grandifaidate

EULFRFHQWHU LW 2IIHUWH YDOLGH GDO JLXJQR DO OXJOLR

€

€

DQ]LFKp €

DQ]LFKp €

‡ FRORUH ELDQFR ‡ LGHDOH SHU WXWWL JOL DPELHQWL ‡ RWWLPD FRSHUWXUD ‡ UHVD PT FD SHU PDQR 5HI FP

, SUH]]L VRQR FRPSUHQVLYL GL LYD 2IIHUWH YDOLGH GDO JLXJQR DO OXJOLR )LQR DG HVDXULPHQWR VFRUWH )DWWD FRPXQLFD]LRQH DO FRPXQH *OL VFRQWL QRQ VRQR FXPXODELOL FRQ DOWUH SURPR]LRQL H VFRQWL

,GURSLWWXUD WUDVSLUDQWH OW

%DUEHFXH D FDUERQHOOD ³'RXEOH´

FP

‡ FRQ JULJOLH GD [ FP

FP

5HI

VFRQ YHQLHQ]D FRQYHQLHQ] SURPR]LRQH VFRQ SURPR]LRQH FRQ QYHQLHQ]D FRQYHQLH

UPLR RFFDVLRQL R

VFRQWR

SURPR]LRQH S R R R H

FRQYHQLHQ]

* ,55,*$ ),12 $ 9$6, 3(5 81 3(5,2'2 ', *,251,

€

DQ]LFKp €

€

DQ]LFKp â‚DQ]L

9HQWLODWRUH D SLDQWDQD 9HQW .LW LUULJD]LRQH JRFFLD D JRFFLD ³$FTXDJHQLXV´

‡ FRORUH ‡ FRORUH ELDQFR VLOYHU ‡ GLDPHWUR FP ‡ RVFLOOD ‡ RVFLOODQWH ‡ YHORFLWj 5HI

‡ HURJD]LRQH SURJUDPPDELOH ‡ FDSDFLWj VHUEDWRLR OLWUL G¶DFTXD 5HI

%ULFRODJH 'HFRUD]LRQH FDVD $UUHGR EDJQR *LDUGLQR

FP

FP

FP

€

DQ]LFKp €

€

DQ]LFKp €

3LVFLQD ³0DU\´

DQ]LFKp €

$QWLDOJKH FRQFHQWUDWR 6SRRO OW

‡ LQ 39& ‡ FRQ VWUXWWXUD LQ PHWDOOR ‡ SRPSD GL ¿OWUDJJLR GD OW K 5HI

&ORUR VKRFN 6SRRO NJ ‡ SDVWLJOLH JU 5HI

5HI

WDYROR

€

€

€

DQ]LFKp €

5HWLQR UDFFRJOLWRUH ‡ FRQ PDQLFR FP 5HI

7DYROR

FP

FP

‡ LQ PHWDOOR ‡ FRQ WRS LQ YHWUR 5HI

VHGLD

€

DQ]LFKp €

6HGLD VDJRPDWD

€

‡ LQ PHWDOOR H WH[WLOHQH

€

'RFFLD GD JLDUGLQR

5HI

'RVDWRUH JDOOHJJLDQWH SHU SDVWLJOLH

‡ FRQ WUHSSLHGH 5HI

* $'$772 3(5 632*/,$72, 3$/(675( ( 3,6&,1(

‡ JU JU 5HI

€

DQ]LFKp €

F P

2PEUHOORQH ‡ GLDPHWUR FP ‡ SDOR GLDPHWUR PP ‡ WHVVXWR LQ SROLHVWHUH J PT

DO PT

€

5HI

(UED VLQWHWLFD YHUGH DO WDJOLR ‡ VSHVVRUH PP ‡ SHVR J PT ‡ GLVSRQLELOH LQ + H PW 5HI

SURPR]LRQ QH

FRQYHQLH HQ]D

€

DQ]LFKp €

.LW SLDVWUHOOH DQWLVFLYROR ‡ LQ JRPPD WHUPRSODVWLFD ‡ + PP ‡ FRORUH EOX 5HI

VFRQWR VFRQWR HQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D F SURPR]LRQH SURPR VFRQWR VFRQWR PR]LRQH SURPR]LRQH FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQY

