• Non ci sono risultati.

Design-induced tourism in Milan

N/A
N/A
Protected

Academic year: 2021

Condividi "Design-induced tourism in Milan"

Copied!
15
0
0

Testo completo

(1)

#$!'%,-+-

OECD Studies on Tourism

Tourism and the Creative

Economy

(2)
(3)

OECD Studies on Tourism

Tourism and the Creative

Economy

(4)

This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries.

This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area.

ISBN 978-92-64-20786-8 (print) ISBN 978-92-64-20787-5 (PDF)

Series: OECD Studies on Tourism ISSN 2223-9790 (print)

ISSN 2223-9804 (online)

The statistical data for Israel are supplied by and under the responsibility of the relevant Israeli authorities. The use of such data by the OECD is without prejudice to the status of the Golan Heights, East Jerusalem and Israeli settlements in the West Bank under the terms of international law.

Photo credits:Cover ©.

Corrigenda to OECD publications may be found on line at: www.oecd.org/about/publishing/corrigenda.htm.

© OECD 2014

You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgment of the source and copyright owner is given. All requests for public or commercial use and translation rights should be submitted to rights@oecd.org. Requests for permission to photocopy portions of this material for public or commercial use shall be addressed directly to the Copyright Clearance Center (CCC) at info@copyright.com or the Centre français d'exploitation du droit de copie (CFC) at contact@cfcopies.com.

Please cite this publication as:

OECD (2014), Tourism and the Creative Economy, OECD Studies on Tourism, OECD Publishing.

http://dx.doi.org/10.1787/9789264207875-en

(5)

++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3'('XX#'

' '

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

D&-*78H*8>('&>,)9(0*-.,,

*8,I*@/8G,3)/@1,

' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' ' '

)9:;'NB;=';@ECM':;'AB;=C'?D'<=;=B<N9'AM'-B<@9B'!<:=JP',:JG:B',BD@BLB@B'#=;=B<N9'1=D@<=' R$`a.T'BDC'.<FBDC?'W=<=;P'+D@=<DB@:?DBJ'*D:G=<;:@M'?I'aBDLEBL=;'BDC'-=C:B'

R+*a-TP'+@BJMO'

(6)

XXB'('++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3' '

'

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

)9=<=' 9B;' A==D' FEN9' C=AB@=' :D' <=N=D@' M=B<;' :D' +@BJM' BA?E@' @9=' <?J=' ?I' NEJ@E<=' I?<' @9=' N?ED@<M\;' =N?D?F:N' BDC' ;?N:BJ' C=G=J?>F=D@O' "D' @9=' ?D=' 9BDCP' NE@;' :D' >EAJ:N' IEDC:DL' BDC' @9=' E<L=D@' D==C' @?' I:DC' F?C=J;' ?I' L?G=<DBDN='@9B@'B<='BAJ='@?'?>=D'@9='C??<;'@?'@9='><:GB@=';=N@?<'BDC'@?'D=H'

<=;?E<N=;'9BG='N<=B@=C'D=H':D@=<=;@':D'@9:;':;;E=':D'N:G:J';?N:=@M'@??O'"D'@9='

?@9=<'9BDCP';@EC:=;'?I'@9='NEJ@E<BJ'BDC'N<=B@:G=':DCE;@<:=;'R,BD@BLB@BP'566ST' 9BG=' <=G=BJ=C' @9B@' NEJ@E<BJ' ><?CEN@:?D' L=D=<B@=;' N?D;:C=<BAJ=' BCC=C' GBJE=' BDC' =F>J?MF=D@' :D' +@BJMk' CB@B' I?<' 5677' <=N?<C' BJF?;@' $*#'bd' A:JJ:?D' :D'

@E<D?G=<' BDC' 7O8' F:JJ:?D' =F>J?M==;' R!?DCB_:?D=' ,MFA?JB' BDC'

*D:?DNBF=<=P'5675TO''

+D'@9:;'N?D@=X@P':@':;';E<><:;:DL'@?'D?@='9?H'J:@@J='9B;'A==D';B:CP'=XN=>@':D' g=X@<BN@:G=h'BDC':D;@<EF=D@BJ'@=<F;P'H:@9'<=I=<=DN='@?'@9='N:@:=;'?I'B<@'BDC'@?'

@9='FB:D';@B@='FE;=EF;P'?D'@9=';@<B@=L:N'<?J='@9B@'NEJ@E<='>JBM;':D'@9='@<BG=J' BDC' @?E<:;F' =N?D?FM' :D' +@BJMO' 0?H=G=<P' @?E<:;F' NBD' L=D=<B@=' A=D=I:@;' D?@'

?DJM'I?<'@9='=D9BDN=F=D@'?I'9=<:@BL=P'AE@'BJ;?'I?<';E>>?<@:DL'@9='><?CEN@:?D' BDC'><?F?@:?D'?I'N?D@=F>?<B<M'NEJ@E<='R!<:=JP'5675TO'

)9=' N?D;EF>@:?D' 9BA:@;' ?I' @?E<:;@;' B<=' N9BDL:DL' ><?I?EDCJMP' BDC' @9=' N?F>=@:@:G=D=;;'?I'C=;@:DB@:?D;P'=;>=N:BJJM':D'E<ABD'B<=B;P':DN<=B;:DLJM'<=J:=;'

?D' @9=' C:G=<;:@M' ?I' @9=' ?II=<' R#:N9B<C;P' 566bm' "$1&P' 566STO' 0?H=G=<P' @9=' :D@=L<B@:?D'?I'NEJ@E<BJ'=X>=<:=DN=;':D@?'=G=<MCBM'J:I='R=OLO'B<@':D'@9=';EAHBM;P' C=;:LD' :D' 9?@=J;P' LB;@<?D?FM' :D' @<B:D;TP' BDC' @9=' ><?L<=;;:G=' :D@=L<B@:?D' ?I' NEJ@E<BJ'@?E<:;F'H:@9'?@9=<'@?E<:;F'@M>=;'B<=';@:JJ'EDC=<V:DG=;@:LB@=C':D'+@BJM' BDC'@9:;':;'BJ;?'@9='NB;='H:@9'@9='BDBJM;:;'?I'@9='<=JB@:?D;9:>'A=@H==D'NEJ@E<BJ'

@?E<:;F'BDC'NEJ@E<='BDC'N<=B@:G:@MO'

0?H=G=<P'@?E<:;F'9B;'BJHBM;':D@=<BN@=C';>?D@BD=?E;JM'H:@9'@9='N<=B@:G=' :DCE;@<:=;' BDC' N?D@<:AE@=;' @?' @9=:<' =G?JE@:?DO' )9=<=' :;' @9=' NJB;;:N' N?FA:DB@:?DP' BJ@9?EL9' D?HBCBM;' <B>:CJM' =G?JG:DLP' ?I' @?E<:;F' BDC'

>EAJ:;9:DL' BDC' J:DK;' A=@H==D' @?E<:;F' BDC' N:D=FBP' @?E<:;F' BDC' FB@=<:BJ' NEJ@E<=O' )9=<=' :;' BJ;?' B' ;@<?DL' <=JB@:?D;9:>' A=@H==D' @?E<:;F' BDC' @9='

>=<I?<F:DL' B<@;P' >B<@:NEJB<JM' :D@=D;=' :D' @9=' BL=' ?I' I=;@:GBJ;' BDC' g$G=D@IEJ' 1:@:=;h' R#:N9B<C;' BDC' WBJF=<P' 5676TO' )9=;=' J:DK;' 9BG=' ?I@=D' A==D' :DG=;@:LB@=C'I<?F'@9='C=FBDC';:C='B;'@?E<:;F'@M>=;P'AE@'D?@':D'@=<F;'?I'@9=:<' FE@EBJ'=G?JE@:?DO'

+D' @9=' I:=JC' ?I' ><?CEN@:?D' ?I' C:L:@BJ' N?D@=D@P' @9=' @?E<:;FVN<=B@:G=' :DCE;@<:=;' N?FA:DB@:?D' :;' >B<@:NEJB<JM' =G:C=D@' :D' @9=' C=G=J?>F=D@' ?I' D=H' I?<F;'?I'=D@=<@B:DF=D@'BDC'?I'NEJ@E<BJ'@?E<:;F'=X>=<:=DN=;P'B;'H=JJ'B;':D'@9='

><?F?@:?D'BDC'FB<K=@:DL'?I'@?E<:;@'C=;@:DB@:?D;O')9=<='B<='D?H'9EDC<=C;'?I' ,FB<@>9?D=' ?<' @BAJ=@' B>>;' :D@=DC=C' I?<' @?E<:;@' E;=' BDC' NEJ@E<BJ'

=D@=<@B:DF=D@P'<BDL:DL'I<?F' LE:C=;'@?' LBF=;' BDC' BELF=D@=C' <=BJ:@:=;O' )9:;' NB;=' ;@ECM' C=;N<:A=;' -:JBD' B;' B' >B<@:NEJB<JM' :D@=<=;@:DL' =XBF>J=' ?I' @9='

<=JB@:?D;9:>'A=@H==D'@?E<:;F'BDC'N<=B@:G=':DCE;@<:=;'BDC':@;'CMDBF:N;O''

(7)

++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3'('XXU'

' '

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

-:JBD':;'B'><?F:D=D@'@?E<:;@'N:@MP'<BDK=C'@9:<C':D'+@BJM'I?<'?G=<D:L9@';@BM;' RbOb'F:JJ:?D':D'5675T'BDC';=JIVB>>?:D@=C'%?<JC'&=;:LD'1B>:@BJO'0=<='@?E<:;F' BDC' @9=' N<=B@:G=' :DCE;@<:=;' N?DD=N@' ?D' @H?' J=G=J;k' I:<;@' @9=' :D@=L<B@:?D' ?I' C=;:LD'NEJ@E<='H:@9'@9='N:@M\;'J=:;E<='?II=<P'BDC';=N?DC'@9='N?D@<:AE@:?D'@9B@' C=;:LD'R:DNJEC:DL'IB;9:?D'C=;:LDT'FBK=;'@?'@9=';E>>JM'?I'@?E<:;@';=<G:N=;'R:D'

@=<F;'?I':D@=<F=C:B@='L??C;'BDC';=<G:N=;TO'

.I@=<' A<:=IJM' C=;N<:A:DL' -:JBD' B;' B' C=;:LD' NB>:@BJP' @9=' NB;=' ;@ECM' :JJE;@<B@=;' 9?H' C=;:LD' :;' BD' =J=F=D@' @9B@' :;' D?H' BAJ=' @?' g;H==@=Dh' @9=' AE;:D=;;' N?F>?D=D@' ?I' -:JBD=;=' @?E<:;F' AM' ?II=<:DL' D=H' HBM;' ?I'

=X>=<:=DN:DL'@9='N:@M'@9<?EL9'=G=D@;P'>JBN=;'BDC';=<G:N=;P'@9E;'N?D@<:AE@:DL'

@?' @9=' :DD?GB@:?D' ?I' @9=' N:@M\;' @?E<:;F' ;E>>JMO' +@' BJ;?' C=;N<:A=;' 9?H' @9=' :D@=<BN@:?D;' A=@H==D' @9=' C=;:LD' BDC' @?E<:;F' ;=N@?<;' :D' -:JBD' 9BG=' @BK=D'

>JBN=' :D' BD' BJF?;@' ;>?D@BD=?E;P' A?@@?FVE>' HBMP' H:@9?E@' @9=<=' A=:DL' BDM'

>JBDD:DL' ?I' @9=' >9=D?F=D?D' I<?F' BA?G=P' BDC' ;ELL=;@;' B' ;=<:=;' ?I' >?J:NM' :F>J:NB@:?D;O'

I*@/8,/-,/,>&-*78,'/?*)/@,

+@BJM' :;' N9B<BN@=<:;=C' AM' B' ;@<?DLP' ;=JIVL=D=<B@=C' gNEJ@E<=' ?I' C=;:LDhP' H9:N9' L<=H' E>' :D' B' ;>?D@BD=?E;' ED>JBDD=C' HBMP' N?D@:DE?E;JM' I=C' AM'

=DC?L=D?E;'=D@<=><=D=E<:BJP'I:DBDN:BJ'BDC'N?LD:@:G='<=;?E<N=;P'B;':D'@9='NB;='

?I'@9=':DCE;@<:BJ' C:;@<:N@;' R,:F?D=JJ:P' 566cTO' .J@9?EL9' :DCE;@<:BJ'C=;:LD' :;'B' H:C=;><=BC'BN@:G:@M':D'C:II=<=D@'B<=B;'?I'@9='N?ED@<MP'H9=D'+@BJ:BD'C=;:LD':;' F=D@:?D=C':@':;'?I@=D':C=D@:I:=C'H:@9'@9='B<=B'?I'-:JBDP'H9:N9':;'@9='N=D@<='?I'

@9=' +@BJ:BD' C=;:LD' ;M;@=F' BDC' H9:N9' :;' C=;:LD\;' 9:;@?<:NBJ' A:<@9>JBN=O' -?<=?G=<P' -:JBD=;=' C=;:LD' BDC' @9=' g-BC=' :D' +@BJMh' N?DN=>@' 9BG=' A==D' C=G=J?>:DL':D'@BDC=F'BDC'LB:D:DL':D@=<DB@:?DBJ'J=BC=<;9:>O'

)9:;' ;M;@=F' HB;P' B@' J=B;@' B@' BD' =B<JM' ;@BL=P' IE=JJ=C' AM' B' C=FBDC' I<?F' N?F>BD:=;'AB;=C':D'@9='<=L:?DP':D'>B<@:NEJB<'@9?;='?>=<B@:DL':D'@9='IE<D:@E<='

;=N@?<P' BDC' @9=D' =X>BDC=C' @?' ;E>>?<@' @9=' =D@:<=' N?ED@<MP' @9BDK;' @?' @9=' <:N9' J?NBJ' ><?CEN@:?D' ;M;@=F' R`=<@?JB' =@' BJOP' 5665TO' )?CBM' ;?F=' ?I' @9=' F?;@' H=JJVKD?HD':D@=<DB@:?DBJ'C=;:LD'I:<F;'BDC':DCE;@<M'J=BC=<;'?>=<B@=':D'-:JBDO' 0=<=P' @9=' I:<;@' +@BJ:BD' ED:G=<;:@M' N?E<;=' :D' :DCE;@<:BJ' C=;:LD' HB;' =;@BAJ:;9=C' :D'7SSc'B@'@9='W?J:@=ND:N?P'I?JJ?H=C'AM'@9='I:<;@'IBNEJ@M'?I'C=;:LDO'

a?FAB<CM' BDC' -:JBD' B<=' @9=' FB:D' +@BJ:BD' N=D@<=;' I?<' C=;:LD' @<B:D:DLP' H:@9' f8' C=;:LD' ;N9??J;' ?II=<:DL' ?G=<' cf6' N?E<;=;O' !E<@9=<F?<=P' @9=<=' :;' B' GB;@' <BDL=' ?I' ;E>>?<@' ;=<G:N=;' I?<' @9=' C=;:LD' BDC' FBDEIBN@E<:DL' ><?N=;;=;P' B;' H=JJ' B;' N?FFED:NB@:?D' BDC' ><?CEN@:?DP' I<?F' IB:<;' @?' >EAJ:;9:DLP' H:@9' e6';>=N:BJ:;@' >EAJ:;9=<;' BDC' 75f' FBLB_:D=;' >EAJ:;9=C' :D' @9=' <=L:?DO' )9:;' 9:L9J:L9@;' @9=' ;M;@=F:N' DB@E<=' ?I' C=;:LD' :D' @9:;' <=L:?DP' @?L=@9=<' H:@9' @9=' C=D;:@M' ?I' BN@?<;' BDC' <=;?E<N=;' :D' @9=' B<=B' :DG?JG=C' :D' @9=' ><?N=;;=;' ?I' :DD?GB@:?D'BDC'N?FFED:NB@:?D'?I'g-BC=':D'+@BJMhO']:G=D':@;'9=@=<?L=D=?E;'

(8)

