:6
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
81,21((8523($ 5(38%%/,&$,7$/,$1$
5(*,21(726&$1$
3URJUDPPDGL6YLOXSSR5XUDOH 5HJ&(
%DQGR0LVXUD³$PPRGHUQDPHQWRD]LHQGHDJULFROH´
)DVH±$QQXDOLWj
,1',&(
'HQRPLQD]LRQHHFRGLFHGHOODPLVXUD
'HILQL]LRQL
'HVFUL]LRQHGHOODPLVXUD
6RJJHWWLDPPHVVLDSUHVHQWDUHGRPDQGD
/LPLWD]LRQL HGHVFOXVLRQL
6HWWRULGLLQWHUYHQWR
3URGRWWLDJULFROLLQWHUHVVDWL
/LPLWD]LRQLHGHVFOXVLRQLGHULYDQWLGD2&0GLVHWWRUH
&RQGL]LRQLGLDFFHVVR
5HTXLVLWLGHLVRJJHWWLULFKLHGHQWL
1RQULFHYLELOLWjHSHQDOL]]D]LRQLSHUFDVLGLLQDIILGDELOLWj
&DQWLHUDELOLWjGHJOLLQYHVWLPHQWLRJJHWWRGHOODGRPDQGDGLDLXWR
,QL]LRGHLODYRULDFTXLVWLLQYHVWLPHQWL
8OWHULRULVSHFLILFKHGLDPPLVVLELOLWjGHJOLLQYHVWLPHQWL
0LJOLRUDPHQWRGHOUHQGLPHQWRJOREDOHGHOO¶D]LHQGDHILQDOLWjGHOO¶LQYHVWLPHQWR
7LSRORJLHGLLQYHVWLPHQWRDPPLVVLELOL
,QYHVWLPHQWLSHULOPLJOLRUDPHQWRHFRQRPLFRLOPLJOLRUDPHQWRGHOODTXDOLWjGHOOH
SURGX]LRQLHGLOPLJOLRUDPHQWRGHOODVLWXD]LRQHD]LHQGDOHLQWHUPLQLGLLJLHQHHEHQHVVHUHGHJOL
DQLPDOL
,QYHVWLPHQWLDYHQWLDGRJJHWWRIDEEULFDWLDJULFROL
,QWHUYHQWLDYHQWLDGRJJHWWRPDFFKLQDULLPSLDQWLHDWWUH]]DWXUH
,QWHUYHQWLGLPLJOLRUDPHQWRIRQGLDULR
,QWHUYHQWLDYHQWLDGRJJHWWRLQYHVWLPHQWLLPPDWHULDOL
,QYHVWLPHQWL SHUODVLFXUH]]DVXOODYRURHLOPLJOLRUDPHQWRDPELHQWDOH
,QYHVWLPHQWLSHUODVLFXUH]]DLQWHVLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYHDOODVLFXUH]]DVXOSRVWRGL
ODYRURDOGLOjGHOOHSHUWLQHQWLQRUPHLQYLJRUH
,QYHVWLPHQWLSHUODVLFXUH]]DDYHQWLDGRJJHWWRIDEEULFDWLDJULFROL
,QYHVWLPHQWLSHUODVLFXUH]]DDYHQWLDGRJJHWWRPDFFKLQDULLPSLDQWLHDWWUH]]DWXUH
,QYHVWLPHQWLGLPLJOLRUDPHQWRDPELHQWDOH
,QYHVWLPHQWLLPPDWHULDOL
7LSRORJLHGLVSHVDDPPLVVLELOL
1RUPDWLYDGLULIHULPHQWRHPRGDOLWjGLSDJDPHQWR
8OWHULRULVSHFLILFKHHOLPLWD]LRQLVXOOHVSHVHDPPLVVLELOLULVSHWWRDTXDQWRSUHYLVWRQHO'$5
'HVFUL]LRQHGHOOHVSHVHQRQDPPLVVLELOL
/RFDOL]]D]LRQHGHOO¶LQYHVWLPHQWR
,PSHJQLREEOLJKLHULGX]LRQL
,PSHJQLGHULYDQWLGDOODSUHVHQWD]LRQHGHOODGRPDQGDGLDLXWR
,PSHJQLUHODWLYLDOSHULRGRLQWHUFRUUHQWHWUDODSUHVHQWD]LRQHGHOODGRPDQGDGLDLXWRHLO
SDJDPHQWR
,PSHJQLVXFFHVVLYLDOSDJDPHQWR
$OOHJDWR$±3DJGL
::
%$1'20,685$ ±)$6(
5LGX]LRQLLQVHGHGLDFFHUWDPHQWRILQDOHGLFRQWUROOLLQORFRHGHLFRQWUROOLH[SRVW
0RQLWRUDJJLR
7DVVLHLPSRUWLGHLFRQWULEXWL
7DVVLGLFRQWULEX]LRQH
,PSRUWLPLQLPLHPDVVLPLGHLFRQWULEXWL
3ULRULWjSHUODVHOH]LRQHGHOOHGRPDQGH
9DOXWD]LRQHGHOOHSULRULWj
3XQWHJJLDJJLXQWLYLQHL3/65
(OHQFRGHOOHSULRULWj
&RPSDUWLSURGXWWLYL=RQHSULRULWDUL
7LSRORJLDGLLQYHVWLPHQWRFRPSDUWRSULRULWDULR
/DGRPDQGDGLDLXWR
7HUPLQLGLSUHVHQWD]LRQHGHOODGRPDQGDGLDLXWR
0RGDOLWjGLSUHVHQWD]LRQHGHOODGRPDQGDGLDLXWR
,QVHULPHQWR3LDQRSUHYLVLRQDOH
0RGDOLWjGLVRWWRVFUL]LRQHGHOODGRPDQGDGLDLXWR
&RVWLWX]LRQHRDJJLRUQDPHQWRGHOIDVFLFRORD]LHQGDOH
5HLQVHULPHQWRGHOOHGRPDQGHQRQILQDQ]LDELOLGDOODJUDGXDWRULDGHOO¶DQQXDOLWjSUHFHGHQWH
$VVHJQD]LRQHGHLFRQWULEXWL
3UHVDG¶DWWRGHOODJUDGXDWRULDSUHOLPLQDUH
5LFKLHVWDGHOFRPSOHWDPHQWRGHOODGRPDQGDGLDLXWR
(PLVVLRQH$WWLGLDVVHJQD]LRQHGHLFRQWULEXWL
8OWHULRULGLVSRVL]LRQLHULQYLRDO'RFXPHQWR$WWXDWLYR5HJLRQDOH
'HQRPLQD]LRQHHFRGLFHGHOODPLVXUD
'HQRPLQD]LRQH GHOOD PLVXUD $PPRGHUQDPHQWR GHOOH D]LHQGH DJULFROH DUW ELDUW 5HJ&( Q
&RGLFHGHOODPLVXUD
'HILQL]LRQL
$LILQLGHOSUHVHQWHEDQGRVLDSSOLFDQROHVHJXHQWLGHILQL]LRQL
x $QWLFLSR HURJD]LRQH GL XQD VRPPD GL GHQDUR D IDYRUH GHO EHQHILFLDULR HIIHWWXDWD VHQ]D
UHQGLFRQWD]LRQHGRSRO¶LQL]LRGHJOLLQYHVWLPHQWLHSULPDGHOODFRQFOXVLRQHGHJOLVWHVVL
x $57($ $JHQ]LD 5HJLRQDOH 7RVFDQD (URJD]LRQL LQ $JULFROWXUD 2UJDQLVPR SDJDWRUH
ZZZDUWHDWRVFDQDLW
x $WWR GL DVVHJQD]LRQHDWWRHPHVVRGDOO¶HQWHFRPSHWHQWHFRQLOTXDOHVLFRQFOXGHODIDVHLVWUXWWRULD
GHOOHGRPDQGHGLDLXWRDPPHVVHDILQDQ]LDPHQWR
x $XWRULWj GL JHVWLRQH 5HJLRQH 7RVFDQD ± 'LUH]LRQH *HQHUDOH GHOOR 6YLOXSSR (FRQRPLFR ± 6HWWRUH
SURJUDPPLFRPXQLWDULSHUORVYLOXSSRUXUDOHZZZUHJLRQHWRVFDQDLWDJULFROWXUDVYLOXSSRUXUDOH
x %HQHILFLDULR ,$3 ,PSUHQGLWRUH$JULFROR3URIHVVLRQDOHUHVSRQVDELOHGHOO¶HVHFX]LRQHGHOOHRSHUD]LRQLH
GHVWLQDWDULRGHOVRVWHJQR
x &RQWULEXWR LQ FRQWR FDSLWDOH 6RPPD HURJDWD DO EHQHILFLDULR FKH UDSSUHVHQWD XQD TXRWD SDUWH GHO
FDSLWDOHFRPSOHVVLYRLPSLHJDWRSHUODUHDOL]]D]LRQHGLLQYHVWLPHQWL
x '$5 'RFXPHQWR DWWXDWLYR 5HJLRQDOH GHO 3LDQR GL 6YLOXSSR UXUDOH GHOOD 5HJLRQH 7RVFDQD DSSURYDWRFRQ'HOLEHUDGL*LXQWD5HJLRQDOHQGHOHVPL
x 'RPDQGD GL SDJDPHQWR D VDOGR GRPDQGD GD SUHVHQWDUH WUDPLWH '8$ HQWUR L WHUPLQL VWDELOLWL
GDOO¶(QWH QHOO¶DWWR GL FRQFHVVLRQH FRQ OD TXDOH LO EHQHILFLDULR FKLHGH O¶HURJD]LRQH GHO SDJDPHQWR GHO
FRQWULEXWRJLjDVVHJQDWRDVHJXLWRGHOODUHDOL]]D]LRQHGHJOLLQYHVWLPHQWLDPPHVVL
x '8$'LFKLDUD]LRQH8QLFD$]LHQGDOHVWUXPHQWRSHUO¶DFFHVVRDLFRQWULEXWLGHO365GHOOD5HJLRQH7RVFDQD
GLVFLSOLQDWDDOO¶DUWGHOODOUQ
x '85& 'RFXPHQWR8QLFRSHUOD5HJRODULWj&RQWULEXWLYDDLVHQVLGHOO¶DUWFRPPDGHOOD/
x (QWH FRPSHWHQWH 3URYLQFLD &RPXQLWj 0RQWDQD R 8QLRQH GL &RPXQL FRPSHWHQWH VXO WHUULWRULR GL
ULIHULPHQWRGHOO¶87(SHUODJHVWLRQHGHOOHGRPDQGHFRVuFRPHGLVSRVWRGDO'$5
:
$OOHJDWR$±3DJGL
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
%$1'20,685$ ±)$6(
)DVFLFROR D]LHQGDOH LQVLHPH GHOOD GRFXPHQWD]LRQH JLXULGLFD SUREDQWH OH LQIRUPD]LRQL UHODWLYH DOOD
FRQVLVWHQ]DD]LHQGDOHDLILQLGHOO¶HURJD]LRQHGHJOLDLXWLLQDJULFROWXUD/HLPSUHVHFKHLQWHQGRQRDYYLDUH
GHL SURFHGLPHQWL LQ PDWHULD GL DJULFROWXUD R GL VYLOXSSR UXUDOH VRQR WHQXWH D FRVWLWXLUH XQ IDVFLFROR
D]LHQGDOHSUHVVRXQ&$$R$57($
*LXVWLILFDWLYLGLSDJDPHQWR'RFXPHQWLFKHDFFRPSDJQDQROHIDWWXUHRDOWULGRFXPHQWLDYHQWLIRU]D
SUREDQWHHTXLYDOHQWHHFKHGLPRVWUDQRO¶DYYHQXWRSDJDPHQWRGHOOHGHJOLVWHVVHVWHVVL
,QL]LRODYRULLQYHVWLPHQWLGDWDDSDUWLUHGDOODTXDOHYHQJRQRULFRQRVFLXWHOHVSHVHDPPLVVLELOL
,$3,PSUHQGLWRUH$JULFROR3URIHVVLRQDOHDLVHQVLGHO'OJVQHGHOOD/5QHUHODWLYR
UHJRODPHQWRG¶DWWXD]LRQH
0LQLPDOHLPSRUWRPLQLPRGHOFRQWULEXWRFRQFHGLELOHLQVHGHGLDWWRGLDVVHJQD]LRQH
0DVVLPDOHLPSRUWRPDVVLPRGHOFRQWULEXWRFRQFHGLELOH
2UJDQLVPRSDJDWRUHVRJJHWWRUHVSRQVDELOHGHLSDJDPHQWL$57($
3URURJD QXRYD VFDGHQ]D DVVHJQDWD GDOO¶(QWH FRPSHWHQWH VX LVWDQ]D GHO EHQHILFLDULR SHU OD
FRQFOXVLRQHGHOO¶LQYHVWLPHQWRODYRUL
3653URJUDPPDGL6YLOXSSR5XUDOH ±GHOOD5HJLRQH7RVFDQDDSSURYDWRGDOOD&RPPLVVLRQH
(XURSHD
5HFXSHURTXRWDSDUWHRWRWDOHGHOFRQWULEXWRLQGHELWDPHQWHSHUFHSLWRFKHYLHQHUHFXSHUDWRDVHJXLWR
GLXQDSURFHGXUDGLUHYRFDGHOO¶DWWRGLDVVHJQD]LRQH
5HYRFD$WWRHPHVVRGDOO¶(QWHFRPSHWHQWHDVHJXLWRGHOTXDOHLOEHQHILFLDULRGHFDGHLQWXWWRRLQSDUWH
GDLEHQHILFLDPPHVVLFRQO¶DWWRGLDVVHJQD]LRQHRSSXUHFRQO¶DFFHUWDPHQWRILQDOHVLDLQVHJXLWRDGXQD
ULQXQFLDFKHDVHJXLWRGLXQDWWRGLLQL]LDWLYDGHOO¶(QWH
5LFKLHGHQWH ,$3 FKH KD L UHTXLVLWL SHU SUHVHQWDUH GRPDQGD GL DLXWR $ VHJXLWR GL HYHQWXDOH DWWR GL
DVVHJQD]LRQHSRWUjGLYHQWDUHEHQHILFLDULR
5LQXQFLD DWWR YRORQWDULR GHO EHQHILFLDULR WUDPLWH LO TXDOH ULQXQFLD DG XQ LQYHVWLPHQWR
DPPLVVLELOHDPPHVVRDFRQWULEXWR
87( 8QLWj 7HFQLFD HFRQRPLFD FRVu FRPH FODVVLILFDWD VXO VLVWHPD LQIRUPDWLYR GD $57($ GRWDWD GL
VXSHUILFL DJURIRUHVWDOL VX FXL VL HVHUFLWDQR OH DWWLYLWj GL FROWLYD]LRQH H GL FRQGX]LRQH GHL FLFOL SURGXWWLYL
YHJHWDOLHGLSULQFLSDOLVHUYL]LRUJDQL]]DWLYLGHOOHUHVWDQWLVWUXWWXUHGLVHUYL]LRD]LHQGDOL
836 XQLWj SURGXWWLYH VSHFLILFKH FRVu FRPH FODVVLILFDWH VXO VLVWHPD LQIRUPDWLYR GD $57($ TXDOL OH
XQLWjSURGXWWLYH]RRWHFQLFKH83=OH XQLWjSURGXWWLYHLQWHJUDWULFLGLUHGGLWR83, HVIDEEULFDWLDGLELWL
DGDJULWXULVPROHXQLWjGLWUDVIRUPD]LRQHGHLSURGRWWL873OHXQLWjGLHURJD]LRQHVHUYL]LFRQQHVVLDOOH
SURGX]LRQLDJURDOLPHQWDUL876OHXQLWjWHFQLFRIRUHVWDOL87)OHXQLWjGLSURGX]LRQHUHODWLYHDOVHWWRUH
SHVFD863
'HVFUL]LRQHGHOODPLVXUD
/D PLVXUD q ILQDOL]]DWD DOO¶DPPRGHUQDPHQWR GHOOH D]LHQGH DJULFROH FRQ OR VFRSR GL PLJOLRUDUQH OD
FRPSHWLWLYLWjHLOUHQGLPHQWRJOREDOH
/H ILQDOLWj GL PLJOLRUDPHQWR GHOOD FRPSHWLWLYLWj H GHO UHQGLPHQWR HFRQRPLFR D]LHQGDOL UHQGRQR SULRULWDULR LO
FROOHJDPHQWR GHOOD PLVXUD DOO¶RELHWWLYR VSHFLILFR GL SURJUDPPD GL ³FRQVROLGDUH H VYLOXSSDUH OH D]LHQGH VXO
WHUULWRULR H VXL PHUFDWL PHGLDQWH OD SURPR]LRQH H OD GLIIXVLRQH GHOO¶LQQRYD]LRQH´ PLJOLRUDQGR LO UHQGLPHQWR
HFRQRPLFRGHOO¶D]LHQGDPHGLDQWHO¶RWWLPL]]D]LRQHGHLIDWWRULGLSURGX]LRQHLQSDUWLFRODUHFRQO¶LQWURGX]LRQHGL
WHFQRORJLHLQQRYDWLYHPLJOLRUDQGRODVLFXUH]]DHOHFRQGL]LRQLGLODYRURSURPXRYHQGRODGLYHUVLILFD]LRQHGHL
SURGRWWLFRQSDUWLFRODUHULIHULPHQWRDOOHFROWXUHFRQILQDOLWjQRQDOLPHQWDUL
/HILQDOLWjGLPLJOLRUDPHQWRGHOUHQGLPHQWRJOREDOHD]LHQGDOHLQWHUPLQLGLPLJOLRUDPHQWRGHOODTXDOLWjGHOOH
SURGX]LRQLGHOODVRVWHQLELOLWjDPELHQWDOHHGHOODVLWXD]LRQHD]LHQGDOHLQWHUPLQLGLVLFXUH]]DVXOODYRURHGL
LJLHQHHEHQHVVHUHGHJOLDQLPDOLFROOHJDQRODPLVXUDDQFKHDLVHJXHQWLRELHWWLYLVSHFLILFLGLSURJUDPPD
³UDIIRU]DPHQWR GHOOH ILOLHUH SURGXWWLYH DJULFROH H IRUHVWDOL´ LQWHUYHQHQGR VX XQD VSHFLILFD IDVH GHOOH
ILOLHUH
³FRQVROLGDPHQWR H VYLOXSSR GHOOD TXDOLWj GHOOD SURGX]LRQH DJULFROD H IRUHVWDOH´ PLJOLRUDQGR OD TXDOLWj
GHOOH SURGX]LRQL DQFKH PHGLDQWH OD ULFRQYHUVLRQH DL PHWRGL ELRORJLFL GL SURGX]LRQH H SURPRYHQGR XQ
PLJOLRUDPHQWRGHOOHFRQGL]LRQLGLDOOHYDPHQWRGHJOLDQLPDOLGDSURGX]LRQH
³IDYRULUHO¶RFFXSD]LRQHHLOULFDPELRRFFXSD]LRQDOHQHOVHWWRUHDJULFRORHIRUHVWDOH´VRVWHQHQGRDQFKHJOL
LQYHVWLPHQWLGHLJLRYDQLLPSUHQGLWRUL
³SURPR]LRQH GHO ULVSDUPLR LGULFR´ VRVWHQHQGR LQWHUYHQWL ILQDOL]]DWL DOOD ULGX]LRQHGHL FRQVXPL LGULFL QHL
SURFHVVLSURGXWWLYL
³ULGX]LRQH GHOO¶LQTXLQDPHQWR GHL FRUSL LGULFL´ VRVWHQHQGR LQWHUYHQWL ILQDOL]]DWL DOOD ULGX]LRQH
GHOO¶LQTXLQDPHQWRGHULYDQWHGDLSURFHVVLSURGXWWLYL
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
³SURPR]LRQH GHO ULVSDUPLR HQHUJHWLFR H GHOOH HQHUJLH ULQQRYDELOL´ VRVWHQHQGR LQWHUYHQWL ILQDOL]]DWL DO
ULVSDUPLRHQHUJHWLFRHDOODSURGX]LRQHGLHQHUJLDULQQRYDELOHHDOODFROWLYD]LRQHGLELRPDVVDSHUILQDOLWj
HQHUJHWLFKH
6RJJHWWLDPPHVVLDSUHVHQWDUHGRPDQGD
6RQR DPPHVVL D SUHVHQWDUH GRPDQGD JOL LPSUHQGLWRUL DJULFROL SURIHVVLRQDOL ,$3 LVFULWWL DQFKH D WLWROR
SURYYLVRULR QHOO¶DQDJUDIH UHJLRQDOH DL VHQVL GHOOD OHJJH UHJLRQDOH OXJOLR Q H GHO GHFUHWR GHO
3UHVLGHQWH GHOOD *LXQWD UHJLRQDOH IHEEUDLR Q 5 ³5HJRODPHQWR GL DWWXD]LRQH GHO FDSR ,, GHOOD
OHJJHUHJLRQDOHOXJOLRQ1RUPHLQPDWHULDGLLPSUHQGLWRUHHLPSUHQGLWULFHDJULFROLHGLLPSUHVD
DJULFROD´
6RQRLQROWUHDPPHVVLDSUHVHQWDUHGRPDQGDJOL,$3GLFXLDOODYLJHQWHQRUPDWLYDVWDWDOH'/JV
ULFRQRVFLXWLDQFKHDWLWRORSURYYLVRULRGDDOWUH5HJLRQLR3URYLQFHDXWRQRPH
*OL,$3GHYRQR
D HVVHUH LQ SRVVHVVR GHOO¶87( QHOOD TXDOH LQWHQGRQR HIIHWWXDUH JOL LQYHVWLPHQWL VXOOD EDVH GL XQR GHL
VHJXHQWLWLWROLSURSULHWjORFD]LRQHDIILWWRXVXIUXWWRFRQFHVVLRQHRORFD]LRQHGLEHQLLPPRELOLGHPDQLDOL
x EVYROJHUHDWWLYLWjGLSURGX]LRQHGHLSURGRWWLDJULFROLLQGLFDWLDOSDUDJUDIR
x F SRVVHGHUH LO IDVFLFROR D]LHQGDOH FRVWLWXLWR DL VHQVL GHO '35 HG HVVHUH LVFULWWL DOO¶DQDJUDIH
UHJLRQDOHVXOVLVWHPDLQIRUPDWLYRGL $57($GDFXLULVXOWDQRDOPHQRJOLHOHPHQWLSUHYLVWLQHOODWDEHOODGL
FXL DO SDUDJUDIR
x
/LPLWD]LRQLHGHVFOXVLRQL
D/LPLWD]LRQLHGHVFOXVLRQLFRQQHVVHDOWLSRGLDWWLYLWj
D $JOL,PSUHQGLWRUL$JULFROLSURIHVVLRQDOLFKHVYROJRQRDWWLYLWjGLSURGX]LRQHGHLSURGRWWLDJULFROLGLFXL
DO SDUDJUDIR VL ULFRQRVFH LO VRVWHJQR DJOL LQYHVWLPHQWL SHU OD WUDVIRUPD]LRQH FRQVHUYD]LRQH H
FRPPHUFLDOL]]D]LRQHVHLPSLHJDQRDQFKHSURGRWWLGLSURYHQLHQ]DH[WUDD]LHQGDOHQHLOLPLWLPDVVLPLGL
GHOWRWDOHGHL SURGRWWLODYRUDWL4XHVW¶XOWLPRSDUDPHWUR SXz HVVHUH FDOFRODWR FRPHPHGLDGHLWUH
DQQL SUHFHGHQWL D TXHOOR GL DPPLVVLRQH DO FRQWULEXWR R LQ DOWHUQDWLYD LQ IXQ]LRQH GHO SRWHQ]LDOH
SURGXWWLYRD]LHQGDOHDUHJLPH
D *OL ,PSUHQGLWRUL $JULFROL 3URIHVVLRQDOL FKH VYROJRQR SUHYDOHQWHPHQWH DWWLYLWj GL WUDVIRUPD]LRQH
FRQVHUYD]LRQHHFRPPHUFLDOL]]D]LRQHGLSURGRWWLDJULFROLGLSURYHQLHQ]DH[WUDD]LHQGDOHLQFOXGHQGRLQ
TXHVWL XOWLPL DL VROL ILQL GHOOD SUHVHQWH PLVXUD DQFKH L FRQIHULPHQWL GHL VRFL GHOOH FRRSHUDWLYH VRQR
DPPHVVL D SUHVHQWDUH GRPDQGD GL DLXWR XQLFDPHQWH SHU LQYHVWLPHQWL FRQQHVVL DOO¶DWWLYLWj GL
SURGX]LRQHGHLSURGRWWLDJULFROLLQGLFDWLQHOVXFFHVVLYRSDUDJUDIR3HUTXHVWLVRJJHWWLLOVRVWHJQRDG
LQYHVWLPHQWL SHU OD WUDVIRUPD]LRQH FRQVHUYD]LRQH H FRPPHUFLDOL]]D]LRQH q ULFRQRVFLXWR QHOO¶DPELWR
GHOOD 0LV D &RQ LO WHUPLQH ³SUHYDOHQWHPHQWH´ VL LQWHQGH FKH O¶LPSLHJR GHL SURGRWWL DJULFROL GL
SURYHQLHQ]DH[WUDD]LHQGDOHqVXSHULRUHDGGHOWRWDOHGHLSURGRWWLODYRUDWL4XHVW¶XOWLPRSDUDPHWUR
SXz HVVHUH FDOFRODWR FRPH PHGLD GHL WUH DQQL SUHFHGHQWL D TXHOOR GL DPPLVVLRQH DO FRQWULEXWRRLQ
DOWHUQDWLYDLQIXQ]LRQHGHOSRWHQ]LDOHSURGXWWLYRD]LHQGDOHDUHJLPH
$L ILQL GHOOD GHWHUPLQD]LRQH GHO ³WRWDOH GHL SURGRWWL ODYRUDWL´ GL FXL DL SUHFHGHQWL SXQWL D H D YL
FRQFRUURQR HVFOXVLYDPHQWH L SURGRWWL GHO VHWWRUH D FXL VL ULIHULVFH O
LQYHVWLPHQWR 1HO FDVR GL LQYHVWLPHQWL
FRPXQLDSLVHWWRULDGHVHPSLRSHUJOLLQYHVWLPHQWL ILQDOL]]DWLDOODFRQVHUYD]LRQHHFRPPHUFLDOL]]D]LRQHOD
GHWHUPLQD]LRQH GHO VXGGHWWR SDUDPHWUR q YHULILFDWD FRQ ULIHULPHQWR DOOD VRPPD GHO YDORUH UHODWLYR DOOH
SURGX]LRQLGHLVHWWRULLQWHUHVVDWL
E/LPLWD]LRQLHGHVFOXVLRQLFRQQHVVHDOSRVVHVVRGHOO¶87(
E 1HOFDVRGLLQYHVWLPHQWLFROOHJDWLDOODVXSHUILFLHIDEEULFDWLPLJOLRUDPHQWLIRQGLDULHFFLOULFKLHGHQWH
GHYH GLPRVWUDUH GL SRVVHGHUH OH SDUWLFHOOH GHOO¶87( QHOOH TXDOL LQVLVWH O¶LQYHVWLPHQWR GDOOD ULFH]LRQH
GHOOD GRPDQGD GL DLXWR ILQR DOOD GRPDQGD GL SDJDPHQWR WUDPLWH LO IDVFLFROR D]LHQGDOH PHQWUH D
GHFRUUHUHGDOOD ULFH]LRQH GL TXHVW¶XOWLPD LO WLWROR GL SRVVHVVR SUHVHQWH QHO IDVFLFROR D]LHQGDOH GHYH
DYHUH XQD GXUDWD VXIILFLHQWH D FRSULUH O¶LQWHUR SHULRGR GL YLQFROR GL FXL DOVXFFHVVLYR SDUDJUDIR SXQWR
E ,OULFKLHGHQWHGHYHLQROWUHGLPRVWUDUHWUDPLWHLOIDVFLFRORD]LHQGDOHLOSRVVHVVRGHOO¶LQWHUD87(QHOOD
TXDOHVLLQWHQGRQRHIIHWWXDUHJOLLQYHVWLPHQWLQHOSHULRGRLQWHUFRUUHQWHGDOODULFH]LRQHGHOODGRPDQGD
GLDLXWRHILQRDOODFRQFOXVLRQHGHJOLLPSHJQLGLFXLDOVXFFHVVLYRSDUDJUDIRSXQWR GXUDQWHWDOH
:9
:5
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
SHULRGR OD FRPSRVL]LRQH GHOO¶87( SXz YDULDUH PD GHYH HVVHUH PDQWHQXWD OD FRHUHQ]D GDO SXQWR GL
YLVWDGHOO¶LQGLUL]]RSURGXWWLYRHGLPHQVLRQDOHFRQO¶LQYHVWLPHQWRDPPHVVRDILQDQ]LDPHQWR
1RQVRQRDPPLVVLELOLDILQDQ]LDPHQWRJOLLQYHVWLPHQWLFKHQRQULVSHWWDQROHFRQGL]LRQLGLFXLDLSXQWLEH
E
6H VXFFHVVLYDPHQWH DOO¶DWWR GL DVVHJQD]LRQH QRQ VRQR ULVSHWWDWH OH VXGGHWWH FRQGL]LRQL VL SURYYHGHUj DOOD
UHYRFDGHOFRQWULEXWRHGDOUHFXSHURGHOOHVRPPHHYHQWXDOPHQWHHURJDWHOLPLWDWDPHQWHSHUJOLLQYHVWLPHQWL
FKHQRQOHVRGGLVIDQRIHUPRUHVWDQGROHHFFH]LRQLSUHYLVWHQHO'$5
6HWWRULGLLQWHUYHQWR
3URGRWWLDJULFROLLQWHUHVVDWL
,O VRVWHJQR DJOL LQYHVWLPHQWL q FRQFHVVR QHOOH DWWLYLWj GL SURGX]LRQH WUDVIRUPD]LRQH H FRQVHUYD]LRQH GHL
SURGRWWLDJULFROLDSSDUWHQHQWLDOO¶DOOHJDWR,GHO7UDWWDWRVRWWRHOHQFDWLHQHOOHDWWLYLWjGLFRPPHUFLDOL]]D]LRQH
GHJOLVWHVVLHGHLORURGHULYDWL
x $QLPDOLYLYLFDUQLHDOWULSURGRWWLSULPDULGLRULJLQHDQLPDOH
x /DWWH
x 8YH
x 2OLYHHROLRG¶ROLYD
x 6HPLROHRVL
x &HUHDOL
x /HJXPL
x )RUDJJHUH
x 2UWRIUXWWLFROLDGHVFOXVLRQHGHOODFDVWDJQDHGHOPDUURQH
x )LRULHSLDQWH
x 3LDQWHRIILFLQDOLHDURPDWLFKH
x 0LHOHHDOWULSURGRWWLGHOO¶DSLFROWXUD
x &ROWXUHLQGXVWULDOLFRPSUHVRFROWXUHWHVVLOLHTXHOOHSHUODSURGX]LRQHGLELRPDVVD
x 3LFFROLIUXWWLHIXQJKLHQWUDPELSURYHQLHQWLGDFROWLYD]LRQH
x 7DEDFFR
/LPLWD]LRQLHGHVFOXVLRQLGHULYDQWLGD2&0GLVHWWRUH
(¶QHFHVVDULRFKHJOLLQWHUYHQWLSUHYLVWLQHOO¶DPELWRGHOORVYLOXSSRUXUDOHVLDQRFRHUHQWLHFRPSOHPHQWDULDJOL
LQWHUYHQWLVWUXWWXUDOLHSHUODTXDOLWjGHOOHSURGX]LRQLILQDQ]LDELOLDOO¶LQWHUQRGLDOFXQH2UJDQL]]D]LRQL&RPXQLGL
0HUFDWR GL VHJXLWR 2&0 ,Q JHQHUDOH QHL VHWWRUL VRWWRSRVWL D UHVWUL]LRQL DOOD SURGX]LRQH R OLPLWD]LRQL DO
VRVWHJQRO¶LQYHVWLPHQWRQRQqDPPHVVRTXDORUDFRPSRUWLLOVXSHUDPHQWRGLGHWWHUHVWUL]LRQLROLPLWD]LRQL
1RQqSRVVLELOH RWWHQHUHDOWUHDJHYROD]LRQLSXEEOLFKHSHUOHRSHUHRDFTXLVWLRJJHWWRGHOODGRPDQGD
2&02UWRIUXWWD
/H GRPDQGH GL DLXWR SUHVHQWDWH QHOOD IDVH IRQGL H IDVH IRQGL UHLQVHULWH
DXWRPDWLFDPHQWH QHOOD JUDGXDWRULD GHO SUHVHQWH EDQGR SUHVHQWDWH GD ,$3 DVVRFLDWL DOOH 2UJDQL]]D]LRQL GL
3URGXWWRUL ULFRQRVFLXWH DL VHQVL GHO 5HJ &H R GHO 5HJ &H GL VHJXLWR 23 VRQR
DPPHVVHDILQDQ]LDPHQWRVHJOLLQYHVWLPHQWLXQLYRFDPHQWHHGLUHWWDPHQWHDWWULEXLELOLDOFRPSDUWRVRQRGL
LPSRUWRVXSHULRUHDHXURLQVHGHGLDWWRGLDVVHJQD]LRQH
/HGRPDQGHGLDLXWRSUHVHQWDWHDSDUWLUHGDOODIDVHIRQGLVRQRDPPHVVHVXOODSUHVHQWHPLVXUDVH
VRGGLVIDQR LVHJXHQWLFULWHULGLGHPDUFD]LRQHWUD2&0H365
‡ JOLLQYHVWLPHQWLVRVWHQXWLGLUHWWDPHQWHGDOOH23QRQ SRVVRQRHVVHUHILQDQ]LDWLQHOODSUHVHQWHPLVXUD
‡ JOLLQYHVWLPHQWLVRVWHQXWLGDJOL,$3 DVVRFLDWLDOOH23VRQRILQDQ]LDWLQHOODSUHVHQWHPLVXUDQHOULVSHWWRGHOOH
FRQGL]LRQL LQ HVVD SUHYLVWH SHU XQ LPSRUWR GHJOL LQYHVWLPHQWL VXSHULRUH D HXUR LQ VHGH GL DWWR GL
DVVHJQD]LRQHSHUJOLLPSLDQWLGLWUDVIRUPD]LRQHHRFRPPHUFLDOL]]D]LRQHRVXSHULRUHDHXURLQVHGHGL
DWWRGLDVVHJQD]LRQHSHUWXWWHOHDOWUHWLSRORJLHGLLQYHVWLPHQWLDGHFFH]LRQHGHOOHPDQLFKHWWHHGHLPDWHULDOL
GLLUULJD]LRQHGLGXUDWDDQQXDOHFKHSRVVRQRHVVHUHILQDQ]LDWLHVFOXVLYDPHQWHGDLSURJUDPPLRSHUDWLYLGHOOH
23
‡ JOLLQYHVWLPHQWLVRVWHQXWLGD ,$3QRQDVVRFLDWLDOOH23VRQRILQDQ]LDWLQHOODSUHVHQWHPLVXUD SHUWXWWHOH
WLSRORJLHGLVSHVD
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
,QOLQHDFRQTXDQWRSUHYLVWRGDO3LDQR6WUDWHJLFR1D]LRQDOHHGDOOD6WUDWHJLDQD]LRQDOHGHOVHWWRUH
RUWRIUXWWLFROROH23$23FKHRSHUDQRLQSL5HJLRQLGHYRQRVHJXLUHOHUHJROHGLGHPDUFD]LRQHVWDELOLWHGDO
365GHOOD5HJLRQHVXOFXLWHUULWRULRDPPLQLVWUDWLYRYLHQHHIIHWWXDWDO¶RSHUD]LRQHHRO¶LQYHVWLPHQWR
,OULFKLHGHQWHLQGRPDQGDGLDLXWRGHYHGLFKLDUDUH
DTXDOH23DGHULVFHGLUHWWDPHQWHVRFLRGLUHWWRRWUDPLWHVRFLHWjVRFLRLQGLUHWWR
FKH ULVSHWWDLFULWHULGLGHPDUFD]LRQHSUHYLVWLGDO365DSSURYDWRGDOOD5HJLRQH7RVFDQDHSUHYLVWLQHO
SUHVHQWHEDQGR
2&09LQR
3HULOVHWWRUHYLWLYLQLFRORLOVRVWHJQRQRQqFRQFHVVRSHUODULVWUXWWXUD]LRQHHODULFRQYHUVLRQHGHLYLJQHWLLQ
TXDQWRWDOLLQWHUYHQWLVRQRSUHYLVWLQHOO¶DPELWRGHO5HJ&(FRPHLQGLFDWLQHOO
DOOHJDWR,,GHO'0
QGHOO
DJRVWR
/D SUHVHQWH PLVXUD TXLQGL ILQDQ]LD D OLYHOOR D]LHQGDOH LO VRVWHJQR DO PLJOLRUDPHQWR GHJOL LQWHUYHQWL UHODWLYL
DOOHRSHUD]LRQLFROWXUDOLQHOYLJQHWROHRSHUD]LRQLGLUDFFROWDHGLWUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQHGHL
SURGRWWLYLWLYLQLFROL
2&07DEDFFR
*OL LPSUHQGLWRUL DJULFROL SURIHVVLRQDOL SURGXWWRUL GL WDEDFFR FKH SUHVHQWDQR GRPDQGD SHU O¶DFFHVVR DOOD
SUHVHQWHPLVXUDGHYRQRHVVHUHLQGLYLGXDWL
3HU WDEDFFKLFROWRUL VL LQWHQGRQR ³JOL LPSUHQGLWRUL DJULFROL FKH KDQQR SURGRWWR H FRQVHJQDWR WDEDFFR DG
XQ
LPSUHVD GL WUDVIRUPD]LRQH LQ DOPHQR XQD GHOOH XOWLPH FDPSDJQH GDO DO ´,Q WDO VHQVR q
QHFHVVDULR FKH LO VXGGHWWR SURGXWWRUH GLFKLDUL ODH FDPSDJQDH GL SURGX]LRQH H OH YDULHWj LQWHUHVVDWH
.HQWXFN\%ULJKWDOWUH
,Q7RVFDQDVRQRVWDWLILQDQ]LDWLFRQULVRUVHGHOIRQGRFRPXQLWDULRSHULOWDEDFFRQSURJHWWL ,EHQHILFLDUL
GHLVXGGHWWLSURJHWWLQRQSRVVRQREHQHILFLDUHGHOVRVWHJQRGHO365SHUJOLVWHVVL LQYHVWLPHQWL
2&02OLRG¶ROLYD
/H GRPDQGH GL DLXWR SUHVHQWDWH QHOOD IDVH IRQGL H IDVH IRQGL UHLQVHULWH
DXWRPDWLFDPHQWH QHOOD JUDGXDWRULD GHO SUHVHQWH EDQGR SUHVHQWDWH GD ,$3 DVVRFLDWL DOOH 2UJDQL]]D]LRQL GL
3URGXWWRULULFRQRVFLXWHDLVHQVLGHO5HJ&HGLVHJXLWR23VRQRDPPHVVHDILQDQ]LDPHQWRVHJOL
LQYHVWLPHQWLXQLYRFDPHQWHHGLUHWWDPHQWHDWWULEXLELOLDOFRPSDUWRVRQRGLLPSRUWRVXSHULRUHDHXUR
LQVHGHGLDWWRGLDVVHJQD]LRQH
/HGRPDQGHGLDLXWRSUHVHQWDWHDSDUWLUHGDOODIDVHIRQGLVRQRDPPHVVHVXOODSUHVHQWHPLVXUDVH
VRGGLVIDQR LVHJXHQWLFULWHULGLGHPDUFD]LRQHWUD2&0H365
JOLLQYHVWLPHQWLHOHVSHVHVRVWHQXWHGLUHWWDPHQWHGDOOH23VDUDQQRILQDQ]LDWHHVFOXVLYDPHQWHQHOO¶DPELWR
GHL 3URJUDPPL GL DWWLYLWj GHOO¶2&0 VDOYR JOL LQYHVWLPHQWL UHODWLYL D LPSLDQWL GL WUDVIRUPD]LRQH HR
FRPPHUFLDOL]]D]LRQH GL LPSRUWR VXSHULRUH D HXUR LQ VHGH GL DWWR GL DVVHJQD]LRQH FKH VDUDQQR
ILQDQ]LDWLQHOO¶DPELWRGHO365
JOL LQYHVWLPHQWL H OH VSHVH VRVWHQXWH GDL VRFL GHOOH 23 VDUDQQR ILQDQ]LDWH QHOO¶DPELWR GHL 3URJUDPPL GL
DWWLYLWjGHOO¶2&0TXDORUDFRQILJXUDELOLFRPH³D]LRQLGLFDUDWWHUHFROOHWWLYRGDUHDOL]]DUHVXLQL]LDWLYDGHOOH23´
RYYHURQHOO¶DPELWRGHO365TXDORUDFRQILJXUDELOLLQYHFHFRPH³LQWHUYHQWLD]LHQGDOLLQGLYLGXDOL´
$WDOILQHVLULSRUWDGLVHJXLWRXQHOHQFRGHOOHWLSRORJLHGLLQWHUYHQWRSUHYLVWHGDO5HJ&(GLVWLQWH
WUDTXHOOHFRQILJXUDELOLFRPH³D]LRQLGLFDUDWWHUHFROOHWWLYRGDUHDOL]]DUHVXLQL]LDWLYDGHOOH23´OHWWHUD$H
TXHOOHFRQILJXUDELOLLQYHFHFRPH³LQWHUYHQWLD]LHQGDOLLQGLYLGXDOL´OHWWHUD%
/¶HOHQFD]LRQH GL FXL DOOH OHWWHUH D E F G ID ULIHULPHQWR DOOH VSHFLILFKH WLSRORJLH GL LQWHUYHQWR SUHYLVWH
GDOO¶DUW5HJ&(
$
$]LRQLGLFDUDWWHUHFROOHWWLYRFKHVDUDQQRILQDQ]LDWHQHOO¶DPELWRGHLSURJUDPPLGLDWWLYLWjGHOOH
RUJDQL]]D]LRQLGLRSHUDWRULGHOVHWWRUH
D0RQLWRUDJJLRHJHVWLRQHDPPLQLVWUDWLYDGHOPHUFDWRQHOVHWWRUHGHOO¶ROLRG¶ROLYDHGHOOHROLYHGDWDYROD
5DFFROWDGLGDWLVXOVHWWRUHHVXOPHUFDWR
(ODERUD]LRQH GL VWXGL LQ SDUWLFRODUH VX WHPL FRUUHODWL DOOH DOWUH DWWLYLWj SUHYLVWH GDO
SURJUDPPDGHOO¶RUJDQL]]D]LRQHGLRSHUDWRUL
E0LJOLRUDPHQWRGHOO¶LPSDWWRDPELHQWDOHGHOO¶ROLYLFROWXUD
2SHUD]LRQLFROOHWWLYHGLPDQWHQLPHQWRGHJOLROLYHWLDGDOWRYDORUHDPELHQWDOHHDULVFKLRGL
DEEDQGRQR
:&
