MAKING MODERN LIVING POSSIBLE
UniLynx Indoor/Outdoor
Manuale di Riferimento
ULX 1800i • ULX 1800o
ULX 3000i • ULX 3000o
ULX 3600i • ULX 3600o
ULX 5400i • ULX 5400o
SOLAR INVERTERS
6RPPDULR
6RPPDULR
,QWURGX]LRQH
,QWURGX]LRQH
9HUVLRQHVRIWZDUH
9HUVLRQLGHOPDQXDOH
'RFXPHQWD]LRQHGLVSRQLELOH
&RPHXWLOL]]DUHTXHVWRPDQXDOH
'HQRPLQD]LRQLXWLOL]]DWH$YYHUWHQ]D$WWHQ]LRQH1RWD
,QIRUPD]LRQLLPSRUWDQWLGLVLFXUH]]D
1RUPHJHQHULFKHGLVLFXUH]]DSHUODYRUDUHFRQDSSDUHFFKLDWXUHHOHWWULFKH
'LPHQVLRQDPHQWRGHOVLVWHPD
,QWHUUXWWRUHGLVFRQQHVVLRQH&&
'HVFUL]LRQHWHFQLFDGHJOLLQYHUWHU
6WUXWWXUDGHJOLLQYHUWHU
3URJHWWD]LRQHPHFFDQLFD
*HVWLRQHWHUPLFD
3URJHWWD]LRQHHOHWWULFDHVLVWHPLGLEXV
5LGX]LRQHGHOODSRWHQ]DHOLPLWD]LRQHGHOODSRWHQ]DGLLQJUHVVR
'HVFUL]LRQHGHOOHIXQ]LRQDOLWj
'HILQL]LRQHGHLPRGLGLIXQ]LRQDPHQWR
0RGRGLIXQ]LRQDPHQWRGLVSOD\
&RQQHVVLRQHDOODUHWH
7UDVPLVVLRQHGHOO
HQHUJLDDOODUHWHGLGLVWULEX]LRQH
'LVFRQQHVVLRQHGDOODUHWH
0RQLWRUDJJLRGHOODUHWHHSURWH]LRQHDQWLLVROD
6LFXUH]]DIXQ]LRQDOH(16
&RPHDJLVFHODIXQ]LRQDOLWj6LFXUH]]D(16
,PSRVWD]LRQL6LFXUH]]DIXQ]LRQDOH(16
,QWHUIDFFLDXRPRPDFFKLQD
8QLWjGLVSOD\LQWHJUDWD
3XOVDQWLDSUHVVLRQH
1DYLJD]LRQHQHLPHQXGHOGLVSOD\
0HWRGRGLLPPLVVLRQHSHUODVHOH]LRQHGLXQRJJHWWR
0HWRGRGLLPPLVVLRQHSHUOHSDVVZRUG
&DPELDPHQWR$XWRPDWLFRGHOOD)XQ]LRQHYLVXDOL]]DWDVXO'LVSOD\
6WUXWWXUDGHLPHQX
'HVFUL]LRQHGHOOHIXQ]LRQLGHOGLVSOD\
/B
6RPPDULR
3DQRUDPLFDVH]LRQHPHQX$
3DQRUDPLFDVH]LRQHPHQX%
3DQRUDPLFDVXOODVH]LRQH&GHLPHQX
,PSRVWD]LRQLGHOO¶LQYHUWHU
,PSRVWD]LRQLGHOO¶LQYHUWHU
,PSRVWD]LRQHGHOSDHVH
&RQILJXUD]LRQHGHOVLVWHPD)9
&RQILJXUD]LRQHGHOVLVWHPD)9
)XQ]LRQDPHQWRFRQVWULQJKHLQGLSHQGHQWL
)XQ]LRQDPHQWRFRQVWULQJKHSDUDOOHOH
&RQILJXUD]LRQH)9
7HVWGLFRQILJXUD]LRQH)9
,QVWDOOD]LRQHHDYYLDPHQWR
,QVWDOOD]LRQHHDYYLDPHQWR
6HTXHQ]DG
LQVWDOOD]LRQH
'LVLPEDOODJJLRHYHULILFDGHLFRQWHQXWL
6FHOWDGHOOXRJRGLLQVWDOOD]LRQH
6SHFLILFDGHOO
DPELHQWHGLLQVWDOOD]LRQHLQWHUQR
6SHFLILFKHSHUO¶DPELHQWHGLLQVWDOOD]LRQHHVWHUQR
'LPHQVLRQLHVFKHPLGLPRQWDJJLR
0RQWDJJLRGHOO
LQYHUWHU
3DQRUDPLFDGHJOLLQYHUWHU
&ROOHJDPHQWRGHOOHVWULQJKH
&RQQHVVLRQHGLVWULQJKHFRQILJXUD]LRQHLQGLYLGXDOHGHIDXOW
&RQQHVVLRQHGLVWULQJKHFRQILJXUD]LRQHSDUDOOHOD
7HVWGLFRQILJXUD]LRQH)9
0RGDOLWjFRQILJXUD]LRQH)9
3HUFKpqLPSRUWDQWHULGXUUHLOYDORUHGHL92&QHOODPRGDOLWj0DVWHU6ODYH"
5HTXLVLWLGHOFDYR&$
$QDOLVLUHWH
&RQQHVVLRQHDOODUHWH&$
$XWRWHVW,QYHUWHUVROR,WDOLD
$YYLDPHQWR
/LVWDGLFRQWUROORSHUO¶LQVWDOOD]LRQH
$VVLVWHQ]DHULSDUD]LRQH
6LFXUH]]DGXUDQWHOHIDVLGLDVVLVWHQ]DHULSDUD]LRQH
&RPHDSULUHFKLXGHUHO
XQLWjLQGRRU
&RPHDSULUHFKLXGHUHO
XQLWjGDHVWHUQR
/B
6RPPDULR
,QGLYLGXD]LRQHJXDVWR
5LVROX]LRQHGHLSUREOHPL
(YHQWL
0HVVDJJLGLHYHQWRGHOO¶LQYHUWHU
$]LRQHFRUUHWWLYD
&RPHXWLOL]]DUH6RIWZDUHGLDVVLVWHQ]D
0DQXWHQ]LRQH
3XOL]LDGHO&DELQHW
3XOL]LDGHOGLVVLSDWRUH
3XOL]LDGHOODYHQWRODHVWHUQDYHUVLRQHGDHVWHUQR
'DWLWHFQLFL
6SHFLILFKHJHQHUDOL
6SHFLILFKHSHUJOLLQYHUWHU
6WDQGDUG
6SHFLILFKHGHOPRGXOR&&LQPHGLDWHQVLRQH
6SHFLILFKHGHOPRGXOR&&LQLQJUHVVRDGDOWDWHQVLRQH
(IILFLHQ]DFRQHVHQ]D0DVWHU6ODYH
$SSURYD]LRQLHFHUWLILFD]LRQL
&RQIRUPLWj
'LFKLDUD]LRQHGLFRQIRUPLWj&(
6LFXUH]]DIXQ]LRQDOH9'(
'LFKLDUD]LRQHGLFRQIRUPLWj9'(:*HUPDQLD
'LFKLDUD]LRQHGLFRQIRUPLWj6SDJQD'HFUHWR5HDOH5'
'LFKLDUD]LRQHGLFRQIRUPLWj,WDOLD'.
'LFKLDUD]LRQHGLFRQIRUPLWj*UHFLD
/B
,QWURGX]LRQH
,QWURGX]LRQH
,QWURGX]LRQH
4XHVWRPDQXDOHGHVFULYHJOLLQYHUWHU'DQIRVV8/;LR8/;LR8/;L
RH8/;LR4XHVWLPRGHOOLVRQRIUDJOLLQYHUWHUWHFQRORJLFDPHQWHSLDYDQ]DWLHG
HIILFLHQWLSUHVHQWLVXOPHUFDWRHJDUDQWLVFRQRXQ
DOLPHQWD]LRQHVWDELOHSHUPROWLDQQL
/
LQYHUWHU8/;qXQLQYHUWHUGRWDWRGLWUDVIRUPDWRUHFRQLVRODPHQWRJDOYDQLFR
9DULDQWLLQYHUWHU
'LVHJQR*DPPDLQWHUQL8/;
'LVHJQR8/;*DPPDHVWHUQL
/B
,QWURGX]LRQH
,QYHUWHU8QL/\Q[
/DQRVWUDJDPPDGLLQYHUWHUPRQRIDVHFRPSUHQGHPRGHOOLGDHN:LQYHUVLRQLDGDOWDHPHGLD
WHQVLRQHGLVSRQLELOLDQFKHLQGXHYHUVLRQLGLDUPDGL*OLLQYHUWHULQGRRUKDQQRXQDUPDGLR,3*OLLQYHUWHU
RXWGRRUKDQQRXQDUPDGLR,3HVRQRUHVLVWHQWLDSLRJJLDQHYHHSROYHUH
&XVWRGLD,3
7LSR 0D[SR $UPDGLGD 0HGLD$OWD 'LVSOD\LQ &RPXQLFD 6H]LRQD &RQQHWWRUL
WHQ]D&$ LQWHUQR
WHQVLRQH
WHJUDWR ]LRQH56 WRUHVRWWR
HVWHUQR
FDULFR&&
8/;
L
09
,'
'&
0&
8/;
L
09
,'
'&
0&
8/;
L
09
,'
'&
0&
8/;
L
09
,'
'&
0&
8/;
L
+9
,'
'&
0&
8/;
L
+9
,'
'&
0&
8/;
L
+9
,'
'&
0&
8/;
L
+9
,'
'&
0&
&XVWRGLD,3
7LSR 0D[SR $UPDGLGD 0HGLD$OWD 'LVSOD\LQ &RPXQLFD 6H]LRQD &RQQHWWRUL
WHQ]D&$ LQWHUQR
WHQVLRQH
WHJUDWR ]LRQH56 WRUHVRWWR
HVWHUQR
FDULFR&&
8/;
R
09
,'
'&
0&
8/;
R
09
,'
'&
0&
8/;
R
09
,'
'&
0&
8/;
R
09
,'
'&
0&
8/;
R
+9
,'
'&
0&
8/;
R
+9
,'
'&
0&
8/;
R
+9
,'
'&
0&
8/;
R
+9
,'
'&
0&
9HUVLRQHVRIWZDUH
8/;,QYHUWHU
'DQIRVV0DQXDOHGLULIHULPHQWR
9HUVLRQHVRIWZDUH
4XHVWRPDQXDOHGLULIHULPHQWRSXzHVVHUH
XWLOL]]DWRSHUWXWWLJOLLQYHUWHU'DQIRVV8/;
FRQYHUVLRQHVRIWZDUH
6RIWZDUH
6HWWLPDQD
9HUVLRQLGHOPDQXDOH
4XHVWDqODWHU]DYHUVLRQHGHO'DQIRVV8/;PDQXDOHGLULIHULPHQWR
'RFXPHQWD]LRQHGLVSRQLELOH
3HUJOLLQYHUWHU'DQIRVV8/;qGLVSRQLELOHODVHJXHQWHGRFXPHQWD]LRQH
‡
'DQIRVV0DQXDOHGLULIHULPHQWR
‡
'DQIRVV0DQXDOHXWHQWHYHUVLRQLLQGRRU/;;PXOWLOLQJXH
‡
'DQIRVV0DQXDOHGL,QVWDOOD]LRQHYHUVLRQLLQGRRU/;;PXOWLOLQJXH
‡
'DQIRVV0DQXDOHXWHQWHYHUVLRQLRXWGRRU/;;PDQXDOHPXOWLOLQJXH
‡
'DQIRVV0DQXDOHGL,QVWDOOD]LRQHYHUVLRQLRXWGRRU/;;PDQXDOHPXOWLOLQJXH
‡
'DQIRVV0DQXDOH$XWRWHVW
‡
6RIWZDUHGLDVVLVWHQ]D0DQXDOH
;; YHUVLRQHGHOPDQXDOH
/B
,QWURGX]LRQH
&RPHXWLOL]]DUHTXHVWRPDQXDOH
/HJJHUHOHLVWUX]LRQLHOHQRUPHGLVLFXUH]]DFRQWHQXWHLQTXHVWRPDQXDOHSULPDGLSURFHGHUHFRQ
O
LQVWDOOD]LRQH,OSUHVHQWHPDQXDOHSUHVXSSRQHVHPSUHFKHLOOHWWRUHDEELDXQDFRQRVFHQ]DDS
SURIRQGLWDGHOOHLQVWDOOD]LRQLGLSURGRWWLHOHWWULFL&$H&&HFRQRVFDUHJROHHQRUPDWLYHUHODWLYHDOOH
DSSDUHFFKLDWXUHHOHWWULFKHHDOFROOHJDPHQWRGLTXHVWHFRQODUHWH&$SXEEOLFDÊGLSDUWLFRODUH
LPSRUWDQ]DXQDFRQRVFHQ]DDSSURIRQGLWDGHOOHQRUPHGLVLFXUH]]DUHODWLYHDOOHDSSDUHFFKLDWXUH
HOHWWULFKH
'HQRPLQD]LRQLXWLOL]]DWH$YYHUWHQ]D$WWHQ]LRQH
1RWD
1HO SUHVHQWH PDQXDOH OH LQIRUPD]LRQL GL SDUWLFRODUH LPSRUWDQ]D YHQJRQR PRVWUDWH FRQ GLYHUVH
LQGLFD]LRQLJUDILFKHDVHFRQGDGHOWLSRFRPHPRVWUDWRDODWR
,PSRUWDQWL LQIRUPD]LRQL UHODWLYH DOOD VLFXUH]]D SHU O¶XRPR /D YLROD]LRQH GL TXHVWL
DYYLVLSXzHVVHUHFDXVDGLOHVLRQLSHUVRQDOLRPRUWH
,QIRUPD]LRQLLPSRUWDQWLUHODWLYHDOODSURWH]LRQHGHOSURGRWWRSRVVHGXWR/DYLROD]LRQH
GLTXHVWRWLSRGLLQIRUPD]LRQLSXzFDXVDUHGDQQLHODSHUGLWDGHOODSURSULHWj
1RWD
,QIRUPD]LRQLXWLOLUHODWLYHD³6XJJHULPHQWLH,QGLFD]LRQL´VXVSHFLILFLDUJRPHQWL
,QIRUPD]LRQLLPSRUWDQWLGLVLFXUH]]D
/HJJHUHTXHVWHLVWUX]LRQLSULPDGLLQVWDOODUHPHWWHUHLQIXQ]LRQHRHVHJXLUHODPDQXWHQ]LRQHGHO
O
LQYHUWHU
/B
,QWURGX]LRQH
3ULPDGHOO¶LQVWDOOD]LRQH
&RQWUROODUHO
HYHQWXDOHSUHVHQ]DGLGDQQLDOO¶LQYHUWHUHDOO¶LPEDOOR,QFDVRGLGXEEL
FRQWDWWDUHLOIRUQLWRUHGLILGXFLDSULPDGLSURFHGHUHFRQO¶LQVWDOOD]LRQHGHOO
LQYHUWHU
9HULILFDUH OH WHQVLRQL GHL PRGXOL VRODUL H DFFHUWDUVL FKH TXHVWH VLDQR HQWUR L OLPLWL
SUHYLVWLGDOOHFDUDWWHULVWLFKHWHFQLFKHGHOO
LQYHUWHU'DQIRVVSULPDGLFROOHJDUOLDOO
LQ
YHUWHUVWHVVRYHGHUHODVH]LRQH³&RQQHVVLRQHGHOOHVWULQJKH´
,QVWDOOD]LRQH
/¶LQYHUWHUSXzHVVHUHLQVWDOODWRVRORGDSHUVRQDOHDGGHVWUDWRHDXWRUL]]DWRFKHDEELD
XQ
DGHJXDWDFRQRVFHQ]DGHOOHQRUPDWLYHHOHWWULFKHORFDOL3HUXQDGHJXDWROLYHOORGL
VLFXUH]]DVHJXLUHVHPSUHOHLVWUX]LRQLLQGLFDWHQHOSUHVHQWHPDQXDOH7HQHUHSUH
VHQWHFKHO¶LQYHUWHUqVRWWRWHQVLRQHGDGXHODWLGLYHUVLLQJUHVVR)9HUHWH&$
'LVFRQQHVVLRQHGHOO
LQYHUWHU
&RPHSULPDFRVDGLVFRQQHWWHUHVHPSUHODOLQHD&$'LVFRQQHWWHUHTXLQGLOHOLQHH)9
1RWDUHFKHO
LQYHUWHUSXzHVVHUHDOLPHQWDWRFRQWHQVLRQLPROWRHOHYDWHDQFKHTXDQGR
YLHQHGLVFRQQHVVRGDOODUHWHDOLPHQWD]LRQHHGDLPRGXOLVRODUL'RSRDYHUHIIHWWXDWR
ODGLVFRQQHVVLRQHGDOODUHWHHGDLSDQQHOOL)9DWWHQGHUHDOPHQRPLQXWLSULPDGL
SURFHGHUH
)XQ]LRQDPHQWRGHOO
LQYHUWHU
3ULPDGLFROOHJDUHODUHWH&$DOO
LQYHUWHUDFFHUWDUVLFKHLOFRSHUFKLRGLPRQWDJJLRVLD
VWDWRULPRQWDWR/
LQYHUWHUQRQGHYHHVVHUHDSHUWRQHOFRUVRGHOO
RSHUD]LRQH
0DQXWHQ]LRQHHPRGLILFD
/DULSDUD]LRQHRPRGLILFDGHOO
LQYHUWHUSXzHVVHUHHVHJXLWDVRORGDOSHUVRQDOHDXWR
UL]]DWR3HUJDUDQWLUHXQDVLFXUH]]DRWWLPDOHDOO
XWHQWHHDOO
DPELHQWHHVWHUQRXWLOL]
]DUHVRORULFDPELRULJLQDOLGLVSRQLELOLSUHVVRLOSURSULRIRUQLWRUHGLILGXFLD
3DUDPHWULGLVLFXUH]]DIXQ]LRQDOH
/HPRGLILFKHQRQDXWRUL]]DWHGHLSDUDPHWULGLVLFXUH]]DIXQ]LRQDOHSRVVRQRFDXVDUH
OHVLRQLRLQFLGHQWLFRQGDQQLDOOHSHUVRQHRDOO
LQYHUWHU,QROWUHLPSOLFDQRODSHUGLWD
GLYDOLGLWjGLWXWWLLFHUWLILFDWLGLDXWRUL]]D]LRQHUHODWLYLDOIXQ]LRQDPHQWRGHOO
LQYHUWHU
*OLLQYHUWHU'DQIRVVQHOFDPSR8/;VRQRWXWWLSURJHWWDWLLQEDVHDOODQRUPDWHGHVFD
GHO9'(IHEEUDLR
,QFDVRGLXWLOL]]RGLULFDPELQRQRULJLQDOLQRQVLJDUDQWLVFHODSLHQDFRQIRUPLWjFRQ
OHGLUHWWLYH&(UHODWLYDPHQWHDOODVLFXUH]]DHOHWWULFDHDOODVLFXUH]]D(0&FRPSDWL
ELOLWjHOHWWURPDJQHWLFD
1RUPHJHQHULFKHGLVLFXUH]]DSHUODYRUDUHFRQDS
SDUHFFKLDWXUHHOHWWULFKH
7XWWHOHSHUVRQHFKHLQVWDOODQRHVHJXRQRVHUYL]LGLPDQXWHQ]LRQHRDVVLVWHQ]DVXJOLLQYHUWHUGR
YUHEEHURDYHUULFHYXWRXQDGHJXDWRDGGHVWUDPHQWRHGHVVHUHHVSHUWLVXOOHQRUPHGLVLFXUH]]DGD
RVVHUYDUHTXDQGRVLODYRUDVXDSSDUHFFKLDWXUHHOHWWULFKH
,OSHUVRQDOHDGGHWWRDOO¶LQVWDOOD]LRQHHDOO¶DVVLVWHQ]DGRYUHEEHHVVHUHLQROWUHHVSHUWRLQIDWWRGL
UHTXLVLWLQRUPHHUHJRODPHQWLDOLYHOORORFDOHQRQFKpHVVHUHDFRQRVFHQ]DGHLUHTXLVLWLGLVLFX
UH]]D
,QGLFKLDPRGLVHJXLWRFLQTXHQRUPHXQLYHUVDOPHQWHGLIIXVHHULFRQRVFLXWHFRPHHVHPSLRGLOLQHH
JXLGDJHQHUDOLSHUODVLFXUH]]D4XHVWRHOHQFRQRQYDFRQVLGHUDWRLQDOFXQDPLVXUDFRPHGLSHU
VpVXIILFLHQWH
/B
,QWURGX]LRQH
2JQLSHUVRQDFKHHVHJXHXQODYRURVXXQ¶DSSDUHFFKLDWXUDHOHWWULFDqUHVSRQVDELOH
SHUODVLFXUH]]DGHOOHDOWUHSHUVRQHHGHOSURGRWWR
'LVFRQQHVVLRQH
3ULPDGLLQL]LDUHTXDOXQTXHWLSRGLODYRURGLVFRQQHWWHUHWXWWLLFDYLFKHIRUQLVFRQR
WHQVLRQHHOHWWULFDDOO
DUHDGLODYRUR7HQHUHSUHVHQWHFKHODPDQFDQ]DGLWHQVLRQH
QRQJDUDQWLVFHFKHODGLVFRQQHVVLRQHVLDVWDWDUHJRODUPHQWHHVHJXLWD
3URWH]LRQHFRQWURODULFRQQHVVLRQH
3HUHYLWDUHFKHLOVLVWHPDSRVVDULFRQQHWWHUVLFRQWUDVVHJQDUHFKLXGHUHREORFFDUH
O¶DUHDGLODYRUR8QDULFRQQHVVLRQHQRQLQWHQ]LRQDOHSXzHVVHUHFDXVDGLJUDYLLQFL
GHQWL
9HULILFDFKHLOVLVWHPDVLDSULYRGLWHQVLRQH
$FFHUWDUVLFRQODPDVVLPDVLFXUH]]DFKHLOVLVWHPDVLDSULYRGLWHQVLRQHXWLOL]]DQGR
XQYROWPHWUR9HULILFDUHWXWWLLWHUPLQDOLSHUDFFHUWDUVLFKHLOVLVWHPDVLDSULYRGLWHQ
VLRQHVXRJQLVLQJRORFRQGXWWRUH
0HVVDDWHUUDHFRUWRFLUFXLWR
,VLVWHPLFRQWHQVLRQHQRPLQDOHVXSHULRUHD9GHYRQRHVVHUHPHVVLDWHUUDH
FRUWRFLUFXLWDWL3RVL]LRQDUHLOFRQGXWWRUHGLSURWH]LRQHHLOSRQWHGLFRUWRFLUFXLWRLQ
PRGRFKHULVXOWLQRYLVLELOLGDOO¶DUHDODYRUDWLYD
&RSHUWXUDGLFRPSRQHQWLDGLDFHQWLVRWWRWHQVLRQHHLPSHGLPHQWRGHOO
DF
FHVVRGDSDUWHGLDOWUHSHUVRQH
&RSULUHWXWWLLFRPSRQHQWLGLVLVWHPLVRWWRWHQVLRQHFKHSRWUHEEHURHVVHUHFDXVDGL
LQFLGHQWL GXUDQWH LO ODYRUR $FFHUWDUVL FKH OH DUHH D ULVFKLR VLDQR DGHJXDWDPHQWH
FRQWUDVVHJQDWH
'LPHQVLRQDPHQWRGHOVLVWHPD
'XUDQWHLOGLPHQVLRQDPHQWRGLXQVLVWHPDIRWRYROWDLFRqIRQGDPHQWDOHDVVLFXUDUVL
FKHODWHQVLRQHDFLUFXLWRDSHUWRGHOODVWULQJD)9QRQVXSHULPDLODPDVVLPDWHQVLRQH
GLLQJUHVVRFRQVHQWLWDGL9&&PRGXOR09&&HGL9&&PRGXOR+9&&
/DWHQVLRQHDFLUFXLWRDSHUWRGHOODVWULQJD)9GXUDQWHLOIXQ]LRQDPHQWRDVWULQJKH
SDUDOOHOHqULVSHWWLYDPHQWH9PRGXOR07H9PRGXOR$77HQVLRQLSL
HOHYDWHSRVVRQRDYHUHFRPHFRQVHJXHQ]DLOGDQQHJJLDPHQWRSHUPDQHQWHGHOO
LQ
YHUWHU
,Q(XURSDODWHQVLRQHDFLUFXLWRDSHUWRGHOODVWULQJD)9YLHQHGLQRUPDFDOFRODWDDXQDWHPSHUDWXUD
GHOPRGXORGL
±ƒ&R±ƒ&DVHFRQGDGHOODORFDOLWj
/DVFHOWDGHOO
XVFLWDSHUODVWULQJD)9GRYUHEEHEDVDUVLVXXQUDSSRUWRRWWLPDOHIUDLOFDSLWDOHLQ
YHVWLWRHLOUHQGLPHQWRDQQXRHQHUJHWLFRSUHYLVWRSHULOVLVWHPD/
RWWLPL]]D]LRQHGLSHQGHGDOOH
FRQGL]LRQLFOLPDWLFKHORFDOLHGRYUHEEHHVVHUHYDOXWDWDFDVRSHUFDVR
/
LQYHUWHULQFRUSRUDXQOLPLWDWRUHGHOODSRWHQ]DGLLQJUHVVRFKHGLQRUPDPDQWLHQHODSRWHQ]D
HQWUROLYHOOLVLFXULSHUO
LQYHUWHU/DOLPLWD]LRQHGHOODSRWHQ]DGLSHQGHSULQFLSDOPHQWHGDOOHWHPSH
UDWXUHLQWHUQHHDPELHQWDOL/DOLPLWD]LRQHYLHQHFDOFRODWDLQPRGRFRQWLQXRHFRQVHQWHGLRWWHQHUH
VHPSUHODPDVVLPDSURGX]LRQHGLHQHUJLDSRVVLELOH
6LFRQVLJOLDGLXWLOL]]DUHLOWRROIRUQLWRGD'DQIRVVSHUGLPHQVLRQDUHLOVLVWHPDIRWRYROWDLFR
/B
,QWURGX]LRQH
,QWHUUXWWRUHGLVFRQQHVVLRQH&&
/
LQYHUWHUqVWDWRGRWDWRGLXQLQWHUUXWWRUHGLVFRQQHVVLRQH&&SHUO
LQWHUUX]LRQHVLFXUDGHOODSR
WHQ]D)9
6ROR SHUVRQDOH DGGHVWUDWR H DXWRUL]]DWR FKH DEELD XQ
DGHJXDWD FRQRVFHQ]D GHOOH
QRUPDWLYHHOHWWULFKHORFDOLSXzHIIHWWXDUHLQWHUYHQWLGLDVVLVWHQ]DRGLPDQXWHQ]LRQH
VXOO
LQYHUWHU3ULPDGLDSULUHO
LQYHUWHU
6FROOHJDUHODUHWH&$
6FROOHJDUHO
DOLPHQWD]LRQH&&
5LPXRYHUHHQWUDPEHOHOLQHH&$H&&
3HULQWHUURPSHUHO
LQWHUDDOLPHQWD]LRQHHOHWWULFDGDLSDQQHOOL)9JLUDUHO
LQWHUUXWWRUH&&
VX2))2
3HULQVHULUHO
DOLPHQWD]LRQHHOHWWULFDGDLSDQQHOOL)9JLUDUHO
LQWHUUXWWRUHGLVFRQQHVVLRQH
&&VX21,
3HUDVVLFXUDUHODIXQ]LRQDOLWjGHOO
LQWHUUXWWRUHGLVFRQQHVVLRQH&&WXWWLJOLLQWHUUXWWRULGRYUHEEHUR
HVVHUHDFFHVVLHVSHQWLFRPPXWDQGRO
LQWHUUXWWRUHSHUGLHFLYROWHVX2QH2IIXQDYROWDDOO
DQQR
DOILQHGLSXOLUHLFRQWDWWL
,QGRRU
'LVHJQR,QYHUWHULQGRRU
'LVHJQR,QYHUWHURXWGRRU
/B
'HVFUL]LRQHWHFQLFDGHJOLLQYHUWHU
'HVFUL]LRQHWHFQLFDGHJOLLQYHUWHU
6WUXWWXUDGHJOLLQYHUWHU
*OLLQYHUWHU'DQIRVVRXWGRRUHLQGRRURIIURQRXQ
DPSLDJDPPDGLSRVVLELOLFRPELQD]LRQL
‡
9HUVLRQLGLDOORJJLDPHQWRLQGRRU,3RXWGRRU,3
‡
5DQJHGLWHQVLRQHLQLQJUHVVR+909
‡
*UDQGH]]D PRGXOR GL LQJUHVVR N: PRGXOL GL LQJUHVVR N: PRGXOL GL
LQJUHVVRN:
,QGRRU
,OGLVHJQRHVSORVRGHOO
LQYHUWHU8/;LPRVWUDOHSDUWLSULQFLSDOLFKHFRPSRQJRQRO
LQYHUWHU/D
VWUXWWXUDGHJOL8/;LLHLqLGHQWLFDVDOYRSHUOHGLPHQVLRQLGHOO
DUPDGLRHLOQXPHUR
GLVFKHGHDFLUFXLWRVWDPSDWR
'LVHJQR'LVHJQRHVSORVRGHOO
LQYHUWHU8/;L
/B
'HVFUL]LRQHWHFQLFDGHJOLLQYHUWHU
