$19( ' &DVWHOOR VRUPRQWDWR GD ELVFLRQH HQWUR FRUQLFH GL DUFKHWWL 5Y &215$'¶ 5(; 52012590 >,03@ &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL FRQ URVH DJOL DQJROL &1, YDU /XQDUGL 0,5

0ROWR UDUR 0LJOLRUH GL %%

([ DVWD 9DUHVL

0H]]D OLUD $5 J ,2 * 0 6) '9; 0 9, >$&@ ‡ ,' &DVWHOOR VRUPRQWDWR GD ELVFLRQH HQWUR FRUQLFH GL RWWR DUFKL DL ODWL GXH VWHOOH 5Y &215$'µ 5(; 52015 ‡ ) ‡ 6 ‡ &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL FRQ VWHOOH QHO SULPR H TXDUWR TXDUWR &1, YDU /XQDUGL 0,5

0ROWR UDUD 0% T %%

4XDUWR GL OLUD $5 J ,2 * 0 6) ' 0 9, $& , ' ‡ ,' &DVWHOOR VRUPRQWDWR GD ELVFLRQH DL ODWL GXH VWHOOH 5Y ‡ 5$' 5 520125 ‡ )% ‡ &URFH SDWHQWH FRQ VWHOOD QHO SULPR TXDUWR &1, /XQDUGL 0,5 0ROWR UDUR %%

/XGRYLFR 0DULD 6IRU]D GHWWR ´LO 0RUR´ GXFD GL 0LODQR H VLJQRUH GL *HQRYD 'XFDWR $9 J /9 0 6) '9; 0 9,, >$&@ ,$>19(@ ' &DVWHOOR VRUPRQWDWR GD ELVFLRQH HQWUR FRUQLFH GL DUFKL FRQ URVHWWH 5Y ‡ &215$' 5(; 520$125 ‡ 1* ‡ &URFH SDWHQWH HQWUR FRUQLFH GL GRGLFL DUFKL FRQ DQHOOLQL &1, YDU /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPR ,PSHUFHWWLELOH FROSHWWR DO GU DOWULPHQWL %%

([ DVWD /HX

/LUD $5 J /9 0 6) '9; 0 9,, >$&@ ,$19( ' ‡ &DVWHOOR VRUPRQWDWR GD ELVFLRQH HQWUR FRUQLFH GL DUFKL H DQHOOLQL DOOH SXQWH DL ODWL GXH VWHOOH 5Y &215$'¶ 5(; ‡ 520$1259 ‡ >1*@ ‡ &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL FRQ DQHOOLQL DOOD SXQWH H FRQ VWHOOH QHO SULPR WHU]R H TXDUWR TXDUWR &1, /XQDUGL 0,5 5DULVVLPD %%

([ DVWD 9DUHVL

/XLJL ;,, UH GL )UDQFLD H VLJQRUH GL *HQRYD 'XFDWR $9 J /9 5(; )5$1& (&( ,$18(' &DVWHOOR VRUPRQWDWR GD JLJOLR HQWUR FRUQLFH GL RWWR DUFKL GRSSL FRQ URVHWWH DJOL DQJROL 5Y ‡ &215$' ‡ 5(; 520$125 ‡ 1* &URFH SDWHQWH HQWUR FRUQLFH GL GRGLFL DUFKL GRSSL FRQ URVHWWH DJOL DQJROL &1, YDU /XQDUGL 0,5 )ULHGEHUJ

'HOOD PDVVLPD UDULWj /LHYL DEUDVLRQL QHO FDPSR H VXO ERUGR DOWULPHQWL %%

7HVWRQH $5 J /9'29,& µ ‡ 5(; ‡ )5$ ‡ & ¶ ‡ ,$1 ' &DVWHOOR VRUPRQWDWR GD JLJOLR HQWUR FRUQLFH GL DUFKL GRSSL FRQ URVHWWH 5Y &215$' ¶ 5(; ‡ 52>0$@1¶ ‡ 6 ‡ % &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL GRSSL FRQ URVHWWH &1, YDU /XQDUGL 0,5 0ROWR UDUR T %%

([ DVWD .XQVW XQG 0XQ]HQ

7HVWRQH $5 J /9'29,&µ ‡ 5(; ‡ ) ‡ ( ‡ & µ = URYHVFLDWD ‡ ,$ ‡ ' &DVWHOOR VRUPRQWDWR GD JLJOLR HQWUR FRUQLFH GL DUFKL GRSSL FRQ URVHWWH 5Y ‡ &215$' ¶ 5(; ‡ 520$125 ‡ 6 ‡ % &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL GRSSL FRQ URVHWWH &1, /XQDUGL 0,5

0ROWR UDUR %% EXRQ %%

0H]]R WHVWRQH $5 J /9'29,& µ ‡ 5(; ‡ )5$1& µ ,$1 ‡ ' &DVWHOOR VRUPRQWDWR GD JLJOLR HQWUR FRUQLFH GL DUFKL 5Y &215$' ¶ ‡ 5(; ‡ 520$125 ‡ 6% &URFH SDWHQWH HQWUR FRUQLFH GL DUFKL &1, /XQDUGL 0,5 0ROWR UDUR ,PSHUFHWWLELOH FROSR QHO FDPSR GHO GU DOWULPHQWL %%

4XDUWR GL WHVWRQH $5 J /9 URVHWWD 5(; URVHWWD )5$ URVHWWD & ¶ URVHWWD ,$>1'@ URVHWWD &DVWHOOR VRUPRQWDWR GD JLJOLR 5Y URVHWWD &215$' URVHWWD 5(; URVHWWD 5 URVHWWD 6 URVHWWD % URVHWWD &URFH SDWHQWH &1, YDU /XQDUGL 0,5 0ROWR UDUR T %%

([ DVWD 9DUHVL

/XLJL ;,, UH GL )UDQFLD 6FXGR GHO VROH $9 J /9'¶ '(, *5$&,$ )5$1&25 5(; ,$19( ' 6FXGR GL )UDQFLD FRURQDWR VRSUD VROH UDJJLDQWH 5Y ;36 9,1&,7 ;36 5(*1$7 ;36 ,03(5$ ,& &URFH RUQDWD H JLJOLDWD &1, YDU /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR T %%

([ OLVWLQR .XQVW XQG 0XQ]HQ

/LUD $5 J /8'29,&¶ ‡ ;,, ‡ 5(; ‡ )5$1&25¶ ‡ ,$ ‡ ' 6FXGR GL )UDQFLD FRURQDWR 5Y

URVHWWD &2091,7$6 URVHWWD ,$19( URVHWWD $& URVHWWD &URFH VRSUD FDVWHOOR QHO FDPSR DL ODWL GXH

VWHOOH &1, YDU /XQDUGL 0,5

5DULVVLPD )UDWWXUH GHO WRQGHOOR DOWULPHQWL %%

([ DVWD 9DUHVL

/LUD $5 J /8'29,&¶ ‡ ;,, ‡ 5(; ‡ )5$1&25¶ ‡ ,$ ‡ ' 6FXGR GL )UDQFLD FRURQDWR 5Y

URVHWWD &2091,7$6 URVHWWD ,$19( URVHWWD ,& URVHWWD &URFH VRSUD FDVWHOOR DL ODWL GXH VWHOOH &1,

/XQDUGL 0,5 TXHVWR HVHPSODUH LOOXVWUDWR

5DULVVLPD 0LJOLRUH GL %%

([ DVWD 9DUHVL

/LUD $5 J /8'29,&¶ ‡ ;,, ‡ 5(; ‡ )5$1&25¶ ‡ ,$ ‡ ' 6FXGR GL )UDQFLD FRURQDWR 5Y URVHWWD &2091,7$6 URVHWWD ,$19( URVHWWD ,& URVHWWD &URFH VRSUD FDVWHOOR DL ODWL GXH VWHOOH &1, /XQDUGL 0,5 5DULVVLPD 0LJOLRUH GL %%

)DOVR G¶HSRFD GHOOD OLUD $( J /8'29,&¶ ‡ ;,, ‡ 5(; ‡ )5$1&25¶ ‡ ,$ ‡ ' 6FXGR GL )UDQFLD FRURQDWR 5Y URVHWWD &2091,7$6 URVHWWD ,$19( URVHWWD $& URVHWWD &URFH VRSUD FDVWHOOR DL ODWL GXH VWHOOH &1, /XQDUGL 0,5 0ROWR UDUR %%

2WWDYLDQR GL &DPSRIUHJRVR GRJH ;;;,9 0LQXWR 0LVW J 2 & ' , ‡ &DVWHOOR LQWHUVHFDQWH OD OHJHQGD LQ EDVVR 5Y ‡ & ‡ ‡ 5 5 $ ‡ &URFH LQWHUVHFDQWH &1, /XQDUGL 0,5 0ROWR UDUR T %%

)UDQFHVFR , UH GL )UDQFLD &DYDOORWWR $5 J VWHOOD )5$1&,6&¶ VWHOOD 5(; VWHOOD

)5$1¶ VWHOOD ,$ VWHOOD ' &DVWHOOR VRUPRQWDWR GD JLJOLR 5Y VWHOOD &215$' VWHOOD 5(; VWHOOD

520$12¶ VWHOOD 0 VWHOOD &URFH SDWHQWH &1, /XQDUGL 0,5

5DUR /LHYL FRUURVLRQL DOWULPHQWL %%

([ DVWD 9DUHVL

$QWRQLRWWR $GRUQR GRJH 6FXGR GHO VROH $9 J $1721,2796 ‡ $'95196 ‡ *(19( ‡ '9; &DVWHOOR VRSUD VROH UDJJLDQWH 5Y &215$'96 ‡ 5(; ‡ 520$12590 URVHWWD 1& &URFH JLJOLDWD &1, YDU /XQDUGL 0,5 )ULHGEHUJ 5DUR T %%

([ DVWD 9DUHVL

7HVWRQH $5 J $1721,2796 ‡ $'95 ‡ *(19( ‡ '9; &DVWHOOR DL ODWL $ ± $ 5Y &215$'¶ ‡ 5(; ‡ 520$125 %& &URFH SDWHQWH &1, /XQDUGL 0,5

0ROWR UDUR T %%

)UDQFHVFR , UH GL )UDQFLD 7HVWRQH $5 J )5$1&,6&96 ‡ '(, ‡ * ‡ )5$1&25¶ ‡ 5(; &DVWHOOR DL ODWL ) FRURQDWD ± JLJOLR 5Y &215$'96 ‡ 5(; ‡ 520$125 URVHWWD 0% &URFH SDWHQWH &1, /XQDUGL 0,5 TXHVWR HVHPSODUH LOOXVWUDWR

0ROWR UDUR %XRQ %%

([ DVWD 9DUHVL

0H]]R WHVWRQH $5 J )5$1&,6&96 ‡ '(, ‡ *5$ ‡ )5$¶ ‡ 5(; &DVWHOOR DL ODWL ) FRURQDWD ± JLJOLR 5Y &215$'96 ‡ 5(; ‡ 520$12 ‡ )$ &URFH SDWHQWH &1, YDU /XQDUGL 0,5 5DULVVLPR 0%

([ DVWD 9DUHVL

*RYHUQR GHL 5LIRUPDWRUL GL /LEHUWj 'D VROGL 0LVW J /,%(57$6 URVHWWD

*(19(16,90 &DVWHOOR 5Y &215$'¶ ‡ 5(; ‡ 520$125 ‡ )$ &URFH SDWHQWH &1, /XQDUGL 0,5 5DULVVLPD %%

([ DVWD 0 0

'RJL ELHQQDOL H JRYHUQDWRUL GHOOD 5HSXEEOLFD 6HULH GHOOD , IDVH

6FXGR GHO VROH VLJOD & * $9 J '9; (7 *9%(5 5(,39 *(19 &DVWHOOR VRUPRQWDWR GD VROH DOO¶HVHUJR VWHOOLQD 5Y &215$'96 5(; 520$ &* &URFH SDWHQWH &1, /XQDUGL 0,5 )ULHGEHUJ 5DUR 6SO

([ OLVWLQR &ULSSD 1XPLVPDWLFD SULPDYHUD HVWDWH

6FXGR GHO VROH VLJOD $ 6 $9 J '9; (7 *9%(5 5(,39 *(19 &DVWHOOR VRUPRQWDWR GD VROH DOO¶HVHUJR VWHOOLQD 5Y &215$'96 5(; 520$ $6 &URFH SDWHQWH &1, /XQDUGL 0,5 )ULHGEHUJ 5DUR 6SO

6FXGR GHO VROH VLJOD % $ $9 J '9; (7 *9% 5(,3 *(19(¶ &DVWHOOR VRUPRQWDWR GD VROH 5Y &215$'96 5(; 520$12¶ %$ &URFH SDWHQWH &1, /XQDUGL 0,5 )ULHGEHUJ 5DUR 6SO

6FXGR GHO VROH VLJOD % & $9 J '9; (7 *9%(5 (;&(/ 5(, 3 * &DVWHOOR VRUPRQWDWR GD VROH 5Y &215$'96 5(; 520$12 %& &URFH SDWHQWH &1, /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPR 7UDFFLD GL DSSLFFDJQROR ULPRVVR DOWULPHQWL %%

7HVWRQH VLJOD $ 6 $5 J '9; (7 *9%(5 5(,39¶ *(19(¶ &DVWHOOR 5Y &215$'96 5(; 520$1¶ $6 &URFH SDWHQWH &1, /XQDUGL 0,5

5DUR 3DWLQD GL PHGDJOLHUH T 6SO

0H]]R WHVWRQH VLJOD ,$ $5 J '9; (7 *9%(5 5(,39¶ *(1¶ &DVWHOOR DL ODWL & ± , 5Y &215$'96 5(; 520$1¶ ,$ &URFH SDWHQWH &1, ± /XQDUGL 0,5

5DULVVLPR T %% %%

([ DVWD &KULVWLH¶V JLXJQR

&DYDOORWWR VLJOD $ 6 $5 J '9; (7 *9%(5 5(,39¶ *(19¶ &DVWHOOR 5Y &215$'96 5(; >520$1@ $6 &URFH SDWHQWH &1, /XQDUGL 0,5 T %%

&DYDOORWWR VLJOD $ 6 $5 J '9; (7 *9%(5 5(,39¶ *(19¶ &DVWHOOR 5Y &215$'96 5(; 520$ $6 &URFH SDWHQWH &1, YDU /XQDUGL 0,5 %%

6HULH GHOOD ,, IDVH

=HFFKLQR FLUFD $9 J '9; Dz *9% ± 5(,3 *(1 6 *LRYDQQL FRQVHJQD LO YHVVLOOR DO GRJH JHQXIOHVVR 5Y '(2 237 ± 0$; */25,$ ,O 5HGHQWRUH HQWUR HOOLVVH DFFRVWDWR GD GRGLFL VWHOOH &1, /XQDUGL 0,5 )ULHGEHUJ 'HOOD PDVVLPD UDULWj %XRQ %%

([ OLVWLQR 6HDE\ PDJJLR * 4XHVWD LPSRUWDQWH PRQHWD q WHVWLPRQLDQ]D GL FRPH OR ]HFFKLQR YHQH]LDQR GHO TXDOH q LPLWD]LRQH DYHVVH LO SUHGRPLQLR QHL PHUFDWL PHGLWHUUDQHL 6L SRWUHEEH LSRWL]]DUH LQIDWWL FKH L JHQRYHVL YROHVVHUR LQWURGXFHQGR XQD PRQHWD GHO WXWWR VLPLOH D TXHOOD YHQHWD FRPSHWHUH QHOOD GLIIXVLRQH GHOOD SURSULD PRQHWD]LRQH DQFKH LQ DUHH GRYH TXHOOD GHOOD VHUHQLVVLPD DYHYD LO SUHGRPLQLR &RPH ULFRUGDWR GD *LRYDQQL 3HVFH LQ ´/H PRQHWH JHQRYHVL´ *HQRYD D SDUWLUH GDO OD ]HFFD LQL]Lz OD EDWWLWXUD GL HVHPSODUL DO WLSR YHQHWR FRQ WXWWD XQD VHULH FKH SUHYHGHYD SHU O¶RUR OR ]HFFKLQR PHQWUH SHU O¶DUJHQWR LO GXFDWRQH PH]]R GXFDWRQH H WHVWRQH GHWWL SRL GHOOD EHQHGL]LRQH &RQGLYLGLDPR SHU TXDQWR ULJXDUGD OR ]HFFKLQR LO SHULRGR GL HPLVVLRQH ULIHULWR RYYHUR OD PHWj GHO ;9, VHFROR PHQWUH ULWHQLDPR FKH LQ FRQVLGHUD]LRQH VLD GHOOD VWHVVD UDIILJXUD]LRQH FKH GHOOD VLPLODULWj FRQ OH DOWUH HPLVVLRQL GL TXHVWD VHULH OD ILJXUD LQ SLHGL FKH FRQVHJQD LO YHVVLOOR DO GRJH SRWUHEEH HVVHUH TXHOOD GHO 5HGHQWRUH 1RQ q GLIILFLOH GHGXUUH LQILQH FKH OD 5HSXEEOLFD GL 9HQH]LD FRQ OD TXDOH L OLJXUL HUDQR LQ JUDQGH FRPSHWL]LRQH FRPPHUFLDOH DEELD OHYDWR VRQRUH SURWHVWH YHGHQGR PLQDFFLDWD XQD SURSULD LVWLWX]LRQH HG q SHUWDQWR DVVDL SUREDELOH FKH L JHQRYHVL DFFRQVHQWLURQR DO VROOHFLWR ULWLUR GL TXHVWR QXRYR WLSR PRQHWDOH GHWHUPLQDQGRQH FRVu OD VXD DVVROXWD UDULWj

