*58332(1(/',9,6,21(,1)5$67587785((5(7,
'LVWULEX]LRQH7HUULWRULDOH5HWH/D]LR$EUX]]RH0ROLVH
Enel-DIS-29/01/2013-0142229
',60$7&('75/$09(0
5$&&20$1'$7$$5
6SHWWOH
&2081(',/$',632/,
3,$==$)$/&21(
/DGLVSROL50
&RGLFHGLULQWUDFFLDELOLWj7
2JJHWWR3UHYHQWLYR GL FRQQHVVLRQH DOOD UHWH %7 GL (QHO 'LVWULEX]LRQH SHU
&HVVLRQH 3DU]LDOH SHU O¶LPSLDQWR GL SURGX]LRQH GD IRQWH 6RODUH SHU XQD
SRWHQ]D LQ LPPLVVLRQH ULFKLHVWD GL N: VLWR LQ 9,$ &$67(//$00$5( ',
67$%,$/DGLVSROL
&RQ ULIHULPHQWR DOOD 6XD ULFKLHVWD GL FRQQHVVLRQH GHO VL WUDVPHWWH DL VHQVL GHOOD
'HOLEHUD GHOO
$XWRULWj SHU O
(QHUJLD (OHWWULFD HG LO *DV Q DOOHJDWR $ 7HVWR ,QWHJUDWR
GHOOH &RQQHVVLRQL $WWLYH 7,&$ H VXFFHVVLYH PRGLILFKH HG LQWHJUD]LRQL FRPSUHVH TXHOOH
LQWURGRWWHGDOODGHOLEHUD]LRQHQ5((/GLVHJXLWRGHQRPLQDWD³7,&$´LOSUHYHQWLYR
GLFRQQHVVLRQHHODERUDWRVHFRQGROHVHJXHQWLFRQGL]LRQL
• 3RWHQ]DJLjGLVSRQLELOHSHUODFRQQHVVLRQHDUWFFGHO7,&$N:
• 3RWHQ]DLQLPPLVVLRQHULFKLHVWDDUWGGGHO7,&$N:
• 3RWHQ]DLQSUHOLHYRULFKLHVWDSHUXVLGLYHUVLGDVHUYL]LDXVLOLDULN:
• 3RWHQ]DQRPLQDOHGHOO¶LPSLDQWRGLSURGX]LRQHN:
• 3RWHQ]DDLILQLGHOODFRQQHVVLRQHDUW]GHO7,&$N:
(QHO'LVWULEX]LRQH6S$±6RFLHWjFRQXQLFRVRFLR6HGHOHJDOH5RPDYLD2PEURQH5HJLVWUR,PSUHVHGL5RPD&)H3,5($
&DSLWDOH6RFLDOH(XURLY'LUH]LRQHHFRRUGLQDPHQWRGL(QHO6S$
,G
, VHJXHQWL GDWL VRQR UHODWLYL DO SXQWR GL FRQQHVVLRQH GHOO
LPSLDQWR LQ RJJHWWR DOOD UHWH %7 FRQ
WHQVLRQH QRPLQDOH 9 HG LGHQWLILFDWR FRQ LO FRGLFH GL ULQWUDFFLDELOLWj GHOOD ULFKLHVWD
7
LQGLUL]]R
9,$&$67(//$00$5(',67$%,$/DGLVSROL
FRPXQH
/DGLVSROL50
FRGLFH32'
,7($UWF'HOLEHUD
FRGLFHSUHVD FRGLFHIRUQLWXUD
QRGR6,*5$) '$7,,'(17,),&$7,9,',,03,$172
'75
=RQD
/D]LR$EUX]]RH0ROLVH
&LYLWDYHFFKLD
&267, 3(5 /$ 5($/,==$=,21( '(//$ &211(66,21( ( 02'$/,7$¶ ',
3$*$0(172
6L FRPXQLFD FKH O¶LPSRUWR D VXR FDULFR SHU OD FRQQHVVLRQH ULFKLHVWD GHWHUPLQDWR LQ EDVH
DOO
$OOHJDWR & GHOOD GHOLEHUD $5*HOW Q7,& H VXFFHVVLYH PRGLILFKH HG LQWHJUD]LRQL HG
DOO¶DUWLFROR GHOO¶$OOHJDWR $ GHOOD GHOLEHUD $5*HOW Q H VXFFHVVLYH PRGLILFKH HG
LQWHJUD]LRQL7,&$qSDULD¼,9$FRPSUHVDFRPHPHJOLRVSHFLILFDWRQHOVHJXLWR
D&267,3(5/$&211(66,21(,135(/,(927,&
/¶LPSRUWRGDFRUULVSRQGHUHSHUODULFKLHVWDGLFRQQHVVLRQHLQSUHOLHYRqGHWHUPLQDWRGDOOH
VHJXHQWLYRFL
4XRWD'LVWDQ]D
¼
4XRWD3RWHQ]D
¼
4XRWD)LVVD
¼
2QHULDPPLQLVWUDWLYL
¼
7RWDOHLPSRQLELOH
¼
FXLDQGUjDJJLXQWDO¶,9$SDULD¼
3HUWDQWR O¶LPSRUWR WRWDOH SHU OD ULFKLHVWD GL FRQQHVVLRQH LQ SUHOLHYR q SDUL D ¼ ,9$
FRPSUHVDGDFRUULVSRQGHUHXQLWDPHQWHDOO¶DFFHWWD]LRQHGHOSUHVHQWHSUHYHQWLYR
3UHFLVLDPRFKHTXDORUDOHFRPSHWHQWL$XWRULWjGRYHVVHURLPSRUUHGHOOHSUHVFUL]LRQLFKHQRQFL
FRQVHQWDQR GL UHDOL]]DUH JOL LPSLDQWL GL UHWH SHU OD FRQQHVVLRQH FRQ OD VROX]LRQH GL PLQLPR
WHFQLFR GD QRL SUHYLVWD O
LPSRUWR UHODWLYR DOOD TXRWD GLVWDQ]D LQ FRQIRUPLWj D TXDQWR SUHYLVWR
GDOO
DUWGHOO
$OOHJDWR&GHOODGHOLEHUD$5*HOWQ7,&YHUUjUDGGRSSLDWR
,Q WDO FDVR VDUj QRVWUD FXUD FRPXQLFDUH OH PRGDOLWj GL SDJDPHQWR SHU LO YHUVDPHQWR
GHOO
LPSRUWR LQWHJUDWLYR IDWWD RYYLDPHQWH VDOYD OD VXD IDFROWj GL ULQXQFLDUH DOOD ULFKLHVWD GL
FRQQHVVLRQHRJJHWWRGHOSUHVHQWHSUHYHQWLYR
E&267,3(5/$&211(66,21(,1,00,66,21(7,&$
/¶LPSRUWR GD FRUULVSRQGHUH SHU OD ULFKLHVWD GL FRQQHVVLRQH LQ LPPLVVLRQH FRPH GD VROX]LRQH
WHFQLFD PLQLPD LQGLYLGXDWD q SDUL D ¼ ,9$ FRPSUHVD FRPH PHJOLR VSHFLILFDWR QHO
VHJXLWR
YDORUH¼GHWHUPLQDWRFRPHPLQLPRWUD
$ āāāā
% āāāā
¼
¼
FXLDQGUjDJJLXQWDO¶,9$SDULD¼
3HUWDQWRLOFRUULVSHWWLYRSHUODFRQQHVVLRQHqSDULD¼,9$FRPSUHVD
3RLFKp OD FRQQHVVLRQH YHUUj UHDOL]]DWD LQ %7 H O¶LPSRUWR FRPSOHVVLYR q LQIHULRUH R XJXDOH D
¼FRPHSUHYLVWRQHOOD³*XLGDSHUOHFRQQHVVLRQLDOODUHWHHOHWWULFDGL(QHO'LVWULEX]LRQH´
H VWDELOLWR GDOO¶DUWLFROR GHOO¶$OOHJDWR $ GHOOD GHOLEHUD $5*HOW Q H VXFFHVVLYH
PRGLILFKHHGLQWHJUD]LRQL7,&$FRQO¶DFFHWWD]LRQHGHOSUHYHQWLYRGRYUjFRUULVSRQGHUHO¶LQWHUR
LPSRUWRGL¼
/¶LPSRUWRVXGGHWWRSRWUjHVVHUHFRUULVSRVWRPHGLDQWH
•
ERQLILFR EDQFDULR ,7 , ULSRUWDQGR FRPH GLFLWXUD
&RUULVSHWWLYRSUDWLFDQƒ7
•
EROOHWWLQRGLFFSRVWDOH,%$1GHOFFSRVWDOH,7,
ULSRUWDQGRQHOODFDXVDOHGLYHUVDPHQWR&RUULVSHWWLYRSUDWLFDQƒ7
7,32/2*,$',/$92523(5(6(&8=,21('(//$&211(66,21(
,OODYRURQHFHVVDULRSHUHVHJXLUHODFRQQHVVLRQHqGLWLSR&RPSOHVVRDUW7,&$HLOWHPSR
PDVVLPRSUHYLVWRSHUO
HVHFX]LRQHGHLODYRULSHUODUHDOL]]D]LRQHGHOODFRQQHVVLRQHDFXUD(QHO
'LVWULEX]LRQHqGLJLRUQLODYRUDWLYLDOQHWWRGLHYHQWXDOLVRVSHQVLYHSUHYLVWHGDO7,&$TXDOL
DG HVHPSLR DSSXQWDPHQWL SHU VRSUDOOXRJR LQ GDWD GLYHUVD GD TXHOOD SUHYLVWD GD (QHO
'LVWULEX]LRQHDWWLDXWRUL]]DWLYLHFF
(QHO 'LVWULEX]LRQH QRQ ULVSRQGH GL HYHQWXDOL GDQQL SHU ULWDUGL QHOO¶HVHFX]LRQH GHL ODYRUL GL
FRPSHWHQ]DSHUFDXVHQRQLPSXWDELOLDOODVWHVVD
62/8=,21(7(&1,&$
/H HYLGHQ]LDPR FKH O¶DFFHWWD]LRQH GHO SUHYHQWLYR FRPSRUWD OD SUHQRWD]LRQH GHOOD FDSDFLWj GL
UHWHUHODWLYDPHQWHDOODSRWHQ]DGLLPPLVVLRQHLQGLFDWDQHOSUHVHQWHSUHYHQWLYR
,O 6XR LPSLDQWR VDUj DOODFFLDWR DOOD UHWH GL 'LVWULEX]LRQH WUDPLWH GHULYD]LRQH GD OLQHD %7 GD
QRGRHVLVWHQWHPHGLDQWHQXRYDOLQHD
7DOHVROX]LRQHSUHYHGH
(YLGHQ]LDPRLQROWUHFKHTXDORUDODVROX]LRQHWHFQLFDGLFRQQHVVLRQHDOODUHWHGHO6XRLPSLDQWR
GLSURGX]LRQHGRYHVVH ULVXOWDUHLQWXWWRRLQSDUWHFRPXQHDGDOWULLPSLDQWLGLSURGX]LRQH q
LQGLVSHQVDELOH PHWWHUH LQ DWWR LO FRRUGLQDPHQWR WUD L YDUL ULFKLHGHQWL LQWHUHVVDWL 6DUj QRVWUD
FXUD WUDVPHWWHUH RJQL LQIRUPD]LRQH QHFHVVDULD DL ILQL GL WDOH FRRUGLQDPHQWR FKH SRWUj
DXVSLFDELOPHQWHULJXDUGDUHODIDVHDXWRUL]]DWLYD
3HU TXDQWR ULJXDUGD OD IDVH DXWRUL]]DWLYD LQ PDQFDQ]D GHO VXGGHWWR FRRUGLQDPHQWR /D
LQIRUPLDPR FKH GRSR O¶DSSURYD]LRQH GHO SURJHWWR GHOO¶LPSLDQWR GL UHWH GD /HL HYHQWXDOPHQWH
SUHGLVSRVWR SHU OD JHVWLRQH LQ SURSULR GHOO¶LWHU DXWRUL]]DWLYR SURFHGHUHPR DG LQYLDUH WDOH
SURJHWWROLPLWDWDPHQWHDOODSRU]LRQHFKHGRYHVVHULVXOWDUHFRPXQHDQFKHDJOLDOWULULFKLHGHQWL
LQWHUHVVDWL FKH DEELDQR VFHOWR GL VHJXLUH LQ SURSULR O¶LWHU DXWRUL]]DWLYR DIILQFKp JOL VWHVVL QH
WHQJDQRFRQWR3HUWDQWRFRQO¶DFFHWWD]LRQHGHOSUHVHQWHSUHYHQWLYR/HLDXWRUL]]DODFRQVHJQDH
ODGLYXOJD]LRQHDWHU]LGHOVXGGHWWRSURJHWWR
*OLVSD]LXOWHULRULULVSHWWRDTXHOOLVWUHWWDPHQWHQHFHVVDULDOODUHDOL]]D]LRQHGHOO¶LPSLDQWRGLUHWH
SHUODFRQQHVVLRQHHYHQWXDOPHQWHLQGLFDWLQHOODVSHFLILFDWHFQLFDDOOHJDWDHFRUUHODELOLDG
HVLJHQ]HGLVXFFHVVLYLVYLOXSSLGHO6XRLPSLDQWRHOHWWULFRVDUDQQRPHVVLJUDWXLWDPHQWHDQV
GLVSRVL]LRQH
787(/$'(*/,(/(7752'277,
/H IDFFLDPR SUHVHQWH FKH OD ORFDOL]]D]LRQH GHL QXRYL LPSLDQWL GL SURGX]LRQH TXDOL DG HV
SDQQHOOL IRWRYROWDLFL H GHOOH UHODWLYH RSHUH DFFHVVRULH QRQ GHYH FRPSRUWDUH DOFXQ SUREOHPD
QHOODJHVWLRQHRUGLQDULDHVWUDRUGLQDULDGHJOLLPSLDQWLHOHWWULFLHVLVWHQWLQRQFKpGHOUHDOL]]DQGR
LPSLDQWRGLUHWH,QSDUWLFRODUHQRQGRYUDQQRHVVHUHRFFXSDWHOHIDVFHQHFHVVDULHDOODVXGGHWWD
JHVWLRQH OD FXL HVWHQVLRQH SHU WLSRORJLD GL LPSLDQWR q ULSRUWDWD QHOOD WDEHOOD ³/DUJKH]]D GHOOH
IDVFHGDDVVHUYLUHLQSUHVHQ]DGLFDPSDWHGLOXQJKH]]DULFRUUHQWH´DOOHJDWD
,O ULVSHWWR GHOOD VRSUDFLWDWD SUHVFUL]LRQH FRVWLWXLVFH FRQGL]LRQH LQGLVSHQVDELOH WHQXWR DQFKH
FRQWR GHOOH IDFROWj SUHYLVWH D IDYRUH GHO *HVWRUH GHOOD 5HWH GDOO¶DUW GHO 78 GHOOH
GLVSRVL]LRQLGLOHJJHVXOOHDFTXHHLPSLDQWLHOHWWULFLQƒSHUO¶HVHFX]LRQHGHOOHDWWLYLWj
GL LVSH]LRQH GL PDQXWHQ]LRQH RUGLQDULD H VWUDRUGLQDULD GHOOH OLQHH ILQDOL]]DWD D JDUDQWLUH OD
FRQWLQXLWjGHOVHUYL]LRGLGLVWULEX]LRQHGLHQHUJLDHOHWWULFDRDGHOLPLQDUHHYHQWXDOLVLWXD]LRQLGL
SHULFRORPHGLDQWHDQFKHO¶LPSLHJRGLVSHFLILFLPH]]LG¶RSHUD
(YHQWXDOL6XHHVLJHQ]HGLVSRVWDPHQWRGHLQRVWULHOHWWURGRWWLGRYUDQQRHVVHUHIRUPDOL]]DWHSHU
ODVXFFHVVLYDHPLVVLRQHGHOSUHYHQWLYRDGKRFFKHFRQWHUUjDQFKHODTXDQWLILFD]LRQHGHLUHODWLYL
RQHULHFRQRPLFL
,7(5$8725,==$7,92
1RQVRQRQHFHVVDULHDXWRUL]]D]LRQLSHUTXDQWRULJXDUGDO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQH
0,685$'(//¶(1(5*,$,00(66$(35(/(9$7$'$//$5(7(
/DPLVXUDGHOO¶HQHUJLDVXOSXQWRGLFRQQHVVLRQHqDFXUDGL(QHO'LVWULEX]LRQHFKHSURYYHGHUj
DG DGGHELWDUH L UHODWLYL RQHUL VHFRQGR TXDQWR SUHYLVWR GDOOH YLJHQWL QRUPH LQ PDWHULD GL
IDWWXUD]LRQHDLFOLHQWLILQDOL
0,685$'(//¶(1(5*,$352'277$
/D PLVXUD GHOO¶HQHUJLDSURGRWWD q D FXUD GL (QHO 'LVWULEX]LRQHFKH SURYYHGHUj DG DGGHELWDUHL
UHODWLYL RQHUL VHFRQGR TXDQWR SUHYLVWR GDOOD 'HOLEHUD $((* H VXFFHVVLYH PRGLILFKH HG
LQWHJUD]LRQL
,1'(11,==,
4XDORUD LO SUHVHQWH SUHYHQWLYR YHQLVVH PHVVR D VXD GLVSRVL]LRQH ROWUH L WHPSL SUHYLVWL GDO
7,&$ VDUj FRUULVSRVWR XQ LQGHQQL]]R DXWRPDWLFR GL LPSRUWR SDUL D TXDQWR SUHYLVWR GDOO¶DUW
4XDORUDLOSUHYHQWLYRHYHQWXDOPHQWHULHODERUDWRLQEDVHDSUHVFUL]LRQLGHOOHDXWRULWjFRPSHWHQWL
SHU LO ULODVFLR GHOOH DXWRUL]]D]LRQL YHQLVVH PHVVR D VXD GLVSRVL]LRQH ROWUH JLRUQL ODYRUDWLYL
GDOOD GDWD GL RWWHQLPHQWR GHOOH DXWRUL]]D]LRQL VDUj FRUULVSRVWR XQ LQGHQQL]]R DXWRPDWLFR GL
LPSRUWRSDULDTXDQWRSUHYLVWRGDOO¶DUW
4XDORUD OD FRQQHVVLRQH YHQJD UHDOL]]DWD ROWUH L WHPSL SUHYLVWL GDO 7,&$ VDUj FRUULVSRVWR XQ
LQGHQQL]]RDXWRPDWLFRGLLPSRUWRSDULDTXDQWRSUHYLVWRGDOO¶DUW
*OLLQGHQQL]]LUHODWLYLDULWDUGRQHOODSUHVHQWD]LRQHGLHYHQWXDOLULFKLHVWHGLDXWRUL]]D]LRQHLQ
FDSR DG (QHO 'LVWULEX]LRQH R ULWDUGR QHOOD PHVVD D GLVSRVL]LRQH GHOOH LQIRUPD]LRQL QHFHVVDULH
DOOD SUHGLVSRVL]LRQH GHOOD GRFXPHQWD]LRQH GD SUHVHQWDUH QHOO¶DPELWR GHO SURFHGLPHQWR
DXWRUL]]DWLYRVDUDQQRUHJRODWLVHFRQGRTXDQWRGLVSRVWRGDOO¶DUW
6DUDQQRSRLFRUULVSRVWLJOLDOWULLQGHQQL]]LSUHYLVWLGDOO¶DUWGHO7,&$
4XDORUD JOL LQGHQQL]]L DXWRPDWLFL GRYXWL /H YHQLVVHUR FRUULVSRVWL LQ ULWDUGR VL DSSOLFDQR OH
PDJJLRUD]LRQLSUHYLVWHDOFRPPDGHO7,&$
9$/,',7$¶'(/35(9(17,92
,OSHULRGRGLYDOLGLWjGHOSUHVHQWHSUHYHQWLYRWHQXWRFRQWRGLTXDQWRSUHYLVWRGDOO¶DUWGHO
7,&$qGLJLRUQLODYRUDWLYLDGHFRUUHUHGDOODGDWDGLULFHYLPHQWRGHOORVWHVVR
$&&(77$=,21('(/35(9(17,92
4XDORUD VLD 6XD LQWHQ]LRQH DFFHWWDUH LO SUHVHQWH SUHYHQWLYR q QHFHVVDULR LQYLDUH DO VHJXHQWH
