!" #$" $$
%
$$-' )+* !)# + +$#
+ ! # $ )#! ! 8 9 1 !(& %&
9HQHWR6WUDGH6SD
9LD&%DVHJJLRQr
0HVWUH9HQH]LD9H 7HO
0DLOLQIR#YHQHWRVWUDGHLW
6WXGLR7HFQLFR&
9LDOHGHO/DYRURQr
3RQWH6DQ1LFRO´3G 7HO
0DLOVWXGLRBF#WLVFDOLLW
7UDWWRUHWWLOLQHRWLSRSURJP
&RPSOHWDPHQWRGHO7HUUDJOLRHVW
GDYLDGHOOH,QGXVWULHLQ&RPXQHGL&DVLHUDOOD653RVWXPLD
&RQWHQXWR
7UDWWRUHWWLOLQHRWLSRSURJP 7UDWWRUHWWLOLQHRWLSRSURJP
$(&,//80,1$=,21(65/,7$/2)67:0[/,7)0
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD
5LVXOWDWLGHOODSLDQLILFD]LRQH
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH3
6LQWHVLGHLULVXOWDWL
7DEHOOD
,VROLQHH
*UDILFDGHLYDORUL
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD0
6LQWHVLGHLULVXOWDWL
7DEHOOD
,VROLQHH
*UDILFDGHLYDORUL
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD0
6LQWHVLGHLULVXOWDWL
7DEHOOD
,VROLQHH
*UDILFDGHLYDORUL
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH3
6LQWHVLGHLULVXOWDWL
7DEHOOD
,VROLQHH
*UDILFDGHLYDORUL
7UDWWRUHWWLOLQHRWLSRSURJP&RQWHQXWR
3DJLQD
$(&,//80,1$=,21(65/,7$/2)67:0,7$/2)67:
0[/,7)0
3HUXQLPPDJLQHGHOOD ODPSDGDFRQVXOWDUHLO
QRVWURFDWDORJR ODPSDGH
)OXVVROXPLQRVRODPSDGLQDOP 3RWHQ]D:
5HQGLPHQWROXPLQRVROP:
(PLVVLRQHOXPLQRVD&'/SRODUH
FGNOP ˤ
&& &&
r r r
r
r
r
r
r
r
r
r
r
r
r r r
$(&,//80,1$=,21(65/,7$/2)67:0,7$/2)67:0[/,7)0$(&
,//80,1$=,21(65/,7$/2)67:0[/,7)0
3DJLQD
7UDWWRUHWWLOLQHRWLSRSURJPLQGLUH]LRQH(1
0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt
%DQFKLQD 0DUFLDSLHGH3Pt
%DQFKLQD
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0DUFLDSLHGH3Pt
%DQFKLQD
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0H]]HULD
0DUFLDSLHGH3Pt
%DQFKLQD
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0H]]HULD
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0DUFLDSLHGH3Pt
%DQFKLQD
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0H]]HULD
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
%DQFKLQD
0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt 0DUFLDSLHGH3Pt
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
%DQFKLQD
&DUUHJJLDWD0Pt
&DUUHJJLDWD0Pt
&DUUHJJLDWD0Pt
&DUUHJJLDWD0Pt
&DUUHJJLDWD0Pt
&DUUHJJLDWD0Pt
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0DQWRVWUDGDOH&,(&T
0DQWRVWUDGDOH&,(&T
0DQWRVWUDGDOH&,(&T
0DQWRVWUDGDOH&,(&T
0DQWRVWUDGDOH&,(&T
0DQWRVWUDGDOH&,(&T&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0H]]HULD 0H]]HULD 0H]]HULD 0H]]HULD 0H]]HULD
&DUUHJJLDWD0Pt
&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
0DQWRVWUDGDOH&,(&T&DUUHJJLDWD0Pt 0DQWRVWUDGDOH&,(&T
%DQFKLQD
%DQFKLQD 0DUFLDSLHGH3Pt