'D GRSSLH R TXDGUXSOD $9 J '9; (7 *9% 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52 5(; 33 &URFH RUQDWD H IRJOLDWD &1, /XQDUGL ± 0,5 )ULHGEHUJ 5DUD 0LJOLRUH GL %%

'D GRSSLH R TXDGUXSOD $9 J '9; (7 *9% 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; *) &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ 5DUD &ROSHWWL VXO ERUGR DOWULPHQWL 6SO

([ DVWD .XQVW XQG 0XQ]HQ

'D GRSSLH R TXDGUXSOD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; *) &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ 5DUD 6SO

([ DVWD .XQVW XQG 0XQ]HQ

'RSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; /% &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ

5DUD /HJJHUH GHEROH]]H GL FRQLR DOWULPHQWL 6SO

([ DVWD .XQVW XQG 0XQ]HQ

'RSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; ,9 &URFH RUQDWD H IRJOLDWD &1, YDU /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD *UDIILHWWL DO UY H VHJQL VXO ERUGR DOWULPHQWL 6SO

([ OLVWLQR &ULSSD 1XPLVPDWLFD DXWXQQR LQYHUQR

'RSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; , 9 &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ

5DUD 3LFFROH LPSHUIH]LRQL GHO PHWDOOR SRVVLELOL WUDFFH GL ULEDWWLWXUD DOWULPHQWL T 6SO

'RSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52 5(; , = &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD /HJJHUH GHEROH]]H GL FRQLR DOWULPHQWL 6SO

'RSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52 5(; , = &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD 7RQGHOOR LUUHJRODUH DOWULPHQWL T 6SO

'RSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52 5(; , = &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD %%

0H]]D GRSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; $6 &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ

5DUD 6SO

0H]]D GRSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; $6 &URFH RUQDWD H IRJOLDWD &1, /XQDUGL 0,5 )ULHGEHUJ 5DUD 0LJOLRUH GL 6SO

0H]]D GRSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; /% &URFH RUQDWD H IRJOLDWD &1, ± /XQDUGL ± 0,5 ± )ULHGEHUJ ± 'DWD DSSDUHQWHPHQWH LQHGLWD 6SO

0H]]D GRSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; /% &URFH RUQDWD H IRJOLDWD &1, ± /XQDUGL 0,5 ± )ULHGEHUJ 0ROWR UDUD T 6SO

([ OLVWLQR 1XPLVPDWLFD 5DWWR PDU]R

0H]]D GRSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; /% &URFH RUQDWD H IRJOLDWD &1, ± /XQDUGL ± 0,5 ± )ULHGEHUJ ± 'DWD DSSDUHQWHPHQWH LQHGLWD 6SO

0H]]D GRSSLD $9 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR VRWWR 5Y &215$'96 ,, 52¶ 5(; *) &URFH RUQDWD H IRJOLDWD &1, ± /XQDUGL ± 0,5 )ULHGEHUJ

(VWUHPDPHQWH UDUD /HJJHUPHQWH WRVDWD T %%

([ DVWD 5DIIDHOH 1HJULQL PDU]R H SURYHQLHQWH GDOOD FROOH]LRQH )DVVLR

'D VFXGL $5 J '9; (7 *9% 5(,3 *(19(16,6 &DVWHOOR FRURQDWR VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH H DL ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, ± /XQDUGL 0,5

(VWUHPDPHQWH UDUD 'L PRGXOR HFFH]LRQDOPHQWH ODUJR EHOOD SDWLQD GL PHGDJOLHUH H %%

([ DVWD 9DUHVL

'D VFXGL $5 J '9; (7 *9%¶ 5(,3¶ *(19(1¶ &DVWHOOR VRSUD DQHOOR H VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH $L ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; + 3 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, /XQDUGL 0,5 5DULVVLPD &RQVHUYD]LRQH HFFH]LRQDOH SHU TXHVWR WLSR GL PRQHWD EHOOLVVLPD SDWLQD GL PHGDJOLHUH H 6SO

([ DVWD *KLJOLRQH QRYHPEUH

'D VFXGL $5 J '9; (7 *9%¶ 5(,3¶ *(129(16,6 &DVWHOOR FRURQDWR VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH H DL ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, /XQDUGL 0,5 0ROWR UDUD 0DQFDQ]D GL PHWDOOR DO GU DOWULPHQWL %%

([ DVWD *DOHULH GHV PRQQDLHV RWWREUH

'D VFXGL $5 J '9; (7 *9% 5(,3 *(19(16,6 &DVWHOOR FRURQDWR VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH H DL ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, /XQDUGL 0,5

0ROWR UDUD %%

'D VFXGL $5 J '9; (7 *9% 5(,3 *(19(16,6 &DVWHOOR FRURQDWR VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH H DL ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, /XQDUGL 0,5 ±

0ROWR UDUD T 6SO

([ DVWD *DOHULH GHV PRQQDLHV RWWREUH

'D VFXGL $5 J '9; (7 *9% 5(,3 *(19(16,6 &DVWHOOR FRURQDWR VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH H DL ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; >,%@ 6YV &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, /XQDUGL 0,5 0ROWR UDUD %XRQ %%

'D VFXGL $5 J '9; (7 *9% 5(,3 *(19(16,6 &DVWHOOR FRURQDWR VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH H DL ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; >,%@ 6YV &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, /XQDUGL 0,5 0ROWR UDUD T 6SO

'D VFXGR H PH]]R $5 J '9; (7 *9%¶ 5(,3¶ *(19(1¶ &DVWHOOR VRSUD DQHOOR H VRWWR WHVWD GL FKHUXELQR DG DOL VSLHJDWH $L ODWL GXH JULIRQL 5Y &215$'96 ,, 520$12590 5(; / % &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH &1, /XQDUGL 0,5

(VWUHPDPHQWH UDUD H LQ HFFH]LRQDOH VWDWR GL FRQVHUYD]LRQH %HOOLVVLPD SDWLQD GL PHGDJOLHUH T 6SO

6FXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH VWHOOH H VRWWR 5Y &215$'96 ,, 52¶ 5(; , 9 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, ± /XQDUGL ± 0,5 ± 'DWD DSSDUHQWHPHQWH LQHGLWD 0%

6FXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1 &DVWHOOR FRURQDWR DL ODWL GXH VWHOOH H VRWWR 5Y &215$'96 ,, 52¶ 5(; , 9 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR T 6SO

6FXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1 &DVWHOOR FRURQDWR DL ODWL GXH VWHOOH H VRWWR 5Y &215$'96 ,, 52¶ 5(; , 9 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR 3DWLQD GL PHGDJOLHUH PLJOLRUH GL %%

6FXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH VWHOOH H VRWWR 5Y &215$'96 ,, 52¶ 5(; , 9 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, ± /XQDUGL 0,5 ± 0ROWR UDUR T 6SO 6SO

6FXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52¶ 5(; 0 & &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR %XRQ %%

6FXGR $5 J '9; (7 *9% 5(,3 *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y ,1 +2& 6$/96 091', &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DULVVLPR T %%

([ DVWD 9DUHVL &RQVLGHUDWR FKH VROR LQ TXHVWR DQQR YHQQH DSSRUWDWD XQD PRGLILFD DOOD OHJHQGD GHO URYHVFLR ULVSHWWR DL WLSL VROLWL RYYHUR HOLPLQDQGR LO ULIHULPHQWR DOO¶LPSHUDWRUH &RUUDGR ,, LO TXDOH FRQFHVVH D *HQRYD LO GLULWWR GL ]HFFD SUREDELOPHQWH WDOH FDPELDPHQWR QRQ WURYz DSSURYD]LRQH 'D TXL OD QRWHYROH UDULWj GL TXHVWD HPLVVLRQH VSHFLDOH

6FXGR $5 J '9; (7 *9% 5(,3 *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52 5(; &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5

5DUR 6SO

6FXGR $5 J '9; (7 *9% 5(,3 *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52 5(; &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5

5DUR %XRQ %%

([ OLVWLQR &ULSSD 1XPLVPDWLFD SULPDYHUD

6FXGR $5 J '9; (7 *9% 5(,3 *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52 5(; &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5

5DUR 3DWLQD GL PHGDJOLHUH 6SO

6FXGR $5 J '9; (7 *9% 5(,3 *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52 5(; >,%@ 6YV &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR /LHYL SRURVLWj DO GU DOWULPHQWL T 6SO

'XFDWRQH GHOOD EHQHGL]LRQH $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ ,O 5HGHQWRUH VHGXWR LQ WURQR EHQHGLFH LO GRJH FRQ YHVVLOOR H L JRYHUQDWRUL JHQXIOHVVL GDYDQWL D OXL $OO¶HVHUJR 5Y &215$'96 ,, 52¶ 5(; 3 3 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL &1, ± /XQDUGL ± 0,5 ± 7LSRORJLD UDULVVLPD H GDWD DSSDUHQWHPHQWH LQHGLWD /HJJHUD SDWLQD GL PHGDJOLHUH T 6SO

([ DVWD 0 0 QRYHPEUH

'XFDWRQH GHOOD EHQHGL]LRQH $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ ,O 5HGHQWRUH VWDQWH D G EHQHGLFH LO GRJH FRQ YHVVLOOR H L JRYHUQDWRUL JHQXIOHVVL GDYDQWL D OXL $OO¶HVHUJR 5Y &215$'96 ,, 52¶ 5(; 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL &1, YDU /XQDUGL 0,5 5DULVVLPR T 6SO

([ &ULSSD 1XPLVPDWLFD PDJJLR

0H]]R VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR DL ODWL GXH VWHOOH H VRWWR ,, 5Y &215$'96 ,, 520$125¶ 5(; $ 6 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 0ROWR UDUR %XRQ %%

0H]]R VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1 &DVWHOOR FRURQDWR DL ODWL GXH VWHOOH H VRWWR 5Y &215$'96 ,, 52¶ 5(; + 3 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR %XRQ %%

0H]]R VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1 &DVWHOOR FRURQDWR DL ODWL GXH VWHOOH H VRWWR 5Y &215$'96 ,, 52¶ 5(; + 3 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR 0LJOLRUH GL %%

0H]]R VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH H FURFHWWH VRWWR 5Y &215$'96 ,, 52¶ 5(; 0 & &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR 3DWLQD GL PHGDJOLHUH PLJOLRUH GL %%

7HVWRQH GHOOD EHQHGL]LRQH , WLSR $5 J '9; (7 *9%(5 5(,39%¶ *(19(1¶ ,O 5HGHQWRUH EHQHGLFH LO GRJH JHQXIOHVVR FRQ YHVVLOOR D V TXDWWUR VWHOOH 5Y &215$'96 ,, 520$125¶ 5(; &DVWHOOR FRQ VRSUD FURFH SDWHQWH DL ODWL ± &1, /XQDUGL 0,5

5DULVVLPR 0LJOLRUH GL %%

7HVWRQH GHOOD EHQHGL]LRQH ,, WLSR $5 J '9; (7 *9%(5 5(,3%¶ *(19(1¶ ,O 5HGHQWRUH D G EHQHGLFH LO GRJH JHQXIOHVVR FRQ YHVVLOOR $OO¶HVHUJR 5Y &215$'96 ,, 520$125¶ 5(; &URFH RUQDWD DFFDQWRQDWD GD TXDWWUR FDVWHOOL &1, /XQDUGL 0,5

0ROWR UDUR %XRQ %%

7HVWRQH GHOOD EHQHGL]LRQH ,, WLSR $5 J '9; (7 *9%¶ 5(,3¶ *(19¶ ,O 5HGHQWRUH D G EHQHGLFH LO GRJH JHQXIOHVVR FRQ YHVVLOOR $OO¶HVHUJR 5Y &215$'96 ,, 520$125¶ 5(; &URFH RUQDWD DFFDQWRQDWD GD TXDWWUR FDVWHOOL &1, /XQDUGL 0,5

0ROWR UDUR /LHYL IUDWWXUH GHO WRQGHOOR DOWULPHQWL EXRQ %%

7HVWRQH GHOOD EHQHGL]LRQH ,,, WLSR $5 J '9; (7 *9%¶ 5(,3¶ *(19¶ ,O 5HGHQWRUH D G EHQHGLFH LO GRJH JHQXIOHVVR FRQ YHVVLOOR $OO¶HVHUJR 5Y &215$'96 ,, 520$125¶ 5(; &URFH RUQDWD FRQ FDVWHOOR DOO¶LQWHUQR &1, /XQDUGL 0,5 5DULVVLPR %%

7HVWRQH GHOOD EHQHGL]LRQH ,,, WLSR $5 J '9; (7 *9%¶ 5(,3¶ *(19¶ ,O 5HGHQWRUH D G EHQHGLFH LO GRJH JHQXIOHVVR FRQ YHVVLOOR $OO¶HVHUJR 5Y &215$'96 ,, 520$125¶ 5(; &URFH RUQDWD FRQ FDVWHOOR DOO¶LQWHUQR &1, /XQDUGL 0,5 5DULVVLPR %%

([ DVWD 9DUHVL

4XDUWR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL DL ODWL GXH VWHOOH H VRWWR URVHWWD 5Y &215$'96 ,, 520$125¶ 5(; $ 6 &URFH SDWHQWH DFFDQWRQDWD GD GXH VWHOOH &1, /XQDUGL 0,5 0ROWR UDUR T %%

4XDUWR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52¶ 5(; 0 & &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, YDU /XQDUGL 0,5 5DUR /HJJHUPHQWH WRVDWR DOWULPHQWL %%

([ OLVWLQR 1XPLVPDWLFD 5DWWR

4XDUWR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52¶ 5(; 0 & &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR /HJJHUPHQWH WRVDWR DOWULPHQWL T %%

4XDUWR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52¶ 5(; 0 & &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR %XRQ %%

4XDUWR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52¶ 5(; , = &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR %XRQ %%

4XDUWR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1¶ &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52¶ 5(; ' 1 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR T 6SO

2WWDYR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(19¶ &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL DL ODWL GXH VWHOOH 5Y &215$'96 ,, 520$125¶ 5(; / % &URFH SDWHQWH DFFDQWRQDWD GD GXH VWHOOH &1, /XQDUGL 0,5 TXHVWR HVHPSODUH LOOXVWUDWR

0ROWR UDUR %%

([ DVWD 9DUHVL

2WWDYR GL VFXGR $5 J '9; (7 *9%¶ 5(,3¶ *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52 5(; &URFH SDWHQWH DFFDQWRQDWD GD TXDWWUR VWHOOH D VHL SXQWH &1, /XQDUGL 0,5 5DUR %XRQ %%

2WWDYR GL VFXGR $5 J '9; (7 *9% 5(,3 *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFHWWH H VRWWR 5Y &215$'96 ,, 52 5(; &URFH SDWHQWH DFFDQWRQDWD GD TXDWWUR VWHOOH D VHL SXQWH &1, ± /XQDUGL ± 0,5 5DULVVLPR T %%

6HULH GHOOD ,,, IDVH

'D GRSSLH $9 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 % 6 YV /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPD T 6SO

'D GRSSLH $9 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 & 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPD H SUREDELOPHQWH LO PLJOLRU HVHPSODUH FRQRVFLXWR 3HUIHWWDPHQWH FRQLDWD H

FHQWUDWD VX IODQ LQVROLWDPHQWH ODUJR H UHJRODUH T )GF

([ DVWD .XQVW XQG 0XQ]HQ ;;9,

'D GRSSLH R TXDGUXSOD $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 & 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ± )ULHGEHUJ ±

7LSRORJLD PROWR UDUD H DEELQDPHQWR GL GDWD H VLJOD GL ]HFFKLHUH DSSDUHQWHPHQWH LQHGLWR 0LJOLRUH GL 6SO

([ DVWD .XQVW XQG 0XQ]HQ ;9,

'D GRSSLH R TXDGUXSOD $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 & 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ± )ULHGEHUJ ±

7LSRORJLD PROWR UDUD H YDULDQWH DSSDUHQWHPHQWH LQHGLWD FRQ VLJOD GL

]HFFKLHUH )RQGL OXFHQWL PLJOLRUH GL 6SO

'D GRSSLH R TXDGUXSOD $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD /HJJHUH GHEROH]]H GL FRQLR DOWULPHQWL 6SO

([ DVWD *DOHULH GHV PRQQDLHV RWWREUH

'D GRSSLH R TXDGUXSOD $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ± )ULHGEHUJ ±

'DWD DSSDUHQWHPHQWH LQHGLWD &RQLDWD VX IODQ HFFH]LRQDOPHQWH ODUJR H UHJRODUH 6SO

'D GRSSLH R TXDGUXSOD DO WRUFKLR $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5 )ULHGEHUJ

(VWUHPDPHQWH UDUD )RQGL OXFHQWL 6SO

([ DVWD &KULVWLH¶V JLXJQR /D OHWWHUDWXUD QXPLVPDWLFD GHVFULYH JOL HVHPSODUL GL TXHVWD WLSRORJLD FRQLDWL DO WRUFKLR FRQ LO FRQWRUQR ULJDWR 7XWWL JOL HVHPSODUL D QRL QRWL H FKH DEELDPR DYXWR PRGR GL HVDPLQDUH SUHVHQWDQR LQYHFH XQ ERUGR SHUIHWWDPHQWH OLVFLR

'RSSLD $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 , 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUD %%

0H]]D GRSSLD $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 % 1 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ± )ULHGEHUJ ±

