Asta 109 24 maggio 2018
La Collezione FT di Monete e Medaglie di Zecche Italiane in associazione con Varesi srl
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
Varesi srl Viale Monte Grappa 3 – 27100 Pavia Tel: +39 0382570685 Fax:+39 00382489234 Email: segreteria@varesi.it
ORDINE DI VENDITA
ORDRE DE VENTE
giovedì, 24 maggio
1293 – 1609
TIME TABLE 14:00 – 17:30
Hotel Principe di Savoia Piazza Della Repubblica 17 20124, Milano Tel. 0039 02 62301
ESPOSIZIONE EXHIBITION EXPOSITION MILANO 23 aprile – 21 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)
martedì, 22 maggio 2018 12:00 – 18:00 mercoledì, 24 maggio 2019 09:30 – 11:00 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. I prezzi di partenza di ciascun lotto sono stampati sotto la descrizione dei lotti riportata nel catalogo e non includono i diritti d'asta dovuti all'aggiudicatario. Tali prezzi di partenza sono puramente indicativi. 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 (Ferrari SpA) 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 17,5% (19% 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 starting prices are purely indicative. 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 (Ferrari 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
Solo per questa vendita i prezzi riportati nel catalogo devono intendersi come prezzi di partenza e offerte inferiori non verranno accettate. For this auction only the prices reported in the catalogue are to be considered starting prices and lower bids will not be accepted.
/D FROOH]LRQH 5 7 GL PRQHWH H PHGDJOLH GL ]HFFKH LWDOLDQH $QFRQD
5HSXEEOLFD DXWRQRPD VHFF ;,,, ;,9 *URVVR DJRQWDQR $5 J '( $1&21$ &URFH SDWHQWH 5Y 33 6 49, 5,$&96 6 &LULDFR VWDQWH GL IURQWH FRQ PLWULD H SDVWRUDOH EHQHGLFHQWH &1, 'XEELQL 0DQFLQHOOL SDJ 6SO
3DROR ,9 *LDQSLHWUR &DUDID *LXOLR $5 J 3$9/96 ,,,, ± 3217 0$; 6WHPPD VRWPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3$9/96 ± $1&21$ 6 3DROR VWDQWH GL IURQWH FRQ OLEUR DSHUWR 0XQWRQL %HUPDQ 0LJOLRUH GL 6SO $TXLOHLD
%HUWROGR GL 0HUDQLD FRQWH GL $QGHFKV 'HQDUR $5 J %(572 ± /'96 3 3DWULDUFD PLUDWR VHGXWR GL IURQWH WLHQH QHOOD G OD FURFH SDWULDUFDOH H QHOOD V XQ OLEUR 5Y &,9,7$6 $49,/(*,$ %XVWR GHOOD %HDWD 9HUJLQH GL IURQWH QLPEDWD H YHODWD LO SHWWR RUQDWR GD JHPPH OH PDQL OHYDWH LQ DWWR GL SUHJKLHUD %HUQDUGL 3DWLQD GL PHGDJOLHUH 6SO
$UH]]R
5HSXEEOLFD VHF ;,,, *URVVR GD GHQDUL $5 J ā '( $5,7,2 &URFH SDWHQWH FXQHR QHO SULPR TXDUWR 5Y 6$¶ '21$796 %XVWR GL 6 'RQDWR GL IURQWH EHQHGLFHQWH H FRQ SDVWRUDOH QHOOD V &1, 0,5 6SO
*URVVR GD GHQDUL GRSR LO $5 J '( $5,7,2 &URFH DFFDQWRQDWD GD TXDWWUR JOREHWWL 5Y 6 '21$796 %XVWR GL 6 'RQDWR GL IURQWH EHQHGLFHQWH H FRQ SDVWRUDOH QHOOD V &1, 0,5 %%
*XLGR 7DUODWL GL 3LHWUDPDOD YHVFRYR *URVVR DJRQWDQR $5 J '( PLWULD $5,7,2 &URFH SDWHQWH 5Y 3 3 6 ' 2 ± 1$796 6 'RQDWR QLPEDWR H PLWUDWR VWDQWH GL IURQWH EHQHGLFHQWH H FRQ SDVWRUDOH &1, 0,5 *XJOLHOPR GHJOL 8EHUWLQL 0ROWR UDUR 3DWLQD GL PHGDJOLHUH H EHOO¶HVHPSODUH GL QRWHYROH FRQVHUYD]LRQH 6SO $VWL
&RPXQH *URVVR WRUQHVH $5 J $9( 0$5,$ *5$ 3/(1$ '20,196 7(&90 QHO JLUR HVWHUQR LQ TXHOOR LQWHUQR &915$'96 ,, H QHO FDPSR 5 ( ; 5Y $67( 1,7(7 09'2 6&2 &9672'( 6(&91'2 OHJHQGD LQWHUQD $67(16,6 &URFH SDWHQWH &1, 0,5 5DULVVLPR 6SO
$YLJQRQH
8UEDQR 9 *XLOODXPH GH *ULPRDUG *URVVR $5 J 95%$196 ± 33 29176 ,O 3RQWHILFH VHGXWR LQ WURQR GL IURQWH 5Y 6$1&79 ± 3(7596 &KLDYL GHFXVVDWH 3G$ 0XQWRQL %HUPDQ %%
*UHJRULR ;, 3LHUUH 5RJHU GH %HDXIRUW ± *URVVR $5 J *5(*259 ± 33 91'(& ,O 3RQWHILFH VHGXWR LQ WURQR GL IURQWH EHQHGLFHQWH 5Y 6$1796 ± 3(7596 &KLDYL GHFXVVDWH 3G$ 0XQWRQL %HUPDQ T 6SO %HQHYHQWR
5RPXDOGR ,, GXFD 6ROLGR DO WLSR GL *LXVWLQLDQR ,, $9 J '1,96 ± 933(79 %XVWR GLDGHPDWR H GUDSSHJJLDWR GL IURQWH FRQ JORER FUXFLJHUR QHOOD PDQR G 5Y 9,&725 ± ,99,6 &URFH SRWHQ]LDWD VX TXDWWUR JUDGLQL QHO FDPSR D V 5 H VRWWR QHO JLUR &212% &1, 0(& YDU 0,5 )ULHGEHUJ 5DUR 6SO
*UHJRULR GXFD 6ROLGR DO WLSR GL *LXVWLQLDQR ,, $9 J '$/ ± <196 UHWURJUDGD 33 %XVWR GLDGHPDWR GL IURQWH FRQ FODPLGH H JORER FUXFLJHUR QHOOD G 5Y 9,&725 ± 99*<6 UHWURJUDGD &URFH SRWHQ]LDWD VX JORER FKH SRJJLD VX WUH JUDGLQL D V QHO FDPSR D V * &1, 0(& YDU 0,5 )ULHGEHUJ 5DUR T 6SO
*LVXOIR ,, 6ROLGR DO WLSR GL *LXVWLQLDQR ,, $9 J '1, ± ,19633 %XVWR GLDGHPDWR H GUDSSHJJLDWR GL IURQWH FRQ LO JORER FUXFLJHUR QHOOD PDQR G 5Y 9,&7259 ± 9,*962 &URFH SRWHQ]LDWD VX XQ EDVDPHQWR GL TXDWWUR JUDGLQL DL ODWL G ± * &1, 0(& ± 0,5 )ULHGEHUJ 5DULVVLPR 6SO
$ULFKL ,, SULQFLSH 6ROLGR $9 J '169, ± &725,$ %XVWR GL IURQWH GLDGHPD FRQ FURFHWWD QHOOD PDQR G JORER FUXFLJHUR 5Y 9,&7,59 ± 35,13, &URFH SRWHQ]LDWD VX TXDWWUR JUDGLQL FRQ JOREHWWL DL ODWL GHOOD EDVH D V $ H QHO JLUR & 212 % &1, 0(& 0,5 )ULHGEHUJ 5DULVVLPR T 6SO
*ULPRDOGR ,,, SULQFLSH 6ROLGR $9 J *5,0 ± 9$/' % XVWR GLDGHPDWR GL IURQWH FRQ JORER FUXFLJHUR QHOOD PDQR G 5Y 9,&725$ ± 35,1&,3 &URFH SRWHQ]LDWD VX WUH JUDGLQL H VRUPRQWDWD GD JOREHWWL GLVSRVWL D FURFH 1HO FDPSR DL ODWL * ± 5 H DOO¶HVHUJR & 212 % &1, 0(& YDU 0,5 )ULHGEHUJ 5DUR T 6SO
6LFRQH 3ULQFLSH 'HQDUR $5 J 35,+&(6 %(+(%(+7, 6LFRQH LQ PRQRJUDPPD 5Y $5&+$1*(/96 0,&+$(/ &URFH SRWHQ]LDWD VX WUH JUDGLQL &1, 0(& 0,5 5DUR 0LJOLRUH GL %%
6LFDUGR SULQFLSH 6ROLGR DO WLSR GL *LXVWLQLDQR ,, (/ J 6,& ± $5'9 %XVWR GLDGHPDWR H GUDSSHJJLDWR GL IURQWH FRQ JORER FUXFLJHUR QHOOD PDQR G QHO FDPSR D G FXQHR 5Y 9,&7259 ± 35,1&, &URFH SRWHQ]LDWD VX WUH JUDGLQL QHO FDPSR DL ODWL 6 ± , H VRWWR QHO JLUR &212% &1, 0(& YDU 0,5 7RQGHOOR LUUHJRODUH T 6SO
$GHOFKL SULQFLSH , SHULRGR GD VROR 'HQDUR $5 J 0RQRJUDPPD GL $GHOFKL DFFRVWDWR D V GD FURFH H D G GD RVWHQVRULR 5Y %(1( ± %(1(79 &URFH VX WUH JUDGLQL DL ODWL 0 ± + &1, 0(& 0,5 0ROWR UDUR 6SO
/XGRYLFR ,, H $QJLOEHUJD 'HQDUR $5 J /9'29,&96 ,03 &URFH SRWHQ]LDWD VX WUH JUDGLQL 5Y $1*,/%(5*$ 13 &URFH DFFDQWRQDWD GD FXQHL &1, 0(& 0,5 5DUR 3DWLQD GL PHGDJOLHUH 6SO
,QWHUUHJQR VRWWR OD UHJJHQ]D GHO YHVFRYR 3LHWUR 'HQDUR $5 J %(1(%(179 &URFH ODWLQD DL ODWL $ ± : 5Y 6 & $ 0$5,$ &URFH D VHL EUDFFLD &1, 0(& 0,5 5DULVVLPR T 6SO %HUJDPR
&RPXQH VHF ;,,, (PLVVLRQL D QRPH GL )HGHULFR ,, GL 6YHYLD *URVVR GD GHQDUL $5 J ,0357 ± )5('(5, &96 %XVWR ODXUHDWR D G 5Y 3*$ ± 090 (GLILFLR D WUH DUFKL H WHWWR FXVSLGDOH WUD GXH WRUUL &1, 0,5 5DUR T 6SO
%RORJQD
%HQWLYRJOLR &RQVHUYDWRUL *URVVRQH $5 J %2121,$ 0$7(5 679',2590 /HRQH YHVVLOOLIHUR UDPSDQWH D V LQ EDVVR D V VWHPPD %HQWLYRJOLR 5Y 6 3(7521,9¶ ± '( %2121,$ 6 3HWURQLR VHGXWR GL IURQWH WLHQH QHOOD V LO SDVWRUDOH H QHOOD G OD &LWWj &1, &KLPLHQWL *LRYDQQL ,, %HQWLYRJOLR 6SO
3LR ,9 *LRYDQQDQJHOR GH¶0HGLFL ± %LDQFR $5 J ā3,96ā,,,,ā3217ā0$;ā %XVWR D G FRQ SLYLDOH RUQDWR 5Y ā%2121,$ā0$7(5 679',2590 /HRQH YHVVLOOLIHUR UDPSDQWH 0XQWRQL %HUPDQ &KLPLHQWL T 6SO
*RYHUQR SRSRODUH 6FXGR GD 3DROL $5 J 3239/96 (7 6(1$796 %2121 6WHPPD GHOOD FLWWj H VRUPRQWDWR GD WHVWD H DUWLJOL GL OHRQH DOO¶HVHUJR 3 5Y 35 6,',90 ± (7 '(&96 /D %HDWD 9HUJLQH FRQ LO EDPELQR LQ EUDFFLR VXOOH QXEL VRWWR YHGXWD GHOOD FLWWj UDIILJXUDWD FRQ OD FLQWD PXUDULD UHWWLOLQHD 0XQWRQL D YDU &KLPHQWL YDU ,, &DVVDQHOOL 0LJOLRUH GL %%
3LR 9,, %DUQDED &KLDUDPRQWL ± 6FXGR URPDQR DQQR ;9,,, 3DJDQL 0XQWRQL E %HUPDQ &KLPLHQWL 6SO
/HRQH ;,, $QQLEDOH 6HUPDWWHL GHOOD *HQJD ± 6FXGR URPDQR DQQR ,,, 3DJDQL 0XQWRQL %HUPDQ &KLPLHQWL &RQVHUYD]LRQH HFFH]LRQDOH T )GF )GF
&DPHULQR
*RYHUQR SRSRODUH *URVVR $5 J $UPHWWD GHOOD &LWWj '( &$0 ± 0(5(12 &URFH SDWHQWH VRWWR QHO JLUR VHJQR GL ]HFFKLHUH 0 VRUPRQWDWD GD GRSSLD FURFH 5Y 6 $1 ± 29,196 6 $QVRYLQR VWDQWH GL IURQWH FRQ PLWULD H SDVWRUDOH EHQHGLFHQWH &1, 5DUR T 6SO &DUPDJQROD
/XGRYLFR ,, GL 6DOX]]R &DYDOORWWR $5 J /9'29,&96 0 6$ ± /97,$590 %XVWR FRUD]]DWR D V FRQ EHUUHWWR 5Y 6 $1&7 &2167$17, ± 96 6 &RVWDQ]R FRQ YHVVLOOR D FDYDOOR YHUVR G &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR 0LJOLRUH GL %% &DVDOH
*XJOLHOPR ,, 3DOHRORJR 7HVWRQH $5 J *9/,(/096 0$5 0217 )(5 &¶ %XVWR FRQ EHUUHWWR D V 5Y 6$& ± 5, 52 ,03 35,1& 9,&$ ± 33 6WHPPD 3DOHRORJR &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR 3DWLQD GL PHGDJOLHUH T 6SO &RPR
5HSXEEOLFD $EERQGLDQD *URVVR $5 J & ± 90 ± $1 ± 96 &URFH DFFDQWRQDWD GD WULIRJOL 5Y 6 $%2 ± 1',96 6 $EERQGLR QLPEDWR H PLWUDWR VHGXWR LQ WURQR GL IURQWH EHQHGLFH FRQ OD PDQR G H WLHQH LO SDVWRUDOH QHOOD V &1, 0,5 0ROWR UDUR 6SO
&UHPRQD
&RPXQH *URVVR $5 J &5(021$ &URFH SDWHQWH DFFDQWRQDWD GD JLJOL QHO , H ,9 H GD ELVDQWL QHO ,, H ,,, TXDUWR 5Y 6¶ <0( ± 5,96 6 ,PHULR PLWUDWR H QLPEDWR VHGXWR LQ WURQR GL IURQWH FRQ SDVWRUDOH EHQHGLFHQWH &1, 0,5 0ROWR UDUR 6SO 'HVDQD
*LRYDQQL %DUWRORPHR 7L]]RQH 7HVWRQH $5 J ,2 %$57 7,&,2 &2 '(&, 9,& ,03 $TXLOD FRURQDWD DG DOL VSLHJDWH 5Y 6$1&796 $/(;$1'(5 6 $OHVVDQGUR VWDQWH GL IURQWH FRQ YHVVLOOR H VSDGD &1, 0,5 5DUR T 6SO )HUUDUD
(UFROH , G¶(VWH *URVVRQH $5 J +(5&9/(6 '9; )(55$5,( %XVWR FRUD]]DWR D V 5Y '(96 )257,79'2 0($ 6 *LRUJLR D FDYDOOR YHUVR G LQ DWWR GL WUDILJJHUH LO GUDJR &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR %HOOD SDWLQD GL PHGDJOLHUH T 6SO
(UFROH ,, G¶(VWH 6FXGR $9 J +(5&9/(6 ,, '9; )(55$5,( ,,,, 6WHPPD 5Y ,1 7( 49, 63(5$7 121 &21)91 /D 0DGGDOHQD DEEUDFFLD OD FURFH GD FXL SHQGRQR JOL VWUXPHQWL GHOOD SDVVLRQH &1, 0,5 )ULHGEHUJ 5DUR T )GF )LUHQ]H
