35,0$',,167$//$5(,/)5,*25,)(52
3UHPHVVD
,OSURGRWWRFKHDYHWHDFTXLVWDWRq)8//12)5267DG
XVRHVFOXVLYDPHQWHGRPHVWLFRRYYHURHQWUDPELL
FRPSDUWLIULJRULIHURHFRQJHODWRUHVRQRGRWDWLGL
VEULQDPHQWRDXWRPDWLFR
1HOSUHVHQWHPDQXDOHVRQRUDFFROWHLQGLFD]LRQLHG
DYYHUWHQ]HSHUHIIHWWXDUHLQPRGRVLFXURHFRUUHWWR
O·LQVWDOOD]LRQHGHOO·DSSDUHFFKLRVLUDFFRPDQGDGL
OHJJHUOHDWWHQWDPHQWHHSHULQWHURSULPDGLLQL]LDUHLO
SURFHVVRGLLQVWDOOD]LRQH
6LWHQJDSUHVHQWHFKHDVHFRQGDGHOPRGHOORDFTXLVWDWR
VLSRVVRQRULVFRQWUDUHGLIIHUHQ]HULVSHWWRDOODGHVFUL]LRQH
GLWXWWHOHSRVVLELOLSDUWLGLFRPDQGRHGLGRWD]LRQH
GHOO·DSSDUHFFKLRULSRUWDWHQHOSUHVHQWHPDQXDOH
&RQVHUYDUHLOSUHVHQWHPDQXDOHSHUIXWXUHFRQVXOWD]LRQLH
LQFDVRGLULYHQGLWDFRQVHJQDUORDOO·HYHQWXDOHDFTXLUHQWH
6PDOWLPHQWRLPEDOODJJLR
,OPDWHULDOHGDLPEDOODJJLRXWLOL]]DWRSHUODSURWH]LRQHHLO
WUDVSRUWRGHOO·DSSDUHFFKLRHGHLVLQJROLHOHPHQWLqVWDWR
UHDOL]]DWRFRQPDWHULDOLULFLFODELOLFRPHDWWHVWDLOVLPEROR
,OPDWHULDOHGDLPEDOODJJLRVDFFKHWWLGLSODVWLFDSDUWLLQ
SROLVWLURORHWFGHYHHVVHUHWHQXWRIXRULGDOODSRUWDWDGHL
EDPELQLLQTXDQWRSRWHQ]LDOHIRQWHGLSHULFROR
3HUORVPDOWLPHQWRGHOO·LPEDOORVHJXLUHOHQRUPDWLYHORFDOL
35(&$8=,21,(68**(5,0(17,*(1(5$/,
'RSRDYHUULPRVVRO·LPEDOORDVVLFXUDUVLFKHO·DSSDUHFFKLR
QRQVLDGDQQHJJLDWRHFKHOHSRUWHFKLXGDQR
SHUIHWWDPHQWH(YHQWXDOLGDQQLGHYRQRHVVHUHFRPXQLFDWL
DOULYHQGLWRUHHQWURRUHGDOODFRQVHJQDGHOSURGRWWR
1HOORVSRVWDUHO·DSSDUHFFKLRIDUHDWWHQ]LRQHSHUHYLWDUH
GLGDQQHJJLDUHLSDYLPHQWLHVSDUTXHW4XDORUDVLUHQGD
QHFHVVDULRVSRVWDUHO·DSSDUHFFKLRGRSRDYHUHULPRVVROH
SRUWHDVVLFXUDUVLFKHLFRPSRQHQWLLQWHUQLVLDQRILVVDWLLQ
PRGRRSSRUWXQRHRULPXRYHUOLSHUHYLWDUH
GDQQHJJLDPHQWLHRURWWXUH
'DWRLOSHVRGHOODSSDUHFFKLRVRQRQHFHVVDULHDOPHQR
SHUVRQHSHUVSRVWDUHLQVWDOODUHLQPRGRVLFXURO·DSSDUHFFKLR
/·LQVWDOOD]LRQHGHYHHVVHUHHVHJXLWDGDSHUVRQDOHTXDOLILFDWR
$WWHQGHUHDOPHQRRUDSULPDGLPHWWHUHLQIXQ]LRQH
O·DSSDUHFFKLRSHUGDUHPRGRDOFLUFXLWRUHIULJHUDQWHGL