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
(ODERUD]LRQH GL EXRQH SUDWLFKH DJULFROH SHU O¶ROLYLFROWXUD LQ EDVH D VX FULWHUL DPELHQWDOL
DGHJXDWL DOOH FRQGL]LRQL ORFDOL ORUR GLIIXVLRQH SUHVVR JOL ROLYLFROWRUL H PRQLWRUDJJLR GHOOD
ORURDSSOLFD]LRQHSUDWLFD
3URJHWWLGLGLPRVWUD]LRQHSUDWLFDGLWHFQLFKHDOWHUQDWLYHDOO¶LPSLHJRGLSURGRWWLFKLPLFLSHU
ODORWWDDOODPRVFDGHOO¶ROLYR
3URJHWWL GL GLPRVWUD]LRQH SUDWLFD GL WHFQLFKH ROLYLFROH ILQDOL]]DWH DOOD SURWH]LRQH
GHOO¶DPELHQWH H DO PDQWHQLPHQWR GHO SDHVDJJLR TXDOL OD FROWLYD]LRQH ELRORJLFD OD
FROWLYD]LRQHDEDVVLFRQVXPLLQWHUPHGLRODFROWLYD]LRQHHLQWHJUDWD
,QVHULPHQWR GL GDWL DPELHQWDOL QHO VLVWHPD GL LQIRUPD]LRQH JHRJUDILFD GHJOL ROLYHWL 6,*
GHJOLROLYHWLGLFXLDOO¶DUWGHOUHJRODPHQWR&(Q
F0LJOLRUDPHQWRGHOODTXDOLWjGHOODSURGX]LRQHGLROLRGLROLYDHGLROLYHGDWDYROD
0LJOLRUDPHQWR GHOOH FRQGL]LRQL GL FROWLYD]LRQH LQ SDUWLFRODUH FRQ OD ORWWD FRQWUR OD PRVFD
GHOO¶ROLYR GL UDFFROWD GL FRQVHJQD H GL PDJD]]LQDJJLR GHOOH ROLYH SULPD GHOOD
WUDVIRUPD]LRQHDGHFFH]LRQHGHJOLLQWHUYHQWLDFDUDWWHUHD]LHQGDOHDGHVHPSLRDWWLYLWjGL
DSSOLFD]LRQH D OLYHOOR D]LHQGDOH SHU O¶DGDWWDPHQWR GHJOL ROLYHWL SHU O¶LPSLHJR GL PH]]L GL
UDFFROWDHIILFLHQWLHYHQWXDOHDFTXLVWRGLPDFFKLQHHDWWUH]]DWXUHD]LHQGDOLSHUODUDFFROWD
DFTXLVWRGLFRQWHQLWRULSHUODFRQVHJQDGHOOHROLYHDOO¶LPSLDQWRGLWUDVIRUPD]LRQHDFTXLVWR
GLSURGRWWLSHUODGLIHVDVDOYRTXHOOLXWLOL]]DWLSHUODFDWWXUDPDVVDOHGHOODPRVFDGHOOHROLYH
$VVLVWHQ]DWHFQLFDDOO¶LQGXVWULDGLWUDVIRUPD]LRQHROHLFRODVXDVSHWWLLQHUHQWLDOODTXDOLWjGHL
SURGRWWL
)RUPD]LRQHGLDVVDJJLDWRULSHULOFRQWUROORRUJDQROHWWLFRGHOO¶ROLRGLROLYDYHUJLQH
G 'LIIXVLRQH GL LQIRUPD]LRQL VXOOH DWWLYLWj VYROWH GDOOH RUJDQL]]D]LRQL GL RSHUDWRUL DL ILQL GHO PLJOLRUDPHQWR
GHOODTXDOLWjGHOO¶ROLRGLROLYDHGHOOHROLYHGDWDYROD
'LIIXVLRQHGLLQIRUPD]LRQLVXOOHDWWLYLWjVYROWHGDOOHRUJDQL]]D]LRQLGLRSHUDWRULQHJOLDPELWL
GLFXLDOOHOHWWHUHDEFHG
&UHD]LRQHHJHVWLRQHGLXQVLWR,QWHUQHWVXOOHDWWLYLWjVYROWHGDOOHRUJDQL]]D]LRQLGLRSHUDWRUL
QHJOLDPELWLGLFXLDOOHOHWWHUHDEFHG
%
$]LRQLDFDUDWWHUHD]LHQGDOHFKHVDUDQQRILQDQ]LDWHQHOO¶DPELWRGHO365
F0LJOLRUDPHQWRGHOODTXDOLWjGHOODSURGX]LRQHGLROLRGLROLYDHGLROLYHGDWDYROD
,QWHUYHQWL D FDUDWWHUH D]LHQGDOH SHU LO PLJOLRUDPHQWR GHOOH FRQGL]LRQL GL FROWLYD]LRQH GL
UDFFROWDGLFRQVHJQDHGLPDJD]]LQDJJLRGHOOHROLYHSULPDGHOODWUDVIRUPD]LRQH
0LJOLRUDPHQWRYDULHWDOHGHJOLROLYHWLLQVLQJROHD]LHQGH
0LJOLRUDPHQWR GHOOH FRQGL]LRQL GL PDJD]]LQDJJLR H GL YDORUL]]D]LRQH GHL UHVLGXL GHOOD
SURGX]LRQHGLROLRGLROLYDHGLROLYHGDWDYROD
&UHD]LRQHHPLJOLRUDPHQWRGLODERUDWRULGLDQDOLVLGHOO¶ROLRGLROLYDYHUJLQH
G 7UDFFLDELOLWj FHUWLILFD]LRQH H WXWHOD GHOOD TXDOLWj GHOO¶ROLR GL ROLYD H GHOOH ROLYH GD WDYROD PHGLDQWH LO
FRQWUROORGHOODTXDOLWjGHJOLROLGLROLYDYHQGXWLDLFRQVXPDWRULILQDOL
&UHD]LRQHHJHVWLRQHGLVLVWHPLFKHFRQVHQWDQRGLULQWUDFFLDUHLSURGRWWLGDOO¶ROLYLFROWRUHILQR
DOFRQGL]LRQDPHQWRHDOO¶HWLFKHWWDWXUD
&UHD]LRQHHJHVWLRQHGLVLVWHPLGLFHUWLILFD]LRQHGHOODTXDOLWjEDVDWLVXXQVLVWHPDGLDQDOLVL
GHOULVFKLRHFRQWUROORGHLSXQWLFULWLFL
&UHD]LRQHHJHVWLRQHGLVLVWHPLGLFRQWUROORGHOULVSHWWRGHOOHQRUPHGLDXWHQWLFLWjTXDOLWjH
FRPPHUFLDOL]]D]LRQHGHOO¶ROLRGLROLYDHGHOOHROLYHGDWDYRODLPPHVVLVXOPHUFDWR
6RQRILQDQ]LDELOLQHOO¶DPELWRGHO365SURJHWWLSUHVHQWDWLGDVRFLGHOOH23UHODWLYLDGDWWLYLWjGLWUDVIRUPD]LRQH
HFRPPHUFLDOL]]D]LRQH
,OULFKLHGHQWHLQGRPDQGDGLDLXWRGHYHGLFKLDUDUH
DTXDOH23DGHULVFHGLUHWWDPHQWHVRFLRGLUHWWRRWUDPLWHVRFLHWjVRFLRLQGLUHWWR
FKH ULVSHWWDLFULWHULGLGHPDUFD]LRQHSUHYLVWLGDO365DSSURYDWRGDOOD5HJLRQH7RVFDQDHSUHYLVWLQHO
SUHVHQWHEDQGR
2&0/DWWH
1RQVRQRDPPHVVHDFRQWULEXWROHD]LHQGHSURGXWWULFLGLODWWHERYLQRFKHKDQQRSURGRWWRROWUHODTXRWDORUR
DVVHJQDWDHQRQLQUHJRODFRQLOSDJDPHQWRGHOVXSHUSUHOLHYRRGHOOHUDWHGHOSLDQRGLDPPRUWDPHQWRHQWURL
WHUPLQL GHOOD ULFKLHVWD GL FRPSOHWDPHQWR ,QROWUH L SURJHWWL LQ TXHVWR VHWWRUH FKH SUHYHGRQR LQWHUYHQWL
VWUXWWXUDOL ILQDOL]]DWL DG XQ DXPHQWR GHOOD FDSDFLWj SURGXWWLYD SRVVRQR HVVHUH OLTXLGDWL VROR VH LQ IDVH GL
DFFHUWDPHQWRILQDOHLOULFKLHGHQWHGLPRVWUDO¶DFTXLVL]LRQHGLXOWHULRULTXRWHODWWHULVSHWWRDTXHOOHSRVVHGXWH
DOO¶LQL]LR HGLHVVHUHFRPXQTXHLQUHJRODFRQOHTXRWH
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
$SLFROWXUD
6RQR DPPHVVL DFTXLVWL GL PDFFKLQDUL H DWWUH]]DWXUH SHU OR VYROJLPHQWR GHOO¶DWWLYLWj GL DSLFROWXUD PD VL
HVFOXGRQRWXWWHOHWLSRORJLHGLGRWD]LRQLJLjILQDQ]LDWHQHOO¶DPELWRGHOUHJTXDOLODIRUPD]LRQHH
O¶DVVLVWHQ]DWHFQLFDDJOLDSLFROWRULO¶DFTXLVWRGLDUQLHHPDFFKLQHDWWUH]]DWXUHHPDWHULDOLYDULSHUO¶HVHUFL]LR
GHO QRPDGLVPR DXWRFDUUL SHU O¶HVHUFL]LR GHO QRPDGLVPR 5LPDQJRQR TXLQGL ILQDQ]LDELOL QHOO¶DPELWR GHOOD
PLVXUDWXWWLJOLLQWHUYHQWLQRQFRPSUHVLQHOO¶HOHQFD]LRQHSUHFHGHQWH
2&0=XFFKHUR
,OULFKLHGHQWHLQGRPDQGDGLDLXWRGHYHGLFKLDUDUHLOVXRVWDWXVGL ³H[ELHWLFROWRUH´FRPHGHILQLWRQHO'$5
&RQGL]LRQLGLDFFHVVR
5HTXLVLWLGHLVRJJHWWLULFKLHGHQWL
*OL LPSUHQGLWRUL DJULFROL SURIHVVLRQDOL SHU SRWHU HVVHUH DPPHVVL DO VRVWHJQR GHYRQR VRGGLVIDUH OH VHJXHQWL
FRQGL]LRQL
HVVHUH LQ UHJROD FRQ JOL REEOLJKL UHODWLYL DO SDJDPHQWR GHL FRQWULEXWL SUHYLGHQ]LDOL DVVLVWHQ]LDOL H
DVVLFXUDWLYLDLVHQVLGHOO¶DUWFRPPDGHOOD/
GL QRQ DYHUH ULSRUWDWR QHL SUHFHGHQWL FLQTXH DQQL FRQGDQQH SDVVDWH LQ JLXGLFDWR R GHFUHWR SHQDOH GL
FRQGDQQD GLYHQXWR LUUHYRFDELOH RSSXUH VHQWHQ]D GL DSSOLFD]LRQH GHOOD SHQD VX ULFKLHVWD DL VHQVL
GHOO¶DUWLFROR GHO FRGLFH GL SURFHGXUD SHQDOH SHU UHDWL JUDYL LQ GDQQR GHOOR 6WDWR R GHOOD &RPXQLWj
(XURSHDFKHLQFLGRQRVXOODPRUDOLWjSURIHVVLRQDOHRSHUGHOLWWLILQDQ]LDULLQWDOVHQVRO¶HVFOXVLRQHRSHUD
VHODVHQWHQ]DRLOGHFUHWRVRQRVWDWLHPHVVLQHLFRQIURQWLGHOWLWRODUHRGHOGLUHWWRUHWHFQLFRVHVLWUDWWDGL
LPSUHVD LQGLYLGXDOH GHO VRFLR R GLUHWWRUH WHFQLFR VH VL WUDWWD GL VRFLHWj LQ QRPH FROOHWWLYR GHL VRFL
DFFRPDQGDWDULRGHOGLUHWWRUHWHFQLFRVHVLWUDWWDGLVRFLHWjLQDFFRPDQGLWDVHPSOLFHGHJOLDPPLQLVWUDWRUL
PXQLWLGLSRWHUHGLUDSSUHVHQWDQ]DRGHOGLUHWWRUHWHFQLFRVHVLWUDWWDGLDOWURWLSRGLVRFLHWjRFRQVRU]LR
QRQ WURYDUVL LQ VWDWR GL IDOOLPHQWR GL OLTXLGD]LRQH FRDWWD GL FRQFRUGDWR SUHYHQWLYR H LQ TXDOVLDVL DOWUD
VLWXD]LRQHHTXLYDOHQWHVHFRQGRODOHJLVOD]LRQHYLJHQWH
QHO FDVR GL VRJJHWWR SULYDWR QRQ DYHU RWWHQXWR DOWUH DJHYROD]LRQL SXEEOLFKH SHUOH RSHUH R DFTXLVWL
RJJHWWR GHOOD GRPDQGD HFFHWWR SHU L FDVL HVSUHVVDPHQWH SUHYLVWL QHO EDQGR ,O ULFKLHGHQWH
QRQ GHYH SHUFLz HVVHUH EHQHILFLDULR GL XQ DOWUR DWWR GL FRQFHVVLRQH GHO FRQWULEXWR DQFRUFKp QRQ
OLTXLGDWR
QHO FDVR GL VRJJHWWR GL GLULWWR SXEEOLFR QRQ DYHU RWWHQXWR DOWUL ILQDQ]LDPHQWL FRPXQLWDUL QD]LRQDOL R
UHJLRQDOL SHU O¶HVHFX]LRQH GHJOL VWHVVL LQWHUYHQWL R DFTXLVWL SHU OD TXRWD SDUWH SHU OD TXDOH VL ULFKLHGH LO
FRQWULEXWR HFFHWWR SHU L FDVL HVSUHVVDPHQWH SUHYLVWL QHO EDQGR ,O ULFKLHGHQWH QRQ GHYH SHUFLz
HVVHUHEHQHILFLDULRGLXQDOWURDWWRGLFRQFHVVLRQHGHOFRQWULEXWRDQFRUFKpQRQOLTXLGDWR
QHOFDVRGLGRPDQGDDYHQWHDGRJJHWWRDLXWLGL6WDWRDLVHQVLGHOO¶DUW7UDWWDWR&(QRQDYHUULFHYXWR
JOL DLXWL FKH VRQR LQGLYLGXDWL TXDOL LOOHJDOL R LQFRPSDWLELOL GDOOD &RPPLVVLRQH HXURSHD VHFRQGR TXDQWR
SUHYLVWRGDO'3&0PDJJLRRVHULFHYXWLDYHUOLVXFFHVVLYDPHQWHULPERUVDWLRGHSRVLWDWLLQXQ
FRQWREORFFDWR
/LPLWDWDPHQWH DL VXGGHWWL SXQWL H LO ULFKLHGHQWH FKH VXFFHVVLYDPHQWH DOOD SUHVHQWD]LRQH GHOOD
GRPDQGDGLDLXWR RWWHQJDXQDWWRGLFRQFHVVLRQHSHUXQDOWURFRQWULEXWRSXEEOLFRVXOORVWHVVRLQWHUYHQWR
GHYH FRPXQLFDUH SULPD GHOO¶HPLVVLRQH GHOO¶DWWR GL DVVHJQD]LRQH D GL DYHU ULQXQFLDWR DOO¶DOWUR FRQWULEXWR
FRQFHVVRRSSXUHEGLULQXQFLDUHWRWDOPHQWHRLQSDUWHDOOHULFKLHVWHGLFRQWULEXWRFRQWHQXWHQHOODGRPDQGD
GLDLXWR
, UHTXLVLWL VRSUD HOHQFDWL GHYRQR HVVHUH SRVVHGXWL DO PRPHQWR GHOOD ULFH]LRQH GHOOD GRPDQGD GL DLXWR HDO
PRPHQWRGHOO¶HPLVVLRQHGHOO¶DWWRGLDVVHJQD]LRQH
,O SRVVHVVR GHL UHTXLVLWL VRSUD VSHFLILFDWL GHYH HVVHUH DWWHVWDWR PHGLDQWH GLFKLDUD]LRQH VRVWLWXWLYD DL VHQVL
GHJOLDUWWHGHO'HFUHWRGHO3UHVLGHQWHGHOOD5HSXEEOLFDGLFHPEUHQ,OULFKLHGHQWHGHYH
HVVHUH FRQVDSHYROH GHOOH UHVSRQVDELOLWj SHQDOL D FXL SXz DQGDUH LQFRQWUR DL VHQVL GHOO¶DUW GHO VXGGHWWR
'35TXDORUDULODVFLGLFKLDUD]LRQLPHQGDFLIRUPLDWWLIDOVLRQHIDFFLDXVR
,OULFKLHGHQWHGHYHFRQVHQWLUHDLVHQVLGHOO¶DUWGHO'/JVLOWUDWWDPHQWRHODWXWHODGHLGDWL
SHUVRQDOL
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
1RQULFHYLELOLWjHSHQDOL]]D]LRQLSHUFDVLGLLQDIILGDELOLWj
$O ILQH GHOO¶DPPLVVLRQH DO VRVWHJQR LO ULFKLHGHQWH GHYH HVVHUH DIILGDELOH LQ EDVH DOO¶HVLWR GL HYHQWXDOL DOWUH
RSHUD]LRQL FRILQDQ]LDWH GDO 365 D SDUWLUH GDO ILQR DO PRPHQWR GHOO¶DVVHJQD]LRQH GHL IRQGL DOOR
VWHVVR
/H FRQVHJXHQ]H GHOO¶HYHQWXDOH LQDIILGDELOLWj SRVVRQR HVVHUH OD QRQ ULFHYLELOLWj GHOOD GRPDQGD RSSXUH XQD
SHQDOL]]D]LRQHVHFRQGRODFDVLVWLFDVRWWRHOHQFDWD
D
,QDIILGDELOLWjWRWDOHTXDQGRLOULFKLHGHQWHSHUXQDVLQJRODGRPDQGD
qVWDWRVRJJHWWRDUHFXSHURGHLIRQGLULFHYXWLDLVHQVLGHO365HHQRQKD
UHVWLWXLWROHVRPPHGRYXWH,QWDOHFDVRYLHQHHVFOXVRGDOVRVWHJQRGHO)($65ILQRDFRPSOHWD
UHVWLWX]LRQHFRPSHQVD]LRQH GHOOH VRPPH GRYXWH H O¶HYHQWXDOH GRPDQGD GD HVVR SUHVHQWDWD
QRQqULFHYLELOH
/DVLWXD]LRQHGLDVVHQ]DGLLQDIILGDELOLWjWRWDOHTXDOHFRQGL]LRQHGLDFFHVVRGHYHHVVHUHDWWHVWDWDPHGLDQWH
GLFKLDUD]LRQH VRVWLWXWLYD LQ FRQIRUPLWj DOOH GLVSRVL]LRQL GHO 'HFUHWR GHO SUHVLGHQWH GHOOD 5HSXEEOLFD GLFHPEUHQ
E
,QDIILGDELOLWjSDU]LDOHJUDYHTXDQGRLOULFKLHGHQWHSHUXQDVLQJRODGRPDQGD
qVWDWRVRJJHWWRDUHFXSHURGHLIRQGLULFHYXWLDLVHQVLGHO365RSHULPSRUWL
VXSHULRULD ¼HKDUHVWLWXLWRFRPSHQVDWROHVRPPHGRYXWHSULPDGHOODULFH]LRQHGHOOD
GRPDQGDGLDLXWR
KD FRPPHVVR LQDGHPSLHQ]D DL VHQVL GHOO¶DUW GHO UHJ &( FKH GHULYD GD
XQ¶LUUHJRODULWjQRQFRPPHVVDGHOLEHUDWDPHQWHHGqVWDWRVRJJHWWRDULGX]LRQHRGHVFOXVLRQH
SHULPSRUWLVXSHULRULD¼
q VWDWR VRJJHWWR D ULGX]LRQH RG HVFOXVLRQH DL VHQVL GHOO¶DUW GHOOR VWHVVR UHJRODPHQWR SHU
LPSRUWLVXSHULRULD¼
,QWDOLFDVLYLHQHDSSOLFDWDXQDULGX]LRQHGL3817,GHOSXQWHJJLRDWWULEXLWRQHOODJUDGXDWRULDGLULIHULPHQWR
GHOODGRPDQGDHGLQTXHOODGHLGXHDQQLVXFFHVVLYL
F
,QDIILGDELOLWjSDU]LDOHPHGLDTXDQGRLOULFKLHGHQWHSHUXQDVLQJRODGRPDQGD
q VWDWR VRJJHWWR D UHYRFD GHL IRQGL FRQFHVVL DL VHQVL GHL 365 R VHQ]D
UHFXSHURGLVRPPHSHULPSRUWLVXSHULRULD¼
KD FRPPHVVR LQDGHPSLHQ]D DL VHQVL GHOO¶DUW GHO UHJ &( FKH GHULYD GD
XQ¶LUUHJRODULWjFRPPHVVDQRQGHOLEHUDWDPHQWHHGqVWDWRVRJJHWWRDULGX]LRQHRGHVFOXVLRQH
SHULPSRUWLXJXDOLRLQIHULRULD¼
qVWDWR VRJJHWWR D ULGX]LRQH RG HVFOXVLRQH DL VHQVL GHOO¶DUW GHOOR VWHVVR UHJRODPHQWR SHU
LPSRUWLXJXDOLRLQIHULRULD¼
qVWDWRVRJJHWWRDUHFXSHURGHLIRQGLULFHYXWLDLVHQVLGHO365RSHULPSRUWL
XJXDOLRLQIHULRULD¼HKDUHVWLWXLWRFRPSHQVDWROHVRPPHGRYXWHSULPDGHOODULFH]LRQH
GHOODGRPDQGDGLDLXWR
qVWDWRVRJJHWWRDUHYRFDGHLIRQGLFRQFHVVLFRQUHFXSHURGLVRPPHJLjSHUFHSLWHDVHJXLWRGL
XQDVXDFRPXQLFD]LRQHGLULQXQFLD
,QWDOLFDVLYLHQHDSSOLFDWDXQDULGX]LRQHGL3817,GHOSXQWHJJLRDWWULEXLWRQHOODJUDGXDWRULDGLULIHULPHQWR
GHOODGRPDQGDHGLQTXHOODGHLGXHDQQLVXFFHVVLYL
G
,QDIILGDELOLWj SDU]LDOH OLHYH TXDQGR LO ULFKLHGHQWH SHU XQD VLQJROD GRPDQGD q VWDWR RJJHWWR GL
UHYRFDGHLIRQGLFRQFHVVLVHQ]DUHFXSHURGLVRPPH
,QWDOLFDVLYLHQHDSSOLFDWDXQDULGX]LRQHGLSXQWRGHOSXQWHJJLRDWWULEXLWRQHOODJUDGXDWRULDGLULIHULPHQWR
GHOODGRPDQGDHGLQTXHOODGHLGXHDQQLVXFFHVVLYL
6RQRHVFOXVLLFDVLGLUHYRFDUHFXSHURULGX]LRQHHGHVFOXVLRQHGRYXWLDFDXVHGLIRU]DPDJJLRUH
1HOFDVRLQFXLO¶LPSUHVDULFDGDLQSLVLWXD]LRQLVLFRQVLGHUDODSLSHQDOL]]DQWHDLILQLGHOO¶DWWULEX]LRQHGHO
SXQWHJJLR /D YHULILFD GHOO¶DIILGDELOLWj q VYROWD PHGLDQWH OH UHJLVWUD]LRQL SUHVHQWL QHOO¶DQDJUDIH $57($ QHO
ULVSHWWRGLTXDQWRSUHYLVWRQHO'$5
&DQWLHUDELOLWjGHJOLLQYHVWLPHQWLRJJHWWRGHOODGRPDQGDGLDLXWR
*OLLQYHVWLPHQWLGHYRQRHVVHUHFDQWLHUDELOLDOODGDWDGLULFH]LRQHGHOODGRPDQGDGLDLXWR,OULFKLHGHQWHSHQD
OD QRQ DPPLVVLELOLWj GHYH GLFKLDUDUH FKH DO PRPHQWR GHOOD ULFH]LRQH GHOOD GRPDQGD GL DLXWR VRQR VWDWL
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
DFTXLVLWL WXWWL JOL HYHQWXDOL WLWROL DELOLWDWLYL DXWRUL]]D]LRQL QXOOD RVWD SUHYHQWLYL HR TXDQW¶DOWUR SUHYLVWR GD
VSHFLILFKHQRUPHYLJHQWLYDOLGLSHUO¶HIIHWWLYRLQL]LRGHLODYRUL1HOFDVRGLLQWHUYHQWLFKHQRQQHFHVVLWDQRGL
DOFXQWLWRORDELOLWDWLYRLOULFKLHGHQWHGHYHFRPXQTXHGLFKLDUDUHWDOHFRQGL]LRQHGLFDQWLHUDELOLWj
,Q SDUWLFRODUH D WLWROR HVHPSOLILFDWLYR PD QRQ HVDXVWLYR OD FDQWLHUDELOLWj VL ULWLHQH DFTXLVLWD TXDQGR LO
ULFKLHGHQWHqLQSRVVHVVRGLRSUHVHQWDXQRRSLGHLVHJXHQWLHOHPHQWL
SHU TXDQWR ULJXDUGD RSHUH HG LQWHUYHQWL VWUXWWXUDOL ODYRUL HGLOL LPSLDQWL HOHWWULFL WHUPRVDQLWDUL
WHFQRORJLFLHFF
ƒ SHUPHVVRGLFRVWUXLUHDLVHQVLGHOOD/5DUW FRPSOHWRGLRJQLSDUHUHQXOOD
RVWD R DWWR G¶DVVHQVR FRPXQTXH GHQRPLQDWR RYH SUHYLVWLYDOLGR SHU O¶HIIHWWLYR LQL]LR
GHL ODYRUL R LQ EDVH DOOD QRUPDWLYD SUHYLJHQWH /5 VH DQFRUD LQ FRUVR GL
YDOLGLWj
ƒ GHQXQFLD GL LQL]LR GL DWWLYLWj ',$ DL VHQVL GHOOD /5 DUW YDOLGD SHU
O¶HIIHWWLYRLQL]LRGHLODYRUL
FRPSOHWD GL RJQL SDUHUH QXOOD RVWD R DWWR G¶DVVHQVR FRPXQTXH GHQRPLQDWR RYH
SUHYLVWL
SUHVHQWDWD DO &RPXQH FRPSHWHQWH DOPHQR JLRUQL SULPD GHOOD GDWD GL ULFH]LRQH
GHOODGRPDQGDGLDLXWR
SHUSURJHWWLFKHQRQSUHYHGRQRLQWHUYHQWLHGLOLHVWUXWWXUDOLRYYHURSUHYHGRQRVRORPRGHVWLODYRUL
HGLOLHGLLPSLDQWLVWLFDqVXIILFLHQWHFKHQHOODUHOD]LRQHWHFQLFDDOOHJDWDDOODGRPDQGDVLGLFKLDUL FKH
OHRSHUHSUHYLVWHQRQQHFHVVLWDQRGLDOFXQWLWRORDELOLWDWLYR
SHU SURJHWWL FKH SUHYHGRQR LQYHVWLPHQWL LQ PDFFKLQDUL LPSLDQWL H DWWUH]]DWXUH O¶LPSUHVD
ULFKLHGHQWHGHYHSUHVHQWDUH
ƒ VSHFLILFLSUHYHQWLYLULODVFLDWLDOULFKLHGHQWHHFRQWURILUPDWLGDOIRUQLWRUHFRQO¶LQGLFD]LRQH
GHO SUH]]R RIIHUWR DO QHWWR GL ,9$ H VFRQWL GHOOD GDWD GL FRQVHJQD H GHL WHUPLQL GL
SDJDPHQWRQHOULVSHWWRGLTXDQWRLQGLFDWRQHOOHGLVSRVL]LRQLGHOSDUDJUDIR
³,QYHVWLPHQWLPDWHULDOLUHDOL]]DWLGDSULYDWL´GHO'$5
ƒ QHLFDVLLQFXLJOLLPPRELOLLQFXLVRQRFROORFDWLLPDFFKLQDULLPSLDQWLHGDWWUH]]DWXUH
QRQ VLDQR GL SURSULHWj GHO ULFKLHGHQWH TXHVWL GHYH GLFKLDUDUH GL DYHUQH SLHQD
GLVSRQLELOLWj SHU WXWWD OD GXUDWD GHO YLQFROR FRQ FRQWURILUPD GHO
SURSULHWDULRFRPSURSULHWDULRGHJOLLPPRELOL
SHU SURJHWWL FKH SUHYHGRQR LQYHVWLPHQWL LPPDWHULDOL LO ULFKLHGHQWH GHYH SUHVHQWDUH VSHFLILFL
SUHYHQWLYL FRQWURILUPDWL GDO IRUQLWRUH FRQ OH LQGLFD]LRQL GHOOH PRGDOLWj GL UHDOL]]D]LRQH H GHL FRVWL
SUHYLVWLHFRQOHLQIRUPD]LRQLSXQWXDOLVXOIRUQLWRUHVWHVVRVHFRQGRTXDQWRLQGLFDWRDOSDUDJUDIR
³,QYHVWLPHQWLLPPDWHULDOLUHDOL]]DWLGDSULYDWL´GHO'$5
QHOFDVRGLDFTXLVWRGLWHUUHQLHGLEHQLLPPRELOLDWWHVWD]LRQLUHODWLYHDOODFRQJUXLWjGHOYDORUHGHL
EHQL VWHVVL ULODVFLDWH VHFRQGR TXDQWR VWDELOLWR QHOOH GLVSRVL]LRQL GL FXL DL SDUDJUDIL ³$FTXLVWRGLWHUUHQL´³$FTXLVWRGLEHQLLPPRELOL´GHO'$5
SHU SURJHWWL FKH SUHYHGRQR OD UHDOL]]D]LRQH GL LPSLDQWL SHU OD SURGX]LRQH GL HQHUJLD GHULYDQWH GD
IRQWLULQQRYDELOLLOULFKLHGHQWHGHYH
ƒ GLFKLDUDUH GL DYHU SUHVHQWDWR GRPDQGD GL ULODVFLR GL DXWRUL]]D]LRQH DO FRPSHWHQWH
&RPXQHHQWURLOWHUPLQHGLULFH]LRQHGHOODGRPDQGDGLDLXWR
ƒ SUHVHQWDUHODVWHVVDDXWRUL]]D]LRQHHQWURLOWHUPLQHXOWLPRSHUO¶HPLVVLRQHGHJOLDWWLGL
DVVHJQD]LRQH
,QL]LRGHLODYRULDFTXLVWLLQYHVWLPHQWL
/¶DPPLVVLELOLWjGHOOHDWWLYLWjLQL]LRGHLODYRULSHUOHRSHUHRDFTXLVWRGHOEHQHSHUJOLLQYHVWLPHQWLPRELOLH
GHOOH UHODWLYH VSHVH GHFRUUH GDOOD GDWD GL ULFH]LRQH GHOOD GRPDQGD GL DLXWR HFFH]LRQH IDWWD SHU OH VSHVH
SURSHGHXWLFKHDOODVWHVVDSURJHWWD]LRQHDFTXLVL]LRQHGLDXWRUL]]D]LRQLYLVXUHFDWDVWDOLHFFFKHFRPXQTXH
QRQSRVVRQRHVVHUHDQWHFHGHQWLLPHVLGDOODULFH]LRQHGHOODGRPDQGDGLDLXWR
3HU OH GRPDQGH GL DLXWR SUHVHQWDWH LQ XQD SUHFHGHQWH DQQXDOLWj PD QRQ ILQDQ]LDWH SHU FDUHQ]D GL
GLVSRQLELOLWjILQDQ]LDULHHUHLQVHULWHDXWRPDWLFDPHQWHQHOOHJUDGXDWRULHVXFFHVVLYHO¶LQL]LRGHJOLLQYHVWLPHQWLq
ULFRQRVFLXWRGDOODGDWDGLULFH]LRQHGHOODSULPDGRPDQGDGLDLXWR
/¶LQL]LRGHJOLLQYHVWLPHQWLqFRVuGLPRVWUDWR
DQHOFDVRGLLQWHUYHQWLVWUXWWXUDOLODYRULHGLOLHGLLPSLDQWLVWLFDHOHWWULFDLGUDXOLFDWHUPRVDQLWDULDHFF
SHU L TXDOL QHFHVVLWD LO SRVVHVVR GL XQR GHL WLWROL DELOLWDWLYL GL FXL DO SUHFHGHQWH SDUDJUDIR ³&DQWLHUDELOLWjGHJOLLQYHVWLPHQWL´O¶LPSUHVDULFKLHGHQWHGHYHSUHVHQWDUHFRSLDGHOOD³FRPXQLFD]LRQHGL
LQL]LRODYRUL´LQYLDWDDO&RPXQHFRPSHWHQWHFRVuFRPHGLVSRVWRGDOOD/5DUWFRPPDH
+
6
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
/DGDWDGHOWLPEURSRVWDOHGLLQYLRGHOODFRPXQLFD]LRQHRYYHURGHOSURWRFROORGLDUULYRDO&RPXQH
QHOFDVRGLFRQVHJQDDPDQRGHYHULVXOWDUHVXFFHVVLYDDOODGDWDGLULFH]LRQHGHOODGRPDQGDGLDLXWR
EQHOFDVRGLLQYHVWLPHQWLFKHFRPSUHQGRQRVRORPRGHVWLODYRULHGLOLHGLLPSLDQWLVWLFDHFKHTXLQGLQRQ
QHFHVVLWDQRGLWLWRORDELOLWDWLYRO¶LPSUHVDULFKLHGHQWHGHYHSURGXUUHXQDGLFKLDUD]LRQHDLVHQVLGHO'35
QHOODTXDOHYLHQHLQGLFDWDODGDWDHIIHWWLYDGLLQL]LRGHLODYRULFKHGHYHULVXOWDUHVXFFHVVLYD
DOODGDWDGLULFH]LRQHGHOODGRPDQGDGLDLXWR
F SHU SURJHWWL FKH SUHYHGRQR LQYHVWLPHQWL LQ PDFFKLQDUL H DWWUH]]DWXUH O¶LPSUHVD ULFKLHGHQWH GHYH
GLPRVWUDUHFKHLGRFXPHQWLDPPLQLVWUDWLYLUHODWLYLDJOLDFTXLVWLHIIHWWXDWLFRQWUDWWLGLDFTXLVWRIDWWXUH
GHLEHQLDFTXLVWDWLVRQRVWDWLHPHVVLLQGDWHVXFFHVVLYHDOODGDWDGLULFH]LRQHGHOODGRPDQGDGLDLXWR
x
x
x
x
x
x
x
x
x
8OWHULRULVSHFLILFKHGLDPPLVVLELOLWjGHJOLLQYHVWLPHQWL
*OLLQYHVWLPHQWLDPPLVVLELOLGHYRQRHVVHUHFRQIRUPLDOOHQRUPHFRPXQLWDULHQD]LRQDOLHUHJLRQDOLDGHVVL
DSSOLFDELOL LQ SDUWLFRODUH SHU TXDQWR ULJXDUGD OH QRUPH LQ PDWHULD GL LQTXLQDPHQWR H VLFXUH]]DHDWDO
ILQH LO ULFKLHGHQWH VL LPSHJQD D UHDOL]]DUH JOL LQYHVWLPHQWL DPPHVVL D FRQWULEXWR LQ FRQIRUPLWj DOOD
QRUPDWLYDYLJHQWH1HOFDVRGLDFTXLVWLGLPDFFKLQDULHDWWUH]]DWXUHODSUHVHQ]DGHOODPDUFDWXUD³&(´DL
VHQVLGHOODQRUPDWLYDFRPXQLWDULDYLJHQWHVRGGLVIDODJDUDQ]LDGHOULVSHWWRGHLUHTXLVLWLFRPXQLWDUL
/HGRPDQGHGLVRVWHJQRGHYRQRHVVHUHDFFRPSDJQDWHLQIDVHGLFRPSOHWDPHQWRGHOODGRPDQGDGLDLXWR
GDXQDYDOXWD]LRQHGLVRVWHQLELOLWjDPELHQWDOHGHOO¶LQYHVWLPHQWRSUHYLVWRUHDOL]]DWDDOODVFDODSHUWLQHQWH
DOODGLPHQVLRQHGHOSURJHWWRFRQSDUWLFRODUHULJXDUGRDOODWXWHODTXDOLWDWLYDHTXDQWLWDWLYDGHOODULVRUVD
LGULFD
1RQVRQRDPPLVVLELOLDILQDQ]LDPHQWRJOLLQYHVWLPHQWLGLVHPSOLFHVRVWLWX]LRQHFRVuFRPHGHILQLWLGDO'$5
SDUDJUDIR³6SHVHDPPLVVLELOL´
1RQ VRQR DPPLVVLELOL D ILQDQ]LDPHQWR JOL LQYHVWLPHQWL FKH QRQ VRQR FRQJUXL ULVSHWWR DOO¶RUGLQDPHQWR
SURGXWWLYR DOODFDSDFLWjSURGXWWLYDHDOOHHVLJHQ]HJHVWLRQDOLGHOO¶87( RJJHWWRGHOODGRPDQGD
1RQqDPPHVVRO¶DFTXLVWRGLGLULWWLGLSURGX]LRQHDJULFRODGLDQLPDOLRGLSLDQWHDQQXDOL
6H JOL LQYHVWLPHQWL VRQR HIIHWWXDWL DOOR VFRSR GL RWWHPSHUDUH DL UHTXLVLWL FRPXQLWDUL LO VRVWHJQR SXz
HVVHUH FRQFHVVR VROR SHU TXHJOL LQYHVWLPHQWL FKH VLDQR ILQDOL]]DWL DO ULVSHWWR GL UHTXLVLWL FRPXQLWDUL GL
QXRYDLQWURGX]LRQHSHULTXDOLQRQVLDQRDQFRUDVFDGXWLLWHUPLQLSHUO¶DGHJXDPHQWR
1RQVRQRDPPHVVLLQYHVWLPHQWLSHULPSLDQWLGLSURGX]LRQHGLHQHUJLDVXSHULRULDG0HJDZDWWHOHWWULFR
GLSRWHQ]D
*OLLPSLDQWLDGHQHUJLDVRODUHHGHROLFDGHYRQRHVVHUHFRPSDWLELOLFRQOHQRUPHLQPDWHULDGLWXWHODGHO
SDHVDJJLR H GHOO
DPELHQWH H QRQ JHQHUDUH SUREOHPL GL FRQFRUUHQ]D QHOO
XVR DJULFROR GHO VXROR ,Q
SDUWLFRODUHJOLLPSLDQWLDGHQHUJLDVRODUHGHYRQRHVVHUHLQWHJUDWLRVHPLLQWHJUDWLQHLIDEEULFDWLD]LHQGDOL
JOLLPSLDQWLDWHUUDVRQRDPPHVVLVRORLQDVVHQ]DRLQVXIILFLHQ]DGLIDEEULFDWLHVRORVHqGLPRVWUDWRFKH
O
RFFXSD]LRQHGHOVXRORQRQGHWHUPLQDXQDGLPLQX]LRQHGHOODFDSDFLWjSURGXWWLYDGHOO
D]LHQGDDJULFROD
4XDORUDXQ¶RUJDQL]]D]LRQHFRPXQHGLPHUFDWRROHQRUPHUHODWLYHDLSDJDPHQWLGLUHWWLILQDQ]LDWLGDSDUWH
GHO)RQGR(XURSHR$JULFRORGL*DUDQ]LDLPSRQJDQRUHVWUL]LRQLDOODSURGX]LRQHROLPLWD]LRQLDOVRVWHJQR
&RPXQLWDULRDOLYHOORGLD]LHQGHDJULFROHRLPSLDQWLGLWUDVIRUPD]LRQHQRQSXzHVVHUHVRVWHQXWDDOFXQD
RSHUD]LRQH FKH SRVVD FRPSRUWDUH XQ LQFUHPHQWR GHOOD SURGX]LRQH FKH HFFHGD GHWWH OLPLWD]LRQL R
UHVWUL]LRQL
0LJOLRUDPHQWRGHOUHQGLPHQWRJOREDOHGHOO¶D]LHQGDHILQDOLWjGHOO¶LQYHVWLPHQWR
3HU WXWWH OH WLSRORJLH GL LQYHVWLPHQWR DL ILQL GHOO¶DPPLVVLELOLWj GHOOD GRPDQGD GHYRQR HVVHUH GLPRVWUDWH
HQWUDPEHOHFRQGL]LRQLGLFXLDLVHJXHQWLSXQWLH
FKHJOLLQYHVWLPHQWLVRQRILQDOL]]DWLDOPLJOLRUDPHQWRGHOUHQGLPHQWRJOREDOHGHOO¶D]LHQGDLQULIHULPHQWRDG
DOPHQRXQRGHJOLDVSHWWLVSHFLILFLHOHQFDWLQHOSURVSHWWRVHJXHQWH
7DEHOOD
$VSHWWLJHQHUDOL
0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFR
PHGLDQWH
0LJOLRUDPHQWR
GHOOD
TXDOLWj
GHOOH
$VSHWWLVSHFLILFL
,QWURGX]LRQHGLQXRYHWHFQRORJLH
,QWURGX]LRQHGLLQQRYD]LRQHGLSURFHVVRHGLSURGRWWR
2WWLPL]]D]LRQHGHLIDWWRULGLSURGX]LRQH
'LYHUVLILFD]LRQHGHOOHSURGX]LRQL
,QWHJUD]LRQHGLILOLHUD
6YLOXSSRDWWLYLWjGLFRPPHUFLDOL]]D]LRQH
5LFRQYHUVLRQHDLPHWRGLELRORJLFLGLSURGX]LRQH
$OOHJDWR$±3DJGL
SURGX]LRQLPHGLDQWH
0LJOLRUDPHQWR GHOOD VLWXD]LRQH D]LHQGDOH
LQWHUPLQLGL
0LJOLRUDPHQWRDPELHQWDOH
%$1'20,685$ ±)$6(
$GHJXDPHQWL IXQ]LRQDOL DOO¶DGHVLRQH D VLVWHPL GL TXDOLWj ULFRQRVFLXWL D
OLYHOORFRPXQLWDULRRQD]LRQDOHUHJLRQDOH
$GR]LRQHVLVWHPLGLWUDFFLDELOLWjGHOSURGRWWR0LJOLRUDPHQWRGHOODTXDOLWj
PHUFHRORJLFDGHOOHSURGX]LRQL
6LFXUH]]DVXOODYRUR
,JLHQHHEHQHVVHUHGHJOLDQLPDOL
5LGX]LRQHGHOO¶LQTXLQDPHQWRDPELHQWDOH
8WLOL]]RGLIRQWLHQHUJHWLFKHULQQRYDELOL
5LVSDUPLRLGULFR
5LVSDUPLRHQHUJHWLFR
,Q SDUWLFRODUH LO UHTXLVLWR GHO PLJOLRUDPHQWR GHO UHQGLPHQWR JOREDOH GHOO¶D]LHQGD q VRGGLVIDWWR TXDORUD JOL