ULVS SDUPLR RFFDVLRQL

FP

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

UL

* &21 0$1,*/,( 3(5 ,/ 75$632572

€

€

%UDQGLQD JDPEH SLHJKHYROH

€

‡ VWUXWWXUD LQ IHUUR ‡ WXER GLDPHWUR PP ‡ WHVVXWR LQ SROLHVWHUH ‡ PLV [ FP 5HI

DQ]LFKp €

DQ]LFKp €

6HGLD RPEUHOOR ULFKLXGLELOH

6HGLD UHJLVWD

‡ VWUXWWXUD LQ IHUUR YHUQLFLDWR ‡ WHVVXWR LQ SROLHVWHUH ‡ FRQ EUDFFLROL H SRUWDELFFKLHUH

‡ VWUXWWXUD LQ DOOXPLQLR ‡ WHVVXWR LQ WH[WLOHQH 5HI

* 5(*2/$%,/,

5HI

,1 326,=,21,

WDYROR

€

7DYROR ³0RVDLFR´

‡ WRS FRQ GHFRUR LQ PRVDLFR PLV ‘ [+ FP 5HI

DQ]LFKp €

VHGLD

€

DQ]LFKp €

6HGLD ³5RPDQWLFD´ 6HGLD

‡ FRQ GH ‡ FRQ GHFRUR PRVDLFR VXOOR VFKLHQDOH ‡ PLV [ [ FP ‡ SLHJKHYROH ‡ PLV 5HI 5HI

€

DQ]LFKp €

6HGLD VGUDLR ‡ VWUXWWXUD LQ DOOXPLQLR ‡ WHVVXWR WH[WLOHQH 5HI

FP

/D 48$/,7­ FKH WL ID 5,63$50,$5(

€

€

€

DQ]LFKp €

$SSOLTXH GLVFHQGHQWH ³3RUWR´

DQ]LFKp €

DQ]LFKp €

‡ OXFH FDOGD R IUHGGD ‡ D ULVSDUPLR HQHUJHWLFR ‡ : ‡ DWWDFFR ( 5HI

6SLDJJLQD ³$ODVVLR´

3ROWURQD D GRQGROR ³5HOD[´

‡ VWUXWWXUD LQ IHUUR ‡ WHVVXWR LQ SROLSURSLOHQH 5HI

5HI

VFRQWR VFRQWR FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D R]LRQH VFRQWR SURPR]LRQH SURPR]LRQH VFRQWR SURPR]LRQH YHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D RFFDVLRQL

VFRQWR

7ULV ODPSDGLQH

‡ LQ DOOXPLQLR ‡ PD[ : ‡ DWWDFFR (

LVSDUPLR

€

SURPR]LRQH S R R R H

ULVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

‡ VWUXWWXUD LQ DOOXPLQLR ‡ WXER GLDPHWUR PP ‡ WHVVXWR LQ WH[WLOHQH 5HI

€

FDG

€

DQ]LFKp €

3URJUDPPDWRUH SHU LUULJD]LRQH ³3UDWLFR´

€

DQ]LFKp €

3LDQWH JUDVVH DVVRUWLWH

.LW WXER VHOOD

‡ DXWRPDWLFR D YLD ‡ WDVWL SHU XQD SURJUDPPD]LRQH VHPSOLFH ‡ WHPSL GL LUULJD]LRQH GD D PLQ WXWWL L JLRUQL DOOD VWHVVD RUD ‡ IXQ]LRQD FRQ XQD EDWWHULD GD 9 5HI

