Asta 118 5 dicembre 2019
Importante serie di monete e medaglie di zecche italiane, inclusa una bella selezione di monete d’oro rinascimentali e medaglie di argomento religioso
NUMISMATICA ARS CLASSICA NAC AG www.arsclassicacoins.com
PUBBLICATO IN ESCLUSIVA PER CONTO DI
NAC NUMISMATICA S.p.A.
Sede operativa Via Brera 4 – 20121 Milano Tel: +39 028056304 Fax: +39 0280581271 Email: milano@arsclassicacoins.com
ORDINE DI VENDITA
ORDRE DE VENTE
giovedì, 5 dicembre 2019
Esposizione 1 – 120 121 – 448
TIME TABLE 09:30 – 11:00 11:00 – 12:30 14:00 – 17:00
Hotel Principe di Savoia Piazza Della Repubblica 17 20124, Milano Tel. 0039 02 62301
ESPOSIZIONE EXHIBITION EXPOSITION MILANO 28 ottobre – 3 dicembre 2019
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)
L’asta è visibile online agli indirizzi www.arsclassicacoins.com www.sixbid.com www.biddr.ch www.bidinside.com www.numisbids.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. Nel caso di pagamenti effettuati dall’estero tramite bonifico bancario, tutte le spese bancarie dovranno essere a carico dell’acquirente. 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) 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 dell’accettazione 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 sono tenuti a fornire alla NAC NUMISMATICA S.p.A. il proprio codice fiscale (cittadini italiani) 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 (e successive modifiche). NAC NUMISMATICA S.p.A. in qualità di Titolare del trattamento dei dati personali, La informa che i Suoi dati verranno trattati nel rispetto di quanto previsto dal Regolamento (UE) n. 2016/679 (“GDPR”) per adempiere agli obblighi fiscali cui è soggetto il Titolare ai sensi dell’art. 6, c. 1, lett. c. del GDPR.
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 (e successive modifiche) 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 S.p.A. 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 S.p.A. 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 S.p.A. in public premises.
NAC NUMISMATICA S.p.A. 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 S.p.A. 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 S.p.A. 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 S.p.A. reserves the right to withdraw any lot from the auction.
Furthermore, 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 S.p.A. and the consignor. 4.
The buyer (successful bidder) will pay NAC NUMISMATICA S.p.A. 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. 5.
All those wanting to 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 S.p.A. 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 S.p.A. 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 S.p.A. 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 S.p.A. reserves the right to nullify the invoice.
8.
NAC NUMISMATICA S.p.A. 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 descriptions 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 S.p.A. 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 S.p.A. 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 S.p.A. receives higher bids. The lot descriptions may be revised during the auction, if so, NAC NUMISMATICA S.p.A. will communicate this during the auction.
10.
NAC NUMISMATICA S.p.A. 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 S.p.A. will: a) proceed with the buying-in 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 S.p.A. 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 S.p.A. 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. In case of a foreign wire transfer, all bank fees must be borne by the buyer (successful bidder).
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 S.p.A. will ship the lots by armoured courier (Ferrari Spa within Italy) at the buyer’s own expense and risk.
12.
NAC NUMISMATICA S.p.A. 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 S.p.A. 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 S.p.A. 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 (and further updates). The above personal data collected by NAC NUMISMATICA S.p.A. (Data Controller) will be used to fulfil any fiscal requirement the Data Controller is subjected to, as per art. 6, c. 1, lett. c. GDPR (UE) n. 2016/679.
15.
NAC NUMISMATICA S.p.A. 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.
/D &KLHVD FDWWROLFD QHOO¶DUWH GHOOD PHGDJOLD
$TXLOHLD
%DVLOLFD GL 6DQWD 0DULD $VVXQWD 0HGDJOLD $5 J PP RSXV 3LHWUR *LDPSDROL (17( 3529,1&,$/( 795,602 9',1( 9HGXWD GHOOD ORJJLD GL 6DQ *LRYDQQL LQ 3LD]]D GHOOD OLEHUWj D 8GLQH $OO¶HVHUJR *,$03$2/, 6RWWR / *,25*, ,1& 5Y /D EDVLOLFD DL ODWL $4 ± 9,/(,$ 0$7(5 H QHO JLUR VWHPPL FLYLFL $OO¶HVHUJR VWHPPD GHOOD FLWWj GL $TXLOHLD )GF
$ULFFLD
$OHVVDQGUR 9,, )DELR &KLJL 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD &ROOHJLDWD GL 6DQWD 0DULD $VVXQWD RSXV *LRDFFKLQR )UDQFHVFR 7UDYDQL $/(; ā 9,, ā 3217 ā ± 0$; ā $ ā 9,,ā %XVWR D V FRQ WULUHJQR H SLDYLDOH RUQDWR VRWWR QHO WDJOLR 5Y %(1( ā )91'$7$ ā '2096 ā '20,1, )DFFLDWD GHOOD &ROOHJLDWD VRWWR QHO JLUR % ā 9,5*,1, $5,&,12590 3$7521$( ā HQWUR FDUWLJOLR 0RGHVWL 0ROWR UDUD 6SO /D &KLHVD GL 6DQWD 0DULD $VVXQWD GL $ULFFLD IX UHDOL]]DWD VX SURJHWWR GL *LDQ /RUHQ]R %HUQLQL H YHQQH FRQVDFUDWD FRQ PHVVD VROHQQH FHOHEUDWD GDOOR VWHVVR SDSD LO PDJJLR
0HGDJOLD $5 J PP 3HU OD FRVWUX]LRQH GHO 6DQWXDULR GL 6DQWD 0DULD GL *DOORUR RSXV *LRDFFKLQR )UDQFHVFR 7UDYDQL" $/(; ā 9,, ā 3217 ā ± 0$; ā $ ā 9,, %XVWR D V FRQ WULUHJQR H SLDYLDOH RUQDWR VRWWR QHO WDJOLR 5Y 267(1',7 ā '20,196 ā 0,6(5,&25',$0 ā ,1 ā '202 ā 0$75,6 ā 69$( /D IDFFLDWD GHO VDQWXDULR DOO¶HVHUJR HQWUR FDUWHOOD $5,&,$( 0RGHVWL )XVLRQH SRVWXPD 6SO
0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHO 6DQWXDULR GL 6DQWD 0DULD GL *DOORUR RSXV *LRDFFKLQR )UDQFHVFR 7UDYDQL" $/(; ā 9,, ā 3217 ā ± 0$; ā $ ā 9,, %XVWR D V FRQ WULUHJQR H SLDYLDOH RUQDWR VRWWR QHO WDJOLR 5Y 267(1',7 ā '20,196 ā 0,6(5,&25',$0 ā ,1 ā '202 ā 0$75,6 ā 69$( /D IDFFLDWD GHO VDQWXDULR DOO¶HVHUJR HQWUR FDUWHOOD $5,&,$( 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD $SSLFFDJQROR G¶HSRFD 6SO
$FFDGHPLD GHJOL 6IDFFHQGDWL 0HGDJOLD J PP 3HU O¶$FFDGHPLD GHJOL 6IDFFHQGDWL GL $ULFFLD RSXV DXWRUH VFRQRVFLXWR $UFR VFLROWR FRQ TXDWWUR IUHFFH LQWUHFFLDWH GD QDVWUR VLPEROR GHOO¶$FFDGHPLD VRWWR VX QDVWUR VYROD]]DQDWH */, 6)$&&(1'$7, H LQ DOWR 9,0 352029(7 ,16,7$0 ,O WXWWR HQWUR FRURQD GL TXHUFLD VRUPRQWDWD GD VWHOOD 5Y 0,77,7 $5,&,$ 325526 9HGXWD GHOOD SLD]]D GL $ULFFLD FRQ OD &KLHVD GHOO¶$VVXQWD D G H LO SDOD]]R &KLJL D V HQWUR FRURQD GL TXHUFLD VRUPRQWDWD GD VWHOOD 5DUD 6SO $VVLVL
%DVLOLFD GL 6DQWD 0DULD GHJOL $QJHOL 0HGDJOLD J PP 3HU L UHVWDXUL HIIHWWXDWL QHOOD EDVLOLFD GRSR LO WHUUHPRWR GHO RSXV *LXVHSSH &HUEDUD /D IDFFLDWD GHOOD EDVLOLFD DOO¶HVHUJR ' ā 2 ā 0 ā 6 ā ,1 +2125(0 0$*1$( 0$75,6 9,5*,1,6 5(*,1$( $1*(/2590 $6,6,(16,6 5Y /HJHQGD VX WUHGLFL ULJKH 0RGHVWL )GF
&DWWHGUDOH GL 6DQ 5XILQR 0HGDJOLD $9 J PP RSXV DXWRUH VFRQRVFLXWR 0$'211$ '(/ ± 3,$172 ,1&2521$7$ /D 0DGRQQD GHO 3LDQWR LQFRURQDWD FRQ LO &ULVWR PRUWR VXOOH JLQRFFKLD DOO¶HVHUJR 2772%5( 5Y &$77('5$/( ± ', 6 59),12 /D IDFFLDWD GHOOD FDWWHGUDOH DOO¶HVHUJR $66,6, T )GF
%DUL
%DVLOLFD GL 6DQ 1LFROD 0HGDJOLD HPHVVD GDOOD %DQFD 3RSRODUH GL %DUL $9 J PP RSXV 3LHUR 0RQDVVL 5Y %$1&$ 3232/$5( ± ', %$5, /D IDFFLDWD GHOOD EDVLOLFD D G LQ SULPR SLDQR D V &DVWHO GHO 0RQWH H VXOOR VIRQGR L WUXOOL $O FHQWUR VWHOOD SRODUH 5Y %$ ± 31 ± ,&1 3URUD GL QDYH URPDQD LQ DOWR &XSLGR QHOO¶DWWR GL VFRFFDUH XQD IUHFFLD )GF %DVVDQR 5RPDQR
9LQFHQ]R *LXVWLQLDQL PDUFKHVH ± 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHO PRQDVWHUR GL 6DQ 9LQFHQ]R 0DUWLUH YROXWD GHOOD IDPLJOLD *LXVWLQLDQL RSXV DXWRUH VFRQRVFLXWR 9,1&(17,96 ā ,967,1,$196 ā ,26 ā ) ā 0$5 ā %$66 6WHPPD *LXVWLQLDQL 5Y 6 ā 9,1&(17,2 ā 0 ā $ ā )91 ā (;7 /D IDFFLDWD GHO PRQDVWHUR DOO¶HVHUJR $ 0'&;;,, 5DUD 6SO %LQDVFR
&KLHVD GHL 6DQWL *LRYDQQL %DWWLVWD H 6WHIDQR 0HGDJOLD $9 J PP RSXV DXWRUH VFRQRVFLXWR /D IDFFLDWD GHOOD FKLHVD 5Y &+,(6$ '(, 66 *,29$11, %$77,67$ ( 67()$12 352720$57,5( %,1$6&2 VX FLQTXH ULJKH )GF
%RORJQD
*LXOLR 6DFFKHWWL FDUGLQDOH 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHOOD &KLHVD GHO %XRQ *HV LQ %RORJQD RSXV DXWRUH VFRQRVFLXWR ,9/,96 &$5' ā 6$&&+(7796 ± %21 ā /(*$796 '( /$7(5( %XVWR D V 5Y 7(03/90 %21, ā ,( ± 696 $ )91' ā 5((' ā , ā ) ± 1 ā , ā 3LDQWD GHOOD FKLHVD GHO %XRQ *HV HQWUR OD TXDOH 95%$12 9,,, 5(*1$17( $112 6$/ 0'& ;;;,; 0XVHR &RVSLDQR SDJ 0XVHL %UHVFLD 6SO
6DQWXDULR GHOOD 0DGRQQD GL 6DQ /XFD 0HGDJOLD J PP RSXV & &DULFHOOR H * )DQHOOL 9$6 ,16,*1( '(827,21,6 %XVWR QLPEDWR GHOOD %HDWD 9HUJLQH FRQ LO %DPELQR LQ EUDFFLR DOO¶HVHUJR 2SXV /XFĊ &DQFHOODULL 5Y 9,$6 0($6 (1817,$8, (7 (;$ 9HGXWD GHL SRUWLFL FKH FRQGXFRQR DOOD FKLHVD GHOOD %HDWD 9HUJLQH GL 6DQ /XFD DOO¶HVHUJR - % IDQHOOL ± &İSWXP 5DUD )RUDWD 6SO %RVFRPDUHQJR
3LR 9 $QWRQLR 0LFKHOH *KLVOLHUL 0HGDJOLD DQQR 9, GRUDWR J PP 3HU OD FRQVDFUD]LRQH GHOOD FKLHVD GL 6DQWD &URFH D %RVFRPDUHQJR RSXV *LDQIHGHULFR %RQ]DJQL 3,96 9 3217 237 0$; $112 9, %XVWR D V FRQ FDPDXUR H PR]]HWWD VRWWR QHO JLUR ) 3 5Y %26&+(1 6$1&7( &58&,6 25',1,6 35$(',&$72590 )DFFLDWD GHOOD FKLHVD GL 6DQWD &URFH D %RVFRPDUHQJR DOO¶HVHUJR 0 ' /;;, 0RGHVWL 0ROWR UDUD /LHYH WUDFFLD GL DSSLFFDJQROR DOOH RUH DOWULPHQWL T 6SO
&DVWHO *DQGROIR
$OHVVDQGUR 9,, )DELR &KLJL 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD FKLHVD GL 6DQ 7RPPDVR GL 9LOODQRYD RSXV *DVSDUH 0RURQH 0ROD $/(;$1 ā 9,, ā 3217 ā 0$; ā $ ā ,,,, %XVWR D G FRQ FDPDXUR H PR]]HWWD VRWWR QHO JLUR 0'&/9,,, ā *0 ā 5Y ',/(;, ā '20,1( ā '( ± &25(0 ā '2096 ā 79 /D IDFFLDWD GHOOD FKLHVD DOO¶HVHUJR 6 1,&2/$2ā 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD 3LFFROR IRUR GL VRVSHQVLRQH 6SO
0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD FKLHVD GL 6DQ 7RPPDVR GL 9LOODQRYD RSXV *DVSDUH 0RURQH 0ROD $/(;$1 ā 9,, ā 3217 ā 0$; ā $ ā ,,,, %XVWR D G FRQ FDPDXUR H PR]]HWWD VRWWR QHO JLUR 0'&/9,,, ā *0 ā 5Y ',/(;, ā '20,1( ā '( ± &25(0 ā '2096 ā 79 /D IDFFLDWD GHOOD FKLHVD DOO¶HVHUJR 6 1,&2/$96ā 0RGHVWL 0ROWR 5DUD T 6SO
&DWDQLD
&DWWHGUDOH GL 6DQW¶$JDWD 0HGDJOLD $9 J PP 3HU LO ;9,, FHQWHQDULR GHO PDUWLULR GL 6DQW¶$JDWD RSXV &DUPHOR )ORULR 3(5 0( &,9,7$6 &$7$1(16,80 68%/,0$785 $ &+5,672 ,O UHOLTXDULR GL 6DQW¶$JDWD FKH FRQVHUYDVL QHOOD FDWWHGUDOH VRWWR & )/25,2 5Y ;9,, ā &(17(1$5,2 ā '(/ ā 0$57,5,2 ā ', ā 6 ā $*$7$ 9HGXWD SURVSHWWLFD GHOOD FDWWHGUDOH FRQ D G XQ DQJLROHWWR LQ YROR 6RWWR ± H QHO JLUR &,77$¶ ', ± &$7$1,$ 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR )GF &HUQREELR
&KLHVD GL 6DQWR 6WHIDQR 0HGDJOLD $9 J PP 3HU LO TXDUWR FHQWHQDULR GHOOD FKLHVD RSXV DXWRUH VFRQRVFLXWR 6 67()$12 352720$57,5( ,O VDQWR QLPEDWR VHGXWR VX QXEL LQQDO]D OH PDQL DO FLHOR 5Y 3$552&&+,$ ', 3,$==$ 6 67()$12 &(512%%,2 /D FKLHVD GL 6DQWR 6WHIDQR FRQ VXOOR VIRQGR FLPD GL PRQWDJQD VRWWR QHO JLUR ā ā ā )GF
&RGLJRUR
$EED]LD GL 3RPSRVD 0HGDJOLD $9 J PP 3HU LO ,; FHQWHQDULR GHOO¶HGLILFD]LRQH GHOOD WRUUH FDPSDQLOH RSXV DXWRUL GHJOL VWDELOLPHQWL -RKQVRQ GL 0LODQR 6$&5 320326,$1 7855,6 $% ± ',),&$7,21( $112 121*(17(6,02 /¶DEED]LD GL 3RPSRVD FRQ LQ SULPR SLDQR OD WRUUH FDPSDQLOH DL ODWL ± 5Y )5$758 ā 32326,* ā ),/, ā 0,6(5(5( ā 0$5,( ā 5LSURGX]LRQH GL DQWLFKH LPPDJLQL UHODWLYH DOO¶DEED]LD 0RGHVWL )GF
&RPR
6DQWXDULR GHO 6DQWLVVLPR &URFLILVVR GHOO¶$QQXQFLDWD 0HGDJOLD $9 J PP 3HU LO ,9 FHQWHQDULR GHO PLUDFROR RSXV &DUOR H /XLJL 5LJROD PRQXPHQWLVWL H /XLJL 0HD]]D LQFLVRUH 66 &52&,),662 ', &202 9ROWR GL *HV FURFLILVVR D G QHO JLUR 5,*2/$ 021 0($==$ ,1& 5Y ,9 &(17(1$5,2 ± '(/ 0,5$&2/2 9HGXWD GHO VDQWXDULR DOO¶HVHUJR $112 0&0;;,; )GF )LHVROH
)LOLSSR 1HUL $OWRYLWL YHVFRYR 0HGDJOLD J PP RSXV 0 6ROGDQL 3+,/,3396 1(5,96 $/729,7$ (3,6&2396 )(69/$196 %XVWR D G FRQ PR]]HWWD H EHUHWWLQR VRWWR LO WDJOLR 0 6 ) 5Y )(69/$190 (3,6&23,90 )/25(17,$( $9*(7 (7 251$7 3URVSHWWR GHOOD FKLHVD GL 6 0DULD LQ &DPSR D )LUHQ]H DGLDFHQWH DO SDOD]]R YHVFRYLOH DOO¶HVHUJR 0'&/;;;9 9DQQHO 7RGHUL 5DUD 6SO )LUHQ]H
%DVLOLFD GL 6DQWD 0DULD GHO )LRUH 0HGDJOLD J PP (VHPSODUH FHOHEUDWLYR GHO SLWWRUH )HGHULFR =XFFDUL TXDOH GHFRUDWRUH GHOO¶LQWHUQR GHOOD EDVLOLFD RSXV 3DVWRULQR GH¶3DVWRULQL )('(5,&96 ± =9&&$596 %XVWR GL )HGHULFR =XFFDUL D G 5Y 7(13 )5$1& 0(' 0$* '9; (7595, 6SDFFDWR GHOOD FXSROD FKH ODVFLD LQWUDYHGHUH OH GHFRUD]LRQL LQWHUQH VRWWR 3,1;,7 HQWUR FRUQLFH 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD )RUR 6SO
*LDPEDWWLVWD 0LFKHOR]]L DUFKLWHWWR H VFXOWRUH 0HGDJOLD J PP 3HU O LQL]LR GHOOD FRVWUX]LRQH GHOO DOWDUH PDJJLRUH H GHOOD WULEXQD GHOOD FKLHVD GL 6DQWR 6SLULWR RSXV DXWRUH VFRQRVFLXWR ,2$11(6 %$3 0,&+(/2&7,96 6(1 ā )/ %XVWR D V 5Y 79$ 6,& 6(5 25 2 091(5$ '(96 /¶DOWDUH 0DJJLRUH GHOOD &KLHVD GL 6DQWR 6SLULWR VRWWR QHO JLUR )XVLRQH SRVWXPD 6SO
*LRYDQQL 0DULD %DOGLJLDQL 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOO¶DEED]LD RSXV $QWRQLR 0RQWDXWL 3 ,2$11(6 0$5,$ %$/',*,$1, 62& ,(6 %XVWR D G VRWWR QHO JLUR 0217$9796 )$& 5Y 6,&97 ± 0216 6,21 3URVSHWWR GHOO¶$EED]LD GL 6DQ 0LQLDWR DO 0RQWH 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD )RUR 6SO
&DWWHGUDOH GL 6DQWD 0DULD GHO )LRUH 0HGDJOLD $5 J PP 3HU LO FRPSOHWDPHQWR GHOOD EDVLOLFD RSXV /XLJL *LRUJL )$&&,$7$ ', 6 0$5,$ '(/ ),25( ', ),5(1=( /D )DFFLDWD GHOOD EDVLOLFD DOO¶HVHUJR ,1&20,1&,$7$ ± &203,87$ ± 6RWWR / *,25*, ,1& 5Y $/$&5, $1,02 &DPSR YXRWR GD GHGLFDUVL UDFFKLXVR HQWUR FRURQD IRUPDWD GD GXH UDPL GL IRJOLH GL TXHUFLD 0RGHVWL 3DWLQD GL PHGDJOLHUH 6SO
%DVLOLFD GL 6DQWD 0DULD GHO )LRUH 0HGDJOLD $5 J PP 3HU OR VFRSULPHQWR GHOOD IDFFLDWD GHO 'XRPR GL )LUHQ]H RSXV /XLJL *LRUJL 6&235,0(172 '(//$ )$&&,$7$ '(/ '8202 /D IDFFLDWD GHO 'XRPR VRWWR QHO JLUR ;,, 0$**,2 0'&&&/;;;9,, H VRSUD / *,25*, ,1& 5Y 3(5&+( )266( 5,&25'$72 ,1 3(53(782 / $99(1,0(172 62/(11( '(// $57( '(//$ &,9,/7$ '(//$ )('( ,/ 081,&,3,2 ', ),5(1=( '(&5(7$9$ 48(67$ 0('$*/,$ 5DUD )GF )RQWH $YHOODQD
0RQDVWHUR DOOD 6DQWD &URFH 0HGDJOLD $9 J PP 3HU LO ,; FHQWHQDULR GHOOD PRUWH GL 6DQ 3LHU 'DPLDQL RSXV DXWRUH VFRQRVFLXWR ,; &(17(1$5,2 '(//$ 0257( ', 6 3,(5 '$0,$12 35,25( ', )217( $9(//$1$ ,O FDUGLQDOH QLPEDWR D G 6RWWR QHO JLUR ā ā 5Y « ,1 48(/ /2&2 )8¶ ,2 3,(752 '$0,$12« 9HGXWD GHO PRQDVWHUR VRWWR QHO JLUR 3$5$',62 ;;, )GF *HQRYD
&DWWHGUDOH GL 6 /RUHQ]R 0HGDJOLD $9 J PP 3HU OD FHOHEUD]LRQH GHOOD %HDWD 9HUJLQH H GHOOD FDWWHGUDOH RSXV DXWRUL GHJOL VWDELOLPHQWL -RKQVRQ GL 0LODQR (7 5(*( (26 /D %HDWD 9HUJLQH FRQ LO %DELQR LQ EUDFFLR VHGXWD VXOOH QXEL VRSUD GXH DQJHOL UHJJRQR FRURQD 5Y *(129$ &,77$¶ ', ± 0$5,$ 6$17,66,0$ 9HGXWD SURVSHWWLFD GHOOD FDWWHGUDOH LQ DOWR D V VWHPPD GL *HQRYD FRURQDWR H VRWWR 0'&;;;9,, $OO¶HVHUJR 0&0;9 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD T )GF
*URWWDPPDUH
&DPLOOD 3HUHWWL VRUHOOD GL SDSD 6LVWR 9 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD &KLHVD GL 6DQWD /XFLD D *URWWDPPDUH RSXV 'RPHQLFR 3RJJLQL &$0,//$ 3(5(77$ 6<;7, ā 9 ā 3 ā 0 ā 62525 ā %XVWR YHODWR D G VXO WDJOLR GHOOD VSDOOD ' 3 5Y 6$17$ /9&,$ ± $1 ā ' ā 0 ā ' ā /;;;; ā /D IDFFLDWD GHOOD FKLHVD $UPDQG , +LOO 3ROODUG 0ROWR UDUD T 6SO /RUHWR
,QQRFHQ]R ;, %HQHGHWWR 2GHVFDOFKL 0HGDJOLD DQQR ;,,, J PP 6DQWXDULR GHOOD 6DQWD &DVD RSXV DXWRUH VFRQRVFLXWR ,112& ā ;, ā ± ā 3217 ā 0 ā $1 ā ;,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD VRWWR QHO JLUR 520$ 5Y '2096 ā % ā 0 ā 9 ā /$95(7$1 9HGXWD GHO VDQWXDULR FRQ SHOOHJULQL LQ YLVLWD T 6SO
0HGDJOLD DQQR ;,,, J PP 6DQWXDULR GHOOD 6DQWD &DVD RSXV DXWRUH VFRQRVFLXWR ,112& ā ;, ā ± ā 3217 ā 0 ā $1 ā ;,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD VRWWR QHO JLUR 520$ 5Y '2096 ā % ā 0 ā 9 ā /$95(7$1 9HGXWD GHO VDQWXDULR FRQ SHOOHJULQL LQ YLVLWD )RUR 0%
0HGDJOLD J PP 6DQWXDULR GHOOD 6DQWD &DVD RSXV ) & ) ,112&(17,96 ā ;, ā 2'(6&$/&+96 ā 3217 %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD 6RWWR QHO WDJOLR GHOOD VSDOOD ) & ) 5Y '2096 ā % ā 0 ā 9 ā /$95(7$1 9HGXWD GHO VDQWXDULR FRQ SHOOHJULQL LQ YLVLWD 6SO
6DQWXDULR GHOOD 6DQWD &DVD 0HGDJOLD $9 J PP 3HU LO VHWWLPR FHQWHQDULR GHOO DUULYR GHOOD 6DQWD &DVD D /RUHWR RSXV )ORULDQR %RGLQL /D %HDWD 9HUJLQH VWDQWH FRQ LO %DPELQR LQ EUDFFLR VXOOR VIRQGR OD 6DQWD &DVD H DL ODWL %RGLQL ± 5Y 9,, &(17(1$5,2 /$8 ± 5(7$12 )DFFLDWD GHOOD EDVLOLFD GHOOD 6DQWD &DVD VXO SURVSHWWR ± H LQ EDVVR D V %2',1, )GF 0DFHUDWD
&KLHVD GL 6DQ )LOLSSR 1HUL 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHOOD FKLHVD H GHOO¶RUDWRULR GL 6DQ )LOLSSR 1HUL RSXV DXWRUH VFRQRVFLXWR '(6&(1'( '( &2(/2 ± +,(596$/(0 129$0 )DFFLDWD GHOOD FKLHVD VRWWR QHO JLUR /9 *5(*25,1, $5&+ H DL ODWL LQFLVR DO EXOLQR ' ā 3+,/,3 ā ± 1(5,2 5Y /HJHQGD VX GLHFL ULJKH 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD 6SO /D PHGDJOLD ULFRUGD OD SRVD GHOOD SULPD SLHWUD DYYHQXWD LO GLFHPEUH GHOOD FKLHVD 6 )LOLSSR 1HUL LQ 0DFHUDWD
0LODQR
)HGHULFR %RUURPHR FDUGLQDOH 0HGDJOLD 3E J PP 3HU OD IRQGD]LRQH GHOOD FKLHVD GL 6 $OHVVDQGUR 0DUWLUH RSXV DXWRUH VFRQRVFLXWR )('(5 %255 6 5 ( 3 &$5' $5&+ 0(' &/(0 9,,, 3 0 3+,/ ,,, +,63 5(* 3 /D IDFFLDWD GHOOD QXRYD FKLHVD FRQ DO FHQWUR OD ILJXUD GHO 6DQWR LQ DELWL GD JXHUULHUR DOO¶HVHUJR 0 ' & ,, 5Y &21*5( &/(5 5(* 6 3$9/, '(&2// 6 $/(;$1 0 (7 2 6$1&7,6 (PEOHPD RULJLQDULR GHL %DUQDELWL ;9,, VHF UDIILJXUDQWH 6DQ 3DROR GHFROODWR LQ DOWR QDVWUR VYROD]]DQWH FRQ LO PRWWR $1*/$',96 $OO¶HVHUJR VSDGD WURPED H UDPR GL SDOPD LQWUHFFLDWL H OHJDWL GD QDVWUR 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR )RUR 6SO
'XRPR GL 6DQWD 0DULD 1DVFHQWH 0HGDJOLD GRUDWR J PP 3HU LO VHWWLPR FHQWHQDULR GHOOD 9HQXWD O DUULYR GHOOD 6DQWD &DVD D /RUHWR RSXV VWDELOLPHQWL -RKQVRQ $OEHUR ILRULWR UHJJH QLGR G¶XFFHOOL VXOOR VIRQGR VROH UDJJLDQWH VX FXL q LQVFULWWR %21,7$7( '(/(&7$7 6RWWR D V QHO JLUR 6 -2+1621 5Y ,O GXRPR GL 0LODQR LQ DOWR ,/ ´352 )$0,/,$´ 1(/ ;;9 ', 9,7$ 0,/$1(6( ± 0ROWR UDUD T )GF 0LUDQGROD