LQYHVWLPHQWL SUHYLVWL QHOOD GRPDQGD GL DLXWR VLDQR FKLDUDPHQWH ULFRQGXFLELOL DG XQR GHJOL DVSHWWL VSHFLILFL
VRSUDHOHQFDWLHOHGLPHQVLRQLGLWDOLLQYHVWLPHQWLVRGGLVILQRLVHJXHQWLSDUDPHWUL
x
DOGLVRSUDGLXQLPSRUWRGHOO¶LQYHVWLPHQWRDPPLVVLELOHSDULDHXURDOPHQRHXURVSHVD
DPPLVVLELOH VRQR GHVWLQDWL DO FRQVHJXLPHQWR GL XQR VROR GHJOL DVSHWWL VSHFLILFL FROOHJDWL DJOL DVSHWWL
JHQHUDOLVRSUDHOHQFDWL
x
DOGLVRWWRGLWDOHLPSRUWR
DDOPHQRHXURLPSRUWRGHOODVSHVDDPPLVVLELOHVRQRGHVWLQDWLDJOLDVSHWWLJHQHUDOLUHODWLYLDO
PLJOLRUDPHQWR GHOOD VLWXD]LRQH D]LHQGDOH LQ WHUPLQL GL VLFXUH]]D VXO ODYRUR R DO PLJOLRUDPHQWR
DPELHQWDOH
RSSXUH
E IUD L HXUR HG L HXUR LPSRUWL GHOOD VSHVD DPPLVVLELOH VRQR GHVWLQDWL DO
FRQVHJXLPHQWR GL XQR VROR GHJOL DVSHWWL VSHFLILFL FROOHJDWL DJOL DVSHWWL JHQHUDOL VRSUD HOHQFDWL H
FRQWHPSRUDQHDPHQWH
R VH O¶87( KD XQ 9DORUH 5LFDYL 95 DO GL VRSUD GL HXUR DOORUD O¶LPSRUWR GHOOD VSHVD
DPPLVVLELOHGHVWLQDWRDOFRQVHJXLPHQWRGLXQRVRORGHJOLDVSHWWLVSHFLILFLGHYHHVVHUHSDUL
DOPHQR DO GHOOD 95 H FRPXQTXH VXSHULRUH DO OLPLWH PLQLPR GL HXUR LPSRUWR
GHOODVSHVDDPPLVVLELOHFRPHVRSUDVWDELOLWR
R VH O¶87( KD XQ 95 LQIHULRUH R XJXDOH D HXUR q VXIILFLHQWH UDJJLXQJHUH LO OLPLWH
PLQLPRGLHXURLPSRUWRGHOODVSHVDDPPLVVLELOHFRPHVRSUDVWDELOLWR
F ROWUH L HXUR LPSRUWL GHOOD VSHVD DPPLVVLELOH GHVWLQDWL DO FRQVHJXLPHQWR GL XQR VROR GHJOL
DVSHWWLVSHFLILFLLOUHTXLVLWRVLLQWHQGHFRPXQTXHUDJJLXQWR
6LSUHFLVDFKHLOGDWR9DORUH5LFDYL95GHYHHVVHUHULIHULWRDOODPHGLDGHJOLXOWLPLDQQLSUHFHGHQWLTXHOORGL
ULFH]LRQH GHOOD GRPDQGD SHU LPSUHVH RSHUDQWL GD PHQR GL DQQL LO ULIHULPHQWR q TXHOOR PHGLR GHJOL DQQL
GLVSRQLELOLSHUOHQXRYHLPSUHVHLO95qVWLPDWRVXOODEDVHGHOO¶RUGLQDPHQWRSURGXWWLYRD]LHQGDOH$LILQLGL
WDOH FDOFROR LO 95 q FRVWLWXLWR GDO YROXPH GL DIIDUL SURFXUDWR GD SURGRWWL H VHUYL]L QHOO¶DPELWR GHOOH DWWLYLWj
SUHYLVWHGDOO¶DUW&&FRPHLQGLFDWRLQGLFKLDUD]LRQH,9$HGDLSUHPLLQGHQQLWjHGDLXWLFLFOLFLSHUFHSLWL
QHJOLDQQLGLULIHULPHQWR1HOFDVRGLLPSUHVDFRQSL87(LWLWROLFRUULVSRQGHQWLDJOLDLXWLGLVDFFRSSLDWLVRQR
ULSDUWLWLLQHJXDOHPLVXUDVXWXWWHOHVXSHUILFLHOLJLELOLLQSRVVHVVRGHOO¶LPSUHVD
FKHJOLLQYHVWLPHQWLVLDQRILQDOL]]DWLDOODUHDOL]]D]LRQHGLRELHWWLYLFKLDUDPHQWHGHILQLWLULVSRQGHQWLDSUHFLVH
HVLJHQ]HVWUXWWXUDOLHWHUULWRULDOLRDVYDQWDJJLVWUXWWXUDOLGHOO¶D]LHQGDVWHVVD
,O UHTXLVLWR GL PLJOLRUDPHQWR GHO UHQGLPHQWR JOREDOH GHOO¶D]LHQGD GHYH HVVHUH YHULILFDWR DQFKH LQ VHGH GL
DFFHUWDPHQWR ILQDOH WHQHQGR FRQWR GHO FULWHULR DGRWWDWR LQ VHGH GL GRPDQGD GL DLXWR R LQ DOWHUQDWLYD LQ
IXQ]LRQHGLXQDOWURSDUDPHWUR IUDTXHOOLHOHQFDWLVRSUD
7LSRORJLHGLLQYHVWLPHQWRDPPLVVLELOL
6RQRDPPLVVLELOLHVFOXVLYDPHQWHJOLLQYHVWLPHQWLSUHYLVWLQHLVXFFHVVLYLSDUDJUDILH
*OLLQYHVWLPHQWLGHYRQRHVVHUHFKLDUDPHQWHULIHULWLDGXQRRSLGHLSURGRWWLDJULFROLHOHQFDWLDOSUHFHGHQWH
SDUDJUDIR
1HOO¶DPELWRGHOODPHGHVLPDGRPDQGDGLDLXWRSRVVRQRHVVHUHSUHYLVWHDQFKHSLWLSRORJLHGLLQYHVWLPHQWR
:
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
,QYHVWLPHQWL SHU LO PLJOLRUDPHQWR HFRQRPLFR LO PLJOLRUDPHQWR GHOOD TXDOLWj GHOOH
SURGX]LRQL HG LO PLJOLRUDPHQWR GHOOD VLWXD]LRQH D]LHQGDOH LQ WHUPLQL GL LJLHQH H
EHQHVVHUHGHJOLDQLPDOL
*OL LQYHVWLPHQWL SHU LO PLJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR LO PLJOLRUDPHQWR GHOOD TXDOLWj GHOOH
SURGX]LRQL HG LO PLJOLRUDPHQWR GHOOD VLWXD]LRQH D]LHQGDOH LQ WHUPLQL GL LJLHQH H EHQHVVHUH GHJOL DQLPDOL
SRVVRQRDYHUHDGRJJHWWRIDEEULFDWLDJULFROLVLYHGDSDUDJUDIRPDFFKLQDULLPSLDQWL HDWWUH]]DWXUHVL
YHGD SDUDJUDIR PLJOLRUDPHQWR IRQGLDULR VL YHGD SDUDJUDIR H LQYHVWLPHQWL LPPDWHULDOL VL YHGD
SDUDJUDIR 3HU RJQL WLSRORJLD GL LQYHVWLPHQWR HOHQFDWH QHL SDUDJUDIL VHJXHQWL HG RJJHWWR GHOOD GRPDQGD GL DLXWR LO
ULFKLHGHQWH GHYH LQGLFDUH TXDOL DVSHWWL VSHFLILFL LQWHQGH SHUVHJXLUH WUD TXHOOL LQGLYLGXDWL QHOOD FRORQQD GL
GHVWUDGHOODWDEHOODGHOSDUDJUDIRDOILQHGLUDJJLXQJHUHODILQDOLWjJHQHUDOH$FFDQWRDGRJQLWLSRORJLD
GL LQYHVWLPHQWR VRQR LQGLFDWH WUD SDUHQWHVL OH ILQDOLWj JHQHUDOL FRUULVSRQGHQWL D TXHOOH FRQWHQXWH QHOOD
FRORQQDGLVLQLVWUDGHOODWDEHOODGHOSDUDJUDIR D FXLWDOHWLSRORJLDqLQGLUL]]DWD
,OULFKLHGHQWHGHYHGLPRVWUDUHFKLDUDPHQWHQHOODUHOD]LRQHWHFQLFDSUHVHQWDWDLQIDVHGLFRPSOHWDPHQWRGHOOD
GRPDQGDGLDLXWRGL FXLDOSDUDJUDIRFKHO¶LQYHVWLPHQWRULVSRQGHDGDOPHQRXQRGHJOLDVSHWWLVSHFLILFL
LQGLFDWLQHOODWDEHOODGHOSDUDJUDIRHFKHSHUWDQWRFRQVHQWHLOUDJJLXQJLPHQWRGLXQDILQDOLWjJHQHUDOHH
FRQVHJXHQWHPHQWHGHOPLJOLRUDPHQWRGHOUHQGLPHQWRJOREDOHGHOO¶D]LHQGD
,QYHVWLPHQWLDYHQWLDGRJJHWWRIDEEULFDWLDJULFROL
(¶ SUHYLVWR LO VRVWHJQR SHU DFTXLVWR FRVWUX]LRQH ULVWUXWWXUD]LRQH RG DPSOLDPHQWR GL IDEEULFDWL FRPSUHVD
O¶LPSLDQWLVWLFDHOHWWULFDLGUDXOLFDWHUPRVDQLWDULDHVLPLOL
(¶VRVWHQXWRDQFKHO¶DFTXLVWRGLWHUUHQLSHUXQFRVWRQRQVXSHULRUHDOGHOWRWDOHGHOOHVSHVHDPPHVVHD
FRQWULEXWR
/¶DFTXLVWR GL IDEEULFDWL q VRVWHQXWR SHU XQ FRVWR QRQ VXSHULRUH DO GHO WRWDOH GHOOH VSHVH DPPHVVH D
FRQWULEXWR
*OLLQWHUYHQWLVRQROLPLWDWLDOOHVWUXWWXUHSURGXWWLYHD]LHQGDOLVRQRHVFOXVLJOLLQWHUYHQWLVXIDEEULFDWLDGXVR
DELWDWLYR
/¶LQYHVWLPHQWRGHYHDYHUHDGRJJHWWRIDEEULFDWLRWHUUHQLGHVWLQDWLRGDGHVWLQDUHD
D3URGX]LRQLYHJHWDOL0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFRD]LHQGDOH
6HUUH ILVVH FRPSUHVL L YROXPL VWUHWWDPHQWH QHFHVVDUL D FRQWHQHUH JOL LPSLDQWL WHFQLFL D VHUYL]LR
GHOOHVWHVVH
E 3URGX]LRQL ]RRWHFQLFKH 0LJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR D]LHQGDOH0LJOLRUDPHQWR GHOOD
VLWXD]LRQHD]LHQGDOHLQWHUPLQLGLLJLHQHHEHQHVVHUHGHJOLDQLPDOL
VWDOOHRULFRYHULSHULOEHVWLDPHFRPSUHVLLUHFLQWLGLVHUYL]LRDWDOLVWUXWWXUH
ORFDOLDGLELWLDFRQWHQHUHJOLDQLPDOLQHOOHYDULHIDVLGHOO¶DOOHYDPHQWR
ILHQLOLHVLORV
ORFDOLDGLELWLDODERUDWRULRSHUODULOHYD]LRQHGLSDUDPHWULLJLHQLFRVDQLWDULRUJDQROHWWLFLHTXDOLWDWLYL
F WUDVIRUPD]LRQH GHL SURGRWWL DJULFROL 0LJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR D]LHQGDOH 0LJOLRUDPHQWR
GHOODTXDOLWjGHOOHSURGX]LRQL
ORFDOLDGLELWLDOODFRQVHUYD]LRQHGHLSURGRWWLDJULFROL
ORFDOLDGLELWLDOODWUDVIRUPD]LRQHGHLSURGRWWLDJULFROL
ORFDOLDGLELWLDOFRQIH]LRQDPHQWRGHLSURGRWWLDJULFROL
G FRPPHUFLDOL]]D]LRQH GHL SURGRWWL DJULFROL 0LJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR D]LHQGDOH
0LJOLRUDPHQWRGHOODTXDOLWjGHOOHSURGX]LRQL
ORFDOLH³SLDWWDIRUPHGLPRYLPHQWD]LRQH´DGLELWHDOODFRPPHUFLDOL]]D]LRQHGHLSURGRWWLDJULFROLHORUR
GHULYDWL
,QWHUYHQWLDYHQWLDGRJJHWWRPDFFKLQDULLPSLDQWLHDWWUH]]DWXUH
(¶SUHYLVWRLOVRVWHJQRSHUO¶DFTXLVWRHO¶LQVWDOOD]LRQHGLQXRYLPDFFKLQDULLPSLDQWLHGDWWUH]]DWXUHFRPSUHVH
TXHOOHLQIRUPDWLFKHGHVWLQDWLDOOHDWWLYLWjSURGXWWLYHD]LHQGDOL
,PDFFKLQDULJOLLPSLDQWLHOHDWWUH]]DWXUHGHYRQRHVVHUHVSHFLILFLSHUORVYROJLPHQWRGLXQDGHOOHVHJXHQWL
RSHUD]LRQL
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
D FROWXUDOL H GL UDFFROWD PLJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR D]LHQGDOHPLJOLRUDPHQWR GHOOD TXDOLWj
GHOOHSURGX]LRQL
WUDWWULFL
PDFFKLQDULSHUODODYRUD]LRQHGHOWHUUHQRFRPSUHVLJOLHVFDYDWRUL
PDFFKLQDULLPSLDQWLHGDWWUH]]DWXUHILQDOL]]DWLDOO¶HIIHWWXD]LRQHGLRSHUD]LRQLFROWXUDOLGLUDFFROWDGL
UHFXSHURHRUHLPSLHJRGHLPDWHULDOLGLODYRUD]LRQHSHULOFRPSDUWRIORURYLYDLVWLFR
DFFHVVRULGHOODWUDWWULFHSHUPRYLPHQWLWHUUD
ULPRUFKLHFDUUHOOLFROOHJDELOLDOODWUDWWULFHSHUWUDVSRUWRGLSURGRWWLHPH]]LWHFQLFLD]LHQGDOL
DWWUH]]DWXUHHPH]]LGLPRYLPHQWD]LRQHLQWHUQDGLSURGRWWLHPH]]LWHFQLFLD]LHQGDOL
VWUXWWXUH SHUPDQHQWL HVFOXVR PDWHULDOH GL FRQVXPR SHU VHUUH PRELOL H SHU FRSHUWXUD H
RPEUHJJLDPHQWR
UHFLQWLPRELOLVLDHOHWWULILFDWLFKHQRQDGLIHVDGHOOHFROWXUHGDOODIDXQDVHOYDWLFD
LPSLDQWLDQWLJUDQGLQHHVFOXVRPDWHULDOHGLFRQVXPR
E GL DOOHYDPHQWR PLJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR D]LHQGDOHPLJOLRUDPHQWR GHOOD TXDOLWj GHOOH
SURGX]LRQLPLJOLRUDPHQWRGHOODVLWXD]LRQHD]LHQGDOHLQWHUPLQLGLLJLHQHHEHQHVVHUHGHJOLDQLPDOL
PDFFKLQH H LPSLDQWL SHU OD PXQJLWXUD H SHU O¶DOODWWDPHQWR DUWLILFLDOH FRPSUHVD O¶LPSLDQWLVWLFD
HOHWWULFDLGUDXOLFDWHUPRVDQLWDULDHVLPLOLDFRUUHGRGHLIDEEULFDWLLQFXLTXHVWLVRQRLQVWDOODWL
PDFFKLQHHDWWUH]]DWXUHSHUODSUHSDUD]LRQHGHLPDQJLPLDOLYHOORD]LHQGDOHSHULOSUHOHYDPHQWRH
ODGLVWULEX]LRQHGHJOLDOLPHQWLFRPSUHVDO¶LPSLDQWLVWLFDHOHWWULFDLGUDXOLFDWHUPRVDQLWDULDHVLPLOLD
FRUUHGRGHLIDEEULFDWLLQFXLTXHVWLVRQRLQVWDOODWL
DWWUH]]DWXUHSHUO¶DSLFROWXUDHVFOXVRDUQLHHPDFFKLQHDWWUH]]DWXUHHPDWHULDOLYDULSHUO¶HVHUFL]LR
GHOQRPDGLVPRDOOHVWLPHQWRGLDXWRFDUULSHUO¶HVHUFL]LRGHOQRPDGLVPR
VWUXPHQWD]LRQHSHUODULOHYD]LRQHGLGHWHUPLQDWHSDWRORJLHQHJOLDQLPDOLDWWUH]]DWXUHLQIRUPDWLFKH
FRQVRIWZDUHVSHFLILFLSHUODJHVWLRQHGLFRPSDUWR
DOOHVWLPHQWR GL PH]]L DGLELWL HVFOXVLYDPHQWH DO WUDVSRUWR GHJOL DQLPDOL YLYL FRPSUHVL L FDUUHOOL
HVFOXVRSHUXVRSURPLVFXRHSHULOWUDVSRUWRGHOOHDUQLH
VLVWHPLPDQXIDWWLHUHFLQ]LRQLDQWLSUHGD]LRQH
VLVWHPLHDWWUH]]DWXUHSHUO¶LGHQWLILFD]LRQHHOHWWURQLFDGHLFDSLHODORURJHVWLRQH
DEEHYHUDWRLFRPSUHVRO¶LPSLDQWRGLGLVWULEX]LRQHGHOO¶DFTXDGLEHYDQGDILQRDOODVRPPLQLVWUD]LRQH
GHOODVWHVVD
DOWUHPDFFKLQHHGDWWUH]]DWXUHSHUXVR]RRWHFQLFR
FGLWUDVIRUPD]LRQHGHLSURGRWWLDJULFROLPLJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFRD]LHQGDOHPLJOLRUDPHQWR
GHOODTXDOLWjGHOOHSURGX]LRQL
PDFFKLQDUL LPSLDQWL HG DWWUH]]DWXUH SHU OD WUDVIRUPD]LRQH GHL SURGRWWL DJULFROL FRPSUHVD
O¶LPSLDQWLVWLFDHOHWWULFDLGUDXOLFDWHUPRVDQLWDULDHVLPLOLDFRUUHGRGHLIDEEULFDWLLQFXLTXHVWLVRQR
LQVWDOODWL
PDFFKLQDULLPSLDQWLHGDWWUH]]DWXUHSHUODFRQVHUYD]LRQHGHLSURGRWWLDJULFROLLQFOXVDO¶LPSLDQWLVWLFD
HOHWWULFDLGUDXOLFDWHUPRVDQLWDULDHVLPLOLDFRUUHGRGHLIDEEULFDWLLQFXLTXHVWLVRQRLQVWDOODWL
PDFFKLQDUL LPSLDQWL HG DWWUH]]DWXUH SHU LO FRQIH]LRQDPHQWR GHL SURGRWWL DJULFROL H ORUR GHULYDWL
FRPSUHVD O¶LPSLDQWLVWLFD HOHWWULFD LGUDXOLFD WHUPRVDQLWDULD H VLPLOL D FRUUHGR GHL IDEEULFDWL LQ FXL
TXHVWLVRQRLQVWDOODWL
G GL FRPPHUFLDOL]]D]LRQH GHL SURGRWWL DJULFROL PLJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR
D]LHQGDOHPLJOLRUDPHQWRGHOODTXDOLWjGHOOHSURGX]LRQL
DOOHVWLPHQWRGLPH]]LIULJRULIHULSHULOWUDVSRUWRGHOOHSURGX]LRQLD]LHQGDOL
DOOHVWLPHQWR ORFDOL H SLDWWDIRUPH GL PRYLPHQWD]LRQH´ DGLELWH DOOD FRPPHUFLDOL]]D]LRQH FRPSUHVD
O¶LPSLDQWLVWLFDHOHWWULFDLGUDXOLFDWHUPRVDQLWDULDHVLPLOLDFRUUHGRGHLIDEEULFDWLLQFXLTXHVWLVRQR
VWDWLLQVWDOODWL
VWUXWWXUH PRELOL SHU OD FRPPHUFLDOL]]D]LRQH LQ IRUPD DPEXODQWH QHO FDVR GL YHLFROL q DPPHVVR
HVFOXVLYDPHQWHO¶DOOHVWLPHQWRGHOPH]]R
FHOOHIULJR
GLVWULEXWRULSHUODYHQGLWDGLUHWWDLQD]LHQGDGHOODWWHFUXGRDOFRQVXPDWRUH
HGLVHUYL]LR0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFRPLJOLRUDPHQWRGHOODTXDOLWjGHOOHSURGX]LRQL
DWWUH]]DWXUHLQIRUPDWLFKHGRWDWHGLVRIWZDUHSHUODJHVWLRQHGHOOHDWWLYLWjSURGXWWLYHD]LHQGDOL
DWWUH]]DWXUHSHUODSXOL]LDHO¶LJLHQHGHJOLDPELHQWL
VWUXPHQWD]LRQH SHU OD YDOXWD]LRQH GL SDUDPHWUL ILVLFRFKLPLFL SHU LO PRQLWRUDJJLR H PLJOLRUDPHQWR
GHOODTXDOLWjLJLHQLFRVDQLWDULDHQXWUL]LRQDOHGHLSURGRWWLDJULFROLHORURGHULYDWL
9
5
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
,QWHUYHQWLGLPLJOLRUDPHQWRIRQGLDULR
*OL LQWHUYHQWL GL PLJOLRUDPHQWR IRQGLDULR VL GLVWLQJXRQR LQ D LPSLDQWL SHU SURGX]LRQL YHJHWDOL DUERUHH R
SROLHQQDOLELQWHUYHQWLVWUXWWXUDOLSHULOPLJOLRUDPHQWRGLSDVFROLHSUDWLSDVFROLFLQIUDVWUXWWXUHD]LHQGDOLG
SURJHWWLILQDOL]]DWLDOODJHVWLRQHGHOODULVRUVDLGULFD
D ,PSLDQWL SHU SURGX]LRQL YHJHWDOL DUERUHH R SROLHQQDOL 0LJOLRUDPHQWR GHO UHQGLPHQWR
HFRQRPLFRPLJOLRUDPHQWRGHOODTXDOLWjGHOOHSURGX]LRQL
LPSLDQWRGLVSHFLHDUERUHHGDIUXWWRYROWRDOPLJOLRUDPHQWRTXDOLWDWLYRGHOODSURGX]LRQHQHOULVSHWWR
GLTXDQWRSUHYLVWRDOSDUDJUDIR /LPLWD]LRQLGHULYDQWLGD2&0GLVHWWRUH
LPSLDQWRGLVSHFLHSROLHQQDOLSHUPDQHQ]DPLQLPDDQQLGDIUXWWRRIILFLQDOLRGDURPDWLFKHGD
IURQGDHRILRUHUHFLVR
LPSLDQWR GL VSHFLH SROLHQQDOL SHUPDQHQ]D PLQLPD DQQL FRPSUHVH OH VSHFLH IRUHVWDOL D FLFOR
EUHYHSHUODSURGX]LRQHGLELRPDVVDGDGHVWLQDUHDOODSURGX]LRQHGLHQHUJLD
DOOHVWLPHQWR GL VSD]L GD GHVWLQDUH DOOD SURGX]LRQH YLYDLVWLFD FRQ HVFOXVLRQH GHJOL LQYHVWLPHQWL
PHQ]LRQDWLLQDOWULSDUDJUDILGHOSUHVHQWHEDQGR
VLVWHPD]LRQLLGUDXOLFRDJUDULHFRQQHVVHDJOLLQWHUYHQWLGLFXLDLSXQWLSUHFHGHQWL
UHFLQ]LRQLSHUODSURWH]LRQHGHOOHFROWXUHGDLGDQQLGDIDXQDVHOYDWLFD
ELQWHUYHQWLSHULOPLJOLRUDPHQWRGHLSDVFROL0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFR0LJOLRUDPHQWRGHOOD
VLWXD]LRQHD]LHQGDOHLQWHUPLQLGLLJLHQHHEHQHVVHUHGHJOLDQLPDOL
UHFLQ]LRQLFRQVWUXWWXUDSRUWDQWHLQOHJQRSHUSDVFRORILQDOL]]DWLDQFKHDOODSURWH]LRQHGDSUHGDWRUL
HVFOXVDODUHDOL]]D]LRQHGLIRQGLFKLXVL
UHFLQ]LRQLFRQVWUXWWXUDSRUWDQWHLQOHJQRSHUSDVFRORILQDOL]]DWLDOODUDFFROWDFRQWHQLPHQWRGHJOL
DQLPDOLHVFOXVDODUHDOL]]D]LRQHGLIRQGLFKLXVL
RSHUHGLFDQDOL]]D]LRQHGHOO¶DFTXDHDEEHYHUDWRL
PDQJLDWRLH
VLVWHPD]LRQLLGUDXOLFRDJUDULHFRQQHVVHDJOLLQWHUYHQWLGLPLJOLRUDPHQWRGHLSDVFROL
F LQIUDVWUXWWXUH D]LHQGDOL 0LJOLRUDPHQWR GHO UHQGLPHQWR HFRQRPLFR 2WWLPL]]D]LRQH GHL IDWWRUL GL
SURGX]LRQH
YLDELOLWjD]LHQGDOHSHUIDYRULUHO¶DFFHVVRDOOHVXSHUILFLHDOOHVWUXWWXUHSURGXWWLYHD]LHQGDOLODUJKH]]D
PDVVLPDFRQVHQWLWDPROWUHDOOHEDQFKLQHHOHIRVVH
HOHWWULILFD]LRQH D]LHQGDOH FRQVLVWHQWH QHOO¶DGGX]LRQH GL HQHUJLD HOHWWULFD DOOH VWUXWWXUH SURGXWWLYH
D]LHQGDOL 6RQR DPPLVVLELOL DQFKH OH RSHUH LQHUHQWL O¶DOODFFLDPHQWR DOOD UHWH SXEEOLFD FRPSUHQVLYD
GHOODUHWHGLVWULEXWLYDD]LHQGDOHGLHWURSUHVHQWD]LRQHGLXQFRPSXWRPHWULFRHVWLPDWLYRDQDOLWLFR
DFTXHGRWWL D]LHQGDOL SHU OD SRWDELOL]]D]LRQH H O¶DGGX]LRQH GL DFTXD DG XVR SRWDELOH DOOH VWUXWWXUH
SURGXWWLYH D]LHQGDOL 6RQR DPPLVVLELOL DQFKH OH RSHUH LQHUHQWL O¶DOODFFLDPHQWR DOOD UHWH SXEEOLFD
FRPSUHQVLYD GHOOD UHWH GLVWULEXWLYD D]LHQGDOH GLHWUR SUHVHQWD]LRQH GL XQ FRPSXWR PHWULFR
HVWLPDWLYRDQDOLWLFR
6H JOL LQYHVWLPHQWL GL FXL DL SUHFHGHQWL SXQWL H GHOOD OHWWHUD F LQWHUHVVDQR SURSULHWj GL WHU]H
SHUVRQHLOULFKLHGHQWHLQIDVHGLFRPSOHWDPHQWRGHYHSURGXUUHDOO¶(QWHFRPSHWHQWHLOFRQWUDWWRGHOOD
VHUYLWFRVWLWXLWDYRORQWDULDPHQWHIUDOHSDUWLSHQDODPDQFDWDDPPLVVLELOLWjGHOO¶LQYHVWLPHQWR
GSURJHWWLILQDOL]]DWLDOODJHVWLRQHGHOODULVRUVDLGULFD0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFR
5HDOL]]D]LRQH GL LPSLDQWL SHU IHUWLUULJD]LRQH RSHUH GL UDFFROWD GL DFTXH DG XVR DJULFROR QXRYL LQYDVL
UHFXSHURHRPLJOLRUDPHQWRGHJOLHVLVWHQWL
,Q WXWWL L VHJXHQWL FDVL GDO SXQWR G DO SXQWR G LO VRVWHJQR q FRQFHVVR DJOL LQWHUYHQWL LUULJXL FKH QRQ
FRQWULEXLVFRQRDOO¶DXPHQWRGHOODVXSHUILFLHLUULJXDD]LHQGDOHUHODWLYDPHQWHDOODPHGLDGHLDQQLSUHFHGHQWLOD
GRPDQGD /¶LQGLYLGXD]LRQH GHOOH VXSHUILFL ³LUULJXH´ DYYLHQH FRQ ULIHULPHQWR DOOD PHGLD GHOOD 6$8
GHOO¶RUGLQDPHQWRFROWXUDOHGHLGXHDQQLSUHFHGHQWLDOODULFH]LRQHGHOODGRPDQGDLQEDVHD ODFODVVLILFD]LRQH
FDWDVWDOHULVXOWDQWHQHOVLVWHPDLQIRUPDWLYR$57($HRDOO¶DQDOLVLGHOOHYLVXUHFDWDVWDOLGHJOLXOWLPLDQQLHR
DOODGRFXPHQWD]LRQHDWWHVWDQWHOHFROWLYD]LRQLXWLOL]]DWHQHOO¶DPELWRGHOO¶2&0GLVHWWRUH
G9DORUL]]D]LRQHGHOOHULVRUVHLGULFKHVXSHUILFLDOL0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFR
ODUHDOL]]D]LRQHGLYDVFKHVHUEDWRLHGLQYDVLSHUODUDFFROWDGLDFTXHPHWHRULFKHSHUXVRDJULFROR
D]LHQGDOH /D GLPHQVLRQH GHJOL LQYDVL GHYH HVVHUH FRPSUHVD WUD PF H L PF 1HOOD
UHOD]LRQHWHFQLFDGDSUHVHQWDUHLQIDVHGLFRPSOHWDPHQWRGHOODGRPDQGDGLDLXWRGLFXLDOSDUDJUDIR
GHYHHVVHUHGLPRVWUDWRVXOODEDVHGLXQRVWXGLRLGURORJLFRGHOEDFLQRLQWHUHVVDWRGDOO¶RSHUD
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
FKHODULVRUVDGLVSRQLELOHJDUDQWLVFHLOUDJJLXQJLPHQWRGHOYROXPHGLPDVVLPRLQYDVR
LQWHUYHQWLGLPDQXWHQ]LRQHVWUDRUGLQDULDSHULOULSULVWLQRGLYDVFKHVHUEDWRLHGLQYDVLDGXVRDJULFROR
D]LHQGDOHHVLVWHQWLHRSHUHSHUODPHVVDLQVLFXUH]]DGHJOLLQYDVLLGULFL6RQRFRPXQTXHFRQVLGHUDWH
RSHUHGLPDQXWHQ]LRQHVWUDRUGLQDULHOHVHJXHQWLRSHUH
R RSHUHILQDOL]]DWHDOULSULVWLQRGHOO¶LPSHUPHDELOLWj
R RSHUHGLPHVVDLQVLFXUH]]DLYLFRPSUHVDODUHDOL]]D]LRQHGHOORVFDULFRGLIRQGR
R RSHUH GL ULPRGHOODPHQWR SHU LO PLJOLRUDPHQWR GHOOD FDSDFLWj GL UDFFROWD H GL XWLOL]]D]LRQH
GHOOHDFTXH
G 5HDOL]]D]LRQH GL LPSLDQWL SHU OD GLVWULEX]LRQH LUULJXD GHL UHIOXL PLJOLRUDPHQWR GHO UHQGLPHQWR
HFRQRPLFR
LPSLDQWLGLLUULJD]LRQHDJRFFLDSHUODGLVWULEX]LRQHGHLUHIOXL
DSSDUHFFKLDWXUHDFFHVVRULHGLILOWUD]LRQHHSRPSDJJLR
YDVFKHGLDFFXPXORSHUORVWRFFDJJLRGHOOHDFTXHUHIOXH
3HU OD UHDOL]]D]LRQH GL TXHVWL LQWHUYHQWL q REEOLJDWRULR LQVWDOODUH PLVXUDWRUL GL SUHVVLRQH H FRQWDWRUL
YROXPHWULFLFRPSUHVLQHOILQDQ]LDPHQWRQHFHVVDULDOODYHULILFDGHOULVSDUPLRLGULFRRSHUDWRHXWLOL]]DUHSHUXQ
SHULRGRFRUULVSRQGHQWHDOPHQRDOSHULRGRGLYLQFRORFRVuFRPHGHILQLWRDOSDUDJUDIRGHOO¶LQYHVWLPHQWR
XQSURJUDPPDGLFRQVXOHQ]DLUULJXDEDVDWRVXOELODQFLRLGULFRQHOODJHVWLRQHGHOO¶LPSLDQWR
3HU LQYHVWLPHQWL ILQDOL]]DWL DOOD YDORUL]]D]LRQH GHOOH DFTXH UHIOXH GHSXUDWH JOL LQWHUYHQWL GHYRQR HVVHUH
ORFDOL]]DWL QHOOH DUHH GRYH VRQR SUHVHQWL DFTXHGRWWL FRQVRUWLOL SHU OD GLVWULEX]LRQH LUULJXD GHL UHIOXL 7DOL
LQWHUYHQWLGHYRQRJDUDQWLUH
FKH JOL HOHPHQWL QXWULWLYL GLVWULEXLWL FRQ OH DFTXH UHIOXH VLDQR LPSXWDWL DOO¶LQWHUQR GHO SLDQR GL
FRQFLPD]LRQH VHFRQGR TXDQWR VWDELOLWR GDO '0 SHU UHQGHUH FRPSDWLELOH O¶XVR GHL UHIOXL
FRQ OD WXWHOD GHOOH FDUDWWHULVWLFKH LJLHQLFR VDQLWDULH GHOOH SURGX]LRQL H FRQ OD VDOYDJXDUGLD
GHOO¶DPELHQWH
O¶DSSOLFD]LRQHGHO'0
G,PSLDQWLSHUODIHUWLUULJD]LRQH0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFR
G,QYHVWLPHQWLVRVWHQXWLSHUODUHDOL]]D]LRQHGLLPSLDQWLHRSHUHFRQQHVVHDOUHFXSHURGHOOHDFTXHGL
LUULJD]LRQHRIHUWLUULJD]LRQHLQHFFHVVR0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFR
G,PSLDQWLGLDGGX]LRQHGHOOHDFTXH0LJOLRUDPHQWRGHOUHQGLPHQWRHFRQRPLFR
G ,PSLDQWL SHU LO WUDWWDPHQWR GHOOH DFTXH GL LUULJD]LRQH H GL IHUWLUULJD]LRQH 0LJOLRUDPHQWR GHO
UHQGLPHQWRHFRQRPLFR
,QWHUYHQWLDYHQWLDGRJJHWWRLQYHVWLPHQWLLPPDWHULDOL
/DILQDOLWjGLTXHVWLLQYHVWLPHQWLqODVWHVVDGHOO¶LQYHVWLPHQWRPDWHULDOHDOTXDOHVRQRFROOHJDWL
*OL LQYHVWLPHQWL LPPDWHULDOL VRQR DPPLVVLELOL VROR VH FROOHJDWL DG LQYHVWLPHQWL PDWHULDOL DL VHQVL GDOO
DUWLFROR
SDUDJUDIR OHWWHUD F GHO UHJRODPHQWR &( H VH FRQQHVVL H IXQ]LRQDOL DOOD UHDOL]]D]LRQH
GHJOLLQYHVWLPHQWLPDWHULDOLSUHYLVWLQHOSURJHWWR1HOFDVRGLSURJHWWLFKHSUHYHGRQRLQYHVWLPHQWLLPPDWHULDOL
OD TXRWD FRPSOHVVLYD GHOOH VSHVH LPPDWHULDOL FRPSUHQVLYD DQFKH GHOOH VSHVH JHQHUDOL QRQ SXz HVVHUH
VXSHULRUH DO GHOO¶LQWHUR LQYHVWLPHQWR DPPLVVLELOH /H WLSRORJLH GL LQYHVWLPHQWR LPPDWHULDOL ILQDQ]LDELOL
VRQROHVHJXHQWL
x 5LFHUFKHHDQDOLVLGLPHUFDWR
x 6XSSRUWRWHFQLFRSHUO¶DWWLYD]LRQHGLVLVWHPLGLWUDFFLDELOLWjGHLSURGRWWL
x 3URJHWWLILQDOL]]DWLDOO¶LQWHJUD]LRQHGLILOLHUDHDOOHDQ]DIUDLPSUHVH
x 6XSSRUWRWHFQLFRSHUODYDORUL]]D]LRQHFRPPHUFLDOHGHLSURGRWWLDJULFROL
x 6SHVH SURSHGHXWLFKH DOO¶DFTXLVL]LRQH GL FHUWLILFD]LRQL GL SURFHVVR H GL SURGRWWR VRFLDOLHWLFKH H
DPELHQWDOL
x 5HODWLYDPHQWHDJOLLQYHVWLPHQWLLPPDWHULDOLSHUO¶DFTXLVL]LRQHGLFHUWLILFD]LRQLGLSURGRWWRHGLSURFHVVRLO
VRVWHJQR QRQ q FRQFHVVR SHU L FRVWL UHODWLYL DL VLVWHPL GL TXDOLWj JLj ILQDQ]LDELOL FRQ OD PLVXUD ³3DUWHFLSD]LRQHGHJOLDJULFROWRULDLVLVWHPLGLTXDOLWjDOLPHQWDUH´DUW5HJ&(
&
9
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
,QYHVWLPHQWLSHUODVLFXUH]]DVXOODYRURHLO PLJOLRUDPHQWRDPELHQWDOH
,QYHVWLPHQWL SHU OD VLFXUH]]D LQWHVL D PLJOLRUDUH OH FRQGL]LRQL UHODWLYH DOOD
VLFXUH]]DVXOSRVWRGLODYRURDOGLOjGHOOHSHUWLQHQWLQRUPHLQYLJRUH
,QTXHVWRSDUDJUDIRVLIDULIHULPHQWRDO³PLJOLRUDPHQWRGHOODVLWXD]LRQHD]LHQGDOHLQWHUPLQLGLVLFXUH]]DVXO
ODYRUR´GLFXLDOODWDEHOOD±SDUDJUDIR
*OL LQWHUYHQWL SHU OD VLFXUH]]D VXO ODYRUR SRVVRQR DYHUH DG RJJHWWR IDEEULFDWL DJULFROL PDFFKLQDUL H
DWWUH]]DWXUH FRVu FRPH VSHFLILFDWL QHOOH LQGLFD]LRQL ULSRUWDWH QHL VHJXHQWL SDUDJUDIL 7XWWL VRQR FRQVLGHUDWL
SULRULWDULDLILQLGHOO¶DSSOLFD]LRQHGHOODSULRULWj,DGHOSDUDJUDIR
,QYHVWLPHQWLSHUODVLFXUH]]DDYHQWLDGRJJHWWRIDEEULFDWLDJULFROL
6RQRDPPLVVLELOLHVFOXVLYDPHQWHJOLLQWHUYHQWLGLVHJXLWRHOHQFDWL
7LSRGLLQYHVWLPHQWR
,QYHVWLPHQWLDPPLVVLELOL
$FTXLVWR H PHVVD LQ
RSHUDGLSDVVHUHOOHHULSLDQL
GRWDWL GL SDUDSHWWL SHU
O¶DFFHVVR
HR
VWD]LRQDPHQWR LQ OXRJKL R
DPELHQWL GL ODYRUR DGLELWL
DOOR
VWRFFDJJLR
FRQVHUYD]LRQH
H
WUDVIRUPD]LRQH
GHL
SURGRWWL
$FTXLVWRHPHVVDLQRSHUDGLSDVVHUHOOHH
ULSLDQL GRWDWH GL SDUDSHWWL SHU O¶DFFHVVR
HRORVWD]LRQDPHQWRDOXRJKLRDPELHQWL
GL ODYRUR VWUXWWXUH DWWUH]]DWXUH HR
LPSLDQWL WHFQRORJLFL SRVWL DG DOPHQR PHWURGDOSLDQRGLFDOSHVWLR
5LGX]LRQH
GHOOD
PRYLPHQWD]LRQH PDQXDOH
GHL
FDULFKL
FRQ
LPSOHPHQWD]LRQH
GL
VWUXWWXUH FKH IDFLOLWDQR OD
PRYLPHQWD]LRQH PDQXDOH
GHLFDULFKL
,QWHUYHQWL
GL
VHJUHJD]LRQH
H
GL
LQVRQRUL]]D]LRQH
GHJOL
DPELHQWLGLODYRUR
$OOHVWLPHQWRGLSDVVDJJL
LQ VLFXUH]]D H YLH GL IXJD
SHU
O¶RSHUDWRUH
SHU
DOOHYDPHQWL]RRWHFQLFL
5LIHULPHQWR QRUPDWLYR ' OJV DSULOH
QHVPLDUWWHGDOOHJDWR
,9 SXQWL ± ± ± ±
±±±±
1RUPHGLEXRQDWHFQLFD
5HDOL]]D]LRQH GL EDQFKLQH H UDPSH GL
FDULFR VRVWLWX]LRQH GHL JUDGLQL FRQ
UDPSH
5LIHULPHQWR QRUPDWLYR ' OJV DSULOH
Q H VPL 7LWROR 9, H $OOHJDWR
;;;,,,
1RUPHGLEXRQDWHFQLFD
,QWHUYHQWL GL VHJUHJD]LRQH H GL