'DWD DSSDUHQWHPHQWH LQHGLWD &ROSHWWR VXO ERUGR DO GU DOWULPHQWL T 6SO

0H]]D GRSSLD $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD 5Y (7 5(*( (26 , % 1 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUD %XRQ %%

0H]]D GRSSLD DO WRUFKLR $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD DFFDQWRQDWD GD TXDWWUR FURFHWWH 5Y (7 5(*( (26 2 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 ± )ULHGEHUJ 5DULVVLPD &RQVHUYD]LRQH HFFH]LRQDOH T )GF

([ DVWD 9DUHVL

0H]]D GRSSLD DO WRUFKLR VRWWR $9 J '9; (7 *9% 5(,3 *(19 &URFH RUQDWD H IRJOLDWD DFFDQWRQDWD GD TXDWWUR FURFHWWH 5Y (7 5(*( (26 2 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5 )ULHGEHUJ 5DULVVLPD 6SO

=HFFKLQR $9 J '9; (7 *9% 5(,3 *(19 2 0 6WHPPD FRURQDWR 5Y 121 6955(;,7 0$,25 6 *LRYDQQL SUHGLFDQWH &1, /XQDUGL 0,5 )ULHGEHUJ

5DUR /LHYL WUDFFH GL PRQWDWXUD DOWULPHQWL T 6SO

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPD (VHPSODUH LQ HFFH]LRQDOH VWDWR GL FRQVHUYD]LRQH T )GF

([ DVWD 0 0

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )ULHGEHUJ

'L HVWUHPD UDULWj &RQVHUYD]LRQH HFFH]LRQDOH T )GF

([ DVWD 0RQWHQDSROHRQH

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / ± &1, /XQDUGL 0,5 )ULHGEHUJ

5DUD &ROSHWWR DO UY DOWULPHQWL EXRQ %%

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / &1, /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUD T 6SO

([ OLVWLQR &ULSSD 1XPLVPDWLFD DXWXQQR

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / &1, /XQDUGL 0,5 )ULHGEHUJ

5DUD ,QVLJQLILFDQWL FDUHQ]H GHO WRQGHOOR DOWULPHQWL T 6SO

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 VWHOOD /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / &1, /XQDUGL 0,5 )ULHGEHUJ 5DUD 0LQLPD PDQFDQ]D GL PHWDOOR DO GU DOWULPHQWL HVHPSODUH FRQ EHL IRQGL OXFHQWL H GL FRQVHUYD]LRQH HFFH]LRQDOH T )GF

([ DVWD .XQVW XQG 0XQ]HQ

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / &1, /XQDUGL 0,5 )ULHGEHUJ

5DULVVLPD T )GF

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / &1, /XQDUGL 0,5 )ULHGEHUJ

5DUD ,PSHUFHWWLELOH FROSHWWR D RUH GHO UY 6SO

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / ± &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD %XRQ %%

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / &1, /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD &ROSHWWL H OLHYH VIRJOLDWXUD GL PHWDOOR DO UY DOWULPHQWL 6SO

'D OLUH $9 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR / &1, YDU /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD 3RVVLELOL WUDFFH GL PRQWDWXUD DOWULPHQWL 6SO

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± 3 % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

5DULVVLPD 0LQLPD PDQFDQ]D GL PHWDOOR VXO ERUGR DOWULPHQWL %%

([ DVWD 6SLQN 7DLVHL

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± 3 % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, ± /XQDUGL 0,5 LQGLFDWR VHQ]D VLJOD

5DULVVLPD T %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 5DULVVLPD T 6SO

([ DVWD .XQVW XQG 0XQ]HQ

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, ± /XQDUGL ± 0,5 (VWUHPDPHQWH UDUD T 6SO

([ DVWD $VWDUWH

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± >,%@ 1 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, YDU /XQDUGL 0,5 0ROWR UDUD %XRQ %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 0ROWR UDUD %XRQ %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL ± 0,5 ± FIU PD VHQ]D VLJOD

5DULVVLPD %HOOLVVLPR HVHPSODUH FRQ SDWLQD GL PHGDJOLHUH 6SO

([ DVWD &KULVWLH¶V JLXJQR

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 0ROWR UDUD 6SO

([ DVWD 9DUHVL %

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, YDU /XQDUGL 0,5

0ROWR UDUD 3DWLQD GL PHGDJOLHUH VX IRQGL OXFHQWL LPSHUFHWWLELOH

IDOOD PHWDOOR DO UY DOWULPHQWL PLJOLRUH GL 6SO

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, YDU /XQDUGL 0,5 0ROWR UDUD %XRQ %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(>19@ &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 0ROWR UDUD 0LJOLRUH GL %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± 3 % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, YDU /XQDUGL ± 0,5 5LFFL 1RWH GL 1XPLVPDWLFD YROO S TXHVWR HVHPSODUH LOOXVWUDWR

5DULVVLPD %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± * / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, YDU /XQDUGL 0,5 0ROWR UDUD 0LJOLRUH GL %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± * / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

0ROWR UDUD 'HO WXWWR LQVLJQLILFDQWH WUDFFLD GL DSSLFFDJQROR DOWULPHQWL EXRQ %%

'D VFXGL $5 J '9; (7 *9%(51$72(6 5(,3 *(19( &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL QRWD 0,5 0ROWR UDUD T 6SO

'D VFXGL $5 J '9; (7 *9%(51$72(6 5(,3 *(19( &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL QRWD 0,5 0ROWR UDUD 0LJOLRUH GL %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19( &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, YDU /XQDUGL 0,5

0ROWR UDUD %HOOLVVLPD SDWLQD GL PHGDJOLHUH T 6SO

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

0ROWR UDUD /LHYL IUDWWXUH GHO WRQGHOOR DOWULPHQWL PLJOLRUH GL %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 0ROWR UDUD 0LJOLRUH GL %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 0ROWR UDUD %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

0ROWR UDUD /HJJHUL VHJQL H XQ SDLR GL FROSHWWL VXO ERUGR DOWULPHQWL EXRQ %%

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

0ROWR UDUD ,PSHUFHWWLELOH WUDFFLD GL PRQWDWXUD VXO FRQWRUQR DOWULPHQWL T 6SO

([ DVWD 9DUHVL

'D VFXGL $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

0ROWR UDUD 'L QRWHYROH TXDOLWj SHU LO WLSR 6SO

([ DVWD 5DIIDHOH 1HJULQL DSULOH

'D VFXGL VX $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 0ROWR UDUD 0LJOLRUH GL %%

'D VFXGR H PH]]R $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± >,%@ 1 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, ± /XQDUGL 0,5 ±

'HOOD SL HVLPLD UDULWj /LHYL VHJQL VXO ERUGR SUREDELOPHQWH SURYHQLHQWH GD

DQWLFD PRQWDWXUD DOWULPHQWL PLJOLRUH GL %%

([ DVWD )LQDUWH

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

5DUR /LHYL IUDWWXUH GHO WRQGHOOR DOWULPHQWL T 6SO

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

5DUR 3DWLQD GL PHGDJOLHUH OLHYL GHEROH]]H GL FRQLR DOWULPHQWL T 6SO 6SO

([ &ULSSD 1XPLVPDWLFD

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

5DUR 3RVVLELOL WUDFFH GL PRQWDWXUD DOWULPHQWL T 6SO

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 5DUR T 6SO

([ DVWD 9DUHVL

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5 5DUR T 6SO

([ DVWD 9DUHVL %

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(1 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

5DUR 0DUJLQDOH IUDWWXUD GHO WRQGHOOR DOWULPHQWL 6SO

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± * / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, ± /XQDUGL ± 0,5 ±

'DWD DSSDUHQWHPHQWH LQHGLWD 7UDFFLD GL OLPDWXUD VXO WDJOLR H LQVLJQLILFDQWH

IUDWWXUD GHO WRQGHOOR DOWULPHQWL 6SO

([ DVWD &ULSSD 1XPLVPDWLFD &URQRV

6FXGR ODUJR VX $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± * / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, ± /XQDUGL ± 0,5 ±

'DWD DSSDUHQWHPHQWH LQHGLWD 0DUJLQDOH IUDWWXUD GHO WRQGHOOR DOWULPHQWL T 6SO

([ DVWD 9DUHVL

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

5DUR 3DWLQD GL PHGDJOLHUH %% PLJOLRUH GL %%

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± , % , /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, ± /XQDUGL ± 0,5 ±

'DWD H VLJOD DSSDUHQWHPHQWH LQHGLWL 0DUJLQDOL IUDWWXUH GHO WRQGHOOR DOWULPHQWL %%

6FXGR ODUJR $5 J '9; (7 *9%(51$725(6 5(,3 *(19 &URFH SDWHQWH RUQDWD H DFFDQWRQDWD GD WHVWH GL FKHUXELQR DG DOL VSLHJDWH 5Y (7 5(*( ± (26 ± ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR LQ DOWR GXH DQJHOL UHJJRQR XQD FRURQD GL VWHOOH &1, /XQDUGL 0,5

5DUR /LHYL IUDWWXUH GHO WRQGHOOR H LQVLJQLILFDQWL JUDIILHWWL DO UY DOWULPHQWL 6SO

6FXGR , WLSR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 >,%@ 6YV /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

(VWUHPDPHQWH UDUR T %%

([ DVWD &KULVWLH¶V JLXJQR 6L WUDWWD GHO SULPR WLSR GL VFXGR FRQ OD 0DGRQQD HPHVVR QHOOD WHU]D IDVH GHOOD PRQHWD]LRQH GHL GRJL ELHQQDOL H GL UDULVVLPD DSSDUL]LRQH VXO PHUFDWR QXPLVPDWLFR

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 >,%@ 6YV /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR T 6SO

([ OLVWLQR .XQVW XQG 0XQ]HQ

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 >,%@ 1 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 %% EXRQ %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 >,%@ 1 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

8Q SDLR GL FROSHWWL VXO ERUGR DO GU DOWULPHQWL EXRQ %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 >,%@ 1 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 3DWLQD GL PHGDJOLHUH T 6SO

6FXGR $5 J ' LQYHUVD 9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , $ & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ±

'DWD DSSDUHQWHPHQWH LQHGLWD /LHYL FRUURVLRQL DOWULPHQWL %%

6FXGR $5 J ' LQYHUVD 9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , $ & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ± 'DWD DSSDUHQWHPHQWH LQHGLWD %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 T 6SO

6FXGR $5 J '9; (7 *9% 5(,3 *(1 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 3DWLQD GL PHGDJOLHUH PLJOLRUH GL %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 3RURVLWj DO GU DOWULPHQWL %%

6FXGR $5 J '9; (7 *9% 5(,3 *(1 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

/LHYH PDQFDQ]D GL PHWDOOR DO UY DOWULPHQWL PLJOLRUH GL %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 T 6SO

([ OLVWLQR 1XPLVPDWLFD 5DWWR DXWXQQR

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5 T 6SO EXRQ %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

%HOOD SDWLQD LULGHVFHQWH 6SO T 6SO

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 %%

6FXGR DO WRUFKLR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL QRWD 0,5

5DULVVLPR &ROSHWWL VXO ERUGR DOWULPHQWL T 6SO

6L WUDWWD GHOOD SULPD HPLVVLRQH GL VFXGL EDWWXWL ´DO WRUFKLR´ *OL HVHPSODUL SUHVHQWDQR VXO WDJOLR OD GLFLWXUD 321'(5,6 6(&95$ ),'(6 7979049( 35$(6,',90 D VLJQLILFDUH OD PDJJLRU JDUDQ]LD GL TXHVWD WHFQLFD GL FRQLD]LRQH FRQWUR RJQL IURGH SRQGHUDOH

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 /HJJHUD SDWLQD 6SO

([ DVWD 9DUHVL

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5 T %% %%

([ DVWD 9DUHVL

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

%HOOD SDWLQD GL PHGDJOLHUH EXRQ %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5 %XRQ %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL YHGL QRWD 0,5 5DUR %%

4XHVWR HVHPSODUH SUHVHQWD XQ¶LQWHUHVVDQWH FRQWURPDUFD FRQ FDVWHOOR JHQRYHVH QHO FDPSR DO UY

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

%HOOD SDWLQD GL PHGDJOLHUH PLQLPH IUDWWXUH GHO WRQGHOOR DOWULPHQWL T 6SO

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

3LFFROD IDOOD GL PHWDOOR DO GU DOWULPHQWL PLJOLRUH GL %%

6FXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

%HOOD SDWLQD GL PHGDJOLHUH T 6SO

0H]]R VFXGR ODUJR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR 6SO

0H]]R VFXGR ODUJR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL 0,5 5DUR %XRQ %%

([ DVWD 9DUHVL

0H]]R VFXGR ODUJR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR %% T %%

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR %XRQ %%

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR %%

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5

5DUR &RQVHUYD]LRQH LQVROLWD T 6SO

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

5DUR 0LQLPH PDQFDQ]H GL PHWDOOR DOWULPHQWL 6SO

0H]]R VFXGR DO WRUFKLR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL QRWD 0,5

5DULVVLPR %XRQ %% T 6SO

([ DVWD 9DUHVL

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR )RQGL OXFHQWL 6SO

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR /HJJHUD SDWLQD 6SO

([ DVWD 9DUHVL

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

5DUR 3RURVLWj H PDQFDQ]D GL PHWDOOR QHO FDPSR DO UY DOWULPHQWL %% T %%

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

5DUR 'HEROPHQWH LPSUHVVD DO UY DOWULPHQWL T 6SO

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

5DUR 3DWLQD GL PHGDJOLHUH EXRQ %%

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 7 & /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5

5DUR *UDIILHWWL VXL IRQGL %%

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR 0LJOLRUH GL %%

([ DVWD 9DUHVL

0H]]R VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL 0,5 5DUR %%

4XDUWR GL VFXGR ODUJR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 0ROWR UDUR T %%

4XDUWR GL VFXGR ODUJR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 0ROWR UDUR %XRQ %%

4XDUWR GL VFXGR ODUJR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , % 7 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, YDU /XQDUGL 0,5 0ROWR UDUR T 6SO

([ DVWD &KULVWLH¶V JLXJQR

4XDUWR GL VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 % 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR %%

4XDUWR GL VFXGR DO WRUFKLR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL QRWD 0,5

5DULVVLPR T %%

4XDUWR GL VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 6 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ±

'DWD DSSDUHQWHPHQWH LQHGLWD 3DWLQD LULGHVFHQWH EXRQ %% %%

4XDUWR GL VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 * / 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 5DUR %%

4XDUWR GL VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , % 0 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 ± 'DWD DSSDUHQWHPHQWH LQHGLWD 0%

4XDUWR GL VFXGR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 ) 0 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, ± /XQDUGL ± 0,5 0ROWR UDUR T 6SO

2WWDYR GL VFXGR DO WRUFKLR $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , 6 6 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5

0ROWR UDUR T 6SO

([ DVWD 9DUHVL

'LFLDVVHWWHVLPR GL VFXGR ODUJR R GD VROGL $5 J '9; (7 *9% 5(,3 *(19 &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH D VHL SXQWH 5Y (7 5(*( (26 , $ % /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR VRWWR 9,,, &1, /XQDUGL 0,5 %HOOD SDWLQD LULGHVFHQWH GL PHGDJOLHUH H FRQVHUYD]LRQH LQVROLWD 6SO

'D UHDOL $5 J '9; (7 *9% ± 5(,3 *(19 ± 6FXGR FRURQDWR D FDUWRFFL FRQ QDVWUL VYROD]]DQWL DL ODWL UDPL GL SDOPD H GL DOORUR 5Y 6 *LRUJLR D FDYDOOR QHOO¶DWWR GL WUDILJJHUH LO GUDJR &1, /XQDUGL 0,5

'HOOD SL JUDQGH UDULWj H LQ FRQVHUYD]LRQH LQVROLWD SHU TXHVWR WLSR GL PRQHWD %XRQ %%

([ DVWD &KULVWLH¶V JLXJQR

'D UHDOL $5 J '9; (7 *9% ± 5(,3 *(19 ± 6FXGR FRURQDWR D FDUWRFFL FRQ QDVWUL VYROD]]DQWL DL ODWL UDPL GL SDOPD H GL DOORUR 5Y 6 *LRUJLR D FDYDOOR QHOO¶DWWR GL WUDILJJHUH LO GUDJR &1, /XQDUGL 0,5 (VWUHPDPHQWH UDUD )RUR DELOPHQWH RWWXUDWR %%

([ DVWD &KULVWLH¶V JLXJQR

'D UHDOL $5 J '9; (7 *9% ± 5(,3 *(19 ± 6FXGR FRURQDWR D FDUWRFFL FRQ QDVWUL VYROD]]DQWL DL ODWL UDPL GL SDOPD H GL DOORUR 5Y 6 *LRUJLR D FDYDOOR QHOO¶DWWR GL WUDILJJHUH LO GUDJR &1, /XQDUGL 0,5

(VWUHPDPHQWH UDUD H SUREDELOPHQWH LO PLJOLRU HVHPSODUH FRQRVFLXWR )RQGL OXFHQWL H )GF

([ DVWD &KULVWLH¶V JLXJQR 1HO VX LQL]LDWLYD GHO %DQFR GL 6DQ *LRUJLR R &DVD GHOOH FRPSHUH H GHL EDQFKL GL 6DQ *LRUJLR YHQQH HPHVVD GDOOD ]HFFD JHQRYHVH OD VHULH GHL FRVLGGHWWL ³UHDOL´ FKH SUHYHGHYD L QRPLQDOL GD H XQ UHDOH /H PRQHWH FRUULVSRQGHYDQR PHWURORJLFDPHQWH DJOL VWHVVL HVHPSODUL FRQLDWL QHOOH YDULH ]HFFKH GDOO LPSHUR VSDJQROR H FKH ODUJD GLIIXVLRQH DYHYDQR D TXHO WHPSR QHOOH WUDQVD]LRQL FRPPHUFLDOL LQ WXWWR LO PRQGR /D VHULH GHL UHDOL JHQRYHVL YHQQH HFFH]LRQDOPHQWH EDWWXWD VROR LQ TXHVWR DQQR