LQGLUL]]R KWWSVSURGXWWRULHQHOGLVWULEX]LRQHHQHOLWSRUWDOHSURGXWWRUL DFFHGHQGR DOOD 6XD
DUHDULVHUYDWDHGXWLOL]]DQGRLOVHUYL]LRDSSRVLWR
•
,OPRGXORGLDFFHWWD]LRQHFRQWHQHQWHDOWUHVuO¶DFFHWWD]LRQHGHOOHFRQGL]LRQLJHQHUDOLGHO
FRQWUDWWR GL FRQQHVVLRQH H GHOOH FRQGL]LRQL JHQHUDOL GHO VHUYL]LR GL PLVXUD FRPSLODWR H
ILUPDWR
•
'RFXPHQWD]LRQH DWWHVWDQWH LO SDJDPHQWR GHO FRUULVSHWWLYR SHU OD FRQQHVVLRQH FRPH
SUHFHGHQWHPHQWHLQGLFDWR
&21',=,21,3(5/$5($/,==$=,21(23(5(3(5/$&211(66,21(
3HU FRQVHQWLUFL GL DYYLDUH OD UHDOL]]D]LRQH GHOOH RSHUH GL FRQQHVVLRQH GL QV FRPSHWHQ]D q
QHFHVVDULR FKH GRSR O¶RWWHQLPHQWR GHOOH HYHQWXDOL DXWRUL]]D]LRQL SUHYLVWH QHO SUHVHQWH
SUHYHQWLYR/HLFLLQYLLDOO¶LQGLUL]]RVRSUDLQGLFDWR
• FRPXQLFD]LRQH GL FRPSOHWDPHQWR GHOOH RSHUH VWUHWWDPHQWH QHFHVVDULH DL ILQL GHOOD
UHDOL]]D]LRQHGHOODFRQQHVVLRQHLQGLFDWHQHOODJLjFLWDWD6SHFLILFD7HFQLFD
787(/$'(//$6$/87(('(//$6,&85(==$'(,/$925$725,1(,/82*+,',
/$9252
5LFKLDPLDPR OD 6XD DWWHQ]LRQH VXOOH GLVSRVL]LRQL GHO '/JV Q GHO DSULOH ³$WWXD]LRQHGHOO¶DUWLFRORGHOODOHJJHDJRVWRQLQPDWHULDGLWXWHODGHOODVDOXWH
HGHOODVLFXUH]]DQHLOXRJKLGLODYRUR´FKHUHJRODPHQWDQRODPDWHULDGHOODWXWHODGHOODVDOXWHH
GHOODVLFXUH]]DGHLODYRUDWRULQHLOXRJKLGLODYRURHGLQSDUWLFRODUHVXJOLDUWWQHFKH
YLHWDQRO¶HVHFX]LRQHGLODYRULLQSURVVLPLWjGLOLQHHHOHWWULFKHRLPSLDQWLHOHWWULFLFRQSDUWLDWWLYH
QRQSURWHWWHDPHQRFKHQRQYHQJDQRDGRWWDWHLGRQHHSUHFDX]LRQL
&21',=,21,3(5/¶$77,9$=,21('(//¶,03,$172
8QD YROWD WHUPLQDWL L ODYRUL GL UHDOL]]D]LRQH GHOOD FRQQHVVLRQH O¶DWWLYD]LRQH GHOO¶LPSLDQWR q
VXERUGLQDWDDOULFHYLPHQWRGHOODVHJXHQWHGRFXPHQWD]LRQH
•
'LFKLDUD]LRQH VRVWLWXWLYD GL DWWR GL QRWRULHWj DWWHVWDQWH LO FRPSOHWDPHQWR GHL ODYRUL GL
UHDOL]]D]LRQH GHOO¶LPSLDQWR GL SURGX]LRQH QHOOH WHPSLVWLFKH SUHYLVWH GDO SURYYHGLPHQWR
DXWRUL]]DWLYR
•
1HOFDVRGLSUDWLFKHQRQJHVWLWHWUDPLWHSURFHGXUDRQOLQHFRPXQLFD]LRQHGLXQUHFDSLWR
GL SRVWD HOHWWURQLFD FHUWLILFDWD 3(& R ID[ SHU FRQVHQWLUH DG (QHO 'LVWULEX]LRQH O¶LQYLR
GHOOD FRPXQLFD]LRQH GL GLVSRQLELOLWj DOO¶DWWLYD]LRQH VHFRQGR PRGDOLWj FKH FRQVHQWDQR
O¶LPPHGLDWRULFHYLPHQWRFRPHGLVSRVWRGDO7,&$
•
9HUVDPHQWRGHOFRUULVSHWWLYRSHUODUHPXQHUD]LRQHGHOOHDWWLYLWjGLFHUWLILFD]LRQHGLILQH
ODYRULHVHJXLWHGDLJHVWRULGLUHWHDLVHQVLGHOOD'HOLEHUD$5*HOWQHGLQYLRGHOOD
FHUWLILFD]LRQH DWWHVWDQWH LO SDJDPHQWR GHOO¶LPSRUWR LQ TXHVWLRQH GRFXPHQWD]LRQH
ULFKLHVWD VROR SHU L VRJJHWWL WLWRODUL GL XQ LPSLDQWR GL SURGX]LRQH LVFULWWR DO
UHJLVWURGLFXLDOO¶DUWGHOGHFUHWRLQWHUPLQLVWHULDOHPDJJLR
•
5HJRODPHQWR GL (VHUFL]LR DOOHJDWR DO SUHVHQWH SUHYHQWLYR DXWRFHUWLILFD]LRQH GD /HL
FRPSLODWRHVRWWRVFULWWR
$L ILQL GHOOD FRPSLOD]LRQH GHO 5HJRODPHQWR GL (VHUFL]LR SULPD GHO VXR LQYLR GRYUj
ULFKLHGHUHDG(QHO
o
O¶HYHQWXDOH HVFOXVLRQH GHOOD IXQ]LRQH GL ULGX]LRQH GHOOD SRWHQ]D LPPHVVD LQ UHWH
DOO¶DXPHQWDUHGHOODIUHTXHQ]DGLFXLDOSDUGHOO¶$OOHJDWR$HDOO¶$OOHJDWR)
SDU)GHOOD1RUPD&(,
o
L YDORUL GL WDUDWXUD GD LPSRVWDUH VXO 6LVWHPD GL 3URWH]LRQH GL ,QWHUIDFFLD H GD
ULSRUWDUHQHOOD³'LFKLDUD]LRQHGLFRQIRUPLWjHYHULILFDGHOO¶LPSLDQWRGLSURGX]LRQH
H VLVWHPD GL SURWH]LRQH GL LQWHUIDFFLD´ DOOHJDWD DO 5HJRODPHQWR GL (VHUFL]LR
VWHVVR
•
'RFXPHQWD]LRQHGLFXLDOOD6H]LRQH)GHOOD³*XLGDSHUOHFRQQHVVLRQLDOOHUHWLHOHWWULFKH
GL(QHO'LVWULEX]LRQH´
•
$FFHWWD]LRQH GHOOH ³&RQGL]LRQL JHQHUDOL GL FRQWUDWWR GL FRQQHVVLRQH´ H VH LO VHUYL]LR GL
PLVXUDqVWDWRULFKLHVWRDG(QHO'LVWULEX]LRQHGHOOH³&RQGL]LRQLJHQHUDOLSHULOFRQWUDWWR
GLPLVXUD´DOOHJDWHDOSUHVHQWHSUHYHQWLYRVRWWRVFULWWHGDSDUWHGHOULFKLHGHQWH
•
&RPXQLFD]LRQH GL FRPSOHWDPHQWR GHL ODYRUL VWUHWWDPHQWH QHFHVVDUL SHU O¶DWWLYD]LRQH
GHOO¶LPSLDQWR GL SURGX]LRQH SUHYLVWL QHOOD ³*XLGD SHU OH FRQQHVVLRQL DOOD UHWH GL (QHO
'LVWULEX]LRQH´
•
$WWHVWD]LRQH
ULODVFLDWD
GD
7HUQD
ULSRUWDQWH
O¶DELOLWD]LRQH
LQ
*$8'Î
KWWSZZZWHUQDLWGHIDXOW+RPH6,67(0$B(/(775,&2JDXGLDVS[GHOOHLQIRUPD]LRQL
UHODWLYH DOO¶LPSLDQWR GL SURGX]LRQH VHFRQGR TXDQWR SUHYLVWR GDOOD 'HOLEHUD $5*HOW Q
•
1HO FDVR GL LPSLDQWL UHJLVWUDWL LQ *$8'Î VXFFHVVLYDPHQWH DO DSULOH FRPXQLFD]LRQH DG (QHO 'LVWULEX]LRQH GD SDUWH GL 7HUQD GL $ELOLWD]LRQH DL ILQL
GHOO¶$WWLYD]LRQHHGHOO¶(VHUFL]LRGHOOH8QLWjGL3URGX]LRQHVX*$8'Î
1HOFDVRGLLPSLDQWLUHJLVWUDWLLQ*$8'ÎILQRDODSULOHDLILQLGHOO¶DWWLYD]LRQH
qFRPXQTXHQHFHVVDULRFKH(QHO'LVWULEX]LRQHYDOLGLLGDWLSUHVHQWLQHOODFRSLD
FDUWDFHD GHOO¶DWWHVWD]LRQH GL DYYHQXWD UHJLVWUD]LRQH LQ *$8'Î FKH /HL GRYUj
SURYYHGHUHDGLQYLDUFL
/HULFRUGLDPRLQROWUHFKHVXFFHVVLYDPHQWHDOO¶DWWLYD]LRQHGHOODFRQQHVVLRQHGRYUjFRPXQLFDUH
DG (QHO 'LVWULEX]LRQH LO FRGLFH GLWWD DWWULEXLWR QHOOD OLFHQ]D ILVFDOH GL HVHUFL]LR ULODVFLDWD
GDOO
$JHQ]LDGHOOH'RJDQHWHUULWRULDOPHQWHFRPSHWHQWH
3HU WXWWR O¶LWHU GHOOD SUDWLFD GL FRQQHVVLRQH GRYUj IDUH ULIHULPHQWR D (XJHQLR 7RUURQL Qƒ
WHOHIRQLFRHPDLOHXJHQLRWRUURQL#HQHOFRP
&RQ O¶RFFDVLRQH FRPXQLFKLDPR GL VHJXLWR LO OLQN GHO QRVWUR VLWR LQWHUQHW VXO TXDOH SRWUHWH
WURYDUHLQIRUPD]LRQLXWLOLDGRJQL9RVWUDHVLJHQ]D
KWWSZZZHQHOLWLW,7VWDWLFUHWLHQHOBGLVWULEX]LRQHSURGXWWRULDXWRSURGXWWRUL
2%%/,*+,,1)250$7,9,$&$5,&2'(/5,&+,('(17(
5LWHQLDPR RSSRUWXQR IDU/H SUHVHQWH FKH GRSR O¶DFFHWWD]LRQH GHO SUHYHQWLYR H SHU HYLWDUH OD
GHFDGHQ]D GHOOR VWHVVR GRYUj LQYLDUFL FRPH SUHYLVWR GDOO¶DUW GHO 7,&$ O¶LQIRUPDWLYD VXOOR
VWDWR GHOO¶LWHU DXWRUL]]DWLYR RYYHUR VXOO¶DYYLR GHL ODYRUL GL UHDOL]]D]LRQH GHOO¶LPSLDQWR GL
SURGX]LRQH SUHFLVDQGR SHU LO FDVR GL ULWDUGR QHOO¶DYYLR VH TXHVWR VLD GRYXWR DOOD PDQFDWD
FRQFOXVLRQHGHLSURFHGLPHQWLDXWRUL]]DWLYLRDFDXVHGLIRU]DPDJJLRUHRYYHURDGDOWUHFDXVHD
/HL QRQ LPSXWDELOL 7DOH LQIRUPDWLYD GRYUj SHUYHQLUFL HQWUR OD WHPSLVWLFD LQGLFDWD QHO 7,&$
PHGLDQWHGLFKLDUD]LRQHVRVWLWXWLYDGLDWWRGLQRWRULHWjLOFXLIDFVLPLOHqGLVSRQLELOHVXOVLWR
KWWSZZZHQHOLWLW,7UHWLHQHOBGLVWULEX]LRQHSURGXWWRULBFRQQHVVLRQHGHOLEHUD
/H UDPPHQWLDPR LQROWUH FKH GRYUj HVVHUFL LQYLDWD SHQD OD GHFDGHQ]D GHO SUHYHQWLYR XQD
GLFKLDUD]LRQH VRVWLWXWLYD GL DWWR GL QRWRULHWj DWWHVWDQWH O¶DYYLR GHOO¶LWHU DXWRUL]]DWLYR QHOOH
WHPSLVWLFKHSUHYLVWHGDJOLDUWWHGHO7,&$&RQULIHULPHQWRDTXDQWRGLVSRVWRDJOL
DUWHGHO7,&$FRPHPRGLILFDWLGDOODGHOLEHUD]LRQHQODGLFKLDUD]LRQHGLDYYLRGHO
SURFHGLPHQWR DXWRUL]]DWLYR GD LQYLDUH DO JHVWRUH GL UHWH GHYH FRQWHQHUH ³LO WLSR GL LWHU
DXWWRUL]]DWLYR VHJXLWR QRQFKp JOL HVWUHPL HG L UHFDSLWL GHO UHVSRQVDELOH GHO SURFHGLPHQWR
DXWRUL]]DWLYR´,OIDFVLPLOHGLGLFKLDUD]LRQHVRVWLWXWLYDqGLVSRQLELOHVXOVLWR
KWWSZZZHQHOLWLW,7UHWLHQHOBGLVWULEX]LRQHSURGXWWRULBFRQQHVVLRQHGHOLEHUD
/H FRPXQLFKLDPR DOWUHVu FKH LQ EDVH DOO¶DUW GHO 7,&$ VH LO VXR LPSLDQWR GL SURGX]LRQH
QRQYHQLVVHUHDOL]]DWRHQWUROHWHPSLVWLFKHSUHYLVWHGDOO¶DXWRUL]]D]LRQHDOODFRVWUX]LRQHLQFOXVH
HYHQWXDOL SURURJKH FRQFHVVH GDOO¶HQWH DXWRUL]]DQWH LO SUHYHQWLYR YHUUj D GHFDGHUH (¶ TXLQGL
QHFHVVDULR FKH DO WHUPLQH GHL ODYRUL GL FRVWUX]LRQH GHOO¶LPSLDQWR GL SURGX]LRQH FL WUDVPHWWD
XQDGLFKLDUD]LRQHVRVWLWXWLYDGLDWWRQRWRULRDWWHVWDQWHLOULVSHWWRGHOODWHPSLVWLFDVRSUDGGHWWD
,OIDFVLPLOHGLGLFKLDUD]LRQHVRVWLWXWLYDqGLVSRQLELOHVXOVLWR
KWWSZZZHQHOLWLW,7UHWLHQHOBGLVWULEX]LRQHSURGXWWRULBFRQQHVVLRQHGHOLEHUD
/HHYLGHQ]LDPRLQROWUHFKHFRPHSUHYLVWRGDOO¶DUWGHO7,&$q6XRRQHUHSURYYHGHUHDG
LQYLDUFL XQ FURQRSURJUDPPD UHODWLYR DOOD UHDOL]]D]LRQH GHOO¶LPSLDQWR GL SURGX]LRQH HG DO
UHODWLYRDJJLRUQDPHQWRGDQGRFHQHFRPXQLFD]LRQHFRQFDGHQ]DDOPHQRWULPHVWUDOH
/H ULFRUGLDPR FKH FRPH SUHYLVWR GDOO¶DUW GHO 7,&$ D VHJXLWR GHOO¶RWWHQLPHQWR GHOOH
DXWRUL]]D]LRQL SHU OD FRVWUX]LRQH HG HVHUFL]LR GHOO¶LPSLDQWR GL SURGX]LRQH GRYUj UHJLVWUDUH LO
PHGHVLPRLPSLDQWRDOO¶LQWHUQRGL*$8'ÎDFFHGHQGRDOOLQN
KWWSZZZWHUQDLWGHIDXOW+RPH6,67(0$B(/(775,&2JDXGLDVS[
3HUPDJJLRULLQIRUPD]LRQLVXOSURFHVVRGLUHJLVWUD]LRQHGHOO¶LPSLDQWRLQ*$8'ÎHVXLVXFFHVVLYL
REEOLJKL D 6XR FDULFR QHFHVVDUL DL ILQL GHOO¶$ELOLWD]LRQH DL ILQL GHOO¶$WWLYD]LRQH H GHOO¶(VHUFL]LR
GHOOH8QLWjGL3URGX]LRQH VX*$8'ÎSUHYLVWLGDO7,&$SXz FRQVXOWDUHLPDQXDOLSXEEOLFDWLVXO
VLWRLQWHUQHWGL7HUQDHOD³*XLGDSHUOHFRQQHVVLRQLDOODUHWHGL(QHO'LVWULEX]LRQH´
&LqLQILQHJUDGLWDO¶RFFDVLRQHGLLQYLWDU/DDUHJLVWUDUVLSUHVVRLOQRVWURVLWRLQWHUQHWDOOLQN
KWWSZZZHQHOLWLW,7UHWLHQHOBGLVWULEX]LRQHSURGXWWRULBVWDWRBGRPDQGD
DOILQHGLSRWHUXVXIUXLUHGHLQRVWULVHUYL]LJUDWXLWLGLYHULILFDGHOORVWDWRGHOO¶LWHUGLFRQQHVVLRQH
UHODWLYRDOOD6XDULFKLHVWD
$/75(,1)250$=,21,
/D LQIRUPLDPR FKH TXDORUD GRYHVVHUR SHUYHQLUFL DQFKH VXFFHVVLYDPHQWH DOO¶DFFHWWD]LRQH GHO
SUHVHQWH SUHYHQWLYR DOWUH ULFKLHVWH GL FRQQHVVLRQH LQVLVWHQWL QHOO¶DUHD RJJHWWR GHO 6XR
LQWHUYHQWRHODVROX]LRQHWHFQLFDD/HLWUDVPHVVDGRYHVVHGLYHQWDUHFRPXQHDQFKHVROWDQWRLQ
SDUWH D WDOL ULFKLHVWH GL FRQQHVVLRQH YDOXWHUHPR O¶RSSRUWXQLWj GL DJJLRUQDUH OH FRQGL]LRQL GHO
SUHVHQWH SUHYHQWLYR FRQ SDUWLFRODUH ULJXDUGR D TXHOOH UHODWLYH DOOD JHVWLRQH GHOO¶LWHU
DXWRUL]]DWLYR GHOO¶LPSLDQWR GL UHWH SHU OD FRQQHVVLRQH HG DOOD UHDOL]]D]LRQH GHOO¶LPSLDQWR
PHGHVLPR
4XDORUD GXUDQWH O¶HVHUFL]LR GHOO¶LPSLDQWR GL SURGX]LRQH (QHO 'LVWULEX]LRQH GRYHVVH ULOHYDUH
VLVWHPDWLFKHLPPLVVLRQL GL HQHUJLD HOHWWULFD HFFHGHQWLOD SRWHQ]DLQLPPLVVLRQH ULFKLHVWD (QHO
'LVWULEX]LRQH RYH WHFQLFDPHQWH SRVVLELOH PRGLILFKHUj LO YDORUH GHOOD SRWHQ]D LQ LPPLVVLRQH
ULFKLHVWDHULFDOFROHUjLOFRUULVSHWWLYRSHUODFRQQHVVLRQHVXOODEDVHGHOODUHJROD]LRQHYLJHQWHDO
PRPHQWR GHO ULFDOFROR (QHO 'LVWULEX]LRQH DSSOLFKHUj LQ WDO FDVR DO ULFKLHGHQWH LO WULSOR GHOOD
GLIIHUHQ]DWUDLOFRUULVSHWWLYRSHUODFRQQHVVLRQHULFDOFRODWRHLOFRUULVSHWWLYRSHUODFRQQHVVLRQH
GHWHUPLQDWR QHO SUHYHQWLYR SURYYHGHQGR D PRGLILFDUH GL FRQVHJXHQ]D LO FRQWUDWWR GL
FRQQHVVLRQH FRPH VWDELOLWR QHOO¶DUWLFROR GHO 7,&$ 6L FRQVLGHUD FRPH ³VLVWHPDWLFR´ LO
VXSHUDPHQWRGHOODSRWHQ]DLQLPPLVVLRQHULFKLHVWDLQDOPHQRGXHGLVWLQWLPHVLQHOO¶DQQRVRODUH
'2&80(17$=,21($//(*$7$
,QDOOHJDWRDOSUHVHQWHSUHYHQWLYRVLWUDVPHWWRQR
