,6758=,21,3(5/·862
,167$//$=,21(
&2//(*$0(172(/(775,&2
&2//(*$0(172$//·$/,0(17$=,21($
*$6
5,)(5,0(1721250$7,9(1$=,21$/,
,7$/,$
35,0$',86$5(,/)2512
&216,*/,3(5/$6$/9$*8$5',$
'(//·$0%,(17(
35(&$8=,21,(68**(5,0(17,*(1(5$/,
$&&(6625,'(/)2512
7$%(//$',&27785$
38/,=,$'(/)2512('(,682,$&&(6625,
*8,'$5,&(5&$*8$67,
6(59,=,2$66,67(1=$
',&+,$5$=,21(',&21)250,7&(
31066058aI.fm Page 4 Friday, June 17, 2005 2:38 PM
,167$//$=,21(
,QIRUPD]LRQLWHFQLFKHSHUO·LQVWDOODWRUH
ËLPSRUWDQWHFKHWXWWHOHRSHUD]LRQLGLPHVVDLQVHUYL]LRVLDQRHIIHWWXDWHGDXQWHFQLFRTXDOLILFDWR
'RSRDYHUVEDOODWRLOIRUQRSHUSRWHUHIIHWWXDUHLOFROOHJDPHQWRDSSRJJLDWHORVXOODEDVHVHQ]DGDQQHJJLDUOR
1RQVROOHYDUHLOIRUQRSUHQGHQGRORGDOODPDQLJOLDPDDIIHUUDQGRORDLODWL
1RQVROOHYDUHLOIRUQRSHUODUDPSDJDV
9HULILFDUHFKHO·DSSDUHFFKLRQRQVLDVWDWRGDQQHJJLDWRGXUDQWHLOWUDVSRUWR
/HGLPHQVLRQLGHOIRUQRHGHOPRELOHVRQRLOOXVWUDWHQHOODILJXUDDILDQFR
,PRELOLLQFRQWDWWRFRQLOIRUQRGHYRQRHVVHUHUHVLVWHQWLDOFDORUHPLQ &
$OORJJLDUHLOIRUQRQHOODFDYLWjGHOPRELOHVROOHYDQGRORDLODWLHIDFHQGRDWWHQ]LRQHDQRQLQWUDSSRODUHLOFDYRGL
DOLPHQWD]LRQH
3HUDVVLFXUDUHXQDFRUUHWWDYHQWLOD]LRQHULVSHWWDUHOHDSHUWXUHGLYHQWLOD]LRQHLQGLFDWHLQILJXUDDOPHQR[
PPHPLQ[PPDOO·LQWHUQRGHOPRELOH
)LVVDUHLOIRUQRDOPRELOHFRQOHYLWL
,OIRUQRSXzDQFKHHVVHUHLQFDVVDWRVRWWRXQSLDQRGLFRWWXUDGLQRVWUDSURGX]LRQH
127$
3HUDVVLFXUDUHXQDFRUUHWWDYHQWLOD]LRQHUDFFRPDQGLDPRGLODVFLDUHXQ·DSHUWXUDGLDOPHQR[PPR
XQDVXSHUILFLHHTXLYDOHQWHQHOSLDQRLQIHULRUHGHOPRELOH
ËLQROWUHULFKLHVWDXQDIHVVXUDPLQLPDGLPPWUDERUGRVXSHULRUHGHOIRUQRHERUGRLQIHULRUHGHOSLDQRGLODYRUR
TXHVWDIHVVXUDQRQGHYHPDLHVVHUHFKLXVDGDOLVWHOOLRWUDYHUVHGLULQIRU]RGHOPRELOH
'XUDQWHO·LQVWDOOD]LRQHGHOIRUQRIDUHDWWHQ]LRQHFKHOHSDUHWLODWHUDOLQRQWRFFKLQRLERUGLDQWHULRULGHOODFDYLWjRL
FDVVHWWLHJOLVSRUWHOOLDGLDFHQWL
1HVVXQFRQWDWWR
31066058aI.fm Page 5 Friday, June 17, 2005 2:38 PM
,167$//$=,21(
&2//(*$0(172(/(775,&2
/RFDOHGLLQVWDOOD]LRQH
3HULOEXRQIXQ]LRQDPHQWRGHOODSSDUHFFKLRDJDVqLQGLVSHQVDELOHFKH
QHOORFDOHSRVVDDIIOXLUHLQPRGRQDWXUDOHODULDQHFHVVDULDDOOD
FRPEXVWLRQHGHOJDVYHGHUH6FKHGD3URGRWWR
/LQVWDOODWRUHGHYHVHJXLUHOHQRUPHGLVLFXUH]]DLQYLJRUHQHO3DHVHGL
GHVWLQD]LRQH
/DIIOXVVRGLDULDQHOORFDOHGHYHDYYHQLUHGLUHWWDPHQWHDWWUDYHUVR
DSHUWXUHSUDWLFDWHVXSDUHWLHVWHUQH
4XHVWHDSHUWXUHGHYRQRDYHUHXQDVH]LRQHOLEHUDGLSDVVDJJLRGLDOPHQR