P
P
P
P
P
P
P
P
$(&,//80,1$=,21(65/,7$/2)67:
0,7$/2)67:0
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD5LVXOWDWLGHOODSLDQLILFD]LRQH
3DJLQD
5LVXOWDWLSHULFDPSLGLYDOXWD]LRQH )DWWRUHGLGLPLQX]LRQH
0DUFLDSLHGH3
(P>O[@
ุ
ื
(PLQ>O[@
ุ
&DUUHJJLDWD0
/P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
&DUUHJJLDWD0
/P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
0DUFLDSLHGH3
(P>O[@
ุ
ื
(PLQ>O[@
ุ
5LVXOWDWLSHUJOLLQGLFDWRULGHOOHIILFLHQ]DHQHUJHWLFD
,QGLFHGHOODGHQVLW¢GLSRWHQ]D'S :O[Pt 'HQVLW¢GLFRQVXPRHQHUJHWLFR
'LVSRVL]LRQH,7$/2)67:0
N:KDQQR N:KPtDQQR
/DPSDGLQD [/,7)
0
)OXVVROXPLQRVRODPSDGD OP )OXVVROXPLQRVRODPSDGLQD OP 2UHGLHVHUFL]LR
K :
:NP
'LVSRVL]LRQH VXXQODWRVRSUD
'LVWDQ]DSDOL P
,QFOLQD]LRQHEUDFFLR r
/XQJKH]]DEUDFFLR P
$OWH]]DIXRFKL P
6SRUJHQ]DSXQWROXFH P
8/5
8/25
9DORULPDVVLPLGHOOLQWHQVLW¢OXPLQRVD
DrHROWUH FGNOP
DrHROWUH FGNOP
DrHROWUH FGNOP
&ODVVHLQWHQVLW¢OXPLQRVH *
3HUWXWWHOHGLUH]LRQLFKHSHUOHODPSDGHLQVWDOODWHH
XWLOL]]DELOLIRUPDQRODQJRORLQGLFDWRFRQOHYHUWLFDOLLQIHULRUL
,YDORULGLLQWHQVLW¢OXPLQRVDLQ>FGNOP@SHULOFDOFRORGHOOD
FODVVHGLLQWHQVLW¢OXPLQRVDVLULIHULVFRQRDOIOXVVRGL
HPLVVLRQHGHOODSSDUHFFKLRVHFRQGRODQRUPD(1
/DGLVSRVL]LRQHULVSHWWDODFODVVHGHJOLLQGLFLGLDEEDJOLDPHQWR
'
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD5LVXOWDWLGHOODSLDQLILFD]LRQH
3DJLQD
0DUFLDSLHGH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH36LQWHVLGHLULVXOWDWL
3DJLQD
0DUFLDSLHGH3
,OOXPLQDPHQWRRUL]]RQWDOH>O[@
P
5HWLFROR[3XQWL
(P>O[@ (PLQ>O[@ (PD[>O[@ J J
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH37DEHOOD
3DJLQD
0DUFLDSLHGH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
,OOXPLQDPHQWRRUL]]RQWDOH
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH3,VROLQHH
3DJLQD
0DUFLDSLHGH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
,OOXPLQDPHQWRRUL]]RQWDOH
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH3*UDILFDGHLYDORUL
3DJLQD
&DUUHJJLDWD0
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
2VVHUYDWRULFRUULVSRQGHQWL
2VVHUYDWRUH 3RVL]LRQH>P@ /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื
2VVHUYDWRUH
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD06LQWHVLGHLULVXOWDWL
3DJLQD
&DUUHJJLDWD0
2VVHUYDWRUH
/XPLQDQ]DFRQODPSDGDQXRYD>FGPt@
P
5HWLFROR[3XQWL
/P>FGPt@ /PLQ>FGPt@ /PD[>FGPt@ J J
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD07DEHOOD
3DJLQD
&DUUHJJLDWD0
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
2VVHUYDWRUH
/XPLQDQ]DFRQODPSDGDQXRYD
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD0,VROLQHH
3DJLQD
&DUUHJJLDWD0