3RVQ
3H]]L
8/;L
'HVFUL]LRQH
'LVVLSDWRUH
&RSHUFKLRVXSHULRUH
&RSHUFKLRLQIHULRUH
6FKHGDDFLUFXLWRVWDPSDWR&&&&VFKHGDLQ8/;LVFKHGDLQ8/;LL
VFKHGDLQ8/;L
&LUFXLWRVWDPSDWR&&&$
3LDVWUDEDVHGHOFRSHUFKLRGLPRQWDJJLR
&RSHUWXUDDQWHULRUH
&RSHUFKLRGLPRQWDJJLR
6WUXWWXUDSHUPRQWDJJLRDSDUHWHFRQPHFFDQLVPRGLEORFFR
&RQQHWWRUH0XOWLFRQWDFWGLLQJUHVVR&&HIDVFLRGLFDYL0&
&RQQHWWRUH0XOWLFRQWDFWGLLQJUHVVR&&HIDVFLRGLFDYL0&
*UXSSRGLVSOD\/&'
0RGXOR56
&RSHUFKLRPRGXOR56
3RQWHGLFROOHJDPHQWR0DVWHU6ODYH
&RQQHWWRUH5-SHU56
&RQQHWWRUH&$
,QWHUUXWWRUHGLVFRQQHVVLRQH&&
%RFFRODLQWHUUXWWRUHGLVFRQQHVVLRQH&&
0DQRSRODLQWHUUXWWRUHGLVFRQQHVVLRQH&&
7DEHOOD8/;L(OHQFRFRPSRQHQWLSULQFLSDOL
,QYHUWHURXWGRRU
,OGLVHJQRHVSORVRGHOO
LQYHUWHU8/;RPRVWUDOHSDUWLSULQFLSDOLFKHFRPSRQJRQRO
LQYHUWHU/D
VWUXWWXUDGHJOLLQYHUWHU8/;RRHRqLGHQWLFDVDOYRSHUOHGLPHQVLRQLGHOO
DUPDGLR
HLOQXPHURGLVFKHGHDFLUFXLWRVWDPSDWR
'LVHJQR9LVWDHVSORVDGL8/;R
/B
'HVFUL]LRQHWHFQLFDGHJOLLQYHUWHU
3RVQ
3H]]L8/;R
'HVFUL]LRQH
'LVVLSDWRUH
*XDUQL]LRQLSRVWHULRUL
3LDVWUDYHQWRODLQWHUQD
6WDIIDPRQWDJJLRDSDUHWHFRQPHFFDQLVPRGLEORFFR
0RGXOR&&&$
0RGXOR&&&&
0RGXORGLVSOD\
&RSHUWXUDDQWHULRUH
9HQWRODLQWHUQD
9LWLDQWHULRUL
6WDIIDGLPRQWDJJLRSHUPRGXOR56
$OORJJLDPHQWRHVWHUQRYHQWROD
,QWHUUXWWRUHGLVFRQQHVVLRQH&&
9HQWRODHVWHUQD
*ULJOLDSHUYHQWRODHVWHUQD
7HUPLQDOHFRQQHVVLRQH0DVWHU6ODYH
5RQGHOODGLWHQXWDLQWHUUXWWRUHGLVFRQQHVVLRQH&&
*XDUQL]LRQHDQWHULRUH
0DQRSRODLQWHUUXWWRUHGLVFRQQHVVLRQH&&
6WDIIHPRQWDJJLRGLVSOD\
*XDUQL]LRQHGLVSOD\
3UHVVDFDYR56
0&VSLQD)9SRVLWLYR
0RGXOR56
&RQQHWWRUH&$
3UHVVDFDYR56
0&VSLQD)9QHJDWLYR
7DEHOOD8/;R(OHQFRFRPSRQHQWLSULQFLSDOL
3URJHWWD]LRQHPHFFDQLFD
,SULQFLSLJXLGDUHODWLYLDOODSURJHWWD]LRQHPHFFDQLFDGHOO
LQYHUWHUVRQRVLFXUH]]DDIILGDELOLWjHID
FLOLWjG
XVR3HUXQPRQWDJJLRUDSLGRHVHPSOLFHODVWDIIDGDSDUHWHYDPRQWDWDVHSDUDWDPHQWH
/
LQYHUWHU SXz HVVHUH TXLQGL IDFLOPHQWH SRVL]LRQDWR VXOOD SDUHWH H EORFFDWR QHOOD VXD SRVL]LRQH
GHILQLWLYD
7LSRGLLQYHUWHU
,QGRRU
2XWGRRU
'LVSOD\/&'LQWHJUDWR
'LVSOD\/&'LQWHJUDWR
&RQQHVVLRQL)9LQEDVVRDGHVWUD
&RQQHVVLRQL)9LQEDVVRDGHVWUD
$FFHVVRDOOHLQIRUPD]LRQL
&RQQHVVLRQL)9
$SHUWXUDGHOO
LQYHUWHU
3HUFRQILJXUD]LRQHHULSDUD]LRQH0DVWHU6OD 3HUFRQILJXUD]LRQHHULSDUD]LRQH0DVWHU6OD
YH
YH
&RQQHWWRUL5-
LQEDVVRDGHVWUD
LQEDVVRDVLQLVWUD
4XDQGRVLFRQILJXUDXQLQYHUWHURXWGRRULQPRGDOLWj0DVWHU6ODYHDFFHUWDUVLFKHODFRSHUWXUDVLDPRQWDWDLQPRGRFRUUHWWR
WDOHGDJDUDQWLUHODWHQXWD
1RWD7XWWHOHSDUWLPHWDOOLFKHGHOO
LQYHUWHUVRQRPHVVHDWHUUDSHUPH]]RGLFDYLVHSDUDWLRDWWUDYHUVRODVWUXWWXUDPHFFDQLFD
*HVWLRQHWHUPLFD
1RWD
6LSRVVRQRPLJOLRUDUHVHQVLELOPHQWHVLDO
DIILGDELOLWjFKHORVWHVVRFLFORYLWDOHGHOO
LQYHUWHUSRVL
]LRQDQGRORLQXQ
DUHDFRQXQDEDVVDWHPSHUDWXUDDPELHQWDOH1RQSRVL]LRQDUHO
LQYHUWHULQVSD]L
FKLXVLSULYLGLYHQWLOD]LRQHDOODGLUHWWDOXFHGHOVROHRLQOXRJKLFKHWHQGDQRDULVFDOGDUVLGXUDQWH
OHRUHGLXUQHDWWLFLHFF&RPHUHJRODJHQHUDOHLOWDVVRGLHUURUHQHLFRPSRQHQWLHOHWWURQLFL
UDGGRSSLDRJQLYROWDFKHODWHPSHUDWXUDRSHUDWLYDDXPHQWDGLƒ&
7XWWHOHDSSDUHFFKLDWXUHHOHWWURQLFKHDOLPHQWDWHJHQHUDQRXQDGLVSHUVLRQHGLFDORUHFKHYDFRQ
WUROODWDHGHOLPLQDWDDOILQHGLHYLWDUHGDQQLDOO
LQYHUWHUHSHURWWHQHUHPDJJLRUHDIILGDELOLWjHXQ
FLFORYLWDOHSLOXQJR
/B
'HVFUL]LRQHWHFQLFDGHJOLLQYHUWHU
/DJHVWLRQHWHUPLFDFKHFDUDWWHUL]]DODJDPPDGLLQYHUWHULQGRRUVLEDVDVXOUDIIUHGGDPHQWRSDV
VLYRWUDPLWHFRQYH]LRQHHYHQWLOD]LRQHQDWXUDOH/DSLDVWUDEDVHGHOO
LQYHUWHUqSURJHWWDWDFRPH
GLVVLSDWRUH GL FDORUH HG HOLPLQD LO FDORUH JHQHUDWR GDL VHPLFRQGXWWRUL GL SRWHQ]D QHL PRGXOL GL
DOLPHQWD]LRQHLQWHJUDWL,OFDORUHLQHFFHVVRSURGRWWRGDLFRPSRQHQWLPDJQHWLFLYLHQHHOLPLQDWR
WUDPLWHYHQWLOD]LRQHQDWXUDOHDWWUDYHUVROHIHVVXUHSUHVHQWLQHOODSDUWHVXSHULRUHHLQIHULRUHGHO
O
DUPDGLR
6LDQHJOLLQYHUWHULQGRRUFKHLQTXHOOLRXWGRRUODWHPSHUDWXUDGHOPRGXORGLSRWHQ]DLQWHJUDWRQHO
FRQYHUWLWRUH&&&$YLHQHPLVXUDWDDOILQHGLSURWHJJHUHLFRPSRQHQWLHOHWWURQLFLGDOVXUULVFDOGD
PHQWR6HODWHPSHUDWXUDVXSHUDLOLPLWLO
LQYHUWHUULGXFHODSRWHQ]DGLLQJUHVVRSHUPDQWHQHUHOD
WHPSHUDWXUDHQWURXQOLYHOORGLVLFXUH]]D
/D JHVWLRQH WHUPLFD FKH FDUDWWHUL]]D OD JDPPD GL LQYHUWHU RXWGRRU VL EDVD VXO UDIIUHGGDPHQWR
IRU]DWRWUDPLWHGXHYHQWROH/DSLDVWUDEDVHGHOO
LQYHUWHUqSURJHWWDWDFRPHGLVVLSDWRUHGLFDORUH
HGHOLPLQDLOFDORUHJHQHUDWRGDLVHPLFRQGXWWRULGLSRWHQ]DQHLPRGXOLGLDOLPHQWD]LRQHLQWHJUDWL
,OFDORUHGLVSHUVRGDLFRPSRQHQWLYLHQHDOORQWDQDWRGDOODVFDWRODSHUPH]]RGHOODYHQWRODLQWHUQD
HGDOO¶HOHPHQWRGLUDIIUHGGDPHQWRSHUPH]]RGHOODYHQWRODHVWHUQD/HYHQWROHVRQRFRQWUROODWH
HOHWWURQLFDPHQWHHVRQRDWWLYHVRORLQFDVRGLQHFHVVLWj
3URJHWWD]LRQHHOHWWULFDHVLVWHPLGLEXV
/
LOOXVWUD]LRQHPRVWUDO
LQYHUWHU8/;LRFRQLQJUHVVL)9HLQVHJXLWRULGHOSXQWRGL
PDVVLPD SRWHQ]D 0337 8/; LR 8/; LR H 8/; LR KDQQR XQD
VWUXWWXUDVLPLOHPDKDQQRULVSHWWLYDPHQWHVRORPRGXOLHPRGXOL&&1HOODSLDWWDIRUPDGHO
SURGRWWRVRQRGHILQLWLLVHJXHQWLVWDQGDUGSHULOPRGXOR
‡
PRGXORLQYHUWHU&&&$
‡
PRGXORFRQYHUWLWRUH&&&&
‡
PRGXORGLVSOD\LQWHUQR
‡
,QWHUIDFFLD56
4XHVWLPRGXOLVWDQGDUGYHQJRQRXWLOL]]DWLSHUWXWWLJOLLQYHUWHUFRPSUHVLQHOODOLQHDGLSURGRWWR,
PRGXOLVRQRFROOHJDWLSHUPH]]RGLGXHVLVWHPLEXVVWDQGDUG
‡
8QEXVGLSRWHQ]DFKHWUDVSRUWDLOIOXVVRGLHQHUJLD
‡
8QEXVGLFRPXQLFD]LRQHGLJLWDOHEXV&$1FKHWUDVSRUWDLOIOXVVRGHLGDWL
,VLVWHPLEXVHLPRGXOLKDQQRLQWHUIDFFHVWDQGDUGL]]DWHFKHQHUHQGRQRPROWRIOHVVLELOHODFRQ
FH]LRQH6LDLOEXVGLSRWHQ]DFKHLOEXVGLFRPXQLFD]LRQHKDQQRLOILQDOHDSHUWRFRQGLVSRQLELOLWj
GLFRQQHWWRULDJJLXQWLYL,OEXVGLFRPXQLFD]LRQHXWLOL]]DTXHVWDFRQQHVVLRQHVXSSOHPHQWDUHFRPH
FRQQHVVLRQHGLVHUYL]LRFROOHJDELOHDXQFRPSXWHUSHUXQDULFHUFDJXDVWLHPRQLWRUDJJLRDYDQ]DWL
/
LQYHUWHUFRPXQLFDFRQO
HVWHUQRSHUPH]]RGHLVHJXHQWLPH]]LGLFRPXQLFD]LRQH
‡
'LVSOD\HWDVWLHULQRLQWHUQLYHUVLRQHFRQGLVSOD\
‡
,QWHUIDFFLD56
/B
'HVFUL]LRQHWHFQLFDGHJOLLQYHUWHU
'LVHJQR3URJHWWD]LRQHHOHWWULFDGHOO
LQYHUWHUYHUVLRQHFRQGLVSOD\
5LGX]LRQHGHOODSRWHQ]DHOLPLWD]LRQHGHOODSRWHQ]D
GLLQJUHVVR
/RVFRSRGHOODIXQ]LRQHGLULGX]LRQHGHOODSRWHQ]DFRQVLVWHQHOSURWHJJHUHO
LQYHUWHUFRQWURVR
YUDFFDULFRHGLVWUX]LRQH/DPRGDOLWjGLULGX]LRQHGHOODSRWHQ]DSXzHVVHUHLQQHVWDWDGDXQRGHL
VHJXHQWLIDWWRUL
‡
FRUUHQWH)9VXSHULRUHDOODFRUUHQWHQRPLQDOH
‡
SRWHQ]D)9VXSHULRUHULVSHWWRDOODSRWHQ]DGLLQJUHVVRQRPLQDOH
‡
WHPSHUDWXUDQHOPRGXORGLSRWHQ]DRQHOODVFKHGDDFLUFXLWRVWDPSDWRVXSHULRUHDOYDORUH
GLVRJOLD
‡
7HQVLRQHPHGLD&$GLUHWHVXSHULRUHDOOLPLWHFRQVHQWLWR
1HOOHTXDWWURVLWXD]LRQLVRSUDLOOXVWUDWHLOPRGXOR&&&&SDVVDDOODPRGDOLWjGLULGX]LRQHGHOODSR
WHQ]D/DWHPSHUDWXUDGHOPRGXORGLSRWHQ]DYLHQHPRQLWRUDWDGDXQVHQVRUHGHOODWHPSHUDWXUD
LQFRUSRUDWRQHOPRGXOR&&&$,QFDVRGLHOHYDWHWHPSHUDWXUHDPELHQWDOLODULGX]LRQHGHOODSR
WHQ]DSURWHJJHO
LQYHUWHUGDOVRYUDFFDULFRWHUPLFR
,OOLPLWHGHOODWHQVLRQHPHGLDGLUHWHGLPLQXWLSXzHVVHUHLPSRVWDWRGDOJHVWRUHGHOODUHWHGL
GLVWULEX]LRQH SXEEOLFD FRPH GHVFULWWR QHOOH QRUPH 9'( 4XHVWR SDUDPHWUR SXz HVVHUH
LPSRVWDWRWUDPLWH6RIWZDUHGLDVVLVWHQ]D/
LPSRVWD]LRQHGLGHIDXOWq9LQIXQ]LRQHGHOODOLVWD
GLSDHVL6HODWHQVLRQHPHGLDGLUHWHPLVXUDWDLQXQLQWHUYDOORGLPLQXWLUDJJLXQJHWDOHOLPLWH
O
LQYHUWHULQL]LDDULGXUUHODSRWHQ]DSHUSRWHUFRQWLQXDUHDULPDQHUHFROOHJDWRDOODUHWHGLGLVWUL
EX]LRQH
/DPRGDOLWjGLULGX]LRQHGHOODSRWHQ]DGLPLQXLVFHODSRWHQ]DGLLQJUHVVRGHOO
LQYHUWHUWUDVIHUHQGR
LOSXQWRGLODYRURDXQDWHQVLRQHVXSHULRUHULVSHWWRDOOHFDUDWWHULVWLFKHGHOPRGXOR)96HLYDORUL
GHOODWHQVLRQHVRQRHOHYDWLODFRUUHQWHGLLQJUHVVRqLQIHULRUHHODSRWHQ]DGLLQJUHVVRYLHQHULGRWWD
DXQYDORUHGLVLFXUH]]D/
LQYHUWHUFRQWLQXDDIXQ]LRQDUHFRQSRWHQ]DULGRWWDILQRDTXDQGRQRQ
KDQQRWHUPLQHOHFRQGL]LRQLGLSRWHQ]LDOHVRYUDFFDULFR/DIXQ]LRQHGLULGX]LRQHGHOODSRWHQ]Dq
GLQDPLFDODULGX]LRQHGHOODSRWHQ]DLQIDWWLYLHQHFRQWLQXDPHQWHDGDWWDWDDOOHGLYHUVHFRQGL]LRQL
GLVRYUDFFDULFRHODSRWHQ]DGLLQJUHVVRYLHQHULGRWWDVRORQHOODPLVXUDULFKLHVWDSHUSURWHJJHUH
O
LQYHUWHU,QTXHVWRPRGRO
LQYHUWHUIRUQLVFHVHPSUHWXWWDODSRWHQ]DQHFHVVDULDDOODUHWHDQFKH
LQVLWXD]LRQLGLVRYUDFFDULFR
/B
'HVFUL]LRQHGHOOHIXQ]LRQDOLWj
'HVFUL]LRQHGHOOHIXQ]LRQDOLWj
'HILQL]LRQHGHLPRGLGLIXQ]LRQDPHQWR
/
LQYHUWHUKDTXDWWURPRGDOLWjGLIXQ]LRQDPHQWRVWDQGDUG
0RGDOLWjVWDQGE\
1HOODPRGDOLWjGLDWWHVDVWDQGE\O
LQYHUWHUqSURQWRDFRPPXWDUHDOODPRGDOLWjGLFRQQHVVLRQH
&RPHYDULDELOHGHFLVLRQDOHVLXWLOL]]DODWHQVLRQHGLLQJUHVVRGHOJHQHUDWRUH)96HODWHQVLRQHGL
LQJUHVVRVXSHUDXQYDORUHQRPLQDOHSUHLPSRVWDWRO
LQYHUWHUSDVVDGD³DWWHVD´D³FRQQHVVLRQH´
RSSXUHSDVVDDOODPRGDOLWjGLIXQ]LRQDPHQWR³2))´VHF
qXQFDORGHOODWHQVLRQH)9
0RGDOLWjGLFRQQHVVLRQH
'RSRDYHUHIIHWWXDWRLWHVWGLVLVWHPDFKHYHULILFDQRODSUHVHQ]DGLWXWWHOHFRQGL]LRQLGLFROOHJD
PHQWRO¶LQYHUWHUSDVVDGDOODPRGDOLWjVWDQGE\DOODPRGDOLWjGLFRQQHVVLRQH'XUDQWHLOWHPSRGL
LQWHUUX]LRQHVSHFLILFDWRO¶LQYHUWHUFRQWLQXDDHVHJXLUHWHVWVXLYDORULGLVLVWHPDHFROOHJDO¶LQYHUWHU
DOODUHWHVHLWHVWGLVLVWHPDVRQREXRQL,OWHPSRPLQLPRGLLQWHUUX]LRQHqLQGLFDWRGDOIRUQLWRUHH
GDOOHDXWRULWjHSXzYDULDUHGDUHJLRQHDUHJLRQH
0RGDOLWjUHWH
,QTXHVWDPRGDOLWjO
LQYHUWHUYLHQHFRQQHVVRDOODUHWHHIRUQLVFHFRUUHQWHDOODUHWHVWHVVD/¶LQYHUWHU
YLHQHVWDFFDWRGDOODUHWHVRORLQFDVRGLDQRPDOLHGHOODUHWHRTXDQGRODSRWHQ]D)9QRQqGLVSR
QLELOH
0RGDOLWjFRQILJXUD]LRQH)9
'RSRDYHUFRPSOHWDWRODPRGDOLWjGLFRQQHVVLRQHLOFDEODJJLRGHOPRGXOR)9YLHQHDXWRPDWLFD
PHQWHWHVWDWRSHUULOHYDUHVHFLVRQRLQJUHVVL&&FROOHJDWLFRQFRQILJXUD]LRQHDVWULQJKHSDUDOOHOH
,QWDOFDVRLPRGXOL&&YHQJRQRDXWRPDWLFDPHQWHIDWWLIXQ]LRQDUHQHOODFRQILJXUD]LRQHDVWULQJKH
SDUDOOHOH0DVWHU6ODYH
'HFODVVDPHQWRWHPSHUDWXUD
6HVXOGLVSOD\FRPSDUH'577(03O
LQYHUWHUULGXFHOHSUHVWD]LRQLDFDXVDGHOOHDOWHWHPSHUDWXUH
'HFODVVDPHQWRUHWH
6HVXOGLVSOD\FRPSDUH'57*5,'O
LQYHUWHUULGXFHOHSUHVWD]LRQLDFDXVDGHOODWHQVLRQHHOHYDWD
VXOODUHWH
2II
6HQRQqGLVSRQLELOHDOFXQDSRWHQ]D)9O¶LQYHUWHUDWWHQGHPLQXWLYDORUHVSHFLILFDWRSULPDGL
VSHJQHUVL,QTXHVWDPRGDOLWjO¶DOLPHQWD]LRQHHOHWWULFDGLWXWWLLSURFHVVRULYLHQHGLVDWWLYDWDSHU
ULVSDUPLDUHHQHUJLD4XHVWDqODQRUPDOHPRGDOLWjQRWWXUQD
0RGRGLIXQ]LRQDPHQWRGLVSOD\
3UHPHQGR(6&VXOGLVSOD\LQWHJUDWRO
LQYHUWHUSXzHVVHUHULFRQQHVVRLQPRGRPDQXDOH/
LQYHUWHU
VLSUHGLVSRQHLQPRGDOLWjGLDWWHVD4XHVWDIXQ]LRQHqGLVSRQLELOHSHUFRQVHQWLUHO
XVRGHOGLVSOD\
DQFKHQHOOHRUHQRWWXUQH(VVDFRQVHQWHDOSURSULHWDULRGHOVLVWHPDGLFRQWUROODUHLYDORULGLJHQH
UD]LRQHVRODUHPHPRUL]]DWLQHOODPHPRULDGHOGLVSOD\DQFKHTXDQGRQRQYLqSRWHQ]DVRODUHGL
VSRQLELOHSHUDOLPHQWDUHO
LQYHUWHU
'RSRPLQXWLVHQ]DDWWLYLWjVXOWDVWLHULQRO
LQYHUWHUWRUQDQXRYDPHQWHDOODPRGDOLWj2))
/B
'HVFUL]LRQHGHOOHIXQ]LRQDOLWj
&RQQHVVLRQHDOODUHWH
,O IXQ]LRQDPHQWR GHOO
LQYHUWHU q WRWDOPHQWH DXWRPDWL]]DWR H O
LQYHUWHU ULOHYD DXWRPDWLFDPHQWH
TXDQGRqSRVVLELOHFROOHJDUVLDOODUHWH
'XUDQWHODFRQQHVVLRQHDOODUHWHO
LQYHUWHUIXQ]LRQDQHOVHJXHQWHPRGR
4XDQGRqGLVSRQLELOHSRWHQ]DVRODUHSUHVVRLWHUPLQDOLGLLQJUHVVR&&LPRGXOL&&YHQ
JRQRDWWLYDWLHLQL]LDQRDIXQ]LRQDUH
,PRGXOL&&LQL]LDQRDFDULFDUHVXOEXV&&9
,PRGXOL&$ULFHYRQRSRWHQ]DGDOEXV&&HLQL]LDQRDIXQ]LRQDUH,PRGXOL&$HQWUDQR
TXLQGLLQPRGDOLWjGLDWWHVDVWDQGE\
6HODWHQVLRQHGLLQJUHVVR&&VXSHUDL9LQ07RSSXUHL9LQ$7LOPRGXOR&&
FRQVHQWHLOIXQ]LRQDPHQWRGHOODUHWHWUDPLWHLOEXV&$1
,OPRGXOR&$YHULILFDFKHOHFRQGL]LRQLGHOODUHWHVLDQRRWWLPDOLHGHVHJXHXQWHVWDXWR
PDWLFRGHOODIXQ]LRQH(16
,OPRGXOR&$HVHJXHXQPRQLWRUDJJLRGHOOHFRQGL]LRQLGHOODUHWHSHUVHFRQGLHVLFRO
OHJDDOODUHWH&$
7UDVPLVVLRQHGHOO
HQHUJLDDOODUHWHGLGLVWULEX]LRQH
'RSRODFRQQHVVLRQHDOODUHWHLPRGXOL&&HQWUDQRLQPRGDOLWj0337HFRQWUROODQRODWHQVLRQHGL
LQJUHVVRSHUUDJJLXQJHUHLOPDVVLPRWUDVIHULPHQWRGLSRWHQ]D1HOFRUVRGHOODFRQQHVVLRQHDOOD
UHWHYHQJRQRPRQLWRUDWLWXWWLLSDUDPHWULGHOO
LQYHUWHUHGHOODUHWH
'LVFRQQHVVLRQHGDOODUHWH
6HO
LUUDGLD]LRQHVRODUHQRQqVXIILFLHQWHDJHQHUDUHSRWHQ]DSHUODUHWHGLGLVWULEX]LRQHTXDQGR
LOFRQVXPRGLSRWHQ]DLQWHUQDGHOO
LQYHUWHUqSLRPHQRHTXLYDOHQWHDOODSRWHQ]D)9GLVSRQLELOH
O
LQYHUWHUVLGLVFRQQHWWHGDOODUHWHHGHQWUDLQPRGDOLWjGLDWWHVD/
LQYHUWHUFRQWLQXDDPRQLWRUDUH
ODSRWHQ]D)9GLVSRQLELOH6HODSRWHQ]D)9GLYHQWDQXRYDPHQWHGLVSRQLELOHQHOO
DUFRGLPLQXWL
YLHQHLQL]LDWDXQDQXRYDSURFHGXUDGLFRQQHVVLRQHDOODUHWH6HQRQYLqSRWHQ]D)9GLVSRQLELOH
GRSRPLQXWLO
LQYHUWHUYDLQPRGDOLWj2))SHUULVSDUPLDUHSRWHQ]D/DSRWHQ]D)9GLVSRQLELOH
YLHQHPRQLWRUDWDDQFKHQHOODPRGDOLWj2))HVHSRVVLELOHYLHQHLQL]LDWDODSURFHGXUDGLFRQQHV
VLRQHDOODUHWH
0RQLWRUDJJLRGHOODUHWHHSURWH]LRQHDQWLLVROD
$OILQHGLVDOYDJXDUGDUHO
LQFROXPLWjGLFKLODYRUDVXOLQHHHOHWWULFKH&$VXOO
LQYHUWHUHVXFLUFXLWL
GRPHVWLFLO
LQYHUWHUVLGLVDWWLYDLQFDVRGLFRQGL]LRQLDQRUPDOLVXOODUHWHRJXDVWL/
LQYHUWHUPRQL
WRUDFRVWDQWHPHQWHODWHQVLRQHHODIUHTXHQ]DGHOODUHWHWUDPLWHXQFLUFXLWRGLFRQWUROORLQWHUQR
4XHVWRULOHYDTXDOXQTXHFRQGL]LRQHDQRPDODRJXDVWRGHOODUHWH/HFRQGL]LRQLDQRPDOHLQFOXGRQR
VRYUDWHQVLRQHVRWWRWHQVLRQHVRYUDIUHTXHQ]DHVRWWRIUHTXHQ]DGHOODUHWHGLGLVWULEX]LRQHQRQFKp
TXDOXQTXHPRGLILFDGHOO
LPSHGHQ]DVXOODUHWHLOFRQWUROORGHOOHYDULD]LRQLGHOO
LPSHGHQ]DVXOODUHWH
qGLVSRQLELOHVRORFRQLOPRGXOR(16DWWLYDWRHVHOH]LRQHGHLVHJXHQWLSDHVL*HUPDQLD)UDQFLD
6YL]]HUD 3RUWRJDOOR 6H VL YHULILFD XQD GHOOH FRQGL]LRQL VRSUD PHQ]LRQDOH O
LQYHUWHU VL GLVDWWLYD
LPPHGLDWDPHQWHGLVFRQQHWWHQGRVLGDOODUHWH7XWWHOHFRQGL]LRQLYDULDQRDVHFRQGDGHOSDHVHH
VRQRJLjLQWHJUDWHDOO
LQWHUQRGHOO
LQYHUWHUSHUXQGHWHUPLQDWRQXPHURGLSDHVL,SDUDPHWULYHQ
JRQRLPSRVWDWLVXOO
LQYHUWHUTXDQGRVLVFHJOLHO
LPSRVWD]LRQHGHOSDHVH
/B
6LFXUH]]DIXQ]LRQDOH(16
6LFXUH]]DIXQ]LRQDOH(16
&RPHDJLVFHODIXQ]LRQDOLWj6LFXUH]]D(16
4XHVWRFDSLWRORRIIUHXQDGHVFUL]LRQHGHOODIXQ]LRQDOLWj(166LFXUH]]D)XQ]LRQDOHFKHqLQWHJUDWD
DOO
LQYHUWHUFRPHPRGXORRS]LRQDOHGHOODVFKHGD&&&$/DFDUDWWHULVWLFDGLVLFXUH]]DIXQ]LRQDOHq
GHVFULWWDQHOORVWDQGDUG'6,(161HOVHJXLWRTXHVWDFDUDWWHULVWLFDGLVLFXUH]]DIXQ]LRQDOHYHUUj