€

‡ WXER UHWLQDWR GD PW ‡ GLDPHWUR PP 5HI

'LVVHWD SLDQWH

‡ LQ YDVR GL FHUDPLFD GLDPHWUR FP ‡ GLVSRQLELOH DQFKH QHUR 5HI

‡ PO ‡ DFTXD FRPSOHVVDWD 5HI

€

DQ]LFKp €

7HWWRLD LQ SROLFDUERQDWR

‡ WUDVSDUHQWH ‡ VXSSRUWR QHUR 5HI

€

DQ]LFKp €

P F

$UHOOD GD JLDUGLQR ‡ PLV [ FP 5HI

* &$032 '¶$=,21( 04

FP

€

DQ]LFKp €

€

&DQGHOD DOOD FLWURQHOOD ³ VHUH´

DQ]LFKp €

‡ FRQ VWRSSLQR DQWLYHQWR ‡ GXUDWD RUH ‡ GLDPHWUR FP

* 0,6&(/$725( *5$'8$72 ,1&/862 3(5 35(3$5$=,21( &$5%85$17(

7RVDHUED & ‡ WDJOLR FP ‡ : ‡ FDSDFLWj FHVWR OW ‡ FRQVLJOLDWR SHU JLDUGLQL ¿QR D PT 5HI

5HI

€

DQ]LFKp €

€

DQ]LFKp €

(OHWWURLQVHWWLFLGD ³=$3 ´ ‡ WHQVLRQH GL VFDULFD 9 ‡ ODPSDGH DWWLQLFKH GD : 5HI

'HFHVSXJOLDWRUH ³%& ´ $O .R

€

DQ]LFKp €

‡ PRWRUH D WHPSL ‡ FF ‡ WHVWLQD ³EDWWL H YDL´ FRQ ¿OR ‘ PP ‡ SHVR NJ ‡ EUHWHOOD LQFOXVD 5HI

9HVSLFLGD VSUD\ PO ‡ SHU YHVSH H FDODEURQL 5HI

VFRQWR VFRQWR QYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D F SURPR]LRQ QH SURPR]LRQH SURPR VFRQWR VFRQWR SURPR]LRQH SURPR]LRQH FRQYHQLH HQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQY

ULVS SDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

UL

/D 48$/,7­ FKH WL ID 5,63$50,$5(

* &203/(72 ', $&&(6625,

€

€

€

DQ]LFKp €

&RPSUHVVRUH 6WDQOH\

%LGRQH DVSLUDWWXWWR

7ULV HOHWWURXWHQVLOL LQ ERUVD GL WHOD

‡ LQ DFFLDLR LQR[ ‡ : ‡ OW ‡ D]LRQH VRI¿DQWH ‡ FRPSOHWR GL DFFHVVRUL 5HI

‡ VHW FRPSRVWR GD WUDSDQR HOHWWULFR : VHJKHWWR DOWHUQDWLYR : VPHULJOLDWULFH GLDPHWUR PP : 5HI

€

‡ VHUEDWRLR OW ‡ SRWHQ]D +S ‡ SUHVVLRQH EDU ‡ OXEUL¿FD]LRQH DG ROLR ‡ PDQRPHWUL ‡ UXRWH 5HI

€

DQ]LFKp €

6FDUSH DQWLQIRUWXQLVWLFD ‡ LQ SHOOH VFDPRVFLDWD ‡ PLV 5HI

0XOWLOHYLJDWULFH RUELWDOH FRPSDWWD ³.$ 46´ %ODFN 'HFNHU ‡ : ‡ YHORFLWj JLUL PLQ ‡ SLDVWUD D JRFFLD ‡ VDFFR UDFFRJOLSROYHUH ‡ ¿VVDJJLR FDUWD YHOFUR FRQ DFFHVVRUL ‡ ERUVD PXOWLXVR 5HI

* &203$7,%,/( ,1 2/75( 3$(6,

€

€

* 63,1$ 6$/9$63$=,2

DQ]LFKp €

DQ]LFKp €

0XOWLSUHVD SRVWL

$GDWWDWRUH XQLYHUVDOH GD YLDJJLR ‡ LQ FXVWRGLD ULJLGD ‡ VSLQD 8( 86$ H 8.

‡ FRQ SUHVH 86% ‡ VH]LRQH FDYR [ PW ‡ $ JUDQGH 5HI

5HI

* &21 $&&(6625,

SRUWDWD ULSLDQR

.J

€

DQ]LFKp €

SRUWDWD ULSLDQR

.J

6FDIIDOH ULSLDQL ‡ LQ PHWDOOR ‡ D EXOORQL ‡ FRORUH JULJLR PDUWHOODWR ‡ FRQ ULQIRU]R 5HI

&DULFR XQLIRUPHPHQWH GLVWULEXLWR &DULF

SRUWDWD ULSLDQR

.J

SRUWDWD ULSLDQR

.J

SRUWDWD ULSLDQR

€

DQ]LFKp €

DQ]LFKp €

&DUUHOOR SLDWWDIRUPD

7UROOH\ SRUWDXWHQVLOL LQ

‡ SRUWDWD NJ

‡ LQ DOOXPLQLR ‡ FRQ DQWLOHYHU PHFFDQLFR

5HI

5HI

.J FP

€

FP

VFRQWR VFRQWR FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D R]LRQH VFRQWR SURPR]LRQH SURPR]LRQH VFRQWR SURPR]LRQH YHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D

LVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR RFFDVLRQL

FP

VFRQWR

SURPR]LRQH S R R R H

/D 48$/,7­ FKH WL ID 5,63$50,$5(

FP

€

€

FP

FP

FP

5HJJLPHQVROD

&RQIH]LRQH EDWWLVFRSD

€

‡ WURSLFDOL]]DWD 5HI

‡ OHJQR D\RXV YHUQLFLDWR FRORUH WDQJDQLFD ‡ PLV VSHVVRUH PP ‡ SUH]]R DO PO €

'LVSRQLELOH DQFKH PLV [ FP 5HI â‚0LV [ FP 5HI €

5HI

DQ]LFKp €

7DYROD DEHWH ‡ PLV [ FP ‡ VSHVVRUH FP 5HI

â‚FP

DQ]LFKp €

PHQVROH FXER 5HI

FP

€

‡ PLV [ FP

DQ]LFKp €

€

3RUWD VRI¿HWWR ³5LR´ ‡ FRORUH QRFH ‡ LQ 39& ‡ JLXQWR PRUELGR 5HI

€

DQ]LFKp €

‡ FDSDFLWj OW 5HI

FP

'LVSRQLELOH DQFKH OW

P F

P P

PP

‡ PLV [ [ FP 5HI DQ]LFKp € VFRQWR €

€

DQ]LFKp €

&DVVDIRUWH LQFDVVR ³0RG ´ 6WDUN

‡ VSHVVRUH PP ‡ D FKLDYH 5HI

.LW VDWHOOLWDUH ‡ SDUDEROD LQ DFFLDLR ‡ PLV GLDPHWUR FP ‡ FRQ VHW GL PRQWDJJLR ‡ /%1 VLQJROR XQLYHUVDOH D EDVVD ¿JXUD GL UXPRUH

€

5HI

$UPDGLR SRUWDVFRSH ³4 EODFN $QQLYHUVDU\´

€

DQ]LFKp €

‡ VWUDSSL ‡ GRSSLR YHOR 5HI

â‚FP

DQ]LFKp €

FP

F FP P

URWROL GL FDUWD DVFLXJDWXWWR

‡ LQ SROLSURSLOHQH 5HI 'LVSRQLELOH DQFKH WXWWRULSLDQL 5HI

FP

FP

F

FP

PP

&RQWHQLWRUH ³7 %R[´ FRQ FRSHUFKLR

€

DQ]LFKp €

%LGRQH ³-HUU\´

%LGRQH ³7RP´

‡ OW ‡ FRQ FOLS

‡ OW ‡ FRQ FOLS

5HI

5HI

VFRQWR VFRQWR QYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D F SURPR]LRQ QH SURPR]LRQH SURPR VFRQWR VFRQWR SURPR]LRQH SURPR]LRQH FRQYHQLH HQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQY

ULVS SDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

UL

* 121 *2&&,2/$

€

DQ]LFKp €

,GURSLWWXUD ODYDELOH ³*DLD´ OW ‡ LQRGRUH ‡ UHVD PT SHU PDQR

€

DQ]LFKp €

5HI

€

DQ]LFKp €

,GURSLWWXUD VXSHUWUDVSLUDQWH ³)UHVK´ OW

7ULV VLOLFRQH XQLYHUVDOH ‡ PO ‡ WUDVSDUHQWH 5HI

‡ FRORUH ELDQFR ‡ LGHDOH SHU EDJQL H FXFLQH ‡ DG DOWD FRSHUWXUD ‡ HIIHWWR RSDFR

‡ SURQWD DOO¶XVR ‡ UHVD PT FD SHU PDQR 5HI

* %,$1&2 23$&2 &235(17( 202*(1(2

€

DQ]LFKp €

€

*XDQWL ³3LXPD´ ‡ WDJOLD PRGHOOR XRPR H GRQQD ‡ FRORUL DVVRUWLWL 5HI

,G ,GURSLWWXUD ODYDELOH ³³/ ´ OW ‡ ‡ FRORUH ELDQFR ‡ ‡ UHVD PT FD SHU PDQR

5HI 5

€

6HW SHQQHOOL ³6RIW 7RXFK´ ‡ FRPSRVWR GD SHQQHOOR GLDPHWUR PP SHQQHOOR GLDPHWUR PP SHQQHOOL SLDWWL PP SHQQHOOL SLDWWL PP ‡ SHU XVL JHQHULFL 5HI

/D 48$/,7­ FKH WL ID 5,63$50,$5(

* ',6321,%,/(

,1 &2/25,

€

DQ]LFKp €

€

€

DQ]LFKp €

DQ]LFKp €

6PDOWL DOO¶DFTXD EULOODQWL R VDWLQDWL PO

3URWHWWLYR FRPSOHWR SHU OHJQR OW 9

‡ SHU IHUUR H OHJQR ‡ (FRODEHO ‡ SURQWL DOO¶XVR

‡ LPSUHJQD GHFRUD H LPSHUPHDELOL]]D ‡ LGURUHSHOOHQWH ‡ QRQ VL VFUHSROD ‡ ¿QLWXUD OXFLGD ‡ LQFRORUH QRFH FKLDUR QRFH PHGLR H QRFH VFXUR

5HI 'LVSRQLELOH DQFKH OW LQ FRORUL 5HI

DQ]LFKp € VFRQWR €

.LW UXOOR SHUWLFD WHOHVFRSLFD ‡ UXOOR FP ‡ SHUWLFD FP 5HI

5HI

RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

DQ]LFKp €

6FDOD GRPHVWLFD JUDGLQL ‡ LQ DFFLDLR 5HI

VFRQWR VFRQWR FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D R]LRQH VFRQWR SURPR]LRQH SURPR]LRQH VFRQWR SURPR]LRQH YHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D

LVSDUPLR

€

ULVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

€

* )$5(772 ,1&/862

* ,//80,1$=,21'( $/2*(1$ )$5(77,

6SHFFKLR ³6TXDUH´ ‡ UHYHUVLELOH ‡ ¿QLWXUD ¿OR OXFLGR ‡ ODPSDGD TXDGUD FURPDWD FRQ EUDFFHWWR D SLQ]D ‡ DWWDFFR * ‡ PD[ : ‡ ODPSDGLQH LQFOXVH 5HI

â‚FP

6HW DFFHVVRUL G¶DSSRJJLR ³0XJKHWWR´ ‡ FRPSRVWR GD ELFFKLHUH GRVDWRUH VFRSLQR H FHVWLQR ‡ LQ 39& ‡ FRORUH ELDQFR

FP

5HI

€

DQ]LFKp €

* &+,8685$ 5$//(17$7$

6HGLOH :& ³$LU EDJ´

‡ LQ SODVWLFD ELDQFD ‡ IRUPD XQLYHUVDOH 5HI

€

0RELOH EDJQR ³&UHWD´ ‡ ODFFDWR ELDQFR OXFLGR ‡ FRPSRVWR GD EDVH DQWH FDVVHWWL ODYDER FHUDPLFR FP VSHFFKLHUD FRQ SHQVLOH GHVWUR ‡ UXELQHWWHULD HVFOXVD 5HI

5,63$50,2 $&48$ ),12 $/

€

€

3LDQWDQD EDJQR SRUWDVDOYLHWWH EUDFFL

3LDQWDQD SRUWDURWROR H VFRSLQR

‡ ¿QLWXUD FURPR R ELDQFD

‡ ¿QLWXUD FURPR R ELDQFD

5HI

5HI

€

€

DQ]LFKp €

DQ]LFKp €

6HULH PLVFHODWRUL ³(VSDFH´

0LVFHODWRUH SHU ODYHOOR ³1HUHD´

‡ LQ RWWRQH FURPDWR ‡ FRQIRUPL '0 (OHPHQWL YHQGLELOL VLQJRODUPHQWH

/DYDER 5HI %LGHW 5HI

‡ FRQ GRFFHWWD HVWUDLELOH ‡ ¿QLWXUD FURPDWD 5HI

DQ]LFKp € VFRQWR €

VFRQWR VFRQWR QYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D F SURPR]LRQ QH SURPR]LRQH SURPR VFRQWR VFRQWR SURPR]LRQH SURPR]LRQH FRQYHQLH HQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQY

ULVS SDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

UL

€

DQ]LFKp €

%R[ GRFFLD DQJRODUH ³3ULPD´ ‡ DSHUWXUD VFRUUHYROH UHYHUVLELOH ‡ DQWH LQ FULVWDOOR PP WHPSHUDWR VHULJUDIDWR ‡ VFRUULPHQWR VX UXRWH LQ WHÀRQ ‡ FKLXVXUD FDODPLWDWD ‡ PLV HVWHQVLELOH FP 5HI 'LVSRQLELOH DQFKH UHWWDQJRODUH

