8 V H U P D Q X D O 0 D Q X D O H G ¶ L Q V W D O O D ] L R Q H H G ¶ X V R :L=H SURJUDPPDEOHPRGXODWLQJURRPWKHUPRVWDW *%, ; FURQRWHUPRVWDWRDPELHQWHPRGXODQWHSURJUDPPDELOH ,QWURGX]LRQH :L=HqLOQXRYRFURQRWHUPRVWDWRDPELHQWHPRGXODQWH SURJUDPPDELOHDVHUYL]LRGHLJHQHUDWRULWHUPLFL &DUDWWHULVWLFKH $XWRDSSUHQGLPHQWRDFFHQVLRQHDQWLFLSDWDGHOJHQHUDWRUH LQIXQ]LRQHGHOODULVSRVWDDPELHQWDOH )XQ]LRQHGLFRQWUROORUHPRWRGHOJHQHUDWRUH ,QIRUPD]LRQLVXGLVSOD\LQGLFD]LRQHEUXFLDWRUHDFFHVR WHPSHUDWXUDLQWHUQDHHVWHUQDSUHVVLRQHLGULFD VHJQDOD]LRQHEORFFKLHGHUURUL /DWHPSHUDWXUDDPELHQWHLQÀXLVFHVXOODPRGXOD]LRQHGHO JHQHUDWRUHSHULOPDVVLPRULVSDUPLRHQHUJHWLFR 3URJUDPPLVHWWLPDQDOLSUHLPSRVWDWLFRQSRVVLELOLWjGL LPSRVWDUHLOLYHOOLGLYHUVLGLWHPSHUDWXUDDPELHQWH 3URJUDPPDVHWWLPDQDOHVDQLWDULR 0HPRULDSHUPDQHQWHGHOOHIXQ]LRQL 6RPPDULR 3DJLQD )XQ]LRQLFKLDYH 6SHFL¿FKH ,QVWDOOD]LRQHHPHVVDLQVHUYL]LR ,QVWDOOD]LRQH 0HVVDLQVHUYL]LR 0RGDOLWjPDQXDOH $WWLYD]LRQHGHOODPRGDOLWjPDQXDOH 7HUPRVWDWRLQPRGDOLWjPDQXDOH 5LVFDOGDPHQWRFRQSURJUDPPDRURORJLR« $WWLYD]LRQHGHOSURJUDPPDRURORJLRGHO ULVFDOGDPHQWRFHQWUDOL]]DWR« ,PSRVWDUHOHWUHWHPSHUDWXUHDPELHQWHULFKLHVWH« 6HOH]LRQDUHXQSURJUDPPDVHWWLPDQDOH SUHSURJUDPPDWR«« «««« 5HJROD]LRQHGHOSURJUDPPDVHWWLPDQDOH«««« 5HJROD]LRQHWHPSRUDQHDGHOODWHPSHUDWXUD« ,PSRVWD]LRQLXWHQWH««««««««««««««« 3DQRUDPLFDGHOPHQXXWHQWH«««««««« ,PSRVWD]LRQL&RPIRUW(FR 8WLOL]]DUHLOWLPHUGHOULVFDOGDPHQWRFHQWUDOL]]DWR /HWWXUDGHOOHLQIRUPD]LRQLGHOGLVSRVLWLYR «««« 5HJROD]LRQHGHOYDORUHGLULIHULPHQWRGHOO¶DFTXD FDOGDVDQLWDULDHGHOULVFDOGDPHQWRFHQWUDOL]]DWR 3DQRUDPLFDGHOPHQXLPSRVWD]LRQL«««««« 5HLPSRVWD]LRQHGLJLRUQRHRUDHVDWWL HVRUDHVWLYDLQYHUQDOH««««««««««« 5DFFRPDQGD]LRQLSHUO¶XWHQWHYDFDQ]H« ««« 5LVROX]LRQHGHLSUREOHPL 6PRQWDJJLRHFDGXWDGLWHQVLRQH 6SHFL¿FKHWHFQLFKH )XQ]LRQLFKLDYH %DUUDRUDULDRUHGHOSURJUDPPDRURORJLRGDOOH DOOH /DEDUUDYLVXDOL]]DODUHJROD]LRQHGHOSURJUDPPD JLRUQDOLHUR 