5HSXEEOLFD )LRULQR ,, 6HPHVWUH $9 J )/25 ± (17,$ *LJOLR 5Y 6 ,2+$ ± 11(6 % 6 *LRYDQQL FRQ QLPER SHUODWR VWDQWH GL IURQWH H EHQHGLFHQWH FRQ OXQJD FURFH DVWLOH DSSRJJLDWD DOOD VSDOOD VHJQR URFFR 1HULR GL /LSSR %HUQRFFKL 0,5 )ULHGEHUJ 7UDFFLD GL PRQWDWXUD DOWULPHQWL 6SO
)LRULQR QXRYR GD GHQDUL ,,, VHULH $5 J )/25(17,$ *LJOLR 5Y 6 ,2+$11(¶ % %XVWR GL 6 *LRYDQQL QLPEDWR GL IURQWH FRQ SDVWRUDOH OXQJD FURFH %HUQRFFKL 0,5 6SO
3RSROLQR , VHPHVWUH $5 J )/25 ± (17,$ *LJOLR 5Y 6 ,29$ ± 11(6 6 *LRYDQQL VWDQWH GL IURQWH UHJJH QHOOD PDQR G XQD OXQJD FURFH DVWLOH H VROOHYD OD V LQ EHQHGL]LRQH DL ODWL GXH DUEXVWL 6HJQR UDIILR FRQ GXH XQFLQL 7ULQFLD GL &RUELQHOOR %HUQRFFKL 0,5 5DUR T 6SO
*URVVR GD VROGL H GHQDUL ,, VHPHVWUH $5 J '(7 7,%, )/25(5( ;36 )/25(17,$ 9(5 *LJOLR 5Y 6 ,2+$11(6 % ± $7,67$ 6 *LRYDQQL QLPEDWR VHGXWR LQ WURQR EHQHGLFHQWH FRQ OD G H FRQ OXQJD FURFH DVWLOH QHOOD V VHJQR FHUFKLR VRUPRQWDWR GD FURFH DFFRVWDWD GD JOREHWWL 1LFFROz 'DYDQ]DWL %HUQRFFKL 0,5 T 6SO
*URVVR JXHOIR GD VROGL H GHQDUL , VHPHVWUH $5 J '(7 7,%, )/25(5( ;36 )/25(17,$ 9(5( *LJOLR 5Y 6$1796 ,2+11(6 ± %$7,67$ 6 *LRYDQQL QLPEDWR VHGXWR LQ WURQR EHQHGLFHQWH FRQ OD G H FRQ OXQJD FURFH DVWLOH QHOOD V VHJQR VWHPPD $UGLQJKHOOL 7RPPDVR $UGLQJKHOOL %HUQRFFKL 0,5 6SO
*URVVR GD VROGL H GHQDUL , VHPHVWUH $5 J )/25 ± (17,$ *LJOLR 5Y 6 ,2+$1 ± 1(6 % 6 *LRYDQQL VWDQWH GL IURQWH FRQ LO PDQWR VXOOD VSDOOD V H OD WXQLFD GL SHOR WLHQH QHOOD G OD FURFH H QHOOD V XQ QDVWUR 6HJQR VWHPPD *LXJQL FRQ ) VRSUD )LOLSSR *LXJQL %HUQRFFKL 0,5 T 6SO
&DUOLQR GD VROGL ,, VHPHVWUH $5 J )/25 ± (17,$ *LJOLR 5Y 6 ,2 %$3 ± 7,=$16 6 *LRYDQQL EDWWH]]D *HV LQ EDVVR WUD OH GXH ILJXUH VHJQR VWHPPD $OEL]]L FRQ % VRSUD %DQFR GL $QGUHD $OEL]]L %HUQRFFKL 0,5 0ROWR UDUR 3DWLQD GL PHGDJOLHUH T 6SO
%DULOH , VHPHVWUH $5 J )/25 ± (17,$ *LJOLR 5Y 6 ,2$1 ± 1(6 % 6 *LRYDQQL EDWWH]]D *HV LQ DOWR D V VHJQR OHRQH UDPSDQWH FRQ * VRSUD *LRYDQQL %DWWLVWD %DUWROLQL %HUQRFFKL 0,5 5DUR 3DWLQD GL PHGDJOLHUH 6SO
&RWDOH , VHPHVWUH $5 J )/25 ± (17,$ *LJOLR 5Y 6 ,2$1 ± 1(6 %$7,67$ 6 *LRYDQQL QLPEDWR VHGXWR LQ WURQR GL IURQWH FRQ OXQJD FURFH DVWLOH LQ DOWR DL ODWL GHOOD WHVWD VFXGHWWR FURFLDWR H VHJQR VWHPPD 6SLQL VRUPRQWDWR GD ) )UDQFHVFR 6SLQL %HUQRFFKL 0,5 0ROWR UDUR 0%
)LRULQR ODUJR GDO VHWWHPEUH DO PDJJLR $9 J )/25 ± (17,$ *LJOLR 5Y 6 ,2$1 ± 1(6 % 6 *LRYDQQL FRQ QLPER SHUODWR VWDQWH GL IURQWH H EHQHGLFHQWH WLHQH QHOOD PDQR V XQD OXQJD FURFH DVWLOH DSSRJJLDWD VXOOD VSDOOD VHJQR GXH PDUWHOOL GHFXVVDWL VRUPRQWDWL GD )0 LQ QHVVR )UDQFHVFR 0DUWHOOL %HUQRFFKL 0,5 )ULHGEHUJ 5DUR 6HJQHWWL VXO ERUGR DOWULPHQWL T 6SO ([ DVWD 1$&
*URVVR GD VROGL GDO JLXJQR DO DJRVWR $5 J )/25 ± (17,$ *LJOLR 5Y 6 ,2$1 ± 1(6 % 6 *LRYDQQL VWDQWH GL IURQWH FRQ OXQJD FURFH DVWLOH QHOOD V VHJQR VWHPPD 1RELOL FRQ 9 VRSUD 8EHUWR 1RELOL %HUQRFFKL 0,5 5DUR T 6SO
$OHVVDQGUR , GH¶0HGLFL 6FXGR $9 J $/(;$1'(5 0(' 5 3 )/25(1 '9; 6WHPPD FRURQDWR 5Y 9,5796 (67 12%,6 '(, &URFH LQFDYDWD H RUQDWD DFFDQWRQDWD GD TXDWWUR WHVWLQH GL FKHUXELQR LQ RUQDWLQH *DOHRWWL ;;,, 0,5 )ULHGEHUJ 5DUR %XRQ %% T 6SO
7HVWRQH GD VROGL R EDULOL $5 J $/(;$1'(5 0 ± 5 3 )/25(1 '9; %XVWR D V 5Y 6 &26096 ± 6 '$0,$196 , 66 &RVPD H 'DPLDQR VWDQWL GL IURQWH *DOHRWWL ;,; 5DYHJQDQL 0RURVLQL 0,5 5DUR *UDIILHWWR DO GU DOWULPHQWL T 6SO
&RVLPR , GH¶0HGLFL , SHULRGR GXFD GHOOD 5HSXEEOLFD GL )LUHQ]H 6FXGR $9 J &26096 0(' 5 3 )/25 '9; ,, 6WHPPD FRURQDWR 5Y 9,5796 (67 12%,6 '(, &URFH LQFDYDWD H JLJOLDWD *DOHRWWL 9 0,5 )ULHGEHUJ 6SO
,,, SHULRGR *UDQGXFD GL 7RVFDQD 3LDVWUD $5 J &26096 0(' 0$*196 '9; (7595,$( %XVWR GUDSSHJJLDWR H FRUD]]DWR D G 5Y 6 ,2$11(6 %$37,67$ 6 *LRYDQQL VWDQWH GL IURQWH FRQ LO YROWR ULYROWR D G LQ DWWR GL SUHGLFDUH FRQ OXQJD FURFH QHOOD V VRWWR QHO JLUR *DOHRWWL /;,, 5DYHJQDQL 0RURVLQL 0,5 5DUD 0LJOLRUH GL %%
)UDQFHVFR , GH¶0HGLFL 3LDVWUD $5 J )5$1 0(' 0$*1 '9; (7595, ,, %XVWR FRUD]]DWR D G VRWWR OR VSDOODFFLR 5Y 6 ,2$11(6 ± %$37,67$ 6 *LRYDQQL VWDQWH GL IURQWH FRQ LO YROWR ULYROWR D G LQ DWWR GL SUHGLFDUH FRQ OXQJD FURFH QHOOD V VRWWR QHO JLUR *DOHRWWL 9,,, 5DYHJQDQL 0RURVLQL 0,5 5DUD T 6SO
)HUGLQDQGR , GH¶0HGLFL , SHULRGR JUDQGXFD H FDUGLQDOH 3LDVWUD $5 J )(5' 0 &$5' 0$*1 '9; (7595, ,,, %XVWR D G LQ DELWR FDUGLQDOL]LR VRWWR QHO JLUR 5Y $ '12 )$&790 (67 ,679 ' &URFH GL 6 6WHIDQR FRURQDWD H VRUPRQWDWD GD FDSSHOOR FDUGLQDOL]LR FRQ FRUGRQL H ILRFFKL *DOHRWWL 9, 5DYHJQDQL 0RURVLQL 0,5 5DUD 3DWLQD GL PHGDJOLHUH T 6SO
,, SHULRGR JUDQGXFD 3LDVWUD $5 J )(5 ± ',1$1'96 0(' 0$*1 '9; (7595, ,,, %XVWR SDOXGDWR H FRUD]]DWR D G 5Y ),/,96 0(96 ± ',/(&796 ,O EDWWHVLPR GL *HV VRWWR QHO JLUR *DOHRWWL ;;9,, 5DYHJQDQL 0RURVLQL 0,5 %XRQ %%
&RVLPR ,, GH¶0HGLFL 3LDVWUD $5 J &26096 ,, 0$*1 '9; (7595 ,,,, %XVWR FRUD]]DWR D G FRQ FROODUH DOOD VSDJQROD H PDVFKHUD OHRQLQD VXOOR VSDOODFFLR VRWWR QHO JLUR 1HO WDJOLR GHO EUDFFLR *$63 0 5Y ),/,96 0(96 ± ',/(&796 ,O %DWWHVLPR GL *HV DOO¶HVHUJR *DOHRWWL 9, 5DYHJQDQL 0RURVLQL 0,5 5DULVVLPD )DOOD GL PHWDOOR DO UY DOWULPHQWL 6SO
)HUGLQDQGR ,, GH¶0HGLFL 3LDVWUD $5 J )(5',1 ,, 0$*1 '9; (7595, %XVWR GUDSSHJJLDWR H FRUD]]DWR GHO D G FRQ FROODUH DOOD VSDJQROD VRWWR QHO JLUR 5Y 6 ,2$11(6 ± %$37,67$ 6 *LRYDQQL %DWWLVWD VWDQWH EHQHGLFHQWH FRQ FURFH DVWLOH *DOHRWWL ; 5DYHJQDQL 0RURVLQL 0,5 5DUD T 6SO
&RVLPR ,,, GH¶0HGLFL 3LDVWUD $5 J &26096 ,,, ' * 0$* '9; (7595 9, %XVWR FRUD]]DWR D G VRWWR QHO WDJOLR GHO EUDFFLR 5Y ),/,96 0(96 ± ',/(& ± 796 ,O %DWWHVLPR GL *HV LQ DOWR OD &RORPED GHOOR 6SLULWR 6DQWR *DOHRWWL ,; 5DYHJQDQL 0RURVLQL 0,5 5DUD T 6SO %XRQ %%
)UDQFHVFR ,, ,,, GL /RUHQD ,, SHULRGR JUDQGXFD GL 7RVFDQD H LPSHUDWRUH GHO 6 5 , 6FXGR GD SDROL R IUDQFHVFRQH $5 J )5$1&,6&96 ' * 5 , 6 $ * + 5(; /27 %$5 0 ' (75 %XVWR D G ODXUHDWR H FRUD]]DWR VRWWR QHO JLUR DFFHWWH GHFXVVDWH $QWRQLR )DEEULQL ]HFFKLHUH 5Y ,1 7( '20, ± 1( 3(5$9, $TXLOD ELFLSLWH FRURQDWD FRQ VSDGD QHOOD ]DPSD G H VFHWWUR QHOOD V FDULFDWD GL VFXGR PXOWLSDUWLWR FRURQDWR H FRQ VFXGHWWR GL /RUHQD H 7RVFDQD DO FHQWUR GHFRUDWR FRO 7RVRQ G¶RUR VRWWR QHO JLUR 3,6,6 ± *DOHRWWL ;,,, 0,5 5DUR %HOOD SDWLQD GL PHGDJOLHUH PLJOLRUH GL 6SO
3LHWUR /HRSROGR GL /RUHQD 6FXGR GD SDROL R IUDQFHVFRQH $5 J 3(7596 /(232/'96 ' * 3 5 + (7 % $ $ 0 ' (7595 %XVWR GUDSSHJJLDWR H FRUD]]DWR D G VRWWR QHO JLUR DFFHWWH GHFXVVDWH $QWRQLR )DEEULQL ]HFFKLHUH 5Y ',5,*( '20,1( ± *5(6696 0(26 6WHPPD FRURQDWR FDULFDWR VX FURFH GL 6 6WHIDQR LQ EDVVR QHO JLUR 3,6,6 ± *DOHRWWL ;,, 0,5 5DUR )RQGL OXFHQWL PLJOLRUH GL 6SO
7DOOHUR SHU LO OHYDQWH $5 J 3 /(23 ' * 3 5 + (7 ± % $ $ 0 ' (75 %XVWR FRUD]]DWR D G VXO WDJOLR GHO EUDFFLR / 6 ) /XLJL 6LULHV LQFLVRUH 5Y ,1 7( ± '20,1( ± 63(5$9, ± 6WHPPD FRURQDWR FDULFDWR VX FURFH GL 6 6WHIDQR ILDQFKHJJLDWR GD DTXLOH FRURQDWH *DOHRWWL ;;; 0,5 0ROWR UDUR T 6SO
)HUGLQDQGR ,,, GL /RUHQD )UDQFHVFRQH $5 J )(5',1$1'96 ,,, ' * 3 5 + (7 % $ $ 0 ' (7595 7HVWD D G VRWWR /6 H OLRFRUQR )UDQFHVFR *UREHUW ]HFFKLHUH 5Y /(; 79$ 9(5,7$6 6WHPPD FRURQDWR H FDULFDWR VX FURFH GL 6 6WHIDQR VRWWR QHO JLUR 3,6,6 ± *DOHRWWL ,9 0,5 %HL IRQGL 6SO
/XGRYLFR , GL %RUERQH )UDQFHVFRQH 3DJDQL E 0,5 5DUR 3DWLQD LULGHVFHQWH T 6SO
&DUOR /XGRYLFR GL %RUERQH UHJJHQ]D GL 0DULD /XLJLD )UDQFHVFRQH 3DJDQL 0,5 3DWLQD GL PHGDJOLHUH 6SO
/HRSROGR ,, GL /RUHQD )UDQFHVFRQH 3DJDQL 0,5 0ROWR UDUR %HOOLVVLPD SDWLQD GL PHGDJOLHUH VX IRQGL OXFHQWL T )GF
)UDQFHVFRQH 3DJDQL 0,5
5DULVVLPR 6SO
0LJOLRUH GL 6SO
)UDQFHVFRQH 3DJDQL 0,5
*HQRYD
5HSXEEOLFD *HQRYLQR $9 J , $ 1 9 $ &DVWHOOR 5Y &915$'96 5(; &URFH SDWHQWH /XQDUGL 0,5 )ULHGEHUJ 5DUR 6SO
*URVVR GD GHQDUL $5 J , $ 1 9 $ &DVWHOOR 5Y &915$', 5(; &URFH SDWHQWH /XQDUGL 0,5 3DWLQD GL PHGDJOLHUH 6SO
6LPRQH %RFFDQHJUD GRJH , *HQRYLQR $9 J '9; ,$19( 49$ '(96 37(*$7 $ &DVWHOOR HQWUR FRUQLFH G¶DUFKL 5Y &215$'96 5(; 520$12590 &URFH SDWHQWH HQWUR FRUQLFH G¶DUFKL /XQDUGL 0,5 )ULHGEHUJ )RQGL OXFHQWL 6SO
'RJL %LHQQDOL ,, IDVH 6FXGR $5 J '9; (7 *9% 5(,3 *(1 &DVWHOOR FRURQDWR DL ODWL GXH FURFL H VRWWR 5Y &215$'96 ,, 52 5(; * ) &URFH SDWHQWH DFFDQWRQDWD GD TXDWWUR VWHOOH /XQDUGL 0,5 5DUR T 6SO
,,, IDVH 'D /LUH $5 J '8; (7 *8% ± 5(,3 *(18 6WHPPD FRURQDWR VRUUHWWR GD GXH JULIRQL VRWWR QHO JLUR / ± 5Y 121 6855(;,7 ± 0$-25 6 *LRYDQQL SUHGLFDQWH /XQDUGL 0,5 0LQLPR GLIHWWR VXO FRQWRUQR DOWULPHQWL HVHPSODUH GL FRQVHUYD]LRQH HFFH]LRQDOH FRQ IRQGL OXFHQWL )GF
5HSXEEOLFD OLJXUH 'D OLUH DQQR ,, 3DJDQL /XQDUGL 0,5 5DUD T 6SO
/LYRUQR
)HUGLQDQGR ,, GH¶0HGLFL 7ROOHUR $5 J )(5',1$1'96 ,, 0$* '9; (75 9 7HVWD UDGLDWD D G VRWWR QHO JLUR 5Y (7 3$7(7 ± (7 )$9(7 9HGXWD GHO SRUWR GL /LYRUQR *DOHRWWL / 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR 3DWLQD GL PHGDJOLHUH T 6SO
&RVLPR ,,, GH¶0HGLFL 7ROOHUR $5 J &26096 ,,, ' * 0$* '9; (7595,$( 9, %XVWR UDGLDWR H GUDSSHJJLDWR D G QHO JLUR 5Y (7 3$7(7 ± (7 )$9(7 9HGXWD GHO SRUWR GL /LYRUQR *DOHRWWL ;/9, 5DYHJQDQL 0RURVLQL 0,5 3DWLQD GL PHGDJOLHUH 6SO
7ROOHUR $5 J &26096 ,,, ' * 0 '9; (7595,$( 9, %XVWR D G VRWWR QHO JLUR 5Y (7 3$7(7 ± (7 )$9(7 /D IRUWH]]D GL /LYRUQR VRUPRQWDWD GD FRURQD VRWWR ),'(6 *DOHRWWL ;/9,, 5DYHJQDQL 0RURVLQL 0,5 6SO
