INDICE
!"#$%"&'()&*$+,(+-,)
01
02
03
04
Principi
fondamentali
p. 03-35
D1-15
Struttura del Programma
p. 36-68
D1-3
Organizzazione
e finanziamento della
manifestazione
p. 69-82
D1-2
Infrastrutture
della città
p. 83-86
D1-3
05
06
07
Strategia di
comunicazione
p. 87-90
D1-2
Valutazione e
monitoraggio
p. 91-94
D1
Ulteriori
informazioni
p. 95-99
D1-2
Appendice artistica
p. 100-109
Appendice finanziaria
p. 110-111
2
3
!"#$%&'&()(*(#+$,!$#$(-&,."/0,%"'$
!"!# !"#$%&'()'$*++,'-".*-"#)'/)#+"$*/)#"')(()'
$01/"+*2*03"' /"#' *(' +*+0(0' -*' 4)/*+)("'
56#0/")'-"(()'46(+6#)7
12345(65(7289:49(;3<<=0>?9@5(@3?(5AA?94B5?3(
<3(8>3(8A2;3C
!"#$%&'(($#'%)$*#'%+$%+,*"-$'.%+(/01$22$'%"-$%0223$%#*-4
OD OXFH VSOHQGHQWH VL DIIDFFLD DOOD ¿QHVWUD H VD FKH D
#0/5% 267% $-% /*+(0% 5689/01'% *% '% +95% 267% -6:;/$2'<% )$*#'%
'220"-$*% $-% #90,0% "$0/#0% 20#% $-% 2$#"9*(($0% 5*--*% '--04
50-*%*%5*$%1'++*/$.%20#%$-%+90#0%50-2*%5*--*%2'&1'#*%5$%
)'#('%='/$'%5$%>/0,*#?'#0%*%-*%,02$%5*$%1'++'#($%#*--*%
+(/'5*<% @-$% +(95*#($% +$% ',,$'#0% ,$20-$% 1*/% /'""$9#"*/*%
-6A#$,*/+$(B.%'-(/$%$#,*2*%+0#0%'--'%+('?$0#*%'+1*(('#50%
9#%'9(0C9+%23*%-$%10/(*/B%,$'.%5010%'##$%5$%+(95$0%*%-6'4
"0"#'('%-'9/*'<%D0#%10++0#0%/*+('/*%'%)$*#'%1*/23E%1*/%
-0/0%2$%+0#0%1023$%10+($%5$%-',0/0<%F%1'/23*""$%'((0/#0%
'--*% &9/'% 20&$#2$'#0% '% /$*&1$/+$% 5*--*% &'223$#*% 5*$%
+*#*+$.% 23*% 1'++'#0% -'% "$0/#'('% #*--'% G2$((B% C*--'6.% &'%
'--'%+*/'%/$(0/#'#0%'--*%-0/0%2'+*%;90/$%5'-%2*#(/0%+(0/$20<
H*#,*#9($% '% )$*#'<% I9*+('% 7% -'% #0+(/'% 2$((B<% J*/(0.% #*%
VLDPR¿HUL0DVDSSLDPRFKHDEELDPRELVRJQRGLFDP4
C$'/*%*%;'/*%;/0#(*%'%K9*"-$%+(*++$%1/0C-*&$%23*%('#(*%'-4
(/*%2$((B%5L'/(*%+$%(/0,'#0%'5%';;/0#('/*<%F%+*#*+$%,0"-$0#0%
&'#(*#*/*%-'%-0/0%'9(*#($2$(B.%&'%20#($#9'#50%'%20#+$4
5*/'/*%$-%1'(/$&0#$0%20&*%-'%G+0-9?$0#*%1$M%+*&1-$2*6.%
$-%2$/20-0%,$?$0+0%5*-%(9/$+&0%5$%&'++'.%20#%$%+90$%+(*/*4
0($1$%,$/'-$.%20#($#9*/B%'%5$,0/'/*%-0%+1$/$(0%5*--'%2$((B<
)$*#'%%,90-*%%'#5'/*%$#%9#'%5$/*?$0#*%5$,*/+'.%9#*#50+$%
'5% '-(/*% 2$((B% 5L'/(*% *9/01**% 20#% 1/0C-*&$% +$&$-$.% 1/04
10#*#50%9#%*+*&1$0%20#2/*(0%*%10+$($,0.%*%/*4$#,*#('4
/*%-'%#0?$0#*%+(*++'%5$%1'(/$&0#$0<%J3$'&$'&0%K9*+(0%
1/02*++0%+*&1-$2*&*#(*%>'(/$&0#$0%N<OP%/'110/('/2$%'-%
#0+(/0%1'++'(0%$#%9#%&050%#90,0.%*%'220"-$*/*%$-%#90,0%
1'(/$&0#$0% $#% 5$,*#$/*<% F-% ($(0-0% 5$% J8J% 2$% 1*/&*((*/B%
5$% *++*/*% 1$0#$*/$% $#% K9*+(0% 2'&10.% '++$*&*% '$% #0+(/$%
1'/(#*/%*9/01*$.%*%5$%'1/$/*%-'%+(/'5'%1*/%9#'%+1*2$'-$?4
?'?$0#*%$#(*--$"*#(*.%*%1*/%9#0%+,$-9110%$#2-9+$,0%*%+04
+(*#$C$-*%23*%$+1$/$%-*%('#(*%2$((B%5L'/(*%5$%&*5$*41$220-*%
5$&*#+$0#$%23*%;0/&'#0%-'%+1$#'%50/+'-*%5*--689/01'<
!""$%7%9#'%"$0/#'('%K9'-9#K9*<%Q'22$'&0%59*%1'++$%$#%
2$((B.%9#%106%20&*%;'##0%K9*"-$%R%&$-$0#$%5$%(9/$+($%23*%
/$2*,$'&0%0"#$%'##0.%&'%#0#%1/01/$0%'--0%+(*++0%&050<%
S0"-$'&0%5'/,$%9#'%,$+$0#*%5$%)$*#'%5'--6$#(*/#0<%J04
&$#2$'&0%5$/*(('&*#(*%5'%9#0%5*$%#0+(/$%0C$*(($,$.%0,4
,*/0% +;9&'/*% -'% 5$;;*/*#?'% (/'% 2$(('5$#$% *% (9/$+($<% )$*(*%
20#%#0$T
F%+90#$%5$%>$'??'%5*-%J'&10%+0#0%-*%,02$%5*--*%1*/+04
QHFKHODYLVLWDQRHODYLYRQR6LSRVVRQRVHQWLUH¿QR
'% 2$#K9*% -$#"9*% 5$;;*/*#($% #*--0% +(*++0% &0&*#(0P% 9#%
90&0%$#%9#%C'/%20#%9#%2'11*--0%C$'#20%'%(*+'%-'/"'%0/4
5$#'%9#%L2'11922$#0L%20#%9#0%+1$22'(0%'22*#(0%(*5*+20.%
9#'%&'5/*%/$23$'&'%$%+90$%C'&C$#$%23*%20//0#0%+9%*%"$M%
1*/%-'%>$'??'P%L:5/$B#UL%LV92W'UL<%!""$%#0#%267%$-%>'-$0%$#%
>$'??'%5*-%J'&10<%D*++9#'%C'#5$*/'.%2','--0%0%(*-*2'4
&*/*%(*-*,$+$,*<%)9#(0.%-'%"/'#5*%2'&1'#'%$#%2$&'%'--'%
(0//*.%7%+$-*#?$0+0<
F#2'&&$#$'&02$% ,*/+0% X022'% )'-$&C*#$<% )01/'% -6$&4
10#*#(*%10/(0#*%56$#"/*++0%50&$#'#0%-*%1'/0-*%G=0#(*%
5*$%>'+23$6P%7%-'%+*5*%+(0/$2'%5*--'%C'#2'%1$M%'#($2'%5*-%
&0#50<%:-29#*%1*/+0#*%*+20#0.%,$+$%'9+(*/$.%,*+($($%*-*4
"'#($.%+*/$%1/0;*++$0#$+($%20#%,'-$"*((*%$#%&'#0<%D*-%2*#4
(/0%5*--'%1$'??'.%-'%+('(9'%5$%)'--9+($0%H'#5$#$P%9#%#'+0%
'119#($(0%*%9#0%+"9'/50%+*,*/0.%20#%9#'%&'#0%(/'(($*#*%
-'%,*+(*%5$%1$*(/'.%20#%-6'-(/'%-'%V*((*/'%5$%J'&C$0<
V'% 1$'??'% /$+1-*#5*% '#20/'% 5*--0% +1-*#50/*% 5*--'% +9'%
'#($2'%"-0/$'<%Y$%;/0#(*.%-6Z0(*-%[%+(*--*%J0#($#*#('-<%A#%
/'"'??0% 20#% ,*+($($% *-*"'#($% '((*#5*% '22'#(0% '--'% 10/4
('%'%,*(/$%5*--6$#"/*++0%-6'//$,0%5$%K9'-23*%2-$*#(*.%&'%
#*++9#0%,'/2'%-6*#(/'('%5$%K9*+(0%-9++90+0%'-C*/"0.%23*%
/$&'#*%,90(0%#*-%+90%+1-*#50/*<
,Q3LD]]DGHO'XRPRLPDJQL¿FLPDUPLELDQFKLHQHUL
ULVSOHQGRQRDOVROHPHQWUHLOURVRQHFHQWUDOHULÀHWWHLO
2$*-0%C-9%'22*+0<%V'%1$'??'%7%1$*#'%5$%"*#(*%$#(*#('%'5%
'&&$/'/*%-'%"/'#5*??'%5*--'%J'((*5/'-*.%-'%&'""$0/%1'/4
WHGLORURDWWUDYHUVRODOHQWHGLXQDPDFFKLQDIRWRJUD¿FD
0%5$%9#%(*-*;0#0%2*--9-'/*<%:((/',*/+'/*%-'%1$'??'%,90-%
GLUHHQWUDUHQHOFDPSRGLDOPHQRFLQTXHIRWRJUD¿HRJQL
(/*#('%+*20#5$.%1*/%*++*/*%10$%10/('($%#*--*%2'+*%5$%(9((0%
$-%&0#50%'++$*&*%'$%,$+$%+0//$5*#($%5*$%+0""*(($%/$1/*+$%
#*--6$&&'"$#*<%F%(9/$+($%';;0--'#0%$-%1*/$&*(/0%5*-%)'#('%
='/$'%5*--'%)2'-'<%D*--'%;/*+29/'%5$%K9*+(*%1'/*($%'#($4
23*.%+0-0%1023*%1*/+0#*%+$%',,*#(9/'#0%1*/%1'++*""$'/*%
VRWWR L VRI¿WWL EOX VWHOODWL GHOOD &DSSHOOD GHO 0DQWR H
+0((0% K9*--$% 1$*#$% 5$% 20-0/*% 5*-% >*--*"/$#'$0.% 9#% -90"0%
,$+$0#'/$0%2/*'(0%1*/%$%1*--*"/$#$%'&&'-'($%*%';;'&'($.%$#%
29$%"9'/$/*%1$M%,*-02*&*#(*%*%$#%&050%&$"-$0/*%"/'?$*%
'--'%C*--*??'%5'%29$%+$%7%2$/20#5'($<
:--'%C$"-$*((*/$'.%&0-(*%1*/+0#*%23$*50#0%5$%,$+$('/*%-'%
J'((*5/'-*.%$#20/'""$'($%5'$%20#+$"-$%23*%(/0,'#0%#*--*%
-0/0%"9$5*<%F#%$#"-*+*.%+1'"#0-0.%2$#*+*.%-'%50&'#5'%1$M%
;/*K9*#(*%7%+*&1/*%LJ0+'%10++0%,*5*/*%5$%)$*#'%$#%59*%
0/*TL<%F#('#(0.%'--6*+(*/#0.%-*%"9$5*%(9/$+($23*%+1$*"'#0%
'% 20&$($,*% 5$% 1*#+$0#'($% (*5*+23$% *% "$'110#*+$% -'% +(04
/$'%5*--'%J'((*5/'-*.%5$%20&67%*%5$%20&*%',/*CC*%10(9(0%
*++*/*.% 5*-% &9/0% &'$% (*/&$#'(0% 1*/% 20-1'% 5*--'% 1*+(*.%
-'%2'('+(/0;*%+02$'-*%23*%3'%;'-2$5$'(0%-'%1010-'?$0#*%*%
'1*/(0%,90($%9/C'#$%+0/1/*#5*#($<%D*$%-0/0%/'220#($%$#4
(*#+$%*5%*+1*/($.%-*%"9$5*%/$*,02'#0%-0%+1-*#50/*%5*--6*4
+(*($2'%*%$-%&$+($2$+&0%5*$%+$&C0-$%1*/%-*%1$220-*%;0--*%
20+&010-$(*.%&*#(/*%#*--*%C'#2'/*--*%-*%$&$('?$0#$%5*$%
;'??0-*(($% *% 5*--*% C'#5$*/*% 5*--*% J0#(/'5*% +,*#(0-'#0%
#*--6'/$'<
4
J0#($#9$'&0%-'%#0+(/'%,$+$('%*%5$/$"$'&02$%,*/+0%-'%V$?4
?'.%9#0%5*$%&0-($%+1'?$%,*/5$%23*%+$%10++0#0%(/0,'/*%#*-%
FHQWURGL6LHQD7UDOHDLXROH¿RULWHHLVHQWLHULGLFLRW4
(0-$.%#*-%&*??0%+1$22'%-'%+('(9'%5$%@$9+*11*%@'/$C'-5$%
'% 2','--0<% D0#% &0-(0% -0#('#0.% 9#% -'"3*((0% 'C$('(0% 5'$%
2$"#$.% 50,*% $% C'&C$#$% 10++0#0% "$02'/*% $#% &050% +$294
URORQWDQLGDOWUDI¿FRPDQHOFHQWURGHOODFLWWj1HOOD
;/*+29/'%5*--60&C/'%5*"-$%'-C*/$.%(/*%50##*%'#?$'#*%+$*4
50#0%'22'#(0%'%50##*%1$M%"$0,'#$%5'--6'22*#(0%5*--6*+(<%
A#'%,*223$#'%+10+('%-6'/$'%20#%9#%,*#('"-$0<
D0#%-0#('#0%5'--'%V$??'%+$%(/0,'%-'%)('?$0#*%5*$%(/*#$%
20#%>$'??'-*%X0++*--$<%V'%)('?$0#*%7%;90/$%5'--*%&9/'.%
'$%1$*5$%5*--'%20--$#'%+9--'%K9'-*%)$*#'%,*##*%20+(/9$('%
+*20-$%;'.%'5%'-29#*%/'&1*%5$%+2'-'%&0C$-*%5$%5$+('#?'<%\%
XQHGL¿FLRSLFFRORGHO;;VHFROR$OO¶LQWHUQRF¶qODEL4
"-$*((*/$'.%9#%"$0/#'-'$0%*%9#%C'/<%:-%5$%;90/$.%9#'%"/'#5*%
1$'??'%+*1'/'%-'%+('?$0#*%5'%9#%2*#(/0%20&&*/2$'-*%*%
GDOO¶HGL¿FLRFKHRVSLWDO¶8QLYHUVLWjSHU6WUDQLHUL6XOOD
5*+(/'.% 9#% "/9110% 5$% +(95*#($% 23$'223$*/'% 59/'#(*% 9#'%
1'9+'%2';;7.%9#'%5*--*%/'"'??*%3'%9#0%3$]'C%23*%-*%204
1/*%$%2'1*--$.%9#%'-(/0%/'"'??0%1'/-'%Z$#5$%'-%2*--9-'/*<%
D*--'%1'/(*%0110+('.%#0,*%90&$#$%+$*50#0%+9--*%1'#23$4
#*.%C*,*#50%C$//'.%&*#(/*%'-(/*%1*/+0#*%'((/',*/+'#0%-'%
1$'??'%5$/$"*#50+$%,*/+0%-'%;*/&'('%5*--6'9(0C9+%20#%$%
-0/0%C'"'"-$<
C'&C$#$%#*$%1'/23$%"$023$%*%+(95*#($%23*%10++'#0%',,$'4
/*%'%)$*#'%-'%1/01/$'%$&1/*+'<
\% 1*/% K9*+(0% 23*% 10/($'&0% ','#($% 9#'% ,$+$0#*% 5*--'%
29-(9/'%23*%#0#%+$%/$;*/$+2'%+0-0%'$%1'-'??$%'#($23$.%'"-$%
';;/*+23$%0%'5%9#6'-(/'%+29-(9/'%23*%/'11/*+*#('%-'%&$(04
ORJLFD/XSDFKHDOODWWD6HQLRH$VFDQLRL¿JOLGL5HPR
23*.%+*20#50%-'%-*""*#5'.%3'##0%;0#5'(0%-'%2$((B%5010%
*++*/*%;9""$($%5'%X0&'<%)$*#'%,90-*%,$,*/*%#*-%1/*+*#(*.%
'-$&*#('/+$%5$%29-(9/'%20#(*&10/'#*'.%(/'//*%$+1$/'?$0#*%
5'$%G2$(('5$#$%5*--6'-(/0,*6<%8220%1*/23E%$#,$($'&0%(9(($%
,0$.%$('-$'#$%*5%*9/01*$.%'%1'/(*2$1'/*%'5%9#%G"$020%+*/$06%
20#%#0$<%)$%23$'&'%>'(/$&0#$0%N<OP%,90-%5$/*.%$#%20#2/*4
(0.% 9#% '11/022$0% '(($,0% '-% 1'(/$&0#$0.% /$10/('#50% '--'%
,$('%-*%&*/',$"-$*%5*-%1'++'(0%*%;'2*#50%-'/"0%'%#90,$%
LPSXOVLFXOWXUDOL3DUWHFLSDUHVLJQL¿FDDSSXQWRPHWWHUH
$#%"$020.%20&9#$2'/*.%*%$#%1/$&0%-90"0%2'1$/*%1/0;0#4
5'&*#(*.%2$_%23*%+$'&0.%*%50,*%,0"-$'&0%'#5'/*<
F#%/*'-(B.%/$"9'/5'%('#(0%,0$%K9'#(0%#0$%23*%,$,$'&0%$#%
K9*+('%2$((B%23*%0+1$('%-'%1$M%'#($2'%C'#2'%5*-%&0#50.%
K9'((/0%+$($%AD8)J!%$#%9#69#$2'%1/0,$#2$'.%*5%7%20#04
+2$9('%$#%(9((0%$-%&0#50%1*/%-'%1'++$0#*%23*%59*%,0-(*%
-6'##0% 20#5$,$5$'&0% 59/'#(*% $-% >'-$0.% K9'#50% K9'((/0%
"$0/#$%5$%$#(*#+'.%'9(*#($2'%/$(9'-$(B%20--*(($,'%29-&$#'4
QRLQXQDFRUVDGLFDYDOOLDSHUGL¿DWRFKHGXUDPHQRGL
59*%&$#9($<%!/'%2$%+($'&0%1/*1'/'#50%1*/%9#%'-(/0%($10%
!/'%5$'&0%9#60223$'('%'5%9#'%J0#(/'5'<%F-%+0-*%+('%(/'4 5$% >'-$0P% +'/B% '-(/*(('#(0% *#(9+$'+&'#(*.% &'% -*% /*"0-*%
&0#('#50%*%-*%+(/'5*%+0#0%1$*#*%5$%+90#$P%&9+$2'.%/$+'4 5*-%"$020%#0#%+'/'##0%-*%+(*++*<%D0#%,*5$'&0%-60/'%23*%
(*%*%,02$%5$%C'&C$#$<%V*%C'#5$*/*%20#%-*%$#+*"#*%5*--'% TXHVWDV¿GDFRPLQFL
J0#(/'5'%1010-'#0%-*%1'/*($%5*$%1'-'??$.%*%20-0/'#0%-'%
#0((*%5*-%K9'/($*/*<%V'%2'&1'#'%5*--'%23$*+'%5$%J0#(/'4 ,GHQWL¿FKLDPR OH QRVWUH XUJHQ]H FRQ WUH WHPDWLFKH D
5'% /$+90#'% 1*/% 0/*.% #0((*% 5010% #0((*.% $#% /$20/50% 5*--'% 29$% ,0"-$'&0% -',0/'/*% '++$*&*% '5% '-(/$% *9/01*$P% +'-94
/*2*#(*%,$((0/$'<%^9((*%-*%1*/+0#*%23*%'//$,'#0%$#50++'4 (*% *% ;*-$2$(B.% `$#a"$9+($?$'% +02$'-*.% (9/$+&0% +&'/(<% D0#%
#0%$%-0/0%;'??0-*(($P%'59-($.%'#?$'#$%*%C'&C$#$<%F-%-90"0% +922*5*/B% 5'% 9#% "$0/#0% '--6'-(/0.% *5% 7% 1*/% K9*+(0% 23*%
7%,$,'2*%*%';;0--'(0.%$%C'&C$#$%"$02'#0%'%/$#20//*/+$.%"-$% 20#+$5*/$'&0% -'% J8J% 20&*% 9#% 1/02*++0.% *% #0#% 20&*%
'59-($%23$'223$*/'#0%+0//$5*#50.%9#%"$0,'#*%'220&1'4 9#%*,*#(0%23*%59/'%9#%'##0<%>/$&'%20&$#2$'&0.%&*4
"#'%9#6'#?$'#'%50##'%'--'%+9'%+*5$'<%^9(($%+0#0%$#(*#($% "-$0% +'/*&0% 1/*1'/'($.% 1$M% "-$% *;;*(($% 5$% -9#"0% (*/&$#*%
#*--6'11'/*223$'/*%$%(',0-$.%292$#'/*.%10/('/*%+*5$*.%5$4 +'/'##0%+0+('#?$'-$<%\%9#%*+1*/$&*#(0%23*%20&1/*#5*%
+(/$C9$/*%$%1$'(($%*%-*%C0(($"-$*%5$%,$#0%+9--*%"/'#5$%(',0-'4 -'%+1*/$&*#('?$0#*%*%-6*//0/*.%9#%&*(050%23*%*+1-0/$'4
(*%50,*%20#5$,$5*/'##0%20#%'--*"/$'%9#'%2*#'%$#%&*??0% &0%#*-%#0+(/0%1/0"*((0%b*%:/*%V*0#'/50c%23*%#*2*++$('%
5*--6*#*/"$'%5*$%2$(('5$#$%*9/01*$%23*%+'/'##0%20$#,0-($%
'"-$%'-(/$%*%9#'%20/5$'-*%20#,*/+'?$0#*<
'(($,'&*#(*%20&*%/#0.61"#.%9#%'11/022$0%23*%1/0&904
@/'?$*%1*/%',*/2$%'220&1'"#'($%$#%K9*+('%1'++*""$'('<% ,$'&0%#*-%#0+(/0%1/0"*((0%J01db/0#"c%23*%3'%C$+0"#0%
!/'%'#5$'&0%'%1/*#5*/2$%9#%2';;7%$#%9#0%5*$%&0-($%C'/% 23*%-'%2$((B%5$,*#($%1$M%'22*++$C$-*.%+*20#50%9#'%+(/'(*4
5$%S$'%5$%>'#('#*(0<
"$'%+,$-911'('%#*-%#0+(/0%1/0"*((0%>'/')$(*<%8+1-0/*/*4
&0% $-% (*&'% 5*--'% 29/'% '((/',*/+0% -'% 29-(9/'.% $#+*/*#50%
:%)$*#'%2$%+0#0%'-29#*%K9*+($0#$%9/"*#($<%Y0CC$'&0%';4 )$*#'%#*--'%&'11'%*9/01*'%5*$%2*#(/$%5$%'/(*4(*/'1$'.%9#%
;/0#('/*%-6$#,*223$'&*#(0%5*--'%1010-'?$0#*.%*%-6'CC'#4 0C$*(($,0%23*%1*/+*"9$'&0%#*-%#0+(/0%1/0"*((0%J9-(9/'-%
50#0%5*$%"$0,'#$%23*%+2*-"0#0%5$%'#5'/*%'-(/0,*<%D0#% 8&*/"*#2d%X00&<(LQ¿QHFRORUR%23*%,$+$(*/'##0%)$*4
10++$'&0%,$,*/*%+0-'&*#(*%5$%K9'-20+'%23*%2$%5$,0/'P% #'%#0#%+'/'##0%1$M%G+0-('#(06%(9/$+($P%K9*+(0%7%-60C$*(($4
$-%(9/$+&0%G&0/5$%*%;9""$6<%V'%2$((B%+('%'((/',*/+'#50%-'% ,0%23*%,0"-$'&0%/'""$9#"*/*%'++$*&*%'$%#0+(/$%1'/(#*/%
+9'%1*""$0/*%2/$+$%*20#0&$2'%5*"-$%9-($&$%[O%'##$<
*9/01*$%#*$%1/0"*(($%^9+2'#d%$#%e09/%H'(3/00&%*%J$($4
)$*#'%7%20&*%0"#$%'-(/'%2$((B%*9/01*'P%'CC$'&0%9#%1'+4 ?*#+%0;%(3*%8-+*f3*/*<
+'(0%*+(/*&'&*#(*%/$220%23*%/$+1*(($'&0.%&'%+'11$'&0% )$'&0%1/0#($%'%/$42/*'/*.%1*/%/*#5*/*%-'%2$((B%9#%-90"0%
'#23*%23*%50CC$'&0%2'&C$'/*%$-%#0+(/0%1/*+*#(*<%F%"$04 0+1$('-*%1*/%'/($+($.%1/0;*++$0#$+($.%$#"*"#*/$%*%$##0,'(04
,'#$%5*,0#0%10(*/%,*#$/*%'%)$*#'%1*/%/$&'#*/*.%50CC$'4 /$%23*%19#('#0%$#%'-(0%*%23*%,0"-$0#0%1*/20//*/*%+(/'5*%
&0%20##*((*/2$%'5%'-(/$%10-$%2/*'($,$%*9/01*$.%,0"-$'&0% #90,*%$&1'/'#50%5'$%1/01/$%*//0/$<
5
F-%/$+9-('(0%+'/B%-'%(/'+;0/&'?$0#*%5$%)$*#'%5'%9#'%2$((B%
23*%$#+*"#'%'%9#'%2$((B%23*%$&1'/'<%J$_%/$23$*5*%9#%;0#4
5'&*#('-*% 2'&C$0% 5$% '((*""$'&*#(0P% #0#% 20#+$5*/'/+$%
1$M%+0-('#(0%9#'%29--'%5*--'%,*223$'%89/01'.%20#%(*+0/$%
29-(9/'-$%5$%0"#$%"*#*/*.%23*%+$%10#*%20&*%&'*+(/'%1*/%
'-(/*%/*'-(B.%&'%5'/*%$-%,$'%'5%9#6',,*#(9/'%;'(('%5$%+204
1*/(*.% 5$% +2'&C$% 5$% $5**.% *#(/'#50% #*--'% &*#('-$(B% 5*-%
5$+2*#(*.%20#%-'%,0"-$'%5$%'2K9$+$/*%#90,*%20&1*(*#?*.%
+1*2$'-&*#(*%K9*--*%23*%2$%1*/&*((0#0%5$%*++*/*%9#'%2$(4
WjGHO;;,VHFRORFRVWUXHQGRVXOOHFRQRVFHQ]HFUHDWH
5'%9#'%5*--*%9#$,*/+$(B%1$M%'#($23*%*%1/*+($"$0+*%5LF('-$'<%
8% 2$_% 23*% $&1'/*/*&0% ,*//B% 9-(*/$0/&*#(*% /$-'#2$'(0%
'((/',*/+0% &05'-$(B% /*+*% 10++$C$-$% 5'--'% /$,0-9?$0#*%
(*2#0-0"$2'.% 5'--'% (*2#0-0"$'% 5$% 0""$% *% 5*-% ;9(9/0.% *%
5'--6$&1'((0% 5*&02/'($??'#(*% 23*% *++'% 3'% +9--*% &04
5'-$(B%5$%1/059?$0#*%*%;/9$?$0#*%29-(9/'-*<%\%20+g%23*%
)$*#'%10(/B%/$##0,'/*%-'%+9'%+(0/$2'%(/'5$?$0#*%5$%$#4
#0,'?$0#*%+02$'-*<
S0"-$'&0%K9$#5$%5'/%,$('%'%9#%1/02*++0%5$%(*/'1$'%29-(94
/'-*%20#%9#%23$'/0%$&1'((0%*20#0&$204+02$'-*.%23*%+'/B%$-%
/$+9-('(0%5*-%1*/20/+0%$#$?$'(0%59/'#(*%-'%;'+*%5$%2'#5$5'4
(9/'.%*%23*%20#($#9*/B%5010%$-%hOijP%$-%1$'#0%23*%1/*+*#4
($'&0%$#%K9*+(0%50++$*/%7%-'%+(/9((9/'%20#2/*('%+9%29$%2$%
C'+*/*&0%1*/%*++*/*%J'1$('-*%89/01*'%5*--'%J9-(9/'%#*-%
hOij.%20#%9#'%#'//'?$0#*%23*%20$#,0-"*/B%#*-%+90%+,$-914
10%'-(/*%2$((B%/$223*%5$%1'(/$&0#$0%$('-$'#*%*5%*9/01**%23*%
5*,0#0%';;/0#('/*%$%#0+(/$%+(*++$%1/0C-*&$<
F#20#(/$'&02$% 1/*+(0% #90,'&*#(*%1*/% 20#($#9'/*%K9*4
+('%20#,*/+'?$0#*<%X$"9'/5'%)$*#'.%/$"9'/5'%-689/01'.%
/$"9'/5'%$-%&050%$#%29$%$-%/$1*#+'&*#(0%5*-%#0+(/0%1'4
(/$&0#$0%29-(9/'-*%10(/B%0;;/$/2$%#90,*%23$',$%5$%'22*+4
+0%'-%C*#*++*/*.%'--69"9'"-$'#?'.%*%'--6*20#0&$'%*+1*4
/$*#?$'-*.% (/*% (*&'($23*% 2/92$'-$% 1*/% -6'"*#5'% *9/01*'%
5*-%1/*+*#(*.%23*%+'/'##0%'#20/'%1$M%;0#5'&*#('-$%#*$%
1/0++$&$%2$#K9*%'##$<
!"!$ 4XDOHqODV¿GDSULQFLSDOHFKHWDOHWLWROR
$01/0#+"#"88"7
-5?3(24(D9;9(E63(5EE5;5C
%LVRJQDVHPSUHVXSHUDUHJUDQGLGLI¿FROWjSHUGLYHQWD4
/*%9#'%J8J%5$%+922*++0.%&'%$#%9#%1'*+*%20&*%-6F('-$'.%
1*+'#(*&*#(*%20#5$?$0#'(0%5'--'%(0/(90+$(B%5*$%1/02*++$%
GHFLVLRQDOLGDOOHFRPSOHVVLWjEXURFUDWLFKHGDOO¶LQHI¿4
FDFLDQHOO¶LPSLHJRGHLIRQGLHXURSHLHGDOO¶LQHI¿FLHQ]D
GHO VLVWHPD GL FRPPHVVH SXEEOLFKH OD V¿GD q DQFRUD
1$M%/'5$2'-*<%\%1*/%K9*+(0%23*%"$B%$#%K9*+('%;'+*%'CC$'4
&0%-',0/'(0%+9--'%&*++'%'%19#(0%5$%1/*2$+*%"'/'#?$*<
:CC$'&0%+1*/$&*#('(0%20#2/*('&*#(*%-'%,$('-*%$&10/4
('#?'% 5*--'% &'++'% 2/$($2'P% $% 1/$#2$1'-$% +('k*30-5*/% (*/4
/$(0/$'-$% +0+(*#"0#0% $-% 1/0"*((0% *% -',0/'#0% 20#% #0$.% *%
+'11$'&0% 23*% -6'&1$'% 1'/(*2$1'?$0#*% 5*$% +*#*+$% 7% 9#%
;'((0/*%2/92$'-*%1*/%$-%#0+(/0%+922*++0<%)g.%-'%20&9#$(B%
+*#*+*.%0/"0"-$0+'&*#(*%(*+('/5'.%3'%C$+0"#0%5$%2/*5*/4
2$.%*5%7%1*/%K9*+(0%23*%-'%1'/(*2$1'?$0#*%7%+('('%-'%#0+(/'%
1/$#2$1'-*% 1/$0/$(B% 59/'#(*% -'% +*20#5'% ;'+*<% :CC$'&0%
"$B%20#%#0$%'&1$*%;'+2*%5$%2$(('5$#'#?'.%*%2$_%3'%/$23$*4
+(0%#9&*/0+$%&0&*#($%5$%20#;/0#(0%,$+4'4,$+%*%'#20/'%
1$M% 50&'#5*% '% 29$% /$+10#5*/*.% $#% 9#% &0&*#(0% $#% 29$%
OD¿GXFLDSXEEOLFDqVWDWDFRPSURPHVVDGDJOLVFDQGDOL
-*"'($%'--'%C'#2'%23*%3'##0%20-1$(0%-'%2$((B<
J0&1/*#5$'&0% 23*.% #*-% +90% 20#(*+(0.% K9*+('% 2'#5$4
5'(9/'% 7% 9#% 1$'#0% '&C$?$0+0P% )$*#'% 3'% -'% /*19('?$0#*%
5$% *++*/*% 9#'% 2$((B% 20#+*/,'(/$2*.% 1*/('#(0% 19_% *++*/*%
GLI¿FLOH FRQYLQFHUH QRL VWHVVL H JOL DOWUL FKH LO QRVWUR
0C$*(($,0% 7% -'% (/'+;0/&'?$0#*<% I9*+(0% 7% $-% &0($,0% 1*/%
29$.% 20#+$5*/'#50% '#23*% -*% 2/$($2$(B% 23*% 2$% 2'/'((*/$?4
?'#0% '% -$,*--0% #'?$0#'-*.% 'CC$'&0% 20+(/9$(0% -'% #0+(/'%
2'#5$5'(9/'% 20&*% 9#% 1$'#0% 1/'"&'($20.% 23*% *,$('% -*%
5$"/*++$0#$%$#9($-$%0%$%1$$%5*+$5*/$P%7%1$M%;'2$-*%0((*#*/*%
VRVWHJQRH¿GXFLDTXDQGRWXWWLSRVVRQRFDSLUHFLzFKH
HIIHWWLYDPHQWHDFFDGUj8Q¶DOWUDGLI¿FROWjVWDQHOO¶DY4
,$'/*%/*'-&*#(*%$-%&0(0/*%5*--'%2001*/'?$0#*%*9/01*'c%
1*/%K9*+(0%'CC$'&0%"$B%/'220-(0%2*#($#'$'%5$%-*((*/*%5$%
$#(*#($%+0((0+2/$((*.%23*%20#;*/&'#0%-'%20#2/*(*??'%5*--*%
20--'C0/'?$0#$%23*%10/(*/*&0%','#($%20#%$%#0+(/$%1'/(#*/%
5'%(9(('%89/01'<
\%K9*+('%-'%#0+(/'%+(/'(*"$'%1*/%+91*/'/*%-'%&$01$'%*%-0%
+2*(($2$+&0%23*%10(/*CC*/0%*&*/"*/*%K9'#50%$-%1/0"*((0%
J8J%50,/B%5',,*/0%5*20--'/*.%*%1*/%';;/0#('/*%-*%1/04
EOHPDWLFKH VRFLDOL FXOWXUDOL VWUDWHJLFKH ¿QDQ]LDULH H
0/"'#$??'($,*%"$B%&*#?$0#'(*%#*-%#0+(/0%1/$&0%50++$*/%
5$%2'#5$5'(9/'<
F#0-(/*.% $-% #0+(/0% 50++$*/% 7% 9#% '220/50% ,$#20-'#(*P% 7%
-6'11*#5$2*%'--6:220/50%5$%>/0"/'&&'%(/'%$-%J0&9#*%*%
-'%X*"$0#*%23*%+'/B%'((9'(0%#*-%2'+0%$#%29$%)$*#'%,*#"'%
+2*-('%20&*%9#'%5*--*%59*%J8J%1*/%$-%hOij<%:#23*%K9*4
+(0%7%9#%&050%1*/%;'/%2'1$/*%23*%-'%#0+(/'%2'#5$5'(9/'%
#0#%7%9#%2'+(*--0%$#%'/$'<%F-%#0+(/0%7%9#%1/0"*((0%1-9"%
'#5%1-'d.%K9$#5$.%;0/?'.%9#$(*,$%'%#0$U
!"!% 96)(*' .030' :(*' 08*"++*;*' -"(()' $*++,' /"#'
(<)330'=>?@7
-5?3( ;3<<5( E><B>?5( >4( 5:34B3( ;2( B?58A9?D5F2943(
3E949D2E5(3(89E25<3C(
F%1/0C-*&$%*20#0&$2$%*%+02$'-$%5$%)$*#'%+$%+0#0%'""/','4
($%#*-%20/+0%5*--69-($&0%'##0.%*%2$_%/$23$*5*%9#'%23$'/'%
1/0"/'&&'?$0#*%5*"-$%0C$*(($,$<%F%(/'"9'/5$%K9'#($('($,$%
+('C$-$($% #*--'% ;'+*% 1/*2*5*#(*% +0#0% +('($% 9-(*/$0/&*#(*%
&*++$%'%;9020%'((/',*/+0%-6$#(*#+0%/$+20#(/0%0((*#9(0%5'%
5$2$'++*((*%(',0-$%5$%1'/(*2$1'?$0#*%'1*/($%'-%20$#,0-"$4
&*#(0% 5$% 5$,*/+$% +*"&*#($% 5*--'% 20&9#$(B% -02'-*<%:C4
C$'&0%$#0-(/*%-'#2$'(0%9#'%2'&1'"#'%5$%,0-'#($#'""$0%
10/('%'%10/('%23*%3'%20&9#$2'(0%-*%1/$#2$1'-$%1/*,$+$04
#$% 5$% $&1'((0% *20#0&$20% *% +02$'-*% 5*-% 1/0"*((0.% *% 3'%
$##*+2'(0%9#%5$C'(($(0%19CC-$20%+9--'%20#2/*(*??'%5*--*%
'+1*(('($,*%*%5*"-$%*+$($%10++$C$-$<%V'%20#+$+(*#(*%'((*#4
?$0#*% 5*$% +02$'-% &*5$'% *% -'% 201*/(9/'% $#;0/&'($,'% 5*$%
6
&*5$'% (/'5$?$0#'-$% 3'##0% 5$;;9+0% -'% 20#+'1*,0-*??'% *%
20+(/9$(0%-*%C'+$%1*/%-6$&1*"#0%5*--'%20&9#$(B<%
,Q TXHVWD VHFRQGD IDVH DEELDPR GH¿QLWR XQD VHULH GL
0C$*(($,$% K9'-$('($,$% $#+*/$($% $#% 9#% K9'5/0% +(/'(*"$20% $#%
+(/*(('%20--'C0/'?$0#*%20#%(9(($%$%1/$#2$1'-$%+('k*30-5*/.%
(/'%29$%-'%X*"$0#*%^0+2'#'%*%$-%J0&9#*%5$%)$*#'<
F%#0+(/$%0C$*(($,$%+0#0%/'""/911'($%$#%2$#K9*%'/**%(*&'4
($23*P% *20#0&$'.% '"*#5'% 5$"$('-*.% +'-9(*% *% ;*-$2$(B.% '24
2*++$C$-$(B%*%$#2-9+$0#*%+02$'-*.%(9/$+&0%+&'/(<%J/*5$'4
&0%23*%K9*+(*%+$'#0%'/**%$#%29$%-'%29-(9/'%10++'%;'/*%-'%
5$;;*/*#?'%$#%(*/&$#$%5$%2/*'?$0#*%5$%,'-0/*.%#*--'%1/04
+1*(($,'%5*-%>'(/$&0#$0%N<O<
46(+6#)' "-' "$0301*)<% F#% K9*+(0% 2'&10.% $-% #0+(/0%
0C$*(($,0%20#+$+(*%#*-%/$+(/9((9/'/*%-6*20#0&$'%+*#*+*%
$#%+*"9$(0%'--'%2/$+$%5*--'%H'#2'%=0#(*%5*$%>'+23$%5$%
)$*#'<%I9*+(0%1/02*++0%7%"$B%$#$?$'(0.%*5%7%(/'$#'(0%5'%
K9'((/0%&'2/04+*((0/$P
‡% F#59+(/$*%29-(9/'-$%*%2/*'($,*.%FJ^%*%20#(*#9($%5$4
"$('-$c%
‡% H$0(*2#0-0"$*%*%,'22$#$c%
‡% @/**#%*20#0&d%`23*%+1'?$'%5'--6*#*/"$'%19-$('%'-%
2$C0%C$0-0"$20ac
‡% )*((0/*% &$2/04&'#$;'((9/$*/0% *% $&1/*+*% -*"'(*%
'--'%+('&1'%NY<
F#0-(/*.%+($'&0%&*((*#50%$#%'((0%9#'%+(/'(*"$'%5$%'((/'4
?$0#*%5$%$#,*+($&*#($%$#(*/#'?$0#'-$.%20#%$-%-'#2$0%5$%
9#%$#29C'(0/*%5$%$&1/*+'%2/*'($,'%*%5$%9#%'22*-*/'(04
/*%56$&1/*+'%$#%1'/(*#'/$'(0%20#%-0%89/01*'#%J/*'($4
,*%H9+$#*++%D*(f0/k.%*%20#%-0%89/01*'#%J*#(/*%;0/%
J9-(9/'-% '#5% J/*'($,*% 820#0&d% `8JJ8a% 5$% 8++*#<%
S0"-$'&0%10//*%-6'22*#(0%+9--*%20#('&$#'?$0#$%2/*'4
($,*%;/'%5$,*/+$%+*((0/$<%F-%1/0"*((0%b*%:/*%V*0#'/50.%
'5%*+*&1$0.%7%9#%-'C0/'(0/$0%1*/%-6$##0,'?$0#*%/'5$4
2'-*% *% -'% (/'+;0/&'?$0#*% 0/"'#$??'($,'% 23*% 20$#,0-4
"*%$%&'""$0/$%'((0/$%*9/01*$%5*-%+*((0/*.%20&*%^FVV^%
@l(*C0/"%0%J0#*m$0#*+%F&1/0C'C-*+%H$-C'0<%
F-% #0+(/0% $#(*#(0% 7% K9$#5$% K9*--0% 5$% /$20+(/9$/*% -6*4
20#0&$'% +*#*+*% '((/',*/+0% -0% +($&0-0% 29-(9/'-*% *% -'%
FUHDWLYLWj RULHQWDWD DOO¶LPSUHVD &L SUH¿JJLDPR XQ
$#2/*&*#(0%5*-%[On%#*-%#9&*/0%'##90%5$%$&1/*+*%*%
+('/(491%'%)$*#'%*#(/0%$-%hOij<
46(+6#)'"'):"3-)'-*:*+)("A%F-%#0+(/0%0C$*(($,0%1/$#2$4
1'-*%7%/*$#,*#('/*%)$*#'%20&*%2$((B%5$%1'(/$&0#$0%20#4
#*((*#50-'% '--69#$,*/+0% 5$"$('-*<% )($'&0% -',0/'#50% $#%
K9*+('% 5$/*?$0#*% '% 1'/($/*% 5'% '-29#$% $&10/('#($% 1'/(*4
#'/$'($P
‡% )$*#'%3'%+$"-'(0%9#%'220/50%+(/'(*"$20%20#%-6:+$'#%
F#+($(9(*% 0;% @'&$#"% '#5%:#$&'($0#% 0;% H'#"'-0/*.%
F#5$'.%'1/*#50%-'%+(/'5'%'%5$,*/+$%1'/(*#'/$'($%20#%$-%
5$+(/*((0%*20#0&$20%5$"$('-*%5$%H'#"'-0/*<%F#%K9*4
+(0%&0&*#(0%+($'&0%#*"0?$'#50%9#%1'((0%+(/'(*"$20%
(/'%-'%X*"$0#*%^0+2'#'%*%-0%)('(0%5*-%o'/#'('k'%+9-%
1'(/$&0#$0%5$"$('-*%*%-'%1/059?$0#*%5$%20#(*#9($%5$4
"$('-$<
‡ $OWULSDUWHQDULDWLGLDOWRSUR¿ORFRQ$UV(OHFWURQLFD
V$#?.%^*23#02F^E%=0#+%*%$-%)*/$09+%@'&*+%F#+($(94
(*%5$%J0,*#(/d%0;;/0#0%9#%,'#('""$0%20&1*($($,0%'%
-$,*--0%*9/01*0%1*/%$-%10+$?$0#'&*#(0%10(*#?$'-*%5$%
)$*#'%20&*%2*#(/0%1/$#2$1'-*%5*-%)95%89/01'%1*/%$%
20#(*#9($%5$"$('-$%*%$%G"$023$%+*/$6%*592'($,$<
‡% )($'&0%+,$-911'#50%20#%1'/(#*/%-02'-$%*%@-$&f0/&%F^%
:&+(*/5'&%9#'%#90,'%1$'((';0/&'%3'/5f'/*%1*/%$-%1'(/$4
&0#$0%+&'/(.%20&*%C'+*%20#2/*('%1*/%"-$%+,$-911$%;9(9/$<%
B)(6+"'"'C"(*$*+,<%F-%#0+(/0%0C$*(($,0%7%K9*--0%5$%'9&*#4
('/*% -*% 0110/(9#$(B% 5$% ,$,*/*% ;*-$2*&*#(*% *% $#% +'-9(*% '%
)$*#'.%*%'22/*5$('/*%-'%#0+(/'%2$((B%20&*%9#%2*#(/0%5$%$#4
#0,'?$0#*%#*-%2'&10%5*--*%(*/'1$*%29-(9/'-$<%)$*#'hOij%
3'% 20+(/9$(0% 9#6'--*'#?'% *9/01*'% 1*/% $-% C*#*++*/*% 29-4
(9/'-*%20$#,0-"*#50%;*+($,'-%*%/*($%$#(*/#'?$0#'-$%20&*%
$-%)$2kU%Q*+($,'-%5$%H/$"3(0#.%$-%b$-5b923+%Q*+($,'-%5$%
H'+$-*'.%$-%b'(*/;0/5%Z*'-$#"%:/(+%^/9+(.%#0#23E%$+($(94
($%5$%/$2*/2'%23*%/'220-"0#0%-6*/*5$(B%5*--6*+1*/$*#?'%5$%
^9/k9%hOii.%20&*%'119#(0%-6A#$,*/+$(B%5$%^9/k9<%!,4
,$'&*#(*.%-*%$+($(9?$0#$%+'#$('/$*%-02'-$%*%-*%1/0;*++$0#$%
&*5$23*% +0#0% 1$*#'&*#(*% 20$#,0-(*% #*-% 1/0"*((0.% 1*/%
/*#5*/*%)$*#'%9#%-90"0%5$%/$;*/$&*#(0%'--6','#"9'/5$'%
1*/% -'% +1*/$&*#('?$0#*% $#% K9*+(0% 2'&10<% F-% 20&1-*+4
+0% &9+*'-*% 5$% )'#('% ='/$'% 5*--'% )2'-'% 3'% $#2'/#'(0% $%
SULQFLSLGHOODVDOXWHFXOWXUDOH¿QGDOPRPHQWRGHOODVXD
;0#5'?$0#*% #*--6:-(0% =*5$0*,0.% *% 5$,*#(*/B% $-% 290/*%
5*-%+$+(*&'%+*#*+*%1*/%$-%f*-;'/*%29-(9/'-*<%:-%&0&*#(0%
+($'&0%1/*1'/'#50%9#%1/0"*((0%5'%1/*+*#('/*%#*--6'&C4
$(0%5*-%1/0"/'&&'%Z0/$?0#%hOhO<
D$$"..*8*(*+,'"'*3$(6.*03"'.0$*)("<%V60C$*(($,0%1/$#2$4
1'-*%7%/*#5*/*%-'%#0+(/'%2$((B%'22*++$C$-*%$#%&0-($%+*#+$P%
¿VLFDPHQWH VRFLDOPHQWH H FXOWXUDOPHQWH 6LHQD
';;/0#('%('-$%K9*+($0#$%$#%(9((*%-*%-0/0%5*2-$#'?$0#$.%5'-4
-'%5$+'C$-$(B%'--6*+2-9+$0#*%29-(9/'-*.%*(#$2'.%0%50,9('%'%
&0($,$% /*-$"$0+$.% *20#0&$2$% *% +02$'-$<% A#'% &*5$'(/$2*%
29-(9/'-*%7%"$B%'-%-',0/0%'%(*&10%1$*#0%#*-%(*'&%5$%2'#4
GLGDWXUDGL6LHQDHO¶LVWLWX]LRQHGLXQXI¿FLRSHUOD
&*5$'?$0#*%29-(9/'-*%+'/B%$-%/$+9-('(0%5$%K9*+('%*+1*/$*#4
?'<%)$*#'%+$%20##*((*%'--'%/*(*%(*&'($2'%*9/01*'%5*--*%2$(4
(B%'22*++$C$-$.%*%9#%'11/022$0%1/0"*((9'-*%'--6'22*++$C$-4
LWj¿VLFDHDOODVHJQDOHWLFDDFFHVVLELOHVDUjDOFHQWURGHO
ÀDJVKLS% >'/')$(*<% :-29#$% 1'/(#*/% ;0#5'&*#('-$% 20&*%
H'93'9+%b*$&'/.% >0-$(*2#$20% 5$% =$-'#0.% A&*p% F#(*/4
'2($,*%F#+($(9(*%*%8$#530,*#%A#$,*/+$(d%0;%^*23#0-0"d%
HODERUDQR VROX]LRQL HFRQRPLFDPHQWH HI¿FDFL SHU JOL
VSD]L¿VLFLO¶LOOXPLQD]LRQHHODVHJQDOHWLFDODGGRYHL
1'/(#*/% '/($+($2$% 20&*% -'% J0&1'"#$'% 5$% S$/"$-$0% )$*#$%
*%-'%Q0#5'?$0#*%b9/&k0+%20$#,0-"0#0%-*%1*/+0#*%20#%
5$+'C$-$(B%*%"-$%*&'/"$#'($%#*-%/90-0%5$%1/0('"0#$+($%#*-4
-'% 2/*'?$0#*% 29-(9/'-*<% )$*#'hOij% 3'% 20$#,0-(0% '#23*%
-'% Q0#5'?$0#*% J*+'/*% )*/0#0.% 20#% $-% +90% $&1*"#0% 5$%
-9#"0%20/+0%#*--*%K9*+($0#$%5*--6'22*++$C$-$(B.%*%20--'C4
RUDFRQOD,1'(;)RXQGDWLRQGL&RSHQKDJHQH&LWWj
5*--L'/(*4Q0#5'?$0#*% >$+(0-*((0% 5$% H$*--'% 20&*% 1'/(#*/%
;0#5'&*#('-$% $#% K9*+(0% 2'&10% 1*/% $-% /'""$9#"$&*#(0%
5*--60C$*(($,0%5$%(/'+;0/&'?$0#*%+02$'-*%/*+10#+'C$-*<
7
46(+6#)' "' +6.*.10' .1)#+A% ^/'+;0/&'/*% $% #0+(/$% (9/$+($%
$#% 2$(('5$#$% *% 10+$?$0#'/*% )$*#'% +9--'% &'11'% 20&*% 9#%
-90"0% 5$% (9/$+&0% +&'/(P% K9*+(0% 7% -60C$*(($,0% 5$% )$*#'%
20&*%5*+($#'?$0#*%(9/$+($2'%*%20&*%2*#(/0%5$%0+1$('-$(B%
N<O<%>*/%+;9""$/*%'-%/$+23$0%5*--'%5*/$,'%,*/+0%$-%1'/20%'%
(*&'%1/$,0%5$%,$('%+02$'-*.%)$*#'%+('%+,$-911'#50%9#%'14
1/022$0%$##0,'($,0%'-%(9/$+&0%+&'/(.%23*%20$#,0-"*%'--0%
+(*++0%&050%,$+$('(0/$%*%/*+$5*#($%$#%20&9#$(B%5$%1/'($2'%
FRVuFKHDWWUDYHUVRGLYHUVHIRUPHGLLQWHUD]LRQH¿VLFD
*% 5$"$('-*.% -6*+1*/$*#?'% (9/$+($2'% +$% (/'+;0/&$% $#% 9#6',4
,*#(9/'%5*--'%20#0+2*#?'%*%$#%9#'%/$2*/2'%2/*'($,'%5*--*%
+0-9?$0#$<% D*$% 1/0"*(($% ^9+2'#d% $#% e09/% H'(3/00&% *%
J$($?*#+%0;%(3*%8-+*f3*/*SDUWQHUVFLHQWL¿FLGHOFDOLEUR
GL3DUF&LHQWt¿FL7HFQROzJLFGH7XULVPHL2FL7DUUDJR4
#'.%$-%&'+(*/%$#%Y*+$"#%5LF#(*/;'2*P%=9-($&E5$'%*(%F#(*/4
QHWGHOO¶8QLYHUVLWjGL3DULJL;,,,3ODWRQLT%DUFHORQD
)(''(-$23*%:k'5*&$*%5*/%H$-5*#5*#%oq#+(*%)(9(("'/(.%*%
$-%J*#(/*%;0/%=0C$-$($*+%X*+*'/23%V'#2'+(*/%2$%0;;/0#0%-*%
20&1*(*#?*%(*2#$23*%1*/%-0%+,$-9110%5*--*%1$'((';0/&*%
5$%$#(*/'?$0#*%#*2*++'/$*<%>'/(#*/%20&*%b00-00%J01*#4
3'"*#.% $-% =9?*]% ?'% '/3$(*k(9/0% $#% 0C-$k0,'#]*% 5$% V]94
C-]'#'.%^/'#+F(% >/0]*2(*+% 5$% H'/2*-0#'% *% H-'+(%^3*0/d%
5$%H/$"3(0#%+('##0%+,$-911'#50%1/0"*(($%'/($+($2'&*#(*%
$##0,'($,$.% 23*% /$1*#+'#0% /'5$2'-&*#(*% (*&$% +20(('#($%
20&*%$-%(9/$+&0%+02$'-*.%-*%#'//'?$0#$%20--*(($,*%*%$-%+*#4
+0%5*-%-90"0.%0%-'%+f'/&%$#(*--$"*#2*%2*#(/'('%+9$%(9/$+($<
F%#0+(/$%$#5$2'(0/$%/*-'($,$%'$%,'/$%0C$*(($,$%+0#0%/$'++9#($%
#*--'%(',0-'%+*"9*#(*P
100+ start-up (30+ imprese sociali) in settori trasversali (benessere culturale, turismo ecologico). 1+ partner europeo di co-sviluppo.
500+ nuovi posti di lavoro sostenibili per i giovani nei settori della produzione e gestione dei contenuti digitali, artigianato digitale, turismo esperienziale e accessibile, creazione di comunità culturali.
100+ milioni di euro di investimenti esterni diretti e venture capital per i
settori della cultura, creatività e IT.
250+ professionisti creativi e culturali di alto livello, come nuovi residenti
permanenti o per parte dell’anno.
CULTURA ED ECONOMIA
100% di copertura a banda larga con libero accesso in cloud computing nel
territorio di Siena e delle città della provincia, e copertura wireless per tutti i centri della provincia; Workshop di alfabetizzazione digitale multilivello
in partnership con TechnocITé Mons, che coinvolgano almeno il 10% della
popolazione locale, e il 100% di tutte le scuole della provincia. Accessibilità
agli Open data del 30%+ dei contenuti non coperti da diritti delle biblioteche senesi e degli archivi, in partnership con Europeana; stabile alleanza
europea sui contenuti digitali con Ars Electronica Linz, La Manufacture
Avignon, TechnocITé Mons, Creative Incubator Tartu, Sofia Development
Association
CULTURA & PIATTAFORME DIGITALI
3+ centri per il benessere culturale aperti entro il 2019 a Siena e in due
altri centri maggiori della provincia, tutti in relazione con 1+ partner europei
attualmente attivi nel settore
20%+ aumento del benessere psicologico dei residenti che partecipano alle
attività di welfare culturale, misurato con il Psychological General Well Being Index nel periodo 2016-21
5%+ diminuzione dei giorni di ospedalizzazione della popolazione anziana
(65+) che partecipa ai programmi di welfare culturale offerti nei 3 centri
provinciali nel 2019
CULTURA SALUTE & FELICITA'
80%+ di spazi pubblici, strutture culturali, attività commerciali pienamente
accessibili ai disabili, multimedia digitali e personale specializzato nella cura
dei visitatori disabili nel 100% delle strutture culturali pubbliche
20%+ del programma artistico del 2019 co-progettato e coprodotto dalle
minoranze etniche e culturali;
3+ nuove associazioni promosse dalle minoranze entro il 2019
Stabile alleanza europea con 5+ città sui temi della progettazione delle politiche urbane per l’accessibilità (EU League of Accessible Cities)
CULTURA, ACCESSIBILITÀ E INCLUSIONE SOCIALE
2.000.000+ pernottamenti, 4.000.000+ visitatori digitali entro il 2019,
20%+ aumento della permanenza media, 25%+ aumento della spesa media,
40%+ aumento del volume di contenuti digitali visitati
Media di 1+ nuova relazione sociale stabile con altri cittadini europei sviluppata nel corso del 2019 da ciascuna famiglia senese
10%+ di famiglie senesi che offrono ospitalità nella propria casa a turisti
sociali
CULTURA & TURISMO SMART
8
5$%>'(/$&0#$0%N<O%3'%'-(/*(('#('%/$-*,'#?'%1*/%$-%#0+(/0%
96)(' E' *(' $03$"++0' )(()' 8)."' -"(' !#0:"++0' $%"' 1'(/$&0#$0%5$%50&'#$%K9'#(0%1*/%$%(*+0/$%29-(9/'-$%5*-%
;"##"88"'#")(*22)+0'."'()'$*++,';"3*.."'301*3)+)' 1'++'(0<%)$*#'hOij%1/*1'/'%$-%(*//*#0%1*/%0"#$%($10%5$%
*+1*/$&*#(0%$#%K9*+(0%2'&10.%*%20#+$5*/'%-*%+9*%+(/'5*%
4)/*+)("'56#0/")'-"(()'46(+6#)7
*%1$'??*%&*5$*,'-$%20&*%-90"3$%$5*'-$%1*/%5'/*%,$('%'--*%
QXRYHPDQLIHVWD]LRQLGHOODFXOWXUDGHO;;,VHFRORQHO
$( E94B34>B2( E?35B2G2( ?2:>5?;549( B>BB2H( 3( E98I( 2<( 20#(*+(0%5*--'%+(0/$'%5*--'%29-(9/'%*9/01*'<%Y$%20#+*"4
#5B?2D9429C
9*#?'.%2'1$/*%$-%+*#+0%5*--'%#0+(/'%2'#5$5'(9/'%,90-%5$/*%
20&1/*#5*/#*% $-% /$;*/$&*#(0.% #0#% +0-('#(0% /*-'($,0% '%
)$*#'.%&'%'5%9#'%(*&'($2'%2/92$'-*%1*/%-689/01'P%20&*%
F('!)+#*103*0'GA>'#*:"3"#)'()'$*++,
02291'/2$%5*-%#0+(/0%1'(/$&0#$0%5$%0""$.%*%20&*%,$,*/*%
)$*#'hOij% +$% ',,'-*% 5*--'% 1'/(*2$1'?$0#*% 29-(9/'-*% 5$% $#%9#'%;9(9/'%89/01'%5$%'/(*%*%29-(9/'<
(9(('%-'%20&9#$(B%1*/%/$"*#*/'/*%-'%2$((B%*%5'/*%$-%,$'%'%
9#% #90,0% 2$2-0<% \% 1*/% K9*+(0% 23*% $-% #0+(/0% 20#2*1(% +$% F#%K9'#(0%20#2*((0%23$',*%5$%)$*#'hOij.%-6*+1/*++$0#*%
;02'-$??'%+9-%>'(/$&0#$0%N<O%20&*%1$'((';0/&'%1*/%-6'14 >'(/$&0#$0% N<O% 20&9#$2'% $-% #0+(/0% &*++'""$0% 1/$#2$4
1'-*P%1'/-$'&0%5$%1'(/$&0#$0%'#?$23E%5$%29-(9/'.%1*/23E%
1/*#5$&*#(0%*%-6$##0,'?$0#*%+02$'-*<
V6$5*'% 5$% 2'/'((*/$??'% -'% ;'+*% 5*--'% +(0/$'% 5*--'% 29-(9/'% -'% 1'/0-'% 1'(/$&0#$0% $&1-$2'% -'% (*&10/'-$(B% *% $-% +*#+0%
#*--'%K9'-*%2$%(/0,$'&0.%*%+$%20--*"'%20+g%'--*%;'+$%1/*24 5*--'%(/'+&$++$0#*%$#(*/"*#*/'?$0#'-*<%H*#23E%5*+9#('%
5'--'% (*/&$#0-0"$'% 5*-% +0;(f'/*.% -6*+(*#+$0#*% N<O% #0#%
*5*#($P
VLJQL¿FDFKHLOQRVWURFRQFHSWULJXDUGDVROWDQWRLOGLJL4
F-% >'(/$&0#$0% i<O% 7% C'+'(0% +9--6$5*'% 5$% &*2*#'($+4 ('-*%r%+$%(/'(('%1$9((0+(0%5$%9#%'11/022$0%23*%,90-*%10/4
PRSXEEOLFRHSHUVHJXHLO¿QHGLFRQVHUYDUHLEHQL ('/*%$-%#0+(/0%1'(/$&0#$0%*+$+(*#(*%5$%#90,0%$#%,$('.%+$'%
1/0,*#$*#($% 5'-% 1'++'(0% '((/',*/+0% +9++$5$% 23*% #*% '++4 RQOLQHFKHRIÀLQHHDEEUDFFLDUHQXRYHIRUPHGLSDWUL4
$29/$#0% $-% &'#(*#$&*#(0<% )$% 1/010#*% 5$% 20#+*"#'/*% $% &0#$0% '((/',*/+0% -6'(($(95$#*% G1/0+9&*/6P% 9#% '((*""$'4
C*#$%(9(*-'($%'--6*(*/#$(B.%*5%7%$-%1/050((0%5*-%"*#$0%5*"-$% &*#(0%'1*/(0%*%$#(/'1/*#5*#(*.%23*%$&1-$2'%$#(*/'?$0#*.%
+2'&C$0%*%2$/20-'?$0#*%+$'%$#%&05'-$(B%5$"$('-*%23*%'#4
:#($23$%='*+(/$<
'-0"$2'<%
F-% >'(/$&0#$0% h<O% +$% 20--*"'% '--*% $#59+(/$*% 29-(9/'-$% *%
2/*'($,*.%20#%-6$#(*#?$0#*%5$%/*#5*/*%$%C*#$%K9'#(0%1$M% H3)'3)##)+*;)'/"#'(<*330;)2*03"'.0$*)("
SRVVLELOHUHGGLWL]LLQPRGRGDWUDUQHSUR¿WWRHFRQRP4
LFR , EHQL GHO SDWULPRQLR VRQR LGHDOPHQWH ¿QDOL]]DWL &LVLDPRUHVLFRQWRFKHXQDGLI¿FROWjGLEDVHSHUXQD
'--6$#(/'((*#$&*#(0% *% '--'% ,'-0/$??'?$0#*<% \% $-% /$+9-('(0% J8J%20#+$+(*%#*--6$#5$,$59'/*%9#%1*/20/+0%5$%2'&C$'4
&*#(0%23*%$%2$(('5$#$%+$'#0%5$+10+($%'%$#(/'1/*#5*/*%r%7%
5*-%-',0/0%5*$%J/*'($,$%`J-'++*%J/*'($,'a<
2/92$'-*%$-%20--*"'&*#(0%20#%-6$5*#($(B%-02'-*<%F%2$(('5$#$%
F-%>'(/$&0#$0%N<O%+$%*+1/$&*%#*--'%1/059?$0#*%20#5$,$+'% +'/'##0% 5$+10+($% '% 1*/&*((*/*% 23*% 9#'% (/'+;0/&'?$0#*%
5$%+*#+0%*%/$"9'/5'%-*%20&9#$(B%5$%1/'($2'<%)$%+0+($*#*% +0+('#?$'-*%'CC$'%-90"0T
'((/',*/+0%$-%2/0f5+09/2$#"%*%+$%;0#5'%+9--'%1'/(*2$1'?$4 :%)$*#'.%-*%1*/+0#*%,$,0#0%9#%/$(9'-*%5$%/$##0,'&*#(0%
0#*% '(($,'.% +9-% &'#(*#*/*% ,$,0% $-% 1'(/$&0#$0% '((/',*/4 '-%K9'-*%7%10++$C$-*%20--*"'/*%$-%1/02*++0%5$%(/'+;0/&'?$4
+0% -'% 1/'($2'% +02$'-*<% \% $-% 1/050((0% 5*-% -',0/0% 5$% (9(($<% 0#*%5*--'%J8JP%$-%2'-*#5'/$0%2$,$20%'##9'-*%23*%1/*,*4
5*%59*%,0-(*%$-%>'-$0%7.%$#;'(($.%9#%,*((0/*%29-(9/'-*%23*%
I9*+('% 1/0+1*(($,'% +(0/$2'% 20#+*#(*% 9#'% #90,'% $#4 20+(/9$+2*%-'%#0+(/'%2$((B.%*%20+(/9$+2*%9#%+*#+0%5$%9#$0#*%
(*/1/*'?$0#*% 5*--'% 29-(9/'% *% 5*-% 1'(/$&0#$0% 23*% 01*/'% 23*%7%1'/($20-'/&*#(*%#*2*++'/$0%5$%K9*+($%(*&1$.%'#23*%
+*20#50%-'%-0"$2'%+*"9*#(*P%$#,*2*%5$%5*+2/$,*/*%+*&4 '-%-$,*--0%*9/01*0<%^9((0%2$_%2$%+'/B%5$%'$9(0%#*"-$%'##$%
1-$2*&*#(*%20+67.%$-%#0+(/0%+2010%7%5$%&*((*/*%$#%1/'(4 1/*2*5*#($%'-%hOij.%$#%&050%('-*%5'%10(*/%/*'-$??'/*%-'%
$2'% $-% #0+(/0% 20#2*((0% 5$% >'(/$&0#$0% N<O.% 9#% 106% 20&*% J8J%20-%20#(/$C9(0%5$%(9(($<%V'%#0+(/'%$5*'%5$%>'(/$&04
&*((*/*%$#%+2*#'%9#0%+1*(('20-0%(*'(/'-*%0%*+*"9$/*%9#'% #$0%N<O%7%K9$#5$%$#+*/$('%$#%9#'%#'//'?$0#*%+(/*(('&*#(*%
20&10+$?$0#*% &9+$2'-*<% \% 20+g% 23*% 20&$#2*/B% '% ;9#4 20##*++'%'--'%+$&C0-0"$'%5*--'%2$((B<%)$'&0%20#+'1*,0-$%
?$0#'/*%20#2/*('&*#(*.%20&*%'11/022$0%'-%1'(/$&0#$0% 5$% 10(*/% /'""$9#"*/*% $% #0+(/$% 0C$*(($,$% +0-0% +*% -',0/$'4
29-(9/'-*%C'+'(0%+9--6$5*'%23*%23$%;/9$+2*%5*-%1'(/$&0#$0% &0%5',,*/0%$#+$*&*%20#%"/'#5*%1'++$0#*.%-'%+(*++'%23*%
7%$#%/*'-(B%20-9$%23*%-0%/$1/0592*.%5'#50"-$%,$('%*%20#4 &*(($'&0%#*--'%1/*1'/'?$0#*%5*$%('#($%*,*#($%20--*(($,$%
IHUHQGRJOLXQVLJQL¿FDWRQXRYRLQTXHOFRQWHVWR4XHV4 5*--'%#0+(/'%2$((B%*%5*--'%/*"$0#*<%V6$##0,'?$0#*%+02$'-*%
(0%'((*""$'&*#(0%5'%1/0+9&*/%#0#%+$%/$+0-,*%+0-'&*#(*% $#$?$'%20#%-6$#(*/'?$0#*%*%-0%+2'&C$0<%8220%1*/23E%-6$5*'%
#*-%&'#(*#*/*%,$,0%$-%#0+(/0%1'(/$&0#$0%*+$+(*#(*.%&'% 5$% >'(/$&0#$0% N<O% ;9#?$0#'% C*#*% 1*/% $% #0+(/$% +201$P% +$%
+$%1/010#*%'#23*%20&*%&05*--0%29-(9/'-*%1*/%$-%;9(9/0P% C'+'%+9%('-$%20#2*(($%*%$&1-$2'%9#%'11/022$0%5$#'&$20%
ODGLVWLQ]LRQHWUDSURGXUUHHIUXLUHGLYHQWDVIRFDWDLO¿4 '-%1'(/$&0#$0%*%'--'%29-(9/'<%)$%20--*"'%*+1-$2$('&*#(*%'-%
#'#?$'&*#(0%*%-'%5$+(/$C9?$0#*%'++9&0#0%;0/&*%20--*(4 1'++'(0%5$%)$*#'%&'.%'--0%+(*++0%(*&10.%20&*%$#5$2'(0%
($,*.%*%$-%"*#$0%5$%9#%+$#"0-0%'9(0/*%7%+0+($(9$(0%5'--6$#4 5'--6*+(*#+$0#*% N<O.% 7% 0/$*#('('% '-% ;9(9/0<% X*#5*% 10+4
(*--$"*#?'% 5*--'% 20&9#$(B<% >*/2$_.% $-% #0+(/0% 20#2*((0% +$C$-*%9#'%/*'-*%$##0,'?$0#*%20--*"'#50%$-%1/02*++0%5$%
!"&
9
/$##0,'&*#(0%'--6$5*#($(B%'((9'-*%5*--'%2$((B<
I632*03)'.0(0'."'E'/"#'+6++*
-'% 1/0&0?$0#*% 5*--'% 20*+$0#*% +*#?'% +0;;02'/*% $-%
FRQÀLWWR H XQD PLULDGH GL DOWUH FRVH$ 6LHQD WXWWH
K9*+(*% (*#+$0#$% +0#0% +('(*% &*+20-'(*% *% '/&0#$??'(*%
SHU VHFROL QHO FRQÀLWWR VLPXODWR GHO 3DOLR 6LHQD
,90-*%'#20/'%20+(/9$/*%1'/(*#50%5'%K9*--6*#*/"$'.%&'%
3'% C$+0"#0% '--0% +(*++0% (*&10% 5$% $#2'#'-'/-'% 5*#(/0%
9#%1$M%,'+(0%/'""$0%5$%10++$C$-$(B<%)$%(/'(('%5$%29-(9/'%
20#(*&10/'#*'.%+1*/$&*#('?$0#*.%&9-($29-(9/'-$+&0.%
$#% 20+('#(*% 5$'-0"0% 20#% '-(/*% 20&9#$(B% *% (*//$(0/$%
*9/01*$<
D*--'%+9'%-9#"'%+(0/$'.%)$*#'%7%+1*++0%+('('%9#'%2$((B%
"-0C'-*.% 20##*++'% 20#% $% 1/$#2$1'-$% 2*#(/$% *9/01*$.%
*% K9*+(0% 7% $-% &0&*#(0% 1*/% (0/#'/*% '5% 9#'% ,$+$0#*%
'/5$('% *% 1/0,'/2$% +9-% +*/$0<% !"#$% #90,0% *,*#(0%
20--*(($,0.% 0"#$% 1'++0% 20&1$9(0% #*--0% +,$-9110% 5*$%
1/0"*(($%5*-%1/0"/'&&'%5$%)$*#'hOij%20#(/$C9$+2*%'%
/*#5*/*% -'% 20&9#$(B% +*#*+*% 9#% 106% 1$M% G!D6.% *% 9#%
106% 1$M% *9/01*'<% V'% +*#+'?$0#*% "'-,'#$??'#(*% 23*% $%
,$+$('(0/$%1*/2*1$+20#0%K9'#50%'//$,'#0%'%)$*#'.%*%+$%
'//*#50#0%'--69#$2$(B%5*--'%+9'%,$('%20--*(($,'.%23*%3'%
-90"0%$#%9#0%+1'?$0%19CC-$20%23*%7%20&*%9#%"/'#5*%
$#,0-92/0%+02$'-*.%19_%*%5*,*%2/*+2*/*%&'#%&'#0%23*%
-'%20&9#$(B%1/*#5*%20+2$*#?'%5*--*%+9*%10++$C$-$(B%*%
(0/#'% '% +1*/'/*.% &*#(/*% (0/#'% '5% '1/$/+$% '"-$% +2'&C$%
*%'--*%$5**<
Y010% (/*% '##$% 5$% $#(*#+'% 1'/(*2$1'?$0#*% 5*--'%
20&9#$(B% *% 5$% +,$-9110% 1/0"*((9'-*% #*-% 1*/$050% 1$M%
GLI¿FLOH GHOOD VXD VWRULD UHFHQWH 6LHQD q SURQWD SHU
FRJOLHUHODV¿GDHFRLQYROJHUHO¶(XURSDSHUVFRSULUH
FRVDVLJQL¿FDHVVHUHG!D6<
:-%"$0/#0%560""$.%20#%-'%5$;;9+$0#*%5*--*%(*2#$23*%5$"$('-$%
*% -'% 2/*+2$('% *+1-0+$,'% 5*$% +02$'-% &*5$'% +1*2$'-$??'($.%
-'% #*(('% 5$+($#?$0#*% (/'% 1/059((0/$% *% 20#+9&'(0/$% 5$%
20#(*#9($%2/*'($,$%7%'#5'('%1/0"/*++$,'&*#(*%+;9&'#50<%
!"#9#0%3'%-'%10++$C$-$(B%5$%20#(/$C9$/*%'--'%20+(/9?$0#*%
5*-% 1'(/$&0#$0% 20#(*&10/'#*0<% >*/% ;'/*% 9#% *+*&1$0.%
ORVWRFNGLWXWWHOHIRWRJUD¿HVFDWWDWHVHPEUDFUHVFHUH
+*20#50% $-% ('++0% +C'-0/5$($,0% 5*-% iOn% +9% C'+*% '##9'<%
V6*/*5$(B% 5$% )$*#'hOij% /$"9'/5*/B% -'% (/'+;0/&'?$0#*%
5*--'% #0?$0#*% 20//*#(*% 5$% 1'(/$&0#$0% r% /*#5*#50-0%
*20#0&$2'&*#(*% *% 10-$($2'&*#(*% /$-*,'#(*.% ,$+$C$-*.%
LQWHUDWWLYR LQFOXVLYR H DOWUHWWDQWR VLJQL¿FDWLYR SHU
9#6$&1/*+'%2/*'($,'%K9'#(0%1*/%9#'%2$((B%5$%1'(/$&0#$0%
GDOODJUDQGHWUDGL]LRQHFRPH6LHQD/DVSHFL¿FLWjGHO
#0+(/0%'11/022$0%'-%>'(/$&0#$0%N<O%7%23*%#0#%/$"9'/5'%
('#(0%$-%1'(/$&0#$0%0%-'%29-(9/'%$#%+E.%&'%$-%#0+(/0%/'110/(0%
20#%*++'P%$-%&050%$#%29$%-'%1/0592$'&0%*%20#+9&$'&0.%
20&*% -'% 5$+(/$C9$'&0.% 20&*% 2$% 20##*(($'&0% *% 20&*%
',,$'&0% 1*/20/+$% 5$% '11/*#5$&*#(0<% >*/% *+*&1$0.%
J9-(9/'-% 8&*/"*#2d% X00&% 7% 5*5$2'(0% '--69+0% 5*--'%
29-(9/'% 1*/% "9'/$/*% (/'9&$% 1+$20+02$'-$c% J01db/0#"%
/$"9'/5'% -'% -$C*/'% 2$/20-'?$0#*% 5$% $5**% *% 1/050(($%
29-(9/'-$c% @$;(% 0;% V$;*% ';;/0#('% -*% #'//'?$0#$% 5$% 9#%
-90"0.%20&*%-*%9+$'&0%*%#*%'C9+$'&0.%20&*%10++$'&0%
/$*-'C0/'/-*% 0% 20--*"'/-*% '--*% +(0/$*% +$&$-$% 5$% '-(/$%
-90"3$c% b*% :/*% V*0#'/50% $#(*#5*% &'#(*#*/*% ,$,0% $-%
1'(/$&0#$0%5$%V*0#'/50%Y'%S$#2$.%$-%+90%+1$/$(0.%$-%+90%
DWWHJJLDPHQWRVFLHQWL¿FRODVXDFXULRVLWjHFUHDWLYLWj
96)('E'*('+"##*+0#*0'$%"'()'$*++,'*3+"3-"'$0*3;0(:"#"'
-'%+9'%&0($,'?$0#*%,*/+0%-6'11/*#5$&*#(0c%^9+2'#d%$#% !"(
3"(()' 1)3*C".+)2*03"' 4)/*+)("' 56#0/")' -"(()'
e09/% H'(3/00&% /$"9'/5'% $-% /'110/(0% 23*% 'CC$'&0% 20#%
46(+6#)7'J)#"'63)'./*":)2*03"'/"#'K6".+)'.$"(+)A
"-$%+(*/*0($1$%29-(9/'-$.%20&*%-$%5*20+(/9$'&0%*%20&*%-$%
/*&$m$'&0<
F-% #0+(/0% 1/0"/'&&'% J8J% +$% 1/010#*% K9$#5$% 20&*%
-'C0/'(0/$0% 5$% +1*/$&*#('?$0#*% 1*/% -689/01'.% 1*/%
20&1/*#5*/*% $#% 23*% &050% $-% 20#2*((0% 5$% >'(/$&0#$0%
N<O% 10++'% /'11/*+*#('/*% 9#'% /$+0/+'% *% 9#% ,'#('""$0%
20&1*($($,0% #*--'% 1'/($('% 5*--'% 2/*'($,$(B% *%
5*--6$##0,'?$0#*% $#% 29$% -689/01'% 5$% 0""$% 7% $&1*"#'('%
20#%(9((*%-*%+9*%;0/?*<
6LHQD XQD JHRJUD¿D H XQD VWRULD FRQQHVVH DOO¶(X*
?9@5
D*-% 20/+0% 5*--'% +9'% +(0/$'.% )$*#'% 7% +('('% 20##*++'%
'--689/01'% 5'--'% S$'% Q/'#2$"*#'.% -'% +(/'5'% 5*$% 1*-4
-*"/$#$%23*%20--*"'%J'#(*/C9/d%'%X0&'<%V'%&*&0/$'%
'%-9#"0%(*/&$#*%5$%K9*+('%20##*++$0#*%7%$&1/*++'%$#%
1/0;0#5$(B%#*--'%1+$20-0"$'%*%#*--'%&*&0/$'%';;*(($,'%
5*$%+*#*+$.%*%5$%20#+*"9*#?'%K9*+(0%-*"'&*%20#%-6894
!"' F('!#0:"++0'/#0/0.+0'/0+#"88"'#*)..61"#.*'*3'
URSDQRQqVRORSDUWHGLXQDPDSSD¿VLFDPDDQFKH
630'.(0:)37
5$% 9#'% &'11'% *&0?$0#'-*<% D*--'% &*#(*% *% #*$% 290/$%
5$% &0-($% +*#*+$.% $-% ($(0-0% J8J% 10(/*CC*% *++*/*% ,$+(0%
'9(8<9:54(8E3<B9(;5(12345(@3?(<5(A583(;2(83<3F2943(J(K&,=C( 20&*%-'%2/*'?$0#*%&*(';0/$2'%5$%9#'%G#90,'%Q/'#2$4
)($'&0% 1'/-'#50% 5$% *#*/"$'% *% 1'++$0#*% 20#5$,$+'.% *% "*#'6.%9#60110/(9#$(B%1*/%/$+201/$/*%*%/*$#,*#('/*%-'%
+0-0%$%10+($%*%-*%1*/+0#*%23*%+0#0%L!DL%10++0#0%',*/*% 20##*++$0#*%*9/01*'%20&*%;0#(*%1/$#2$1'-*%5$%,$('%*%
+,$-9110%5*-%(*//$(0/$0<
9#'%23'#2*%5$%*++*/*%$##0,'($,*%'%-$,*--0%+02$'-*<
&RVD VLJQL¿FD SHU XQD FRPXQLWj HVVHUH µ21¶" Ê /¶DUHD JHRJUD¿FD GHOOD FDQGLGDWXUD VHJXH TXHVWD
9#'% K9*+($0#*% 5$% 1'/(*2$1'?$0#*% 2$,$-*% *% 5$% *#*/"$'% -0"$2'.%*5%7%'/($20-'('%$#%(/*%?0#*%23*%'CC/'22$'#0%,'/$%
2/*'($,'.% *% #0#% 7% 9#% 20&1$(0% +*&1-$2*<% G:22*#5*/*% -$,*--$%5*--'%/*-'?$0#*%+1'?$'-*%(/'%)$*#'%*%-689/01'P%-'%
6XQD FRPXQLWj ULFKLHGH FUHD]LRQH GL ¿GXFLD XQ 2$((B%5$%)$*#'%*%-'%+9'%1/0,$#2$'.%-'%/*"$0#*%^0+2'#'.%*%
*K9$-$C/$0% (/'% $-% 1*#+$*/0% 5$% "/9110% *% -60/$"$#'-$(B.% -*%2$((B%5$%1'(/$&0#$0%*9/01**<
10
V'% 2$((B% 5$% )$*#'% 7% 20&10+('% 5'-% 2*#(/0% +(0/$20.%
'--6$#(*/#0% 5*--*% &9/'% &*5$*,'-$.% *% 5'$% 1$M% &05*/#$%
K9'/($*/$% ;90/$% -*% &9/'.% 1*/% 9#'% 1010-'?$0#*%
FRPSOHVVLYDGLDELWDQWLDFXLYDQQRDJJLXQWL
is<OOO% +(95*#($<% A#'% 1$220-'% 2$((B% 1*/% "-$% +('#5'/5%
*9/01*$.% &'% 20#% 9#6'-('% $#2$5*#?'% 5$% "$0,'#$% 20#% 9#%
*-*,'(0% -$,*--0% 5$% $+(/9?$0#*% *% R% &$-$0#$% 5$% ,$+$('(0/$%
DOO¶DQQR/DSURYLQFLDLQFOXGHVLWL81(6&2LFHQWUL
+(0/$2$% 5$% )$*#'% *% )'#% @$&$"#'#0.% >$*#?'% *% -'% S'-%
56!/2$'<%^9(($%$%Ns%20&9#$%5*--'%1/0,$#2$'.%1*/%9#%(0('-*%
5$% 2$/2'% htO<OOO% 'C$('#($.% 3'##0% '5*/$(0% ;0/&'-&*#(*%
DOODFDQGLGDWXUDFRQXQDGHFLVLRQHXI¿FLDOHGHLULVSHWWLYL
J0#+$"-$<% :#23*% $-% J0&9#*% 5$% S$#2$.% 2$((B% #'('-*% 5$%
V*0#'/50.%#*--'%1/0,$#2$'%5$%Q$/*#?*.%3'%;0/&'-&*#(*%
'5*/$(0% '--'% 2'#5$5'(9/'% 20#% -'% +(*++'% 1/02*59/'<% V'%
1/0,$#2$'%5$%)$*#'%7%;0/(*&*#(*%$#(*"/'('%5'-%19#(0%5$%
,$+('%29-(9/'-*.%+02$'-*%*5%*20#0&$20.%1*/%29$%-'%#0&$#'%
J8J% ',/*CC*% 9#% $&1'((0% 5$/*((0% *% ,$+$C$-*% +9% (9((0% $-%
(*//$(0/$0<%V'%1/0,$#2$'%#*--'%+9'%$#(*/*??'%/$2*,*/*CC*%
"/'?$*%'-%($(0-0%9#%$&19-+0%2/92$'-*%1*/%(/'+;0/&'/+$%$#%
9#%2-9+(*/%5$%+1*2$'-$??'?$0#*%$#(*--$"*#(*.%20&C$#'#50%
-*% /$+0/+*% $#59+(/$'-$% 5*--'% S'-% 568-+'% 20#% K9*--*%
#'(9/'-$%*%1'*+'""$+($23*%5*--'%S'-%56!/2$'.%5*-%J3$'#($%
H GHOOH &UHWH 6HQHVL SHU SUR¿ODUVL FRPH FHQWUR GL
$#59+(/$'%2/*'($,'.%*%5$%"/**#%*%C-9*%*20#0&d.%5$%-$,*--0%
$#(*/#'?$0#'-*<
:% -$,*--0% /*"$0#'-*.% -'% 2'#5$5'(9/'% 5$% )$*#'% +('% 20$#4
YROJHQGRDWWLYDPHQWH)LUHQ]HVLDQHLSURJHWWLÀDJVKLS
20&* b*%:/*%V*0#'/50.%23*%$#%(*/&$#$%5$%1'/(*#'/$'($%
20#%-'%+2*#'%2$(('5$#'%5*--*%+('/(491%29-(9/'-$.%2/*'($,*%*%
(*2#0-0"$23*<%)0#0%$#%20/+0%$#%K9*+(0%&0&*#(0%20#('(($%
$+($(9?$0#'-$%1*/%K9*-%23*%/$"9'/5'%9#6'5*+$0#*%;0/&'-*%
GL)LUHQ]HDOODFDQGLGDWXUDHVLSUHYHGHVLDQR¿QDOL]4
]DWL XQD YROWD SUHVD OD GHFLVLRQH ¿QDOH LQ PHULWR DOOD
20&1*($?$0#* J8J%hOij<%)$&$-$%20#('(($%+0#0%$#%20/+0%
20#%'-(/*%2$((B%(0+2'#*%20&*%V922'%`-6'-(/0%10-0%/*"$0#4
'-*%-9#"0%-'%S$'%Q/'#2$"*#'a.%@/0++*(0%`-'%29$%1/0,$#2$'%
7%+(/*(('&*#(*%-*"'('.%+$'%+(0/$2'&*#(*%23*%*20#0&$2'4
&*#(*.%20#%$-%(*//$(0/$0%+*#*+*a.%*%>/'(0%`$-%29$%J*#(/0%
V9$"$%>*22$%7%$-%10-0%56'/(*%20#(*&10/'#*'%/*"$0#'-*%*%
1'/(#*/%23$',*%5*--'%2'#5$5'(9/'%5$%)$*#'a<
^/'% -*% 2$((B% 5$% 1'(/$&0#$0% *9/01**.% )$*#'% 3'% '220/5$%
5$% "*&*--'""$0% 20#% :,$"#0#*.% b*$&'/% *% b*(?-'/.%
23*% +0#0% +('($% 9-(*/$0/&*#(*% +,$-911'($% $#% 1'/(*#'/$'($%
23$',*% #*-% 20#(*+(0% 5*-% 1/0"/'&&'% '/($+($20% 5$%
)$*#'hOij<% A-(*/$0/$%1'/(*#'/$'($%+0#0%+('($%+,$-911'($.%
#*-%20#(*+(0%5*--'%2'#5$5'(9/'.%20#%2$((B%5$%1'(/$&0#$0%
`0%-0/0%$+($(9?$0#$a%20&*%^'/(9.%85$&C9/"0.%H'/2*--0#'.%
:&+(*/5'&.%@'#5.%D'#(*+.%V'%S'--*(('.%F+('#C9-.%J-9]4
D'102'%*%!+$]*k<%)0#0%+('(*%20+g%2/*'(*%-*%20#5$?$0#$%
$5*'-$%1*/%"'/'#($/*%23*%-*%C90#*%1/'($23*%*%-*%+$#*/"$*%
5$% /*(*.% 23*% ,*//'##0% +,$-911'(*% 5'-% 1/02*++0% J8J% +*%
)$*#'%,$#2*++*%$-%($(0-0.%+$%/$,*/C*/$#0%#*--*%'-(/*%2$((B%5$%
1'(/$&0#$0%*9/01**.%+($&0-'#50%9#'%20&9#$(B%5$%1/'($2'%
1*/%-6'11/*#5$&*#(0%*%-'%1/0"*(('?$0#*%5$%10-$($23*%5$%
+,$-9110%'%C'+*%29-(9/'-*<
!") B*'-*$%*)#*'."'.*'/0..*"-"'*('.0.+":30'-"(("')6+0#*+,'
/0(*+*$%"'(0$)(*'"L0'#":*03)(*A
'L24B3?9(B3??2B9?29(J(E924G9<B9H(5(B>BB2(2(<23<<2(5DD2*
428B?5B2G2C
V'% 2'#5$5'(9/'% 5$% )$*#'hOij% 7% +0+(*#9('% 5'--*% '94
WRULWj ORFDOL H UHJLRQDOL FKH FRQGLYLGRQR OH ¿QDOLWj
5*-%1/0"*((0%*%3'##0%"$B%5$&0+(/'(0%$-%-0/0%+9110/(0%
$#%,'/$*%022'+$0#$<%F-%J0&9#*%5$%)$*#'%$#,*+($/B%#*-%
1/0"*((0%J8J%s<OOO<OOO%5$%*9/0.%23*%,*//'##0%'++*4
"#'($%#*-%2'+0%$#%29$%)$*#'%,$#2*++*%$-%($(0-0<%I9*+('%
5*2$+$0#*% +'/B% ',,'-0/'('% 5'% 9#'% -*((*/'% 5*-% )$#5'4
FRFKHVDUj¿UPDWDHQWURLOVHWWHPEUHGDWD
*#(/0% -'% K9'-*% '#23*% $-% J0#+$"-$0% +$% *+1/$&*/B% '% /$4
JXDUGR /D 5HJLRQH DVVHJQHUj GL HXUR
9#%$&1*"#0%20#;*/&'(0%$#%9#'%-*((*/'%5*-%>/*+$5*#(*%
GHOOD 5HJLRQH GHO QRYHPEUH /D 5HJLRQH VL
SURQXQFHUjLQPHULWRHQWURLO6HWWHPEUHSHU
PH]]R GL XQR VSHFL¿FR$FFRUGR GL 3URJUDPPD /D
X*"$0#*%3'%$#0-(/*%20#;*/$(0%ROO<OOO%*9/0%'-%1/0"*(4
WRQHOO¶DQQRSHULOSHUFRUVRGLFDQGLGDWXUDXQD
5*2$+$0#*%1/*+'%5'--'%@$9#('%X*"$0#'-*%$-%hs%&'""$0%
,O0DJJLRXQDGLFKLDUD]LRQHGHO6LQ4
5'20%5$%)$*#'%#*-%J0#+$"-$0%J0&9#'-*%3'%20#;*/&'4
WR JOL LPSHJQL ¿QDQ]LDUL GHO &RPXQH QHL FRQIURQWL
5*-% 1/0"*((0% J8J% 1*/% "-$% '##$% hOi[4hOis<% 8#(/0% -'%
¿QHGLVHWWHPEUHFRQLOULHTXLOLEULRGHOELODQ4
2$0% 20&9#'-*.% iRO<OOO% *9/0% +'/'##0% *+1-$2$('&*#(*%
+('#?$'($% 1*/% 2$'+29#0% 5*$% 59*% '##$.% $#% '220/50% 20#%
K9'#(0% $#5$2'(0% #*-% 50++$*/% 5$% 2'#5$5'(9/'<%:#23*% $%
20&9#$% 5*--'% 1/0,$#2$'% 3'##0% "'/'#($(0% $-% -0/0% $&4
1*"#0%20#2/*(0%'%;',0/*%5*--'%2'#5$5'(9/'%5$%)$*#'%'%
&(&DOODGDWDGHOPDU]RULVXOWDFKH
(9(($%$%N[%20&9#$%3'##0%$#;'(($%'11/0,'(0.%#*$%/$+1*(4
($,$% 20#+$"-$.% 9#'% 5*-$C*/'% 5$% +9110/(0% '-% 1/0"*((0.%
DGHUHQGRDO
FRRUGLQDPHQWRGHL&RPXQL>«@DO¿QH
5$%1'/(*2$1'/*%'--'%;'+*%$#%'((0L<D*-%20#(*+(0%5*--6:24
20/50%5$%>/0"/'&&'.%-'%X*"$0#*%^0+2'#'%*%$-%J0&94
#*%5$%)$*#'%5*2$5*/'##0%$#0-(/*%-'%20+($(9?$0#*%5*--'%
Q0#5'?$0#*%)$*#'hOij<V'%2'#5$5'(9/'%5$%)$*#'hOij%
5*/$,'%0/$"$#'/$'&*#(*%5'%9#%'220/50%(/'%$-%J0&9#*%
5$%)$*#'.%-'%>/0,$#2$'%5$%)$*#'%*%-'%X*"$0#*%^0+2'#'.%
-*%K9'-$%3'##0%20+($(9$(0.%$-%is%!((0C/*%hOOj.%$-%J04
&$('(0%5*$%)0+(*#$(0/$%1*/%)$*#'hOij<%I9*+(0%J0&$4
('(0%$#2-95*%-*%+*"9*#($%$+($(9?$0#$P%J0&9#*%5$%)$*#'.%
>/0,$#2$'%5$%)$*#'.%X*"$0#*%^0+2'#'.%)01/$#(*#5*#4
?'%1*/%$%H*#$%)(0/$2$.%:/($+($2$%*5%8(#0'#(/010-0"$2$%
1*/%-*%1/0,$#2*%5$%)$*#'%*%@/0++*(0.%)01/$#(*#5*#?'%
1*/% $% H*#$%:/23$(*((0#$2$% *% >'*+'""$+($2$% 5$% )$*#'% *%
@/0++*(0.% )01/$#(*#5*#?'% 1*/% $% H*#$% :/23*0-0"$2$%
5*--'% ^0+2'#'.% J'&*/'% 5$% J0&&*/2$0.% F#59+(/$'% *%
:"/$20-(9/'%5$%)$*#'.%='"$+(/'(0%5*--*%J0#(/'5*.%:/4
2$5$02*+$%5$%)$*#'.%J0--*%5$%S'-%568-+'%*%=0#('-2$#0.%
Q0#5'?$0#*%=0#(*%5*$%>'+23$%5$%)$*#'.%H'#2'%=0#(*%
5*$%>'+23$%5$%)$*#'.%A#$,*/+$(B%5$%)$*#'.%A#$,*/+$(B%
11
1*/%)(/'#$*/$%5$%)$*#'.%:/23$,$0%5$%)('(0%5$%)$*#'.%Y$4
/*?$0#*%X*"$0#'-*%H*#$%J9-(9/'-$%*%>'*+'""$+($2$%5*-4
-'%^0+2'#'<%V0%+2010%5*-%J0&$('(0%7%5$%L'(($,'/*%(9((*%
-*% +$#*/"$*% 5*--'% 2$((B% *% 5*-% (*//$(0/$0.% 1/0&90,*#50%
0"#$%($10%5$%$#(*/'?$0#*%+02$'-*%20#%-*%$+($(9?$0#$%-04
2'-$%*%-*%'++02$'?$0#$.%$#%&050%5'%'++$29/'/*%9#%1/04
JHWWRGLFDQGLGDWXUDSDUWHFLSDWLYRXWLOHHGHI¿FDFH
1*/%+0+(*#*/*%-'%2'#5$5'(9/'%5$%)$*#'%*%5*-%+90%(*//$4
(0/$0%'%J'1$('-*%89/01*'%5*--'%J9-(9/'%hOij.%+*20#50%
-'%Y*2$+$0#*%ishhuhOOsuJ8L<
F-%J0&9#*%5$%)$*#'%3'%+0+(*#9(0%1$*#'&*#(*%-'%2'#4
GLGDWXUDLQWHUPLQLGLULVRUVH¿QDQ]LDULHULVRUVHXPD4
#*%*%+(/9((9/*<%V'%X*"$0#*%^0+2'#'%3'%20+('#(*&*#(*%
20#(/$C9$(0% '--'% 1/*1'/'?$0#*% 5*--'% 2'#5$5'(9/'.% '(4
WUDYHUVRO¶DSSRUWRGLSHUVRQDOHTXDOL¿FDWRD]LRQLGL
QHWZRUNLQJ H VXSSRUWR ¿QDQ]LDULR /D 3URYLQFLD GL
)$*#'%7%+('('%20$#,0-('%'(($,'&*#(*%#*-%200/5$#'&*#4
(0% 5*--'% 1'/(*2$1'?$0#*% 5$% (9((*% -*% '&&$#$+(/'?$0#$%
5*$% 20&9#$% 1/0,$#2$'-$% '--*% '(($,$(B% 5$% 2'#5$5'(9/'.%
0/"'#$??'#50%$#20#(/$%*%f0/k+301<%F-%J0&9#*%5$%Q$4
/*#?*%3'%0+1$('(0%,'/$*%1/*+*#('?$0#$%19CC-$23*%5*--'%
2'#5$5'(9/'%#*--6'&C$(0%5$%*,*#($%29-(9/'-$%5$%/$-$*,0%
20&*%Q-0/*#+%hOih<%F-%J0&9#*%5$%S$#2$%7%9#%9-(*/$04
/*% +0+(*#$(0/*% 5*-% 1/0"*((0.% "/'?$*% '5% 9#'% 5*2$+$0#*%
SUHVDGDO&RQVLJOLR&RPXQDOHLO/XJOLR,Q4
¿QHLO3UHVLGHQWHGHOOD5HJLRQHLO6LQGDFRGL6LHQD
*% $-% >/*+$5*#(*% 5*--'% >/0,$#2$'% 3'##0% 5$23$'/'(0.% $#%
9#%*,*#(0%19CC-$20%(*#9(0+$%'%Q$/*#?*%$-%NO%)*((*&4
C/*%hOiN.%23*%-'%2'#5$5'(9/'%5$%)$*#'%'%J8J%hOij%7%
9#6$#$?$'($,'%5$%1/$&'/$'%*%+(/'(*"$2'%$&10/('#?'%1*/%
-'%X*"$0#*%^0+2'#'%*%$-%(*//$(0/$0%+*#*+*.%*%,'%10/('('%
','#($%$#%K9'#(0%1/$0/$(B%23$',*<
H3')//#0$$*0'/#0:"++6)("'$0"#"3+"')'(*;"((0'#":*03)("'
"'$0163)("
V'% 29-(9/'% 7% 9#0% 5*$% K9'((/0% 1$-'+(/$% 5*--'% +(/'(*"$'%
5$% +,$-9110% 5$% )$*#'% 5'-% hOii% '-% hOis.% $#+$*&*% '--*%
+2$*#?*% 5*--'% ,$('.% -'% "/**#% *20#0&d% *% -6$#"*"#*/$'%
&0#*('/$'.%20&*%*&*/"*%5'-%G>'((0%1*/%-602291'?$04
#*% *% -0% +,$-9110% *20#0&$20% 5*-% J0&9#*% 5$% )$*#'6.%
+0((0+2/$((0%(/'%"-$%'-(/$%5'-%J0&9#*.%-'%>/0,$#2$'.%-*%
59*% A#$,*/+$(B.% -'% Q0#5'?$0#*% =0#(*% 5*$% >'+23$% 5$%
)$*#'% *% -'% J'&*/'% 5$% J0&&*/2$0% 5$% )$*#'<% F-% 1'((0%
1/*+*#('%-'%2'#5$5'(9/'%J8J%20&*%-'%1/$#2$1'-*%$#$4
]LDWLYDGHO&RPXQHDO¿QHGLSHUVHJXLUHLVXRLRELHW4
($,$% $#% 2'&10% 29-(9/'-*<% F-% >/*+$5*#(*% 5*--'% X*"$0#*%
KD FRQIHUPDWR XI¿FLDOPHQWH LO SLHQR VXSSRUWR GHOOD
^0+2'#'% '--'% 2'#5$5'(9/'% 5$% )$*#'hOij% 20#% 9#'% -*(4
WHUD XI¿FLDOH GL VRVWHJQR ¿QDQ]LDULR XOWHULRUPHQWH
+9110/('('% 5'% 9#%:220/50% 5$% >/0"/'&&'% (/'% -'% X*4
"$0#*%*%$-%J0&9#*.%23*%,*//B%'((9'(0%+*%)$*#'%5$,*#4
(*/B%9#'%5*--*%59*%J'1$('-$%89/01**%5*--'%J9-(9/'%#*-%
hOij<
:% -$,*--0% /*"$0#'-*.% $% 59*% 1/$#2$1'-$% 5029&*#($% 5$%
1/0"/'&&'?$0#*% +0#0% '((9'-&*#(*% $-% >$'#0% X*"$04
#'-*% 5*--'% J9-(9/'% hOih4hOi[% *% -'% Y*2$+$0#*% #<% t%
5*-% iR% ='/?0% hOiN% 5*--'% @$9#('% X*"$0#'-*% /*-'($,'%
'"-$%0C$*(($,$%(*&'($2$%5*--'%+(/'(*"$'%+9$%;0#5$%Q8)X%
3HUODFDQGLGDWXUDGL6LHQDLOSLD4
#0%/*"$0#'-*%/'11/*+*#('%9#'%20/#$2*%+(/'(*"$2'%#*-4
-'%1/0+1*(($,'%5$%&*5$0%(*/&$#*.%&*#(/*%"-$%0C$*(($,$%
WHPDWLFL)(65¿VVDQRLOFRQWHVWRLQTXHOODGLOXQJR
(*/&$#*<%F-%1/0"/'&&'%'/($+($20%5$%)$*#'hOij%7%1$*4
#'&*#(*%20*/*#(*%20#%"-$%0C$*(($,$%5*-%>$'#0%/*"$0#'4
-*.%*%'--0%+(*++0%(*&10%*+1-0/'%#90,*%10++$C$-$(B%*%+$%
1/010#*%20&*%-'C0/'(0/$0%+1*/$&*#('-*%1*/%-6'11/024
2$0%+(/'(*"$20%5*-%#90,0%2$2-0%5$%1/0"/'&&'?$0#*%'%
!"* 401"'.<*3."#*.$"'()'1)3*C".+)2*03"'3"((0'.;*(6//0' -$,*--0%/*"$0#'-*.%*%1*/%$%1/0"*(($%1$-0('%5'%1/*+*#('/*%
$6(+6#)("' -*' (63:0' +"#1*3"' -"(()' $*++,' "M' ."' -"(' SHUJOLDWWXDOLSURJUDPPL8(8QD&(&
$).0M'-"(()'#":*03"7
'%)$*#'.%5$%20#+*"9*#?'.%',/*CC*%9#%*;;*((0%#0(*,04
OHVXWXWWRLOVLVWHPDGL¿QDQ]LDPHQWLHLQYHVWLPHQWL
FXOWXUDOLOHJDWLDOO¶8(LQ7RVFDQDQHOSHULRGR
M4(<579?5B9?29(?3:2945<3(;2(@5?B3E2@5F2943(E><B>?5<3( hOhO<
5BB2G5(3(;2(2D@?34;2B9?25<2BN(E?35B2G5
F' /#0:"++*' 3"(' /#0:#)11)' )#+*.+*$0' .*' $0((":)30' $03'
08*"++*;*'$03$#"+*'-"*'C03-*'H5
V0%+,$-9110%'%C'+*%29-(9/'-*%7%9#%1/02*++0%20&1-*++0%
*%+;'22*(('(0.%*%267%&0-(0%5'%5$/*%+9%20&*%$-%1/0"*((0% ,O 3LDQR UHJLRQDOH VL ULIj D XQD ¿ORVR¿D GL
5$% )$*#'hOij% 10++'% ',*/*% $&1'((0% +9--*% 5$&*#+$0#$% 1/0"/'&&'?$0#*% 29-(9/'-*% (/'5$?$0#'-*.% ;0#5'('% +9%
+02$'-$% *% $+($(9?$0#'-$.% 0% +9$% /'110/($% 20#% -6$#59+(/$'% 9#'% 23$'/'% 5$,$+$0#*% (/'% 1/059((0/$% 29-(9/'-$% *% 19C4
5*-%(9/$+&0.%20#%-'%"/**#%*20#0&d%*%20#%-'%+0+(*#$C$4 C-$20.% *% /'"$0#'% 1$M% $#% (*/&$#$% 5$% G'95$*#2*% 5*,*4
-$(B%'&C$*#('-*.%*%20+g%,$'<%='%'CC$'&0%5*2$+0%5$%*+4 -01&*#(6% 23*% 5$% 1'/(*2$1'?$0#*% 29-(9/'-*% '(($,'<% F-%
+*/*%&0-(0%1/'($2$.%*%5$%20#2*#(/'/2$%+9--*%20#5$?$0#$% 1/0"/'&&'% 5$% )$*#'hOij% $#% 1'/(*% '5*/$+2*% '% K9*+('%
2/92$'-$%$#%"$020.%$#%1'/($20-'/*%K9*--*%-*"'(*%'--'%;'(4 20/#$2*.% &'% '--0% +(*++0% (*&10% +9""*/$+2*% 20&*% +94
WLELOLWj¿QDQ]LDULDHDOODSLDQL¿FD]LRQHUHJLRQDOHHG 1*/'/-'% #*--60(($2'% 5*-% >'(/$&0#$0% N<O.% $#5$,$59'#50%
*9/01*'<%\%K9$%23*%+$%19_%5',,*/0%;'/*%-'%5$;;*/*#?'% 1*/('#(0% #90,$% 1/$#2$1$% 5$% 1/0"/'&&'?$0#*% 1*/% $-%
WUDXQSURJHWWRSURPHWWHQWHHGXQRHI¿FDFH3HUTXH4 1/0++$&0%2$2-0%/*"$0#'-*<%
+(0.% #*--'% 1/*+*#(*% +*?$0#*% +$% /'"$0#*/B% +0-('#(0% $#% V6!C$*(($,0% @*#*/'-*% i% 5*-% >$'#0% X*"$0#'-*% hOih4
WHUPLQL GL GRFXPHQWL GL SURJUDPPD]LRQH XI¿FLDOL H hOi[%`Q/9$?$0#*%5*-%1'(/$&0#$0%29-(9/'-*%*%5*$%+*/,$4
0C$*(($,$%+(/'(*"$2$%'$%-$,*--$%(*//$(0/$'-$%/$-*,'#($.%1*/% ?$%29-(9/'-$a%1/*1'/'%$-%(*//*#0%1*/%@$;(%0;%V$;*%$#%(*/4
/'5$2'/*% ;*/&'&*#(*% -'% #0+(/'% '?$0#*% #*--'% 20/#$2*% &$#$%5$%+,$-9110%5$%'/23$,$%*%'22*++$C$-$(B%`0C$*(($,$%
10-$($2'%/*'-*<
12
IRQGL)(65VRSUDFLWDWLFKHDORURYROWDVLULÀHWWRQR
#*"-$% 0C$*(($,$% 5$% )$*#'hOij% $--9+(/'($% #*--'% )*?$0#*%
i<i2<% F% 1/0"*(($% J9-(9/'-% 8&*/"*#2d% X00&.% >'/')$4
(*% *% )($--% Y'#2$#"% /$*#(/'#0% '#23*% #*--'% +;*/'% 5*"-$%
RELHWWLYLWHPDWLFLSHULIRQGL)6(ODFXLGH¿QL]LRQH
/¶2ELHWWLYR*HQHUDOH3URPR]LRQHHTXDOL¿FD]LRQH SHULOSHULRGRqDQFRUDLQFRUVR
5*--60;;*/('% 29-(9/'-*a% ,$*#*% 20-(0% 5'% >-'d% (3*% J$(d% F-%1/0"/'&&'%5$%)$*#'hOij%+$%'/&0#$??'%K9$#5$%1$*#'4
$#% K9'#(0% 1$'((';0/&'% 5$% +,$-9110% *592'($,0% *% 1/04 &*#(*% 20#% -'% 1/0"/'&&'?$0#*% +(/'(*"$2'% *% +(/9((9/'-*%
;*++$0#'-*% 5$% &9+$2'% 2-'++$2'% *% #0#% `0C$*(($,0% h<Na.% /*"$0#'-*.% 7% 1*/('#(0% 20--*"'(0% 01*/'($,'&*#(*% '--6'4
5'%^3*%)1'2*%H*(f**#%$#%K9'#(0%-'C0/'(0/$0%5$%+1*4 "*#5'%10-$($2'%/*"$0#'-*%5$%-9#"0%(*/&$#*.%*%20#(/$C9$4
/$&*#('?$0#*%5$%1/'($23*%20--*(($,*%5$%+1*(('20-0%5'-% +2*%'-%+90%9-(*/$0/*%+,$-9110%*%$&1-*&*#('?$0#*<
,$,0%`0C$*(($,0%h<ha.%5'%b*%:/*%V*0#'/50%$#%(*/&$#$%
5$%+,$-9110%5$%'11/022$%$##0,'($,$%'$%20#(*#9($%5$"$4 !"+ F3' K6)("' 1*.6#)' .*' /#";"-"' -*' .+)8*(*#"' $03+)++*'
('-$%L-95$2$??'($L.%*%5$%$#59+(/$*%29-(9/'-$%*%2/*'($,*%$#%
$03' (<)(+#)' $*++,' $%"' .)#,' 301*3)+)' 4)/*+)("'
VSD]L H LVWLWX]LRQL FXOWXUDOL RELHWWLYR H LQ¿QH
56#0/")'-"(()'46(+6#)'*3'N6(:)#*)7
5'%F#;*2($,*% X0'5+%$#%K9'#(0%1/0"/'&&'%5$%+2'&C$%
O"(' $).0' *3' $6*' ()' $*++,' $03.":6)' *(' +*+0(0M' .*'
29-(9/'-$%(/'%-'%^0+2'#'%*%-*%+2*#*%'/($+($23*%*9/01**%
/#";"-"'-*'$00/"#)#"'$03'("')(+#"'$*++,'$)3-*-)+"'
RELHWWLYR
$%"'%)330'.6/"#)+0'()'C)."'-*'/#"P."("2*03"7
V6!C$*(($,0% @*#*/'-*% N% `20#+*/,'?$0#*% *% ,'-0/$?4
]D]LRQH GHL EHQL H GHOOH DWWLYLWj FXOWXUDOL VL ULÀHWWH !98B?>2?3(>45(<>4:5(B?5;2F2943(;2(8E5D72(E><B>?5<2(
$#% J$($?*#+% 0;% (3*% 8-+*f3*/*% 1*/% K9*-% 23*% /$"9'/5'% G
DOWRSUR¿OR
-6'9(*#($2$(B%5*-%1'(/$&0#$0%$#('#"$C$-*%*%-0%+2'&C$0% H3)' $00/"#)2*03"' 8"3' *3+":#)+)' 3"(()' .+#6++6#)' -"('
&9-($29-(9/'-*% `0C$*(($,0% N<ia.% $#% ^9+2'#d% $#% e09/% /#0:#)11)')#+*.+*$0
H'(3/00&%1*/%-'%20#('&$#'?$0#*%(/'%$%"*#*/$%*%-'%1/04
&0?$0#*%5*--'%2/*'($,$(B%%*%5*-%20$#,0-"$&*#(0%'(($4 )$*#'%3'%9#'%-9#"'%(/'5$?$0#*%5$%5$'-0"0%20#%-'%29-4
,0%5*$%"$0,'#$%`0C$*(($,0%N<Na.%$#%>'/')$(*.%1*/%K9*-% (9/'%C9-"'/'<%D*$%20/+$%*+($,$%5*--6:22'5*&$'%J3$"$'4
23*% 20#2*/#*% $-% &$"-$0/'&*#(0% 5*--6'22*++0% '$% C*#$% #'.%-60/23*+(/'%/*+$5*#(*%7%+('('%'C$(9'-&*#(*%C9-"'/'%
5*-% 1'(/$&0#$0% /*"$0#'-*% 1*/% -*% 1*/+0#*% 20#% 5$+'C$4 `'((9'-&*#(*% -'% H9-"'/$'#% J-'++$2% Q09#5'($0#% !/4
OLWj RELHWWLYR H LQ% )($--% Y'#2$#"% 1*/% K9*-% 23*% 23*+(/'a.%*%+(/'0/5$#'/$%&9+$2$+($%C9-"'/$%20&*%X'$#'%
/$"9'/5'%-*%#'//'($,*%5$%1'(/$&0#$0%$#('#"$C$-*%20&*% o'C'$,'#+k'%(*#"0#0%/*"0-'/&*#(*%-*?$0#*<%F#0-(/*.%
1$'((';0/&'% 1*/% $-% 10(*#?$'&*#(0% 2/*'($,0% *% 1/0;*+4 -6'/($+('%C9-"'/0%F,'#%Y$&$(/0,%7%+('(0%+2*-(0%1*/%5$4
SLQJHUH LO 3DOLR GHO DJRVWR FRQ O¶HVSOLFLWR
+$0#'-*%5*$%1/059((0/$%29-(9/'-$%`0C$*(($,0%N<ha<
$#(*#(0%5$%1/0&90,*/*%$%/'110/($%(/'%)$*#'%*%-'%H9-"'4
@-$%*-*&*#($%1$M%$##0,'($,$%5*$%1/0"*(($%5$%)$*#'hOij%
/$'%#*-%20#(*+(0%5*--6'##0%J8J%hOijP%('-*%-*"'&*%7%
(/'22$'#0% 9#'% +(/'5'% 10++$C$-*% 23*% ,'% 0-(/*% -6'((9'-*%
+('(0%'&1$'&*#(*%/$10/('(0%*5%'11/*??'(0%5'$%&*5$'%
20/#$2*% 5$% 1/0"/'&&'?$0#*.% &'% +0#0% '#23*% +(/*(('4
-02'-$%*%5'--601$#$0#*%19CC-$2'%+*#*+*<
&*#(*%-*"'($%'"-$%0C$*(($,$%(*&'($2$%1*/%$%;0#5$%Q8)X%
*%Q)8<%F#%1'/($20-'/*.%1*/%K9*-%23*%/$"9'/5'%-'%+(/'(*4 'XUDQWHWXWWRLO6LHQDqVWDWDPROWRDWWLYDQHO
"$'%-*"'('%'-%Q8)X.%$%1$M%/$-*,'#($%#*-%#0+(/0%20#(*+(0% 20-($,'/*%$%/'110/($%*%#*--0%+,$-911'/*%20#"$9#('&*#4
+0#0%-6!C$*(($,0%i%`/';;0/?'/*%-'%/$2*/2'.%-0%+,$-9110% (*% 1/0"*(($% 20#% -*% 2$((B% C9-"'/*% +*-*?$0#'(*.% 1'/(*2$4
(*2#0-0"$20% *% -6$##0,'?$0#*a.%20#%1'/($20-'/*%*#;'+$% 1'#50% '5% *,*#($% 0/"'#$??'($% 5'% 2$'+29#'% 5$% K9*+(*%
+9-%19#(0%i`Ca%+9--6$##0,'?$0#*%+02$'-*.%$%2-9+(*/%*%-*% *% $#,$('#50-*% '% )$*#'% r% $#+$*&*% '--*% '-(/*% 2'#5$5'4
/*($%*%-6$##0,'?$0#*%'1*/('%,*/+0%-'%+1*2$'-$??'?$0#*% (*%$('-$'#*%r%1*/%-'%20#;*/*#?'%GF3'$6(+6#"'";"#Q80-Q'
$#(*--$"*#(*%'11-$2'C$-*%'$%+*((0/$%29-(9/'-$%*%2/*'($,$c% R*3.6<%J0#%(9((*%-*%2$((B.%*%$#%1'/($20-'/*%20#%-*%-0/0%
-6!C$*(($,0% h% `&$"-$0/'/*% -6'22*++0% '--*% (*2#0-0"$*% $+($(9?$0#$% 29-(9/'-$.% 'CC$'&0% +0((0+2/$((0% 9#% 1/0(04
5*--6$#;0/&'?$0#*% *% 5*--'% 20&9#$2'?$0#*.% #0#23E% 20--0% 56$#(*+'% 23*% 5*+2/$,*% 20#2/*('&*#(*% '(($,$(B% *%
-6$&1$*"0%*%-'%K9'-$(B%5*--*%&*5*+$&*a%$#%(9(($%$%+90$% 1/$&$% 1'++$% 1/'($2$.% *% $#5$2'% $% 20#('(($% 5*--*% 1*/+0#*%
N% 19#($% `23*% $#2-950#0% -'% 1/0&0?$0#*% 5*--6"P*3$(6P 5'%20$#,0-"*/*<%
.*03M' "P$6(+6#"' "' "P%")(+%ac% -6!C$*(($,0% s% `(9(*-'/*%
O¶DPELHQWH H SURPXRYHUH O¶XVR HI¿FLHQWH GHOOH UL4 J0#%>-0,5$,%'CC$'&0%1/*,$+(0%9#'%2001*/'?$0#*%/$4
+0/+*a% 1*/% $% 19#($% `2a% *5% `*a% +9--'% 20#+*/,'?$0#*.% -'% "9'/5'#(*%$%1/0"*(($%F#;*2($,*%X0'5+.%>'/'+$(*.%@$;(%0;%
1/0&0?$0#*% *% -0% +,$-9110% 5*-% 1'(/$&0#$0% 29-(9/'-*% V$;*%*%>-'d%(3*%J$(d.%;02'-$??'('%+9$%(*&$%5*--'%20&94
*%#'(9/'-*.%*%$-%&$"-$0/'&*#(0%5*--6'&C$*#(*%9/C'#0c% #$2'?$0#*%&9-($29-(9/'-*%*%5*-%/'110/(0%(/'%$#(*/;'22*%
-6!C$*(($,0%R%`1/0&90,*/*%-602291'?$0#*%*%+0+(*#*/*% ¿VLFKHHGLJLWDOL%`F#;*2($,*%X0'5+.%@$;(%0;%V$;*a.%5*-4
-'% &0C$-$(B% 5*$% -',0/'(0/$a% #*-% 19#(0% `'a% +9--'% 1/04 -'%1'/(*2$1'?$0#*%29-(9/'-*%*%5*-%$01163*+Q'1)S*3:%
&0?$0#*% 5*"-$% $#29C'(0/$% *% -'% 2/*'?$0#*% 5$% 1$220-*% '((/',*/+0%1/'($23*%5$%1/0"*(('?$0#*%0/$*#('(*%'--6'24
*%&$2/04$&1/*+*<%^9(($%$%1/0"*(($%5$%)$*#'hOij%+0#0% 2*++$C$-$(B.%*%5*--'%&9+$2'%20&*%;'((0/*%5$%20*+$0#*%*%
20##*++$% '5% 9#0% 0% 1$M% 5*"-$% 0C$*(($,$% (*&'($2$% 1*/% $% C*#*++*/*%+02$'-*%`>'/')$(*%*%>-'d%(3*%J$(da.%$#+$*&*%
SHUD'1k$#%820#0&$2+%*%J01db/0#"%$#%(*/4
&$#$%5$%+,$-9110%5$%#90,$%;0/&'(%*%&05*--$%5$%;*+($,'-%
`0C$*(($,0% i<sa.% *% 1*/% J9-(9/'-% 8&*/"*#2d% X00&% $#%
(*/&$#$%5$%+9110/(0%'--0%+,$-9110%+(/9((9/'-*%5*--*%'/($%
1*/;0/&'($,*%`0C$*(($,0%i<[a<%
13
'--'% 1$'((';0/&'% JXF)F)% V:H.% 23*% +,$-911'% $% (*&$% 1/*% &'""$0/*% -$,*--0% 5$% 5*(('"-$0<% F#0-(/*.% 9#'% ,0-('%
-6'##0% $% )$#5'2$% 5*--*% 59*% 2$((B% 50,/*CC*/0% $#20#4
5*--'%2/*'($,$(B%+9%C'+*%20&9#$('/$'<
(/'/+$%1*/%&0#$(0/'/*%-0%+('(0%5$%','#?'&*#(0.%5$+294
&RQ6R¿DF¶qVWDWRXQRVFDPELRDWWLYRGL1'/(*#'/$'4 (*/*% 5$% 10++$C$-$% $#$?$'($,*% 5$% 2001*/'?$0#*% '% -9#"0%
WLSHUVSHFL¿FLSURJHWWLGDHQWUDPELLODWLSLSUHFL4 (*/&$#*%5010%-6'##0%J8J.%*5%$#5$,$59'/#*%'-(/*%23*%
+'&*#(*P%^3*%)1'2*%H*(f**#.%F#;*2($,*%X0'5+.%@$;(% 1/0&90,'#0%-'%20#0+2*#?'%/*2$1/02'%*%-6$#(*/'?$0#*%
0;%V$;*%*%>'/')$(*%5'-%-'(0%5$%)$*#'.%*%:/(%F#,'+$0#+.% FRVWUXWWLYDHORVFDPELRWUDOHGXHFRPXQLWj,Q¿QH
5HÀHFWLYH&LW\H,W¶VD3DSHU:RUOGGDOODWRGL6R¿D )$*#'%+$%$&1*"#'%'%;'/%+g%23*%,$%+$'%9#%1'223*((0%5$%
,QROWUH6R¿DH6LHQDVWDQQRFROODERUDQGRSHULOODQFLR SURJHWWLFRPSOHWREHQGH¿QLWRHLQWHUDPHQWH¿QDQ4
5*--'%:2'5*&d%;0/%J9-(9/'-%='#'"*&*#(.%1/0&0++'% ]LDWRHQWUROD¿QHGHOSHUGHGLFDUHWXWWRLO
GD6R¿DSHUWUDVIRUPDUODLQXQSURJUDPPDHXURSHR '--'% 1/*41/059?$0#*.% '5% '(($,$(B% 5$% 20&9#$2'?$0#*%
23*%20$#,0-"'%,'/$*%A#$,*/+$(B%*9/01**.%*%1*/%-'%1$'(4 20#"$9#('%*%'--6'#(*1/$&'%5*$%1/0"*(($<
(';0/&'%Z8XF^:@8%hOhO%1*/%$-%1'(/$&0#$0%5$"$('-*<
J0#%S'/#'%-'%20--'C0/'?$0#*%+$%7%;02'-$??'('%+9$%1/04 F+)(*)'=>?@T'63)'#"+"'-*'$00/"#)2*03"'$6(+6#)("')'(*;"((0'
"*(($%5$%)$*#'hOij%@$;(%0;%V$;*.%F#;*2($,*%X0'5+.%J$4 3)2*03)("
($?*#+%0;%(3*%8-+*f3*/*%*%^9+2'#d%$#%e09/%H'(3/00&.%
20#%9#'%1'/($20-'/*%'((*#?$0#*%'--*%(*&'($23*%5*-%(94 )$*#'%7%9#'%5*--*%2$((B%23*%1*/%1/$&*%3'##0%1/0&0+4
/$+&0%+&'/(%#*-%2'+0%5*"-$%9-($&$%59*%1/0"*(($%*%5*--'% +0%-'%2/*'?$0#*%5*--'%/*(*%F('-$'%hOij<%I9*+('%/*(*%+*%
20#(/$C9$+2*% '% $#$?$'($,*% 20#"$9#(*% 20#% 1'/(*#'/$'($%
1$'((';0/&'%)^:X^@F@)<%
'11/01/$'($.% *% 1$'#$% 5$% $&1-*&*#('?$0#*% '5*"9'($.%
J0#%S*-$k0%^'/#0,0.%-'%2001*/'?$0#*%+$%20#2*#(/'%+9% 19_% ;'/*% -'% 5$;;*/*#?'% 1*/% $-% ;9(9/0% 5*--0% +,$-9110%
+'-9(*% *% ;*-$2$(Bc% +(/'(*"$*% 5$% 20#+*/,'?$0#*% 5*-% 1'4 #'?$0#'-*%'%C'+*%29-(9/'-*<%>*/%K9*+('%/'"$0#*%-',04
(/$&0#$0% ('#"$C$-*% *% $#('#"$C$-*c% 29-(9/'.% $##0,'?$04 ULDPRFRQOHFLWWj¿QDOLVWHHLQSURVSHWWLYDFRQWXWWH
#*% +02$'-*% *% +,$-9110% 9/C'#0% +0+(*#$C$-*.% (*&'($23*% OHDOWUHFLWWjGHOODUHWHDO¿QHGLLQFOXGHUHRSHUDWRUL
+(/*(('&*#(*% -*"'(*% '$% 1/0"*(($% J9-(9/'-% 8&*/"*#2d% 1/0,*#$*#($% 5'% ('-$% 2$((B% #*--'% #0+(/'% 1$'((';0/&'% 5$%
X00&.%)($--%Y'#2$#".%>'/')$(*%*%^3*%)1'2*%H*(f**#.% >8XQ!X=FD@% Z8XF^:@8.% 20+g% 20&*% $-% 1/0"*((0%
*%+9--'%1$'((';0/&'%JAV^AX:V%Z8:V^Z<
5$%1*/;0/&$#"%'/(%-6F#(/9+0%`X',*##'a.%F=='"$#'/$0%
Q*+($,'-%`>*/9"$'a.%-'%#*(f0/k%Y8:%#*(f0/k%`='(*4
I)#"'*3'10-0'$%"')$$)-)T'63'/#0:#)11)':#)-6)("' /'a.%=0#9&*#($%'1*/($%`J'"-$'/$a.%=A)^%`V*22*a<
$03'63)'$%*)#)'+)8"(()'-*'1)#$*)A
F-% 1*/;0/&$#"% 3*/$('"*% 7% 9#% $#+$*&*% 5$% 1/'($23*% 23*%
F-% /*2*#(*% 1'++'(0% 5$% 2001*/'?$0#*% (/'% -*% 2$((B% J8J% PRGL¿FDQR OD FRQFH]LRQH GHO SDWULPRQLR GD QR]LRQH
5*+$"#'(*%1*/%9#%5'(0%'##0%#0#%3'%+*&1/*%&0+(/'(0% +('($2'%'%/*'-(B%5$#'&$2'%'((/',*/+0%&*(050-0"$*%1/*+*%'%
+922*++$.% *% &0-($% 1/0"*(($% $#(*/*++'#($% +0#0% /$&'+($% 1/*+($(0%5'--*%'/($%1*/;0/&'($,*<%>/$,$-*"$'#50%-'%&*++'%
+9--'%2'/('%0%+0#0%+('($%/*'-$??'($%+0-0%1'/?$'-&*#(*<% $#%5$+29++$0#*%5*$%19#($%5$%,$+('%/$+1*((0%'--*%G,*/$(B%5*4
I9*+(*%1/0C-*&'($23*%+0#0%+('(*%5$+29++*%20$%/'11/*4 "-$%*+1*/($6.%-'%1$'((';0/&'%+,$-911'%'/($+($2'&*#(*%9#0%
VHQWDQWLGL3ORYGLY6R¿DH9HOLNR7DUQRYRGXUDQWHOD +1'?$0%5$%'?$0#*%1*/%"-$%01*/'(0/$%29-(9/'-$%23*%'/&0#$?4
"$B%2$('('%20#;*/*#?'%F3'$6(+6#"'";"#Q80-Q'R*3.M%*%267% ?'%-*%2'/'((*/$+($23*%('#"$C$-$%*%$#('#"$C$-$%5*-%1'(/$&04
VWDWRXQDPSLRFRQVHQVRDI¿QFKpODTXHVWLRQHSRVVD #$0.%*%1*/&*((*%#90,*%$#(*/1/*('?$0#$%5*--6F5*#($B.%5*--'%
/$2*,*/*%$#%+*"9$(0%+1*2$'-*%'((*#?$0#*.%*%+$%'((9$%9#'% =*&0/$'.%5*--'%J$(('5$#'#?'%*%5*--6:11'/(*#*#?'<
1/0"/'&&'?$0#*%$#%(*&10%9($-*%'%/*#5*/*%-'%2001*/'4 D*"-$% +(*++$% (*/&$#$.% &*((*/*&0% '% 5$+10+$?$0#*% 5*--*%
]LRQHGDYYHURHI¿FDFH8QDYROWDVFHOWDOD&(&EXO4 1/0"*((9'-$(B%5*--*%'-(/*%2$((B%$%#0+(/$%01*/'(0/$%29-(9/'-$.%
"'/'.%*%+*%)$*#'%;0++*%-'%2$((B%+*-*?$0#'('%1*/%-6F('-$'.% 20&*%-'%Q0#5'?$0#*%=9+*$%)*#*+$%*%$-%#*(f0/k%F#4H0m%
7%+('('%1/0"/'&&'('%9#'%1/$&'%,$+$('%#*--6:1/$-*%5*-% DO¿QHGLJDUDQWLUHFKHXQSURJHWWRGLULOHYDQ]DQD]LRQD4
hOi[%1*/%20#20/5'/*%9#%C95"*(%20&9#*%1*/%$-%hOij% -*%10++'%',*/%-90"0%$#5$1*#5*#(*&*#(*%5'--6*+$(0%5*--'%
*5%9#'%1/02*59/'%5$%+*-*?$0#*%5$%[4t%1/0"*(($%20#%'#4 20&1*($?$0#*%J8J<
#*++'% 9#'% ('C*--'% 5$% &'/2$'% 1*/% -'% 1/059?$0#*<% )$*4
#'% 23$*5*/B% '--'% J8J% C9-"'/'% 5$% $#,$('/*% '--6$#20#4 !", B*'./*":%*'$01"'()'1)3*C".+)2*03"'/6U'.0--*.C)#"'
(/0% '#23*% -*% '-(/*% 2$((B% C9-"'/*% #0#% +*-*?$0#'(*% *% -*%
*' $#*+"#*' *((6.+#)+*' -*' .":6*+0A' V)' #*./0.+)' C)$$*)'
2'#5$5'(*%$('-$'#*<%F#%K9*+(6022'+$0#*.%,*//B%;0/&'(0%
"./(*$*+0'#*C"#*1"3+0')'$*).$630'-"*'$#*+"#*A
XQJUXSSRGLODYRURPLVWRLWDOREXOJDURSHUGH¿QLUH
!"#'K6)3+0'#*:6)#-)'W()'J*1"3.*03"'56#0/")WM
+9--'%C'+*%5*--*%(*&'($23*%1/$#2$1'-$%+9%29$%,$%7%"$B%9#%
.*' ./*":%*' *3' K6)("' 10-0' ()' $*++,' *3+"3-"'
DFFRUGRXQDSULPDER]]DSHUXQSDFFKHWWRVSHFL¿FR
/"#.":6*#"'*'.":6"3+*'08*"++*;*T
5$% 1/0"*(($% 20#"$9#($.% 2041/059?$0#$.% 1/0"/'&&$% 5$%
&0C$-$(B%5$%'/($+($%*%20+g%,$'.%20&*%C'+*%1*/%$-%-',04 /3BB3?3(<=0>?9@5(5<(<5G9?9(8>(>4=5:34;5(;2(B3D2(
/0%;9(9/0<%A#%$#20#(/0%5*-%+955*((0%"/9110%50,/*CC*% E9D>42(?2<3G54B2C
*++*/*%0/"'#$??'(0%0"#$%s%&*+$.%*5%'-(*/#'/+$%(/'%F('-$'% V'%#0+(/'%+(/'(*"$'%23$',*%#0#%7%K9*--'%5$%2/*'/*%+*&1-$4
H%XOJDULDSHUDI¿QDUHJUDGXDOPHQWHLOSDFFKHWWRGL 2$%20##*++$0#$.%&'%5$%20##*((*/2$%20#%/*'-(B%*9/01**%23*%
1/0"*(($%*%-',0/'/*%+9--'%1/*41/059?$0#*%20#%9#%+*&4 ';;/0#('#0% "-$% +(*++$% 1/0C-*&$<% A#'% 2'#5$5'(9/'% 7% ,*4
14
/'&*#(*%*9/01*'%K9'#50%+$%02291'%5$%-',0/'/*%+9%K9*4
+($0#$% *9/01**% `'22*++$C$-$(B.% (9/$+&0.% +'-9(*.% "$9+($?$'%
+02$'-*.%5$,*/+$(B%29-(9/'-*.%10-$($23*%5$%"*#*/*<<<a%5'#50%
-0/0%/$-*,'#?'%'++0-9('%#*--'%1/01/$'%'"*#5'<