LQVRQRUL]]D]LRQH GHJOL DPELHQWL GL ODYRUR
ILQDOL]]DWL DOOD ULGX]LRQH GHL OLYHOOL GL
UXPRURVLWj GL DOPHQR G%$ D
UDJJLXQJHUHYDORULLQIHULRULDG%$
$OOHVWLPHQWRGLSDVVDJJLLQVLFXUH]]DHYLH
GLIXJDSHUO¶RSHUDWRUHLQVWDOOHHULFRYHUL
GLVWDEXOD]LRQHSHUERYLQL
5LIHULPHQWR /LQHH *XLGD ³6LVWHPL H
WHFQRORJLH GL VLFXUH]]D SHU OD
PRYLPHQWD]LRQH LO FRQWHQLPHQWR HG LO
'RFXPHQWD]LRQHSHULVWUXWWRULDH
DFFHUWDPHQWRILQDOH
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GL WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRH&DOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH
GL
FRQIRUPLWj
GHOO¶LQVWDOOD]LRQH
GL
VLFXUH]]D
GLFKLDUD]LRQHGLFRUUHWWDPHVVDLQRSHUD
GHL FRPSRQHQWL GL VLFXUH]]D LQ UHOD]LRQH
DOOH LQGLFD]LRQL GHO FRVWUXWWRUH HR GHOOD
QRUPDGLEXRQDWHFQLFDGLFKLDUD]LRQHGL
ULVSRQGHQ]D GHOOH VROX]LRQL DGRWWDWH D
TXDQWRGHVFULWWRLQVHGHSURJHWWXDOH
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR WHFQLFR FRPSHWHQWH LQ DFXVWLFD
DPELHQWDOH SURYYLVWD GL HODERUDWL JUDILFL
GL SURJHWWR FRQ PLVXUD]LRQH IRQRPHWULFD
GHJOL DPELHQWL HG DWWUH]]DWXUH RJJHWWR GL
LQWHUYHQWL H LQGLFD]LRQH GHL ULVXOWDWL
SUHVXPLELOL
$FFHUWDPHQWRILQDOH
GLFKLDUD]LRQH GL ULVSRQGHQ]D GHOOH
VROX]LRQL DGRWWDWH D TXDQWR GHVFULWWR LQ
VHGH SURJHWWXDOH FRQ PLVXUD]LRQH
IRQRPHWULFD HIIHWWXDWD FRQ OH VWHVVH
PRGDOLWj H QHJOL VWHVVL SXQWL GHOOD
PLVXUD]LRQHSUHFHGHQWH
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
$OOHJDWR$±3DJGL
$OOHVWLPHQWR GL ULFRYHUL
SHU WRUL GD ULSURGX]LRQH LQ
VWDOOH H ULFRYHUL GL
VWDEXOD]LRQHSHUERYLQL
$OOHVWLPHQWR GL FRUULGRL
GL PRYLPHQWD]LRQH GHO
EHVWLDPHLQVWDOOHHULFRYHUL
GLVWDEXOD]LRQHSHUERYLQL
$OOHVWLPHQWR GL FRUULGRL
GL
FRQWHQLPHQWR
GHO
EHVWLDPHLQVWDOOHHULFRYHUL
GLVWDEXOD]LRQHSHUERYLQL
$OOHVWLPHQWR GHOOD IRVVD
GL PXQJLWXUD LQ VWDOOH H
ULFRYHUL GL VWDEXOD]LRQH SHU
ERYLQL
5LPR]LRQH
H
VPDOWLPHQWRGLFRSHUWXUHH
SDUWLLQFHPHQWRDPLDQWR
%$1'20,685$ ±)$6(
WUDWWDPHQWRGHLERYLQL´,63(6/H&53$
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
$OOHVWLPHQWR GL ULFRYHUL SHU WRUL GD
ULSURGX]LRQH LQ VWDOOH H ULFRYHUL GL
VWDEXOD]LRQHSHUERYLQL
5LIHULPHQWR /LQHH *XLGD ³6LVWHPL H
WHFQRORJLH GL VLFXUH]]D SHU OD
PRYLPHQWD]LRQH LO FRQWHQLPHQWR HG LO
WUDWWDPHQWRGHLERYLQL´
,63(6/H&53$
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
$OOHVWLPHQWR
GL
FRUULGRL
GL
PRYLPHQWD]LRQH LQ VWDOOH H ULFRYHUL GL
VWDEXOD]LRQHSHUERYLQL
5LIHULPHQWR /LQHH *XLGD ³6LVWHPL H
WHFQRORJLH GL VLFXUH]]D SHU OD
PRYLPHQWD]LRQH LO FRQWHQLPHQWR HG LO
WUDWWDPHQWRGHLERYLQL´,63(6/H&53$
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
$OOHVWLPHQWR GL FRUULGRL GL &RQWHQLPHQWR
LQ VWDOOH H ULFRYHUL GL VWDEXOD]LRQH SHU
ERYLQL
5LIHULPHQWR
/LQHH *XLGD ³6LVWHPL H WHFQRORJLH GL
VLFXUH]]D SHU OD PRYLPHQWD]LRQH LO
FRQWHQLPHQWR HG LO WUDWWDPHQWR GHL
ERYLQL´
,63(6/H&53$
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
$OOHVWLPHQWRIRVVDGLPXQJLWXUDLQVWDOOHH
ULFRYHULGLVWDEXOD]LRQHSHUERYLQL
5LIHULPHQWR /LQHH *XLGD ³6LVWHPL H
WHFQRORJLH GL VLFXUH]]D SHU OD
PRYLPHQWD]LRQH LO FRQWHQLPHQWR HG LO
WUDWWDPHQWRGHLERYLQL´
,63(6/H&53$
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
5LPR]LRQH H VPDOWLPHQWR GL FRSHUWXUH H
SDUWLLQFHPHQWRDPLDQWR
5LIHULPHQWRQRUPDWLYR
'/JVDSULOHQHVPL7LWROR
,;FDSR,,,
'0VHWWHPEUHDWWXDWLYRGHOO¶DUW
FRPPDOHJJH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRGLPHQVLRQLHWLSRGLVWUXWWXUDGD
ULPXRYHUH H GDOOD TXDOH VL HYLQFH OH
FRQGL]LRQL GL FRQVHUYD]LRQH GHL PDWHULDOL
FRQWHQHQWL DPLDQWR LQ WDOH UHOD]LRQH
GHYRQR HVVHUH FRQVLGHUDWL L FRVWL UHODWLYL
DLODYRULGLULPR]LRQHHVPDOWLPHQWRFKH
GRYUDQQRHVVHUHHVHJXLWLGDGLWWDLVFULWWD
DOO¶DOER QD]LRQDOH JHVWRUL DPELHQWDOL
ZZZDOERJHVWRULULILXWLLW
$FFHUWDPHQWRILQDOH
'RFXPHQWD]LRQH DWWHVWDQWH OD DYYHQXWD
ULPR]LRQH H VPDOWLPHQWR VHFRQGR OH
QRUPHYLJHQWL
9
9
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
,QYHVWLPHQWL SHU OD VLFXUH]]D DYHQWL DG RJJHWWR PDFFKLQDUL LPSLDQWL H
DWWUH]]DWXUH
6RQRDPPLVVLELOLHVFOXVLYDPHQWHJOLLQWHUYHQWLGLVHJXLWRHOHQFDWL
7LSRGLLQYHVWLPHQWR
,QYHVWLPHQWLDPPLVVLELOL
$FTXLVWR VFDOH D
FDVWHOOR SRQWL D WRUUH VX
UXRWHWUDEDWWHOOL
$FTXLVWRVFDOHDFDVWHOORSRQWLDWRUUHVX
UXRWH WUDEDWWHOOL SHU LQWHUYHQWL VX
VWUXWWXUH ORFDOL H DWWUH]]DWXUH DG DOWH]]H
VXSHULRUL D PHWUL GDO SLDQR GL
FDOSHVWLR
5LIHULPHQWRQRUPDWLYR
'/JVDSULOHQHVPLDUWQ
DOOHJDWR9SDUWH,,SXQWR
1RUPHGLEXRQDWHFQLFD
$FTXLVWR GL FHVWHOOL
HOHYDWRUL SHU O¶HVHFX]LRQH
GL LQWHUYHQWL GL SRWDWXUD H
GLUDFFROWD
,QWURGX]LRQH
LPSOHPHQWD]LRQH
GHOOH
DWWUH]]DWXUH PHFFDQLFKH
FKH
IDFLOLWDQR
OD
PRYLPHQWD]LRQH PDQXDOH
GHL FDULFKL R SHU OD
ULGX]LRQH
GHOOD
PRYLPHQWD]LRQH PDQXDOH
GHLFDULFKL
$FTXLVWR H DOOHVWLPHQWR
GL
UDVWUHOOLHUH
DXWRFDWWXUDQWL GRWDWH GL
EORFFDPXVR
D]LRQDELOH
GDOO¶HVWHUQR
FKH
FRQVHQWDQR OD OLEHUD]LRQH
GLXQDQLPDOHSHUYROWD
$FTXLVWR H DOOHVWLPHQWR
GL JDEELD GL FRQWHQLPHQWR
³WUDYDJOLR´
$FTXLVWR GL DUOD GL
PHGLFD]LRQHPRELOH
$FTXLVWR GL FHVWHOOR HOHYDWRUL SHU
O¶HVHFX]LRQHGLLQWHUYHQWLGLSRWDWXUDHGL
UDFFROWD
5LIHULPHQWRQRUPDWLYR
'/JVDSULOHQHVPLDUW
QDOOHJDWR9SDUWH,,SXQWR
1RUPHGLEXRQDWHFQLFD
,QWURGX]LRQHLPSOHPHQWD]LRQH
GHOOH
DWWUH]]DWXUH PHFFDQLFKH FKH IDFLOLWDQR OD
PRYLPHQWD]LRQH PDQXDOH GHL FDULFKL R
SHU OD ULGX]LRQH GHOOD PRYLPHQWD]LRQH
PDQXDOHGHLFDULFKL
5LIHULPHQWR QRUPDWLYR ' OJV DSULOH
Q H VPL 7LWROR 9, H $OOHJDWR
;;;,,,
1RUPHGLEXRQDWHFQLFD
$FTXLVWR H DOOHVWLPHQWR GL UDVWUHOOLHUH
DXWRFDWWXUDQWL GRWDWH GL EORFFDPXVR
D]LRQDELOH GDOO¶HVWHUQR FKH FRQVHQWD OD
OLEHUD]LRQHGLXQDQLPDOHSHUYROWD
5LIHULPHQWR /LQHH *XLGD ³6LVWHPL H
WHFQRORJLH GL VLFXUH]]D SHU OD
PRYLPHQWD]LRQH LO FRQWHQLPHQWR HG LO
WUDWWDPHQWRGHLERYLQL´,63(6/H&53$
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
$FTXLVWR H DOOHVWLPHQWR GL JDEELD GL
FRQWHQLPHQWR³WUDYDJOLR´
5LIHULPHQWR /LQHH *XLGD ³6LVWHPL H
WHFQRORJLH GL VLFXUH]]D SHU OD
PRYLPHQWD]LRQH LO FRQWHQLPHQWR HG LO
WUDWWDPHQWRGHLERYLQL´
,63(6/H&53$
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
$FTXLVWRGLDUODGLPHGLFD]LRQHPRELOH
5LIHULPHQWR ³3URILOL GL ULVFKLR QHL
FRPSDUWL SURGXWWLYL GHOO¶DUWLJLDQDWR GHOOH
'RFXPHQWD]LRQHSHULVWUXWWRULDH
DFFHUWDPHQWRILQDOH
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWD GL ILQDQ]LDPHQWR H VL LOOXVWUD OH
PRGDOLWj WHFQLFR RUJDQL]]DWLYH GL XWLOL]]R
GHJOL DWWUH]]L GD ILQDQ]LDUH H OH UHODWLYH
VSHFLILFKH WHFQLFKH GHOO¶DWWUH]]DWXUD H
FRQIRUPLWj
$FFHUWDPHQWRILQDOH
)DWWXUD GL DFTXLVWR H GRFXPHQWD]LRQH
SUHYLVWDGDOODQRUPDYLJHQWH
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWD GL ILQDQ]LDPHQWR H VL LOOXVWUD OH
PRGDOLWj WHFQLFR RUJDQL]]DWLYH GL XWLOL]]R
GHJOL DWWUH]]L GD ILQDQ]LDUH H OH UHODWLYH
VSHFLILFKH WHFQLFKH GHOO¶DWWUH]]DWXUD H
FRQIRUPLWj
$FFHUWDPHQWRILQDOH
)DWWXUD GL DFTXLVWR FHUWLILFDWR GL
RPRORJD]LRQHULODVFLDWRGD,VSHVOOLEUHWWR
G¶XVRHPDQXWHQ]LRQH
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWD GL ILQDQ]LDPHQWR H VL LOOXVWUD OH
PRGDOLWj WHFQLFR RUJDQL]]DWLYH GL XWLOL]]R
GHJOLDWWUH]]LGDILQDQ]LDUH
$FFHUWDPHQWRILQDOH
0DUFDWXUD &( H OLEUHWWR GL XVR H
PDQXWHQ]LRQH
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD D ILUPD GHO WHFQLFR
DELOLWDWR SURYYLVWD GL HODERUDWL JUDILFL GL
SURJHWWRHFDOFRORGHOODSRUWDWD
$FFHUWDPHQWRILQDOH
$WWHVWD]LRQH GL FRQIRUPLWj GHOOH RSHUH
UHDOL]]DWHDOSURJHWWR
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWD GL ILQDQ]LDPHQWR H VL LOOXVWUD OH
PRGDOLWj WHFQLFR RUJDQL]]DWLYH GL XWLOL]]R
$OOHJDWR$±3DJGL
$FTXLVWR GL DUOD GL
PHGLFD]LRQHILVVD
'RWD]LRQH PLJOLRUDWLYD
VXSSOHPHQWDUH VX QXRYD
WUDWWULFH
'RWD]LRQH PLJOLRUDWLYD
VXSSOHPHQWDUH VX QXRYR
PH]]R SHU OD GLVWULEX]LRQH
GL SURGRWWL ILWRVDQLWDUL LQ
VROX]LRQHDFTXRVD
'RWD]LRQHPLJOLRUDWLYD
VXSSOHPHQWDUH
SHU
DWWUH]]DWXUHGLODYRUR
%$1'20,685$ ±)$6(
SLFFROH H PHGLH LQGXVWUL H SXEEOLFL
HVHUFL]L DOOHYDPHQWR GL ERYLQL H
VXLQL´,63(6/H$6OGL0DQWRYD³
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
$FTXLVWRGLDUODGLPHGLFD]LRQHILVVD
5LIHULPHQWR ³3URILOL GL ULVFKLR QHL
FRPSDUWL SURGXWWLYL GHOO¶DUWLJLDQDWR GHOOH
SLFFROH H PHGLH LQGXVWUL H SXEEOLFL
HVHUFL]L DOOHYDPHQWR GL ERYLQL H
VXLQL´,63(6/H$6OGL0DQWRYD³
KWWSZZZLVSHVOLWLVSHVOVLWRGWVOLQHHBJ
XLGDDOOHYDPHQWLERYLQLSGI
'RWD]LRQH PLJOLRUDWLYD VXSSOHPHQWDUH VX
QXRYDWUDWWULFH
6SHFLILFKH*OLHOHPHQWLLQGLFDWLGLVHJXLWR
VLLQWHQGRQRFRPHGRWD]LRQHPLJOLRUDWLYD
VXSSOHPHQWDUH H GHYRQR HVVHUH WXWWL
SUHVHQWL
FDELQD LQVRQRUL]]DWD OHT G% H
FOLPDWL]]DWDFRQILOWURSHUSROYHULHVHGLOH
DQWLYLEUDQWHPV
2OWUH D TXHOOL GL FXL VRSUD FKH GHYRQR
HVVHUH SUHVHQWL VRQR ILQDQ]LDELOL DQFKH
XQRRSLGHOOHVHJXHQWLGRWD]LRQL
VLVWHPD GL DWWDFFKL D WUH SXQWH GL WLSR
UDSLGR
VLVWHPL WHFQRORJLFL GL PRQLWRUDJJLR
GHOO¶DWWUH]]DWXUDGLODYRUR
VLVWHPD VDWHOOLWDUH GL ORFDOL]]D]LRQH DL
ILQL GHOOD ULOHYD]LRQH SHU DJHYRODUH OH
VLWXD]LRQL GL HPHUJHQ]D R SURQWR
VRFFRUVR
'RWD]LRQHPLJOLRUDWLYD
VXSSOHPHQWDUHVXXQQXRYRPH]]RSHUOD
GLVWULEX]LRQH GL SURGRWWL ILWRVDQLWDUL LQ
VROX]LRQHDFTXRVD
6L FRQVLGHUD GRWD]LRQH PLJOLRUDWLYD
VXSSOHPHQWDUH OD SUHVHQ]D GL WXWWL L
VHJXHQWLHOHPHQWL
SUHPLVFHODWRUH
GLVSRVLWLYR GL ODYDJJLR DXWRPDWLFR GHOOH
FRQIH]LRQLYXRWH
VLVWHPD
DXWRPDWLFR
SHU
OD
GHFRQWDPLQD]LRQHGHOO¶LPSLDQWR
VLVWHPDGLRULHQWDPHQWRGHOJHWWR
'RWD]LRQHPLJOLRUDWLYDVXSSOHPHQWDUHSHU
DWWUH]]DWXUHGLODYRUR
3HUGRWD]LRQHPLJOLRUDWLYDVXSSOHPHQWDUH
VL LQWHQGH O¶DFTXLVWR GL GLVSRVLWLYR GL
DYYLDPHQWR HOHWWURQLFR DQ]LFKp GL TXHOOR
PHFFDQLFRQHOOHDWWUH]]DWXUHGLODYRUR
GHJOLDWWUH]]LGDILQDQ]LDUH
$FFHUWDPHQWRILQDOH
)DWWXUD GL DFTXLVWR H GRFXPHQWD]LRQH
WHFQLFD
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWD GL ILQDQ]LDPHQWR H VL LOOXVWUD OH
PRGDOLWj WHFQLFR RUJDQL]]DWLYH GL XWLOL]]R
GHJOLDWWUH]]LGDILQDQ]LDUH
$FFHUWDPHQWRILQDOH
)DWWXUD GL DFTXLVWR H GRFXPHQWD]LRQH
WHFQLFD
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWD GL ILQDQ]LDPHQWR H LQ FXL VL
PRWLYDODFRPELQD]LRQHVFHOWD
$FFHUWDPHQWRILQDOH
)DWWXUDGLDFTXLVWRH
GRFXPHQWD]LRQHWHFQLFD
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWDGLILQDQ]LDPHQWR
$FFHUWDPHQWRILQDOH
)DWWXUD GL DFTXLVWR H GRFXPHQWD]LRQH
WHFQLFD
,VWUXWWRULD
5HOD]LRQH WHFQLFD LQ FXL VL JLXVWLILFD OD
ULFKLHVWD GL ILQDQ]LDPHQWR H VL LOOXVWUD OH
PRGDOLWj WHFQLFR RUJDQL]]DWLYH GL XWLOL]]R
GHJOLDWWUH]]LGDILQDQ]LDUH
$FFHUWDPHQWRILQDOH
)DWWXUD GL DFTXLVWR H GRFXPHQWD]LRQH
WHFQLFD
,QYHVWLPHQWLGLPLJOLRUDPHQWRDPELHQWDOH
,QTXHVWRSDUDJUDIRVLIDULIHULPHQWRDO³PLJOLRUDPHQWRDPELHQWDOH´GLFXLDOODWDEHOOD±SDUDJUDIR
,OULFKLHGHQWHGHYHGLPRVWUDUHFKLDUDPHQWHQHOODUHOD]LRQHWHFQLFDGDSUHVHQWDUHLQIDVHGLFRPSOHWDPHQWR
GHOOD GRPDQGD GL DLXWR GL FXL DO SDUDJUDIR FKH O¶LQYHVWLPHQWR ULVSRQGH DG DOPHQR XQR GHJOL DVSHWWL
9+
96
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
VSHFLILFL LQGLFDWL QHOOD WDEHOOD ± SDUDJUDIR H FKH SHUWDQWR FRQVHQWH LO UDJJLXQJLPHQWR GL XQD ILQDOLWj
JHQHUDOHHFRQVHJXHQWHPHQWHGHOUHQGLPHQWRJOREDOHGHOO¶D]LHQGD
*OL LQWHUYHQWL GL PLJOLRUDPHQWR DPELHQWDOH SRVVRQR DYHUH DG RJJHWWR LQYHVWLPHQWL SHU IDEEULFDWL DJULFROL
PDFFKLQDUL LPSLDQWL H DWWUH]]DWXUH DJULFROL PLJOLRUDPHQWR IRQGLDULR 7XWWL VRQR FRQVLGHUDWL SULRULWDUL DL ILQL
GHOO¶DSSOLFD]LRQHGHOODSULRULWj,DGHOSDUDJUDIR
D)DEEULFDWLDJULFROLHVHUUHILVVH
x D,QWHUYHQWLDYHQWLFRPHILQDOLWjVSHFLILFDLOULVSDUPLRHQHUJHWLFR
,QWHUYHQWLDYHQWLFRPHILQDOLWjVSHFLILFDLOULVSDUPLRHQHUJHWLFRPHGLDQWHFRLEHQWD]LRQHGLHGLILFLD]LHQGDOLH
VHUUHILVVH*OLLQWHUYHQWLVRQROLPLWDWLDOOHVWUXWWXUHD]LHQGDOL6RQRHVFOXVLJOLLQWHUYHQWLVXIDEEULFDWLDGXVR
DELWDWLYR
6RQR FRQVLGHUDWL LQWHUYHQWL GL FRLEHQWD]LRQH VXJOL HGLILFL D WLWROR HVHPSOLILFDWLYR PD QRQ HVDXVWLYR OD
UHDOL]]D]LRQH GHO FDSSRWWR WHUPLFR SDUHWL ODWHUDOL O¶DGHJXDPHQWR GHJOL LQILVVL OD UHDOL]]D]LRQH GHO WHWWR
YHQWLODWRFRSHUWXUHRGHOVRODLRDWHUUDLVRODPHQWRGHOOHIRQGD]LRQLGHOO¶HGLILFLRDWHUUD
x D&RVWUX]LRQHGLPDQXIDWWLSHUVWRFFDJJLRHWUDWWDPHQWRGHJOLHIIOXHQWLGLDOOHYDPHQWRDLVHQVL
GHO '35* SHU OH ]RQH YXOQHUDELOL GD QLWUDWL R GHO '35* VHWWHPEUH 5 SHU OH
]RQH QRQ YXOQHUDELOL GD QLWUDWL H GL DFTXH UHIOXH D]LHQGDOL FRPXQTXH GHVWLQDWH DOO
XWLOL]]D]LRQH
DJURQRPLFD
4XHVWL LQWHUYHQWL QRQ VRQR FRQVLGHUDWL ³LQYHVWLPHQWL FKH YDQQR DO GL Oj GHOOH SHUWLQHQWL QRUPH LQ YLJRUH´
SHUWDQWR O¶LQWHUR LQYHVWLPHQWR EHQHILFLD GHO WDVVR GL FRQWULEX]LRQH SUHYLVWR SHU JOL LQWHUYHQWL GL
³0LJOLRUDPHQWR DPELHQWDOH QHL VHWWRUL GHOOD WUDVIRUPD]LRQH H FRPPHUFLDOL]]D]LRQH´ GL FXL DOOD WDEHOOD GHO
SDUDJUDIR
x D$GHJXDPHQWRGLPDQXIDWWLSHUVWRFFDJJLRHWUDWWDPHQWRGHJOLHIIOXHQWLGLDOOHYDPHQWRDLVHQVL
GHO'35*SHUOH]RQHYXOQHUDELOLGDQLWUDWLRGHO'35*VHWWHPEUH5SHUOH
]RQH QRQ YXOQHUDELOL GD QLWUDWL H GL DFTXH UHIOXH D]LHQGDOL FRPXQTXH GHVWLQDWH DOO
XWLOL]]D]LRQH
DJURQRPLFD
4XHVWLLQWHUYHQWLVRQRFRQVLGHUDWL³LQYHVWLPHQWLFKHYDQQRDOGLOjGHOOHSHUWLQHQWLQRUPHLQYLJRUH´ILQRD
SHU JOL DGHJXDPHQWL HIIHWWXDWL QHOOH ]RQH QRQ YXOQHUDELOL GD QLWUDWL DL VHQVL GHO '35* VHWWHPEUH5VDOYRSURURJDGHLWHUPLQLSUHYLVWDGDVXFFHVVLYHPRGLILFKHGHO'35*5
PHVL GDOOD SHULPHWUD]LRQH SHU OH HYHQWXDOL QXRYH ]RQH YXOQHUDELOL LQGLYLGXDWH VXFFHVVLYDPHQWH
DOO¶HQWUDWD LQ YLJRUH GHO '35* VDOYR SURURJD GHL WHUPLQL SUHYLVWD GD VXFFHVVLYH PRGLILFKH GHO
'35*5
1HL GXH FDVL VRSUD VSHFLILFDWL JOL LQWHUYHQWL EHQHILFLDQR GHO WDVVR GL FRQWULEX]LRQH SHU LO ³0LJOLRUDPHQWR
DPELHQWDOH QHO VHWWRUH GHOOD SURGX]LRQH SULPDULD´ D FRQGL]LRQH FKH VLDQR ULVSHWWDWH OH FRQGL]LRQL GL FXL DO
VXFFHVVLYR SDUDJUDIR HG L ODYRUL VLDQR FRQFOXVL HQWUR L WHUPLQL SUHYLVWL GDOOD QRUPDWLYD SHU
O¶DGHJXDPHQWR6HODFRQFOXVLRQHGHLODYRULqVXFFHVVLYDDLVXGGHWWLWHUPLQLO¶LQWHUYHQWRVDUjDPPLVVLELOHD
ILQDQ]LDPHQWRDWDVVRGLFRQWULEX]LRQHSUHYLVWRSHUJOLLQYHVWLPHQWLGL³0LJOLRUDPHQWRDPELHQWDOHQHLVHWWRUL
GHOODWUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH´
6XFFHVVLYDPHQWHDOODVFDGHQ]DGHLWHUPLQLSHUO¶DGHJXDPHQWR LVXGGHWWLLQWHUYHQWLVRQRDPPHVVLDOWDVVRGL
FRQWULEX]LRQH SUHYLVWR SHU JOL LQYHVWLPHQWL GL ³0LJOLRUDPHQWR DPELHQWDOH QHL VHWWRUL GHOOD WUDVIRUPD]LRQH H
FRPPHUFLDOL]]D]LRQH´ ,OVXGGHWWRWDVVRGLFRQWULEX]LRQHVLDSSOLFDDQFKHDJOLLQWHUYHQWLUHDOL]]DWLQHOOH]RQH
YXOQHUDELOL JLj SHULPHWUDWHFRQO¶HQWUDWDLQYLJRUHGHOOH'35*5VDOYRSURURJDGHLWHUPLQLSUHYLVWD
GDVXFFHVVLYHPRGLILFKHGHO'35*5
E,QWHUYHQWLDYHQWLDGRJJHWWRPDFFKLQDULLPSLDQWLHDWWUH]]DWXUH
x ELQWHUYHQWLDYHQWLFRPHILQDOLWjVSHFLILFDO¶XWLOL]]RGLIRQWLHQHUJHWLFKHULQQRYDELOL
E UHDOL]]D]LRQH GL LPSLDQWL WHFQRORJLFL SURSRU]LRQDWL DOOD GLPHQVLRQH GHOOH DWWLYLWj SURGXWWLYH
D]LHQGDOL SHU OD SURGX]LRQH GL HQHUJLD GD ELRPDVVD SHU XVR SUHYDOHQWHPHQWH D]LHQGDOH 3HU OD
GHILQL]LRQHGLELRPDVVHVLIDULIHULPHQWRDO'OJVQ³1RUPHLQPDWHULDDPELHQWDOH´
DOOHJDWR;DOODSDUWH9SDUWH,,VH]OHWWGDDDGHFRPSUHVH
E UHDOL]]D]LRQH GL LPSLDQWL WHFQRORJLFL SURSRU]LRQDWL DOOD GLPHQVLRQH GHOOH DWWLYLWj SURGXWWLYH
D]LHQGDOLSHUSURGX]LRQHGLELRJDVGDHIIOXHQWLGLDOOHYDPHQWRSHUXVRSUHYDOHQWHPHQWHD]LHQGDOH
E UHDOL]]D]LRQH GL LPSLDQWL WHFQRORJLFL SURSRU]LRQDWL DOOD GLPHQVLRQH GHOOH DWWLYLWj SURGXWWLYH
D]LHQGDOLSHUO¶XWLOL]]D]LRQHGLHQHUJLDVRODUHHGHROLFDSHUXVRSUHYDOHQWHPHQWHD]LHQGDOH
3HU JOL LQYHVWLPHQWL GL FXL DL SUHFHGHQWL SXQWL E E E VL SUHFLVD FKH SHU XVR SUHYDOHQWHPHQWH
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
D]LHQGDOHVLLQWHQGHXQXWLOL]]RGLPHQVLRQDWRVXOOHQHFHVVLWjHQHUJHWLFKHD]LHQGDOLLQWHVRFRPHIDEELVRJQR
PDVVLPR DQQXDOH D]LHQGDOH IDWWD VDOYD XQD WROOHUDQ]D WHFQLFD GHO ,O GLPHQVLRQDPHQWR GHYH HVVHUH
JLXVWLILFDWRFRQXQDVWLPDFRQWHQXWDQHOODUHOD]LRQHWHFQLFDFKHGLPRVWULOHQHFHVVLWjHQHUJHWLFKH,SURJHWWL
FKH SUHYHGRQR OD IRUQLWXUD GL HQHUJLD WHUPLFD GHYRQR HVVHUH GLPHQVLRQDWL LQ EDVH DO GOJV H
VXFFHVVLYHPRGLILFKHHGLQWHJUD]LRQLHFRQLOLPLWLGLFXLDOSDUDJUDIR
1HOODWLSRORJLDGLLQYHVWLPHQWLGLFXLDOSXQWREVRQRFRPSUHVHROWUHDOOHPDFFKLQHHDWWUH]]DWXUHDQFKHOH
RSHUHHOHWWURPHFFDQLFKHHHGLOLQHFHVVDULHDOODUHDOL]]D]LRQHGHJOLLPSLDQWL
x EPLJOLRUDPHQWRGHOO¶HIILFLHQ]DGHJOLLPSLDQWLGLULVFDOGDPHQWRUDIIUHGGDPHQWR
3HULQWHUYHQWLGLPLJOLRUDPHQWRGHOO¶HIILFLHQ]DGHJOLLPSLDQWLGLULVFDOGDPHQWRUDIIUHGGDPHQWRVLLQWHQGH
ELQVWDOOD]LRQHGLFDOGDLHDGDOWDHIILFLHQ]DFHUWLILFDWHLQFOXVHFDOGDLHDFRQGHQVD]LRQHLQTXHVWR
FDVROHVSHVHFRILQDQ]LDWHDWDVVRPDJJLRUDWRVRQRGDWHGDOODGLIIHUHQ]DIUDLOFRVWRGLXQLPSLDQWR
RUGLQDULRHGXQRDGDOWDHIILFLHQ]D
ELQVWDOOD]LRQHGLFHQWUDOLQDGLFRQWUROORSHUODULOHYD]LRQHGHOODWHPSHUDWXUD
ELQYHVWLPHQWLSHUORVIUXWWDPHQWRGHOO¶HQHUJLDJHRWHUPLFDJUDGLHQWHGLWHPSHUDWXUD
FPLJOLRUDPHQWRIRQGLDULR ,QWHUYHQWLILQDOL]]DWLDOULVSDUPLRLGULFR
,O VRVWHJQR q FRQFHVVR DJOL LQWHUYHQWL LUULJXL FKH QRQ FRQWULEXLVFRQR DOO¶DXPHQWR GHOOD VXSHUILFLH LUULJXD
D]LHQGDOHUHODWLYDPHQWHDOODPHGLDGHLGXHDQQLSUHFHGHQWLODGRPDQGD
x F5HDOL]]D]LRQHGLLPSLDQWLLUULJXL
,QWHUYHQWLSHUODUHDOL]]D]LRQHGLQXRYLLPSLDQWLLUULJXLDGDOWDHIILFLHQ]DFKHSHUPHWWDQRXQDULGX]LRQHGHO
SUHFHGHQWHFRQVXPRGLDFTXDSDULDOPHQRDOGLPRVWUDELOHDWWUDYHUVRODGRFXPHQWD]LRQHWHFQLFDGHJOL
LPSLDQWL
3HU TXHVWL LQWHUYHQWL q REEOLJDWRULR LQVWDOODUH PLVXUDWRUL GL SUHVVLRQH H FRQWDWRUL YROXPHWULFL DPPLVVLELOL D
ILQDQ]LDPHQWRQHFHVVDULDOODYHULILFDGHOULVSDUPLRLGULFRRSHUDWRHXWLOL]]DUHSHUXQSHULRGRFRUULVSRQGHQWH
DOPHQR DO SHULRGR GL YLQFROR FRVu FRPH GHILQLWR DO SDUDJUDIR GHOO¶LQYHVWLPHQWR XQ SURJUDPPD GL
FRQVXOHQ]DLUULJXDEDVDWRVXOELODQFLRLGULFRQHOODJHVWLRQHGHOO¶LPSLDQWR
,O ILQDQ]LDPHQWR q FRQFHVVR DOOH D]LHQGH FKH GLPRVWUDQR FRQ ULIHULPHQWR DOOD PHGLD GHOOD 6$8
GHOO¶RUGLQDPHQWRFROWXUDOHGHLGXHDQQLSUHFHGHQWLDOODULFH]LRQHGHOODGRPDQGDGLHVVHUH³LUULJXH´LQEDVH
D OD FODVVLILFD]LRQH FDWDVWDOH ULVXOWDQWH QHO VLVWHPD LQIRUPDWLYR $57($ HR DOO¶DQDOLVL GHOOH YLVXUH FDWDVWDOL
GHJOLXOWLPLDQQLHRDOODGRFXPHQWD]LRQHDWWHVWDQWHOHFROWLYD]LRQLXWLOL]]DWHQHOO¶DPELWRGHOO¶2&0GLVHWWRUH
x F5HDOL]]D]LRQHGLLPSLDQWLSHUODGLVWULEX]LRQHLUULJXDGHLUHIOXLLQVRVWLWX]LRQHGLXQSUHFHGHQWH
VLVWHPDLUULJXRDOLPHQWDWRGDIDOGD0LJOLRUDPHQWRDPELHQWDOHPHGLDQWHULVSDUPLRLGULFR
LPSLDQWLGLLUULJD]LRQHDJRFFLDSHUODGLVWULEX]LRQHGHLUHIOXL
DSSDUHFFKLDWXUHDFFHVVRULHGLILOWUD]LRQHHSRPSDJJLR
YDVFKHGLDFFXPXORSHUORVWRFFDJJLRGHOOHDFTXHUHIOXH
3HU OD UHDOL]]D]LRQH GL TXHVWL LQWHUYHQWL q REEOLJDWRULR LQVWDOODUH PLVXUDWRUL GL SUHVVLRQH H FRQWDWRUL
YROXPHWULFLFRPSUHVLQHOILQDQ]LDPHQWRQHFHVVDULDOODYHULILFDGHOULVSDUPLRLGULFRRWWHQXWRHXWLOL]]DUHSHU
XQSHULRGRFRUULVSRQGHQWHDOPHQRDOSHULRGRGLYLQFRORGLGHVWLQD]LRQHGHOO¶LQYHVWLPHQWRXQSURJUDPPDGL
FRQVXOHQ]DEDVDWRVXOELODQFLRLGULFRQHOODJHVWLRQHGHOO¶LPSLDQWR
3HU LQYHVWLPHQWL ILQDOL]]DWL DOOD YDORUL]]D]LRQH GHOOH DFTXH UHIOXH GHSXUDWH JOL LQWHUYHQWL GHYRQR HVVHUH
ORFDOL]]DWL QHOOH DUHH GRYH VRQR SUHVHQWL DFTXHGRWWL FRQVRUWLOL SHU OD GLVWULEX]LRQH LUULJXD GHL UHIOXL JOL
LQWHUYHQWLGHYRQRJDUDQWLUH
ƒ FKHJOLHOHPHQWLQXWULWLYLGLVWULEXLWLFRQOHDFTXHUHIOXHVLDQRLPSXWDWLDOO¶LQWHUQRGHOSLDQRGL
FRQFLPD]LRQHVHFRQGRTXDQWRVWDELOLWRGDO'0SHUUHQGHUHFRPSDWLELOHO¶XVRGHL
UHIOXL FRQ OD WXWHOD GHOOH FDUDWWHULVWLFKH LJLHQLFR VDQLWDULH GHOOH SURGX]LRQL H FRQ OD
VDOYDJXDUGLDGHOO¶DPELHQWH
ƒ LOULVSHWWRGHO'0
,O ILQDQ]LDPHQWR q FRQFHVVR DOOH D]LHQGH FKH GLPRVWUDQR FRQ ULIHULPHQWR DOOD PHGLD GHOOD 6$8
GHOO¶RUGLQDPHQWRFROWXUDOHGHLGXHDQQLSUHFHGHQWLDOODULFH]LRQHGHOODGRPDQGDGLHVVHUH³LUULJXH´LQEDVH
D OD FODVVLILFD]LRQH FDWDVWDOH ULVXOWDQWH QHO VLVWHPD LQIRUPDWLYR $57($ HR DOO¶DQDOLVL GHOOH YLVXUH FDWDVWDOL
GHJOLXOWLPLDQQLHRDOODGRFXPHQWD]LRQHDWWHVWDQWHOHFROWLYD]LRQLXWLOL]]DWHQHOO¶DPELWRGHOO¶2&0GLVHWWRUH
,QYHVWLPHQWLLPPDWHULDOL
*OL LQYHVWLPHQWL LPPDWHULDOL VRQR DPPLVVLELOL VROR VH FROOHJDWL DG LQYHVWLPHQWL PDWHULDOL DL VHQVL GDOO
DUWLFROR
SDUDJUDIR OHWWHUD F GHO UHJRODPHQWR &( H VH FRQQHVVL H IXQ]LRQDOL DOOD UHDOL]]D]LRQH
9:
9
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
GHJOLLQYHVWLPHQWLPDWHULDOLSUHYLVWLQHOSURJHWWR1HOFDVRGLSURJHWWLFKHSUHYHGRQRLQYHVWLPHQWLLPPDWHULDOL
OD TXRWD FRPSOHVVLYD GHOOH VSHVH LPPDWHULDOL FRPSUHQVLYD DQFKH GHOOH VSHVH JHQHUDOL QRQ SXz HVVHUH
VXSHULRUHDOGHOO¶LQWHURLQYHVWLPHQWRDPPLVVLELOH
6RQRILQDQ]LDELOLOHVSHVHSURSHGHXWLFKHDOO¶DFTXLVL]LRQHGLFHUWLILFD]LRQLDPELHQWDOL
7LSRORJLHGLVSHVDDPPLVVLELOL
1RUPDWLYDGLULIHULPHQWRHPRGDOLWjGLSDJDPHQWR
3HUOHQRUPHVXOO¶DPPLVVLELOLWjGHOOHVSHVHVLIDULIHULPHQWRDO365GHOOD7RVFDQDHDOSDUDJUDIRGHO'$5
³6SHVHDPPLVVLELOL´VDOYRTXDQWRSUHYLVWRQHLVXFFHVVLYLSDUDJUDILH
$OILQHGLUHQGHUHWUDVSDUHQWLHGRFXPHQWDELOLWXWWHOHRSHUD]LRQLILQDQ]LDULHFRQQHVVHDOODUHDOL]]D]LRQHGHJOL
LQWHUYHQWLFRILQDQ]LDWLLOEHQHILFLDULRSHUGLPRVWUDUHO
DYYHQXWRSDJDPHQWRGHOOHVSHVHLQHUHQWLXQSURJHWWR
DSSURYDWR GHYH ULVSHWWDUH TXDQWR SUHYLVWR GDO '$5 DO SDUDJUDIR *HVWLRQH GHL IOXVVL ILQDQ]LDUL H
PRGDOLWj GL SDJDPHQWR FKH HOHQFD TXHOOH FKH VRQR OH PRGDOLWj GL SDJDPHQWR GHL IRUQLWRUL DPPHVVH ,Q