3H]]D GHOOD URVD $5 J &26096 ,,, ' * ± 0 '9; (7595,$( 6WHPPD FRURQDWR VRWWR QHO JLUR 5Y *5$7,$ 2%9,$ 9/7,2 49$(6,7$ 'XH SLDQWH GL URVH ILRULWH LQWUHFFLDWH VRWWR QHO JLUR /,%951, *DOHRWWL ;/,; 0,5 /HJJHUD SDWLQD H PLJOLRUH GL 6SO
*LDQ *DVWRQH GH¶0HGLFL 7ROOHUR $5 J ,2$1 *$672 , ' * 0$* '9; (7595 9,, %XVWR FRUD]]DWR D G VRWWR QHO JLUR 5Y (7 3$7(7 ± (7 )$9(7 /D IRUWH]]D GL /LYRUQR VRUPRQWDWD GD FRURQD VRWWR ),'(6 *DOHRWWL ;/ 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR 6SO
/XFFD
5HSXEEOLFD VHF ;,,, (PLVVLRQL D QRPH GL 2WWRQH ,9 *URVVR GD GHQDUL $5 J ā2772 5(;ā 0RQRJUDPPD GL 2WWRQH 5Y 6 99/7¶ '( /9&$ā ,O 9ROWR 6DQWR &1, 0,5 &RQVHUYD]LRQH QRWHYROH PLJOLRUH GL 6SO
*URVVR GD VROGL $5 J 2772 ± 5(; 0RQRJUDPPD GL 2WWRQH 5Y ā6ā 99/7¶ ± 'ā/9&$ %XVWR GUDSSHJJLDWR GHO 9ROWR 6DQWR &1, 0,5 0ROWR UDUR 0LJOLRUH GL %%
*URVVR GD ERORJQLQL GRSR LO $5 J &$52/96 ,03(5$725 1HO FDPSR /9&$ FRQ OHWWHUH GLVSRVWH D FURFH HQWUR GRSSLD FRUQLFH TXDGULOREDWD FRQ RUQDWL 5Y 6$1&796 99/796 '( /9&$ ,O 9ROWR 6DQWR GL IURQWH LQ GRSSLD FRUQLFH GL FHQWLQH &1, 0,5 3DWLQD GL PHGDJOLHUH 6SO
6HF ;9, 'XFDWR $9 J 6 99/796 '( /9&$ ,O 9ROWR 6DQWR H LQ DOWR DUPHWWD VFRQRVFLXWD 5Y 6 0$ ± 5 ± 7, ± 1 ± 9 ± 6 6 0DUWLQR D FDYDOOR D V GLYLGH LO PDQWHOOR FRO PHQGLFDQWH &1, ± 0,5 )ULHGEHUJ 5DUR T 6SO
*URVVR GD ERORJQLQL $5 J &$52/96 ,03(5$725 1HO FDPSR /9&$ FRQ OHWWHUH GLVSRVWH D FURFH HQWUR FRUQLFH TXDGULOREDWD QHO JLUR DUPHWWD $UQROILQL 5Y 6$1&796 ± 99/796 ,O 9ROWR 6DQWR &1, 0,5 VHJQR 6SO
6FXGR GHO VROH $9 J 6ROH UDJJLDQWH &$52/96 ,03(5$725 6WHPPD 5Y 6$1&796 DUPHWWD 3LSSL 99/796 '( /9&$ ,O 9ROWR 6DQWR FRQ FRURQD UDGLDWD H PDQWHOOR YROWR GL WUH TXDUWL D V &1, 0,5 VHJQR 6SO T 6SO
6FXGR $5 J 5(638%/,&$ ± /8&(16,6 6FXGR LQ FDUWHOOD VRUUHWWR GD SDQWHUH VRWWR QHO JLUR 5Y 6$1&786 ± 0$57,186 ,O 6DQWR D FDYDOOR LQ DWWR GL WDJOLDUH LO PDQWHOOR SHU LO PHQGLFDQWH &1, 0,5 0LJOLRUH GL %% T 6SO
(OLVD %RQDSDUWH H )HOLFH %DFLRFFKL 'D IUDQFKL 3DJDQL D 0,5 &RQVHUYD]LRQH HFFH]LRQDOH )GF
0DFHUDWD
(PLVVLRQL DXWRQRPH *URVVR $5 J '( 0$&(5$7$ &URFH 5Y 6 ,9/, ± $196 6 *LXOLDQR VWDQWH GL IURQWH FRQ YHVVLOOR H VSDGD &1, YDU T 6SO
%HQHGHWWR ;,, -DTXHV )RXUQLHU *URVVR $5 J %(1( ± ',796 ,O SRQWHILFH VHGXWR LQ WURQR GL IURQWH 5Y 33 '92'(&,02 &URFH SDWHQWH 0XQWRQL %HUPDQ 0,5 5DUR T 6SO
0DQWRYD
*LDQ )UDQFHVFR *RQ]DJD PDUFKHVH *URVVR $5 J ,2K6 )5$1&,6& 0$5&+,2 0$É&#x201A;79( & 6WHPPD 5Y 0$179$ )9/6,67, 3¶&,262 6$*9,1( 9HGXWD GHOOD &LWWj &1, %LJQRWWL 0,5 0ROWR UDUR 0LJOLRUH GL %%
*XJOLHOPR *RQ]DJD 6FXGR GHO VROH $9 J 6ROH UDJJLDQWH *9/,(/ '9; 0$17 ,,, ( 0$5 021 )( 6WHPPD FRURQDWR 5Y 49, 121 &2//,*,7 0(&90 ',635(*,7 &URFH ILOHWWDWD QHL TXDUWL * ± 9 ± * ± 9 &1, %LJQRWWL 0,5 )ULHGEHUJ 5DUR T 6SO
9LQFHQ]R , *RQ]DJD 'XFDWRQH $5 J 9,1 ' * '9; 0$1 ,,,, (7 021 )(5 ,, %XVWR FRUD]]DWR D V FRQ FROOHWWR DOOD VSDJQROD H FROODUH GHO 7RVRQ G¶RUR VRWWR QHO JLUR 5Y 3527(&725 1267(5 $63,&( 6 *LRUJLR D FDYDOOR YHUVR G LQ DWWR GL WUDILJJHUH LO GUDJR DOO¶HVHUJR 0$179$ &1, 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR 0LJOLRUH GL %% ([ DVWD 1$&
)HUGLQDQGR *RQ]DJD 'XFDWRQH $5 J )(5' ' * '9; 0$17 9, (7 021)(5 ,9 %XVWR GUDSSHJJLDWR H FRUD]]DWR D G FRQ FROOHWWR DOOD VSDJQROD PDVFKHURQH VXOOR VSDOODFFLR H FROODUH GHOO¶2UGLQH GHO 5HGHQWRUH VRWWR QHO JLUR 5Y 121 0979$7$ /9&( 6ROH UDJJLDQWH VRWWR QHO JLUR & 7 &DUOR 7RUUH ]HFFKLHUH &1, 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR /LHYL VFUHSRODWXUH GHO PHWDOOR DOWULPHQWL EHO ULWUDWWR H T 6SO
9LQFHQ]R ,, *RQ]DJD PDJJLR ± GLFHPEUH 'XFDWRQH $5 J 9,1&(1 ,, ' * '9; 0$17 9,, (7 0 ) 9 %XVWR FRUD]]DWR H GUDSSHJJLDWR D V FRQ FROOHWWR DOOD VSDJQROD PDVFKHURQH VXOOR VSDOODFFLR H FROODUH GHO 5HGHQWRUH VRWWR QHO JLUR 5Y )(5,6 7$1790 ,1)(1696 &DQH FRQ FROODUH VWDQWH D V &1, 5DYHJQDQL 0RURVLQL 0,5 5DULVVLPR %XRQ %%
&DUOR , *RQ]DJD 1HYHUV 'XFDWRQH $5 J &$52/96 , ' * '9; 0$1 (7 0 ) %XVWR FRUD]]DWR D GHVWUD FRQ DOWR FROOHWWR VSDOODFFLR D PDVFKHUD GL OHRQH H FROODUH GHO 5HGHQWRUH VRWWR OD VSDOOD 5Y 1(& 5(752*5$',25 1(& '(9,2 6ROH UDJJLDQWH DO FHQWUR GL XQD IDVFLD ]RGLDFDOH UHFDQWH L VHJQL GHO /HRQH 9HUJLQH %LODQFLD H 6FRUSLRQH VRUPRQWDWR GD TXDWWUR VWHOOH VRWWR O¶HPLVIHUR WHUUHVWUH VRYUDVWDWR GD XQ DUFR GL QXEL H GD VHL VWHOOH &1, YDU 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR %%
$VVHGLR DXVWUR VSDJQROR 6FXGR RVVLGLRQDOH $5 J 1,+,/ ,672 7 5 ,67( 5(&(372 6DQW $QGUHD QLPEDWR VWDQWH GL IURQWH UHJJH FRQ OD G XQD OXQJD FURFH H QHOOD V XQD SLVVLGH $OO¶HVHUJR 0$179 5Y SLVVLGH '20,1( 352%$67, 0( (7 &2*129,67, 0( &URJLXROR FRQ OH YHUJKH G¶RUR VXOOH ILDPPH &1, 0,5 0ROWR UDUR 8VXDOL GHEROH]]H GL FRQLR DOWULPHQWL 6SO
&DUOR ,, *RQ]DJD 1HYHUV , SHULRGR UHJJHQ]D GHOOD PDGUH 0DULD *RQ]DJD 'XFDWRQH $5 J 0$5,$ (7 &$5 ,, ' * 0$1 Dz 021 ) Dz & %XVWL DFFROODWL D V GL 0DULD YHODWD H &DUOR LQ DUPDWXUD 5Y 0$5,$ 0$7(5 *5$7, 3527(75,; 12675$ 0H]]D ILJXUD GHOOD %HDWD 9HUJLQH FRO %DPELQR DOO HVHUJR 0$179$( H VRWWR QHO JLUR SLDQWD GL JLJOLR &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR 0DQFDQ]D GL PHWDOOR DO UY DOWULPHQWL %%
)HUGLQDQGR &DUOR *RQ]DJD 1HYHUV , SHULRGR UHJJHQ]D GHOOD PDGUH ,VDEHOOD &ODUD G¶$XVWULD 'XFDWRQH $5 J ,6$%(//$ &/$5 $ )(5' &$5 ' * ' 0$1 (7 0 ) >(7@ & %XVWL DFFROODWL D G GL ,VDEHOOD &ODUD H )HUGLQDQGR &DUOR VRWWR LO WDJOLR GHOOD VSDOOD 5Y $/7$ $ /21*( &2*126&,7 6ROH VRSUD PDUH DJLWDWR LUUDGLD UDJJL YHUVR QXEL PLQDFFLRVH &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR 0LJOLRUH GL %%
,, SHULRGR 6FXGR $5 J )(5',1$1'96 &$52/96 ' * '9; 6FXGR FRURQDWR LQTXDUWDWR DOOH GHYLVH GHL FDVDWL $VEXUJR H /RUHQD HQWUR LO JLUR GHOOD FRURQD LO PRQWH 2O\PSR 5Y 0$179 0217,6)(55$7, &$52/,9,/ (7 & &URFH WULOREDWD LQTXDUWDWD DL JLJOL GL )UDQFLD DOOD URVD GL 1HYHUV DO SHWWLQH GL 5HWKHO H DO OHRQH GL &KDUOHYLOOH LO WXWWR HQWUR FRUQLFH FHQWLQDWD &1, YDU 0,5 5DUR T 6SO
0HUDQR
0DLQDUGR FRQWH *URVVR WLUROLQR $5 J 0( ± ,1 ± $5 ± '96 &URFH LQWHUVHFDQWH OD OHJHQGD 5Y &20(6 7,52/ $TXLOD D V LQ EDVVR QHO JLUR XQ FXQHR &1, T 6SO 0HVVLQD
)HGHULFR ,, GL 6YHYLD UH GL 6LFLOLD H LPSHUDWRUH GDO 0XOWLSOR GL WDUu $9 J $TXLOD FRURQDWD GL IURQWH DG DOL VSLHJDWH H YROWD D V 5Y ,& ± ;& 1, ± .$ DL ODWL GL OXQJD FURFH DVWLOH 6SDKU 0(& %ULQGLVL" )ULHGEHUJ D 6SO
&RVWDQ]D GL 6YHYLD H 3LHWUR ,,, G¶$UDJRQD 3LHUUHDOH $5 J &267$ '(, *5$ $5$* 6,&,/¶ 5(*,1$ $TXLOD DG DOL VSLHJDWH YROWD D V H UHWURVSLFLHQWH HQWUR FRUQLFH G¶DUFKL FRQ DQHOOHWWL QHJOL DQJROL 5Y 3 '(, *5$ $5$*21 6,&,/ 5(; 6WHPPD DUDJRQHVH HQWUR FRUQLFH G¶DUFKL 6SDKU 0(& 0,5 6SO
&DUOR 9 LPSHUDWRUH 'D WDUu $5 J &$52/96 ,03(5$725 %XVWR FRURQDWR D V 5Y 5(; 6,&,/,( $TXLOD DG DOL VSLHJDWH 6SDKU 0,5 6SO 0LODQR
&DUOR 0DJQR LPSHUDWRUH H UH G¶,WDOLD 6HFRQGR SHULRGR GL FRQLD]LRQH 'HQDUR $5 J &$52/96 5(; )5 LQWRUQR D FURFH 5Y 0(',2/ LQWRUQR D PRQRJUDPPD GL &DUOR 0DJQR &1, 0RUULVRQ *UXQWKDO 0(& 0,5 &ULSSD $ 0ROWR UDUR 6SO
/XGRYLFR LO 3LR LPSHUDWRUH H UH G¶,WDOLD 'HQDUR $5 J +Â&#x2021;/9'29,&96 ,03 LQWRUQR D FURFH 5Y 0(',2 /$190 &1, 0RUULVRQ *UXQWKDO FIU 0(& FIU 0,5 &ULSSD 0ROWR UDUR 6SO
/XGRYLFR ,, 0RQHWD]LRQH FRQ LO QRPH GL LPSHUDWRUH 'HQDUR $5 J +/9'299,&96 ,03 LQWRUQR D FURFH DFFDQWRQDWD GD TXDWWUR JOREHWWL 5Y ;3,67,$1$ 3(/,*,2 7HPSLR &1, 0(& 0,5 &ULSSD 5DUR T 6SO
5RGROIR ,, GL %RUJRJQD UH G¶,WDOLD 'HQDUR VFRGHOODWR $5 J 52'9/)2 3,96 5( &ULVWRJUDPPD &+, 5R 5Y ;3,67,$1$ 5&,2 QHO FDPSR >0(@', 2/$ &1, FIU 0(& 0,5 &ULSSD 5DUR 6SO
(Wj FRPXQDOH 0RQHWD]LRQH DO QRPH GL (QULFR LPSHUDWRUH SULPD PHWj GHO ;,,, VHFROR *URVVR GD GHQDUL LPSHULDOL $5 J ,13(5$725 DO FHQWUR >+(@ 5,& Â&#x2021;+Â&#x2021; 5Y 0(',2/$19 QHO FDPSR FURFH DOOD FXL EDVH VRQR SRVWL GXH FXQHL QHO ,,, H ,9 TXDUWR &1, 0,5 &ULSSD % 5DUR 6SO
3ULPD 5HSXEEOLFD $PEURVLQR R JURVVR GD GHQDUL $5 J 0(',2/$19 &URFH DFFDQWRQDWD GD TXDWWUR FUHVFHQWL 5Y 6&6 Î&#x203A;0 %526,9¶ 6DQW¶$PEURJLR PLWUDWR H QLPEDWR VHGXWR LQ FDWWHGUD H EHQHGLFHQWH FRQ OD G &1, 0,5 &ULSSD 3DWLQD GL PHGDJOLHUH T 6SO
(QULFR 9,, GL /XVVHPEXUJR LPSHUDWRUH H UH G¶,WDOLD $PEURVLQR JURVVR $5 J K(15,&96 5(; &URFH DFFDQWRQDWD GD TXDWWUR WULIRJOL 5Y 0(',2 ± /$190 6DQW¶$PEURJLR PLWUDWR H QLPEDWR VHGXWR LQ FDWWHGUD H EHQHGLFHQWH FRQ OD G &1, &ULSSD $ 0,5 5DUR 3DWLQD GL PHGDJOLHUH 6SO
)LOLSSR 0DULD 9LVFRQWL )LRULQR R GXFDWR $9 J ),/,39¶ 0 $5,$ $ 1 */9¶ 'XFD D FDYDOOR YHUVR G VXOOD JXDOGUDSSD H VXOOD FRUD]]D OD ELVFLD YLVFRQWHD 5Y '9; 0(' ,2/$ 1, & ,QFRUQLFLDWR GD TXDWWUR DQJROL DFXWL H TXDWWUR DQJROL UHWWL VFXGR FRQ OD ELVFLD LQFOLQDWR D VLQLVWUD VRUPRQWDWR GD FLPLHUR GXFDOH FRQ GUDJR DODWR DL ODWL OH OHWWHUH ), ± 0$ FRURQDWH &ULSSD & 0,5 )ULHGEHUJ 5DUR T 6SO
*DOHD]]R 0DULD 6IRU]D 7HVWRQH $5 J 7HVWLQD GL 6 $PEURJLR *$/($= 0 6) 9,&(&26 '9; 0/, 4,7¶ %XVWR DGXOWR FRUD]]DWR D G QHO FDPSR D V ELVDQWH 5Y 33 $1*/( 4 &2 $& ,$19( ' 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRQ LO GUDJR DODWR DFFRVWDWR GD * ¶0 FRQ L WL]]RQL H VHFFKLH 5DYHJQDQL 0RURVLQL &ULSSD $ 0,5 %XRQ %%
/XGRYLFR 0DULD 6IRU]D 7HVWRQH $5 J 7HVWLQD GL 6 $PEURJLR /9'29,&96¶0¶6)¶ $1*/96¶ '9;¶0/, %XVWR FRUD]]DWR D G 5Y 7HVWLQD GL 6 $PEURJLR 33¶$1*/(¶4 ¶&2¶$&¶ ,$19(¶'¶ &¶ 6WHPPD TXDGULSDUWLWR LQTXDUWDWR GL DTXLOD H ELVFLD YLVFRQWHD VRUPRQWDWR GD FRURQD GD FXL IXRULHVFRQR UDPL GL SDOPD DL ODWL L WL]]RQL DUGHQWL FRQ OH VHFFKLH 5DYHJQDQL 0RURVLQL &ULSSD 0,5 0LQLPD PDQFDQ]D GL PHWDOOR DO GU DOWULPHQWL PLJOLRUH GL %%