$OHVVDQGUR , 3LFR SULQFLSH 0HGDJOLD J PP 3HU OD FKLHVD GL 6DQW¶$JRVWLQR RSXV DXWRUH VFRQRVFLXWR $/(;$1'(5 3,&96 35,1& 0,5$1' 0$5&+,2 &20 %XVWR FRUD]]DWR D V 5Y (7(51,7 7(03/2 '¶$9*967 (&&/ ' ',&$72 3URVSHWWR GHOOD FKLHVD FRQ FDPSDQLOH 0ROWR UDUD %% 0RGHQD
'XRPR GL 6DQ *HPLQLDQR 0HGDJOLD 3E J PP 3HU FHOHEUDUH OD ILQH GHOO¶HSLGHPLD GL FROHUD RSXV /XLJL 0DLRQL 6 *(0,1,$186 (3,6 (7 3$752186 087,1(16 %XVWR GHO 6DQWR D G QLPEDWR H FRQ SLYLDOH UHJJH LO PRGHOOR GHOOD FLWWj GL 0RGHQD DL ODWL GXH DQJHOL FKH UHJJRQR PLWULD H SDVWRUDOH $OO¶HVHUJR / 0 ) 5Y 35$(6(16 787(/$ 0'&&&;;;9, 3HUVRQLILFD]LRQH GHOOD FLWWj GL 0RGHQD FRQ FRURQD WXUULWD JHQXIOHVVD DFFDQWR DOOD FLWWj LQ DOWR D G LO 6DQWR SDWURQR EHQHGLFHQWH VX QXEL &RPDQGLQL SDJ 5DUD $SSLFFDJQROR VSH]]DWR 6SO
0RQWH %HULFR 6DQWXDULR GL
6DQWXDULR GHOOD 0DGRQQD GL 0RQWH %HULFR 0HGDJOLD $9 J PP 3HU LO 9 FHQWHQDULR GHOO¶DSSDUL]LRQH RSXV DXWRUH VFRQRVFLXWR 0&0;;;,,, $112 49,1*(17(6,02 (; 492 2%/$7 $ 6 )5$1&,6&$ 520$1$ $1*(/,& 6$/9$7,21,6 ',( 3,$ $& '9/&,$ /,0,1$ 69%,(5( 5Y 3URVSHWWR GHOO¶HQWUDWD SULQFLSDOH GHO VDQWXDULR )GF 0RQWH 3RU]LR &DWRQH
*UHJRULR ;,,, 8JR %RQFRPSDJQL 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHOOD FKLHVD GL 6DQ *UHJRULR 0DJQR RSXV /RUHQ]R )UDJQL GHWWR LO 3DUPHQVH *5(*25,96 ;,,, ā 3217 ā 237 ā 0$;,096 %XVWR D G FRQ SLYLDOH VRWWR ā /ā3$50ā 5Y 97)$09/9 ā 799 *5(* ā &216(59$5(',*1( ā )DFFLDWD GHOOD FKLHVD DOO¶HVHUJR 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD 6SO
*LRYDQQL %DWWLVWD %RUJKHVH SULQFLSH 0HGDJOLD J PP 3HU OD ULHGLILFD]LRQH GHOOD FKLHVD GL 6DQ *UHJRULR 0DJQR RSXV DXWRUH VFRQRVFLXWR ,2$11(6 %$37,67$ 35,1& %95*+(6,96 6WHPPD FRURQDWR H FLUFRQGDWR GHO FROODUH GHO 7RVRQ G¶RUR 5Y 6 3 *5(* 9,*,/$ 797(/ 12675 /D IDFFLDWD GHOOD QXRYD FKLHVD DOO¶HVHUJR 0'&/;9, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 6SO
5LPLQL
6LJLVPRQGR 3DQGROIR 0DODWHVWD VLJQRUH GL 5LPLQL H )DQR 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHO 7HPSLR PDODWHVWLDQR GL 5LPLQL RSXV 0DWWHR GH¶3DVWL ā 6,*,6091'96 3$1'9/)96 ā 0$/$7(67$ ā 3$1 ā ) ā %XVWR D V 5Y 35$(&/ ā $5,0,1, ā 7(03/90 ā $1 ā *5$7,$( ā 9 ā ) ā ,O 7HPSLR 0DOWHVWLDQR VHFRQGR LO SULPLWLYR SURJHWWR GL /HRQ %DWWLVWD $OEHUWL VRWWR QHO JLUR ā 0 ā &&&& ā / ā 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR )XVLRQH SRVWXPD T 6SO 5RFFD GL 3DSD
&KLHVD GL 6DQWD 0DULD $VVXQWD 0HGDJOLD $9 J PP RSXV DXWRUH VFRQRVFLXWR $ (15,&2 0$77(, /¶81,21( 820,1, ', $ & &21 $1,02 *5$72 5Y &(1752 ,17(51$=,21$/( 3,2 ;,, 9HGXWD GHO FHQWUR LQWHUQD]LRQDOH 3LR ;,, DOO¶HVHUJR ā3(5 91 021'2 0,*/,25(ā )GF 5RPD
3DROR ,, 3LHWUR %DUER 0HGDJOLD $5 J PP 3HU OD FRVWUX]LRQH GHOOD QXRYD DEVLGH GHOO¶DQWLFD EDVLOLFD YDWLFDQD RSXV &ULVWRIRUR GL *HUPDQLD 3$9/96 ā ,, ā 9(1(796 ā ā 3217 ā 0$; ā %XVWR D V FRQ SLYLDOH RUQDWR 5Y $112 &+5,6 ± 7, 0&&&&/;; +$6 ± $('(6 &21',',7 5DSSUHVHQWD]LRQH GHOO¶LQWHUQR GHOOD QXRYD DEVLGH GHOO¶DQWLFD EDVLOLFD YDWLFDQD DOO¶HVHUJR 520$ 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR )XVLRQH SRVWXPD 0LJOLRUH GL %%
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¶HODERUD]LRQH YHQQH DIILGDWD DOO¶DUWLVWD IHOWUHVFR GD *LXOLR ,, GRSR FKH LO SDSD HEEH FRQVXOWDWR LO SURUSLR DUFKLWHWWR GL ILGXFLD *LXOLDQR GD 6DQJDOOR H OD SRVD GHOOD SULPD SLHWUD SHU L ODYRUL GL FRVWUX]LRQH HYHQWR FKH TXHVWD PHGDJOLD FHOHEUD DYYHQQH LO DSULOH /¶LPSRUWDQ]D VWRULFD FKH LO VRJJHWWR GHO URYHVFLR ULYHVWH FRQVLVWH QHO IDWWR FKH GHO SURJHWWR GHO %UDPDQWH QRQ HVLVWRQR WHVWLPRQLDQ]H H SHUWDQWR QRWHYROH q LO YDORUH GRFXPHQWDOH GL TXHVWD EHOOLVVLPD PHGDJOLD
(SRFD GL 3LR 9 0HGDJOLD " J PP 3HU OD FKLHVD GL 6DQWD 6XVDQQD RSXV DXWRUH VFRQRVFLXWR )5$1& 0 59 3527 $5& &$5' 5967 3$75996 %XVWR D V 5Y 7(0325( 3,, 9 0(0 (7(51( )DFFLDWD GHOOD FKLHVD )RUR %%
*UHJRULR ;,,, 8JR %RQFRPSDJQL 0HGDJOLD $5 J PP 3HU OD FRVWUX]LRQH GHOOD FDSSHOOD JUHJRULDQD LQ 6DQ 3LHWUR RSXV /RUHQ]R )UDJQL GHWWR LO 3DUPHQVH *5(*25,96 ;,,, ā 3217 ā 237 ā 0$;,096 %XVWR D G FRQ SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD ā /ā3$50ā 5Y *5(*25,$1$ ā ' ā 1$ ± =, ā $1=(12 ā ',&$7$ ā /¶LQWHUQR GHOOD FDSSHOOD JUHJRULDQD LQ 9DWLFDQR 0RGHVWL &RQLR SRVWXPR 6SO
6LVWR 9 )HOLFH 3HUHWWL 0HGDJOLD DQQR , J PP 3HU ULFRUGDUH O¶HOH]LRQH DO 3RQWLILFDWR RSXV &RVWDQWLQR GH¶6HUYL 6,;796 ā 9 ā 3217 ā 0$; ā $1 ā , ā %XVWR D G FRQ SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD ā & ā 6 ā H QHO JLUR ā ā 5Y 9$'( )5$1 ā 5(3$5$ 6DQ )UDQFHVFR JHQXIOHVVR FRQ &URFHILVVR LQ PDQR VRUUHJJH FRQ OH VSDOOH XQD FKLHVD FKH FUROOD 0RGHVWL 5DUD %XRQ %%
0HGDJOLD DQQR ,, J PP 3HU ULFRUGDUH O¶HUH]LRQH GHOO¶REHOLVFR 9DWLFDQR RSXV 0LFKHOH %DOOD 6,;796 ā 9 ā 3217 ā 0$; ā $12 ā ,, %XVWR D G FRQ SLYLDOH VRWWR QHO JLUR ā ā 5Y 6$&5$ ā 3523+$ ± 1,6 ā 35 )(5(1' ā /¶REHOLVFR GL SLD]]D 6DQ 3LHWUR DOOD EDVH GHOO¶REHOLVFR 0 ± % &RQLR SRVWXPR 6SO
0HGDJOLD DQQR 9 $5 J PP 3HU ULFRUGDUH O¶HUH]LRQH GHOO¶REHOLVFR )ODPLQLR LQ SLD]]D GHO 3RSROR RSXV 1LQROz 'H %RQLV 6,;796 9 3217 0$; %XVWR D V FRQ SLYLDOH VRWWR QHO JLUR $1 9 5Y 0$5,( ā ' ā 323 ā 49$5790 ± $1 ā ,,,, ā (5(;,7 ā ± ā % ā /¶REHOLVFR HUHWWR LQ SLD]]D GHO 3RSROR VXOOR VIRQGR OD SRUWD GHO 3RSROR H OD EDVLOLFD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD 0LJOLRUH GL %%
0HGDJOLD DQQR 9 J PP 3HU ULFRUGDUH O¶HUH]LRQH GHOO¶REHOLVFR )ODPLQLR RSXV 0LFKHOH %DOOD 6,;796 ā 9 ā 3217 ā 0$; ā $12 ā 9 %XVWR D G FRQ SLYLDOH GHFRUDWR FRQ OD ILJXUD GL 6 3LHWUR VXO WDJOLR GHOOD VSDOOD ā 0 ā % ā 5Y 49$5790 ā $112 ± 49$572 ā (5(;,7 /¶REHOLVFR HUHWWR LQ SLD]]D GHO 3RSROR VXOOR VIRQGR O¶RPRQLPD SRUWD H OD EDVLOLFD GL 6 0DULD GHO 3RSROR 6RWWR DOOD EDVH GHOO¶REHOLVFR ± 0RGHVWL 5DUD &ROSHWWL VXO ERUGR DOWULPHQWL PLJOLRUH GL %%
0HGDJOLD DQQR 9, $5 J PP 3HU ULFRUGDUH LO SRQWLILFDWR GL 6LVWR 9 RSXV 1LFFROz 'H %RQLV H /RUHQ]R )UDJQL 6,;796 9 3217 0$; ± $1 9, %XVWR D V FRQ SLYLDOH VXO WDJOLR GHOOD VSDOOD ā 1, ā %21,6 ā 5Y 693(5 ā +$1& ā 3(75$0 ā 3URVSHWWR DQWHULRUH GHOOD EDVLOLFD GL 6DQ 3LHWUR DOO¶HVHUJR ā 520$ ā 0RGHVWL 0ROWR UDUD T 6SO
3DROR 9 &DPLOOR %RUJKHVH 0HGDJOLD DQQR , GRUDWR J PP 3HU OD SRVD GHOOD SULPD SLHWUD GHOOD &DSSHOOD 3DROLQD LQ 6DQWD 0DULD 0DJJLRUH RSXV $PEURJLR %XRQYLFLQR 3$9/96 ā 9 ā %95*+(6,96 ā 520$196 ā 3217 ā 0$; ā $ ā 6 ā 0 ā '& ā 9 ā 3217 , %XVWR D G FRQ SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD $0% % 5Y %($7,66 ā 0$5, ā 6(03 ā 9,5*,1, ā 6$&(//90 ā $)91'$0(17,6 ā (5(;,7 ,O SURVSHWWR HVWHUQR GHOOD &DSSHOOD 3DROLQD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DULVVLPD 7LUDWXUD GL HVHPSODUL %%
0HGDJOLD DQQR ,, J PP 3HU OD &DSSHOOD 3DROLQD LQ 6DQWD 0DULD 0DJJLRUH RSXV *LRUJLR 5DQFHWWL ā 3$9/96 ā 9 ā 3217 ā 0$; ā $ ā ,, %XVWR D V FRQ SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD * 5 5Y &203/($7ā*/25,$ā0$5, ā'2090 ± ,67$0ā 3URVSHWWR GHOOD FDSSHOOD 3DROLQD LQFRPSLXWD 0RGHVWL &RQLR SRVWXPR T 6SO
0HGDJOLD DQQR ,, $5 GRUDWR J PP 3HU OD &DSSHOOD 3DROLQD LQ 6DQWD 0DULD 0DJJLRUH RSXV /HRQDUGR %HQYHQXWL 3$9/96 ā 9 ā ± ā 3 ā 0$; ā $ ā ,, %XVWR D V FRQ SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD /(21$ %(19(187, H QHO JLUR ā 0 ā ' ā & ā 9, 5Y &203/($7ā*/25,$ā0$5, ā'2090 ±ā,67$0ā 3URVSHWWR GHOOD FDSSHOOD 3DROLQD LQFRPSLXWD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD %XRQ %%
0HGDJOLD DQQR ,,, IXVR J PP 3HU OD SRVD GHOOD SULPD SLHWUD GHOOD IDFFLDWD GL 6DQ 3LHWUR RSXV 3DROR 6DQTXLULFR 3$9/96 9 %95*+(6,96 52 3217 0$; $ 6 0 '& 9,,, 3217 ,,, %XVWR D G FRQ SLYLDOH RUQDWR GD ILJXUD GL 6DQ 3LHWUR VRWWR 3 6$149,5,& 5Y 7(0 ' 3(75, ± ,1 9$7,&$12 /D IDFFLDWD GHOOD EDVLOLFD GL 6DQ 3LHWUR DOO¶HVHUJR (7 3257$( ,1)(5, 121 35$(9$/(%917 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD %XRQ %%
0HGDJOLD DQQR 9,,, $5 J PP 3HU OD FRVWUX]LRQH GHOOD &DSSHOOD 3DROLQD LQ 6DQWD 0DULD 0DJJLRUH RSXV *LDFRPR $QWRQLR 0RUR 3$9/96 ā 9 ā 3217 ā 0$; ā $1 ā 9,,, %XVWR D V FRQ SLYLDOH RUQDWR VRWWR QHO WDJOLR GHOOD VSDOOD , $ 025 5Y '(, *(1,75,&, ± 6(03(5 9,5*,1, 9HGXWD GHOOD FDSSHOOD 3DROLQD DOO¶HVHUJR 0 '& ;,, 0RGHVWL HVHPSODUL FRQLDWL 0ROWR UDUD 0LJOLRUH GL %%
0HGDJOLD DQQR ,; $5 J PP 3HU LO FRPSOHWDPHQWR GHOOD IDFFLDWD GHOOD EDVLOLFD 9DWLFDQD RSXV *LDFRPR $QWRQLR 0RUR 3$9/96 ā 9 ā 3217 ā 0$; ā $1 ā 9,,,, %XVWR D V FRQ SLYLDOH RUQDWR VRWWR QHO WDJOLR GHOOD VSDOOD , $ 025, 5Y ,1 ā +2125(0 ā 35 ± ,1&,3,6 ā $3267 ā 3URVSHWWR GHOOD IDFFLDWD GHOOD EDVLOLFD 9DWLFDQD FRQ L GXH FDPSDQLOL ODWHUDOL DOO¶HVHUJR (7 ā 3257 ā ,1), ā 12 39$/(%97ā %DUWRORWWL ( D &RQLR SRVWXPR 0LJOLRUH GL 6SO
0HGDJOLD DQQR ,; $5 J PP 6WDWXD GHOOD %HDWD 9HUJLQH GDYDQWL 6DQWD 0DULD 0DJJLRUH RSXV *LDFRPR $QWRQLR 0RUR 3$9/96 ā 9 ā 3217 ā 0$; ā $1 ā 9,,,, %XVWR D V FRQ SLYLDOH RUQDWR VRWWR QHO WDJOLR GHOOD VSDOOD , $025, 5Y ,1 ā 35279, ā 120 ± ,1,6 ā */25,$ ā /D FRORQQD GHOOD SDFH GDYDQWL DOOD EDVLOLFD OLEHULDQD 0RGHVWL 5DUD &RQLR SRVWXPR T 6SO
0HGDJOLD DQQR ;, J PP 7XPXOD]LRQH GHOOH RVVD GL 6 $JQHVH H 6 (PHUHQ]LDQD RSXV *LDFRPR $QWRQLR 0RUR 3$9/96 ā 9 ā %95*+(6,96 ā 52 ā 3217 ā 0$; ā $ ā ;, %XVWR D G FRQ SLYLDOH RUQDWR VRWWR QHO JLUR $1 0'&;9 5Y 66 ā $*1(7,6 ā (7 ā (0(5(17, ā 266$ ā 3DROR 9 DVVLVWLWR GD SUHODWL GL IURQWH O¶DOWDUH GHOOD &KLHVD GL 6 $JQHVH EHQHGLFH OH RVVD GHOOH GXH VDQWH VXOOD WUDEHD]LRQH GHOO¶DOWDUH 3$9/96 9 3 0 H DOO¶HVHUJR +2125,),&$7$ %DUWRORWWL ( 0RGHVWL 0ROWR UDUD )RUR T 6SO
0HGDJOLD DQQR ;,,, J PP 3HU OD FRVWUX]LRQH GHOOD FDSSHOOD GHOOD &RQIHVVLRQH QHOOD EDVLOLFD YDWLFDQD RSXV *LDFRPR $QWRQLR 0RUR 3$9/96 9 %95*+(6,96 52 3217 0$; %XVWR D G FRQ SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD $1 ;,,, 5Y 6$&5$ % )(75, ā &21)(6 ± 6,2 (;251$7$ /D &DSSHOOD GHOOD &RQIHVVLRQH %DUWRORWWL ( 0RGHVWL 0$ &RQLR SRVWXPR 6SO
0HGDJOLD DQQR ;9, GRUDWR J PP 3HU OD IRQGD]LRQH GHOOD &DSSHOOD 3DROLQD DO 4XLULQDOH RSXV *LDFRPR $QWRQLR 0RUR 3$9/96 9 %95*+(6,96 52 3 0$; %XVWR D G FRQ SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD , $025, H QHO JLUR $1 ā ;9, 5Y 6$&(//90 ā ,1 ā ± 3$/$7,2 ā 49,5,1 3URVSHWWR GHO SRUWDOH GHOOD FDSSHOOD 3DROLQD DO 4XLULQDOH DOO¶HVHUJR ā $ ā 0 ā '& ā ;,; %DUWRORWWL FIU SDJ 6SO
8UEDQR 9,,, 0DIIHR %DUEHULQL 0HGDJOLD J PP 3HU LO UHVWDXUR GHOOD &KLHVD GL 6 %LELDQD D 5RPD RSXV *DVSDUH 0RURQH 0ROD 95%$196 9,,, 3217 0$; $ ;, %XVWR D G FRQ SLYLDOH RUQDWR VXO WDJOLR GHOOD VSDOOD * 02/2 H VRWWR QHO JLUR 0'& ;;;,,,, 5Y $('(6 ā 6 ā %,%,$1$( ± 5(67,797$ ā (7 ā 251 3URVSHWWR GHOOD IDFFLDWD GHOOD FKLHVD GL 6 %LELDQD DOO¶HVHUJR 520$( %DUWRORWWL ( 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR &RQLR SRVWXPR )GF
6XFFHVVLYDPHQWH DO ULWURYDPHQWR GHL UHVWL PRUWDOL GHOOD 6DQWD QHO LO SRQWHILFH GHFLVH GL IDU ULFRVWUXLUH O¶DQWLFKLVVLPD FKLHVD ULVDOHQWH DO G & H QH DIILGz LO SURJHWWR D *LDQ /RUHQ]R %HUQLQL LO TXDOH UHDOL]]z DQFKH XQD EHOOLVVLPD VWDWXD GHOOD PDUWLUH FULVWLDQD FRQVHUYDWD QHOOD FKLHVD
0HGDJOLD DQQR ;9, $5 J PP 3HU LO UHVWDXUR GHO %DWWLVWHUR QHOOD EDVLOLFD GL 6 *LRYDQQL LQ /DWHUDQR RSXV *DVSDUH 0RURQH 0ROD 95%$196 ā 9,,, ā 321 ā 0$; ā $ ā ;9 %XVWR D G FRQ SLYLDOH RUQDWR VRWWR QHO JLUR *$6 02/ ā 0'& ;;;9,,,, 5Y 251$72 &2167 /$9 ± $&52 (7 ,167$95$72 ,QWHUQR GHO EDWWLVWHUR GL &RVWDQWLQR QHOOD EDVLOLFD GL 6DQ *LRYDQQL LQ /DWHUDQR DOO¶HVHUJR 520$( 3DWULJQDQL ;9, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR &RQLR SRVWXPR T )GF
,QQRFHQ]R ; *LRYDQQL %DWWLVWD 3DPSKLOM 0HGDJOLD DQQR ,,, $5 J PP 3HU ULFRUGDUH OD ULHGLILFD]LRQH GHOOD EDVLOLFD GL 6 *LRYDQQL LQ /DWHUDQR RSXV *DVSDUH 0RURQH 0ROD ,112&(17,96 ā ; ā 321 ā 0$; %XVWR D G FRQ SLYLDOH RUQDWR VRWWR LO WDJOLR GHOOD VSDOOD ā $1 ā ,,, ā *0 5Y '(&25 '2 ± 096 '20,1, 6H]LRQH SURVSHWWLFD GHOOD EDVLOLFD GL 6DQ *LRYDQQL LQ /DWHUDQR DOO¶HVHUJR 0'&;/9,, %DUWRORWWL ( &RQLR SRVWXPR )GF
0HGDJOLD DQQR ,9 $5 J PP 3HU ULFRUGDUH OH RSHUH LQWHUQH H OH GHFRUD]LRQL HVHJXLWH QHOOD EDVLOLFD GL 6DQ 3LHWUR LQ 5RPD RSXV *DVSDUH 0RURQH 0ROD ,112&(1 ā ; ā 321 ā 0$; ā $ ā ,,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD VXO WDJOLR GHOOD VSDOOD * 0 5Y 9$7,&$1,6 6$&(//,6 ± ,16,*1,7,6 ,QWHUQR GHOOD EDVLOLFD GL 6 3LHWUR %DUWRORWWL ( 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR &RQLR SRVWXPR 3DWLQD GL PHGDJOLHUH T )GF
0HGDJOLD DQQR ; $5 J PP 3HU ULFRUGDUH OH RSHUH GL VLVWHPD]LRQH GHOOD QXRYD &KLHVD GL 6DQWD $JQHVH RSXV *DVSDUH 0RURQH 0ROD ,112&(1 ā ; ā 3217 ā 0$; ā $ ā ; %XVWR D V VRWWR QHO JLUR * 0 5Y ' ā $*1(7, 9,5*,1, ± (7 0$57 ā 6$&590 3URVSHWWR DQWHULRUH GHOOD &KLHVD GL 6DQW¶$JQHVH VHFRQGR LO SURJHWWR GHL 5DLQDOGL %DUWRORWWL ( 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 6SO
$OHVVDQGUR 9,, )DELR &KLJL 0HGDJOLD DQQR ,, J PP 3HU OD YLVLWD GL &ULVWLQD GL 6YH]LD D 5RPD RSXV *DVSDUH 0RURQH 0ROD $/(;$1 ā 9,, ā 3217 ā 0$; ā $ ā ,, %XVWR D G FRQ FDPDXUR H PR]]HWWD VRWWR QHO JLUR 0'&/9, ā *0 5Y )(/ ā )$96 ā 4 ā ,1*5(6ā /¶LQJUHVVR LQ FLWWj GD SRUWD )ODPLQLD %DUWRORWWL ( 0RGHVWL 5DUD 6SO
0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHO FRORQQDWR HVWHUQR GHOOD EDVLOLFD YDWLFDQD RSXV *DVSDUH 0RURQH 0ROD 9$7,&$1, ā 7(03/, ā $5($ ā 3257,&,%96 ā 251$7$ ā %XVWR D G FRQ FDPDXUR H PR]]HWWD VRWWR LO WDJOLR GHOOD VSDOOD ā ā *0 ā H VRWWR QHO JLUR $/(; ā 9,, ā 3 ā 0 ā 5Y 9HGXWD GHOOD EDVLOLFD YDWLFDQD FRQ LO VXR FRORQQDWR HVWHUQR FRPSUHQVLYR GHO WHU]R EUDFFLR SRL QRQ FRVWUXLWR VRWWR )91'$0(17$ ā (,96 ā ,1 ā 0217,%96 ā 6$1&7,6 HQWUR FDUWHOOD 3DWULJQDQL ,,, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD 6SO
0HGDJOLD DQQR ,9 $5 J PP 3HU OD UHDOL]]D]LRQH GHOOD QXRYD IDFFLDWD GL 6DQWD 0DULD GHOOD 3DFH RSXV *DVSDUH 0RURQH 0ROD $/(;$1 ā 9,, ā 3217 ā 0$; %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR QHO JLUR $ ,9 ± *0 5Y '$ 3$&(0 '20,1( ,1 ',(%96 12675,6 /D QXRYD IDFFLDWD GL 6DQWD 0DULD GHOOD 3DFH %DUWRORWWL ( *UDIILHWWL DO GU DOWULPHQWL PLJOLRUH GL %%
0HGDJOLD DQQR 9 $5 J PP 3HU OD FKLHVD GL 6DQ 7RPPDVR GL 9LOODQRYD RSXV *DVSDUH 0RURQH 0ROD $/(; ā 9,, ā 3217 ā ± 0$; ā $ ā 9 %XVWR D V FRQ FDPDXUR H SLYLDOH RUQDWR VXO WDJOLR GHOOD VSDOOD *0 5Y 7+20 $5&+ ā 9$/(17ā ± ,17(5 6$1&7 ā 5(/$72 3URVSHWWR DQWHULRUH GHOOD FKLHVD GL 6DQ 7RPPDVR D &DVWHOJDQGROIR DOO¶HVHUJR 0'&/,; %DUWRORWWL ( D 5DUD 3DWLQD GL PHGDJOLHUH EXRQ %%
0HGDJOLD DQQR 9,,, J PP 3HU OD FRVWUX]LRQH GHOOD QXRYD IDFFLDWD GHOOD FKLHVD GL 6DQWD 0DULD LQ 9LD /DWD RSXV *DVSDUH 0RURQH 0ROD $/(;$1'(5 ā 9,, ± 3217 ā 0$; ā %XVWR D V FRQ WULUHJQR H SLYLDOH RUQDWR VRWWR QHO JLUR $1 ā 9,,, 5Y ā 9,5*,1,6 '( Dz 3$9/, ± +263,7,2 (;251$7,6 /D QXRYD IDFFLDWD GHOOD FKLHVD DOO¶HVHUJR 520 3DWULJQDQL 9,,, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR &RQLR SRVWXPR T )GF
0HGDJOLD DQQR 9,,, $5 J PP 3HU OD FKLHVD GL 6DQWD 0DULD LQ &DPSLWHOOL RSXV *DVSDUH 0RURQH 0ROD $/(;$1'(5 ā 9,, ± 3217 ā 0$; %XVWR D V FRQ WULUHJQR H SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD *0 H QHO JLUR $1 ā 9,,, 5Y ā ,00$&9/$7 ± 9,5*,1, ā 927 ā /D IDFFLDWD GHOOD FKLHVD DOO¶HVHUJR 520 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR &RQLR SRVWXPR T )GF
0HGDJOLD DQQR 9,,, J PP 3HU OD FRVWUX]LRQH GHOOH FKLHVH GL 6DQWD 0DULD GHL 0LUDFROL H GL 6DQWD 0DULD LQ 0RQWHVDQWR LQ SLD]]D GHO 3RSROR RSXV *LRDFFKLQR )UDQFHVFR 7UDYDQL $/(; ā 9,, ā 3217 ā ± 0$; ā $ ā 9,,, %XVWR D V FRQ WULUHJQR H SLYLDOH VRWWR QHO JLUR 5Y /¶REHOLVFR GL 3LD]]D GHO 3RSROR LQ SULPR SLDQR DO FHQWUR H DL ODWL OH GXH FKLHVH DOO¶HVHUJR 0'&/;,, 3DWULJQDQL 9,,, 0RGHVWL 5DUD )RUR GL VRVSHQVLRQH 6SO
0HGDJOLD DQQR 9,,, J PP 3HU OD FRVWUX]LRQH GHOOH FKLHVH GL 6DQWD 0DULD GHL 0LUDFROL H GL 6DQWD 0DULD LQ 0RQWHVDQWR LQ SLD]]D GHO 3RSROR RSXV *LRDFFKLQR )UDQFHVFR 7UDYDQL" $/(; ā 9,, ā 3217 ā ± 0$; ā $ ā 9,,, %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD 5Y /¶REHOLVFR GL 3LD]]D GHO 3RSROR LQ SULPR SLDQR DO FHQWUR H DL ODWL OH GXH FKLHVH DOO¶HVHUJR 0'&/;,, 5DUD 6SO
0HGDJOLD DQQR ;, $5 J PP 3HU OD FDQRQL]]D]LRQH GL )UDQFHVFR GL 6DOHV RSXV *DVSDUH 0RURQH 0ROD $/(;$1 ā 9,, ā 3217 ā ± 0$; ā $1 ā ;, %XVWR D V FRQ WLDUD H SLYLDOH RUQDWR 6RWWR LO WDJOLR GHOOD VSDOOD * ā 0 5Y %($72 )5$1&,6&2 (3,6&232 ,17(5 6$1&726 5(/$72 VX QDVWUR /¶DOWDUH PDJJLRUH LQ 6 3LHWUR H VXOOR VIRQGR LO SRQWHILFH LQ WURQR WUD L FDUGLQDOL 0LVHOOL &RQLR SRVWXPR 0LJOLRUH GL 6SO
0HGDJOLD DQQR ;,, J PP 3HU OD FKLHVD GL 6 $QGUHD GHOOD 9DOOH RSXV *DVSDUH 0RURQH 0ROD $/(;$1 ā 9,, ā 3217 ± 0$; ā $ ā ;,, %XVWR D V FRQ WULUHJQR H SLYLDOH RUQDWR VRWWR QHO JLUR * ā 0 5Y 6 $1'5( ± $32672/2 /D IDFFLDWD GHOOD FKLHVD GL 6 $QGUHD GHOOD 9DOOH DOO¶HVHUJR 520 3DWULJQDQL ;,, 0LVHOOL &RQLR SRVWXPR 6SO
0HGDJOLD DQQR ;,, $5 J PP 3HU LO FRPSOHWDPHQWR GHO FRORQQDWR GL SLD]]D 6 3LHWUR RSXV *DVSDUH 0RURQH 0ROD $/(;$1 ā 9,, ā 3217 ± 0$; ā $ ā ;,, %XVWR D V FRQ WULUHJQR H SLYLDOH RUQDWR VRWWR QHO JLUR * ā 0 5Y 9HGXWD GL SLD]]D 6DQ 3LHWUR FRQ OD EDVLOLFD LO FRORQQDWR VHFRQGR LO SURJHWWR GHO %HUQLQL H DO FHQWUR O¶REHOLVFR FRQ OH GXH IRQWDQH DOO¶HVHUJR )91'$0(17$ (,96 ,1 0217,%96 6$1&7,6 3DWULJQDQL ;,, 0LVHOOL &RQLR SRVWXPR T )GF
&OHPHQWH ,; *LXOLR 5RVSLJOLRVL 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHOO¶DEVLGH HVWHUQD GHOOD EDVLOLFD OLEHULDQD R GL 6DQWD 0DULD 0DJJLRUH RSXV DWWULEXWLD D *LRDFFKLQR )UDQFHVFR 7UDYDQL $03/,$7$ ā %$6,/,&$ ā /,%(5,$1$ %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD VRWWR QHO JLUR GD V &/(0(16 ā ,; ā 3217 ā 0$; ā $1 ā 6$/ ā 0'&/;,; 5Y ',/,*,7 ā '20,196 ā '(&25(0 ā '2096 ā *(1,75,&,6 ā 69 /D IDFFLDWD SRVWHULRUH GHOOD EDVLOLFD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 6SO
&OHPHQWH ; (PLOLR $OWLHUL 0HGDJOLD DQQR 9 $5 J PP 3HU O¶LQGL]LRQH GHO *LXELOHR GHO RSXV *LRYDQQL +DPHUDQL &/(0(16 ; ± 3217 0$; $1 9 %XVWR D G FRQ WULUHJQR H SLYLDOH RUQDWR VRWWR QHO JLUR ,2 +$0(5$196 ) 5Y )/9(17 $'(90 201(6 *(17(6 9HGXWD SURVSHWWLFD GHOOD %DVLOLFD YDWLFDQD VRSUD DQJHOR LQ YROR VXRQD OD WURPED H SURWHQGH XQD EROOD LQ EDVVR LQ LQFXVR 3DWULJQDQL 9 0LVHOOL 5DUD $SSLFFDJQROR PLOJLRUH GL %%
,QQRFHQ]R ;, %HQHGHWWR 2GHVFDOFKL 0HGDJOLD DQQR , J PP 3HU L UHVWDXUL LQ 6DQWD PDULD 0DJJLRUH RSXV *LRYDQ %DWWLVWD *XJOLHOPDGD ,112&(17,96 ā ;, ā 3217 ā 0$; ā $ ā , ā %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD VRWWR QHO WDJOLR GHOOD VSDOOD , % *9*/,(/ ) 5Y 6$& ā %$6 ā 6 ā 0$5, ā 0$,25,6 /D IDFFLDWD SRVWHULRUH GHOOD EDVLOLFD OLEHULDQD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD &RQLR SRVWXPR T )GF
$OHVVDQGUR 9,,, 3LHWUR 2WWRERQL 0HGDJOLD $5 J PP (PLVVLRQH SRVWXPD GHOO¶DQQR SHU O¶HUH]LRQH GHO PRQXPHQWR IXQHEUH DG $OHVVDQGUR 9,,, QHOOD EDVLOLFD YDWLFDQD RSXV )HUGLQDQG GH 6DLQW 8UEDLQ $/(;$1'(5 ā 9,,, ā 277+2%2196 ā 9(1(796 ā 3217 ā 0$; %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD 5Y 3(7596 ā &$5' ā 277+2%2196 ā 6 ā 5 ā ( ā 9,&(&$1& ± $7592 ā 0$* ā %(1(0(5(17, ā 3269,7 ā 0'&& ,O PRQXPHQWR IXQHEUH HUHWWR QHOOD EDVLOLFD YDWLFDQD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD 6HJQL GL JUDIIDWXUD VXO ERUGR DOWULPHQWL T )GF
,QQRFHQ]R ;,, $QWRQLR 3LJQDWHOOL 0HGDJOLD DQQR ,, GRUDWR J PP 3HU OD WUDVIRUPD]LRQH GHO SDOD]]R /DWHUDQR LQ RVSL]LR SHU L SRYHUL H JOL LQYDOLGL RSXV DWWULEXLWD D 3HWHU 3DXO %RUQHU ,112&(17,96 ;,, 3217 237,0 0$;,0 %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD VRWWR QHO JLUR $1 ,, 5Y ,O 3DOD]]R /DWHUDQR O¶REHOLVFR ODWHUDQHQVH H OD SDUWH ODWHUDOH GHOOD EDVLOLFD LQ DOWR VX QDVWUR VYROD]]DQWH (&(126 ā 9$*264 ā ,1'9& ā ,1'2090 ā 79$0 ā 96$,6v 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD 6SO
0HGDJOLD J PP 3HU OD FKLHVD GHOO¶(XFDULVWLD D %ROVHQD RSXV DXWRUH VFRQRVFLXWR ,112&(17,96 ;,, 91,9(56$(&&/(6 3217 0$; 6$996 &$5' 0,//,196 95%(9(7 (&&/(6 (3,6& 3LDQWD GHOOD FKLHVD VRWWR DUPHWWD FDUG 0LOOLQR 5Y 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH WUD GXH UDPL GL SDOPD VRWWR ,1 ± (7 ,112&(17,$ ± 6$3,(1=,$ )91'$7$ $112 '1, 0'&;&,,, '( 0(16( ,91,, ,1 7(55$ ± 99/6,1,, 3DWULJQDQL ,, 5DUD 6SO
&OHPHQWH ;, *LRYDQQL )UDQFHVFR $OEDQL 0HGDJOLD $5 J PP 3HU OD ULHGLILFD]LRQH GHOOD EDVLOLFD GHL 6DQWL GRGLFL $SRVWROL RSXV (UPHQHJLOGR +DPHUDQL &/(0 ;, ā ± ā 3217 237 0 %XVWR D G FRQ OD PDQR EHQHGLFHQWH FRQ WULUHJQR SLYLDOH VRWWR +$0(5$1, 5Y $9;,/,9 0 ā 0 ( ± 9 0 ā $ ā '20,12 3LDQWD GHOOD EDVLOLFD VHFRQGR LO QXRYR SURJHWWR GHOO¶DUFKLWHWWR &DUOR )RQWDQD DOO¶HVHUJR 129$ ā %$6,/,&$ 66 ;,, ā $3267 0'&&,, 3DWULJQDQL ,, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR $SSLFFDJQROR G¶HSRFD %HOOD SDWLQD GL PHGDJOLHUH PLJOLRUH GL %%
0HGDJOLD DQQR ;9,,, $5 J PP 3HU ULFRUGDUH OH RSHUH HVHJXLWH QHOOD EDVLOLFD GL 6DQ *LRYDQQL LQ /DWHUDQR RSXV (UPHQHJLOGR +DPHUDQL &/(0(16 ;, ± 3217 0 $ ;9,,, %XVWR D G FRQ WULUHJQR H SLYLDOH VRWWR QHO WDJOLR GHOOD VSDOOD ( ā +$0(5$1, ā ) ā 5Y 693(5 ā )91'$0(1790 ā $32672/25 ā (7 ā 3523+(7 /D &KLHVD YHODWD H QLPEDWD D V LQGLFD OD EDVLOLFD GL 6DQ *LRYDQQL LQ /DWHUDQR D G GXH DQJHOL UHJJRQR &URFH /HJJL H 9DQJHOR DSHUWR $OO¶HVHUJR &2167$17,1, %$6,/,&$ 67$79,6 ā (7 ā 3,&795 251$7$ %DUWRORWWL ( 0ROWR UDUD T 6SO
%HQHGHWWR ;,,, 3LHWUR )UDQFHVFR 2UVLQL 0HGDJOLD DQR ,9 $5 J PP 3HU LO FRPSOHWDPHQWR GHOO¶2VSHGDOH GL 6DQ *DOOLFDQR H GHOOD FRQVDFUD]LRQH GHOOD FKLHVD GL 6 0DULD H 6 *DOOLFDQR RSXV (UPHQHJLOGR +DPHUDQL %(1(' ā ;,,, ā ± 3 ā 0 ā $ ā ,9 ā %XVWR EHQHGLFHQWH D V FRQ FDPDXUR PR]]HWWD H VWROD 5Y &25 ā 1267590 ā ',/$7$790 ā (67 3URVSHWWR DQWHULRUH GHOO¶2VSHGDOH GL 6 *DOOLFDQR DOO¶HVHUJR 6 ā 0$5, ā (7 ā 6 ā *$//,&$ 1, ā 1262&20,90 %DUWRORWWL ( 5DUD T 6SO
&OHPHQWH ;,, /RUHQ]R &RUVLQL 0HGDJOLD DQQR ,,, $5 J PP 3HU OD FRVWUX]LRQH GHOOD ´&DSSHOOD &RUVLQL´ DOO¶LQWHUQR GHOOD EDVLOLFD ODWHUDQHQVH RSXV 2WWRQH +DPHUDQL &/(0(16 ā ;,, ± 3217 ā 0$; ā $1 ā ,,, %XVWR D G FRQ WULUHJQR H SLYLDOH RUQDWR EHQHGLFHQWH 5Y 6$&(//2 ā ,1 ā /$7(5$1(1 ā %$6,/ ± 6 ā $1'5( ā &256,1,2 ā ',),&$72 /¶LQWHUQR GHOOD EDVLOLFD FRQ OD FDSSHOOD GHGLFDWD D 6DQW¶$QGUHD &RUVLQL DOO¶HVHUJR $ā6ā &,&,& &&;;;,,, 2 OXSD + 3DWULJQDQL D 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD &ROSHWWR DOOH RUH H DOOH RUH GHO GU DOWULPHQWL EHOO¶HVHPSODUH FRQ SDWLQD LULGHVFHQWH 6SO
0HGDJOLD DQQR ,,, $5 J PP 3HU OD FRVWUX]LRQH GHO QXRYR SRUWLFR GHOOD %DVLOLFD /DWHUDQHQVH RSXV 2WWRQH +DPHUDQL &/(0(16 ā ;,, ± 3217 ā 0$; ā $1 ā ,,, %XVWR D G EHQHGLFHQWH FRQ WULUHJQR H SLYLDOH RUQDWR GD ILJXUD 6 $QGUHD &RUVLQL H VWHPPD SRQWLILFLR VRWWR VXO WDJOLR GHO SLYLDOH 2772 +$0(5$1, ) 5Y $'25$7( ā '20,190 ā ,1 ā $75,2 ā 6$1&72 ā (,96 )DFFLDWD GL 6 *LRYDQQL LQ /DWHUDQR VXO WLPSDQR VWHPPD &RUVLQL H VXOO¶DUFKLWUDYH &/(0 ;,, 3 0 $1 ,,, &+5,672 6$/9$725, (7 66 ,2$1 %$37 (7 (9 6RWWR /$7(5$1 %$6,/ 3257,&96 OD SLDQWD GHO QXRYR SRUWLFR DL ODWL 2 ± + H DOO¶HVHUJR 0'&&;;;,,, 1HO JLUR GHO ERUGR $/(; *$/,/$(6 $5&+ ,19 3DWULJQDL E 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD *UDIIL VXL IRQGL DO GU H WHQWDWLYR GL DSSLFFDJQROR VXO WDJOLR DOWULPHQWL T 6SO
3LR 9,, %DUQDED &KLDUDPRQWL 0HGDJOLD J PP 3HU O¶DUULYR D 5RPD GL 3LR 9,, GRSR O¶HOH]LRQH DO FRQFODYH GL 9HQH]LD RSXV 7RPPDVR 0HUFDQGHWWL 3,96 6(37,096 ± 3217,)(; 0$; %XVWR D V FRQ ]XFFKHWWR PR]]HWWD H VWROD VRWWR QHO JLUR 0(5&$1'(77, 5Y 5()9/6,7 62/ /¶DEVLGH GHOOD EDVLOLFD YDWLFDQD VXOOR VIRQGR VROH UDJJLDQWH 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD 6SO
0HGDJOLD DQQR ,,, $5 J PP RSXV *LRYDQQL +DPHUDQL 3,96 9,, ± 3 ā 0 ā $1 ā ,,, %XVWR D V FRQ FDPDXUR PR]]HWWD H VWROD VRWWR QHO WDJOLR GHOOD VSDOOD , +$0(5$1, 5Y 5()8/6,7 62/ /D %DVLOLFD H OH PXUD YDWLFDQH LUUDGLDWH GD VROH 3DWULJQDQL %HUWX]]L 5DULVVLPD %HOOD SDWLQD GL PHGDJOLHUH 6SO
0HGDJOLD J PP 3HU L UHVWDXUL HIIHWWXDWL QHO WHPSLHWWR GL 6DQ 3LHWUR LQ 0RQWRULR R WHPSLHWWR GHO %UDPDQWH RSXV 7RPPDVR 0HUFDQGHWWL 3,96 6(37,096 ± 3217,)(; 0$; %XVWR D V FRQ ]XFFKHWWR PR]]HWWD H VWROD VRWWR QHO JLUR 0(5&$1'(77, ) 5 5Y ',92 3(752 $' ,$1,&9/90 ± 5(67,79,7 $ ' &,&,&&&&,9 3URVSHWWR GHO WHPSLHWWR DOO¶HVHUJR %5$0$17(6 /$==$5, ) 0',, 7 0(5&$1'(77, 6 520$( 0'&&&9,, 3DWULJQDQL 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR %HUWX]]L 5DUD 0LJOLRUH GL 6SO
*UHJRULR ;9, %DUWRORPHR $OEHUWR &DSSHOODUL 0HGDJOLD DQQR 9,, $5 J PP 3HU L UHVWDXUL HIIHWWXDWL DOOD &DSSHOOD 3DROLQD RSXV 3LHWUR *LURPHWWL *5(*25,96 ā ;9, ± 3217 ā 0$; ā $ ā 9,, %XVWR D V FRQ EHUUHWWR PR]]HWWD H VWROD VRWWR QHO JLUR 3(7596 ā *,520(77, ā )(&,7 5Y ,O SRQWHILFH JHQXIOHVVR LQ SUHJKLHUD D V DL SLHGL GHOOD UHOLJLRQH YHODWD FRQ FURFH DVWLOH H DQJHOL DL ODWL VXOOR VIRQGR O¶LQWHUQR GHOOD &DSSHOOD 3DROLQD 6XOO¶DUFKLWUDYH *5(*25,96 ;9, 5(67,79,7 $ 9,, ā 6 ā 35,1&,3 H DOO¶HVHUJR 6$&5$5,90 ā 3$9/,190 ā 3$9/96 ā ,,, ā &21' ā *5(*25,96 ā ;9, ā 5(67 ā 0'&&&;;;9,, 3DWULJQDQL 0ROWR UDUD 6SO
0HGDJOLD J PP 3HU LO SHOOHJULQDJJLR D 5RPD GL IHGHOL DXVWULDFL RSXV .DUO 5DGQLW]N\ +,& (67 69&&(6625 6 3(75, ± &$397 (&&/(6 &$7+2/,& %XVWR D V FRQ WULUHJQR SLYLDOH H FRQ OD PDQR EHQHGLFHQWH VRWWR QHO WDJOLR GHOOD VSDOOD & ā 5$'1,7=.< ā 9,(11 ā 5Y *5(*25,, ā ;9, ā 3217 ā 0$; ā ,1 ā +2125(0 9HGXWD GL SLD]]D GL 6DQ 3LHWUR DOO¶HVHUJR 2%6,*1$7 0'&&&;;;9 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR &ROSR VXO ERUGR DOOH RUH GHO GU DOWULPHQWL T )GF
3LR ;, $FKLOOH 5DWWL 0HGDJOLD DQQR ,,, $5 J PP 3HU LO ;9, FHQWHQDULR GHO FRPSOHVVR GHO /DWHUDQR RSXV $XUHOLR 0LVWUX]]L 3,96 ā ;, ā 3 ā 0 ā $ ā '(',&$7,21( %$6,/,&$( ā 35,1& ā $112 ā 0'& ā /¶DWWXDOH FRPSOHVVR GHO /DWHUDQR LQ DOWR GXH DQJLROHWWL VRUUHJJRQR OR VWHPPD SRQWLILFLR $OO¶HVHUJR 0,6758==, 3217,),&$796 ā ,,, 5Y 6$&5$ ā 62//(01,$ ā 6$(&9/$5,$ ā ,(69 ā &5,672 ā 9,&725, /¶DQWLFR FRPSOHVVR GHO /DWHUDQR LQ DOWR YROWR QLPEDWR GL *HV WUD OH QXEL $OO¶HVHUJR $ ā 0'&&&&;;,9 &XVXPDQR 0RGHVWL FIU 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 'HOOD PDVVLPD UDULWj /HJJHUD SDWLQD LULGHVFHQWH T )GF 4XHVWD PHGDJOLD q WUD OH SRFKH HVLVWHQWL FRQ LO URYHVFLR EDWWXWR GDO SULPR FRQLR UHDOL]]DWR SHU HVVD QHO TXDOH SHU HUURUH G¶LQFLVLRQH HUD PDQFDQWH OD OHWWHUD + QHOOD SDUROD &+5,672 6XFFHVVLYDPHQWH YHQQH PRGLILFDWR H WXWWL JOL HVHPSODUL UHSHULELOL ULSRUWDQR OD QRUPDOH GLFLWXUD SUHYLVWD GDL ER]]HWWL
0HGDJOLD DQQR 9,,, $5 J PP 3HU LO JLXELOHR G¶RUR VDFHUGRWDOH GL 3LR ;, H LO FRQFRUGDWR WUD LO 5HJQR G¶,WDOLD H OD 6DQWD 6HGH RSXV $XUHOLR 0LVWUX]]L 3,96 ;, 3217,)(; 0$;,096 $112 9,,, %XVWR D V FRQ ]XFFKHWWR H SLYLDOH RUQDWR VRWWR 0,6759==, H QHO JLUR UDPHWWR G¶XOLYR 5Y 0'&&&/;;,; ± 0&0;;,; /H %DVLOLFKH GL 6 3LHWUR H 6 *LRYDQQL LQ /DWHUDQR DIILDQFDWH LQ SULPR SLDQR QHO PH]]R FDOLFH SRVDWR VX GL XQ DOWDUH VRUPRQWDWR GD RVWLD UDJJLQDWH FRQ , + 6 $OO¶HVHUJR 3$&( &+5,67, ,7$/,$( 5('',7$ 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 3DWLQD LULGHVFHQWH )GF
3LR ;,, (XJHQLR 3DFHOOL 0HGDJOLD $5 J PP 3HU OD FRQVDFUD]LRQH GHOOD QXRYD FKLHVD GL 6 (XJHQLR RSXV $XUHOLR 0LVWUX]]L 3,96 ā ;,, ā 520$196 ā 3217,)(; ā 0$;,096 ā %XVWR D V FRQ ]XFFKHWWR H SLYLDOH VRWWR 0,6759==, 5Y ,O FRPSOHVVR GHOOD FKLHVD GL 6 (XJHQLR LQ 5RPD DOO¶HVHUJR 3,2 ;,, 3 0 2% (;3/(790 $ 0&0;/,, 9 (3,6&2 3$796 /967 $(' 6$&5$0 '209149( 129(//,6 6$&(5' $37,96 &25250$1',6 7,7 6 (9*(1,, &+5,67,$12590 &91&7, 3,(7$7,6 02190 (;&,7$ 5917 $ 0&0/, &XVXPDQR 0RGHVWL )GF
*LRYDQQL $OYLVH 7RVFDQL 0HGDJOLD DQWH IXVR J PP $ ULFRUGR GHO 3HUVRQDJJLR RSXV /LVLSSR LO *LRYDQH ,2$11(6 $/2,6,96 796&$196 $'92&$796 %XVWR ODXUHDWR D V 5Y 3DOODGH VWDQWH GL IURQWH VX GHOILQR DL ODWL / ± 3 H DOO¶HVHUJR 49,' 121 3$//$6 9DQQHO 7RGHUL %DUJHOOR 5DUD )RUR %%
)HGHULFR &HVL FDUGLQDOH 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHOOD QXRYD FKLHVD GL 6DQWD &DWHULQD GHL )XQDUL RSXV *LDQIHGHULFR %RQ]DJQL )('(5,&96 ā (36 ā 35(1(67,1 ā 6 ā 5 ā ( ā &$5',1 ā & 6,96 %XVWR GHO FDUGLQDOH D V FRQ PDQWHOOLQD 5Y ',9( ā &$7+(5,1( ā 7(03/90 ā $112 ā &+5,67, )DFFLDWD GHOOD QXRYD FKLHVD DOO¶HVHUJR 0'/;, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD 0LJOLRUH GL %%
5DQXFFLR )DUQHVH FDUGLQDOH 0HGDJOLD J PP 3HU OD SRVD GHOOD SULPD SLHWUD SHU OD FRVWUX]LRQH GHOO 2UDWRULR GHO 6DQWLVVLPR &URFLILVVR RSXV DXWRUH VFRQRVFLXWR 5$,19&,96 ā )$5 ā &$5' ā 6 ā $1*(/, ā 6 ā 5 ā ( ā 0$ ā 3(1, ā (7 ā 3527( ā %XVWR D G 5Y +25$725,90 62&,(7$7,6 ± 6$1&7,66,0, &58&,),;, 3URVSHWWR DQWHULRUH GHOO¶2UDWRULR GHO 6DQWLVVLPR &URFLILVVR DOO¶HVHUJR 0&&&&&/;,, )XVLRQH SRVWXPD T 6SO
&DUG $OHVVDQGUR )DUQHVH LO *LRYDQH 0HGDJOLD J PP 3HU OD SRVD GHOOD SULPD SLHWUD GHOOD FKLHVD *HV RSXV *LDQIHGHULFR %RQ]DJQL ā $/(;$1'(5 ā &$5' ā )$51 ā 6 ā 5 ā ( ā 9,&(&$1 %XVWR GHO FDUGLQDOH D V 5Y 120,1, ,( ± 69 ± 6$&590 3URJHWWR GHOOD IDFFLDWD GHOOD FKLHVD GHO *HV DOO¶HVHUJR $1 ā 0'/;9,,, 520$( 9DQQHO 7RGHUL 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD T 6SO
0HGDJOLD GRUDWR J PP 3HU O¶HGLILFD]LRQH GHOOD FKLHVD GHO *HV RSXV *LRYDQQL 9LQFHQ]R 0HORQH ā $/(;$1'(5 ā &$5' ā )$51 ā 6 ā 5 ā ( ā 9,&(&$1 %XVWR GHO FDUGLQDOH D G 5Y )(&,7 $112 ± '20 0'/;;9 )DFFLDWD GHOOD FKLHVD OO¶HVHUJR 520$( 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD 0LJOLRUH GL %%
)LOLSSR %RQFRPSDJQL FDUGLQDOH 0HGDJOLD J PP 3HU LO UHVWDXUR GHOOD FKLHVD GL 6DQ 6LVWR 9HFFKLR D 5RPD RSXV DXWRUH VFRQRVFLXWR 3+,/,3 %21&203 &$5' 6 6,;7, 0$,25 32(1,7 %XVWR D G FRQ PR]]HWWD 5Y 5(67$95$9 ± ,7 ± $1 ± 6$/ 0'/;;;,, )DFFLDWD GHOOD FKLHVD GL 6DQ 6LVWR DOO¶HVHUJR 520$( )XVLRQH SRVWXPD %XRQ %%
/XGRYLFR /XGRYLVL FDUGLQDOH 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD FKLHVD GL 6DQW¶,JQD]LR RSXV DXWRUH VFRQRVFLXWR 97 6$3,(16 $5&+,7(&796 )91'$0(1790 3269, 492' (67 ;36 ,(696 %XVWR QLPEDWR GL 6DQW¶,JQD]LR GL OR\ROD D G FRQ PDQWHOOLQD HG XQ OLEUR LQ PDQR 5Y /9'29,&96 &$5' /9'29,6 ,96 6 5 ( 9,&(&$1&(// )91'$9,7 /D IDFFLDWD GHOOD FKLHVD LQ &DPSR 0DU]LR DOO¶HVHUJR ā $1 ā 0'&;;9, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD )RUR T 6SO
$OGHUDQR &\ER 0DODVSLQD 0HGDJOLD 3E J PP 3HU LO QXRYR SURJHWWR GHOOD &DSSHOOD &\ER RSXV (UPHQHJLOGR +DPHUDQL $/'(5$196 (396 325 ± &$5' &<%2 /(* $9(1 %XVWR GHO FDUGLQDOH D G VRWWR +$0(5$196 ) 5Y /D &DSSHOOD &\ER )RUR %% /D &DSSHOOD GHGLFDWD D 6DQ /RUHQ]R IX IRQGDWD DJOL LQL]L GHO FLQTXHFHQWR GD /RUHQ]R &\ER H GHFRUDWD GDO 3LQWXULFFKLR 7UD LO H LO LO FDUGLQDOH $OGHUDQR &\ER FRPPLVVLRQz LO QXRYR SURJHWWR SHU LO ULQQRYDPHQWR DOO¶DUFKLWHWWR &DUOR )RQWDQD
([ FKLHVD GL 6DQ 3LR , RUD GL 6DQWD FKLDUD 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD FKLHVD RSXV DXWRUH VFRQRVFLXWR ',92 ā 3,2 ā , ā 321 ā (7 ā 0$57,5, ā (&&/ ā ',& 6DQ 3LR , VHGXWR LQ WURQR FRQ XQ FDOLFH QHOOD PDQR G H FKLDYL QHOOD V 5Y (&&/( ā 6 ā 3,, ā , ā 33 ā (7 ā 0$57,5,6 /¶DQWLFD IDFFLDWD GHOOD FKLHVD DL ODWL &$5' ± 3527 $,7 ± &20 H DOO¶HVHUJR 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD T 6SO
&KLHVD GL 6DQ &DUOR DL &DWLQDUL 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD FKLHVD RSXV DXWRUH VFRQRVFLXWR 7$/(6 ā $0%,2 ā )91'$725(6 ā /D IDFFLDWD GHOOD QXRYD FKLHVD FRQ DO FHQWUR OD ILJXUD GL 6DQ &DUOR %RUURPHR DL ODWL $ ± ȍ H DOO¶HVHUJR )91'$ ± 0(790 KXPLOLWDV 5Y /HJHQGD LQ GLHFL ULJKH 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD )RUDWD EXRQ %%
&KLHVD GL 6DQ 3DQWDOHR 0HGDJOLD J PP 3HU OD FRVWUX]LRQH GHOOD QXRYD FKLHVD GL 6DQ 3DQWDOHR LQ 5RPD RSXV *DVSDUH &DUSHJQD 6 3$17$/(2 0$57<5 '(96 ,1&5(0(1790 6DQ 3DQWDOHR VWDQWH GL IURQWH UHJJH XQ UDPR GL SDOPD H PRVWUD LO PRQRJUDPPD GHOOD %HDWD 9HUJLQH 0DULD 0$ 0 3*9 HQWUR RYDOH UDJJLDQWH H SHUOLQDWR 5Y *$63$5 ā &$5' ā '( ā &$53,1(2 ā 3527(&725 ā 35,' ā ('96 ā $35,/,6 ā $ ā ' ā 0 ā '& ā /;;;, QHOOD VHFRQGD ULJD FLUFRODUPHQWH $6&(1'$096 ā 191& ā 091'$5( ā 6$1&7$ ā (7 ā 5(129$5( 3LDQWD GHOOD 1XRYD &KLHVD GL 6DQ SDQWDOHR LQ 5RPD 6SO
&ROOHJLR DPHULFDQR LQ 5RPD 0HGDJOLD ± HPLVVLRQH SULYDWD $9 J PP 3HU OD IRQGD]LRQH GHO SRQWLILFLR FROOHJLR DPHULFDQR LQ 5RPD LQDXJXUDWR GD 3LR ;,, O¶ GLFHPEUH RSXV $XUHOLR 0LVWUX]]L 3,96 ā ;,, ā 3217,)(; ā 0$;,096 ā $112 ā 0&0/,,, %XVWR D V VRWWR QHO WDJOLR GHOOD VSDOOD 0,6759==, 5Y 9HGXWD GHOOD EDVLOLFD YDWLFDQD H GHO FROOHJLR LQ DOWR VWHPPD SRQWLILFLR H VRWWR D V 3217 ā &2//(*,90 )2(' ā $0(5,&$( &,9,7$790 ā $ ā )91'$0(1 7,6 ā (;6759 &790 ,Q EDVVR QHO JLUR (30 )GF 5RYLJR
&DUOR /DELD YHVFRYR GL $GULD 0HGDJOLD J PP 3HU OD SRVD GHOOD SULPD SLHWUD SHU OD ULFRVWUX]LRQH GHO GXRPR GL 6DQWR 6WHIDQR RSXV DXWRUH VFRQRVFLXWR 7(03/90 ā 6 ā 67(3+$1, 3ā0ā 5+2',*,, 5(129$795 ā $1 ā 3URJHWWR GHOOD IDFFLDWD GHOO¶HULJHQGD FKLHVD 5Y &$52¶/, $5&+,(3 ā /$%,$ (3,6& ā $'5,(1 3,( /$5*,7$7, &$121,&, 5+2 ',*,1, 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD %% 0%
6DQ *LRYDQQL 5RWRQGR
6DQWXDULR GL 6DQWD 0DULD GHOOH *UD]LH 0HGDJOLD $9 J PP ā 3$'5( 3,2 '$ 3,(75(/&,1$ ā 3DGUH 3LR EHQHGLFHQWH D G 5Y 6$17$ ā 0$5,$ ā '(//( ā *5$=,( /D IDFFLDWD GHO VDQWXDULR VRWWR QHO JLUR 6$1 ā *,29$11, ā 52721'2 )GF 6DQ 3LHWUR 3ROHVLQH
0DUFHOOR &UHVFHQ]L FDUGLQDOH 0HGDJOLD J PP 3HU OD IRQGD]LRQH GHOOD FKLHVD GL 6DQ 3LHWUR LQ 9DOOH RSXV 2WWRQH +DPHUDQL 0$5&(// ā &$5' ā &5(6&(17,96 ā $5&+, ā (3 ā )(55 ā 3$52(&,$0 ā 6 ā 3(75, ā ,1 ā 9$//( ā &2167,7 ā (&&/(6,$0 ā '' ā 6FHQD GL XQ¶RIIHUWD LQ GHQDUR IDWWD GD XQ SHUVRQDJJLR LQJLQRFFKLDWR GDYDQWL DO FDUGLQDOH 5Y 3(7596 ā 1$33, ā &20 ā (7 ā (4 ā 6 ā 67(3+ ā /2&90 ā '(',7 ā &216759;,7 ā '27$9,7 ā 9,,, ā . ā 49,17 ā %(1(' ā ;,9 ā $ ā ;, ā /D IDFFLDWD GHOOD FKLHVD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 0ROWR UDUD 3LFFROR IRUR GL VRVSHQVLRQH T 6SO 6SROHWR
6DQ )LOLSSR 1HUL 0HGDJOLD J PP 3HU OD SRVD GHOOD SULPD SLHWUD GHOOD &KLHVD GL 6 )LOLSSR 1HUL RSXV DXWRUH VFRQRVFLXWR 6 3+,/,3396 1(5 )/25(17 ,1 &9,96 +2125(0 &26759&7$%%, (&&/ ,O 6DQWR QLPEDWR LQ SLHGL D V LQ DGRUD]LRQH FRQ OR VJXDUGR ULYROWR YHUVR OD %HDWD 9HUJLQH FRQ LO %DPELQR GDYDQWL OD FKLHVD D OXL GHGLFDWD 5Y (&&/(6,$ ,1 +2125(0 6 3+,/,33, 1(5,, )/25(1 &21* 25$7 )91' 632/(7, $ )91'$0(17,6 (;759&7$ $1 0'&;;;; 0ROWR UDUD T %%
7HUDPR
'XRPR GL 6DQWD 0DULD $VVXQWD H 6DQ %HUQDUGR 0HGDJOLD $9 J PP 3HU O¶;, FRQJUHVVR HXFDULVWLFR QD]LRQDOH LQ $EUX]]R RSXV DXWRUH VFRQRVFLXWR ;, ± &21*5(662 (8&$5,67,&2 1$=,21$/( 9HGXWD GL XQ PRQWH FRQ GLHWUR &ULVWRJUDPPD ,+6 HQWUR VROH UDJJLDQWH D V OD 0DGRQQD FRQ LO %DPELQR LQ EUDFFLR DOO¶HVHUJR 6(77(0%5( 7(5$02 5Y ,O GXRPR VRUUHWWR GD GXH DQJHOL QLPEDWL LQ DOWR D V 3(5 25%(0 )9/*(7 0ROWR UDUD )GF 7ULHVWH
&DWWHGUDOH GL 6DQ *LXVWR 0HGDJOLD XQLIDFH $9 J PP 5DIILJXUD]LRQH GHOOD FDWWHGUDOH 6SO
9HQH]LD
1LFROz &RQWDULQL 0HGDJOLD J PP 3HU OD SRVD GHOOD SULPD SLHWUD GHOOD FKLHVD GL 6DQWD 0DULD GHOOD 6DOXWH DYYHQXWD LO DSULOH RSXV DXWRUH VFRQRVFLXWR 1,&2/$2 &217$5 ā 35,1& ā 6(1$796 (;9272 ,O GRJH JHQXIOHVVR SUHVHQWD OD QXRYD FKLHVD QHO SULPR SURJHWWR DOO¶HVHUJR 0'&;;;, 5Y 91'( 25,*2 ± ,1'( 6$/96 9HGXWD GHOOD SLD]]HWWD FRQ OD %HDWD 9HUJLQH VX QXEL LQ DOWR OD FRORPED GHOOR 6SLULWR 6DQWR UDJJLDQWH 9ROWROLQD 0RGHVWL TXHVWR HVHPSODUH LOOXVWUDWR 5DUD 6SO 9LFHQ]D
6DQWXDULR GHOOD 0DGRQQD GL 0RQWH %HULFR 0HGDJOLD $9 J PP 3HU LO 9 FHQWHQDULR GHOO¶DSSDUL]LRQH GHOOD EHDWD 9HUJLQH RSXV VWDELOLPHQWL -RKQVRQ % 9(5*,1( ', ± 0217( %(5,&2 6WDWXD GHOOD %HDWD 9HUJLQH VWDQWH FKH SURWHJJH VRWWR LO VXR PDQWR O¶XPDQLWj FKH OD YHQHUD DOO¶HVHUJR 9,&(1=$ ± 6 - 5Y 9 ± &(17(1$5,2 $33$5,=,21( 9HGXWD GHO VDQWXDULR )GF
0HGDJOLH HVWHUH
)UDQFLD
/XLJL ;,9 ´LO UH 6ROH´ 0HGDJOLD XQLIDFH J PP 3HU OD FRVWUX]LRQH GHOO¶DOWDUH GHGLFDWR GD /XLJL ;,,, LQ 1RWUH 'DPH GL 3DULJL RSXV DXWRUH VFRQRVFLXWR 5Y 92780 $ 62/9,7 3$'5( 181&83$780 /¶DOWDUH PDJJLRUH GL 1RWUH 'DPH DOO¶HVHUJR $5$0 3268,7 0'&;&,; T 6SO *HUPDQLD
6 %ODVLHQ $EED]LD GL 6DQ %LDJLR 0HGDJOLD $5 J PP 3HU O¶LQDXJXUD]LRQH GHOOD QXRYD FKLHVD D FXSROD LO VHWWHPEUH RSXV $ *XLOOHPDUG 0$57,196 ā ,, ā 6 ā 5 ā , ā 35 ā $%% ā &21* ā 6 ā %/$6,, ā ,1 ā 1,*5$ ā 6,/9$ ā %XVWR GL 0DUWLQ *HUEHUW YRQ +RUQDX D G VRWWR QHO WDJOLR GHOOD VSDOOD $ ā *8,//(0$5' ā ) ā 5Y 237,02 ā 3$75, ā 2% ā 5(0 ā 5(67,797$0 ā 9HGXWD GHOO¶DEED]LD DOO¶HVHUJR &$3,79 ā 6 ā %/$6,$190 0'&&/;;;,,, 'LIHWWL VXO FRQWRUQR DOWULPHQWL T 6SO 0HVVLFR
%DVLOLFD GL 6DQ -XDQ GH ORV /DJRV 0HGDJOLD GRUDWR J PP 3HU OD FRVWUX]LRQH GHOOD EDVLOLFD RSXV DXWRUH VFRQRVFLXWR 9,5*(1 '( 6$1 -8$1 '( /26 /$*26 58(*$ 325 126 6WDWXD GHOOD 9HUJLQH GL 6DQ *LRYDQQL GHL ODJKL LQFRURQDWD LQ DOWR DL ODWL GHO FDSR GXH DQJLROHWWL VRUUHJJRQR XQ QDVWUR VYROD]]DQWH 5Y (5(&&,21 '( /$ ',2&(6,6 '( 6$1 -8$1 '( /26 /$*26 /D IDFFLDWD GHOOD EDVLOLFD VRWWR QHO JLUR ā9, ā 6SO 6SDJQD
