5DGGRSSLDPHQWRIRQRVLQWDWWLFR

'D:LNLSHGLDO
HQFLFORSHGLDOLEHUD

,QLWDOLDQRFRQUDGGRSSLDPHQWRIRQRVLQWDWWLFRRJHPLQD]LRQHVLQWDJPDWLFDRUDGGRSSLDPHQWR
VLQWDJPDWLFRVLLQGLFDLOUDGGRSSLDPHQWRVXEuWRQHOODSURQXQFLDGDOODFRQVRQDQWHLQL]LDOHGLXQDSDUROD
OHJDWDDOODSUHFHGHQWH>@
DQGLDPRDFDVD!>DQGMDPRDNNDVD@
GHWWRIUDOHULJKH!>GHWWRIUDOOHULH@
QRQVRFKHFRVDIDUHPR!>QRQVNNHNNVDIDUHPR@
SDUOHUj6DUD!SDUOHUj'DQLHOH!>SDUOHUDVVDUD@>SDUOHUDGGDQMOH@
1HOSULPRHVHPSLRODSDURODFDVDYLHQHLQWHUHVVDWDGDOUDGGRSSLDPHQWR6LWUDWWDGLXQIHQRPHQRQRQ
VROROHJDWRDOODSURQXQFLDPDFRPHVXJJHULVFHLOQRPHGLXQIHQRPHQRGLVLQWDVVL,QIDWWLODFDWHQDGHO
SDUODWRQRUPDOPHQWHQRQSUHYHGHSDXVHWUDOHSDUROHODSURQXQFLDGHOOHSDUROHSXzTXLQGLHVVHUH
LQIOXHQ]DWDGDOODORURSRVL]LRQHQHOODIUDVH1HOFDVRSLWLSLFRLOUDGGRSSLDPHQWRqGRYXWRDOOD
SUHVHQ]DSULPDGHOODFRQVRQDQWHUDGGRSSLDWDGLXQPRQRVLOODERRSSXUHGLXQDVLOODEDDFFHQWDWDQHO
SULPRHQHOVHFRQGRHVHPSLRODFRQVRQDQWHULQIRU]DWDqSUHFHGXWDGDXQDSUHSRVL]LRQH
,OIHQRPHQRqWLSLFRGHOWRVFDQRHGHOO
LWDOLDQRFHQWURPHULGLRQDOHPDTXDVLWRWDOPHQWHDVVHQWHDO1RUG
3RLFKpqUHJRODUHQHLGLDOHWWLWRVFDQLHFHQWUDOLIDSDUWHGHOODSURQXQFLDQRUPDWLYDRUWRHSLDGHOO
LWDOLDQR
VWDQGDUGWDQWRGDHVVHUHLQVHJQDWRQHOOHVFXROHGLGL]LRQHHULQWUDFFLDELOHQHOODJUDILDXQLYHUEDWDGL
GLYHUVHORFX]LRQLILVVHDIILQFKpDSSHQDGDYYHURVLFFKpVRSUDWWXWWR

,QGLFH
 2ULJLQHHGLIIXVLRQHJHRJUDILFD
 &DVLWLSLFLLQLWDOLDQRVWDQGDUG
 0RQRVLOODELFRJHPLQDQWL
 8QLYHUED]LRQHHUDGGRSSLDPHQWR
 1RWH
 %LEOLRJUDILD
 9RFLFRUUHODWH