&RQGL]LRQLJHQHUDOLGHOFRQWUDWWRGLFRQQHVVLRQH
5HJRODPHQWRG¶HVHUFL]LR%7
&RQLPLJOLRULVDOXWL
(7725(&$5862
,/5(63216$%,/(
,OSUHVHQWHGRFXPHQWRqVRWWRVFULWWRFRQILUPDGLJLWDOHDLVHQVL
GHOO
DUWGHOGOJV/DULSURGX]LRQHGHOORVWHVVRVX
VXSSRUWRDQDORJLFRqHIIHWWXDWDGD(QHO6HUYL]LHFRVWLWXLVFHXQD
FRSLDLQWHJUDHIHGHOHGHOO¶RULJLQDOHLQIRUPDWLFRGLVSRQLELOHD
ULFKLHVWDSUHVVRO
8QLWjHPLWWHQWH
/DUJKH]]DGHOOHIDVFHGDDVVHUYLUHLQSUHVHQ]D
GLFDPSDWHGLOXQJKH]]DULFRUUHQWH
/XQJKH]]D
FDPSDWD
ULFRUUHQWH
/DUJKH]]D
IDVFLD
P
4XDOVLDVL
TXDOVLDVL
TXDOVLDVL
P
P
TXDOVLDVL
P
P
7LSRGL
OLQHD
1DWXUD
FRQGXWWRUH
6H]LRQHR
GLDPHWUR
%7
&DYR
LQWHUUDWR
TXDOVLDVL
FDYRDHUHR
TXDOVLDVL
&DYR
LQWHUUDWR
TXDOVLDVL
UDPHQXGR
07
$7ILQRD
N9
3DOLILFD]LR
$UPDPHQWR
QH
PP 4XDOVLDVL
UDPHQXGR
PP
4XDOVLDVL
TXDOVLDVL
P
P
$O$FF
/HJDGL$O
4XDOVLDVL
4XDOVLDVL
TXDOVLDVL
P
P
4XDOVLDVL
4XDOVLDVL
4XDOVLDVL
TXDOVLDVL
P
P
WUDOLFFL
VHPSOLFH
WHUQD
VRVSHVR
P
P
VRVSHVR
P
P
VRVSHVR
P
P
WUDOLFFL
GRSSLD
WHUQD
VRVSHVR
P
P
P
$OO$FF
$OO$FF
&DYR
LQWHUUDWR
Φ PP
Φ PP
TXDOVLDVL
WUDOLFFL
GRSSLD
WHUQD
WUDOLFFL
VHPSOLFH
WHUQD
'LQRUPDVLDGRWWDQROHODUJKH]]HGHOOHIDVFHGLULVSHWWRULSRUWDWHQHOODWDEHOODVHJXHQWH
(YHQWXDOLPDJJLRULODUJKH]]HVRQRFRQVHQWLWHSHUWHQHUFRQWRGLVROX]LRQLLPSLDQWLVWLFKH
VSHFLILFKHRGLQRUPDWLYHDSSOLFDELOL
3HUFDPSDWHGLOXQJKH]]HVXSHULRULODODUJKH]]D+DGHOOHIDVFHGDDVVHUYLUHYDFDOFRODWDFRQULIHULPHQWRDOOH
SRVL]LRQLLPSUDWLFDELOLGLFXLDOO¶DUWOHWWHUDKGHO'0Q
/DODUJKH]]DGHOODIDVFLDSXzHVVHUHDXPHQWDWDTXDORUDVLSUHVHQWLQRFLUFRVWDQ]HFKHORFRQVLJOLQR
5(*2/$0(172',(6(5&,=,2,13$5$//(/2&215(7,%7',(1(/',675,%8=,21(
63$ ', ,03,$17, ', 352'8=,21( '(//¶(1(5*,$ (/(775,&$ ', 35235,(7$
'(/
352'87725(
,OVRWWRVFULWWR
1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB&RJQRPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1DWRDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBBLOBBBBBBBBBBBBB
&RGLFH)LVFDOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HVLGHQWHLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBYLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RPXQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBBBBBB&$3BBBBBBB
GLVHJXLWRDQFKHSURGXWWRUHLQTXDOLWjGLEDUUDUHO
RS]LRQHFRUULVSRQGHQWH
… WLWRODUHDYHQWH OD GLVSRQLELOLWj GHJOL LPSLDQWL GL SURGX]LRQH GL HQHUJLD HOHWWULFD ULSRUWDWL LQ
7DEHOOD
… LQTXDOLWjGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
GHOGHOODVRFLHWjLPSUHVDHQWHDVVRFLD]LRQHFRQGRPLQLRHFFBBBBBBBBBBBBBBBBBBBBB
FRQVHGHLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RGLFH
)LVFDOH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
SDUWLWD ,9$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB SHF BBBBBBBBBBBBBBBBBBBBBBBBB
WLWRODUHDYHQWH OD GLVSRQLELOLWj GHJOL LPSLDQWL GL SURGX]LRQH GL HQHUJLD HOHWWULFD ULSRUWDWL LQ
7DEHOOD
… 0DQGDWDULRFRQUDSSUHVHQWDQ]DGHO6LJ
1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB&RJQRPHBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1DWRDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBLOBBBBBBBBBBBB
&RGLFH)LVFDOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HVLGHQWHLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBYLDBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RPXQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBBBBBB&$3BBBBBBB
FRQVDSHYROH GHOOH UHVSRQVDELOLWj H GHOOH VDQ]LRQL SHQDOL SUHYLVWH GDOO¶DUW GHO '35 Q
SHUIDOVHDWWHVWD]LRQLHGLFKLDUD]LRQLPHQGDFL
'LFKLDUDTXDQWRVHJXH
$OOD UHWH HOHWWULFD GL (QHO 'LVWULEX]LRQH GL VHJXLWR DQFKH (QHO VRQR FRQQHVVL JOL LPSLDQWL GL
SURGX]LRQHGLHQHUJLDHOHWWULFDLQGLFDWLLQWDEHOODXELFDWLLQYLDBBBBBBBBBBBBBBBBBBBBBBBBB
QƒBBB&RPXQHGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBB&$3BBBBB
&RGLFH32'GHOSXQWRGLFRQQHVVLRQHDOODUHWH(QHOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&(16,03
&RGLFH*2$/SUDWLFDGL
)RQWHLPSLDQWR
3RWHQ]DQRPLQDOHLPSLDQWR
FRQQHVVLRQH
N:
7DEHOOD(OHQFRLPSLDQWLGLSURGX]LRQH
*OL LPSLDQWL GL SURGX]LRQH GL HQHUJLD HOHWWULFD ULSRUWDWL QHOOD WDEHOOD VRSUDLQGLFDWD KDQQR XQD
SRWHQ]DQRPLQDOHFRPSOHVVLYDSDULDBBBBBBBN:HFRPXQTXHODSRWHQ]DFKHVDUjLPPHVVD
QHOODUHWHGL(QHOQRQVXSHUHUjODSRWHQ]DLQLPPLVVLRQHULFKLHVWDDUWGGGHO7,&$
*OL LPSLDQWL GL SURGX]LRQH VRSUDLQGLFDWL QHOOD WDEHOOD VRQR FRQIRUPL DOOD QRUPD &(, VHFRQGDHGL]LRQH
*OL LPSLDQWL GL SURGX]LRQH ULSRUWDWL LQ WDEHOOD VRQR LQ RJQL FRQGL]LRQH GL FDULFR LQ JUDGR GL
ULPDQHUH SHUPDQHQWHPHQWH FRQQHVVL DOOD UHWH SHU YDORUL GL WHQVLRQH QHO SXQWR GL FRQVHJQD
FRPSUHVLQHOO¶LQWHUYDOOR9Q”9”9QHSHUYDORULGLIUHTXHQ]DFRPSUHVLQHOO¶LQWHUYDOOR
+]”I”+]VHFRQGRTXDQWRSUHVFULWWRGDOSDUDJUDIRGHOODQRUPD&(,
,O3URGXWWRUHFRQODVRWWRVFUL]LRQHGHOSUHVHQWHUHJRODPHQWRVLLPSHJQDSRLDULVSHWWDUHTXDQWR
VRWWRULSRUWDWR
(1)
127$ÊLOFRGLFHULSRUWDWRQHOSUHYHQWLYRGLFRQQHVVLRQH
127$ÊLOFRGLFHULODVFLDWRGDOODSURFHGXUD³*$8',¶´GL7HUQD
(3)
127$ÊODIRQWHGLHQHUJLDSULPDULDULSRUWDWDQHOODGRPDQGDGLFRQQHVVLRQH
(4)
127$ÊODVRPPDGHOOHSRWHQ]HQRPLQDOLGHLVLQJROLLPSLDQWLLQGLFDWLLQ7DEHOOD
(2)
$572%%/,*$=,21,',&$5$77(5(*(1(5$/(
,O 3URGXWWRUH VL LPSHJQD D IDU IXQ]LRQDUH LQ SDUDOOHOR FRQ OD UHWH GL (QHO VROWDQWR L JUXSSL
JHQHUDWRULLQGLFDWLQHOO¶$OOHJDWR'DOSUHVHQWHUHJRODPHQWR
,O3URGXWWRUHFRQVDSHYROHGHOGLYLHWRGLFROOHJDUHDOODUHWHGL(QHOJHQHUDWRULGLYHUVLGDTXHOOL
ULSRUWDWL QHOO¶$OOHJDWR ' DO SUHVHQWH UHJRODPHQWR QRQFKp GL PRGLILFDUH OR VFKHPD GL LPSLDQWR
ULSRUWDWR LQ $OOHJDWR % VL LPSHJQD DG RWWHQHUH OD SUHYHQWLYD DXWRUL]]D]LRQH GL (QHO SHU RJQL
PRGLILFDGLTXDQWRULSRUWDWRQHOSUHVHQWHUHJRODPHQWRHQHJOLDOOHJDWL
5LFRQRVFHQGRFKHJOLHOHPHQWLGLLPSLDQWRFDUSHQWHULDFRQGXWWRULHFFHOHDSSDUHFFKLDWXUHD
PRQWH GHO SXQWR GL FRQQHVVLRQH VRQR GL SURSULHWj GL (QHO LO 3URGXWWRUH VL LPSHJQD D QRQ
PDQRPHWWHUOL R PDQRYUDUOL Qp D FRQVHQWLUH FKH WHU]L SRVVDQR HIIHWWXDUH PDQRPLVVLRQL R
PDQRYUH ,O 3URGXWWRUH VL LPSHJQD D ULVSHWWDUH OH SUHVFUL]LRQL ULSRUWDWH QHO SUHVHQWH
UHJRODPHQWR QHOOD QRUPD &(, YLJHQWH H QHO &RGLFH GL UHWH GL 7HUQD H VXRL $OOHJDWL
QRQFKp OH SUHVFUL]LRQL FRQWHQXWH QHOOD QRUPDWLYD WHFQLFD H UHJRODWRULD FKH GRYHVVH HVVHUH
HPDQDWDGRSRODVRWWRVFUL]LRQHGHOSUHVHQWHUHJRODPHQWRLPSHJQDQGRVLDLQYLDUHVHULFKLHVWR
GD (QHO XQ QXRYR UHJRODPHQWR DJJLRUQDWR H DOO¶RFFRUUHQ]D DG DGHJXDUH WRWDOPHQWH R
SDU]LDOPHQWH JOL LPSLDQWL GL SURGX]LRQH DOOH QXRYH SUHVFUL]LRQL SHQD OD VRVSHQVLRQH GHOOD
FRQQHVVLRQHGDSDUWHGL(QHO
,O3URGXWWRUHVLLPSHJQDDFRQVHQWLUHLQRJQLPRPHQWRODYHULILFDD(QHOHDVXRLLQFDULFDWLGHO
ULVSHWWRGHOOHSUHVFUL]LRQLHGLTXDQWRGLFKLDUDWRQHOSUHVHQWHUHJRODPHQWRHQHLUHODWLYLDOOHJDWL
,O 3URGXWWRUH LQROWUH VL LPSHJQD D FRPXQLFDUH WHPSHVWLYDPHQWH D (QHO TXDOVLDVL LQL]LDWLYD RG
HYHQWR FKH SHU TXDOVLDVL PRWLYR SRVVD FRPSRUWDUH PRGLILFD DQFKH SDU]LDOH GL TXDQWR
HVSRVWRQHOSUHVHQWHUHJRODPHQWRGLHVHUFL]LRHGDHYLWDUHO
DWWXD]LRQHGLWDOHPRGLILFDVLQRD
FKH QRQ DEELD RWWHQXWR LO FRQVHQVR GD (QHO DWWHQHQGRVL FRPXQTXH DOOH FRQGL]LRQL FKH
HYHQWXDOPHQWHYLQFRODVVHURWDOHFRQVHQVR
,Q FDVR GL FHVVD]LRQH GHO FRQWUDWWR GL FRQQHVVLRQH LO 3URGXWWRUH VL LPSHJQD D FRQWDWWDUH (QHO
SHU LO GLVWDFFR GHOOD IRUQLWXUD DWWLYD HG D PHWWHUH LQ VLFXUH]]D LO FROOHJDPHQWR HOHWWULFR GHL
SURSULLPSLDQWL
$57 &21',=,21, ', (6(5&,=,2 '(/ &2//(*$0(172 ,1 3$5$//(/2 )5$ 5(7(
(1(/(',03,$172'(/352'87725(
&RQGL]LRQLJHQHUDOL
,O 3URGXWWRUH ULFRQRVFHQGR FKH O
HVHUFL]LR LQ SDUDOOHOR FRQ OD UHWH (QHO GHL SURSUL JUXSSL GL
JHQHUD]LRQHDYYLHQHVRWWRODVXDHVFOXVLYDUHVSRQVDELOLWjVLLPSHJQDDOULVSHWWRGHOOHVHJXHQWL
FRQGL]LRQL
D LO FROOHJDPHQWR QRQ GRYUj FDXVDUH GLVWXUEL DOOD WHQVLRQH GL DOLPHQWD]LRQH H HG DOOD
FRQWLQXLWj GHO VHUYL]LR VXOOD UHWH GL (QHO LQ FDVR FRQWUDULR LO FROOHJDPHQWR VL GHYH
LQWHUURPSHUHDXWRPDWLFDPHQWHHWHPSHVWLYDPHQWH
E (QHOSXzHIIHWWXDUHSLULODQFLGLWHQVLRQHSHUHVLJHQ]HGLHVHUFL]LRGHOODSURSULDUHWHVLD
DXWRPDWLFDPHQWH FKH PDQXDOPHQWHLQ WHPSL FKH DOPLQLPR SRVVRQR DUULYDUH D PV GDO PDQFDUH GHOOD WHQVLRQH VXOOD UHWH 7DOL ULODQFL QRQ VRQR FRQGL]LRQDWL GDOOD
YHULILFDGDSDUWHGL(QHOGHOODSUHVHQ]DGHLJHQHUDWRULFRQYHUWLWRULLQSDUDOOHORDOODUHWH
SHUWDQWR LO 3URGXWWRUH GHYH DGRWWDUH WXWWL JOL DFFRUJLPHQWL QHFHVVDUL DOOD VDOYDJXDUGLD
GHL SURSUL LPSLDQWL LQ IXQ]LRQH GHOOH FDUDWWHULVWLFKH GHJOL VWHVVL FKH GHYRQR UHVLVWHUH
DOOHVROOHFLWD]LRQLFRQVHJXHQWLDOOHULFKLXVXUHGHJOLRUJDQLGLPDQRYUDGL(QHO,GDQQLR
GLVVHUYL]L FRQQHVVL H FRQVHJXHQWL DOOD PDQFDWD DGR]LRQH GL WDOL DFFRUJLPHQWL QRQ
SRWUDQQRHVVHUHLPSXWDWLDG(QHO
7HQWR FRQWR FKH OD GXUDWD GHOOH VHTXHQ]H GL ULODQFL KD WHPSL YDULDELOL LO 3URGXWWRUH VL
LPSHJQD LQ FDVR GL GLVSRVLWLYL FKH ULFROOHJKLQR DXWRPDWLFDPHQWH O¶LPSLDQWR GL
SURGX]LRQH DG LPSRVWDUH XQ DGHJXDWR WHPSR GL DWWHVD GHOO¶RUGLQH GL TXDOFKH PLQXWR
DOPHQRSDULDPLQXWL
F LO 3URGXWWRUH VL LPSHJQD DOWUHVu DG DVVLFXUDUH FKH O¶LQWHUYHQWR GHOOD SURWH]LRQH GL
LQWHUIDFFLDGHOSURSULRLPSLDQWRGLSURGX]LRQHDYYHQJDHQWURLOWHPSRGLULFKLXVXUDGHJOL
LQWHUUXWWRULGL(QHOLQTXDQWRqFRQVDSHYROHFKHWDOHPDQFDWRLQWHUYHQWRSXzFRQVHQWLUH
DOO¶LPSLDQWRGLSURGX]LRQHGLVRVWHQHUHO¶LVRODGLFDULFRFRQXQDWHQVLRQHLQGLVFRUGDQ]D
GL IDVH FRQ TXHOOD GL UHWH GHWHUPLQDQGR LQ WDO PRGR XQD FRQGL]LRQH GL ULVFKLR SHU OD
VDOYDJXDUGLDGHJOLLPSLDQWLSDVVLYLHGDWWLYLFRQQHVVLDOO¶LVRODVWHVVD
G LQ FDVR GL PDQFDQ]D GL WHQVLRQH VXOOD UHWH GL (QHO O
LPSLDQWR GL SURGX]LRQH QRQ SXz
LPPHWWHUYL SRWHQ]D Qp PDQWHQHUH LQ WHQVLRQH SDUWL GHOOD UHWH GL (QHO GDOOD UHWH GL
GLVWULEX]LRQH SXEEOLFD VH QRQ HQWUR L OLPLWL GL IXQ]LRQDPHQWR GHO 63, SUHYLVWL GDOOD
1RUPD&(,
H LO3URGXWWRUHVLUHQGHGLVSRQLELOHVLQG¶RUDDULFKLHVWDGHOO¶(QHODSUHGLVSRUUHO¶LPSLDQWR
GLXWHQ]DSHUODULFH]LRQHGHLVHJQDOLLPSDUWLWLGD(QHOFKHDELOLWDQRODFRPXQLFD]LRQHWUD