FP
SRVVRQRHVVHUHUHDOL]]DWHXQDRSLDSHUWXUH
/RVFDULFRGHLSURGRWWLGHOODFRPEXVWLRQHGHYHDYYHQLUHDWWUDYHUVR
FDSSHFROOHJDWHDFDQQHIXPDULHRGLUHWWDPHQWHDOOHVWHUQR
,QFDVRQRQVLDSRVVLELOHLQVWDOODUHODFDSSDqQHFHVVDULROLPSLHJRGLXQ
HOHWWURYHQWLODWRUHDSSOLFDWRDOODSDUHWHHVWHUQDRDOODILQHVWUD
GHOODPELHQWHSXUFKpHVLVWDQRQHOORFDOHOHDSHUWXUHSHUOHQWUDWDGLDULD
VHFRQGROHQRUPHYLJHQWL
4XHVWRHOHWWURYHQWLODWRUHGHYHDYHUHXQDSRUWDWDWDOHGDJDUDQWLUHSHU
XQDPELHQWHFXFLQDXQULFDPELRRUDULRGDULDGLYROWHLOVXRYROXPH
•
$WWHQ]LRQH1RQGDUHWHQVLRQHDOIRUQRSULPDGLDYHU
FRPSOHWDWRLOFROOHJDPHQWR
•
$FFHUWDUVLFKHO·LQVWDOOD]LRQHHGLOFROOHJDPHQWRHOHWWULFR
VLDQRHIIHWWXDWLGDXQWHFQLFRTXDOLILFDWRVHFRQGROHLVWUX]LRQL
GHOIDEEULFDQWHHVHFRQGROHQRUPHORFDOLLQYLJRUH
•
/·LQVWDOODWRUHqUHVSRQVDELOHGHOFRUUHWWRFROOHJDPHQWR
HOHWWULFRHGHOO·RVVHUYDQ]DGHOOHQRUPHGLVLFXUH]]D
•
,OFROOHJDPHQWRDOODUHWHGHYHHVVHUHHIIHWWXDWRWUDPLWHXQ
GLVSRVLWLYRGLLQWHUUX]LRQHRQQLSRODUHFRQGLVWDQ]DGL
DSHUWXUDGHLFRQWDWWLXJXDOHRVXSHULRUHDPP
•
/DPHVVDDWHUUDGHOO·DSSDUHFFKLRqREEOLJDWRULDDWHUPLQHGL
OHJJH
•
1RQXVDUHSUHVHPXOWLSOHRSUROXQJKH
•
'RSRO·LQVWDOOD]LRQHLSDUWLFRODULHOHWWULFLGRYUDQQRHVVHUH
LQDFFHVVLELOL
•
$VVLFXUDUVLFKHODWHQVLRQHLQGLFDWDVXOODWDUJKHWWDPDWULFROD
FRUULVSRQGDDOODWHQVLRQHGHOODYRVWUDDELWD]LRQH/D
WDUJKHWWDPDWULFRODVLWURYDVXOERUGRLQIHULRUHIURQWDOHGHO
IRUQR
YLVLELOHDSRUWDDSHUWD
•
/DVRVWLWX]LRQHGHOFDYRGLDOLPHQWD]LRQHDYHQWHOHVWHVVH
FDUDWWHULVWLFKHGLTXHOORIRUQLWRGDO&RVWUXWWRUHWLSR+
55)GHYHHVVHUHHIIHWWXDWDGDO6HUYL]LR$VVLVWHQ]DRGDXQ
7HFQLFRTXDOLILFDWR
/
1
7HUUD
*LDOORYHUGH
31066058aI.fm Page 6 Friday, June 17, 2005 2:38 PM
&2//(*$0(172$//·$/,0(17$=,21($
*$6
/·LPSLDQWRGLDOLPHQWD]LRQHDJDVGHYHHVVHUHFRQIRUPHDOOH
QRUPHORFDOLLQYLJRUHYHGLFDSLWROR´5LIHULPHQWLQRUPDWLYH
QD]LRQDOLµ
,OWLSRGLJDVSHULOTXDOHqVWDWRUHJRODWRLOIRUQRqLQGLFDWR
VXOODWDUJKHWWDPDWULFRODSRVWDVXOERUGRLQIHULRUHIURQWDOHGHO
IRUQRYLVLELOHDSRUWDDSHUWDHVXOO·LPEDOOR
3ULPDGLHIIHWWXDUHLOFROOHJDPHQWRDGDWWDUHLOIRUQRDOWLSRGL
JDVGHOO·DELWD]LRQH
,OFROOHJDPHQWRWUDLOUDFFRUGRGHOJDVGHOODUDPSDHLOWXERSXz
HVVHUHHIIHWWXDWRLQXQRGHLVHJXHQWLPRGL
FRQDWWDFFRVHQ]DJXDUQL]LRQHGLWHQXWDO·DWWDFFRGHOIRUQRq
FRQLFR,625
LQWHUSRQHQGRODJXDUQL]LRQHGLWHQXWDIRUQLWDYHGLGLVHJQR
$WWHQ]LRQH
$GRSHUD]LRQHXOWLPDWDFRQWUROODUHFKHQRQYLVLDQRSHUGLWH