DQFKHFKLDPDWD(16
/DIXQ]LRQH(16qDELOLWDWDSHUGHIDXOWPDFRPPXWDWDVX21VHFRQGRODOLVWDGHLSDHVL7XWWDYLD
SXzHVVHUHGLVDWWLYDWDPDQXDOPHQWHVHQHFHVVDULR/DIXQ]LRQDOLWj(16qXQPHWRGRGLGLVFRQ
QHVVLRQHVLFXURXWLOL]]DWRSHUGLVFRQQHWWHUHO
LQYHUWHUGDOODUHWHVHODFRQQHVVLRQHDOODUHWHYLHQH
LQWHUURWWD 4XHVWD IXQ]LRQH GL VLFXUH]]D YLHQH LPSOHPHQWDWD LQ DFFRUGR DL UHTXLVLWL ',1 9'(
)HEEUDLR*HUPDQLD
/D VRUYHJOLDQ]D GHOOD UHWH (16 q FRPSRVWD GD GXH XQLWj GL PRQLWRUDJJLR LQGLSHQGHQWL RJQXQD
GRWDWDGLXQGLVSRVLWLYRGLVZLWFKLQJLQGLSHQGHQWHFKHFUHDQRFRVuXQVLVWHPDGLGLVFRQQHVVLRQH
ULGRQGDQWHHDSURYDGLHUURUH
0RQLWRUDJJLRLQGLSHQGHQWH
/HGXHXQLWjLQGLSHQGHQWLGLPRQLWRUDJJLRVLVFDPELDQROHLQIRUPD]LRQLUHODWLYHDLYDORULFRQWUROODWL
,QFDVRGLGLVDFFRUGRRJQXQDGHOOHXQLWjSXzD]LRQDUHLOGLVSRVLWLYRGLFRPPXWD]LRQHHTXLQGLLO
FROOHJDPHQWRDOODUHWHGLGLVWULEX]LRQHYLHQHLQWHUURWWRHQWURXQSHULRGRGLWHPSRSUHGHILQLWR
0LVXUHGLIUHTXHQ]DHWHQVLRQH
/DIUHTXHQ]DHODWHQVLRQHYHQJRQRFRVWDQWHPHQWHFRQWUROODWHHLVLVWHPLGLPRQLWRUDJJLRJDUDQ
WLVFRQRFKHO
LQYHUWHUYHQJDGLVFRQQHVVRGDOODUHWHGLGLVWULEX]LRQHTXDQGRVLULOHYDXQDIUHTXHQ]D
WURSSRDOWDRWURSSREDVVDRSSXUHYDORULGLWHQVLRQHWURSSRDOWLRWURSSREDVVL,OLPLWLGLIUHTXHQ]D
HGLWHQVLRQHVRQRYDORULSUHLPSRVWDWLLQWHUQDPHQWHDOO
LQYHUWHUSRLFKpYDULDQRDVHFRQGDGHOOD
QD]LRQHLQFXLO
LQYHUWHUqLPSLHJDWR3HUTXHVWDUDJLRQHQRQSRVVRQRHVVHUHPRGLILFDWLQHOOD
WDEHOODGHOOHLPSRVWD]LRQLSHUQD]LRQHVRQRYLVXDOL]]DWLLYDORULVSHFLILFLSHURJQLSDHVH
0LVXUHGLLPSXOVLLPSHGHQ]D(16
/DIXQ]LRQDOLWj(16GLVFRQQHWWHLPPHGLDWDPHQWHO
LQYHUWHUGDOODUHWHTXDQGRULOHYDXQDHFFHVVLYD
YDULD]LRQHGHOO
LPSHGHQ]DGHOODUHWH,OYDORUHOLPLWHGLYDULD]LRQHWROOHUDELOHVDOWRGLLPSHGHQ]D
SXzHVVHUHPRGLILFDWRWUDPLWHLOPHQX&RSSXUHXWLOL]]DQGRLO6RIWZDUHGLDVVLVWHQ]D
/
DELOLWD]LRQHRPHQRGHOOLPLWHGLLPSXOVR(16qXQDYDULDELOHSUHLPSRVWDWDLQWHUQDPHQWHDOO
LQ
YHUWHUSRLFKpYDULDDVHFRQGDGHOODQD]LRQHLQFXLO
LQYHUWHUqLPSLHJDWR3HUTXHVWDUDJLRQHQRQ
SXzHVVHUHPRGLILFDWDQHOODWDEHOODGHOOHLPSRVWD]LRQLSHUQD]LRQHqSRVVLELOLYHGHUHVHO
LPSXOVR
(16qDELOLWDWRRPHQRSHURJQLVSHFLILFRSDHVH
)XQ]LRQDOLWj(16
/R VWDWR (16 YLVXDOL]]DWR VXO GLVSOD\ QHO PHQX & H QHOOD SDJLQD $YDQ]DWH GHO 6RIWZDUH GL
DVVLVWHQ]DqXQLFDPHQWHXQDYDULDELOHGLVWDWRFKHLQGLFDVHODIXQ]LRQDOLWjGHOPRGXOR(16q
DWWLYDRPHQRLQIXQ]LRQHGHOO
LPSRVWD]LRQHGHOSRQWLFHOORVXOODVFKHGD&$LQ+:RSSXUHGHOOD
SUHVHQ]DRPHQRGHOODVFKHGD(16LQDOWUHYHUVLRQLGHOO
LQYHUWHU
6HORVWDWR(16YLHQHGLVDELOLWDWRVLDWUDPLWHLOGLVSOD\FKHWUDPLWHLO6RIWZDUHGLDVVLVWHQ]DDOORUD
qQHFHVVDULRVSRVWDUHDQFKHLOSRQWLFHOOR(16VXOODVFKHGD&$DOWULPHQWLO
LQYHUWHUQRQVLFROOHJKHUj
DOODUHWH
6SRVWDQGRLOSRQWLFHOORHGLVDELOLWDQGRORVWDWR(16VLGLVDELOLWDFRPSOHWDPHQWHODIXQ]LRQDOLWj(16
6HO
LPSXOVR(16qGLVDELOLWDWRSHUODQD]LRQHGLLQWHUHVVH
/B
6LFXUH]]DIXQ]LRQDOH(16
1HOO
LQYHUWHU,QWHUQD]LRQDOHSHULPSRVWD]LRQHSUHGHILQLWDORVWDWR(16qDELOLWDWRHLOSRQWLFHOOR
(16qPRQWDWR
,OSURFHVVRUHGLVLFXUH]]DIXQ]LRQDOHULFHYHGDOSURFHVVRUHSULQFLSDOHGHOO
LQYHUWHULOYDORUHGLOLPLWH
(16GHOODUHWHSHURJQLQD]LRQHQRQDSSHQDYLHQHVHOH]LRQDWRXQSDHVH'LFRQVHJXHQ]DLOOLPLWH
GLGLVFRQQHVVLRQHGHOODUHWHqTXHOORSUHYLVWRGDOYDORUHLPSRVWDWRSHUTXHOODSDUWLFRODUHQD]LRQH
3ULPDFKHDOO
LQYHUWHUVLDFRQVHQWLWRGLFRQQHWWHUVLDOODUHWHODIUHTXHQ]DGLUHWHHODWHQVLRQHGL
UHWHGHYRQRHVVHUHPRQLWRUDWHSHUDOPHQRVHFRQGL(QWURTXHVWRSHULRGRGLWHPSLLGXHSDUD
PHWULGHYRQRULPDQHUHHQWURO
LQWHUYDOORVSHFLILFDWR
2YHGRYHVVHYHULILFDUVLXQJXDVWRQHOVLVWHPD(16HIIHWWLYRO
LQYHUWHUVLGLVFRQQHWWHUjGDOODUHWH
/
LQYHUWHUULPDUUjVWDELOPHQWHGLVFRQQHVVRGDOODUHWHILQFKpYLHQHHIIHWWXDWRXQQXRYRWHQWDWLYRGL
FRQQHVVLRQH
1RWD
6HORVWDWR(16YLHQHGLVDELOLWDWRVLDWUDPLWHLOGLVSOD\FKHWUDPLWHLO6RIWZDUHGLDVVLVWHQ]D
DOORUDqQHFHVVDULRVSRVWDUHDQFKHLOSRQWLFHOOR(16VXOODVFKHGD&$DOWULPHQWLO
LQYHUWHUQRQVL
FROOHJKHUjDOODUHWH
,PSRVWD]LRQL6LFXUH]]DIXQ]LRQDOH(16
/HLPSRVWD]LRQL(16YHQJRQRYLVXDOL]]DWHHPRGLILFDWHQHOPHQX&VXOGLVSOD\LQWHJUDWRGHOO
LQ
YHUWHURSSXUHWUDPLWHLO6RIWZDUHGLDVVLVWHQ]D
0RGLILFDGHOOLYHOORGLLPSHGHQ]DGHOODUHWH
/DIXQ]LRQDOLWj(16GLVFRQQHWWHLPPHGLDWDPHQWHO
LQYHUWHUGDOODUHWHTXDQGRUHJLVWUDXQDPRGLILFD
GHOOLYHOORGLLPSHGHQ]DGHOODUHWH/DQRUPD9'(SUHVFULYHODGLVFRQQHVVLRQHLQFDVRGL
YDULD]LRQLLPSURYYLVHVXSHULRULDRKP,OOLPLWHGLPRGLILFDGHOOLYHOORGLLPSHGHQ]DSXzHVVHUH
UHJRODWRVXYDORULFRPSUHVLIUDRKPHRKP
$ELOLWDUHGLVDELOLWDUHODIXQ]LRQDOLWj(16
$OPRPHQWRGHOODIRUQLWXUDGHOO
LQYHUWHUO
(16qDELOLWDWRSHULPSRVWD]LRQHSUHGHILQLWD1HOPHQX
(16qSRVVLELOHLPSRVWDUHODIXQ]LRQDOLWj(16QHOORVWDWR'LVDELOLWDWR6HVLGLVDELOLWDODIXQ]LR
QDOLWj(16ULFRUGDUVLGLGLVDELOLWDUHVSHJQHUHPDQXDOPHQWHODIXQ]LRQDOLWj(16QHOODVFKHGD&$
/D PRGLILFD GHOOH LPSRVWD]LRQL
(16 SXz DYHUH FRQVHJXHQ]H
VXOOD VLFXUH]]D GHO VLVWHPD /H
PRGLILFKHGHYRQRHVVHUHDSSRU
WDWHVRORGDSHUVRQDOHDGGHVWUD
WRHGHVSHUWR5LVSHWWDUHOHQRU
PH H L UHJRODPHQWL GHOOD UHWH
SXEEOLFD ORFDOH TXDQGR VL HVH
JXRQROHLPSRVWD]LRQL(16
'LVHJQR(162))
'LVHJQR(1621
/B
6LFXUH]]DIXQ]LRQDOH(16
5LFRUGDUHVHPSUHGLSRVL]LRQDUHLOSRQWLFHOORLQRUL]]RQWDOHGRSRDYHUGLVDELOLWDWROD
IXQ]LRQDOLWj(166HLOSRQWLFHOORQRQqRUL]]RQWDOHO
LQYHUWHUQRQVLDYYLD
6HVLDSUHO
LQYHUWHURVVHUYDUHLUHTXLVLWLGLVLFXUH]]DHVHJXLUHOHLVWUX]LRQLGHOFD
SLWROR$VVLVWHQ]DHULSDUD]LRQL
/B
,QWHUIDFFLDXRPRPDFFKLQD
,QWHUIDFFLDXRPRPDFFKLQD
8QLWjGLVSOD\LQWHJUDWD
/
XWHQWHKDDFFHVVRDWXWWHOHLQIRUPD]LRQLUHODWLYHDOVLVWHPD)9HDOO
LQYHUWHUJUD]LHDOGLVSOD\
LQWHJUDWRQHOODSDUWHDQWHULRUHGHOO
LQYHUWHU/
XQLWjGLVSOD\FRPXQLFDFRQO
LQYHUWHUWUDPLWHXQFDYR
EXV&$1,OGLVSOD\GLVSRQHGL[FDUDWWHULSHUODYLVXDOL]]D]LRQHGLYDORULHPHVVDJJLLQXQD
VWUXWWXUDDPHQX,OGLVSOD\/&'qGRWDWRGLUHWURLOOXPLQD]LRQH6RSUDORVFKHUPR/&'VRQRORFD
OL]]DWLQRYH/('YHUGLHXQ/('URVVR,QROWUHO
XQLWjGLVSOD\KDTXDWWURFKLDYLSHUODQDYLJD]LRQH
QHOPHQXGLVSOD\YHGHUHO
LOOXVWUD]LRQHLQEDVVR4XDQGRO
LQYHUWHUqLQIXQ]LRQHLOGLVSOD\/&'
YLVXDOL]]DLGLYHUVLYDORULRSHUDWLYLHSDUDPHWULGHOOHLPSRVWD]LRQL4XDQGRO
LQYHUWHUqLQPRGDOLWj
2))GLQRWWHqSRVVLELOHDWWLYDUHO
LQYHUWHUSUHPHQGRLOSXOVDQWHVLQLVWUR(6&4XHVWDIXQ]LRQH
FRQVHQWHDOSURSULHWDULRGHOVLVWHPDGLFRQWUROODUHLYDORULGLJHQHUD]LRQHVRODUHPHPRUL]]DWLQHOOD
PHPRULDGHOGLVSOD\DQFKHTXDQGRQRQYLqSRWHQ]DVRODUHGLVSRQLELOHSHUDOLPHQWDUHO
LQYHUWHU
FRPHGHVFULWWRQHOVHJXLWR
9LVXDOL]]D]LRQHOLPLWLGLWROOHUDQ]D
,SDUDPHWULPRVWUDWLVXOGLVSOD\VRQRUHODWLYL
DOOHWHQVLRQLHFRUUHQWLPLVXUDWHLQWHUQDPHQWH
,SDUDPHWULPRVWUDWLSRVVRQRGHYLDUHULVSHWWR
DLYDORULPDVVLPLGLFLUFDLOSHUFHQWR
1HOO
DUHDGLPLVXUD]LRQHLQIHULRUHHVTXDQGR
O
LUUDGLD]LRQHVRODUHqPROWREDVVDODGHYLD
]LRQHSXzDUULYDUHILQR:HDPSHUH
8/;L
'LVHJQR'LVSOD\
/B
,QWHUIDFFLDXRPRPDFFKLQD
3XOVDQWLDSUHVVLRQH
θ
,TXDWWURSXOVDQWLDSUHVVLRQHKDQQROHVHJXHQWLIXQ]LRQL
▲
▼
OK
(6&
8S
'RZQ
,QYLR
9DXQSDVVRLQGLHWURDYDQWLQHOODVWUXWWXUDGHLPHQX
6FRUUHLQGLHWURDOODYLVXDOL]]D]LRQHGHOPHQXSUHFHGHQWH
6FRUUHDYDQWLDOODYLVXDOL]]D]LRQHGHOPHQXVXFFHVVLYR
1XRYROLYHOORGLPHQXRPRGLILFDGLLPSRVWD]LRQL
1DYLJD]LRQHQHLPHQXGHOGLVSOD\
6SHVVRLOPHWRGRSLVHPSOLFHSHULPSDUDUHFRPHIXQ]LRQDXQGHWHUPLQDWRDSSDUHFFKLRFRQVLVWH
QHOSURYDUHVXELWRDXWLOL]]DUOR,QYLWLDPRJOLXWHQWLDVHJXLUHTXHVWRPHWRGRFRQLOGLVSOD\3URYDUH
HVSHULPHQWDUHFRQFRUDJJLR1RQqSUDWLFDPHQWHSRVVLELOHURYLQDUHQLHQWHSHUFKpOHIXQ]LRQLFKH
VHUYRQR D PRGLILFDUH OH LPSRVWD]LRQL VRQR SURWHWWH GD SDVVZRUG ,QROWUH VH QRQ VL DJLVFH VXO
WDVWLHULQRSHUPLQXWLLOGLVSOD\WRUQDVHPSUHDOODYLVXDOL]]D]LRQHSUHGHILQLWDQHOODVH]LRQH$GHL
PHQX
/DYLVXDOL]]D]LRQHVXFFHVVLYDQHOOLYHOORGLPHQXDWWXDOHYLHQHPRVWUDWDSUHPHQGR ▼6HODYL
VXDOL]]D]LRQHDWWXDOHqO
XOWLPDYHUUjPRVWUDWDODSULPDYLVXDOL]]D]LRQH
/D YLVXDOL]]D]LRQH SUHFHGHQWH QHO OLYHOOR GL PHQX DWWXDOH YLHQH PRVWUDWD SUHPHQGR ▲ 6H OD
YLVXDOL]]D]LRQHDWWXDOHqODSULPDYHUUjPRVWUDWDO
XOWLPDYLVXDOL]]D]LRQH
/DYLVXDOL]]D]LRQHVXELWRVRWWRTXHOODDWWXDOHQHOODJHUDUFKLDGHLPHQXYLHQHPRVWUDWDSUHPHQGR
2.
θ
/DYLVXDOL]]D]LRQHVXELWRVRSUDTXHOODDWWXDOHQHOODJHUDUFKLDGHLPHQXYLHQHPRVWUDWDSUHPHQ
GR 6RORDOOLYHOORVHOODVH]LRQH$GHOPHQXODSULPDYLVXDOL]]D]LRQHDOOLYHOORQHOODVH]LRQH%GHL
PHQXYLHQHPRVWUDWDSUHPHQGR2.SHUDOPHQRVHFRQGL
6RORDOOLYHOORVHOODVH]LRQH%GHOPHQXODSULPDYLVXDOL]]D]LRQHDOOLYHOORQHOODVH]LRQH&GHL
PHQXYLHQHPRVWUDWDSUHPHQGR2.SHUDOPHQRVHFRQGL
θ
6RORDOOLYHOORVHOODVH]LRQH%GHOPHQXODSULPDYLVXDOL]]D]LRQHDOOLYHOORQHOODVH]LRQH$OGHL
PHQXYLHQHPRVWUDWDSUHPHQGR 0HWRGRGLLPPLVVLRQHSHUODVHOH]LRQHGLXQRJJHWWR
4XDQGRVLSUHPH2.O
RJJHWWRVHOH]LRQDWRQHOGLVSOD\LQL]LDDODPSHJJLDUH
4XDQGR ▼YLHQHSUHPXWRO
RJJHWWRFKHODPSHJJLDYLHQHVRVWLWXLWRFRQLOVXFFHVVLYRRJJHWWR
VHOH]LRQDELOHFKHODPSHJJHUjDQFK
HVVRUROORYHUGDOO
XOWLPRDOSULPRRJJHWWRVHOH]LRQDELOH
4XDQGR ▲YLHQHSUHPXWRO
RJJHWWRFKHODPSHJJLDYLHQHVRVWLWXLWRFRQLOSUHFHGHQWHRJJHWWR
VHOH]LRQDELOHFKHODPSHJJHUjDQFK
HVVRUROORYHUGDOO
XOWLPRDOSULPRRJJHWWRVHOH]LRQDELOH
4XDQGRVLSUHPH2.ODVHOH]LRQHYLHQHFRQIHUPDWDHJOLRJJHWWLQRQODPSHJJLDQRSL
/B
,QWHUIDFFLDXRPRPDFFKLQD
YLHQH SUHPXWR JOL RJJHWWL QRQ ODPSHJJLDQR SL H YLHQH ULSULVWLQDWD OD VHOH]LRQH
θ
4XDQGR RULJLQDOH
0HWRGRGLLPPLVVLRQHSHUOHSDVVZRUG
4XDQGRVLSUHPH2.LQL]LDDODPSHJJLDUHODFLIUDDGHVWUDGHOODFLIUDQXPHULFDODPSHJJLDQWH6H
VLSUHPH2.HODFLIUDSLDGHVWUDVWDODPSHJJLDQGRYLHQHFRQIHUPDWDO
LPPLVVLRQHGHOODSDV
VZRUG6HVLLPPHWWHXQDSDVVZRUGHUUDWDODFLIUDSLDVLQLVWUDLQL]LDDODPSHJJLDUH6HVLLPPHWWH
ODSDVVZRUGFRUUHWWDYLHQHPRVWUDWDODSULPDYLVXDOL]]D]LRQHGHOPHQX&SURWHWWRGDSDVVZRUG
4XDQGR▼YLHQHSUHPXWRYLHQHPRVWUDWDODFLIUDVXFFHVVLYDUROORYHUGDD
4XDQGR▲YLHQHSUHPXWRYLHQHPRVWUDWDODFLIUDSUHFHGHQWHUROORYHUGDD
θ
4XDQGR YLHQHSUHPXWRODFLIUDVPHWWHGLODPSHJJLDUHHYHQJRQRPRVWUDWLWXWWL]HULVLSXz
LPPHWWHUHXQDQXRYDSDVVZRUG
&DPELDPHQWR$XWRPDWLFRGHOOD)XQ]LRQHYLVXDOL]
]DWDVXO'LVSOD\
1HOODVH]LRQH$GHLPHQXLOGLVSOD\FRQWLQXHUjDPRVWUDUHO
XOWLPDIXQ]LRQHVFHOWDGDOO
XWHQWH
1HOPHQX%LOGLVSOD\SDVVDDXWRPDWLFDPHQWHDOPHQX$VHQRQVLUHJLVWUDDOFXQDDWWLYLWjVXOOD
WDVWLHUDSHUPLQXWL
6HO
LQYHUWHUQRQqFRQQHVVRDOODUHWHHQRQVRQRVWDWLSUHPXWLWDVWLSHUXQFHUWRQXPHURGLVHFRQGL
LOGLVSOD\SDVVHUjDXWRPDWLFDPHQWHDOODYLVXDOL]]D]LRQH0RGDOLWjIXQ]
6HO
LQYHUWHUqFRQQHVVRDOODUHWHHQRQVLqUHJLVWUDWDDOFXQDDWWLYLWjVXOODWDVWLHUDSHUXQFHUWR
QXPHURGLVHFRQGLLOGLVSOD\SDVVHUjDXWRPDWLFDPHQWHDOODYLVXDOL]]D]LRQH3URGX]LRQHRJJL4XDQ
GRKDLQL]LRHWHUPLQHLOWHVWVXOODFRQILJXUD]LRQH)9LOGLVSOD\SDVVDWHPSRUDQHDPHQWHDOPHQX%
SHUYLVXDOL]]DUHORVWDWRGHOWHVWGLFRQILJXUD]LRQH)9
6HO
LQYHUWHUYLHQHGLVFRQQHVVRGDOODUHWHDFDXVDGLXQJXDVWRLO/('URVVRLQL]LDDODPSHJJLDUH
HLOGLVSOD\SDVVDDXWRPDWLFDPHQWHDOPHQX%LQFXLYLHQHPRVWUDWRO
HYHQWR
1HOPHQX%qSRVVLELOHPRGLILFDUHODOLQJXDYLVXDOL]]DWDVXOGLVSOD\4XHVWDPRGLILFDQRQKDFRQ
VHJXHQ]HVXQHVVXQDOWUDLPSRVWD]LRQH/DOLQJXDYLVXDOL]]DWDqLQGLSHQGHQWHGDOOHLPSRVWD]LRQL
GHOSDHVH1HOGLVSOD\LQWHJUDWRqSRVVLELOHPRGLILFDUHGLYHUVLSDUDPHWUL7XWWHOHLPSRVWD]LRQLFKH
KDQQRFRQVHJXHQ]HVXOOHSUHVWD]LRQLVXLUHJRODPHQWLGHOOHDXWRULWjHVXOODVLFXUH]]DVRQRUDJ
JUXSSDWHQHOODVH]LRQH&GHLPHQX
/
DFFHVVRDOODVH]LRQH&ULFKLHGHXQDSDVVZRUG/
DFFHVVRFRQSDVVZRUGGRYUHEEHHVVHUHFRQ
VHQWLWRVRORDSHUVRQDOHDXWRUL]]DWRHFRQXQDGHJXDWRDGGHVWUDPHQWRHGHVSHULHQ]D9HGHUHOD
VH]LRQHUHODWLYDDOO
LPPLVVLRQHGHOOHSDVVZRUG9HGHUHLOFDSLWRORUHODWLYRDOOHYLVXDOL]]D]LRQLVH
]LRQH&SHUXQDVSLHJD]LRQHGHWWDJOLDWDGHLSDUDPHWULFKHSRVVRQRHVVHUHPRGLILFDWLHLPSRVWDWL
QHOODVH]LRQH&GHOPHQX
/B
,QWHUIDFFLDXRPRPDFFKLQD
6WUXWWXUDGHLPHQX
'HVFUL]LRQHGHOOHIXQ]LRQLGHOGLVSOD\
,QTXHVWDVRWWRVH]LRQHVRQRPRVWUDWLLPHQXGHOGLVSOD\
,OWHVWRHVDWWRGLRJQLVFKHUPDWDqPRVWUDWRQHOODFRORQQDGLVLQLVWUD1RWDUHFKHqSRVVLELOHVFRU
UHUHYHUVRO
DOWRHLOEDVVRLQRJQLYLVXDOL]]D]LRQH,OPHQXGLVSRQHLQROWUHGLXQDIXQ]LRQHGLFRP
SUHVVLRQHGDOO
XOWLPRRJJHWWRILQRDOSULPR
2JQLYLVXDOL]]D]LRQHqFRPSRVWDGDGXHOLQHH'LVROLWRODOLQHDLQDOWRLQGLFDFLzFKHqPRVWUDWR
PHQWUHODOLQHDLQEDVVRLQGLFDLOYDORUHHO
XQLWjGLPLVXUD1HOODFRORQQDGLGHVWUDVRQRLOOXVWUDWLL
FRQWHQXWLGHOODVFKHUPDWD,QDOFXQLFDVLVLSRVVRQRWURYDUHLQIRUPD]LRQLDJJLXQWLYHLQDOWULFDSLWROL
1RWD
/HPLVXUHIRUQLWDGDOPLVXUDWRUHLQWHJUDWRQHOO
LQYHUWHUVRQRLQGLFDWLYHVHVLGHVLGHUDFRQRVFHUH
ODTXDQWLWjHVDWWDGLHQHUJLDSURGRWWDXWLOL]]DUHXQPLVXUDWRUHGLHQHUJLDGLXQJHVWRUHGHOOD
UHWHGLGLVWULEX]LRQH
/HLQIRUPD]LRQLGHOGLVSOD\VRQRRUJDQL]]DWHLQXQDVWUXWWXUDDPHQXVXGGLYLVDLQWUHVH]LRQL$
%H&
6H]LRQH$
&RQWLHQHLQIRUPD]LRQLVXOO
LQYHUWHUHVXOOHSUHVWD]LRQLGHOVLVWHPD)9
6H]LRQH%
9LVXDOL]]DWXWWLLYDORULGLPLVXUD]LRQHHOHLPSRVWD]LRQLGHOO
XWHQWH
6H]LRQH&
&RQWLHQHOHLPSRVWD]LRQLGHOO
LQYHUWHUHLSDUDPHWULGHOO
LPSLDQWRHGqSURWHWWDWUDPLWHSDVVZRUG
1HOOHWDEHOOHVHJXHQWLqSRVVLELOHYHGHUHXQDSDQRUDPLFDVXOODVWUXWWXUDGHLPHQXHVXOOHLQIRU
PD]LRQLIRUQLWHGDLPHQX
3DQRUDPLFDVH]LRQHPHQX$
/DWDEHOODLQEDVVRRIIUHXQDSDQRUDPLFDGHOODVWUXWWXUDGHOPHQX,YDORULLQGLFDWLGHYRQRHVVHUH
LQWHVLXQLFDPHQWHFRPHHVHPSLGLWHVWLYLVXDOL]]DWL,OWHVWRGLVSOD\YLVXDOL]]DWRQHOODSULPDFR
ORQQD)XQ]LRQLGLVSOD\qVXGGLYLVRVXULJKHFRQFDUDWWHULGLVSRQLELOLSHUULJD/DGLYLVLRQH
GHOODULJDqVHJQDODWDGDOVLPEROR_
/B
,QWHUIDFFLDXRPRPDFFKLQD
6WUXWWXUDPHQX$
)XQ]LRQLYLVXDOL]]DWH
'HVFUL]LRQH
3RWHQ]DXVFLWD_:
3RWHQ]DGLXVFLWDDWWXDOHLQZDWW
1RPHO
LQYHUWHU_
8WLOL]]DUH6RIWZDUHGLDVVLVWHQ]DSHULQVHULUHLOQRPHGHOO
LQYHUWHU6HLOQRPHGHOO
LQ
YHUWHUQRQqGHILQLWRTXHVWRPHQXYLHQHVDOWDWR
3URGX]WRWDOH_N:K
3URGX]LRQHGLHQHUJLDWRWDOHLQN:KGDOSULPRDYYLDPHQWRGHOO
LQYHUWHU
7HPSRIXQ]WRWDOH_KPV 7HPSRRSHUDWLYRWRWDOHWHPSRGLDFFHQVLRQHYLVXDOL]]DWRLQRUHPLQXWLHVHFRQGL
3URGX]LRQHRGLHUQD_:K
3URGX]LRQHGLHQHUJLDRGLHUQDLQ:K
9DLDOPHQX%
6DOWDDOOLYHOOR%GHLPHQXTXDQGRVLSUHPH2.