2ULJLQHHGLIIXVLRQHJHRJUDILFD

3DUHFKHO
RULJLQHGHOUDGGRSSLDPHQWRVLQWDWWLFRVLDGDDWWULEXLUHDOO
DVVLPLOD]LRQHGLFRQVRQDQWLILQDOL
ODWLQH>@
ODW$G%UXQGLVLXP!LW$%ULQGLVL
,QSUDWLFDQHOO
HVHPSLRDYUHPPRO
LQFRQWURWUDXQDGHGXQDELOTXDOHSRUWHUHEEHDOODIRUPD]LRQHGLXQD
EGRSSLD>@
,OUDGGRSSLDPHQWRIRQRVLQWDWWLFRLQTXDQWRIHQRPHQRWLSLFRGHOODOLQJXDSDUODWDQRQSUHVHQWDXQD
IHQRPHQRORJLDXQLIRUPHLQWXWWHOHYDULHWjUHJLRQDOLGHOO
LWDOLDQR'LYHUVDPHQWHGDOODQRUPDVFULWWDSL
IDFLOPHQWHLQWHULRUL]]DELOHSHUFKpLQHTXLYRFDELOPHQWHILVVDWDVXOODSDJLQDVWDPSDWDZHEHFFOH
UHJROHGHOUDGGRSSLDPHQWRIRQRVLQWDWWLFRYHQJRQRYDULDPHQWHLQWHUIHULWHQHOOHGLYHUVHUHJLRQLGDOOH
QRUPHGLDOHWWDOLVRJJLDFHQWL&RVuDGHVHPSLRLOULQIRU]DPHQWRVLHIIHWWXDVRSUDWWXWWRDVXGGHOODOLQHD
/D6SH]LD5LPLQLSRLFKpDQRUGGLHVVDLGLDOHWWLWHQGRQRDHYLWDUHOHFRQVRQDQWLGRSSLHPHQWUH
QHOO
,WDOLDPHULGLRQDOHGRYHDOLYHOORGLDOHWWDOHVLULVFRQWUDQRVLVWHPLGLUDGGRSSLDPHQWRVLWHQGHDG
DSSOLFDUHLOUDGGRSSLDPHQWRDQFKHGRYHODOLQJXDVWDQGDUGQRQORSUHYHGH
,OVXRXVRUHJRODWRIDSDUWHGHOODOLQJXDVWDQGDUGHGqVLFXUDPHQWHXQRGHLSXQWLGLPDJJLRULQWHUHVVHSHU
LSURJUDPPLGHLFRUVLGLGL]LRQHULYROWLDJLRUQDOLVWLDWWRULHFF'XHVRQRLSLDXWRUHYROLVWUXPHQWLVXFXL
YHULILFDUHODFRQJUXHQ]DGLXQDSURQXQFLDFRPSUHVRLOULQIRU]DPHQWRIRQRVLQWDWWLFRFRQTXHOOD
VWDQGDUGLO'L]LRQDULRGL2UWRJUDILDHGL3URQXQ]LDGL%UXQR0LJOLRULQL&DUOR7DJOLDYLQLH3LHUR
)LRUHOOLFKHULSRUWDODSURQXQFLDFODVVLFDHLO'L]LRQDULRGL3URQXQFLD,WDOLDQDGL/XFLDQR&DQHSDUL
SHUORVWDQGDUGPRGHUQR
$OO
LQWHUQRGLSDUODWHVSHFLILFKHULVWUHWWHDGLVRODWLFRQWHVWLJHRJUDILFLLOUDGGRSSLDPHQWRIRQRVLQWDWWLFR
SXzDYHUHYDORUHIRQHWLFRGLVWLQWLYRRYYHURODVXDSUHVHQ]DRDVVHQ]DGHWHUPLQDXQDGLIIHUHQ]DGL
VLJQLILFDWRLQTXDQWRYLHQHSURQXQFLDWR6LYHGDSHUHVHPSLRLQURPDQHVFRD5RPD>D
URPD@OD
5RPDLQWHVDFRPHVTXDGUDGLFDOFLRHD5RPD>DU
URPD@LQYHUVRODFLWWjGL5RPD

&DVLWLSLFLLQLWDOLDQRVWDQGDUG
,OUDGGRSSLDPHQWR5)DYYLHQHVRSUDWWXWWR>@
 TXDQGRODFRQVRQDQWHqSUHFHGXWDGDXQDSDURODWURQFDSROLVLOODERRVVLWRQR
/DFLWWjQXRYDODWLWWDQQZYD

 TXDQGRODFRQVRQDQWHqSUHFHGXWDGDXQPRQRVLOODERIRUWHRSSXUHLOPRQRVLOODERqXVDWR
PHWDOLQJXLVWLFDPHQWH
$QGLDPRDFDVDDQGMDPRDNNDVD

 TXDQGRODFRQVRQDQWHqSUHFHGXWDGDOOHSDUROHFRPHGRYHTXDOFKHHVRSUD
FRPHYD"NRPHYYDGRYHVHL"GRYHVVLTXDOFKHYROWDNZDONHYYOWDVRSUDODWDYRODVRSUDOOD
WDYROD