GLJDV&RQWUROODUHFKHQRQFLVLDQRIXJKHGLJDVFRQDFTXDHVDSRQHR
OLTXLGLDGDWWLDOORVFRSR1RQXVDUHILDPPHSHUODULFHUFDGLIXJKHGLJDV
$YYHUWHQ]D
/XVRGLWXERIOHVVLELOHLQJRPPDILVVDWRVXOSRUWDJRPPD
qYLHWDWRSHUFKqQRQqLVSH]LRQDELOH
$GDWWDPHQWRDOJDVGLXWLOL]]R
ËSRVVLELOHXVDUHDOWULWLSLGLJDVDGDWWDQGRODUHJROD]LRQHGHOEUXFLDWRUH
FRPHVHJXH
$FFHUWDUVLFKHLOIRUQRQRQVLDFROOHJDWRDOODUHWHHOHWWULFD
$SULUHFRPSOHWDPHQWHODSRUWDGHOIRUQR
(VWUDUUHODVXRODGHOIRUQRFRPHLOOXVWUDWR
6ILODUHLOEUXFLDWRUHVYLWDQGRODYLWH´
$
µYHGLILJXUD
6YLWDUHO·LQLHWWRUH´
%
µHVRVWLWXLUORVHFRQGROHLVWUX]LRQLULSRUWDWH
VXOODVFKHGDSURGRWWRVHSDUDWD
5LPRQWDUHLOEUXFLDWRUHGHOIRUQR
5HJROD]LRQHGHOODILDPPD
3HUUHJRODUHODILDPPDSURFHGHUHFRPHVHJXH
$OOHQWDUHODYLWH´
&
µHUXRWDUHODJKLHUD´
'
µLQSRVL]LRQH´
1
µSHULO
JDVPHWDQRRQDWXUDOHHGLQSRVL]LRQH´
*3/
µSHULOJDVLQERPEROD
IDFHQGRFRLQFLGHUHO·LQGLFHPRELOHVXOODJKLHUDFRQO·LQGLFHILVVRVXO
EUXFLDWRUH6LRWWLHQHLQWDOPRGRXQDILDPPDUHJRODUH
5HJROD]LRQHGHOPLQLPR
,OWHUPRVWDWRGHOIRUQRqGRWDWRGLXQE\SDVVSHULOPLQLPR
&DPELDQGRWLSRGLJDVRFFRUUHDGDWWDUHODUHJROD]LRQHFRPHVHJXH
7RJOLHUHOHPDQRSROHGLFRPDQGR´
$
µ
7RJOLHUHODJULJOLD´
%µ
YHGHUHFDSLWROR3XOL]LDGHOIRUQRHGHLVXRL
DFFHVVRUL
7RJOLHUHOHGXHYLWLGLILVVDJJLRSDQQHOORFRPDQGL
´&µ
(VWUDUUHODVXRODGHOIRUQR
$FFHQGHUHLOIRUQRDOODPDVVLPDWHPSHUDWXUDSHUDOPHQR
PLQXWL
5LSRUWDUHO·LQGLFHGHOODPDQRSRODGHOWHUPRVWDWRVX´
0,1
µH
UHJRODUHLOE\SDVVDOPLQLPRILQRDGRWWHQHUHXQDILDPPDULGRWWDPD
VWDELOL]]DWD(VHJXLUHTXHVWDRSHUD]LRQHFRQODSRUWDGHOIRUQR
FKLXVD
$JLUHFRQXQFDFFLDYLWHDGLQWDJOLRVXOODYLWHE\SDVV(·VXIILFLHQWH
VYLWDUHLOE\SDVVGLDOFXQLJLULSHUUHJRODUHLOPLQLPRSDVVDQGRGDJDV
OLTXLGRDJDVPHWDQR
,PSRUWDQWH
GRSRDYHUUHJRODWRLOEUXFLDWRUHFRQWUROODUHFKHFLVLDLO
PDQWHQLPHQWRGHOODILDPPDDOPLQLPRSURYDQGRDGDSULUHHFKLXGHUHOD
SRUWDGHOIRUQR,QFDVRGLVSHJQLPHQWRDGDWWDUHODUHJROD]LRQHGHOE\
SDVV
7HUPLQDWHOHRSHUD]LRQLVRVWLWX]LRQHLQLHWWRUHUHJROD]LRQHDULD
HPLQLPRVSHJQHUHLOIRUQRDSSOLFDUHODQXRYDWDUJKHWWDGDWL
LQGLFDQWHLOJDVGLXWLOL]]RLQVRVWLWX]LRQHGHOODSUHFHGHQWHH
ULSULVWLQDUHLVLJLOOLFRQFHUDODFFDRPDWHULDOHHTXLYDOHQWH
(FFHVVRG·DULD )LDPPD
UHJRODUH
0DQFDQ]DG·DULD
5DPSD
*XDUQL]LRQH
7XERIOHVVLELOH
31066058aI.fm Page 7 Friday, June 17, 2005 2:38 PM
5,)(5,0(1721250$7,9(1$=,21$/,
,7$/,$
&ROOHJDPHQWRDOO·DOLPHQWD]LRQHDJDV