5HDOH $5 J '9; (7 *9% ± 5(,3 *(19 ± 6FXGR FRURQDWR D FDUWRFFL FRQ QDVWUL VYROD]]DQWL DL ODWL UDPL GL SDOPD H GL DOORUR 5Y 6 *LRUJLR D FDYDOOR QHOO¶DWWR GL WUDILJJHUH LO GUDJR &1, /XQDUGL 0,5 (VWUHPDPHQWH UDUR 3DWLQD GL PHGDJOLHUH T 6SO

([ DVWD $VWDUWH ,,,

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(1 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL OHJDWR LQ EDVVR GD UDPL GL SDOPD H GL DOORUR VRWWR / ± 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, YDU /XQDUGL 0,5 5DUD %%

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(1 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL OHJDWR LQ EDVVR GD UDPL GL SDOPD H GL DOORUR VRWWR / ± 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 %XRQ %%

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR / ± 5Y 121 6855(;,7 ± 0$-25 VWHOOD 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 6SO

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR / ± 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 3LFFROD PDQFDQ]D GL PHWDOOR DO UY DOWULPHQWL PLJOLRUH GL 6SO

'D OLUH $5 J '9; (7 *9%(5 5(,39 *(19(1 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR UDPL GL SDOPD H GL DOORUR 5Y 121 6955(;,7 ± 0$,25 , 6 6 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 5DUD 6SO

([ DVWD 5DIIDHOH 1HJULQL DSULOH

'D OLUH $5 J '9; (7 *9%(5 5(,39 *(19(1 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR UDPL GL SDOPD H GL DOORUR 5Y 121 6955(;,7 ± 0$,25 ) 0 6 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 5DUD 3DWLQD GL PHGDJOLHUH PLJOLRUH 6SO

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR / ± 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 5DUD T 6SO

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR / ± 5Y 121 6855(;,7 ± 0$-25 VWHOOD 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 5DUD T 6SO

([ DVWD 9DUHVL %

'D OLUH $5 J '9; (7 *9% ± (5 5(,39 *(19(1 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR UDPL GL SDOPD H GL DOORUR 5Y 121 6955(;,7 0$,25 >*/@ 0 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 T 6SO

([ DVWD 5DIIDHOH 1HJULQL DSULOH

'D OLUH $5 J '9; (7 *9%(5 ± 5(,39 *(19(1 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR UDPL GL SDOPD H GL DOORUR 5Y 121 6955(;,7 0$,25 ) 0 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 T %%

'D OLUH $5 J '9; (7 *9% 5(,3 *(19 2 0 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y 'RSSLR JLUR GL OHJHQGD FRQ DOO¶HVWHUQR 69% 7990 ± 35(6,',90 H DOO¶LQWHUQR '(5(/,14 126 /D %HDWD 9HUJLQH VX FUHVFHQWH H QXEL VRWWR QHO JLUR &1, /XQDUGL 0,5

5DUD T 6SO

'D OLUH $5 J '8; (7 *9% ± 5(,3 *(1 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL OHJDWR LQ EDVVR GD UDPL GL SDOPD H GL DOORUR VRWWR / ± 5Y 121 6855(;,7 ± 0$,25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 T 6SO EXRQ %%

([ DVWD 5DIIDHOH 1HJULQL DSULOH

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR / 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5

%HOOD SDWLQD LULGHVFHQWH GL PHGDJOLHUH VX IRQGL OXFHQWL PLJOLRUH GL 6SO

([ DVWD 5DIIDHOH 1HJULQL GLFHPEUH

'D OLUH $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR / 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5

3DWLQD GL PHGDJOLHUH 6SO

'D VROGL $5 J '9; (7 *9% 5(,3 *(19 ) 0 6 6WHPPL FRURQDWL H DFFROODWL DL ODWL 6 ± 5Y (; 352%,7$7( 52%95 6 *LRUJLR D FDYDOOR WUDILJJH LO GUDJR &1, /XQDUGL 0,5

0ROWR UDUD %%

'D VROGL $5 J '9; (7 *9% 5(,3 *(19 ) 0 6 6WHPPL FRURQDWL H DFFROODWL DL ODWL 6 ± 5Y (; 352%,7$7( 52%95 6 *LRUJLR D FDYDOOR WUDILJJH LO GUDJR &1, /XQDUGL 0,5

0ROWR UDUD %%

/LUD $5 J '9; (7 *9% 5(,3 *(1 6WHPPD FRURQDWR 5Y (7 5(*( (26 >,%@ 1 0H]]D ILJXUD GHOOD %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR DOO¶HVHUJR ;; &1, /XQDUGL 0,5

5DUD %%

([ DVWD 9DUHVL

/LUD $5 J '9; (7 *9% 5(,3 *(19 2 0 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y 69% 7990 ± 35(6,',90 /D %HDWD 9HUJLQH VX FUHVFHQWH H QXEL VRWWR &1, /XQDUGL 0,5

6SO

/LUD $5 J '9; (7 *9% 5(,3 *(19 2 0 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL 5Y 69% 7990 ± 35(6,',90 /D %HDWD 9HUJLQH VX FUHVFHQWH H QXEL VRWWR &1, /XQDUGL 0,5

%XRQ %%

/LUD $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR / 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5

&RQVHUYD]LRQH LQVROLWD H EHOOD SDWLQD GL PHGDJOLHUH T )GF

([ DVWD 5DIIDHOH 1HJULQL GLFHPEUH

'D VROGL $5 J '9; (7 *9% ± 5(,3 *(19 6WHPPD FRURQDWR LQ FDUWHOOD VRWWR 5Y 121 6955(;,7 0$,25 6 *LRYDQQL VWDQWH LQ SUHGLFD]LRQH &1, /XQDUGL 0,5 /HJJHUD SDWLQD VX IRQGL OXFHQWL PLJOLRUH GL 6SO

'D VROGL 0LVW J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR 5Y 62/', ',(&, LQ FRURQD G¶DOORUR &1, /XQDUGL 0,5 0LJOLRUH GL 6SO

'D VROGL 0LVW J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR 5Y 62/', ',(&, LQ FRURQD G¶DOORUR &1, /XQDUGL 0,5 T )GF

([ DVWD 9DUHVL

6ROGR &X J '9; (7 *9%(51$725(6 6WHPPD FRURQDWR DL ODWL GXH VWHOOH 5Y 5(,39%/,& *(19 , 6 6 1HO FDPSR '(1$5, &1, /XQDUGL 0,5 0ROWR UDUR &RQVHUYD]LRQH LQVROLWD PLJOLRUH GL %%

'D GHQDUL 0LVW J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )GF

'D GHQDUL 0LVW J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )GF

'D GHQDUL 0LVW J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR 5Y (7 5(*( ± (26 /D %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR VHGXWD VXOOH QXEL WLHQH QHOOD PDQR G XQR VFHWWUR &1, /XQDUGL 0,5 )GF

'D GHQDUL &X J 6WHPPD FRURQDWR 5Y ' 48$7752 &1, /XQDUGL QRWD

0,5 6SO

0RQHWD]LRQH SHU LO /HYDQWH

*LRUJLQR R OXLJLQR 0LVW J '9; (7 *9% ± 5(,3 *(19 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR QHO JLUR WUD GXH VWHOOH 5Y 6 *(25*,96 ± %21 91& 9,, 6 *LRUJLR D FDYDOOR WUDILJJH LO GUDJR &1, YDU /XQDUGL &DPPDUDQR 0,5 0ROWR UDUR 6SO

([ DVWD 5DIIDHOH 1HJULQL JLXJQR

*LDQXLQR R OXLJLQR 0LVW J '9; (7 *9% ± 5(,3 *(19 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR QHO JLUR 5Y %21,7 91& 49,149( VHJQL DUDEL 7HVWD ELIURQWH PDVFKLOH H PXOLHEUH &1, /XQDUGL &DPPDUDQR 0,5

0ROWR UDUR )RQGL OXFHQWL PLJOLRUH GL 6SO

*LXVWLQR R OXLJLQR 0LVW J '9; (7 *9% ± 5(,3 *(19 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR QHO JLUR 5Y %21 91& ,,,, VHJQL DUDEL /D *LXVWL]LD VHGXWD D G FRQ VSDGD H ELODQFLD &1, /XQDUGL YDU &DPPDUDQR 0,5 YDU

0ROWR UDUR /LHYL SRURVLWj GHO PHWDOOR DOWULPHQWL EXRQ %%

([ DVWD 9DUHVL

/LJXULQR R OXLJLQR 0LVW J '9; (7 *9% ± 5(,3 *(19 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR QHO JLUR 5Y %21 91& ± 75,90 VHJQL DUDEL %XVWR HOPDWR GHOOD /LJXULD D G &1, /XQDUGL &DPPDUDQR 0,5 5DULVVLPR 'HEROH]]D GL FRQLR DOWULPHQWL EXRQ %%

/RWWR GL YHQWRWWR PRQHWH 0H]]R VFXGR IDOVR GL ]HFFD /XQDUGL FIU 'D OLUH /XQDUGL 'D OLUH /XQDUGL /LUD /XQDUGL /LUD /XQDUGL /LUD /XQDUGL 0H]]D OLUD /XQDUGL 'D VROGL H GHQDUL /XQDUGL 'D VROGL /XQDUGL 'D VROGL /XQDUGL 'D VROGL /XQDUGL 'D VROGL H GDWD LOOHJJLELOH /XQDUGL 'D VROGL H PH]]R /XQDUGL 'D VROGL /XQDUGL 'D GHQDUL /XQDUGL 'D GHQDUL /XQDUGL 'D GHQDUL

/XQDUGL 'D GHQDUL /XQDUGL 'D GHQDUL /XQDUGL

'D 0% D T )GF

5HSXEEOLFD /LJXUH

'D OLUH DQQR , $9 J 3DJDQL /XQDUGL 0,5 )ULHGEHUJ

5DUD %XRQ %%

'D OLUH DQQR 9,,, 3DJDQL /XQDUGL 0,5 )ULHGEHUJ

5DUD )RQGL OXFHQWL PLJOLRUH GL 6SO

'D OLUH DQQR ,9 3DJDQL /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD /LHYL GLIHWWL VXO FRQWRUQR DOWULPHQWL PLJOLRUH GL 6SO

'D OLUH DQQR 9,, 3DJDQL /XQDUGL 0,5 )ULHGEHUJ

0ROWR UDUD T %%

'D OLUH DQQR , 3DJDQL /XQDUGL 0,5 )ULHGEHUJ

(VWUHPDPHQWH UDUD (VHPSODUH GD FRQVLGHUDUVL HFFH]LRQDOH SHU UDULWj H

VWDWR GL FRQVHUYD]LRQH )GF

'D OLUH DQQR ,, 3DJDQL /XQDUGL 0,5

5DUD T %%

'D OLUH DQQR , 3DJDQL /XQDUGL 0,5

0ROWR UDUD /LHYH IUDWWXUD GHO WRQGHOOR DOWULPHQWL %%

3URYD LQ SE GHO OLUH DQQR , 3DJDQL SURYH

T 6SO

6SO

5HSXEEOLFD *HQRYHVH

'D VROGL 3DJDQL D /XQDUGL 0,5

/RWWR GL WUH PRQHWH 'D VROGL 3DJDQL /XQDUGL 'D VROGL 3DJDQL D /XQDUGL 'D %% D T )GF

&RORQLH JHQRYHVL &KLRV

'RPLQD]LRQH JHQRYHVH ,PLWD]LRQH GHO GXFDWR YHQHWR GHO GRJH $QWRQLR 9HQLHU $9 J 6 0 9(1( ± 712 9(1(5, 6 0DUFR FRQVHJQD LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD GDOO¶DOWR '9; 5Y 6,7 7 ;3( '7$ 4 7 ± 97,6 ,67( '9&$7 ,O 5HGHQWRUH HQWUR DXUHROD HOOLWWLFD *DPEHULQL )ULHGEHUJ F 5DUR T 6SO

,PLWD]LRQH GHO GXFDWR YHQHWR GHO GRJH $QWRQLR 9HQLHU $9 J 6 0 9(1(7, ± $172 9(1( 6 0DUFR FRQVHJQD LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD GDOO¶DOWR '9; 5Y 6,7 7 ;3( '$7 4 7 ± 5(*,6 ,67( '9&$7 ,O 5HGHQWRUH HQWUR DXUHROD HOOLWWLFD *DPEHULQL )ULHGEHUJ F 5DUR %XRQ %%

*DOHD]]R 0DULD 6IRU]D VLJQRUH GL *HQRYD 0H]]R JLJOLDWR $5 J & 5 5 &,9,7$6 &+,, &DVWHOOR FRQ WRUUL H FLQWD PXUDULD 5Y *$/($ 0 6 ' ,$19( &URFH SDWHQWH 6FKOXPEHUJHU 7 ;9 /XQDUGL FRORQLH 6 5DUR %%

=HFFKH PLQRUL OLJXUL 6DYRQD

5HSXEEOLFD )LRULQR $9 J 021(7$ ± 6$21( *LJOLR 5Y 6 ,2+$ ± 11(6 %

VFXGHWWR SDODWR 6 *LRYDQQL VWDQWH GL IURQWH EHQHGLFHQWH FRQ OXQJD FURFH DSSRJJLDWD DOOD VSDOOD &1,

*DPEHULQL %HUQRFFKL YRO 9 0,5 )ULHGEHUJ

5DULVVLPR 7RQGHOOR RQGXODWR DOWULPHQWL %%

)UDQFHVFR , UH GL )UDQFLD &DYDOORWWR $5 J &,9,7$7(0 6$921$( 6FXGR VDQQLWLFR DL ODWL 0 ± 6 5Y 9,5*2 0$5,$ 3 ± 527(*( 6 *LRUJLR D FDYDOOR &1, 0,5

0ROWR UDUR 3DWLQD GL PHGDJOLHUH PLJOLRUH GL 6SO

7RUULJOLD

9LRODQWH 'RULD /RPHOOLQL /XLJLQR $5 J '21 9, /2 35,1&, 6 9(' '2 %XVWR PXOLHEUH D G 5Y '20,196 9,5796 0($ Dz 6$/96 0($ 6WHPPD FRURQDWR DL ODWL ± &DPPDUDQR YDU 0,5 0ROWR UDUR 6SO

,VROD GL &RUVLFD &RUWH

3DVTXDOH 3DROL JHQHUDOH 'D VROGL 0LVW J 6WHPPD FRURQDWR LQ FDUWHOOD DL ODWL JHQL PDULQL FRQ PD]]H 5Y 62/', HQWUR JKLUODQGD &1, 0,5

0LJOLRUH GL %%

([ DVWD 9DUHVL

'D VROGL 0LVW J 6WHPPD FRURQDWR LQ FDUWHOOD DL ODWL JHQL PDULQL FRQ PD]]H 5Y 62/', HQWUR FDUWHOOD &1, 0,5 5DUD %XRQ %%

([ DVWD 9DUHVL

'D VROGL 0LVW J 6WHPPD FRURQDWR LQ FDUWHOOD DL ODWL JHQL PDULQL FRQ PD]]H 5Y 62/', HQWUR FDUWHOOD &1, 0,5 ± 5DUD T 6SO

([ DVWD 9DUHVL

0RQHWH GL DOWUH ]HFFKH &DUPDJQROD

/XGRYLFR ,, GL 6DOX]]R PDUFKHVH &DYDOORWWR $5 J /9'29,&96 0 6$ ± /97,$590 %XVWR FRUD]]DWR D V 5Y 6$ ± 1&7 &2167$17 ± ,96 0 6 &RVWDQ]R D FDYDOOR 0,5

5DUR %%

/¶HVHPSODUH SUHVHQWD XQD FRQWURPDUFD FRQ FDVWHOOR JHQRYHVH DO URYHVFLR

)RVGLQRYR

0DULD 0DGGDOHQD &HQWXULRQL 0DODVSLQD /XLJLQR $5 J 0 0$' 0$/ 0$5 6299 ', )26' %XVWR PXOLHEUH D G 5Y URVHWWD '16 $',9725 ± (7 5('(0 0(96 6WHPPD FRURQDWR DL ODWL ± H VRWWR QHO JLUR $ &DPPDUDQR 0,5 T 6SO

0RQHWH G¶RUR GHL 5RPDQL SRQWHILFL /D ]HFFD q 5RPD VDOYR FRQWUDULD LQGLFD]LRQH

%HQHGHWWR ;,,, DQWLSDSD 3HGUR GH /XQD

$YLJQRQH )LRULQR GD VROGL " $9 J %(1(',796 33 75('(&,06 &KLDYL GHFXVVDWH LQ DOWR FUHVFHQWH 5Y 6$1796 3(7596 (7 3$9/96 7ULUHJQR 3G$ ± 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ E

5DULVVLPR ,PSHUFHWWLELOL VHJQHWWL QHO FDPSR GHO UY DOWULPHQWL T 6SO EXRQ %%

0DUWLQR 9 2GGRQH &RORQQD

%RORJQD 'XFDWR SDSDOH $9 J 0$57,196 33 49,1796 6WHPPD VRUPRQWDWR GD WULUHJQR 5Y 3(759 ± $32672/ 6 3LHWUR VWDQWH GL IURQWH FRQ FKLDYL QHOOD G SRUJH OD PDQR V VRSUD OR VWHPPD &DULOOR VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR /LHYL WUDFFH GL ULEDWWLWXUD DOWULPHQWL EXRQ %%