 FRQOHSDUROHGLRGqLGHDGHHTXDQGRSUHFHGXWHGDYRFDOH0DULDLQ$YH0DULDPDHVLVWH

DQFKHODYDULDQWHVHQ]DUDGGRSSLDPHQWR>@H6DQWRLQ6SLULWR6DQWR
PLR'LRPLRGGLRDYHPPDULDVSLULWRVVDQWR

8WLOL]]DQGRODWHUPLQRORJLDGHOIRQHWLVWD&DQHSDULLFDVLHVRQRGHWWLGLFRJHPLQD]LRQHPHQWUHLO
GLSUHJHPLQD]LRQH1RQWXWWLLPRQRVLOODELVRQRJHPLQDQWLHVHPSLRO
DUWLFRORGHWHUPLQDWLYRORULILXWD
>@
QRQSURYRFDQRLOUDGGRSSLDPHQWRIRQRVLQWDWWLFRJOLDUWLFROLHLSURQRPLFOLWLFLORODOLOHHFFHWHUD
,QROWUHQRQWXWWHOHSDUROHVRQRJHPLQDELOLHVLVWRQRFLRqSDUROHFKHDGHVHPSLRSXUVHJXHQGRXQ
PRQRVLOODERJHPLQDQWHQRQUDGGRSSLDQRO
LQL]LDOHFRQVRQDQWLFDHQHHVLVWRQRSRLDOWUHGHWWH
DXWRJHPLQDQWLFKHLQYHFHUDGGRSSLDQRDQFKHVHQRQSUHFHGXWHGDXQDSDURODJHPLQDQWH
3HUFLDVFXQGLDOHWWRHSHUFLDVFXQDIRUPDG
LWDOLDQRUHJLRQDOHQRQYDUUDQQRFRPXQTXHOHVWHVVHUHJROHGHO
GLDOHWWRILRUHQWLQRRGHOO
LWDOLDQRVWDQGDUG7XWWDYLDODPDJJLRUDQ]DGHLFDVLqODVWHVVDLQWXWWDO
,WDOLD
FHQWURPHULGLRQDOH

0RQRVLOODELFRJHPLQDQWL
,PRQRVLOODELSURGXFHQWLUDGGRSSLDPHQWRVRQRWXWWLVLOODEHDSHUWHILQHQWLLQYRFDOHRFRQGLWWRQJR
DVFHQGHQWHLPRQRVLOODELFRQGLWWRQJRGLVFHQGHQWHHVSRLQRQSURGXFRQR5)TXHVWLXOWLPLLQJHQHUH
SRVVLHGRQRJLjXQDFFHQWRVFULWWRFKHFRPHQHLSROLVLOODELLQGLFDJLjO
REEOLJDWRULHWjGHOO
5)FRVuFRPH
DYYLHQHSHUTXHOOLPRQRYRFDOLFLFRQDFFHQWRGLVWLQWLYR
/DOLVWDGHLPRQRVLOODELLWDOLDQLqODVHJXHQWH
9HUEL
HVVHUHqIXDYHUHKRKDDQGDUHYROHWWYDLQGHLPSGDUHGRGjLQGHLPSIDUHIROHWWID
LQGHLPSIpDQWVDSHUHVRVDVWDUHVWRVWDLQGHLPSSRWHUHSXz

