Vangeli Gnostici.pdf 4m1d6j

,QWURGX]LRQH*HQHUDOH 1HOGRSR&ULVWR2ULJHQHDIIHUPDFKHTXDWWURVRQRL9DQJHOLGHOOD&KLHVDWXWWLJOLDOWULVRQRHUHWLFL &RPXQHPHQWHO DJJHWWLYRDSRFULIRqFRQVLGHUDWRVLQRQLPRGLQRQDXWHQWLFRHUURQHRHUHWLFR,Q UHDOWjVLJQLILFDVHJUHWRQDVFRVWRGDDSRFULSWRV 1HOODWHUPLQRORJLDUHOLJLRVDLQGLFDOLEULVHJUHWLULYHODWRULGLYHULWjRFFXOWH 'LFRQWURFDQRQLFRYLHQHGDOJUHFRNDQRQFKHVLJQLILFDDVWDEDVWRQHUHJRORSHUPLVXUDUHHTXLQGLQRUPD ,QSDVVDWRLOWHUPLQHGLDSRFULIRYHQLYDXWLOL]]DWRSHULWHVWLJQRVWLFLFKHDSSXQWRVLVHUYLYDQRGLXQOLQJXDJJLR HUPHWLFRULFFRGLVLPEROLHGLFDUDWWHUHHVRWHULFR 7DOLYDQJHOLQRQKDQQRDYXWRIRUWXQDQHOODPDJJLRUDQ]DGHOOHFRPXQLWjSRSRODULSHUOHORURFDUDWWHULVWLFKHHOLWDULH,Q UHDOWj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qULYROWDDOO RULJLQHGHOO XRPRH GHOVXRPRQGRHGqGLUHWWDDOODVDOYH]]DGLTXHVWRPRQGR &ROXLFKHQRQKDFRQRVFLXWRVpVWHVVRQRQKDFRQRVFLXWRQXOODYDQJ7RPPDVR /D*QRVLqTXLQGLXQDGRWWULQDVDOYLILFDGLUHGHQ]LRQHLQGLYLGXDOH /D*QRVLIDYRULYDXQVLQFUHWLVPRFXOWXUDOHHUHOLJLRVRWUDSRSROD]LRQLGLYHUVHUDSSUHVHQWDYDLQXQFHUWRVHQVRXQYDVWR PRYLPHQWRGLULIRUPDLQWHVRDGHOLQHDUHXQDUHOLJLRQHILORVRILFDFDSDFHGLFRQFLOLDUHIHGHHUDJLRQH 9DQJHORGL7RPPDVR 4XHVWLVRQRLGHWWLVHJUHWLSURQXQFLDWLGD*HVLO9LYHQWHHVFULWWLGD'LGLPR*LXGD7RPDVR >@(JOLGLVVH&ROXLFKHVFRSUHO LQWHUSUHWD]LRQHGLTXHVWHSDUROHQRQJXVWHUjODPRUWH >@*HVGLVVH&ROXLFKHFHUFDQRQGHVLVWDGDOFHUFDUHILQRDTXDQGRQRQDYUjWURYDWRTXDQGR DYUjWURYDWRVLVWXSLUj4XDQGRVLVDUjVWXSLWRVLWXUEHUjHGRPLQHUjVXWXWWR >@*HVGLVVH6HFRORURFKHYLJXLGDQRYLGLFRQR(FFRLO5HJQRGL'LR qLQFLHOR$OORUDJOL XFFHOOLGHOFLHORYLSUHFHGHUDQQR6HYLGLFRQR( QHOPDUHDOORUDLSHVFLGHOPDUHYL SUHFHGHUDQQR,O5HJQRqLQYHFHGHQWURGLYRLHIXRULGLYRL4XDQGRYLFRQRVFHUHWHDOORUDVDUHWH FRQRVFLXWLHVDSUHWHFKHYRLVLHWHLILJOLGHO3DGUHFKHYLYH0DVHQRQYLFRQRVFHUHWHDOORUD GLPRUHUHWHQHOODSRYHUWjHVDUHWHODSRYHUWj >@*HVGLVVH8QYHFFKLRFKHQHLVXRLJLRUQLQRQHVLWHUjDLQWHUURJDUHXQELPERGLVHWWHJLRUQL ULJXDUGRDOOXRJRGHOODYLWDYLYUj*LDFFKpPROWLSULPLVDUDQQRXOWLPLHGLYHUUDQQRXQRVROR >@*HVGLVVH&RQRVFLFLzFKHWLVWDGDYDQWLHVLPDQLIHVWHUjFLzFKHWLqQDVFRVWR*LDFFKpQRQ YLQXOODGLQDVFRVWRFKHQRQVDUjPDQLIHVWDWR >@/ LQWHUURJDURQRLVXRLGLVFHSROLHJOLGLVVHUR9XRLWXFKHGLJLXQLDPR"&RPHSUHJKHUHPRH GDUHPRHOHPRVLQD"(FKHQRUPDVHJXLUHPRULJXDUGRDOYLWWR"*HVGLVVH1RQPHQWLWHHQRQ IDWHFLzFKHRGLDWHJLDFFKpWXWWRqPDQLIHVWRDOFRVSHWWRGHOFLHOR1RQYLqQXOODLQIDWWLGL QDVFRVWRFKHQRQYHQJDPDQLIHVWDWRQXOODGLFHODWRFKHQRQYHQJDULYHODWR >@*HVGLVVH%HDWRLOHRQHPDQJLDWRGDXQXRPRGLYHUUjXRPRPDOHGHWWRO XRPRPDQJLDWR GDXQOHRQHO XRPRGLYHUUjOHRQH >@(JOLGLVVHO XRPRpVLPLOHDXQSHVFDWRUHVDJJLRFKHJHWWzODVXDUHWHLQPDUHHGDOPDUHOD ULWLUzFDULFDGLSHVFLSLFFROL,QPH]]RDTXHOOLLOVDJJLRSHVFDWRUHVFRUVHXQEHOSHVFHJURVVR DOORUDJHWWzYLDLQPDUHWXWWLLSHVFLSLFFROLHVFHOVHVHQ]DVIRU]RLOSHVFHJUDQGH&KLKDRUHFFKLH

GDLQWHQGHUHLQWHQGD >@*HVGLVVH(FFRXVFuLOVHPLQDWRUH6LULHPSuODPDQRHJHWWzODVHPHQWH 4XDOFRVDFDGGH VXOODYLDYHQQHURJOLXFFHOOLHODEHFFDURQRDOWURFDGGHVXOODSLHWUDQRQPLVHUDGLFHLQWHUUDHQRQ OHYzODVSLJDDOFLHORDOWURFDGGHWUDOHVSLQHFKHVRIIRFDURQRODVHPHQWHHLOYHUPHVHODPDQJLz DOWURFDGGHVXOODWHUUDEXRQDHSRUWzEXRQIUXWWRVXLQDOWRSURGXVVHSL GHOVHVVDQWDHGHO FHQWRSHUFHQWR >@*HVGLVVH+RJHWWDWRIXRFRVXOPRQGRHGHFFRORFXVWRGLVFRILQRDFKHGLYDPSL >@*HVGLVVH3DVVHUjTXHVWRFLHORHSDVVHUjFLzFKHqVRSUDGLHVVRLPRUWLQRQVRQRYLYLHL YLYLQRQPRUUDQQR1HLJLRUQLLQFXLPDQJLDYDWHFLzFKHqPRUWRYRLORUHQGHYDWHYLYR4XDQGR VDUHWHQHOODOXFHFKHFRVDIDUHWH"1HOJLRUQRLQFXLHUDYDWHXQRVLHWHGLYHQWDWLGXH0DDOORUFKp VLHWHGLYHQWDWLGXHFKHFRVDIDUHWH" >@,GLVFHSROLGLVVHURD*HV6DSSLDPRFKHWHQHDQGUDLGDQRL&KLWUDGLQRLVDUjLOSL JUDQGH"!*HVULVSRVHORUR'DOOXRJRRYHVDUHWHDQGUHWHGD*LDFRPRLO*LXVWRSHULOTXDOH VRQRVWDWLIDWWLLOFLHORHODWHUUD >@*HVGLVVHDLVXRLGLVFHSROL)DWHPLXQSDUDJRQHGLWHPLDFKLUDVVRPLJOLR6LPRQ3LHWURJOL ULVSRVHVHLVLPLOHDXQDQJHORJLXVWR0DWWHRJOLULVSRVH0DHVWURVHLVLPLOHDXQ6DJJLRILORVRIR 7RPPDVRJOLULVSRVH0DHVWURODPLDERFFDqDVVROXWDPHQWHLQFDSDFHGLGLUHDFKLVHLVLPLOH *HVJOLGLVVHORQRQVRQRLOWXRPDHVWURJLDFFKpKDLEHYXWRHWLVHLLQHEULDORDOODIRQWH JRUJRJOLDQWHFKHLRKRPLVXUDWR(ORSUHVHLQGLVSDUWHHJOLGLVVHWUHSDUROH$OORUFKp7RPDVR ULWRUQzGDLVXRLFRPSDJQLTXHVWLJOLGRPDQGDURQR&KHFRVDWLKDGHWWR*HV"7RPDVR ULVSRVH6HYLGLFHVVLXQDGHOOHSDUROHFKHHJOLPLKDGHWWRYRLGDUHVWHPDQRDOOHSLHWUHSHU ODSLGDUPLHGDOOHSLHWUHXVFLUHEEHIXRFRHYLEUXFHUHEEH >@*HVGLVVH6HGLJLXQHUHWHYLDWWULEXLUHWHXQSHFFDWRVHSUHJKHUHWHYLFRQGDQQHUDQQRVH GDUHWHO HOHPRVLQDIDUHWHGHOPDOHDLYRVWULVSLULWL6HDQGUHWHLQTXDOFKHSDHVHHYLDJJHUHWHQHOOH VXH UHJLRQLVHDFFRJOLHUDQQRPDQJLDWHFLzFKHYLSRUUDQQRGDYDQWLHJXDULWHTXDQWLWUDORUR VRQRLQIHUPL*LDFFKpFLzFKHHQWUDGDOODERFFDQRQYLFRQWDPLQHUjPDqFLzFKHHVFHGDOOD YRVWUDERFFDFKHYLFRQWDPLQHUj >@*HVGLVVH4XDQGRYHGUHWHFROXLFKHQRQqQDWRGDGRQQDSURVWUDWHYLERFFRQLH DGRUDWHORHJOLqLOYRVWUR3DGUH >@*HVGLVVH)RUVHJOLXRPLQLSHQVDQRFKHLRVLDYHQXWRDJHWWDUHODSDFHVXOPRQGRHQRQ VDQQRFKHLRVRQRYHQXWRDJHWWDUHGLYLVLRQLIXRFRVSDGDJXHUUD&LQTXHVDUDQQRLQXQDFDVD WUHFRQWURGXHHGXHFRQWURWUHLOSDGUHFRQWURLOILJOLRHLOILJOLRFRQWURLOSDGUH(GHVVLVHQH VWDUDQQRVROL >@*HVGLVVH9LGDUzFLzFKHRFFKLRQRQYLGHFLzFKHRUHFFKLR QRQXGuFLzFKHPDQRQRQ WRFFzHFLzFKHQRQHQWUzPDLLQFXRUHG XRPR > ,GLVFHSROLGL*HVGLVVHUR0DQLIHVWDFLTXDOHVDUjODQRVWUDILQH*HVULVSRVH$YHWH VFRSHUWRLOSULQFLSLRYRLFKHYLLQWHUHVVDWHGHOODILQH",QIDWWLQHOXRJRRYHqLOSULQFLSLROjVDUj SXUHODILQH%HDWRFROXLFKHVDUjSUHVHQWHQHOSULQFLSLR&RVWXLFRQRVFHUjODILQHHQRQJXVWHUjOD PRUWH >@*HVGLVVH%HDWRFROXLFKHHUDSULPDGLGLYHQLUH6HGLYHUUHWHPLHLGLVFHSROLHDVFROWHUHWHOH PLHSDUROHTXHVWHSLHWUHVDUDQQRDOYRVWURVHUYL]LR,QSDUDGLVRLQIDWWLDYHWHFLQTXHDOEHULFKH QRQFDPELDQRQpG HVWDWHQp G LQYHUQRHOHORURIRJOLHQRQFDGRQRFROXLFKHOLFRQRVFHQRQ JXVWHUjODPRUWH >@,GLVFHSROLGL*HVGLVVHUR0DQLIHVWDFLDFKHFRVDDVVRPLJOLDLO5HJQRGHLFLHOL(JOLULVSRVH ORUR( VLPLOHDXQJUDQRGLVHQDSHFKHqLOSLSLFFRORGLWXWWLPDDOORUFKpFDGHVXXQWHUUHQR FROWLYDWRSURGXFHXQJUDQGHUDPRH GLYHQWDULIXJLRSHUJOLXFFHOOLGHOFLHOR >@0DULDGRPDQGzD*HV$FKLDVVRPLJOLDQRLWXRLGLVFHSROL"(JOLULVSRVH6RQRVLPLOLD EDPELQLFKHVLLQWUDWWHQJRQRLQXQFDPSRFKHQRQDSSDUWLHQHORUR $OORUFKpYHUUDQQRLSDGURQLGHOFDPSRGLUDQQR/DVFLDWHFLLOQRVWURFDPSR(VVLVDUDQQR QXGLGDYDQWLDORURPHQWUHODVFLDQRHUHVWLWXLVFRQRLOFDPSR3HUFLzGLFR6HLOSDGURQHGLFDVDVD FKHYHUUjLOODGURYLJLOHUjSULPDFKHYHQJDHQRQSHUPHWWHUjFKHSHQHWULQHOODFDVDGHOVXRUHJQR HDVSRUWLLVXRLEHQL0DYRLYLJLODWHDOFRVSHWWRGHOPRQGR&LQJHWHYLLILDQFKLGLJUDQGHSRWHQ]D DIILQFKpLODGULQRQWURYLQRODVWUDGDSHUJLXQJHUHILQRDYRL*LDFFKpLOSURILWWRFKHDVSHWWDWHHVVL ORWURYHUDQQR&LVLDWUDYRLXQXRPRJLXGL]LRVRDOORUFKpLOIUXWWRqPDWXURHJOLYLHQHVXELWR UHFDQGRLQPDQRODVXDIDOFHH ORUDFFRJOLH&KLKDRUHFFKLHGDLQWHQGHUHLQWHQGD >@*HVYLGHGHLELPELFKHVXFFKLDYDQRLOODWWH'LVVHDLVXRLGLVFHSROL4XHVWLEDPELQLFKH SUHQGRQRLOODWWHDVVRPLJOLDQRDFRORURFKHHQWUDQRQHO5HJQR*OLGRPDQGDURQR6HQRLVDUHPR EDPELQLHQWUHUHPRQHO5HJQR"*HVULVSRVHORUR$OORUFKpGLGXHIDUHWHXQRDOORUFKpIDUHWHOD SDUWHLQWHUQDFRPHO HVWHUQDODSDUWHHVWHUQDFRPHO LQWHUQDHODSDUWHVXSHULRUHFRPH LQIHULRUH DOORUFKpGHOPDVFKLRHGHOODIHPPLQDIDUHWHXQXQLFRHVVHUHVLFFKpQRQYLVLDSLQpPDVFKLRQp IHPPLQDDOORUFKpIDUHWHRFFKLLQOXRJRGLXQRFFKLRXQDPDQRLQOXRJRGuXQDPDQRXQSLHGHLQ OXRJRGLXQSLHGHHXQ LPPDJLQHLQOXRJRGLXQ LPPDJLQHDOORUDHQWUHUHWHQHO5HJQR

>@*HVGLVVH9LVFHJOLHUzXQRGDPLOOHHGXHGDGLHFLPLODHVDUDQQRFRQIHUPDWLFRPHXQD VRODSHUVRQD >@,VXRLGLVFHSROLGLVVHUR,VWUXLVFLFLVXOOXRJRRYHWXVHLJLDFFKpSHUQRLqQHFHVVDULRFKHOR FHUFKLDPR(JOLULVSRVHORUR&KLKDRUHFFKLHLQWHQGD1HOO LQWLPRGLXQXRPRGuOXFHF qOXFHH LOOXPLQDWXWWRLOPRQGR6HQRQLOOXPLQDVRQRWHQHEUH >@*HVGLVVH$PDWXRIUDWHOORFRPHO DQLPDWXD9HJOLDVXGLOXLFRPHODSXSLOODGHOWXR RFFKLR >@*HVGLVVH9HGLODSDJOLX]]DQHOO RFFKLRGHOWXRIUDWHOORPDQRQYHGLODWUDYHFKHqQHOWXR RFFKLR4XDQGRGDOWXRRFFKLRDYUDLWROWRODWUDYHDOORUDYHGUDLDEEDVWDQ]D SHUWRJOLHUHOD SDJOLX]]DGDOO RFFKLRGLWXRIUDWHOOR >@*HVGLVVH 6HQRQGLJLXQDWHYHUVRLOPRQGRQRQWURYHUHWHLO5HJQR6HQRQRVVHUYDWHLO VDEDWRFRPHXQVDEDWRQRQYHGUHWHLO3DGUH >@*HVGLVVH0LVRQRWURYDWRLQPHQRDOPRQGRHPLPDQLIHVWDLORURQHOODFDUQH/LWURYDL WXWWLXEULDFKLWUDHVVLQRQQHWURYDLDOFXQRDVVHWDWR (O DQLPDPLDqWRUPHQWDWDSHULILJOLGHJOLXRPLQLSHUFKpLQFXRUORURVRQRFLHFKLHQRQYHGRQR YHQQHURQHOPRQGRYXRWLHFHUFDQRGLXVFLUHGDOPRQGRYXRWL 0DRUDVRQRXEULDFKL$OORUFKpDYUDQQRYRPLWDWRLOORURYLQRDOORUDIDUDQQRSHQLWHQ]D >@*HVGLVVH6HODFDUQHSHUYHQQHDOO HVLVWHQ]DDPRWLYRGHOORVSLULWRqXQDPHUDYLJOLD6HOR VSLULWRqSHUYHQXWRDOO HVLVWHQ]DDPRWLYRGHOFRUSRqXQDPHUDYLJOLDGHOOHPHUDYLJOLH0DLRPL VWXSLVFRFKHXQDWDOHULFFKH]]DDEELDSUHVRGLPRUDLQTXHVWDSRYHUWj >@*HVGLVVH'RYHVLWURYDQRWUHGqLVRQRWUHGqLGRYHVRQRGXHRXQRLRVRQRFRQOXL >@*HVGLVVH8QSURIHWDQRQqDFFHWWRQHOVXRSDHVH8QPHGLFRQRQFXUDTXHOOLFKHOR FRQRVFRQR >@*HVGLVVH8QDFLWWjFRVWUXLWDVXXQDOWRPRQWHH IRUWLILFDWDQRQSXzFDGHUHQpHVVHUH QDVFRVWD >@*HVGLVVH&LzFKHXGUDLLQXQRUHFFKLRSURFODPDORVXLYRVWULWHWWLQHOO DOWURRUHFFKLR 1HVVXQRLQIDWWLDFFHQGHXQDOXFHUQDSHUPHWWHUODVRWWRLOPRJJLRQpODSRQHLQOXRJRQDVFRVWR EHQVuODPHWWHVXXQFDQGHOLHUHDIILQFKpTXHOOLFKHHQWUDQRHTXHOOLFKHHVFRQRYHGDQRODVXDOXFH >@*HVGLVVH6HXQFLHFRJXLGDXQFLHFRFDGRQRDPEHGXHLQXQDIRVVD >@*HVGLVVH1RQqSRVVLELOHFKHXQRHQWULQHOODFDVDGLXQDSHUVRQDIRUWHHODSUHQGDFRQOD IRU]DVHSULPDQRQOHOHJDOHPDQL$OORUDSRWUj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zVLDWHSUXGHQWL FRPHVHUSHQWLHVHPSOLFLFRPHFRORPEH >@*HVGLVVH8QDYLWHIXSLDQWDWDGDDOWULFKHQRQHUDPLR3DGUHJLDFFKpQRQVLLUUREXVWu VDUjVUDGLFDWDHSHULUj >@*HVGLVVH6DUjGDWRDFROXLFKHJLjKDQHOODVXDPDQRHDFROXLFKHQRQKDVDUjWROWR DQFKHTXHOSRFRFKHKD >@*HVGLVVH6LDWHWUDQVHXQWL >@,VXRLGLVFHSROLJOLGRPDQGDURQR&KLVHLWXFKHFLGLFLTXHVWHFRVH"*HVULVSRVH 'D FLzFKHYLGLFRQRQFDSLWHFKLLRVLD0DVLHWHGLYHQWDWLFRPHJOLHEUHL(VVLDPDQRO DOEHURPDQH RGLDQRLOIUXWWRRSSXUHDPDQRLOIUXWWRHRGLDQRO DOEHUR >@*HVGLVVH$FROXLFKHEHVWHPPLDPLR3DGUHVDUjSHUGRQDWRHDFROXLFKHEHVWHPPLDLO )LJOLRVDUjSHUGRQDWR0DDFROXLFKHEHVWHPPLHUjOR6SLULWR6DQWRQRQVDUjSHUGRQDWRQpLQ WHUUDQpLQFLHOR >@*HVGLVVH1RQFROJRQRO XYDGDOOHVSLQHQHUDFFROJRQRILFKLGDLURYLJLDFFKpHVVLQRQ GDQQRIUXWWR8QDSHUVRQDEXRQDWUDHLOEHQHGDOSURSULRWHVRURXQDSHUVRQDFDWWLYDGDO SURSULRWHVRURFDWWLYRFKHqLQFXRUVXRWUDHLOPDOHHGLFHSDUROH FDWWLYHJLDFFKpq GDOO DEERQGDQ]DGHOVXRFXRUHFKHSURGXFHFRVHFDWWLYH >@*HVGLVVH'D$GDPRD*LRYDQQL%DWWLVWDQHVVXQQDWRGDGRQQDIXSLJUDQGHGL*LRYDQQL %DWWLVWDVLFKHGDYDQWLDOXL HJOLGHEEDDEEDVVDUHJOLRFFKL7XWWDYLDYLGLVVL7UDGLYRLFKLXQTXH VDUjSLFFRORFRQRVFHUjLO5HJQRHVDUjSLJUDQGHGL*LRYDQQL

>@*HVGLVVH1RQqSRVVLELOHFKHXQXRPRFDYDOFKLGXHFDYDOOLHWLULGXHDUFKLHQRQq SRVVLELOHFKHXQVHUYRVHUYDDGXHSDGURQLRQRUHUjXQRHGLVSUH]]HUjO DOWUR1HVVXQREHYHYLQR YHFFKLRHGHVLGHUDSRLVXELWRGHOYLQRQXRYRQpPHWWRQRYLQRQXRYRLQRWULYHFFKLSHUWHPDFKH VLURPSDQRQpPHWWRQRYLQRYHFFKLRLQXQRWUHQXRYRSHUWHPDFKHORJXDVWLQRQFXFLRQRXQD SH]]DYHFFKLDVXGLXQYHVWLWRQXRYRSHUWHPDFKHQHULVXOWLXQRVWUDSSR >@*HVGLVVH6HLQTXHVWDVWHVVDFDVDGXHIDQQRSDFHO XQRFRQO DOWURGLUDQQRDXQPRQWH $OORQWDQDWL(VLDOORQWDQHUj >@*HVGLVVH%HDWLLVROLWDULHJOLHOHWWLSRLFKpWURYHUHWHLO5HJQRYRLLQIDWWLGDHVVRYHQLWHH DHVVRQXRYDPHQWHULWRUQHUHWH ^@*HVGLVVH6HYLGRPDQGDQR'RQGHYHQLWH"5LVSRQGHWHORUR6LDPRYHQXWLDOODOXFH GDOOXRJRRYHODOXFHQDFTXHGDVHVWHVVDVLHUHVVHHVLPDQLIHVWzQHOODORURLPPDJLQH6HYL GRPDQGDQR&KLVLHWHYRL"5LVSRQGHWH1RLVLDPRVXRLILJOLQRLVLDPRJOLHOHWWLGHO3DGUH YLYR6HYLGRPDQGDQR4XDqLOVHJQRGLYRVWUR3DGUHLQYRL"5LVSRQGHWH(LOPRYLPHQWRH LOULSRVR >@,VXRLGLVFHSROLJOLGRPDQGDURQR,QFKHJLRUQRYHUUjLOULSRVRGHLPRUWLHLQFKHJLRUQR YHUUjLOPRQGRQXRYR"(JOLULVSRVH4XHOULSRVR FKHDVSHWWDWHqYHQXWRPDYRLQRQORDYHWH ULFRQRVFLXWR >@,VXRLGLVFHSROLJOLGLVVHUR,Q,VUDHOHSDUODURQRYHQWLTXDWWURSURIHWLHWXWWLSDUODURQRLQWH (JOLULVSRVHORUR$YHWHRPHVVRLO9LYHQWHFKHqGDYDQWLDYRLHDYHWHSDUODWRVROWDQWR GHL PRUWL >@,VXRLGLVFHSROLJOLGRPDQGDURQR/DFLUFRQFLVLRQHJLRYDRSSXUHQR"(JOLULVSRVHORUR 6HJLRYDVVHLOORURSDGUHOLJHQHUHUHEEHFLUFRQFLVLGDOODPDGUHORUR0DODYHUDFLUFRQFLVLRQH QHOOR6SLULWRKDWURYDWRSLHQDXWLOLWj >@*HVGLVVH%HDWLLSRYHULSRLFKpYRVWURqLO5HJQRGHLFLHOL >@*HVGLVVH&ROXLFKHQRQRGLHUjVXRSDGUHHVXDPDGUHQRQSRWUjGLYHQLUHPLRGLVFHSROR &ROXLFKHQRQ RGLHUjLVXRLIUDWHOOLHOHVXHVRUHOOHHQRQ SRUWHUjODVXDFURFHFRPHPHQRQ VDUjGHJQRGLPH >@*HVGLVVH&ROXLFKHKDFRQRVFLXWRLOPRQGRKDWURYDWRVROWDQWR XQFDGDYHUHHFROXL FKHKDWURYDWRXQFDGDYHUHqVXSHULRUHDOPRQGR >@*HVGLVVH5HJQRGHO3DGUHqVLPLOHDXQXRPRFKHDYHYDXQDEXRQDVHPHQWH'LQRWWH YHQQHLOVXRQHPLFRHVHPLQz]L]]DQLDVRSUDDOODEXRQDVHPHQWH/ XRPRQRQSHUPLVHORURGL VUDGLFDUHOD]L]]DQLD'LVVHORUR$IILQFKpQRQDQGLDWHDHVWLUSDUHOD]L]]DQLDH VUDGLFKLDWHFRQ HVVDDQFKHLOJUDQR1HOJLRUQRGHOODPLHWLWXUDOH]L]]DQLHDSSDULUDQQRVDUDQQRHVWLUSDWHH EUXFLDWH >@*HVGLVVH%HDWRO XRPRFKHKDVRIIHUWR(JOLKDWURYDWRODYLWD >@*HVGLVVH0HQWUHYLYHWHFRQWHPSODWHLO9LYHQWHDIILQFKpQRQPRULDWHHFHUFKLDWHGL FRQWHPSODUORHQRQSRVVLDWHSL YHGHUOR >@9LGHUR XQVDPDULWDQRHQWUDUHQHOOD*LXGHDSRUWDQGRXQDJQHOOR'LVVHDLVXRLGLVFHSROL &KHFRVDIDUjGHOO DJQHOOR"*OLULVSRVHUR,QWHQGHXFFLGHUORHPDQJLDUQH(JOLGLVVHORUR )LQRDTXDQGRqYLYRQRQQHPDQJHUjEHQVuGRSRDYHUORXFFLVRHIDWWRORFDGDYHUH*OL ULVSRVHUR1RQSRWUHEEHIDUHDOWULPHQWL(GHJOL9RLSXUHFHUFDWHXQOXRJRSHULOULSRVR DIILQFKpQRQVLDWHULGRWWLDXQFDGDYHUHHPDQJLDWL >@*HVGLVVH'XHULSRVHUDQQRVXXQOHWWRXQRPRULUjHO DOWURYLYUj6DORPHJOLGRPDQGz FKLVHLWXXRPRFKHFRPHFROXLFKHqGDOO 8QRVHLVDOLWRVLLPLROHWWXFFLRHKDLPDQJLDWRDOODPLD PHQVD"*HVULVSRVH,RVRQRFROXLFKHSURYLHQHGDOO ,QGLYLVRD PHIXURQRGDWHFRVHFKHVRQR GHO3DGUHPLR6DORPHGLVVH,RVRQRWXDGLVFHSROD( *HVDOHL3HUFLzLRGLFR4XDQGRXQRVDUjLQGLYLVRVDUjULFROPRGLOXFHPDTXDQGRqGLYLVR VDUjULFROPRGLWHQHEUH >@*HVGLVVH,RFRPXQLFRLPLHLPLVWHULDFRORURFKHVRQRGHJQLGHLPLHLPLVWHUL&LzFKHID ODWXDGHVWUDODWXDVLQLVWUDORGHYHLJQRUDUH >@*HVGLVVH&HUDXQXRPRULFFRFKHDYHYDPROWHULFFKH]]H'LVVH0LVHUYLUzGHOOHPLH ULFFKH]]HSHUVHPLQDUHPLHWHUHSLDQWDUHHULHPSLUzLPLHLJUDQDLGLIUXWWDHQRQPDQFKHUzGL QXOOD&RVuSHQVDYDLQFXRUVXRPDLQTXHOODQRWWHPRUu&KLKDRUHFFKLHLQWHQGD >@*HVGLVVH8QXRPRDYHYDGHJOLRVSLWL'RSRFKHHEEHSUHSDUDWRLOEDQFKHWWRPDQGzXQ VXRVHUYRDLQYLWDUHJOLRVSLWL$QGzGDOSULPRHJOLGLVVH,OPLRVLJQRUHWLLQYLWD4XHOORJOL ULVSRVH'HLFRPPHUFLDQWLPLGHYRQRGHQDUR9HQJRQRGDPHTXHVWDVHUD$QGUzHGDUzRUGLQL 0LVFXVRSHULOEDQFKHWWR$QGzGDOVHFRQGRHJOLGLVVH,OPLRVLJQRUHWLLQYLWD4XHOOR JOL ULVSRVH+RFRPSUDWRXQDFDVDHVRQRULFKLHVWRSHUXQJLRUQR1RQDYUzWHPSR $QGzGDOWHU]RHJOLGLVVH,OPLRVLJQRUHWLLQYLWD4XHOOR JOLULVSRVH8QPLRDPLFRVLVSRVD HLRGDUzLOEDQFKHWWRQRQSRWUzYHQLUH0LVFXVRSHULOEDQFKHWWR $QGzGDXQDOWURHJOLGLVVH,OPLRVLJQRUHWLLQYLWD4XHOORULVSRVH+RFRPSUDWRXQDFDVFLQD YDGRDULFHYHUQHLUHGGLWLQRQSRWUzYHQLUH0LVFXVR