DQ]LFKp â‚VFRQWR €

€

DQ]LFKp €

€

&HVWR GRFFLD

‡ DSSHQGLELOH 5HI

9HWURPDWWRQH RQGXODWR WUDVSDUHQWH ‡ PLV [ [ FP 5HI

€

DQ]LFKp €

FP

FP

FP

$VWD VDOLVFHQGL ³0LPRVD´ $VWD ‡ GRFF ‡ GRFFHWWD UHJRODELOH IXQ]LRQL ‡ DQWLFD ‡ DQWLFDOFDUH ‡ ¿QLWXUD FURPDWD VDWLQDWD ‡ ÀHVVL ‡ ÀHVVLELOH 5HI * 5(9(56,%,/(

* 35(',632672 3(5 87,/,==2 )25, 35((6,67(17,

€

.LW GRFFLD ³/\ULD´ ‡ VRI¿RQH PLV [ FP FRQ DQWLFDOFDUH ‡ ¿QLWXUD FURPDWD ELDQFD 5HI

* (67(16,%,/( '$ $ &0

,'($/( 3(5 /(1=82/$

€

FP

&DELQD GRFFLD LGURPDVVDJJLR ³'RQD´ FP

FP

‡ LGURJHWWL UHJRODELOL DQWLFDOFDUH ‡ VRI¿RQH ‘ FP ‡ GRFFHWWD IXQ]LRQL ‡ SDUHWL H DQWH LQ FULVWDOOR WHPSHUDWR PP VJDQFLDELOL ‡ WHODLR ¿QLWXUD FURPDWD ‡ PHQVROD SRUWDRJJHWWL ‡ SLDWWR GRFFLD LQ DFULOLFR FRQ ULQIRU]R PHWDOOLFR

€

DQ]LFKp €

6WHQGLELDQFKHULD ³'LQDPLN ´

5HI

‡ LQ DFFLDLR WUDWWDWR ‡ PW GL VWHQGLWXUD ‡ SHVR NJ 5HI

VFRQWR VFRQWR FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D R]LRQH VFRQWR SURPR]LRQH SURPR]LRQH VFRQWR SURPR]LRQH YHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D

LVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

FP

DQ]LFKp €

FP

FP

* 3203$ ', &$/25( * &/$66( $ $

€

$JLWDWRUH ³0DXULFH´ SDOH ELFRORUH XQ ODWR FLOLHJLR XQ ODWR IDJJLR

GLDPHWUR FP [ : DWWDFFR ( LQ PHWDOOR VDWLQDWR FDWHQHOOD GL DFFHQVLRQH ODPSDGLQH HVFOXVH

&OLPDWL]]DWRUH %WX RQ RII 6DPVXQJ

€

IXQ]LRQH GHXPLGL¿FD]LRQH IXQ]LRQH ULVSDUPLR HQHUJHWLFR ULDYYLR DXWRPDWLFR UHJROD]LRQH DXWRPDWLFD ÀXVVR DULD YHUWLFDOH 5HI

DQ]LFKp €

5HI

* &/$66( $ $

* 9(/2&,7¬

* &21 3203$ ', &$/25(

€

€

DQ]LFKp €

DQ]LFKp €

9HQWLODWRUH GD WDYROR

&OLPDWL]]DWRUH SRUWDWLOH %WX K

GLDPHWUR FP 5HI

¿OWUL DQWLSROYHUH IXQ]LRQH GHXPLGL¿FDWRUH OLYHOOR GL UXPRURVLWj G% $ FRQ WHOHFRPDQGR 5HI

VFRQWR VFRQWR VFRQWR FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D SURPR]LRQH SURPR]LRQH VFRQWR VFRQWR VFRQWR SURPR]LRQH SURPR]LRQH SURPR]LRQH FR F RQ QY YHQLH HQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]D FRQYHQLHQ]

SUUR S RP PR]LRQ QH

ULVS SDUPLR

VFRQWWR

RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR

FRQYHQLHQ]D VFRQWR

RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

ULVSDUPLR

FRQYHQLHQ]DVFRQWR

RFFDVLRQL

VFRQWR

SURPR]LRQH S R R R H

FRQYHQLHQ]D

0HVVDJJLR SXEEOLFLWDULR FRQ ¿QDOLWj SURPR]LRQDOH

$3(57, 7877( /( '20(1,&+( , 1(*2=, &21 +$112 81 $66257,0(172 6(/(=,21$72 ', 352'277, , 1(*2=, &21 121 *$5$17,6&212 /¶$3(5785$ '20(1,&$/( 9(5,),&$ 68 ::: %5,&2&(17(5 ,7 3,(0217( $67, F R & & ³,O %RUJR´ 7HO %(,1$6&2 72 F R & & ³/H )RUQDFL´ 7HO &$67(//(772 7,&,12 12 7HO &81(2 F R *DOOHULD $XFKDQ &XQHR 7HO 5,92/, IURQWH *DOOHULD $XFKDQ 5LYROL 7HO 6(77,02 725,1(6( 72