XXV'('++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3' '

'

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

DB@E<=P' @9:;' ;M;@=F' ?AG:?E;JM' L?=;' A=M?DC' H9B@' N?EJC' A=' C=I:D=C' B;' B' C:;@<:N@' BDC' ><=;=D@;' :@;=JI' B;' B' NEJ@E<BJP' ;N:=D@:I:N' BDC' ><?CEN@:G=' ;M;@=F' F?<='J:K='B'gNEJ@E<BJ'FBN<?V?>=<B@?<h'R-BD_:D:P'5665TO''

.' I:<;@' ;@=>' :D' @9=' :D;@:@E@:?DBJ:;B@:?D' ?I' @9=' C=;:LD' ;=N@?<' HB;' @BK=D' :D'5667' H:@9' @9=' =;@BAJ:;9F=D@' :D' @9=' a?FAB<CM' #=L:?D' ?I' @9=' g&=;:LD' -=@BC:;@<:N@hP' BD' B<=B' N?F><:;:DL' df' FED:N:>BJ:@:=;' ?I' d' ><?G:DN=;' BDC' 77'<=;=B<N9' N=D@<=;O' )9=' &=;:LD' -=@BC:;@<:N@' N<=B@=C' B' C:<=N@' <=JB@:?D;9:>' A=@H==D'@9='@<BC:@:?DBJ'C:;@<:N@'B<=B;'?I';>=N:BJ:;B@:?D'(':D'H9:N9'=D@=<><:;=;'

@=DC' @?' E;=' C=;:LD' B;' B' N?F>=@:@:G=' <=;?E<N=' (' BDC' @9=' >JBN=;' H9=<=' KD?HJ=CL=' ?I' C=;:LD' BDC' BA?E@' C=;:LD' HB;' A=:DL' L=D=<B@=CP' BA?G=' BJJ' @9=' ED:G=<;:@:=;' BDC' <=;=B<N9' N=D@<=;O' +D' 566bP' @9=' )<:=DDBJ=' &=;:LD' -E;=EFP'

@9='I:<;@'+@BJ:BD'FE;=EF'C=C:NB@=C'@?'C=;:LDP'HB;'?>=D=CO')9:;'HB;'B'<=;EJ@'

?I'BD'BL<==F=D@'A=@H==D'@9='+@BJ:BD'-:D:;@<M'?I'1EJ@E<='BDC'@9='a?FAB<CM'

#=L:?D'BDC'@9=';:LDBJ'?I'B'><?N=;;'?I'9:;@?<:N:;B@:?D'BDC'NEJ@E<BJ'<=N?LD:@:?D'

?I'-:JBD=;='BDC'+@BJ:BD'C=;:LDO'

I*@/8&-&,&%?&0*&8'&,9:,>&-*78H>0*+&8,)9(0*-.,,

+D'@=<F;'?I'B@@<BN@:DL'@?E<:;@;P':@':;'E;=IEJ'@?'C:;@:DLE:;9'A=@H==D'AE;:D=;;'

@?E<:;F' IJ?H;' L=D=<B@=C' AM' @9=' ><=;=DN=' ?I' N?F>BD:=;' BDC' @<BC=' IB:<;P' BDC' C=;:LD' B;' B' ><?CEN@' ?I' @9=' N:@M\;' NEJ@E<BJlJ=:;E<=' ?II=<O' -?<=?G=<P' :@' :;' BJ;?' :D@=<=;@:DL' @?' EDC=<;@BDC' @9=' >?:D@;' ?I' :D@=L<B@:?D' BDC' ?G=<JB>' ?I' @9=;='

>=<;>=N@:G=;P'H9:N9'B<='C:II:NEJ@'@?';=>B<B@='D?@'?DJM'CE='@?'@9='JBNK'?I'CB@BP' AE@'BJ;?'@?'@9=':DN<=B;:DL'>?<?;:@M'A=@H==D'@9=;='C:II=<=D@'@M>=;'?I'@?E<:;FO'

)9=' =N?D?F:N' BDC' ><?CEN@:G=' AB;=' ?I' -:JBD\;' F=@<?>?J:@BD' ;M;@=F' :;'

;@:JJ'@9='F?;@':F>?<@BD@'IBN@?<'?I'B@@<BN@:?D'I?<'@9='N:@M'('<=><=;=D@:DL'BA?E@' efO5j' ?I' @9=' @?@BJ' :DA?EDC' @?E<:;@' IJ?H;' @?' -:JBDO' .A?E@' cOf' F:JJ:?D' AE;:D=;;' @?E<:;@;' B' M=B<' R:DNJEC:DL' -+1$' @?E<:;Fk' F==@:DL;P' :DN=D@:G=;P' N?DI=<=DN=;' BDC' =X9:A:@:?D;T' ;@BM' ?D' BG=<BL=' @H?' D:L9@;' BDC' ;>=DC' ?G=<'

$*#'cf6'B'CBM'D?@'?DJM'@?'C?'AE;:D=;;P'AE@'BJ;?'@?'C:D=P';9?>'BDC'G:;:@'@9='

;MFA?J:N' >JBN=;' ?I' -:JBD=;=' NEJ@E<=O' .NN?<C:DL' @?' @9=' -:JBD' 19BFA=<' ?I' 1?FF=<N=P' @9=' <=G=DE=' L=D=<B@=C' AM' @9:;' ;=LF=D@' BF?ED@;' @?'

$*#'5Of'A:JJ:?D'BDC'I==C;'B';M;@=F'?I'?G=<'e6'666'U?A;O''

)9='J:DK'A=@H==D'@9='N:@M'BDC'@9='AE;:D=;;';=N@?<':;'B'N?FA:DB@:?D'@9B@P'

=G=D' :D' @9=' N?JJ=N@:G=' :FBL:DB@:?DP' :;' YE:@=' ;@<?DL' BDC' :FF=C:B@=' BDC' N?D@<:AE@=;' ;@<?DLJM' @?' N<=B@=' @9=' :C=D@:@M' ?I' @9='C=;@:DB@:?DO' )9='YEBJ:@M' ?I'

;=<G:N=;'BDC':DI<B;@<EN@E<=':D'@9='-:JBD'B<=B':;'G=<M'9:L9P'BDC'@9='N:@M'BDC':;' 9?F=' @?' N?DL<=;;=;P' N?DG=D@:?D;' BDC' =X9:A:@:?D;' ?I' DB@:?DBJ' BDC' :D@=<DB@:?DBJ' B>>=BJO' )9=;=' :DNJEC=' FBDM' C=;:LDV<=JB@=C' =G=D@;' ;EN9' B;' @9=' F-3"4$' *4/$#4-\5"4-3$' &$3' P"953$' R+D@=<DB@:?DBJ' !E<D:;9:DL' .NN=;;?<:=;'

$X9:A:@:?DTP' -.1$!' R+D@=<DB@:?DBJ' 0?F=' ,9?HTP' -BC=$X>?' BDC'

$X>?N?FI?<@O''

(9)

++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3'('XXW'

' '

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

!B;9:?D' %==K' :;' B' FBU?<' :D@=<DB@:?DBJ' =G=D@' J:DK=C' @?' B' NEJ@E<BJ' :DCE;@<MO'+@'L=D=<B@=;'BD':DCEN=C'@?E<:;F'?I'B<?EDC'$*#'5e'F:JJ:?DP'FB:DJM' C:;@<:AE@=C' A=@H==D' BNN?FF?CB@:?D' R$*#' 7b' F:JJ:?DTP' ;9?>>:DL' BDC'

<=;@BE<BD@;'RF?<='@9BD'$*#'e'F:JJ:?DTO'

)9=' +D@=<DB@:?DBJ' !E<D:;9:DL' .NN=;;?<:=;' $X9:A:@:?D' RHHHON?;F:@O:@l=Dl;BJ?D=r:D@=<DB_:?DBJ=rC=JrF?A:J=T' :;' AM' IB<' @9=' F?;@'