,OVHUYRWRUQzGDOVXRVLJQRUHHJOLGLVVH4XHOOLFKHKDLLQYLWDWRDOEDQFKHWWRVLVFXVDQR,O VLJQRUHGLVVHDOVHUYR9D SHUOHVWUDGHHFRQGXFLDOEDQFKHWWRTXDQWLWURYL&RPSUDWRULH FRPPHUFLDQWLQRQHQWUHUDQQRQHLOXRJKLGHL3DGUHPLR >@(JOLGLVVH8QXRPRRQHVWRDYHYDXQDYLJQD/DGLHGHDFRQWDGLQLDIILQFKpODODYRUDVVHUR SHUULFDYDUQHFRVu LOIUXWWRWUDPLWHORUR0DQGzLOVXRVHUYRDLFRQWDGLQLDIILQFKpJOLGHVVHURLO IUXWWRGHOODYLJQD/RSUHVHURLRFROSLURQRHSRFRPDQFzWKHO XFFLGHVVHUR,OVHUYRVHQHDQGzD GLUORDOVXRVLJQRUH,OVLJQRUHSHQVz)RUVHQRQO KDQQRULFRQRVFLXWR0DQGzXQDOWURVHUYR, FRQWDGLQLFROSLURQRDQFKHLOVHFRQGR$OORUDLOVLJQRUHPDQGzLOSURSULRILJOLRSHQVDQGR)RUVH DYUDQQRULVSHWWRGLPLRILJOLR,FRQWDGLQLYLVWRFKHHUDO HUHGHGHOODYLJQDORSUHVHURHO XFFLVHUR &KLKDRUHFFKLHLQWHQGD >@*HVGLVVH,QGLFDPLODSLHWUDUHVSLQWDGDJOLHGLILFDWRUL(VVDqODSLHWUDG DQJROR >@*HVGLVVH&ROXLFKHFRQRVFHLOWXWWRPDqSULYRGHOODFRQRVFHQ]D GLVHVWHVVRqSULYR GHOWXWWR >@*HVGLVVH%HDWLDOORUFKpYLRGLHUDQQRHYLSHUVHJXLWHUDQQR1RQYLVDUjOXRJRQHOTXDOH YRLQRQ VDUHWHSHUVHJXLWDWL >@*HVGLVVH%HDWLTXHOOLFKHVRQRVWDWLSHUVHJXLWDWLQHOORURFXRUH(VVLVRQRFRORURFKHLQ YHULWjKDQQRFRQRVFLXWRLO3DGUH %HDWLTXHOOLFKHVRQRDIIDPDWLJLDFFKpLOYHQWUHGLFROXLFKHORYXROHVDUjULHPSLWR >@*HVGLVVH6HORHVSULPHWHGDYRLVWHVVLFLzFKHDYHWHYLVDOYHUj6HLQYRLVWHVVLQRQ O DYHWHFLzFKHLQYRLVWHVVLQRQDYHWHYLXFFLGHUj >@*HVGLVVH'LVWUXJJHUzTXHVWDFDVDHQHVVXQRSRWUjULHGLILFDUOD >@8QXRPRJOLGLVVH'L DLPLHLIUDWHOOLFKHGLYLGDQRLEHQLGLPLRSDGUHFRQPH(JOL ULVSRVH8RPRFKLKDIDWWRGLPHXQGLYLVRUH"(ULYROWRDLVXRLGLVFHSROLGLVVHORUR6RQRLR IRUVHXQGLYLVRUH" >@*HVGLVVH/DPHVVHqPROWDPDJOLRSHUDLVRQRSRFKL3UHJDWHLO6LJQRUHDIILQFKpPDQGL RSHUDLSHUODPHVVH >@(JOLGLVVH6LJQRUHPROWLVRQRSUHVVRLOSR]]RPDQHVVXQRqQHOSR]]R >@*HVGLVVH0ROWLVRQRFRORURFKHVWDQQRDOODSRUWDPDVROWDQWR LVROLWDULHQWUHUDQQRQHOOD FDPHUDQX]LDOH >@*HVGLVVH,O5HJQRGHO3DGUHPLRqVLPLOHDXQFRPPHUFLDQWHFKHDYHYDGHOODPHUFHH WURYzXQDSHUOD4XHVWRFRPPHUFLDQWHHUDVDJJLRYHQGHWWHODPHUFHHVLFRPSUzODSHUOD$QFKH YRLFHUFDWHLOWHVRURFKHQRQSHULVFHFKHqGXUHYROHOjRYHQRQSXzDYYLFLQDUVLLOWDUORSHU URGHUHQpLOYHUPHSHUGLVWUXJJHUH >@*HVGLVVH,RVRQRODOXFHFKHVRYUDVWDWXWWLORUR,RVRQRLOWXWWR,OWXWWRSURPDQzGDPHH LOWXWWRJLXQJHILQRDPH6SDFFDWHGHOOHJQRLRVRQROuGHQWUR$O]DWHODSLHWUDHOuPLWURYHUHWH >@*HVGLVVH3HUFKpVLHWHXVFLWLIXRULLQFDPSDJQD"3HUYHGHUHXQDFDQQDDJLWDWDGDOYHQWR" 3HUYHGHUHXQXRPRYHVWLWRPROOHPHQWH"*XDUGDWHLYRVWULUHHLYRVWULJUDQGL&RVWRURVRQR YHVWLWLPROOHPHQWHHQRQSRWUDQQRFRQRVFHUHODYHULWj >@8QDGRQQDJOLGLVVHGLWUDODIROOD%HDWRLOYHQWUHFKHWLKDSRUWDWRHLVHQLFKHWLKDQQR QXWULWR(JOLULVSRVH%HDWLFRORURFKHXGLURQRLO/RJRVGHO3DGUHHORFXVWRGLURQRYHUDPHQWH *LRUQLYHUUDQQRQHLTXDOLGLUHWH%HDWRLOYHQWUHFKHQRQKDFRQFHSLWRHLVHQLFKHQRQKDQQR DOODWWDWR >@*HVGLVVH&KLKDFRQRVFLXWRLOPRQGRKDWURYDWRLOFRUSRPDFROXLFKHKDWURYDWRLOFRUSR qVXSHULRUHDOPRQGR >@*HVGLVVH&ROXLFKHVLqIDWWRULFFRGLYHQWLUHHFROXLFKHKDLOSRWHUHYLULQXQFL >@*HVGLVVH&ROXLFKHqYLFLQRDPHqYLFLQRDOIXRFR&ROXLFKHqORQWDQRGDPHq ORQWDQRGDO5HJQR >@*HVGLVVH/HLPPDJLQLVRQRPDQLIHVWDWHDOO XRPRPDODOXFHFKHqLQHVVHqQDVFRVWD QHOO LPPDJLQHGHOODOXFHGHO3DGUH(JOLVLPDQLIHVWHUjPDODVXDLPPDJLQHUHVWHUjQDVFRVWDGDOOD VXDOXFH >@*HVGLVVH2JJLDOORUFKpYHGHWHXQYRVWURVLPLOHYLUDOOHJUDWH0DTXDQGRYHGUHWHOH YRVWUHLPPDJLQLFKHVRQRVWDWHIDWWHSULPDGLYRLFKHQpPXRLRQRQpVRQRSDOHVLSHUTXDQWR VRSSRUWHUHWH" >@*HVGLVVH$GDPRVFDWXUuGDXQDJUDQGHSRWHQ]DHGDXQDJUDQGHRSXOHQ]DHWXWWDYLD HJOLQRQIXGHJQRGLYRL6HLQIDWWLIRVVHVWDWRGHJQRQRQDYUHEEHJXVWDWRODPRUWH >@*HVGLVVH/HYROSLKDQQROHORURWDQHHJOLXFFHOOLKDQQRLORURQLGLPDLO)LJOLR GHOO XRPRQRQKDDOFXQOXRJRRYHSRJJLDUHLOFDSRHULSRVDUH >@*HVGLVVH0LVHURqLOFRUSRFKHGLSHQGHGDXQFRUSRHPLVHUDqO DQLPDFKHGLSHQGHGD DPEHGXH >@*HVGLVVH9HUUDQQRDYRLJOLDQJHOLHLSURIHWLHYLGDUDQQRTXDQWRYLDSSDUWLHQH9RLGDWH ORURFLzFKHDYHWHQHOOHPDQL'RPDQGDWHDYRLVWHVVL,QFKHJLRUQRYHUUDQQRDULFHYHUHFLzFKHq ORUR"

>@*HVGLVVH3HUFKpODYDWHODSDUWHHVWHUQDGHOELFFKLHUH"1RQFRPSUHQGHWHFKHFROXLFKH KDIDWWRODSDUWHLQWHUQDqORVWHVVRFKHKDIDWWRO HVWHUQD" >@*HVGLVVH9HQLWHDPHSRLFKpLOPLRJLRJRqGROFHHPLWHODPLDGRPLQD]LRQHHWURYHUHWH SHUYRLXQULSRVR >@*OLGLVVHUR0DQLIHVWDFLFKLVHLDIILQFKpSRVVLDPRFUHGHUHLQWH(JOLGLVVHORUR0HWWHWH DOODSURYDODVXSHUILFLHGHOFLHORHGHOODWHUUDHQRQDYHWHULFRQRVFLXWRFROXLFKHqGDYDQWLDYRL 9RLQRQVDSHWHFRPH PHWWHUHDOODSURYDTXHVWRWHPSR >@*HVGLVVH&HUFDWHHWURYHUHWH0DOHFRVHVXOOHTXDOLLQTXHLJLRUQLPLDYHWHLQWHUURJDWR LRQRQOHKRGHWWHDOORUD(DGHVVRFKHLRGHVLGHURGLUYHOHYRLQRQPHOHGRPDQGDWH >@*HVGLVVH 1RQGDWHFLzFKHqVDQWRDLFDQLDIILQFKpQRQORJHWWLQRQHOOHWDPDLR1RQ JHWWDWHOHSHUOHDLSRUFLDIILQFKpQRQOHFDOSHVWLQR >@*HVGLVVH&ROXLFKHFHUFDWURYHUjHDFROXLFKHEXVVDVDUjDSHUWR >@*HVGLVVH6HDYHWHGHOGHQDURQRQLPSUHVWDWHORDLQWHUHVVHPDGDWHORDXQRGDOTXDOH QRQORULDYUHWH >@*HVGLVVH,O5HJQRGHL3DGUHqVLPLOHDXQDGRQQDSUHVHXQSR GLOLHYLWR,RQDVFRVH QHOODSDVWDHQHIHFHSDQLJUDQGL&KLKDRUHFFKLHLQWHQGD >@*HVGLVVH,O5HJQRGHO3DGUHqVLPLOHDXQDGRQQDFKHUHFDYDXQDEURFFDSLHQDGLIDULQD 0HQWUHFDPPLQDYDSHUXQDVWUDGDOXQJLGDFDVDVLUXSSHO DQVDGHOODEURFFDHODIDULQDIXRULXVFu VXOODYLDOHLQRQVHQHDFFRUVHHQRQEDGzDOO LQFLGHQWH*LXQWDDFDVDVXDSRVzODEURFFDHOD WURYzYXRWD >@*HVGLVVH,O5HJQRGHO3DGUHqVLPLOHDXQXRPRFKHYXROHXFFLGHUHXQDSHUVRQDSRWHQWH LQFDVDSURSULDHVWUDHODVSDGDHWUDSDVVDXQDSDUHWHSHUSURYDUHVHODVXDPDQRqDEEDVWDQ]D IRUWH3RLXFFLVHTXHOODSHUVRQDSRWHQWH >@,GLVFHSROLJOLGLVVHUR)XRULFLVRQRWXDPDGUHHLWXRLIUDWHOOL(JOLULVSRVH4XHOOLFKH VRQRTXLTXHOOLFKHIDQQRODYRORQWjGHL3DGUHPLRFRVWRURVRQRPLHLIUDWHOOLHPLDPDGUH4XHVWL HQWUHUDQQRQHO5HJQRGLPLR3DGUH >@0RVWUDURQRD*HVXQDPRQHWDGRURHJOLGLVVHUR*OLDJHQWLGL&HVDUHHVLJRQRGDQRLOH WDVVH(JOLULVSRVH'DWHD&HVDUHFLzFKHHGL&HVDUHGDWHD'LRFLzFKHqGL'LRHGDWHDPH FLzFKHqPLR >@*HVGLVVH&ROXLFKHQRQRGLDVXRSDGUHHVXDPDGUHFRPHPHQRQqDGDWWRDHVVHUH PLRGLVFHSROR(FROXLFKHQRQDPDVXRSDGUHHVXDPDGUHFRPHPHQRQSXzGLYHQLUHPLR GLVFHSROR3RLFKpPLDPDGUHPLGLHGHPHQ]RJQDPDODPLDYHUDPDGUHPLGLHGHODYLWD >@*HVGLVVH*XDLDLIDULVHL6RQRLQIDWWLFRPHXQFDQHDFFRYDFFLDWRVXXQDPDQJLDWRLDGL EXRLQpPDQJLDQpODVFLDFKHPDQJLQRLEXRL >@*HVGLVVH%HDWRO XRPRFKHVDGDTXDOHSDUWHHQWUHUDQQRLODGULSHUFKpV DO]HUj FRQFHQWUHUjODVXDIRU]DHVLFLQJHUjLILDQFKLSULPDFKHHVVLDUULYLQR >@*OLGLVVHUR9LHQLRJJLSUHJKLDPRHGLJLXQLDPR*HVGLVVH&KHSHFFDWRKRGXQTXH FRPPHVVRRLQFKHFRVDVRQRVWDWRYLQWR"0DTXDQGRORVSRVRXVFLUjGDOODVWDQ]DQX]LDOHDOORUD GLJLXQHUDQQRHSUHJKHUDQQR >@*HVGLVVH&ROXLFKHFRQRVFHLOSDGUHHODPDGUHVDUjGHWWRILJOLRGLXQDSURVWLWXWD >@*HVGLVVH4XDQGRGLGXHIDUHWHXQRVDUHWHILJOLGHOO XRPRHTXDQGRGLUHWHDXQPRQWH $OORQWDQDWLVLDOORQWDQHUj >@*HVGLVVH,O5HJQRqVLPLOHDXQSDVWRUHFKHKDFHQWRSHFRUH8QDODSLJUDQGHVL VPDUUu(JOLODVFLzOHQRYDQWDQRYHHFHUFzTXHOO XQDILQRDTXDQGRODWURYz'RSRFKHVLHUD DIIDWLFDWRGLVVHDOODSHFRUD7LDPRSLGHOOHQRYDQWDQRYH >@*HVGLVVH&ROXLFKHEHYHGDOODPLDERFFDGLYHQWHUjFRPHPHLRVWHVVRGLYHUUzFRPH OXLHJOLVDUDQQRULYHODWHOHFRVHQDVFRVWH >@*HVGLVVH,O5HJQRqVLPLOHDXQXRPRFKHVHQ]DVDSHUORKDXQWHVRURQDVFRVWRQHOVXR FDPSR'RSRODVXDPRUWHORODVFLzDOILJOLR,OILJOLRQRQQHVDSHYDQXOODHUHGLWzLOFDPSRHOR YHQGHWWH,OFRPSUDWRUHYHQQHHPHQWUHDUDYDWURYzLOWHVRURHFRPLQFLzDLPSUHVWDUHGHQDURD LQWHUHVVHDTXHOOLFKHYROHYD >@*HVGLVVH&ROXLFKHKDWURYDWRLOPRQGRHGqGLYHQWDWRULFFRGHYHULQXQFLDUHDOPRQGR >@*HVGLVVH,FLHOLHODWHUUDVFRPSDULUDQQRGDYDQWLDYRLHFROXLFKHYLYHGDO9LYHQWHQRQ YHGUjQpODPRUWHQpODSDXUD3RLFKp*HVGLFH,OPRQGRQRQqGHJQRGLFROXLFKHWURYHUjVH VWHVVR >@*HVGLVVH*XDLDOODFDUQHFKHGLSHQGHGDOO DQLPDL*XDLDOO DQLPDFKHGLSHQGHGDOOD FDUQH >@,GLVFHSROLJOLGRPDQGDURQR,QTXDOHJLRUQRYHUUjLO5HJQR"*HVULVSRVH 1RQ YHUUjPHQWUHORVLDVSHWWD1RQGLUDQQR(FFRqTXLRSSXUH(FFRqOj%HQVuLO5HJQRGHL 3DGUHqGLIIXVRVXWXWWDODWHUUDHJOLXRPLQLQRQORYHGRQR >@6LPRQ3LHWURGLVVHORUR0DULDGHYHDQGDUHYLDGDQRL3HUFKpOHIHPPLQHQRQVRQR

GHJQHGHOOD9LWD*HVGLVVH(FFRLRODJXLGHUzLQPRGRGDIDUQHXQPDVFKLRDIILQFKpHOOD GLYHQWLXQRVSLULWRYLYRXJXDOHDYRLPDVFKL3RLFKpRJQLIHPPLQDFKHVLIDPDVFKLRHQWUHUjQH, 5HJQRGHLFLHOL ,O9DQJHORVHFRQGR7RPDVR 'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD )LOLSSRDFXUDGL/XLJL0RUDOGLHG DJOL$GHOSKL0LODQRSS

,QWURGX]LRQHDO9DQJHORGL0DULD ,OFRGLFHSDSLUDFHRGL%HUOLQRGHVLJQDWR3DSIXDFTXLVWDWRQHOHODVXD SXEEOLFD]LRQHHEEHYLWDPROWRWUDYDJOLDWD,OSDSLURFRQWLHQHTXDWWURVFULWWLJQRVWLFLLOSUHVHQWH 9DQJHORGL0DULDO¶$SRFULIRGL*LRYDQQLOD6RILDGL*HV&ULVWRJOL$WWLGL3LHWUR,OSULPR VFULWWRqLOSLEUHYHHLOSLGDQQHJJLDWR2FFXSDYDOHSULPHSDJLQHHWHUPLQDFROWLWRORLO 9DQJHORGL0DULDDOODS3XUWURSSRLOWHVWRqLQFRPSOHWRPDQFDQROHSULPHVHLSDJLQHH DQFRUDLQWHJUDOPHQWHOHSDJLQHLQWXWWRGXQTXHPDQFDQRORSDJLQHGLWHVWR,OOXRJRGL SURYHQLHQ]DGHOSDSLURqLJQRWRWXWWDYLDFLVLPDQWLHQHHQWURXQPDUJLQHGLVLFXUH]]DLSRWL]]DQGR FKHSURYHQJDGDOODUHJLRQHGL1DJ+DPPDGLFRPHDOWULFRGLFLFRSWLYHQXWLDOODOXFHSULPDGHO HGHLTXDOLVLLJQRUDYDODSURYHQLHQ]D$SSURIRQGLWLVWXGLHUHFHQWLVVLPHHVSORUD]LRQL DUFKHRORJLFKHFRQIRUWDQRTXHOODFKHSULPDHUDXQDVHPSOLFHVXSSRVL]LRQH0DFKLqTXHVWD 0DULD"7UHSHUVRQHFDPPLQDYDQRVHPSUHFRQLO6LJQRUH0DULDVXDPDGUHHODVRUHOODGLOHLH OD0DGGDOHQDGHWWDODVXDFRPSDJQD0DULDLQIDWWLVLFKLDPDYD VXDVRUHOODVXDPDGUHHVXD FRPSDJQDª(DQFRUD©/DFRPSDJQDGH,)LJOLRq0DULD0DGGDOHQD,O6LJQRUHDPDYD0DULD SLGLWXWWLLGLVFHSROLHVSHVVRODEDFLDYDVXOODERFFD*OLDOWULGLVFHSROLYHGHQGRORFRQ0DULDJOL GRPDQGDURQR³3HUFKpO¶DPLSLGLQRLWXWWL"´ª1RQYLqGXEELRFKHLOQRVWURVLDLO©9DQJHORGL 0DULD0DGGDOHQDª&RPHLQWXWWLJOLVFULWWLJQRVWLFLFULVWLDQLOD0DGGDOHQDqO¶HVHPSLRGHO SHUIHWWRJQRVWLFRHODPDHVWUDGHOODGRWWULQDJQRVWLFD/¶RSHUDJQRVWLFDSLVRUSUHQGHQWHqVRWWR TXHVWRDVSHWWR36/HGRQQHFKHLQTXHVW¶RSHUDLQWHUYHQJRQRFRPHLQWHUORFXWULFLGL*HVULVRUWR VRQR0DULDVXDPDGUH0DUWD6DORPHH0DULD0DGGDOHQDHODSDUWHGLJUDQOXQJD SUHSRQGHUDQWHQRQVRORWUDOHPHQ]LRQDWHGLVFHSROHPDDQFKHWUDJOLDSRVWROLqGL0DULD 0DGGDOHQDFKH²LQPDQLHUDVHPSUHLPSRUWDQWH²LQWHUYLHQHSHUEHQVHVVDQWDVHWWHYROWH'LOHL *HVWHVVHOHSLDPSLHORGLHGHOODLQWHUFHGHSHUVLQRSHUJOLDSRVWROLVSHFLHTXDQGRQRQ ULHVFRQRDVHJXLUHOHSDUROHGHO0DHVWURHDHVSRUUHLPRWLYLGHOOHORURGRPDQGH,OIDWWRKD FHUWDPHQWHXQVLJQLILFDWRFKHIRUVHYDFHUFDWRLQGXHGLUH]LRQLODSULPDqODSUHVHQWD]LRQHGL 0DULDQHL9DQJHOLFDQRQLFL$TXDQWRVHPEUDSHULOQRVWURVFULWWR0DULD0DGGDOHQDqODGRQQD GDOODTXDOH*HVVFDFFLzVHWWHGHPRQLqODVRUHOODGL0DUWDqODSHFFDWULFHDQRQLPDHGq PHQ]LRQDWDSLYROWHQHLTXDWWUR9DQJHOLFKHWUDWWDQRGHOODSDVVLRQHHULVXUUH]LRQHGLOHLqGHWWR FKHOHVRQRVWDWLSHUGRQDWLPROWLSHFFDWLHFKHSHUFLzKDDPDWRPROWR 8QDVHFRQGDOLQHDGLUHWWULFHYDLQGLYLGXDWDQHOODFRQFH]LRQHGHLGXHVHVVLFKH²VLqRVVHUYDWR² qLQQDWXUDOHqVHJQRGLLPSHUIH]LRQHHTXLQGLFHVVHUjTXDQGRQRQFLVDUDQQR©QpGRQQDQp XRPRªLQTXDOFKHPRGRWDOHSURFHVVRVLHUDJLjFRPSLXWRQHOOD0DGGDOHQD©LOFXLFXRUHq ULYROWRDO5HJQRGHLFLHOLSLGLWXWWLLWXRLIUDWHOOLªHFKHKDJLjULFHYXWRXQDVRPLJOLDQ]DFRQOD YHUJLQHOXFHFRPHOHGLFH*HVLOVXR©XRPROXFHqVHPSUHGHVWRODVXDPHQWHVHPSUHSURQWDH ULFROPDGL©VSLULWROXPLQRVR ,QOHLVLHUDJLjUHDOL]]DWRLOFLFORGHOULWRUQRSRLFKpFRQODVXDSUHFHGHQWHYLWDGLSHFFDWRGRSR O¶LQFRQWURFRQ*HVGLYHQQHOXPLQRVRHVHPSLRGLYLWDLQTXHVWRLPRQGRFKHHEEHRULJLQHGDXQD WUDVJUHVVLRQHªHTXLQGLSURWRWLSRGHOYHURJQRVWLFRHPDHVWUDGLJQRVL ,QSUHVHQ]DGLFLzqGLIILFLOHQRQSHQVDUHDXQDWDFLWDRDSHUWDFRQWUDSSRVL]LRQHGHOOHFRPXQLWj JQRVWLFKHQHLFRQIURQWLGHOOD&KLHVDXIILFLDOHFLUFDODSRVL]LRQHGHOODGRQQDQHOO¶DPELWRGHOOD FRPXQLWjHGHOFXOWRFULVWLDQRÊVLJQLILFDWLYRFRPHVLDVHPSUH3LHWUR²QHO9DQJ7RPLQ36H QHO9DQJ0DU²DGDVVXPHUHXQDWWHJJLDPHQWRRVWLOHDOOHGRQQHFKHLPPDQFDELOPHQWHLO&ULVWR ULPSURYHUD/HJJLDPRDGHVHPSLRFKH0DULD0DGGDOHQDKDODPHQWHVHPSUHSURQWDPD©WHPH OHPLQDFFHGL3LHWURLOTXDOHKDLQRGLRLOQRVWURJHQHUHIHPPLQLOH36 HDQFRUD ©OHGRQQHILQLVFDQRGLGRPDQGDUHDIILQFKpSRVVLDPRGRPDQGDUHDQFKHQRLª