F R & & ³3DQRUDPD´ 7HO 725,12 9LD )UDQFHVFR &LJQD 7HO 9(1$5,$ 72 F R *DOOHULD $XFKDQ 9HQDULD 7HO /20%$5',$ %5(0%$7( %* ¿DQFR & & ³,SHU´ 7HO &,1,6(//2 %$/6$02 0, 7HO &857$721( 01 F R & & ³4XDWWUR 9HQWL´ 7HO *$'(6&2 3,(9( '(/021$ &5 7HO *$5%$*1$7( 0, 9LD PDJJLR DQJROR ;; 6HWWHPEUH 7HO &251(*/,$12 /$8'(16( /2

7HO

0$1729$ F R & & ³/D )DYRULWD´ 7HO 0$==$12 %6 F R *DOOHULD $XFKDQ 0D]]DQR 7HO 0(5$7( /& F R *DOOHULD $XFKDQ 0HUDWH 9LD %HUJDPR 7HO 0,/$12 3LD]]DOH %DQGH 1HUH 7HO 9LD )DULQL F R 83,0 7HO 9LDOH &RUVLFD 7HO '(&2&,7< 9LD :DVKLQJWRQ 7HO 2/*,$7( 2/21$ 9$ 7HO 5(6&$/',1$ 0, F R *DOOHULD $XFKDQ 5HVFDOGLQD 7HO 521&$'(//( %6 F R & & ³/H 5RQGLQHOOH´ 7HO 9(57(0$7( &2 7HO 9,02'521( 0, F R *DOOHULD $XFKDQ 9LPRGURQH 7HO 9(1(72 %8662/(1*2 95

F R *DOOHULD $XFKDQ %XVVROHQJR 7HO /(*1$*2 95 F R & & ³*DODVVLD´ 7HO 3$'29$ F R & & ³*LRWWR´ 7HO 9,&(1=$ 9LD *LQR 6ROGj F R *DOOHULD $XFKDQ 9LFHQ]D 7HO )5,8/, 9(1(=,$ *,8/,$ 08**,$ 76 6WUDGD )DUQHL =RQD 5DEXLHVH 7HO /,*85,$ /$ 63(=,$ 9LD 9 9HQHWR 7HO 6$921$ 9LD 6WDOLQJUDGR &HQWUR SROLQIXQ]LRQDOH ³/H RI¿FLQH´ 7HO

(0,/,$ 520$*1$ &$67(1$62 %2 7HO )(55$5$ 9LD 9HUJD 7HO 3$50$ F R & & ³(XUR 7RUUL´ 7HO 5(**,2 (0,/,$ F R & & ³/¶$ULRVWR´ 7HO 726&$1$ /8&&$ 9LD 6DYRQDUROD $ 7HO ),5(1=( F R 83,0 7HO 80%5,$ 3(58*,$ 9LD 6HWWHYDOOL 7HO 7(51, 9LD GHO 0DJOLR 7HO 0$5&+( )$/&21$5$ $1 9LD 0DUFRQL 7HO )$12 38 9LD / (LQDXGL 7HO $6&2/, 3,&(12 $3

F R & & ³$O %DWWHQWH´ 7HO /$=,2 520$ 9LD 3UDWL )LVFDOL F R 83,0 7HO 9LD 1LFFRGHPL F R & & ³%XIDORWWD´ 7HO 9LD 3UHQHVWLQD 7HO $%58==2 &,77­ 6$17·$1*(/2 3( =RQD &HQWUR &RPP OH 3HVFDUD 1RUG 7HO &2/211(//$ 7( 8VFLWD $ 9DO 9LEUDWD F R & & ³9DO 9LEUDWD´ 7HO /·$48,/$ F R & & ³$TXLORQH´ 7HO