6LPEROR³UXELQHWWR´LPSRVWD]LRQH&RPIRUW(FRGHOO¶DFTXD VDQLWDULD 6LPERORYLVXDOL]]DWRO¶LPSRVWD]LRQH&RPIRUWqVHPSUH DWWLYDRVLDWWLYDGLVDWWLYDDXWRPDWLFDPHQWH 6LPERORQRQYLVXDOL]]DWRLPSRVWD]LRQH(FR 6LPEROR³UDGLDWRUH´IXQ]LRQDPHQWRULVFDOGDPHQWR 6LPERORYLVXDOL]]DWR LOIXQ]LRQDPHQWRGHOULVFDOGDPHQWR qSRVVLELOH 6LPERORQRQYLVXDOL]]DWR LOIXQ]LRQDPHQWRGHO ULVFDOGDPHQWRQRQqSRVVLELOH 4XHVWRVLPERORYLHQHYLVXDOL]]DWRTXDQGRODFDOGDLD qLPSRVWDWDVXOODSRVL]LRQH(FRHQRQqSRVVLELOHLO IXQ]LRQDPHQWRGHOULVFDOGDPHQWRFHQWUDOL]]DWR/D WHPSHUDWXUDDPELHQWHLQTXHVWRFDVRYLHQHPDQWHQXWDD FLUFD&SURWH]LRQHDQWLJHOR ,OVLPEROR³PDQR´YLHQHYLVXDOL]]DWRTXDQGRODWHPSHUDWXUD DPELHQWHGHOSURJUDPPDRURORJLRqVWDWDUHJRODWD XWLOL]]DQGRLWDVWLIUHFFLDYDOLGR¿QRDOVXFFHVVLYR FDPELDPHQWRGLWHPSHUDWXUDGHOSURJUDPPDRURORJLR ,OVLPEROR³VROH´YLHQHYLVXDOL]]DWRVHQHOFRUVRGL XQ¶LPSRVWD]LRQHFRQDFFHQVLRQHLQIXQ]LRQHDOOHFRQGL]LRQL DWPRVIHULFKHODWHPSHUDWXUDGLXUQDULPDQHDOGLVRSUDR DWWRUQRDL& ,OVLPERORGLHUURUHYLHQHYLVXDOL]]DWRQRQDSSHQDVLYHUL¿FD XQ¶DQRPDOLD ,OVLPEROR³¿DPPD´YLHQHYLVXDOL]]DWRTXDQGRLOEUXFLDWRUH GHOODFDOGDLDqDFFHVR 7DVWLIUHFFLDH FRQLTXDOLqSRVVLELOHUHJRODUH LPSRVWD]LRQLFRPHODWHPSHUDWXUDDPELHQWH 7HPSHUDWXUDDPELHQWHDWWXDOHULOHYDWD8QVLPEROR& ODPSHJJLDQWHLQGLFDFKHqDWWLYDO¶RWWLPL]]D]LRQHGHOOD DFFHQVLRQH 7DVWRPHQ3UHPHQGRTXHVWRWDVWRVLYLVXDOL]]DLOPHQ XWHQWHGHVFULWWRQHOFDSLWROR4XDQGRVLSUHPH QXRYDPHQWHTXHVWRWDVWRRQRQVLSUHPHDOFXQWDVWRSHU PLQXWLULFRPSDUHODVFKHUPDWDVWDQGDUG ,VLPEROLIUHFFLDYHQJRQRYLVXDOL]]DWLTXDQGRLWDVWL FRUULVSRQGHQWLKDQQRXQDIXQ]LRQHORURDVVRFLDWD 7DVWLIXQ]LRQH,QXPHULQRQVRQRVWDPSDWLVXLWDVWLPDVROR ULSRUWDWLQHOSUHVHQWHPDQXDOHGLLVWUX]LRQL /DEDUUDGLWHVWRYLHQHXWLOL]]DWDSHUIRUQLUHLQIRUPD]LRQL 9LVXDOL]]D]LRQHJLRUQRHRUD 6SHFL¿FKH ,OSUHVHQWHFDSLWRORLOOXVWUDLOIXQ]LRQDPHQWRGHO FURQRWHUPRVWDWRHGLDOFXQHGHOOHVXHIXQ]LRQL 1HVVXQDEDWWHULD &DGXWDGLWHQVLRQH 0RGDOLWjPDQXDOH 3URJUDPPDRURORJLRGHOULVFDOGDPHQWRFHQWUDOL]]DWR 