'DTXDQWRqJLXQWRILQRDQRLSRVVLDPRFRVuVLQWHWL]]DUHLO9DQJ0DU*HVULVRUWRVLLQWUDWWLHQH FRQJOLDSRVWROLULVSRQGHDOOHORURGRPDQGHHDIILGDORURODPLVVLRQHGLSUHGLFDUHLO9DQJHOR 0DQFDQRVIRUWXQDWDPHQWHVHLSDJLQHDOO¶LQL]LRGDOWHVWRFKHDEELDPROHGXHGRPDQGHGHJOL DSRVWROLHOHULVSRVWHGL*HVYHUWRQRVXOODVRUWHILQDOHGHOODQDWXUDFLRqGHOODPDWHULDHVXO© SHFFDWRGHOPRQGRª/DPDWHULDQRQKDLPSRUWDQ]DDOFXQDSHULOPRQGRVSLULWXDOHYLHQHGDOQXOOD HVLGLVVROYHUjQHOQXOODFLzFKHQRQqPDLHVLVWLWRQRQDYUjHVLVWHQ]DKDDYXWRHVLVWHQ]DSHU HVVHUHQXRYDPHQWHGLVWUXWWRHVDUjGLVWUXWWR $OODVHFRQGDGRPDQGDVXOSHFFDWRGHLPRQGR*HVULVSRQGHFKHQRQHVLVWHSURSULDPHQWH SHFFDWRGHOPRQGRDHFFH]LRQHGLTXHOORFKHFRPPHWWRQRJOLXRPLQLFRQODULSURGX]LRQH SUHVHQWDWDFRPHXQLFRSHFFDWRHSURVHJXHDIIHUPDQGRFKHLO%HQHFKHTXLGHVLJQDORVWHVVR 6DOYDWRUHqYHQXWRDVHSDUDUHQHOO¶XRPRLOPDWHULDOHGDOORVSLULWXDOHUHVWLWXHQGRRJQLQDWXUDDOOD VXDUDGLFHFRQODFRPXQLFD]LRQHGHOODUHWWDFRQRVFHQ]DFLRqGHOODJQRVLFKHSHUPHWWHOD VHSDUD]LRQHGHOFRUSRPDWHULDOHGDOODOXFHHLOULWRUQRGHOO¶DQLPDDOODVXDYHUDSDWULD3HUTXHVWR GRSRODQDVFLWDqQHFHVVDULDODPRUWHVJJ 'DOODPDWHULDLQIDWWLVLRULJLQzXQDSDVVLRQH FKHVFRQYROVHWXWWRLOFRUSRHGqFRQWURODQDWXUD4XDQWLYHQQHURLQTXHVWRPRQGRVRQRJRFFH GLOXFHVRQRVFLQWLOOHFKHGDOPRQGRGLOXFHIXURQRIDWWHVFHQGHUHGD6RILDQHOPRQGRGHO 3DQWRFUDWRUGHOFDRVRYHVRQRDYYLQWHGDOOHFDWHQHGHOO¶REOLRLO6DOYDWRUHVFHVHSHUOLEHUDUH TXHVWHJRFFHTXHVWHVFLQWLOOHGHVWDUOHGDOVRQQRDGGLWDUHODYLDGHOODOXFHSHUULVDOLUHDO3DGUH ,O&ULVWRLQFRUDJJLDJOLDSRVWROLGjORURODSDFHOLPHWWHLQJXDUGLDFRQWURJOLLQJDQQL©LO)LJOLR GHOO¶XRPRª²FLRqORVWHVVR&ULVWR²©qGHQWURGLQRLªGHYRQRFHUFDUORHVHJXLUOR'HYRQR DQGDUHDSUHGLFDUHLO9DQJHORGHO5HJQRQRQVRQRDUDOGLGLXQOHJLVODWRUHQRQKDQQROHJJLWXWWL SRVVRQRULFRQRVFHUHFKLVRQRGRQGHYHQJRQRHGRYHVRQRGLUHWWL'RSRFKH*HVVLq DOORQWDQDWRHQWUDLQD]LRQH0DULDWUDJOLDSRVWROLVFRUDJJLDWL /DVHFRQGDSDUWHLQL]LDFRQO¶LQWHUYHQWRGL3LHWURSUHVVR0DULDDIILQFKpULFRUGLDJOLDSRVWROLOH SDUROHDOHLGHWWHGDO6DOYDWRUHHLJQRUDWHGDJOLDOWUL,O&ULVWROHHUDDSSDUVRLQYLVLRQHHDYHYD ULVSRVWRDOOHVXHGRPDQGHSXUWURSSRVLqFRQVHUYDWDVRORXQDGLTXHVWH/¶XRPRYHGHODYLVLRQH DWWUDYHUVRO¶DQLPDRDWWUDYHUVRORVSLULWR"$EELDPRO¶LQL]LRGHOODULVSRVWDLO6DOYDWRUHLQL]LD DVVHUHQGRFKHODYLVLRQHQRQqSHUFHSLWDQpDWWUDYHUVRO¶DQLPDQpDWWUDYHUVRORVSLULWREHQVuFRQ ODPHQWH 0DQFDQROHSDJLQH,OHGRSRTXHVWRVRVWDQ]LRVRYXRWRLQFRQWULDPRO¶DQLPDFKH FRQYHUVDFRQXQDSRWHQ]D'DTXDQWRVHJXHGHGXFLDPRFKHO¶DQLPDVLLQWUDWWLHQH VXFFHVVLYDPHQWHFRQTXDWWURSRWHQ]HLOQRVWURWHVWRLQL]LDFRQODVHFRQGD3XUQHOODFRQGL]LRQH PXWLODQHOODTXDOHFLqSHUYHQXWRLOWHVWRqGLSDUWLFRODUHLQWHUHVVHLQTXDQWRGHVFULYHO¶DVFHQVLRQH GHOO¶DQLPDSXULILFDWDGLRJQLHOHPHQWRPDWHULDOHO¶DQLPDQHOVXRYLDJJLRGLULWRUQRDO3DGUHDOOD VXDRULJLQH'DPROWLWHVWLJQRVWLFLVDSSLDPRFKHSHUVDOLUHDO5HJQRGHOODOXFHHUDQHFHVVDULR VXSHUDUHLOFRVLGGHWWR©OXRJRGLPH]]RªLQIHVWDWRGDXQJUDQQXPHURGLHVVHULPDOYDJL,OEUDQR FHQWUDOHGHO9DQJ0DUKDGXQTXHXQVLQJRODUHLQWHUHVVHSHUFKpWUDWWDXQVRJJHWWRQpPDUJLQDOHQp IDFLOPHQWHFRPXQLFDELOHODFXLFRPSUHQVLRQHSUHVXSSRQHDOWULDUWLFROLQRQFRPXQLPDSURSUL GHOORJQRVWLFLVPRHGqVLJQLILFDWLYRFKHO¶DXWRUHDWWULEXLVFDORVFULWWRDOOD0DGGDOHQDFRQVLGHUDWDLO WLSRGHOSHUIHWWRJQRVWLFRFRPHqXJXDOPHQWHGDRVVHUYDUHODUHD]LRQHSLXWWRVWRQHJDWLYDGHJOL DSRVWROLQRQDQFRUDPDWXUL ,O9DQJHORGL0DULD ODPDWHULDVDUjGLVWUXWWDRSSXUHQR",O6DOYDWRUHGLVVH³7XWWHOHQDWXUHWXWWHOHIRUPD]LRQL WXWWHOHFUHD]LRQLVXVVLVWRQRO¶XQDQHOO¶DOWUDHO¶XQDFRQO¶DOWUDHVDUDQQRQXRYDPHQWHGLVVROWHQHOOH SURSULHUDGLFL3RLFKpODQDWXUDGHOODPDWHULDVLGLVVROYHVROWDQWRQHOOHUDGLFL GHOODVXDQDWXUD &KLKDRUHFFKLHGDLQWHQGHUHLQWHQGDª 3LHWURJOLGLVVH*LDFFKpFLKDLVSLHJDWRRJQLFRVDVSLHJDFLDQFKHTXHVWR&KHFRVDqLOSHFFDWR GHOPRQGR"ª,O6DOYDWRUHULVSRVH©1RQYLqDOFXQSHFFDWR6LHWHYRLLQYHFHFKHIDWHLO SHFFDWRDOORUFKpFRPSLWHD]LRQL FKHVRQRGHOODVWHVVDQDWXUDGHOO¶DGXOWHULRFKHqGHWWR³LO SHFFDWR´ ©3HUTXHVWRPRWLYRLOEHQHYHQQHLQPH]]RDYRLQHOO¶HVVHQ]D GLRJQLQDWXUDSHUUHVWLWXLUODDOOD VXDUDGLFH(SURVHJXuGLFHQGR©3HUTXHVWRYLDPPDODWHHPRULWHSHUFKpYRLDPDWHFLzFKHq LQJDQQHYROHFLzFKHYLLQJDQQHUj&KLSXzFRPSUHQGHUHFRPSUHQGD

©/DPDWHULDGLHGHRULJLQHDXQDSDVVLRQHVHQ]DXJXDOLFKHSURFHGHWWHGDTXDOFRVD FKHq FRQWURQDWXUD1HYHQQHDOORUDXQGLVRUGLQHLQWXWWRLOFRUSR©3HUTXHVWRPRWLYRYLGLVVL)DWHYL FRUDJJLR6HVLHWHDIIOLWWLIDWHYLFRUDJJLRLQSUHVHQ]DGHOOHPROWHSOLFLIRUPHGHOODQDWXUD&KLKD RUHFFKLHGDLQWHQGHUHLQWHQGDª &LzGHWWRLO%HDWROLVDOXWzWXWWLHGLVVH©/DSDFHVLDFRQYRL$EELDWHODPLDSDFH6WDWHDOO¶HUWD FKHQHVVXQRYLLQJDQQLFRQOHSDUROH³9HGHWHTXL´R³9HGHWHOj,O)LJOLRGHOO¶XRPRqLQIDWWL GHQWURGLYRL6HJXLWHOR&KLORFHUFDORWURYD ©$QGDWHGXQTXHHSUHGLFDWHLO9DQJHORGHO5HJQR1RQKRHPDQDWRDOFXQSUHFHWWRDOO¶LQIXRULGL TXHOORFKHYLKRVWDELOLWR1pYLKRGDWRDOFXQDOHJJHFRPHXQOHJLVODWRUHDIILQFKpQRQDYYHQJD FKHVLDWHGDHVVDFRVWUHWWLª&LzGHWWRVHQHDQGz 0DHVVLULPDVHURWULVWLHSLDQJHYDQRIRUWHGLFHQGR ©&RPHSRVVLDPRDQGDUHGDLJHQWLOLHSUHGLFDUHORURLO9DQJHORGHO5HJQRGHO)LJOLRGHOO¶XRPR" 6HHVVLQRQULVSDUPLDURQROXLFRPHVDUHPRULVSDUPLDWLQRL" 6¶DO]zDOORUD0DULDOLVDOXWzWXWWLHGLVVHDLVXRLIUDWHOOL³1RQSLDQJHWHQRQVLDWHPDOLQFRQLFLH QHSSXUHLQGHFLVL/DVXDJUD]LDVDUjSHULQWHURFRQYRLHYLSURWHJJHUj/RGLDPRSLXWWRVWRODVXD JUDQGH]]DJLDFFKpHJOLFLKDSUHSDUDWLHIDWWLXRPLQL´ &RVuGLFHQGR0DULDYROVHDOEHQHODORURPHQWHHGHVVLLQFRPLQFLDURQRDGLVFXWHUHVXOOHSDUROH GHO6DOYDWRUH 3LHWURGLVVHD0DULD©6RUHOODQRLVDSSLDPRFKHLO6DOYDWRUHWLDPDYDSLGHOOHDOWUHGRQQH &RPXQLFDFLOHSDUROHGHO6DOYDWRUHFKHWXULFRUGLTXHOOHFKHWXFRQRVFLPD QRQQRLTXHOOH FKHQRLQRQDEELDPRQHSSXUHXGLWRª 0DULDULVSRVHHGLVVH©4XHOORFKHDYRLqQDVFRVWRLRYHORFRPXQLFKHUzª (GHOODLQL]LzDGLUHORUROHVHJXHQWLSDUROH©,ROHLGLVVHYLGLLO6LJQRUHLQXQDYLVLRQHHJOLGLVVL ³6LJQRUHRJJLWLKRYLVWRLQXQDYLVLRQH´(JOLPLULVSRVHHGLVVH³%HDWDWXFKHQRQKDLYDFLOODWR DOODPLDYLVWD/jLQIDWWLRYHqODPHQWHTXLYLqLOWHVRUR´,RJOLGLVVL³6LJQRUHDGHVVRGLPPL FROXLFKHYHGHODYLVLRQHODYHGHDWWUDYHUVR O¶DQLPDRSSXUHDWWUDYHUVR ORVSLULWR"´ ©,O6DOYDWRUHULVSRVHHGLVVH³(JOLQRQYHGHDWWUDYHUVRO¶DQLPDQpDWWUDYHUVRORVSLULWRPDOD PHQWHFKHVLWURYDWUDLGXHqTXHOODFKHYHGHODYLVLRQHH´ª >0DQFDQRTXDWWURSDJLQH@ ©(ODEUDPRVLDGLVVH³1RQWLKRYLVWDTXDQGRVHLGLVFHVDRUDLQYHFHWLYHGRPHQWUHVDOLLQ DOWR&RPHPDLGXQTXHWXPLPHQWLGDOPRPHQWRFKHPLDSSDUWLHQL"´/¶DQLPDULVSRVH³,RWLKR YHGXWDPHQWUHWXQRQPLKDLQpYLVWDQpFRQRVFLXWD,RWLIDFHYRGDYHVWLWRPDQRQPLKDL ULFRQRVFLXWD´&LzGHWWRHOODVHQHDQGzYLDDOOHJUDHJLRLRVD ©$QGzSRLGDOODWHU]DSRWHQ]DFKHVLFKLDPDLJQRUDQ]D4XHVWDGRPDQGzDOO¶DQLPD³'RYH9DL" 6HLVWDWDSUHVDQHOODPDOLJQLWjPDVHLVWDWDSUHVD1RQJLXGLFDUH´/¶DQLPDGLVVH³3HUFKpPL JLXGLFKLPHQWUHLRQRQKRJLXGLFDWR",RVRQRVWDWDSUHVDVHEEHQHLRQRQDEELDSUHVR1RQVRQR VWDWDULFRQRVFLXWD0DLRKRULFRQRVFLXWRFKHLOWXWWRqVWDWRGLVFLROWRVLDOHFRVHHQDWXUH WHUUHVWULVLDOHFHOHVWL´ ©'RSRFKHO¶DQLPDHEEHODVFLDWRGLHWURGLVpODWHU]DSRWHQ]DVDOuLQDOWRHYLGHODTXDUWD SRWHQ]D(VVDDYHYDVHWWHIRUPH/DSULPDqO¶RVFXULWjODVHFRQGDqODEUDPRVLDODWHU]Dq O¶LJQRUDQ]DODTXDUWDqO¶HPR]LRQHGHOODPRUWHODTXLQWDqLOUHJQRGHOODFDUQHODVHVWDqODVWROWD VDJJH]]DGHOODFDUQHODVHWWLPDqODVDSLHQ]DVWL]]RVD4XHVWHVRQROHVHWWHSRWHQ]HGHOO¶LUD ©(VVHGRPDQGDURQRDOO¶DQLPD³'DGRYHYLHQLDVVDVVLQDGHJOLXRPLQL"'RYHVHLLQFDPPLQDWD VXSHUDWULFHGHJOLVSD]L"´/¶DQLPDULVSRVHHGLVVH©&LzFKHPLOHJDqVWDWRXFFLVRFLzFKHPL FLUFRQGDqVWDWRPHVVRGDSDUWHODPLDEUDPRVLDqDQQLHQWDWDHODPLDLJQRUDQ]DqPRUWD,QXQ PRQGRVRQRVWDWDVFLROWDGDXQPRQGRLQXQW\SRVGDXQW\SRVVXSHULRUHGDOODFDWHQDGHOO¶REOLR FKHqSDVVHJJHUD'¶RUDLQSRLLRUDJJLXQJHUzLQVLOHQ]LRLOULSRVRGHOWHPSRGHOPRPHQWR

GHOO¶HRQH´ 'HWWRFLz0DULDWDFTXH)LQTXLOHDYHYDSDUODWRLO6DOYDWRUH 0D$QGUHDUHSOLFzHGLVVHDLIUDWHOOL©'LWHFKHFRVDSHQVDWHGLTXDQWRHOODKDGHWWR,RDOPHQR QRQFUHGRFKHLO6DOYDWRUHDEELDGHWWRFLz4XHVWHGRWWULQHLQIDWWLVRQRVLFXUDPHQWHLQVHJQDPHQWL GLYHUVLª 5LJXDUGRDTXHVWHVWHVVHFRVHSDUOzDQFKH3LHWUR(JOLOLLQWHUURJzLQPHULWRDO6DOYDWRUH³+DHJOL IRUVHSDUODWRUHDOPHQWHLQVHJUHWRHQRQDSHUWDPHQWHDXQDGRQQDVHQ]DFKHQRLORVDSHVVLPR" &LGREELDPRULFUHGHUHWXWWLHDVFROWDUHOHL")RUVHHJOLO¶KDDQWHSRVWDDQRL"³ 0DULDDOORUDSLDQVHHGLVVHD3LHWUR³3LHWURIUDWHOORPLRFKHFRVDFUHGLGXQTXH"&UHGLWXFKHLR O¶DEELDLQYHQWDWRLQFXRUPLRRFKHLRPHQWDULJXDUGRDO6DOYDWRUH"³ /HYLUHSOLFzD3LHWURGLFHQGR³7XVHLVHPSUHLUUXHQWH3LHWUR2UDLRYHGRFKHWLVFDJOLFRQWUROD GRQQDFRPHIDQQR JOLDYYHUVDUL6HLO6DOYDWRUHO¶KDUHVDGHJQDFKLVHLWXFKHODUHVSLQJL"1RQ Y¶qGXEELRLO6DOYDWRUHODFRQRVFHEHQH3HUTXHVWRDPDYDOHLSLGLQRL'REELDPRSLXWWRVWR YHUJRJQDUFLULYHVWLUFLGHOO¶XRPRSHUIHWWRIRUPDUFLFRPHHJOLFLKDRUGLQDWRHDQQXQ]LDUHLO 9DQJHORVHQ]DHPDQDUHQpXQXOWHULRUHFRPDQGDPHQWRQpXQ¶XOWHULRUHOHJJHDOO¶LQIXRULGLTXDQWR FLGLVVHLO6DOYDWRUH³ 4XDQGR/HYLHEEHGHWWRFLzHVVLSUHVHURDGDQGDUHSHUDQQXQ]LDUHHSUHGLFDUH ,O9DQJHORVHFRQGR0DULD 'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD )LOLSSRDFXUDGL/XLJL0RUDOGLHG DJOL$GHOSKL0LODQRSS 9DQJHORGL9HULWj ,O9DQJHORGLYHULWjqJLRLDSHUFRORURFKHGDO3DGUHGHOODYHULWjKDQQRULFHYXWRODJUD]LDGL FRQRVFHUORDWWUDYHUVRODSRWHQ]DGHO/RJRVYHQXWRGDO3OHURPDHJOLqQHOSHQVLHURHQHOODPHQWH GHO3DGUHHJOLqFKLDPDWR6DOYDWRUHHVVHQGRTXHVWRLOQRPHGHOO RSHUDFKHKDGDSRUWDUHD FRPSLPHQWRSHUODVDOYH]]DGLFRORURFKHQRQFRQRVFHYDQRLO3DGUH,OQRPHGHO9DQJHORq LQIDWWLXQSURFODPDGLVSHUDQ]DqXQDVFRSHUWDSHUFRORURWKHORFHUFDQR7XWWLLQIDWWLHUDQRDOOD ULFHUFDGLFROXLGDOTXDOHHUDQRXVFLWLHLWXWWLHUDQRLQOXLO LQDIIHUUDELOHO LQFRPSUHQVLELOHFROXLFKH qDOGLVRSUDGLTXDOVLDVLSHQVLHUR / LJQRUDQ]DGHO3DGUHIXVRUJHQWHGLDQJRVFLDHGLSDXUD/ DQJRVFLDVLqFRQGHQVDWDFRPHXQD FDOLJLQHVLFFKpQHVVXQRKDSRWXWRYHGHUH3HUFLzO HUURUHVLqDIIHUPDWRLJQRUDQGRODYHULWjKD HODERUDWRODVXDPDWHULDQHOYXRWR6LLQGXVWULzDIRUPDUHXQDFUHDWXUDVIRU]DQGRVLGLDQFRUDUH QHOODEHOOH]]DO HTXLYDOHQWHGHOODYHULWj 0DFLzQRQHUDXQDXPLOLD]LRQHSHUOXLO LQDIIHUUDELOHO LQFRPSUHQVLELOHTXHVWDDQJRVFLDTXHVWR REOLRHTXHVW RSHUDPHQ]RJQHUDHUDQRXQQXOODPHQWUHODYHULWjqVWDELOHLQDOWHUDELOH LQDPRYLELOHqLPSHUIHWWLELOPHQWHEHOOD3HUFLzGLVSUH]]DWHO HUURUH1RQDYHQGRUDGLFHHUDLQXQD FDOLJLQHULVSHWWRDO3DGUHDSSUHVWDQGRVLDSUHGLVSRQHRSHUHREOLLHSDXUHSHUDWWUDUUHSHUORUR WUDPLWHFRORURFKHVLWURYDQRQHOOXRJR GLPH]]RHIDUOLSULJLRQLHUL / REOLRGHULYDQWHGDOO HUURUHQRQHUDPDQLIHVWR1RQHQFRPHSUHVVRLO3DGUH/ REOLRQRQ HVLVWHYDSUHVVRLO3DGUHDQFKHVHSHUYHQQHDOO HVLVWHQ]DDFDXVDGLOXLTXDQWRHVLVWHLQOXLqOD FRQRVFHQ]DFKHIXPDQLIHVWDWDDIILQFKpVLHVWLQJXHVVHO REOLRHLO3DGUHIRVVHFRQRVFLXWR/ REOLR LQIDWWLSHUYHQQHDOO HVLVWHQ]DSHUFKpQRQFRQRVFHYDQRLO3DGUHGDOPRPHQWRGXQTXHLQFXL FRQRVFRQRLO3DGUHO REOLRQRQVDUjSL4XHVWRqLO9DQJHORGLFROXLFKHHVVLFHUFDQRqVWDWR PDQLIHVWDWRDLSHUIHWWLJUD]LHDOODPLVHULFRUGLDGHO3DGUH 0LVWHURQDVFRVWR*HV&ULVWRSHUPH]]RGHLTXDOHKDLOOXPLQDWRFRORURFKHDPRWLYRGHOO REOLR VLWURYDYDQRQHOO RVFXULWjOLKDLOOXPLQDWLKDLQGLFDWRORUR ODYLD(TXHVWDYLDqODYHULWjFKHKD LQVHJQDWRORUR3HUTXHVWRPRWLYRO HUURUHVLDGLUzFRQWURGLOXLORSHUVHJXLWzORPDOWUDWWzOR