=N?D?F:NBJJM' :F>?<@BD@' =G=D@' BDC' :;' @?CBM' B' J=BC:DL' >JBM=<' :D' @9=' J:DK' A=@H==D'AE;:D=;;'BDC'J=:;E<='@?E<:;FO'%:@9'D=B<JM'c66'666'G:;:@?<;':D'567c' BDC'cf6'666':D'5678P':D@=<DB@:?DBJ'C=;:LD'AE;:D=;;=;'@9B@'BN@':D'@9='?<A:@'?I'

@9=' +D@=<DB@:?DBJ' !E<D:;9:DL' .NN=;;?<:=;' $X9:A:@:?D' L=D=<B@=' F?<=' @9BD'

$*#' 566' F:JJ:?D' :D' @?E<:;F' ;>=DC' :D' ?D=' H==KP' bcj' ?I' H9:N9' :;' N?DN=D@<B@=C' :D' -:JBDO' )9=' A=D=I:@;' ?I' @9:;' =G=D@' BJ;?' =X@=DC' @?' 1?F?' R8OejTP'2B<=;='RfOfjTP'-?D_B'RbOSjT'BDC'?@9=<'><?G:DN=;'?I'@9='a?FAB<CM'

#=L:?DO'

"I' @9:;' $*#' 568' F:JJ:?DP' F?<=' @9BD' $*#' 7fe' F:JJ:?D' L?' @?' @9=' 9?;>:@BJ:@M' ;M;@=FP' H9:J=' $*#' 7S' F:JJ:?D' B<=' B@@<:AE@BAJ=' @?' ;9?>>:DL' AM' AEM=<;'R:D'>B<@:NEJB<P'@9='FBDM'>=?>J='I<?F'.;:BP'H9?'B<='@9='FB:D';>=DC=<;' BNN?<C:DL'@?'@9=';9?>K==>=<;T'BDC'G:;:@?<;'R)BAJ='7TO'

)BAJ='7O'$-)*./)&>,*8>('&>,)9(0*-.,&%?&8>*)(0&,7&8&0/)&>,L1,, )6&,38)&08/)*98/@,S(08*-6*87,C''&--90*&-,$%6*L*)*98,,

*8,Y9.L/0>1,a&7*98G,[\X!,

`M'=X>=DC:@E<='@M>='

& S>V& c&

A))"00"#1-+".& JbZ&\`\&III& NN8bc&

9*1.(,"*-& \&Z`H&III& J8Wc&

27",,+.:& JW&IWW&III& W8`c&

V$(-15*1.-(& JN&WN\&III& Z8Zc&

O-7$*(& `&W`J&III& H8`c&

d"0<1*#=&P*"4+.)$&-"-1%& HI`&JWZ&III& JII8Ic&

F"2#.$k'-?D_B'BDC'`<:BD_B'19BFA=<'?I'1?FF=<N=P'567cO'

)9=' GBJE=' ?I' @9=' +D@=<DB@:?DBJ' !E<D:;9:DL' .NN=;;?<:=;' $X9:A:@:?DP' 9?H=G=<P' :;' D?@' ?DJM' CE=' @?' :@;' :DCEN=C' @?E<:;F' ;>=DCP' ;:DN=' :@' :;' BJ;?' BD' :F>?<@BD@'J:DK'H:@9'@9='N<=B@:G='BDC'NEJ@E<BJ'?II=<'?I'@9='N:@M'BDC':@'9B;'A==D' B' FBU?<' >JBM=<' H9:N9' 9=J>=C' @E<D' @9=' ;>?@J:L9@' ?D' @9=' H?<JC' ?I' -:JBD=;=' C=;:LD'B;'B'@?E<:;@'><?CEN@O',@B<@:DL':D'@9='7Se6;P'B'DEFA=<'?I';>?D@BD=?E;' :D:@:B@:G=;' ;><BDL' E>' B<?EDC' @9=' =X9:A:@:?DP' C=G=J?>=C' AM' N?F>BD:=;' H?<K:DL' :D' @9=' IE<D:@E<=' :DCE;@<M' BDC' :D' @9=' :DCE;@<:BJ' C=;:LD' ;=N@?<P' H9?'

?<LBD:;=C' @9=' g!E?<:;BJ?D=h' RHHHOIE?<:;BJ?D=O:@TP' B' ;=@' ?I' =G=D@;' BDC'

(10)

X[\'('++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3' '

'

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

=X9:A:@:?D;' @9B@' =DJ:G=D' -:JBD' CE<:DL' @9=' +D@=<DB@:?DBJ' !E<D:;9:DL' .NN=;;?<:=;' $X9:A:@:?DP' H9:N9' @BK=;' >JBN=' :D' @9=' #9?' =X9:A:@:?D' G=DE=' ?D'

@9='?E@;K:<@;'?I'@9='N:@MO'

"G=<'@:F=P'@9:;'=G=D@'9B;'A=N?F=':D@=<DB@:?DBJ'BDC'9B;'A=LED'@?'B@@<BN@'

@9?E;BDC;' ?I' G:;:@?<;'I<?F'B<?EDC' @9=' H?<JCO')9='><?U=N@' 9B;' BJ;?' B@@<BN@=C'

;>?D;?<;'BDC':D@=<DB@:?DBJ'N?F>BD:=;'BDC'9B;'D?H'A=N?F='B';9?HNB;='I?<'

=F=<L:DL'BDC'=;@BAJ:;9=C'N<=B@:G='C=;:LD'BDC'B<N9:@=N@E<=';@EC:?;O'.J@9?EL9'

@9='!E?<:;BJ?D=':;'NJ?;=JM'<=JB@=C'@?'@9='+D@=<DB@:?DBJ'!E<D:;9:DL'.NN=;;?<:=;'

$X9:A:@:?DP' H:@9' @:F=' :@' 9B;' A==D' BAJ=' @?' LB:D' :@;' ?HD' :F>?<@BDN=' BDCP' :D'

<=N=D@'M=B<;P'=G=D'FBDBL='@?':DIJE=DN='@9='FB:D';9?HO'

)9=';ENN=;;'?I'@9='!E?<:;BJ?D=':;'J:DK=C'@?'@9='BA:J:@M'@?'B@@<BN@'D?@'?DJM' AE;:D=;;' IJ?H;' AE@' J=:;E<=' @?E<:;F' BDC' IJ?H;' I?<F=C' FB:DJM' ?I' M?EDL'

>=?>J=P' BDC' @9=' BA:J:@M' @?' gBN@:GB@=h' @9=' NEJ@E<BJ' ?II=<' ?I' @9=' N:@M' H:@9' 9EDC<=C;'?I'=G=D@;';><=BC'B<?EDC'@9='E<ABD';>BN='('@9='567c'=C:@:?D';BH'@9='

?<LBD:;B@:?D' ?I' F?<=' @9BD' b66' =G=D@;O' )9=;=' B<=' FB:DJM' N?DN=D@<B@=C' :D'

@9<==' C:;@<:N@;P' DBF=JM' @9=' )?<@?DB' C:;@<:N@P' @9=' B<=B' ?I' aBFA<B@=l2=D@E<BP' BDC'@9='9:;@?<:N'D=:L9A?E<9??C'?I'`<=<BO''

[?DB' )?<@?DBP' B' I?<F=<' :DCE;@<:BJ' B<=B' 9?F=' @?' :F>?<@BD@' :D@=<DB@:?DBJ' BDC' +@BJ:BD' N?F>BD:=;' ;EN9' B;' .D;BJC?P' `:;J=<:' BDC' ]=D=<BJ' $J=N@<:NP' 9B;' EDC=<L?D=' B' <=YEBJ:I:NB@:?D' ><?N=;;' ;:DN=' @9=' 7Se6;' @9BDK;' @?' @9=' <=E;=' ?I'

?JC':DCE;@<:BJ';:@=;'BDC'@?'B';=<:=;'?I'BN@:G:@:=;'<=JB@=C'@?'IB;9:?D'BDC'C=;:LDO' )?CBM' [?DB' )?<@?DB' :;' ?D=' ?I' @9=' @<=DC:=;@' BDC' F?;@' N<=B@:G=' C:;@<:N@;' ?I' -:JBD'BJ;?'@9BDK;'@?'@9='=G=D@;'H:@9':D@=<DB@:?DBJ'G:;:A:J:@M'@9B@'BD:FB@='@9=' D=:L9A?E<9??C'CE<:DL'@9='&=;:LD'%==KO''

