Bricocenter 18ago

EULFRFHQWHU LW

2IIHUWH YDOLGH GDO OXJOLR DO DJRVWR

, SUH]]L VRQR FRPSUHQVLYL GL ,9$ 9DOLGL GDO OXJOLR DO DJRVWR 6DOYR HVDXULPHQWR VFRUWH )DWWD FRPXQLFD]LRQH DO FRPXQH *OL VFRQWL QRQ VRQR FXPXODELOL FRQ DOWUH SURPR]LRQL VFRQWL H R WHVVHUH VFRQWR

,00$*,1$ ,/ &2/25( '(//$ 78$ (67$7(

€

VFRQWR DQ]LFKp €

,GURSLWWXUD ELDQFD WUDVSLUDQWH OW QRQ JRFFLROD LGHDOH SHU VRI¿WWL ‡ SHU VWDQ]H [ PW PDQR ‡ SURQWD DOO¶XVR ‡ HOHYDWD WUDVSLUDELOLWj ‡ SUH]]R DO OW VFRQWDWR € 5HI

%LDQFR R D FRORUL ',3,1*(5( q IDFLOH

GD SDJ

)UHVFKH LGHH SHU LO %$*12

GD SDJ

5,1129$5( H 6,67(0$5( FRQ VHPSOLFLWj

GD SDJ

&XUD GHO *,$5',12 H YHUGH UHOD[

GD SDJ

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

6FHOJR XQ¶HVWDWH IUHVFD GL SLWWXUD ,GURSLWWXUD WUDVSLUDQWH 3(5 %$*1, &8&,1( ( 62)),77, $GDWWD SHU DPELHQWL GRYH VL IRUPD FRQGHQVD &RQIHULVFH DO PXUR XQ¶RWWLPD WUDVSLUDELOLWj * ,*,(1,==$17( * 121 *2&&,2/$

VFRQWR

€

DQ]LFKp €

,GURSLWWXUD ELDQFD WUDVSLUDQWH ³)UHVK´ OW OW LQ RPDJJLR VXSHUFRSUHQWH DGDWWR SHU FRSULUH SDUHWL FRORUDWH ‡ SHU VWDQ]H GD [ PW FLUFD ‡ SUH]]R DO OW VFRQWDWR â‚5HI

€

VFRQWR DQ]LFKp €

,GURSLWWXUD ELDQFD VXSHUWUDVSLUDQWH ³)UHVK´ OW ‡ UHVD PT FD SHU PDQR ‡ SURQWD DOO¶XVR ‡ HIIHWWR RSDFR ‡ DG DOWD FRSHUWXUD ‡ SUH]]R DO OW VFRQWDWR € 5HI

* 277,02 38172 ', %,$1&2

€

VFRQWR

€

DQ]LFKp €

DQ]LFKp €

,GURSLWWXUD ELDQFD WUDVSLUDQWH OW

,GURSLWWXUD ELDQFD WUDVSLUDQWH *HFNRV OW

VFRQWR

QRQ JRFFLROD LGHDOH SHU VRI¿WWL ‡ SHU VWDQ]H [ PW FLUFD ‡ SURQWD DOO¶XVR ‡ HOHYDWD WUDVSLUDELOLWj ‡ SUH]]R DO OW VFRQWDWR €

‡ SHU VWDQ]H [ PW FLUFD ‡ SUH]]R DO OW VFRQWDWR â‚5HI

'LVSRQLELOH DQFKH OW 5HI DQ]LFKp € VFRQWR ₇ SUH]]R DO OW VFRQWDWR €

5HI 'LVSRQLELOH DQFKH OW 5HI €

‡ SUH]]R DO OW â‚/¶DGGLWLYR DQWLPXIID VXSHUFRQFHQWUDWR FRQIHULVFH D TXDOVLDVL LGURSLWWXUD R ULYHVWLPHQWR XQD IRUWH D]LRQH FRQWUR PXIIH IXQJKL HG DOJKH 6L FRQVLJOLD XQD FRQIH]LRQH GL DQWLPXIID VXSHUFRQFHQWUDWR GD PO SHU RJQL OW GL LGURSLWWXUD

€

,GURSLWWXUD ELDQFD WUDVSLUDQWH ³9LDODPXIID´ OW

€

DGDWWR SHU OD SUHYHQ]LRQH GL PXIIH H IXQJKL ‡ UHVD PT PDQR ‡ FRQVLJOLDELOH PDQL ‡ SHUPHDELOH DO YDSRUH ‡ SUHVLGLR PHGLFR FKLUXUJLFR ‡ SUH]]R DO OW € 5HI

$GGLWLYR DQWLPXIID SHU LGURSLWWXUD PO ‡ SUH]]R DO OW â‚5HI

â‚6WXFFR LQ SDVWD NJ

â‚)LVVDWLYR PXUDOH SHU LQWHUQL OW

â‚$QWLPXIID 6DUDWRJD PO

LGHDOH SHU PXUR H OHJQR

LGHDOH SHU PXUL LQWRQDFR FDOFH H FDUWRQJHVVR UHVD PT

DGDWWR DG RJQL WLSR GL PXUR VLD LQWHUQR FKH HVWHUQR

5HI

5HI

5HI

,GURSLWWXUD ODYDELOH $'$77$ 3(5 7877, */, $0%,(17, '(//$ &$6$ ,'($/( 3(5 &$0(5(77( ( =21( ', 3$66$**,2 /H SDUHWL SRVVRQR HVVHUH SXOLWH FRQ XQ SDQQR XPLGR H EHQ SXOLWR * Ê 68)),&,(17( 81¶81,&$ 0$12 * 277,02 38172 ', %,$1&2

€

€

VFRQWR DQ]LFKp €

,GURSLWWXUD ELDQFD ODYDELOH *HFNRV OW SHU VWDQ]H [ PW FLUFD SUH]]R DO OW VFRQWDWR €

VFRQWR DQ]LFKp €

5HI

,GURSLWWXUD ELDQFD ODYDELOH ³6XELWR %LDQFR´ OW

UHVD PT SURQWD DOO¶XVR HIIHWWR YHOOXWDWR OXPLQRVR DG DOWD WUDVSLUDELOLWj SUH]]R DO OW VFRQWDWR € 5HI

€

€

.LW UXOOR FP FRQ SHUWLFD WHOHVFRSLFD FP 5HI

5XOOR XQLYHUVDOH

PLV FP 5HI

€ 3ODIRQHWWD FRQ LPSXJQDWXUD PRUELGD PLV [ FP 5HI

€

VFRQWR

€

DQ]LFKp €

,GURSLWWXUD ELDQFD ODYDELOH OW QRQ JRFFLROD LGHDOH SHU VRI¿WWL SHU VWDQ]H [ PW PDQR SURQWD DOO¶XVR QRQ JRFFLROD SUH]]R DO OW VFRQWDWR €

5HI 'LVSRQLELOH DQFKH OW 5HI €

SUH]]R DO OW €

VFRQWR DQ]LFKp €

5XOOR FRQ VHUEDWRLR DWRLR ³1RQ 6WRS´ 3LQW\

€

SHUPHWWH GL LPELDQFDUH XQD SDUHWH VHQ]D GRYHU LPPHUJHUH FRQWLQXDPHQWH LO UXOOR QHOOD SLWWXUD VHUEDWRLR OW SHU XQ¶DXWRQRPLD GL PT UXOOR FP FRQ FDUDIID DVWXFFLR LQ SROLSURSLOHQH 5HI

.LW EDFLQHOOD PLQLUXOOR ¿OR URVVR PLV FP 5HI

€

€ 7HOR GL SURWH]LRQH FRQ ERUGR DGHVLYR FP [ PW

LGHDOH SHU SURWHJJHUH EDWWLVFRSD H FRSUL¿OL

5HI

€ 6HW WHOL GL SURWH]LRQH [ PW

LGHDOH SHU SURWHJJHUH L PRELOL

5HI

7HOR LQ IHOWUR [ PW

LGHDOH SHU SURWHJJHUH SDYLPHQWL LQ OHJQR

5HI

EULFRFHQWHU LW

(IIHWWL SLWWXUH VSHFLDOL DWWUH]]L SRVVR IDUH WXWWR $OFXQL HVHPSL

€

VFRQWR

0RTXL

DQ]LFKp €

6DYDQD

,GURSLWWXUD ODYDELOH FRORUDWD +RPH &RORU OW

6FDUOHW

‡ UHVD PT ‡ SURQWD DOO¶XVR ‡ HIIHWWR SLHQR H YHOOXWDWR ‡ SRWHUH FRSUHQWH ‡ SUH]]R DO OW VFRQWDWR € 5HI

0LHOH

5HWUz

/XQD

*HLVKD

/LEHUW\

6LOYHU

* '21$ $//( 3$5(7, 81 029,0(172 ,55(*2/$5( &+( 9$5,$ $ 6(&21'$ '(/ 5,)/(662 '(//$ /8&(