2WWLPL]]D]LRQHGHOO¶DFFHQVLRQHFRQDXWRDSSUHQGLPHQWRSHU DYHUHLOFDORUHJLXVWRDOPRPHQWRJLXVWR 8OWHULRULULVSDUPLJUD]LHDOO¶LPSRVWD]LRQH(FR ,QIRUPD]LRQLVXVFKHUPRGHOGLVSRVLWLYR 5HJROD]LRQHPRGXODQWHGHOULVFDOGDPHQWRFHQWUDOL]]DWR 5HJROD]LRQHLQIXQ]LRQHGHOOHFRQGL]LRQLDWPRVIHULFKH )XQ]LRQHWLPHU 1HVVXQDEDWWHULD 3HULOIXQ]LRQDPHQWRLOFURQRWHUPRVWDWRqDOLPHQWDWRGDOOD FDOGDLDDGHVVRFROOHJDWD1RQVRQRQHFHVVDULHEDWWHULH &DGXWDGLWHQVLRQH ,QFDVRGLFDGXWDGLWHQVLRQHWXWWHOHLPSRVWD]LRQLYHQJRQR VDOYDWHDOO¶LQWHUQRGHOODPHPRULDGHOFURQRWHUPRVWDWR'RSR XQDFDGXWDGLWHQVLRQHGLRUHqQHFHVVDULRUHLPSRVWDUHVROR LOJLRUQRHO¶RUD7XWWDYLDSHUSRWHUIXQ]LRQDUHqQHFHVVDULR FKHLOFURQRWHUPRVWDWRVLDULPDVWRFROOHJDWRSHUDOPHQRRUD 3HUULVSDUPLDUHHQHUJLDGXUDQWHOHFDGXWHGLWHQVLRQHQRQ YLHQHYLVXDOL]]DWDDOFXQDLQIRUPD]LRQHVXOORVFKHUPR 6HOH]LRQHGHOODPRGDOLWjRSHUDWLYD D0RGDOLWjPDQXDOH ,OFURQRWHUPRVWDWRSXzHVVHUHXWLOL]]DWRFRPHXQ³QRUPDOH´ WHUPRVWDWRDPELHQWHDGHVHPSLRVHQ]DXWLOL]]DUHLO SURJUDPPDRURORJLR,QTXHVWRFDVRqSRVVLELOHDFFHQGHUH LOWHUPRVWDWRDOPDWWLQRUHJRODUORQHOO¶DUFRGHOODJLRUQDWD VHFRQGROHSURSULHHVLJHQ]HHULSULVWLQDUHODWHPSHUDWXUD QRWWXUQDODVHUD )DUHULIHULPHQWRDOFDSLWRORSHUXOWHULRULLQIRUPD]LRQL E0RGDOLWjDXWRPDWLFD 3URJUDPPDRURORJLRSHUULVFDOGDPHQWR ,OWHUPRVWDWRqGRWDWRGLXQSURJUDPPDRURORJLRFKHFRQWUROOD DXWRPDWLFDPHQWHODWHPSHUDWXUDDPELHQWHRJQLJLRUQRGHOOD VHWWLPDQDÊSRVVLELOHSUHLPSRVWDUHXQDWHPSHUDWXUDGLYHUVD RJQLJLRUQRHRJQLPH]]¶RUD )DUHULIHULPHQWRDOFDSLWRORSHUXOWHULRULLQIRUPD]LRQL $XWRDSSUHQGLPHQWRSHUDYHUHLOFDORUHJLXVWRDO PRPHQWRJLXVWR /¶RWWLPL]]D]LRQHGHOO¶DFFHQVLRQHFRQDXWRDSSUHQGLPHQWR JDUDQWLVFHLOUDJJLXQJLPHQWRGHOODWHPSHUDWXUDGHVLGHUDWD DOO¶RUDSURJUDPPDWD'DWRFKHOHWHPSHUDWXUHHVWHUQHYDULDQR TXRWLGLDQDPHQWHLOWHUPRVWDWRVWDELOLVFHGLJLRUQRLQJLRUQR DFKHRUDqQHFHVVDULRFKHODFDOGDLDVLDFFHQGDDOPDWWLQR SHUDVVLFXUDUHXQDGHJXDWRFDORUHDOO¶RUDSUHYLVWD6HWDOH WHPSHUDWXUDQRQYLHQHUDJJLXQWDDOO¶RUDLPSRVWDWDLOPDWWLQR