%RORJQD 'XFDWR SDSDOH $9 J 0$57,196 33 49,1796 6WHPPD VRUPRQWDWR GD WULUHJQR 5Y 6 3(7596 $ ± 32672/9 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL QHO FDPSR DL ODWL FKLDYHWWH GHFXVVDWH H DUPHWWD $OHPDQ JRYHUQDWRUH VRUPRQWDWD GD FURFH 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ

(VWUHPDPHQWH UDUR H LQ FRQVHUYD]LRQH LQVROLWD SHU TXHVWR WLSR GL PRQHWD 6SO

/RXLV $OHPDQ GL $UEHQW 6DYRLD DUFLYHVFRYR GL $UOHV YHQQH QRPLQDWR JRYHUQDWRUH JHQHUDOH GL %RORJQD H GHOOH 5RPDJQH FRQ SRWHUL GL OHJDWR LO PDJJLR HVVHQGR XRPR GL ILGXFLD GHO SDSD 6XFFHVVLYDPHQWH VHPSUH LO PDJJLR PD GHO YHQQH QRPLQDWR FDUGLQDOH H OHJDWR GL %RORJQD H 5RPDJQD ILQR DO /H HPLVVLRQL ERORJQHVL VRQR SHUWDQWR GLVWLQWH QHL GXH SHULRGL PD ULVXOWDQR DVVDL EHQ SL UDUH TXHOOH HVHJXLWH GXUDQWH LO SHULRGR TXDQG¶HJOL HUD JRYHUQDWRUH

(XJHQLR ,9 *DEULHOH &RQGXOPHU

'XFDWR SDSDOH $9 J (9*(1,96 33 49$5796 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3(7596 ± $/0$ 520$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 0ROWR UDUR 6SO

'XFDWR SDSDOH $9 J (9*(1,96 ± 33 49$5796 6WHPPD VRUPRQWDWR GD WULUHJQR HQWUR FRUQLFH TXDGULOREDWD 5Y 6 3(7596 ± $/0$ 520$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL HQWUR FRUQLFH TXDGULOREDWD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ

/HJJHUD GHEROH]]D GL FRQLR DO UY DOWULPHQWL 6SO

1LFFROz 9 7RPPDVR 3DUHQWXFFHOOL

'XFDWR SDSDOH $9 J 1,&2/$96 ± 33 49,1796 6WHPPD VRUPRQWDWR GD WULUHJQR HQWUR FRUQLFH TXDGULOREDWD 5HY 6 3(7596 ± $/0$ 520$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL HQWUR FRUQLFH TXDGULOREDWD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 6SO

%RORJQD 'XFDWR R ERORJQLQR $9 J 6 3(7596 $ ± $32672/96 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL LQ EDVVR D G DUPHWWD SRQWLILFLD 5Y %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH QHO FDPSR D V VHJQR GL ]HFFKLHUH VFRQRVFLXWR 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHG EHUJ D 5DULVVLPR 3HUIHWWDPHQWH FRQLDWR H FHQWUDWR VX WRQGHOOR GL PRGXOR ODUJR 6SO

%RORJQD 'XFDWR R ERORJQLQR $9 J 6 3(7596 $ ± $32672/96 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL LQ EDVVR D G DUPHWWD SRQWLILFLD 5Y %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH QHO FDPSR D V DUPHWWD 6DQXWL 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ D

5DULVVLPR 0LQLPR FROSHWWR VXO ERUGR DOWULPHQWL T 6SO

&DOOLVWR ,,, $ORQVR GH %RUMD

'XFDWR SDSDOH $9 J &$/,6796 ± 33 7(57,96 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 02',&( ),'(, 49$5( '9%,7$7,6 6 3LHWUR LQ XQD QDYLFHOOD YHUVR G WLHQH XQ UHPR QHOOD G HG XQD OXQJD FURFH QHOOD V 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR 6SO PLJOLRUH GL 6SO

4XHVWR GXFDWR SHU LO VRJJHWWR HG LO PRWWR LQFLVL DO URYHVFLR SXz HVVHUH FRQVLGHUDWR FRPH OD SULPD PRQHWD SDSDOH DG DYHUH XQ SUHFLVR VLJQLILFDWR LQ TXHVWR FDVR OD YRORQWj GL &DOLVWR ,,, GL SURSXJQDUH XQD &URFLDWD FRQWUR O¶DYDQ]DWD GHL 7XUFKL 6HEEHQH QRQ HVLVWD GRFXPHQWD]LRQH FRQ RJQL SUREDELOLWj L FRQLL GL TXHVWR VSOHQGLGR GXFDWR IXURQR HVHJXLWL GD $QGUHD *XD]]DORWWL FKH DOO¶HSRFD ODYRUDYD SHU OD ]HFFD GL 5RPD QHOOD TXDOH DYHYD LQFLVR XQD PHGDJOLD DOOD PRUWH GL 1LFROz 9 FRQ OR VWHVVR VRJJHWWR GL 6DQ 3LHWUR DOOD SHVFD H FRQ OD VWHVVD OHJHQGD

'XFDWR SDSDOH $9 J &$/,6796 URVHWWD VHJQR GL )UDQFHVFR 0DULDQL GHOOD =HFFD ± 33 7(57,96 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6 3(7596 ± $/0$ 520$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL HQWUR FRUQLFH TXDGULOREDWD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 0ROWR UDUR &ROSHWWR QHO FDPSR GHO GU DOWULPHQWL PLJOLRUH GL 6SO

3LR ,, (QHD 6LOYLR 3LFFRORPLQL

'XFDWR SDSDOH $9 J 3,96 3$3$ ± 6(&91'96 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6 3(7596 FUHVFHQWH VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR ± $/0$ 520$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL HQWUR FRUQLFH TXDGULOREDWD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR 6SO

%RORJQD 'XFDWR R ERORJQLQR $9 J 6 3(7596 $ ± 32672/96 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL DL ODWL DUPHWWH GHO SRQWHILFH H GHO FDUGLQDOH &DSUDQLFD 5Y %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ 5DULVVLPR 'XH FROSHWWL VXO EURGR DOWULPHQWL 6SO

3DROR ,, 3LHWUR %DUER

'RSSLR GXFDWR SDSDOH DQQR , $9 J 3$9/96 ,, 32 ± 17 0$; $1 , 6WHPPD VRUUHWWR DL ODWL GD GXH DQJHOL VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH LO WXWWR HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y 3( ± 75( 3$6&( ± 29(6 0($6 ,O 5HGHQWRUH D G LQGLFD D 6 3LHWUR GHOOH SHFRUHOOH SDVFRODQWL 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ D

'HOOD PDVVLPD UDULWj /LHYL RQGXOD]LRQL GHO WRQGHOOR DOWULPHQWL EXRQ %%

)LQLVVLPD RSHUD GL (PLOLDQR 2UILQL FRQ LO GHWWDJOLR GHOOH SHFRUHOOH DO SDVFROR LQ ULIHULPHQWR D 6 3LHWUR TXDOH SDVWRUH GL DQLPH 4XHVWR HVHPSODUH LQ UHDOWj FRPH WXWWL TXHOOL EDWWXWL FRQ FRQL HVHJXLWL GD TXHVWR LQFLVRUH IXURQR SURGRWWL QHOOD ERWWHJD GHOO¶RUHILFH IROLJQDWH SRLFKp D FRQIHUPD GL TXDQWR IRVVHUR DSSUH]]DWH OH VXH TXDOLWj DUWLVWLFKH JOL IX FRQFHVVR GL ULPDQHUH QHOOD VXD FLWWj QDWDOH VHQ]D O¶REEOLJR GL GRYHUVL WUDVIHULUH D 5RPD SHU ODYRUDUH DOOD ]HFFD SRQWLILFLD GHOOD TXDOH HUD VWDWR QRPLQDWR ]HFFKLHUH QHO

'XFDWR SDSDOH DQQR , $9 J 3$9/96 ,, ± 3217 $1 , 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 3(7596 3$ ± 6&( ± 29(6 0( ± $6 ,O 5HGHQWRUH D G LQGLFD D 6 3LHWUR GHOOH SHFRUHOOH SDVFRODQWL 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ

5DULVVLPR %XRQ %%

([ DVWD 5DWWR 0RQHWH GL =HFFKH LWDOLDQH SDUWH ,,

'XFDWR SDSDOH $9 J 3$9/96 33 ± 6(&91'96 6WHPPD VRUPRQWDWR GD WULUHJQR HQWUR FRUQLFH TXDGULOREDWD 5Y 6 3(7596 ± $/0$ 520 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL HQWUR FRUQLFH TXDGULOREDWD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ

(VWUHPDPHQWH UDUR )ODQ OHJJHUPHQWH RQGXODWR DOWULPHQWL EXRQ %%

([ DVWD / +DPEXUJHU JLXJQR *QHFFKL

'XFDWR SDSDOH $9 J 3$9/96 33 URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD ± URVHWWD 6(&91'96 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y 6 3(7596 ± 6 ± 3$9/96 )LJXUH GL 6 3LHWUR D V H 6 3DROR D G VWDQWL GL IURQWH VRWWR QHO JLUR 520$ 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR 6SO

%RORJQD 'XFDWR R ERORJQLQR $9 J 6 3(7596 $ ± 32672/96 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL DL ODWL DUPHWWH GHO SRQWHILFH H GHO FDUGLQDOH &DSUDQLFD 5Y %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH LQ EDVVR D V VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ 0ROWR UDUR %XRQ %%

6LVWR ,9 )UDQFHVFR GHOOD 5RYHUH

'RSSLR GXFDWR SDSDOH $9 J 6,;796 33 URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD ± URVHWWD 49$5796 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 3( ± 75( 3$6&( ± 29(6 0($6 ,O 5HGHQWRUH D G LQGLFD D 6 3LHWUR GHOOH SHFRUHOOH SDVFRODQWL 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 'HOOD SL HVLPLD UDULWj SRFKL HVHPSODUL QRWL T %%

'XFDWR SDSDOH $9 J 6,;796 33 URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD ± URVHWWD 49$5796 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6 3(759 ± 6 ƒ 6 ± 3$9/96 )LJXUH GL 6 3LHWUR D V H 6 3DROR D G VWDQWL GL IURQWH VRWWR QHO JLUR 520 0XQWRQL YDU %HUPDQ YDU 0,5 YDU )ULHGEHUJ 5DUR T )GF

([ DVWD 3 3 6DQWDPDULD 6LJQRUHOOL

)LRULQR GL FDPHUD $9 J 6,;796 33 URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD ± URVHWWD 49$5796 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6$1&796 3(7596 $/0$ 520$ URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD 6 3LHWUR DOOD SHVFD 0XQWRQL ± %HUPDQ ± 0,5 )ULHGEHUJ 0ROWR UDUR %HOOD SDWLQD URVVLFFLD 6SO

9DULHWj PROWR UDUD FRQ VHJQR GHOOR ]HFFKLHUH SUHVHQWH DQFKH DO URYHVFLR H QRQ VHJQDODWD GDO 0XQWRQL

,QQRFHQ]R 9,,, *LRYDQ %DWWLVWD &\ER

'XFDWR SDSDOH $9 J ,112&(1 ± 7,96 33 9,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6 3(7596 ± 6 ± 3$9/96 )LJXUH GL 6 3LHWUR D V H 6 3DROR D G VWDQWL GL IURQWH WUD ORUR $ $QWRQLR $OWRYLWL ]HFFKLHUH H VRWWR QHO JLUR 520$ 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 0ROWR UDUR H LQ HFFH]LRQDOH VWDWR GL FRQVHUYD]LRQH 0LJOLRUH GL 6SO

)LRULQR GL FDPHUD $9 J ,112&(1 ± 7,96 33 9,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6$1&796 3(7596 $/0$ 520$ URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 6SO

0DFHUDWD )LRULQR GL FDPHUD $9 J ,112&(1 ± 7,96 33 9,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6$1&796 3(7596 0$&(5$7$ VHJQR GL $QWRQLR 0LJOLRUL ]HFFKLHUH 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ

5DULVVLPR )ODQ LUUHJRODUH DOWULPHQWL PLJOLRUH GL 6SO 6SO

$OHVVDQGUR 9, 5RGULJR GH %RUMD \ %RUMD

'RSSLR ILRULQR GL FDPHUD $9 J $/(;$1'(5 ± 9, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD 6$1&796 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 0ROWR UDUR 0LJOLRUH GL 6SO

)LRULQR GL FDPHUD $9 J $/(;$1'( ± 5 33 6(;796 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6$1&796 3(7596 ± URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD

$/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL YDU ,9 %HUPDQ 0,5 )ULHGEHUJ &RQVHUYD]LRQH HFFH]LRQDOH T )GF

)LRULQR GL FDPHUD $9 J $/(;$1'(5 ± 33 6(;796 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FHUFKLR OLQHDUH 5Y 6$1&796 3(7596 ± $/0$ URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD

520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ

0ROWR UDUR 0LJOLRUH GL 6SO

%RORJQD 'XFDWR SDSDOH $9 J $/(;$1' ± (5 33 9, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y %2121, ± $ ± '2&(7 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL LQ EDVVR DL ODWL DUPHWWH 6IRU]D H GHOOD &LWWj 0XQWRQL %HUPDQ E 0,5 &KLPLHQWL )ULHGEHUJ 5DUR %%

'XFDWR SDSDOH $9 J $/(;$1' ± (5 33 9, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y %2121, ± $ ± '2&(7 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL LQ EDVVR DL ODWL DUPHWWH %RUJLD H GHOOD &LWWj 0XQWRQL %HUPDQ 0,5 &KLPLHQWL )ULHGEHUJ 5DUR 7UDFFH GL GRSSLD EDWWLWXUD DO UY DOWULPHQWL T 6SO

'XFDWR SDSDOH $9 J $/(;$1' ± (5 33 9, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y %2121, ± $ ± '2&(7 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL LQ EDVVR DL ODWL DUPHWWH 2UVLQL H GHOOD &LWWj 0XQWRQL %HUPDQ D 0,5 &KLPLHQWL )ULHGEHUJ 5DUR %%

$QRQLPH SRQWLILFLH GHO VHFROR ;9

%RORJQD %RORJQLQR $9 J %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH 5Y 6 3(7596 $ ± 32672/96 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL DL ODWL FKLDYL GHFXVVDWH 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ

5DULVVLPR 7RQGHOOR OHJJHUPHQWH RQGXODWR DOWULPHQWL %%

3LR ,,, )UDQFHVFR 7RGHVFKLQL 3LFFRORPLQL VHWWHPEUH ± RWWREUH

)LRULQR GL FDPHUD $9 J 3,96 3$3$ ± 7(57,96 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y 6$1&796 ± 3(7596 $/0$ URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD " 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ

(VWUHPDPHQWH UDUR 0LJOLRUH GL %% T 6SO

([ DVWD 0 0 ;;,,, H JLj FROOH]LRQH 5RVVL 4XHVWR SRQWLILFDWR q WUD L SL EUHYL GHOOD VWRULD SRQWLILFLD VROR JLRUQL H SHU TXHVWR SDSD VRQR QRWH VROR GXH HPLVVLRQL GL ILRULQL GL FDPHUD SHU OH ]HFFKH GL 5RPD H GL %RORJQD 3ULPD GHOO¶HOHYD]LRQH DO VRJOLR GL 3LHWUR LO 3LFFRORPLQL HUD VWDWR XQ JUDQGH RSSRVLWRUH GHOOD SROLWLFD QHSRWLVWLFD GL $OHVVDQGUR 9, H OD VXD HOH]LRQH IX IDYRULWD GDO FDUGLQDOH *LXOLDQR 'HOOD 5RYHUH 4XHVW¶XOWLPR VDUj VXFFHVVLYDPHQWH HOHWWR SDSD DOOD LPSURYYLVD H UDSLGD VFRPSDUVD GL 3LR ,,,

*LXOLR ,, *LXOLDQR GHOOD 5RYHUH

'RSSLR ILRULQR GL FDPHUD $9 J ,9/,96 ,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 1$9,6 $(7(51$( 6$/97,6 6 3LHWUR H 6 $QGUHD DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR 2QGXOD]LRQL GHO WRQGHOOR DOWULPHQWL %%

([ DVWD +HVV 'LYR

'RSSLR ILRULQR GL FDPHUD $9 J ,9/,96 ,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6$1&796 3(7596 $/0$ 520$ URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 0ROWR UDUR 6SO

)LRULQR GL FDPHUD $9 J ,9/,96 ,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y 6$1&796 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ

5DUR /LHYL RQGXOD]LRQL GHO WRQGHOOR T 6SO 6SO

)LRULQR GL FDPHUD $9 J ,9/,96 ,, 3217 0$; 6WHPPD FDULFDWR VX FKLDYL GHFXVVDWH H VRUPRQWDWR GD WULUHJQR 5Y 6$1&796 3(7596 $/0$ 520$ 6 3LHWUR H 6 $QGUHD DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR 6SO

$YLJQRQH 6FXGR GHO VROH $9 J 6ROH ,9/,96 ± 3$3$ 6(&91'96 7 6WHPPD VRUPRQWDWR GD WULUHJQR D G DUPHWWD G¶$PERLVH 5Y *(25*,96 '( $0%$6,$ &$5 (7 /(*$ 7 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 0ROWR UDUR T 6SO