DQQLFKLOu)XLQFKLRGDWRDXQOHJQRGLYHQQHIUXWWRGHOODFRQRVFHQ]DGHO3DGUHPDSHUFRORURFKH QHKDQQRPDQJLDWRQRQGLYHQQHFDXVDGLSHUGL]LRQH $OFRQWUDULRSHUFRORURFKHQHPDQJLDURQRGLYHQQHFDXVD GLJLRLDDPRWLYRGHOODVFRSHUWD (JOLLQIDWWLOLWURYzLQVHVWHVVRHGHVVLWURYDURQROXLLQVHVWHVVLOXLFKHq O LQDIIHUUDELOH O LQFRPSUHQVLELOHLO3DGUHSHUIHWWRFROXLFKHKDIDWWRLOWXWWRQHOTXDOHVLWURYDLOWXWWRHGHOTXDOH LOWXWWRKDELVRJQR (JOLLQIDWWLWUDWWHQQHLQVHVWHVVRODORURSHUIH]LRQHQRQO DYHYDGDWDDOWXWWR1RQSHUFKpLO3DGUH VLDJHORVRTXDOHJHORVLDYLSXzHVVHUHLQOXLYHUVROHVXHPHPEUD"3RLFKpVHLQWDOPRGRTXHVWR HRQHDYHVVHWUDWWHQXWRSHUVHODORURSHUIH]LRQHHVVLQRQDYUHEEHURSRWXWRVDOLUHYHUVRLO3DGUH FKHWUDWWLHQHLQVHVWHVVRODORURSHUIH]LRQHHJOLLQYHFH ODFRQFHGHORURDIILQFKpULWRUQLQRDOXLH ORFRQRVFDQRFRQXQDFRQRVFHQ]DXQLFDQHOODSHUIH]LRQH(JOLqFROXLFKHKDIDWWRLOWXWWRFROXL QHOTXDOHHUDLOWXWWRHGHOTXDOHLOWXWWRKDELVRJQR6LFFRPHXQRFKHqLJQRUDWRGDPROWLGHVLGHUD HVVHUHFRQRVFLXWRHTXLQGLDPDWRGLFKHFRVDLQIDWWLKDELVRJQRLOWXWWRVHQRQGHOOD FRQRVFHQ]DGHL3DGUH"FRVuHJOLYHQQHJXLGDVHUHQDHWUDQTXLOOD (QWUzLQXQDVFXRODHGDPDHVWURSURQXQFLzOD3DUROD6LUHFDURQRGDOXLLVDSLHQWLTXDQWLVL FUHGHYDQRWDOLPHWWHQGRORDOODSURYDPDHJOLOLFRQIRQGHYDGLPRVWUDQGRORURFKHHUDQRYXRWL / RGLDURQRSHUFKpLQYHULWjQRQHUDQRVDSLHQWL 'RSRWXWWLFRVWRURVLUHFDURQRGDOXLDQFKHLIDQFLXOOLDLTXDOLDSSDUWLHQHODFRQRVFHQ]DGHO3DGUH SRLFKpIXURQRLUUREXVWLWLLPSDUDURQRDFRQRVFHUH JOLDVSHWWLGHOYROWRGHO3DGUH&RQREEHURH IXURQRFRQRVFLXWL)XURQRJORULILFDWLHJORULILFDURQR1HOORURFXRUHVLPDQLIHVWzLOOLEURYLYRGHL YLYHQWLVFULWWRQHOSHQVLHURHQHOO LQWHOOLJHQ]DGHL3DGUHFKHQHOODVXDLQFRPSUHQVLELOLWjHUD DQWHULRUHDOODIRQGD]LRQHGHOWXWWR1HVVXQRSRWHYDLPSDGURQLUVLGLTXHVWROLEUR SRLFKpHUD ULVHUYDWRDFROXLFKHORDIIHUUHUjDFROXLFKHVDUjLPPRODWR1HVVXQRGLFRORURFKHFUHGHWWHURDOOD VDOYH]]DSRWpHVVHUHPDQLIHVWDWRILQRDFKHTXHOOLEURQRQIHFHODVXDDSSDUL]LRQH3HUFLzLO PLVHULFRUGLRVRHIHGHOH*HVDFFHWWzFRQSD]LHQ]DGLVRSSRUWDUHOHVRIIHUHQ]HILQRDTXDQGR SUHVHTXHOOLEURVDSHQGRFKHODVXDPRUWHqYLWDSHUPROWL &RPHLQXQWHVWDPHQWRFKHQRQqDQFRUDVWDWRDSHUWRqQDVFRVWDODIRUWXQDGHOFDSRIDPLJOLD PRUWRFRVuLOWXWWRULPDQHYDQDVFRVWRILQWDQWRFKHLO3DGUHO HVVHUHFKHHVLVWHGDVpHGDOTXDOH SURYHQJRQRWXWWLJOLVSD]LHUDLQYLVLELOH3HUFLzDSSDUYH*HVVLULYHVWuGLTXHOOLEURIXLQFKLRGDWR DXQOHJQRUHVHSXEEOLFDVXOODFURFHODGLVSRVL]LRQHGHO3DGUH 2KJUDQGHLQVHJQDPHQWR6LXPLOLzILQRDOODPRUWHFROXLFKHHUDULYHVWLWRGLYLWDHWHUQD 6SRJOLDWRVLGHLFHQFLFRUUXWWLELOLVLULYHVWuGLLPPRUWDOLWjGHOODTXDOHQHVVXQRORSXzSULYDUH 3HQHWUDWRQHOOHYXRWHUHJLRQLGHOOHSDXUHSDVVzDWWUDYHUVRJOLLJQXGLDFDXVDGHOO REOLRHGLYHQQH JQRVLHSHUIH]LRQHDQQXQ]LDQGRTXDQWRqQHOFXRUHGHO3DGUHDIILQFKpODVXDSDUROD DPPDHVWUDVVHFRORURFKHDYUHEEHURDFFROWRLOVXRLQVHJQDPHQWR &RORURFKHDFFROJRQRLOVXRLQVHJQDPHQWRFLRqLYLYHQWLJOLLVFULWWLQHOOLEURGHLYLYHQWLULFHYRQR ODGRWWULQDVXVHVWHVVL/DULFHYRQRGDO3DGUHWRUQDQGRQXRYDPHQWHYHUVRGLOXL6LFFRPHOD SHUIH]LRQHGHOWXWWRqQHO3DGUHqQHFHVVDULRFKHLOWXWWRULVDOJDYHUVRGLOXL$OORUDFROXLFKH FRQRVFHSUHQGHFLzFKHqVXRHO DWWUDHDVp &ROXLLQIDWWLFKHQRQFRQRVFHqQHOELVRJQRHFLzGLFXLKDELVRJQRqJUDQGHJLDFFKpKDELVRJQR GLFLzFKHORUHQGHSHUIHWWR6LFFRPHODSHUIH]LRQHGHOWXWWRVLWURYDQHO3DGUHqQHFHVVDULRFKHLO WXWWRULVDOJDYHUVRGLOXLHFKHRJQXQRSUHQGDFLzFKHqVXRFRVWRURHJOLOLKDJLjLVFULWWLHOLKD SUHSDUDWLSHUGDUHDTXDQWLVRQRSURFHGXWLGDOXL &RVWRURLOFXLQRPHHJOLDYHYDJLjFRQRVFLXWRIXURQRFKLDPDWLDOODILQHVLFFKpFROXLFKHFRQRVFH qTXHJOLLOFXLQRPHIXSURQXQFLDWRGDO3DGUH&ROXLLOFXLQRPHQRQqVWDWRSURQXQFLDWRq LJQRUDQWH(LQIDWWLFRPHSXzXGLUHXQRLOFXLQRPHQRQqVWDWRSURQXQFLDWR"3RLFKpFROXLFKHq LJQRUDQWHILQRDOOD)LQHqRSHUDGHOO REOLRHFRQHVVRVDUjGLVWUXWWR6HFRVuQRQIRVVHSHUFKp TXHVWLPLVHUDELOLQRQKDQQRXQQRPHQRQKDQQRXQDYRFH" 6LFFKpFROXLFKHFRQRVFHqGDOO DOWR6HYLHQHFKLDPDWRDVFROWDULVSRQGHVLYROJHYHUVRFROXLWKH ORFKLDPDULVDOHYHUVRGLOXL&RQRVFHFRPHYLHQHFKLDPDWR6LFFRPHFRQRVFHFRPSLHOD YRORQWjGLFROXLFKHORFKLDPDYXROHHVVHUJOLJUDGLWRDFFRJOLHLOULSRVR,OQRPHGHOO 8QRGLYHQWDLO VXRQRPH&ROXLFKHFRQRVFHUjLQTXHVWRPRGRVDGRQGHYHQQHHGRYHYDFRQRVFHFRPHXQR

FKHXEULDFDWRVLVLULVFXRWHGDOO HEEUH]]DULWRUQDWRLQVpKDULVWDELOLWRFLzFKHqVXR (JOLKDGLVWROWRPROWLGDOO HUURUHOLKDSUHFHGXWLILQRDLOXRJKLGDLTXDOLVLHUDQRDOORQWDQDWLTXDQGR FDGGHURLQHUURUHDPRWLYRGHOODSURIRQGLWjGLFROXLFKHDYYROJHRJQLVSD]LRHQRQqDYYROWRGD DOFXQR (QXQDJUDQGHPHUDYLJOLDFKHHVVLIRVVHURQHO3DGUHVHQ]DFRQRVFHUORHFKHIRVVHURFDSDFLGL XVFLUHGDVROLGDWRFKHHUDQRLQFDSDFLGLFRPSUHQGHUHHGLFRQRVFHUHFROXLQHOTXDOHVL WURYDYDQR3RLFKpQRQFRVuHUDXVFLWDGDOXLODVXDYRORQWj(JOLVLPDQLIHVWzFRPHFRQRVFHQ]D FKHFRQYLQFHWXWWHOHHPDQD]LRQL4XHVWDqODJQRVLGHOOLEURYLYHQWHFKHHJOLKDPDQLIHVWDWRDJOL FRQLDOODILQHFRPHOHWWHUDVHQ]DFKHHJOLVWHVVRVLPDQLIHVWDVVH3RLFKpQRQVRQRYRFDOLQp FRQVRQDQWLFKHXQRSXzOHJJHUHHSHQVDUHDFRVHYXRWHEHQVuVRQROHWWHUHGHOODYHULWjFKH SURQXQFLDVRORFKLOHFRQRVFH2JQLOHWWHUDqYHULWjSHUIHWWDFRPHXQOLEURSHUIHWWRSRLFKpVRQR OHWWHUHVFULWWHGDOO XQLWjOHVFULVVHLO3DGUHDIILQFKpSHUPH]]RGHOOHVXHOHWWHUHJOLFRQL FRQRVFDQRLO3DGUH 0HQWUHODVXDVDSLHQ]DPHGLWDLO/RJRV HODVXDGRWWULQDORHVSULPH ODVXDJQRVLVLPDQLIHVWz /DVXDLQGXOJHQ]DqVXGLOXLFRPHXQDFRURQD /DVXDJLRLDqXQLWDDOXL /DVXDJORULDORKDHVDOWDWR /DVXDLPPDJLQHORKDPDQLIHVWDWR ,OVXRULSRVRO KDDFFROWRLQVHVWHVVR ,OVXRDPRUHVLqLQFDUQDWRLQOXL /DVXDIHGHOWjORKDFLUFRQGDWR &RVuLO/RJRVGHO3DGUHFDPPLQzWUDLOWXWWRHVVHQGRLOIUXWWRGHOVXRFXRUHHO HVSUHVVLRQHGHOOD SUHVHQ]DGHOODVXDYRORQWj (JOLWXWWDYLDVRVWHQWDLOWXWWRHJOLYLFRPSLHXQDVFHOWDHSUHQGHODIRUPDGHOWXWWR(JOLORSXULILFD HORIDULWRUQDUHDO3DGUHDOOD0DGUHLO*HVGLLQILQLWDGROFH]]D ,O3DGUHVFRSUHLOVXRSHWWRLOVXRSHWWRqOR6SLULWR6DQWR PDQLIHVWDTXDQWRLQOXLqQDVFRVWR FLzWKHLQOXLqQDVFRVWRqLO)LJOLRVXRDIILQFKpSHURSHUDGHOODPLVHULFRUGLDGHO3DGUHJOLHRQL SRVVDQRFRQRVFHUORHQRQSLSHQDUHDOODULFHUFDGHO3DGUHFRVuVLULSRVDQRLQOXLVDSHQGRFKH HJOLqLOULSRVR &ROPDWDODPDQFDQ]DGLVWUXVVHO HVWHUQDDSSDUHQ]D/DVXDHVWHUQDDSSDUHQ]DqLOPRQGRDO TXDOHHJOLHUDDVVHUYLWR,QIDWWLLOOXRJRRYHVLWURYDQRLQYLGLDHGLVFRUGLDqODGHILFLHQ]DPHQWUHLO OXRJRRYHVLWURYDO XQLWjqODSHUIH]LRQH /DGHILFLHQ]DYHQQHSHUFKpHVVLQRQFRQRVFHYDQRLO3DGUHPDGDOPRPHQWRLQFXLFRQRVFRQRLO 3DGUHODGHILFLHQ]DQRQHVLVWHUjSL &RPHO LJQRUDQ]DGLXQDSHUVRQDVLGLVVROYHGDVRODQHOPRPHQWRLQFXLHOODFRQRVFH&RPHVL GLVVROYHO RVFXULWjQHOPRPHQWRLQFXLVSOHQGHODOXFHFRVuODGHILFLHQ]DGLVSDUHQHOODSHUIH]LRQH 'DTXHVWRPRPHQWRQRQDSSDUHSLO DSSDUHQ]DHVWHUQDVLGLVVROYHUjIRQGHQGRVLQHOO XQLWj PHQWUHRQOHORURRSHUHVRQRGLVSHUVH,QTXHO PRPHQWRO XQLWjSRUWHUjDOODSHUIH]LRQHJOLVSD]L 1HOO XQLWjRJQXQRULWURYHUjVHVWHVVR1HOO XQLWjSHUPHQRGHOODFRQRVFHQ]DHJOLSXULILFKHUjVH VWHVVRGDOODPROWHSOLFLWjFRPHXQDILDPPDGLYRUHUjLQVHVWHVVRODPDWHULDO RVFXULWjSHUPHQR GHOODOXFHODPRUWHSHUPHQRGHOODYLWD 6HTXHVWRGXQTXHDYYHQQHDRJQXQRGLQRLqDQ]LWXWWRQHFHVVDULRFKHRJQXQRULIOHWWDDFKH O DELWD]LRQHVLDVDQWDHWUDQTXLOODSHUO XQLWj &RPHSHUVRQHFKHDEEDQGRQDQGRXQOXRJRGLVWUXJJRQRLYDVLQRQEXRQLWKHYLVLWURYDQRHLO SDGURQHGHOO DELWD]LRQHQRQVLRIIHQGHDQ]LVHQHUDOOHJUDSHUFKpDOSRVWRGHLYDVLFDWWLYLYHQH VRQRGLSLHQLHSHUIHWWL 4XHVWRLQIDWWLqLOJLXGL]LRWKHqYHQXWRGDOO DOWRHKDJLXGLFDWRRJQXQRODVSDGDVJXDLQDWDDGXH WDJOLFKHWDJOLDGDDPEROHSDUWLTXDQGRDSSDUYHLO/RJRVFKHqQHOFXRUHGLTXDQWLOR

SURIHULVFRQRQRQIXVROWDQWRXQVXRQRPDKDDVVXQWRXQFRUSRWUDLYDVLVLSURGXVVHXQ JUDQGHWUDPEXVWRSRLFKpJOLXQLHUDQRYXRWLHJOLDOWULSLHQLJOLXQLHUDQRGULWWLHJOLDOWULURYHVFLDWL JOLXQLHUDQRSXULHJOLDOWULVSH]]DWL 7XWWLJOLVSD]LVREEDO]DURQRHIXURQRVFRQYROWLLQHVVLQRQY HUDVWDELOLWjDOFXQDQpDYHYDQRXQ RUGLQH/ HUURUHIXSUHVRGDOO DQJRVFLDQRQVDSHQGRFKHFRVDIDUHVLDIIOLVVHVLODPHQWzVLVWXSu SRLFKpQRQVDSHYDQXOOD $OORUFKpJOLVLDYYLFLQDODJQRVLFKHqODURYLQDVXDHGLWXWWHOHVXHHPDQD]LRQLO HUURUHq YXRWRQRQKDSLQXOODLQVHVWHVVR $SSDUYHODYHULWjHWXWWHOHVXHHPDQD]LRQLODULFRQREEHUR1HOODYHULWjVDOXWDURQRLO3DGUHFRQ XQDIRU]DSHUIHWWDFKHOHULFRQJLXQJHDO3DGUHRJQXQRLQIDWWLDPDODYHULWjSRLFKpODYHULWjqOD ERFFDGHO3DGUHODVXDOLQJXDqOR6SLULWR6DQWR&ROXLFKHVLXQLVFHDOODYHULWjqFRQJLXQWRDOOD ERFFDGHO3DGUHDOORUFKpGDOODVXDOLQJXDULFHYHUjOR6SLULWR6DQWRHJOLqODPDQLIHVWD]LRQHGHO 3DGUHHODULYHOD]LRQHGLTXHVWLDLVXRLHRQL(JOLKDULYHODWRTXDQWRGLOXLHUDVHJUHWR(JOLORKD VSLHJDWR&KLqPDLLQIDWWLFROXLFKHHVLVWHVHQRQLOVROR3DGUH" 7XWWLJOLVSD]LVRQRVXHHPDQD]LRQL(VVLFRQREEHURFKHSURFHGHYDQRGDOXLFRPHLILJOLGDXQ XRPRSHUIHWWR(VVLVDSHYDQRWKHQRQDYHYDQRDQFRUDULFHYXWRODIRUPDQpDYHYDQRDQFRUD ULFHYXWRLOQRPHWKHLO3DGUHFUHDSHURJQXQRDOORUDULFHYRQRGDOXLXQDIRUPDGHOODVXD FRQRVFHQ]D3RLFKpSXUHVVHQGRLQOXLHVVLQRQORFRQRVFRQRPDLO3DGUHLOTXDOHqSHUIHWWR FRQRVFHJOLVSD]LFKHVRQRLQOXL6HHJOLYXROHPDQLIHVWDFKLYXROHGDQGRJOLXQDIRUPDHXQQRPH GjORURXQQRPHHIDVuFKHSHUYHQJDQRDOO HVLVWHQ]D 4XDQWLQRQVRQRDQFRUDSHUYHQXWLDOO HVLVWHQ]DLJQRUDQRFROXLFKHOLKDIDWWL,RGXQTXHQRQ DIIHUPRFKHTXDQWLQRQVRQRDQFRUDSHUYHQXWLDOO HVLVWHQ]DVRQRXQQXOODHVVLVRQRLQOXL 4XDQGRHJOLYRUUjHVHHJOLYRUUjLQXQPRPHQWRIXWXURHVVLSHUYHUUDQQRDOO HVLVWHQ]D 3ULPDFKHDSSDLDQRWXWWHOHFRVHHJOLFRQRVFHFLzFKHSURGXUUjDOFRQWUDULRLOIUXWWRFKHQRQq DQFRUDDSSDUVRQRQVDQXOODHQRQIDQXOOD&RVuRJQLVSD]LRFKHqQHO3DGUHSURYLHQHGDFROXL FKHqPDHJOLORKDSRVWRLQHVVHUHSDUWHQGRGDOQRQHVVHUH3RLFKpFLzFKHQRQKDUDGLFHQRQKD IUXWWRPDGLFHDVHVWHVVR+RDYXWRO HVLVWHQ]DSHUHVVHUHQXRYDPHQWHGLVWUXWWR6DUjGLVWUXWWR 3HUFLzTXDQWRQRQqPDLHVLVWLWRQRQDYUjPDLHVLVWHQ]D &KHFRVDYXROHGXQTXHFKHHJOLSHQVLGLVHVWHVVR" 4XHVWR6RQRFRPHOHRPEUHHLIDQWDVPLGHOODQRWWH4XDQGRULVSOHQGHODOXFHFRPSUHQGH FKHODSDXUDGDFXLHUDSUHVRqQXOOD(UDQRWDOPHQWHLJQRUDQWLGHO3DGUHFKHQRQORYHGHYDQR( FLzLQIRQGHYDSDXUDFRQIXVLRQHLQVWDELOLWjLQGHFLVLRQHGLVVHQVLRQHPROWHHUDQROHLOOXVLRQLFKHOL DJLWDYDQRPROWHOHYXRWHVWROWH]]HSURSULRFRPHVHIRVVHURLPPHUVLQHOVRQQRHSHUYDVLGDVRJQL LQTXLHWDQWLRFRPHVHIXJJLVVHURGDTXDOFKHSDQHRULWRUQDVVHURVWUHPDWLGRSRDYHUHLQVHJXLWR TXHVWRRTXHOORFRPHVH FROSLVVHURTXDOFXQRRULFHYHVVHURGHLFROSLFDGHVVHURGDOO DOWRR YRODVVHURQHOO DULDSXUVHQ]DDYHUHDOLDOWUHYROWHqFRPHVHTXDOFXQROLYROHVVHXFFLGHUHVHEEHQH QHVVXQROLLQVHJXDRFRPHVHXFFLGHVVHURLYLFLQLSRLFKpVRQRVSRUFKLGHOORURVDQJXHILQRDO PRPHQWRLQFXLFRORURWKHVRQRSDVVDWLDWWUDYHUVRWXWWRFLzVLVYHJOLDQRQRQYHGRQRQXOODTXDQWL HUDQRLQWXWWDTXHVWDFRQIXVLRQHSRLFKpWXWWRFLzHUDQXOOD (TXDQWRDFFDGHDFRORURWKHKDQQRHOLPLQDWRO LJQRUDQ]DFRPHXQVRJQRFKHSHUHVVLQRQFRQWD SLQXOODQHSSXUHOHVXHRSHUHFRQWDQRSLOHFRQVLGHUDQRYXRWHSHUFLzOHDEEDQGRQDQRFRPH XQVRJQRQRWWXUQRHVWLPDQRODJQRVLGHL3DGUHFRPHODOXFH 6LFRPSRUWDURQRFRVuWXWWLFRORURFKHHUDQRDGGRUPHQWDWLDOORUFKpHUDQRLJQRUDQWLFRVuVL OHYDURQRDOORUFKpVLVYHJOLDURQR )HOLFHFROXLFKHqULWRUQDWRLQVpHVLqVYHJOLDWR)HOLFHFROXLFKHKDDSHUWRJOLRFFKLDLFLHFKL/R 6SLULWRVLDIIUHWWzDULDO]DQRDOORUFKpWHVHODVXDPDQRDFROXLFKHJLDFHYDDWHUUDJOLFRQVROLGzL SLHGLSRLFKpQRQHUDDQFRUDULVRUWR'LHGHORURLPH]]LSHUFRQRVFHUHODJQRVLGHL3DGUHHOD ULYHOD]LRQHGHO)LJOLR4XDQGRORYLGHURHO XGLURQRFRQFHVVHORURGLJXVWDUORGLVHQWLUQHLO SURIXPRHGLWRFFDUHLO)LJOLRSUHGLOHWWRGRSRFKHHUDDSSDUVRSRUWDQGRORURLO9DQJHORGHL 3DGUHLQFRPSUHQVLELOH

6RIILzVXGLORURFLzFKHVLWURYDQHOSHQVLHURFRPSLHQGRODVXDYRORQWj0ROWLIXURQRLOOXPLQDWLVL YROVHURDOXL 0DJOLLOLFLJOLHUDQRHVWUDQHLQRQYHGHYDQRODVXDLPPDJLQHHQRQORDYHYDQRULFRQRVFLXWR SRLFKpHUDYHQXWRLQXQDIRUPDGLFDUQHQRQF HUDRVWDFRORVXOVXRFDPPLQRHVVHQGRJOLSURSULD VLDO LQFRUUXWWLELOLWjVLDO HVVHUHLUUHVLVWLELOH $QQXQ]LzFRVHQXRYHSDUOzGLTXDQWRqQHOFXRUHGHO3DGUHSURIHUuLO/RJRVSHUIHWWR/DOXFH SDUOzSHUVXDERFFDODVXDYRFHJHQHUzODYLWD'LHGHORURLOSHQVLHURODUDJLRQHODPLVHULFRUGLD ODVDOYH]]DORVSLULWRGLIRU]DWKHGHULYDGDOO LQILQLWjGHO3DGUHHGDOODGROFH]]D 3RVHWHUPLQHDLFDVWLJKLHDLVXSSOL]LJLDFFKpHUDQRTXHVWLFKHGLVWRJOLHYDQRGDOVXRYROWRTXDQWL LQYHFHDYHYDQRELVRJQRGHOODVXDPLVHULFRUGLDWURYDQGRVL QHOO HUURUHHWUDLODFFLOLGLVWUXVVH FRQIRU]DHOLFRQIXVHSHUPH]]RGHOODJQRVL (JOLGLYHQQHYLDSHUTXDQWLVLVPDUULYDQRJQRVLSHUTXDQWLHUDQRLJQRUDQWLVFRSHUWDSHUTXDQWL FHUFDYDQRVWDELOLWjSHUTXDQWLEDUFROODYDQRELDQFRUHSHUTXDQWLHUDQRPDFFKLDWL (JOLqLOSDVWRUHFKHKDODVFLDWROHQRYDQWDQRYHSHFRUHFKHQRQVLHUDQRVPDUULWHHGqDQGDWRDOOD ULFHUFDGLTXHOODVPDUULWDWURYDWDODVHQHUDOOHJUz1RYDQWDQRYHLQIDWWLqXQQXPHURFKHVLWURYD VXOODPDQRVLQLVWUDFKHQHqSDGURQD0DDOORUFKpqWURYDWRO XQRWXWWRLOQXPHURSDVVDDOOD PDQR GHVWUD &RVuDFFDGHDFROXLFKHPDQFDGHOO XQRHFLRqWXWWDODPDQRGHVWUDDWWUDHFLzGLFXLq PDQFKHYROHORSUHQGHGDOODPDQRVLQLVWUDORIDSDVVDUHDOODGHVWUDHFRVuGLYHQWDLOQXPHUR FHQWR4XHVWRqLOVHJQRGLTXDQWRqQHOODORURYRFHFLRqGHO3DGUH3HUODSHFRUDULWURYDWD FDGXWDLQXQSR]]RHJOLODYRUzDQFKHGLVDEDWRHOHGLHGHYLWD 7UDVVHTXHVWDSHFRUDGDOSR]]RDIILQFKpLYRVWULFXRULVDSSLDQRTXDOqLOVDEDWRQHOTXDOHELVRJQD FKHODVDOYH]]DQRQUHVWLLQRSHUDQWHDIILQFKpYRLSDUOLDWHGHOJLRUQRFKHYLHQHGDOO DOWRHGqVHQ]D QRWWHHGHOODOXFHFKHQRQWUDPRQWDSHUFKpqSHUIHWWD 'LWHGXQTXHGLFXRUHFKHTXHVWRJLRUQRSHUIHWWRVLHWHYRLFKHLQYRLDELWDODOXFHLQHVWLQJXLELOH 3DUODWHGHOODYHULWjFRQFRORURFKHODFHUFDQRGHOODJQRVLFRQFRORURFKHQHOORURHUURUH KDQQRSHFFDWR9RLVLHWHLILJOLGHOODJQRVLHGHOFXRUH 5LQIRU]DWHLOSLHGHGLFRORURFKHYDFLOODQRWHQGHWHODPDQRDJOLLQIHUPL1XWULWHTXDQWLKDQQR IDPHFRQVRODWHFRORURFKHVRIIURQRLQQDO]DWHTXDQWLORGHVLGHUDQRLQQDO]DWHHVYHJOLDWHFRORUR FKHGRUPRQR9RLLQIDWWLVLHWHODFRVFLHQ]DFKHDWWUDH6HODIRU]DDJLVFHFRVLHVVDGLYHQWD DQFRUDSLIRUWH &XUDWHYLGLYRLVWHVVLQRQFXUDWHYLGHOOHFRVHHVWUDQHHFKHDYHWHUHVSLQWRFKHDYHWH DEEDQGRQDWR 1RQULYROJHWHYLDTXDQWRDYHWHYRPLWDWRSHUQXWULUYHQH1RQGLYHQWDWHWDUPHQRQGLYHQWDWH YHUPLVRQRFRVHFKHDYHWHGHILQLWLYDPHQWHUHVSLQWR 1RQGLYHQWDWHXQOXRJRGHOGLDYRORSRLFKpO DYHWHGHILQLWLYDPHQWHGLVWUXWWR 1RQUDIIRU]DWHTXHLYRVWULRVWDFROLYDFLOODQWLVDUHEEHXQDUHVWDXUD]LRQH &ROXLFKHqVHQ]DOHJJHqQXOODGDQQHJJLDSLVHVWHVVRFKHODOHJJH&RPSLHLQIDWWLOHVXHD]LRQL FRPHXQVHQ]DOHJJH 0DFROXLFKHqJLXVWRFRPSLHOHVXHRSHUHSHUJOLDOWUL9RLGXQTXHIDWHODYRORQWjGHO3DGUH SRLFKpGHULYDWHGDOXL ,O3DGUHLQIDWWLqGROFHHQHOODVXDYRORQWjYLVRQRFRVHEXRQH(JOLKDSUHVRFRQRVFHQ]DGLFLz FKHqYRVWURDIILQFKpLQHVVRYRLWURYLDWHULSRVR ÊGDLIUXWWLFKHVLULFRQRVFHFLzFKHqYRVWURJLDFFKpLILJOLGHO3DGUHVRQRLOVXRSURIXPRSRLFKp SURYHQJRQRGDOODJUD]LDGHLVXRYROWR,O3DGUHDPDLOSURSULRSURIXPRHORPDQLIHVWDLQRJQL

