!"
!&
"#$%&'(!)#*'+ %*%%&!"&,-..# DUW\Sz GHFROODJHV VDIID D FXUD GL
0DXUR 3DQ]HUD GLFHPEUH PDU]R
5D\PRQG +DLQV
0LPPR 5RWHOOD
6DIID 2PDJJLR D 0RQGULDQ H 'H &KLULFR
6HQ]D WLWROR
FDUWRQH IDVFLDWR FRQ FDUWD VWDPSDWD LQ
UHWUR G¶DI¿FKH VX FDUWRQH [ FP
OLWRJUD¿D OHJQR JHVVR WHPSHUD [ [ FP 5D\PRQG +DLQV! 0LPPR 5RWHOOD
+RPPDJH j 0LUz !
0RXOLQ 5RXJH
PDQLIHVWR VWUDSSDWR VX WHOD [ FP
GpFROODJH VX FDUWRQH [ FP 0LPPR 5RWHOOD 5D\PRQG +DLQV !"#$"%&''"() SODVWLFD H FROODJH [ [ FP 5D\PRQG +DLQV 1L[RQ +LWOHU PDQLIHVWR VWUDSSDWR VX WDYROD [ FP 0LPPR 5RWHOOD 'RQQD FRQ OD ]XSSLHUD GpFROODJH VX WHOD FP [
IRWRJUD¿H 7RUTXDWR 3HULVVL
0LPPR 5RWHOOD *%%)#+,)#-
WUDGX]LRQH LQ LQJOHVH .DUHQ :KLWWOH
/D GROH YLWD GL 0DUFHOOR GpFROODJH VX WHOD [ FP 0LPPR 5RWHOOD /D 5DSLQD VRYUDSLWWXUD VX GpFROODJH VX ODPLHUD [ FP 5D\PRQG +DLQV 6HQ]D WLWROR PDQLIHVWR VWUDSSDWR [ FP VX WHOD [ FP
H[SORGHG WH[W RU OHWWUHV pFODWpHV VKDWWHUHG OHWWHUV $W WKH VDPH WLPH KH SURGXFHG KLV ¿UVW VKRUW ¿OPV ZKLFK SUHVHQWHG D VHULHV RI DGYHUWLVLQJ SRVWHUV VWXFN WR ZDOOV RU IHQFHV 7KXV KLV ZRUN EHJDQ WR IRFXV RQ WKH LGHD RI ³WHDULQJ´ WKH SRVWHUV IURP WKH VWUHHWV RI 3DULV D QRWLRQ ZKLFK KH ZRXOG SUHVHQW IRU WKH ¿UVW WLPH LQ DW WKH *DOHULH &ROHWWH $OOHQG\ DQG LQ DW WKH ¿UVW 3DULV %LHQQLDOH ZKHUH KH ZDV FRQVHFUDWHG DV +DLQV O¶DEVWUDLW ³WKH DEVWUDFWLRQ SDOLVDGH SHUVRQL¿HG´ ,Q ± WKH \HDU LQ ZKLFK WKH DUWLVW MRLQWHG WKH 1RXYHDX 5pDOLVPH FXUUHQW ± KH HPEDUNHG RQ KLV ¿UVW MRXUQH\ WR ,WDO\ ZKHUH KH WRRN SDUW LQ WKH 1RXYHDX[ 5pDOLVWHV H[KLELWLRQ RUJDQLVHG E\ 5HVWDQ\ DW WKH *DOOHULD $SROOLQDLUH LQ 0LODQ GHVLJQLQJ WKH FDWDORJXH FRYHU ZLWK EURNHQ OHWWHUV )URP WKHQ RQ KH WRRN SDUW LQ DOO RI WKH JURXS¶V HYHQWV ZKLFK ZHUH KHOG LQ $PVWHUGDP 6WRFNKROP DQG +XPOHEDHN %HWZHHQ µ DQG µ KH DOWHUQDWHG H[KLELWLRQV RI VKHHW PHWDO DQG WRUQ DI¿FKHV LQ ERWK JURXS 7KH $UW RI $VVHPEODJH 0XVHXP RI 0RGHUQ $UW 1HZ <RUN WKHQ 'DOODV DQG 6DQ )UDQFLVFR DQG VROR VKRZV /D )UDQFH GpFKLUpH *DOHULH - +DQGVFKLQ %DVHO $XMRXUG¶KXL %UXVVHOV DOVR LQ ,WDO\ /D %LHQQDOH GpFKLUpH GH 5D\PRQG +DLQV *DOOHULD $SROOLQDLUH IROORZHG E\ *DOOHULD 6DQW¶$QGUHD DQG *DOOHULD %OX LQ 0LODQ *DOOHULD GHO /HRQH ZKHUH KH LQVWHDG GLVSOD\HG D ERRN RI JLDQW PDWFKHV IROORZHG E\ QXPHURXV ZRUNV &)&*+$')&! '"! 6HLWD! )! 1"22" DQG *DOOHULD GHOO¶(OHIDQWH 9HQLFH ZKHUH +DLQV OLYHG IURP µ WR µ 7KH V PDUNHG WKH EHJLQQLQJ RI D IUHQHWLF VHULHV RI WULSV WR DQG IUR EHWZHHQ )UDQFH DQG ,WDO\ WR WDNH SDUW LQ SULQFLSDOO\ EXW QRW H[FOXVLYHO\ VROR VKRZV VXFK DV 6DIID H 6HLWD DW WKH *DOOHULD GHOOD 7ULQLWj LQ 5RPH D UHWURVSHFWLYH DW WKH &HQWUH 1DWLRQDO G¶$UW &RQWHPSRUDLQ LQ 3DULV DQG /¶REMHW GH OD 6FXOSWXUH D JURXS H[KLELWLRQ RI )UHQFK VFXOSWXUH DW WKH 5RWRQGD GHOOD %HVDQD LQ 0LODQ 2QH RI WKH ODVW JUHDW H[SRQHQWV RI 1RXYHDX 5pDOLVPH IDPRXV IRU KLV WRUQ FDQYDVHV DQG SRVWHUV IRU PDQ\ \HDUV 5D\PRQG +DLQV FRQWLQXHG WR ZRUN E\ WHVWLQJ KRZ ZRUGV QDPHV DQG SKRWRJUDSKLF LPDJHV LQWHUDFW DQG UHVHPEOH HDFK RWKHU LQ GLIIHUHQW H[SUHVVLYH ODQJXDJHV ,W ZDV LQ 3DULV ± ZKLFK LQ GHGLFDWHG D JUHDW UHWURVSHFWLYH WR KLP DW WKH &HQWUH 3RPSLGRX ± WKDW KH GLHG LQ
5D\PRQG +DLQV 6HQ]D WLWROR
GpFROODJH VX WHOD [ FP
PDQLIHVWR VWUDSSDWR [ FP VX WHOD [ FP
5D\PRQG +DLQV
0LPPR 5RWHOOD
UHGD]LRQH H XI¿FLR VWDPSD 6XVDQQD )DELDQL
6HQ]D WLWROR
³+RUL]RQWDOH´ MDXQH
PDQLIHVWR VWUDSSDWR VX WHOD [ FP
DUW\SR VX SODVWLFD [ FP
LPSDJLQD]LRQH JUD¿FD )UDQFHVFR 8UVLQR
5D\PRQG +DLQV
0LPPR 5RWHOOD
+RPPDJH j 'XEXIIHW
&RSHUWXUD
PDQLIHVWR VWUDSSDWR VX WHOD [ FP
GHFROODJH H DFULOLFR VX WHOD [ FP
*$//(5,$ (',725,$ 67$03(5,$ '¶$57( ¿UHQ]H YLD GL PH]]R E WHO ID[
VLWR ZHE ZZZ JDOOHULDLOSRQWH FRP H PDLO LQIR#JDOOHULDLOSRQWH FRP RUDULR OXQHGu YHQHUGu VDEDWR VX DSSXQWDPHQWR IHVWLYL FKLXVR
