9LWRYHQW' 'HVFUL]LRQHGHOSURGRWWR $SSDUHFFKLRGHFHQWUDOL]]DWRGLYHQWLOD]LRQHFRQUHFXSHURGHOFDORUHSHUORFDOLVLQJROLRDELWD]LRQL $ULDGLULSUHVD 9LWRYHQW'LQVWDOODWRQHOODSDUHWHHVWHUQD ,QWHUUXWWRUHUDGLRDFFHVVRULRSHULOWLSR+50$ *OLDSSDUHFFKLGLYHQWLOD]LRQH9LWRYHQW'YHQJRQRLQVWDOODWLGLUHW WDPHQWHQHOOHSDUHWLHVWHUQH,QFLDVFXQDSSDUHFFKLRGLYHQWLOD]LRQH VRQRLQWHJUDWLWXWWLLFRPSRQHQWLSHUO DHUD]LRQHHORVILDWRFRQWUROODWLGL XQDPELHQWHFRQUHFXSHURGHOFDORUH 6RQRUHJRODELOLYHORFLWjGLYHQWLOD]LRQHFRQSRUWDWDYROXPHWULFDILVVD GHOO DULDFRQIRUPHPHQWHDOODQRUPD',13HULOWLSR+50$ qGLVSRQLELOHXQDPRGDOLWjDXWRPDWLFDLQDEELQDPHQWRDXQVHQVRUHGL TXDOLWjGHOO DULD,QTXHVWRSURJUDPPDG HVHUFL]LRO DSSDUHFFKLRGLYHQ WLOD]LRQHUHJRODDXWRPDWLFDPHQWHODSRUWDWDYROXPHWULFDGHOO DULDLQ IXQ]LRQHGHOODFRQFHQWUD]LRQHGLJDVPLVFHODWLHRGHOO XPLGLWj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qSURWHWWR GDOOHLPSXULWj'RSRFKHO DULDGLULSUHVDKDFHGXWRDOO DULDHVWHUQDO H QHUJLDWHUPLFDQHOORVFDPELDWRUHGLFDORUHLQFRQWURFRUUHQWHIXRULHVFH FRPHDULDHVSXOVDDWWUDYHUVRO HOHPHQWRGLFRSHUWXUDSDUHWHHVWHUQD ,OWLSR+50$GLVSRQHGLSURJUDPPLG HVHUFL]LRLQFXLODIXQ]LRQHGL UHFXSHURGHOFDORUHq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qDOO LQVHJQDGHOFRPIRUWJUD]LHDOO LQWHUUXWWRUH UDGLRGLVSRQLELOHFRPHDFFHVVRULR3RLFKpqGHOWLSRSLH]RHOHWWULFR TXHVWRLQWHUUXWWRUHQRQIXQ]LRQDDSLOH/ HQHUJLDHOHWWULFDQHFHVVDULD DOODWUDVPLVVLRQHGHOVHJQDOHYLHQHJHQHUDWDSUHPHQGRO LQWHUUXWWRUH VLVHQWHXQFOLFPHGLDQWHXQFULVWDOORSLH]RHOHWWULFRHVHQWHGD PDQXWHQ]LRQH&RQLQWHUUXWWRUHUDGLRVLSRVVRQRJHVWLUHILQRDXQ PDVVLPRGLDSSDUHFFKLGLYHQWLOD]LRQHDSSDUHFFKLRGLYHQWLOD ]LRQHSXzHVVHUHFRPDQGDWRWUDPLWHPD[LQWHUUXWWRULUDGLR 3HUHOLPLQDUHGDJOLDPELHQWLO XPLGLWjIRUPDWDVLGHYRQRHVVHUHVHP SUHLQIXQ]LRQHWXWWLJOLDSSDUHFFKLGLYHQWLOD]LRQH 6HVLVSHJQHXQDSSDUHFFKLRVXVVLVWHLOSHULFRORGLFRQGHQVD]LRQH QHOO DSSDUHFFKLRGLYHQWLOD]LRQHHVXOFRUSRGHOO HGLILFLRGDQQLGRYXWL DOO XPLGLWj 9DQWDJJL Ŷ 8QIXQ]LRQDPHQWRFRVWDQWHJDUDQWLVFHGHOOHWHPSHUDWXUHDPELHQWH SLDFHYROL Ŷ 1HVVXQGDQQRVWUXWWXUDOHJUD]LHDOODJHVWLRQHHTXLOLEUDWDGHOO XPL GLWj Ŷ ,QTXLQDPHQWRGDRGRULULGRWWR Ŷ ,QVWDOOD]LRQHVHPSOLFHQHOODSDUHWHHVWHUQDVHQ]DFRQGRWWLGHOO DULD ²LGHDOHLQFDVRGLUDPPRGHUQDPHQWRRLQVWDOOD]LRQLVXFFHVVLYH Ŷ ,PDQLFRWWLSDVVDPXURSHUSDUHWLJUH]]HIDFLOLWDQRO LQVWDOOD]LRQHVXF FHVVLYDGHOO DSSDUHFFKLRGLYHQWLOD]LRQH Ŷ /HILQHVWUHFKLXVHRIIURQRXQDPDJJLRUHVLFXUH]]DFRQWURLIXUWLHXQD PDJJLRUHSURWH]LRQHGDLUXPRULHVWHUQL (OHPHQWRGLFRSHUWXUDSDUHWHHVWHUQD 9HQWLODWRUH 6FDPELDWRUHGLFDORUHLQFRQWURFRUUHQWH 0DQLFRWWRSDVVDPXURTXDGUR (OHPHQWRGLFRSHUWXUDSDUHWHLQWHUQD )LOWUR $QHOOLGLSUROXQJDSHUO DSSDUHFFKLRGLYHQWLOD]LRQH Ŷ ,GHDOHSHUJOLDOOHUJLFLJUD]LHDOILOWUDJJLRGHOO DULDHVWHUQD Ŷ 9HQWLODWRULVLOHQ]LRVLHDOO LQVHJQDGHOULVSDUPLRHQHUJHWLFR Ŷ $SSRUWRGLDULDHVWHUQDFDUDWWHUL]]DWRGDGLVSHUVLRQLGLFDORUHULGRWWH JUD]LHDOODJUDQGHTXDQWLWjGLFDORUHUHFXSHUDWRGDOO DULDGLULSUHVD ²FLzFRQWULEXLVFHDXQDULGX]LRQHGHLFRVWLGLULVFDOGDPHQWR Ŷ 5HJROD]LRQHLQWHJUDWDSHUXQIDFLOHLPSLHJR Ŷ 3HUO LQVWDOOD]LRQHRFFRUUHVROWDQWRXQDSUHVDGD9²XQ LPSR VWD]LRQHGHOO DSSDUHFFKLRQRQqQHFHVVDULD 6WDWRGLIRUQLWXUD 7LSR+5$ = ; ; ; 7LSR+50$ = ; ; ; ; ; ; ; ; ; ; SURJUDPPLG HVHUFL]LR SURJUDPPLG HVHUFL]LR )'")!' ,7 9LWRYHQW' $UWLFROR ,QYROXFURVHQ]DSRQWLWHUPLFLLQPDWHULDOHVLQWHWLFR(33 (OHPHQWRGLFRSHUWXUDSDUHWHLQWHUQDELDQFR YHQWLODWRULFRQPRWRULQL(&DFRUUHQWHFRQWLQXDYHORFLWjGLYHQWLOD ]LRQH 6FDPELDWRUHGLFDORUHLQFRQWURFRUUHQWH )LOWURSHUDULDGLULSUHVD* )LOWURDULDHVWHUQD) 3UHVDDGLQQHVWRSHUUDGLRULFHYLWRUHSHULOFROOHJDPHQWRGLLQWHUUXWWRUL UDGLR 5HJROD]LRQHLQWHJUDWDFRQ 9LWRYHQW'FRQWLQXD 9LWRYHQW' 7LSR+5$ $UWLFROR = )XQ]LRQDPHQWRDXWRPDWLFRLQDEELQDPHQWRDOVHQVRUHGLTXDOLWjGHO O DULDDFFHVVRULR )XQ]LRQDPHQWRVHQ]DUHFXSHURGHOFDORUHDGHVSHULOUDIIUHGGDPHQWR RSHUODGHXPLGLILFD]LRQH 7LSR+50$ = ; ; $FFHVVRULRULFKLHVWR Ŷ 0DQLFRWWRSDVVDPXURTXDGURFRQHOHPHQWRGLFRSHUWXUDSDUHWH HVWHUQDDUWLFROR=YHGLSDJLQD RSSXUH Ŷ 0DQLFRWWRSDVVDPXURWRQGRFRQHOHPHQWRGLFRSHUWXUDSDUHWH HVWHUQDDUWLFROR=YHGLSDJLQD ,7 )'")!' 9LWRYHQW'FRQWLQXD 'DWLWHFQLFL 'DWLWHFQLFL PK PK PK PK PK PK PK & & & & NJ 3RWHQ]DHOHWWULFDPD[DVVRUELWD 0D[DVVRUELPHQWRGLFRUUHQWH 7LSRGLSURWH]LRQH &ODVVHGLSURWH]LRQHFRQPHVVDDWHUUD : $ ,3 +5$ ± +50$ ± PDWHULDOHSODVWLFR$%6 ELDQFR PDWHULDOHVLQWHWLFR(33 ) ) * * PDWHULDOHVLQWHWLFR3(7* 13( 9+] ; ; , , 3RWHQ]DHOHWWULFDDVVRUELWDHYHORFLWjGLYHQWLOD]LRQH 3RUWDWDYROXPHWULFDGHOO DULD 3RWHQ]DHOHWWULFDDVVRUELWD PK : 9HORFLWjGLYHQWLOD]LRQH 'DWLWHFQLFLDFXVWLFL 