OXRJRVHHVVRVLPHVFRODFRQODPDWHULDHJOLFRPXQLFDLOVXRSURIXPRDOODOXFHHQHOVXRVLOHQ]LR HJOLSHUPHWWHFKHDVVXPDRJQLIRUPDHRJQLVXRQR 1RQVRQROHRUHFFKLHFKHDVSLUDQRLOSURIXPRPDqOR6SLULWRFKHKDLOVHQVRGHOO ROIDWWRHO DWWLUD DVpHO LPPHUJHQHOSURIXPRGHL3DGUHORSUHQGHHORULFRQGXFHDOOXRJRGDOTXDOHHUDYHQXWR ORULFRQGXFH QHOSURIXPRRULJLQDOHLOSURIXPRFRPXQLFDWR FKHHUDGLYHQWDWRIUHGGRLQXQD FUHDWXUDSVLFKLFDFRPHO DFTXDIUHGGDWKHFDGH LQXQDWHUUDLQVWDELOHHFRORURFKHODYHGRQR SHQVDQR(WHUUDHSUHVWRQXRYDPHQWHVLGLVVROYHUj0DVHVSLUDXQVRIILRHVVDVLULVFDOGD ,SURIXPLIUHGGLGHULYDQRGDOODVHSDUD]LRQH9HQQHSHUFLzODIHGHDGLVWUXJJHUHODVHSDUD]LRQHHD FRQGXUUHLOFDOGR3OHURPDGHOO DPRUHDIILQFKpLOIUHGGRQRQULWRUQLSLHUHJQLO XQLWjGHOSHQVLHUR SHUIHWWR 4XHVWRqLO/RJRVGHO9DQJHORGHOODVFRSHUWDGHO3OHURPDSHUFRORURFKHDWWHQGRQRODVDOYH]]D FKHYLHQHGDOO DOWR'HVWDqODORURVSHUDQ]DHYHUVRGLHVVDVRQRWHVLFRORURODFXLLPPDJLQHq OXFHLQFXLQRQYLqRPEUDDOFXQDVHLQTXHOPRPHQWRJLXQJHLO3OHURPD /DGHILFLHQ]DGHOODPDWHULDQRQSURYLHQHGDOO LQILQLWjGHO3DGUHFKHJLXQJHQHOPRPHQWRGHOOD GHILFLHQ]DVHEEHQHQHVVXQRIRVVHLQJUDGRGLDIIHUPDUHFKHO LQFRUUXWWLELOHVDUHEEHYHQXWRLQ TXHVWRPRGR(SLXWWRVWRODSURIRQGLWjGHO3DGUHFKHVLPROWLSOLFDHLQOXLQRQYLHUDLOSHQVLHUR GHOO HUURUH (XQPLVWHURGLFDGXWDqXQPLVWHURFKHFHVVDGLHUJHUVLJUD]LHDOODVFRSHUWDGLFKLqYHQXWRGD FROXLFKHYXROHIDUHULWRUQDUH4XHVWRULWRUQRqGHWWRFRQYHUVLRQH 3HUWDOHPRWLYRO LQFRUUXWWLELOLWjKDVRIILDWRKDLQVHJXLWRFROXLFKHDYHYDSHFFDWRDIILQFKpWURYDVVH LOULSRVR ,OSHUGRQRqO HFFHGHQ]DGHOODOXFHQHOODGHILFLHQ]DqLO/RJRVGHO3OHURPD,OPHGLFRVLDIIUHWWD YHUVRLOOXRJRRYHVLWURYDLOPDODWRSHUFKpWDOHqODVXDYRORQWj&ROXLFKHKDXQDGHILFLHQ]DQRQ ODQDVFRQGHSRLFKpLOPHGLFR KDFLzGLFXLHJOLLOPDODWR KDELVRJQR&RVuODGHILFLHQ]Dq FROPDWDGDO3OHURPDQHOTXDOHQRQYLqDOFXQELVRJQRFKHLO3DGUH KDPDQGDWRSHUULHPSLUH ODGHILFLHQ]DDIILQFKpRUDULFHYDODJUD]LDTXDQGRLQIDWWLHUDQHOODGHILFLHQ]DQRQDYHYDODJUD]LD 2YHQRQF HUDODJUD]LDYLHUDODGHILFLHQ]D$OORUFKpULFHYHWWHFLzGLFXLHUDPDQFDQWHHJOLLO 3DGUH PDQLIHVWzFKHFLzGLFXLDEELVRJQDYDHUDLO3OHURPDFLRqODVFRSHUWDGHOODOXFHGHOOD YHULWjFKHORKDLOOXPLQDWRSHUFKpHVVDqLPPXWDELOH 4XHVWRqLOPRWLYRSHUFXLHVVLSDUODQRGL&ULVWRLQPH]]RDORURDIILQFKpTXDQWLVRQRDQJRVFLDWLVL FRQYHUWDQRHGHJOLOLXQJDFRQO XQ]LRQH/ XQ]LRQHqODPLVHULFRUGLDGHO3DGUHHGHJOLVDUj PLVHULFRUGLRVRYHUVRGLORUR4XHOOLFKHHJOLKDXQWRVRQRGLYHQWDWLSHUIHWWL 6RQRLYDVLSLHQLTXHOOLFKHVLKDFXUDGLVLJLOODUH0DDOORUFKpODVLJLOODWXUDVYDQLVFHLOYDVR VL YXRWDHLOPRWLYRSHUFXLqGLIHWWRVRFRQVLVWHQHOOXRJRGDOTXDOHIXRULHVFHO XQ]LRQH3RLFKpLQ TXHOPRPHQWRqDWWUDWWRGDXQVRIILRLQIRU]DGLFROXLFKHqFRQOXL 0DLQFKLQRQKDGHILFLHQ]DQRQDYYLHQHDOFXQDGLVVLJLOODWXUDQpDOFXQVYXRWDPHQWREHQVuLO3DGUH SHUIHWWRORULHPSLHGLFLzGLFXLKDELVRJQR(JOLqEXRQR (JOLFRQRVFHOHVXHVHPHQWLDYHQGROHVHPLQDWHHJOLVWHVVRQHOVXRSDUDGLVR,OVXRSDUDGLVRqLO OXRJRGHOVXRULSRVRqODSHUIH]LRQHJUD]LHDOSHQVLHURGHO3DGUHHTXHVWHVRQROHSDUROHGHOOD VXDPHGLWD]LRQH2JQXQDGHOOHVXHSDUROHqRSHUDGHOODVXDVLQJRODYRORQWjQHOODPDQLIHVWD]LRQH GHOVXR/RJRV 0HQWUHVLWURYDYDQRQHOODSURIRQGLWjGHOVXRSHQVLHURLO/RJRVFKHSURFHGHWWHSHUSULPROH KDPDQLIHVWDWHFRQO LQWHOOLJHQ]DFKHSDUODGHO/RJRVQHOODJUD]LDVLOHQ]LRVD(JOLIXGHWWR SHQVLHURSHUFKpHVVHHUDQRLQOXLSULPDGLYHQLUHPDQLIHVWDWH $YYHQQHFKHHJOLLO/RJRV SURFHGHVVHSHUSULPRQHOPRPHQWRLQFXLSLDFTXHDOOD9RORQWjGL FROXLFKHKDYROXWR 1HOODYRORQWjLO3DGUHVLULSRVDHVLFRPSLDFH1XOODDYYLHQHVHQ]DGLOXLQXOODDFFDGHVHQ]DOD YRORQWjGHO3DGUH0DODVXDYRORQWjqLPSHUVFUXWDELOH/DVXDRUPDqODVXDYRORQWjPD

QHVVXQRODSXzFRQRVFHUHQpqSRVVLELOHVFUXWDUODSHUFRPSUHQGHUOD0DTXDQGRHJOLYXROH DYYLHQHTXDQWRHJOLYXROHDQFKHVHODYLVWDGLFLzQRQSLDFHORURDIIDWWRGDYDQWLD'LRTXHVWDqOD YRORQWjGHO3DGUH (JOLFRQRVFHO LQL]LRHODILQHGLWXWWL4XDQGRYHUUjODORURILQHHJOLGRPDQGHUjORURFLzFKH DYUDQQRIDWWR 2UDODILQHFRQVLVWHQHOFRQRVFHUHFROXLFKHqQDVFRVWR(TXHVWLqLO3DGUHGDOTXDOHSURYLHQHLO SULQFLSLRHYHUVRLOTXDOHULWRUQHUDQQRWXWWLFRORURFKHGDOXLSURYHQJRQR (VVLG DOWURQGHIXURQRPDQLIHVWDWLSHUODJORULDHSHUODJLRLDGHOVXRQRPH 0DLOQRPHGHO3DGUHqLO)LJOLRIXOXLFKHQHOSULQFLSLRGLHGHLOQRPHDTXHJOLFKHSURPDQzGDOXL HUDVHVWHVVRHJOLORJHQHUzFRPH)LJOLR*OLGLHGHLOQRPHFKHJOLDSSDUWHQHYDHJOLqFROXLDO TXDOHDSSDUWHQJRQRWXWWHOHFRVHFKHORFLUFRQGDQRLO3DGUH 6XRqLOQRPHVXRqLO)LJOLR(SRVVLELOHYHGHUORPDLOQRPHqLQYLVLELOHSRLFKpHVVRVROWDQWRqLO PLVWHURGHOO LQYLVLELOHGHVWLQDWRDJLXQJHUHDOOHRUHFFKLHFKHVRQRWRWDOPHQWHSLHQHGLOXL,QIDWWLLO QRPHGHO3DGUHQRQqSURQXQFLDWRPDqPDQLIHVWDWRSHUPH]]RGHO)LJOLR &RVuLOQRPHqJUDQGH&KLVDUjFDSDFHGLHVSULPHUHXQQRPHSHUOXLTXHVWRJUDQGHQRPHVH QRQHJOLVROWDQWRDOTXDOHTXHVWRQRPHDSSDUWLHQHHLILJOLGHOQRPHVXLTXDOLULSRVDLOQRPHGHO 3DGUHHFKHDORURYROWDULSRVDQRVXOVXRQRPH" 'DWRFKHLO3DGUHQRQqJHQHUDWRHJOLVRORFKHKDJHQHUDWRXQQRPHSHUVHVWHVVRSULPDGL SURGXUUHJOLHRQLDIILQFKpVXOORURFDSRYLIRVVHLOQRPHGHO3DGUHFRPH6LJQRUHFLRqLOQRPH YHURVWDELOHQHOVXRFRPDQGRQHOODVXDSHUIHWWDSRWHQ]D3RLFKpTXHVWRQRPHQRQIDSDUWHGL VHPSOLFL SDUROHQpLOVXRQRPHFRQVLVWHLQDSSHOOD]LRQLPDqLQYLVLELOH (JOLKDGDWRLOQRPHDVHVWHVVRSRLFKpqLOVRORFKHYHGHVHVWHVVRHJOLVROWDQWRKDLOSRWHUHGL GDUVLXQQRPH3RLFKpFROXLWKHQRQHHVLVWHQRQKDQRPH&KHQRPHVLSXzGDUHDFROXLFKHQRQ HVLVWH"&ROXLLQYHFHFKHHVLVWHHVLVWHFRQO DOWURVXRQRPHHFRQRVFHVHVWHVVR'DUVLXQQRPH qSUHURJDWLYD GHO3DGUH ,O)LJOLRqLOVXRQRPH(JOLGXQTXHQRQO KDFHODWRQHOVHJUHWREHQVuHUDLO)LJOLRHVRORDOXLHJOL KDGDWRLOQRPH,OQRPHqSHUFLzTXHOORGHO3DGUHFRPHLOQRPHGHL3DGUHqLO)LJOLR'RYH LQIDWWLSXzWURYDUHXQQRPHODPLVHULFRUGLDDOO LQIXRULGHO3DGUH" 0DFHUWDPHQWHTXDOFXQRGLUjDOVXRYLFLQR&KLPDLGDUjXQQRPHDFKLHVLVWHYDSULPDGLOXL" TXDVLFKHRUDLIDQFLXOOLQRQULFHYDQRLOQRPHGDFRORURFKHOLKDQQRJHQHUDWL $Q]LWXWWRqLPSRUWDQWHFKHQRLULIOHWWLDPRVXTXHVWRFKHFRV qLOQRPH"4XHVWRLQIDWWLqLOYHUR QRPHqLOQRPHFKHYLHQHGDO3DGUHLOVXRQRPHSURSULR (JOLGXQTXHQRQKDULFHYXWRXQQRPHDSUHVWLWRFRPHJOLDOWULVHFRQGRLOPRGRSDUWLFRODUHLQFXL ORULFHYHRJQXQRGLORUR$OFRQWUDULRTXHVWRqLOQRPHSURSULR(JOLQRQO KDGDWRDGDOFXQDOWUR 0DqLQQHIIDELOHLQGLFLELOHILQRDOPRPHQWRLQFXLHJOLFROXLFKHqSHUIHWWRORKDSURQXQFLDWRGD VROR(JOLKDLOSRWHUHGLSURQXQFLDUHLOVXRQRPHHGLYHGHUOR 3HUFLzTXDQGRDOXLSLDFTXHFKHLOVXRQRPHGLYHQWDVVHLO)LJOLRVXRSUHGLOHWWRGLHGHLOQRPHD FROXLFKHSURPDQzGDOODSURIRQGLWjHGHJOLSDUOzGHLVXRLVHJUHWLVDSHQGRFKHLO3DGUHq DVVROXWDPHQWHEXRQR 3HUTXHVWRHJOLO KDLQYLDWRDIILQFKpSDUODVVHGHOOXRJRHGHOVXRULSRVRGDOTXDOHqJLXQWRH GHVVHJORULDDO3OHURPDDOODJUDQGH]]DGHOVXRQRPHHDOODGROFH]]DGHO3DGUH(JOLSDUOHUjGHO OXRJRGDFXLFLDVFXQRq9HQXWRHGHOODUHJLRQHQHOODTXDOHKDULFHYXWRLOVXRHVVHUHHVVHQ]LDOHVL DIIUHWWHUjDIDUORULWRUQDUHQXRYDPHQWHFROjDULWLUDUORGDTXHVWROXRJROXRJRQHOTXDOHHJOL VLqWURYDWRSURYDQGRSLDFHUHSHUO DOWUROXRJRQXWUHQGRVHQHHFUHVFHQGRLQHVVR,OOXRJRGHO VXRULSRVRqLOVXR3OHURPD 3HUFLzWXWWHOHHPDQD]LRQLGHO3DGUHVRQR3OHURPLWXWWHOHVXHHPDQD]LRQLKDQQRODORURUDGLFHLQ FROXLFKHOHKDIDWWHWXWWHFUHVFHUHGDVHVWHVVRHKDDVVHJQDWRORURLORURGHVWLQL2JQXQDIXSRL PDQLIHVWDWDDIILQFKpSHURSHUDGHOORURSHQVLHURIRVVHURSHUIHWWH

,QIDWWLLOOXRJRDOTXDOHULYROJRQRLOSHQVLHURTXHOOXRJRqODORURUDGLFHFKHOHLQQDO]DLQWXWWHOH DOWH]]HILQRDO3DGUHHVVHUDJJLXQJRQRDOORUD LOVXRFDSRFKHqLOORURULSRVRHVLWUDWWHQJRQR DFFDQWRDOXLVLGDSRWHUDIIHUPDUHGLDYHUHSDUWHFLSDWRDOVXRYROWREDFLDQGROR 0DHVVHOHHPDQD]LRQL QRQDSSDLRQRFRVuTXDVLFKHVLVLDQRLQQDO]DWHGDVROHQpVRQRSULYH GHOODJORULDGHO3DGUHQpORFRQFHSLVFRQRFRPHSLFFRORVHYHURRLUDVFLELOHEHQVuFRPH DVVROXWDPHQWHEXRQRLPSHUWXUEDELOHGROFHFRQRVFLWRUHGLWXWWLLOXRJKLSULPDFKHSHUYHQJDQR DOO HVLVWHQ]DHVHQ]DDOFXQELVRJQRGLYHQLUHLVWUXLWR 4XHVWRqLOPRGRGLHVVHUHGLFRORURFKHKDQQRULFHYXWRTXDOFRVD GDOO DOWRGDOODVFRQILQDWD JUDQGH]]DVRQRSURWHVLYHUVRO XQLFRLOSHUIHWWRFKHqOjSHUORURQRQGLVFHQGRQRQHOO $PHQWL VRQRHVHQWLGDJHORVLDHGDVRVSLULGDPRUWHVLULSRVDQRLQFROXLFKHqLQULSRVRQRQKDQQR WRUPHQWLQpVRQRLPSHJQDWLQHOODULFHUFDGHOODYHULWjHVVLVWHVVLVRQRODYHULWjLO3DGUHqLQORUR HGHVVLVRQRQHO3DGUHSRLFKpVRQRSHUIHWWLHLQGLYLVLELOLGDTXHVWRHVVHUH YHUDPHQWHEXRQR QRQVRIIURQRDOFXQDSULYD]LRQHPDVLULSRVDQRULQIUHVFDWLQHOOR6SLULWR 3UHVWHUDQQRDWWHQ]LRQHDOOD7RURUDGLFH9ROJHUDQQRLOORURLQWHUHVVHDOOHFRVH QHOOHTXDOLHJOLLO 3DGUH WURYHUjODSURSULDUDGLFHHODVXDDQLPDQRQVRIIULUjGDQQRDOFXQR 4XHVWRqLOOXRJRGHLEHDWLTXHVWRqLOORUROXRJR 4XDQWRDJOLDOWULVDSSLDQRQHOORUROXRJRFKHLRQRQVRQRLQJUDGRGRSRHVVHUHJLXQWRQHO OXRJRGHOULSRVRGLGLUHDOWUR'LPRUHUzOjHLQRJQLPRPHQWRPLGHGLFKHUzDO3DGUHGHOWXWWRH DLYHULIUDWHOOLVXFXLqVWDWRHIIXVRO DPRUHGHO3DGUHHLQPH]]RDLTXDOLHJOLQRQODVFLDPDQFDUH QXOODGLVp &RVWRURLQYHURVLPDQLIHVWDQRLQTXHVWDYLWDYHUDHGHWHUQDSDUODQRGHOODOXFHSHUIHWWDHVRQR ULFROPLGHOODVHPHQ]DGHO3DGUHFKHqQHOVXRFXRUHHQHO3OHURPD0HQWUHLOVXR6SLULWRJLRLVFHH GjJORULDDFROXLQHOTXDOHHUDSRLFKpqEXRQR,VXRLILJOLVRQRSHUIHWWLVRQRGHJQLGHOVXRQRPH SRLFKpHJOLqLO3DGUHTXHVWLVRQRLILJOLFKHHJOLDPD 'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD )LOLSSRDFXUDGL/XLJL0RUDOGLHG DJOL$GHOSKL0LODQRSS 9DQJHORGL)LOLSSR 'DXQHEUHRYLHQHXQHEUHRHGqGHWWRSURVHOLWRPDGDXQSURVHOLWRQRQYLHQHXQSURVHOLWR &HUWXQLHVLVWRQRHGDHVVLYHQJRQRDOWULXJXDOLDVHVWHVVLPHQWUHDOWULKDQQRVRORO HVLVWHQ]D/R VFKLDYRDVSLUDVROWDQWRDHVVHUHOLEHURQRQFHUFDLEHQLGHLVXRSDGURQH,OILJOLRQRQqVROWDQWR XQILJOLRPDDVSLUDDOO HUHGLWjGHOSDGUH 4XHOOLFKHHUHGLWDQRGDLPRUWLVRQRHVVLVWHVVLPRUWLHGHUHGLWDQRFLzFKHqPRUWR4XHOOLFKH HUHGLWDQRGDFROXLFKHqYLYRVRQRHVVLVWHVVLYLYLHVRQRHUHGLGLFLzFKHqYLYRHGLFLzFKHq PRUWR4XHOOLFKHVRQRPRUWLQRQHUHGLWDQRQXOODFRPHSXzHUHGLWDUHXQPRUWR"6HFROXLFKHq PRUWRHUHGLWDFLzFKHqYLYRQRQPRULUjFROXLFKHqPRUWRYLYUjDQFRUDSLDOXQJR 8QSDJDQRQRQPXRUHFROXLFKHQRQKDPDLYLVVXWRQRQSXzPRULUH&ROXLFKHKDFUHGXWRDOOD YHULWjKDWURYDWRODYLWDFRVWXLFRUUHLOSHULFRORGLPRULUHSRLFKpHJOLYLYH 'RSRFKHqYHQXWRLO&ULVWRLOPRQGRqFUHDWROHFLWWjVRQRRUQDWHLOPRUWRDOORQWDQDWR 4XDQGRHUDYDPRHEUHLHUDYDPRRUIDQLDYHYDPRVROWDQWRODPDGUHPDDOORUFKpVLDPRGLYHQXWL FULVWLDQLDEELDPRDYXWRSDGUHHPDGUH 4XHOOLFKHVHPLQDQRG LQYHUQRUDFFROJRQRG HVWDWHO LQYHUQRqLOPRQGRO HVWDWHqO DOWURHRQH 6HPLQLDPRLQTXHVWRPRQGRSHUSRWHUHUDFFRJOLHUHQHOO HVWDWH3HUFLzFRQYLHQHFKHQRQ SUHJKLDPRGXUDQWHO LQYHUQRGRSRO LQYHUQRYLqO HVWDWH &ROXLFKHUDFFRJOLHUjG LQYHUQRLQUHDOWjQRQUDFFRJOLHUjPDVROWDQWRVWUDSSHUjLQTXHVWRJHQHUH GLFRVHQRQYLqDOWURPRGRGLRWWHQHUHLOUDFFROWR 1RQVROWDQWRDGHVVRQRQSRUWHUjDOFXQIUXWWRQRQVROWDQWRQRQXVFLUjPDDQFKHQHOVDEDWRLOVXR

FDPSRVDUjLQIUXWWXRVR ,O&ULVWRqYHQXWRSHUOLEHUDUHDOFXQLSHUULVFDWWDUHDOWULSHUVDOYDUHJOLDOWUL+DOLEHUDWRFRORUR FKHHUDQRVWUDQLHULHOLKDIDWWLSURSUL+DVHSDUDWRLVXRLHOLKDFRVWLWXLWLFRPHSHJQRQHOODVXD YRORQWj 1RQVROWDQWRDOORUFKpVLPDQLIHVWzHJOLGHSRVHTXDQGRYROOHODVXDDQLPDPDGHSRVHODVXD DQLPDILQGDTXDQGRLOPRQGRHVLVWH4XDQGRYROOHYHQQHDQ]LWXWWRDOLEHUDUODSRLFKpHUD WUDWWHQXWDLQRVWDJJLR6LWURYDYDLQPDQRDLEULJDQWLHUDWHQXWDSULJLRQLHUDPDHJOLODULVFDWWzH QHOPRQGRKDUHGHQWRLEXRQLHLFDWWLYL /XFHHWHQHEUHYLWDHPRUWHGHVWUDHVLQLVWUDVRQRWUDORURIUDWHOOL1RQqSRVVLELOHVHSDUDUOL 3HUFLzQpLEXRQLVRQREXRQLQpLFDWWLYLVRQRFDWWLYLQpODYLWDqYLWDQpODPRUWHqPRUWH3HU TXHVWRRJQXQRVLGLVVROYHUjQHOVXRVWDWRRULJLQDOH0DFRORURFKHVRQRDOGuVRSUDGHLPRQGR VRQRLQGLVVROYLELOLHGHWHUQL ,QRPLGDWLDOOHFRVHWHUUHVWULUDFFKLXGRQRXQDJUDQGHLOOXVLRQHLQIDWWLGLVWROJRQRLOFXRUHGDFLz FKHqFRQVLVWHQWHSHUYROJHUORDFLzFKHQRQqFRQVLVWHQWH&RVuFKLRGH'LRQRQDIIHUUDFLz FKHqFRQVLVWHQWHPDDIIHUUDFLzYKHQRQqFRQVLVWHQWH$OORVWHVVRPRGRqFRQLO3DGUHLO )LJOLRHOR6SLULWR6DQWRFRQODYLWDHODOXFHHODULVXUUH]LRQHFRQOD&KLHVDH FRQWXWWHOHDOWUHFRVHQRQVLDIIHUUDFLzFKHqFRQVLVWHQWHPDFLzFKHQRQqFRQVLVWHQWHDPHQR FKHVLVLDDUULYDWLDFRQRVFHUHFLzFKHqFRQVLVWHQWH ,QRPLFKHVLRGRQRVRQRQHOPRQGRSHULQGXUUHLQLQJDQQRVHIRVVHURQHOO HRQHQRQVDUHEEHUR PDLVWDWLXVDWLFRPHQRPLQHOPRQGRQpVDUHEEHURVWDWLSRVWLWUDOHFRVHWHUUHVWUL(VVLKDQQRILQH QHOO HRQH 6RORXQRqLOQRPHQRQSURQXQFLDWRQHOPRQGRLOQRPHGDWRGDO3DGUHDO)LJOLRLOQRPHDOGL VRSUDGLRJQLFRVDLOQRPHGHO3DGUH,QIDWWLLO)LJOLRQRQVDUHEEHGLYHQWDWR3DGUHVHQRQVLIRVVH ULYHVWLWRGHOQRPHGHO3DGUH4XHOOLFKHKDQQRTXHVWRQRPHORFRQRVFRQRPDQRQOR SURQXQFLDQR4XHOOLLQYHFHFKHQRQORKDQQRQRQORFRQRVFRQR 0DODYHULWjDGGXVVHQHOPRQGRGHLQRPLSRLFKpqLPSRVVLELOHLQVHJQDUODVHQ]DQRPL/DYHULWjq XQDXQLWjPDqDQFKHPROWHSOLFLWjSHUQRLDIILQFKpLPSDULDPRWDOHXQLWjDWWUDYHUVRODPROWHSOLFLWj *OLDUFRQWLYROOHURLQJDQQDUHO XRPRDPRWLYRGHOODVXDSDUHQWHODFRQTXHOOLFKHVRQRYHUDPHQWH EXRQL3UHVHURLOQRPHGLFRORURFKHVRQREXRQLHORDWWULEXLURQRDFRORURFKHQRQVRQREXRQL SHUSRWHUORLQJDQQDUHPHGLDQWHLQRPLHSRWHUORYLQFRODUHDTXDQWLQRQVRQREXRQL,QVHJXLWRVH HVVL)DQQRORURXQIDYRUHJOLDUFRQWL OLDOORQWDQDQRGDTXHOOLFKHQRQVRQREXRQLHOLFROORFDQR WUDLEXRQLFKHHVVLFRQRVFRQR(VVLLQIDWWLYRJOLRQRHOLPLQDUHFKLqOLEHURHIDUQHXQORURVFKLDYR SHUVHPSUH 9LVRQRIRU]HFKHORWWDQRFRQWURO XRPRSHUFKpQRQYRJOLRQRFKHHJOLVLDVDOYDWRVLFKHHVVH SRVVDQRSRLFKpVHO XRPRqVDOYDWRQRQDYUDQQRSLOXRJRLVDFULILFLHQRQVDUDQQRSLRIIHUWL DQLPDOLDOOHIRU]H&RORURFKHDQLPDOLVRQRFRORURFKHOLRIIURQRDTXHOOH(VVLLQYHUROL RIIULYDQRYLYHQWLPDGRSRDYHUOLRIIHUWLPRULYDQR/ XRPRLQYHFHIXRIIHUWRPRUWRD'LRPDHJOL YLVVH 3ULPDGHOODYHQXWDGL&ULVWRQHOPRQGRQRQF HUDSDQH&RPHQHOSDUDGLVRLOOXRJRGRYHHUD $GDPRYLHUDQRPROWHSLDQWHSHULOFLERGHJOLDQLPDOLPDQRQYLHUDLOIUXPHQWRSHULOFLER GHOO XRPRO XRPRVLFLEDYDFRPHJOLDQLPDOL0DTXDQGRYHQQH&ULVWRO XRPRSHUIHWWRSRUWzLO SDQHGDOFLHORDIILQFKpO XRPRVLFLEDVVHFRQLOFLERGHOO XRPR *OLDUFRQWLSHQVDYDQRFKHTXDQWRIDFHYDQRIRVVHGRYXWRDOODORURSRWHQ]DHDOODORURYRORQWjPD HUDOR6SLULWRFKHSHUPH]]RORURRSHUDYDVHJUHWDPHQWHRJQLFRVDVHFRQGRLOVXRGHVLGHULR /DYHULWjHVLVWHILQGDOO LQL]LRHGqVHPLQDWDRYXQTXHPROWLYHGRQRFKHqVHPLQDWDPDSRFKLVRQR FRORURFKHODYHGRQRUDFFROWD & qFKLGLFH0DULDKDFRQFHSLWRSHURSHUDGHOOR6SLULWR6DQWR6EDJOLDQR1RQVDQQRTXHOOR FKHDIIHUPDQR4XDQGRPDLXQDGRQQDKDFRQFHSLWRSHURSHUDGLXQDGRQQD"0DULDqODYHUJLQH FKHQRQIXPDLFRQWDPLQDWDGDDOFXQDIRU]D(VVDqXQDJUDQGHPDOHGL]LRQHSHUJOLHEUHLFLRqSHU JOLDSRVWROLHSHUJOLDSRVWROLFL4XHVWDYHUJLQHQRQFRQWDPLQDWDGDDOFXQDIRU]DOHIRU]HKDQQR

