a,pdwwrqlgledvhglxq )LUHQ]H)HUUDUD3DGRYD5RPD3DOHUPR 3LVD8QLYHUVLWD GHOOD&DODEULD9HQH]LD DSROL)HGHULFR,,/$TXLOD/HFFHLHQD %RORJQD0RGHQD5HJJLR(PLOLD7ULHVWH 5RPD0LODQR%LFRFFD3RWHQ]D7RULQR 3ROLWHFQLFRDVVDUL&DJOLDUL 'LPLVVLRQLGLWXWWLL3UHVLGHQWLGHL&&/GHOOD )DFROWjGL,QJHJQHULDGL5RPD/DDSLHQ]D SURJUDPPD-DYD! "$#&% ('*)+,"$-#&". / 0$# %2-'+3". / 0 4% 5#-7 (89)+,4)+ %,# :- /; <!<>=?=?=$@ )+ "A @ B&%+ B,)@ < "9 C CD-' "9 CDC '+EF)+ "A @ B&% B,)@ G,('&H+-&"9"I,C '%,#,JK #,C'%,#*L L,M*7N#--#"AO&-#*L&P&PQ &RPXQLFD]LRQLGLVHUYL]LR 5LDVVXQWR 0DSSH bdcfe gihjnkl e g bdm&npogq!nrj>gq>e $FFRXQW bds?ntlpg uvnxwpe bfyzw{lpnrj> e wi} nxoi~dh, x} j>n nhh gq_lxƒ bd +g{j>g j> hh pq_n 3ULPDSDUWH bf gqˆhgp lpg, w+jne phnxuv b Šxq!gŒ q_nputuvn pq! x} e u e w{nxq! tlp x}{,gqˆhgp j> phjner u nrj> pqde nx} i~ e} k{+e le pq>e uvn lp x} } n} Že gw{ p ƒ HFRQGDSDUWH b Šxq>e uter h xu xerl e pqˆgœ q!nxu ute+ nr n bf e } gi {le jne wœx ˆ,g ut pe } n{že gw{ ˆ h rk{že gw RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z 2JJL y?wgq_nt h xut pe uvnrj_j>gwperl exkpw pq!gœq!nu u n nr n G('+K#3 7D#5-# vš )&#%/ 23 0-'+3 F 3 O, K dœ #((#-&K ž '&7 (,%,/ žÿ #(3'+( &&&/ "9 / 5,, ˆ&#,) %3 d 7 &(#7N7 '% F 7N7 #,H%,&"$#,%3' ž '+"$"$#&%/ 8QSURJUDPPD³FRPSOLFDWR r xª«r { 9 * ±³² ṕµ x ¹º + p p ªp ««r¼ª ¾½ À µ x««áâ ¹fà Äx«ª {¹ ÅÆÇÈ xªå É «Êªx Ë ÌÍxÎxÏ ¼?«p¹I½ ¹º«Ð ¼p¹p µ «p r.ñò µ «{ º.Ñ ¹º««{ xªp¼a² ¹«{ «xªp¼ôóöõ³² µ «p r ÂÓÖÄ? x«r¼p N ¹* Nªx¼x Áfà É?² ËxÊ µ ¼ØÃ! µ «p r ÚÙ>ÓØÛ Ü.Û,Éݽ ¼¹ µ «r º ÞÓÔ µ «p r A² µ «{ ÞÓßÄ&? «r¼ f N ¹F ª¼ páfã Éz² xàáã! µ «ÞÓÓâ ¼¹p µ «{ É ¹ ««pªp¼ôó ¹ ««{ xªp¼äãæå³² Ä&? «r¼ F N «$! ªx ¹º«Aà è Ì µ ¹p p ¼xªx ÔÁ xª «p«{¼ª ÂÁx +ẍ Þ¼FÛé è ɲ Ä&? «r¼ F N «$! ªx ¹º«µ ¹fà ¹º««pªx¼É² RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z Stefano Mizzaro
½ 3HUFKpq³FRPSOLFDWR " RQFLVRQRLVWUX]LRQLQXRYH RQqSLOXQJRGHLSUHFHGHQWL «SHUzO DOJRULWPRqSLGLIILFLOHGDFDSLUH % RPHGHOILOH ³RPHGHOSURJUDPPD MDYD 2JJL yzw{,gq!n h xut xe uvnrj_j>gwperlepkpw pq_gœ q!nutuvn n+ n G('+K #*3 7D#5-# žš )&#%/ 23 0-'+/ 3 O, K œ #-(#-&K f '&7 (&%/ fÿ #( ('+( &&&3 "9 / 5,, ˆ&-#) %3 7&(#7 7 '% 7N7N#H%,&"$#,%, (' f '+"A".