3RWHQ]DVRQRUDQHOO DPELHQWHVHFRQGR(1,62 3URJUDPPDG HVHUFL]LR 9HORFLWjGL 3RUWDWDYROX YHQWLOD]LRQH PHWULFDGHOO D ULDLQPK 9HQWLOD]LRQHGLEDVH 9HQWLOD]LRQHULGRWWD 9HQWLOD]LRQHQRUPDOH 9HQWLOD]LRQHLQWHQVLYD /LYHOORGLUXPRURVLWjLQG% FRQIUHTXHQ]DPHGLDGHOODEDQGDGLRWWDYHLQ+] /LYHOORGLUXPRURVLWjQHOO DPELHQWHVHFRQGROD(1,62 3URJUDPPDG HVHUFL]LR 9HORFLWjGL 3RUWDWDYROX YHQWLOD]LRQH PHWULFDGHOO D ULDLQPK 9HQWLOD]LRQHGLEDVH 9HQWLOD]LRQHULGRWWD 9HQWLOD]LRQHQRUPDOH 9HQWLOD]LRQHLQWHQVLYD /LYHOORGLUXPRURVLWjLQG%$DPGLGLVWDQ]D $UHDDPELHQWHLQP 7RWDOH )'")!' ,7 7LSR 3RUWDWHYROXPHWULFKHGHOO DULD 9HQWLOD]LRQHGLEDVHYHORFLWjGLYHQWLOD]LRQH 9HQWLOD]LRQHULGRWWDYHORFLWjGLYHQWLOD]LRQH 9HQWLOD]LRQHQRUPDOHYHORFLWjGLYHQWLOD]LRQH 9HQWLOD]LRQHLQWHQVLYDYHORFLWjGLYHQWLOD]LRQH )XQ]LRQDPHQWRDXWRPDWLFRYHORFLWjYDULDELOHGLYHQWLOD]LRQH )XQ]LRQDPHQWRDGDULDGLPDQGDWDYHORFLWjGLYHQWLOD]LRQH )XQ]LRQDPHQWRDGDULDGLULSUHVDYHORFLWjGLYHQWLOD]LRQH 7HPSHUDWXUDDULDHVWHUQD 0LQ 0D[ 7HPSHUDWXUDDPELHQWH 0LQ 0D[ 5LYHVWLPHQWRHVWHUQR 0DWHULDOH &RORUHGHJOLHOHPHQWLGLFRSHUWXUDSDUHWHLQWHUQDHGHVWHUQD 0DWHULDOHGHLFRPSRQHQWLSUHVVRIXVLGHOO LVRODPHQWRDFXVWLFRHGLTXHOORWHUPLFR 3HVRFRPSOHVVLYR 4XDQWLWjGLYHQWLODWRULUDGLDOLDFRUUHQWHFRQWLQXD(& &ODVVHGLILOWURVHFRQGR(1 )LOWURSHUDULDHVWHUQD )LOWURSHUDULDGLULSUHVD 6FDPELDWRUHGLFDORUHLQFRQWURFRUUHQWH *UDGRGLUHFXSHURVHFRQGR'L%W *UDGRGLUHFXSHURGLFDORUHVHFRQGR(1 0DWHULDOH 9DORULHOHWWULFL 7HQVLRQHQRPLQDOH 9LWRYHQW'FRQWLQXD ,QGLFHGLLVRODPHQWRDFXVWLFRQHOO DPELHQWHVHFRQGR(1,62 3URJUDPPDG HVHUFL]LR 9HORFLWj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jGHOO DULD )LOWULSHUDULDGLPDQGDWDHDULDGLULSUHVDYHGLGDSDJLQD 6HULHGLILOWULSHUDULDGLPDQGDWDHDULDGLULSUHVD)* $UWLFROR 9LWRYHQW' 7LSR+5$ 7LSR+50$ = ; ; = ; ; ; ; ; ; ; ; $FFHVVRULVSHFLILFLSHUO DSSDUHFFKLR 0DQLFRWWRSDVVDPXURTXDGURFRQHOHPHQWRGLFRSHUWXUDSDUHWHHVWHUQD Ŷ 3RVVLELOLWjGLPRQWDUHLQWHPSLGLYHUVLLOPDQLFRWWRSDVVDPXURHO DS SDUHFFKLRGLYHQWLOD]LRQH Ŷ (OHPHQWRGLFRSHUWXUDSDUHWHHVWHUQDUHVLVWHQWHDLUDJJL89FRQ JRFFLRODWRLRSHUDFTXDGLFRQGHQVD ,7 $UWLFROR= Ŷ 3HULOPRQWDJJLRGHOO DSSDUHFFKLRGLYHQWLOD]LRQHLQXQ DSHUWXUDTXD GUDWDVXOODSDUHWHPLQ[PP Ŷ 3HUVSHVVRULGHOODSDUHWHFRPSUHVLWUDHPPSRVVLELOLWjGL SUROXQJD )'")!'