QHVVXQFDVRVRQRDPPHVVHIRUPHGLSDJDPHQWRGLYHUVHGDTXHOOHLQGLFDWH
8OWHULRULVSHFLILFKHHOLPLWD]LRQLVXOOHVSHVHDPPLVVLELOLULVSHWWRDTXDQWRSUHYLVWR
QHO'$5
/HVSHVHJHQHUDOLTXDOLJOLRQRUDULGLSURIHVVLRQLVWLDELOLWDWLOHFRQVXOHQ]HJOLVWXGLGLIDWWLELOLWjO¶DFTXLVL]LRQH
GL GLULWWR GL EUHYHWWR H GL OLFHQ]H LQHUHQWL JOL LQYHVWLPHQWL SHU L TXDOL YLHQH ULFKLHVWR LO FRQWULEXWR VRQR
DPPHVVHQHOOLPLWHPDVVLPRGHOGHOO¶LPSRUWRFRPSOHVVLYRGHOO¶LQYHVWLPHQWRDFXLTXHVWHVLULIHULVFRQR
HVFOXGHQGRJOLDFTXLVWLGLPDFFKLQHRDWWUH]]DWXUH
1HOFDVRGLDFTXLVWRGLPDFFKLQHRDWWUH]]DWXUHDQFKHILQDOL]]DWHDOODVLFXUH]]DVXLOXRJKLGLODYRUROHVSHVH
JHQHUDOLSRVVRQRHVVHUHILQDQ]LDWHQHOODPLVXUDPDVVLPDGHOGHOO¶LPSRUWRFRPSOHVVLYRGHOO¶LQYHVWLPHQWRD
FXLTXHVWHVLULIHULVFRQR
&RHUHQWHPHQWHFRQTXDQWRSUHYLVWRQHO'$5DOSDUDJUDIROHRSHUD]LRQLGLFDUDWWHUHDJURQRPLFRH
IRUHVWDOH HVHJXLWH GLUHWWDPHQWH GDJOL LPSUHQGLWRUL DJULFROL H IRUHVWDOL H GDL ORUR IDPLOLDUL FRQIHULPHQWL LQ
QDWXUDSRVVRQRDYHUHDGRJJHWWRXQLFDPHQWHJOLLQYHVWLPHQWLGLFXLDOSDUDJUDILOHWWDHOHWW E
SXQWL $L ILQL GHOO¶DPPLVVLELOLWj GHOOH VXGGHWWH RSHUD]LRQL GHYRQR HVVHUH VRGGLVIDWWH OH FRQGL]LRQL
SUHYLVWH QHO '$5 DO SDUDJUDIR ³IRUQLWXUD GL EHQL H GL VHUYL]L VHQ]D SDJDPHQWR LQ GHQDUR´ FRQ
SDUWLFRODULULIHULPHQWRDOOHSUHVWD]LRQL YRORQWDULHQRQUHWULEXLWHHDOO¶XWLOL]]RGLPH]]LWHFQLFLLQD]LHQGD
,VXGGHWWL FRQIHULPHQWLLQQDWXUDVRQRDPPLVVLELOLVRORVHVYROWLGLUHWWDPHQWHGDOO¶LPSUHQGLWRUHHRGDLVXRL
IDPLOLDULLQWHQGHQGRSHUIDPLOLDULOHSHUVRQHFKHVLDQRLVFULWWHDOO¶,136FRPHFRDGLXYDQWLGHOO¶LPSUHVD
1HOFDVRGLLPSUHVDFRQGRWWDFRQVDODULDWLQRQVRQRDPPHVVHOHVSHVHUHODWLYHDOSHUVRQDOHGLSHQGHQWHPD
VLDPPHWWRQROHVSHVHVRVWHQXWHSHUO¶DFTXLVWRGHOOHPDWHULHSULPHQHFHVVDULHDOO¶HVHFX]LRQHGHOOHRSHUH
/DYDOXWD]LRQH GHOOD FRQJUXLWj H UDJLRQHYROH]]D GHOOH VSHVH DPPLVVLELOL ULIHULWD DL ³VLVWHPL GL FRPSXWD]LRQH
HVWLPDWLYDULFRQRVFLXWLSUH]]DULEROOHWWLQLSUH]]LHFFGLFXLDOSDUDJUDIR³,PSXWDELOLWjSHUWLQHQ]D
HFRQJUXLWj´GHO'$5DYYLHQHFRQXQRGHLVHJXHQWLVLVWHPL
DFRPSDUD]LRQHGHLSUHYHQWLYLGLVSHVDQHOFDVRGLDFTXLVWL,QFDVRFKHVLDQRULFKLHVWLWUHSUHYHQWLYL
GHYRQR HVVHUH SURGRWWL GD WUH GLWWH GLYHUVH HG LQ FRQFRUUHQ]D IUD ORUR LQGLSHQGHQWHPHQWH VH VL
ULIHULVFRQRDOORVWHVVRPRGHOORRDPRGHOOLGLYHUVLIUDORUR
E SHU OH YRFL GL VSHVD GL FDUDWWHUH DJURQRPLFR FRPSDUD]LRQH GHL SUH]]L FRQ TXHOOL FRQWHQXWL QHO
SUH]]DULR UHJLRQDOH GL FXL DOOD 'HOLEHUD]LRQH GHOOD *LXQWD 5HJLRQDOH GHO Qƒ ³35(==$5,25(*,21$/($1$/,7,&2(6,17(7,&23(523(5(',0,*/,25$0(172)21',$5,2
', &203(7(1=$ 35,9$7$ ,1 $*5,&2/785$ ( )25(67$=,21(´ H VXFFHVVLYH PRGLILFKH H
LQWHJUD]LRQLVHLQHVVRSUHVHQWL
FSHUOHYRFLGLVSHVDGLFDUDWWHUHIRUHVWDOHFRPSDUD]LRQHGHLSUH]]LFRQTXHOOLFRQWHQXWLQHOSUH]]DULR
DSSURYDWRGDOOD5HJLRQH7RVFDQDFRQ'HOLEHUD]LRQHQHVPL
GSHUOHYRFLGLVSHVDGLFDUDWWHUHHGLOHVWUXWWXUDOHFRPSDUD]LRQHGHLSUH]]LFRQTXHOOLFRQWHQXWLQHO
3UH]]DULR XIILFLDOH GL ULIHULPHQWR SHU OH RSHUH GL FRPSHWHQ]D GHOOH DPPLQLVWUD]LRQL GHOOR 6WDWR H
GHJOL (QWL SXEEOLFL QD]LRQDOL QHO WHUULWRULR UHJLRQDOH GHOOD 7RVFDQD H GHOO¶8PEULD SXEEOLFDWR GDO
0LQLVWHURGHOOHLQIUDVWUXWWXUH±3URYYHGLWRUDWR,QWHUUHJLRQDOHDOOH2SHUH3XEEOLFKHSHUOD7RVFDQDH
SHUO¶8PEULD
HQHOFDVRGLYRFLGLVSHVDQRQULVFRQWUDELOLQHLSUH]]LDULWUDPLWHSUHVHQWD]LRQHGLDSSRVLWD$QDOLVLGHL
3UH]]L GHELWDPHQWH GRFXPHQWDWD FKH VDUj FRPXQTXH VRJJHWWD D YHULILFD GL FRQJUXLWj GD SDUWH
GHOO¶(QWHFRPSHWHQWH/¶(QWHFRPSHWHQWHSXzULFKLHGHUHO¶DVVHYHUDPHQWRGHOO¶$QDOLVLGHL3UH]]LQHL
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
FDVLLQFXLORULWHQJDRSSRUWXQR
'HVFUL]LRQHGHOOHVSHVHQRQDPPLVVLELOL
1RQVRQRDPPLVVLELOLOHVHJXHQWLWLSRORJLHGLVSHVH
TXDOVLDVLLQWHUYHQWRGLULSDUD]LRQHHGLPDQXWHQ]LRQHRUGLQDULDGHJOLLPPRELOL
ODYRULRSHUHRGDFTXLVWLQRQGLUHWWDPHQWHFRQQHVVLDOODUHDOL]]D]LRQHGHOSURJHWWR
QHO FDVR GL DFTXLVWR GL WHUUHQL R GL IDEEULFDWL LO YDORUH GL PDFFKLQH DWWUH]]DWXUH H LPSLDQWL WHFQLFL
HYHQWXDOPHQWHJLjSUHVHQWLQHOOHRSHUHVWUXWWXUDOLDQQHVVH
QHOFDVRGLDFTXLVWRGLIDEEULFDWLIDWLVFHQWLLODYRULGLGHPROL]LRQHHWUDVSRUWRHFRQIHULPHQWRLQGLVFDULFD
GHLPDWHULDOL
RSHUHULIHULWHDG87(GLYHUVDGDTXHOODLQGLFDWDLQGRPDQGDDQFRUFKpUHODWLYDDOODVWHVVDLPSUHVD
TXDOVLDVLLQWHUYHQWRGLPDQXWHQ]LRQHRULSDUD]LRQHUHODWLYRDPDFFKLQDULDWWUH]]DWXUHHLPSLDQWLVWLFDJLj
HVLVWHQWL
DFTXLVWRGLPH]]LGLWUDVSRUWRDQFKHVHDGXVRSURPLVFXRVDOYRLFDVLLQGLFDWLDOSUHFHGHQWHSDUDJUDIR
DFTXLVWRGLDWWUH]]DWXUHHPDWHULDOLGLIDFLOHFRQVXPR
DFTXLVWRGLPRELOLDWWUH]]DWXUHHDUUHGDPHQWLGHJOLXIILFLDGHFFH]LRQHIDWWDGLTXDQWRVSHFLILFDWDPHQWH
LQGLFDWRWUDOHVSHVHDPPLVVLELOL
VSHVH H RQHUL DPPLQLVWUDWLYL SHU DXWRUL]]D]LRQL FRQFHVVLRQL FDQRQL GL DOODFFLDPHQWR H IRUQLWXUD GL
HQHUJLDHOHWWULFDJDVDFTXDWHOHIRQR
PDFFKLQDULHDWWUH]]DWXUHXVDWL
VSHVHUHODWLYHDGLQYHVWLPHQWLGLVHPSOLFHVRVWLWX]LRQHDLVHQVLGHO5HJ&(QDUWFRPPD
VSHVHUHODWLYHDGLQYHVWLPHQWLUHDOL]]DWLFRQRSHUD]LRQLGLORFD]LRQHILQDQ]LDULDOHDVLQJ
/RFDOL]]D]LRQHGHOO¶LQYHVWLPHQWR
/¶LQYHVWLPHQWRSHUHVVHUHDPPHVVRDEHQHILFLRGHYHULFDGHUHQHOWHUULWRULRUHJLRQDOH
,Q RJQL FDVR OD ORFDOL]]D]LRQH GHOO¶LQYHVWLPHQWR GHYH ULVSRQGHUH D TXDQWR GLVSRVWR GDO '$5 DL SDUDJUDIL
³/RFDOL]]D]LRQH GHJOL LQYHVWLPHQWL PDWHULDOL´ H ³/RFDOL]]D]LRQH GHJOL LQYHVWLPHQWL
LPPDWHULDOL´
,PSHJQLREEOLJKL HULGX]LRQL
,PSHJQLGHULYDQWLGDOODSUHVHQWD]LRQHGHOODGRPDQGDGLDLXWR
,O EHQHILFLDULR WUDPLWH OD VRWWRVFUL]LRQH GHOOD GRPDQGD GL DLXWR VL LPSHJQD QHO FDVR GL DPPLVVLRQH D
FRQWULEXWR D QRQ ULFKLHGHUHRWWHQHUH DOWUH DJHYROD]LRQL SXEEOLFKH HV GHWUD]LRQL ILVFDOL WDULIIH LQFHQWLYDQWL
HFFSHUJOLLQYHVWLPHQWLRJJHWWRGHOILQDQ]LDPHQWRILQRDOWHUPLQHGHOYLQFRORGLFXLDOSDUDJUDIRSXQWR
,O PDQFDWR ULVSHWWR GL TXHVWR REEOLJR FRPSRUWD OD QRQ DPPLVVLELOLWj GHJOL LQYHVWLPHQWL H
FRQVHJXHQWHPHQWH OD UHYRFD H OD UHVWLWX]LRQH GHO FRQWULEXWR SHU HVVL FRQFHVVR )DQQR HFFH]LRQH JOL
LQYHVWLPHQWL UHDOL]]DWL LQ 87( FKH ULFDGRQR QHOOH ]RQH FODVVLILFDWH ³$´ ³&HQWUL 8UEDQL´ DL VHQVL GHO 365
³SHUODSURGX]LRQHGLHQHUJLDGDLPSLDQWLIRWRYROWDLFLFKHEHQHILFLDQRSHUTXRWDSDUWHGLVRVWHJQL
SUHYLVWL GDOOD QRUPDWLYD QD]LRQDOH YLJHQWH´ WDULIID LQFHQWLYDQWH QHOO¶DPELWR GHO VHUYL]LR GL ³VFDPELR VXO
SRVWR´
,O EHQHILFLDULR FRQ OD VRWWRVFUL]LRQH GHOOD GRPDQGD GL DLXWR VL LPSHJQD DG DFFRQVHQWLUH O¶DFFHVVR LQ RJQL
PRPHQWRHVHQ]DUHVWUL]LRQLDGLPSLDQWLD]LHQGDOLVHGLDPPLQLVWUDWLYHHGDSSH]]DPHQWLQRQFKpDWXWWDOD
GRFXPHQWD]LRQHQHFHVVDULDDLILQLGHOO¶LVWUXWWRULD
,PSHJQL UHODWLYL DO SHULRGR LQWHUFRUUHQWH WUD OD SUHVHQWD]LRQH GHOOD GRPDQGD GL
DLXWRHLOSDJDPHQWR
$LILQLGLTXDQWRSUHYLVWRGDOSUHVHQWHEDQGRHWUDPLWHVRWWRVFUL]LRQHGHOODGRPDQGDSUHVHQWDWDFRQOD'8$
LOULFKLHGHQWHVLLPSHJQD
DSURGXUUHRLQWHJUDUHODGRFXPHQWD]LRQHULFKLHVWDQHOOHYDULHIDVLGHOSURFHGLPHQWR
DG DWWXDUH JOL LQWHUYHQWL SUHYLVWL QHOOD GRPDQGD H QHO SURJHWWR R QHOOD UHOD]LRQH DG HVVD DOOHJDWL H
DPPHVVLQHOO¶DWWRGLDVVHJQD]LRQHVDOYRHYHQWXDOLYDULDQWLDQFK¶HVVHDXWRUL]]DWH
DVRVWHQHUHGLUHWWDPHQWHO¶RQHUHGHOO¶LQYHVWLPHQWR
99
95
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
DSURGXUUHDSSRVLWDILGHLXVVLRQHDIDYRUHGL$57($QHOFDVRGLULFKLHVWDGLDQWLFLSRRLQFDVRGLULFKLHVWD
GLSDJDPHQWRSHU6WDWRGL$YDQ]DPHQWR/DYRUL6$/
D SURGXUUH QHO FDVR LQ FXL LO EHQHILFLDULR VLD XQ VRJJHWWR GL GLULWWR SXEEOLFR H LQ VRVWLWX]LRQH GHOOD
JDUDQ]LDILGHLXVVRULDGLFXLDOSXQWRSUHFHGHQWHXQSURSULRDWWRFRQODTXDOHVLLPSHJQDDOODUHVWLWX]LRQH
GLXQDVRPPD SDULDOGLTXHOODHURJDWDDWLWRORGLDQWLFLSRRGL6$/TXDORUDJOLLQWHUYHQWLSUHYLVWL
GDOSURJHWWRQRQYHQJDQRUHDOL]]DWLHJOLRELHWWLYLQRQUDJJLXQWL
TXDQGR SHUWLQHQWH DFTXLVLUHPDQWHQHUH OD SLHQD GLVSRQLELOLWj SHU WXWWD OD GXUDWD GHO YLQFROR GL FXL DO
SDUDJUDIR SXQWR H O¶DJLELOLWj GHL ORFDOL GHVWLQDWL DOO¶LQVWDOOD]LRQH GL PDFFKLQDUL DWWUH]]DWXUH R
LPSLDQWLVWLFD
TXDQGRSHUWLQHQWHSURGXUUHDOPRPHQWRGHOODGRPDQGDGLSDJDPHQWRDSSRVLWDILGHLXVVLRQHDIDYRUHGL
$57($QHOFDVRGLVRJJHWWLFKHDLVHQVLGHOO¶DUWGHOOD/5KDQQRRWWHQXWRLOULFRQRVFLPHQWR
GHOODTXDOLILFDGL,$3LQYLDSURYYLVRULD
DULVSHWWDUHWXWWHOHGLVSRVL]LRQLWHFQLFKHGLVSRVWHLQVHGHGLLVWUXWWRULDGLDPPLVVLELOLWj
DSRVVHGHUHO¶87(QHOODTXDOHVLLQWHQGRQRHIIHWWXDUHJOLLQYHVWLPHQWLHVFOXVLYDPHQWHLQEDVHDGXQRGHL
WLWROL GL SRVVHVVR HOHQFDWL DO SDUDJUDIR H QHO ULVSHWWR GL TXDQWR SUHYLVWR DO SDUDJUDIR OHWWHUD E
³/LPLWD]LRQLHGHVFOXVLRQLFRQQHVVHDOSRVVHVVRGHOO¶87(´
,OPDQFDWRULVSHWWRGHJOLLPSHJQLGLFXLDLSUHFHGHQWLSXQWL
SXQWL H FRPSRUWD OD GHFDGHQ]D GHOOD GRPDQGD GDOOD JUDGXDWRULD H VH DVVHJQDWR OD UHYRFD GHO
FRQWULEXWR
SXQWL H FRPSRUWD OD QRQ DPPLVVLELOLWj GHJOL LQYHVWLPHQWL GLIIRUPL GD TXDQWR DPPHVVR H VH
DVVHJQDWRODUHYRFDGHOFRQWULEXWRSHUHVVLFRQFHVVR
SXQWL QRQSHUPHWWHO¶HURJD]LRQHGHOO¶DQWLFLSRGHOORVWDWRGLDYDQ]DPHQWRRGHOVDOGR
SXQWR FRPSRUWDODQRQDPPLVVLELOLWjGHJOLLQYHVWLPHQWLFROOHJDWLHVHDVVHJQDWRODUHYRFDGHOFRQWULEXWR
SHUHVVLFRQFHVVR
,PSHJQLVXFFHVVLYLDOSDJDPHQWR
7UDPLWHODVRWWRVFUL]LRQHGHOODGRPDQGDGLDLXWRHGLSDJDPHQWRLOULFKLHGHQWHVLLPSHJQD
D ULVSHWWDUH WXWWH OH GLVSRVL]LRQL WHFQLFKH GLVSRVWH LQ VHGH GL LVWUXWWRULD GL DPPLVVLELOLWj GL
DFFHUWDPHQWRILQDOHHFRQWUROOR
GLGHWHQHUHLEHQLLPPRELOLRJJHWWRGHJOLLQWHUYHQWLRLEHQLLPPRELOLDGHVVLFROOHJDWLHVFOXVLYDPHQWH
LQ EDVH D XQR GHL WLWROL GL SRVVHVVR HOHQFDWL DO SDUDJUDIR ³6RJJHWWL DPPHVVL D SUHVHQWDUH
GRPDQGD´7DOLWLWROLDSDUWLUHGDOODGDWDGLULFH]LRQHGHOODGRPDQGDGLSDJDPHQWRGHYRQRDYHUHXQD
GXUDWD VXIILFLHQWH D FRSULUH O¶LQWHUR SHULRGR GL YLQFROR GL FXL DO SXQWR VXFFHVVLYR H QHO ULVSHWWR GL
TXDQWRSUHYLVWRDOSDUDJUDIROHWWHUDE³/LPLWD]LRQLHGHVFOXVLRQLFRQQHVVHDOSRVVHVVRGHOO¶87(
DULVSHWWDUHLOYLQFRORGLQRQDOLHQDELOLWjHGLGLYLHWRGLFDPELRGLGHVWLQD]LRQHGHOEHQHRSRU]LRQHGL
EHQHRJJHWWRGHOILQDQ]LDPHQWRSHUDOPHQRDQQLVXFFHVVLYLDSDUWLUHGDOODGDWDGLULFH]LRQHGHOOD
GRPDQGD GL SDJDPHQWR D WLWROR GL VDOGR SUHVHQWDWD GDO EHQHILFLDULR H YDOXWDWD ULFHYLELOH GDOO¶(QWH
FRPSHWHQWH VHFRQGR TXDQWR SUHYLVWR GDO '$5 H FRQ OH VSHFLILFKH LQ HVVR ULSRUWDWH SDUDJUDIR
³3HULRGRGLQRQDOLHQDELOLWjHYLQFROLGLGHVWLQD]LRQH´
DOODPDQXWHQ]LRQHGHLEHQLLPPRELOLRGHLPDFFKLQDULRGLTXDQWRDOWURILQDQ]LDWRSHUXQSHULRGRGL
DQQL D SDUWLUH GDOOD GDWD GL ULFH]LRQH GHOOD GRPDQGD GL SDJDPHQWR SUHVHQWDWD GDO
ULFKLHGHQWHEHQHILFLDULRHYDOXWDWDULFHYLELOHGDOO¶(QWHFRPSHWHQWHVHFRQGRTXDQWRSUHYLVWRGDO'$5
H FRQ OH VSHFLILFKH LQ HVVR ULSRUWDWH SDUDJUDIR ³3HULRGR GL QRQ DOLHQDELOLWj H YLQFROL GL
GHVWLQD]LRQH´
D ULVSHWWDUH SHU OH RSHUD]LRQL FKH FRPSRUWLQR LQYHVWLPHQWL GL FRVWR FRPSOHVVLYR VXSHULRUH D HXUR
TXDQWRSUHYLVWRDO SDUDJUDIRGHO'$5 LQPDWHULDGLLQIRUPD]LRQHHSXEEOLFLWj
D GDUH SUHYHQWLYD FRPXQLFD]LRQH DOO¶(QWH FKH KD HPHVVR LO SURYYHGLPHQWR GL FRQFHVVLRQH GHO
FRQWULEXWR TXDORUD SHU HVLJHQ]H LPSUHQGLWRULDOL XQ LPSLDQWR ILVVR R XQ PDFFKLQDULR RJJHWWR GL
ILQDQ]LDPHQWR QHFHVVLWL GL HVVHUH VSRVWDWR GDOO¶LQVHGLDPHQWR SURGXWWLYR RYH OR VWHVVR q VWDWR
LQVWDOODWR DG XQ DOWUR VLWR DSSDUWHQHQWH DOOR VWHVVR EHQHILFLDULR H VHPSUH ULFDGHQWH QHO WHUULWRULR GL
FRPSHWHQ]D GHOO¶(QWH FKH KD FRQFHVVR LO FRQWULEXWR UHODWLYR DOO¶DFTXLVWR GHO EHQH VWHVVR 1RQ q
FRQVHQWLWDODULFROORFD]LRQHGHLEHQLDOGLIXRULGHOWHUULWRULRGLFRPSHWHQ]DGHOO¶(QWHFKHKDFRQFHVVR
LOFRQWULEXWRSHQDODUHYRFDGHOFRQWULEXWRFRQFHVVRSHULEHQLULFROORFDWLHGLOFRQWHVWXDOHUHFXSHUR
GHOORVWHVVR
D FRPXQLFDUH WXWWH OH YDULD]LRQL FKH SRWUDQQR LQWHUYHQLUH QHO SHULRGR GL LPSHJQR H FKH QH
PRGLILFKLQR LQ PRGR VRVWDQ]LDOH JOL HOHPHQWL GL FXL DL SXQWL SUHFHGHQWL FRPSUHVH OH HYHQWXDOL
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
PRGLILFKHUHODWLYHDOOHVXSHUILFLFROOHJDWHDJOLLQYHVWLPHQWL
DQRQYHQGHUHO¶HQHUJLDSURGRWWDGDLPSLDQWLSHUODSURGX]LRQHGLHQHUJLDGDIRQWLULQQRYDELOLRJJHWWR
GHOILQDQ]LDPHQWRGDOODUHDOL]]D]LRQHGHOO¶LQYHVWLPHQWRILQRDOODFRQFOXVLRQHGHJOLLPSHJQLSUHYLVWLQHO
SUHVHQWH SDUDJUDIR DO SUHFHGHQWH SXQWR 1RQ q FRQVLGHUDWD YHQGLWD LO VHUYL]LR GL ³VFDPELR VXO
SRVWR´
,OPDQFDWRULVSHWWRGHJOLLPSHJQLGLFXLDLSUHFHGHQWLSXQWL
SXQWLFRPSRUWDODQRQDPPLVVLELOLWjGHJOLLQYHVWLPHQWLGLIIRUPLGDTXDQWRDPPHVVRHOD
UHYRFDHODUHVWLWX]LRQHGHOFRQWULEXWRSHUHVVLFRQFHVVR
SXQWR LQFDVRGLLQDGHPSLHQ]DHGLLQRVVHUYDQ]DGHOOHSUHVFUL]LRQLHGHLULFKLDPLGHOO¶XIILFLRSUHSRVWRDL
FRQWUROOL LO EHQHILFLDULR q SDVVLELOH GL UHYRFD GHOO¶DVVHJQD]LRQH GHL FRQWULEXWL FRQ UHFXSHUR GHL IRQGL JLj
SHUFHSLWL
5LGX]LRQLLQVHGHGLDFFHUWDPHQWRILQDOHGLFRQWUROOLLQORFRHGHLFRQWUROOLH[SRVW
x $5LGX]LRQHLQVHGHGLDFFHUWDPHQWRILQDOHGLFRQWUROOLLQORFRHGHLFRQWUROOLH[SRVW
6H O¶LPSRUWR GHO FRQWULEXWR ULFKLHVWR QHOOD GRPDQGD GL SDJDPHQWR VXSHUD GL ROWUH LO O¶LPSRUWR GHO
FRQWULEXWROLTXLGDELOHDVHJXLWRGHOO¶DFFHUWDPHQWRILQDOHDTXHVW¶XOWLPRLPSRUWRVLDSSOLFDXQDULGX]LRQHSDUL
DOODGLIIHUHQ]DWUDLGXHLPSRUWL
7XWWDYLD QRQ VL DSSOLFDQR ULGX]LRQL VH LO EHQHILFLDULR q LQ JUDGR GL GLPRVWUDUH FKH QRQ q UHVSRQVDELOH
GHOO¶LQFOXVLRQHGHJOLLPSRUWLULVXOWDWLQRQDPPLVVLELOLLQVHGHGLDFFHUWDPHQWRILQDOH
/H ULGX]LRQL VL DSSOLFDQR DQFKH LQ FDVR GL DFFHUWDPHQWR GL VSHVH QRQ DPPLVVLELOL LQGLYLGXDWH QHO FRUVR GHL
FRQWUROOL LQ ORFR H GHL FRQWUROOL H[ SRVW D QRUPD GHJOL DUWLFROL H GHO UHJ &( Q VHPSUH FRQ
ULIHULPHQWRDOODGRPDQGDGLSDJDPHQWRSUHVHQWDWDGDOEHQHILFLDULR
x %5LGX]LRQLHGHVFOXVLRQLLQDSSOLFD]LRQHGHOO¶DUWGHO'00DU]R
)DWWD VDOYD O¶DSSOLFD]LRQH GHOO¶DUW GHO 5HJ &H Q LQ FDVR GL PDQFDWR ULVSHWWR GHJOL LPSHJQL DL
TXDOL q VXERUGLQDWD OD FRQFHVVLRQH GHO FRQWULEXWR VL DSSOLFDQR OH ULGX]LRQL HG HVFOXVLRQL FKH VDUDQQR
GLVFLSOLQDWLGDVXFFHVVLYRDWWRGHOOD*5LQDWWXD]LRQHGHOO¶DUWGHO'0GHOPDU]R
0RQLWRUDJJLR
(¶ IDWWR REEOLJR D FLDVFXQ EHQHILFLDULR ILQDOH GL LQGLFDUH WXWWH OH LQIRUPD]LRQL XWLOL DO PRQLWRUDJJLR GHJOL
LQWHUYHQWL ILQDQ]LDWL VXOOD EDVH GHOOD PRGXOLVWLFD SUHGLVSRVWD GDOO¶2UJDQLVPR 3DJDWRUH UHJLRQDOH $57($ $O
EHQHILFLDULRILQDOHqDOWUHVuULFKLHVWDODGLVSRQLELOLWjDIRUQLUHXOWHULRULGDWLHLQIRUPD]LRQLTXDORUDO¶$XWRULWjGL
*HVWLRQH HR VXRL LQFDULFDWL QH ULOHYLQR OD QHFHVVLWj DO ILQH GL UHGLJHUH VXFFHVVLYL GRFXPHQWL ULJXDUGDQWL LO
PRQLWRUDJJLRHYDOXWD]LRQHGHJOLLQWHUYHQWLGHO3URJUDPPDGL6YLOXSSR5XUDOH±
7DVVLHLPSRUWLGHLFRQWULEXWL
7DVVLGLFRQWULEX]LRQH
,O VRVWHJQR q FRQFHVVR LQ IRUPD GL FRQWULEXWR D IRQGR SHUGXWR VXO FRVWR WRWDOH DPPLVVLELOH VHFRQGR OH
SHUFHQWXDOLGLFRQWULEX]LRQHGLFXLDOODWDEHOODVHJXHQWH
9&
5
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
$0%,7,',,17(59(172
7DVVLGLFRQWULEX]LRQH
FRQWULEX]LRQH
0LJOLRUDPHQWRHFRQRPLFRD]LHQGDOH
0LJOLRUDPHQWRGHOODTXDOLWjGHOOHSURGX]LRQL
,JLHQHHEHQHVVHUHGHJOLDQLPDOL
0LJOLRUDPHQWR DPELHQWDOH QHL VHWWRUL GHOOD
WUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH
6LFXUH]]D VXO ODYRUR QHL VHWWRUL GHOOD
WUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH
0LJOLRUDPHQWR DPELHQWDOH QHO VHWWRUH GHOOD
SURGX]LRQHSULPDULD
6LFXUH]]D VXO ODYRUR QHO VHWWRUH GHOOD
SURGX]LRQHSULPDULD
,QYHVWLPHQWLSHUODSURGX]LRQHGLHQHUJLHGD
LPSLDQWL IRWRYROWDLFL FKH EHQHILFLDQR SHU
TXRWD SDUWH GL VRVWHJQL SUHYLVWL GDOOD
QRUPDWLYD QD]LRQDOH YLJHQWH =RQH
FODVVLILFDWH³$´GDO365
$FTXLVWRGLWUDWWULFLSDUOHWD
GLGL
GL
GL
PDJJLRUD]LRQHSHU PDJJLRUD]LRQH SHUPDJJLRUD]LRQH SHU
JLRYDQLDJULFROWRUL ]RQHPRQWDQH
]RQHVYDQWDJJLDWH
$LVHQVLGHJOL2ULHQWDPHQWL&RPXQLWDULSHUJOLDLXWLGLVWDWRQHOVHWWRUHDJULFRORHIRUHVWDOHODSHUFHQWXDOH
PDJJLRUDWDVLDSSOLFDDJOLLQYHVWLPHQWLFRQQHVVLDOODSURGX]LRQHSULPDULDGHLSURGRWWLDJULFROLFKHULHQWUDQRQHOO¶DOOHJDWR,
GHO WUDWWDWR HVFOXGHQGR GD TXHVWL JOL LQYHVWLPHQWL UHDOL]]DWL QHOO¶D]LHQGD DJULFROD SHU OD WUDVIRUPD]LRQH H
FRPPHUFLDOL]]D]LRQH GHJOL VWHVVL SURGRWWL 1RQ ULHQWUDQR IUD OH DWWLYLWj GL ³WUDVIRUPD]LRQH GL XQ SURGRWWR DJULFROR´ OH
RSHUD]LRQLHVHJXLWHQHOO¶D]LHQGDDJULFRODQHFHVVDULHSHUSUHSDUDUHXQSURGRWWRDQLPDOHRYHJHWDOHSHUODSULPDYHQGLWD
1RQ ULHQWUDQR IUD OH DWWLYLWj GL ³FRPPHUFLDOL]]D]LRQH GL XQ SURGRWWR DJULFROR´ OD SULPD YHQGLWD GD SDUWH GHO SURGXWWRUH
SULPDULRDULYHQGLWRULRWUDVIRUPDWRULHGRJQLRSHUD]LRQHQHFHVVDULDSHUSUHSDUDUHLOSURGRWWRSHUTXHVWDSULPDYHQGLWD
/D YHQGLWD GD SDUWH GL XQ SURGXWWRUH SULPDULR DO FRQVXPDWRUH ILQDOH q GD FRQVLGHUDUVL XQD FRPPHUFLDOL]]D]LRQH VH
DYYLHQHLQORFDOLVHSDUDWLULVHUYDWLDTXHVWDDWWLYLWj
(¶LQROWUHSRVVLELOHULFRQRVFHUHDWLWRORGLDQWLFLSRXQDVRPPDQRQVXSHULRUHDOGHOFRQWULEXWRFRQFHVVR
HDWLWRORGLVWDWRGLDYDQ]DPHQWRODYRULXQDVRPPDQRQLQIHULRUHDOGHOFRQWULEXWRFRQFHVVRHILQRDG
XQPDVVLPRGHOGHOFRQWULEXWRFRQFHVVR
,O SDJDPHQWR D WLWROR GL DQWLFLSR q HOHYDELOH DO GHO FRQWULEXWR DVVHJQDWR SHU JOL DWWL GL DVVHJQD]LRQH
HPHVVL QHOO¶DQQR HG q VXERUGLQDWR DOOD SUHVHQWD]LRQH GL DSSRVLWD ILGHLXVVLRQH ,Q RJQL FDVR LO
SDJDPHQWRFRPSOHVVLYRDWLWRORGLDQWLFLSRHDWLWRORGLVWDWRGLDYDQ]DPHQWRQRQSXzVXSHUDUHLOGHO
FRQWULEXWRDVVHJQDWRSHUJOLDWWLGLDVVHJQD]LRQHHPHVVLQHOH
/DPDJJLRUD]LRQHGHOWDVVRGLFRQWULEX]LRQHSHUJLRYDQLDJULFROWRULVSHWWDVHLOULFKLHGHQWHDOPRPHQWRGHOOD
ULFH]LRQHGHOODGRPDQGDGLDLXWRVRGGLVIDXQRGHLFULWHULSUHYLVWLQHOODSULRULWj,,,7LSRORJLDGHOULFKLHGHQWH
±GLFXLDOVHJXHQWHSDUDJUDIR
x 0DJJLRUD]LRQHUHODWLYDDOOH]RQHPRQWDQHHDOOH]RQHVYDQWDJJLDWH
/D SHUFHQWXDOH GL PDJJLRUD]LRQH UHODWLYD DOOH ]RQH PRQWDQH H DOOH ]RQH VYDQWDJJLDWH YLHQH DSSOLFDWD VXOOD
EDVH GHOOH GHOLPLWD]LRQL HIIHWWXDWH LQ DSSOLFD]LRQH GHOOD GLUHWWLYD DUW FRPPD ]RQH PRQWDQH H
FRPPD H ]RQH VYDQWDJJLDWH H VXOOD EDVH GHOOD FODVVLILFD]LRQH GHOO¶$QDJUDIH UHJLRQDOH GHOOH D]LHQGH
DJULFROH SUHVVR $57($ 1HO FDVR GL 87( FRQ VXSHUILFL ULFDGHQWL DOO¶LQWHUQR GL GLYHUVH ]RQH PRQWDQH R
VYDQWDJJLDWH
x SHUJOLLQYHVWLPHQWLFROOHJDWLDOODVXSHUILFLHIDEEULFDWLPLJOLRUDPHQWLIRQGLDULHFFYLHQHULFRQRVFLXWD
OD SHUFHQWXDOH GL FRQWULEXWR PDJJLRUH VROWDQWR DJOL LQYHVWLPHQWL FKH ULFDGRQR LQ ]RQD PRQWDQD HR
VYDQWDJJLDWD OD SHUFHQWXDOH PLQRUH VL DSSOLFD DJOL LQYHVWLPHQWL FKH ULFDGRQR DO GL IXRUL GHOOH VXGGHWWH
DUHH
x SHU JOL LQYHVWLPHQWL QRQ GLUHWWDPHQWH FROOHJDWL DOOD VXSHUILFLH HV PDFFKLQD VHPRYHQWH YLHQH
ULFRQRVFLXWD OD SHUFHQWXDOH GL FRQWULEXWR PDJJLRUH VROR VH DOPHQR LO GHOOD VXSHUILFLH GHOO¶87( LQ
WHUPLQLGL6$8FROOHJDWDRFROOHJDELOHDOO¶LQYHVWLPHQWRULFDGHLQ]RQD0RQWDQDHR6YDQWDJJLDWD
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
x 7DVVL GL FRQWULEX]LRQH SHU LO ³0LJOLRUDPHQWR DPELHQWDOH QHO VHWWRUH GHOOD SURGX]LRQH SULPDULD´ H OD
³6LFXUH]]DVXOODYRUR QHOVHWWRUHGHOODSURGX]LRQHSULPDULD´
,OWDVVRGLFRQWULEX]LRQHSHUJOLLQWHUYHQWLGL³0LJOLRUDPHQWRDPELHQWDOHQHOVHWWRUHGHOODSURGX]LRQHSULPDULD´
H³6LFXUH]]DVXOODYRURQHOVHWWRUHGHOODSURGX]LRQHSULPDULD´LQWHQVLWjGHOO¶DLXWRqDXPHQWDWDDOR QHOOH ]RQH PRQWDQH H VYDQWDJJLDWH VL DSSOLFD XQLFDPHQWH SHU JOL LQYHVWLPHQWL FKH ULVSHWWDQR OH VHJXHQWL
FRQGL]LRQL
D VLDQR QHOVHWWRUHGHOODSURGX]LRQHSULPDULD
E YDGDQR DOGLOjGHOOHSHUWLQHQWLQRUPHLQYLJRUH
,OVXGGHWWRWDVVRVLDSSOLFDDLVHJXHQWLLQYHVWLPHQWLFKHULVSHWWDQROHFRQGL]LRQLGLFXLVRSUD
SHU OD VLFXUH]]D GL FXL DO SDUDJUDIR ³,QYHVWLPHQWL SHU OD VLFXUH]]D DYHQWL DG RJJHWWR IDEEULFDWL
DJULFROL´GLFXLDLSXQWL
SHU OD VLFXUH]]D GL FXL DO SDUDJUDIR ³,QYHVWLPHQWL SHU OD VLFXUH]]D DYHQWL DG RJJHWWR PDFFKLQDUL
LPSLDQWLHDWWUH]]DWXUH´GLFXLDLSXQWL
GL ³DGHJXDPHQWR GHL PDQXIDWWL SHU OR VWRFFDJJLR H WUDWWDPHQWR GHJOL HIIOXHQWL GL DOOHYDPHQWR H DFTXH
UHIOXH D]LHQGDOL´ GL FXL DO SDUDJUDIR SXQWR D D FRQGL]LRQH FKH JOL LQYHVWLPHQWL VLDQR D VHUYL]LR
HVFOXVLYDPHQWHGHOVHWWRUHGHOODSURGX]LRQHSULPDULDH VLDQRUHDOL]]DWLQHOULVSHWWRGLTXDQWRSUHYLVWRDO
VXGGHWWR SDUDJUDIRSXQWR D
GL³PLJOLRUDPHQWRGHOO¶HIILFLHQ]DGHJOLLPSLDQWLGLULVFDOGDPHQWRHUDIIUHGGDPHQWR´GLFXLDOSDUDJUDIR
SXQWRE
, VXGGHWWR WDVVR VL DSSOLFD SHU L VROL FRVWL DJJLXQWLYL QHFHVVDUL DOO¶DGHJXDPHQWR /D PDJJLRUD]LRQH QRQ VL
DSSOLFD DJOL LQYHVWLPHQWL FKH FRPSRUWDQR XQ DXPHQWR GHOOD FDSDFLWj SURGXWWLYD /¶DXPHQWR GHO WDVVR GL
FRQWULEX]LRQHqDWRWDOHFDULFRGHOOHULVRUVHUHJLRQDOL
x 7DVVL GL FRQWULEX]LRQH SHU LO ³0LJOLRUDPHQWR DPELHQWDOH QHL VHWWRUL GHOOD WUDVIRUPD]LRQH H
FRPPHUFLDOL]]D]LRQH´HOD³6LFXUH]]DVXOODYRURQHLVHWWRULGHOODWUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH´
,O WDVVR GL FRQWULEX]LRQH SHU LQYHVWLPHQWL GL ³0LJOLRUDPHQWR DPELHQWDOH QHL VHWWRUL GHOOD WUDVIRUPD]LRQH H
FRPPHUFLDOL]]D]LRQH´ VLDSSOLFDQHLVHJXHQWLFDVL
D LQYHVWLPHQWLSHULOPLJOLRUDPHQWRDPELHQWDOHQHLVHWWRULGHOODWUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH
E LQYHVWLPHQWL SHU LO ³PLJOLRUDPHQWR DPELHQWDOH´ D VHUYL]LR VLD GHO VHWWRUH GHOOD SURGX]LRQH SULPDULD
FKHGLTXHOORGHOODWUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH
F LQYHVWLPHQWL SHU LO PLJOLRUDPHQWR DPELHQWDOH GL FXL DO SDUDJUDIR ³,QWHUYHQWL GL PLJOLRUDPHQWR
DPELHQWDOH´GLFXLDLSXQWLDDEEHFFHWWREFF
G LQYHVWLPHQWL GL ³DGHJXDPHQWR GHL PDQXIDWWL SHU OR VWRFFDJJLR H WUDWWDPHQWR GHJOL HIIOXHQWL GL
DOOHYDPHQWRHDFTXHUHIOXHD]LHQGDOL´GLFXLDOSDUDJUDIRSXQWRD VH QRQVRQRVRGGLVIDWWHWXWWH
OH FRQGL]LRQL SUHYLVWH VRSUD LQ TXHVWR SDUDJUDIR DO SXQWR VX ³7DVVL GL FRQWULEX]LRQH SHU LO