€

VFRQWR DQ]LFKp €

4XDU]R ELDQFR *HFNRV OW

€

DGDWWR SHU HVWHUQL EDUEHFXH H FDPLQHWWL ‡ UHVD PT SHU PDQR ‡ FRORUH ELDQFR RSDFR ‡ RWWLPD FRSHUWXUD ‡ SUH]]R DO OW VFRQWDWR € 5HI

VFRQWR

'LVSRQLELOH DQFKH OW 5HI

DQ]LFKp €

DQ]LFKp € VFRQWR ₇ SUH]]R DO OW VFRQWDWR €

3LWWXUD GHFRUDWLYD ³9HQWR GL VDEELD´

‡ UHVD PT FLUFD ‡ SUH]]R DO PT FDOFRODWR VX IRQGR H SLWWXUD FRQI GD OW H FRORUDQWL GD JU FDG

5HI

* 121 9,(1( $6625%,7$ '$/ 68332572

€

€

VFRQWR DQ]LFKp €

,GURSLWWXUD ELDQFD VSHFLDOH SHU FDUWRQJHVVR OW

‡ UHVD PT SHU PDQR ‡ SUH]]R DO OW VFRQWDWR € 5HI

â‚)LVVDWLYR PXUDOH SHU HVWHUQL OW 5HI

â‚5RWROR GL FDUWRQH [ PW

LGHDOH SHU SURWHJJHUH L SDYLPHQWL HVWHUQL

5HI

VFRQWR DQ]LFKp €

,GURSLWWXUD ELDQFD VXSHUODYDELOH *HFNRV OW LGHDOH SHU LQWHUQL HG HVWHUQL FRSHUWL ‡ UHVD PT SHU PDQR ‡ SUH]]R DO OW VFRQWDWR â‚5HI

â‚6HFFKLR SHU GLOXLUH FDSDFLWj OW 5HI

€

VFRQWR DQ]LFKp €

€

VFRQWR DQ]LFKp €

6LVWHPD GL YHUQLFLDWXUD D EDVVD SUHVVLRQH ³+9 9(8´

DGDWWR SHU ODYRUL GL YHUQLFLDWXUD LQ LQWHUQR HG LQ HVWHUQR FRPH VXROR VRI¿WWR PXUL H IDFFLDWH ‡ PRWRUH : ‡ SUHVVLRQH EDU ‡ PW GL WXER 5HI

6FDOD GRPHVWLFD JUDGLQL

‡ LQ DFFLDLR ‡ DOWH]]D GL ODYRUR PW FLUFD

FP

5HI

€

€

6JDEHOOR JUDGLQL

6HW SHQQHOOL

‡ LQ DOOXPLQLR ‡ SRUWDWD NJ

‡ VHWROD 5HI

5HI

€

VFRQWR

€

DQ]LFKp €

6HW HGLOL]LD SH]]L

7UDEDWWHOOR ³6XSHUPLQL ) ´ FRQ SLDQDOH LQ OHJQR

LGHDOH SHU WXWWL L ODYRUL GL PXUDWXUD LQ SDUWLFRODUH SHU LQWRQDFDUH H UL¿QLUH ‡ FRPSRVWR GD VHFFKLR IUDWWRQH DFFLDLR IUDWWD]]R H FD]]XROD 5HI

DGDWWR SHU ODYRUDUH ¿QR D PW ‡ SRUWDWD NJ 5HI

€

€

€

6LJLOODQWH SHU PXUL H ¿QHVWUH PO

&HPHQWR UDSLGR NJ

0DOWD JULJLD NJ

5HI

5HI

5HI

/HJQR H PHWDOOR GDJOL LQ¿VVL DOOH ULQJKLHUH ULQQRYR RJQL FRVD

â‚VFRQWR

€

DQ]LFKp €

/HYLJDWULFH RUELWDOH

LGHDOH SHU SLFFROL ODYRUL ‡ : 5HI

,PSUHJQDQWH DFTXD OW LQRGRUH LGHDOH DQFKH SHU LQWHUQL ‡ UHVD PT FLUFD SHU PDQR ‡ GLVSRQLELOH LQ YDUL FRORUL ‡ QRQ FROD ‡ SURWH]LRQH DQQL ‡ SUH]]R DO OW VFRQWDWR €

* ,12'25(

5HI

â‚)RQGR SHU OHJQR H PXUR DOO¶DFTXD PO

* 352172 $//¶862

€

LGHDOH SHU SLFFROL ODYRUL VX OHJQR ‡ UHVD PT FLUFD SHU PDQR ‡ SURQWR DOO¶XVR ‡ FRORUH ELDQFR ‡ ULHPSLWLYR ‡ SUH]]R DO OW € 5HI

VFRQWR DQ]LFKp €

'LVSRQLELOH DQFKH OW 5HI

DQ]LFKp € VFRQWR ₇ SUH]]R DO OW VFRQWDWR €

,PSUHJQDQWH D VROYHQWH OW JUDWLV

LGHDOH SHU VXSHU¿FL HVSRVWH DOOH LQWHPSHULH ‡ UHVD PT FLUFD ‡ GLVSRQLELOH LQ YDUL FRORUL ‡ LPSUHJQD GHFRUD H LPSHUPHDELOL]]D ‡ DOWD UHVLVWHQ]D SHU UDJJL 89 ‡ QRQ VL VFUHSROD H QRQ FROD ‡ SURWH]LRQH DQQL ‡ SUH]]R DO OW VFRQWDWR €

€

* ,12'25(

5HI

,PSUHJQDQWH DFTXD PO LGHDOH SHU LO WUDWWDPHQWR GL SLFFROH VXSHU¿FL ‡ UHVD PT FLUFD SHU PDQR ‡ QRQ FROD ‡ SURWH]LRQH DQQL ‡ SUH]]R DO OW €

5HI * 8/75$ 327(17(

â‚)ODWWLQJ D VROYHQWH PO

LGHDOH SHU SURWHJJHUH H YHWUL¿FDUH LO OHJQR LQ HVWHUQR ‡ UHVD PT ‡ WUDVSDUHQWH ‡ SUH]]R DO OW €

5HI 'LVSRQLELOH DQFKH DOO¶DFTXD 5HI €

‡ SUH]]R DO OW €

â‚5RWROR FDUWD YHWUDWD H JUDQH

€

€

6YHUQLFLDWRUH LQ JHO XQLYHUVDOH OW

‡ UHVD PT FLUFD ‡ D]LRQH UDSLGD HI¿FDFH GRSR XQD VROD DSSOLFD]LRQH VX OHJQR PHWDOOR FHPHQWR H YHWUR 5HI

€

6HW SHQQHOOL

DGDWWR SHU LPSUHJQDQWL OHJQR ‡ PLV PP 5HI

€

LGHDOH SHU ODYRUL GL ¿QLWXUD OLVFLDWXUD H OXFLGDWXUD GHO OHJQR

7XER VWXFFR LQ SDVWD SHU OHJQR PXUR JU

6HW VSDWROH DVVRUWLWH

5HI

5HI

5HI

DGDWWH SHU VWXFFDUH

€

€

VFRQWR

6PHULJOLDWULFH DQJRODUH

DQ]LFKp €

‡ : ‡ GLDPHWUR GLVFR PP ‡ YHORFLWj JLUL PLQ ‡ LPSXJQDWXUD PRUELGD ‡ GLVFR HVFOXVR 5HI

6PDOWR JHO DQWLUXJJLQH ³)HUQRYXV´ PO DGDWWR SHU DSSOLFD]LRQH GLUHWWD VXOOD UXJJLQH ‡ UHVD PT ‡ QRQ JRFFLROD ‡ GLVSRQLELOH LQ YDUL FRORUL ‡ SUH]]R DO OW VFRQWDWR € 5HI