#&%/ RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z $QDOLVLVLVWHPDWLFDGDLPDWWRQLSL 3DUROHULVHUYDWH SLFFROLDOOHFRPSRQHQWLSLJUDQGL,OVLJQLILFDWRGLDOFXQLWHUPLQLqVWDWRILVVDWR GDFKLKDUHDOL]]DWRLO-DYD RQORVLSXzPRGLILFDUH 9HGLDPRDOFXQLHVHPSL RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z,OSURJUDPPDGLSULPD 7XWWHOHSDUROHULVHUYDWH { pªº«ä { { A 9 ±³² xµ p Þ x ¹º«{»º +ẍ p p ªp «x«{¼ª À µ x«{ º«ÁÞ ¹žÃ Äx«{ª {¹ÅFÆÇÐ ªÅº É! "# «Êªp Ë ÌÍxÎpÏ ¼{ z«p¹i½ $# % &'(%)"* ( +) ¹º«Ð ¼p¹ µ «{.ÑÒ µ «{ $Ñ p¹º««{ xª¼9² ¹ ««pªx¼âóßõ³² )$( &""!&, $)* *' µ «{ ÞÓßÄ& z x«r¼p N ¹ Nªp¼ Áfà Éz² *'$!-* "&*/.0'*%'23$ "" ËÊ µ ¼ØÃ/ µ «{ ÚÙ>Ó Û Ü.ÛÉæ½ º¼p¹ µ «p r ÂÓÔ µ «{ $² '23/'$ *%'&'"$"*. µ «{ ÂÓßÄ&? «r¼ F ¹ Nª¼ ÁžÃ É?² '$4&5%("3.3'$4" $ pà Ã! µ «{ ÞÓÓâ º¼p¹p µ «{?É 3"$"$)3( '% ( 2#"% "' ¹º««xªp¼ÔÓ ¹ ««{ xª¼ ãæå³² 2(!3725 '!#82#""'"9!)7!# '/!# 5 Ä? x«{¼ F «. _ ªx ¹º«AÃ!#5:+ '"%(7!04'$) è Ì µ ¹x p ¼ªx ÔÁ xªx «p«{¼xª ÞÁ +ẍ ¼Ûpé è ɲ 4 '&5#' Ä? x«{¼ F «. _ ªx ¹º«µ ¹žÃ ¹º««pªp¼?ɲ RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z Stefano Mizzaro 2
,GHQWLILFDWRUL ³RPL GLDOFXQLSH]]LGLSURJUDPPD &LVRQRYDULSH]]LFKHSRVVRQRGHYRQRDYHUH XQQRPH bdšpq_gœ q!nxutuvn~ ' ("' "$. ƒ b nxq>e npoxe } e~!!99$ " "$ Fƒ bž gph j>nw+jne~ nxq>e nxope } e{{ w{g w npq e nxw{g ƒ bg{j_j>g xq_gœ q_nxu u ep~ ' ºnx} jnqde+ { ŽŽerl e pq_gœ q!nutuvn,gwkpww{guv ƒ b 5HJROHSHUJOLLGHQWLILFDWRUL g npq_g} q>e h xq3 n+j> }r,nxq!nrj_j> xq! e wpe Ž&e nx} lx + hh xq_ kpwgdq_nº J! " J$# J % & er,npq_nrj_j> pqde{h Œ k w+jnerlp r gwg phh pq_ 'Dq!n žš )&#"$Jp %F& (p; )+*+,.- kpe w{l e( œ B%,H : #,C CD* K K "9 (- 0/ #&%(#A7,C 0 B7N0N'+K#9)+ 5#(7D#9)&&K K #*"A %&B,7 0'K #A 2!435!F# 35!{ f --3#&3 5& #(/ ; 7984:4;4<=>@?BA CEDFHG I*JKL4M9N4O P@QSR a RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z (VHPSLGLLGHQWLILFDWRUL &RQYHQ]LRQLSHUJOLLGHQWLILFDWRUL.T e kh jne U 35!EVE5WEWB!EXEY Z[Z U U]\! \ % \_^` ˆ#aRz # b on{œ} e nrjne U 3E5!cVE5W4W_!EXY4Z[Z U 3E5!*$VE5W4W_!EXY4Z[Z U 3E5!