D*-%5*5$2'/*%&'++$&'%'((*#?$0#*%'%K9*+($0#$%-*"'(*%'-%
1'(/$&0#$0.%2/*5$'&0%5$%$#5'"'/*%K9'-20+'%5$%*++*#?$'4
-*% 1*/% $-% ;9(9/0% 5*--*% 2$((B% *9/01**% 4% 7% K9*+(0% $-% (*&'%
2*#(/'-*%5*--'%#0+(/'%2'#5$5'(9/'%23*%3'%+1$#(0%$%#0+(/$%
1'/(#*/%*9/01*$%'%9#$/+$%'%#0$%4%1*/23E%-*%K9*+($0#$%23*%
*+1-0/$'&0%+0#0%$&10/('#($%1*/%-0/0%K9'#(0%-0%+0#0%1*/%
)$*#'<
D*--'% #0+(/'% 2'#5$5'(9/'.% $-% 10(*#?$'-*% 5*-% 1'(/$&0#$0%
20&*%*-*&*#(0%5$%$##0,'?$0#*%+02$'-*%,$*#*%*+1-0/'(0%
$#% (/*% '/**% (*&'($23*% 20&*% '22*++$C$-$(B.% 29-(9/'% *% +'4
-9(*%*%(9/$+&0%+&'/(%23*%/';;0/?'#0%$%#0+(/$%-*"'&$%20#%
-689/01'%1*/%-'%-0/0%/$-*,'#?'%$#(/$#+*2'%'--*%K9*+($0#$%
5$%'-(/*%2$((B<
>*/% *+*&1$0.% #*-% 1/0"*((0% >'/')$(*% -6'?$0#*% 23$'&'('%
Y"1)*3' *3' V*:%+' -',0/'% 20#% &0-($% 1'/(#*/% *% 01*/'(0/$%
29-(9/'-$%*9/01*$.%9+'#50%-'%-92*%20&*%-$#"9'""$0%204
&9#*%*%9#$,*/+'-*%1*/%&*((*/*%$#%/*-'?$0#*%-*%1*/+0#*%
+9%(*&$%5$%/$-$*,0%*9/01*0%20&*%-'%5$,*/+$(B%29-(9/'-*%*%
-6'22*++$C$-$(B%5*"-$%+1'?$<
V'%K9*+($0#*%*9/01*'%5*-%/'110/(0%(/'%29-(9/'%*%+'-9(*%
q LO WHPD FHQWUDOH GHO QRVWUR SURJHWWR ÀDJVKLS J9-(94
/'-%8&*/"*#2d%X00&.%50,*%-',0/$'&0%'%9#%'11/022$0%
XQL¿FDWRDµFXUH¶FXOWXUDOLSHUIRUPHGLGLVDJLRSVLFKL4
20.%&*#('-*%*%+02$'-*.%5'--*%&'-'(($*%,*/*%*%1/01/$*%'--'%
,$0-*#?'%50&*+($2'<%Y*5$23$'&0%1'/($20-'/*%'((*#?$0#*%
'--*%;'+2*%+02$'-$%5*C0-$%23*%1$M%;/*K9*#(*&*#(*%+0;;/04
#0% ;0/&*% 5$% *+2-9+$0#*% *% $+0-'&*#(0% #*$% -'C0/'(0/$% 5$%
(*'(/0%+02$'-*.%1/050(($%5'--'%20&1'"#$'%V'V9(%$#%20-4
-'C0/'?$0#*% 20#% D0fd%^*'(/% `b'/+'fa% '((/',*/+0% -6*4
+1-0/'?$0#*%-*%/*-'?$0#$%(/'%(*'(/0.%1'(/$&0#$0.%*%5$+'"$0%
+02$'-*c%9#%1/0"*((0%5*--'%59/'('%5$%59*%'##$%20#%1/0;*+4
+$0#$+($%5*--*%'/($%+2*#$23*.%'/($+($.%,0-0#('/$%*%01*/'(0/$%
+02$04+'#$('/$%5*-%(*//$(0/$0%+*#*+*<
A#%'-(/0%*+*&1$0P%-6'?$0#*%F330;)+*03'+06#*.1%#*-%1/04
"*((0%J$($?*#+%0;%(3*%8-+*f3*/*%';;/0#('%'-29#*%K9*+($04
#$%+20(('#($%/*-'($,*%'-%(9/$+&0%'++$*&*%'$%#0+(/$%1'/(#*/%
*9/01*$P% $#% 20--'C0/'?$0#*% 20#% $-% #*(f0/k% Z0&*8m4
23'#"*<20&.% $#,$(*/*&0% '% )$*#'% '-29#$% 5*$% 1/$#2$1'-$%
*+1*/($%*9/01*$%*%1/0;*++$0#$+($%5$%/*($%5$%0+1$('-$(B%1*/%
-'#2$'/*%9#%5$C'(($(0%+9--'%(*&'($2'%5*-%(9/$+&0%+&'/(%'%
-$,*--0%*9/01*0<
D*-%;'/*%/$;*/$&*#(0%'%(*&$%1/*+*#($%+9--6'"*#5'%*9/04
1*'.% 2$% 29/$'&0% 5$% '--$#*'/-$% '% K9*+($0#$% 1/*4*+$+(*#($<%
>*/%*+*&1$0.%#*-%1/0"*((0%D'1k$#%820#0&$2+%"9'/5$'4
&0%'%$#$?$'($,*%5$%2'/'((*/*%*9/01*0.%K9'-$P
‡% 89/01'%hOhO.%1*/%9#%;9(9/0%5$%2/*+2$('%$#(*--$"*#(*.%
+0+(*#$C$-*% *% $#2-9+$,'.% *% $#% &050% 1'/($20-'/*% '--*%
$#$?$'($,*P%G:#%'"*#5'%;0/%#*f%+k$--+%'#5%]0C+6.%G894
/01*'#% 1-'(;0/&% '"'$#+(% 10,*/(d% '#5% +02$'-% *m2-94
VLRQ¶µ,QQRYDWLRQ8QLRQ¶DQGµ$UHVRXUFHHI¿FLHQW
89/01*6c
‡% X*"$0#+%hOhO.%1*/%/';;0/?'/*%-'%2001*/'?$0#*%(*//$4
WRULDOHDO¿QHGLDIIURQWDUHSUREOHPLFRPXQL
‡% )&'--%H9+$#*++%:2(%;0/%89/01*.%1*/%2/*'/*%9#%20#4
(*+(0%$#%29$%1$220-$%$&1/*#5$(0/$%*%$&1/*+*%;'&$-$'/$%
10++'#0%1/0+1*/'/*<
F#%C/*,*.%-*%K9*+($0#$%2$('(*%(022'#0%19#($%*+(/*&'&*#4
(*%/$-*,'#($%1*/%(9((*%-*%2$((B%*9/01**%4%#0#%+0-('#(0%5'-%
19#(0%5$%,$+('%29-(9/'-*%4%*%+0#0%$%&0(0/$%23*%"9$5'#0%
(9(($% "-$% '+1*(($% 5*--'% 5$&*#+$0#*% *9/01*'% 5*--'% #0+(/'%
2'#5$5'(9/'<
!",# !#0160;"#"' ()' $00/"#)2*03"' +#)' 0/"#)+0#*'
$6(+6#)(*M')#+*.+*'"'$*++,'-"((WF+)(*)'"'-*')(+#*'B+)+*'
X"18#*M'*3'K6)(.*).*'."++0#"'$6(+6#)("A
)*%$-%#0+(/0%(*&'%2*#(/'-*%10++$*5*%5$%1*/%+E%"/'#5$%'(4
(/'(($,*%1*/%$%1'/(#*/%*9/01*$%4%20&*%"$B%,$+(0%#*--'%;'+*%
5$%2'#5$5'(9/'%4%5'%1'/(*%#0+(/'%&*(($'&0%$#%2'&10%9#'%
VHULHGLVWUDWHJLHWHFQLFKHDO¿QHGLDFFUHVFHUHHRUJD4
#$??'/*%9-(*/$0/&*#(*%-'%2001*/'?$0#*%*9/01*'%*%5$%'+4
+$29/'/*%9#'%+0-$5$(B%59/'(9/'%5*-%-*"'&*%20#%"-$%'/($+($%
*%-*%$+($(9?$0#$%29-(9/'-$%5$%(9(('%89/01'<
A#%19#(0%;0#5'&*#('-*%1*/%)$*#'hOij%7%-0%+2'&C$0%5$%
'/($+($.%,0-0#('/$.%2$(('5$#$.%+(95*#($%*%1/059?$0#$%'/($+($4
23*<' V6$#(*/0% 1/0"/'&&'% '/($+($20% 5$% )$*#'hOij% 20$#4
,0-"*% 1'/(#*/% *9/01*$% *% ;0/#$+2*% 0110/(9#$(B% 1*/% 9#'%
FRRSHUD]LRQHSLSXQWXDOHHSLHI¿FDFH3HUVHJXLDPR
TXHVWRRELHWWLYRDWWUDYHUVRD]LRQLVSHFL¿FKH
?A'Y".*-"32"'/#0(63:)+"'-*')#+*.+*'"6#0/"*')'B*"3)'"'-*'
)#+*.+*'."3".*'*3')(+#*'/)".*'"6#0/"*
D*-%1/0"*((0'F#;*2($,*%X0'5+.%'5%*+*&1$0.%'((/',*/+0%9#%
1/0"/'&&'%5$%/*+$5*#?*%(*'(/'-$%29/'(0%5'%:++02$'?$0#*%
^01$%Y'-&'('%`)$*#'a%*%5'%^*'(/0#*(%`A5$#*a.%$#,$($'&0%
ih%"$0,'#$%5/'&&'(9/"3$%*9/01*$%'%)$*#'.%9#0%1*/%0"#$%
&*+*%5*--6'##0%hOij.%0+1$('#50-$%$#%2'+*%1/$,'(*<%A#'%
,0-('%/$(0/#'($%#*$%-0/0%1'*+$%560/$"$#*.%"-$%'9(0/$%&*((*4
/'##0%$#%+2*#'%$%(*+($.%;/9((0%5*--*%+9""*+($0#$%#'(*%#*-%
20/+0%5*--'%-0/0%/*+$5*#?'%+*#*+*.%10/('#50%20#%-0/0%$#%
89/01'%9#'%,$+$0#*%5*--'%2$((B.%5010%',*/%10/('(0%-'%-0/0%
,$+$0#*%*9/01*'%'%)$*#'<
D*-% #0+(/0% 1/0"*((0% J01db/0#".% H QHOOR VSHFL¿FR
#*--6'?$0#*%D#$%*;"'I";"#.%1/*+*#($'&0%9#%'-(/0%*+*&4
1$0%5$%('-$%/*+$5*#?*%'/($+($23*<%V0/*#?0%H*#*5*(($.%5$4
/*((0/*%5*-%5*%:11*-%'/(+%2*#(/*%:&+(*/5'&.%0/"'#$??*/B%
9#%-'C0/'(0/$0%/$,0-(0%'%"$0,'#$%29/'(0/$%*5%'/($+($%,$+$,$%
1'/($20-'/&*#(*% $#(*/*++'($% '% -',0/'/*% 20#% "-$% '/23$,$%
19CC-$2$%*%1/$,'($<%Y9/'#(*%$-%1/0"*((0%+'/'##0%0+1$('($%
#*--*%'C$('?$0#$%1/$,'(*%5*$%+*#*+$<
=A' 40/#0-62*03"' "' $0P$#")2*03"' $03' )#+*.+*' "' /)#+3"#'
$6(+6#)(*'"6#0/"*
V6'?$0#*%X)S*3:'B"3."%'--6$#(*/#0%5*-%1/0"*((0%D'1k$#%
820#0&$2+% +$% ;02'-$??'% +9% 2041/059?$0#$% *% 204/*'-$?4
?'?$0#$% *9/01**P% *+1*/($% *% '/($+($% $#(*/#'?$0#'-$% (/'% 29$%
$('-$'#$.%(*5*+23$.%2/0'($.%C0+#$'2$.%20--'C0/*/'##0%'%$#4
(*/,*#($%29-(9/'-$%1*/%/*#5*/*%1$M%23$'/*%*%'22*++$C$-$%-*%
TXHVWLRQLHFRQRPLFKHFRPSOHVVHFKHLQÀXHQ]DQRFRVu
1/0;0#5'&*#(*%-'%,$('%K90($5$'#'%5*$%2$(('5$#$%*9/01*$%
*%1*/%+($&0-'/*%9#%5$C'(($(0%19CC-$20%/*+10#+'C$-*%*%$#4
15
;0/&'(0<%
GA' 4*#$0()2*03"' -*' /#0-62*03*' $6(+6#)(*' -*' /)#+*$0()#"'
*3+"#".."M'-)'B*"3)'"';"#.0'B*"3)
A#% C90#% *+*&1$0% 5$% K9*+('% +(/'(*"$'% 7% -6'?$0#*% Z#"P
"3!()QZ#063-.' '--6$#(*/#0% 5*-% 1/0"*((0% ^3*% )1'2*%
H*(f**#P%$%5$+(/$C9(0/$%5$%+*&$%5$%8((0/*%Q',$#$%+'/'##0%
$#+('--'($%5$%;/0#(*%'%5$,*/+*%$+($(9?$0#$%5$%'/(*%20#(*&4
10/'#*'% $#% 89/01'% `1*/% *+*&1$0% 5','#($% '-% >'-'$+% 5*%
^0kd0%'%>'/$"$a<%V*%1$'#(*%+*&$#'(*%'(($/*/'##0%;'/;'--*%
23*% $#,'5*/'##0% -*% 2$((B<% F#20#(/*/*&0% *+1*/$*#?*% 5$%
G+02$'-%"'/5*#$#"6%$#%+1'?$%9/C'#$%5$%'-(/*%2$((B%*9/01**.%
$##*+2'#50%9#0%+2'&C$0%'(($,0%'((/',*/+0%/*+$5*#?*%'/4
($+($23*%'11'++$0#'#($%*%1/0"/'&&$%*592'($,$<
F#% F#;*2($,*% X0'5+% (/0,$'&0% 9#% '-(/0% *+*&1$0P% #*--'%
'?$0#*%[#);"((*3:')#+..%9#%;*+($,'-%5$%5'#?'.%200/5$#'4
(0%5'%Q/'#2*+2'%V*(($*/$%*%$%5'#?'(0/$%5*--'%J0&1'"#$'%
:Y:X^8.%,$'""*/B%$#%(9(('%89/01'<%I9*+(0%;*+($,'-%$($4
#*/'#(*.%23$'&'(0%G!5d++*d%hOij%4%^Z8%D8b%S!e:4
@8%!Q%AVe))8)%4%:%#*f%$5*'%0;%89/01*P%Q/0&%A-d+4
+*+% (0% J0-9&C9+6.% G$#;*((*/B6% 5$,*/+$% ;*+($,'-% 5$% 5'#?'%
*9/01*$% &90,*#50% 1*/+0#*% *% '22/*+2*#50% $-% (*'&% 5$%
;*+($,'-%$#%;*+($,'-<
\A'D++*;)#"'O"+R0#S'56#0/"*'
F#%J9-(9/'-%8&*/"*#2d%X00&%*%)($--%Y'#2$#"'20$#,0-4
"*/*&0% A^8% 4% A#$0#% 5*+%^3Ev(/*+% 5*% -689/01*% 20#% $%
VXRL WHDWUL H FRPSDJQLH DVVRFLDWH LQ 3DHVL &,4
V8J^% J*#(/*% F#(*/#'($0#'-% 5*% V$'$+0#% 5*+% 820-*+% 5*%
J$#E&'%*(%5*%^E-E,$+$0#%20#%1$M%5$%isO%$+($(9($%5$%;0/4
&'?$0#*%$#%'&C$(0%'95$04,$+$,0%$#%sO%>'*+$%$#%(9((0%$-%
&0#50.% *% 8PA^):% 4% A#$0#% 0;% ^3*'(/*+% )2300-+% '#5%
:2'5*&$*+%20#%is%'22'5*&$*%*%$+($(9?$0#$%(*'(/'-$%*9/04
1**.%1*/%1/0"*(($%5$%1/059?$0#*.%5$++*&$#'?$0#*.%*%1*/%
+201$%;0/&'($,$<%F#0-(/*%)$*#'hOij%0+1$(*/B%9#6*5$?$04
#*%5*-%1/*+($"$0+0%>/*&$0%89/01'%4%$-%1/*&$0%!+2'/%5*-%
^*'(/0%89/01*0%4%23*%+'/B%5*5$2'('%'$%(*&$%5*--'%#0+(/'%
2'#5$5'(9/'<%D*-%hOij.%&0-($%5*$%1$M%#0($%/*"$+($%5*"-$%
9-($&$%(/*#(6'##$%*%'-29#$%5*$%1$M%1/0&*((*#($%'/($+($%5*-4
-*% 9-($&*% "*#*/'?$0#$% ,*//'##0% '% )$*#'% 1*/% +*&$#'/$.%
f0/k+301.%$#20#(/$%20#%-'%2$(('5$#'#?'%*%20#%$%"$0,'#$%
'/($+($.%*%1*/%1/*+*#('/*%'-29#$%-',0/$<
b*%:/*% V*0#'/50% 0;;/*% 9#% "/'#5*% *+*&1$0% $#% K9*+(0%
20#(*+(0P% (/'% $-% hOit% *% $-% hOij% 0/"'#$??*/*&0% 9#'% +*4
/$*% 5$% f0/k+301% $#% 5$,*/+*% 1'/($% 5689/01'.% 23$'&'('%
V)8'0C'X*.+)S"..%#*--'%K9'-*%"-$%*//0/$%5$,*#(*/'##0%-0%
+(/9&*#(0%20#2*((9'-*%1*/%';;/0#('/*%1/0C-*&'($23*%+04
2$0410-$($23*%*9/01**<%F-%1/0"*((0%20+(/9$+2*%9#'%/*(*%5$%
0/"'#$??'?$0#$% *9/01**% 20&*%^FVV^.% J0#*m$0#*+% F&4
1/0C'C-*+.%:/(*20#0&d.% Q0#5'?$0#*% 8/&'##0% J'+0-$.%
#*--0%+,$-9110%5$%K9*+($%-'C0/'(0/$.%#*$%K9'-$%;9#?$0#'/$%
5*--6'&&$#$+(/'?$0#*% 19CC-$2'% '++$*&*% '5% '-(/$% 5*2$4
+$0#4&'k*/%-',0/*/'##0%'++$*&*%'"-$%'/($+($.%1*/%+201/$4
/*%$-%10(*#?$'-*%2/*'($,0%5*"-$%*//0/$<
]AX0+*;)#"':(*'56#0/"*')'".."#"')++*;*'3"('103-0'-*:*P
+)("
F-%1/0"*((0%^9+2'#d%$#%e09/%H'(3/00&%7%9#'%#'//'?$0#*%
&9-($&*5$'-*% 20--*(($,'% +9--6$&&'"$#'/$0% 5*--'% ^0+2'4
#'<% F% 2$(('5$#$% *9/01*$% ,*//'##0% $#,$('($% '% 20#5$,$5*/*%
-*% 1/01/$*% $&&'"$#$% 5*--'%^0+2'#'% $#% 9#'% 1$'((';0/&'%
5$"$('-*% 5$% 2/0f5+09/2$#".% 20#% -0% +2010% 5$% 5*20+(/9$4
UHFROOHWWLYDPHQWHJOLVWHUHRWLSL/DULFHUFDIRWRJUD¿FD
5$%Q*5*/$20%>'2$#$.%)(*;'#0%S$"#$.%Y'#$*-'%D*/$%*%8#?0%
X'"'??$#$%"9$5*/B%-6'((*#?$0#*%5*"-$%9(*#($%+9%1'*+'""$%
$#'+1*(('($%*%+$(9'?$0#$%$#20#+9*(*.%$+1$/'#50-$%#*-%"9'/4
5'/*% '--'% #0+(/'% /*"$0#*% 20#% 0223$% 5$,*/+$.% *% '% 20#5$4
,$5*/*% #90,*% $&&'"$#$% *5% 01$#$0#$<% F#% K9*+(0% &050.%
0"#9#0%10(/B%;'/%1'/(*%5*--'%20&9#$(B%5$%/#0.61"#%23*%
FRVWUXLUHPRVLDLQPRGRRIÀLQHFKHRQOLQH
A#%'-(/0%*+*&1$0%5$%K9*+('%+(/'(*"$'%+$%(/0,'%$#%D#$%*P
;"'I";"#.%'--6$#(*/#0%5*-%1/0"*((0%J01db/0#"P%$#%('-*%
20#(*+(0.%-'%+9C4'?$0#*%X6-'D3:"(.%$#,$('%$%2$(('5$#$%'%
2042/*'/*%9#'%&0+(/'%20#5$,$5*#50%-*%1/01/$*%$&&'"$4
#$%*%&*&0/$*%1/$,'(*%5*--6'--9,$0#*%5$%Q$/*#?*%5*-%ijss.%
K9'#50%$%2$(('5$#$%3'##0%+'-,'(0%5'--'%5$+(/9?$0#*%01*/*%
G¶DUWHHOLEULGHOODFROOH]LRQHGHJOL8I¿]L3HUGRWDUHOH
1*/+0#*%5*"-$%+(/9&*#($%5$"$('-$%'11/01/$'($%'%29/'/*%*5%
'9&*#('/*%-'%&0+(/'%X6-'D3:"(..%-6Z'/,'/5%A#$,*/+$4
(d%=*('V'C%+,$-911*/B%9#6'110+$('%,*/+$0#*%5*--'%+9'%
1$'((';0/&'%5$"$('-*%J9/'/$9&<
^A'Y*$"#$)#"'3"('C"301"30'-"(()'$03+)1*3)2*03"'"'
*3/0((*3)2*03"'*3+"#$6(+6#)("
F#;*2($,*%X0'5+%+$%;02'-$??'%+9--'%/$2*/2'%*%+9--'%1/0&04
?$0#*%'(($,'%5$%$#;*?$0#$%/*2$1/023*%$#%2'&10%29-(9/'-*%
*%'/($+($20<%>*/%*+*&1$0.%$-%1/0"*((0%5$%5029&*#('/$0%*%
#'//'?$0#*%5$%+(/'5'%$5*'(0%5'%D*5k0%)0-'k0,%20--*"'%
6LHQDH6R¿D/¶DUWLVWDJXLGDQGRGD6R¿DD6LHQDVL
20#;/0#(*/B%20#%-*%1*/+0#*%23*%$#20#(/*/B%+9--'%+(/'5'.%
UDFFRJOLHQGRHPR]LRQLDYYHQWXUHHPHPRULHLQXQ¿OP
23*%+'/B%1/0$*(('(0%$#%1/$&'%'++0-9('%+$'%'%)$*#'%23*%'%
6R¿DHSRLLQPXVHLHLQJDOOHULHG¶DUWHHXURSHH
_A'B+*10()#"'*('+6#*.10'$6(+6#)("'"6#0/"0
8QHVHPSLRVLJQL¿FDWLYRVLWURYDQHOO¶D]LRQHXQ'0R3'
/#*;)+"'[6.$)3Q%'--6$#(*/#0%5$%^9+2'#d%$#%e09/%H'(3/04
0&P%$%/#0.61"#%*9/01*$%23*%3'##0%,$+$('(0%-'%^0+2'#'%
9($-$??*/'##0%-'%1$'((';0/&'%5$"$('-*%$&1$*"'('%$#%K9*4
+('%'?$0#*%1*/%20#5$,$5*/*%$&&'"$#$%*%&*&0/$*.%%1/04
&90,*#50%9#%&050%1$M%+0+(*#$C$-*%5$%,$,*/*%*%;/*K9*#4
('/*% -90"3$% (9/$+($2$<% >9#($'&0% 20+g% '% 5'/*% 9#'% #90,'%
5$&*#+$0#*%'-%(9/$+&0%29-(9/'-*%5*--'%#0+(/'%/*"$0#*.%'%
$+1$/'/*%'-(/$%*9/01*$%#*-%20#(/'+('/*%-'%,$+$0#*%+(*/*0($4
1'('%5*$%-0/0%-90"3$.%*%'5%'CC/'22$'/*%9#%'11/022$0%1$M%
+0+(*#$C$-*%'-%(9/$+&0<
D*--0%+(*++0%1/0"*((0.%-6'?$0#*%Z0++0%$#2-95*%9#%&0594
-0%+1*2$'-*%5*5$2'(0%'--'%1/*1'/'?$0#*%5$%2*#*%(0+2'#*%
$#%5$,*/+*%2$((B%*9/01**%1*/%20$#,0-"*/*%-*%20&9#$(B%-04
2'-$%#*"-$%*,*#($%*%1*/%$#,$('/-*%10$%'%)$*#'%1*/%+2'&C$%
29-$#'/$%#*--6'&C$(0%5$%2*#*%+02$'-$<
!",$ `)(0#*22)#"'()'#*$$%"22)'-"(()'-*;"#.*+,'$6(+6#)("'
*3'56#0/)
6LHQDVSRVDODGH¿QL]LRQHGLSDWULPRQLRLQWDQJLEL4
-*%5*--6AD8)J!%*%$%1/$#2$1$%5*--'%20#,*#?$0#*%5$%Q'/0%
+9-%G20&&9#$(d%*&10f*/&*#(6%5$%('-*%1'(/$&0#$0P
WF(' /)+#*103*0' $6(+6#)("' 303' .*' ".)6#*.$"' $03' *' 1036P
1"3+*' 0' $03' ("' #)$$0(+"' -*' 0::"++*A' 96".+0' *3$(6-"' ("'
16
+#)-*2*03*'0'("'"./#"..*03*';*;"3+*'"#"-*+)+"'-)*'30.+#*');*'
"'+#)1)3-)+"')*'30.+#*'-*.$"3-"3+*WA
:((/',*/+0% #9&*/0+*% $#$?$'($,*% 2$% 1/*#5$'&0% 29/'% 5*-%
1'(/$&0#$0%$#('#"$C$-*%*9/01*0%&0+(/'#50-0%*%20#5$,$4
5*#50-0.%20&*%-*%(/'5$?$0#$%5*--*%J0#(/'5*%5$%)$*#'<%='%
'CC$'&0%'#23*%;0/(*%'((*#?$0#*%,*/+0%$-%&9-($29-(9/'-$4
+&0%20#%'?$0#$%/$"9'/5'#($.%(/'%-*%'-(/*.%-*%29-(9/*%X0&.%
F+-'&$2'%*5%8C/'$2'<
C$-$%(*&10/'#*$%*%'--0%+,0-"$&*#(0%5$%f0/k+301%5'%1'/(*%
5$%9#%(*'&%$#(*/#'?$0#'-*%&9-($5$+2$1-$#'/*%#*--*%1*/$;*4
/$*%*%#*--'%1/0,$#2$'%5$%)$*#'<%S0"-$'&0%2/*'/*%20##*+4
+$0#$%20#%$-%(*//$(0/$0%-',0/'#50%+9%1/0C-*&$%*%K9*+($0#$%
GL DUHH VSHFL¿FKH FRPH SUHYLVWR GDOO¶DJHQGD 8( PD4
#9(*#?$0#*%*%(/'(('&*#(0%$5/$20.%$#(*"/'?$0#*%$#(*/29-(94
/'-*.% 02291'?$0#*% "$0,'#$-*.% $##0,'?$0#*% 5$"$('-*.% 1'/$%
0110/(9#$(Ba<%
F-% #0+(/0% 1/0"*((0% @$;(% 0;% V$;*% /$"9'/5'% $-% /$220% 1'(/$4
&0#$0%$#('#"$C$-*%5$%)$*#'<%>*/%*+*&1$0.%-*%+(0/$*%5*-4
-'% 2$((B.% "-$% '#*550($% *% -*% -*""*#5*% +'/'##0% 2'('-0"'(*%
*%/*+*%5$+10#$C$-$%$#%9#'%1$'((';0/&'%5$"$('-*%+,$-911'('%
5'%&*('V:H%5*--'%Z'/,'/5%A#$,*/+$(d<%F#0-(/*.%,0"-$'4
&0%20--*"'/*%)$*#'%'%#*(f0/k%*9/01*$%*5%$#(*/#'?$0#'-$%
5$%'/($"$'#'(0%56*22*--*#?'%#*--'%1/059?$0#*%5$%20+(9&$%
+(0/$2$<%\%'#23*%$#%K9*+(0%&050%23*%,0"-$'&0%*,$5*#4
?$'/*%$-%1'(/$&0#$0%$#('#"$C$-*%9#$20%5*--'%#0+(/'%2$((B<
F#0-(/*% #*--6'?$0#*% 46(+6#)(a0+B/0+.% 5*-% 1/0"*((0% F#4
;*2($,*%X0'58.%$#+$*&*%'-%#0(0%'/($+('%*"$?$'#0%=0'('?%
D'+/.%10/(*/*&0%','#($%9#%1/0"*((0%5$%b';'%Z09/'#$%$#%
20--'C0/'?$0#*% 20#% $-% )$*#'% :/(% F#+($(9(*% +9--6$#(*"/'4
?$0#*% 5*--*% 20&9#$(B% $+-'&$23*% 2/*'#50.% #*-% hOij.% 9#%
#90,0%+1'?$0%5$%5$'-0"0%$#(*/29-(9/'-*<%D*--6'&C$(0%5*-4
-'% +(*++'% '?$0#*.% =']'% b*d*/&'##% 1/059//B% 9#'% +*/$*%
5$%$#+('--'?$0#$%&9-($&*5$'-$%C'+'(*%+9--*%&*&0/$*%5*"-$%
$&&$"/'($%23*%0/'%,$,0#0%'%)$*#'<%F%#'($,$%+*#*+$%',/'#4
#0%K9$#5$%-60110/(9#$(B%5$%$#(*/'"$/*%*%20&1/*#5*/*%-*%
+(0/$*%5*$%-0/0%#90,$%,$2$#$<
@-$%*/0$%*9/01*$%+0#0%1'/(*%5*-%#0+(/0%1'(/$&0#$0<%D*-%
1/0"*((0% b*%:/*% V*0#'/50% 2*-*C/$'&0% -6'(($(95$#*% '/4
WLVWLFD H VFLHQWL¿FD GL TXHVWD LFRQD HXURSHD IRUVH LO
1$M% ;'&0+0% 5*"-$% */0$% 5*-% X$#'+2$&*#(0a<% >*/% ;'/*% 9#%
+*&1-$2*% *+*&1$0.% 5'#50% +*"9$(0% '--6$#(*#+0% $#(*/*++*%
5$% V*0#'/50% 1*/% -6'#'(0&$'.% +,$-911*/*&0% $-% 1/0"*((0%
J*:*+)('`*+#6;*)3'a61)3.%9#'%&'11'%$#(*/'(($,'%*%(/$5$4
&*#+$0#'-*%5*-%20/10%9&'#0<
!",%
\%+1*++0%"/'?$*%'--*%+(/'5*%23*%-*%29-(9/*%*9/01**%+$%20#4
#*((0#0% *% +$% (/0,'#0% '% 20#5$,$5*/*% '+1*(($% 20&9#$<% F#%
F#;*2($,*%X0'5+.%20#%V)'I#)3$*:"3)'B+#)+)%4%9#%'&1$0%
1/0"*((0%$5*'(0%5'%J0/#*-$'%,0#%5*#%)(*$#*#%*%='9/0%
H*/*(($#$%4%2/**/*&0%#90,*%C0((*"3*%*%/*+$5*#?*%-9#"0%
-6$#(*/'%S$'%Q/'#2$"*#'<%F%&05*/#$%1*--*"/$#$%/$10+*/'#4
#0%$#%&0#9&*#($%+29-(0/*$%`;0#('#*.%+*59(*.%2*--*%50/4
&$(0/$*a%59/'#(*%-*%-0/0%+0+(*<%F#0-(/*.%'((/',*/+0%01*/*%
56'/(*%*%'?$0#$%'/($+($23*.%2$%20--*"3*/*&0%20#%-'%GS$'%
Y$'"0#'-$+6.% -'% 20+$55*(('% GS$'% Q/'#2$"*#'% 5*$% H'-2'4
QL¶FKHSDVVDDWWUDYHUVR6R¿DHWRFFDDQFKH3ORYGLYLQ
H9-"'/$'<%
5;*-"32*)#"' :(*' )./"++*' $0163*' -"(("' $6(+6#"' V*%#'//'?$0#$%+0#0%$&10/('#($%('#(0%1*/%-689/01'%$#(*/'%
K9'#(0%1*/%-'%2$((B%5$%)$*#'<%b"M'+%"'D6+%0#%7%9#6'?$0#*%
"6#0/""
5*-%1/0"*((0%J01db/0#"H%$#5$/$??'('%'--'%2/*'?$0#*%20-4
-*(($,'%5$%+(0/$*<%F#%K9*+('%(/0,'%+1'?$0%D(;)#0PX)36"(.%
)$*#'hOij%3'%-6'&C$?$0#*%5$%1/010//*%+0-9?$0#$%+9%9/4 9#'%+0((04'?$0#*%5*5$2'('%'--'%&*&0/$'%5*--6'9(0/*%9/94
"*#?*%+02$'-$%5$%5$&*#+$0#*%*9/01*'(20&*%-6'22*++$C$-$4 "9'"$0410/(0"3*+*%:-,'/0%@'/2W'%5*%wxy$"'H(23*%19#('%
(B%5*--*%2$((B.%5$%2*-*C/'/*%$20#*%29-(9/'-$%*9/01**%20&*% '%&'#(*#*/*%,$,'%-'%/$2*/2'%5$%K9*+(0%'/($+('%'((/',*/+0%
V*0#'/50%5'%S$#2$%*%5$%-',0/'/*%+9%2'/'((*/$+($23*%20#4 9#'%/*(*%5$%/*+$5*#?*%23*%2/**/'##0%9#%1/02*++0%'/($+($4
5$,$+*%5'--*%(/'5$?$0#$%29-(9/'-$%*9/01**.%20&*%-*%+(/'5*% 20%5$%20--'C0/'?$0#$%(/'#+4*9/01**.%20#%-'%1'/(*2$1'?$04
+(0/$23*% 23*% 20--*"'#0% -*% ,'/$*% 2$((B% *9/01**.% *% -6$//*4 QHGLDWWRULHFRPPHGLRJUD¿FRPH0DULD'H0HGHLURV
+$+($C$-*% C$+0"#0% 5$% /'220#('/*% +(0/$*% +9$% -90"3$% $#% 29$% *%V9W+'%J0+('%@0&*+<%F#%9#'%+*20#5'%+0((04'?$0#*.%$-%
,$,$'&0%$#%89/01'<
20--*(($,0%)2/$((9/'%F#59+(/$'-*%J0--*(($,'%`)FJa%/*#5*/B%
19CC-$20%$-%@/'#5*%X0&'#?0%89/01*0%*%-0%20#5$,$5*/B%
3HUGDUHXQSULPRHVHPSLRFLULIHULDPRDOSURJHWWRÀDJ4 SHUDSULUORDGXOWHULRULPRGL¿FKHHVYLOXSSL6LWUDWWDGL
+3$1%>'/')$(*PDO¿QHGLLGHQWL¿FDUHLSUREOHPLVWUXWWXUDOL 9#'%#'//'?$0#*%+9-%S*223$0%J0#($#*#(*.%+2/$(('%5'%2$/2'%
5$%'22*++0%'--'%2$((B.%-'%+0((04'?$0#*%%X)/D8*(*+Q%1/059/4 iOOO%'9(0/$%1/0,*#$*#($%5'%(9(($%$%hR%)('($%&*&C/$<
/B%9#'%&'11'(9/'%$#(*/'(($,'%*%"*0-02'-$??'('%5*--*%C'/4
/$*/*%'/23$(*((0#$23*%'((/',*/+0%9#%1/02*++0%1'/(*2$1'($4
,0%G"$020+06<%D*-%hOis%1'/($/B%$#;'(($%9#'%+*/$*%5$%-'C04 !",- F3' $%"' 10-0' ()' 1)3*C".+)2*03"' /0+#"88"'
$03+#*86*#"')'#)CC0#2)#"'*'(":)1*'-"(()'$*++,'$03'*('
/'(0/$%23*%+'/'##0%$-%#92-*0%5*-%I).+')3-'I#6:)('J".*:3'
#".+0'-W56#0/)7
)3-'Y".")#$%'4"3+#".%9#%2*#(/0%1*/&'#*#(*%5*5$2'(0%'-%
5*+$"#%1*/%-6'22*++$C$-$(B%9/C'#'.%%23*%+,$-911*/B%0""*(($%
1/'($2$%*%'"$-$%4%20&*%/'&1*%0%1/0(*+$%9/C'#*%+('&1'(*%$#%
F-%($(0-0%5$%J'1$('-*%89/01*'%5*--'%J9-(9/'%/';;0/?*/*CC*%
NY%r%*%'-(/*%+0-9?$0#$%5$%5*+$"#%+*&1-$2$%*%+0+(*#$C$-$%1*/%
$%#0+(/$%-*"'&$%20#%-689/01'%+9%#9&*/0+$%1$'#$.%&0-($%
$%1/0C-*&$%5*--'%#0+(/'%2$((B<
5*$%K9'-$%+0#0%;'2$-&*#(*%$&&'"$#'C$-$<%^9((',$'%$-%/$4
+9-('(0%1$M%$&10/('#(*.%*%5$%1$M%;0/(*%$&1'((0.%+'/*CC*%$-%
A#%+*20#50%*+*&1$0%+9%K9*+('%-$#*'%7%-6'?$0#*%!><B>*
20#(/$C9(0%'--'%;0/&'?$0#*%5$%9#'%#90,'%"*#*/'?$0#*%5$%
?5<O9B1@9B8H%23*%19#('%'--'%2/*'?$0#*%5$%1'5$"-$0#$%&04
17
1/0;*++$0#$+($.% $&1/*#5$(0/$% *% 5*2$+$0#4&'k*/% 20#% 9#'%
,$+$0#*%*%9#0%+1$/$(0%1/0;0#5'&*#(*%*9/01*$<%
H'+('% 5'/*% 9#60223$'('% '--'% #0+(/'% -$+('% 5$% 1'/(#*/% *94
/01*$%#*--'%50&'#5'%i<ih%1*/%/*#5*/+$%20#(0%5$%K9'#(*%
0/"'#$??'?$0#$% +*#*+$% /';;0/?*/'##0% $% -0/0% -*"'&$% 20#%
$-%/*+(0%5689/01'<%=0-($%5$%K9*+($%1'/(*#'/$'($%+0#0%1/04
"*(('($%1*/%59/'/*%C*#%0-(/*%$-%hOij<
\%9#60110/(9#$(B%23*%2'1$('%9#'%,0-('%#*--'%,$('.%K9*--'%
5$%$&1/$&*/*%9#%+*"#0%59/'(9/0%#*--'%&*#(*%5*$%;9(9/$%
-*'5*/%+*#*+$.%50('#50-$%5$%9#%1'(/$&0#$0%5$%*+1*/$*#?*%
;0/&'($,*%5$%-$,*--0%*9/01*0%*%5$%1/'($23*%29-(9/'-$%$##04
YDWLYHSHUDIIURQWDUHODGLI¿FLOHV¿GDGLPDQWHQHUHYLYH
-*%*/*5$(B%5*--'%J8J%5010%$-%hOij.%*%/$-'#2$'/-*%9-(*/$0/4
&*#(*%1*/%$-%;9(9/0<%)*%K9*+(0%'22'5*++*.%+$%2/**/*CC*%
9#%,$#20-0%1*/&'#*#(*%5$%"/'($(95$#*%*%5$%+*#+0%5$%'14
1'/(*#*#?'%5$%)$*#'%,*/+0%-689/01'<%
:#20/'.%-0%+2'&C$0%5$%*+1*/($%*%5$%20#0+2*#?*%+9%*&*/4
"*#?*% 20&9#$% 4% -*"'(*.% 1*/% *+*&1$0.% '--'% +0+(*#$C$-$(B%
5*-%(9/$+&0%*%'$%1/0C-*&$%5$%*+2-9+$0#*%+02$'-*.%5$,*/4
+$(B%29-(9/'-*%*%5$%'22*++$C$-$(B%4%7%9#'%+(/'(*"$'%2/92$'-*%
+0((0% K9*+(0% '+1*((0<% F#% '-29#$% +*((0/$.% -'% #0+(/'% *+1*4
/$*#?'%10(/*CC*%*++*/*%56'$9(0%'5%'-(/*%2$((B.%'#23*%+*.%
1$M%+1*++0.%+'/*&0%#0$%'5%',*/*%C$+0"#0%23*%'-(/*%2$(4
(B% 20#5$,$5'#0% 20#% #0$% -*% -0/0% *+1*/$*#?*<% )9% K9*+(0%
'+1*((0% 'CC$'&0% ;0/#$(0% '-29#$% *+*&1$% #*--*% '-(/*% +0(4
(0450&'#5*%5$%K9*+('%+*?$0#*<
F-% 1/0"*((0% +,$-911*/B% $#0-(/*% -*% 20&1*(*#?*% 5*$% 2$(('4
5$#$.%'9&*#('#50%$-%-0/0%+*#+0%5$%2$(('5$#'#?'%'(($,'%$#%
9#'%2$((B%*9/01*'%20&*%)$*#'<%I9*+(0%7%K9*--0%23*%;'/*4
&0.%'5%*+*&1$0.%'((/',*/+0%$-%1/0"*((0%D'1k$#%820#04
&$2+<%A#0%5*$%1$M%$&10/('#($%1/0C-*&$%23*%-*%5*&02/'4
?$*%';;/0#('#0%0""$%7%K9*--0%5$%(/'+;0/&'/*%$%2$(('5$#$%$#%
1'/(*2$1'#($%1$M%'(($,$%20$#,0-"*#50-$%#*$%1/02*++$%5*2$4
+$0#'-$<%V'%#0+(/'%'?$0#*%c/"3'4*;*$'I0#61%19_%/$,*4
-'/+$%9#0%+(/9&*#(0%1/*?$0+0%$#%K9*+(0%1/02*++0.%5'#50%
'$% 2$(('5$#$% -'% 10++$C$-$(B% 5$% 5$+29(*/*% 20#% *20#0&$+($.%
HVSHUWLGLEXVLQHVVH¿QDQ]DGDWXWWD(XURSDLQPRGR
20&1/*#+$C$-*%*%#0#%+(/*(('&*#(*%(*2#$20<%
-*"'('% '--'% (/'5$?$0#*% *9/01*'% 5*--'% 20+2$*#?'% 2$,$2'P%
>0/('%X0&'#'.%$-%-90"0%$#%29$%7%'&C$*#('(0%-6';;/*+20%
5*-%H90#%@0,*/#0%5$%:&C/0"$0%V0/*#?*(($%+'/B%$-%19#4
(0%5$%1'/(*#?'%5$%9#%2'&&$#0%'%/$(/0+0%5'-%2*#(/0%5*--'%
2$((B%'--*%1*/$;*/$*.%-9#"0%$-%K9'-*%$-%20--*(($,0%5$%'/($+($%5$%
VWUDGD&ROOHWWLYR);ULSURGXUUjLOFDSRODYRURGL/RUHQ4
?*(($% $#% ;0/&*% 20#(*&10/'#**.% 20$#,0-"*#50% -'% "*#(*%
23*%,$,*%*%-',0/'%$#%K9*$%-90"3$<%
V'% #0+(/'% '&C$?$0#*% 7% K9*--'% 5$% 1/0&90,*/*% ;0/&*%
#90,*%5$%20$#,0-"$&*#(0%'(($,0%5*--'%2$(('5$#'#?'.%$#,$4
('#50%'-(/*%2$((B%*9/01**%'%-',0/'/*%$#%;9(9/0%20#%)$*#'%
1*/% +,$-911'/*% 9-(*/$0/&*#(*% K9*+(*% &*(050-0"$*.% /';4
;0/?'#50%20+g%$%-*"'&$%29-(9/'-$.%$&1/*#5$(0/$'-$%*%$+($4
(9?$0#'-$%'--6$#(*/#0%5*--6A#$0#*%89/01*'<
!".
B*'./*":%*'$01"'()'1)3*C".+)2*03"'/6U'.0--*.C)#"'
*' $#*+"#*' *((6.+#)+*' -*' .":6*+0A' V)' #*./0.+)' C)$$*)'
"./(*$*+0' #*C"#*1"3+0' )' $*).$630' -"*' $#*+"#*A' !"#'
K6)3+0'#*:6)#-)'W()'4*++,'"'*'4*++)-*3*WM'.*'./*":%*'
*3' K6)("' 10-0' ()' $*++,' )..*$6#)' $%"' *(' !#0:"++0'
/#0/0.+0'/"#'()'1)3*C".+)2*03"T
M4(3P>2<27?29(;2(@5882943H(83489(;3<<5(E9D>42BNH(
@5B?2D9429(E2G2E9(3(8@3?54F5C
!".# B6.$*+)' (W*3+"#".."' -"(()' /0/0()2*03"' )' (*;"((0'
"6#0/"0
LJ3*%20+'%,*5/*&0TL%I9*+('%7%-'%50&'#5'%23*%+$%10//B%
9#% 19CC-$20% *9/01*0% +*#(*#50% 1'/-'/*% 5$% )$*#'hOij.%
*%20#+$5*/'#50%-'%10++$C$-$(B%5$%,$+$('/*%-'%#0+(/'%2$((B%
59/'#(*%-6'##0%J8J<%8220%1*/23E%2$%+$'&0%10+($%K9*+('%
50&'#5'% $#% 0"#$% +$#"0-0% 1/0"*((0.% $#% 0"#$% '?$0#*.% $#%
0"#$% +0((04'?$0#*% *% $#% 0"#$% *,*#(0% 56$&1'((0% +02$'-*P%
>/0&90,$'&0%$#0-(/*%1/02*++$%5$%*&'#2$1'?$0#*%2$,$2'% 23*%20+'%,*5/*&0T
'((/',*/+0%$-%G1-'d;9-%-*'/#$#"6<%>*/%*+*&1$0.%#*-%20/+0%
5*-%hOij.%)$*#'%0+1$(*/B%9#'%+*/$*%5$%*,*#($%1'/(*2$1'($4 F#% '""$9#('% '% K9*+('% 1'/($20-'/*% '((*#?$0#*% '--6'+1*((0%
,$%5$%'&1$'%+2'-'%-*"'($%'-%G"'&$#"6M%(9(($%-*"'($%'-%20#(*4 *+1*/$*#?$'-*% 1$9((0+(0% 23*% 20#2*((9'-*% 1*/% 0"#9#0%
+(0%5*-%1/0"*((0%b*%:/*%V*0#'/50<%V',0/'#50%'++$*&*%% 5*"-$% *-*&*#($% 5*-% #0+(/0% 1/0"/'&&'% 29-(9/'-*.%
'--*%5$,*/+*%20&9#$(B%+*#*+$.%"-$%'/($+($%*%"-$%+,$-911'(0/$% /$(*#$'&0% 23*% $-% 1/0"/'&&'% #*-% +90% 20&1-*++0% +$'% $#%
DLXWHUDQQRLFLWWDGLQLDGDPSOL¿FDUHOHORURFDSDFLWjGL "/'50% 5$% '((/'//*% &0-($% 2$(('5$#$% *9/01*$% "/'?$*% '-% +90%
5$,*#('/*%2042/*'(0/$%5*-%"$020<
&$m%1*29-$'/*%5$%(*+0/$%29-(9/'-$%*9/01*$%5*-%1'++'(0%*%5$%
1/059?$0#$% 29-(9/'-$% 20#(*&10/'#**% *% 5$% ','#"9'/5$'<%
:--6$#(*/#0%5*--0%+(*++0%1/0"*((0.%,0"-$'&0%20#(/$C9$/*% F#0-(/*.% $#,*2*% 5$% $#,$('/*% +0-'&*#(*% $% #0+(/$% 0+1$($% '%
'--'%2/*+2$('%$#(*--*((9'-*%5*$%2$(('5$#$%*9/01*$%#*--6'?$04 L20#+9&'/*L%(9((0%2$_.%)$*#'%1/010//B%'%(9(($%5$%5$,*#('/*%
#*%40(("$+*;"'F3;"3+*03..%50,*%$#(*#5$'&0%*+1-0/'/*%-'% 5*$% /#0.61"#' FXOWXUDOL ± ODQFLDQGR FRVu XQD V¿GD
10++$C$-$(B%5$%1/059//*%20--*(($,'&*#(*%$#,*#?$0#$%'((/'4 *&0?$0#'#(*%*%9#%23$'/0%&*++'""$0%'%(9(($%$%10(*#?$'-$%
,*/+0%,'/$*%;0/&*%5$%G+f'/&%$#(*--$"*#2*6<%
,$+$('(0/$<% )$*#'hOij% +'/B% &0-(0% 1/0C'C$-&*#(*% $-% 1$M%
A#% '-(/0% *+*&1$0% +9--'% +(*++'% -$#*'% 7% $#% 9#'% "/'#5*%*,*#(0%1*/%/#0.61"#%29-(9/'-$%&'$%0/"'#$??'(0%
+0((04'?$0#*%5$%40/Qb#03:'I".+*;)(GHOSURJHWWRÀDJ4 $#% 89/01'% 0% '-(/0,*% '5% 0""$<% D0#% 5'% 9-($&0.% $-% #0+(/0%
+3$1%401db/0#"H%23*%7%5*5$2'('%'%9#'%/$1/010+$?$0#*% '11/022$0%'$%,$+$('(0/$%$#(*+$%20&*%,*/$%*%1/01/$%2$(('5$#$%
20--*(($,'%5$%9#'%1'/(*%5*-%#0+(/0%1'(/$&0#$0%;0/(*&*#(*%
18
2'1'2$% 5$% '$9('/2$% '% /$+0-,*/*% $% 1/0C-*&$% 5*--'% 2$((B.%
0;;/*#50% -*% -0/0% $5**% *% $-% -0/0% 19#(0% 5$% ,$+('% 5$,*/+0.%
20+g%20&*%7%+,$-911'(0%$#%&05'-$(B%"$020+*%#*-%#0+(/0%
1/0"*((0% J$($?*#+% 0;% (3*% 8-+*f3*/*.% &*((*/B% &0-(0%
1/0C'C$-&*#(*%)$*#'%'-%2*#(/0%5*--6'((*#?$0#*%*9/01*'%
20&*% -'' 5*+($#'?$0#*% (9/$+($2'% '($1$2'% 5*-% hOij.% 1*/%
(9(($%20-0/0%23*%+0#0%+('#23$%5*--*%+0-$(*%&*(*<%I9'#50%
+0""$0/#*/*(*%#*--'%2'+'%5$%9#'%;'&$"-$'%(0+2'#'.%K9'#50%
,*//*(*%20$#,0-($%5'%9#%'"/$20-(0/*%#*--'%1/059?$0#*%5$%
0-$0%560-$,'%*.%$-%"$0/#0%5010.%5'%9#%'/($+('%#*-%5$1$#"*/*%
9#%K9'5/0.%K9'#50%*#(/*/*(*%$#%20#('((0%20#%-'%"*#(*%5*-%
10+(0%*%'+20-(*/*(*%-*%-0/0%+(0/$*%+9--'%^0+2'#'.%K9'#50%
1'/(*2$1*/*(*% 20#% $-% ,0+(/0% 20#(/$C9(0% '--'% #0+(/'%
SLDWWDIRUPD VXOOH IRWRJUD¿H QRQVWHUHRWLSDWH GHOOD
^0+2'#'.% K9'#50% 1'/(*2$1*/*(*% '5% 9#% "$020% 9/C'#0% $#%
/*'-(B% $C/$5'% #*--*% 1$'??*% 5$% )$*#'% 0% 20#(/$C9$/*(*% '--'%
+2/$((9/'% 20--*(($,'% 5$% 9#% "/'#5*% /0&'#?0% *9/01*0% 4%
'--0/'%10(/*(*%5$/*%5$%*++*/*%+('($%'%)$*#'<%
='% 1'++$'&0% 0/'% '% 1/*+*#('/*% 1$M% $#% 5*(('"-$0% '-29#$%
5*$% #0+(/$% 1/0"*(($.% 1*/% +1$*"'/*% 1*/23E% 2/*5$'&0% 23*%
10++$*5'#0%9#%10(*#?$'-*%9#$20%1*/%'(($/'/*%$%,$+$('(0/$%
'%)$*#'%#*-%hOij<
^9(($%$%2$(('5$#$%*9/01*$%23*%+0#0%$#(*/*++'($%'-%(9/$+&0%
+0+(*#$C$-*%+'/'##0%29/$0+$%5*-%#0+(/0%1/0"*((0%J$($?*#+%
0;% (3*% 8-+*f3*/*P% *% +*% 20#+$5*/'++$&0% $% (9/$+($% 20&*%
$#5$,$59$%50('($%5$%+*#+$C$-$(B.%C90#%+*#+0.%*+1*/$*#?'%*%
20&1*(*#?'.%1$9((0+(0%23*%+0-'&*#(*%20&*%5*$%2-$*#($T%
D*--0%+(*++0%1/0"*((0.%-'%#0+(/'%'?$0#*%a61)3'a0+"('#0#%
;0/#$+2*% +*&1-$2*&*#(*% 9#'% '-(*/#'($,'% '--'% 20&9#*%
G2'&*/'%56'-C*/"06.%&'%+9110/('%'#23*%1/0"*(($%'/($+($2$%
-*"'($%'-%(*//$(0/$0.%20+g%5'%(/'+;0/&'/*%$-%G(9/$+&0%N<O6%
$#% 9#6'(($,$(B% '/($+($2'<% V6*+1*/$&*#(0% 5$% X6."61' 0C'
[06#*.1% ',/B% $#$?$0% #*-% hOis% '% )$*#'.% 20#% -0% +2010%
5$% 20&C$#'/*% 2/*'($,'&*#(*% 20#2*(($% 20#(*&10/'#*$%
*% +1*/$&*#('-$% 20#% -*% *+1*/$*#?*% (9/$+($23*<% % F#%
1'/($20-'/*.%"-$%+(95*#($%5*--'%)(''(-$23*%:k'5*&$*%5*/%
H$-5*#5*#%oq#+(*.%)(9(("'/(.%$#+$*&*%'5%'-(/*%$+($(9?$0#$%
'/($+($23*% `20&*% $-% =:!% 5$% V9C-]'#'.% -0% +(95$0% 5$%
'/23$(*((9/'% >F!S8D8Q:HF.% *22<a% +,$-911*/'##0% *5%
'((9*/'##0%#90,*%+(/'(*"$*%1*/%9#%(9/$+&0%20#('&$#'(0%
DUWLVWLFDPHQWH¿QRDOJHQQDLRTXDQGRLOX6."61'
0C' [06#*.1% ,*//B% 20+($(9$(0% $+($(9?$0#'-&*#(*<% F#%
^9+2'#d%$#%e09/%H'(3/00&.%-6'?$0#*%!"#C0#1*3:'$(*$%&'
1/010#*%$-%;'$45'4(*%'11-$2'(0%'--'%2/*'?$0#*%5$%+09,*#$/%
9#$2$<%J0#%$-%1/0"*((0%X)3*/6()+*3:'B+"#"0+Q/"..%X*#?0%
Q/'#2'C'#5*/'% $#,$(*/B% $% /*+$5*#($% *5% $% ,$+$('(0/$% '%
&'(*/$'-$??'/*%$%1/01/$%/$20/5$%20#%+('&1'#($%NY%*%'-(/$%
5$+10+$($,$%(*2#0-0"$2$<%F+1$/'($%5'--*%,$+$(*%'$%&9+*$%*%'$%
1'*+'""$%(0+2'#$.%*%5'"-$%$#20#(/$%*%20#,*/+'?$0#$%20#%
-'%1010-'?$0#*%-02'-*.%$%+09,*#$/%10(/'##0%*++*/*%1$M%0%
&*#0%20#,*#?$0#'-$.%'%+*20#5'%5*-%5*+$5*/$0%5$%0"#9#0<
F-% 40/Qb#03:' I".+*;)(% 7% 9#'% &'#$;*+('?$0#*% 5*5$2'('%
'--'% 29-(9/'/ /#0.61"#<% Y9/'#(*% K9*+(0% ;*+($,'-% 5$% 9#'%
+*(($&'#'.%*#(/'/*%#*--*%&9/'%23*%2$/20#5'#0%$-%2*#(/0%
VWRULFRVDUjXQDWWRVLPEROLFRVLJQL¿FKHUjXVFLUHIXRUL
5'--'%20/#$2*%23*%+*1'/'%-601*/'%56'/(*%5'"-$%+1*(('(0/$<%
:-%5$%-B%5$%K9*--'%-$#*'.%#0#%,$%+'/B%1$M%$-%G19CC-$206.%*%
(9(($%20-0/0%23*%*#(/'#0%$#%2$((B%5$,*#('#0%1/0('"0#$+($%
5*-% 1/02*++0% 2/*'($,0<% @-$% '/($+($% 5$% )$*#'hOij% +$%
/'59#*/'##0%,$2$#0%'--*%10/(*%5*--'%2$((B%1*/%'220"-$*/*%
$% 1'/(*2$1'#($% *% '(($/'/-$% $#% 2/*'?$0#$% 20--*(($,*<% F-%
40/Qb#03:'I".+*;)(%+'/B%$-%1$M%"/'#5*%*,*#(0%/#0.61"#%
¿QRUD UHDOL]]DWR H OR SURPXRYHUHPR FRPH WDOH SHU
'((/'//*%,$+$('(0/$%5'-%(9(('%F('-$'%*5%89/01'<
J0&*% $--9+(/'(0% 5'% K9*+($% *+*&1$.% )$*#'hOij% +'/B%
9#% *,*#(0% 1$*#0% 5$% +0/1/*+*.% 23*% '1/$/B% -'% &*#(*%
5*$% ,$+$('(0/$<% J0$#,0-"*/*&0% $% 2$(('5$#$% *9/01*$%
+*20#50% &05'-$(B% '($1$23*.% /$,*-'#50% "-$% '+1*(($% #0#%
20#,*#?$0#'-$% 5*-% 1'(/$&0#$0% $#% &050% 5'% &*((*/*%
$#% 5$+29++$0#*% '1*/('&*#(*% "-$% +(*/*0($1$.% *% 9+2$/*%
;90/$% 5'% +23*&$% +91*/'($<% J$% '+1*(($'&0% 23*% K9*+(0%
DSSURFFLRDI¿DQFDWRGDOO¶DWWHQ]LRQHFKHSUHVWLDPRDOOD
1'/(*2$1'?$0#*% *% '--6$#(*/'?$0#*.% +($&0-$% -'% 29/$0+$(B% *%
&0($,$%&0-($%*9/01*$%'%,*#$/*%'%,*5*/*%5$%1*/+0#'<
!".$
*3$0#)::*)' ()' /)#+"$*/)2*03"' -":(*' )#+*.+*M'
-":(*' 0/"#)+0#*' -"(' 103-0' .0$*0P$6(+6#)("' "'
-":(*')8*+)3+*'-"(()'$*++,M'-"*'.60*'-*3+0#3*'"'-"('
+"##*+0#*0'$0*3;0(+0'-)('!#0:"++0
V'%1/$0/$(B%1/$#2$1'-*%59/'#(*%-'%+*20#5'%;'+*%5*--'%#0+(/'%
2'#5$5'(9/'% 7% +('('% K9*--'% 5$% $#20/'""$'/*% -'% +$#2*/'%
1'/(*2$1'?$0#*% 5*"-$% 'C$('#($% 5$% )$*#'% *% 5*--'% +2*#'%
29-(9/'-*% *% 2/*'($,'% +*#*+*<% Y9/'#(*% -'% 1/*1'/'?$0#*%
5*--'%2'#5$5'(9/'%5$%)$*#'hOij.%01*/'(0/$%-02'-$%5$%0"#$%
"*#*/*%+$%+0#0%9#$($%'%#0$%20&*%1'/(*2$1'#($%'(($,$%*%#0#%
20&*%&*/$%+0+(*#$(0/$<%
%
V'% 1/*+*#?'% 5$% $+($(9?$0#$% *% '++02$'?$0#$% 29-(9/'-$%
+*#*+$.% 5$% "'--*/$*% 56'/(*.% 5$% 20&1'"#$*% 5$% 5'#?'% *%
(*'(/0.% 5$% "/911$% &9+$2'-$% *% 20/$.% #0#23E% 5$% +$#"0-$%
'/($+($.% '((0/$.% +2/$((0/$.% &9+$2$+($.% *+1*/($% &9-($&*5$'-$.%
*% 20+g% ,$'.% 'CC/'22$'% -6$#(*/0% 1/0"/'&&'% '/($+($20% 5$%
)$*#'hOij<%)0#0%(/011$%1*/%10(*/%*++*/*%&*#?$0#'($%K9$%
+$#"0-'/&*#(*.% &'% 10++$'&0% ';;*/&'/*% 20#% 2*/(*??'%
23*% -'% 2'#5$5'(9/'% 0;;/*% 9#6'&1$'% ,*(/$#'% 5*-% ('-*#(0%
+*#*+*.% 20&1/*+0% K9*--0% 5*$% 20&9#$% 5*--'% 1/0,$#2$'<%
F#0-(/*.%20#($#9*/*&0%'%1/010//*%9-(*/$0/$%022'+$0#$%5$%
20$#,0-"$&*#(0%1*/%"-$%01*/'(0/$%29-(9/'-$%+*#*+$%59/'#(*%
WXWWR LO SURFHVVR ¿QR DO FRQWDQGR GL LQFOXGHUH
'#23*% -*% #90,*% 2/*'($,$(B% *&*/"*#($% 23*% +$29/'&*#(*%
+$% &'#$;*+(*/'##0% +9--60#5'% 5*--6*#(9+$'+&0% #*-% 2'+0%
)$*#'%0((*#"'%$-%($(0-0%5$%J8J<
F-% #0+(/0% '11/022$0% $#2-9+$,0% *% 1/0'(($,0% '--'% 29-(9/'%
7% #'(9/'-&*#(*% -'% #0+(/'% 1/$#2$1'-*% +(/'(*"$'% 1*/%
20$#,0-"*/*% (9(($% $% 1'/(#*/% 5*--'% 2$((B% *% 5*-% (*//$(0/$0%
#*--0% +,$-9110% '(($,0% 5*-% #0+(/0% 1/0"/'&&'% 29-(9/'-*%
*% #*--'% +9'% 0/"'#$??'?$0#*<% )$% (/'(('.% 5$% ;'((0.% 5$% 9#'%
20&9#$(B%5$%/#0.61"#%$#%20+('#(*%2/*+2$('%23*.%5'%K9$%
'-%hOij%*%0-(/*.%+$%*+1'#5*/B%5'%)$*#'%'%(9(('%-6F('-$'%*%'-%
/*+(0%5*--689/01'<%F-%1/02*++0%7%"$B%$#$?$'(0.%*%&0-($%5*$%
#0+(/$%1'/(#*/%*9/01*$%23*%+0#0%$#(*/,*#9($%'$%f0/k+301%
19
59/'#(*% -'% 1/*1'/'?$0#*% 5*--'% 2'#5$5'(9/'% +0#0% "$B%
$#% 20#('((0% 20#% -*% -0/0% 20#(/01'/($% +*#*+$% *% 1/0#($% '5%
$#$?$'/*% '% -',0/'/*% $#+$*&*<% V6$#(*/0% 1/0"/'&&'% 5$%
)$*#'hOij% +$% C'+'% +9--6$5*'% 23*% -'% 1'/(*2$1'?$0#*%
29-(9/'-*% #0#% 19_% 1$M% -$&$('/+$% '5% 9#'% (/'+&$++$0#*%
1'++$,'% 5$% 20#(*#9($.% &'% 5*,*% $&1-$2'/*% '#23*% -'% 204
2/*'?$0#*% *% -6$#(*/'?$0#*% +02$'-*<% ^9(($% $% 1/0"*(($% 5*-%
SURJUDPPD DUWLVWLFR ULÀHWWRQR TXHVWR RULHQWDPHQWR
*% +0#0% +('($% +,$-911'($% 20&*% 1$'((';0/&*% (/'+,*/+'-$%
*% $#(*/5$+2$1-$#'/$% 23*% 20#+*#('#0% 5$,*/+*% &05'-$(B%
5$% 1'/(*2$1'?$0#*% '(($,'.% 'CC/'22$'#50% 5'% 5$,*/+*%
'#"0-'?$0#$% (9(('% -'% 20&9#$(B% +*#*+*<% V'% 20&9#$(B% 7%
5$/*(('&*#(*%20$#,0-('%$#%1/0"/'&&$%5$%'11/*#5$&*#(0%
20--*(($,0%1/0&0++$%5'%1'/(#*/%23$',*%20&*%-'%;0#5'?$0#*%
&LWWj GHOO¶DUWH)RQGD]LRQH 3LVWROHWWR ,1'(; 'HVLJQ
(0% F&1/0,*% J01*#'"3*#% 0% ^*23#02F^E% =0#+% 1*/%
+,$-911'/*% -*% 20&1*(*#?*% *% -*% 2'1'2$(B% #*2*++'/$*% '%
"'/'#($/*%9#'%/*'-*.%1/*2$+'%*5%*;;*(($,'%1'/(*2$1'?$0#*%
5$% 0"#$% 2$(('5$#0% +*#*+*% '-% 1/0"/'&&'% 5$% )$*#'hOijP%
7% +9% K9*+('% $#;/'+(/9((9/'% +02$'-*% $#('#"$C$-*% 23*%
20+(/9$/*&0%-6*/*5$(B%1*/&'#*#(*%5*--'%J8J<%F#0-(/*.%'%
#0+(/0%',,$+0.%-'%1'/(*2$1'?$0#*%29-(9/'-*%3'%9#%$&1'((0%
+9-% C*#*++*/*% 1+$20-0"$20.% +9--'% 20*+$0#*% +02$'-*% *%
+9--6$#(*"/'?$0#*.%+9--'%2'1'2$(B%56$##0,'?$0#*%*% +9--'%
+0+(*#$C$-$(B%4%*5%7%K9$#5$%9#%$&10/('#(*.%C*#23E%'#20/'%
(/'+29/'(0.% 2'#'-*% 5$% $##0,'?$0#*% +02$'-*<% \% K9*+(0%
9#0%5*$%&*++'""$%1/$#2$1'-$%23*%,0"-$'&0%(/'+&*((*/*%
'--689/01'%'((/',*/+0%$-%#0+(/0%1/0"*((0<
!)#+"$*/)2*03"'-"(()'.$"3)'.0$*0P$6(+6#)("
D0#% +0-('#(0% )$*#'% 20$#,0-"*% &0-($% 01*/'(0/$% -02'-$%
5*--'%+2*#'%+02$0429-(9/'-*.%&'%7%'#23*%&0-(0%1/0C'C$-*%
23*%-'%J8J%'"$+2'%5'%2'('-$??'(0/*%1*/%-6$#;/'+(/9((9/'%
+02$0429-(9/'-*% -02'-*<% F% #0+(/$% 1'/(#*/% -02'-$% +0#0%
20#+'1*,0-$% 5$% K9*+(0% 10(*#?$'-*.% *% -0% 20#+$5*/'#0%
20&*% 9#6022'+$0#*% $&10/('#(*% 1*/% *+1'#5*/*% $% -0/0%
'&C$($%5$%'(($,$(B%*%1*/%',,$'/*%20--'C0/'?$0#$%;/9((90+*%
20#% $% -0/0% 0&0-0"3$% 5'% (9(('% 89/01'<%:5% *+*&1$0.% -*%
1/$#2$1'-$%'++02$'?$0#$%5$%,0-0#('/$'(0%+'#$('/$0%+*#*+$.%
20&*%-'%=$+*/$20/5$'%*%-'%>9CC-$2'%:++$+(*#?'.%+$%+0#0%
$#20#(/'(*%20#%$%#0+(/$%1'/(#*/%#*-%2'&10%5*--'%29-(9/'%
*% 5*--'% +'-9(*% 20&*% ='/d% @/*3'#% 5'--'% b'(*/;0/5%
Z*'-$#"% :/(+% ^/9+(.% :k$% X010#*#% *% z9kk'% )'9kk0-$#%
5*--6A#$,*/+$(B% 5$% ^9/k9.% >$'% )(/'#5&'#% 5*--'%
=*(/010-$'% A#$,*/+$(d% *% -6'/($+('% Q-0/*#2*% =$#5*/.% '-%
¿QH GL FRQGLYLGHUH LGHH FRPXQL VXL SURJHWWL J9-(9/'-%
8&*/"*#2d% X00&% *% )($--% Y'#2$#"H% *% 200/5$#'/+$%
1*/% -'% 1'/(*2$1'?$0#*% 20&9#*% '% ;9(9/$% 1/0"*(($% A8%
$#% K9*+(0% '&C$(0<% :--0% +(*++0% &050.% -*% #9&*/0+*%
'++02$'?$0#$% -02'-$% 23*% +$% 02291'#0% 5$% ,'/$*% ;0/&*% 5$%
GLVDELOLWj ¿VLFD H FRJQLWLYD VRQR VWDWH GLUHWWDPHQWH
FRLQYROWHQHOORVYLOXSSRGHOSURJHWWRÀDJVKLS>'/')$(*.%
$#$?$'#50% '#23*% '% $#(*/'"$/*% 20#% $% 1/$#2$1'-$% 1'/(#*/<%%
%
!)#+"$*/)2*03"'-":(*')8*+)3+*
D*-%(*'&%5$%)$*#'hOij.%23*%/'11/*+*#('%(/'%-6'-(/0%"$B%
9#'%C'+*%1*/%-'%1'/(*2$1'?$0#*%2$(('5$#'.%'CC$'&0%5'(0%
(QWULDPR RUD QHOOR VSHFL¿FR GHOOH PRGDOLWj FRQFUHWH 9#'% 1'/($20-'/*% '((*#?$0#*% '--0% +,$-9110% 5$% +(/'(*"$*%
5*--'%1'/(*2$1'?$0#*%'%)$*#'hOij.%/$;*/*#502$%'5%'-29#$% 23*% $#20/'""$#0% -'% 1'/(*2$1'?$0#*% 5*"-$% 'C$('#($<% )*%
1/0,'++$&0%'%(/'//*%-*%20#2-9+$0#$%*++*#?$'-$%5'%K9*+('%
5*$%#0+(/$%1/0"*(($%29-(9/'-$<
ULÀHVVLRQHSRWUHPPRGLUHFKHSHUQRLLOFRLQYROJLPHQWR
%%
5*$%2$(('5$#$%+$%*+1-$2'%$#%#0,*%+(/'(*"$*P
!)#+"$*/)2*03"'-":(*')#+*.+*
%
)$*#'hOij%3'%59*%'11/022$%20&1-*&*#('/$%$#%/*-'?$0#*% i<% 20+($(9$/*%1'#*-%5$%2$(('5$#$%+*#*+$%1*/%20&1/*#5*/*%
K9'-$% '+1*(($% 5*-% 1/0"*((0% )$*#'hOij% +0#0% +('($%
'-%20$#,0-"$&*#(0%5*"-$%'/($+($<%F-%1/$&0%7%20$#,0-"*/*%
/*2*1$($.% *% K9'-$% /*'?$0#$% 3'##0% 1/050((0c% K9*+($%
'/($+($%5'%,'/$*%1'/($%5689/01'%*%5*$%(*//$(0/$%,$2$#$<%>*/%
1'#*-% 10++0#0% 5'/*% $#;0/&'?$0#$% 9($-$% '#23*% 1*/%
*+*&1$0.% (/'% "-$% '/($+($% 23*% -',0/*/'##0% '% a"#*+):"' 0C'
YHUL¿FDUHODULVSRQGHQ]DGHOSURJUDPPDLQWHUPLQL
B0##0R% YL VRQR7DQMD 2VWRMLü GD %HUOLQR7LQD (OOHQ
GLDI¿QLWjGHLFLWWDGLQLFRQLOSURJHWWRGLHYHQWXDOL
V**%5'--6F#"3$-(*//'.%)'#'%^'&?$#$%5'--'%^9#$+$'.%:5*-'%
/'"$0#$%'%;',0/*%0%20#(/'/$*.%*%20+g%,$'c
z9+$2%*%$-%"/9110%J/,*#'%5'%)'/']*,0.%z*(0#%D*?$/']%5'%
3ULVWLQD 2OLYHU )UOMLü GD =DJDEULD 6H]JLQ %R\QLN H h<% $#20/'""$'/*% $% 2$(('5$#$% '% 1'/(*2$1'/*% '% -'C0/'(0/$%
29-(9/'-$.%1*/%+,$-911'/*%1/0"*(($%23*%-$%$#2-95'#0%#*$%
0LQD+HQULNVHQGD+HOVLQNLH7DQMD0LOHWLü2UXüHYLü
1/02*++$% 2/*'($,$c% 5$+29(*/*% 20#% -0/0% "-$% $#5$2'(0/$%
5'%=0+('/<%F-%+*20#50%20#+$+(*%#*--6$#,$('/*%'/($+($%20#%
5*-%1/0"/'&&'.%;'2$-$('#50%9#'%20&1/*#+$0#*% 1$M%
'&1$'%*+1*/$*#?'%5*$%1/02*++$%1'/(*2$1'($,$%5$%2/*'?$0#*%
1/0;0#5'%5*-%1/0"/'&&'%J8Jc
'/($+($2'c%1*/%*+*&1$0.%#*--6'?$0#*%Y"P4#")+*;"'56#0/"'
5$%J01db/0#".%-6'((0/*%*%&$&0%)*/"$0%H9+(/$2%&*((*/B% N<% $#,$('/*%$%2$(('5$#$%5$%)$*#'.%5*--6F('-$'%*%5*--689/01'%
'%1'/(*2$1'/*%'%5$C'(($($%+9%1$'((';0/&*%5$"$('-$c
$#% +2*#'% 9#'% 20&&*5$'% 20--*(($,'% $#% 29$% -'% +02$'-$(B%
K90($5$'#'%#*"-$%+1'?$%9/C'#$%"*#*/$%$#2$5*#($%9&0/$+($2$<% <% 1/0&90,*/*%$-%"$0/#'-$+&0%5*$%2$(('5$#$%20&*%1'/(*%
5*--'%#0+(/'%+(/'(*"$'%5$%20&9#$2'?$0#*c
D*-% #0+(/0% *,*#(0% 20&9#$('/$0% >$'#0% >$'#$++$&0.% $-%
1$'#$+('% )(*;'#0% H0--'#$% ,$'""*/B% $#% (9(('% 89/01'% 20#% [<% '(($,'/*%$%2$(('5$#$%1*/23E%5$,*#($#0%'&C'+2$'(0/$%*%
(*+($&0#$'-%5$%)$*#'hOij%#*--*%-0/0%2*/23$*%+02$'-$%*%
9#%1$'#0%&0#('(0%+9%9#%2'//0%(/'$#'(0%5'%C90$%C$'#23$%
1/0;*++$0#'-$c
5$% /'??'% J3$'#$#'<% F#20#(/*/B% "-$% 'C$('#($%5*$% -90"3$% *%
&9+$2$+($% ;0-k.% 1*/% $&1/0,,$+'/*% +9% &*-05$*% 5'% K9*+($% s FRLQYROJHUH L FLWWDGLQL FRQ VSHFL¿FKH FRPSHWHQ]H
#*--*%'(($,$(B%5$%+9110/(0%-*"'(*%'--'%1/0"*(('?$0#*%*%
1/010+(*.%#*--*%1$'??*%5$%1$220-$%20&9#$%*9/01*$<%
'--'%/*'-$??'?$0#*%5*--*%'(($,$(B.%'--'%/'220-('%5$%5'($%
%%
*%'--'%20&9#$2'?$0#*%5*$%/$+9-('($%5*--*%2'&1'"#*%5$%
20
,'-9('?$0#*c
t<% 0/"'#$??'/*%+2'&C$%5$%2$(('5$#$%20#%'-(/*%J8J.%20#%
2$((B%C9-"'/*.%20#%2$((B%1'/(#*/%*%20#%$%-0/0%01*/'(0/$%
29-(9/'-$c
R<% +($&0-'/*% -*% 20##*++$0#$% *% -*% 2041/059?$0#$% (/'%
2$(('5$#$%*%(9/$+($c
j<% 20$#,0-"*/*%$%2$(('5$#$%$#%'(($,$(B%*%+2'&C$%+9%1/0"*(($%
-*"'($%'$%&*+($*/$%'/($"$'#'-$<
D*"-$% 9-($&$% 59*% '##$% *% &*??0.% 1*/$050% $#% 29$% +$% 7%
20&1-*('(0% $-% 1/0"*((0% 5$% 2'#5$5'(9/'.% 'CC$'&0% ;'((0%
/$20/+0% '--*% +(/'(*"$*% h.% N.% [.% s.% t% *% R.% 5$/*(('&*#(*%
0% '((/',*/+0% '++02$'?$0#$.% $+($(9?$0#$% *% J0#(/'5*.% *%
'CC$'&0%+201*/(0%23*%;9#?$0#'#0U%\%+('(0%;0#5'&*#('-*%
DVFROWDUH FRVWUXLUH ¿GXFLD ULDVFROWDUH DQDOL]]DUH
VLQWHWL]]DUHUHVWLWXLUHHLQ¿QHDVFROWDUHQXRYDPHQWH
>'/-'#50% 1$M% $#% "*#*/'-*.% +$% 19_% 5*+2/$,*/*% $-%
20$#,0-"$&*#(0% 5*$% 2$(('5$#$% 20&*% 9#% &0,$&*#(0%
$#% (/*% ;'+$P% 1/$&'% 5$% (9((0% 7% *++*#?$'-*% $#;0/&'/-$c% 10$%
2*/23$'&0% 5$% &0C$-$('/-$.% #*-% +*#+0% 5$% 0((*#*/#*% $-%
VRVWHJQR XQD YROWD YHUL¿FDWR FKH KDQQR YRJOLD GL
+'-$/*% '% C0/50.% 10++$'&0% 23$*5*/*% -0/0% 5$% 1'/(*2$1'/*%
'(($,'&*#(*%'--'%#0+(/'%',,*#(9/'<
`0(03+)#*
F-%,0-0#('/$'(0%7%9#%(/'((0%1/0;0#5'&*#(*%/'5$2'(0%#*--'%
+02$*(B% 2$,$-*% +*#*+*.% 23*% #0#% '% 2'+0% 1/*+*#('% -$,*--$%
56$&1*"#0%,0-0#('/$+($20%(/'%$%1$M%'-($%5$%(9(('%89/01'<%
Y9/'#(*% -'% +*20#5'% ;'+*% 5*--'% 2'#5$5'(9/'.% )$*#'% 3'%
',,$'(0%9#%1/0"/'&&'%1*/%$%,0-0#('/$%23*%3'%/$+20++0%
$&&*5$'('&*#(*% 9#% *-*,'(0% #9&*/0% 5$% '5*+$0#$%
*#(9+$'+($23*% 5'% 1'/(*% 5*$% 2$(('5$#$% -02'-$.% *% ;9#?$0#'%
0/'% '% 1$*#0% /*"$&*<% F% ,0-0#('/$% +0#0% '(($,'&*#(*%
20$#,0-($% #*-% 1/02*++0% 5$% 2'#5$5'(9/'% '% (9(($% $% -$,*--$P%
5'--'% 1/*1'/'?$0#*% *% 5$+(/$C9?$0#*% 5$% &'(*/$'-$.% '--'%
1'/(*2$1'?$0#*% #*--'% 1/059?$0#*% 5*"-$% *,*#($.% 0119/*%
20&*%'&C'+2$'(0/$%23*%1/0&90,0#0%-'%20#+'1*,0-*??'%
*% $-% 20$#,0-"$&*#(0% 5$% (9(('% -'% 20&9#$(B<% >'/(*#50%
5'% K9*+('% C'+*.% +*% )$*#'% 0((*//B% $-% ($(0-0% 5$% J8J.%
+$'&0% 1/0#($% '% +('C$-$/*% /'1$5'&*#(*% 9#% 1/0"/'&&'%
5$% ,0-0#('/$'(0% &0-(0% 1$M% ,'+(0% *% '5% 0/"'#$??'/-0%
+0-$5'&*#(*%$#%(*/&$#$%5$%/*2-9('&*#(0.%5$%;0/&'?$0#*.%
5$%&0($,'?$0#*.%5$%'++*"#'?$0#*%5*$%20&1$($%*%20+g%,$'<
!#0:#)11)'$6(+6#)("
D*-% #0+(/0% 1/0"/'&&'% 29-(9/'-*.% 20&*% 0/'% 50,/*CC*%
*++*/*%23$'/0.%-'%1'/(*2$1'?$0#*%5*$%2$(('5$#$%#0#%7%9#%
+*&1-$2*% 1$'((0% 5$% 20#(0/#0.% &'% -'% 10/('('% 1/$#2$1'-*P%
,*5$'&0%)$*#'hOij%20&*%9#'%20&9#$(B%/#0.61"#'23*%
HVSDQGHOHSURSULHFHUFKLHGD6LHQDDOO¶,WDOLD¿QRDOUHVWR
5*--689/01'.% 20#% 9#% '11/022$0% $#(/$#+*2'&*#(*% 1/04
'(($,0% '--'% 29-(9/'% 20&*% /$23$*+(0% 5'-% #0+(/0% 20#2*((0%
23$',*%5$%>'(/$&0#$0%N<O<%F#%0"#$%2'+0.%0-(/*%'%K9*+('%
2'/'((*/$+($2'%"*#*/'-*%20&9#*%'%(9(($%$%#0+(/$%1/0"*(($.%
'CC$'&0% '#23*% +,$-911'(0% K9'((/0% ($1$% 5$% 1/0"*(($% 23*%
SRVVLHGRQR XQ SRWHQ]LDOH SL VSHFL¿FR SHU IDYRULUH
$-% 20$#,0-"$&*#(0% '(($,0% 5*"-$% 'C$('#($% #*--'% #0+(/'%
*+1*/$*#?'%J8J<
5;"3+*'$%"'.*'#*;0(:030')(()'$*++)-*3)32)')++*;)
%:&1$% "/911$% 5$% 2$(('5$#$% *9/01*$% 0""$% /$(*#"0#0% 23*%
'-(/$.% '-% 10+(0% -0/0.% +('##0% 20+(/9*#50% -689/01'% *%
20#+$5*/'#0% 20-0/0% 23*% 5*,0#0% 1/*#5*/*% -*% 5*2$+$0#$%
$&10/('#($.%'#23*%'%-$,*--0%#'?$0#'-*.%K9'+$%20&*%9#'%
5$,*/+'%+1*2$*%5$%*++*/$%9&'#$<%V'%10-$($2'%*%-6*20#0&$'%
#0#% ,*#"0#0% 1*/2*1$(*% 20&*% '&C$($% 20#% $% K9'-$% 2$% +$%
10++'%/*'-&*#(*%20#;/0#('/*.%0%+9$%K9'-$%10(*/%*+*/2$('/*%
9#%$&1'((0<%)$*#'hOij%0/"'#$??*/B%*,*#($%20&*%-6c/"3'
4*;*$' I0#61' ;2( D'1k$#% 820#0&$2+.% $#% 29$% $% 2$(('5$#$%
10(/'##0% 5$C'((*/*% $#% 1/$&'% 1*/+0#'% +9% (*&$% 20&*% $-%
5$-*&&'%5*--'%2/*+2$('%$#%89/01'%&'%'#23*%#*-%(*//$(0/$0%
+*#*+*.% 0119/*% +9-% ;9(9/0% 5*$% +$+(*&$% 1*#+$0#$+($2$%
0% 5*--6'&C$*#(*<% F#0-(/*.% 20#% 46(+6#)(a0+B/0+.M%
';;/0#(*/*&0% K9*+($0#$% /$-*,'#($% SHU VSHFL¿FKH DUHH
5*-% (*//$(0/$0% +*#*+*% *% 5*--'% ^0+2'#'.% 20$#,0-"*#50%
'(($,'&*#(*% $% 2$(('5$#$% &*#(/*.% $#% 9#% +*20#50% (*&10.%
$-%5$C'(($(0%,$'""*/B%,*/+0%'-(/$%-90"3$%$#%89/01'%50,*%
*+$+(0#0%1/0C-*&$%+$&$-$<%,Q¿QH%5'/*&0%#90,0%$&19-+0%
'-%&$"-$0/'&*#(0%20--*(($,0%5*--'%#0+(/'%2$((B%"/'?$*%'--*%
$5**%*%'--*%1/010+(*%5*$%#0+(/$%,$+$('(0/$%$#%J$($?*#+%0;%
(3*%8-+*f3*/*.%$#,$('#50-$%'%20#(/$C9$/*%'--0%+,$-9110%5$%
)$*#'%$#%K9'#(0%2$(('5$#$%1$9((0+(0%23*%20&*%(9/$+($.%*%'%
+*#($/+$%1'/(*%'(($,'%*%C*#,0-9('%5*--'%20&9#$(B<
5;"3+*'$%"'.*'#*;0(:030')*'/#0.61"#
)$*#'hOij% 3'% 9#% '&0/*% 20#('"$0+0% 1*/% -'% 29-(9/'%
/#0.61"#.%20&*%'11'/*%5'%(9(($%$%#0+(/$%1/0"*(($<%I9*+(0%
+1$/$(0% 7% 20&9#K9*% '/($20-'(0% 1$M% *+1-$2$('&*#(*%
$#% 1/0"*(($% 20&*% ^9+2'#d% $#% e09/% H'(3/00&.%
J01db/0#"% *% J9-(9/'-% 8&*/"*#2d% X00&( r% #*$% K9'-$%
$% 2$(('5$#$% 5$,*#('#0% -0/0% +(*++$% 1'/(*% 5*-% 1/02*++0% 5$%
1/059?$0#*%29-(9/'-*.%*%,*#"0#0%K9$#5$%20$#,0-($%$#%9#'%
1'/(*2$1'?$0#*%29-(9/'-*%K9'#(0%&'$%'(($,'<
5;"3+*'$%"'.*'.;0(:030'*3'./)2*'/688(*$*
Q'2*#50% +23*/?0+'&*#(*% /$;*/$&*#(0% '% ='/$#*(($%
`L=9+*$P%J0#1*+0#*'19CC-$2$%$#%29$%+$%/$10+'%1*/%+*&1/*%
'22'#(0% '5% *++*/$% 05$'($% 0% $"#0($La.% #0$% 2/*5$'&0% 23*%
-6'/(*% #0#% 50,/*CC*% /$&'#*/*% #'+20+('% $#% 9#% &9+*0%
&'% '#23*.% '% ,0-(*.% *++*/*% 10/('('% ;90/$.% '--6'1*/(0<%
8220% 1*/23E.% $#% 1'/($20-'/*% $#% ^3*% )1'2*% H*(f**#.%
2$% 20#2*#(/$'&0% +9--6'/(*% #*"-$% +1'?$% 19CC-$2$% 4% $-% 23*%
VLJQL¿FD%'#23*%23*%+'/B%K9'+$%$&10++$C$-*%1*/%$%2$(('5$#$%
1*/5*/+$%2$_%23*%'22'5/B%#*-%hOijP%-*%1*/;0/&'#2*%*%-*%
01*/*%56'/(*%5*--'%J8J%+'/'##0%-g%1*/%*++*/*%20#5$,$+*%
*%"059(*%5'%(9(($.%#0#%+0-0%#*-%2*#(/0%2$((B%&'%'#23*%#*$%
K9'/($*/$%1*/$;*/$2$%*%$#%(9(('%-'%1/0,$#2$'%+*#*+*<
5;"3+*'*3$"3+#)+*'.6('/)+#*103*0'-*'B*"3)'
V'% #0+(/'% 2'#5$5'(9/'% 7% ;0/(*&*#(*% /'5$2'('% #*--'%
29-(9/'% -02'-*.% +1*2$'-&*#(*% 20#% $-% 1/0"*((0% @$;(% 0;%
V$;*.% #*-% K9'-*% -*% (/'5$?$0#$% 5*--*% J0#(/'5*% ,*#"0#0%
2*-*C/'(*% *% /$,$++9(*% $#% &05$% $#'((*+$<% ='% ,0//*&&0%
'#23*%5$1$#"*/*%9#'%,*/+$0#*%20#(*&10/'#*'%5*-%H90#%
@0,*/#0% #*--*% '/**% +9C9/C'#*.% $#+$*&*% '5% '/($+($% 5$%
21
+(/'5'%*%'$%/*+$5*#($%r%7%20+g%23*%)$*#'hOij%5B%,$('%'-% #0+(/$%*+1*/$&*#($%29-(9/'-$%10(/*CC*/0%10/('/*%'%#90,*%
10-$($23*.% $#(9$?$0#$% *% $#$?$'($,*c.% *% -'% 2$((B% 7% 1/0#('% '%
1'(/$&0#$0%5*--'%2$((B%$#+$*&*%'$%2$(('5$#$<
1/0+*"9$/*%+9%K9*+('%+(/'5'<
F#0-(/*.%-'%2$((B%7%;0/(*&*#(*%$&1*"#'('%#*--'%20+(/9?$0#*%
B0::*0#3*'*3'C)1*:(*)'"')(+#*'*3;*+*
F#% ,'/$% 1/0"*(($% $#,$($'&0% '/($+($% *% ,$+$('(0/$% '% ,$,*/*% *% $&1-*&*#('?$0#*% 5$% 9#% &05*--0% 5$% +,$-9110% +02$04
20#% -'% "*#(*% 5*-% 10+(0<% F#% J$($?*#+% 0;% (3*% 8-+*f3*/*.% *20#0&$20% -02'-*% 23*% ,*5'% -'% 29-(9/'% 20&*% &0(0/*%
1*/% *+*&1$0.% -6'?$0#*% a61)3' a0+"0% +$% 1/010#*% 5$% 1/$#2$1'-*%r%*%K9*+(0.%$#5$1*#5*#(*&*#(*%5'-%($(0-0%5$%
(/'+;0/&'/*% -*% 2'+*% 5*$% +*#*+$% #0#% +0-0% $#% +1'?$% 5$% J8J<%Y*--*%20#2/*(*%'?$0#$%+0#0%20&9#K9*%5$,*#('(*%
0+1$('-$(B.%&'%$#%,*/*%*%1/01/$*%1$'((';0/&*%5$%+2'&C$0% #*2*++'/$*% 1*/% 10(*/% ';;/0#('/*% -'% 1/0;0#5'% 2/$+$% $#%
50,*% $% 2$(('5$#$% +$% $#20#(/'#0.% '% +*20#5'% 5*"-$% *,*#($% '((0.% 23*% +('% C/92$'#50% 10+($% 5$% -',0/0% *% 0CC-$"'#50%
VSHFL¿FL%20#%3'2k*/.%'/($+($%0%20#%'(($,$+($%1*/%-'%1'2*% $% &$"-$0/$% ('-*#($% -02'-$% '5% '#5'/*% '% 2*/2'/*% -',0/0%
*9/01*$%1*/%$&1'/'/*%"-$%9#$%5'"-$%'-(/$.%*%1*/%'C$(9'/*% '-(/0,*<% A#% 5$'-0"0% $+($(9?$0#'-*% 20#% -'% X*"$0#*% 7%
23$%,$,*%'%)$*#'%'%+*#($/+$%'%1/01/$0%'"$0%#*--6$#(*/'?$0#*% '((9'-&*#(*% $#% 20/+0.% DO ¿QH GL JDUDQWLUH% 23*% '-&*#0%
/',,$2$#'('%20#%-*%1$M%+,'/$'(*%1*/+0#*%1/0,*#$*#($%5'% -'%&*(B%5*--*%/$+0/+*%+('#?$'(*%$#%2'+0%5$%,$((0/$'%,*#"'%
'--02'('% '--'% 2$((B% '#23*% #*-% 2'+0% K9*+('% #0#% 50,*++*%
(9(('%89/01'<
,$#2*/*.%1*/%$&1-*&*#('/*%K9*--'%1'/(*%5*-%1/0"/'&&'%
!".% %)' 63' $)#)++"#"' -6#)+6#0' "-' E' /)#+"' *3+":#)3+"' 2'1'2*%5$%;0/#$/*%9#%#90,0%$&19-+0%'--6*20#0&$'%-02'-*%
-"((0' .;*(6//0' $6(+6#)("' "' .0$*)("' )' (63:0' *%5$%*++*/*%5$%$+1$/'?$0#*%'#23*%1*/%'-(/*%2$((B%*%(*//$(0/$%
(0+2'#$<
+"#1*3"'-"(()'$*++,
)$*#'% +'% 23*% 5*,*% 2'&C$'/*% r% *5% 7% 1*/% K9*+(0% 23*%
,0"-$'&0% ,$#2*/*% K9*+('% 20&1*($?$0#*<% V'% #0+(/'%
2'#5$5'(9/'%1/*#5*%;0/?'%5'-%1/0;0#50%5*+$5*/$0%5*--'%
1010-'?$0#*% +*#*+*% 5$% ,*5*/*% 1/0+1*/'/*% 5$% #90,0%
-'% 1/01/$'% 2$((B.% *% 5$% ;'/*% (9(($% $% 1'++$% #*2*++'/$% 1*/%
/'""$9#"*/*% K9*+(0% 0C$*(($,0<% V'% 20&9#$(B% 7% /$&'+('%
"/',*&*#(*% ;*/$('% 5'"-$% +2'#5'-$% *% 5'--*% 20#(/0,*/+$*%
-*"'(*%'--'%2/$+$%C'#2'/$'%-02'-*%*.%$#$?$'-&*#(*.%'#23*%
-'% +(*++'% 2'#5$5'(9/'% 7% +('('% '220-('% 5'% '-29#$% 20#%
+2*(($2$+&0.%#*-%($&0/*%23*%#0#%+$%(/'(('++*%5$%#$*#(6'-(/0%
23*%5$%9#'%#90,'%022'+$0#*%5$%20//9?$0#*%*%&'-';;'/*<%
X$20+(/9$/*% OD ¿GXFLD% *% -'% +1*/'#?'% #*-% ;9(9/0% 7% +('(0%
59#K9*% $-% #0+(/0% 1/$#2$1'-*% 0C$*(($,0% $#% (*/&$#$% 5$%
1'/(*2$1'?$0#*.%*%+$'&0%0/"0"-$0+$%5$%/$;*/$/*%23*.%5010%
9#% -9#"0.% 1'?$*#(*% *% '((*#(0% 5$'-0"0% 10/('(0% ','#($%
"$0/#0%5010%"$0/#0%20#%2*#($#'$'%5$%$#20#(/$%*%5$%1$220-$%
*,*#($.%,*5$'&0%0/'%5',,*/0%#90,*%+1*/'#?*%*5%*#*/"$*%
+C022$'/*%#*--'%20&9#$(B.%-'550,*%-'%GLI¿GHQ]D%*%-6'9(04
20&&$+*/'?$0#*%+('##0%-'+2$'#50%/'1$5'&*#(*%$-%1'++0%
'--6*#(9+$'+&0%*%'--6$&1*"#0.%#*--'%&$"-$0/*%(/'5$?$0#*%
+*#*+*%5$%20$#,0-"$&*#(0%5*--'%20&9#$(B<
%%
8220% 1*/23E% $#% K9*+('% +*20#5'% ;'+*% 2$% 20#2*#(/$'&0%
'#20/'% 5$% 1$M% +9--6$5*'% 5$% /$##0,'&*#(0% *% 5$%
/$#"$0,'#$&*#(0%'((/',*/+0%-'%1'/(*2$1'?$0#*%29-(9/'-*.%
SURPXRYHQGR XQD YLVLRQH GD ;;, VHFROR GHOOD
29-(9/'<% )$*#'% 5$,*#(*/B% 9#% 2*#(/0% 56$//'5$'?$0#*% 1*/%
-'% 29-(9/'% 20#(*&10/'#*'.% 1*/% -'% 29-(9/'% 1/0+9&*/%
*% 1*/% $-% 1'(/$&0#$0% /$'((9'-$??'(0.% ;0/#*#50% *+*&1$%
'#23*% '--*% '-(/*% 2$((B% 5$% 1'(/$&0#$0% *9/01**.% *% 9+'#50%
20&*%C9++0-'%$#%K9*+(0%,$'""$0%5$%+201*/('%$-%20#2*((0%
5$% >'(/$&0#$0% N<O<% D9&*/0+*% 0/"'#$??'?$0#$% -02'-$%
+0#0% "$B% '(($,'&*#(*% 20$#,0-(*% #*--'% 2'#5$5'(9/'.%
'--$#*'#50% -'% -0/0% '"*#5'% 20#% K9*--'% 5$% )$*#'hOij<%
&Lz VLJQL¿FD% '#23*% 23*% K9*+('% 1/0"/'&&'?$0#*% 7%
PDQWHQXWD ÀHVVLELOH% $#% &050% 5'% 10(*/+$% G1$*"'/*6%
#*--'%5$/*?$0#*%5*--0%+,$-9110%5*--'%J8JP%$%/$+9-('($%5*$%
V'%+0+(*#$C$-$(B%+02$'-*%5*--'%2'#5$5'(9/'%5$%)$*#'hOij%
+$%C'+'%+9-%2/92$'-*%+922*++0%5*-%20$#,0-"$&*#(0%5$%(9(($%
"-$% +('k*30-5*/% -02'-$% $#% 1/02*++$% 5$% '2K9$+$?$0#*% 5$%
20&1*(*#?*%29-(9/'-$%2'1'2$%5$%+0+(*#*/*%*%1/0&90,*/*%$%
1/0"*(($.%-*%/*($%*%$%2'&C$'&*#($%+(/9((9/'-$%;0#5'&*#('-$<%
V601$#$0#*%19CC-$2'%+*#*+*%0/'%/$20#0+2*%'&1$'&*#(*%
#*--'% 2'#5$5'(9/'% J8J% -0% +(/9&*#(0% 1$M% 20#2/*(0% 1*/%
9+2$/*%5'--'%2/$+$.%*%(9((*%-*%2'(*"0/$*%20$#,0-(*%+('##0%
&0+(/'#50%9#'%+*&1/*%&'""$0/*%C90#'%,0-0#(B%#*-%;'/%
;/0#(*%'"-$%$&1*"#'($,$%/*K9$+$($%#*2*++'/$%$#%(*/&$#$%5$%
+,$-9110%5$%9#'%#90,'%29-(9/'%5$%2001*/'?$0#*%+02$'-*%
*% 5$% '2K9$+$?$0#*% 5$% #90,*% 2'1'2$(B% 0/"'#$??'($,*% *%
$&1/*#5$(0/$'-$%'%(9(($%$%-$,*--$<%=0-(0%/$&'#*%'#20/'%5'%
;'/*.%(9((',$'.%1*/%"'/'#($/*%23*%$-%(*//$(0/$0%+$'%'--6'-(*??'%
GHOODV¿GD<%:%K9*+(0%+2010.%$#%2'+0%5$%'((/$C9?$0#*%5*-%
($(0-0.%)$*#'hOij%-'#2*/B%$-%1/0"/'&&'%>$*(/*%=$-$'/$.%
9#% +$+(*&'% 5$% &0#$(0/'""$0% +02$'-*% 23*% 20#(/0--'%
"-$% $#5$2'(0/$% 23$',*.% 20&*% '5% *+*&1$0% $-% #9&*/0% 5$%
#90,$% 1/0"*(($% 20&9#$% +,$-911'($% 5'% 0/"'#$??'?$0#$%
29-(9/'-$% -02'-$% 0% $-% #9&*/0% 5$% 2$(('5$#$% 20$#,0-($% $#%
'(($,$(B%29-(9/'-$.%/*-'($,'&*#(*%'"-$%0C$*(($,$%1/$#2$1'-$%
5*--'% 2'#5$5'(9/'% 20&*% 5*+2/$(($% #*--'% +*?$0#*% i<i2<%
F-% 1/0"/'&&'% >$*(/*% =$-$'/$% ,*//B% +91*/,$+$0#'(0% 5'%
)$*#'hOij% $#% 20--'C0/'?$0#*% 20#% $% /'11/*+*#('#($% 5$%
(9(($%$%+0""*(($%(*//$(0/$'-$%*%,*//B%5$+29++0%'1*/('&*#(*%
20#% $% 2$(('5$#$% #*$% V'C0/'(0/$% 5*-% =$"-$0/'&*#(0%
VSHFL¿FDWDPHQWHSURJHWWDWLDTXHVWRVFRSR<
Y'-% 19#(0% 5$% ,$+('% 5*--'% +0+(*#$C$-$(B% 10-$($2'.% 2$_% 23*%
0220//*% 7% $#59//*% "-$% '&&$#$+(/'(0/$% *% $% 10-$($2$% -02'-$%
'5% '50(('/*% 9#% '((*""$'&*#(0% 5$% '1*/(9/'% &*#('-*%
*% 5$% 5*+$5*/$0% 5$% '11/*#5*/*.% 23*% 7% $&1/*+2$#5$C$-*%
1*/% '2K9$+$/*% #90,*% *% VR¿VWLFDWH% 20&1*(*#?*% 5$%
"0,*/#'#2*.% 1*/% /$9+2$/*% '% 1*#+'/*% ,*/'&*#(*% $#% 9#'%
1/0+1*(($,'% *9/01*'.% *% 1*/% &'#(*#*/*% 9#'% ,$+$0#*%
23$'/'% 5$% 20&*% $-% 1/0"*((0% J8J% $#2$5'% +9% +*((0/$%
20&*%K9*--$%5*--*%$#;/'+(/9((9/*%5$"$('-$%*%¿VLFKH.%5*--0%
+,$-9110% $&1/*#5$(0/$'-*% *% 5*-% C*#*++*/*<% :% K9*+(0%
22
+2010.%+*%;0++*%20#;*/$(0%$-%($(0-0%'%)$*#'.%,*//B%2/*'(0%
$-% )$*#'hOij% >0-$2d% Q0/9&.% % 20$#,0-"*#50% (9(($% $%
&*&C/$% 5*-% J0&$('(0% 5*$% +0+(*#$(0/$% 5$% )$*#'hOij<%
J0#% ;/*K9*#?'% (/$&*+(/'-*.% $-% Q0/9&% *;;*((9*/B% '#'-$+$%
*% ,'-9('?$0#$% 5*--0% +('(0% 5$% ','#?'&*#(0% 5*-% 1/0"*((0%
*% 5*--6*,0-9?$0#*% 5*$% +90$% /'110/($% 20#% -6'"*#5'%
10-$($2'<% V*% /$9#$0#$% $#2-95*/'##0% $#0-(/*% +*&$#'/$%
*% 1/*+*#('?$0#$% 5$% *+1*/($% *% 5$% 1/0;*++$0#$+($% 5$% '-(/*%
J8J.% 23*% ;0/#$/'##0% $#;0/&'?$0#$% *5% *+1*/$*#?*%
9($-$% +9--*% 2/$($2$(B% *% +9$% /$+23$% 20##*++$% '--0% +,$-9110%
5*-% 1/0"/'&&'.% 20#(/$C9*#50% 20+g% '--'% 2/*'?$0#*% 5$%
9#% $#+$*&*% 5$% +0-$5*% 20&1*(*#?*% '% -$,*--0% 10-$($20%
-02'-*<% !"#$% /$9#$0#*% (/$&*+(/'-*% ,*//B% +*"9$('% 5'% 9#%
$#20#(/0%19CC-$20%$#%29$%-'%20&9#$(B%-02'-*%/$2*,*/B%"-$%
'""$0/#'&*#($%*%10(/B%*+1/$&*/*%-*%+9*%01$#$0#$.%-*%+9*%
2/$($23*%20+(/9(($,*%*%-*%+9*%$5**<
!"!1 F3' K6)("' 10-0' ()' $*++,' *3+"3-"' $0(()80#)#"'
0' .+)8*(*#"' .*3"#:*"' $03' ("' )++*;*+,' $6(+6#)(*'
/#010.."'-)(("'F.+*+62*03*'56#0/""7
'L(0343?:25(;3<<3(?3B2(J(E2Q(E63(D3BB3(24(9@3?5(2<(@9*
B34F25<3(3>?9@39
J0+(/9$/*% #90,*% '--*'#?*% +(/'(*"$23*P% )$*#'hOij.% 9#%
-'C0/'(0/$0%5$%$##0,'?$0#*%1*/%$-%+*((0/*%2/*'($,0%$#%^04
VFDQDQHOODSURVSHWWLYD
$-%20#2*((0%23$',*%5$%)$*#'hOij.%7%+('(0%/$20#0+2$9(0%*%
'50(('(0%20&*%K9'5/0%20#2*((9'-*%5$%/$;*/$&*#(0%1*/%-0%
+,$-9110%5*-%1/0"*((0.%#*-%20/+0%5*--'%20#;*/*#?'%$#(*/4
&*5$'%5$%)&'/(%J9-(9/*%(*#9('+$%'%H/9m*--*+%#*-%"$9"#0%
HVRQRJLjLQL]LDWLLFROORTXLFRQ(XUDWHFKQROR4
JLHV /LOOH LO FDSR¿OD GHO SURJHWWR SHU SUHSDUDUH XQD
#90,'% 1/010+('% 20#"$9#('% 1*/% $-% 1/0"/'&&'% Z0/$?0#%
hOhO.%23*%+$%C'+$%+9$%/$+9-('($%0((*#9($%5'%)&'/(%J9-(9/*%
#*--60(($2'%5*-%>'(/$&0#$0%N<O<
6LHQDKDDQFKHDGHULWRXI¿FLDOPHQWHDOFRQVRU]LR
^'#5*&%J8J%-'#2$'(0%5'--'%89/01*'#%J9-(9/'-%Q09#5'4
WLRQSHU¿QDQ]LDUHXQRVFKHPDGLSURJUDPPD7DQGHP
+9110/('(0% 5'--*% J8J% *% 5'--*% 2'#5$5'(*% J8J.% 5'% 1/*4
+*#('/*%1*/%-*%2'--%5$%J/*'($,*%89/01*<
H3)' .0(*-)' 8)."' -*' "./"#*"32"' "' $01/"+"32"' )' +6++*' *'
(*;"((*T'4*++,M'!#0;*3$*)M'Y":*03"'
V'%J$((B%5$%)$*#'%7%;/'%$%1'/(#*/%;0#5'(0/$%5*--0%89/01*4
'#%J/*'($,*%H9+$#*++%D*(f0/k%`8JHDa.%9#'%/*(*%+9"-$%
$#29C'(0/$% 5$% $&1/*+'% 2/*'($,'<% V'% Q0#5'?$0#*% =9+$4
2'-*% :22'5*&$'% J3$"$'#'.% -'% Q0#5'?$0#*% )$*#'% z'??.%
$-% )$*#'% :/(% F#+($(9(*% *% -'% Q0#5'?$0#*% =9+*$% )*#*+$%
3'##0%+,$-911'(0%/*($%*9/01**%5$%'-('%K9'-$(B%$#%5$,*/+$%
2'&1$% 29-(9/'-$<% =0-(*% '-(/*% '++02$'?$0#$% 29-(9/'-$% +*4
#*+$%3'##0%9#6$#(*#+'%'(($,$(B%5$%2001*/'?$0#*%$#(*/#'4
?$0#'-*%#*$%2'&1$%5*-%(*'(/0.%5*--'%5'#?'.%5*--'%&9+$2'%
*%5*--*%'/($%,$+$,*<%F-%J'#($*/*%F#(*/#'?$0#'-*%56:/(*%5$%
=0#(*19-2$'#0%7%-69#$20%;*+($,'-%$('-$'#0%;/'%"-$%9#5$2$%
+*-*?$0#'($% '% -$,*--0% *9/01*0% #*--6'&C$(0% 5*--0% )(/'#5%
GHO3URJUDPPD&XOWXUDFKHqVWDWR¿QDQ]LDWRQHO
hOiN<% :#23*% -6A#$,*/+$(B% 5$% )$*#'% *% -6A#$,*/+$(B% 1*/%
)(/'#$*/$% 5$% )$*#'% ,'#('#0% 9#'% -9#"'% +*/$*% 5$% 1/0"*(($%
,$#($%#*--6'&C$(0%5*$%1/0"/'&&$%*9/01*$<%V6A#$,*/+$(B%
5$%)$*#'%0+1$('%$#0-(/*%9#%19#(0%$#;0/&'($,0%89/01*%Y$4
UHFW¿QRDO
)$*#'%3'%$#(*#?$0#*%5$%1'/(*2$1'/*%'5%9#'%+*/$*%5$%C'#5$%
UHODWLYLDLSURJUDPPL8(HGLSURPXRYHUH
/*($%(*&'($23*%+('C$-$%+9$%(*&$%23$',*%5*--'%2'#5$5'(9/'.%
#*--6'&C$(0%5*"-$%0C$*(($,$%+(/'(*"$2$%*9/01*$%1/*,$+($%1*/%
$-%2$2-0%20//*#(*<%D*--6:220/50%5$%>/0"/'&&'%/*-'($,0%
'--'%2'#5$5'(9/'%J8J%hOij.%-'%X*"$0#*%^0+2'#'%K9'-$4
¿FDHVSOLFLWDPHQWH6LHQDFRPHLOSULQFLSDOHODER4
/'(0/$0%1*/%10+$?$0#'/+$%20&*%/*"$0#*%2/*'($,'%5$%19#('% /D5HJLRQH7RVFDQDqVWDWDVHJQDODWDQHOUHSRUWXI¿FLD4
QHOO¶DPELWRGHOODSURJUDPPD]LRQHHXURSHD -*%5*--688DJ%1*/%-'%J0&&$++$0#*%89/01*'%;/'%-*%C904
#*%1/'($23*%$('-$'#*%/$"9'/50%'--69+0%5*$%;0#5$%+(/9((9/'-$%
>*/%'((9'/*%K9*+('%#90,'%+(/'(*"$'%+0#0%"$B%+('(*%'50(('4 hOOt4hOiN%1*/%-'%29-(9/'<%V'%^0+2'#'%7%'#23*%+('('%-'%
(*%&$+9/*%20#2/*(*<
SDUWQHU SULQFLSDOH GL SURJHWWL LQQRYDWLYL ¿QDQ]LDWL QHO
A#% 1'/(*#'/$'(0% ;0#5'&*#('-*% 7% +('(0% +$"-'(0% (/'% )$*4 1/0"/'&&'%J9-(9/'%hOOt4hOiN.%20&*%G:/(%'#5%29-(9/*%
#'hOij% *% $-% J)J)% 5$% >$+(0$'.% 9#60/"'#$??'?$0#*% % 20#% $#%1/$+0#6.%*%#*-%1/0"/'&&'%AXH:J^%FF.%20&*%Gz*++$2'%
9#%#0(*,0-*%10/(';0"-$0%5$%1/0"*(($%5$%+922*++0%$#%&0-($% ;0/%J$($*+6<
1/0"/'&&$%*9/01*$.%'((9'-&*#(*%'(($,'%$#%20#(*+($%;0/(*4 F'3"+R0#SM'.+#6++6#"'.+#)+":*$%"'/"#'*'/#0:"++*'C6+6#*
&*#(*%-*"'($%'"-$%$#(*/*++$%5*-%1/0"*((0%5$%2'#5$5'(9/'%5$%
)$*#'.%20&*%8/'+&9+%;0/%e09#"%8#(/*1/*#*9/+.%J'1'4 )$*#'hOij%+('%-'#2$'#50%'-29#*%/*($%(*&'($23*%1*/%2/*'4
2$(d%H9$-5$#".%0%89/01*%=0C$-$(d%D*(f0/k+P%9#'%20&94 /*%5*--*%1$'((';0/&*%+('C$-$%5$%1'/(#*/%'%"*0&*(/$'%,'/$'4
#$0#*%5$%$#(*#($%23*%+$%(/'592*%"$B%#*--'%1'/(*2$1'?$0#*% C$-*.%1*/%';;/0#('/*%-*%;9(9/*%2'--%5*$%1/0"/'&&$%A8%+9%
(*&$%5$%1/$&'/$'%$&10/('#?'%1*/%-'%2'#5$5'(9/'%*%1*/%$-%
FRQJLXQWDDEDQGLHXURSHLSHUO¶DXWXQQR
+90%1/0"/'&&'%'/($+($20.%$#%&050%5'%'++$29/'/*%/$+0/+*%
)$*#'.%$#0-(/*.%1'/(*2$1'%'-%SFF>I%r%X*"$0#+%0;%o#0f4 1*/%$%1/0"*(($%23*%',/'##0%9#'%/$2'59('%0-(/*%$-%hOij.%*%
-*5"*% 20#% $-% 1/0"*((0% G)&'/(% J9-(9/*6% +9% 2-9+(*/% 2/*'4 +,$-911'/*%20&9#$(B%5$%1/'($2'%5$%5$&*#+$0#*%*9/01*'%
($,$% *9/01*$% *% 1'(/$&0#$0% 5$"$('-*.% 23*% $#2/02$'% $% (*&$% +9%'-29#$%'/"0&*#($%23$',*<
J8J% $#% 20#+*"9*#?'% 5*-% 20$#,0-"$&*#(0% #*-% 1'/(*#'4
/$'(0%5$%#9&*/0+*%J'1$('-$%89/01**%5*--'%J9-(9/'%1'+4 ‡% JAV^AX:V%Z8:V^Z%&*((*%$#%20#('((0%-*%'&&$4
#$+(/'?$0#$%*9/01**%20#%-*%'++02$'?$0#$%29-(9/'-$%$#4
+'(*%*%;9(9/*%*%5$%2$((B%2'#5$5'(*%`='5/$5.%V$--*.%:'/39+.%
(*/*++'(*%'%+,$-911'/*%$#$?$'($,*%5$%/0((9/'%#*$%2'&1$%
(LQGKRYHQ 6R¿D QRQFKp GL DUHH FUHDWLYH GL SULPR
5*-%f*-;'/*%29-(9/'-*%*%5*-%C*#*++*/*.%20##*++$%20#%
1$'#0% 20&*% H$/&$#"3'&% *% H$-C'0<% F-% >'(/$&0#$0% N<O.%
23
WLYRQHOODFRPSHWL]LRQHSHULÀXVVLWXULVWLFLULIXJ4
$% 1/0"*(($% J9-(9/'-% 8&*/"*#2d% X00&% *% )($--% Y'#4
"*#50% 5'--*% -0"$23*% +('#5'/5$??'(*% 5*-% (9/$+&0% 5$%
2$#"<%F%1'/(#*/.%&0-($%5*$%K9'-$%3'##0%"$B%20#;*/&'4
&'++'%*%1*#+'#50%1$9((0+(0%'$%(9/$+($%20&*%/*+$5*#($%
(0% -6'5*+$0#*.% +0#0% -*% 2$((B% 5$% V'% S'--*(('.% !+$]*k.%
(*&10/'#*$<% I9*+('% /*(*% 7% -*"'('% '-% 1/0"*((0% J$($4
S*-$k0%^'/#0,0.%:,$"#0#.%b*(?-'/.%*%)(','#"*/.%$#4
?*#+%0;%(3*%8-+*f3*/*.%*%$%1'/(#*/%20$#,0-($%+0#0%-*%
+$*&*%'--'%^9/k9%H9+$#*++%)2300-.%:/(+%'#5%Z*'-4
2$((B%5$%b*$&'/.%85$&C9/"0.%J-9]4D'102'.%V'%S'-4
(3% )09(3f*+(% Y0/23*+(*/.% )$2kU% Q*+($,'-% H/$"3(0#.%
-*(('.%:-*.%S'/#'.%*%>9-'<
b$-5b923+%Q*+($,'-%H'+*-.%b'(*/;0/5%Z*'-$#"%:/(+%
^/9+(.%):=!:%D'#(*+.%Z0+1$('-%5*%-'%)'#('%J/*9% ‡% Z8XF^:@8%hOhO%/'220"-$*%0/"'#$??'?$0#$%23*%01*4
H'/2*-0#'.% oq#+(-*/3'9+% H*(3'#$*#% H*/-$#.% *% -'%
/'#0%$#%1/$&'%-$#*'%+9--6$##0,'?$0#*%5*$%20#(*#9($%
Q0#5'?$0#*%=*5$2$#'%'%=$+9/'%5$%Y0##'%5$%^0/$#0<
5$"$('-$.%1*/%+,$-911'/*%1/0"*(($%20&9#$%#*-%2'&10%
5*-%1'(/$&0#$0%5$"$('-*.%20#%9#'%'((*#?$0#*%1'/($204
‡% JXF)F)% V:H% &*((*% $#% /*-'?$0#*% -*% '++02$'?$0#$%
-'/*% '$% ;0/&'(% *+1*/$*#?$'-$% *% '--*% K9*+($0#$% -*"'(*%
29-(9/'-$% 5*+$5*/0+*% 5$% *+1-0/'/*% #90,*% ;0/&*% 5$%
'$% 5$+10+$($,$% $#(*--$"*#($.% '--'% /*'-(B% '9&*#('('% *%
FUHDWLYLWj EDVDWH VXOOD FRPXQLWj ¿QDOL]]DWH DOOD
'--*% (*2#0-0"$*% $#50++'C$-$<% I9*+('% /*(*% 7% 20--*"'4
20*+$0#*% *% $#2-9+$0#*% +02$'-*% #*$% 1'*+$% 20-1$($% 5'%
WDDOSURJHWWRÀDJVKLSb*%:/*%V*0#'/50.%$#%+(/*(('%
JUDYHFULVL¿QDQ]LDULDFRQO¶LQWHUHVVHGLVYLOXSSD4
2001*/'?$0#*%20#%89/01*'#'.%*%20&1/*#5*%1'/(#*/%
/*%#90,*%;0/&*%5$%$&1/*#5$(0/$'%2/*'($,'%+02$'-*%*%
20&*%^3*%:/+%8-*2(/0#$2'%5$%V$#?.%^*23#02F^E%5$%
+23*&$%$##0,'($,$%5$%2/0f5;9#5$#"%23*%3'##0%'%23*%
=0#+.% F#(*/'2($,*% F#+($(9(*% )f*5$+3% FJ^.% )*/$09+%
;'/*%20#%$-%1/0"*((0%D'1k$#%820#0&$2+<%F%1'/(#*/%$#%
@'&*+% F#+($(9(*% 5$% J0,*#(/d.% F#+($(9(*% ;0/% Y$"$('-%
K9*+(0%2'+0%+0#0%Fo8Y%='-&l.%:++02$'($0#%='/4
820#0&d%5$%>/'"'.%8JJ8%5$%8++*#.%@-$&f0/&%F^%
2*-%Z$2(*/%H/9++*-+.%F#+($(9(0%F#(*/#'2$0#'-%J'+'%5*%
GL$PVWHUGDP3ODWRQLTGL%DUFHORQD6R¿D'HYH4
='(*9+%S$-'%X*'-.%A#$,*/+$(d%0;%(3*%:/(+%0;%H*-"/'4
-01&*#(%:++02$'($0#.%^'/(9%J*#(/*%;0/%J/*'($,*%F#4
5*.%-'%Q0#5'?$0#*%H$*##'-*%5$%:(*#*.%@0(*0%>'-&'%
59+(/$*+.% &*('V:H% Z'/,'/5% A#$,*/+$(d.% ):=!:%
5*% ='--0/2'.% J$((B% 5*--6'/(*4Q0#5'?$0#*% >$+(0-*((0%
D'#(*+.%=$55-*%8'+(%J0--*"*%=9+2'(.%*%:+$'#%F#+($4
H$*--'.% -'% H*(3-*3*&% Q'$/% ^/'5*% :/($+'#+.% VFDo%
(9(*%;0/%@'&$#"%'#5%:#$&'($0#%5$%H'#"'-0/*<
=0+('/.%D'$/929%:/(%:++02$'($0#%D'&19-'.%X*o9-(%
:&+(*/5'&%*%-'%2$((B%5$%>-0,5$,<%F-%#*(f0/k%+0+($*4 ‡% >AHVFJ%)>:J8%X8V!:Y8Y%';;/0#('%$-%(*&'%5*-4
#*% '#23*% $-% 1/0"*((0%:2'5*&d% 0;% J9-(9/'-% ='#'4
-0%+1'?$0%19CC-$20%20&*%-'C0/'(0/$0%$##0,'($,0%1*/%
JHPHQW ODQFLDWR GDOO¶8QLYHUVLWj GL 6R¿D H PLUD D
-*% 1/'($23*% 5$% '/(*% 20#(*&10/'#*'.% 20$#,0-"*#50%
1/0&90,*/*% -6$+(/9?$0#*% ','#?'('% *% -'% ;0/&'?$0#*%
&9+*$%5$%'/(*%20#(*&10/'#*'%5$%(9(('%89/01'%$#%9#'%
5$%&'#'"*/%29-(9/'-$%#*$%1'*+$%$#%29$%-*%20&1*(*#?*%
ULÀHVVLRQHFULWLFDHLQSURJHWWLFRQFUHWLGLDUWHSXE4
5$% "*+($0#*% 29-(9/'-*% +0#0% &0-(0% /$23$*+(*% '% 2'9+'%
C-$2'%23*%&*(('#0%$#%5$+29++$0#*%-'%#'(9/'%$+($(9?$04
5*--'%&'#2'#?'%5$%1/0"/'&&$%*592'($,$%'--$#*'($%'$%
#'-*%5*-%&9+*0%20&*%+1'?$0%1/$,$-*"$'(0%5$%'22*++0%
&$"-$0/$% +('#5'/5% $#(*/#'?$0#'-$c% $-% 20/10% 502*#(*%
*%5$%-*"$(($&'?$0#*%5*--6*+1*/$*#?'%'/($+($2'<%\%20-4
SURYHUUj GDOOH 8QLYHUVLWj GL 6R¿D 6LHQD 0LQKR
-*"'('%'-%1/0"*((0%^3*%)1'2*%H*(f**#.%*%$%1'/(#*/.%$-%
A11+'-'.%S'-*#2$'%*%b/02-'f<
29$%*-*#20%7%1/0,,$+0/$0%*%+$29/'&*#(*%5*+($#'(0%'5%
‡% ):D^:%J:^8XFD:%hOij%1/*#5*%-*%&0++*%5'--6*4
/*5$(B%+1$/$(9'-*%5*--'%+'#('%+*#*+*%204>'(/0#'%56894
/01'.% 50##'% 5$% 1'2*% *% '&C'+2$'(/$2*% 29-(9/'-*% '#4
(*4-$((*/'&<%>*/%$-%,*#(*+$&0%'##$,*/+'/$0%5*--'%+9'%
1/02-'&'?$0#*.%23*%2'5*%#*-%hOij.%,*//B%2/*'('%9#'%
/*(*%5$%+0+(*"#0%'--*%'(($,$+(*%$&1*"#'(*%20&*%01*4
UDWULFL GL SDFH DO ¿QH GL UDIIRU]DUH OD ORUR D]LRQH
-02'-*% $#% (*/&$#$% 5$% 0110/(9#$(B% 5$% 2001*/'?$0#*.%
20#+'1*,0-*??'% 5*--601$#$0#*% 19CC-$2'% *9/01*'% *%
VXSSRUWR¿QDQ]LDULR7XWWRFLzqFROOHJDWRDOO¶D]LR4
#*%a"#*+):"'0C'B0##0R'5*-%1/0"*((0%F#;*2($,*%X0'58<%
F%1'/(*#'/$'($.%23*%,*//'##0%9-(*/$0/&*#(*%'&1-$'($%
#*$%1/0++$&$%'##$.%/$"9'/5'#0%1*/%0/'%-6:++02$'?$04
#*%F#(*/#'?$0#'-*%5*$%J'(*/$#'($%5$%)$*#'.%-'%2$((B%5$%
:,$"#0#*% *% $-% H0?'/% 5$% H/9m*--*+.% 20#% -'% 29/'(*-'%
GL0LOHQD'UDJLüHYLüâHãLü%HOJUDGRH6HYGDOLQD
9RLQRYD 6R¿D HVSHUWH GL ULOLHYR GHL SURFHVVL GL
SDFL¿FD]LRQH
‡% )=:X^@F@)%&*((*%$#%20#('((0%'-29#*%=9#$2$1'4
OLWjLQWHUHVVDWHDVYLOXSSDUHDSSURFFLVR¿VWLFDWLDOOD
TXHVWLRQHGHOOHµVPDUWGHVWLQDWLRQV¶FRQOD¿QDOLWj
5$%/$#;0/?'/*%$%;'((0/$%-02'-$%5$%,'#('""$0%20&1'/'4
'&1-$'/+$.%+0#0P%$-%J*#(/0%1*/%-6'/(*%J0#(*&10/'#*'%
V9$"$% >*22$% 5$% >/'(0.% $-% =:YX8% 5$% D'10-$.% H0#4
#*;'#(*#&9+*9&%5$%=''+(/$23(.%:/k*#%=9+*9&%;0/%
=05*/#*% o9#+(% 5$% J01*#3'"*#.% )=:o% =9+*9&%
0;%J0#(*&10/'/d%'/(%5$%@*#(.%Q0#5'($0#%H*d*-*/%5$%
H'+$-*'.% V'(,$'#% J*#(/*% ;0/% J0#(*&10/'/d% :/(% 5$%
X$"'.%*%A]'?50f+k$%J'+(-*%=9+*9&%5$%S'/+',$'<
,¿QDQ]LDPHQWLSHUOHUHWLDSSHQDPHQ]LRQDWHYHUUDQQR
FHUFDWLDWWUDYHUVRLSURJUDPPL8(SLDGDW4
($%'--0%+2010.%20&*%J/*'($,*%89/01*.%Z!XFw!D%hOhO.%
8')F%>/0"/*++.%J!)=8.%V*0#'/50.%8/'+&9+%>-9+.%FD4
^8XX8@%SJ<%:-(/*%/$+0/+*%1/0,*//'##0%+9%C'+$%'((*#4
5$C$-$%('#(0%5'$%;0#5$%5$%+,$-9110%/*"$0#'-$%*%(/'#+#'?$04
#'-$.%K9'#(0%5'$%1'/(#*/%1/$,'($<
F-%#*(f0/k%>V:eFD@%FY8D^F^F8)%1/*+*#('(0%#*-%50+4
VLHUGLSUHVHOH]LRQHqVWDWRDSSHQD¿QDQ]LDWRQHOODSUL4
&'%2'--%5*-%1/0"/'&&'<%
!()+C0#1'0C'/()+C0#1.T'B*"3)'$01"'./)2*0'-*'$0*3;0(:*P
1"3+0')++*;0
V6'(($,$(B%5$%)$*#'hOij%1*/%-'%20+(/9?$0#*%5$%/*($%1/*#4
5*%$#%20#+$5*/'?$0#*%$%1/0C-*&$%5*--6'"*#5'%29-(9/'-*%'%
24
5$%J9-(9/*%:2($0#%89/01*%`J:8a%+9-%/'110/(0%(/'%-*%
-$,*--0%*9/01*0<%>*/%K9*+(0%&0($,0.%)$*#'%$#(*#5*%$#,*4
2'1'2$(B%29-(9/'-$%5*--'%+02$*(B%*%-'%2$(('5$#'#?'%'(4
+($/*%-*%1/01/$*%/$+0/+*%1*/%2/*'/*%-60110/(9#$(B%1*/%'-294
($,'% 20&*% C'+*% 1*/% 9#% #90,0% &05*--0% *9/01*0% 5$%
#$%5*$%&'""$0/$%#*(f0/k%29-(9/'-$%*9/01*$%5$%$#(*/'"$/*%
f*-;'/*%*%+0+(*#$C$-$(B%+02$'-*.%*%20&*%(*//*#0%204
$#%&050%1$M%+*//'(0%*%200/5$#'/*%-'%-0/0%'(($,$(B.%20#%$-%
&9#*%1*/%-*%5$,*/+*%1/0+1*(($,*%/'11/*+*#('(*%5'--*%
¿QHGLHODERUDUHXQDOLVWDFRPXQHGLSULRULWjHD]LRQLH
1$'((';0/&*%*9/01**%*%5'--*%/*($%"$B%*+$+(*#($c
+('C$-$/*%9#'%;0/&'%5$%5$'-0"0%20#%-*%$+($(9?$0#$%*9/01**%
+9%C'+$%1$M%+0-$5'&*#(*%20#5$,$+*%;/'%+*((0/$%5$,*/+$<%:$% ‡% D*--'%+*20#5'%&*(B%5*--6'##0.%9#%$#20#(/04-'C0/'4
#*(f0/k% 20$#,0-($% #*--'% #0+(/'% G1$'((';0/&'% 5$% 1$'(('4
(0/$0%5$%:%)09-%;0/%89/01*%+9--*%1/0+1*(($,*%5*-%1/04
;0/&*6%#0#%7%/$23$*+(0.%$#%('-*%20#(*+(0.%5$%'110""$'/*%
"/'&&'%J8J%0-(/*%$-%hOhO.%'--'%-92*%5*--*%*+1*/$*#4
$#%'-29#%&050%-'%2'#5$5'(9/'%5$%)$*#'hOij.%&'%+0-0%5$%
?*%*%5*--*%1/0C-*&'($23*%/$;*/$C$-$%'-%1'++'(0%/*2*#(*%
DSSUR¿WWDUHGLTXHVWDRFFDVLRQHSHUFKpFLDVFXQRRUJD4
*%'--*%;9(9/*%2'1$('-$.%20#%1'/($20-'/*%'((*#?$0#*%'--*%
#$??$%9#'%20#;*/*#?'%$#%9#%K9'5/0%20#5$,$+0.%20*/*#(*%*%
C90#*%1/'($23*%*%'--*%2/$($2$(B%+$'%#*--'%;'+*%5$%1/*1'4
&9(9'&*#(*%20#20/5'(0%1*/%1*/+*"9$/*%$-%20&9#*%$#(*4
/'?$0#*%1/*4J8J.%23*%#*--'%;'+*%-*"'('%'--'%"*+($0#*%
/*++*<%:#23*%$%5*-*"'($%5*"-$%'-(/$%#*(f0/k%1'/(*2$1*/'#4
5*-%1*/$050%10+(4J8Jc
#0%'%2$'+29#'%20#;*/*#?'.%1*/%'++$29/'/*%-'%1$M%'&1$'%
5$;;9+$0#*%5*$%/$+9-('($%*%$-%200/5$#'&*#(0%5*--6'"*#5'<% hOiR%r%Y$'-0"0%$#(*/29-(9/'-*%r%$#+$*&*%#*--'%5$,*/+$(BP
:%2'5*#?'%/*"0-'/*.%;/'%9#'%20#;*/*#?'%*%-6'-(/'.%+'/'#4 ‡% D*--'% 1/$&'% &*(B% 5*--6'##0.% 9#% &**($#"% 5$% V*+%
#0%0/"'#$??'($%5*"-$%$#20#(/$%(*2#$2$%$#(*/&*5$%1*/%-6'4
X*#20#(/*+% +9-% 5$'-0"0% $#(*/29-(9/'-*% 20&*% ;0#(*%
,'#?'&*#(0%*%-'%&*++'%'%19#(0%5*--6'"*#5'%20&9#*<
5$% $##0,'?$0#*% +02$'-*.% 20#% 9#6*#;'+$% 1'/($20-'/*%
+9-%/90-0%5*--*%'&&$#$+(/'?$0#$%19CC-$23*%*9/01**%
F-% 2'-*#5'/$0% 5$% '(($,$(B% 7% $-% +*"9*#(*.% 0/"'#$??'(0% 1*/%
20&*%;'2$-$('(0/$%$#(*/29-(9/'-$c
(*&'($23*%'##9'-$%#*-%1*/$050%hOi[4hOiRP
hOi[%r%1/059?$0#*%29-(9/'-*.%20&1*($($,$(B.%20+(/9?$0#*% ‡ 1HOODVHFRQGDPHWjGHOO¶DQQRXQDFRQIHUHQ]D¿QD4
-*% 20#"$9#('% 20#% -'% 1'/(*2$1'?$0#*% 5*$% 5*-*"'($% 5$%
5$%20&1*(*#?*P
WXWWHOHUHWLFRLQYROWHHGLDOFXQH¿JXUHFKLDYHGHOOD
‡% D*-%1/$&0%+*&*+(/*.%9#%&**($#"%5$%8JHD%+9$%&04
J0&&$++$0#*% 89/01*'.% 1*/% 9#'% 5$+29++$0#*% 1-*4
5*--$%*&*/"*#($%5$%$&1/*+'%2/*'($,'%*9/01*'%*%-*%-0/0%
#'/$'%+9--6'"*#5'%20&9#*%*%"-$%+2*#'/$%5*-%K9'5/0%
VWUDWHJLH GL VRVWHQLELOLWj HFRQRPLFD H ¿QDQ]LDULD
+(/'(*"$20%5$%1/0"/'&&'?$0#*%89/01*'%hOhi4ht<
23*%20&1/*#50#0%"-$%+(/9&*#($%5$%2/0f54;9#5$#"%*%
J0#%>-'(;0/&%0;%1-'(;0/&+.%,0"-$'&0%K9$#5$%+;/9(('/*%-'%
20&&9#$(d%;9#5$#"c
,$+$C$-$(B%*%-6$&10/('#?'%5*-%($(0-0%5$%J8J%*%9($-$??'/*%
‡% D*-% +*20#50% +*&*+(/*.% 9#% &**($#"% 20--*(($,0% 5$% -*%#0+(/*%/$+0/+*%1*/%+*/,$/*%9#%$#(*/*++*%*9/01*0%20&94
A^84A#$0#%5*+%^3Ev(/*+%5*%-689/01*.%8PA^):4A4 #*P%0;;/$/*%'--'%J0&&$++$0#*%*9/01*'%9#'%*-'C0/'?$0#*%
#$0#%0;%^3*'(/*%)2300-+%'#5%:2'5*&$*+.%JFV8J^% 1/*?$0+'.%'&1$'&*#(*%5$+29++'%*%20#5$,$+'.%*%0/$*#('('%
J*#(/*% F#(*/#'($0#'-% 5*% V$'+0#% 5*+% 820-*+% 5*% '--*% 10-$($23*.% 5*-% 20#(/$C9(0% 5*--'% 29-(9/'% 1*/% -'% +1*4
J$#E&'%*(%5*%^E-E,$+$0#.%+9-%/90-0%+02$'-*%*5%*204 2$'-$??'?$0#*%$#(*--$"*#(*%*9/01*'.%*%1*/%-*%+(/'(*"$*%5$%
#0&$20%5*--'%1'/(*2$1'?$0#*%'(($,'%#*--*%'/($%1*/;0/4 $#2-9+$0#*%*%+0+(*#$C$-$(B%4%9#%1'++0%20#2/*(0%1*/%;'/*%
&'($,*%*%&*5$'-$.%*%+9--'%-0/0%;9#?$0#*%5$%2*#(/$%5$% 5*--'%29-(9/'%9#'%5*--*%1/$#2$1'-$%,02$%5*--6'"*#5'%10-$4
1/059?$0#*%2'1'2$%5$%2/*'/*%20&1*(*#?*%1*/%-*%204 ($2'%*%5*--'%1/0"/'&&'?$0#*%A8%hOhi4ht<
&9#$(B%-02'-$c
hOis% r% >'(/$&0#$0% 20&*% 1$'((';0/&'% 5$% $##0,'?$0#*%
+02$'-*P
!"!!