* 5(6,67(17( $//( $/7( 7(03(5$785( ,12'25(

€

€

6PDOWR VROYHQWH XQLYHUVDOH PO

6PDOWR SHU WHUPRVLIRQL PO

‡ UHVD PT DO OW SHU PDQR ‡ GLVSRQLELOH LQ YDUL FRORUL ‡ SUH]]R DO OW €

‡ UHVD PT PDQR ‡ SUH]]R DO OW â‚5HI

5HI 'LVSRQLELOH DQFKH OW 5HI €

‡ SUH]]R DO OW €

â‚)RQGR DQWLUXJJLQH DOO¶DFTXD PO LGHDOH SHU DPELHQWL LQWHUQL HG HVWHUQL ‡ UHVD PT ‡ SURQWR DOO¶XVR ‡ UHVLVWHQWH DOOD FRUURVLRQH ‡ DOWD SURWH]LRQH ‡ SUH]]R DO OW â‚5HI 'LVSRQLELOH OW 5HI €

‡ SUH]]R DO OW €

€

€

$FTXDUDJLD SXUD OW

VFRQWR

€

DQ]LFKp €

6HW SHQQHOOL

6XSHU VYHUQLFLDWRUH SHU IHUUR OW

DGDWWR SHU OD SXOL]LD GL SHQQHOOL OD ULPR]LRQH GL PDFFKLH GL YHUQLFH H SHU GLOXLUH SURGRWWL D VROYHQWH

DGDWWR SHU SURGRWWL DG DFTXD R D VROYHQWH ‡ PLV PP

LGHDOH SHU IHUUR JKLVD H OHJKH

OHJJHUH

5HI

5HI

5HI

€

â‚6HW GLVFKL WDJOLR PP 5HI

â‚6HW GLVFKL WDJOLR PP 5HI

6SXJQHWWD DEUDYLVD H JUDQH 5HI

EULFRFHQWHU LW

8Q EDJQR SL IXQ]LRQDOH ID SL IUHVFD OD PLD HVWDWH

FP

€

VFRQWR

FP

DQ]LFKp €

0RELOH EDJQR

LQ OHJQR ODFFDWR FRPSRVWR GD DQWH ODYDER LQ FHUDPLFD VSHFFKLR FRQ LOOXPLQD]LRQH DORJHQD H YDQR FRQWHQLWRUH FRQ SLHGL

FP

5HI

* /$ 35(6(1=$ '(, 3,(',1, )$&,/,7$ /$ 38/,=,$ '(/ 3$9,0(172

FP

€

VFRQWR DQ]LFKp €

$UPDGLHWWR ³5RPDQWLFD´

ODFFDWR OXFLGR FRPSRVWR GD YDQL FRQWHQLWRUL VSHFFKLR H SXQWL OXFH FRQ DWWDFFR SLFFROR ODPSDGLQH HVFOXVH 5HI

FP

€

FP

0LVFHODWRUH ODYDER ³*HQRYD´

LQ RWWRQH ¿QLWXUD FURPDWD SLOHWWD H DWWDFFKL LQFOXVL 5HI

* /$ &2/211$ Ê ),66$7$ 68 81$ %$6( *,5(92/( &+( &216(17( ', 87,/,==$5( ,/ /$72 ', &8, 6, +$ %,62*12

$SSHQGLQR

VFRQWR

€

DQ]LFKp €

€

$FFHVVRUL SHU EDJQR ³4XDGGUR ´ LQ DFFLDLR FURPDWR FRQ ¿VVDJJLR ELDGHVLYR LGHDOH SHU QRQ IRUDUH R FRQ YLWL H WDVVHOOL LQFOXVL

$SSHQGLQR 5HI 'LVSRQLELOH SRUWDVDSRQH 5HI

DQ]LFKp € VFRQWR € 3RUWDURWROR 5HI

DQ]LFKp € VFRQWR €

6HW DFFHVVRUL SHU EDJQR ³5RXQG´ LQ SRUFHOODQD FRPSRVWR GD GRVDVDSRQH SRUWDVDSRQH H SRUWDVSD]]ROLQL 5HI

FP

€

6FDIIDOH ³&U\VWDO´

LGHDOH SHU ULSRUUH SURGRWWL GD WRLOHWWH FRPSRVWR GD ULSLDQL LQ YHWUR WHPSHUDWR

FP

€

FP

FP

FP

5HI 'LVSRQLELOH DQFKH SHQVLOH FRQ ¿VVDJJLR D PXUR 5HI €

FP

FP

FP

FP

,O YHWUR WHPSHUDWR q FRQVLGHUDWR ³YHWUR GL VLFXUH]]D´ LQ TXDQWR D VHJXLWR GL URWWXUD VL IUDPPHQWD LQ WDQWL SLFFROL SH]]L QRQ SHULFRORVL SHU O¶LQFROXPLWj GHOOH SHUVRQH

VFRQWR DQ]LFKp €

&RORQQD EDJQR PXOWLIXQ]LRQDOH

LQ OHJQR ODFFDWR FRPSRVWD GD XQ ODWR FRQ YDQL FRQWHQLWRUL LGHDOL SHU ULSRUUH DVFLXJDPDQL H XQ FDVVHWWR LGHDOH SHU ULSRUUH DUWLFROL GD WRLOHWWH XQ ODWR VSHFFKLR D ¿JXUD LQWHUD XQ ODWR EDUUD SRUWDVFLXJDPDQL XQ ODWR JDQFL DSSHQGLDELWL 5HI

* 81,9(56$/(

* &5,67$//2 7(03(5$72 6(5,*5$)$72 00

€

VFRQWR DQ]LFKp €

%R[ GRFFLD DQJRODUH ³3ULPD´ VFRQWR DQ]LFKp €

6DOLVFHQGL ³*HQRYD´

‡ FRQ GRFFHWWD UHJRODELOH D IXQ]LRQL HG DQWLFDOFDUH ‡ ¿QLWXUD FURPDWD ‡ SRUWDVDSRQH 5HI

5HI 'LVSRQLELOH DQFKH UHWWDQJRODUH PLV FP HVWHQVLELOH H O¶DOWUR ODWR FP HVWHQVLELOH 5HI

FP

€

‡ WHODLR LQ DOOXPLQLR ELDQFR ‡ DSHUWXUD VFRUUHYROH UHYHUVLELOH ‡ VFRUULPHQWR VX UXRWH LQ WHÀRQ ‡ FKLXVXUD PDJQHWLFD

DQ]LFKp â‚VFRQWR €

FP

FP

FP

‘ FP

'RFFHWWD ³3HVFL´

$QJROLHUD SHU GRFFLD ³6WLOR´

‡ JHWWL ‡ ¿QLWXUD FURPDWD ‡ FRQ XJHOOL DQWLFDOFDUH

LGHDOH SHU ULSRUUH EDJQRVFKLXPD ¿QR D PO ‡ LQ SODVWLFD ELDQFD FRQ ULSLDQL

€

€

€

5HI

5HI

€

)OHVVLELOH GRFFLD FP

‡ FRQ GRSSLD DJJUDIIDWXUD FKH FRQIHULVFH DO WXER XQ¶HOHYDWD UHVLVWHQ]D DOOH SLHJDWXUH H JDUDQWLVFH XQD PDJJLRU GXUDWD 5HI