9LWRULD &KLHVD GL 6DQWD 0DULD ,PPDFRODWD 0HGDJOLD $9 J PP /D 0DGGDOHQD 5Y )DFFLDWD GHOOD FDWWHGUDOH DOO¶HVHUJR $*2672 T )GF
0RQHWH H PHGDJOLH GL ]HFFKH LWDOLDQH $QFRQD
(QULFR 9, GL 6YHYLD 'HQDUR LPSHULDOH ]HFFD LQFHUWD QHOOH 0DUFKH $5 J 5(; 520$12590 QHO FDPSR $ * 7 FRQ VHJQR GL DEEUHYLD]LRQH VRSUD 5Y +1 5,&96 66(; 796 VX TXDWWUR ULJKH QHO FDPSR &IU 0 0DW]NH $WWL GHO ;,,, &RQJUHVVR LQWHUQD]LRQDOH GL 1XPLVPDWLFD GL 0DGULG LQ %ROOHWWLQR GL 1XPLVPDWLFD PDWHULDOL SDJJ Q TXHVWR HVHPSODUH LOOXVWUDWR (VWUHPDPHQWH UDUR T 6SO ([ DVWD 1$& 6L q YROXWR DVVHJQDUH TXHVWR GHQDUR LPSHULDOH EHQFKp DWWULEXLWR D ]HFFD LQFHUWD QHOOH 0DUFKH DOOD ]HFFD GL $QFRQD LQ TXDQWR FDSROXRJR GHOO¶DQWLFD 0DUFD $QFRQLWDQD 1HO VXR VWXGLR VXJOL HVHPSODUL QRWL LQ QXPHUR GL VHL 0LFKDHO 0DW]NH LSRWL]]D FKH OD EDWWLWXUD GL TXHVWH PRQHWH SRVVD HVVHUH DYYHQXWD TXDQGR (QULFR 9, RFFXSDYD SDUWH GHL WHUULWRUL SDSDOL RYYHUR LQWRUQR DJOL DQQL WUD FXL DQFKH DOFXQH ]RQH GL 8PEULD H 0DUFKH /D OHJHQGD GHO GULWWR LQIDWWL UHFD LO WLWROR FKH HJOL RWWHQQH QHO GL $XJXVWR UH GHL URPDQL 5HODWLYDPHQWH DO OXRJR GL HPLVVLRQH GL WDOL PRQHWH VHSSXU LQ YLD LSRWHWLFD O¶DXWRUH FRQFOXGH FKH FRQ RJQL SUREDELOLWj SRVVD WUDWWDUVL GL XQD ]HFFD PDUFKLJLDQD
0DUFHOOR ,, 0DUFHOOR &HUYLQL DSULOH ± PDJJLR *LXOLR $5 J 0$5&(/ ,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3(7596 ± VHJQR GL 0D]]HR 0D]]HL ]HFFKLHUH $1&21$ 6 3LHWUR VWDQWH GL IURQWH FRQ OLEUR H FKLDYL 0XQWRQL YDU %HUPDQ 'XEELQL 0DQFLQHOOL SDJ Â&#x192; WLSR 0,5 5DULVVLPR 'HEROH]]H GL FRQLR DOWULPHQWL PLJOLRUH GL %% $TXLOHLD
9ROFKHUR 'HQDUR " $5 J 92/) ± .(5 3 ,O SDWULDUFD VHGXWR LQ IDOGLVWRULR FRQ PLWULD H SLDQHWD RUQDWD UHJJH FRQ OD PDQR G FURFH H FRQ OD V OLEUR 5Y &,9,7$6 $49,/ȯ*,$ $TXLOD QLPEDWD ULYROWD D G WLHQH QHOOH ]DPSH XQ URWROR %HUQDUGL 0ROWR UDUR %HOOD SDWLQD GL PHGDJOLHUH T 6SO 6SO
$YLJQRQH
$QRQLPH 3RQWLILFLH VHF ;,9 )LRULQR $9 J FKLDYL GHFXVVDWH 6$17 ± 3(75+ *LJOLR 5Y 6 ,2+$ ± 11(6 % WLDUD 6 *LRYDQQL VWDQWH 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 5DUR 0LJOLRUH GL %%
0DUWLQR 9 2GGRQH &RORQQD 'XSOR 0LVW J 0$57,196 33 49,1796 %XVWR GHO SRQWHILFH GL IURQWH DL ODWL GXH DQHOOHWWL 5Y 6$1796 3(7596 &URFH SDWHQWH DFFDQWRQDWD GD FKLDYL GHFXVVDWH QHO ,, TXDUWR H WLDUD QHO ,,, 0XQWRQL ± %HUPDQ ± 0,5 'HOOD SL JUDQGH UDULWj %%
&OHPHQWH 9,,, ,SSROLWR $OGREUDQGLQL 3LDVWUD $5 J &/(0(16 9,,, 3217 0$; %XVWR D V FRQ SLYLDOH RUQDWR GD ILJXUH GL VDQWL H UDEHVFKL VRWWR OHRQH JUDGLHQWH H * VHJQR GL ]HFFKLHUH LJQRWR 5Y 2&7$9,96 JLJOLR &$5' JLJOLR ' JLJOLR $49$9,9$ JLJOLR /(*$ JLJOLR 6WHPPD GHO OHJDWR FDUG G¶$FTXDYLYD VRUPRQWDWR GD FDSSHOOR FDUGLQDOL]LR 0XQWRQL %HUPDQ 0,5 5DULVVLPR 3DWLQD GL PHGDJOLHUH 0RVVD GL FRQLR DO GU DOWULPHQWL EXRQ %% ([ DVWD 9DUHVL D
%HQHYHQWR
6LFDUGR SULQFLSH 'HQDUR $5 J 35,1&(6 %(1(%(17, 0RQRJUDPPD GL 6LFDUGR 5Y $5&+$1*(/96 0,&+$(/ &URFH SRWHQ]LDWD VX WUH JUDGLQL DL ODWL FXQHL 0(& 0,5 5DUR T 6SO
$GHOFKL SULQFLSH ,,, SHULRGR HPLVVLRQL FRQ L QRPL GL /XGRYLFR H $QJLOEHUJD 'HQDUR $5 J /9'299,&96 ,03 &URFH SRWHQ]LDWD VX WUH JUDGLQL 5Y $1*,/%(5*$ 13 &URFH DFFDQWRQDWD GD FXQHL 0(& 0,5 5DUR 3DWLQD LULGHVFHQWH 6SO
%HUJDPR
&RPXQH VHFF ;,,, ;,9 (PLVVLRQL D QRPH GL )HGHULFR ,, LPSHUDWRUH *URVVR GD GHQDUL $5 J ,0357 ± )5('(5, &96 %XVWR ODXUHDWR D G 5Y 3¶ * $ ± 0 9 0 (GLILFLR FRQ DUFKL H FXSROD WUD GXH WRUUL LQ DOWR FURFH ± FUHVFHQWH &1, YDU 0,5 0LJOLRUH GL %%
*URVVR GD GHQDUL $5 J ,0357 ± )5('(5, &96 %XVWR ODXUHDWR D G 5Y 3¶ * $ ± 0 9 0 (GLILFLR FRQ DUFKL H FXSROD WUD GXH WRUUL LQ DOWR VWHOOD ± VWHOOD &1, 0,5 /LHYL GHEROH]]H GL FRQLR DOWULPHQWL T 6SO
*URVVR GD GHQDUL $5 J ,0357 ± )5('(5, &96 %XVWR ODXUHDWR D G 5Y 3¶ * $ ± 0 9 0 (GLILFLR FRQ DUFKL H FXSROD WUD GXH WRUUL LQ DOWR FURFH ± FUHVFHQWH &1, 0,5 3RURVLWj GHO PHWDOOR %%
*URVVR GD GHQDUL $5 J ,0357 ± )5('(5, &96 %XVWR ODXUHDWR D G 5Y 3¶ * $ ± 0 9 0 (GLILFLR FRQ DUFKL H FXSROD WUD GXH WRUUL LQ DOWR ELVDQWH ± VWHOOD &1, YDU 0,5 'HEROH]]H GL FRQLR T 6SO
$OHVVDQGUR $QWRQLR %DU]L]]D SRGHVWj H YLFHFDSLWDQR 0HGDJOLD J ¡ PP RSXV )UDQFHVFR &RUD]]LQL $/(; $17 %$5=,=$ 35$(7 352 35$() %XVWR D V 5Y 2% &,9(6 6(59$726 $502590 ,17(5',&72 %(5*20$7(6 VX VHL ULJKH HQWUR FRURQD GL IRJOLH GL TXHUFLD H G¶DOORUR 9ROWROLQD 6SO
0DULR /XSL XPDQLVWD H VWRULFR 0HGDJOLD J ¡ PP RSXV $ *XLOOHPDUG 0$5,2 /932 35,0,&(5,2 %(5*20$7, +,6725 (7 $17,49$5 %XVWR D G FRQ EHUUHWWR H PR]]HWWD VRWWR QHO JLUR $ *9,//(0$5' ) 5Y %(5*20(, $66(57,6 $17,49, ),1,%96 $*5, /XSL VWDQWH SUHVHQWD XQD FDUWD JHRJUDILFD GHO WHUULWRULR EHUJDPDVFR DL VXRL SLHGL D G XQ FLSSR FRQ LVFUL]LRQH '(927$ 9(1(7,$ &21/2&$ 9,7 H DOO¶HVHUJR &95$72590 ' 6 0'&&/;;;9 9ROWROLQD 0LJOLRUH GL %%
3LHWUR $QWRQLR 6HUDVVL VFULWWRUH 0HGDJOLD ย GRUDWR J ยก PP RSXV )UDQFHVFR &RUD]]LQL 3(7596 $1721,96 6(5$66,96 %(5*20$6 %XVWR D G FRQ EHUUHWWR H YHVWH WDODUH VRWWR LO WDJOLR GHOOD VSDOOD ) &25$==,1, ) 5Y 3523$*$725, 3$75,ย /$9',6 )LJXUD DOOHJRULFD GHOOD &LWWj GL %HUJDPR FKH UHJJH FRQ OD V OLEUR 9,7$ '(/ 7$662 H LQGLFD FRQ OD G LO EXVWR GHO 6HUDVVL SRVWR VX GL XQยถDUD RUQDWD GD VWHPPD GL IDPLJOLD LQ EDVVR WURPED H FHWUD $OOยถHVHUJR ,, 9,5, %(5*20 $1 0'&&/;;;9, :XU] 6SO
3DWWDUR %X]]DFFDULQL FRQ OD PRJOLH (OHQD 6DJUHGR 0HGDJOLD ย J ยก PP RSXV $ *XLOOHPDUG 7ULEXWR GL ULFRQRVFHQ]D GHOOยถ2UGLQH (TXHVWUH GL %HUJDPR DO FDSLWDQR 3DWWDUR %X]]DFFDULQL H DOOD PRJOLH (OHQD 6DJUHGR LQ RFFDVLRQH GHO WHPLQH GHO PDQGDWR 3$77$52 %8==$&$5(12 &$3 %(5* %XVWR FRUD]]DWR D G FRQ SDUUXFFD VXO WDJOLR GHOOD VSDOOD $ ย * ย ) ย H VRWWR QHO JLUR (48(675,6 25'2 5Y +(/(1ย 6$*5('2 &21,9*, %XVWR D G FRQ FDSHOOL UDFFROWL H WUHFFLD FDGHQWH HQWUR JKLUODQGD GยถDOORUR VXO WDJOLR GHOOD VSDOOD $ ย * ย ) ย H VRWWR QHO JLUR '833/(; */25,$ 9ROWROLQD 0LJOLRUH GL 6SO
1LFROz &RUQHU SUHIHWWR GL %HUJDPR 0HGDJOLD ย J ยก PP RSXV $ *XLOOHPDUG 1,&2/$96ย &251(/,96ย 35$()(&796ย (7 3523(5ย %(5*20,ย %XVWR D V VRWWR $ *8,//(0$5' ) 5Y /HJHQGD VX RWWR ULJKH -RKQVRQ 6SO
&RQWH *LDFRPR GL &DUUDUD IRQGDWRUH GHOOยถ$FFDGHPLD GL %HUJDPR 0HGDJOLD DO PHULWR VFRODVWLFR $5 J ยก PP RSXV /XLJL 0DQIUHGLQL ,$&2%96 ย &$55$5$ ย &20(6 ย ,167,79725 ย $&$'(0,$( ย %(5*20 ย $1 ย 0 ย '&& ย /;;;;9, ย %XVWR D G VRWWR /ย 0$1)(5,1, )ย 5Y 0,125 1( 6,7 )979596 /$%25 WUD UDPL GL TXHUFLD %(1( 0(5(17, 9ROWROLQD 6SO
*LRYDQQL 6LPRQH 0D\U 0HGDJOLD J ¡ PP RSXV /XLJL &RVVD 2PDJJLR GHOO¶8QLRQH )LODUPRQLFD GL %HUJDPR DO FRPSRVLWRUH *LRYDQQL 6LPRQH 0D\U *,29$11, 6,021( 0$<5 %XVWR D V VRWWR QHO JLUR / &266$ ) 5Y $/ 682 ,67,78725( /¶81,21( ),/$5021,&$ ', %(5*$02 0'&&&;/, ;,9 *,8*12 HQWUR JKLUODQGD G¶DOORUR T 6SO
%HULJQRQH
5DQLHUL ,,, %HOIRUWL *URVVR GD GHQDUL $5 J (3 5$ ± 1(5,96 ,O YHVFRYR PLWUDWR H QLPEDWR VWDQWH GL IURQWH FRQ SDVWRUDOH H EHQHGLFHQWH 5Y '( 99/7(55$ &URFH SDWHQWH DFFDQWRQDWD GD VWHOOH QHO ,, H ,,, TXDUWR &1, 0,5 5DULVVLPR 3DWLQD GL PHGDJOLHUH H FRQVHUYD]LRQH LQFRQVXHWD SHU LO WLSR 0DUJLQDOH IUDWWXUD GHO WRQGHOOR DOOH RUH GHO GU DOWULPHQWL PLJOLRUH GL %% %RORJQD
3DROR ,, 3LHWUR %DUER 'XFDWR $9 J %2121,$ ± '2&(7 /HRQH YHVVLOOLIHUR UDPSDQWH D V QHO FDPSR D V VHJQR GL /XGRYLFR &DQRQLFL " ]HFFKLHUH 5Y 6 3(7596 $ ± 32679/96 6 3LHWUR VWDQWH GL IURQWH DL ODWL DUPHWWH %DUER H GHO FDUGLQDOH &DSUDQLFD 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUR T 6SO 6SO
*LRYDQQL ,, %HQWLYRJOLR 'RSSLR GXFDWR $9 J ,2$11(6 ā %(17,9 ± 2/96 ā ,, ā %2121,(16,6 %XVWR FRUD]]DWR D G FRQ EHUUHWWR 5Y 0$;,0,/,$1, ± ,03(5$ ā 09196 6WHPPD VRUPRQWDWR GD FLPLHUR FRURQDWR H DTXLOD DG DOL VSLHJDWH YROWD D V %HUQDUHJJL D $QWHJQDWH 5DYHJQDQL 0RURVLQL $QWHJQDWH 0,5 &KLPLHQWL )ULHGEHUJ 0ROWR UDUR T 6SO
'XFDWR $9 J ,2$11(6 %(17,92/96 ,, %2121,(1 %XVWR D G FRQ EHUUHWWR 5Y 0$;,0,/, ± $1, 09196 6WHPPD LQTXDUWDWR VRUPRQWDWR GD DTXLOD DG DOL VSLHJDWH %HUQDUHJJL D $QWHJQDWH 5DYHJQDQL 0RURVLQL $QWHJQDWH 0,5 &KLPLHQWL )ULHGEHUJ 5DULVVLPR H LQXVXDOH VWDWR GL FRQVHUYD]LRQH SHU TXHVWD HPLVVLRQH ,PSHUFHWWLELOL VHJQHWWL DOWULPQHWL 6SO 7UD OH PRQHWH GL *LRYDQQL ,, %HQWLYRJOLR FHOHEUDWLVVLPH LQ RJQL HSRFD LO GXFDWR q LQGXEELDPHQWH LO SL EHOOR SHU OD GHOLFDWD SODVWLFD FKLDURVFXUDOH GHO ULWUDWWR OD VDSLHQWH UHVD GHL FDSHOOL JDUEDWDPHQWH VFRVWDWL D ODVFLDUH VSXQWDUH O¶RUHFFKLR LO SHUIHWWR HTXLOLEULR WUD HIILJLH H OHJHQGD ,O URYHVFLR SDULPHQWL LQWHUHVVDQWH VL DYYDOH GL XQD FRPSRVL]LRQH QHOOD TXDOH OR VWHPPD QRQ RFFXSD ± FRPH QHOOD PDJJLRU SDUWH GHL WLSL PRQHWDUL ± O¶LQWHUR FDPSR PD WURYD XQ GRVDWR HTXLOLEULR GLQDPLFR FRQ OD VRYUDVWDQWH DTXLOD DG DOL VSLHJDWH D VLJQLILFDUH OD WRWDOH FRSHUWXUD SURWHWWLYD GD SDUWH GHOO¶,PSHUR H FRQ OD OHJHQGD GLYLVD LQ GXH DUFKL GL FHUFKLR FKH FRQWULEXLVFRQR D FKLXGHUH ODWHUDOPHQWH OD FRPSRVL]LRQH 3HU TXDQWR VL ULIHULVFH DOO¶DWWULEX]LRQH GHL FRQv VL SXz WRUQDUH D GDU IHGH DOOD SULPLWLYD H WDVVDWLYD DIIHUPD]LRQH GHO 9DVDUL LQ TXDQWR VHPEUD ORJLFR FKH *LRYDQQL ,, DIILGDVVH DO )UDQFLD FKH HUD O¶DUWLVWD LQ PDJJLRU HYLGHQ]D H SL HVSHUWR D WDOL RSHUH FKH IUHTXHQWDVVH OD VXD FRUWH O¶LQFLVLRQH GL TXHOOH PRQHWH FKH HUDQR SHU OXL DUJRPHQWR GL JUDQGH YDQWR H SUHVWLJLR G¶DOWUD SDUWH OD FRHUHQ]D VWLOLVWLFD FRQ O¶RSHUD GHO )UDQFLD QRQ q GD WUDVFXUDUH &KH LO VXR QRPH QRQ ULVXOWL QHL GRFXPHQWL GL ]HFFD GLSHQGH SUREDELOPHQWH GDO IDWWR FKH LO %HQWLYRJOLR IHFH EDWWHUH TXHVWH PRQHWH TXDVL D WLWROR SHUVRQDOH QHO VXR SDOD]]R GL %RORJQD
0HGDJOLD J ¡ PP RSXV )UDQFHVFR 5DLEROLQL GHWWR LO )UDQFLD ,2$11(6 %(17,92 /96 ,, %2121,(16,6 %XVWR D G 5Y 0$ ;,0,/,$1, ,03(5$725,6 09196 0&&&&;;;; ,,,, VX VHL ULJKH +LOO $UPDQG , &KLPLHQWL 5DUD %%
&OHPHQWH 9,, *LXOLR GH¶0HGLFL 6FXGR GHO VROH $9 J &/(0ā9,,ā ± ā3217ā0$;ā 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH JLJOLR LQ FLPDVD 5Y ā%2121,$ā ± ā'2&(7ā &URFH JLJOLDWD VRUPRQWDWD GD VROH UDJJLDQWH H DFFDQWRQDWD LQ EDVVR GD DUPHWWH &\ER H GHOOD &LWWj 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ ,PSHUFHWWLELOL GHEROH]]H GL FRQLR DOWULPHQWL 6SO
3LR 9, *LRYDQQL $QJHOR %UDVFKL 'D ]HFFKLQL $9 J 3,96ā9,ā3217ā ± 0ā 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 6ā3(752 ± %2 ± 35 ± 27ā ,O 6DQWR VXOOH QXEL VRWWR DL ODWL DUPHWWH $UFKHWWL H GHOOD &LWWj GLVSRVWH REOLTXDPHQWH 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 0ROWR UDUR )RQGL OXFHQWL T )GF
=HFFKLQR DQQR 9,,, $9 J 3,96ā9,ā3217ā0$;ā$1ā9,,,ā %XVWR D G FRQ FDPDXUR EHUUHWWLQR H VWROD RUQDWD GD DUPHWWD %UDVFKL 5Y $'9(1796ā237,0,ā35,1&,3,6ā 7HPSLHWWR URWRQGR DL ODWL DUPHWWH %RQFRPSDJQL H GHOOD &LWWj H DOO¶HVHUJR %2121,$ā 0XQWRQL %HUPDQ &KLPLHQWL )ULHGEHUJ 5DULVVLPR T 6SO
6FXGR URPDQR DQQR ,,, $5 J 3,96ā9,ā321ā ± 0$;ā$ā,,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL FRQFKLJOLD LQ FLPDVD VRWWR ± 5Y 6ā3(7521,96ā ± %21ā3527ā ,O 6DQWR PLWUDWR H QLPEDWR VWDQWH GL IURQWH FRQ SDVWRUDOH QHOOD V H OD &LWWj QHOOD G DL ODWL DUPHWWH '¶$TXLQR H GHOOD &LWWj TXHVW¶XOWLPD VRUPRQWDWD GD PDVFKHUD OHRQLQD $OO¶HVHUJR 0XQWRQL %HUPDQ &KLPLHQWL 0ROWR UDUR T 6SO
*RYHUQR SRSRODUH 0H]]R VFXGR GD SDROL $5 J 3239/96 (7 ± 6(1$796 %2121 6WHPPD GHOOD FLWWj VRUPRQWDWR GD PDVFKHUD OHRQLQD H DFFRVWDWR GD UDPL G¶DOORUR DOO¶HVHUJR 3 5Y 35 6,',90 ± (7 '(&96 /D %HDWD 9HUJLQH FRQ LO %DPELQR VX QXEL VRWWR YHGXWD GHOOD FLWWj FRQ PXUD H WRUUL &KLPLHQWL UY WLSR *UDIILHWWL GD DJJLXVWDPHQWL GHO WRQGHOOR DOWULPHQWL HVHPSODUH FRQ IRQGL OXFHQWL H PLJOLRUH GL 6SO
6HGH 9DFDQWH &DPHUOHQJR FDUG %DUWRORPHR 3DFFD 'RSSLR JLXOLR 3DJDQL 0XQWRQL &KLPLHQWL 5DUR )RQGL VSHFXODUL H VWDWR GL FRQVHUYD]LRQH HFFH]LRQDOH )GF %ULQGLVL
)HGHULFR ,, GL 6YHYLD 0H]]R GHQDUR 0LVW J ) 520 ,35 6(3 $9* 7HVWD QXGD D G 5Y 5 ,(56/ (7 6,&,/ $TXLOD DG DOL VSLHJDWH FRQ OD WHVWD ULYROWD D G 6SDKU 0(& 0,5 0ROWR UDUR (VHPSODUH SHUIHWWDPHQWH FRQLDWR H FHQWUDWR QLWLGR ULWUDWWR H PLJOLRUH GL 6SO &DVDOH
*XJOLHOPR ,, 3HOHRORJR 'RSSLR GXFDWR $9 J *9/,(/096¶ 0$5¶ 0217¶ )(5¶ =& %XVWR D V FRQ EHUUHWWR 5Y 6$ ± &5,¶ 52¶ ,03¶ 35,1&¶ 9,&$¶ 33 6WHPPD LQTXDUWDWR %HUQDUHJJL 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 5DULVVLPR 'HOLFDWR ULWUDWWR ULQDVFLPHQWDOH 6HJQL VXO ERUGR SRVVLELOL WUDFFH GL PRQWDWXUD DOWULPHQWL PLJOLRUH GL %%
7HVWRQH $5 J *9,/,(/096 0$5 0217 )(5 = & %XVWR D V FRQ EHUUHWWR 5Y 6$ ± &5, 52 ,03 35, 9,&$ ± 3 3 6WHPPD LQTXDUWDWR 5DYHJQDQL 0RURVLQL 0,5 %HOOD SDWLQD GL PHGDJOLHUH 6SO ([ DVWD 9DUHVL D
*XJOLHOPR *RQ]DJD 'D GRSSLH $9 J *9/,(/096 ' * '9; 0$17 ,,, %XVWR D G FRUD]]DWR H SDOXGDWR FRQ FROOHWWR DOOD VSDJQROD 5Y )(55$7, , ± (7 0217,6 6WHPPD FRURQDWR DL ODWL VXOOD OLQHD G¶HVHUJR ± &1, 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ D 0DQWRYD (VWUHPDPHQWH UDUD H LQ VWDWR GL FRQVHUYD]LRQH LQFRQVXHWR SHU TXHVWD HPLVVLRQH EXRQ %%
&RPR
&RPXQH VHF ;,,, (PLVVLRQL D QRPH GL )HGHULFR ,, LPSHUDWRUH *URVVR GD GHQDUL $5 J )5('(5,&96 ± ,03(57 %XVWR FRURQDWR D G FRQ VFHWWUR QHOOD PDQR G H ILRUH QHOOD V 5Y &90ȁ ± 196 FUHVFHQWH $TXLOD QRQ FRURQDWD GL IURQWH DG DOL VSLHJDWH H YROWD D V &1, 0,5 %HOOHVLD &RPR 0ROWR UDUR %HOOLVVLPD SDWLQD LULGHVFHQWH 6SO
&RUWH
3DVTXDOH 3DROL JHQHUDOH 'D VROGL 0LVW J 6WHPPD FRURQDWR LQ FDUWHOOD $L ODWL JHQL PDULQL FRQ PD]]H 5Y 62/', HQWUR JKLUODQGD &1, 0,5 6SO ([ OLVWLQR 1XPLVPDWLFD 3LFHQD
&UHPRQD
$]]RQH 9LVFRQWL 'HQDUR 0LVW J $=2 9,&(&20(6 &URFH SDWHQWH 5Y &5(021$ *UDQGH & JRWLFD FRQ ELVFLD DOO¶LQWHUQR &1, 0,5 5DULVVLPR 7UDFFH GL RVVLGD]LRQH DOWULPHQWL %% )HUUDUD
(UFROH , G¶(VWH 'XFDWR $9 J +(5&9/(6 '9; )(55$5,( %XVWR FRUD]]DWR D V 5Y 695(;,7 ;36 5(; */( &ULVWR ULVRUJHQWH GDO VHSROFUR EHQHGLFH FRQ OD PDQR G H UHJJH XQ YHVVLOOR QHOOD V %HUQDUHJJL 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 5DUR 'HEROH]]D GL FRQLR DO UY DOWULPHQWL 6SO
$OIRQVR , G¶(VWH 'D GXFDWL $9 J $/)21696 '9; )(55$5,$( ,,, %XVWR EDUEXWR H FRUD]]DWR D V 5Y 49( 6917 '(, '(2 *HV VWDQWH D G ULFHYH OD PRQHWD GDO IDULVHR &1, GD ]HFFKLQL %HUQDUHJJL 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 5DULVVLPD 7UDFFH GL RQGXOD]LRQH GHO WRQGHOOR H OLHYL VHJQHWWL DOWULPHQWL T 6SO
6FXGR $9 J 6ROH UDJJLDQWH $/)21696 '9; )(55$5, ,,, 6WHPPD 5Y ,1 +2& 6,*12 9,1&(6 ,O &DOYDULR VX FXL VRQR DSSRJJLDWH XQD ODQFLD HG XQ¶DVWD &1, 0,5 )ULHGEHUJ /HJJHUL VHJQHWWL QHO FDPSR DO UY T 6SO
(UFROH ,, G¶(VWH 6FXGR GHO VROH $9 J 6ROH UDJJLDQWH +(5&9/(6 ,, '9; )(55$5,( ,,,, 6WHPPD D WDUJD FRURQDWR 5Y ,1 7( 49, 63(5$7 121 &21)91' /D 0DGGDOHQD QLPEDWD LQJLQRFFKLDWD HG DEEUDFFLDWD DO &DOYDULR GD FXL SHQGRQR L GXH IODJHOOL H OD FRURQD GL VSLQH VWUXPHQWL GHOOD 3DVVLRQH &1, 0,5 )ULHGEHUJ 5DUD 'HEROH]]D GL FRQLR DO UY DOWULPHQWL 6SO
6FXGR GHO VROH $9 J 6ROH UDJJLDQWH +(5 ,, )(5 097 5(* '9; ,,,, &$519790 , 6WHPPD D WDUJD DFFDUWRFFLDWR H LQWHU]DWR 5Y ,1 7( 49, 63(5$7 121 &21)91'(795 0DGGDOHQD DEEUDFFLD OD FURFH VX FXL SHQGRQR JOL VWUXPHQWL GHOOD SDVVLRQH FHUFKLR GL WULIRJOL ROLYH H JOREHWWL LQ FHUFKLR GL RYDOL H GRSSL JOREHWWL H VHFRQGR FHUFKLR GL JOREHWWL &1, 0,5 )ULHGEHUJ 5DULVVLPD 0LJOLRUH GL %% 9DULDQWH UDULVVLPD FRQ OD WLWRODWXUD GL '9; &$519790 ,
)LUHQ]H
5HSXEEOLFD )LRULQR ODUJR ± ,, VHPHVWUH $9 J )/25 ± (17,$ *LJOLR 5Y 6 ,2+$ ± 11(6 % 6DQ *LRYDQQL VWDQWH GL IURQWH H EHQHGLFHQWH FRQ OXQJD FURFH DVWLOH VHJQR OHWWHUD 1 FRQ VWHOOD VRSUD 1LFFROz 0DQRYHOOL %HUQRFFKL 0,5 )ULHGEHUJ 5DUR 6SO
)UDQFHVFR , GH¶0HGLFL 3LDVWUD $5 J )5$1 0(' 0$*1 '9; (7595, ,, %XVWR 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 H FRQ OXQJD FURFH QHOOD V VRWWR QHO JLUR *DOHRWWL 9,,, 5DYHJQDQL 0RURVLQL 0,5 5DUD T 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
)HUGLQDQGR ,, GH¶0HGLFL 3LDVWUD $5 J )(5' ,, 0$*1 '9; (7595, %XVWR GUDSSHJJLDWR H FRUD]]DWR FRQ FROOHWWR DOOD VSDJQROD D G VRWWR QHO JLUR 5Y 6 ,2$11( ± 6 ± %$37,67$ 6 *LRYDQQL QLPEDWR VWDQWH GL IURQWH LQ DWWR GL SUHGLFDUH QHOOD V UHJJH XQD OXQJD FURFH DVWLOH VRWWR QHO JLUR &1, ± *DOHRWWL ± 5DYHJQDQL 0RURVLQL ± 0,5 ± $EELQDPHQWR GL FRQv DSSDUHQWHPHQWH LQHGLWR %HOOD SDWLQD GL PHGDJOLHUH 6SO
7HVWRQH $5 J )(5' ,, 0$*1 '9; (7595 %XVWR FRUD]]DWR D G 5Y 6 ,2$11(6 ± %$3 7,67$ 6 *LRYDQQL VHGXWR GL IURQWH QHOO¶DWWR GL SUHGLFDUH FRQ OXQJD FURFH QHOOD V VRWWR QHO JLUR *DOHRWWL ;9,, 5DYHJQDQL 0RURVLQL 0,5 5DUR T 6SO
&RVLPR ,,, GH¶0HGLFL 0H]]D SLDVWUD $5 J &26096 ,,, ' * 0$* '9; (7595 9, %XVWR GUDSSHJJLDWR H FRUD]]DWR D G 5Y 6 ,2$11(6 %$37,67 ), =$&+$5,$( 6 *LRYDQQL IDQFLXOOR JHQXIOHVVR EHQHGHWWR GD 6 =DFFDULD DOO¶HVHUJR *DOHRWWL ;9 5DYHJQDQL 0RURVLQL 0,5 5DUD H LQ VWDWR GL FRQVHUYD]LRQH LQXVXDOH PLJOLRUH GL 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
)UDQFHVFR ,, ,,, GL /RUHQD )UDQFHVFRQH $5 J )5$1&,6&96 ' * 5 , 6 $ * +,(5 5(; /27+ %$5 0 ' (75 %XVWR ODXUHDWR H FRUD]]DWR D G VRWWR VHJQR GL &DUOR /D *DUGH ]HFFKLHUH 5Y ,1 7( '20, ± 1( 63(5$9, $TXLOD ELFLSLWH FRURQDWD FDULFDWD GL VWHPPD PXOWLSDUWLWR DL ODWL QHO JLUR 3,6,6 ± *DOHRWWL ;,, 0,5 5DUR )RQGL OXFHQWL 6SO PLJOLRUH GL 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
)UDQFHVFRQH $5 J )5$1&,6&96 ' * 5 , 6 $ * + 5(; /27 %$5 0 ' (75 %XVWR ODXUHDWR H FRUD]]DWR D G VRWWR VHJQR GL $QWRQLR )DEEULQL ]HFFKLHUH 5Y ,1 7( '20, ± 1( 63(5$9, $TXLOD ELFLSLWH FRURQDWD FDULFDWD GL VWHPPD PXOWLSDUWLWR DL ODWL QHO JLUR 3,6,6 ± *DOHRWWL ;,,, 0,5 5DUR )RQGL OXFHQWL H PLJOLRUH GL 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
3LHWUR /HRSROGR , GL /RUHQD 5XVSRQH R GD ]HFFKLQL $9 J 3 /(232/'96 ' * $ $ 0 ' (75 *LJOLR VRWWR DFFHWWH GHFXVVDWH VHJQR GL $QWRQLR )DEEULQL ]HFFKLHUH 5Y 6 ,2$11(6 ± %$37,67$ ,O 6DQWR JLRYDQLOH QLPEDWR FRQ OXQJD FURFH QHOOD PDQR G VHGXWR FRQ OD WHVWD ULYROWD D G VRWWR QHO JLUR *DOHRWWL ,, 3XFFL 0,5 )ULHGEHUJ 'DWD PROWR UDUD H FRQVHUYD]LRQH HFFH]LRQDOH )GF ([ DVWD 5DIIDHOH 1HJULQL JLXJQR
)HUGLQDGR ,,, GL /RUHQD , SHULRGR 'D SDROL $5 J )(5' ,,, ' * 3 5 ± + (7 % $ $ 0 ' (75 %XVWR D G VRWWR VHJQL GL )UDQFHVFR *UREHUW ]HFFKLHUH H /XLJL 6LULHV LQFLVRUH 5Y /(; 79$ ± 9(5,7$6 6WHPPD RYDOH FRURQDWR H FLUFRQGDWR GD FROODUH GHO 7RVRQ G¶RUR VRWWR QHO JLUR ± FLIUH FDSRYROWH *DOHRWWL 9, 0,5 %HOOD SDWLQD LULGHVFHQWH VX IRQGL OXFHQWL PLJOLRUH GL 6SO *HQRYD