'D($63"'/)#+*'-"('!#0:"++0'/#0/0.+0'.*'
#*;0(:030')':#6//*'./"$*C*$*'d)-'".A':*0;)3*M'
1*30#)32"M'"$$Ae7'B*'*3-*$%*30'+)(*'"("1"3+*A
‡% D*--'%1/$&'%&*(B%5*--6'##0.%9#'%20#;*/*#?'%5$%894
/01'% D0+(/'% +9--*% 1/'($23*% *&*/"*#($% #*-% /'110/(0%
;/'%1'(/$&0#$0%*%$##0,'?$0#*%+02$'-*.%-'%20#+*/,'4
?$0#*%1'/(*2$1'('%*%$#2-9+$,'.%*%-*%+(/'(*"$*%5$%/$,$('4
-$??'?$0#*%5*-%1'(/$&0#$0%&'(*/$'-*%*%$&&'(*/$'-*c #2R(E63(B5?:3BH(A?3EE3(;2(343?:25(E?35B2G5
‡% D*--'%+*20#5'%&*(B%5*--6'##0.%20#;*/*#?'%5$%Q9(9/*% D*-% 1/0"/'&&'% 5$% )$*#'hOij% #0#% ,0"-$'&0% /'"$04
;0/%X*-$"$09+%Z*/$('"*%+9--'%20#+*/,'?$0#*.%-'%2-'+4 #'/*%$#%(*/&$#$%5$%('/"*(%20&*%C*#*;$2$'/$%1'++$,$%5$%
VL¿FD]LRQH H OD ULFRQYHUVLRQH GHO SDWULPRQLR UHOL4 '(($,$(B<% >$9((0+(0.% 20#+$5*/$'&0% "/911$% +1*2$;$2$% 5$%
"$0+0%&'(*/$'-*%*%$&&'(*/$'-*%$#%89/01'.%*%+9-%/90-0% 2042/*'(0/$% 23*% ;0/#$+20#0% 20#(/$C9($% 2'/'((*/$+($2$%
5*--*%#90,*%(*2#0-0"$*%5$"$('-$%#*-%;'2$-$('/*%-'%20#4 1*/%-'%20+(/9?$0#*%*%-6$&1-*&*#('?$0#*%5*$%1/0"*(($<%
+'1*,0-*??'.%-'%5$;;9+$0#*.%$-%5$'-0"0%$#(*/29-(9/'-*% >0$23E% $% 1/0"*(($% ,*#"0#0% 20+(/9$($% $#+$*&*% '% -0/0.%
K9*+($% #0#% 10++0#0% *++*/*% $% ('/"*(% G20-1$($6% 1'++$,'4
*%$-%/$9($-$??0%2/*'($,0c
&*#(*%5'--*%$5**%5$%K9'-29#%'-(/0P%+0#0%&*"-$0%/'11/*4
hOit%r%)(/'(*"$*%29-(9/'-$%*9/01**%*%&05*--$%5$%200/5$4 +*#('($%&*(';0/$2'&*#(*%5'--'%G;/*22$'6%23*%10/('%20#%+E%
#'&*#(0%1*/%$-%+*((0/*P
-6*#*/"$'% 2/*'($,'% +(*++'<% F#% K9*+(60(($2'.% 5$'&0% 1'/($4
‡%%%%D*--'%1/$&'%&*(B%5*--6'##0.%9#%$#20#(/04-'C0/'(0/$0% 20-'/*%'((*#?$0#*%'%,'/$%"/911$P%1*/+0#*%20#%5$+'C$-$(B.%
C'&C$#$.%'#?$'#$.%$#5$,$59$%+02$'-&*#(*%*+2-9+$.%&$#04
25
/'#?*%*(#$23*%*%29-(9/'-$<%F#0-(/*%'CC$'&0%&0-(*%'?$0#$%
1*/% '/($"$'#$% *% "$0,'#$% 1/0;*++$0#$+($% 2/*'($,$.% *5% '-(/*%
1*/%10-$2d4&'k*/.%5*2$+0/$%*%;9#?$0#'/$%'&&$#$+(/'($,$<%
,SURJHWWLFKHFRLQYROJRQRSUR¿OLVSHFL¿FLGLFRFUHD4
(0/$% +$% +0,/'110#"0#0% +1*++0% (/'% -0/0.% ;',0/*#50% 20+g%
1/'($23*% 5$% ;*20#5'?$0#*% $#2/02$'('P% 9#'% 2'/'((*/$+($2'%
23*% &$"-$0/'% -'% +0+(*#$C$-$(B% +02$'-*% 5*$% 1/0"*(($.% *% -'%
-0/0%+('C$-$(B%'#23*%#*-%1*/$050%23*%+*"9*%-6'##0%J8J<
$-%2$*-0%$#%9#6$&&*#+'%$#(*/;'22$'%20#%29$%-'%20&9#$(B%
SRVVD JLRFDUH ,Q¿QH LO7RQ\ &OLIWRQ &LUFXV LQYDGHUj
"$020+'&*#(*%-*%+(/'5*%5$%)$*#'%20#%9#'%,'/$*(B%5$%+1*(4
('20-$% 2'/#*,'-*+23$% 23*% 20$#,0-"*/'##0% '(($,'&*#(*%
"-$% +(95*#($% 5$% +290-'% +91*/$0/*% +*#*+$% *% -*% #9&*/0+*%
+20-'/*+23*%$#%"$('%#*--'%2$((B<
Z(*')32*)3*M'$6#)+0#*'-"(()'1"10#*)'$0(("++*;)
V*% 1*/+0#*% '#?$'#*% +0#0% -*"'(*% '5% 9#% '+1*((0% 23$',*%
!"#.03"' $03' -*.)8*(*+,T' ()' /)#+"$*/)2*03"' $6(+6#)("' 5*--'%1'/(*2$1'?$0#*%29-(9/'-*%'(($,'%23*%'11'/($*#*%'--'%
)61"3+)'(<)6+0301*)
+(0/$'%29-(9/'-*%5*--'%2$((BP%-'%#'//'?$0#*%*%-'%(/'5$?$0#*%
V*% 1*/+0#*% 20#% 5$+'C$-$(B%+0#0% 20$#,0-(*% $#% 59*% &05$% 0/'-*<%D*--*%J0#(/'5*.%-'%(/'+&$++$0#*%0/'-*%7%+1*++0%-'%
20&1-*&*#('/$<%F-%1/$&0%7%'((/',*/+0%-6$5*'?$0#*%5$%1/04 C'+*%5*--'%&*&0/$'%+02$'-*%5*--'%20&9#$(B<%D*--6'?$0#*%
"*(($.%$#%20--'C0/'?$0#*%20#%-*%'++02$'?$0#$%23*%+$%02294 [0'8"'0#'30+'+0'8".%5*-%1/0"*((0%@$;(%0;%V$;*.%"-$%'#?$'4
1'#0%5$%5$+'C$-$(B.%23*%';;/0#($#0%$#%&'#$*/'%2/*'($,'%-*% #$% ,*//'##0% 20$#,0-($% #0#% +0-0% $#% K9'-$(B% 5$% #'//'(0/$.%
-0/0%*+$"*#?*%*%1/0C-*&'($23*%#*-%20#(*+(0%5$%9#'%2$((B% &'%'#23*%20&*%29+(05$%5*--6'9(*#($2$(B%29-(9/'-*.%,'-*%
GLSDWULPRQLR8QHVHPSLRqLOSURJHWWRÀDJVKLS>'/'4 '%5$/*.%20&*%29/'(0/$%5*-%-0/0%1'(/$&0#$0%1*/+0#'-*%5$%
)$(*.% 23*% *-'C0/'% +(/'(*"$*% 5$% 1/0"*(('?$0#*% /'1$5*% *5% 5'($%*%5029&*#($.%23*%20#(/$C9$/'##0%'--'%2/*'?$0#*%5$%
*20#0&$23*%1*/%&$"-$0/'/*%-6'22*++$C$-$(B%*%-'%;/9$?$0#*% 9#%'/23$,$0%20#5$,$+0%5*--'%&*&0/$'%*&0?$0#'-*%5*--*%
5$%+1'?$%*%+*/,$?$%-*"'($%'-%1'(/$&0#$0.%*%$#%1'/($20-'/*%-'% J0#(/'5*<%V6*+1-0/'?$0#*%*%-'%+*-*?$0#*%5*-%&'(*/$'-*%*%
+0((04'?$0#*%X)/D8*(*+Q.%9#%5'('C'+*%2/*'(0%5'"-$%9(*#4 -'%20+(/9?$0#*%5*--6'/23$,$0%;0/#$/'##0%$#0-(/*%1/*?$0+*%
($%1*/%-'%"*04-02'-$??'?$0#*%5$%C'//$*/*%'/23$(*((0#$23*%*% 0110/(9#$(B% 1*/% 9#% 5$'-0"0% $#(*/4"*#*/'?$0#'-*.% $#% 29$%
-*%20//$+10#5*#($%+0-9?$0#$%5$%'22*++$C$-$(B%`+(/'5*%'-(*/4 "-$%'#?$'#$%+'/'##0%'#23*%5$/*(('&*#(*%20$#,0-($%#*--'%
+2/$((9/'.%1/059?$0#*.%/*,$+$0#*%*5%*+10+$?$0#*%5$%20#4
#'($,*.%+(/9((9/*%5*5$2'(*a<
F(' ."$03-0' #*:6)#-)' (<):";0()2*03"' -"(()' 1'/(*2$1'4 (*#9($%5$"$('-$<%F%"$0,'#$%5*--*%J0#(/'5*%+$%1/*#5*/'##0%
?$0#*%29-(9/'-*%5*--*%1*/+0#*%20#%5$+'C$-$(B.%1*/%1*/&*(4 29/'%5*--'%/'220-('%*%0/"'#$??'?$0#*%5*--*%$#;0/&'?$0#$%
(*/*%-0/0%5$%+,$-911'/*%$-%1/01/$0%10(*#?$'-*%2/*'($,0<%A#% G¶DUFKLYLRDO¿QHGLJHVWLUOHQHOPRGRSLDSSURSULDWR
*+*&1$0%7%$-%1/0"*((0%)($--%Y'#2$#".%C'+'(0%+9%9#6$#(*/4 '%+*20#5'%5*-%-$,*--0%5$%1/$,'2d%/$23$*+(0%5'$%50#'(0/$.%
;'22$'% (*2#0-0"$2'% $##0,'($,'% +,$-911'('% 5'% 9#'% +('/(4 *% '2K9$+$/'##0% $#% ('-% &050% '#23*% #90,*% 20&1*(*#?*%
91%'5%'-('%(*2#0-0"$'%+*#*+*.%V$K9$5f*C.%23*%1*/&*((*% #*--6'&C$(0%5*--'%29/'(*-'%5$%20#(*#9($%5$"$('-$<
'--*%1*/+0#*%20#%"/',$%5$+'C$-$(B%&0(0/$*%(0('-$%0%1'/?$'4
-$.% 5$% $#(*/'"$/*% 20-% &0#50% *+(*/#0% $#% K9'-$(B% 5$% '((0/$%
29-(9/'-$%*%1*/;0/&*/<%:#5'#50%0-(/*%$-%/$-*,'&*#(0%5*$%
PRYLPHQWLRFXODUL¿QRDOHJJHUHGLUHWWDPHQWHOHRQGH
2*/*C/'-$.%-6$#(*/;'22$'%V$K9$5f*C%1*/&*((*%'--*%1*/+0#*%
20-1$(*% 5'% "/',$++$&*% 5$+'C$-$(B% &0(0/$*% 5$% *+1/$&*/+$%
0-(/*%$-%-$,*--0%;9#?$0#'-*.%*%5$%/$20+(/9$/*%-'%1/01/$'%1*/4
+0#'-$(B%+02$'-*%*%-'%1/01/$'%2$(('5$#'#?'%'(($,'%'((/',*/4
+0% -'% 1'/(*2$1'?$0#*% 29-(9/'-*.% *+1'#5*#50% 20+g% *#0/4
&*&*#(*%-'%1/01/$'%-$C*/(B%10+$($,'<
D#+*:*)3*
D*--'% +0((04'?$0#*' I)8#*$' 0C' +%"' B06(% 5$% @$;(% 0;% V$;*.%
20##*(($'&0%)$*#'%'5%9#'%/*(*%*9/01*'%*5%$#(*/#'?$0#'4
-*%5$%'/($+($%*%'/($"$'#$%*+1*/($%#*--'%1/059?$0#*%5$%20+(94
&$%+(0/$2$<%:((/',*/+0%f0/k+301.%20/+$%*%+*&$#'/$.%2/*4
$'&0%9#0%+2'&C$0%1/0;*++$0#'-*%*%9&'#0%(/'%'/($"$'#$%
+*#*+$%*5%*9/01*$.%20#(/$C9*#50%20+g%'--'%+($&0-'?$0#*%
*%2$/20-'?$0#*%$#(*/29-(9/'-*%5$%(*2#$23*%'/($"$'#*%-02'4
-$.%*%20#+*#($'&0%'$%,0-0#('/$%5$%J0#(/'5'%5$%*+1'#5*/*%
-'%-0/0%*+1*/$*#?'%5$/*(('%#*--*%(*2#$23*%5$%1/059?$0#*.%
PDQXWHQ]LRQHHUHVWDXURGHLFRVWXPL/¶RELHWWLYR¿QDOH
N)18*3*'"'.+6-"3+*'-*'.$60()'.6/"#*0#"
F% C'&C$#$% +0#0% 9#% "/9110% 23$',*% 5$% 2042/*'(0/$<% )'4 7%2/*'/*%9#%2*#(/0%$#(*/#'?$0#'-*%5$%*22*--*#?'%'%)$*#'%
/'##0%-0/0%-'%1/0++$&'%"*#*/'?$0#*%'59-('%'%1/*#5*/+$% 1*/%$%20+(9&$%+(0/$2$.%*%$#20/'""$'/*%-'%#'+2$('%5$%#90,*%
29/'%5*--'%2$((B%5010%$-%hOij<%F#0-(/*.%$#%K9'#(0%#'($,$% $&1/*+*%#*-%+*((0/*<
5$"$('-$.%10++0#0%$#+*"#'/*%'--*%"*#*/'?$0#$%1$M%&'(9/*% V'% +*20#5'% '?$0#*% 5$% b*%:/*% V*0#'/50.% 5*#0&$#'('%
-69+0% *% $-% 10(*#?$'-*% 5*"-$% +(/9&*#($% 5$"$('-$% ','#?'($<% ='(*/$'-%)2$*#2*.%/$"9'/5'%-'%+1*/$&*#('?$0#*%2/*'($,'%
BS00(' J)2".% -'% 1/$&'% '?$0#*% 5$% b*%:/*% V*0#'/50.% +$% 20#%&'(*/$'-$%*%1/02*++$%$##0,'($,$<%F-%1/0"*((0%1/0&904
;02'-$??'% +9$% "$023$% *% +9--'% *&C05$*5% 20"#$($0#% 20&*% ,*%-'%20#('&$#'?$0#*%(/'%'/($+($%*%5*+$"#*/%#'?$0#'-$%*5%
;9(9/0%5*$%1/02*++$%*592'($,$<%F-%290/*%5*--6'?$0#*%+'/B% $#(*/#'?$0#'-$% *% -6'/($"$'#'(0% (/'5$?$0#'-*% /*"$0#'-*.%
-6$&1-*&*#('?$0#*%5$%9#'%1$'((';0/&'%+1*/$&*#('-*%1*/% *+1-0/'#50% -*% 10++$C$-$(B% '1*/(*% 5'$% #90,$% &'(*/$'-$% *%
$%G"$023$%+*/$6.%23*%1/0592*%#90,$%+(/9&*#($%5$5'(($2$%*5% 5'--*% #90,*% (*2#$23*% 5$% 1/059?$0#*% '((/',*/+0% +(/'(*4
*592'($,$<%)*CC*#*%+$%/$,0-"'%'%(9(($.%2$%'+1*(($'&0%23*% "$*%*%'11/022$%5$%1*#+$*/0%-'(*/'-*<%S*//'##0%20--02'($%
+$'#0% $% "$0,'#$%-'% ,*/'%;0/?'%&0(/$2*%5$%K9*+('%1$'(('4 $#0-(/*% #*--'% 1/0,$#2$'% 5$% )$*#'% ,'/$% '(*-$*/% 5$% 2041/04
;0/&'.% *% 5*--*% '-(/*% '(($,$(B% 5$% BS00(' J)2"P% 1*/% *+*&4 59?$0#*.%'1*/($%'--6$#(*/'?$0#*%20-%19CC-$20<%D*-%hOij.%
1$0.%$#%9#'%+*/$*%5$%*,*#($%#0((9/#$.%$-%Q9(9/*%V'C%5$%:/+% $%/$+9-('($%5$%K9*+(*%20--'C0/'?$0#$%(/'%'/($+($.%5*+$"#*/%*%
8-*2(/0#$2'% 1/*#5*/B% $-% ,0-0% 20#% @'&*% 0;% )1'm(*-+.% '/($"$'#$.%+'/'##0%*+10+(*%59/'#(*%9#'%N*"33)("'-*'D#+"'
9#'%1*/;0/&'#2*%20#%5/0#$%$#(*/'(($,'%23*%(/'+;0/&*/B% f'J".*:3'+9$%&'(*/$'-$%$##0,'($,$.%$#%5$,*/+*%+*5$%5*--'%
26
1/0,$#2$'%5$%)$*#'<
4*++)-*3*'.0$*)(1"3+"'".$(6.*
46(+6#)(a0+B/0+.VDUjDIIURQWDWRQHOORVSHFL¿FRLOWHPD
5*--6$#(*"/'?$0#*% 5*--'% 20&9#$(B% $+-'&$2'.% '((/',*/+0%
-'%2/*'?$0#*%5$%+1'?$%5*5$2'($%'-%5$'-0"0%$#(*/29-(9/'-*.%
1'/(*#50% 5'--6*+1*/$*#?'% 5*--*% ='$+0#+% Q0-$*% 5$% V$--*%
HO¶DUWHSXEEOLFDHSDUWHFLSDWLYDGLYHQWHUjLOFD4
#'-*%1*/%20#5$,$5*/*%*&0($,'&*#(*%20#%-'%20&9#$(B%#'4
($,'%+*#*+*%-*%+(0/$*%5$%,$('%5*"-$%$&&$"/'($<%F-%1/0"*((0%
>-'d%(3*%J$(d%20$#,0-"*%20&9#$(B%+1*++0%5$+2/$&$#'(*%
20&*%K9*--'%X0&.%'((/',*/+0%-'%+9'%29-(9/'%&9+$2'-*%*%
-*%+9*%5'#?*%1010-'/$%#*--*%-0/0%&$"-$0/$%*+1/*++$0#$%'/4
($+($23*.%1*/%'1/$/*%#90,*%0110/(9#$(B%5$%2001*/'?$0#*%
20#%'-(/$%1/0;*++$0#$+($%2/*'($,$%*9/01*$<
F#%J9-(9/'-%8&*/"*#2d%X00&.%(9(($%+0#0%$%C*#,*#9($%'5%
9#$/+$%'5%'/($+($%*%1*/;0/&*/%#*--'%2/*'?$0#*%5$%$#+('--'4
?$0#$%'/($+($23*%*%'?$0#$%5'-%,$,0%20&*%;0/&'%5$%1'/(*4
2$1'?$0#*%29-(9/'-*%'(($,'%*%(*/'1*9($2'<%F%f0/k+301%+$%
(*//'##0%'%)$*#'%*%#*--'%+9'%1/0,$#2$'.%+$%/$,0-"*/'##0%
$#%1'/($20-'/*%'--*%2'(*"0/$*%+02$'-&*#(*%1$M%5*C0-$%*%'%
&'""$0/*%/$+23$0%5$%*+2-9+$0#*%+02$'-*.%*%20$#,0-"*/'#4
#0%(9(($%$%2$(('5$#$%*%$%,$+$('(0/$%$#(*/*++'($<%F#%>-'d%(3*%
J$(d.% -'% &9+$2'% *% $-% 2'#(0% 20--*(($,0% 5$,*#('#0% 9#6014
10/(9#$(B% 1*/% -6$#2-9+$0#*% 5$% 1*/+0#*% 20#% 1'(0-0"$*% 5$%
+02$'-$??'?$0#*.% 0% 23*% +0;;/0#0% 5$% 1/0C-*&'($23*% 5$% Z*0;)3*'/#0C"..*03*.+*'$#")+*;*
F%"$0,'#$%1/0;*++$0#$+($%2/*'($,$%+0#0%+$+(*&'($2'&*#(*%
&'/"$#'-$??'?$0#*<
20$#,0-($% $#% (9((0% $-% 1/0"/'&&'% 5$% )$*#'hOij<% F#% 1'/4
J"$*.*03'1)S"#
($20-'/*.% -'% +2*#'% 29-(9/'-*% $#5$1*#5*#(*% +*#*+*% +'/B%
V)8'0C'X*.+)S".M%'?$0#*%5$%b*%:/*%V*0#'/50.%$#5'"'%$-% 20$#,0-('%$#%(9(($%$%1/0"*(($.%20&*%&0(0/*%5*--6$##0,'4
/90-0%5*"-$%*//0/$%#*$%1/02*++$%29-(9/'-$%*%+02$'-$<%V6'?$04 ?$0#*% 29-(9/'-*% 1$M% 20#(/0,*/+'% *% 5$% 5$#'&$+&0% 2/*'4
#*%&$/'%'%&$"-$0/'/*%-'%2'1'2$(B%5*$%2$(('5$#$%*%5*$%5*2$4 ($,0P% +'/'##0% (/'% "-$% 01*/'(0/$% 5$% J9-(9/'-% 8&*/"*#2d%
+0/$%5$%"*+($/*%"-$%*//0/$%*%$&1'/'/*%5'"-$%+(*++$.%/$20#04 X00&.%'"$/'##0%20&*%+,$-911'(0/$%5*-%1/0"*((0%b*%:/*%
+2*#50%*%+;/9(('#50%$-%-0/0%10(*#?$'-*%2/*'($,0%#'+20+(0<% V*0#'/50.% *% '#$&*/'##0% -6'?$0#*' 46(+6#)(a0+B/0+.'
>*/%#0#%',*/%1'9/'%5*"-$%*//0/$.%50CC$'&0%$&1'/'/*%'% 5$% F#;*2($,*% X0'5+<% >$M% $#% "*#*/'-*.% $% "$0,'#$% 2/*'(04
GLYHQWDUH ÀHVVLELOL ,O SURJHWWR FRVWUXLVFH XQD UHWH GL /$%+0#0%$-%1/$#2$1'-*%'"*#(*%5$%2'&C$'&*#(0%5$%(9((0%$-%
0/"'#$??'?$0#$%*9/01**%20#%9#'%,'+('%*+1*/$*#?'%#*--'% 1/0"/'&&'<%)0#0%-0/0%23*%$#;0#50#0%$#%(9(($%$%1/0"*(($%
1/0"*(('?$0#*% *5% 0/"'#$??'?$0#*% 5$% f0/k+301.% "9$5'($% 9#%#90,0%'((*""$'&*#(0%5$%'1*/(9/'%&*#('-*%*%'#($420#4
5'%'/($+($.%5'%(*#*/+$%#*--*%'?$*#5*%*%#*--*%'&&$#$+(/'?$04 ,*#?$0#'-$+&0.%'++0-9('&*#(*%#*2*++'/$0%1*/%5'/*%*#*/4
#$%19CC-$23*<%^/'%$-%hOit%*%$-%hOij.%'CC$'&0%$#(*#?$0#*% "$'% '--6'##0% J8J<%:,/'##0% '#23*% 9#% /90-0% 2*#(/'-*% *%
5$%'(($,'/*%9#'%+*/$*%5$%f0/k+301%$#%(9(('%89/01'.%23*% 1/019-+$,0%#*--*%/*($%5$%20--'C0/'?$0#*%+(/'(*"$2'.%*%+'4
&0+(/$#0%$-%10(*#?$'-*%5*"-$%*//0/$%$#%K9'#(0%+(/9&*#($% /'##0%$+1$/'($%'%+,$-911'/*%#90,*%;0/&*%5$%+0+(*#$C$-$(B%
20#2*((9'-$% 1*/% /*#5*/*% -*% 0/"'#$??'?$0#$% 19CC-$23*% *% *20#0&$2'% *% +02$'-*% 1*/% $-% +*((0/*% 2/*'($,0% +*#*+*% #*-%
SULYDWHSLFUHDWLYHHGHI¿FDFLQHLFRQWHVWLVRFLRSROLWL4 20#(*+(0%*9/01*0<
2$%2/$($2$%$#%89/01'<%@/911$%&$+($%5$%2$(('5$#$.%&'#'"*/.%
;9#?$0#'/$% 5*--6'&&$#$+(/'?$0#*% 19CC-$2'% -',0/*/'##0%
$#+$*&*%20#%'/($+($%*%;'2$-$('(0/$.%1*/%20#2*1$/*%+0-9?$0#$%
+02$'-&*#(*%$##0,'($,*%'--*%1$M%+1$#0+*%1/0C-*&'($23*% !"!& B*' *3-*$%*30' *' $03+)++*' $%"' ()' $*++,' 0'
-02'-$%*5%*9/01**<
(<0#:)3*.10' #"./03.)8*("' -"(()' /#"/)#)2*03"'
-"(()' 1)3*C".+)2*03"' %)' );;*)+0' 0' *3+"3-"'
X*30#)32"'"+3*$%"'"'$6(+6#)(*
);;*)#"'$03T
F-% hOn% 5*--6$#(*/0% 1/0"/'&&'% '/($+($20% 5$% )$*#'hOij%
P':(*'0/"#)+0#*'$6(+6#)(*'-"(()'$*++,g
7%2041/0"*(('(0%20#%&$#0/'#?*%*(#$23*%*%29-(9/'-$.%1*/%
$#20/'""$'/#*%-'%1'/(*2$1'?$0#*%'(($,'<%D*-%(*'&%5$%)$*4
P':(*'0/"#)+0#*'$6(+6#)(*'.*+6)+*'C60#*'-"(()'$*++,g
#'hOij% 'CC$'&0% 9#% &*5$'(0/*% 29-(9/'-*% 23*% -',0/'% '%
P':(*'0/"#)+0#*'$6(+6#)(*'.*+6)+*'C60#*'-"((<F+)(*)A
(*&10% 1$*#0% '--'% 20&9#$2'?$0#*% *% '-% 20$#,0-"$&*#(0%
#*-%1/0"*((0%5$%(9((*%-*%20&9#$(B%5$%$&&$"/'($%5$%)$*#'.%
B*'1"32*03*30')($63*'-":(*'0/"#)+0#*'$03'*'K6)(*'
*%$#%1'/($20-'/*%5$%(9((*%K9*--*%1$M%+(/9((9/'(*%*5%0/"'#$?4
.*' /#";"-"' -*' )++6)#"' 63)' $00/"#)2*03"' "' .*'
?'(*.%/'11/*+*#('#($%1'*+$%K9'-$%-'%X0&'#$'.%$-%H0-$,$'.%
*3-*$%*30'("'$0(()80#)2*03*'/#";*.+"A
-'%J0-0&C$'.%$-%>*/M.%-'%D$"*/$'.%-*%Q$-$11$#*.%$-%^0"0%*%
$-%J'&*/9#.%*%5*--*%0/"'#$??'?$0#$%'(($,*%#*-%2'&10%5*-%
5$'-0"0%$#(*/29-(9/'-*<
>*/%*+*&1$0.%-*%&$#0/'#?*%*(#$23*%*%29-(9/'-*'#*$0/#030' '5(E9D>42E5F2943(A5EE25(5(A5EE25(65(A5BB9(<5(
63'#60(0'$%*);"'3"('/#0:"++0'F#;*2($,*%X0'5+<%D*--6'4 ;2AA3?34F5C
?$0#*% Z*/$('"*% 0;% )0//0f.% 1/*+($'&0% '((*#?$0#*% '--'% F-%1/0"/'&&'%'/($+($20%5$%)$*#'hOij%7%+('(0%+,$-911'(0%
FRPXQLFD]LRQHWUDFRPXQLWjLQFRQÀLWWRSHUFRQFHSLUH (/'&$(*% 9#% 1/02*++0% C0((0&491.% (/'&$(*% 9#'% +*/$*% 5$%
20#"$9#('&*#(*%*%$#(*/1/*('/*.%20#%-'%20--'C0/'?$0#*%5$%
f0/k+301.% $#20#(/$.% C'#5$% *% +2'&C$%5$% $5**% (/'% -69#$(B%
'/($+($%01*/'#($%#*-%2'&10%5*--6'/(*%19CC-$2'%#*"-$%+(*+4
+$%1'*+$.%/$(9'-$%19CC-$2$%5$%/$20#2$-$'?$0#*<%D*--6'?$0#*% '/($+($2'% 5$% )$*#'hOij% *% 01*/'(0/$% 29-(9/'-$% -02'-$.%
#'?$0#'-$% *5% $#(*/#'?$0#'-$<% :CC$'&0% 20$#,0-(0% &0-($%
27
GLORUR¿QGDOSULQFLSLRPDQRQSURSRQHQGRJOLXQ¶LGHD
JLjGH¿QLWDGLFRVDDYUHPPRYROXWRIDUHHFKLHGHQGR
-0/0% +*&1-$2*&*#(*% 5$% 9#$/+$% '% #0$.% C*#+g% (/'&$(*% 9#'%
20#5$,$+$0#*%5$%,$+$0#$.%('-*#($%*%1/0;*++$0#'-$(B%1*/%10(*/%
*+1-0/'/*%#90,$%(*//$(0/$%$#+$*&*<%=0-($%5*$%#0+(/$%1'/(#*/%
+(/'#$*/$%+0#0%+('($%$#,$('($%'%)$*#'.%3'##0%$#20#(/'(0%-'%
+2*#'%-02'-*%*%3'##0%+0#0%*#(/'($%$#%20#('((0%5$/*((0%20-%
20#(*+(0%-02'-*%*%-'%+9'%'(&0+;*/'%29-(9/'-*.%-',0/'#50%
20#% #0$% 5$% 1*/+0#'<% F#% K9*+(0% &050.% 'CC$'&0% 10(9(0%
+;/9(('/*%K9*+($%&0&*#($%5$%+*/*#5$1$(B%$#%29$%*&*/"0#0%
5',,*/0% $#(9$?$0#$% $##0,'($,*% r% 23*% $#;'(($% #'+20#0%
+01/'((9((0%K9'#50%2$%+$%$#20#(/'%;'22$'%'%;'22$'.%20&*%
'5%*+*&1$0%59/'#(*%9#'%2*#'%$#+$*&*.%9#'%1'9+'%2';;7%
59/'#(*% -*% /$9#$0#$.% 0% 9#'% 1'++*""$'('% #0((9/#'% +0((0%
-*%+(*--*.%1*/%'#5'/*%'%,*5*/*%-*%;0#($%9/C'#*%+*#*+$<%\%
1/01/$0% "/'?$*% '% K9*+($% &0&*#($% 23*% 2$% +$'&0% '220/($%
23*% )$*#'% +*&C/'% ;'(('% '110+('% 1*/% ;'/% *&*/"*/*% -'%
+*/*#5$1$(B%2/*'($,'.%/*#5*#50-'%&*&0/'C$-*%1*/%23$%-'%
,$,*<
:-(/$%f0/k+301.%$#20#(/$%*%(',0-$%5$%1'/(*2$1'?$0#*%+0#0%
VWDWLRUJDQL]]DWLVSHFL¿FDWDPHQWHDVVLHPHDHSHUJOL
01*/'(0/$%29-(9/'-$%*5%$%1/0;*++$0#$+($%5*-%(*//$(0/$0.%+$'%
1*/%',*/*%9#%K9'5/0%23$'/0%5*--'%+2*#'%2/*'($,'%+*#*+*.%
+$'%1*/%;'2$-$('/*%-'%20&9#$2'?$0#*%*%$-%200/5$#'&*#(0.%
+1*2$'-&*#(*%(/'%20-0/0%23*%-',0/'#0%#*--0%+(*++0%+*((0/*<%
D*-%&0&*#(0%$#%29$%"-$%'++$%(*&'($2$%5*--'%2'#5$5'(9/'%
3'##0% 1/*+0% ;0/&'.% $-% -',0/0% $#(/'1/*+0% 20#% -'% +2*#'%
ORFDOHqVWDWRIRQGDPHQWDOHSHUGH¿QLUHPHJOLROHLGHH
$#(/059/#*% 5$% #90,*.% *% 1/0"/*++$,'&*#(*% 1*#+'/*% $#%
(*/&$#$%5$%$&1-*&*#('?$0#*%*%1/*41/059?$0#*.%20+g%5'%
(/'+;0/&'/*%-*%$#(9$?$0#$%$#%20#2/*($%f0/k41-'#.%#*$%K9'-$%
0"#9#0%10++'%(/0,'/*%$-%/90-0%*%-0%+1'?$0%1$M%'5'((0<%
:CC$'&0% -',0/'(0% +050% 1*/% 20$#,0-"*/*% $-% &'""$0/%
#9&*/0%10++$C$-*%5$%$+($(9?$0#$%*5%'++02$'?$0#$%29-(9/'-$%
5$% )$*#'% *% 5*--'% 1/0,$#2$'.% 5'% K9*--*% 1$M% 20#0+2$9(*% *%
/$#0&'(*% 20&*% -'% @'--*/$'% J0#($#9'.% -'% Q0#5'?$0#*%
:22'5*&$'% =9+$2'-*% J3$"$'#'.% -'% Q0#5'?$0#*% )$*#'%
z'??.% -6F+($(9(0% )91*/$0/*% 5$% )(95$% =9+$2'-$% GX$#'-50%
Q/'#2$6.% V'% Q0#5'?$0#*% J'#($*/*% F#(*/#'?$0#'-*%
56:/(*% 5$% =0#(*19-2$'#0.% $-% )$*#'% :/(% F#+($(9(*.% *% -*%
59*%A#$,*/+$(B.%'%K9*--*%1$M%1$220-*.%1/0,*#$*#($%5'--'%
VFHQD DOWHUQDWLYD HYLGHQ]LDQGRQH OH VSHFL¿FLWj H
2'/'((*/$+($23*<%:-% 20#(*&10.% 'CC$'&0% -',0/'(0% &0-(0%
'#23*% 1*/% '1/$/*% 9#% 5$'-0"0% (/'% -'% +2*#'% -02'-*% *% $-%
20#(*+(0%#'?$0#'-*%*5%$#(*/#'?$0#'-*.%20+g%5'%2/*'/*%9#%
SUR¿FXRVFDPELRGLLGHHHGDDXPHQWDUHOHRSSRUWXQLWj
5$% 2001*/'?$0#*% *% 201/059?$0#*<% F#0-(/*.% 'CC$'&0%
20$#,0-(0% *+(*#+$,'&*#(*% '#23*% -'% +2*#'% +*#*+*% 5*--*%
+('/(491%*%5*--6FJ^.%*5%'-29#*%'?$*#5*%#90,*%*%5$#'&$23*%
K9'-$% V$K9$5f*C% *% V$((*/'(09/% +0#0% 5$,*#('($% 1'/(#*/%
FHQWUDOLGLVSHFL¿FLSURJHWWL&LDVSHWWLDPRFKHTXHVWR
($10%5$%20$#,0-"$&*#(0%20#($#9$%'5%'9&*#('/*%#*--'%;'+*%
5$%$&1-*&*#('?$0#*%5*$%1/0"*(($.%*%23*%$-%&0(0/*%5*--'%
J8J%1/0592'%#90,$%$&19-+$%1*/%-6*20#0&$'%-02'-*<%
,Q¿QH DEELDPR FRLQYROWR VSHVVR RUJDQL]]D]LRQL
5*--'% +02$*(B% 2$,$-*% *% '++02$'?$0#$% '++$+(*#?$'-$% 20&*%
$-% ='"$+(/'(0% 5*--*% J0#(/'5*.% -6:?$*#5'% !+1*5'-$*/'%
A#$,*/+$('/$'% )*#*+*.% -'% >9CC-$2'% :++$+(*#?'% *%
-6:/2$20#;/'(*/#$('% 5$% =$+*/$20/5$'% 20&*% 01*/'(0/$%
29-(9/'-$% '% 1$*#0% ($(0-0.% 23*% 3'##0% 5'(0% 20#(/$C9($%
*++*#?$'-$%'%1/0"*(($%23*%(022'#0%-'%-0/0%+;*/'%5$%$#(*/*++*%
*5%'(($,$(B<
Y$%+*"9$(0.%9#'%+*-*?$0#*%5*"-$%01*/'(0/$%-02'-$.%#'?$0#'-$%
*5%*9/01*$%23*%'CC$'&0%20$#,0-(0%#*--'%1/0"*(('?$0#*%
5*-%1/0"/'&&'%'/($+($20.%20#%29$%'CC$'&0%"$B%5*2$+0%5$%
-',0/'/*.%0%20#%$%K9'-$%$-%1/02*++0%5$%20$#,0-"$&*#(0%7%
$#%20/+0<
28
PROGETTO IN CITTA’
FUORI DELLA CITTA’
AL DI FUORI DEL PAESE
Copy
Wrong
404 File not Found Blog; Kiné società cooperativa;
il lavoro culturale; Litteratour; Visionaria
International Film Festival.
"Associazione Home Movies, Archivio Nazionale
Del film di Famiglia, Milano/Bologna; Collettivo Fx,
Reggio Emilia; Fondazione Romualdo Del Bianco,
Firenze; La furia dei cervelli, blog, Scrittura
Industriale Collettiva, Firenze; Spinoza.it, blog;
TwLetteratura; ZaLab, Roma/Barcellona."
Association Marcel Hicter, Brussels; Blablalab.net;
de Appel arts centre, Amsterdam; Ensemble – Sociedade de Actores, Porto; Moscow Design
Museum; N.C.I - Nouveau Clown Institute, Wien;
Casa de Mateus International Institute, Vila Real;
Danish Film Institute - Det Danske Filminstitut,
Copenhagen.
We
Are
Leonardo
Blueup; Galleria iSculpture; Fondazione Musei
Senesi; Hybrid Spacex, ICT for Tourism and
Culture; Ran project; RedEvo Games; Udoo
"Achab Group, Napoli/Venezia; Emmegi sistemi di
comunicazione, Milano; Fondazione Ermanno
Casoli, Ancona; Laerdal Medical, Bologna; Material
ConneXion Italia,
Milano"
AIGA - Asian Institute of Gaming and Animation,
Bangalore; Interactive Institute Swedish ICT, Umea;
The Serious Games Institute, - Coventry
University; TechnocITé - ICT & Digital Media
Knowledge Centre, Mons; TILLT, Göteborg; Blast
theory, Brighton
Gift
of Life
Tuscany in
Your
Bathroom
"Comitato per la processione dei ceri e dei censi;
Consorterie delle Compagnie Laicali; Fototeca
Giuliano Briganti; Magistrato delle Contrade di
Siena
Zaches Teatro, Firenze; Semeion Centro Ricerche
di Scienza della Comunicazione, Roma
ISMEK, Istanbul Metropolitan Municipality;
Harvard University, metaLAB; Royal School of
Neddlework, UK
Associazione Nazionale Città del Vino; Gli Omini;
Panspeech; Terre di Siena
Documentary in Europe, Torino; Istituto
Internazionale Andreij Tarkovskij, Firenze/Parigi;
ScambioCasa.com
ATALS – Association for Tourism and Leisure
Education, Brussels; CeMoRe - Centre for
Mobilities Research, Lancaster; International Union
of Mail-Artists; PCT - Parc Científic i Tecnològic de
Turisme i Oci, Tarragona; Platoniq Sistema Cultural,
Barcelona; triage live art collective, Berlin/Melbourne
Apea Siena, Terre di Siena Creative; Associazione
culturale l'Ombrico
Fondazione Bruno Kessler, Trento; Istituto
Internazionale Life Beyond Tourism, Firenze;
PIOVENEFABI, Milan; Urban Experience, Roma
Eindhoven University of Technology; Interactive
Institute Swedish ICT, Umea; MAO-Muzej za
arhitekturo in oblikovanje, Ljubljana; Staatliche
Akademie der Bildenden Künste, Stuttgart; Trànsit
Projectes, Barcelona
Infective
Roads
Associazione Topi Dalmata; Compagnia ADARTE;
Galleria FuoriCampo; SART – Siena Art Institute;
Straligut Teatro; Vernice Progetti Culturali
Associazione Arte Sella, Trento; Cinemovel
Foundation, Bologna; Fondazione MIGRANTES,
Roma; Kinkaleri, Firenze; Radio Papesse, Firenze;
Teatronet, Udine; Zerynthia – RAM radioartemobile, Roma; Wikimedia Italia
Festival Danse Péi, Île de la Réunion; International
Youth Music and Arts Festivals in Srebrenica;
Ciudades que Danzan – CQD, St Gilles les Bains;
Collectif Art Mouv' Zone Libre, Ville de Bastia; Dah
Theatre Research Centre, Belgrade; CRVENA Association for Culture and Art, Sarajevo; Festival
Trayectos – Danza en Paisajes Urbanos, Zaragoza
Still
Dancing
Liquidweb / BrainControl; Scoutit
Fondazione Romaeuropa, Roma; E:UTSA – Union
of Theatres Schools and Academies, Roma
Cricoteka – Orodek Dokumentacji Sztuki Tadeusza
Kantora, Krakow; Tel Aviv International Student
Film Festival; UTE-Union des Théâtres de l'Europe,
Bobigny; CILECT Centre International de Liaison
des Ecoles de Cinéma et de Télévision, Brussels;
Reims Scènes d'Europe Festival
Cultural
Emergency
Room
Associazione “Il Chicchero”; Associazione
Archeosofica; Centro Studi di Psicologia dell'Arte e
Psicoterapie Espressive; Genia Ballet; Museo d’Arte
per Bambini; LaLut Siena; Moviement HD;
Oblivion Tango; Videodocumentazioni; Scuola di
Musica Clara Schumann
Compagnia Frosini/Timpano; Compagnia Ivaldi
Mercuriati, Torino; Compagnia Teatrale Carrozzeria
Orfeo, Mantova; Compagnia Virgilio Sieni, Firenze;
Emergency; Loop Creazioni Multimediali, Bologna;
Teatro Minimo, Bergamo
A.A.D. African Artists for Development, Paris;
Atelier für Ikonen und Kunsthandwerk, Lebring;
Centrul de Resurse Pentru Comunitate,
Cluj-Napoca; Das Fräulein Kompanie, Brussels;
Repair Café Netherlands Foundation, Amsterdam;
Sick! Festival, Brighton; Nowy Teatr, Warsaw;
Water Tower Art Festival, Sofia; WildWuchs
Festival, Basel
Napkin
Economics
Abbazia di Spineto; Associazione Scenario; Atelier
Vantaggio Donna; Monteverdi Tuscany; Teatro
Povero di Monticchiello; Watch your Words
Teatro Popolare Europeo, Torino; Centro di Cultura
Contemporanea Strozzina (CCCS), Firenze; Città
dell'arte-Fondazione Pistoletto, Biella; Lucca
Comics and Games; OXFAM Italia, Arezzo/Firenze;
Womenomics, Milano
Société d'Aménagement de la Métropole Ouest
Atlantique, Samoa; Association ARS CIENCIA,
Santiago de Compostela; Nairucu Art Association,
Nampula (Mozambique); ReKult, Amsterdam;
Rimini Protokoll, Berlin; Stand-up Comedy,
Mostar; Ecce - European centre for creative
economy, Dortmund; Timerepublik, Lugano
Play
The City
Ass. Culturale La Spennacchiera; Fondazione
Accademia Musicale Chigiana; Fondazione Siena
Jazz – Accademia Nazionale del Jazz; Geographike
S.R.L.; MeettheKnobbers.com; RADIO SIENA
Sound Machines – SPES, Ancona; Associazione
Culturale La Leggera, Firenze; Grande Orchestra di
Fiati “G. Ligonzo” Città di Conversano, Bari;
Grande Orchestra di Fiati “Santa Cecilia” Città di
Taranto
A Cumpagnia, Corsica; Association Eth Ostau
Comengés, Montréjeau; Banda de Música Maestro
Tejera, Sevilla; Binaural – Associação Cultural de
Nodar, S. Martinho das Moitas; Europeana Sounds;
Réseau Tramontana, Lescurri
The
Space
Between
AresTeatro; Associazione Arte Continua;
Associazione La Diana; Associazione Le Mura;
Galleria Continua
Accademia di Belle Arti Carrara; Associazione
Culturale Castello di Rivoli – Museo d’Arte
Contemporanea, Torino; Centro per l'arte
contemporanea Luigi Pecci, Prato; Galleria Civica di
Modena; MADRE - Museo d'Arte contemporanea
DonnaREgina, Napoli; MLB Maria Livia Brunelli
Art Gallery, Ferrara;
ARKEN Museum of Modern Art, Ishøj; The Latvian
Centre for Contemporary Art, Riga; Prinzessinnengarten, Berlin; S.M.A.K. - Municipal Museum of
Contemporary Art, Gent; Ujazdowski Castle (Museum Of Modern Art/CSW), Warsaw; OKRA
Landschapsarchitecten, Utrecht; Athens Biennale
ParaSite
Associazione culturale Culture Attive; Associazione
Culturale TeatrO2; Dedagroup spa; IRiFoR Istituto per la Ricerca, la Formazione e la
Riabilitazione; Ordine degli architetti di Siena;
Radio 3 Network; Worlic srl
Fondazione Wurmkos Onlus, Milano; ArtVmap srl –
Walter Buonfino, Firenze/Milano; Atelier dall’Osso,
Milano; Compagnia Rodisio, Como; Fondazione
Cesare Serono, Roma; Fondazione Franca e Franco
Basaglia, Venezia; Fondazione Palazzo Strozzi,
Firenze; Impact Hub Firenze; PARASITE 2.0,
Milano
Aalto University School of Art, Design and
Architecture, Helsinki; Eindhoven University of
Technology; Fête des Lumières, Lyon; INDEX:
Design to Improve Life, Copenhagen; Quorum
Event Group, Lyon/Paris/Dubai; Bauhaus-Universität Weimar; Department of Architecture and 3D
Design, School of Art, Design and Architecture of
University of Huddersfield; European Foundation
Centre, Bruxelles;
Tartu Centre for Creative Industries;
Citizens of the
Elsewhere
29
5*--6'11/022$0%5*-%>'(/$&0#$0%N<O%$#%K9*+(0%+*#+0%7%
GL LQGXUUH DOO¶HVSORUD]LRQH QHO ULGH¿QLUH OR VFRSR H
"-$%0C$*(($,$%5*--'%29-(9/'%*%5*--'%2/*'($,$(B%#*--'%-0/0%
/*-'?$0#*%20#%-'%,$('%5$%(9(($%$%"$0/#$.%*%5$%'22/*+2*/*%
$<( #5B?2D9429( SCT( E9D3( D9B9?3( E625G3( ;3<<5( +$'%#*"-$%$#5$,$59$%23*%#*--'%20&9#$(B%-'%&0($,'?$0#*%
'5%9#'%1$M%$#(*#+'%1'/(*2$1'?$0#*%29-(9/'-*%'(($,'<
B?58A9?D5F2943(89E25<3C
!"!'
F3'$%"'$0.)'*('!#0:"++0'/#";*.+0'E'*330;)+*;0'7
V'%2'#5$5'(9/'%5$%)$*#'hOij%5$&0+(/'%-'%10(*#?$'-$(B%
5*-% 20#2*((0% 5$% >'(/$&0#$0% N<O% $#% K9'#(0% '11/022$0%
$##0,'($,0%'-%;9(9/0%5*--*%2$((B%*9/01**%5$%1'(/$&0#$0<%
I9'#50% 0"#$% 2$(('5$#0% *9/01*0% 20#(/$C9$+2*%
'(($,'&*#(*% '--'% 1/059?$0#*% *% 5$++*&$#'?$0#*%
5$% 20#(*#9($% 2/*'($,$.% *% "*#*/'% ,'-0/*% +02$'-*% *5%
*20#0&$20% '((/',*/+0% -'% 1'/(*2$1'?$0#*% 29-(9/'-*.% $-%
UHDOH VLJQL¿FDWR GL µSDWULPRQLR¶ q VFRVVR QHOOH VXH
;0#5'&*#('<% F-% 1'(/$&0#$0% #0#% 7% 1$M% +0-'&*#(*% $-%
(*+0/0% 5$% *+1*/($% *% G"9'/5$'#$6.% *% -'% +9'% 1/059?$0#*%
5$,$*#*% 9#6'(($,$(B% 20--*(($,'% -*% 29$% $&1-$2'?$0#$%
1/0;0#5*% *% 5$% -9#"0% (*/&$#*% 5*,0#0% '#20/'% *++*/*%
20&1/*+*<% F-% 1/0"*((0% 5$% )$*#'hOij% 19_% *++*/*%
LGHQWL¿FDWRFRPHLOODERUDWRULRSLDPEL]LRVRPHVVR
$#% 1$*5$% '5% 0""$% 1*/% *+1-0/'/*.% ,'-9('/*% *% 1/*,*5*/*%
-*%(*#5*#?*%;9(9/*%#*--'%2/*'?$0#*%20&9#$('/$'%5'--0%
+($&0-'#(*% 19#(0% 5$% ,$+('% 5$% 9#'% 1$220-'% 2$((B% 5$%
1'(/$&0#$0<
V*%5$&*#+$0#$%1$M%$##0,'($,*%5$%)$*#'hOij%10++0#0%
*++*/*% /$'++9#(*% $#% K9'((/0% 5$20(0&$*% 23$',*.% #*--*%
K9'-$% $-% 20#2*((0% 5$% >'(/$&0#$0% N<O% ;'% -'% 5$;;*/*#?'P%%
:95$*#2*u!#0.61"#c% Q$#?$0#*u:9(*#($2$(Bc% Z'/5f'4
/*u)k$--+4f'/*c%J'&1'#$-$+&0u:1*/(9/'<
D6-*"3$"L!#0.61"#
I9'#50%2$%+$%/$;*/$+2*%'--'%29-(9/'.%*+$+(*%'#20/'%9#'%
;0/(*% (*#5*#?'% '% 20#+$5*/'/*% -*% 1*/+0#*% $#% (*/&$#$%
5$%)6-*"3$".%0,,*/0%20&*%;/9$(0/$%1'++$,$%5$%+($&0-$%
H FRQWHQXWL 6LHQD UL¿XWD TXHVWR DSSURFFLR H
GH¿QLVFH LO VXR SURJUDPPD FRQFHSHQGR OH SHUVRQH
20&*%/#0.61"#.%9#%'+1*((0%1$*#'&*#(*%+,$-911'(0%5'-%
1/0"*((0%J01db/0#".%$#%29$%$-%20#(/$C9(0%$#5$,$59'-*%
'--'% /$*-'C0/'?$0#*% 5*$% 20#(*#9($% /$2*,9($% 5'% '-(/$%
5$,*#('% -'% /*"0-'% *% #0#% -6*22*?$0#*<% J$_% +$% *+(*#5*%
'#23*% '-% (9/$+&0.% '#23*% "/'?$*% '--6$#(*/'% 201*/(9/'%
5*-% 2*#(/0% +(0/$20% 5$% )$*#'% 20#% 9#'% /*(*% 5$% +*"#'-$%
$#(*--$"*#($%*%$#(*/'(($,$%23*%+($&0-*/'##0%$%,$+$('(0/$%
'% (/'+;0/&'/*% -'% -0/0% *+1*/$*#?'% $#% 9#% "$020% 5$%
*+1-0/'?$0#*%*%+201*/('.%$#,$('#50-$%'%20#(/$C9$/*%5$%
1*/+0#'%'-%1'(/$&0#$0%#'//'($,0.%5$%$&&'"$#$%*%+90#$%
5*--'%2$((B<%I9*+(0%'+1*((0%$##0,'($,0%5*-%1/0"/'&&'%
5$% )$*#'hOij% +($&0-'% "-$% '/($+($.% $% 1/0;*++$0#$+($%
2/*'($,$%*%-*%$+($(9?$0#$%29-(9/'-$%'5%9+2$/*%5'-%1/01/$0%
µWHUULWRULRIDPLOLDUH¶HDULÀHWWHUHVXOO¶HYROX]LRQHGHL
-0/0%/90-$%#*-%20#(*+(0%5$%9#'%20&9#$(B%5$%1/0+9&*/.%
*% K9$#5$% '% +,$-911'/*% #90,$% '11/022$% *% 1/'($23*%
FKH ULÀHWWDQR LO FDPELDPHQWR ,O SULQFLS'-*% *;;*((0%
I*32*03"LD6+"3+*$*+,
)$*#'hOij%+,$-911'%+(/'(*"$*%5$%(9/$+&0%+&'/(%1*/%-*%
2$((B% 5$% 1'(/$&0#$0<% A#'% 20#+*"9*#?'% $#5*+$5*/'('%
5*--'% 2/$+$% *20#0&$2'% 7% -'% 1/*++$0#*.% ',,*/($('%
5'--*% 2$((B% 5$% 1'(/$&0#$0.% '% +0+(*#*/*% -6*20#0&$'%
-02'-*% 19#('#50% *+2-9+$,'&*#(*% '% 1/*+*#('/+$% 20&*%
'((/'?$0#$% (9/$+($23*<% I9*+(0% 10/('% $#*,$('C$-&*#(*%
DOO¶HVDVSHUD]LRQH ¿Q]LRQDOH GHOO¶LGHQWLWj GHOOD FLWWj
1*/%'++*20#5'/*%-*%'+1*(('($,*%*%$%5*+$5*/$%5*$%(9/$+($.%
*% K9$#5$% '% 1*/5*/*% -6'9(*#($2$(B.% 20&1/0&*((*#50% -'%
2'1'2$(B%5*--'%20&9#$(B%5$%/$20#0+2*/+$%#*$%1/01/$%(/'(($%
$5*#($('/$% 1/0;0#5$<% D*-% 20/+0% 5*--'% 2/$+$% *20#0&$2'%
2$(('5$#'%1$M%"/',*%5'--'%)*20#5'%@9*//'%=0#5$'-*.%
$-% 1/0"*((0% 5$% )$*#'% +,$-911'% 9#% '11/022$0% 23*.% '-%
20#(/'/$0.%19#('%'%20#+0-$5'/*%-6'9(*#($2$(B%*%-6$5*#($(B%
5*--'%20&9#$(B.%1*/&*((*#50#*%-0%+,$-9110%0/"'#$20%
DOO¶LQWHUQR GHOOR VFHQDULR H GHOOH V¿GH GHO ;;,0%
+*20-0<% F#,*2*% 5$% 20#;*/&'/*% "-$% +(*/*0($1$% (9/$+($2$.%
6LHQD OL V¿GD FRPH QHO SURJHWWR% ^9+2'#d% $#%
e09/%H'(3/00&.%&*#(/*%$#592*%-'%20&9#$(B%-02'-*%'5%
'9&*#('/*%-'%+9'%2'1'2$(B%5$%#'//'?$0#*%+02$'-*.%20&*%
#*-%1/0"*((0%@$;(%0;%V$;*<%F#0-(/*.%,0"-$'&0%*+1-0/'/*%
#90,*% &05'-$(B% 5$% '220"-$*#?'% *5% $#(*/'?$0#*% 20#%
$% ,$+$('(0/$% '((/',*/+0% -6$#(*/0% 1/0"/'&&'.% *% #*--0%
VSHFL¿FR FRQ LO SURJHWWR J$($?*#+% 0;% (3*% 8-+*f3*/*<%
)9--'% C'+*% 5$% K9*+('% (*#+$0#*% ,*/+0% -6$##0,'?$0#*.%
1*#+$'&0% 5$% 10(*/% 20#(/$C9$/*% '5% $+1$/'/*% &0-(*%
'-(/*% 2$((B% *9/01**% 5$% 1'(/$&0#$0% 5$% 1$220-*4&*5$*%
5$&*#+$0#$.% 23*% ';;/0#('#0% 1/0C-*&'($23*% +$&$-$<%
V6*;;*((0% 1/$#2$1'-*% 5*--6'11/022$0% 5*-% >'(/$&0#$0%
N<O%7%K9$%K9*--0%5$%+($&0-'/*%1/02*++$%#0#%+(/9&*#('-$%
*%20--*(($,$%5$%2/*'?$0#*%5$%+*#+0.%20&*%;'((0/*%23$',*%
1*/%-'%20*+$0#*%+02$'-*%*%-'%+0+(*#$C$-$(B<%
a)#-R)#"LBS*((.PR)#"'
)0-$('&*#(*.%9#0%5*$%20&10#*#($%+02$'-$%5*--6$&1'((0%
5$% -9#"0% (*/&$#*% 5$% 9#'% J8J% 7% -'% 20+(/9?$0#*% *%
O¶DSHUWXUDGLQXRYLHGL¿FLFKHIXQJDQRGDFRPSOHVVL
29-(9/'-$.%0,,*/0.%$-%/$#;0/?'/*%-6%%)#-R)#"'29-(9/'-*%
GHOOD FLWWj 6LHQD QRQ KD SLDQL¿FDWR OD
FRVWUX]LRQHGLDOFXQQXRYRHGL¿FLREHQVuLOUHVWDXUR
GL HGL¿FL HVLVWHQWL WUDPLWH ODERUDWRUL GL DUFKLWHWWXUD
/'5$2'-*.% 20&*% #*--6'?$0#*% D#$%*+"$+6#"' b*+%06+'
N6*(-*3:%5$%>'/')$(*<%V'%1/0+1*(($,'%5$%-9#"0%(*/&$#*%
5$% )$*#'hOij% +$% 20#2*#(/'% +9--'% 2/*'?$0#*% 5$% 9#'%
+*/$*% 5$% 20&1*(*#?*% *% 2'1'2$(B% $#5$,$59'-$% *% +02$'-$%
+*#?'% 1/*2*5*#($% #*-% 20#(*+(0% 2$(('5$#0<% @/'#5$%
30
1/0"*(($% *+(/*&'&*#(*% $#2-9+$,$% 5$% '11/*#5$&*#(0%
20&9#$('/$0% +'/'##0% 10/('($% ','#($% 20#% -6'$9(0% 5$%
1'/(#*/% *9/01*$% 20&*% J$((B% 5*--6'/(*4Q0#5'?$0#*%
3LVWROHWWR,1'(;&RSHQKDJHQH7HFKQRF,7p0RQV
1*/% 1*/&*((*/*% '$% 2$(('5$#$% 5$% )$*#'% 5$% 1'/(*2$1'/*%
'(($,'&*#(*% '% 1/0"*(($% K9'-$% '5% *+*&1$0% D'1k$#%
820#0&$28% 0% J9-(9/'-% 8&*/"*#2d% X00&.% *% 1*/%
/*#5*/*% $-% 1/0"/'&&'% 5*-% hOij% -'% 1$+('% 5$% 5*20--0%
1*/% 9#'% #90,'% "*#*/'?$0#*% 5$% 1/0"*(($% 29-(9/'-$%
20&9#$('/$%*%5$%$##0,'?$0#*%+02$'-*<%V'%&'++'%2/$($2'%
5$% 20&1*(*#?*% 23*% +'/B% 20+($(9$('% 5'% )$*#'hOij%
5$&0+(/*/B% $-% 10(*#?$'-*% 5$% 9#'% 2/*+2$('% *#50"*#'%
(/'$#'('% 5'--'% 29-(9/'% 20&*% 20#2/*('% 10++$C$-$(B% 5$%
9+2$('% 5'--'% 2/$+$% '((9'-*<% F#% K9*+(0% 2'+0.% -6*;;*((0%
1/$#2$1'-*%5*--6'11/022$0%5*-%>'(/$&0#$0%N<O%7%K9*--0%
GL ULGH¿QLUH LO FRQFHWWR GL LQYHVWLPHQWR SURGXWWLYR
#*-% 2'&10% 29-(9/'-*% *% 2/*'($,0.% 5'#50% 1/$0/$(B% '--*%
20&1*(*#?*% $#('#"$C$-$% /$+1*((0% '--'% 20+(/9?$0#*% 5$%
#90,*% +(/9((9/*.% *5% *#;'($??'#50% $-% /90-0% 2/92$'-*%
5*--0%+1'?$0%19CC-$20%20&*%'/*#'%29-(9/'-*<
4)1/)3*(*.10LD/"#+6#)
V'% 2/$+$% *20#0&$2'% 7% 9#'% &'*+(/'% +*,*/'% *5%
*-0K9*#(*<% F% (*//$(0/$% *9/01*$% 20#% 9#'% ;0/(*% $5*#($(B%
+(0/$2'%*%29-(9/'-*%(*#50#0%'%+,$-911'/*%'((*""$'&*#($%
FDPSDQLOLVWLFLODFXLVSHFL¿FLWjSULQFLSDOHqODULYDOLWj
-02'-*%20#%20&9#$(B%,$2$#*%5'--*%2'/'((*/$+($23*%+$&$-$<%
^'-*%5$#'&$2'%7%23$'/'&*#(*%*,$5*#(*%#*--'%+(0/$'%5$%
)$*#'.%*5%7%-'%2'9+'%5$%9#%/'110/(0%20&1-*++0%(/'%-'%
2$((B%*%$-%2'10-90"0%/*"$0#'-*%Q$/*#?*.%20+g%20&*%20#%
$%2*#(/$%1/$#2$1'-$%5*-%(*//$(0/$0%1/0,$#2$'-*<%V'%2/$+$%
'((9'-*% 3'% +*"#'(0% 9#0% +1'/($'2K9*.% (/'+;0/&'#50% $-%
(/'5$?$0#'-*% 2'&1'#$-$+&0% $#% 9#6'1*/(9/'% 23*% '1/*%
-'% +(/'5'% '5% 9#'% "0,*/#'#2*% (*//$(0/$'-*% $##0,'($,'<%
^9(($%$%Ns%20&9#$%5*--'%1/0,$#2$'%3'##0%;0/&'-&*#(*%
'5*/$(0% '--'% 2'#5$5'(9/'.% 20+g% 20&*% '-(/*% 2$((B%
1'/(#*/% '-% 5$% ;90/$% 5*--'% 1/0,$#2$'% 20&*% S$#2$.% *% +$%
200/5$#*/'##0%$#%&'#$*/'%+(/'(*"$2'%1*/%'++$29/'/*%$-%
20$#,0-"$&*#(0% '(($,0% 5$% (9((0% $-% (*//$(0/$0<% Q$/*#?*%
#0#% 7% +0-'&*#(*% 9#% 1'/(#*/% 5*--'% 2'#5$5'(9/'%
$#% 1/0"*(($% 20&*% b*% :/*% V*0#'/50.% &'% 7% '#23*%
20$#,0-('% 5$/*(('&*#(*% '((/',*/+0% ,'/$*% $+($(9?$0#$% *%
01*/'(0/$% 29-(9/'-$<% J0&*% +0((0-$#*'(0% #*--6:220/50%
5$% >/0"/'&&'% 20#% -'% X*"$0#*% ^0+2'#'.% )$*#'hOij%
+('%2/*'#50%-*%20#5$?$0#$%1*/%9#'%1$'((';0/&'%-02'-*%*%
/*"$0#'-*%1*/%-'%1/059?$0#*%29-(9/'-*%*%2/*'($,'.%20#%
-0% +2010% 5$% 10+$?$0#'/*% -'% ^0+2'#'% 20&*% 9#'% 5*--*%
/*"$0#$%2/*'($,*%-*'5*/%#*-%2$2-0%5$%1/0"/'&&'?$0#*%
HXURSHD/¶HIIHWWRSULQFLSDOHGHOO¶DSSURFFLR
GHO 3DWULPRQLR LQ TXHVWR FDVR VL LGHQWL¿FD
20#% -'% 1/0&0?$0#*% 5*-% 200/5$#'&*#(0% +(/'(*"$20%
'((/',*/+0%$#(*/'?$0#$%(/'%1'/$%*%201/059?$0#$%'%-$,*--0%
(*//$(0/$'-*<
!"!(#
B"'()'$*++,'C0.."'301*3)+)'4)/*+)("'56#0/")'
-"(()' 46(+6#)M' K6)(*' .)#"88"#0' :(*' "CC"++*' -*'
1"-*0'"'-*'(63:0'+"#1*3"'-*'+)("');;"3*1"3+0'
-)' 63' /63+0' -*' ;*.+)' .0$*)("M' $6(+6#)("' "'
6#8)307
M4(@?9E3889(898B34272<3H(:?5;>5<3(;2(8@3E25<2FF5F2943(
24B3<<2:34B3(5(7583(E><B>?5<3C
H3)'$*++,'*3'$6*'+6++*'.030')'$).)
J0&*%1'/(*%5*-%1/0"*((0%5$%1'/(*2$1'?$0#*%20&9#$('/$'%
5$%)$*#'hOij.%'CC$'&0%/*'-$??'(0%-'%,*/+$0#*%+*#*+*%
5*-% ,$5*0% a)//Q% 5$% >3'//*--% b$--$'&+<% F-% ,$5*0% 3'%
5'%+9C$(0%'22*+0%-6*#(9+$'+&0%5*--'%20&9#$(B%-02'-*%
H DOLPHQWDWR LO FRQIURQWR SRLFKp Gj XQ¶HI¿FDFH
/'11/*+*#('?$0#*% 5$% )$*#'% 20&*% 9#'% +02$*(B%
&9-($29-(9/'-*.%*#*/"$2'.%"$0,'#*.%1$*#'%5$%+1*/'#?'%
1*/%$-%;9(9/0%*%1/0#('%'%;*+(*""$'/*%-'%1$*#*??'%5*--'%
,$('<%V6*#(9+$'+&0%*%$-%5$C'(($(0%3'##0%',9(0%-'%+(*++'%
RULJLQH DG HVVHUH UDI¿JXUDWD QHO YLGHR SL FKH OD
2$((B% 05$*/#'.% 7% -'% 2$((B% 23*% )$*#'% 10(/*CC*% 5$% ;'((0%
5$,*#('/*<% F-% ,$5*0% 7% /$9+2$(0% '% 2'('-$??'/*% -6*#*/"$'%
5*--'%20&9#$(B%,*/+0%$-%1/0"*((0%$#%9#%&050%10+$($,0%
*% 20+(/9(($,0.% 5$&0+(/'#50% 20+g% $-% 1/0C'C$-*% *;;*((0%
+02$'-*% '% &*5$0% (*/&$#*% 5$% )$*#'hOij<% V'% 2$((B% 3'%
C$+0"#0%5$%;'/*%+1'?$0%'--'%"$0,'#*%*#*/"$'%2/*'($,'.%
*% '5% 9#% &05*--0% 5$% &9-($29-(9/'-$+&0% 23*% *,0-,'%
5'--6'++$&$-'?$0#*% '--6$&10--$#'?$0#*% $#2/02$'('<%
*OL RELHWWLYL VWDELOLWL QHOOD 6H]LRQH F ULÀHWWRQR
K9*+('% 1/0+1*(($,'% $#% (*/&$#$% 5$% 1/0&0?$0#*% 5*--'%
"$0,'#*% $&1/*#5$(0/$'-$(B% 2/*'($,'% `0C$*(($,$% h<i4h<h%
5*-% >$'#0% X*"$0#'-*% 5*--'% J9-(9/'a.% 2042/*'?$0#*%
&9-($29-(9/'-*%5*$%1/0"*(($%*%+2'&C$0%(/'%/*+$5*#($%*%
,$+$('(0/$% `0C$*(($,$% N<i4N<N% 5*-% >$'#0% X*"$0#'-*a.% *%
'((/'?$0#*%5$%('-*#($%*%/$+0/+*%5'--6*+(*/#0%`0C$*(($,0%
GHO 3LDQR 5HJLRQDOH FRPH DSSURIRQGLWR QHOOD
)*?$0#*%i<s<
F-% ;0/(*% +*#+0% 5$% '11'/(*#*#?'% 23*% "$B% 2'/'((*/$??'%
-6$5*#($(B% 5*--'% 20&9#$(B% +*#*+*% 10(/*CC*% K9$#5$%
+,$-911'/+$%$#%9#6$5*'%5$%2$((B%5$%29$%(9(($%;'##0%1'/(*<%
D*-%-9#"0%(*/&$#*.(2$%+$%19_%'+1*(('/*%23*%)$*#'%+$'%
LQJUDGRGLPRGL¿FDUHLOVXRHTXLOLEULRGHPRJUD¿FR
5$,*#('#50% 9#( '((/'((0/*% 1*/% ;'&$"-$*% *9/01**% 20#%
C'&C$#$%23*%,0"-$'#0%2/*+2*/*%$#%9#%'&C$*#(*%+$29/0.%
+0+(*#$C$-*.( 29-(9/'-&*#(*% +($&0-'#(*% *% 20#% 9#6'-('%
K9'-$(B% 5*--'% ,$('P% 9#% 1/02*++0% "$B% 1/*1'/'(0% 5'-%
1/0"*((0% F#;*2($,*% X0'5+% *% 1$*#'&*#(*% +('C$-$??'(0%
5'% ^9+2'#d% $#%e09/% H'(3/00&% *% b*%:/*% V*0#'/50.%
20&*% 20#+*"9*#?'% 5*--'% 2/*'?$0#*% +0+(*#$C$-*% 5$%
0110/(9#$(B% 5$% -',0/0% #*$% 2'&1$% 5*--6$##0,'?$0#*%
+02$'-*% *% (*2#0-0"$2'.% $#% '220/50% 20#% "-$% !C$*(($,$%
^*&'($2$% i`Ca% *% R`'a% 5*--'% +(/'(*"$'% Q8)X% 5*--'%
31
X*"$0#*%^0+2'#'<
Y*.$#*;"#"'*'$0-*$*'-"(()'$6(+6#)
A#6'-(/'% $#$?$'($,'% 23$',*% 5*-% #0+(/0% 1/0"*((0% 5$%
1'/(*2$1'?$0#*% 20&9#$('/$'% 7% +('('% {hOij)F.% 9#%
1/0"*((0% 5$% 2042/*'?$0#*% +9--'% /$*-'C0/'?$0#*% 5*--'%
#'//'?$0#*% 2$(('5$#'% '((/',*/+0% $% +02$'-% &*5$'.% '%
1'/($/*% 5'% 9#'% +*-*?$0#*% 5$% (*+($% -*((*/'/$% -*"'($% '.% 0%
+2/$(($% 5'.% 1*/+0#'""$% +(0/$2$% +(/'0/5$#'/$.% (/'5$?$0#$%
29-(9/'-$%*%1*/+0#'-$(B%'/($+($23*%5$%)$*#'<%F-%1/0"*((0%
3'% 5$&0+(/'(0% 20&*% -'% +0(($-*% 5$'-*(($2'% (/'% 1'++'(0%
*% ;9(9/0% 23*% 2'/'((*/$??'% -'% #'//'?$0#*% 5*--'% 2$((B%
20$#,0-"'%$#%&$+9/'%+0/1/*#5*#(*%+$'%$%-02'-$%23*%"-$%
'-(/$.%&*+20-'#50%-6$#(*/'?$0#*%5$"$('-*%20#%-6'22*++0%
¿VLFRDJOLVSD]LFLWWDGLQL$QFRUDXQDYROWDqTXHVWR
2$_%23*%2$%'+1*(($'&0%$#%(*/&$#$%5$%*;;*(($%29-(9/'-$%'%
&*5$0%(*/&$#*%5$%)$*#'hOijP%9#'%2$((B%23*.%+*"9*#50%
$-% +90% /$(&0% +*20-'/*% 5$% '1*/(9/*% *% 23$9+9/*.% +$%
'/&0#$??'% 20#% -'% 29-(9/'% 20#(*&10/'#*'.% -'% /$2*/2'%
*% -'% +1*/$&*#('?$0#*% `0C$*(($,$% i<[4i<t% 5*-% >$'#0%
X*"$0#'-*a.% '((/',*/+0% -'% 2/*'?$0#*% 5$% 0110/(9#$(B%
1*/% "$0,'#$% ('-*#($% -02'-$% `0C$*(($,0% N<N% 5*-% >$'#0%
X*"$0#'-*a% *% -6$#,$(0% '--'% 20#('&$#'?$0#*% (/'&$(*%
O¶XWLOL]]RFUHDWLYRGHJOLDUFKLYLRELHWWLYLHGHO
>$'#0%X*"$0#'-*a.%'((/',*/+0%1/'($23*%$##0,'($,*%1*/%
-*%'/($%1*/;0/&'($,*%*%5$%20&9#$(B%`0C$*(($,0%i<[%*%N<i%
5*-% >$'#0% X*"$0#'-*a.% *% '((/',*/+0% -'% 1/0"*(('?$0#*%
GL VSD]L HVSHULHQ]LDOL FXOWXUDOL LEULGL ¿VLFRGLJLWDOL
RELHWWLYR GHO 3LDQR 5HJLRQDOH 7XWWR TXHVWR q
20*/*#(*%20#%"-$%0C$*(($,$%5$%)$*#'hOij%+('C$-$($%#*--'%
+*?$0#*%i<i2%$#%(*/&$#$%5$%'22*++0%'1*/(0%'-%1'(/$&0#$0%
29-(9/'-*% 5$"$('-$??'(0.% &$"-$0/'&*#(0% 5*--*%
$#;/'+(/9((9/*% 1/059(($,*% 29-(9/'-$% *% 20#('&$#'?$0#*%
$#2/02$'('% (/'% +*((0/$% 29-(9/'-$<% D*-% -9#"0% (*/&$#*.%
)$*#'% 5$,*#(*/B% 9#0% 5*$% 1/$#2$1'-$% 2*#(/$% #*--'%
1/059?$0#*%5$%G"$023$%+*/$6%*592'($,$%*%5$%1$'((';0/&*%
*% 20#(*#9($% 5$% 1'(/$&0#$0% 5$"$('-*.% "/'?$*% '--0%
+,$-9110%5*--'%"$B%*+$+(*#(*%2001*/'?$0#*%20#%5$+(/*(($%
23$',*%5*--6*20#0&$'%5$"$('-*%20&*%H'#"'-0/*.%*%'--'%
"/'59'-*%;0/&'?$0#*%5$%9#%2-9+(*/%2/*'($,0%','#?'(0.%
20&*%',,*#9(0%'%V$--*%*%20&*%'((9'-&*#(*%$#%20/+0%5$%
/*'-$??'?$0#*%'%=0#+<%I9*+(0%1*/20/+0%+*"9*%-*%-$#**%
WHPDWLFKHGH¿QLWHGDLSURJHWWL@$;(%0;%V$;*.%^9+2'#d%
$#%e09/%H'(3/00&%*%J01db/0#".%$#%'220/50%20#%"-$%
2ELHWWLYL7HPDWLFLDFGHOODVWUDWHJLD)(65
hO%5*--'%X*"$0#*%^0+2'#'<
V0'./)2*0'/688(*$0T'63)';"#.*03"')::*0#3)+)
8Q XOWHULRUH PRPHQWR VLJQL¿FDWLYR GHO SURFHVVR
5$% 1'/(*2$1'?$0#*% 20&9#$('/$'% 7% +('(0% >'/(d% !#.%
9#% *,*#(0% 23*% 3'% (/'+;0/&'(0% "-$% +1'?$% +(0/$2$% 5$%
>$'??'% )'#% Q/'#2*+20% $#% 9#% 1'/20% "$023$% 5$"$('-*%
20#% -69($-$??0% 5$% ,$5*0% &'11$#"% *% &9+$2'% 5'-% ,$,0.%
*%'((/',*/+0%-'%/$1/0"*(('?$0#*%5*--'%1*/2*?$0#*%5*--0%
+1'?$0%20#%-69+0%*+(*#+$,0%5*-%20-0/*%&'"*#('.%+*"#0%
5$+($#($,0%5*--'%2'#5$5'(9/'%5$%)$*#'<%J$_%3'%;0/#$(0%
9#6'#($2$1'?$0#*% 5*--6$&1'((0% '% &*5$0% (*/&$#*%
GL 6LHQD D OLYHOOR XUEDQR OD ULGH¿QL]LRQH
5*--69+0% 5*"-$% +1'?$% 19CC-$2$% $#% K9'-$(B% 5$% '/*#*%
5*--'%29-(9/'%20#(*&10/'#*'.%20&*%#*-%1/0"*((0%^3*%
)1'2*% H*(f**#.% '((/',*/+0% 9#% 5$'-0"0% +*#+$C$-*% 20-%
1'(/$&0#$0% *% 9#6$#(*/'?$0#*% '/&0#$0+'% 20#% -'% "$B%
;0/(*%*%0##$1/*+*#(*%,$('%5$%J0#(/'5'<%F#%1'/($20-'/*.%
-0% +1'?$0% 9/C'#0% 5$,*#('% -90"0% 5$% 20*+$0#*% +02$'-*%
'((/',*/+0% $-% ;'/% &9+$2'% $#+$*&*.% 20&*% #*-% 1/0"*((0%
>-'d% (3*% J$(d% `0C$*(($,0% h<N% 5*-% >$'#0% X*"$0#'-*a.%
,'-0/$??'% $-% 10(*#?$'-*% 5*"-$% +1'?$% 19CC-$2$% 20&*%
+1'?$%1*/;0/&'($,$%$#2-9+$,$%`0C$*(($,0%h<h%5*-%>$'#0%
X*"$0#'-*a.% *% 1*/&*((*% -0% +,$-9110% 5$% #90,$% ;0/&'(%
*% &05*--$% 1*/% $-% 20$#,0-"$&*#(0% 5*--'% 20&9#$(B% *%
-'% 2/*+2$('% K9'-$('($,'% 5$% ;*+($,'-% *% 1/0"*(($% '/($+($2$%
20&9#$('/$%`0C$*(($,0%i<s%5*-%>$'#0%X*"$0#'-*a<%J$_%7%
LQDFFRUGRFRQJOLRELHWWLYLGL6LHQD¿VVDWLQHOOD
)*?$0#*% i<i2.% $#% 1'/($20-'/*% 20#% -6'22*++$C$-$(B% *% -'%
;/9$C$-$(B% 5*"-$% +1'?$% 19CC-$2$% *% 5*$% -90"3$% 29-(9/'-$%
1*/% -*% 1*/+0#*% 20#% 5$+'C$-$(B.% 20#% $-% 1/0-9#"'&*#(0%
5*$% (*&1$% 5$% 1*/&'#*#?'% 5*$% ,$+$('(0/$.% *% 20#% $-%
&$"-$0/'&*#(0% 5*$% -$,*--$% 5$% f*-;'/*% 29-(9/'-*% 1*/% $%
/*+$5*#($% 20$#,0-($% #*--'% 1'/(*2$1'?$0#*% 29-(9/'-*%
'(($,'%$#%'&C$*#($%20&9#$<%D*-%-9#"0%(*/&$#*.%20&*%
20#+*"9*#?'% 5*--'% 2/*'?$0#*% 5$% 10+($% 5$% -',0/0%
#*$% 2'&1$% 2/*'($,$% *% 29-(9/'-$.% *% 5*--6$#2/*&*#(0%
#*--6'((/'?$0#*% 5$% ('-*#($.% )$*#'% /*'-$??*/B% 9#'%
PDVVLFFLD ULFRQYHUVLRQH GL HGL¿FL H VWUXWWXUH DO
&0&*#(0% $#9($-$??'($% #*-% 2*#(/0% *% #*--*% 1*/$;*/$*.%
2/*'#50%$#%('-%&050%9#%+$+(*&'%29-(9/'-*%+;'22*(('(0%
'%+*/,$?$0%5*--'%20&9#$(B%-02'-*.%5*$%,$+$('(0/$%*%5*$%
1/0;*++$0#$+($% 29-(9/'-$% *% 2/*'($,$<% I9*+('% 5$#'&$2'%
VL ULÀHWWH QHOOD OLQHD WHPDWLFD GHL SURJHWWL %3*%
)1'2*%H*(f**#.%J$($?*#+%0;%(3*%8-+*f3*/*%*%D'1k$#%
820#0&$2+.%$#%'220/50%20#%"-$%!C$*(($,$%^*&'($2$%s`2a%
H H GHOOD VWUDWHJLD )(65 GHOOD 5HJLRQH
^0+2'#'<
32
!"!($
V"' )6+0#*+,' 163*$*/)(*' /"3.)30' -*' C)#"' 63)'
-*$%*)#)2*03"'/688(*$)'-*'*3+"3+*M'/"#'K6)3+0'
#*:6)#-)'*('/"#*0-0'.6$$"..*;0')((<)330'-"(()'
1)3*C".+)2*03"7
@*#($-$%&*&C/$%5*--'%20&&$++$0#*.
F#% K9*+(6'##0% 5$% $#(*#+0% -',0/0% +9--'% 2'#5$5'(9/'%
23*%3'%+*"9$(0%-'%;'+*%5$%1/*4+*-*?$0#*.%*%+01/'((9((0%
"/'?$*% '5% 9#% 5*#+0% +2'&C$0% 5$% 19#($% 5$% ,$+('% *5%
*+1*/$*#?*%20#%J8J%1'++'(*%*%1/*+*#($.%*%20#%*+1*/($.%
'/($+($%*%1/0;*++$0#$+($.%9#'%5*--*%-*?$0#$%;0#5'&*#('-$%
23*% 'CC$'&0% $&1'/'(0% /$"9'/5'% -L$&1'((0% '% -9#"0%
(*/&$#*%5*-%1/0"*((0<%:CC$'&0%$#%1'/($20-'/*%'11/*+0%
20&*%-'%/*'-*%2'1'2$(B%5*--6'##0%J8J%5$%-'+2$'/*%9#'%
(/'22$'% 1*/&'#*#(*% #*--'% +(0/$'% ;9(9/'% 5*-% (*//$(0/$0%
5$1*#5'.%5$%;'((0.%#0#%+0-0%5'%2$_%23*%',,$*#*%59/'#(*%
-6'##0%+(*++0.%&'%'#23*.%*%;0/+*%'#23*%5$%1$M.%5'%2$_%
23*% ',,$*#*% 5010<% V6'-(/'% -*?$0#*% '11/*+'% 7% 23*% 9#%
1/0"*((0% 5$% +922*++0% #*-% -9#"0% (*/&$#*% #*2*++$('% 5$%
*++*/*%1/*1'/'(0%'((*#('&*#(*.%*%23*%('-*%1/*1'/'?$0#*%
#0#% 3'% '% 23*% ;'/*% 20#% 5$23$'/'?$0#$% '&C$?$0+*% 0%
+0-('#(0% 20#% 9#'% 1/0"/'&&'?$0#*% $#(*--$"*#(*.%
PD VRSUDWWXWWR FRQ UHDOL JDUDQ]LH ¿QDQ]LDULH H
0/"'#$??'($,*<% >*/% K9*+('% /'"$0#*.% 'CC$'&0% ',,$'(0%
9#% 5$'-0"0% 20#2/*(0% 20#% -'% X*"$0#*%^0+2'#'.% 23*% 7%
LO SULQFLSDOH VRVWHQLWRUH ¿QDQ]LDULR GHO SURJUDPPD
J8J%5$%)$*#'.%1*/%"'/'#($/*%23*%$%;0#5$%+$'#0%'--02'($%
QRQ VROR SHU FRSULUH OH DWWLYLWj ¿QR DO PD
'#23*%#*"-$%'##$%+922*++$,$<%V6'220/50%/'""$9#(0%20#%
$-% >/*+$5*#(*% 5*--'% X*"$0#*% ^0+2'#'% 8#/$20% X0++$.%
ULVXOWDQWH LQ XQD OHWWHUD G¶LPSHJQR FKH DVVLFXUD &$-$0#$%5$%*9/0%'%)$*#'hOij%$#%2'+0%5$%,$((0/$'.%*%23*%
-*"'%1'/(*%5*--'%+0&&'%'$%;0#5$%+(/9((9/'-$.%;0/#$+2*%
JDUDQ]LH¿QRDODQQRFKHFRUULVSRQGHDOOD¿QH
5*--6'((9'-*%2$2-0%5$%1/0"/'&&'?$0#*%A8<%V6$&1*"#0%
5*--'% X*"$0#*% +'/B% 9-(*/$0/&*#(*% /';;0/?'(0% 5'% 9#0%
VSHFL¿FR$FFRUGR GL 3URJUDPPD SHU 6LHQD WUD
OD 5HJLRQH H LO &RPXQH FKH YHUUj ¿UPDWR HQWUR OD
¿QHGLVHWWHPEUH
F#0-(/*.% $-% J0&9#*% 5$% )$*#'% +$% $&1*"#'% '(($,'&*#(*%
#*-% 1'/(*2$1'/*% '% C'#5$% *9/01*$% 1*/% /'220"-$*/*%
9-(*/$0/$% /$+0/+*% 1*/% '(($,$(B% 23*% (/0,*/'##0% $-% -0/0%
20&1$&*#(0%5010%-L'##0%J8J<%F-%J0&9#*%+('%'#23*%
ODYRUDQGR VXOOD SLDQL¿FD]LRQH ¿QDQ]LDULD GL ULVRUVH
1/01/$*% 1*/% (9((0% $-% 2$2-0% J8J% *.% +*CC*#*% -6'((9'-*%
PDQGDWRDPPLQLVWUDWLYR¿QLUjSULPDGHOqJLj
$#%20/+0.%20#%(9((*%-*%;0/?*%10-$($23*%+*#*+$.%9#%5$'-0"0%
'((*#(0% *% '11/0;0#5$(0% +9--'% #*2*++$(B% 23*% -*% /$+0/+*%
1*/%$-%hOij%*%1*/%$-%20#+0-$5'&*#(0%5*-%1/0"*((0%#*"-$%
'##$% +922*++$,$% +$'#0% ;0/#$(*% $#5$1*#5*#(*&*#(*%
5'--'%20'-$?$0#*%10-$($2'%$#%2'/$2'%$#%K9*-%&0&*#(0<%
)($'&0% +,$-911'#50% -0% +(*++0% /'"$0#'&*#(0% '#23*%
20#% -*% '&&$#$+(/'?$0#$% 5*$% 20&9#$% 5*--'% 1/0,$#2$'%
+*#*+*.%-*%K9'-$%3'##0%"$B%20#;*/&'(0%$-%-0/0%+0+(*"#0%
H LO ORUR FRLQYROJLPHQWR ¿QDQ]LDULR DWWLYR QHOOD
2'#5$5'(9/'<
J0&*%20#+*"9*#?'%5$%K9*+(0%'((*#(0%-',0/0%10-$($20%
*% '&&$#$+(/'($,0.% +($'&0% '++9&*#50% $&1*"#$%
20#2/*($<% F-% iNn% 5*--6$#(*/0% C95"*(% 01*/'($,0% J8J%
7% 5*+($#'(0% '5% '(($,$(B% 1/*,$+(*% #*"-$% '##$% hOhO%
*% hOhi<% Y'-% hOhO% $#% 10$.% $#% 2'+0% 5$% ,$((0/$'.% -*%
1/$#2$1'-$% ;0/?*% 29-(9/'-$% +*#*+$.% 23*% /'11/*+*#('#0%
'((9'-&*#(*% -'% ,'+('% &'""$0/'#?'% 5*--6*-*((0/'(0.%
VL LPSHJQDQR D ULFRQRVFHUH QHOOD SLDQL¿FD]LRQH
¿QDQ]LDULD GHOOD FXOWXUD XQD GHOOH VFHOWH SROLWLFKH
2/92$'-$%5*--6'&&$#$+(/'?$0#*%20&9#'-*<%F#0-(/*.%,$%7%
9#%$&1*"#0%'%10/('/*%-'%+1*+'%29-(9/'-*%10+(4hOij%'$%
-$,*--$%1/*42/$+$.%1*/%9#%$#2$5*#?'%5$%2$/2'%$-%iOn%+9-%
C95"*(%J0&9#'-*.%*%1*/%'-&*#0%[%'##$%5010%-6'##0%
J8J<
J/*'/*% -*% +955*((*% 20#5$?$0#$% $+($(9?$0#'-$% 7% $-%
20#(*+(0%#*2*++'/$0%1*/%;'/%+g%23*%-'%20&9#$(B%'50(($%$%
1/0"*(($%*%5$'%-0/0%*#*/"$'<%)($'&0%K9$#5$%-',0/'#50%
'(($,'&*#(*%1*/%5'/*%-'%10++$C$-$(B%'$%2$(('5$#$%+*#*+$%
5$% '"$/*% *% '++9&*/+$% /*+10#+'C$-$(B% 1*/% $-% C*#*%
20&9#*<%)$*#'%'5%0""$%7%9#'%5*--*%59*%2$((B%$('-$'#*%
`$#+$*&*%'%H0-0"#'a%'5%',*/%'50(('(0%$-%Y":0()1"3+0'
.6(()'$0(()80#)2*03"'+#)'$*++)-*3*'"')11*3*.+#)2*03*'
/"#' ()' $6#)' "' ()' #*:"3"#)2*03"' -"*' 8"3*' $0163*'
6#8)3*P% 9#0% +(/9&*#(0% $##0,'($,0% 23*% 1*/&*((*% '%
2$(('5$#$% *% 0/"'#$??'?$0#$% 5*--'% +02$*(B% 2$,$-*% 5$%
1/0&90,*/*% 5$/*(('&*#(*% $#$?$'($,*% 5$% $#(*/*++*%
19CC-$20% 1*/% $-% C*#*++*/*% 5$% (9(($<% F#% K9*+(0% &050.%
2/*$'&0% 0110/(9#$(B% /*'-$% *% 20#2/*(*% 1*/% -'% 2/*+2$('%
*% -6$&1*"#0% 5*--'% +02$*(B% 2$,$-*.% *% 1/*1'/$'&0% -'%
FRPXQLWjVHQHVHDI¿QFKpVLSUHQGDFXUDGHOSURJHWWR
5010%$-%hOij%*%-0%;'22$'%2/*+2*/*%9-(*/$0/&*#(*<
F&&'"$#$'&0%-*%20#+*"9*#?*%5$%-9#"0%(*/&$#*%5*--'%
J8J% $#% (*/&$#$% 5$% /$+10+(*% *;;*(($,*% '--*% 1/$#2$1'-$%
9/"*#?*%5*--'%2$((B.%23*%$-%1/0"/'&&'%5$%)$*#'hOij%&$/'%
'5%';;/0#('/*P%-6$#,*223$'&*#(0%5*--'%1010-'?$0#*%*%
-*% /*-'($,*% K9*+($0#$% 5$% f*-;'/*c% -6'22*++0% '$% 10+($%
5$% -',0/0.% '"-$% +1'?$% *% '-% 5$'-0"0% &9-($29-(9/'-*c%
$-% &'#(*#$&*#(0% 5*--6'9(*#($2$(B% '++02$'(0% '5% 9#%
9-(*/$0/*%+,$-9110%5*-%+*((0/*%(9/$+($20<%Y9/'#(*%(9((0%
$-%hOij%*%#*"-$%'##$%+922*++$,$.%)$*#'%/*291*/*/B.%20#%
$% 1$M% '-($% +('#5'/5% 5$% '22*++$C$-$(B.% +1'?$% 1/*+($"$0+$%
*% '((9'-&*#(*% $#9($-$??'($% #*-% 2*#(/0% +(0/$20%
5*+($#'#50-$%'%;9#?$0#$%29-(9/'-$.%20#%9#'%1/$&'%-$+('%
GLTXDWWURVSD]LJLjGH¿QLWDDVVLHPHDOOD)RQGD]LRQH
=>).% 20+g% 5'% ',,$'/*% 9#'% 1/$&'% ;'+*% 5$% +(95$% 5$%
;'(($C$-$(B%*%1$'#$%5$%/*291*/0<%F-%-'+2$(0%5$%)$*#'hOij%
$#2-95*/B% '#23*P% 9#% #90,0% 2*#(/0% 5$% 1/059?$0#*%
33
1*/% $% L"$023$% +*/$L% *592'($,$.% $#% 20--'C0/'?$0#*%
20#% '-29#$% 5*"-$% '((0/$% 23$',*% $#(*/#'?$0#'-$% #*-%
2'&10.% 23*% 2/**/B% 10+($% 5$% -',0/0% *% 0110/(9#$(B%
$&1/*#5$(0/$'-$%1*/%"$0,'#$%-'9/*'($%*%1/0;*++$0#$+($c%
9#6'22'5*&$'% 1*/% -'%&*5$2$#'%5$"$('-*c%-'%201*/(9/'%
5*--6$#(*/0% 2*#(/0% +(0/$20% 5$% )$*#'% 20#% 3'/5f'/*%
'--6','#"9'/5$'%1*/%-'%/*'-(B%'9&*#('('%*%(*2#0-0"$*%
5$"$('-$% $#50++'C$-$.% 23*% (/'+;0/&*/'##0% )$*#'% #*--'%
1/$&'% 2$((B% 5$% 1'(/$&0#$0% '-% &0#50% '% 1*/&*((*/*%
9#6*+1*/$*#?'%1$*#'&*#(*%$&&*/+$,'%5$%+(0/d(*--$#"%
¿VLFRGLJLWDOHHLQWHUD]LRQHOXGLFL]]DWDHXQDUHWHGL
2*#(/$% 1*/% $-% C*#*++*/*% 29-(9/'-*% 23*% /'11/*+*#('#0%
9#%*+1*/$&*#(0%1$-0('%#*-%f*-;'/*%29-(9/'-*%*9/01*0<%
^9((*% K9*+(*% ;0#5'&*#('-$% 20#K9$+(*% +0#0% "'/'#($(*%
GDOOD SLDQL¿FD]LRQH ¿QDQ]LDULD DWWXDOH H VDUDQQR
9-(*/$0/&*#(*% +9110/('(*% 5'% ;9(9/*% $#$?$'($,*% 5$%
'((/'?$0#*% 5$% $#,*+($&*#($% 1/$,'($.% 20+(/9?$0#*% 5$%
1'/(*#'/$'($%*%1'/(*2$1'?$0#*%'$%1/0"/'&&$%A8<
F-%/$+9-('(0%1$M%$&10/('#(*%5$%)$*#'hOij%+'/B%K9$#5$%
$-%/'220#(0%5*--'%+(0/$'%5$%9#'%2$((B%23*%+$%7%/$20+(/9$('%
'((/',*/+0%-'%29-(9/'.%&'#(*#*#50%-'%+9'%'9(*#($2$(B%*%
$5*#($(B%*%10+$?$0#'#50+$%'-%20#(*&10%+9--'%;/0#($*/'%
*9/01*'% #*-% 2'&10% 5*--6$##0,'?$0#*% 29-(9/'-*% *%
+02$'-*<% )$'&0% 2*/($% 23*% K9*+('% +(0/$'% 10(/B% $+1$/'/*%
&0-(*% '-(/*% 2$((B% *9/01**.% '#23*% 1*/23E% 2$% +'/'##0%
&0-(*% 2$((B.% 0/"'#$??'?$0#$% *% '/($+($% $#% 89/01'% 23*.%
20#%$-%-0/0%20$#,0-"$&*#(0%5$/*((0%*%-'%20--'C0/'?$0#*%
'(($,'%'-%1/0"*((0.%20#(/$C9$/'##0%'-%#0+(/0%+922*++0<%
)$'&0% 1/0#($% '% +1*/'/*% #90,'&*#(*% $#% 9#% ;9(9/0%
&$"-$0/*.% *% '% 5'/*% $-% #0+(/0% 1$220-0% 20#(/$C9(0% 1*/%
/$20+(/9$/*%-'%+1*/'#?'%'#23*%$#%89/01'<
J0/5$'-&*#(*.%
H/9#0%S'-*#($#$
)$#5'20%5$%)$*#'
!"!)
401"' E' .+)+)' *-")+)' "' /#"/)#)+)' K6".+)'
$)3-*-)+6#)'7
"2>B5?3(>45(E9D>42BN(5(?25<F5?82H(?2E98B?>34;943(
OD¿GXFLDHULSHQVDQGRLQVLHPHLOIXWXUR
V6$5*'% 5$% 2'#5$5'/*% )$*#'% 1*/% $-% ($(0-0% J8J% +$% 7%
20#2/*($??'('% #*-% hOii.% 5010% 9#% 1/$&0% 1*/$050% 5$%
'11/0;0#5$&*#(0% 5*-% 1/0"/'&&'% J8J% '((/',*/+0% $-%
-',0/0% 1/*1'/'(0/$0% /*'-$??'(0% 5'% 9#% 1$220-0% "/9110%
5$%-',0/0%$#;0/&'-*<%F-%5$/*((0/*%5$%2'#5$5'(9/'%7%+('(0%
#0&$#'(0%$#%'9(9##0.%*%+0#0%+('($%K9$#5$%2/*'($%$-%(*'&%
GLSURJHWWRLO&RPLWDWR/RFDOHLO&RPLWDWR6FLHQWL¿FR
*%$-%J0&$('(0%F#(*/#'?$0#'-*.%+9%$#$?$'($,'%5*-%J0&$('(0%
5*$%)0+(*#$(0/$%5*--'%2'#5$5'(9/'%23*%20$#,0-"*%(9((*%-*%
1/$#2$1'-$%$+($(9?$0#$%5$%)$*#'%*%5*-%+90%(*//$(0/$0<%%
>*/% +*#+$C$-$??'/*% -'% 20&9#$(B% *% /'220"-$*/*% 5*--*%
1/$&*%$&1/*++$0#$%*%/*'?$0#$%/$+1*((0%'--'%5*2$+$0#*%5$%
2'#5$5'/+$.%+0#0%+('($%1/0"/'&&'($%9#'%+*/$*%5$%5$C'(($($%
*%$#20#(/$%$#%-90"3$%19CC-$2$%5*--'%2$((B.%',*#($%1*/%(*&'%$-%
/90-0%5*--'%29-(9/'%'%)$*#'<%J0#(*&10/'#*'&*#(*.%+0#0%
+('($%',,$'($%5*$%1/$&$%20#('(($%20#%*+10#*#($%5*--'%+2*#'%
29-(9/'-*.%+02$'-*%*5%*20#0&$2'%-02'-*<%Y9/'#(*%K9*+(0%
1/$&0%2$2-0%5$%*-'C0/'?$0#*.%7%+2011$'(0%-0%+2'#5'-0%5*--'%
H'#2'%=0#(*%5*$%>'+23$c%-'%2/$+$%*20#0&$2'%3'%20-1$(0%
$&1/0,,$+'&*#(*%-'%2$((B%*%-6'&&$#$+(/'?$0#*%20&9#'-*%
7%+('('%20&&$++'/$'('<%>*/%-'%20&9#$(B%+*#*+*%$-%(/'9&'%7%
+('(0%"/'#5*.%*%$%+90$%*;;*(($%1*/&'#"0#0%(9((60""$.%'#23*%
'%2'9+'%5*--'%20#+*"9*#(*%5$+"/*"'?$0#*%5$%'-29#$%(/'%$%
+$&C0-$%1$M%'&'($%5*--'%2$((B.%20&*%-*%+K9'5/*%2$(('5$#*%
5$%1'--'2'#*+(/0%*%5$%2'-2$0.%*#(/'&C*%;'--$(*%#*--6*+('(*%
,QTXHVW¶DWPRVIHUDODSDUWHFLSD]LRQHGHLFLWWDGLQL
'-% 1*/20/+0% 5$% 2'#5$5'(9/'% 7% +('('% 9#'% ,*/'% *% 1/01/$'%
V¿GD 'D XQ ODWR XQD VLWXD]LRQH FRVu FULWLFD SRWHYD
*++*/*% 20#+$5*/'('% 9#60110/(9#$(B% ;0#5'&*#('-*% 1*/%
/$5'/*%#90,0%+-'#2$0%'--'%2$((B.%&'%5'--6'-(/0.%'%+*"9$(0%
5*"-$% +2'#5'-$% 23*% ',*,'#0% $#,*+($(0% ('#($% 1/0"*(($% 5$%
$#(*/*++*% 20--*(($,0.% #*--'% 20&9#$(B% #0#% 10(*,'#0% 23*%
+0/"*/*%1/*02291'?$0#$%*%+0+1*(($%+9--'%10++$C$-$(B%23*%
'#23*%$-%1*/20/+0%5$%2'#5$5'(9/'%10(*++*%'1/$/*%-'%+(/'5'%
'%#90,$%*1$+05$%5$%&'-';;'/*<%F#%9#%&0&*#(0%5$%"/'#5$%
2'&C$'&*#($%#*--'%,$('.%#*$%1*#+$*/$%*%#*$%+*#($&*#($%5*$%
FLWWDGLQLUHFXSHUDUQHOD¿GXFLDqVWDWDODTXHVWLRQHSL
GLI¿FLOHGDDIIURQWDUH
X$2/*'/*%9#%2-$&'%5$%+1*/'#?'.%5$%,0"-$'%5$%/$20&$#2$'/*%
*% 5$% 10+$($,$(B% #*$% 20#;/0#($% 5*-% ;9(9/0% */'#0% $% 1/$&$%
0C$*(($,$% +9% 29$% 20#2*#(/'/+$<% F% +*#*+$% +0#0% &0-(0%
'9(02/$($2$% *% -0% +2'#5'-0% 3'% 5$+(/9((0.% $#% 1/$&0%
OXRJR OD ¿GXFLD GHOOD FLWWj QHOOH SURSULH SRVVLELOLWj
5'##*""$'#50%10(*#?$'-&*#(*%$-%/*'-*%20$#,0-"$&*#(0%*%
-'%10++$C$-*%1'/(*2$1'?$0#*%'-%1/02*++0%5$%2'#5$5'(9/'<%F-%
&050%&$"-$0/*%1*/%';;/0#('/*%$-%1/0C-*&'%7%+('(0%K9*--0%
5$%$#20#(/'/*%5',,*/0%-*%1*/+0#*.%*%1'/-'/*%'1*/('&*#(*%
34
20#%-0/0<%F#%59*%'##$%'CC$'&0%(*#9(0%2$/2'%ROO%$#20#(/$%
;'22$'%'%;'22$'%1*/%'+20-('/*.%+1$*"'/*%*%-',0/'/*%$#+$*&*.%
"9'5'"#'#50%20+g%/$+1*((0%*%2/*5$C$-$(B<(
F-% 1/0"*((0% G>9#(0% =0C$-*6% 7% +('(0% -'#2$'(0% #*--'%
1/$&',*/'% 5*-% hOiNP% 9#0% +1'?$0% 19CC-$20% &0C$-*.%
/*'-$??'(0% $#% 20--'C0/'?$0#*% 20#% (/*% '/($+($% -02'-$.%
23*% 3'% ,$'""$'(0% $#% (9((0% $-% (*//$(0/$0% 5*--'% 1/0,$#2$'%
0+1$('#50% +1*(('20-$.% 5$C'(($($.% &9+$2'.% '(($,$(B% 1*/%
C'&C$#$%*%$#;0/&'#50%-'%1010-'?$0#*%+9"-$%0C$*(($,$%*%
-*%&0($,'?$0#$%5*--'%2'#5$5'(9/'<%:#23*%-*%+290-*%+0#0%
+('(*% 20$#,0-(*% 20#% -60C$*(($,0% 5$% ;0/&'/*% 9#'% #90,'%
20+2$*#?'% *% 1*/% *592'/*% $% "$0,'#$% '% 20#2*(($% 20&*% -'%
C*--*??'.%$-%&9-($29-(9/'-$+&0%*%-'%2$(('5$#'#?'%*9/01*'<%
G)$*#'hOij% ,'% '% +290-'6% 7% 9#% 1/0"*((0% ',,$'(0% #*-%
1*/$050% hOih4hOiN.% "$9#(0% '5*++0% '--'% +9'% +*20#5'%
*5$?$0#*<
:((/',*/+0% -'% 1'/(*2$1'?$0#*% 5$% 01*/'(0/$% *% '/($+($%
$#(*/#'?$0#'-$.% $#% 20--'C0/'?$0#*% 20#% $-% "/9110% 5$%
-',0/0% *% "-$% '((0/$% -02'-$.% +0#0% +('($% /*'-$??'($% (/*%
$&10/('#($%+*&$#'/$%59/'#(*%$%K9'-$%+0#0%+('($%*-'C0/'($%
$% (/*% (*&$% 2'/5$#*% 5*-% 1/0"/'&&'% 5$% 2'#5$5'(9/'P%
+'-9(*%*%;*-$2$(Bc%`$#a"$9+($?$'%+02$'-*c%%*%(9/$+&0%+&'/(<%
F#0-(/*.%$-%+*&$#'/$0%20#2-9+$,0%1*/%-'%1/*1'/'?$0#*%5*-%
1/0"*((0% 5$% 1/*4+*-*?$0#*%5*--'% 2'#5$5'(9/'.% /*'-$??'(0%
20#% -'% 1'/(*2$1'?$0#*% 5$% '-(/*% J8J% *% 2'#5$5'(*%
&(& *XLPDUDHV 8PHn :URFODZ
hOis.% 8$#530,*#% hOiRa.% '++$*&*% '"-$% $#20#(/$% 20#% $-%
J0&$('(0% F#(*/#'?$0#'-*% *% '--6$#(*/*++*% +9+2$('(0% '%
-$,*--0% *9/01*0% 5'-% #0+(/0% 1/0"*((0.% 3'##0% 1/050((0%
9#% #*(f0/k% $#(*/#'?$0#'-*% 5$% '/($+($.% 1/0;*++$0#$+($% *%
0/"'#$??'?$0#$%23*%3'##0%*+1/*++0%-'%-0/0%5$+10#$C$-$(B%
'% 20--'C0/'/*% 20#% #0$.% &0+(/'#50% 20&*% )$*#'% ;0++*%
'#20/'% 9#% +0""*((0% '9(0/*,0-*%*%2'1'2*%5$%/$23$'&'/*%
#0(*,0-*% $#(*/*++*% *% '((*#?$0#*% 5'--6*+(*/#0<% I9*+('%
20#+'1*,0-*??'.%'++$*&*%'--6$#+*/$&*#(0%5$%)$*#'%(/'%-*%
VHLFLWWj¿QDOLVWHKDGDWRXQDVSLQWDIRQGDPHQWDOHDOOD
2/*+2$('%5*-%1/0"*((0<%
V'% 2/$($2$(B% 5*--'% +$(9'?$0#*% ',*,'% 1/050((0% '% -$,*--0%
-02'-*% 9#% '&1$0% +2*(($2$+&0% /$"9'/50% 2$/2'% -'%
10++$C$-$(B%23*%)$*#'%10(*++*%1'++'/*%-'%1/*4+*-*?$0#*<%
Y$% 20#+*"9*#?'.% $-% /$+9-('(0% /'""$9#(0% 3'% 1/050((0% 9#%
+9++9-(0% 560/"0"-$0.% ;',0/*#50% 9#% &'""$0/*% $&1*"#0%
GHOODFRPXQLWjORFDOH(¶VWDWDXQ¶LQLH]LRQHGL¿GXFLDH
5$%*#*/"$'%1*/%10(*/%2/*5*/*%'#20/'%$#%9#%;9(9/0%10+$($,0%
1*/%-'%2$((B%*.%5$%20#+*"9*#?'.%$-%-$,*--0%5$%20$#,0-"$&*#(0%
*% 5$% 1'/(*2$1'?$0#*% +0#0% 2/*+2$9($% /'1$5'&*#(*<% V'%
,$+$('% '% )$*#'% 5$% $&10/('#($% /'11/*+*#('#($% 5*--*% 2$((B%
GL 8PHn H 5LJD QHO IHEEUDLR KD UDSSUHVHQWDWR
9#% 9-(*/$0/*.% $&10/('#(*% 20#(/$C9(0.% 1*/23E% 7% +('(0%
10++$C$-*% +1$*"'/*% '--'% 20&9#$(B% +*#*+*.% '((/',*/+0%
*+*&1$%20#2/*($%*%(*+($&0#$'#?*%5$/*((*.%20&*%-'%J8J%
10++'% *;;*(($,'&*#(*% &$"-$0/'/*% -'% ,$('% *% '9&*#('/*%
-*%0110/(9#$(B%1*/%$%2$(('5$#$.%*%20&*%'#23*%'-(/*%2$((B%
2'#5$5'(*%*%10$%,$#2$(/$2$%'CC$'#0%50,9(0%+91*/'/*%0"#$%
WLSRGLGLI¿FROWjHVFHWWLFLVPRSHUUDJJLXQJHUHO¶RELHWWLYR
¿QDOH 4XHVWR LPSXOVR SRVLWLYR q VWDWR XOWHULRUPHQWH
DPSOL¿FDWR GDOOD VRGGLVID]LRQH VXVFLWDWD GDOO¶LQYLWR
23*% -'% 2$((B% 5$% A&*p% 3'% /$,0-(0% '% )$*#'.% &*((*#50-*% '%
GLVSRVL]LRQHSHUWUHJLRUQLQHOPHVHGLDSULOHOD
1/01/$'%G2'+'%5$%,*(/06.%20--02'('%#*-%290/*%5*--'%2$((B.%
1*/%1/*+*#('/*%-'%2'#5$5'(9/'%'"-$%'C$('#($%5$%9#'%5*--*%
59*%J8J%$#%2'/$2'<%
F-% (*'&% 7% 2/*+2$9(0P% 5$*2$% "$0,'#$% 1/0;*++$0#$+($%
+0#0% +('($% +*-*?$0#'($% 1*/% 200/5$#'/*% -0% +,$-9110% 5*-%
1/0"/'&&'%'/($+($20%+0((0%-'%"9$5'%5$%9#%200/5$#'(0/*<%
F#% C/*,*% (*&10.% $-% -',0/0% 5$% +K9'5/'% 3'% 1*/&*++0% 5$%
20$#,0-"*/*%1/0;0#5'&*#(*%'--6$#(*/#0%5*-%1/0"/'&&'%
#0#%+0-('#(0%-'%+2*#'%29-(9/'-*%+*#*+*.%&'%'#23*%&0-($%
01*/'(0/$% 29-(9/'-$% $('-$'#$% *% $#(*/#'?$0#'-$.% 20+g% 20&*%
'/($+($%1/0,*#$*#($%5'%(9(('%89/01'<%\%+('(0%+*-*?$0#'(0%
9#% &*5$'(0/*% 29-(9/'-*% 1*/% 20#+0-$5'/*% *% /';;0/?'/*% -'%
2001*/'?$0#*%(/'%-'%2'#5$5'(9/'%*%(9((*%-*%'++02$'?$0#$%
5$%&$"/'#($%-02'-$<%Y$*2$%(',0-$%5$%1'/(*2$1'?$0#*%+0#0%
VWDWLUHDOL]]DWLDO¿QHVSHFL¿FRGLSURPXRYHUHLSURJHWWL
23*% 20&10#"0#0% $-% 1/0"/'&&'% '/($+($20.% $#,$('#50%
23$9#K9*% ;0++*% $#(*/*++'(0% '% 20--'C0/'/*% 1/010#*#50%
$5**.%;'2*#50%50&'#5*%*%+9""*/*#50%'(($,$(B<%F%/$+9-('($%
5$%K9*+($%$#20#(/$%+0#0%/'11/*+*#('($%5'$%505$2$%1/0"*(($%
*-'C0/'($%'((/',*/+0%9#%1/02*++0%'1*/(0.%1'/(*2$1'($,0%*%
20#5$,$+0<%
,QROWUH SHU WXWWD OD SULPD PHWj GHO VL VRQR
/*"0-'/&*#(*% (*#9($% '% )$*#'% +*&$#'/$% *% $#20#(/$% 20#%
'/($+($% *% 1/0;*++$0#$+($% $#(*/#'?$0#'-$<%:-29#$% 5$% K9*+($%
+*&$#'/$% +0#0% (*/&$#'($% 20#% +1*(('20-$% 19CC-$2$% 23*%
3'##0%',9(0%9#%1/0;0#50%$&1'((0%+9--'%20&9#$(B.%20&*%
'5%*+*&1$0%-'%-*?$0#*%5$%=$23*-'#"*-0%>$+(0-*((0%#*--'%
6DOD GHO 0DSSDPRQGR GHO PDU]R VHJXLWD LO
"$0/#0% 5010.% 5'% 9#'% 1*/;0/&'#2*% 19CC-$2'% $#% >$'??'%
5*-% J'&10% +9-% ^*/?0% >'/'5$+0.% $#% 20--'C0/'?$0#*% 20#%
J$((B%5*--6'/(*%r%Q0#5'?$0#*%>$+(0-*((0%*%$-%Y$1'/($&*#(0%
8592'?$0#*% 5*--6:++02$'?$0#*% J9-(9/'-*% J'+(*--0%
5$% X$,0-$% r% =9+*0% 56:/(*% J0#(*&10/'#*'.% 23*% 3'%
20$#,0-(0%&0-($%2$(('5$#$%*#(9+$'+($<%%%
$ SDUWLUH GD JHQQDLR RJQL GHO PHVH q VWDWR
RUJDQL]]DWR XQ HYHQWR VSHFL¿FR $G HVHPSLR QHO
&*+*% 5$% "$9"#0% 7% +('(0% 0/"'#$??'(0% 9#% 20#2*/(0% 20#%
(/*% C'#5% -02'-$% $#% >$'??'% )'#% Q/'#2*+20.% 5$% ;/0#(*%
'--'% Q'20-(B% 5$% 820#0&$'% 5*--6A#$,*/+$(B.% *% 20#% 9#%
1/0"*((0% 5$% ,$5*0% &'11$#"% -'% ;'22$'('% 5*--'% 23$*+'% 5$%
)'#% Q/'#2*+20% 7% +('('% (/'+;0/&'('% $#% 9#6*#0/&*% (*-'%
NY%$#%29$%$%1'/(*2$1'#($%'--6*,*#(0%3'##0%10(9(0%,*5*/+$%
SURLHWWDWL/¶HYHQWRKDULFKLDPDWRFLUFDJLRYDQL
;0/#*#50% 9#6$&10/('#(*% 5$&0+(/'?$0#*% 5*-% 20&*% -'%
20&1*($?$0#*% J8J% 10++'% '$9('/*% -'% 2$((B% '5% '1/$/+$% *%
'% (/'+;0/&'/+$% "/'?$*% '--'% +9'% "$0,'#*% *% ,$,'2*% +2*#'%
29-(9/'-*<%A#6'-(/'%$&10/('#(*%$#$?$'($,'.%23*%3'%+*"9$(0%
TXHVWR ¿ORQH q VWDWD OD SURGX]LRQH H LO VXFFHVVR GHO
,$5*0%Z'11d%$#%)$*#'hOij.%23*%3'%+91*/'(0%-*%hOO<OOO%
35
,$+9'-$??'?$0#$% +9% e09^9C*<% F-% ,$5*0.% /*'-$??'(0% 1*/%
-'% @$0/#'('% F#(*/#'?$0#'-*% 5*--'% Q*-$2$(B.% 3'% ,$+(0% -'%
1'/(*2$1'?$0#*%5$%2*#($#'$'%5$%/*+$5*#($%+*#*+$%5$%(9((*%-*%
*(B%*%29-(9/*.%23*%3'##0%C'--'(0%*%2'#('(0%1*/%-*%+(/'5*%
5$%)$*#'.%&0+(/'#50%'--'%20&9#$(B%20&*.%#0#0+('#(*%-'%
2/$+$.%-'%2$((B%+($'%"$B%$#$?$'#50%'%/*291*/'/*%$-%+90%+1$/$(0%
5$% 2$((B% 5$#'&$2'.% "$0,'#*% *% &9-($29-(9/'-*.% 1$*#'% 5$%
*#*/"$'%*%1/0#('%'%+20&&*((*/*%+9-%1/01/$0%;9(9/0<
:CC$'&0% /*'-$??'(0% '#23*% 019+20-$% *% "'5"*(.% 20&*%
C/'22$'-*(($% *% &'"-$*((*% 20#% $-% -0"0% 5$% )$*#'hOij%
23*.% 20#% $-% 1'++'/*% 5*-% (*&10.% +$% +0#0% 5$;;9+$% +*&1/*%
1$M% $#% 2$((B<% A#% #9&*/0% +*&1/*% 2/*+2*#(*% 5$% 1*/+0#*%
FRQWDWWDLQRVWULXI¿FLSHUFKLHGHUHOHWVKLUWRIIUHQGRVL
5$% 5$,*#$/*% *++*% +(*++*% (*+($&0#$'-% *% '&C'+2$'(0/$.% *%
&'#$;*+('#50%0/"0"-$0%1*/%-'%2'#5$5'(9/'%5*--'%1/01/$'%
2$((B<% V'% (/'+;0/&'?$0#*.% 5'$% (*&1$% 5*--0% +2*(($2$+&0%
*% 5*--'% 5$+1*/'?$0#*.% 7% C*#% ,$+$C$-*% *% $#% 20+('#(*%
*,0-9?$0#*<% J'&&$#'#50% 1*/% -*% +(/'5*% 5$% )$*#'% +$%
10++0#0% $#20#(/'/*% 1*/+0#*% 20#% -'% (4+3$/(.% *% ('#($%
'5*+$,$%+0#0%,$+$C$-$%#*--*%,*(/$#*%5*$%#*"0?$.%%+9$%('m$%
*%+9$%C9+%5*--'%2$((B<%I9*+(0%1/02*++0%5$%1'/(*2$1'?$0#*%
,$*#*%/*"0-'/&*#(*%5029&*#('(0%*%&*++0%$#%*,$5*#?'%
+9-%#0+(/0%+$(0%*%+9$%+02$'-%&*5$'<%:--'%&*(B%5$%'"0+(0%
OD SDJLQD )DFHERRN GHOOD FDQGLGDWXUD FRQWD
1$M% 5$% hN<OOO% G&$% 1$'2*6.% 9#% 0(($&0% /$+9-('(0% 1*/% 9#'%
2$((B%5$%[N<OOO%'C$('#($.%'%29$%+$%'220&1'"#'#0%-$,*--$%
56$#(*/'?$0#*% &0-(0% *-*,'($% (/'% "-$% 9(*#($<% :CC$'&0%
'#23*% 9#% 20#+$5*/*,0-*% +*"9$(0% +9% '-(/$% 2'#'-$% +02$'-%
20&*% ^f$((*/.% F#+('"/'&% *% e09^9C*% 23*.% 1*/_.% +0#0%
XWLOL]]DWL SHU DWWLYLWj SL VSHFL¿FKH LQ TXDQWR 6LHQD
Q'2*C00k%7%5$%"/'#%-9#"'%$-%+02$'-%&*5$'%1$M%9($-$??'(0%
HGHI¿FDFHSHUUDJJLXQJHUHODFRPXQLWj
!""$% 10++$'&0% 5$/*% 23*% -'% 2'#5$5'(9/'% 5$% )$*#'% 7%
1/0;0#5'&*#(*%/'5$2'('%#*-%+*#($&*#(0%5*--'%20&9#$(B<(
A#'%1'/(*2$1'?$0#*%&'++$22$'%23*.%$#%0"#$%2'+0.%-'+2*/B%
9#'% (/'22$'% 10+$($,'% *% 1*/&'#*#(*.% &0+(/'#50% '--'%
20&9#$(B%+*#*+*%-'%/$223*??'%5$%*#*/"$*%*%5$%$5**%'#20/'%
1/*+*#($.%2'1'2$%5$%/$20+(/9$/*%*%"'/'#($/*%+1*/'#?'%1*/%
$-%;9(9/0<%V'%+(*++'%/*19('?$0#*%5*--'%2$((B%$#%89/01'%*%
#*-%&0#50%#0#%7%+('('%20&1/0&*++'%5'--'%2/$+$.%20&*%
5$&0+(/'% $-% ;'((0% 23*% &0-(*% $+($(9?$0#$% *% ('#($% ('-*#($%
29-(9/'-$%5$%-$,*--0%*9/01*0%3'##0%+2*-(0%5$%-',0/'/*%20#%
#0$%*%5$%2/*5*/*%#*-%#0+(/0%10(*#?$'-*<%
F-% 1/0"/'&&'% 5$% ,0-0#('/$'(0.% 1'/($(0% #*-% "$9"#0%
KD UDFFROWR VROWDQWR QHO SULPR PHVH SL GL
iOO% 50&'#5*% 5$% '5*+$0#*<% J*#($#'$'% 5$% 1*/+0#*% 2$%
+0#0% ,*#9(*% '% 20#0+2*/*.% &*((*#50% '% 5$+10+$?$0#*% $-%
1/01/$0%*#(9+$'+&0%*%-*%1/01/$*%20&1*(*#?*.%'$9('#502$%
20#% -'% 2'&1'"#'% 5$% 20&9#$2'?$0#*.% 1/059?$0#*% *%
0/"'#$??'?$0#*% 5$% *,*#($.% 20+g% 20&*% #*--*% '?$0#$% 5$%
20+(/9?$0#*%5*-%+*#+0%5$%20&9#$(B<
^9(($%$%&*5$'%-02'-$%3'##0%&0+(/'(0%$-%-0/0%'110""$0%'--'%
FDQGLGDWXUDHGDOODSULPDPHWjGHOVRQRGLYHQWDWL
9#'% ,*/'% 1$'((';0/&'% 20&9#$('/$'% 23*% 2$% 3'% '$9('(0%
'% /'""$9#"*/*% +*&1/*% 1$M% 1*/+0#*% '--6$#(*/#0% 5*--'%
+02$*(B% +*#*+*.% +$'% #*--'% 2$((B% 23*% $#% (9((0% $-% (*//$(0/$0%
1/0,$#2$'-*<% >/*+*#('?$0#$% *% $#20#(/$% +0#0% +('($% (*#9($%
#*--*%2$((B%5*--'%1/0,$#2$'.%&0-($1-$2'#50+$%#*"-$%9-($&$%
&*+$<% V6$#(*#(0% 1/$#2$1'-*% 7% +*&1/*% +('(0% K9*--0% 5$%
UHQGHUH L QRVWUL FLWWDGLQL ¿GXFLRVL LQYHFH GL ULFHUFDUH
-'% ,$+$C$-$(B% +9$% 1/$#2$1'-$% &*5$'% #'?$0#'-$<% D*-% -9"-$0%
q VWDWD RUJDQL]]DWD XQD FRQIHUHQ]D VWDPSD D
X0&'.%1/*++0%-'%)'-'%)('&1'%5*--6:++02$'?$0#*%)('&1'%
8+(*/'.%1*/%1/*+*#('/*%$-%#0+(/0%1/0"*((0%5$%2'#5$5'(9/'<%
I9*+('% $#$?$'($,'% 3'% '(($/'(0% -6$#(*/*++*% 5*$% &*5$'%
-02'-$.% #'?$0#'-$% *5% *9/01*$.% &'% '#23*% -6'((*#?$0#*% 5$%
'-(/*% 20&9#$(B% $#(*/#'?$0#'-$% 5$% 01*/'(0/$% 29-(9/'-$.%
'/($+($%*%1/0;*++$0#$+($.%20+g%20&*%5$%"$0,'#$%*%+(95*#($%
9#$,*/+$('/$%23*.%"/'?$*%'5%'-29#*%5*--*%#0+(/*%$#$?$'($,*%
'%&'""$0/*%5$;;9+$0#*.%3'##0%10(9(0%20#0+2*/*%&*"-$0%
$-%1/0"*((0%5$%2'#5$5'(9/'.%"'/'#(*#502$%$-%-0/0%$&1*"#0%
*%$-%-0/0%+0+(*"#0<
36
!"#$%&'&(U(*(1%+M%%M+"(.0'(#+&V+"//"
&"!
dF3e:*6.+*2*)'.0$*)("%%$#5'"'%+9-%20&*%-*%1*/+0#*%,$,04
' 96)(' E' ()' .+#6++6#)' -"(' !#0:"++0M' $%"' ()' $*++,' #0% $#+$*&*% $#% K9*+(0% -90"0% 20&*% 9#'% ,*/'% *% 1/01/$'%
/#";"-"'-*'.;0(:"#"'3"('$).0'*3'$6*'.*)'301*3)+)' 20&9#$(Bc%
4)/*+)("'56#0/")'-"(()'46(+6#)'d(*3""'-*'0#*"3P
+)1"3+0M'+#)1)'+"1)+*$)'-"(()'1)3*C".+)2*03"e7' [6#*.10'.1)#+%*+1-0/'%$-%20&*%'220"-$'&0%"-$%*+(/'#*$%
$#% 9#% -90"0.% +*% *% 20&*% 10++$'&0% $&1'/'/*% 5'% -0/0.% *%
96)("'-6#)+)');#,'*('!#0:#)11)7
20+(/9$/*%/*-'?$0#$%59/'(9/*%20#%-0/0<%
M4( @?9:?5DD5( E98B?>2B9( 8><<5( 45??5B2G5( ;3<<5( E9* F#+$*&*%%'$%%#0+(/$%1'/(#*/%*9/01*$.%2$%'22$#"$'&0%'%-'4
,0/'/*%+9%K9*+($%(/*%(*&$%#*-%#0+(/0%1/0"/'&&'%29-(94
D>42BNC
/'-*.% +1*/$&*#('#50% 20&*% -'% 1'/(*2$1'?$0#*% 29-(9/'-*%
'(($,'.%'((/',*/+0%$-%#0+(/0%20#2*((0%5$%>'(/$&0#$0%N<O.%
[6++*'*'30.+#*'/#0:"++*'.030'(":)+*')(("'30.+#"'6#:"32"'
10++'%*++*/*%$#%"/'50%5$%;0/#$/*%#90,*%23$',$%'-%C*#*+4
^/'592$'&0%-*%#0+(/*%1/$#2$1'-$%9/"*#?*%$#%(/*%(*&$%23*% +*/*.%'--6*K9$(B.%'--6*20#0&$'%*+1*/$*#?$'-*<
+0#0%(9(($%1$9((0+(0%/$-*,'#($%'%-$,*--0%*9/01*0.%*%&0-(0%
B"1)3+*$)'-*'8)."