127$/HGXUDWDGHOOHVHTXHQ]HGLULODQFLKDWHPSLPROWRYDULDELOL(¶RSSRUWXQRLQFDVRGLGLVSRVLWLYLFKH
ULFROOHJKLQRDXWRPDWLFDPHQWHO¶LPSLDQWRGLSURGX]LRQHLPSRVWDUHXQDGHJXDWRWHPSRGLDWWHVDGHOO¶RUGLQHGLTXDOFKH
PLQXWR,O3URGXWWRUHSUHQGHDWWRFKHLQSDUWLFRODULVLWXD]LRQLGLFDULFRGHOODUHWHLOPDQFDWRLQWHUYHQWRGHOOD
SURWH]LRQHGLLQWHUIDFFLDHQWURLOWHPSRGLULFKLXVXUDGHJOLLQWHUUXWWRULGL(QHOSXzGHWHUPLQDUHXQDWHQVLRQHDL
PRUVHWWLGHLJHQHUDWRULLQGLVFRUGDQ]DGLIDVHFRQTXHOODGLUHWH
ODUHWHGHOO¶(QHOFRQO¶LPSLDQWRGLSURGX]LRQHDGHVHPSLRWHOHGLVWDFFRVHJQDOHGLUHWH
VDQDVHJQDOHGLSRUWDQWHGHOYHWWRUHGLFRPXQLFD]LRQHHFFPHGLDQWHO¶LQVWDOOD]LRQHGL
DSSDUDWLFRQIRUPLVLDDOODQRUPDWLYDWHFQLFDLQYLJRUHDOPRPHQWRGHOODSUHGLVSRVL]LRQH
VRSUDGGHWWDFKHDOOHVSHFLILFKHIRUQLWHGD(QHO
I LQFDVRGLULFH]LRQHGLVHJQDOLGLFXLDOODSUHFHGHQWHOHWWHUDQRQFKpGLTXDOXQTXHHYHQWR
DQRPDOR FRPSUHVH OH YDULD]LRQL GL IUHTXHQ]D WHQVLRQH H JOL VTXLOLEUL GHOOD SRWHQ]D
JHQHUDWD LO IXQ]LRQDPHQWR FRPSOHVVLYR GHOO
LPSLDQWR GL SURGX]LRQH H GHL JHQHUDWRULLQ
HVVRSUHVHQWLVDUjFRQIRUPHDOOHSUHVFUL]LRQLGHOOHQRUPDWLYHWHFQLFKHYLJHQWL
J LQFDVRGLGLVSRQLELOLWjGLDOWUHFRQQHVVLRQLGLUHWHTXDOLDGHVSXQWLGLDOLPHQWD]LRQHGL
HPHUJHQ]D HFF LO 3URGXWWRUH GRYUj PDQWHQHUOH HOHWWULFDPHQWH VHSDUDWH GD TXHOOD
RJJHWWRGHOSUHVHQWHUHJRODPHQWRLQPRGRGDHYLWDUHSDUDOOHOLDQFKHWUDQVLWRULDPHQR
FKH TXHVWL VLDQR LQGLFDWL HVSOLFLWDPHQWH H UHJRODWL GL FRQVHJXHQ]D VHFRQGR OH
SUHVFUL]LRQLGHOODQRUPD&(,HVXFFHVVLYHPRGLILFKH
K L YDORUL LQGLFDWL GD (QHO SHU OH UHJROD]LRQL GHL VLVWHPL GL SURWH]LRQH H SHU L VLVWHPL GL
FRQWUROORGHLJHQHUDWRULLQFOXVLLFRQWUROOLGLLQYHUWHUFRQQHVVLIUDUHWHGLGLVWULEX]LRQHH
IRQWHGLHQHUJLDSULPDULDQRQVDUDQQRPRGLILFDWLGDO3URGXWWRUH
L
O¶LPSLDQWR GL SURGX]LRQH QRQ LPPHWWHUj LQ QHVVXQ FDVR H LQ QHVVXQD FRQGL]LRQH XQD
SRWHQ]DLQUHWHFRQVTXLOLEULWUDOHIDVLPDJJLRULGLN:
M QHOOD UHWH (QHO QRQ YHUUj LPPHVVD SRWHQ]D VXSHULRUH DO YDORUH GHOOD 3RWHQ]D LQ
LPPLVVLRQHULFKLHVWDDUWGGGHO7,&$SHQDLOULVDUFLPHQWRGLWXWWLLGDQQLSURGRWWL
GLUHWWL HG LQGLUHWWL FDXVDWL DOOD UHWH (QHO R D WHU]L VRWWHVL D WDOH UHWH 4XDORUD YL VLD OD
QHFHVVLWj GL LPPLVVLRQL GL SRWHQ]D LQ UHWH VXSHULRUL D TXHOOH VRSUD GHILQLWH YHUUj
ULFKLHVWRO¶DGHJXDPHQWRGHOODFRQQHVVLRQH
N LQ FDVR GL VXSHUDPHQWR GHOOD SRWHQ]D PDVVLPD LQ LPPLVVLRQH LQ DOPHQR GXH GLVWLQWL
PHVLQHOO¶DQQRVLDSSOLFDTXDQWRSUHYLVWRGDOOHGLVSRVL]LRQLGHOO¶$((*
,PSLDQWR
/DGHVFUL]LRQHGHJOLLPSLDQWLGLSURGX]LRQH HOH FDUDWWHULVWLFKHGHLGLVSRVLWLYLLPSLHJDWLVRQR H
YHUUDQQR PDQWHQXWL FRQIRUPL DOOR VFKHPD DOOHJDWR H DOOD QRUPDWLYD WHFQLFD LQ YLJRUH LQ
SDUWLFRODUHQRUPD&(,FRPHULSRUWDWRQHOO¶$GGHQGXPWHFQLFRDOSUHVHQWHUHJRODPHQWR
/RVFDPELRGLHQHUJLDUHDWWLYDFRQODUHWH(QHOGHJOLLPSLDQWLGLSURGX]LRQHLQFOXVRO¶HYHQWXDOH
VLVWHPDGLULIDVDPHQWRDYYHUUjVHFRQGROHVHJXHQWLPRGDOLWj
/DWDEHOODVHJXHQWHLQGLFDLYDORULGLFRVijPHGLRPHQVLOHQHOSXQWRGLFRQQHVVLRQHDOODUHWH
(QHO FKH LO 3URGXWWRUH VL LPSHJQD D ULVSHWWDUH QHOOH GLYHUVH IDVFH RUDULH LQFOXVD O¶D]LRQH GL
HYHQWXDOLVLVWHPLGLULIDVDPHQWRLQWHUQL
FRVij
)$6&,$25$5,$
)
)
)
*OL LQYHUWHU GHJOL LPSLDQWL GL SRWHQ]D VXSHULRUH D N: VDUDQQR FRPXQTXH LQ JUDGR GL
JDUDQWLUH OH IXQ]LRQDOLWj SUHYLVWH GDOOD QRUPD &(, QHOO¶$OOHJDWR ( SXQWR ±
³(URJD]LRQHDVVRUELPHQWR DXWRPDWLFR GL SRWHQ]D UHDWWLYD VHFRQGR XQD FXUYD FDUDWWHULVWLFD
4 I9´
1HLSHULRGLLQFXLLJHQHUDWRULVRQRLQDWWLYLJOLLPSLDQWLVLFRPSRUWHUDQQRFRPHLPSLDQWLSDVVLYL
H TXLQGL DVVRUELUDQQR O¶HQHUJLD UHDWWLYD LQGXWWLYD H QRQ LPPHWWHUDQQR HQHUJLD UHDWWLYD
LQGXWWLYDLQUHWH
$57±6,&85(==$(',6326,=,21,23(5$7,9(
,O 3URGXWWRUH SUHQGH DWWR FKH LO SHUVRQDOH GL (QHO SRWUj HVHJXLUH WXWWH OH PDQRYUH QHFHVVDULH
SHU HVHUFLUH OD SURSULD UHWH DQFKH VHQ]D SUHDYYLVR H FKH SRWUDQQR YHULILFDUVL VRVSHQVLRQL RG
LQWHUUX]LRQLGHOODFRQQHVVLRQHSHUFDXVHQRQLPSXWDELOLDG(QHO
,QROWUH LO 3URGXWWRUH SUHQGH DWWR FKH (QHO KD OD IDFROWj GL LQWHUURPSHUH LO SDUDOOHOR TXDORUD
O
HVHUFL]LR GHOOH SURSULH UHWL VLD FRPSURPHVVR GD SHUWXUED]LRQL SURYRFDWH GDJOL LPSLDQWL GL
SURGX]LRQHRGDLQHIILFLHQ]DGHOORVWHVVR
3HU OD VLFXUH]]D GHO SHUVRQDOH GXUDQWH O
HVHFX]LRQH GHL ODYRUL R GL DOWUL LQWHUYHQWL FKH
SUHVHQWLQR SHULFROR GL FRQWDWWR FRQ HOHPHQWL LQ WHQVLRQH LO 3URGXWWRUH HR LO VRJJHWWR FKH VLD
VWDWR QRPLQDWR 5HVSRQVDELOH ,PSLDQWR 5, GHYH RVVHUYDUH OH SUHVFUL]LRQL GHOOD OHJLVOD]LRQH
DQWLQIRUWXQLVWLFD YLJHQWH H GHOOH 1RUPH &(, (1 H &(, LQ SDUWLFRODUH SHU JOL
LQWHUYHQWL FKH LQWHUHVVDQR SDUWL GHJOL LPSLDQWL GL SURGX]LRQH FRQILQDQWL FRQ OD UHWH (QHO LO
3URGXWWRUHHRLOVRJJHWWRQRPLQDWR5HVSRQVDELOH,PSLDQWR5,GHYHFKLHGHUHDG(QHOSULPD
(6) 127$,YDORULVRQRTXHOOLLQGLFDWLQHOOD1RUPD&(,VDOYRDFFRUGLSDUWLFRODULLQWHUFRUVLWUD(QHO'LVWULEX]LRQH
H8WHQWH3URGXWWRUH
GHOO¶HVHFX]LRQHGHOO¶LQWHUYHQWRODPHVVDIXRULVHUYL]LRLPSLDQWLGHOODUHWH
,O3URGXWWRUHRVXRSHUVRQDOHLQFDULFDWRHVHJXLUjOHPDQRYUHHJOLDGHPSLPHQWLFKHGRYHVVHUR
HVVHUHULFKLHVWLGD(QHOSHUO¶HVHUFL]LRGHOODUHWHGLGLVWULEX]LRQH
,O 3URGXWWRUH TXDORUD SHUVRQDOH GL (QHO GRYHVVH VYROJHUH DWWLYLWj VXL SURSUL LPSLDQWL SUHVHQWL
DOO¶LQWHUQR GHOO¶DUHD GL FRPSHWHQ]D GHO 3URGXWWRUH VL LPSHJQD D IRUQLUH DO SHUVRQDOH GL (QHO
GHWWDJOLDWH LQIRUPD]LRQL VXL ULVFKL VSHFLILFL SUHVHQWL QHOO¶DPELHQWH LQ FXL LO SUHGHWWR SHUVRQDOH
GHYH RSHUDUH H VXOOH PLVXUH GL SUHYHQ]LRQH H GL HPHUJHQ]D DGRWWDWH LQ UHOD]LRQH DOOD SURSULD
DWWLYLWj ,O 3URGXWWRUH VL LPSHJQD DOWUHVu LQ WDOL LSRWHVL DG DVVLFXUDUH DO SHUVRQDOH (QHO
O¶DVVLVWHQ]DGLXQDSHUVRQDFKHIXQJHUjGD5LIHULPHQWRSHULOVLWR5,)DOORVFRSRGL
•
WUDVPHWWHUH WXWWH OH LQIRUPD]LRQL LQHUHQWL L ³ULVFKL VSHFLILFL´ FKH HVLVWRQR QHO OXRJR GL
ODYRUR
•
IRUQLUHWXWWHOHQRWL]LHQHFHVVDULHSHUORVYROJLPHQWRLQVLFXUH]]DGHOOHDWWLYLWjQHOVLWR
LQGLFDQGRDQFKHO¶HVLVWHQ]DGLSDUWLFRODULQRUPHRPRGDOLWjRSHUDWLYH
•
FXUDUHLUDSSRUWLUHODWLYLDOFRRUGLQDPHQWRWUDWXWWLL5HVSRQVDELOLGHOOHDWWLYLWjQHOVLWRH
OHHYHQWXDOLDOWUH,PSUHVHSUHVHQWLLQLPSLDQWR
$ WDOH VFRSR LO 3URGXWWRUH ULSRUWD QHOO¶$OOHJDWR & DO SUHVHQWH UHJRODPHQWR L QRPLQDWLYL GHOOH
SHUVRQH GL ULIHULPHQWR 5,) HR 5HVSRQVDELOH ,PSLDQWR 5, DXWRUL]]DWH SHU JOL HYHQWXDOL
LQWHUYHQWL GL PHVVD LQ VLFXUH]]D GHOO¶LPSLDQWR GL SURGX]LRQH SUHOLPLQDUL DOOR VYROJLPHQWR GHOOH
DWWLYLWj GL (QHO VXL SURSUL LPSLDQWL SUHVHQWL QHO VLWR GL SURGX]LRQH ,O 3URGXWWRUH VL LPSHJQD
LQROWUH D VHJQDODUH WHPSHVWLYDPHQWH RJQL YDULD]LRQH LQ PHULWR WUDPLWH O¶DJJLRUQDPHQWR GHO
SUHGHWWR$OOHJDWR&
$57±0$187(1=,21($'(*8$0(172,03,$17,67,&29(5,),&+((',66(59,=,
3HUWXWWDODGXUDWDGHOODFRQQHVVLRQHDOODUHWHGL(QHOGHJOLLPSLDQWLGLSURGX]LRQHLO3URGXWWRUH
VLLPSHJQDDGHVHJXLUHQHOULVSHWWRGHOODQRUPDWLYDDQFKHWHFQLFDYLJHQWHLFRQWUROOLSHULRGLFL
QHFHVVDUL HG XQD FRUUHWWD PDQXWHQ]LRQH LPSLDQWR GHJOL VWHVVL FLz DO ILQH GL DVVLFXUDUH
O¶HIILFLHQWHIXQ]LRQDOLWjGHJOLLPSLDQWLHTXLQGLHYLWDUHLOSHULFRORFKHVLFUHLQRGLVWXUELDOODUHWH
GL(QHO
,Q SDUWLFRODUH LO 3URGXWWRUH VL LPSHJQD D PDQWHQHUH HIILFLHQWH LO 6LVWHPD GL 3URWH]LRQH
G¶,QWHUIDFFLD63,HGDYHULILFDUQHODIXQ]LRQDOLWjHODULVSRQGHQ]DDQFKHDTXDQWRULFKLHVWRGD
(QHO UHODWLYDPHQWH DOOD UHJROD]LRQH GHOOH VRJOLH G¶LQWHUYHQWR FRQ XQD YHULILFD SUHOLPLQDUH
DOO¶DWWLYD]LRQHGHOODFRQQHVVLRQH H VXFFHVVLYDPHQWH PHGLDQWHFRQWUROOLGDHIIHWWXDUH FRQXQD
FDGHQ]DSHULRGLFDQRQVXSHULRUHDDQQL
7DOL YHULILFKH ULHQWUDQR QHOOD ³3URYH GL YHULILFD LQ FDPSR´ FRVu FRPH GHILQLWH GDOO¶$OOHJDWR $
GHOODQRUPD&(,HYDQQRHIIHWWXDWHTXDORUDLO63,VLDHVWHUQRDOO¶LQYHUWHUFRQOHFDVVHWWH
GLSURYDUHOqGLFXLDOO¶$OOHJDWR+GHOOD1RUPDVWHVVD
,O3URGXWWRUHSULPDGLHIIHWWXDUHLQWHUYHQWLVXO63,RVXDOWUHDSSDUHFFKLDWXUHGHJOLLPSLDQWLGL
SURGX]LRQH FKH SRVVDQR LQIOXLUH VXOO¶HVHUFL]LR GHOOD UHWH GD SDUWH GL (QHO VL LPSHJQD DG
LQIRUPDUH(QHOHGDGDJJLRUQDUHJOLDOOHJDWLDOSUHVHQWHUHJRODPHQWR
,O3URGXWWRUHVLLPSHJQDVXULFKLHVWDGL(QHODPRGLILFDUHDJJLRUQDUHDSURSULDFXUDHVSHVD
O¶LPSRVWD]LRQHGHLYDORULGHOOHWDUDWXUHGHOOHSURWH]LRQLGLLQWHUIDFFLDFKHVLUHQGRQRQHFHVVDULH
SHUHVLJHQ]HGLHVHUFL]LRHRVLFXUH]]DGHOODUHWHGLGLVWULEX]LRQHHRGLWUDVPLVVLRQHQD]LRQDOH
SHU HYROX]LRQH QRUPDWLYD R LQQRYD]LRQL WHFQRORJLFKH WDOL PRGLILFKH VDUDQQR VXFFHVVLYDPHQWH
XIILFLDOL]]DWHFRQO
DJJLRUQDPHQWRGHOODGRFXPHQWD]LRQHDOOHJDWDDOSUHVHQWHUHJRODPHQWR
,O 3URGXWWRUH VL LPSHJQD LQROWUH D FRQVHQWLUH DG (QHO R VXRL LQFDULFDWL O¶HIIHWWXD]LRQH GHOOH
RSSRUWXQHYHULILFKHVX63,LQSDUWLFRODUHDQFKHLQVHJXLWRDSUHGHWWHPRGLILFKH
,QFDVRGLHYHQWLVWUDRUGLQDULGLVVHUYL]LDQRPDOLHQHOODTXDOLWjGHOODWHQVLRQHULOHYDWDVXOODUHWH
HOHWWULFDGLGLVWULEX]LRQHHRSUHVXQWHDQRPDOLHGHJOLHYHQWXDOLJUXSSLGLPLVXUDGLSURSULHWjGHO
3URGXWWRUHLO3URGXWWRUHVLLPSHJQDDHIIHWWXDUHLQSUHVHQ]DGLSHUVRQDOH(QHOLFRQWUROOLFKH
(QHO GRYHVVH ULFKLHGHUH VXO IXQ]LRQDPHQWR GHO 6LVWHPD GL 3URWH]LRQH GL ,QWHUIDFFLD R D
FRQVHQWLUHDOODVWHVVD(QHOO¶HIIHWWXD]LRQHGLYHULILFKH
4XDORUD GD WDOL FRQWUROOL GRYHVVHUR HPHUJHUH LUUHJRODULWj IHUPR UHVWDQGR OD UHVSRQVDELOLWj GHO
3URGXWWRUH SHU L GDQQL FDJLRQDWL DG LPSLDQWL (QHO HR GL WHU]L ULFRQGXFLELOL LO 3URGXWWRUH
FRUULVSRQGHUj WHPSHVWLYDPHQWH DG (QHO L FRVWL SHU O¶DWWLYLWj GL YHULILFD HIIHWWXDWD HR SHU
O¶DVVLVWHQ]D DOOD YHULILFD ULFKLHVWD DO 3URGXWWRUH H SURYYHGHUj VHQ]D LQGXJLR DG HIIHWWXDUH WXWWL
JOLLQWHUYHQWLQHFHVVDULSHUODVLVWHPD]LRQHGHLSURSULLPSLDQWL
,O 3URGXWWRUH VL LPSHJQD D IRUQLUH VX VHPSOLFH ULFKLHVWD GL (QHO XQD GLFKLDUD]LRQH LQHUHQWH LO
FRQWUROOR GHOOH UHJROD]LRQL LPSRVWDWH H VXOOR VWDWR GL LQVWDOOD]LRQH H PDQXWHQ]LRQH GHOOH
DSSDUHFFKLDWXUH GLFKLDUD]LRQH FKH SRWUj HVVHUH YHULILFDWD GD (QHO PHGLDQWH LVSH]LRQL SUHVVR
O¶LPSLDQWRGHO3URGXWWRUH
1HOO¶DPELWR GHO SUHVHQWH UHJRODPHQWR O¶DWWHVWD]LRQH GHOOD YHULILFD GHO FRUUHWWR IXQ]LRQDPHQWR
GHOO¶LPSLDQWR H GHL VLVWHPL GL SURWH]LRQH q HVHJXLWD PHGLDQWH O¶´$GGHQGXP 7HFQLFR DO