VXFFHVVLYRO¶LPSLDQWRGLULVFDOGDPHQWRVLDFFHQGHUjSULPD /RVWHVVRSULQFLSLRYDOHDQFKHLQVHQVRLQYHUVR4XHVWRWLSR GLRWWLPL]]D]LRQHGHOO¶DFFHQVLRQHIXQ]LRQDDQFKHTXDQGR VLDEEDVVDLOYDORUHGHOWHUPRVWDWRGXUDQWHLOJLRUQRSHUSRL ULVFDOGDUHQXRYDPHQWHO¶XQLWjDELWDWLYDQHOSRPHULJJLR,Q TXHVWRFDVRO¶RWWLPL]]D]LRQHGHOO¶DFFHQVLRQHPDWWXWLQDSULPD GHOOHVDUjGLYHUVDULVSHWWRDTXHOODSRPHULGLDQDGRSR OH&LzqGRYXWRDOIDWWRFKHLOUDIIUHGGDPHQWRGXUDQWH LOJLRUQRDYYLHQHSLOHQWDPHQWHFKHGLQRWWH3RWUHEEH HVVHUHQHFHVVDULDFLUFDXQDVHWWLPDQDSULPDFKHLOWHUPRVWDWR ³DSSUHQGD´HIXQ]LRQLFRUUHWWDPHQWH $77(1=,21(ORVWUXPHQWRHVFHGDOODIDEEULFDFRQ LPSRVWD]LRQHVX2))VSHQWRVHVLGHVLGHUDDWWLYDUH TXHVWDIXQ]LRQHFRQWDWWDUHO¶LQVWDOODWRUH 8OWHULRULULVSDUPLJUD]LHDOO¶LPSRVWD]LRQH(FR 7UDPLWHLOWHUPRVWDWRqSRVVLELOHDFFHQGHUHRVSHJQHUH OHHYHQWXDOLLPSRVWD]LRQL&RPIRUWGLVSRQLELOHSHUO¶DFTXD FDOGDVDQLWDULD*UD]LHDOO¶LPSRVWD]LRQH&RPIRUWO¶LQJUHVVR GHOO¶DFTXDFDOGDGHOODFDOGDLDqLPSRVWDWRLQPRGRWDOHGD PDQWHQHUHFRVWDQWHODSURSULDWHPSHUDWXUDLQTXHVWRPRGR O¶DFTXDFDOGDqUDSLGDPHQWHGLVSRQLELOH4XDQGROHWXED]LRQL FKHSRUWDQRDOUXELQHWWRVRQREUHYLGXUDQWHODQRWWHR TXDQGRQRQVLqLQFDVDTXHVWDLPSRVWD]LRQH&RPIRUWQRQq QHFHVVDULDHGqSRVVLELOHLPSRVWDUHQXRYDPHQWHODFDOGDLDVX (FR(VLVWRQRDOWHUQDWLYHSHUOHLPSRVWD]LRQL&RPIRUWHG(FR ÊSRVVLELOHWURYDUHPDJJLRULLQIRUPD]LRQLQHOFDSLWROR /LQJXDJJLRGLFRPXQLFD]LRQH ,OFURQRWHUPRVWDWR:L=HFRPXQLFDFRQODFDOGDLDDHVVR FROOHJDWDWUDPLWH%XV7UDPLWHXQFDYRDGRSSLDDQLPDTXHVWR ³OLQJXDJJLR´YLHQHXWLOL]]DWRSHUVFDPELDUHLQIRUPD]LRQLWUDLO WHUPRVWDWRHODFDOGDLDDHVVRFROOHJDWD ,QIRUPD]LRQLVXVFKHUPRGHOGLVSRVLWLYR ÊSRVVLELOHOHJJHUHDOFXQLGDWLGHOODFDOGDLDXWLOL]]DQGRLO WHUPRVWDWR$GHVHPSLRLOVLPEROR³¿DPPD´LQGLFDVHOD FDOGDLDqDFFHVDRVSHQWD,OPHQLQIRUPDWLYRWUDOHDOWUH FRVHqLQJUDGRGLYLVXDOL]]DUHODWHPSHUDWXUDHVWHUQDR ODSUHVVLRQHLGULFDGHOODFDOGDLD1RQWXWWLLWLSLGLFDOGDLD FRQVHQWRQRODYLVXDOL]]D]LRQHGLWXWWHOHLQIRUPD]LRQLGHOPHQ qLQIDWWLQHFHVVDULRFKHLUHODWLYLVHQVRULVLDQRGLVSRQLELOLH LQVWDOODWL )DUHULIHULPHQWRDOFDSLWRORSHUXOWHULRULLQIRUPD]LRQL 5HJROD]LRQHPRGXODQWHGHOULVFDOGDPHQWRFHQWUDOL]]DWR ,OFURQRWHUPRVWDWR:L=HULOHYDODWHPSHUDWXUDDPELHQWHHOD XWLOL]]DSHUVWDELOLUHODULFKLHVWDWHUPLFDGHOO¶DUHD$VHFRQGD GHOODWHPSHUDWXUDDPELHQWHLOWHUPRVWDWRVWDELOLVFHOD WHPSHUDWXUDGHOO¶DFTXDQHFHVVDULDDOODFDOGDLD1HULVXOWDFKH ODFDOGDLDVWDELOLVFHDQFKHODFDSDFLWjQHFHVVDULDJDUDQWHQGR FRVuXQDSSRUWRGLFDORUHRWWLPDOHQHOO¶XQLWjDELWDWLYDDEELQDWR DOPLQRUFRQVXPRGLHQHUJLDSRVVLELOH 5HJROD]LRQHLQIXQ]LRQHGHOOHFRQGL]LRQLDWPRVIHULFKH ,OFURQRWHUPRVWDWR:L=HSXzDQFKHHVVHUHXWLOL]]DWRFRPH GLVSRVLWLYRGLUHJROD]LRQHLQIXQ]LRQHGHOOHFRQGL]LRQL DWPRVIHULFKH/DGLIIHUHQ]DVRVWDQ]LDOHULVSHWWRDLQRUPDOL GLVSRVLWLYLGLUHJROD]LRQHGHOODWHPSHUDWXUDDPELHQWHFRQVLVWH QHOIDWWRFKHTXDQGRODUHJROD]LRQHLQIXQ]LRQHGHOOHFRQGL]LRQL DWPRVIHULFKHqDWWLYDYLHQHFRQWUROODWDODWHPSHUDWXUDLQ LQJUHVVRGHOODFDOGDLDSLXWWRVWRFKHODWHPSHUDWXUDGHO ORFDOHLQFXLVLWURYDLOWHUPRVWDWR7DOHUHJROD]LRQHDJLVFH ³LQIXQ]LRQHGHOOHFRQGL]LRQLDWPRVIHULFKH´LQTXDQWRXWLOL]]D XQVHQVRUHGLWHPSHUDWXUDHVWHUQRRS]LRQDOH$EELQDWRDOOH YDOYROHWHUPRVWDWLFKHGHLUDGLDWRULXELFDWLQHOO¶XQLWjDELWDWLYD FRQVHQWHGLFRQWUROODUHODWHPSHUDWXUDDPELHQWHGLFLDVFXQ ORFDOHLQPRGRLQGLSHQGHQWH$VHFRQGDGHOOHWHPSHUDWXUH HVWHUQHULOHYDWHHGHOODFXUYDGLULVFDOGDPHQWRLPSRVWDWDVXO WHUPRVWDWRODWHPSHUDWXUDGHOO¶DFTXDGHOODFDOGDLDDXPHQWHUj RGLPLQXLUj,QSRFKHSDUROHSLIDUjIUHGGRDOO¶HVWHUQRSLVL ULVFDOGHUjO¶DFTXDGHOODFDOGDLDHYLFHYHUVD)DUHULIHULPHQWRDO FDSLWRORSHUXOWHULRULLQIRUPD]LRQL )XQ]LRQHWLPHU 8WLOL]]DQGRODIXQ]LRQHWLPHUqSRVVLELOHVHOH]LRQDUHXQ¶RUD SUH¿VVDWDRXQDWHPSHUDWXUD¿VVD'XUDQWHXQSHULRGRGL DVVHQ]DSUROXQJDWRDGHVHPSLRFRQVHQWHGLVHOH]LRQDUH WHPSRUDQHDPHQWHXQDWHPSHUDWXUDSLEDVVDDOORVWHVVR PRGRqSRVVLELOHVFHJOLHUHXQDWHPSHUDWXUDSLDOWDLQ RFFDVLRQHGLXQDIHVWDRTXDQGRVLIDORVWUDRUGLQDULR )DUHULIHULPHQWRDOFDSLWRORSHUXOWHULRULLQIRUPD]LRQL ,QVWDOOD]LRQHHPHVVD LQVHUYL]LR ,QVWDOOD]LRQH 0HVVDLQVHUYL]LR ,QVWDOOD]LRQH $6FHJOLHUHXQDSRVL]LRQHLGRQHDLQFXLLQVWDOODUHLOWHUPRVWDWR 3RVL]LRQHGLLQVWDOOD]LRQHLGRQHD DXQ¶DOWH]]DGLFLUFDPORQWDQRGDSRUWHH¿QHVWUHVXXQD SDUHWHLQWHUQDSULYDGLRVWDFROLDWWRUQRDOWHUPRVWDWRDPELHQWH 3RVL]LRQLGLLQVWDOOD]LRQHQRQLGRQHH ,QXQSXQWRLQFXLLOVROHSRVVDEDWWHUHGLUHWWDPHQWHVXO WHUPRVWDWR 6XXQDSDUHWHHVWHUQDIUHGGDVLFRQVLJOLDLOSRVL]LRQDPHQWR GLPDWHULDOHLVRODQWHGLHWURLOWHUPRVWDWR ,QXQ³SXQWRFLHFR´DGHVHPSLRGLHWURXQDFUHGHQ]D 6RSUDIRQWLGLFDORUHFRPHUDGLDWRULODPSDGHRWHOHYLVRUL &255(772 (55$72 (55$72 %5LPXRYHUHLOSDQQHOORSRVWHULRUH &0RQWDUHDSDUHWHLOSDQQHOORSRVWHULRUH 8WLOL]]DUHLOSDQQHOORSRVWHULRUHFRPHGLPDSHUVHJQDUHL SXQWLLQFXLIRUDUH6LJLOODUHLOIRURGDOTXDOHIXRULHVFRQR L¿OLSHUHYLWDUHODSRVVLELOHIRUPD]LRQHGLFRUUHQWLG¶DULD 8WLOL]]DUHOHYLWLHLWDVVHOOLIRUQLWL ',QVHULUHL¿OLQHOSDQQHOORSRVWHULRUH 9HUL¿FDUHGLDYHUVFROOHJDWRODVSLQDGHOODFDOGDLDGDOOD SUHVD &ROOHJDUHL¿OLVRORDOODFRQQHVVLRQH=UHDG\EXVGHOOD FDOGDLD(YHQWXDOLHUURULQHLFROOHJDPHQWLSRWUHEEHUR SURYRFDUHLQJHQWLGDQQLDOWHUPRVWDWR,OSXQWRGL FRQQHVVLRQHGHOFRQGXWWRUHQRQqULOHYDQWH(YLWDUHGLIDU SDVVDUHL¿OLDFFDQWRDLFDYLGD9 ()DUVFDWWDUHO¶DOORJJLDPHQWRQHOSDQQHOORSRVWHULRUH WHQHUHLOWHUPRVWDWRFRQHQWUDPEHOHPDQL ,OWHUPRVWDWRqGRWDWRGLFHUQLHUDQHOODSDUWHVXSHULRUHH YLHQHEORFFDWRQHOODSDUWHLQIHULRUHDOFHQWUR 0HVVDLQVHUYL]LR ,QVHULUHODVSLQDGHOODFDOGDLDQHOODSUHVD4XDQGRVLIRUQLVFH WHQVLRQHDOWHUPRVWDWRSHUODSULPDYROWDFRPSDULUjTXHVWD VFKHUPDWD6HOH]LRQDUHOD OLQJXD/¶LQJOHVHqODOLQJXD SUHGH¿QLWDÊSRVVLELOH VHOH]LRQDUHO¶LWDOLDQRHLOWXUFR XWLOL]]DQGRLWDVWLIUHFFLD 3UHPHUH 2./D OLQJXDqLPSRVWDWD ,PSRVWD]LRQHGLJLRUQRHRUD 3UHPHUH 3UHPHUH *,2O¶LQGLFDWRUHGHOJLRUQR LQL]LHUjDODPSHJJLDUH ,PSRVWDUHLOJLRUQRFRUUHWWR XWLOL]]DQGRLWDVWLIUHFFLD 3UHPHUH 25$ O¶LQGLFDWRUHGHOO¶RUDLQL]LHUjD ODPSHJJLDUH ,PSRVWDUHO¶RUDFRUUHWWD XWLOL]]DQGRLWDVWLIUHFFLD 