7DEHOOD3DQRUDPLFDVWUXWWXUDPHQX$
/B
,QWHUIDFFLDXRPRPDFFKLQD
3DQRUDPLFDVH]LRQHPHQX%
/D WDEHOOD LQ EDVVR RIIUH XQD SDQRUDPLFD GHOOD VWUXWWXUD GHO PHQX , GXH OLYHOOL GL PHQX VRQR
FKLDUDPHQWHLQGLFDWLGDXQDIUHFFLDVHJXLWDGDXQVRWWRPHQX,YDORULLQGLFDWLGHYRQRHVVHUHLQWHVL
XQLFDPHQWHFRPHHVHPSLGLWHVWLYLVXDOL]]DWL
,OWHVWRGLVSOD\YLVXDOL]]DWRQHOODSULPDFRORQQD)XQ]LRQLGLVSOD\qVXGGLYLVRVXULJKHFRQ
FDUDWWHULGLVSRQLELOLSHUULJD/DGLYLVLRQHGHOODULJDqVHJQDODWDGDOVLPEROR_
6WUXWWXUDPHQX%
)XQ]LRQLYLVXDOL]]DWH
'HVFUL]LRQH
9LVXDOL]]DO
DWWXDOHPRGDOLWjGLIXQ]LRQDPHQWRGHOO¶LQYHUWHU9HGHUHOHGH
ILQL]LRQLGHLPRGLGLIXQ]LRQDPHQWRQHOFDSLWROR
0RVWUDORVWDWRGHOWHVWDXWRPDWLFRGLFRQILJXUD]LRQH)9HLOFRQVHJXHQWH
ULVXOWDWR
6HO
LQYHUWHUQRQqFRQQHVVRDOODUHWHDFDXVDGLXQJXDVWRLO/('URVVR
LQL]LDDODPSHJJLDUHHODUDJLRQHGHOJXDVWRYLHQHPRVWUDWDTXL
9LVXDOL]]DHFRQVHQWHODVFHOWDGHOODOLQJXDVXOGLVSOD\1RQKDFRQVHJXHQ]H
VXOOHDOWUHLPSRVWD]LRQL
0RGDOLWjIXQ]_67$1'%<
&RQILJXUD]39_,1$77,92
(YHQWR0RGXO_(16)/&+'&$&
/LQJXD_,7$/,$12
7HQVLRQHUHWH_9
9LVXDOL]]DODWHQVLRQH&$DWWXDOHVXOODUHWH
&RUUHQWHUHWH_$
9LVXDOL]]DLOIOXVVRDWWXDOHGLFRUUHQWHDOODUHWH
)UHTXHQ]DUHWH_+]
9LVXDOL]]DODIUHTXHQ]DDWWXDOHGHOODUHWH
,PSHGHQ]DUHWH_RKP
9LVXDOL]]DO
LPSHGHQ]DDWWXDOHGHOODUHWH
7HQVIRWRYROW_3UHP2.SYHGHUH
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQXSHUYDORULUHJLVWUDWL
ඛ
6RWWRPHQX
7HQVIRWRYOWȹ_9
7HQVLRQHDWWXDOHDOO
LQJUHVVR)9SRVL]LRQHLQDOWRQHOO
LQYHUWHU
7HQVIRWRYOWȹ_9
7HQVLRQHDWWXDOHDOO
LQJUHVVR)9VHFRQGDSRVL]LRQHQHOO
LQYHUWHU
7HQVIRWRYOWȹ_9
7HQVLRQHDWWXDOHDOO
LQJUHVVR)9WHU]DSRVL]LRQHQHOO
LQYHUWHU
&RUUIRWRYROW_3UHP2.SYHGHUH
ඛ
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQXSHUYDORULUHJLVWUDWL
6RWWRPHQX
&RUUIRWRYOWȹ_$
&RUUHQWHDWWXDOHDOO
LQJUHVVR)9SRVL]LRQHLQDOWRQHOO
LQYHUWHU
&RUUIRWRYOWȹ_$
&RUUHQWHDWWXDOHDOO
LQJUHVVR)9VHFRQGDSRVL]LRQHQHOO
LQYHUWHU
&RUUIRWRYOWȹ_$
&RUUHQWHDWWXDOHDOO
LQJUHVVR)9WHU]DSRVL]LRQHQHOO
LQYHUWHU
9DORULPDVVLPL_3UHP2.SYHGHUH
ඛ
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQXSHUYDORULUHJLVWUDWL
6RWWRPHQX
9DORULPDVVLPLUHJLVWUDWLQHOO
XVFLWD&$GDOO
XOWLPRUHVHWGHOYDORUHPDVVLPR
GLPHPRULD
9DORULPDVVLPLUHJLVWUDWLQHOO
LQJUHVVR&&GDOO
XOWLPRUHVHWGHOYDORUHPDV
&&LQ:_$9
VLPRGLPHPRULD
9DORULPDVVLPLUHJLVWUDWLQHOO
LQJUHVVR&&GDOO
XOWLPRUHVHWGHOYDORUH
&&LQ:_$9
PDVVLPRGLPHPRULD
9DORULPDVVLPLUHJLVWUDWLQHOO
LQJUHVVR&&GDOO
XOWLPRUHVHWGHOYDORUH
&&LQ:_$9
PDVVLPRGLPHPRULD
&$RXW:_$9
7DEHOOD3DQRUDPLFDVWUXWWXUDGHOPHQX%
,PHQX)9H)9YHQJRQRYLVXDOL]]DWLVRORVXLQYHUWHUHTXLSDJJLDWLFRQGXHRWUHLQJUHVVL
/B
,QWHUIDFFLDXRPRPDFFKLQD
6WUXWWXUDPHQX%3URVHJXH
)XQ]LRQLYLVXDOL]]DWH
'HVFUL]LRQH
9DORULPDVVLPL_3UHP2.SYHGHUH
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQXSHUYDORULUHJLVWUDWL
ඛ
6RWWRPHQX
9DORULPDVVLPLUHJLVWUDWLQHOO
XVFLWD&$GDOO
XOWLPRUHVHWGHOYDORUHPDVVLPR
GLPHPRULD
9DORULPDVVLPLUHJLVWUDWLQHOO
LQJUHVVR&&GDOO
XOWLPRUHVHWGHOYDORUHPDV
&&LQ:_$9
VLPRGLPHPRULD
9DORULPDVVLPLUHJLVWUDWLQHOO
LQJUHVVR&&GDOO
XOWLPRUHVHWGHOYDORUH
&&LQ:_$9
PDVVLPRGLPHPRULD
9DORULPDVVLPLUHJLVWUDWLQHOO
LQJUHVVR&&GDOO
XOWLPRUHVHWGHOYDORUH
&&LQ:_$9
PDVVLPRGLPHPRULD
&$RXW:_$9
'HJUDGDWPSWRW_3UHP2.SYHGHUH
ඛ
6RWWRPHQX
&&GHJUDGDWHPS_KP
&&GHJUDGDWHPS_KP
&&GHJUDGDWHPS_KP
'HJUDGDWPSWRW_KP
2UDVSHJQLPHQWR_VHFRQGL
1XPHULFRGLFH_3UHP2.SYHGHUH
ඛ
'HJUDGD]LRQHWHPSHUDWXUD&&0RVWUDODTXDQWLWjGLWHPSRQHOTXDOH
O
LQYHUWHUqVWDWRGHJUDGDWRDFDXVDGHOO
DOWDWHPSHUDWXUD
7HPSHUDWXUDGLGHFODVVDPHQWR&&0RVWUDODTXDQWLWjGLWHPSRQHOTXDOH
O
LQYHUWHUqVWDWRGHJUDGDWRDFDXVDGHOO
DOWDWHPSHUDWXUD
7HPSHUDWXUDGLGHFODVVDPHQWR&&0RVWUDODTXDQWLWjGLWHPSRQHOTXDOH
O
LQYHUWHUqVWDWRGHJUDGDWRDFDXVDGHOO
DOWDWHPSHUDWXUD
'HFODVVDPHQWRWRWDOHUHWH0RVWUDODTXDQWLWjGLWHPSRQHOTXDOHO
LQYHUWHU
qVWDWRGHJUDGDWRDFDXVDGHOOHFRQGL]LRQLLQVWDELOLGHOODUHWH
7HPSLSULPDFKHO
LQYHUWHUHQWULLQPRGDOLWj2))TXDQGRQRQYLqSRWHQ]D
VRODUHGLVSRQLELOH
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQXSHUYDORULUHJLVWUDWL
6RWWRPHQX
ȹFRGLFHLQYHUWHU_
,QGLFDLOFRGLFHSURGRWWRGHOO
LQYHUWHU
ȹFRGLFH&$_&
,QGLFDLOFRGLFHSURGRWWRGHOPRGXOR&$
ȹFRGLFH&&_&
,QGLFDLOFRGLFHSURGRWWRGHOPRGXOR&&
ȹFRGLFH&&_&
,QGLFDLOFRGLFHSURGRWWRGHOPRGXOR&&
ȹFRGLFH&&_&
,QGLFDLOFRGLFHSURGRWWRGHOPRGXOR&&
6HULDOQXPEHUV_3UHPHUH2.SYHGHUH
ඛ
'HJUDGD]LRQHWRWDOHWHPSHUDWXUD0RVWUDODTXDQWLWjWRWDOHGLWHPSRQHO
TXDOHO
LQYHUWHUqVWDWRGHJUDGDWRDFDXVDGHOO
DOWDWHPSHUDWXUD
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQXSHULYDORULUHJLVWUDWL
6RWWRPHQX
ȹFRGLQYHUWHU_
,QGLFDLOQXPHURVHULDOHGHOO
LQYHUWHU
ȹFRGLFH&$_&
,QGLFDLOQXPHURVHULDOHGHOPRGXOR&$
ȹFRGLFH&&_&
,QGLFDLOQXPHURVHULDOHGHOPRGXOR&&
ȹFRGLFH&&_&
,QGLFDLOQXPHURVHULDOHGHOPRGXOR&&
ȹFRGLFH&&_&
,QGLFDLOQXPHURVHULDOHGHOPRGXOR&&
7DEHOOD3DQRUDPLFDVWUXWWXUDGHOPHQX%
,PHQX&&H&&YHQJRQRYLVXDOL]]DWLVRORVXLQYHUWHUHTXLSDJJLDWLFRQGXHRWUHLQJUHVVL
,YDORULPDVVLPLGHOODSRWHQ]D)9SRVVRQRUDJJLXQJHUHYDORULVXSHULRULD:QHJOLLQYHUWHULQFXLJOLLQJUHVVLVRQR
FROOHJDWLLQSDUDOOHOR&LzqQRUPDOH
/B
,QWHUIDFFLDXRPRPDFFKLQD
3DQRUDPLFDVXOODVH]LRQH&GHLPHQX
/HLPSRVWD]LRQLYDQQRPRGLILFDWHVRORLQDFFRUGRDQRUPHHUHJRODPHQWLSUHGLVSRVWL
GDOO
HQWHSXEEOLFRFRPSHWHQWHLQWHPDGLQRUPDWLYHVXOPRQWDJJLR/HSHUVRQHLQ
WHUHVVDWHDPRGLILFDUHOHLPSRVWD]LRQLGHYRQRHVVHUHHVSHUWHUHODWLYDPHQWHHQRUPH
HUHJRODPHQWLDWWXDOLHGHYRQRRYHQHFHVVDULRRWWHQHUHO
DSSURYD]LRQHGHOOHDXWR
ULWjSUHSRVWH
ÊSRVVLELOHDFFHGHUHDOODVH]LRQH&GHLPHQXSUHPHQGR2.SHUDOPHQRVHFRQGLGDOOLYHOOR
GHOODVH]LRQH%GHLPHQX1HFHVVDULRLPPHWWHUHXQDSDVVZRUGSULPDFKHYHQJDPRVWUDWDODSULPD
YLVXDOL]]D]LRQHQHOODVH]LRQH&GHLPHQX
,OWHVWRGLVSOD\YLVXDOL]]DWRQHOODSULPDFRORQQD)XQ]LRQLGLVSOD\qVXGGLYLVRVXULJKHFRQ
FDUDWWHULGLVSRQLELOLSHUULJD/DGLYLVLRQHGHOODULJDqVHJQDODWDGDOVLPEROR_
/B
,QWHUIDFFLDXRPRPDFFKLQD
6WUXWWXUDPHQX&
)XQ]LRQLYLVXDOL]]DWH
'HVFUL]LRQH
,QVHULUHSDVVZUG_
,PPHWWHUHODSDVVZRUGFRUUHWWDDFLIUHHSUHPHUH2.
5HJLVWURHYHQWL_3UHPHUH2.
0RVWUDLOUHJLVWURDWWXDOHGHJOLHYHQWL3UHPHUH2.SHUDQGDUHDOVRWWRPHQX
ඛ
6RWWRPHQX
8*5,'_K 9LVXDOL]]D]LRQHSULPRHYHQWR3HUPDJJLRULGHWWDJOLYHGHUHLOFDSLWROR5LFHUFDJXDVWL
PV
3UHPHUH2.SHUDFFHGHUHDOODYLVXDOL]]D]LRQHGHOUHJLVWURGHOVHFRQGRHYHQWR
ൺ'&$&_
9LVXDOL]]D]LRQHVHFRQGRHYHQWR3HUPDJJLRULGHWWDJOLYHGHUHLOFDSLWROR5LFHUFDJXDVWL
(OLPLQLDHYHQWL_7HQHUHSUHP2.
(OLPLQDUHJLVWURHYHQWL
1D]LRQH_,7$/,$
9LVXDOL]]DHPRGLILFDOHLPSRVWD]LRQHGHOSDHVH2JQLLPSRVWD]LRQHSDHVHGLVSRQHGLXQ
SURSULRVHWGLSDUDPHWULVHSDUDWR
0HGWHQVOLP_9
0DVVLPRYDORUHGHOODWHQVLRQHPHGLDPLVXUDWDQHJOLXOWLPLPLQXWL
7HQVPD[UHWH_9
9LVXDOL]]DHPRGLILFDLOOLPLWHPDVVLPRGHOODWHQVLRQHGHOODUHWH
7HQVPLQUHWH_9
9LVXDOL]]DHPRGLILFDLOOLPLWHPLQLPRGHOODIUHTXHQ]DGHOODUHWH
)UHTPD[UHWH_+]
9LVXDOL]]DHPRGLILFDLOOLPLWHPDVVLPRGHOODIUHTXHQ]DGHOODUHWH
)UHTPLQUHWH_+]
9LVXDOL]]DHPRGLILFDLOOLPLWHPLQLPRGHOODIUHTXHQ]DGHOODUHWH
7HPSRDFFHQVLRQH_VHFRQGL
6WDWR(16_$%,/,7$72
0DVWHU6ODYH_5,/(9$0$8720
6WHS,PSUHWH_RKP
9LVXDOL]]DHPRGLILFDLOULWDUGRGLFRQQHVVLRQHDOODUHWHXQDYROWDFKHVRQRVRGGLVIDWWHOH
FRQGL]LRQLGLFRQQHVVLRQHDOODUHWH
$ELOLWDHGLVDELOLWDODIXQ]LRQDOLWj(164XDQGRODVFKHGD(16qGLVFRQQHVVDGHYHHVVHUH
ULPRVVRGDOO
LQYHUWHU
6HOH]LRQDUHFRQILJXUD]LRQH0DVWHU6ODYH&RQILJXUDGLFRQVHJXHQ]DLOFDEODJJLRGHOO
LQ
JUHVVR)9
9LVXDOL]]DHPRGLILFDLOOLPLWHGHOOLYHOORGLLPSHGHQ]DGHOODUHWH
5HVHWYDORULPD[_7HQHUHSUHP2. (OLPLQDLOYDORUHPDVVLPRGLUHJLVWUR
)RQWH&&_2.VFHJOPRGXOR
ඛ
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQX
6RWWRPHQX
)RQWHLQJU&&_)2
&RPPXWDWUD)9H$/,0(17$=,21(&&SHUHVHJXLUHLWHVW
7292/7
)RQWHLQJU&&_)2
&RPPXWDWUD)9H$/,0(17$=,21(&&SHUHVHJXLUHLWHVW
7292/7
)RQWHLQJU&&_)2
&RPPXWDWUD)9H$/,0(17$=,21(&&SHUHVHJXLUHLWHVW
7292/7
9(56,21,6:_3UHPHUH2.
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQX
ඛ
6RWWRPHQX
9HUVORJLFL&$_ ,QGLFDODYHUVLRQHGHOVRIWZDUHGHOO
DWWXDOHPRGXOR&$
&&6RIWZDUH_
,QGLFDODYHUVLRQHGHOVRIWZDUHGHOO
DWWXDOHPRGXOR&&
&&6RIWZDUH_
,QGLFDODYHUVLRQHGHOVRIWZDUHGHOO
DWWXDOHPRGXOR&&
&&6RIWZDUH_
,QGLFDODYHUVLRQHGHOVRIWZDUHGHOO
DWWXDOHPRGXOR&&
'LVSOD\6:YHU_
,QGLFDWHODYHUVLRQHGHOVRIWZDUHGHOGLVSOD\LQWHJUDWR
/LPLWHSRWHQ]D_3UHPHUH2.
3UHPHUH2.SHUDFFHGHUHDOVRWWRPHQX
ඛ
6RWWRPHQX
/LPLWHSRW&$_
:
/LPLWHSRW&&_
:
/LPLWHSRW&&_
:
/LPLWHSRW&&_
:
9LVXDOL]]DHPRGLILFDLOOLPLWHGHOODSRWHQ]DGLXVFLWD&$
9LVXDOL]]DHPRGLILFDLOOLPLWHGLSRWHQ]DLQLQJUHVVRGHOPRGXOR&&
9LVXDOL]]DHPRGLILFDLOOLPLWHGLSRWHQ]DLQLQJUHVVRGHOPRGXOR&&
9LVXDOL]]DHPRGLILFDLOOLPLWHGLSRWHQ]DLQLQJUHVVRGHOPRGXOR&&
7HQVLRQHEXV&&_3UHPHUH2.
7HQVLRQHEXV&&PLVXUDWDVXOFLUFXLWRVWDPSDWRLQGLYLGXDOH
7HQVEXV&&&$_9
7HQVLRQHEXV&&PLVXUDWDVXOFLUFXLWRVWDPSDWR&$
7HQVEXV&&&&_9
7HQVLRQHEXV&&PLVXUDWDVXOODVFKHGD&&
7HQVEXV&&&&_9
7HQVLRQHEXV&&PLVXUDWDVXOFLUFXLWRVWDPSDWR&&
7HQVEXV&&&&_9
7HQVLRQHEXV&&PLVXUDWDVXOFLUFXLWRVWDPSDWR&&
*XDVWRDWHUUD_$%,/,7$72
$ELOLWDRGLVDELOLWDO
LQGLFD]LRQHGLXQJXDVWRDWHUUDLQGLFDWRFRPHXQHYHQWR
7DEHOOD3DQRUDPLFDVWUXWWXUDGHOPHQX& /B
,QWHUIDFFLDXRPRPDFFKLQD
3RVVRQRHVVHUHPRGLILFDWLVRORFRQLO6RIWZDUHGLDVVLVWHQ]D&RQVXOWDUHLO6RIWZDUHGLDVVLVWHQ]D0DQXDOH
,PHQX&&H&&YHQJRQRYLVXDOL]]DWLVRORVXLQYHUWHUHTXLSDJJLDWLFRQTXHVWLPRGXOL
/B
,PSRVWD]LRQLGHOO¶LQYHUWHU
,PSRVWD]LRQLGHOO¶LQYHUWHU
,PSRVWD]LRQLGHOO¶LQYHUWHU
$OFXQLSDUDPHWULUHODWLYLDOOHSUHVWD]LRQLDOOHQRUPHHDOODVLFXUH]]DSRVVRQRHVVHUHPRGLILFDWL
/
HVHFX]LRQHGLTXHVWHPRGLILFKHGRYUHEEHHVVHUHFRQVHQWLWRVRORDSHUVRQDOHDXWRUL]]DWRHFRQ
XQ DGHJXDWR DGGHVWUDPHQWR HG HVSHULHQ]D 'L FRQVHJXHQ]D O
DFFHVVR H SURWHWWR WUDPLWH SDV
VZRUG,SDUDPHWULSRVVRQRHVVHUHPRGLILFDWLFRQ6RIWZDUHGLDVVLVWHQ]DRSSXUHQHOODVH]LRQH&
GHOPHQXVXOGLVSOD\LQWHJUDWR9HGHUHLOPDQXDOHDSSRVLWRSHU6RIWZDUHGLDVVLVWHQ]D9HGHUHLO
FDSLWRORUHODWLYRDOOHYLVXDOL]]D]LRQLVH]LRQH&SHUXQDVSLHJD]LRQHGHWWDJOLDWDGHLSDUDPHWULFKH
SRVVRQRHVVHUHPRGLILFDWLHLPSRVWDWLQHOODVH]LRQH&GHOPHQX9HGHUHDQFKHODVH]LRQHUHODWLYD
DOO
LQVHULPHQWRSDVVZRUG1HOPHQX%GHOGLVSOD\LQWHJUDWRqSRVVLELOHPRGLILFDUHODOLQJXDYLVXD
OL]]DWDVXOGLVSOD\4XHVWDPRGLILFDQRQKDFRQVHJXHQ]HVXQHVVXQDOWUDLPSRVWD]LRQH/DOLQJXD
YLVXDOL]]DWDqLQGLSHQGHQWHGDOOHLPSRVWD]LRQLGHOSDHVH
,PSRVWD]LRQHGHOSDHVH
/
LPSRVWD]LRQHGHOSDHVHqXQLQVLHPHGLYDORULGHLSDUDPHWULVSHFLILFDWLSHUXQDGHWHUPLQDWDQD
]LRQHRUHJLRQH/DWDEHOODGHLYDORULVSHFLILFLSHURJQLQD]LRQHUHJLRQHDGHVHPSLRLOLPLWLGHOOD
UHWHHFFqVWDWDPHPRUL]]DWDQHOO
LQYHUWHUDOPRPHQWRGHOODFRVWUX]LRQH
6HOH]LRQDQGRXQSDHVHUHJLRQHO
LQYHUWHUDGHJXDDXWRPDWLFDPHQWHLSURSULSDUDPHWULQD]LRQHDOOR
VSHFLILFRSDHVHUHJLRQHVHOH]LRQDWR
,QYLUWGHOOHVSHFLILFKHGHOOD9'(QRQqSLSRVVLELOHPRGLILFDUHLSDUDPHWULQD]LRQH
GHOO
LQYHUWHUWUDPLWHLOPHQX&VXOGLVSOD\3HUPRGLILFDUHLSDUDPHWULQD]LRQHRYDULDUHLVLQJROL
YDORULGHLSDUDPHWULGLXQDQD]LRQHqQHFHVVDULRXVDUH6RIWZDUHGLDVVLVWHQ]D
,SDUDPHWULFKHSRVVRQRHVVHUHPRGLILFDWLVRORFRQ6RIWZDUHGLDVVLVWHQ]DVRQR
‡
)UHTXHQ]DPDVVLPDGLUHWH
‡
)UHTXHQ]DPLQGLUHWH
‡
7HQVLRQHPD[UHWH
‡
7HQVLRQHPLQUHWH
‡
9DULPSUHWH
‡
2UDDFFHQVLRQH
‡
6WDWR(16
‡
3DHVH
1RWD
'RSRFKHqVWDWRVHOH]LRQDWRXQSDHVHUHJLRQHQRQqSLSRVVLELOHFDPELDUORHQHSSXUHPR
GLILFDUH DOFXQR GHL SDUDPHWUL FLWDWL LQ SUHFHGHQ]D VHQ]D O
DSSURYD]LRQH XIILFLDOH GHO JHVWRUH
GHOODUHWHGLGLVWULEX]LRQH
/B
,PSRVWD]LRQLGHOO¶LQYHUWHU
,QWXWWHOHQD]LRQLHOHQFDWHGLVHJXLWRO
LQYHUWHUHLOVXRFRUUHWWRIXQ]LRQDPHQWRVRQRDSSURYDWLH
FHUWLILFDWLSHURJQLQD]LRQHVRQRLQGLFDWLLYDORULGHLSULQFLSDOLSDUDPHWUL
3DHVH
$XVWULD
%HOJLR
5HSXE
EOLFD &H
FD
'DQLPDU
FD
)UDQFLD
*HUPD
QLD
*UHFLD
,WDOLD
/XVVHP
EXUJR
0DOWD
2ODQGD
3RUWRJDO
OR
6SDJQD
6YH]LD
6YL]]HUD
7XUFKLD
/LPLWH
0LQ
0D[WHQ 0D[
GL WHQ WHQVLRQH VLRQH>9@ IUHT
VLRQH
>9@
>+]@
PHGLD
>9@
0LQIUHT 0D[ OL
>+]@
PLWH GL
SRWHQ]D
>:@
0LVXUD 5LOHYDPHQ
LPSH WRJXDVWLGL
GHQ]D WHUUD
GLUHWH
&RGLFH
3DHVH
6u
1R
1R
21
21
2))
$7
%(
&=
7HPSR
FRQ
QHVVLR
QH
>VHF@
1R
2))
'.