UHJRODPHQWR GL (VHUFL]LR %7´ FRPSLODWR H ILUPDWR GD SURIHVVLRQLVWD LVFULWWR DOO¶DOER R GDO
UHVSRQVDELOHWHFQLFRGLXQDLPSUHVDDELOLWDWDDLVHQVLGHOODOHJJHYLJHQWH
$57±0,685$'(//¶(1(5*,$
,O3URGXWWRUHVLLPSHJQDDFRQVHQWLUHLQTXDOVLDVLPRPHQWRO¶DFFHVVRGHOSHUVRQDOHGL(QHORGL
VXRLLQFDULFDWLDLJUXSSLGLPLVXUDSHUOHDWWLYLWjGLLQVWDOOD]LRQHPDQXWHQ]LRQHYHULILFDOHWWXUD
HVLJLOODWXUD
,QROWUH LO 3URGXWWRUH VL LPSHJQD D JDUDQWLUH FRQ ULIHULPHQWR DO ORFDOH RYH q FROORFDWR LOL
VLVWHPDL GL PLVXUD LO PDQWHQLPHQWR QHO WHPSR GHOOH FRQGL]LRQL GL VLFXUH]]D SUHYLVWH GDOOD
QRUPDWLYDGLOHJJHYLJHQWHHGDOOD1RUPD&(,
,O3URGXWWRUHVLLPSHJQDDOWUHVuDFXVWRGLUHGLOLJHQWHPHQWHLJUXSSLGLPLVXUDLQVWDOODWLGD(QHO
HGHYLWDUHFKHJOLVWHVVLSRVVDQRHVVHUHGDQQHJJLDWLLQFDVRGLGDQQHJJLDPHQWRVLLPSHJQDD
GDUQHWHPSHVWLYDFRPXQLFD]LRQHDG(QHOSURYYHGHQGRDOWUHVuQHOFDVRLOGDQQHJJLDPHQWRVLD
LPSXWDELOH D VXR GROR R FROSD D ULPERUVDUH DOOD VWHVVD L FRVWL VRVWHQXWL SHU OD
ULSDUD]LRQHVRVWLWX]LRQH
,Q FDVR GL ULFKLHVWD GD SDUWH GHO 3URGXWWRUH GL VSRVWDPHQWR GHL JUXSSL GL PLVXUD GHOO¶HQHUJLD
SURGRWWD HR VFDPELDWD FRQ OD UHWH OR VWHVVR SUHQGH DWWR GL GRYHU FRQGLYLGHUH FRQ (QHO LO
SRVL]LRQDPHQWRGHLJUXSSLGLPLVXUDTXDORUDLOUHODWLYRVHUYL]LRGLPLVXUDqDIILGDWRD(QHODL
VHQVLGHOOHGHOLEHUH$((*YLJHQWL
*OL RQHUL GHULYDQWL GDJOL REEOLJKL ILVFDOL SHU OH YHULILFKH GL DWWLYD]LRQH H SHULRGLFKH D FXUD GL
FHUWLILFDWRUHWHU]RVRQRDFDULFRGHO3URGXWWRUHTXDOVLDVLVLDLOUHVSRQVDELOHGHOO¶LQVWDOOD]LRQHH
PDQXWHQ]LRQHGHOVLVWHPDGLPLVXUD
&RQGL]LRQLVXLORFDOLWHFQLFL
,O3URGXWWRUHVLLPSHJQDUHDOL]]DUHLOORFDOHPDQXIDWWRGHVWLQDWRDOOHDSSDUHFFKLDWXUHGLPLVXUD
GHOO¶HQHUJLD LQ PRGR FKH VLD DFFHVVLELOH DO SHUVRQDOH (QHO R D VXRL LQFDULFDWL ,Q GHWWR
ORFDOHPDQXIDWWR (QHO SRWUj LQVWDOODUH WXWWH OH DSSDUHFFKLDWXUH ULWHQXWH QHFHVVDULH DO FRUUHWWR
IXQ]LRQDPHQWRGHOQRGRGLFRQQHVVLRQHDQFKHLQUHOD]LRQHDOOHHYROX]LRQLWHFQRORJLFKHIXWXUH
$57±',6326,=,21,23(5$7,9(
,O 3URGXWWRUH ULFRQRVFH DG (QHO OD IDFROWj GL LQVWDOODUH QHO SXQWR GL FRQQHVVLRQH VH ULWHQXWR
QHFHVVDULR DSSDUHFFKLDWXUH GL UHJLVWUD]LRQH H FRQWUROOR SHU OD YHULILFD GHO IXQ]LRQDPHQWR GHL
GLVSRVLWLYL GL SURWH]LRQH H PLVXUD DQFKH DO ILQH GHOOD ULFRVWUX]LRQH GHOOD GLQDPLFD GHJOL
HYHQWXDOLGLVVHUYL]L
,O 3URGXWWRUH SUHQGH DWWR FKH (QHO TXDORUD ULWHQXWR QHFHVVDULR SXz LQVWDOODUH QHO SXQWR GL
FRQQHVVLRQH XQ GLVSRVLWLYR DQFKH WHOHFRQWUROODWR GL VH]LRQDPHQWR PDQRYUD H LQWHUUX]LRQH
SHUODSURWH]LRQHGHOODUHWHGDLPPLVVLRQLGLSRWHQ]DHFFHGHQWLLOOLPLWHVWDELOLWRQHLGRFXPHQWL
FRQWUDWWXDOL
,O3URGXWWRUHSUHQGHDWWRDQFKHFKH
D (QHO KD LO GLULWWR GL LQWHUURPSHUH LO VHUYL]LR GL FRQQHVVLRQH TXDORUD YHQJDQR UHJLVWUDWH
LPPLVVLRQLSUHOLHYLGLSRWHQ]DDWWLYDVXSHULRULDLYDORULGLSRWHQ]DGLVSRQLELOHLQGLFDWLQHO
SUHVHQWHUHJRODPHQWR
E OD VROX]LRQH WHFQLFD GL FRQQHVVLRQH ULSRUWDWD QHO SUHYHQWLYR GDOOR VWHVVR DFFHWWDWR GL
FXL LO SUHVHQWH UHJRODPHQWR WLHQH DWWR q VWDWD GHWHUPLQDWD GD YHULILFKH SUHOLPLQDUL
EDVDWH VXL FULWHUL SUHYLVWL GDOOD QRUPD &(, DUW H GD FDOFROL GL UHWH GL WLSR
VWDWLVWLFRHIIHWWXDWLFRQVLGHUDQGRXQDVVHWWRGLHVHUFL]LRGLUHWHVWDQGDUG
F LQ FDVR LQWHUUX]LRQH R VRVSHQVLRQL GHO VHUYL]LR GL FRQQHVVLRQH q VXD FXUD H VSHVD
SURYYHGHUH DOOD ULFRQQHVVLRQH GHOO¶LPSLDQWR GL SURGX]LRQH DO ULSULVWLQR GHOOH QRUPDOL
FRQGL]LRQLGLUHWH
G OH VRVSHQVLRQL GHO VHUYL]LR GL FRQQHVVLRQH H OH OLPLWD]LRQL DOOD SRWHQ]D LQ LPPLVVLRQH
SRVVRQRHVVHUHULFKLHVWHDO3URGXWWRUHVHQ]DFKHTXHVW¶XOWLPDSRVVDRSSRUVLRDYDQ]DUH
SUHWHVH ULVDUFLWRULH R LQGHQQLWDULH DQFKH LQ VHJXLWR DG HYHQWL GL 7HU]L R VX ULFKLHVWD GL
7HUQDRYYHURSHU
•
VYROJHUH L QHFHVVDUL LQWHUYHQWL GL VYLOXSSR HR DGHJXDPHQWR GHOOD UHWH HOHWWULFD GD
SDUWH GL (QHO LQ DVVROYLPHQWR GHJOL REEOLJKL GHULYDQWL D SURSULR FDULFR GDOO¶DWWR GL
FRQFHVVLRQHGLFXLqWLWRODUH
•
HVSOHWDPHQWR GHOOH DWWLYLWj GL PDQXWHQ]LRQH RUGLQDULD H VWUDRUGLQDULD GHOOD UHWH
HOHWWULFDGLGLVWULEX]LRQHHRGLWUDVPLVVLRQHRYYHURSHUJXDVWL
•
PDQFDWDDOLPHQWD]LRQHGDSXQWLGLLQWHUFRQQHVVLRQHFRQDOWULHVHUFHQWL
•
VSHFLILFKH GLVSRVL]LRQL LPSDUWLWH SHU RUGLQH GHOOH $XWRULWj FRPSHWHQWL EDVDWH VXOOD
QRUPDWLYD YLJHQWH R SHU HVLJHQ]H GL VLFXUH]]D GHO 6LVWHPD (OHWWULFR 1D]LRQDOH FKH
FRPSRUWLQR OD PDQFDQ]D GL DOLPHQWD]LRQH WRWDOH R SDU]LDOH GHOOD UHWH DOOD TXDOH q
FRQQHVVRGLUHWWDPHQWHRLQGLUHWWDPHQWHO¶LPSLDQWRGLSURGX]LRQH
•
GLVSRVL]LRQLLPSDUWLWHGD7HUQDDO*HVWRUHGL5HWH
$57±'(&255(1=$('85$7$'(/5(*2/$0(172
,OSUHVHQWHUHJRODPHQWRqYDOLGRHGHIILFDFHGDOPRPHQWRGHOO¶DWWLYD]LRQHGHOODFRQQHVVLRQHH
SHUWXWWDODGXUDWDGHOODVWHVVD
,O 3URGXWWRUH SUHQGH DWWR FKH (QHO IRUQLUj LO VHUYL]LR GL FRQQHVVLRQH D GHFRUUHUH GDOOD GDWD GL
DWWLYD]LRQHGHOO¶LPSLDQWRGLSURGX]LRQH
'DOPRPHQWRGHOO¶DWWLYD]LRQHO¶LPSLDQWRGLSURGX]LRQHGHYHFRQVLGHUDUVLLQHVHUFL]LRTXLQGLD
WXWWL JOL HIIHWWL LQ SDUDOOHOR DOOD UHWH GL (QHO HG (QHO q VROOHYDWD GD TXDOVLDVL UHVSRQVDELOLWj
GHULYDQWHGDOO¶HVHUFL]LRGHOO¶LPSLDQWRGLSURGX]LRQH
(7) 127$$GHVHPSLRSHUVLWXD]LRQLGLFULWLFLWjGHOOD571RTXDORUDVXVVLVWDQRPRWLYLGLVLFXUH]]DFRQWLQXLWjGHO
VLVWHPDHOHWWULFRQD]LRQDOHFKHUHQGRQRQHFHVVDULDO¶DWWXD]LRQHGLSURYYHGLPHQWLGLHPHUJHQ]DDFXUDGHL*HVWRULGL
UHWH
$57$//(*$7,
D $OOHJDWR$'LFKLDUD]LRQHGLFRQIRUPLWjHYHULILFDGHOO¶LPSLDQWRGLSURGX]LRQHHVLVWHPDGL
SURWH]LRQHGLLQWHUIDFFLDDLVHQVLGHOODQRUPDWLYDYLJHQWH
E $OOHJDWR%6FKHPDHOHWWULFR
F $OOHJDWR&(OHQFRHUHFDSLWLGHOSHUVRQDOHDXWRUL]]DWR
G $OOHJDWR'$GGHQGXPWHFQLFRDOUHJRODPHQWRGLHVHUFL]LR%7
H $OOHJDWR ( (YHQWXDOH VFKHGD VXL ULVFKL VSHFLILFL UHODWLYL DOOH DWWLYLWj GL (QHO QHO SXQWR GL
FRQQHVVLRQH
I
'LFKLDUD]LRQH GL FRQIRUPLWj GHOOH DSSDUHFFKLDWXUH DL VHQVL GHOO¶$OOHJDWR & GHOOD 1RUPD
&(,9UHGDWWDDLVHQVLGHOO¶DUWLFRORGHO'35Q
'DWD
),50$
GHO3URGXWWRUHWLWRODUHGHLUDSSRUWLFRQ(QHO
$//(*$72$
',&+,$5$=,21(',&21)250,7$¶(9(5,),&$'(//¶,03,$172',352'8=,21((
6,67(0$',3527(=,21(',,17(5)$&&,$
/DVHJXHQWHGLFKLDUD]LRQHGHYHHVVHUHFRPSLODWDHILUPDWDDLVHQVLGHOODGHOLEHUD5((/HVPL
GDSURIHVVLRQLVWDLVFULWWRDOO¶DOERRGDOUHVSRQVDELOHWHFQLFRGHOO¶LPSUHVDLQVWDOODWULFHDELOLWDWDDLVHQVLGHOOD
OHJJHYLJHQWHHYDDOOHJDWDDOUHJRODPHQWRGLHVHUFL]LRVRWWRVFULWWRGDOWLWRODUHGHOO¶LPSLDQWRGLSURGX]LRQH
FROOHJDWRDOODUHWH%7GL(QHO
,OVRWWRVFULWWR
&RJQRPHBBBBBBBBBBBBBBBBBBBBBBBBBBBB1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LQTXDOLWjGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBGHOOD5DJLRQHVRFLDOHGHOODGLWWD
GLDSSDUWHQHQ]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
RSHUDQWHQHOVHWWRUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DYHQWHHVWUHPLGLDELOLWD]LRQHSURIHVVLRQDOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DLVHQVLGHO'0QFRQULIHULPHQWRDOVHJXHQWHLPSLDQWRGLSURGX]LRQH
5DJLRQH6RFLDOHGHOWLWRODUHGHOO¶LPSLDQWRGLSURGX]LRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
XELFDWRLQYLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQƒBBBBB
&RPXQHGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBB&$3BBBBBBB
&RGLFH32'GHOSXQWRGLFRQQHVVLRQHDOODUHWH(QHOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RGLFH&(16,03BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RGLFHULQWUDFFLDELOLWjSUDWLFDGLFRQQHVVLRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RGLFH6,*5$)QRGRGLFRQQHVVLRQHDOODUHWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6RWWRODSURSULDSHUVRQDOHUHVSRQVDELOLWjGLFKLDUDFKHO¶LPSLDQWRHOHWWULFRVRSUDGHVFULWWRqVWDWR
HVHJXLWRLQ PRGR FRQIRUPH DOOH SUHVFUL]LRQL GHOOD 1RUPD &(, DLVHQVL GDOO¶DUWLFROR I
GHOOD GHOLEHUD 5((/ HG q VWDWR YHULILFDWR VHFRQGR OH QRUPH H JXLGH &(, YLJHQWL ,Q
SDUWLFRODUHVRQRVWDWHVYROWHOHVHJXHQWLYHULILFKH
,PSLDQWR FRQIRUPH DOOD GRFXPHQWD]LRQH SURJHWWXDOH H DJOL VFKHPL HOHWWULFL DOOHJDWL
HVDPHGRFXPHQWDOHHVDPHDYLVWDHYHQWXDOLSURYHHYHULILFKHLQLPSLDQWR
,FRPSRQHQWLHGLOPDFFKLQDULRVRQRFRQIRUPLHVDPHGRFXPHQWDOHDOOHSUHVFUL]LRQLGL
VLFXUH]]DHGDOOHUHODWLYHQRUPH&(,LQTXDQWRPXQLWLGL
D 0DUFKLPDUFKLR,04RDOWULDWWHVWDQWLODFRQIRUPLWjDOOHQRUPH
E 5HOD]LRQLGLFRQIRUPLWjULODVFLDWLGDHQWLULFRQRVFLXWL
,O VH]LRQDPHQWR GHL FLUFXLWL q FRQIRUPH DOOD 1RUPD &(, HVDPH GRFXPHQWDOH
HVDPHDYLVWDHYHQWXDOLSURYHHYHULILFKHLQLPSLDQWR
(1)
127$qLOQXPHURGLLVFUL]LRQHDJOLDOELSURIHVVLRQDOLGHLWHFQLFLRUHJLRQDOLGHOOHLPSUHVH
/H FDUDWWHULVWLFKH GHOO
LPSLDQWR VRQR FRQIRUPL DOOD ³*XLGD SHU OH &RQQHVVLRQL´ HG DO
UHJRODPHQWRGLHVHUFL]LRHVDPHGRFXPHQWDOH
/HFDUDWWHULVWLFKHGHOLVLVWHPDGLSURWH]LRQHGLLQWHUIDFFLDVRQRFRQIRUPLDOOD*XLGDSHU
OH&RQQHVVLRQLHGDOUHJRODPHQWRGLHVHUFL]LRHVDPHGRFXPHQWDOH
,O FRPDQGR HR O
DUUHVWR GL HPHUJHQ]D q VWDWR SUHYLVWR GRYH QHFHVVDULR HVDPH
GRFXPHQWDOHHVDPHDYLVWDHYHQWXDOLSURYHHYHULILFKHLQLPSLDQWRVRORVHSUHYLVWD
/D YHULILFD GHO UHJRODUH IXQ]LRQDPHQWR GHL GLVSRVLWLYL GL LQWHUEORFFR KD DYXWR HVLWR
IDYRUHYROHHVDPHGRFXPHQWDOHHVDPHDYLVWDHYHQWXDOLSURYHHYHULILFKHLQLPSLDQWR
VRORVHSUHYLVWD
,PSRVVLELOLWj GL PHWWHUH D WHUUD LO QHXWUR %7 GHOOD UHWH GL (QHO HVDPH GRFXPHQWDOH
HVDPHDYLVWDHYHQWXDOLSURYHHYHULILFKHLQLPSLDQWR VRORVHSUHYLVWD
9HULILFDGHLJUXSSLGLPLVXUDVHFRQGROD1RUPD&(,VHSUHYLVWRHVHWDOHDWWLYLWjq
D FXUD GHO 3URGXWWRUH H FRQIHUPD SURYD GL WHOH OHJJLELOLWj (QHO HVDPH GRFXPHQWDOH
HVDPHDYLVWDSURYHHYHULILFKHLQLPSLDQWRVRORVHSUHYLVWD
9HULILFDGHOOHUHJROD]LRQLGHOVLVWHPDGLSURWH]LRQHGLLQWHUIDFFLDPHGLDQWH
FDVVHWWDSURYDUHOq
IXQ]LRQHDXWRWHVWVRORSHU63,LQWHJUDWHQHOO¶LQYHUWHUBBBBBBBBBBBBBBBBBBBBBB
HIIHWWXDWHLQFRQIRUPLWjDOOD1RUPD&(,
3URWH]LRQH
6
6RJOLD
SUHVFULWWD
9Q
6
9Q
6
9Q
6
9Q
!6
+]
6
+]
!6
+=
6
+]
&RPDQGR
ORFDOH
6HJQDOH
$OWRYDORUH
HVWHUQR
13 QRQSUHYLVWR
6RJOLD
LPSRVWDWD
7HPSRGL
LQWHUYHQWR
9
9
9
9
+]
+]
+]
+]
9DULDELOHLQ
IXQ]LRQHGHOYDORUH
LQL]LDOHHILQDOHGL
WHQVLRQHDO
PDVVLPRV
V
V
V
”V
”V
V
V
$OWRYDORUH
7HPSRGL
LQWHUYHQWR
ULOHYDWR
(VHFX]LRQH
V