1RWDEHQHJOLLPSHUDWLYLLQIRUPDHOLVDHSHUFLzDSRVWURIDWDYD
GD
ID
VWD
QRQSURGXFRQR
UDGGRSSLDPHQWRIRQRVLQWDWWLFR
&RQJLXQ]LRQL
FKHRFKpHPDQpRVH
3URQRPL
FKHFKLFLzVpWXPHHWHTXHVWLXOWLPLGDQRQFRQIRQGHUHFRQOHYDULDQWLGHOOHSDUWLFHOOHPLHWLGDYDQWLDL
SURFOLWLFLORODOLOHQH
3UHSRVL]LRQL
DGDVXWUDHIUDHDQFKHOHSDUWLFHOOHSUHSRVL]LRQLGHHQHXVDWHLQSRHVLDRGDYDQWLDLWLWROL
$YYHUEL
VXHJLTXLHTXDOuHOjVuQRHQLJLjSLR
YHPR
DGHVVR
6RVWDQWLYL
EOXFRGuJUXDQLPDOHHPDFFKLQDJQXSURYDQWDJJLRUHVFLWqWUH
LWURQFDPHQWLIpGHIUDWHDPR
GRGLSUH
WHSLqGHSUR
GH
LQRPLGHOOHOHWWHUHDELFLGLHJLLSLTXRFXWLXYXRYLPDDQFKHJOLDQWLFKLEHFH
GHJHSHWHFDOHJUHFKHPLFKLQL[LSLUKRSKLSVL
1RPLGHOOHQRWHGRUHPLIDODVL

8QLYHUED]LRQHHUDGGRSSLDPHQWR
7DOYROWDLOUDGGRSSLDPHQWRqYLVLELOHDQFKHDOLYHOORRUWRJUDILFR4XHVWRVLYHULILFDDGHVHPSLRLQDOFXQH
SDUROHFRPSRVWHFRQWUDFFROSRVRSUDWWXWWRVRSUDOOXRJRLQFXLODFRQVRQDQWHYLHQHVFULWWDGXHYROWH6L
WUDWWDFRPXQTXHGLXQ
HFFH]LRQHDOODUHJRODDQFKHVHLQWHUHVVDQWHSHUVSLHJDUHLOUDGGRSSLDPHQWRGLOLQ
DOFXQHSUHSRVL]LRQLDUWLFRODWHGHOOHDOORGDOODHFFHWHUD
1HOOHSDUROHFKHKDQQRVXELWRXQSURFHVVRGLXQLYHUED]LRQHLOUDGGRSSLDPHQWRIRQRVLQWDWWLFRqSUHVHQWH
TXLQGLDQFKHJUDILFDPHQWH'LVHJXLWRODOLVWDGLDOFXQHSDUROHOHPPDWL]]DWHGDLGL]LRQDULFKHSUHVHQWDQR
LOUDGGRSSLDPHQWRIRQRVLQWDWWLFR
D
DEEDVVRDEEDVWDQ]DDEEHQFKpDFFDQWRDFFDSRDFFKpDFFLzDFFLRFFKpDGGHQWURDGGuDGGLHWUR
DGGLULWWXUDDGGRVVRDIILQFKpDIILQHDIIRQGRDIIUHVFRDOODWRDOOHVVRDPPHQRDPPHQRFKp
DPPRGRDSSHQDDSSDUWHDSSHWWRDSSLqDSSLHQRDSSRVWDDSSRVWLVVLPRDSSUHVVRDSSXQWLQR
DSSXQWRDUULYHGHUFLDVVRORDWWRUQRDWWUDYHUVRDYYHQLUHEHFFDIIRUELFHIDQWDSSLqILQDWWDQWRFKp
SUHVVDSSRFRROWUDFFLz
FKH
DQ]LFKHQQzFKHFFKpFKHFFKHVVLDFKLFFKHVVLDGRYHFFKHVVLDGRQGHFFKHVVLDFKHVVzSXUFKHVVLD
TXDQGRFKHVVLD
FKL
FKLFFKHVVLDFKLVVLVLDFKLVVjFKLVVDFFKpFKLVVDFFKuFKLVVDGRYHFKLVVDPPDLFKLVVHQHIUHJD
FKLYYDOj
FLz
DFFLRFFKpFLRFFKpFLRQQRQRVWDQWHFRQFLRVVLDFKpFRQFLRVVLDFRVDFKpLPSHUFLRFFKpSHUFLRFFKp
FRPH
FRPHFFKHVVLD
FRQWUD
FRQWUDEEDO]RFRQWUDEEDQGRFRQWUDEEDVVRFRQWUDFFDPELRFRQWUDFFDULFRFRQWUDFFHWWLYR
FRQWUDFFROSRFRQWUDGGDQ]DFRQWUDGGLUHFRQWUDGGLVWLQJXHUHFRQWUDIIDUHFRQWUDIILORFRQWUDIIRUWH
FRQWUDJJHQLRFRQWUDPPLUDJOLRFRQWUDSSDVVRFRQWUDSSHVRFRQWUDSSRUUHFRQWUDSSRVL]LRQH
FRQWUDSSXQWRFRQWUDVVRJJHWWRFRQWUDWWHPSRFRQWUDYYHOHQR
FRVu
FRVLGGHWWRFRVLIIDWWRFRVLFFKp
GD
GDEEDVVRGDEEHQHGDEEHQXRPRGDFFDQWRGDFFDSRGDFFKpGDGGRYHURGDOODWRGDSSHUWXWWR
GDSSLqGDSSLHGHGDSSLGDSSRFDJJLQHGDSSRFRGDSSRLGDSSRLFKpGDSSUHVVRGDSSULPD
GDSSULQFLSLRGDWWRUQRGDYYHUR
GLR