)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 /XQDUGL 0,5 )ULHGEHUJ 0ROWR UDUR 6SO
'RJL ELHQQDOL 6HULH GHOOD ,,, IDVH '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 / /XQDUGL 0,5 )ULHGEHUJ 0LQLPL VHJQHWWL DO UY DOWULPHQWL HVHPSODUH LQ VWDWR GL FRQVHUYD]LRQH HFFH]LRQDOH T )GF 6LJLOODWD 5DIIDHOH 1HJULQL JHQQDLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
/LYRUQR
&RVLPR ,,, GH¶0HGLFL 7ROOHUR $5 J &26096 ,,, ' * 0$* '9; (7595, 9, %XVWR GUDSSHJJLDWR D G VRWWR QHO JLUR 5Y (7 3$7(7 ± (7 )$9(7 /D IRUWH]]D YHFFKLD GL /LYRUQR VRSUD FRURQD H VRWWR ),'(6 *DOHRWWL ;/9,, 5DYHJQDQL 0RURVLQL 0,5 0ROWR UDUR /HJJHUD SDWLQD GL PHGDJOLHUH 'XH PDFFKLHWWH DO GU DOWULPHQWL FRQVHUYD]LRQH HFFH]LRQDOH T )GF ([ DVWD 5DIIDHOH 1HJULQL JLXJQR
/XFFD
5HSXEEOLFD 6FXGR $9 J &$52/96 ,03(5$725 6WHPPD VRSUD VROH UDJJLDQWH 5Y 6 99/796 ± '( /9&$ ,O 9ROWR 6DQWR LQ EDVVR QHO JLUR D V DUPHWWD 0,5 VHJQR %HOOHVLD /XFFD E )ULHGEHUJ T 6SO 0DFHUDWD
*UHJRULR ;,,, 8JR %RQFRPSDJQL 7HVWRQH $5 J *5(*25,96 ;,,, 3217 0 %XVWR D G FRQ SLYLDOH RUQDWR VRWWR 5Y 12/, 0( 7$ ± 1*(5( &ULVWR H OD 0DGGDOHQD DOO¶HVHUJR 0$&(5$ 7$ 0XQWRQL %HUPDQ 0,5 0ROWR UDUR 7RQGHOOR GL PRGXOR LQVROLWDPHQWH ODUJR H UHJRODUH /LHYL SRURVLWj GHO PHWDOOR DOWULPHQWL T 6SO
0DOWD
(PPDQXHO 3LQWR *UDQ PDHVWUR 'D WDUu $5 J ) (00$19(/ 3,172 ± 0 0 + 6 6 6WHPPD FRURQDWR 5Y 121 ± 6955(;,7 0$,25 6 *LRYDQQL VWDQWH FRQ YHVVLOOR LQ EDVVR D G O¶$JQXV 'HL H DOO¶HVHUJR 7 ;;; 5HVWHOOL %HOOLVVLPD SDWLQD GL PHGDJOLHUH HG HVHPSODUH LQ VWDWR GL FRQVHUYD]LRQH LQVROLWR 6SO T 6SO 0DQWRYD
)UDQFHVFR ,, *RQ]DJD 'XFDWR $9 J ā )5$1&,6&96 ā 0$5 ā 0$179( ā 4957¶ %XVWR FRUD]]DWR D V 5Y SLVVLGH ' 352%$67, ā 0( ā (7 ā &2*129,67, ā 0( )DVFLR GL YHUJKH HQWUR FURJLXROR WUD OH ILDPPH %HUQDUHJJL YDU 5DYHJQDQL 0RURVLQL YDU 0,5 )ULHGEHUJ 0ROWR UDUR T %% ([ DVWH .XQVW XQG 0 Q]HQ H 1$& 5DYHJQDQL 0RURVLQL
)HGHULFR ,, *RQ]DJD 'D GXFDWL $9 J )('(5,&96 ,, 0 0$179$( ,,,,, 7HVWD D V 5Y ),'(6 ,O PRQWH 2OLPSR OH FXL SHQGLFL VRQR VROFDWH GD XQD VWUDGD D VSLUDOH DL ODWL GHO PRQWH DOEHUL H FHVSXJOL H VXOOD VRPPLWj XQ¶DUD 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 5DULVVLPR H WUD L PLJOLRUL HVHPSODUL RIIHUWL LQ SXEEOLFD YHQGLWD T 6SO ([ DVWD 1$&
)UDQFHVFR ,,, *RQ]DJD 6FXGR $9 J 6ROH UDJJLDQWH )5 '9; 0$1 0 ( 0$5 0217,6 )(5 6WHPPD FRURQDWR 5Y 6, /$%25$7,6 (*2 5(),&, $ &ULVWR ULVRUJH GDO VHSROFUR GLHWUR FURFH GD FXL SHQGRQR GXH IODJHOOL 0,5 )ULHGEHUJ 0ROWR UDUD 7RQGHOOR LUUHJRODUH DOWULPHQWL PLJOLRUH GL 6SO
)UDQFHVFR ,9 *RQ]DJD IHEEUDLR ± GLFHPEUH 'RSSLD $9 J )5$1 ,,,, ' * '9; 0$17 9 %XVWR FRQ FROOHWWR DOOD VSDJQROD D G VRWWR QHO JLUR 5Y (7 0217,6 ± )(55$7, ,,, 6WHPPD FRURQDWR VRUPRQWDWR GDO 0RQWH 2OLPSR H PRWWR ),'(6 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUD 7UDFFH GL PRQWDWXUD DOWULPHQWL PLJOLRUH GL %% T 6SO ([ DVWD 1$& 5DYHJQDQL 0RURVLQL
)HUGLQDQGR *RQ]DJD 'D GRSSLH R TXDGUXSOD $9 J )(5',1 ' * ± '9; 0$17 9, %XVWR FRUD]]DWR H GUDSSHJJLDWR D G FRQ FROOHWWR DOOD VSDJQROD H PDVFKHURQH VXOOR VSDOODFLR 5Y (7 0217,6 ± )(55$7, ,9 6WHPPD LQTXDUWDWR FRQ VFXGHWWR GHO 0RQIHUUDWR LQ FXRUH FRURQDWR H FLUFRQGDWR GDO &ROODUH GHO 5HGHQWRUH VRSUD LO PRQWH 2OLPSR H DOO¶LQWHUQR GHOOD FRURQD ),'(6 6RWWR QHO JLUR & ± 7 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 0ROWR UDUD 0DQFDQ]H GL PHWDOOR DO GU DOWULPHQWL 6SO
0DVVD GL /XQLJLDQD
$OEHULFR , &\ER 0DODVSLQD ,, SHULRGR 3ULQFLSH 'D GRSSLH R TXDGUXSOD $9 J 0$/$63,1 $ $/%(5,&96 &<%2 %XVWR FRUD]]DWR D G FRQ FROOHWWR DOOD VSDJQROD VRWWR QHO JLUR 5Y 6 5 , (7 0$66$( 35,1& , 6WHPPD FRURQDWR &1, 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 5DULVVLPD H GL FRQVHUYD]LRQH LQVROLWD 6SO ([ DVWD 1$&
0DVVD GL 0DUHPPD
5HSXEEOLFD *URVVR GD GHQDUL $5 J '( 0$66$ &URFH SDWHQWH DFFDQWRQDWD GD 0 JRWLFD QHO , H ,9 TXDUWR 5Y 6 &( ± 5%21, ,O 6DQWR VWDQWH GL IURQWH FRQ SDVWRUDOH H EHQHGLFHQWH &1, 0,5 5DULVVLPR H LQ QRWHYROH VWDWR GL FRQVHUYD]LRQH SHU LO WLSR GL PRQHWD T 6SO 0HVVLQD
)HUGLQDQGR LO &DWWROLFR (PLVVLRQL DQWHULRUL DOOD FRQTXLVWD GL 1DSROL FLUFD 7ULRQIR J )(5',1$1'96 x ' x * x 5 x &$67(//( x $ x ,O UH FRQ VFHWWUR H JORER FUXFLIHUR VHGXWR LQ WURQR GL DTXLOH 5Y )(5',1$1'96 '(, * 5 6,&,/,( $ $TXLOD FRURQDWD DG DOL VSLHJDWH YROWD D V VRWWR VLJOD ) ± % 6SDKU 0,5 )ULHGEHUJ 9DULDQWH UDULVVLPD SHU OH VLJOH GHOOR ]HFFKLHUH 6SO ([ DVWD %DQN /HX 0 0 PDU]R 6SDKU
0LODQR
3ULPD UHSXEEOLFD $PEURVLQR $5 J 0(',2/$19 &URFH SDWHQWH DFFDQWRQDWD GD TXDWWUR FUHVFHQWL 5Y 6&6 ȁ0 %526,9¶ 6DQW¶$PEURJLR PLWUDWR H QLPEDWR VHGXWR LQ FDWWHGUD H EHQHGLFHQWH FRQ OD G &ULSSD 0,5 3DWLQD GL PHGDJOLHUH T 6SO
$PEURVLQR SLFFROR $5 J 7ULIRJOLR FRQ VWHOR 0(',2/$190 &URFH DFFDQWRQDWD GD TXDWWUR WULIRJOL 5Y 6 $0% ± 526,9¶ 6 $PEURJLR PLWUDWR H QLPEDWR VHGXWR GL IURQWH H EHQHGLFH FRQ OD PDQR G UHJJH LO SDVWRUDOH FRQ OD V &ULSSD % 0,5 3DWLQD GL PHGDJOLHUH 6SO
/XFKLQR H *LRYDQQL 9LVFRQWL *URVVR GD 6ROGL $5 J /9&K,196 9,&(&2(6 0(',2/$190 6FXGHWWR FRQ ELVFLD YLVFRQWHD VRUPRQWDWR GD HOPR H FLPLHUR RUQDWR GD GUDJR DODWR DL ODWL GHO FLPLHUR GUDSSHJJLR RUQDWR GL / 5Y ,2K6 9,& &26 6 $0%526,¶ 6DQW¶$PEURJLR EHQHGLFHQWH VHGXWR LQ FDWWHGUD GL IURQWH PLWUDWR H QLPEDWR FRQ SDVWRUDOH QHOOD V &ULSSD 0,5 0ROWR UDUR T 6SO
%DUQDEz 9LVFRQWL *URVVR R SHJLRQH $5 J '20,1 %1$%26 (OPR VRUPRQWDWR GD FLPLHUR FRQ GUDJR FKH WLHQH LO IDQFLXOOR WUD OH IDXFL 5Y '20,1 0(',2/, %LVFLD FRQ LO IDQFLXOOR WUD OH IDXFL &ULSSD 0,5 %XRQ %%
)LOLSSR 0DULD 9LVFRQWL )LRULQR $9 J ),/,39¶ 0 ± $5,$ $ ± */9¶ ,O GXFD LQ DUPDWXUD D FDYDOOR YHUVR G FRQ VSDGD VJXDLQDWD JXDOGUDSSD H FRUD]]D RUQDWH GL ELVFLD 5Y '9; ± 0(' ± ,2/$ ± 1, &¶ 6WHPPD VRUPRQWDWR GD FLPLHUR FRQ GUDJR DODWR DL ODWL ), ± 0$ LO WXWWR HQWUR FRUQLFH &ULSSD % 0,5 )ULHGEHUJ T 6SO
)UDQFHVFR , 6IRU]D 'XFDWR $9 J %LVFLD )5$1&,6&K96 6)257,$ 9,&¶ %XVWR FRUD]]DWR D G 5Y '9; 0(',2 ± /$1, 33,( ± 4 &20(6 & ,O GXFD LQ DUPDWXUD DO JDORSSR YHUVR G FRQ VSDGD VJXDLQDWD %HUQDUHJJL D 5DYHJQDQL 0RURVLQL &ULSSD % 0,5 )ULHGEHUJ 0ROWR UDUR T 6SO
*DOHD]]R 0DULD 6IRU]D 'RSSLR GXFDWR $9 J 7HVWLQD GL 6 $PEURJLR *$/($= 0$ 6) 9,&(&20(6 '9; 0/, 9 %XVWR FRUD]]DWR D G 5Y %LVFLD 3$3,( $1*/( 4 &2 $& ,$19( '16 &¶ /HRQH DFFRYDFFLDWR WUD OH ILDPPH FRQ LO FDSR VRUPRQWDWR GD FLPLHUR VRVWLHQH FRQ OD ]DPSD G LO WL]]RQH FRQ OH VHFFKLH LQ DOWR DL ODWL * ± 0 %HUQDUHJJL 5DYHJQDQL 0RURVLQL &ULSSD 0,5 )ULHGEHUJ 5DULVVLPR ,PSHUIH]LRQH GHO WRQGHOOR DO GU DOWULPHQWL T 6SO ([ DVWD 5DIIDHOH 1HJULQL
'XFDWR $9 J 7HVWLQD GL 6DQW¶$PEURJLR * 0$ 6) 9,&(&20(6 '9; 0/, 9 %XVWR JLRYDQLOH FRUD]]DWR D G 5Y 33 $1*/( 4 &2 $& ,$19( '16 &¶ 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRO GUDJR DODWR DFFRVWDWR GD * ± DL ODWL L WL]]RQL FRQ OH VHFFKLH %HUQDUHJJL &ULSSD $ 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 5DUR &RQVXHWD WUDFFLD GL ULEDWWLWXUD DO GU DOWULPHQWL T 6SO
'XFDWR $9 J 7HVWLQD GL 6 $PEURJLR *= 0$ 6) 9,&(&20(6 '9; 0/, 9 %XVWR FRUD]]DWR D G 5Y %LVFLD 3$3,( $1*/( 4 &2 $& ,$19( '16 &¶ 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRO GUDJR DODWR
DFFRVWDWR GD * ± DL ODWL L WL]]RQL FRQ OH VHFFKLH %HUQDUHJJL 5DYHJQDQL 0RURVLQL &ULSSD 0,5 )ULHGEHUJ 0ROWR UDUR 6HJQHWWL DO GU H WUDFFLD GL SLHJDWXUD DOWULPHQWL T 6SO
'XFDWR $9 J 7HVWLQD GL 6 $PEURJLR * x 0 x 6) x 9,&(&26 x '9; x 0/, x 9 x %XVWR FRUD]]DWR D G 5Y 33 x $1*/( x 4 x &2 x $& x ,$19( x ' 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRO GUDJR DODWR DFFRVWDWR GD * ± DL ODWL L WL]]RQL FRQ OH VHFFKLH %HUQDUHJJL 5DYHJQDQL 0RURVLQL D &ULSSD 0,5 5DUR 0LJOLRUH GL 6SO
'XFDWR $9 J 7HVWLQD GL 6 $PEURJLR * x 0 x 6) x 9,&(&26 x '9; x 0/, x 9 x %XVWR FRUD]]DWR D G 5Y 33 x $1*/( x 4 x &2 x $& x ,$19( x ' 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRO GUDJR DODWR DFFRVWDWR GD * ± DL ODWL L WL]]RQL FRQ OH VHFFKLH %HUQDUHJJL 5DYHJQDQL 0RURVLQL D &ULSSD 0,5 5DUR 6OLWWDPHQWR GL FRQLR DO GU DOWULPHQWL 6SO
7HVWRQH $5 J 7HVWLQD GL 6 $PEURJLR *$/($= 0 6) 9,&(&26 '9; 0/, 4,7¶ %XVWR FRUD]]DWR D G GLHWUR ERUFKLD 5Y 33 $1*/( 4 ± &2 $& ,$19( ' 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRQ LO GUDJR DODWR DL ODWL * ± 0 H VRWWR GXH WL]]RQL FRQ OH VHFFKLH 5DYHJQDQL 0RURVLQL &ULSSD $ 0,5 T 6SO
7HVWRQH $5 J 7HVWLQD GL 6 $PEURJLR *$/($= 0 6) 9,&(&26 '9; 0/, 4,7¶ %XVWR FRUD]]DWR D G GLHWUR ERUFKLD 5Y 33 $1*/( 4 ± &2 $& ,$19( ' 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRQ LO GUDJR DODWR DL ODWL * ± 0 H VRWWR GXH WL]]RQL FRQ OH VHFFKLH 5DYHJQDQL 0RURVLQL &ULSSD $ 0,5 3DWLQD LULGHVFHQWH %%
7HVWRQH $5 J 7HVWLQD GL 6 $PEURJLR *$/($= 0 6) 9,&(&26 '9; 0/, 4,7¶ %XVWR FRUD]]DWR D G GLHWUR ERUFKLD 5Y 33 $1*/( 4 ± &2 $& ,$19( ' 6WHPPD VRUPRQWDWR GDO FLPLHUR GXFDOH FRQ LO GUDJR DODWR DL ODWL * ± 0 H VRWWR GXH WL]]RQL FRQ OH VHFFKLH 5DYHJQDQL 0RURVLQL &ULSSD $ 0,5 %%
*LDQ *DOHD]]R 0DULD 6IRU]D 5HJJHQ]D GHOOD PDGUH %RQD GL 6DYRLD 'RSSLR GXFDWR $9 J 7HVWLQD GL 6 $PEURJLR %21$ ā '9&, ± 6$ ā 0/, ā &¶ %XVWR YHODWR D G 5Y 7HVWLQD GL 6 $PEURJLR ,2 ā *= ā 0 ā 6) ā 9, ± &(&2 ā '9; ā 0 ā 6; %XVWR FRUD]]DWR D G %HUQDUHJJL 5DYHJQDQL 0RURVLQL &ULSSD 0,5 TXHVWR HVHPSODUH LOOXVWUDWR )ULHGEHUJ 'L HVLPLD UDULWj /HJJHUPHQWH PRVVR GL FRQLR %HOOLVVLPR HVHPSODUH FRQ GXH ULWUDWWL ULQDVFLPHQWDOL ILQHPHQWH HVHJXLWL T 6SO ([ DVWD 1$& %RQD GL 6DYRLD DVVXQVH OD UHJJHQ]D GHO GXFDWR QHO VXFFHVVLYDPHQWH DO ULFRQRVFLPHQWR GHO ILJOLR *LDQ *DOHD]]R 0DULD TXDOH 9, GXFD GL 0LODQR ,Q VHJXLWR DOO¶XFFLVLRQH GHO PDULWR LO 9 GXFD *DOHD]]R 0DULD QRQ SRFKH IXURQR OH LQVLGLH FKH OD UHJJHQWH GRYHWWH HYLWDUH H JUD]LH DOOD JUDQGH RSHUD GL PHGLD]LRQH FRQGRWWD GDO FRQVLJOLHUH GXFDOH )UDQFHVFR ³&LFFR´ 6LPRQHWWD ULXVFu D IDUVL ULFRQRVFHUH OD UHJJHQ]D 1HO VX SUHVVLRQL GHOO¶DPEL]LRVR H DVWXWR ]LR GHO JLRYDQH GXFD /XGRYLFR 0DULD OD GXFKHVVD YHQQH HVLOLDWD QHO FDVWHOOR GL 3DYLD H LO JRYHUQR DVVXQWR GDO 0RUR 'XUDQWH OD UHJJHQ]D GL %RQD IXURQR HPHVVL GRSSL GXFDWL H WHVWRQL RJJL WXWWL UDULVVLPL H LQ SDUWLFRODU PRGR L QRPLQDOL DXUHL DSSDLRQR GL QRWHYROH TXDOLWj DUWLVWLFD $G HVHPSLR OD WHQXH SHUFH]LRQH GHO ILOR GL SHUOH FKH FDGH OXQJR LO FDSR GHOOD GXFKHVVD HVSULPH O¶HOHYDWD UHVD TXDVL SLWWRULFD GHOO¶HVHFX]LRQH 5HODWLYDPHQWH DOO¶DXWRUH GL TXHVWL EHOOLVVLPL FRQ ۺLO 5DYHJQDQL LSRWL]]D SRVVD WUDWWDUVL GL TXHOO¶$PEURJLR GL 0DWWHR GD &OLYDWH FKH JLj ODYRUz SHU *DOHD]]R 0DULD 6IRU]D UHDOL]]DQGRQH LO GRSSLR GXFDWR FIU ORWWR 4XHVWD PRQHWD LQILQH q WUD OH SRFKH GHO 5LQDVFLPHQWR D UHFDUH XQ ULWUDWWR IHPPLQLOH
*LDQ *DOHD]]R 0DULD 6IRU]D 'RSSLR GXFDWR $9 J ,2 ā * ā 0 ā 6) ā 9,&(&26 ā '9; ā 0/, ā 6; ā %XVWR FRUD]]DWR FRQ EHUUHWWR D G 5Y 33 ā $1*/( ± 4 ā &26 ā =&¶ 6WHPPD LQTXDUWDWR VRUPRQWDWR GD FLPLHUL %HUQDUHJJL 5DYHJQDQL 0RURVLQL &ULSSD 0,5 )ULHGEHUJ 0ROWR UDUR 0LJOLRUH GL 6SO
*LDQ *DOHD]]R 0DULD 6IRU]D 5HJJHQ]D GL /XGRYLFR 0DULD 6IRU]D 'RSSLR GXFDWR $9 J ā ,2*= ā 0 ā 6) ā 9,&(&20(6 ā '9; ā 0/, ā 6; ā %XVWR FRUD]]DWR GHO GXFD D G 5Y /9'29,&96 ā 3$ ± 75996 ā *9%(5$16 %XVWR FRUD]]DWR GHO UHJJHQWH D G %HUQDUHJJL 5DYHJQDQL 0RURVLQL &ULSSD 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR 'XH ILQLVVLPL ULWUDWWL ULQDVFLPHQWDOL 7RQGHOOR OLHYHPHQWH RQGXODWR PLJOLRUH GL %%
*URVVR GD 6ROGL $5 J ,2 *= 0 6) 9,&(&2 '9; 0/, 6; (OPR VRUPRQWDWR GD FLPLHUR FRQ LO GUDJR DODWR 5Y /8'29,&2 3$7592 *9%1$17( %XVWR GL 6 $PEURJLR GL IURQWH DL ODWL 6 ± $ &ULSSD 0,5 T 6SO
/XGRYLFR 0DULD 6IRU]D GHWWR LO 0RUR 'RSSLR GXFDWR $9 J 7HVWLQD GL 6 $PEURJLR /9'29,&96 0 ± 6) $1 ± */96 '9; 0/, %XVWR FRUD]]DWR D G 5Y 33 $1*/( 4 &2 $& ,$19( ' &¶ ,O GXFD LQ DUPDWXUD H FRQ VSDGD VJXDLQDWD DO JDORSSR YHUVR G OD JXDOGUDSSD GHO FDYDOOR RUQDWD GL VFRSHWWD D V H GD ELVFLD D G %HUQDUHJJL 5DYHJQDQL 0RURVLQL &ULSSD % 0,5 )ULHGEHUJ 0ROWR UDUR H FRQVHUYD]LRQH LQVROLWD SHU O¶HPLVVLRQH %HOOD SDWLQD URVVLFFLD 6SO
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 FRURQDWR DL ODWL WL]]RQL FRQ OH VHFFKLH 5DYHJQDQL 0RURVLQL &ULSSD 0,5 5DUR 3DWLQD GL PHGDJOLHUH 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
/XLJL ;,, UH GL )UDQFLD 'RSSLR GXFDWR $9 J /9'29,&96 ā ' ā * ā )5$1&25¶ 5(; %XVWR FRQ EHUUHWWR FRQ JLJOL D G 5Y 0( ā ',2/$ 1, ± '9 ± ; 6 $PEURJLR FRQ OR VWDIILOH DO JDORSSR YHUVR G VRWWR VWHPPD GL )UDQFLD %HUQDUHJJL 1 $ & 4XDGHUQL 7LFLQHVL ,9 SDJ TXHVWR HVHPSODUH LOOXVWUDWR &ULSSD ' 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR H LQ FRQVHUYD]LRQH LQVROLWD SHU TXHVWR WLSR GL PRQHWD 6SO
)LOLSSR ,, GL 6SDJQD 6FXGR GHO VROH $9 J x 3+,/,3396 x 5(; x (7& 7HVWD UDGLDWD D V 5Y 0(',2 /$1, x ' x 6WHPPD RYDOH LQTXDUWDWR GL DTXLOH QRQ FRURQDWH H ELVFH VRUPRQWDWR GD FRURQD GD FXL HVFRQR UDPL GL SDOPD H GL ROLYR &ULSSD ± FIU 0,5 ± FIU )ULHGEHUJ YDU 5DULVVLPR 6SO 9DULDQWH DSSDUHQWHPHQWH LQHGLWD FRQ DTXLOH QRQ FRURQDWH QHOO¶LQTXDUWDWXUD GHOOR VWHPPD DO GU
0H]]R VFXGR $5 J 7HVWLQD GL 6 $PEURJLR 3+,/,3396 5(; +,63$1,$590 %XVWR FRURQDWR H FRUD]]DWR D G 5Y '9; 0(' ,2/$1, 6WHPPD FRURQDWR &ULSSD 0,5 5DUR &ROSHWWL QHO FDPSR DO GU DOWULPHQWL T 6SO 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
&DUOR ,, GL 6SDJQD )LOLSSR $5 J &$52/96 ,, 5(; +,63$1,$590 %XVWR FRUD]]DWR D G VRWWR QHO JLUR 5Y 0(',2/$1, ± '9; (7& 6WHPPD FRURQDWR &ULSSD 0,5 7RQGHOOR GL PRGXOR LQVROLWDPHQWH ODUJR 6SO
5HSXEEOLFD &LVDOSLQD 6FXGR GD OLUH DQQR 9,,, 3DJDQL )RQGL VSHFXODUL T )GF
/D PRQHWD YHQQH HPHVVD SHU FHOHEUDUH O¶$UPLVWL]LR GL $OHVVDQGULD ILUPDWR LO SUDWLOH DQQR 9,,, JLXJQR 2SHUD GHO 6DOYLUFK VX GLVHJQL GL $QGUHD $SSLDQL YHQQH FRQLDWD LQ XQ QXPHUR UHODWLYDPHQWH HVLJXR GL HVHPSODUL RYYHUR GL SULPD HPLVVLRQH D FXL IHFH VHJXLWR XQD VHFRQGD HPLVVLRQH GL SHU XQ WRWDOH GL SH]]L
0HGDJOLD DQQR ; $5 J ¡ PP RSXV /XLJL 0DQIUHGLQL 63(0 %21$0 &(57$049( '2090 5(32572 *HQLR DODWR FRQ OH IDWWH]]H GHO &RQVROH %RQDSDUWH SRUJH DG XQD ILJXUD PXOLHEUH DOOHJRULD GHOOD 5HSXEOLFD &LVDOSLQD XQD WDYROHWWD LVFULWWD &26 &,6 $ V LQ EDVVR DPRULQR FRQ ELODQFLD 6RWWR VXOOD OLQHD GHOO¶HVHUJR /0) &20,=, &,6$/3,1, ,1 /,21( $ ; 5Y 927, 39%%/,&, 3(5 /$ 35263(5,7$¶ (7(51$ '(//$ 5(39%%/,&$ &,6$/3,1$ $66,&95$7$ &2//$ &267,79=,21( $963,&( %21$3$57( %UDPVHQ &ROSHWWL VXO ERUGR PLJOLRUH GL %%
1DSROHRQH , UH G¶,WDOLD 'D OLUH 3DJDQL D 0,5
6ROGR 3DJDQL 0,5
*RYHUQR SURYYLVRULR GL /RPEDUGLD 'D OLUH 3DJDQL 0,5
T )GF
,Q VODE 3&*6 06 %1 )GF
6SO
0RGHQD
(UFROH , G¶(VWH 'XFDWR $9 J +(5&9/(6 '9; 6(&91'96 7HVWD D V 5Y 6 *(0,1,$ ± 097 3217 6DQ *HPLQLDQR VHGXWR GL IURQWH EHQHGLFHQWH H FRQ SDVWRUDOH QHOOD V %HUQDUHJJL 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ (VWUHPDPHQWH UDUR H GLIILFLOPHQWH UHSHULELOH VXO PHUFDWR 'XH LQVLJQLILFDQWL WHQWDWLYL GL SXQ]RQDWXUD DO PDUJLQH GHO WRQGHOOR DOWULPHQWL T 6SO 4XHVWR EHOOLVVLPR FRQLR q DWWULEXLWR GDO 5DYHJQDQL D *LDQQDQWRQLR GD )ROLJQR JUDQGH LQFLVRUH H PHGDJOLVWD GHOO¶HSRFD VXOOD EDVH GL XQ GRFXPHQWR ULFDYDWR GDO &UHVSHOODQL H GDWDWR QHO TXDOH VL DXWRUL]]DYD XQ SDJDPHQWR DOO¶DXWRUH GHL FRQ ۺGHL ILRULQL H GHL WHVWRQL FKH VL HVHJXLYDQR LQ )HUUDUD ,Q TXHO WHPSR LQIDWWL O¶DUWLVWD IROLJQDWH HUD ³PDHVWUR GHOOH VWDPSH´ GHOOD FDSLWDOH GHO GXFDWR H VHFRQGR OH GLVSRVL]LRQL GXFDOL L FRQ ۺGHOOH PRQHWH GRYHYDQR HVVHUH HVHJXLWL LQ TXHVWD FLWWj GDL YDOHQWL LQFLVRUL FKH YL ODYRUDYDQR (UFROH , IX JUDQGH XRPR GL FXOWXUD H WXWWD OD VXD PRQHWD]LRQH VL GLVWLQJXH SHU OD EHOOH]]D H ULFHUFDWH]]D GHL VRJJHWWL FKH VRWWR LO VXR GRPLQLR YHQQHUR LPSUHVVL VX PRQHWD ,Q SDUWLFRODU PRGR L ULWUDWWL GL TXHVWR GXFD VRQR PDJQLILFL HVHPSL GHOO¶DUWH ULQDVFLPHQWDOH FRPH VLD %HUQDUHJJL FKH 5DYHJQDQL 0RURVLQL ULFRUGDQR QHOOH ORUR RSHUH
)UDQFHVFR , G¶(VWH 4XDGUXSOD $9 J ā )5$1 ā , ā 09 ā 5(* ā (& ā ' ā 9,,, %XVWR FRUD]]DWR D G VRWWR QHO JLUR * ) 0 *LDQ )UDQFHVFR 0DQIUHGL ]HFFKLHUH 5Y $0 ā ,1'*1$&,21, ā $9(57,67, ā ,5 /D %HDWD 9HUJLQH LQ DWWR GL DGRUDUH LO %DPELQR 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 0ROWR UDUD T 6SO 6SO 1DSROL
&DUOR , G¶$QJLz 6DOXWR $9 J .$52/¶ '(, *5$ ,(5/¶ 0 6,&,/,( 5(; 6WHPPD ELSDUWLWR GL *HUXVDOHPPH H $QJLz FLUFRQGDWR GD VWHOOHWWH H URVHWWH H VRUPRQWDWR GD FUHVFHQWH 5Y $9( *5$&,$ 3/(1$ '20,186 7(&80 6FHQD GHOO¶$QQXQFLD]LRQH LQ SULPR SLDQR YDVR FRQ SLDQWD GL JLJOLR 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ 5DUR %XRQ %%
&DUOR ,, G¶$QJLz 6DOXWR $9 J .$52/¶ 6&' '(, *5$ ,(5/¶ 0 6,&,/ 5(; 6WHPPD ELSDUWLWR GL *HUXVDOHPPH H $QJLz FLUFRQGDWR GD VWHOOHWWH H URVHWWH H VRUPRQWDWR GD FUHVFHQWH 5Y $9( *5$&,$ 3/(1$ '20,186 7(&80 6FHQD GHOO¶$QQXQFLD]LRQH LQ SULPR SLDQR YDVR FRQ SLDQWD GL JLJOLR 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ 5DUR 0LJOLRUH GL 6SO
6DOXWR $5 J .$52/¶ 6&' '(, *5$ ,(5/¶ 0 6,&,/ 5(; 6WHPPD ELSDUWLWR GL *HUXVDOHPPH H $QJLz FLUFRQGDWR GD VWHOOHWWH H URVHWWH H VRUPRQWDWR GD FUHVFHQWH 5Y $9( *5$&,$ 3/(1$ '20,186 7(&80 6FHQD GHOO¶$QQXQFLD]LRQH LQ SULPR SLDQR YDVR FRQ SLDQWD GL JLJOLR 3DQQXWL 5LFFLR 0,5 0LJOLRUH GL %%
)HUGLQDQGR , G¶$UDJRQD 'XFDWR GDO DO $9 J )(5',1$1'96 ' * 5 6 , , 91 6WHPPD FRURQDWR LQTXDUWDWR GL 1DSROL 8QJKHULD $QJLz *HUXVDOHPPH DO Â&#x192; H Â&#x192; GL $UDJRQD DO Â&#x192; H Â&#x192; 5Y 5(&25'$76 0,6(5,&25' 69( %XVWR FRURQDWR D G %HUQDUHJJL E 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ 0ROWR UDUR /LHYL RQGXOD]LRQL GHO WRQGHOOR DOWULPHQWL T 6SO
'XFDWR GDO DO $9 J )(5',1$1'96 ' * 5 6 , ,( 9 6WHPPD FRURQDWR LQTXDUWDWR GL 1DSROL 8QJKHULD $QJLz *HUXVDOHPPH DO Â&#x192; H Â&#x192; GL $UDJRQD DO Â&#x192; H Â&#x192; 5Y 5(&25'$7 0,6(5,&25',( 69 %XVWR FRURQDWR D G GLHWUR & -DFRSR &RWUXOOR P G ] %HUQDUHJJL F 3DQQXWL 5LFFLR D 0,5 )ULHGEHUJ 5DUR 6SO
'XFDWR GDO $9 J )(5',1$1'96 ' * 5 6, 6WHPPD FRURQDWR TXDGULSDUWLWR LQTXDUWDWR GL 1DSROL DO Â&#x192; H Â&#x192; H $UDJRQD DO Â&#x192; H Â&#x192; 5Y 5(&25'$7 0,6(5,&25 69( %XVWR FRURQDWR H FRUD]]DWR D G GLHWUR 7 *LDQFDUOR 7UDPRQWDQR P G ] %HUQDUHJJL F 3DQQXWL 5LFFLR F 0,5 )ULHGEHUJ 5DUD ,PSHUFHWWLELOH WUDFFLD GL SLHJDWXUD DOWULPHQWL T 6SO ([ DVWD 9DUHVL ´9LFHQ]D 1XPLVPDWLFD´ VHWWHPEUH
&RURQDWR $5 J )(5',1$1'96 ' * 5 6,&,/,( , 9 &URFH SRWHQ]LDWD VRWWR 0 JRWLFD 6DOYDWRUH 0LUREDOOR P G ] 5Y &2521$796 4 /(*,7,0( &(57$ 6FHQD GHOO¶LQFRURQD]LRQH 3DQQXWL 5LFFLR E 0,5 %% T %%