6u
6u
21
2))
)5
'(
1R
1R
1R
2))
2))
2))
*5
,7
/8
1R
1R
6u
2))
2))
2))
07
1/
37
6u
1R
6u
1R
21
2))
2))
2))
(6
6(
&+
75
7DEHOOD3DQRUDPLFDGHOOHLPSRVWD]LRQLSHUQD]LRQH
/B
&RQILJXUD]LRQHGHOVLVWHPD)9
&RQILJXUD]LRQHGHOVLVWHPD)9
&RQILJXUD]LRQHGHOVLVWHPD)9
/DJDPPDGLSURGRWWLLQYHUWHU'DQIRVVFRPSUHQGHWUHWLSLGLLQYHUWHU8/;LRVRQRLQ
YHUWHUDVWULQJDVLQJROD8/;LR8/;LRH8/;LRVRQRLQYHUWHUFRQ
LQJUHVVLPXOWLVWULQJDHSRVVRQRHVVHUHFRQILJXUDWLVLDSHUIXQ]LRQDPHQWRDVWULQJKHLQGLSHQGHQWL
RSSXUHSHUIXQ]LRQDPHQWRDVWULQJKHLQSDUDOOHORFRQ0DVWHU6ODYH6HOHVWULQJKHGLXQ
LQVWDOOD
]LRQH VRQR GLYHUVH R YLVXDOL]]DQR VXO GLVSOD\ GLYHUVH FRQGL]LRQL GL IXQ]LRQDPHQWR D FDXVD GHO
GLYHUVRRULHQWDPHQWRRGHOODGLYHUVDLUUDGLD]LRQHVRODUHQHOFRUVRGHOJLRUQRRGHOO
DQQRLOIXQ]LR
QDPHQWRLQGLSHQGHQWHSRWUHEEHJDUDQWLUHODPLJOLRUHUHVDHQHUJHWLFD6HOHVWULQJKHVRQRLGHQWL
FKHHYLVXDOL]]DQRVHPSUHFRQGL]LRQLGLIXQ]LRQDPHQWRVLPLOLFRQODFRQILJXUD]LRQHSDUDOOHODVL
SXzDYHUHODPDVVLPDUHVDHQHUJHWLFD
)XQ]LRQDPHQWRFRQVWULQJKHLQGLSHQGHQWL
1HOOHFRQILJXUD]LRQLDVWULQJDLQGLYLGXDOHWXWWHOHVWULQJKHGHOPRGXORVRODUHVRQRFRQQHVVHHUH
JRODWH LQ PRGR LQGLSHQGHQWH ,Q TXHVWR PRGR q SRVVLELOH FRQQHWWHUH H FRQWUROODUH VWULQJKH GL
GLYHUVHGLPHQVLRQLWLSRRULHQWDPHQWRHDQJROD]LRQHGHOWHWWRJHQHUDQGRODPDVVLPDSRWHQ]D
SHUODUHWH$TXHVWRVFRSRRJQLPRGXOR&&GHOO¶LQYHUWHUKDXQVXRLQVHJXLWRUHGHOSXQWRGLPDV
VLPDSRWHQ]DLQGLSHQGHQWH,FDYLGLFRUWRFLUFXLWR0DVWHU6ODYHQRQVRQRLQVWDOODWLQHOODFRQILJX
UD]LRQHDVWULQJDLQGLYLGXDOH,OIXQ]LRQDPHQWRLQGLSHQGHQWHGHOOHVWULQJKHqPRVWUDWRQHOO
LOOX
VWUD]LRQHLQEDVVR7XWWLJOLLQJUHVVL&&VRQRFRQQHVVLVHSDUDWDPHQWHFRQVWULQJKH)9VHSDUDWH
/HVWULQJKH)9SRVVRQRDYHUHXQGLYHUVRQXPHURGLPRGXOL)9XVDUHGLYHUVLWLSLGLPRGXOL)9R
DYHUHXQGLYHUVRRULHQWDPHQWRRDQJROD]LRQHYHUVRLOVROH2JQLPRGXORGLLQJUHVVR&&KDLOVXR
LQVHJXLWRUH033LQGLSHQGHQWHSHUFRQWUROODUHHRWWLPL]]DUHO
XVFLWDGHOODVWULQJD)96HXQDVWULQJD
VLGLVFRQQHWWHDFDXVDGLLQVXIILFLHQWHLUUDGLD]LRQHVRODUHRSHUXQJXDVWROHDOWUHVWULQJKHFRQWL
QXDQRDJHQHUDUHSRWHQ]DPDVVLPL]]DQGRODUHVDHQHUJHWLFDWRWDOH2JQLVWULQJDqFRQQHVVDD
GXHFRQQHWWRUL0XOWLFRQWDFW
'LVHJQR(VHPSLRGLVLVWHPDFRQ8/;L
R
)XQ]LRQDPHQWRFRQVWULQJKHSDUDOOHOH
6HWXWWHOHVWULQJKHFRQQHVVHDXQLQYHUWHUVRQRLGHQWLFKHVDUjSRVVLELOHFROOHJDUOHLQSDUDOOHOR
,QTXHVWDFRQILJXUD]LRQHWXWWLLPRGXOL&&IXQ]LRQDQRFRPHXQVLQJRORPRGXORGLLQJUHVVRFRQXQ
VRORLQVHJXLWRUH033/DFRQQHVVLRQHYLHQHHVHJXLWDSHUPH]]RGLFDYLGLFRUWRFLUFXLWR0DVWHU
/B
&RQILJXUD]LRQHGHOVLVWHPD)9
6ODYH6RQRDWWLYLVRORLPRGXOL&&QHFHVVDULSHUODJHVWLRQHGHOODSRWHQ]DLQHQWUDWD,QSHULRGL
FRQEDVVDLUUDGLD]LRQHVRODUHqDWWLYRXQVRORPRGXOR&&HYHQJRQRSHUWDQWRHYLWDWHSHUGLWHGL
HQHUJLDQHJOLDOWULGXHPRGXOL,QTXHVWRPRGRLOUHQGLPHQWRGHOO¶LQYHUWHUYLHQHDXPHQWDWRDQFKH
FRQEDVVDLUUDGLD]LRQHPDVVLPL]]DQGRODUHVDHQHUJHWLFDWRWDOH4XDQGRO
LUUDGLD]LRQHVRODUHDX
PHQWD QHOOH RUH GHO PDWWLQR q DWWLYR XQ VROR PRGXOR && , PRGXOL DJJLXQWLYL YHQJRQR DWWLYDWL
DXWRPDWLFDPHQWHTXDQGRODSRWHQ]DGLLQJUHVVRORUHQGHQHFHVVDULR6HO
LUUDGLD]LRQHVFHQGHDO
GL VRWWR GL XQ FHUWR OLYHOOR VL GLVDWWLYDQR QXRYDPHQWH XQR R GXH PRGXOL 6H GLYHUVL PRGXOL GL
LQJUHVVRIXQ]LRQDQRLQSDUDOOHORO
LQVHJXLPHQWRGHOSXQWRGLPDVVLPDSRWHQ]DYLHQHFRQWUROODWR
GDOSULPRPRGXORHQWUDWRLQIXQ]LRQHFLRqGDOPDVWHU,OEXVGLFRPXQLFD]LRQHLQWHUQRWUDVIHULVFH
TXLQGLLOSXQWRGLIXQ]LRQDPHQWRDOO
DOWURPRGXORGLLQJUHVVR&&,OFDEODJJLRGLXQDFRQILJXUD]LRQH
DVWULQJKHSDUDOOHOHqPRVWUDWRQHOO
LOOXVWUD]LRQH,OFDEODJJLRIRUQLWRSHUXQDFRQQHVVLRQHLQSD
UDOOHORGHYHHVVHUHLQVWDOODWRSULPDGHOODFRQQHVVLRQHGHLFDYL)9/HPRUVHWWLHUHIXQJRQRGDFD
EODJJLRSDUDOOHORSHUODFRQQHVVLRQHGHOOHVWULQJKHVRODUL/HVWULQJKHVRODULVRQRFRQQHVVHDOO
LQ
YHUWHUSHUPH]]RGLXQRGXHRWUHJUXSSLGLFRQQHWWRUL0XOWLFRQWDFW$VVLFXUDUVLFKHHQWUDPELL
FDYLVLDDGHJXDWDPHQWHLQVHULWLHVWUHWWLQHOODPRUVHWWLHUD6HXQDVWULQJDJUDQGHqFRQQHVVDDO
O
LQYHUWHU8/;LXQVHWGLFRQQHWWRUL0XOWLFRQWDFWSRWUHEEHQRQHVVHUHVXIILFLHQWHDFRQGXUUH
ODFRUUHQWHGDLPRGXOL)9DOO
LQYHUWHU
'LVHJQR&RQILJXUD]LRQHDVWULQJKHSDUDOOHOH
&RQILJXUD]LRQH)9
'RSRODFRQQHVVLRQHDOODUHWHO
LQYHUWHUHVHJXHXQWHVWDXWRPDWLFRVXOFDEODJJLRGHOPRGXOR)9
4XHVWRWHVWVHUYHDGHWHUPLQDUHODFRQILJXUD]LRQHGHOFDEODJJLRGHLPRGXOL(VVRGHWHUPLQDLQIDWWL
VHLPRGXOLVRQRFRQQHVVLFRQFRQILJXUD]LRQHDVWULQJDLQGLYLGXDOHRDVWULQJKHSDUDOOHOHHFRQILJXUD
GLFRQVHJXHQ]DO
LQYHUWHU
,OWHVWIXQ]LRQDDWWLYDQGRXQLQJUHVVRSHUYROWD,OWHPSRQHFHVVDULRSHULOWHVWqGLPLQXWL
GXUDQWHLTXDOLO
LQYHUWHUFRQWLQXDDSURGXUUHHQHUJLD
6X8/;LRPRGXOL&&VXGHYRQRHVVHUHDOLPHQWDWLSHUFKpLOWHVWYHQJDHVHJXLWR
6HQRQYLqVXIILFLHQWHSRWHQ]D)9SHUO
DOLPHQWD]LRQHGLPRGXOLLOWHVWYLHQHULPDQGDWRILQRD
TXDQGRQRQYLqVXIILFLHQWHSRWHQ]D)9GLVSRQLELOHSHUIDUIXQ]LRQDUHDQFKHLOVHFRQGRPRGXOR&&
,QFDVRGLLQYHUWHUGRWDWLGLGLVSOD\QHOPHQX%qSRVVLELOHOHJJHUHLOULVXOWDWRGHOWHVWQHOPHQX
GHOGLVSOD\GHQRPLQDWR&RQILJXUD])98QDYROWDFRPSOHWDWRLOWHVWLOGLVSOD\YLVXDOL]]DDXWRPD
/B
&RQILJXUD]LRQHGHOVLVWHPD)9
WLFDPHQWHODFRQILJXUD]LRQH)9PDVRORVHLSXOVDQWLGHOGLVSOD\QRQVRQRVWDWLXWLOL]]DWLQHJOLXOWLPL
PLQXWL
DC3
+
DC2
DC1
DC2
+
+
DC1
DC1
t
On Grid
Test end
'LVHJQR7HVWGLFRQILJXUD]LRQH)9
7HVWGLFRQILJXUD]LRQH)9
/DGLFLWXUDVXOGLVSOD\PRVWUDORVWDWRGHOWHVW/DSULPDULJDLQGLFDFKHFLzULJXDUGDODFRQILJXUD
]LRQH)9ODVHFRQGDULJDLQGLFDORVWDWRLQFXLVLWURYDDWWXDOPHQWHLOWHVWRTXDOHFRQILJXUD]LRQH
KDULOHYDWR
,OFDPSRVWDWRSXzPRVWUDUHTXDQWRVHJXH
7HVWRYLVXDOL]]DWR
,1$77,92
2))
,1$77(6$
5,/(9$872039
,1',9,'8$/(
3$5$//(/2
3$5$//(/2
3$5$//(/2
3$5$//(/2
'HVFUL]LRQH
,OWHVWGLFRQILJXUD]LRQH)9QRQqDQFRUDVWDWRHVHJXLWR0RVWUDWRSULPDFKHO
LQYHUWHUVLFRQ
QHWWDDOODUHWH
,OWHVWGLFRQILJXUD]LRQH)9qGLVDWWLYDWR9DOLGRSHU8/;LRHSHUJOLLQYHUWHULQFXL
LOWHVWVLDVWDWRGLVDELOLWDWRLQDOWURPRGR
,OWHVWGLFRQILJXUD]LRQH)9qSURQWRSHUO
HVHFX]LRQHPDO
LUUDGLD]LRQHVRODUHqVXIILFLHQWHSHU
XQVRORLQJUHVVR)9$SSOLFDELOHD8/;LRO
LQYHUWHUSXzGHWHUPLQDUHODFRQILJXUD
]LRQHGLWXWWLHWUHLPRGXOLVRORTXDQGRDOPHQRGXHVRQRDWWLYL
,OWHVWGLFRQILJXUD]LRQH)9qLQHVHFX]LRQH,OULVXOWDWRQRQqDQFRUDGLVSRQLELOH
,PRGXOL)9VRQRFRQQHVVLLQFRQILJXUD]LRQHDVWULQJDLQGLYLGXDOH
/DFRQILJXUD]LRQH)9qWHUPLQDWDHLOULVXOWDWRqFKHLPRGXOL&&H&&VRQRFRQQHVVLFRQ
FRQILJXUD]LRQHDVWULQJKHSDUDOOHOH
/DFRQILJXUD]LRQH)9qWHUPLQDWDHLOULVXOWDWRqFKHLPRGXOL&&H&&VRQRFRQQHVVLFRQ
FRQILJXUD]LRQHDVWULQJKHSDUDOOHOH
/DFRQILJXUD]LRQH)9qWHUPLQDWDHLOULVXOWDWRqFKHLPRGXOL&&H&&VRQRFRQQHVVLFRQ
FRQILJXUD]LRQHDVWULQJKHSDUDOOHOH
/DFRQILJXUD]LRQH)9qWHUPLQDWDHLOULVXOWDWRqFKHLPRGXOL&&&&H&&VRQRFRQQHVVL
FRQFRQILJXUD]LRQHDVWULQJKHSDUDOOHOH
7DEHOOD7HVWRQHOFDPSR6WDWRUHODWLYRDOWHVWGLFRQILJXUD]LRQH)9
/
LPSRVWD]LRQH ³3$5$//(/2 ´ q VROR FRQVHQWLWD SHU JOL LQYHUWHU 8/; LR H 8/;
LR/HLPSRVWD]LRQL³3$5$//(/2´³3$5$//(/2´H³3$5$//(/2´QRQVRQR
FRQVHQWLWHSHUO
LQYHUWHU8/;LR
/B
,QVWDOOD]LRQHHDYYLDPHQWR
,QVWDOOD]LRQHHDYYLDPHQWR
/
LPSLDQWRHOHWWULFRHODFRQQHVVLRQHDOODUHWHGLGLVWULEX]LRQHSXEEOLFDGHYRQRHVVHUH
HVHJXLWLGDSHUVRQDOHDGGHVWUDWRHDXWRUL]]DWR
,QVWDOOD]LRQHHDYYLDPHQWR
4XHVWRFDSLWRORLOOXVWUDLQVWDOOD]LRQHHDYYLDPHQWRGHOO
LQYHUWHU$YYHUWHQ]HSUHFDX]LRQLHDOWUH
LPSRUWDQWLQRWHFKHDQGUDQQRRVVHUYDWHSULPDHGXUDQWHOHIDVLGLLQVWDOOD]LRQHHDYYLDPHQWR
VRQRIRUQLWHVLDQHOSUHVHQWHFDSLWRORFKHQHOFDSLWRORYHGHUHODVH]LRQH,QIRUPD]LRQLLPSRUWDQWL
GLVLFXUH]]D
6LFRQVLJOLDGLYHULILFDUHVHPSUHLUHTXLVLWLORFDOLHDFFHUWDUVLFKHO
LQYHUWHUYHQJDLQVWDOODWRHPHVVR
LQHVHUFL]LRLQFRQIRUPLWjFRQTXHVWLUHTXLVLWL
6HTXHQ]DG
LQVWDOOD]LRQH
/HJJHUHLOPDQXDOHSUHVWDUHVSHFLDOHDWWHQ]LRQHDOODVH]LRQHFKHULJXDUGDODVLFXUH]]D
,QVWDOODUHO
LQYHUWHUFRPHLQGLFDWRQHOFDSLWROR
,QVWDOODUH&$YHGHUHODVH]LRQHVXOOD&RQQHVVLRQH&$
,QVWDOODUH)95LFRUGDUHODPRUVHWWLHUDVHqULFKLHVWDODFRQQHVVLRQHSDUDOOHODYHGHUHOD
VH]LRQH &RQQHVVLRQHGHOOHVWULQJKHYHGHUHDQFKH 3URFHGLPHQWRGLDSHUWXUDGHOO
LQYHU
WHU
$WWLYDUHOD&$GDOO
LQWHUUXWWRUHGLUHWHGLDOLPHQWD]LRQH
,PSRVWDUHODOLQJXDHLOSDHVHFRPHULFKLHVWRQHOGLVSOD\
$FFHQGHUH)9LQVHUHQGRO
LQWHUUXWWRUHGLVFRQQHVVLRQH&&
2UDO
LQYHUWHUqSURQWRSHULOIXQ]LRQDPHQWR
'LVLPEDOODJJLRHYHULILFDGHLFRQWHQXWL
*OLLQYHUWHUYHQJRQRFRQWUROODWLPLQX]LRVDPHQWHSULPDGLODVFLDUHODIDEEULFD1HOFRUVRGHOWUD
VSRUWRWXWWDYLDSRWUHEEHURYHULILFDUVLGHLGDQQL&RQWUROODUHTXLQGLO
LPEDOORHO
LQYHUWHUSULPDGHO
PRQWDJJLRHLQFDVRGLGDQQLFRQWDWWDUHORVSHGL]LRQLHUH9HULILFDUHLQROWUHFKHLFRQWHQXWLGHOOD
VSHGL]LRQHFRUULVSRQGDQRDOODGLVWLQWDGLVSHGL]LRQHHDOSURSULRRUGLQH
6FHOWDGHOOXRJRGLLQVWDOOD]LRQH
1RWD
(YLWDQGRGLLQVWDOODUHO
LQYHUWHULQXQ
DUHDWURSSRFDOGDVLRWWHUUDQQRODPDVVLPDSURGX]LRQHGL
HQHUJLDHXQSUROXQJDWRFLFORYLWDOH$OOHDOWHWHPSHUDWXUHO
LQYHUWHUVLSURWHJJHGDOULVFKLRGL
VXUULVFDOGDPHQWRULGXFHQGRODSURGX]LRQHGLHQHUJLD
/
LQYHUWHUqSURJHWWDWRSHUXVRLQWHUQRRHVWHUQRHSHUPRQWDJJLRDSDUHWH6HJXLUHTXHVWHGLUHWWLYH
TXDQGRVLVFHJOLHXQOXRJRGLLQVWDOOD]LRQHDSSURSULDWR
/B
,QVWDOOD]LRQHHDYYLDPHQWR
‡
8WLOL]]DUH XQD SDUHWH VXIILFLHQWHPHQWH SLDWWD H VDOGD FKH SRVVD UHJJHUH EHQH LO SHVR
GHOO¶LQYHUWHU
‡
1RQ LQVWDOODUH O
LQYHUWHU VX VXSHUILFL LQILDPPDELOL OHJQR R VLPLOL Qp YLFLQR D PDWHULDOL
LQILDPPDELOL
‡
$FFHUWDUVLFKHLOOXRJRGLLQVWDOOD]LRQHVLDVXIILFLHQWHPHQWHYHQWLODWRLQPRGRGDULPXRYHUH
LOFDORUHGLVSHUVRGDOO
LQYHUWHU
‡
1RQLQVWDOODUHO
LQYHUWHULQVSD]LFKHVLULVFDOGLQRQHOFRUVRGHOJLRUQR
‡
5LVSHWWDUHLOUHTXLVLWRUHODWLYRDOODPDVVLPDWHPSHUDWXUDDPELHQWHFRQVHQWLWDSHUO
LQYHU
WHU
‡
/
LQYHUWHUGHYHHVVHUHPRQWDWRVXXQPXURSHUDVVLFXUDUHXQIOXVVRGLDULDDGHJXDWR
DOO
HOHPHQWRGLUDIIUHGGDPHQWRVXOODWRSRVWHULRUHGHOO
LQYHUWHU6HQRQqSRVVLELOHPRQ
WDUH O¶LQYHUWHU RXWGRRU VX XQ PXUR GHYH HVVHUH ILVVDWR D XQD SLDVWUD JUDQGH DOPHQR
TXDQWRO
LQYHUWHU
6SHFLILFKHSHUJOLLQYHUWHULQGRRU
‡
,QVWDOODUHO
LQYHUWHUDOO
LQWHUQRLQXQOXRJRDVFLXWWR
6SHFLILFKHSHUJOLLQYHUWHURXWGRRU
‡
1RQ LQVWDOODUH O
LQYHUWHU LQ DPELHQWL GRYH SROYHUH SDJOLD R DOWUH VRVWDQ]H WUDVSRUWDWH
GDOO¶DULDSRVVRQREORFFDUHOHYHQWROHGHOO
LQYHUWHU
‡
1RQLQVWDOODUHO
LQYHUWHUDOODOXFHGLUHWWDGHOVROHSHULFRORGLVXUULVFDOGDPHQWR
6SHFLILFDGHOO
DPELHQWHGLLQVWDOOD]LRQHLQWHUQR
$QFKHVHO
LQYHUWHUYLHQHSUHGLVSRVWRSHUO
XVRLQWHUQRSRVVRQRVXVVLVWHUHDPSLHYDULD]LRQLDOLYHOOR
GLDPELHQWHLQWHUQR&LzSXzHVVHUHVSHVVRFDXVDGLIUDLQWHQGLPHQWLHGLIILFROWjQHOYDOXWDUHVHXQ
GHWHUPLQDWROXRJRGLLQVWDOOD]LRQHqLGRQHRDOSURGRWWR
3HUDLXWDUHO
LQVWDOODWRUHQHOODVFHOWDGLSRVL]LRQLLGRQHHORVWDQGDUGLQWHUQD]LRQDOH,(&
³FODVVLILFD]LRQHGHOOHFRQGL]LRQLDPELHQWDOL´VSHFLILFDQXPHURVHFODVVLDPELHQWDOLXWLOL]]DELOLSHU
XQDSUHFLVDVSHFLILFD]LRQHGHOO
DPELHQWHLGRQHRDOO
LQYHUWHU
8QDPELHQWHLGRQHRSHUJOLLQYHUWHUqVSHFLILFDWRQHOODFODVVHDPELHQWDOH,(LQFRQIRUPLWjFRQ
ODQRUPD,(&,VHJXHQWLSXQWLVRQRXOWHULRUPHQWHGHVFULWWLQHOFDSLWROR'DWL7HFQLFL
‡
0RQWDJJLRDOO
LQWHUQR
‡
&DPSRGLWHPSHUDWXUDGD±ƒ&Dƒ&SRWHQ]DQRPLQDOHGD±ƒ&Dƒ&
‡
8PLGLWjVHQ]DFRQGHQVD
‡
&XVWRGLD,3HYLWDUHVSUX]]LG
DFTXD
‡
9LEUD]LRQL*
4XHVWHVSHFLILFD]LRQLDPELHQWDOLVRQRDSSOLFDELOLDORFDOLTXDOL2IILFLQHFDQWLQHJDUDJHPDJD]]LQL
SHUPDFFKLQHDJULFROHQLHQWHSURGX]LRQHDQLPDOHIDEEULFKHHFF
3UHUHTXLVLWL
‡
7XWWHOHORFD]LRQLGHYRQRDYHUHDOPHQRXQWHWWRHTXDWWURSDUHWL
‡
3URWH]LRQHGDXQDGLUHWWDLQIOXHQ]DGLDJHQWLDWPRVIHULFLSLRJJLDQHEELDQHYHVROHH
YHQWR
‡
&RQGL]LRQLGLXPLGLWjVHQ]DFRQGHQVD
‡
3HUFHQWXDOHGLYDULD]LRQHGHOODWHPSHUDWXUDILQRDƒ&PLQXWR
‡
3URWH]LRQHFRQWURVDEELDHSROYHUH
/B
,QVWDOOD]LRQHHDYYLDPHQWR
‡
3URWH]LRQHGDOO
DFTXD
‡
&RUUHQWHG
DULDPD[ILQRDPVHF
‡
3URWH]LRQHFRQWURSUHFLSLWD]LRQLJHQHUDWHGDWXUEROHQ]HSLRJJLDQHEELDQHYHHJUDQ
GLQH
,QFDVRGLGXEELVXOO
LGRQHLWjGLXQOXRJRGLLQVWDOOD]LRQHSHUO
LQYHUWHUFRQWDWWDUHLOSURSULRIRUQL
WRUH
6SHFLILFKHSHUO¶DPELHQWHGLLQVWDOOD]LRQHHVWHUQR
$QFKHVHO¶LQYHUWHUqSURJHWWDWRSHUO¶LQVWDOOD]LRQHHVWHUQDqSRVVLELOHULVFRQWUDUHGLYHUVHWLSRORJLH
GLDPELHQWHHVWHUQR&LzSXzHVVHUHVSHVVRFDXVDGLIUDLQWHQGLPHQWLHGLIILFROWjQHOYDOXWDUHVHXQ
GHWHUPLQDWROXRJRGLLQVWDOOD]LRQHqLGRQHRDOSURGRWWR
3HUDVVLVWHQ]DQHOODVFHOWDGHOODSRVL]LRQHLGRQHDORVWDQGDUGLQWHUQD]LRQDOH,(&µ&ODV
VLILFD]LRQHGHOOHFRQGL]LRQLDPELHQWDOL3DUWH6H]LRQHPRQWDJJLRILVVRLQSRVL]LRQLQRQSUR
WHWWH¶GHILQLVFHLOQXPHURGLFODVVLDPELHQWDOLFKHSRVVRQRDLXWDUHDGHWHUPLQDUHO¶HVDWWDVSHFLIL
FD]LRQHGHOO¶DPELHQWHLGRQHRDOO¶LQYHUWHU
4XHVWRIRUQLVFHXQDPELHQWHLGRQHRSHUJOLLQYHUWHURXWGRRU8/;LQVLHPHDOODFRPELQD]LRQHGL
FODVVHDPELHQWDOH,(FRPHGD,(&,(qXQDFRPELQD]LRQHGHOOHVHJXHQWLFODVVL
DPELHQWDOL.===%&60
4XHVWDFRPELQD]LRQHSXzHVVHUHXWLOL]]DWDSHUSRVL]LRQLVLPLOLDOODVHJXHQWHGHVFUL]LRQHµ,(VL
ULIHULVFHDSRVL]LRQLDSSDUWHQHQWLDOJUXSSRPRGHUDWRGLFRQGL]LRQLHVWHUQHHVSRVWHXQLFDPHQWHD
QRWHYROLPRYLPHQWLGHOO¶DULDFLUFRVWDQWHDVSUX]]LG¶DFTXDPXIIDURGLWRULDWWDFFKLGLDQLPDOLGL
YHUVL GDOOH WHUPLWL XQ QRUPDOH JUDGR GL LQTXLQDPHQWR VDEELD H SROYHUH FRPH LQ DUHH UXUDOL H
XUEDQHFRQDWWLYLWjFRPPHUFLDOLHXQYROXPHPRGHUDWRGLWUDIILFRWUDQQHQHOOHDUHHFRVWLHUHPD
FKHSRVVRQRHVVHUHVRJJHWWHDVKRFNFDXVDWLGDHVSORVLRQLRFROSL¶
/HVXGGHWWHVSHFLILFKHIDQQRULIHULPHQWRDOOHVSHFLILFKHSUHVHQWLQHLGDWLWHFQLFL,VHJXHQWLSXQWL
VRQRXOWHULRUPHQWHGHVFULWWLQHOFDSLWROR'DWL7HFQLFL
‡
1RQHVSRUUHDOODOXFHVRODUHGLUHWWD
‡
/LPLWLGLWHPSHUDWXUDIDƒ&Dƒ&SRWHQ]DQRPLQDOHGDƒ&Dƒ&
‡
&XVWRGLD,3
‡
9LEUD]LRQL*
/B
,QVWDOOD]LRQHHDYYLDPHQWR
'LPHQVLRQLHVFKHPLGLPRQWDJJLR
3HUFRQVHQWLUHXQDYHQWLOD]LRQHVXIILFLHQWHGHYRQRHVVHUHULVSHWWDWHOHGLVWDQ]HSUHYLVWHGDSDYL
PHQWR H VRIILWWR QRQFKp GD TXDOXQTXH DOWUR RJJHWWR /H GLVWDQ]H PLQLPH VRQR UDSSUHVHQWDWH
QHOO
LOOXVWUD]LRQHLQEDVVR3HUIDFLOLWDUHO
LQVWDOOD]LRQHVRQRPRVWUDWHOHGLVWDQ]HGDOO
LQYHUWHUHGDO
VXSSRUWRDSDUHWH
,QGRRU
'LVHJQR'LVWDQ]HGLPRQWDJJLR
/B
,QVWDOOD]LRQHHDYYLDPHQWR
2XWGRRU
'LVHJQR'LVWDQ]HGLPRQWDJJLR
'LPHQVLRQLHVFKHPLGLPRQWDJJLRLPSLDQWLGLJUDQGLGLPHQ
VLRQL
6HDOFXQLLQYHUWHUVRQRSRVL]LRQDWLYLFLQLIUDORURLQVWDOODUOLVHFRQGROHGLVWDQ]HSUHFHGHQWHPHQWH
LOOXVWUDWHHGLVWULEXLUOLVXOODSDUHWHVHFRQGRXQRVFKHPDFKHFRQVHQWDODOLEHUDFLUFROD]LRQHGHOO
DULD
GDOGLVVLSDWRUHDJOLLQYHUWHU8WLOL]]DUHORVFKHPDPRVWUDWRQHOO
LOOXVWUD]LRQHLQEDVVRRXQRGLWLSR
VLPLOH/HGLVWDQ]HGLPRQWDJJLRGHOO
LQYHUWHUSUHFHGHQWHPHQWHPHQ]LRQDWHYDQQRRVVHUYDWH
/B
,QVWDOOD]LRQHHDYYLDPHQWR
,QGRRU
'LVHJQR6FKHPLGLLQVWDOOD]LRQH
2XWGRRU
'LVHJQR6FKHPLGLLQVWDOOD]LRQH
/B
,QVWDOOD]LRQHHDYYLDPHQWR
$FFHUWDUVLFKHLOOXRJRGLLQVWDOOD]LRQHVLDGRWDWRGLVXIILFLHQWHYHQWLOD]LRQHLQJUDGR
GLJHVWLUHLOFDORUHGLVSHUVRGDQXPHURVLLQYHUWHU/HWHPSHUDWXUHDPELHQWDOLHOHYDWH
KDQQRFRQVHJXHQ]HVXOFLFORYLWDOHHVXOO
DIILGDELOLWjGHOO
LQYHUWHUQRQFKpVXOODSUR
GX]LRQHGLHQHUJLD
1RWD
0RQWDJJLRGLWUDYHUVRQRQFRQVHQWLWR
0RQWDJJLRGHOO
LQYHUWHU
/
LQYHUWHUSXzHVVHUHPRQWDWRQHOSURSULRVXSSRUWRVXOODSDUHWHVHQ]DO
XVRGLSDUWLFRODULDWWUH]]L