DGGLR,GGLREHQGLGGLRJLXUDGGLRPDJDULGGLRRGGLRSLDFFLDGGLRSUHJDGGLRVDQWLGGLRYLYDGGLR
GRYH
GRYHFFKHVVLD
H
DOWUHWWDOHDOWUHWWDQWRHEEHQHHFFRPHHSSHUzHSSRLHSSXUHHYYLYD
ID
IDEELVRJQR
IUD
IUDPPH]]RIUDWWDQWRIUDPPLVWRIUDWWHPSRIUDPPHVFRODUHIUDPPHWWHUHIUDPPH]]DUH
IUDPPLVFKLDUHIUDSSRUUHIUDSSRVWRIUDSSRVL]LRQH
JLj
JLDFFKpJLDPPDL
Oj
ODGGRYHODJJLODVV
Qp
QHPPDQFRQHPPHQRQHSSXUHQHYYHUR
QR
QRVVLJQRUH
PD
PDFFKpPDVVu
R
RSSXUHRYYHURRVVLDRYYHURVLD
SHUz
SHURFFKpLPSHURFFKp
SL
SLXFFKHSHUIHWWRSLXFFKpSLXWWRVWR
TXD
TXDJJLTXDVV
VDQWR

2JQLVVDQWL
VH
VHEEHQHVHPPDLVHQQzVHQQRQFKpVHSSXUH
Vu
VLEEHQHVLFFKpVLFFRPHVLIIDWWRVLVVLJQRUH
VRSUD
VRSUDFFLzVRSUDFFLWDWRVRSUDGGHWWRVRSUDFFLJOLRVRSUDPPHQ]LRQDWR
VRSUDVRYUD
VRSUDFFDO]DVRSUDFFDSRVRSUDFFDUWDVRSUDFFDVVDVRSUDFFLHORVRSUDFFLJOLRVRSUDFFRGD
VRSUDFFROORVRSUDFFRORUHVRSUDFFRSHUWDVRSUDGGRWHVRSUDIIDUHVRSUDIILORVRSUDIILQR
VRSUDIIXVLRQHVRSUDJJLWDUHVRSUDJJLXQJHUHVRSUDJJUDYLRVRSUDOOXRJRVRSUDPPHUFDWR
VRSUDPPDQLFDVRSUDPPDQRVRSUDPPDWWRQHVRSUDPPHWWHUHVRSUDPPRELOHVRSUDPPRQGR
VRSUDQQDWXUDOHVRSUDQQRPH
VRYUDEERQGDUHVRYUDFFDULFDUHVRYUDQQD]LRQDOH
VX
VXFFLWDWRVXGGHWWRVXOORGDWRVXPPHQWRYDWRVXPPHQ]LRQDWRVXSSHUJLVXYYLD
WUH
WUHSSLHGHWUHSSRQWLWUHVVHWWH