FRQWDPLQDWRVHVWHVVH(LO6LJQRUHQRQDYUHEEHGHWWR,O3DGUHPLRFKHqQHLFLHOLVHQRQDYHVVH DYXWRXQDOWURSDGUH(JOLDYUHEEHGHWWRVHPSOLFHPHQWH0LR3DGUH ,O6LJQRUHGLVVHDLGLVFHSROL3RUWDWHIXRULGDRJQLFDVD3RUWDWHGHQWURODFDVDGHO3DGUH0D QRQUXEDWHQRQSUHQGHWHQXOODQHOODFDVDGHO3DGUH *HVqXQQRPHQDVFRVWR&ULVWRqXQQRPHPDQLIHVWR3HUTXHVWR*HVQRQVLWURYDLQ QHVVXQDOLQJXDPDLOVXRQRPHq*HVFRPHYLHQHSURQXQFLDWR,OVXRQRPHqDQFKH&ULVWRLQ VLULDFRq0HVVLDLQJUHFRLQYHFHq&ULVWR2YXQTXHWXWWLJOLDOWULO KDQQRVHFRQGRODORUROLQJXD ,O1D]DUHQRqFROXLFKHULYHODFLzFKHqQDVFRVWR ,O&ULVWRKDLQVHVWHVVRRJQLFRVDVLDO XRPRVLDO DQJHORVLDLOPLVWHURHLO3DGUH &RORURFKHDIIHUPDQR,O6LJQRUHqPRUWRHSRL qULVXVFLWDWRVEDJOLDQR(JOLLQIDWWLSULPD ULVRUVHHSRL PRUu&KLQRQRWWLHQHSULPDODULVXUUH]LRQHFRVWXLPRULUj3RLFKp'LRYLYHFRVWXL VDUjJLj PRUWR 1HVVXQRQDVFRQGHLQXQYDVRJUDQGHXQRJJHWWRJUDQGHHSUH]LRVRPDVSHVVRYDORULLQFDOFRODELOL VRQRSRVWLLQXQYDVRGLSRFRFRQWR&RVuqGHOO DQLPDqXQDFRVDSUH]LRVDSRVWDLQXQFRUSR VSUHJHYROH $OFXQLWHPRQRGLULVXVFLWDUHQXGLSHUFLzGHVLGHUDQRULVXVFLWDUHQHOODFDUQH&RVWRURQRQVDQQR FKHSURSULRTXDQWLSRUWDQRODFDUQHVRQRQXGLPHQWUHTXHOOLFKHVLDSSUHVWDQRDVSRJOLDUVLQRQ VRQRQXGL/DFDUQHHLOVDQJXHQRQSRVVRQRHUHGLWDUHLO5HJQRGL'LR4XDOqTXHOODFKHQRQ SXzHUHGLWDUH"4XHOODGLFXFLVLDPRULYHVWLWL(TXDOqTXHOODFKHHUHGLWHUj"(TXHOODGHO&ULVWRHLO VXRVDQJXH3HUFLzHJOLGLVVH&ROXLFKHQRQPDQJLDODPLDFDUQHHEHYHLOPLRVDQJXHQRQDYUj LQVpODYLWD&KHFRVDVLJQLILFD"/DVXDFDUQHqLO/RJRVHLOVXRVDQJXHqOR6SLULWR6DQWR &ROXLFKHKDULFHYXWRTXHVWRKDFLEREHYDQGDHYHVWLWR ,RELDVLPRJOLDOWULFKHGLFRQR1RQULVXVFLWHUj$OORUDVEDJOLDQRDPEHGXH7XGLFL/DFDUQH QRQULVXVFLWHUj0DGLPPLFKHFRVDULVXVFLWHUjDIILQFKpSRVVLDPRRQRUDUWL"7XGLFL/R 6SLULWRqQHOODFDUQHHDQFKHTXHVWDOXFHqQHOODFDUQH$QFKHLO/RJRVqQHOODFDUQHSRLFKp TXDOXQTXHFRVDWXPHQ]LRQLQRQPHQ]LRQLQXOODIXRULGHOODFDUQH%LVRJQDULVRUJHUHLQTXHVWD FDUQHJLDFFKpWXWWRHVLVWHLQHVVD ,QTXHVWRPRQGRFRORURFKHLQGRVVDQRYHVWLWLVRQRPLJOLRULGHLORUR YHVWLWL1HO5HJQRGHLFLHOLL YHVWLWLVRQRPLJOLRULGLFRORURFKHOLLQGRVVDQR$FTXDHIXRFRSXULILFDQRRJQLOXRJR ,OYLVLELOHSHUPHQRGHOYLVLELOHLOQDVFRVWRSHUPH]]RGHOQDVFRVWRYLVRQRFRVHQDVFRVWHGDFLz FKHqYLVLELOH& qDFTXDQHOO DFTXDF qIXRFRQHOO XQ]LRQH *HVGLVVLPXOzVHJUHWDPHQWHRJQLFRVD(JOLLQIDWWLQRQVLPDQLIHVWzTXDOHUDUHDOPHQWH PDVL PDQLIHVWzFRPHORVLSRWHYDYHGHUH&RVuVLPDQLIHVWzDWXWWL6LPDQLIHVWzJUDQGHDLJUDQGL6L PDQLIHVWzSLFFRORDLSLFFROL6LPDQLIHVWzDJOLDQJHOLFRPHXQDQJHORHDJOLXRPLQLFRPHXQXRPR 3HUFLzLOVXR/RJRVVLqQDVFRVWRDWXWWL$OFXQLORYLGHURFUHGHQGRGLYHGHUHVHVWHVVL0D TXDQGRVXOPRQWHHJOLDSSDUYHQHOODJORULDDLVXRLGLVFHSROLQRQHUDSLFFRORHUDJUDQGHPDUHVH JUDQGLLVXRLGLVFHSROLDIILQFKpORSRWHVVHURYHGHUHQHOODVXDJUDQGH]]D ,QTXHOJLRUQRUHQGHQGRJUD]LHGLVVH7XFKHKDLFRQJLXQWRODOXFHSHUIHWWDFRQOR6SLULWR 6DQWRFRQJLXQJLFRQQRLJOLDQJHOLFRQQRLFKHVLDPRORUR LPPDJLQL 1RQGLVSUH]]DWHO DJQHOORSRLFKpVHQ]DGLHVVRQRQqSRVVLELOHYHGHUHLOUH1HVVXQRVHqQXGR SXzDYDQ]DUHYHUVRLOUH ,ILJOLGHOO XRPRFHOHVWHVRQRSLQXPHURVLGLTXHOOLGHOO XRPRWHUUHVWUH6HVRQRQXPHURVLLILJOLGL $GDPRTXDQWXQTXHPXRLDQRWDQWRSLLILJOLGHOO XRPRSHUIHWWRFKHQRQPXRLRQRPDVRQR FRQWLQXDPHQWHULJHQHUDWL ,OSDGUHIDXQILJOLRPDLOILJOLRQRQSXzIDUHXQILJOLRSRLFKpFROXLFKHIXJHQHUDWRQRQKDLOSRWHUH GLJHQHUDUHXQILJOLRSXzDFTXLVLUHGHLIUDWHOOLQRQGHLILJOL 7XWWLFRORURWKHVRQRJHQHUDWLQHOPRQGRVRQRJHQHUDWLLQPRGRQDWXUDOHPDJOLDOWULGDOOR6SLULWR

&RORURFKHVRQRJHQHUDWLGDOXLJULGDQRGLTXDJJLYDVRO XRPRSHUIHWWR SRLFKpVRQRQXWULWL GDOODSURPHVVDGHOOXRJRFHOHVWH «GDOODERFFDSRLFKpVHLO/RJRVYLHQHGDTXHOOXRJRHJOLQXWUHGDOODVXDERFFDHVDUjSHUIHWWR ,OSHUIHWWRLQIDWWLFRQFHSLVFHHJHQHUDSHUPHQRGLXQEDFLR(SHUTXHVWRFKHQRLFLEDFLDPR O XQO DOWUR1RLVLDPRIHFRQGLGDOODJUD]LDFKHqLQRJQXQRGLQRL 7UHSHUVRQHFDPPLQDYDQRVHPSUHFRQLO6LJQRUH0DULDVXDPDGUHODVRUHOODGLOHLHOD 0DGGDOHQDGHWWDODVXDFRPSDJQD0DULDLQIDWWLVLFKLDPDYD VXDVRUHOODVXDPDGUHHVXD FRPSDJQD 3DGUHH)LJOLRVRQRQRPLVHPSOLFL6SLULWR6DQWRqXQQRPHGRSSLR(VVLLQIDWWLVRQR RYXQTXHVRQRLQDOWRHVRQRLQEDVVRVRQRQHOO LQYLVLELOHHVRQRQHOPDQLIHVWR/R6SLULWR6DQWRq QHOPDQLIHVWRqTXDJJLqQHOO LQYLVLELOHqLQDOWR ,VDQWLVRQRVHUYLWLGDIRU]HPDOYDJLHTXHVWHLQIDWWLVRQRDFFHFDWHGDOOR6SLULWR6DQWRDIILQFKp FUHGDQRGLVHUYLUHXRPLQLPHQWUHVRQRDOO RSHUDSHULVDQWL3HUTXHVWRDOORUFKpXQGLVFHSROR SRVHXQJLRUQRXQDGRPDQGDDO6LJQRUHULJXDUGRDTXHVWRPRQGRHJOLULVSRVH'RPDQGDDWXD PDGUHHOHLWLGDUjTXDOFRVDFKHDSSDUWLHQHDXQDOWUR *OLDSRVWROLGLVVHURDLGLVFHSROL2JQLQRVWURVDFULILFLRSRVVDPHULWDUHLOVXRVDOH(VVL FKLDPDYDQRVDOH6RILDVHQ]DGLHVVDQHVVXQVDFULILFLRqJUDGLWR 0D6RILDqXQDGRQQDVWHULOHVHQ]DILJOLRHSHUTXHVWRPRWLYRqFKLDPDWDWUDFFLDGLVDOH0D RYXQTXHHVVLVDUDQQRVDUjDQFKH OR6SLULWR6DQWRHLILJOLGLOHLVRQRPROWL 4XDQWRDSSDUWLHQHDOSDGUHDSSDUWLHQHDQFKHDOILJOLRSHUzILQWDQWRFKHLOILJOLRqJLRYDQHLO SDGUH QRQJOLDIILGDTXDQWRqVXR0DTXDQGRqGLYHQWDWRXRPRLOSDGUHJOLGjWXWWRFLzFKHJOL DSSDUWLHQH 4XHOOLFKHVEDJOLDQRVRQRJHQHUDWLGDOORVSLULWRHVHJXLWDQRDVEDJOLDUHDQFKHDFDXVDGHOOR VSLULWR3HUTXHVWRSHUPH]]RGHOORVWHVVRVSLULWRVLDFFHQGHHVLVSHJQHLOIXRFR 8QDFRVDq$FKDPRWHDOWUDFRVDq(FKPRW$FKDPRWqVHPSOLFHPHQWHOD6RILDPHQWUH(FKPRW qOD6RILDGLPRUWHHGq TXHVWD6RILDGLPRUWHFKHFRQRVFHODPRUWHHGq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p HJOLOHXQLVFHHOHFRQVROLGDDIILQFKpQRQ &ROXLFKHqVWDWRFUHDWRqEHOORHWXWURYHUHVWLFKHLVXRLILJOLVRQRXQDFUHDWXUDQRELOHVHQRQ IRVVHVWDWRFUHDWRPDJHQHUDWRWXWURYHUHVWLFKHODVXDGLVFHQGHQ]DqQRELOH0DHFFRFKHQRQ VROR IXFUHDWRPDDQFKH JHQHUDWR4XDQWDQRELOWjqTXHVWD 3ULPDYHQQHO DGXOWHURHSRLO RPLFLGDIXJHQHUDWRQHOO DGXOWHULRHUDLQIDWWLILJOLRGHOVHUSHQWH 3HUFLzGLYHQQHRPLFLGDFRPHVXRSDGUHHXFFLVHVXRIUDWHOOR2JQLXQLRQHFKHVLRULJLQDGDFRVH GLVVLPLOLqDGXOWHUD 'LRqXQWLQWRUH&RPHLFRORULEXRQLTXHOOLFKHGLFLDPRDXWHQWLFLPXRLRQRFRQOHPDWHULHGDHVVL WLQWHFRVuqSXUHGHOODPDWHULDWLQWDGD'LR0DSRLFKpLVXRLFRORULVRQRLPPRUWDOLHVVLL FRORUDWL GLYHQWDQRLPPRUWDOLJUD]LHDLVXRLFRORUL2UD'LRLPPHUJHFRORURFKHLPPHUJH QHOO DFTXD (LPSRVVLELOHWKHXQRYHGDTXDOFRVDGHOOHUHDOWjHVVHQ]LDOLVHQRQqGLYHQWDWRFRPHTXHOOH

/ XRPRGDYDQWLDOODYHULWjQRQVLWURYDFRPHGLIURQWHDOPRQGR YHGHLOVROHSXUQRQHVVHQGRVROHYHGHLOFLHORODWHUUDHRJQLDOWUDFRVDSXUQRQHVVHQGRQXOODGL WXWWRTXHVWR0DVH WXKDLYLVWRTXDOFRVDGLTXHOOXRJRWXVHLGLYHQWDWRTXHOORFKHKDLYLVWR 7X KDLYLVWROR6SLULWRHWXVHLGLYHQWDWR6SLULWRWXKDLYLVWRLO&ULVWRHWXVHLGLYHQWDWR&ULVWRWXKDL YLVWRLO3DGUHHWXGLYHQWHUDL3DGUH &RVuLQTXHVWROXRJRYHGLRJQLFRVDPDQRQYHGLWHVWHVVRPDLQTXHOOXRJRWXYHGUDLWHVWHVVRH GLYHQWHUDLTXHOORFKHWXYHGL /DIHGHULFHYHO DPRUHGj1HVVXQRSXzULFHYHUHVHQ]DODIHGH1HVVXQRSXzGDUHVHQ]D O DPRUH3HUTXHVWRDSSXQWRFUHGLDPRSHUULFHYHUHYHUDPHQWHqFRVuFKHSRVVLDPRDPDUHH GDUHJLDFFKpVHXQRQRQGjSHUDPRUHQRQWUDHSURILWWRGDFLzFKHGj &ROXLFKHQRQKDDQFRUDULFHYXWRLO6LJQRUHqWXWWRUDXQHEUHR 3ULPDGLQRLDJOLLQL]LJOLDSRVWROLOR FKLDPDYDQRFRVu*HVLO1D]RUHR0HVVLDHFLRq *HVLO1D]RUHRLO&ULVWR/ XOWLPRQRPHq&ULVWRLOSULPRq*HVTXHOORGLPH]]Rq 1D]DUHQR0HVVLDKDGXHVLJQLILFDWL&ULVWRHLOOLPLWDWR,QHEUDLFR*HVVLJQLILFD UHGHQ]LRQH1D]DUDODYHULWjLO1D]DUHQRGXQTXHqTXHOORGHOOD ODYHULWj,O&ULVWRq VWDWROLPLWDWRLO1D]DUHQRH*HVORKDQQROLPLWDWR 8QDSHUODJHWWDWDQHOIDQJRQRQSHUGHYDORUHQpFRVSDUVDGLEDOVDPRqSLSUH]LRVDSHULO SURSULHWDULRKDVHPSUHORVWHVVRYDORUH&RVuqSXUHGHLILJOLGL'LRRYXQTXHVLWURYDQR PDQWHQJRQRVHPSUHLOORURYDORUHSUHVVRLO3DGUH 6HGLFL6RQRHEUHRQHVVXQRVLFRPPXRYHVHGLFL6RQRURPDQRQHVVXQRWUHPDVHGLFL 6RQRJUHFREDUEDURVFKLDYROLEHURQHVVXQRVLDJLWD6HGLFL6RQRFULVWLDQRWUHPDLO PRQGR5LFHYDLRTXHVWRVHJQRFKHJOLDUFRQWLQRQSRVVRQRVRSSRUWDUHDOORUFKpRGRQRLOVXR QRPH 'LRqXQPDQJLDWRUHGLXRPLQLSHUTXHVWRO XRPRJOLqLPPRODWR3ULPDFKHJOLVLLPPRODVVH O XRPRJOLVLLPPRODYDQRDQLPDOLJLDFFKpFRORURDLTXDOLVLVDFULILFDYDQRQHUDQRGqL 9DVLGLYHWURHYDVLG DUJLOODVRQRIDEEULFDWLFROIXRFR0DVHVLVSH]]DQRLYDVLGLYHWURVRQR ULPRGHOODWLSHUFKpIXURQRSURGRWWLPHGLDQWHXQVRIILRVHLQYHFHVLVSH]]DQRLYDVLG DUJLOODYDQQR GLVWUXWWLSHUFKpIXURQRIDEEULFDWLVHQ]DLOVRIILR *LUDQGRDWWRUQRDXQDPRODXQDVLQRIHFHFHQWRPLJOLDTXDQGRIXVFLROWRVLWURYzDQFRUDDOOR VWHVVRSRVWR&HUWLXRPLQLFDPPLQDQRPROWRPDQRQDUULYDQRPDLGDQHVVXQDSDUWHTXDQGRSHU ORURJLXQJHODVHUDQRQYHGRQRQpFLWWjQpYLOODJJLRQHFUHD]LRQHQpQDWXUDQpIRU]DQpDQJHOR 0LVHUDELOLKDQQRVRIIHUWRLQYDQR / HXFDUHVWLDq*HVSRLFKpLQVLULDFRHJOLqGHWWR3KDULVDWDFLRqFROXLFKHqGLVWHVR*HV LQIDWWLYHQQHSHUFURFLILJJHUHLOPRQGR ,O6LJQRUHHQWUzQHOODWLQWRULDGL/HYLSUHVHVHWWDQWDGXHFRORULOLJHWWzQHOFDOGHURQHHOLULWUDVVH WXWWLELDQFKLHGLVVH,O)LJOLRGHOO XRPRqJLXQWRLQYHURFRPHXQWLQWRUH /D6RILDFKLDPDWDVWHULOHqODPDGUHGHJOLDQJHOLODFRPSDJQDGHO)LJOLRq0DULD0DGGDOHQD ,O6LJQRUHDPDYD0DULDSLGLWXWWLLGLVFHSROLHVSHVVRODEDFLDYDVXOODERFFD*OLDOWULGLVFHSROL YHGHQGRORFRQ0DULDJOLGRPDQGDURQR3HUFKpO DPLSLGLQRLWXWWL",,6DOYDWRUHULVSRVHH GLVVHORUR&RP qFK LRQRQYLDPRTXDQWROHL" 6HVLWURYDQRLQPH]]RDOOHWHQHEUHXQFLHFRHXQRFKHYHGHQRQVLGLVWLQJXRQRO XQRGDOO DOWUR 0DTXDQGRYLHQH,DOXFHFROXLFKHYHGHYHGUjODOXFHPHQWUHFROXLFKHqFLHFRULPDUUjQHOOH WHQHEUH ,O6LJQRUHKDGHWWR%HDWRFROXLFKHqSULPDGLGLYHQLUH3RLFKpFROXLFKHqqVWDWRHVDUj /DVXSHULRULWjGHOO XRPRQRQDSSDUHDJOLRFFKLPDqQDVFRVWDDOODYLVWD3HUTXHVWRHJOLqVLJQRUH GHJOLDQLPDOLFKHVRQRSLIRUWLHJUDQGLGLOXLVLDSHUFLzFKHDSSDUHVLDSHUFLzFKHqQDVFRVWRH

SURYYHGHDOORURVRVWHQWDPHQWRPDVHO XRPRVHQHVHSDUDHVVLVLXFFLGRQRHVLPRUGRQRO XQ O DOWURVLGLYRUDQRO XQRFRQO DOWURSHUFKpQRQWURYDQRFLER$GHVVRSHUzKDQQRWURYDWRFLER SHUFKpO XRPRKDODYRUDWRODWHUUD 6HXQRVFHQGHQHOO DFTXDHQHULVDOHVHQ]DDYHUHULFHYXWRQXOODHGLFH,RVRQRFULVWLDQR FRVWXLVLSUHQGHDSUHVWLWRLO1RPH0DVHULFHYHOR6SLULWR6DQWRFRVWXLKDLO1RPHFRPHXQ GRQR$FROXLFKHKDULFHYXWRXQGRQRQRQORVLGRPDQGDLQGLHWURPDDFROXL FKHO KDSUHVRDSUHVWLWRORVLFKLHGHLQGLHWUR&RVuDFFDGHDFROXLFKHVSHULPHQWDXQPLVWHUR *UDQGHqLOPLVWHURGHOPDWULPRQLR6HQ]DGLHVVRQRQFLVDUHEEHLOPRQGRJLDFFKpJOLXRPLQL VRQRFRQVROLGDPHQWRGHOPRQGRHLOPDWULPRQLRqLOFRQVROLGDPHQWRGHJOLXRPLQL&RPSUHQGHWH ODFRPXQLRQHLPPDFRODWDSRLFKpqGRWDWDGLXQDJUDQGHIRU]D/DVXDLPPDJLQHqQHOOD FRQWDPLQD]LRQHGHOFRUSR 9LVRQRVSLULWLLPSXULPDVFKLOLHVSLULWLLPSXUL IHPPLQLOLLPDVFKLOLVLDVVRFLDQRDOOHDQLPHFKH KDQQRSUHVRGRPLFLOLRLQFRUSLGLIHPPLQHHLIHPPLQLOLVRQRDVVRFLDWLDTXHOOHGHLFRUSLGHJOL XRPLQLDPRWLYRGLFROXLFKHGLVREEHGuHQRQVIXJJHORURDOFXQRSRLFKpHVVLORWUDWWHQJRQRD PHQRFKHXQRULFHYDXQDIRU]DPDVFKLOHHXQDIRU]DIHPPLQLOHHFLRqTXHOODGHOILGDQ]DWRHGHOOD ILGDQ]DWD4XHVWRSRLVLULFHYHLQLPPDJLQHQHOODFDPHUDQX]LDOH 4XDQGRGRQQHVFLRFFKHYHGRQRXQXRPRFKHVHQHVWDWXWWRVRORORDVVDOJRQRIROOHJJLDQRHOR FRQWDPLQDQR$OORVWHVVRPRGRTXDQGRXRPLQLVFLRFFKLYHGRQRXQDEHOODGRQQDWXWWDVRODOD SHUVXDGRQRHOHXVDQRYLROHQ]DSHUFKpYRJOLRQRFRQWDPLQDUOD0DVHYHGRQRXQXRPRHXQD GRQQDLQVLHPHOHGRQQHQRQSRVVRQRDYYLFLQDUVLDOO XRPRHJOLXRPLQLQRQSRVVRQRDYYLFLQDUVL DOODGRQQD/DVWHVVDFRVDDYYLHQHTXDQGRO LPPDJLQHHO DQJHORVLXQLVFRQRQHVVXQRRVDDQGDUH YHUVRO XRPRRYHUVRODGRQQD &ROXLFKHHVFHGDOPRQGRQRQSXzSLHVVHUHWUDWWHQXWRSRLFKpqVWDWRQHOPRQGRÊFKLDURFKH HJOLqDOGLVRSUDGHOGHVLGHULRHGHOODSDXUDqSDGURQHGHOODQDWXUDqDOGLVRSUDGHOODJHORVLD 0DVHYLHQHLOPDOLJQRORDIIHUUDHORVRIIRFDFRPHSRWUjIXJJLUHOHJUDQGLIRU]HFKHVWULQJRQR" &RPHSRWUjQDVFRQGHUVLDHVVH" 6SHVVRFHUWXQLYHQJRQRDGLUH6LDPRIHGHOLSHUVIXJJLUHDJOLVSLULWLLPSXULHDLGHPRQL6H LQIDWWLDYHVVHUROR6SLULWR6DQWRQHVVXQRVSLULWRLPSXURVLDFFRVWHUHEEHORUR 1RQDYHUHSDXUDGHOODFDUQHHQRQDPDUOD6HWXQHKDLSDXUDHVVDWLGRPLQHUj6HWXO DPLHVVD WLGLYRUHUjHWLLQJKLRWWLUj (FLzDYYHUUjLQTXHVWRPRQGRRQHOODULVXUUH]LRQHRQHLOXRJKLGLPH]]R1RQFDSLWLFK LRVLD WURYDWRLQHVVL ,QTXHVWRPRQGRF qGHOEXRQRHGHOFDWWLYRLOVXREXRQRQRQqEXRQRHLOVXRFDWWLYRQRQq FDWWLYR0DGRSRTXHVWRPRQGRF qTXDOFRVDGLYHUDPHQWHFDWWLYRHGqLOOXRJRGLPH]]R(VVR qODPRUWH )LQFKHVLDPRLQTXHVWRPRQGRFRQYLHQHFKHDFTXLVWLDPRODULVXUUH]LRQHDIILQFKpTXDQGRFL VSRJOLDPRGHOODFDUQHFLWURYLDPRQHOULSRVRQRQDEELDPRGDDQGDUHQHOOXRJRGLPH]]RVRQR PROWLLQIDWWLFRORURFKHVEDJOLDQROXQJRLOFDPPLQR &RQYLHQHULVDOLUHGDTXHVWRPRQGRSULPDFKHO XRPRSHFFKL $OFXQLQpYRJOLRQRQpSRVVRQRSHFFDUH $OWULLQYHFHDQFKHVHORYRJOLRQRSHFFDUH QRQVRQR PLJOLRULSHUFKpQRQORIDQQRSRLFKpTXHVWDYRORQWjIDGLORURGHLSHFFDWRUL0DDQFKHVH TXDOFXQRQRQYXROHSHFFDUH ODJLXVWL]LDVLQDVFRQGHUjDWXWWLHGXHDOQRQYROHUHHDOQRQIDUH 8QDSRVWROLFRYLGHLQXQDYLVLRQHDOFXQLFKLXVLLQXQDFDVDLQILDPPHHDYYLQWLDFDWHQHFKH JLDFHYDQRLQSUHGDDOIXRFR& HUDSHUzGHOO DFTXDLQPH]]RDORURPDLQXWLOPHQWH(JOLGLVVH ORUR3HUFKpQRQSRVVRQRHVVHUHVDOYDWL"(JOLULVSRVH1RQORYRJOLRQR5LFHYHWWHURTXHVWR OXRJRFRPHSXQL]LRQHOXRJR FKHqGHQRPLQDWRWHQHEUDHVWHULRUHVWULGRUHGLGHQWL / DQLPDHORVSLULWRVRQRQDWLGDOO DFTXDGDOIXRFR'DOO DFTXDGDOIXRFRHGDOODOXFHQDFTXHLO ILJOLRGHOODFDPHUDQX]LDOH,OIXRFRqO XQ]LRQHODOXFHqLOIXRFR3DUORQRQGLTXHVWRIXRFRFKH