3ULPDGLSURFHGHUHDOFROOHJDPHQWRGHOODSSDUHFFKLR
DFFHUWDUVLFKHOLPSLDQWRGLDOLPHQWD]LRQHVLDFRQIRUPH
DOOHQRUPH81,&,*H81,&,*
3HULOFROOHJDPHQWRGHOODSSDUHFFKLRDOODUHWHGHOJDVR
ERPERODXWLOL]]DUHLOWXERPHWDOOLFRULJLGRGLUDPHR
DFFLDLRFRQUHODWLYLUDFFRUGLFRQIRUPLDOODQRUPD81,&,*
RSSXUHLOWXERIOHVVLELOHLQLQR[FRQSDUHWHFRQWLQXD
FRQIRUPHDOODQRUPD81,&,*,WXELPHWDOOLFL
IOHVVLELOLGHYRQRDYHUHXQDOXQJKH]]DPDVVLPDGLP
,UHJRODWRULGLSUHVVLRQHGDXWLOL]]DUHGHYRQRHVVHUH
FRQIRUPLDOODQRUPD81,&,*
35,0$',86$5(,/)2512
•
4XHVWHLVWUX]LRQLVRQRYDOLGHVRODPHQWHSHUL3DHVLLFXL
VLPEROLGLGHVWLQD]LRQHVRQRULSRUWDWLVXOUHWURGHOOD
FRSHUWLQDGHOOLEUHWWRLVWUX]LRQLHVXOODSSDUHFFKLR
3HUXWLOL]]DUHDOPHJOLRLOYRVWURIRUQRYLLQYLWLDPRD
OHJJHUHDWWHQWDPHQWHOHLVWUX]LRQLSHUO·XVRH
FRQVHUYDUOHLQFDVRGLQHFHVVLWj
•
7RJOLHUHOHSURWH]LRQLGLFDUWRQHHODSHOOLFROD
SURWHWWLYDGLSODVWLFD
7RJOLHUHJOLDFFHVVRULGDOIRUQRHULVFDOGDUORVXOOD
SRVL]LRQHPDVVLPDSHUPLQXWLFLUFDSHUHOLPLQDUHJOL
RGRULHGLIXPLGHOPDWHULDOHLVRODQWHHGHLJUDVVLGL
SURWH]LRQHËFRQVLJOLDELOHWHQHUHDSHUWDODILQHVWUD
GXUDQWHTXHVWDRSHUD]LRQH
&216,*/,3(5/$6$/9$*8$5',$
'(//·$0%,(17(
,PEDOOR
,OPDWHULDOHG·LPEDOORqULFLFODELOHDOHGq
FRQWUDVVHJQDWRGDOVLPERORGHOULFLFODJJLR
(OHWWURGRPHVWLFL
4XHVWRDSSDUHFFKLRqFRQWUDVVHJQDWRLQFRQIRUPLWj
DOOD'LUHWWLYD(XURSHD(&:DVWH(OHFWULFDO
DQG(OHFWURQLF(TXLSPHQW:((($VVLFXUDQGRVLFKH
TXHVWRSURGRWWRVLDVPDOWLWRLQPRGRFRUUHWWR
OXWHQWHFRQWULEXLVFHDSUHYHQLUHOHSRWHQ]LDOL
FRQVHJXHQ]HQHJDWLYHSHUODPELHQWHHODVDOXWH
,OVLPEROR VXOSURGRWWRRVXOODGRFXPHQWD]LRQH
GLDFFRPSDJQDPHQWRLQGLFDFKHTXHVWRSURGRWWRQRQ
GHYHHVVHUHWUDWWDWRFRPHULILXWRGRPHVWLFRPDGHYH
HVVHUHFRQVHJQDWRSUHVVROLGRQHRSXQWRGLUDFFROWD
SHULOULFLFODJJLRGLDSSDUHFFKLDWXUHHOHWWULFKHHG
HOHWWURQLFKH'LVIDUVHQHVHJXHQGROHQRUPDWLYHORFDOL
SHUORVPDOWLPHQWRGHLULILXWL
3HUXOWHULRULLQIRUPD]LRQLVXOWUDWWDPHQWRUHFXSHURH
ULFLFODJJLRGLTXHVWRSURGRWWRFRQWDWWDUHOLGRQHR
XIILFLRORFDOHLOVHUYL]LRGLUDFFROWDGHLULILXWLGRPHVWLFL
RLOQHJR]LRSUHVVRLOTXDOHLOSURGRWWRqVWDWR
DFTXLVWDWR
31066058aI.fm Page 8 Friday, June 17, 2005 2:38 PM
35(&$8=,21,(68**(5,0(17,*(1(5$/,
3ULPDGLTXDOVLDVLRSHUD]LRQHGLVLQVHULUHJOLDSSDUHFFKL
HOHWWULFDPHQWH
•
(YHQWXDOLULSDUD]LRQLRLQWHUYHQWLVXJOLDSSDUHFFKLGHYRQR
HVVHUHHVHJXLWLHVFOXVLYDPHQWHGDXQWHFQLFRTXDOLILFDWR
•
$FFHUWDUVLFKHLFDYLHOHWWULFLGLDOWULDSSDUHFFKLXWLOL]]DWL