< VE5W4W_!EXY4Z[Z \! debf 543,OFRPSLODWRUHFLDLXWD g nxopoxq! r pe n{že gwpe- _ npqde nxope } e- ºe wpe Že nx} exuvnxe kh&g} ºn nxq3j> } n pq>e uvn!rjbgpjbg! d 54VE5WW_!EXEYZ[Z{J!4[ W_5h4h_!i434jE!EXEYZ4[EZrJ!3E54!rJ9R gphj>nw+jne( pjnk+j_j> u nxe kh,g} p ºh x {nq!nrj>,gwlk mn # o4vep4qer{j p4ver$# tses r ubvir{j9r +Špq!gŒq!nxu ute A~ˆ+} nphh&e ƒ& guv nxqde npoxe } e uvn uvnxe kh &g} n nxw{{ } ni pqde u n q je!ez i e WEWjrJ4qZEXWB!Bw Z fef jq4!43e!ww$53jj9r f~w{ iqde {nxq>} xq! xu gƒ }r,gut pe } n+j>gq_ wg w ernxe k+j>n c*ne } pq!gx RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z 9DULDELOL 7LSL ³FDWRODFKHFRQWLHQHXQYDORUH,QUHDOWjYDULDELOH VFDWRODFKHFRQWLHQHXQ $GHV b!!99$ b "$ 2OWUHDOYDORUHF qdqfkhxqqrph LGHQWLILFDWRUH YDORUHGLXQFHUWRWLSR HXQDYDULDELOHFRQWLHQHYDORULLQWHULQRQ SXzDVVXPHUHXQYDORUHGHFLPDOH by li h4y h!{z} 99! {z}~ nx} x wgw U ~,OWLSRGLXQDYDULDELOHqGHFLVRGDO SURJUDPPDWRUHFRQXQDGLFKLDUD]LRQHGLWLSR RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z Stefano Mizzaro 3
/ / 5 3 'LFKLDUD]LRQLGLYDULDELOL 0DFRV qxqwlsr" )RUPDJHQHUDOH b (VHPSL {¹º«ÐÀ ¼$² {¹º«Þ µ «¼ºÜpÜ.² {¹º«Þ xª¼.² {¹º«Ð º¼¹x µ «p r.ñò µ «r AÑ ¹º««pªx¼$² Áx { pà µ ¼ Àº ¼ÂÓI ³Ñ µ «r¼üxür ÂÓ.!IÑ pªp¼ $²,QVLHPHGLYDORULRSHUD]LRQLHVHJXLELOLVX TXHLYDORUL 4XLQGLVHGLFRFKHDUHD qxqlqw QRQSXz«bfnhh,kxuv xq! p nl hy {nx} gq>erlp +e udnx} erg } gœ e +e~ $( * ƒ bf hh xq_,g w+ pq/jne j>n ºnli hey?e wiudnxe kh,g} g 7LSL b xq! lp 4De wpe jnerlpnx}} e wœ knœpœ e gx g pq>e u e jne pe bflx EDe wpe jnerlpnx} pq_gœ q!nxu uvnrj>gq! ~_ { l q_ pu gƒ RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z *OLWLSLSULPLWLYLGHO-DYD E\WHVKRUWLQWORQJ b nx} gqdewxkpu pqde +ee w+j> xq>e IORDWGRXEOH b nx} gqdewxkpu pqde +e,&gwi} n pe q!œpg} n FKDU bž nxq!nrj_j> xq>e ERROHDQ bdm&gœ e +e~dgogpg} nxwpe ƒ 7LSLSULPLWLYL ( *) $ &%'# i3 # "# + ope j 9 + 7? = +87 < 2# +0/ 9@: 7 < / =>: 7 < / < '" : 7 9 7+ = 7+ < : / < : / <. 9 2 77 :: < 7 3 : /5 << 5? = 2 77 :: < 7 * : 7 ± )( ± y 2 /5/ 5 +87 /45 : y 77 ;3 : < &;= : ± + 3 : /45 << 5 3 < y 7 ;3 : 2 / &9 43 &9;: 7 ± + y <24< / 2 : + : /7 : + 5 < 3 &;=>: 3 $# RS T U VWXY Z[ [ V\ X]_^>`V +0/ S SX-W3Z, (..., (---- /HWWHUDOL /HWWHUDOLQXPHULFL 9DORULQHLSURJUDPPLQRWLDOSURJUDPPDWRUH (VHPSL]«RQRYDORULGLXQWLSR bbaced kpw ' bbac;f@dkxw. bbac HG Dkxw )( IACl HG4- ~>g * ƒdkw * b $( * hgw{g bkj 9 J Dkxw # 9HGLDPRLQGHWWDJOLR a,qwhul b s? 4_nxkp} j '" ~ˆ xq>q_nrj>gih&kp}} e opq_g ƒ L \B^4` J ^ \MMON P J R L '+%5#(7N '%B ('".! 