€

€

€

€

6LOLFRQH ELDQFR QHXWUR PO

'HWHUJHQWH DQWLPXIID PO

3XOLWRUH ER[ GRFFLD PO

5HI

5HI

5HI

*HO ZF GLVLQFURVWDQWH VXSHUSRWHQWH PO 5HI

6RI¿RQH WRQGR ³&DVVLRSHD´

‡ ¿QLWXUD FURPR ‡ JHWWL ‡ FRQ XJHOOL DQWLFDOFDUH ‡ FRQ ¿OWUR VDEELD SHU HYLWDUH O¶RWWXUD]LRQH GHJOL XJHOOL 5HI

%DJQR H ODYDQGHULD SULPD GL WXWWR OD SUDWLFLWj * 5,63$50,2 $&48$ ),12 $/

VFRQWR

€

DQ]LFKp €

6HW VDQLWDUL ELGHW ZF ³(/´

€

‡ LQ FHUDPLFD GL D TXDOLWj ‡ FRORUH ELDQFR

VFRQWR DQ]LFKp €

&DVVHWWD ZF XOWUDSLDWWD

%LGHW D WHUUD PRQRIRUR 5HI :& VFDULFR D SDYLPHQWR 5HI

‡ FRPDQGR GRSSLR WDVWR SXOVDQWH JUDQGH VFDULFR OW SLFFROR OW ‡ VLOHQ]LDWD ‡ WXER VFDULFR LQFOXVR

1RQ YHQGLELOL VHSDUDWDPHQWH

5HI

€

€

3LDQWDQD EDJQR SRUWD DVFLXJDPDQL

3LDQWDQD SHU ZF FRQ SRUWDURWROR H VFRSLQR

‡ ¿QLWXUD FURPR 5HI

â‚6HGLOH ZF

‡ ¿QLWXUD FURPR

LGHDOH SHU WXWWL L ZF GL IRUPD XQLYHUVDOH ‡ LQ OHJQR ODFFDWR ELDQFR ‡ FHUQLHUH FURPDWH 5HI

5HI

³,O .LW 5LVSDUPLR $FTXD q FRPSRVWR GD URPSLJHWWR DHUDWL FKH VL DSSOLFDQR DOOD SDUWH WHUPLQDOH GHL UXELQHWWL FRQVHQWHQGR XQD ULGX]LRQH GL FRQVXPL GL DFTXD ¿QR DO (YLWDQR LO GHSRVLWR GL FDOFDUH GLVFLROWR QHOO¶DFTXD H O¶RWWXUD]LRQH GHO SDVVDJJLR G¶DFTXD HURJDQGR OLWUL DO PLQXWR LQYHFH FKH OLWUL´

€

â‚6PDOWR ELDQFR SHU ULWRFFR VDQLWDUL PO 5HI

‡ FRPSRVWR GD DHUDWRUH IHPPLQD DHUDWRUH PDVFKLR FDUWXFFH JXDUQL]LRQL 5HI

5HI

0LVFHODWRUH ³*HQRYD´ ELGHW

‡ LQ RWWRQH ‡ ¿QLWXUD FURPR ‡ NLW GL ¿VVDJJLR H ÀHVVLELOL LQFOXVL 5HI

€

€

6LIRQH SHU ODYHOOR VDOYDVSD]LR

€

6LIRQH SHU ODYDER 5HI 'LVSRQLELOH DQFKH VLIRQH ELGHW 5HI €

â‚6JRUJDQWH OLTXLGR OW 5HI

€

VFRQWR DQ]LFKp €

0LVFHODWRUH SHU ODYHOOR ³0LUDJH´

€

‡ LQ RWWRQH FURPDWR ‡ PRQRIRUR ‡ ERFFD DOWD ‡ NLW GL ¿VVDJJLR H ÀHVVLELOL LQFOXVL

VFRQWR

5HI

DQ]LFKp â‚* &$3$&,7¬ /7

0RELOH ODYDWRLR ‡ FRORUH ELDQFR ‡ FRQ SLHGLQL H WDYROD LQ OHJQR 5HI

€

DQ]LFKp €

FP

6FDOGDEDJQR HOHWWULFR 6XSHUOX[ FP

FP

FP

VFRQWR FP

* /$ 35(6(1=$ '(, 3,(',1, )$&,/,7$ /$ 38/,=,$ '(/ 3$9,0(172

FP

‡ : ‡ WHUPRVWDWR ODPSDGD VSLD ‡ SHVR NJ ‡ 0DGH LQ ,WDO\

5HI

â‚6WHQGLELDQFKHULD ³5LR´

LGHDOH SHU VWHQGHUH XQ FDULFR ODYDWULFH GD NJ ‡ LQ DFFLDLR YHUQLFLDWR ‡ PW GL VWHQGLWXUD ‡ LQFOXVR XQ SRUWDPROOHWWH 5HI

€

€

6HW SDWWXPLHUD H VFRSLQR EDJQR OW

VFRQWR DQ]LFKp €

6FDOGDPELHQWH H SRUWDVDOYLHWWH ³'LEDG´ ‡ PLV [+ FP ‡ UHVD WHUPLFD : ‡ LQ DFFLDLR ‡ LQWHUDVVH FP ‡ VXSSRUWL LQFOXVL ‡ JDUDQ]LD DQQL VXOOD WHQXWD LGUDXOLFD ‡ 0DGH LQ ,WDO\ 5HI

â‚7ULV VLOLFRQL DQWLPXIID 6DUDWRJD PO

‡ WUDVSDUHQWH 5HI

â‚5LFDPELR VDOWDUHOOR SHU ODYDER ELGHW 5HI

‡ LQ DFFLDLR FURPDWR ‡ SDWWXPLHUD FRQ SHGDOH LGHDOH SHU ULSRUUH IDFLOPHQWH L SLFFROL UL¿XWL GD WRLOHWWH 5HI

€

VFRQWR DQ]LFKp €

6DOH LQ SDVWLJOLH VSHFL¿FR SHU DGGROFLWRUL NJ 5HI

â‚7DSSR JRPPD SHU ODYDER ELGHW 5HI

/DYRUL G¶HVWDWH QRQ PL PDQFD QLHQWH

â‚€

VFRQWR DQ]LFKp €

€

VFRQWR DQ]LFKp €

6DOGDWULFH ³2QGXOL[ ´ $ZHOFR

LGHDOH SHU SLFFROL ODYRUL GRPHVWLFL SHUPHWWH GL VDOGDUH PDWHULDOL LQ IHUUR ‡ : ‡ $K ‡ YHQWLODWD ‡ FRPSOHWD GL PDVFKHUD SLQ]H VSD]]ROD FRQ PDUWHOOLQD ‡ LQ YDOLJHWWD 5HI

&RPSUHVVRUH OW

DGDWWR SHU ODYRUL GL JRQ¿DJJLR SLWWXUD H SLFFROD PDQXWHQ]LRQH ‡ EDU ‡ +S ‡ OXEUL¿FDWR DG ROLR 5HI

* ,038*1$785$ $17, 9,%5$=,21(

€

€

7UDSDQR HOHWWULFR

7UDSDQR DYYLWDWRUH

‡ : ‡ PDQGULQR DXWRVHUUDQWH PP

€

(OHWWURXWHQVLOH SHQGRODUH ³30) (´

LGHDOH SHU VHJDUH WDJOLDUH H OHYLJDUH ‡ : ‡ UHJROD]LRQH HOHWWURQLFD GHOOD YHORFLWj ‡ LQ YDOLJHWWD ‡ DFFHVVRUL LQFOXVL 5HI

6YLWRO VXSHU PO 5HI

0DUWHOOR GHPROLWRUH

‡ 9 ‡ EDWWHULD GD $K ‡ UHYHUVLELOH ‡ PDQGULQR DXWRVHUUDQWH PP ‡ PD[ JLUL PLQ ‡ LQ YDOLJHWWD ‡ FRQ LQVHUWL 5HI

5HI

€

€

* %$77(5,(

â‚6HW SH]]L HOHWWURGL GLDPHWUR H PP 5HI

‡ : ‡ DWWDFFR 6'6 ‡ SRWHQ]D FROSR MRXOH ‡ YHORFLWj D YXRWR JLUL PLQ ‡ LPSXJQDWXUD VRIW JULS ‡ IXQ]LRQL WUDSDQR WDVVHOODWRUH H GHPROLWRUH ‡ PDQGULQR WUDSDQR FRQ DWWDFFR 6'6 ‡ YLEURVWRS 5HI

€

6HJKHWWR DOWHUQDWLYR FRQ ODPH LQ RPDJJLR LGHDOH SHU WDJOL VX OHJQR PD[ FP ‡ : 5HI

€

6HW ELW GL DYYLWDPHQWR 5HI

* 0217$**,2 )$&,/,7$72 $' ,1&$6752

€

VFRQWR DQ]LFKp €

€

%DWWHULD $K

FP

6HW FDFFLDYLWL

5HI

5HI FP

FP

€

VFRQWR * 3257$7,/( /(**(52

DQ]LFKp €

%DQFR GD ODYRUR

‡ LQ PHWDOOR ‡ FRQ FDVVHWWL ‡ FRQ SDQQHOOR SRUWDXWHQVLOL ‡ GRSSLR ULSLDQR LQ OHJQR ‡ XWHQVLOL HVFOXVL 5HI

€

€

0RWRJHQHUDWRUH ³/7 ´

DGDWWR SHU FDPSHJJLR H LOOXPLQD]LRQH GL SLFFROL DPELHQWL ‡ PRWRUH D WHPSL ‡ SRWHQ]D PD[ : ‡ DOLPHQWD]LRQH D PLVFHOD ‡ VHUEDWRLR OLWUL ‡ DXWRQRPLD RUH 5HI