%RORJQD 'XFDWR SDSDOH $9 J ,9/,96 ± 3$3$ ,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y %2121, ± $ ± '2&(7 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL DL ODWL DUPHWWH GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ 5DUR %%

%RORJQD 'XFDWR SDSDOH $9 J ,9/,96 ,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y '( ± %2 ± 1 ± 21,$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL DL ODWL DUPHWWH 0HGLFL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ 0ROWR UDUR %XRQ %%

%RORJQD 'XFDWR SDSDOH $9 J ,9/,96 ,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y 6 3(7596 ' ± ( %2121,$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL 0XQWRQL %HUPDQ &KLPLHQWL 0,5 )ULHGEHUJ D

5DUR %XRQ %%

/HRQH ; *LRYDQQL GH¶0HGLFL

)LRULQR GL FDPHUD $9 J /(2 3$3$ ± '(&,096 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6$1&796 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR &RQVHUYD]LRQH HFFH]LRQDOH PLJOLRUH GL 6SO

)LRULQR GL FDPHUD $9 J /(2 ; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y 6$1796 3(7596 $/0$ 520$ 6 3LHWUR H 6 $QGUHD DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR 7RQGHOOR OHJJHUPHQWH RQGXODWR 6SO

$QFRQD 'RSSLR GXFDWR SDSDOH $9 J /( ± 2 ; 32 ± 0 &KLDYL GHFXVVDWH &DYDOLHUH LQ DUPDWXUD DO JDORSSR YHUVR G FRQ OD VSDGD VROOHYDWD 5Y 36 6 49 ± ,5,$&96 6 &LULDFR QLPEDWR H PLWUDWR VWDQWH GL IURQWH H EHQHGLFHQWH QHOOD V WLHQH XQD OXQJD FURFH DVWLOH 0XQWRQL YDU , %HUPDQ 0,5 'XEELQL 0DQFLQHOOL S )ULHGEHUJ (VWUHPDPHQWH UDUR T 6SO

$QFRQD 'XFDWR SDSDOH $9 J /(2 3$3$ ± '(&,096 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y 3(759 ± 3$9/9 )LJXUH GL 6 3LHWUR D V H 6 3DROR D G VWDQWL GL IURQWH WUD ORUR LQ EDVVR VHJQR GL 3DROR 6LQLEDOGL ]HFFKLHUH $OO¶HVHUJR 0$5 0XQWRQL %HUPDQ 0,5 ]HFFD GHOOD 0DUFD $QFRQLWDQD 0DFHUDWD R $QFRQD 'XEELQL 0DQFLQHOOL S )ULHGEHUJ 0ROWR UDUR T %%

$QFRQD 'XFDWR SDSDOH $9 J /(2 3$3$ ± '(&,096 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FHUFKLR OLQHDUH 5Y 6 ± 3(7596 ± 6 3$9/96 )LJXUH GL 6 3LHWUR D V H 6 3DROR D G VWDQWL GL IURQWH VRWWR QHO JLUR 0$5& 0XQWRQL %HUPDQ 0,5 ]HFFD GHOOD 0DUFD $QFRQLWDQD 0DFHUDWD R $QFRQD 'XEELQL 0DQFLQHOOL S )ULHGEHUJ

5DULVVLPR H LQ HFFH]LRQDOH VWDWR GL FRQVHUYD]LRQH 0LJOLRUH GL 6SO

$QFRQD )LRULQR GL FDPHUD $9 J /(2 ± 33 '(&,096 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3(7596 VHJQR GL 3DROR 6LQLEDOGL ]HFFKLHUH 0$5&+,$ 6 3LHWUR H 6 $QGUHD DOOD SHVFD 0XQWRQL %HUPDQ 0,5 ]HFFD GHOOD 0DUFD $QFRQLWDQD 0DFHUDWD R $QFRQD

'XEELQL 0DQFLQHOOL S )ULHGEHUJ D 5DULVVLPR 0LJOLRUH GL %%

%RORJQD 'XFDWR SDSDOH $9 J /(2 3$3$ ± '(&,096 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL HQWUR GRSSLD FRUQLFH TXDGULOREDWD JLJOLR LQ FLPDVD 5Y %2121 ± ,$ ± '2&(7 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL LQ EDVVR DL ODWL DUPHWWH 0HGLFL H GHOOD &LWWj 0XQWRQL YDU , %HUPDQ &KLPLHQWL 0,5 ± )ULHGEHUJ 6SO

0RGHQD 'XFDWR SDSDOH $9 J /(2 ; 3217,) ± (; 0$;,096 %XVWR FRQ SLYLDOH RUQDWR D V 5Y 6 *(0,1, ± 097 3217 , 6 *HPLQLDQR VHGXWR LQ WURQR GL IURQWH UHJJH QHOOD G OD FLWWj H QHOOD V LO SDVWRUDOH 6RWWR VWHPPD 0HGLFL VRUPRQWDWR GD WLDUD %HUQDUHJJL 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR ,QWHUHVVDQWH ULWUDWWR OHJJHUD WUDFFLD GL GRSSLD

EDWWLWXUD DO GULWWR DOWULPHQWL T 6SO 6SO

4XHVWD PRQHWD q GL JUDQGH UDULWj H GL GLIILFLOLVVLPD DSSDUL]LRQH VXO PHUFDWR H PDQFD QHOOH SL SUHVWLJLRVH FROOH]LRQL SULYDWH 4XHVWD HVHPSODUH GL RWWLPD FRQVHUYD]LRQH SHUPHWWH GL DSSUH]]DUQH L GHWWDJOL SL PLQXWL FRPH OH IDWWH]]H GHO YLVR GL 6DQ *HPLQLDQR

$GULDQR 9, $GULDDQ )ORUHQV]

)LRULQR GL FDPHUD $9 J $'5,$196 ± 9, 321 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y 6$1796 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUR (VHPSODUH GL FRQVHUYD]LRQH HFFH]LRQDOH PLJOLRUH GL 6SO

)LRULQR GL FDPHUD $9 J $'5,$196 ± 9, 321 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6$1796 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ )ULHGEHUJ

0ROWR UDUR 6SO

([ DVWH 6DQWDPDULD QRYHPEUH 0DUWLQRUL H 6FKXOPDQ

$QFRQD 'XFDWR SDSDOH $9 J $'5,$196 ± 9, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y 6 3(7596 ± 6 3$9/96 )LJXUH GL 6 3LHWUR D V H 6 3DROR D G VWDQWL GL IURQWH VRWWR QHO JLUR 0$5& 0XQWRQL %HUPDQ 'XEELQL 0DQFLQHOOL S ƒ WLSR )ULHGEHUJ

(VWUHPDPHQWH UDUR 7UDFFH GL ULEDWWLWXUD OD 0 GL 0DUF DO UY OHJJHUPHQWH

ULWRFFDWD DOWULPHQWL PLJOLRUH GL 6SO

([ DVWH %RXUJH\ JLXJQR 9LGDO 4XDGUDV \ 5DPÈ©Q H 6FKXOPDQ

%RORJQD 'XFDWR SDSDOH J %2121,$ ± URVHWWD ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH D V 5Y 6 3 '( ± % ± 2 ± 121,$ 6 3LHWUR VWDQWH GL IURQWH FRQ FKLDYL H OLEUR LQ EDVVR DL ODWL DUPHWWH 0HGLFL H GHOOD &LWWj 0XQWRQL /HRQH ; YDU , %HUPDQ /HRQH ; &KLPLHQWL )ULHGEHUJ ±

0ROWR UDUR /LHYH GHEROH]]D GL FRQLR DO UY DOWULPHQWL 6SO

([ DVWD 3 3 6DQWDPDULD JLXJQR GRWW DUFK 5 0

&OHPHQWH 9,, *LXOLR GH¶0HGLFL

'RSSLR ILRULQR GL FDPHUD $9 J &/(0(16 9,, ± 3217,) 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6WHOOD 1$9,6 $(7(51$ 6$/97,6 6 3LHWUR H 6 $QGUHD DOOD SHVFD 0XQWRQL %HUPDQ )ULHGEHUJ

5DULVVLPR H LQ FRQVHUYD]LRQH HFFH]LRQDOH SHU TXHVWR WLSR GL PRQHWD 6SO

)LRULQR GL FDPHUD $9 J &/(0(1 9,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ )ULHGEHUJ 5DUR /LHYL GHEROH]]H GL FRQLR DOWULPHQWL 6SO

(¶ LQWHUHVVDQWH ULOHYDUH FKH LO URYHVFLR q IUXWWR GHO ULXVR GL XQ FRQLR SUHFHGHQWHPHQWH XWLOL]]DWR GXUDQWH LO SRQWLILFDWR GL $GULDQR 9, /¶HPLVVLRQH SHUWDQWR VL FROORFD DOO¶LQL]LR GHO SRQWLILFDWR GL SDSD 0HGLFL

$QFRQD 'XFDWR SDSDOH $9 J &/(0(16 ± 9,, 3 0;6 6 &LULDFR QLPEDWR H PLWUDWR VWDQWH GL IURQWH H EHQHGLFHQWH QHOOD V WLHQH XQD OXQJD FURFH DVWLOH 1HO FDPSR DL ODWL . ± , 5Y &KLDYL GHFXVVDWH ' ± $1&21 ± $ &DYDOLHUH LQ DUPDWXUD DO JDORSSR YHUVR V FRQ OD VSDGD VROOHYDWD 0XQWRQL %HUPDQ 'XEELQL 0DQFLQHOOL S ƒ WLSR )ULHGEHUJ (VWUHPDPHQWH UDUR T 6SO

$QFRQD 'XFDWR SDSDOH $9 J &/(0(1 9,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6 3(7596 ± 6 3$9/96 6 3LHWUR H 6 3DROR VWDQWL GL IURQWH VRWWR QHO JLUR 0$5& 0XQWRQL %HUPDQ 'XEELQL 0DQFLQHOOL S ƒ WLSR )ULHGEHUJ

5DULVVLPR 0LJOLRUH GL %%

0RGHQD 'XFDWR SDSDOH $9 J &/(0(16 ± 9,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 *(0,1,$196 097,>1(@ 6 *HPLQLDQR VHGXWR D LQ WURQR D V EHQHGLFHQWH H FRQ SDVWRUDOH 0XQWRQL %HUPDQ )ULHGEHUJ 5DULVVLPR %%

([ 2 9LWDOLQL FROOH]LRQH GL PRQHWH LWDOLDQDQH PHGLRHYDOL H PRGHUQH GHO FDY *LDQFDUOR 5RVVL

3DROR ,,, $OHVVDQGUR )DUQHVH

)LRULQR GL FDPHUD $9 J 3$9/96 ± ,,, 3 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y 6$1 ± 3(7596 VHJQR GL *LDFRPR %DOGXFFL $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL YDU , YDU %HUPDQ )ULHGEHUJ 5DUR &RQLR GL EHOOLVVLPR VWLOH PLJOLRUH GL 6SO

3UREDELOH FRQLR GL /HRQH /HRQL

)LRULQR GL FDPHUD $9 J 3$9/96 ± ,,, 3 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3(7596 $/0$ 520$ VHJQR GL /RUHQ]R H *LDPEDWWLVWD $OEL]]L H 9LQFHQ]R &DVWHOOL ]HFFKLHUL 6 3LHWUR DOOD SHVFD 0XQWRQL TXHVWR HVHPSODUH LOOXVWUDWR %HUPDQ )ULHGEHUJ

(VWUHPDPHQWH UDUR 6SO T 6SO

([ DVWD 0RQWHQDSROHRQH &RQ TXHVWH VLJOH GL ]HFFKLHUL LO 0XQWRQL KD SRWXWR UHSHULUH VROR GXH HVHPSODUL LO SULPR RYYHUR TXHOOR TXL SURSRVWR QHOOD SURSULD FROOH]LRQH PHQWUH LO VHFRQGR SUHVVR LO 0HGDJOLHUH GHL 0XVHL 9DWLFDQL

6FXGR $9 J 3$9/96 ,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y 6 3$9/96 VHJQR GL 9LQFHQ]R &DVWHOOL ]HFFKLHUH ± VHJQR GL /RUHQ]R H *LDPEDWWLVWD $OEL]]L $/0$ 520$ 6 3DROR VWDQWH GL IURQWH H OHJJHUPHQWH YROWR D G FRQ OLEUR H VSDGD QHOOD G SXQWDWD D WHUUD 0XQWRQL %HUPDQ )ULHGEHUJ 5DUR 6SO

6FXGR $9 J 3$9/96 ,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y 6 3$9/96 9$6 ± (/(&7,21,6 6 3DROR VWDQWH GL IURQWH H OHJJHUPHQWH YROWR D V FRQ OLEUR H VSDGD 6RWWR QHO JLUR JLJOLR DUDOGLFR 0XQWRQL %HUPDQ )ULHGEHUJ 5DUR 6SO

&RQLR GL %HQYHQXWR &HOOLQL

%RORJQD 6FXGR GHO VROH $9 J 3$9/96 ,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR DL ODWL GD DUPHWWH 6IRU]D H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 7RQGHOOR RQGXODWR DOWULPHQWL T 6SO

%RORJQD 6FXGR GHO VROH $9 J 3$9/96 ,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR DL ODWL GD DUPHWWH $OLJHUL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ T 6SO

%RORJQD 6FXGR GHO VROH $9 J 3$9/96 ,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR DL ODWL GD DUPHWWH &RQWDULQL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUR 0LJOLRUH GL 6SO

%RORJQD 6FXGR GHO VROH $9 J 3$9/96 ,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR DL ODWL GD DUPHWWH &LRFFKL GHO 0RQWH H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUR 6SO

3HUXJLD 6FXGR $9 J 3$9/96 ,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL JLJOLR LQ FLPDVD 5Y /,%(57 ± $6 ( ± &/ ± (6 ± , ± $67,&$ *ULIRQH UDPSDQWH D V FDULFDWR VX FURFH JLJOLDWD LQ EDVVR D V DUPHWWD *ULPDQL 0XQWRQL %HUPDQ )LQHWWL )ULHGEHUJ (VWUHPDPHQWH UDUR 6SO

3LDFHQ]D 6FXGR $9 J 3$9 ,,, 3 ± 0 3/$& ' 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL JLJOLR LQ FLPDVD 5Y 121 $/,91'( 6$/96 &URFH JLJOLDWD DFFDQWRQDWD GD 3 / $ & 0XQWRQL %HUPDQ )ULHGEHUJ 6SO

*LXOLR ,,, *LRYDQQL 0DULD &LRFFKL GHO 0RQWH

)LRULQR GL FDPHUD DQQR ,, $9 J ,9/,96 ,,, 3 0 $1 ,, %XVWR FRQ SLYLDOH RUQDWR D V 5Y 6 3(7596 $/ 5 6 3LHWUR DOOD SHVFD 0XQWRQL YDU , %HUPDQ )ULHGEHUJ

(VWUHPDPHQWH UDUR T %% %%

6FXGR DQQR ,, $9 J ,9/,96 ,,, ± 3 0 $ ,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y 9,$ 9(5,7$6 (7 9,7$ %XVWR GHO 5HGHQWRUH D V 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUR &RQVHUYD]LRQH HFFH]LRQDOH PLJOLRUH GL 6SO

6HGH 9DFDQWH &DPHUOHQJR FDUG *XLGR $VFDQLR 6IRU]D

6FXGR $9 J 6('( 9$&$ ± 17( $1 6WHPPD VRUPRQWDWR GD SDGLJOLRQH H FKLDYL GHFXVVDWH 5Y 6 3(7596 VHJQR GL *LURODPR &HXOL ]HFFKLHUH ± $/0$ 520$ 6 3LHWUR VWDQWH GL IURQWH FRQ FKLDYL H OLEUR 0XQWRQL %HUPDQ )ULHGEHUJ 5DULVVLPR %%

([ DVWD 0 0 ;;,9 'ROLYR

3DROR ,9 *LDPSLHWUR &DUDID

%RORJQD 6FXGR GHO VROH $9 J 3$9/96 ,,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR GD DUPHWWH VFRQRVFLXWD H GHOOD &LWWj 0XQWRQL YDU %HUPDQ &KLPLHQWL YDU , )ULHGEHUJ

5DULVVLPR T 6SO

3LR ,9 *LRYDQQDQJHOR GH¶0HGLFL

%RORJQD 6FXGR GHO VROH $9 J 3,96 ,,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL JLJOLR LQ FLPDVD 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR GD DUPHWWH &HVL H GHOOD &LWWj 0XQWRQL %HUPDQ E &KLPLHQWL )ULHGEHUJ

0ROWR UDUR T 6SO

3LR 9 $QWRQLR *KLVOLHUL

%RORJQD 6FXGR GHO VROH $9 J 3,96 9 ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 5Y %2121,$ ± VROH UDJJLDQWH ± '2&(7 &URFH JLJOLDWD SLFFROD LQ EDVVR DUPHWWH %RVLR H GHOOD &LWWj HQWUR FDUWHOOH RUQDWH 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 5DULVVLPR 8Q SDLR GL SXQ]RQDWXUH QHO FDPSR DO UY DOWULPHQWL T %%

%RORJQD 6FXGR GHO VROH $9 J 3,96 9 ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR GD DUPHWWH 6IRU]D H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ

5DUR %RUGR LUUHJRODUH DOWULPHQWL EXRQ %%

*UHJRULR ;,,, 8JR %RQFRPSDJQL

$QFRQD 6FXGR $9 J *5(*25, ± ;,,, 321 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y &+$5,7$6 (6 ± 7 '(96 $1&2 /D &DULWj VWDQWH GL IURQWH FRQ XQ IDQFLXOOR LQ EUDFFLR H GXH DL ODWL 0XQWRQL %HUPDQ 'XEELQL 0DQFLQHOOL SS ƒ WLSR )ULHGEHUJ