QRQKDIRUPDPDGLTXHOO DOWURFKHKDODIRUPDELDQFDGHOODEHOODOXFHHGjODEHOOH]]D /DYHULWjQRQqYHQXWDQXGDLQTXHVWRPRQGRPDLQVLPEROLHLPPDJLQL1RQODVLSXzDIIHUUDUHLQ DOWURPRGR 9LqXQDULJHQHUD]LRQHHXQ LPPDJLQHGLTXHVWD ULJHQHUD]LRQH%LVRJQDYHUDPHQWHULQDVFHUHSHU PH]]RGHOO LPPDJLQH&KHFRV qODULVXUUH]LRQH"/ LPPDJLQHGHYHULVRUJHUHSHUPH]]R GHOO LPPDJLQH/RVSRVRHO LPPDJLQHSHQHWUDQRQHOODYHULWjSHUPHQRGHOO LPPDJLQH4XHVWDq O DSRFDWDVWDVL 1RQVRORqEHQHFKHTXDQWLQRQKDQQRLOQRPHGHO3DGUHHGHO)LJOLRHGHOOR6SLULWR6DQWROR RWWHQJDQRPDFKHO RWWHQJDQRSHUVHVWHVVL6HTXDOFXQRQRQOLKDRWWHQXWLSHUVHVWHVVRVDUj SULYDWRDQFKHGHOQRPH0DHJOLOLULFHYHFRQO XQ]LRQHDURPDWLFDGHOODIRU]DGHOODFURFHIRU]D FKHJOLDSRVWROLFKLDPDQRODGHVWUDHODVLQLVWUD&RVWXLLQIDWWLQRQqSLXQFULVWLDQRPDXQ &ULVWR ,O6LJQRUHKDRSHUDWRWXWWRLQXQPLVWHUREDWWHVLPRXQ]LRQHHXFDUHVWLDUHGHQ]LRQHFDPHUD QX]LDOH ,O6LJQRUHKDGHWWR6RQRYHQXWRSHUUHQGHUHOHFRVHGLTXDJJLVLPLOLDOOHFRVHGLODVVHOH FRVHHVWHUQHVLPLOLDOOHFRVHLQWHUQH6RQRYHQXWRSHUXQLUOHLQTXHOOXRJR (JOLVLqPDQLIHVWDWRLQTXHVWROXRJRSHUPH]]RGLVLPEROLHGLLPPDJLQL &RORURFKHDIIHUPDQR& qXQXRPRFHOHVWHHXQRDOGLVRSUDGLOXuVEDJOLDQR3RLFKpFROXLFKH VLqPDQLIHVWDWRLQFLHORqO XRPRFHOHVWHHGqFKLDPDWR&ROXLFKHqTXDJJL&ROXLDOTXDOH DSSDUWHQJRQROHFRVHQDVFRVWHqDOGLVRSUDGLOXLÊGXQTXHEHQHGLUHFRVu/ LQWHUQRH O HVWHUQRHO HVWHUQRGHOO HVWHUQR3HUFLzLO6LJQRUHFKLDPzODFRUUX]LRQHWHQHEUHHVWHULRUL VHEEHQHQRQDEELDDOFXQHVWHUQR (JOLKDGHWWR,O3DGUHPLRFKHqQHOVHJUHWR+DGHWWR(QWUDQHOODWXDFDPHUDFKLXGLODSRUWD GLHWURGLWHHSUHJDWXR3DGUHFKHqQHOVHJUHWRFKHVLWURYDFLRqDOO LQWHUQRGLWXWWLORUR0DFLz FKHqDOO LQWHUQRGLWXWWLORURqLO3OHURPD2OWUHTXHOORQRQF qDOFXQRFKHVLDDOO LQWHUQRGLOXL(G HJOLqFROXLGHOTXDOHIXGHWWRFKHqDOGLVRSUDGuORUR 3ULPDGHO&ULVWRHUDQRXVFLWLPROWLGRQGHHUDQRXVFLWLQRQSRWHYDQRSLULWRUQDUHHGRQGHHUDQR HQWUDWLQRQSRWHYDQRSLXVFLUH3RLYHQQHLO&ULVWRIHFHXVFLUHTXHOOLFKHHUDQRHQWUDWLHIHFH ULHQWUDUHTXHOOLFKHHUDQRXVFLWL 1HLJLRUQLLQFXL(YDVLWURYDYDLQ$GDPRODPRUWHQRQF HUDODPRUWHVRSUDYYHQQHDOORUFKp(YD IXVHSDUDWDGDOXL6HULHQWUDLQOXLHVHHJOLODSUHQGHLQVpODPRUWHQRQFLVDUjSL 0LR'LRPLR'LRSHUFKp6LJQRUHPLKDLDEEDQGRQDWR"6XOODFURFHHJOLGLVVHTXHVWHSDUROH SHUFKpOjHJOLIXGLYLVR&KLXQTXHIXJHQHUDWRGDFROXLFKHGLVWUXJJHQRQSURYLHQHGD'LR ,O6LJQRUHULVRUVHGDLPRUWL(JOLGLYHQQHFRP q0DLOVXRFRUSRHUDSHUIHWWR$YHYDVuODFDUQH PDTXHVWDFDUQHqXQDYHUDFDUQH/DQRVWUDFDUQHLQYHFHQRQqYHUDQRLDEELDPRVROR XQ LPPDJLQHGHOODYHUD ,OOHWWRQX]LDOHQRQqSHUJOLDQLPDOLQpSHUJOLVFKLDYLQpSHUOHGRQQHLPSXUHPDSHUJOLXRPLQL OLEHULHSHUOHYHUJLQL &HUWRVLDPRVWDWLJHQHUDWLQXRYDPHQWHGDOOR6SLULWR6DQWRWXWWDYLDVLDPRJHQHUDWLDQFKHGDO &ULVWR$PEHGXHYROWHVLDPRVWDWLXQWLQHOOR6SLULWRHDOORUFKpIXPPRJHQHUDWLVLDPRVWDWLULXQLWL 6HQ]DOXFHQHVVXQRSXzYHGHUVLQHOO DFTXDRSSXUHLQDQRVSHFFKLRPDQHSSXUHVHQ]DDFTXD HVHQ]DVSHFFKLRSRWUDLQXRYDPHQWHYHGHUWLQHOODOXFH3HUTXHVWRPRWLYRqQHFHVVDULREDWWH]]DUH QHOODOXFHHQHOO DFTXDLQWXWWHHGXH2UDODOXFHqO XQ]LRQH $*HUXVDOHPPHWUHHUDQROHFDVHFKHIXQJHYDQRGDOXRJRGLVDFULILFLRXQDDSHUWDGDOODWR RFFLGHQWDOHHUDGHWWDLOVDQWRO DOWUDDSHUWDGDOODWRPHULGLRQDOHHUDGHWWDLOVDQWRGHOVDQWR ODWHU]DDSHUWDGDOODWRRULHQWDOHHUDGHWWDLOVDQWRGHLVDQWLLQTXHVWROXRJRSHQHWUDYDVROWDQWR

LOVRPPRVDFHUGRWH ,OEDWWHVLPRqODFDVDVDQWDO XQ]LRQHqLOVDQWRGHOVDQWRODFDPHUDQX]LDOHqLOVDQWRGHL VDQWL,OEDWWHVLPRFRPSUHQGHODULVXUUH]LRQHHODUHGHQ]LRQH/DUHGHQ]LRQHKDOXRJRQHOOD FDPHUDQX]LDOH0DODFDPHUDQX]LDOHqVXSHULRUHDGHVVDSRLFKpWXQRQWURYHUDLQXOODFRPHHVVD 4XDQWLOHVRQRIDPLOLDULVRQRFRORURFKHSUHJDQRQHOVDQWRLQ*HUXVDOHPPH,Q*HUXVDOHPPHYL VRQRDOFXQLFKHSUHJDQRDVSHWWDQGRLO5HJQRGHLFLHOL&RVWRURVRQRGHWWLLOVDQWRGHLVDQWL SRLFKpSULPDFKHLOYHORIRVVHVWUDSSDWRQRLQRQDYHYDPRDOWUDFDPHUDQX]LDOHPDVROR XQ LPPDJLQHGHOODFDPHUDQX]LDOHFKHqODVV(SHUTXHVWRFKHLOYHORIXVWUDSSDWRGDOO DOWRDO EDVVRSHUFKpHUDRSSRUWXQRFKHTXDOFXQRDQGDVVHGDOEDVVRLQDOWR &RORURFKHVLVRQRYHVWLWLGHOODOXFHSHUIHWWDQRQVRQRYLVWLHTXLQGLQRQSRVVRQRHVVHUH WUDWWHQXWLGDOOHIRU]HFLVLULYHVWHGLTXHVWDOXFHQHOPLVWHURQHOO XQLRQH 6HODGRQQDQRQVLIRVVHVHSDUDWDGDOO XRPRQRQVDUHEEHPRUWDFRQO XRPRDOO RULJLQHGHOOD PRUWHFLIXODVXDVHSDUD]LRQH3HUFLzLO&ULVWRqYHQXWRDSRUUHULSDURDOODVHSDUD]LRQHFKHHEEH LQL]LRILQGDOSULQFLSLRHDXQLUHQXRYDPHQWHLGXHDYLYLILFDUHFRORURFKHHUDQRPRUWLDPRWLYR GHOODVHSDUD]LRQH 0DODGRQQDVLXQLVFHFRQVXRPDULWRVXOOHWWRQX]LDOHHFRORURFKHVRQRXQLWLVXOOHWWRQX]LDOHQRQ VLSRVVRQRSLVHSDUDUH(YDVLVHSDUzGD$GDPRSHUFKpQRQVLHUDPDLXQLWDFRQOXLVXOOHWWR QX]LDOH / DQLPDGL$GDPRSURYLHQHGDXQVRIILRTXHOORqLOVXRFRPSDJQR/RVSLULWRFKHJOLqVWDWRGDWR qVXDPDGUHODVXDDQLPDIXVRVWLWXLWDGDOORVSLULWRFKHJOLHUDVWDWRGDWRLQVXDYHFH$OORUFKpVL XQuDOXLSURQXQFLzSDUROHLQFRPSUHQVLELOLDOOHIRU]H4XHVWHDOORUDORLQYLGLDURQRSHUFKpQRQ SRVVHGHYDQRO XQLRQHSQHXPDWLFD7DOHGLYLVLRQHRIIULORURO RFFDVLRQHGLIRUPDUVLXQVLPEROLFR OHWWRQX]LDOHDIILQFKpJOLXRPLQLVLFRQWDPLQDVVHURLQHVVR 6XOOHULYHGHO*LRUGDQR*HVPDQLIHVWzVHVWHVVRYLHUDODSLHQH]]DGHO5HJQRGHLFLHOL&ROXLFKH IXJHQHUDWRSULPDGLWXWWRIXQXRYDPHQWHJHQHUDWR&ROXLFKHDOO LQL]LRIXXQWRFRPH)LJOLRIX QXRYDPHQWHXQWR&ROXLFKHIXUHGHQWRDVXDYROWDKDUHGHQWRJOLDOWUL 6HqOHFLWRSDUODUHGLXQPLVWHURLO3DGUHGHOWXWWRVLXQuFRQOD9HUJLQHFKHHUDGLVFHVDGDOO DOWR HLQTXHOJLRUQREULOOzSHUOHLXQIXRFR(JOLDSSDUYHQHOJUDQGHOHWWRQX]LDOH3HUFLzLOVXRFRUSRIX SURGRWWRLQTXHOJLRUQRODVFLzLOOHWWRQX]LDOHFRPHXQRFKHYLHQHGDOORVSRVRHGDOODVSRVD&RVu *HVUDGGUL]]zLOWXWWRSHUPH]]RORURLQHVVR(QHFHVVDULRFKHRJQXQRGHLGLVFHSROLHQWULQHO VXRULSRVR $GDPRIXSURGRWWRGDGXHYHUJLQLGDOORVSLULWRHGDOODWHUUDYHUJLQH,O&ULVWRSHUFLzQDFTXHGD XQDYHUJLQHSHUFRUUHJJHUHLOSDVVRIDOVRYHULILFDWRVLDOO LQL]LR ,QPH]]RDOSDUDGLVRFUHVFRQRGXHDOEHULXQRJHQHUDDQLPDOLO DOWURJHQHUDXRPLQL$GDPR PDQJLzGHOO DOEHURFKHJHQHUDDQLPDOLGLYHQQHDQLPDOHHJHQHUzDQLPDOL3HUTXHVWRLILJOLGL $GDPRYHQHUDQRDQLPDOL/ DOEHURGLFXL$GDPRPDQJLzLOIUXWWRqO DOEHURGHOODFRQRVFHQ]D 4XHVWRqLOPRWLYRSHUFXLDXPHQWDURQRLSHFFDWL6HHJOLDYHVVHPDQJLDWRGHOIUXWWRGHOO DOWUR DOEHURFLRqGHOIUXWWRGHOO DOEHURGHOODYLWDTXHOORFKHJHQHUDXRPLQLDOORUDJOLGqLYHQHUHUHEEHUR JOLXRPLQL3RLFKpDOO LQL]LR'LRFUHzO XRPR0DRUDJOLXRPLQLFUHDQR'LR 1HOPRQGROHFRVHYDQQRFRVuJOLXRPLQLVLIDEEUL GHJOLGqLHYHQHUDQROHORURFUHD]LRQL6DUHEEH LQYHFHRSSRUWXQRFKHJOLGqLYHQHUDVVHURJOLXRPLQL ,QYHULWjOHRSHUHGHOO XRPRSURYHQJRQRGDOODVXDIRU]DSHUFLzVRQRGHWWHIRU]H/HRSHUHVRQRL VXRLILJOLHSURYHQJRQRGDOVXRULSRVRSHUTXHVWRODVXDIRU]DqaSUHVHQWHQHOOHVXHRSHUH PDLOVXRULSRVRVLPDQLIHVWDQHLVXRLILJOL7URYHUDLFKHWXWWRFLzVLDSSOLFDGLUHWWDPHQWH DOO LPPDJLQHHTXHVWRqO XRPRFRQIRUPHDOO LPPDJLQH&RPSLHOHVXHD]LRQLJUD]LHDOODVXDIRU]D PDJHQHUDLVXRLILJOLJUD]LHDOVXRULSRVR ,QTXHVWRPRQGRJOLVFKLDYLVRQRVRWWRSRVWLDJOLXRPLQLOLEHUL1HO5HJQRGHLFLHOLLOLEHULVRQRDO VHUYL]LRGHJOLVFKLDYLLILJOLGHOODFDPHUDQX]LDOHVRQRDOVHUYL]LRGHLILJOLGHOPDWULPRQLR,ILJOLGHOOD FDPHUDQX]LDOHKDQQRORVWHVVRXQLFRQRPH6XJOLXQLHVXJOLDOWULUHJQDLOULSRVR1RQKDQQRSL ELVRJQzGLYHGHUHSHUFKpJRGRQRGHOODFRQWHPSOD]LRQHGRWDWLGHOODIDFROWj GLFRPSUHQGHUHSHU PH]]RGHLVHQWLPHQWR6RQRPROWLSHUFKpQRQSRQJRQRLOORURWHVRURQHOOHFRVHGLTXDJJLFKH

VRQRYLOLPDQHOOHJORULHGLODVVVHEEHQHDQFRUD QRQOHFRQRVFDQR &RORURFKHYRJOLRQRHVVHUHEDWWH]]DWLGLVFHQGRQRQHOO DFTXD0DLO&ULVWRXVFHQGRGDOO DFTXD OD FRQVDFUzDIILQFKpFRORURFKHULFHYRQRLOEDWWHVLPRQHOVXRQRPHVLDQRSHUIHWWL(JOLLQIDWWLKD GHWWR'REELDPRDGHPSLHUHRJQLJLXVWL]LD 4XDQWLDIIHUPDQRFKHSULPDVLGHYHPRULUHHSRLULVXVFLWDUHVLLQJDQQDQR6HGDYLYLQRQ RWWHQJRQRODULVXUUH]LRQHTXDQGRPRULUDQQRQRQRWWHUUDQQRQXOOD$OORVWHVVRPRGRHVVLSDUODQR GHOEDWWHVLPRDIIHUPDQRFKHLOEDWWHVLPRqXQDJUDQGHFRVDSRLFKpFKLORULFHYHYLYUj / DSRVWROR)LOLSSRGLVVH,OIDOHJQDPH*LXVHSSHDYHQGRELVRJQRGLOHJQDSHULOVXRPHVWLHUH SLDQWzXQJLDUGLQRFRQJOLDOEHULFKHDYHYDSLDQWDWRIHFHODFURFHHLOVXRGLVFHQGHQWHIXVRVSHVR DTXHOORFKHHJOLDYHYDSLDQWDWRLOVXRGLVFHQGHQWHq*HVO DOEHURqODFURFH 0DO DOEHURGHOODYLWDqLQPH]]RDOJLDUGLQR7XWWDYLDqGDOO XOLYRFKHVLHVWUDHLOFULVPDSHUPH]]R GHOTXDOHVLKDODULVXUUH]LRQH 4XHVWRPRQGRqXQGLYRUDWRUHGLFDGDYHULWXWWRFLzFKHYLVLPDQJLDPXRUHGLQXRYR /DYHULWjqXQDGLYRUDWULFHGLYLWDTXDQWLVLQXWURQRGLHVVDQRQPRULUDQQR*HVYHQQHGDTXHO OXRJRGRQGHSRUWzGHOFLER$FKLORGHVLGHUDKDGDWRODYLWDDIILQFKpHJOLQRQPXRLD 'LRSLDQWzXQJLDUGLQR/ XRPRIXSRVWRQHOJLDUGLQR/jHUDQRPROWLDOEHULSHUOXLHO XRPRYLYHYD LQTXHVWROXRJRFRQODEHQHGL]LRQHHQHOO LPPDJLQHGL'LR'LFLzFKHYLqLQHVVRLRPDQJLRFRPH YRJOLR4XHVWRSDUDGLVRqLOOXRJRQHOTXDOHPLVLGLUj8RPRPDQJLDTXHVWRRSSXUH0DQJLD TXHOORFRPHYXRL4XHVWRqLOOXRJRQHOTXDOHLRPDQJHUzGLWXWWRSRLFKpYLqO DOEHURGHOOD JQRVL4XHOORKDXFFLVR$GDPRPHQWUHLQTXHVWROXRJRO DOEHURGHOODJQRVLIHFHYLYHUHO XRPR/D OHJJHHUDO DOEHUR(VVRKDLOSRWHUHGLGDUHODFRQRVFHQ]DGHOEHQHHGHOPDOHQRQO HVHQWzGDO PDOHQpORVWDELOL]]zQHOEHQHPDSUHGLVSRVHODPRUWHSHUTXDQWLQHPDQJLDURQR3RLFKpTXDQGR HJOLGLVVH0DQJLDGLTXHVWRQRQPDQJLDUHGLTXHOORIXO LQL]LRGHOODPRUWH / XQ]LRQHqVXSHULRUHDOEDWWHVLPR(GDOO XQ]LRQHLQIDWWLFKHQRLVLDPRVWDWLFKLDPDWLFULVWLDQL HQRQGDOEDWWHVLPR$QFKHLO&ULVWRIXFKLDPDWRFRVu DPRWL9RGHOO XQ]LRQHLO3DGUHXQVHLO )LJOLRLO)LJOLRXQVHJOLDSRVWROLHJOLDSRVWROLXQVHURQRL&ROXLFKHqVWDWRXQWRSRVVLHGHLOWXWWR SRVVLHGHODULVXUUH]LRQHODOXFHODFURFHOR6SLULWR6DQWR,O3DGUHJOLKDGDWRTXHVWRQHOOD FDPHUDQX]LDOHHJOLOR KDDFFHWWDWR ,O3DGUHHUDQHO)LJOLRHLO)LJOLRQHO3DGUH4XHVWRqLO5HJQRGHLFLHOL %HQHGLVVHLO6LJQRUH$OFXQLHQWUDURQRQHO5HJQRGHLFLHOLULGHQGRHXVFLURQR(VVLQRQYL ULPDVHURSHUFKpO XQRQRQHUDXQFULVWLDQRO DOWURSHUFKpLQVHJXLWRULPSLDQVHODVXDGHFLVLRQH 1RQDSSHQDLO&ULVWRGLVFHVHQHOO DFTXDQHXVFuULGHQGRGLWXWWRQRQSHUFKpIRVVHSHUOXLXQ JLRFRPDSHUO DVVROXWRGLVSUH]]RFKHQHDYHYD&ROXLFKHYXROHHQWUDUHQHO5HJQRGHLFLHOLYL JLXQJHUj6HGLVSUH]]DLOWXWWRGLTXHVWRPRQGR HORFRQVLGHUDXQJLRFRQHXVFLUjULGHQGR (FRVuDQFKHGHOSDQHGHOFDOLFHGHOO ROLRDQFKHVHYLqTXDOFRVDGLSLHOHYDWRGLTXHVWL ,OPRQGRHEEHRULJLQHGDXQDWUDVJUHVVLRQH&ROXLLQIDWWLFKHORKDFUHDWRYROHYDIDUOR LQFRUUXWWLELOHHLPPRUWDOHPDIDOOLHQRQUHDOL]]zTXDQWRVSHUDYD3RLFKpO LQFRUUX]LRQHGHOPRQGR QRQHVLVWHYDQRQHVLVWHYDO LQFRUUX]LRQHGLFROXLFKHFUHzLOPRQGR1RQYLVRQRLQIDWWLFRVH LQFRUURWWHPDVROR ILJOLHQHVVXQDFRVDSXzULFHYHUHO LQFRUUX]LRQHDPHQRFKHSULPDGLYHQJD IDQFLXOOR0DFROXLFKHqLQFDSDFHGLULFHYHUHDPDJJLRUUDJLRQHqLQFDSDFHGLGDUH ,OFDOLFHGHOODSUHJKLHUDFRQWLHQHYLQRHDFTXDHVVHQGRVLPERORGHOVDQJXHVXOTXDOHVLUHQGRQR JUD]LH(VVRqULSLHQRGHOOR6SLULWR6DQWRHDSSDUWLHQHDOO XRPRWRWDOPHQWHSHUIHWWR4XDQGRQH EHYLDPRULFHYLDPRO XRPRSHUIHWWR / DFTXDYLYDqXQFRUSRqQHFHVVDULRFKHFLULYHVWLDPRGHOO XRPRYLYR3HUFLzTXDQGRqLQ SURFLQWRGLGLVFHQGHUHQHOO DFTXDVLVYHVWHSHUULYHVWLUVLGLTXHOOR 8QFDYDOORJHQHUDXQFDYDOORXQXRPRJHQHUDXQXRPRXQGLRJHQHUDXQGLR&RVuqGHOORVSRVR HGHOODVSRVDLORURILJOLIXURQRFRQFHSLWLQHOODFDPHUDQX]LDOH)LQWDQWRFKHODOHJJHHUDLQ9LJRUH