YLFLQRDOSLDQRRDOIRUQRQRQYDGDQRDWRFFDUHOHSDUWL
FDOGHRDLQFDVWUDUVLQHOODSRUWDGHOIRUQR
7HQHUHORQWDQRLEDPELQLGDOIRUQRTXDQGRqLQ
IXQ]LRQHHVXELWRGRSRDYHUORVSHQWR
8VDUHJXDQWLGDIRUQRSHUULPXRYHUHSHQWROHH
DFFHVVRULTXDQGRLOIRUQRqFDOGR
•
1RQULFRSULUHLOIRQGRGHOIRUQRFRQIRJOLGLDOOXPLQLR
1RQULSRUUHPDWHULDOHLQILDPPDELOHQHOIRUQR6H
O·DSSDUHFFKLRYLHQHPHVVRLQIXQ]LRQH
LQDYYHUWLWDPHQWHSRWUHEEHLQFHQGLDUVL
'RSRDYHUXWLOL]]DWRLOIRUQRDFFHUWDUVLFKHOLQGLFH
GHOODPDQRSRODVLDLQSRVL]LRQHGLFKLXVXUD
HFKLXGHUHLOUXELQHWWRSULQFLSDOHGHOFRQGRWWRGL
HURJD]LRQHGHOJDVRLOUXELQHWWRGHOODERPEROD
•
1RQXWLOL]]DUHODFDYLWjGHOIRUQRFRPHGHSRVLWRGL
PDWHULDOLLQILDPPDELOL
LOYRVWURIRUQRqGRWDWRGLXQYHQWLODWRUHFKHVHUYHD
UDIIUHGDUHOHSDUWLLQWHUQHGHOPRELOHLFRPSRQHQWLGHO
IRUQRHFUHDXQOHJJHURIOXVVRGDULDFKHIXRULHVFHGDOOD
IHVVXUDSRVWDVRWWRLOSDQQHOORFRPDQGL,OVLVWHPDGL
UDIIUHGGDPHQWRLQL]LDDIXQ]LRQDUHGRSRFLUFD
PLQXWLGDOODFFHQVLRQHGHOIRUQRHVLIHUPDGRSR
PLQXWLGDOORVSHJQLPHQWRGHOIRUQRVHFRQGROH
WDPSHUDWXUHGHOIRUQR,QFDVRGLPDQFDWR
IXQ]LRQDPHQWRGHOYHQWLODWRUHGLUDIIUHGGDPHQWRQRQ
XWLOL]]DUHLOIRUQRHFKLDPDUHLO6HUYL]LR$VVLVWHQ]D
'XUDQWHODFRWWXUDqSRVVLELOHFKHVLYHULILFKLXQ
DSSDQQDPHQWRGHOYHWURLQWHUQRGHOODSRUWDGHOIRUQR
1RQDSSRJJLDUHRJJHWWLSHVDQWLVXOODSRUWDGHOIRUQR
DSHUWDSHUQRQGDQQHJJLDUQHODFDYLWjGHOIRUQRHOH
FHUQLHUH
1RQRVWUXLUHDSHUWXUHRIHVVXUHGLUDIIUHGGDPHQWRR
GLIXRULXVFLWDFRPEXVWL
6HVLGRYHVVHYHULILFDUHXQDSURJUHVVLYDGLIILFROWjQHOOD
URWD]LRQHGHOODPDQRSRODGHOEUXFLDWRUHIRUQR
FKLDPDUHLO6HUYL]LR$VVLVWHQ]DFKHSURYYHGHUjDOOD
VRVWLWX]LRQHGHOUXELQHWWR
31066058aI.fm Page 9 Friday, June 17, 2005 2:38 PM
$&&(6625,'(/)2512
•
*OLDFFHVVRULYDULDQRVHFRQGRLOPRGHOOR
Y6FKHGD3URGRWWRVHSDUDWD
/HFFDUGD
'DXVDUHSHUUDFFRJOLHUHLOJUDVVRRSH]]LGLFLERTXDQGRYLHQHVLVWHPDWD
VRWWRODJULJOLDRFRPHSLDVWUDSHUHVHPSLRSHUFXRFHUHFDUQHSROOR
SHVFHFRQHVHQ]DYHUGXUH3HUHYLWDUHVFKL]]LGLJUDVVRHIXPRYHUVDUH
XQSR·GLDFTXDQHOODOHFFDUGD
*ULJOLD
'DXVDUHSHUODFRWWXUDGHLFLELRFRPHVXSSRUWRSHUSHQWROHWRUWLHUHH
TXDOVLDVLDOWURUHFLSLHQWHGLFRWWXUD3XzHVVHUHSRVL]LRQDWDVXTXDOVLDVL
OLYHOORGLVSRQLELOH
3DQQHOOLFDWDOLWLFLVHLQGRWD]LRQH
4XHVWLSDQQHOOLVRQRULFRSHUWLGDXQRVSHFLDOHVPDOWRPLFURSRURVRFKH
DVVRUEHJOLVFKL]]LGLJUDVVR6XJJHULDPRGRSRFRWWXUHSDUWLFRODUPHQWH
JUDVVHGLHIIHWWXDUHXQFLFORGLDXWRSXOL]LD
1.