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
2VVHUYDWRUH
/XPLQDQ]DFRQODPSDGDQXRYD
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD0*UDILFDGHLYDORUL
3DJLQD
&DUUHJJLDWD0
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
2VVHUYDWRULFRUULVSRQGHQWL
2VVHUYDWRUH 3RVL]LRQH>P@ /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื
2VVHUYDWRUH
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD06LQWHVLGHLULVXOWDWL
3DJLQD
&DUUHJJLDWD0
2VVHUYDWRUH
/XPLQDQ]DFRQODPSDGDQXRYD>FGPt@
P
5HWLFROR[3XQWL
/P>FGPt@ /PLQ>FGPt@ /PD[>FGPt@ J J
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD07DEHOOD
3DJLQD
&DUUHJJLDWD0
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
2VVHUYDWRUH
/XPLQDQ]DFRQODPSDGDQXRYD
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD0,VROLQHH
3DJLQD
&DUUHJJLDWD0
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL /P>FGPt@
ุ 8R
ุ 8O
ุ 7,>@
ื (,5
ุ
2VVHUYDWRUH
/XPLQDQ]DFRQODPSDGDQXRYD
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD&DUUHJJLDWD0*UDILFDGHLYDORUL
3DJLQD
0DUFLDSLHGH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH36LQWHVLGHLULVXOWDWL
3DJLQD
0DUFLDSLHGH3
,OOXPLQDPHQWRRUL]]RQWDOH>O[@
P
5HWLFROR[3XQWL
(P>O[@ (PLQ>O[@ (PD[>O[@ J J
7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH37DEHOOD
3DJLQD
0DUFLDSLHGH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
,OOXPLQDPHQWRRUL]]RQWDOH
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH3,VROLQHH
3DJLQD
0DUFLDSLHGH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
,OOXPLQDPHQWRRUL]]RQWDOH
P
P
P
P
P
P
P
P 7UDWWRUHWWLOLQHRWLSRSURJP$OWHUQDWLYD0DUFLDSLHGH3*UDILFDGHLYDORUL
3DJLQD
!" #$" $$
$$-' )+* !)# + +$#
+ ! # $ )#! ! 8 9 1 !(& & / ! ! + +(( !2
! ""#
6WXGLR7HFQLFR&
GL3HU,QG0DUWLQR&HFFKLQDWR 9LDOHGHO/DYRURQ
3RQWH6DQ1LFROz3'
5HGDWWRUH 3HU,QG0DUWLQR&HFFKLQDWR 7HOHIRQR
)D[
H0DLO VWXGLRBF#WLVFDOLLW
7+251/LJKWLQJ2UXV/('/5'1%2UXV/(' [:DUP:KLWH./('
P$ 5'1%2SWLF 6FKHGDWHFQLFDDSSDUHFFKLR
3HUXQLPPDJLQHGHOODODPSDGDFRQVXOWDUHLOQRVWUR
FDWDORJRODPSDGH
(PLVVLRQHOXPLQRVD
&ODVVLILFD]LRQHODPSDGHVHFRQGR&,(
&,()OX[&RGH $FDXVDGHOODVVHQ]DGLVLPPHWULDSHUTXHVWD
ODPSDGDQRQqSRVVLELOHUDSSUHVHQWDUHODWDEHOOD
8*5
3DJLQD
6WXGLR7HFQLFR&
GL3HU,QG0DUWLQR&HFFKLQDWR 9LDOHGHO/DYRURQ
3RQWH6DQ1LFROz3'
5HGDWWRUH 3HU,QG0DUWLQR&HFFKLQDWR 7HOHIRQR
)D[
H0DLO VWXGLRBF#WLVFDOLLW
6WUDGD 'DWLGLSLDQLILFD]LRQH
3URILORVWUDGD
)DWWRUHGLPDQXWHQ]LRQH
6WDOORGLVRVWD /DUJKH]]DP
&DUUHJJLDWD /DUJKH]]DP1XPHURFRUVLH0DQWRVWUDGDOH5WDEOHFRGH5(95/5/
4 6 T 6WDOORGLVRVWD /DUJKH]]DP
'LVSRVL]LRQLODPSDGH