V
V
V
V
V
V
6, 12
6, 12
6, 12 13
6, 12 13
6, 12 13
6, 12 13
6, 12 13
0LVXUDWDDPHGLDPRELOHVXGLHFLPLQXWLVHFRQGR&(,
1HOFDVRGLJHQHUDWRULWUDGL]LRQDOLLOYDORUHLQGLFDWRSHULOWHPSRGLLQWHUYHQWRGHYHHVVHUHDGRWWDWRTXDQGROD
SRWHQ]DFRPSOHVVLYDqVXSHULRUHDN:SHUSRWHQ]HLQIHULRULSXzHVVHUHIDFROWDWLYDPHQWHXWLOL]]DWRXQWHPSRGL
LQWHUYHQWRVHQ]DULWDUGRLQWHQ]LRQDOH
6RJOLDREEOLJDWRULDSHULVROLJHQHUDWRULVWDWLFLFRQSRWHQ]DLQVWDOODWDVXSHULRUHDN:
7HPSRLQWHUFRUUHQWHWUDO¶LVWDQWHGLLQL]LRGHOODFRQGL]LRQHDQRPDOLDULOHYDWDGDOODSURWH]LRQHHO¶HPLVVLRQHGHO
FRPDQGRGLVFDWWR
,WHPSLGLLQWHUYHQWRGHYRQRHVVHUHULOHYDWLGDRSSRUWXQRILOHQRQPRGLILFDELOHGDOO¶XWHQWHSURGRWWRGDOODFDVVHWWD
SURYDUHOqRGDOO¶LQYHUWHUDPPLVVLELOHVRORLQFDVRGL63,LQWHJUDWRRSSXUHGDOGLVSOD\GHOO¶LQYHUWHU/DVWDPSDGHOILOH
HO¶HYHQWXDOHVXSSRUWRLQIRUPDWLFRGHOILOHVWHVVRGHYHHVVHUHDOOHJDWRDOODSUHVHQWHUHOD]LRQH,QFDVRGLULOLHYRGHLGDWL
GDOGLVSOD\GHOO¶LQYHUWHUGHYRQRHVVHUHDOOHJDWHOHIRWRGHOGLVSOD\FRQLGDWLFKLDUDPHQWHOHJJLELOLSHUFLDVFXQDGHOOH
SURYHGDHIIHWWXDUH
,OOLYHOORORJLFRqGDULFKLHGHUHDG(QHOSULPDGHOO¶LQYLRGHO5HJRODPHQWRGLHVHUFL]LR
•
6RJOLHUHVWULWWLYH+=+]OLYHOORORJLFR$OWRYDORUH
6RJOLHSHUPLVVLYH+=+]OLYHOORORJLFR%DVVRYDORUH
•
,OGLFKLDUDQWHWLPEURHILUPD
),50$GHO3URGXWWRUH
WLWRODUHGHLUDSSRUWLFRQ(QHOSHUSUHVDYLVLRQH
'DWD
3URGXWWRUH
$//(*$72&
(/(1&2(5(&$3,7,'(/3(5621$/($8725,==$72
3URGXWWRUHWLWRODUHGHOO¶LPSLDQWRGLSURGX]LRQHRVXR/HJDOH5DSSUHVHQWDQWHLQVHJXLWR
GHQRPLQDWR3URGXWWRUH
1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB&RJQRPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1DWRDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBBLOBBBBBBBBBBBBB
&RGLFH)LVFDOHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HVLGHQWHLQBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBYLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RPXQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBBBBBB&$3BBBBBBB
GHJOLLPSLDQWLGLSURGX]LRQHLQGLFDWLQHOOD7DEHOODGHO5HJRODPHQWRGL(VHUFL]LRXELFDWLLQ
YLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQƒBBBBB
&RPXQHGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBBBB&$3BBBBBB
&RGLFH32'GHOSXQWRGLFRQQHVVLRQHDOODUHWH(QHOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3HUVRQDOHGLULIHULPHQWRSHULO3URGXWWRUH
1RPH&RJQRPH5,)BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HO&HOOBBBBBBBBBBBBBBBBBBBBBBBBB
)D[BBBBBBBBBBBBBBBBBBBBBBBBB
HPDLOBBBBBBBBBBBBBBBBBBBBBBBBB
1RPH&RJQRPH5,BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HO&HOOBBBBBBBBBBBBBBBBBBBBBBBBB
)D[BBBBBBBBBBBBBBBBBBBBBBBBB
HPDLOBBBBBBBBBBBBBBBBBBBBBBBBB
3HUVRQDOHUHSHULELOHKDXWRUL]]DWRGHO3URGXWWRUH
1RPH&RJQRPH5,)BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HO&HOOBBBBBBBBBBBBBBBBBBBBBBBBB
)D[BBBBBBBBBBBBBBBBBBBBBBBBB
1()
127$5,)3HUVRQDOHDXWRUL]]DWRGDO3URGXWWRUHDWHQHUHLUDSSRUWLLQHUHQWLO¶HVHUFL]LRGHOFROOHJDPHQWRWUDJOL
LPSLDQWLGHO3URGXWWRUHHGL(QHO
(2)
127$5,5HVSRQVDELOH,PSLDQWRTXDOLILFDWR3HUVRQD(VSHUWDVHFRQGROD1RUPD&(,(13HUVRQDOH
DXWRUL]]DWRGDO3URGXWWRUHDGHIIHWWXDUHODPHVVDIXRULVHUYL]LRSULPDGLODYRULIXRULWHQVLRQHRODULPHVVDLQVHUYL]LR
GRSRJOLVWHVVL
(3)
127$5,)3HUVRQDOHDXWRUL]]DWRGDO3URGXWWRUHDWHQHUHLUDSSRUWLLQHUHQWLO¶HVHUFL]LRGHOFROOHJDPHQWRWUDJOL
LPSLDQWLGHO3URGXWWRUHHGL(QHO
HPDLOBBBBBBBBBBBBBBBBBBBBBBBBB
1RPH&RJQRPH5,BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
7HO&HOOBBBBBBBBBBBBBBBBBBBBBBBBB
)D[BBBBBBBBBBBBBBBBBBBBBBBBB
HPDLOBBBBBBBBBBBBBBBBBBBBBBBBB
7,0%52H),50$SHULO3URGXWWRUH
'DWD
4
$//(*$72'
$''(1'807(&1,&2$/5(*2/$0(172',(6(5&,=,2%7
IDFVLPLOHGDXWLOL]]DUHSHUGLFKLDUDUHODFRQIRUPLWjGHOO¶LPSLDQWRDOOD57&UHJRODWHFQLFDGL
FRQQHVVLRQH
/D GLFKLDUD]LRQH GHYH HVVHUH FRPSLODWD H ILUPDWD GD SURIHVVLRQLVWD LVFULWWR DOO¶DOER R GDO UHVSRQVDELOH WHFQLFR
GHOO¶LPSUHVD LQVWDOODWULFH DELOLWDWD DL VHQVL GHOOD OHJJH YLJHQWH 7DOH GLFKLDUD]LRQH GHYH HVVHUH VRWWRVFULWWD SULPD
GHOO¶DWWLYD]LRQHGHOVHUYL]LRGLFRQQHVVLRQHGHOO¶LPSLDQWRHGHOODVRWWRVFUL]LRQHGHOUHJRODPHQWRGLHVHUFL]LR%7
,OVRWWRVFULWWR
&RJQRPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB1RPHBBBBBBBBBBBBBBBBBBBBBBBBBBBB
LQTXDOLWjGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBGHOOD5DJLRQHVRFLDOHGHOODGLWWD
GLDSSDUWHQHQ]DBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
RSHUDQWHQHOVHWWRUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDYHQWH
HVWUHPLGLDELOLWD]LRQHSURIHVVLRQDOH$BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
DLVHQVLGHO'0QFRQULIHULPHQWRDOVHJXHQWHLPSLDQWRGLSURGX]LRQH
5DJLRQH6RFLDOHGHOWLWRODUHGHOO¶LPSLDQWRGLSURGX]LRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
XELFDWRLQYLDBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBQƒBBBBB
&RPXQHGLBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB3URYLQFLDBBBBBBB&$3BBBBBBB
&RGLFH32'%GHOSXQWRGLFRQQHVVLRQHDOODUHWH(QHOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RGLFH&(16,03&BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RGLFHULQWUDFFLDELOLWjSUDWLFDGLFRQQHVVLRQHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
&RGLFH6,*5$)QRGRGLFRQQHVVLRQHDOODUHWHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
',&+,$5$&+(
'LFKLDUDVRWWRSURSULDSHUVRQDOHUHVSRQVDELOLWjGLFKLDUDFKHO¶LPSLDQWRHOHWWULFRVRSUDGHVFULWWR
H OH FDUDWWHULVWLFKH GHL GLVSRVLWLYL LPSLHJDWL VRQR FRQIRUPL DOOR VFKHPD DOOHJDWR H DOOD QRUPD
&(,
&DUDWWHULVWLFKHJHQHUDOL
/¶LPSLDQWRGLSURGX]LRQHKDOHVHJXHQWLFDUDWWHULVWLFKH
•
6LVWHPDHOHWWULFRDOLPHQWDQWH PRQRIDVH
•
7HQVLRQHQRPLQDOHLQFDFRPSOHVVLYDGHOO¶LPSLDQWRGLSURGX]LRQHBBBBBB9Q
•
3RWHQ]DQRPLQDOHLQFDFRPSOHVVLYDGHOO¶LPSLDQWRGLSURGX]LRQHBBBBBBN9$
•
)RQWHSULPDULDGLHQHUJLD'BBBBBB
•
&RQWULEXWRDOODFRUUHQWHGLFRUWRFLUFXLWRFRPSOHVVLYDGHOO¶LPSLDQWRGL
(A)
(B)
(C)
(D)
WULIDVH
127$qLOQXPHURGLLVFUL]LRQHDJOLDOELSURIHVVLRQDOLGHLWHFQLFLRUHJLRQDOLGHOOHLPSUHVH
127$LOFRGLFHqULSRUWDWRQHOSUHYHQWLYRGLFRQQHVVLRQH
127$LOFRGLFHqTXHOORULODVFLDWRGDOODSURFHGXUD³*$8',¶´GL7HUQD
127$(¶ODIRQWHGLHQHUJLDSULPDULDULSRUWDWDQHOODSUDWLFDGLULFKLHVWDGHOODFRQQHVVLRQH
1/4
SURGX]LRQHBBBBB$
/¶HVHUFL]LRLQSDUDOOHORFRQODUHWHqSUHYLVWRSHULVHJXHQWLJHQHUDWRULFRQYHUWLWRULFRPSLODUHLGDWL
,QWHUEORFFRGL
IXQ]LRQDPHQWR3
0RGDOLWjGLDYYLR
2
6HUYL]LRGHL
JHQHUDWRUL1
0RGDOLWj
LQVHULPHQWR
FRQGHQVDWRUL0
3RWHQ]D
FRQGHQVDWRUL/
3RWHQ]DUHDWWLYDD
YXRWR>4@.
;¶¶G-
,FF,Q,
7HQVLRQH
QRPLQDOH+
3RWHQ]DQRPLQDOH
XQLWjGL
*
L
FRVijQRPLQDOH
1XQLWj
13ROL
9HUVLRQH
):)
7LSR(
0DWULFROD
0DUFD
0RGHOOR
VHJXHQWLSHURJQLJHQHUDWRUHHFRQYHUWLWRUHSUHVHQWH
3HU WXWWL L JHQHUDWRULFRQYHUWLWRUL ULSRUWDWL QHOOD SUHFHGHQWH WDEHOOD q SUHYLVWD OD SRVVLELOLWj GL
HVFOXGHUHODIXQ]LRQHGLULGX]LRQHGHOODSRWHQ]DLPPHVVDLQUHWHDOO¶DXPHQWDUHGHOODIUHTXHQ]D
GLFXLDOSDUGHOO¶$OOHJDWR$HDOO¶$OOHJDWR)SDU)GHOOD1RUPD&(,
(E)
127$,QGLFDUHLOWLSRGLJHQHUDWRUHVWDWLFRVLQFURQRRDVLQFURQRHWF
(F)
127$,QGLFDUHODYHUVLRQHGHO)LUPZDUHGHLVLVWHPLGLFRQWUROORGHOFRQYHUWLWRUHVRORSHUJHQHUDWRULGLWLSR
VWDWLFRLQFOXVLJOLLQYHUWHU
(G)
127$,QFDVRGLLPSLDQWRIRWRYROWDLFRODSRWHQ]DGHYHHVVHUHHVSUHVVDLQN:PHQWUHQHLUHVWDQWLFDVLGL
JHQHUDWRULLOGDWRYDHVSUHVVRLQN9$
(H)
(I)
127$(¶LOYDORUHQRPLQDOHGLWHQVLRQHHVSUHVVRLQ9ROWODWRFRUUHQWHDOWHUQDWD
127$(¶LOUDSSRUWRWUDFRUUHQWHGLFRUWRFLUFXLWRHFRUUHQWHQRPLQDOHGHOJHQHUDWRUHVWDWLFRDOO¶RFFRUUHQ]DVH
GLVSRQLELOHSXzHVVHUHIRUQLWRDQFKHSHUJHQHUDWRULURWDQWLTXDOLJOLDVLQFURQL
(J)
127$(¶LOYDORUHGLUHDWWDQ]DVXEWUDQVLWRULDGHOJHQHUDWRUHURWDQWHLQSXODWRFRUUHQWHDOWHUQDWD
(K)
127$VRORSHUDVLQFURQLDXWRHFFLWDWL
(L)
127$VRORSHUDVLQFURQLDXWRHFFLWDWL
(M)
127$VRORSHUDVLQFURQLDXWRHFFLWDWL
(N)
127$IXQ]LRQDPHQWRFRQWLQXRSDUDOOHOREUHYHGLVLFXUH]]DGLULVHUYDHFF.
(O)
127$PDQXDOHFRQPRWRUHSULPRDXWRPDWLFDGDUHWHDXWRPDWLFDDPDQFDQ]DGLWHQVLRQHHFF
(P)
127$HOHWWULFRPHFFDQLFRDVVHQWH
2/4
VL
QR
/DIXQ]LRQHGLULGX]LRQHGHOODSRWHQ]DLPPHVVDLQUHWHDOO¶DXPHQWDUHGHOODIUHTXHQ]DGLFXLDO
SDUGHOO¶$OOHJDWR$HDOO¶$OOHJDWR)SDU)GHOOD1RUPD&(,qVWDWDHVFOXVD
FRPSLODUHSUHYLDULFKLHVWDDG(QHOSULPDGHOO¶LQYLRGHO5HJRODPHQWRGLHVHUFL]LRVRORVHqSRVVLELOHO¶HVFOXVLRQHGHOOD
ULGX]LRQHGHOODSRWHQ]DLPPHVVDLQUHWH
VL
QR
/DOLPLWD]LRQHGHOODFRPSRQHQWHFRQWLQXDGHOODFRUUHQWHLPPHVVDLQUHWHHQWURLYDORULSUHVFULWWL
GDOODQRUPD&(,qRWWHQXWDPHGLDQWH SURWH]LRQHFRQIRUPHDLUHTXLVLWLGHOOD1RUPD&(,
LPSOHPHQWDWDLQWHUQDPHQWHDOVLVWHPDGLFRQWUROORGHOFRQYHUWLWRUH
WUDVIRUPDWRUHGLLVRODPHQWRD+]LQWHUQRDODJOLDSSDUDWRLGLFRQYHUVLRQH
WUDVIRUPDWRUHGLLVRODPHQWRD+]HVWHUQRDODJOLDSSDUDWRLGLFRQYHUVLRQH
QRQVRQRSUHVHQWLVLVWHPLHOHWWULFLLQFRUUHQWHFRQWLQXD
,OVLVWHPDGLFRQWUROORGHOORVTXLOLEULRGLSRWHQ]Dq
DVVHQWHSHUFKpO¶LPSLDQWRGLSURGX]LRQHqPRQRIDVHWULIDVHGLSRWHQ]DILQRDN:
SUHVHQWHHFRQIRUPHDLUHTXLVLWLGHOOD1RUPD&(,
&DUDWWHULVWLFKHGHLGLVSRVLWLYLSULQFLSDOL
, GLVSRVLWLYL LQWHUQL DOO¶LPSLDQWR GL SURGX]LRQH H SUHYLVWL DL VHQVL GHOOD 1RUPD &(, VRQR
LQGLYLGXDWLFRPHVHJXHFRPSLODUHLGDWLVHJXHQWLHEDUUDUHOHFDVHOOHLQWHUHVVDWH
7DEHOODGLVSRVLWLYL
'LVSRVLWLYR
0DUFD
*HQHUDOH
'*
0RGHOOR
7LSR
4
1XPHUR
5
&(,(1
6
5LIVFKHPD
7
6,Ŀ12Ŀ
,QWHUIDFFLD
'',
6,Ŀ12Ŀ
*HQHUDWRUH
''*
,OLGLVSRVLWLYRLGLLQWHUIDFFLD'',FRQODUHWHq
,QWHUEORFFKL
8
6,Ŀ12Ŀ
VL
QR
(Q) 127$,QGLFDUHODWLSRORJLDDGHVLQWHUUXWWRUHDXWRPDWLFRHVWUDLELOHFRQWDWWRUHHWF
(R) 127$,QGLFDUHLOQXPHURGLGLVSRVLWLYLSUHVHQWHLQLPSLDQWRFRQULIHULPHQWRDOORVFKHPDDOOHJDWR
(S) 127$,QGLFDUHODQRUPDWHFQLFDGLSURGRWWRGHOGLVSRVLWLYR
(T) 127$,QGLFDUHLOULIHULPHQWRDOVLPERORJUDILFRULSRUWDWRQHOORVFKHPDDOOHJDWR
(U) 127$,QGLFDUHVHLOGLVSRVLWLYRqLQWHUEORFFDWRFRQDOWULRUJDQLGLPDQRYUDSUHVHQWLLQLPSLDQWR
3/4
HGqDVVHUYLWRDOVHJXHQWH
6LVWHPD GL SURWH]LRQH GL LQWHUIDFFLD 63, FRQIRUPH DOOD 1RUPD &(, FRPSLODUH L GDWL
VHJXHQWLHEDUUDUHOHFDVHOOHLQWHUHVVDWH
1XPHURDSSDUDWL63,
•
!