-*"'($%'-%20#(*+(0%+*#*+*%#*$%1/0++$&$%2$#K9*%'##$P
)'-9(*% *% ;*-$2$(B% 4% '% ;/0#(*% 5*--6$#,*223$'&*#(0% 5*--'%
1010-'?$0#*%*%5*--*%;0/?*%"$0,'#$%23*%+('##0%-'+2$'#50%
)$*#'%1*/%-90"3$%1$M%5$#'&$2$.%-'%#0+(/'%2$((B%3'%C$+0"#0%
5$%-',0/'/*%+9$%;'((0/$%;0#5'&*#('-$%23*%1*/&*(('#0%'$%
2$(('5$#$%5$%,$,*/*%$#%&050%+'#0%*%;*-$2*%'%)$*#'P%$##04
,'/*%$#%2$_%23*%/*#5*%-'%,$('%5*"#'%5$%*++*/*%,$++9('%*%
+055$+;'2*#(*.%*5%*+1-0/'/*%$%#90,$%0/$??0#($%5*--'%29/'%
*%5*-%1/*#5*/+$%29/'%5*--*%1*/+0#*%#*--'%1/'($2'%K90($4
5$'#'%5*--'%20&9#$(Bc
)$*#'hOij%-',0/'%20#%"/'#5*%*#*/"$'%+9--6$##0,'?$0#*%
+02$'-*%'((/',*/+0%-'%1'/(*2$1'?$0#*%29-(9/'-*<%J0#+$5*4
/$'&0%K9*+(0%1*/20/+0%5$%2'&C$'&*#(0%1*/%-'%2$((B%*%$%
2$(('5$#$%20&*%9#%1/02*++0%5$%"9'/$"$0#*%*%5$%/$##0,'4
&*#(0.% 2*#(/'(0% +9% 9#% 1/0"/'&&'% 23*% +$% 02291'% 5*-4
-*%#0+(/*%9/"*#?*<%F#%K9*+('%1/0+1*(($,'.%$-%#0+(/0%1/04
"/'&&'% 29-(9/'-*% +*"9*% 9#'% #'//'?$0#*% 5$% (/'+;0/&'4
?$0#*%+02$'-*%$#%(/*%;'+$.%0"#9#'%5*--*%K9'-$%7%20+($(9$('%
GDXQSURJHWWRÀDJVKLSHWUHHYHQWLSULQFLSDOL
`F#a"$9+($?$'% +02$'-*% 4% 20#% -0% +2'#5'-0% 5*-% =0#(*% 5*$% V*%;'+$%5*-%1/0"/'&&'%+0#0%+(/9((9/'(*%20&*%+*"9*P%
>'+23$.%&0-(*%1*/+0#*%3'##0%1*/+0%$-%-0/0%-',0/0.%*5%7%
RUPDLFKLDURFKHODFLWWjQRQSXzSLIDUHDI¿GDPHQWR ‡% Q'+*%i%L)$*#'%4%V'%1/$&',*/'%7%(0/#'('L%+$%20#2*#(/'%
+0-'&*#(*%+9--'%C'#2'<%:CC$'&0%K9$#5$%C$+0"#0%5$%-'4
+9--6'22*++$C$-$(B.%20&*%23$',*%1*/%'1/$/*%-'%+(/'5'%'%
,0/'/*% +9% #90,$% &05*--$% 5$% +,$-9110% +02$04*20#0&$20%
9#%2'&C$'&*#(0%+02$'-*%$#2-9+$,0%*%(/'+;0/&'($,0<%
5*--'%#0+(/'%/*'-(B%-02'-*P%$##0,'/*%#*-%&050%$#%29$%-*%
Q9#?$0#'% +*% 7% 1*/% (9(($<% @-$% $#(*/,*#($% 29-(9/'-$% $#%
FRPXQLWjVXSHUDQRO¶HVFOXVLRQHHLOFRQÀLWWRFRQGLYL4
TXHVWDIDVHDWWDFFDQROHEDUULHUH¿VLFKHHFXOWXUDOL
5*#50%-*%&0-(*%;0/&*%5*-%C*#*%20&9#*c%
/$+201/0#0%$-%20--*"'&*#(0%5*--'%,$'%Q/'#2$"*#'%20#%
-689/01'%20&*%2'#'-*%1*/%-'%20&9#$2'?$0#*%$#(*/4
^9/$+&0%.1)#+%%4%20#%$%+90$%R%&$-$0#$%5$%(9/$+($%'##9'-$%
29-(9/'-*.% ,'-0/$??'#0% -*% ;0#5'&*#('% 5*--'% +02$*(B%
&0/5$%*%;9""$.%)$*#'%3'%5',,*/0%C$+0"#0%5$%5$,*#('/*%
+*#*+*%(/'&$(*%-'%29-(9/'%5*--*%J0#(/'5*.%*%-',0/'#0%
9#'% 2$((B% 5$% 1'(/$&0#$0% $#(*--$"*#(*% *% 2/*'($,'.% $#,*#4
+9-%20&*%-6'/(*%10++'%/*4$#;0#5*/*%*#*/"$'%2$,$-*%*%
WDQGR H VSHULPHQWDQGR QXRYH VROX]LRQL SHU OH V¿GH
29-(9/'-*%#*--0%+1'?$0%19CC-$20<
10+(*%5'-%(9/$+&0%5$%&'++'P%-',0/'/*%+9--0%+2'&C$0%5$% ‡% Q'+*% h% L)$*#'% r% 8++*/*% $#+$*&*L% +$% 20#2*#(/'% +9--*%
*+1*/$*#?*% (/'% /*+$5*#($% 1*/&'#*#($% *% (*&10/'#*$.% *5%
(/'5$?$0#$%/*"$0#'-$%-*"'(*%'-%)'#('%='/$'%5*--'%)2'4
*+1-0/'/*%$%&05$%20#%29$%-*%+02$*(B%5$"$('-$%/$&05*--'#0%
-'.%50,*%-'%"9'/$"$0#*%*%-'%/$'C$-$('?$0#*%'((/',*/+0%
*%5'##0%#90,0%+*#+0%'%('-$%*+1*/$*#?*<
-'%20#5$,$+$0#*.%-6*&1'($'%*%$-%1/*#5*/+$%29/'%3'##0%
',9(0%-90"0%1*/%+*20-$<%@-$%$#(*/,*#($%/$"9'/5'#0%-0%
+,$-9110% 5$% (*/'1$*% 29-(9/'-$% 23*% +0+(*#"'#0% -'% 5$4
F#+$*&*.%$%#0+(/$%(/*%(*&$%201/0#0%9#%'&1$0%+1*((/0%5$%
&*#+$0#*%9&'#'%5*--'%29/'%*%5*--'%20&1/*#+$0#*.%
;'((0/$%23*%20#(/$C9$+20#0%'--0%+,$-9110%5$%9#%(*//$(0/$0%
-',0/$#0%20#%-6'/(*%*%-'%20&9#$2'?$0#*%1*/%5'/*%+0-4
*%#*%&$"-$0/'#0%-'%K9'-$(B%5*--'%,$('P%
-$*,0%'--*%1*/+0#*%+*/$'&*#(*%+,'#('""$'(*.%*+1-0/$4
#0%-*%;9#?$0#$%+02$'-$%5*--'%&9+$2'%20#%'?$0#$%;0/($.%
B)(6+"'"'C"(*$*+,%%(022'%$-%20&*%-*%1*/+0#*%,$,0#0%$#%9#%
0/$"$#'-$%*%5$%"/'#5*%,$+$C$-$(B%+02$'-*.%*%20$#,0-"'4
-90"0.%5'-%19#(0%5$%,$+('%5*"-$%'+1*(($%*++*#?$'-$%5*--6*4
#0%'(($,'&*#(*%$%(9/$+($%#*--'%,$('%5*--'%2$((B%*%5*--'%
+$+(*#?'c%
20&9#$(B<
37
‡% Q'+*% N% L)$*#'% 4% J0#5$,$5*/*% -'% #0+(/'% 1'++$0#*L% +$%
20#2*#(/'%+9--6$##0,'?$0#*%*%+9-%/$##0,'&*#(0<%@-$% ‡ (SRL¿QDOPHQWHDUULYDLOPRPHQWRGLFRQGLYLGHUH
$#(*/,*#($%29-(9/'-$%&$/'#0%K9$%'-%/*4$#;0#5*/*%,$('%
1$*#'&*#(*%-'%#0+(/'%1'++$0#*.%*5%7%2$_%'%29$%(9((0%
#*-%#0+(/0%1'(/$&0#$0.%/$&*((*#50-0%$#%"$020%+$'%5$4
UXRWDLQWRUQRDOOD¿QH'XHYROWHLQSRFKHVHWWLPD4
JLWDOPHQWHFKH¿VLFDPHQWHDOORVYLOXSSRGLQXRYH
#*.%-'%+'CC$'%5$%(9;0%201/*%$-%+90-0%5*--'%1$'??'.%*%-*%
$#(9$?$0#$%r%1/*#5*#50%+19#(0%5'--'%,$2*#5'%+2$*#4
/*"0-*%+02$'-$%5$%(9(($%$%"$0/#$%#0#%,'-"0#0%1$M<%=$4
WL¿FD H DUWLVWLFD GL /HRQDUGR LQWHUDPHQWH EDVDWD
JOLDLDGLFXRULHPHQWLDVSHWWDQRODFRUVDV¿ODQGR
+9--6'11/*#5*/*%'((/',*/+0%(*#('($,$%*5%*//0/$%r%'14
5$*(/0% $-% 2','--0% *% 2'#('#50% 5'-% ;0#50% 5*--6'#$&'<%
1-$2'(*%'%2'&1$%*&*/"*#($%K9'-$%$%"$023$%+*/$%*592'4
8%10$.%$-%&0&*#(0%7%0/'.%$-%1/0;0#50%+$-*#?$0%1020%
($,$%*%-*%$#,*#?$0#$%20--*(($,*c%'-%/$##0,'/*%$-%#0+(/0%
1/$&'%5*--'%1'/(*#?'.%K9'#50%2$%(*#$'&0%1*/%&'#0.%
20#(/$C9(0%'--'%2$(('5$#'#?'%*9/01*'%/$41/0"*(('#50%
K9'#50%(9(($%2$%/$9#$'&0%1*/%,$,*/*%'++$*&*%K9*+('%
-*%/*'-(B%+02$04*20#0&$23*%'((/',*/+0%-6$#(*--$"*#?'%
"/'#5*%*&0?$0#*%4%7%$-%"$0/#0%$#%29$%$%+*#*+$%5$%(9((*%
20&9#$('/$'c% *% '--6'1*/(9/'% 5$% 9#% #90,0% 2'#'-*% 5$%
-*%J0#(/'5*%&*((0#0%$#+$*&*%$%-0/0%('-*#($%*%&0+(/'4
20&9#$2'?$0#*%20#%-689/01'%1*/%-'%20&9#$(B%+*#*4
#0% $-% -0/0% 0/"0"-$0<% 86% $-% &0&*#(0% 5*--'% ,*/$(B% $#%
+*.% $#,$('#50% $% (9/$+($% #*--*% #0+(/*% 2'+*.% *% ;'2*#50%
29$%+201/$'&0%+*%-'%#0+(/'%+(/'(*"$'%1'?$*#(*&*#(*%
-0/0%+201/$/*%-'%^0+2'#'%,*/'.%1/$,'('.%'-%5$%-B%5*"-$%
1/*1'/'('%;9#?$0#'<%86%$-%&0&*#(0%$#%29$%20//$'&0%
+(*/*0($1$%C*#%#0($<
YHUVRODQRVWUDPHWDHLQPDJQL¿FLVHFRQGLWXWWR
$-%#0+(/0%59/0%-',0/0%'//$,'%'%9#%'1$2*%4%7%'#23*%$-%
4XHVWH IDVL ULÀHWWRQR OD QDUUDWLYD FRPXQLWDULD VHQHVH
"$0/#0%$#%29$%,$*#*%+('C$-$(0%9#%#90,0%0/5$#*.%23*%
*% +0#0% +('(*% $+1$/'(*% 5'% $#20#(/$% 20#% $% 2$(('5$#$% *% 20#%
(9(($%5*,0#0%'22*(('/*<%V'%2$((B%7%/$#'('.%*5%$%2$(('5$4
"-$%'/($+($.%'%1'/($/*%5'-%2'-*#5'/$0%2$,$20%*%5'$%/$(&$%+04
#$%+$%+*#(0#0%/$4,$('-$??'($.%1/0#($%'5%'#5'/*%','#($<%
2$0429-(9/'-$%23*%)$*#'%3'%+*"9$(0%1*/%+*20-$P
>/0#($%1*/%9#%#90,0%$#,*/#0%5$%+1*/'#?'.%1/*1'/'4
]LRQHHQXRYHVWRULHGDUDFFRQWDUH¿QFKpQRQVDUj
‡% F#% 1/$&',*/'.% 5010% $-% -9#"0% $#,*/#0.% -'% 20&9#$(B%
5$%#90,0%1/$&',*/'<
+*#*+*% +$% +,*"-$'% 1*/% 9#'% #90,'% +('"$0#*% 5$% +*#($4
&*#($%;0/($%*%5$%1'++$0#*%20#5$,$+'<%I9'#50%$%20/(*$.% V'%20&9#$(B%*%-'%2$((B%/*+1$/'#0%20#%-0%+(*++0%/$(&0<%)*4
20#% $% 20-0/$% ,$,'2$% 5*--*% C'#5$*/*% *% 5*$% 20+(9&$% *% "9*#50%$-%#0+(/0%&05*--0%#'(9/'-*.%#*-%hOij%/$2/*$'&0%$-%
$-%/$(&0%(*+0%5*$%('&C9/$.%(0/#'#0%'#20/'%9#'%,0-('% #0+(/0%1'(/$&0#$0.%*%-0%;'22$'&0%(0/#'/*%5$%#90,0%,$,0%
#*--*%+(/'5*%5*--'%2$((B.%7%$-%+*"#'-*%23*%-'%1/$&',*4 20&*%1'/(*%5*-%#0+(/0%/$(9'-*%*#*/"$??'#(*.%/$20##*((*#4
/'%7%5',,*/0%'//$,'('.%',,$+'#50%23$%2'&&$#'%+9--*% 50-0%20#%-'%#0+(/'%(/'5$?$0#*%5$%$##0,'?$0#*%+02$'-*.%*%
+(/'5*%$#%1$*(/'%5*-%2*#(/0%+(0/$20%5$%)$*#'%23*.%5604 1/*1'/'#50% -*% 20#5$?$0#$% 1*/% $-% "/'#5*% &0&*#(0% #*-%
/'% $#% 10$.% K9'+$% 0"#$% +*(($&'#'% +'/B% 1$*#'% 5$% +0/4 hOij% 23*% +*"#'% -'% /$#'+2$('% 5*--'% 2$((B<% )$% (/'(('% 5$% 9#%
1/*+'.%*#*/"$'%*5%*22$('?$0#*<%86%$-%&0&*#(0%$#%29$% 1*/20/+0%5$%,'/$%'##$%5$%1'?$*#(*%1/*1'/'?$0#*.%&'%#0#%
OH¿QHVWUHYHQJRQRVSDODQFDWHHJOLVSD]LSXEEOLFL $&10/('.% 2$% +$'&0% 'C$(9'($.% 1*/23E% '% )$*#'% +'11$'&0%
/$1/*#50#0%,$('.%2/*'#50%$-%"$9+(0%20#(*+(0%1*/%2$_% C*#*%23*%9#%*,*#(0%$&10/('#(*%3'%C$+0"#0%5*--0%+;0/4
23*%'22'5/Bc
?0%*%5*--'%5*5$?$0#*%5$%9#6$#(*/'%20&9#$(B.%*%#0$%+$'&0%
‡% )*"9*%10$%K9*--'%23*%$%+*#*+$%,*50#0%20&*%-'%+('4 1/0#($<
"$0#*%5*--6*++*/*%$#+$*&*<%V'%1/$&',*/'%+$%5$++0-,*%
#*--6*+('(*.%*%'//$,'%$-%&0&*#(0%5*"-$%*,*#($%+02$'-$%*%
GHLEDQFKHWWLDOO¶DULDDSHUWDGHOODPXVLFD¿QRDWDU4
5'%#0((*.%5*--*%"'/*%5*$%C'&C$#$<%F%+90#$%+$%;'##0%1$M%
$#(*#+$%"$0/#0%5010%"$0/#0.%*%-'%"*#(*%+('%+*&1/*%1$M%
$#+$*&*.%-',0/'#50%1*/.%*%20#.%"-$%'-(/$<%D0#%+$%(/'(('%
&'$%5$%&*.%0%5$%(*c%$#%9#0%+;0/?0%20--*(($,0%5$%1/*1'4
/'?$0#*.%'11/*#5$&*#(0.%,0-0#('/$'(0.%7%-'%20&9#$(B%
23*%+0;;/*%-'%;/9+(/'?$0#*%*%+0"#'%-'%/$,$#2$('.%0%23*%
,$#2*%*%"$0$+2*%$#+$*&*<%D*++9#0%7%,*/'&*#(*%+0-0<%
F-%+*#+0%5$%'11'/(*#*#?'%20&9#*%50&$#'%(9((0<%:C4
C$'&0%C$+0"#0%5$%19-$/*.%5$%'--*#'/*.%5$%/$1'/'/*.%5$%
"9'/$/*%*%5$,*#('/*%;0/($%4%267%/$,'-$(B%#*--6'/$'.%#'4
(9/'-&*#(*.%&'%K9*+(0%10/('%*#*/"$'%'%(9(($%1*/%;'/*%
5*-% 1/01/$0% &*"-$0% *% ',*/*% +922*++0c% K9$.% -',0/$'4
&0%$#+$*&*%1*/%&'#(*#*/*%,$,'%-'%#0+(/'%(/'5$?$0#*.%
&'%'--0%+(*++0%(*&10%(9((0%7%,0-(0%'-%/$##0,'&*#(0c%
GRIGLIA DELLE AZIONI
Flagship
Tematica dell’azione:
Salute e Felicità
PARASITE
— Paving the Way
— Architecture Without Buildings
— Remain in Light
Infective Roads evento
Tematica dell’azione:
(in)Giustizia Sociale
Tematica dell’azione:
Turismo smart
— Azioni
CULTURAL EMERGENCY ROOM
— the Cultural Emergency Room
— Face Our Ghosts
— Beyond Mediterranean
Still Dancing evento
— On the ROAD — Travelling Arts
— CulturalHotSpots — Festival of Storytelling
— Heritage of Sorrow
Gift of Life evento
— To be or not to be
— Hearts in tights
— Living History
The Space Between evento
— GreenPlayGrounds
— Documentary film
— The Art is the Space
COPYWRONG
— Archive Fever
— We, the Author — Re-Creative Europe
— CopyWrong Festival — CPH
We Are Leonardo evento
—Skool Daze —Lab of Mistakes
—Material Science — Collective Inventions
Play the City evento
— Play the Place —“That’s all Folk!”
— S-Core — Silent Tales
Citizens of the Elsewhere evento
— Pollinating the city — Human Hotel
— Museum of Tourism — Sentimental Siena
— Tourism innovation
FASE 1
FASE 2
86%20+g%23*%#'+2*%-'%+(/9((9/'%5*-%1/0"/'&&'P
403$"++*'C0#+*M')2*03*'C0#+*
!"#$% 1/0"*((0% +$% '/($20-'%$#% 5$,*/+*% '?$0#$.%23*% (/'594
20#0%$-%1/0"/'&&'%29-(9/'-*%#*-%+90%$#+$*&*%4%*%$%1/04
"*(($.%$#%1'/($20-'/*%4%$#%$#(*/,*#($%29-(9/'-$%20#2/*($.%23*%
$&1*"#'#0%(0('-&*#(*%-*%1*/+0#*%20&*%/#0.61"#.%1$9(4
(0+(0%23*%20&*%9#%19CC-$20%1'++$,0.%/*#5*#50-*%1'/(*%
'(($,'%5*-%1/02*++0%5$%1/059?$0#*%2/*'($,'<%D0$%5$%)$*4
#'hOij%#0#%2/*5$'&0%+0-('#(0%#*--'%;0/?'%20#2*((9'-*%*%
#*--6'&C$?$0#*%5$%9#%1/0"/'&&'.%&'%1/*+($'&0%'#23*%
JUDQGH DWWHQ]LRQH DOOD VSHFL¿FD HVSUHVVLRQH DUWLVWLFD
5*--*% #0+(/*% $5**.% *% '-% 10(*#?$'-*% +*59(($,0% 5*$% #0+(/$%
1/0"*(($.% 23*% 3'##0% -0% +2010% 5$% '(($/'/*% -6$#(*/*++*% 5$%
(9(($%$%2$(('5$#$%*%5*$%"/911$%+02$'-$%*9/01*$%%4%+$'#0%*++$%
SLRPHQRLVWUXLWLDIIHWWLGDGLVDELOLWj¿VLFKHRVRFLDO4
&*#(*%*+2-9+$<
S$% $#,$($'&0% '% +0((010//*% 9#'% K9'-+$'+$% 5*--*% #0+(/*%
'?$0#$%'--'%1/0,'%5*-%;9020%5*--6*++*/*%`0%&*#0a%23$'/'%
*%C*#%+,$-911'('P%+'11$'&0%K9*--0%23*%+($'&0%1*/%;'/*.%
20#% 23$.% 50,*.% K9'#50.% *% 1*/23E<% :CC$'&0% -',0/'(0%
VRGRHDOXQJR¿QQHLGHWWDJOLGDXQSXQWRGLYLVWDSUR4
59(($,0<%V*%#0+(/*%'?$0#$%+0#0%20+($(9$(*%'%-0/0%,0-('%5'%
5$,*/+*% +0((04'?$0#$% 20429/'(*% 20#% '/($+($% *9/01*$.% 23*%
'CC$'&0% $#20#(/'(0% *% 20#% $% K9'-$% 'CC$'&0% 5$+29++0% '%
OXQJRFKHKDQQR¿UPDWRFLDVFXQRXQDOHWWHUDGLLQWHQWL
1/'($2'%*%&$/'('.%*%23*%#0#%,*50#0%-60/'%5$%-',0/'/*%20#%
#0$%1*/%;'/*%'22'5*/*%(9((0%2$_<%D*--6'--*"'(0.%(/0,*/*4
(*%$#;0/&'?$0#$%5*(('"-$'(*%+9%2$'+29#'%'?$0#*P%;0"-$%5$%
Napkin Economics evento
— 1919 — Making Sense
— Roof with a View — Open Civic Forum
— A Window into the Future
Tuscany in Your Bathroom evento
— My own private Tuscany
— Performing cliché
— Gotto
FASE 3
1/059?$0#*% 20#2/*($.% 23*% *,$('#0% 20#;9+$0#*% *% /$('/5$%
#*"-$%'##$%'%,*#$/*.%*%/*#50#0%23$'/0%1*/%(9(($%23*%'CC$'4
&0%9#%1$'#0%1-9"4'#541-'dU
3LDQL¿FD]LRQHDWWUDYHUVRO¶DQQRJOLDQQL
V'%#0+(/'%(/'$*((0/$'%$#%(/*%;'+$%3'.%0,,$'&*#(*.%$&1-$4
2'?$0#$%1*/%-'%1/0"*(('?$0#*%5*$%#0+(/$%*,*#($<%>$9((0+(0%
23*%20#+$5*/'/*%-'%J8J%20&*%9#%'##0%'9(0420#2-9+$,0%
5$% 2*-*C/'?$0#$.% -'% ,$,$'&0% 20&*% 9#% 1*/20/+0% 23*% ,'%
20+(/9$(0%#*-%(*&10<%V*%;'+$%i%*%h%$#$?$*/'##0%#*-%hOit%
*%#*-%hOiR.%+$%+0,/'110//'##0%$#%1'/(*.%*%20#($#9*/'##0%
#*-%hOij<%I9*+(*%59*%;'+$%1/*1'/'#0%-'%;'+*%N.%23*%3'%
9#%2'-*#5'/$0%5$,*/+0P%-*%'?$0#$%K9$%$#$?$'#0%9#%106%1$M%
('/5$.%29-&$#'#50%#*-%hOij.%*%&$/'#0%'5%',*/*%*;;*(($%'%
-9#"0%(*/&$#*%C*#%0-(/*%-6'##0%5*--'%J8J<
4*3K6"'";"3+*'$0163*+)#*'/#*3$*/)(*
!-(/*% '$% N% 1/0"*(($% ;-'"+3$1% *% '$% j% *,*#($% 1/$#2$1'-$.%
-'%+(/9((9/'%5*--6'##0%J8J%7%2'/'((*/$??'('%5'%2$#K9*%
"/'#5$%*,*#($%20&9#$('/$.%*%5'%9#%1/0"/'&&'%20+(/9$(0%
5'-% C'++0<% I9*+($% *,*#($% &$/'#0% 1/$#2$1'-&*#(*% '%
20+(/9$/*%-'%;$592$'.%'%2/*'/*%9#%+*#+0%5$%*#(9+$'+&0.%
*%'%;0/#$/*%9#'%20/#$2*%*&0?$0#'-*%1*/%-*%'(($,$(B%5$%
19#('%5*-%1/0"/'&&'%'/($+($20<%
39
F-% 2'-*#5'/$0% 5$% )$*#'hOij% 7% +2'#5$(0% 5'% 2$#K9*% C/'#$% *-*((/0#$2$% 0/$"$#'-$% 20&10+($% +9% 1$M% (/'22*.% 23*%
*,*#($%1/$#2$1'-$P
+'/'##0%5$+(/$C9$(*%;/'%-*%'9(0%23*%20//*/'##0%+9%9#%1*/4
20/+0%+(/'5'-*%$#(0/#0%'%)$*#'<%F-%19CC-$20%10(/B%'+20-4
?A'F3)6:6#)2*03"T'63%Q$9&*%5$%>*/+0#*'d^':"33)*02'
('/*%K9*+('%0/23*+(/'%$#%&0,$&*#(0%/*+('#50%+9-%2$"-$0%
5*--'%+(/'5'.%0119/*%9#*#50+$%'-%2'/0+*--0.%&*#(/*%-'%/'4
6LHQDqXQDFLWWjVHQ]DXQ¿XPHPDFRQXQDIIDVFLQDQ4 5$0%(/'+&*((*/B%-'%&9+$2'%20&1-*('%$#%5$/*(('<%V'%LC'#5'%
(*% +$+(*&'% 5$% '2K9*50(($% +0((*//'#*$.% $% C0(($#$<% F#0-(/*.% +0#0/'L% +$% +10+(*/B% K9$#5$% $#% ^0+2'#'.% *% 10$% $#% '-29#$%
DEELDPR XQ ¿XPH PLWRORJLFR OD 'LDQD FKH VHFRQGR -90"3$%5689/01'.|%20#%^0#*%^0f#%^9#$#".%1/*1'/'(*4
-'%-*""*#5'%+20//*%+0((0%-'%2$((B<%!""$.%)$*#'%3'%1*/+0% ,$%'5%9#'%,*/'%*%1/01/$'%*+1-0+$0#*U
-'%20##*++$0#*%20#%-*%+9*%;0#($%+0((*//'#**%5$%,$('%*%5$%
*#*/"$'<% F#% 9#'% 2$((B% $#5*C0-$('% 5'--'% 2/$+$.% 5'--6$#,*24 >$'#0%1$'#$++$&0
23$'&*#(0%5*--'%1010-'?$0#*%*%5'"-$%*;;*(($%5*-%(9/$+&0%
GLPDVVDLOÀXVVRGLLGHHHFUHDWLYLWjqGLYHQWDWRFRPH )*&1/*% $#% 1/$&',*/'.% )(*;'#0% H0--'#$% ,$'""$'% 1*/% -*%
LO JKLDFFLR ¿VVDWR LQ FULVWDOOL EHOOLVVLPL HWHUHL PD 2'&1'"#*%20#%9#%1$'#0;0/(*%&0#('(0%+9%9#%2'//0%($/'4
$&&0C$-$%*%20#"*-'($<%I9*+(0%7%$-%+0((04(*+(0%5*-%20&*% (0%5'%C$'#23$%C90$%5$%/'??'%23$'#$#'<%D*--*%1$'??*%5*$%
-'%2$((B%'11'/$/B%$-%s%"*##'$0%hOij.%K9'#50%(9((*%-*%#04 ,$--'""$.%$#20#(/'%-'%1010-'?$0#*%-02'-*%*%'-29#$%&9+$4
+(/*% ;0#($% 9/C'#*% +'/'##0% 201*/(*% 5$% 2/$+('--$.% -*""*/$% 2$+($%;0-k%1/0,*#$*#($%5'%(9(('%89/01'<%J$%+$%+2'&C$'#0%
*% (/'+1'/*#($.% /*'-$??'($% 5'%:(*-$*/% Y'--6!++0<% )0/"*#4 &*-05$*%23*%,'##0%'%&*+20-'/+$%#*--6$&1/0,,$+'?$0#*%
($%$#(/'110-'(*%$#%"/'#5$%29C$%5$%/*+$#*%(/'+1'/*#($.%23*% $+('#('#*'%5$%H0--'#$P%$-%1$'#$+('%/'220"-$*%20+g%9#%;'/4
$&1*5$+20#0% '--6'2K9'% 5$% +20//*/*<% @-$% *;;*(($% 5$% -92*% 5*--0%5$%2'#?0#$%59/'#(*%$-%-9#"0%,$'""$0%23*%(*/&$#'%
5*$%I90/9&%8,*#(%@/091%J0&1'#d%(/'+;0/&*/'##0%-*% $#%>$'??'%5*-%J'&10.%#*--'%+(*++'%+*(($&'#'%5$%&'""$0%
IDFFLDWHGHJOLHGL¿FLLQHQRUPLLFHEHUJHLYLVLWDWRULVL 5*--6*,*#(0% ^0#*% ^0f#% ^9#$#"<% @$9#(0% -g.% $-% 1$'#$+('%
(/0,*/'##0%$#%9#%$&&0C$-*.%(/'#K9$--0%1'*+'""$0<
+90#'%-'%2'&1'#*--'%+9-%2'//0.%*%20&*%1*/%&'"$'%(9((*%
)0-0% $-% ;9020% 5*--6$##0,'?$0#*% 19_% +20#"*-'/*% -'% 2$(4 -*%2'&1'#*%5$%)$*#'%+90#*/'##0%$#+$*&*%1*/%+'-9('/*%$-%
(B<%\%K9*+(0%$-%;9020%5*--'%2/*'($,$(B.%10/('(0%5'--6'##0% 2'//0%5*--*%,*223$*%*%#90,*%2'#?0#$<%Y'-%2'//0.%H0--'#$%
5*--'%J8J%23*%+('%1*/%$#$?$'/*.%23*%+$%*+1/$&*%$#%9#6*4 VXRQHUjLQXQFRQFHUWR¿QDOHFRQLPXVLFLVWLFKHKDLQ4
VSORVLRQH GL FRORUL QHL IXRFKL G¶DUWL¿FLR UHDOL]]DWL GD 20#(/'(0%+9--'%+(/'5'<
J'$%@90%I$'#".%23*%$--9&$#'%$-%2$*-0%5$%)$*#'P%$-%/9&04
/*% +290(*% -'% 1'($#'% 5$% "3$'22$0.% $-% 2'-0/*% -'% (/'+;0/&'% I9*+(0% 591-$2*% *,*#(0% &9+$2'-*% % 5$% &'""$0% +*"#'% 9#%
GLQXRYRLQDFTXD3RLXQ¿XPHGLSHUVRQHFLWWDGLQL +*20#50%&0&*#(0%#*-%#0+(/0%'##0%J8JP%$#%1/$&0%-904
'/($+($% *% C'--*/$#$.% ,*+($($% 20#% 'C$($% 23*% /$20/5'#0% -6'24 "0.% #*--6*,*#(0% 5$% '1*/(9/'.% +('C$-$'&0% 9#% /$(9'-*% 5$%
K9'%C-9%-9&$#*+2*#(*.%+20//0#0%5'--*%+0/"*#($%56'2K9'% "3$'22$04;90204'2K9'.% 23*% (*/&$#'% 20#% -'% /$20&1'/+'%
H GDJOL HGL¿FL VFRQJHODWL
H FRPH XQ ¿XPH LQ SLHQD GHOOD 'LDQD LO ¿XPH LPPDJLQDULR VRWWHUUDQHR GL 6LH4
$#,'50#0%-*%+(/'5*%1/$#2$1'-$%5*--'%2$((B<%J00/5$#'(0%5'% #'<%>0$.%9#'%,0-('%23*%-'%#0+(/'%*#*/"$'%5$%,$('%C/$--'%*%
Q$#?$%>'+2'.%-6*,*#(0%5$%'1*/(9/'%29-&$#'%$#%>$'??'%5*-% ?'&1$--'%5$%#90,0.%$#$?$'&0%'%20$#,0-"*/*%1$M%1*/+0#*%
J'&10.%(/'+;0/&'#50-'%$#%9#%&'/*%5$%1'++$0#*%*%,$('4 #*-%#0+(/0%2'&&$#0<%V*%'9(0%+0#0%9#%&050%1*/%5$/-0%'5%
-$(B.% 20#% 9#'% 1*/;0/&'#2*% 5$% &9+$2'% *% 5'#?'<% V6'##0% '-('%,02*P%+$'&0%K9$.%*%'%)$*#'hOij.%(9(($%+0#0%$#,$('($U%
J8J%$#$?$'P%-'%-*""*#5'/$'%Y$'#'%+20//*%5$%#90,0.%*%-'% >0$.%-*%,*((9/*%+$%+10+(*/'##0%5'%)$*#'%$#%^0+2'#'%*%$#%
2$((B%1/*#5*%,$('<
89/01'.%&*#(/*%$-%1$'#0;0/(*%,$'""$'#(*%5$%H0--'#$.%+9-4
-'%/0(('%0110+('.%10/('%-6*#*/"$'%&9+$2'-*%,*/+0%)$*#'.%
=A'5;"3+0'$0163*+)#*0')'1)::*0T(^0#*%^0f#%^9#$#"%u% *5% *+1'#5*% $% 2*/23$% 5$% 1'/(*2$1'?$0#*% '((/',*/+0% (9(('%
>$'#0%1$'#$++$&0%
-689/01'%*%-6F('-$'<%!/'%23*%'CC$'&0%10/('(0%(9(($%K9*+($%
RXWVLGHUHXURSHL¿QRD6LHQDSRVVLDPRIHVWHJJLDUHLQ4
D*-% &*+*% 5$% &'""$0.% )$*#'hOij% 3'% $#% 1/0"/'&&'% 9#% +$*&*%$#%9#%'CC/'22$0%+$&C0-$20%5*--*%&9/'%5*--'%2$((B.%
*,*#(0%&9+$2'-*%23*%2$%'+1*(($'&0%'(($/$%&0-($%,$+$('(0/$<% #*-%#0+(/0%(*/?0%*,*#(0%20&9#$('/$0P%Z9"%(3*%J$(d<
)$%20&10#*%5$%59*%'?$0#$%4%9#'%C'+'('%+9-%1$'#0;0/(*%*%
$-%;0-k-0/*.%-6'-(/'%+9--'%&9+$2'%*-*((/0#$2'<<<
GA' 5;"3+0' $0163*+)#*0' $%"' .":3)' ()' 1"+,' -"((<)330'
454T(Z9"%(3*%J$(d'd=?':*6:30e'
^0#*%^0f#%^9#$#"%
)9--*% 0#5*% 5*--'% &9+$2'% *% 5*-% +90#0.% 9#% &0,$&*#(0%
D*--'%+*20#5'%+*(($&'#'%5$%&'""$0.%+$%(*//B%9#%LH00&% 2*#(/$1*(0%10/('%"*#(*%5'%0"#$%1'/(*%'%)$*#'%$-%hi%"$94
H0m% J'/% J0#(*+(L% $#(*/#'?$0#'-*.% 1*/% +*-*?$0#'/*% 9#% "#0P% $-% "$0/#0% 5$% )'#% @$0,'##$.% $-% )0-+($?$0% 568+('(*.%
"/9110% 5$% ,*$20-$% 50('($% 5$% '-(01'/-'#($% *+(*/#$<% S*//B% 23*%+*"#'%-'%&*(B%5*--6'##0%J8J<%A#'%022'+$0#*%1*/%
23$*+(0% '% &9+$2$+($% -02'-$% *% 0+1$($% +(/'#$*/$% 5$% +90#'/*% ULÀHWWHUH VX FLz FKH q VXFFHVVR ¿QR D TXHO PRPHQWR
40
&'% '#23*% 9#'% (/'#+$?$0#*% ,*/+0% 9#'% #90,'% ;'+*<% Y'-%
(/'&0#(0%'--6'-C'.%Z9"%(3*%J$(d%/'11/*+*#('%9#'%+,*"-$'%
20--*(($,'<%I9'#50%$-%+0-*%(/'&0#('.%(9((*%-*%2$((B%1'/(#*/%
+0#0% $#,$('(*% '% ;*+(*""$'/*% -'% #0((*% 1$M% 20/('% 5*--6'#4
#0% 20#% 9#% ,$#0% +1*2$'-*.% 1/050((0% 5'% 5$,*/+$% J0#+0/4
?$% (0+2'#$<% A#6'11-$2'?$0#*% 1/0"*(('('% 5'--'% )02$*(B%
@-$&f0/&%20--*"'%)$*#'%20#%-*%'-(/*%2$((B.%$#%&050%5'%
20#+*#($/*%$-%L20#('((0%,$+$,0L%(/'%(9(($%$%1'/(*2$1'#($%*94
/01*$%59/'#(*%$-%C/$#5$+$<
>0$.%$#$?$'%$-%C'#23*((0%-9#"0%$%,$20-$.%-*%+(/'5*%*%-*%1$'?4
?*% 5$% )$*#'<% F% (',0-$% *% -*% +*5$*% +0#0% 10+$?$0#'($% #*--0%
VSD]LR SXEEOLFR SHU IHVWHJJLDUH ¿QR D WDUGD QRWWH XQ
#90,0%+*#+0%5$%'11'/(*#*#?'%'%)$*#'.%*%'--689/01'<%D0#%
7%9#'%+*&1-$2*%2*#'%20#%$%1'5/0#$%5$%2'+'%*%"-$%0+1$($.%
&'%1$9((0+(0%9#%20#,$,$0%2041/050((0%4%$-%&*#9%#0#%7%
1/*45*(*/&$#'(0.%&'%+'/B%20&10+(0%5'%1$'(($%10/('($%5'%
(9(($% $% 1'/(*2$1'#($% +*20#50% -*% 1/01/$*% (/'5$?$0#$% 29-$4
#'/$*<%D0#%7%#*2*++'/$'%9#'%-$+('%5$%01?$0#$%&9-($4-$#4
"9'.%1*/23E%0"#$%1'/(*2$1'#(*%19_%+,$-911'/*%9#'%-$C*/'%
(/'59?$0#*%'++'""$'#50%-*%10/('(*.%&0/+0%5010%&0/+0<%
F-% /$+9-('(0% 7% 9#'% 2*-*C/'?$0#*% 5*--'% 5$,*/+$(B% 5*$% "94
+($% *% 5*--'% "$0$'% 5*--'%20#5$,$+$0#*<%J$C0.%,$#0.%&9+$4
2'%*%+1*(('20-$%+10#('#*$%200/5$#'($%5'%'-29#$%20--*(($,$%
(*'(/'-$% 20&*% @-$% !&$#$% *%^/$'"*% V$,*%:/(% J0--*2($,*%
YDQQRDYDQWLSHUWXWWRLOJLRUQR$OOD¿QHGHOODVHUDWDL
1'/(*2$1'#($.%"9$5'($%5'%9#%1*/20/+0%5$%-92$%5$+*"#'(*%5'%
$UW9PDSH:DOWHU%XRQ¿QRFDPPLQDQRYHUVROHPXUD
5*--'%2$((B<%I9'#50%$-%+0-*%+0/"*.%9#'%-9#"'%2'(*#'%9&'4
#'%'CC/'22$'%)$*#'<%Z9"%(3*%2$(d%7%9#%'++*5$0%5$%'&0/*%
1*/%/'220#('/*%'%)$*#'%*%'--689/01'%23*%$-%&*"-$0%5*--'%
#0+(/'%+(0/$'%20&9#*%5*,*%'#20/'%,*#$/*<
\A'5;"3+0'.6(()'-*;"#.*+,'*3+"#$6(+6#)("T'Q'/*%)$*#'%$#%
,02$%5$;;*/*#($
A#'%,0-('%/$';;*/&'(0%$-%+*#+0%5*--6*++*/*%$#+$*&*%'%)$*4
#'.%7%$-%&0&*#(0%5$%'--'/"'/*%$-%2*/23$0%'#20/'%5$%1$M.%*%
'CC/'22$'/*%2'-0/0+'&*#(*%,'/$*%;0/&*%5$%5$,*/+$(B<%F-%
"/'#5*%*,*#(0%20&9#$('/$0%#*-%&*+*%5$%+*((*&C/*%',/B%
1*/%(*&'%-'%5$,*/+$(B%*9/01*'%*%$-%5$'-0"0%$#(*/29-(9/'-*.%
9($-$??'#50%"-$%*//0/$%2/*'($,$%20&*%+(/9&*#(0%1*/%1/04
&90,*/*% 9#% +*#+0% 5$% +0-$5'/$*(B% *9/01*'% '((/',*/+0% $-%
+90#0<%F-%hi%+*((*&C/*.%$-%"$0/#0%5$%'1*/(9/'%5*-%I".+*P
;)('0C'B+0#Q+"((*3:%`2;/<%F#;*2($,*%X0'5+a.%0/"'#$??$'&0%
9#% "$020% 20--*(($,0% (/'#+4*9/01*0% +9--'% 1'/0-'% 5*(('% *%
-'% +9'% K9'-$(B% '29+($2'.% 20&*% &050% 1*/% 20##*((*/*% -*%
1*/+0#*%'-%5$%-B%5*--*%5$;;*/*#?*%-$#"9$+($23*%4%+$%(/'(('%5$%
9#'%,*/+$0#*%*9/01*'%5*-%"$020%5*-%L7HOHIRQRVHQ]D¿OL
%
#*-%#0+(/0%40/Qb#03:'I".+*;)(<%V'%&'(($#'%1/*+(0.%"-$%
'C$('#($%5$%)$*#'%+0#0%$#,$('($%'%+2*"-$*/*%*%/*"$+(/'/*%9#%
#9&*/0%5$%1'/0-*%$('-$'#*%23*%'++02$'#0%*&0($,'&*#(*%
20#%-'%2$((B<%I9*+(*%1'/0-*%+'/'##0%10$%(/'+&*++*%$#%5$4
/*(('%$#%&050%2'+9'-*%'%,'/$*%'-(/*%2$((B%$#%89/01'.%50,*%
20#2$(('5$#$%*9/01*$%'+20-(*/'##0%$-%+90#0%5*--*%1'/0-*%
$('-$'#*.%1*/%10$%+2*"-$*/*%*%/*"$+(/'/*%9#'%20//$+10#5*#4
(*%1'/0-'%#*--'%-0/0%-$#"9'.%23*%3'%9#%+90#0%+$&$-*<
V601*/'?$0#*%,$*#*%/$1*(9('%1$M%,0-(*.%$#%&050%23*%-*%
1'/0-*%L&$"/$#0L%'((/',*/+0%&0-(*%-$#"9*%*9/01**.%1/$&'%
GLWRUQDUHD6LHQDLQVHUDWDGRYHOD
WUDGX]LRQH
¿QDOH
VDUjIDWWDGLQXRYRLQLWDOLDQR$OOD¿QHVLRWWLHQHXQ
"/9110%&0-(0%5$,*/+0%5$%1'/0-*.%0;;/*#50%'$%+*#*+$%9#%
/$(/'((0%'++0-9('&*#(*%$#'+1*(('(0%*%+9//*'-*%5$%9#%%$&4
&'"$#'/$0%1'/'--*-0%5$%)$*#'<%>*/%(9((0%$-%"$0/#0.%-'%2$((B%
7%'29+($2'&*#(*%$#,'+'%5'--'%5$/*(('%+(/*'&$#"%5$%1'/0-*%
+(/'#$*/*%5*((*.%&'#%&'#0%23*%,*#"0#0%/*"$+(/'(*%*%5$;4
;9+*%$#%(9(('%89/01'<%:-(01'/-'#($.%$#+('--'?$0#$%+0#0/*%
*%1$220-*%+('?$0#$%&0C$-$%5$%/*"$+(/'?$0#*%"*+($(*%5'%,04
-0#('/$%+0#0%1/*+*#($%$#%(9(('%-'%2$((B<%D*-%;/'((*&10.%9#%
*#0/&*%+23*/&0%$#%>$'??'%5*-%J'&10%&0+(/'%$-%2'&4
&$#0%5*-%+90#0%5*--*%1'/0-*.%&*#(/*%&9('#0%*%&$"/'#0%
'((/',*/+0%-689/01'<
]A' 4"#*103*)' -*' $%*6.6#)T' V6!/23*+(/'% S0-'#(*' d_' -*P
$"18#"e'
X$20##*((*/2$% 20#% -*% #0+(/*% ;0#($% $#(*/#*.% -'+2$'/*% 23*%
-6'2K9'% +20//'% *5% *+1/$&'% -'% #0+(/'% *#*/"$'.% 20#('&$4
#'/*%$%20#2$(('5$#$%$#(0/#0%'%#0$%20#%$-%#0+(/0%*#(9+$'4
+&0<%>0$.%20#5$,$5*/*%9#%+*#($&*#(0%5$%+0-$5'/$*(B.%'C4
C/'22$'/*% -'% 2$((B.% 1/$&'% 5$% *+1'#5*/*% '#20/'% 5$% 1$M% $-%
2*/23$0%*%20$#,0-"*/*%'#20/%1$M%"-$%*9/01*$%#*-%#0+(/0%
µJLRFRVHULR¶,Q¿QHFROOHJDUVLDOOLQJXDJJLRXQLYHUVDOH
5*--'%&9+$2'%*%,0-'/*%,$'%$#%9#%*,*#(0%5$%23$9+9/'%5'%
EULYLGRFKHVHJQDOD¿QHGLXQDHVSHULHQ]D&(&VHQ]D
1/*2*5*#($<%^9((0%'22'5*%#*--*%1$'??*%5$%)$*#'P%$%(*'(/$%
5*"-$%$#20#(/$%$#%29$%#'+2*/B%$-%;9(9/0%5$%)$*#'%+0#0%-*%
1$'??*.%-90"3$%+(/'0/5$#'/$%50,*%-*%1*/+0#*%+$%(/0,'#0.%
,$,0#0%*%"$02'#0%$#+$*&*<
V6*,*#(0% 5$% 23$9+9/'% +'/B% $-% t% 5$2*&C/*<% !"#$% 1$'??'%
5*--'% 2$((B% 5$,*#(*/B% 9#% 1'-20+2*#$20% +9-% K9'-*% &9+$4
2$+($%*%20&10+$(0/$%-02'-$%*%$#(*/#'?$0#'-$.%20&*%8+&'%
X*5?*10,'c%Q'#;'/'%J$02'/-$'%*%='3'-'%X'$%H'#5'c%V'%
)1*##'223$*/'.% L+90#*/'##0% -'% 2$((BL% 20&*% 9#% "/'#5*%
+(/9&*#(0% &9+$2'-*.% 20$#,0-"*#50% (9((0% 2$_% 23*% 19_%
+90#'/*%0%*++*/*%+90#'(0%4%2'&1'#*%*%0/"'#$.%$%20/$%5*-4
ODFLWWjHOHEDQGHGLRWWRQL/DVLQIRQLD¿QDOHHVSUHV4
+'&*#(*%'//'#"$'('%5'%)(*;'#0%H0--'#$%1*/%)$*#'hOij.%
,*//B%*+*"9$('%5'%9#%"/9110%5$%&9+$2$+($%-02'-$%*%$#(*/4
#'?$0#'-$.%5$/*(($%5'--0%+(*++0%H0--'#$<%)9%9#%1'-20%,04
-'#(*.%9#'%1$'((';0/&'%"'--*""$'#(*%+01/'%-*%1*/+0#*%/$4
9#$(*%$#%>$'??'%5*-%J'&10.%K9*+($%&9+$2$+($%*22*?$0#'-$%
*+*"9$/'##0%9#%20#2*/(0%29$%(9(($%10++0#0%1'/(*2$1'/*P%$%
2$(('5$#$%5$%(9(('%89/01'%+'/'##0%$#,$('($%'%+$#(0#$??'/*%$%
1/01/$%5$+10+$($,$%'95$0%+9--'%+(*++'%;/*K9*#?'.%*%'5%'&4
SOL¿FDUHODORURSDUWHFLSD]LRQHDSUHQGRHXWLOL]]DQGROH
ORUR¿QHVWUHHEDOFRQLFRPHPHJDIRQL
I9'#50% $-% 20#2*/(0% ,0-"*% '-% (*/&$#*.% '-29#$% &*&C/$%
5*--*% 0/23*+(/*% 23*% /'11/*+*#('#0% -*% 59*% #90,*% 2$((B%
41
J8J%1*/%$-%hOhO%+'-"0#0%+9-%1'-20.%1*/%+$&C0-*""$'/*%
9#%1'++'""$0%5$%20#+*"#*%$5*'-*<%F-%1'-20%7%20--*"'(0%'%
9#%5$/$"$C$-*.%20+(/9$(0%5'--'%)02$*(B%)kd-$;(*/.%23*%,04
-*/B% -*#('&*#(*% '((/',*/+0% $-% 2$*-0.% $#% 9#% ,$'""$0% +$&4
EROLFRYHUVROHGXHQXRYH&(&GHO/D¿QHGHOOD
J8J%7%+0-0%9#%'-(/0%$#$?$0<
!#0:#)11)'$6(+6#)("'/#0/0.+0'-)(()'$0163*+,
%
@-$%*,*#($%20&9#$('/$%+0#0%9-(*/$0/&*#(*%'220&1'"#'($%
5'% 9#% 1/0"/'&&'% *-'C0/'(0% 5'-% C'++0.% 23*% ,$*#*% "/'4
59'-&*#(*% 20+(/9$(0% 20#% 01*/'(0/$% 29-(9/'-$% -02'-$4/*4
"$0#'-$4#'?$0#'-$% -9#"0% (9((0% $-% 1*/$050% hOi[4iR.% $#%
+(/*(('%20#;0/&$(B%20#%"-$%$#5$2'(0/$%5$%/$-*,'#?'%$#(/04
GRWWL QHOOD VH]LRQH H FKH q SDUWH XI¿FLDOH GL 6LH4
#'hOij<% :--*% '(($,$(B% $#% K9*+('% 1'/(*% 5*-% 1/0"/'&&'.%
23*%,*#"0#0%1$*#'&*#(*%,*$20-'(*%5'--'%20&9#$2'?$04
#*%5$%)$*#'hOij.%,$*#*%/$23$*+(0%5$%1/029/'/+$%$-%1/01/$0%
¿QDQ]LDPHQWR,OGHOEXGJHWFXOWXUDOHqGHVWLQDWR
DSDU]LDOHFR¿QDQ]LDPHQWRGLDOFXQHGLTXHVWHDWWLYL4
(B.%5'%5*(*/&$#'/*%'((/',*/+0%9#%1/02*++0%5$%+*-*?$0#*%
'1*/(0%*%(/'+1'/*#(*<
&"!
'96)(*'.030':(*'";"3+*'/#*3$*/)(*'$%"'.":3"#)3P
30'(W)330'=>?@7'B*'C0#3*.$)30'("'.":6"3+*'*3C0#P
1)2*03*'/"#'$*).$630'-*'"..*T'
P'-".$#*2*03"'-"((W);;"3*1"3+0'
P'-)+)'"'(60:0'
P'/)#+3"#'-"('!#0:"++0'
¿QDQ]LDPHQWR
42
ParaSite
5HQGLDPR OD QRVWUD FLWWj DSHUWD H DFFHVVLELOH ,O QRVWUR ÀDJVKLS! !"#"$%&'( )'#)"( *%(
VXSHUDUHOHEDUULHUH¿VLFKHHFXOWXUDOLGL6LHQDHGLDXPHQWDUHODOLEHUWjGLPRYLPHQWR
QHLGLYHUVLDVSHWWLGHOODYLWDFLYLOH3HUFKpXQDFLWWjSLDFFHVVLELOHQRQULJXDUGDVROR
OHSHUVRQHFRQGLVDELOLWjPDFRLQYROJHO¶LQWHUDFRPXQLWjQHOODFUHD]LRQHGLQXRYL
SHUFRUVLHUHOD]LRQLSHUPLJOLRUDUHODTXDOLWjGHOODYLWDGLWXWWL
43
,O QRVWUR ÀDJVKLS 3DUD6LWH HVSORUD L SUREOHPL OHJDWL 1$'??'.% '-% 5$% -B% 5*--*% -0/0% 5$;;*/*#?*<%:#23*% -*% +(/'5*%
)((<)$$"..*8*(*+,T' -)(("' K6".+*03*' -*' )$$"..0' 1)+"#*)("' 5*--'%2$((B%,$2$#*%'--'%1$'??'%+0#0%$#,*+($(*%5'%9#'%;0/?'%
(/'+;0/&'(/$2*P%$%,$20-$%C9$%+$%$--9&$#'#0%20#%-'%10*+$'%
)'K6"(("'/*h'*3+)3:*8*(*A'
5$% +(/'5'% 5$% !1$*&&*.% 23*% ';;/0#('% K9*+($0#$% 20&*%
-6$#(*"/'?$0#*%*%$-%&9-($29-(9/'-$+&0<
!);*3:'+%"'b)Q
3HU LGHQWL¿FDUH L SUREOHPL VWUXWWXUDOL GL DFFHVVR GHOOD D#$%*+"$+6#"'b*+%06+'N6*(-*3:%7%9#6'?$0#*%23*%&$/'%'%
2$((B.%X)/D8*(*+Q%1/0592*%9#'%&'11'(9/'%$#(*/'(($,'%*% $#;0#5*/*%#90,'%,$('%'%+1'?$%$#9($-$??'($%'--6$#(*/#0%5$%
"*04-02'-$??'('%5*--*%C'//$*/*%'/23$(*((0#$23*.%&*5$'#(*% HGL¿FLVWRULFLFKHGLYHQWDQROXRJKLGLDJJUHJD]LRQHSHU
-*%5$,*/+*%20&9#$(B.%0;;/*#50%9#%-90"0%$#%29$%$#20#(/'/+$%
1/02*++$%-95$2041'/(*2$1'($,$<%
:%1'/($/*%5'-%hOis.%5$'&0%,$('%'5%9#'%+*/$*%5$%-'C0/'(0/$% *% +02$'-$??'/*<% F-% (*'&% 5*-% Y$1'/($&*#(0% 8592'?$0#*%
23*%+0#0%$-%#92-*0%5*-%%I).+')3-'I#6:)('Y".")#$%'4"3+#".% 5*--6:++02$'?$0#*%J9-(9/'-*%J'+(*--0%5$%X$,0-$%5$1$#"*%
9#% 2*#(/0% 5$% /$2*/2'% 1*/&'#*#(*% 1*/% -'% 1/0"*(('?$0#*% LPXULDOO¶LQWHUQRGLDOFXQLHGL¿FLYXRWLFRLQYROJHQGR
5*--6'22*++$C$-$(B%9/C'#'<%F-%Y$1'/($&*#(0%5$%Y*+$"#%5*-% (9(('% -'% 20&9#$(B% #*--*% '(($,$(B<% A+'#50% $-% 10(*/*% 5*$%
>0-$(*2#$20% 5$% =$-'#0.% -',0/'% 1*/% +,$-911'/*% 0""*(($% 20-0/$.%Y'#$*-%H9/*#%(/'+;0/&'%-'%^0//*%5*$%>0&050/$.%
1/'($2$%*%$#(*--$"*#($%4%20&*%/'&1*%0%'-(/*%1/0(*+$%9/C'#*% 9#% *204&0+(/0% 23*% 5*(9/1'% $-% 1'*+'""$0% +*#*+*.% $#%
/*'-$??'(*%20#%+('&1'#($%NY%4%1*/%$-%+91*/'&*#(0%5*--*% 9#601*/'%56'/(*%20#(*&10/'#*'<%F-%1'5$"-$0#*%J0#0--d.%
EDUULHUH ¿VLFKH$OOR VWHVVR WHPSR ,1'(;% 0/"'#$??'% 9#% (*&10% 1'#01($20#% 5*--6!+1*5'-*% >+$23$'(/$20% 5$%
-'C0/'(0/$% 5$5'(($2$% 5$% 2041/0"*(('?$0#*% #*$% K9'-$% $% 6LHQD q RUD XQ HGL¿FLR VWRULFR DEEDQGRQDWR H XQ
2$(('5$#$%3'##0%-'%10++$C$-$(B%5$%20#(/$C9$/*%'--'%/$2*/2'% G&0#9&*#(0%5$%*+2-9+$0#*%+02$'-*6<%V6:(*-$*/%5'--6!++0%
5$% +0-9?$0#$% 5$% 5*+$"#% +*&1-$2$% *% +0+(*#$C$-$% 1*/% -'% 20#% $-% -',0/0% 29-(9/'-*% *% J0&1'"#$'%:Y:X^8% -$C*/'%
-0/0%2$((B<%F-%20--*(($,0%5$%'/($+($%>:X:)F^8%h<O%-',0/'% K9*+(0%+1'?$0%5'--'%+(0/$'%$#%29$%7%$#(/'110-'(0.%$#%&050%
+9--*%&9/'%5*--*%2$((B%5$%)$*#'.%(/'+;0/&'#50-*%$#%9#0% 23*%10++'%5$,*#('/*%9#%(*//*#0%;*/($-*%1*/%#90,*%;0/&*%
+1'?$0% ,$,0% *% 5$% $#(*/'?$0#*.% $#,*2*% 23*% 9#'% C'//$*/'<% 5$% 2$(('5$#'#?'% '(($,'<% :--0% +(*++0% &050.% Q0#5'?$0#*%
D*-% "*##'$0% hOij% +$% $#+('--'#0% '-29#$% 20#('$#*/% b9/&k0+% !#-9+% +$% /$,0-"*% '$% -90"3$% 5$% 29/'.% 20#% 9#%
10-$;9#?$0#'-$% '550++'($% '--*% &9/'<% :((/',*/+0% K9*+($% 1/0"*((0%23*%+$%20#2*#(/'%+9--'%,0-0#(B%5*-%1'?$*#(*%5$%
5$+10+$($,$% &0C$-$.% 50('($% 5$% +(/9&*#($% 3'/5f'/*% 1*/+0#'-$??'/*%+1'?$%1/$,'($%*%20&9#$<%F%1'?$*#($%+0#0%
(/'5$?$0#'-$%*%(*2#0-0"$*%1$M%/*2*#($%20&*%'5%*+*&1$0% 20$#,0-($% #*--'% /$1/0"*(('?$0#*% *% #*--'% /$+(/9((9/'?$0#*%
-'%+('&1'%NY.%$%5/0#$%*%-'%1$'((';0/&'%5$%*-'C0/'?$0#*% 1'/(*2$1'('% 5*$% -0/0% +1'?$% 5$% ,$('% K90($5$'#'<% =']'%
:/59$#0P% (9(($% +0#0% $#,$('($% '% 1/0"*(('/*% $#+$*&*% $-% b*$*/&'##% /*'-$??'% 9#'% +*/$*% 5$% $#+('--'?$0#$%
;9(9/0% 5*--'% 2$((B<% V6'/($+('% ,$+$,0% J-*(% :C/'3'&.% $#% &9-($&*5$'-$%23*%G/$20+(/9$+20#06%-*%+('#?*%56$#;'#?$'%*%
20--'C0/'?$0#*%20#%-6A#$,*/+$(B%1*/%)(/'#$*/$%5$%)$*#'.% "-$%+1'?$%5*$%/$20/5$%5*"-$%$&&$"/'($%23*%,$,0#0%'%)$*#'<%
+$% 2$&*#('% $#% 9#% '-(/0% '+1*((0% 5*--6'22*++$C$-$(BP% -'% J0+g.%20-0/0%23*%+0#0%0/$"$#'/$%5$%)$*#'%0%5*-%(*//$(0/$0%
K9*+($0#*%5*--'%+*"#'-*($2'%+(/'5'-*%20&1/*#+$C$-*%1*/% 3'##0% -60110/(9#$(B% 5$% $#(*/'"$/*% *% 5$% 20&1/*#5*/*% -*%
JOL VWUDQLHUL ,Q¿QH QHO F,*+% ='*+% 2$% $#,$('% '% +(0/$*%5$%,$('%5*$%-0/0%#90,$%,$2$#$<
PHGLWDUHFRQOHVXHIRWRJUD¿HVXOODTXHVWLRQHGLFLzFKH D#$%*+"$+6#"' b*+%06+' N6*(-*3:' ' 7% % '#23*% '/23$(*((9/'%
/*+('% 5010% $% "/'#5$% *,*#($% 20&*% $% "$023$% 0-$&1$2$.% -*% +02$'-*% 23*% 2/*'% /*-'?$0#$% *% 20#('(($% (/'% -*% 1*/+0#*%
'((/',*/+0%-'%1/'($2'%5*--'%5'#?'%*%5*-%(*'(/0<%V6$#(*/'?$0#*%
¿HUHO¶([SRROD&(&
5*$% C'--*/$#$% 5$% S$/"$-$0% )$*#$% 20#% "-$% +1*(('(0/$% #0#%
Y"1)*3'*3'V*:%+
V'% -92*% 7% 2$_% 23*% 2$% 1*/&*((*% 5$% +201/$/*% $-% &0#50.% ,*5*#($.% '((/',*/+0% "*+($% *% 1$220-$% &0,$&*#($% 5*-%
5$% ,$,*/-0.% 5$% +*#($/-0<% D*--6$#+('--'?$0#*% [06$%*3:' 20/10.% 2$% $#,$('% '5% '#5'/*% 0-(/*% -6$&1'((0% &*/'&*#(*%
(*:%+( 5$% ='/$0% D'##$.% -'% -92*% 5$,*#('% '#23*% 9#0% YLVLYRSHUWRUQDUHDOVHQVRGHOODSUDWLFDFRUHRJUD¿FD
+(/9&*#(0%5$%$#2-9+$0#*%+02$'-*P%K9'#50%-*%1*/+0#*%#0#% '%9#'%5$&*#+$0#*%*+1*/$*#?$'-*%20#5$,$+'.%5$'-0"$2'%*%
,*5*#($% +;0"-$'#0% $% +90$% -$C/$.% +0#0% (/'+10/('(*% $#% 9#% 1/0;0#5'<%:-$(0%:-*++$%C'--*/B%20#%-*%1*/+0#*%5$+'C$-$%*%
&0#50% 5$% 10*+$'% *% &9+$2'% ;'(('% 5$% -92*<% J0#% N)##*"#.% FRQ TXHOOH VHQ]D GLI¿FROWj GL PRYLPHQWR HVSORUDQGR
9#6$#+('--'?$0#*% 5$% -92*% (*2#0-0"$2'% $#(*/'(($,'% #*--0% 9#L'&1$'%"'&&'%5$%/*-'?$0#$%(/'%-*%1*/+0#*%*%"-$%+1'?$<%
+1'?$0%19CC-$20.%%-'%F#(*/#'($0#'-%)2300-%GV$"3(%^3/09"3% GJ0+(/9$/*6% "-$% +1*(('20-$% 23*% 20+($(9$+20#0% $-% (*'(/0%
J9-(9/*6%5*--6A#$,*/+$(B%5$%)$*#'%$#%20--'C0/'?$0#*%20#% $($#*/'#(*%5$%z95$(3%X'9&%7%9#%'-(/0%&050%1*/%/$9#$/*%
-68$#530,*#%A#$,*/+$(d%0;%^*23#0-0"d%0;;/*%'"-$%9(*#($% $%2$(('5$#$<%V'%1010-'?$0#*%7%20$#,0-('%#*--'%2/*'?$0#*%
XQ FRQWHVWR SDUWLFRODUH LQ FXL ULÀHWWHUH VXOOH EDUULHUH *%1/059?$0#*%5$%+*$%+1*(('20-$%23*%"$/*/'##0%5'11/$&'%
*% "-$% 0+('20-$.% '((/',*/+0% 5$,*/+$% (*&$.% 20&*% -6'22*++0% (9(('%-'%2$((B%*%-'%1/0,$#2$'.%*%10$.%#*-%hOij.%-689/01'<%
'--'%20#0+2*#?'%*%$-%/$+1*((0%5*$%5$/$(($%9&'#$<%V'%-92*%7% 4XL L FLWWDGLQL VRQR VFHQHJJLDWRUL DWWRUL VFHQRJUD¿
'#23*%9#0%+(/9&*#(0%23*%&9('%'/($+($2'&*#(*%$%-90"3$% *% 1/059((0/$.% -',0/'#0% $#+$*&*.% 20#5$,$50#0% -*%
$#%9#6*+1*/$*#?'%20#5$,$+'.%20&*%',,$*#*%#*-%1/0"*((0% *+1*/$*#?*.%;'##0%9+0%5*--'%1/01/$'%2/*'($,$(B.%+91*/'#0%
5$%:/(S&'1%+/-%4%:DOWHU%XRQ¿QR%23*%(/'+;0/&'%>$'??'% L SURSUL OLPLWL FRQWULEXHQGR D ULGH¿QLUH O¶XVR VRFLDOH
5*-%J'&10%$#%9#%,*/0%(*'(/0%&9-($&*5$'-*<%V*%;'22$'(*% 5*--0%+1'?$0%*%1'/(*2$1'#50%1$M%$#(*#+'&*#(*%'%2$_%23*%
GHJOLHGL¿FLGLYHQWDQRVFKHUPLVXLTXDOLVLSURLHWWDQRL ,$%'22'5*<
,0-($.%-*%+(0/$*%*%-*%1'/0-*%5$%1*/+0#*%5$%0/$"$#*%5$,*/+'%
23*%+0#0%+$&C0-$2'&*#(*%/$9#$(*%5'--'%2$/20-'/$(B%5*--'%
44
Infective Roads
J0/0'*('?G\iM')330'*3'$6*'()'!".+"'6$$*."'K6).*'()'
1"+,'-"(()'/0/0()2*03"M'(0'./)2*0'/688(*$0'-*'B*"3)'C6'
6.)+0'*3'63'10-0'360;0M')/#"3-0'()'.+#)-)'/"#'*('Y*P
3).$*1"3+0A'O"('=>?@'#*";0$%"#"10'K6".+0'101"3+0'
$03'63)'10.+#)'.6(()'!".+"'"'.6'-6"'$"("8#*'"./03"3+*'
-"(()'B$60()'B"3"."M'D18#0:*0'"'!*"+#0'V0#"32"++*M'*'
K6)(*'10#*#030'-6#)3+"'(<"/*-"1*)'3"((W)3+*$0'0./"-)P
("'-"('B)3+)'X)#*)'-"(()'B$)()A
F#;*2($,*%X0'5+%ULÀHWWHVXFRPHOHLGHHHLFRQWHQXWLVL
SRVVDQRGLIIRQGHUHLQWXWWD(XURSDFUHDQGRVLJQL¿FDWR
*% ,'-0/*% '/($+($20% 0,9#K9*% '//$,$#0<% )*"9*% -*% +(/'5*%
+(0/$23*%*%20#(*&10/'#**%23*%20--*"'#0%)$*#'%'-%/*+(0%
5L89/01'<%VL0C$*(($,0%7%&0+(/'/*%20&*%-'%29-(9/'%*9/01*'%
+$'%"*#*/'('%5'%1/02*++$%,$/'-$.%*%(/'+;0/&'/*%-'%#0+(/'%
2$((B%$#%9#%-'C0/'(0/$0%5$%20#('&$#'?$0#*%29-(9/'-*<
'--L'1*/(0% -9#"0% -'% S$'% Q/'#2$"*#'.% 20#% +29-(9/*% ;'((*%
5$% &'(*/$'-$% 0/"'#$2$% *% L2'((*5/'-$L% ;'((*% 5$% '-C*/$<% V'%
I#)3$*:"3)' B+#)+)% 7% 9#% 1/0"*((0% -9#"0% -L$#(*/'% S$'%
Q/'#2$"*#'.%$5*'(0%5'%J0/#*-$'%,0#%5*#%)(*$#*#%*%='9/0%
H*/*(($#$.% 50,*% 2/**/*&0% #90,*% C0((*"3*.% &0#9&*#($%
+29-(0/*$% *% /*+$5*#?*% -9#"0% -'% +(/'5'<% Q/'#2'% ='/$#$%
SURLHWWHUj LPPDJLQL VXL VHQWLHUL H JOL HGL¿FL OXQJR OD
S$'.% &*#(/*%S$/"$#$'% w'#*(($% 0/"'#$??*/B% 1*/;0/&'#2*%
'/($+($23*% 5$% d0"'<% J$% ;02'-$??*/*&0% '#23*% +9% '-(/*%
LQ/'#2$"*#*L% 5L89/01'<% >*/% *+*&1$0.% D*5k0% )0-'k0,%
YLDJJHUjLQDXWRGD6R¿DD6LHQDUDFFRJOLHQGROXQJR
$-% ,$'""$0% +(0/$*.% *&0?$0#$.% ',,*#(9/*% *% /$20/5$% $#% 9#%
¿OP FKH YHUUj SURLHWWDWR VXFFHVVLYDPHQWH QHOOH GXH
2$((B<% J$% 20##*((*/*&0% 20#% 1/0"*(($% '/($+($2$% '#23*%
'--'%S$'% Y$'"0#'-$+.% -'% 20+$55*(('% LS$'% Q/'#2$"*#'% 5*$%
%DOFDQL
FKH DWWUDYHUVD 6R¿D H UDJJLXQJH 3ORYGLY LQ
H9-"'/$'<%F#%4033"$+*;"'Y0)-.%20--*"3$'&0%-*%+02$*(B%
*9/01**.% K9*--*% &9-($4*(#$23*% *% &9-($4/*-$"$0+*<% J0#%
OD FRQVXOHQ]D VFLHQWL¿FD GL &RGLFH ULSURSRUUHPR
9#'% ,*/+$0#*% '""$0/#'('% '--*% 9-($&*% 20#0+2*#?*% 5*--'%
&0+(/'%1/0"*(('('%5'%V92'%J','--$%);0/?'%+9--'%5$,*/+$(B%
"*#*($2'%*%-$#"9$+($2'%*9/01*'%1/050(('%5'--*%&$"/'?$0#$<
D*--'%#0+(/'%'?$0#*%c3'+%"'YcDJ'5'/*&0%#90,'%,$('%
'--'%S$'%Q/'#2$"*#'.%-'%+(/'5'%+(0/$2'%5*$%1*--*"/$#$%23*%
'((/',*/+','% )$*#'% *% 20--*"','% J'#(*/C9/d% '% X0&'P%
9#6'/(*/$'% 23*% 9#$,'% -L89/01'% 1/$&'% '#20/'% 23*% 2$%
;0++*%9#L89/01'%9#$('<%!""$%7%9#%$&10/('#(*%-90"0%5$%
1'(/$&0#$0.%5$23$'/'(0%5'-%J0#+$"-$0%5L89/01'%LF($#*/'/$0% D*--6'?$0#*% [#);"((*3:' D#+.% 1/0&90,$'&0% -'% &0C$-$(B%
J9-(9/'-*%89/01*0L.%*%9#6'((/'?$0#*%1*/%$-%(9/$+&0%L-*#(0L<% 5*"-$% '/($+($% 20#(*&10/'#*$.% '5% *+*&1$0% '((/',*/+0% 9#%
J0#%:/(*%)*--'.%2/**/*&0%9#%#90,0%&9+*0%1*/&'#*#(*% ;*+($,'-% 5$% 5'#?'% 200/5$#'(0% 5'% Q/'#2*+2'% V*(($*/$% *% $%
45
+90$%C'--*/$#$%5*--'%20&1'"#$'%:Y:X^8c%$-%+90%,$'""$0%
$#$?$*/B% % #*--*% 1$'??*% 19CC-$23*.% #*--*% +290-*.% #*$%
VXSHUPHUFDWLHQHJOLXI¿FLSRVWDOLGL6LHQDHGLQWRUQL
/*'-$??'#50+$% 1$'#% 1$'#0% '((/',*/+0% f0/k+301% *% 9#'%
SHUIRUPDQFH¿QDOH,OSURJHWWRVLLQWLWROD
2G\VVH\
*% ,$'""*/B% *% L$#;*((*/BL% ,'/$% ;*+($,'-% 5$% 5'#?'% *9/01*$%
*5% $#(*/#'?$0#'-$.% '2K9$+*#50% ,$'% ,$'% #90,$% *-*&*#($%
#*-% +90% (*'&% *% ;'2*#50-0% 20+g% 2/*+2*/*% 5$% ;*+($,'-% $#%
;*+($,'-<% J0#% 9#% 1/0"/'&&'% 5$% /*+$5*#?*% (*'(/'-$% 5$%
^!>F%Y'-&'('%*%^*'(/0#*(%)#05$%(*'(/'-$.%$#,$(*/*&0%ih%
"$0,'#$%5/'&&'(9/"3$%*9/01*$%'%)$*#'.%1*/%+,$-911'/*%
+2*#*""$'(9/*% 23*% +'/'##0% &*++*% $#% +2*#'% #*--'% -0/0%
2$((B% 5L0/$"$#*<% J0#% @'--*/$'% Q90/$J'&10% $#$?$*/*&0%
$-% 1/0"*((0% *+10+$($,0% 5$% B*"3)N#6j"(("..% 0+1$('#50%
29/'(0/$% *% '/($+($% C*-"$% '% )$*#'% $#% /*+$5*#?*% 29/'(*% 5'%
+(0/$2$% 5*--L'/(*% +*#*+$% *% ,$2*,*/+'<% F#0-(/*.% $#+$*&*%
'% J$#*&0,*-% Q09#5'($0#% ',/*&0% 9#% 2$#*&'% C9+% 23*%
,$'""*/B%#*-%(*//$(0/$0%+*#*+*.%1/0$*(('#50%"*&&*%1020%
20#0+2$9(*%5*-%2$#*&'%*9/01*0<%F#%[)S"'*+'").Qk%2*#(0%
23$-$%5$%2'&0&$--'%/'220-($%5'%;'&$"-$*%X0&%$#%X0&'#$'.%
50,*% (0/#*/'##0% "/'?$*% '-% +9110/(0% 5$% 9#% 1/0"*((0%
1$-0('.%+'/'##0%10/('($%'%)$*#'%1*/%$+($(9$/*%9#%&*/2'(0%
VROLGDOH/
DUULYRGLTXHVWL¿RULFDOPDQWLVDUjFHOHEUDWR
C*,*#50% $#+$*&*% $#% 9#'% +'"/'% 23*% 20$#,0-"*% 2'#('#($%
"d1+d% *% ;'#;'/*.% 1*/% ,$,*/*% 9#L*+1*/$*#?'% '-(*/#'($,'%
5*-% 20#2*((0% 5$% (*&10% *% 5$% +02$*(B<% b0-;"'#"% V'$C%
20--*"3*/B%$-%1'++'(0%*%-L'/(*%20#(*&10/'#*'%-',0/'#50%
+9%9#%2'10-',0/0%5$%Y922$0%5$%H90#$#+*"#'%'%)$*#'<
46(+6#)(a0+B/0+.% /$"9'/5'% -'% 2/*'?$0#*% 5$% 1'5$"-$0#$%
&0C$-$%(*&10/'#*$.%1/0"*(('($%$#%f0/k+301%20#%9#%(*'&%
$#(*/#'?$0#'-*%&9-($45$+2$1-$#'/*.%$#%9#'%?0#'%1*/$;*/$2'%
5*--'% 2$((B% *% #*--'% 1/0,$#2$'% 5$% )$*#'<% S0"-$'&0%
20##*((*/2$%'-%(*//$(0/$0.%-',0/'#50%+9%(*&$%*%1/0C-*&$%
VSHFL¿FL GL XQ
DUHD ORFDOH SUHVHQWL DQFKH QHOO
DJHQGD
A8P%'2K9'.%$#(*"/'?$0#*%$#(*/29-(9/'-*.%5$+02291'?$0#*%
"$0,'#$-*.%$##0,'?$0#*%5$"$('-*<<<<%F#+$*&*%'5%'/23$(*(($%
*% '/($+($.% 20&*% Z*2(0/% )*//'#0.% =$23'*-% Z'#+&*d*/.%
!C+*/,'(0/$9&.% H9/*'9% :.% :(*-$*/% wq#5*-% J/$+(*'.%
>'/$"$.% ^0C$'+% X*3C*/"*/.% *% '--'% 1010-'?$0#*.%
-',0/*/*&0% +9% ;/'&&*#($% 5$% (*//$(0/$0% 5$% 1'/($20-'/*%
$#(*/*++*<%V*%+(/9((9/*%/*'-$??'(*%+'/'##0%$#,$'(*.%5010%
$-% hOij.% $#% '-(/*% 2$((B% 0% J8J% -*"'(*% '-% 1/0"*((0<% @-$%
Z0()10(+% 10(/'##0% */$"*/+$% $#% 2$((B% 20&*% J0--*% S'-%
YL8-+'.% 50,*% +$% (/0,'#0% -'% 1/$&'% &0+23*'% (0+2'#'% *%
9#6'-('% 1*/2*#(9'-*% 5$% /*+$5*#($% &9+9-&'#$<% F#+$*&*%
'-%;'&0+0%'/($+('%*"$?$'#0%=0'('?%D'+/.%+,$-911*/*&0%
9#% 1/0"*((0% +9--L$#(*"/'?$0#*% 5*--'% 20&9#$(B% $+-'&$2'.%
2/*'#50% #*-% hOij% 9#% #90,0% +1'?$0% 1*/% $-% 5$'-0"0%
$#(*/29-(9/'-*<%Y010%$-%hOij.%-'%+(/9((9/'%&0C$-*%,*//B%
&'#5'('% '% z*55'3.% -'% 1$M% $&10/('#(*% 2$((B% 10/(9'-*% *%
#050%20&&*/2$'-*%5*--L:/'C$'%)'95$('%+9-%='/%X0++0.%
&0-(0%,$2$#'%'--'%=*22'.%1*/%(0/#'/*%10$%L/$2'/$2'('L%5$%
#90,*%*#*/"$*%29-(9/'-$<
V*%29-(9/*%,$'""*/'##0%'((/',*/+0%-*%1'/0-*%#*-%#0+(/0%
I".+*;)('0C'B+0#Q+"((*3:.%$#%29$.%'5%*+*&1$0.%#*--'%+0((04
'?$0#*%B*"3)'4*++,'D/"#+)%20#,*/+*/*&0.%#*-%20/+0%5$%
$#20#(/$%20#%1*/+0#*%5$%,'/$*%29-(9/*%23*%,$,0#0%'%)$*#'.%
*% /'220"-$*/*&0% -*% -0/0% +(0/$*.% $#% 9#% ;0/&'(% 5$"$('-*%
&9-($&*5$'-*% 23*% 5029&*#(*/B% $-% &9-($29-(9/'-$+&0%
"$B% $#% '((0% #*--'% 2$((B<% A#L'-(/'% +0((04'?$0#*.% $5*'('% 5'%
V92'%5*% H$'+*.% 20#+$+(*/B%$#% 9#% :*0#3)("'0#)("% 5$,$+0%
$#%s%+*?$0#$P%>0-$($2'.%)10/(.%J9-(9/'.%820#0&$'.%#90,$%
=*5$'.%1'"$#*%-02'-$<%V*%+(0/$*%-02'-$%*%"-0C'-$%+'/'##0%
#'//'(*%$#%s%-90"3$%5$;;*/*#($%#*-%(*//$(0/$0%5$%)$*#'%5'-%
QDUUDWRUHRULJLQDOHRDOWUHSHUVRQHFRLQYROWH,Q¿QHOD
20&1'"#$'% 5$% 5'#?'% o$#k'-*/$% $#(*/1/*(*/B% -L'-;'C*(0%
(/'592*#50% ,'/$*% -$#"9*% $#% 9#L9#$2'% -$#"9'% 5*-% 20/10.%
SHU UDFFRQWDUH VWRULH LQ XQD FRUHRJUD¿D GL SRHVLD H
1/0+'<
a"#*+):"'0C'B0##0R%7%20+(/9$(0%'((/',*/+0%9#%;0/&'(0%5$%
L/$2*/2'u+(95$0u*+1/*++$0#*%29-(9/'-*L%5$,*/+0%'%+*20#5'%
5*--'%2$((B%&9-($29-(9/'-*%$#%29$%,$*#*%/*'-$??'(0<%
F#+$*&*% '-% J*#(/*% ;0/% J9-(9/'-% Y*20#('&$#'($0#% 5$%
H*-"/'50.%+,$-911*/*&0%K9*+('%'?$0#*%+9-%L1'(/$&0#$0%
GHOOD YLROHQ]D
HXURSHR /H FRPXQLWj LQ FRQÀLWWR
$#$?$*/'##0% -'% -0/0% 1'/(*2$1'?$0#*% 20#% 9#'% 50#'?$0#*%
5$% +'#"9*% /*2$1/02'<% !/"'#$??'#50% f0/k+301%
$#(*/#'?$0#'-$.% /*+$5*#?*% '/($+($23*% *% +2'&C$% 29-(9/'-$.%
FRLQYROJHUHPR OH FRPXQLWj LQ FRQÀLWWR LQ XQD
#'//'?$0#*% 20&9#*<% V',0/*/*&0% 20#% % $-% 20&10+$(0/*%
D$"*-% !+C0/#* SHU VXSSRUWDUH OR VYLOXSSR ¿VLFR HG
*&0($,0% 5*$% C'&C$#$% 23*% +0;;/0#0% 5$% (% $% 2'9+'($% 5'--'%
JXHUUDHGDOFRQÀLWWR,OSULPDWRGL6LHQDQHOOHGRQD]LRQL
5$%+'#"9*%1/0%2'1$(*%-'%/*#5*%$-%-90"0%+$&C0-$2'&*#(*%
1$M%'5'((0%'5%0+1$('/*%$-%1$M%"/'#5*%1/0"*((0%29-(9/'-*%
¿QRUDUHDOL]]DWRSHUSUHYHQLUHIXWXULHFFLGLLQ(XURSD
46
Gift of Life
*9/01*$<%%
403'("')2*03*'-*'Z*C+'0C'V*C"M'B*"3)=>?@'.*')/#*#,')((0'
.$)18*0' #"$*/#0$0' -*' *-""' "' /)+#*103*0M' #*330;)3-0'
V'% #0+(/'% 1/$&'% '?$0#*.% a")#+.' *3' +*:%+.M% ,90-*%
()' ;0$)2*03"' "6#0/")' $%"' %)' $)#)++"#*22)+0' B*"3)' 3"('
20#5$,$5*/*% 20#% -L89/01'% -'% (/'5$?$0#*% 5*$% 20+(9&$%
.60'/"#*0-0'-W0#0M'K6)3-0'"#)'63'$#0$";*)'-*'$6(+6#"'"'
VWRULFL GHOOH &RQWUDGH GL 6LHQD ¿QHPHQWH UHDOL]]DWL
$030.$"32)A
*% 0/"0"-$0+'&*#(*% $#50++'($% 5'--'% 1010-'?$0#*% 20&*%
*+1/*++$0#*%,$,$5'%5*--'%1/01/$'%$5*#($(B<%%
)$*#'hOij%,*5*%$-%1'(/$&0#$0%#0#%20&*%9#'%20--*?$0#*% J0#' 96*$S.*(;"#% 0;;/$/*&0% $-% ='+"'-'#0% 1*/% -L'##0%
VWDWLFD GL HGL¿FL H WUDGL]LRQL PD FRPH XQD SRWHQWH O
DPELWR SUHPLR ULVHUYDWR DL PLJOLRUL ¿JXUDQWL
5$#'&$2'% 5$% (/'+&$++$0#*<% VL*22*?$0#'-*% 1'(/$&0#$0% 5*--*% J0#(/'5*% 59/'#(*% -*% 1'++*""$'(*% +(0/$23*% 5*$%
29-(9/'-*%$#('#"$C$-*%5$%)$*#'%7%'#20/'%,$,0.%+01/'((9((0% 59*% >'-$% 5*--L'##0.% 1*/% -*% K9'-$% 2$% +$% '--*#'% +$#% 5'%
"/'?$*%'--'%1/*+*#?'%5*$%K9'/($*/$%+(0/$2$.%-*%J0#(/'5*<%F-% 1$220-$<%V'%+29-(9/'%$#%'/"*#(0%,*//B%5'%F+('#C9-.%*%+'/B%
;9(9/0%5$%K9*+(0%1'(/$&0#$0%7%(9((',$'%&*++0%'%/$+23$0% 20&10+('%5'%1'/($%2/*'(*%$#%,'/$*%#'?$0#$%5L89/01'%5'%
5'% 2'&C$'&*#($% +02$'-$% /'5$2'-$<% @$;(% 0;% V$;*% +$% $+1$/'% '/($+($%20&*%V0/$+%J*223$#$.%J'/-0+%@'/'$20'.%)'B5'#*%
'-% 1*#+$*/0% 5$% @0*(3*% +*20#50% 29$.% 1*/% ,$,*/*% ;*-$2$.% $¿I%*%:#(0#d%@0/&-*d.%'++*&C-'(*%'%)$*#'%'%;0/&'/*%
50CC$'&0%,$'""$'/*%20#%59*%C0/+*P%9#'%1*/%5'/*%*%-L'-(/'% XQ
RSHUD FKH GDUj QXRYD PDWHULD GL ULÀHVVLRQH VXOOH
1*/%/$2*,*/*<%@/'?$*%'--*%#90,*%(*2#0-0"$*.%$-%1'(/$&0#$0% (/'5$?$0#$% +(0/$23*% +*#*+$% $#(*/1/*('(*% 5'% 9#0% +"9'/50%
$#('#"$C$-*%5$%)$*#'%',/B%K9*+(*%59*%C0/+*.%1*/%50#'/*%-'% $#(*/#'?$0#'-*<
F#' I)8#*$' 0C' +%"' B06(.% 20##*((*#50% )$*#'% '5% 9#'% /*(*%
+9'%*+1*/$*#?'%*%/$2*,*/*%#90,'%,$('<
$#(*/#'?$0#'-*%*%*9/01*'%5$%'/($"$'#$%*%'/($+($%*+1*/($%#*--'%
J0#% $-% >'(/$&0#$0% N<O% 20&*% #0+(/0% 20#2*((0% "9$5'.% 1/059?$0#*% 5$% 20+(9&$% +(0/$2$.% '((/',*/+0% f0/k+301.%
@$;(%0;%V$;*%2/*'%-*%20#5$?$0#$%1*/%+('C$-$/*%9#%5*-$2'(0% 20/+$% *% +*&$#'/$.% 1*/&*((*/*&0% '"-$% '/($"$'#$% -02'-$% 5$%
*K9$-$C/$0% #*--'% 29/'% 5*-% 1'(/$&0#$0% -*"'(0% '$% -90"3$% '--'/"'/*%$%1/01/$%0/$??0#($%*%20#5$,$5*/*%20&1*(*#?*.%
5*--689/01'P% 20#+*/,'/*.% 1/0(*""*/*% *% 2*-*C/'/*% $-% *% '$% ,0-0#('/$% 5*--*% J0#(/'5*% 5$% '11/*#5*/*% #90,*%
1'(/$&0#$0% -02'-*.% $#+*/*#50-0% '-% 20#(*&10% $#% 9#'% (*2#$23*% 5$% 1/059?$0#*.% &'#9(*#?$0#*% *% /*+('9/0% 5*$%
#90,'%1/0+1*(($,'.%*%20##*((*#50-0%'$%+90$%$#(*/-029(0/$% 20+(9&$<%)$*#'hOij%,90-*%2/*'/*%'%)$*#'%9#%2*#(/0%5$%
47
*22*--*#?'%'%-$,*--0%*9/01*0%#*--'%1/059?$0#*%5$%20+(9&$%
+(0/$2$.% +($&0-'#50% -'% 2/*+2$('% 5$% #90,*% 20&1*(*#?*%
1/0;*++$0#'-$<
F-% /$+9-('(0% ('#"$C$-*% +'/B.% % 1*/% -L*+10+$?$0#*% $#% >$'??'%
5*-%J'&10%59/'#(*%$%"$0/#$%5*-%>'-$0.%-'%/*'-$??'?$0#*%
5$%9#%#90,0%+(*#5'/50%5*-%L='"$+(/'(0%5*--*%J0#(/'5*L.%
-L0/"'#0% 23*.% +91*/'#50% -*% /$,'-$(B% +(0/$23*% (/'% -*%
J0#(/'5*.%#*%200/5$#'%-*%'(($,$(B%20#"$9#(*<%
X0C*/(0% >'2$% Y'-_% $#5'"3*/B% #*--L'/23$,$0% 5*--L*m4
0+1*5'-*% 1+$23$'(/$20% 5$% )$*#'% *% $-% +90% >'#01($20#.%
&*#(/*% 8&$-$0% Q'#($#% '#'-$??*/B% -'% 5$&*#+$0#*% 5*$%
+0"#$%5*--'%2$((B<
@-$% '/($+($% /$10/(*/'##0% 20+g% '--'% -92*% $-% 1'(/$&0#$0% 5$%
+(0/$*%5*--'%2$((B.%/$20+(/9*#50#*%$%20#(0/#$%*%+('C$-*#50%
#90,*% 20##*++$0#$<% I9*+(0% ,$'""$0% 5$% +201*/('% +'/B%
('#(0%*#(9+$'+&'#(*%1*/%#0$%K9'#(0%1*/%"-$%'-(/$%*9/01*$%
$#(*/*++'($%'--'%#0+(/'%+(0/$'%r%*%'--*%+(0/$*<
[0' 8"' 0#' 30+' +0' 8"P% -'% 20+('#(*% *,0-9?$0#*% 5*--*%
#90,*% (*2#0-0"$*.% '++02$'('% '--0% +1010-'&*#(0% 5*-%
2*#(/0% +(0/$20% 50,9(0% '-% 2'&C$'&*#(0% 5*--*% 'C$(95$#$%
/*+$5*#?$'-$.% 2/*'% 9#% "'1% "*#*/'?$0#'-*% 23*% &*((*% '%
/$+23$0% -'% 20#5$,$+$0#*% *% -'% (/'+&$++$0#*% 5*$% ,'-0/$%
;0#5'&*#('-$%5*--L$5*#($(B%5*--'%2$((B%*%5*--*%J0#(/'5*<%%
F#+$*&*%'-%&*('V:H%5*--'%Z'/,'/5%A#$,*/+$(d.%5$/*((0%
5'-%>/0;*++0/%z*;;/*d%)23#'11.%$-%1'(/$&0#$0%$#('#"$C$-*%
5*--'% 2$((B.% ;'((0% 5$% +(0/$*.% '#*550($.% -*""*#5*.%
*+1*/$*#?*%5$%,$('.%+'/B%2'('-0"'(0%*%/*+0%5$+10#$C$-*%+9%
9#'%1$'((';0/&'%5$"$('-*.%$&1-*&*#('('%#*-%20/+0%5*"-$%
'##$%*%'#23*%+(/9((9/'('%$#%&050%5'%'22*(('/*%20#(/$C9($% %%%%%%%
5$% ,$+$('(0/$.% 1*/% $#(*"/'/*% *+1*/$*#?*% *% 19#($% 5$% ,$+('%
5$;;*/*#($.%*%;0/#*#50%$#%('-%&050%9#%K9'5/0%20&1-*(0%
5$%9#'%29-(9/'%1*/2*1$('%5'%5$,*/+*%1/0+1*(($,*<%F%"$0,'#$%
5*--*%J0#(/'5*%29/*/'##0%-'%/'220-('%*%-'%"*+($0#*%5*--*%
$#;0/&'?$0#$.%1*/%1*/&*((*/*%-L'22*++0%'$%5029&*#($%'%
,'/$*%2'(*"0/$*%5$%9(*#($%`'-(/$%20#(/'5'$0-$.%/$2*/2'(0/$.%
'/($+($.%*22<a.%$#%;9#?$0#*%5*-%-$,*--0%5*+$5*/'(0%5$%1/$,'2d%
5*$% 50#'(0/$.% *% '2K9$+*#50% $#% ('-% &050% 20&1*(*#?*%
','#?'(*%#*--'%29/'(*-'%5*$%20#(*#9($%5$"$('-$<
V*;*3:'a*.+0#Q
V'%#0+(/'%2$((B%7%/$22'%5$%+(0/$*%#'+20+(*%23*%'+1*(('#0%
+0-0%5$%*++*/*%/$+201*/(*<%:#5$'&0%'5%*+1-0/'/*%$%#0+(/$%
DUFKLYLDIIUHVFKLHGHGL¿FLHSURYLDPRDGHFLIUDUOLHD
/'220#('/-$U% D*--'% #0+(/'% (*/?'% '?$0#*% V*;*3:' a*.+0#d.%
-*%+(0/$*%5$%)$*#'%+0#0%10/('(*%'%#90,'%,$('%'((/',*/+0%
9#'%&'$*9($2'%+02/'($2'.%*%/$4#'//'(*%+*20#50%$%19#($%5$%
,$+('% 5*"-$% '/($+($.% /$&*((*#50#*% $#% "$020% -*% ;0/&*% *% $%
20#(*#9($<
F-% /*"$+('% (9/20% @9-*#% @9-*/% 2/**/B% +*#($*/$% 23*%
1*/&*((0#0% 5$% +201/$/*% -*% +(0/$*% #'+20+(*% 5*--'% 2$((B%
'((/',*/+0% 9#'% L2'22$'% '-% (*+0/0L% 5*--'% &*&0/$'<% :--0%
+(*++0%(*&10.%20#%8,'%Q/'1$22$#$.%$%+*#*+$%*%$%,$+$('(0/$%
10(/'##0% +201/$/*% -'% 2$((B% *% $% +90$% (*//$(0/$% '((/',*/+0%
-L*+1-0/'?$0#*%5*--*%+(0/$*%*%5*--*%-*""*#5*%-*"'(*%'$%#0&$%
5*$%-90"3$<%='/2*--'%S'#?0DSULUjO
DUFKLYLRIRWRJUD¿FR
5*--L'#($20% 0+1*5'-*% 5*-% )'#('% ='/$'% 5*--'% )2'-'.% 23*%
UDI¿JXUD VWRULH SXEEOLFKH H SULYDWH DSSDUWHQHQWL DO
1'(/$&0#$0%20--*(($,0%5*--'%2$((B<
VL'/($+('%+,$??*/'%:"-'$'%Z'/$(?%/*$#(*/1/*(*/B%-'%+(0/$'%
5$%>$'%5*L%^0-0&*$.%9#%1*/+0#'""$0%&*5$*,'-*%2$('(0%5'%
Y'#(*%#*--'%Y$,$#'%J0&&*5$'.%1/*#5*#50-'%'%&05*--0%
SHU XQD ULÀHVVLRQH VXO UXROR GHOOH GRQQH QHOOD VWRULD
48
The Space Between
40(0#)3-0M' )..)/0#)3-0' "' #*)//#0/#*)3-0$*' -"(()'
$*++,')'/)#+*#"'-):(*'W./)2*'C#)WM';0:(*)10'#*:"3"#)#"':(*'
*3+"#.+*2*' 6#8)3*' "' ("')#""';"#-*' -"(()'$*++,M'C);0#"3-0'
(<*3$03+#0'+#)'("'/"#.03"'"'(<)#+"'$03+"1/0#)3")A'
V'%(/'+;0/&'?$0#*%5*--'%2$((B%$#$?$'%#*-%&0&*#(0%$#%29$%
2'&C$'%-'%,$+$0#*%23*%#*%'CC$'&0<%F%1'-'??$%*%-*%+(/'5*%
5$% )$*#'% +0#0% +('($% 20+(/9$($% 20#% 1$*(/*% *% &'((0#$% #*-%
=*5$0%8,0<<<%*%+0#0%&9('($%C*#%1020%5'%'--0/'U%='%20+'%
'22'5*%#*--0%L+1'?$0%;/'LT%)$*#'hOij%,90-*%$#20/'""$'/*%
-*%1*/+0#*%'%,$,*/*%5$,*/+'&*#(*%"-$%+1'?$%'1*/($%5*--'%
2$((B<% 8% 10++0#0% C'+('/*% 5*$% +*&$.% 9#'% 1$+2$#'% 0% 9#'%
;'/;'--'%1*/%2'&C$'/*%9#%-90"0<<<
Z#""3!()QZ#063-.A' V'+2$'&0% ,0-'/*% -*% ;'/;'--*<<<%
'/**% ,*/5$.% 2'#'-$% 56'2K9'.% ;0#($% &*5$*,'-$% *% &9/'%
1*/$&*(/'-$P% 7% K9*+(0% -60/"'#$+&0% 5$% )$*#'<% H*/#'/50%
@$0/"$% -',0/*/B% +9-% /$9+0% +02$'-*% 5*--*% '/**% ,*/5$%
2$(('5$#*% (/'&$(*% $-% "$'/5$#'""$0.% $-% /*291*/0% 5$% +1*2$*%
$#5$"*#*.% *+($#(*% 0% K9'+$% *+($#(*.% *% -69+0% 5$% 1'/($20-'/$%
1$'#(*%23*%'((/'""0#0%-*%;'/;'--*<%F#%20--'C0/'?$0#*%20#%
8((0/*% Q',$#$% *% $% +90$% L5$+(/$C9(0/$% 5$% +*&$L.% ,0"-$'&0%
5$;;0#5*/*%K9*+('%$5*'%$#%(9(('%89/01'<%
D*"-$% +1'?$% ,*/5$.% -*% $#+('--'?$0#$% 5*--6'/($+('% C*-"'%
Z'#+% !1% Y*% H**2k.' 5*-% 20--*(($,0% 5$% '/23$(*(($%
(*5*+20% X'9&-'C0/' *% 5*-% 20--*(($,0% 5$% '/($+($% 0-'#5*+*%
!C+*/,'(0/$9&% 5$,*#(*/'##0% -90"3$% 23*% 0+1$('#0%
1*/;0/&'#2*.%'/**%1*/%-'%&*5$('?$0#*%*%1*/%f0/k+301.%
&'% '#23*% 0""*(($% 5$% 5*+$"#% 50,*% /$10+'/*<% V6'/($+('%
"/*20% =DIRV ;DJRUDULV% $#+('--*/B% 5$+10+$($,$% 10/('($-$%
+1*223$'#($.%1*/%1*/&*((*/*%-'%,$+('%0-(/*%$-%&9/0<%)90#$%
1/050(($% 5'% f0/k+301% '95$0% $#4+$(9% ,*//'##0% $#,$'($%
'((/',*/+0%$-%20&1-*++0%+$+(*&'%5*$%C0(($#$.%*%9+2$/'##0%
5'--*%;0#('#*%'--6$#(*/#0%5*--*%&9/'%5*--'%2$((B.%9#*#50%
-*%it%J0#(/'5*%'((/',*/+0%9#'%/*(*%5$%,02$%+0((*//'#**<%
!oX:% V'#5+23'1+'/23$(*2(*#' $#,*#(*/B% 9#% #90,0%
+$+(*&'%5$%"9$5'%'((/',*/+0%-*%'/**%,*/5$.%-*%;0#('#*.%$%
,$20-$%*%-9#"0%-*%&9/'.%50,*%$%,$+$('(0/$%10(/'##0%-'+2$'/*%
1*#+$*/$%*%20&&*#($%20&*%$#('"-$%#*--'%20/(*22$'%5$%9#%
'-C*/0<
%
'RFXPHQWDU\¿OP
6LHQD YLVWD GDOO¶HVWHUQR XQ ¿OP GRFXPHQWDULR GL
X0m'##*%S'/?$%20+($(9$/B%-'%23$',*%5$%,0-('%5*--6'?$0#*<%
,O ¿OP GHOOD UHJLVWD FDOLIRUQLDQD q VLD XQ LQWHUYHQWR
HWQRJUD¿FR FKH DUWLVWLFR 8Q SURJHWWR FKH SRUWD OH
1*/+0#*%$#%-90"3$%#90,$.%*%'//$223$+2*%K9*--$%,*223$%20#%
#90,*%+(0/$*U%
49
[%"'D#+'*.'+%"'B/)$"
V*%'/**%19CC-$23*%+$%(/'+;0/&*/'##0%$&1/0,,$+'&*#(*%
$#% -90"3$% 5$% ;'#('+$'.% $#% 29$% 1/*#5*/'##0% ,$('% #90,$%
&0#5$<% >$'??'% 5*-% J'&10.% +$&C0-0% 5$% )$*#'.% ,*//B%
(/'+;0/&'('% $#% 9#'% *#0/&*% 1$+2$#'% +9% 29$% -*% 1*/+0#*%
10(/'##0% #',$"'/*.% "/'?$*% '% @$0,'##$% =*??*5$&$<% V*%
$#+('--'?$0#$% '&C$*#('-$% 5$% 8-$+'% V*0#$#$% *% Q/'#2*+20%
J'/0#*%10/(*/'##0%$%2$(('5$#$%'%/$1*#+'/*%"-$%+1'?$%$#%29$%
,$,0#0<%V'%2$((B%5$,*#(*/B%9#'%(',0-0??'%1$*#'%5$%20-0/$%
*%&9+$2'%'((/',*/+0%9#'%20&1*($?$0#*%$#(*/#'?$0#'-*%5$%
'/($+($%5$%+(/'5'%*%5$%'/($+($%5*-%+90#0%+0((0%-'%"9$5'%5$%
b$--%)3'#k<
,Q¿QH QHO VDUj SRVVLELOH YLDJJLDUH LQGLHWUR QHO
(*&10P% 0++*/,'/*% $% 1*--*"/$#$% +0+('/*% 5$% ;/0#(*% '--0%
)1*5'-*%5$%)'#('%='/$'%5*--'%)2'-'.%"/'?$*%'--'%(*2#0-0"$'%
$##0,'($,'%5*--6:22'5*&$'%5*--*%H*--*%:/($%5$%J'//'/'%*%%
5*--6%A#$,*/+$(}(%;q/%'#"*f'#5(*%o9#+(%b$*#<%F#0-(/*.%$-%
1/0"*((0%)8D:8%,$/@!.%+,$-911*/B%9#%&9+*0%5$"$('-*%
23*% 1*/&*((*% 5$% '&&$/'/*% (9(($% $% 2'10-',0/$% 5*--6'/(*%
"0($2'%+*#*+*%#*--*%-0/0%20--02'?$0#$%0/$"$#'-$<
[#)' *(' =>?]' "' *(' =>?iM' 0#:)3*22"#"10' 63)' ."#*"' -*'
)++*;*+,' .6(' +"1)' -"((<)#+"' 3"((0' ./)2*0' /688(*$0M' *3'
$0(()80#)2*03"' $03' *(' J*/)#+*1"3+0' -*' 5-6$)2*03"'
-"((<D..0$*)2*03"'46(+6#)("'4).+"((0'-*'Y*;0(*'P''X6."0'
-<D#+"' 403+"1/0#)3")A' `0:(*)10' /"#1"++"#"' )' +6++*'
-*' C#6*#"' -"((<)#+"' $03+"1/0#)3")M' $03-*;*-"3-0'
"./"#*"32"M' )$K6*."3-0' 63)' 360;)' *-")' -*' ./)2*0M' "'
XQDGLYHUVDSURVSHWWLYDGHOOHVXSHU¿FLGHLYROXPLGHL
$0(0#*M'-":(*'.+#)+*'"'-"(("'C0#1"'-*'K6".+)'$*++,A
50
Cultural
Emergency
Room
>9_%-6'/(*%*++*/*%9#'%(*/'1$'T%:%)$*#'hOij.%2/*5$'&0%
5$% +$U% F#% J9-(9/'-% 8&*/"*#2d% X00&% +,$-911$'&0%
(*/'1$*% 29-(9/'-$% /$,0-(*% '% 1/0C-*&'($23*% 2-$#$23*.%
1+$20-0"$23*% *% +02$'-$<% :/($+($% 5$% ,'/$*% 5$+2$1-$#*%
*% +1*2$'-$+($% $#% 2'&10% &*5$20% *% 1+$20(*/'1*9($20%
ODYRUDQRLQVLHPHVHJXHQGRXQDSSURFFLRXQL¿FDWR
1*/% (/'(('&*#($% G29-(9/'-$6% 23*% ';;/0#('#0% 1/0C-*&$%
-*"'($%'--'%&'-'(($'%*%'-%5$+'"$0<%)$*#'%19#('%20+g%'%
5$,*#('/*%$-%1/$&0%2*#(/0%$('-$'#0%5$%*22*--*#?'%+9-%
/'110/(0%;/'%29-(9/'%*%+'-9(*<
51
'
O"(()'/#*1)')2*03"'-*'46(+6#)('51"#:"3$Q'Y001M'
$%"');#,'*3*2*0'3"('=>?_M'1"-*$*'"')#+*.+*'-)330'
#*$"++"'$6(+6#)(*')*'/)2*"3+*'/"#'*'R0#S.%0/')#+*.+*$*'
/*h'*-03"*M'1"3+#"'3"(()'."$03-)')2*03"'K6".+"'
/#".$#*2*03*';"3:030'1".."'*3'/#)+*$)"
[%"'46(+6#)('51"#:"3$Q'Y001
F% 1'/(*2$1'#($.% +*#*+$% *% ,$+$('(0/$% 5'% (9(('% 89/01'.%
5$,*#(*/'##0% 1'?$*#($%1*/% 9#% "$0/#0.% +1*/$&*#(*/'##0%
'?$0#$% (*'(/'-$% 20&$23*% *% 9#'% +'-'% 5$% '((*+'% ;'/+*+2'%
0/"'#$??'('%$#%(9/#$.%200/5$#'('%5'%/*"$+($%*9/01*$%20&*%
S$k(0/% H05~% *% ^30&% V9?.% *% 5'% 20&1'"#$*% (*'(/'-$%
$('-$'#*%20&*%J'//0??*/$'%!/;*0%*%Q/0+$#$%u%^$&1'#0<%A#%
1/$&0%'11/022$0%23*%0;;/*%9#6$#(/059?$0#*%5$,*/(*#(*%*%
"$020+'%'--6$5*'%5$%29-(9/'%20&*%(*/'1$'<
J0#%9#%1'++'""$0%5'-%/$5$20-0%'-%+*/$0.%-'%+'-'%56'((*+'%
;'/+*+2'% $#(/0592*% $% 1'?$*#($% '-% J9-(9/'-% 8&*/"*#2d%
X00&% 5*--'% J'11*--'% 5*-% ='#(0.% $#% 9#% '&C$*#(*%
&0-(0% 1/0;*++$0#'-*% *% /'++$29/'#(*.% 2/*'#50% 9#% ;0/(*%
20#(/'+(0% 20#% -6'&C$*#(*% 1/*2*5*#(*<% I9$.% 9#% (*'&%
&9-($5$+2$1-$#'/*%20&10+(0%5'%&*5$2$%*%1+$20(*/'1*9($%
5*--L:?$*#5'%A)V%t%5$%)$*#'%0;;/*%'-%1'?$*#(*%9#'%,*/'%
*% 1/01/$'% ,$+$('% &*5$2'.% +9""*/*#50% $-% f0/k+301% 1$M%
'5'((0%5*--6'?$0#*%I)$"'c6#'Z%0.+.A
Y'-% hOit% $#% 10$.% +0#0% $#% 1/0"/'&&'% '?$0#$% (*'(/'-$%
$($#*/'#($%+9-%(*//$(0/$0%20&9#'-*%*%1/0,$#2$'-*%5$%)$*#'.%
1*/%+*#+$C$-$??'/*%*%1/0&90,*/*%$-%J9-(9/'-%8&*/"*#2d%
X00&.% 20#% 9#'% '&C9-'#?'% 29-(9/'-*.% 9#% J9-(9/'-%
8&*/"*#2d%X00&%5'%2'&10%*%20&1'"#$*%(*'(/'-$%20&*%
^/$'"*% :/(% J0--*2($,*% -$,*% 20#% -'% -0/0% 1*/;0/&'#2*%
+02$'-*% *% /*-'?$0#'-*% 5'-% ,$,0% 7KH ,Q¿UPDU\.% 50,*% -*%
2'/$('(*,0-$% +0/*--*% 5*-% (/$'"*% 5'/'##0% ,$('% '5% 9#'%
+0&&$#$+(/'?$0#*%$#(*#+$,'%5$%29/*%0+1*5'-$*/*%1*/%9#%
"$0/#0%$#(*/0<
[%"' #*.S' 0C' a)//*3"..( +$% 1/010#*% 5$% '9&*#('/*% $-%
C*#*++*/*.%-'%20#+'1*,0-*??'.%$-%+*#+0%5$%/*+10#+'C$-$(B%
5*$% "$0,'#$.% *% 5$% '--'/"'/*% -*% -0/0% /$+0/+*% 1*/+0#'-$.%
#*--6$#20#(/0%(/'%'/(*%*%"$023$%5$%>*/;0/&'#2*%^*'(/'-*%
F&1/0,,$+'('% `)02$01-'d% *% :2($0#% =*(305+a.% $#%
20--'C0/'?$0#*%20#%$-%/'11*/%;/'#2*+*%Y]*--'-$%8-%!9?*/$%
`Y]% Y]*-.% Q0#kd% Q'&$-da% *% "-$% '/($+($% S'#*++'% X9+2$.%
:#5/*'% H'++*"'.% Q$-$110% ='##$<% F-% % 1/0"*((0% 1/*,*5*%
'#23*%/$1/*+*%,$5*0%20#%-'%;0/&9-'%5$%F>!SNP%-6$#20#(/0%
(/'% +02$01-'d% *% F>!SN% 7% 9#% *+1*/$&*#(0% 5$% #0(*,0-*%
/$+0#'#?'<
:#23*'D#+'f'!()Q%1/*+(*/B%"/'#5*%'((*#?$0#*%'$%"$0,'#$.%
20#%9#%,$'""$0%'((/',*/+0%-6'/(*%23*%5$,*#('%20#0+2*#?'%
*% 1/*,*#?$0#*% $#% -$#"9'% $('-$'#'.% $#"-*+*% *% +1'"#0-'%
20#%-'%20--'C0/'?$0#*%5$%'/($+($%$#(*/#'?$0#'-$%K9'-$%z0*-%
X9$?%!-$,'/*+.%Q*-$m%X9$?%5*%-'%>9*/('.%@/'3'&%J'$/#+.%
='2]*$%)('+$0f+k]$.%)*/"$0%='##$<
4HYD
F-% )'#('% ='/$'% 5*--'% )2'-'% 0+1$(*/B% '#23*% 9#% "/'#5*%
1/0"*((0% 1*5'"0"$20% 5$/*((0% 5'--'% 20&1'"#$'%
+('C$-*&0C$-*% :#(0#$0% V'(*--'<% JAX:% 7% 9#'%%
1/059?$0#*4&'/'(0#'% 591-$2*.% $#% C$'#20% *% #*/0.% +9--'%
#0?$0#*%5$%29/'%$+1$/'('%5'%59*%;',0-*%5*--'%(/'5$?$0#*%
HXURSHD OD %HOOD $GGRUPHQWDWD H /D VWRULD LQ¿QLWD
V'% 20&1'"#$'% +'/B% 20&10+('% 5'% i[% '((0/$% 5*--L820-*%
5*+% ='$(/*+% *% '-(/$% '((0/$% 1/0,*#$*#($% 5'% (*'(/$% /9++$.%
&*#(/*% -'% &*++'% $#% +2*#'% ,*//B% 2/*'('% 5'% s% +K9'5/*%
FRPSRVWH GD GUDPPDWXUJKL FRVWXPLVWL H VFHQRJUD¿
"$0,'#$% *u0% *&*/"*#($% 23*% ,*//'##0% +*-*?$0#'($%
'((/',*/+0% 9#% 20#20/+0<% F% ,'-0/$% 29-(9/'-$% *% /*-'?$0#'-$%
;0#5'&*#('-$% 5$% JAX:% "9$5*/'##0% -*% '(($,$(B% 5$% 9#'%
)290-'% $#(*/#'?$0#'-*% 1*/% -'% 5$/*?$0#*% '/($+($2'.% 5*--'%
59/'('% 5$% R% +*(($&'#*.% 23*% ',/B% -90"0% 0"#$% '##0% 5'-%
hOis% $#% 10$<% J*/23*/*&0% 20+g% 5$% 2'1$/*% &*"-$0% 20&*%
$% &0&*#($% 5$% 5$+20#($#9$(B% #*--'% 5$/*?$0#*% '/($+($2'% 5$%
(*'(/$% *% $+($(9?$0#$% 29-(9/'-$% 1/0,02'#0% 2'&C$'&*#($%
#*-% /'110/(0% 20#% $-% 19CC-$20% *% 20&*% +$&$-$% +(/'(*"$*%
LQÀXHQ]DQRLOEHQHVVHUHFXOWXUDOHGLXQDFRPXQLWj
V'% )290-'% 5$% Y$/*?$0#*% :/($+($2'% +'/B% 20--*"'('% '-%
1/0"*((0%^*'(/0%:#'(0&$20.%$-%29$%+2010%7%5$%2/*'/*%9#%
,*/0%*%1/01/$0%'/23$,$0%C$0&*(/$20%5$%"/'#5$%'((0/$%*%5$%
1*/;0/&*/%"/'?$*%'--L'9+$-$0%5*--*%1$M%/*2*#($%$##0,'?$0#$%
(*2#0-0"$23*.%*%5$%L1/*+*/,'/-$L%20&*%9#'%20--*?$0#*%5$%
(*+0/$%,$,*#($%5$%+'1*/$%$&1-$2$($%*%20/10/*$<
I)$"'06#':%0.+.