5DULVVLPR (VHPSODUH GL FRQVHUYD]LRQH HFFH]LRQDOH FRQ IRQGL EULOODQWL T )GF

%RORJQD 6FXGR GHO VROH $9 J *5(*25,96 ± ;,,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR GD DUPHWWH /DWWDQ]L H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUR /HJJHUPHQWH WRVDWR DOWULPHQWL EXRQ %%

%RORJQD 6FXGR GHO VROH $9 J *5(*25,96 ± ;,,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR GD DUPHWWH 6DQJLRUJL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUR 0LJOLRUH GL 6SO

%RORJQD 6FXGR GHO VROH $9 J *5(*25,96 ± ;,,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR GD DUPHWWH &HVL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ

5DULVVLPR 0LJOLRUH GL 6SO

%RORJQD 6FXGR GHO VROH $9 J *5(*25,96 ± ;,,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD DFFDQWRQDWD LQ EDVVR GD DUPHWWH )UDQJLSDQL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 5DULVVLPR T )GF

$YLJQRQH 6FXGR $9 J *5(* ± 33 ;,,, 9HGXWD GHOOD FLWWj LQ DOWR VWHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH H DOO¶HVHUJR $9(1,2 5Y &$52 &$5 /(*$ *(25 &$5 &2//( $UPHWWH DIILDQFDWH GHL FDUGLQDOL GH %RXUERQ &RQWL H G¶$UPDJQDF 3G$ 0XQWRQL %HUPDQ )ULHGEHUJ (VWUHPDPHQWH UDUR T 6SO

([ DVWD 1$&

6LVWR 9 )HOLFH 3HUHWWL

$QFRQD 6FXGR $9 J 6,;796 ± 9 321 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y $1&21 ± '25,&$ ± &,9,7$6 ± ),'(, &URFH JLJOLDWD H ILRUDWD 0XQWRQL YDU , %HUPDQ 'XEELQL 0DQFLQHOOL S )ULHGEHUJ ±

5DULVVLPR 6HJQL VXO ERUGR SRVVLELOL WUDFFH GL PRQWDWXUD DOWULPHQWL EXRQ %%

%RORJQD 'RSSLD $9 J 6,;796 9 ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD LQ EDVVR DL ODWL DUPHWWH &DHWDQL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ

0ROWR UDUD %% EXRQ %%

8UEDQR 9,, *LRYDQQL %DWWLVWD &DVWDJQD VHWWHPEUH ± VHWWHPEUH

%RORJQD 'RSSLD $9 J 95%$196 9,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD LQ EDVVR DL ODWL DUPHWWH 3HUHWWL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ

(VWUHPDPHQWH UDUD 'XH LPSHUFHWWLELOL VHJQHWWL QHO FDPSR DOWULPHQWL PLJOLRUH GL 6SO

&OHPHQWH 9,,, ,SSROLWR $OGREUDQGLQL

%RORJQD 'RSSLD $9 J &/(0(16 9,,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6ROH UDJJLDQWH %2121,$ ± '2&(7 &URFH JLJOLDWD LQ EDVVR DL ODWL DUPHWWH 6IRQGUDWL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ

5DULVVLPD 0LJOLRUH GL 6SO

$QRQLPH SRQWLILFLH GHO VHFROR ;9,

$QFRQD 'RSSLR GXFDWR SDSDOH $9 J ' ± $1&21 FKLDYL GHFXVVDWH &DYDOLHUH LQ DUPDWXUD DO JDORSSR YHUVR G FRQ OD VSDGD VROOHYDWD 5Y 6 49,5, ± $&96 (3 6 &LULDFR QLPEDWR H PLWUDWR VWDQWH GL IURQWH H EHQHGLFHQWH QHOOD V WLHQH XQD OXQJD FURFH DVWLOH 0XQWRQL %HUPDQ 'XEELQL 0DQFLQHOOL S )ULHGEHUJ (VWUHPDPHQWH UDUR T 6SO

3DROR 9 &DPLOOR %RUJKHVH

4XDGUXSOD DQQR ,,, $9 J 3$9/96 9 ± 321 0 $ ,,, %XVWR FRQ SLYLDOH RUQDWR GD ILJXUD GL 6DQWD 0DUWLUH D V 5Y 6 3$9/96 $/ ± 0$ 520$ 6 3DROR VHGXWR FRQ OD WHVWD YROWD D G WLHQH QHOOD G XQ OXQJR VSDGRQH H QHOOD V XQ OLEUR DSSRJJLDWR VXOOH JLQRFFKLD ,Q EDVVR D V QHO JLUR DUPHWWD GL 5REHUWR 3ULPL ]HFFKLHUH 0XQWRQL YDU , %HUPDQ )ULHGEHUJ

5DULVVLPD )RUR DELOPHQWH RWWXUDWR D RUH DO GU H IRQGL ULWRFFDWL DOWULPHQWL EXRQ %%

4XDGUXSOD DQQR ,9 $9 J 3$9/96 9 321 0$; $ ,,,, %XVWR FRQ SLYLDOH RUQDWR GD ILJXUD GL 6 3DROR D V 5Y 6 3$9/96 $/ ± 0$ 520$ 6 3DROR VWDQWH GL IURQWH FRQ OD WHVWD ULYROWD D V WLHQH QHOOD G XQ OXQJR VSDGRQH H QHOOD V XQ OLEUR $ G QHO JLUR DUPHWWD GL 5REHUWR 3ULPL ]HFFKLHUH 0XQWRQL %HUPDQ )ULHGEHUJ 5DULVVLPD ,QWHUHVVDQWH ULWUDWWR GHO 3RQWHILFH EXRQ %% T 6SO

6FXGR DQQR ,9 $9 J 3$9/96 9 ± 3 0$; $ ,9 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3$9/96 ± 6 3(759 $ URYHVFLDWD 6 %XVWL DFFROODWL GL 6 3LHWUR H 6 3DROR GLHWUR OD WHVWD GL 6 3LHWUR VLJOD GL 5REHUWR 3ULPL ]HFFKLHUH 0XQWRQL %HUPDQ )ULHGEHUJ

0ROWR UDUR T 6SO

6FXGR DQQR 9,,, $9 J 3$9/96 9 3 0$; $ 9,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3$9/96 ± 52>0$@ %XVWR QLPEDWR GL 6 3DROR D V GLHWUR D G VLJOD GL 5REHUWR 3ULPL ]HFFKLHUH 0XQWRQL D YDU , %HUPDQ )ULHGEHUJ

$QQR GL SRQWLILFDWR PROWR UDUR %XRQ %%

*UHJRULR ;9 $OHVVDQGUR /XGRYLVL

6FXGR DQQR ,, $9 J *5(*25,96 ;9 3 0$ %XVWR FRQ SLYLDOH D ILRUDPL D G VRWWR QHO WDJOLR GHO EUDFFLR $ ,, 5Y 69% 7990 ± 35 6,',90 /D 9HUJLQH VX FUHVFHQWH HQWUR HOOLVVH UDGLDQWH D G QHO JLUR DUPHWWD %RQDQQL 3DJOLDUL H 0DUWHOOL 0XQWRQL %HUPDQ )ULHGEHUJ

5DULVVLPR %XRQ %%

8UEDQR 9,,, 0DIIHR %DUEHULQL

6FXGR DQQR ,9 $9 J 95%$196 9,,, 3217 0$; %XVWR FRQ SLYLDOH D UDEHVFKL D G VRWWR ,,,, $ 5Y 69% 7990 ± 35 6,',90 /¶,PPDFRODWD LQ HOOLVVH UDGLDQWH LQ DOWR FRORPED GHOOR 6SLULWR 6DQWR ,Q EDVVR DUPHWWD %RQDQQL 3DJOLDUL H 0DUWHOOL 0XQWRQL %HUPDQ )ULHGEHUJ

0ROWR UDUR 0LJOLRUH GL 6SO

6FXGR $9 J 95%$19 ± 9,,, 3 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 69% 7990 ± 35 6,',90 /¶,PPDFRODWD LQ HOOLVVH UDGLDQWH LQ EDVVR D G DUPHWWD %RQDQQL 3DJOLDUL H 0DUWHOOL 0XQWRQL TXHVWR HVHPSODUH LOOXVWUDWR %HUPDQ )ULHGEHUJ 0ROWR UDUR 6SO

$YLJQRQH 4XDGUXSOD $9 J 95%$196 9,,, 3217 0$; %XVWR FRQ SLYLDOH RUQDWR GD ILJXUD H IRJOLDPL QHO WDJOLR GHO EUDFFLR DUPHWWD 0D]]DULQR 5Y $1721,96 &$5' %$5%(5,196 /(*$7 $9(1 6WHPPD GHO OHJDWR FDULFDWR GL FURFH GL 0DOWD VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR FRQ FRUGRQL 3G$ 0XQWRQL D WUH HVHPSODUL UHSHULWL %HUPDQ )ULHGEHUJ

(VWUHPDPHQWH UDUD 6SO

$YLJQRQH 4XDGUXSOD $9 J 95%$196 VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR 9,,, 3217 0$; %XVWR FRQ SLYLDOH RUQDWR GD EXVWL GHL 66 3LHWUR H 3DROR VRWWR QHO WDJOLR GHO EUDFFLR DUPHWWD 6IRU]D GL 6 )LRUD 5Y $1721,96 &$5' %$5%(5,196 /(*$7 $9( 6WHPPD GHO OHJDWR FDULFDWR GL FURFH GL 0DOWD VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR FRQ FRUGRQL 3G$ 0XQWRQL D %HUPDQ )ULHGEHUJ 5DULVVLPD T )GF

$YLJQRQH 4XDGUXSOD $9 J 95%$196 9,,, 3217 0$; ± VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR %XVWR FRQ SLYLDOH RUQDWR GD EXVWL GHL 66 3LHWUR H 3DROR VRWWR QHO WDJOLR GHO EUDFFLR DUPHWWD

6IRU]D GL 6 )LRUD 5Y $1721,96 &$5' %$5%(5,196 /(*$7 $9( 6WHPPD GHO OHJDWR FDULFDWR GL FURFH GL 0DOWD VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR FRQ FRUGRQL 3G$ 0XQWRQL %HUPDQ )ULHGEHUJ (VWUHPDPHQWH UDUD /LHYL GHEROH]]H GL FRQLR DOWULPHQWL 6SO

$YLJQRQH 4XDGUXSOD $9 J 95%$196 9,,, 3217 0$; ± VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR %XVWR FRQ SLYLDOH RUQDWR GD EXVWL GHL 66 3LHWUR H 3DROR VRWWR QHO WDJOLR GHO EUDFFLR DUPHWWD 6IRU]D GL 6 )LRUD 5Y $1721,96 &$5' %$5%(5,196 /(*$7 $9( 6WHPPD GHO OHJDWR FDULFDWR GL FURFH GL 0DOWD VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR FRQ FRUGRQL 3G$ 0XQWRQL D %HUPDQ )ULHGEHUJ (VWUHPDPHQWH UDUD T 6SO 6SO

$YLJQRQH 'RSSLD $9 J 95%$196 VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR 9,,, 3217 0$; %XVWR FRQ SLYLDOH RUQDWR GD EXVWL GHL 66 3LHWUR H 3DROR QHO WDJOLR GHO EUDFFLR DUPHWWD 6IRU]D GL 6 )LRUD 5Y $1721,96 &$5' %$5%(5,196 /(*$7 $9( 6WHPPD GHO OHJDWR FDULFDWR GL FURFH GL 0DOWD VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR FRQ FRUGRQL 3G$ ± 0XQWRQL %HUPDQ )ULHGEHUJ 'L HVLPLD UDULWj T 6SO

$SSDUHQWHPHQWH O¶XQLFR HVHPSODUH QRWR GL GRSSLD EDWWXWD FRQ LO PRGXOR GHOOD TXDGUXSOD

,QQRFHQ]R ; *LRYDQQL %DWWLVWD 3DPSKLOM

6FXGR DQQR , $9 J ,112&(1 ; ± 321 0 $ , 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3(7596 $32672/ 0H]]D ILJXUD GL 6 3LHWUR GL IURQWH FRQ FKLDYL DOO¶HVHUJR 520$ 0XQWRQL ± %HUPDQ ± )ULHGEHUJ ±

9DULDQWH DSSDUHQWHPHQWH LQHGLWD 'HEROH]]H GL FRQLR DOWULPHQWL EXRQ %%

([ DVWD $UHWXVD VHWWHPEUH 1RQ q QRWD DOOD ELEOLRJUDILD GL ULIHULPHQWR TXHVWD YDULHWj VHQ]D O¶LQGLFD]LRQH GHOO¶DQQR DOO¶HVHUJR GHO URYHVFLR

%RORJQD 4XDGUXSOD $9 J ,112&(17,96 ± ; 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL DL ODWL ± 5Y %2121,$ '2&(7 &URFH ILRULWD LQ EDVVR DL ODWL DUPHWWH /RPHOOLQL H GHOOD &LWWj H VRWWR QHO JLUR % 3 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ (VWUHPDPHQWH UDUD ,QVLJQLILFDQWH IUDWWXUD GHO WRQGHOOR DOWULPHQWL T )GF

%RORJQD 6FXGR $9 J ,112&(17 ; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL DL ODWL ± 5Y %2121,$ '2&(7 &URFH ILRULWD LQ EDVVR DL ODWL DUPHWWH /RPHOOLQL H GHOOD &LWWj H VRWWR QHO JLUR % 3 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ (VWUHPDPHQWH UDUD 0DUJLQDOH IUDWWXUD GHO WRQGHOOR DOWULPHQWL 6SO

$OHVVDQGUR 9,, )DELR &KLJL

%RORJQD 4XDGUXSOD $9 J $/(;$1'(5 9,, 321 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y %2121,$ '2&(7 &URFH ILRULWD DFFDQWRQDWD LQ DOWR GD ± H LQ EDVVR GD DUPHWWH )DUQHVH H GHOOD &LWWj 6RWWR QHO JLUR % 3 0XQWRQL D %HUPDQ &KLPLHQWL )ULHGEHUJ

5DULVVLPD &RQVHUYD]LRQH HFFH]LRQDOH PLJOLRUH GL 6SO

%RORJQD 'RSSLD $9 J $/(;$1'(5 9,, 321 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y %2121,$ '2&(7 &URFH ILRULWD DFFDQWRQDWD LQ DOWR GD ± H LQ EDVVR GD DUPHWWH &DUDID GHOOD 6SLQD H GHOOD &LWWj 6RWWR QHO JLUR % 3 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUD 6SO

%RORJQD 6FXGR $9 J $/(;$1'(5 9,, 3 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y %2121,$ '2&(7 &URFH ILRULWD DFFDQWRQDWD LQ DOWR GD , ± H LQ EDVVR GD DUPHWWH /RPHOOLQL H GHOOD &LWWj 6RWWR QHO JLUR % 3 0XQWRQL D %HUPDQ &KLPLHQWL )ULHGEHUJ 5DUR 6SO

&OHPHQWH ,; *LXOLR 5RVSLJOLRVL

6FXGR $9 J &/(0 ,; 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y &$1'25 /9 ± &,6 7(51 /D %HDWD 9HUJLQH VX FUHVFHQWH 0XQWRQL %HUPDQ )ULHGEHUJ 5DULVVLPR 0LJOLRUH GL 6SO

6HGH 9DFDQWH &DPHUOHQJR FDUG $QWRQLR %DUEHULQL

4XDGUXSOD $9 J 6('( 9$&$1 ± 7( 0'&/;,; 6WHPPD GHO &DPHUOHQJR VRUPRQWDWR GD SDGLJOLRQH H FKLDYL GHFXVVDWH FRQ FRUGRQL FDULFDWR VX FURFH GL 6 6WHIDQR 5Y ,//9;,7 ± ,//9&(6&$7 $'+9& /D FRORPED GHOOR 6SLULWR 6DQWR VRSUD SLRJJLD GL ILDPPHOOH DOO¶HVHUJR 520$ 0XQWRQL %HUPDQ )ULHGEHUJ

'L UDULWj HVLPLD $SSLFFDJQROR ULPRVVR H FDPSL EXOLQDWL DOWULPHQWL 6SO

([ DVWD 3 3 6DQWDPDULD FROOH]LRQH 5XFKDW SDUWH WHU]D 3URYHQLHQWH GDOOD FROOH]LRQH &KLJL

&OHPHQWH ; (PLOLR $OWLHUL

6FXGR GHO *LXELOHR $9 J &/(0(16 ; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 2% 6$17,),&$7,21(0 ,9%,/(, /D 3RUWD 6DQWD DSHUWD DOO¶LQWHUQR VSOHQGRUL 0XQWRQL %HUPDQ )ULHGEHUJ (VWUHPDPHQWH UDUR T 6SO

,QQRFHQ]R ;, %HQHGHWWR 2GHVFDOFKL

'RSSLD DQQR ; $9 J ,112&(1 ;, ± 3217 0 $ ; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH DFFRVWDWR GD GXH UDPL GL SDOPD 5Y 49, &21),',7 ,1 ',9,7,,6 &2559(7 HQWUR FDUWHOOD 0XQWRQL %HUPDQ )ULHGEHUJ 5DULVVLPD T 6SO