+D' N?D@<B;@P' @9=' `<=<B' &=;:LD' &:;@<:N@' :;' B' <=N=D@' >JBN=' FB<K=@:DL'

?>=<B@:?D' :D@=DC=C' @?' =D<:N9' @9=' NEJ@E<BJ' ?II=<' BDC' B>>=BJ' ?I' @9=' C:;@<:N@' :D'

?<C=<' @?' N?FA:D=' @<BC:@:?D' (' `<=<B' 9?E;=;P' :D' BCC:@:?D' @?' @9=' .NBC=FM' ?I'

!:D=' .<@;' BDC' @9=' .<@' ]BJJ=<MP' 9:;@?<:N' ;9?>;P' B<@:;@;\' ;@EC:?;' BDC' B<@' LBJJ=<:=;'('BDC':DD?GB@:?D':D'@9='H?<JC'?I'C=;:LDO'.J@9?EL9'@9='`<=<B'&=;:LD'

&:;@<:N@'><?U=N@'9B;'@9='>B@<?DBL='?I'@9='N:@M'?I'-:JBDP':@'9B;'A==D'C=;:LD=C' BDC' :F>J=F=D@=C' AM' ><:GB@=' BN@?<;k' .;;?FBAP' &=BJ=<;' .;;?N:B@:?D' ?I' ,?JI=<:D?' BDC' ,BD' -B<N?' :D' `<=<BP' BDC' ,@EC:?JBA?P' B' M?EDL' N?F>BDM' :D' -:JBD'@9B@'C=BJ;'H:@9'N?FFED:NB@:?D'C=;:LDO'

)9=' =G=D@;' ?I' @9=' !E?<:;BJ?D=' :DG?JG=' C?_=D;' ?I' NEJ@E<BJ' BDC' @<B:D:DL' N=D@<=;P' H9:N9' ?>=D' @?' @9='>EAJ:N' I?<' @9=' ?NNB;:?DO' +D' BCC:@:?DP' @9=' &=;:LD'

%==K';=<G=;'B;'B'FBLD=@'I?<'-:JBD\;'FE;=EF;'BDC'=X9:A:@:?D'9BJJ;P'H9:N9'

?<LBD:;=' ;>=N:BJ' =X9:A:@:?D;' I?<' @9=' =G=D@O' "I@=D' @9=;=' :D:@:B@:G=;' B<=' D?@'

;@:FEJB@=C'AM'>EAJ:N';=N@?<';E>>?<@P'AE@'B<='@9='<=;EJ@'?I':DI?<FBJ'D=@H?<K;'

?I'B;;?N:B@:?D;P'B<@:;@;'BDC'N<=B@:G='>=?>J='H?<K:DL':D'@9='F=@<?>?J:@BD'B<=BO'

$XN=>@:?D;' B<=P' I?<' =XBF>J=P' BL<==F=D@;' I?<' @9=' I<==' =D@<BDN=' @?' @9=' N:G:N'

(11)

++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3'('X[X'

' '

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

FE;=EF;'A=@H==D'@9='N:@M'?I'-:JBD'BDC'1?;F:@P'@9='@<BC='IB:<'BE@9?<:@M'@9B@' N<=B@=C'@9='+D@=<DB@:?DBJ'!E<D:;9:DL'.NN=;;?<:=;'$X9:A:@:?D':D'7Sd7O''

!:DBJJMP' @9=' <?J=' ?I' !E?<:;BJ?D=' :;' @?' ><?F?@=' C=;:LD' B;' B' NEJ@E<BJ' N?F>?D=D@'?I'@9='-:JBD=;='?II=<'BDC'@?'N?D@<:AE@='@?'@9='N?D;@<EN@:?D'?I'@9=' :FBL='?I'-:JBD'B;'B'NB>:@BJ'?I'C=;:LDO'&=;:LD'%==K':;'D?@'@9='?DJM'=J=F=D@'

?I' @9=' @?E<:;@' ?II=<' ?I' -:JBD' J:DK=C' @?' C=;:LDk' ;?' @??' B<=' @9=' ?E@J=@;' ?I' @9=' FBU?<'A<BDC;':D'@9='H?<JC'?I'C=;:LD'BDC'C=N?<';EN9'B;'.J=;;:P'.<@=F:C='BDC' 1B;;:DBP' BDC' @9=' ;M;@=F' ?I' FE;=EF;' J:DK=C' @?' C=;:LD' 9:;@?<MO' +DC==CP' @9='

;ENN=;;' ?I' -:JBD=;=' C=;:LD' :;' BJ;?' B' <=;EJ@' ?I' :@;' NB>BN:@M' @?' ><?F?@=' BDC'

<=><=;=D@' :@;=JI' =II=N@:G=JM' :D' >JBN=;' C=;:LDB@=C' I?<' @9=' ><=;=<GB@:?D' ?I'

?<:L:DBJ' H?<K;' B;' H=JJ' B;' :D' IBN@?<:=;' BDC' H?<K>JBN=;P' :D' @=F>?<B<M'

=X9:A:@:?D' ;>BN=;'BDC' :D' @9=' N:@M' :@;=JIP' E;=C' B;'B' L<=B@' g;@BL=hO'.F?DL' @9=' F?;@' :F>?<@BD@' D?C=;' :D' @9:;' gG:;:A:J:@M' D=@H?<Kh' :;' @9=' )<:=DDBJ=' &=;:LD' -E;=EF' BDC' B' DEFA=<' ?I' ?@9=<' FE;=EF;' BDC' B<N9:G=;' B;;?N:B@=C' H:@9' J=BC:DL' ><?@BL?D:;@;' ?I' -:JBD=;=' C=;:LDP' ;EN9' B;' 2:N?' -BL:;@<=@@:' BDC' .N9:JJ='1B;@:LJ:?D:'?<'!<BDN?'.JA:D:O'

)9='>9=D?F=D?D'?I'N?F>BDM'FE;=EF;'BDC'B<N9:G=;P'C:;@<:N@'FE;=EF;' BDC' @=<<:@?<:BJ' FE;=EF;' :;' BD?@9=<' :F>?<@BD@' >:=N=' ?I' -:JBD\;'

@?E<:;@VNEJ@E<BJ'?II=<'H9:N9':;'N?DD=N@=C'@?'@9='BN@:G:@:=;'?I';?F=':F>?<@BD@' N?F>BD:=;' ;EN9' B;' .JIB' #?F=?P' 1BF>B<:P' W:<=JJ:P' QB<@=JJ' BDC' ?@9=<;O' +D' a?FAB<CMP' @9=<=' B<=' f5' FE;=EF;' C=C:NB@=C' @?' C=;:LDP' 5d' ?I' H9:N9' B<=' N?F>BDM' FE;=EF;' BDC' B<N9:G=;P' 75' B<=' <=JB@=C' @?' C:;@<:N@l@=<<:@?<:BJ'

;@<EN@E<=;' BDC' 78' B<=' FE;=EF;' BDC' 9?F=VFE;=EF;' R&=;:LD' &:<=N@?<MP' 566dTO''

)9='C:IIE;:?D'?I'FE;=EF;'BDC'@9=':DN<=B;=':D'=X9:A:@:?D;'<=JB@=C'@?'@9=' C=;:LD'BDC'><?CEN@:?D'NEJ@E<='N?D@<:AE@='@?'@9='NEJ@E<BJ'<=N?LD:@:?D'?I'C=;:LD' BDC'N?DI:<F'@9='GBJE=;'?I'N<=B@:G:@M'BDC':DD?GB@:?D'?I'@9='<=L:?DO'

D&-*78,:90,69-?*)/@*)1,/8>,>&-)*8/)*98,L0/8>*87,

)?CBMP' @9=' C=;:LD' C:;@<:N@' ?II=<;' F?<=' BDC' F?<=' ><?CEN@;P' ;=<G:N=;' BDC'