6HW FKLDYL ¿VVH

‡ PP ‡ LQ DFFLDLR &5 9 5HI

â‚*UDIIDWULFH LQ PHWDOOR ³&RPSDFWD´

LGHDOH SHU ODYRUL GL WDSSH]]HULD ULIDVFLDWXUD FDVVHWWL H GHFRUD]LRQH

€

VFRQWR

€

DQ]LFKp €

7UROOH\ SRUWDWXWWR LQ

‡ LQ DOOXPLQLR ‡ YDOLJHWWD VXSHULRUH FRQ FLQJKLD SHU WUDFROOD VHSDUDELOH GDO WUROOH\ FRQ GLYLVLRQH PRGXODELOH SHU PLQXWHULD ‡ SDUWH LQIHULRUH FRQ SRUWDPLQXWHULD PRGXODELOH HVWUDLELOH 5HI

€

5HI

VFRQWR DQ]LFKp €

3LVWROD LQFROODWULFH ³+REE\ *OXH JXQ´ FRQ VWLFN GLDPHWUR PP

€

LGHDOH SHU ODYRUL GL GHFRUD]LRQH SLFFROH ULSDUD]LRQL PRGHOOLVPR 5HI

/HYLJDWULFH

‡ : 5HI

€

€

/LTXLGR ODYDYHWUL SHU DXWR OW

6WLFN FROOD WUDVSDUHQWH NJ GLDP PP SHU SLVWROD LQFROODWULFH

6HW FDQQHOOR SHU VDOGDUH .HPSHU

5HI

5HI

5HI

(OHWWULFLWj H LOOXPLQD]LRQH O¶HQHUJLD FKH PL VHUYH

6HULH LQFDVVR 3ODQD

3ODFFD PRGXOL ELDQFD 5HI â‚,QWHUUXWWRUH XQLSRODUH ELDQFR $ 5HI €

&RSULIRUR ELDQFR FRQI S] 5HI €

3UHVD $ ELDQFD 5HI €

6XSSRUWR 5HI €

3XQWR OXFH

€

â‚7XER ULJLGR

‡ PW ‡ GLDPHWUR PP 5HI 'LVSRQLELOH DQFKH QHO GLDPHWUR H PP 'LVSRQLELOL DQFKH FDQDOLQH LQ YDULH PLVXUH

6HULH LQFDVVR /LYLQJ ,QWHUQDWLRQDO 3XQWR OXFH 3ODFFD PRGXOL ELDQFD 5HI â‚,QWHUUXWWRUH XQLSRODUH $ 5HI €

€

&RSULIRUR WDVWL 5HI â‚3UHVD $ 7 5HI â‚6XSSRUWR 5HI €

€ DO PW

3XQWR OXFH

6HULH LQFDVVR 0DWL[

â‚)RUELFH HOHWWULFLVWD 5HI

&DYR

3ODFFD PRGXOL ELDQFD 5HI â‚,QWHUUXWWRUH XQLSRODUH $ ELDQFR 5HI â‚&RSULIRUR ELDQFR FRQI S] 5HI â‚3UHVD $ ELDQFD 5HI â‚6XSSRUWR 5HI €

‡ VH]LRQH [ PPT

€

€

5HI 'LVSRQLELOH DQFKH LQ DOWUH VH]LRQL VH]LRQH [ PPT 5HI € DO PW VH]LRQH [ PPT 5HI € DO PW

€

3LQ]D VSHOD¿OL DXWRPDWLFD

0XOWLPHWUR GLJLWDOH HOHWWURQLFR EDWWHULD WUDQVLVWRU 9 LQFOXVD

5HI

5HI

â‚6RQGD WLUDFDYL PW 5HI

FP

â‚VFRQWR DQ]LFKp €

3LDQWDQD ³$QMR´ ‡ LQ FDUWD GL ULVR ‡ FRORUH ELDQFR ‡ DWWDFFR ( [ : ‡ ODPSDGLQH HVFOXVH

€ FDG 3ODIRQLHUD H DSSOLTXH ³'XQD´ ‡ FRORUH ELDQFR ‡ DWWDFFR ( ‡ PD[ : ‡ GLDPHWUR FP 5HI

5HI

3ODIRQLHUD GLVSRQLELOH DQFKH D]]XUUD YHUGH H WDEDFFR 5HI

€

.LW VWULVFLD OHG PW ‡ ELDQFR ‡ : 5HI

€

VFRQWR DQ]LFKp €

5HJOHWWH VWDJQD

‡ FRORUH JULJLR ‡ FRPSOHWD GL QHRQ : ‡ FODVVH GL SURWH]LRQH ,3 ‡ WHQXWD VWDJQD 5HI

$FFHQGL OD IDQWDVLD GHFRUD FRQ OH VWULVFH D OHG

* /$03$',1$ $ 5,63$50,2 (1(5*(7,&2 ,1&/86$

9XRL LOOXPLQDUH OD FDVD FRQ VWLOH H IDQWDVLD" /H VWULVFH D OHG VRQR OD VROX]LRQH LGHDOH 3UDWLFKH IDFLOL GD LQVWDOODUH H D EDVVR FRQVXPR SRVVRQR HVVHUH DSSOLFDWH RYXQTXH DQFKH QHJOL DQJROL SL GLI¿FLOL VHFRQGR OH SURSULH HVLJHQ]H