F#% K9*+('% +*20#5'% '?$0#*.% $% f0/k+301% 29-(9/'-$%
3'##0% $#$?$0.% +0((0% -'% 5$/*?$0#*% 5$% '/($+($% $('-$'#$% *5%
*9/01*$% 5$% ,'/$*% 5$+2$1-$#*.% $#% 5$,*/+$% -90"3$% 5*--'%
FLWWj$G HVHPSLR ODYRULDPR FRQ O¶LQÀXHQ]D SRVLWLYD
5*$% 20-0/$% +9"-$% $#5$,$59$% "/'?$*% '--6:++02$'?$0#*%
$UFKHRVR¿FD%$#%20--'C0/'?$0#*%20#%:(*-$*/%;q/%Fk0#*#%
9#5%o9#+(3'#5f*/k.%&*#(/*%-'%20&10+$(/$2*%^0&'+*--'%
J'-,$+$% &*((*% $#% 20//*-'?$0#*% $-% /*+1$/0.% $-% "*+(0.% $-%
&0,$&*#(0% *% -6*&$++$0#*% ,02'-*% #*-% +90% b0/k+301%
[%"'*33"#';0*$"M'+%"';0*$"'0C'.6##063-*3:..%/*'-$??'#50%
DQFKHLQVWDOOD]LRQLVRQRUHLQOXRJKLULFFKLGLVLJQL¿FDWR
&'%1020%20#0+2$9($%$#%2$((B<
@-$% '/($+($% "9$5'#0% $% 1'?$*#($% 29-(9/'-$% #*--6';;/0#('/*%
$% 1/01/$% ;'#('+&$.% 1*/% ;'/% *&*/"*/*% $-% -0/0% 5$+'"$0.%
/'220#('/-0% 1*/% ,$,*/*% &*"-$0.% *% +91*/'/-0<% D*-% hOij.%
'((/',*/+0% $#+('--'?$0#$% '/($+($23*% *% 1*/;0/&'#2*% 5'-%
,$,0.% $% /$+9-('($% 5*$% -0/0% 1*/20/+$% 5$% 2'&C$'&*#(0%
5$,*#(*/'##0%,$+$C$-$%'%(9(($<%
>'++*""$'#50% $#% 2*#(/0% '% )$*#'.% +$% 10(/B% $#20#(/'/*%
-6'/($+('u1*/;0/&*/% Q-0/*#2*% =$#5*/% $#(*#('% '%
+,$-911'/*%$-%+90%1/0"*((0%/*+$5*#?$'-*%I*$+*03').')'+00('
03'+%"'/)+%'0C'%")(*3:%`F-%/'220#(0%20&*%+(/9&*#(0%5$%
"9'/$"$0#*a.%20$#,0-"*#50%"-$%'C$('#($%*%-*%-0/0%+(0/$*%$#%
9#'%1*/;0/&'#2*.%20+g%20&*%-'%1*/;0/&*/%:##*%JE2$-*%
S'#5'-*&%$#(*#('%'5%'++*&C-'/*%(*+($&0#$'#?*%5$%,$('%
/*'-*% +9$% ;'--$&*#($% 1*/% $-% +90% 1/0"*((0' D3+%0(0:Q' 0C'
C)*(6#"..%,0-(0%'5%*,$5*#?$'/#*%#0#%+0-('#(0%$-%2'/'((*/*%
9#$,*/+'-*.% &'% '#23*% $-% /90-0% $#(/$#+*20% #*--*% #0+(/*%
,$(*.%20#%(9((0%$-%+90%10(*#?$'-*%$/0#$20<%
^9(($% +0#0% $% C*#,*#9($.% 20#% 0% +*#?'% 1/*+2/$?$0#*% 5*-%
52
J9-(9/'-% 8&*/"*#2d% X00&.% 1*/% 9#$/+$% '5% '/($+($% *%
1*/;0/&*/% 23*% /*'-$??*/'##0% $#+('--'?$0#$% '/($+($23*% *%
5'/'##0%$-%,$'%'%f0/k+301%$#5$,$59'-$%*%5$%"/9110%'%)$*#'%
H SURYLQFLD FRQ SHUVRQH LQ GLI¿FROWj FRLQYROJHQGR
(9(($%$%2$(('5$#$%*%$%,$+$('(0/$%1*/%20&C'((*/*%-6*+2-9+$0#*%
+02$'-*%*%-'%+0-$(95$#*<%V'%20&1'"#$'%(*'(/'-*%V'V9(.%$#%
20--'C0/'?$0#*% 20#% $-% ^*'(/% D0fd.% +*"9*% K9*+(*% -$#**%
"9$5'%20#%)AYY8D.%9#%1/0"*((0%23*%&$/'%'%/*'-$??'/*%
9#% f0/k+301% 5$% (*'(/0% +02$'-*% 5$/*((0% '% 1*/+0#*% 20#%
5$,*/+*% ;0/&*% 5$% 5$+'"$0% 0% 5$% *+2-9+$0#*% +02$'-*.%
1/0;*++$0#$+($% 5*-% (*'(/0.% '/($+($.% ,0-0#('/$.% 01*/'(0/$%
+02$04+'#$('/$%#*-%(*//$(0/$0%5$%)$*#'%5*--'%59/'('%5$%59*%
'##$<
^9(($% +0#0% $#,$('($% '% 1/0,'/*( D#:"3+*3"' [)3:0T' +%"'
%")(*3:' "18#)$"( 20#% !C-$,$0#% Y'#2*% J0&1'#d( $#%
20--'C0/'?$0#*% 20#% $-% ;0#5'(0/*% 5*--'% ^'#"0% ^3*/'1d%
Q*5*/$20% ^/0++*/0<% F-% ^'#"0% 7% 9#6*+1*/$*#?'% "-0C'-*%
`1+$204&0(0/$'.%+*#+0/$'-*.%20"#$($,'.%*%+02$0429-(9/'-*a%
'22*++$C$-*% '5% 9#% 19CC-$20% '&1$0.% &'% +01/'((9((0% '$%
SRUWDWRUL GL FRQGL]LRQL ¿VLRORJLFKH R SDWRORJLFKH
$#,'-$5'#($P% $#% K9*+('% 0(($2'.% $-% 1/0"*((0% 20#(/$C9$/B%
'% /0&1*/*% -6$+0-'&*#(0% +02$'-*% +1*++0% 20##*++0% '--'%
5$+'C$-$(B<%
4#")+*;*+Q' *3' X0+*03.% 5*--6'/($+('% )',$#'% ^'/+$('#0.% $#%
2001*/'?$0#*% 20#% -0% 89/01*'#% J9-(9/'-% >'/-$'&*#(%
*% FD)JXFX8.% Z9&'#% X$"3(+% >/0]*2(% 5$% Q/'#20$+*%
)23*$#*.% "9'/5'% '--6'/(*% 20&*% 9#% 2'('-$??'(0/*% 1*/%
-6$#(*"/'?$0#*% +02$'-*% *% $-% 2'&C$'&*#(0% /*+10#+'C$-*.%
23*% 20$#,0-"*% *% &*((*% $#% 20##*++$0#*% $% &*&C/$% 5*--'%
20&9#$(B%r%C'&C$#$.%'59-($.%$&&$"/'($.%1*/+0#*%'#?$'#*%
r%20+g%20&*%-*%'/**%&'/"$#'-$%*%5*"/'5'(*.%1*/%-',0/'/*%
$#+$*&*% *% 1/0&90,*/*% -6'(($,$+&0.% $-% 2'&C$'&*#(0%
+02$'-*% 10+$($,0% *% -6$#(*"/'?$0#*% '((/',*/+0% -6'/(*.% -'%
1*/;0/&'#2*.%-*%'?$0#$%20--*(($,*<
w'23*+%^*'(/0%-',0/*/'##0%20#%"-$%0+1$($%5*--*%2'+*%5$%
/$10+0.%'((/',*/+0%-6'/(*%*%-'%(/'+&$++$0#*%5*--'%&*&0/$'%
*% 5*--6*+1*/$*#?'% '$% "$0,'#$<% V*% '#?$'#*% 0+1$($% 5$% 9#'%
FDVDGLULSRVRSHUVXRUHGLHWjFRPSUHVDWUDH
'##$.%$#(*/'"$+20#0%20#%$%C'&C$#$%5*--'%+290-'%'((/',*/+0%
-'%&9+$2'%*%$-%(*'(/0.%20#%$-%+0+(*"#0%5*--6:++02$'?$0#*%
&9+$2'-*% J-'/'% )239&'##% *% 5*--'% &9+$20(*/'1*9('%
J-'95$'%8-*#'%X0&*9%V01*?<
)0#0% 1/*,$+($% '#23*% -'C0/'(0/$% *% 1/0"*(($% 5*5$2'($% '%
1*/+0#*% 20#% "/',$% &'-'(($*P% 9($-$??'#50% -*% 10++$C$-$(B%
0;;*/(*% 5'-% 209#+*-$#"% *% 5'--6'/(4209#+*-$#".% $-%
1/0"*((0% !)+*"3+' DR)#"3"..% 5$% 9#0% 1+$20(*/'1*9('.%
)$&0#*% H'++0-$.% $#,$('% $% 1'?$*#($% '% ;'/*% 9#% ,$'""$0% 5$%
20#+'1*,0-*??'% #*--'% 1/01/$'% &'-'(($'.% *% #*-% &050% 5$%
/*-'?$0#'/+$% '5% *++'P% '((/',*/+0% +*++$0#$% $#5$,$59'-$% *%
5$%"/9110%+$%*+1-0/*/'##0%#90,*%+(/'(*"$*%*%+(/9&*#($%
1*/% /$20#K9$+('/*% $-% C*#*++*/*<% F#0-(/*.% -'% +2/$((/$2*%
Q/'#2*+2'% Y*-% X0++0% +,$-911'% 9#% f0/k+301% +9$%
EHQH¿FL GHOOD VFULWWXUD SHU OD VDOXWH EDVDWR VXO VXR
-$C/0% Gb0#5d6.% 1*#+'(0% 20&*% 9#% 9/"*#(*% C$+0"#0%
5$% 20#5$,$5*/*% 9#6*+1*/$*#?'P% 7% 9#'% +(0/$'% $#% 29$%
-6'9(/$2*%+$%'1/*%'-%19CC-$20%*%/'220#('%-'%+9'%,$2*#5'%
5$%-0(('%20#(/0%$-%2'#2/0%20#%9#%+0//$+0<%F%1'/(*2$1'#($%
/*'-$??'#0% 9#% *4C00k% 5$% G(*+($&0#$'#?*% 5$% "9'/$"$0#*%
*%2'&C$'&*#(0%+2/$((*%20#%$-%+0//$+06<%V6'/($+('%S'-*/$*%
)$'95% 0/"'#$??*/B% 10$% 9#% 1/0"/'&&'% 5$% 20#;*/*#?*% *%
f0/k+301%5$%C$C-$0(*/'1$'<%
,Q¿QHYRORQWDULORFDOLVYLOXSSDQRLOSURJHWWRRODQGHVH
Y"/)*#' 4)C&.% $#*5$(0% $#% F('-$'.% '1/*#50% '% )$*#'% 9#'
Y"/)*#'4)C&%59/'#(*%$-%hOijP%9#%-90"0%5$%$#20#(/0%-$C*/0%
20&1-*('&*#(*% 5*5$2'(0% '-% /$1'/'/*% -*% 20+*% $#+$*&*<%
F#% 9#% Y"/)*#' 4)C&.% -*% 1*/+0#*% (/0,'#0% +(/9&*#($% *%
&'(*/$'-$%1*/%'$9('/-$%'%;'/*%-*%/$1'/'?$0#$%5$%29$%3'##0%
C$+0"#0<%V'%"*#(*%,$*#*%$#,$('('%'%,*5*/*%"-$%0""*(($%5$%
-0/0%1/01/$*(B%+0((0%9#'%#90,'%-92*%*.%'#20/'%9#'%,0-('.%
'5%'11/*??'/*%$-%-0/0%,'-0/*<%F-%Y"/)*#'4)C&%"$02'%20#%
"-$% '+1*(($% +02$'-&*#(*% 29/'($,$% 5*-% G/$1'/'/*% $#+$*&*6%
$#(*+0% 20&*% 9#% '((0% 29-(9/'-*.% 1/0&90,*#50% #*-%
20#(*&10% 9#'% &'""$0/*% +*#+$C$-$(B% ,*/+0% 9#'% +02$*(B%
1$M%+02$*,0-*%*%+0+(*#$C$-*<
N"Q03-'+%"'X"-*+"##)3")3
F-%/'110/(0%(/'%29-(9/'%*%+'-9(*%7%9-(*/$0/&*#(*%*+1-0/'(0%
#*--'% #0+(/'% '?$0#*% N"Q03-' +%"' X"-*+"##)3")3<% F-%
/*"$+('%='++$&0%)39+(*/%*%z*'#%=$23*-%J3'&1'9-(%5$%
:<:<Y<% :/($+($% :;/$2'#$% 1*/% -0% ),$-9110.% 200/5$#'#0%
/*+$5*#?*%'/($+($23*%'%)$*#'%5$%'/($+($%';/$2'#$%23*%#*--'%
-0/0% 1/'($2'% ';;/0#('#0% K90($5$'#'&*#(*% 1'?$*#($% #*$%
2'&1$% 1/0;9"3$.% 20&*% -*% ,$(($&*% 5$% "9*//'% *% "-$% *m%
C'&C$#$%+0-5'(0<%I9*+($%'/($+($%5$'-0"3*/'##0%20#%-0/0%
20--*"3$% *9/01*$.% *% 20#5$,$5*/'##0% *+1*/$*#?*% 20#%
$% 2$(('5$#$<% )$*#'hOij% 5B% ,$+$C$-$(B% '% K9*+($% '/($+($% $#%
89/01'% *% 0;;/*% '5% 9#% 19CC-$20% *9/01*0% -'% 10++$C$-$(B%
5$% 20#0+2*/*% -*% -0/0% 01*/*% *% -*% -0/0% 1*/;0/&'#2*<% F-%
SURJHWWRFRLQYROJHUj¿JXUHFRPHLOPDULRQHWWLVWDe'd'%
J09-$C'-d% 5*-% ='-$.% 5$% *(#$'% H'&C'/'.% 23*% 20#% -'% +9'%
'/(*% +$% C'((*% 1*/% -'% +01/',,$,*#?'% 5*--'% +9'% 29-(9/'c%
)*/"*%:&$+$.%0/$"$#'/$0%5*--'%X*19CC-$2'%Y*&02/'($2'%
5*-% J0#"0.% 9#% *m% C'&C$#0% +0-5'(0% 23*% 7% 5$,*#('(0%
9#0% +29-(0/*c% Y*V'S'--*(% H$5$*;0#0.% 20/*0"/';0% 5$%
>0$#(*4D0$/*.% X*19CC-$2'% 5*-% J0#"0.% 1'/($20-'/&*#(*%
+*#+$C$-*%'$%1/0C-*&$%5*$%/'"'??$%5$%+(/'5'%'%H/'??',$--*c%
D$'#"09#'%Y$*950##E.%9#0%5*$%5/'&&'(9/"3$%*%'((0/$%
1$M% $#(*/*++'#($% 5*--6:;/$2'% +9C4+'3'/$'#'<% V6'/($+('%
='++$&0% @/$&'-5$% $#% 20--'C0/'?$0#*% 20#% -'% !D@%
8&*/"*#2d.% 7% $#,*2*% $&1*"#'(0% #*--'% 20+(/9?$0#*% 5$%
9#%0+1*5'-*%1*5$'(/$20%'%H0.%)$*//'%V*0#*.%*%/'220#(*/B%
$-% 1/0"/*5$/*% 5*$% -',0/$% '((/',*/+0% 9#6$#+('--'?$0#*%
'/($+($2'%$#%9#0%+1'?$0%19CC-$20%5$%)$*#'<
53
Still Dancing
B+*((' J)3$*3: SURGXFH ¿OPDWL H SHUIRUPDQFH WHDWUDOL
20#% $-% 20$#,0-"$&*#(0% 5$% 1'?$*#($% 20#% ;0/($% $#,'-$5$(B%
'((/',*/+0%-6$&1$*"0%5*--'%(*2#0-0"$'%H/'$#J0#(/0-%23*%
1*/&*((*%-0/0%5$%20&9#$2'/*%#90,'&*#(*%20#%$-%&0#50%
*+(*/#0<
D*-%1/0"*((0%)($--%Y'#2$#"%1/0592$'&0%'?$0#$%#*-%2'&10%
5*-% (*'(/0% *% 5*"-$% '95$0,$+$,$% &*((*#50% $#% /*-'?$0#*%
1*/;0/&*/%*%1'?$*#($%*%/*+($(9*#50%5$"#$(B%'--'%20#5$?$0#*%
5$% K9*+(69-($&$% '((/',*/+0% -'% 2/*'?$0#*% '/($+($2'<% )$%
(/'(('%5$%9#%1/02*++0%$##0,'($,0%23*%1*/&*((*%'5%'/($+($.%
&*5$2$.%+2$*#?$'($%*%1'?$*#($%5$%$#(*/'"$/*%#*--0%+,$-9110%
GL VHUYL]L OHJDWL DOOD 6DQLWj 'RSR XQD SLDQL¿FD]LRQH
(*2#$2'% *% -'% +*-*?$0#*% 5*$% 1'?$*#($.% $% 1'/(#*/% 5$% )($--%
Y'#2$#"% `V$K9$5b*C.% +,$-911'(0/*% 5$% H/'$#J0#(/0-.%
o^Z.% +,$-911'(0/*% 5$% 5$+10+$($,$% '1($2$% &9-($&05'-$.%
+(95*#($% 5'--*% '22'5*&$*% (*'(/'-$% 5$% 8PA^):% *% 5*-%
>-'d$#"% F5*#($($*+% D*(f0/ka% $#$?$'#0% '% -',0/'/*% $#%
+*$% >'*+$% '% 1'/($/*% 5'--6'9(9##0% hOit.% 0/"'#$??'#50%
G9#$(B6% 20&10+(*% 5'$% 1'?$*#($% +(*++$.% -*% -0/0% ;'&$"-$*%
*% 5'% +(95*#($% 5*--*% '22'5*&$*% *% 9#$,*/+$(B% (*'(/'-$% *%
SURGXFHQGREUHYL¿OPDWLVXOOHVHJXHQWLTXHVWLRQLTXDOq
-'%10+$?$0#*%5*$%1'?$*#($%*%5*$%-0/0%;'&$-$'/$%#*-%20#(*+(0%
+02$'-*% $#% 29$% +$% (/0,'#0.% 20&*% 10++0#0% /'220#('/*% -*%
-0/0%+(0/$*%DGXQSXEEOLFRYDVWR",¿OPDWLUHVWLWXLUDQQR
XQ¶LPPDJLQH QRQ VXSHU¿FLDOH GHOOD ORUR FRQGL]LRQH
*% +'/'##0% &'(*/$'-*% 1*/% $-% 10(*#?$'-*% 2/*'($,0% 5*$%
1'?$*#($.%0/'% $#% "/'50%5$%20&9#$2'/*%#90,'&*#(*<%Y'%
K9$%-6'?$0#*%+$%+,0-"*%+9%59*%;/0#($P%B+*(('J)3$*3:'H3*+.'
F#%1/$&0%-90"0.%#*-%hOit%)($--%Y'#2$#"%19CC-$23*/B%9#%
C'#50%1*/%1*/;0/&*/%$#(*/&*5$'-$%$#%2001*/'?$0#*%20#%
X0&'89/01'%Q*+($,'-%*%X0C$#%:<%D*-+0#.%1*/%-6$&1$*"0%
'/($+($20% 5*--'% 1$'((';0/&'% H/'$#J0#(/0-uo^Z<% D*-%
&'""$0% hOiR.% "-$% '/($+($% +*-*?$0#'($% `1*/;0/&*/%
$#(*/&*5$'-$.% ^*'(/01*/+0#'.% 'HÀRULDQ7DJOLDULQL.%
XE&9+?% )?$k+?'$a% 2042/**/'##0% 1*/;0/&'#2*% 20#% $%
1'?$*#($<%V'%;/9$?$0#*%5'%1'/(*%5*-%19CC-$20%',,$*#*%+$'%
5'-% ,$,0.% 23*% ,$'% f*C% '((/',*/+0% '&C$*#($% +$&9-'($% $#%
29$%-0%+1*(('(0/*%$#(*/'"$+2*%20#%$-%1'?$*#(*<%F#%+*20#50%
-90"0.% )209($(% 20&&$++$0#*/B% 9#% -9#"0&*(/'""$0%
0((*#9(0%5'$%&'(*/$'-$%5$+10#$C$-$.%'%9#%/*"$+('%5$%23$'/'%
IDPD,¿OPDWLLVSLUHUDQQRD]LRQLDUWLVWLFKHXOWHULRULJOL
+(95*#($% 5*--*% G9#$(B6% +2/$,*/'##0% 5*--*% 1*/;0/&'#2*u
&0#0-0"0% 23*% +'/'##0% 1/*+*#('(*% #*-% -9"-$0% hOij%
LQ 3LD]]D GHO 'XRPR D 6LHQD LQ XQD VFHQRJUD¿D
5$+*"#'('% 5'--6'/($+('% ,$+$,0% :(($-'% F--E+<% X*1-$23*%
5*--*% &*++*% $#% +2*#'% +'/'##0% '--*+($(*% $#% '-29#$% 5*$%
1/$#2$1'-$% ;*+($,'-% *9/01*$% `Q*+($,'-% 56:,$"#0#.%
)'-?C9/"% Q*+($,'-a% *% &0+(/'(*% $#% +(/*'&$#"<% D*-% +90%
1$'#0%5$%5$++*&$#'?$0#*.%)($--%Y'#2$#"%19CC-$23*/B%9#%
C'#50%1*/%$+($(9?$0#$%;0/&'($,*%#*-%2'&10%'95$0,$+$,0%
'11'/(*#*#($%'%JFV8J^c%"-$%+(95*#($%+'/'##0%23$'&'($%
'% 1/059//*% 20/(0&*(/'""$% 23*% ,*//'##0% 1/*+*#('($% #*-%
hOhO%'%)$*#'%$#%9#%;*+($,'-%$#(*/#'?$0#'-*%1*/%+(95*#($%5$%
2$#*&'<%F%&$"-$0/$%+'/'##0%+*-*?$0#'($%*%1/0$*(('($%#*--*%
+*?$0#$%(*&'($23*%5*$%;*+($,'-%$#(*/#'?$0#'-$%5$%H*$/9(.%
^*-% :,$,.% =0#(*,$5*0<% B+*((' J)3$*3:' !#0-6$+*03.%
F#0-(/*% )($--% Y'#2$#"% 20#(/$C9$+2*% '--'% 2/*'?$0#*% 5$%
1/059?$0#$% (*'(/'-$% '9(0#0&*P% $#% 20--'C0/'?$0#*% 20#%
A#$0#%5*+%^3Ev(/*+%5*%-689/01*%`A^8a.%(/*%20&1'"#$*%
0% (*'(/$% &*&C/$% 5*--6'++02$'?$0#*% 1/*+*#(*/'##0% #*--'%
+('"$0#*% hOiRuhOij% (/*% 5$+($#(*% 1/059?$0#$% +9-% (*&'%
5*-% &0+(/'/*% $-% 5$+'"$0% #*--0% +1'?$0% 19CC-$20.% 23*%
*#(/*/'##0%'%;'/%1'/(*%5*-%-0/0%/*1*/(0/$0<%V*%1/059?$0#$%
+'/'##0%10$%1/*+*#('(*%$#%F('-$'%(/'%0((0C/*%*%5$2*&C/*%
hOij<
54
Play the City
c(+#"'("'16#)M')++#);"#.0'("'$)1/):3"M'(63:0'("'(*3""'
C"##0;*)#*"' ;"(0$*M' ()' 16.*$)' 0CC#*#,' 0$$).*03*' /"#'
"3+#)#"'*3'$03+)++0'$03'63'/)+#*103*0';*;"3+"M':#)2*"')'
63)'#"+"'-*'/"#.03"'$%"'.$)18*)30'C#)'(0#0'63'.)/"#"'
"'63'."3+*#"A'
$#%9#%(60:0<%
lF' )1' ")#<' 1/*,*5*% -'% 2/*'?$0#*% 5$% 9#'% &'11'% +0#0/'%
1'/(*2$1'('%5*-%2*#(/0%+(0/$20%5$%)$*#'%20#%$%+90#$%/'24
20-($% 5'% 20-0/0% 23*% -0% 1*/20//0#0% '% 1$*5$.% '+20-('#504
-0<%>'++*""$'#50.%20#%-0%+&'/(%130#*%+$%/*"$+(/'#0%5*$%
+90#$%23*%'((/',*/+0%9#'%'11%,'##0%'%20--02'/+$%+9%9#'%
&'11'% 5*--'% 2$((B.% 5$+10#$C$-*% '#23*% +9-% f*C<% F% +90#$%
/'220-($%5$+*"#'#0%5*"-$%$($#*/'/$%1/0#($%'5%*++*/*%&04
GL¿FDWL GD FRQWULEXWL XOWHULRUL ,O VXRQR GL 6LHQD SRWUj
*++*/*%+*#($(0%'#23*%'%"/'#5*%5$+('#?'%5'"-$%9(*#($%23*%
(/'22*/'##0%+9--'%&'11'%$%-0/0%1*/+0#'-$%1*/20/+$.% 1*/%
'+20-('/-$% '#23*% 5'--6*+(*/0<% F#% 20--'C0/'?$0#*% 20#% $-%
Q*+($,'-%J-9C%(0%J-9C.%#*-%hOij.%$-%1'*+'""$0%+0#0/0%5$%
6LHQD YHUUj WHPSRUDQHDPHQWH ULGH¿QLWR DWWUDYHUVR LQ4
+('--'?$0#$%5$%1*/;0/&*/%5$%&9+$2'%*-*((/0#$2'<
F&&'"$#'(*%)$*#'%20&*%9#%-90"0%5'%+90#'/*%*%'+20-4
('/*.% 20&*% -'% &9+$2'<%:((/',*/+0% -'% &9+$2'% *% $% +90#$.%
>-'d%(3*%2$(d%$&&'"$#'%#90,*%;0/&*%5*--0%+1'?$0%9/C'4
#0.%23*%+$%;'##0%-90"0%'((/',*/+0%-*%*+1*/$*#?*%5$%9#'%
20&9#$(B%5$%'+20-('(0/$.%#'(9/'-&*#(*%'&1$'%*5%$#2-9+$4
,'<%)*"9$/*&0%-6*20%5*$%2'#($%+9$%2'&&$#$%5*--*%'#($23*%
+(/'5*%5$%1$*(/'%*%-9#"0%-*%-$#**%5$"$('-$<%F-%2*#(/0%+(0/$20%
+'/B% /$*&1$(0% 5$% &9+$23*% ,*223$*% *% #90,*.% 1*/% /$20#4 !()Q*3:'J";0+*03
#*((*/*%$%-90"3$%'-%-0/0%1'++'(0.%'-%1/*+*#(*.%'--6'-(/0,*< F#% 23*% &050% )$*#'% 19_% $#20#(/'/*% $-% =*5$(*//'#*0T%
)0#0%/*'-(B%,*/'&*#(*%0110+(*T
F%+*#*+$%+0#0%5*,0($%'--'%-0/0%2$((B<%F%/$(9'-$%1/'($2'($%5'$%
1010-$% 5*--*% J0#(/'5*% 50#'#0% '--0% +1'?$0% 9/C'#0% 9#%
!()Q'+%"'!()$"
)$*#'%#0#%3'%+0-('#(0%9#6$5*#($(B%,$+$,'P%$-%2*#(/0%+(0/$4 VLJQL¿FDWR H XQ RULHQWDPHQWR 6XO WHUUHQR VHJQDWR GD
20%7%2'/'((*/$??'(0%5'%9#%1'/($20-'/*%1'*+'""$0%+0#0/0%$#% K9*+('% 1'/($20-'/*% ;0/&'% 5$% 5*,0?$0#*% 2'&&$#*/'##0%
29$%$%+90#$%#'(9/'-$%+$%$#(/*22$'#0%20#%K9*--$%5*$%('&C9/$% '-29#*% "/'#5$% C'#5*% 5*--'% (/'5$?$0#*% 19"-$*+*% *% '#5'4
*%5*--*%2'&1'#*.%20#%-'%&9+$2'%23*%1'++'%'((/',*/+0%-*% -9+'<%)90#'#50%-*%20&&0,*#($%&'/2*%5*--'%)*(($&'#'%
¿QHVWUHGHOOHDFFDGHPLHHOHYRFLFKHULVXRQDQRSHUOH )'#('.%-*%C'#5*%/'""$9#"*/'##0%*5$20-*%*5%0/'(0/$%50,*%
+(/'5*<%F%+90#$%5'##0%+*#+0%'--0%+1'?$0%*%-0%(/'+;0/&'#0% *#+*&C-*% ,02'-$% 1/0,*#$*#($% 5'--'% )'/5*"#'% *% 5'--'%
J0/+$2'%$#(0#*/'##0%$%-0/0%2'#($%5*,0?$0#'-$%;/'%$%(*+0/$%
55
#'+20+($%5*--*%'#($23*%20#;/'(*/#$(*%+*#*+$<%Y$,*/+$%+*#4
+$%5*-%-90"0%+$%/$+1*223$*/'##0%-69#0%#*--6'-(/0.%$#+$*&*%
'$%&05$%5*--'%5*,0?$0#*<%V'%&9+$2'%20+(/9$/B%9#0%+1'4
?$0%1*/%20#5$,$5*/*%*&0?$0#$.%&*&0/$*%*%$5*#($(B.%(/'4
+;0/&'#50%)$*#'%$#%9#%10#(*%"*(('(0%+9-%=*5$(*//'#*0<
W[%)+<.')(('I0(SkW
V'%&9+$2'%1010-'/*%+*#*+*%#0#%7%&'$%+('('%+(95$'('%5'"-$%
*(#0&9+$20-0"$%$#%(*/&$#$%"*#*/'-$<%F#%'-29#$%2*#(/$%5*--'%
1/0,$#2$'%+0-0%'-29#$%'/23$,$%1/$,'($%20#+*/,'#0%(/'22*%
5*--'% (/'5$?$0#*% &9+$2'-*% /$+'-*#(*% '--'% ,$('% 20#('5$#'%
5*-%1'++'(0<
c6#'.03:.
J*'23$%+0#0%-*%#0+(/*%2'#?0#$T%V*%2'#?0#$%+0#0%$-%1'4
(/$&0#$0%,$,*#(*%5$%23$%-*%2'#('%*%-*%20#5$,$5*%$#%K9*-%
&0&*#(0%20#%23$9#K9*%-*%'+20-($<%J0#%-6'$9(0%5$%"/911$%
,02'-$%*%2'#('#($.%,*//B%/*'-$??'(0%9#%'/23$,$0%5$"$('-*%
1'/(*2$1'(0%5*--'%&9+$2'%1010-'/*%+*#*+*%1/0"*(('(0%1*/%
*++*/*%$#+*/$(0%$#%9#'%/*(*%*9/01*'%5$%2*#(/$%5*5$2'($%'--'%
20#+*/,'?$0#*%*%(/'+&$++$0#*%5*--'%29-(9/'%/9/'-*<
5*--'%1$'??'<
F3'403+*360
D*-%isOt.%$-%20&10+$(0/*%*%0/"'#$+('%+*#*+*%:"0+($#0%
:"'??'/$% 19CC-$2_% 9#% C/*,*% (/'(('(0% +9--'% 1/'($2'% 5*-%
8)..0'$03+*360<%I9*--*%1023*%1'"$#*%+2/$((*%'%)$*#'%2$/4
20-'/0#0%$#%(9(('%89/01'<%:"'??'/$%(*#(','%5$%$#+*"#'/*%
20&*%+90#'/*%2$_%23*%#0#%7%+2/$((0%+9--0%+1'/($(0<%!""$%
/*$#,*#($'&0%K9*$%+90#$%&'#2'#($%+9--'%C'+*%5*--'%20&4
1*(*#?'%*%5*--'%+*#+$C$-$(B%'((9'-*<%:%1'/($/*%5'%:"'??'/$%
/$20+(/9$/*&0%20#%z0/5$%)','--%-69#$,*/+0%+0#0/0%5*--6*4
102'%/$10/('#50%$#%,$('%9#%1'(/$&0#$0%&9+$2'-*%20--*(($4
,0%23*%3'%-*%+9*%/'5$2$%5$&*#($2'(*%'#23*%'%)$*#'<
c3'+%"')*#
>$220-$%*#+*&C-*%;0/&'($%5'%+(95*#($%5$%20#+*/,'(0/$0%+$%
/$(/0,'#0%'--6$#(*/#0%5$%'*/010/($%'CC'#50#'($%$#%5$,*/+$%
-90"3$%5689/01'%1*/%+90#'/*%$#+$*&*%9#'%20&10+$?$04
#*%5$%)'-,'(0/*%)2$'//$#0%%+9$%;0#5'&*#($%5*-%-$#"9'""$0%
&9+$2'-*<%J$'+29#'%1'/(*%5*--'%20&10+$?$0#*.%'++02$'('%
'5%9#%"/9110.%7%5*5$2'('%'--*%'-(*??*.%-*%+2'-*.%$%/$(&$.%
-6'/&0#$'.%$-%($&C/0.%*22<%@/'?$*%'%9#%+$+(*&'%5$"$('-*%
1*/%-6*+*29?$0#*%$#%/*(*.%"-$%*#+*&C-*%20--02'($%'%5$+('#4
V*++("'.%0#+'(6(()8*".
X*#E% :9C/d% 7% 20#0+2$9(0% 1*/% -'% +9'% &9+$2'% ?'%10++0#0%20#5$,$5*/*%-'%1'/($(9/'%*%+90#'/*%$#+$*&*<%
SDUWLFRODUPHQWHLPPDJLQL¿FDXWLOL]]DWDGDFRUHRJUDIH =*#(/*%/*+('#0%;*/&$.%-'%-0/0%&9+$2'%19_%,0-'/*%*%$#4
5$% ;'&'% &0#5$'-*.% &'% '#23*% 5'% ,$5*0'&'(0/$<%:9C/d% (/*22$'/+$%-$C*/'%#*--6'/$'.%5$;;0#5*#50+$%+9--689/01'<
,*//B%20$#,0-(0%#*--'%/*'-$??'?$0#*%5$%9#'%1*/;0/&'#2*%
&9-($&*5$'-*% +9-% 20#(/'+(0% ;/'% 2$((B% *% 2'&1'"#'<% B*("3+'[)(".
F+1$/'#50+$%'--*%/'5$2$%&9+$2'-$%/'220-(*%5'%L!9/%+0#"+L.% ,GLSLQWLPHGLHYDOLVHQHVLFKHUDI¿JXUDQRLOIDUHPXVLFD
2/**/B%9#'%#90,'%20-0##'%+0#0/'%1*/%9#%&0#('""$0%5$% 0% +2*#*% 5$% C'(('"-$'.% 23*% /'11/*+*#('#0% -'% ,$('% K90($4
IRWRH¿OPDWLSURGRWWLGDWXULVWLHIRWRDPDWRUL6DUjXQ GLDQDRLO¿RULUHGHLYDORULFLYLFLPRVWUDQRFRPXQTXH
,$'""$0%+*#($&*#('-*%#*--6$#($&$(B%5*--*%C/*,$%+(0/$*%23*% 9#6'?$0#*% 20--*(($,'<% )0#0% &9($% (*+($&0#$% 5$% '#($23*%
'11'/(*#"0#0%'--*%&*&0/$*%5*"-$%'-(/$<
+(0/$*%23*%/$+'-"0#0%'--6*102'%560/0%5*--'%2$((B<%)*CC*4
#*%%-*%1'/0-*%+$'#0%0/&'$%$//*291*/'C$-$.%-'%&9+$2'%19_%
1/0,'/*% '% 5'/*% 9#'% #90,'% ,02*% '$% -0/0% /'220#($% +$-*#4
BA40#"(
)$*#'%'-%2*#(/0%5*--'%&9+$2'<%D*--*%+('#?*%5*--6:22'5*4 ?$0+$<%>*/%K9*+(0%'CC$'&0%23$*+(0%'%&9+$2$+($%5$%5$,*/4
&$'%=9+$2'-*%J3$"$'#'%-*%-$#"9*%5*--'%(/'5$?$0#*%&94 +'%*+(/'?$0#*%20&*%A/$%J'$#*.%8/#+(%X*]$+*"*/.%)(*;'#0%
+$2'-*%*9/01*'%&*((0#0%-*%'-$%1*/%,0-'/*%,*/+0%$%K9'((/0% H'(('"-$'.%z03#%^'d-0/.%>'0-0%:#"*-$.%A/#'%J3'3'/%^94
'#"0-$%5*-%"-0C0.%(/'+10/('('%5'%'--$*,$%+(/'0/5$#'/$<%D*-% "23$.% 8$,$#5%:'/+*(.% X0-;% V$+-*,'#5.% ='/20% X0C$#0% *%
;/'((*&10%'%)$*#'%$%]'??$+($%+$%$#20#(/'#0%1*/%$#(/*22$'/*% '-(/$.%5$%+90#'/*%5','#($%'%K9*+($%5$1$#($<%A#'%2$#*1/*+'%
('-*#(0%*%20&1*(*#?*%5$,*/+*.%20#%-60C$*(($,0%5$%#*"04 5$/*(('%5'%:#5/*'%)*"/*¿OPHUjO¶LQFRQWURIUDLPPDJLQL
*%+90#$.%*%10$%9+2$/B%5'--*%+('#?*%5$%K9*$%1'-'??$%1*/%/'24
?$'/*%9#%-$#"9'""$0%&9+$2'-*%20&9#*<
20"-$*/*%-*%,02$%5$%9#'%20&9#$(B%23*%0""$%(*&*%5$%1*/4
5*/*%$-%+90%1'(/$&0#$0%+02$'-*.%'/($+($20%*5%*20#0&$20.%
V*3"'6/(
D0,*%0/23*+(/*%5$%]'??%-*"'(*%'5%'-(/*(('#(*%'22'5*&$*% &*#(/*%(*#('%5$%+91*/'/*%-6'((9'-*%+;0/(9#'<%J0&*%$#%9#%
PXVLFDOL HXURSHH VXRQDQR H YLDJJLDQR ¿QR D )LUHQ]H 20#(/'119#(0.%'#($23$%*%#90,$%/'220#($%+$%/$+1*223$*/'#4
+9%(/*#$%,*-02$.%1*/%10$%+1'/"*/+$%#*-%(*//$(0/$0%(0+2'#0% #0%"-$%9#$%#*"-$%'-(/$.%1*/%#'//'/*%-'%+(0/$'%5$%9#%"$020%;/'%
'% C0/50% 5$% *204(/*#$<% @-$% *#+*&C-*% +$% ;*/&*/'##0% $-%(*&10%*%$-%5*+($#0<%
59#K9*%$#%#0,*%2$((B.%50,*%5'/'##0%9#%20#2*/(0%1/$&'%
5$%/$1'/($/*%1*/%)$*#'.%50,*%(/0,*/'##0%'5%'((*#5*/-$%-'%
)$*#'%z'??%C$"%C'#5<%F#+$*&*%1/0,*/'##0%5$*2$%#90,*%
20&10+$?$0#$% +2/$((*% 5'% *&$#*#($% '9(0/$% *9/01*$<% F-%
#90,0%/*1*/(0/$0%,*//B%*+*"9$(0%#*-%J'&10.%50,*%$%#0,*%
*#+*&C-*% +(/'#$*/$% +'/'##0% 20--02'($% $#% '-(0% +9-% C0/50%
5*$%#0,*%+1$223$%5*--'%1$'??'.%&*#(/*%-60/23*+(/'%-02'-*%
-*%;/0#(*""*/B%5'$%1$*5$%5*--'%(0//*<%F-%19CC-$20%+$%(/0,*/B%
'-% 2*#(/0% 5*--'% 1$'??'.% 2$/20#5'(0% 5'$% $% &9+$2$+($.% 1*/%
'+20-('/*% -'% &9+$2'% 2/*'('% 1*/% $#(*/'"$/*% 20#% $-% +90#0%
56
Citizens
of the
Elsewhere
V)' ;"#)' *3+"((*:"32)' 3"(' ."++0#"' +6#*.+*$0' 303' .+)' .0(0'
3"((<6.0' -"(("' 360;"' +"$30(0:*"A' F(' +6#*.10' E' -);;"#0'
.1)#+'K6)3-0'C);0#*.$"'(0'.$)18*0'"'(<*3+"#)2*03"'+#)'
OHSHUVRQHODSDUWHFLSD]LRQHHODFUHDWLYLWj¿QRDGLP
;"3+)#"'63)'(";)'-"('$)18*0'.0$*)("T'W303'./)#)#"'.6('
+6#*.+)M'-*;"3+)'.60'$01/(*$"kW
8%+*%$%(9/$+($%9($-$??'++*/0%1$'((';0/&*%20--'C0/'($,*%23*%
&*((0#0%'%5$+10+$?$0#*%"-$%0/"3'-)+)%+9--'%2$((B%20+g%5'%
20#(/$C9$/*%'-%1/02*++0%5*2$+$0#'-*T%8%+*%+&*((*++$&0%
5$%20#+$5*/'/-$%+*&1-$2*&*#(*%20&*%0+1$($T%J$($?*#+%0;%
(3*%8-+*f3*/*'7%9#%1*/20/+0%5'%;'/*%$#+$*&*.%23*%$#$?$'%
DOOH3RUWHGL6LHQDHQRQ¿QLVFH«
)*%$%(9/$+($%+$%(/'+;0/&'++*/0%$#%2$(('5$#$%5*--6'-(/0,*%`$*P
+*2"3.'0C'+%"'"(."R%"#"e6LHQDPHWWHUHEEH¿QHDOODSLDJD
5*-%(9/$+&0%&0/5$%*%;9""$<%F-%(9/$+&0%+&'/(%7%K9*--0%23*%
1/0&90,*%-0%+2'&C$0%(/'%"-$%0+1$($%*%$%,$+$('(0/$.%50,*%$-%
C*#*++*/*%*20#0&$20%1*/%-'%20&9#$(B%-02'-*%5*/$,'%$#4
#'#?$(9((0%5'--*%/*-'?$0#$%9&'#*<%V0%+1'?$0%9/C'#0%*%$-%
2$/20#5'/$0%7%-0%+2*#'/$0%5*--6$#(*/'?$0#*%*%5*--0%+2'&4
C$0%5$%$5**%(/'%$%-02'-$%*%K9*$%G2$($?*#+%0;%(3*%*-+*f3*/*6%
23*%,$+$('#0%)$*#'<%)*%-$%20#+$5*/$'&0%1*/+0#*%50('(*%
5$% *+1*/$*#?'% *% +'1*/% ;'/*% *% #0#% +*&1-$2*&*#(*% G(9/$4
+($6.%G,$+$('(0/$6.%G'/($+($6.%10(/*CC*/0%5',,*/0%'$9('/*%-'%
20&9#$(B%+*#*+*%'%/$+0-,*/*%1/0C-*&$%5$%0/5$#*%2$,$20%*%
1/0&90,*/*%$#+$*&*%$-%2'&C$'&*#(0%+02$'-*<%:%K9*+(*%
20#5$?$0#$.%+'/B%5',,*/0%$&1/0C'C$-*%23*%-'+2$#0%)$*#'%
5010%9#%+0-0%"$0/#0<<<
!0((*3)+*3:'+%"'$*+Q
I9'#50%,$'""$'&0.%+$'&0%'C$(9'($%'%20#;/0#('/*%(9((0%
2$_%23*%,*5$'&0P%$-%20-0/*%*%-*%5$&*#+$0#$%5*$%('m$.%$-%
+'10/*%5*$%,$#$%-02'-$.%-69($-$??0%5*--*%('11'/*--*%0%5*--*%
1*/+$'#*.%-60/'%5$%23$9+9/'%5*$%#*"0?$<% !0((*3)+*3:'+%"'
$*+Q' 1'/(*% 5'--6$10(*+$% 23*% (9((*% K9*+(*% 20#+$5*/'?$0#$%
'11'/*#(*&*#(*%C'#'-$%;'22$'#0%-'%5$;;*/*#?'<%V'%#'(94
/'-*%'C$(95$#*%'-%20#;/0#(0%(/'%$%-90"3$%10(/*CC*%G;*20#4
5'/*6% -*% 'C$(95$#$% -02'-$% *% -69+0% 5*--0% +1'?$0% 19CC-$20%
FRQQXRYHULVRUVH¿QRDFDPELDUHODYLVLRQHFKHDEELD4
&0%5$%#0$%+(*++$<%
D*-%hOis.%'//$,'#50%'%)$*#'.%10(/*&0%'&&$/'/*%-*%-*(4
(*/*%5*--6'-;'C*(0%"$"'#($%$#+('--'(*%5'--6'/($+('%:-*m'#4
5/'%@/'#'50+%#*--*%S'--$%S*/5$P%-*%-*((*/*%2$%$#,$('#0%'5%
*#(/'/*.%*%+*"#'-'#0%20+g%-'%+0"-$'%(/'%$-%GK9$6%*%$-%G-B6<%
8#(/$'&0.%59#K9*U%%F-%20--*(($,0%(*5*+20%=$"/'#('+%0/4
"'#$??*/B%9#'%+*/$*%5$%-'C0/'(0/$%(*&'($2$%50,*%$%-02'-$%*%
$%G2$(('5$#$%5*--6'-(/0,*6%+('C$-$/'##0%9#'%20&9#$2'?$04
QHHPSDWLFDVXVSHFL¿FKHWHPDWLFKHFLYLFKH/RVWUHHW
'/($+(%J-*(%:C/'3'&%/'11/*+*#(*/B%20#%5$+*"#$%+($-$??'($%
J$($?*#+%0;%(3*%8-+*f3*/*%20#+$+(*%$#%9#'%+*/$*%5$%'?$0#$.%
C'+'(*%+9%9#%1/$#2$1$0%20&9#*%5$%$#(*--$"*#?'%20##*(($4
,'<%8%+*%20#+$5*/'++$&0%$-%(9/$+('%20&*%9#%+0""*((0%504
('(0%5$%+*#+$C$-$(B.%C90#%+*#+0.%*+1*/$*#?'%*%+'1*/%;'/*T%
57
*%+($2k*/%$%/$+9-('($%5$%K9*+(*%$#(*/'?$0#$.%*+$C*#50-$%10$%
+9$%C'-20#$%5*--'%2$((B<%
D*--*% ,$*% 5$% )$*#'.% $#% 19#($% 56'+20-(0% '--*+($($% 5'--6'+4
+02$'?$0#*% 29-(9/'-*% A/C'#% 8m1*/$*#2*.% -*% ;/*K9*#?*%
5$% Y)-*0' R)(S' .%0R% 2$% /'220#('#0% 5$% 20&6*/'% -'% 2$((B%
*% 20&*% ,'% 2'&C$'#50% "$0/#0% 5010% "$0/#0<% A#'% ,0-('%
VFRSHUWRFLzFKHVLFHODVRWWRODVXSHU¿FLHXUEDQDqLO
&0&*#(0% 5$% &*((*/2$% $#% "$020<% D*-% hOis% -'% ;0(0"/';'%
>'&*-'%='/($#*?%X05%-'#2*/B%$-%20#20/+0%56'/(*%5$"$('4
-*%[*1"'+#);"(("#.T'%*.+0#*$)('/%0+0103+):"P%20#%-'%(*24
#$2'%5*-%;0(0&0#('""$0%10(/*&0%+0,/'110//*%"-$%*,*#($%
+(0/$2$% '22'59($% $#% 2$((B% +9--*% $&&'"$#$% '((9'-$% 5$% K9*$%
-90"3$.%20+g%5'%/*#5*/*%(/'+1'/*#(*%-'%/*-'?$0#*%(/'%1/*4
+*#(*%*%1'++'(0<%
Y010% ',*/% $&1'/'(0% "$02'#50.% +$'&0% 5',,*/0% 1/0#($%
'% 1/*#5*/*% 1'/(*% '-% 5$C'(($(0% 19CC-$20P% -6'/($+('% 5$"$4
('-*% X0C*/(% >*((*#'% 2$% $#,$('% '% 10+('/*% *% (f$(('/*% 20#%
-63'+3('"%{2/9&C-$#"C9$-5$#"+$#+$*#'%-*%;0(0%5$%K9*"-$%
HGL¿FLLQGLVXVRFKHVFRYLDPRHVSORUDQGRODFLWWj'DO
5$C'(($(0% +9$% +02$'-% &*5$'% *&*/"*/'##0% 1/010+(*% 20#4
2/*(*%5$%/$9+0<%J3$9#K9*%1/*#5*%1'/(*%'%K9*+('%5$+29+4
+$0#*%19CC-$2'%19_%5$,*#('/*%9#%/0(*$Q'1)S"#%'%(9(($%"-$%
*;;*(($<
@/'?$*%'"-$%0/"3'-)+)%19CC-$2$.%(9(($%$%2$(('5$#$%`#0#%$&4
SRUWD GL TXDOH FLWWj SRVVRQR LQÀXHQ]DUH DWWLYDPHQWH
$-% 1/02*++0% 5*2$+$0#'-*<% :% K9*+(0% 1/010+$(0.% Z0;"8("%
#'+2*%20&*%9#'%1$'((';0/&'%5$"$('-*%23*%$#,$('%$%2$(('4
5$#$% '% 1/010//*% 5$/*(('&*#(*% '--6'9(0/$(B% -02'-*% $5**% *%
+0-9?$0#$<%\%1/01/$0%"/'?$*%'$%5'($%20+g%"*#*/'($%23*%"-$%
+,$-911'(0/$% ='9/$?$0% D'10-$('#0% *% )$&0#*% @'5*#?.%
5*--'% Q0#5'?$0#*% H/9#0% o*++-*/.% &*((*/'##0% '% 19#(0%
9#'%c/"3'B+#""+'X)/%`20#($#9'&*#(*%'""$0/#'('a%1/04
1/$0%#*--'%)'-'%5*-%='11'&0#50<
+(95$0% 5$% '/23$(*((9/'% >F!S8D8Q:HF.% *22<a% +,$-911*4
UDQQRVWUDWHJLHVSHFL¿FKHSHUODSURGX]LRQHGLDUWHIDWWL
DUWLVWLFLGHVWLQDWLDOVHWWRUHWXULVWLFR¿QRDOODFRVWLWX]LR4
QHXI¿FLDOHGHO0R7SUHYLVWDSHUJHQQDLR
)1*/$&*#(*/*&0%10$%'#23*%20#%$%"$023$%9/C'#$%`-'%,*/4
+$0#*%5$"$('-*%5*--'%2'22$'%'-%(*+0/0a.%23*%9+'#0%(*2#04
-0"$'%108*("%*%'-(/$%5$+10+$($,$%-95$2$%`+1$0#2$#$%*%19#($%
56'+20-(0% 1*/% -*% ,$*% 5*--'% 2$((B% 23*% 5$;;0#50#0% $&&'4
"$#$%*%+90#$a<%F#0-(/*.%$#%20--'C0/'?$0#*%20#%-68$#5304
,*#%A#$,*/+$(d%0;%^*23#0-0"dOHIDFFLDWHGHJOLHGL¿FL
19CC-$2$% +$% (/'+;0/&*/'##0% $#% +23*/&$% 1*/% 1/0$*?$0#$%
5$"$('-$<%
a61)3'a0+"(
^$% &'#2'#0% ;0/+*% /'"$0#$% 1*/% ;*/&'/($% '% )$*#'% 1$M% 5$%
9#'% #0((*T% F-% 20--*(($,0% 5'#*+*% b00-00% *+10/(*/B% 5'%
J01*#3'"*#.%D*f%e0/k%*%8$#530,*#%-0%a61)3'a0+"(<%
D0#%+$%(/'(('%+*&1-$2*&*#(*%5*--'%;0/#$(9/'%5$%9#'%2'4
&*/'% 56'-C*/"0% 1*/% 23$% '-(/$&*#($% #0#% +*% -'% 10(/*CC*%
1*/&*((*/*P%a61)3'a0+"(%7%'#23*%9#%$#29C'(0/*%5$%1/04
"*(($%'/($+($2$.%+*%1*/%^9/$+&0%N<O.%$#(*#5$'&0%9#%+*((0/*%
(/'+,*/+'-*%23*%$#2/02$'%'#23*%-'%+1*/$&*#('?$0#*%'/($4
+($2'<%
J0#% F330;)+*03' +06#*.1.% 6LHQD RUJDQL]]D LQ¿QH
9#'%+*/$*%5$%20#;*/*#?*%*%5$%$#20#(/$%+9-%(*&'%5*-%(9/$4
+&0%*%5*--6$##0,'?$0#*P%'-%2*#(/0%5*-%5$C'(($(0.%-*%#90,*%
;0/&*%5$%/$2*(($,$(B%*%0+1$('-$(B.%-*%/*-'?$0#$%(/'%-'%29-(9/'%
HO¶HFRQRPLDHOHQXRYHIRUPHGLPRELOLWjFKHVLSUR¿4
-'#0%$#%9#%0/$??0#(*%*9/01*0<%V'%,*/'%$##0,'?$0#*%5*-%
^9/$+&0%N<O%20#+$+(*%#*--'%20#5$,$+$0#*%5$%*+1*/$*#?*%*%
#*-%20#+9&0%20--'C0/'($,0.%0,,*/0%$#%2$_%23*%20#+*#(*%
5$%,$'""$'/*%5$%1$M%*%$#%&050%1$M%*20#0&$20<%!,9#K9*%
$-%,$'""$0%19_%(/'+;0/&'/+$%$#%9#'%;0/&'%5$%'11'/(*#*#4
?'% "/'?$*% '$% ;*#0&*#$% 5*--'% &0C$-$(B% *% 5*--60+1$('-$(B%
$#(*--$"*#(*% `1*/% *+*&1$0% $-% +$+(*&'% 5*-% $)#' .%)#*3:% *%
-*% 1/'($23*% 5$% FRXFKVXU¿QJ% 8+1*/($% $#(*/#'?$0#'-$% *%
01*/'(0/$%5$%+*((0/*%5*-%2'-$C/0%5$%Z0&*8m23'#"*<20&%
+$%$#20#(/*/'##0%20$%,$'""$'(0/$%1*/%-'%2/*'?$0#*%5$%#904
,*%20&9#$(B%5$%,$'""$'(0/$.%#'(*%5'-%C'++0%*%20#%C'+*%$#%
^0+2'#'<%
X6."61'0C'[06#*.1
)*%$-%&9+*0%7%$-%-90"0%(/'5$?$0#'-&*#(*%5*19('(0%'--6'/4
(*.%$#%9#'%1/0+1*(($,'%5$%>'(/$&0#$0%N<O.%$-%-90"0%$5*'-*%
1*/%$-%^9/$+&0%N<O%7%K9*--0%5*-%&9+*0%5$;;9+0P%-6*+1*/$4
&*#(0%5$%X6."61'0C'+06#*.1%$#$?$*/B%'%)$*#'%#*-%hOis.%
*%1*/&*((*/B%'%(9(($%5$%$5*'/*%+1*/$&*#('?$0#$%'/($+($23*%
#*-% 2'&10% (9/$+($20<% F#% 1'/($20-'/*.% "-$% +(95*#($% 5*--'%
)(9(("'/(%:2'5*&d%0;%:/23$(*2(9/*%'#5%Y*+$"#%'++$*&*%
'5%'-(/*%$+($(9?$0#$%'/($+($23*%`$-%=:!%5$%V]9C-]'#'.%-0%
B"3+*1"3+)('B*"3)
)*%7%,*/0%23*%(9(($%K9*+($%*,*#($%20#(/$C9$/'##0%'%9#'%
;/9$?$0#*%1$M%*&0($,'%5$%)$*#'.%+20&&*(($'&0%23*%(9.%
2$(('5$#0%-"((<)(+#0;".%($%+'/'$%"$B%$##'&0/'(0%;'('-&*#4
(*%5*--'%2$((B<%:--0/'%1/$&'%5$%/$1'/($/*%2/*'%-'%(9'%B"3+*P
1"3+)('B*"3)k%)9--6*+*&1$0%5$%'-(/*%2$((B%*9/01**.%-6'/4
($+('%*%+,$-911'(0/*%5$"$('-*%='/$0%Z$#0]0+%20$#,0-"*/B%
$%,$+$('(0/$%23*%+('##0%1*/%-'+2$'/*%)$*#'%$#%9#%1/0"*((0%
20--'C0/'($,0P%$#%10+('?$0#$%&0C$-$%'--*%10/(*%5$%)$*#'.%
+$% $#+('--*/'##0% 5*$% -'C0/'(0/$% 1*/% 19CC-$2'/*% -'% 1/04
1/$'%"9$5'%(9/$+($2'%5*--'%2$((B<%V6'++02$'?$0#*%29-(9/'-*%
-6!&C/$20%0/"'#$??*/B%5*$%-'C0/'(0/$%$($#*/'#($%1*/%-6*4
-'C0/'?$0#*%5$%9#0%.+0#Q+"((*3:%+*#($&*#('-*%5*--6$#(*/0%
(*//$(0/$0% 1/0,$#2$'-*<% V*% "9$5*% 1/010//'##0% 1*/20/+$%
'-(*/#'($,$.% 23*% /'220#('#0% 5$% K9*"-$% '#"0-$#$% 50,*% +$%
7% 5$+23$9+0% '-% ,$+$('(0/*% 9#% '/0&'% +*"/*(0.% 0% 5$% K9*-4
-'%1'#23$#'%23*%3'%1/01$?$'(0%-'%#'+2$('%5$%9#'%#90,'%
+(0/$'%+*#($&*#('-*.%0%+*&1-$2*&*#(*%5$%(9((0%2$_%23*%($%
KDGH¿QLWLYDPHQWHSHUVXDVRDUHVWDUHD6LHQDDWHPSR
$#5*(*/&$#'(0<
58
CopyWrong
!""#$%&'(%)*%+#,,-.#'(/%+/))/%0/&(#&1/%+#"#0*)#$%)*%(/00*%+#.0#(2#'(/%03*%43'+-00'3#%/%
&'(.-5*0'3#% +#% &'(0/(-0#% &3/*0#6#% .0*% 43'"3/..#6*5/(0/% .,-5*(+'7% 8'6/.&#*(+'%
)9#+/*%+#%:&'4;3#"109$%<'4;=3'("%4'(/%)/%>*.#%4/3%-(*%(-'6*%,*./%+/))*%.0'3#*%+/))*%
&-)0-3*%(/))*%?-*)/%0-00#%4'..*('%43/(+/3/%4#/(*5/(0/%4*30/%*))*%43'+-2#'(/%&-)0-3*)/%
H DO VXR FRQVXPR 5DFFRJOLHQGROHSULQFLSDOLV¿GHFKHFDUDWWHUL]]DQRLOSURVVLPR
.&/(*3#'%&-)0-3*)/$%#)%43'"/00'%5#3*%*%.-4/3*3/%-(*%&'(&/2#'(/%.0*0#&*%+/))9*-0'3#*)#0@$%
43'5-'6/(+'%)*%43'+-2#'(/%&'))*>'3*0#6*%/%)*%)#>/3*%&#3&')*2#'(/%+/#%&'(0/(-0#7
59
40/Qb#03:'C)'();0#)#"'*3.*"1"'("'360;"'"'("';"$$%*"' :% 1'/($/*% 5'-% hOiR.% V0/*#?0% H*#*5*(($.% 5$/*((0/*% 5*-%
:"3"#)2*03*M'*'1"-*)'+#)-*2*03)(*'"'K6"((*'360;*M'*3'301"' 2*#(/0%$#(*/#'?$0#'-*%1*/%-6'/(*%20#(*&10/'#*'%5*%:14
-*'63)'$03$"2*03"')/"#+)'"'/)#+"$*/)+*;)'-"(()'$6(+6#)A 1*-.%0/"'#$??*/B%9#%-'C0/'(0/$0%5$;;9+0%1*/%"$0,'#$%294
/'(0/$% *% '/($+($% ,$+$,$% $#(*/*++'($% '% -',0/'/*% 20#% '/23$,$%
19CC-$2$% *% 1/$,'($.% $% K9'-$.% 59/'#(*% -6$#(*/0% 1*/$050% 5$%
V'%1/$&'%'?$0#*.%D#$%*;"'I";"#.%,90-*%5'/*%#90,'%,$('% +,0-"$&*#(0%5*-%1/0"*((0.%1'/(*2$1*/'##0%'5%9#'%/*+$4
'"-$% '/23$,$% 29-(9/'-$% *9/01*$% *.% $#% &050% 1'/($20-'/*.% 5*#?'%'/($+($2'%1/*++0%'-29#*%2'+*%1/$,'(*%5$%)$*#'<%:(4
'% K9*--$% 5$&*#($2'($% *% $#% ,$'% 5$% *+($#?$0#*<% )$% $#$?$'% (/',*/+0% K9*+('% *+1*/$*#?'.% "-$% '/($+($% *% $% 29/'(0/$% 104
20#% -'% &0+(/'% X6-' D3:"(..% 29/'('% 5'--6'/($+('% ,$+$,0% (/'##0% 20#59//*% -*% -0/0% /$2*/23*% +9--6$&&'"$#'/$0% 5$4
D*$-% J9&&$#"+.% 23*% $#(*#5*% *++*/*% 9#% *+*&1$0% 5$% &*#($2'(0%5*--'%2$((B%*.%'--0%+(*++0%(*&10.%;',0/$/'##0%-'%
FUHD]LRQH FROOHWWLYD GHO ;;, VHFROR H DOOR VWHVVR 2$/20-'?$0#*%1/*++0%9#%19CC-$20%'&1$0%5*$%1$M%/*2*#($%
(*&10.%9#%0&'""$0%'--0%+(0/$20%$#(*/,*#(0%1010-'/*%1*/% +,$-911$%5*--6'/(*%20#(*&10/'#*'<
-'%20#+*/,'?$0#*%5*-%1'(/$&0#$0%*9/01*0%5*-%#0,*&C/*%
ijss.% K9'#50% $% 2$(('5$#$% $('-$'#$% *5% *9/01*$% +'-,'/0#0% b"M'+%"'D6+%0#
#9&*/0+$%2'10-',0/$%'/($+($2$%*%-$C/$%/'/$%5'$%+0((*//'#*$% F-%#0+(/0%1'/'5$"&'%5*-%>'(/$&0#$0%N<O%$&1-$2'.%(/'%-*%
'-(/*% 20+*.% -'% 10++$C$-$(B% 5$% /*#5*/*% 0&'""$0% '% 9#% '94
GHJOL8I¿]LGXUDQWHO¶LQRQGD]LRQHGHOO¶$UQR
4XHVWDD]LRQHLQL]LHUjLOQRYHPEUHD)LUHQ]H (0/*% $#% K9'#(0% "*#$0% $#5$,$59'-*% *.% '--0% +(*++0% (*&10.%
50,*% -6'/($+('% 5'/B% $-% ,$'% '% 9#% '##0% 5$% -'C0/'(0/$% 1'/4 5$%$#(/'1/*#5*/*%#90,$%1/02*++$%2/*'($,$%23*%,'-0/$??'4
(*2$1'($,$% '1*/($% '$% 2$(('5$#$% (0+2'#$% % % *5% *9/01*$% 1*/% #0% -6$#(*--$"*#?'% 5*--'% 20--*(($,$(B<% V'% #0+(/'% +*20#5'%
-'% 2042/*'?$0#*% 5$% 9#'% &0+(/'% $($#*/'#(*% 5*5$2'('% '--*% '?$0#*%b"M'+%"'D6+%0#%+$%20#2*#(/'%+9--6$5*'%5$%2/*'?$04
01*/*% 56'/(*% 23*% ;9/0#0% +'-,'(*% 5'--6'--9,$0#*% 5$% 2$#4 #*%1'/(*2$1'($,'.%;'2*#50%-',0/'/*%$#+$*&*%$%,*223$%*%$%
K9'#(6'##$%1/$&'<%V6*+$C$?$0#*%+'/B%20&10+('%5'%/$1/04 #90,$%&*5$'<
59?$0#$%5*--*%01*/*%0/$"$#'-$%$#%+2'-'%iPi<%:%1'/($/*%5'-% J00/5$#'(0%5'%H-'C-'-'C.%20#%-'%1'/(*2$1'?$0#*%5$%"/'#4
#0,*&C/*%hOit.%+'/'##0%*+10+(*%1/*++0%$-%J0&9#*%5$% 5$% '((0/$% *% 5/'&&'(9/"3$% 20&*% ='/$'% Y*% =*5*$/0+% *%
Q$/*#?*%*%+922*++$,'&*#(*%(/'+10/('(*%$#%'-(/*%2$((B%'(4 V9$+'%J0+('%@0&*+.%$-%1/0"*((0%D(;)#0PX)36"(%&$/'%'%
(/',*/+0%2'(*#*%9&'#*.%20&*%#*-%ijss.%0119/*%20#%+(';4 &'#(*#*/*%,$,'%-'%&*&0/$'%5*-%5/'&&'(9/"0%10/(0"3*4
;*((*%,0-0#('/$*%5$%2$(('5$#$429/'(0/$<%:--0%+(*++0%(*&10.% +*%:-,'/0%@'/2W'%5*%wxy$"'%'((/',*/+0%9#%1/02*++0%'/($4
-6F+($(9(0%F#(*/#'?$0#'-*%V$;*%H*d0#5%^09/$+&%0/"'#$?4 +($20%5$%20--'C0/'?$0#*%23*%20$#,0-"*%'/($+($%1/0,*#$*#($%
?*/B% #9&*/0+*% $#$?$'($,*% &$/'(*% '% /$10/('/*% '% Q$/*#?*% 5'%(9(('%89/01'<%^/'%$-%hOis%*%$-%hOij.%$-%)'#('%='/$'%
$%"/'#5$%/*+('9/'(0/$%23*%/'""$9#+*/0%-'%2$((B%5'-%D0/5% 5*--'%)2'-'%5$%)$*#'%+'/B%$-%2*#(/0%5*--*%'(($,$(B%'/($+($4
23*%$+1$/'(*%'--601*/'%5$%:-,'/0.%20$#,0-"*#50%-6$#(*/'%
89/01'%#*$%&*+$%+922*++$,$%'-%5$+'+(/0<
>*/% 0;;/$/*% '% (9(($% "-$% +(/9&*#($% 5$"$('-$% 1*/% 20#(/$C9$4 2$(('5$#'#?'%$#%9#%1/02*++0%5$%'9(0/$'-$(B%20#5$,$+'<
/*%'--'%29/'(*-'%5*--'%&0+(/'%X6-'D3:"(..%$-%&*('V:H% D*-% hOij.% -0% +(';;% 5$% )2/$((9/'% F#59+(/$'-*% J0--*(($,'%
5*--6A#$,*/+$(B% 5$% Z'/,'/5% +,$-911*/B% 9#'% ,*/+$0#*% `)FJa%/*#5*/B%5$+10#$C$-*%$-%Z#")+'56#0/")3'O0;"(P%9#%
+1*2$'-*%5*--'%+9'%1$'((';0/&'%J9/'/$9&<%!"#$%+$#"0-0% /'220#(0% +9-% S*223$0% J0#($#*#(*.% +2/$((0% #*$% (/*% '##$%
2$(('5$#0%10(/B%'//$223$/*%-6*+10+$?$0#*%20#5$,$5*#50%-*% 1/*2*5*#($.% 5'% &$--*% '9(0/$% 1/0,*#$*#($% 5'% (9(($% $% ,*#4
(0((0%)('($%&*&C/$%5*--6A#$0#*%89/01*'.%9($-$??'#50%$-%
+9*%$&&'"$#$%*%-*%&*&0/$*%1*/+0#'-$%5*-%ijss<
X6-'D3:"(.''1/*%-'%+(/'5'%'--*%$#$?$'($,*%23*%+$%+,0-"*4 &*(050%)FJ<%)'/B%$-%/0&'#?0%20#%$-%&'""$0/%#9&*/0%5$%
/'##0%#*"-$%'##$%+922*++$,$P%$#+$*&*%'%$+($(9?$0#$%20&*% '9(0/$%5$%(9(($%$%(*&1$<
$-%=9+*0%5*-%Y*+$"#%5$%=0+2'%*%$-%Y'#$+3%Q$-&%F#+($(94 )9--'%C'+*%5*--*%*+1*/$*#?*%&'(9/'(*%#*--'%1/059?$0#*%
(*%4%Y*(%Y'#+k*%Q$-&$#+($(9(.%20#($#9*/*&0%'%*-'C0/'/*% 5$%,$5*0%1'/(*2$1'($,$%$#%)1'"#'.%@*/&'#$'.%^9#$+$'%*%
#90,*%20--*?$0#$.%*%20+g%+201/$/*%*%20#5$,$5*/*%#90,*% >'-*+($#'.%#*-%+*((*&C/*%hOij%$-%20--*(($,0%5$%/*"$+($%w'4
&05'-$(B%5$%'/23$,$'?$0#*%*%5$%*+1*/$*#?'%5*-%20+$55*((0% V'C%20#59//B%9#%1/0"*((0%+1*2$'-*%#*--'%2$((B%5$%)$*#'<%
F+1$/'#50+$%'-%"/'#5*%+2/$((0/*%$('-$'#0%J*+'/*%w','(($#$%
G&'-%56'/23$,$06<
7UD LO H LO LO FRPLWDWR VFLHQWL¿FR GHOOD UL4 23*%9#'%,0-('%5$++*%L[6++*'.030'$*3").+*M'8).+)');"#"'()'
,$+('% $#(*/#'?$0#'-*% 5$%S$+9'-% )(95$*+% GQ'('% =0/"'#'6% $0.$*"32)' -*' ;0("#.*' "./#*1"#"' $03' *(' $*3"1)W.% w'V'C%
0/"'#$??*/B.%1/*++0%-6A#$,*/+$(B%5$%)$*#'.%9#'%+*/$*%5$% /*'-$??*/B% 9#% ,$5*0% 5029&*#('/$0% $#+$*&*% '--*% 20&94
20#;*/*#?*% +9-% ;9(9/0% 5*"-$% '/23$,$% ,$+$,$% #*-% #90,0% #$(B%23*.%1$M%5$%(9(($.%3'##0%'%23*%;'/*%K90($5$'#'&*#(*%
20#%$-%1'(/$&0#$0%5$%)$*#'P%$%&9/'(0/$%1/0,*#$*#($%5'-%
+2*#'/$0%5*--'%29-(9/'%/#0.61"#A
D*-% "*##'$0% hOij.% -'% Q*5*/'?$0#*% F('-$'#'% J$#*&'% =*5$0% !/$*#(*% *% 5'-% )95% :&*/$2'.% 23*% 20#+*/,'#0%
568++'$% $#'9"9/*/B% 9#'% /'++*"#'% +9"-$% '/23$,$% 5$&*#4 JOL DQWLFKL HGL¿FL GHOOD FLWWj H OH EDGDQWL SURYHQLHQWL
($2'($%5*--'%)*(($&'%'/(*.%&*#(/*%'%+*((*&C/*%5*--0%+(*+4 5'--689/01'%0/$*#('-*.%23*%10/('#0%','#($%K9*--'%29-(94
+0% '##0% $-% Q$-&% Q*+($,'-%S$+$0#'/$'.% $#% 20--'C0/'?$0#*% /'%5*--6'++$+(*#?'%23*%20+($(9$+2*%9#%*-*&*#(0%2*#(/'-*%
20#%-6:++02$'?$0#*%Z0&*%=0,$*+4:/23$,$0%#'?$0#'-*% 5*-%1'(/$&0#$0%+*#*+*%*5%*9/01*0<%D*-%"*##'$0%hOit.'
5*-%Q$-&%5$%Q'&$"-$'.%0/"'#$??*/B%9#'%/*(/0+1*(($,'%+9-% ^fV*((*/'(9/'%-'#2*/B%+9-%f*C%9#6'(($,$(B%5$%#'//'?$0#*%
C063-' C00+):"' $*3"1).% '220&1'"#'('' 5'% 9#'% +*/$*% 5$% (/'#+4&*5$'-*%'((/',*/+0%-'%K9'-*%$%2$(('5$#$%10(/'##0%/$4
1*/;0/&'#2*%'/($+($23*%23*%/$10/(*/'##0%$#%,$('%"-$%'/4 *-'C0/'/*%'-29#*%5*--*%01*/*%;0#5'($,*%5*--'%29-(9/'%*94
/01*'%9($-$??'#50%^f$((*/%20&*%+(/9&*#(0%5$%+2/$((9/'<%
23$,$%,$+$,$%5*--'%2$((B<
60
@/'?$*% '--'% 20--'C0/'?$0#*% 20#% -'% 1$'((';0/&'% 5$"$('-*%
V$((*/'^09/.%(9((*%-*%/$+2/$((9/*%*%$%&'+3491%23*%+'/'##0%
1/050(($% ,*//'##0% "*04/*;*/*#?$'($.%$#% &050% 5'% 0;;/$/*%
'$%,$+$('(0/$%9#6*+1*/$*#?'%'9&*#('('%5*-%1'(/$&0#$0%5$%
)$*#'<
Y"P4#")+*;"'56#0/"
J0#2*#(/'#50+$%+9-%20#2*((0%5$%G1*/;0/&$#"%3*/$('"*6.%
23*% 20#+$5*/'% -6'((0/*% $#% K9'#(0% 1/$#2$1'-*% $#(*/1/*(*%
5*--6'/23$,$0% ,$,*#(*% 5*--'% 29-(9/'.% Y"P4#")+*;"' 56#0P
/"'7%9#%1/0"*((0%(*'(/'-*%5*5$2'(0%'--69&0/$+&0%20&*%
SUDWLFDGLFUHD]LRQHLQFOXVLYDHSRWHQ]LDOPHQWHLQ¿QLWD
2'1'2*%5$%',,$2$#'/*%$%5$,*/+$%1'*+$%5*--689/01'<
D*-%&*+*%5$%'"0+(0%5*-%hOij.%1/*++0%$-%^*'(/0%5*$%X$#4
#0,'($%5$%)$*#'.%z'#"0%85f'/5+.%$#,*#(0/*%5*--'%2-0f4
#*/$*%20#(*&10/'#*'.%20#59//B%9#%f0/k+301%9(01$+($20%
+9--69&0/$+&0%20&*%;0/&'%9#$,*/+'-*%5$%20&9#$2'?$04
#*<%F%2$(('5$#$%*%$%,$+$('(0/$%$&1'/*/'##0%'%$#(*/'"$/*%'%
1/*+2$#5*/*%5'--*%5$;;*/*#?*%-$#"9$+($23*.%&*#(/*%-'%204
&9#$(B%5*-%D09,*'9%J-0f#%F#+($(9(*%1'/(*2$1*/B%'--*%'(4
($,$(B%'((/',*/+0%-'%+9'%1$'((';0/&'%5$"$('-*<%F#2$'&1'/*.%
"*(('/*%C*#?$#'%+9-%;9020.%2/*'/*%$#20&1/*#+$0#$P%+0#0%
K9*+(*% -*% ;0/&*% *-*&*#('/$% 5*--'% 20&$2$(B% &05*/#'<%
D*-%&*+*%5$%+*((*&C/*%hOij.%#*--*%+(/'5*%*%#*$%,$20-$%5$%
)$*#'.%-6'((0/*%*%&$&0%)*/"$0%H9+(/$2%&*((*/B%$#%+2*#'%
9#0% +1*(('20-0% 20--*(($,0% $#% 29$% "-$% *1$+05$% 9&0/$+($2$%
+2'(9/$/'##0%5'--6*+1*/$*#?'%K90($5$'#'%5*--0%+1'?$0%9/4
C'#0<%D*--*%1/$#2$1'-$%1$'??*%5*--'%2$((B.%+'/'##0%1/0$*(4
WDWHVHTXHQ]HXPRULVWLFKHGLFHOHEUL¿OPPXWLSURSULR
K9*--$%23*%$#$?$'#0%'%+;9""$/*%'$%1'/'&*(/$%(*&10/'-$%5*-%
5$/$((0%56'9(0/*<
D*-%C$*##$0%hOit4hOiR.%-0%+(';;%5$%)1$#0?'<$(%%-'#2*/B%
9#'% 1$'((';0/&'% 5$"$('-*% $#(*/#'?$0#'-*% 5*5$2'('% '--'%
+'($/'.% 9($-$??'#50% $-% &05*--0% 5*-% 2/0f5+09/2$#"<% V604
C$*(($,0%7%K9*--0%5$%+'-,'/*%$-%1'(/$&0#$0%5*--69&0/$+&0%
&'#(*#*#50-0%$#%'(($,$(B%'((/',*/+0%$%#90,$%&*5$'<%D*-%
&'/?0% hOij.% #*--*% 0+(*/$*% 5$% )$*#'.% )1$#0?'<$(% 29/*/B%
'#23*%-'%1/$&'%H$*##'-*%5$%+'($/'%23*%$#,$(*/B%"-$%9&04
/$+($%'%/'220#('/*%C'/?*--*((*%'((/',*/+0%,*223$%*%#90,$%
&*5$'<% F-% &0&*#(0% 5*2$+$,0% 5$% J01db/0#"% 20$#2$5*.%
#*-%hOij.%20#%$-%40/Qb#03:'I".+*;)(.%23*%&$/'%'%*++*/*%
$-% 1$M% "/'#5*% *,*#(0% &'$% 5*5$2'(0% '--'% 29-(9/'% /#0.6P
1"#<%Y9/'#(*%-'%+*(($&'#'%5*-%;*+($,'-.%'22*5*/*%'--6$#4
(*/#0%5*--*%&9/'%23*%5*-$&$('#0%)$*#'%'++9&*/B%9#%+$4
JQL¿FDWRVLPEROLFRVDUjFRPHVXSHUDUHODFRUQLFHFKH
+*1'/'%-601*/'%56'/(*%5'"-$%+1*(('(0/$<%D0#%267%1$M%'-294
#'%)6-*"3$"%'-%-B%5$%K9*--'%-$#*'.%*%23$9#K9*%5*2$5*%5$%
'((/',*/+'/-'%1*/%*#(/'/*%$#%2$((B%'22*(('%$&1-$2$('&*#(*%
5$%*++*/*%%1/0('"0#$+('%5*-%1/02*++0%2/*'($,0<%@-$%'/($4
+($%20$#,0-($%#*-%1/0"*((0%)$*#'hOij%1/*#5*/'##0%1'/(*%
'--'%+*(($&'#'%5*-'40/Qb#03:'I".+*;)(P%+$%'110+(*/'#4
#0%$#%1/0++$&$(B%5*--*%10/(*%5*--'%2$((B%*%'220"-$*/'##0%
$% 1'/(*2$1'#($% $#,$('#50-$% '% 1/*#5*/*% 1'/(*% '-% 1*/20/+0%
5*--'%2/*'?$0#*%20--*(($,'<
>*/%;'/*%9#%*+*&1$0.%9#%"$020%C'+'(0%+9-%G["("C030'."3P
]D¿OL6%/$1/*#5*/B%-'%(/'5$?$0#*%5*$%1/0,*/C$%+*#*+$%*%5*$%
/'220#($%1010-'/$%20--*"'#50%5$,*/+$%-90"3$%5*--'%2$((B.%
+$'%19CC-$2$%23*%1/$,'($c%$#%('-%&050.%-'%2$((B%/$+201/$/B%
-'% ;0/?'% 2/*'($,'% 5*"-$% *//0/$% '22$5*#('-$<%:% 1'/($/*% 5'%
K9*+(0%"$020.%$-%20--*(($,0%(*'(/'-*%X$&$#$%>/0(0k0--%204
0/5$#*/B%-0%+1*(('20-0%G4b'$*+*2"3'/()Q<A%Y010%-'%1/$4
&'%23*%+$%+,0-"*/B%#*--0%+('5$0%5$%)$*#'.%('-*%+1*(('20-0%
+'/B%-$C*/'&*#(*%(/'50((0%$#%'-(/*%-$#"9*%9($-$??'#50%@04
0"-*%^/'#+-'(*%1*/%*++*/*%&*++0%#90,'&*#(*%$#%+2*#'%$#%
5$,*/+*%2$((B%*9/01**<
>0/('% X0&'#'.% $-% -90"0% 50,*% 7% '&C$*#('(0% -6';;/*+20%
Z(*'"CC"++*'-"('8603:0;"#30'*3'$*++,'"'*3'$)1/):3).%+'/B%
$-%19#(0%5$%1'/(*#?'%5$%9#%1*/20/+0%$#,*/+0%5'-%2*#(/0%
5$%)$*#'%'--'%1*/$;*/$'.%50,*%$-%20--*(($,0%5$%.+#""+')#+*.+%
);%/$1/059//B%$-%2'10-',0/0%5$%:&C/0"$0%V0/*#?*(($%$#%
23$',*% 20#(*&10/'#*'.% 20$#,0-"*#50% -*% 1*/+0#*% 23*%
,$,0#0%*%-',0/'#0%$#%K9*$%-90"3$<%!"#$%01*/'%5$%+(/**(%
'/(%+'/B%K9$#5$%"*04/*;*/*#?$'('%5'%V$((*/'(09/.%&*#(/*%
-6'++02$'?$0#*%29-(9/'-*%A/C'#%8m1*/$*#2*%0/"'#$??*/B%
9#'% +*/$*% 5$% L1'++*""$'(*% /#0.61"#W% 59/'#(*% -*% K9'-$% $%
2$(('5$#$%10(/'##0%5029&*#('/*%*%20#5$,$5*/*%+9%e094
^9C*%*%'-(/$%+02$'-%#*(f0/k%$-%1/02*++0%1'/(*2$1'($,0%5$%
20+(/9?$0#*%5*-%G#90,0%C90#%"0,*/#06<%
F-%#*f%&*5$'%'/($+(%*%$#+*"#'#(*%D$2k%H/$?%+,$-911*/B%
$#,*2*%9#'%,*/+$0#*%$#(*#+$,'%5*-%+90%H."#P.*-"'%)$S*3:'
R0#S.%0/.% 1*/% ;',0/$/*% -0% +,$-9110% 5$% 9#6$5*'% 2/$($2'%
5*-%+02$'-%#*(f0/k$#"P%$#%K9*+('%2-'++*%'1*/('.%$%2$(('5$4
#$%$&1'/*/'##0%'%9+'/*%Q'2*C00k.%@00"-*.%F#+('"/'&%
*(2<<<%#*-%G&050%+C'"-$'(06%r%-'%20&9#$(B%$&1'/*/B%2$07%
'%;0/?'/*%-*%/*"0-*%5*$%+02$'-%&*5$'%'%1/01/$0%,'#('""$0.%
;',0/*#50%-'%-$C*/'%2$/20-'?$0#*%5*$%20#(*#9($%*%-'%(9(*-'%
5*--'%1/$,'2d<
)*%$-%40/Qb#03:'I".+*;)(%59/'%+0-0%+*((*%"$0/#$.%-'%+9'%
*#*/"$'% #0#% +$% *+'9/$+2*% $#% 9#'% +*(($&'#'<% D*-% hOis.%
1/*++0%$-%)'#('%='/$'%5*--'%)2'-'.%+'/B%;0#5'(0%$-%4"3+#"'
C0#'!"#C0#1*3:'a"#*+):".%$-%(3$#k%('#k%5$%J01db/0#"<%
^/'%$-%hOit%*%$-%hOij.%$-%J>Z%0+1$(*/B%f0/k+301%*%20#4
;*/*#?*%+9%(*&$%-*"'($%'--*%5$"$('-%39&'#$($*+%*%'-%20#4
2*((0%5$%>'(/$&0#$0%N<O<%D*-%hOiR.%5$,*/+$%C-0"%29-(9/'-$%
$('-$'#$% `20&*% -',0/029-(9/'-*<0/"u.% -*1'/0-**-*20+*<
$(u.% ;9/$'2*/,*--$<C-0"+10(<20&u% *% K9'((/02*#(0K9'((/0<
20&ua%-'#2*/'##0%$-%GV'C0/'(0/$0%$($#*/'#(*%5$%1*#+$*/0%
2/$($206%$#%-90"3$%#0#%20#,*#?$0#'-$%20&*%+91*/&*/2'4
($.%1'-*+(/*.%2'+*%5$%29/'.%0+1*5'-$.%;'CC/$23*%*%2*#(/$%5$%
'220"-$*#?'% 1*/% $&&$"/'($<% I9*+('% 1/'($2'% $#(*--*((9'4
-*%1'/(*2$1'($,'%20+($(9$/B%9#%'-(/0%1'++0%;0#5'&*#('-*%
1*/%-0%+,$-9110%5$%9#'%29-(9/'%/#0.61"#<%:--6$#$?$0%5*-%
hOij.% $-% V'C0/'(0/$0% +'/B% /$-'#2$'(0% '-% -$,*--0% *9/01*0%
$#% +$#*/"$'% 20#% -6:++02$'?$0#*% ='/2*-% Z$2(*/.% &*#4
(/*% #*-% #0,*&C/*% hOij% $-% J>Z% *% -6A#$,*/+$(B% 5$% )$*4
#'%0+1$(*/'##0%9#%/'59#0%$#(*/#'?$0#'-*%5*$%-',0/'(0/$%
GHOODFRQRVFHQ]D,Q¿QHLO&3+LQFROODERUD]LRQHFRQ
$-%='+(*/%$#%Q$-&%*%Y$"$('-%=*5$'%5*--6A#$,*/+$(B% J'6%
Q0+2'/$% 5$%S*#*?$'.% 0/"'#$??*/B% 9#'% 20#;*/*#?'% $#(*/4
#'?$0#'-*% +9--'% +0+(*#$C$-$(B% *20#0&$2'% *% +9--'% (9(*-'%
"$9/$5$2'%5*--*%1/0;*++$0#$%29-(9/'-$.%23*%29-&$#*/B%20#%
O¶LVWLWX]LRQHGHOODOLFHQ]Dµ&RS\:URQJ¶FKHGH¿QLUjOD
20/#$2*%+02$'-*%5*-%20#2*((0%5$%>'(/$&0#$0%N<O<
61
We Are Leonardo
b"' D#"' V"03)#-0' E' 63' /#0:"++0' "-6$)+*;0' 303'
$03;"32*03)("';0(+0')'.+*10()#"'*('/"3.*"#0'$#")+*;0'"'
()' $)/)$*+,' -*' *330;)2*03"' -"*' $*++)-*3*' ."3".*A' F(' .60'
10++0'ET'F1/)#)k'B/"#*1"3+)k'F3;"3+)k
5'303');"#"'/)6#)'-*'C)#"'"##0#*'(63:0'*('/"#$0#.0A'
F-% [OO*+$&0% '##$,*/+'/$0% 5*--'% &0/(*% 5$% V*0#'/50%
5'% S$#2$% #0#% 7% +0-0% 9#6*##*+$&'% 022'+$0#*% 1*/%
'&&$/'/*% -*% +9*% $#,*#?$0#$% *% ,*#*/'/*% $-% +90% "*#$0P%
1*/23E% #0#% 50,/*&&0% ',*/*% '#23*% $-% 20/'""$0% 5$%
*&9-'/-0.% *% 1/*#5*/*% $+1$/'?$0#*% 5'-% +90% &*(050% 5$%
-',0/0% C'+'(0% +9--'% +1*/$&*#('?$0#*.% -'% 29/$0+$(B.%
-6'11/*#5$&*#(0% '9(05$5'(('% *% -'% &9-($45$+2$1-$#'/$(BT%
F#+$*&*.% 20+(/9$'&0% 9#% (*//*#0% 5$% "$020% +*20#50% -'%
-0"$2'%/#0.61"#.%$#%29$%(9(($%10++0#0%10/('/*%$-%1/01/$0%
20#(/$C9(0%'-%5$'-0"0%(/'%29-(9/'.%+2$*#?'%*%(*2#0-0"$'%
5*-%hiÄ%+*20-0<%
BS00(' J)2"% +$% 20#2*#(/'% +9-% "$020% *% -'% "180-*"-'
$0:3*+*03%20&*%;/0#($*/'%;9(9/'%5*$%1/02*++$%*592'($,$<%
A#'% 1$'((';0/&'% +1*/$&*#('-*% 5$% )*/$09+% @'&*+%
1/059//B%#90,$%+(/9&*#($%5$5'(($2$%1*/%$%#'($,$%5$"$('-$P%%'%
1'/($/*%5'-%hOit%$#$?$*/B%'%+,$-911'/*%5$,*/+*%($10-0"$*%5$%
"$023$%1*/%-L'11/*#5$&*#(0%-9#"0%-*%(/*%-$#**%+(/'(*"$23*%
5$%)$*#'hOijP%+'-9(*%*%;*-$2$(B.%"$9+($?$'%+02$'-*%*%(9/$+&0%
+&'/(<%F-%4"3+#"'C0#'N*01"-*$)('[#)*3*3:')3-'401/6+"#'
Z#)/%*$% 9($-$??*/B% ;0/&*% $##0,'($,*% 5$% *-'C0/'?$0#*%
JUD¿FD ' FRPELQDWH FRQ VLPXODWRUL PHGLFL SHU
;0/&'/*% $% ;9(9/$% 1/0;*++$0#$+($% 5*--'% +'-9(*% '((/',*/+0%
-*% #90,*% &*(050-0"$*% 5*$% G"$023$% +*/$6<% F#0-(/*.%
1/*#5*#50%-*%&0++*%5'--'%"/'#5*%1'++$0#*%5$%V*0#'/50%
1*/% -6'#'(0&$'.% $-% 2*#(/0% +,$-911*/B% J*:*+)(' `*+#6;*)3'
a61)3.% 9#'% &'11'(9/'% $#(*/'(($,'% $#% NY% 5*-% 20/10%
9&'#0% 23*% ,*//B% ,$+9'-$??'('% 9($-$??'#50% (*2#0-0"$*%
FRPH O¶RORJUD¿D OD PRWLRQ FDSWXUH H L VHQVRUL ((*
f$/*-*++.%$#%9#%'&C$*#(*%$&&*/+$,0%*%$#(*/'(($,0.%50,*%
$% ,$+$('(0/$% +'/'##0% $#% "/'50% 5$% ,$+9'-$??'/*% *% "$02'/*%
FRQ LO SURSULR VWDWR SVLFR¿VLFR 1HO FRUVR GHO )$*#'%0+1$(*/B%9#'%+*/$*%5$%"/'#5$%*,*#($%1'/(*2$1'($,$%
5$%-'/"'%+2'-'.%/$,0-($%'--'%20&9#$(B.%+9-%(*&'%5*-%"$020P%
m06#'N0-Q'F.'D'`"%*$(".%9#%"$020%9/C'#0%$#%/*'-(B%$C/$5'%
+,$-911'(0% 5'% H-'+(% ^3*0/d% 23*% 20$#,0-"*% +,'/$'(*%
20&9#$(B%+*#*+$.%-*%K9'-$%+,$-911*/'##0.%20#%-L'$9(0%5*"-$%
'/($+($.%-*%20&1*(*#?*%1*/%5$,*#('/*%2042/*'(0/$%5$%9#'%
+*/$*%5$%L,$+$('?$0#$L%&$+(*/$0+*%<%D*-%+*((*&C/*%5*-%hOij.%
,'/$%0""*(($%*#$"&'($2$%5'$%20-0/$%,$,'2$%'11'/$/'##0%$#%
2$((B.% 10+$?$0#'($% $#% -90"3$% $#+0-$($.% +*#?'% +1$*"'?$0#$%
VXOOD ORUR SURYHQLHQ]D H VXO ORUR VLJQL¿FDWR ,Q XQD
+*/$*% 5$% *,*#($% #0((9/#$.% :/+% 8-*2(/0#$2'% Q9(9/*% V'C%
,0-*/B%#*$%2$*-$%20#%Z)1"'0C'B/)j+"(..%9#'%1*/;0/&'#2*%
$#(*/'(($,'%5$%5/0#$%23*%(/'+;0/&*/B%$-%2$*-0%$#%9#6*#0/&*%
LQWHUIDFFLD FRQ FXL OD FRPXQLWj SRWUj JLRFDUH ,Q¿QH
$-%^0#d%J-$;(0#%J$/29+.%$#%20--'C0/'?$0#*%20#%-*%Q*/$'*%
62
='(/$29-'/9&%`'++02$'?$0#*%"0-$'/5$%5$%)$*#'a.%$#,'5*/B%
'--*"/'&*#(*%-*%+(/'5*%5$%)$*#'%&*((*#50%$#%+2*#'%9#'%
,'/$*(B%5$%+1*(('20-$%2'/#*,'-*+23$%23*%20$#,0-"*/'##0%
'(($,'&*#(*%"-$%+(95*#($%5*--*%+290-*%+91*/$0/$%5$%)$*#'.%
#0#23E% -*% #9&*/0+*% "$(*% +20-'+($23*% 23*% ,*#"0#0% '%
,$+$('/*%-'%2$((B<
X)+"#*)('B$*"3$"%';;/0#('%$-%/90-0%5*--'%+1*/$&*#('?$0#*%
#*$% 1/02*++$% 2/*'($,$.% 20#% 1'/($20-'/*% /$"9'/50% '$%
&'(*/$'-$<% :(*-$*/% 5$% 2041/059?$0#*% ,*//'##0% '1*/($%
$#% 1/0,$#2$'% 5$% )$*#'.% 20#% $-% +9110/(0% -0"$+($20% 5*--'%
Q0#5'?$0#*%=9+*$%)*#*+$%`=9+*0%5*-%J/$+('--0.%=9+*0%
5*--'% ^*//'20(('.% *(2<a% *% 5$% 0DWHULDO &RQQH;LRQ.% 9#'%
C'#2'% 5'($% $#(*/#'?$0#'-*% +9$% &'(*/$'-$% $##0,'($,$<%
:/($+($%*9/01*$%`^0C$'+%X*3C*/"*/.%:#$+3%o'100/.%V0/$+%
J*223$#$a.% 5*+$"#*/% `!1*#% H/'#5% Y*+$"#.% :#'% Q'($'.%
:/(9/0% 8/C+&'#a.% *% '/($"$'#$% /*"$0#'-$% +1*/$&*#('#50%
20#% &'(*/$'-$% $##0,'($,$.% 2/**/'##0% #90,$% 1*/20/+$% 5$%
20#('&$#'?$0#*% 2/*'($,'<% D*-% hOij.% $% /$+9-('($% 5*--*%
20--'C0/'?$0#$%(/'%'/($+($.%5*+$"#*/%*%'/($"$'#$%,*//'##0%
*+10+($% #*--'% D#+' f' J".*:3' N*"33)("' 03' F330;)+*;"'
X)+"#*)(..'$#%,'/$*%+*5$%$#%(9(('%-'%1/0,$#2$'%5$%)$*#'.%
'5%*+*&1$0%$%1'5$"-$0#$%(*&10/'#*$%$&&*/+$%#*-%,*/5*.%
'-29#$%5*$%K9'-$%/*'-$??'($%5'--6'/($+('%>3$-%X0++.%23*%;'/B%
9+0%5$%&'((0#$%20&10+($%5'%;9#"3$%,$,*#($.%'-(/$%1/0"*(('($%
5'--6'/23$(*((0% 20&19('?$0#'-*% =$23'*-% Z'#+&*d*/<%
V'% H$*##'-*% +'/B% '1*/('% *% 23$9+'% 5'--'% J0&1'"#$'%
Q$#?$%>'+2'.% 20#% 9#0%+1*(('20-0%$($#*/'#(*.%(/'%-601*/'%
*% $-% 2$/20.% $#2*#(/'(0% +9% V*0#'/50% *% $-% +90% 5*+$5*/$0%
5$% +1*/$&*#('?$0#*<% A#0% 5*$% &0&*#($% +'-$*#($% 5*--'%
H$*##'-*%+'/B%V)8'0C'Z#)/%"3".%$-%&'(*/$'-*%5*-%;9(9/0%
+9% 29$% -6A8% 3'% ;0/(*&*#(*% $#,*+($(0.% 10(*#?$'-&*#(*%
/$,0-9?$0#'/$0%1*/%&0-($%+*((0/$%5*--'%1/059?$0#*<%
V)8'0C'X*.+)S".'$#5'"'%$-%/90-0%5*"-$%*//0/$%'--6$#(*/#0%
5*$% 1/02*++$% +02$'-$% *% 29-(9/'-$<% V6'?$0#*% &$/'% '%
/';;0/?'/*%-*%2'1'2$(B%5*$%2$(('5$#$%*%5*$%5*2$+0/$%#*--'%
"*+($0#*%5*"-$%*//0/$.%/$20#0+2*#50%*%+;/9(('#50%$-%-0/0%
SRWHQ]LDOHFUHDWLYRQDVFRVWR$O¿QHGLQRQWHPHUHJOL
HUURUL GREELDPR LPSDUDUH D GLYHQWDUH ÀHVVLELOL JOL
'/($+($%+0#0%&0-(0%'C$-$%$#%K9*+(0.%*%10++0#0%'1/$/*%+1'?$%
1*/%#90,$%&05$%5$%1*#+'/*%*%5$%'"$/*.%20$#,0-"*#50%-'%
2/*'($,$(B% 5*--*% 1*/+0#*% *% $#(*//0&1*#50% -'% /09($#*.%
20&C'((*#50%$%&05$%5$%1*#+'/*%(/'5$?$0#'-$%*%$-%10(*/*%
20#;0/&$+($20% 5*--*% 20#,*#?$0#$<% F-% 1/0"*((0% 20+(/9$/B%
9#'%/*(*%5$%0/"'#$??'?$0#$%*9/01**%`^FVV^.%J0#*m$0#*+%
F&1/0C'C-*+.% :/(*20#0&d.% Q0#5'?$0#*% 8/&'##0%
J'+0-$a% +1*2$'-$??'(*% #*-% 10/('/*% "-$% '/($+($% '% -',0/'/*%
'--6$#(*/#0% 5*--*% '?$*#5*% *% 5*--*% '&&$#$+(/'?$0#$%
19CC-$23*<% ^/'% $-% hOit% *% $-% hOij.% V)8' 0C' X*.+)S".'
';;/0#(*/B%$%1/0C-*&$%+02$0410-$($2$%*9/01*$%9($-$??'#50%
"-$% *//0/$% 20&*% +(/9&*#(0% 20#2*((9'-*<% F% 2$(('5$#$% *% $%
;9#?$0#'/$%5*--'%19CC-$2'%'&&$#$+(/'?$0#*%-',0/*/'##0%
$#+$*&*% 20#% 9#% '/($+('% 1*/% 1/059//*% &'#9;'(($% *%
1*/;0/&'#2*%$#%+1'?$%19CC-$2$.%';;/0#('#50%$%1/0C-*&$%
5'%19#($%5$%,$+('%#0#%20#,*#?$0#'-$.%-*"'($%'$%1/02*++$%
'/($+($2$<%:#"*-0% S*/&*9-*#.% '5% *+*&1$0.% $#5'"3*/B% $-%
/90-0% 5*"-$% *//0/$% #*--6*,0-9?$0#*% '5'(('($,'% C$0-0"$2'%
*% +02$'-*c% -',0/'#50% $#% &050% $#(*/5$+2$1-$#'/*% (/'%
'/(*% /*-'?$0#'-*.% C$0-0"$'.% /0C0($2'% *5% *+1-0/'?$0#*%
5*--0% +1'?$0.% -6'/($+('% 20$#,0-"*/B% -*% 20&9#$(B% #*--'%
+1*/$&*#('?$0#*%*%20+(/9?$0#*%5$%*20+$+(*&$%C$0-0"$2$%*%
+02$'-$%$#%"/'50%5$%'9(04*,0-,*/+$<%J0#%b%)+'*CAAA.%H'-('#%
V'C0/'(0/$*+% *% Q0#5'?$0#*% >$+(0-*((0% /$1/*#50#0% $#%
20#+$5*/'?$0#*%$#,*#?$0#$%1/0&*((*#($%5*-%1'++'(0.%23*%
#0#%+0#0%/$9+2$(*%'5%'//$,'/*%+9-%&*/2'(0%*%'%1/059//*%
9#% $&1'((0% +9--*% +02$*(B% 5*-% -0/0% (*&10<% F#+*/*#50-*%
#*-%20#(*+(0%'((9'-*.%$-%-0/0%,'-0/*%,$*#*%/$20#+$5*/'(0.%
'1/*#50%#90,*.%$&1/*,*5$C$-$%1/0+1*(($,*<%
J0#% 40(("$+*;"' F3;"3+*03.( % 'CC$'&0% $#(*#?$0#*% 5$%
*+1-0/'/*% -'% 10++$C$-$(B% 5$% 1/059//*% 20--*(($,'&*#(*%
5*--*%$#,*#?$0#$<%:%1'/($/*%5'-%hOi[.%2$%9#$/*&0%'--'%/*(*%
*9/01*'%5$%J';E%89/01'%1/0&0++'%5'%^*23#02F^E%1*/%
=0#+hOi[<% F#% +*"9$(0.% )$*#'hOij.% $#% 20--'C0/'?$0#*%
20#%$-%V'C0/'(0/$0%5$%F#(*/'2($0#%Y*+$"#%5*--6A#$,*/+$(B%
5$% )$*#'.% 20#(/$C9$/B% '-% 4)C&' 5H."(C.% 23*% ;0/#$/B%
'$% 2$(('5$#$% *% '$% (9/$+($% 9#% -90"0% 20#,$,$'-*% 50,*%
/$10+'/*.% $#20#(/'/+$.% +;0"-$'/*% 9#% '/23$,$0% 5$"$('-*%
5$% 1/0"*(($.% ,*5*/*% 1/0(0($1$.% *% 10/('/*% $-% 1/01/$0%
FRQWULEXWR QHO ÀXVVR GHOOH LQYHQ]LRQL FROOHWWLYH 7DOL
$#,*#?$0#$% +'/'##0% 1/0&0++*% 0#4-$#*% 20&*% 9#'% +*/$*%
GL V¿GH GD SDUWH GHOOH SLDWWDIRUPH GL FURZGVRXUFLQJ
>-'(0#$K%)$+(*&'%J9-(9/'-%*%>'#)1**23<%A#6'5$'2*#(*(
F3./*#)+*03)('Y001%',/B%-'%;9#?$0#*%5$%?0#'%29+2$#*((0%
-95$2'.% 23*% '$9(*/B% $% ,$+$('(0/$% '% /'""$9#"*/*% -0% +('(0%
56'#$&0%23*%1/*5$+10#*%'--6$#,*#?$0#*<%F-%4)C&'5H."(C%
',/B% '#23*% -'% ;9#?$0#*% 5$% 2*#(/0% 5$% '11/*#5$&*#(0.%
23*% +$% 20#2*#(/*/B% +9--'% 1/0&0?$0#*% 5*-% C/$20-'"*% *%
5*-% 1*#+$*/0% 20&19('?$0#'-*% #*$% C'&C$#$<% D*-% hOij%
0+1$(*/B%'#23*%4#")+*;"'$(06-.%9#'%+*/$*%5$%-'C0/'(0/$%5$%
1/059?$0#*%'%29/'%5$%:/+%8-*2(/0#$2'%Q9(9/*%V'C<%
63
Napkin Economics
D'1k$#%820#0&$2+%7%9#%$#,$(0%'%,*5*/*%-L*20#0&$'%$#%
9#%&050%#90,0%*%'%,$,*/*%$%+90$%5$-*&&$%20&*%1'/(*%
5$%9#%5$+20/+0%19CC-$20%23*%2$%/$"9'/5'%*%2$%20$#,0-"*%
(9(($<%A#'%*20#0&$'%5'-%,0-(0%9&'#0%7%10++$C$-*.%*%3'%
C$+0"#0%5$%$5**%*5%*#*/"$*%#90,*<%S*#$(*%'5%$#20#(/'/-'%
'%)$*#'U%
>$9((0+(0% 23*% -*""*/*% -'% +*?$0#*% *20#0&$2'% 5$% 9#%
"$0/#'-*.% &0-(*% 1*/+0#*% 1/*;*/$+20#0% '22*#5*/*% -'%
(*-*,$+$0#*% 1*/% "9'/5'/*% 9#'% 1'/($('% 5$% 2'-2$0% 0% 9#'%
20&&*5$'% /0&'#($2'% 4% *% 3'##0% /'"$0#*U% F-% #0+(/0%
20#(*+(0% *20#0&$20% 7% $#% 20#($#9'% *,0-9?$0#*.% *% -'%
YDULHWjGHLVHUYL]L¿QDQ]LDULGLVSRQLELOLGLYHQWDVHPSUH
1$M% 20&1-*++'<% I9'#50% 1*/_% -*% 1*/+0#*% +$% $#;0/&'#0%
5*$%2'&C$'&*#($%23*%',,*#"0#0%'--6$#(*/#0%5*-%+$+(*&'%
*20#0&$20.% /';;0/?'#0% $-% 1/01/$0% 10(*/*% 5*2$+$0#'-*.%
10#*#50+$% $#% 20#5$?$0#*% 5$% ;'/*% +2*-(*% &$"-$0/$<%
A($-$??'#50% 9#% -$#"9'""$0% +*&1-$2*% *% 23$'/0.% D'1k$#%
820#0&$2+% ,90-*% /*#5*/*% -*% K9*+($0#$% *20#0&$23*%
1$M% '22*++$C$-$.% (/'+;0/&'#50-*.% '((/',*/+0% +1*(('20-$%
(*'(/'-$.% 2'C'/*(% *% '/($% 1*/;0/&'($,*.% $#% +(/9&*#($% 5$%
20&1/*#+$0#*%+*&1-$2$%*%5$,*/(*#($U
?@?@'
V*% 20#+*"9*#?*% 5*--'% >/$&'% @9*//'% =0#5$'-*% 3'##0%
2'9+'(0%,$0-*#($%&9('&*#($%'%-$,*--0%10-$($20.%29-(9/'-*%*%
+02$'-*.%20#%;0/($%/$1*/29++$0#$%+9--6*20#0&$'%&0#5$'-*%
*%9#%1/0;0#50%$&1'((0%+9--'%,$('%*%-'%20#5$?$0#*%5*--*%
50##*<% J*-*C/*/*&0% $-% ijij% '((/',*/+0% 9#'% +*/$*% 5$%
$#$?$'($,*% 29-(9/'-$% 23*% +$% +,$-911'#0% '((0/#0% '--6$5*'%
5$% /$20+(/9$/#*% -*% /*'-(B% +02$'-$.% 1/*1'/'#50% $-% (*//*#0%
1*/%9#%5$C'(($(0%+$&$-*%#*-%hOij%4%23*%+'/B%$-%;9-2/0%5$%
D'1k$#%820#0&$2+<%
:5% *+*&1$0.% K9*+(6'?$0#*% 20&1/*#5*% 9#% f0/k+301% '%
29/'% 5$% H*/-$#5*% 5*% H/9d2k*/*% *% J'/-0+% @'/'$20'% +9%
20&*%-'%+(0/$'%',/*CC*%10(9(0%2'&C$'/*%+*%$-%(/'(('(0%5$%
S*/+'$--*+%;0++*%+('(0%+2/$((0%$#%&'#$*/'%5$,*/+'<%F#0-(/*.%
X0C*/('%H$'"$'/*--$.%)0#$'%:#($#0/$%*%HX:DY%29/*/'##0%
$#20#(/$.% $#(/9+$0#$% 9/C'#*% *% 19CC-$2'?$0#$% +9-% /90-0%
5*--*%50##*%59/'#(*%-'%>/$&'%@9*//'%=0#5$'-*.%&*#(/*%
z9-$*% )('#?'k% *% ='/$'% J-'95$'% ='++'/$% *+1-0/*/'##0.%
'((/',*/+0% -'% 5'#?'% *% -'% /'11/*+*#('?$0#*% (*'(/'-*.% -*%
FDXVHGHLFRQÀLWWLDUPDWLLQVSHFL¿FKH]RQHGLJXHUUD
/H OLWRJUD¿H L PDQLIHVWL OH VFXOWXUH H L YLGHR GL
=0'('?% D'+/ ULÀHWWRQR LO IDVFLQR SURYDWR GDOO¶DUWLVWD
1*/%$%,0-'#($#$%5$%1/01'"'#5'%9($-$??'($%59/'#(*%-'%>/$&'%
@9*//'% =0#5$'-*.% &*#(/*.% 2'&C$'#50% (*&'.% -6'/($+('%
@$9+*11*% X'"'??$#$% +,$-911*/B% ,$5*0% $#+('--'?$0#$%
'/($+($23*% +9--*% &9/'% 5*--'% 2$((B% 5$% )$*#'% *% $#(0/#0% '5%
*++*.% 1*/% /'11/*+*#('/*% $% /'1$5$% 2'&C$'&*#($% +02$'-$%
',,*#9($% '--6$#(*/#0% 5*--'% +02$*(B% *9/01*'% 5010% -'%
FDGXWDGHOPXURGL%HUOLQROHVXHSURLH]LRQLULÀHWWRQR
-'%+1*/'#?'%5$%9#'%G2$((B%+*#?'%&9/'6.%1$M%/$2*(($,'%,*/+0%
64
#90,*%29-(9/*.%$5**.%*%1/0+1*(($,*<
f0/k+301.%+1*(('20-$%*%$#+('--'?$0#$<%:/($+($%20&*%:5*-$('%
Z9+#$%H*d%*%Y'/k0%^'-*+k$M''((/',*/+0%-'%1'/(*2$1'?$0#*%
X)S*3:'B"3."
5*-% 19CC-$20.% *+1-0/*/'##0% $-% /90-0% 5*--*% *20#0&$*%
>*/% $#(*/1/*('/*% $#% 23$',*% '/($+($2'% -*% (*&'($23*% PDUJLQDOL HPHUJHQWL D FRVWR ]HUR H ULÀHWWHUDQQR VXO
*20#0&$23*% ;0#5'&*#('-$.% /*#5*#50-*% &'""$0/&*#(*% 20&*%$-%-',0/0%5*--*%50##*%*%$-%&$2/042/*5$(0%$#2$50#0%
'22*++$C$-$% '% 9#% ,'+(0% 19CC-$20.% 1/059//*&0% &0+(/*.% +9--6*20#0&$'%5*$%1'*+$%$#%,$'%5$%+,$-9110<
$#$?$'($,*%29-(9/'-$%*%+1*(('20-$<%
:5%*+*&1$0.%-6'/($+('%8&$-$0%Q'#($#.%$#+$*&*%'%D$20-'% D'b*3-0R'*3+0'+%"'I6+6#"'
>*20/$#$.% 23*% 3'% +1*++0% 20--'C0/'(0% 20#% $-% /*"$+('% :% +*"9$(0% 5*--6$&10/('#(*% /$+9-('(0% 20#+*"9$(0% 20#% $-%
7HUU\*LOOLDPUHDOL]]HUDQQRXQ¿OPFKHFRPELQDQGR 1/0"*((0% )$*#'% J'/C0#% Q/**% hOi[% `)$*#'% 7% -'% 1/$&'%
LO GRFXPHQWDULR FRQ OD ¿FWLRQ WHQWD GL FRJOLHUH OD 1/0,$#2$'% $#% 89/01'% 20#% 9#% C$-'#2$0% #*((0% #9--0% 5$%
20&1-*++'%/*'-(B%+02$04*20#0&$2'%5*--'%2$((B%5$%)$*#'.% *&$++$0#$% 5$% J!ha.% ,*//'##0% ',,$'(*% 9#'% +*/$*% 5$%
'((/',*/+0% -6$#(*/'?$0#*% (/'% (9/$+($% *% 2$(('5$#$<% A#% $#$?$'($,*% 20#% -6$#(*#(0% 5$% *+1-0/'/*% -*% 1/0+1*(($,*%
'-(/0% *+*&1$0% 7% /'11/*+*#('(0% 5'$% X$&$#$% >/0(0k0--% *% ;9(9/*%5*-%/'110/(0%(/'%*20#0&$'%*%'&C$*#(*<%V'#5%:/(%
)('#5491% J0&*5d.% 23*% $#(/059//'##0% $-% "*#*/*% 5*--'% @*#*/'(0/%F#$($'($,*%`V:@Fa%7%9#%20#20/+0%$#(*/#'?$0#'-*%
20&&*5$'% '--6$#(*/#0% 5*--'% #'//'?$0#*% 5*--6*20#0&$'.% 5$% 1/0"*(('?$0#*% 1*/% '/($+($.% '/23$(*(($.% +2$*#?$'($.%
DO ¿QH GL UHQGHUOD SL GLJHULELOH FRPSUHQVLELOH H 1'*+'""$+($% *% $#"*"#*/$% 23*% 2*/2'% 5$% ;'/% 5$'-0"'/*%
5$,*/(*#(*<%:((0/$%20&$2$%+$%*+$C$/'##0%5'-%,$,0%5$%;/0#(*% +0-9?$0#$% *+(*($23*% *% 1/'"&'($23*% 1*/% /$+10#5*/*% '--*%
'-% 19CC-$20.% 1'/-'#50% 5$/*(('&*#(*% 20#% -0/0% *% 9+'#50% V¿GHHQHUJHWLFKHGHO;;,ƒVHFROR1HOO¶DUHDUXUDOHGHO
X03+"'4"+03)%`1/0,$#2$'%+95%5$%)$*#'a.%-'%20&1*($?$0#*%
(<"1/)+*)%20&*%G29/'%*20#0&$2'6<
+$%20#2*#(/*/B%+9--0%+,$-9110%5$%9#'%/*-'?$0#*%'/&0#$2'%
Y00C' R*+%' )' `*"R% 7% 9#% '&1$0% 1/0"/'&&'% '/($+($20% *% (/'%-'%(*//'%*%$-%,*#(0<%D*--6'/*'%9/C'#'%-'%20&1*($?$0#*%
+1*/$&*#('-*%23*%';;/0#('.%5'%9#%19#(0%5$%,$+('%2/$($20.% +$%+,0-"*/B%1/*++0%-'%I03+"'-*'I0((03*$).%9#6'/*'%,*/5*%
K9*+($0#$%*20-0"$23*%*%+02$04*20#0&$23*<%=$23*-'#"*-0% '% +954*+(% 5$% )$*#'.% *% +$% 02291*/B% 5*--'% 2/*'?$0#*% 5$%
>$+(0-*((0%/*'-$??*/B%-'C0/'(0/$%'/($+($2$%1'/(*2$1'($,$%1*/% *#*/"$'% &*5$'#(*% -69($-$??0% 5*--6'2K9'% 20//*#(*% 5*--'%
+,$-911'/*%#90,$%&05*--$%5$%,$('%*%5$%-',0/0%+0+(*#$C$-$%'% ;0#('#'<%@-0C'-%Q00(1/$#(%D*(f0/k%&$+9/*/B%-6F&1/0#('%
)$*#'%*%$#%1/0,$#2$'<%:/($+($.%+(95*#($.%2$(('5$#$%*%,$+$('(0/$% 820-0"$2'% 5*--'% 2$((B% *% 5*--'% 1/0,$#2$'% 1*/% 59*% ,0-(*%
-',0/*/'##0% $#+$*&*% 20&*% G20&9#$(B% +1*/$&*#('-$6% 59/'#(*% $-% 1*/$050% hOi[4hOhi.% *% $% /$+9-('($% +'/'##0%
$#%'/**%9/C'#*%*%/9/'-$%23*%"$B%10/('#0%','#($%&05*--$% 9($-$??'($% 1*/% '$9('/*% "-$% '&&$#$+(/'(0/$% 19CC-$2$.% $%
+0+(*#$C$-$.%$#%,'/$%+*((0/$%5*--'%,$('%2$,$-*%*%5*-%-',0/0<% 2$(('5$#$% *% $% ,$+$('(0/$% '% 20&1/*#5*/*% *% '% /$20#0+2*/*%
D*--'%1/$&'%;'+*.%$%&$"-$/$%1/0"*(($%+,$-911'($%'%-$,*--0% -6$&1'((0% 5*-% +0,/'4+;/9(('&*#(0% *20-0"$20% 5*$% 1/01/$%
ORFDOHVDUDQQRYLVLWDWLHULWUDWWLLQ¿OPDWLYLGHRGL 20&10/('&*#($%*%5*--*%10-$($23*%19CC-$23*<%
&$#9($%2$'+29#0<%D*--'%+*20#5'%;'+*%+'/'##0%/*'-$??'(*% 8#?0% X'"'??$#$% *% b0-;"'#"% ^/*((#'k% *+1-0/*/'##0% -'%
5*--*%$#+('--'?$0#$%&9-($&*5$'-$%9($-$??'#50%^S.%%&0#$(0/.% SURGX]LRQH GL HQHUJLD H JHVWLRQH GHL UL¿XWL DWWUDYHUVR
'--9&$#$0.%-*((0/$%YSY%*%&0C$-$0.%(9(($%5$%+*20#5'%&'#0<% GHLUHSRUWDJHIRWRJUD¿FLHGHOOHLQGDJLQLDQWURSRORJLFKH
V*% $#+('--'?$0#$% +'/'##0% *+10+(*% $#% 20#(*+($% 5$% ,$('% $#%+$(9<%@-$%'/($+($%"$023*/'##0%20#%-*%+(/9((9/*%23$&$23*%
K90($5$'#'%`%2*#(/$%20&&*/2$'-$.%2-9#.%+290-*.%0+1*5'-$.% 2/*'(*%5'--6$#(*/'?$0#*%(/'%$%&'(*/$'-$%1-'+($2$%*%-6'2K9'%
#*"0?$%a.%20#%-L0C$*(($,0%5$%;',0/$/*%-'%/$'11/01/$'?$0#*% 1*/%+1$#"*/*%-*%1*/+0#*%'--'%/$59?$0#*%%5*--6$&1$*"0%5$%
1*/%9+0%19CC-$20%5*--0%+1'?$0%19CC-$20<%V6!D@%$('-$'#'% 1-'+($2'% &0#09+0.% ;',0/*#50% $-% /$2$2-'""$0% 5$% (9((*% -*%
J!)>8% *% -6'/($+('% :#(0#d% @0/&-*d% +1*/$&*#(*/'##0% &'(*/$*%1-'+($23*<
#90,*%;0/&*%'/($+($23*.%/'11/*+*#('#50%-*%/*-'?$0#$%23*%
$#(*/20//0#0%(/'%-'%2/$+$%*20#0&$2'.%$-%(9/$+&0%5$%&'++'%
*% -6'&C$*#(*.% 9($-$??'#50% &'(*/$'-$% -02'-$.% 20&*% '5%
*+*&1$0%9#'%/*+$#'%+1*2$'-*%1*/%&$"-$0/'/*%-*%,*/#$2$.%0%
/*'-$??'#50%+29-(9/*%20#%$-%-*"#0%5$%0-$,0%0%20#%-6'/"$--'<
c/"3'4*;*$'I0#61
A#0% 5*$% 1/0C-*&$% 1$M% $&10/('#($% 1*/% -*% 5*&02/'?$*%
20#(*&10/'#**% 7% K9*--0% 5$% 20$#,0-"*/*% $% 2$(('5$#$% #*-%
1/02*++0% 5*2$+$0#'-*.%/*#5*#50-$%+*&1/*%1$M% 1'/(*2$1$%
*%'(($,$<%:--6$#(*/#0%5*"-$%c/"3'4*;*$'I0#61%$%2$(('5$#$%
10(/'##0% 5$+29(*/*% 20#% *20#0&$+($.% $&1/*#5$(0/$% *5%
HVSHUWL GL ¿QDQ]D GL WXWWD (XURSD LQ PRGR LQIRUPDOH
';;/0#('#50% '#23*% $% (*&$% 1$M% 20&1-*++$% 20#% 5$C'(($($.%
65
Tuscany in Your Bathroom
[6++"' ("' )2*03*' -"(' /#0:"++0' ;0:(*030' #*$)-"#"'
/0.*+*;)1"3+"' .6(' ."++0#"' +6#*.+*$0A' [6.$)3Q' *3' m06#'
N)+%#001' 303' E' /"3.)+0' .0(0' /"#' ;*.*+)+0#*' $%"'
$030.$030' "-' )1)30' ()' [0.$)3)M' 1)' )3$%"' /"#' ()'
$0163*+,' (0$)("' $%"' 1"++"' )' -*./0.*2*03"' *(' /#0/#*0'
:"3*6.'(0$*T'*3'K6".+)'/#0./"++*;)'["(('1"')'.+0#Q'E'63)'
%)$S)+%03'$%"';60("'$"("8#)#"'*('#60(0'".."32*)("'-"(()'
:6*-)'(0$)("'d303'*1/0#+)'-*'K6)("'(60:0eA
V6$&&'"$#*%5*--'%^0+2'#'%2$/20-'%#*-%&0#50%'((/',*/+0%
&$-$0#$% 5$% '#0#$&*% 2'/(0-$#*P% 7% (*&10% 5$% $#+('9/'/*%
5$% #90,0% 9#% -*"'&*% 1*/+0#'-*% *% $#($&0% 20#% -'% 30.+#)%
^0+2'#'<% ^9+2'#d% $#% e09/% H'(3/00&% 1/0&90,*% 9#%
#90,0% /'220#(0% 2'1'2*% 5$% /$2/*'/*% 9#'% /*-'?$0#*%
*&0?$0#'-*%20#%$-%-90"0.%20#%K9*--0%23*%+$%2*-'%5$*(/0%
-0%+(*/*0($10%5*--'%C*--*??'%1)-"'*3'[6.$)3Q.%1*/%2/*'/*%
9#%(9/$+&0%1$M%+*#+$C$-*%'--*%*&0?$0#$%*%1$M%+0+(*#$C$-*<%%
/D VSHULPHQWD]LRQH DUWLVWLFD H OD ULÀHVVLRQH VXOOH
;/0#($*/*%5*--6$##0,'?$0#*%#*-%+*((0/*%(9/$+($20%2/**/'##0%
#90,*%5$#'&$23*%5$%&0C$-$(B%5'--689/01'%'--'%^0+2'#'%
`*%,$2*,*/+'a
JRPH VDOYDUH OD 7RVFDQD GD TXHOO¶DV¿WWLFD LPPDJLQH
+(*/*0($1'('% 23*% (9(($% 20#0+2$'&0.% *% 20&*% /$+('C$-$/*%
9#%-*"'&*%';;*(($,0%20#%$%-90"3$T%I9*+('%7%-'%&$++$0#*%
5$% XQ' 0R3' /#*;)+"' [6.$)3QM' 9#6'?$0#*% 5$% +(0/d(*--$#"%
(/'#+&*5$'-*% *% 20--*(($,'<% F#% 9#% 1/$&0% &0&*#(0.%
2$(('5$#$%*%,$+$('(0/$%+0#0%23$'&'($%'%10+('/*%-*%1/01/$*%
$&&'"$#$%5*--'%^0+2'#'%$#%9#'%1$'((';0/&'%20--'C0/'($,'%
$&1-*&*#('('% 5'% >-'(0#$K% *% 5'% >'#)1**23<% >0$.% "-$%
+(95*#($% 5*--6A#$,*/+$(E% >'/$+% iN% -',0/*/'##0% '--'%
&'#$10-'?$0#*% 5*--*% $&&'"$#$% *% 5*--*% (*+($&0#$'#?*%
/$2*,9(*.% 1*/% $#5$,$59'/*% 10++$C$-$% (*#5*#?*% 29-(9/'-$.%
VXOODEDVHGLFULWHULGLFODVVL¿FD]LRQHTXDOLLSHUVRQDJJL
"-$%0""*(($.%$%-90"3$.%$%(*&1$.%$%20-0/$.%$%(0#$%*%-*%;0/&*<%
='%'%1'/($/*%5'-%-'#2$0%5*--'%1$'((';0/&'.%1/*,$+(0%1*/%"-$%
9-($&$%&*+$%5*-%hOi[.%+'/B%-0%+"9'/50%'/($+($20%+9-%-90"0%
-'%1/$#2$1'-*%+(/'(*"$'%5$%5*20+(/9?$0#*%5*--0%+(*/*0($10<%
/DULFHUFDIRWRJUD¿FDGLQ*5*/$20%>'2$#$.%)(*;'#0%S$"#$.%
Y'#$*-'%D*/$%*5%8#?0%X'"'??$#$%"9$5*/B%-60223$0%5*--'%
20&9#$(B% ,*/+0% ^0+2'#*% $#'+1*(('(*P% ,*223$*% +('?$0#$%
5$+&*++*.% -02'-$(B% (*/&'-$% $#% 5*2'5*#?'.% '-(/$% +"##)*3'
;):6"% *% 1*/+0#*% '++0-9('&*#(*% #0/&'-$<% )*"9*#50%
K9*+('% -0"$2'% 5$% *+1-0/'?$0#*.% $% 1'/(*2$1'#($% +'/'##0%
$#,$('($% '% (0/#'/*% $#% ^0+2'#'% *% '% "9'/5'/-'% 20#% 0223$%
5$,*/+$.% 1*/% 10$% 1/059//*% *% 2'/$2'/*% #90,*% $&&'"$#$<%
I9*+('% #90,'% 1/059?$0#*% ,$+$,'% +'/B% 10$% /'220-('%
*% /'223$9+'% $#% '110+$(*% J'1+9-*% 5*-% ^*&10% $5*'(*%
5'--6'/($+('% )(*;'#0% >'+K9$#$<% I9*+(*% +2'(0-*% +*"/*(*%
YHUUDQQRVHSROWHLQOXRJKLVLPEROLFLGL6LHQDHLQ¿QH
5$++0((*//'(*%#*-%hOij%20#%9#%"/'#5*%*,*#(0%20--*(($,0<
%
66
!"#C0#1*3:'$(*$%&
@-$% +(*/*0($1$% #0#% +$% 5*20+(/9$+20#0% 9#$2'&*#(*%
#*--0% +1'?$0% 5$"$('-*.% &'% '#23*% #*--'% 2'/#*% ,$,'% 5*-%
1'*+'""$0% (0+2'#0<% V6'?$0#*% 5$% /$C'-('&*#(0% '/($+($20%
GHOO¶LPPDJLQHVWDWLFDGHOOD7RVFDQDqDI¿GDWDDGHVHPSLR
'--6'?$0#*% 1*/;0/&'($,'% 5$% @$0,'##$% =*??*5$&$.%
23*% (/'+;0/&*/B% -'% (0//*% 5*-% ='#"$'% *% -*% (0//$% 5$% )'#%
@$&$"#'#0%$#%-','"#*%$#(*/'(($,*%23*%+$%'1/0#0%'%#90,*%
+(0/$*.%$#%9#'%+0/('%5$%$#(*/1/*('?$0#*%+*#*+*%5$%^$&*+%
)K9'/*<% V6'/($+('% $#(*/'(($,0% )'&9*-% H$'#23$#$ ¿VVHUj
$#,*2*% 20#% -'% +9'% $#+('--'?$0#*% B"3.*3:' +%"' b*3-% (/*%
*#0/&$%C'#5$*/*%*9/01**%#*-%290/*%5$%)$*#'<%F%1'++'#($%
10(/'##0% 2'&C$'/*% -'% 5$/*?$0#*% 5*-% ,*#(0% *% K9$#5$% $-%
&0(0% 5*--*% C'#5$*/*.% $#(*/'"*#50% 5$/*(('&*#(*% 5'-%
1/01/$0%+&'/(130#*<'!"#C0#1*3:'$(*$%&%VLJQL¿FDDQFKH
L+09,*#$/%;'$%5'%(*L<%J0#%$-%1/0"*((0%X)3*/6()+*3:'B+"#"0P
+Q/"..%X*#?0%Q/'#2'C'#5*/'%'(($,*/B%-'%+9'%/*(*%5$%'/($+($%
5$"$('-$% 1*/% +*"9$/*% $-% 1/02*++0% 5$% 2/*'?$0#*% *% +('&1'%
NY%5$%9#%*+*&1-'/*%'/($"$'#'-*.%*%1*/%K9*+(0%9#$20.%5$%
+09,*#$/<% F#0-(/*.% 59/'#(*% $-% `*.*03)#*)' I*(1' I".+*;)(.%
'-29#$%"$0,'#$%/*"$+($%5*--'%+2*#'%*9/01*'.%20&*%X0-'#5%
)*]k0.% J-'95$'% ^0+$.% >*(/'% )*-$+k'/% *% H/'#5% Q*//0.%
FRQGXUUDQQR XQD ULFHUFD ¿OPLFD FKH PHWWH DO FHQWUR
-0% +"9'/50% 5'--6*+(*/#0% +9--0% G.+Q("' 0C' (*C"<% (0+2'#0<%%
%
&"'
401"' ()' $*++,' *3+"3-"' .$":(*"#"' *' /#0:"++*L:(*'
";"3+*'$%"')3-#)330')'$0.+*+6*#"'*('!#0:#)1P
1)'-"('=>?@7
&?:542FF5?3(<=343?:25(E2G2E5(3(<5(E?35B2G2BN(24(>45(
8B?>BB>?5(E93?34B3H(E63(82(5>B9*E9489<2;5C
F3-*$)+0#*
F% +*"9*#($% $#5$2'(0/$% +0#0% 5*2$+$,$% 1*/% +*-*?$0#'/*% 9#%
SURJUDPPDFKHULÀHWWDLSULQFLSLVH]LRQLDOD
&*(050-0"$'% `+*?$0#$% h.i4h.ha% *% "-$% 0C$*(($,$% `+*?$0#$%
i<i24i<sa%5$%)$*#'hOijP
‡' !)#+"$*/)2*03"T' F-% #0+(/0% 0C$*(($,0% 1/$#2$1'-*% 7%
+*-*?$0#'/*% 1/0"*(($% 23*% 'CC$'#0% 9#% 10(*#?$'-*%
5$% ;0/(*% $#(*/'(($,$(B.% *% 23*% &$/$#0% '% 20$#,0-"*/*% $%
2$(('5$#$%+*#*+$%*5%*9/01*$.%1/*;*/$C$-&*#(*%$#%K9'#(0%
/#0.61"# DI¿QFKp FRQWULEXLVFDQR FROOHWWLYDPHQWH
'--6'/($20-'?$0#*%5*-%#0+(/0%1/0"/'&&'%29-(9/'-*<%F%
1/0"*(($%5*,0#0%5'/*%&'++$&'%1/$0/$(B%'--'%2/*'?$0#*%
5$% 2'1'2$(B% *% 20&1*(*#?*% *% '-% 20$#,0-"$&*#(0%
'(($,0% 5*$% &*&C/$% 5*--'% 20&9#$(B% -02'-*.% #0#%
20&*% +1*(('(0/$% 1'++$,$% &'% 20&*% 2042/*'(0/$% *%
20--'C0/'(0/$%59/'#(*%$-%1/02*++0%5$%1/059?$0#*<
53+#)3-0' *3' 63)' $).)' +0.$)3)M' $%"' .*)' 63)' 10-".+)'
‡' 96)(*+,' )#+*.+*$)T' F% 1/0"*(($% 5*,0#0% *++*/*%
VWDQ]D SHU VWXGHQWL LQ DI¿WWR R XQ¶HOHJDQWH FDVFLQD
20#,$#2*#($%*%$##0,'($,$%5'-%19#(0%5$%,$+('%2/*'($,0<%
/60*'-);;"#0'."3+*#"'-*');"#'#*+#0;)+0')(+#0;"'(<*3+*1*+,'
Y*,0#0%+10+('/*%-'%;/0#($*/'%5*--'%/$2*/2'%'/($+($2'%
-"('+60'8):30
*%#0#%-$&$('/+$%'%/$+1*223$'/*%(*#5*#?*%20#+0-$5'(*%
H VLJQL¿FDWL FRQYHQ]LRQDOL 6LDPR DSHUWL WDQWR
F-% 2$C0% *% $-% ,$#0% (0+2'#0% /'11/*+*#('#0% +*#?6'-(/0% 5*$%
'-% ('-*#(0% *&*/"*#(*% K9'#(0% '--6*22*--*#?'%
2-$23E<% Z0++0% 7% 9#6'?$0#*% 0/$*#('('% '--'% 1/0&0?$0#*%
/$20#0+2$9('.% 19/23E% +$% +$'% 1/0#($% '% &*((*/+$% $#%
*% '--6$##0,'?$0#*% 5*-% 20#2*((0% 5$% .(0R' C00-<%
5$+29++$0#*.% '5% 'CC'#50#'/*% $-% "$B% ;'&$-$'/*% 1*/%
V6'++02$'?$0#*%J$((B%5*-%,$#0%1/059//B%9#%#90,0%,$#0%
DFFHWWDUH FRQ FRUDJJLR QXRYH V¿GH ,O QRVWUR
5*5$2'(0% '--6'##'('% hOijc% $-% 20--*(($,0% (*'(/'-*% !&$#$%
0C$*(($,0% 7% 23*% "-$% '/($+($% '//$,$#0% '% 20#+$5*/'/*%
0/"'#$??*/B% 9#'% +*/$*% 5$% 2*#*% $#% '-29#*% 2$((B% *9/01**%
-'% 1'/(*2$1'?$0#*% '% )$*#'hOij% 20&*% 9#% &0&*#(0%
20&*% H*/-$#0.% Y9C-$#0.% H/9m*--*+.% *% >'/$"$.% '++$*&*%
5*2$+$,0%5*--'%-0/0%/$2*/2'%2/*'($,'<
'--*%20&9#$(B%(0+2'#*%/*+$5*#($%'--6*+(*/0<%I9*+($%*,*#($%
JDVWURQRPLFL GDUDQQR XQ¶RSSRUWXQLWj GL ULÀHWWHUH ‡' I0$6.%[#)3.P-*.$*/(*3)#"P%J/*5$'&0%23*%$%1/0"*(($%
'/($+($2$% 1$M% $#(*/*++'#($.% $##0,'($,$% *% +02$'-&*#(*%
+9--6*,0-9?$0#*%5*--'%292$#'%(0+2'#'%'%20#('((0%20#%'-(/*%
HI¿FDFL VLDQR TXHOOL WUDVYHUVDOL D SL GLVFLSOLQH H
(/'5$?$0#$%"'+(/0#0&$23*<%^9((*%-*%01$#$0#$.%-*%;0(0%*%$%
D FDPSL G¶LQWHUHVVH SUHGH¿QLWL &Lz VLJQL¿FD FKH
,$5*0%/'220-($%59/'#(*%"-$%*,*#($%"*#*/*/'##0%9#%"/'#5*%
'-29#$% 1/0"*(($% $#(*/*++'#($% 20$#,0-"*/'##0% '/($+($.%
'/23$,$0%5$%5029&*#('?$0#*%'%5$+10+$?$0#*%5*--'%/$2*/2'%
2/*'($,$.%*+1*/($%*%2$(('5$#$%$#%/'11/*+*#('#?'%5$%9#'%
'#(/010-0"$2'<% D*-% hOij.% (9(($% $% 1'/(*2$1'#($% '--*% 2*#*%
,'+('%"'&&'%5$%20&1*(*#?*<%>/*+($'&0%1'/($20-'/*%
(0+2'#*%'--6*+(*/0%0/"'#$??*/'##0%9#%"/'#5*%C'#23*((0%
'((*#?$0#*%'$%1/0"*(($%23*%+$%*+(*#50#0%'-%5$%-B%5*"-$%
+9--*%&9/'%5$%)$*#'<%V6'/($+('%V*0#*%J0#($#$.%5'%1'/(*%
DPELWLFRQYHQ]LRQDOPHQWHLGHQWL¿FDWLFRQLOFDPSR
+9'.% 20$#,0-"*/B% -'% 20&9#$(B% 2$#*+*% 5$% >/'(0% $#% ,'/$%
29-(9/'-*%*%2/*'($,0.%K9'-$%'5%*+*&1$0%-'%&*5$2$#'%
1/0"*(($% +9--'% 20-($,'?$0#*% 5*--'% (*//'.% '-$&*#('#50.% '%
H OD ELRORJLD O¶LQJHJQHULD OD ¿VLFD O¶LQIRUPDWLFD
+9'% ,0-('.% #90,*% (/'5$?$0#$% 5$% 1/059?$0#*% '-$&*#('/$%
-6*20#0&$'.% -*% +2$*#?*% 10-$($23*.% $-% 5$/$((0.% *% 20+g%
2/*0-$??'(*<% V6'/($+('% $#(*/#'?$0#'-*% J'/-% b'/&*/%
,$'<
FUHHUjLQ¿QHXQ¶LQVWDOOD]LRQH'VXOSDHVDJJLRWRVFDQR
9($-$??'#50%9#$2'&*#(*%'-$&*#($%;/*+23$%5*--'%(/'5$?$0#*%
‡' B/*#*+0'"6#0/"0T%F%1/0"*(($%5*,0#0%*++*/*%/*'-&*#(*%
'-$&*#('/*%-02'-*<
67
*9/01*$%K9'#(0%'%$5**%2/*'($,*.%,$+$0#*.%(*&'($23*.%
*% 1'/(#*/<% J0#+$5*/$'&0% 9#'% ,'+('% "'&&'% 5$%
10++$C$-$(B.% 5'--*% 201/059?$0#$% '"-$% +2'&C$.% 5'--'%
20+(/9?$0#*% 5$% /*($% 59/'(9/*% '% 1'/(*#'/$'($% &$/'($<%
F5*'-&*#(*.%(9(($%"-$%)('($%&*&C/$.%*%K9'#($%1$M%1'*+$%
*9/01*$% 10++$C$-*.% 50,/*CC*/0% 1/*#5*/*% 1'/(*% '-%
1/0"/'&&'%+9--'%C'+*%5*--'%#'(9/'%*%5*-%20#(*#9(0%
5*-% 1/0"*((0c% +$% 1/*+('% 1'/($20-'/*% '((*#?$0#*% '%
K9*$% 1'*+$% 23*% +0#0% +('($% /'/'&*#(*% 20$#,0-($% $#%
1/*2*5*#?'% $#% $#$?$'($,*% 5$% 2001*/'?$0#*% 29-(9/'-*%
20#%$-%(*//$(0/$0%+*#*+*<
(/'% $+($(9?$0#$% *592'($,*% 5$% 5$,*/+$% 1'*+$% *9/01*$<%
:++*"#$'&0% 1'/($20-'/*% $&10/('#?'% '$% 1/0"*(($%
23*% ;'2$-$('#0% -6'2K9$+$?$0#*% 5$% 20&1*(*#?*% #0#%
20#(*&1-'(*.%0%+2'/+'&*#(*%201*/(*.%#*$%1/0"/'&&$%
HGXFDWLYLXI¿FLDOL$SSUH]]LDPRVFXROHRSURJUDPPL
*592'($,$% 23*% ;0/#$+2'#0% #90,*% 022'+$0#$% 5$%
;0/&'?$0#*% 0% '""$0/#'&*#(0% 1/0;*++$0#'-*% 1*/% $%
5$+02291'($.% 23*% 1/0&90,'#0% -6$#,*223$'&*#(0%
'(($,0.%0%23*%+$'#0%/$,0-(*%'%1*/+0#*%20#%5$+'C$-$(B%
5$%K9'-+$'+$%($10<
‡' B"-*%303'$03;"32*03)(*'"'./)2*'/688(*$*P%>/*+($'&0%
1'/($20-'/*% '((*#?$0#*% '$% 1/0"*(($% 23*% 3'##0% -90"0%
'-%5$%;90/$%5*"-$%+1'?$%$+($(9?$0#'-$%20&*%K9*--$%5*-%
&9+*0.% 5*--'% +'-'% 5'% 20#2*/(0% 0% 5*--'% C$C-$0(*2'<%
>'/($20-'/&*#(*% /$-*,'#($% +0#0% 20#+$5*/'($% $%
1/0"*(($%5'%/*'-$??'/*%$#%-90"3$%&'/"$#'-$.%5*"/'5'($%
5'-% 19#(0% 5$% ,$+('% &'(*/$'-*% 0% +02$'-*.% 0119/*%
+0((09($-$??'($<% X$(*#$'&0% $#(*/*++'#($% '#23*%
$% 1/0"*(($% 23*% 1/0&90,0#0% 9#'% 5*+($#'?$0#*%
1*/&'#*#(*.% +0+(*#$C$-*% *% 2/*'($,'% 5$% ('-$% -90"3$%
#0#% 20#,*#?$0#'-$.% '#23*% +*% $#% ;0/&'% 1'/?$'-*% 0%
20#5$?$0#'-*<
‡' c#*"3+)1"3+0'$0163*+)#*0P%D9(/$'&0%9#%1'/($20-'/*%
$#(*/*++*% 1*/% K9*$% 1/0"*(($% 23*% 1/0&90,0#0% $-%
20$#,0-"$&*#(0% 5$% +0""*(($% *% 2'(*"0/$*% 23*% +0#0%
+1*++0%*+2-9+$%5'--'%1'/(*2$1'?$0#*%29-(9/'-*%'(($,'.%
20&*% -*% ;'&$"-$*% '% C'++0% /*55$(0.% -*% &$#0/'#?*%
29-(9/'-$% *5% *(#$23*.% -*% 1*/+0#*% 20#% 5$+'C$-$(B.% $%
C'&C$#$% 23*% ,$,0#0% ;90/$% 5*-% 1/01/$0% 20#(*+(0%
;'&$-$'/*.%"-$%'#?$'#$%+0-$<%V6'((*#?$0#*%+'/B%/$,0-('%
'$%1/0"*(($%2'1'2$%5$%*+(*#5*/*%0%(/'+;0/&'/*%-6$5*'%
5$% 20$#,0-"$&*#(0% 5*--'% 20&9#$(B% $#% &050% #0#%
FRQYHQ]LRQDOHHGHI¿FDFHVXOSLDQRVRFLDOHRSSXUH
'% K9*--$% 23*% +,$-911*/'##0% #90,*% +(/'(*"$*% 1*/% $-%
‡' B"#"3-*/*+,T':220"-$'&0%20#%;',0/*%'#23*%$%1/0"*(($%
10(*#?$'&*#(0%29-(9/'-*%5*$%+0""*(($%*+2-9+$<
FRQ XQ SUR¿OR GL HFFHOOHQ]D FKH QRQ ULVSHWWDQR L
‡' H.0' .0$*)("' -"(()' +"$30(0:*)P% )$'&0% $#(*/*++'($% '%
2/$(*/$% 5*+2/$(($% #*$% 19#($% 1/*2*5*#($.% '% 20#5$?$0#*%
1/0"*(($%$#%29$%-'%(*2#0-0"$'%+$'%'-%+*/,$?$0%5$%0C$*(($,$%
23*% +$'#0% /$-*,'#($% $#% /*-'?$0#*% '$% 1/$#2$1$.% '--'%
10*($2$%*%2/*'($,$.%1/0&90,*#50%-6'-;'C*($??'?$0#*%
&*(050-0"$'% *% '"-$% 0C$*(($,$% 5*-% 1/0"/'&&'<% ^'-*%
5$"$('-*.% 20&*% #*--*% 1/'($23*% 5$% *42$($?*#+3$1.% #*$%
/$-*,'#?'%50,/B%*++*/*%5$&0+(/'C$-*%*%5029&*#('('.%
+02$'-% 01*#% 5'('.% #*-% 2$($?*#% ]09/#'-$+&<% !-(/*% '%
*%#0#%50,/B%20+($(9$/*%-69#$20%2/$(*/$0%1*/%-'%+2*-('%
2$_.% +$'&0% $#(*/*++'($% '% 1/0"*(($% 23*% $#2/*&*#($#0%
5*-%1/0"*((0<
-69($-$??0% *% -'% 5$;;9+$0#*% 5$% (*2#0-0"$*% 23*%
&$"-$0/'#0% -*% 2'1'2$(B% 2/*'($,*% 5*--*% 1*/+0#*.% *% ‡% >*/%*++*/*%'&&$++$C$-*.%9#%1/0"*((0%50,/B%/$2*,*/*%
9#% 19#(*""$0% *-*,'(0% +9% '-&*#0% K9'((/0% 5*$% 5$*2$%
LQSDUWLFRODUHGLTXHOOHFRQGLVDELOLWjGLI¿FROWjGL
2/$(*/$% 201/'% &*#?$0#'($<% V'% ,'-9('?$0#*% +'/B%
DSSUHQGLPHQWR R EDVVL OLYHOOL G¶LVWUX]LRQH ,Q¿QH
20#50(('% 5'% 9#% "/9110% 5$% 2$#K9*% 1*/+0#*P% $-%
+$'&0% $#(*/*++'($% '% 1/0"*(($% 23*% 5$&0+(/$#0% $-%
1/*+$5*#(*%5*--'%Q0#5'?$0#*%)$*#'hOij.%$-%5$/*((0/*%
10(*#?$'-*%5*--*%(*2#0-0"$*%1*/%1/0&90,*/*%#90,*%
'/($+($20.%9#'%1*/+0#'-$(B%'/($+($2'%*9/01*'%5$%"/'#5*%
;0/&*% 56$&1/*#5$(0/$'-$(B% 29-(9/'-*% *% 2/*'($,'.%
SUR¿OR H GD GXH HVSHUWL HXURSHL LQGLSHQGHQWL FRQ
0119/*%1*/%-'%2/*'?$0#*%5$%#90,$%10+($%5$%-',0/0%$#%
VLJQL¿FDWLYD HVSHULHQ]D QHO FDPSR GHOOH &(&
('-$%'&C$($%1/0;*++$0#'-$<
F#% 0"#$% 2'+0.% '-&*#0% -6ROn% 5*-% 1/0"/'&&'% 5*,*%
‡' F1/)++0'.6('(63:0'/"#*0-0P%Y$'&0%1/$0/$(B%'$%1/0"*(($%
0((*#*/*% 9#% 19#(*""$0% *-*,'(0% K9'#(0% '% +1$/$(0%
2'1'2$% 5$% ',*/*% 9#'% /$2'59('% 10+$($,'% 5$% -9#"0%
*9/01*0% *% 0/$*#('&*#(0% 20&9#$('/$0c% '-&*#0%
(*/&$#*% $#% '&C$(0% 29-(9/'-*.% *20#0&$20% *% +02$'-*<%
$-% sOn% $#% (*/&$#$% 5$% K9'-$(B% '/($+($2'% *% $#5$/$??0%
V6$&1'((0%5*,*%*++*/*%23$'/'&*#(*%/$20#592$C$-*%'-%
WUDQVGLVFLSOLQDUH DOPHQR LO SHU O¶LPSDWWR
SURJHWWR VWHVVR H SUHIHULELOPHQWH TXDQWL¿FDELOH
'% -9#"0% (*/&$#*% *% "-$% 0C$*(($,$% ;0/&'($,$<% D*++9#%
>/$,$-*"$'&0% 1/0"*(($% 23*% 'CC$'#0% 9#% $&1'((0%
'-(/0%2/$(*/$0%+*%#0#%-'%+*/*#5$1$(B%10(/B%/$2*,*/*%9#%
'5% '&1$0% +1*((/0% *% 23*% +$'#0% &9-($45$&*#+$0#'-$%
19#(*""$0%*-*,'(0%$#%&*#0%5*-%iOn%5*-%1/0"/'&&'!