%/001!"123445 1DWR D &DWDQ]DUR QHO GRSR XQ LPSLHJR DO 0LQLVWHUR GHOOH 3RVWH H 7HOHFRPXQLFD]LRQL HG XQ SHULRGR D 5RPD ULFKLDPDWR DOOH DUPL WHUPLQD JOL VWXGL DUWLVWLFL D 1DSROL 1HO SDUWHFLSD DG DOFXQH FROOHWWLYH H DOOD VXD SULPD SHUVRQDOH QHO µ SUHVVR OD *DOOHULD &KLXUD]]L GL 5RPD SUHVHQWD RSHUH DVWUDWWR JHRPHWULFKH 1HOOR VWHVVR DQQR HVSRQH D 3DULJL DO 6DORQ GHV 5pDOLWpV 1RXYHOOHV H YLHQH D FRQWDWWR FRQ O¶DUWH IUDQFHVH 2WWLHQH DQFKH XQD ERUVD GL VWXGLR GD SDUWH GHOOD )XOOEULJKW )RXQGDWLRQ SHU YRODUH QHJOL 6WDWL 8QLWL FRPH ³$UWLVW LQ 5HVLGHQFH´ DOO¶8QLYHUVLWj GL .DQVDV &LW\!" #$" PRGR FRVu GL FRQRVFHUH DOFXQL UDSSUHVHQWDQWL GHOOH QXRYH FRUUHQWL DUWLVWLFKH WUD L TXDOL 5DXVFKHQEHUJ 2OGHPEXUJ 7ZRPEO\ 3ROORFN .OLQH 1HO VFRSUH LO PDQLIHVWR SXEEOLFLWDULR FRPH SRVVLELOH IRUPD GL DUWH p OD QDVFLWD GHO GHFROODJH!"%,)!$%%*! GRSR D 5RPD QHOO¶(VSRVL]LRQH G¶DUWH DWWXDOH SUHVHQWD LO µPDQLIHVWR ODFHUDWR¶ 4XHVW¶XOWLPD WHFQLFD VL HYROYHUj QHO ³GRSSLR! GpFROODJH´ H QHL ³UHWUR G¶DI¿FKH´ FRQ RSHUH QRQ ¿JXUDWLYH H PRQRFURPH FKH VHQWRQR DQFRUD O¶LQÃ&#x20AC;XHQ]D GHOO¶,QIRUPDOH
LPSHUDQWH 1HO LQÃ&#x20AC;XHQ]DWR GDOOD SXEEOLFLWj FLQHPDWRJUD¿FD UHDOL]]D ODYRUL LQ FXL O¶DVSHWWR ¿JXUDWLYR VL ID SUHGRPLQDQWH &ULWLFDWR FRPH VWUDSSDPDQLIHVWL! "! SLWWRUH GHOOD FDUWD LQFROODWD ! ¿QLVFH SHU DSSURSULDUVL DGGLULWWXUD GHO VXSSRUWR LQ ODPLHUD GHOOH DI¿VVLRQL GHO FRPXQH GL# 5RPD )UD LO H LO OD FRQRVFHQ]D FRQ 3LHUUH 5HVWDQ\ OR SRUWD DG DGHULUH DO 1RYHDX 5pDOLVPH GL FXL QH IDQQR SDUWH .OHLQ 6SRHUUL 7LQJXHO\ &pVDU $UPDQ &KULVWR H L GHFROODJLVWL IUDQFHVL +DLQV 'XIUrQH 9LOOHJOp ULVSHWWR DL TXDOL KD VHPSUH VYLOXSSDWR XQ SHUFRUVR DXWRQRPR 1HO q LQYLWDWR DOOD %LHQQDOH ,QWHUQD]LRQDOH G¶$UWH GL 9HQH]LD H QHO DOOD ,; 4XDGULHQQDOH GL 5RPD 7UD LO H LO UHDOL]]D JOL $UW W\SR SURYH GL VWDPSD XVDWH SHU JOL DYYLDPHQWL GL PDFFKLQD VX FXL VRQR VRYUDVWDPSDWL FRORUL H LPPDJLQL GL DOWUL PDQLIHVWL GHVWLQDWL DO PDFHUR 1HO SXEEOLFD OD VXD DXWRELRJUD¿D $XWRURWHOOD H QHJOL DQQL RWWDQWD WUDVIHULWRVL RUPDL D 