1RWH
 AORFXWDKWWSZZZORFXWDFRPUDGGRSSLDKWPO
 A9HGLKWWSZZZXQLGXLVEXUJGH)%6,/),6,/),DEVWUDFWVSDSHUV/RSRUFDURBFRKWPO
/RSRUFDUR
 AWUHFFDQLKWWSZZZWUHFFDQLLWHQFLFORSHGLDUDGGRSSLDPHQWRVLQWDWWLFRB(QFLFORSHGLDBGHOO
,WDOLDQR
 AWUHFFDQLKWWSZZZWUHFFDQLLWHQFLFORSHGLDUDGGRSSLDPHQWRVLQWDWWLFRB(QFLFORSHGLDBGHOO
,WDOLDQR
 A3URQXQFLDGHOODORFX]LRQH$YH0DULDKWWSZZZGL]LRQDULRUDLLWSRSOHPPDDVS["OLG  U 
 A4XDQGRO
DFFHQWRqJUDILFDPHQWHHVSOLFLWDWRFLVDUjVHPSUHXQUDGGRSSLDPHQWR7UDLPRQRVLOODELSULYLGL
DFFHQWRJUDILFRFKHSURYRFDQRLOUDGGRSSLDPHQWRVLULFRUGDQROHSUHSRVL]LRQLDIUDWUDHODJUDQGH
PDJJLRUDQ]DGHOOHIRUPHYHUEDOLFKHKDQQRVRORXQDYRFDOHFRPHIDVWRGRIXVDKRYDHFFDTXHVWHVL
DJJLXQJRQROHSDUROHFKHFKLTXLHOHQRWHPXVLFDOL9HGL/6HULDQQL*UDPPDWLFDLWDOLDQDLWDOLDQRFRPXQH
HOLQJXDOHWWHUDULD7RULQR87(7

%LEOLRJUDILD
/XFLDQR&DQHSDULLO0D3,0DQXDOHGL3URQXQFLD,WDOLDQD%RORJQD=DQLFKHOOLHGFRQ
GXHDXGLRFDVVHWWH1HLFDSLWROLSUHVHQWDXQ
DQDOLVLVLQFURQLFDGLWXWWHOHSURQXQFHUHJLRQDOL
GHOO
LWDOLDQRFRPSUHVLLGLYHUVLXVLGLUDGGRSSLDPHQWRIRQRVLQWDWWLFR
0LFKHOH/RSRUFDUR/
RULJLQHGHOUDGGRSSLDPHQWRIRQRVLQWDWWLFR6DJJLRGLIRQRORJLDGLDFURQLFD
URPDQ]DLQ5RPDQLFD+HOYHWLFDYRO)UDQFNH9HUODJ%DVHOXQG7XHELQJHQ
0LFKHOH/RSRUFDUR5DGGRSSLDPHQWRIRQRVLQWDWWLFRLQ*LDQ/XLJL%HFFDULDDFXUDGL

'L]LRQDULRGLOLQJXLVWLFD7RULQR(LQDXGLHGS

3LHWUR0DWXUL,VXRQLGHOOHOLQJXHLVXRQLGHOO
LWDOLDQR,O0XOLQR%RORJQD
/XFD6HULDQQL,WDOLDQR0LODQR*DU]DQWL

9RFLFRUUHODWH
$XWRJHPLQD]LRQH
6DQGKL
(VWUDWWRGDKWWSVLWZLNLSHGLDRUJZLQGH[SKS"
WLWOH 5DGGRSSLDPHQWRBIRQRVLQWDWWLFR ROGLG 
&DWHJRULH )RQHWLFD 6LQWDVVL *UDPPDWLFDLWDOLDQD _>DOWUH@
4XHVWDSDJLQDqVWDWDPRGLILFDWDSHUO
XOWLPDYROWDLOQRYDOOH
,OWHVWRqGLVSRQLELOHVHFRQGRODOLFHQ]D&UHDWLYH&RPPRQV$WWULEX]LRQH&RQGLYLGLDOORVWHVVR
PRGRSRVVRQRDSSOLFDUVLFRQGL]LRQLXOWHULRUL9HGLOH&RQGL]LRQLG
XVRSHULGHWWDJOL:LNLSHGLD
qXQPDUFKLRUHJLVWUDWRGHOOD:LNLPHGLD)RXQGDWLRQ,QF