0 : #$ gq W_5rJ dsr Z43W; T;UV W!XYU@Z\[^]_` acbhd!e0wbuv8w!xgf T hcikjlkwmhyz\n^]kospp8_` aqb d!esw b hqikjklgwcf b. AC G F 'HFLPDOL b s? 4_nxkp} jf )( L \B^4` ;!r P p* \B^ b * AC HG4-, AC G ~4st AC - RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z Stefano Mizzaro 4
m /HWWHUDOLFDUDWWHUH $OWULOHWWHUDOL &DUDWWHUL bkj J ~uvntnw{{ ie }{,gl e, y D g kpwpe &glp ƒ ṕµ º p ½ À µ «{ «Á ¹ØÃÄp«ªx ¹xÅÆ,ÇÐ pªxå ÉÖ½ Ê ª ÏäÓ Û vûñ Ó $Ñ Ü Ó Û ÕÕxå.Û² Ä&? «r¼ f «$! ª ¹º«µ ¹fÃ_Ïã è Ýè ã{ ºã è Ýè ãü É?²!! m ;!!!! /RJLFLR%RROHDQLWUXH HIDOVH b } pe h xu p} e & {gph,h,e ope } b s erle 2De +e },gu pq_ xwh&e gw{ t WULQJKH&LDR b g w D kpw jne g pq_ lp 4>e wpe j>g byz} kxw,g u gl e j L 797 L K RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z HTXHQ]HGLHVFDSH &RVWDQWL, ( &nxq!nrj_j> xq! zwxe,glx ~! xe h j>g pqde udnƒ, J n pe h,e wœpg} g, n pe tlxg p xe g,;, ºonxqDq!nie w+ { xqˆh n, pj>nxoxkp} nž&e g w{, n nx {g & h xu xe-?, J, JJ J, J J J J ³9DULDELOLFKHQRQYDULDQR,OYDORUHqILVVDWRXQDYROWDSHUWXWWH 3DURODULVHUYDWDILQDO SUHPHVVDDOOD GLFKLDUD]LRQHGLWLSR (VHPSLR b *' /)($ : k! s #" z 8A G%$ QHULSDUOHUHPR«RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z 2SHUDWRUL 2SHUDWRULDULWPHWLFL b'& t )(p +*p -,.&/&º tt 2SHUDWRULUHOD]LRQDOL b0? 20 z ztz 43 z 5 z.5 2SHUDWRULORJLFL b87 97/7 ;:N <:/:N =3 > 2SHUDWRUHFRQGL]LRQDOH b'?a@ CBAD#EGFH?AI JKEMLN?AI#O/E 2SHUDWRULVXLELW bp0/0³ 55 Q5/55 97 ;:N QR 97/7 ;:: > (VSUHVVLRQL g u ope w{nw{lpg e+ np} gq>e~n} rj_j> xq!nx} e npqde nxope } er,gph j>nw+jne ƒ g p gq/jnkpwnxu w+j> ~Nq>e h, { rj_j>nw{lgejne pe ƒ,g w Œ } e{g pq_nrj>gq>e Fh,erg{j_j> wœpg w{g } h, pq_ hh&e gwxe & h xu pe( g! d 5 M!4[ W$5 h4h_! L ^ G g! d 5TS9jX4Z435"K g! d 5US!EYEY jeze3e59i M![W_5h4hB! L ^ ^ M m n #9oEV4pEq4rM3E!EYYjEZ 4ZEXWB! WBZ435+K \ e [ WBjWVZ{> J =xh= RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z a Stefano Mizzaro 5