/$+1*((0%'%K9*--$%23*%1/05920#0%/$2'59(*%+9%9#%+0-0%
2'&10.%'%&*#0%23*%K9*+(*%#0#%'++9&'#0%9#%,'-0/*%
*%9#6$&10/('#?'%*22*?$0#'-$<
‡' c8*"++*;*' C0#1)+*;*P% )$'&0% &0-(0% $#(*/*++'($% '%
1/0"*(($% 23*% 20$#,0-"'#0% '(($,'&*#(*% -*% +290-*%
5$% 0"#$% ($10.% *% 23*% 1/0&90,'#0% -'% 2001*/'?$0#*%
'
68
B;*(6//0'-"('/#0:#)11)
D*--'% /'220-('% 5$% 1/010+(*% *% #*--'% *-'C0/'?$0#*% 5$%
1/0"*(($% ;$#'-$??'($% '--0% +,$-9110% 5*-% 1/0"/'&&'% 5$%
)$*#'hOij.%20#+$5*/$'&0%-*%+*"9*#($%10++$C$-$(BP
‡' b0#S.%0/' "' ."1*3)#*P% :CC$'&0% 0/"'#$??'(0%
9#% "/'#5*% #9&*/0% 5$% f0/k+301% *% +*&$#'/$% 1*/%
5$+29(*/*% 20#% "-$% '/($+($% -02'-$% *5% *9/01*$.% 20#%
"-$%01*/'(0/$% 29-(9/'-$%*%20#%(9((*%-*%($10-0"$*%5$%
10(*#?$'-$% 1'/(#*/% -*% 10++$C$-$% $5**% 2/*'($,*% 5'%
(/'+;0/&'/*% $#% ,*/$% *% 1/01/$% 1/0"*(($<% D*++9#'%
1/010+('% 7% 5'% 20#+$5*/'/+$% 5*;$#$($,'.% &'% 7%
+*&1/*%0""*((0%5$%#*"0?$'?$0#*%(/'%$%1/010#*#($.%
$-%(*'&%5$%)$*#'hOij.%'-(/$%1'/(#*/%/$-*,'#($%*%"-$%
+('k*30-5*/% $#% &050% 5'% /$+1*(('/*% $% 1/$#2$1$.% -'%
&*(050-0"$'%*%"-$%0C$*(($,$%5*-%1/0"/'&&'<
‡' 4011*++"32"T% )$% 10++0#0% 20&&$++$0#'/*%
5*$% 1/0"*(($% '5% '/($+($% *% 01*/'(0/$% 29-(9/'-$% -'%
29$% (/'$*((0/$'% '/($+($2'% *% 1/0;*++$0#'-*% 10++'%
*++*/*% 20#+$5*/'('% 5$% +1*2$'-*% $#(*/*++*% 1*/% -*%
(*&'($23*%5*-%1/0"/'&&'%5$%)$*#'hOij<%^9((',$'%
-6$#+*/$&*#(0%#*-%1/0"/'&&'%7%+0""*((0%'%2/$(*/$%
5$%'5*"9'(*??'%*%20*/*#?'%/$+1*((0%'--'%+(/9((9/'%
"*#*/'-*%*%'"-$%0C$*(($,$<
‡' !#0/0.+"' ./03+)3""P% >0++0#0% *++*/*% (*#9(*%
$#% 20#+$5*/'?$0#*% +*% +0//*((*% 5'% 9#'% ;0/(*%
&0($,'?$0#*% *% C'+'(*% +9% 9#'% C90#'% 20#0+2*#?'%
5*$% 1/$#2$1$.% 5*--'% &*(050-0"$'% *% 5*"-$% 0C$*(($,$%
5*-%1/0"/'&&'<%)'/'##0%+0""*((*%'--*%20#5$?$0#$%
5$% '&&$++$C$-$(B% $--9+(/'(*% +01/'P% '-(0% 19#(*""$0%
$#%'-&*#0%K9'((/0%5*$%5$*2$%2/$(*/$%5$%K9'-$(B<
‡' 4)((' )/"#+"T% V'#2*/*&0% 5*--*% 2'--% +9% (*&$%
+1*2$;$2$% 1$9((0+(0% 23*% "*#*/$2$.% 1*/% '$9('/*% $%
+0""*(($% 1/010#*#($% '% 2'-$C/'/*% -*% -0/0% 1/010+(*%
+*20#50% $% 2/$(*/$% 5$% *-*""$C$-$(B% *% #*-% /$+1*((0%
5*--0%+('#5'/5%5$%K9'-$(B<
‡% >#0:"++*' -*L$03' )(+#"' 454T% )$'&0% $#(*/*++'($% '-%
/$-'#2$0.%'-%1/0+*"9$&*#(0%*%'--6$&1-*&*#('?$0#*%
5$% 1/0"*(($% 1/*+*#('($% 5'--*% 1/*2*5*#($% J8J.%
20&1/*+$% K9*--$% /*'-$??'($% 1'/?$'-&*#(*% 0%
'55$/$((9/'% ;'--$($.% #*--'% &$+9/'% $#% 29$% 10++'#0%
/$+10#5*/*% '$% #0+(/$% 2/$(*/$% 5$% *-*""$C$-$(B.% *%
'% 20#5$?$0#*% 23*% 2$% +$'% 9#% $#(*/*++*% 5'% 1'/(*%
5*--6'-(/'% J8J<% )$'&0% $#0-(/*% $#(*/*++'($% '--0%
+,$-9110% 20#"$9#(0% 5$% 1/0"*(($% 20#% -*% ;9(9/*%
J8J% +9--'% C'+*% 5*"-$% +(*++$% 2/$(*/$<% F#% K9*+('%
1/0+1*(($,'.% +$'&0% $#(*/*++'($% '% 1/*+*#('/*% *%
/$2*,*/*%1/010+(*<%
69
!"#$%&'&(S(*(&+V",$WW"W$&,0(0(-$,",*
W$"/0,%&(.0''"(/",$-01%"W$&,0
X*..*03
@-$% +201$% 5*--'% Q0#5'?$0#*% )$*#'hOij% +0#0% -'%
1/0&0?$0#*% *% $-% 200/5$#'&*#(0% 5*-% &'#'"*&*#(%
'"!"! 4%"' +*/0' -*' .+#6++6#)' .)#,' K6"(()' *3$)#*$)+)' *% 5*--6$&1-*&*#('?$0#*% 5*-% 1/0"/'&&'% J8J.% -'%
-"((<0#:)3*22)2*03"' "' -"(()' #")(*22)2*03"' -"(' +'-,'"9'/5$'%5*$%/$+9-('($%5*--*%+9*%'?$0#$%*%-'%"'/'#?$'%
!#0:"++07'96)(*'.)#)330'("'.6"'#"()2*03*'$03' 5*--'% 20#($#9$(B% 5*--6$&19-+0% 29-(9/'-*% 20+(/9(($,0% +9-%
(*//$(0/$0% +*#*+*% '#23*% 5010% -'% 2*++'?$0#*% 5*--'% +9'%
("')6+0#*+,'-"(()'$*++,7
*+$+(*#?'<% >*/% /'""$9#"*/*% K9*+($% 0C$*(($,$.% 9#'% #90,'%
$+($(9?$0#*%-*"'-&*#(*%/$20#0+2$9('%,*//B%;0#5'('%5010%
M4L9?:542FF5F2943(9?2FFF94B5<3(3(A<388272<3H(
$-%hOhh%20#%"-$%'(($,$%5$%C$-'#2$0%5*--'%Q0#5'?$0#*<
E94(>4(5@@?9EE29(@?5:D5B2E9
V)'I03-)2*03"'B*"3)=>?@'
F#%2'+0%5$%,$((0/$'.%'%1'/($/*%5'-%&'""$0%hOi[.%-0%+,$-9110%
*%$-%&'#'"*&*#(%5*-%1/0"*((0%J8J%+'/B%10/('(0%','#($%
5'% 9#'% #90,'% *#($(B% $#5$1*#5*#(*.% 9#'% Q0#5'?$0#*%
23$'&'('%L)$*#'hOijL<
V'% Q0#5'?$0#*% +'/B% $-% /$+9-('(0% 5$% 9#% :220/50% 5$%
>/0"/'&&'%(/'%-'%X*"$0#*%^0+2'#'%*%$-%J0&9#*%5$%)$*#'.%
0++$'% -*% $+($(9?$0#$% 23*% "$B% +9110/('#0.% 1/0&90,0#0%
*% 20#5$,$50#0% $-% 1/0"*((0.% *% 23*% '11'/$/'##0% 20&*%
&*&C/$%;0#5'(0/$%#*-%J0&$('(0%5$%F#5$/$??0<%D0,*%&*+$%
5010% -6'##9#2$0% ;',0/*,0-*% 5'% 1'/(*% 5*--'% @$9/$'.% $-%
=$#$+(/0%5*$%H*#$.%5*--*%:(($,$(B%J9-(9/'-$%*%5*-%^9/$+&0%
+'/B%$#,$('(0%'%;'/%1'/(*%5*--'%Q0#5'?$0#*.%20#%1/*"3$*/'%
5$%/$+10+('%*#(/0%(/*%&*+$<%V'%Q0#5'?$0#*%10/(*/B%','#($%
LO SURJHWWR &(& ¿Q GDOO
LQL]LR H FHVVHUj GL HVLVWHUH LO
"$0/#0% i% "*##'$0% hOhh.% +'-,0% 5*2$+$0#*% 5$,*/+'% 1/*+'%
'--69#'#$&$(B%5'-%J0&$('(0%5$%F#5$/$??0<
/H GLVSRVL]LRQL VSHFL¿FKH FKH UHJROHUDQQR OD YLWD
5*--'% Q0#5'?$0#*% +'/'##0% 5*(('"-$'(*% #*-% +90% )('(9(0.%
23*% ,*//B% +2/$((0% *% 5*10+$('(0% *#(/0% K9'((/0% &*+$% 5'-%
1/0#9#2$'&*#(0% ;',0/*,0-*% 5'% 1'/(*% 5*--'% @$9/$'<%
V'% Q0#5'?$0#*% /$20//*/B% $#0-(/*% '% 9#% /*"0-'&*#(0% 5$%
JHVWLRQHFKHGH¿QLUjLQGHWWDJOLRLOIXQ]LRQDPHQWRGHL
+90$% 0/"'#$.% -*% '(($,$(B% 5*-% J0#+$"-$0% 5$% @*+($0#*.% *% $%
FULWHUL GL UHQGLFRQWD]LRQH H VRVWHQLELOLWj ¿QDQ]LDULD GL
2$'+29#'%'/*'%01*/'($,'<
B+#)+":*)
V'% Q0#5'?$0#*% )$*#'hOij% /*'-$??*/B% *% 10/(*/B% '%
20&1$&*#(0% $-% 1/0"*((0% 5*+2/$((0% #*-% 50++$*/% 5$%
2'#5$5'(9/'% 1*/% -'% +9'% $#(*/'% 59/'('<% F#% 1'/($20-'/*.%
+*"9$/B% -*% -$#**% (*&'($23*% 23*% $+1$/'#0% $-% 1/0"/'&&'%
'/($+($20%`+'-9(*%*%;*-$2$(B.%`$#a"$9+($?$'%+02$'-*.%(9/$+&0%
+&'/(a%*%$%2/$(*/$%+('C$-$($%5'--'%J0&&$++$0#*%89/01*'P%
GLPHQVLRQH HXURSHD
H FLWWj H FLWWDGLQL
$O ¿QH GL
/'""$9#"*/*%K9*+($%0C$*(($,$.%-'%Q0#5'?$0#*%+,$-911*/B%
$#0-(/*% 1'/(*#'/$'($% *% /*-'?$0#$% 20#% ,'/$% +('k*30-5*/%
*% $+($(9?$0#$% 5*--'% 1/0,$#2$'% +*#*+*% *% /*"$0#'-$.%
GOVERNANCE
Comitato di Indirizzo
Consiglio di Gestione
Comitato di Valutazione
Direttore Generale
Comitato Finanziario
70
$#20/'""$'#50% '--0% +(*++0% (*&10% -'% 2/*'?$0#*% 5$% /*($%
-02'-$.% #'?$0#'-$% *% $#(*/#'?$0#'-$<% )$% 02291*/B% $#0-(/*%
5*--'% 1/*1'/'?$0#*% *% 5*--'% /*'-$??'?$0#*% 5*"-$% *,*#($%
H GL WXWWH OH DWWLYLWj SLDQL¿FDWH SULPD GXUDQWH H GRSR
LO 6L RFFXSHUj LQ¿QH GL GH¿QLUH XQD VSHFL¿FD
+(/'(*"$'%5$'LPSDWWRGLOXQJRWHUPLQHDO¿QHGLJDUDQWLUH
20#($#9$(B% '-% 1/0"*((0% 0-(/*% -6'##0% J8J.% *% &*((*/B% $#%
'((0%9#%+$+(*&'%5$%,'-9('?$0#*%1*/%$-%&0#$(0/'""$0%5*"-$%
*+$($%5*-%1/0"/'&&'.%*%1*/%*-'C0/'/*%9#'%+($&'%*m410+(%
5*--6$&1'((0% 5*--'% J8J% 20&*% 5*+2/$((0% $#% 5*(('"-$0%
QHOOD VH]LRQH /D )RQGD]LRQH GH¿QLUj LQROWUH XQD
+(/'(*"$'%/$"9'/50%'--'%20&9#$2'?$0#*%-02'-*.%#'?$0#'-*%
*% $#(*/#'?$0#'-*% 1/$&'% 59/'#(*% *% 5010% $-% hOij.% *% 9#%
1$'#0% 1*/% -'% 1'/(*2$1'?$0#*% '(($,'% *% $-% 20$#,0-"$&*#(0%
5*$%2$(('5$#$%+*#*+$%*%5*--'%+02$*(B%2$,$-*<
Z0;"#3)3$"A
+'/B%/*+0%5$+10#$C$-*%'-%+0""*((0%*+(*/#0%23*%+$%02291'%
5*--'% 1/*1'/'?$0#*% 5*-% C$-'#2$0% 5$% &$++$0#*% 5*--'%
Q0#5'?$0#*%20&*%5*+2/$((0%#*--'%+*?$0#*%s<iC<
F(' 401*+)+0' I*3)32*)#*0' q FRPSRVWR GD ¿JXUH FKLDYH
-02'-$.%#'?$0#'-$%*%$#(*/#'?$0#'-$%1/0,*#$*#($%5'-%&0#50%
5*"-$% ';;'/$.% 5'% $#,*+($(0/$% 1/$,'($% *% 5'% 9#% 502*#(*%
XQLYHUVLWDULRQHOFDPSRGHOO¶HFRQRPLDHGHOOD¿QDQ]D
'?$*#5'-*<% F% &*&C/$% +'/'##0% #0&$#'($% 20#% $-% ,0(0%
;',0/*,0-*% 5*$% 59*% (*/?$% 5*-% J0&$('(0% 5$% F#5$/$??0.%
0;;/$/'##0% 1'/*/$% +9% C'+*% ,0-0#('/$'% *% +,$-911*/'##0%
UHOD]LRQLSXEEOLFKHFRQLO¿QHGLDWWUDUUH¿QDQ]LDPHQWL
*% /$+0/+*% 1*/% -'% Q0#5'?$0#*<% F-% J0&$('(0% Q$#'#?$'/$0%
/*-'?$0#'% 5$/*(('&*#(*% '-% Y$/*((0/*% @*#*/'-*.% *% K9$#5$%
'-%J0#+$"-$0%5$%@*+($0#*<
F('J*#"++0#"'Z"3"#)("%3'%-'%/*+10#+'C$-$(B%5*--'%"*+($0#*%
+(/'(*"$2'% *% 01*/'($,'% 5*--'% Q0#5'?$0#*<%:% 1'/($/*% 5'-%
hOit% +'/B% $#% 1'/($20-'/*% $-% 1/$&0% /*+10#+'C$-*% 5*--0%
+,$-9110% *% 5*--6$&1-*&*#('?$0#*% 5*--*% '(($,$(B% 5*--'%
J8J.% "9$5*/B% -'% +(/9((9/'% (*2#$2'% 5*--'% Q0#5'?$0#*% *%
"*+($/B% "-0C'-&*#(*% $-% 1/0"/'&&'% 5$% )$*#'% J'1$('-*%
5*--'%J9-(9/'<
V'% :0;"#3)3$"% 5*--'% Q0#5'?$0#*% 7% 20+($(9$('% 5'% 9#%
J0&$('(0% 5$% F#5$/$??0% 23*% +$% 02291*/B% 5*--*% 1/$#2$1'-$%
01?$0#$% +(/'(*"$23*% *% 5*--*% 5*2$+$0#$% /$"9'/5'#($%
-601*/'(0%5*--'%Q0#5'?$0#*%$#%20*/*#?'%20#%$%+90$%+201$.%
*% 5'% 9#% J0#+$"-$0% 5$% @*+($0#*% 23*% +,0-"*% ;9#?$0#$%
*+*29($,*% *5% '&&$#$+(/'($,*<% V'% Q0#5'?$0#*% +'/B%
SUHVLHGXWDGDOO¶DWWXDOHGLUHWWRUHGL6LHQDDO¿QHGL % $O ¿QH GL '++$29/'/*% -'% /*'-$??'?$0#*% 20&1-*++$,'%
5*-% 1/0"/'&&'% 29-(9/'-*.% -'% ;0#5'?$0#*% )$*#'hOij%
"'/'#($/*%-'%20#($#9$(B%*%-'%20*/*#?'%5*-%1/0"*((0<
1/*,*5*% -6'50?$0#*% 5$% 9#% 0/"'#$"/'&&'% 23*% *,0-,*%
F('401*+)+0'-*'F3-*#*220WUDLVXRLPHPEUL¿JXUHUDQQR #*-%(*&10<%F-%(*'&%01*/'($,0%+('C$-*%7%+(/9((9/'(0%$#%9#%
$-%)$#5'20%5$%)$*#'.%$-%>/*+$5*#(*%5*--'%X*"$0#*%^0+2'#'% RUJDQLJUDPPD FKH FUHVFH QXPHULFDPHQWH QHOOH ¿JXUH
0%9#%+90%5*-*"'(0.%$-%=$#$+(/0%5*$%H*#$%*%5*--*%:(($,$(B% +*#$0/%*%1*--("P1)3):"1"3+¿QRDOO¶DQQRPHQWUH
J9-(9/'-$%*%5*-%^9/$+&0%0%9#%+90%5*-*"'(0.%$-%>/*+$5*#(*% -60/"'#$??'?$0#*%"*#*/'-*%/$&'#*%0/$??0#('-*%*%&'#($*#*%
GHOOD &DPHUD GL &RPPHUFLR GL 6LHQD R XQD ¿JXUD 9#%'11/022$0%1/'($20%'$%/90-$%*%'--*%&'#+$0#$%$#5$2'(*<%
/'11/*+*#('($,'%5*-%+*((0/*%*20#0&$20%-02'-*.%$-%X*((0/*% F-% 400#-*3)+0#"' -"(' !#0:#)11)' ,$*#*% #0&$#'(0% #*-%
5*--6A#$,*/+$(B% 5$% )$*#'.% $-% X*((0/*% 5*--6A#$,*/+$(B% 1/$&0% (/$&*+(/*% 5*-% hOit% *.% +0((0% -'% +91*/,$+$0#*% 5*-%
1*/%)(/'#$*/$%5$%)$*#'%*%$-%X*((0/*%5*-%='"$+(/'(0%5*--*% Y$/*((0/*% @*#*/'-*.% 7% /*+10#+'C$-*% 5*-% 200/5$#'&*#(0%
J0#(/'5*<%F%1/$,'($%0%1'/(#*/%$0#/0#)+"%23*%20#;*/$+2'#0% GHOOH YDULH DUHH H ULVRUVH DO ¿QH GHO UDJJLXQJLPHQWR
20#(/$C9($%+91*/$0/$%'%9#%&$-$0#*%5$%*9/0%',/'##0%5$/$((0% 5*"-$% 0C$*(($,$% 1/*,$+($<% F(' J*#"++0#"' D#+*.+*$0% ,$*#*%
'%#0&$#'/*%9#%/'11/*+*#('#(*%'--6$#(*/#0%5*-%J0&$('(0< #0&$#'(0% *#(/0% 0WWREUH DWWUDYHUVR XQ EDQGR
$#(*/#'?$0#'-*.% *% $-% +90% 1/$&0% &'#5'(0% ',/B% +2'5*#?'%
F('403.*:(*0'-*'Z".+*03"P%+'/B%1/*+$*59(0%5'-%>/*+$5*#(*% DOOD ¿QH GHO 3HU L SULPL GXH DQQL.% $-% Y$/*((0/*%
GHOOD )RQGD]LRQH H WUD L VXRL PHPEUL ¿JXUHUDQQR :/($+($20% "*+($/B% -'% +(/9((9/'% 5*-% 1/0"/'&&'% 20#% 9#'%
GXH LPSUHQGLWRUL GL SUR¿OR LQWHUQD]LRQDOH H FRQ XQ 1/$&'/$'% /*+10#+'C$-$(B% 5$% +,$-9110.% $&1-*&*#('?$0#*%
20&1/0,'(0%$#(*/*++*%$#%'&C$(0%29-(9/'-*.%*%59*%*+1*/($% *% &0#$(0/'""$0% 5*-% 1/0"/'&&'% +(*++0.% +$'% $#% (*/&$#$%
$#(*/#'?$0#'-$%#*--'%1/059?$0#*%29-(9/'-*%*%2/*'($,'%5*$% 5$%K9'-$(B%'/($+($2'%23*%5$%20*/*#?'%20#%$%20#(*#9($%5*-%
K9'-$%'-&*#0%9#0%1/0,*#$*#(*%5'%9#%'-(/0%>'*+*%*9/01*0< 50++$*/% 5$% 2'#5$5'(9/'.% *% 20#% 20&1$($% 5$% +91*/,$+$0#*%
F(' 401*+)+0' -*' `)(6+)2*03"P% &0#$(0/'% *% ,'-9('% -*% +9--'% "*+($0#*% 5*-% C95"*(<%:% 1'/($/*% 5'% "*##'$0% hOit.%
'(($,$(B%5*--'%Q0#5'?$0#*.%*5%7%20&10+(0%5'%(/*%*+1*/($% $-% Y$/*((0/*% :/($+($20% 10(/B% *++*/*% 20#;*/&'(0% 1*/% 9#%
1/0,*#$*#($%5'$%+*"9*#($%+*((0/$P%)$$063+)8*(*+Q%*%$&1'((0% +*20#50% &'#5'(0.% &'% -*% /*+10#+'C$-$(B% 1/$#2$1'-$%
+02$04*20#0&$20c% K9'-$(B% '/($+($2'c% 20$#,0-"$&*#(0% ,*//'##0% '++9#(*% 5'-% Y$/*((0/*% @*#*/'-*<% F(' J*#"++0#"'
5*--'% +02$*(B% 2$,$-*% *% #*(f0/k$#"% '% -$,*--0% *9/01*0<% X)#S"+*3:'"'40163*$)2*03"%,$*#*%#0&$#'(0%#*-%"*##'$0%
S$*#*%#0&$#'(0%20#%$%59*%(*/?$%5*$%,0($%;',0/*,0-$%5*-% hOis.% 200/5$#'% *% +91*/,$+$0#'% -*% '/**% &*#?$0#'(*.%
J0&$('(0% 5$% F#5$/$??0.% *% 3'% -'% ;9#?$0#*% 5$% 20&$('(0% GH¿QHQGRHJHVWHQGROHVWUDWHJLHGLFRPXQLFD]LRQHHGL
(*2#$20% $#(*/#0<% F-% J0&$('(0% 5$% S'-9('?$0#*% /*-'?$0#'% 8#)3-*3:%*%-*%'(($,$(B%5$%&'/k*($#"%*%5$%&*/23'#5$+$#"<%
5$/*(('&*#(*%'-%Y$/*((0/*%@*#*/'-*.%*%K9$#5$%'-%J0#$"-$0% F(' J*#"++0#"' I*3)32*)#*0' "' D11*3*.+#)+*;0% ,$*#*%
5$%@*+($0#*c%1/*1'/'%9#%/'110/(0%`'95$(a%+*&*+(/'-*%23*% #0&$#'(0%#*-%+*20#50%(/$&*+(/*%5*-%hOis%20#%20&1$($%
71
5$% +91*/,$+$0#*% #*--'% +9'% '/*'% 5$% 20&1*(*#?'.% *% $#%
1'/($20-'/*%5$%'2209#('C$-$(d%/*#5$20#('?$0#*.%"*+($0#*%
¿QDQ]LDULD%*%5$%C95"*(<%J0&*%+0((0-$#*'(0%#*--'%+*?$0#*%
h<i.%$-%1/0"/'&&'.%23*%19#('%'5%9#%1/0;0#50%$&1'((0%
WUDVIRUPDWLYR FRQ LO ¿QH GL ULTXDOL¿FDUH 6LHQD FRPH
#050%+0+(*#$C$-*%*%'(($,0%#*--'%+2*#'%29-(9/'-*%*9/01*'.%
20#+$+(*%$#%(/*%;'+$.%2$'+29#'%5*--*%K9'-$%+91*/,$+$0#'('%
5'%9#%29/'(0/*%'110+$(0.%+*-*?$0#'(0%(/'&$(*%9#%C'#50%
$#(*/#'?$0#'-*% 19CC-$2'(0% -6'##0% 1/*2*5*#(*% '--6$#$?$0%
GHOOHDWWLYLWjVSHFL¿FKH7XWWRLOSHUVRQDOHQHOOHGLYHUVH
'/**% ,*//B% +*-*?$0#'(0% '((/',*/+0% C'#5$% '1*/($% +9--'%
C'+*% 5*$% ($(0-$% *% 5*--*% *+1*/$*#?*% 1/0;*++$0#'-$<% ^9((*%
-*%1/02*59/*%5$%+*-*?$0#*%+'/'##0%C'+'(*%+9%+$+(*&$%5$%
YDOXWD]LRQHWUDVSDUHQWLDO¿QHGLJDUDQWLUHFRUUHWWH]]D
1'/$%0110/(9#$(B%*%#0#45$+2/$&$#'?$0#*%5$%'-29#%"*#*/*<
ORGANIGRAMMA
Direttore Generale
Coordinatore di Programma
(da Q1 17)
Manager
Curatore Curatore
Progetti Strategici prima seconda
fase
fase
—
(da Q1 17)
Curatore
terza
fase
Direttore di
Produzione
Vice-Coordinatore
di programma
per la partecipazione
Direttore Marketing
e Comunicazione
Direttore Finanziaro
e Amministrativo
—
(da Q4 14 in un ruolo centrale,
in questa posizione da Q1 17)
—
(da Q1 16)
—
(da Q1 16)
—
(da Q2 16)
—
—
—
(da Q1 16)
(da Q4 16)
(da Q3 17)
+'/B% /*"0-'(0% 5'% 9#%:220/50% 5$% >/0"/'&&'% 23*% ,*//B%
VLJODWRHQWUROD¿QHGLVHWWHPEUHHFKHGLVFLSOLQD
+$'%-6*+$(0%10+$($,0%5*--'%2'#5$5'(9/'%23*.%$#%2'+0%20#4
(/'/$0.%-6$&1-*&*#('?$0#*%5*-%1$'#0%H<%F-%200/5$#'&*#4
(0%+(/'(*"$20%(/'%-'%X*"$0#*%^0+2'#'%*%)$*#'hOij%+'/B%
'++$29/'(0%5'--'%1/*+*#?'%5*-%>/*+$5*#(*%5*--'%X*"$0#*%
#*-%J0&$('(0%5$%F#5$/$??0%5*--'%Q0#5'?$0#*%)$*#'hOij<%
F#0-(/*.% -6:220/50% 5$% >/0"/'&&'% 1/*,*5*% 23*% -'% X*4
!94;2G2;3?3(B3D@9H(343?:23(3(?289?83(@3?(>49(8E9@9( "$0#*%10++'%+2*"-$*/*%5$%5$+('22'/*%1/01/$%;9#?$0#'/$%*%
E9D>43
GLSHQGHQWLQHOO¶RUJDQLJUDPPDGHOOD)RQGD]LRQHDO¿QH
GLDVVLFXUDUHXQFRRUGLQDPHQWRSXQWXDOHHGHI¿FLHQWHD
V"'#"()2*03*'$03'()'Y":*03"
(9(($%$%-$,*--$<
'"!"&
96)(0#)' (<)#")' $*#$0.+)3+"' C0.."' $0*3;0(+)'
3"(()' 1)3*C".+)2*03"M' $01"' .)#,' 0#:)3*22)+0'
*(' $00#-*3)1"3+0' C#)' ("' )6+0#*+,' (0$)(*' "'
#":*03)(*7
Y'-%19#(0%5$%,$+('%5*--'%^0+2'#'.%)$*#'hOij%/'11/*+*#('%
9#%$&10/('#(*%-'C0/'(0/$0%5$%+,$-9110%+9%C'+*%29-(9/'-*%$%
29$%/$+9-('($.%&05*--$%*.%$#%5$,*/+$%2'+$.%1/0"*(($%10++0#0%
*++*/*%*+(*+$%'5%'-(/*%?0#*%5*--'%/*"$0#*%0%'-%+90%$#(*/0%
(*//$(0/$0% $#% 20*/*#?'% 20#% $-% >$'#0% X*"$0#'-*% 1*/% -'%
J9-(9/'% *% 20#% "-$% 0C$*(($,$% (*&'($2$% /*"$0#'-$% Q8)X%
H )6( SHU LO SHULRGR FRPH LQGLFDWR LQ
5*(('"-$0%#*--'%+*?$0#*%i<s<
F-%200/5$#'&*#(0%(/'%)$*#'hOij%*%-'%X*"$0#*%5'/B%1'/($4
FRODUHHQIDVLDWUHDVSHWWL¿QDQ]LDPHQWLHXURSHLDWWUD4
]LRQHGLUHWWDGHJOLLQYHVWLPHQWLVWUDQLHULH¿QDQ]LDPHQ4
(0%*%"*+($0#*%5*--*%$#;/'+(/9((9/*<
3HU TXDQWR ULJXDUGD L ¿QDQ]LDPHQWL HXURSHL OD 5HJL4
RQH PHWWH D GLVSRVL]LRQH GL 6LHQD L SURSUL XI¿FL
/*"$0#'-$%5$%H/9m*--*+.%$-%29$%+(';;%3'%"/'#5*%*+1*/$*#4
]D GHL SURJUDPPL HXURSHL H GHGLFD XQD ¿JXUD VHQLRU
F-%200/5$#'&*#(0%(/'%)$*#'hOij%*%-'%X*"$0#*%^0+2'#'% D WHPSR SLHQR DPSLDPHQWH TXDOL¿FDWD DOOD ULFHUFD GL
72
0110/(9#$(B%*%'--0%+,$-9110%5$%/*-'?$0#$%*%20--'C0/'?$0#$%
1/0"*((9'-$%$#%0"#$%1/0"/'&&'%*%C'#50%5$%/$-$*,0.%20&*%
"$B%5$+29++0%#*--'%+*?$0#*%i<iO<%V*%+(/'(*"$*%*%-*%1/$0/$(B%
UHODWLYHD¿QDQ]LDPHQWLHSURJHWWL8(YHQJRQRGHFLVHH
/$,$+(*%+9%C'+*%+*&*+(/'-*%5'%9#%"/9110%5$%-',0/0%&$+(0.%
20+($(9$(0%5'-%;9#?$0#'/$0%/*"$0#'-*%5*+$"#'(0.%5'-%Y$4
/*((0/*%@*#*/'-*%5*--'%Q0#5'?$0#*.%5'-%Y$/*((0/*%='/4
k*($#"%*%5'-%Y$/*((0/*%Q$#'#?$'/$0<%@-$%+,$-911$%5*--*%'(4
WLYLWjGL¿QDQ]LDPHQWRHXURSHRSHU6LHQDYHQJRQR
$#0-(/*% 5$+29++$% +9% C'+*% (/$&*+(/'-*%#*"-$%$#20#(/$%(/'% $%
Y$/*((0/$%X*"$0#'-$<
`20&*%$#5$2'(0%#*--'%+*?$0#*%i<j2a%1*/%$-%&0#$(0/'""$0%
5*-%1/0"*((0%20#50((0%5'$%2$(('5$#$%*%20#%$%2$(('5$#$.%*%'$%
!0(*$Q'I0#61%23*%20$#,0-"0#0%(9(($%"-$%+('k*30-5*/.'+$'%
19CC-$2$%23*%1/$,'($<
400#-*3)#"'*('$00#-*3)1"3+0
V*% /$9#$0#$% 5*$% Y$/*((0/$% 5$% (9(($% $% Y$1'/($&*#($% 5$% )$4
*#'hOij.% 1/*+$*59($% 5'-% Y$/*((0/*% @*#*/'-*.% 1'++*/'#4
#0%$#%/'++*"#'%"-$%*+$($%5*$%1/02*++$%5$%200/5$#'&*#(0%
(*//$(0/$'-*.% *% 1/059//'##0% 9#% /'110/(0% +9$% 1/$#2$1'-$%
ULVXOWDWLHSUREOHPLHPHUVLDEHQH¿FLRGHO&RQVLJOLRGL
Y'-%19#(0%5$%,$+('%5*--6'((/'?$0#*%5*"-$%$#,*+($&*#($.%-'% @*+($0#*%*%5*-%J0&$('(0%5$%S'-9('?$0#*.%23*%#*%;'/B%9+0%
X*"$0#*%20--'C0/'%+(/*(('&*#(*%20#%$-%Y$/*((0/*%@*#*4 DL¿QLGHOODVWHVXUDGHOOHVXHUHOD]LRQLSHULRGLFKH
/'-*%*%20#%$-%5$1'/($&*#(0%5$%='/k*($#".%23*%3'%'#23*%
;9#?$0#$% 5$' /'220-('% ;0#5$.% ;'2$-$('#50% -*% +$#*/"$*% 20#% '"!"' 96)(*' .030' *' $#*+"#*' "' ("' 10-)(*+,' *3' 8)."' )*'
-*%1/01/$*%'"*#?$*%5$%+,$-9110.%*%;'2*#50%9+0%5*--*%1/04
K6)(*'E'.+)+0L.)#,'.$"(+0'*('-*#"++0#"L()'-*#"++#*$"'
1/$*%/*-'?$0#$%'%-$,*--0%$+($(9?$0#'-*%*%$0#/0#)+"<%F-%Y$4
)#+*.+*$0L)'-"(()'1)3*C".+)2*03"7'96)('E'0'K6)("'
1'/($&*#(0%X*"$0#'-*%1*/%-*%X*-'?$0#$%F#(*/#'?$0#'-$%+$%
VDUj LO VXR SUR¿OR" 4XDQGR HQWUHUj LQ FDULFD"
200/5$#'% 20#% $-% Y$/*((0/*% @*#*/'-*% *% 20#% $-% Y$/*((0/*%
96)("'.)#,'*('.60'$)1/0'-<)2*03"7
='/k*($#"%#*-%1/0"*(('/*%+(/'(*"$*%5$%/*-'?$0#$%19CC-$4
23*.%1/0"/'&&$%5$%"*&*--'""$0%*%'220/5$%20#%'-(/*%X*4
"$0#$%*9/01**%*5%*m(/'4*9/01**.%20#%'?$*#5*%+(/'#$*/*%*%
PXOWLQD]LRQDOLDO¿QHGLVYLOXSSDUHUHOD]LRQLXWLOLFRQ M4(@?9A38829428B5(;2(@?2D9(@2549(E94(>4L38@3?234F5(
VROLGDHGLDOWRSUR¿ORFKHIDUjVuFKHLOSURJHWWRVL
10++$C$-$%$#,*+($(0/$<
?35<2FF2
,Q¿QHGDOSXQWRGLYLVWDGHOO¶LQYHVWLPHQWRHGHOODJHV4
($0#*%5*--*%$#;/'+(/9((9/*.%$-%Y$/*((0/*%@*#*/'-*%5$%)$*4 J)('/#0:"++0')(()'#")(+,
#'hOij% $#(*/'"$+2*% 20#% -6:++*++0/*% X*"$0#'-*% '$%^/'4
+10/($%*%'--*%F#;/'+(/9((9/*%+9%C'+*%'-&*#0%+*&*+(/'-*.%'-% :CC$'&0% "$B% 19CC-$2'(0% 9#% C'#50% $#(*/#'?$0#'-*% 1*/%
¿QHGLLQGLFDUHOHSULRULWjHPRQLWRUDUHLSURJUHVVLGHL -'% 10+$?$0#*% 5$% Y$/*((0/*%:/($+($20% 5$% )$*#'hOij.% *% -*%
-',0/$%$#;/'+(/9((9/'-$%#*2*++'/$%'-%+055$+;'2$&*#(0%5*"4 $#(*/,$+(*% 20#% $% 2'#5$5'($% +*-*?$0#'($% 1*/% $% 20--0K9$% +$%
-$%0C$*(($,$%5$%+,$-9110%$#;/'+(/9((9/'-*%*%5*--*%K9*+($0#$% WHUUDQQRWUDLOHLOVHWWHPEUH,OFDQGLGDWR
5$%'22*++$C$-$(B%5$%)$*#'hOij.%$#%20*/*#?'%20#%-6'"*#5'% +2*-(0%1'/(*2$1*/B%'--'%1/*+*#('?$0#*%5*--'%2'#5$5'(9/'%
/*"$0#'-*<
5$% )$*#'hOij% 5','#($% '--'% "$9/$'% '% X0&'.% $-% 1/0++$&0%
Y"()2*03*'$03'("'$*++,'-"(()'/#0;*3$*)'"'$03')(+#"'$*++,' RWWREUH H YHUUj HIIHWWLYDPHQWH QRPLQDWR
+0.$)3"'$%"')-"#*.$030'C0#1)(1"3+"')(()'$)3-*-)+6#) +*% )$*#'% ,$#2*/B% $-% ($(0-0.% +9--'% C'+*% 5$% 9#% '220/50%
FRQWUDWWXDOH SUHGHWHUPLQDWR FKH YHUUj ¿UPDWR SULPD
>*/%'++$29/'/*%$-%200/5$#'&*#(0%(/'%)$*#'hOij.%-'%>/04 5*--'%1/*+*#('?$0#*<
,$#2$'%5$%)$*#'.%-*%2$((B%5*--'%1/0,$#2$'%+(*++'%*%'-(/*%2$((B%
(0+2'#*% 23*% '5*/$+20#0% ;0/&'-&*#(*% '--'% 2'#5$5'(9/'.% F-%/90-0%5*-%Y$/*((0/*%:/($+($20%+*/,*%'%"'/'#($/*%23*%$-%
20&*%'5%*+*&1$0%S$#2$.%+$%(*//'##0%$#20#(/$%+*&*+(/'4 1/0"*((0%5$%2'#5$5'(9/'%,*#"'%5',,*/0%&*++0%$#%01*/'%
-$%(/'%$-%Y$/*((0/*%@*#*/'-*%5$%)$*#'hOij.%$-%>/*+$5*#(*% 1*/% 20&*% 7% +('(0% ,'-9('(0% *% '22/*5$('(0% 5'--6*,*#(9'-*%
5*--'% >/0,$#2$'.% $% )$#5'2$% 5*--*% 2$((B% (0+2'#*% *% 5$% (9(($% ,$((0/$'.% &'#(*#*#50% $% 1$M% '-($% +('#5'/5% '/($+($2$.% *%
$%Ns%J0&9#$%5*--'%1/0,$#2$'%5$%)$*#'%'5*/*#($%'-%1/04 '++$29/'#50% '-% (*&10% +(*++0% -'% 1$M% '&1$'% '5*/*#?'% *%
JHWWRDO¿QHGLPRQLWRUDUHHGLVFXWHUHLSURJUHVVLGHO 1'/(*2$1'?$0#*%5'%1'/(*%5*--'%20&9#$(B%+*#*+*<%)($'&0%
1/0"*((0%+(*++0.%$-%/90-0%5*--*%+$#"0-*%'&&$#$+(/'?$0#$% K9$#5$% 2*/2'#50% 9#% 1/0;*++$0#$+('% 5*--'% 29-(9/'% 20#%
-02'-$.%*%1*/%'++$29/'/*%$-%200/5$#'&*#(0%5*--*%5*2$+$0#$%
9#'% -9#"'% *% 5029&*#('('% *+1*/$*#?'% $#% $+($(9?$0#$%
10-$($23*%'%(9(($%$%-$,*--$<%A#'%/'11/*+*#('#?'%5*-%/)3"(%
5*$%)$#5'2$%1'/(*2$1'%'%9#%"/9110%5$%-',0/0%(/$&*+(/'-*% 29-(9/'-$% 5$% 1/$&$++$&0% 0/5$#*.% *% 10++$C$-&*#(*% 20#%
'% 1'/($/*% 5'-% +*20#50% (/$&*+(/*% hOit.% *% 5$+29(*% 20#% $-% 9#'% 20&1/0,'('% 2'1'2$(B% 5$% *-'C0/'/*.% $&1-*&*#('/*%
Y$/*((0/*% @*#*/'-*% *% $-% J00/5$#'(0/*% 5*-% >/0"/'&&'% *%+,$-911'/*%1/0"*(($%29-(9/'-$%20&1-*++$%20#%$%1$M%'-($%
5$% K9*+($0#$% 1/'($23*% K9'-$% '5% *+*&1$0% -6$#2-9+$0#*% *% VWDQGDUG TXDOLWDWLYL LQWHUQD]LRQDOL 8QD VLPLOH ¿JXUD
-'%1'/(*2$1'?$0#*%5*--*%20&9#$(B%-02'-$.%-0%+,$-9110%5$% +'/B%$#%"/'50%5$%"'/'#($/*%-'%;'(($C$-$(B%*%-'%2/*5$C$-$(B%5*-%
1/0"/'&&'% 5$% )$*#'hOij% 5','#($% '--*% 1$M% $&10/('#($%
1/0"/'&&$%20--'(*/'-$%-02'-$.%*%20+g%,$'<
$+($(9?$0#$% 29-(9/'-$% *9/01**% *% &0#5$'-$% *% 5','#($%
F% )$#5'2$% 5$% (9((*% -*% &9#$2$1'-$(B% 1'/(*2$1'#($% +'/'##0% '"-$% .+)S"%0(-"#M' 5'#50% 9#% 20#(/$C9(0% +0+('#?$'-*%
/*"0-'/&*#(*%$#,$('($%'$%V)80#)+0#*'-"('X*:(*0#)1"3+0% DOOD ¿QDOL]]D]LRQH VLD GHL SDUWHQDULDWL DUWLVWLFL FKH
73
GL TXHOOH FXOWXUDOL DL SDUWHQDULDWL ¿QDQ]LDUL H DJOL
'220/5$% 5$% +10#+0/$??'?$0#*% 20#% '?$*#5*% *% &*2*#'($%
5$% "/'#5*% 1/*+($"$0<% >*/% K9'#(0% 50('(0% 5$% *+1*/$*#?'%
SURIHVVLRQDOH LQ XQ FDPSR VSHFL¿FR GHOOD SURGX]LRQH
29-(9/'-*.% $-% Y$/*((0/*% :/($+($20% #0&$#'(0% ',/B% '#23*%
9#'%;0/(*%+*#+$C$-$(B%,*/+0%$-%5$'-0"0%29-(9/'-*%*%'/($+($20%
$#(*/5$+2$1-$#'/*.%*%+'/B%$#%"/'50%5$%&*((*/*%'%19#(0%9#%
2'/#*(%5$%20--'C0/'?$0#$%$#(*/5$+2$1-$#'/$%5$%+922*++0%*%
GL DOWR SUR¿OR$YUj XQD FKLDUD DWWLWXGLQH DO JLRFR GL
+K9'5/'.%9#'%C90#'%'C$-$(B%#*-%1'/-'/*%$#%19CC-$20%*%+'/B%
;0/(*&*#(*%&0($,'(0%'--6'11/*#5$&*#(0%20#($#90%*%'--'%
+1*/$&*#('?$0#*<%>0(/B%$#0-(/*%20#('/*%+9%9#6'&1$'%/*(*%
5$%/*-'?$0#$%#*--'%J0&&$++$0#*%89/01*'.%#*$%=$#$+(*/$%
#'?$0#'-$.%$#%$+($(9?$0#$%29-(9/'-$%$#(*/#'?$0#'-$.%&*5$'.%
9#$,*/+$(B.%'?$*#5*%*%0/"'#$??'?$0#$%2$,$23*.%*%20#%9#%
,'+(0%#9&*/0%5$%'/($+($.%01*/'(0/$%29-(9/'-$%*%$#(*--*((9'-$%
5$%-*,'(9/'%$#(*/#'?$0#'-*<%>'/-*/B%0(($&'&*#(*%$#"-*+*%*%
$('-$'#0.%0-(/*%10++$C$-&*#(*%'%9#'%(*/?'%-$#"9'%*9/01*'<%
6H QRQ VXI¿FLHQWHPHQWH DELOH FRQ OD OLQJXD LWDOLDQD
$-% Y$/*((0/*% +'/B% $#% "/'50% 5$% '++$29/'/*% 9#'% 2'1'2$(B%
FRPXQLFDWLYD VXI¿FLHQWH SHU OH VXH PDQVLRQL HQWUR
9#% '##0% 5'--'% #0&$#'<% A#'% 20#0+2*#?'% 1/0;*++$0#'-*%
GLUHWWDHGLDOWRSUR¿ORGHOO¶DPELHQWHFXOWXUDOHLWDOLDQR
20+($(9$+2*% 9#'% 2/*5*#?$'-*% 5*+$5*/'C$-*% &'% #0#%
0CC-$"'(0/$'<
'/($+($2'%*%-'%20*/*#?'%20#2*((9'-*%5*-%1/0"/'&&'<
'"&"! 96)("' E' .+)+0' *(' 8*()3$*0' )3360' $%"' ()' $*++,'
%)' -".+*3)+0' )(()' $6(+6#)' 3":(*' 6(+*1*' ]' )33*'
d".$(6-"3-0'("'./"."'.0.+"36+"'/"#'()'/#"."3+"'
$)3-*-)+6#)'5$04e7
'DO¿QRDOODVSHVDFRPSOHVVLYDSHUODFXO4
(9/'% 3'% /'11/*+*#('(0% 5'-% iO.i[n% '-% s.hRn% 5*-% C$-'#4
2$0%(0('-*%'##9'-*%5*-%J0&9#*<%V*%+1*+*%1*/%$-%+*((0/*%
29-(9/'-*%20&1/*#50#0%-*%+1*+*%5$%;9#?$0#'&*#(0%5*--*%
$+($(9?$0#$%5$%1/01/$*(B%5*-%J0&9#*.%20&*%-'%H$C-$0(*4
2'%J0&9#'-*.%-'%H$C-$0(*2'%H/$"'#($.%$-%=9+*0%J$,$20.%
$-% J0&1-*++0% =9+*'-*% 5*-% )'#('% ='/$'% 5*--'% )2'-'.% *%
$-%=9+*0%5*$%H'&C$#$%r%9#%*-*#20%23*%20&1/*#5*%(/*%
+(/9((9/*%1-9/$+*20-'/$%23*%+0#0%(/'%-*%20-0##*%10/('#($%
5*-%1'(/$&0#$0%29-(9/'-*%5$%)$*#'<%V'%+1*+'%20&1-*++$,'%
$#2-95*%'#23*%(9((*%-*%+1*+*%1*/%'(($,$(B%29-(9/'-$%20&*%
-'%+('"$0#*%(*'(/'-*.%$%20#2*/($%*%-*%'(($,$(B%1*/;0/&'($,*%
0/"'#$??'(*% #*--*% 1$'??*% 2$(('5$#*.% /$,0-(*% +01/'((9((0%
'$%"$0,'#$<%D*-%hOiO.%-*%+1*+*%3'##0%/$"9'/5'(0%'#23*%
$#,*+($&*#($%+(/9((9/'-$%*%$-%Q*+($,'-%F#(*/#'?$0#'-*%5*-%
H90#%@0,*/#0<%D*-%hOih%*%#*-%hOiN.%-'%+1*+'%1*/%-'%29-4
(9/'%7%#0(*,0-&*#(*%5$&$#9$('%'%2'9+'%5*--'%2/$+$%*204
#0&$2'%23*%3'%20-1$(0%-'%2$((B%5$%)$*#'.%5*(*/&$#'#50%
('"-$%#*$%C95"*(%1/*,$+($%1*/%'(($,$(B%*%1/0"/'&&$%'/($4
+($2$%*%29-(9/'-$<%)*%)$*#'%#0#%%50,*++*%0((*#*/*%$-%($(0-0%
5$%J8J.%-'%29-(9/'%1*/5*/B%5$%+-'#2$0%#*--6'"*#5'%10-$($4
2'%-02'-*.%*%$%-$,*--$%5$%+1*+'%29-(9/'-*%/$&'//'##0%#*"-$%
'##$%'%,*#$/*%1/*+9&$C$-&*#(*%$#;*/$0/$%/$+1*((0%'-%1*4
/$050%1/*42/$+$<%F-%($(0-0%5'/*CC*%$#,*2*%9#'%+1$#('%'--'%
/$-*,'#?'%10-$($2'%5*--'%29-(9/'%$#%K9'#(0%+*((0/*%23$',*%
1*/%-0%+,$-9110.%2/*'#50%-*%20#5$?$0#$%1*/%'9&*#($%+('4
ELOLHVLJQL¿FDWLYLQHOELODQFLRUHODWLYRDOVHWWRUHFXOWX4
UDFRPHHYLGHQ]LDWRQHOSDUDJUDIRE
F-% Y$/*((0/*%:/($+($20% 10(/B% 29/'/*% 5$/*(('&*#(*% 9#0% 0%
1$M%1/0"*(($%5*-%1/0"/'&&'%'/($+($20.%&'%$-%+90%20&1$(0%
1/$#2$1'-*%+'/B%K9*--0%5$%200/5$#'/*%*%5$%$#(*"/'/*%20#%
+922*++0% $-% -',0/0% 5*$% 29/'(0/$% *% 5*$% 1/059((0/$% 5*$%
,'/$% 1/0"*(($.% '++$29/'#50% -'% 20*/*#?'% "*#*/'-*% 5*-%
1/0"/'&&'%*%-'%+9'%20#;0/&$(B%20#%$%(*&$%*%$%20#(*#9($%
1/$#2$1'-$% 5$% )$*#'hOij<% F-% Y$/*((0/*%:/($+($20% +$% 10(/B%
50('/*%5$%9#%20&$('(0.%20&10+(0%5'%9#%&'++$&0%5$%+*((*%
&*&C/$.%1*/%-'%+*-*?$0#*%*%-'%,'-9('?$0#*%5*--*%1/010+(*%
1/0"*((9'-$.% 23*% 1*/,*//'##0% +$'% '% +*"9$(0% 5$% C'#5$% +9%
WHPL VSHFL¿FL FKH VX LQYLWR H FRPPLWWHQ]D GLUHWWD DG
'/($+($%*%'%01*/'(0/$%29-(9/'-$%5$%5029&*#('(0%,'-0/*<%F-%
20&$('(0% +'/B% /'11/*+*#('($,0% 5*--'% 5$,*/+$(B% 29-(9/'-*% )$%;'22$'%/$;*/$&*#(0%'--'%('C*--'%%'%1'"$#'%+*"9*#(*
*9/01*'.%5*--'%,'/$*(B%5*$%+*((0/$%29-(9/'-$%*%2/*'($,$.%*%
5*--'%5$,*/+$(B%5$%"*#*/*<%V'%20&10+$?$0#*%5*-%20&$('(0%
10(/B% ,'/$'/*% +9% C'+*% '##9'<% )$% 1/*+(*/B% 1'/($20-'/*%
DWWHQ]LRQHQHOO¶HYLWDUHFRQÀLWWLGLLQWHUHVVHGLTXDOVLDVL
#'(9/'<
F-% Y$/*((0/*% :/($+($20% '++9&*/B% +9% 5$% +E% -'% &'++$&'%
/*+10#+'C$-$(B% +(/'(*"$2'% 5*--0% +,$-9110% 5*-% 1/0"*((0%
J8J% #*-% 1*/$050% hOi[4hOis.% '% +(/*((0% 20#('((0% 20#% $-%
>/*+$5*#(*%*%20#%$-%Y$/*((0/*%@*#*/'-*%5*--'%Q0#5'?$0#*%
)$*#'hOij<% F-% &'#5'(0% 5*-% Y$/*((0/*% :/($+($20% 10(/B%
*++*/*% /$##0,'(0% 9#'% +*20#5'% ,0-('% #*-% C$*##$0% hOit4
hOiR<% F#% K9*+(0% +*20#50% &'#5'(0.% -'% /*+10#+'C$-$(B%
+(/'(*"$2'%1/$#2$1'-*%+'/B%$#%2'/$20%'-%Y$/*((0/*%@*#*/'-*.%
&*#(/*%$-%Y$/*((0/*%:/($+($20%&'#(*//B%1$*#'%'9(0#0&$'%
*% 20&1-*('% /*+10#+'C$-$(B% #*--6'++$29/'/*% -'% K9'-$(B%
74
BUDGET PER LA CULTURA
Bilancio annuale che la città
ha destinato alla cultura
(in euro)
2010
2011
2012
2013
2014
Bilancio annuale che la città ha destinato alla
cultura
(in % del bilancio annuale
complessivo della città)
10,15%
10,88%
10,09%
6,28%
5,91%
10.093.580
8.780.158
7.050.753
6.177.696
5.698.267
'"&"& B*'/#":)'-*'$01/*()#"'("'.":6"3+*'+)8"(("'$03'("'
*3C0#1)2*03*'#*:6)#-)3+*'*('86-:"+'$01/("..*;0'
#"()+*;0' )(' !#0:"++0' 4)/*+)("' 56#0/")' -"(()'
&XOWXUD RYYHUR VSHFL¿FDUH O
HQWLWj GHL IRQGL
-".+*3)+*')('!#0:"++0e
SPESE TOTALI PREVENTIVATE
(in euro)
(in %)
Spese totali preventivate
1.175.588.392
Spese operative
79.080.000
1.096.508.392
7%
93%
79.080.000
68.480.000
10.600.000
87%
13%
Spese per capitale
Entrate totali riportate nel budget
Entrate provenienti dal settore pubblico
Entrate provenienti dal settore privato
ENTRATE PROVENIENTI DAL SETTORE PUBBLICO
(in euro)
(in %)
Specificare: importo pianificato, garantito
19,2%
8,8%
Pianificato
59,6%
3,7%
5,8%
Garantito – decisione formalizzata entro il 30/09/2014
Governo Nazionale
13.180.000
Città
35 Comuni del territorio e circostanti
6.000.000
40.800.000
2.500.000
4.000.000
Altro
2.000.000
2,9%
Pianificato
TOTALE
68.480.000
100,0%
Pianificato
Regione
EU
Garantito – decisione formalizzata entro il 30/09/2014
Pianificato (Premio Mercouri) / garantito (altro)
Pianificato
75
V'% 201*/(9/'% *20#0&$2'% +($&'('% 1*/% -'% 2'#5$5'(9/'% 5$%
)$*#'hOij% '&&0#('% '% tj.ORO.OOO% Å% *% +'/B% '++$29/'('%
5'"-$%*#($%19CC-$2$%*%5'$%1'/(#*/%1/$,'($%'%+*"9$(0%5*--'%
,$((0/$'%5*-%($(0-0<
^'-$% /$+0/+*% #0#% 20&1/*#50#0% -'% +1*+'% '##9'-*% 5*+($4
QDWD DOOD FXOWXUD ¿QR DO /H DWWLYLWj H L SURJHWWL
5*--'%2'#5$5'(9/'%5$%)$*#'hOij%20$#,0-"0#0%$%20&9#$%
5*--'%1/0,$#2$'%#0#23E%'-(/*%2$((B%(0+2'#*%20&*%S$#2$.%
"$0,'#50+$% 20+g% 5*-% +0+(*"#0% *20#0&$20% 5*--*% 20//$4
+10#5*#($%'&&$#$+(/'?$0#$%*%+01/'((9((0%5'--'%X*"$0#*.%
23*%/$20#0+2*%#*--'%2'#5$5'(9/'%9#%$&10/('#(*%+($&0-0%
SHU O
HFRQRPLD ORFDOH ROWUH DL EHQH¿FL GL WLSR VRFLDOH
*%29-(9/'-*<%)0#0%$#%20/+0%20#('(($%'11/0;0#5$($%20#%'-4
(/*%2$((B%(0+2'#*%20&*%Q$/*#?*.%V922'%*%@/0++*(0<%%V*%
ULVRUVH SULYDWH VRWWR IRUPD GL FRQWULEXWL ¿QDQ]LDUL GL
SHUVRQDOHTXDOL¿FDWRHGLEHQLHVHUYL]LLQQDWXUDSUR4
,*//'##0%5'%$&1/*+*%$#(*/*++'(*%'$%1/0"*(($%*%'"-$%*,*#($%
1/*+*#('($%*%5'%01*/'(0/$%5*-%+*((0/*%(9/$+($20<%A-(*/$0/$%
ULVRUVH¿QDQ]LDUHSHUVRQDOHTXDOL¿FDWRHEHQLHVHUYL]L
$#%#'(9/'%+'/'##0%;0/#$($%5'%'-(/*%$+($(9?$0#$%23*%+0+(*#4
"0#0% -'% 2'#5$5'(9/'P% -*% 59*% A#$,*/+$(B.% -'% J'&*/'% 5$%
J0&&*/2$0.%-'%Q0#5'?$0#*%=0#(*%5*$%>'+23$%5$%)$*#'%
*%-'%H'#2'%=0#(*%5*$%>'+23$%5$%)$*#'<%A#%20#(/$C9(0.%'-%
PRPHQWRDQFRUDGLI¿FLOHGDTXDQWL¿FDUHSURYHUUjDQ4
23*%5'--'%/*(*%5$%'++02$'?$0#$%5$%,0-0#('/$'(0.%20&1/*+*%
-*%J0#(/'5*.%23*%+0#0%&0-(0%'(($,*%*%C*#%/'11/*+*#('(*%
+9-%(*//$(0/$0.%;0/#*#50%20+g%9#%9-(*/$0/*%'110/(0%5$%1*/4
VRQDOHTXDOL¿FDWRHGLDOWULEHQLHVHUYL]L
J0#% $-% /$*K9$-$C/$0% 5*-% C$-'#2$0% *#(/0% $-% NO% +*((*&C/*%
LOFRPXQHVWDQ]LHUjHXUR2$'+29#0%1*/%$-%
hOi[%*%1*/%$-%hOis<
=9+$2'-*%J3$"$'#'.%S*/#$2*%>/0"*(($%J9-(9/'-$%+/-%*%$-%
):X^%4%)$*#'%:/(%F#+($(9(*<
F#%(9((0.%-*%+1*+*%1*/%-'%1/059?$0#*%'/($+($2'%'&&0#('#0%
'%K9'+$%59*%(*/?$%5*--*%+1*+*%01*/'($,*%(0('-$%r%9#'%J8J%
5$%+922*++0%#*2*++$('%+01/'((9((0%5$%9#%1/0"/'&&'%5$%
SURJHWWLDWWUDHQWHDUWLFRODWRHGLYHUVL¿FDWRLQFXLWXWWL
10++'#0% (/0,'/*% K9'-20+'% 5$% $#(*/*++'#(*% 23*% ,'-"'%
$-% ,$'""$0<% :--6$#(*/#0% 5*--'% +1*+'% 1*/% $-% 1/0"/'&&'%
'/($+($20.% -6ROn% 7% 5*5$2'(0% '$% 1/0"*(($% *% '"-$% *,*#($%
1/$#2$1'-$.% 20&1/*+*% -*% '(($,$(B% 5$% 2001*/'?$0#*%
20#% -*% 2$((B% C9-"'/*% 2'#5$5'(*% J8J.% *% 1*/% $-% hOn% '5%
DOWUH LQL]LDWLYH DUWLVWLFKH H FXOWXUDOL VSHFL¿FDPHQWH
1/0"/'&&'(*%1*/%$-%hOij.%20&*%$#5$2'(0%#*--'%+*?$0#*%
h<N<
:CC$'&0% '++*"#'(0% '-% &'/k*($#"% *% '--'% 1/0&0?$0#*%
9#% K9'/(0% 5*--*% +1*+*% 01*/'($,*% 20&1-*++$,*.% 1*/23E%
+$'&0% 20#,$#($% 23*% $-% +922*++0% 5*--'% J8J% 5$1*#5'%
;0/(*&*#(*% 5'--'% 2'1'2$(B% 5$% /'""$9#"*/*% *% &0($,'/*%
(9(($%$%($1$%5$%19CC-$2$%*9/01*$.%*%5$%'((/'//*%-6$#(*/*++*%5*$%
1/$#2$1'-$%&*5$'%*9/01*$%*%$#(*/#'?$0#'-$%`&'$#+(/*'&%
*%0#4-$#*a.%20#%9#%'11/022$0%20&9#$2'($,0%$##0,'($,0.%
+*20#50% -*% -$#**% +(/'(*"$23*% +,$-911'(*% #*-% 1'/'"/';0%
[<i%r%*%1*/+*"9$/*%K9*+($%0C$*(($,$%$#%&'#$*/'%2/*5$C$-*%
#*2*++$('%9#6'5*"9'('%C'+*%5$%/$+0/+*<%F#0-(/*.%-*%+1*+*%
5$%1/0&0?$0#*%*%&'/k*($#"%#0#%20&1/*#50#0%$%20+($%
23*% +'/'##0% +0+(*#9($% 5'% *#($% 1/*10+($% '--0% +,$-9110%
5*-% (9/$+&0.% 20&*% -'% J'&*/'% 5$% J0&&*/2$0.% 0% '--'%
1/0&0?$0#*%5*--6*#0"'+(/0#0&$'%5*-%(*//$(0/$0.%20&*P%
J0#+0/?$0% S*/#'22$'.% J0#+0/?$0% 5*-% H/9#*--0% 5$%
=0#('-2$#0.%J0#+0/?$0%5*-%D0C$-*%5$%=0#(*19-2$'#0.%
J0#+0/?$0%J3$'#($%*%J0#+0/?$0%J3$'#($%J-'++$20<%
^/'%-*%+1*+*%"*#*/'-$%*%'&&$#$+(/'($,*%+0#0%20&1/*+*%
'"&"' ' B*' /#":)' -*' $01/*()#"' ("' .":6"3+*' +)8"(("M' )(' '#23*% -*% +1*+*% 1*/% -'% ,'-9('?$0#*% *% -6'95$($#"% 5*-%
¿QH GL LOOXVWUDUH LO EXGJHW RSHUDWLYR SHU LO 1/0"/'&&'%J8J<%
!#0:"++0'5$04A
,Q¿QH FRVu FRP¶q DYYHQXWR GDO DG RJJL
10(/*&0%20#($#9'/*%'%20#('/*%+9--6'110/(0%5$%/$+0/+*%
)e'B/"."'0/"#)+*;"'$01/("..*;"
9&'#*% *% 1/0;*++$0#'-$(B% +1*2$'-$??'(*% &*++*% '%
5$+10+$?$0#*%5'--*%$+($(9?$0#$%+*#*+$%23*%;'##0%1'/(*%
V'%/$1'/($?$0#*%5*--*%+1*+*%01*/'($,*%;/'%$%,'/$%+*((0/$% 5*-% J0&$('(0% 5*$% )0+(*#$(0/$% 1*/% -'% 2'#5$5'(9/'%
7% +('('% ;'(('% +9--'% C'+*% 5$% 9#6*+1*/$*#?'% 1-9/$*##'-*% 5$% )$*#'hOij.% /$592*#50% 20+g% +0+('#?$'-&*#(*% -'%
5*--'% 2$((B% #*--60/"'#$??'?$0#*% *% #*--'% "*+($0#*% 5$% 1'/(*% 5$% C95"*(% 5*5$2'('% '% +'-'/$% *% +($1*#5$<% F#0-(/*.%
$+($(9?$0#$%29-(9/'-$%*%5$%*,*#($%K9'-$%&0+(/*.%'(($,$(B% 20&*%20#+*"9*#(*%10(*#?$'&*#(0%5*-%1/0"/'&&'%5$%
(*'(/'-$% *% &9+$2'-$.% #0#23E% ;'2*#50% /$;*/$&*#(0% '% ,0-0#('/$'(0.%"$B%$#%20/+0%*%5$%"/'#5*%+922*++0.%)$*#'%
5'($% '#'-0"3$% 5$% J8J% 1'++'(*% 5$% +$&$-$% 5$&*#+$0#$% ;'/B% % '&1$0% 9+0% 5$% ,0-0#('/$.% ('#(0% 1*/% -*% &'#+$0#$%
*% 0C$*(($,$<% A-(*/$0/$% $#19(% 1/0,*#"0#0% 5'% +0""*(($% GLEDVHFKHSHUSUR¿OLVSHFLDOL]]DWLJUD]LHDOODIRUWH
-02'-$%20#%'&1$'%*+1*/$*#?'%#*-%2'&10%5*--'%"*+($0#*% (/'5$?$0#*%-02'-*%23*%/*#5*%5$+10#$C$-$%9#%'-(0%#9&*/0%
5$%'(($,$(B%29-(9/'-$.%20&*%'5%*+*&1$0%-'%Q0#5'?$0#*% GL FLWWDGLQL TXDOL¿FDWL H PRWLYDWL FKH GHVLGHUDQR
0XVHL 6HQHVL FKH UDJJUXSSD PXVHL VLWXDWL QHO 20#(/$C9$/*% 20#% *#(9+$'+&0% '-% 1/0"*((0<% F#% K9*+(0%
(*//$(0/$0%5*--'%>/0,$#2$'.%-'%Q0#5'?$0#*%:22'5*&$'%
76
&050% 10(/*&&0% $#5$/$??'/*% -'% &'""$0/% 1'/(*% 5*--*%
/$+0/+*% ,*/+0% $% 1/0"*(($% *% -*% '(($,$(B% 23*% '&1-$'#0%
*% &$"-$0/'#0% $-% C'2$#0% 5*--*% 20&1*(*#?*% -02'-$.% '%
EHQH¿FLRGHOOHFRPXQLWjHVSHFLDOPHQWHGHLJLRYDQL
DQFKH DWWUDYHUVR SURJHWWL FRPXQLWDUL VSHFL¿FL H
$#5$/$??'($% '--6'11/*#5$&*#(0% 20&*% +1$*"'(0% #*--'%
)*?$0#*% i<iN<% F-% 1/*?$0+0% 1'(/$&0#$0% 5$% 20#0+2*#?*%
5*/$,'#($% 5'--*% '(($,$(B% 5$% '11/*#5$&*#(0% +02$'-*%
/$&'//B% 20&*% */*5$(B% 1*/&'#*#(*% 5$% )$*#'hOij% *.%
'--0% +(*++0% (*&10.% 20+($(9$/B% 9#'% /$+0/+'% 23$',*% 5$%
+,$-9110%1*/%$-%2$2-0%10+(4hOij<
/$;*/$&*#(0%'--'%('C*--'%+0((0+('#(*<
SPESE OPERATIVE COMPLESSIVE
(in euro)
Totale Spese operative
79.080.000
Spese per il progetto
49.000.000
20.000.000
7.600.000
2.480.000
Marketing e Promozione
Salari, spese generali, amministrazione
Altro/Fondo di riserva
(in %)
62%
25%
10%
3%
8e'4)("3-)#*0'/#";*.+0'/"#'"CC"++6)#"'("'./"."'
0/"#)+*;"
V'% +1*+'% 7% /$1'/($('% 20#% "/'59'-$(B% #*"-$% '##$.%
20#2*#(/'#50+$% 1/$#2$1'-&*#(*% #*-% hOiR% *% hOij<%
V'% "/'59'-$(B% 7% -*"'('% '--'% +(/9((9/'% &059-'/*% 5*$%
1/0"*(($% 23*% 5*,0#0% +,$-911'/+$% #*-% (*&10.% 20#%
9#'% ;'+*% 5$% ',,$0% ('-,0-('% $#(*#+'% $#% (*/&$#$% 5$%
'(($,$(B%5$%1/0"*(('?$0#*%*+*29($,'%*%1/059?$0#*.%*%
+1*++0%20#%9#%#9(/$(0%1/0"/'&&'%5$%;0/&'?$0#*%*%
5$% -'C0/'(0/$% 1/*1'/'(0/$<% V*% +1*+*% 5$% 1/0&0?$0#*%
*% &'/k*($#"% '220&1'"#'#0% #0/&'-&*#(*% K9*+($%
+,$-911$.% $#% K9'#(0% $% C95"*(% 5*$% 1/0"*(($% -*%
1/*,*50#0% +0-('#(0% $#% 1$220-'% 1'/(*<% V*% +1*+*%
"*#*/'-$% *% 5$% 1*/+0#'-*% +0#0% 20#2*#(/'(*% #*-%
hOiR%*%#*-%hOij<%D*"-$%'##$%1/*2*5*#($.%20&*%"$B%
'#($2$1'(0.% "$023*/'##0% 9#% /90-0% &0-(0% '(($,0% $%
,0-0#('/$%*%$-%1*/+0#'-*%&*++0%'%5$+10+$?$0#*%5'--*%
$+($(9?$0#$% +0+(*#$(/$2$% '((/',*/+0% $% 1/01/$% C95"*(%
`-*% 59*% A#$,*/+$(B.% H'#2'% *% Q0#5'?$0#*% =0#(*%
5*$% >'+23$.% J'&*/'% 5$% J0&&*/2$0a.% 20+g% 20&*% $%
,0-0#('/$% 1/0,*#$*#($% 5'--'% +02$*(B% 2$,$-*% -02'-*% *%
5'% '-(/$% 1'*+$% *9/01*$<% V69($-$??0% 5$% 1/0;*++$0#$+($%
+($1*#5$'($%+$%20#2*#(/*/B%1/$#2$1'-&*#(*%#*--'%;'+*%
;$#'-*%*%K9$#5$%1$M%2/$($2'%5*-%1/0"/'&&'.%'#23*%+*%
+$%20#($#9*/B%'%;'/*%'&1$0%9+0%5$%,0-0#('/$%59/'#(*%
(9((0%-6'##0%J8J.%20+g%20&*%#*--*%;'+$%+922*++$,*<%
)0#0% 1/*,$+(*% /$-*,'#($% +1*+*% '#23*% #*-% hOhO%
*% hOhi.% 1*/% "'/'#($/*% -'% 20#($#9$(B% *% +('C$-$(B% 5$%
'-29#$%1/0"*(($<
/$;*/$&*#(0%'--'%('C*--'%'%1'"$#'%+*"9*#(*<
77
CALENDARIO PREVISTO PER EFFETTUARE LE SPESE OPERATIVE
Spese per
il progetto
(in euro)
2014
2015
2016
2017
2018
2019
2020
2021
TOTALE
Spese per
il progetto
(in %)
Marketing e
Promozione
(in euro)
Marketing e
Promozione
(in %)
Salari, spese generali, Salari, spese generali, Altro, fondo Altro, fondo
amministrazione
amministrazione
di riserva
di riserva
(in euro)
(in%)
(in euro)
(in %)
Total
(in euro)
343.000
0,7%
400.000
2,0%
228.000
3,0%
971.000
1.470.000
3,0%
1.400.000
7,0%
228.000
3,0%
3.098.000
2.940.000
6,0%
1.400.000
7,0%
760.000
10,0%
5.100.000
5.880.000
12,0%
2.800.000
14,0%
1.064.000
14,0%
9.744.000
12.887.000
26,3%
6.100.000
30,5%
1.976.000
26,0%
892.800
36,0%
21.855.800
17.640.000
36,0%
6.600.000
33,0%
2.508.000
33,0%
1.240.000
50,0%
27.988.000
6.468.000
13,2%
800.000
4,0%
608.000
8,0%
347.200
14,0%
8.223.200
1.372.000
2,8%
500.000
2,5%
228.000
3,0%
49.000.000
100,0%
20.000.000
100,0%
7.600.000
100,0%
2.100.000
2.480.000
100,0%
79.080.000
'"&"( B/"."'$01/("..*;"'*3'$03+0'$)/*+)("A
^/'% -*% +1*+*% $#% 20#(0% 2'1$('-*% +0#0% 20&1/*+$% "-$%
$#,*+($&*#($% -*"'($% '% $#;/'+(/9((9/*% 1*/% '(($,$(B%
FXOWXUDOL ULTXDOL¿FD]LRQH H ULVWUXWWXUD]LRQH XUEDQD
*% $#,*+($&*#($% 23*% ;',0/$+20#0% -6'22*++$C$-$(B% '--'%
2$((B%*%'$%1$220-$%20&9#$%5*-%(*//$(0/$0<%^9(($%$%1/0"*(($%
H OH UHODWLYH ULVRUVH ¿QDQ]LDULH VDUDQQR JHVWLWH GDJOL
*#($% 19CC-$2$% 0% 5'--*% $+($(9?$0#$% 1/$,'(*% $#2'/$2'(*% 5$%
*+*"9$/*%-*%01*/*%19CC-$23*<
>*/% K9'#(0% /$"9'/5'% -*% $#;/'+(/9((9/*% 29-(9/'-$.% 59*%
5*--*% 1/$#2$1'-$% 1/$0/$(B% +'/'##0% -L','#?'&*#(0% 5*-%
/*+('9/0%*%/$9+0%5*-%J0&1-*++0%=9+*'-*%)'#('%='/$'%
GHOOD 6FDOD GL 6LHQD H OD FRQVHJXHQWH GH¿QLWLYD
+$+(*&'?$0#*% &9+*'-*% 5$% (9((*% -*% 01*/*% 5*-% 1*/$050%
560/0% 5*--6'/(*% +*#*+*.% #0#23E% K9*--0% 5*-% 20&1-*++0%
5$%)'#('%Q$#'%'%)'#%@$&$"#'#0<%D0#%7%$#%1/0"/'&&'%
-'% 20+(/9?$0#*% 5$% #90,*% "/'#5$% +(/9((9/*.% 10$23E% $-%
(*//$(0/$0% 1/*+*#('% "$B% 9#'% /$22'% *% ,'/$'% 50('?$0#*% 5$%
VSD]L FXOWXUDOL H GLVSRQH DQFRUD GL PROWL HGL¿FL GL
,'-0/*%$#9($-$??'($%23*%10(/*CC*/0%*++*/*%20#,*/($($.%+*%
#*2*++'/$0.%'%;9#?$0#$%5$%#'(9/'%29-(9/'-*%*%1*/%0+1$('/*%
$#$?$'($,*%5$%$&1/*#5$(0/$'-$(B%2/*'($,'<
*%@/0++*(0.%-9#"0%-6'++*%1/$#2$1'-*%D0/54)95.%#0#23E%
$-%20--*"'&*#(0%20#%Q'#0.%+9--'%20+('%'5/$'($2'.%-9#"0%
9#0%5*$%1/$#2$1'-$%'++$%5$%'((/',*/+'&*#(0%-0#"$(95$#'-*%
5*--'% 1*#$+0-'% $('-$'#'<% :-(/$% $#,*+($&*#($% +'/'##0%
5*+($#'($.% 20&*% "$B% ',,*#9(0% #*-% hOiN.% '--'% ,$'C$-$(B%
,*/+0%$%1$220-$%C0/"3$%5*--'%2'&1'"#'%+*#*+*.%'--*%1$+(*%
2$2-'C$-$%*%'$%1*/20/+$%'%1$*5$.%20&*%-'%Q/'#2$"*#'<
:-(/$% $#(*/,*#($% $&10/('#($% /$"9'/5'#0% -'% ;*//0,$'%
)$*#'48&10-$% *% 9#'% #90,'% 1$+('% 5$% '((*//'""$0%
1/*++0%-6'*/010/(0%5$%Q$/*#?*<%8#(/'&C$%"-$%$#(*/,*#($%
&$"-$0/*/*CC*/0% #0(*,0-&*#(*% -6'22*++$C$-$(B% *% -'%
&0C$-$(B%5'%*%,*/+0%)$*#'<
:% -$,*--0% 9/C'#0.% "-$% $#,*+($&*#($% +$% 20#2*#(/'#0% +9-%
/*291*/0%5$%'/**%,*/5$%*%(/'(($%5$%&9/'.%2'+(*--$%*%1'-'??$%
+(0/$2$% 5$;;9+$% +9-% (*//$(0/$0% `>'/20% 5*--'% Q0/(*??'% 5$%
>0""$0% F&1*/$'-*% '% >0""$C0#+$% *5% *m% 2'/2*/*% 5$% )'#%
@$&$"#'#0a<% )9% K9*+($% '&C$($% $#(*/,*//'##0% +$'% $-%
1/$,'(0% 23*% $-% 19CC-$20.% +01/'((9((0% 20#% /$;*/$&*#(0%
'--'% *204+0+(*#$C$-$(B% 9/C'#'% *5% *m(/'9/C'#'% *% '--'%
(9(*-'%5*-%1'*+'""$0.%&$"-$0/'#50%-6'22*++$C$-$(B%1*/%-*%
1*/+0#*%20#%C$+0"#$%+1*2$'-$<
>*/%2$_%23*%20#2*/#*%"-$%$#,*+($&*#($%1*/%-6'22*++$C$-$(B.%
-'%2$((B%10++$*5*%"$B%C90#*%+(/9((9/*%1*/%/*"0-'/*%-'%+0+('% /$;*/$&*#(0%'--'%('C*--'%'%1'"$#'%+*"9*#(*<
*%-'%&0C$-$(B%2$(('5$#'%`1'/23*""$.%+2'-*%&0C$-$%,*/+0%$-%
2*#(/0%+(0/$20a.%&'%2$%+0#0%&'/"$#$%5$%&$"-$0/'&*#(0%
10++$C$-$%20#%/$;*/$&*#(0%'$%20--*"'&*#($%5$%K9'-$(B%20#%
$% 1/$#2$1'-$% #05$% 5*-% (/'+10/(0% /*"$0#'-*% *% #'?$0#'-*<%%
>*/% ';;/0#('/*% K9*+(0% 1/0C-*&'.% +0#0% 1/*,$+($%
$&10/('#($% $#,*+($&*#($.% 1'/(*% 5*$% K9'-$% "0,*/#'($,$.%
1*/% &$"-$0/'/*% -'% 20##*++$0#*%5*--'%2$((B%20#%Q$/*#?*%
78
SPESA
IN CONTO CAPITALE
FINANZIAMENTO DI NUOVE
INFRASTRUTTURE A CARATTERE
CULTURALE O MIGLIORAMENTO
DI STRUTTURE ESISTENTI
(inclusi musei, gallerie, teatri, cinema,
sale da concerti, centri d'arte, ecc.)
1.096.508.392
70.422.946
FINANZIAMENTI DI NUOVE INFRASTRUTTURE
A CARATTERE CULTURALE O
MIGLIORAMENTO DI STRUTTURE ESISTENTI
(inclusi musei, gallerie, teatri, cinema, sale da concerti,
centri d'arte, ecc.)
Museo della Biodiversità, Monticiano
Potenziamento di 7 Musei
della Fondazione Musei Senesi
Recupero e restauro ex carcere e complesso
di Santa Fina, San Gimignano
Realizzazione Centro per l'ospitalità del Pellegrino
presso il museo del Santa Maria della Scala
e adeguamento del sistema antincendio, Siena
Recupero del complesso del Santa Maria della Scala
per realizzazione di centrali tecnologiche, Siena
Edificio polifunzionale nell'area della stazione, Siena
Ristrutturazione dell'ex orfanotrofio di San Marco
per uso culturale, Siena
Realizzazione Museo del Palio, Siena
Interventi di manutenzione per la realizzazione di una sala
Polifunzionale nell'edificio comunale in Piazza Chigi Saracini
Manutenzione Palazzo Comunale, Siena
Impianto aria condizionata presso il Teatro dei Rozzi, Siena
Interventi di manutenzione straordinaria Palazzo Patrizi, Siena
Restauro parapetti laterali Cappella di Piazza del Campo
TOTALE
RIQUALIFICAZIONE URBANA
(rinnovamento di piazze, giardini, strade,
sviluppo di spazi pubblici, ecc.)
Recupero e valorizzazione
Parco della fortezza 15° secolo, Poggibonsi
Recupero e valorizzazione delle Mura della città
Pista ciclabile Strada Fiume - Stazione, Siena
Interventi edilizia residenziale e
opere di urbanizzazione, San Miniato, Siena
Lastricatura e illuminazione Centro Storico
e altri interventi, Siena
Messa a norma parapetti esterni Fortezza Medici, Siena
Strade e mobilità, Siena
Mantenimento Parchi
Abbattimento barriere architettoniche, Siena
TOTALE
INFRASTRUTTURE
(investimenti per metropolitana,m stazioni ferroviarie,
cantieri navali, strade, aeroporti, ecc.)
RIQUALIFICAZIONE URBANA
(rinnovamento di piazze, giardini, strade,
sviluppo di spazi pubblici ecc.)
INFRASTRUTTURE
(investimenti per metropolitana,
stazioni ferroviarie, cantieri navali,
strade, aeroporti, ecc.)
22.049.000
1.004.036.446
AMMONTARE
PIANIFICATO o GARANTITO
FONTE
4.682.946
Garantito
Gov. regionale, Provincia, privato
500.000
Garantito
Privato
30.300.000
Garantito 13.3M
Pianificato 17 M
Gov. regionale, Provincia, privato
2.000.000
Garantito 0.7 M
Pianificato 1.3 M
Gov. regionale, Provincia, privato
26.500.000
Pianificato
Gov. regionale, Provincia, privato
2.500.000
Pianificato
Pianificato 1.25 M
Garantito 0.15 M
Gov. locale
300.000
Pianificato
Gov. locale
250.000
Pianificato
Gov. locale
1.200.000
90.000
610.000
90.000
70.422.946
Pianificato 0.5 M; Garantito 0.7 M
Gov. locale
Pianificato
Pianificato 0.41 M; Garantito 0.2 M
Gov. locale
Gov. locale
Pianificato
Gov. locale
1.400.000
AMMONTARE
7.255.000
8.000.000
800.000
375.000
1.363.00
200.000
3.133.000
133.000
790.000
22.049.000
Gov. locale
PIANIFICATO o GARANTITO
FONTE
Garantito
Gov. regionale/locale/privato
Garantito 1.6 M; Pianificato 6.4 M
Gov. nazionale
Gov. locale
Pianificato
Pianificato 0.41 M; Garantito 0.2 M
Gov. regionale/locale/privato
Pianificato
Gov. locale
Garantito
Gov. locale
Pianificato 1.3 M; Garantito 1.8 M
Pianificato 0.04 M; Garantito 0.09 M
Garantito
Gov. Nazionale/regionale/locale/privato
Gov. locale
Gov. locale
Garantito 0.08 M; Pianificato 0.29 M
AMMONTARE
PIANIFICATO o GARANTITO
FONTE
580.700.000
Garantito
Gov. nazionale
5.641.213,95
96.611.232
326.000
608.000
Area parcheggio San Francesco, Siena
Interventi di miglioramento ambientale spazi verde pubblico, Siena
150.000
40.000,000
Raddoppio binario Siena-Empoli
280.000.000
Nuova pista atterraggio all'aeroporto di Firenze
TOTALE
1.004.036.446
Garantito
Garantito
Pianificato
Gov. nazionale
Gov. regionale, privato
Garantito
Privato
Lavori di costruzione, superstrada Grosseto-Siena-Fano,
parte del Corridoio europeo Balcani-Spagna
Miglioramento raccordo Siena-Firenze
Interventi per la viabilità nei Comuni della Provincia
Nuovi parcheggi, Siena
Garantito
Pianificato
Garantito
Gov. locale
Gov. locale
Gov. nazionale
Gov. Nazionale/regionale
79
'"&") *OLHQWLSXEEOLFL¿QDQ]LDWRUL&LWWj5HJLRQH '"&"*
B+)+0e' %)330' )..63+0' 63' *1/":30' C0#1)("' )'
FRUULVSRQGHUH LO ¿QDQ]LDPHQWR" ,Q FDVR GL
#*./0.+)'3":)+*;)M'K6)3-0'(0'C)#)3307
,OPDJJLROD5HJLRQH7RVFDQDKDDVVHJQDWR
HXUR SHU O¶DQQR DO SURJHWWR GL
FDQGLGDWXUD GL 6LHQD &(& FRQ OD GHFLVLRQH Q 5*--'% @$9#('% X*"$0#'-*<% A#'% -*((*/'% 5*-% >/*+$5*#(*%
GHOOD 5HJLRQH GHO QRYHPEUH DWWHVWD LQROWUH
XQ LPSHJQR SDUL D GL HXUR SHU JOL DQQL
/D 5HJLRQH VL SURQXQFHUj LQ PHULWR
HQWUR OD ¿QH GL VHWWHPEUH QHO FRQWHVWR GL XQ
:220/50% 5$% >/0"/'&&'% 20#% $-% J0&9#*<% >*/% K9'#(0%
/$"9'/5'% "-$% $&1*"#$% 5*-% J0&9#*.% $-% hh% &'""$0%
XQD GLFKLDUD]LRQH GHO 6LQGDFR GL 6LHQD LQ
&RQVLJOLR&RPXQDOHKDFRQIHUPDWRLO¿QDQ]LDPHQWR
5'% '++*"#'/*% 5$/*(('&*#(*% '-% 1/0"*((0% J8J% 1*/%
JOL DQQL (QWUR LO VHWWHPEUH 20#% $-% /$*K9$-$C/$0% 5*-% C$-'#2$0% 20&9#'-*.% iRO<OOO%
*9/0% +'/'##0% *+1-$2$('&*#(*% +('#?$'($% 1*/% 2$'+29#0%
5*$% 59*% '##$.% $#% '220/50% 20#% K9'#(0% $#5$2'(0% #*-%
50++$*/%5$%2'#5$5'(9/'<%A#'%-*((*/'%5*-%)$#5'20.%23*%
VDUj ¿UPDWD HQWUR LO VHWWHPEUH DVVLFXUHUj
LQROWUH XQ ¿QDQ]LDPHQWR FRPSOHVVLYR GL 5$%*9/0%'-%1/0"*((0%J8J%+*%)$*#'%,$#2*++*%$-%($(0-0<%F-%
J0#+$"-$0%J0&9#'-*%+$%1/0#9#2*/B%'%/$"9'/50%*#(/0%
LO VHWWHPEUH ,QROWUH WXWWL JOL VWDNHKROGHU
-02'-$% +0#0% +('($% "$B% 20$#,0-($% #*-% 1/02*++0% 5$%
1/*1'/'?$0#*%5*--'%2'#5$5'(9/'%*%3'##0%20#;*/&'(0%$-%
-0/0%$#(*/*++*%*%$-%-0/0%+9110/(0<%>*/%2$_%23*%/$"9'/5'%
LO ¿QDQ]LDPHQWR GHO JRYHUQR QD]LRQDOH LQ VWUHWWR
200/5$#'&*#(0% 20#% -*% '-(/*% 2$((B% $('-$'#*% 2'#5$5'(*.%
'CC$'&0% 20#20/5'(0% 5$% 2'-20-'/*% 9#% 20#(/$C9(0%
+('('-*%1'/$%'-%hOn%5*-%C95"*(%01*/'($,0<
96)("' /*)30' E' .+)+0' /#"-*./0.+0' /"#'
)..*$6#)#"' ()' /)#+"$*/)2*03"' -*' ./03.0#'
)((W";"3+0'7
!?35?3(G5<9?3(?35<3(@3?(D3E345B2(3(24G38B2B9?2(G282945?2C
/D VWUDWHJLD GL VRVWHQLELOLWj ¿QDQ]LDULD GL 6LHQD
1/*#5*%$5*'-&*#(*%-*%&0++*%5'%2$_%23*%$-%1/0"*((0%-'+2*/B%
'--'% 20#2-9+$0#*% 5*--6'##0% J8J<% F-% 20$#,0-"$&*#(0% 5$%
+0+(*#$(0/$% 1/$,'($.% +$'#0% *++$% $&1/*+*.% 0/"'#$??'?$0#$%
QRQSUR¿WRPHFHQDWLqSDUWHGLXQDYLVLRQHFRQGLYLVD
+9--*%1/0+1*(($,*%5$%+,$-9110%'%-9#"0%(*/&$#*%5*-%(*//$(0/$0.%
*%+9--6$&1'((0%1*/&'#*#(*%5*--'%J8J<%S$%7%9#%$#(*/*++*%
FRPXQHVLDGDSDUWHGHLGRQDWRULFKHGHLEHQH¿FLDULDG
9+2$/*%5'--'%-0"$2'%5*-%20#(/$C9(0%022'+$0#'-*%0%5$%C/*,*%
59/'('.%1*/%20#5$,$5*/*%9#%1*/20/+0%20&9#*%$#%29$%0"#$%
1'++0%#'+2*%5'$%1/*2*5*#($.%1/0592*#50%,'#('""$%23$'/$%
*%,$+$C$-$%$#%1/$&0%-90"0%1*/%-'%20&9#$(B.%*%20+(/9*#50%
XQ GLDORJR HI¿FDFH WUD WXWWL L VRJJHWWL FRLQYROWL /D
SROLWLFD GL DWWUD]LRQH GHO ¿QDQ]LDPHQWR SULYDWR GL
)$*#'hOij% #0#% +$% C'+'% K9$#5$% +9--'% /$2*/2'% 5$% +10#+0/%
(/'5$?$0#'-$.%$#(*/*++'($%'%20#;*/$/*%5*#'/0%0%'-(/*%/$+0/+*%
1/$#2$1'-&*#(*% $#% 2'&C$0% 5$% 9#% /$(0/#0% 5$% $&&'"$#*% *%
5$% ,$+$C$-$(B% &*5$'($2'.% &'% 1$9((0+(0% +9--0% +,$-9110% 5$%
SDUWHQDULDWLQHLTXDOLOHULVRUVH¿QDQ]LDULHVRQRSDUWHGL
9#0% +2'&C$0% 1$M% ,'+(0% 5$% 20&1*(*#?*.% $#;0/&'?$0#$% *%
2/*'($,$(B%5$%20&9#$(B<
)9-%,*/+'#(*%5*--*%$&1/*+*.%2*/23$'&0%+02$*(B%*%&'/23$%
$#(*/*++'($% '% +,$-911'/*% 20#% #0$% 1/0"*(($% $##0,'($,$%
+(/*(('&*#(*% -*"'($% '--'% -0/0% ,$+$0#.% 1'/(*#50% 5'--'%
2'1'2$(B% 5*--'% 29-(9/'% 5$% 2/*'/*% C*#*++*/*% +02$'-*% *5%
HFRQRPLFR6XOYHUVDQWHGHOOHRUJDQL]]D]LRQLQRQSUR¿W
"9'/5$'&0%'--*%;0#5'?$0#$.%'--*%'"*#?$*%*%'$%&*2*#'($%23*%
2/*50#0%#*--'%1'/(*2$1'?$0#*%29-(9/'-*%20&*%-'C0/'(0/$0%
5$%5*&02/'?$'%*%2$(('5$#'#?'%'(($,'.%#0#23E%5$%20*+$0#*%
+02$'-*%$#2-9+$,'<
8QDVWUDWHJLDGL¿QDQ]LDPHQWRLQVHWWHPRVVH
)$*#'hOij%7%$#%+(/*((0%20#('((0%20#%$%1/$#2$1'-$%+0""*(($%
HSRWHQ]LDOL¿QDQ]LDWRULGHOWHUULWRULRVHQHVH,O0RQWH
5*$% >'+23$% 5$% )$*#'.% -'% Q0#5'?$0#*% 5*-% =0#(*% 5*$%
>'+23$%*%-6'?$*#5'%5$%9($-$(d%8+(/'%+0#0%"$B%$%+0+(*#$(0/$%
¿QDQ]LDUL SULQFLSDOL 8OWHULRUL FRQWDWWL VRQR LQ FRUVR
20#%'?$*#5*%'(($,*%#*$%1/$#2$1'-$%+*((0/$%5*--6*20#0&$'%
-02'-*P% ;'/&'2*9($2'.% ^FJ.% *#0"'+(/0#0&$'.% *% "/'#5*%
5$+(/$C9?$0#*<
:% -$,*--0% #'?$0#'-*% *% $#(*/#'?$0#'-*.% )$*#'hOij% 7% "$B%
&0-(0% '(($,'% #*$% 20#('(($% 1/*-$&$#'/$% 20#% $&10/('#($%
1'/(#*/%10(*#?$'-$.%'-29#$%5*$%K9'-$%+0#0%"$B%+('($%'%)$*#'%
*%3'##0%&0+(/'(0%$#(*/*++*%,*/+0%9#%'11/0;0#5$&*#(0%
5*$% 20--0K9$% `(/'% 29$% 1/059((0/$% 29-(9/'-$% *% ;0#5'?$0#$%
80
5$%*/0"'?$0#*%5$%1/$&0%1$'#0a.%#0#23E%20#%$&10/('#($%
&9-($#'?$0#'-$% 20&*% =$2/0+0;(% 0% V*"0<% Y010% -'%
5*2$+$0#*.% +*% )$*#'% +$% '""$95$23*/B% $-% ($(0-0.% 2$% +'/B%
9#'% /'1$5'% '22*-*/'?$0#*% #*$% 20#('(($% *% #*$% 86.*3"..'
1""+*3:<%A#%-$,*--0%$#$?$'-*%5$%1'/(*#'/$'(0%7%"$B%+('(0%
¿QDOL]]DWR FRQ OD )RQGD]LRQH &HVDUH 6HURQR SHU LO
1/0"*((0%>'/')$(*.%*%20#%-'%Q0#5'?$0#*%8/&'##0%J'+0-$%
1*/%-6'?$0#*%V)8'0C'X*.+)S".%5$%b*%:/*%V*0#'/50<%
‡'
:% % 1'/($/*% 5'% K9*+('% '(($,$(B% 1/*-$&$#'/*% &'%
$#5$+1*#+'C$-*.% +*% )$*#'hOij% ,$#2*/B% $-% ($(0-0.% -'%
+(/'(*"$'%5$%/'220-('%;0#5$%+$%+,$-911*/B%$#%+*((*%&0++*P%
D'1k$#% 820#0&$2+.% 23*% '(($#"0#0% 5'% '+1*(($%
VSHFL¿FL GHOOD FXOWXUD KDFNHU H GDOO¶HFRQRPLD
5*--'%20#5$,$+$0#*.%3'##0%-'%10++$C$-$(B%5$%/$2*,*/*%
+9110/(0%5'%$#$?$'($,*%5$%2/0f5;9#5$#"<%)$*#'hOij%
3'% "$B% ',,$'(0% 20--'C0/'?$0#$% 20#% 1$'((';0/&*%
+1*2$'-$??'(*%#*-%2/0f5;9#5$#"%20&*%>'#)1**23%*%
@0(*0.%23*%+0#0%20$#,0-(*%$#%K9*+($%1/0"*(($c
!#0:"++*' -*' /#0;)P% 20#% $% 1'/(#*/% 10(*#?$'-&*#(*%
$#(*/*++'($.% )$*#'hOij% +,$-911*/B% 1$220-$% 1/0"*(($%
1/*1'/'(0/$% 1*/% (*+('/*% -'% #0+(/'% 2'1'2$(B% 5$%
1/059?$0#*% *% /*'-$??'?$0#*% *.% 5$% 20#+*"9*#?'.%
&*((*/-'% '% 19#(0<% F#% K9*+(0% &050% 20+(/9$'&0%
¿GXFLD FUHDQGR JUXSSL GL ODYRUR PLVWL H EHQ
DI¿DWDWLHSUHSDULDPRJUDGXDOPHQWHFROODERUD]LRQL
1$M% '&C$?$0+*.% &$"-$0/'#50% -*% #0+(/*% 2'1'2$(B%
1*/% +,$-911'/*% *% "*+($/*% 1'/(#*/+3$1% +*&1/*% 1$M%
20&1-*++*<
‡' B*"3)=>?@' #0)-P.%0RP% 59/'#(*% $-% hOi[% *% -'% 1/$&'%
&*(B% 5*-% hOis.% 1/*+*#(*/*&0% -*% (*&'($23*% 5$%
)$*#'hOij%*%$%1/0"*(($%23$',*%$#%&0-(*%2$((B%*9/01**%
*5% *m(/'*9/01**.% /$,0-"*#502$% '% $&1/*+*% -02'-$% *% '%
YDUL ¿QDQ]LDWRUL QRQSUR¿W SULYDWL FRQ O¶DLXWR GHL
#0+(/$% 1'/(#*/% 29-(9/'-$.% 5*--'% #0+(/'% ,'+('% /*(*% 5$%
FRQWDWWLHGHOODUHWHXI¿FLDOHLWDOLDQDGLSURPR]LRQH ‡' V<*3$)3+".*10' -*' B*"3)T% +($'&0% "$B% -',0/'#50% +9%
*% 5$% /*-'?$0#$% 29-(9/'-$% *5% *20#0&$23*<% !"#$%
20#('(($% 0/$*#('($% '--0% +,$-9110% 5$% 20--'C0/'?$0#$% 5$%
1/*+*#('?$0#*%+'/B%2*#(/'('%+9--*%2'/'((*/$+($23*%*%"-$%
DOWR SUR¿OR DWWUDYHUVR O¶XWLOL]]R FRPH VWUXPHQWR GL
$#(*/*++$%5*$%+0""*(($%20$#,0-($%r%(*2#0-0"$'%5$"$('-*.%
19CC-$23*%/*-'?$0#$%5*-%5011$0%'119#('&*#(0%'##9'-*%
+'-9(*% *% C*#*++*/*.% 2/$($2$(B% +02$'-$.% *20#0&$'% *%
5*-%>'-$0.%23*%'((/'*%1*/+0#'-$(B%5$%-$,*--0%&0#5$'-*%$#%
(9/$+&0%*+1*/$*#?$'-*.%*22<c
2'&10%'/($+($20.%10-$($20%*%$&1/*#5$(0/$'-*.%*%+;/9(('#50%
'-(/$% *,*#($% 022'+$0#'-$% 5$% /$23$'&0% $#(*/#'?$0#'-*<%
‡ (YHQWLOHJDWLDO¿QDQ]LDPHQWRGLVSHFL¿FLSURJHWWLP%
Y'-% hOih.% -*% /*-'?$0#$% $#(*/#'?$0#'-$% 5*--'% 2$((B% +$%
GDOOD VHFRQGD PHWj GHO ¿QR DOOD SULPD PHWj
+0#0% 1/$#2$1'-&*#(*% 20#2*#(/'(*% +9--'% +(/'(*"$'% 5$%
5*-% hOiR.% 20+(/9$/*&0% *,*#($% 1*/% -'% /'220-('% ;0#5$%
+,$-9110% 5$% 1'/(*#'/$'($% #*--60(($2'% J8J.% 20#% iO4
$#(0/#0% '$% 1/0"*(($% b*% :/*% V*0#'/50.% J9-(9/'-%
FRQWDWWLTXDOL¿FDWLJLj¿QDOL]]DWLHFKHSRVVRQR
8&*/"*#2d% X00&.% D'1k$#% 820#0&$2+.% >-'d% (3*%
*,0-,*/*%$#%/'110/($%*;;*(($,$%20#%1'*+$%20&*%A):.%
J$(d% *% J01db/0#".% /$,0-($% '$% 1/$#2$1'-$% 10(*#?$'-$%
F#50#*+$'.%J$#'.%J0/*'%5*-%)95%*%F#5$'<
SDUWQHU FRQ OD SUHVHQ]D GL DOFXQH ¿JXUH FKLDYH
20$#,0-(*% #*$% 1/0"*(($.% (/'% 29$% 29/'(0/$.% '/($+($% *%
01*/'(0/$%29-(9/'-$<
‡' F3;".+0#' 800S' "' -*33"#' ";"3+.P% ,*//B% 1/*1'/'(0% 9#%
*3;".+0#' 800S% 1*/% 1/*+*#('/*% )$*#'hOij% $#% K9'#(0% '"&"+ 96)(0#)' ()' $*++,' $)3-*-)+)' ;"3:)' 301*3)+)'
1/0"*((0%1$-0('%1*/%$-%10+$?$0#'&*#(0%5*-%(*//$(0/$0%
4)/*+)("'56#0/")'-"(()'46(+6#)M'."$03-0'K6)("'
+*#*+*% 20&*% 5*+($#'?$0#*% 5$% $#,*+($&*#(0% 5$%
$)("3-)#*0' ()' $*++,' "L0' (<"3+"' #"./03.)8*("'
/$-*,'#?'% "-0C'-*.% 20#% 1'/($20-'/*% '((*#?$0#*% '"-$%
/"#'()'/#"/)#)2*03"'"'(<*1/("1"3+)2*03"'-"('
$&1'(($%5$%-9#"0%(*/&$#*%5*--'%J8J<%S*//'##0%$#0-(/*%
/#0:"++0'5404'#*$";"#,'*'C03-*'/#";*.+*7
0/"'#$??'($%-*33"#'";"3+.%1*/%9#%"/9110%+*-*?$0#'(0%
5$% $#,*+($(0/$% $#(*/#'?$0#'-$.% 1*/% 1/*+*#('/*% *%
)e'"3+#)+"'-".+*3)+"')(()'$0/"#+6#)'-"(("'
5$+29(*/*% -6*3;".+0#' 800S.% 20#% -6'++$+(*#?'% (*2#$2'%
./"."'0/"#)+*;"
5$%H'#2'%*%Q0#5'?$0#*%=>)<
‡' [".+*103*)(P% +*-*?$0#*/*&0% 9#% 1$220-0% #9&*/0%
5$% (*+($&0#$'-% $#(*/#'?$0#'-$% ,$2$#$% '$% ,'-0/$% 5$%
)$*#'hOij.% 20&*% 1'/(#*/% 23*% 1/0&90,'#0% -'%
#0+(/'%,$+$C$-$(B%&*5$'($2'%"-0C'-*%*%'((/'""'#0%'-(/$%
SRWHQ]LDOL ¿QDQ]LDWRUL 4XHVWL WHVWLPRQLDO VDUDQQR
:&C'+2$'(0/$% 5*-% 1/0"/'&&'% "*#*/'-*.% 20#% 9#'%
;0/(*% ,$+$C$-$(B% +9% +2'-'% "-0C'-*.% 0119/*% 8+1*/($%
OHJDWLDSURJHWWLVSHFL¿FLFRQXQDIRUWHFUHGLELOLWj
#*$%20#;/0#($%5*$%/*-'($,$%('/"*(c
D*-%C95"*(%5*--*%*#(/'(*%20//*#($%'11'/*%20#%23$'/*??'%
FKHLO¿QDQ]LDPHQWRGHLSULPLDQQLGLDWWLYLWjGRSR
-'%5*+$"#'?$0#*.%+'/B%+0+(*#9(0%1/$#2$1'-&*#(*%5'--'%
X*"$0#*% ^0+2'#'P% +$% (/'(('% 5$% 9#'% +$(9'?$0#*% #0#%
20#,*#?$0#'-*.%10$23E%"*#*/'-&*#(*%+0#0%$-%J0&9#*%
*5% *,*#(9'-&*#(*% -'% >/0,$#2$'% '% ;0/#$/*% -*% /$+0/+*%
#*--*%1/$&*%;'+$<%D*-%#0+(/0%2'+0.%(9((',$'.%10$23E%-'%
X*"$0#*%,*5*%%)$*#'hOij%20&*%-6$#$?$'($,'%+(/'(*"$2'%
‡' 4#0R-C63-*3:P% 1/0"*(($% 20&*% J01db/0#"% 0% FKLDYHHSRLFKpLÀXVVLGLFDVVDUHJLRQDOLSHUPHWWRQR
81
XQD GHVWLQD]LRQH VLJQL¿FDWLYD GL ULVRUVH QHOOD IDVH
$#$?$'-*.% 'CC$'&0% 01('(0% 1*/% K9*+('% +0-9?$0#*%
'-(*/#'($,'%*%'CC$'&0%20#2*#(/'(0%-*%/$+0/+*%20&9#'-$%
*% 1/0,$#2$'-$% #*--'% ;'+*% 5$% 1/059?$0#*% 2/92$'-*.%
SURVVLPD DOO¶DQQR &(& ,O ¿QDQ]LDPHQWR GHOOD IDVH
$#$?$'-*%7%9-(*/$0/&*#(*%'++$29/'(0%5'--'%H'#2'%=0#(*%
5*$%>'+23$%5$%)$*#'.%23*%20#($#9*/B%20-%+90%+0+(*"#0%
¿QDQ]LDULRDIDYRUHGL6LHQDFRPHJLjDYYHQXWR
59/'#(*%-'%;'+*%5$%+*-*?$0#*%5*--'%20&1*($?$0#*%J8J.%
*% $#0-(/*% 5'--'% Q0#5'?$0#*% 5*-% =0#(*% 5*$% >'+23$% 5$%
)$*#'%*%5'%8+(/'%+1'.%23*%3'##0%20#;*/$(0%'%-0/0%,0-('%
1'/(*% 5*--*% /$+0/+*% 1*/% -*% '(($,$(B% 5$% 2'#5$5'(9/'% #*-%
>*/%$%1/0"*(($%20#%$&1'((0%'%-9#"0%(*/&$#*%1/*,*5$'&0%
GLUDFFRJOLHUH¿QDQ]LDPHQWLSULYDWLDQFKHQHJOLDQQL
+922*++$,$%'--'%J8J<%^9((',$'.%$%20#(/$C9($%5*--'%2$((B.%
TXHOOL GHL FRPXQL GHOOD SURYLQFLD H L ¿QDQ]LDPHQWL
1/$,'($% +0#0% (9(($% 20#2*#(/'($% +01/'((9((0% #*-% 1*/$050%
hOit4ij<
ENTRATE DESTINATE ALLA COPERTURA DELLE SPESE OPERATIVE
EU
(in euro)
2014
2015
2016
2017
2018
2019
2020
2021
T0TALE
Governo
Nazionale
(in euro)
125.000
Città
(in euro)
Regione
35 Comuni del
territorio provinciale (in euro)
e limitrofi
(in euro)
Sponsor
(in euro)
800.000
200.000
Altro
(in euro)
TOTALE
(in euro)
1.000.000
180.000
40.000
2.800.000
106.000
200.000
3.326.000
180.000
160.000
4.000.000
106.000
200.000
4.771.000
200.000
2.000.000
1.680.000
1.120.000
4.000.000
742.000
200.000
9.942.000
1.500.000
3.505.000
1.740.000
1.160.000
10.800.000
2.756.000
400.000
21.861.000
400.000
4.800.000
1.800.000
1.200.000
13.200.000
5.736.000
400.000
27.536.000
275.000
2.875.000
240.000
280,000
4.000.000
424.000
400.000
8.494.000
180.000
40.000
1.200.000
530.000
200.000
2.150.000
6.000.000
4.000.000
40.800.000
10.600.000
2.000.000
79.080.000
2.500.000
13.180.000
ENTRATE DESTINATE ALLA COPERTURA DELLE SPESE IN CONTO CAPITALE
EU
(in euro)
2014
2015
2016
2017
2018
2019
2020
TOTAL
Governo
Nazionale
(in euro)
Città
(in euro)
Provincia e 35
Comuni del territorio
provinciale
Regione
(in euro)
Sponsors
(in euro)
Altro
(in euro)
TOTALE
(in euro)
154.562.490
3.697.000
2.621.650
50.577.365
8.733.599
220.172.104
148.490.476
11.517.000
5.700.000
15.458.495
5.492.599
181.658.570
159.090.476
10.090.000
3.600.000
14.331.670
4.141.000
191.253.146
121.957.143
5.000.000
3.600.000
10.085.000
3.641.000
144.283.143
124.757.143
5.000.000
3.600.000
1.460.000
600.000
135.417.143
102.457.143
5.000.000
3.600.000
1.460.000
600.000
113.117.143
103.607.143
914.922.014
105.607.143
2.000.000
40.304.000
24.721.650
93.352.530
23.208.198
1.096.508.392
82
8e'53+#)+"'-".+*3)+"')(()'$0/"#+6#)'-"(("'./"."'