YHGHUHLOOXVWUD]LRQHLQEDVVR,OVXSSRUWRDSDUHWHYLHQHILVVDWRDOPXURSHUPH]]RGLTXDWWURYLWL
FRQGLDPHWURPDVVLPRGLPP6HOH]LRQDUHLOWLSRGLYLWHHOHGLPHQVLRQLPLJOLRULSHULOPDWHULDOH
GHOODSDUHWHHSHUOHGLPHQVLRQLGHOO
LQYHUWHU
$FFHUWDUVLFKHODVWUXWWXUDGHOODSDUHWHLOWLSRGLYLWHHJOLLQQHVWLDPXURVLDQRLQJUDGRGLUHJJHUH
VDOGDPHQWHLOSHVRGHOO
LQYHUWHUHGHOVXSSRUWRDSDUHWH,OSHVRGHOO¶LQYHUWHUFRPSUHVRVXSSRUWR
DSDUHWHHOHGLPHQVLRQLVRQRLVHJXHQWL
,QGRRU
7LSRGLLQYHUWHU
8/;L
8/;LL
8/;L
3HVRNJ
NJ
NJ
NJ
'LPHQVLRQL/î3î$PP
îî
îî
îî
7DEHOOD3HVLHPLVXUHGHOO¶LQYHUWHULQGRRU
2XWGRRU
7LSRGLLQYHUWHU
8/;R
8/;RR
8/;R
3HVRNJ
NJ
NJ
NJ
'LPHQVLRQL/î3î$PP
îî
îî
îî
7DEHOOD3HVRHPLVXUHGHOO¶LQYHUWHURXWGRRU
,OVXSSRUWRDSDUHWHWLHQHO
LQYHUWHULQSRVL]LRQHSHUPH]]RGLXQDPROODGLEORFFDJJLR
'LVHJQR6XSSRUWRDSDUHWHGHOO¶LQYHUWHU
/B
,QVWDOOD]LRQHHDYYLDPHQWR
0RQWDUHLOVXSSRUWRDSDUHWHVHJXHQGRODSURFHGXUDGHVFULWWDLQEDVVR
0DUFDUHODSRVL]LRQHGHOVXSSRUWRDSDUHWHULVSHWWDQGROHGLVWDQ]HLQGLFDWHLQSUHFHGHQ]D
7HQHUHLOVXSSRUWRDSDUHWHFRQWURLOPXURPDQWHQHQGRLODWLLQYHUWLFDOHHPDUFDUHOH
SRVL]LRQLGHOOHYLWL
5LPXRYHUHLOVXSSRUWRDSDUHWHHGHIIHWWXDUHLIRUL
7HQHUHLOVXSSRUWRDSDUHWHLQSRVL]LRQHHGLQVHULUHWXWWHOHYLWLVHQ]DVWULQJHUH
$OOLQHDUHOHHVWUHPLWjODWHUDOLLQYHUWLFDOHHDYYLWDUHOHYLWL
0RQWDUHO
LQYHUWHUVXOVXSSRUWRDSDUHWHVHJXHQGROHLVWUX]LRQLLQEDVVRYHGHUHILJXUD
$OOLQHDUHO
HVWUHPLWjVLQLVWUDGHOVXSSRUWRDSDUHWHFRQODTXDUWDVFDQDODWXUDGHOFRSHUFKLR
VXSHULRUHHODVFLDUHO
LQYHUWHUDSSRJJLDWRFRQWURLOVXSSRUWRDSDUHWH
6SRVWDUHO
HVWUHPLWjLQIHULRUHGHOO
LQYHUWHUYHUVRODSDUHWHILQRDTXDQGROHDOHWWHGLYHQ
WLOD]LRQHVRQROLEHUHGDOODSDUHWH
)DUVFRUUHUHO
LQYHUWHUYHUVRO
DOWRILQRDTXDQGRQRQVLEORFFDQHOOHVFDQDODWXUHVXSHULRUL
GHOVXSSRUWRDSDUHWHDEEDVVDUHTXLQGLO
LQYHUWHUILQRDTXDQGRULPDQHDSSRJJLDWRQHOOH
VFDQDODWXUHGHOVXSSRUWRDSDUHWH
6SLQJHUHO
HVWUHPLWjLQIHULRUHGHOO
LQYHUWHUFRQWURODSDUHWHILQRDTXDQGRODPROODGLEORF
FDJJLRVFDWWDLQSRVL]LRQH
9HULILFDUHFKHO
LQYHUWHUVLDVDOGDPHQWHILVVDWRDOVXSSRUWRDSDUHWH
,QGRRU
2XWGRRU
'LVHJQR3URFHGXUDGLPRQWDJJLRDSDUHWHGHO
O
LQYHUWHU
'LVHJQR3URFHGXUDGLPRQWDJJLRDSDUHWHGHO
O
LQYHUWHU
3HUWRJOLHUHO
LQYHUWHUGDOVXSSRUWRDSDUHWHVHJXLUHOHLVWUX]LRQLLQEDVVRYHGHUHLOOXVWUD]LRQL
,QVHULUHXQFDFFLDYLWHRRJJHWWRVLPLOHQHOODVFDQDODWXUDODWHUDOHGHOVXSSRUWRDSDUHWH
FRPHPRVWUDWRQHOO
LOOXVWUD]LRQHLQEDVVR
6SRVWDUHLOFDFFLDYLWHYHUVRO
DOWRDOORQWDQDQGRO
LQYHUWHUGDOODSDUHWHILQRDTXDQGROD
PROODGLEORFFDJJLRVLVJDQFLD
7LUDUHO
HVWUHPLWjLQIHULRUHGHOO
LQYHUWHUDOORQWDQDQGRODGDOODSDUHWH
)DUVFRUUHUHO
LQYHUWHUYHUVRO
DOWRILQRDTXDQGRVLVJDQFLDGDOVXSSRUWRDSDUHWHHUL
PXRYHUORTXLQGLGDOODSDUHWH
/B
,QVWDOOD]LRQHHDYYLDPHQWR
,QGRRU
'LVHJQR3URFHGXUDGLULPR]LRQHGHOO
LQYHUWHU
'LVHJQR3URFHGXUDGLULPR]LRQHGHOO
LQYHUWHU
2XWGRRU
'LVHJQR3URFHGXUDGLULPR]LRQHGHOO
LQYHUWHU
/B
,QVWDOOD]LRQHHDYYLDPHQWR
3DQRUDPLFDGHJOLLQYHUWHU
$UHDGLFRQQHVVLRQH
&RQQHVVLRQH&$
56
&RQQHVVLRQH)9
,QWHUUXWWRUH GL VFRQQHVVLRQH && LQWHU
UXWWRUHGHOFDULFR)9
'LVHJQR3DQRUDPLFDLQYHUWHULQGRRU
'LVHJQR3DQRUDPLFDLQYHUWHURXWGRRU
/B
,QVWDOOD]LRQHHDYYLDPHQWR
&ROOHJDPHQWRGHOOHVWULQJKH
,SDQQHOOL)9VRQRFRQQHVVLDOODSUHVD)90XOWL&RQWDFWDOODEDVHGHOO¶LQYHUWHU,PRGXOL)9SRV
VRQRHVVHUHFROOHJDWLVROWDQWRXWLOL]]DQGRFRQQHWWRUL0XOWL&RQWDFW
'LVHJQR,QYHUWHURXWGRRU
'LVHJQR,QYHUWHULQGRRU
$FFHUWDUVLFKHODWHQVLRQHDFLUFXLWRDSHUWRGHOPRGXOR)9QRQVXSHULPDLODWHQVLRQH
GLLQJUHVVRPDVVLPDLQGLFDWDSHUO
LQYHUWHU9HULILFDUHOHVSHFLILFKHGHOODWHQVLRQHD
FLUFXLWRDSHUWRDOODSLEDVVDWHPSHUDWXUDGLIXQ]LRQDPHQWRGHOPRGXOR)9
0LVXUDUHODWHQVLRQHDFLUFXLWRDSHUWRDOODWHPSHUDWXUDHIIHWWLYDHUDIIURQWDUODFRQ
TXHOODGHOOHVSHFLILFKH8QDWHQVLRQHGLLQJUHVVRHFFHVVLYDSXzGDQQHJJLDUHLQPRGR
SHUPDQHQWH O
LQYHUWHU /D WHQVLRQH D FLUFXLWR DSHUWR GHOOD VWULQJD )9 GHOO
LQYHUWHU
'DQIRVV8/;GXUDQWHLOIXQ]LRQDPHQWRDVWULQJDLQGLYLGXDOHqULVSHWWLYDPHQWHGLPD[
9PRGXOR09H9PRGXOR+9/DWHQVLRQHDFLUFXLWRDSHUWRGHOODVWULQJD
)9GHOO
LQYHUWHU'DQIRVV8/;GXUDQWHLOIXQ]LRQDPHQWRDVWULQJKHSDUDOOHOHqULVSHW
WLYDPHQWHGLPD[9PRGXOR09H9PRGXOR+9
6HUUDUHOHYLWLDQWHULRULHGDVVLFXUDUHXQDFRQQHVVLRQHGLWHUUDFRUUHWWD
/HGXHYLWLDQWHULRULVHUYRQRDOODPHVVDDWHUUDGHOFRSHUFKLRDQWHULRUH9HULILFDUH
FKHVLDQRPRQWDWHHILVVDWHFRQODFRSSLDLQGLFDWD
1RWD
$FFHUWDUVLFKHLFDYL)9GHLSDQQHOOLVRODULVLDQRFRQQHVVLDOO
LQYHUWHUVHFRQGRODJLXVWDSRODULWj
/
LQYHUWHUQRQYHUUjGDQQHJJLDWRPDQRQJHQHUHUjFRUUHQWHILQFKpODSRODULWjQRQVLDVWDWD
FRUUHWWD/DWHQVLRQHGLLQJUHVVRPD[FRPHGHILQLWDQHOOHVSHFLILFKHGHYHHVVHUHVXSHULRUH
DOODWHQVLRQHDFLUFXLWRDSHUWRQHOOD&RQGL]LRQHGL7HVW6WDQGDUGSHULPRGXOL)9DUUD\PROWL
SOLFDWLSHUXQIDWWRUHGL6LSUHJDGLRVVHUYDUHFKHLQTXHVWDFRQQHVVLRQHLPRGXOLDSHOOLFROD
VRWWLOHSRVVRQRSURGXUUHXQDWHQVLRQHHXQ
XVFLWDGLFRUUHQWHPDJJLRULSULPDGHOGHJUDGRLQL
]LDOHYHULILFDUHDQFKHFKHLQTXHVWRFDVR82&67&[ื80$;LQYVLDYDOLGR
/B
,QVWDOOD]LRQHHDYYLDPHQWR
,FRQQHWWRUL0&QRQKDQQRLOJUDGRGLSURWH]LRQH,3/
LQILOWUD]LRQHGLXPLGLWjSXz
DYYHQLUHQHOOHVHJXHQWLVLWXD]LRQL
/
LQYHUWHUIXQ]LRQDLQPRGDOLWj0DVWHU6ODYHHYLHQHXWLOL]]DWRXQVRORLQ
JUHVVR)9,QTXHVWRFDVRJOLDOWULLQJUHVVLQRQVRQRFROOHJDWLDOO
LP
SLDQWRIRWRYROWDLFRHTXLQGLVRQRVRJJHWWLDOO
LQILOWUD]LRQH
1RQWXWWLJOLLQJUHVVL)9VRQRFROOHJDWL
,FRQQHWWRUL)9QRQVRQRLQVWDOODWLDGHVHPSLRLQFDVRGLVFRQQHVVLRQHGL
SDUWLGLXQLPSLDQWR)9SHUXQSHULRGRGLWHPSRSUROXQJDWR
,QVLWXD]LRQLLQFXLLFRQQHWWRUL)9QRQVRQRLQVWDOODWLqQHFHVVDULRPRQWDUHXQSUH
PLJXDUQL]LRQHIRUQLWRLQGRWD]LRQH7XWWLJOLLQYHUWHU0&YHQJRQRIRUQLWLFRQFDS
SXFFLGLWHQXWDVXJOLLQJUHVVLH'XUDQWHO
LQVWDOOD]LRQHLFDSSXFFLGLWHQXWDGHJOL
LQJUHVVLFKHGHYRQRHVVHUHXWLOL]]DWLYHQJRQRPHVVLGDSDUWH
&RQQHVVLRQHGLVWULQJKHFRQILJXUD]LRQHLQGLYLGXDOHGHIDXOW
&RQILJXUD]LRQHLQGLYLGXDOH
/DFRQILJXUD]LRQHLQGLYLGXDOHqSUHLPSRVWDWDGLIDEEULFD/DFRQILJXUD]LRQHLQGLYLGXDOHYLHQHDGRW
WDWDTXDQGRLSDQQHOOL)9KDQQRDQJROD]LRQLHRULHQWDPHQWRGLYHUVLRVRQRGLXQDOWURWLSR1RQq
QHFHVVDULRDSULUHO
LQYHUWHU
,QGRRU
2XWGRRU
'LVHJQR&RQILJXUD]LRQHDVWULQJDLQGLYLGXDOH
LQGRRU
'LVHJQR&RQILJXUD]LRQHDVWULQJDLQGLYLGXDOH
/B
,QVWDOOD]LRQHHDYYLDPHQWR
&RQQHVVLRQHGLVWULQJKHFRQILJXUD]LRQHSDUDOOHOD
&RQILJXUD]LRQHSDUDOOHOD
/DFRQILJXUD]LRQHSDUDOOHODYLHQHDGRWWDWDTXDQGRWXWWLLSDQQHOOL)9VRQRLGHQWLFLVLDSHUTXDQWR
ULJXDUGDLOWLSRFKHO¶LQVWDOOD]LRQHGHOVLVWHPD3HUOHLQIRUPD]LRQLUHODWLYHDOPRGRGLDSULUHO
LQ
YHUWHUYHGHUHLOFDSLWRORVX$VVLVWHQ]DHULSDUD]LRQH
,QGRRU
2XWGRRU
'LVHJQR&RQILJXUD]LRQHDVWULQJKHSDUDOOHOH
LQGRRU
'LVHJQR&RQILJXUD]LRQHDVWULQJKHSDUDOOHOH
$FFHUWDUVLFKHOHVWULQJKHGDFRQQHWWHUHLQSDUDOOHORDEELDQRWHQVLRQHHVSHFLILFKH
GHOODFRUUHQWHLGHQWLFKH,QFDVRFRQWUDULRLOVLVWHPDQRQIXQ]LRQHUjFRUUHWWDPHQWH
HSRWUHEEHVXELUHGDQQL
4XDQGRVLFRQQHWWRQRJOLLQJUHVVL)9LQSDUDOOHORQRQVXSHUDUHODFRUUHQWHQRPLQDOH
PDVVLPDSHULOFRQQHWWRUHHLOFDYR)9/DFRUUHQWHLQHFFHVVRSXzFDXVDUHVXUUL
VFDOGDPHQWRHGDQQHJJLDUHLQPRGRSHUPDQHQWHLOFRQQHWWRUH
1RWDUHFKHODFRUUHQWHGLLQJUHVVRPDVVLPDDWWUDYHUVRRJQLFRQQHWWRUH0XOWLFRQWDFW
qGLDPSHUH
7HVWGLFRQILJXUD]LRQH)9
6XELWRGRSRODFRQQHVVLRQHDOODUHWHO
LQYHUWHUHVHJXHXQWHVWDXWRPDWLFRGLFRQILJXUD]LRQH)9
1HOFRUVRGLTXHVWRWHVWYLHQHGHWHUPLQDWDODFRQILJXUD]LRQHGHLPRGXOL)9/RVWDWRGHOWHVWHLO
ULVXOWDWRVRQRGLVSRQLELOLQHOPHQX%VXOGLVSOD\
1RWD
/
LQYHUWHUIXQ]LRQHUjVHPSUHVHFRQGRODFRQILJXUD]LRQHGHLPRGXOL)9
0RGDOLWjFRQILJXUD]LRQH)9
0DVWHU6ODYHqSUHLPSRVWDWRGLIDEEULFDSHULOULOHYDPHQWRDXWRPDWLFR4XDQGRO¶LQYHUWHUqFRQ
QHVVRDOO
DOLPHQWD]LRQHHIIHWWXDDXWRPDWLFDPHQWHXQFRQWUROORGHOFDEODJJLRGHOPRGXOR)9
4XHVWRFRQWUROORGHWHUPLQDODFRQILJXUD]LRQHGHOFDEODJJLRGHLPRGXOL
/B
,QVWDOOD]LRQHHDYYLDPHQWR
(VVRGHWHUPLQDLQIDWWLVHLPRGXOLVRQRFRQQHVVLFRQFRQILJXUD]LRQHDVWULQJDLQGLYLGXDOHRDVWULQ
JKHSDUDOOHOHHFRQILJXUDGLFRQVHJXHQ]DO
LQYHUWHU
,OFRQWUROORDWWLYDWXWWLLPRGXOL&&LQURWD]LRQH
,OWHPSRQHFHVVDULRqGLPLQXWLGXUDQWHLTXDOLO
LQYHUWHUFRQWLQXDDSURGXUUHHQHUJLD
3HUFKpqLPSRUWDQWHULGXUUHLOYDORUHGHL92&QHOODPRGDOLWj
0DVWHU6ODYH"
92&qXQDVLJODFKHLQGLFDTXDQGRODWHQVLRQHDFLUFXLWRDSHUWRYROWDJHRSHQFLUFXLWqD±ƒ&
,Q DOFXQH FLUFRVWDQ]H XQ PRGXOR && SXz JHVWLUH XQD SRWHQ]D PDVVLPD GL N: LQ PRGDOLWj
0DVWHU6ODYH
4XHVWDVLWXD]LRQHVLYHULILFDGLQRUPDQHLSULPLVHFRQGLGRSRODVFRPSDUVDGLXQDQXYRODHGXUD
ILQRDTXDQGRQRQYHQJRQRDYYLDWLLPRGXOLVODYHFLUFDVHFRQGL
,QTXHVWRSHULRGRGLWHPSRLOPRGXORPDVWHUGHYHOLPLWDUHODVXDSRWHQ]DDN:LQFUHPHQWDQGR
ODWHQVLRQHDXQYDORUHYLFLQRDO92&)LVLFDPHQWHLOPRGXOR&&QRQqLQJUDGRGLLQFUHPHQWDUHOD
WHQVLRQHDXQYDORUHVXSHULRUHD9PRGXOL09R9PRGXOL+9
8QOLYHOORGLWHQVLRQHGD9PRGXOL07R9PRGXOL$7QRQULVXOWDGLVWUXWWLYR
SHUO
LQYHUWHUPDQHOIXQ]LRQDPHQWR0DVWHU6ODYHO
LQYHUWHUSXzEORFFDUVLVHLOYDORUH92&qWURSSR
DOWR
5HTXLVLWLGHOFDYR&$
5HTXLVLWLGHOFDYR&$
,QIDVHGLGLPHQVLRQDPHQWRGHLFDYL&$VLUDFFRPDQGDGLSUHYHGHUHXQDSHUGLWDWRWDOHQRQVX
SHULRUHDOO
WUDJOLLQYHUWHUHLOPLVXUDWRUHGLHQHUJLD/HVH]LRQLWUDVYHUVDOLGHLFDYLVSHFLILFDWH
LQEDVVRVRQRFRQVLJOLDWHSHUOXQJKH]]HGHLFDYLILQRDP
6SHFLILFKH
7LSRGLLQYHUWHU
7LSRGLLQYHUWHU
7LSRGLLQYHUWHU
8/;L
8/;LL
8/;L
4XDQGRVLVHOH]LRQDXQFDYRSHUO
LQVWDOOD]LRQH&$DVVLFXUDUVLGLIDUORLQFRQIRUPLWjDOOHQRUPDWLYHORFDOLH
QD]LRQDOL
5HTXLVLWLPLQLPLFRQVLJOLDWL !FDYRGDPPFRQ
!FDYRGDPPFRQ !FDYRGDPPFRQ
SHULOFDYRILORULYHVWLWRLQ GRSSLRLVRODPHQWRGLPDU GRSSLRLVRODPHQWRGLPDU GRSSLRLVRODPHQWRGL
39&
FDDSSURYDWD
FDDSSURYDWD
PDUFDDSSURYDWD
8VRLQWHUQR
ุ>9@
ุ>9@
ุ>9@
&DPSRGLWHPSHUDWXUD
ƒ&
ƒ&
ƒ&
&DPSRGLWHPSHUDWXUD
ƒ&
ƒ&
ƒ&
HVWHVR
PP
PP
PP
$OFRSHUWR໅PD[
7DEHOOD,QGRRUUHTXLVLWLGHOFDYR&$
8WLOL]]RSHUHVWHUQLUHVLVWHQWHDJOLDJHQWLDWPRVIHULFL
6SHFLILFKH
7LSRGLLQYHUWHU
7LSRGLLQYHUWHU
7LSRGLLQYHUWHU
8/;R
8/;RR
8/;R
4XDQGRVLVHOH]LRQDXQFDYRSHUO
LQVWDOOD]LRQH&$DVVLFXUDUVLGLIDUORLQFRQIRUPLWjDOOHQRUPDWLYHORFDOLH
QD]LRQDOL
5HTXLVLWLPLQLPLFRQVLJOLDWLSHU
+51)*PP
+51)*PP
+51)*
LOFDYR
PP
&DYRULYHVWLWRGDPDWHULDOHLVR
ODQWH
8VRDOO
DSHUWR
ุ>9@
ุ>9@
ุ>9@
&DPSRGLWHPSHUDWXUD
ƒ&
ƒ&
ƒ&
PP
PP
PP
໅PD[DOO
DSHUWR
7DEHOOD2XWGRRUUHTXLVLWLGHOFDYR&$
/B
,QVWDOOD]LRQHHDYYLDPHQWR
6HOH]LRQHGHOWLSRGLFDYR
3HUJDUDQWLUHXQHOHYDWRUHQGLPHQWRGHOVLVWHPDqLPSRUWDQWHVFHJOLHUHLOWLSRGLFDYRFRUUHWWR8Q
FDYRFRQXQDVH]LRQHGHOFRQGXWWRUHULGRWWDDXPHQWDOHSHUGLWH
5HVLVWHQ]DGHOUDPHSHUFDYLFRQFRQGXWWRUHIOHVVLELOHDƒ&FODVVH
6SHFLILFKH
7LSRGLLQYHUWHU
8/;LR
5HVLVWHQ]DUDPH
&RQYHUWLWRDFDYRGDP
RKPNP
RKP
7LSRGLLQYHUWHU
8/;LR
8/;LR
RKPNP
RKP
7LSRGLLQYHUWHU
8/;LR
RKPNP
RKP
7DEHOOD7LSRGLFDYR&$
3HUGLWHGHLFRQGXWWRUL/HSHUGLWHFDOFRODWHLQZDWWSHUPGLFDYRFRQGXWWRUHGLIDVHHQHXWUR
6SHFLILFKH
7LSRGLLQYHUWHU
8/;LR
&RUUHQWH&$
3HUGLWDTXDQGRVLXWLOL]]DXQ
FDYRGDPP
3HUGLWDTXDQGRVLXWLOL]]DXQ
FDYRGDPP
3HUGLWDTXDQGRVLXWLOL]]DXQ
FDYRGDPP
7LSRGLLQYHUWHU
8/;LR
$
7LSRGLLQYHUWHU
8/;LR
8/;LR
$
:
:
:
:
:
:
:
:
:
$
7DEHOOD3HUGLWDGLFDYR&$LQZDWW
3HUGLWHFDOFRODWHLQSHUFHQWXDOHGLPDVVLPDSRWHQ]DSHUPGLFDYRFRQGXWWRUHGLIDVHHQHX
WUR
6SHFLILFKH
7LSRGLLQYHUWHU
8/;LR
&RUUHQWH&$
3HUGLWDTXDQGRVLXWLOL]]DXQ
FDYRGDPP
3HUGLWDTXDQGRVLXWLOL]]DXQ
FDYRGDPP
3HUGLWDTXDQGRVLXWLOL]]DXQ
FDYRGDPP
7LSRGLLQYHUWHU
8/;LR
$
7LSRGLLQYHUWHU
8/;LR
8/;LR
$
$
7DEHOOD3HUGLWDGLFDYR&$LQ
)RUPXOHSHULOFDOFRORGHOODUHVLVWHQ]DGHOFDYR
5HVLVWHQ]DGHOFDYRFDYRGLDQGDWDHULWRUQR
5
ľ
lj$
>Ÿ@
RSSXUH
5
Ǐľ
$
>Ÿ@
$6H]LRQHWUDVYHUVDOHGHOFRQGXWWRUHLQPPt
,'HQVLWjGLFRUUHQWHLQ$$PSHUH
ľOXQJKH]]DVHPSOLFHGHOFDYRLQP
lj.DSSDFRQGXFLELOLWjLQPŸPPt±UHFLSURFRGHOODUHVLVWLYLWj5KR
Ǐ5KRUHVLVWLYLWjLQŸPPtPSHULOUDPH&X )XVLELOL
/RVFRSRSULQFLSDOHGHOIXVLELOHqTXHOORGLSURWHJJHUHO
LPSLDQWRGDLFRUWRFLUFXLWL6LFRQVLJOLDGL
XWLOL]]DUHXQIXVLELOHULWDUGDWRFODVVH&4XDQGRVLVHOH]LRQDLOIXVLELOHSHUO
LQVWDOOD]LRQH&$DVVL
FXUDUVLGLIDUORLQFRQIRUPLWjDOOHQRUPDWLYHORFDOLHQD]LRQDOL
/B
,QVWDOOD]LRQHHDYYLDPHQWR
6SHFLILFKH
)XVLELOH
7LSRGLLQYHUWHU
8/;LR
&RUUHQWH
7HQVLRQH
7LSRGLLQYHUWHU
8/;LR
8/;LR
$
9
$
9
7LSRGLLQYHUWHU
8/;LR
$
9
7DEHOOD)XVLELOLFRQVLJOLDWL
$QDOLVLUHWH
3HUUHWLPROWRGHEROLRSSXUHQHOFDVRGLVLVWHPLLQFXLODGLVWDQ]DWUDLQYHUWHUHSXQWRGLFRQQHVVLRQH
qPROWRHOHYDWDSXzHVVHUHXWLOHDXPHQWDUHLOOLPLWH$*9GHOO
LQYHUWHU,OOLPLWH$*9SXzHVVHUH
PRGLILFDWRQHOPHQX&WUDPLWHLOGLVSOD\RSSXUHXWLOL]]DQGR6RIWZDUHGLDVVLVWHQ]D/DUHJROD]LRQH
qPROWRLPSRUWDQWHSHUHYLWDUHGHFODVVDPHQWLRVSHJQLPHQWLLQFDVRGLFDGXWHGLWHQVLRQH
6HVLGHVLGHUDPRGLILFDUHODWHQVLRQHSQHFHVVDULRFRQWDWWDUHLOIRUQLWRUHGHOO
LQYHUWHURLO6HUYL]LR
$VVLVWHQ]D4XHVWDPRGLILFDGHYHHVVHUHDSSURYDWDGDOJHVWRUHGHOODUHWHGLGLVWULEX]LRQHSXEEOLFD
7HQVLRQHPHGLDGLUHWHPLVXUDWDVXPLQXWL$*9
&RQQHVVLRQHDOODUHWH&$
$FFHUWDUVLFKHODUHWH&$VLDGL
VDWWLYDWDPHGLDQWHLOVH]LRQDWRUH
SULPDGLFRQQHWWHUHLOFDYRGHOOD
UHWHGLDOLPHQWD]LRQH
/
LQYHUWHUGHYHHVVHUHFRQQHVVR
D XQ FRQGXWWRUH GL SURWH]LRQH
SHUHYLWDUHLOULVFKLRGLGDQQLDO
O
XWHQWH
LOFROOHJDPHQWRDOODUHWH&$YLHQHVWDELOLWRPHGLDQWHXQFRQQHWWRUH&$,OFRQQHWWRUHqXELFDWR
DOO¶HVWHUQRGHOO
DUPDGLR
,QGRRU
2XWGRRU
'LVHJQR2XWGRRU
'LVHJQR,QGRRU
,OFDYR&$qFROOHJDWRFRPHLQGLFDWRQHOOHLOOXVWUD]LRQL
‡
3HUSULPDFRVDIDUVFRUUHUHODYLWHDSUHVVLRQHHODWHQXWDFLUFRODUHVXOFDYR
‡
&ROOHJDUHLVLQJROLSROLILODSHUILODDOO¶LQVHUWREXVVROD
&ROOHJDUHLOFRQGXWWRUHGLWHUUDDOWHUPLQDUHDYLWHFRQLOVLPERORGLPHVVDDWHUUD
/B
,QVWDOOD]LRQHHDYYLDPHQWR
&ROOHJDUHLOFRQGXWWRUHQHXWUR1DOWHUPLQDOHDYLWH
&ROOHJDUHODIDVH/DOWHUPLQDOHDYLWH/
‡
9HULILFDUHFKHLSROLVLDQRFROOHJDWLFRUUHWWDPHQWH
‡
)DUVFRUUHUHLOFDSSXFFLRVRSUDO¶LQVHUWREXVVRODILQRDFKHLOIHUPRGLEORFFDJJLRqQHOOD
SRVL]LRQHFRUUHWWD
‡
6XFFHVVLYDPHQWHIDUVFRUUHUHODWHQXWDFLUFRODUHQHOFDSSXFFLRHVHUUDUHODYLWHDSUHV
VLRQH
'LVHJQR&DYR&$
7UDWWRVSRJOLDWRGHOFDYRGHOODUHWH&$
; PP
/HYLWLGLPRQWDJJLRGHOFDYRGHYRQRHVVHUHVHUUDWHFRQ1P
/B
,QVWDOOD]LRQHHDYYLDPHQWR
8VDUHVRORFDYLFRQFRQGXWWRUHIOHVVLELOH
$XWRWHVW,QYHUWHUVROR,WDOLD
8QWHVWDXWRPDWLFRGHOO
LQYHUWHUSXzHVVHUHLQL]LDOL]]DWRXWLOL]]DQGRLOVRIWZDUH$XWRWHVW,QYHUWHU
/HJJHUHLOPDQXDOHGHOO
DXWRWHVWSULPDGLXWLOL]]DUHLOVRIWZDUH,OVRIWZDUHHLOPDQXDOHVRQRGL
VSRQLELOLJUDWXLWDPHQWH&RQWDWWDWHLOYRVWURIRUQLWRUHSHURWWHQHUHXOWHULRULLQIRUPD]LRQL,OVRIW
ZDUHGHYHHVVHUHXWLOL]]DWRFRQXQFRQYHUWLWRUH5686%SHUPHWWHUHLQFRPXQLFD]LRQHO
LQYHUWHU
FRQXQ3&8QWDOHFRQYHUWLWRUHSXzHVVHUHDFTXLVWDWRSUHVVRTXDOVLDVLGHWWDJOLDQWHGLDWWUH]]DWXUH
SHUFRPSXWHU
$YYLDPHQWR
1RWD
4XHVWRqXQLQYHUWHUSHUXVRLQWHUQD]LRQDOH1HOO¶LQYHUWHUQRQVRQRVWDWHVSHFLILFDWHOHLPSR
VWD]LRQLGHOSDHVH6HQ]DTXHVWHLPSRVWD]LRQLO
LQYHUWHUQRQIXQ]LRQHUj
9HULILFDUHFKHWXWWHOHFRQQHVVLRQLVLDQRHIIHWWXDWHFRQODJLXVWDSRODULWjHFKHLFDYLVLDQRVDOGD
PHQWHILVVDWL,QVHULUHODUHWH&$2UDVXOGLVSOD\YLHQHULFKLHVWDOD/LQJXD
&ROOHJDUHODOLQHD&$HODOLQHD)92UDVXOGLVSOD\DSSDUHO¶LQGLFD]LRQH/LQJXD
3UHPHUH µ ▼ ¶ SHU IDU VFRUUHUH O
HOHQFR GHOOH
OLQJXH GLVSRQLELOL 6HOH]LRQDUH OD OLQJXD SUH
PHQGR 2.