&$03$1,$ 0$5&,$1,6( &( F R & & ³&DPSDQLD´ 7HO 0(5&2*/,$12 $9 9LD 1D]LRQDOH 7RUUHWWH 7HO 6$/(512 9LD 6 /HRQDUGR 7HO 38*/,$ &$9$//,12 /( F R 3DUFR &RPP OH ³( /HFOHUF &RQDG´ 7HO 02/)(77$ %$ )LDQFR (XURQLFV H 3UHQDWDO 7HO 685%2 /( F R 3DUFR &RPP OH ³0RQJRO¿HUD´ ¿DQFR 'HFDWKORQ 7HO 7$5$172 F R *DOOHULD $XFKDQ 7DUDQWR 7HO 6,&,/,$ 0(/,//, 65 F R & & ³%HOYHGHUH $XFKDQ´ &RQWUDGD 6SDOOD 7HO 0,/$==2 0( 3DUFR ³&RUROOD´ 9LD )LUHQ]H VYLQFROR $ 7HO 0,67(5%,$1&2 &7 ¿DQFR *DOOHULD $XFKDQ 0LVWHUELDQFR 7HO 2*1,1$ &7 ¿DQFR ³,SHUVLPSO\´ 7HO 3$/(502 9LD /D 0DOID 7HO 5$*86$ F R & & ³,EOHR´ 7HO 6$5'(*1$ &$*/,$5, 6 *,//$ F R *DOOHULD $XFKDQ 6 *LOOD 7HO &$*/,$5, 3,55, F R *DOOHULD $XFKDQ 0DUFRQL 7HO 6$66$5, F R *DOOHULD $XFKDQ 3UHGGD 1LHGGD 7HO

9LVLWD LO QRVWUR VLWR ZZZ EULFRFHQWHU LW RSSXUH VFULYL D FRQWDWWDFL#EULFRFHQWHU LW %ULFRFHQWHU ,WDOLD 6 U O 6WUDGD 3DOD]]R 1 5R]]DQR 0, 3 ,YD

, SUH]]L SRVVRQR VXELUH YDULD]LRQL QHO FDVR GL HUURUL WLSRJUD¿FL /H IRWR UDSSUHVHQWDQR RJJHWWL FKH SRVVRQR QRQ FRUULVSRQGHUH D TXDQWR HVSRVWR LQ QHJR]LR

4XHVWR YRODQWLQR q VWDPSDWR VX FDUWD 3()& FRQ PDWHULD SULPD GD IRUHVWH JHVWLWH LQ PDQLHUD VRVWHQLELOH H GD IRQWL FRQWUROODWH

2IIHUWD GL FUHGLWR ¿QDOL]]DWR YDOLGD GDO DO ,PSRUWR PLQLPR ¿QDQ]LDELOH € FRPH GD HVHPSLR UDSSUHVHQWDWLYR 3UH]]R GHO EHQH € 7DQ ¿VVR 7DHJ LQ UDWH GD € ROWUH OH VHJXHQWL VSHVH JLj LQFOXVH QHO FDOFROR GHO 7DHJ VSHVH LQFDVVR H JHVWLRQH UDWD € SHU RJQL PHQVLOLWj LPSRVWD GL EROOR DGGHELWDWD VXOOD SULPD UDWD € VSHVH SHU FRPXQLFD]LRQL SHULRGLFKH DOPHQR XQD DOO¶DQQR € ROWUH € SHU LPSRVWD GL EROOR ,PSRUWR WRWDOH GHO FUHGLWR € ,PSRUWR WRWDOH GRYXWR GDO &RQVXPDWRUH € $O ¿QH GL JHVWLUH OH WXH VSHVH LQ PRGR UHVSRQVD ELOH H GL FRQRVFHUH HYHQWXDOL DOWUH RIIHUWH GLVSRQLELOL )LQGRPHVWLF WL ULFRUGD SULPD GL VRWWRVFULYHUH LO FRQWUDWWR GL SUHQGHUH YLVLRQH GL WXWWH OH FRQGL]LRQL HFRQRPLFKH H FRQWUDWWXDOL IDFHQGR ULIHULPHQWR DOOH ,QIRUPD]LRQL (XURSHH GL %DVH VXO &UHGLWR DL &RQVXPDWRUL ,(%&& SUHVVR LO SXQWR YHQGLWD 6DOYR DSSURYD]LRQH GL )LQGRPHVWLF %DQFD 6 S $ %5,&2&(17(5 RSHUD TXDOH LQWHUPHGLDULR GHO FUHGLWR SHU )LQGRPHVWLF %DQFD 6 S $ QRQ LQ HVFOXVLYD