;K:JJ;'@9B@'9=J>'@?';E>>?<@'@9='@?E<:;F':DCE;@<M'BDC'@?'C:;@:DLE:;9'BDC'=D<:N9' :@;' ;E>>JMO' &=;:LD' :;' :DG?JG=CP' I?<' =XBF>J=P' :D' @9=' N?D;@<EN@:?D' BDC' :DD?GB@:?D'><?N=;;=;'?I'BNN?FF?CB@:?D';=<G:N=;'BDC'?I'NB@=<:DLlI??CP':D'@9='

;=@@:DL'?I'NEJ@E<BJ';>BN=;'BDCP'F?<='<=N=D@JM'BDC'@?'B'J=;;=<'=X@=D@P':D'E<ABD' C=;:LDO')9='9?@=J':DCE;@<M':;'@9='N?D@=X@':D'H9:N9'@9=':D@=<G=D@:?D'?I'C=;:LD' BDC' IB;9:?D' C=;:LDP' H:@9' IB;9:?D' 9?@=J;P' :;' >=<9B>;' @9=' F?;@' =G:C=D@P' BDC'

><?G:C=;'=J=F=D@;'?I';@MJ:;@:N':DD?GB@:?D'BDC'@9E;'<=>?;:@:?D:DLO'

)9=' >9=D?F=D?D' ?I' gC=;:LD' 9?@=J;hP' H9:N9' 9B;' L<?HD' ;:LD:I:NBD@JM' :D'

<=N=D@' M=B<;' B@' :D@=<DB@:?DBJ' J=G=JP' 9B;' I?EDC' I=<@:J=' L<?EDC' :D' -:JBD' B;' B'

@M>=' ?I' BNN?FF?CB@:?D' @9B@' :;' H=JJ' ;E:@=C' @?' BNN?FF?CB@=' @9=' @M>=;' ?I'

(12)

X[['('++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3' '

'

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

@?E<:;F'@9B@'N9B<BN@=<:;='@9='N:@MO'+D'BCC:@:?DP';?F='?I'@9='F?;@'<=N?LD:;=C' A<BDC;' ?I' +@BJ:BD' IB;9:?D' (' .<FBD:P' `EJLB<:' BDC' -?;N9:D?' (' 9BG=' N9?;=D' -:JBD'B;'@9='J?NB@:?D'I?<'@9=:<'A<BDC'9?@=J;O'+@':;'BJ;?':D@=<=;@:DL'@?'D?@='@9B@P' :D'-:JBDP';?F='?I'@9='9?@=J;'A=J?DL:DL'@?'@9='C=;:LD'9?@=J'NB@=L?<MP';EN9'B;'

@9='/9?H'-:JBD?P'BN@:G=JM'>B<@:N:>B@=':D'J?NBJ'NEJ@E<BJ'BDC'B<@:;@:N'=G=D@;O'

&=;:LD' :;' BJ;?' A=:DL' :DN?<>?<B@=C' :D@?' @9=' <=>?;:@:?D:DL' ;@<B@=L:=;' ?I' J?HVAECL=@' BNN?FF?CB@:?D' ;?JE@:?D;O' .' DEFA=<' ?I' D=H' 9?;@=J;' 9BG=' IJ?E<:;9=C' :D' <=N=D@' M=B<;' :D' -:JBDP' BDC' =X>=<:=DN=;' ?I' BJ@=<DB@:G=' BDC' g=F=<L=DNMh'9?;>:@BJ:@M';EN9'B;'@9?;=':F>J=F=D@=C':D'@9='I<BF=H?<K'?I'@9=' WEAJ:N' &=;:LD' !=;@:GBJ' AM' $;@=<D:P' B' -:JBDVAB;=C' L<?E>' @9B@' C=G=J?>;' :D@=<G=D@:?D;' BDC' NEJ@E<BJ' BDC' N?FFED:NB@:?D' ><?U=N@;' :D' E<ABD' >EAJ:N'

;>BN=;O' ,:DN=' 566fP' $;@=<D:' 9B;' C=;:LD=C' @=F>?<B<M' 9?F=;V9?;@=J;' :D' @9=' I<BF=H?<K' ?I' g)9=' &=;:LD=<\;' 0?E;=h' ><?U=N@' BDC' ?<LBD:;=C' =F=<L=DNM' 9?;>:@BJ:@M' ;?JE@:?D;' ;EN9' B;' @9=' gWEAJ:N' 1BF>:DLh' BDC' @9=' g`=C' ,9B<:DLh'

><?U=N@;O'

)9='@<=DC'@?HB<C;'B'NJ?;=<'<=JB@:?D;9:>'A=@H==D'9?;>:@BJ:@M'BDC'C=;:LD':;' IE<@9=<';E>>?<@=C'AM'-:JBD\;';@<EN@E<=C'@<B:D:DL';M;@=FO')9=<=':;'D?H'B'J?@'

?I'B@@=D@:?D'I?<'9?@=J'BDC'<=;@BE<BD@'C=;:LD'BDC'I?<'9?@=J'=X>=<:=DN='C=;:LDP' BDC' @?E<:;F' 9B;' A==D' :C=D@:I:=C' B;' BD' B<=B' ?I' ;@<B@=L:N' C=G=J?>F=D@' I?<'

@<B:D:DL'><?G:;:?DO'

&=;:LD'BJ;?'9=J>;'@?'C=I:D='-:JBD\;':FBL='BDC'C=;:LD':;'BN@:G=JM'E;=C':D'

>JBN=VA<BDC:DL' ;@<B@=L:=;O' "D' @9=' C=FBDC' ;:C=P' C=;:LD' NBD' A=' >=<N=:G=C' B;' BD':C=D@:@M'=J=F=D@'?I'@9='C=;@:DB@:?DP'BDC'?D'@9=';E>>JM';:C=P'C=;:LD'NBD'A=' E;=C'AM';@BK=9?JC=<;'B;'B';@<B@=L:N'=J=F=D@'?I'@=<<:@?<:BJ'FB<K=@:DLO')9=<=':;' B'D==C'@?'BDBJM;=':I'C=;:LD'N?D@<:AE@=;'@?'@9='C=I:D:@:?D'?I'@9='@?E<:;@'><?CEN@' BDC' @?' @9=' BN9:=G=F=D@' ?I' ;MD=<L:=;' A=@H==D' C:II=<=D@' =N?D?F:N' ;=N@?<;'

@9<?EL9'@9='B>>J:NB@:?D'?I'A<BDC'GBJE=;O'

.;' <=LB<C;' @9=' I:<;@' YE=;@:?DP' <=N=D@' ;E<G=M;' R*D:G=<;:@z' +*a-P' 566em'

*D:G=<;:@z' `:N?NNBP' 5675T' 9BG=' ;9?HD' @9B@' @9=<=' :;' B' NJ=B<' <=N?LD:@:?D' B@' :D@=<DB@:?DBJ' J=G=J' ?I' -:JBD=;=' =XN=JJ=DN=P' J:DK=C' >B<@:NEJB<JM' @?' IB;9:?DP' C=;:LD' BDC' IE<D:@E<=O' )9:;' <=N?LD:@:?D' NBD' BJ;?' A=' NJ=B<JM' ;==D' I<?F' BD' BDBJM;:;'?I'@9='FB:D'@?E<:;@'LE:C=;'BDC'FB:D'FBLB_:D=;'C=C:NB@=C'@?'@?E<:;FO' 0?H=G=<P' >??<' ><?F?@:?D' ?I' @9=' B;;?N:B@=C' @?E<:;@' B@@<BN@:?D;' R9:;@?<:NBJ'

;9?>;P' N?F>BDM' FE;=EF;P' :DCE;@<:BJ' B<N9B=?J?LMP' =@NOT' >=<;:;@;P' B;' H=JJ' B;'

@9=F=C' B@@<BN@:?D;' R*D:G=<;:@z' +*a-P' 566eTP' H:@9' @9=' =XN=>@:?D' ?I' ;=G=<BJ' :@:D=<B<:=;' ?D' @9=' @?E<:;@' >?<@BJ' ?I' @9=' -:JBD' 1:@M' 1?EDN:JO' )9:;' C=;>:@=' @9=' IBN@'@9B@'@9='?II:N:BJ'H=A;:@='?I'-:JBD'@?E<:;F'J:;@;'N<=B@:G:@M'BDC'C=;:LD'B;'

?D=' ?I' @9=' @=D' @?>' <=B;?D;' @?' G:;:@' -:JBD' BDC' @9B@' @9=' W<?G:DN=' ?I' -:JBD' :D'5668' JBEDN9=C' @9=' g-:JBD' W<?U=N@' 1:@MhP' B' D=@H?<K' ?I' FE;=EF;' BDC' N?F>BDM'FE;=EF;P'@?'I?;@=<'B'L<=B@=<'KD?HJ=CL='?I'@9:;'9=<:@BL=O'

(13)

++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3'('X[!'