)LOLSSR ,, GL 6SDJQD 'RSSLD $9 J 3+, 5(; +,63$1, (7¶& %XVWR UDGLDWR D G DOO¶HVHUJR 5Y 0(',2/ ± $1, '9; 6WHPPD GL 0LODQR LQTXDUWDWR &ULSSD % 0,5 )ULHGEHUJ 7RQGHOOR OLHYHPHQWH RQGXODWR EXRQ %%
6FXGR $5 J 3+,/,3396 5(; +,63$1,$590 %XVWR FRUD]]DWR D G DL ODWL ± 5Y '9; 0(',2 ± /$1, (7& 6WHPPD GL 0LODQR LQTXDUWDWR H FRURQDWR &ULSSD % 0,5 %HOOD SDWLQD GL PHGDJOLHUH PLJOLRUH GL %%
)LOLSSR ,9 GL 6SDJQD 6FXGR $5 J 3+,/,3396 ,,,, 5(; +,63$1,$590 %XVWR FRUD]]DWR D G VRWWR QHO JLUR 5Y 0(',2/$1, ± '9; (7 & 6WHPPD LQTXDUWDWR H FRURQDWR &ULSSD % 0,5 T 6SO
&DUOR ,, GL 6SDJQD )LOLSSR $5 J &$52/96 ,, 5(; +,63$1,$590 %XVWR FRUD]]DWR D G VRWWR QHO JLUR 5Y 0(',2/$1, ± '9; (7 & 6WHPPD LQTXDUWDWR H FRURQDWR &ULSSD 0,5 &RQLDWR VX WRQGHOOR LQVROLWDPHQWH ODUJR H UHJRODUH 6SO
0DULD 7HUHVD G¶$VEXUJR 1XRYD PRQHWD]LRQH 6FXGR $5 J 0 7+(5(6,$ ' * 5 ,03 +8 %2 5(* $ $ %XVWR YHODWR D G 5Y 0(',2/$1, ± '8; 6WHPPD FRURQDWR DL ODWL GHOOR VFXGR LQ EDVVR UDPL GL SDOPD H DOORUR &ULSSD & 0,5 5DUR )RQGL OXFHQWL 6SO
5HSXEEOLFD &LVDOSLQD 6FXGR GD OLUH DQQR 9,,, 3DJDQL &ULSSD 0,5 0LQLPL VHJQHWWL QHO FDPSR DO GU DOWULPHQWL PLJOLRUH GL 6SO
1DSROHRQH , UH G¶,WDOLD 'D OLUH 3DJDQL &ULSSD ( 0,5 &RQVHUYD]LRQH HFFH]LRQDOH )GF
6LJLOODWD %D]]RQL
*RYHUQR 3URYYLVRULR GL /RPEDUGLD 'D OLUH 3DJDQL &ULSSD 0,5 6SO
'D OLUH 3DJDQL &ULSSD 0,5 5DUD *UDIILHWWL DO UY DOWULPHQWL PLJOLRUH GL 6SO
0RGHQD
&RPXQH *URVVR $5 J ,13(5$725 1HO FDPSR OHWWHUH ) ' & GLVSRVWH D WULDQJROR 5Y '( 097,1$ *UDQGH 0 QHO FDPSR &1, 0,5 6SO
)UDQFHVFR , G¶(VWH 'XFDWRQH $5 J )5 , 097 5( ± (7 & '9; 9,,, %XVWR FRUD]]DWR D V VRWWR QHO JLUR VLJOD * ) 0 *LDQ )UDQFHVFR 0DQIUHGL ]HFFKLHUH 5Y 121 $/,2 6,'(5( 1DYH IUD OH RQGH LQ DOWR OD FRVWHOOD]LRQH GHOO¶RUVD PDJJLRUH &1, 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR %XRQ %%
(UFROH ,,, G¶(VWH 'D VFXGL $5 J +(5&9/(6 ,,, ' * 097 5(* 0,5 (& '9; %XVWR FRQ FROODUH GHO 7RVRQ G¶RUR D V 5Y 352;,0$ ± 62/, 6WHPPD FRURQDWR &1, 0,5 5DUR 3DWLQD GL PHGDJOLHUH 6SO
1DSROL
&DUOR , G¶$QJLz 6DOXWR $9 J .$52/¶ '(, *5$ ,(5/¶0 6,&,/,( 5(; 6WHPPD ELSDUWLWR GL *HUXVDOHPPH H $QJLz FLUFRQGDWR GD VWHOOHWWH H URVHWWH H VRUPRQWDWR GD OXQD FUHVFHQWH 5Y $9( *5$&,$ 3/(1$ '20,1X6 7(&X0 6FHQD GHOO¶$QQXQFLD]LRQH LQ SULPR SLDQR YDVR FRQ SLDQWD GL JLJOLR 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ 5DUR %XRQ %%
6DOXWR $5 J .$52/¶ ,(5/¶ (7 6,&,/ 5(; 6WHPPD ELSDUWLWR GL *HUXVDOHPPH H $QJLz 5Y $9( *5$ 3/(1$ '16 7(&80 6FHQD GHOO¶$QQXQFLD]LRQH 3DQQXWL 5LFFLR 0,5 5DUR T 6SO
&DUOR ,, G¶$QJLz 6DOXWR G¶DUJHQWR $5 J .$52/¶ 6&'¶ ,(5/¶ (7 6,&,/ 5(; 6WHPPD ELSDUWLWR GL *HUXVDOHPPH H $QJLz 5Y $9( *5$&,$ 3/(1$ '16 7(&X0 6FHQD GHOO¶$QQXQFLD]LRQH 3DQQXWL 5LFFLR 0,5 T 6SO
5REHUWR G¶$QJLz *LJOLDWR $5 J 52%(57 '(, *5$ ,(5/ (7 6,&,/ 5(; ,O UH VHGXWR LQ WURQR GL IURQWH FRQ VFHWWUR JLJOLDWR QHOOD G H JORER FUXFLJHUR QHOOD V 5Y K2125 5(*,6 ,8',&,8 ',/,*,7 &URFH JLJOLDWD DFFDQWRQDWD GD TXDWWUR JLJOL 3DQQXWL 5LFFLR 0,5 6SO
)HUGLQDQGR , G¶$UDJRQD 'XFDWR $9 J )(551$1'96 ' * 5 6 , 6WHPPD FRURQDWR 5Y 5(&25'$7 0,6(5,&25 69( %XVWR FRURQDWR D G GLHWUR 7 *LDQFDUOR 7UDPRQWDQR P G ] 3DQQXWL 5LFFLR E 0,5 )ULHGEHUJ 6SO
&RURQDWR $5 J )(55$1'96 ' * 5 6,&,/,( +,(5 %XVWR FRURQDWR D G GLHWUR 7 *LDQ &DUOR 7UDPRQWDQR P G ] 5Y ,967$ 79( ± 1'$ /¶$UFDQJHOR 0LFKHOH FKH WUDILJJH LO GUDJR 3DQQXWL 5LFFLR E 0,5 T 6SO
)HGHULFR ,,, G¶$UDJRQD &DUOLQR $5 J )('(5,&96 '(, * 5 6,& +,(5 %XVWR FRURQDWR H FRUD]]DWR D G GLHWUR 7 *LDQ &DUOR 7UDPRQWDQR P G ] 5Y 5(&('$17 9(7(5$ /LEUR LQ ILDPPH 3DQQXWL 5LFFLR 0,5 5DUR T 6SO
&DUOR 9 LPSHUDWRUH 6FXGR $9 J &$52/96 ,,,,, ,03 52 7HVWD ODXUHDWD D G GLHWUR ,%5 *LRYDQ %DWWLVWD 5DYDVFKLHUL P G ] 5Y 5 $5$* ± 975,96 6WHPPD VRYUDSSRVWR DG¶DTXLOD ELFLSLWH FRURQDWD 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ 5DUR 7UDFFLD GL ULEDWWLWXUD VX DOWUD PRQHWD DOWULPHQWL 6SO
&DUOR ,, GL 6SDJQD 'XFDWR $5 J &$52/96 ,, ' * +,63$1,$5 (7 1($3 5(; %XVWR GUDSSHJJLDWR H FRUD]]DWR D G VRWWR QHO JLUR ,0 LQ QHVVR *LRYDQQL 0RQWHPHLQ LQFLVRUH 5Y 9196 121 69)),&,7 HQWUR QDVWUR VYROD]]DQWH VRWWR VFHWWUR FRURQDWR WUD GXH HPLVIHUL H QHO JLUR LQ EDVVR $* $ $QGUHD *LRYDQH P G ] H 0DUFR $QWRQLR $ULDQL P G S ± 3DQQXWL 5LFFLR 0,5 3DWLQD GL PHGDJOLHUH PLJOLRUH GL %%
&DUOR G¶$EVEXUJR 6HFRQGR SHULRGR 9, FRPH LPSHUDWRUH H UH GL 1DSROL 'XFDWR $5 J &$5 9, ' * ± 520 ,03( %XVWR ODXUHDWR GUDSSHJJLDWR H FRUD]]DWR D G QHO WDJOLR GHO EUDFFLR ,0 LQ QHVVR *LRYDQQL 0RQWHPHLQ LQFLVRUH 5Y +,63 975, ± 6,&, 5(; 6WHPPD FRURQDWR QHO FDPSR LQ DOWR D V 0) $ 0DWWLD GH )UDQFR ]HFFKLHUH H )UDQFHVFR $QWRQLR $ULDQL PDHVWUR GL SURYD 6RWWR QHO JLUR ± 3DQQXWL 5LFFLR 0,5 5DUR 6SO
&DUOR GL %RUERQH ± 3LDVWUD $5 J &$5 ' * 5(; 1($ ± +,63 ,1)$16 F 6WHPPD FRURQDWR DL ODWL ) ± % $ā )UDQFHVFR 0DULD %HULR P G ] H )UDQFHVFR $QWRQLR $ULDQL P G S 6RWWR * HQWUR FDUWHOOD 5Y '( 62&,2 35,1&(36 ,O 6HEHWR VGUDLDWR VXOOD ULYD GHO PDUH LQ ORQWDQDQ]D LO 9HVXYLR $OO¶HVHUJR 'H ā* *LRYDQQL &DVLPLUR 'H *HQQDUR LQFLVRUH 3DQQXWL 5LFFLR 0,5 5DUD T 6SO
)HUGLQDQGR ,9 GL %RUERQH , SHULRGR 3LDVWUD $5 J )(5',1$1'96 5(; 0$5,$ &$52/,1$ 5(*,1$ %XVWL DFFROODWL GL )HUGLQDQGR H 0DULD &DUROLQD D G DL ODWL & ± & H VRWWR QHO JLUR 1($3 0'&&/;;,, 5Y )(&91',7$6 )LJXUD PXOLHEUH VHGXWD D V FRQ IDQFLXOOR LQ JUHPER GLHWUR FRUQXFRSLD 6XOOR VIRQGR D V LO 6HEHWR VGUDLDWR HG LO 9HVXYLR H LQ EDVVR DL ODWL %ā3 ± 5ā %HUQDUGR 3HUJHU LQFLVRUH H *LRYDQQL 5XVVR P G S $OO¶HVHUJR 0ā7+(5(6,$ā1$7$ 121ā,91, 3DQQXWL 5LFFLR 0,5 5DUD T 6SO
3LDVWUD $5 J )(5',1$1 ,9 ' & 6,&,/,$5 (7 +,( 5(; %XVWR FRUD]]DWR D GHVWUD VRWWR 'ā3ā 'RPHQLFR 3HUJHU LQFLVRUH 5Y +,63$1,$5 ± ,1)$16 6WHPPD FRURQDWR WUD IHVWRQL DL ODWL & & ± &āH DOO¶HVHUJR *ā 3DQQXWL 5LFFLR 0,5 )RQGL OXFHQWL T )GF
3LDVWUD $5 J )(5',1$1'96 ,9 (7 0$5,$ &$52/,1$ %XVWL DFFROODWL D G GHL VRYUDQL VRWWR ' 3 'RPHQLFR 3HUJHU LQFLVRUH 5Y 352 )$9672 33 5(',79 9 6 ,O 6HEHWR H 3DUWHQRSH VDFULILFDQR VX GL XQ¶DUD VXOOR VIRQGR LO 9HVXYLR H D G QHO FDPSR $ 3 0 $QWRQLR 3ODQHOOD P G ] H 5DIIDHOH 0DQQDUD P G S $OO¶HVHUJR 3DQQXWL 5LFFLR 0,5 5DUD 0LJOLRUH GL %%
3LDVWUD $5 J )(5',1$1'96 ,9 (7 0 &$52/,1$ 91',4 )(/,&(6 %XVWL DFFROODWL GL )HUGLQDQGR ,9 H 0DULD &DUROLQD D G VRWWR 3 5Y 62/, 5('9&, ,O VROH FKH LOOXPLQD LO JORER WHUUHVWUH FRQ O¶,WDOLD LQ SULPR SLDQR ,Q DOWR IDVFLD GHOOR ]RGLDFR H LQ EDVVR QHO FDPSR D V $ 3 0 $QWRQLR 3ODQHOOD P G ] H 5DIIDHOH 0DQQDUD P G S VRWWR ± 3DQQXWL 5LFFLR 0,5 5DUD 3DWLQD GL PHGDJOLHUH 6SO
5HSXEEOLFD 1DSROHWDQD 'D FDUOLQL DQQR 9,, $5 J 3DQQXWL 5LFFLR 0,5 T 6SO
)HUGLQDQGR ,9 GL %RUERQH ,, SHULRGR 3LDVWUD 3DQQXWL 5LFFLR 0,5 /HJJHUD SDWLQD VX IRQGL OXFHQWL 6SO 0LJOLRUH GL 6SO
*LXVHSSH 1DSROHRQH 3LDVWUD 3DJDQL 3DQQXWL 5LFFLR 0,5 5DUD T 6SO
*LRDFFKLQR 0XUDW 'D FDUOLQL 3DJDQL E 3DQQXWL 5LFFLR 0,5 5DUD 6SO
0RQHWD]LRQH GHFLPDOH 'D OLUH 3DJDQL I 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ 5DUD 6SO
'D OLUH 3DJDQL D 3DQQXWL 5LFFLR 0,5 5DUD /LHYL GLIHWWL VXO ERUGR DOWULPHQWL PLJOLRUH GL 6SO
)UDQFHVFR ,, GL %RUERQH 3LDVWUD 3DJDQL 3DQQXWL 5LFFLR 0,5 T )GF
3DGRYD
8OULFR GL 9DOGVHH *URVVR DTXLOLQR $5 J 3$'9$ 5(*,$ $TXLOD DG DOL VSLHJDWH YROWD D G 5Y &, ± 9, ± 7$ ± 6 DUPHWWD GHO YLFDULR &URFH SDWHQWH LQWHUVHFDQWH OD OHJHQGD LQ TXDWWUR SXQWL &1, 5L]]ROOL 3D T 6SO
3DOHUPR
*XJOLHOPR , UH 'XFDOH $5 J ,& ± ;& %XVWR QLPEDWR GHO 5HGHQWRUH GL IURQWH FRQ LO 9DQJHOR QHOOD PDQR V 5Y : 5(; 5H *XJOLHOPR H VXR ILJOLR 5XJJHUR GXFD GL 3XJOLD VWDQWL IURQWH VRVWHQJRQR HQWUDPEL XQD OXQJD FURFH JUHFD QHO FDPSR DO FHQWUR YHUWLFDOPHQWH 5 '9; ),/,96 (,96 6SDKU 0(& 0,1 $ 0,5 5DUR 6SO 3DUPD
5HSXEEOLFD D QRPH GL )HGHULFR ,, *URVVR $5 J )5('5,& /HWWHUH ,3 VRUPRQWDWH GD RPHJD 5Y 3$50$ &DVWHOOR FRQ WUH WRUUL &1, 0,5 6SO
2GRDUGR )DUQHVH 6FXGR $5 J 2'2$5'96 )$5 3$5 Dz 3/$ '9; 9 %XVWR FRUD]]DWR D G FRQ JRUJLHUD VRWWR QHO JLUR $ $ $JRVWLQR $JQDQL ]HFFKLHUH 5Y 6 9,7$/,6 3$50( 3527(&725 %XVWR FRUD]]DWR GL 6 9LWDOH D G FRQ VFHWWUR DOO¶HVHUJR 6&9'2 &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR 0LJOLRUH GL %%
5DQXFFLR ,, )DUQHVH 'XFDWRQH $5 J 5$1 )$5 3$5 Dz 3/$ '9; 9, %XVWR SDOXGDWR D V VRWWR 0'&;&,, * * *LRYDQQL *XDOWLHUL LQFLVRUH 5Y 49(6,7$0 0(5,7,6 0DUWH H 3DOODGH VRUUHJJRQR XQD FRURQD VRSUD SLDQWH GL JLJOLR &1, 5DYHJDQL 0RURVLQL E 0,5 0ROWR UDUR )RQGL OHJJHUPHQWH VSD]]RODWL DOWULPHQWL T 6SO
0DULD /XLJLD G¶$XVWULD 'D OLUH 3DJDQL 0,5 3DWLQD LULGHVFHQWH PLJOLRUH GL 6SO
3DYLD
3HUWDULWR 0H]]D VLOLTXD $5 J 3( 5 0RQRJUDPPD GL 3HUWDULWR 5Y 6WHVVR WLSR LQFXVR %HUQDUHJJL 0RQHWD /DQJREDUGRUXP S 0(& 0,5 5DUD T 6SO
/LXWSUDQGR 7UHPLVVH $9 J '1 /,97351 5; %XVWR GLDGHPDWR H FRUD]]DWR D G GDYDQWL 7 5Y 6&6 0 ± ,+$+,/ 6 0LFKHOH DUFDQJHOR VWDQWH D V FRQ OXQJD FURFH DVWLOH &1, %HUQDUHJJL 0RQHWD /DQJREDUGRUXP S YDU 0,5 0ROWR UDUR 6SO
/RWDULR , LPSHUDWRUH 'HQDUR $5 J +,27$5,96,03 &URFH SDWHQWH 5Y 3$3,$ QHO FDPSR &1, 0(& 0,5 5DUR 3DWLQD GL PHGDJOLHUH 'HEROH]]D PDUJLQDOH DOWULPHQWL 6SO
%HUHQJDULR , UH G¶,WDOLD 'HQDUR $5 J %(5(1*$5,96 5 LQWRUQR D FULVWRJUDPPD DFFDQWRQDWR GD TXDWWUR JOREHWWL 5Y ;3,, 7,$1$ 5(/,* LQWRUQR D 3$ 3,$ & &1, 0(& ± 0,5 0ROWR UDUR 0LJOLRUH GL %%