â‚$SSOLTXH ³/LPD´´

3ODIRQLHUD RYDOH

‡ FRORUH QHUR ‡ GLVFHQGHQWH HQWH ( ‡ LQ DOOXPLQLR ‡ DWWDFFR ( D HVFOXVD ‡ PD[ : ‡ ODPSDGLQD HVFOXVD

‡ FRQ JDEELD ‡ : ‡ DWWDFFR ( 5HI

â‚FP

€

VFRQWR DQ]LFKp €

3URLHWWRUH %HJKHOOL

FP

‡ : ‡ DWWDFFR 5 6

FP

5HI 'LVSRQLELOL ODPSDGLQH GL ULFDPELR OXFH FDOGD H OXFH IUHGGD

5HI 'LVSRQLELOH VHULH FRPSOHWD

€

â‚SLOH VWLOR $$ 8OWUD 9 ‡ SL GHO GL GXUDWD ULVSHWWR DOOD YHUVLRQH &ODVVLF 5HI

'LVSRQLELOL DQFKH SLOH PLQLVWLOR $$ 8OWUD 9 5HI SLOH SHU WRUFLD ' 8OWUD 9 5HI 7UDQVLVWRU 8OWUD 9 5HI

€

3LFFKHWWR DG HQHUJLD VRODUH ³7REDJR´ FP ‡ FODVVH GL SURWH]LRQH ,3 5HI

7ULV ODPSDGLQH D ULVSDUPLR HQHUJHWLFR ‡ : ‡ DWWDFFR ( 5HI

EULFRFHQWHU LW

6LVWHPDUH H ULQQRYDUH q XQD TXHVWLRQH GL GHWWDJOL

â‚VFRQWR DQ]LFKp €

€

VFRQWR DQ]LFKp €

.LW ULORJD ³(OHD´

‡ PLV FP ‡ GLDPHWUR PP ‡ QLFKHO VDWLQDWR 5HI

&RSSLD WHQGLQH ³3LFDVVR´

‡ PLV [ FP ‡ FRORUH ELDQFR 5HI 'LVSRQLELOH DQFKH PLV [ FP 5HI

'LVSRQLELOL ¿QDOL DVVRUWLWL

DQ]LFKp € VFRQWR €

â‚6HW FRUQLFL LQ OHJQR QDWXUDOH ‡ PLV [ FP 5HI

€

€

&RUQLFH ERPEHULQR

7HQGD D SDQQHOOR ³$WLQD´

‡ PLV [ FP ‡ FRORUH QHUR

‡ PLV [ FP ‡ FRORUL DVVRUWLWL 5HI 'LVSRQLELOL DQFKH DOWUH IDQWDVLH 5HI

5HI

€

€

7DSSHWR EDPERR FRQ ERUGR

&RUQLFH D JLRUQR

‡ LQ YHWUR ‡ PLV [ FP

‡ PLV [ FP ‡ FRQ ERUGR LQ FRWRQH H IRQGR DQWLVFLYROR ‡ FRORUL DVVRUWLWL

5HI 'LVSRQLELOL DQFKH DOWUH PLVXUH

5HI

€

€

€

*DQFL DGHVLYL

DVWLQH SLDWWH HVWHQVLELOL LQ IHUUR SODVWL¿FDWR [ FP

'LIIXVRUH PO

5HI

5HI

5HI

‡ YDULH HVVHQ]H

â‚IHOWULQL PLVXUH DVVRUWLWH PDUURQH 5HI

D SDUWLUH GD

€

0HQVROH

$OFXQL HVHPSL

PHQVROD LQ OHJQR FRORUH IDJJLR PLV [ FP UHJJLPHQVROD HVFOXVL 5HI €

PHQVROD LQ OHJQR ELDQFR GHFDSDWR PLV [ FP UHJJLPHQVROD HVFOXVL

5HI €

PHQVROD LQ OHJQR FRORUH ODYD PLV [ FP UHJJLPHQVROD HVFOXVL 5HI €

VFRQWR

€ DO PT

PLV [ FP

€

DQ]LFKp €

5LYHVWLPHQWR SHUOLQH DEHWH

0HQVROD WDPEXUDWD ‡ VSHVVRUH FP ‡ FRORUH ELDQFR 5HI

* )(55$0(17$ ,1&/86$

'LVSRQLELOH DQFKH PLV [ FP ELDQFR 5HI â‚PLV [ FP ELDQFD R ZHQJp 5HI €

‡ PLV [ [ PP ‡ FRQI PT SHUOLQH

DQ]LFKp € VFRQWR â‚5HI

€

€

3LDQHWWR VTXDGUDWR

€ DO SH]]R

‡ PLV [ FP

0DQLJOLD VX SODFFD LQ DOOXPLQLR O L OO ‡ FRQ URVHWWD FRORUH DUJHQWR 5HI

%DWWLVFRSD ³$\RXV´ OLVFLR

5HI

‡ PLV [ [ PP ‡ FRORUH QRFH R URYHUH

'LVSRQLELOH DQFKH FRORUH EURQ]R 5HI €

5HI

â‚&RSULVHGLD

‡ PLV [ FP ‡ WLQWD XQLWD HFUX

€

€

‡ PLV [ FP ‡ FRORUL DVVRUWLWL

€

*XDUQL]LRQH SDUDVSLIIHUL SHU ¿QHVWUD PP [ PW

*XDUQL]LRQH SDUDVSLIIHUL SHU ¿QHVWUD D ³(´ [ PP [ PW

5HI

5HI

DQ]LFKp €

=HUELQR

‡ PLV [ FP ‡ IDQWDVLH DVVRUWLWH

5HI

5HI

5HI

€

&XVFLQR

VFRQWR

â‚&LQWLQR ULFDPELR SHU ¿QHVWUH PW 5HI

7XWWR RUJDQL]]DWR WUD HI¿FLHQ]D H SXOL]LD

€

FP

6FDIIDOH ULSLDQL LQ PHWDOOR D EXOORQL ‡ FRQ ULQIRU]R ‡ SRUWDWD NJ D ULSLDQR FRQ FDULFR XQLIRUPHPHQWH GLVWULEXLWR 5HI

FP

FP

FP

€

6FDIIDOH ULSLDQL LQ PHWDOOR D EXOORQL ³0DFLVWH´

FP

FP

€

‡ SRUWDWD NJ D ULSLDQR FRQ FDULFR XQLIRUPHPHQWH GLVWULEXLWR 5HI

VFRQWR

€

DQ]LFKp €

7DYROH JLXQWDWH LQ DEHWH

VFRQWR DQ]LFKp €

6HGLD SLHJKHYROH

‡ PLV [ [ FP

‡ LQ DFFLDLR FRQ VHGXWD LQ SYF

5HI 'LVSRQLELOH DQFKH PLV [ [ FP 5HI

5HI FP

DQ]LFKp € VFRQWR â‚0LV [ [ FP 5HI

DQ]LFKp € VFRQWR €

FP

FP

FP

FP

€

FP

VFRQWR DQ]LFKp €

&DUUHOOR WUDVSRUWR

€

LGHDOH SHU WUDVORFR ‡ FRQ UXRWH JRQ¿DELOL ‡ SRUWDWD NJ 5HI

&RQWHQLWRUH ³5ROO ER[´ OW ‡ WUDVSDUHQWH 5HI

â‚&ROOD GL PRQWDJJLR ³0LOOHFKLRGL´ 3DWWH[ PO

LGHDOH SHU LQFROODJJL VHQ]D XWLOL]]R GL FKLRGL

5HI

€ FDG

€ FDG

5HJJLPHQVROH WURSLFDOL]]DWH [ FP

5HJJLPHQVROH QHUYDWH [ FP

5HI

5HI

* &203/(7$ ', $&&(6625,

VFRQWR

€

DQ]LFKp €

,GURSXOLWULFH ³N ´ HUQR ODYDSDYLPHQWL SHU HVWHUQR ³W ´ ‡ : ‡ EDU ‡ O K ‡ FRQ VSD]]ROD ‡ ODQFLD WXUER ‡ ODQFLD QRUPDOH 5HI

€

%LGRQH DVSLUDWXWWR

LGHDOH SHU ULPXRYHUH VSRUFL]LD JURVVRODQD GD FDQWLQH H JDUDJH PD DQFKH ULSXOLUH JOL LQWHUQL GHOO¶DXWR H DVSLUDUH OD FHQHUH GL FDPLQL H VWXIH ‡ LQ DFFLDLR LQR[ ‡ : ‡ OW ‡ D]LRQH VRI¿DQWH ‡ FRPSOHWR GL DFFHVVRUL

5HI

€

€

6FRSD SHU HVWHUQR LQ VDJJLQD

5RWRORQH ³$VFLXJDWXWWR´ 7HQHUHOOD

5HI

FP

FP

FP

‡ VWUDSSL 5HI

FP

€

€

VFRQWR DQ]LFKp €

€

$UPDGLR ULSLDQR

7UHVSROR FRQ FRSHUFKLR OW

DGDWWR SHU HVWHUQR ‡ FRORUH JULJLR FKLDUR ‡ LQ SROLSURSLOHQH

5HI

5HI

FP

FP

$UPDGLR ULSLDQL

DGDWWR SHU HVWHUQR ‡ FRORUH JULJLR FKLDUR ‡ LQ SROLSURSLOHQH

5HI

€

€

€

€

6ROYHQWH SHU UHVLGXL GL FHPHQWR OW

3XOLWRUH VJUDVVDWRUH FRQFHQWUDWR OW

DGDWWR SHU WXWWL L WLSL GL SLDVWUHOOH WUDQQH SHU LO FRWWR

5HI

5HI

5HI

3XOLWRUH OXFLGDQWH OW

5RWROR VDFFKL FRQGRPLQLR [ FP OW 5HI

$WWUH]]R LO PLR JLDUGLQR SHU DYHUOR VHPSUH D SRVWR * &216,*/,$72 ),12 $ 04

€

* &216,*/,$72 ),12 $ 04

€

VFRQWR

VFRQWR

DQ]LFKp €

DQ]LFKp €

7RVDHUED HOHWWULFR ³6SHFLDO HGLWLRQ ´

‡ PRWRUH HOHWWULFR 9 +] ‡ D VSLQWD ‡ : ‡ ODUJKH]]D WDJOLR FP ‡ FDSDFLWj FHVWR OW ‡ UHJROD]LRQH DOWH]]D WDJOLR SRVL]LRQL 5HI

7RVDHUED D VFRSSLR ³ ´ ‡ PRWRUH %ULJJV 6WUDWWRQ VHULH ‡ FF ‡ D VSLQWD ‡ ODUJKH]]D WDJOLR FP ‡ FDSDFLWj FHVWR OW 5HI * 6$&&2 5$&&2*/,)2*/,( ,1&/862