QRQF qVWDWRXQHEUHRFKHVLDQDWRGDXQJUHFR 1RLVWHVVLLQTXDQWRVWLUSHFULVWLDQDQRQ GLVFHQGLDPRGDJOLHEUHL& HUDXQ DOWUDVWLUSHHLVXRLGLVFHSROLVRQRFKLDPDWLVWLUSHHOHWWDGHO 'LRYLYHQWHHO XRPRYHURHLO)LJOLRGHOO XRPRHODGLVFHQGHQ]DGHO)LJOLRGHOO XRPR 4XHVWDQHOPRQGRqFKLDPDWDODYHUDVWLUSH2YXQTXHVLWURYDQROjqLOOXRJRGHLILJOLGHOOD FDPHUDQX]LDOH 0HQWUHLQTXHVWRPRQGRO XQLRQHVHVVXDOH qGLXQPDVFKLRHGLXQDIHPPLQDFRPHGLIRU]DH GLGHEROH]]DQHOO HRQHO LPPDJLQHGHOO XQLRQHVSLULWXDOH qGLYHUVD7XWWDYLDQRLORFKLDPLDPRFRQ JOLVWHVVLQRPL0DYLVRQRDOWULQRPLDOGLVRSUDGLRJQLQRPHFRQLTXDOLqPHQ]LRQDWRHSLIRUWL GHOIRUWH3RLFKpOjRYHVLWURYDODYLROHQ]DYLVRQRFRORURFKHHFFHOORQRQHOODIRU]D4XHVWHQRQ VRQRFRVHGLYHUVHPDDPEHGXHVRQRXQDVWHVVDFRVD4XHVWDqXQDFRVDFKHLOFXRUHGHOODFDUQH QRQULXVFLUjPDLDYLQFHUH $TXDQWLKDQQRWXWWRQRQqIRUVHQHFHVVDULRFKHWXWWLFRQRVFDQRVHVWHVVL"$OFXQLVHQRQ FRQRVFRQRVHVWHVVLQRQJLRLVFRQRGLTXHOORFKHSRVVLHGRQR0DTXHOOLFKHVRQRSHUYHQXWLDOOD FRQRVFHQ]DGLVHVWHVVLQHJLRLUDQQR 1RQVROWDQWRQRQULXVFLUDQQRDGDIIHUUDUHO XRPRSHUIHWWRPDQRQULXVFLUDQQRDYHGHUORSRLFKp VHORYHGHVVHURORDIIHUUHUHEEHUR1HVVXQRULXVFLUjDRWWHQHUHTXHVWDJUD]LDLQDOFXQDOWURPRGR VHQRQULYHVWHQGRVLGHOODOXFHSHUIHWWDHGLYHQHQGRHJOLVWHVVROXFHSHUIHWWD&ROXLFKHVLULYHVWLUj GLTXHVWDHQWUHUjQHO5HJQR4XHVWDqODOXFHSHUIHWWDHGqQHFHVVDULRFKHFRQRJQLPH]]R GLYHQWLDPRXRPLQLSHUIHWWLSULPDGLXVFLUHGDOPRQGR &ROXLFKHKDULFHYXWRWXWWRPDQRQKDLOGRPLQLRGLTXHVWLOXRJKLQRQULXVFLUjDGRPLQDUHTXHVWR OXRJRPDDQGUjQHOOXRJRGLPH]]RFRPHLPSHUIHWWR6ROWDQWR*HVFRQRVFHODILQHGLFRVWXL / XRPRVDQWRqSHUIHWWDPHQWHVDQWRDQFKHQHOVXRFRUSR,QIDWWLVHKDULFHYXWRLOSDQHOR VDQWLILFKHUjRLOFDOLFHRTXDOVLDVLDOWUDFRVDULFHYDHJOLODSXULILFD(FRPHQRQVDQWLILFKHUjDQFKH LOFRUSR" &RPH*HVKDUHVRSHUIHWWDO DFTXDGHOEDWWHVLPRFRVuKDVYXRWDWRODPRUWH3HUFLzQRL GLVFHQGLDPRVuORQHOO DFTXDPDQRQGLVFHQGLDPRQHOODPRUWHSHUQRQYHQLUHJHWWDWLIXRULQHOOR VSLULWRGLTXHVWRPRQGR4XDQGRVRIILDORVSLULWRGHOPRQGRIDYHQLUHO LQYHUQR4XDQGRVRIILDOR 6SLULWR6DQWRIDYHQLUHO HVWDWH &ROXLFKHKDODFRQRVFHQ]DGHOODYHULWjqOLEHUR0DFROXLFKHqOLEHURQRQSHFFDSRLFKpFKL SHFFDqVFKLDYRGHOSHFFDWR/DYHULWjqODPDGUHPDODFRQRVFHQ]DqLOSDGUH&RORURDLTXDOLq SHUPHVVRGLSHFFDUHLOPRQGROLFKLDPDOLEHUL$FRORURDLTXDOLQRQqSHUPHVVRGLSHFFDUHOD FRQRVFHQ]DGHOODYHULWjLQQDO]DLOFXRUHHFLRqOLUHQGHOLEHULHOLLQQDO]DDOGLVRSUDGLRJQLOXRJR 0DO DPRUHHGLILFD(FROXLFKHqGLYHQXWROLEHURSHUPH]]RGHOODFRQRVFHQ]DSHUPH]]R GHOO DPRUHqVFKLDYRSHUTXDQWLQRQKDQQRDQFRUDSRWXWRLQQDO]DUVLYHUVRODOLEHUWjSHUPH]]R GHOODFRQRVFHQ]D/DFRQRVFHQ]DOLUHQGHFDSDFLGLGLYHQWDUHOLEHUL/ DPRUHQRQDYRFDDVp QXOOD$QFKHGLFLzFKHqVXRQRQGLFH4XHOORqPLRRSSXUH4XHVWRqPLR0DGLFH7XWWR TXHVWRqWXR / DPRUHVSLULWXDOHqYLQRHEDOVDPR1HJLRLVFRQRFRORURFKHQHVRQRXQWL1HJLRLVFRQRDQFKH FRORURFKHVLPDQWHQJRQRVHSDUDWLILQWDQWRFKHJOLXQWLVRQRSUHVVRGLORUR6HJOLXQWLFRQLO EDOVDPRFHVVDQRGLVWDUH YLFLQLHVLDOORQWDQDQRGDORURFRVWRURFKHQRQVRQRXQWLHVL PDQWHQJRQRVROWDQWRVHSDUDWLGDTXHOOLULPDQJRQRQXRYDPHQWHQHOORURFDWWLYRRGRUH $OIHULWRLOVDPDULWDQRGLHGHVROWDQWRYLQRHROLRQRQqDOWURFKHO XQ]LRQH(JXDUuOHIHULWH O DPRUHLQIDWWLFRSUHXQDPROWLWXGLQHGLSHFFDWL 4XHOOLFKHODGRQQDJHQHUDUDVVRPLJOLDQRDFROXLFKHHOODDPDVHqVXRPDULWRUDVVRPLJOLDQRDO PDULWRVHqXQDGXOWHURUDVVRPLJOLDQRDOO DPDQWH6SHVVRTXDQGRXQDGRQQDGRUPHFROPDULWR SHUQHFHVVLWjPHQWUHLOVXRFXRUHVLWURYDFRQO DPDQWHFRQFXLqLQFRPXQLRQHFROXLFKHHOOD JHQHUDqJHQHUDWRVRPLJOLDQWHDTXHVWL 0DYRLFKHVLHWHFRQLO)LJOLRGL'LRQRQDPDWHLOPRQGRDPDWHLO6LJQRUHDIILQFKpFRORURFKH JHQHUDWHQRQUDVVRPLJOLQRDOPRQGRPDUDVVRPLJOLQRDO6LJQRUH

/ XRPRVLDVVRFLDFRQO XRPRLOFDYDOORVLDVVRFLDFRQLOFDYDOORO DVLQRVLDVVRFLDFRQO DVLQROH VSHFLHVLDVVRFLDQRFRQTXHOOLGHOODORURVSHFLH$OORVWHVVRPRGROR6SLULWRVLDVVRFLDFRQOR 6SLULWRLO/RJRVqLQFRPXQLRQHFRO/RJRVHODOXFHqLQFRPXQLRQHFRQODOXFH6HWXGLYHQWL XRPRO XRPRWLDPHUj6HWXGLYHQWL6SLULWROR6SLULWRVLSRUUjLQFRPXQLRQHFRQWH6HWXGLYHQWL /RJRVLO/RJRVVDUjLQFRPXQLRQHFRQWH6HWXGLYHQWLOXFHODOXFHVDUjLQFRPXQLRQHFRQWH6H WXGLYHQWLFLzFKHqLQDOWRFLzFKHqLQDOWRVLULSRVHUjVXGLWH6HWXGLYHQWLXQFDYDOORRXQDVLQR RXQYLWHOORRXQFDQHRXQPRQWRQHRXQTXDOVLDVLDOWURDQLPDOHFKHVuWURYDQRDOGLIXRULHDOGL VRWWRWXQRQSRWUDLHVVHUHDPDWRQpGDOO XRPRQpGDOOR6SLULWRQpGDO/RJRVQpGDOODOXFHQpGD FLzFKHqLQDOWRQpGDFLzFKHqDOO LQWHUQR4XHVWLQRQSRWUDQQRULSRVDUVLLQWHHWXQRQDYUDL SDUWHLQHVVL &ROXLFKHqVFKLDYRFRQWURODVXDYRORQWjSRWUjGLYHQWDUHOLEHUR&ROXLFKHHUDOLEHURLQJUD]LDGHO VXRVLJQRUHHVLqYHQGXWRLQVFKLDYLWQRQSRWUjSLGLYHQWDUHOLEHUR / DJULFROWXUDGHOPRQGRDEELVRJQDGLTXDWWURHOHPHQWLVLDFFXPXODQHOJUDQDLRTXDQWRSURYLHQH GDOO DFTXDGDOODWHUUDGDOYHQWRHGDOODOXFH$QFKHO DJULFROWXUDGL'LRDEELVRJQDGLTXDWWUR HOHPHQWLODIHGHODVSHUDQ]DO DPRUHHODJQRVL/DQRVWUDWHUUDqODIHGHQHOODTXDOHDIIRQGLDPR ODUDGLFHO DFTXDqODVSHUDQ]DGHOODTXDOHFLQXWULDPRLOYHQWRqO DPRUHSHUPH]]RGHOTXDOH GLYHQWLDPRJUDQGLHODOXFHqODJQRVLSHUPH]]RGHOODTXDOHPDWXULDPR $QFKHODJUD]LDDEELVRJQDGLTXDWWURFOHPHQWLHVVDqWHUUHVWUHqFHOHVWHHVVDSURYLHQHGDOO DOWR GHLFLHOLHULVLHGHQHOODYHULWj %HDWRFROXLFKHQRQKDUDWWULVWDWRXQ DQLPD&RVWXLq*HV&ULVWR(JOLqYHQXWRLQRJQLOXRJRH QRQKDRSSUHVVRDOFXQR3HUFLzEHDWRFKLqFRPHOXLSHUFKpqXQXRPRSHUIHWWR(JOLLQIDWWLqLO /RJRV 3RQHWHFLGRPDQGHVXGLOXLSRLFKpqGLIILFLOHSUHVHQWDUOR&RPHSRWUHPPRSRUWDUHD FRPSLPHQWRTXHVWRJUDQGHFRPSLWR"&RPHGDUjHJOLULSRVRDRJQXQR" ,QQDQ]LWXWWRQRQqJLXVWRDIIOLJJHUHDOFXQRVLDJUDQGHVLDSLFFRORVLDLQIHGHOHVLDIHGHOHHLQ VHJXLWRRIIULUHFRQIRUWRVROWDQWRDFRORURFKHSURYDQRVRGGLVID]LRQHQHOFRPSLHUHLOEHQH$OFXQL WUDJJRQRSURILWWRQHOO RIIULUHFRQIRUWRDFKLVWDEHQH&KLFRPSLHLOEHQHQRQSXzRIIULUHFRQIRUWRD FRVWRURSRLFKpqFRQWURODVXDYRORQWj0DHJOLQRQSXzDIIOLJJHUHDPHQRFKHRSHULDIILQFKp RSSULPDQRVHVWHVVL&ROXLLQYHFHFKHVWDEHQHWDOYROWDOLDIIOLJJHQRQFKHHJOLORYRJOLD HVSUHVVDPHQWHqSLXWWRVWRODORURPDOLJQLWjFKHOLDIIOLJJH&ROXLFKHKDODQDWXUDEXRQD JLRLVFH GHOEHQHPDDFDXVDGLFLzDOFXQLVLDIIOLJJRQRPDODPHQWH 8QFDSRIDPLJOLDDFTXLVWDRJQLFRVDILJOLVHUYLDQLPDOLFDQLPDLDOLJUDQRRU]RSDJOLDHUED RVVLFDUQHHJKLDQGH(XQXRPRVDJJLRHFRQRVFHLOQXWULPHQWRDGDWWRDRJQXQRPHWWHSDQH ROLRG ROLYDHFDUQHGD9DQWLDLILJOLSRQHROLRGLULFLQRHJUDQRGDYDQWLDLVHUYLJHWWDDJOLDQLPDOL RU]RSDJOLDHGHUEDJHWWDRVVDDLFDQLDLPDLDOLJHWWDJKLDQGHHDYDQ]LGLSDQH 6LFRPSRUWDFRVuDQFKHLOGLVFHSRORGL'LR6HqVDJJLRFRPSUHQGHOHTXDOLWjGLXQGLVFHSROROH IRUPHFRUSRUHHQRQO LQGXFRQRLQHUURUHYDOXWDSLXWWRVWRODGLVSRVL]LRQHG DQLPRGLRJQXQRH SDUODFRQOXL1HOPRQGRYLVRQRPROWLDQLPDOLFKHKDQQRIRUPDXPDQDDOORUFKpHJOLOLULFRQRVFH JHWWDJKLDQGHDLPDLDOLJHWWDRU]RSDJOLDHGHUEDDJOLDQLPDOLJHWWDRVVLDLFDQL$LVHUYLGjJOLLQL]L GHOOHOH]LRQL DLIDQFLXOOLGjO LQVHJQDPHQWR SHUIHWWR & qLO)LJOLRGHOO XRPRHF qLOILJOLRGHL)LJOLRGHOO XRPR,,)LJOLRGHOO XRPRqLO6LJQRUHLOILJOLR GHO)LJOLRGHOO XRPRqFROXLFKHqVWDWRFUHDWRGDO)LJOLRGHOO XRPR,O)LJOLRGHOO XRPRULFHYHWWHGD 'LRLOSRWHUHGLFUHDUH(JOLSXzDQFKHJHQHUDUH &ROXLFKHKDULFHYXWRLOSRWHUH GLFUHDUHqXQDFUHDWXUD&ROXLWKHKDULFHYXWRLOSRWHUHGL JHQHUDUHqXQJHQHUDWR&KLFUHDQRQSXzJHQHUDUH&KLJHQHUDSXzFUHDUH 0DVLGLFH&KLFUHDJHQHUD7XWWDYLDODVXDJHQHUD]LRQHqXQDFUHDWXUDSRLFKpLVXRLJHQHUDWL QRQVRQRLVXRLILJOLPDVXHFUHD]LRQL&KLFUHDODYRUDLQPRGRYLVLELOHHGqHJOLVWHVVRYLVLELOH &KLJHQHUDJHQHUDLQVHJUHWRHGqHJOLVWHVVRQDVFRVWRVWDQGRFRQODVXDLPPDJLQH&KLFUHD FUHDDSHUWDPHQWHPDFROXLFKHJHQHUDJHQHUDILJOLLQVHJUHWR 1HVVXQRqFDSDFHGLFRQRVFHUHLOJLRUQRLQFXLO XRPRHODGRQQDVLXQLVFRQRHFFHWWRORURGXH

,QIDWWLQHOPRQGRLOPDWULPRQLRqXQPLVWHURSHUFRORURFKHKDQQRSUHVRPRJOLH 6HLOPDWULPRQLRGHOODFRQWDPLQD]LRQHqQDVFRVWRDPDJJLRUUDJLRQHLOPDWULPRQLRLPPDFRODWRq XQYHURPLVWHUR1RQqFDUQDOHPDSXUR1RQDSSDUWLHQHDOODSDVVLRQHPDDOODYRORQWj1RQ DSSDUWLHQHDOOHWHQHEUHRDOODQRWWHPDDSSDUWLHQHDOJLRUQRHDOODOXFH 4XDQGRXQPDWULPRQLRqVHQ]DYHOLGLYHQWDSURVWLWX]LRQHHODVSRVDVLSURVWLWXLVFHQRQVROWDQWR TXDQGRDFFRJOLHLOVHPHGLXQDOWURXRPRPDDQFKHTXDQGRODVFLDODFDPHUDGDOHWWRHGqYLVWD (OODSXzPDQLIHVWDUVLVROWDQWRDVXRSDGUHDVXDPDGUHDOO DPLFRGHOORVSRVRHDLILJOLGHOOR VSRVRDFRVWRURqSHUPHVVRGLHQWUDUHWXWWLLJLRUQLQHOODFDPHUDQX]LDOH0DJOLDOWULQRQSRVVRQR FKHGHVLGHUDUHGLXGLUHODVXDYRFHGLJLRLUHGHOVXRSURIXPRHQXWULUVLGHOOHEULFLROHGLSDQHFKH FDGRQRGDOODWDYRODFRPHLFDQL*OLVSRVLHOHVSRVHDSSDUWHQJRQRDOODFDPHUDQX]LDOHQHVVXQR SRWUjYHGHUHORVSRVRHODVSRVDDPHQRFKHORGLYHQWL 4XDQGR$EUDPRJLRuSHUFKpDYUHEEHYLVWRTXDQWRVWDYDSHUYHGHUHFLUFRQFLVHODFDUQHGHOVXR SUHSX]LRLQVHJQDQGRFLFRVuFKHqQHFHVVDULRGLVWUXJJHUHODFDUQH 0ROWHFRVHLQTXHVWRPRQGRVWDQQRULWWHHYLYRQRILQRDWDQWRFKHOHORURSDUWLLQWHULRULVRQR QDVFRVWHPDTXDQGRYHQJRQRDOORVFRSHUWRPXRLRQRFRPHqSURYDWRGDOO XRPRYLVLELOH( LQIDWWLILQWDQWRFKHOHYLVFHUHGHOO XRPRVRQRQDVFRVWHO XRPRqYLYRPDVHOHVXHYLVFHUHVRQR HVSRVWHHGHVFRQRGDOXLO XRPRPRULUj&RVuqSXUHGHOO DOEHURILQWDQWRFKHODUDGLFHq QDVFRVWDILRULVFHHFUHVFHPDVHODUDGLFHqHVSRVWDO DOEHURVHFFD&RVuqGLRJQLSURGRWWRGHO PRQGRVLDSHUFLzFKHqHVSRVWRVLDSHUFLzFKHqQDVFRVWR3RLFKpILQWDQWRFKHODUDGLFHGHO PDOHqQDVFRVWDqIRUWHPDTXDQGRqVFRSHUWDVLGLVVROYH6HVLPDQLIHVWDYLHQHGLVWUXWWD 3HUFLzLO/RJRVGLFH/ DVFLDqJLjSRVWDDOODUDGLFHGHJOLDOEHUL1RQWDJOLHUjFLzFKHYLHQH WDJOLDWRVSXQWDGLQXRYRO DVFLDLQYHFHWDJOLHUjLQSURIRQGLWjILQRDHVWLUSDUHODUDGLFH*HVKD UHFLVRODUDGLFHGLWXWWRLOOXRJRPDJOLDOWULVROWDQWR SDU]LDOPHQWH4XDQWRDQRLRJQXQRVFDYL ILQRDOODUDGLFHGHOPDOHFKHqLQOXLORVUDGLFKLGDOVXRFXRUHILQRDOODUDGLFH 0DHVVRVDUjVUDGLFDWRVHQRLORULFRQRVFHUHPR6HLQYHFHORLJQRULDPRVLUDGLFKHUjLQQRLH SURGXUUjLVXRLIUXWWLQHOQRVWURFXRUH(VVRLPSHUDVXGLQRL6LDPRVXRLVFKLDYLFLUHQGH SULJLRQLHULVLFFKpIDFFLDPRFLzFKHQRQYRJOLDPRHQRQIDFFLDPRFLzFKHYRJOLDPR(VHUFLWDXQ JUDQGHSRWHUHSHUFKpQRQO DEELDPRVFRSHUWR)LQWDQWRFKHHVLVWHqRSHUDQWH/ LJQRUDQ]DqOD PDGUHGLRJQLPDOH/ LJQRUDQ]DVLULVROYHUjLQPRUWHSHUFKpTXDQWLSURYHQJRQRGDOO LJQRUDQ]D QRQHUDQRQRQVRQRQRQVDUDQQR 0DTXHOOLFKHVRQRQHOODYHULWjVDUDQQRSHUIHWWLTXDQGRVDUjULYHODWDWXWWDODYHULWj/DYHULWj LQIDWWLqFRPHO LJQRUDQ]DQDVFRVWDULPDQHLQVHVWHVVDPDQLIHVWDHULFRQRVFLXWDqJORULILFDWD HVVHQGRWDQWRSLIRUWHGHOO LJQRUDQ]DHGHOO HUURUH(VVDGjODOLEHUWj,O/RJRVKDGHWWR6HYRL FRQRVFHUHWHODYHULWjODYHULWjYLIDUjOLEHUL/ LJQRUDQ]DqVFKLDYD/DJQRVLqOLEHUWj6H FRQRVFLDPRODYHULWjWURYHUHPRLQQRLVWHVVLLIUXWWLGHOODYHULWj6HFLXQLDPRDHVVDSRUWHUjLO QRVWUR3OHURPD $GHVVRDEELDPROHSDUWL YLVLELOLGHOODFUHD]LRQH6LDPRVROLWLGLUH/HFRVHSRWHQWLVRQR ULVSHWWDELOLPHQWUHOHFRVHQDVFRVWHVRQRGHEROLHVSUHJHYROL,OFRQWUDULRqGHOOHFRVHULYHODWH GDOODYHULWjVRQRGHEROLHVSUHJHYROLPHQWUHOHFRVHQDVFRVWHVRQRSRWHQWLHULVSHWWDELOL,PLVWHUL GHOODYHULWjVRQRULYHODWLSHUPH]]RGLWLSLHGLLPPDJLQL0DODFDPHUDQX]LDOHUHVWDQDVFRVWDqLO VDQWRGHOVDQWR $OO LQL]LRLQIDWWLLOYHORQDVFRQGHYDLQFHUWRPRGRLOFRQWUROORGHLFUHDWRGDSDUWHGL'LR0D DOORUFKpLOYHORVLVTXDUFLzHO LQWHUQRVDUjPDQLIHVWRTXHVWDFDVDVDUjODVFLDWDGHVHUWDPHJOLR VDUjGLVWUXWWD0DQRQWXWWDODGLYLQLWjIXJJLUjGDTXHVWLOXRJKLQHOVDQWRGHLVDQWLJLDFFKpQRQ SRWUjXQLUVLDOODOXFHSXUDHDOODSLHQH]]DVHQ]DGHILFLHQ]DEHQVuVDUjVRWWROHDOLGHOODFURFHH VRWWROHVXHEUDFFLD4XHVW DUFDVDUjODVXDVDOYH]]DDOORUFKpVXGLTXHOOHVLDO]HUDQQROHDFTXH GHOGLOXYLR &RORURFKHIDQQRSDUWHGHOODWULEVDFHUGRWDOHSRWUDQQRSHQHWUDUHDOGLOjGHOYHORLQVLHPHFRO VRPPRVDFHUGRWH3HUTXHVWRLOYHORQRQVLqVTXDUFLDWRVROWDQWRLQDOWRSRLFKpVLVDUHEEHDSHUWR XQLFDPHQWHSHUTXHOOLGDOO DOWRQpVLVTXDUFLzVROWDQWRLQEDVVRSHUFKpVLVDUHEEHPDQLIHVWDWR XQLFDPHQWHSHUTXHOOLGDOEDVVR0DVLqVTXDUFLDWRGDOO DOWRLQEDVVR4XHOOLGDOO DOWRKDQQR DSHUWRSHUQRLFKHVLDPRGDOEDVVRDIILQFKpSRVVLDPRHQWUDUHQHOVHJUHWRGHOODYHULWj

&LzqYHUDPHQWHGHJQRGLULVSHWWRSRLFKpqSRWHQWH0DQRLYLSHQHWUHUHPRSHUPH]]RGLWLSL VSUHJHYROLHGLIRUPHGHEROL6SUHJHYROLULVSHWWRDOODJORULDSHUIHWWD& qXQDJORULDFKHROWUHSDVVD ODJORULD& qXQDSRWHQ]DFKHVXSHUDODSRWHQ]D3HUFLzFLqVWDWRDSHUWRTXDQWRqSHUIHWWRHLO VHJUHWRGHOODYHULWjLOVDQWRGHLVDQWLVLqPDQLIHVWDWRHODFDPHUDQX]LDOHFLKDLQYLWDWR )LQWDQWRFKHFLzqQDVFRVWRODPDOLJQLWjqLPSRWHQWHQRQqVWDWDVRWWUDWWDDOVHPHGHOOR6SLULWR 6DQWRVRQRLVHUYLGHOODFDWWLYHULD0DTXDQGRVDUjULYHODWRVLPDQLIHVWHUjHDOORUDODOXFH SHUIHWWDVLGLIIRQGHUjVXRJQXQRHWXWWLFRORURFKHVDUDQQRLQHVVDULFHYHUDQQRO XQ]LRQH*OL VFKLDYLDOORUDVDUDQQROLEHULHLSULJLRQLHULVDUDQQRULVFDWWDWL 2JQLSLDQWDQRQSLDQWDWDGDO3DGUHPLRFKHqQHLFLHOLVDUjVUDGLFDWD&RORURFKHVRQRVHSDUDWL VDUDQQRXQLWLHULFROPL7XWWLFRORURFKHHQWUHUDQQRQHOODFDPHUDQX]LDOHDFFHQGHUDQQRODOXFHQRQ FRPHVLDFFHQGHQHLPDWULPRQLGLTXDJJL FKHDYYHQJRQRGLQRWWH ,OIXRFREUXFLDVROWDQWRQHOODQRWWHSRLVLVSHJQH0DLPLVWHULGLTXHVWRPDWULPRQLRVLFRPSLRQR GLJLRUQRHGLQRWWH4XHOJLRUQRHTXHOODOXFHQRQWUDPRQWDQR 6HTXDOFXQRGLYHQWDILJOLRGHOODFDPHUDQX]LDOHULFHYHUjODOXFH6HTXDOFXQRQRQODULFHYHPHQWUH VLWURYDLQTXHVWLOXRJKLQRQODSRWUjULFHYHUHQHOO DOWUROXRJR&KLULFHYHUjTXHOODOXFHQRQVDUj YLVWRQHSRWUjHVVHUHSUHVRFRVWXLQRQSRWUjYHQLUHPROHVWDWRDQFKHVHYLYHQHOPRQGR( DQFRUDTXDQGRDEEDQGRQDLOPRQGRHJOLKDJLjULFHYXWRODYHULWjSHUPH]]RGLLPPDJLQL ,OPRQGRqGLYHQWDWRXQHRQHSHUFKpO HRQHqSHUOXLSLHQH]]D…LQTXHVWRPRGRqULYHODWR VROWDQWRDOXLQRQqQDVFRVWRQHOOHWHQHEUHHQHOODQRWWHPDqQDVFRVWRLQXQJLRUQRSHUIHWWRHLQ XQDOXFHVDQWD ,O9DQJHORVHFRQGR)LOLSSR 'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD )LOLSSRDFXUDGL/XLJL0RUDOGLHG DJOL$GHOSKL0LODQRSS 7UDWWRGD,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD )LOLSSRDFXUDGL/XLJL0RUDOGL)LOLSSRHGDJOL$GHOSKL 0LODQR