³0LJOLRUDPHQWR DPELHQWDOH QHO VHWWRUH GHOOD SURGX]LRQH SULPDULD´ H OD ³6LFXUH]]D VXO ODYRUR QHO
VHWWRUHGHOODSURGX]LRQHSULPDULD´
H JOL LQYHVWLPHQWL SHU LO PLJOLRUDPHQWR DPELHQWDOH QHO VHWWRUH GHOOD SURGX]LRQH SULPDULD FKH QRQ
VRGGLVIDQROHFRQGL]LRQLSUHYLVWHVRSUDLQTXHVWRSDUDJUDIRDOSXQWRVX³7DVVLGLFRQWULEX]LRQHSHULO
³0LJOLRUDPHQWR DPELHQWDOH QHO VHWWRUH GHOOD SURGX]LRQH SULPDULD´ H OD ³6LFXUH]]D VXO ODYRUR QHO
VHWWRUHGHOODSURGX]LRQHSULPDULD´
,O WDVVR GL FRQWULEX]LRQH SHU LQYHVWLPHQWL GL ³6LFXUH]]D VXO ODYRUR QHL VHWWRUL GHOOD WUDVIRUPD]LRQH H
FRPPHUFLDOL]]D]LRQH´VLDSSOLFDQHLVHJXHQWLFDVL
D LQYHVWLPHQWLSHUODVLFXUH]]DVXOODYRURQHLVHWWRULGHOODWUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH
E LQYHVWLPHQWLSHUOD³VLFXUH]]DVXOODYRUR´DVHUYL]LRVLDGHOVHWWRUHGHOODSURGX]LRQHSULPDULDFKHGL
TXHOORGHOODWUDVIRUPD]LRQHHFRPPHUFLDOL]]D]LRQH
F LQYHVWLPHQWL SHU OD VLFXUH]]D GL FXL DO SDUDJUDIR ³,QYHVWLPHQWL SHU OD VLFXUH]]D DYHQWL DG
RJJHWWRIDEEULFDWLDJULFROL´GLFXLDLSXQWL
G LQYHVWLPHQWL SHU OD VLFXUH]]D GL FXL DO SDUDJUDIR ³,QYHVWLPHQWL SHU OD VLFXUH]]D DYHQWL DG
RJJHWWRPDFFKLQDULLPSLDQWLHDWWUH]]DWXUH´GLFXLDLSXQWL
H JOLLQYHVWLPHQWLSHUODVLFXUH]]DVXOODYRURQHOVHWWRUHGHOODSURGX]LRQHSULPDULDFKHQRQVRGGLVIDQR
OH FRQGL]LRQL SUHYLVWH DO SDUDJUDIR ³7DVVL GL FRQWULEX]LRQH SHU LO ³0LJOLRUDPHQWR DPELHQWDOH QHO
VHWWRUHGHOODSURGX]LRQHSULPDULD´HOD³6LFXUH]]DVXOODYRURQHOVHWWRUHGHOODSURGX]LRQHSULPDULD´
5
5
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
x 7DVVLGLFRQWULEX]LRQHSHULO³,QYHVWLPHQWLSHUODSURGX]LRQHGLHQHUJLHGDLPSLDQWLIRWRYROWDLFLFKH
EHQHILFLDQRSHUTXRWDSDUWHGLVRVWHJQLSUHYLVWLGDOODQRUPDWLYDQD]LRQDOHYLJHQWH´
4XHVWLLQYHVWLPHQWLSRVVRQREHQHILFLDUHGHOWDVVRGLFRQWULEX]LRQHPDVVLPRGHODFRQGL]LRQHFKHVLDQR
UHDOL]]DWL LQ 87( FKH ULFDGRQR QHOOH ]RQH FODVVLILFDWH ³$´ ³&HQWUL XUEDQL´ DL VHQVL GHO 365 H FKH
EHQHILFLQRDOWHPSRVWHVVRGHLVRVWHJQLWDULIIDLQFHQWLYDQWHSUHYLVWLGDOODQRUPDWLYDQD]LRQDOHQHOO¶DPELWR
GHOVHUYL]LRGL³VFDPELRVXOSRVWR´
,PSRUWLPLQLPLHPDVVLPLGHLFRQWULEXWL
1RQVRQRDPPHVVHGRPDQGHSHUXQLPSRUWRPLQLPRGHOFRQWULEXWRSXEEOLFRFRQFHGLELOHLQVHGHGLDWWRGL
DVVHJQD]LRQHLQIHULRUHD¼
/¶LPSRUWR PDVVLPR GHO FRQWULEXWR FRQFHGLELOH SHU LQYHVWLPHQWL UHODWLYL D 87( ULFDGHQWL QHO WHUULWRULR GHOOD
VWHVVD3URYLQFLD&RPXQLWj 0RQWDQDRG8QLRQHGL&RPXQLSHUFLDVFXQDIDVHGLSURJUDPPD]LRQH
HqGLIIHUHQ]LDWRDVHFRQGDGHOOLYHOORRFFXSD]LRQDOH
x DILQRDRFFXSDWLPLODHXUR
x EROWUHRFFXSDWLPLODHXUR
3HU RFFXSDWL VL LQWHQGRQR GLSHQGHQWL D WHPSR LQGHWHUPLQDWR FRDGLXYDQWL FROWLYDWRUH GLUHWWR ,$3 VRFL
ODYRUDWRUL UHJRODUPHQWH LVFULWWL DOO
,136 6RQR HVFOXVL L GLSHQGHQWL D WHPSR GHWHUPLQDWR H L VRFL QRQ
ODYRUDWRUL
/¶LPSRUWRPDVVLPRSHUEHQHILFLDULRqGL¼DOLYHOORUHJLRQDOHSHUFLDVFXQDIDVHGLSURJUDPPD]LRQH
4XHVW¶XOWLPRPDVVLPDOHqHOHYDWRD¼SHUOHD]LHQGHFRQSLGLRFFXSDWL
3ULRULWjSHUODVHOH]LRQHGHOOHGRPDQGH
9DOXWD]LRQHGHOOHSULRULWj
,FULWHULGLVHOH]LRQHVRWWRULSRUWDWLGDLPSLHJDUVLDLILQLGHOODGHILQL]LRQHGHOOHJUDGXDWRULHDLILQLGHOODORUR
DPPLVVLRQHDOVRVWHJQRVRQRYDOXWDWLVHFRQGRLVHJXHQWLSULQFLSL
D 6HQRQGLYHUVDPHQWHVSHFLILFDWRLQFDOFHDOODGHVFUL]LRQHGHLVLQJROLFULWHULLUHTXLVLWLFKHGDQQR
GLULWWRDOO¶DWWULEX]LRQHGHLSXQWHJJLGHYRQRHVVHUHSRVVHGXWLDOODGDWDGLULFH]LRQHGHOODGRPDQGD
GLDLXWRQHOVLVWHPD$57($
E 6H QRQ GLYHUVDPHQWH VSHFLILFDWR QHOOH VLQJROH SULRULWj OD YHULILFD GHL UHTXLVLWL FKH GDQQR GLULWWR
DOO¶DWWULEX]LRQH GHL SXQWHJJL GHYH HVVHUH HIIHWWXDWD GD SDUWH GHOO¶XIILFLR FRPSHWHQWH LQ EDVH DOOD
GRFXPHQWD]LRQHJLXVWLILFDWLYDSUHVHQWHQHOIDVFLFRORD]LHQGDOHGHOVRJJHWWRULFKLHGHQWHSUHVHQWH
VXO VLVWHPD $57($ HR LQ EDVH DG DOWUD LGRQHD GRFXPHQWD]LRQH ULFKLHVWD GDOO¶XIILFLR DO WLWRODUH
GHOODGRPDQGDLQIDVHGLFRPSOHWDPHQWRGHOODVWHVVD
F 6H QRQ GLYHUVDPHQWH VSHFLILFDWR WXWWL L UHTXLVLWL FKH GDQQR GLULWWR DOO¶DWWULEX]LRQH GHL SXQWHJJL
GHYRQR HVVHUH ULIHULWL DOO¶87( R DOO¶8QLWj 3URGXWWLYD 6SHFLILFD 87) 83, 873 876 HFF
LQWHUHVVDWDHRGLUHWWDPHQWHFROOHJDWDDJOLLQYHVWLPHQWLLQVHULWLLQGRPDQGD
1HO FDVR LQ FXL D VHJXLWR GHOOH YHULILFKH HIIHWWXDWH DO ILQH GL FRQIHUPDUH OD SRVL]LRQH LQ JUDGXDWRULD H GL
DPPHWWHUHDFRQWULEXWRXQDGRPDQGDGLDLXWRULVXOWLXQSXQWHJJLRFRPSOHVVLYRGLYHUVRGDTXHOORGLFKLDUDWR
QHOODGRPDQGDODVWHVVDSXzHVVHUHULPRVVDGDOODSRVL]LRQHDVVXQWDLQJUDGXDWRULDDVHJXLWRGHOFRQWHJJLR
DXWRPDWLFRGHLSXQWHJJLGLSULRULWj6HORVFRVWDPHQWRGHOSXQWHJJLRqLQIHULRUHRXJXDOHDOULVSHWWRD
TXDQWRGLFKLDUDWRODGRPDQGDqQXRYDPHQWHULFROORFDWDLQSRVL]LRQHGLYHUVDGHOODJUDGXDWRULDQHOFDVRLQ
FXL OR VFRVWDPHQWR GHO SXQWHJJLR VLD VXSHULRUH DO H DG DOPHQR SXQWL OD GRPDQGD GHFDGH H QRQ
IUXLVFH GHOOD SRVVLELOLWj GL UHFXSHUR SUHYLVWD DO SDUDJUDIR ³SURFHGXUH H WHPSL SHU OD VHOH]LRQH GHL
EHQHILFLDUL´GHO'$5
6XFFHVVLYDPHQWH DOO¶DVVHJQD]LRQH GHL FRQWULEXWL H DOOD ULFH]LRQH GHOOD GRPDQGD GL SDJDPHQWR TXDORUD OH
FRQGL]LRQL GLFKLDUDWH SHU O¶DPPLVVLRQH D ILQDQ]LDPHQWR QRQ FRUULVSRQGDQR D TXDQWR DFFHUWDWR OD GRPDQGD
YLHQHULSRVL]LRQDWDQHOODJUDGXDWRULDUHODWLYDDOO¶DQQRLQFXLqVWDWDDPPHVVDDILQDQ]LDPHQWR6HDVHJXLWRGL
WDOH ULSRVL]LRQDPHQWR OD GRPDQGD ULPDQH WUD TXHOOH ILQDQ]LDELOL VL SURFHGH DO SDJDPHQWR VH LQYHFH OD
GRPDQGDVLFROORFDDOGLIXRULGHOOHGRPDQGHDPPHVVHDILQDQ]LDPHQWRODVWHVVDYLHQHGLFKLDUDWDGHFDGXWD
FRQUHFXSHURGHOO¶DQWLFLSRHYHQWXDOPHQWHFRQFHVVR
1HO FDVR FKH OD GRWD]LRQH ILQDQ]LDULD GHOOD PLVXUD VLD VXIILFLHQWH D VRGGLVIDUH WXWWH OH GRPDQGH GL DLXWR
DPPLVVLELOLOHSULRULWjGLFKLDUDWHGDLULFKLHGHQWLQRQYHQJRQRYHULILFDWHLQTXDQWRQRQQHFHVVDULHDLILQLGHOOD
IRUPD]LRQHGHOO¶HOHQFRGHOOHGRPDQGHDPPHVVH
$OOHJDWR$±3DJGL
5+
%$1'20,685$ ±)$6(
3XQWHJJLDJJLXQWLYLQHL3/65
/HSULRULWjGLVHJXLWRULSRUWDWHSRVVRQRHVVHUHPRGLILFDWHFRQO
DJJLXQWDGLSXQWLXOWHULRULQHLSLDQLORFDOLGL
VYLOXSSR UXUDOH 3/65 UHGDWWL GDOOH 3URYLQFH HG DSSURYDWL GDOOD *LXQWD UHJLRQDOH *OL LQWHUHVVDWL VRQR
SHUWDQWR LQYLWDWL D YHULILFDUH L SXQWHJJL HIIHWWLYL GL SULRULWj VXL 3/65 SXEEOLFDWL VXO EROOHWWLQR XIILFLDOH GHOOD
5HJLRQH7RVFDQDRVXOODPRGXOLVWLFDUHODWLYDDOODSUHVHQWHPLVXUDSXEEOLFDWDVXOVLWRGL$57($
(OHQFRGHOOHSULRULWj
,4XDOLWjLQYHVWLPHQWL
D ,QFLGHQ]D SHUFHQWXDOH VXO WRWDOH GHJOL LQYHVWLPHQWL DPPLVVLELOL GHOOD VRPPD
GHOOHVHJXHQWLWLSRORJLHGLLQYHVWLPHQWL
ƒ LQWHVLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYHDOODVLFXUH]]DVXOSRVWRGLODYRURDO
GLOjGHOOHSHUWLQHQWLQRUPHLQYLJRUHSDUDJUDIRGHOEDQGR
ƒ ILQDOL]]DWLDOPLJOLRUDPHQWRDPELHQWDOHSDUDJUDIRGHOEDQGR
D!HSXQWL
D! HSXQWL D! SXQWL E ,QYHVWLPHQWL HVFOXVLYDPHQWH GHOO¶LQYHVWLPHQWR DPPLVVLELOH ILQDOL]]DWL
DOO¶DWWLYLWj GL WUDVIRUPD]LRQH HR FRPPHUFLDOL]]D]LRQH HR YHQGLWD GLUHWWD DO
FRQVXPDWRUHGHLSURGRWWLD]LHQGDOL
SXQWL
F,QFLGHQ]DSHUFHQWXDOHVXOWRWDOHGHJOLLQYHVWLPHQWLDPPLVVLELOLGHJOLLQYHVWLPHQWL
LQGLYLGXDWLFRPHSULRULWDULVLYHGDSDUDJUDIRQHLVHJXHQWLFRPSDUWLSURGXWWLYL
FFRPSDUWRODWWHERYLQR
FFRPSDUWRROLYLFRORHR]RRWHFQLFRFDUQLERYLQHHODWWHRYLQRHRFHUHDOLFROR
F SHU WXWWL JOL DOWUL FRPSDUWL SURGXWWLYL LQGLYLGXDWL FRPH SULRULWDUL DO SDUDJUDIR
GHOSUHVHQWHEDQGR
!GHO SXQWL !GHO SXQWL !GHO SXQWL
,SXQWHJJLGLFXLDOODOHWWHUDFQRQVRQRFXPXODELOL
$L ILQL GHO UDJJLXQJLPHQWR GHO SXQWHJJLR GL FXL DOOD OHWWHUD F VRQR VRPPDELOL DQFKH L YDORUL UHODWLYL DJOL HYHQWXDOL
LQYHVWLPHQWL QHO FRPSDUWR ERYLQR VH O¶LPSRUWR GL WDOL LQYHVWLPHQWL QRQ q WDOH GD FRQVHQWLUH LO UDJJLXQJLPHQWR GHO
SXQWHJJLRGHOODOHWWHUDF
$L ILQL GHO UDJJLXQJLPHQWR GHO SXQWHJJLR GL FXL DOOD OHWWHUD F VRQR VRPPDELOL DQFKH L YDORUL UHODWLYL DJOL HYHQWXDOL
LQYHVWLPHQWLQHOFRPSDUWRODWWHERYLQRRQHLFRPSDUWLROLYLFRORHR]RRWHFQLFRFDUQLERYLQHHODWWHRYLQRHRFHUHDOLFROR
VHO¶LPSRUWRGLWDOLLQYHVWLPHQWLQRQqWDOHGDFRQVHQWLUHLOUDJJLXQJLPHQWRGHOSXQWHJJLRGHOOHOHWWHUHFHF
,UHTXLVLWLGLFXLDOOHOHWWHUHSUHFHGHQWLGHYRQRHVVHUHSRVVHGXWLDOODGDWDGLULFH]LRQHGHOODGRPDQGDGLDLXWRQHOVLVWHPD
$57($ DOOD GDWD GL ULFH]LRQH GD SDUWH GHOO¶8IILFLR LVWUXWWRUH GHOOD GRFXPHQWD]LRQH QHOOD IDVH GL FRPSOHWDPHQWR H DOOD
GDWDGLULFH]LRQHGHOODGRPDQGDGLSDJDPHQWRGHOVDOGR
,,7HUULWRULR
D 87( ULFDGHQWH SUHYDOHQWHPHQWH VXSHUILFLH ! GHO QHOOH VHJXHQWL DUHH
VRPPDELOLWUDORUR
J
=RQH9XOQHUDELOLDL1LWUDWL
SXQWL J
=RQH DSSDUWHQHQWL DOOD 5HWH 1DWXUD 6LWL GL ,PSRUWDQ]D
&RPXQLWDULD=RQH3URWH]LRQH6SHFLDOH6LWLGL,PSRUWDQ]D5HJLRQDOH
J
=RQHLQGLYLGXDWHDLVHQVLGHOOD'LU&(&(GLUHWWLYD³DFTXH´
J $UHHSURWHWWHFODVVLILFDWHDLVHQVLGHOODQRUPDWLYDYLJHQWH
3HUODGHWHUPLQD]LRQHGHOODSUHYDOHQ]DVXSHUILFLH!GHODLILQLGHOO¶DWWULEX]LRQHGHLSXQWHJJLGLFXLDOODSUHFHGHQWH
OHWWHUDDFRQFRUURQRXQDRSL]RQHLQGLYLGXDWHDOO¶LQWHUQRGHOODSULRULWjSXUFKpOHVXSHUILFLVLDQRFRQWHJJLDWHXQDVROD
YROWD
E 87( ULFDGHQWH SUHYDOHQWHPHQWH VXSHUILFLH ! GHO LQ ]RQD & R ' R
PRQWDQDDLVHQVLGHOOD'LU&((
SXQWL 3HUODGHWHUPLQD]LRQHGHOODSUHYDOHQ]DVXSHUILFLH!GHODLILQLGHOO¶DWWULEX]LRQHGHLSXQWHJJLGLFXLDOODSUHFHGHQWH
OHWWHUDEFRQFRUURQRXQDRSL]RQHLQGLYLGXDWHDOO¶LQWHUQRGHOODSULRULWjSXUFKpOHVXSHUILFLVLDQRFRQWHJJLDWHXQDVROD
56
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
YROWD
,SXQWHJJLGLFXLDOOHOHWWHUHDHEQRQVRQRFXPXODELOL
F,QYHVWLPHQWLLQ87(ULFDGHQWLQHOOH]RQHSULRULWDULHVLYHGDSDUDJUDIRSHU
LVHJXHQWLFRPSDUWLRDJJUHJDWLGLFRPSDUWLSURGXWWLYL
FFRPSDUWRODWWHERYLQR
FFRPSDUWRROLYLFRORHR]RRWHFQLFRFDUQLERYLQHHODWWHRYLQRHRFHUHDOLFROR
FSHUWXWWLJOLDOWULFRPSDUWLSURGXWWLYLSHUFXLVRQRSUHYLVWHSULRULWjWHUULWRULDOLDO
SDUDJUDIRGHOSUHVHQWHEDQGR
SXQWL SXQWL SXQWL ,SXQWHJJLGLFXLDOODOHWWHUDFQRQVRQRFXPXODELOL
$OILQHGHOO¶DWWULEX]LRQHGHOSXQWHJJLRYHQJRQRHIIHWWXDWHOHVHJXHQWLRSHUD]LRQL
x
6L LQGLYLGXD OD ]RQD GL DSSDUWHQHQ]D GHOO¶87( 2JQL 87( SXz DSSDUWHQHUH HVFOXVLYDPHQWH DG XQD VROD GHOOH ]RQH
FODVVLILFDWHQHO365FRPH]RQD$%&&H'4XDORUDLWHUUHQLVLDQRGLVWULEXLWLVXSL]RQHVLDWWULEXLVFHO¶87(
DOOD]RQDSUHYDOHQWHVXSHUILFLH!GHOVXOWRWDOHGHOO¶87(
x
6LLQGLYLGXDQRLFRPSDUWLSULRULWDULSHUWDOH]RQDFRPHGDWDEHOODGHOSDUDJUDIRGHOSUHVHQWHEDQGR
x
6LVWDELOLVFHODULIHULELOLWjGHJOLLQYHVWLPHQWLSUHYLVWLLQGRPDQGDDGXQRGHJOLDJJUHJDWLGLFRPSDUWLSULRULWDULFR
FRFDWWUDYHUVRGXHPHWRGLDOWHUQDWLYL
YHULILFDQGRODSUHVHQ]DGLLQYHVWLPHQWLXQLYRFDPHQWHFRQQHVVLGHOO¶LQYHVWLPHQWRWRWDOHDPPLVVLELOHDGXQR
GHJOLDJJUHJDWLGLFRPSDUWLSULRULWDULFRFRF$LILQLGHOUDJJLXQJLPHQWRGHOSXQWHJJLRGLFXLDOODOHWWHUDF
VRQRVRPPDELOLDQFKHLYDORULUHODWLYLDJOLHYHQWXDOLLQYHVWLPHQWLQHOFRPSDUWRODWWHERYLQRVHDQFKHWDOHFRPSDUWRq
SULRULWDULR QHOOD ]RQD GL DSSDUWHQHQ]D GHOO¶87( H VH O¶LPSRUWR GHJOL LQYHVWLPHQWL QHO FRPSDUWR ODWWH ERYLQR QRQ
FRQVHQWHLOUDJJLXQJLPHQWRGHOSXQWHJJLRGLFXLDOODOHWWHUDF$LILQLGHOUDJJLXQJLPHQWRGHOSXQWHJJLRGLFXLDOOD
OHWWHUD F VRQR VRPPDELOL DQFKH L YDORUL UHODWLYL DJOL HYHQWXDOL LQYHVWLPHQWL QHO FRPSDUWR ODWWH ERYLQR HR QHL
FRPSDUWLROLYLFRORHR]RRWHFQLFRFDUQLERYLQHHODWWHRYLQRHRFHUHDOLFRORVHDQFKHWDOLFRPSDUWLVRQRSULRULWDUL
QHOOD]RQDGLDSSDUWHQHQ]DGHOO¶87(HVHO¶LPSRUWRGHJOLLQYHVWLPHQWLLQWDOLFRPSDUWLQRQFRQVHQWHLOUDJJLXQJLPHQWR
GHOSXQWHJJLRGLFXLDOODOHWWHUDFHF
QHO FDVR GL LQYHVWLPHQWL QRQ ULFRQGXFLELOL XQLYRFDPHQWH DG XQ GHWHUPLQDWR FRPSDUWR VL DQDOL]]D O¶RUGLQDPHQWR
SURGXWWLYRGHOO¶87(FXLVLULIHULVFRQRJOLLQYHVWLPHQWLSUHYLVWLLQGRPDQGDDWWUDYHUVRLUHGGLWLORUGLVWDQGDUGVHO¶87(
qSUHYDOHQWHPHQWHRULHQWDWD!GHO5/6WRWDOHDGXQRGHJOLDJJUHJDWLGLFRPSDUWLSULRULWDULSHULOWHUULWRULRGL
ULIHULPHQWRGLFXLDOOHOHWWHUHFRFRFYLHQHDWWULEXLWRLOFRUULVSRQGHQWHSXQWHJJLR$LILQLGHOUDJJLXQJLPHQWR
GHO SXQWHJJLR GL FXL DOOD OHWWHUD F q VRPPDELOH DQFKH LO YDORUH UHODWLYR DOO¶HYHQWXDOH UHGGLWR ORUGR VWDQGDUG GHO
FRPSDUWR ODWWH ERYLQR VH DQFKH WDOH FRPSDUWR q SULRULWDULR QHOOD ]RQD GL DSSDUWHQHQ]D GHOO¶87( $L ILQL GHO
UDJJLXQJLPHQWRGHOSXQWHJJLRGLFXLDOODOHWWHUDFVRQRVRPPDELOLDQFKHLOYDORUHUHODWLYRDOO¶HYHQWXDOHUHGGLWR
ORUGRVWDQGDUGGHOFRPSDUWRODWWHERYLQRHRGHOFRPSDUWRROLYLFRORHR]RRWHFQLFRFDUQLERYLQHHODWWHRYLQRHR
FHUHDOLFRORVHDQFKHWDOLFRPSDUWLVRQRSULRULWDULQHOOD]RQDGLDSSDUWHQHQ]DGHOO¶87(
1RQ VRQR DWWULEXLWL SXQWHJJL DOOH GRPDQGH UHODWLYH DG LQYHVWLPHQWL WRWDOPHQWH HG XQLYRFDPHQWH FROOHJDELOL DL
FRPSDUWLQRQSULRULWDULQHOOD]RQDGLDSSDUWHQHQ]DGHOO¶87(
, UHTXLVLWL GL FXL DOOH OHWWHUH D H E GHYRQR HVVHUH SRVVHGXWL DOOD GDWD GL ULFH]LRQH GHOOD GRPDQGD GL DLXWRQHOVLVWHPD
$57($ H SRVVHGXWL DOOD GDWD GL ULFH]LRQH GD SDUWH GHOO¶8IILFLR LVWUXWWRUH GHOOD GRFXPHQWD]LRQH QHOOD IDVH GL
FRPSOHWDPHQWR
,UHTXLVLWLGLFXLDOODOHWWHUDFGHYRQRHVVHUHSRVVHGXWLDOODGDWDGLULFH]LRQHGHOODGRPDQGDGL DLXWRQHOVLVWHPD$57($H
SRVVHGXWLDOODGDWDGLULFH]LRQHGDSDUWHGHOO¶8IILFLRLVWUXWWRUHGHOODGRFXPHQWD]LRQH QHOODIDVHGLFRPSOHWDPHQWRHDOOD
GDWDGLULFH]LRQHGHOODGRPDQGDGLSDJDPHQWRGHOVDOGR
,,,7LSRORJLDGHO5LFKLHGHQWH
DLOVRJJHWWRULFKLHGHQWHKDXQ¶HWjLQIHULRUHDDQQL
SXQWL 3HUO¶DWWULEX]LRQHGLTXHVWDSULRULWjVLDGRWWDQRLVHJXHQWLFULWHUL
ƒ
LPSUHVHLQGLYLGXDOLLOVRJJHWWRULFKLHGHQWHQRQKDDQFRUDFRPSLXWRDQQLGLHWj
ƒ
VRFLHWjVHPSOLFLDOPHQRODPHWjGHLVRFLQRQKDDQFRUDFRPSLXWRDQQLGLHWj
ƒ
VRFLHWjLQQRPHFROOHWWLYRRLQDFFRPDQGLWDVHPSOLFHDOPHQRODPHWjGHOO¶LQWHURFDSLWDOHqGHWHQXWRGDVRFL
SHUVRQHILVLFKHFKHQRQKDQQRDQFRUDFRPSLXWRDQQLGLHWjHDOPHQRODPHWjGHLVRFLDPPLQLVWUDWRULQRQ
KDQQRDQFRUDFRPSLXWRDQQLGLHWj
ƒ
FRRSHUDWLYHDOPHQRODPHWjGHLVRFLSHUVRQHILVLFKHHGHO&RQVLJOLRGL$PPLQLVWUD]LRQH&G$QRQKDDQFRUD
FRPSLXWRDQQLGLHWj
$OOHJDWR$±3DJGL
ƒ
5:
%$1'20,685$ ±)$6(
VRFLHWjGLFDSLWDOLDOPHQRODPHWjGHOO¶LQWHURFDSLWDOHqGHWHQXWRGDVRFLSHUVRQHILVLFKHFKHQRQKDQQR
DQFRUDFRPSLXWRDQQLHDOPHQRODPHWjGHO&G$qFRPSRVWRGDDPPLQLVWUDWRULFKHQRQKDQQRDQFRUD
FRPSLXWRDQQLGLHWj
ELPSUHVDFKHVLqFRVWLWXLWDQHLPHVLSUHFHGHQWLODULFH]LRQHGHOODGRPDQGD
FDOPHQRLOGHOWRWDOHGHJOLRFFXSDWLQHOO¶87(qGLJHQHUHIHPPLQLOH
SXQWL SXQWL 3HU RFFXSDWL VL LQWHQGRQR GLSHQGHQWL D WHPSR LQGHWHUPLQDWR FRDGLXYDQWL FROWLYDWRUL GLUHWWL ,$3 VRFL ODYRUDWRUL WXWWL
UHJRODUPHQWHLVFULWWLDOO¶,1366RQRHVFOXVLLGLSHQGHQWLDWHPSRGHWHUPLQDWRHLVRFLQRQODYRUDWRUL
GLOVRJJHWWRULFKLHGHQWHqGLJHQHUHIHPPLQLOH
SXQWL
3HUO¶DWWULEX]LRQHGLTXHVWDSULRULWjVLDGRWWDQRLVHJXHQWLFULWHUL
ƒ
LPSUHVHLQGLYLGXDOLLOVRJJHWWRULFKLHGHQWHqGLJHQHUHIHPPLQLOH
ƒ
VRFLHWjVHPSOLFLDOPHQRODPHWjGHLVRFLqGLJHQHUHIHPPLQLOH
ƒ
VRFLHWjLQQRPHFROOHWWLYRRLQDFFRPDQGLWDVHPSOLFHDOPHQRODPHWjGHOO¶LQWHURFDSLWDOHqGHWHQXWRGDVRFL
SHUVRQHILVLFKHGLJHQHUHIHPPLQLOHHDOPHQRODPHWjGHLVRFLDPPLQLVWUDWRULqGLJHQHUHIHPPLQLOH
ƒ
FRRSHUDWLYHDOPHQRODPHWjGHLVRFLSHUVRQHILVLFKHHGHO&RQVLJOLRGL$PPLQLVWUD]LRQH&G$qGLJHQHUH
IHPPLQLOH
ƒ
VRFLHWjGLFDSLWDOLDOPHQRODPHWjGHOO¶LQWHURFDSLWDOHqGHWHQXWRGDVRFLSHUVRQHILVLFKHGLJHQHUHIHPPLQLOH
HDOPHQRODPHWjGHO&G$qFRPSRVWRGDDPPLQLVWUDWRULqGLJHQHUHIHPPLQLOH
,SXQWHJJLGDOOHOHWWHUHDEFHGVRQRFXPXODELOLQHOOLPLWHPDVVLPRGLSXQWL ,9$VVHQ]DILQDQ]LDPHQWLSUHJUHVVL
,OVRJJHWWRULFKLHGHQWHQHLDQQLSUHFHGHQWLODGDWDGLULFH]LRQHGHOODGRPDQGDQRQq
VWDWR EHQHILFLDULR GHOOD PLVXUD GHO 365 H GHOOH PLVXUH H D GHO
SXQWL 365
3HUEHQHILFLDULRVLLQWHQGHLOVRJJHWWRFKHqGHVWLQDWDULRGLDWWLGLDVVHJQD]LRQHLQFRUVRGLYDOLGLWjRqVWDWRLQVHULWRLQ
HOHQFKLGLOLTXLGD]LRQHDSSURYDWL
9 &HUWLILFD]LRQL
DOHSURGX]LRQLGHOO¶87(RJJHWWRGHOODGRPDQGDVRQRFHUWLILFDWHLQWXWWRRLQSDUWH
FRPH
D'23HR'2&*
D'2&HR,*3
SXQWL SXQWL
,SXQWHJJLGHOODOHWWHUDDQRQVRQRFXPXODELOL
E OH SURGX]LRQL GHOO¶87( RJJHWWR GHOOD GRPDQGD VRQR FHUWLILFDWH ³$JULTXDOLWj´ 3URGX]LRQH,QWHJUDWDDLVHQVLGHOOD/UQ
SXQWL F ,O VRJJHWWR ULFKLHGHQWH q LVFULWWR FRPH RSHUDWRUH ELRORJLFR LVFULWWR R LVFULYLELOH
DOO¶HOHQFR UHJLRQDOH GHJOL RSHUDWRUL ELRORJLFL SHU O¶87( RJJHWWR GHOOD GRPDQGD GL
DLXWR
SXQWL G ,O VRJJHWWR ULFKLHGHQWH q LVFULWWR FRPH RSHUDWRUH ELRORJLFR LVFULWWR R LVFULYLELOH
DOO¶HOHQFRUHJLRQDOHGHJOLRSHUDWRULELRORJLFLFRQDOOHYDPHQWRQHOO¶83=RJJHWWRGHOOD
GRPDQGD GL DLXWR LQWHUDPHQWH FRQGRWWR FRQ PHWRGR ELRORJLFR H FRQ XQD
FRQVLVWHQ]D GL VWDOOD GL DOPHQR 8%$ R XQD FRQVLVWHQ]D GHOO¶DSLDULR GLDOPHQR
DOYHDUL
SXQWL
,SXQWHJJLGLFXLDOOHOHWWHUHFHGYHQJRQRULFRQRVFLXWLDQFKHDLVRJJHWWLFKHKDQQRLQYLDWRODSULPDQRWLILFDGLDWWLYLWj
DWWUDYHUVR OD '8$ DO VLVWHPD LQIRUPDWLFR GL $57($ H LQ WDO FDVR ID IHGH OD GDWD GL SURWRFROOD]LRQH LQIRUPDWLFD GHO
VLVWHPD$57($GHOODSULPDQRWLILFD
5
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
HLOVRJJHWWRULFKLHGHQWHqLQSRVVHVVRGLXQDRSLFHUWLILFD]LRQLLQVHULWHDOO¶LQWHUQR
GHOOH VHJXHQWL WLSRORJLH GL FHUWLILFD]LRQL ULIHULWH DOO¶87( RJJHWWR GHOOD GRPDQGD GL
DLXWR
x
(XUHSJDSEXRQHSUDWLFKHDJULFROHHDJULFROWXUDLQWHJUDWD
x
,)6 TXDOLWj LJLHQLFD H VDOXEULWj GHO SURGRWWR WUDVIRUPDWR VH GL RULJLQH
DJULFRODYHJHWDOHRDQLPDOH
x
%5& TXDOLWj LJLHQLFD H VDOXEULWj GHO SURGRWWR WUDVIRUPDWR VH GL RULJLQH
DJULFRODYHJHWDOHRDQLPDOH
x
81,,62(1ULVSHWWRUHTXLVLWLLJLHQLFRVDQLWDUL
x
81, (1 ,62 RSSXUH OH VRVWLWXLWH 81, H 81,
ULQWUDFFLDELOLWjGHOO¶DOLPHQWRHGHOODILOLHUDDOLPHQWDUH
x
,62 1RUPH ,62 /&$ FHUWLILFD]LRQH JHVWLRQH DPELHQWDOHGL
SURGRWWRFRPHYDOXWD]LRQHGHOO¶LPSDWWRGHOFLFORGLYLWDGHOSURGRWWR
x
&HUWLILFD]LRQH036*$3FHUWLILFD]LRQHSHULSURGRWWLRUWRIORULFROL
x
FHUWLILFD]LRQL6$RGLXQELODQFLRVRFLDOH
x
(FRODEHO
x (0$6DLVHQVLGHO5HJ&(Q
HQƒWLSRORJLDGLFHUWLILFD]LRQH
HQƒWLSRORJLHGLFHUWLILFD]LRQH
HQƒ! WLSRORJLHGLFHUWLILFD]LRQH
SXQWL
SXQWL
SXQWL
3HUWLSRORJLDGLFHUWLILFD]LRQHVLLQWHQGHRJQLSXQWRGHOO¶HOHQFR
,SXQWHJJLGDOODOHWWHUDDDOODOHWWHUDHVRQRFXPXODELOLQHOOLPLWHPDVVLPRGL 3817, 9,3DUWHFLSD]LRQHDILOLHUHSURGXWWLYH
D
LO VRJJHWWR ULFKLHGHQWH DGHULVFH D XQ FRQWUDWWR GL SURGX]LRQH DOOHYDPHQWR R
FRQIHULPHQWR FRQ GXUDWD GL DOPHQR DQQR FKH VLD YDOLGR DO PRPHQWR GDOOD
ULFH]LRQHGHOODGRPDQGDGLDLXWRRSSXUHFKHVLDUHODWLYRDOO¶HVHUFL]LRSUHFHGHQWH
ODGRPDQGDGLDLXWRDVHJXLWRGL
ƒ FRQWUDWWRTXDGURVRWWRVFULWWRDLVHQVLGHOO¶DUWHGHO'/JV
ƒ DFFRUGRGLILOLHUDDSSURYDWRFRQDWWRGHOOD*LXQWD5HJLRQDOH
HO¶LQYHVWLPHQWRRJJHWWRGHOODGRPDQGDqGLUHWWRSHUDOPHQRLOGHOODVSHVD
DPPLVVLELOH QHO FRPSDUWR LQWHUHVVDWR GDO FRQWUDWWR TXDGURDFFRUGR GL ILOLHUD LO
FRQWUDWWR TXDGURDFFRUGR GL ILOLHUD GHYH ULIHULUVL D SURGX]LRQL SUHVHQWL QHOO¶87(
RJJHWWRGHOODGRPDQGDGLDLXWR
SXQWL E LO VRJJHWWR ULFKLHGHQWH DGHULVFH DG XQD LQWHJUD]LRQH VWUXWWXUDWD WUD DOPHQR GXH
IDVLGHOODILOLHUDPHGLDQWHUDSSRUWLRIRUPHJLXULGLFDPHQWHVWDELOLHYLQFRODQWLSHU
OHSDUWLVRFLHWjFRQVRU]LH$7,FRQGXUDWDGLDOPHQRDQQLGDOODULFH]LRQHGHOOD
GRPDQGDGLDLXWRHO¶LQYHVWLPHQWRSHULOTXDOHFKLHGHLOFRQWULEXWRqGLUHWWRSHU
DOPHQR LO GHOOD VSHVD DPPLVVLELOH QHO FRPSDUWR LQHUHQWH OD ILOLHUD
LQWHUHVVDWD GDJOL DFFRUGL /¶LQWHJUD]LRQH VWUXWWXUDWD WUD DOPHQR GXH IDVL GHOOD
ILOLHUDGHYHULIHULUVLDOO¶87(RJJHWWRGHOODGRPDQGDGLDLXWR
SXQWL
,UHTXLVLWLGLFXLDOOHOHWWHUHSUHFHGHQWLGHYRQRHVVHUHSRVVHGXWLDOODGDWDGLULFH]LRQHGHOODGRPDQGDGLDLXWRQHOVLVWHPD
$57($DOODGDWDGLULFH]LRQHGDSDUWHGHOO¶8IILFLRLVWUXWWRUHGHOODGRFXPHQWD]LRQHQHOODIDVHGLFRPSOHWDPHQWRHDOOD
GDWDGLULFH]LRQHGHOODGRPDQGDGLSDJDPHQWRGHOVDOGR
9HULILFDGHOOR6WDWXWRRGHOFRQWUDWWRGLFRQVRU]LRRGHOFRQWUDWWRGL$7,VRFLHWjVRWWRVFULWWRIUDOHSDUWLGLGXUDWDPLQLPD
GLDQQLGDOODGDWDGLULFH]LRQHGHOODGRPDQGD
F
,OVRJJHWWRULFKLHGHQWHDGHULVFHGLUHWWDPHQWHFGVRFLRGLUHWWRRWUDPLWHVRFLHWj
FGVRFLRLQGLUHWWRDGXQDRUJDQL]]D]LRQHGLSURGXWWRULULFRQRVFLXWDDLVHQVLGHO
'/JVDUWFRGHOO¶2&0RUWRIUXWWDGLFXLDO5HJ&H
/¶LQYHVWLPHQWR RJJHWWR GHOOD GRPDQGD GHYH HVVHUH GLUHWWR SHU DOPHQR LO GHOODVSHVDDPPLVVLELOHQHOFRPSDUWRSURGXWWLYRGHOO¶RUJDQL]]D]LRQHGLSURGXWWRUL
ULFRQRVFLXWDDFXLO¶LPSUHVDDGHULVFH/¶DGHVLRQHVLDFRPHVRFLRGLUHWWRFKHFRPH
VRFLRLQGLUHWWRGHYHULIHULUVLDOO¶87(RJJHWWRGHOODGRPDQGDGLDLXWR
,SXQWHJJLGLFXLDOOHOHWWHUHDEHFQRQVRQRFXPXODELOL
SXQWL $OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
35(&('(1=(,1&$62',3$5,7¬',3817(**,2
,QFDVRGLSDULWjGLSXQWHJJLROHGRPDQGHVRQRRUGLQDWHQHOPRGRVHJXHQWH
PLQRULPSRUWRGLFRQWULEXWRFRQFHGLELOH
DSDULWjGLLPSRUWRGDWDHRUDGLULFH]LRQHGHOODGRPDQGDqDQWHSRVWDODGRPDQGDPHQRUHFHQWH
&RPSDUWLSURGXWWLYL=RQHSULRULWDUL
=RQHSULRULWDULHDLILQLGHOO¶DSSOLFD]LRQHGHOODSULRULWj,,FGHOSDUDJUDIR
6HWWRUHFRPSDUWR
x
%
&
&
'
;
;
;
;
;
;
;
;
;
;
;
;
;
3URGX]LRQLYHJHWDOL
&RPSDUWRYLWLYLQLFROR
&RPSDUWR2OLYLFROR
&RPSDUWR&HUHDOLFROR
&RPSDUWR)ORULFROR
&RPSDUWR YLYDLVWLFR
&RPSDUWR2UWRIUXWWLFROR
&RPSDUWR7DEDFFR
x
=RQH
$
;
;
;
3URGX]LRQL]RRWHFQLFKH
&RPSDUWR&DUQL%RYLQH
&RPSDUWRODWWHERYLQR
&RPSDUWRODWWHRYLQR
;
;
;
;
;
;
; SULRULWjQHOODVHOH]LRQHGHOOHGRPDQGH
7LSRORJLDGLLQYHVWLPHQWRFRPSDUWRSULRULWDULR
,QYHVWLPHQWLSULRULWDULDLILQLGHOO¶DSSOLFD]LRQHGHOODSULRULWj,FGHOSDUDJUDIR
x &RPSDUWRYLWLYLQLFROR
7LSRORJLHGLLQYHVWLPHQWRSULRULWDULH
$FTXLVWRPDFFKLQHVSHFLDOL]]DWHSHUO¶HVHFX]LRQHGHOOH
RSHUD]LRQLFROWXUDOLHGHOODUDFFROWDSHUULGXUUHLFRVWL
GL SURGX]LRQH H PLJOLRUDUH OD TXDOLWj GHO SURGRWWR
ILQDOH
5HDOL]]D]LRQHGLLPSLDQWLGLYLQLILFD]LRQHDGDOWROLYHOOR
WHFQRORJLFRSHUPLJOLRUDUHODTXDOLWjGHLSURGRWWLILQDOL
,QYHVWLPHQWL ILQDOL]]DWL DOOD ULGX]LRQH GHOO¶LPSDWWR
DPELHQWDOH GHOOH RSHUD]LRQL GL SURGX]LRQH H
WUDVIRUPD]LRQH
5HDOL]]D]LRQH
GL
FHQWUL
LQWHUD]LHQGDOL
GL
FRQIH]LRQDPHQWR H FRPPHUFLDOL]]D]LRQH SHU ULGXUUH L
FRVWLGLSURGX]LRQH