2UD VXO GLVSOD\ DSSDUH O¶LQGLFD
]LRQH³3DHVH´QHOODOLQJXDVFHOWDSUHFHGHQWH
PHQWH
'LVHJQR/LQJXD
'LVHJQR3DHVH
3UHPHUHµ▼¶SHUVFRUUHUHYHUVRLOEDVVROHOLQ
JXH6HOH]LRQDUHLOSDHVHQHOTXDOHqLQVWDOODWR
O¶LQYHUWHU /D VHOH]LRQH YLHQH HIIHWWXDWD SUH
PHQGRµ2.¶2UDOHLPSRVWD]LRQLSHULOSDHVH
VHOH]LRQDWR VRQR VWDWH DWWLYDWH H O
LQYHUWHU q
SURQWRSHUIRUQLUHHQHUJLDDOODUHWH&$
6HO
LUUDJJLDPHQWRVRODUHqVXIILFLHQWHO
LQYHUWHUVLDYYLHUjDXWRPDWLFDPHQWH3HUO
DYYLDPHQWRVDUj
QHFHVVDULRTXDOFKHPLQXWR,QTXHVWRSHULRGRGLWHPSRO
LQYHUWHUHVHJXLUjXQDXWRWHVW
/
LQYHUWHUULVSHWWHUjHVFOXVLYDPHQWHOHQRUPHQD]LRQDOLGHOSDHVHLPSRVWDWR6Hq
VWDWR LPSRVWDWR XQ SDHVH GLYHUVR GD TXHOOR LQ FXL q LQVWDOODWR O
LQYHUWHU OH FRQVH
JXHQ]HSRVVRQRHVVHUHJUDYL
/B
,QVWDOOD]LRQHHDYYLDPHQWR
/LVWDGLFRQWUROORSHUO¶LQVWDOOD]LRQH
Q
3XQWRGLFRQWUROOR
0RQWDJJLRGHOO
LQYHUWHU
9HULILFDUHFKHLOOXRJRGLLQVWDOOD]LRQHVLDFRQIRUPHDOOHVSHFLILFKHGHOO¶LQYHUWHU
9HULILFDUHFKHOHGLVWDQ]HGLPRQWDJJLRVLDQRFRUUHWWH
9HULILFDUHFKHO
LQYHUWHUVLDPRQWDWRVDOGDPHQWHDOVXSSRUWRDSDUHWH
&RQQHVVLRQHGHOO
LQYHUWHU
9HULILFDUHFKHODWHQVLRQHDFLUFXLWRDSHUWRGHOODVWULQJD)9QHOIXQ]LRQDPHQWRDVWULQJDLQGLYLGXDOH
VLDLQIHULRUHULVSHWWLYDPHQWHD9PRGXOR07H9PRGXOR$7HFKHSHULOIXQ]LRQDPHQWR
0DVWHU6ODYHVLDLQIHULRUHULVSHWWLYDPHQWHD9PRGXOR07H9PRGXOR$7$VVLFXUDUVL
FKHYLVLDQRVXIILFLHQWLSRVVLELOLWjGLDXPHQWRGHOODWHQVLRQHDWHPSHUDWXUHLQIHULRUL
&RQWUROODUHFKHVLDVWDWRHIIHWWXDWRLOFDEODJJLRLQGLYLGXDOHRSDUDOOHOR
9HULILFDUHFKHWXWWLLFDYLVLDQRFRQQHVVLFRQODJLXVWDSRODULWj
9HULILFDUHLOILVVDJJLRGLFDYLHSDVVDFDYL
9HULILFDUHFKHWXWWLLILOLGLWHUUDVLDQRFRQQHVVL
9HULILFDUHFKHLOFRSHUFKLRIURQWDOHHLOFRSHUFKLRGLPRQWDJJLRVLDQRFKLXVLHILVVDWL
)XQ]LRQDPHQWRGHOO
LQYHUWHU
&RQQHWWHUHODOLQHD&$VXOVH]LRQDWRUH&$
9HULILFDUHFKHYLVLDVXIILFLHQWHLUUDGLD]LRQHVRODUHSHUXQDQRUPDOHDOLPHQWD]LRQHHOHWWULFD
0RQLWRUDUHLOSURJUHVVRGLFRQQHVVLRQHDOOHUHWHGLGLVWULEX]LRQHJXDUGDQGRL/('
9HULILFDUHFKHO
LQYHUWHUVLFRQQHWWDDOODUHWH
9HULILFDUHFKHO
LQYHUWHUHURJKLODSRWHQ]DSUHYLVWD
9HULILFDUHFKHOHLPSRVWD]LRQLUHJLRQDOLGHOO
LQYHUWHUVLDQRFRUUHWWH
9HULILFDUHFKHOHLPSRVWD]LRQL0DVWHU6ODYHVLDQRFRUUHWWH
6HO
LQYHUWHQRQIXQ]LRQDLQPDQLHUDFRUUHWWDYHGHUHLOFDSLWROR$VVLVWHQ]DHULSDUD]LRQL
9HULILFDUH
7DEHOOD/LVWDGLFRQWUROOR
/B
$VVLVWHQ]DHULSDUD]LRQH
$VVLVWHQ]DHULSDUD]LRQH
6LFXUH]]DGXUDQWHOHIDVLGLDVVLVWHQ]DHULSDUD]LRQH
&RPHSULPDFRVDGLVFRQQHWWHUHODUHWH&$
3ULPDFKHLPRGXOL)9VLDQRGLVFRQQHVVLGDOODWR&&GHOO
LQYHUWHUGHYHHVVHUHGL
VFRQQHVVDODUHWH&$/
LQYHUWHUQRQYDPDLGLVFRQQHVVRGDLPRGXOL)9TXDQGRVWD
DOLPHQWDQGRHQHUJLDDOODUHWH
,QFDVRGLULSDUD]LRQLO
LQYHUWHUGHYHHVVHUHDSHUWRVRORGDSHUVRQDOHTXDOLILFDWR
/
LQYHUWHUSRWUHEEHULFHYHUHDQFRUDWHQVLRQLHFFHVVLYHDQFKHTXDQGRYLHQHGLVFRQ
QHVVRGDLPRGXOL)9HGDOODUHWH0LVXUDUHODWHQVLRQHGHOEXV&&FKHGHYHHVVHUH
LQIHULRUHD9SULPDGLLQL]LDUHDODYRUDUHVXOVLVWHPDHOHWWURQLFRDOO
LQWHUQRGHO
FDELQHW
3ULPDGLSUHVWDUHDVVLVWHQ]DDJOLLQYHUWHUOHJJHUHOHLQIRUPD]LRQLLPSRUWDQWLGLVLFXUH]]DQHO&D
SLWROR
&RPHDSULUHFKLXGHUHO
XQLWjLQGRRU
6HJXLUH OD SURFHGXUD LQGLFDWD GL VHJXLWR SHU
DSULUHO¶LQYHUWHU
7RJOLHUH OD YLWH QHOO¶LQWHUUXWWRUH GL
VFRQQHVVLRQH&&HULPXRYHUHODPD
QRSROD
7RJOLHUHOHYLWLFKHWHQJRQRLQSR
VL]LRQHLOFRSHUFKLR
7LUDUHLOFRSHUFKLRYHUVRO¶DOWR
,QFOLQDUORHWRJOLHUORGDOO¶LQYHUWHUVRO
OHYDQGROR
6WDFFDUHLOFDYRGLWHUUDSULPDGLWR
JOLHUHLOFRSULFDYR
6HJXLUH OD SURFHGXUD LQGLFDWD LQ EDVVR SHU
FKLXGHUHO
LQYHUWHU
'LVHJQR&RPHDSULUHO
XQLWjLQGRRU
(VHJXLUHOHRSHUD]LRQLHOHQFDWHLQDO
WRQHOO
RUGLQHLQYHUVR
,PSRUWDQWHÊQHFHVVDULRWHQHUHSUHVHQWHTXDQWRVHJXH
1HOFDVRFKHLOFRSULFDYRVLDVWDWDVPRQWDWRSHUVFRSLGLLQVWDOOD]LRQHRGL
FRQILJXUD]LRQHLOFDYRGLWHUUDGHYHHVVHUHUHLQVHULWRQHOODSUHVD
,OFRSULFDYRGHYHHVVHUHDYYLWDWDVDOGDPHQWHVHqVWDWDVPRQWDWD
6WULQJHUHOHYLWLFRQXQDFRSSLDGLVHUUDJJLRGL
/B
$VVLVWHQ]DHULSDUD]LRQH
&RPHDSULUHFKLXGHUHO
XQLWjGDHVWHUQR
'LVHJQR3URFHGLPHQWRGLDSHUWXUD
'LVHJQR3URFHGLPHQWRGLDSHUWXUD
'LVHJQR3URFHGLPHQWRGLDSHUWXUD
1RWD$VVLFXUDUVLGLVWDFFDUHLOFDYRGDOGLVSOD\SULPDGLULPXRYHUHLOFRSHUFKLRIURQ
WDOH
/B
$VVLVWHQ]DHULSDUD]LRQH
6HJXLUHODSURFHGXUDLQGLFDWDGLVHJXLWRSHUDSULUHO¶LQYHUWHU
/HYLWLVXOFRSHUFKLRIURQWDOHVRQRGLWLSR7RU[HGHYRQRHVVHUHVYLWDWH
7RJOLHUHLOFRSHUFKLRGDOODSDUWHLQIHULRUHGHOO
LQYHUWHU
$VVLFXUDUVLGLVWDFFDUHLOFDYRGHOGLVSOD\SULPDGLULPXRYHUHFRPSOHWDPHQWHLOFRSHUFKLR
SULQFLSDOH
)DUVFRUUHUHLOFRSHUFKLRYHUVRO
DOWRSHUVJDQFLDUOR
6HJXLUHODSURFHGXUDLQGLFDWDGLVHJXLWRSHUFKLXGHUHO
LQYHUWHU
,OFRSHUFKLRSULQFLSDOHGHYHHVVHUHDJJDQFLDWRDOOHFHUQLHUHVXOODSDUWHVXSHULRUHHVSLQWR
LQSRVL]LRQH
6WULQJHUHOHYLWLFRQXQDFRSSLDGLVHUUDJJLRGL1P
5LFRUGDUVLGLULFROOHJDUHLOFDYRGHOGLVSOD\
6HUUDUHOHYLWLDQWHULRULHGDVVLFXUDUHXQDFRQQHVVLRQHGLWHUUDFRUUHWWD
/HGXHYLWLDQWHULRULVHUYRQRDOODPHVVDDWHUUDGHOFRSHUFKLRDQWHULRUH9HULILFDUH
FKHVLDQRPRQWDWHHILVVDWHFRQODFRSSLDLQGLFDWD
,QGLYLGXD]LRQHJXDVWR
,QTXHVWRFDSLWRORGHVFULYLDPRFRQLOWHUPLQHHYHQWRWXWWHOHFRQGL]LRQLFKHLPSHGLVFRQRDOO
LQ
YHUWHUGLIXQ]LRQDUHFRUUHWWDPHQWH
8QHYHQWRGLJXDVWRSXzYHULILFDUVLLQTXDOXQTXHSDUWHGHOVLVWHPDUHWHPRGXOL)9FDYLHFRQ
QHWWRULLQYHUWHUHQRQSUHVXSSRQHDXWRPDWLFDPHQWHXQJXDVWRGHOO
LQYHUWHU
1RWD
6LULFRUGLFKH
/
LQYHUWHqGRWDWRGLXQDIXQ]LRQHGLDXWRSURWH]LRQH
*OLHYHQWLVRQRUHJLVWUDWLQHOORJHYHQWL
/
LQYHUWHUWHQWDGLULFRQQHWWHUVLVHWXWWHOHFRQGL]LRQLVRQR2.
/
LQYHUWHUSXzSDVVDUHDGXQDFRQGL]LRQHGLEORFFRLQFDVRGLHUURUHUHODWLYRDOODVLFX
UH]]DIXQ]LRQDOH7DOHFRQGL]LRQHGLEORFFRYLHQHULPRVVDDOORVSHJQLPHQWRGHOVLVWHPD
)9RJQLQRWWH
5LVROX]LRQHGHLSUREOHPL
6HLOVLVWHPDVRODUHQRQVWDIXQ]LRQDQGRFRUUHWWDPHQWHSULPDGLFKLDPDUHO
DVVLVWHQ]DVHJXLUHOH
LVWUX]LRQLGHOODJXLGDSHUODULFHUFDJXDVWLPRVWUDWHGLVHJXLWR/DJXLGDSHUODULFHUFDJXDVWLqVWDWD
VWXGLDWDSHUFRQVHQWLUHODYHULILFDGHLSUREOHPLSLFRPXQLFKHLQPROWLFDVLSRVVRQRHVVHUHULVROWL
GLUHWWDPHQWHGDOSURSULHWDULRGHOO
LPSLDQWR
/B
$VVLVWHQ]DHULSDUD]LRQH
8WLOL]]DUHTXHVWDOLVWDGLFRQWUROORVHVLYHULILFDQRSUREOHPLFRQLOVLVWHPD)9
9HULILFDUHO
HYHQWRQHOPHQX%RWUDPLWHL/('8QHYHQWRqVHJQDODWRGDOODPSHJJLDUH
GHO/('URVVR
9HULILFDUHFKHODWHQVLRQHGHOODUHWH&$VLDHQWURLOQRUPDOHLQWHUYDOORRSHUDWLYRYHGHUH
ODVH]LRQH%GHLPHQXGHOGLVSOD\
,QFDVRFRQWUDULRYHULILFDUHVHLIXVLELOL&$VRQRUHJRODUPHQWHIXQ]LRQDQWLVHO
LQWHUUXWWRUH
GLLVRODPHQWR&$qFRQQHVVRHVHODUHWH&$qGLVSRQLELOH6HQHOODFDVDQRQYLqUHWHGL
GLVWULEX]LRQH&$O
LQYHUWHUVLGLVDWWLYDDXWRPDWLFDPHQWHSHUUDJLRQLGLVLFXUH]]D6HOD
UHWH&$ULVXOWDDQFRUDQXRYDPHQWHDFFHVVLELOHO
LQYHUWHUVLFRQQHWWHDXWRPDWLFDPHQWH
DOODUHWHTXDQGRYLqVXIILFLHQWHLUUDGLD]LRQHVRODUH9HULILFDUHFKHODUHWHVLDFRUUHWWD
PHQWHFRQQHVVDDOO
LQYHUWHUHFKHODUHWHVLDSURQWDSHUIXQ]LRQDUH
&RQWUROODUHOHWHQVLRQL)9VXOGLVSOD\RXVDQGRXQPXOWLPHWUR$IILQFKpO
LQYHUWHUSRVVD
HVVHUHDYYLDWROHWHQVLRQL)9GHYRQRHVVHUHVXSHULRULD9PRGXOR07HD9
PRGXOR$76HODWHQVLRQH)9qWURSSREDVVD
&RQWUROODUHFKHYLVLDVXIILFLHQWHLUUDGLD]LRQHVRODUHSHUJHQHUDUHO¶HQHUJLD
9HULILFDUHVHYLVRQRFDYLFRQQHVVLRQLQDVFRVWLHDOOHQWDWLQHOVLVWHPD)9
6HLSXQWLVRSUDPHQ]LRQDWLQRQVRQRFDXVDGLSUHRFFXSD]LRQHDWWHQGHUHPLQXWLSHU
VFRSULUHVHYLqXQJXDVWRSHUPDQHQWH
6HLYDORULGLFRUUHQWHDOWHUQDWDGHOODUHWHQRQVRQRFRPSUHVLHQWURLYDORULVRJOLDFRQ
WDWWDUHO
D]LHQGDGHOVHUYL]LRSXEEOLFRSHUDVVLVWHQ]DWHFQLFD
6HLOVLVWHPD)9QRQIRUQLVFHDQFRUDDOFXQDSRWHQ]DDOODUHWHFRQWUROODUHWHQVLRQHFRU
UHQWHHSRWHQ]DGHOPRGXOR)9QRQFKpWHQVLRQHFRUUHQWHHSRWHQ]DGHOODUHWHQHOPHQX
%RSSXUHXVDQGRXQPXOWLPHWUR
6HODWHQVLRQH)9ULPDQHDQFRUDWURSSREDVVDRQRQVWDELOHFKLDPDUHO
DVVLVWHQ]D
1RWD
ÊQHFHVVDULRWHQHUHDPHQWHFKHVRORLOSHUVRQDOHDGGHVWUDWRHDXWRUL]]DWRFRPSHWHQWHVX
VLVWHPLHOHWWULFLHTXHVWLRQLOHJDWHDOODVLFXUH]]DSXzODYRUDUHVXJOLLQYHUWHUHVXOOHLQVWDOOD]LRQL
HOHWWULFKH
(YHQWL
1HLFDSLWROLVHJXHQWLLOWHUPLQHµHYHQWR¶GHVFULYHWXWWHOHFLUFRVWDQ]HFKHLPSHGLVFRQRDOO¶LQYHUWHU
GLIXQ]LRQDUHQRUPDOPHQWH
3XzDFFDGHUHXQJXDVWRLQWXWWHOHSDUWLGHOVLVWHPDDOLPHQWD]LRQHPRGXOL)9FDYLHFRQQHWWRUL
LQYHUWHUVHQ]DFKHTXHVWRVLDQHFHVVDULDPHQWHLQGLFDWLYRGLXQJXDVWRDOO
LQYHUWHU
1RWD
6HQRQYLHQHIRUQLWDDOLPHQWD]LRQHDOODUHWHGDSDUWHGHOVLVWHPD)9FRQWUROODUHODWHQVLRQHOD
FRUUHQWHHOHXVFLWHQHOVLVWHPD)9HODWHQVLRQHHODFRUUHQWHGHOO
DOLPHQWD]LRQHHOHWWULFD&$
XWLOL]]DQGR6RIWZDUHGLDVVLVWHQ]D
9LHQHGHILQLWRJXDVWRSHUPDQHQWHXQHYHQWRFKHSHUGXUDSHUROWUHPLQXWL
/
DVVLVWHQ]DqQHFHVVDULDVRORTXDQGRO
LQYHUWHUQRQqLQJUDGRGLIRUQLUHFRUUHQWHFRQFRQWLQXLWj
DOODUHWH&$/DPDJJLRUSDUWHGHLJXDVWLVRQRGLQDWXUDLQWHUPLWWHQWHLOVLVWHPDGRYUHEEHSHUWDQWR
HVVHUHPRQLWRUDWRSHUXQSR
SULPDGLULFKLHGHUHDVVLVWHQ]DSHUFKpLOPHVVDJJLGLJXDVWRSRWUHEEH
VFRPSDULUHGDVROR
6HLOJXDVWRIRVVHSHUPDQHQWHVHJXLUHTXHVWHLVWUX]LRQL
/B
$VVLVWHQ]DHULSDUD]LRQH
9HULILFDUHO
XOWLPRHYHQWRUHJLVWUDWRQHOUHJLVWURGHJOLHYHQWL
&RQVXOWDUHODWDEHOODHLQGLYLGXDUHODUDJLRQHGHOJXDVWRHFRPHULPHGLDUH
&RQWDWWDUHLOIRUQLWRUHGLDVVLVWHQ]DGHOFDVRHLQIRUPDUORGHOJXDVWRIRUQHQGRJOLODGH
VFUL]LRQHGHOUHJLVWURGHOO
HYHQWR
1RWD
/
LQYHUWHUQRQGLVWLQJXHLGLYHUVLWLSLGLHYHQWRGLJXDVWRHOHORURFRQVHJXHQ]H,OUHJLVWURGHJOL
HYHQWLFRQWLHQHVLDJXDVWLPRPHQWDQHLFKHQRQULFKLHGRQRDOFXQLQWHUYHQWRRDVVLVWHQ]DHJXD
VWLJUDYLFKHULFKLHGRQRDVVLVWHQ]D
0HVVDJJLGLHYHQWRGHOO¶LQYHUWHU
/
LQYHUWHUUHJLVWUDWXWWLJOLHYHQWLGLJXDVWRQHOODVXDPHPRULDLQWHUQDHYLVXDOL]]DGHLPHVVDJJLGL
JXDVWRGHWWDJOLDWLQHOGLVSOD\0ROWLWLSLGLJXDVWRVRQRSUHGHILQLWLHYHQJRQRPRVWUDWLGDOWHVWR
/
LQYHUWHUVDOYD±JXDVWLLQXQVLQJRORUHJLVWURGHJOLHYHQWL6HLOUHJLVWURGHJOLHYHQWLq
SLHQRLYHFFKLHYHQWLYHQJRQRVRYUDVFULWWLGDTXHOOLQXRYL
8QUHJLVWURGHJOLHYHQWLFRPSOHWRQRQLPSOLFDDXWRPDWLFDPHQWHODSUHVHQ]DGLVHULSUREOHPLDO
O
LQYHUWHU1HOODPDJJLRUSDUWHGHLFDVLXQUHJLVWURGHJOLHYHQWLFRPSOHWRLQGLFDGLVWXUELRFFDVLRQDOL
HFDVXDOLGHOODUHWH,OUHJLVWURGHJOLHYHQWLqYLVXDOL]]DELOHQHOODVH]LRQH&GHLPHQXVXOGLVSOD\
2JQLHYHQWRPHPRUL]]DWRQHOORJHYHQWLqFRVWLWXLWRGDGXHVFKHUPDWH/DSULPDYLVXDOL]]D]LRQH
GHOUHJLVWURGHJOLHYHQWLYLHQHPRVWUDWDGRSRFKHYLHQHVHOH]LRQDWRLOPHQX0RVWUDUJHYHQWLH
YLHQHSUHPXWRLOWDVWR2./DVHFRQGDYLVXDOL]]D]LRQHGHOUHJLVWURGHJOLHYHQWLYLHQHPRVWUDWDGRSR
FKHYLHQHSUHPXWRXQDVHFRQGDYROWDLOWDVWR2./HLQIRUPD]LRQLPRVWUDWHQHOOHGXHVFKHUPDWH
VRQRVSLHJDWHLQEDVVR
3ULPDYLVXDOL]]D]LRQH
6HFRQGDYLVXDOL]]D]LRQH
,OWHVWRGLVSOD\qVXGGLYLVRVXULJKHFRQFDUDWWHULGLVSRQLELOLSHUULJD
8*5,' qLOWHVWRGLHYHQWRFLRqXQEUHYHWHVWRFKHGHVFULYHLOJXDVWR6HO
LQYHUWHULQGLFDVXO
GLVSOD\XQQXPHUR,'SHULOJXDVWRDQ]LFKpXQWHVWRQRQYLqXQWHVWRSUHGHILQLWRSHULOQXPHUR
,'GLTXHOSDUWLFRODUHJXDVWR4XHVWRSXzYHULILFDUVLVHLOVRIWZDUHGHOGLVSOD\qSLYHFFKLRGHO
VRIWZDUHGHOO
LQYHUWHU
qLOQXPHURGLORJHYHQWRFLRqXQQXPHURFRPSUHVRWUDH,OSULPRJXDVWRUHJLVWUDWRKD
LOQXPHURLOVHFRQGRLOQXPHURHFRVuYLD6HLOUHJLVWURGHLJXDVWLqFRPSOHWRLOQXPHURGL
HYHQWRSLYHFFKLRYLHQHVRYUDVFULWWR$FDXVDGHOPRGRLQFXLYHQJRQRJHVWLWLHYHQWLVXFFHVVLYL
GHOORVWHVVRWLSRLJXDVWLGLVROLWRQRQYHQJRQRYLVXDOL]]DWLLQRUGLQHFURQRORJLFRQHOUHJLVWURGHJOL
HYHQWL,OSHUFKpVLFRPSUHQGHGDOODGHVFUL]LRQHGHO&RQWHJJLRGHJOLHYHQWLIRUQLWDGLVHJXLWR
/B
$VVLVWHQ]DHULSDUD]LRQH
KPVHLOWHPSRDFXLVLqYHULILFDWRO
HYHQWRFLRqLOWHPSRGLIXQ]LRQDPHQWRWRWDOH
LQRUHPLQXWLHVHFRQGLQHOPRPHQWRLQFXLVLqYHULILFDWRO
HYHQWR
*5,'qLOPRGRGLIXQ]LRQDPHQWRFLRqODPRGDOLWjLQFXLVLWURYDYDLOPRGXOR&&&&&&R
&$FKHSURGXFHO
HYHQWRQHOPRPHQWRLQFXLVLqYHULILFDWRO
HYHQWR
&&&$HODGHVLJQD]LRQHGHOPRGXORHLGHQWLILFDLOPRGXORFKHKDFDXVDWRO
HYHQWR&&&&&&
R&$
qLOYDORUHHYHQWRFLRqLOYDORUHPLVXUDWRFKHKDFDXVDWRLOJXDVWR,OYDORUHYLHQHYLVXDOL]]DWR
VHQ]DDOFXQSXQWRGHFLPDOHHXQLWjFKHULVXOWDQRFKLDULGDOFRQWHVWR
qLOFRQWHJJLRHYHQWRTXLQGLqLOQXPHURGLYROWHLQFXLVLqYHULILFDWRXQHYHQWRGLXQGHWHUPLQDWR
WLSR'XHHYHQWLVRQRGLXQRVWHVVRWLSRVHLO7HVWRHYHQWRR,'HYHQWRLOPRGRGLIXQ]LR
QDPHQWRHODGHVLJQD]LRQHGHOPRGXORVRQRLGHQWLFL
*OLHYHQWLGHOORVWHVVRWLSRYHQJRQRUHJLVWUDWLVHSDUDWDPHQWHHVDRJQXQRGLHVVLYLHQHDVVHJQDWR
XQQXPHURGLHYHQWRFRPSUHVRIUDHILQRDXQOLPLWHGLTXDWWURHYHQWLGHOORVWHVVRWLSR
UHJLVWUDWLHQWURXQ
RUD7XWWLJOLHYHQWLVXFFHVVLYLGLTXHOWLSRFKHVLYHULILFDQRHQWURXQ
RUDGDO
SULPRGLHVVLIDQQRVuFKHLOFRQWHJJLRHYHQWRGHOƒHYHQWRYHQJDDXPHQWDWRGLXQ
XQLWjFLRq
QRQ YHQJRQR DVVHJQDWL QXRYL QXPHUL GL HYHQWR D HYHQWL GL TXHO WLSR ,O µ0RPHQWR LQ FXL VL q
YHULILFDWRO
HYHQWR¶GHOƒHYHQWRYLHQHDJJLRUQDWRDOWHPSRGLIXQ]LRQDPHQWRDWWXDOHRJQLYROWD
FKHYLHQHDXPHQWDWRLOµ&RQWHJJLRHYHQWR¶
6HWUDVFRUUHROWUHXQ
RUDGDTXDQGRVLqYHULILFDWRO
XOWLPRHYHQWRGLXQDVHULHGLHYHQWLLGHQWLFL
YLHQHDVVHJQDWRXQQXRYRQXPHURGLHYHQWR
&LzVLJQLILFDFKHLOWHPSRPDVVLPRIUDHYHQWLDIILQFKpXQDVHULHGLHYHQWLLGHQWLFLYHQJDUHJLVWUDWD
LQXQDHWLFKHWWDqGLXQ
RUD
5HJLVWURHYHQWL
7XWWLJOL,'GHJOLHYHQWLFKHSRVVRQRHVVHUHLQGLFDWLVXOGLVSOD\GDOO
LQYHUWHUVRQRSUHGHILQLWLHTXLQGL
VHJQDODWLVXGLVSOD\FRQXQRVSHFLILFRWHVWRHYHQWRGLYHUVDPHQWHGDOODVHPSOLFHLQGLFD]LRQHGHOO
,'
HYHQWR,OWHVWRSUHGHILQLWRSHUO
HYHQWRqYLVLELOHQHOODVHJXHQWHWDEHOOD
/B
$VVLVWHQ]DHULSDUD]LRQH
7HVWRHYHQWR
'HVFUL]LRQH
8
8
8
839
$OLPHQWD]LRQHHOHWWULFDLQWHUQDROWUHLOLPLWL
$OLPHQWD]LRQHHOHWWULFDLQWHUQDROWUHLOLPLWL
$OLPHQWD]LRQHHOHWWULFDLQWHUQDROWUHLOLPLWL
7HQVLRQHGLLQJUHVVRGDVWULQJD)9WURSSR
HOHYDWD
7HQVLRQHVQXEEHUWURSSRHOHYDWD
7HQVLRQHEXV&&WURSSRHOHYDWD
7HQVLRQHUHWH&$ROWUHLYDORULGLVRJOLD
VXSHULRUHRLQIHULRUHDOYDORUHLPSRVWDWR
)UHTXHQ]DGHOODUHWHROWUHLOLPLWLLPSR
VWD]LRQLHVWHUQH
,OFRQWHQXWRGLFRUUHQWHFRQWLQXDSUHVHQWH
QHOODFRUUHQWHDOWHUQDWDqWURSSRHOHYDWR
(UURUH(16
8618%%(5
8'&%86
8*5,'
)*5,'
,30&855(17
(16
(165$0
(16)/&+.60
(16(3&+.60
+:75,3
,QYHUWHU
,QYHUWHU
5HWH&$
5HWH&$
,QYHUWHU
5HWH&$
(UURUHPHPRULD(16
(UURUHPHPRULDIODVKGRSRDXWRWHVW
(UURUHPHPRULD(3520GRSRDXWRWHVW
%ORFFRKDUGZDUH±FRUUHQWHWURSSRHOHYD
WD
7HPSHUDWXUDWURSSRHOHYDWDQHOPRGXORGL
SRWHQ]DLQWHJUDWR
,QYHUWHU
,QYHUWHU
,QYHUWHU
,QYHUWHU
9HULILFDUHYDOLGLWjGHOOHLPSRVWD]LRQLGL
WHQVLRQHHIUHTXHQ]DGHOODUHWH,PSRVWD
]LRQLWURSSRGLIIRUPLULVSHWWRDLYDORULHI
IHWWLYLGLWHQVLRQHHIUHTXHQ]DGHOODUHWH
(16&20(55
(UURUHGLFRPXQLFD]LRQHQHOODVFKHGD(16
,PSHGHQ]D(16
/LYHOORGLLPSHGHQ]DGHOODUHWHROWUHLOOL
PLWH
39²&21),*²(55 (UURUHULOHYDWRGDWHVWGLFRQILJXUD]LRQH)9