)DUIXQ]LRQDUHLOIRUQRDYXRWRDGXQDWHPSHUDWXUDGL &SHU
XQ·RUDFLUFD
2.
$OODILQHGHOFLFORTXDQGRLOIRUQRqIUHGGRXVDUHVHQHFHVVDULRXQD
VSXJQDXPLGDSHUULPXRYHUHLUHVLGXLGLFLER
1RQXVDUHVDSRQLRGHWHUJHQWLLQTXDQWRSRWUHEEHURURYLQDUHOR
VPDOWRFDWDOLWLFR
(·SRVVLELOHDFTXLVWDUHLSDQQHOOLFDWDOLWLFLVHSDUDWDPHQWHSUHVVRLO
6HUYL]LR$VVLVWHQ]DFLWDQGRLOFRGLFH3HULQVWDOODUOL
1.
7RJOLHUHOHJULJOLHODWHUDOL
2.
$SSRJJLDUHLSDQQHOOLDLILDQFKLGHOIRUQR
3.
5LSRVL]LRQDUHOHJULJOLHHJOLDFFHVVRUL
*LUDUURVWR
'DXVDUHFRPHLQGLFDWRQHOFDSLWRORUHODWLYRQHOOD6FKHGD3URGRWWR
VHSDUDWD
'HIOHWWRUH
'DXVDUHSHUSURWHJJHUHOHPDQRSROHGHOSDQQHOORFRPDQGLTXDQGRVL
JULJOLDFRQODSRUWDGHOIRUQRDSHUWD
31066058aI.fm Page 10 Friday, June 17, 2005 2:38 PM
7$%(//$',&27785$
/HIXQ]LRQLGHOIRUQRYDULDQRVHFRQGRLOPRGHOORYHGHUH6FKHGD3URGRWWRVHSDUDWD
7LSRGLSLHWDQ]D
7HPS
&
/LYHOOL
SDUWHQGRGDO
EDVVR
7HPSRFRWWXUD
LQPLQXWL
'ROFLDVWDPSRFRQLPSDVWRVEDWWXWR
5DFFRPDQGDW
D
3URSULD
3DQHWWRQLRIRFDFFH
)RFDFFLDUHDOH
7RUWDVXEOLPH
'ROFLDVWDPSRFRQLPSDVWRGLSDVWDIUROOD
)RQGRWRUWD
)RQGRWRUWDFRQULFRWWD
)RQGRWRUWDFRQIUXWWD
'ROFLDVWDPSRFRQLPSDVWROLHYLWDWR
)RQGRWRUWD
3DQHELDQFRNJGLIDULQD
'ROFLSLFFROL
3DVWDIUROOD
3DVWDGDELJQq
3DVWDELVFRWWR
/DVDJQH
&DUQL
$UURVWLFRWWXUDOXQJDHVYLWHOORDUURVWR
$UURVWLFRWWXUDEUHYHHVURDVWEHHI
3ROSHWWRQH
3ROODPH
$QLWUDNJ
2FDNJ
3ROORDUURVWR
7DFFKLQRNJ FLUFD
6HOYDJJLQD
/HSUH
&RVFLDGLFDSULROR
31066058aI.fm Page 11 Friday, June 17, 2005 2:38 PM
1%
3UHULVFDOGDUHLOIRUQRSULPDGLLQVHULUHLOFLER
1HOODIXQ]LRQH´*ULOOµVLFRQVLJOLDGLJLUDUHODSLHWDQ]DGDJULJOLDUH
,GDWLULSRUWDWLVRQRLQGLFDWLYLSHUFKpLOWLSRGLFRWWXUDHRLOWHPSRYDULDQRVLDSHUODTXDQWLWjGHOOHYLYDQGHFKHSHULO
JXVWRLQGLYLGXDOH
&RVFLDGLFHUYR
9HUGXUH
3DWDWHDOIRUQR
6IRUPDWRGLYHUGXUDFRWWD
3HVFH
7URWD
&HIDOL
3L]]D
*ULOO
%UDFLROH
6DOVLFFH
3ROORDOODJULJOLD