,QYHVWLPHQWL ILQDOL]]DWL D PLJOLRUDUH OH FRQGL]LRQL
UHODWLYHDOODVLFXUH]]DVXOSRVWRGLODYRUR
(OHQFR GHWWDJOLDWR GHJOL LQYHVWLPHQWL FKH GDQQR GLULWWR
DOO¶DSSOLFD]LRQH GHOOD SULRULWj ,F GHO SDUDJUDIR SHU
FRPSDUWR
$ 0DFFKLQH RSHUDWULFL R DWWUH]]DWXUH GD DSSOLFDUH DOOD
WUDWWULFH SHU O
HVHFX]LRQH GHOOH VHJXHQWL SUDWLFKH FROWXUDOL
SRWDWXUD VHFFD GHIRJOLD]LRQH SRWDWXUD H FLPDWXUD YHUGH
YHQGHPPLD
%0RWULFLSRUWDWWUH]]LPXOWLIXQ]LRQHVRORLQFDVRGL87(FRQ
VXSHUILFLHYLWDWDXJXDOHRVXSHULRUHDHWWDUL
& )RUELFL HOHWWULFKH R SQHXPDWLFKH SHU DJHYRODUH OD
SRWDWXUDPDQXDOH
$ $WWUH]]DWXUH LPSLHJDWH QHO SURFHVVR GL YLQLILFD]LRQH
GRWDWHGLVLVWHPLGLPRQLWRUDJJLRFRQWUROORHJHVWLRQHGHOOD
WHPSHUDWXUD
% 6LVWHPL PRQLWRUDJJLR H FRQWUROOR H JHVWLRQH GHOOD
WHPSHUDWXUD
&$SSOLFD]LRQHGLVRIWZDUHJHVWLRQDOLSHUODWUDFFLDELOLWjGHO
SURGRWWRHGLOFRQWUROORGHOOHIDVLRSHUDWLYH
7XWWLJOLLQYHVWLPHQWLULSRUWDWLQHOSDUDJUDIRDFRQGL]LRQH
FKHVLDQRDVHUYL]LRGLLPSLDQWLGLWUDVIRUPD]LRQH
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,Q FDVR GL FRVWLWX]LRQH GL $7, SHU OD UHDOL]]D]LRQH GHOOH
VWUXWWXUHGLFRQIH]LRQDPHQWRHFRPPHUFLDOL]]D]LRQH
,QYHVWLPHQWLGLFXLDOSDUDJUDIRGHOEDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
x &RPSDUWR2OLYLFROR
5HDOL]]D]LRQH GL QXRYL LPSLDQWL UD]LRQDOL SHU ULGXUUH L
FRVWLGLSURGX]LRQH
/D VLWXD]LRQH SULPD GHOO
LQYHVWLPHQWR GHYH HVVHUH
FDUDWWHUL]]DWD GD XQD LQVXIILFLHQWH GHQVLWj GL SLDQWH SHU
HWWDURPHQRGL/
LQYHVWLPHQWRGHYH
59
55
$OOHJDWR$±3DJGL
$FTXLVWR PDFFKLQH VSHFLDOL]]DWH SHU O¶HVHFX]LRQH GHOOH
RSHUD]LRQLGLSRWDWXUDHGLUDFFROWDSHUULGXUUHLFRVWLGL
SURGX]LRQHHDFFUHVFHUHODTXDOLWjGHOSURGRWWRILQDOH
5HDOL]]D]LRQHGLFHQWULLQWHUD]LHQGDOLGLFRQIH]LRQDPHQWR
HFRPPHUFLDOL]]D]LRQHSHUDXPHQWDUHLOYDORUHDJJLXQWR
GHOSURGRWWRILQDOH
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
DOODVLFXUH]]DVXOSRVWRGLODYRUR
%$1'20,685$ ±)$6(
JDUDQWLUHXQLQFUHPHQWRGHOQXPHURGLSLDQWHSHUHWWDUR
GL DOPHQR LO ULVSHWWR DOOD VLWXD]LRQH GL SDUWHQ]D H
JDUDQWLUH FRPXQTXH XQD GHQVLWj PLQLPD GL LPSLDQWR GL
DOPHQRSLDQWHSHU HWWDURDOODILQHGHJOL LQWHUYHQWL
/
LPSLDQWR GHYH HVVHUH UHDOL]]DWR FRQ YDULHWj GHO
JHUPRSODVPDDXWRFWRQRWRVFDQRLVFULWWHQHOUHSHUWRULRGL
FXL DOOD /5 FRQVXOWDELOH VXO VLWR LQWHUQHW
GHOO
$56,$ LPSLHJDQGR PDWHULDOH YLYDLVWLFR FRQIRUPH
DOOD QRUPDWLYD LQ PDWHULD GL FRPPHUFLDOL]]D]LRQH GHOOH
SLDQWH
0DFFKLQH DJHYRODWULFL FKH FRQVHQWDQR DOO
RSHUDWRUH GL
HIIHWWXDUHGDWHUUDOHRSHUD]LRQLGLSRWDWXUD
0DFFKLQH DJHYRODWULFL FKH FRQVHQWDQR DOO
RSHUDWRUH GL
HIIHWWXDUHGDWHUUDOHRSHUD]LRQLGLGLVWDFFRGHOOHROLYH
0DFFKLQH SHU LO GLVWDFFR GHOOH ROLYH PHGLDQWH YLEUD]LRQH
HRSHWWLQDWXUDGHOODSLDQWDGRWDWHRPHQRGLGLVSRVLWLYL
SHUO
LQWHUFHWWDPHQWRGHOSURGRWWRFDGXWR
0DFFKLQH DYHQWL GLVSRVLWLYL SHU LO VROR LQWHUFHWWDPHQWR
GHOOH ROLYH GLVWDFFDWH GD DOWUD PDFFKLQD RSHUDWULFH
VHSDUDWD
0DFFKLQH SHU O
DVSLUD]LRQH GHOOH ROLYH GDL GLVSRVLWLYL SHU
O
LQWHUFHWWDPHQWR OD SXOL]LD H O
LQYLR GHO SURGRWWR LQ
FRQWHQLWRUL
SHU
LO
WUDVSRUWR
(OHYDWRUL LGUDXOLFL D IRUFKH SRUWDWL SHU WUDWWRUL DJULFROL
IXQ]LRQDOLDOODPRYLPHQWD]LRQHGHLELQVLQFDPSR
,Q FDVR GL FRVWLWX]LRQH GL $7, SHU OD UHDOL]]D]LRQH GHOOH
VWUXWWXUHGLFRQIH]LRQDPHQWRHFRPPHUFLDOL]]D]LRQH
,QYHVWLPHQWLGLFXLDOSDUDJUDIRGHOEDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
x &RPSDUWRFHUHDOLFROR
DWWLYD]LRQH GL VLVWHPL GL WUDFFLDELOLWj GHL SURGRWWL SHU
PLJOLRUDUHODTXDOLWjHO¶LPPDJLQHGHOSURGRWWR
$FTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRSHUPLJOLRUDUHOD
TXDOLWjGHOSURGRWWR
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
DOODVLFXUH]]DVXOSRVWRGLODYRUR
'RWD]LRQL LQIRUPDWLFKH DWWUH]]DWXUH VSHFLILFKH VLWL ZHE
7XWWL JOL LQWHUYHQWL GHYRQR HVVHUH FKLDUDPHQWH HVSOLFLWDWL
QHOOD UHOD]LRQH WHFQLFD FKH GHYH WHQHUH FRQWR GL TXHVWD
VSHFLILFDILQDOLWj*OLLQWHUYHQWLGHYRQRPLUDUHDO
UDJJLXQJLPHQWR GL OLYHOOL GL JDUDQ]LDRUJDQL]]D]LRQH
VXSHULRULULVSHWWRDJOLREEOLJKLGLOHJJHDLVHQVLGHOO
DUW
GHO5HJ&(
$FTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRHGLSURGRWWRQHO
ULVSHWWRGLTXDQWRSUHYLVWRDOSDUDJUDIR
,QYHVWLPHQWLGLFXLDOSDUDJUDIRGHOEDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
x &RPSDUWRIORULFROR
,QWHUYHQWLGLPLJOLRUDPHQWRGHOO¶HIILFLHQ]DGHOOHVWUXWWXUH
SURGXWWLYH
6HUUH FRQ VWUXWWXUH LQ DFFLDLR LPSLDQWL DJJLXQWLYL SHU
VHUUH ILVVH QHEXOL]]D]LRQH YHQWLOD]LRQH IRU]DWD
FRQFLPD]LRQH FDUERQLFD FRQWUROOR GHO IRWRSHULRGLVPR
LOOXPLQD]LRQH
H
RPEUHJJLDPHQWR
GRWD]LRQL
LQIRUPDWLFKH SHU OD JHVWLRQH GHJOL LPSLDQWL LQYDVDWLFL H
WUDSLDQWDWULFL QDVWULWUDVSRUWDWRULHFDUUHOOLHOHYDWRUL
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
,QYHVWLPHQWLGLFXLDOSDUDJUDIRGHOEDQGR
DOODVLFXUH]]DVXOSRVWRGLODYRUR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,QYHVWLPHQWLILQDOL]]DWLDOODSURGX]LRQHXWLOL]]RGLHQHUJLD
,QYHVWLPHQWLGLFXLDOSDUDJUDIROHWWEHE
GDIRQWLULQQRYDELOLQHOODILOLHUD
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,QYHVWLPHQWLSHULPSLDQWLGLLUULJD]LRQHDEDVVRFRQVXPR
0LJOLRUDPHQWR GL LPSLDQWL GL LUULJD]LRQH JLj HVLVWHQWL FKH
FRQVHQWDQR XQ ULVSDUPLR GHOOD ULVRUVD LGULFD SDUL DG
DOPHQRLO
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,QYHVWLPHQWLSHUODULGX]LRQHLOUHFXSHURHLOUHLPSLHJR 5HDOL]]D]LRQHGLLPSLDQWLSHUODGLVWULEX]LRQHLUULJXDGHLUHIOXL
GLVFDUWLHUHIOXL
UHDOL]]D]LRQHGLLPSLDQWLSHUODGLVWULEX]LRQHLUULJXDGHLUHIOXLL
LQVRVWLWX]LRQHGLXQSUHFHGHQWHVLVWHPDLUULJXRDOLPHQWDWRGD
IDOGD PDFFKLQH HR DWWUH]]DWXUH SHU LO UHFXSHUR HR
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
UHLPSLHJRGHLPDWHULDOLGLODYRUD]LRQH
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,QYHVWLPHQWLSHULOUHFXSHURGHOOHDFTXHGLLUULJD]LRQHHR
6LVWHPLGLIOXVVRHULIOXVVRGHOOHDFTXHGLLUULJD]LRQHRGL
IHUWLUULJD]LRQH
IHUWLUULJD]LRQH
x &RPSDUWRYLYDLVWLFR
,QYHVWLPHQWL GL DGHJXDPHQWR GHL VLVWHPL SURGXWWLYL
HVLVWHQWLDQXRYHWHFQLFKHGLSURGX]LRQH
,QYHVWLPHQWL H FRVWL FRQQHVVL SHU DFTXLVLUH FHUWLILFD]LRQL
GLSURGRWWRHRGLSURFHVVR
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
DOODVLFXUH]]DVXOSRVWRGLODYRUR
,QYHVWLPHQWLILQDOL]]DWLDOODSURGX]LRQHXWLOL]]RGLHQHUJLD
GDIRQWLULQQRYDELOL
,QYHVWLPHQWLSHUODULGX]LRQHLOUHFXSHURHLOUHLPSLHJR
GLVFDUWLHUHIOXL
,QYHVWLPHQWLSHULOUHFXSHURGHOOHDFTXHGLLUULJD]LRQHHR
IHUWLUULJD]LRQH
5HDOL]]D]LRQHGHLSLD]]DOLSHUPHDELOLSHUOHFROWLYD]LRQL
LQ FRQWHQLWRUH LPSLDQWL GL IHUWLUULJD]LRQH ]ROODWULFH
PDFFKLQH SHU OD PRYLPHQWD]LRQH D]LHQGDOH GHOOH SLDQWH
FROWLYDWHLQSLHQRFDPSR
$FTXLVL]LRQH GHOOH VHJXHQWL FHUWLILFD]LRQL ,62 (PDV6$(XUHSJDS036$JULTXDOLWj'RS,JS
,QYHVWLPHQWLGLFXLDOSDUDJUDIR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,QYHVWLPHQWLGLFXLDOSDUDJUDIROHWWEHE
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
0LJOLRUDPHQWR GL LPSLDQWL GL LUULJD]LRQH JLj HVLVWHQWL FKH
FRQVHQWDQRXQULVSDUPLRGHOODULVRUVDLGULFDSDULDGDOPHQRLO
UHDOL]]D]LRQHGLLPSLDQWLSHUODGLVWULEX]LRQHLUULJXDGHL
UHIOXLUHDOL]]D]LRQHGLLPSLDQWLSHUODGLVWULEX]LRQHLUULJXDGHL
UHIOXL LQ VRVWLWX]LRQH GL XQ SUHFHGHQWH VLVWHPD LUULJXR
DOLPHQWDWR GD IDOGD PDFFKLQH HR DWWUH]]DWXUH SHU LO
UHFXSHURHRUHLPSLHJRGHLPDWHULDOLGLODYRUD]LRQH
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
2SHUH ILQDOL]]DWH DO UHFXSHUR GHOOH DFTXH GL LUULJD]LRQH
HRIHUWLUULJD]LRQH
x &RPSDUWRRUWRIUXWWLFROR
$FTXLVWR PDFFKLQH VSHFLDOL]]DWH SHU O¶HVHFX]LRQH GHOOH
RSHUD]LRQL FROWXUDOL H GHOOD UDFFROWD SHU ULGXUUH L FRVWL GL
SURGX]LRQH H DFFUHVFHUH OD TXDOLWj PHUFHRORJLFD GHL
SURGRWWL
5HDOL]]D]LRQHGLFHQWULLQWHUD]LHQGDOLGLFRQIH]LRQDPHQWR
HFRPPHUFLDOL]]D]LRQHSHUULGXUUHLFRVWLHDFFUHVFHUHOD
FRPSHWLWLYLWjGHLSURGRWWL
,QYHVWLPHQWL SHU LO PLJOLRUDPHQWR GHOOD TXDOLWj
PHUFHRORJLFDGHOOHSURGX]LRQL
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
DOODVLFXUH]]DVXOSRVWRGLODYRUR
5HDOL]]D]LRQHGLLPSLDQWLLUULJXLDGDOWDHIILFLHQ]D
6WHULOL]]DWULFL GHO WHUUHQR WUDSLDQWDWULFL DXWRPDWLFKH
UDFFRJOLWULFLHOHWWURQLFKHGRWDWHGLIRWRFHOOXOHHFHQWUDOLQH
FDUUHOOLODYRUDWRULPHFFDQLFLSHUODUDFFROWDGHLSURGRWWL
,Q FDVR GL FRVWLWX]LRQH GL $7, SHU OD UHDOL]]D]LRQH GHOOH
VWUXWWXUHGLFRQIH]LRQDPHQWRHFRPPHUFLDOL]]D]LRQH
/LQHHGLODYRUD]LRQHDJHYRODWULFLSHULOFRQIH]LRQDPHQWR
DWWUH]]DWXUH WRUQLWULFL OLQHH GL ODYRUD]LRQH H ODYDJJLR
UHWLQDWULFL HOHWWURQLFKH SHVR SH]]DWULFL DXWRPDWLFKH
ODYDWULFL FDOLEUDWULFL OLQHH SHVDWXUD H ULHPSLPHQWR
FHVWLQLFRQIH]LRQDWULFLSHUYDVVRLR
,QYHVWLPHQWLGLFXLDOSDUDJUDIRGHOEDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,PSLDQWLGLLUULJD]LRQHDJRFFLD
,PSLDQWLDSLRJJLDDEDVVDSUHVVLRQHPDVVLPREDU
x &RPSDUWRWDEDFFR
$FTXLVWR PDFFKLQH VSHFLDOL]]DWH SHU O¶HVHFX]LRQH GHOOH
RSHUD]LRQLFROWXUDOLHGHOODUDFFROWD
3ULRULWj DWWULEXLELOH VROR QHOOH D]LHQGH GHGLWH DOOD
FROWLYD]LRQHGHOODYDULHWj.HQWXFN\
,QYHVWLPHQWL ILQDOL]]DWL DOO¶LQQRYD]LRQH GL SURGRWWR H GL
SURFHVVR
3ULRULWj DWWULEXLELOH VROR QHOOH D]LHQGH GHGLWH DOOD
FROWLYD]LRQHGHOODYDULHWj.HQWXFN\
,QYHVWLPHQWL ILQDOL]]DWL DOOD GLYHUVLILFD]LRQH GHOOH
SURGX]LRQL SHU IDU IURQWH DG XQ¶HYHQWXDOH FULVL GHO
FRPSDUWR
3ULRULWjDWWULEXLELOHDOOH$]LHQGHSUHFHGHQWHPHQWHGHGLWH
DOOD FROWLYD]LRQH GHOOD YDULHWj %ULJKW H VROR QHO FDVR LQ
FXLO
D]LHQGDQRQULFKLHGDQHVVXQLQWHUYHQWRFKLDUDPHQWH
0DFFKLQHWUDSLDQWDWULFL
5HDOL]]D]LRQHRDGHJXDPHQWRORFDOLGLFXUDIRUQLSHUOD
YDULHWj .HQWXFN\ DQFKH DWWUDYHUVR OD PHFFDQL]]D]LRQH
GHOOH SULQFLSDOL RSHUD]LRQL DQFKH DO ILQH GL FRQIRUPDUVL
DOOHQRUPDWLYHLQPDWHULDGLLJLHQHHVLFXUH]]DVXLOXRJKL
GLODYRUR
$FTXLVWR GL PDFFKLQDUL FKLDUDPHQWH DVFULYLELOL DG XQ
FRPSDUWR GLYHUVRGDTXHOORGHOWDEDFFR
5&
&
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
ULFRQGXFLELOHDOODSURGX]LRQHWUDVIRUPD]LRQHGHOWDEDFFR
5HDOL]]D]LRQHGLQXRYLLPSLDQWLLUULJXLDGDOWDHIILFLHQ]DSHU0LJOLRUDPHQWR GL LPSLDQWL GL LUULJD]LRQH JLj HVLVWHQWL FKH
ULGXUH LFRQVXPLLGULFL
FRQVHQWDQRXQULVSDUPLRGHOODULVRUVDLGULFDSDULDGDOPHQRLO
3ULRULWj DWWULEXLELOH VROR QHOOH D]LHQGH GHGLWH DOOD
FROWLYD]LRQHGHOODYDULHWj.HQWXFN\
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
,QYHVWLPHQWL GL FXL DO SDUDJUDIR SDUWH SULPD GHO
DOODVLFXUH]]DVXOSRVWRGLODYRUR
EDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
x 352'8=,21,=227(&1,&+(
x &RPSDUWRFDUQLERYLQH
$WWLYD]LRQH GL VLVWHPL GL WUDFFLDELOLWj GHL SURGRWWL SHU
PLJOLRUDUHODTXDOLWjHO¶LPPDJLQHGHOOHSURGX]LRQL
$FTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRSHUPLJOLRUDUHOD
TXDOLWjGHOOHSURGX]LRQL
,QYHVWLPHQWL SHU LO PLJOLRUDPHQWR GHOOD TXDOLWj
PHUFHRORJLFDGHOOHSURGX]LRQL
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
DOODVLFXUH]]DVXOSRVWRGLODYRUR
,QYHVWLPHQWL ILQDOL]]DWL D PLJOLRUDUH JOL VSD]L
O¶LOOXPLQD]LRQHHO¶DHUD]LRQHGHOOHVWUXWWXUHGLDOOHYDPHQWR
H D PLJOLRUDUH O¶DFFHVVR H OD GLVSRQLELOLWj GL DOLPHQWL H
DFTXDGLEHYDQGD
$GHJXDPHQWR PDQXIDWWL SHU VWRFFDJJLR H WUDWWDPHQWR
GHJOLHIIOXHQWLGLDOOHYDPHQWRHGLDFTXHUHIOXHD]LHQGDOL
FRPXQTXHGHVWLQDWHDOO¶XWLOL]]D]LRQHDJURQRPLFD
'RWD]LRQL LQIRUPDWLFKH DWWUH]]DWXUH VSHFLILFKH VLWL ZHE
7XWWL JOL LQWHUYHQWL GHYRQR HVVHUH FKLDUDPHQWH HVSOLFLWDWL
QHOOD UHOD]LRQH WHFQLFD FKH GHYH WHQHUH FRQWR GL TXHVWD
VSHFLILFDILQDOLWj*OLLQWHUYHQWLGHYRQRPLUDUHDO
UDJJLXQJLPHQWR GL OLYHOOL GL JDUDQ]LDRUJDQL]]D]LRQH
VXSHULRULULVSHWWRDJOLREEOLJKLGLOHJJHDLVHQVLGHOO
DUW
GHO5HJ&(
$FTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRSHUPLJOLRUDUHOD
TXDOLWjGHOOHSURGX]LRQL
6WUXWWXUH H GRWD]LRQL SHU ODERUDWRULR FDWHQD GHO IUHGGR
PH]]LGLWUDVSRUWRDQLPDOLYLYLHRFDUQL
,QYHVWLPHQWLGLFXLDOSDUSDUWHSULPDGHOEDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
5HDOL]]D]LRQH GL UHFLQWL GL HVHUFL]LR HVWHUQL DOOH VWUXWWXUH GL
DOOHYDPHQWR GRWDWL GL DEEHYHUDWRL H ULSDUL ORFDOL DSSRVLWL
SHU LO SDUWR ER[ SHU OD FXUD GL DQLPDOL IHULWL R PDODWL
LQVWDOOD]LRQH
GL
VLVWHPL
GL
YHQWLOD]LRQH
PHFFDQLFDFRQGL]LRQDPHQWR DSHUWXUDGLILQHVWUH
3HU JOL LQWHUYHQWL GL DGHJXDPHQWR DL PDQXIDWWL QHO
ULVSHWWRGLTXDQWRSUHYLVWRGDO'3*5SHUOH]RQH
YXOQHUDELOL GD QLWUDWL R D TXDQWR SUHYLVWR GDO '35*
SHUOH]RQHQRQYXOQHUDELOLGDQLWUDWL
7DOHSULRULWjVLDWWULEXLVFH
ILQRDOORVFDGHUHGHLPHVLGDOODSHULPHWUD]LRQHSHU
OH HYHQWXDOL QXRYH ]RQH YXOQHUDELOL LQGLYLGXDWH
VXFFHVVLYDPHQWH DOO¶HQWUDWD LQ YLJRUH GHO '35* VDOYR SURURJKH GHL WHUPLQL SUHYLVWH GD VXFFHVVLYH
PRGLILFKHGHOVXGGHWWRUHJRODPHQWR
DO SHU JOL DGHJXDPHQWL HIIHWWXDWL QHOOH
]RQH QRQ YXOQHUDELOL GD QLWUDWL DL VHQVL GHO '35* VHWWHPEUH Q 5 VDOYR SURURJKH GHL WHUPLQL
SUHYLVWHGDVXFFHVVLYHPRGLILFKHGHOUHJRODPHQWR'35*
R'35*5
5HDOL]]D]LRQH GL LPSLDQWL WHFQRORJLFL SHU SURGX]LRQH GL ,QYHVWLPHQWLGLFXLDOSDUOHWWEHEVHUHDOL]]DWL
ELRJDVGDHIIOXHQWLGLDOOHYDPHQWRHSHUODSURGX]LRQHGL HRIXQ]LRQDOLDOFRPSDUWRERYLQRGDFDUQH
HQHUJLD VRODUH HG HROLFD SHU XVR SUHYDOHQWHPHQWH 4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
D]LHQGDOH
x &RPSDUWRODWWHERYLQR
$FTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRSHUPLJOLRUDUHOD
TXDOLWjGHOOHSURGX]LRQL
,QYHVWLPHQWL SHU LO PLJOLRUDPHQWR GHOOD TXDOLWj
PHUFHRORJLFDGHOOHSURGX]LRQL
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
DOODVLFXUH]]DVXOSRVWRGLODYRUR
,QYHVWLPHQWL ILQDOL]]DWL D PLJOLRUDUH JOL VSD]L
O¶LOOXPLQD]LRQHHO¶DHUD]LRQHGHOOHVWUXWWXUHGLDOOHYDPHQWR
H D PLJOLRUDUH O¶DFFHVVR H OD GLVSRQLELOLWj GL DOLPHQWL H
DFTXDGLEHYDQGD
$GHJXDPHQWR PDQXIDWWL SHU VWRFFDJJLR H WUDWWDPHQWR
DFTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRSHUPLJOLRUDUHOD
TXDOLWjGHOOHSURGX]LRQL
6WUXWWXUH H GRWD]LRQL SHU ODERUDWRULR FDWHQD GHO IUHGGR
FLVWHUQHSHUWUDVSRUWRODWWH
,QYHVWLPHQWLGLFXLDOSDUSDUWHSULPDGHOEDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
5HDOL]]D]LRQH GL UHFLQWL GL HVHUFL]LR HVWHUQL DOOH VWUXWWXUH
GL DOOHYDPHQWR GRWDWL GL DEEHYHUDWRL H ULSDUL DGHJXDWL
ORFDOLDSSRVLWLSHULOSDUWRER[SHUODFXUDGLDQLPDOLIHULWL
R PDODWL LQVWDOOD]LRQH GL VLVWHPL GL YHQWLOD]LRQH
PHFFDQLFDFRQGL]LRQDPHQWR DSHUWXUDGLILQHVWUH
3HU JOL LQWHUYHQWL GL DGHJXDPHQWR DL PDQXIDWWL QHO
$OOHJDWR$±3DJGL
GHJOLHIIOXHQWLGLDOOHYDPHQWRHGLDFTXHUHIOXHD]LHQGDOL
FRPXQTXHGHVWLQDWHDOO¶XWLOL]]D]LRQHDJURQRPLFD
%$1'20,685$ ±)$6(
ULVSHWWRGLTXDQWRSUHYLVWRGDO'3*5SHUOH]RQH
YXOQHUDELOL GD QLWUDWL R D TXDQWR SUHYLVWR GDO '35*
SHUOH]RQHQRQYXOQHUDELOLGDQLWUDWL
7DOHSULRULWjVLDWWULEXLVFH
ILQRDOORVFDGHUHGHLPHVLGDOODSHULPHWUD]LRQHSHU
OH HYHQWXDOL QXRYH ]RQH YXOQHUDELOL LQGLYLGXDWH
VXFFHVVLYDPHQWH DOO¶HQWUDWD LQ YLJRUH GHO '35* VDOYR SURURJKH GHL WHUPLQL SUHYLVWH GD VXFFHVVLYH
PRGLILFKHGHOVXGGHWWRUHJRODPHQWR
DO SHU JOL DGHJXDPHQWL HIIHWWXDWL QHOOH
]RQH QRQ YXOQHUDELOL GD QLWUDWL DL VHQVL GHO '35* VHWWHPEUH Q 5 VDOYR SURURJKH GHL WHUPLQL
SUHYLVWHGDVXFFHVVLYHPRGLILFKHGHOUHJRODPHQWR'35*
R'35*5
5HDOL]]D]LRQH GL LPSLDQWL WHFQRORJLFL SHU SURGX]LRQH GL ,QYHVWLPHQWLGLFXLDOSDUOHWWEHEVHUHDOL]]DWL
ELRJDVGDHIIOXHQWLGLDOOHYDPHQWRHSHUODSURGX]LRQHGL HRIXQ]LRQDOLDOFRPSDUWRERYLQRGDODWWH
HQHUJLD VRODUH HG HROLFD SHU XVR SUHYDOHQWHPHQWH 4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
D]LHQGDOH
x &RPSDUWRODWWHRYLQR
5HDOL]]D]LRQH GL VWUXWWXUH D]LHQGDOL GL WUDVIRUPD]LRQH H
FRPPHUFLDOL]]D]LRQH SHU DXPHQWDUH LO YDORUH DJJLXQWR
GHLSURGRWWL
$WWLYD]LRQH GL VLVWHPL GL WUDFFLDELOLWj GHL SURGRWWL SHU
PLJOLRUDUQHODTXDOLWjHO¶LPPDJLQH
$FTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRSHUPLJOLRUDUHOD
TXDOLWjGHLSURGRWWL
,QYHVWLPHQWLILQDOL]]DWLDPLJOLRUDUHOHFRQGL]LRQLUHODWLYH
DOODVLFXUH]]DVXOSRVWRGLODYRUR
,QYHVWLPHQWL ILQDOL]]DWL D PLJOLRUDUH JOL VSD]L
O¶LOOXPLQD]LRQHHO¶DHUD]LRQHGHOOHVWUXWWXUHGLDOOHYDPHQWR
H D PLJOLRUDUH O¶DFFHVVR H OD GLVSRQLELOLWj GL DOLPHQWL H
DFTXDGLEHYDQGD
,QYHVWLPHQWL ILQDOL]]DWL DOOD WXWHOD GHO SDWULPRQLR
]RRWHFQLFRVRJJHWWRDSUHGD]LRQH
5HDOL]]D]LRQH GL VWUXWWXUH D]LHQGDOL GL WUDVIRUPD]LRQH H
FRPPHUFLDOL]]D]LRQH SHU DXPHQWDUH LO YDORUH DJJLXQWR
GHLSURGRWWL
'RWD]LRQL LQIRUPDWLFKH DWWUH]]DWXUH VSHFLILFKH VLWL ZHE
7XWWL JOL LQWHUYHQWL GHYRQR HVVHUH FKLDUDPHQWH HVSOLFLWDWL
QHOOD UHOD]LRQH WHFQLFD FKH GHYH WHQHUH FRQWR GL TXHVWD
VSHFLILFDILQDOLWj
*OLLQWHUYHQWLGHYRQRPLUDUHDOUDJJLXQJLPHQWRGLOLYHOOLGL
JDUDQ]LDRUJDQL]]D]LRQHVXSHULRULULVSHWWRDJOLREEOLJKLGL
OHJJHDLVHQVLGHOO
DUWGHO5HJ&(
DFTXLVL]LRQHGLFHUWLILFD]LRQLGLSURFHVVRSHUPLJOLRUDUHOD
TXDOLWjGHOOHSURGX]LRQL
,QYHVWLPHQWL GL FXL DO SDUDJUDIR SDUWH SULPD GHO
EDQGR
4XHVWDSULRULWjqFXPXODELOHFRQOHSULRULWjJHQHUDOL
5HDOL]]D]LRQH GL UHFLQWL GL HVHUFL]LR HVWHUQL DOOH VWUXWWXUH
GL DOOHYDPHQWR GRWDWL GL DEEHYHUDWRL H ULSDUL DGHJXDWL
ORFDOLDSSRVLWLSHULOSDUWRER[SHUODFXUDGLDQLPDOLIHULWL
R PDODWL LQVWDOOD]LRQH GL VLVWHPL GL YHQWLOD]LRQH
PHFFDQLFDFRQGL]LRQDPHQWR DSHUWXUDGLILQHVWUH
6LVWHPLPDQXIDWWLHUHFLQ]LRQLDQWLSUHGD]LRQH
/DGRPDQGDGLDLXWR
7HUPLQLGLSUHVHQWD]LRQH GHOODGRPDQGDGLDLXWR
3HUSDUWHFLSDUHDOODJUDGXDWRULDUHODWLYDDLIRQGLGLVSRQLELOLQHOO¶DQQXDOLWjODGRPDQGDSHUO¶DFFHVVRDL
FRQWULEXWL GHQRPLQDWD µ'RPDQGD GL DLXWR¶ SXz HVVHUH SUHVHQWDWD D GHFRUUHUH GDO JLRUQR VXFFHVVLYR D
TXHOORGHOODSXEEOLFD]LRQHVXO%857GHOSUHVHQWHEDQGRHGHQWURLODSULOH
3HUSDUWHFLSDUHDOODJUDGXDWRULHUHODWLYDDLIRQGLGLVSRQLELOL QHOO¶DQQXDOLWjVLSURYYHGHUjFRQVXFFHVVLYR
DWWRDILVVDUHLWHUPLQLGLDSHUWXUDHFKLXVXUD SHUODSUHVHQWD]LRQHGHOODGRPDQGDGLDLXWR
4XDORUDLOWHUPLQHGLSUHVHQWD]LRQHGLXQDLVWDQ]DVFDGDGLVDEDWRRXQJLRUQRIHVWLYRORVWHVVRqSURURJDWR
DOSULPRJLRUQRIHULDOHVXFFHVVLYRTXDOXQTXHVLDODPRGDOLWjGLVRWWRVFUL]LRQHXWLOL]]DWD
0RGDOLWjGLSUHVHQWD]LRQHGHOODGRPDQGDGLDLXWR
/DGRPDQGDGHYHHVVHUHSUHVHQWDWDHVFOXVLYDPHQWHPHGLDQWHSURFHGXUDLQIRUPDWL]]DWDLPSLHJDQGROD
PRGXOLVWLFD GLVSRQLELOH QHO VLVWHPD LQIRUPDWLFR $57($ UHSHULELOH VXO VLWR GHOO¶$JHQ]LD UHJLRQDOH SHU OH
HURJD]LRQLLQDJULFROWXUD$57($ZZZDUWHDWRVFDQDLW$LVHQVLGHOOD/UQµ1RUPHLQPDWHULDGL
LPSUHQGLWRUH H LPSUHQGLWULFH DJULFROL H GL LPSUHVD DJULFROD¶ OD GRPDQGD GHYH HVVHUH SUHVHQWDWD
QHOO¶DPELWR GHOOD 'LFKLDUD]LRQH 8QLFD $]LHQGDOH '8$ ULSRUWDQWH WXWWH OH LQIRUPD]LRQL ULIHULWH DOOD
&
&
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
FRQVLVWHQ]DHDOOHDWWLYLWjGHOOHXQLWjSURGXWWLYHGHOO¶LPSUHVD
1HOO¶DPELWRGHOOD'8$qSUHVHQWHLOIDVFLFRORHOHWWURQLFRFRQWHQHQWHODGRFXPHQWD]LRQHHGLGDWLUHODWLYLDO
ULFKLHGHQWHODGRPDQGDIDULIHULPHQWRDTXDQWRSUHVHQWHQHOIDVFLFRORHOHWWURQLFR
,OPDQFDWRDJJLRUQDPHQWRGHOIDVFLFRORD]LHQGDOHHOHWWURQLFRFRPSRUWDODVRVSHQVLRQHGHOO¶DPPLVVLELOLWj
DFRQWULEXWRILQRDOODVXDUHJRODUL]]D]LRQH
/HGRPDQGHGLDLXWRVRQRVHPSOLILFDWHHFRQWHQJRQRHVFOXVLYDPHQWHJOLHOHPHQWLQHFHVVDULDYDOXWDUQHL
UHTXLVLWL GL DPPLVVLELOLWj HG LO OLYHOOR GL SULRULWj WXWWL JOL DOWUL HOHPHQWL VRQR VXFFHVVLYDPHQWH ULFKLHVWL D
FRPSOHWDPHQWR GHOOD GRPDQGD DL VROL WLWRODUL GHOOH GRPDQGH FKH ULVXOWDQR ILQDQ]LDELOL LQ EDVH DO
SXQWHJJLR ORUR DVVHJQDWR H DOOH ULVRUVH GLVSRQLELOL SHU OD SUHVHQWH PLVXUD QHOOD SURJUDPPD]LRQH
ILQDQ]LDULDGHOO¶HQWHFXLqULYROWDODGRPDQGD3URYLQFLD&RPXQLWjPRQWDQD8QLRQHGL&RPXQLGLVHJXLWR
LQGLFDWLFRPHµ(QWLFRPSHWHQWL¶
&RQODGRPDQGDGLDLXWRqSRVVLELOHULFKLHGHUHFRQWHVWXDOPHQWHO¶DQWLFLSRGHOFRQWULEXWRDPPHVVR1HO
FDVRLQFXLODGRPDQGDULVXOWLDPPHVVDDILQDQ]LDPHQWRVXULFKLHVWDGHOO¶(QWHFRPSHWHQWHLOEHQHILFLDULR
GHYH SUHVHQWDUH DSSRVLWD ILGHLXVVLRQH FRUULVSRQGHQWH DO GHOO¶LPSRUWR DQWLFLSDWR H TXDQWR DOWUR
VWDELOLWRSHUWDOHIDWWLVSHFLHGDO'$5
/HGRPDQGHHODGRFXPHQWD]LRQHDOOHJDWDHRVXFFHVVLYDPHQWHSUHVHQWDWDQRQVRQRVRJJHWWHDLPSRVWD
GLEROOR
/DGRPDQGDGLDLXWRHWXWWHOHDOWUHLVWDQ]HVXFFHVVLYHGHYRQRHVVHUHLQGLUL]]DWHGDOULFKLHGHQWHSHQD
OD QRQ ULFHYLELOLWj DOO¶(QWH FRPSHWHQWH SHU LO WHUULWRULR LQ FXL ULFDGH O¶8QLWj SURGXWWLYD LQWHUHVVDWD GDJOL
LQYHVWLPHQWLFRVuFRPHUHJLVWUDWDQHOO¶DQDJUDIHGHOVLVWHPDLQIRUPDWLYRGL$57($
/D GRPDQGD GHYH ULIHULUVL DG XQ¶XQLFD XQLWj SURGXWWLYD ULFDGHQWH QHO WHUULWRULR GL XQ VLQJROR (QWH
FRPSHWHQWH
/D GRPDQGD GHYH HVVHUH SUHVHQWDWD DOO¶(QWH FRPSHWHQWH FRQ ULIHULPHQWR DOO¶XELFD]LRQH GHOOD 8QLWj
WHFQLFD HFRQRPLFD 87( FRPH GHILQLWD QHO SDUDJUDIR LQWHUHVVDWD GDJOL LQYHVWLPHQWL 1HL FDVL GL
SURJHWWL UHODWLYL DG DOWUL WLSL GL XQLWj SURGXWWLYH 83= 83, 873 876 87) R 863 FRPH GHILQLWH QHO
SDUDJUDIRQRQGLUHWWDPHQWHFROOHJDWHDOOD87(ODGRPDQGDGHYHHVVHUHULYROWDDOO¶(QWHFRPSHWHQWH
SHULOWHUULWRULRLQFXLqXELFDWDO¶XQLWjSURGXWWLYDVSHFLILFDLQWHUHVVDWDGDJOLLQYHVWLPHQWL
3HURJQL87(SRVVHGXWDLOULFKLHGHQWHSXzSUHVHQWDUHSHURJQLDQQXDOLWjGHO365XQDVRODGRPDQGDGL
DLXWRLQUHOD]LRQHDOODSUHVHQWHPLVXUD
/D GRPDQGD GL DLXWR q ULFHYLELOH VROR VH O¶(QWH FRPSHWHQWH KD SUHYLVWR O¶DWWLYD]LRQH GHOOD PLVXUD FXL OD
GRPDQGD VL ULIHULVFH LQVHUHQGR XQD GRWD]LRQH ILQDQ]LDULD VSHFLILFD QHOO¶DQQXDOLWj GL ULIHULPHQWR GHOOD
GRPDQGDVWHVVD
,QVHULPHQWR3LDQRSUHYLVLRQDOH
3HUSRWHUSUHVHQWDUHGRPDQGDGLDLXWRROWUHDLGRFXPHQWLSUHYLVWLSHUODFRVWLWX]LRQHGHOIDVFLFRORD]LHQGDOH