/DPSDGD 7+251/LJKWLQJ2UXV/('/5'1%2UXV/(' [:DUP:KLWH
./('P$ 5'1%2SWLF
)OXVVROXPLQRVR/DPSDGD OP 9DORULPDVVLPLGHOOLQWHQVLWjOXPLQRVD SHU FGNOP
SHU FGNOP SHU FGNOP
3HUWXWWHOHGLUH]LRQLFKHSHUOHODPSDGHLQVWDOODWHHXWLOL]]DELOL
IRUPDQRODQJRORLQGLFDWRFRQOHYHUWLFDOLLQIHULRUL
/DGLVSRVL]LRQHULVSHWWDODFODVVHGHJOLLQGLFL
GLDEEDJOLDPHQWR'
)OXVVROXPLQRVR/DPSDGLQH OP
3RWHQ]DODPSDGH :
'LVSRVL]LRQH VXHQWUDPELLODWLDOWHUQDWL
'LVWDQ]DSDOL P
$OWH]]DGLPRQWDJJLR P
$OWH]]DIXRFKL P
'LVWDQ]DGDOERUGRVWUDGDOH P ,QFOLQD]LRQHEUDFFLR
/XQJKH]]DEUDFFLR P
3DJLQD
6WXGLR7HFQLFR&
GL3HU,QG0DUWLQR&HFFKLQDWR 9LDOHGHO/DYRURQ
3RQWH6DQ1LFROz3'
5HGDWWRUH 3HU,QG0DUWLQR&HFFKLQDWR 7HOHIRQR
)D[
H0DLO VWXGLRBF#WLVFDOLLW
6WUDGD 5LVXOWDWLLOOXPLQRWHFQLFL
)DWWRUHGLPDQXWHQ]LRQH 6FDOD
/LVWDFDPSRGLYDOXWD]LRQH
&DPSRGLYDOXWD]LRQH&DUUHJJLDWD
/XQJKH]]DP/DUJKH]]DP 5HWLFROR[3XQWL
(OHPHQWLVWUDGDOLFRUULVSRQGHQWL&DUUHJJLDWD
0DQWRVWUDGDOH5WDEOHFRGH5(95/5/4 6 T
&ODVVHGLLOOXPLQD]LRQHVHOH]LRQDWD0 7XWWLLUHTXLVLWLIRWRPHWULFLVRQRULVSHWWDWL
/
P>FGPð@ 8 8O 7,>@ 65
9DORULUHDOLFDOFRODWL
9DORULQRPLQDOLVHFRQGRODFODVVH
5LVSHWWDWRQRQULVSHWWDWR
3DJLQD
6WXGLR7HFQLFR&
GL3HU,QG0DUWLQR&HFFKLQDWR 9LDOHGHO/DYRURQ
3RQWH6DQ1LFROz3'
5HGDWWRUH 3HU,QG0DUWLQR&HFFKLQDWR 7HOHIRQR
)D[
H0DLO VWXGLRBF#WLVFDOLLW
6WUDGD 5HQGHULQJ'
3DJLQD
6WXGLR7HFQLFR&
GL3HU,QG0DUWLQR&HFFKLQDWR 9LDOHGHO/DYRURQ
3RQWH6DQ1LFROz3'
5HGDWWRUH 3HU,QG0DUWLQR&HFFKLQDWR 7HOHIRQR
)D[
H0DLO VWXGLRBF#WLVFDOLLW
6WUDGD&DPSRGLYDOXWD]LRQH&DUUHJJLDWD2VVHUYDWRUH ,VROLQHH/
9DORULLQ&DQGHODPð6FDOD
5HWLFROR[3XQWL
3RVL]LRQHGHOORVVHUYDWRUHPPP
0DQWRVWUDGDOH5WDEOHFRGH5(95/5/4 6 T
/
P>FGPð@ 8 8O 7,>@
9DORULUHDOLFDOFRODWL
9DORULQRPLQDOLVHFRQGRODFODVVH0
5LVSHWWDWRQRQULVSHWWDWR
3DJLQD
6WXGLR7HFQLFR&
GL3HU,QG0DUWLQR&HFFKLQDWR 9LDOHGHO/DYRURQ
3RQWH6DQ1LFROz3'
5HGDWWRUH 3HU,QG0DUWLQR&HFFKLQDWR 7HOHIRQR
)D[
H0DLO VWXGLRBF#WLVFDOLLW
6WUDGD&DPSRGLYDOXWD]LRQH&DUUHJJLDWD2VVHUYDWRUH ,VROLQHH/
9DORULLQ&DQGHODPð6FDOD
5HWLFROR[3XQWL
3RVL]LRQHGHOORVVHUYDWRUHPPP
0DQWRVWUDGDOH5WDEOHFRGH5(95/5/4 6 T
/
P>FGPð@ 8 8O 7,>@
9DORULUHDOLFDOFRODWL
9DORULQRPLQDOLVHFRQGRODFODVVH0
5LVSHWWDWRQRQULVSHWWDWR
3DJLQD
!" #$" $$
$$-' )+* !)# + +$#
+ ! $+: $# ! 1 !(& %&0
9HQHWR6WUDGH6SD
9LD&%DVHJJLRQr
0HVWUH9HQH]LD9H 7HO
0DLOLQIR#YHQHWRVWUDGHLW
6WXGLR7HFQLFR&
9LDOHGHO/DYRURQr
3RQWH6DQ1LFRO´3G 7HO
0DLOVWXGLRBF#WLVFDOLLW
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP
&RPSOHWDPHQWRGHO7HUUDJOLRHVW
GDYLDGHOOH,QGXVWULHLQ&RPXQHGL&DVLHUDOOD653RVWXPLD
&RQWHQXWR
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP 7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP
$(&,//80,1$=,21(65/,7$/2)+690[/,7)+0
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD
5LVXOWDWLGHOODSLDQLILFD]LRQH
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD3LVWDFLFODELOH3
6LQWHVLGHLULVXOWDWL
7DEHOOD
,VROLQHH
*UDILFDGHLYDORUL
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP&RQWHQXWR
3DJLQD
$(&,//80,1$=,21(65/,7$/2)+690,7$/2)+69
0[/,7)+0
3HUXQLPPDJLQHGHOOD ODPSDGDFRQVXOWDUHLO
QRVWURFDWDORJR ODPSDGH
)OXVVROXPLQRVRODPSDGLQDOP 3RWHQ]D:
5HQGLPHQWROXPLQRVROP:
(PLVVLRQHOXPLQRVD&'/SRODUH
FGNOP ˤ
&& &&
r r r
r
r
r
r
r
r
r
r
r
r
r r r
$(&,//80,1$=,21(65/,7$/2)+690,7$/2)+690[/,7)+0$(&
,//80,1$=,21(65/,7$/2)+690[/,7)+0
3DJLQD
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJPLQGLUH]LRQH(1
3LVWDFLFODELOH3Pt
P
P
5LVXOWDWLSHULFDPSLGLYDOXWD]LRQH )DWWRUHGLGLPLQX]LRQH
3LVWDFLFODELOH3
(P>O[@
ุ
ื
(PLQ>O[@
ุ
5LVXOWDWLSHUJOLLQGLFDWRULGHOOHIILFLHQ]DHQHUJHWLFD
,QGLFHGHOODGHQVLW¢GLSRWHQ]D'S :O[Pt 'HQVLW¢GLFRQVXPRHQHUJHWLFR
'LVSRVL]LRQH,7$/2)+690
N:KDQQR N:KPtDQQR
$(&,//80,1$=,21(65/,7$/2)+69
0,7$/2)+690
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD5LVXOWDWLGHOODSLDQLILFD]LRQH
3DJLQD
/DPSDGLQD [/,7)+
0
)OXVVROXPLQRVRODPSDGD OP )OXVVROXPLQRVRODPSDGLQD OP 2UHGLHVHUFL]LR
K :
:NP
'LVSRVL]LRQH VXXQODWRVRSUD
'LVWDQ]DSDOL P
,QFOLQD]LRQHEUDFFLR r
/XQJKH]]DEUDFFLR P
$OWH]]DIXRFKL P
6SRUJHQ]DSXQWROXFH P
8/5
8/25
9DORULPDVVLPLGHOOLQWHQVLW¢OXPLQRVD
DrHROWUH FGNOP
DrHROWUH FGNOP
DrHROWUH FGNOP
&ODVVHLQWHQVLW¢OXPLQRVH *
3HUWXWWHOHGLUH]LRQLFKHSHUOHODPSDGHLQVWDOODWHH
XWLOL]]DELOLIRUPDQRODQJRORLQGLFDWRFRQOHYHUWLFDOLLQIHULRUL
,YDORULGLLQWHQVLW¢OXPLQRVDLQ>FGNOP@SHULOFDOFRORGHOOD
FODVVHGLLQWHQVLW¢OXPLQRVDVLULIHULVFRQRDOIOXVVRGL
HPLVVLRQHGHOODSSDUHFFKLRVHFRQGRODQRUPD(1
/DGLVSRVL]LRQHULVSHWWDODFODVVHGHJOLLQGLFLGLDEEDJOLDPHQWR
'
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD5LVXOWDWLGHOODSLDQLILFD]LRQH
3DJLQD
3LVWDFLFODELOH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD3LVWDFLFODELOH36LQWHVLGHLULVXOWDWL
3DJLQD
3LVWDFLFODELOH3
,OOXPLQDPHQWRRUL]]RQWDOH>O[@
P
5HWLFROR[3XQWL
(P>O[@ (PLQ>O[@ (PD[>O[@ J J
7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD3LVWDFLFODELOH37DEHOOD
3DJLQD
3LVWDFLFODELOH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
,OOXPLQDPHQWRRUL]]RQWDOH
P
P 7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD3LVWDFLFODELOH3,VROLQHH
3DJLQD
3LVWDFLFODELOH3
)DWWRUHGLGLPLQX]LRQH
5HWLFROR[3XQWL (P>O[@
ุ
ื
(PLQ>O[@
ุ
,OOXPLQDPHQWRRUL]]RQWDOH
P
P 7UDWWRUHWWLOLQHRWLSRFLFODELOHSURJP$OWHUQDWLYD3LVWDFLFODELOH3*UDILFDGHLYDORUL
3DJLQD