8JR GL $UOHV UH G¶,WDOLD FRQ /RWDULR ,, 'HQDUR $5 J 9*2/2+7$5,9 0RQRJUDPPD GL 8JR 5Y ;3,,7,$1$ 5(/ LQWRUQR D 3$ 3,$ &1, 0(& 0,5 5DUR 6SO
)HGHULFR ,, GL 6YHYLD LPSHUDWRUH *URVVR GD GHQDUL LPSHULDOL $5 J $9*9a79 a &( LQWRUQR D )( 5,& 1 5Y ,13(5$725 QHO FDPSR 3$ 3$ , &1, 0,5 5DUR T 6SO 3HUXJLD
&RPXQH VHF ;,9 (PLVVLRQL ULIHULELOL DOOD FHGROD GHO DJRVWR *URVVR $5 J '( 3(596,$ JUDQGH 3 QHO FDPSR 5Y 6 (5&9/$196 &URFH SDWHQWH )LQHWWL T 6SO 3HVDUR
*LRYDQQL 6IRU]D H *URVVR $5 J $UPHWWD ,2 6 '($5$ &2 &27, 3,6$9 ' 6WHPPD TXDGULSDUWLWR D WXWWR FDPSR 5Y 6 0 25$ ± 3 3 2 1 /D %HDWD 9HUJLQH VHGXWD LQ WURQR GL IURQWH FRQ LO %DPELQR LQ EUDFFLR &1, YDU &DYLFFKL 36 )RQGL EULOODQWL 6SO
3LDFHQ]D
&RPXQH (PLVVLRQL D QRPH GL &RUUDGR ,, *URVVR $5 J 5(*,6 6(&91', QHO FDPSR 5$ &21 ', 5Y '( 3/$&(1&,$ &URFH SDWHQWH &1, 0,5 6SO
$OHVVDQGUR )DUQHVH 6FXGR $5 J $/(; )$5 ± '9; ,,, 3/$ 3 Dz& %XVWR FRUD]]DWR D G 5Y 3/$& 520$1 &2/21 $OOHJRULD IHPPLQLOH JDOHDWD GL 3LDFHQ]D VWDQWH DO FHQWUR FRQ JLJOLR QHOOD PDQR G H FRUQXFRSLD QHOOD V DL VXRL SLHGL D V SHUVRQLILFD]LRQH GHO 3R VGUDLDWD H D G OXSD VHGXWD FKH SRJJLD XQD ]DPSD VXOOR VWHPPD FLYLFR $OO¶HVHUJR $ & $QWRQLR &RVWLQR ]HFFKLHUH &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR 3DWLQD GL PHGDJOLHUH T 6SO
3DROR ,,, $OHVVDQGUR )DUQHVH 6FXGR $9 J 3$9 ,,, 3 ± 0 3/$&¶ '¶ 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 121 $/,91'( 6$/96 &URFH JLJOLDWD DFFDQWRQDWD GD 3 ± / ± $ ± & 0XQWRQL %HUPDQ )ULHGEHUJ 0LJOLRUH GL 6SO 3LVD
5HSXEEOLFD (PLVVLRQL D QRPH GL )HGHULFR , *URVVR $5 J ,13(5$725 QHO FDPSR ) 5Y &,9,7$6 QHO FDPSR 3,6$ FRQ OHWWHUH GLVSRVWH D FURFH LQWRUQR D JOREHWWR &1, 0,5 5DUR /LHYL SRURVLWj DOWULPHQWL T 6SO
*URVVR GD GHQDUL $5 J ,03(5$725 1HO FDPSR ) DFFRVWDWD GD TXDWWUR URVHWWH 5Y 6¶ 0$5 3,6,6 0H]]D ILJXUD GHOOD % 9HUJLQH GL IURQWH FRQ LO %DPELQR LQ EUDFFLR &1, 0,5 3DWLQD GL PHGDJOLHUH 6SO
$TXLOLQR PDJJLRUH GRSR LO $5 J )5 ,0 ± 3725 $TXLOD FRURQDWD DG DOL VSLHJDWH YROWD D V 5Y /D %HDWD 9HUJLQH VHGXWD LQ WURQR FRQ LO %DPELQR LQ EUDFFLR D V VWHOOD H DL ODWL 3, ± 6( &1, 0,5 5DUR 6SO
$TXLOLQR PLQRUH $5 J )5,03( ± 5$725 $TXLOD DG DOL VSLHJDWH VRSUD XQ FDSLWHOOR 5Y /D %HDWD 9HUJLQH VHGXWD LQ WURQR FRQ LO %DPELQR LQ EUDFFLR D V VHJQR QLFFKLR H DL ODWL 3, ± 6( &1, 0,5 VHJQR 0ROWR UDUR 3DWLQD GL PHGDJOLHUH T 6SO
(PLVVLRQL D QRPH GL )HGHULFR ,, *URVVR GD VROGL $5 J )('(5,& ± ,+3$725 $TXLOD FRURQDWD DG DOL VSLHJDWH VWDQWH D V VX FDSLWHOOR 5Y 37(*( 9, ± 5*2 3,6 /D %HDWD 9HUJLQH VHGXWD LQ WURQR GL IURQWH FRQ LO %DPELQR LQ EUDFFLR D V VHJQR FUHVFHQWH &1, 0,5 0ROWR UDUR %%
&DUOR 9,,, GL )UDQFLD *URVVRQH R %LDQFR $5 J .$52/96 5(; 3,6$12590 /,% 6WHPPD FRURQDWR DL ODWL . ± / 5Y 3527(*( ± 9,5 ± *2 3,6$6 /D % 9HUJLQH VHGXWD LQ WURQR FRQ LO %DPELQR LQ EUDFFLR D V FURFH SLVDQD H D G VHJQR GL ]HFFKLHUH &1, 0,5 VHJQR 0ROWR UDUR 8VXDOH IRUR GL VRVSHQVLRQH T %%
)HUGLQDQGR , GH¶0HGLFL 7DOOHUR $5 J )(5',1$1'96 0(' 0$* (75 '9; ,,, %XVWR FRQ FRURQD UDGLDWD D G VFHWWUR QHOOD PDQR G VRWWR LO WDJOLR GHO EXVWR 5Y 3,6$ ,19(7967$( 0$,(67$7,6 0(025,$0 6WHPPD FRURQDWR FDULFDWR VX FURFH GL 6 6WHIDQR &1, 5DYHJQDQL 0RURVLQL 0,5 5DUR T 6SO
&RVLPR ,, GH¶0HGLFL 7DOOHUR $5 J &26096 ,, 0$*1 '9; (7595, ,,,, %XVWR FRQ FRURQD UDGLDWD D G VFHWWUR QHOOD PDQR G VRWWR QHO JLUR 5Y 3,6$ ,19(7967 0$,(67$7,6 0(02 6WHPPD FRURQDWR FDULFDWR VX FURFH GL 6 6WHIDQR &1, 5DYHJQDQL 0RURVLQL 0,5 T 6SO 3RQWH GHOOD 6RUJD
*LRYDQQL ;;,, -DFTXHV $UQDXG G¶(XVH *URVVR WRUQHVH $5 J ,2+(6 3$3$ ;;,, &20(6 9(1$6,1, ,O 3DSD VHGXWR LQ WURQR GL IURQWH 5Y $*,0 7,%, *5$ 201,327(16 '(96 &URFH JLJOLDWD 0XQWRQL %HUPDQ 5DUR /LHYH RQGXOD]LRQH GHO WRQGHOOR DOWULPHQWL EXRQ %% 5DYHQQD
0RQHWD]LRQH DQRQLPD DUFLYHVFRYLOH VHFF ;,,, ;,9 *URVVR $5 J '( 5$9(1$ &URFH SDWHQWH FRQ QHL TXDUWL JOREHWWR QHO , H ,9 H WULIRJOLR QHO ,, H ,,, 5Y )RJOLD G¶HGHUD $5&,(3,6&2 QHO FDPSR OHWWHUH 3 9 6 GLVSRVWH D WULDQJROR DWWRUQR D JOREHWWR FHQWUDOH &1, FIU 0,5 3DWLQD GL PHGDJOLHUH T 6SO
5HFDQDWL
5HSXEEOLFD VHF ;9 %RORJQLQR $5 J '( 5(&$ /HWWHUH 1(72 GLVSRVWH D FURFH 5Y 6$1&7$ 0$5, QHO FDPSR JUDQGH $ DFFDQWRQDWD GD TXDWWUR FHUFKLHWWL &1, 0ROWR UDUR 6SO 5HJJLR (PLOLD
1LFROz 0DOWUDYHUVL YHVFRYR *URVVR $5 J (3,6&2396 JUDQGH 1 DFFDQWRQDWD GD TXDWWUR JOREHWWL 5Y '( 5(*,2 *LJOLR ILRULWR &1, 0,5 5DUR 6SO 5HWHJQR
$QWRQLR 7HRGRUR 7ULYXO]LR SULQFLSH GHO 6 5 , H EDURQH GL 5HWHJQR 'RSSLR ILOLSSR $5 J 7+(2'2596 75,9/7,96 6 5 , (7 9$/ 0,62/ 35, %XVWR GUDSSHJJLDWR H FRUD]]DWR D G FRQ &ROODUH GHO 7RVRQ G¶RUR VXO SHWWR VRWWR QHO JLUR 5Y &20(6 0962&+, ; %$52 5(7 ,03(5,$ ;,,,, (7 & 6WHPPD FRQ L WUH YROWL FRURQDWL HG LO PRWWR Â&#x2021;91,&$Â&#x2021; ± Â&#x2021;0(16Â&#x2021; DL ODWL GXH FDULDWLGL &1, 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR 3DWLQD GL PHGDJOLHUH T 6SO $QWRQLR 7HRGRUR 7ULYXO]LR ILJOLR GL (UFROH 7HRGRUR H GL 2UVLQD 6IRU]D GL *LDPSDROR PDUFKHVH GL &DUDYDJJLR QDVFH QHO ,O UH )LOLSSR ,9 GL 6SDJQD JOL FRQIHULVFH OD FDULFD GL FDSLWDQR GHOOD &DYDOOHULD H DOOD PRUWH GHO SDGUH QHO TXHOOD GL JHQHUDOH GHOOH 0LOL]LH IRUHQVL GHO GXFDWR /¶DQQR VXFFHVVLYR VL VSRVD FRQ 'RQQD *LXVHSSD *XHYDUD ILJOLD GHOOD GXFKHVVD GL 0HGLQD 1HO OD UHJLQD 0DULD $QQD PRJOLH GL )LOLSSR ,9 OR QRPLQD *UDQGH GL 6SDJQD H JOL FRQIHULVFH OH LQVHJQH GHO 7RVRQ G¶RUR QHO /¶LPSHUDWRUH )HUGLQDQGR ,,, FLQTXH DQQL GRSR JOL FRQFHGH LO IHXGR GL 5HWHJQR FRQ %HWWROD H GDO YL HVHUFLWD LO GLULWWR GL ]HFFD ,O OXJOLR PXRUH LQ FLUFRVWDQ]H PLVWHULRVH GLVSRQHQGR GHO IHXGR GL 5HWHJQR LQ IDYRUH GL $QWRQLR *DHWDQR *DOOLR VHFRQGRJHQLWR GL 2WWDYLD VXD ]LD PRJOLH GL 7RORPHR *DOOLR GXFD G¶$OYLWR FRQ O¶REEOLJR GL DVVXPHUH LO FRJQRPH 7ULYXO]LR
5LPLQL
&RPXQH *URVVR DJRQWDQR $5 J '( $5,0,12 &URFH SDWHQWH 5Y 33 6 *$9'(&,96 6 *DXGHQ]LR VWDQWH FRQ PLWULD H SDVWRUDOH EHQHGLFHQWH &1, 0,5 %XRQ %%
5RPD
6WHIDQR 9, FRQ &DUOR ,,, LO JURVVR 'HQDUR $5 J 6&6 3(7596 PRQRJUDPPD GL 6WHIDQR QHO FDPSR 5Y &$52/96 >,0¶@ 520$ LQ PRQRJUDPPD QHO FDPSR 0XQWRQL %HUPDQ 0(& )XVFRQL % 0,5 5DUR 3DWLQD GL PHGDJOLHUH 6SO
*UHJRULR ,9 FRQ /XGRYLFR LO 3LR 'HQDUR $5 J 6&6 3(7596 LQWRUQR D *5( ,, 5Y /9'299,&96 ,3 LQWRUQR D 3,96 LQ PRQRJUDPPD 0XQWRQL %HUPDQ 0(& )XVFRQL % 0,5 0ROWR UDUR T 6SO
6HQDWR URPDQR %UDQFDOHRQH G¶$QGDOz VHQDWRUH H *URVVR $5 J %5$1&$/(2 6345 /HRQH JUDGLHQWH D V 5Y 520$ &$397 091', 5RPD VHGXWD LQ WURQR FRQ JORER QHOOD G H SDOPD QHOOD V 0XQWRQL %HUPDQ 0,5 5DUR T 6SO
0RQHWD]LRQH DQRQLPD GHO VHFROR ;,,, *URVVR $5 J 6(1$796 3 4 5 /HRQH JUDGLHQWH D V 5Y 520$ &$397 091', 5RPD VHGXWD LQ WURQR FRQ JORER QHOOD G H SDOPD QHOOD V 0XQWRQL %HUPDQ 0,5 3DWLQD GL PHGDJOLHUH T 6SO
6HFROR ;9 'XFDWR $9 J $725 95%,6 ± 6 3(7596 6 3LHWUR QLPEDWR VWDQWH QHOO¶DWWR GL FRQVHJQDUH LO YHVVLOOR DO 6HQDWRUH JHQXIOHVVR GDYDQWL D OXL OXQJR O¶DVWD GDOO¶DOWR 6(1 ,Q EDVVR DUPHWWD &RQGXOPHU VHJXLWD GD URVHWWD VHJQR GL ]HFFKLHUH LJQRWR 5Y 520$ &$397 09 ± 1', 6345 9ROWR 6DQWR )LJXUD GHO 5HGHQWRUH LQ HOOLVVH 0XQWRQL YDU %HUPDQ 0,5 )ULHGEHUJ )RQGL OXFHQWL PLJOLRUH GL 6SO
0DUWLQR 9 2GGRQH &RORQQD &DUOLQR $5 J 0$57,196 3 3 49,1796 ,O SRQWHILFH PLWUDWR H GL IURQWH VHGXWR LQ WURQR 5Y 6$1796 3(7596 (7 3$9/96 &KLDYL GHFXVVDWH LQ DOWR FRORQQD VRUPRQWDWD GD FRURQD 0XQWRQL %HUPDQ 0,5 T 6SO
1LFFROz 9 7RPPDVR 3DUHQWXFHOOL 'XFDWR SDSDOH $9 J 1,&2/$96 ± 33 49,1796 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 T 6SO
3LR ,, (QHD 6LOYLR 3LFFRORPLQL ± 'XFDWR SDSDOH $9 J ā 3,96ā3$3$ ± 6(&91'96ā$Qā
VHJQR GL $QGUHD 1LFRODL ]HFFKLHUH 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6 3(7596 VHJQR GL $QGUHD 1LFRODL ]HFFKLHUH ± $/0$ā520$ 6 3LHWUR QLPEDWR VWDQWH GL
IURQWH HQWUR FRUQLFH TXDGULOREDWD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR 6SO
6LVWR ,9 )UDQFHVFR GHOOD 5RYHUH *URVVR GHO *LXELOHR $5 J 6,;796 33 ,,,, ± $1 ,9%,/(, 6WHPPD VRUPRQWDWR GD WULUHJQR FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6 ± 3(7596 ± 6 3$9/96 6 3LHWUR H 6 3DROR VWDQWL GL IURQWH VRWWR QHO JLUR 520$ 0XQWRQL %HUPDQ 0,5 5DUR 0LJOLRUH GL %%
$OHVVDQGUR 9, 5RGULJR GH %RUMD \ %RUMD *URVVR $5 J $/(;$1'(5 9, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 5Y 6 ± 3(7596 ± 6 3$9/96 6 3LHWUR H 6 3DROR VWDQWL GL IURQWH LQ EDVVR WUD OH GXH ILJXUH VHJQR GL 3LHU 3DROR GHOOD =HFFD ]HFFKLHUH 6RWWR QHO JLUR 520$ 0XQWRQL %HUPDQ 0,5 6SO
*LXOLR ,, *LXOLDQR 'HOOD 5RYHUH *LXOLR $5 J ,9/,96 ,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 3( $3/96 3$9 '2& *(17,90 , 66 3LHWUR H 3DROR VWDQWL GL IURQWH FKH VL JXDUGDQR LQ EDVVR WUD OH GXH ILJXUH VHJQR GHO %DQFR )XJJHU $OO¶HVHUJR 52 0XQWRQL %HUPDQ 0,5 5DUR 3DWLQD GL PHGDJOLHUH 6SO
/HRQH ; *LRYDQQL GH¶0HGLFL ± *LXOLR $5 J /(2 3$3$ ± '(&,096 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y $/0$ ± 520$ 6 3LHWUR H 6 3DROR VWDQWL GL IURQWH LQ EDVVR D V WULGHQWH VHJQR GHO %DQFR )XJJHU 0XQWRQL %HUPDQ 0,5 5DUR 0LJOLRUH GL %%
&OHPHQWH 9,, *LXOLR GH¶0HGLFL ± )LRULQR GL FDPHUD $9 J &/(0(1 9,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y 6$1& 3(7596 ± $/0$ 520$ 6 3LHWUR LQ QDYLFHOOD VRWWR QHO JLUR ) VX FUHVFHQWH VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR 0XQWRQL YDU , %HUPDQ )ULHGEHUJ /LHYL GHEROH]]H GL FRQLR DOWULPHQWL 6SO