0LODQR HODERUD OH ³EODQNV´ R FRSHUWXUH G¶DI¿FKHV PDQLIHVWL SXEEOLFLWDUL D]]HUDWL ULFRSHUWL GD IRJOL ELDQFKL R QHUL 'RSR LO UHDOL]]D OH VRYUDSLWWXUH VXL PDQLIHVWL VWUDSSDWL WURYDQGR FRQVRQDQ]H FRO JUDI¿WLVPR GHOO¶HSRFD 1HJOL DQQL 1RYDQWD SURVHJXH IHUYLGD OD VXD DWWLYLWj HVSRVLWLYD &HQWUH 3RPSLGRX GL 3DULJL 0XVHXP RI 0RGHUQ $UW H *XJJHQKHLP GL 1HZ <RUN 0XVHXP RI &RQWHPSRUDU\ $UW GL /RV $QJHOHV 1HO ULFHYH GDO 0LQLVWUR GHOOD &XOWXUD IUDQFHVH -DFN /DQJ LO WLWROR GL 2I¿FLHO GHV DUWV HW GHV /HWWUHV 1HO VL LQWHUHVVD DOOD SLWWXUD GLJLWDOH SDWURFLQDQGR FRQ 3LHUUH 5HVWDQ\ 'LJLSDLQWLQJ #$! SULPD JUDQGH PRVWUD LQWHUQD]LRQDOH VXO 'LJLWDOLVPR WHQXWD D 5RPD 1HO YLHQH FRVWLWXLWD SHU YRORQWj GHOO¶DUWLVWD OD )RQGD]LRQH 0LPPR 5RWHOOD FRQ O¶LQWHQWR GL UDFFRJOLHUH H FDWDORJDUH OH VXH RSHUH GRFXPHQWDQGRQH O¶DWWLYLWj DUWLVWLFD 0XRUH D 0LODQR QHO %/001!"123445 %RUQ LQ &DWDQ]DUR LQ DIWHU D MRE DW WKH 0LQLVWU\ RI 3RVWDO DQG 7HOHFRPPXQLFDWLRQV 6HUYLFHV DQG D SHULRG DV D FRQVFULSW LQ 5RPH KH FRPSOHWHG DUW VFKRRO LQ 1DSOHV ,Q KH WRRN SDUW LQ VRPH JURXS H[KLELWLRQV EHIRUH SUHVHQWLQJ DEVWUDFW JHRPHWULFDO ZRUNV DW KLV ¿UVW VROR VKRZ DW *DOOHULD &KLXUD]]L LQ 5RPH LQ µ ,Q WKH VDPH \HDU KH H[KLELWHG LQ 3DULV DW WKH 1"%+/# GHV 5pDOLWpV 1RXYHOOHV DQG KH FDPH LQWR FRQWDFW ZLWK )UHQFK DUW +H DOVR ZRQ D VFKRODUVKLS IURP WKH )XOOEULJKW )RXQGDWLRQ WR Ã&#x20AC;\ WR WKH 8QLWHG 6WDWHV DV ³$UWLVW LQ 5HVLGHQFH´ DW WKH 8QLYHUVLW\ RI .DQVDV &LW\ 7KXV KH ZDV DEOH WR PHHW VRPH H[SRQHQWV RI WKH QHZ DUWLVWLF FXUUHQWV DPRQJVW ZKRP 5DXVFKHQEHUJ 2OGHPEXUJ 7ZRPEO\ 3ROORFN DQG .OLQH ,Q KH GLVFRYHUHG DGYHUWLVLQJ SRVWHUV DV D SRVVLEOH IRUP RI DUW KHQFH ZDV GpFROODJH ERUQ 7ZR \HDUV ODWHU LQ 5RPH LQ WKH (VSRVL]LRQH G¶DUWH DWWXDOH KH SUHVHQWHG WKH µWRUQ SRVWHU¶ 7KLV WHFKQLTXH ZRXOG HYROYH LQWR ³GRXEOH! GpFROODJH´ $%&! '() ³UHWURV G¶DI¿FKH´ # ZLWK QRQ ¿JXUDWLYH DQG PRQRFKURPH ZRUNV ZKLFK VWLOO IHOW WKH