*3'$03+0'$)/*+)("
>*/% K9'#(0% /$"9'/5'% -*% +1*+*% $#% 20#(0% 2'1$('-*.% (9(($% $%
SURJHWWL H OH UHODWLYH ULVRUVH ¿QDQ]LDULH QRQ VDUDQQR
"*+($(*%5'%)$*#'hOij.%&'%5'--*%$+($(9?$0#$%19CC-$23*%0%
1/$,'(*%20&1*(*#($<%F%;0#5$%%1/0,*#"0#0%1/$#2$1'-&*#(*%
5'% 1'/(*% 5*-% @0,*/#0% #'?$0#'-*.% 5*-% J0&9#*% *% 5*--'%
X*"$0#*.%&'%+'/'##0%20$#,0-($%'#23*%$#,*+($(0/$%1/$,'($<%
V*% +1*+*% +'/'##0% 20#2*#(/'(*% +01/'((9((0% #*-% 1*/$050%
SXU PDQWHQHQGR XQ
LQFLGHQ]D ULOHYDQWH
'#23*%#*"-$%'##$%+922*++$,$<
'"&", 96)("' K60+)' -"((W6.6)("' 8*()3$*0' )336)("'
$01/("..*;0' ()' $*++,' *3+"3-"' ./"3-"#"' /"#' ()'
$6(+6#)' -0/0' ()' $03$(6.*03"' -"((W)330' 5404'
d=>?@e' d*3' "6#0' "' *3' n' -"(' 8*()3$*0' )336)("'
$01/("..*;0e7
:% 1'/($/*% 5'-% hOij.% +$% 1/*,*5*% 23*% $-% C$-'#2$0%
(/$*##'-*% 23*% $-% J0&9#*% 5*+($#*/B% '--'% 29-(9/'%
+'/B% 5$% 2$/2'% hh.[% &$-$0#$% 5$% *9/0.% 1'/$% '-% iOn% 5*-%
C95"*(%'##9'-*%r%2$%+'/B%K9$#5$%9#%/$(0/#0%'%-$,*--$%
5$% +1*+'% 1/*42/$+$.% 20&*% /$+9-('(0% 5*--'% /$-*,'#?'%
10-$($2'% 5*--'% 29-(9/'% 20&*% ;'((0/*% 5$% +,$-9110.% *%
5$% 9#% 20#+*#+0% 1$M% ,'+(0% 5'% 1'/(*% 5*--'% 20&9#$(B%
,*/+0%-'%1'/(*2$1'?$0#*%29-(9/'-*%-*"'('%'--'%J8J%*%
'$% +90$% *;;*(($% +02$04*20#0&$2$<% @-$% *#($% 19CC-$2$% *%
1/$,'($%23*%+9110/('#0%-'%2'#5$5'(9/'%20#($#9*/'##0%
'% $#,*+($/*% +9% 1/0"*(($% 5$% (/'+;0/&'?$0#*% +02$'-*%
C'+'($% +9--'% 1/059?$0#*% 29-(9/'-*% *% 2/*'($,'.% 20&*%
/$+9-('(0%5*-%-0/0%20$#,0-"$&*#(0%#*-%1/0"/'&&'%r%
*%5*--6'2K9$+$?$0#*%5$%20&1*(*#?*%*%#90,$%$#(*/*++$%
#*-% +*((0/*<% F-% +922*++0% 5*$% 1/0"*(($% 1*/% $-% hOij%
;',0/$/B%$#%1'/($20-'/*%-6$#,*+($&*#(0%+9--'%2$((B%5'%
1'/(*% 5*--'% X*"$0#*% *% 5*$% 1/$,'($.% '#23*% +(/'#$*/$<%
F#0-(/*.% $-% J0&9#*.% #*"-$% '##$% hOhO% *% hOhi.% ',/B%
/$+0/+*% '""$9#($,*% /*+$59*% /$+1*((0% '-% C95"*(% J8J%
1*/%+0+(*#*/*%9-(*/$0/$%'(($,$(B%29-(9/'-$.%'++$29/'#50%
20+g% +('C$-$(B% *% 20#($#9$(B% '--*% $#$?$'($,*% #*--'%
;'+*% 10+(4hOij.% *% &$($"'#50% -6*,*#(9'-*% *;;*((0%
5$% /$&C'-?0% 10+(4J8J.% $#% &050% 5'% 1/*5$+10//*% -*%
20#5$?$0#$% &$"-$0/$% 1*/% ',,$'/*% 9#% #90,0% 2$2-0% 5$%
+,$-9110%+9%C'+*%29-(9/'-*%#*"-$%'##$%'%,*#$/*<
83
!"#$%&'&(X(*($,-+"1%+M%%M+0(.0''"(!$%%Y
("! 96)("' E' ()' $03-*2*03"' -"(()' $*++,' *3' +"#1*3*' -*'
)$$"..*8*(*+,' d+#)./0#+*' #":*03)(*M' 3)2*03)(*' "'
*3+"#3)2*03)(*e7
$-%='/0220a<%V6'*/010/(0%5$%>$+'%7%/'""$9#"$C$-*%$#%
(/*#0.%*5%*#(/'&C$%"-$%'*/010/($%+0#0%/'""$9#"$C$-$%
$#% 19--&'#<% J67% 9#% +*/,$?$0% #',*(('% "$0/#'-$*/0%
5'%*%1*/%-6'*/010/(0%5$%>$+'.%&*#(/*%1*/%'//$,'/*%
'--6'*/010/(0%5$%Q$/*#?*.%267%9#%19--&'#%0"#$%0/'%
5'%)$*#'%1*/%-'%+('?$0#*%5*"-$%'9(0C9+%5$%Q$/*#?*.%
*% 5'% K9$% 9#% +*/,$?$0% #',*(('% 0"#$% &*??60/'% 1*/%
-6'*/010/(0<% \% #0+(/'% $#(*#?$0#*% $#2/*&*#('/*% $%
20--*"'&*#($%20#%*#(/'&C$%"-$%'*/010/($c
M45(E2BBN(?5::2>4:272<3(24(B?349H(@><<D54(3(5>B9H(
E94(;>3(53?9@9?B2(24B3?45F2945<2(5;(>45(;28B54F5( ‡% 9#% 1/0"*((0% /*"$0#'-*% /*2*#(*&*#(*% '11/0,'(0%
1*/&*((*/B% -'% /*'-$??'?$0#*% 5$% 9#'% #90,'% 1$+('%
D5882D5(;2(;>3(9?3H(3(5(B?3(9?3(825(;5(/2<549(E63(
#*--6'*/010/(0% 5$% Q$/*#?*.% 20#% 20#+$5*/*,0-$%
;5(+9D5C
,'#('""$%$#%(*/&$#$%5$%/'""$9#"$C$-$(Bc
:-% &0&*#(0% )$*#'% 3'% "$B% '% 23*% ;'/*% 20#% R% &$-$0#$%
5$% ,$+$('(0/$% '--6'##0.% *% 1*/% ('-*% /'"$0#*% 10++$*5*% -*% ‡% 1*/%"-$%0+1$($%#'?$0#'-$%23*%,$'""$'#0%$#%(/*#0.%"-$%
+#05$%1$M%,$2$#$%20#%-$#**%#'?$0#'-$%+0#0%Q$/*#?*%
20&1*(*#?*% 0/"'#$??'($,*% 1*/% "*+($/*% 9#% *,*#(0% 5'%
`i3% NO6% $#% (/*#0a.% J3$9+$4J3$'#2$'#0% ^*/&*% `i3%
iO%&$-$0#$%5$%,$+$('(0/$%20&*%-'%J8J<%F-%&050%$#%29$%
i[6% $#% (/*#0a% *% @/0++*(0% `i3% hO6% $#% (/*#0a<% >*/%
,*#"0#0% ,$++9($% $-% >'-$0% *% "-$% *,*#($% *% -*% '(($,$(B% '5%
/'""$9#"*/*% )$*#'% *+$+(*% '#23*% 9#% +$+(*&'% 5$%
*++0% -*"'($% 5$&0+(/'#0% $-% +*#+0% 2$,$20.% -*% 2'1'2$(B%
WUDVSRUWLYLDDXWREXVDOWHUQDWLYRHGHI¿FLHQWHFRQ
*% -6*#*/"$'% 5*--'% 20&9#$(B% r% *% 1/0,'% #*% 7% $-% ;'((0%
20--*"'&*#($%,*/+0%(9((*%-*%1/$#2$1'-$%5*+($#'?$0#$%
23*% -'% >$'??'% 5*-% J'&10% $#% 29$% 3'% -90"0% $-% >'-$0% 7%
5*-%1'*+*c
SHUIHWWDPHQWHSXOLWDDVRORPH]]¶RUDGDOOD¿QHGHOOD
20/+'<
‡% )$*#'%7%9"9'-&*#(*%5$+('#(*%5'%=$-'#0%*%X0&'.%
D0#0+('#(*% #0#% +$'% 9#'% 2$((B% ;'2$-*% 5'% /'""$9#"*/*.%
)$*#'% 3'% '-29#*% 2'/'((*/$+($23*% 23*% -'% /*#50#0% 9#%
-90"0%$5*'-*%5'%,$+$('/*%*%,$,*/*P
‡% -'% K9'+$% (0('-*% '++*#?'% 5$% '9(0&0C$-$% #*-% 2*#(/0%
VWRULFRGHOODFLWWjODFXL]RQDDWUDI¿FROLPLWDWR
/$+'-*%'-%ijs[.%-'%1/$&'%$#%89/01'c
‡% 9#%2*#(/0%'%&$+9/'%5$%1*50#*.%20#%9#%+$+(*&'%5$%
1'/23*""$% *+(/*&'&*#(*% /'?$0#'-*.% 50,*% (9((0% 7%
/'""$9#"$C$-*%'%1$*5$c
*%5$+('%2$/2'%h%0/*%5'%H0-0"#'c%,$%+0#0%;/*K9*#($%
(/*#$% '5% '-('% ,*-02$(B% 23*% 20--*"'#0% Q$/*#?*% 20#%
-*% 1/$#2$1'-$% 2$((B% $('-$'#*<% A#69-(*/$0/*% 01?$0#*%
10++$C$-*%*%20#,*#$*#(*.%1*/%/'""$9#"*/*%)$*#'%5'%
K9*+(*%2$((B.%7%'//$,'/*%'%Q$/*#?*%20#%9#%(/*#0%'5%
'-('%,*-02$(B%*%10$%1/*#5*/*%9#%19--&'#%1*/%)$*#'c
‡% 59*% 19#($% $#;0/&'($,$% +9-% 1/0"*((0% )$*#'% J8J%
+'/'##0% 20--02'($% #*"-$% '*/010/($.% *5% 9#% '-(/0% $#%
9#'%1$'??'%#*-%2*#(/0%5$%Q$/*#?*c
‡% "9$5'/*% ,*/+0% )$*#'.% +$'% 5'% D0/5% `(/'&$(*% -'%
,$'% J'++$'a% 23*% 5'% )95% `(/'&$(*% $-% /'220/50%
'9(0+(/'5'-*% )$*#'4H*((0--*% 0% -'% ,$'% J'++$'a% 7%
5$% 1*/% +E% 9#6*+1*/$*#?'% 1$'2*,0-*P% $% ,$'""$'(0/$%
10++0%"05*/*%5*-%+9""*+($,0%1'*+'""$0%(0+2'#0.%*%
J0&*%/'""$9#"*/*%)$*#'P%
5*--'%,$+('%5*--*%($1$23*%2$(('5$#*%23*%2$/20#5'#0%
-'%+(/'5'%1/$#2$1'-*c
‡% 1*/% 20-0/0% 23*% ,*#"0#0% 5'% 1'*+$% *m(/'4*9/01*$.%
-0% +#050% 1/$#2$1'-*% 7% X0&'% `:*/010/(0%
‡% 1/0"/'&&$'&0% 5$% /*'-$??'/*% 1/0"*(($% 5$% "*04
$#(*/#'?$0#'-*% V*0#'/50% 5'% S$#2$uQJ!a.% '% 2$/2'%
-02'-$??'?$0#*% 23*% 1*/&*(('#0% '$% ,$'""$'(0/$% 5$%
NP GL GLVWDQ]D K ¶ LQ DXWR K ¶ LQ
$#(*/'"$/*% 20#% -6'&C$*#(*% 2$/20+('#(*% &*#(/*% +$%
(/*#0.%N3%i[6%$#%19--&'#.%20#%59*%19--&'#%5$/*(($%
',,$2$#'#0%'--'%2$((BP%$-%1/0"*((0%b*%:/*%V*0#'/50%
'-%"$0/#0a<%\%&0-(0%1/0C'C$-*%23*.%#*-%2'+0%$#%29$%
$#2-95*% -'% 2/*'?$0#*% 5$% '11% 23*% ;0/#$/'##0%
)$*#'% ,$#2'% $-% ($(0-0.% -'% ;/*K9*#?'% 5*$% 19--&'#%
'"-$% 9(*#($% $#;0/&'?$0#$% 0% +(0/$*% +9$% -90"3$% 23*%
'9&*#($c
$#20#(/'#0.% 0% 23*% 1*/&*((*/'##0% 5$% $&1'/'/*%
-*% C'+$% 5*--'% -$#"9'% $('-$'#'% 59/'#(*% $-% (*&10%
‡% 1*/% 23$% 1/0,$*#*% 5'% 9#% '-(/0% 1'*+*% *9/01*0.% "-$%
#*2*++'/$0%1*/%/'""$9#"*/*%)$*#'<
'*/010/($% 1$M% ,$2$#$% +0#0% Q$/*#?*% `i3% i[6% 5'%
)$*#'.% 20--*"'&*#($% 20#% '-29#*% (/'% -*% &'""$0/$%
%
2$((B% *9/01**.% $#2-9+*% :(*#*.% V0#5/'.% >'/$"$% *%
$PVWHUGDPH3LVDK¶FRQFROOHJDPHQWLFRQ
H*/-$#0.%>'/$"$.%V0#5/'%*%'-(/*%2$((B%*9/01**.%*%20#%
‡% 9#'% ,0-0#(B% 20#2/*('% 5$% /*#5*/*% -'% 2$((B% 1$M%
DFFHVVLELOHSHUOHSHUVRQHFRQGLI¿FROWjPRWRULH
0%20#%5$+'C$-$(B<
84
A#'%,0-('%'%)$*#'P
("&" 96)("'E'()'$)/)$*+,'-*')..0#8*1"3+0'-"(()'$*++,
‡% 1*/% 23$% ,90-*% +10+('/+$% $#% &'223$#'.% 7% +('(0%
*3'+"#1*3*'-*')((0::*'+6#*.+*$*7
'11/0,'(0%9#%1/0"*((0%5$%2'/4+3'/$#"%*-*((/$20%1*/%
-'%2$((B%5$%)$*#'.%5$%>0""$C0#+$.%*%5$%'-(/$%20&9#$%
5*--'%1/0,$#2$'%+*#*+*<%J$%+$%'+1*(('%$#0-(/*%23*%-*%
1$'((';0/&*%5$"$('-$%5$%2'/4100-$#"%+'/'##0%&0-(0% M4( @9B34F25<3( ?2E3BB2G9( 5D@29( 3( 24>B2<2FF5B9H( 24(
SLVYLOXSSDWHQHJOLDQQLDYHQLUH¿QRDOLQ 5BB385( ;2( >4( D5::29?( 4>D3?9( ( ;2( G282B5B9?2( 3( ;2(
&050%5'%0;;/$/*%'%K9*+(0%($10%5$%,$+$('(0/$%&*(05$% @3?D5434F3(@2R(<>4:63"
'-(*/#'($,$%*5%*204+0+(*#$C$-$%1*/%,$,*/*%-'%2$((Bc
‡ )$*#'%5$+10#*%5$%h<RjN%+*/,$?$%'-C*/"3$*/$%*5%*m(/'4
‡% -6$#(*#?$0#*% 5$% +0+(*#*/*% -'% &0C$-$(B% *-*((/$2'% 7%
'-C*/"3$*/$.% -02'-$??'($% #*--6$#(*/0% (*//$(0/$0% 5*--'%
20#;*/&'('% 5'% 9#% 1/0"*((0% 5$% C$k*4+3'/$#".% 23*%
1/0,$#2$'%1*/%9#%(0('-*%5$%s[<OOO%10+($%-*((0<%
;0/#$/B%'$%2$(('5$#$%*%'$%(9/$+($%C$2$2-*((*%'%1*5'-'('% ‡ 1HOODVRODFLWWjGL6LHQDVRQRSUHVHQWLKRWHOFRQ
'++$+($('%*%-*%/'+(/*--$*/*%1*/%-*%/*-'($,*%/$2'/$23*<%
SRVWLOHWWRHVWUXWWXUHDOWHUQDWLYH
,OSURJHWWRVDUjXOWLPDWRHQWUROD¿QHGHO
10+($% -*((0a.% 23*% $#2-950#0% 2'&1*""$.% 2'&*/*% $#%
DI¿WWR FDVRODUL UHVLGHQ]H VWRULFKH FKH RIIURQR XQ
‡% 9#6'-(/'% 1/$0/$(B% 5*--6'&&$#$+(/'?$0#*% +*#*+*% 7%
(0('-*%5$%t<jRj%10+($%-*((0<
-6'CC'(($&*#(0%5*--*%C'//$*/*%'/23$(*((0#$23*.%20+g%
5'%/*#5*/*%$-%2*#(/0%1$M%'22*++$C$-*%1*/%-*%1*/+0#*% ‡ st% 30(*-% +0#0% +$(9'($% #*$% 5$#(0/#$% 5$% )$*#'% `#*--*%
-02'-$(B%23*%5$+('#0%'-%1$M%2$/2'%NO%&$#9($%$#%'9(0a.%
20#% 5$+'C$-$(B<% :#23*% $-% 1/0"*((0% >'/')$(*% +$%
*%&*((0#0%'%5$+10+$?$0#*%s<RRR% 10+($%-*((0.% 1*/% 9#%
/$,0-"*% '% K9*+(60C$*(($,0% '((/',*/+0% -'% 2/*'?$0#*%
QXPHURWRWDOHGLSRVWLOHWWRQHOO¶DUHDXUEDQD
5$% 1/0(*+$% 9/C'#*.% *+(*($2'&*#(*% 1$'2*,0-$.% 1*/%
*%1*/$9/C'#'<
;',0/$/*% -6'22*++$C$-$(B.% *% 9#'% &'11'(9/'% "*04
‡
F%1*--*"/$#$%23*%,$'""$'#0%-9#"0%-'%S$'%Q/'#2$"*#'%
/*;*/*#?$'('%5*--*%C'//$*/*%$#%2$((Bc
10++0#0% '--0""$'/*% $#% 20#,*#($.% 23$*+*% *% 1*#+$0#$P%
SL VSHFL¿FDPHQWH YL VRQR VWUXWWXUH ULFHWWLYH
‡ XQHI¿FLHQWHVLVWHPDGLWUDVSRUWLGLEXVFROOHJDLO
(0RP$0.+ VWUXWWXUH UHOLJLRVH RVWHOOL DI¿WWDFDPHUH
2*#(/0%20#%-'%+('?$0#*%*%-*%1*/$;*/$*c
#*-%(/'((0%5*--'%1/0,$#2$'%5$%)$*#'.%1*/%9#%(0('-*%5$%
‡ YL VRQR SRVWL DXWR LQ VHWWH SDUFKHJJL
SRVWLOHWWR
&9-($1$'#0.% $#% 59*% '--6'1*/(0% '% 1'"'&*#(0% *% $#% ‡ DUULYL QHO LQ SL ULVSHWWR DO
K9'((/0% 1'/23*""$% '--6'1*/(0% "/'(9$($.% +$(9'($%
hOiha% 1*/% 9#% #9&*/0% 5$% 1*/#0(('&*#($% +($&'C$-*%
'% /'""$*/'% $#(0/#0% '-% 2*#(/0% 5*--'% 2$((B% *% '-% +90%
LQWRUQR DL LQ PHQR ULVSHWWR
$#(*/#0<
'-% hOiha% +0#0% -'% 1/0,'% 23*% $% (9/$+($% (*#50#0% '5%
'220/2$'/*% $-% -0/0% +0""$0/#0.% +1*2$'-&*#(*% K9*--$%
[6#*.10')'/*"-*'"'[#"30'O)+6#)
$('-$'#$.%$%29$%1*/#0(('&*#($%+0#0%+2*+$%5*--L%i.hNn<
‡% 9#'% 1*29-$'/$(B% 5*-% (*//$(0/$0% +*#*+*% 7% -'% S$'%
Q/'#2$"*#'.% 9#'% +(/'5'% 1*50#'-*% '% -9#"'% J0#% R% &$-$0#$% 5$% ,$+$('(0/$% '--6'##0% *% 1020% 1$M% 5$% 9#%
1*/20//*#?'%'#($2'%*%&0-(0%;'&0+'.%23*%'((/',*/+'% &$-$0#*%5$%1*/#0(('&*#($%/*"$+(/'($%5'"-$%30(*-.%7%23$'/0%
-'%1/0,$#2$'%5$%)$*#'%1*/%9#%(0('-*%5$%ihO%k&c
23*%-'%&'""$0/'#?'%5*$%,$+$('(0/$%#0#%+$%;*/&'%'%)$*#'%
#*&&*#0%1*/%9#'%#0((*<
‡ HQWUR LO O¶LQWHUD VH]LRQH SURYLQFLDOH
V6'((9'-*%('++0%5$%02291'?$0#*%5*"-$%'-C*/"3$%7%+($&'(0%
5*--'% S$'% Q/'#2$"*#'% /$+1*((*/B% "-$% +('#5'/5% 5$%
$#(0/#0%'-%hsn.%&*#(/*%+$%;*/&'%'-%iRn%1*/%-*%+(/9((9/*%
+$29/*??'%1*/%1*50#$%*%C$2$2-*((*c%*+$+(*%$#0-(/*%9#%
*m(/'4'-C*/"3$*/*c% -'% 2$((B% 3'% 1*/('#(0% 9#'% 2'1'2$(B%
1/0"*((0%5*--'%X*"$0#*%^0+2'#'%1*/%9#%$&10/('#(*%
/$2*(($,'%$#9($-$??'('.%23*%$-%($(0-0%5$%J8J%20#+*#($/*CC*%
10(*#?$'&*#(0% $#;/'+(/9((9/'-*% 5*--'% +*?$0#*%
+*#?6'-(/0% 5$% +;/9(('/*% '% 1$*#0<% :CC$'&0% $#(*#?$0#*%
(0+2'#'%5*--'%+(/'5'c
5$% 2'&C$'/*% -*% 20+*.% 1/0&90,*#50% &05$% #90,$% *% 1$M%
‡% $% (9/$+($% 23*%'&'#0%$&&*/"*/+$%#*--'%(/'#K9$--$(B% 20$#,0-"*#($% 5$% ,$,*/*% -'% 2$((B% 5'% 1'/(*% 5*$% ,$+$('(0/$.%
5*-% 1'*+'""$0% (0+2'#0% 10++0#0% ,$'""$'/*% +9-% &0+(/'#50%-0/0%(9((*%-*%10++$C$-$(B%23*%0;;/*%9#%+0""$0/#0%
(/*#0%56*102'%G^/*#0%D'(9/'6P%#9&*/0+$%$($#*/'/$% 1/0-9#"'(0<
*5% *,*#($% 1*/% 0"#$% 5*+($#'?$0#*.% 1*/% '11/*??'/*%
-*#('&*#(*%-'%C*--*??'%*%$-%1'(/$&0#$0%5*$%-90"3$%
H3' +6#*.10' /*h' .1)#+' "' 63)' 360;)' *11):*3"' /"#'
5*-%(*//$(0/$0%+*#*+*<
B*"3)A'
‡ !""$% )$*#'% 7% 20#+$5*/'('% 5'% &0-($% (9/$+($% +0-0%
85
20&*%9#'%+*&1-$2*%('11'%'--6$#(*/#0%5$%9#%,$'""$0%
'((/',*/+0% -'% ^0+2'#'P% ,0"-$'&0% /$1-'+&'/#*%
-6$&&'"$#*.% 1*/% +1$#"*/*% $% (9/$+($% '% +1*/$&*#('/*%
&05$%#90,$%*%1$M%-*#($%5$%,$,*/*%-'%2$((B.%23*%+$'#0%
1/0;0#5'&*#(*%20##*++$%20#%-'%+9'%$5*#($(B%*%20#%$%
+90$%(*+0/$c
‡ V'C0/'(0/$% *% +*&$#'/$% 5*+($#'($% '% 1/0;*++$0#$+($%
*5% '"*#?$*% 5$% ,$'""$0% &0+(/*/'##0% -*% 0110/(9#$(B%
5$% 86.*3"..% 5*/$,'#($% 5'% 1'223*(($% 23*% 1/*,*50#0%
+0""$0/#$%1/0-9#"'($%$#%2$((Bc%
‡ J0#% $-% 1/0"*((0% b*% :/*% V*0#'/50.% +,$-911*/*&0%
5*--*%'11%23*%/*#5*/'##0%*;;*(($,'%-6$#(*/'?$0#*%(/'%
$-%C*#*%29-(9/'-*%*%$%,$+$('(0/$.%&*5$'#(*%5$+10+$($,$%
8")$03 VLWXDWL QHJOL HGL¿FL FKH FRPXQLFDQR
5$/*(('&*#(*%20#%"-$%+&'/(130#*P%-6$#(*/'?$0#*%#0#%
+$%-$&$('%'%9#'%&*/'%+1$*"'?$0#*%5$%2$_%23*%$-%(9/$+('%
+('% ,$+$('#50.% &'% "*#*/'% 9#% 5$'-0"0% ';;'+2$#'#(*%
(/'%1*/+0#*%*%-90"3$.%23*%$#,$('%'%$#(/'1/*#5*/*%9#%
YLDJJLR¿VLFRHGLJLWDOHDOODVFRSHUWDGHOSDWULPRQLR
‡ )$*#'% +$% (/'+;0/&*/B% $#% 9#'% "/'#5*% 1$'((';0/&'%
GL VWRU\WHOOLQJ GHO ;;, VHFROR FDSDFH GL IDU
$#20#(/'/*%$-%:"3*6.'(0$*%5*--'%20&9#$(B%-02'-*%20#%
-*% *+1*/$*#?*% *% -*% '+1*(('($,*% 5*$% ,$+$('(0/$c% K9*+('%
+1$#('%#*--6'&C$(0%5*--'%29-(9/'%5$"$('-*%19_%5',,*/0%
+($&0-'/*%;0/&*%5$%(9/$+&0%$#(*/'(($,0%'#23*%$#%'-(/*%
2$((B%5*--'%^0+2'#'.%*%20+($(9$/*%9#%*+*&1$0%5$%C90#*%
1/'($23*%1*/%'-(/*%2$((B%5$%1'(/$&0#$0%$#%89/01'<%
40.)';0:(*)10'C)#"T'("'.*.+"1)2*03*')(+"#3)+*;"
5*--'% 20#5$,$+$0#*P% $-% 20#+0-$5'&*#(0% 5*--'%
3"+R0#S"-'%0./*+)(*+Q%*%5$%1/'($23*%5$%20#5$,$+$0#*'
20&*% $-% FRXFKVXU¿QJ% 1*/&*((*/'##0% 5$% ,$'""$'/*%
5$%1$M%*%$#%&050%1$M%*20#0&$20%'%)$*#'%*%$#%(9(('%-'%
/*"$0#*c
‡ F-% 1/0"/'&&'% 5*--0' a61)3' a0+"(% #0#% +$% -$&$('% '%
;0/#$/*% 9#'% +*&1-$2*% L2'&*/'% 56'-C*/"0L% 1*/% 23$%
#0#% 10(/*CC*% 1*/&*((*/+*-'% '-(/$&*#($.% &'% ,90-*%
20+($(9$/*% 9#60110/(9#$(B% /*'-*% 5$% $#(*/'?$0#*%
*% +2'&C$0% 5$% *+1*/$*#?*.% 2'1'2*% 5$% '110/('/*%
EHQH¿FLR VLD DJOL RSHUDWRUL FXOWXUDOL LQ YLVLWD VLD
'--'%1010-'?$0#*%+*#*+*c
‡ A#0% +1*2$'-*% $#;0410$#(% +$(9'(0% $#% 1/0++$&$(B%
5*--'% +('?$0#*% 5*"-$% '9(0C9+% #*-% 2*#(/0% 5*--'% 2$((B%
'220"-$*/B% $% ,$+$('(0/$% 20#% (9((*% -*% $#;0/&'?$0#$%
#*2*++'/$*%'%20#+*#($/*%9#6*+1*/$*#?'%*&0?$0#'#(*%
*%$#(*--$"*#(*%5$%)$*#'%*%5*--'%+9'%29-(9/'<
("'"
96)(*' /#0:"++*' $03$"#3"3+*' ("' *3C#).+#6++6#"'
6#8)3"'"'+6#*.+*$%"M'*;*'$01/#".*':(*'*3+"#;"3+*'
-*'#*.+#6++6#)2*03"M'.*'/#";"-"'-*'#")(*22)#"'-)'
0::*')('=>?@7
M4( ><B3?29?3( @9B34F25D34B9( ;32( E9<<3:5D34B2( 3(
;3<<=5EE388272<2BN(;3<<5(E2BBNC
D0#% 7% $#% 1/0"*((0% -'% 20+(/9?$0#*% *m4#0,0% 5$% "/'#5$%
01*/*%5*+($#'(*%'--'%29-(9/'.%'-%+*((0/*%(*2#0-0"$20%0%'-%
(9/$+&0P% -'% 2$((B% $#;'(($.% 5'(*% -*% +9*% 5$&*#+$0#$.% 7% "$B%
GRWDWD GHOOH VWUXWWXUH QHFHVVDULH ,QROWUH PROWL HGL¿FL
+(0/$2$%+0#0%$#%5$+9+0P%9#'%5*--*%1/$0/$(B%5$%)$*#'hOij%7%
K9*--'%5$%'++*"#'/"-$%9#%#90,0%9($-$??0.%(/'+;0/&'#50-$%
$#%2*#(/$%5$%1/059?$0#*%*%10-$%5$%$##0,'?$0#*%*%2/*'($,$(B%
'/($+($2'<%
A#6'-(/'% 1/$0/$(B.% #*--6'"*#5'% 5*--6:&&$#$+(/'?$0#*%
J0&9#'-*.% 7% $-% &$"-$0/'&*#(0% 5*--6'22*++$C$-$(B% $#%
2*#(/0% 2$((B% 1*/% -*% 1*/+0#*% 20#% 5$+'C$-$(B.% *% K9*+('%
WHPDWLFDqDOFHQWURGHOSURJHWWRÀDJVKLS%>'/')$(*<
:-(/$% 1/0"*(($% 5$% 0/5$#*% $#;/'+(/9((9/'-*% 1/*,*50#0% -'%
PDQXWHQ]LRQH H LO UHVWDXUR GHJOL HGL¿FL HVLVWHQWL H LO
&$"-$0/'&*#(0% 5*--'% /*(*% +(/'5'-*% *% ;*//0,$'/$'% -02'-*.%
1*/%;'2$-$('/*%-'%&0C$-$(B%*%-6'22*++$C$-$(B
‡ J$% '+1*(($'&0% '-&*#0% h<OOO<OOO% 5$% 1*/#0(('&*#($%
QHOHGLYLVLWDWRULGLJLWDOLGXUDQWH
-6'##0%J8J.%20#%9#%'9&*#(0%(0('-*%5*-%hOn%5*--'%
59/'('%&*5$'%5*--*%,$+$(*c
‡ F#0-(/*.%9#%'9&*#(0%5*-%h[n%5*--'%+1*+'%&*5$'%1/0%
FDSLWH H GHO GHO YROXPH GL FRQWHQXWL GLJLWDOL
,$+$('(0c
‡ :CC$'&0%$#(*#?$0#*%5$%10/('/*%$-%('++0%5$%02291'?$0#*%
5*--'%/$2*(($,$(B%'-%%N[n%1*/%"-$%'-C*/"3$.%*%'-%NOn%
1*/%-*%+(/9((9/*%*m(/'4'-C*/"3$*/*c
‡ J$%'+1*(($'&0%23*%0"#$%;'&$"-$'%+*#*+*%$#(/'((*#"'%
#90,*%/*-'?$0#$%20#%'-(/$%2$(('5$#$%*9/01*$%#*-%20/+0%
5*--6'##0%J8Jc
‡ >*#+$'&0% 23*% #0#% +$'% #*2*++'/$'% -'% 20+(/9?$0#*%
5$% #90,*% $#;/'+(/9((9/*P% K9*--*% *+$+(*#($% /$+9-('#0%
SHUIHWWDPHQWH LGRQHH DG RVSLWDUH LO ÀXVVR H[WUD GL
,$+$('(0/$% 59/'#(*% $-% hOij<% F#0-(/*.% -*% +$+(*&'?$0#$% /$;*/$&*#(0%'--'%('C*--'%'%1'"$#'%+*"9*#(*
'-(*/#'($,*% 10(/'##0% 20+($(9$/*% -'% #0/&'% 59/'#(*%
-6'##0%5$%2'#5$5'(9/'.%10$23E%'-&*#0%$-%iOn%5*--*%
;'&$"-$*%+*#*+$%+'/B%$#2*#($,'(0%'5%0;;/$/*%0+1$('-$(B%
#*--'% 1/01/$'% /*+$5*#?'% '5% '-29#*% ($10-0"$*% +02$'-$%
5$%(9/$+($c
‡ J0#%$-%1/0"*((0%^9+2'#d%$#%e09/%H'(3/00&.%)$*#'%
,90-*% $##0,'/*% -'% /*-'?$0#*% (/'% (9/$+&0% *% 29-(9/'%
SCOPO DEL
PROGETTO
DESCRIZIONE
CALENDARIO
RESTAURO E VALORIZZAZIONE
DEL COMPLESSO MUSEALE DI
SANTA MARIA DELLA SCALA
Ospedale storico della città e attualmente complesso museale e centro
culturale, il Santa Maria della Scala è un edificio poli-funzionale, spazio
destinato a mostre e perfomance, museo, archivio, sala di lettura, laboratorio di design, ecc. Entro il 2019 è prevista una nuova serie di lavori che
includeranno: il trasferimento della Pinacoteca Nazionale all’interno
dell’edificio; opere di arredamento e decorazione d’interni e design digitale;
recupero di nuovi spazi e sviluppo di una piattaforma digitale per soluzioni
di realtà aumentata. Nel 2019 diventerà il luogo centrale della nostra
progettazione come spazio multi-funzionale di eccellenza nel panorama
europeo.
2014 - 2022
RIQUALIFICAZIONE E
VALORIZZAZIONE DELLE MURA
Il progetto, realizzato dall'Ufficio Provinciale del Ministero dei Beni e delle
Attività Culturali e del Turismo, rientra perfettamente nella filosofia del
programma CEC e prevede: ripristino del sistema murario della città
(comprese le strutture fortificate, come porte e torri); recupero dei
giardini; riutilizzo degli spazi all'interno delle mura come luoghi destinati alla
cultura e al turismo; sostegno alle industrie creative e ai progetti di realtà
aumentata.
2015-2020
SPAZI VERDI INFRA- MURARI
L’azione GreenPlayGrounds all'interno del progetto The Space Between
prevede come priorità il riutilizzo a fini sociali dei giardini urbani: questi
luoghi caratteristici del centro storico diventeranno spazi comuni per la
cultura, lo sport e pratiche di giardinaggio urbano.
2014 - 2022
ACCESSIBILITÀ PER PERSONE
CON DISABILITÀ
La specifica conformazione collinare dell’area senese non facilita l’accesso
per le persone con disabilità fisiche: “accessibilità” è la parola chiave del
progetto ParaSite, in particolare l’azione Paving the Way prevede dei
workshop per la realizzazione di protesi urbane esteticamente attraenti che
possano favorire l'accessibilità delle persone che soffrono di disabilità
fisiche. Rappresenta anche una priorità per i futuri progetti promossi
dall'Amministrazione, tra cui uno studio di fattibilità per il miglioramento
dell'accessibilità presso le fermate dell’autobus.
2014-2019
RIUTILIZZO E
RICONFIGURAZIONE
DEGLI EDIFICI
Architecture Without Building è il nome di una specifica azione all’interno
del progetto ParaSite, che mette al centro il riutilizzo culturale degli edifici
esistenti: luoghi abbandonati, come i padiglioni degli ospedali da trasformare in centri culturali, rispettandone al contempo la storia e l’identità.
2014 - 2023
AUTOSTRADA E-78
GROSSETO-FANO
Questo collegamento a quattro corsie tra Siena e Grosseto è attualmente
in costruzione, e, una volta completato, faciliterà il transito dal Tirreno
verso la costa adriatica.
2014-2019
VIA CASSIA
La strada Monsindoli-Monteroni collegherà la E-78 con la SR2 oltrepassando Siena. Il 25% dei lavori è già avviato, il resto sarà ultimato entro il
2019.
2014-2018
SR 429 (VALDELSA)
Questo raccordo collega la Valdelsa senese con il Valdarno, facilitando la
mobilità tra Siena e Pisa.
2014
FERROVIA SIENA-EMPOLI
Il binario a percorrenza unica tra Siena e Firenze (Certaldo-Granaiolo) si
trasformerà in doppio binario per consentire un incremento della velocità
di percorrenza tra Siena e il resto d’Italia.
Entro 2019
VIA FRANCIGENA
Entro il 2014 l’antica strada di pellegrinaggio soddisferà completamente le
norme di sicurezza nel suo tratto senese.
Entro 2014
AEROPORTO DI FIRENZE
Sono stati recentemente stanziati 280 milioni di euro dal Governo per la
costruzione di una seconda pista di atterraggio.
In corso di valutazione
87
!"#$%&'&(Z(*(1%+"%0V$"((.$(!&/M,$!"W$&,0
)"!
96)("' .+#)+":*)' -*' $0163*$)2*03"' ()' $*++,'
*3+"3-"' )++6)#"' /"#' K6)3+0' #*:6)#-)' ()'
1)3*C".+)2*03"'4)/*+)("'56#0/")'-"(()'46(+6#)7
'5(?2458E2B5(;2(12345[(>45(E2BBN(3>?9@35(3(2449G5B2G5(
24(%98E545
)$*#'% 7% 9#'% 2$((B% &*5$*,'-*% #*-% +95% 5*--689/01'.%
20#0+2$9('%1*/%$-%+90%+(/'0/5$#'/$0%1'(/$&0#$0%'/($+($20.%
1*/%$-%>'-$0.%-6'#($2'%20/+'%23*%+$%($*#*%59*%,0-(*%'--6'##0%
$#$#(*//0(('&*#(*% 5'% 1$M% 5$% 2$#K9*% +*20-$.% *% 1*/% -'% 1$M%
'#($2'%C'#2'%5689/01'P%$-%=0#(*%5*$%>'+23$%5$%)$*#'<
F-% 1'++'(0% 2$% +('% &0-(0% '% 290/*.% &'% #0#% 7% 1*/% #0$% 9#'%
2'&$2$'%5$%;0/?'P%#*-%#0+(/0%;9(9/0.%K9*--0%23*%,0"-$'&0%
*%23*%1/*,*5$'&0%7%&*#0%C'#2'.%1$M%(9/$+&0%2/*'($,0.%*%
XQSLIDFLOHDFFHVVRDOOD¿WWDVWUXWWXUDVRFLDOHGHOODFLWWj
)$*#'%/$"9'/5'%-*%(/'5$?$0#$%'9(*#($23*%*%23*.%1/01/$0%1*/%
K9*+(0.%+$%*,0-,0#0P%-*%J0#(/'5*%+0#0%2$_%23*%5$;;*/*#?$'%
-'% &*/'% 2*-*C/'?$0#*% 5$% 9#'% ,*223$'% (/'5$?$0#*% 5'--'%
&*++'%$#%'((0%5$%9#%1'(/$&0#$0%,$,*#(*.%23*%7%1'/(*%5*-%
1/*+*#(*% *% 5*--'% ,$('% K90($5$'#'% 5*--*% 1*/+0#*<% I9*+(0%
(*++9(0% +02$'-*% 20+g% ,'/$*"'(0% *% +(/'0/5$#'/$0% 7% 9#%
*+*&1$0% 20#2/*(0% 5*-% ,$,*/*% '++$*&*% #*--'% 5$,*/+$(B.%
5*--'% 2001*/'?$0#*% % *% 5*--6'$9(0% /*2$1/020<% S0"-$'&0%
'1/$/*% K9*+(0% 1'(/$&0#$0.% 20##*((*/-0% 20#% '-(/*% /*'-(B%
*9/01**.% $#2/*&*#('/*% -0% +2'&C$0% 5$% *+1*/$*#?*% *%
$&1'/'/*%"-$%9#$%5'"-$%'-(/$<
)$'&0% $&1'?$*#($% 5$% *++*/*% 1$M% 2/*'($,$.% 1$M% 1/0#($%
'% 1/0,'/*% *% /$+23$'/*.% '#23*% K9'#50% K9*+(0% $&1-$2'%
20&&*((*/*%5*"-$%*//0/$<%F#0-(/*.%,0"-$'&0%$#20#(/'/*%$%
(9/$+($.% 1'/-'/*% 20#% -0/0%*%/'220#('/"-$%-'%,*/'%+(0/$'%5$%
)$*#'P%$#,$('/-$%'5%9#$/+$%'--'%#0+(/'%20#,*/+'?$0#*.%*%'%
1'/(*2$1'/*%'--'%,$('%5*--'%2$((B.%#0#%+0-0%20#(*&1-'#50%
$-% #0+(/0% &*/',$"-$0+0% 1'(/$&0#$0% '/($+($20.% &'%
-',0/'#50%$#+$*&*%'%#0$%1*/%1/059//*%$-%#0+(/0%1*/+0#'-*%
1'(/$&0#$0.% 20&*% 20#(/$C9(0% #*-% 1/*+*#(*% '--*% /$+0/+*%
29-(9/'-$%5$%)$*#'<
F('/#08("1)'/#*3$*/)("
>*/% +*20-$.% )$*#'% 7% +('('% +(/*(('&*#(*% -*"'('% '--'%
H'#2'% =0#(*% 5*$% >'+23$.% 23*% 3'% 5'(0% C*#*++*/*% '--'%
2$((B%*%'$%2$(('5$#$.%0;;/*#50%10+($%5$%-',0/0%*%+9110/(0%
¿QDQ]LDULRDOOHYDULHLQL]LDWLYHFXOWXUDOLHGHFRQRPLFKH
5*--'%1010-'?$0#*<%\%+('(0%1*/2*1$(0%20&*%9#%1'5/*.%$-%
%DEER0RQWH
FKHVLSUHQGHFXUDGHLVXRL¿JOLGDQGR
-0/0%(9((0%2$_%5$%29$%3'##0%C$+0"#0<%='%#*"-$%9-($&$%(/*%
DQQLXQRVFDQGDOR¿QDQ]LDULRKDSURYRFDWRODFULVLGHO
=0#(*% 5*$% >'+23$.% -'+2$'#50% -'% 2$((B% G0/;'#'6<% I9*+(0%
3'% "*#*/'(0% 9#'% +$(9'?$0#*% 5$% 1'9/'% *% $#2*/(*??'.% +$'%
*20#0&$2'%23*%+02$'-*.%&'%'#23*%*&0($,'%*%+1$/$(9'-*.%
SHUODSRSROD]LRQHVHQHVH,OSLODVWURGL6LHQDOD¿JXUD
23*% +$% 7% +*&1/*% 1/*+'% 29/'% 5$% #0$.% 0/'% #0#% *+$+(*% 1$M<%
V'%+0;;*/*#?'%5*--'%1$M%$&10/('#(*%$+($(9?$0#*%-02'-*%3'%
1/050((0%9#%*;;*((0%G,'-'#"'6P%'#23*%$-%J0&9#*%7%'#5'(0%
$#%2/$+$.%*%9#%J0&&$++'/$0%3'%+0+($(9$(0%$-%)$#5'20%1*/%
K9'+$%9#%'##0<%V*%1*/+0#*%3'##0%1*/+0%$-%-',0/0.%$%-0/0%
19#($% 5$% /$;*/$&*#(0.% *% 1/*++023E% 0"#$% "$0/#0% )$*#'% 7%
VWDWDUDI¿JXUDWDFRPHODFLWWjGHOIDOOLPHQWRGDOODVWDPSD
#'?$0#'-*%*%$#(*/#'?$0#'-*P%-60/"0"-$0%5*--'%#0+(/'%2$((B%
7%+,'#$(0<%
V)'8#)3-'1*..*03
)$*#'% 3'% C$+0"#0% 5$% /$#'+2*/*<% ^/'+;0/&*/*&0% -'% 2$((B%
$#% 9#% 2*#(/0% 1*/% -'% 1/059?$0#*% 5$% 20#(*#9($% 5$"$('-$%
FXOWXUDOL LQ (XURSD 9RJOLDPR VXSHUDUH LO VLJQL¿FDWR
20//*#(*%5$%G1'(/$&0#$06.%20+g%1/0;0#5'&*#(*%$#(*"/'(0%
#*--'%#0?$0#*%5$%$5*#($(B%*%1/059?$0#*%29-(9/'-*.%*%20+g%
$#(/$#+*2'&*#(*%20//*-'(0%'--'%+(0/$'%*%'--'%+(/'0/5$#'/$'%
*/*5$(B% 23*% 1/0,$*#*% 5'-% 1'++'(0.% *% 20--*"'/-0% '-%
;9(9/0.% '--6$##0,'?$0#*<% D0#% 1$M% +0-('#(0% /*291*/0.%
20#+*/,'?$0#*% *% ,'-0/$??'?$0#*.% &'% 2/*'?$0#*.%
1/059?$0#*%*%1'/(*2$1'?$0#*%'(($,'%#*--'%20+(/9?$0#*%5$%
TXHOORFKHFKLDPLDPRµ3DWULPRQLR¶LQFXLLFRQ¿QL
(/'%-'%1/059?$0#*%*%-'%;/9$?$0#*%+20&1'$0#0.%*%(9(($%3'##0%
'22*++0% '$% 20#(*#9($% 29-(9/'-$% *% '--'% 10++$C$-$(B% 5$% ;'/%
1'/(*% 5*--'% 2/*'?$0#*% '((/',*/+0% 9#% 1/02*++0% 20--*(($,0%
*%5$/0&1*#(*<%)$*#'%+'/B%9#%19#(0%5$%/$;*/$&*#(0%1*/%$-%
/*+(0%5*--689/01'%*.%$#%1'/($20-'/*.%1*/%(9((*%K9*--*%2$((B%
5$%1'(/$&0#$0%23*%#0#%/$*+20#0%'%+1*??'/*%$-%-*"'&*%23*%
-*%($*#*%'#20/'(*%'-%1'++'(0P%)$*#'%5$,*#(*/B%9#%*+*&1$0%
5$%2$((B%20#%/'5$2$%&'%+*#?'%2'(*#*<
I9*+(0%1/02*++0%'$9(*/B%$%+*#*+$%'%2/*5*/*%$#%+E%+(*++$.%
H D ULFRVWUXLUH OD ¿GXFLD QHOOD ORUR FRPXQLWj , VHQHVL
3'##0% C$+0"#0% 5$% *++*/*% 1/0#($% '% 2'&C$'/*.% '% *#(/'/*%
#*-%G"$0206.%/$+201/$/*%-'%-0/0%2/*'($,$(B%*%$-%-0/0%+1$/$(0%
$&1/*#5$(0/$'-*<%8%-0%+0#0%"$BP%+0-0%K9'#50%+$%(022'%$-%
;0#50%+$%3'%-'%,0-0#(B%*%-6*#*/"$'%1*/%/$+'-$/*<
V<08*"++*;0
,Q ,WDOLD YLQFHUH LO WLWROR &(& VLJQL¿FD ULFHYHUH XQ
/$20#0+2$&*#(0%1*/%2$_%23*%+$%3'P%"/'#5$%*,*#($%29-(9/'-$.%
9#0% +(/'0/5$#'/$0% 1'(/$&0#$0% '/($+($20.% *% -'% C*--*??'%
5$% 1'*+'""$% *% '/23$(*((9/*<% >*/% )$*#'.% $-% ($(0-0% +'/B.%
'-% 20#(/'/$0.% 9#60110/(9#$(B% 1*/% ',,$'/*% 9#% 1/02*++0%
5$% 2'&C$'&*#(0% $#% 29$% -'% 29-(9/'% 01*/$% 5'% &0(0/*% 5$%
+,$-9110<% D0#% /$"9'/5'% 2$_% 23*% +$'&0% 0""$.% &'% 20&*%
,0"-$'&0%*++*/*%#*-%hOij<%!/'.%)$*#'%7%9#'%2$((B%(0+2'#'%
&*5$*,'-*%#*-%+95%5*--689/01'.%&'%,90-*%5$,*#('/*%9#'%
2$((B% *9/01*'% 20#(*&10/'#*'% $#% ^0+2'#'<% D*-% hOhO.%
)$*#'%#0#%+'/B%1$M%9#'%2$((B%&*5$*,'-*.%&'%9#'%2$((B%20#%
9#'%+(0/$'%&*5$*,'-*%23*%,$,*%$-%+90%1/*+*#(*%$#%89/01'<%
>*#+$'&0% '--'% 2$((B% 20&*% '5% 9#'% 2*--9-'<% Z'% -'% +9'%
&*&C/'#'.%-*%&9/'.%23*%;',0/$+2*%-'%20*+$0#*%+02$'-*%*%
88
($*#*%$#+$*&*%-'%2$((B.%&'%'--0%+(*++0%(*&10%-'%&*&C/'#'%
23*%7%'119#(0%&'"*#('<
7% 1*/&*'C$-*.% 1*/&*((*#50% $-% 1'++'""$0% 5'--6$#(*/#0% ‡ ,OFRORUHPDJHQWDQRQIDSDUWHGHOORVSHWWURWLSLFRGHL
'--6*+(*/#0.% *% ,$2*,*/+'<% V*% 0((0% 10/(*% 5$% )$*#'% +0#0% $%
20-0/$P%-'%+9'%(0#'-$(B%#0#%19_%*++*/*%"*#*/'('%20#%-'%
2'#'-$% 23*% 1*/&*((0#0%('-*%(/'#+$(0.%-'%20#('&$#'?$0#*%
-92*%5$%9#'%+$#"0-'%-9#"3*??'%560#5'<%X'11/*+*#('%
*% -0% +2'&C$0% (/'% $-% 2*#(/0% *% -'% 1*/$;*/$'.% (/'% )$*#'% *% $-%
$-% 10(*/*% 5*--69#$0#*.% 5*--6'?$0#*% 20&9#$('/$'% *%
/*+(0% 5*--689/01'<% J0&*% 9#'% 2*--9-'.% -'% 2$((B% +$% '1/*% *%
5*-% "$020% 5$% +K9'5/'P% +0-0% +*% 20--'C0/$'&0% 20#%
+$%23$95*P%7%$#%&0,$&*#(0.%7%,$,'<%@/'?$*%'-%20#(/$C9(0%
2/*'($,$(B%*5%*#*/"$'%10++$'&0%;'/*%20+*%$##0,'($,*%
5*--'%20&9#$(B.%+'/B%10++$C$-*%/$'1/$/*%-'%2$((B%'--689/01'<%
*%+0/1/*#5*#($<
)$*#'%7%;'(('%5$%1*/+0#*.%*%2$'+29#'%5$%-0/0%7%20$#,0-('% ‡ ,O PDJHQWD q LO VLPEROR GL XQD FXOWXUD OLEHUD GDO
#*-% 1/02*++0% 5$% /$##0,'&*#(0% 23*% +('% 1*/% $#$?$'/*<%
201d/$"3(.% 5010% $-% 2'+0% -*"'-*% +0--*,'(0% 5'--'%
S0"-$'&0%23*%$%(9/$+($%,*#"'#0%'%)$*#'%*%,$+$($#0%>$'??'%
^4=0C$-*%1*/%C/*,*(('/-0%20&*%1'/(*%$#(*"/'#(*%5*-%
5*-% J'&10% #0#% +0-0% 1*/% '&&$/'/#*% -6'/23$(*((9/'.% &'%
1/01/$0%&'/23$0<%V'%J0/(*%3'%+('C$-$(0%-6$&10++$C$-$(B%
1*/%,*5*/*%-'%"*#(*<
5$% C/*,*(('/*% 9#% 20-0/*.% '#23*% +*% 3'% /$20#0+2$9(0%
/*2*#(*&*#(*%$-%5$/$((0%5$%^4=0C$-*%'5%9($-$??'/-0%$#%
F('$()*1
&'#$*/'%*+2-9+$,'%1*/%$-%C/'#5$#"%#*-%1/01/$0%+*((0/*<%
>$'??'% 5*-% J'&10% 7% -'% 1/$&'% $&&'"$#*% 23*% 20&1'/*%
+9-% f*C% K9'#50% +$% 2*/2'% G)$*#'6% +9% @00"-*<% F#% K9*+('% F('+030
$#2/*5$C$-*%1$'??'.%59*%,0-(*%-6'##0.%$%+*#*+$%20#5$,$50#0% F-%(0#0%5*--'%20&9#$2'?$0#*%+'/B%'9(042/$($20.%1*/23E(#0#%
;*-$2$(B% *% (/$+(*??'.% +$-*#?$0.% 20-0/$% *% 1$'#($<% ='% K9*+('% ,0"-$'&0%#'+20#5*/*%$%1/0C-*&$%23*%-'%2$((B%*%$%2$(('5$#$%
SLD]]DQRQqVRORODµ3LD]]DGHO3DOLR¶qLOFXRUH¿VLFR +('##0%,$,*#50.%*%#0#%,0"-$'&0%1/*+*#('/*%)$*#'%20&*%
*5%*&0($,0%5*--'%2$((B<%F#%9#%1/$&0%&0&*#(0.%$%+*#*+$% 9#'%G2$((B%1*/;*(('6%4%'-%20#(/'/$0<%:--0%+(*++0%(*&10.%$-%
10(/*CC*/0%5'/*%-6$&1/*++$0#*%5$%9#'%&*#('-$(B%23$9+'.% (0#0% +'/B% 1/04'(($,0% *5% *&0($,0.% 20&*% 7% ($1$20% 5*--'%
&'% C'+('% +0-0% 9#% 106% 5$% "*#9$#'% 29/$0+$(B% *% ,0-0#(B% 29-(9/'%+*#*+*.%1*/23E%,0"-$'&0%/*+($(9$/*%+1*/'#?'%'--'%
5$% '+20-('/*% *% +0#0% 1/0#($% '5% '220"-$*/($% #*--*% -0/0% 1*/+0#*.%*%;'/%-0/0%+*#($/*%23*%#0#%+0#0%5'%+0-*<%Y$2$'&0%
$##9&*/*,0-$% +(0/$*% *5% *+1*/$*#?*% 23*% /*#50#0% K9*+(0% +*&1/*% G$#+$*&*6% *% 1*#+$'&0% '% G#0$6% 20&*% K9*--$% 23*%
10+(0%L$-%-0/0L<%>*/23E%7%$&10++$C$-*%+('/*%'%)$*#'%+*#?'% ;'##0.%#0#%20&*%K9*--$%23*%/$2*,0#0<%S0"-$'&0%9+'/*%9#%
+*#($/*%-69/"*#?'%5$%1'/-'/#*<%)$*#'%7%9#'%2$((B%23*%,90-*% -$#"9'""$0%23*%(/'+&*(('%*#*/"$'%*%+*#+0%56'11'/(*#*#?'P%
*++*/*%/'220#('('<%:#23*%1*/%23$%7%'11*#'%'//$,'(0.%)$*#'% 9#'%-$#"9'%23*%'((/'""'%;0/(*&*#(*%$%+*#*+$%&'%23*.%'--0%
'11'/*% 20&*% 9#'% ,*223$'% '&$2'.% 9#'% 2'+'% -0#('#0% 5'% +(*++0%(*&10.%(/'+&*(('%-6*#*/"$'%23*%+($'&0%20+(/9*#50%
2'+'P%+0#0%('#($%"-$%+(/'#$*/$%23*%-'%/$20/5'#0%'#20/'%20#% '%)$*#'%*%$#%(9(('%-689/01'<%S0"-$'&0%5$/*%23$'/'&*#(*%
';;*((0%5010%'##$<%\%-'%;'&$-$'/$(B%20#%$%10+($%5689/01'% '$% 2$(('5$#$% *9/01*$% % 23*% K9*+(0% #0#% +'/B% 9#% *,*#(0% 5$%
'%;'/2$%+*#($/*%5',,*/0%2$(('5$#$%*9/01*$<%F-%#0+(/0%;9(9/0% &'/k*($#".% &'% 9#% (*#('($,0% "$95$?$0+0% 5$% &*((*/2$% $#%
20&9#*% 5$1*#5*% 5'--'% #0+(/'% 2'1'2$(B% 5$% 20##*((*/*% 5$+29++$0#*% #*-% 5$'-0"0% 20#% -689/01'.% 1*/23E% -'% 2/$+$%
1*/+0#*%20#%5$,*/+*%0/$"$#$%*%5$%*,$5*#?$'/*%-'%C*--*??'% 7% +*&1/*% $-% &050% &$"-$0/*% 1*/% 20&1/*#5*/*% 23*% 7%
5*--6*++*/*%5$,*/+$.%&'%(9(($%5$,*/+$%#*--0%+(*++0%&050%5$% #*2*++'/$0%9#%2'&C$'&*#(0.%'&&*((*/-0.%*%1/0,'/2$%+9-%
'11'/(*#*/*%'%K9*+(0%-90"0%&*/',$"-$0+0.%+0/1/*#5*#(*.% +*/$0<
+*#($&*#('-*.%23$'&'(0%89/01'<
'
F'1"-*)
X):"3+)
D0#% ,0"-$'&0% 9+'/*% &*??$% 5$+1*#5$0+$.% $#,*+(*#50%
='"*#('%$+%(3*%#*f%C-'2kU
"/'#5$%/$+0/+*%+0-0%1*/%'11'/$/*%+9$%"$0/#'-$%1$M%,$+$C$-$%
:++02$'&0%)$*#'hOij%'-%20-0/*%&'"*#('.%$-%+0-0%1/*+*#(*% '%-$,*--0%*9/01*0.%0%+9%2'#'-$%(*-*,$+$,$%20#%'-($%$#5$2$%5$%
#*-%#0+(/0%-0"0%0-(/*%'-%C$'#20%*%'-%#*/0.%*%-0%9+$'&0%1*/% '+20-(0<%>/*;*/$'&0%-'+2$'/*%23*%+$'#0%-*%#0+(/*%'?$0#$%'%
-'%#0+(/'%20&9#$2'?$0#*%1*/%,'/$*%/'"$0#$P
1'/-'/*%1*/%#0$.%20$#,0-"*#50%1*/+0#*.%'/($+($.%"$0/#'-$+($%
‡ F-% &'"*#('% 7% $-% +0-0% 20-0/*% #0#% 9($-$??'(0% #*--*% *% -'% 19CC-$2'% 01$#$0#*% $#% 5$C'(($($% *% 20#,*/+'?$0#$%
C'#5$*/*%5*--*%it%J0#(/'5*.%*%K9$#5$.%#0#%*++*#50% +9--*% 1$M% 9/"*#($% (*&'($23*% *9/01**P% -'% 2/*'?$0#*% 5$%
'++02$'(0%'%#*++9#'%5$%*++*.%/'11/*+*#('%-'%20&9#$(B% #90,$% 10+($% 5$% -',0/0% r% +01/'((9((0% 1*/% $% "$0,'#$% #*-%
5$%)$*#'%#*--'%+9'%$#(*/*??'<
2'&10%5*--*%$#59+(/$*%2/*'($,*%r.%1/0"/'&&$%*592'($,$.%
‡ 7XWWL D 6LHQD SRVVRQR VHQWLUVHQH SDUWH HVVHUH ¿HUL #90,*% (*2#0-0"$*% *% +0-9?$0#$% +02$'-&*#(*% $##0,'($,*<%
5$%$#50++'/*%9#'%(4+3$/(%&'"*#('.%*%'++02$'/*%K9*+(0% S0"-$'&0% &'#5'/*% 9#% &*++'""$0% 5$/*((0% '-% &'""$0/%
FRORUHVSHFL¿FRD6LHQD,QROWUHODSLIDPRVD #9&*/0%5$%1*/+0#*%10++$C$-*.%20$#,0-"*/-*%5$/*(('&*#(*.%
2'#?0#*%+*#*+*.%23*%3'%$-%/$(&0%*%-'%&*-05$'%5$%&0-(*% ;'/-*% +*#($/*% +1*2$'-$.% ;'/% -0/0% +'1*/*% 23*% 0"#$% +$#"0-0%
2'#?0#$%5$%J0#(/'5'.%*%23*%-6$#(*/'%1010-'?$0#*%2'#('% $#5$,$590%19_%20#(/$C9$/*%$#%1/$&'%1*/+0#'%'--'%#0+(/'%
$#+$*&*.%7%LV'%S*/C*#'L<%I9*+('%2'#?0#*%1'/-'%5$%9#% +(0/$'%5$%1'++$0#*%20#5$,$+'<%
¿RUH FKH FUHVFH LQ 3LD]]D GHO &DPSR OD YHUEHQD >*/%*+1'#5*/*%-*%2*/23$*%5*--*%#0+(/'%20&9#$2'?$0#*%20#%
89
JOLHXURSHLVDUHPRSUHVHQWLD¿HUHGHOWXULVPRHYHQWL
19CC-$2$% *% 5$% #*(f0/k$#".% C$*##'-$% *% ;*+($,'-% '/($+($2$% *%
29-(9/'-$<% :% -$,*--0% -02'-*.% 20#(*/*&0% +9--6$#(*/'?$0#*%
/',,$2$#'('% *% +9$% "/911$% (*&'($2$.% 0/"'#$??'#50% +*/'(*%
$#;0/&'($,*% *5% *,*#($% 1*/% $#20#(/'/*% -*% 1*/+0#*% ;'22$'%
'% ;'22$'.% 1*/% 9#0% +2'&C$0% 5$/*((0% 5$% 19#($% 5$% ,$+('<%
>/0+*"9$/*&0% -'% 2001*/'?$0#*% 20#% -*% J0#(/'5*% 1*/%
'22/*+2*/*% -'% 1'/(*2$1'?$0#*% *% $-% 20$#,0-"$&*#(0%
$#;0/&'-*% 5*--*% 1*/+0#*<% D*$% 1/$&$% 59*% '##$% 2$%
5*5$23*/*&0% +01/'((9((0% '5% 9#'% 20#,*/+'?$0#*% 20#%
!D@.%10-$2d%&'k*/%*%5*2$+0/$<%J0#($#9*/*&0%'%19#('/*%
+9$% +02$'-% &*5$'.% 1/0+*"9*#50% -'% +(/'(*"$'% '((9'-*% 23*%
2$% 3'% 10/('(0% '% /'""$9#"*/*% -$,*--$% +*&1/*% 2/*+2*#($% 5$%
'11/*??'&*#(0% *% 20$#,0-"$&*#(0% +9% Q'2*C00k.% *% '5%
9+'/*% +02$'-% &*5$'% 1$M% +1*2$'-$??'($% 1*/% /'""$9#"*/*%
FDWHJRULHVHPSUHSLVSHFL¿FKHGLSHUVRQH
/$&'#*/*%1*/%1$M%5$%9#%"$0/#0.%+$%20#2*#(/'%'%+*((*&C/*%*%
0((0C/*<%S0"-$'&0%23*%'9&*#($%$-%1*/$050%5$%1*/&'#*#?'%
5*$%(9/$+($%'#23*%'%-9"-$0%*5%'"0+(0.%;0/#*#50%-0/0%#90,*%
*+1*/$*#?*%*%&0($,$%5$%'((/'?$0#*.%*%+($&0-'#50%1*/('#(0%
$-%5*+$5*/$0%5$%1'++'/*%1$M%(*&10%$#%2$((B<
3RVVLDPR LGHQWL¿FDUH LO QRVWUR PDJJLRUH EDFLQR GL
'((/'?$0#*%$#%(*/&$#$%+1'?$'-$<%S0"-$'&0.%*%2$%'+1*(($'&0%
5$% /'""$9#"*/*% *% 20$#,0-"*/*% 1*/+0#*% 23*% ,$,0#0% $#%
9#6'/*'% 5$% 2$/2'% NOO% k&% $#(0/#0% '% )$*#'.% 23*% ,'% 5'%
*HQRYD D 0LODQR D QRUG ¿QR D 9HQH]LD %RORJQD H
:#20#'%`'5%*+(a%*%X0&'%`'%+95a<%F#%K9*+(6'/*'%,$,0#0%
'11/0++$&'($,'&*#(*% NO% &$-$0#$% 5$% 1*/+0#*.% "$'223E%
$#2-95*% =$-'#0% *% X0&'.% -*% 59*% 2$((B% 1$M% 1010-0+*%
56F('-$'<% J$/2'% $-% tOn% 5$% K9*+(*% 10++0#0% ,$'""$'/*.% *%
2$/2'%$-%hOn%-0%;'##0%*;;*(($,'&*#(*.%1*/%29$%1'/-$'&0%5$%
FLUFDPLOLRQLGLSHUVRQH&LDVSHWWLDPRFKHODPHWjGL
K9*+(*%1'++*/B%1$M%5$%9#%"$0/#0%'%)$*#'.%*%K9*+(0%7%'#23*%
9#0%5*$%#0+(/$%0C$*(($,$%1/$0/$('/$<
V'% &'""$0/% 1'/(*% 5*$% (9/$+($% +(/'#$*/$% $#% ,$+$('% '% )$*#'%
,$*#*% '((9'-&*#(*% 5'% )1'"#'% *% Q/'#2$'.% $#% 1'/($20-'/*%
K9*--$%23*%'//$,'#0%-6*+('(*%1*/%9#'%C/*,*%,$+$('.%&*#(/*%
DVHWWHPEUHHRWWREUHVRQRSLGLYHUVL¿FDWLHYHQJRQR
5'% (9((0% $-% &0#50<% >/0"/'&&*/*&0% 59*% +(/'(*"$*%
5$;;*/*#($.% 9#'% ;02'-$??'('% +9--'% 1/$&'% 2'(*"0/$'% 5$%
*9/01*$.% +01/'((9((0% +1'"#0-$% *% ;/'#2*+$.% 1*/% /';;0/?'/*%
-'%&0($,'?$0#*%'%/$&'#*/*%'%)$*#'%1*/%1$M%5$%9#%"$0/#0.%
'((/',*/+0% -6'--'/"'&*#(0% 5*--'% "'&&'% 5$% *+1*/$*#?*%
*5% 9#'% 20&9#$2'?$0#*% 20*/*#(*.% 1*/% $#;0/&'/*% 2$/2'%
-*% #90,*% 0110/(9#$(B% 5$+23$9+*% 5'-% /*+('/*% '% )$*#'% 9#%
106% 1$M% '% -9#"0<% F#% +*20#50% -90"0.% ;'/*&0% $#% &050%
23*%'9&*#($%$#%"*#*/'-*%$-%L(9/$+&0%5$%K9'-$(BL.%0;;/*#50%
'(($,$(B%'22'(($,'#($%*5%*,*#($%29-(9/'-$%1*/%(9(($%59/'#(*%
-6*+('(*.%*%5$/$"*#502$%'%-$,*--0%20&9#$2'($,0%+01/'((9((0%
,*/+0%-*%#'?$0#$%5*-%#0/5%89/01'.%5'--*%K9'-$%1/0,$*#*%-'%
&'""$0/%1'/(*%5$%K9*+($%,$+$('(0/$.%$#%1'/($20-'/*%$%1'*+$%
#0/5$2$.% -'% @*/&'#$'% *% $-% X*"#0% A#$(0<% J$% +$% '((*#5*%
23*% #*$% 1/0++$&$% '##$% 9#'% K9'#($(B% 2/*+2*#(*% 5$% (9/$+($%
'//$,*/B% 5'$% 1'*+$% 5*--68+(/*&0% !/$*#(*.% *% K9*+(0% +'/B%
9#% 9-(*/$0/*% 2'#'-*% 5$% 20&9#$2'?$0#*% 5'% 201/$/*% 20#%
'5*"9'($%20#(*#9($<
V)'.+#)+":*)'-*:*+)("
)'11$'&0%23*%-*%(*2#0-0"$*%+$%*,0-,0#0%K90($5$'#'&*#(*.%
&'% +'11$'&0% '#23*% 23*% 9#0% 5*$% 1/$#2$1'-$% '/"0&*#($%
5$% 5$+29++$0#*.% +,$-9110% *% $##0,'?$0#*% #*-% hOij% +'/B%
$-% G(/'2k$#"6<%:--0% +(*++0% (*&10% ,0"-$'&0% ';;/0#('/*% $-%
(*&'%5'%9#%19#(0%5$%,$+('%5$,*/+0.%#0#%20#2*#(/'#502$%
+0-'&*#(*%+9$%;9(9/$%(/*#5%#*-%2'&10%5*$%&*22'#$+&$%5$%
(/'2k$#"%5$"$('-*.%&'%$#,$('#50%'/($+($%20#(*&10/'#*$%'%
$#5$,$59'/*%+0-9?$0#$%5$,*/+*P%1*#+$'&0%'--6*,0-9?$0#*%
5$%*+*&1$%20&*%$-%C00k%2/0++$#".%-0%+,$-9110%5$%#90,$%
5$+10+$($,$%+&'/(%23*%$%2$(('5$#$%*%$%(9/$+($%10(/'##0%9+'/*%
&*#(/*% 1'++*""$'#0% $#% 2$((B.% *% 23*% -$% 20$#,0-"*/'##0%
;'2$-&*#(*% $#% '?$0#$% 20&9#$('/$*% *% 1/059?$0#$% 56'/(*%
1'/(*2$1'($,'<% S0"-$'&0% ,'-0/$??'/*% $% 2'/'((*/$%
$#(/$#+*2$%5$%)$*#'%*%5$%>$'??'%5*-%J'&10.%$-%-0/0%*++*/*%
-90"3$% 5*--*% *&0?$0#$.% 1/*+*#('#50-$% 20&*% -'% 2$((B.% *%
+01/'((9((0% -'% 1$'??'.% 5*--0% +(0/d(*--$#".% 9($-$??'#50%
+0-9?$0#$% $##0,'($,*% 1*/% ;'/% 1'/-'/*% $% &0#9&*#($.%
1*/% 20+(/9$/*% '/23$,$% ,$,*#($% 5$% *+1*/$*#?*.% 1*/% 5'/*% -'%
10++$C$-$(B% 5$% 5*10+$('/,$% +(0/$*.% '#*550($.% /'220#($% *%
20#5$,$5*/-$%20#%-*%1*/+0#*%5$%(9((0%$-%&0#50<%>*/+0#*%
20#%"-$%+(*++$%$#(*/*++$%10(/'##0%20##*((*/+$.%$#20#(/'/+$%*%
FKLDFFKLHUDUHYLUWXDOPHQWHR¿VLFDPHQWHHWXWWLFRORUR
23*% ,*//'##0% '% )$*#'.% 23*% +$'#0% '&'#($% 5*--'% &9+$2'.%
&'#$'2$%5$"$('-$%0%90&$#$%56';;'/$.%',/'##0%-'%10++$C$-$(B% :% -$,*--0% 5$% (*&'($23*.% 2$% 20#2*#(/*/*&0% +9% "/911$% 5$%
5$%1*/20//*/*%$%+*#($*/$%#'//'($,$%1/*;*/$($<
SHUVRQHFRQSDVVLRQLVSHFL¿FKHFKHVRQRJOLVWHVVLFKH
"$B%,$+$('#0%)$*#'.%1*/%$#2*#($,'/#*%-'%,0-0#(B%5$%1'++'/,$%
F('/688(*$0'd63'+"1/0'$030.$*6+0'$01"'+)#:"+e
1$M%(*&10%*%,$,*/*%9#6*+1*/$*#?'%1$M%*&0?$0#'-*%5*--'%
F-%#0+(/0%0C$*(($,0%7%20#2*#(/'/2$%+9%9#%(9/$+&0%'%C'+*% FLWWj,GHQWL¿FKLDPRTXHVWLJUXSSLFRPH
20&9#$('/$'%1*/%$%(9/$+($%+02$'-$%*%2/*'($,$<%:((9'-&*#(*% ‡% '&'#($%5*--'%"'+(/0#0&$'P%-'%292$#'%(0+2'#'%7%;'&0+'%
LO ÀXVVR WXULVWLFR KD LO VXR DSLFH QHL GXH SHULRGL GHO
$#% (9((0% $-% &0#50.% *% +,$-911*/*&0% 9#'% 9-(*/$0/*%
>'-$0.%$#(0/#0%'-%h%-9"-$0%*%'-%is%'"0+(0.%&*#(/*%#*-%/*+(0%
29-(9/'% "'+(/0#0&$2'% *% -'% /$##0,*/*&0% "/'?$*% '%
5*--6*+('(*%$%(9/$+($%1/*;*/$+20#0%(/'+20//*/*%$-%(*&10%$#%
SURJHWWLVSHFL¿FLFRPH^9+2'#d%$#%e09/%H'(3/00&c
2'&1'"#'%0%+9--'%20+('%(0+2'#'.%"$9#"*#50%'%)$*#'%+0-0% ‡ 1*/+0#*% $#(*/*++'(*% '-% =*5$0*,0P% )$*#'% 3'% 9#'%
1*/% &*??'% "$0/#'('.% "$9+(0% 1*/% L5'/*% 9#60223$'('L<% J$_%
/$223$++$&'% +(0/$'% *% '/23$(*((9/'% &*5$*,'-*.% 23*%
23*% 23$'&$'&0% +0-$('&*#(*% L(9/$+&0% 5$% K9'-$(BL.% 2$07%
#*2*++$('%5$%*++*/*%20#+*/,'('.%&'%,0"-$'&0%0;;/$/*%
$% (9/$+($% 23*% ,*#"0#0% '% )$*#'% 1*/% ,$+$('/-'% 5',,*/0% *%
0110/(9#$(B%5$%+201*/('%#0#%+0-('#(0%1*/%"-$%'#($23$%
90
‡
‡
‡
‡
‡
‡
&0#9&*#($.%&'%'#23*%1*/%$-%/'110/(0%20#%$%/*+$5*#($.%
20#%$-%20$#,0-"$&*#(0%$#%;0/&*%#90,*%*%'22'(($,'#($%
5$%+(0/d(*--$#"%5$"$('-*%*%"$023$%5$%/*'-(B%$C/$5'.%20&*%
'22'5/B%$#%b*%:/*%V*0#'/50c
'&'#($%5*-%1'*+'""$0P%-*%20--$#*.%$%2$1/*++$%*%$%"$/'+0-$%
+0#0%-6*-*&*#(0%1/$#2$1'-*%5*--6$&&'"$#'/$0%-*"'(0%
'--'% (0+2'#'.% *5% 7% 20#% K9*+($% 23*% "$023*/*&0% 1*/%
20#('&$#'/-$%20#%9#'%,$+$0#*%1$M%20#(*&10/'#*'%*%
20#5$,$+'.%20&*%'22'5/B%$#%^3*%)1'2*%H*(f**#c
1*--*"/$#$%*%'&'#($%5*-%(9/$+&0%-*#(0P%-'%Q/'#2$"*#'.%
-'%L+(/'5'L%5$%)$*#'.%7%$-%290/*%5*-%1/0"*((0%F#;*2($,*%
X0'5+.% 23*% 20--*"'% 29-(9/*% 5$;;*/*#($% *5% *+1/$&*% $-%
10(*/*%5*--'%&0C$-$(B%5*--*%$5**%*%5*--*%1*/+0#*%#*$%
1/02*++$%5$%$##0,'?$0#*c
;'&$"-$*% *% "/911$% 0/"'#$??'($P% 2'&C$*/*&0% -'%
1*/2*?$0#*% 5*$% (9/$+($% 20$#,0-"*#50-$% $#% 1/0"*(($%
5$% 20&9#$(B% *% '?$0#$% 5$% 1/0C-*&% +0-,$#"% 20&*% $#%
J$($?*#+% 0;% (3*% 8-+*f3*/*.% *% /*+($(9*#50% 9#'% 2$((B%
20&1-*('&*#(*% '22*++$C$-*% $#% 29$% &90,*/+$% *5%
HVSORUDUH VHQ]D GLI¿FROWj R EDUULHUH FRPH DFFDGUj
"/'?$*%'-%1/0"*((0%>'/')$(*c
$&1/*#5$(0/$% *% ,$'""$'(0/$% 56';;'/$P% "/'?$*% '$% #0+(/$%
1/0"*(($.% -'% 2$((B% ,*5/B% 9#% #90,0% +,$-9110% 5*--0%
+1$/$(0% $&1/*#5$(0/$'-*% *% 9#'% 2/*+2$('% #*-% 2'&10%
5*--*%$#59+(/$*%29-(9/'-$%*%2/*'($,*%%*%5*--*%FJ^.%20#%
9#6'((*#?$0#*%+1*2$'-*%,*/+0%-'%+0+(*#$C$-$(B%+02$'-*%
5*$% #90,$% 2-9+(*/.% +9% 29$% -',0/$'&0% $#% D'1k$#%
820#0&$2+c
1*/+0#*% 23*% ,0"-$0#0% $&1'/'/*P% )$*#'% 3'% 59*%
A#$,*/+$(B.%*%+(95*#($%1/0,*#$*#($%5'%(9((0%$-%&0#50c%
,0"-$'&0% 20$#,0-"*/*% 20-0/0% 23*% 3'##0% ,0"-$'%
5$% $&1'/'/*% $#% 1*/20/+$% $#'((*+$% 5$% $##0,'?$0#*.%
*% ;'/% 1*/2*1$/*% -0/0% )$*#'% 20&*% -'% L2'+'% -0#('#0%
5'% 2'+'L.% 20&*% 'CC$'&0% "$B% +1*/$&*#('(0% 20#%
VXFFHVVR QHOO¶HVWDWH FRQ OD SULPD HGL]LRQH
5*--6F#(*/#'($0#'-% )9&&*/% )2300-% 5*--'% Z'/,'/5%
A#$,*/+$(dP% 9#% 1/$&0% (*+(% 5*"-$% 0C$*(($,$% 23*%
,0"-$'&0%/'""$9#"*/*%20#%@$;(%0;%V$;*c
1*/+0#*% 20#% *+$"*#?*% 5$% 29/'% 0% $#(*/*++'(*% '-%
C*#*++*/*P%)$*#'%,90-*%5$,*#('/*%9#%2*#(/0%*9/01*0%
1*/% $-% f*-;'/*% 29-(9/'-*% *% 1*/% K9*+(0.% 0-(/*% '--*%
1*/+0#*% 23*% ,$+$('#0% -*% +('?$0#$% (*/&'-$% *% -*% +1'.%
,0"-$'&0% '((/'//*% #90,*% 2'(*"0/$*% 5$% ,$+$('(0/$% 23*%
,0"-$'#0% 9#$/*% '--'% ,$+$('% 5*--'% 2$((B% 9#6*+1*/$*#?'%
$##0,'($,'% #*-% 2'&10% 5*--'% 29/'% *% 5*-% C*#*++*/*.%
20&*%$#%J9-(9/'-%8&*/"*#2d%X00&<
)"& F3'K6)("'10-0'()'$*++,'*3+"3-"'-)#"';*.*8*(*+,'
)((<H3*03"' 56#0/")M' $%"' )..":3)' *(' +*+0(0' -*'
4)/*+)("'56#0/")'-"(()'46(+6#)7
/98B?54;9(P>54B9(<=0>?9@5(@>Q(A5?3(@3?(2(E2BB5;242(
3>?9@32(3(@3?(2(834382C
>*/% "'/'#($/*% -'% ,$+$C$-$(B% 5*--6A#$0#*% 89/01*'.%
)$*#'hOij% $#(*#5*% 9+'/*.% $#% '220/50% 20#% -*% -$#**%
"9$5'% *% -*% /*"0-*% *9/01**.% $-% -0"0.% -*% C'#5$*/*% *% $%
20-0/$%5*--6A#$0#*%89/01*'%20&*%*-*&*#(0%2*#(/'-*%
GHOOD FRPXQLFD]LRQH RQOLQH H RIÀLQH UHODWLYD
'--6*,*#(0% )$*#'hOij% *% '--'% +9'% 1/0&0?$0#*<% F-%
-0"0% 5$% )$*#'hOij% 5B% '&1$'% *,$5*#?'% '--6'2/0#$&0%
8A.% 1*/% $#5$2'/*% -6$&10/('#?'% *% -'% 2*#(/'-$(B% 5*--'%
5$&*#+$0#*% *9/01*'% '--6$#(*/#0% 5*--'% 2'#5$5'(9/'<%
)$*#'hOij%3'%5*2$+0%$#0-(/*%5$%9($-$??'/*%$-%50&$#$0%
<*9%1*/%$-%1/01/$0%+$(0%f*C<
:--6$#(*/#0%5*-%1/0"/'&&'%'/($+($20.%'CC$'&0%+2*-(0%
5$% $#2-95*/*% 1/0"*(($% 23*% 2*-*C/'#0% 1*/+0#'-$(B% *5%
*,*#($% $&10/('#($% '% -$,*--0% *9/01*0.% 5'#50% /$+'-(0%
'-% -0/0% 20#(/$C9(0% '--'% ;0/&'?$0#*% 5*--'% 29-(9/'%
5*--689/01'P%)'#('%J'(*/$#'.%-'%2041'(/0#'%5689/01'.%
,*//B%2*-*C/'('%#*-%hOij%20#%9#%"/'#5*%1/0"*((0%23*%
-'#2*/B% 9#'% /*(*% 5$% 50##*% '(($,$+(*% #*-% 2'&10% 5*$%
SURFHVVL GL SDFL¿FD]LRQH H ULVROX]LRQH GHO FRQÀLWWR
$#%(9(('%89/01'.%1*/%,'-0/$??'/*%$-%/90-0%5*--*%50##*%
#*-%20#(*+(0%5*--0%+,$-9110%+02$0429-(9/'-*%*9/01*0<%
/HRQDUGR GD 9LQFL XQD GHOOH SL LPSRUWDQWL ¿JXUH
*9/01**% 5$% (9(($% $% (*&1$.% +'/B% $-% #0+(/0% &'*+(/0% 5$%
2*/$&0#$*% #*-% /*291*/0% 5*--0% +1$/$(0% $##0,'($,0%
C'+'(0% +9--'% +1*/$&*#('?$0#*% *% -6*//0/*.% 1*/%
&*((*/*% $#% *,$5*#?'% -6$&10/('#?'% % 5*--6'(($(95$#*%
$&1/*#5$(0/$'-*%*%5$%9#6'(($,$(B%5$%'11/*#5$&*#(0%23*%
59/$%(9(('%-'%,$('<
A#%'-(/0%*-*&*#(0%5$%,$+$C$-$(B%7%$-%20#2/*(0%20#(/$C9(0%
23*% -6A#$0#*% 89/01*'% 5B% '--6*,*#(0% )$*#'hOij.%
SHU PH]]R GHL SURJUDPPL GL ¿QDQ]LDPHQWR 8(
8,$5*#?$*/*&0% 20&*% $% 1/0"*(($% *% -*% /*($% (*&'($23*%
QHOFRQWHVWRGL6LHQDVLDQR¿QDQ]LDWLDWWUDYHUVR
1/0"/'&&$% A8<% A#% 1/$&0% C90#% *+*&1$0% $#%
K9*+(60(($2'%7%$-%1/0"*((0%5*-%SFF%>/0"/'&&'%I9'5/0%
r%X*"$0#+%0;%o#0f-*5"*%G)&'/(%J9-(9/*6.%+9$%2-9+(*/%
5$%1'(/$&0#$0%5$"$('-*%*%2/*'($,0.%5$%29$%7% 1'/(#*/% $-%
J0&9#*%5$%)$*#'<%F-%1/0"*((0%20$#,0-"*%&0-($%+0""*(($%
19CC-$2$% *% 1/$,'($.% *% &0-($% 1/0;*++$0#$+($% 2/*'($,$%
+*#*+$.% 1*/% 5$;;0#5*/*% 20#+'1*,0-*??'% +9$% #90,$%
0/$*#('&*#($% +(/'(*"$2$% '% -$,*--0% A8% +9--0% +,$-9110%
5*--6$#59+(/$'%29-(9/'-*%*%2/*'($,'<%:%#0,*&C/*%)$*#'%
0+1$(*/B% 9#'% "/'#5*% 20#;*/*#?'% 5$% 5$++*&$#'?$0#*%
5*-% 1/0"*((0.% 23*% ',/B% 9#% +*#+$C$-*% $&1'((0% +9--'%
91
20&9#$(B%+*#*+*%*%$%+90$%01$#$0#%&'k*/<
F#0-(/*.% )$*#'hOij% 5'/B% /$+'-(0% '--6$&10/('#?'% 5*--*%
1/$0/$(B%*%5*"-$%0C$*(($,$%5$%89/01'%hOhO.%/*'-$??'#50%
1/0"*(($% 23*% 20#(/$C9$/'##0% '5% 9#0% +,$-9110% 1$M%
$#(*--$"*#(*%'((/',*/+0%-69($-$??0%5$%#90,*%(*2#0-0"$*%
1*/% -*% '(($,$(B% 5$% '11/*#5$&*#(0% *% 1*/% -'% /$2*/2'% #*$%
+*((0/$% $##0,'($,$% `b*% :/*% V*0#'/50.% @$;(% 0;% V$;*.%
^9+2'#d% $#% e09/% H'(3/00&a.% $#20/'""$'#50% 9#0%
+,$-9110% 1$M% +0+(*#$C$-*% '((/',*/+0% 1/0"*(($% *% '?$0#$%
23*%0;;/0#0%+0-9?$0#$%1/'($23*%`D#$%*+"$+6#"'b*+%06+'
N6*(-*3:M' Z#""3!()QZ#063-.M' D' b*3-0R' *3+0' +%"'
I6+6#"a.% *% ;',0/*#50% 9#% '&C$*#(*% 1$M% $#2-9+$,0.%
*($20%*%5$%+0+(*"#0%'$%"$0,'#$.%23*%,'-0/$??$%$%('-*#($.%
;0/#$+2'%#90,*%0110/(9#$(B%5$%-',0/0%#*-%2'&10%5*--'%
29-(9/'%5$"$('-*.%*%20#2*1$+2'%+0-9?$0#$%1*/%9#'%2$((B%
5$%1'(/$&0#$0%1$M%'22*++$C$-*%`J01db/0#".%>'/')$(*a<
)$*#'hOij% 1/0"/'&&'% 5$% ;*+(*""$'/*% '##9'-&*#(*%
$#$?$'($,*%K9'-$%-'%Q*+('%5*--689/01'%*%-6:##0%89/01*0.%
0/"'#$??'#50%*%19CC-$2$??'#50%*,*#($.%20#;*/*#?*%*%
;0/9&%23*%0;;/'#0%'$%2$(('5$#$%+*#*+$%9#%9($-*%+1'?$0%5$%
ULÀHVVLRQHVXOOHLVWLWX]LRQLFRPXQLWDULHHVXOFRQWHVWR
HXURSHR,OPDJJLRSHUHVHPSLRVLqWHQXWD
9#'% -*?$0#*420#2*/(0% 5*-% 1$'#$+('% ='/20% S',0-0% '-%
^*'(/0% 5*$% X$##0,'($% +9"-$% $##$% #'?$0#'-$% 5$% (9(($% $%
hR% +('($% &HPEUL GHOO¶8( 7UD OH DWWLYLWj SLDQL¿FDWH
2$($'&0P
‡ [%"' 5H' [#").6#Q' a63+P% 1*/% (9((*% -*% +290-*% 5*-%
(*//$(0/$0%+*#*+*.%9#6',,*#(9/'%,$/(9'-*%'--'%+201*/('%
5*--'%+(0/$'%5*--6A#$0#*%89/01*'.%5*$%+90$%1*/+0#'""$%
23$',*%*%5*--*%+9*%$+($(9?$0#$<%V6',,*#(9/'%+$%+,0-"*/B%
59/'#(*% -'% +*(($&'#'% 5*--'% Q*+('% 5*--689/01'.% 20#%
9#% 1/*&$0% 1*/% -'% +290-'% ,$#2$(/$2*.% 23*% 20#+$+(*%
#*--60110/(9#$(B% 5$% ,$,*/*% &0&*#($% 0% -90"3$% 23$',*%
5*--'%29-(9/'%*9/01*'c
!"#$%&'&(\(*(]"'M%"W$&,0(0(/&,$%&+"VV$&
*
V)' $*++,' %)' *3+"32*03"' -*' .+)8*(*#"' 63' .*.+"1)'
VSHFL¿FR GL PRQLWRUDJJLR H GL YDOXWD]LRQH SHU
K6)3+0'#*:6)#-)T
#"
VW*1/)++0' -"(' !#0:"++0' "' *' .60*' "CC"++*' )' (63:0'
+"#1*3"7
M4( 828B3D5( ;2( G5<>B5F2943( 24;2@34;34B3( 7585B9(
8>( E9D@3B34F3( 3;( 38@3?234F3( 3>?9@33( B?5( <3( @2R(
TXDOL¿FDWH D GLVSRVL]LRQH H FKH FRLQYROJD WXWWH OH
E5B3:9?23(;2(8B5^369<;3?
H3' :#6//0' -*' ();0#0' -*' -*1"3.*03"' "6#0/")M' $%"'
-*)(0:%*' $03' :(*' .+)S"%0(-"#' (0$)(*' /"#' $0.+#6*#"'
1"+0-0(0:*"' $03-*;*."' "' $01/)#)8*(*' *3' 63<0++*$)'
0/"3'-)+)A
)$*#'hOij% 1/*+('% 9#L'((*#?$0#*% 20#2/*('% '"-$%
$#5$2'(0/$% 5$% $&1'((0% 1*/% -L'2209#('C$-$(d% 5*-%
1/0"*((0.%*%$#(*#5*%20#;*/$/"-$%9#%/90-0%2*#(/'-*<%%>9/%
/$20#0+2*#50% $-% ,'-0/*% &*(050-0"$20% 5$% 1$'((';0/&*%
20&*% F&1'2(% OR% V$,*/100-.% ,'% /$20#0+2$9(0% 23*% -'%
-*((*/'(9/'%+9$%&*(05$%*%-*%*+1*/$*#?*%5$%,'-9('?$0#*%
5*--L$&1'((0% 29-(9/'-*% +('% /'1$5'&*#(*% *,0-,*#50.% *%
+$%/*#50#0%#*2*++'/$%+(/9&*#($%#90,$%*%'""$0/#'($%1*/%
20"-$*/*%20#%+*&1/*%&'""$0/*%'229/'(*??'%"-$%*;;*(($%
&0-(*1-$2$%5*$%1/0"/'&&$%J8J.%+$'%#*--'%5$&*#+$0#*%
K9'#($('($,'%`20&*%'5%*+*&1$0%-L$&1'((0%*20#0&$20a%
+$'% $#% K9*--'% K9'-$('($,'% `'5% *+*&1$0% -L$&1'((0%
+02$'-*.% 1+$20-0"$20% *% 29-(9/'-*a<% I9*+($% 9-($&$% $#%
SDUWLFRODUH VRQR GLI¿FLOL GD FDOFRODUH H ULFKLHGRQR
WHFQLFKHHVWUXPHQWLVR¿VWLFDWLFKHFRPSUHQGRQROH
#90,*%($10-0"$*%5$%&*(05$%5$%,'-9('?$0#*%C'+'($%+9--'%
20&9#$(B<%:5% 0""$.% )$*#'hOij% 20#+$5*/'% $-% +$+(*&'%
5$%$#5$2'(0/$%+,$-911'(0%5'%V**9f'/5*#%hOiR%#*-%+90%
1/0"*((0%5$%2'#5$5'(9/'%20&*%$-%19#(0%5$%/$;*/$&*#(0%
LQWHUPLQLGLVSHFL¿FLWjHXVDELOLWj,QROWUHqJLjLQ
'((0%9#%,$,'2*%20#;/0#(0%20#%$-%(*'&%5$%,'-9('?$0#*%
5$% :'/39+% hOit% 1*/% +2'&C$'/*% $#;0/&'?$0#$.%
&*(050-0"$*%*5%*m1*/($+*<%%
‡ 56#0/")3' D#+*.+.' C0#' +%"' !)(*0P% 0"#$% '##0% 5'-%
DQQRLQFXLLO3DOLRqVWDWRGLSLQWRGDOO¶DUWLVWD
C9-"'/0%F,'#%Y$&$(/0,a.%$-%>'-$0%5*--6:++9#('%`23*%+$%
+,0-"*% $#% '"0+(0a% +'/B% 20&&$++$0#'(0% '5% 9#% 1$((0/*%
*9/01*0.%23*%+'/B%$#,$('(0%1*/%9#%1*/$050%5$%/*+$5*#?'%
'% )$*#'% '% ;'/*% -'% 20#0+2*#?'% 5*--'% /*'-(B% +02$'-*% *%
29-(9/'-*%5*--*%J0#(/'5*<%>'/($20-'/*%'((*#?$0#*%+'/B%
/$,0-('%'"-$%'/($+($%1/0,*#$*#($%5'$%1'*+$%*9/01*$%#0#%
'#20/'%/'11/*+*#('($%#*--'%+(0/$'%5*-%>'-$0.%*%5'%1'*+$%
FRLQYROWLQHOSURJUDPPD&(&LQTXHOO¶DQQRVSHFL¿FR ='%2L7%5$%1$M<%)$*#'hOij%+$%1/010#*%5$%$&10+('/*%9#%
+$+(*&'%5$%20#(/0--0%*%,'-9('?$0#*%23*%201/'%1'/$&*#($%
"-$% '+1*(($% K9'#($('($,$% *% K9'-$('($,$.% 23$'&'(0%
)F&1'2(% hOij.% *% 3'% $#,$('(0% 59*% 0/"'#$??'?$0#$%
HXURSHHFRQFRPSHWHQ]HVSHFL¿FKHQHOFDPSRGHOOD
,'-9('?$0#*%29-(9/'-*%20&*%200/5$#'(0/$%*%"'/'#($%5$%
9#%1/02*++0%5$%,'-9('?$0#*%'9(0#0&0%*%(/'+1'/*#(*P%-'%
Q0#5'?$0#*%F#(*/:/(+%5$%H'/2*--0#'.%*%-L!++*/,'(0/$0%
5$% H95'1*+(.% $#+$*&*% '--LA#$,*/+$(B% 5$% )$*#'% 20&*%
92
1'/(#*/% -02'-*% 50('(0% 5$% ;0/($% 20&1*(*#?*% #*--*% 5*-% 5$'-0"0% $#(*/29-(9/'-*.% -'% 2/*'?$0#*% 5$% #90,*%
(*2#$23*%5$%,'-9('?$0#*%+02$04*20#0&$2'%K9'#($('($,'% +02$'-$(B% $&1*/#$'(*% +9--'% 29-(9/'% *% -'% 1/059?$0#*%
*%K9'-$('($,'<
GL EHQL UHOD]LRQDOL O¶HI¿FDFLD GHOO¶DFFHVVLELOLWj
¿VLFDHFRJQLWLYDHFRVuYLD,QTXHVWRPRGRYHUUj
F-% (*'&% 5$% ,'-9('?$0#*% 7% +9110/('(0% 5'% 9#% "/9110% GH¿QLWR XQ SDFFKHWWR EDVH GL LQGLFDWRUL TXDQWLWDWLYL
5$% -',0/0.% 20&10+(0% 5'% '22'5*&$2$.% *+1*/($% *% *% K9'-$('($,$.% '++$*&*% '5% 9#'% 2'++*(('% 5*"-$% '((/*??$%
1/0;*++$0#$+($% 20#% 9#'% +0-$5'% *+1*/$*#?'% #*-% 2'&10% &*(050-0"$2$<% A#% 20&$('(0% -02'-*% 5*$% +0""*(($%
5*--'%,'-9('?$0#*%5*--L$&1'((0%29-(9/'-*P%%V-9$+%H0#*(% $#(*/*++'($.% 23*% 20&1/*#5*% $% /'11/*+*#('#($% 5*--*%
:"9+($%`A#$,*/+$('(%5*%H'/2*-0#'a.%^+,*('%:#5/**,'% '++02$'?$0#$% 5$% $&1/*#5$(0/$% *% 20&&*/2$'#($% -02'-$.%
`89/01*'#% J9-(9/'-% Q09#5'($0#% :&+(*/5'&a.% +0""*(($%1/0,*#$*#($%5'--'%+02$*(B%2$,$-*.%'++02$'?$0#$%
Z*-&9(% :#3*$*/% `Z**/(]*% H9+$#*++% )2300-% H*/-$#a.% *% $+($(9?$0#$% 29-(9/'-$.% ,*//B% 5$/*(('&*#(*% 20$#,0-(0.%
Z'+'#%H'k+3$%`D8)^:%V0#50#a.%^/$#*%H$--*%Z'#+*#% $#+$*&*%'-%20&$('(0%5*$%+0+(*#$(0/$%$+($(9?$0#'-$%5*--'%
`J01*#3'"*#% H9+$#*++% )2300-a.% z'#% H]0/$#"*% FDQGLGDWXUD QHOOD GH¿QL]LRQH H YDOLGD]LRQH GHJOL
8PHn0DVVLPR%XVFHPD&HQWURGLULFHUFD +(/9&*#($%5$%'#'-$+$.%$#(*/'"*#50%+9%C'+*%/*"0-'/*%20#%
)*&*$0#% X0&'a.% @*0;;/*d% J/0++$2k% `A#$,*/+$(d% 0;% $-%"/9110%5$%-',0/0%1*/%-'%,'-9('?$0#*<%F#%('-%&'#$*/'.%
V0#50#a.% =$-*#'% Y/'"$2*,$2% )*+$2% `A#$,*/+$(d% 0;% +'/B% 10++$C$-*% $#5$,$59'/*% 9#% 1'223*((0% 1/0,,$+0/$0%
$UWV %HOJUDGH ;DYLHU *UHIIH 8QLYHUVLWp 3DULV , *% 20#20/5'(0% 5$% $#5$2'(0/$% 20&*% /$;*/$&*#(0% 1*/% -'%
)0/C0##*a.%@/*"%X$23'/5+%`^$-C9/"%A#$,*/+$(da.%:k$% ,'-9('?$0#*%5$%$&1'((0<
X0110#*#% `^9/k9% H9+$#*++% )2300-a% *% z0+7% ^','/*+%
`A#$,*/+$5'5*%D0,'%5*%V$+C0'a<
)F&1'2(.% 23*% '50(('% *% +,$-911'% 9-(*/$0/&*#(*%
-6'11/022$0% '% [% '/**% 5$% V**9f'/5*#% hOiR.% +$% C'+'%
)F&1'2(% hOij% ,*//B% 20#50(('% $#% K9'((/0% ;'+$P% +9% ih% '/**% 5$% $#5$2'(0/$% 5$% $&1'((0.% /'""/911'(*% '%
F&10+('?$0#*% &*(050-0"$2'% `1$'#0% 5$% ,'-9('?$0#*% ORURYROWDLQPDFURDUHHRYYHUR&XOWXUD6RFLHWj
1/0#(0%*#(/0%INuhOi[a.%,'-9('?$0#*%1/*4hOij%`/*10/(% 820#0&$'.% X*-'?$0#$.% +*20#50% -'% +*"9*#(*% &'(/$2*%
IhuhOis4IhuhOit4IhuhOiRa.% ,'-9('?$0#*% 5*--6'##0% 1*/% -'% ,'-9('?$0#*% 5$% $&1'((0% `1*/% 9#'% 1$M% ;'2$-*%
J8J% `hOij4hOa.% *% ,'-9('?$0#*% 10+(4hOij% `/*10/(% 20&1'/'?$0#*%+0#0%$#5$2'(*%$#%20/+$,0%-*%'/**%$#2-9+*%
IhuhOhi4IhuhOhNa<
#*--6'11/022$0%5$%VbYiRaP
>*/% -'% ;'+*% 5$% $&10+('?$0#*.% -'% &*(050-0"$'% 5$% H*#23E% $-% 1/0"*((0% 5$% ,'-9('?$0#*% +$'% "9$5'(0% 5'%
)F&1'2(%hOij%+'/B%+(/9((9/'('%20&*%+*"9*P%#*-%2'+0% (*2#$2$% *+1*/($.% #0#% 5*,*% *++*/*% 20#+$5*/'(0% 9#%
$#%29$%)$*#'%,$#2*++*%$-%($(0-0.%#*-%='""$0%hOi[%,*//B% &*/0% *+*/2$?$0% '22'5*&$20.% 0% 20&*% 9#601*/'?$0#*%
0/"'#$??'('% 9#'% "/'#5*% /$9#$0#*% 1-*#'/$'% 20#% -*% (/*% 5$% 19/'% /$2*/2'<% V'% 1/059?$0#*% 5$% 5'($% ;'% 9+0%
0/"'#$??'?$0#$% 200/5$#'(/$2$% *% $-% "/9110% 5$% -',0/0.% 5$% 5'('C'+*% *+$+(*#($% *% 5$% +('($+($23*.% $#5'"$#$.%
1*/% 20#5$,$5*/*% *% 5$+29(*/*% -0% +('(0% 5*--6'/(*% 5*--*% +0#5'""$.%;029+%"/091.%20&*%5$%(9(($%$%&*(05$%,'-$5$%
&*(050-0"$*%*%5*"-$%$#5$2'(0/$%5$%$&1'((0%1*/%-*%J8J.% 9($-$??'($% 5'--'% /$2*/2'% +02$'-*<% ^9((',$'.% $-% 290/*%
20#% /$;*/$&*#(0% '$% /$+9-('($% '""$0/#'($% 5*--'% /*2*#(*% 5*-% 1/02*++0% 5$% /'220-('% 5*$% 5'($% 7% $#% &'#0% '--'%
OHWWHUDWXUD VFLHQWL¿FD H DOOH UHODWLYH EXRQH SUDWLFKH 20&9#$(B% +*#*+*% $#% 9#60(($2'% 01*#% 5'('.% *% 59/'#(*%
>'/($20-'/*% '((*#?$0#*% +'/B% /$,0-('% '--'% /$2*/2'% $-% 1*/20/+0% ,*//B% &'#(*#9('% 9#6'(($(95$#*% &*#('-*%
56','#"9'/5$'% +9--*% ,'/$'C$-$% K9'-$('($,*% 1*/% -'% 29$% 20#2*((9'-&*#(*% '1*/('.% '220"-$*#50% &*(050-0"$*% *%
&$+9/'?$0#*% #0#% *+$+(0#0% '#20/'% &*(05$% +('#5'/5% '110/($% 1/0,*#$*#($% 5'% 1/0"*(($% 20&9#$('/$% "9$5'($%
FKLDUDPHQWHGH¿QLWLHSHUFXLVRQRULFKLHVWHWHFQLFKH 5'"-$%'/($+($.%0%5'--6$&19-+0%5*--'%+02$*(B%2$,$-*<%J$_%
#90,*% *% 9#% 1$M% 1/*2$+0% $#K9'5/'&*#(0% 20#2*((9'-*.% $&1-$2'.% '5% *+*&1$0.% 23*% $-% 1/0"*((0% 5$% /'220-('% *5%
(/'% 29$P% $-% -$,*--0% *% -'% K9'-$(B% 5*--'% 1'/(*2$1'?$0#*% *-'C0/'?$0#*%5*$%5'($%+9--6'22*++$C$-$(B%,*//B%'((9'(0%
'(($,'.% $-% C$-'#2$0% 5*--'% 2/*'?$0#*% 5$% 2'1'2$(B% 1/$#2$1'-&*#(*% 5'.% *% 20#.% +0""*(($% 20#% 5$+'C$-$(B%
20&9#$('/$*.% -'% 1/0;0#5$(B% *% -'% +('C$-$(B% +02$'-*% ¿VLFKH R FRJQLWLYH FKH VRIIURQR LO UHDOH GLYDULR GL
CULTURA
SOCIETA’
ECONOMIA
RELAZIONI
Accesso alla cultura e partecipazione
Inclusività e coesione sociale
Economia e impatto turistico
Immagine e percezione
Vivacità culturale e sostenibilità
Dialogo interculturale
Competitività e attrazione di risorse
Costruzione di reti a livello locale
Costruzione di capacità culturali
Accessibilità
Governance e accountability
Costruzione di reti a livello UE e globale
93
'22*++$C$-$(B.%$#+$*&*%'--*%/*-'($,*%'++02$'?$0#$<%A#'%
1$'((';0/&'%5$"$('-*%1$*#'&*#(*%'22*++$C$-*%'++$29/'%
-'% 1$M% '&1$'% 1'/(*2$1'?$0#*% 20&9#$('/$'% #*--'%
/'220-('%*%#*--'%1/059?$0#*%5*$%5'($.%19/%20#+*/,'#50%
DOOR VWHVVR WHPSR L PLJOLRUL VWDQGDUG VFLHQWL¿FL GL
DI¿GDELOLWj UDSSUHVHQWDWLYLWj VWDWLVWLFD H GL QRQ
&'#$10-'C$-$(B%5*$%&'(*/$'-$%/'220-($%20--*(($,'&*#(*.%
DWWUDYHUVR OD PHWRGRORJLD VSHFL¿FDPHQWH HODERUDWD
5'-%"/9110%5$%-',0/0%)F&1'2(.%$#%20--'C0/'?$0#*%20#%
$-%20&$('(0%-02'-*%5*"-$%+('k*30-5*/<%
F-% 1'223*((0% $#$?$'-*% 5$% $#5$2'(0/$% +'/B% &0#$(0/'(0% *%
'#'-$??'(0% 5'-% (*'&% 5$% )F&1'2(% hOij.% 5'-% hOi[% $#%
10$%1*/%-'%;'+*%1/*4hOij.%20#%-0%+2010%5$%+('C$-$/*%9#%
19#(0%5$%/$;*/$&*#(0%'5*"9'(0%1*/%,'-9('/*%-6$&1'((0%
5$;;*/*#?$'-*% 5*--'% J8J% +9% (9((*% -*% ,'/$'C$-$% 5$%
$#(*/*++*<% F-% "/9110% 5$% -',0/0% 1-*#'/$0% +$% $#20#(/*/B%
59*% ,0-(*% '--6'##0.% +$'% $#(*/#'&*#(*.% +$'% 20#% $-%
20&$('(0% -02'-*% 5*"-$% +('k*30-5*/% *% $% /'11/*+*#('#($%
5*--'% +02$*(B% 2$,$-*% $#,$('($.% 1*/% 5$+29(*/*% $% /$+9-('($%
*%-*%$&1-$2'?$0#$%5*--'%&*(050-0"$'.%*%1*/%*+'&$#'/*%
"-$%'""$0/#'&*#($%/$-*,'#($%1/0,*#$*#($%5'--*%/$2*/23*%
*% 1/'($23*% 1$M% /*2*#($<% >/02*5*/*&0% 20#% /*"0-'/$(B% '%
$#,$('/*% *% +2'&C$'/*% $5**% 20#% $% &*&C/$% 5*$% "/911$%
5$% ,'-9('?$0#*% 56$&1'((0% 5$% '-(/*% J8J.% #0#23E% 20#%
$% /$2*/2'(0/$% 5*-% z0$#(% X*+*'/23% J*#(/*% *% 5$% '-(/*%
$+($(9?$0#$% 5$% /$2*/2'% *% 5$% 10-$2d% 5*+$"#% 5*--6A8.% *%
YHUUDQQRRUJDQL]]DWLZRUNVKRSHVHPLQDULVSHFL¿FL
/$-*,'#?'<
>*/% -'% 20#;*/*#?'% 5*-% hOhO.% )F&1'2(% $#(*#5*%
19CC-$2'/*% *% 1/*+*#('/*% 9#0% +(95$0% 20&1-*(0%
+9--6$&1'((0%5*--6'##0%J8J.%$#+$*&*%'%9#%20&1*#5$0%
(*2#$20% 23*% +1$*"3$% $#% 5*(('"-$0% '$% /$2*/2'(0/$% *% '$%
1/0;*++$0#$+($% $#(*/*++'($% "-$% +(/9&*#($% &*(050-0"$2$%
*%$-%+*(%5$%$#5$2'(0/$<%F-%20&1*#5$0%#0#%7%5'%$#(*#5*/+$%
FRPH XQ PDQXDOH FKH DEELD O¶LQWHQWR GL GH¿QLUH
9#0% +('#5'/5% 5$% /$;*/$&*#(0% `1*/% K9'#(0% /$"9'/5'%
-'% ,'-9('?$0#*.% 0"#$% J8J% 7% "9$5'('% 5'% K9*+($0#$% *%
$#(*/*++$%1*29-$'/$.%*%3'%C$+0"#0%5$%+,$-911'/*%$%+90$%
+(/9&*#($% 1'/($20-'/$a.% &'% 20&*% 9#'% "9$5'% 1/'($2'.%
5*+($#'('%'5%*++*/*%-$C*/'&*#(*%'2K9$+$('.%&$"-$0/'('.%
R PRGL¿FDWD GD DOWUL SURIHVVLRQLVWL HG HVSHUWL QHOOR
+1$/$(0% 01*#% 5'('% *% G201df/0#"6% 23*% 2'/'((*/$??'%
-6$#(*/'%1/0"*(('?$0#*%5$%)$*#'hOij<%S*//'##0%(*#9($%
5*$% +*&$#'/$% 5$% 5$++*&$#'?$0#*% 5*--0% +(95$0% 1/*++0%
$&10/('#($%+*5$%*9/01**.%$#%1'/($20-'/*%59/'#(*%-'%;'+*%
J8J%10+(4hOij.%1*/%'-$&*#('/*%$-%5$C'(($(0%*%;',0/$/*%
9-(*/$0/$% $##0,'?$0#$% &*(050-0"$23*<% D*--'% ;'+*%
SRVWODYDOXWD]LRQHVDUjSRUWDWDDYDQWL¿QRDO
hOhN.%&'#(*#*#50%"-$%+(*++$%+(/9&*#($%&*(050-0"$2$%
5*-% hOij.% 1*/% ;0/#$/*% 9#'% +($&'% 5*--*% /$2'59(*% '%
&*5$0%*%-9#"0%(*/&$#*%+9--'%+02$*(B%*%+9--6*20#0&$'%
ORFDOH 8Q VHFRQGR VWXGLR ¿QDOH VXOO¶LPSDWWR YHUUj
19CC-$2'(0%*%1/*+*#('(0%#*-%hOhN<
Z"++)#"' ("' 8).*' $6(+6#)(*' /"#' (<)$$063+)8*(*+Q' -"('
@-$% +(/9&*#($% 5$% )F&1'2(% hOij% ,*//'##0% /#0:"++0'/#*1)'-"(()';)(6+)2*03"
20+('#(*&*#(*% &$"-$0/'($% *% 2'-$C/'($% 59/'#(*% -'%
;'+*% 1/*4hOij<% ^9((',$'.% "-$% $#5$2'(0/$% ,*//'##0% V*% ,'-9('?$0#$% 5$% $&1'((0% +0#0% &0-(0% 1$M%
20&9#K9*%2'-20-'($%'#23*%+*20#50%$-%+*(%1/0,,$+0/$0% IDFLOPHQWH RWWHQLELOL H SL DI¿GDELOL VH OD FXOWXUD
$#$?$'-*% 5$% +(/9&*#($.% 1*/% '++$29/'/*% 20&1'/'C$-$(B% 5*--6'2209#('C$-$(d% 5$,*#('% 9#% /$;*/$&*#(0% 1*/%
$#(*/#'% 5$% '##0% $#% '##0% 59/'#(*% -0% +,0-"$&*#(0% 5*-% -6$5*'?$0#*% 5*$% 1/0"*(($% +(*++$<% Q$#% 5'--'% ;'+*% 5$%
1/0"*((0<%A#6'((*#?$0#*%+1*2$'-*%+'/B%/$,0-('%'-%&050% 1/*1'/'?$0#*% 5*--'% 2'#5$5'(9/'.% )$*#'hOij% *%
$#% 29$% -*% J8J% +922*++$,*% '-% hOij% ';;/0#(*/'##0% -*% O¶8QLYHUVLWjGL6LHQDKDQQRFRPLQFLDWRXQDULÀHVVLRQH
-0/0% ,'-9('?$0#$.% 1*/% 20#+*#($/*% 5*"-$% *,*#(9'-$% 1/*-$&$#'/*% +9"-$% $#5$2'(0/$% 5$% $&1'((0% 1*/% '$9('/*%
&'/"$#$% 5$% 20&1'/'C$-$(B<% F% /$+9-('($% 5*--6'#'-$+$% 5$% "-$%01*/'(0/$%29-(9/'-$%*%-'%20&9#$(B%'%;'&$-$'/$??'/*%
$&1'((0%+'/'##0%1/*+*#('($%*%5$+29++$%+9%C'+*%'##9'-*% 20#% "-$% *+$($% 20#2/*($% 5*$% 1/0"*(($% 29-(9/'-$<% V69+0%
59/'#(*%$#20#(/$%19CC-$2$%20#%$-%20&$('(0%-02'-*%5*"-$% 5*"-$% $#5$2'(0/$% $#% '-29#$% 1/0"*(($% 5*-% 1/0"/'&&'%
+('k*30-5*/% #*--'% ;'+*% 1/*4hOij<% D*--6$#,*/#0% 5*-% 5$% )$*#'hOij% 19_% 1/*1'/'/*% $% 10-$($2$.% "-$% 01*/'(0/$%
hOiR.%+$%(*//B%'%)$*#'%9#'%20#;*/*#?'%+9--'%,'-9('?$0#*% 29-(9/'-$% *% -'% 20&9#$(B% '5% '50(('/*% *% /$23$*5*/*% $#%
5$%$&1'((0%1*/%1/*+*#('/*%-'%&*(050-0"$'%5$%)F&1'2(<% 2'&C$0% 9#'% &'""$0/*% (/'+1'/*#?'% *% 23$'/*??'% #*$%
S*//'##0% $#,$('($% ;9#?$0#'/$% *5% *+1*/($% 23$',*% 5*--'% 2/$(*/$% 5$% 5*2$+$0#*% *% 5$% &0#$(0/'""$0% 5*--*% '(($,$(B%
J0&&$++$0#*% 89/01*'% *% 5*-% z0$#(% X*+*'/23% J*#(/*.% 29-(9/'-$<%:#23*% K9*+('% 1/'($2'% $##0,'($,'% 7% $#2-9+'%
$%(*'&%5$%,'-9('?$0#*%5*--*%J8J%5*-%/*2*#(*%1'++'(0% #*--'%&*(050-0"$'%5$%)F&1'2(%hOij<%
*% 5*-% ;9(9/0.% *% $% 1/$#2$1'-$% *+1*/($% *% 1/0;*++$0#$+($% A#%*+*&1$0%5$%('-*%'11/022$0%19_%*++*/*%(/0,'(0%#*-%
5*-%+*((0/*.%1*/%+('C$-$/*%9#%5$'-0"0%20#%$-%"/9110%5$% ÀDJVKLS &XOWXUDO (PHUJHQF\ 5RRP FKH DGRWWD LO
-',0/0% 5$% )F&1'2(<% A#'% +*20#5'% "/'#5*% 20#;*/*#?'% >+d230-0"$2'-% @*#*/'-% b*--4H*$#"% F#5*m% `>@bHFa%
FRQOHVWHVVH¿QDOLWjVLWHUUjQHOO¶DXWXQQRGHO r%9#%$#5$2'(0/*%+0""*(($,0%5$%C*#*++*/*%'&1$'&*#(*%
1*/% 1/*+*#('/*% -'% ,'-9('?$0#*% 5$% $&1'((0% 5*-% hOij<% YDOLGDWR GDOOD ULFHUFD VFLHQWL¿FD H GDOOD SUDWLFD
>/*+*#('?$0#$% 1*/$05$23*% *% 5$+29++$0#$% +9$% /$+9-('($% 2-$#$2'%r%20&*%%$#5$2'(0/*%5$%/$+9-('(0%1*/%$%(/'(('&*#($%
GHOODYDOXWD]LRQHSRWUHEEHURDYHUHOXRJRDQFRUD¿QR +0&&$#$+(/'($.% /*#5*#50% -*% 1/*+2/$?$0#$% 29-(9/'-$%
'-% hOhN.% $#% -90"3$% *% 20#(*+($% *9/01*$% 5$% 1'/($20-'/*% SL HI¿FDFL LQGLYLGXDOPHQWH H VRFLDOPHQWH VHQ]D
94
20&1/0&*((*/#*%$-%,'-0/*%29-(9/'-*%*%-'%K9'-$(B%'/($+($2'< +('C$-$/*%#90,$%+('#5'/5%1*/%-'%/*+10#+'C$-$(B%19CC-$2'%
#*-% 20#(*+(0% $('-$'#0.%$#% -$#*'% 20#% -*% &$"-$0/$% 1/'($23*%
F#%1/0"*(($%23*%1/*,*50#0%9#%$&1'((0%+02$04*20#0&$20% *9/01**<%%J$_%7%1/0;0#5'&*#(*%+*#($(0%*%/$23$*+(0%'%"/'#%
FRPH QHO ÀDJVKLS 3DUD6LWH JOL LQGLFDWRUL GL LPSDWWR ,02*%5'--L$#(*/'%20&9#$(B<
*20#0&$20% +0#0% 9+'($% 1*/% +0+(*#*/*% -'% 2001*/'?$0#*%
QHO PLJOLRUDPHQWR GHOO¶DFFHVVLELOLWj ¿VLFD DJOL VSD]L V'% Y$/*?$0#*% @*#*/'-*% 5*--'% Q0#5'?$0#*% )$*#'hOij%
5*--'%2$((B.%+9--'%C'+*%5*$%"9'5'"#$%$&1-$2$($%5*-%,'-0/*% 1/059//B%5*$%/'110/($%1*/%$-%J0#+$"-$0%5$%@*+($0#*%0"#$%(/*%
*20#0&$20%#*((0<%>$9((0+(0%23*%9+'/*%-*%20#,*#?$0#'-$% &*+$.%*%&'#(*//B%9#%20#('((0%20+('#(*%20#%$-%>/*+$5*#(*%
&$+9/*% 5*-% >FV.% 'CC$'&0% $#(/050((0% -6F#5*m% 0;% 5*--'% Q0#5'?$0#*<% F#0-(/*.% )$*#'hOij% 3'% $#(*#?$0#*%
)9+('$#'C-*% 820#0&$2% b*-;'/*% `F)8baP% 9#% $#5$2*% GL GH¿QLUH XQD SDUWQHUVKLS WHFQLFD FRQ XQD VRFLHWj GL
5*-% f*-;'/*% 23*% $#(*"/'% -*% &$+9/*% (/'5$?$0#'-$% 5*--'% /*,$+$0#*% 5$% ;'&'% $#(*/#'?$0#'-*.% *% 5$% 19CC-$2'/*% +9%
1*/;0/&'#2*% *20#0&$2'% 20#% $#5$2'(0/$% 5$% ($10% C'+*%'##9'%$%+90$%H$-'#2$%5$%=$++$0#*.%1*/%+1$*"'/*%$#%
+02$'-*.% $+($(9?$0#'-*% *% '&C$*#('-*.% 23*% 20//*""0#0% 5*(('"-$0%'--'%20&9#$(B%*%'--L01$#$0#*%19CC-$2'%#0#%+0-0%
*% '""$9+('#0% $-% >FV<% V6$#5$2'(0/*% F)8b% 7% +('(0% "$B% 20&*%-*%/$+0/+*%,*#"'#0%+1*+*.%&'%'#23*%$-%&050%$#%29$%
1/*2*5*#(*&*#(*% '50(('(0% 5'--'% >/0,$#2$'% 5$% )$*#'% ('-$%+1*+*%+$'#0%20#;0/&$%'"-$%0C$*(($,$.%'$%20#(*#9($%*%'$%
*% 5'--'% X*"$0#*% ^0+2'#'.% &*((*#50% $#% *,$5*#?'% $#% 1/$#2$1$%5*--'%J8J<
'&C*59*%$%2'+$%23*.%9#'%,0-('%2'-$C/'(0%'5*"9'('&*#(*.%
$-%,'-0/*%F)8b%*/'%5$%2$/2'%$-%NOn%$#;*/$0/*%'-%>FV%r% F-% H$-'#2$0% 5$% =$++$0#*% '##9'-*.% '--'% 1/*+*#?'% 5*-%
QRQWXWWRLOUHGGLWRSURGRWWRUDSSUHVHQWDXQEHQH¿FLR >/*+$5*#(*%5*--'%Q0#5'?$0#*%)$*#'hOij.%5*-%J0#+$"-$0%
#*((0% 1*/% -'% +02$*(B% +*% *++0% 2'9+'.% '5% *+*&1$0.% 5$% @*+($0#*% *% 5*-% Y$/*((0/*% @*#*/'-*.% 5'-% hOit% $#% 10$%
&'""$0/*%$#K9$#'&*#(0%0%&$#0/%+$29/*??'<%J0+g%20&*% ,*//B%19CC-$2'&*#(*%$--9+(/'(0.%5$+29++0%*%;0/&'-&*#(*%
-6'9&*#(0% 5*--6'22*++$C$-$(B% &$"-$0/'% -*% 20#5$?$0#$% FRPPHQWDWR GD XQ FROOHJLR FRPSRVWR GD WUH ¿JXUH GL
VRFLDOL H DPELHQWDOL GHJOL VSD]L XUEDQL LO EHQH¿FLR /$-$*,0P%9#%$&1/*#5$(0/*%(0+2'#0%20#%'(($,$(B%5$%/*+1$/0%
#*((0% F)8b% /*-'($,0% '% 9#% *9/0% 5$% >FV% % 1/050((0% $#% $#(*/#'?$0#'-*.% 9#% *m% '-(0% ;9#?$0#'/$0% +1*2$'-$??'(0%
9#% 20#(*+(0% 1$M% '22*++$C$-*% +'/B% 1$M% '-(0% /$+1*((0% '% LQ RUJDQL]]D]LRQL QRQ SUR¿W H XQ SURIHVVRUH HVSHUWR
9#% '-(/0% &*#0% '22*++$C$-*<% )$% 10++0#0% &0#$(0/'/*% 5$% 20#('C$-$(B% *% C$-'#2$0<% F-% H$-'#2$0% 5$% =$++$0#*% +'/B%
'--0/'% $% &$"-$0/'&*#($% 1/050(($% 5'% >'/')$(*% #*-% 5$+10#$C$-*%1*/%-'%1$M%'&1$'%2$/20-'?$0#*%*%-$C*/'&*#(*%
2'&10%5*--6'22*++$C$-$(B%#*$%(*/&$#$%5*-%-0/0%$&1'((0% +2'/$2'C$-*% 5'-% +$(0% f*C% 5$% )$*#'hOij.% *% 9"9'-&*#(*%
+9--6F)8b<%J0+g.%-'%20&9#$(B%$&1'/*/B%"/'59'-&*#(*% 5'-%+$(0%5*--'%+02$*(B%5$%/*,$+$0#*%1'/(#*/<%F#0-(/*.%'--'%
'%5'/*%1/$0/$(B%'--6'22*++$C$-$(B.%'%$#(*#5*/-'%20&*%9#'% 1/*+*#?'%5*-%>/*+$5*#(*%5*--'%Q0#5'?$0#*%)$*#'hOij.%$-%
&$+9/'%23$',*%#*-%19CC-$20%$#(*/*++*.%*%%'%20&10/('/+$% H$-'#2$0%5$%=$++$0#*%+'/B%5$+29++0%$#%9#%;0/9&%'1*/(0%
5$%20#+*"9*#?'.%&$"-$0/'#50%9-(*/$0/&*#(*%-6$&1'((0% '--'% 1'/(*2$1'?$0#*% 5*$% 2$(('5$#$.% 0/"'#$??'(0% $#+$*&*%
'$%20&$('($%-02'-$%5$%+('k*30-5*/%$+($(9?$0#'-$.%+02$'-$%*5%
*20#0&$20%*%+02$'-*%5*-%1/0"*((0<
*20#0&$2$.%*%23*%+$%+,0-"*/B%-9#"0%9#%2$2-0%5$%K9'((/0%
$#20#(/$%(*&'($2$%23*%/$"9'/5*/'##0%/$+1*(($,'&*#(*%"-$%
$"
ODJHVWLRQH¿QDQ]LDULD"
DVSHWWLHFRQRPLFL¿QDQ]LDULVRFLDOLHFXOWXUDOL
M4(_2<54E29(;2(/2882943(@>77<2E5D34B3(;28@94272<3(
3(5D@25D34B3(;28E>889C
H3)' /)#+3"#.%*/' $03' 63)' -"(("' /#*3$*/)(*' .0$*"+,' -*'
#";*.*03"'*3+"#3)2*03)("'"'63'C0#61')/"#+0')*'$*++)-*3*A
/D YDOXWD]LRQH GHOOD JHVWLRQH HFRQRPLFR¿QDQ]LDULD
5$% )$*#'hOij% +*"9$/B% "-$% +('#5'/5% 5$% 20#(/0--0% 1$M%
/$"0/0+$%;/'%K9*--$%'%5$+10+$?$0#*.%&*#(/*%&'#(*//B%9#%
DSSURFFLR SURDWWLYR H ÀHVVLELOH ULVSHWWR DOOH ULVRUVH
9&'#*% $&1$*"'(*% *% '--'% "*+($0#*% 0/"'#$??'($,'.% 20&*%
+'/B% ';;*/&'(0% 5'% 9#'% +0-*##*% 5$23$'/'?$0#*% 5*-%
&RQVLJOLR&RPXQDOHGL6LHQDVRWWRVFULWWDHQWUROD¿QHGL
6HWWHPEUHSHUJDUDQWLUHFKHLOSURJHWWRVLVYROJD
#*--L$#(*/*++*% 5*$% 2$(('5$#$% +*#*+$.% #*-% 1$*#0% /$+1*((0%
GHOOD ORUR ¿GXFLD H GHOO
LPSHJQR SURIXVR LQ HVVR
)$*#'% ,90-*% $&1'/'/*% 5'--L*+1*/$*#?'% 5*--'% +9'% 2/$+$%
C'#2'/$'%*%5'"-$%+2'#5'-$%'5%*++'%'++02$'($.%*%'//$,'/*%'%
95
!"#$%&'&(`(*(M'%0+$&+$($,-&+/"W$&,$
+"!