*LXOLR ,,, *LRYDQQL 0DULD &LRFFKL GHO 0RQWH *LXOLR DQQR ,,, $5 J ,9/,96 ,,, 3 0 $1 ± ,,, %XVWR FRQ SLYLDOH RUQDWR D V 5Y 201,$ 797$ ± 9,'(6 5RPD HOPDWD VHGXWD D V FRQ FRURQD G¶DOORUR QHOOD G SURWHVD VRWWR 520$ H LQ EDVVR D V VHJQR GL %DUWRORPHR &DQRELR 0XQWRQL D %HUPDQ 5DUR 0LJOLRUH GL %%
3LR 9 $QWRQLR *KLVOLHUL 7HVWRQH $5 J ā3,96ā9 ± 3217ā0$;ā 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL 5Y ā$%6,7ā1,6,ā± ,1ā7(ā*/25,$5,ā ,O SRQWHILFH JHQXIOHVVR D V GDYDQWL DG XQD FURFH DOOD FXL EDVH q SRVWR LO WULUHJQR DOO¶HVHUJR 520$ F 0XQWRQL %HUPDQ 5DUR 3DWLQD GL PHGDJOLHUH %%
*UHJRULR ;,,, 8JR %RQFRPSDJQL 7HVWRQH GHO *LXELOHR $5 J *5(*25,96 ;,,, 3217 0 %XVWR D V FRQ SLYLDOH RUQDWR GD ILJXUD GL 6 3LHWUR 5Y ,967, ,175$%917 3(5 ($0 /D 3RUWD VDQWD QHO YDQR $1 H VRWWR VHJQR GL ]HFFKLHUH QRQ LGHQWLILFDWR $L ODWL 52 ± 0$ 0XQWRQL YDU %HUPDQ 3DWLQD GL PHGDJOLHUH T 6SO ([ DVWD 9DUHVL
6LVWR 9 )HOLFH 3HUHWWL 3LDVWUD DQQR 9 $5 J 6,;796 9 321 0$; $11 9 %XVWR GHO 3RQWHILFH D V FRQ SLYLDOH RUQDWR GD ILJXUH GL 6DQWL VRWWR QHO JLUR VHJQR *7 VRUPRQWDWR GD FURFH *XJOLHOPR 7URQFL ]HFFKLHUH 5Y ,1 ± 7( 6,7,2 6 )UDQFHVFR ULFHYH OH VWLPPDWH DOO¶HVHUJR 520 0XQWRQL %HUPDQ 0ROWR UDUD 6XSHUILFL VSD]]RODWH DOWULPHQWL T %%
8UEDQR 9,,, 0DIIHR %DUEHULQL GL )LUHQ]H 3LDVWUD DQQR ;,, $5 J 95%$196 9,,, 3217 0$; %XVWR D G FRQ SLYLDOH RUQDWR D ILRUDPL VRWWR DO WURQFDWR *$63 02/2 *DVSDUH 0ROD LQFLVRUH H QHO JLUR $1 ;,, 5Y 9,9,7 ± '(96 /¶$UFDQJHOR 0LFKHOH LQ YROR YHUVR G FRQ VSDGD H VFXGR LQVHJXH TXDWWUR GHPRQL DOO¶HVHUJR 52 DUPHWWD 3DOODYLFLQL 0$ 0XQWRQL %HUPDQ 5DUD 0LJOLRUH GL %%
3LDVWUD DQQR ;,, $5 J 95%$196 9,,, 3217 0$; %XVWR D G FRQ SLYLDOH RUQDWR D ILRUDPL VRWWR DO WURQFDWR *$63 02/2 *DVSDUH 0ROD LQFLVRUH H QHO JLUR $1 ;,, 5Y 9,9,7 ± '(96 /¶$UFDQJHOR 0LFKHOH FRQ VFXGR H VSDGD VFDFFLD /XFLIHUR DOO¶HVHUJR 52 DUPHWWD 3DOODYLFLQL 0$ 0XQWRQL %HUPDQ 5DUD /LHYL SRURVLWj DO UY DOWULPHQWL T 6SO
3LDVWUD DQQR ;; $5 J 95%$196 9,,, 321 0$; $ ;; %XVWR D G FRQ SLYLDOH RUQDWR GD ILRUDPL H FKLXVR GD ILEELD FRQ LO 9ROWR 6DQWR VRWWR QHO WDJOLR GHO EUDFFLR * 0 *DVSDUH 0ROD LQFLVRUH ± 5Y 69% 7990 35$(6,',90 &21 /D % 9HUJLQH FRQ QLPER GL VWHOOH HQWUR HOOLVVH UDJJLDQWH VRWWR QHO JLUR DUPHWWD )DU]HWWL H 3DYLD 0XQWRQL %HUPDQ %XRQ %%
3LDVWUD DQQR ;; $5 J 95%$196 9,,, 321 0$; $ ;; %XVWR D G FRQ SLYLDOH RUQDWR D ILRUDPL H FKLXVR GD ILEELD FRQ LO 9ROWR 6DQWR VRWWR QHO URQFDWR * 0 *DVSDUH 0ROD LQFLVRUH 5Y $UPHWWD )DU]HWWL H 3DYLD 7( 0$1( 7( 9(63(5( ,O SRQWHILFH JHQXIOHVVR D V SUHJD 6DQ 0LFKHOH VHGXWR GL IURQWH D OXL VXOOH QXEL DOO¶HVHUJR 520$ 0XQWRQL %HUPDQ 5DUD T 6SO ([ DVWD 9DUHVL SDUWH ,, $13%
,QQRFHQ]R ; *LRYDQQL %DWWLVWD 3DPSKLOM 3LDVWUD DQQR ,, $5 J ,112&(17,96 ; 3217 0$; %XVWR D G FRQ SLYLDOH RUQDWR GD EXVWL GHL 66 3LHWUR H 3DROR VRWWR QHO JLUR $112ā,, ā 5Y $UPHWWD QRQ LGHQWLILFDWD ,1 ± 9(5%2 792ā *HV VWDQWH D G EHQHGLFH 6 3LHWUR LQJLQRFFKLDWR GLQDQ]L D OXL DOO¶HVHUJR 520$(ā 0XQWRQL %HUPDQ 0ROWR 5DUD 0RGHVWL GHSRVLWL DO UY DOWULPHQWL PLJOLRUH GL %%
$OHVVDQGUR 9,, )DELR &KLJL ± 3LDVWUD $5 J $/(; 9,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH SDU]LDOPHQWH QDVFRVWH ,Q DOWR D V 6DQ 3LHWUR EHQHGLFHQWH GL IURQWH DSSRJJLDWR VXOOR VWHPPD ,Q EDVVR QHO JLUR D V 520 5Y ',63(56,7 '(',7 3$93(5,%96 , ( 0 , 6 6 6 7RPPDVR GL 9LOODQRYD YROWR D V GRQD GHOOH PRQHWH DG XQ PHQGLFDQWH 0XQWRQL %HUPDQ 5DUD T 6SO
&OHPHQWH ,; *LXOLR 5RVSLJOLRVL 3LDVWUD $5 J &/(0(16 ,; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL FRQFKLJOLD LQ FLPDVD 5Y 63/(1'(7 $ 0$,(67$7( (,96 /D &DWWHGUD GL 6 3LHWUR VXOOH QXEL LOOXPLQDWD GDOO¶DOWR GD FRORPED GHOOR 6SLULWR 6DQWR DL ODWL WHVWH GL FKHUXELQL 0XQWRQL %HUPDQ 0ROWR UDUD 0LJOLRUH GL %%
6HGH 9DFDQWH &DPHUOHQJR FDUG $QWRQLR %DUEHULQL 3LDVWUD $5 J 6('( 9$&$1 ± 7( 0'&/;,; 6WHPPD VRUPRQWDWR GD SDGLJOLRQH H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y ,//9;,7 ,//9&(6&$7 $'+9& /D FRORPED GHOOR 6SLULWR 6DQWR VX SLRJJLD GL ILDPPHOOH DOO¶HVHUJR 52 DUPHWWD 0DUWHOOL H 8EHUWLQL 0$ 0XQWRQL %HUPDQ 3DWLQD GL PHGDJOLHUH %%
&OHPHQWH ; (PLOLR $OWLHUL 3LDVWUD DQQR ,, $5 J &/(0(16 ; 3217 0$; $11 ,, %XVWR D G FRQ SLYLDOH RUQDWR QHO WDJOLR GHO EXVWR (4 +,(5 /9&(17, *HURODPR /XFHQWL LQFLVRUH H LQ EDVVR QHO JLUR 0'&/;;, 5Y 0$/90 0,19,7 ± %219 ± 0 $9*(7 )LJXUH PXOLHEUL GHOOD &OHPHQ]D D V H GHOO¶$EERQGDQ]D D G DOO¶HVHUJR &/(0 DUPHWWD &RVWDJXWL /,% 0XQWRQL %HUPDQ 5DUD %XRQ %%
3LDVWUD $5 J &/(0(16 ; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL H DFFRVWDWR GD IHVWRQL GL DOORUR 5Y 97 $%91'(7,6 0$*,6 9HGXWD GHO SRUWR GL &LYLWDYHFFKLD FRQ QDYH YHUVR V VXOOR VIRQGR D V O¶DUVHQDOH H D G OD IRUWH]]D $OO¶HVHUJR 0'& DUPHWWD &RVWDJXWL /;;,, 0XQWRQL %HUPDQ 5DUD 3DWLQD GL PHGDJOLHUH T 6SO ,O URYHVFLR GL TXHVWD SLDVWUD ULFRUGD OH RSHUH GL UHVWDXUR FKH &OHPHQWH ; IHFH HVHJXLUH QHO SRUWR GL &LYLWDYHFFKLD /¶$UVHQDOH YLVLELOH VXOOR VIRQGR IX FRVWUXLWR VX GLVHJQR GHO %HUQLQL PHQWUH L ODYRUL SHU OD IRUWH]]D SURJHWWDWD GDO %UDPDQWH QHO IXURQR VHJXLWL SULPD GDO %UDPDQWH VWHVVR SRL GD $QWRQLR GL 6DQJDOOR LO JLRYDQH GD *LXOLDQR /HUR H LQ XOWLPR GD 0LFKHODQJHOR
3LDVWUD DQQR ,9 $5 J &/(0(16 ; 3217 0$; $1 ,,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR QHO WDJOLR (4 +,(5 /9&(17, *HURODPR /XFHQWL LQFLVRUH H QHO JLUR 0'&/;;,,, 5Y %($72 3,2 9 6DQ 3LR 9 JHQXIOHVVR D G FRQ OH PDQL JLXQWH RVVHUYD XQ DQJHOR D V FKH UHJJH XQ GUDSSR QHO TXDOH q GLVHJQDWD OD VFHQD GHOOD EDWWDJOLD GL /HSDQWR $OO¶HVHUJR DUPHWWD 5DJJL WUD GXH VWHOOH 0XQWRQL %HUPDQ 0ROWR UDUD %%
3LDVWUD GHO *LXELOHR $5 J &/(0(16 ; 3217 0$; $1 ,9% %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD FRQ LPSUHVH DUDOGLFKH 5Y &/$96,6 )25,%96 9(1,(7 (7 '$%,7 3$&(0 3RUWD 6DQWD FKLXVD DL ODWL VWDWXH GL 6 3LHWUR D V H GL 6 3DROR D G ,Q EDVVR 0'&/ ± DUPHWWD ,PSHULDOL ± ;;9 0XQWRQL %HUPDQ 6SO
3LDVWUD GHO *LXELOHR $5 J &/(0(16 ; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL DFFRVWDWR GD IHVWRQL 5Y '$%,7 )59&790 ± 6990 ,1 7(0325( 3RUWD 6DQWD FKLXVD DL ODWL VWDWXH GL 6 3LHWUR D V H GL 6 3DROR D G ,Q EDVVR 0'&/ ± DUPHWWD ,PSHULDOL ± ;;9 0XQWRQL %HUPDQ T 6SO
3LDVWUD GHO *LXELOHR $5 J &/(0(16 ; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH DFFRVWDWR GD IHVWRQL 5Y ',/,*,7 '196 3257$6 6,21 ,O SRUWLFR GL 6 3LHWUR FRQ SHOOHJULQL DOO¶HVHUJR 0'&/ DUPHWWD &RVWDJXWL ;;9 0XQWRQL %HUPDQ 0LJOLRUH GL 6SO
,QQRFHQ]R ;, %HQHGHWWR 2GHVFDOFKL 3LDVWUD $5 J ,112&(17,96 ± ;, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL FRQFKLJOLD LQ FLPDVD 5Y (5,7 /,*$790 ± (7 ,1 & /,6 6 3LHWUR VHGXWR D V EHQHGLFHQWH DL ODWL LQ EDVVR , ± + *LRYDQQL +DPHUDQL LQFLVRUH $OO¶HVHUJR ± DUPHWWD %LFKL ± 0XQWRQL %HUPDQ 5DUD 3DWLQD GL PHGDJOLHUH 6SO
3LDVWUD DQQR ,, $5 J ,112&(1 ;, ± 3217 0 $ ,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FLPDVD FRQ FKHUXELQR 5Y 3257 ,1)(5, 1 ± 21 35 9$/(%917 /D %DVLOLFD GL 6 3LHWUR LQ EDVVR DL ODWL , + *LRYDQQL +DPHUDQL LQFLVRUH H DOO¶HVHUJR 52 DUPHWWD 5DJJL 0 0XQWRQL %HUPDQ 5DUD 0LQLPD PDQFDQ]D DO ERUGR GHO UY D RUH DOWULPHQWL T 6SO
3LDVWUD DQQR ,,, $5 J ,112&(1 ;, 3217 0$; $ ,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD QHO WDJOLR GHO EUDFFLR +$0(5$12 *LRYDQQL +DPHUDQL LQFLVRUH 5Y 9(17, (7 0$5( 2%(',917 (, 1DYLFHOOD FRQ JOL $SRVWROL YHUVR V &ULVWR VXOOD SUXD FDOPD OH DFTXH 6RWWR DUPHWWD &RUVLQL 0XQWRQL %HUPDQ 0ROWR UDUD /LHYL SRURVLWj H VHJQHWWL QHO FDPSR DO GU DOWULPHQWL T 6SO
3LDVWUD DQQR 9,, $5 J ,112&(1 ;, 3217 0$; $ 9,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GD FURFH UDJJLDQWH VRWWR +$0(5$196ā) 5Y 121 352'(5917 ,1 ',( 9/7,21,6 HQWUR FDUWHOOD RUQDWD FKLXVD LQ DOWR GD PDVFKHUD H LQ EDVVR GD FRQFKLJOLD 0XQWRQL %HUPDQ 6SO
3LDVWUD DQQR ,; $5 J ,112&(1 ;, 3217 0$; $ ,; %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GD ILRUDPL VRWWR EXVWR +$0(5$196 ) 5Y '(;7(5$ 79$ '20,1( 3(5&966,7 ,1,0,&90 HQWUR GXH UDPL GL SDOPD LQWUHFFLDWL 0XQWRQL %HUPDQ )RQGL EULOODQWL PLJOLRUH GL 6SO
3LDVWUD $5 J ,112&(17,96 ;, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 121 352'(5917 ,1 ',( 9/7,21,6 WUD GXH UDPL GL DOORUR FRQ EDFFKH DQQRGDWL DOOD EDVH 0XQWRQL %HUPDQ 6SO
$OHVVDQGUR 9,,, 3LHWUR 2WWRERQL 3LDVWUD DQQR , $5 J $/(;$1'(5 9,,, 3217 0$; $ , %XVWR D G FRQ FDPDXUR H VWROD FRQ LPSUHVH DUDOGLFKH VRWWR LO EXVWR +$0(5$196 ) 5Y /(*,21( $' %(//90 6$&590 ,16759&7$ )LJXUD GHOOD &KLHVD VWDQWH D V FRQ LQVHJQD OHJLRQDULD DOO¶HVHUJR &,e,e DUPHWWD 3DWUL]L &;& 0XQWRQL %HUPDQ 3DWLQD GL PHGDJOLHUH 6SO T 6SO
,QQRFHQ]R ;,, $QWRQLR 3LJQDWHOOL ± 3LDVWUD DQQR ,, $5 J ,112&(1 ;,, 3217 0 $ ,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR LO WDJOLR GHOOD VSDOOD +$0(5$196 5Y '(96 3$&,6 &217(5(7 6$7$1$0 /¶$UFDQJHOR 0LFKHOH LQ YROR D V ODQFLD XQD VDHWWD D 6DWDQD VSURIRQGDQWH WUD ILDPPH SLHWUH H QXEL ,Q EDVVR VX ODSLGH DUPHWWD )DUVHWWL H VRWWR VX URFFLD 0XQWRQL D %HUPDQ 6SO T 6SO
3LDVWUD DQQR ,,, J ,112&(1 ;,, 3217 0 $ ,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GL LPSUHVH DUDOGLFKH VRWWR QHO WDJOLR GHO EUDFFLR 3 3 %251(5 )ā 3LHWUR 3DROR %RUQHU LQFLVRUH 5Y 129,7 ,96796 &$96$0 3$93(590 /D &DULWj FRQ WUH IDQFLXOOL D V XQ¶DUD VX FXL H DUPHWWD )DUVHWWL 0XQWRQL %HUPDQ 5DUD T 6SO ([ DVWD 1$&