&RURQDWR $5 J )(55$1'96 ' * 5 6,&,/,( ,( %XVWR FRURQDWR H FRUD]]DWR D G GLHWUR 7 *LDQ &DUOR 7UDPRQWDQR P G ] 5Y 79(1'$ ± ,967$ /¶$UFDQJHOR 0LFKHOH FRQ ODQFLD H VFXGR LQ DWWR GL WUDILJJHUH LO GUDJR 3DQQXWL 5LFFLR G 0,5 5DULVVLPR 3DWLQD GL PHGDJOLHUH T 6SO
)HGHULFR ,,, G¶$UDJRQD 'XFDWR $9 J ā )('(5,&96 '(, * 5(; 6, +,(59 %XVWR FRURQDWR H FRUD]]DWR D G GLHWUR 7 *LDQ &DUOR 7UDPRQWDQR P G ] 5Y &21),50 ± ( 69 12 ( 0 6WHPPD TXDGULSDUWLWR G¶$UDJRQD H 1DSROL VRUPRQWDWR GD FLPLHUR FRURQDWR RUQDWR GL GUDJR DODWR H VYROD]]L %HUQDUHJJL 3DQQXWL 5LFFLR 0,5 SHU LO GU H SHU LO UY )ULHGEHUJ 5DULVVLPR H WLSR GL PRQHWD GLIILFLOPHQWH UHSHULELOH LQ TXHVWR VWDWR GL FRQVHUYD]LRQH /HJJHUD SDWLQD URVVLFFLD 6SO
)HUGLQDQGR LO &DWWROLFR 'XFDWR $9 J )(51$1'96 ± ' * 5 $5 9 6, %XVWR FRURQDWR D G 5Y )(51$1'96 ' * 5 $5 9 6, 6WHPPD FRURQDWR TXDGULSDUWLWR GL &DVWLJOLD H /HRQ DO H $UDJRQD 1DSROL DO H $UDJRQD 6LFLOLD DO H PHORJUDQR SHU *UDQDGD LQ SXQWD DL ODWL , ± 7 *LDQ &DUOR 7UDPRQWDQR P G ] %HUQDUHJJL E %HUQDUHJJL 1 $ & 4XDGHUQL 7LFLQHVL ,9 SDJ TXHVWR HVHPSODUH LOOXVWUDWR 3DQQXWL 5LFFLR F 0,5 )ULHGEHUJ 5DULVVLPR %HOOLVVLPR ULWUDWWR H FRQVHUYD]LRQH HFFH]LRQDOH SHU LO WLSR PLJOLRUH GL 6SO
&DUOR G¶$VEXUJR UH GL 6SDJQD GHOOH GXH 6LFLOLH HWF 9 FRPH LPSHUDWRUH GHO 6 5 , GDO 7DUu $5 J &$52/96 ,,,,, 520 ,0 %XVWR ODXUHDWR H FRUD]]DWR D G GLHWUR ,%5 *LRYDQ %DWWLVWD 5DYDVFKLHUL P G ] 5Y 5 +,63$ ± 975, 5 6, 6WHPPD FDULFDWR VX DTXLOD ELFLSLWH FRURQDWD 3DQQXWL 5LFFLR D 0,5 5LWUDWWR GL VWLOH LQVROLWR %%
&DUOLQR GRSR LO $5 J &$52/96 520$125 5(; %XVWR JLRYDQLOH D V GLHWUR * 0DUFHOOR *D]HOOD P G ] ILQR DO 5Y 5 $5$*2 975,964 6, (7 6WHPPD TXDGULSDUWLWR D WXWWR FDPSR FDULFDWR LQ FDSR GL DUPHWWD $VEXUJR VX DTXLOD ELFLSLWH 3DQQXWL 5LFFLR 0,5 5DUR 7RQGHOOR LQVROLWDPHQWH ODUJR 0RVVD GL FRQLR DO GU DOWULPHQWL EXRQ %%
)LOLSSR ,, GL 6SDJQD ,, SHULRGR UH GL 6SDJQD H 1DSROL 6FXGR $9 J 3+,/,3 5(; $5$*21 975 7HVWD QXGD D G GLHWUR ,%5 93 *LRYDQ %DWWLVWD 5DYDVFKLHUL P G ] H 9LQFHQ]R 3RU]LR P G S GDO 5Y 6,&,/, (7 ± +,(596$/ 6WHPPD FRURQDWR 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ ± 5DULVVLPR T 6SO
6FXGR $9 J 3+,/,3 5(; $5$ 975, 7HVWD UDGLDWD D G GLHWUR *5 93 *HUPDQR 5DYDVFKLHUL P G ] H 9LQFHQ]R 3RU]LR P G S GDO H VRWWR 5Y 6,&,/,$( ± +,(596$ 6WHPPD FRURQDWR 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ ± 5DULVVLPR 6SO
&DUOR ,, GL 6SDJQD ,, SHULRGR UH GL 6SDJQD 'XFDWR GD JUDQD $5 J &$5 ,, ' * 5(; ± +,63 (7 1($3 %XVWR FRURQDWR GUDSSHJJLDWR H FRUD]]DWR D G VRWWR ,0 *LRYDQQL 0RQWPDLQ LQFLVRUH 5Y ,O 7RVRQ G¶RUR VRSUD ± H VRWWR * $ ± * $ $QGUHD *LRYDQH P G ] H 0DUFR $QWRQLR $ULDQL P G S ,O WXWWR HQWUR FDUWHOOD RUQDWD 3DQQXWL 5LFFLR 0,5 3DWLQD GL PHGDJOLHUH EXRQ %%
)LOLSSR 9 GL 6SDJQD 7RUQHVH &X J 3+,/,3396 9 ' * 5(; %XVWR GUDSSHJJLDWR H FRUD]]DWR D G VRWWR QHO JLUR 5Y ,O 7RVRQ G¶RUR VRWWR $ ± * $ $QGUHD *LRYDQH P G ] H 0DUFR $QWRQLR $ULDQL P G S ,O WXWWR HQWUR FDUWHOOD RUQDWD 3DQQXWL 5LFFLR 0,5 (VWUHPDPHQWH UDUR T %%
&DUOR 9, G¶$VEXUJR JLj ,,, UH GL 6SDJQD H 1DSROL LPSHUDWRUH 3LDVWUD GD JUDQD $5 J &$52/ 9, ± ' * 520 ,03 %XVWR ODXUHDWR GUDSSHJJLDWR H FRUD]]DWR D G GLHWUR 9 0 $ 9LUJLOLR 0DUWHQLVH P G ] H )UDQFHVFR $ULDQL P G S H VRWWR 'H * *LRYDQQL 'H *HQQDUR LQFLVRUH 5Y 875 6,& ± +,(586 6WHPPD FRURQDWR VRWWR ± * 3DQQXWL 5LFFLR 0,5 0ROWR UDUD T %% %%
'XFDWR GD JUDQD $5 J &$5 9, ± ' * 520 ,03( %XVWR ODXUHDWR GUDSSHJJLDWR H FRUD]]DWR D G QHO WDJOLR GHO EUDFFLR ,0 *LRYDQQL 0RQWPDLQ LQFLVRUH 5Y +,63 975, ± 6,&, 5(; 6WHPPD FRURQDWR FXL q VRVSHVR LQIHULRUPHQWH LO FROODUH GHO 7RVRQ G¶RUR D V GHOOD FRURQD 0 ) $ 0DWWLD GH )UDQFR P G ] H )UDQFHVFR $ULDQL P G S H VRWWR QHO JLUR 3DQQXWL 5LFFLR 0,5 5DUR 3DWLQD GL PHGDJOLHUH VX IRQGL OXFHQWL H FRQVHUYD]LRQH HFFH]LRQDOH T )GF
&DUOR GL %RUERQH 3LDVWUD GD JUDQD $5 J &$5 ' * 875 ± 6,& (7 +,(5 5(; %XVWR D G VRWWR 'H* 5Y +,63$1,$5 ± ,1)$16 6WHPPD FRURQDWR DL ODWL 90 ± 00 5 H VRWWR * HQWUR FDUWHOOD 3DQQXWL 5LFFLR 0,5 &RQVXHWL JUDIILHWWL GL DJJLXVWDPHQWR DO GU DOWULPHQWL 6SO ([ DVWD 9DUHVL &LYLWDV 1HDSROLV
3XEEOLFD &X J &$5 ' * 875 6,& (7 +,(5 5(; %XVWR D G VRWWR , $ 5Y 38%/,&$ / 7,7,$ HQWUR FDUWHOOD DL ODWL 0 ± 0 H VRWWR 3DQQXWL 5LFFLR 0,5 &RQVHUYD]LRQH LQVROLWD SHU LO WLSR T 6SO
([ DVWD 9DUHVL &LYLWDV 1HDSROLV
)HUGLQDQGR ,9 SRL , GL %RUERQH , SHULRGR 'D GXFDWL VX $9 J )(5',1$1 ,9 ' * 6,&,/,$5 (7 +,(5 5(; %XVWR D G VRWWR % URVHWWD 3 5Y +,63$1,$5 ± ,1)$16 6WHPPD FRURQDWR DFFRVWDWR GD UDPL GL SDOPD H GL DOORUR DL ODWL & & ± & H VRWWR ' ± 3DQQXWL 5LFFLR 0,5 )ULHGEHUJ T 6SO 6SO
5HSXEEOLFD 1DSROHWDQD 'D FDUOLQL DQQR 9,, $5 J 5(38%%/,&$ ± 1$32/,7$1$ /D /LEHUWj VWDQWH WLHQH QHOOD G DVWD VX FXL SRJJLD XQ SLOHR H OD V DSSRJJLDWD DG XQ IDVFLR OLWWRULR 5Y $112 6(77,02 '(//$ /,%(57$ QHO FDPSR HQWUR FRURQD G¶DOORUR &$5 /,1, '2', &, 3DQQXWL 5LFFLR 0,5 &RQVXHWL JUDIIL GL DJJLXVWDPHQWR DO UY DOWULPHQWL 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
*LRDFFKLQR 0XUDW 0RQHWD]LRQH QDSROHWDQD 'D FDUOLQL 3DJDQL D 3DQQXWL 5LFFLR 0,5 0ROWR UDUD T 6SO 6SO ([ DVWD 9DUHVL D 'HPLFKHOL
'D FDUOLQL 3DJDQL K 3DQQXWL 5LFFLR 0,5
5DUD T 6SO 6SO
0RQHWD]LRQH GHFLPDOH 'D OLUH 3DJDQL 3DQQXWL 5LFFLR 0,5 &RQVHUYD]LRQH HFFH]LRQDOH SHU LO WLSR T )GF
'D OLUH 3DJDQL I 3DQQXWL 5LFFLR 0,5 5DUD *UDIILWL PDUJLQDOL DO GU DOWULPHQWL PLJOLRUH GL 6SO
([ DVWD 1$&
)HUGLQDQGR , JLj ,9 GL %RUERQH ,9 SHULRGR 3LDVWUD GD JUDQD 3DJDQL ± 3DQQXWL 5LFFLR ± 0,5 ± 5DULVVLPD %XRQ %% 9DULDQWH UDULVVLPD FRQ +,63$,1,$590 DO UY
)UDQFHVFR , GL %RUERQH 0HGDJOLD $9 J Â&#x2018; PP &RQLDWD D 1DSROL 2UGLQH GL )UDQFHVFR , DO PHULWR FLYLOH RSXV PDHVWUDQ]H GHOOD ]HFFD GL 1DSROL )5$1&,6&96 , 5(* 975 (7 +,(5 5(; 7HVWD FRURQDWD D V HQWUR FRURQD GL IRJOLH GL TXHUFLD 5Y '( 5(*( ± 237,0( ± 0(5,72 7UH JLJOL QHO FDPSR HQWUR FRURQD GL IRJOLH GL TXHUFLD VRWWR QHO JLUR 0'&&&;;,; 5LFFLDUGL FIU $5 GRUDWR '¶$XULD (VWUHPDPHQWH UDUD &RQ DSSLFFDJQROR H DQHOOR GL VRVSHQVLRQH T )GF ([ DVWH &KULVWLH¶V DSULOH 0HGDJOLH GHO UHJQR GHOOH 'XH 6LFLOLH H 1$&
)HUGLQDQGR ,, GL %RUERQH 'D WRUQHVL 3DJDQL F 3DQQXWL 5LFFLR 0,5 ,ULGHVFHQ]H URVVH PLJOLRUH GL 6SO
3DOHUPR
&DUOR ,,, G¶$XVWULD UH GL 6LFLOLD 9, FRPH LPSHUDWRUH GHO 6 5 , GDO 2QFLD GD WDUu $5 J &$52/ ,,, ' * 6,&,/ (7 +,(5 5(; 7HVWD ODXUHDWD D G VRWWR & 3 5Y (; $952 $5*(17($ 5(695*,7 /D )HQLFH LOOXPLQDWD GDO VROH ULVRUJH GDOOH ILDPPH DL ODWL GHO URJR 6 ± 0 6LPRQH 0DXULJL PDHVWUR GL ]HFFD 6RWWR QHO JLUR 6SDKU 0,5 0ROWR UDUD %% ([ DVWD 1$& 3DWWL
2QFLD GD WDUu $5 J &$52/ ,,, ' * 6,&,/ (7 +,(5 5(; 7HVWD ODXUHDWD D G VRWWR & 3 5Y (; $952 $5*(17($ 5(695*,7 /D )HQLFH LOOXPLQDWD GDO VROH ULVRUJH GDOOH ILDPPH DL ODWL GHO URJR 6 ± 0 6LPRQH 0DXULJL PDHVWUR GL ]HFFD 6RWWR QHO JLUR 6SDKU 0,5 5DUD %HOO¶HVHPSODUH 6SO PLJOLRUH GL 6SO
([ DVWD 9DUHVL D 'HPLFKHOL
3DOPDQRYD
3DVTXDOH &LFRJQD GRJH 0HGDJOLD $( J 3$6&$/,6 &,&21,$ '9&( 9(1(7,$5 $1 '1, /HRQH DODWR FRQ VSDGD SRJJLD OH ]DPSH SRVWHULRUL VXO PDUH H O¶DQWHULRUH VX URFFH DOOD FXL VRPPLWj YL q XQD SLFFROD FURFH 5Y )25, ,9/, ,7$/, (7 &+5,6 ),'(, 35239*1$&9/90 3LDQWD GHOOD IRUWH]]D GL 3DOPDQRYD VRUPRQWDWD GD FURFH DOO¶LQWHUQR 3$/0$ H LQ DOWR ,1 +2& 6,*12 797$ 3DROXFFL ,, 5DUD T 6SO ([ DVWD &ULSSD 1XPLVPDWLFD &URQRV
3DUPD
)HUQDQGR , GL %RUERQH 'D GRSSLH $9 J )(5',1$1'96 , +,63$1 ,1)$16 7HVWD D G QHO WDJOLR GHO FROOR 6,/,35$ *LXVHSSH 6LOLSUDQGL ]HFFKLHUH H VRWWR QHO JLUR VWHOOD 5Y ' * 3$50$( 3/$& (7 9$67 '9; 6WHPPD FRURQDWR DFFRVWDWR GD UDPL G¶DOORUR VRWWR 6 &1, 0,5 )ULHGEHUJ 0ROWR UDUR 6SO )GF 6LJLOODWD $QJHOR %D]]RQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
'D OLUH $5 J )(5',1 , + , ' * 3$5 3/$ 9$6 '9; 7HVWD D G VRWWR VWHOOD 5Y /,5( 6(, ', 3$50$ HQWUR FRURQD G¶DOORUR LQ EDVVR DL ODWL GHOOD OHJDWXUD ' ± * &1, 0,5 )GF 6LJLOODWD $QJHOR %D]]RQL PDJJLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
'D OLUH $5 J )(5' , + , ' * 3$5 3/$& 9$67 '9; 7HVWD D G VRWWR VWHOOD 5Y /,5( 75( ', 3$50$ HQWUR FRURQD G¶DOORUR LQ EDVVR DL ODWL GHOOD OHJDWXUD ' ± * &1, 0,5 T )GF 6LJLOODWD $QJHOR %D]]RQL PDJJLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
0DULD /XLJLD G¶$XVWULD 'D OLUH FLIUH VX 0LODQR 3DJDQL 0,5 5DULVVLPD )RQGL ULWRFFDWL DOWULPHQWL 6SO /D OHWWHUDWXUD GL ULIHULPHQWR QRQ VHJQDOD FKH OH XOWLPH GXH FLIUH GHOOD GDWD VRQR ULVXOWDWR GHOOD FRUUH]LRQH GHO FRQLR JLj XWLOL]]DWR SHU O¶DQQR
'D OLUH 0LODQR 3DJDQL 0,5
0LJOLRUH GL 6SO T )GF
'D OLUH 0LODQR 3DJDQL 0,5
/LUD 0LODQR 3DJDQL 0,5
6SO PLJOLRUH GL 6SO
&RQVHUYD]LRQH HFFH]LRQDOH T )GF )GF
'D VROGL 0LODQR 3DJDQL 0,5
'D VROGL 0LODQR 3DJDQL 0,5
T )GF
)GF
3DYLD
*LDQ *DOHD]]R 9LVFRQWL FRQWH GL 3DYLD *URVVR GD VROGL J *$/($= 9,&2(6 '16 0'/, 3$ (OPR VRUPRQWDWR GD FLPLHUR DL ODWL * ± 5Y 6 6,596 ± 3$3,$ 6 6LUR VHGXWR GL IURQWH H EHQHGLFHQWH FRQ SDVWRUDOH QHOOD V &1, 0,5 0ROWR UDUR T 6SO
3HVDUR
*LRYDQQL 6IRU]D H 6ROGR J ,2$11(6 6)257,$ 3,6$95, '20 %XVWR FRUD]]DWR D G 5Y 39 %/,&$( &2002 ',7$ 7, QHO FDPSR &1, 5DYHJQDQL 0RURVLQL &DYLFFKL 36 %HO ULWUDWWR ULQDVFLPHQWDOH H FRQVHUYD]LRQH LQFRQVXHWD 6SO ([ 1XPLVPDWLFD GH )DOFR OLVWLQR
3LDFHQ]D
2WWDYLR )DUQHVH 4XDGUXSOD $9 J 2&7$9,96 ā )$5 ā 3/$ (7 ā 3$5 ā '9; ā ,, 7HVWD D G 5Y 3/$&(17,$ ā )/25(7 /XSD JUDGLHQWH D V GLHWUR SLDQWD GL JLJOL FRURQDWD H DOO¶HVHUJR VLJOD ā 3 ā & ā 3DROR &DPSL ]HFFKLHUH 6RWWR QHO JLUR 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 0ROWR UDUD 0DQFDQ]H GL PHWDOOR DO GU H DO UY DOWULPHQWL EXRQ %%
$OHVVDQGUR )DUQHVH (PLVVLRQL SRVWXPH GHO ILJOLR 5DQXFFLR , 4XDGUXSOD $9 J $/(; )$5 3/$& Dz 3$5 '9; ,,, Dz & %XVWR GUDSSHJJLDWR H FRUD]]DWR D V 5Y 3/$&(17,$ )/25(7 /XSD JUDGLHQWH D V GLHWUR SLDQWD GL JLJOL FRURQDWD H DOO¶HVHUJR 9 5 9LQFHQ]R 5LYDOWD ]HFFKLHUH 6RWWR QHO JLUR ā ā 5DYHJQDQL 0RURVLQL 0,5 5DUD T 6SO
5DQXFFLR , )DUQHVH 4XDGUXSOD $9 J 5$197 )$5 3/$ 3 '9; ,9 6 5 ( &2 ) 3 %XVWR FRUD]]DWR D V 5Y 3/$&(17,$ )/25( /XSD JUDGLHQWH D V GLHWUR SLDQWD GL JLJOL FRURQDWD H DOO¶HVHUJR VLJOD 3 3 3DROR 3LQGHPRQWH ]HFFKLHUH 6RWWR QHO JLUR 5DYHJQDQL 0RURVLQL 0,5 )ULHGEHUJ 5DUD 0RVVD GL FRQLR DOWULPHQWL 6SO
3LVD
5HSXEEOLFD (PLVVLRQL D QRPH GL )HGHULFR , $TXLOLQR PDJJLRUH R JURVVR GD VROGL 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
)HUGLQDQGR , GH¶0HGLFL 7DOOHUR $5 J )(5',1$1'96 0 ± 0$* (75 '9; ,,, %XVWR FRUD]]DWR D G FRQ FRURQD UDGLDWD H VFHWWUR QHOOD G VRWWR QHO JLUR 5Y 3,6$ ,19(7967$( 0$,(67$7,6 0(025,$0 6WHPPD PHGLFHR FDULFDWR VX FURFH GL 6DQWR 6WHIDQR H VRUPRQWDWR GD FRURQD JUDQGXFDOH *DOHRWWL /;,, 5DYHJQDQL 0RURVLQL 0,5 5DUR 'L HFFH]LRQDOH FRQVHUYD]LRQH SHU LO WLSR GL PRQHWD 0RGHVWH VFUHSRODWXUH GHO PHWDOOR DO GU DOWULPHQWL T )GF 3RQWH GHOOD 6RUJD
&OHPHQWH 9, 3LHUUH 5RJHU 0H]]R JURVVR WRUQHVH $5 J &/(0(16 33 6(;79 0H]]R EXVWR PLWUDWR GL IURQWH EHQHGLFHQWH H FRQ OXQJD FURFH DVWLOH QHOOD V 5Y &20(6 9(5(6,Q, &URFH SDWHQWH FRQ FKLDYL GHFXVVDWH QHO ,, TXDUWR 0XQWRQL TXDUWR GL JURVVR %HUPDQ VHVLQR 0,5 (VWUHPDPHQWH UDUR 3DWLQD GL PHGDJOLHUH EXRQ %% ([ DVWD 1$&
5HJJLR (PLOLD
(UFROH ,, G¶(VWH *LXOLR $5 J 69% +2& &/ ± <3(2 797, 6WHPPD HVWHQVH FRURQDWR 5Y 6 ± &+5,6$1796 0 5¶*,(16,90 6DQ *ULVDQWH VWDQWH D V FRQ UDPR GL SDOPD SRJJLDWR VXOOD VSDOOD &1, %HOOHVLD & 0,5 0ROWR UDUR (VHPSODUH GL LQVROLWD FRQVHUYD]LRQH 6SO
$OIRQVR ,, G¶(VWH 6FXGR $9 J 5(*,, /20%$5',( 6WHPPD FLYLFR FRQ IRJOLHWWH LQ FLPDVD 5Y +9,96 &5925( 6$1$7, 69096 ,O 5HGHQWRUH DSSRJJLDWR DOOD FURFH SHUGH LO VDQJXH GDO FRVWDWR FKH ILQLVFH LQ XQD FRSSD LQ EDVVR D V &1, %HOOHVLD 5HJJLR % 0,5 )ULHGEHUJ 0ROWR UDUR %% ([ DVWD )LQDUWH
5RGL 2UGLQH GHL FDYDOLHUL GL 6DQ *LRYDQQL
5RJHU GH 3LQV *UDQ PDHVWUR *LJOLDWR $5 J SLJQD ) 52*(5,96 ' 3,1,(96 ' *5$0 ,O *UDQ PDHVWUR JHQXIOHVVR GDYDQWL D FURFH SDWULDUFDOH VX GXH JUDGLQL GLHWUR SLJQD 5Y 263,7$ 6 ,2K6 ,5/1, 476 52', &URFH IRJOLDWD FRQ OH HVWUHPLWj RUQDWH GD VFXGR GHOO¶RUGLQH 6FKOXPEHUJHU WDY ,; 036 YDU 5DUR %XRQ %%
-XDQ )HUQDQGH] GH +HUHGLD *UDQ PDHVWUR *LJOLDWR $5 J ) ,2K +(5$1', * 0 263,7$/,6 ,O *UDQ PDHVWUR JHQXIOHVVR GDYDQWL D FURFH SDWULDUFDOH VX GXH JUDGLQL VRWWR L JUDGLQL 3 H GLHWUR OD ILJXUD GHO *UDQ 0DHVWUR FDVWHOOR 5Y 263,7$/ 6 ,2K,6 ,5/1, 47 2', &URFH IRJOLDWD FRQ OH HVWUHPLWj RUQDWH GD VFXGR GHOO¶RUGLQH 6FKOXPEHUJHU 7 ; YDU 3 VRWWR JOL VFDOLQL GHOOD FURFH 036 F 'HEROH]]D GL FRQLR DOWULPHQWL EXRQ %%
3LHUUH G¶$XEXVVRQ *UDQ PDHVWUR =HFFKLQR $9 J 3(7596 ' $9%96621 ± 6 ,2K$1, ,O *UDQ PDHVWUR JHQXIOHVVR ULFHYH LO YHVVLOOR GD 6DQ *LRYDQQL OXQJR O¶DVWD 0 3 URVHWWD 5Y 6,7 7 ;3( '$7966 ± 5(*,6 ,67( '9&$7 ,O 5HGHQWRUH EHQHGLFHQWH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 6FKOXPEHUJHU 7 ;, 036 )ULHGEHUJ 5DUR 6SO
5RPD
6WHIDQR 9, FRQ &DUOR ,,, LO JURVVR 'HQDUR $5 J 6&6 3(7596 PRQRJUDPPD GL SDSD 6WHIDQR QHO FDPSR 5Y &$52/96 >,0¶@ 520$ LQ PRQRJUDPPD QHO FDPSR 0XQWRQL %HUPDQ 0(& )XVFRQL % 0,5 5DUR 0LJOLRUH GL %%
6 1LFROz , FRQ /XGRYLFR ,, 'HQDUR $5 J 6&6 3(7596 LQWRUQR D 1,&2/$96 LQ PRQRJUDPPD 5Y /9'299,&96 ,3 QHO FDPSR 520$ LQ PRQRJUDPPD 0XQWRQL YDU %HUPDQ 0(& YDU ,3 DQ]LFKp ,03 LQ QHVVR 0ROWR UDUR T 6SO
*LRYDQQL 9,,, FRQ &DUOR ,, LO FDOYR R &DUOR ,,, LO *URVVR 'HQDUR $5 J .$52/96 >03@ LQWRUQR D ,2+$11(6 LQ PRQRJUDPPD 5Y 6 & 6 ± 3 ( 75 96 %XVWR GL 6 3LHWUR GL IURQWH FRQ OXQJD FURFH DVWLOH QHOOD PDQR G 0XQWRQL %HUPDQ 0(& )XVFRQL 0,5 5DUR 3DWLQD GL PHGDJOLHUH T 6SO
6LVWR ,9 )UDQFHVFR GHOOD 5RYHUH )LRULQR GL FDPHUD $9 J ā6,;796ā33 VHJQR GL 3LHU 3DROR GHOOD =HFFD ± ā 49$5796ā 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGUL
OREDWD 5Y 6$1&796 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 )ULHGEHUJ 6HJQL VXO ERUGR H WUDFFH GL RQGXOD]LRQH GHO WRQGHOOR DOWULPHQWL T 6SO
'RSSLR JURVVR $5 J 6,;796 ,,,, 3217 0$; 95%( 5(67 %XVWR D D V FRQ SLYLDOH RUQDWR GD IRJOLDPL 5Y 39%/,&$( ± VHJQR GL 3LHWUR GHOOD =HFFD ± 97,/,7$7, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR FRUQLFH TXDGULOREDWD 0XQWRQL %HUPDQ 0,5 (VWUHPDPHQWH UDUR 3DWLQD GL PHGDJOLHUH H EHO ULWUDWWR EXRQ %% (¶ OD SULPD PRQHWD VXOOD TXDOH q HIILJLDWR XQ 5RPDQR SRQWHILFH
$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 VHJQR GL 3LHU 3DROR GHOOD =HFFD 6$1&796 3(7596 $/0$ 520$ 6 3LHWUR DOOD SHVFD 0XQWRQL %HUPDQ 0,5 0ROWR UDUR H LQ VWDWR GL FRQVHUYD]LRQH HFFH]LRQDOH PLJOLRUH GL 6SO
*LXOLR ,, *LXOLDQR GHOOD 5RYHUH 'RSSLR ILRULQR GL FDPHUD $9 J ,9/,96 ,, ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH HQWUR GRSSLD FRUQLFH TXDGULOREDWD 5Y ā6$1&796 3(7596 $/0$ 520$ 6 3LHWUR LQ QDYLFHOOD QHO JLUR D V URVHWWD VHJQR GL 3LHU 3DROR GHOOD =HFFD 0XQWRQL %HUPDQ 0,5 TXHVWR HVHPSODUH LOOXVWUDWR )ULHGEHUJ 0ROWR UDUR 7DFFH GL RQGXOD]LRQH GHO WRQGHOOR DOWULPHQWL 6SO
/HRQH ; *LRYDQQL GH¶0HGLFL 4XDUWR GL GXFDWR $5 J /(2ā'(&,096ā3217,)ā 0$;,096ā %XVWR D V FRQ SLYLDOH RUQDWR 5Y 3$&(0ā0($0 WULGHQWH VHJQR GHO %DQFR )XJJHU ± '2ā92%,6 *HV VWDQWH D V EHQHGLFH JOL DSRVWROL JHQXIOHVVL DOO¶HVHUJR 520$ 0XQWRQL %HUPDQ 0,5 (VWUHPDPHQWH UDUR H LQ VWDWR GL FRQVHUYD]LRQH LQVROLWR SHU TXHVWD DIIDVFLQDQWH HPLVVLRQH 3DWLQD GL PHGDJOLHUH EXRQ %% ([ DVWD 6DQWDPDULD *HQQDLR 6LJQRUHOOL H 1$& /D GHQRPLQD]LRQH FKH FRPXQHPHQWH DYHYD TXHVWD PRQHWD GL WHVWRQH R WULSOLFH JLXOLR q VWDWD UHFHQWHPHQWH FRUUHWWD GDO 0XQWRQL FKH GRSR XQ DWWHQWR VWXGLR VXOOD PHWURORJLD GHOO¶HSRFD O¶KD UHWWLILFDWD LQ TXDUWR GL GXFDWR , FRQLL YHQQHUR TXDVL VLFXUDPHQWH SUHSDUDWL GD 3LHU 0DULD 6HUEDOGL GD 3HVFLD LQ TXDQWR FRQVLGHUDWR FKH QHOOD OHJHQGD GHO URYHVFLR q LQFLVD OD PDUFD GHL )XJJHU q GRFXPHQWDWR FKH GXUDQWH LO ORUR DSSDOWR 3LHU 0DULD ULFRSULYD OD FDULFD GL LQFLVRUH XIILFLDOH ,O 0DUWLQRUL WXWWDYLD QHL VXRL $QQDOL GHOOD ]HFFD GL 5RPD SURSULR SHU LO EHOOR VWLOH GHOO¶LQFLVLRQH UHSXWDYD SRVVLELOH DWWULEXLUOD DO &DUDGRVVR /D UDSSUHVHQWD]LRQH H OD OHJHQGD GHO URYHVFLR ULFRUGDQR LO SHUGRQR H LO FRQVHJXHQWH UHLQWHJUR QHOOH FDULFKH FRQFHVVR GD /HRQH ; QHO GLFHPEUH GHO DL FDUGLQDOL FKH DYHYDQR SUHVR SDUWH DO &RQFLOLR VFLVPDWLFR GL 3LVD GHO
*LXOLR ,,, *LRYDQQL 0DULD &LRFFKL GHO 0RQWH 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 0,5 )ULHGEHUJ 0ROWR UDUR 0LJOLRUH GL 6SO ([ DVWD .XQVW XQG 0 Q]HQ
*LXOLR DQQR ,, $5 J ,9/,96 ,,, ± 3 0 %XVWR D V FRQ SLYLDOH UDEHVFDWR VRWWR ,, 5Y 201,$ 797$ ± 9,'(6 5RPD LQ DELWR PLOLWDUH VHGXWD D V FRQ FRURQD G¶DOORUR QHOOD G SURWHVD LQ EDVVR D V VHJQR GL %DUWRORPHR &DQRELR ]HFFKLHUH H D G 520$ 0XQWRQL %HUPDQ 0,5 5DUR %HOOD SDWLQD LULGHVFHQWH T 6SO
([ DVWD 9DUHVL D 'HPLFKHOL
6LVWR 9 )HOLFH 3HUHWWL 3LDVWUD DQQR 9 $5 J 6,;796 9 321 0$; $1 9 %XVWR D V FRQ SLYLDOH RUQDWR VRWWR QHO JLUR VHJQR GL *XJOLHOPR 7URQFL ]HFFKLHUH 5Y ,1 ± 7( 6,7,2 6DQ )UDQFHVFR ULFHYH OH VWLPPDWH DOO¶HVHUJR 520$ 0XQWRQL %HUPDQ 0,5 5DUD %HOOD SDWLQD GL PHGDJOLHUH PLJOLRUH GL %% ([ DVWD $UW &RLQV 5RPD
8UEDQR 9,,, 0DIIHR %DUEHULQL 7HVWRQH DQQR VDQWR ,, $5 J 95%$196 9,,, 321 0$; $ ,, 6WHPPD FRQ PDVFKHUD OHRQLQD LQ FLPDVD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 5Y 49, ,1*5(',79 ± 6,1( 0$&9/$ /D 3RUWD 6DQWD DSHUWD DOO¶LQWHUQR LO 9ROWR 6DQWR H DL ODWL 52 ± 0$ $OO¶HVHUJR DUPHWWH %RQQDQL 3DJOLDUL H 0DUWHOOL 0XQWRQL YDU ,,, %HUPDQ 3DWLQD GL PHGDJOLHUH T 6SO
7HVWRQH DQQR ;,9 $5 J 95%$196 9,,, 321 0 $ ;,9 %XVWR D G FRQ FDPDXUR H PR]]HWWD VRWWR * 02/ *DVSDUH 0RURQH 0ROD LQFLVRUH 5Y 9,9,7 ± ā ± '(96 /¶$UFDQJHOR 0LFKHOH WUDILJJH /XFLIHUR 0XQWRQL %HUPDQ 5DUR 6SO ([ DVWD 1$&
$OHVVDQGUR 9,, )DELR &KLJL 3LDVWUD $5 J $/(; 9,, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH SDU]LDOPHQWH QDVFRVWH ,Q DOWR D V 6 3LHWUR EHQHGLFHQWH DSSRJJLDWR VXOOR VWHPPD H LQ EDVVR QHO JLUR 520 5Y ',63(56,7 '(',7 3$93(5,%96 , ( 0 , 6 6 6DQ 7RPPDVR GL 9LOODQRYD YROWR D V GRQD GHOOH PRQHWH DG XQ PHQGLFDQWH 0XQWRQL %HUPDQ 5DUD 0LJOLRUH GL %%
&OHPHQWH ,; *LXOLR 5RVSLJOLRVL 7HVWRQH $5 J &/(0 ,; ± 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL FRQFKLJOLD LQ FLPDVD 5Y $9;,/,90 '( 6$1&72 6 3LHWUR VHGXWR D V DOO¶HVHUJR 52 DUPHWWD 0DUWHOOL H 8EHUWLQL 0$ 0XQWRQL %HUPDQ 5DUR 6SOHQGLGD SDWLQD LULGHVFHQWH T )GF
,QQRFHQ]R ;, %HQHGHWWR 2GHVFDOFKL 3LDVWUD $5 J ,112&(17,96 ± ;, 3217 0$; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y '(;7(5$ 79$ '20,1( 3(5&966,7 ,1,0,&90 HQWUR FRURQD GL UDPL GL SDOPD 0XQWRQL %HUPDQ /HJJHUD SDWLQD LULGHVFHQWH T 6SO