,QYHUWHU
7(03+,*+
(3503$5/,0
2ULJLQH
JXDVWR
,QYHUWHU
,QYHUWHU
,QYHUWHU
6LVWHPD)9
$PELHQWH
,QYHUWHU
5HWH&$
6LVWHPD)9
1RQUHJLVWUDWRQHOORJHYHQWL±LO/('URVVRQRQODPSHJJLD
7HVWRHYHQWR
'HVFUL]LRQH
2ULJLQH
JXDVWR
*8$672',7(55$
/
HYHQWRDWWXDOHqYLVXDOL]]DWRLQPRGDOLWj 6LVWHPD)9
UHWH
$]LRQHLQFDVRGL
JXDVWRSHUPDQHQWH
5HYLVLRQDUHO
LQYHUWHU
5HYLVLRQDUHO
LQYHUWHU
5HYLVLRQDUHO
LQYHUWHU
5LFKLHGHUHDVVLVWHQ]DWHFQLFDDOIRUQLWRUH
GHOVLVWHPD
5HYLVLRQDUHO
LQYHUWHU
5HYLVLRQDUHO
LQYHUWHU
,QFDVRGLULFRUUHQ]DULFKLHGHUHDVVLVWHQ]D
WHFQLFDDOVHUYL]LRSXEEOLFR
,QFDVRGLULFRUUHQ]DULFKLHGHUHDVVLVWHQ]D
WHFQLFDDOVHUYL]LRSXEEOLFR
5HYLVLRQDUHO
LQYHUWHU
,QFDVRGLULFRUUHQ]DULFKLHGHUHDVVLVWHQ]D
WHFQLFDDOVHUYL]LRSXEEOLFR
5HYLVLRQDUHO
LQYHUWHU
5HYLVLRQDUHO
LQYHUWHU
5HYLVLRQDUHO
LQYHUWHU
5HYLVLRQDUHO
LQYHUWHU
&RQWUROODUHVHO¶LQYHUWHUqFRSHUWR
9HULILFDUHFKHO
LQYHUWHUGLVSRQJDGLOLEHUD
FLUFROD]LRQHGHOO
DULDWUDPLWHGLVVLSDWRUHGL
FDORUH3XOLUHLOGLVVLSDWRUHGLFDORUH
9HULILFDUHFKHODWHPSHUDWXUDDPELHQWDOH
VLDHQWURLOLPLWL
5LFKLHGHUHDVVLVWHQ]DSHUYHULILFDUHLPSR
VWD]LRQLGHOO
LQYHUWHU
5HYLVLRQDUHO
LQYHUWHU
,QFDVRGLULFRUUHQ]DULFKLHGHUHDVVLVWHQ]D
WHFQLFDDOVHUYL]LRSXEEOLFR
9HULILFDUHLOFDEODJJLRGHLSDQQHOOL)9'XH
LQJUHVVL&&VRQRFDEODWLFRQFRQILJXUD]LRQH
DVWULQJKHSDUDOOHOHXQRQR
$]LRQHLQFDVRGL
JXDVWRSHUPDQHQWH
*XDVWRGLWHUUD9HULILFDUHODFRUUHWWDPHVVD
DWHUUDGHOVLVWHPD)9SHUHYLWDUHGDQQLDL
SDQQHOOL)95LFKLHGHUHDVVLVWHQ]DWHFQLFDDO
IRUQLWRUHGHOVLVWHPD)9RDOO
LQVWDOODWRUH
7DEHOOD5HJLVWURHYHQWLGHOO¶LQYHUWHU
$]LRQHFRUUHWWLYD
1HOODWDEHOODLQDOWRVRQRLQGLFDWHOHRULJLQLGHLJXDVWLUHJLVWUDWLGDOO
LQYHUWHUHOHD]LRQLFRUUHWWLYH
FRQVLJOLDWH
/
D]LRQHFRUUHWWLYDqGLYLVDLQWUHJUXSSLSHUFDXVHGHOJXDVWR
*XDVWLGHOVLVWHPD)9
‡
&RQWDWWDUHLOIRUQLWRUHGHOVLVWHPD)9RGHLPRGXOL)9
*XDVWLGHOODUHWH&$
‡
&RQWDWWDUHLOVHUYL]LRSXEEOLFRLQFDVRGLJXDVWLSHUPDQHQWLRULSHWXWLSHUULFHYHUHLQIRU
PD]LRQLVXOOHD]LRQLFRUUHWWLYH
*XDVWLGHOO
LQYHUWHU
‡
&RQWDWWDUHLOIRUQLWRUHGHOO
LQYHUWHU
/B
$VVLVWHQ]DHULSDUD]LRQH
&RPHXWLOL]]DUH6RIWZDUHGLDVVLVWHQ]D
3HUIDFLOLWDUHO
LQGLYLGXD]LRQHGHLJXDVWLqGLVSRQLELOHXQVRIWZDUHVX3&6RIWZDUHGLDVVLVWHQ]Dq
HVHJXLELOHVXLQRUPDOL3&HYLHQHFRQQHVVRDOO
LQYHUWHUGDOO
HVWHUQRSHUPH]]RGLXQDSRUWD56
SXzHVVHUHQHFHVVDULRFDYRDGDWWDWRUH5686%
6RIWZDUHGLDVVLVWHQ]DqLGRQHRSHU
‡
0RQLWRUDJJLRRQOLQHGHOOHFRQGL]LRQLGHOO
LQYHUWHUHPLVXUD]LRQHGHLYDORUL
‡
$QDOLVLGHLGDWLGHOJXDVWRVXOUHJLVWUR
‡
0RGLILFDGHOOHLPSRVWD]LRQLGHOO¶LQYHUWHU
‡
6DOYDWDJJLRHVWDPSDGHLGDWLGHOO
LQYHUWHUSHUPRWLYLGLGRFXPHQWD]LRQH
9HGHUHLOPDQXDOHXWHQWHVSHFLILFRSHU6RIWZDUHGLDVVLVWHQ]D
0DQXWHQ]LRQH
'LQRUPDJOLLQYHUWHUQRQULFKLHGRQRPDQXWHQ]LRQHRWDUDWXUD%LVRJQDWXWWDYLDDVVLFXUDUVLFKHLO
UDIIUHGGDPHQWRQRQVLDRVWUXLWRHFKHO
LQYHUWHUVLDVHPSUHDVFLXWWR
3HUDVVLFXUDUHODIXQ]LRQDOLWjGHOO
LQWHUUXWWRUHGLVFRQQHVVLRQH&&WXWWLJOLLQWHUUXWWRULGRYUHEEHUR
HVVHUHDFFHVVLHVSHQWLFRPPXWDQGRO
LQWHUUXWWRUHSHUGLHFLYROWHVX2QH2IIXQDYROWDDOO
DQQR
DOILQHGLSXOLUHLFRQWDWWL
6HO
LQYHUWHULQGRRUVLEDJQDDVFLXJDUORLPPHGLDWDPHQWH,OLTXLGLSRVVRQRFRQWHQHUHVRVWDQ]H
FKHFRUURGRQRLFRPSRQHQWLHOHWWURQLFL
3XOL]LDGHO&DELQHW
3XOLUHO
LQYHUWHUHLOGLVSOD\LQWHJUDWRFRQXQSDQQRPRUELGR1RQSXOLUHO
LQYHUWHUXWLOL]]DQGRSUR
GRWWLFKLPLFLGLWLSRDJJUHVVLYRVROYHQWLRGHWHUJHQWLIRUWL
3XOL]LDGHOGLVVLSDWRUH
$OILQHGLDVVLFXUDUHXQFRUUHWWRIXQ]LRQDPHQWRHXQSUROXQJDWRFLFORYLWDOHDOO
LQYHUWHUqHVVHQ]LDOH
FKHQRQVLDRVWUXLWDODOLEHUDFLUFROD]LRQHGHOO
DULDLQWRUQRDOGLVVLSDWRUHGLFDORUHQHOODWRSRVWHULRUH
GHOO
LQYHUWHU
6HODOLEHUDFLUFROD]LRQHGHOO
DULDqRVWUXLWDSHUHVHPSLRGDSROYHUHVDUjQHFHVVDULRULPXRYHUOD
3XOLUHLOGLVVLSDWRUHGLFDORUHXWLOL]]DQGRXQSDQQRPRUELGRRXQDVSD]]ROD1RQSXOLUHO
LQYHUWHU
XWLOL]]DQGRSURGRWWLFKLPLFLGLWLSRDJJUHVVLYRVROYHQWLRGHWHUJHQWLIRUWL
,OGLVVLSDWRUHGLFDORUHSXzUDJJLXQJHUHXQDWHPSHUDWXUDVXSHULRUHDƒ&QHOFRUVR
GHOIXQ]LRQDPHQWR,OFRQWDWWRFRQFRPSRQHQWLDWDOLWHPSHUDWXUHSXzFDXVDUHJUDYL
OHVLRQL
3XOL]LDGHOODYHQWRODHVWHUQDYHUVLRQHGDHVWHUQR
$OILQHGLDVVLFXUDUHXQFRUUHWWRIXQ]LRQDPHQWRHXQSUROXQJDWRFLFORYLWDOHDOO
LQYHUWHUqHVVHQ]LDOH
FKHQRQVLDRVWUXLWDODOLEHUDFLUFROD]LRQHGHOO
DULDLQWRUQRDOODYHQWROD6HODOLEHUDFLUFROD]LRQH
GHOO
DULDqRVWUXLWDSHUHVHPSLRGDSROYHUHVDUjQHFHVVDULRULPXRYHUOD3XOLUHLOGLVVLSDWRUHXWL
/B
$VVLVWHQ]DHULSDUD]LRQH
OL]]DQGRDULDFRPSUHVVD1RQSXOLUHO
LQYHUWHUXWLOL]]DQGRSURGRWWLFKLPLFLGLWLSRDJJUHVVLYRVRO
YHQWLRGHWHUJHQWLIRUWL
/B
'DWLWHFQLFL
'DWLWHFQLFL
6SHFLILFKHJHQHUDOL
3DUDPHWUR
,QYHUWHULQGRRU
85(7(
7HQVLRQHGLUHWH&$
)5(7(
)UHTXHQ]DGLUHWH&$
70$;
0D[WHPSHUDWXUDGLIXQ]LR
QDPHQWR
70,1
0LQWHPSHUDWXUDGLIXQ]LR
QDPHQWR
7120
7HPSHUDWXUDGLIXQ]LRQD
PHQWRQRPLQDOH
8PLGLWjUHODWLYD
*UDGRGLSURWH]LRQH
5XPRUHDFXVWLFR
3)
)DWWRUHGLSRWHQ]D
,7+'
'LVWRUVLRQHDUPRQLFDWRWDOH
&ODVVHGLVLFXUH]]D
&ODVVHGLLVRODPHQWRJDOYD
QLFR
3URWH]LRQHGDVRYUDFRUUHQWH
VXOO
LQJUHVVR
3URWH]LRQHLVODQGLQJ
(16ULOHYDPHQWRDQWLLVROD
,PSXOVRLPSHGHQ]D
/LPLWD]LRQHDPLQXWLGL
WHQVLRQHPHGLDGHOODUHWH&$
3URWH]LRQHSRODULWjLQYHUVD
&DWHJRULDGLVRYUDWHQVLRQH
&RQGL]LRQH
6SHFLILFKH
,PSRVWD]LRQL+]
9&$
+=
ƒ&DPELHQWH
ƒ&DPELHQWH
3RWHQ]DQRPLQDOH
ืƒ&DPELHQWH
6:/
3!
3120
,QYHUWHUFRPSOHWR
,QWHUIDFFLDGLFRPXQLFD]LRQH
VHQ]DFRQGHQVD
,3
G%$
&ODVVH,
&ODVVH,,
0RGDOLWjFRPXQH
N9
)LQHVWUD8)
(16FRQIRUPHD9'(
6HFODQRUPD(1
6HFRQGRODQRUPD,(&
*UDGRGLLQTXLQDPHQWR
6HFRQGRODQRUPD,(&
,QWHUUXWWRUHGLVFRQQHVVLRQH &&
,VRODPHQWRJDOYDQLFR
,QYHUWHU
,QWHJUDWR
,,,
,QWHJUDWRVHFODQRUPD9'(
7UDVIRUPDWRUH FRQ LVRODPHQWR JDO
YDQLFR
7DEHOOD6SHFLILFKHLQGRRU
/B
'DWLWHFQLFL
3DUDPHWUR
,QYHUWHURXWGRRU
8*5,'
7HQVLRQHGLUHWH&$
)*5,'
)UHTXHQ]DGLUHWH&$
70$;
0D[WHPSHUDWXUDGLIXQ]LRQD
PHQWR
70,1
0LQWHPSHUDWXUDGLIXQ]LRQD
PHQWR
7120
7HPSHUDWXUDGLIXQ]LRQDPHQWR
QRPLQDOH
8PLGLWjUHODWLYD
*UDGRGLSURWH]LRQH
5XPRUHDFXVWLFR
3)
)DWWRUHGLSRWHQ]D
,7+'
'LVWRUVLRQHDUPRQLFDWRWDOH
&ODVVHGLVLFXUH]]D
&ODVVHGLLVRODPHQWRJDOYDQLFR
3URWH]LRQHGDVRYUDFRUUHQWH
VXOO
LQJUHVVR
3URWH]LRQHLVODQGLQJ
(16ULOHYDPHQWRDQWLLVROD
,PSXOVRLPSHGHQ]D
/LPLWD]LRQHDPLQXWLGLWHQ
VLRQHPHGLDGHOODUHWH&$
3URWH]LRQHSRODULWjLQYHUVD
&DWHJRULDGLVRYUDWHQVLRQH
&RQGL]LRQH
6SHFLILFKH
,PSRVWD]LRQL+]
9&$
+]
ƒ&DPELHQWH
ƒ&DPELHQWH
3RWHQ]DQRPLQDOH
ืƒ&DPELHQWH
6:/
3!
3120
,QYHUWHUFRPSOHWR
,QWHUIDFFLD
GLFRPXQLFD]LRQH
0RGDOLWjFRPXQH
,3
G%$
&ODVVH,
&ODVVH,,
)LQHVWUD8)
(16FRQIRUPHD9'(
6HFODQRUPD(1
6HFRQGRODQRUPD,(&
*UDGRGLLQTXLQDPHQWR
6HFRQGRODQRUPD,(&
,QWHUUXWWRUHGLVFRQQHVVLRQH&& ,VRODPHQWRJDOYDQLFR
,QYHUWHU
N9
,QWHJUDWR
,,,
,QWHJUDWRVHFODQRUPD9'(
7UDVIRUPDWRUHFRQLVRODPHQWRJDOYDQL
FR
7DEHOOD6SHFLILFKHYHUVLRQHGDHVWHUQR
/B
'DWLWHFQLFL
6SHFLILFKHSHUJOLLQYHUWHU
3DUDPHWUR
8/;L
8/;L
8/;L
8/;L
,QJUHVVR
3RWHQ]DGLLQJUHVVRQRPLQDOH&&
:
:
:
:
3RWHQ]DPDVVLPD&&
:
:
:
:
:S
:S
:S
:S
0DVVLPDSRWHQ]D)9UDFFRPDQGDWDDOOHFRQGL
]LRQLGLSURYDQRUPDOL]]DWH67&
&DSDFLWjGLDYYLDPHQWR
:
&RQVXPRGLFRUUHQWHPRGDOLWj2))
:
&RQVXPRGLFRUUHQWHPRGDOLWjGLDWWHVD
:
,QWHUYDOORWHQVLRQHGLLQJUHVVRYHUVLRQHWHQ
9
VLRQHPHGLD
,QWHUYDOORWHQVLRQHGLLQJUHVVRYHUVLRQHDOWD
9
WHQVLRQH
7HQVLRQHGLDYYLDPHQWRVXOO
LQJUHVVRWHQVLRQH
99
PHGLDDOWD
7HQVLRQHPLQLPDVXOO
LQJUHVVRPHGLDDOWDWHQ
99
VLRQH
,QWHUYDOORPD[WHQVLRQHGLLQJUHVVRWHQVLRQH
99
PHGLDDOWD&RQILJXUD]LRQHDVWULQJDLQGLYLGXD
OH
,QWHUYDOORPD[WHQVLRQHGLLQJUHVVRWHQVLRQH
99
PHGLDDOWD&RQILJXUD]LRQHDVWULQJKHSDUDOOH
OH
0D[FRUUHQWHGLLQJUHVVRDƒ&YHUVLRQHD
$
[$
[$
[$
WHQVLRQHPHGLD
0D[FRUUHQWHGLLQJUHVVRDƒ&YHUVLRQHDG
$
[$
[$
[$
DOWDWHQVLRQH
,QVHJXLWRUL033LQGLSHQGHQWL
8VFLWD
3RWHQ]DGLXVFLWDQRPLQDOHDƒ&
:
:
:
:
0D[SRWHQ]DGLXVFLWDDVHFRQGDGHOODWHPSH
:
:
:
UDWXUD
:
&RUUHQWHGLXVFLWDQRPLQDOH
$
$
$
$
0D[FRUUHQWHGLXVFLWD
$
$
$
$
0D[HIILFLHQ]D
(IILFLHQ]DHXURSHD0DVWHU6ODYH
3HVRLQFOVXSSRUWRDSDUHWH
NJ
NJ
NJ
NJ
'LPHQVLRQL/î3î$PPLQFOVXSSRUWRDSD îî îî îî îî
UHWH
7DEHOOD6SHFLILFKHSHUJOLLQYHUWHU8/;
,QIXQ]LRQHGHOOHLPSRVWD]LRQLGHOSDHVHUHJRODELOH
3HUVLVWHPLILVVLLQFRQGL]LRQLTXDVLRWWLPDOL
3HUFRQILJXUD]LRQHDVWULQJKHSDUDOOHOHPD[$SHULQJUHVVR)9
/B
'DWLWHFQLFL
3DUDPHWUR
,QJUHVVR
3RWHQ]DGLLQJUHVVRQRPLQDOH&&
3RWHQ]DPDVVLPD&&
0DVVLPDSRWHQ]D)9UDFFRPDQGDWDDOOH
FRQGL]LRQLGLSURYDQRUPDOL]]DWH67&
&DSDFLWjGLDYYLDPHQWR
&RQVXPRGLFRUUHQWHPRGDOLWj2))
&RQVXPRGLFRUUHQWHPRGDOLWjGLDWWHVD
,QWHUYDOORWHQVLRQHGLLQJUHVVRWHQVLRQH
PHGLD
,QWHUYDOORWHQVLRQHGLLQJUHVVRDOWDWHQ
VLRQH
7HQVLRQHGLDYYLDPHQWRVXOO
LQJUHVVR
WHQVLRQHPHGLDDOWD
7HQVLRQHPLQLPDVXOO
LQJUHVVRPHGLDDO
WDWHQVLRQH
0D[LQWHUYDOORWHQVLRQHGLLQJUHVVRWHQ
VLRQHPHGLRDOWD
&RQILJXUD]LRQHDVWULQJDLQGLYLGXDOH
0D[LQWHUYDOORWHQVLRQHGLLQJUHVVRWHQ
VLRQHPHGLRDOWD
&RQILJXUD]LRQHDVWULQJKHSDUDOOHOH
0D[FRUUHQWHGLLQJUHVVRDƒ&WHQVLRQH
PHGLD
0D[FRUUHQWHGLLQJUHVVRDƒ&DOWDWHQ
VLRQH
,QVHJXLWRUL033LQGLSHQGHQWL
8VFLWD
3RWHQ]DGLXVFLWDQRPLQDOH
0D[SRWHQ]DGLXVFLWDDVHFRQGDGHOOD
WHPSHUDWXUD
&RUUHQWHGLXVFLWDQRPLQDOH
0D[FRUUHQWHGLXVFLWD
0D[HIILFLHQ]D
(IILFLHQ]DHXURSHD0DVWHU6ODYH
3HVRLQFOVXSSRUWRDSDUHWH
'LPHQVLRQL/î3î$PPLQFOVXSSRUWRD
SDUHWH
8/;R
:
:
:S
8/;R
:
:
:S
8/;R
:
:
:S
8/;R
:
:
:S
:S
:
:
:
9
9
99
99
99
99
$
[$
[$
[$
$
[$
[$
[$
:
:
:
:
:
:
:
:
$
$
NJ
îî
$
$
NJ
îî
$
$
NJ
îî
$$
$
NJ
îî
7DEHOOD6SHFLILFKHSHUJOLLQYHUWHU8/;
,QIXQ]LRQHGHOOHLPSRVWD]LRQLGHOSDHVHUHJRODELOH
,QIXQ]LRQHGHOOHLPSRVWD]LRQLGHOSDHVH
3HUVLVWHPLILVVLLQFRQGL]LRQLTXDVLRWWLPDOL
3HUFRQILJXUD]LRQHDVWULQJKHSDUDOOHOHPD[$SHULQJUHVVR)9
/B
'DWLWHFQLFL
6WDQGDUG
3DUDPHWUR
,QYHUWHULQGRRU
'LUHWWLYH8(FRQIRUPLWj&(
6WDQGDUG
'LUHWWLYH
((&/9'
((&(0&
((&&(
*UDGRGLSURWH]LRQH
(1
(PLVVLRQHGLFRUUHQWHDUPRQLFDVXOOD (1
UHWHGLDOLPHQWD]LRQH
,PPXQLWjHOHWWURPDJQHWLFD
(1
(1
(1
(1,(&
(1,(&
(1,(&
(1,(&
(1,(&
(19
(1,(&
(PLVVLRQLHOHWWURPDJQHWLFKH
(1
(1
(1
(1
(1
(1
6WDQGDUGGLVLFXUH]]D
(1
7HVWLVRODPHQWR
(1
6SHFLILFKH)9
&RQQHVVLRQHDOODUHWH*HUPDQLD
9'(
6SHFLILFKH
,3
&ODVVH$
,QGXVWULDOH
5HVLGHQ]LDOH
,QGXVWULDOH
(6'
&DPSL(0DGDOWDIUHTXHQ]D
6FDULFD
3LFFRGLWHQVLRQH
5)&0
&DPSL(0DGDOWDIUHTXHQ]D
&DOLGLWHQVLRQHLQWHUUX]LRQL
5HVLGHQ]LDOH
5HVLGHQ]LDOH
,QGXVWULDOH
,UUDGLDWH&RQGRWWH
,UUDGLDWH&RQGRWWH
'RPHVWLFKH
6WDQGDUGJHQHULFL
,3
&ODVVH$
6LFXUH]]DIXQ]LRQDOH
6WDQGDUGJHQHULFL
*UXSSRFODVVH%
*UXSSRFODVVH%
7DEHOOD6WDQGDUGLQGRRU
3DUDPHWUR
,QYHUWHURXWGRRU
'LUHWWLYH8(FRQIRUPLWj&(
6WDQGDUG
'LUHWWLYH
((&/9'
((&(0&
((&&(
*UDGRGLSURWH]LRQH
(1
(PLVVLRQHGLFRUUHQWHDUPRQLFDVXOOD (1
UHWHGLDOLPHQWD]LRQH
,PPXQLWjHOHWWURPDJQHWLFD
(1
(1
(1
(1,(&
(1,(&
(1,(&
(1,(&
(1,(&
(19
(1,(&
(PLVVLRQLHOHWWURPDJQHWLFKH
(1
(1
(1
(1
(1
(1
6WDQGDUGGLVLFXUH]]D
(1
7HVWLVRODPHQWR
(1
6SHFLILFKH)9
&RQQHVVLRQHDOODUHWH*HUPDQLD
9'(
6SHFLILFKH
,3
&ODVVH$
,QGXVWULDOH
5HVLGHQ]LDOH
,QGXVWULDOH
(6'
&DPSL(0DGDOWDIUHTXHQ]D
6FDULFD
3LFFRGLWHQVLRQH
5)&0
&DPSL(0DGDOWDIUHTXHQ]D
&DOLGLWHQVLRQHLQWHUUX]LRQL
5HVLGHQ]LDOH
5HVLGHQ]LDOH
,QGXVWULDOH
,UUDGLDWH&RQGRWWH
,UUDGLDWH&RQGRWWH
'RPHVWLFKH
6WDQGDUGJHQHULFL
,3
&ODVVH$
6LFXUH]]DIXQ]LRQDOH
6WDQGDUGJHQHULFL
*UXSSRFODVVH%
*UXSSRFODVVH%
7DEHOOD6WDQGDUGYHUVLRQHGDHVWHUQR
/B
'DWLWHFQLFL
6SHFLILFKHGHOPRGXOR&&LQPHGLDWHQVLRQH
3120'&
3120$&
30$;
8033
9GFPLQ
80$;
,0$;L
3DUDPHWUR
3RWHQ]DQRPLQDOH&&
3RWHQ]DQRPLQDOH&$
3RWHQ]D)9PD[
)LQHVWUDWHQVLRQHGLLQJUHVVRLQWHUYDOOR033
7HQVLRQHGLLQJUHVVRPLQ
0D[WHQVLRQHGLLQJUHVVR
0D[FRUUHQWHGLLQJUHVVRSHULQJUHVVR
6SHFLILFKH
:
:
:
9&&
9
9&&SDUDOOHOR9&&
$
7DEHOOD6SHFLILFKHPHGLDWHQVLRQH
3HULQYHUWHUFRQPRGXOL&&PXOWLSOLLO෤GHOODSRWHQ]DQRPLQDOH&&SRWUHEEHQRQVXSHUDUHODSRWHQ]DLQ
LQJUHVVRQRPLQDOH&&
'LVHJQR'HILQL]LRQHGHOODFXUYD8,±PRGXOR&&&&DPHGLDWHQVLRQH
6SHFLILFKHGHOPRGXOR&&LQLQJUHVVRDGDOWDWHQ
VLRQH
3120'&
3120$&
30$;
8033
9GFPLQ
80$;
,0$;L
3DUDPHWUR
3RWHQ]DQRPLQDOH&&
3RWHQ]DQRPLQDOH&$
3RWHQ]D)9PD[
)LQHVWUDWHQVLRQHGLLQJUHVVRLQWHUYDOOR033
7HQVLRQHGLLQJUHVVRPLQ
0D[WHQVLRQHGLLQJUHVVR
0D[FRUUHQWHGLLQJUHVVRSHULQJUHVVR
6SHFLILFKH
:
:
:
9&&
9
9&&SDUDOOHOR9&&
$
7DEHOOD6SHFLILFKHDOWDWHQVLRQH
3HULQYHUWHUFRQPRGXOL&&PXOWLSOLLO෤GHOODSRWHQ]DQRPLQDOH&&QRQGHYHVXSHUDUHODSRWHQ]DQRPLQDOH
LQLQJUHVVR&&
/B
'DWLWHFQLFL
'LVHJQR'HILQL]LRQHGHOODFXUYD8,±PRGXOR&&&&DGDOWDWHQVLRQH
(IILFLHQ]DFRQHVHQ]D0DVWHU6ODYH
'LVHJQR8/;LR09+9
/B
'DWLWHFQLFL
'LVHJQR8/;LR09+98/;LR09+9
100
Normal operation
95
90
Efficiency %
85
80
75
70
0
0.5
1.0
AC power [kW]
1.5
'LVHJQR8/;LR09+9
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
$SSURYD]LRQLHFHUWLILFD]LRQL
&RQIRUPLWj
0DUFDWXUD&(±&HUWLILFDODFRQIRUPLWjGHOO
DWWUH]]DWXUDDLUHJRODPHQWL
DSSOLFDELOLLQFRQIRUPLWjFRQOHGLUHWWLYH(&H(&
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
'LFKLDUD]LRQHGLFRQIRUPLWj&(
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
6LFXUH]]DIXQ]LRQDOH9'(
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
'LFKLDUD]LRQHGLFRQIRUPLWj9'(:*HUPDQLD
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
'LFKLDUD]LRQHGLFRQIRUPLWj6SDJQD'HFUHWR
5HDOH5'
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
'LFKLDUD]LRQHGLFRQIRUPLWj,WDOLD'.
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
'LFKLDUD]LRQHGLFRQIRUPLWj*UHFLD
/B
$SSURYD]LRQLHFHUWLILFD]LRQL
/B
Danfoss Solar Inverters A/S
Ulsnaes 1
DK-6300 Graasten
Denmark
Tel: +45 7488 1300
Fax: +45 7488 1301
E-mail: [email protected]
www.solar-inverters.danfoss.com
Danfoss can accept no responsibility for possible errors in catalogues, brochures and other printed material. Danfoss reserves the right to alter its products without notice. This also applies to products
already on order provided that such alterations can be made without subsequential changes being necessary in specifications already agreed.
All trademarks in this material are property of the respective companies. Danfoss and the Danfoss logotype are trademarks of Danfoss A/S. All rights reserved.
Rev. date 2010-03-24 Lit. No. L00410308-03_06
Scarica

Manuale di Riferimento