$OHVVDQGUR 9,,, 3LHWUR 2WWRERQL

4XDGUXSOD DQQR , $9 J $/(;$1 ± 9,,, 3217 0 $ , %XVWR FRQ FDPDXUR H VWROD RUQDWD GL LPSUHVH DUDOGLFKH D G VRWWR +$0(5$196 5Y 5( )590(17$5,$ 5(67,797$ 'XH EXRL DUDQWL DL ODWL VSLJKH H DOO¶HVHUJR 0' DUPHWWD 3DWUL]L &;& 0XQWRQL %HUPDQ )ULHGEHUJ 5DULVVLPD H XQR GHL PLJOLRUL HVHPSODUL FRQRVFLXWL 3HUIHWWDPHQWH FRQLDWD H FHQWUDWD T )GF

4XHVWD EHOOLVVLPD TXDGUXSOD FRPPHPRUD OD ULIRUPD DJUDULD SURPRVVD GDO SRQWHILFH

'RSSLD DQQR , $9 J $/(;$1'(5 ± 9,,, 3 0 $ , 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6$1&7, ± %59121,6 6 %UXQRQH LQJLQRFFKLDWR VX QXEL LQ EDVVR D G PLWULD H SDVWRUDOH H VRWWR DUPHWWD '¶$VWH 0XQWRQL %HUPDQ )ULHGEHUJ (VWUHPDPHQWH UDUD 0DQFDQ]D GL PHWDOOR VXO ERUGR DOWULPHQWL T )GF

,QQRFHQ]R ;,, $QWRQLR 3LJQDWHOOL

'RSSLD $9 J ,112& ;,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H FDULFDWR LQ EDVVR GD GXH UDPL G¶DOORUR 5Y 6$1&796 ± 3$9/96 6 3DROR VWDQWH YROWR D V FRQ OXQJR VSDGRQH SXQWDWR D WHUUD $OO¶HVHUJR DUPHWWD )DUVHWWL 0XQWRQL %HUPDQ )ULHGEHUJ

5DULVVLPD )RQGL OXFHQWL H FRQVHUYD]LRQH HFFH]LRQDOH T )GF

([ DVWH %RXUJH\ JLXJQR 9LGDO 4XDGUDV \ 5DPÈ©Q H 6FKXOPDQ

6FXGR DQQR ,, $9 J ,112& ;,, ± 3217 0 $ ,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH DFFRVWDWR LQ EDVVR GD GXH UDPL G¶DOORUR 5Y 6$1 ± 3(7596 $32 %XVWR QLPEDWR GL 6 3LHWUR D G 6RWWR 0XQWRQL %HUPDQ )ULHGEHUJ (VWUHPDPHQWH UDUR T )GF

([ DVWH %RXUJH\ JLXJQR 9LGDO 4XDGUDV \ 5DPÈ©Q 6FKXOPDQ

&OHPHQWH ;, *LDQIUDQFHVFR $OEDQL

'RSSLD DQQR 9,, $9 J &/(0(16 ;, ± 3 0 $11 9,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6 )UDQFHVFR JHQXIOHVVR ULFHYH OH VWLJPDWH 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUD 7UDFFLD GL DSSLFFDJQROR ULPRVVR DOWULPHQWL %%

6FXGR DQQR ,,, $9 J &/(0 ;, ± 32 0 $ ,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6$1 ± 3$9/96 $3 %XVWR QLPEDWR GL 6 3DROR D G 0XQWRQL D %HUPDQ )ULHGEHUJ 0ROWR UDUR 6SO

6FXGR DQQR ;9,,, $9 J &/(0(16 ;, ± 3217 0 $ ;9,,, 6WHPPD LQ FDUWHOOD D YROXWH VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 693(5 )91'$0(1790 ± $32672/25 )LJXUD GHOOD 5HOLJLRQH VWDQWH FRQ OXQJD FURFH QHOOD V H RVWHQVRULR QHOOD G DOO¶HVHUJR + (UPHQHJLOGR +DPHUDQL LQFLVRUH

0XQWRQL YDU , %HUPDQ )ULHGEHUJ 5DUR &RQVHUYD]LRQH HFFH]LRQDOH T )GF

6FXGR DQQR ;9,,, $9 J &/(0(16 ;, ± 3217 0 $ ;9,,, 6WHPPD LQ FDUWHOOD D YROXWH VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 693(5 )91'$0(1790 ± $32672/25 )LJXUD GHOOD 5HOLJLRQH VWDQWH FRQ OXQJD FURFH QHOOD V H RVWHQVRULR QHOOD G DOO¶HVHUJR + (UPHQHJLOGR +DPHUDQL LQFLVRUH

0XQWRQL YDU , %HUPDQ )ULHGEHUJ 5DUR 6SO

0H]]R VFXGR DQQR ;9,, $9 J &/(0 ;, ± 3 0 $ ;9,, %XVWR FRQ FDPDXUR H VWROD UDEHVFDWD D G 5Y 6 3(7596 ± $3267 %XVWR GL 6 3LHWUR GL WUH TXDUWL YROWR D V 0XQWRQL %HUPDQ )ULHGEHUJ

*UDIILHWWL H FROSHWWL DO UY DOWULPHQWL PLJOLRUH GL 6SO

,QQRFHQ]R ;,,, 0LFKHODQJHOR &RQWL

0H]]R VFXGR DQQR ,,, $9 J ,112&(17 ;,,, 3 0 $ ,,, &KLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL VRUPRQWDWH GD WULUHJQR 5Y 0$*1$590 $/$590 $TXLOD FRURQDWD 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUR T )GF

&OHPHQWH ;,, /RUHQ]R &RUVLQL

'RSSLR ]HFFKLQR DQQR ,, $9 J &/(0(16 ;,, ± 3217 0 $ ,, /D &KLHVD VXOOH QXEL DOO¶HVHUJR DUPHWWD &DVRQL 5Y '(',7 ± 3,*196 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUR 6SO

([ DVWH 6DQWDPDULD QRYHPEUH 0DUWLQRUL 6FKXOPDQ H 1$&

6FXGR DQQR 9 $9 J &/(0(16 ± ;,, 3 0 $ 9 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y /90(1 5(&7,6 HQWUR FDUWHOOD 0XQWRQL %HUPDQ )ULHGEHUJ 0LJOLRUH GL 6SO

=HFFKLQR $9 J &/(0(16 ± ;,, ± 3 0 /D &KLHVD VXOOH QXEL 5Y '(',7 ± 3,*196 6WHPPD VRUPRQ WDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ &RQVHUYD]LRQH HFFH]LRQDOH T )GF

0H]]R ]HFFKLQR $9 J &/(0 ;,, ± 3 0 ± /D &KLHVD VXOOH QXEL 5Y '(',7 ± 3,*196 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ 5DUR 7UDFFLD GL SLHJDWXUD DOWULPHQWL %%

%RORJQD =HFFKLQR $9 J =(&&+,12 6WHPPL GHO /HJDWR 6SLQROD H GHOOD &LWWj FDULFDWL VX FKLDYL GHFXVVDWH H VRUPRQWDWL GD SDGLJOLRQH 5Y %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH 0XQWRQL D %HUPDQ &KLPLHQWL )ULHGEHUJ

5DULVVLPR 7UDFFH GD PRQWDWXUD DOWULPHQWL T %%

6HGH 9DFDQWH &DPHUOHQJR FDUG $QQLEDOH $OEDQL

=HFFKLQR $9 J 6('( 9$&$1 ± /D &KLHVD VXOOH QXEL 5Y 197$17,$ &25 ± '$ 79 ',5,*$6 6WHPPD GHO &DPHUOHQJR VRUPRQWDWR GD SDGLJOLRQH H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ

)RQGL OXFHQWL PLJOLRUH GL 6SO

([ DVWD 3 3 6DQWDPDULD FROOH]LRQH GHOO¶LQJ 0 *

0H]]R ]HFFKLQR $9 J 6('( 9$&$1 ± /D &KLHVD VXOOH QXEL 5Y 9(1, 6$1 ± 63,5,796 6WHPPD GHO &DPHUOHQJR VRUPRQWDWR GD SDGLJOLRQH H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ 5DUR %XRQ %%

([ DVWD 3 3 6DQWDPDULD FROOH]LRQH GHOO¶LQJ 0 *

0H]]R VFXGR URPDQR $9 J 6('( 9$& &KLDYL GHFXVVDWH VRUPRQWDWH GD SDGLJOLRQH VRSUD ± H LQ EDVVR GXH UDPL GL SDOPD 5Y 6 ± 3(7596 %XVWR QLPEDWR GL 6 3LHWUR D G 0XQWRQL %HUPDQ )ULHGEHUJ 5DUR 6SO

%HQHGHWWR ;,9 3URVSHUR /DPEHUWLQL

=HFFKLQR DQQR ,; $9 J %(1(' ± ;,9 3 0 ± $ ,; ± /D &KLHVD VXOOH QXEL 5Y 5(3(17( ± '( &¯/2 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ 6SO

=HFFKLQR DQQR ;, $9 J %(1 ;,9 3 ± 0 ± $ ;, ± /D &KLHVD VXOOH QXEL 5Y 5(3(17( ± '( &¯/2 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL YDU , %HUPDQ )ULHGEHUJ 0LJOLRUH GL 6SO

=HFFKLQR DQQR ;9, $9 J %(1 ;,9 3 0 ± $ ± ;9, ± /D &KLHVD VXOOH QXEL 5Y 5(3(17( ± '( &¯/2 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL K %HUPDQ )ULHGEHUJ 0ROWR UDUR T )GF

0H]]R ]HFFKLQR GHO *LXELOHR $9 J %(1 ;,9 3 ± 0 ± $ ,9% ± /D &KLHVD VXOOH QXEL 5Y 5(3(17( ± '( &¯/2 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUR T 6SO

0H]]R ]HFFKLQR DQQR ;, $9 J %(1 ;,9 3 ± 0 ± $ ;, ± /D &KLHVD VXOOH QXEL 5Y 5(3(17( ± '( &¯/2 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ

&RQVHUYD]LRQH HFFH]LRQDOH H QRPLQDOH GLIILFLOPHQWH UHSHULELOH

LQ TXHVWR VWDWR GL FRQVHUYD]LRQH )GF

0H]]R VFXGR URPDQR $9 J 0'& ± &/, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 ± 3(7596 %XVWR QLPEDWR GL 6 3LHWUR D G 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUR T 6SO

%RORJQD =HFFKLQR $9 J =(&&+,12 6WHPPL HQWUR FDUWHOOH 'RULD H GHOOD &LWWj FDULFDWL VX FKLDYL GHFXVVDWH H VRUPRQWDWL GD SDGLJOLRQH 5Y %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 5DULVVLPR 6SO

&OHPHQWH ;,,, &DUOR 5H]]RQLFR

=HFFKLQR DQQR ,9 $9 J &/(0 ;,,, ± 3217 0 $ ,9 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6935$ ),5 ± 0$0 ± 3(75$0 ± /D &KLHVD VXOOH QXEL 0XQWRQL D %HUPDQ )ULHGEHUJ %XRQ %% T 6SO

=HFFKLQR DQQR 9, $9 J &/(0 ;,,, ± 3217 0 $ 9, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6935$ ),50$0 3( ± 75$0 ± /D &KLHVD VXOOH QXEL 0XQWRQL D %HUPDQ )ULHGEHUJ 0LJOLRUH GL 6SO

&OHPHQWH ;,9 *LDQ 9LQFHQ]R $QWRQLR *DQJDQHOOL

=HFFKLQR DQQR ,,, $9 J &/(0 ;,9 ± 3217 0 $ ,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y ),$7 3$; ,1 9,5 ± 79 ± 7( 79$ ± /D &KLHVD VXOOH QXEL 0XQWRQL E %HUPDQ )ULHGEHUJ T 6SO

6HGH 9DFDQWH &DPHUOHQJR FDUG &DUOR 5H]]RQLFR

=HFFKLQR $9 J 6('( 9$ ± &$17( 6WHPPD VRUPRQWDWR GD SDGLJOLRQH H FKLDYL GHFXVVDWH FRQ FRUGRQL VRSUD FRORPED UDGLDQWH 5Y 9(1, 6$1&7( ± 63, ± 5,796 ± /D &KLHVD VXOOH QXEL 0XQWRQL %HUPDQ )ULHGEHUJ 5DUR 6SO

3LR 9, *LRYDQQL $QJHOR %UDVFKL

'D GRSSLH URPDQH $9 J )/25(7 ,1 '202 ± '20,1, 3LDQWD GL JLJOLR DOO¶HVHUJR 5Y $32672/25 ± 35,1&(36 6 3LHWUR VHGXWR VXOOH QXEL DOO¶HVHUJR 3 DUPHWWD $OEDQL 0XQWRQL %HUPDQ )ULHGEHUJ 0ROWR UDUD 7UDFFLD GL DSSLFFDJQROR ULPRVVR DOWULPHQWL %%

'RSSLD URPDQD $9 J )/25(7 ,1 '202 ± '20,1, 3LDQWD GL JLJOLR DOO¶HVHUJR 5Y $32672/25 ± 35,1&(36 6 3LHWUR VHGXWR VXOOH QXEL DOO¶HVHUJR 3 DUPHWWD $OEDQL 0XQWRQL %HUPDQ )ULHGEHUJ 5DUD %XRQ %%

=HFFKLQR DQQR ,, $9 J 3,96 6(;796 ± 3217 0 $ ,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y $9;,/,90 '( ± 6$ ± 1&72 /D &KLHVD VXOOH QXEL 0XQWRQL D %HUPDQ )ULHGEHUJ &RQVHUYD]LRQH HFFH]LRQDOH )GF

([ DVWD 1$&

0H]]R ]HFFKLQR DQQR ;;,, $9 J 3,96 6(;796 ± 321 0 $ ;;,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y $9;,/,90 ± '( ± 6$1&72 /D &KLHVD VXOOH QXEL LQ EDVVR VLJOD 70 7RPPDVR 0HUFDQGHWWL LQFLVRUH 0XQWRQL %HUPDQ )ULHGEHUJ 'HOOD SL JUDQGH UDULWj 0LJOLRUH GL 6SO

&RPH LO VXR RPRORJR QRPLQDOH SHU OD ]HFFD GL %RORJQD DQFKH LO PH]]R ]HFFKLQR FRQLDWR D 5RPD ULVXOWD GL HFFH]LRQDOH UDULWj H VHPEUHUHEEH QRQ HVVHUH PDL VWDWR RIIHUWR LQ XQD SXEEOLFD YHQGLWD 3HU TXDQWR VLD VWDWR SRVVLELOH DOOH QRVWUH ULFHUFKH JOL DOWUL HVHPSODUL QRWL ± GXH ± VL WURYDQR QHOOD FROOH]LRQH 5HDOH ,O 6HUDILQL FHQVLVFH XQ HVHPSODUH FRQ GDWD DQQR ;;,, FKH SHUz QRQ q PHQ]LRQDWR GDO &1,

%RORJQD 'D ]HFFKLQL $9 J 3,96 9, ± 3217 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y 6 3(752 ± %2 ± 35 ± 27 6 3HWURQLR VHGXWR VXOOH QXEL VROOHYD OD G LQ EHQHGL]LRQH H UHJJH LO SDVWRUDOH QHOOD V VRWWR DUPHWWH $UFKHWWL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL PDO GHVFULWWR )ULHGEHUJ 5DUR T 6SO

%RORJQD =HFFKLQR $9 J 3,96 9, ± 3217 0 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3(7521 %2 ± 1 3527 6 3HWURQLR VHGXWR VXOOH QXEL VROOHYD OD G LQ EHQHGL]LRQH H UHJJH LO SDVWRUDOH QHOOD V VRWWR DUPHWWH $UFKHWWL H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 5DUR )RQGL OXFHQWL PLJOLRUH GL 6SO

%RORJQD 'D GRSSLH URPDQH DQQR ;,, $9 J 3,96 9, 3217 ± 0$; $ ;,, 3LDQWD GL JLJOLR DOO¶HVHUJR '23 5Y %2121,$ '2&(7 $UPHWWH $UFKHWWL H GHOOD &LWWj $OO¶HVHUJR 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUD T 6SO

%RORJQD 'D GRSSLH URPDQH $9 J 3,96 9, 3217 ± 0$;,0 3LDQWD GL JLJOLR DOO¶HVHUJR 3 5Y %2121,$ '2&(7 HQWUR QDVWUR VRWWR DUPHWWH %RQFRPSDJQL H GHOOD &LWWj $OO¶HVHUJR 0XQWRQL D %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUD 0LJOLRUH 6SO

%RORJQD 'D GRSSLH URPDQH DQQR ;,,, $9 J 3,96 9, 3217 ± 0$; $ ;,,, 3LDQWD GL JLJOLR DOO¶HVHUJR 5Y %2121,$ '2&(7 $UPHWWH $UFKHWWL H GHOOD &LWWj $OO¶HVHUJR '23 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUD T 6SO

%RORJQD 'RSSLD URPDQD $9 J 3,96 9, 3217 ± 0$;,0 3LDQWD GL JLJOLR DOO¶HVHUJR 5Y %2121,$ '2&(7 $UPHWWH $UFKHWWL H GHOOD &LWWj $OO¶HVHUJR * 3 0XQWRQL G %HUPDQ &KLPLHQWL )ULHGEHUJ 6SO

%RORJQD 0H]]D GRSSLD URPDQD $9 J 3,96 9, 3217 ± 0$;,0 3LDQWD GL JLJOLR DOO¶HVHUJR 5Y %2121,$ '2&(7 HQWUR QDVWUR VRWWR DUPHWWH %RQFRPSDJQL H GHOOD &LWWj $OO¶HVHUJR 3 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 5DUD T 6SO