* 6,67(0$ 62)767$57 3(5 81¶$99,$0(172 3,Ô )$&,/(

€

7DJOLDVLHSL HOHWWULFR ³*7 ´

* 52&&+(77, 6833/(0(17$5,

‡ SRWHQ]D : ‡ OXQJKH]]D ODPD FP ‡ SDVVR PP ‡ ODPH DVLPPHWULFKH GRSSLD D]LRQH ‡ GRSSLD LPSXJQDWXUD ‡ JXDUGLD WUDVSDUHQWH ‡ GRSSLR LQWHUUXWWRUH GL DYYLDPHQWR 5HI

VFRQWR DQ]LFKp €

'HFHVSXJOLDWRUH ³% 36 &&´

€

7DJOLDERUGL ³*/ ´

‡ SRWHQ]D : ‡ DPSLH]]D WDJOLR FP ‡ DOLPHQWD]LRQH ¿OR DXWRPDWLFD ‡ DVWD PHWDOOLFD WHOHVFRSLFD ‡ IXQ]LRQH ERUGDWXUD 5HI

â‚5DVWUHOOR

‡ OXQJKH]]D FP ‡ LQ IDJJLR 5HI

â‚&HVRLD E\ SDVV WDJOLR PP 5HI

€

€

€

‡ : ‡ FF ‡ LQ GRWD]LRQH ODPD LQ PHWDOOR H WHVWLQD D ¿OR 7DS 1¶*R FKH IDFLOLWD O¶DYDQ]DPHQWR GHO GRSSLR ¿OR ‡ ODUJKH]]D WDJOLR FP ‡ VLVWHPD DQWLYLEUDQWH ‡ LPSXJQDWXUD UHJRODELOH ‡ IDFLOH DFFHVVR DO ¿OWUR VHQ]D O¶XWLOL]]R GL DWWUH]]L VSHFL¿FL 5HI

€

2FFKLDOH SURWHWWLYR

*XDQWR FURVWD ULQIRU]DWR

3UROXQJD GD JLDUGLQR PW FDYR + 99 ) VH] [ PP

5HI

5HI

5HI

DGDWWR SHU ODYRUL FRQ WDJOLDVLHSL H GHFHVSXJOLDWRUL

VFRQWR

€

€

DQ]LFKp €

&DUUHOOR ³*HQLXV FRPSDFW´

VFRQWR

LGHDOH SHU JLDUGLQL ¿QR D PT ‡ FDUUHOOR DYYROJLWXER SURQWR DOO¶XVR ‡ WHODLR LQ DOOXPLQLR LQRVVLGDELOH ‡ WUDYHUVL ULQIRU]DWL ‡ FRPSOHWR GL PW GL WXER GD ´ PP UDFFRUGL DXWRPDWLFL ODQFLD D VSUX]]R H SUROXQJD ‡ ULDYYROJLPHQWR GHO WXER IDFLOLWDWR

DQ]LFKp €

0LQLDYYROJLWXER LGHDOH SHU EDOFRQH ‡ PW FRQ UDFFRUGL H SLVWROD ‡ GLVSRQLELOH LQ YDUL FRORUL 5HI

5HI

VFRQWR

€

DQ]LFKp €

.LW SLVWROD PXOWLJHWWR FRQ UDFFRUGL H SUHVD UXELQHWWR

€

VFRQWR DQ]LFKp €

3RPSD VRPPHUVD

LGHDOH SHU SLDQWH ¿RULWH

‡ : ‡ 9 +] ‡ SURIRQGLWj LPPHUVLRQH PW ‡ XWLOL]]DELOH LQ DFTXH VFXUH

5HI

5HI

€

VFRQWR

€

DQ]LFKp €

,UULJDWRUH ³5ROOLQD´

&RQFLPH SUDWR NJ &

LGHDOH SHU DLXROH H RUWL ‡ LUULJD]LRQH FLUFRODUH ‡ GLVWULEX]LRQH XQLIRUPH GHOO¶DFTXD ‡ HOLFD URPSLJHWWR SHU XQ¶LUULJD]LRQH WLSR SLRJJLD QDWXUDOH ¿QLVVLPD ‡ VXSHU¿FLH LUULJDWD PD[ PT ‡ UDJJLR GL FRSHUWXUD PW 5HI

DGDWWR SHU SUDWL FDPSL VSRUWLYL

SLDQWH H ¿RUL GD JLDUGLQR 5HI

€

€

VFRQWR DQ]LFKp €

3RPSD VSUD\ LGHDOH SHU WUDWWDPHQWR FRQ GLVHUEDQWL H DQWLFULWWRJDPLFL ‡ OW 5HI

D SDUWLUH GD

â‚*LXQWR ULSDUDWRUH ´ ´ H ´ 5HI

* 75$63257$%,/( ( 87,/,==$%,/( 298148(

VFRQWR DQ]LFKp €

'RFFLD GD JLDUGLQR

‡ FROOHJDELOH DOOD UHWH LGULFD ‡ FRPSRVWD GD WXEL VPRQWDELOL LQ DOOXPLQLR ‡ DOWH]]D PDVVLPD PW ‡ GRWDWD GL UXELQHWWR SHU OD UHJROD]LRQH H OD FKLXVXUD GHOO¶DFTXD 5HI

D SDUWLUH GD

€

*XDQWR VFDPRVFLDWR

6SUX]]LQR PO

5HI

â‚5DFFRUGR D VFDWWR ´ ´ H ´

5HI

5HI

€

DGDWWR SHU ODYRUL GL FDULFR H VFDULFR

FP

FP

FP

FP

FP

/D PLD HVWDWH DOO¶DULD DSHUWD VROR UHOD[

FP

FP

FP

VFRQWR

€

€

DQ]LFKp €

7DYROR ³)DUR´

VFRQWR

€

VFRQWR DQ]LFKp €

DQ]LFKp €

7DYROR ³7HYHUH´

‡ LQ UHVLQD ‡ SLHJKHYROH 5HI

6HGLD ³/RUHWD´

‡ LQ UHVLQD 5HI

FP

‡ LQ UHVLQD 5HI

â‚VFRQWR DQ]LFKp €

6HGLD ³%LUNL´

‡ LQ UHVLQD ‡ SLHJKHYROH

5HI

€

VFRQWR DQ]LFKp €

*D]HER

‡ [ PW ‡ VWUXWWXUD LQ IHUUR YHUQLFLDWR ‡ WHVVXWR LQ SROLHWLOHQH JU PT 5HI

LGHDOH SHU HVVHUH DSSOLFDWD LQ JLDUGLQR WHUUD]]R R ERUGR SLVFLQD ‡ SUHWDJOLDWD ‡ PLV [ PW VSHVVRUH PP ‡ SHVR JU PT 5HI

¿DFFROH DOOD FLWURQHOOD GLDPHWUR FP 5HI

â‚¿DFFROH DOOD FLWURQHOOD GLDPHWUR FP 5HI

€

DQ]LFKp €

(UED VLQWHWLFD YHUGH

€

VFRQWR

€

€

&XVFLQR

&XVFLQR

‡ PLV [ [ FP

‡ GLDPHWUR [ FP ‡ LPSHUPHDELOH

5HI

5HI

â‚7RUFLD LQ EDPE GD WDYROR + FP 5HI

â‚VSLUDOL LQVHWWLFLGD DOOD FLWURQHOOD

DGDWWR SHU XQ XVR VLD LQ DPELHQWL VHPL DSHUWL FKH HVWHUQL

5HI

* &21 0$1,*/,( 3(5 81 &202'2 75$632572

DQ]LFKp €

P F

FP

/HWWLQR ³6PHUDOGR´

VFRQWR

€

DQ]LFKp €

%UDQGLQD ³%LELRQH´

‡ LQ SROLSURSLOHQH

‡ VWUXWWXUD LQ DOOXPLQLR ‡ GLDPHWUR WXER PP ‡ WHVVXWR LQ WH[WLOHQH ‡ SLHJKHYROH

5HI

5HI 5H

FP

€

VFRQWR

FP

* &21 5827(

FP

‘ FP

VFRQWR FP

€

DQ]LFKp €

2PEUHOORQH ³7ZLVW ,Q´

P F

FP

LGHDOH SHU OD VSLDJJLD ‡ VWHFFKH ‡ WHVVXWR LQ SROLHVWHUH JU PT ‡ SXQWDOH D WULYHOOD SHU XQD PDJJLRUH IDFLOLWj GL SRVL]LRQDPHQWR QHOOD VDEELD 5HI