63,
0DUFD
0RGHOOR
)LUPZDUH
,QWHJUDWRLQDOWULDSSDUDWL
6,
12
6,
12
6,
12
6,
12
,OGLFKLDUDQWHWLPEURHILUPD
,O3URGXWWRUHSHUSUHVDYLVLRQH
'DWD
4/4
&21',=,21,*(1(5$/,
'(/&2175$7723(5,/6(59,=,2',&211(66,21('(*/,,03,$17,',352'8=,21(
$//$5(7((/(775,&$,1%$66$7(16,21(
35(0(66$
DO¶$XWRULWjSHUO¶(QHUJLD(OHWWULFDHLO*DVG¶RUDLQQDQ]LGHQRPLQDWDSHUEUHYLWjDQFKH$((*FRQGHOLEHUD]LRQH$5*HOWQHVXFFHVVLYH
PRGLILFKHKDDSSURYDWRLO7HVWR,QWHJUDWRGHOOH&RQGL]LRQL7HFQLFKHHG(FRQRPLFKHSHUOD&RQQHVVLRQHDOOH5HWLFRQREEOLJRGLFRQQHVVLRQHGLWHU]L
GHJOLLPSLDQWLGLSURGX]LRQHGLHQHUJLDHOHWWULFDGLVHJXLWRGHQRPLQDWR7,&$
ELQDWWXD]LRQHGHOODVRSUDPHQ]LRQDWDGHOLEHUD]LRQH(1(/'LVWULEX]LRQHGLVHJXLWRGHQRPLQDWD(1(/KDDGRWWDWROD³*XLGDSHUOHFRQQHVVLRQL
DOODUHWHHOHWWULFDGL(1(/'LVWULEX]LRQH´SXEEOLFDWDVXOVLWRLQWHUQHWZZZHQHOLWLW,7GLVHJXLWRGHQRPLQDWD*8,'$FRQODTXDOHVRQRVWDWH
GHILQLWHOHGLVSRVL]LRQLJHQHUDOLUHODWLYHDOOHPRGDOLWjHFRQGL]LRQLFRQWUDWWXDOLSHUO¶HURJD]LRQHGDSDUWHGL(1(/GHOVHUYL]LRGLFRQQHVVLRQHDOOHUHWL
HOHWWULFKHSHULPSLDQWLGLSURGX]LRQH
FLO7,&$SUHYHGHFKHLUDSSRUWLWUDLOJHVWRUHGLUHWHLQWHUHVVDWRDOODFRQQHVVLRQHHGLOULFKLHGHQWHDLILQLGHOO¶HURJD]LRQHGHOVHUYL]LRGLFRQQHVVLRQH
VLDQRUHJRODWLGDXQDSSRVLWRFRQWUDWWRGLFRQQHVVLRQH
G DO ILQH GL VHPSOLILFDUH OD FRQWUDWWXDOL]]D]LRQH GL FXL DO SUHFHGHQWH SXQWR (1(/ KD SUHGLVSRVWR OH SUHVHQWL FRQGL]LRQH JHQHUDOL GL FRQWUDWWR FKH
YHQJRQRLQYLDWHXQLWDPHQWHDOSUHYHQWLYRSHUODVXFFHVVLYDDFFHWWD]LRQHGDSDUWHGHO352'87725(
'(),1,=,21,
$((*qO¶$XWRULWjSHUO¶(QHUJLD(OHWWULFDHLO*DV
&DELQDGLFRQVHJQDqO¶LPSLDQWRGLFXLDOODQRUPD&(,RFFRUUHQWHSHUUHDOL]]DUHODFRQQHVVLRQHGHO352'87725(
&RGLFH GL 5HWH q LO ³&RGLFH GL WUDVPLVVLRQH GLVSDFFLDPHQWR VYLOXSSR H VLFXUH]]D GHOOD UHWH´ HPDQDWR H SHULRGLFDPHQWH DJJLRUQDWR GD 7HUQD
VHFRQGRODQRUPDWLYDYLJHQWH
&RQQHVVLRQH q LO FROOHJDPHQWR DOOD UHWH GL XQ LPSLDQWR HOHWWULFR SHU LO TXDOH VXVVLVWH DOPHQR LQ XQ SXQWR OD FRQWLQXLWj FLUFXLWDOH VHQ]D
LQWHUSRVL]LRQHGLLPSLDQWLHOHWWULFLGLWHU]LFRQODUHWHPHGHVLPD
&RQWUDWWRGLFRQQHVVLRQHLQSUHOLHYRqLOFRQWUDWWRFKHGLVFLSOLQDLOUDSSRUWRWUDLOGLVWULEXWRUHHGLOWLWRODUHGHOSXQWRGLFRQQHVVLRQHLQSUHOLHYRLQ
PHULWRDOVHUYL]LRGLFRQQHVVLRQHSHULSUHOLHYLGLHQHUJLDHOHWWULFDGDOODUHWH(1(/
&RQWUDWWRSHULOVHUYL]LRGLWUDVSRUWRqLOFRQWUDWWRFKHGLVFLSOLQDLOVHUYL]LRGLWUDVSRUWRLQUHOD]LRQHDLSUHOLHYLGLHQHUJLDHOHWWULFDHIIHWWXDWLVXOOD
UHWHGLGLVWULEX]LRQH
*$8',¶qLOVLVWHPDGL*HVWLRQHGHOO¶$QDJUDILFD8QLFD'HJOL,PSLDQWLGLSURGX]LRQHGLHQHUJLDHOHWWULFDSUHGLVSRVWRGD7HUQDDLVHQVLGHO7,&$
,PSLDQWRGLUHWHSHUODFRQQHVVLRQHqODSRU]LRQHGLLPSLDQWRSHUODFRQQHVVLRQHGLFRPSHWHQ]DGHOJHVWRUHGLUHWHFRQREEOLJRGLFRQQHVVLRQHGL
WHU]LFRPSUHVDWUDLOSXQWRGLLQVHULPHQWRVXOODUHWHHVLVWHQWHHLOSXQWRGLFRQQHVVLRQH
,PSLDQWRGLSURGX]LRQHqO¶LQVLHPHGHOPDFFKLQDULRGHLFLUFXLWLGHLVHUYL]LDXVLOLDULHGHJOLHYHQWXDOLFDULFKLSHUODJHQHUD]LRQHGLHQHUJLDHOHWWULFD
FLDVFXQLPSLDQWRSXzHVVHUHGLYLVRLQXQDRSLVH]LRQLHTXHVWHLQXQRRSLJUXSSLGLJHQHUD]LRQH
,QWHUYHQWLVXOODUHWHHOHWWULFDHVLVWHQWHLQWHUYHQWLLQUHOD]LRQHDLTXDOL(1(/SXzFRQVHQWLUHDO352'87725(GLJHVWLUHO¶LWHUDXWRUL]]DWLYR
,PSLDQWRGLUHWHSHUODFRQQHVVLRQHFRPXQHDSLULFKLHGHQWLqO¶LPSLDQWRGLUHWHQHFHVVDULRLQWXWWRRLQSDUWHSHUODFRQQHVVLRQHGLSLLPSLDQWL
GLSURGX]LRQH
,WHU DXWRUL]]DWLYR q O¶LQVLHPH GHL SURFHGLPHQWL DXWRUL]]DWLYL YROWL DOO¶DFTXLVL]LRQH GHOOH DXWRUL]]D]LRQL QHFHVVDULH DOOD FRVWUX]LRQH HG HVHUFL]LR
GHOO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQHHGHOOHDWWLYLWjILQDOL]]DWHDOO¶DFTXLVL]LRQHGHOOHUHODWLYHVHUYLW
3(66( q LO ³3LDQR GL (PHUJHQ]D SHU OD 6LFXUH]]D GHO 6LVWHPD (OHWWULFR´ DGRWWDWR GD 7HUQD DL VHQVL GHOOD GHOLEHUD]LRQH GHO &RPLWDWR
,QWHUPLQLVWHULDOHSHUOD3URJUDPPD]LRQH(FRQRPLFD&,3(GHOQRYHPEUHQ
3RWHQ]DLQLPPLVVLRQHqODSRWHQ]DPDVVLPDULSRUWDWDQHOSUHYHQWLYRFKHLO352'87725(SXzLPPHWWHUHLQUHWH
352'87725( OD SHUVRQD ILVLFD R JLXULGLFD FKH q R VDUj WLWRODUH GHO 3XQWR GL &RQVHJQD H FKH KD OD GLVSRQLELOLWj GHOO¶LPSLDQWR GL SURGX]LRQH GL
HQHUJLDHOHWWULFD
3XQWR GL &RQVHJQD R 3XQWR GL &RQQHVVLRQH q LO FRQILQH ILVLFR WUD OD UHWH GL GLVWULEX]LRQH H OD SRU]LRQH GL LPSLDQWR GL FRQQHVVLRQH OD FXL
UHDOL]]D]LRQHJHVWLRQHHVHUFL]LRHPDQXWHQ]LRQHULPDQJRQRGLFRPSHWHQ]DGHO352'87725(
3XQWRGL3UHOLHYRqLOSXQWRLQFXLO¶HQHUJLDHOHWWULFDYLHQHSUHOHYDWDGDOODUHWHFRQREEOLJRGLFRQQHVVLRQHGLWHU]LGDSDUWHGHO352'87725(7DOH
SXQWRSXzFRLQFLGHUHFRQLO3XQWRGL&RQVHJQD
5HJRODPHQWRGLHVHUFL]LRGRFXPHQWRFRQWHQHWHOHFRQGL]LRQLDQFKHWHFQLFKHSHUO¶HVHUFL]LRGHOO¶LPSLDQWRGLSURGX]LRQHHO¶LQWHURSHUDELOLWjWUDLO
PHGHVLPRHODUHWHGLGLVWULEX]LRQHFRPHPHJOLRGHILQLWRGDOOHQRUPH&(,
6YLOXSSR q XQ LQWHUYHQWR GL HVSDQVLRQH R GL HYROX]LRQH GHOOD UHWH HOHWWULFD GL GLVWULEX]LRQH HR GL WUDVPLVVLRQH PRWLYDWR LQ SDUWLFRODUH
GDOO¶HVLJHQ]DGLHVWHQGHUHODUHWHSHUFRQVHQWLUHODFRQQHVVLRQHGLLPSLDQWLHOHWWULFLGLVRJJHWWLWHU]LDOODUHWHPHGHVLPD
7HUQDq*HVWRUHGHOOD5HWHGL7UDVPLVVLRQH1D]LRQDOHFRQFHVVLRQDULRGHOO¶DWWLYLWjGLGLVSDFFLDPHQWRHWUDVPLVVLRQHGHOODUHWHHOHWWULFD
83VRQROHXQLWjGLSURGX]LRQHGLHQHUJLDHOHWWULFDFKHFRPSRQJRQRO¶LPSLDQWRGLSURGX]LRQH
7,72/2,',6326,=,21,*(1(5$/,
$UW3UHPHVVHDOOHJDWLHGHILQL]LRQL
/HSUHPHVVHHOHGHILQL]LRQLIRUPDQRSDUWHLQWHJUDQWHHVRVWDQ]LDOHGHOOHSUHVHQWLFRQGL]LRQLJHQHUDOL
$L ILQL H SHU JOL HIIHWWL GHO SUHVHQWH GRFXPHQWR YDOJRQR DQFKH OH GLVSRVL]LRQL FRQWHQXWH QHOOD *8,'$ FXL VL ID ULQYLR SHU TXDQWR QRQ
VSHFLILFDPHQWHSUHYLVWRQHOOHSUHVHQWLFRQGL]LRQLJHQHUDOL
,QFDVRGLFRQWUDVWRWUDOHGLVSRVL]LRQLFRQWHQXWHQHOOHSUHVHQWLFRQGL]LRQLHTXHOOHFRQWHQXWHQHOOD*8,'$SUHYDOJRQROHSULPH
$UW2JJHWWR
/HSUHVHQWLFRQGL]LRQLJHQHUDOLGLVFLSOLQDQRLUDSSRUWLWUD(1(/HGLO352'87725(UHODWLYDPHQWHDOODFRQQHVVLRQHLQEDVVDWHQVLRQHDOODUHWH
HOHWWULFDGHJOLLPSLDQWLGLSURGX]LRQH
7,72/2,,±2%%/,*+,'(//(3$57,35,0$'(//¶(52*$=,21('(/6(59,=,2',&211(66,21(
$UW2EEOLJKLGHO352'87725(
,O352'87725(FRQO¶DFFHWWD]LRQHGHOSUHYHQWLYRVLLPSHJQDD
D ULVSHWWDUHOHSUHYLVLRQLFRQWHQXWHQHOOD*8,'$HQHO5HJRODPHQWRGL(VHUFL]LR
E FRVWUXLUH O¶LPSLDQWR GL SURGX]LRQH GD FRQQHWWHUH DOOD UHWH GL (1(/ VDOYR FDXVH GL IRU]D PDJJLRUH R IDWWR GHO WHU]R FDVR IRUWXLWR R HYHQWL
FRPXQTXHDOORVWHVVRQRQLPSXWDELOL
FSURYYHGHUHDWXWWRTXDQWRQHFHVVDULRDLQVHULUHOH83LQ*$8',¶HDLVXFFHVVLYLDJJLRUQDPHQWL
G FRVWUXLUH SUHYLD DFTXLVL]LRQH GHOOH HYHQWXDOL DXWRUL]]D]LRQL R SHUPHVVL QHO ULVSHWWR GHOOH UHJROH GL EXRQD WHFQLFD OH RSHUH QHFHVVDULH DOOD
UHDOL]]D]LRQHILVLFDGHOODFRQQHVVLRQHLQGLFDWHQHOODVSHFLILFDWHFQLFDDOOHJDWDDOSUHYHQWLYRRFRQVHJQDWDLQVHGHGLVRSUDOOXRJRSHUODUHGD]LRQH
GHOSUHYHQWLYRQRQFKpGLGDUQHFRPXQLFD]LRQHVFULWWDGLFRPSOHWDPHQWRD(QHO
H VWLSXODUH FRQ (QHO FRQWUDWWR SHU OD FRVWLWX]LRQH GL VHUYLW GL HOHWWURGRWWR HR GL FDELQD TXDORUD O¶LPSLDQWR GL UHWH LQWHUHVVL DUHH FKH VLDQR
QHOO¶HVFOXVLYDSURSULHWjGHO3URGXWWRUH
I TXDORUDRSWLGLVHJXLUHO¶LWHUDXWRUL]]DWLYRUHODWLYRDOO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQHHTXHOORSHUJOLHYHQWXDOLLQWHUYHQWLVXOODUHWHHOHWWULFD
HVLVWHQWH VRWWRSRUUH DG (1(/ SULPD GHOOD SUHVHQWD]LRQH GHOO¶LVWDQ]D GLDXWRUL]]D]LRQHOD UHODWLYD GRFXPHQWD]LRQH SURJHWWXDOH SHU OD YDOLGD]LRQH
GLFRPSHWHQ]DQRQFKpRWWHQHUHDIDYRUHGL(1(/RYROWXUDUHLQFDSRD(1(/FRQRQHULDSURSULRFDULFRWXWWHOHDXWRUL]]D]LRQLOLFHQ]HRSHUPHVVL
LQHUHQWLJOLLPSLDQWLGLFXLVRSUDULODVFLDWLGDOOHFRPSHWHQWL$PPLQLVWUD]LRQLHGDQFKHOHUHODWLYHVHUYLWGLHOHWWURGRWWRFRQVHJQDQGRODFRQQHVVD
GRFXPHQWD]LRQHDQFKHWHFQLFD
J DGHOLPLQDUHOHHYHQWXDOLGLIIRUPLWjULVFRQWUDWHGD(QHOLQUHOD]LRQHDOOHRSHUHQHFHVVDULHDOODUHDOL]]D]LRQHILVLFDGHOODFRQQHVVLRQHUHDOL]]DWH
GDO352'87725(GDQGRQHFRPXQLFD]LRQHDG(1(/
K QHOFDVRLQFXLLO352'87725(DEELDJHVWLWRO¶LWHUDXWRUL]]DWLYRSHUO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQHHRSHUJOLHYHQWXDOLLQWHUYHQWLVXOOD
UHWHULPERUVDUHDG(1(/WXWWLLGDQQLRRQHULFKHODVWHVVDGRYHVVHVRSSRUWDUHSHULOFDVRLQFXLO¶LPSLDQWRGLUHWHHRO¶HYHQWXDOHLQWHUYHQWRVXOOD
UHWH QRQ VLDQR DVVLVWLWL SHU UHVSRQVDELOLWj GHO 352'87725( GD SURYYHGLPHQWL DXWRUL]]DWLYL OHJLWWLPL HR VHUYLW YDOLGH HG HIILFDFL DQFKH QHL
FRQIURQWLGHLWHU]L
L D QRQ FKLHGHUH DG (1(/ LO ULVDUFLPHQWR GHL GDQQL SHU PDQFDWD SURGX]LRQH QHO FDVR WDOH VLWXD]LRQH VLD FRQVHJXHQ]D GHOO¶DQQXOODPHQWR GL
SURYYHGLPHQWLDPPLQLVWUDWLYLRYYHURGHOYHQLUPHQRGHOOHVHUYLWUHODWLYHDOO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQH
$UW2EEOLJKLGL(1(/
(1(/TXDORUDLO352'87725(FRQO¶DFFHWWD]LRQHGHOSUHYHQWLYRVFHOJDGLQRQFXUDUHJOLDGHPSLPHQWLFRQQHVVLDOOHSURFHGXUHDXWRUL]]DWLYH
VL DWWLYD SHU O¶DFTXLVL]LRQH GHOOH DXWRUL]]D]LRQL H SHUPHVVL HYHQWXDOPHQWH QHFHVVDUL SHU OD FRVWUX]LRQH H O¶HVHUFL]LR GHOO¶LPSLDQWR GL UHWH SHU OD
FRQQHVVLRQH HR SHU JOL HYHQWXDOL LQWHUYHQWL VXOOD UHWH HVLVWHQWH GDQGRQH OD UHODWLYD LQIRUPDWLYD DO 352'87725( QHO ULVSHWWR GHOOD WHPSLVWLFD
SUHYLVWDGDOO¶$((*
(1(/ TXDORUD LO 352'87725( FRQ O¶DFFHWWD]LRQH GHO SUHYHQWLYR VFHOJD GL FXUDUH JOL DGHPSLPHQWL FRQQHVVL DOOH SURFHGXUH DXWRUL]]DWLYH
GHOO¶LPSLDQWRGLUHWHHRSHUJOLHYHQWXDOLLQWHUYHQWLVXOODUHWHHVLVWHQWHVLLPSHJQDD
D IRUQLUHVHQRQJLjFRQWHQXWHQHOSUHYHQWLYRWXWWHOHLQIRUPD]LRQLQHFHVVDULHSHUODSUHGLVSRVL]LRQHGHOODGRFXPHQWD]LRQHFKHLO352'87725(
GHYH SUHVHQWDUH SHU O¶RWWHQLPHQWR GHOOH DXWRUL]]D]LRQL SHUPHVVL H VHUYLW QHFHVVDUL DOOD FRVWUX]LRQH HG HVHUFL]LR GHOO¶LPSLDQWR GL UHWH SHU OD
FRQQHVVLRQHFKHGHJOLHYHQWXDOLLQWHUYHQWLVXOODUHWHHOHWWULFDHVLVWHQWH
E SUHGLVSRUUHVHULFKLHVWDGDO352'87725(ODGRFXPHQWD]LRQHSHUO¶DFTXLVL]LRQHGHOOHDXWRUL]]D]LRQLSHUPHVVLHVHUYLWGLFXLDOODSUHFHGHQWH
OHWWD
(1(/XQDYROWDRWWHQXWHOHDXWRUL]]D]LRQLLSHUPHVVLHOHVHUYLWQHFHVVDULHDOODFRVWUX]LRQHGHOO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQHHRSHU
JOLHYHQWXDOLLQWHUYHQWLVXOODUHWHHOHWWULFDHVLVWHQWHVLLPSHJQDQHOULVSHWWRGHLWHPSLVWLFDSUHYLVWDGDOO¶$((*DUHDOL]]DUHO¶LPSLDQWRGLUHWHSHUOD
FRQQHVVLRQHVDOYRFDVLGLIRU]DPDJJLRUHIDWWRGHOWHU]RFDVRIRUWXLWRRHYHQWLFRPXQTXHQRQLPSXWDELOLDG(1(/5HDOL]]DWRO¶LPSLDQWRGLUHWH
SHUODFRQQHVVLRQH(1(/QHGjFRPXQLFD]LRQHDO352'87725(
7,72/2,,,(52*$=,21('(/6(59,=,2',&211(66,21(
$UW$WWLYD]LRQHHSURVHFX]LRQHGHOVHUYL]LRGLFRQQHVVLRQH
,Q HVLWR DOOD UHDOL]]D]LRQH GHOO¶LPSLDQWR GL UHWH SHU OD FRQQHVVLRQH HR GHJOL HYHQWXDOL LQWHUYHQWL VXOOD UHWH (1(/ VL LPSHJQD QHO ULVSHWWR GL
TXDQWRSUHYLVWRQHOSUHVHQWHFRQWUDWWRDGDWWLYDUHHPDQWHQHUHODFRQQHVVLRQH
/¶DWWLYD]LRQHHODSURVHFX]LRQHGHOVHUYL]LRGLFRQQHVVLRQHVRQRVXERUGLQDWHDOYHULILFDUVLGHOOHVHJXHQWLFRQGL]LRQL
D FKHLQUHOD]LRQHDLSUHOLHYLGLHQHUJLDHOHWWULFDQHFHVVDULSHULOIXQ]LRQDPHQWRGHOO¶LPSLDQWRGLSURGX]LRQHHGHIIHWWXDWLQHO3XQWRGLFRQVHJQD