' '

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

+@';9?EJC'@9=<=I?<='A='<=:@=<B@=C'@9B@'@9=':D@=<BN@:?D;'A=@H==D'@9='C=;:LD' BDC' @?E<:;F' ;=N@?<;' :D' -:JBD' 9BG=' @BK=D' >JBN=' JB<L=JM' :D' B' A?@@?FVE>' HBM' :DG?JG:DL' B' DEFA=<' ?I' C:II=<=D@' BN@?<;' I<?F' @9=' ><:GB@=' ;=N@?<' AE@' H:@9?E@' BDM' >JBDD:DLO' )9:;' ?>=D;' B' H:DC?H' @9<?EL9' H9:N9' :D;@:@E@:?D;' NBD' @BK=' BCGBD@BL=' ?I' -:JBD\;' >?;:@:?D:DL' ?D' @9=' :D@=<DB@:?DBJ' ;N=D=' B;' B' N:@M' ?I' C=;:LDO'

;98'@(>*87,0&./0A-,

&=;:LD':;'FEJ@:IBN=@=C'BDC'FEJ@:C:F=D;:?DBJ'BDC':@':;'@9=<=I?<='C:II:NEJ@'

@?' C=I:D=' :@' B;' BD' :DCE;@<MO' 0?H=G=<P' :@' :;' D?H' ?D=' ?I' @9=' F?;@' :F>?<@BD@'

;@<B@=L:N' J=G=<;' I?<' <=;>?DC:DL' @?' @9=' :D;@BDN=;' ?I' :DD?GB@:?D' @9B@' =F=<L=' I<?F' @9=' =N?D?F:N' BDC' ><?CEN@:G=' ;M;@=FP' :DNJEC:DL' @?E<:;FO' +D' <=N=D@' M=B<;P' C=;:LD' 9B;' H:C=D=C' @?' D=H' ;>BN=;' BDC' :C=D@:I:=C' D=H' B<=B;' ?I'

<=;=B<N9'H9:J='@<M:DL'@?'N?FA:D=':@;'@H?';?EJ;k'@9B@'?I'gD?AJ='=DL:D='?I'@9=' :DCE;@<:BJ' =N?D?FMh' R`<BD_:P' 566eT' BDC' @9B@' ?I' BD' g?G=<BJJ' N<=B@:G=' C:;N:>J:D=' H:@9' BD' B<@:;@:N' BDC' >?=@:N' FB@<:Xh' R.J=;;:P' 5677TO' `?@9' ?I' @9=;='

;?EJ;'B<=';@<B@=L:N'B;;=@;'I?<'><?F?@:DL'-:JBD'B;'B'@?E<:;@'C=;@:DB@:?DO'

)9BDK;' @?' B' ;>?D@BD=?E;' ><?N=;;' ?I' NEJ@E<BJ' <=VB>><?><:B@:?D' ?I' C=;:LD' H:@9:D' @9=' N<=B@:G=' :DCE;@<:=;P' BDC' @?' @9=' L<?H:DL' BHB<=D=;;' ?I' :@;' <?J=' D?@'

?DJM' :D' @=<F;' ?I' =N?D?F:N' BN@:G:@M' :DCEN=C' AM' FBDEIBN@E<:DL' BDC' @9=' N<=B@:?D' ?I' D=H' ;=<G:N=;' AE@' BJ;?' :D' @=<F;' ?I' @?E<:;@' B@@<BN@:?D;P' @9=' JB;@' C=NBC='9B;';==D'@9='IJ?E<:;9:DL'?I'C=;:LD';@EC:=;'BDC'@9='=F=<L=DN='?I'D=H'

><?I=;;:?D;O'

)9=' C=G=J?>F=D@' ?I' C=;:LDV:DCEN=C' @?E<:;F' RBDC' BJ;?' IB;9:?DV:DCEN=C'

@?E<:;FTP'H9:N9':;'JB<L=JM':D@=<DB@:?DBJP'9B;'BJ;?'N?D@<:AE@=C'@?'A??;@:DL'@9=' N:@M\;'NEJ@E<BJ'BDC'N<=B@:G=':DCE;@<:=;O')9:;':;'>B<@:NEJB<JM'=G:C=D@':D';=N@?<;'

;EN9'B;'>EAJ:;9:DLP'N?FFED:NB@:?D;'BDC':D@=<:?<'B<N9:@=N@E<='AE@'BJ;?':D'@9=' C=G=J?>F=D@' ?I' N?FF=<N:BJ' C:;>JBM' ;>BN=;' BDC' FE;=EF;P' H9=<=' @9='

><?CEN@;' ?I' C=;:LD' BDC' IB;9:?D' B<=' =X9:A:@=C' D?@' ?DJM' B;' N?FF?C:@:=;' AE@' BJ;?'B;'?AU=N@;'?I'B<@O')9=<=':;'BJ;?'B'><?L<=;;:G=':D@=L<B@:?D'?I'@9='IB;9:?D'

;M;@=F' H:@9' @9B@' ?I' C=;:LDP' D?@' ?DJM' :D' 9?@=J;' AE@' BJ;?' :D' JEXE<M' IE<D:@E<=P' IE<D:;9:DL'N?F>J=F=D@;'BDC'-#/'&$'/-93$' :D' H9:N9'A:L'IB;9:?D'A<BDC;' 9BG=' A==D' :DN<=B;:DL' @9=:<' :DG=;@F=D@' BDC' I?<' H9:N9' @9='-:JBD=;=' &=;:LD'%==K' BDC'@?E<:;@;':D'@9='N:@M'><?G:C='=X@<=F=JM':F>?<@BD@'FB<K=@:DL'?>>?<@ED:@:=;O'

%:@9'B'L??C'L<B;>'?I'@9='=N?D?F:N':F>BN@'?I':@;'C=;:LD':DCE;@<MP'-:JBD' 9B;' B' 9EL=' N9BDN=' @?' N?V?<C:DB@=' BDC' FBDBL=' :@;' :FBL=' BDC' AE:JC' B' F?<=' I?NE;=C'A<BDCO')9:;':;'=G=D'@<E=<'@?CBM'H:@9'@9='$X>?'-:JBD?'567f'?D'@9=' 9?<:_?Dk' B' ED:YE=' ?>>?<@ED:@M' I?<' -:JBDP' H:@9' BD' =;@:FB@=C' 56' F:JJ:?D' G:;:@?<;'B<<:G:DL'I<?F'BJJ'?G=<'@9='H?<JCO')9:;'H:JJ'D?@'?DJM';@:FEJB@='@?E<:;F'

(14)

X["'('++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3' '

'

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

C=G=J?>F=D@' AE@' H:JJ' BJ;?' ;E>>?<@' @9=' ><?F?@:?D' ?I' +@BJ:BD' C=;:LD' :D@=<DB@:?DBJJM'@9<?EL9'@?E<:;FO''

.'I:<;@'<=;EJ@':D'@9:;'C:<=N@:?D'BDC'B@@<:AE@BAJ='@?'@9=':FF:D=D@'=X>?'9B;' A==D' @9=' =;@BAJ:;9F=D@' AM' @9=' N:@M' ?I' -:JBD' ?I' B' ><?L<BFF=' ?I'