€

VFRQWR DQ]LFKp €

3LVFLQD ³'HOX[H´ ‡ LQ SYF 5HI

€

VFRQWR DQ]LFKp €

FP

FP

FP

VFRQWR

%DUEHFXH D FDUERQHOOD ³/HGUR´

€

DGDWWR SHU SLF QLF ‡ JULJOLD UHJRODELOH LQ SRVL]LRQL ‡ JDPEH IDFLOPHQWH VPRQWDELOL ‡ 0DGH LQ ,WDO\ 5HI

DQ]LFKp €

&DUERQHOOD NJ 5HI

€

â‚&ORUR 6KRFN NJ

DGDWWR SHU RWWHQHUH DFTXD GLVLQIHWWDWD SULYD GL PLFURUJDQLVPL IXQJKL H EDWWHUL 5HI

â‚5LGXWWRUH JUDQXODUH GL S+ NJ

DGDWWR SHU RWWHQHUH LO FRUUHWWR S+ SHU LO EHQHVVHUH GL SHOOH H RFFKL 5HI

â‚$QWLDOJKH FRQFHQWUDWR OW

DGDWWR SHU SUHYHQLUH OD FRPSDUVD GL DOJKH 5HI

WDYROHWWH DFFHQGLIXRFR

DGDWWH SHU EDUEHFXH H FDPLQL

5HI

6HL XQ HVSHUWR GL EULFRODJH R XQ SULQFLSLDQWH GHO IDL GD WH"

3L GL XQ 6(59,=,2 SL GL XQD 62'',6)$=,21(

6FRSUL FDVDEULFR EULFRFHQWHU LW

7$*/,2 /(*12 8Q VHUYL]LR D PLVXUD GL LGHH

&(1752 &2/25(

7DQWH LQIRUP D]LRQ L

%XRQL

VFRQWR

/D WLQWD FKH SUHIHULVFL LQ PLQXWL

XWLOL

,VFULYLWL DOOD FRPPXQLW\ ,VFULYHUVL q VHPSOLFH H SRWUDL SDUWHFLSDUH FRQGLYLGHUH LQIRUPD]LRQL H FRPLQFLDUH VXELWR D RWWHQHUH EXRQL VFRQWR

),1$1=,$0(172 &RPRGH UDWH SHU DOOHJJHULUH OD VSHVD

5(62 0(5&(

6H FDPEL LGHD R KDL DFTXLVWDWR SURGRWWL LQ SL ULSRUWDFHOL WL UHVWLWXLDPR LO GHQDUR

*XDGDJQD SXQWL H RWWLHQL VFRQWL 2JQL D]LRQH FKH VYROJL WL SHUPHWWH GL DFFXPXODUH SXQWL FKH WL IDUDQQR RWWHQHUH EXRQL VFRQWR GD VSHQGHUH LQ %ULFRFHQWHU

&RQGLYLGL OH WXH HVSHULHQ]H

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,&$/( , 1(*2=, &21 Ÿ 121 2))5212 ,/ 6(59,=,2 7$*/,2 /(*12 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/, 72 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, 9LDOH %ULDQ]D 7HO &857$721( 01 F R & & ³4XDWWUR 9HQWL´ 7HO 1XRYR RUDULR GD OXQHGu D YHQHUGu VDEDWR H GRPHQLFD

4XHVWR YRODQWLQR q VWDPSDWR VX FDUWD FHUWL¿FDWD )6& SHU XQD JHVWLRQH UHVSRQVDELOH GHOOH IRUHVWH

*$'(6&2 3,(9( '(/021$ &5

7HO *$5%$*1$7( 0, 9LD PDJJLR DQJROR ;; 6HWWHPEUH 7HO 08==$ ', &251(*/,$12 /$8'(16( /2

9LD 'HO &RGRJQLQR 7HO 0$1729$ F R & & ³/D )DYRULWD´ 7HO 1XRYR RUDULR GD OXQHGu D VDEDWR FKLXVXUD RUH 0$==$12 %6 F R *DOOHULD $XFKDQ 0D]]DQR 7HO 0(5$7( /& F R *DOOHULD $XFKDQ 0HUDWH 9LD %HUJDPR 7HO 0,/$12

Ÿ 3LD]]DOH %DQGH 1HUH 7HO Ÿ

/,*85,$ /$ 63(=,$ 9LD 9 9HQHWR 7HO 6$921$ 9LD 6WDOLQJUDGR &HQWUR SROLQIXQ]LRQDOH ³/H RI¿FLQH´ 7HO 1XRYR RUDULR GD OXQHGu D YHQHUGu VDEDWR H GRPHQLFD

$%58==2 &,77­ 6$17·$1*(/2 3(

=RQD &HQWUR &RPP OH 3HVFDUD 1RUG 7HO 1XRYR RUDULR GD OXQHGu D GRPHQLFD FKLXVXUD RUH &2/211(//$ 7( 8VFLWD $ 9DO 9LEUDWD F R & & ³9DO 9LEUDWD´ 7HO /·$48,/$ F R & & ³$TXLORQH´ 7HO

(0,/,$ 520$*1$ &$67(1$62 %2 9LD 9LOODQRYD F F ³&HQWUR1RYD´ 7HO )(55$5$ 9LD 9HUJD 7HO 3$50$ F R & & ³(XUR 7RUUL´ 7HO 5(**,2 (0,/,$ 9LDOH 5RGROIR 0RUDQGL I F R & & ³/¶$ULRVWR´ 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

Ÿ

726&$1$ /8&&$ 9LD 6DYRQDUROD $ 7HO

Ÿ

9LD )DULQL F R 83,0 7HO 9LDOH &RUVLFD 7HO '(&2&,7< 9LD :DVKLQJWRQ 7HO 2/*,$7( 2/21$ 9$ 9LD 6DQW¶$QQD 7HO 5(6&$/',1$ 0, F R *DOOHULD $XFKDQ 5HVFDOGLQD 7HO 521&$'(//( %6 F R & & ³/H 5RQGLQHOOH´ 7HO 9(57(0$7( &2 6WUDGD 6WDWDOH GHL *LRYL $ 7HO 9,02'521( 0, &KLXVXUD WHPSRUDQHD

),5(1=( 9LDOH 7DOHQWL F R 2YLHVVH

7HO

9(1(72 %8662/(1*2 95

F R *DOOHULD $XFKDQ %XVVROHQJR 7HO 3$'29$ 9LD 9HQH]LD $ 7HO 9,&(1=$ 9LD *LQR 6ROGj 7HO

/$=,2 520$

9LD 3UDWL )LVFDOL F R 83,0 7HO 9LD 1LFFRGHPL F R & & ³%XIDORWWD´ 7HO 9LD 3UHQHVWLQD 7HO )526,121( 9LD /H /DPH F R & & ³/H 6RUJHQWL´ 7HO

)5,8/, 9(1(=,$ *,8/,$ 08**,$ 76 6WUDGD )DUQHL =RQD 5DEXLHVH 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

Ÿ

Ÿ

6HJXLFL DQFKH VX IDFHERRN FRP EULFRFHQWHU LWDOLD #%ULFRFHQWHUBLW

Ÿ

38*/,$ &$9$//,12 /( F R 3DUFR &RPP OH ³( /HFOHUF &RQDG´ 7HO 685%2 /( F R 3DUFR &RPP OH ³0RQJRO¿HUD´ ,SHUFRRS 7HO 7$5$172 F R *DOOHULD $XFKDQ 7DUDQWR 9LD SHU 6DQ *LRUJLR -RQLFR 7HO 6,&,/,$ 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 ³6LPSO\´ 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

%ULFRFHQWHU ,WDOLD 6 U O 6WUDGD 3DOD]]R 1 5R]]DQR 0, 3 ,YD FRQWDWWDFL EULFRFHQWHU LW

, 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

2IIHUWD GL FUHGLWR ¿QDOL]]DWR YDOLGD GDO OXJOLR DO DJRVWR ,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 UHVSRQVDELOH 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