RYYHURGDHYHQWXDOHDOWUR3XQWRGLSUHOLHYRGLFXLLO352'87725(VLDWLWRODUHVLDQRVWDWLVWLSXODWLJOLVSHFLILFLFRQWUDWWLSHUODUHJRODPHQWD]LRQHGHL
SUHOLHYLVWHVVLFRQWUDWWRSHULOVHUYL]LRGLWUDVSRUWRHFRQWUDWWRGLFRQQHVVLRQHLQSUHOLHYR
E FKHOHDSSDUHFFKLDWXUHGLPLVXUDGHOO¶HQHUJLDSURGRWWDLQUHWHRYHLO352'87725(QHLFDVLSUHYLVWLGDOOHGLVSRVL]LRQLGHOO¶$((*DEELDRSWDWR
SHUO¶LQVWDOOD]LRQHDSURSULDFXUDGHOOHVWHVVHVLDQRFRQIRUPLDOOHSUHVFUL]LRQLGHOOH*8,'$HWHOHOHJJLELOLGD(1(/
F FKHLO352'87725(DEELDVWLSXODWRFRQ(1(/LOFRQWUDWWRSHULOVHUYL]LRGLPLVXUDTXDORUDQHLFDVLSUHYLVWLGDOOHGLVSRVL]LRQLGHOO¶$((*DEELD
FKLHVWRDG(1(/O¶DWWLYD]LRQHGHOVHUYL]LR
GFKHDOO¶LPSLDQWRGLSURGX]LRQHQRQVLDFRQQHVVRVDOYRTXDQWRSUHYLVWRGDOODQRUPDWLYDYLJHQWHDOFXQLPSLDQWRFKHULVXOWLHVVHUHGLUHWWDPHQWH
RGLQGLUHWWDPHQWHQHOODGLVSRQLELOLWjGLVRJJHWWLJLXULGLFLGLYHUVLGDO352'87725(
H FKH LO 352'87725( DEELD VRWWRVFULWWR LO 5HJRODPHQWR GL (VHUFL]LR %7 ULVSHWWL OH SUHVFUL]LRQL LYL FRQWHQXWH HG DEELD RWWHQXWR O¶DELOLWD]LRQH LQ
*$8',¶
I FKHSHUPDQJDQROHDXWRUL]]D]LRQLLSHUPHVVLHOHVHUYLWULJXDUGDQWLOD FRVWUX]LRQHHO¶HVHUFL]LRGHOO¶LPSLDQWRGLUHWHGLFRQQHVVLRQHHTXHOOL
UHODWLYLDJOLLQWHUYHQWLVXOODUHWHHOHWWULFDHVLVWHQWH
$UW6HUYL]LRGLFRQQHVVLRQH
$VHJXLWRGHOO¶DWWLYD]LRQHGHOODFRQQHVVLRQHDOODUHWHGHOO¶LPSLDQWRGLSURGX]LRQHLO352'87725(DFTXLVLVFHLOGLULWWRDGHVHUFLUHO¶LPSLDQWRLQ
SDUDOOHORFRQODUHWH(1(/HGDGLPPHWWHUHHQHUJLDHOHWWULFDQHOODUHWH(1(/QHLOLPLWLGHOODSRWHQ]DLQLPPLVVLRQHHQHOULVSHWWR
D GHOOHSUHVFUL]LRQLWHFQLFKHSHUODFRQQHVVLRQHVWDELOLWHQHOSUHYHQWLYRHQHO5HJRODPHQWRGL(VHUFL]LR
E GHOOHFRQGL]LRQLWHFQLFRHFRQRPLFKHGLDFFHVVRHGLLQWHUFRQQHVVLRQHDOODUHWHVWDELOLWHGDOO¶$((*
FUHJROHHREEOLJKLFRQWHQXWLQHO&RGLFHGL5HWH
G GHOOHQRUPHWHFQLFKHLQYLJRUH&(,&RPLWDWR(OHWWURWHFQLFR,WDOLDQR
,O352'87725(VLLPSHJQDLQROWUHD
D PDQWHQHUHLQVWDWRGLSHUIHWWDHIILFLHQ]DLSURSULLPSLDQWLLQPRGRGDQRQUHFDUHGDQQLRGLVWXUELDOODUHWH(QHODJOLDOWULFOLHQWLJLjFRQQHVVL
DOODVWHVVDQRQFKpDOOHDOWUHUHWLDFXLODUHWH(1(/qVRWWHVD
E LPSHGLUHVDOYRFDVRGLIRU]DPDJJLRUHFDVRIRUWXLWRRIDWWRGHOWHU]RLOGDQQHJJLDPHQWRGLLPSLDQWLHGDSSDUHFFKLDWXUHGL(1(/LQVLVWHQWLVX
DUHHGLVXDSURSULHWjDQFKHVHQRQHVFOXVLYD
F DGHJXDUH VRVWHQHQGR L UHODWLYL FRVWL VX ULFKLHVWD GL (1(/ H VHFRQGR OH PRGDOLWj GD TXHVWD GHILQLWH O¶LPSLDQWR GL SURGX]LRQH QHL FDVL LQ FXL
LQWHUYHQWLGLVYLOXSSRGHOODUHWHHOHWWULFDRDOWUHHVLJHQ]HGLWDOHUHWHORUHQGDQRQHFHVVDULRSHUJDUDQWLUHODVLFXUH]]DGHOVLVWHPDHOHWWULFR
GIDUVuFKHQHOFDVRGLWUDVIHULPHQWRDWHU]LGHOODWLWRODULWjGHOO¶LPSLDQWRGLSURGX]LRQHRFRPXQTXHLQRJQLVLWXD]LRQHFKHFRPSRUWLXQDPRGLILFD
GHO VRJJHWWR JLXULGLFR FKH KD OD GLVSRQLELOLWj GHOO¶LPSLDQWR GL SURGX]LRQH LO QXRYR WLWRODUH DVVXPD D VXR FDULFR OH REEOLJD]LRQL SUHYLVWH QHO
SUHYHQWLYR QHOOH SUHVHQWL FRQGL]LRQL JHQHUDOL GL FRQWUDWWR H QHO 5HJRODPHQWR GL (VHUFL]LR LQYLDQGR WHPSHVWLYD FRPXQLFD]LRQH VFULWWD DG (1(/
RQGHSHUPHWWHUHOHVXFFHVVLYHVWLSXOD]LRQLFRQWUDWWXDOLFRQLOQXRYRWLWRODUHGHOO¶LPSLDQWRGLSURGX]LRQH
HVHJQDODUHWHPSHVWLYDPHQWHHSHULVFULWWRDG(1(/O¶HYHQWXDOHFHVVLRQHGLUDPRGLD]LHQGDHTXDOVLYRJOLDVLWXD]LRQHHRRSHUD]LRQHVRFLHWDULD
FKHFRPSRUWLODYDULD]LRQHQHOODWLWRODULWjGHOODFRQQHVVLRQH
I QRQHIIHWWXDUHSUHOLHYLGLHQHUJLDHOHWWULFDGDO3XQWRGL&RQVHJQDTXDORUDQRQDEELDFRQFOXVRLFRQWUDWWLGLFXLDOO¶DUWOHWWD
J JDUDQWLUH QHO ULVSHWWR GHOOH GLVSRVL]LRQL QRUPDWLYH YLJHQWL LO FRUUHWWR HVHUFL]LR H PDQXWHQ]LRQH GHOOH DSSDUHFFKLDWXUH GL PLVXUD H GHJOL
HYHQWXDOLDSSDUDWLGLWHOHOHWWXUDGDOORVWHVVRLQVWDOODWH
K JDUDQWLUHD(1(/HRDSURSULLQFDULFDWLO¶DFFHVVRLQTXDOVLDVLPRPHQWRDLSURSULLPSLDQWLGLUHWHHGDOO¶DSSDUHFFKLDWXUDGLPLVXUD
L,O352'87725(QRQSXzLPPHWWHUHXQDSRWHQ]DVXSHULRUHDTXHOODLQGLFDWDQHOSUHYHQWLYRLQFDVRGLVXSHUDPHQWRGHOODSRWHQ]DLQLPPLVVLRQH
LQ DOPHQR GXH GLVWLQWL PHVL QHOO¶DQQR VRODUH GD SDUWH GHO 352'87725( TXDORUD (1(/ QRQ SURFHGD DOOD ULVROX]LRQH GHO FRQWUDWWR H ULWHQJD
WHFQLFDPHQWH SRVVLELOH DXPHQWDUH OD SRWHQ]D LQ LPPLVVLRQH LO 352'87725( GHYH FRUULVSRQGHUH JOL LPSRUWL ULFKLHVWL GD (QHO LQ EDVH DOOH
GLVSRVL]LRQLGHOO¶$((*HVRWWRVFULYHUHVHQHFHVVDULRQXRYRFRQWUDWWRGLFRQQHVVLRQH
/¶(1(/VLLPSHJQDD
D PDQWHQHUHLQHIILFLHQ]DQHOULVSHWWRGHOODQRUPDWLYDWHFQLFDYLJHQWHO¶LPSLDQWRGLUHWHSHUODFRQQHVVLRQHQRQFKpOHSURSULHDSSDUHFFKLDWXUH
GLPLVXUDHWHOHOHWWXUD
E PDQWHQHUHDWWLYDODFRQQHVVLRQHVDOYRTXDQWRSUHYLVWRDLVXFFHVVLYLDUWHDUW
$UW&RQGL]LRQLSDUWLFRODULSHULSUHOLHYL
&RQ ULIHULPHQWR DL SUHOLHYL GL HQHUJLD HIIHWWXDWL QHO 3XQWR GL &RQVHJQD WURYD DSSOLFD]LRQH SHU TXDQWR QRQ VSHFLILFDWDPHQWH SUHYLVWR QHOOH
SUHVHQWLFRQGL]LRQLJHQHUDOLTXDQWRVWDELOLWRQHOFRQWUDWWRGLFRQQHVVLRQHLQSUHOLHYR
$UW/LPLWD]LRQLDOO¶HVHUFL]LR
(1(/ SRWUj LPSRUUH OLPLWD]LRQL GL HVHUFL]LR DOO¶LPSLDQWR GHO 352'87725( VLQR DOOD VRVSHQVLRQH GHO VHUYL]LR QHO FDVR GL YLROD]LRQH GHOOH
SUHVHQWLFRQGL]LRQLJHQHUDOLGHOOHGLVSRVL]LRQLGHO5HJRODPHQWRGL(VHUFL]LRQRQFKqQHLVHJXHQWLFDVL
D TXDORUD VLDQR QHFHVVDULLQWHUYHQWLGL6YLOXSSRHRDGHJXDPHQWRGHOODUHWHHOHWWULFD DQFKHLQDVVROYLPHQWRGHJOLREEOLJKLGHULYDQWLDSURSULR
FDULFRGDOO¶DWWRGLFRQFHVVLRQHGLFXL(1(/qWLWRODUH
E TXDORUDVXVVLVWDQRUDJLRQLGLVLFXUH]]DHFRQWLQXLWjGHOVHUYL]LRHOHWWULFR
F QHLFDVLGLPDQFDWDLQWHUFRQQHVVLRQHFRQDOWULHVHUFHQWLRLQFDVRGLVSHFLILFKHGLVSRVL]LRQLGL7(51$RDQFRUDLQFDVRGLGLVSRVL]LRQLDGRWWDWH
LQDWWXD]LRQHGHO3(66(
G SHUO¶HVSOHWDPHQWRGHOOHDWWLYLWjGLPDQXWHQ]LRQHRUGLQDULDHVWUDRUGLQDULDGHOODUHWH(1(/
1HLFDVLGLFXLDOFRPPDSUHFHGHQWHHFRPXQTXHLQRJQLFDVRGLOLPLWD]LRQLQRQLPSXWDELOLD(1(/LO352'87725(QRQKDGLULWWRDGDOFXQD
IRUPD GL UHPXQHUD]LRQH LQGHQQL]]R R ULVDUFLPHQWR 4XDORUD (1(/ SHU RUGLQH GL DXWRULWj R LQ EDVH DOOD QRUPDWLYD YLJHQWH RYYHUR LQ
FRQIRUPLWj GL SURYYHGLPHQWL GHOO¶$((* TXDOH DG DG HV OD GHOLEHUD $((* Q GHEED GLVDOLPHQWDUH LO 3XQWR GL &RQVHJQD LO 352'87725(
HVRQHUD(1(/GDRJQLUHVSRQVDELOLWjSHUOHFRQVHJXHQWLOLPLWD]LRQLRVRVSHQVLRQLGLHVHUFL]LRGHOO¶LPSLDQWRGLSURGX]LRQH
$UW&HVVD]LRQHGHOVHUYL]LRGLFRQQHVVLRQH
,O352'87725(KDIDFROWjGLFKLHGHUHLQTXDOVLDVLPRPHQWRODFHVVD]LRQHGHOVHUYL]LRGLFRQQHVVLRQHPHGLDQWHDSSRVLWDFRPXQLFD]LRQHVFULWWD
GDLQYLDUHQHOULVSHWWRGHOODWHPSLVWLFDSUHYLVWDGDOOHGLVSRVL]LRQLGHOO¶$((*
(
ULFRQRVFLXWDDG(1(/ODIDFROWjGLFHVVDUHLOVHUYL]LRGLFRQQHVVLRQHHFRQWHVWXDOPHQWHGLULVROYHUHGLGLULWWRDLVHQVLGHOO¶DUWFFLO
FRQWUDWWRGLFRQQHVVLRQHGLFXLDOOHSUHVHQWLFRQGL]LRQLJHQHUDOLDOYHULILFDUVLGLDQFKHXQDVROWDQWRGHOOHFLUFRVWDQ]HGLVHJXLWRHOHQFDWH
D LQDGHPSLPHQWRGDSDUWHGHO352'87725(DGXQRGHJOLREEOLJKLSUHYLVWLQHLSUHFHGHQWLDUWLFROLH
E RJQLDOWURFRPSRUWDPHQWRFKHSRVVDFRPSURPHWWHUHODVLFXUH]]DRODFRQWLQXLWjGHOVHUYL]LRHOHWWULFR
$UW(IILFDFLD
/HSUHVHQWLFRQGL]LRQLJHQHUDOLGLYHQWDQRYLQFRODQWLDGHFRUUHUHGDOODGDWDGLULFHYLPHQWRGDSDUWHGL(1(/GHOO¶DFFHWWD]LRQHGHOSUHYHQWLYRH
FRQVHUYDQRODORURHIILFDFLDSHUWXWWDODGXUDWDGHOVHUYL]LRGLFRQQHVVLRQH
,QFDVRGLWUDVIHULPHQWRDWHU]LGHOODWLWRODULWjRGHOODGLVSRQLELOLWjGHOO¶LPSLDQWRGLSURGX]LRQHRYYHURLQFDVRGLFHVVLRQHGLUDPRG¶D]LHQGDGL
FXLDOO¶DUWOHWWGHGHLO352'87725(ULPDQHYLQFRODWRDOULVSHWWRGLWXWWHOHREEOLJD]LRQLDVVXQWHYHUVR(1(/ULVSRQGHQGRGLRJQLGDQQR
GLUHWWRHGLQGLUHWWRILQRDFKHGHWWLWHU]LQRQDEELDQRDVVXQWHQHLFRQIURQWLGL(1(/OHPHGHVLPHREEOLJD]LRQL
$UW5LVHUYDWH]]DHWUDWWDPHQWRGHLGDWLSHUVRQDOL
7XWWHOHLQIRUPD]LRQLGLFDUDWWHUHSHUVRQDOHLQGXVWULDOHILQDQ]LDULRHFRQRPLFRSDWULPRQLDOHH FRPPHUFLDOHULODVFLDWHGDO352'87725(D
(1(/VRQRGDFRQVLGHUDUVLULVHUYDWHHQRQVDUDQQRXWLOL]]DWHGD(1(/VHQRQLQIXQ]LRQHGLDWWLYLWjSUHYLVWH GDOODOHJJHRGDOOH0&&RDOWULPHQWL
SUHVFULWWH GDOOH DXWRULWj FRPSHWHQWL (1(/ JDUDQWLUj DO 352'87725( LO ULVSHWWR GHO VHJUHWR G¶XIILFLR H GHOOD ULVHUYDWH]]D VX WXWWH OH LQIRUPD]LRQL
ULVHUYDWHULFHYXWHHQRQFRPXQLFKHUjGHWWHLQIRUPD]LRQLDWHU]LVHQ]DLOFRQVHQVRVFULWWRGHO352'87725(
,O352'87725(FRQVHQWHFKH(1(/SRVVDXWLOL]]DUHHSXEEOLFDUHLSURSULGDWLLQIRUPDDJJUHJDWDHGDQRQLPDSHUO¶HODERUD]LRQHGLELODQFLD
ILQLVWDWLVWLFLRSHUDOWUHILQDOLWjLVWLWX]LRQDOL
,O 352'87725( DL VHQVL GL TXDQWR SUHYLVWR GDO '/JV Q SUHVWD LO SURSULR FRQVHQVR DO WUDWWDPHQWR HG DOOD FRPXQLFD]LRQH GD
SDUWH GL (1(/ GHL GDWL ULJXDUGDQWL OD FRQQHVVLRQH LYL FRPSUHVL TXHOOL GL PLVXUD GHL SUHOLHYL H GHL FRQVXPL QHL OLPLWL LQ FXL LO WUDWWDPHQWR H OD
FRPXQLFD]LRQH VLDQR IXQ]LRQDOL DOO¶DGHPSLPHQWR GL WXWWL JOL REEOLJKL SUHYLVWL GDOOH SUHVHQWL FRQGL]LRQL JHQHUDOL GDOOD OHJJH GD UHJRODPHQWL GD
GHOLEHUHGDOODQRUPDWLYDFRPXQLWDULDHGDOOH*8,'$
,O352'87725(DLVHQVLGLTXDQWRSUHYLVWRGDO'/JVQDFFRQVHQWHFKHLGDWLGDOORVWHVVRIRUQLWLVLDQRXWLOL]]DWLSHULOPRQLWRUDJJLR
GHOODTXDOLWjGHOVHUYL]LRSUHVWDWRHFKHJOLVWHVVLGDWLSRVVDQRHVVHUHFRPXQLFDWLSHUOHPHGHVLPHILQDOLWjDVRFLHWjFRQWUROODWHRFROOHJDWHHRD
WHU]LIRUQLWRULGLVHUYL]L
$UW0RGLILFKHHGLQWHJUD]LRQLDOOHSUHVHQWLFRQGL]LRQLJHQHUDOLHFODXVRODGLULQYLR
,QWHJUDQR DXWRPDWLFDPHQWH LO SUHVHQWH GRFXPHQWR OH FRQGL]LRQL REEOLJDWRULDPHQWH LPSRVWH GDOOD OHJJH R GD SURYYHGLPHQWL GHOO¶ $((* GL
DOWUHSXEEOLFKH$XWRULWjRGLDOWULVRJJHWWLFRPSHWHQWL
3DULPHQWLVLLQWHQGRQRDEURJDWHOHFRQGL]LRQLFKHULVXOWLQRLQFRPSDWLELOLFRQTXDQWRLPSRVWRDLVHQVLGHOSUHFHGHQWHFRPPD
4XDORUDDVHJXLWRGHLSURYYHGLPHQWLGHO¶$((*QRQVLDSRVVLELOHODPRGLILFDDXWRPDWLFDGHOSUHVHQWLFRQGL]LRQLJHQHUDOL(1(/SURYYHGHUjD
IRUPXODUHOHFRQVHJXHQWLFODXVROHLQWHJUDWLYHRPRGLILFDWLYHHDUHQGHUOHQRWHDO352'87725(DLILQLGHOODVXFFHVVLYDVRWWRVFUL]LRQHVHPSUHFKH
QHFHVVDULD
3HUTXDQWRQRQHVSUHVVDPHQWHSUHYLVWRGDOOHSUHVHQWLFRQGL]LRQLJHQHUDOLOHSDUWLIDQQRHVSUHVVRULQYLRDOOHGLVSRVL]LRQLGHO7,&$
$UW&HVVLRQHGHOFRQWUDWWR
(1(/SRWUjFHGHUHLOFRQWUDWWRDGDOWUDLPSUHVDGLVWULEXWULFHGLHQHUJLDHOHWWULFDRYYHURDOJHVWRUHGLUHWHFRPSHWHQWH
$UW5HVSRQVDELOLWj
1RQVXVVLVWHUjDOFXQDUHVSRQVDELOLWjGHOOH3DUWLSHULQDGHPSLPHQWLGRYXWLDFDXVHGLIRU]DPDJJLRUHFDVRIRUWXLWRIDWWRGHOWHU]RRYYHURDG
HYHQWL FRPXQTXH DO GL IXRUL GHO ORUR FRQWUROOR TXDOL D WLWROR PHUDPHQWH HVHPSOLILFDWLYR JXHUUH VRPPRVVH WHUUHPRWL LQRQGD]LRQL LQFHQGL
VFLRSHULDQFKHD]LHQGDOLLQWHUUX]LRQLGHOO¶HURJD]LRQHGLHQHUJLDHOHWWULFDRQHOODIRUQLWXUDGHOOHOLQHHGHGLFDWHGLWUDVSRUWRGDWLIDFHQWLSDUWHGHO
VLVWHPDLQIRUPDWLFRGL(1(/TXDQGRWDOLLQWHUUX]LRQLVLDQRLPSXWDELOLHVFOXVLYDPHQWHDOFRPSRUWDPHQWRGLWHU]L
(1(/VDUjHYHQWXDOPHQWHUHVSRQVDELOHQHLFRQIURQWLGHO352'87725(SHULGDQQLPDWHULDOLFKHVLDQRGLUHWWDFRQVHJXHQ]DGLVXRGRORRFROSD
JUDYHLQWHQGHQGRVLHVSUHVVDPHQWHHVFOXVDRJQLVXDUHVSRQVDELOLWjSHUGDQQLLQGLUHWWLROXFURFHVVDQWH
$UW)RURFRPSHWHQWH
3HUTXDOVLDVLFRQWURYHUVLDFKHGRYHVVHLQVRUJHUHLQPHULWRDOO¶LQWHUSUHWD]LRQHHRHVHFX]LRQHGHOSUHVHQWH&RQWUDWWROH3DUWL
G¶LQWHVDVWDELOLVFRQRODFRPSHWHQ]DHVFOXVLYDGHO)RURGL520$