$OHVVDQGUR 9,,, 3LHWUR 2WWRERQL 7HVWRQH DQQR , $5 J $/(;$1'(5 9,,, 3217 0$; $ , %XVWR FRQ FDPDXUR H VWROD FRQ LPSUHVH DUDOGLFKH D G VRWWR $ 7 ) $QWRQLQR 7UDYDQL LQFLVRUH 5Y 6DQ 3LHWUR H 6DQ 3DROR VWDQWL GL IURQWH LQ DOWR FRORPED UDJJLDQWH H DOO¶HVHUJR DUPHWWD ' $VWH 0XQWRQL %HUPDQ 5DUR T 6SO
7HVWRQH DQQR , $5 J $/(;$1 ± 9,,,ā3217 0 $ , %XVWR D G FRQ FDPDXUR H VWROD FRQ LPSUHVH DUDOGLFKH VRWWR +$0(5$196 5Y 5( )590(17$5,$ 5(67,797$ 'XH EXRL DUDQWL DL ODWL VSLJKH H DOO¶HVHUJR &,&,& DUPHWWD 3DWUL]L &;& 0XQWRQL %HUPDQ &RQVHUYD]LRQH HFFH]LRQDOH PLJOLRUH GL 6SO
,QQRFHQ]R ;,, $QWRQLR 3LJQDWHOOL 3LDVWUD DQQR ,, $5 J ,112&(1 ± ;,, 3217 0 $ ,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD QHO WDJOLR GHO EUDFFLR +$0(5$196 *LRYDQQL +DPHUDQL LQFLVRUH 5Y '(96 3$&,6 ± &217(5(7 6$7$1$0 /¶$UFDQJHOR 0LFKHOH DUPDWR LQ YROR YHUVR V WUDILJJH 6DWDQD VSURIRQGDQWH WUD OH ILDPPH SLHWUH H QXEL ,Q EDVVR VX ODSLGH DUPHWWD )DUVHWWL H VRWWR QHO JLUR 0XQWRQL D %HUPDQ %HOOD SDWLQD GL PHGDJOLHUH T 6SO ([ DVWH 1$& H
3LDVWUD DQQR 9,,, $5 J ,112&(1 ± ;,, 3 0 $1 9,,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD VRWWR QHO JLUR 6ā95%$ā23ā )HUGLQDQGR GH 6DLQW 8UEDQ LQFLVRUH 5Y *5$7,$ā 92%,6ā (7ā 3$;ā 09/7,3/,&(795 6 3LHWUR FKH SUHGLFD DOOH WXUEH DOO¶HVHUJR 6ā9ā 23ā DL ODWL GHOO¶DUPHWWD )DUVHWWL 0XQWRQL %HUPDQ 5DUD 0LJOLRUH GL 6SO
3LDVWUD DQQR 9,,, $5 J ,112&(1 ± ;,, 3217 0 $ 9,,, %XVWR D G FRQ FDPDXUR H VWROD RUQDWD VRWWR +$0(5$196 ) *LRYDQQL +DPHUDQL LQFLVRUH 5Y 9(17, (7 0$5( 2%(',917 (, 9HGXWD GHO SRUWR GL $Q]LR DOO¶HVHUJR 0' DUPHWWD '¶$VWH &,& 0XQWRQL %HUPDQ 0ROWR UDUD %HOOD SDWLQD GL PHGDJOLHUH HG HVHPSODUH GLIILFLOPHQWH UHSHULELOH LQ TXHVWR VWDWR GL FRQVHUYD]LRQH 6SO PLJOLRUH GL 6SO
0H]]D SLDVWUD DQQR 9,, $5 J ,112&(1ā;,,ā± 3217ā0ā$ā9,, 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL WHVWLQD GL FKHUXELQR LQ FLPDVD 5Y ),$7ā3$; ± ,1ā9,5797(ā79$ ,O SRQWHILFH JHQXIOHVVR D V VX LQJLQRFFKLDWRLR LQ DOWR D V OD FRORPED GHOOR 6SLULWR 6DQWR ,Q EDVVR D V WULUHJQR H DOO¶HVHUJR 3ā DUPHWWD )DUVHWWL ā% 0XQWRQL %HUPDQ 5DUD 0LJOLRUH GL 6SO
7HVWRQH DQQR 9 $5 J ,112&(1 ± ;,, 3 0 $ 9 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 52*$7( 49 $' 3$&( ± 0 6917 ,O SDSD DVFROWD O¶HVRUWDWRULD SHU OD SDFH DOO¶HVHUJR DUPHWWD )DUVHWWL 0XQWRQL %HUPDQ 3DWLQD LULGHVFHQWH 0DUJLQDOH PDQFDQ]D GHO WRQGHOOR DO UY DOWULPHQWL PLJOLRUH GL 6SO
&OHPHQWH ;, *LDQ )UDQFHVFR $OEDQL 3LDVWUD DQQR 9,, $5 J &/(0(16ā;, ± 3ā0ā$1ā9,, %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GD VWHPPD SDSDOH VRWWR +(50(1,*ā+$0(5$196ā 5Y '21$ā12%,6ā3$&(0ā 6 &OHPHQWH FKH SUHJD DL SLHGL GL XQ PRQWH VXOOD FXL VRPPLWj q SRVWR O¶$JQXV 'HL GLHWUR ILJXUD GHOOD 3DFH H DOO¶HVHUJR 0'&&9,, DL ODWL GHOO¶DUPHWWD '¶$VWH 0XQWRQL %HUPDQ 5DUD 'HOLFDWD SDWLQD GL PHGDJOLHUH 6SO
3LDVWUD DQQR ;9 $5 J &/(0(16 ± ;, 3 0 $ ;9 %XVWR D G FRQ FDPDXUR PR]]HWWD H VWROD RUQDWD GD FURFH VRWWR ( + (UPHQHJLOGR +DPHUDQL LQFLVRUH 5Y 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH FRQ FRUGRQL H ILRFFKL 0XQWRQL %HUPDQ 0LJOLRUH GL %%
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 5DUR &RQVHUYD]LRQH HFFH]LRQDOH T )GF
%HQHGHWWR ;,9 3URVSHUR /DPEHUWLQL =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 5DULVVLPR 0LJOLRUH GL 6SO 3HU TXHVWR PLOOHVLPR VL FRQRVFRQR ]HFFKLQL UHFDQWL GXH DQQL GL SRQWLILFDWR GLYHUVL LO ;9, HG LO ;9,, PD ULVSHWWR D TXHVW¶XOWLPR JOL HVHPSODUL FRQ O¶LQGLFD]LRQH GHO VHGLFHVLPR VRQR GL GLIILFLOH DSSDUL]LRQH VXO PHUFDWR
&OHPHQWH ;,,, &DUOR 5H]]RQLFR 6FXGR DQQR , $5 J &/(0(16 ;,,, ± 3217 0$; $1 , 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6935$ ),50$0 ± 3( ± 75$0 ± /D &KLHVD VXOOH QXEL VRWWR DUPHWWD '¶(OFL 0XQWRQL %HUPDQ 5DULVVLPR %XRQ %% %%
7HVWRQH DQQR ,; $5 J &/(0(16 ;,,, ± 3217 0$; $ ,; 6WHPPD VRUPRQWDWR GD WULUHJQR H FKLDYL GHFXVVDWH 5Y 6 3(7596 ± 6 3$9/96 6 3LHWUR H 6 3DROR VWDQWL GL IURQWH DO FHQWUR WHPSLHWWR VRUPRQWDWR GD FRORPED GHOOR 6SLULWR 6DQWR UDJJLDQWH $OO¶HVHUJR 0'&& DUPHWWD *UHJRUL /;9,, 0XQWRQL %HUPDQ 5DUR %HOOLVVLPD SDWLQD GL PHGDJOLHUH H FRQVHUYD]LRQH HFFH]LRQDOH T )GF PLJOLRUH GL 6SO
5HSXEEOLFD URPDQD 3URYH SHU OD QXRYD PRQHWD]LRQH 'D EDLRFFKL DQQR 9, &X 5(39%%/,&$ ± 520$1$ 7URIHR 5Y '9( %$ ,2&&+, HQWUR WULDQJROR VRWWR $112 6(672 5(39%%/, &$12 H DL ODWL UDPL G¶DOORUR 3DJDQL %UXQL 5DULVVLPD ,Q VODE 3&*6 06 %1 5DPH URVVR )GF ([ DVWD 5DIIDHOH 1HJULQL
*UHJRULR ;9, %DUWRORPHR &DSSHOODUL 0HGDJOLD DQQR ;, $5 J ¡ PP 3HU LO UHVWDXUR GHOO¶$FTXHGRWWR &ODXGLR RSXV *LXVHSSH *LURPHWWL *5(*25,96 x ;9, x ± 3217 x 0$; x $112 x ;, %XVWR D G FRQ ]XFFKHWWR PR]]HWWD H VWROD VRWWR QHO JLUR * *,520(77, ) 5Y '9&796 $49$( &/$9',$( ',/$36,6 3$57,%96 5()(5&7,6 3URVSHWWR GHOO¶DFTXHGRWWR &ODXGLR GL 3RUWD 0DJJLRUH DOO¶HVHUJR &/$9', 02190 91',48( '(7(&72 *(0,12 3257$( 35$(1(67 $'6759&72 $(',),&,2 $112 0'&&&;/, * * ) %DUWRORWWL ( /LHYH VDJJLR VXO ERUGR DOWULPHQWL PLJOLRUH GL 6SO
0HGDJOLD DQQR ;,, $5 J ¡ PP 3HU LO UHVWDXUR GHOOD IRUWH]]D GL $QFRQD RSXV *LXVHSSH &HUEDUD *5(*25,96 x ;9, x ± 3217 x 0$; x $1 x ;,, %XVWR D G FRQ ]XFFKHWWR PR]]HWWD H VWROD VRWWR QHO JLUR *,96 &(5%$5$ ) 5Y 9HGXWD GHOOD IRUWH]]D GL $QFRQD DOO¶HVHUJR $5&( $1&21,7$1$ 5(67,797$ 129,6 23(5,%96 091,7$ $1 0 '&&& ;;;;,, *& %DUWRORWWL ( 5DUD %HOOD SDWLQD GL PHGDJOLHUH 6HJQHWWL QHL FDPSL DO GU H DO UY DOWULPHQWL 6SO
0HGDJOLD DQQR ;,,, $5 J ¡ PP 3HU O¶DPSOLDPHQWR GHO SRUWR GL 7HUUDFLQD RSXV *LXVHSSH *LURPHWWL *5(*25,96 x ;9, ± 3217 x 0$; x $ x ;,,, %XVWR D G FRQ ]XFFKHWWR H SLYLDOH VRWWR QHO JLUR * *,520(77, ) 5Y 3DQRUDPD GL 7HUUDFLQD FRQ YHGXWD GHO PROR H GHO SRUWR FDQDOH VROFDWR GD EDUFKH DOO¶HVHUJR 32579 7$55$&,1$( 6$/97$5, &,9,%96 233257912 1$9,*$17,%96 $3(572 $1 0'&&&;;;;,,, %DUWRORWWL ( 0LQLPL VHJQHWWL VXL IRQGL DOWULPHQWL T )GF
3LR ,; *LRYDQQL 0DULD 0DVWDL )HUUHWWL 0RQHWD]LRQH GHFLPDOH 'D OLUH DQQR ;;, 3DJDQL %HUPDQ 0ROWR UDUD )RQGL VSHFXODUL H FRQVHUYD]LRQH HFFH]LRQDOH )GF 6LJLOODWD 5DIIDHOH 1HJULQL JLXJQR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD 3HU TXHVWR PLOOHVLPR ULVXOWDQR FRQLDWL HVHPSODUL PD GLIILFLOPHQWH VRQR UHSHULELOL LQ SHUIHWWR VWDWR GL FRQVHUYD]LRQH FRPH TXHOOR TXL SURSRVWR
0HGDJOLD DQQR ;;,, $5 J ¡ PP 3HU OD UHDOL]]D]LRQH GHOOD VFDOLQDWD GL DFFHVVR DOOD SLD]]D GHO 4XLULQDOH RSXV ,JQD]LR %LDQFKL 3,96 x ,; x 3217 ± 0$; x $1 x ;;,, x %XVWR D V FRQ ]XFFKHWWR PR]]HWWD H VWROD RUQDWD GD FURFH VWHPPD H ILRUDPL VRWWR QHO JLUR , %,$1&+, 6 5Y $'6&(169 &2002',25( $' &2//(0 49,5,1$/(0 $3(572 (;251$72 9HGXWD GHOOD SLD]]D GHO 4XLULQDOH VXOOR VIRQGR LO SDOD]]R GHOOD &RQVXOWD DOO¶HVHUJR $1 0'&&&/;9,, 6XOOD OLQHD G¶HVHUJR LQ ULOLHYR 9,5* 9(63,*1$1, $5&+ , %,$1&+, 6 /LQFROQ 5 = %DUWRORWWL ( %HOOD SDWLQD LULGHVFHQWH PLJOLRUH GL 6SO
3DROR 9, *LRYDQQL %DWWLVWD 0RQWLQL 0HGDJOLD $9 J ¡ PP 2SXV ( 6HQHVL 3$8/86 9, ± 3217 0$; %XVWR D V FRQ PLWULD PR]]HWWD H VWROD ULFDPDWD VRWWR QHO JLUR /(//2 6&25=(//, 5Y $/7(5$ 6(66,2 &21&,/,, 2(&80(1,&, 9$7,& ,, ,O SRQWHILFH HQWUD QHOOD %DVLOLFD GL 6DQ 3LHWUR RYH VRQR L 3DGUL FRQFLOLDUL LQ EDVVR DL ODWL $ ' ± 0&0/;,,, H VRWWR ,1 120,1( '20,1, ,Q EDVVR QHO JLUR ( 6(1(6, 'H /XFD )GF
6DYRLD
$PHGHR 9 *URVVR GL 3LHPRQWH , WLSR 6XVD R $YLJOLDQD $5 J $0('6 &20(6 6$% $TXLOD ELFLSLWH DG DOL VSLHJDWH 5Y 3('¶ ± 021 ± 7(1 ± 6,6 &URFH LQWHUVHFDQWH OD OHJHQGD QHL TXDUWL $ ± 0 ± ( ± ' 0,5 D 0ROWR UDUR 6WXSHQGD SDWLQD GL PHGDJOLHUH PLJOLRUH GL %% T 6SO
&DUOR (PDQXHOH ,,, ,, SHULRGR QXRYD PRQHWD]LRQH 0H]]D GRSSLD QXRYD 7RULQR $9 J &$5 (0 ' * 5(; 6$5 &<3 (7 ,(5 %XVWR D V VRWWR QHO JLUR 5Y '9; 6$%$9' (7 0217,6)(5 35,1& 3('(0 6WHPPD FRURQDWR FLUFRQGDWR GD &ROODUH GHOO¶$QQXQ]LDWD 0,5 L )ULHGEHUJ 0LOOHVLPR GL HVWUHPD UDULWj T 6SO
6FXGR GD OLUH 7RULQR $5 J &$5 (0 ' * 5(; 6$5 &<3 (7 ,(5 %XVWR D V VRWWR QHO JLUR 5Y '9; 6$%$9' (7 0217,6)(5 35,1& 3('(0 6WHPPD FRURQDWR FLUFRQGDWR GD &ROODUH GHOO¶$QQXQ]LDWD 0,5 F &RQVHUYD]LRQH HFFH]LRQDOH T )GF 6LJLOODWD $QJHOR %D]]RQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
0H]]R VFXGR 7RULQR $5 J &$5 (0 ' * 5(; 6$5 &<3 (7 ,(5 %XVWR D V VRWWR QHO JLUR 5Y '9; 6$%$9' (7 0217,6)(5 35,1& 3('(0 6WHPPD FRURQDWR FLUFRQGDWR GD &ROODUH GHOO¶$QQXQ]LDWD 0,5 D 0DJQLILFD SDWLQD LULGHVFHQWH VX IRQGL OXFHQWL T )GF
0RQHWD]LRQH SHU OD 6DUGHJQD 0H]]R FDUOLQR VDUGR GD GRSSLHWWH $9 J &$5 (0 ' * 5(; 6$5 &<3 (7 ,(5 %XVWR D V VRWWR QHO JLUR 5Y '9; 6$% (7 0217,6)(5 35,1& 3(' 6FXGR VDUGR RYDOH FRURQDWR H FLUFRQGDWR GD &ROODUH GHOO¶$QQXQ]LDWD 0,5 F )ULHGEHUJ 5DULVVLPR 0RGHVWL GHSRVLWL DO UY DOWULPHQWL FRQVHUYD]LRQH HFFH]LRQDOH SHU LO WLSR GL PRQHWD )GF 6LJLOODWD 5DIIDHOH 1HJULQL GLFHPEUH IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
9LWWRULR $PHGHR ,,, 0H]]D GRSSLD 7RULQR $9 J 9,& $0 ' * 5(; 6$5',1,$( %XVWR D V VRWWR QHO JLUR 5Y '9; 6$%$9' ± 35,1& 3('(0 $TXLOD FRURQDWD DG DOL VSLHJDWH FRQ VFXGHWWR VDEDXGR LQ SHWWR VWULQJH QHJOL DUWLJOL EDVWRQH H VFHWWUR GHFXVVDWL GD FXL SHQGH LO &ROODUH GHOO¶$QQXQ]LDWD 0,5 G )ULHGEHUJ 5DUD 0LJOLRUH GL %%
6FXGR GD OLUH 7RULQR $5 J 9,& $0 ' * 5(; 6$5 &<3 (7 ,(5 %XVWR D V VRWWR QHO JLUR 5Y '9; 6$%$9' (7 0217,6)(5 35,1& 3('(0 6WHPPD FRURQDWR FLUFRQGDWR GD &ROODUH GHOO¶$QQXQ]LDWD 0,5 D 5DULVVLPR HG HVHPSODUH LQ VWDWR GL FRQVHUYD]LRQH HFFH]LRQDOH SUREDELOPHQWH LO PLJOLRUH QRWR )GF
0RQHWD]LRQH SHU OD 6DUGHJQD &DUOLQR VDUGR GD GRSSLHWWH 7RULQR $9 J 9,& $0 ' * 5(; 6$5 &<3 (7 ,(5 %XVWR D V VRWWR QHO JLUR 5Y '9; 6$% (7 0217,6)(5 35,1& 3(' 6FXGR VDUGR FRURQDWR FDULFDWR LQ FXRUH GD DTXLOD VDEDXGD H DFFRVWDWR GD &ROODUH GHOO¶$QQXQ]LDWD 0,5 E )ULHGEHUJ 'HOOD PDVVLPD UDULWj H PDJQLILFR HVHPSODUH HFFH]LRQDOPHQWH FRQVHUYDWR )GF 6LJLOODWD 5DIIDHOH 1HJULQL GLFHPEUH IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD /D PRQHWD]LRQH SHU OD 6DUGHJQD KD LQL]LR FRQ 9LWWRULR $PHGHR ,, QHOO¶DQQR /D VHULH HPHVVD GXUDQWH LO UHJQR GL 9LWWRULR $PHGHR ,,, HVHJXLWD FRPH OH SUHFHGHQWL QHOOD ]HFFD GL 7RULQR FRQVLVWH LQ HVHPSODUL GL GRSSLHWWH VDUGH H UHODWLYL PXOWLSOL SHU O¶RUR VFXGL H VRWWRPXOWLSOL SHU O¶DUJHQWR UHDOL H VROGL SHU OD PLVWXUD H FDJOLDUHVL SHU LO UDPH 3HU TXHVWR UHJQDQWH OD FRQLD]LRQH GL FDUOLQL GD GRSSLHWWH VDUGH q FRQRVFLXWD SHU GXH GDWH RYYHUR H TXHVW¶XOWLPR PLOOHVLPR q QRWRULDPHQWH SL UDUR ULVSHWWR DO SULPR
9LWWRULR (PDQXHOH , 'D OLUH 3DJDQL 0,5 F
%XRQ %% %%
0H]]R VFXGR , WLSR 3DJDQL 0,5 0ROWR UDUR 'HOLFDWD SDWLQD VX IRQGL OXFHQWL )GF T )GF
&DUOR )HOLFH 'D OLUH *HQRYD 3DJDQL 0,5 G 5DUD &RQVHUYD]LRQH LQVROLWD SHU LO WLSR PLJOLRUH GL 6SO
6LJLOODWD $QJHOR %D]]RQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
/LUD *HQRYD 3DJDQL 0,5 E
5DULVVLPD 0LJOLRUH GL 6SO
6LJLOODWD $QJHOR %D]]RQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
/LUD *HQRYD 3DJDQL 0,5 G
5DUD T )GF
6LJLOODWD $QJHOR %D]]RQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
/LUD *HQRYD 3DJDQL 0,5 K
0LJOLRUH GL 6SO T )GF
5DPH URVVR )GF
6LJLOODWD $QJHOR %D]]RQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
'D FHQWHVLPL 7RULQR 3DJDQL 0,5 E ([ DVWD 5DIIDHOH 1HJULQL JLXJQR
&DUOR $OEHUWR 'D OLUH *HQRYD 3DJDQL 0,5 K 0LJOLRUH GL 6SO 6LJLOODWD $QJHOR %D]]RQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD 3HU OD ]HFFD GL *HQRYD FRQ TXHVWR PLOOHVLPR ULVXOWD XQD WLUDWXUD XIILFLDOH GL HVHPSODUL
'D OLUH *HQRYD 3DJDQL 0,5 D
5DULVVLPD 6SO T )GF
([ DVWD 5DIIDHOH 1HJULQL JLXJQR HG LYL VLJLOODWD IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD 7LUDWXUD XIILFLDOH GL HVHPSODUL
'D OLUH *HQRYD 3DJDQL 0,5 DF
6SO PLJOLRUH GL 6SO
'D OLUH VHFRQGR VX 7RULQR 3DJDQL 0,5 E
0ROWR UDUR 6SO
9LWWRULR (PDQXHOH ,, UH GL 6DUGHJQD 'D OLUH *HQRYD 3DJDQL 0,5 I 0LJOLRUH GL 6SO
'D OLUH *HQRYD 3DJDQL 0,5 W
0LJOLRUH GL 6SO
/LUD 0LODQR 3DJDQL 0,5 S 6RWWLOLVVLPH HG LQVLJQLILFDQWL WUDFFH GL VSD]]RODWXUD DO GU DOWULPHQWL HVHPSODUH FRQ IRQGL VSHFXODUL H )GF
9LWWRULR (PDQXHOH ,, UH HOHWWR 'D OLUH )LUHQ]H 3DJDQL 0,5 D 5DUD %HOOLVVLPD SDWLQD LULGHVFHQWH )GF
'D FHQWHVLPL %RORJQD 3DJDQL 0,5 D
5DUD )GF
'D FHQWHVLPL %LUPLQJKDP 3HU LO *RYHUQR SURYYLVRULR GHOOD 7RVFDQD 3DJDQL 0,5 ,ULGHVFHQ]H URVVH )GF
'D FHQWHVLPL %LUPLQJKDP 3HU LO *RYHUQR SURYYLVRULR GHOOD 7RVFDQD 3DJDQL 0,5 5DPH URVVR )GF
9LWWRULR (PDQXHOH ,, UH G¶,WDOLD 'D OLUH 5RPD 3DJDQL 0,5 E 0ROWR UDUD /LHYLVVLPR FROSHWWR VXO ERUGR DOWULPHQWL PLJOLRUH GL 6SO
'D OLUH 7RULQR 3DJDQL 0,5 F
6SO
'D OLUH 7RULQR 3DJDQL 0,5 G
0LJOLRUH GL 6SO
'D OLUH 5RPD 3DJDQL 0,5 P
5DUD 0LJOLRUH GL 6SO T )GF
'D OLUH 0LODQR 3DJDQL 0,5 R
6SO
6SO
T )GF
'D OLUH 5RPD 3DJDQL 0,5 W
'D OLUH 7RULQR 3DJDQL 0,5 E
'D OLUH )LUHQ]H 3DJDQL 0,5 D
0ROWR UDUD 3DWLQD GL PHGDJOLHUH T )GF
([ DVWD 1$&
'D OLUH 1DSROL 6WHPPD 3DJDQL 0,5 F
)GF
'D FHQWHVLPL 7RULQR 9DORUH 3DJDQL 0,5 J 0ROWR UDUD ,QFDQWHYROH SDWLQD LULGHVFHQWH T )GF
&HQWHVLPR 1DSROL &RQLR GHFHQWUDWR 3DJDQL YDU 0,5 G YDU 0ROWR UDUR 5DPH URVVR )GF
([ DVWD 5DIIDHOH 1HJULQL JLXJQR
8PEHUWR , UH G¶,WDOLD 'D OLUH 3DJDQL 0,5 E 0ROWR UDUD &ROSHWWR DOOH RUH GHO UY DOWULPHQWL T )GF
'D OLUH 3DJDQL 0,5 F
5DUD 6HJQHWWL DOWULPHQWL 6SO
'D OLUH 3DJDQL 0,5 H
5DULVVLPD 6HJQHWWL GD FRQWDWWR 6SO
6LJLOODWD 5DIIDHOH 1HJULQL OXJOLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
'D OLUH 3DJDQL 0,5 D
5DUD T )GF )GF
'D OLUH 3DJDQL 0,5 F 5DULVVLPD 6HJQHWWL GD FRQWDWWR DOWULPHQWL SL GL 6SO
6LJLOODWD $QJHOR %D]]RQL GLFHPEUH IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
'D OLUH 3DJDQL 0,5 E
T )GF
'D OLUH 3DJDQL 0,5 F
T )GF
'D OLUH 3DJDQL 0,5 H
)GF
'D OLUH 3DJDQL 0,5 H
T )GF
'D OLUH 3DJDQL 0,5 J
T )GF
'D OLUH 3DJDQL 0,5 M
0LJOLRUH GL 6SO
'D OLUH 3DJDQL 0,5 O
T )GF
'D OLUH 3DJDQL 0,5 S
)GF
'D OLUH 3DJDQL 0,5 U
6HJQHWWL DO UY DOWULPHQWL T )GF
/LUD 3DJDQL 0,5 D
'D FHQWHVLPL 3DJDQL 0,5 D
(VWUHPDPHQWH UDUD 0LJOLRUH GL %%
5DUD )GF
'D FHQWHVLPL 3DJDQL 0,5 E
0ROWR UDUD )GF
9LWWRULR (PDQXHOH ,,, UH G¶,WDOLD 'D OLUH 3DJDQL 0,5 E 0ROWR UDUD (VHPSODUH FRQ IRQGL VSHFXODUL H GL FRQVHUYD]LRQH HFFH]LRQDOH )GF
6LJLOODWD 5DIIDHOH 1HJULQL VHWWHPEUH IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
'D OLUH 3DJDQL 0,5 E
5DUD T )GF
0LQLPL VHJQHWWL DOWULPHQWL PLJOLRUH GL 6SO
'D OLUH 3DJDQL 0,5 D
'D OLUH ,; 3DJDQL 0,5 D ,PSHUFHWWLELOH FROSHWWR DO GU DOWULPHQWL T )GF
'D OLUH 3DJDQL 0,5 E
T )GF
)GF
'D OLUH 3DJDQL 0,5 G 5DUD 6HJQHWWR VXOOD JXDQFLD DO GU DOWULPHQWL T )GF
'D OLUH ,; 3DJDQL 0,5 D 6LJLOODWD $QJHOR %D]]RQL JHQQDLR IRWRJUDILD GLVSRQLELOH VX ULFKLHVWD
'D OLUH 3DJDQL 0,5 E
5DUD 0LJOLRUH GL 6SO
'D OLUH 3DJDQL 0,5 D 5DUD &ROSHWWR DOOH RUH GHO GU DOWULPHQWL T 6SO
'D OLUH 9, 3DJDQL 0,5 E
,Q VODE 3&*6 06 )GF
'D OLUH 3DJDQL 0,5 E 5DULVVLPD &ROSHWWR VXO FLJOLR DOOH RUH GHO GU DOWULPHQWL T )GF
'D OLUH 3DJDQL 0,5 D
0ROWR UDUD 6WXSHQGD SDWLQD GL PHGDJOLHUH T )GF
6DQ 0DULQR
5HSXEEOLFD GL 6DQ 0DULQR , SHULRGR 'D OLUH 3DJDQL
6SO
6LHQD
&RVLPR , GH¶0HGLFL GXFD GL )LUHQ]H H 6LHQD 0H]]R JLXOLR $5 J &26096 0(' )/25 (7 6(1$5 '9; ,, 6WHPPD FRURQDWR 5Y 6(1$ 9(796 &,9,7$6 9,5*,1,6 /D OXSD FKH DOODWWD L JHPHOOL 0,5 0ROWR UDUR %% 7UHQWR
(PLVVLRQL DQRQLPH YHVFRYLOL GDO *URVVR GD GHQDUL $5 J ,035$725 URVHWWD 1HO FDPSR ) 5Y (36 75,'(17, %XVWR GHO YHVFRYR PLWUDWR D V EHQHGLFHQWH FRQ OD G H FRQ SDVWRUDOH QHOOD V &1, 5L]]ROOL 7 0(& 0LJOLRUH GL %% 7ULSROL
%RHPRQGR 9,, *URVVR $5 J 6(37,096 %2(091'96 &20(6 &URFH SDWHQWH HQWUR FRUQLFH GL DUFKHWWL 5Y &,9,7$6 75,32/,6 6<5,( &DVWHOOR HQWUR FRUQLFH GL DUFKHWWL 6FKOXPEHUJHU 7 ,9 036 5DUR 3DWLQD GL PHGDJOLHUH T 6SO
8UELQR
)UDQFHVFR 0DULD ,, GHOOD 5RYHUH 0H]]R VFXGR GD JURVVL $5 J )5$1& 0$5,$ ,,95% '9; 9, (7 & 6WHPPD FRURQDWR 5Y *5266, ; HQWUR FDUWHOOD D ODWL UHWWLOLQHL H FXUYLOLQHL LQ EDVVR DL ODWL / ± ; &1, &DYLFFKL 5DUR %XRQ %% 9HQH]LD
/XGRYLFR LO 3LR 'HQDUR $5 J + /9'299,&96 ,03 &URFH SDWHQWH 5Y 9(1 (&,$6 3DROXFFL 0(& 6SO
3LHWUR *UDGHQLJR 'XFDWR $9 J 3( *5$'21,&2 ± 6 0 9(1(7, 6 0DUFR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$7 ,O 5HGHQWRUH EHQHGLFHQWH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD 3DROXFFL )ULHGEHUJ 5DUR 6SO
$QGUHD 'DQGROR 'XFDWR $9 J $1'5 '$1'9/2 ± 6 0 9(1(7, 6 0DUFR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$7 ,O 5HGHQWRUH EHQHGLFHQWH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD 3DROXFFL )ULHGEHUJ 6SO
$QGUHD &RQWDULQL 'XFDWR $9 J $1'5 7$5(12 ± 6 0 9(1(7, 6 0DUFR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$7 ,O 5HGHQWRUH EHQHGLFHQWH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD 3DROXFFL )ULHGEHUJ 6SO
7RPPDVR 0RFHQLJR 'XFDWR $9 J 720 02&(1,&2 ± 6 0 9(1(7, 6 0DUFR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$7 ,O 5HGHQWRUH EHQHGLFHQWH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD 3DROXFFL )ULHGEHUJ %XRQ %%
$QWRQLR *ULPDQL 2VHOOD DQQR , $5 J %(1(',& 3239/90 7990 '1( ,O 5HGHQWRUH VHGXWR LQ WURQR D V EHQHGLFH LO GRJH JHQXIOHVVR PHQWUH ULFHYH LO YHVVLOOR GD 6 0DUFR DOO¶HVHUJR $17 *5,0 '9; 5Y ,967,7,$ (7 3$; 26&9/$7$( ± 6917 /D *LXVWL]LD H OD 3DFH VL VWULQJRQR OD PDQR 3DROXFFL ,, 5DULVVLPD )RUR RWWXUDWR T %% &RQ TXHVWR GRJH O¶XVDQ]D GL GRQDUH YRODWLOL FDFFLDWL QHL WHUULWRUL GHOOD ODJXQD DOOH SL DOWH SHUVRQDOLWj GHOOD 5HSXEEOLFD YHQQH VRVWLWXLWD WUDPLWH O¶HPLVVLRQH GL PRQHWH PHGDJOLH GHQRPLQDWH DSSXQWR ´RVHOOH´ GD RVHOR LQ YHQH]LDQR GDO YDORUH LQL]LDOH GL VROGL WUHQWDGXH H PH]]R
$QGUHD *ULWWL 6FXGR $9 J $1'5($6 *5,7, '9; 9(1(7,$5 &URFH RUQDWD H ILRUDWD 5Y =$1&79= 0$5&9= 9(1(79= /HRQH LQ VROGR HQWUR VFXGR 3DROXFFL )ULHGEHUJ 5DUR 0LJOLRUH GL 6SO
5DUD YDULDQWH FRQ OH 6 LQYHUVH DO UY
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 T 6SO
6HEDVWLDQR 9HQLHU 2VHOOD DQQR , $5 J 6(% 9(1(5,2 ± 35,1 09196 6 0DUFR VHGXWR LQ WURQR D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR FKH UHJJH QHOOD PDQR G XQ UDPR GL SDOPD PHQWUH XQ DQJHOR DOOH VXH VSDOOH JOL LPSRQH LO FRUQR GRJDOH $OO¶HVHUJR $112 , 5Y 0$*1$ '(, 0,6(5,&25',$ 693 1 ± 26 9HGXWD GL 9HQH]LD FRQ DOFXQH QDYL H WUH JUDQGL JDOHUH DOOD IRQGD LQ DOWR PH]]D ILJXUD GHO 5HGHQWRUH FRQ OH EUDFFLD DSHUWH 3DROXFFL ,, 0ROWR UDUD %%