$UURVWRGLYLWHOORDOORVSLHGRNJ
3ROORDOORVSLHGR
31066058aI.fm Page 12 Friday, June 17, 2005 2:38 PM
38/,=,$'(/)2512('(,682,$&&(6625,
'RSRRJQLXVRODVFLDUUDIIUHGGDUHLOIRUQRHSXOLUORSHUHYLWDUHFKHOH
LQFURVWD]LRQLYHQJDQRULSHWXWDPHQWHVFDOGDWH
6HORVSRUFRqWHQDFHXVDUHXQSURGRWWRVSHFLILFRSHUODSXOL]LDGHO
IRUQRVHJXHQGROHLVWUX]LRQLVXOODFRQIH]LRQH
3XOLUHO·HVWHUQRFRQXQDVSXJQDLQXPLGLWDLQDFTXDWLHSLGD
•
1RQXVDUHDEUDVLYLSDJOLHWWHPHWDOOLFKHSXOLWRULHOHWWULFLD
YDSRUHHSURGRWWLLQILDPPDELOL
3XOLUHLOYHWURGHOODSRUWDGHOIRUQRFRQXQGHWHUVLYROLTXLGR
/DYDUHJOLDFFHVVRULLQODYDVWRYLJOLHRDPDQRXVDQGRXQSURGRWWRSHU
ODSXOL]LDGHOIRUQR
3HUIDFLOLWDUHODSXOL]LDGHOIRUQRqSRVVLELOHWRJOLHUHODJULJOLDGLVFDULFR
FRPEXVWLGDOODSURSULDVHGHFRPHVHJXHYHGLILJXUD
1.
$SULUHODSRUWDGHOIRUQR
2.
6YLWDUHOHYLWL
´$µ
SRVWHVXOODEDVHGHOODJULJOLDHGHVWUDUOD
3.
3HUULPRQWDUHODJULJOLDLQFDVWUDUODHULDYYLWDUHOHYLWL
´$µ
SRVWHVXOOD
EDVHGHOODJULJOLD
&RPHWRJOLHUHODSRUWDGHOIRUQR
(VHJXLUHOHRSHUD]LRQLVRWWRLQGLFDWHFRQSDUWLFRODUHDWWHQ]LRQH
/HFHUQLHUH´
$
µVRQRSURYYLVWHGLGXHFDYDOORWWLPRELOL´
%
µFKHVH
DJJDQFLDWLDLVHWWRUL´
&
µGHOOHFHUQLHUHTXDQGRODSRUWDq
FRPSOHWDPHQWHDSHUWDODEORFFDQR
•
6ROOHYDUHODSRUWDYHUVRO·DOWRHGHVWUDUODYHUVRO·HVWHUQRIDFHQGR
SUHVDVXLILDQFKLGHOODSRUWDLQSURVVLPLWjGHOOHFHUQLHUH
3HUULPRQWDUHODSRUWD
•
,QILODUHOHFHUQLHUHQHOOHDSSRVLWHVFDQDODWXUH
3ULPDGLFKLXGHUHODSRUWDWRJOLHUHLGXHFDYDOORWWLPRELOL´
%
µFKH
VRQRVHUYLWLSHUDJJDQFLDUHOHGXHFHUQLHUH
3XOL]LDGHOOHJULJOLHODWHUDOL
3HUWRJOLHUHOHJXLGHODWHUDOLHIDFLOLWDUHODSXOL]LDLQWHUQDGHOIRUQR
HVHUFLWDUHXQDOLHYHSUHVVLRQHYHUVRLOEDVVRVXOSDUWLFRODUH´
$
µFRPH
LOOXVWUDWR
&RPHVRVWLWXLUHODODPSDGDGHOIRUQR
1.
'LVLQVHULUHLOIRUQRHOHWWULFDPHQWH
2.
6YLWDUHODFRSHUWXUDGHOODODPSDGD
3.
6RVWLWXLUHODODPSDGDY1%
4.
$YYLWDUHODFRSHUWXUDGHOODODPSDGD
5.