96)(*'.030'*'/63+*'C0#+*'-"(()'$)3-*-)+6#)'-"(()'
FLWWjHLSDUDPHWULFKHJLXVWL¿FKHUHEEHURXQVXR
.6$$"..0'$01"'4)/*+)("'56#0/")'-"(()'46(+6#)7'
96)(*'.030'*3;"$"'*'/63+*'-"80(*7
#?94B2(9(49(5(E5G5<E5?3(<L94;5(;3<(E5D725D34B9a
>*/% 1/02*5*/*% '5% 9#'% ,'-9('?$0#*% "-0C'-*% 5*$%
19#($% 5$% ;0/?'% *% 5$% 5*C0-*??'% 5$% )$*#'hOij% *% 5*$%
+90$% 1'/'&*(/$% 5$% +922*++0.% 2$% 20#2*#(/$'&0% +9%
QRYH GLPHQVLRQL IRQGDPHQWDOL SROLWLFD ¿QDQ]D
*20#0&$'.% +02$*(B.% 29-(9/'.% &9-($29-(9/'-$+&0.%
'22*++$C$-$(B.% 2/*'?$0#*% 5$% /*($% *% G2-$&'6% '&C$*#('-*<%
)$%,*5'%-'%(',0-'%#*--'%1'"$#'%+*"9*#(*<
+"&
20#+$5*/'($.% -'% /*'?$0#*% '--'% &'#2'('% ,$((0/$'% 7% +('('%
20&1-*++'% 5'% "*+($/*<% V0% +23*&'% ($1$20% /$+9-('% *++*/*%
TXHOOR GHO UL¿XWR LQ XQ SULPR PRPHQWR VHJXLWR GD
10-*&$23*%10-$($23*%+9--'%/*+10#+'C$-$(B%5*-%;'--$&*#(0%
H LQ¿QH GD XQD FDQFHOOD]LRQH YLUWXDOH GDO GLVFRUVR
19CC-$20% -02'-*% 5$% (9((0% 2$_% 23*% /$"9'/5'% -'% ,$2*#5'%
5*--'%J8J<%F#%'-29#$%2'+$.%(9((',$'.%7%+('(0%10$%10++$C$-*%
/$1/*#5*/*% '-29#*% 5*--*% $5**% +,$-911'(*% #*-% 1/0"*((0%
5$% 2'#5$5'(9/'% *% /$*-'C0/'/-*% 5'#50% ;0/&'% '% 1/0"*(($%
;'(($C$-$.% 0110/(9#'&*#(*% /$4*($23*(('($% 1*/% *,$('/*% 9#%
/$;*/$&*#(0% 5$/*((0% '--'% 20&1*($?$0#*<% V6*+1*/$*#?'%
1/'($2'% 5*--*% 2$((B% #0#% ,$#2$(/$2$% 5$&0+(/'% 59#K9*% 23*%
9#% >$'#0% H% 7% 10++$C$-*% *% 23*% 19_% 10/('/*% 5*$% /$+9-('($%
20#2/*($.%&'%'#23*%23*%$-%+90%+922*++0%7%(9((6'-(/0%23*%
+20#('(0.% *% 23*% 7% #*2*++'/$0% ;'/% (/'+20//*/*% 9#% 2*/(0%
SHULRGRSHUVXSHUDUHODGHOXVLRQHHLOFRQÀLWWRLQWHUQR
FKH LQHYLWDELOPHQWH DFFRPSDJQDQR OD VFRQ¿WWD
:#23*%#*$%2'+$%1$M%;',0/*,0-$.%#0#%7%59#K9*%/*'-$+($20%
'+1*(('/+$% 23*% $-% -*"'&*% ;/'% $-% >$'#0% H% *% -6*+1*/$*#?'%
5*--'% 2'#5$5'(9/'% 10++'% *++*/*% &'#(*#9(0% $#% &050%
*+1-$2$(0<
V)' $*++,' /#";"-"' -*' .;*(6//)#"' /#0:"++*'
$6(+6#)(*' /)#+*$0()#*' ' 3":(*' )33*' /#0..*1*M'
*3-*/"3-"3+"1"3+"' -)((<".*+0' -"(()' .6)'
$)3-*-)+6#)')('+*+0(0'-*'4)/*+)("'56#0/")'-"(()'
)$*#'hOij%3'%-',0/'(0%'-%&*"-$0%1*/%';;/0#('/*%K9*+('%
46(+6#)7
59/'%-*?$0#*%$#%&050%+*/$0%*%/*'-$+($20.%*%59/'#(*%&0-(*%
'(($,$(B% 5$% 1'/(*2$1'?$0#*% /$,0-(*% '--'% 20&9#$(B% +0#0%
+('($%'1*/('&*#(*%';;/0#('($%*%5$+29++$%('#(0%$-%1/0C-*&'%
$D@5?5?3( ;5<<=38@3?234F5( @3?( :5?54B2?3( >4(
5*--6'&&$++$0#*%20--*(($,'%K9'#(0%K9*--0%5*--'%"*+($0#*%
?28><B5B9(?35<28B2E9C
GLXQDSRVVLELOHVFRQ¿WWD,OSURFHVVRGLSDUWHFLSD]LRQH
40.)' .*' /6U' *1/)#)#"' -)(("' /#"$"-"3+*' $01/"+*2*03*' 3'% $#0-(/*% 23$'/$(0% 23*% -',0/'/*% +9--'% 20#+'1*,0-*??'%
DWWRUQR DJOL VFHQDUL GL XQD SRVVLELOH VFRQ¿WWD HG
454
*+1-0/'/*% +0-9?$0#$% 20#2/*(*% 1*/% /*#5*/-'% K9'#(0% 1$M%
,OHPDJJLR6LHQDKDRUJDQL]]DWRXQ 10+$($,'% *% 20+(/9(($,'% 10++$C$-*.% 7% '#23*% &0-(0% 9($-*% '%
f0/k+301%$#(*/#'?$0#'-*%5'-%($(0-0%F3'$6(+6#"'";"#Q80-Q' 2/*'/*% -*% 20#5$?$0#$% 1*/% /*#5*/*% )$*#'% 9#'% &$"-$0/*%
R*3.<%)9--'%C'+*%5*--6*+1*/$*#?'%5*--*%2$((B%#0#%,$#2$(/$2$% ,$#2$(/$2*% *,*#(9'-*.% $#% (*/&$#$% 5$% 20*+$0#*% 5*--'%
#*--*% 1/*2*5*#($% 20&1*($?$0#$.% 'CC$'&0% 2*/2'(0% 5$% 20&9#$(B% *% +0-$5'/$*(B% '((0/#0% '$% 1/$#2$1'-$% 0C$*(($,$% '%
$&1'/'/*%20&*%"'/'#($/*%9#%$&1'((0%10+$($,0%'#23*%$#% -9#"0%(*/&$#*%5*-%1/0"*((0<
2'+0%5$%&'#2'('%,$((0/$'%5*-%($(0-0.%*%20&*%20#+*/,'/*%
'-&*#0% 9#'% 1'/(*% 5*--6$#,*+($&*#(0% 5$% /$+0/+*% *% 5$% V)'C)++*8*(*+,'-"('!*)30'N'
*#*/"$*%5*--'%20&9#$(B%20&9#K9*%1/0;9+0<%F-%f0/k+301.%
F-%1/0C-*&'%1/$#2$1'-*%/$"9'/50%'--'%;'(($C$-$(B%5*-%>$'#0%
&05*/'(0%5'%:#5/*'+%b$*+'#5%5$%8XFJ:/(+.%"$B%&*&C/0%
H% 7% 23*% -'% 20&9#$(B% +*#*+*.% 5010% 9#% -9#"0% 1*/$050%
5*--'% "$9/$'% J8J.% 3'% 1/*+*#('(0% -*% (*+($&0#$'#?*% 5$%
5$% '((*#?$0#*% #*"'($,'% 5'% 1'/(*% 5*$% &*5$'% '% -$,*--0%
¿JXUHFKLDYHGHOOHFDQGLGDWXUHGL/XQG2VWUDYD
QD]LRQDOHLQWHUSUHWHUHEEHODVFRQ¿WWDGHOODFDQGLGDWXUD
hOi[.% )Ç#5*/C0/"% hOit% *% A(/*23(% hOiR<% %:5% 0""$.% +$%
FRPHXQXOWHULRUHVHJQRGLV¿GXFLDQHLFRQIURQWLGHOOD
(/'(('%5$%9#0%5*$%/'/$%2'+$%$#%29$%+0#0%+('(*%5$+29++*%-*%
2'1'2$(B%5$%/$1/*+'%5*--'%2$((B%r%*%-'%/*'?$0#*%1$M%1/0C'C$-*%
1/0+1*(($,*% *% -*% 1/0C-*&'($23*% 5*--*% 2$((B% 20#20//*#($%
+'/*CC*% K9*--'% 5$% 9#'% 23$9+9/'% '-% &0#50% *+(*/#0.%
'-%($(0-0%J8J%23*%#0#%3'##0%,$#(0<%)0#0%+('(*%$#,$('(*%
'220&1'"#'('%5'-%1*/$20-0%/*'-*%5$%9#%$+0-'&*#(0%$#%9#%
WXWWH OH FLWWj ¿QDOLVWH QHOOD FRPSHWL]LRQH EXOJDUD H LQ
2$/20-0%,$?$0+0.%23*%20&1/0&*((*/*CC*%-'%+0+(*#$C$-$(B%
TXHOOD LWDOLDQD GHO H OH FLWWj GL 3ORYGLY 6R¿D H
+02$'-*% *5% *20#0&$2'% 5*--'% 2$((B% #*-% -9#"0% (*/&$#*<%
S*-$k0% ^'/#0,0% 3'##0% '22*(('(0% 5$% 1'/(*2$1'/*<% 8/'%
>*/% K9*+(0% &0($,0.% $-% >$'#0% H% 5*,*% #*2*++'/$'&*#(*%
1/*+*#(*%'#23*%$-%)0((0+*"/*('/$0%5$%)('(0%1*/%-'%J9-(9/'%
20#2*#(/'/+$% +9% K9*--*% $#$?$'($,*% 23*% "'/'#($+20#0% $-%
GHOOD5HSXEEOLFDGL&URD]LD7DPDUD3HULVLþSHUIDUVu
+0+(*"#0%'--6*20#0&$'%-02'-*%20#%-'%2/*'?$0#*%5$%10+($%
23*%K9'#(0%*&*/+0%5'$%-',0/$%10++'%*++*/*%(/'+;*/$(0%'--*%
5$%-',0/0.%-6'((/'?$0#*%5$%$#,*+($&*#($%*%$-%&$"-$0/'&*#(0%
2$((B%20$#,0-(*%#*--'%20&1*($?$0#*%2/0'('%5*-%hOhO<
GHOELODQFLRGHPRJUD¿FR5HVWDXQDTXHVWLRQHDSHUWDVH
F-%K9'5/0%23*%7%*&*/+0%7%1$9((0+(0%23$'/0<%F#%(9(($%$%2'+$% 2$_%19_%*++*/*%/*'-$??'(0%1/*+*/,'#50%'--0%+(*++0%(*&10%
96
POLITICA
FINANZA
ECONOMIA
SOCIETA’
CULTURA
PUNTI DI FORZA
PUNTI DI DEBOLEZZA
PARAMETRI
DI SUCCESSO
Dal punto di vista politico, l’elemento
di forza del progetto è dato dalla
mancanza di una qualsiasi tendenza
alla negazione della situazione attuale.
La comunità è ben consapevole della
criticità del momento, e tutte le
principali questioni sono evidenziate e
ampiamente discusse. È presente
anche la consapevolezza che la
competizione CEC sia un'occasione
fondamentale per far ripartire la città,
una di quelle che non si presentano
molto spesso.
La grave crisi ha distrutto la fiducia
della comunità verso la politica.
Inoltre, è in corso un acceso dibattito
tra maggioranza e opposizione per
riconquistare la fiducia degli elettori. Il
livello del conflitto è alto, e le soluzioni
e le iniziative condivise sono fragili e
soggette a possibili manipolazioni
politiche.
Il principale parametro di successo è
l’ampiezza e la forza del sostegno alla
candidatura da parte dell’intero
panorama politico della città, come
base per la futura stabilità politica del
progetto. Tutte le parti dovrebbero
convenire che la candidatura debba
essere tenuta fuori delle dispute
politiche, venendo perciò considerata
e difesa come una risorsa di tutta la
comunità.
La Regione Toscana ha accordato un
forte
sostegno
finanziario
a
Siena2019, includendola all’interno
degli strumenti di programmazione
regionale e riconoscendone il valore di
laboratorio per l'innovazione. Siena
esercita un forte fascino e può potenzialmente divenire un obiettivo
d’investimento da parte dei privati nei
settori creativi e della cultura.
Il bilancio della città è stato colpito
dalla crisi e la spesa per il settore
culturale è diminuita. Il Comune
garantirà la sua quota di bilancio, ma
l’apporto di finanziamento pubblico
principale ricade sulle spalle della
Regione. L’ampia copertura mediatica
negativa data alla crisi finanziaria di
Siena potrebbe scoraggiare alcuni
investitori privati italiani.
Tutte le amministrazioni coinvolte
dovranno rispettare pienamente gli
impegni assunti, fornendo le risorse
stanziate nella quantità concordata e
con la tempistica stabilita. Sul
versante privato, il parametro di
successo è dato dal raggiungimento
dell'obiettivo di 10.600.000 di euro
provenienti da partenariati con privati
e sponsorizzazioni.
Nonostante la crisi, l'economia locale
mostra delle capacità di adattamento
inaspettate, soprattutto in termini di
creazione di giovani start-up innovative, spesso avviate da laureati
dell'Università di Siena (prima nella
classifica nazionale). Siena, come
marchio territoriale, gode di ampia
visibilità a livello mondiale e questo
apre enormi opportunità per la nascita
di nuove imprese all’interno dei settori
con più alto valore aggiunto: ad
esempio l’artigianato smart, il design,
l’enogastronomia, e i contenuti
digitali.
Le facili sovvenzioni elargite da parte
del Monte dei Paschi, basate su
valutazioni approssimative in termini
di qualità e sostenibilità delle iniziative
proposte, hanno indebolito la cultura
del rischio di impresa. La nuova spinta
imprenditoriale ha bisogno di essere
sostenuta da tutti gli attori locali
(credito, amministrazioni, servizi
locali, utilities, ecc.), che però sono
lenti ad adattarsi alla nuova situazione
e ad agire come facilitatori dell'innovazione.
Consolidare la nuova generazione di
imprenditori creativi come nuova
forza trainante dell'economia locale,
ben collegata con il panorama
europeo e con gli investitori internazionali. Un fattore chiave di successo è
quello di far sì che il settore del
turismo si muova verso segmenti di
mercato ad alto valore aggiunto e
tempi di permanenza più lunghi,
piuttosto che verso quelli del classico
turismo mordi e fuggi.
Il territorio senese può contare su
eccezionali livelli d’impegno civico e di
volontariato - non solo per gli
standard italiani, ma anche per quelli
europei. Il sistema delle Contrade è un
caso unico di coesione sociale, con
una partecipazione dal basso e un
auto-finanziamento volontario collettivo che vanno avanti da secoli.
Questa è una base importante per il
coinvolgimento della comunità e per
forme avanzate di partecipazione
attiva dei cittadini, che possono
ispirare altre città in Europa.
La profonda cultura di partecipazione
della comunità senese è sopravvissuta
così a lungo anche grazie a un forte
atteggiamento di autodifesa verso
tutte le forme di manipolazione
esterna. In caso siano percepite
minacce, la comunità senese si
reclude psicologicamente dentro le
mura della città. Se il cambiamento
sociale non è compreso e fatto proprio
dalla comunità, c’è il rischio che sia
respinto. È in gioco un tema molto
delicato che riguarda la credibilità e
l’affidabilità.
Un’effettiva assimilazione dello spirito
e degli obiettivi di lungo termine del
progetto all’interno della narrazione
del sentimento più profondo della
comunità. Un conseguente elevato
livello di impegno comunitario e di
identificazione con il progetto. La
candidatura deve catturare l'immaginazione collettiva. È diventata oggetto dell’operetta annuale dei Goliardi,
ed è stata citata ironicamente nella
parata della vittoria della Contrada del
Drago nel Palio di luglio 2014. Un
buon punto di partenza.
Con riferimento alle sue istituzioni
musicali e ai suoi musei, Siena ha una
reputazione di livello mondiale. San
Gimignano e Montepulciano ospitano, rispettivamente, una galleria d'arte
contemporanea e un festival musicale
entrambi di fama internazionale. Siena
attrae abitualmente i migliori artisti e
professionisti culturali ed è quindi,
nonostante le sue piccole dimensioni,
un luogo molto credibile per realizzare
un programma culturale che comporti
una visibilità di livello mondiale come
la CEC.
Siena tende ad essere vittima del
conservatorismo culturale verso le
espressioni dell’arte contemporanea.
La memoria storica e la prospettiva di
lungo termine, tipica della comunità
senese, si traducono in diffidenza e
scetticismo verso le tendenze culturali
più attuali, se queste non riescano a
trovare un modo per dialogare con la
comunità attraverso un approccio
diretto e partecipativo. Una grande
sfida, non priva di potenziali gratificazioni, per realizzare veri progetti
culturali che partono dal basso.
Fare di Siena una culla per la cultura
contemporanea sperimentale come
espressione di un approccio ampiamente partecipativo e radicato nella
comunità. Un’appassionante esempio
di Patrimonio 3.0: inclusivo, di
mentalità aperta, audace, pur radicato
nella sua narrazione storica di lungo
periodo. Essere in grado di attrarre in
modo permanente o semi-permanente talenti creativi provenienti da tutta
Europa e dal mondo, divenendo un
importante centro di formazione
culturale e artistica.
97
MULTI CULTURALISMO
ACCESSIBILITA’
CREAZIONE DI
RETI
‘CLIMA’
AMBIENTALE
PUNTI DI FORZA
PUNTI DI DEBOLEZZA
PARAMETRI
DI SUCCESSO
Siena è aperta agli scambi culturali.
L'Università per Stranieri è la porta
principale a livello nazionale per i
cittadini stranieri che vogliono
studiare e/o stabilirsi in Italia. Nella
provincia di Siena è stato appena
aperto un grande centro culturale
islamico. Siena ospita anche molti
programmi internazionali estivi, tra cui
uno realizzato dall’Università di
Harvard. Le comunità di immigrati
sostengono attivamente la candidatura.
La coesione all’interno della comunità
senese può essere un ostacolo per la
piena integrazione degli stranieri. Le
comunità di immigrati si sono inserite
nella sfera sociale della città e sono
rispettate, ma l’integrazione potrebbe
essere più completa. Il passaggio dalla
coesistenza pacifica al dialogo culturale attivo è ancora in divenire, e questo
può potenzialmente entrare in
contrasto con la volontà senese di
difendere l'identità locale.
Nascita di iniziative provenienti dalla
società civile che coinvolgano residenti e immigrati in forme innovative di
contaminazione interculturale e di
scoperta reciproca. La candidatura
coinvolge direttamente le comunità di
immigrati nella co-progettazione di
una parte sostanziale del programma
artistico, e si propone di operare come
soggetto guida nella successiva fase di
sviluppo per un dialogo all'interno
della città che sia veramente multiculturale.
Per gli standard europei, Siena è una
città relativamente raggiungibile,
come testimoniano gli 8 milioni di
ospiti che la visitano ogni anno.
Guidando per circa 100 minuti si
percorre la distanza che la separa da
due aeroporti internazionali, dalla
linea ferroviaria nazionale ad alta
velocità – rendendo la città accessibile
sia da Milano sia da Roma - così come
dalla principale autostrada Italiana.
L’aeroporto intercontinentale di
Roma è raggiungibile con circa 160
minuti di auto. Siena è accessibile
anche ai pedoni e ai ciclisti.
La qualità dei collegamenti stradali e
ferroviari locali deve essere migliorata.
Il mezzo di collegamento più utilizzato
con Roma e Firenze è l'autobus. I
collegamenti stradali sono spesso in
manutenzione e non soddisfano gli
standard per un'autostrada ad alto
scorrimento. I tempi di connessione
sono aggravati dalla congestione della
strada di accesso alle stazioni degli
autobus di Firenze e Roma. I collegamenti ferroviari sono obsoleti e lenti. I
collegamenti diretti in autobus con gli
aeroporti principali devono essere
intensificati.
Deve essere drasticamente migliorata
la qualità dei collegamenti stradali e su
rotaia verso i principali centri aeroportuali e ferroviari. La mancanza di un
aeroporto rende Siena sostenibile dal
punto di vista ambientale, ma la strada
di collegamento deve essere potenziata per raggiungere un livello da
autostrada ad alto scorrimento. Il
collegamento ferroviario deve essere
modernizzato con il completamento
dei doppi binari e del controllo
elettronico, in modo da ridurre i tempi
di viaggio. Un successo della candidatura potrebbe essere la spinta cruciale
per
motivare
l'amministrazione
regionale ad attuare questi miglioramenti strutturali.
Siena ha una lunga esperienza di
collaborazione in rete, unita a una
positiva collaborazione in progetti
realizzati con molte città europee.
Inoltre, ha in essere importanti
accordi di gemellaggio con città che in
precedenza hanno rivestito il ruolo di
CEC, come Weimar e Avignone, che
sono state coinvolte nella candidatura.
La visibilità mondiale di Siena
permette di realizzare nuove iniziative
di cooperazione, anche con città di
paesi non europei come la Cina, la
Corea del Sud, l’India e i Paesi del
Golfo.
Negli ultimi 15 anni, le dinamiche
perverse determinate dalle eccessive
e facili sovvenzioni della Banca MPS e
della Fondazione hanno alimentato un
atteggiamento di autosufficienza, con
la conseguenza di considerare le
relazioni internazionali più come una
vetrina e un canale di pubbliche
relazioni che come un modo concreto
per attrarre talenti e risorse. La
diplomazia politica e culturale della
città deve essere riattivata, e nuove
figure professionali devono essere
formate.
Siena deve inserirsi all’interno di
alleanze chiave per partecipare ai
programmi dell'UE su temi quali la
cultura e la salute; il patrimonio
digitale; il dialogo multiculturale; le
mete turistiche smart. Bisogna sviluppare una cooperazione a livello
europeo e mondiale con città con
caratteristiche
strategicamente
complementari. I temi della candidatura sono l’asse portante per costruire
tali reti, con un forte impatto di lungo
termine sull'economia della città.
La comunità considera la candidatura
l'opportunità principale per riprendersi dalla crisi, e per creare un nuovo
futuro di opportunità per le prossime
generazioni. La candidatura, a livello
locale, ha ricevuto un ampio sostegno
da parte di tutti i soggetti interessati,
ed ha richiamato un alto livello di
volontariato e di impegno cittadino.
Lo scetticismo iniziale per le reali
possibilità di una città colpita da
scandali e oggetto di attenzioni
negative si è gradualmente trasformato in speranza ed entusiasmo. Un
elevato livello di energia civica viene
costantemente
riversato
sulle
iniziative prodotte dalla candidatura.
Uno dei tratti distintivi del carattere
senese è la passione per le cose ben
fatte e ordinate, come dimostra la
pulizia di Piazza del Campo subito
dopo il termine del Palio, a cui hanno
partecipato decine di migliaia di
persone. Questo spiega la passione
senese per la polemica sui minimi
dettagli, una sorta di combustibile che
scalda la discussione collettiva attorno
alla candidatura. La conseguenza, a
causa delle polemiche che qui sono un
segno di impegno civico, è che
l'immagine esterna del ‘clima’ emotivo
della città risulta spesso peggiore di
quanto sia in realtà.
Attraverso la competizione CEC
l’intento è di incanalare l'energia civica
della città in un atteggiamento
propositivo e ottimista, orientato alla
ricostruzione economica della città.
Spiegare il ruolo del contributo delle
istituzioni e dei partner europei nel
dare il via ad una nuova stagione di
sviluppo della città, instillando nella
comunità una matura consapevolezza,
per gli anni a venire, del valore aggiunto apportato dal 'pensare europeo'.
Raccontare storie di successo della
comunità senese in cui i rinnovati
legami con l’Europa resi possibili dalla
CEC hanno fatto la differenza per la
città.
98
-6'9(*#($2$(B% 5*--'% 29-(9/'% +*#*+*.% (/'&$(*% $-% 1'++'""$0%
'% 9#% &05*--0% 5$% (9/$+&0% +&'/(% 2'/'((*/$??'(0% 5'% (*&1$%
5$% 1*/&'#*#?'% 1$M% -9#"3$% *% 5'% 9#'% +1*+'% 1/0% 2'1$(*%
&'""$0/*%/$+1*((0%'%K9*--'%'((9'-*<
20#2/*('%1*/%+91*/'/*%5',,*/0%-'%2/$+$<%8%1*/23E%+'11$'&0%
GLSRWHUPRVWUDUHHQRQYHGLDPRO¶RUDGLIDUOR¿QRD
23*%19#(0%-6$##0,'?$0#*%+02$'-*%"9$5'('%5'--'%29-(9/'%7%
,*/'&*#(*%$#%"/'50%5$%;'/*%5*--'%#0+(/'%J8J%9#%19#(0%
5$% +,0-('% 1*/% )$*#'.% 1*/% -6F('-$'.% *% 1*/% -*% '-(/*% 2$((B% 5$%
D*--'%&$"-$0/*%5*--*%$10(*+$.%$-%>$'#0%H%1*/%)$*#'%50,/B%
1'(/$&0#$0%*9/01**<%:CC$'&0%-',0/'(0%59/'&*#(*%1*/%
;0/#$/*% +0-9?$0#$% 1/'($23*% '% -$,*--0% -02'-*.% -'+2$'#50%
K9*+(0<%:CC$'&0%C$+0"#0%5$%9#'%10++$C$-$(B<
,$/(9'-&*#(*% 2'5*/*% "-$% '+1*(($% 1$M% $##0,'($,$% 5*--'%
5$&*#+$0#*% *9/01*'% 5*--'% 2'#5$5'(9/'.% 10$23E% -*% 1'/($%
1$M% +1*/$&*#('-$% *% ,$+$0#'/$*% 5*-% 1/0"*((0% '#5/'##0%
1/0C'C$-&*#(*% 1*/+*<% F#% 1'/($20-'/*.% +,'#$/*CC*% -'%
1/0+1*(($,'% 5$% (/'+;0/&'/*% )$*#'% $#% 9#% -'C0/'(0/$0%
5$% $##0,'?$0#*% +02$'-*% 1*/% -*% '-(/*% 2$((B% *9/01**%
5$% 1'(/$&0#$0% 5$% 5$&*#+$0#$% &*5$041$220-*.% *% +$%
5$+1*/5*/*CC*% -'% &'""$0/% 1'/(*% 5*-% k#0f% 30f% *% 5*--'%
UHWHHXURSHDDJJUHJDWD¿QRDTXHVWRPRPHQWR
D*--0% +2*#'/$0% 1$M% ;',0/*,0-*.% )$*#'% 10(/*CC*% '#20/'%
'+1$/'/*% '-% /90-0% 5$% 10-0% +(/'(*"$20% '% -$,*--0% -02'-*%
`1$9((0+(0% 23*% $#(*/#'?$0#'-*a% 1*/% -0% +,$-9110% 5$%
20#(*#9($% 2/*'($,$% *% 1*/% $-% 1'(/$&0#$0% 5$"$('-*.% "/'?$*%
'--6*22*--*#?'% *% '-% 5$#'&$+&0% 5*--*% 59*% 9#$,*/+$(B.%
VRSUDWWXWWRFRQULIHULPHQWRDGDOFXQHSDUWLGHOÀDJVKLS
b*%:/*% V*0#'/50% r% "/'?$*% '--'% +9'% +2'-'% /*"$0#'-*.% *%
"/'?$*%'-%;'((0%23*%-*%2*-*C/'?$0#$%5$%V*0#'/50%#*-%hOij%
+$%+,0-"*/*CC*/0%$#%0"#$%2'+0%r%'#23*%+*%/*'-$+($2'&*#(*%
)$*#'% "$023*/*CC*% 9#% /90-0% &*#0% 2*#(/'-*% '-% -0/0%
$#(*/#0<%I9*+(0%20#+*#($/*CC*%5$%+'-,'"9'/5'/*%'-29#*%
1'/(#*/+3$1% 9#$,*/+$('/$*% 20&*% K9*--'% ',,$'('% 20#% -'%
Z'/,'/5%A#$,*/+$(d%"/'?$*%'--'%)9&&*/%)2300-%(*#9('+$%
GXUDQWH L PHVL GL OXJOLR H DJRVWR DVSLUDQGR D
20--'C0/'?$0#$% #*-% 2'&10% 5*--*% Y$"$('-% Z9&'#$($*+% *%
5*--6*20#0&$'%2/*'($,'.%23*%',/*CC*/0%'#20/'%9#%+*#+0%
'-%5$%;90/$%5*-%20#(*+(0%5*--'%2'#5$5'(9/'<%^'-$%$#$?$'($,*%
10(/*CC*/0% ;',0/$/*% -'% /$1/*+'% 5*--6*20#0&$'% -02'-*% 5$%
)$*#'.% 0/$*#('#50-'% 1$M% 5*2$+'&*#(*% ,*/+0% $-% +*((0/*%
29-(9/'-*% *% 2/*'($,0.% &'% 1/0C'C$-&*#(*% #0#% $#% &$+9/'%
VXI¿FLHQWH D VRVWHQHUH O¶LQQRYD]LRQH VRFLDOH EDVDWD
+9-% 1'(/$&0#$0.% $#% 1'/($20-'/*% #*$% +*((0/$% ;0/(*&*#(*%
$##0,'($,$% 20&*% -'% 29-(9/'.% -'% +'-9(*% *% -'% ;*-$2$(B.% 0%
O¶DFFHVVLELOLWj GHO SDWULPRQLR ¿VLFR H GLJLWDOH /D
&'#2'('% ,$((0/$'% 5*-% ($(0-0% 10/(*/*CC*% '--'% 1*/5$('%
5*--'%&'""$0/%1'/(*%5*-%,'-0/*%'""$9#(0%5*--'%+(/'(*"$'%
5$% 2'#5$5'(9/'% $#% (*/&$#$% 5$% $##0,'?$0#*% 29-(9/'-*.% 5$%
+1*/$&*#('?$0#*% *% 5$% 1'/(*2$1'?$0#*% $#2-9+$,'.% *% -*%
1/0+1*(($,*%;9(9/*%5$%9#'%5*--*%'/**%*9/01**%1$M%/$223*%
5$% 1'(/$&0#$0% ('#"$C$-*% *% $#('#"$C$-*% +'/*CC*/0% 20+g%
+*/$'&*#(*%&$#'22$'(*<%
3RWUHPRVRSUDYYLYHUHDOODVFRQ¿WWD")RUVHVu6LHQD
*+$+(*/B% '#20/'<% >0(/*&0% ,*/'&*#(*% /$#'+2*/*% 20&*%
9#% 10-0% 20#(*&10/'#*0% 5*--'% 29-(9/'% *9/01*'T% Q0/+*%
#0%4%)$*#'%1/0C'C$-&*#(*%5$,*#(*/B%9#%1'/20%(*&'($20.%
*%-'%+9'%1'/(*%+(0/$2'%9#%2*#(/0%20&&*/2$'-*%(9/$+($20<%
I9*+(0% 7% $-% &0($,0% 1*/% 29$% +$'&0% 20+g% 5*(*/&$#'($% '%
,$#2*/*%K9*+('%20&1*($?$0#*%4%1*/23E%+$'&0%'%9#%C$,$0.%
*% +'11$'&0% 23*% K9*+('% 7% -'% #0+(/'% 9#$2'% 10++$C$-$(B%
99
J$% ,90-*% 1020% 1*/% ;'/% +0//$5*/*% $-% #0+(/0% 1'(/$&0#$0<%
>'(/$&0#$0%N<O%,90-%5$/*%23*%#*--'%;*+('%2$%+*$%'#23*%(9<%
A#% 1*??0% 5$% K9*-% +0//$+0% 7% (90.% *% 1'/-'% 5$% (*.% 5*--'% (9'%
20&9#$(B.%*%5*--689/01'<
4("+'D8#)%)1'/"#'B*"3)=>?@
100
TIMELINE
21
6 eventi
Aprile
07
1 evento
51
Dicembre
49 50
23/30
48
22
02
dal 01 per 2 mesi
17 16
16
dal 04 per 4/7 mesi
3eventi
Novembre
47
dal 31 per 2 mesi
46
10/21
05/13
4 eventi
03/12
dal 20 per 9 mesi
dal 20 per 1 mese
26
27/01
4 eventi
Maggio
21/31
19
18
20
44 45
Ottobre
14 15
dal 13 per 2 mesi
13
dal 05 per 9 mesi
dal 03 per 2 mesi
6 eventi
01/11
20
Marzo
dal 07
Giugno
dal 01 per 2 mesi
Settembre
4 eventi
12
22 21
43
42
41
40
39
10 11
25
24
23
26
6 eventi
fdal 25 per 2 settimane
dal 04 per 20 giorni
07
17/21
2 eventi
03/12
15
27
38
09
dal 10 per 2 mesi
4 eventi
01/11
Febbraio
29 28
13/17
20
28/06
15
21
26/27
29/03
37
06 07 08
Agosto
36
26/29
35
dal 06 per 4 mesi
4 eventi
Luglio
33 32 31 30
dal 03 per 2 mesi
dal 04 per 2 mesi
34
04 05
dal 08 per 2 mesi
dal 07 per 1 anno
06
5 eventi
Gennaio
2019
01 02 03
LISTA DEGLI EVENTI:
01
"A River of People"
02
"Apertura del Café EUself "
03
"Storytelling nelle aree verdi "
"Inizio installazione di Roberto Paci
Dalò nel Panopticon - Ex-ospedale
psichiatrico San Nicolò, Siena"
05 "Istallazioni poesia di strada"
04
06
07
"Apertura della prima Biennale
of Satire - Spinoza.it "
"Inizio dell’istallazione sui sogni
della gente di Emilio Fantin
Santa Maria della Scala, Siena"
"Remain in Light, installazione di
opere d’arte - Apertura "
09 "Presentazione della piattaforma metaLAB"
10 "Prima teatrale Teatropersona”
08
11
"SienaBruxelles - apertura della mostra a Siena"
12
"@contagio - connettrere giovani scrittori
e lettori"
13
"Compagnia Rodisio Siena19 Young
Capital Theatre per bambini e ragazzi"
27
"La Corsia Infinita/Mi hanno
addormentata - di Antonio Latella
Teatro sulle fiabe europee"
28
"Cerimonia di apertura della
Biennale of Material Science"
14
"Apertura mostra visuale
My Own Private Tuscany "
15
"Performance di Salvatore Sciarrino
negli aeroporti europei"
16
"Tony Clifton Circus + Feriae Matricularum 29 "Allestimento di Walter Buonfino e
Street Theatre per bambini e studenti"
ArtVmap in Piazza del Campo"
17
"La Compagnia Virgilio Sieni si esibisce
al Santa Maria della Scala"
42
"Linguistic Landscapes Festival
of (oral) Storytelling"
43
"Time Capsules Opening and Celebrations"
44
"The humoristic collective play"
45
"Sagra a Siena in cui si beve camomilla con
musicisti gitani"
"Raduno dei lavoratori della
conoscenza europei"
"Centre For Performing Heritage
Workshop e conferenza"
30
"Evento di metà anno Hug the City"
46
31
"Light Cinema in Piazza del Campo"
47
18
"Culture Attive Interferenze - workshop
per ragazzi con artisti"
32
"Quicksilver - presentazione di Masgalano"
33
19
"Mostra 1348.La Peste, SMS "
34
"Palio"
"Interventi di street Art dentro e fuori
le muradella città"
20
"Daniel Buren dipinge l’ex IDIT
Torre dei pomodori"
35
"The Ars Electronica Future Lab Game of Spaxtels"
21
"Performance Playing Devotion a Siena"
36
"Wolfgang Laib - Duccio"
22
"Festeggiamenti di Santa Caterina"
37
"Line up Performance Jazz Orchestras"
23
"Tone Town Tuning - Boom Box Car Contest" 38 "Jango Edwards utopian Master Classes "
24
"Erasmus Reloaded"
39
"Palio"
25
"Prima teatrale di Viktor Bodó"
40
"Blast Theory - Your Body is a Vehicle"
26
"Stefano Bollani Piano pianissimo "
41
"The CopyWrong Festival"
48
49
50
51
"30° anniversario della caduta
del Muro di Berlino"
"Performance per il giorno di
S. Ceccilia di Jordi Savall"
"Concerti Little Short Lullabies di René Aubry"
"Siena Closing Ceremony –
The Flying Orchestra"
numero
dell’evento
giorno/durata
01
O durata
dell’evento
flagship
gg/dd
101
b(*("##0,.$!0("+%$1%$!"
3#4#5678
D:"3+*
='/$'%V$,$'%H/9#*--$c%@'$'%>'+$c%='/$#'%)0/C*--0c%@'C$%
)2'/5$c%zq/"*#%b*$+3}91-c%o$""*%Z,$5c%D$20-'%)*('/$<%
O"+R0#S
@'--*/$'%J0#($#9'c%:++02$'?$0#*%:/(*%J0#($#9'c%@/9110%
J)J)%J*#(/0%)(95$%LJ9-(9/'%),$-9110L.%>$+(0$'<
V0$)+*03
!);*3:' +%"' b)Q( P% 2*#(/0% +(0/$20.% $#(0/#0% '--*% &9/'.%
1$'??*.%+(/'5*%*%1*/$;*/$*%5*--'%2$((B.%+('?$0#*%5*$%(/*#$.%
IHUPDWH GHJOL DXWREXV SDUFKHJJL H XI¿FL FRPXQDOL
(9/$+($2$.%10+('-$.%C'#23*.%*22<a.%#*-%(*//$(0/$0%1/0,$#2$'-*%
*% $#% K9*--0% /*"$0#'-*% `^0+2'#'a<% I9*+(0% 1/0"*((0% 19_%
*++*/*%/*1-$2'(0%$#%(9((*%-*%2$((B%5$%1'(/$&0#$0%5689/01'<%
Y"1)*3' *3' V*:%+P% 1/$#2$1'-$% +(/'5*% *% 1$'??*% 5*--'%
2$((B.% 1*/$;*/$*% *% '-29#$% 2*#(/$% 5*--'% 1/0,$#2$'% 20&*%
=0#(*/$""$0#$.% >0#(*% 56:/C$'.% )'#% I9$/$20% 56!/2$'.%
-90"3$%-9#"0%-6'#($2'%S$'%Q/'#2$"*#'<
D#$%*+"$+6#"' b*+%06+' N6*(-*3:[( 2*#(/0% 5*--'% 2$((B% *%
1*/$;*/$*.% J0&1-*++0% =9+*'-*% 5$% )'#('% ='/$'% 5*--'%
)2'-'.% >'5$"-$0#*% J0#0--d% `1'/(*% 5*--6*m% !+1*5'-*%
>+$23$'(/$20% )'#% D$220-_a.% ^0//*% 5*$% >0&050/$% '5%
F+0-'% 56:/C$'% `$&&*5$'('% 1*/$;*/$'% 5$% )$*#'a.%:?$*#5*%
2VSHGDOLHUH/RFDOLGLWXWWDODSURYLQFLDHGL¿FLVWRULFL
&9+*$%*%C$C-$0(*23*%5*--'%2$((B%*%5*--'%/*"$0#*<
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
!);*3:'+%"'b)Q(P
J-*(% :C/'3'&c% o$""*% Z,$5c% Y',$5*% )1'--'??0c% F-'/$'%
='/$'#$c%='/$'%X0+'##'%Q0++'($c%F,*+%='*+<%
Y"1)*3'*3'(*:%+T
0DULR1DQQL:DOWHU%XRQ¿QR2SLHPPH%
D#$%*+"$+6#"'b*+%06+'N6*(-*3:T
:-$(0%:-*++$c%:-(*/0%H0/"3$c%J'/-0%w'##$c%Y'#$*-%H9/*#c%
@$0,'##$%=*??*5$&$c%z9/$%X0,*/'(0c%V92'%>'#'/0c%=']'%
b*d*/&'##c% =0#$2'% J90"3$% '#5% J-'95$0% J0/+*--0c%
>'9% b'*-5*/c% >$*(/0% @$'##$#$c% V0/*#?0% =']*/c% D$20-'%
='/&9"$c% :#5/*'% )1$#*--$c% @$'20&0% X$22$c% z95$(3%
X'9&c%Y0#'(*--'%>0--$#$c%@$'##$%H*/*#"0%@'/5$#<
5$%)$*#'c%FX$Q0X%4%F+($(9(0%1*/%-'%X$2*/2'.%-'%Q0/&'?$0#*%
*%-'%X$'C$-$('?$0#*%)$*#'c%V'9.%-'C0/'(0/$0%5$%'22*++$C$-$(B%
9#$,*/+'-*c%$-%-',0/0%29-(9/'-*c%!/5$#*%5*"-$%'/23$(*(($%5$%
)$*#'c%>'#)1**23c%>0-$+10/($,'%=*#+%)'#'%iRtic%X'5$0%
N% D*(f0/kc% A#$0#*% F('-$'#'% J$*23$% *% 5*"-$% F10,*5*#($%
)$*#'c% A#$,*/+$(B% 1*/% )(/'#$*/$% 5$% )$*#'c% b0/-$2% +/-c%
:++02$'?$0#*%J9-(9/'-*%)0CC0/"3$%!#-9+c%:++02$'?$0#*%
F-%V'C0/'(0/$0%!#-9+c%J0&9#$(B%8C/'$2'%5$%)$*#'c
:22'5*&$'%5$%H*--*%:/($%J'//'/'c%:/(S&'1%+/-%r%b'-(*/%
%XRQ¿QR )LUHQ]H0LODQR $VVRFLD]LRQH &XOWXUDOH
J'+(*--0% 5$% X$,0-$% r% =9+*0% 56:/(*% J0#(*&10/'#*'.%
^0/$#0c% :(*-$*/% 5'--6!++0.% =$-'#0c% J<Y<)<% L@/0++*(0%
)10/(% F#+$*&*Lc% J0&$('(0% D'?$0#'-*% )(01!>@c%
J0&1'"#$'%X05$+$0.%J0&0c%J0&1'"#$'%S$/"$-$0%)$*#$.%
Q$/*#?*c% J01*/+'&&.% ^/$*+(*c% 85'% )*/,$?$% )JXV.%
Q$/*#?*c% Q-0/*#2*% >-'#*(% J001<% )02<% +</<-.% Q$/*#?*c%
Q0#5'?$0#*% H'#2'% 5*-% =0#(*% 5$% V922'c% Q0#5'?$0#*%
J*+'/*% )*/0#0.% X0&'c% Q0#5'?$0#*% Q/'#2'% *% Q/'#20%
H'+'"-$'.%S*#*?$'c%Q0#5'?$0#*%>'-'??0%)(/0??$.%Q$/*#?*c%
Q0#5'?$0#*% b9/&k0+% !#-9+.% =$-'#0c% @/9110% J)J)%
J*#(/0% )(95$% LJ9-(9/'% ),$-9110L.% >$+(0$'c% F&1'2(% Z9C%
Q$/*#?*c%>:X:)F^8%h<O.%=$-'#0c%>0-$(*2#$20%5$%=$-'#0%
r%Y$1'/($&*#(0%5$%Y*+$"#c
:'-(0%A#$,*/+$(d%)2300-%0;%:/(.%Y*+$"#%'#5%:/23$(*2(9/*.%
Z*-+$#k$c% :/(% J*#(*/% J0--*"*% 0;% Y*+$"#% 0;% >'+'5$#'%
`A):ac% H'93'9+4A#$,*/+$(}(% b*$&'/c% Y*1'/(&*#(% 0;%
:/23$(*2(9/*%'#5%NY%Y*+$"#.%)2300-%0;%:/(.%Y*+$"#%'#5%
$UFKLWHFWXUH RI 8QLYHUVLW\ RI +XGGHUV¿HOG (LQGKRYHQ
A#$,*/+$(d% 0;% ^*23#0-0"dc% 89/01*'#% Q09#5'($0#%
J*#(/*.% H/9m*--*+c% QÉ(*% 5*+% V9&$7/*+.% Vd0#c% Z0#k%
.RQJ 3RO\WHFKQLF ,1'(; 'HVLJQ WR ,PSURYH /LIH
J01*#3'"*#c%I90/9&%8,*#(%@/091.%Vd0#u>'/$+uY9C'$c%
^'/(9%J*#(/*%;0/%J/*'($,*%F#59+(/$*+c%^3*%X0d'-%Y'#$+3%
:/(% :2'5*&d% 0;% Q$#*% :/(+.% oÇC*#3',#c% ^A.% Y*-;(.%
Q'29-(d% F#59+(/$'-% Y*+$"#% 8#"$#**/$#"c% A#$,*/+$(}(% ;q/%
'#"*f'#5(*%o9#+(.%b$*#<
N6-:"+T'=M>>>M>>>'o
9:;8%76<8/=>#-?
D:"3+*
@$0,'##$%)('#"3*--$#$c%V9$"$%Q'++$cS'-*#($#'%J*;'-M<
40P$#")+0#*
=$-*#'%Y/'"$2*,$2c%='/2*--0%Q-0/*+
O"+R0#S
c#:)3*22)2*03*
:++02$'?$0#*% 29-(9/'-*% J9-(9/*% :(($,*c% :<D<=<F<J<% :1*'%)$*#'.%^*//*%5$%)$*#'%J/*'($,*<
)$*#'c% :220"-$*#?'% 5$+'C$-$% *% +*/,$?$% Y):.% A#$,*/+$(B%
5$% )$*#'c% :++02$'?$0#*% :/(*% J0#($#9'c% :++02$'?$0#*% V0$)+*03
J9-(9/'-*%^*'(/!hc%:?$*#5'% A)V% t.% )$*#'c% J0&1'"#$'% c3'+%"'YcDJT'6LHQD6R¿DHOHFLWWjFKHFLVRQRWUDGL
:Y:X^8c% J0#+9-('% 5*$% Y$+'C$-$% r% >/0,$#2$'% 5$% )$*#'c% -0/0c%-90"3$%5$%'-(0%-$,*--0%+9--'%S$'%Q/'#2$"*#'%`=0#(*%
Y*5'"/091%+1'c%Y$1'/($&*#(0%)2$*#?*%+02$'-$.%10-$($23*% :&$'('.% )$*#'.% =0#(*/$""$0#$.% J0--*% S'-% Y68-+'.% )'#%
*% 20"#$($,*% r% A#$,*/+$(B% 5$% )$*#'c% @'--*/$'% J0#($#9'c% H*/#'/50.% H*++'#20#.% X*$&+ac% S$'% Y$'"0#'-$+% #*$%
F#(*/#'($0#'-%)2300-%LV$"3(%^3/09"3%J9-(9/*L.%A#$,*/+$(B% H'-2'#$c% X*(*% +20-'+($2'% 89/01*'% 5*-% V$2*0% @'-$-*$.%
102
)$*#'
[#);"((*3:'D#+.T')'/'"0??'.%H'+($'.%V0#5/'c%-90"3$%1*/%$-%
;*+($,'-%5*-%C'--0.%;*/&'(*%1*/%$-%J$#*&'%C9+%23*%20--*"'%
$% J9-(9/'-Z0()10(+% *5% '-(/$% -90"3$% 5$% )$*#'hOij% #*-%
(*//$(0/$0c%)$*#'%`)'#('%='/$'%5*--'%)2'-'.%>$#'20(*2'.%
>'-'??0% J0&9#'-*a% *% H/9m*--*+c% ih% 2$((B% $#% 89/01'%
`20#%C'#50%'1*/(0ac%=*/2$#'4!/',$('.%i[Ok&%'%+95%5$%
^$&$+0'/'.%X0&'#$'
a"#*+):"'0C'B0##0RT')'#('%='/$'%5*--'%)2'-'.%A#$,*/+$(B%
5$% )$*#'.% V'&1*59+'.% H*-;'+(.% )'#% )*C'+($'#.% o/$&.%
=DJDEULD6XERWLFD1RYL3D]DU1Lã1LFRVLD6DUDMHYR
=0+('/.%)/*C/*#$2'.%Z*-+$#k$.%^C$-$+$
46(+6#)(a0+B/0+.T'8'#50%'1*/(0%1*/%$%Ns%20&9#$%5*--'%
>/0,$#2$'%5$%)$*#'%1*/%+2*"-$*/*%-*%t2$((B%1*/%$%1'5$"-$0#$.%
-*%2$((B%*9/01**%5010%$-%hOij%20&*%-*%J8J%5*--'%J/0'?$'%
*%5*--6F/-'#5'%1*/%$-%hOhO
I".+*;)(' 0C' B+0#Q+"((*3:T' A#$,*/+$(B% 1*/% )(/'#$*/$% 5$%
)$*#'.%V**9f'/5*#.%V'%S'--*(('.%J/0'?$'%J8JhOhO
#$2*%>/0"*(($%J9-(9/'-$c%@'--*/$'%w:oc%=!^A)%5'#?'%c%
J0&1'"#$'%Q/'#2*+2'%)*-,'c%:<)<Y<%:(*#*0%5*--'%Y'#4
?'c
:++02$'?$0#*%:/(*%)*--'.%^/*#(0c%:++02$'?$0#*%X0#5$#*%
2$(('5*--'% 5*--'% >'2*.% :/*??0c% J'/$('+% F('-$'#'c% J$#*4
&0,*-%Q09#5'($0#.%H0-0"#'c%J05$2*.%F5**%1*/%-'%29-(94
/'.%^0/$#0c%Q0#5'?$0#*%=F@X:D^8).%X0&'c%@/9110%
J)J)%J*#(/0%)(95$%LJ9-(9/'%),$-9110L.%>$+(0$'c%F+($(9(0%
5$%>+$20-0"$'%$#(*/29-(9/'-*%!DVA).%X0&'c%o$#k'-*/$.%
Q$/*#?*c%>/0&0%>:%Q0#5'?$0#*.%V922'c%X'5$0%>'1*++*.%
Q$/*#?*c% ^*'(/0#*(.% A5$#*c% A#$,*/+$(B% 5*"-$% )(95$% 5$%
Q$/*#?*c%b$k$&*5$'% F('-$'c% w*/d#(3$'% r% X:=% /'5$0'/4
(*&0C$-*.%X0&'c
:wJ%Ñ%:(*-$*/%wq#5*-%J/$+(*'.%>'/$+c%H0/*'-$+%8m1*/$4
*#2*%)<V<.%S'-*#2$'c%H09/#*&09(3%A#$,*/+$(dc%H9/*'9%
:.% @*#7,*c% J$(d% 0;% :,$"#0#*c% J$(d% 0;% J-9]4D'102'c%
J$(d% 0;% V'% S'--*(('c% J$(d% 0;% >-0,5$,c% J$(d% 0;% ^'/(9c%
J$(d%0;%S'/#'c%J$(d%0;%b*$&'/c%J$95'5*+%K9*%Y'#?'#%
r%JIY.%)(%@$--*+%-*+%H'$#+c%J0--*2($;%:/(%=09,6%w0#*%
V$C/*.%S$--*% 5*% H'+($'c% J0#('2($#"% (3*%b0/-5.% J0#('2(%
^3*'(/*6+%d09(3%;*+($,'-%1/0"/'&&*.%='#23*+(*/c%JX4
S8D:%4%:++02$'($0#%;0/%J9-(9/*%'#5%:/(.%)'/']*,0c%Y'3%
^3*'(/*%X*+*'/23%J*#(/*.%H*-"/'5*c%Y0#0+($'%X*+*'/23%
"/091% 0#% 8592'($0#% '#5% =9-($-$#"9'-$+&% `YX8:=a.%
)'#% )*C'+($'#c% 8J=F% 4% 89/01*'#% J*#(/*% ;0/% =$#0/$4
(d% F++9*+.% Q-*#+C9/"c% 89/01'% D0+(/'% )*/C$'c% Q*+($,'-%
Y'#+*%>E$.%Ö-*%5*%-'%XE9#$0#c%Q*+($,'-%^/'d*2(0+%r%Y'#4
?'% *#% >'$+']*+% A/C'#0+.% w'/'"0?'c% F#% >-'2*% 0;% b'/.%
='#23*+(*/c% F#(*/#'($0#'-%e09(3% =9+$2% '#5%:/(+% Q*+4
($,'-+% $#% )/*C/*#$2'c% oq#+(-*/3'9+% H*(3'#$*#.% H*/-$#c%
=$23'*-% Z'#+&*d*/% J0&19('($0#'-%:/23$(*2(9/*.% w94
/$23c% D*f% H9-"'/$'#% A#$,*/+$(d.% J*#(/*% ;0/% 89/01*'#%
5HIXJHHV0LJUDWLRQDQG(WKQLF6WXGLHV±1,66R¿D
!C+*/,'(0/$9&.%X0((*/5'&c%!1*/'%J$/29+c%^*23#02F^E%
4%FJ^%Ü%Y$"$('-%=*5$'%o#0f-*5"*%J*#(/*.%=0#+c%^3*%
:&+(*/5'&%4%=''+(/$23(%)9&&*/%A#$,*/+$(dc%^3*%Y*4
1'/(&*#(%0;%Q/$+$'#%V'#"9'"*%'#5%J9-(9/*%4%:%Y*1'/(4
&*#(%0;%Y$,*/+$(d.%A#$,*/+$(d%0;%@/0#$#"*#c%AD8)J!%
J3'$/%$#%J9-(9/'-%>0-$2d%'#5%='#'"*&*#(%r%=:%)(954
$*+.%H*-"/'5*c%A#$,*/+$(d%0;%H*-"/'5*.%J*#(*/%;0/%=9+*4
0-0"d%'#5%Z*/$(0-0"d.%Q'29-(d%0;%>3$-0+013dc%A#$,*/+$4
(d%0;%V]9C-]'#'c%A#$,*/+$(d%0;%='-('<
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
c3'+%"'YcDJT
D*5k0% )0-'k0,c% S$/"$#$'% w'#*(($c% Q/'#2'% ='/$#$c% ^04
C$'+%X*3C*/"*/c%!-';9/%8-$'+0#c%='9/0%H*/*(($#$c%J0/4
#*-$'%,0#%5*#%)(*$#*#c%>/0;<%:#(0#*--'%J'+(*-#90,0<
[#);"((*3:'D#+.T''
Q/'#2*+2'%V*(($*/$c%ZE-7#*%^'55*$%V'f+0#c%=E-$+'#5*%
>-'#(*dc% D'($,$5'5% H9$-% Q/'#20c% Q*5*/$20% V*#?*/$#$c%
:ROIJDQJ /DLE )DQIDUH &LRFDUOLD (VPD 5HGåHSRYD
='3'-'% X'$% H'#5'c% F+'C*--'% >'//$#$c% % =0'('?% D'+/c%
b';'%Z09/'#$<
a"#*+):"'0C'B0##0RT
0DUFHOOR )ORUHV 0LOHQD 'UDJLüHYLü âHãLü 'U 5DGL4
QD 9XþHWLü 9LVQMD .LVLF 6HUHQD )LQHVFKL *LRYDQQL
)('#"3*--$#$c%)$-,$'%@9*(('c%@$0,'##'%J'&1'#$c%:##'%
.UDVWHYD1LJHO2VERUQ7LQD(OOHQ/HH7DQMD2VWRMLü
^$#'%8--*#%V**c%)'#'%^'&?$#$c%:5*-'%z9+$2%'#5%"/091%
&UYHQD -HWRQ 1H]LUDM 2OLYHU )UOMLü 6H]JLQ %R\QLN
DQG0LQD+HQULNVHQ7DQMD0LOHWLü2UXüHYLü6HYGDOL4
#'%S0$#0,'<
46(+6#)(a0+B/0+.T
='m% Y$% V$C*/(0c% ^0C$'+% X*3C*/"*/c% Z*2(0/% )*//'#0c%
=$23'*-% Z'#+&*d*/c%!C+*/,'(0/$9&c%H9/*'9%:c%:(*-4
$*/%wq#5*-%J/$+(*'<
N6-:"+T'\M>>>M>>>'o
I".+*;)('0C'B+0#Q+"((*3:
>/0;<%Y9/k%@0/(*/c%>/0;<%@0;;*%z*#+&'c%Y/<%:5/$'#%@/$4
&'c%V92'%Y*%H$'+*<
@6;/>;/A6;8
c#:)3*22)2*03*
:++02$'?$0#*%^01$%Y'-&'('c%:++02$'?$0#*%@9$5*%^9/$+4
($23*%5$%)$*#'%*%>/0,$#2$'c%:++02$'?$0#*%$#(*/#'?$0#'-*%
5*$%J'(*/$#'($%5$%)$*#'c%H-9*A1c%J<F<)<X*<J0<4%J*#(/0%
F#(*/#'?$0#'-*%5$%)(95$%+9-%X*-$"$0+0%J0#(*&10/'#*0c%
J0&1'"#$'% :Y:X^8c% @'--*/$'% J0#($#9'c% @'--*/$'%
Q90/$J'&10c% @*0"/'13$k7c% !/5$#*% 5*"-$% '/23$(*(($% 5$%
)$*#'c%>/*;*((9/'%5$%)$*#'c%):X^%r%)$*#'%:/(%F#+($(9(*c%
)(/'-$"9(%^*'(/0c%A#$,*/+$(B%1*/%)(/'#$*/$%5$%)$*#'c%S*/4
D:"3+*
J/$+($#'%H'-5'22$c%:-*++$'%w0&C'/50<
40P$#")+0#*
X$('% >*(($c% z*;;/*d% )23#'11c% H*/#'/50% @$0/"$c% z9-$'%
>-*+2*#k0<
V0$)+*03
a")#+.' *3' +*:%+.P% =9+*$% 5*--*% J0#(/'5*.% >$'??'% 5*-%
103
1*/$;*/$'.% '/**% 5$% 1'/23*""$0.% +('?$0#*% 5*$% (/*#$% *% 5*$%
C9+%5*--'%2$((B.%1$'??*%*%+('?$0#$%5$%'-29#$%2*#(/$%5*--'%
1/0,$#2$'%20&*%J0--*%S'-%568-+'.%>0""$C0#+$.%:+2$'#0.%
^',*/#*%56:/C$'.%=0#('-2$#0.%>$*#?'.%H'"#0%S$"#0#$.%
J3$9+$.%:CC'?$'%5$%)'#%@'-"'#0.%'-(/*%2$((B%(0+2'#*%*5%
*9/01**%20&*%'5%*+*&1$0%b*$&'/<
[%"'D#+'*.'+%"'B/)$"T%10/(*.%1$'??*.%+(/'5*.%+-'/"3$.%'/**%
,*/5$.%,$20-$%2'/'((*/$+($2$%*%1020%20#0+2$9($%5*-%2*#(/0%
+(0/$20.% ?0#*% 20&&*/2$'-$% *% $#59+(/$'-$% #*--'% 1*/$;*/$'%
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
5*--'%2$((B.%(*'(/$.%2*#(/$%+(0/$2$%*%?0#'%$#59+(/$'-$%5*--'%
a")#+.'*3'+*:%+.
96*$S.*(;"#T%H*/#'/50%@$0/"$c%V0/$+%J*223$#$c%:#(0#d% 1/0,$#2$'.%S$'%Q/'#2$"*#'.%b*$&'/%*%'-(/*%2$((B%*9/01**A
*RUPOH\&DUORV*DUDLFRD6DkGDQH$¿I
I)8#*$' 0C' +%"' .06(P% z9-$'% >-*+2*#k0c% :"-'$'% Z'/$(?c% D#+*.+*M'/#0C"..*03*.+*'"')(+#*
:-'$#% V0,*#C*/"c% !/$*(('% H9(($% ='#2$#$c% ='/$0#% S'#% Z#""3!()QZ#063-.
H*/#'/50%@$0/"$c%8((0/*%Q',$#$c%J3$'/'%^'&C'#$c%w';0+%
Y*/%Q-9$(<
;DJRUDULV +DQV 2S 'H %HHFNc% X'9&-'C0/c% !oX:%
[0'8"'0#'30+'+0'8"
:/23$(*2(+c% !C+*/,'(0/$9&c% :##9#?$'('% Y*% J0&$(*c%
z*;;/*d%)23#'11
:-*++'#5/0%H'"*--'c%X0C*/(0%)'#($#$<
V*;*3:'a*.+0#Q
:"-'$'%Z'/$(?c%X0C*/(0%>'2$%Y'-_c%@9-*#%@9-*/P%e'-'#% 'RFXPHQWDU\¿OP
Y9#d'% Q$-&% V(5c% 8&$-$0% Q'#($#c% ='/2*--'% S'#?0c% H*(($#'%Z9(+23*kc%X0m'##*%S'/?$c%:/$'##'%Q'#($#<
:#(0#$% =9#('5'+c% 8,'% Q/'1$22$#$c% V$#5'% e'+&$#*% [%"'D#+'*.'+%"'B/)$"
Q/*"#$% D'"-*/c% X0+'##'% H0#*--$% Q-'&$#$c% )$&0#*% IDPRVLDUWLWVWLYLVLYLHFXUDWRULLQWHUQD]LRQDOLFKH
>'2$#$c%)9+'##*%o/$*&'##<
3'##0% -',0/'(0% '-% 1/0"*((0% :/(*% :--6:/(*% 5$% @'--*/$'%
J0#($#9'.% b$--% )3'#kc% :#$+3% o'100/c 6LVOHM ;KDIDc%
c#:)3*22)2*03*
@$0,'##$% =*??*5$&$c% Q/'#2*+20% J'/0#*c% zq/"*#%
J0&$('(0% 1*/% -'% 1/02*++$0#*% 5*$% 2*/$% *% 5*$% 2*#+$c% b*$+3}91-.%'/($+(%590%zÜoc%S*/*#'%X$*+c%Q'C$0-'%D'-5$c%
J0#+0/(*/$'%5*--*%J0&1'"#$*%V'$2'-$c%Q0(0(*2'%@$9-$'#0% J-'95$0% =9++0c% >FS!^c% F-d'% '#5% 8&$-$'% o'C'k0,c%
H/$"'#($c% @'--*/$'% J0#($#9'c% F+($(9(0% 20&1/*#+$,0% 8-$+'%V*0#$#$c%@$0,'##'%:-C*/('%J'&1$(*--$<
)<H*/#'/5$#0% 5'% )$*#'c% ='"$+(/'(0% 5*--*% J0#(/'5*% 5$%
)$*#'c
c#:)3*22)2*03*
)*&*$0#% J*#(/0% X$2*/23*% 5$% )2$*#?'% 5*--'% Y$1'/($&*#(0% )2$*#?*% +02$'-$.% 10-$($23*% *% 20"#$($,*% r%
J0&9#$2'?$0#*.%X0&'c%w'23*+%^*'(/0.%Q$/*#?*c
A#$,*/+$(B% 5$% )$*#'c% :/*+^*'(/0c% :++02$'?$0#*% :/(*%
Z'/,'/5% A#$,*/+$(d.% &*('V:Hc% F)=8o.% F+('#C9-% J0#($#9'c% :++02$'?$0#*% 29-(9/'-*% J9-(9/*% :(($,*c%
=*(/010-$('#% =9#$2$1'-$(dc% X0d'-% )2300-% 0;% :++02$'?$0#*% 5*6J0/(*+$c% :++02$'?$0#*% V'% Y$'#'c%
D**5-*f0/k.%Ao<
:++02$'?$0#*% V*% =9/'c% J0&1'"#$'% :Y:X^8c%
J0&1'"#$'%@$'/5$#0%J3$9+0c%Y$1'/($&*#(0%5$%)2$*#?*%
N6-:"+T'\M]>>M>>>'o
)(0/$23*%*%H*#$%J9-(9/'-$%r%A#$,*/+$(B%5$%)$*#'c%@'--*/$'%
J0#($#9'c% @'--*/$'% Q90/$J'&10c% =9+*0% 56:/(*% 1*/%
H'&C$#$c%@'--*/$'%w:oc
BC8/5D#%8/E87F88:
:22'5*&$'%5$%H*--*%:/($%J'//'/'c%%:++02$'?$0#*%J9-(9/'-*%
J'+(*--0% 5$% X$,0-$% r% =9+*0% 56:/(*% J0#(*&10/'#*'.%
D:"3+*
^0/$#0c% J*#(/0% 1*/% -6'/(*% 20#(*&10/'#*'% V9$"$% >*22$.%
='/$'% V$,$'% H/9#*--$c% ='/$#'% )0/C*--0c% @'C$% )2'/5$c% >/'(0c% J00129-(9/*.% S*#*?$'% =*+(/*c% @'--*/$'% J$,$2'%
D$20-'%)*('/$c%Q-0/$'#%='(?#*/<
5$% =05*#'c% =:YX8% 4% =9+*0% 56:/(*% 20#(*&10/'#*'%
Y0##'X8"$#'.% D'10-$c% =VH% ='/$'% V$,$'% H/9#*--$%
V0$)+*03
:/(% @'--*/d.% Q*//'/'c% =9+*0% J$,$20% 5$% J'+(*-C90#0.%
Z#""3!()QZ#063-.T%)*((*%"/'#5$%,'--$%,*/5$%'--6$#(*/#0% >'50,'c%)J^4%)02$'-%:#5%J0&&9#$(d%^3*'(/*%J*#(/*%
5*--*% &9/'% 5$% )$*#'.% 5$2$'++*((*% +1'?$% ,*/5$% "/'#5$% Q0/%:5,'#2*5% )(95$*+.%^0/$#0c% )290-'% 5$%:/23$(*((9/'%
*% 1$220-$% #*--*% J0#(/'5*.% -6!/(0% H0('#$20.% -*% ;0#($% 4%A#$,*/+$(B%5*"-$%)(95$%5$%Q$/*#?*c%A#$,*/+$(B%FA:S%5$%
&*5$*,'-$% '--6$#(*/#0% 5*--*% '/**% ,*/5$.% C'-20#$% 1/$,'($c% S*#*?$'c
X*"$0#*u^*//$(0/$0P%S$,'$%5*--'%>/0,$#2$'%1*/%$#$?$'($,*% Y*1'/(&*#(% 0;% Q$-&% Ü% =*5$'% )(95$*+% 4% A#$,*/+$(d% 0;%
5$% "$'/5$#'""$0% 9/C'#0.% 89/01'P% >/$#?*++$##*#"'/(*#.% J'-$;0/#$'.% F/,$#*c% :k'5*&$*% 5*/% H$-5*#5*#% oq#+(*%
H*/-$#%`Y8a.%>'-'$+%5*%^0kd0.%>'/$+%`QXa.%:k'5*&$*%5*/% =q#23*#c% :Xo8D% =9+*9&% ;0/% =05*/#*% o9#+(.%
J01*#3'"*#c% :(3*#+% H$*##'-*c% :(3*#+% )2300-% 0;%
H$-5*#5*#%oq#+(*.%=9#$23%`Y8a%
'RFXPHQWDU\ ¿OP 1$'??*% *% +(/'5*% 5*-% 2*#(/0% *% 5*--'% Q$#*% :/(+.% :(3*#+c% H'93'9+4A#$,*/+$(}(% b*$&'/c%
J'&10.%>'-'??0%>9CC-$20.%&9+*$%*%-'C0/'(0/$%#*-%2*#(/0%
+(0/$20%5$%)$*#'.%C0((*"3*%5$%'/($"$'#$%*5%'/($+($%'%)$*#'%
*5%$#%89/01'<
[0' 8"' 0#' 30+' +0' 8"P% >'-'??0% >9CC-$20.% =9+*$% 5*--*%
J0#(/'5*.%A#$,*/+$(B%5$%)$*#'.%*%Z'/,'/5%A#$,*/+$(d<
V*;*3:' a*.+0#QP% '/23$,$.% &9+*$.% ^*'(/0% 5*$% X$##0,'($.%
+(/'5*%5$%)$*#'.%(*//$(0/$%5*--'%>/0,$#2$'%5$%)$*#'.%(*'(/$%
5*--*%J8J.%C0((*"3*%56'/(*%*9/01**<
104
H0##*;'#(*#&9+*9&.%
=''+(/$23(c%
Q0#5'($0#%
H*d*-*/.% H'+*-c% o9#+(3'--*% !+#'C/92kc% !oX:%
V'#5+23'1+'/23$(*2(*#.% A(/*23(c% >/$#?*++$##*#"'/(*#.%
H*/-$#c% >/0]*2(+1'2*% AKC'/.% H*/-$#c% X'9&-'C0/.% H*/-$#c%
)<=<:<o<%4%=9#$2$1'-%=9+*9&%0;%J0#(*&10/'/d%:/(c%
@*#(c%^3*%V'(,$'#%J*#(/*%;0/%J0#(*&10/'/d%:/(.%X$"'c%
A]'?50f+k$% J'+(-*% `=9+*9&% !;% =05*/#% :/(uJ)ba.%
b'/+'fc%A#$,*/+$(}(%;q/%'#"*f'#5(*%o9#+(.%b$*#<
N6-:"+T'?M@>>M>>>'o
GH07H4#0/IJ84K8:%L/=>>J
D:"3+*
='/$'% V$,$'% H/9#*--$% `Z0&*% "'--*/dac% 8-*#'% ^*55*c%
X0++'#'%8+10+$(0c%Z'#%H'kk*/c%F-5$k~%)á"05$<
40P$#")+0#*
Q-0/*#2*%=$#5*/c%='++$&0%)239+(*/<
O"+R0#S
:1*'%)$*#'.%^*//*%5$%)$*#'%J/*'($,*<
V0$)+*03
[%"' 46(+6#)(' 51"#:"3$Q' Y001T' )'#('% ='/$'% 5*--'%
)2'-'.% *m% !+1*5'-*% >+$23$'(/$20% )'#% D$220-_.%%
-6!+1*5'-*%5$%)$*#'.%+1'?$%19CC-$2$%'%)$*#'%*%1/0,$#2$'%
`1$'??*.%+('?$0#$%;*//0,$'/$*a.%2*#(/0%29-(9/'-*%ZH9//*+$%
'% >0""$C0#+$.% $-% ;0/&'(% J9-(9/'-% 8<X<% +'/B% -'#2$'(0% $#%
'-(/$%1'*+$%*9/01*$<
I)$"' c6#' Z%0.+.P% )'#('% ='/$'% 5*--'% )2'-'.% +1'?$%
19CC-$2$% *% 1/$,'($% %'% )$*#'% 20&*% +290-*.% C$C-$0(*23*.%
0+1*5'-$.%2'/2*/$.%0+1$?$c%+2'&C$%*%/*+$5*#?*%'--6*+(*/0%
#*$%1'*+$%1'/(#*/%*9/01*$<
N"Q03-'X"-*+"##)3")3T'+(/'5*.%1$'??*.%"$'/5$#$%1/$,'($%%
*%19CC-$2$%*%'-(/$%-90"3$%5*--'%2$((B%5$%)$*#'c%2$((B%1'/(#*/%
*9/01**%5*-%1/0"*((0<
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
[%"'46(+6#)('51"#:"3$Q'Y001
S$k(0/% H05~c% :#(0#$0% V'(*--'c% ^30&% V9?c% S'#*++'%
X9+2$c% :#5/*'% H'++*"'c% Q$-$110% ='##$c% ='/20% !(('4
,$%`w'('//'ac%Y]*--'-$%8-%!9?*/$c%8-k'%^050/0,'c%>'0-'%
Y*$c%z0*-%!-$,'/*+%X9$?c%QE-$m%X9$?%5*%-'%>9*/('c%@/'4
3'&% J'$/#+c% ='2$*]% )('+$0f+k$c% )*/"$0% ='##$c% !+2'/%
5*% )9&&'c% =$23*-*% )$#$+$c% ='/d% @/*3'#c%:k$% o0104
#*#c%z9kk'%)'9kk0-$#c%>$'%)(/'#5&'#c%Y/<%F,'%Q'((0/$#$c%
Y$,'% =0/$'#$c% V9$"$% D*"/0c% :##'-$+'% J'(('#$c% ^'d9%
S-$*(+(/'<
I)$"'c6#'Z%0.+.
Q-0/*#2*% =$#5*/c% Q*5*/$20% ^/0++*/0c% z',$*/% J9/'c%
F&1/0,$+'($0#c% V*$-'#$% b*$+c% =$&&0% X0+*--$c% :##*%
JE2$-*% S'#5'-*&c% D$'% >9+3k'/0,'c% ^0&'+*--'% J'-,$4
+$c% Q/'#2*+2'% Y*-% X0++0% `b0#5dac% @*&&'%^/*,$+'#$c%
F/*#*% )(/'22$'($c% )',$#'% ^'/+$('#0c% Q$-$110% ^'#($--0c%
Q/'#20$+*% )23*$#c% =9+(';'% )'CC'"3c% =0#$2'% J90"3$c%
J-'95$0% J0/+*--0c% o*((d% ^'"-$'(($c% H*#*5*(('% ='/0#$c%
89"*#$'% S'##$c% Q*5*/$20% Q9+$c% X0+'% J'/9--0c% )$&0#*%
>'2$#$c% Q*5*/$2'% )2'"-$0+0c% )'/'% J*22'/*--$c% ='/20%
H0#922$c%J-'95$'%8-*#'%X0&*9%V01*?c%=*((*%:'k]à/c%
S'-E/$*%)$'95<
N"Q03-'X"-*+"##)3")3(
='++$&0%)239+(*/c%z*'#%=$23*-%J3'&1'9-(c%='++$&0%
@/$&'-5$c% e'd'% J09-$C'-dc% )*/"*% :&$+$c% Y*V'S'--*(%
H$5$*;0#0c% Y$*950##E% D$'#"09#'c% Dd'C'% !9*5/'04
"0c% Q/*55d%^+$&C'c% z*'#4V92% X'3'/$&'#'#'c% )'&+0#%
@$0/"$+c% H/92*% J-'/kc% H*//d% H$2k-*c% :3&*5% ^'â"9Ec%
X0Cd#%!/-$#<
c#:)3*22)2*03*
:)>%)$*#'%:?$*#5'%>9CC-$2'%)*/,$?$%'--'%>*/+0#'c%:+4
VRFLD]LRQH ,O &KLFFKHUR
$VVRFLD]LRQH$UFKHRVR¿FD
:?$*#5'% A)V% t% )$*#'c% J'+'% J$/20#5'/$'-*% 5$% )$*#'c%
J*#(/0%)(95$%5$%>+$20-0"$'%5*--6:/(*%*%>+$20(*/'1$*%8+4
1/*++$,*c% J0&1'"#$'% 5*--*% Q$"-$*% 5*--'% J'/$(Bc% @*#$'%
H'--*(c% ZdC/$5% )1'2*m.% FJ^% ;0/%^09/$+&% '#5% J9-(9/*c%
V'V9(c% V$K9$5f*Cc% =0,$*&*#(% ZYc% =9+*0% 56:/(*%
1*/% H'&C$#$c% !C-$,$0#% ^'#"0c% )290-'% >0+(4V'9/*'% 5$%
)'#$(B%>9CC-$2'%+*#*+*c%)$D9(/$b*--)c%S$5*05029&*#4
('?$0#$c%V'%J0/(*%5*$%=$/'20-$c%)290-'%5$%=9+$2'%J-'/'%
)239&'##c%D'+$ÜD'+$%S$1)$*#'%!#-9+c
:++02$'?$0#*%>0-$+%4%J*#(/0%+(95$%/$2*/23*%1/0&0?$0#$%
*5%'(($,$(B%29-(9/'-$.%Q$/*#?*c%J*#(/0%)(95$%=9+$20(*/'4
1$'c% J0&1'"#$'% Q/0+$#$u^$&1'#0c% J0&1'"#$'% F,'-5$%
=*/29/$'($.% ^0/$#0c% J0&1'"#$'% ^*'(/'-*% J'//0??*/$'%
!/;*0.% ='#(0,'c% J0&1'"#$'% S$/"$-$0% )$*#$.% Q$/*#?*c%
J9020-0uH0+*(($% FX::% ^3*'(/*.% S*/2*--$c% 8&*/"*#4
2dc%Q0#5'?$0#*%=*5$2$#'%'%=$+9/'%5$%Y0##'.%^0/$#0c%
V001% J/*'?$0#$% =9-($&*5$'-$.% H0-0"#'c% >-'d+4F>!Y%
F+($(9(0%1*/%-0c%>+$205/'&&'%'5%!/$*#('&*#(0%Y$#'&4
$20.%X0&'c%)*&*$0#%J*#(/0%X$2*/23*%5$%)2$*#?'%5*--'%
J0&9#$2'?$0#*.%X0&'c%)02$0-'C.%Q$/*#?*c%^*'(/0%=$#4
$&0.%H*/"'&0c%w'23*+%^*'(/0.%Q$/*#?*c%
:<:<Y<%:;/$2'#%:/($+(+%;0/%Y*,*-01&*#(.%>'/$+c%:/(+%Ü%
Z*'-(3%)09(3%b*+(.%Y0/23*+(*/c%:(*-$*/%;q/%Fk0#*#%9#5%
o9#+(3'#5f*/k.% V*C/$#"c% J*#(/9-% 5*% X*+9/+*% >*#(/9%
J0&9#$('(*.%J-9]4D'102'c%J$(d%0;%:,$"#0#c%J$(d%0;%V'%
9DOOHWWD&LW\RI9HOLNR7ăUQRYR&LW\RI:HLPDU&LW\
0;% b*(?-'/c% J-*,*-'#5% J-$#$2.% J-*,*-'#5% `A):au:C9%
Y3'C$% `)'95$%:/'C$'ac% Y'+% Q/}9-*$#% o0&1'#$*.% H/9+4
+*-+c%8J>%4%89/01*'#%J9-(9/'-%>'/-$'&*#(.%H*/-$#c%Z0+4
1$('-%5*%-'%)'#('%J/*9.%H'/2*-0#'c%F#+2/$/*P%^0%b/$(*%^3*%
Z9&'#% X$"3(+.% QXc% oq#+(-*/3'9+% H*(3'#$*#.% H*/-$#c%
D0fd%^*'(/.%b'/+'fc%X*1'$/%J';E%D*(3*/-'#5+%Q09#4
5'($0#.%:&+(*/5'&c% )$2kU% Q*+($,'-.% H/$"3(0#c% )02$E(E%
56:&E#'"*&*#(% 5*% -'% =E(/010-*% !9*+(% :(-'#($K9*.%
D'#(*+c% (/$'"*% -$,*% '/(% 20--*2($,*.c% H*/-$#u=*-C09/#*c%
^9/k9%+2300-%0;%820#0&$2+c%b'(*/%^0f*/%:/(%Q*+($,'-.%
6R¿D:DWHUIRUG+HDOLQJ$UWV7UXVW:LOG:XFKV)HVWL4
105
,'-.%H'+*-c%b9#5*/-'#5.%(3*'(/*%20&1'#d.%Yo<
N6-:"+T'GM>>>M>>>'o
57600/M#:%6:K
V0$)+*03
B+*((' J)3$*3:' H3*+.P% )$*#'.% *m% !+1*5'-*% >+$23$'(/$20%
L)'#%D$220-_L.%>$'??'%5*-%Y90&0.%Q*+($,'-%$#(*/#'?$0#'-$%
FLQHPDWRJUD¿FLGL7HO$YLY0RQWHYLGHR%HLUXW
B+*(('J)3$*3:'!#0-6$+*03.P%)$*#'.%^*'(/0%5*$%X$##0,'($.%
^*'(/0%5*$%X0??$.%)'#('%='/$'%5*--'%)2'-'<
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
F-5$k~%)á"05$c%Y'/$'%%'HÀRULDQDQG:#(0#$0%^'"-$'/$#$c%
:(($-'%F--E+c%XE&9+?%%)?$k+?'$c%^*'(/01*/+0#'c%X0C$#%:<%
D*-+0#<
c#:)3*22)2*03*
V$K9$5f*C%u%H/'$#J0#(/0-c%)209($(c
Q0#5'?$0#*%X0&'*9/01'.%X0&'c%8PA^):%r%A#$0#%0;%
^3*'(/*+%)2300-+%'#5%:2'5*&$*+.%X0&'c
JFV8J^%J*#(/*%F#(*/#'($0#'-%5*%V$'$+0#%5*+%820-*+%5*%
J$#E&'%*(%5*%^E-E,$+$0#.%H/9++*-+c%J/$20(*k'%r%!%/05*k%
Y0k9&*#('2]$%)?(9k$%^'5*9+?'%o'#(0/'.%o/'k0fc%8JA%
Q*+($,'-%F#(*/#'2$0#'-%5*%8+29*-'+%5*%J$#*.%=0#(*,$5*0%
`A/9"9'dac%F#(*/;*/*#2*+%F#(*/#'($0#'-%^3*'(/*%Q*+($,'-.%
J-9]c%o^Z%X0d'-%F#+($(9(*%0;%^*23#0-0"d.%)(02k30-&c%
X*$&+%)27#*+%5689/01*%Q*+($,'-c%^*-%:,$,%F#(*/#'($0#4
'-%)(95*#(%Q$-&%Q*+($,'-c%A^84A#$0#%5*+%^3Ev(/*+%5*%
-689/01*.%H0C$"#d<
N6-:"+T'?M^>>M>>>'o
30#L/7C8/G67L
D:"3+*
)*/"$0%X$22$'/50#*%r%J-9C%(0%J-9C%Q*+($,'-%`;0/%F%'&%*'/ac%
)'C$#0% ='/($/'50##'% r% ='/+'C% =9+$2% ='#'"*&*#(%
`;0/%8/#+(%X*$]+*"*/a<
V0$)+*03
!()Q'+%"'!()$"P%-*%+(/'5*%5*-%2*#(/0%+(0/$20%5$%)$*#'%*%
5*-%(*//$(0/$0%2$/20+('#(*.%"-$%0/'(0/$%5*--*%20#;/'(*/#$(*%
+*#*+$%*%$%('C*/#'20-$%'"-$%'#"0-$%5*--*%+(/'5*.%-*%+(/'5*%
(/'%-'%^0+2'#'%*%-'%J8J%hOij%C9-"'/'<
[%)+<.')(('C0(SP%-*%+(/'5*%*%-*%1$'??*((*%5*-%2*#(/0%+(0/$20%
5$%)$*#'.%-*%+(/'5*%*%-*%1$'??*%5$%iO%1'*+$%5*--'%1/0,$#2$'.%
>$'??'%5*-%J'&10.%^*'(/0%5*$%X$##0,'($<%
BP40#"P%iR%+('?$0#$%;*//0,$'/$*%*9/01**.%j%2$((B%(0+2'#*.%
Q0/(*??'%=*5$2*'%5$%)$*#'.%>$'??'%5*-%J'&10.%5'%[ut%
'*/010/($% *9/01*$% 'CC'#50#'($% `'5% *+<P% :&19"#'#0% r%
)$*#'%*%^*&1*-30;%r%H*/-$#0a.%>'-'??0%J3$"$%)'/'2$#$.%
^*'(/0%5*$%X$##0,'($.%'-(/*%+*5$%'--6*+(*/0<
B*("3+' [)(".P% ii% -90"3$% 20#% $&10/('#($% ';;/*+23$% #*-%
(*//$(0/$0%5*--6'#($2'%X*19CC-$2'%5$%)$*#'.%1$M%S0-(*//'%
*%-'%S'-%568-+'<
D#+*.+*M'/#0C"..*03*.+*'"')(+#*'
!()Q'+%"'!()$"
Q0/*+(%)f0/5+c%8,$'#%J3/$+(c%o05*jc%>'#(3'%59%>/$#2*c%
:-,'% D0(0c% z'&*+% Z0-5*#c% =05*/'(c% z*;;% =$--+c% z03#%
^'-'C0(c% D$20% S'+2*--'/$c% S'"3*% +(*--*c% 8-*#'% V*55'c%
8#+*&C-*%:%J9&1'"#$'.%@/'#5*%!/23*+(/'%5$%Q$'($%L@<%
V$"0#?0L%J$((B%5$%J0#,*/+'#0.%@/'#5*%!/23*+(/'%5$%Q$'($%
L)'#('%J*2$-$'L%J$((B%5$%^'/'#(0.%H'#5'%5*%=x+$2'%='*+4
(/0%^*]*/'.%X0C*/(0%>'2$%Y'-_.%8#/$20%J0+$&$%`'k'%^:A%
J8^Fac%X0-'#5%o9$(c%J'/-0%H'/('-$#$c%J'/-0%Q$+23$0#*c%
J3/$+($'#% Q*##*+?c% b$--$'&% H'+$#+k$c% X0C*/(% V$110kc%
Y]%)2'##*/c%)(*13'#*%=0#(',0#c%@$0/"$0%D0((0-$<
[%)+<.')(('I0(Sk
X*#E%:9C/dc%)(*;'#0%H0--'#$c%='9/0%@'/"'#0c%=d/$'&%
H09k%=09#c%@'C$#%Y'C$/Ec%X*5$%Z'+'c%='/$'%='??0(('c%
Q/'#2*+20% H9//0#$c% ='/20% ='"$+(/'-$c% Q$-$110%
='//'#2$c% F0#*-% F0#$('c% )90#'(0/$% 5*--'% V*""*/'c% V'%
)1*##'223$*/'.%V$5$]'%Y0k9?0,$2c%J'++'#5/*%H'-0++04
H'/5$#c% :-C*/(0% ='++$c% Q/'#2*+20% !-$,*(0c% Q-',$0%
H0-(/0c%='/2$0%X'#"*-c%Q'C$0%=9"#'$#$<
BP40#"
z0/5$%)','--c%)'-,'(0/*%)2$'//$#0c%:-*m'#5*/%J'/ä(<
B*("3+'[)(".
A/$%J'$#*c%8/#+(%X*$]+*"*/.%Z'/&*#%Q/''#]*.%=0-'%)d--'c%
)(*;'#0% H'(('"-$'c% 8$,$#5% :'/+*(c% S$,'H$'#2'V9#'%
%LI¿ 8UQD &KDKDU 7XJFKL &KHPLUDPL 7ULR 3DROR
:#"*-$c% z03#% ^'d-0/c% Y$'#'% ^0/(0c% =$/20% ='/$0(($#$c%
='/20% X0C$#0c% 8,*-$#'% >*(/0,'c% X*5$% Z'+'c% @$0/"$0%
S*#50-'c%X0-;%V$+-*,'#5.%:#5/*'%)*"/*<
c#:)3*22)2*03*
:/2$5$02*+$% 5$% )$*#'% J0--*% 5$% S'-% 568-+'% =0#('-2$#0c%
Q0#5'?$0#*%:22'5*&$'%=9+$2'-*%J3$"$'#'c%Q0#5'?$0#*%
)$*#'% z'??% r% :22'5*&$'% D'?$0#'-*% 5*-% z'??c% F+($(9(0%
)91*/$0/*% 5$% )(95$% =9+$2'-$% X$#'-50% Q/'#2$c% :++<%
J9-(<%V'%)1*##'223$*/'c%J0#+0/(*/$*%5*--*%J0&1'"#$*%
V'$2'-$c% @*0"/'13$k*c% =**((3*o#0CC*/+<20&c% X'5$0%
)$*#'c%)$*#'%@9$('/%Q*+($,'-c
:++<% J9-(<% V'% V*""*/'c% )09#5% ='23$#*+% r% )>8).%
:#20#'c
:++02$'($0#% 8(3% !+('9% J0&*#"E+.% =0#(/E]*'9c%
H$#'9/'-%r%:++02$'ãå0%J9-(9/'-%5*%D05'/.%)<%='/($#30%
5'+%=0$('+c%J$(d%0;%:,$"#0#c%J$(d%0;%>-0,5$,c%J$(d%0;%
b*$&'/c% J$(d% 0;% b*(?-'/c% J0#+*/,'(0$/*% 5*% &9+$K9*%
59% @/'#5% :,$"#0#c% 8)=9J% 8+20-'% )91*/$0/% 5*%
=x+$2'% 5*% J'('-9#d'.% H'/2*-0#'c% 89/01*'#'% )09#5+c%
Q9#5'2$~% JF=:% 4% J*#(/*% F#(*/#'2$0#'-% 5*% =x+$2'%
:#($"'.% J*/5'#d0-'% 5*-% S'--7+c% Z023+239-*% ;q/%
106
=9+$k% Q/'#?% V$+?(.% b*$&'/c% o9#+(9#$,*/+$(}(.% @/'?c% &LW\ RI 9HOLNR 7ăUQRYR &LW\ RI :HW]ODU (LQGKRYHQ
=9+$k"d&#'+$9&%)23-0++%H*-,*5*/*.%b*$&'/c%XE+*'9% A#$,*/+$(d%0;%^*23#0-0"dc%F#(*/'2($,*%F#+($(9(*%)f*5$+3%
^/'&0#('#'.%V*+29//$c%b*(?-'/*/%=9+$k+239-*.%b*(?-'/< FJ^.%A&*'c%=:!4=9?*]%?'%'/3$(*k(9/0%$#%0C-$k0,'#]*.%
V]9C-]'#'c%)(''(-$23*%:k'5*&$*%5*/%H$-5*#5*#%oq#+(*.%
N6-:"+T'\M=>>M>>>'o
)(9(("'/(c%^/B#+$(%>/0]*2(*+.%H'/2*-0#'<
G676N8:?/>;/7C8/I0?8FC848
N6-:"+T'?M^>>M>>>'o
D:"3+*
z9'#%>*5/'"0+'.%@$"$%@9??0.%='/($#%o/'&&*/<%
40P4#")+0#*
^/B#+$(%>/0]*2(*+<
O"+R0#S
Y$1'/($&*#(0% )2$*#?*% +02$'-$.% 10-$($23*% *% 20"#$($,*% r%
A#$,*/+$(B%5$%)$*#'<
G>DLO4>:K
V0$)+*03
!0((*3)+*3:'+%"'$*+QT%)1'?$%,*/5$%9/C'#$.%10/(*%5*--*%&9/'%
FLWWDGLQH HGL¿FL GLVPHVVL SULQFLSDOL YLH GHO FHQWUR GL
)$*#'.%$+($(9?$0#$%2$(('5$#*.%2'+*%5$%1/$,'($.%C'-20#$
X0[T' SLD]]H H VWUDGH SXEEOLFKH IDFFLDWH GHJOL HGL¿FL
19CC-$2$.%)'#('%='/$'%5*--'%)2'-'.%>0/('%J'&0--$'%
a61)3' a0+"(T' 2'+*% 5$% 1/$,'($% 1*/% Z9&'#% *m(*#5*5%
Z0(*-%
B"3+*1"3+)(' B*"3)T' 10/(*% 5*--*% &9/'% 2$(('5$#*.%
&9#$2$1'-$(B% *5% $($#*/'/$% 5*--'% 1/0,$#2$'% 5$% )$*#'.%
:-$2'#(*% `8)a.% 2$((B% 23*% +,$-911*/'##0% -'% "9$5'%
+9--6*+*&1$0%5$%)$*#'
F330;)+*03' +06#*.1T' @/'#2$'% 5$% )1*5'-*((0% `>$*#?'a.%
J*/(0+'%5$%>0#($"#'#0%'%)$*#'.%5$,'#$%*5%'9(0&0C$-*%5$%
1/$,'($.%'"/$(9/$+&$.%2'+*%5$%2'&1'"#'%
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
!0((*3)+*3:'+%"'$*+Q
Q/0&% ^/B#+$(% D*(f0/kc% =$"/'#('+c%:-*m'#5/'% @/'#'4
50+c%>'&*-'%='/($#*?%X05c%X0C*/(%>*((*#'c%J-*(%:C/'4
3'&c% ='9/$?$0% D'10-$('#0% Ü% )$&0#*% @'5*#?c% J'/-0%
F#;'#(*<
X0+
='/($#%o/'&&*/c%@$0,'##$%>$0,*#*<
a61)3'a0+"('*3'B*"3)
b00-00%J0--*2($,*<
B"3+*1"3+)('B*"3)
='/$0%Z$#0]0+<
c#:)3*22)2*03*
:1*'% )$*#'.% ^*//*% 5$% )$*#'% J/*'($,*c% :++02$'?$0#*%
29-(9/'-*% -6!&C/$20c% Y$1'/($&*#(0% )2$*#?*% +02$'-$.%
10-$($23*%*%20"#$($,*%r%A#$,*/+$(B%5$%)$*#'c
Q0#5'?$0#*% H/9#0% o*++-*/.% ^/*#(0c% F+($(9(0%
F#(*/#'?$0#'-*% V$;*% H*d0#5% ^09/$+&.% Q$/*#?*c%
>F!S8D8Q:HF.%=$-'#c%A/C'#%8m1*/$*#2*.%X0&'c
J$(d%0;%:-*%r%),*?$'c%J$(d%0;%J-9]4D'102'c%J$(d%0;%%^'/(9c%
D:"3+*
X';;'*-*%Y*%X$($+c%='/20%=0#5$#0c%J/$+($#'%H'-5'22$c%
:#"*-'%='$*--0<
O"+R0#S
Y$1'/($&*#(0% )2$*#?*% +02$'-$.% 10-$($23*% *% 20"#$($,*% r%
A#$,*/+$(B%5$%)$*#'<
V0$)+*03
40/Qb#03:' I".+*;)(P% )'#('% ='/$'% 5*--'% )2'-'c% )('5$0%
:/(*&$0% Q/'#23$c% +1'?$% 9/C'#$% '--6$#(*/#0% 5*--*% &9/'c%
-6$#(*/'%'/*'%*+(*/#'%'%>0/('%X0&'#'c%$-%b*C%
b"M' +%"' D6+%0#P% )'#('% ='/$'% 5*--'% )2'-'c% "$'/5$#$% V'%
V$??'c%hR%#'?$0#$%A8c%$-%b*C
Y"P4#")+*;"' 56#0/"T Teatro dei Rinnovati; piazze e
vicoli di Siena; taverne di Siena; il Web
D#$%*;"'I";"#T città di Firenze; Santa Maria della Scala;
Università di Siena; abitazioni private di Siena; Toscana;
Europa; il Web
4!aT Santa Maria della Scala; Università di Siena;
supermercati italiani ed europei, palestre, case di cura,
ospedali, fabbriche e centri d’accoglienza per immigrati;
il Web
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
40/Qb#03:'I".+*;)(
D$2k%H/$?<
b"M'+%"'D6+%0#
^*/*+'% :-C9K9*/K9*c% ='/$'% Y*% =*5*$/0+c% V9W+'%
J0+('% @0&*+c% >*5/0% =0/*$/'c% :"0+($#30% z0/"*% 5*%
>'$,'% X$C*$/0c% :#(~#$0% 5*% )09+'% Y$'+c% Q*/#'#50%
='+2'/*#3'+c%X*$#'%>0/(90#50c%8-+'%Q*//*$/'c%V92$'#'%
H0(*-30c% Q*/#'#50% S*#5/*--c% z0+E% ^','/*+c% z0+*13$#*%
H$/23c% @9$--*/&0% ^/0(($c% 859'/50% X'&0#% H0&C'%
J0//*$'c%Q*/#'#50%S$--'+%H0'+c%z0/"*%>$#(0c%Q*/#'#50%
>*#5å0c%z03'##'%o0/(3'-+%:-(*+c%='/2%>0(($*/c%='(3$*9%
X$23'/5c%=$"9*-%:?"9$&*c%D'('-$'%b'23+&'#<
Y"P4#")+*;"'56#0/"
z'#"0%85f'/5+c%)*/"$0%H9+(/$2<
D#$%*;"'I";"#
D*$-%J9&&$#"+c%V0/*#?0%H*#*5*(($c%X0C*/(0%>*/1$"#'#$<
4!a
*QQ*c% 8-% >$#('c% 8&$-$'#0% Q/9(('c% @$0,'##$% ='/$'%
107
X$22$0c%S'-*#($#'%X*c%:-C*/(0%>/9#*(($<
c#:)3*22)2*03*
)LOH QRW )RXQG EORJ$SHD 6LHQD 7HUUH GL 6LHQD
J/*'($,*c%o$#E%+02$*(B%2001*/'($,'c%$-%-',0/0%29-(9/'-*.%
C-0"c%V$((*/'(09/c%S$+$0#'/$'%F#(*/#'($0#'-%Q$-&%Q*+($,'-%
c:++02$'?$0#*% Z0&*% =0,$*+.%:/23$,$0% D'?$0#'-*% 5*-%
¿OPGL)DPLJOLD0LODQR%RORJQD&ROOHWWLYR)[5HJJLR
8&$-$'c% Q'('% =0/"'#'.% ]09/#'-.% J0+*#?'c% Q*5*/'?$0#*%
F('-$'#'% J$#*&'% 568++'$c% Q0#5'?$0#*% =F5:% 4% =9+*$%
F#(*"/'($% 5*--6:&C$*#(*<% !++*/,'(0/$0% 5*-% 5010+$+&'c%
Q0#5'?$0#*% X0&9'-50% Y*-% H$'#20.% Q$/*#?*c% F+($(9(0%
F#(*/#'?$0#'-*% :#5/*$]% ^'/k0,+k$].% Q$/*#?*u>'/$"$c%
F+($(9(0% F#(*/#'?$0#'-*% V$;*% H*d0#5%^09/$+&.% Q$/*#?*c%
V'% ;9/$'% 5*$% 2*/,*--$.% C-0"c% V*% 1'/0-*% *% -*% 20+*.% C-0"c%
='+(*/%$#%Y$+2$1-$#*%5*--'%1/059?$0#*%*%20&9#$2'?$0#*%
1*/%$-%2$#*&'.%-6'95$0,$+$,0%*%$%5$"$('-%&*5$'.%A#$,*/+$(B%
J'6% Q0+2'/$.% S*#*?$'c% )2/$((9/'% F#59+(/$'-*% J0--*(($,'.%
Q$/*#?*c% )1$#0?'<$(.% C-0"c% ^fV*((*/'(9/'c% A/C'#%
8m1*/$*#2*.%X0&'c%w'V'C.%X0&'uH'/2*--0#'c
:++02$'($0#% ='/2*-% Z$2(*/.% H/9++*-+c% H-'C-'-'C<#*(c%
J'+'%5*%='(*9+%F#(*/#'($0#'-%F#+($(9(*.%S$-'%X*'-c%Y'#$+3%
Q$-&%F#+($(9(*%4%Y*(%Y'#+k*%Q$-&$#+($(9(.%J01*#3'"*#c%
5*%:11*-%'/(+%2*#(/*.%:&+(*/5'&c%8#+*&C-*%r%)02$*5'5*%
5*% :2(0/*+.% >0/(0c% Q0/*#+$2% !2*'#0"/'13dc% Z'/,'/5%
A#$,*/+$(d.% &*('V:Hc% =$+0% =9+$2% >0/(9"'-.% >'/*5*c%
=0+20f% Y*+$"#% =9+*9&c% D<J<F% 4% D09,*'9% J-0f#%
F#+($(9(*.%b$*#c%X$&$#$%>/0(0k0--.%H*/-$#<%
N6-:"+T'?M@>>M>>>Ao
b"'D#"'V"03)#-0
40P$#")+0#*
:(*-$*/%Y'--L!++0.%8-*#'%J0#($.%S'-*#($#'%5*%>'&13$-$+<
O"+R0#S.
Fo8Yc%J)J)c%:>8:%4%^*//*%5$%)$*#'%J/*'($,*c%@'--*/$'%
J0#($#9'
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
BS00('J)2"
H-'+(%^3*0/dc%^0#d%J-$;(0#%J$/29+<%
X)+"#*)('B$*"3$"'
>3$-%X0++c%!1*#%Y*+$"#%H/'#5c%:#'%Q'($'c%%:/(9/0%8/C4
+&'#c% Q/'#2*+20% :/5$#$c% 8-0$+'% @0CC0c% ^0C$'+% X*34
C*/"*c%:#$+3% o'100/c% V0/$+% J*223$#$c% =$23'*-% Z'#+4
&*d*/c%J-'95$0%='22'/$<
V)8'0C'X*.+)S".
:#"*-0%S*/&*9-*#c%w'/'&'/$c%='/"3*/$('%=0+2'/5$#$c%
8((0/*%Q',$#$c%Z*#/$k%b'--"/*#c%8&$-$0%V*0c%Q/'#2*+2'%
V*(($*/$<
c#:)3*22)2*03*
:++02$'?$0#*%)$Y*#kd9c%:?$*#5'%!+1*5'-$*/'%A#$,*/4
+$('/$'%)*#*+*c%H-9*A1c%J*#(/0%X$9+0%J/*'($,0c%Y$1'/4
($&*#(0%)2$*#?*%&*5$23*.%23$/9/"$23*%*%#*9/0+2$*#?*%r%
A#$,*/+$(B%5$%)$*#'c%Y$+*"#$k%:#$&'($0#c%8"$+%)d+(*&c%
Q*/$'*% ='(/$20-'/9&c% % % c% @'--*/$'% $)29-1(9/*c% ZdC/$5%
)1'2*m.% FJ^% ;0/%^09/$+&% '#5% J9-(9/*c% V'C0/'(0/$0% 5$%
F#(*/'2($0#% Y*+$"#% r% A#$,*/+$(B% 5$% )$*#'c% >'#)1**23c%
>/0(*0c%X'#%1/0]*2(c%X*58,0%@'&*+c%A500c
:23'C% @/091.% D'10-$uS*#*?$'c%:(*-$*/% 5'--6!++0.% =$4
-'#0c%J$((B%5*--6'/(*4Q0#5'?$0#*%>$+(0-*((0.%H$*--'c%J04
5$2*.% F5**% 1*/% -'% 29-(9/'.% ^0/$#0c% 8&&*"$% +$+(*&$% 5$%
20&9#$2'?$0#*.%=$-'#0c%Q0#5'?$0#*%8/&'##0%J'+0-$.%
$QFRQD/DHUGDO0HGLFDO%RORJQD0DWHULDO&RQQH;4
$0#%F('-$'.%=$-'#0c%>0-$(*2#$20%5$%=$-'#0%r%Y$1'/($&*#4
(0%5$%Y*+$"#c%)*&*$0#%J*#(/0%X$2*/23*%5$%)2$*#?'%5*--'%
J0&9#$2'?$0#*.%X0&'c
:F@:% 4% :+$'#% F#+($(9(*% 0;% @'&$#"% '#5% :#$&'($0#.%
H'#"'-0/*c% :/(*20#0&d.% )(<48-00$+4b$#k*-c% H'-('#%
V'C0/'(0/$*+.% 8$#530,*#c% H'93'9+4A#$,*/+$(}(% b*4
$&'/c% H-'+(% (3*0/d.% H/$"3(0#c% H0##*;'#(*#&9+*9&.%
0DDVWULFKW &LW\ RI $YLJQRQH &LW\ RI 6R¿D &RP4
1'"#$'%Q$#?$%>'+2'.%V9"'#0c%J0#*m$0#*+%F&1/0C'C-*+.%
H$-C'0c%Y9(23%@'&*%@'/5*#.%A(/*23(c%822*%4%89/01*4
'#% 2*#(/*% ;0/% J9-(9/'-% '#5% J/*'($,*% 820#0&d.% 8++*#c%
89/01*'#'%Q09#5'($0#.%V6:$'c%@-$&f0/&%F#;0/&'($0#%
^*23#0-0"d.% :&+(*/5'&c% F#(*/'2($,*% F#+($(9(*% )f*54
$+3% FJ^.% A&*'c% o^Z% X0d'-% F#+($(9(*% 0;% ^*23#0-0"d.%
)(02k30-&c%=$55-*%8'+(%J0--*"*.%=9+2'(%`!&'#ac%=d4
20b0/k+%`A):ac%D0/(3*/#%V$"3(P%Y9(23%*m1*/$*#2*%5*4
+$"#%J0&1'#d.%:&+(*/5'&c%>*/+9'+$,*%@'&*+%`A):ac%
>-'(0#$K% )$+(*&'% J9-(9/'-.% H'/2*-0#'c% )*/$09+% @'&*+%
F#(*/'2($,*.%)f*5*#uA):c%)02$E(E%56:&E#'"*&*#(%5*%
OD0pWURSROH2XHVW$WODQWLTXH1DQWHV6R¿D'HYHORS4
&*#(%'++02$'($0#c%^'/(9%J*#(/*%;0/%J/*'($,*%F#59+(/$*+c%
^*23#02F^E%4%FJ^%Ü%Y$"$('-%=*5$'%o#0f-*5"*%J*#(/*.%
=0#+c% ^3*% :/+% 8-*2(/0#$2'% Q9(9/*-'C.% V$#?c% ^3*% )*4
/$09+% @'&*+% F#+($(9(*.% 4% J0,*#(/d% A#$,*/+$(dc% ^FVV^.%
@l(*C0/"c%b''"%)02$*(d.%:&+(*/5'&<
V0$)+*03
BS00('J)2"T')'#('%='/$'%5*--'%)2'-'%`)'-'%F('-0%
J'-,$#0ac%8m4F+($(9(0%^0&&'+0%>*#50-'c%2*#(/0%+(0/$20%
5*--'%2$((Bc%!/(0%5*$%>*22$c%J/*(*%+*#*+$<
X)+"#*)(' B$*"3$"P% >/0,$#2$'% 5$% )$*#'P% >0""$C0#+$.%
@/'#2$'% 5$% !+1*5'-*((0% `S'-% 56!/2$'ac% J'+(*-#90,0%
H*/'/5*#"'.% )*//*% 5$% X'10-'#0.% J0--*% S'-% Y68-+'.%
:+2$'#0c%)($"-$'#0<%
V)8'0C'X*.+)S".P%)$*#'%`>$'??'%)'-$&C*#$.%>'-'??0%
>9CC-$20a.%H/9m*--*+.%H$-C'0.%@l(*C0/".%*%'-(/*%2$((B%
*9/01**<%
40(("$+*;"'F3;"3+*03.P%)$*#'%`>'/20%5*--'%V$??'.%
H$C-$0(*2'%J0&9#'-*%5*"-$%F#(/0#'($.%=9+*0%56'/(*%1*/%
N6-:"+T'_M>>>M>>>'o
H'&C$#$ac%J';E%89/01'%`/*(*%5$%2$((B%*9/01**a<
108
P#DQ6:/I%>:>J6%?
D:"3+*
='/$-*#'%H$'#23$4)(/*$(c%@'C$%)2'/5$.%='/$#'%)0/C*--0<
O"+R0#S
@'--*/$'% J0#($#9'c% )02$*(d% ;0/% J9-(9/'-% 8m23'#"*%
`)J8ac% :CC'?$'% 5$% )1$#*(0c% :++02$'($0#% :X)% JF8D4
JF:c%)'#($'"0%5*%J0&10+(*-'c%)209($(c%@'--*/$'%Q90/$4
J'&10c%=0#(*,*/5$%^9+2'#d<
V0$)+*03
?@?@P%3LD]]HVWUDGHWHDWULVFXROHPXVHLXI¿FLSRVWDOL
&9#$2$1$0%*%&9/'%5*--'%2$((B%*%5*--'%1/0,$#2$'%5$%)$*#'.%
*5% '#23*% '% >'/$"$.% H*/-$#0.% X$"'.% *.% '((/',*/+0% -'% /*(*%
5*-%^'#?(3*'(*/%b911*/('-%5$%>$#'%H'9+23.%$#%'-(/*%2$((B%
*9/01**
X)S*3:' B"3."P% =0-(*% -02'-$(B% $#(*/#*% *5% *+(*/#*% 5*--'%
>/0,$#2$'% 5$% )$*#'.% Q$/*#?*.% ^0/$#0.% F('-$'.% w'"'C/$'.%
)'/']*,0% *% =0+('/.% o'/-+('5.% @0(*C0/".% )(0220-&'.%
V0#5/'.%H*/-$#0.%=0#'20<
Y00C'R*+%')';*"RP%)(/'5*.%"$'/5$#$%9/C'#$.%1$'??*%*%1$24
20-$%#*"0?$%'/($"$'#$%$#%2$((B%*%;90/$%2$((B.%20$#,0-"*#50%
'#23*%'-29#*%2$((B%5$P%=0?'&C$20.%J$+"$0/5'#$'%`H*(4
-*&&*a.%@'-$-*'%`#0/5%5$%F+/'*-*a.%8"$((0%*%^9#$+$'<
c/"3'4*;*$'I0#61P%@/'#5*%,'/$*(B%5$%'&C$*#($%$#(*/#$%
*5%*+(*/#$%'%)$*#'.%$#%^0+2'#'%*%$#%'-(/*%2$((B%*9/01**.%
(/'% 29$% $-% 2*#(/0% +(0/$20.% 1$'??*.% (*'(/$.% +290-*.% &9+*$.%
2*#(/$%20&&*/2$'-$.%C'/.%+91*/&*/2'($.%#*"0?$%*%'/**%$#4
59+(/$'-$<
D'b*3-0R'*3+0'+%"'C6+6#"P%:-29#$%+$($%5$%)$*#'%*%5$#(0/#$%
`$#%1'/($20-'/*%$-%=0#(*%J*(0#'%#*--'%1/0,$#2$'%*%Q0#(*%
5$%Q0--0#$2'%#*--'%2$((B%5$%)$*#'a.%20$#,0-"*#50%'#23*%$%
Ns%J0&9#$%5*--'%>/0,$#2$'<
)(*;'#0%)23*5'c%)$&0#*%H0/"3*+$<
D'b*3-0R'*3+0'+%"'I6+6#"
J'/-0%J$((*/c%:#5/*'%J$'22$c%8#?0%X'"'??$#$c%b0-;"'#"%
^/*((#'kc%J9/'#5$4o'(?<
c#:)3*22)2*03*
:CC'?$'%5$%)1$#*(0c%:++02$'?$0#*%D'?$0#'-*%J$((B%5*-%
S$#0c%:++02$'?$0#*% )2*#'/$0c%:(*-$*/% S'#('""$0% Y0#4
#'c% J@FV% )$*#'c% JFQ% J0&$('($% F&1/*#5$(0/$'% Q*&&$4
#$-*c% J0&&$++$0#*% >'/$% !110/(9#$(Bc% J0#;*+*/2*#($%
)$*#'c%J001*/'($,'%)02$'-*%:/'#2$'%H-9c%Y$1'/($&*#(0%
5$%820#0&$'%>0-$($2'%*%+('($+($2'%r%A#$,*/+$(B%5$%)$*#'c%
@'--*/$'% J0#($#9'c% @'--*/$'% Q90/$J'&10c% =0#(*,*/5$%
^9+2'#dc% ):X^% 4% )$*#'%:/(% F#+($(9(*c% )209($(c% ^*'(/0%
>0,*/0%5$%=0#($223$*--0c%b'(23%d09/%b0/5+c%J0#+0/4
]LR$UFKp8,636LHQD*UXSSRGL5LFHUFD565HJR4
-'&*#(0%1*/%-'%)0+(*#$C$-$(Ba.%A#$,*/+$(B%5$%)$*#'c
:++02$'?$0#*% (*'(/'-*% H'C*-$'% Ü% J<.% >*+'/0% A/C$#0c%
J'+'% hi.% S'/*+*c% J*#(/0% 5$% J9-(9/'% J0#(*&10/'#*'%
)(/0??$#'%`JJJ)a.%Q$/*#?*c%J$((B%5*--6'/(*4Q0#5'?$0#*%
>$+(0-*((0.%H$*--'c%J!)>8%!#-9+.%Q$/*#?*c%89/0&0C$-4
$(d.%X0&'c%Q/'+2'($%)2$*#?'.%X0&'c%V922'%J0&$2+%'#5%
*DPHV2;)$0,WDOLD$UH]]R)LUHQ]H3ROLWHFQLFRGL
=$-'#0%r%)290-'%5$%F#"*"#*/$'%F#59+(/$'-*%*%5*--6F#;0/4
&'?$0#*c%>/010+$($,0c%)8J%r%)290-'%5$%820#0&$'%J$,4
$-*.% Q$/*#?*c% ^*'(/0% >010-'/*% 89/01*0.% ^0/$#0c% ^/',*-%
:11*'-.%Q$/*#?*u^/*,$+0c%b0&*#0&$2+.%=$-'#0c
:++02$'($0#% 5*% /*#;0/2*&*#(% 5*+% ;*&&*+% '/($+'#*+c%
:++02$'($0#% :X)% JF8DJF:.% )'#($'"0% 5*% J0&10+(*4
-'c%:++02$'($0#%(9#$+$*##*%59%5E;*#+*%5*+%5*&'#5*9/+%
56*&1-0$.% o'++*/$#*c% H*(3-*3*&% Q'$/% ^/'5*% :/($+'#+c%
%OD%OD&DUFRP%5$1'%HUOLQR&LW\RI6R¿D(FFH
4% 89/01*'#% 2*#(/*% ;0/% J9-(9/'-% '#5% J/*'($,*% 820#04
&d.%8++*#c%@-0C'-%Q00(1/$#(%D*(f0/k.%@*#*,*c%Fo8Y%
='-&lc%F#+($(9(*%;0/%Y$"$('-%820#0&d.%>/'"9*c%V*%='(%
D*(f0/kc% V$Do.% =0+('/c% D'$/929% :/(% :++02$'($0#.%
D'&19-'% `=0?'&C$K9*ac% D8J)^09Xc% X*o9-(.% :&4
+(*/5'&c% X$&$#$% >/0(0k0--.% H*/-$#c% )$#5d'##'% 0;% @'-4
$-**.% ^*-%:,$,c% )02$E(E% 56:&E#'"*&*#(% 5*% -'% =E(/04
10-*% !9*+(% :(-'#($K9*.% D'#(*+c% )02$*(d% ;0/% J9-(9/'-%
8m23'#"*% `)J8a% `A):ac% )('#5491% J0&*5d.% =0+('/c%
^$&*/*19C-$k.% V9"'#0c% ^9/k9% +2300-% 0;% 820#0&$2+c%
A#$,*/+$(d%0;%(3*%:/(+.%H*-"/'5*<
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
?@?@
=0'('?%D'+/c%H*/-$#5*%5*%H/9d2k*/*c%J'/-0+%@'/'$20'c%
@$9+*11*% X'"'??$#$c% )0-,$('% o/*+*c% D'('-$*% J?*23c%
X0C*/('% H$'"$'/*--$c% )0#$'% :#($#0/$c% z9-$*% )('#?'kc%
='/$'%J-'95$'%='++'/$<
X)S*3:'B"3."
='/"'/$('% J$&'5*,$-'c% 8&$-$0% Q'#($#c% X*#?0% Q/'#4
2'C'#5*/'c% D$20-'% >*20/$#$c% 8-$+'% >0/2$'(($c% :#"*-0% N6-:"+T'?M^>>M>>>'o
)'/-*($c%z95$(3%)$*"&9#5<
Y00C'R*+%')'`*"R
=$23*-'#"*-0%>$+(0-*((0c%)9+'##*%H0+23c%=*/$#'%:&'4
GHDQG$QFKD;DYLHUc%!&'/%'#5%F"#á2$0%:-$9*k'c%z9+4
($#0%:#(~#$0%J'/50+0c%:#(0#d%@0/&-*dc%w3'##'%o'5d4
/0,'c%X950-;%V*$(#*/4@/q#5C*/"c%>'0-'%:#?$23E<%
c/"3'4*;*$'I0#61
Q*5*/$20%Q*//$#$c%:/$%>*kk'%Z'&*/$c%8/kk0%:9($0c%='94
/0% ='"'(($c% ='/$-*#'% H$'#23$4)(/*$(c% ='/$-$+'% J922$'c%
Q$0/*#?'%@9*//'#($c%:5*-$('%Z9+#$%H*dc%Y'/k0%^'-*+k$c%
109
BH?%#:L/6:/R>H4/E#7C4>>J
D:"3+*
b$--$'&%Z*$#?*/c%@'C$%)2'/5$c%='/$'%V$,$'%H/9#*--$<
LVWV3&73DUF&LHQWt¿FL7HFQROzJLFGH7XULVPHL2FL
^'//'"0#'c%>-'(0#$K%)$+(*&'%J9-(9/'-.%H'/2*-0#'c%(/$'"*%
-$,*%'/(%20--*2($,*.%H*/-$#u=*-C09/#*
V0$)+*03
XQ' 0R3' /#*;)+"' [6.$)3QT' F-% f*C.% +('?$0#$% ;*//0,$'/$*% N6-:"+T'?M@>>M>>>'o
*% 5$+(/*(($% $#59+(/$'-$% 'CC'#50#'($.% )1'.% -90"3$% (*/&'-$%
$#% 5*2'5*#?'% 20&*% J3$'#2$'#0% ^*/&*.% :2K9'% H0//'.%
*22<.% 2$((B% 5$% )$*#'% *% 5$#(0/#$% 1*/% -'% 2*/$&0#$'% 5*--*%
7LPH&DSVXOHV8QLYHUVLWj3DULVSHULQIRJUD¿FKHH
,$+9'-$??'?$0#$%$#(*/'(($,*
!"#C0#1*3:' $(*$%&T' >9#($% (9/$+($2$% 1'/($20-'/&*#(*%
/'11/*+*#('($,$% 5*--'% 2$((B% 5$' )$*#'% *% 5*--'% 1/0,$#2$'%
`^0//*%5*-%='#"$'.%(0//$%5$%)'#%@$&$"#'#0.S'-%56!/2$'a.%
)$*#'hOij%J9-(9/'-Z0()10(+%#*--'%1/0,$#2$'<%
F330;)+*03' +06#*.1T' @/'#2$'% 5$% )1*5'-*((0% $#% >$*#?'.%
J*/(0+'% 5$% >0#($"#'#0% $#% )$*#'.% 5$,'#$% *5% '9(0&0C$-$%
1/$,'(*.%'"/$(9/$+&$<
Z0++0T' Y9C-$#0.% H/9m*--*+.% H*/-$#0.% >'/$"$.% &9/'% 5$%
)$*#'.% 20&9#$(B% 2$#*+$% 5$% >/'(0.% J0#+0/?$% ,$#$20-$% *%
2'#($#*<
D#+*.+*M'/#0C"..*03*.+*'"')(+#*
XQ'0R3'/#*;)+"'[6.$)3Q
^/$'"*% V$,*% :/(% J0--*2($,*c% )(*;'#0% S$"#$c% Q*5*/$20%
>'2$#$c% 8#?0% X'"'??$#$c 2I¿FLQH *XHUODQGLc% Y'#$*-'%
D*/$c%)(*;'#0%>'+K9$#$<
!"#C0#1*3:'$(*$%&'
X*#?0% Q/'#2'C'#5*/'c% @$0,'##$% =*??*5$#$c% )'&9*-%
H$'#23$#$c% ^0C$'+% X*3C*/"*/c% X0-'#5% )*]k0c% J-'95$'%
^0+$c%>*(/'%)*-$+k'/c%H/'#5%Q*//0c%)$-,$0%=0(('c%:-*+4
+'#5/0%>'-&$*/$c%8#?0%@*#($-*c%=$23*-*%J/*&'+23$<
F330;)+*03'+06#*.1'
>'0-0%:#(0#$0%X9++0c%z03#%A//dc%@/*"%X$23'/5+c%X*#4
*('%>'-0,'c%Y'/$0%J'+('"#0<
Z0++0
J'/-%b'/&*/c%@-$%!&$#$c%V*0#*%J0#($#$<
c#:)3*22)2*03*
:++02$'?$0#*%D'?$0#'-*%J$((B%5*-%S$#0c%J0#+0/?$0%5*-%
H/9#*--0%5$%=0#('-2$#0c%J0#+0/?$0%5*-%S$#0%D0C$-*%5$%
=0#(*19-2$'#0c%J0#+0/?$0%5*--'%S*/#'22$'%5$%)'#%@$&$4
"#'#0c% J0#+0/?$0% S$#0% !/2$'c% @'--*/$'% J0#($#9'c% @-$%
!&$#$c%>'#)1**23c%^*//*%5$%)$*#'c%A#$,*/+$(B%1*/%)(/'4
#$*/$% 5$% )$*#'c% S$+$0#'/$'% F#(*/#'($0#'-% Q$-&% Q*+($,'-c%
Y029&*#('/d%$#%89/01*.%^0/$#0c%F+($(9(0%F#(*/#'?$0#'-*%
:#5/*$]%^'/k0,+k$].%Q$/*#?*u>'/$"$c%)2'&C$0J'+'<20&c%
:^:V)%r%:++02$'($0#%;0/%^09/$+&%'#5%V*$+9/*%8592'4
($0#.% H/9++*-+c% H-'H-'J'/<20&c% J*=0X*% 4% J*#(/*% ;0/%
=0C$-$($*+%X*+*'/23.%V'#2'+(*/c%J$(d%0;%S'/#'c%J$(d%0;%
b*$&'/c%Y'#$+3%Q$-&%F#+($(9(*%4%Y*(%Y'#+k*%Q$-&$#+($4
(9(.%J01*#3'"*#c%Y*+$"#%56$#(*/;'2*.%=9-($&E5$'%*(%F#4
(*/#*(%`YF=Fa.%A#$,*/+$(E%>'/$+%iNc%Y02%D*m(%D*(f0/kc%
Z0&*8m23'#"*<20&c%F#(*/#'($0#'-%A#$0#%0;%='$-4:/(4
e
o rm a
la p ia tt
af
G e st ir e
a
st
i
gl
ostruire il patrimonio
digit ale
ori
st
a
er oro
old le l
e
h
r
e
e
a
tak vider
tiv
i
li s
At
e g cond
r
a
v ee
i
t
en
ar
ali
In c c o nt
ltur
i cu
t
t
rac
e
prog
iare
Av v
u n it à
u n a c o m m ic a )
G e s ti r e
no
o
c
le e d e
(c u lt u ra
r
de
ol
h
ke
8-10 Operatori Culturali Chiave nel programma
ITA’ CHIAVE
ATTIV
Artisti e creativi italiani nel programma
+)!,%-)!"),"&'(")*%
Europei e creativi nel programma
Iniziative di co-branding
Artisti e creativi al di fuori del programma
“Nuovi produttori” e cittadini
.$/%00$&/
/"&*)
Start-up tecnologiche
TV nazionale
!"#$
%
!#%&'(")*
Co
Pi
nt
ra
c
co
E n e rg ia
ura
le
n ta ri
e i 'v o lo
c iv ic a d
ult
'
Staff qualificato
selezionato in base alle competenze
ers
ità
c
de
a
2.000.000 !
Pa t ri m
o n io fi s
ic o ,
intangi
b i le e d
ig it a le
=
ov
za
10.600.000 !
13.180.000 !
6.000.000 !
2.500.000 !
4.000.000 !
i UE
o
div
og
nu
ez
Settore Privato
Governo Nazionale
Città
EU
35 Comuni del territorio provinciale e limitrofi
Regione
Altro
Re t
nti
e
de
gra
za
Mi
lez
ll
u
la
be
ll
FLUSSI IN ENTRATA
40.800.000 !
S e n so d
'a p p a rt
enenza
( i n c lu s
i v o)
Pu n
to d
i At
(no
tiva
n un
zion
a
e Si
ltro
Wo
ena
info
r
k
201
(po sh
poin
9
o
liti
t)
pe
ca,
Co
spe
co
r
m
-de ienz
un
sig iali
ità
n,
ed
ecc
.)
ive
rs
ità
Contributi attivi
( p a rt e na ri a t i )
orie
id e r e st
Co n d i v
IL MODELLO DI BUSINESS DI SIENA2019
1
2
3
4
5
6
7
8
9
10
11
12
13
Orgoglio e spirito auto-critico
Vita sociale più intensa
Posti di lavoro più numerosi e migliori
Nuove idee e connessioni
Laboratori: luoghi per la sperimentazione
Hub creativo e banco di prova
Comunità di imprenditori sociali impegnati
Potere della comunità
Progetti per gruppi target
Progetti del programma (micro BM)
Esperienza inaspettata (un'altra città di patrimonio)
Ispirazione, ovunque e in qualsiasi momento
Connessione a persone e idee concrete
Cittadini senesi e persone che vivono in un raggio di 300 km
Esempio di eroe locale
RTO CON GL
I
RAPPO
K
A
ST EHOLDER
Attori culturali UE
,"+$0$2"%&/"&#,)3%($0/%!
Europeana
/"&'!%)1"$-%
)0$!%
Investitori privati
Samsung Business angels
LA N
Cittadini europei
ARR
AZ
IO
Il Fresco (Luca Virgili)
NE
FA
LA
DI
FF
Policy maker
ER
EN
ZA
')-)0"
Gruppi target con specifici bisogni o problemi
Istituzioni europee, nazionali e regionali
dia
zio
pub
blic
le
a
Sien
oa
sc ia t o ri
)
li e lo c a
li
mba
a r o la ( A
a
le loc
ita s
ig ran
ad gt
rm lin
fo el
ta yt
at or
ci
Pi n s t
ati
co
tem
Me
Spa
Pa ss a p
n a z io n a
Avamposti in Europa
in cui i progetti hanno luogo
UE, me
dia
STRUTTURA DEI COSTI
Spese per il progetto
Marketing e Promozione
Salari, spese generali, amministrazione
Altro – fondo di riserva
49.000.000 !
20.000.000 !
7.600.000 !
2.480.000 !
112
Comitato dei Sostenitori
Presidente, Bruno Valentini, Sindaco di Siena
Vice-Presidente Massimo Vedovelli, Assessore alla
Cultura del Comune di Siena
Comune di Siena
Prefettura di Siena
Amministrazione Provinciale di Siena
Università di Siena
Università per Stranieri di Siena
Soprintendenza per i Beni Storico Artistici ed Etnoantropologici di Siena e Grosseto
Soprintendenza per i Beni Architettonici e Paesaggistici di Siena e Grosseto
Banca Monte dei Paschi di Siena
Fondazione Monte dei Paschi di Siena
Magistrato delle Contrade di Siena
Arcidiocesi di Siena, Colle di Val d'Elsa e Montalcino
Regione Toscana
Camera di Commercio, Industria e Agricoltura di
Siena
Direzione Regionale per i Beni Culturali e Paesaggistici della Toscana
Soprintendenza per i Beni Archeologici della Toscana
Archivio di Stato di Siena
Tesoriere del Comitato dei Sostenitori Roberto Dragoni
Direttore di Candidatura
Pier Luigi Sacco
Unità Operativa
Anna Carli Coordinatrice
Carlo Alberto Infantino Relazioni Internazionali
Serena Andrei Area Organizzativa e Progetti con le Scuole
Chiara Artini Web Manager
Silvia Cambiaggi Multimedia
Serena Curti Coordinamento Dossier di candidatura
Serena Listanti Comunicazione e Pubbliche Relazioni
Giulia Mantenuto Gestione Eventi
Christian Posani Scena Alternativa e Programma Volontari
Francesco Sferra Coordinamento Dati e Ricerca
Guido Leoncini Area Partecipazione
Susanna Bruni Area Partecipazione
Marcello Flores d'Arcais Consulente Culturale
Fabio Gabbrielli Consulente Culturale
Colin van Heezik Chief Editor
Credits
Massimo Bindi Campaigner
Maurizio Ciampolini: Ufficio Stampa Nazionale e
Internazionale
DeRev SrL Social Media Management
Team Artistico
Angelo Romagnoli Coordinatore programma Artistico, Coordinatore Arti Performative
Carolin Angerbauer Coordinatore Arti Visive
Michele Campanini Arte e Salute
Mirco Gigliotti Sviluppo Comunità Locali
Mariana Denisa Grapa Mediatore Culturale
Stefano Jacoviello Coordinatore Progetti Musicali
Luca Rinaldi Tradizione Locale ed Innovazione
Beatrice Sordini Accessibilità e Spazio Pubblico
Elsa Soro Turismo Culturale
Nicola Tripet Education e nuove tecnologie
Francesco Zucconi Co-creation e Nuovi Media
Han Bakker, Consulente artistico
Grazie al Comitato Locale, Comitato Scientifico e
Comitato Internazionale
V?5F23c
Consiglio Comunale e Giunta Comunale
Dirigenti e Funzionari della Regione Toscana, del Comune e della Provincia di Siena
Presidente, Direttore e personale della Biblioteca Comunale degli Intronati
I 35 comuni della provincia di Siena e il Comune di
Vinci
Mauro Agnesoni
Carlo Aldinucci
Alessandra Aloe
Giorgio Angelini
APEA SrL
Associazione Guide Turistiche di Siena
Maria Baglieri
Alberto Balistreri
Cinzia Bandinelli
Debora Barbagli
Luciano Benedetti
Marilena Bianchi-Streit
Giulietta Bonechi
Laura Bonelli
Simone Borghesi
113
Michela Bracciali
Elisa Bruttini
Caterina Cataldo
Lorella Cateni
Centro Guide Siena
Gabriele Chianese
Antonio Cinotti
Marilisa Cuccia
Giacchino Cusati
Paola D'Orsi
Vincenzo Del Regno
Vittorio Della Torre
Luigi Maria Di Corato
Shan Dong
Michelina Eremita
Federica Fanetti
Agnese Fattorini
Fondazione Accademia Chigiana
Fondazione Siena Jazz
Giovanna Fortunato
Maria Rosanna Fossati
Rita Frangipane
Alessandro Frati
Margherita Gamberini
Riccardo Giacopelli
Nora Giordano
Glum Communication
Don Enrico Grassini
Giovanni Gravina
Miriam Grottanelli De Santi
IgerSiena
Istituto Superiore di Studi Musicale 'Rinaldo Franci'
Francesco Landi
Carlotta Lorenzetti
Lorenza Lucchi Basili
Samuele Mancini
Giuseppe Mancuso
Andrea Marrucci
Luca Melloni
Giandomenico Minà
Farro Santisteban Mygdalia
Stefano Naldini
Lisa Nonken
Ordine dei Farmacisti della Provincia di Siena
Laura Panzani
Daniela Peccianti
Walter Peruzzi
Roberto Pianigiani
Marta Zura Puntaroni
Giambruno Ravenni
Cesare Rinaldi
Maria Donata Rinaldi
Erika Rizza
Giacomo Rosati
Ildikò Sagodi
Marco Saletti
Claudia Sensini
Roberta Serafinelli
Siena Foto Club
Sonar Live
Tommaso Stufano
Gianni Toma
Irene Travaglini
Guglielmo Turbanti
Ufficio Scolastico Territoriale
Unicoop Firenze S. C. R. L.
Va+aM design
Rolando Valentini
Fabrizio Valleggi
Alessandra Vedovini
Giovanna Vestri
Massimo Vita
Veronika Wobbe
Alessia Zombardo
i ragazzi e gli insegnanti degli Istituti scolastici provinciali, i cittadini senesi, le associazioni culturali, di
categoria, per la disabilità, la Consulta Provinciale
del volontariato, le associazioni di volontariato, gli
esercenti commerciali, le Istituzioni, le aziende locali,
i Consorzi, tutti i volontari, tutti i partner dei nostri
progetti, e tutti coloro che hanno contribuito con idee,
tempo ed energie a realizzare il progetto.
PARTNER
Estra Spa, Taxi Siena C.O.T.A.S, Tiemme Spa, Vernice
Progetti Culturali S.r.l.
!9<9@694
)$*#'hOij%J$((B%2'#5$5'('%J'1$('-*%89/01*'%5*--'%
J9-(9/'%hOij
6HOH]LRQH¿QDOH6HWWHPEUH
3URGX]LRQH*UD¿FD0DWWHR'
$PDQ]R5REHUWR
w$??'%
6WDPSD7LSRJUD¿D/
,PSURQWDVUO
Q0(0P%J'/-0%S$"#$
3HURJQLHYHQWXDOHQHFHVVLWjLOWHVWRXI¿FLDOHqTXHOOR
*3'(*3:6)'*3:("."A

programma 28 febbraio 2014 - Università IUAV di Venezia

17944 - UDI savena (invito).indd

DOR CALATOR - Festival Sete Sóis Sete Luas

Il dialogo sociale, culturale e interreligioso deve essere il perno di ogni

pdf

Prevenzione e contrasto dello spaccio di sostanze stupefacenti e dei

Scarica l`avviso di convocazione

TUTTI A SCUOLA DI INCLUSIONE. QUALI

CHECK BANK - Galvanin Software

La presidenza Nazionale del MCL incontra il Cardinale Pietro