<=N?DDB:;;BDN=' BDC' >EAJ:N' C=AB@=' ?D' @9=' gA<BDC' -:JBD?h' H9:N9P' :D' @9=' N?E<;='?I'567c'BDC'5678P'J=C'@?'><=>B<B@:?D'?I'@9<=='C:II=<=D@'<=>?<@;'?D'@9=' DB@:?DBJ' BDC' :D@=<DB@:?DBJ' :FBL=' ?I' -:JBD' BDC' ?I' BD' =X9:A:@:?D' g+C=D@:@M' -:JBDh'@9B@'@??K'>JBN='B@')<:=DDBJ=O'+D'BCC:@:?DP':D'567cP'@9='N:@M'?I'-:JBDP' BJ?DL'H:@9'@9='/B@:?DBJ'19BFA=<'?I'+@BJ:BD'!B;9:?DP'.J@BLBFFB'!?EDCB@:?D' R@9B@'LB@9=<;'@?L=@9=<'9:L9V=DC'+@BJ:BD'N?F>BD:=;'H9?;='A<BDC;'B<='IBF?E;' B@' :D@=<DB@:?DBJ' J=G=JT' BDC' 1?;F:@P' JBEDN9=C' @9=' ><?U=N@' g-:JBD' 1<=B@:G=' 1:@Mh'H:@9'@9='B:F'?I'A<:DL:DL'@?L=@9=<'EDC=<'?D='J?L?'@9='IB;9:?DP'I??C'BDC' C=;:LD'=G=D@;'@9B@'H:JJ'@BK='>JBN='I?<'$X>?'567f'BDC'BI@=<O'

I$0$#$4.$6'

.J=;;:P'.O'R5677TP'g-B'N?;B';:LD:I:NB':J'@=<F:D='gC=;:LDhohP':D'k'A$'0-99#5.)$'

&$5'6"=45P'$J=N@BP'-:JBDP'+@BJMO'

`=<@?JBP' WOP' &O' ,BDL:?<L:' BDC' ]O' ,:F?D=JJ:' R5665TP' P53-4"' &56/#$//"' &$3'

&$65=4P'+J',?J='58'"<=P'-:JBDP'+@BJMO'

`<BD_:P' .O' R566eTP' *4/#"&2\5"4$' -3' &$65=4' 5/-35-4"P' `BJC:D:' 1B;@?JC:' &BJB:'

=C:@?<=P'-:JBDP'+@BJMO'

&=;:LD'&:<=N@?<M'R566dTP'HHHOC=;:LDC:<=N@?<MO:@lNB@=L?<:=O>9>oB<@:NJ=qbtJ BDLq=DO'

!?DCB_:?D=',MFA?JB'BDC'*D:?DNBF=<='R5675TP'AR*/-35-'.)$':$##c@'*4&26/#5-' .23/2#-3$>' P-&$' 54' */-3;' $' /$##5/"#5@' I-,,"#/"' TUVTP' ,MFA?JBP' HHHO;MFA?JBOD=@l9@FJlB<@:NJ=la+@BJ:BN9=G=<<B+DCE;@<:BNEJ@E<BJ=FBC=:D+@

BJM=@=<<:@?<:O'

!<:=JP' -O' R5675TP' g)E<:;F?' =' NEJ@E<Bk' N?>>:B' C:' IB@@?hP' A-' I5:56/-' &$3' (2#56+"P'/?O'8P'>>O'8cVfbO'

-BD_:D:P'$O'R5665TP'g+J';:;@=FB'C=;:LD'+@BJ:BD?k'.JNED:';>ED@:'C:'<:IJ=;;:?D=hP' :Dk'-BII=:P',O'BDC']O',:F?D=JJ:'R=C;OTP'*'/$##5/"#5'&$3'&$65=4@'P-&$'54'*/-3;'

$'656/$+5',#"&2//5:5'3".-35P'+J',?J='58V"<=P'-:JBDP'+@BJMO'

(15)

++O'1.,$',)*&3'('&$,+]/V+/&*1$&')"*#+,-'+/'-+a./P'+).a3'('X[#'

' '

)"*#+,-'./&')0$'1#$.)+2$'$1"/"-3'4'"$1&'5678'

-:JBD' 19BFA=<' ?I' 1?FF=<N=' R567cTP' g-:JBD?' (' ,@B@:' ]=D=<BJ:' -B<K=@:DL' )=<<:@?<:BJ=k'+J'@E<:;F?'AE;:D=;;hP'HHHONBFN?FOL?GO:@lNCNl:Cr>BL:DBl5dl :CrE:lc5bSel@r>l-:JBD?VVV,@B@:V]=D=<BJ:V-B<K=@:DLV)=<<:@?<:BJ=VV:JV

@E<:;F?VAE;:D=;;O9@FO'

-:JBD'1:@M'1?EDN:J'R567cTP')?E<:;@'>?<@BJP'HHHO@E<:;F?OF:JBD?O:@O'

"$1&'R566STP'()$'*+,-./'"0'123/2#$'"4'("2#56+P'"$1&'WEAJ:;9:DLP'WB<:;P' 9@@>kllCXOC?:O?<Ll76O7beblSbeS5d8686bc7V=DO'

#:N9B<C;P']O'R566bP'=COTP'123/2#-3'("2#56+G'^3"9-3'-4&'A".-3'E$#6,$./5:$6P' 0BH?<@9'W<=;;P'/=H'3?<KO'

#:N9B<C;P' ]O' BDC' #O' WBJF=<' R5676TP' 7:$4/023' 15/5$6G' 123/2#-3' P-4-=$+$4/' -4&'Q#9-4'I$:5/-356-/5"4P'#?E@J=CL=P'a?DC?DO'

,BD@BLB@BP'%O'R566STP'A59#"'95-4."'6233-'.#$-/5:5/c@'E$#'24'+"&$33"'*/-35-4"'

&5'6:532,,"P'*D:G=<;:@z'`?NN?D:'$C:@?<=P'-:JBDP'+@BJMO'

,:F?D=JJ:P' ]O' R566cTP' g&:;@<=@@:' =' F=@BC:;@<=@@:' C=J' C=;:LD' :DCE;@<:BJ=hP' :Dk'

*+,#$6-'$'6/-/"P'HHHOF:ONBFN?FO:@l;9?HOU;>o>BL=q57bc7bO'

*D:G=<;:@z' `:N?NNB' R5675TP' *3' F-3"4$' &$3' P"953$' P"9535/-' P53-4"P' HHHOED:F:AO:@lE>J?BClL=;@:?D=!:J=;l<=JB_:?D:$;@=<D=l><=;=D@B_:?D=N?DI=

<=D_B;@BF>B>CIO>CIO'

*D:G=<;:@z'+*a-'R566eTP'AR72#",-':$&$'P53-4"P'HHHOF:ONBFN?FO:@O'

%?<JC' )<BG=J' t' )?E<:;F' 1?EDN:J' R%))1T' R5675TP' (#-:$3' _' ("2#56+@'

7."4"+5.' *+,-./' TUVT@' */-3;P' %))1P' a?DC?DP'

HHHOH@@NO?<Ll;:@=rF=C:BlE>J?BC;lC?HDJ?BC;l:@BJM5675O>CIO'

Riferimenti

Documenti correlati

BioMed Central Limited is a company incorporated in England and Wales registered number 03680030, with registered office at The Campus, 4 Crinan Street, London

Abstract The Liouville-Green (WKB) asymptotic theory is used along with the Borůvka’s transformation theory, to obtain asymptotic approximations of “phase functions” for

Page 3: Foreground images designed by upklyak / Freepik. Background designed by Freepik Page 4: Designed by upklyak

Le nostre linee personalizzate ad alta velocità sono in grado di movimentare elevate quantità di prodotti offrendo soluzioni di confezionamento rapide, in grado di soddisfare

Rated frequency \ Fréquence nominale Frecuencia nominal \ Nominale frequentie POTENZA ELETTRICA MEDIA IN FUNZIONAMENTO Mean operating rated power \ Puissance èlettrique

Measles spreads quickly within and across communities unless herd immunity is sustained.

New tools like NSBasic and AppForge allow you to quickly and easily create programs for either Palms or Pocket PC’s, and you can’t beat the price of embedded Visual Basic and

Several laboratories have successfully isolated stem cells from many tissues: the brain, the blood, the skin, the skeletal muscle, the cord blood, and the bone marrow and many have