HVVHUHSHUIHWWDPHQWHHIILFLHQWH
$VHFRQGDGHOPRGHOORDFTXLVWDWRO·DSSDUHFFKLRqVHQ]D
&)&VHLOFLUFXLWRUHIULJHUDQWHFRQWLHQH5DRVHQ]D
+)&VHLOFLUFXLWRUHIULJHUDQWHFRQWLHQH5DLVREXWDQR
/·LVREXWDQRqXQJDVQDWXUDOHVHQ]DHIIHWWLVXOO·DPELHQWHPD
LQILDPPDELOH(·TXLQGLLQGLVSHQVDELOHDFFHUWDUVLFKHLWXELGHO
FLUFXLWRUHIULJHUDQWHQRQVLDQRGDQQHJJLDWL
,GDWLUHODWLYLDOOHVRVWDQ]HUHIULJHUDQWLHLVRODQWLXWLOL]]DWH
VRQRULSRUWDWLVXOODWDUJKHWWDGDWL
3ULPDGLLQVHULUHJOLDOLPHQWLSXOLUHO·LQWHUQR
GHOO·DSSDUHFFKLR
3HUJDUDQWLUHLOFRUUHWWRHVLFXURIXQ]LRQDPHQWR
LQVWDOODUHHFROOHJDUHO·DSSDUHFFKLRVRORVHFRQGROH
LQGLFD]LRQLULSRUWDWHQHOSUHVHQWHPDQXDOH
/·DSSDUHFFKLRqSUHGLVSRVWRSHULOIXQ]LRQDPHQWR
RWWLPDOHLQDPELHQWLLQFXLODWHPSHUDWXUDVLDFRPSUHVD
QHLVHJXHQWLLQWHUYDOOLDORURYROWDIXQ]LRQHGHOODFODVVH
FOLPDWLFDULSRUWDWDVXOODWDUJKHWWDGDWL
,OSURGRWWRSRWUHEEHQRQIXQ]LRQDUHFRUUHWWDPHQWHVH
ODVFLDWRSHUOXQJRSHULRGRDXQDWHPSHUDWXUDVXSHULRUHR
LQIHULRUHDOO·LQWHUYDOORSUHYLVWR
/DWHPSHUDWXUDDOO·LQWHUQRGHLFRPSDUWLSXzHVVHUH
LQIOXHQ]DWDGDIDWWRULGLYHUVLTXDOLVLVWHPD]LRQH
GHOO·DSSDUHFFKLRWHPSHUDWXUDDPELHQWHIUHTXHQ]DGL
DSHUWXUDGHOOHSRUWH
,OSURGRWWRGHYHHVVHUHLQVWDOODWRLQXQDPELHQWHVHFFRH
EHQYHQWLODWR
(YLWDUHGLSRVL]LRQDUHO·DSSDUHFFKLRLQDUHHHVSRVWHLQPRGR
GLUHWWRDLUDJJLVRODULRDFFDQWRDIRQWLGLFDORUHIRUQR
ULVFDOGDPHQWRHWF,QFDVRVLDLQHYLWDELOHLQVWDOODUH
O·DSSDUHFFKLRULVSHWWDQGROHVHJXHQWLGLVWDQ]HPLQLPH
&XFLQHDFDUERQHHSHWUROLR FP
&XFLQHHOHWWULFKHHRJDV FP
,QVWDOODUHHOLYHOODUHO·DSSDUHFFKLRVXXQSDYLPHQWRLQ
JUDGRGLVRVWHQHUQHLOSHVRLQXQDPELHQWHDGDWWRDOOHVXH
GLPHQVLRQLHGDOVXRXWLOL]]R
3HUFRQVHQWLUHORVSRVWDPHQWRGHOSURGRWWRH
SHUPHWWHUHXQDFLUFROD]LRQHG·DULDVXIILFLHQWHODVFLDUH
XQRVSD]LRPLQLPRGLFPDLODWLVRSUDO·DSSDUHFFKLRWUD
ODSDUDWLDSRVWHULRUHHGLOPXUR
&ODVVH&OLPDWLFD 7$PE& 7$PE)
61 'DD 'DD
1 'DD 'DD
67 'DD 'DD
7 'DD 'DD
10200162I.fm Page 35 Wednesday, June 29, 2005 12:22 PM