LQÃ&#x20AC;XHQFH RI WKH SUHYDLOLQJ DUW LQIRUPHO ,Q LQÃ&#x20AC;XHQFHG E\ ¿OP DGYHUWLVLQJ KH PDGH ZRUNV LQ ZKLFK WKH ¿JXUDWLYH DVSHFW EHFDPH SUHGRPLQDQW /DEHOOHG E\ WKH FULWLFV DV WKH SRVWHU ULSSHU RU SDLQWHU RI JOXHG SDSHU QRW RQO\ GLG KH ULS RII WKH PXQLFLSDOLW\ RI 5RPH¶V SRVWHUV EXW DOVR WKH PHWDO VXSSRUWV %HWZHHQ DQG KLV HQFRXQWHU ZLWK 3LHUUH 5HVWDQ\ OHG KLP WR MRLQ WKH 1RXYHDX 5pDOLVPH PRYHPHQW RI ZKLFK .OHLQ 6SRHUUL 7LQJXHO\ &pVDU
$UPDQ &KULVWR DQG WKH )UHQFK GpFROODJLVWV +DLQV 'XIUrQH DQG 9LOOHJOp ZHUH SDUW DOWKRXJK KH DOZD\V IROORZHG D VHSDUDWH SDWK WR WKHP ,Q KH ZDV LQYLWHG WR WKH 9HQLFH ,QWHUQDWLRQDO $UW %LHQQLDOH DQG LQ WR WKH ,; 4XDGULHQQDOH LQ 5RPH %HWZHHQ DQG KH PDGH $UW W\SR W\SRJUDSKLF SURRIV XVHG WR VHW XS PDFKLQHV RYHU ZKLFK KH SULQWHG FRORXUV DQG LPDJHV RI RWKHU SRVWHUV GHVWLQHG WR EH SXOSHG ,Q KH SXEOLVKHG KLV DXWRELRJUDSK\ $XWRURWHOOD DQG LQ WKH V ± DW WKLV SRLQW KDYLQJ PRYHG WR 0LODQ ± KH FDPH XS ZLWK KLV ³EODQNV´ RU FRSHUWXUH G¶DI¿FKHV ]HURHG DGYHUWLVLQJ SRVWHUV FRYHUHG E\ ZKLWH RU EODFN VKHHWV RI SDSHU $IWHU KH VWDUWHG WR SDLQW RYHU WRUQ SRVWHUV LQ DFFRUG ZLWK WKH JUDI¿WL DUW RI WKH WLPH ,Q WKH V KLV IHUYLG H[KLELWLRQ DFWLYLW\ FRQWLQXHG DW WKH &HQWUH 3RPSLGRX LQ 3DULV 0XVHXP RI 0RGHUQ $UW DQG *XJJHQKHLP LQ 1HZ <RUN DQG WKH 0XVHXP RI &RQWHPSRUDU\ $UW LQ /RV $QJHOHV ,Q WKH )UHQFK &XOWXUH 0LQLVWHU -DFN /DQJ DZDUGHG KLP WKH WLWOH RI 2I¿FLHO GHV $UWV HW GHV /HWWUHV ,Q KH EHFDPH LQWHUHVWHG LQ GLJLWDO SDLQWLQJ DQG DORQJ ZLWK 3LHUUH 5HVWDQ\ FRPPLVVLRQHG 'LJLSDLQWLQJ WKH ¿UVW JUHDW LQWHUQDWLRQDO H[KLELWLRQ RQ GLJLWDOLVP KHOG LQ 5RPH ,Q XSRQ UHTXHVW IURP WKH DUWLVW WKH .+/("0&+/)# 0LPPR 5RWHOOD ZDV HVWDEOLVKHG ZLWK WKH LQWHQWLRQ RI JDWKHULQJ DQG FDWDORJXLQJ KLV ZRUNV LQ RUGHU WR GRFXPHQW KLV DUWLVWLF DFWLYLW\ +H GLHG LQ 0LODQ LQ
" #$ % & ' ( ! ) # * ' +
%*%%&!"&,-..#
DUW\Sz GHFROODJHV VDIID GALLERIA IL PONTE FIRENZE
!#$
!
!%
!'