0RURVLQD 0RURVLQL *ULPDQL PRJOLH GHO GRJH 0DULQR *ULPDQL 0HGDJOLD R RVHOOD $5 J 0$952&(1$ 0$9 ± 52&(1$ %XVWR YHODWR GUDSSHJJLDWR H FRQ FRUQR GRJDOH OHJJHUPHQWH YROWR D V 5Y 09196 0$952&(1 *5,0$1 '9&,66 9(1(7,$5 HQWUR FRURQD G¶DOORUR 5DYHJQDQL 0RURVLQL 3DROXFFL ,, 0ROWR UDUD %HOOLVVLPR HVHPSODUH FRQ GHOLFDWD SDWLQD GL PHGDJOLHUH 6SO
*LRYDQQL , &RUQHU 6FXGR GHOOD FURFH $5 J ,2$1 &251(/ '9; 9(1 &URFH RUQDWD H IRJOLDWD DFFDQWRQDWD GD TXDWWUR IRJOLH GL YLWH $OO¶HVHUJR , $ 0 =DQ $OYLVH 0LQRWR PDVVDUR 5Y 6$1&796 0$5& 9(1(7 /HRQH LQ VROGR HQWUR VFXGR RUQDWR DOO¶HVHUJR 3DROXFFL )UDWWXUD GHO WRQGHOOR EXRQ %%
%HUWXFFL 9DOLHU 2VHOOD DQQR , $5 J 6 0 9(1 %(579&&,96 9$/(5,2 ' 6 0DUFR VHGXWR VX WURQR H YROWR YHUVR G SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR DOO¶HVHUJR 0 = 0DULQR =HQR PDVVDUR 5Y 5(6,67,7 ,03$9,'( $TXLOD LQ ORWWD FRQWUR XQ GUDJR DOO¶HVHUJR $112 , 3DROXFFL ,, 5DUD 3DWLQD GL PHGDJOLHUH *UDIILHWWL QHO FDPSR DO GU DOWULPHQWL PLJOLRUH GL %%
$OYLVH &RQWDULQL =HFFKLQR $9 J $/2<6,96 &217 ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD '9; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ /LHYL RQGXOD]LRQL GHO WRQGHOOR 6SO
0DUF¶$QWRQLR *LXVWLQLDQ =HFFKLQR $9 J 0 $17 ,967,1 ± 6 0 9(1(7 6 0DUFR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD 3DROXFFL )ULHGEHUJ 6SO
2VHOOD DQQR , $5 J 6 0 9 0 $1721,96 ,967,1,$196 6 0DUFR VHGXWR LQ WURQR D V SRUJH FRQ OD PDQR G LO YHVVLOOR VRUPRQWDWR GD XQ D FURFH DO GRJH JHQXIOHVVR DOO¶HVHUJR $112 , 5Y '(2 ± '9&7$ ± '9&( 9HGXWD GL 3LD]]D 6 0DUFR D 9HQH]LD LQ DOWR XQ DQJHOR LQ YROR YHUVR V UHJJH LO FRUQR GRJDOH H LQGLFD GHL UDJJL GL VROH QHO FLHOR ,Q SULPR SLDQR WUH JDOHRQL DOOD IRQGD QHO EDFLQR 3DROXFFL ,, 5DUD %%
)UDQFHVFR 0RURVLQL =HFFKLQR $9 J )5$1 0$952& ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD '9; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ 0LJOLRUH GL 6SO
$OYLVH 0RFHQLJR ,, 2VHOOD DQQR 9,, $5 J 6 0 9 $/2<6,96 02&(1, '9 6LPLOH DOOD SUHFHGHQWH PD DOO¶HVHUJR % * %HUQDUGR *ULWWL PDVVDUR 5Y (0(5*,7 ± 9,*,/$17( /(21( ,O /HRQH GL 6 0DUFR LQ SLHGL FRQ VSDGD H EDQGLHUD VXOOD SRSSD GL XQD QDYH GD JXHUUD DOO¶HVHUJR $1Â&#x2021;9,, 3DROXFFL ,, T %% %%
*LRYDQQL ,, &RUQHU =HFFKLQR $9 J ,2$1 &251(/ ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ 'HEROH]]H GL FRQLR DOWULPHQWL T )GF
=HFFKLQR $9 J ,2$1 &251(/ ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD ' 9 ; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ 0LJOLRUH GL 6SO
3LHWUR *ULPDQL 2VHOOD DQQR 9, $5 J 6 0 9 3(7596 *5,0$196 '9; 6 0DUFR VHGXWR LQ WURQR H YROWR D G EHQHGLFHQWH SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR DOO¶HVHUJR =Â&#x2021;$Â&#x2021;0Â&#x2021;' =DQ $OYLVH 'RQj PDVVDUR 5Y 3(75, *5,0$1, 35,1&,3,6 09196 $Â&#x2021;9,Â&#x2021; VX VHL ULJKH HQWUR FDUWHOOD RUQDWD DFFRVWDWD GD GXH UDPL G¶DOORUR FRQFKLJOLD LQ FLPDVD 3DROXFFL ,, %%
)UDQFHVFR /RUHGDQ 'XFDWR $5 J 6 0 9 )5$1& /$95('$12 ' 6 0DUFR QLPEDWR VHGXWR D V H EHQHGLFHQWH FRQVHJQD LO YHVVLOOR DO GRJH JHQXIOHVVR $OO¶HVHUJR 6 % 6WHIDQR %DUEDUR PDVVDUR 5Y '9&$796 9(1(796 /HRQH DODWR H QLPEDWR JUDGLHQWH YROWR GL IURQWH FRQ OD ]DPSD DQWHULRUH G DSSRJJLDWD VXO OLEUR DSHUWR 3DROXFFL (VHPSODUH SHUIHWWDPHQWH FRQLDWR H GL FRQVHUYD]LRQH HFFH]LRQDOH )GF ([ 1XPLVPDWLFD 3LFHQD OLVWLQR
2VHOOD DQQR 9,,, $5 J 6 0 9 )5$1& /$95(' 35,1& 09196 $ 9,,, /D 5HOLJLRQH FRQ FDOLFH H FURFH LQ PDQR VHGXWD VX SLHGLVWDOOR DL VXRL SLHGL LO GRJH JHQXIOHVVR D G H 6DQ 0DUFR VWDQWH D V LQGLFD LO OHRQH DOOH VXH VSDOOH $OO¶HVHUJR 3 3 3LHWUR 3DVWD PDVVDUR 5Y 526$ 683(5 5, ± 926 $48$580 3LDQWD GL URVH LQ YDVR RUQDWR DOO¶HVHUJR 0'&&/,; 3DROXFFL ,, %XRQ %% &RPPHPRUD]LRQH GHOOD URVD G¶RUR VLPEROR GL EHQHYROHQ]D SDSDOH GRQDWD GD &OHPHQWH ;,,, 5H]]RQLFR DOOD VXD FLWWj QDWDOH
2VHOOD DQQR ,; $5 J )5$1& /$95('$1, 35,1& 0816 $ ,; 3URVSHWWR GHOOD WRUUH GHOO¶2URORJLR LQ SLD]]D 6 0DUFR 5Y $57,80 678',25804 0$7(5 (7 $/75,; 9HQH]LD FRQ FRUQR GRJDOH VHGXWD VX SDOFKHWWR H DWWRUQLDWD GDL VLPEROL GHOOH DUWL ILJXUDWLYH SRQH OD PDQR V VXOOD WHVWD GHO OHRQH DOO¶HVHUJR * $ 6 *LURODPR $QWRQLR 6RUDQ]R PDVVDUR 3DROXFFL ,, 5DUD 0LJOLRUH GL %%
$OYLVH ,9 0RFHQLJR =HFFKLQR $9 J $/2< 02&(1 ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD '9; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ 0LJOLRUH GL 6SO
=HFFKLQR $9 J $/2< 02&(1 ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD '9; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ 0LJOLRUH GL 6SO
2VHOOD DQQR ,9 $5 J $)5, ± &$ 7,*5,6 $*,7 3$&(0 &80 5(*( )(5 ± $580 8QD WLJUH HG XQ OHRQH VL IURQWHJJLDQR 5Y $/2<6,, 02&(1,&2 35,1&,3,6 9(1(7, 08186 $1 ,9 0 6 0DULR 6RUDQ]R PDVVDUR HQWUR GXH UDPL GL SDOPD H G¶DOORUR 3DROXFFL ,, 3DWLQD LULGHVFHQWH EXRQ %%
2VHOOD DQQR ;,, $5 J 6 0$5&86 ± 9(1(786 /HRQH GL 6 0DUFR DODWR H QLPEDWR FRQ OLEUR 5Y $/2<6,, 02&(1,&, 35,1&,3,6 08186 $1 ;,, * 0 % *LXVWLQLDQ 0DULD %DGRHU PDVVDUR HQWUR FRURQD G¶DOORUR 3DROXFFL ,, *UDIILHWWL GL DJJLXVWDPHQWR DOWULPHQWL 6SO
2VHOOD DQQR ;9, $5 J 359'(17,$ (7 &2167$17,$ 6SHFFKLR HG DQFRUD GHFXVVDWL DOO¶HVHUJR / $ ) /HRQDUGR $OYLVH )RVFDULQL PDVVDUR 5Y $/2<6,, 02&(1,&, 35,1&,3,6 08186 $ ;9, HQWUR FRURQD GL IRJOLH G¶DOORUR 3DROXFFL ,, )RQGL OXFHQWL *UDIILHWWL DO GU DOWULPHQWL 6SO
3DROR 5HQLHU =HFFKLQR $9 J 3$9/ 5$,1(5 ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD '9; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ 6SO
=HFFKLQR $9 J 3$9/ 5$,1(5 ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD '9; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL )ULHGEHUJ 6SO
2VHOOD DQQR , $5 J %212590 ± $9&75,; /¶$EERQGDQ]D VWDQWH GL IURQWH OHJJHUPHQWH YROWD YHUVR G WLHQH QHOOD PDQR V XQD FRUQXFRSLD FRQ ILRUL PHQWUH QHOOD G VWULQJH XQD FRUQXFRSLD FDSRYROWD GDOOD TXDOH HVFRQR GHOOH PRQHWH DL VXRL SLHGL XQ OHRQH DFFRYDFFLDWR $OO¶HVHUJR Â&#x2021;% &Â&#x2021; %HQHWWR &DSHOOR PDVVDUR 5Y 3$8/86 5(,1(5,86 35,1&,3,6 08186 Â&#x2021; $1 , HQWUR FRURQD G¶DOORUR 3DROXFFL ,, 3DWLQD GL PHGDJOLHUH 6SO T 6SO
2VHOOD DQQR 9 $5 J 3,(7$6 237,0, 35,1&,3,6 /D 3LHWj YHODWD VHGXWD H YROWD V LQGLFD XQ DOWDUH VDFULILFDOH DOO¶HVHUJR ) ' )UDQFHVFR 'DQGROR PDVVDUR 5Y 3$8/, 5(,1(5- 35,1& 08186 $112 9 HQWUR FRURQD G¶DOORUR 3DROXFFL ,, %XRQ %%
2VHOOD DQQR 9, $5 J 6$/86 ± ,03(5,, )LJXUD PXOLHEUH DSSRJJLDWD DG XQ WLPRQH DIILDQFDWR DG XQ¶DQFRUD VWULQJH QHOOD G XQD ODQFLD DL VXRL SLHGL XQ FDQQRQH FRQ WUH ERPEH SRVWH D SLUDPLGH 5Y 3$8/, 5(,1(5- 35,1& 08186 $112 9, ) ' )UDQFHVFR 'DQGROR PDVVDUR HQWUR FRURQD G¶DOORUR 3DROXFFL ,, %% EXRQ %%
2VHOOD DQQR 9,, $5 J ',6&,3/,1$ 5(67,787$ /H GXH WRUUL G¶LQJUHVVR DOO¶$UVHQDOH GL 9HQH]LD IUD GL HVVH XQD QDYH LQ SURFLQWR GL SDVVDUH DOO¶HVHUJR $ º 2 $QJHOR 2ULR PDVVDUR 5Y 3$8/, 5(,1(5- 35,1& 08186 $112 9,, QHO FDPSR HQWUR FRURQD G¶DOORUR 3DROXFFL ,, 0LJOLRUH GL %%
2VHOOD DQQR 9,,, $5 J 5(590 797(/$ ± 6$/9649( )LJXUD GL 9HQH]LD FRUD]]DWD VWDQWH GL IURQWH FRQ VSDGD QHOOD G H VFXGR QHOOD V DOO¶HVHUJR ) 0 5 )UDQFHVFR 0DULD 5L]]L PDVVDUR 5Y 3$8/, 5(,1(5- 35,1& 08186 $112 9,,, QHO FDPSR HQWUR FRURQD G¶DOORUR 3DROXFFL ,, %XRQ %%
2VHOOD DQQR ,; $5 J &$9796 6,09/49( 35203796 9/ ± 7,21, /HRQH D G UHWURVSLFLHQWH FRQ OD ]DPSD DQWHULRUH V VROOHYDWD DOO¶HVHUJR * ) *LURODPR )RVFDULQL PDVVDUR 5Y 3$8/, 5(,1(5- 35,1& 08186 $112 9,,,, QHO FDPSR HQWUR JKLUODQGD G¶DOORUR 3DROXFFL ,, 3DWLQD GL PHGDJOLHUH EXRQ %%
/XGRYLFR 0DQLQ =HFFKLQR $9 J /9'29 0$1,1 ± 6 0 9(1(7 6 0DUFR QLPEDWR VWDQWH D V SRUJH LO YHVVLOOR DO GRJH JHQXIOHVVR OXQJR O¶DVWD '9; 5Y 6,7 7 ;3( '$7 4 79 ± 5(*,6 ,67( '9&$ ,O 5HGHQWRUH VWDQWH GL IURQWH HQWUR DXUHROD HOOLWWLFD FRVSDUVD GL VWHOOH 3DROXFFL ,, )ULHGEHUJ 6SO
2VHOOD DQQR , $5 J ())8/6,7 (5*2 ())8/*($7 /D /LEHUWj VWDQWH GL IURQWH D EUDFFLD DSHUWH VWULQJH FRQ OD PDQR G LO FRUQR GRJDOH H FRQ OD V XQ OLEUR DOO¶HVHUJR /,%(57$6 5Y /8'29,&, 0$1,1 35,1& 08186 $112 , HQWUR FRURQD G¶DOORUR 3DROXFFL ,, %%
2VHOOD DQQR ,, $5 J $)5,&,6 /(2 6$(986 ,1 81',6 1DYH GD JXHUUD YHQH]LDQD FDQQRQHJJLD XQ YDVFHOOR EDWWHQWH EDQGLHUD WXUFD DOO¶HVHUJR 0 % 0DWWHR %DGRHU PDVVDUR 5Y /8'29,&, 0$1,1 35,1&,3,6 08186 $ ,, QHO FDPSR HQWUR XQD FRURQD G¶DOORUR 3DROXFFL ,, T 6SO
2VHOOD DQQR ,,, $5 J &21&25',$ &,9,90 )(/,&,7$6 5(,39%/ 9HQH]LD VHGXWD D V FRQ YHVWL SULQFLSHVFKH DL VXRL SLHGL UDPR G¶XOLYR EDQGLHUD FRURQD G¶DOORUR H OLEUR DSHUWR $OO¶HVHUJR 0 % 0DWWHR %DGRHU PDVVDUR 5Y /8'29,&, 0$1,1 35,1&,3,6 08186 $ ,,, QHO FDPSR HQWUR XQD FRURQD G DOORUR 3DROXFFL ,, 3DWLQD LULGHVFHQWH T 6SO
2VHOOD DQQR ,9 $5 J 12675$ ,1 +$& )(/,&,7$6 )LJXUD PXOLHEUH VHGXWD GL IURQWH VX XQD URFFLD VWULQJH QHOOD G XQ OLEUR DSHUWR HG XQD SHQQD H QHOOD V XQD ODPSDGD DFFHVD DOOD VXD V XQ VHUSHQWDULR VWULQJH QHOO¶DUWLJOLR G XQD SLHWUD $OO¶HVHUJR 3 $ % 3LHWUR $QWRQLR %HPER PDVVDUR 5Y /8'29,&, 0$1,1 35,1&,3,6 08186 $1 ,9 QHO FDPSR HQWUR FRURQD G¶DOORUR 3DROXFFL ,, %XRQ %%
2VHOOD DQQR 9 $5 J 1(& 183(5 '()(& /D %HDWD 9HUJLQH FRQ DXUHROD GL VHWWH VWHOOH VWDQWH GL IURQWH VX XQD QXEH FKH VRYUDVWD OD VXSHUILFLH GHO PDUH VXOOR VIRQGR D V SUXD GL XQD QDYH HG HGLILFLR D G XQD FKLHVD $OO¶HVHUJR = $ % =XDQ $QGUHD %RQOLQL PDVVDUR 5Y /8'29,&, 0$1,1 35,1&,3,6 08186 $1 9 HQWUR XQD FRURQD G¶DOORUR 3DROXFFL ,, %HOOD SDWLQD GL PHGDJOLHUH T 6SO
2VHOOD DQQR 9, $5 J ,1 875$48( 6$/86 9HQH]LD VWDQWH GL IURQWH WUD GXH DOWDUL VWULQJH XQD FURFH HG XQR VSHFFKLR VXOO¶DOWDUH GL G LO 9DQJHOR H VX TXHOOR GL V XQD VHUSH DWWRUFLJOLDWD 5Y /8'29,&, 0$1,1 35,1&,3,6 08186 $112 9, ' % 'DQLHOH %DOEL PDVVDUR HQWUR FRURQD IRUPDWD GD RYDOL DOWHUQDWL D SXQWLQL 3DROXFFL ,, %%
2VHOOD DQQR 9,, $5 J 3$; ,1 9,5787( 78$ &RORPED FRQ XQ UDPR G¶XOLYR QHO EHFFR SRVDWD VXOOD SURUD GL XQD QDYH GD JXHUUD VXOOR VIRQGR O¶$UVHQDOH GL 9HQH]LD 5Y /8'29,&, 0$1,1 35,1&,3,6 08186 $1 9,, ) = )UDQFHVFR =DQH PDVVDUR QHO FDPSR HQWUR FRURQD G¶DOORUR 3DROXFFL ,, 3DWLQD LULGHVFHQWH EXRQ %% 9LOOD GL &KLHVD
3LHWUR ,9 G¶$UDJRQD 5HDOH R DOIRQVLQR $5 J 3(7586 $5$*2180 (7 6$5',1,( 5(; 6WHPPD DFFRVWDWR H VRUPRQWDWR GD 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 6SO
5HDOH R DOIRQVLQR $5 J 3(7586 '(, *5$&,$ 5(; 6WHPPD DUDJRQHVH D ORVDQJD HQWUR FRUQLFH G¶DUFKL 5Y $5$*2180 (7 6$5',1,( &URFH SDWHQWH DFFDQWRQDWD GD TXDWWUR FRURQH HQWUR FRUQLFH G¶DUFKL &1, YDU 0(& 0,5 6SO
/RWWL PXOWLSOL
%HUJDPR /RWWR GL GRGLFL PRQHWH &RPXQH HPLVVLRQL D QRPH GL )HGHULFR ,, LPSHUDWRUH 'HQDUR VFRGHOODWR 'HQDUR SODQHWR 'D 0% D %%
%UHVFLD H 0LODQR /RWWR GL FLQTXH PRQHWH %UHVFLD &RPXQH 'HQDUR VFRGHOODWR 0LVW 0LODQR 0RQHWD]LRQH FRPXQDOH $PEURVLQR SLFFROR $5 'HQDUR 0LVW 'D T %% D %%
/RPEDUGLD H 7RVFDQD /RWWR GL WUH PRQHWH /LYRUQR &RVLPR ,,, GH¶0HGLFL 7ROOHUR $5 /XFFD 5HSXEEOLFD VHF ;9,,, 6FXGR $5 0LODQR *RYHUQR SURYYLVRULR GL /RPEDUGLD 'D OLUH $5 'D 0% D T %%
0LODQR /RWWR GL XQGLFL PRQHWH (SRFD YLVFRQWHD H VIRU]HVFD *URVVR R SHJLRQH $5 *URVVR GD VROGL $5 *URVVR $5 6ROGR 0LVW 6HVLQR 0LVW 'HQDUR LPSHULDOH 0LVW 'D 0% D %%
6WDWR 3RQWLILFLR /RWWR GL GXH PRQHWH $OHVVDQGUR 9, *URVVR 5RPD $5 3DROR ,,, *LXOLR 5RPD $5 'D T %% D %%
6WDWR 3RQWLILFLR /RWWR GL VHWWH PHGDJOLH 3LR ,; 0HGDJOLH DQQXDOL LQ $5 GHJOL DQQL ,, ; ;, ;; ;;,, H ;;9 /HRQH ;,,, 0HGDJOLD $5 DQQR ;;,, 'D T 6SO D 6SO
9DWLFDQR /RWWR GL XQGLFL PHGDJOLH 3LR ; 0HGDJOLD $5 DQQR 9, %HQHGHWWR ;9 0HGDJOLD DQQR , 0HGDJOLD $5 DQQR ,9 3LR ;, 0HGDJOLH LQ $5 GHJOL DQQL , ,, ,,, 9 9, 9,, ,; ; 'D T 6SO D T )GF
9DWLFDQR /RWWR GL RWWR PHGDJOLH 3LR ;,, 0HGDJOLD $5 DQQR ;9,, *LRYDQQL ;;,,, 0HGDJOLH LQ $5 GHJOL DQQL , ,, ,,, ,9 9 H VWUDRUGLQDULD 3DROR 9, 0HGDJOLD $5 DQQR , 'D T )GF D )GF
9DWLFDQR /RWWR GL WUHQWD PHGDJOLH 3DROR 9, 0HGDJOLH LQ $5 GHJOL DQQL , ,, ,,, ,9 9 9, 9,, 9,,, ,; ; ;, ;,, ;,,, ;,9 ;9, H *LRYDQQL 3DROR ,, 0HGDJOLD $5 6HGH 9DFDQWH 0HGDJOLD $5 *LRYDQQL 3DROR ,, 0HGDJOLH LQ $5 GHJOL DQQL , ,, ,,, ,9 9 9, 9,, 9,,, ,; ; 0HGLDPHQWH )GF
9HQH]LD /RWWR GL FLQTXH PRQHWH 5DQLHUL =HQR *URVVR $5 /RUHQ]R 7LHSROR *URVVR $5 *LRYDQQL 'DQGROR *URVVR $5 )UDQFHVFR 'DQGROR *URVVR $5 6ROGLQR $5 'D %% D SL GL %%
9HQH]LD /RWWR GL VHWWH PRQHWH *LRYDQQL 'ROILQ 6ROGLQR $5 0DUFR &RUQHU 6ROGLQR $5 $QWRQLR 9HQLHU 6ROGLQR $5 )UDQFHVFR )RVFDUL *URVVRQH $5 1LFROz 0DUFHOOR 0DUFHOOR $5 $JRVWLQR %DUEDULJR 0DUFHOOR $5 $OYLVH ,, 0RFHQLJR 'D VROGL R OLUD SHU OD 'DOPD]LD $5 'D %% D PLJOLRUH GL %%
9HQH]LD /RWWR GL FLQTXH PRQHWH 3LHWUR =LDQL *URVVR $5 3LHWUR *UDGHQLJR *URVVR $5 *LRYDQQL 6RUDQ]R *URVVR $5 $QWRQLR 9HQLHU *URVVR $5 0HGLDPHQWH %%
9HQH]LD /RWWR GL FLQTXH PRQHWH $QGUHD 9HQGUDPLQ 0DUFHOOR $5 /HRQDUGR /RUHGDQ 0RFHQLJR R OLUD $5 $QWRQLR *ULPDQL 'D VROGL $5 1LFROz GD 3RQWH 2WWDYR GL *LXVWLQD PDJJLRUH GD 6ROGL $5 0HGLDPHQWH %%
9HQH]LD /RWWR GL VHL PRQHWH )UDQFHVFR )RVFDUL 6ROGLQR $5 *LRYDQQL 0RFHQLJR 0DUFHOOR $5 $JRVWLQR %DUEDULJR 0DUFHOOR $5 $QGUHD *ULWWL 0DUFHOOR $5 'D VROGL QXRYR WLSR $5 3DVTXDOH &LFRJQD 6HGLFHVLPR GL JLXVWLQD PDJJLRUH GD VROGL $5 0HGLDPHQWH %%
9HQH]LD /RWWR GL GXH PRQHWH $OYLVH , 0RFHQLJR 'D VROGL $5 *LRYDQQL ,, &RUQHU 4XDUWR GL GXFDWR $5 0HGLDPHQWH %%
9HQH]LD /RWWR GL GXH PRQHWH 3DROR 5HQLHU 'XFDWR $5 /XGRYLFR 0DQLQ 7DOOHUR SHU LO /HYDQWH $5 'D %% D EXRQ %%
9HQH]LD /RWWR GL WUH RVHOOH $OYLVH 0RFHQLJR 2VHOOD DQQR 9,,, $5 $OYLVH ,,, 0RFHQLJR 2VHOOD DQQR 9, $OYLVH ,9 0RFHQLJR 2VHOOD DQQR ,, $5 0HGLDPHQWH %%
9HQH]LD /RWWR GL TXDWWUR RVHOOH 0DULQR *ULPDQL 2VHOOD DQQR ,9 $5 3LHWUR *ULPDQL 2VHOOD DQQR ; $5 FRQ DSSLFFDJQROR $OYLVH ,9 0RFHQLJR 2VHOOD DQQR ;,9 $5 /XGRYLFR 0DQLQ 2VHOOD DQQR 9,,, $5 'D 0% D %%
9HQH]LD /RWWR GL TXDWWUR RVHOOH 3DVTXDOH &LFRJQD 2VHOOD DQQR ,, $5 'RPHQLFR &RQWDULQL 2VHOOD DQQR ;,,, $5 )UDQFHVFR 0RURVLQL 2VHOOD DQQR ,9 $5 &DUOR 5X]]LQL 2VHOOD $QQR , $5 'D 0% D T %%
9HQH]LD /RWWR GL FLQTXH RVHOOH $OYLVH &RQWDULQL 2VHOOD DQQR 9,, $5 )UDQFHVFR 0RURVLQL 2VHOOD DQQR 9, $5 6LOYHVWUR 9DOLHU 2VHOOD DQQR 9 H DQQR 9, $5 $OYLVH ,, 0RFHQLJR 2VHOOD DQQR , $5 'D 0% D %%
9HQH]LD /RWWR GL FLQTXH RVHOOH )UDQFHVFR 0ROLQ 2VHOOD DQQR 9 H DQQR 9,,, $5 )UDQFHVFR 0RURVLQL 2VHOOD DQQR ,, $5 $OYLVH ,, 0RFHQLJR 2VHOOD DQQR ,; $5 &DUOR 5X]]LQL 2VHOOD DQQR ,, $5 WUDFFLD GL DSSLFFDJQROR 'D 0% D %%
9HQH]LD /RWWR GL FLQTXH RVHOOH 3DVTXDOH &LFRJQD 2VHOOD DQQR ,,, H DQQR ,; $5 $OYLVH 3LVDQL 2VHOOD DQQR 9 $5 )UDQFHVFR /RUHGDQ 2VHOOD DQQR ,, $5 $OYLVH ,9 0RFHQLJR 2VHOOD DQQR 9 IDOVR G¶HSRFD LQ $( $OFXQH FRQ WUDFFLD GL DSSLFFDJQROR 'D 0% D %%
9HQH]LD /RWWR GL TXDWWUR RVHOOH 1LFROz 6DJUHGR 2VHOOD DQQR , $5 $OYLVH ,, 0RFHQLJR 2VHOOD DQQR 9,,, $5 3LHWUR *ULPDQL 2VHOOD DQQR ;, $5 )UDQFHVFR /RUHGDQ 2VHOOD DQQR , $5 'D 0% D EXRQ %%
9HQH]LD /RWWR GL WUH RVHOOH )UDQFHVFR 0RURVLQL 2VHOOD DQQR ,,, $5 )UDQFHVFR /RUHGDQ 2VHOOD DQQR ; $5 WUDFFLD GL DSSLFFDJQROR $OYLVH ,9 0RFHQLJR 2VHOOD DQQR ,, $5 0HGLDPHQWH %%
9HQH]LD /RWWR GL VHWWH RVHOOH $OYLVH ,9 0RFHQLJR 2VHOOD DQQR 9, DQQR 9,, H DQQR 9,,, $5 3DROR 5HQLHU 2VHOOD DQQR ,, FRQ DSSLFFDJQROR G¶HSRFD DQQR ,,, DQQR ,9 H DQQR ; $5 0HGLDPHQWH %% FRQ WUDFFH GL DSSLFFDJQROR
biddr - Live Bidding System Join our auction simply and conveniently from home. Our live bidding system does not require Java or anything else than an up-to-date web browser and works on all modern devices such as computers, notebooks, tablets and smartphones. Important: If you have not signed up yet, please note that you have to register and get approved as a live bidder at www.biddr.ch/auctions/nacit/ in time before you can participate in our auction.
i r auction systems
NUMISMATICA ARS CLASSICA NAC AG NAC NUMISMATICA SPA Via Brera, 4 – 20121 Milano - Tel: 0039 02 8056304 – Fax: 0039 02 80581271 milano@arsclassicacoins.com
La prego di acquistare per mio conto le seguenti monete ai limiti indicate secondo le condizioni di vendita. Please buy the following items on my behalf at your auction sale up to the limits indicated and subject to the conditions of sale. Bitte ersteigern Sie für mich an Ihrer Auktion folgende Stücke bis zu den von mir angegebenen Limiten und den üblichen Auktionsbedingungen. Je vous prie d’acheter à votre vente aux enchères les pièces suivantes jusqu’aux limites indiquées ci-après et aux conditions habituelles.
*Nome/Name………………………………….....………… * Tel …………………………….. Fax …………………… *Indirizzo/Address…………………………………………………………………………………………………………. *email ………………………….……………….. Codice Fiscale (Italian citizens Only) ………………………………... *Documento d’identità/Identity document number ………………………Ril. il ……………… da.……..………………
No.
EUR
Osservazioni/Note
No.
Se necessario, per ottenere i lotti può aumentare l’offerta del: If necessary to obtain the lots you may increase my bids by: Sie werden ermächtigt, die Gebote im Bedarfsfall zu überschreiten um: Au besoin, je vous autorise d’augmenter mes mises de:
EUR
Osservazioni/Note
10% _____ 20% _____
______ %
Informativa sul trattamento dei dati. Ai sensi dell’art. 13 della legge sulla « Privacy » (D. Lgs. N. 196/2003 e successivo art. 13 Reg. UE 2016/679 GDPR). La informiamo che i dati personali da Lei forniti saranno trattati al fine di rendere possibile l’invio dei cataloghi, la gestione delle offerte alla " vendita all’asta" e gli adempimenti normativi contabili e fiscali. Essi non saranno ceduti o comunicati a terzi per trattamenti diversi da quelli appena citati. In qualsiasi momento potrà esercitare i diritti dell'interessato Art. 12 Reg. UE 2016/679 GDPR inviando una mail a: milano@arsclassicacoins.com. Titolare del trattamento è NAC Numismatica Spa con sede legale in Piazza Castello, 1 – 20121 Milano. According to the Data Protection Act No. 196/2003 and art. 13 Reg. UE 2016/679 GDPR, the personal information you have provided will be solely used for the sending of catalogues, the management of auction sale offers and invoicing. The information you have provided will not be given to third parties and you may cancel or update you information with us at any time by sending an email to: milano@arsclassicacoins.com.
Data/Date …………………………………… *Firma/Signature …………………………………………………………………………