GHYH HVVHUH LQVHULWR GLUHWWDPHQWH RQ OLQH QHO VLVWHPD LQIRUPDWLYR GL $57($ LO SLDQR SUHYLVLRQDOH GHJOL
LQYHVWLPHQWLFRPSLODQGRORVSHFLILFRPRGXOR³VFKHGDGLSURJHWWR´
0RGDOLWjGLVRWWRVFUL]LRQHGHOODGRPDQGDGLDLXWR
/HPRGDOLWjGLVRWWRVFUL]LRQHGHOOHGRPDQGHVRQROHVHJXHQWL
DGRPDQGDVRWWRVFULWWDGLUHWWDPHQWHQHOVLVWHPDLQIRUPDWLFR$57($PHGLDQWHOHPRGDOLWjWHOHPDWLFKHGLFXL
DOGHFUHWRGL$57($QGHOGLFHPEUHHVPLFRQILUPDHOHWWURQLFDTXDOLILFDWDRILUPDGLJLWDOH
SXUFKp LO FHUWLILFDWR VLD ULODVFLDWR GD XQ FHUWLILFDWRUH DFFUHGLWDWR FRQ DXWHQWLFD]LRQH DO VLVWHPD LQIRUPDWLYR
FRQ &DUWD 1D]LRQDOH GHL 6HUYL]L VPDUW FDUG ULODVFLDWD GD &HUWLILFDWRUH ULFRQRVFLXWR R &DUWD G¶,GHQWLWj
(OHWWURQLFD R PHGLDQWH ULODVFLR GL XWHQ]D H SDVVZRUG GD SDUWH GL $57($ R GHL &$$ /H LPSUHVH FKH
XWLOL]]DQR OD PRGDOLWj GL VRWWRVFUL]LRQH WHOHPDWLFD VRQR UHJLVWUDWH QHOO¶$QDJUDIH UHJLRQDOH GHOOH D]LHQGH
DJULFROH FRQ OD TXDOLILFD GL ³$]LHQGD GLJLWDOH´ H VRQR WHQXWH DOO¶XWLOL]]R HVFOXVLYR GL WDOL PRGDOLWj GL
VRWWRVFUL]LRQH7DOLLPSUHVHQRQSRWUDQQRSUHVHQWDUHGRPDQGHGLDLXWRHSDJDPHQWRVRWWRVFULWWHFRQILUPD
DXWRJUDID
E GRPDQGD VRWWRVFULWWD LQ PRGDOLWj DXWRJUDID SHU OH LPSUHVH QRQ PXQLWH GL SRVVLELOLWj GL VRWWRVFUL]LRQH
WHOHPDWLFDLQWDOFDVRODILUPDGHYHHVVHUHSRVWDHVFOXVLYDPHQWHQHOO¶DSSRVLWRPRGXORSURSRVWRGDOVLVWHPD
LQIRUPDWLFR$57($
/HPRGDOLWjGLSUHVHQWD]LRQHGHOODGRPDQGDVRQROHVHJXHQWL
D 1HO FDVR GL GRPDQGD VRWWRVFULWWD QHO VLVWHPD $57($ OD GRPDQGD VL FRQVLGHUD SUHVHQWDWD DOOD GDWD
GHOO¶DYYHQXWDULFH]LRQHQHOVLVWHPDVWHVVR
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
E 1HO FDVR GL GRPDQGD VRWWRVFULWWD LQ PRGDOLWj DXWRJUDID OD VWHVVD GHYH HVVHUH SUHVHQWDWD DG XQR GHL
VHJXHQWLVSRUWHOOL
&$$FRQYHQ]LRQDWRGLQRUPDTXHOORGHOHJDWRGDOO¶D]LHQGDDOODWHQXWDGHO)DVFLFRORD]LHQGDOH
$57($
$OORVSRUWHOORODGRPDQGDSXzSHUYHQLUH
DPH]]RSRVWDLQWDOFDVRGHYHHVVHUHVRWWRVFULWWDHDFFRPSDJQDWDGDIRWRFRSLDGLXQGRFXPHQWR
G¶LGHQWLWjYDOLGRRGLULFRQRVFLPHQWRGHOULFKLHGHQWHDLVHQVLGHOO¶DUWGHO'35
WUDPLWHFRQVHJQDDPDQRLQWDOFDVRGHYHHVVHUHVRWWRVFULWWDLQSUHVHQ]DGHOGLSHQGHQWHDGGHWWR
RYYHUR VRWWRVFULWWD H SUHVHQWDWD XQLWDPHQWH D IRWRFRSLD GL XQ GRFXPHQWR G¶LGHQWLWj YDOLGR R GL
ULFRQRVFLPHQWRGHOULFKLHGHQWHDLVHQVLGHOO¶DUW'35
6XOOD GRPDQGD VRWWRVFULWWD FRQ ILUPD DXWRJUDID OR VSRUWHOOR DSSRQH LO WLPEUR GL ULFH]LRQH FRQ OD GDWD HG
HVHJXHODUHJLVWUD]LRQHGHOODVWHVVDQHOVLVWHPDLQIRUPDWLFRHQWURJLRUQLGDOODVFDGHQ]DGHOWHUPLQHXOWLPR
GLSUHVHQWD]LRQH
,Q HQWUDPEL L FDVL OD SURWRFROOD]LRQH DYYLHQH LQ YLD DXWRPDWLFD VXO VLVWHPD LQIRUPDWLFR GL $57($
VXFFHVVLYDPHQWHDOODUHJLVWUD]LRQHGHOODGDWDGLULFH]LRQH
&RVWLWX]LRQHRDJJLRUQDPHQWRGHOIDVFLFRORD]LHQGDOH
$LVHQVLGHOOD/UQµ1RUPHLQPDWHULDGLLPSUHQGLWRUHHLPSUHQGLWULFHDJULFROLHGLLPSUHVDDJULFROD¶
LVRJJHWWLFKHLQWHQGRQRSUHVHQWDUHGRPDQGDGLDLXWRSHUDFFHGHUHDLEHQHILFLSUHYLVWLGDOSUHVHQWHEDQGR
VRQR WHQXWL SULPD GHOOD SUHVHQWD]LRQH GHOOD GRPDQGD D GRFXPHQWDUH OD SURSULD SRVL]LRQH DQDJUDILFD
PHGLDQWHODFRVWLWX]LRQHRO¶DJJLRUQDPHQWRGHOSURSULRIDVFLFRORD]LHQGDOHHOHWWURQLFRQHOO¶DPELWRGHOVLVWHPD
LQIRUPDWLYR$57($FKHGHYHFRQWHQHUHDOPHQRLGRFXPHQWLGLVHJXLWRLQGLFDWL
7LSR
,GHQWLWj5LFRQRVFLPHQWR
7LWRODUH R VXR UDSSUHVHQWDQWH
OHJDOH
'RFXPHQWD]LRQH UHODWLYD DO WLWROR GL
FRQGX]LRQHGHLWHUUHQLHIDEEULFDWL
'RFXPHQWLILVFDOLHVRFLHWDUL
'RFXPHQWR
'RFXPHQWRGLULFRQRVFLPHQWR
3URSULHWj 9LVXUD FDWDVWDOH DJJLRUQDWD RSSXUH YLVXUD LPPRELOLDUH
DJJLRUQDWD
$IILWWR FRQWUDWWR GL DIILWWR UHJLVWUDWR VFULWWXUD SULYDWD UHJLVWUDWD DWWR
SXEEOLFR RSSXUH GLFKLDUD]LRQH VRVWLWXWLYD DWWHVWDQWH LO UDSSRUWR GL DIILWWR
YHUEDOHFKHLQFOXGHGLFKLDUD]LRQHGLUHJLVWUD]LRQH
8VXIUXWWR&RQWUDWWRGLFRVWLWX]LRQHGHOO
XVXIUXWWRRSSXUHYLVXUDLPPRELOLDUH
DJJLRUQDWD H GLFKLDUD]LRQH VRVWLWXWLYD DWWHVWDQWH LO FRQVHQVR GHJOL DOWUL
XVXIUXWWXDULVHSUHVHQWL
&RQFHVVLRQHRORFD]LRQHGLEHQLLPPRELOLGHPDQLDOL$WWRGLFRQFHVVLRQHR
GL ORFD]LRQH HYHQWXDOPHQWH FRQ LQGLFD]LRQH GL VRSUDOOXRJR GHOO¶8IILFLR
7HFQLFR(UDULDOHDVVHQVRGHOOD&RPPLVVLRQHLQGLFD]LRQHGHOFDQRQH
)RWRFRSLDFRGLFHILVFDOHHSDUWLWD,9$SHULFDVLQRQULVFRQWUDELOLLQDQDJUDIH
WULEXWDULD
'LFKLDUD]LRQHVRVWLWXWLYDGLDWWRGLQRWRULHWjGHOO¶HVRQHURGHOODSDUWLWD,9$
6WDWXWR
$WWRFRVWLWXWLYR
'RFXPHQWLEDQFDUL
&RGLFH,%$1
6RORQHLFDVLLQFXLULVXOWLQHJDWLYRO¶HVLWRGLULFRQRVFLPHQWRFRQL³:HEVHUYLFH´GHOO¶DQDJUDIHWULEXWDULDH
GHOUHJLVWURGHOOHLPSUHVH
5HLQVHULPHQWR GHOOH GRPDQGH QRQ ILQDQ]LDELOL GDOOD JUDGXDWRULD GHOO¶DQQXDOLWj
SUHFHGHQWH
/H GRPDQGH GL DLXWR ULFRQRVFLXWH DPPLVVLELOL PD QRQ ILQDQ]LDWH SHU FDUHQ]D GL IRQGL VRQR UHLQVHULWH
DXWRPDWLFDPHQWHQHOOHGXHJUDGXDWRULHVXFFHVVLYH VHFRQGROHUHJROHOHOLPLWD]LRQLHOHHYHQWXDOLSURURJKH
SUHYLVWHQHO'$5
$L ILQL GHOOD YDOXWD]LRQH GL XQD GRPDQGD JLj SUHVHQWDWD H UHLQVHULWD LQ XQD JUDGXDWRULD VXFFHVVLYD LO
ULFKLHGHQWH SXzUHWWLILFDUHLOSXQWHJJLRGHOODGRPDQGDLQL]LDOHDJJLRUQDQGRTXHVW¶XOWLPDDWWUDYHUVRLOVLVWHPD
LQIRUPDWLFRGL$57($HQWURLWHUPLQLSUHYLVWLSHUODSUHVHQWD]LRQHGHOOHQXRYHGRPDQGH
&+
&6
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
&LzDOILQHGL
ƒ FRUUHJJHUHOHGLFKLDUD]LRQLUHODWLYHDOOHSULRULWjSUHFHGHQWHPHQWHLQVHULWHSXUFKpLUHTXLVLWLGLSULRULWj
VLDQRSRVVHGXWLDOODGDWDGLSUHVHQWD]LRQHGHOODGRPDQGDLQL]LDOH
ƒ DJJLRUQDUH OH GLFKLDUD]LRQL UHODWLYH D SULRULWj PRGLILFDWH GHO SUHVHQWH EDQGR ULVSHWWR D TXHOOR GHOOD
IDVH SUHFHGHQWH SXUFKp L UHTXLVLWL GL SULRULWj VLDQR SRVVHGXWL DOOD GDWD GL SUHVHQWD]LRQH GHOOD
GRPDQGDLQL]LDOH
4XDORUD LO ULFKLHGHQWH QRQ SURYYHGD D WDOH DJJLRUQDPHQWR QHL WHPSL SUHYLVWL YHUUj DWWULEXLWR
DXWRPDWLFDPHQWHXQSXQWHJJLRDOODGRPDQGDHVFOXVLYDPHQWHVXOODEDVHGHOOHGLFKLDUD]LRQLJLjSUHVHQWLQHOOD
GRPDQGDLQL]LDOHHUHODWLYHDTXHLFULWHULGLSULRULWjFKHSHUPDQJRQRDQFRUDYDOLGLLQTXDQWRFRQIHUPDWLQHO
SUHVHQWH EDQGR ,Q DVVHQ]D GL DJJLRUQDPHQWR QRQ VDUj SRVVLELOH IDU YDOHUH LO SRVVHVVR GL DOWUH SULRULWj
VXFFHVVLYDPHQWHDOODVFDGHQ]DSHUODULFH]LRQHGHOOHGRPDQGH
1HOFDVRGLUHLQVHULPHQWRDXWRPDWLFROHGRPDQGHVRQRYDOXWDWHDVVHJQD]LRQHSXQWHJJLRHLVWUXLWHLQEDVH
DO SUHVHQWH EDQGR DOPRPHQWRLQFXLqVWDWRHVHJXLWRLOUHLQVHULPHQWR
1RQVRQRLQYHFHPRGLILFDELOLJOLLQYHVWLPHQWLSUHYLVWLQHOODGRPDQGDLQL]LDOH1HOFDVRLQFXLLOULFKLHGHQWHDO
PRPHQWR GHOOD ULFKLHVWD GL FRPSOHWDPHQWR GHOOD GRPDQGD DPPHVVD D FRQWULEXWR QRQ FRQIHUPL OH VWHVVH
WLSRORJLHGLLQYHVWLPHQWRLQGLFDWHQHOODGRPDQGDLQL]LDOHVDOYRYDULDQWLDPPLVVLELOLRDGDWWDPHQWLWHFQLFLOD
GRPDQGD YLHQH GLFKLDUDWD GHFDGXWD 1HO FDVR FKH OD GRPDQGD UHLQVHULWD LQ JUDGXDWRULD VLD DPPHVVD D
FRQWULEXWRLODYRULDFTXLVWLLQYHVWLPHQWLVRQRDPPLVVLELOLGDOODGDWDGHOODGRPDQGDLQL]LDOH
1RQqDPPHVVRLOVXEHQWURQHOODWLWRODULWjGHOOHGRPDQGHGLDLXWR
$VVHJQD]LRQHGHLFRQWULEXWL
3HUTXDQWRULJXDUGDLWHPSLHOHUHJROHGHOOHVLQJROHIDVLGHOSURFHGLPHQWRGLVHJXLWRLQGLFDWHVLULPDQGDD
TXDQWR SUHYLVWR GDO '$5 QHO SDUDJUDIR ³3URFHGXUH SHU OD JHVWLRQH GHOOH GRPDQGH GL DLXWR H GL
SDJDPHQWR SHU OH PLVXUH GHJOL LQYHVWLPHQWL´ H VXFFHVVLYL VH QRQ GLYHUVDPHQWH GLVFLSOLQDWL GDJOL (QWL
FRPSHWHQWL
3UHVDG¶DWWRGHOODJUDGXDWRULDSUHOLPLQDUH
/¶(QWH FRPSHWHQWH SUHQGH DWWR FRQ SURSULR SURYYHGLPHQWR GHOOD JUDGXDWRULD SUHOLPLQDUH HODERUDWD GDO
VLVWHPD LQIRUPDWLFR $57($ QHOOD TXDOH VXOOD EDVH GHOOH ULVRUVH GLVSRQLELOL SHU O¶DWWXD]LRQH GHOOD PLVXUD
RJJHWWR GHO SUHVHQWH EDQGR VRQR LQGLYLGXDWH OH GRPDQGH ILQDQ]LDELOL DQFKH SDU]LDOPHQWH TXHOOH QRQ
ILQDQ]LDELOLSHUFDUHQ]DGLULVRUVHHTXHOOHGDUHVSLQJHUHVXOODEDVHGLTXDQWRVHJQDODWRGDOVLVWHPD$57($LO
WXWWRLQEDVHDOOHGLFKLDUD]LRQLFRQWHQXWHLQGRPDQGD
/¶LQGLYLGXD]LRQH GHOOH GRPDQGH ILQDQ]LDELOL QRQ FRVWLWXLVFH LQ QHVVXQ PRGR GLULWWR DO ILQDQ]LDPHQWR GHOOH
VWHVVH GDWR FKH VX GL HVVH GHYRQR DQFRUD HVSOHWDUVL WXWWH OH YHULILFKH ULFKLHVWH GDO SURFHGLPHQWR SHU OD
FRQFHVVLRQHGHOVRVWHJQR
/DJUDGXDWRULDUHODWLYDDXQDGHWHUPLQDWDIDVHqYDOLGDILQRDOODGDWDGHOO¶DWWRFRQLOTXDOHO¶(QWHFRPSHWHQWH
SUHQGHDWWRGHOOD*UDGXDWRULDSUHOLPLQDUHUHODWLYDDOODVXFFHVVLYDIDVHGLULFH]LRQHGHOOHGRPDQGH)LQRDTXHO
PRPHQWR SRVVRQR HVVHUH LQYLDWH ULFKLHVWH GL FRPSOHWDPHQWR SHU GRPDQGH GL DLXWR FROORFDWH XWLOPHQWH LQ
JUDGXDWRULD H ULVXOWDWH ILQDQ]LDELOL LQ VHJXLWR D XOWHULRUL GLVSRQLELOLWj GHULYDQWL GD HFRQRPLH R GD XOWHULRUL
DVVHJQD]LRQL
5LFKLHVWDGHOFRPSOHWDPHQWRGHOODGRPDQGDGLDLXWR
/¶(QWH FRPSHWHQWH ULFKLHGH LO FRPSOHWDPHQWR GHOOH GRPDQGH FKH ULVXOWDQR ILQDQ]LDELOL LQ EDVH DOOD
JUDGXDWRULDSUHOLPLQDUHFRVWLWXLWDFRQODSUHVDG¶DWWRGLFXLDOSDUDJUDIRSUHFHGHQWH
/DGRFXPHQWD]LRQHDFRPSOHWDPHQWRGHOODGRPDQGDGLDLXWRGHYHHVVHUHSUHVHQWDWDGDOULFKLHGHQWHHQWURL
WHUPLQLSUHYLVWLGDOO¶(QWHFRPSHWHQWH
/D SUHVHQWD]LRQH GHOOD GRFXPHQWD]LRQH D FRPSOHWDPHQWR ROWUH L WHUPLQL SUHVFULWWL FRPSRUWD OD GHFDGHQ]D
GHOODGRPDQGD
$LILQLGHOFRPSOHWDPHQWRGHYHHVVHUHULFKLHVWDDOPHQRODVHJXHQWHGRFXPHQWD]LRQH
$5(/$=,21(7(&1,&$FRQWHQHQWH
GHVFUL]LRQH GHOOH FDUDWWHULVWLFKH H WLSRORJLD GHO VRJJHWWR ULFKLHGHQWH GDWL DQDJUDILFL H ILVFDOL
SHUVRQDOLWjJLXULGLFDWLWROLGLSRVVHVVRGHLEHQLLPPRELOLLQWHUHVVDWLGDJOLLQYHVWLPHQWLHFF
GHVFUL]LRQHGHOODVLWXD]LRQHD]LHQGDOHDOPRPHQWRGHOODSUHVHQWD]LRQHGHOODGRPDQGDRUGLQDPHQWR
FXOWXUDOH SURFHVVL SURGXWWLYL D]LHQGDOL FRPSRVL]LRQH GHOOD IRU]D ODYRUR H GL TXHOOD SUHYLVWD DO
WHUPLQHGHJOLLQWHUYHQWLSURJUDPPDWL
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
GHVFUL]LRQH GHJOL HIIHWWL FKH JOL LQYHVWLPHQWL SURJUDPPDWL DYUDQQR VXOO¶D]LHQGD H LQ SDUWLFRODUH VXO
PLJOLRUDPHQWR GHO UHQGLPHQWR JOREDOH GHOOD VWHVVD FRQ LQGLFD]LRQH DQDOLWLFD GHJOL DVSHWWL VSHFLILFL
FKHLOULFKLHGHQWHLQWHQGHSHUVHJXLUHLQGLYLGXDWLWUDTXHOOLLQGLFDWLQHOODFRORQQDGLGHVWUDGHOODWDE
SDUDJUDIRFRQGLPRVWUD]LRQHGHLSDUDPHWULGLDPPLVVLELOLWjLYLLQGLFDWL
GHVFUL]LRQH WHFQLFD GHJOL LQYHVWLPHQWL FRQ GLPRVWUD]LRQH GHOOD ULVSRQGHQ]D GHJOL VWHVVL D SUHFLVL
IDEELVRJQLVWUXWWXUDOLGHOO¶D]LHQGD
GHVFUL]LRQH GHOOD FRQJUXLWj GHO SURJHWWR LQ ULIHULPHQWR DOO¶RUGLQDPHQWR SURGXWWLYR DOOD FDSDFLWj
SURGXWWLYDHDOOHHVLJHQ]HJHVWLRQDOLGHOO¶87( RJJHWWRGHOODGRPDQGDGLDLXWR
GLPRVWUD]LRQH GHOOD SURQWD FDQWLHUDELOLWj GHOOH RSHUH HR GHJOL DFTXLVWL SHU L TXDOL VL ULFKLHGH LO
ILQDQ]LDPHQWRVHFRQGRTXDQWRLQGLFDWRDOSDUDJUDIR YDOXWD]LRQH GL VRVWHQLELOLWj DPELHQWDOH GD FXL GHYH ULVXOWDUH O¶HYHQWXDOH LPSDWWR GHJOL LQYHVWLPHQWL
SUHYLVWL VXOO¶DPELHQWH FRQ SDUWLFRODUH ULJXDUGR DOOD WXWHOD TXDOLWDWLYD H TXDQWLWDWLYD GHOOD ULVRUVD
LGULFD
GLPRVWUD]LRQH FKH JOL LQYHVWLPHQWL SUHYLVWL QRQ ULHQWUDQR IUD TXHOOL FRQVLGHUDELOL GL VRVWLWX]LRQH DL
VHQVLGHO'$5SDUDJUDIRµ6SHVHQRQDPPLVVLELOLYLQFROLHOLPLWD]LRQL¶
PRWLYD]LRQH GHOOD VFHOWD IUD L WUH SUHYHQWLYL HYHQWXDOPHQWH DFTXLVLWL GHOO¶RIIHUWD ULWHQXWD SL
YDQWDJJLRVD LQ EDVH D SDUDPHWUL WHFQLFRHFRQRPLFL LQ DOWHUQDWLYD JLXVWLILFD]LRQH GHOOD PDQFDWD
DFTXLVL]LRQHGLWUHSUHYHQWLYLSHULVROLFDVLSUHYLVWLGD'$5
SLDQRD]LHQGDOHUHODWLYRDOFDOFRORGHOUHGGLWRGHOO¶87(FDOFRODWRDQWHHSRVWJOLLQYHVWLPHQWLSUHYLVWL
LQ GRPDQGD GD FXL VL HYLQFH OD VRVWHQLELOLWj HFRQRPLFD GHJOL LQYHVWLPHQWL SUHYLVWL ,Q FDVR GL
GRPDQGH FRQ SUHYLVLRQH FRPSOHVVLYD GL LQYHVWLPHQWL DO GL VRWWR GHL ¼ OD VRVWHQLELOLWj
HFRQRPLFD q FRQVLGHUDWD UHDOL]]DWD VH LO YDORUH GHOO¶LQYHVWLPHQWR q LQIHULRUH DO 5HGGLWR /RUGR
6WDQGDUG WRWDOH SUH LQWHUYHQWR 1HO FDVR FKH TXHVWD FRQGL]LRQH QRQ VLD VRGGLVIDWWD H SHU
LQYHVWLPHQWL XJXDOL R VXSHULRUL D ¼ LO ULFKLHGHQWH GHYH HODERUDUH XQ SURVSHWWR LQHUHQWH OH
IRQWL GL ILQDQ]LDPHQWR HG XQ FRQWR HFRQRPLFR DQWH H SRVW LQYHVWLPHQWR 1HL FDVL LQ FXL QRQ VRQR
GLVSRQLELOLLGDWLSUHJUHVVLSHUODFRPSLOD]LRQHGHOFRQWRHFRQRPLFRDQWHLQYHVWLPHQWRDGHVHPSLR
D]LHQGDGLQXRYDFRVWLWX]LRQHVLSURFHGHDOODHODERUD]LRQHGLXQELODQFLRSUHVXQWRFKHWHQJDFRQWR
GHOO¶RUGLQDPHQWRFROWXUDOHGHOODD]LHQGD
QHOFDVRGLLPSLDQWLGDHQHUJLDVRODUHJLXVWLILFDUHHYHQWXDOHPHVVDDWHUUDSHUDVVHQ]DRLQVXIILFLHQ]D
GLIDEEULFDWLHGLPRVWUDUHFKHO¶RFFXSD]LRQHGHOVXRORQRQGHWHUPLQDXQDGLPLQX]LRQHGHOODFDSDFLWj
SURGXWWLYDGHOODD]LHQGDDJULFROD
QHO FDVR GL LQYHVWLPHQWL GL FXL DO SDUDJUDIR OHWWHUD $ GLPRVWUD]LRQH GHO UDJJLXQJLPHQWR
GHOO¶RELHWWLYRUHODWLYRDOULVSDUPLRHQHUJHWLFR
/D UHOD]LRQH WHFQLFD GHYH HVVHUH ILUPDWD FRQJLXQWDPHQWH GDO ULFKLHGHQWH H GD XQ WHFQLFR DELOLWDWR /D
UHOD]LRQHSXzHVVHUHILUPDWDVRORGDOULFKLHGHQWHQHOFDVRFKHODGRPDQGDGLDLXWRSUHYHGDXQRGHLVHJXHQWL
FDVL
DXQFRQWULEXWRULFKLHVWRLQIHULRUHDHXUR
EXQFRQWULEXWRULFKLHVWRLQIHULRUHDHXURQHOFDVRGLGRPDQGHUHODWLYHDOVRORDFTXLVWR
GLPDFFKLQDULLPSLDQWLHGDWWUH]]DWXUH
%$/75$'2&80(17$=,21(
HYHQWXDOHSLDQRGLFROWXUDHRGLPDQXWHQ]LRQH
SURJHWWR GHWWDJOLDWR GHOO¶LQWHUYHQWR FRPSUHQGHQWH LO FRPSXWR PHWULFR HVWLPDWLYR GHOOH RSHUH GD
UHDOL]]DUH ILUPDWR GD XQ WHFQLFR DELOLWDWR LQ FXL GHYRQR HVVHUH VSHFLILFDWH OH VSHVH LPSXWDWH DG
HYHQWXDOL LPSLDQWL HG DWWUH]]DWXUH QRQFKp OH HYHQWXDOL IRUQLWXUH GL EHQL H VHUYL]L GD SDUWH GHO
ULFKLHGHQWH,QTXHVW¶XOWLPRFDVRLOULFKLHGHQWHGHYHLOOXVWUDUHO¶DQDOLVLGLWDOLIRUQLWXUHSHUWLSRORJLDGL
LQWHUYHQWRHGLPRVWUDUHODFRQJUXLWjGHOODYRURVYROWRGLUHWWDPHQWHDWWUDYHUVRO¶LQGLFD]LRQHGHLPH]]L
WHFQLFL LPSLHJDWL H OD TXDQWLILFD]LRQH GHO ODYRUR SURSULR R GHL SURSUL FRDGLXYDQWL QHFHVVDUL SHU OD
UHDOL]]D]LRQHGHOOHVLQJROHWLSRORJLHGLRSHUHSUHYLVWH,OFRPSXWRPHWULFRGHYHHVVHUHUHGDWWRVXOOD
EDVH GHL FULWHUL GL YDOXWD]LRQH GHOOD VSHVD LQGLFDWL DO SUHFHGHQWH SDUDJUDIR LO SURJHWWR GRYUj
FRQWHQHUHOHPRWLYD]LRQLLQFDVRGLDFTXLVWLHIIHWWXDWLFRQPHQRGLWUHSUHYHQWLYL
RYH SHUWLQHQWH FDUWD WRSRJUDILFD LQ VFDOD R FRQ LQGLFD]LRQH GHOO¶DUHD R GHL
IDEEULFDWLRJJHWWRGHOO¶LQWHUYHQWR
RYH SHUWLQHQWH SODQLPHWULD FDWDVWDOH LQ VFDOD R FRQ LQGLYLGXD]LRQH GHJOL HVWUHPL
FDWDVWDOLGHLWHUUHQLHRIDEEULFDWLRJJHWWRGHOO¶LQWHUYHQWR
RYH SHUWLQHQWH LGRQHD GRFXPHQWD]LRQH IRWRJUDILFD VXOOR VWDWR GHL OXRJKL SULPD GHOOD UHDOL]]D]LRQH
GHOOHRSHUHSUHYLVWHGDOSURJHWWR
QHOFDVRFKHLOULFKLHGHQWHVLDXQD6RFLHWjFRSLDGHOO¶DWWRGHOLEHUDWLYRFRQLOTXDOHYLHQHDSSURYDWRLO
&:
&
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
SURJHWWRHODGHFLVLRQHGLSUHVHQWDUHGRPDQGDGLDLXWR
QHOFDVRGLFRPSURSULHWjGLFKLDUD]LRQHVRVWLWXWLYDGLDWWRQRWRULRGHOFRPSURSULHWDULRFKHSUHVHQWD
GRPDQGDGLDLXWRDWWHVWDQWHLOFRQVHQVRGHJOLDOWULFRPSURSULHWDULDSUHVHQWDUHGRPDQGDGLDLXWR
QHO FDVR FRQLXJL LQ FRPXQLRQH GHL EHQL GLFKLDUD]LRQH DWWHVWDQWH LO FRQVHQVR GHOO¶DOWUR FRQLXJH D
SUHVHQWDUHGRPDQGDGLDLXWR
FRSLDGHLSUHYHQWLYLGLVSHVDUHODWLYLDPDFFKLQHHRDWWUH]]DWXUHDJLXVWLILFD]LRQHGHOODYDOXWD]LRQHGL
FRQJUXLWj HIIHWWXDWD H GHJOL LPSRUWL GLFKLDUDWL QHOOD GRPDQGD GL DLXWR FRQ GLFKLDUD]LRQH GL SURQWD
FRQVHJQDELOLWjGHLEHQL
RYH SHUWLQHQWH FRSLD GHOOD &RQFHVVLRQH $XWRUL]]D]LRQH HGLOL]LD SHUPHVVR D FRVWUXLUH R ',$
FRPSUHQVLYD GHOOD GRFXPHQWD]LRQH H GHJOL DOOHJDWL WHFQLFL /D GRFXPHQWD]LRQH GHYH HVVHUH
FRQWURILUPDWDGDOULFKLHGHQWH
VH QRQ JLj FRPSUHVL QHOOD GRFXPHQWD]LRQH GL FXL DO SXQWR SUHFHGHQWH HYHQWXDOL
SHUPHVVLDXWRUL]]D]LRQLFRQFHVVLRQL QHFHVVDULH SHU OD UHDOL]]D]LRQH GHOO¶LQWHUYHQWR LQ UHOD]LRQH DOOD
VXDXELFD]LRQHWHUULWRULDOH
FRQWUDWWRGLVHUYLWFRVWLWXLWDYRORQWDULDPHQWHIUDOHSDUWLSHUJOLLQYHVWLPHQWLGLFXLDOSDUDJUDIR
OHWWFSXQWLH
GRFXPHQWLQHFHVVDULSHUODYHULILFDGHOODVXVVLVWHQ]DGHLUHTXLVLWLGLSULRULWjGLFKLDUDWLQHOODGRPDQGD
GLDLXWRHLQGLFDWLQHOSDUDJUDIR
GLFKLDUD]LRQHVRVWLWXWLYDGLFHUWLILFD]LRQHDQWLPDILDQHLFDVLSUHYLVWLGDOODQRUPDWLYDYLJHQWH
QHO FDVR GL DFTXLVWR GL WHUUHQL H GL EHQL LPPRELOL DWWHVWD]LRQL VH ULODVFLDWD GD XQ WHFQLFR DELOLWDWR
LQGLSHQGHQWH RSSXUHTXRWD]LRQHRYDOXWD]LRQHGDSDUWHGLXQRUJDQLVPRLQGLSHQGHQWHFRPSHWHQWH
LQPDWHULD$JHQ]LDGHOWHUULWRULR,VPHD
& ,QDJJLXQWDDTXDQWRVRSUDVWDELOLWRL VRJJHWWLGLGLULWWRSXEEOLFRGHYRQRDOOHJDUHDOSURJHWWRHVHFXWLYR
DQFKH
O
DWWRGLDSSURYD]LRQHGHOSURJHWWRSUHVHQWDWRFRQODVSHFLILFDGHOODTXRWDILQDQ]LDULDSHUODTXDOHVL
FKLHGHLOFRQWULEXWRHGLTXHOODDFDULFRGHOVRJJHWWRULFKLHGHQWH
GLFKLDUD]LRQH GL LPSHJQR D HVHJXLUH D SURSULH VSHVH OD PDQXWHQ]LRQH GHOOH RSHUH UHDOL]]DWH R GHL
PDFFKLQDULDFTXLVWDWLGXUDQWHLOSHULRGRGLLPSHJQR
VHQHFHVVDULRSLDQRGHOODVLFXUH]]DDLVHQVLGHOOD'/JV
PRGDOLWjGLLQGLYLGXD]LRQHGHOO¶HVHFXWRUHGHLODYRULRGHOIRUQLWRUH
/
XIILFLRLVWUXWWRUHTXDORUDQHULVFRQWULODQHFHVVLWjHLQDJJLXQWDDTXDQWRSUHYLVWRDLSXQWLSUHFHGHQWLSXz
FKLHGHUHODULFH]LRQHGLXOWHULRULGRFXPHQWLGDSURGXUVLHYHQWXDOPHQWHDQFKHDILUPDGLXQWHFQLFRDELOLWDWR
(PLVVLRQH$WWLGLDVVHJQD]LRQHGHLFRQWULEXWL
$VHJXLWRGHOO¶LVWUXWWRULDGHOODGRFXPHQWD]LRQHSUHVHQWDWDHQWURLWHUPLQLVWDELOLWLO¶XIILFLRLVWUXWWRUHSURYYHGH
QHOULVSHWWRGLTXDQWRSUHYLVWRQHO'$5D
DLQGLYLGXDUHOHGRPDQGHDPPHVVHDFRQWULEXWRLQEDVHDOOHULVRUVHGLVSRQLELOL
E HPHWWHUH O¶DWWR GL DVVHJQD]LRQH SHU OH GRPDQGH ULVXOWDQWL DPPHVVH O¶DWWR GHYH FRQWHQHUH DOPHQR L
VHJXHQWLHOHPHQWL
x LQWHVWD]LRQHGHOEHQHILFLDULRHQXPHURGRPDQGD
x GHVFUL]LRQHHO¶LPSRUWRGHJOLLQYHVWLPHQWLDPPHVVL
x LPSRUWRGHOFRQWULEXWRDVVHJQDWRFRQHYLGHQ]LDWDODTXRWDGLSDUWHFLSD]LRQHGHOIRQGRFRPXQLWDULR
)HDVU
x LPSRUWRHURJDELOHDWLWRORGLDQWLFLSRVHULFKLHVWRROHPRGDOLWjHLWHPSLSHUODHYHQWXDOHULFH]LRQH
GHOODGRPDQGDGLDQWLFLSR
x LOWHUPLQHPDVVLPRSHUO¶LQL]LRGHLODYRULFKHQRQGHYHHFFHGHUHLJLRUQLGDOODGDWDGLHPLVVLRQH
GHOO¶DWWRGLDVVHJQD]LRQH
x ODFDGHQ]DGHOOHFRPXQLFD]LRQLFRQOHTXDOLLOULFKLHGHQWHGHYHLQIRUPDUHO¶XIILFLRLVWUXWWRUHLQPHULWR
DOORVWDWRGLDYDQ]DPHQWRGHLODYRUL
x LWHUPLQLHOHPRGDOLWjSHUODULFH]LRQHGHOOHULFKLHVWHGLYDULDQWH
x LWHUPLQLHOHPRGDOLWjSHUODULFH]LRQHGHOOHULFKLHVWHGLSURURJD
x LWHUPLQLHOHPRGDOLWjSHUODULFH]LRQHGHOODGRPDQGDGLSDJDPHQWRDWLWRORGL6WDWRGL$YDQ]DPHQWR
/DYRUL6$/
x LOWHUPLQHSHUODULFH]LRQHGHOODGRPDQGDGLSDJDPHQWRGHOVDOGR
x LO WHUPLQH SHU O¶XOWLPD]LRQH GL WXWWL JOL LQYHVWLPHQWL DPPHVVL LQFOXVH OH DXWRUL]]D]LRQLFHUWLILFD]LRQL
QHFHVVDULH
$OOHJDWR$±3DJGL
%$1'20,685$ ±)$6(
x
OHLQGLFD]LRQLLQPHULWRDOOHPRGDOLWjGLSDJDPHQWRGHLIRUQLWRULHGDOOHPRGDOLWjGLUHQGLFRQWD]LRQH
DPPHVVH
x DOWUHSUHVFUL]LRQLHFRQGL]LRQLVSHFLILFKHFRPSUHVLJOLREEOLJKLGLSXEEOLFLWjGHLFRQWULEXWLULFHYXWLGDO
EHQHILFLDULR
x JOL LPSHJQL FKH JUDYHUDQQR VXO EHQHILFLDULR GXUDQWH O¶HVHFX]LRQH GHL ODYRUL H VXFFHVVLYDPHQWH DO
VDOGRGHLFRQWULEXWL
FLQYLDUHO¶DWWRGLDVVHJQD]LRQHDLEHQHILFLDULFRQWXWWHOHFRQGL]LRQLHSUHVFUL]LRQLGHOFDVR
GUHJLVWUDUHVXOVLVWHPD$57($JOLDWWLGLDVVHJQD]LRQHHPHVVLHOHHYHQWXDOLGRPDQGHUHVSLQWH FRPSUHVHOH
GDWHGHJOLDWWLVWHVVL
HGDUHFRPXQLFD]LRQHPRWLYDWDDLULFKLHGHQWLODFXLGRPDQGDqVWDWDUHVSLQWD
/¶DWWRGLDVVHJQD]LRQHROWUHDFRPSUHQGHUHJOLHOHPHQWLVRSUDLQGLFDWLqSUHGLVSRVWRGDOO¶XIILFLRLVWUXWWRUHQHO
ULVSHWWRGHOOHGLVSRVL]LRQLFRQWHQXWHQHO'$5HGHJOLLQGLUL]]LSURFHGXUDOLDSSURYDWLGDOO¶(QWHFRPSHWHQWH
4XDORUD OH ULVRUVH GLVSRQLELOL QRQ VLDQR LQ JUDGR GL FRSULUH SHU LQWHUR O¶LPSRUWR DPPLVVLELOH SHU O¶XOWLPD
GRPDQGDFROORFDWDXWLOPHQWHLQJUDGXDWRULDPDVXSHULQRLOPLQLPDOHSUHYLVWRGDOODPLVXUDODGRPDQGDSXz
HVVHUHILQDQ]LDWDSDU]LDOPHQWHLQEDVHDOOHULVRUVHGLVSRQLELOLHFRQOHPRGDOLWjSUHYLVWHGDO'$5DOSDUDJUDIR
³'RPDQGHSDU]LDOPHQWHILQDQ]LDELOL´SUHYLRDVVHQVRGHOULFKLHGHQWHUHVRVRWWRIRUPDGLGLFKLDUD]LRQH(¶
IDWWDVDOYDODSRVVLELOLWjGLVXFFHVVLYHLQWHJUD]LRQLDWDOLDWWLGLDVVHJQD]LRQHDVHJXLWRGLQXRYHGLVSRQLELOLWj
ILQDQ]LDULH UHVHVL GLVSRQLELOL QHOOR VWHVVR SHULRGR GL YDOLGLWj GHOOD JUDGXDWRULD GHILQLWLYD SHU HIIHWWR GL
HFRQRPLHGDDFFHUWDPHQWLILQDOLRGLXOWHULRULDVVHJQD]LRQL
/¶DVVHJQD]LRQH DQFKH SDU]LDOH GHO VRVWHJQR q FRPXQTXH VXERUGLQDWD DOOD UHDOL]]D]LRQH FRPSOHWD
GHOO¶LQYHVWLPHQWR SUHYLVWR IDWWD VDOYD OD SRVVLELOLWj SHU LO ULFKLHGHQWH GL ULGXUUH JOL LQYHVWLPHQWL SUHYLVWL QHO
ULVSHWWRGLWXWWHOHFRQGL]LRQLGLDFFHVVRHGLSULRULWjSUHYLVWHQHOEDQGR
,OPDQFDWRDVVHQVRDOSDU]LDOHILQDQ]LDPHQWRGDSDUWHGHOVRJJHWWRULFKLHGHQWHQRQqFRQVLGHUDWRULQXQFLDDO
ILQDQ]LDPHQWRSHUFXLODGRPDQGDPDQWLHQHLOGLULWWRDOILQDQ]LDPHQWRWRWDOHLQFDVRGLGLVSRQLELOLWjGLQXRYH
ULVRUVHRDOO¶LQVHULPHQWRDXWRPDWLFRQHOOHJUDGXDWRULHVXFFHVVLYH
,OVXEHQWURQHOODWLWRODULWjGHJOLDWWLGLDVVHJQD]LRQHSXzDYYHQLUHHVFOXVLYDPHQWHQHLFDVLSUHYLVWLGDO'$5
8OWHULRULGLVSRVL]LRQLHULQYLRDO'RFXPHQWR$WWXDWLYR5HJLRQDOH
6LULQYLDDLFDSLWROL6SHVH$PPLVVLELOLH3URFHGXUHSHUODJHVWLRQHGHOOHGRPDQGHGLDLXWRHGL
SDJDPHQWRSHUOHPLVXUHDVRVWHJQRGHJOLLQYHVWLPHQWLFRPSUHVRTXHOOHGHOO
DVVHGHO'$5SHUTXDQWR
QRQHVSUHVVDPHQWHSUHYLVWRQHOSUHVHQWHEDQGRHLQSDUWLFRODUHSHUTXDQWRULJXDUGDLVHJXHQWLDUJRPHQWL
)RUPD]LRQHJUDGXDWRULDSUHOLPLQDUH
&RPSOHWDPHQWRGRPDQGDGLDLXWR
5LFKLHVWDGHOFRPSOHWDPHQWRGHOODGRPDQGDGLDLXWR
,VWUXWWRULDFRPSOHWDPHQWRGRPDQGDGLDLXWR
(PLVVLRQHGHJOLDWWLGLDVVHJQD]LRQHGHLFRQWULEXWLRVWLSXODGHOODFRQYHQ]LRQH
$QWLFLSR
9DULDQWHLQFRUVRG
RSHUD
3URURJDGHLWHUPLQL
5LFKLHVWDGLSURURJD
&RPXQLFD]LRQLUHODWLYHDOODFHVVD]LRQHGLDWWLYLWjRDOODFHVVD]LRQHGHOODFRQGX]LRQHGHOO
LPSUHVD
$OWUHULFKLHVWHHFRPXQLFD]LRQLGLLQWHJUD]LRQHHRYDULD]LRQH
'RPDQGDGLSDJDPHQWR
&RUUH]LRQHHUURULSDOHVLFRQWHQXWLQHOOHGRPDQGHHQHOODGRFXPHQWD]LRQHSUHVHQWDWD
,VWUXWWRULDGLUHFXSHUR
*HVWLRQHGHLIOXVVLILQDQ]LDULHPRGDOLWjGLSDJDPHQWR
'LVSRVL]LRQLLQPDWHULDGLLQIRUPD]LRQHHSXEEOLFLWj
)DVLGHOSURFHGLPHQWRSHUOHPLVXUHHVFOXVRO¶DVVH
&9