3LDVWUD DQQR ,9 $5 J ,112&(1 ;,, 3217 0 $ ,,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GL VHUDILQL VRWWR 3ā%251(5ā)ā 3LHWUR 3DROR %RUQHU LQFLVRUH 5Y &2*,72 &2*,7$7,21(6 3$&,6 )LJXUD PXOLHEUH VHGXWD D V FRQ LO JRPLWR G SRJJLDWR VX DUD GRYH JLDFFLRQR XQD WULUHJQR XQ UDPR GL SDOPD H XQ OLEUR VXO IURQWDOH GHOO¶DUD DUPHWWD )DUVHWWL H DOO¶HVHUJR 0XQWRQL %HUPDQ 5DUD T 6SO 6SO
3LDVWUD DQQR 9 $5 J ,112&(1 ;,, 3217 0$; $11 9 %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD FRQ FURFH H FRORPED LQ EDVVR 6 9 6DLQW 8UEDQ LQFLVRUH 5Y 3$&(0 /248(785 *(17,%86 ,O 3DSD VHGXWR VX WURQR D V DL ODWL GXH JUXSSL GL FDUGLQDOL H GL IURQWH L IHGHOL LQ DOWR FRORPED UDJJLDQWH WUD OH QXEL ,Q EDVVR D V VXOOR VFKLHQDOH GHO VHJJLR GHL FDUGLQDOL )(5' '( 6 9 )HUGLQDQG GH 6DLQW 8UEDLQ LQFLVRUH H DOO¶HVHUJR DUPHWWD )DUVHWWL 0XQWRQL %HUPDQ 5DULVVLPD 0DUJLQDOH IUDWWXUD GHO WRQGHOOR DOWULPHQWL T 6SO ([ DVWD 9DUHVL SDUWH ,, $13%
3LDVWUD DQQR 9, $5 J ,112&(1 ;,, 3217 0$; $11 9, %XVWR D G FRQ FDPDXUR H VWROD FRQ FURFH H FRORPED VRWWR 6 9 )HUGLQDQG GH 6DLQW 8UEDQ LQFLVRUH 5Y /249(795 3$& ± (0 *(17,%96 ,O 3DSD LQ FRQFLVWRUR LQ EDVVR DUPHWWD )DUVHWWL ± 0XQWRQL %HUPDQ 5DUD T 6SO
3LDVWUD DQQR 9,,, $5 J ,112&(1 ± ;,,ā3ā0ā$1ā9,,,ā %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD VRWWR QHO JLUR 6ā95%$ā23ā )HUGLQDQG GH 6DLQW 8UEDQ LQFLVRUH 5Y *5$7,$ā92%,6 (7ā3$;ā 09/7,3/,&(795 6 3LHWUR SUHGLFD DOOH WXUEH DOO¶HVHUJR 6ā9 ± 23ā DUPHWWD )DUVHWWL 0XQWRQL %HUPDQ 6SO
3LDVWUD DQQR 9,,, $5 J ,112&(1 ± ;,, 3217 0 $ 9,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GD FURFH UDGLDWD VRWWR +$0(5$196ā) *LRYDQQL +DPHUDQL LQFLVRUH 5Y (*5(',$795 3239/96 (7 &2//,*$7 /D UDFFROWD GHOOD PDQQD QHO GHVHUWR DOO¶HVHUJR ā0'&,& 0XQWRQL %HUPDQ 5DUD ,PSHUFHWWLELOL PDQFDQ]H GL PHWDOOR DOWULPHQWL 6SO ([ DVWD 1$&
3LDVWUD DQQR 9,,, $5 J ,112&(1 ± ;,, 3217 0 $ 9,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR QHO WDJOLR GHO EUDFFLR +$0(5$196 ) 5Y 9(17, (7 0$5( 2%(',917 (, 9HGXWD GHO SRUWR GL $Q]LR DOO¶HVHUJR 0' DUPHWWD ' $VWH &,& 0XQWRQL %HUPDQ 0ROWR UDUD &DPSL OHJJHUPHQWH ULWRFFDWL DOWULPHQWL T 6SO ([ DVWD 1$&
&OHPHQWH ;, *LDQIUDQFHVFR $OEDQL 3LDVWUD GHO *LXELOHR DQQR , $5 J &/(0(16 ;, ± 3217 0$; $1 , %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GD UDEHVFKL H VWHOOH VRWWR LO EXVWR 6ā95ā )HUGLQDQG GH 6DLQW 8UEDQ LQFLVRUH 5Y 3257$0 6$1&7$0 &/$96,7 $ ,9%,/(, 0'&& /D 3RUWD 6DQWD FKLXVD DOO¶HVHUJR 52 DUPHWWD $QJXLVVROD 0$ 0XQWRQL %HUPDQ 5DUD &RQVHUYD]LRQH QRWHYROH SHU TXHVWD HPLVVLRQH PLJOLRUH GL 6SO
3LDVWUD DQQR ,, $5 J &/(0(16 ;, 3217 ± 0$; $ ,, %XVWR D V FRQ FDPDXUR H VWROD RUQDWD VRWWR %251(5 3LHWUR %RQQHU LQFLVRUH 5Y ',/(;, '( &25(0 '2096 79 /D 0DGRQQD GL 6 0DULD LQ 7UDVWHYHUH LQ WURQR IUD GXH DQJHOL LQ EDVVR D G ,QQRFHQ]R ,, JHQXIOHVVR VXO SDYLPHQWR 3 3 % H DOO¶HVHUJR 0XQWRQL %HUPDQ %%
3LDVWUD DQQR ,,, $5 J &/(0(16 ;, ± 3217 0 $ ,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL DFFRVWDWR GD UDPL GL DOORUR VRWWR 3 ± % 3LHWUR %RQQHU LQFLVRUH 5Y ,1 +2125(0 6 ± 7+(2'25, 0$5 /D FKLHVD GL 6 7HRGRUR DO 3DODWLQR FRQ L JLDUGLQL DOO¶HVHUJR 0XQWRQL %HUPDQ 0ROWR UDUD 6SO
3LDVWUD DQQR 9, $5 J &/(0(16 ;, 3217 0$; $ 9, %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR DO EXVWR %251(5 ) 3DROR %RUQHU LQFLVRUH 5Y ,O 3DSD VHGXWR DO FHQWUR OHJJH O¶RPHOLD WUD L FDUGLQDOL QHOOD %DVLOLFD /LEHULDQD VXO ODWR GHOO¶DOWDUH D GHVWUD %$6,/,& /,%(5 H VXO JUDGLQR ) 6HYR LQFLVRUH $OO¶HVHUJR 9R[ 'H DUPHWWD )DOFRQLHUL 7KURQR 0XQWRQL %HUPDQ 5DUD T 6SO
3LDVWUD DQQR 9, $5 J &/(0(16 ;, 3 0 $1 9, %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GL LPSUHVH DUDOGLFKH VRWWR QHO JLUR +(50(1 +$0(5$196 (UPHQHJLOGR +DPHUDQL LQFLVRUH 5Y 6DQ 3LHWUR DO WLPRQH GHOOD QDYLFHOOD GDOO¶DOWR WUD OH QXEL GXH FKHUXELQL VRIILDQR JRQILDQGR OD YHOD ,Q EDVVR DUPHWWD '¶$VWH 0XQWRQL %HUPDQ 0ROWR UDUD %XRQ %%
3LDVWUD DQQR 9,, $5 J &/(0(16 ;, ± 3 0 $1 9,, %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GDOOR VWHPPD GHO SRQWHILFH VRWWR QHO JLUR +(50(1,*ā+$0(5$196 (UPHQHJLOGR +DPHUDQL LQFLVRUH 5Y '21$ 12%,6 3$&(0 6 &OHPHQWH JHQXIOHVVR LQ SUHJKLHUD DL SLHGL GL XQ PRQWH VXOOD FXL VRPPLWj q O¶$JQXV 'HL GLHWUR ILJXUD GHOOD 3DFH $OO¶HVHUJR 0'& DUPHWWD '¶$VWH &9,, 0XQWRQL %HUPDQ 5DUD T 6SO
3LDVWUD DQQR ,; $5 J &/(0(16 ;, ± 3 0 $11 ,; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y ),$7 3$; ,1 9,5797( 79$ HQWUR FDUWHOOD FKLXVD LQ EDVVR GD DUPHWWD '¶$VWH 0XQWRQL %HUPDQ T 6SO
3LDVWUD DQQR ;, $5 J &/(0(16 ;, ± 3 0 $11 ;, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ GRSSL FRUGRQL H ILRFFKL 5Y 35263(590 ,7(5 )$&,(7 9HGXWD GL &LYLWD &DVWHOODQD H GHO SRQWH VXO 5LR 0DJJLRUH DOO¶HVHUJR 3216 ± &,9,7 &$67(/ ± /$1 (ā± + DL ODWL GHOO¶DUPHWWD $OWLHUL 0XQWRQL %HUPDQ 0ROWR UDUD 7UDFFLD GL PRQWDWXUD DOWULPHQWL PLJOLRUH GL %%
3LDVWUD DQQR ;,,, $5 J &/(0(16 ;, ± 3 0 $1 ;,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH PDVFKHUD LQ FLPDVD 5Y )217,6 (7 )25, 251$0(172 /D IRQWDQD H O¶REHOLVFR GL SLD]]D GHO 3DQWKHRQ DOO¶HVHUJR DUPHWWD )DUVHWWL WUD RUQDWL 0XQWRQL %HUPDQ 0ROWR UDUD 0HWDOOR OHJJHUPHQWH SRURVR DOWULPHQWL T 6SO
3LDVWUD DQQR ;9 $5 J &/(0(16 ± ;, 3 0 $ ;9 %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR QHO JLUR ( + (UPHQHJLOGR +DPHUDQL LQFLVRUH 5Y 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 0XQWRQL %HUPDQ 5DUD 0LJOLRUH GL %% T 6SO
0HGDJOLD V G $5 J GLDP PP &/(0(16 ;, ± 3217 0$; %XVWR D G FRQ WULUHJQR H SLYLDOH RUQDWR D UDEHVFKL 5Y 3(5(11,6 201,$ 62/,6 +$%(16 +,6 191& 49249( 63/(1'(7 ,1 $675,6 ,O SRQWH 6DQW¶$QJHOR VXO 7HYHUH FRQ VXOOD G OD IRUWH]]D GL &DVWHO 6DQW¶$QJHOR LQ DOWR OD YROWD FHOHVHWH FRVSDUVD GL VWHOOH $OO¶HVHUJR 3,( (;67,1&796 520$( ',( 6$1&7, ,26( 3+, 33: 3DWLQD GL PHGDJOLHUH 6SO
%HQHGHWWR ;,,, 3LHU )UDQFHVFR 2UVLQL 0HGDJOLD GHO *LXELOHR RSXV ( +DPHUDQL $5 GLDP PP %(1(',&796 ± ;,,, 3217 0$; %XVWR D G FRQ FDPDXUR H VWROD RUQDWD 5Y &$52/2 0$*12 520$1 (&&/(6, 9,1',&, 6WDWXD HTXHVWUH GL &DUOR 0DJQR DOO¶HVHUJR $112 ,9%,/(, 0'&&;;9 0LVHOOL 5LWRFFKL DOWULPHQWL T 6SO 4XHVWD PHGDJOLD FRPPHPRUD O¶LQDXJXUD]LRQH GHOOD VWDWXD HTXHVWUH GL &DUOR 0DJQR RSHUD GHOOR VFXOWRUH $JRVWLQR &RUQDFFKLQL HUHWWD QHO SRUWLFR GHOOD %DVLOLFD YDWLFDQD
&OHPHQWH ;,, /RUHQ]R &RUVLQL =HFFKLQR $9 J &/(0(16 ;,, ± 3 0 ± /D &KLHVD VXOOH QXEL 5Y '(',7 ± 3,*196 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH VRSUD FRORPED UDGLDQWH 0XQWRQL %HUPDQ )ULHGEHUJ )RQGL OXFHQWL T )GF
%HQHGHWWR ;,9 3URVSHUR /DPEHUWLQL =HFFKLQR $9 J %(1(' ;,9 ± 3 0 ± /D &KLHVD VXOOH QXEL 5Y 5(3(17( ± '( &¯/2 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH LQ DOWR FRORPED UDGLDQWH 0XQWRQL D YDU , %HUPDQ )ULHGEHUJ 0LJOLRUH GL 6SO
6FXGR URPDQR DQQR ;,9 $5 J %(1(' ;,9 3217 0$; $1 ;,9 %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR 2 +$0(5$1, 2WRQH +DPHUDQL LQFLVRUH 5Y 0'&& ± /,,, /D &KLHVD VHGXWD VXOOH QXEL D G DUPHWWD %RQDFFRUVL 0XQWRQL %HUPDQ 3DWLQD GL PHGDJOLHUH 6SO
&OHPHQWH ;,,, &DUOR 5H]]RQLFR =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 T 6SO
&OHPHQWH ;,9 /RUHQ]R *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 &RQVHUYD]LRQH HFFH]LRQDOH )GF
3LR 9, *LRYDQQL $QJHOR %UDVFKL '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 DUPHWWD /DQWH 0XQWRQL %HUPDQ )ULHGEHUJ 6SO
6FXGR URPDQR DQQR 9, $5 J 3,96 6(;796 ± 3217 0 $ 9, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y $9;,/,90 ± '( ± 6$1&72 ± /D &KLHVD VXOOH QXEL LQ EDVVR DUPHWWD 9DL 0XQWRQL %HUPDQ 0LJOLRUH GL 6SO
0HGDJOLD RSXV -RKDQQ /HRQKDUG 2H[OHLQ $5 J GLDP PP 3HU LO YLDJJLR DSRVWROLFR D 9LHQQD 3DWULJQDQL E 3DWLQD LULGHVFHQWH T 6SO
5HSXEEOLFD 5RPDQD 6FXGR URPDQR $5 J 5(39%/,&$ ± 520$1$ /D /LEHUWj VWDQWH GL IURQWH YROWD D V SRJJLD OD PDQR G VX IDVFLR OLWWRULR DO VXR ILDQFR H QHOOD V UHJJH XQD ODQFLD FDSRYROWD VRUPRQWDWD GD SLOHR VXOOD OLQHD GHOO¶HVHUJR 7ā0(5&$1'(77, 7RPPDVR 0HUFDQGHWWL LQFLVRUH 5Y 6&9'2 520$12 HQWUR FRURQD GL TXHUFLD 3DJDQL 0XQWRQL 5DUR 3DWLQD GL PHGDJOLHUH 6SO
3LR 9,, *UHJRULR %DUQDED &KLDUDPRQWL 'RSSLD URPDQD DQQR 9,,, 3DJDQL 0XQWRQL H %HUPDQ )ULHGEHUJ 6HJQL GL OXFLGDWXUD DOWULPHQWL T 6SO
3LR 9,,, )UDQFHVFR 6DYHULR &DVWLJOLRQL 6FXGR URPDQR DQQR , 3DJDQL 0XQWRQL %HUPDQ &RQVHUYD]LRQH HFFH]LRQDOH )GF
*UHJRULR ;9, 0DXUR &DSSHOODUL GHOOD &RORPED 'D VFXGL URPDQL DQQR 9,, 3DJDQL 0XQWRQL F %HUPDQ )ULHGEHUJ 5DUR 6SO
6FXGR URPDQR DQQR ,9 3DJDQL D 0XQWRQL E %HUPDQ
6SO
6FXGR URPDQR DQQR ;9, 3DJDQL 0XQWRQL R %HUPDQ 5DUR 0LJOLRUH GL 6SO
3LR ,; *LRYDQQL 0DULD 0DVWDL )HUUHWWL 6FXGR URPDQR DQQR , 3DJDQL %HUPDQ 6SO
0RQHWD]LRQH GHFLPDOH 'D OLUH DQQR ;;, 3DJDQL %HUPDQ )ULHGEHUJ 0LJOLRUH GL 6SO
'D OLUH DQQR ;;9 3DJDQL %HUPDQ
&RQVHUYD]LRQH HFFH]LRQDOH T )GF
3LR ;, $FKLOOH 5DWWL 'D OLUH DQQR 9,,, 3DJDQL )ULHGEHUJ T )GF
'D OLUH DQQR ;9 3DJDQL )ULHGEHUJ
3LR ;,, (XJHQLR 3DFHOOL 'D OLUH DQQR ,,, 3DJDQL )ULHGEHUJ )GF
'D OLUH DQQR ; 3DJDQL )ULHGEHUJ
)GF
T )GF
'D OLUH GHO *LXELOHR 3DJDQL )ULHGEHUJ
6SO
'D OLUH DQQR ;,,, 3DJDQL )ULHGEHUJ
5DUD T )GF
'D OLUH DQQR ;; 3DJDQL )ULHGEHUJ
)GF
6DOHUQR
0RQHWD]LRQH DQRQLPD GHO VHFROR ;, ,PLWD]LRQL GHL WDUu DUDEL VLFLOLDQL 7DUu $9 J 'RSSLR JLUR GL OHJHQGD SVHXGR FXILFD DWWRUQR D JOREHWWR FHQWUDOH 5Y 'RSSLR JLUR GL OHJHQGD SVHXGR FXILFD DWWRUQR D JOR EHWWR FHQWUDOH &DSSHOOL 0,1 7DY ,9 FIU 0(& FIU $PDOIL 0,5 0ROWR UDUR 6SO