3UHFHGHQ]HHSULRULWj $VVHJQDPHQWR 3LRPHQRTXHOOHFKHYLDVSHWWDWH,QFDVRGLGXEELRXVDWHOHSDUHQWHVL LXVDQRVROROHSDUHQWHVLWRQGH b! :' &.."' ( 99 *C b & * ( )& a $VVHJQDUHXQYDORUHDXQDYDULDELOH,OYDORUHVLRWWLHQHLQJHQHUDOHFRQ XQ HVSUHVVLRQH )RUPDGHOO DVVHJQDPHQWR RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z YDULDELOH HVSUHVVLRQH (VHPSL b " z. $ b {z! ( 99! *C $ b " z7"$ " & A $ a $VVHJQDPHQWR &RPPHQWL 3DUWL³QRQYLVWH GDFRPSLODWRUHHLQWHUSHWH 9DORULVLQLVWULHGHVWULOHIW bfyòh,e wpe h jnq!n kpw{n {nxq>e nxope } bfy lp hjnq_nkpw h, pq_ hh&e gw L!07 '- / 0'&K -#;{B%$53 O& K #& ULJKWYDOXHV $QFKHO DVVHJQDPHQWRGHYHULVSHWWDUHLWLSL bde }jne {g lp x} } h, pq_ hh&e g w lp { h,h xq! k{œknp} nx}jne g lp x} } n nxq>e nxope } ºg,nxk+jDguvnrjNe nud xw+j> pq_gu kg{ pe oxe } A~ˆ { l q! xudgtfƒ / DVVHJQDPHQWRqXQ LVWUX]LRQHFRPSOHWD aa PD'$8$5(IRUPH XXQDULJD b<*/* XSLULJKH b<*( (#* ³-DYDGRF b<*(/( ( (#* RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z a 5LDVVXQWR 0DWWRQLFKHULFRUURQRLQWXWWLLSURJUDPPL-DYD bdš{nxq!g} q>e h xq3 nrj> b lp xw+jne De,nrj>gq>e L / '"9 0 : #9#3 0 : #- (&%,'9#% /-8%#&&',H+-"A"9 b ºnxqDe nxope } e L '+% (#&%,H&'%,'B%.5,&K '+-#Jp".'&)+ 23 0&O& K #A0'%97N7 #,H+%,,".#% (' bž gph j>nw+jne L 3 O, K, K0B+ 5K'+(#*%,'%$53 bdm, rj_j> xq!nx} e L K '+()+,B%A0#&3'9 / ' a 5LDVVXQWR b & h& pq! hh,e gwpe L Ÿ #&( ('+(0N'+%.5,&3 O& K J{0',7 (%3 JpK # (-#&(&K bfyhh Œ wnxuv xw+j g L &&&/ "9 / 5&, ˆ&#,) %+3 ; T b ba!"#$%& a(' b*) b b+!" T,(-.%!!-/-&b-0-23 b45# a!)3 -&% (# # b7#8%! L '+"A"$#,%! &RPELQDQGRSH]]HWWLVLRWWHQJRQRSURJUDPPL LQWHUHVVDQWL RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z 7HVWRa&DSS ± (VHUFL]LDULRa&DS a Stefano Mizzaro
3URVVLPDOH]LRQH Špe,,g} tn{œxœ e kw+j> º h xu pe gw+ { xq_h&e gwperl ejne g ºnx} gq>ej> xu gq!nxw{ xe{lp x} } h& pq! h,h,e gwpe {jnq>k+j_jnkxq! ler&gw+jnq_g} } g lp x} } n pq_gpœ q_nputuvnže g w{ hjnqdk+j_jnkpq!nrj>n & h pq_+e Že- ' '&)+ 23 0N (# 3E54!4i434jE!X4YZ4[EZž#p2-(K '923B&%,C '+%&(#A&%0 : # 0'%$5,,K '+3&%'+%* %-#3 d 7N#,HB (# *"I%' qzxwb!bw Z f4f jbq!e34!wew_543j a Q f4f! d4d &RPDQGL8QL[ f T %! #3 &2 a0# [ d T "-/# W_Z e R 3WV T 45() V j3 T 4b/a3 (0# 3 T b2!a0# $#" 5 2 )"' (#&".'5#A)+ (#0N ('+ "4 "$'5# 23 0'+ RS T U VWXY Z[ [ V\ X]_^>`V S SX-W3Z a Stefano Mizzaro 7