5LGDUHWHQVLRQH
1%
XVDUHVRORODPSDGHGD:9WLSR(7 &GLVSRQLELOL
SUHVVRLOQRVWUR6HUYL]LR$VVLVWHQ]D
7LUDUH
3UHPHU
H
31066058aI.fm Page 13 Friday, June 17, 2005 2:38 PM
*8,'$5,&(5&$*8$67,
,OEUXFLDWRUHQRQVLDFFHQGH
•
,OUXELQHWWRGLHURJD]LRQHJDVqDSHUWR"
&·qXQ·LQWHUUX]LRQHDOO·HURJD]LRQHGHOJDV"
(·ILQLWDODERPEROD"
/HDSHUWXUHGHOEUXFLDWRUHVRQRRWWXUDWH"
,OEUXFLDWRUHQRQULPDQHDFFHVR
•
5LSHWHUHO·RSHUD]LRQHGLDFFHQVLRQHSRVL]LRQDQGROD
PDQRSRODVXOVLPERORUDSSUHVHQWDQWHODPD[WHPSHUDWXUD
/·DFFHQVLRQHHOHWWULFDQRQIXQ]LRQD
•
&·qXQ·LQWHUUX]LRQHGLFRUUHQWH"
6(59,=,2$66,67(1=$
3ULPDGLFRQWDWWDUHLO6HUYL]LR$VVLVWHQ]D
1.
9HULILFDUHVHQRQqSRVVLELOHULVROYHUHGDVROLLOSUREOHPDY
´*XLGDULFHUFDJXDVWLµ
2.
5LPHWWHUHLQIXQ]LRQHO·DSSDUHFFKLRSHUDFFHUWDUVLFKH
O·LQFRQYHQLHQWHVLDVWDWRRYYLDWR
6HGRSRLVXGGHWWLFRQWUROOLLOIRUQRQRQIXQ]LRQD
FRUUHWWDPHQWHFRQWDWWDUHLO6HUYL]LR$VVLVWHQ]DSL
YLFLQR
,QGLFDUHVHPSUH
•
LOWLSRGLJXDVWR
LOWLSRHLOPRGHOORHVDWWRGHOODSSDUHFFKLR
LOQXPHURDVVLVWHQ]DqODFLIUDFKHVLWURYDGRSRODSDUROD
´6(59,&(µVXOODWDUJKHWWDPDWULFRODSRVWDVXOERUGR
LQIHULRUHIURQWDOHGHOIRUQRYLVLELOHDSRUWDDSHUWD,O
QXPHURDVVLVWHQ]DqDQFKHULSRUWDWRVXOOLEUHWWRGL
JDUDQ]LD
LO9RVWURLQGLUL]]RHQXPHURWHOHIRQLFRFRPSOHWL
3HUJOLLQWHUYHQWLGLULSDUD]LRQHLQJDUDQ]LDULFKLHGHUHVHPSUH
O·LQWHUYHQWRGHL
&HQWULGL$VVLVWHQ]DDXWRUL]]DWLGDOOD&DVD
&RVWUXWWULFH
FRPHLQGLFDWRQHOOHFRQGL]LRQLGLJDUDQ]LD
1HOFDVRVLULFKLHGHVVHO·LQWHUYHQWRGL
WHFQLFLQRQ
DSSDUWHQHQWLDL&HQWULGL$VVLVWHQ]DDXWRUL]]DWLGDO
FRVWUXWWRUH
IDUVLULODVFLDUHXQDFHUWLILFD]LRQHGHOODYRUR
VYROWRHGDFFHUWDUVLFKHLULFDPELXWLOL]]DWLVLDQRTXHOOL
RULJLQDOL
GHO&RVWUXWWRUH
6HJXLUHTXHVWHHOHPHQWDULUHJROHDJDUDQ]LDGHOOD
TXDOLWjHGHOODVLFXUH]]DGHOSURGRWWR
',&+,$5$=,21(',&21)250,7&(
4XHVWRIRUQRqGHVWLQDWRDYHQLUHDFRQWDWWRFRQ
SURGRWWLDOLPHQWDULHGqFRQIRUPHDOOD'LUHWWLYD(XURSHD
&((
4XHVWRIRUQRqVWDWRSURJHWWDWRSHUHVVHUHXWLOL]]DWR
VRODPHQWHFRPHDSSDUHFFKLRGLFRWWXUD2JQLDOWURXVR
ULVFDOGDPHQWRGLORFDOLqGDFRQVLGHUDUVLLPSURSULRH
FRQVHJXHQWHPHQWHSHULFRORVR
•
4XHVWRIRUQR&ODVVHqVWDWRFRQFHSLWRFRVWUXLWRH
LPPHVVRVXOPHUFDWRLQFRQIRUPLWjDL
UHTXLVLWLGLVLFXUH]]DGHOOD'LUHWWLYD
´*DVµ&((
UHTXLVLWLGLVLFXUH]]DGHOOD'LUHWWLYD
´%DVVD7HQVLRQHµ&((
UHTXLVLWLGLSURWH]LRQHGHOOD'LUHWWLYD
´(0&µ&((
UHTXLVLWLGHOOD'LUHWWLYD&((
31066058aI.fm Page 14 Friday, June 17, 2005 2:38 PM
-
1
-
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