5XJJHUR %RUVD 7DUu $9 J 'RSSLR JLUR GL OHJHQGD FXILFD FRQ 5 DO FHQWUR 5Y 'RSSLR JLUR GL OHJHQGD FXILFD FRQ ' DO FHQWUR &DSSHOOL 0,1 D 0(& 0,5 5DUR 6SO 6DQ 0DULQR
5HSXEEOLFD , SHULRGR 'D H OLUH 3DJDQL )ULHGEHUJ 5DUH 0LJOLRUL GL 6SO
'D OLUH 3DJDQL 'D OLUH 3DJDQL
)GF T )GF
6DYRLD
&DUOR , GXFD 7HVWRQH &RUQDYLQ $5 J .$52/96 ' 6$%$9',( 0$5 , ,7$ ** 1LFROD *DWWL PDHVWUR GL ]HFFD %XVWR FRUD]]DWR D G FRQ EHUUHWWR H OXQJD VSDGD LPSXJQDWD REOLTXDPHQWH QHOOD PDQR G 5Y ;36 9,1&,7 ;36 5(*1$7 ;36 ,13(5 6WHPPD VDEDXGR DFFRVWDWR GD )( ± 57 H VRUPRQWDWR GD QRGR G¶DPRUH LO WXWWR HQWUR FRUQLFH TXDGULOREDWD 5DYHJQDQL 0RURVLQL 6LPRQHWWL 0,5 F 0ROWR UDUR &ROSHWWR DO GU DOWULPHQWL EXRQ %%
&DUOR (PDQXHOH , GXFD 'XFDWRQH 7RULQR $5 J &$5 (0 ' * '9; 6$%$9' 3 3(' %XVWR FRUD]]DWR D G FRQ FROOHWWR DOOD VSDJQROD PDQWHOOR PDVFKHUD OHRQLQD VXOOR VSDOODFFLR H &ROODUH GHOO¶$QQXQ]LDWD VXO SHWWR VRWWR QHO JLUR , ± 7 5Y '( 9(175( 0$5,6 '(96 352(&725 0(96 6WHPPD FRURQDWR H FDULFDWR LQ FXRUH GL VFXGHWWR 6DYRLD DL ODWL )( ± 57 5DYHJQDQL 0RURVLQL 6LPRQHWWL 0,5 D 0ROWR 5DUR %XRQ %%
9LWWRULR (PDQXHOH , 'D OLUH 7RULQR 3DJDQL 0,5 D 0ROWR 5DUD 0LJOLRUH GL 6SO
&DUOR )HOLFH 'D OLUH 7RULQR 3DJDQL 0,5 I
&DUOR $OEHUWR 'D OLUH *HQRYD 3DJDQL 0,5 D )ULHGEHUJ 0LJOLRUH GL 6SO
T 6SO
9LWWRULR (PDQXHOH ,, UH GL 6DUGHJQD 'D OLUH 7RULQR 3DJDQL 0,5 E 0ROWR 5DUD T )GF
'D OLUH 0LODQR 3DJDQL 0,5 X
T )GF
8PEHUWR , UH G¶,WDOLD 'D OLUH 3DJDQL 0,5 F )ULHGEHUJ 5DUD 0LJOLRUH GL 6SO
'D OLUH 3DJDQL 0,5 D
0LJOLRUH GL 6SO
9LWWRULR (PDQXHOH ,,, UH G¶,WDOLD 'D OLUH 3DJDQL 0,5 G )ULHGEHUJ 0ROWR UDUD 0LJOLRUH GL 6SO
'D OLUH 3DJDQL 0,5 E )ULHGEHUJ
5DUD 6SO
'D OLUH 3DJDQL 0,5 D )ULHGEHUJ
5DUD 6SO
0ROWR UDUD 6SO
6LJLOODWD %D]]RQL
'D OLUH 3DJDQL 0,5 D )ULHGEHUJ 6LJLOODWD %D]]RQL
'D OLUH DQQR ,; 3DJDQL 0,5 D )ULHGEHUJ 'D OLUH 3DJDQL 0,5 D )ULHGEHUJ
T )GF )GF
5DUD 0LJOLRUH GL 6SO
5DUD 0LJOLRUH GL 6SO
T )GF
6LJLOODWD %D]]RQL
'D OLUH 3DJDQL 0,5 E )ULHGEHUJ
'D OLUH DQQR ,; 3DJDQL 0,5 D )ULHGEHUJ
'D OLUH 3DJDQL 0,5 )ULHGEHUJ
5DUD T )GF
'D OLUH 3DJDQL 0,5 E )ULHGEHUJ
5DUD 6SO
'D OLUH 3DJDQL 0,5 D )ULHGEHUJ
5DUD 6HJQHWWL T 6SO
6SO
6SO
'D OLUH DQQR 9, /LWWRUH 3DJDQL 0,5 E
'D OLUH DQQR 9, (OPHWWR 3DJDQL 0,5 D
6LJLOODWD %D]]RQL
'D OLUH DQQR ;,9 3DJDQL 0,5 D
6LJLOODWD %D]]RQL
5DUD T )GF
'D OLUH 3DJDQL 0,5 D
5DUD 0LJOLRUH GL 6SO
'D OLUH 3DJDQL 0,5
0ROWR 5DUD 6SO
6LJLOODWD %D]]RQL
0RQHWD]LRQH SHU OD &RORQLD (ULWUHD 7DOOHUR 3DJDQL 0,5
5DUR T )GF
6LHQD
5HSXEEOLFD VHF ;,, *URVVR GD GHQDUL 9 VHULH $5 J 6(1$ 9(796 /HWWHUD 6 DFFRVWDWD GD TXDWWUR JOREHWWL 5Y $/)$ (7 20 &URFH SDWHQWH &1, 0,5 3DWLQD GL PHGDJOLHUH 6SO
6DQHVH $9 J 6(1$ 9(796 &,9,7$6 9,5*,1,6 6 IRJOLDWD HQWUR FRUQLFH G¶DUFKL 5Y $/)$ (7 2 35,1&,3,9 = ),1,6 &URFH ILRUDWD LQ DOWR QHO JLUR DUPHWWD &1, 0,5 VHJQR )ULHGEHUJ 5DULVVLPR T 6SO
*URVVR GD VROGL H GHQDUL $5 J 6(1$ 9(796 &,9,7$6 9,5*,1 6 IRJOLDWD HQWUR FRUQLFH G¶DUFKL 5Y $/)$ 2 35,1&,3,9 ),1,6 &URFH IRJOLDWD HQWUR FRUQLFH G¶DUFKL QHO JLUR DUPHWWD &1, 0,5 VHJQR 5DUR T 6SO
'XFDWR R ILRULQR ODUJR $9 J 6(1$ 9(796 &,9,7$6 9,5*,1,6 *UDQGH 6 IRJOLDWD 5Y $/)$ ,7 2 35,1&,3,90 ),1,6 &URFH IRJOLDWD LQ DOWR QHO JLUR VHJQR WULGHQWH FURFLDWR FRPSDJQLD PHUFDQWLOH GL 3DROR GL *DEULHOOR &1, 0,5 VHJQR )ULHGEHUJ 0ROWR UDUR 6SO
0RQHWH FRQ GDWD VHF ;9, *LXOLR $5 J 6(1$ 9(796 &, ± 9,7$6 9,5*,1,6 /D %HDWD 9HUJLQH QLPEDWD H YHODWD VHGXWD VXOOH QXEL FRQ GXH DQJHOL DL ODWL H WHVWH GL FKHUXELQR DL VXRL L SLHGL 5Y $/3+$ (7 Z 35, ± 1&,3,90 (7 ),1,6 &URFH ILOHWWDWD H IRJOLDWD VRWWR QHO JLUR &1, 0,5 0ROWR UDUR 6SO 7RULQR
5HSXEEOLFD 3LHPRQWHVH 0H]]R VFXGR DQQR 9,, 3DJDQL 5DUR 3LFFROD PDQFDQ]D GL PHWDOOR VXO FRQWRUQR D RUH DOWULPHQWL HVHPSODUH GL FRQVHUYD]LRQH HFFH]LRQDOH )GF
5HSXEEOLFD 6XEDOSLQD 'D IUDQFKL DQQR ,; 3DJDQL
6LJLOODWD %D]]RQL
5DUD T )GF
7RUWRQD
&RPXQH (PLVVLRQL D QRPH GL )HGHULFR ,, GL 6YHYLD *URVVR $5 J ,13$725 1HO FDPSR ȍ ) 5 VRWWR GXH VWHOOH 5Y 7(5'21$ &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH QHO , H ,, TXDUWR &1, 0,5 5DUR %XRQ %% 7UHQWR
9HVFRYL DQRQLPL *URVVR GD GHQDUL $5 J (36 75,'(17, %XVWR PLWUDWR GHO YHVFRYR D V FRQ OD PDQR G VROOHYDWD LQ EHQHGL]LRQH H LO SDVWRUDOH QHOOD V 5Y ,13(5$725 URVHWWD 1HO FDPSR ) GLHWUR FURFH SDWHQWH &1, 5L]]ROOL 7 5DUR 6SO 7ULHVWH
9ROULFR GH 3RUWLV 'HQDUR $5 J 92/5, ± &96 ,O YHVFRYR PLWUDWR VHGXWR GL IURQWH WLHQH QHOOD G LO SDVWRUDOH H QHOOD V VROOHYDWD XQ OLEUR FKLXVR 5Y &,9,7$6 7(5*(6790 0XUD PHUODWH GHOOD FLWWj FRQ WUH SRUWH DSHUWH &1, YDU %HUQDUGL 5DUR 3DWLQD GL PHGDJOLHUH 6SO
$UORQJR GH¶9LVJRQL 'HQDUR $5 J $5/21 ± *96 (3 ,O YHVFRYR PLWUDWR VHGXWR GL IURQWH WLHQH QHOOD G LO SDVWRUDOH H QHOOD V VROOHYDWD XQ OLEUR FKLXVR 5Y &,9,7$6 7(5*(6790 $JQHOOR SDVTXDOH QLPEDWR H UHWURVSLFLHQWH FRQWHPSOD OD FURFH &1, %HUQDUGL 5DUR %XRQ %%
'HQDUR $5 J $5/21 ± *96 (3 ,O YHVFRYR PLWUDWR VHGXWR GL IURQWH WLHQH QHOOD G LO SDVWRUDOH H QHOOD V VROOHYDWD XQ OLEUR FKLXVR 5Y &,9,7$6 7(5*(6790 6WHOOD D VHL SXQWH &1, %HUQDUGL 5DUR T 6SO
7XVFLD ORQJREDUGD
(PLVVLRQL SVHXGR LPSHULDOL FLUFD 7UHPLVVH DO WLSR GL &RVWDQWH ,, ]HFFD LQFHUWD $9 J ,9/,9$ ± 9+2,9 %XVWR GLDGHPDWR H GUDSSHJJLDWR D G 5Y 9Π,2+9$909 &URFH SRWHQ]LDWD %HUQDUHJJL 7XVFLD /DQJREDUGRUXP S 0(& 0ROWR UDUR T 6SO 8UELQR
)UDQFHVFR 0DULD ,, GHOOD 5RYHUH 7HVWRQH $5 J )5$1& 0 ,, 95% '9; 9, (7 & %XVWR FRQ FROODUH D V FRUD]]DWR EDUEXWR H D WHVWD QXGD 5Y $OEHUR GL URYHUH VXOOR VIRQGR YHGXWD GHOOD FLWWj H DOOHVHUJR )(5(75,$ &1, 5DYHJQDQL 0RURVLQL &DYLFFKL 0ROWR UDUR 3DWLQD GL PHGDJOLHUH EXRQ %% 9HQH]LD
/XGRYLFR , LO 3LR LPSHUDWRUH 'HQDUR $5 J +/9'299,&96 ,03 &URFH SDWHQWH 5Y 9(1 (&,$6 3DROXFFL 0(& 5DUR 0LJOLRUH GL 6SO
8JR GL 3URYHQ]D 'HQDUR $5 J 9,9,3,9,5(; &URFH WULFXVSLGDWD DFFDQWRQDWD GD JOREHWWL 5Y ;3, ,$1$, ,,2 7HPSLR &1, 0(& , 0LODQR 5DUR T 6SO
/RUHQ]R 7LHSROR *URVVR $5 J /$ 7H93/¶ ± 6 0 9(1(7, 7LSR VROLWR 3DROXFFL 3DWLQD GL PHGDJOLHUH 6SO
)UDQFHVFR )RVFDUL 'XFDWR $9 J )5$1& )26&$5, ± 6 0 9(1(7, 6 0DUFR SRUJH LO YHVVLOOR DO 'RJH JHQXIOHVVR 5Y ,O 5HGHQWRUH EHQHGLFHQWH HQWUR DXUHROD HOOLWWLFD GL VWHOOH 3DROXFFL )ULHGEHUJ 0LJOLRUH GL 6SO
1LFROy 7URQ /LUD $5 J 1,&2/$96 ± 752196 '9; %XVWR D V FRQ FRUQR GRJDOH 5Y 6$1&796 ± 0$5&96 /HRQH LQ VROGR HQWUR FRURQD 3DROXFFL 5DUD 3DWLQD GL PHGDJOLHUH 6HJQHWWL VXO FRQWRUQR DOWULPHQWL %%
$JRVWLQR %DUEDULJR 0RFHQLJR R OLUD $5 J $9* %$5%$',&2 6 0$5&96 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 7,%, 62/, ± */25,$ ,O 5HGHQWRUH VWDQWH GL IURQWH EHQHGLFHQWH WLHQH LO JORER FUXFLJHUR QHOOD V 6XO SLHGLVWDOOR ) ) )UDQFHVFR )RVFDULQL PDVVDUR 3DROXFFL 3DWLQD GL PHGDJOLHUH 6SO
/HRQDUGR /RUHGDQ 'D VROGL $5 J /(2 /$95( ± '$196 ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y */25,$ ± 7,%, 62/, ,O 5HGHQWRUH VWDQWH GL IURQWH EHQHGLFHQWH WLHQH LO JORER FUXFLJHUR QHOOD V 6XO SLHGLVWDOOR , $ 7 *LDFRPDQWRQLR 7UHYLVDQ PDVVDUR 3DROXFFL T 6SO
$QGUHD *ULWWL 6FXGR $9 J $1'5($6 *5,7, '9; 9(1(7,$5 &URFH RUQDWD H ILRUDWD 5Y 6$1&796 0$5&96 9(1(796 /HRQH LQ VROGR HQWUR VFXGR 3DROXFFL )ULHGEHUJ &RQVHUYD]LRQH HFFH]LRQDOH T )GF
0DUFHOOR R PH]]D OLUD $5 J $1' *5,7, ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR DL ODWL % ± . %HUQDUGLQR GD &DQDO PDVVDUR H OXQJR O¶DVWD ' 9 ; 5Y 7,%, 62/, ± */25,$ ,O 5HGHQWRUH LQ WURQR DL ODWL ,& ± ;& 3DROXFFL 6SO
$OYLVH ,9 0RFHQLJR 'XFDWRQH GD VROGL $5 J 6 0 9 $/2< 02&(1,&2 '9; ,O /HRQH DODWR D V YROWR GL IURQWH H FRQ OD ]DPSD DQWHULRUH DSSRJJLDWD VXO OLEUR DSHUWR D G LO GRJH JHQXIOHVVR FRQ YHVVLOOR $OO¶HVHUJR ' * 'RPHQHJR *ULWWL PDVVDUR 5Y 0(025 (52 79, ,967,1$ 9,5*2 6 *LXVWLQD VWDQWH WUDILWWD LQ VHQR GD SXJQDOH FRQ SDOPD QHOOD G H OLEUR QHOOD V VXOOR VIRQGR JDOHUH LQ QDYLJD]LRQH H DOO¶HVHUJR 3DROXFFL 5DUR 6SO ([ DVWD 9DUHVL
3DROR 5HQLHU 6FXGR GHOOD FURFH $5 J 3$8/86 5$,1(5,86 '9; 9(1(7,$5 &URFH RUQDWD H IRJOLDWD DFFDQWRQDWD GD TXDWWUR IRJOLH GL YLWH $OO¶HVHUJR / $ ) /XQDUGR $OYLVH )RVFDULQL PDVVDUR 5Y 6$1&796 0$5&96 9(1(7 /HRQH LQ VROGR HQWUR VFXGR RUQDWR DOO¶HVHUJR 3DROXFFL 5DUR 3DWLQD GL PHGDJOLHUH 6SO ([ DVWD 9DUHVL
0XQLFLSDOLWj SURYYLVRULD 'D OLUH YHQHWH DQQR , 3DJDQL 5DUD /LHYL GHEROH]]H GL FRQLR DOWULPHQWL T 6SO
*RYHUQR SURYYLVRULR 'D OLUH 3DJDQL )ULHGEHUJ 5DUD 0LJOLRUH GL 6SO
9HURQD
(SRFD GL )HGHULFR ,, GL 6YHYLD *URVVR GD GHQDUL SLFFROL YHURQHVL $5 J 'RSSLR JLUR GL OHJHQGD 4XHOOD HVWHUQD &, (9 &, ,9 4XHOOD LQWHUQD LQWHUVHFDWD GD OXQJD FURFH 9( ± 52 ± 1 ± $ 5Y 'RSSLR JLUR GL OHJJHQGD ,Q TXHOOD HVWHUQD 9( ± 52 ± 1$ TXHOOD LQWHUQD LQWHUVHFDWD GD OXQJD FURFH &, ,, &, ,, &1, 6SO 9LOOD GL &KLHVD
$OIRQVR ,9 G¶$UDJRQD $OIRQVLQR R UHDOH $5 J $/)21696 $5$*21 (7 6$5',1 5(; 6WHPPD DUDJRQHVH DFFRVWDWR H VRUPRQWDWR GD FLQTXH URVHWWH HQWUR FRUQLFH G¶DUFKL 5Y )257,78'2 (7 /$86 0($ '20,186 &URFH DFFDQWRQDWD GD TXDWWUR URVHWWH HQWUR FRUQLFH G¶DUFKL &1, 0(& 0,5 5DUR 6SO 9ROWHUUD
5DQLHUL GH¶5LFFL YHVFRYR *URVVR GD GHQDUL $5 J 5 (36 ± '¶99/7¶ ,O 9HVFRYR PLWUDWR VWDQWH GL IURQWH FRQ SDVWRUDOH H EHQHGLFHQWH 5Y &; ( 9,725,$ 15$¶ &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH QHO ,, H ,,, TXDUWR &1, 0,5 5DUR *UDIIHWWL DO GU DOWULPHQWL EXRQ %%