3UHPHU 0,187, O¶LQGLFDWRUHGHLPLQXWLLQL]LHUj DODPSHJJLDUH ,PSRVWDUHLPLQXWLXWLOL]]DQGR LWDVWLIUHFFLDFRVuGD RWWHQHUHO¶RUDHVDWWD 3UHPHUHLOWDVWRPHQ SHUWHUPLQDUHO¶LPSRVWD]LRQH GHOO¶RUD $OWHUPLQHGLTXHVWHLPSRVWD]LRQLLOWHUPRVWDWRLQL]LHUj LPPHGLDWDPHQWHDIXQ]LRQDUHLQEDVHDOSURJUDPPDRURORJLRSHU LOULVFDOGDPHQWRFRPHGHVFULWWRQHOFDSLWRORHDOO¶LPSRVWD]LRQH &RPIRUW³21´SHUO¶LQJUHVVRGLDFTXDFDOGDFRPHGHVFULWWRQHOFDSLWROR )DUHULIHULPHQWRDLFDSLWROLHSHUVDSHUHFRPHHIIHWWXDUHOH UHJROD]LRQLGHOOHVXGGHWWHLPSRVWD]LRQLGLIDEEULFD )DUHLQROWUHULIHULPHQWRDOFDSLWRORSHUVDSHUHFRPHLPSRVWDUHO¶RUDH LOJLRUQRFRUUHWWL 0RGDOLWjPDQXDOH $WWLYD]LRQHGHOODPRGDOLWjPDQXDOH 0RGDOLWjWHUPRVWDWRPDQXDOH $WWLYD]LRQHGHOODPRGDOLWjPDQXDOH ÊDQFKHSRVVLELOHXWLOL]]DUHTXHVWRWHUPRVWDWRVHQ]DDWWLYDUHLO SURJUDPPDRURORJLR 1HVVXQDEDUUDRURORJLR PRGDOLWjPDQXDOH ,QDVVHQ]DGHOODEDUUD GHOO¶RURORJLRVXOORVFKHUPR SDVVDUHDOFDSLWROR %DUUDRURORJLRYLVLELOH SURJUDPPDRURORJLRDWWLYR DXWRPDWLFR 4XDQGRODEDUUDGHOO¶RURORJLRq YLVLELOHVXOORVFKHUPRDWWLYDUHOD PRGDOLWjPDQXDOH ÊSRVVLELOHDWWLYDUHOD PRGDOLWjPDQXDOHQHOPRGR VHJXHQWH 3UHPHUHLOWDVWRPHQ 3UHPHUH 5,6 3UHPHUH 21 3UHPHUHLOWDVWRPHQ ,OWHUPRVWDWRqRUDLPSRVWDWRVXOODPRGDOLWjPDQXDOH 3URFHGHUHFRQLOFDSLWROR 7HUPRVWDWRLQPRGDOLWjPDQXDOH SURJUDPPDRURORJLRQRQDWWLYDWR 8QDYROWDLPSRVWDWRLOWHUPRVWDWRLQPRGDOLWjPDQXDOH FRPHGHVFULWWRQHOFDSLWRORqSRVVLELOHPRGL¿FDUHOD WHPSHUDWXUDULFKLHVWDQHO PRGRVHJXHQWH /DVFKHUPDWDVWDQGDUG YLVXDOL]]HUjO¶DWWXDOH WHPSHUDWXUDDPELHQWH 3UHPHUHXQDYROWD XQWDVWRIUHFFLDOD 7HPSHUDWXUDDPELHQWHHIIHWWLYD WHPSHUDWXUDULFKLHVWD LPSRVWDWDLQL]LHUjD ODPSHJJLDUH $XPHQWDUHRGLPLQXLUH ODWHPSHUDWXUDLPSRVWDWD XWLOL]]DQGRLWDVWL IUHFFLDLOQXRYRYDORUH ULFKLHVWRYLVXDOL]]DWR VDUjLPSRVWDWR LPPHGLDWDPHQWH ÊSRVVLELOHUHJRODUHOD WHPSHUDWXUDGL&DOOD YROWD 7HPSHUDWXUDLPSRVWDWD OD 'RSRVHFRQGLRGRSRDYHUSUHPXWRLOWDVWRPHQ VSLDFHVVHUjGLODPSHJJLDUHHVDUjQXRYDPHQWHSRVVLELOH YHGHUHODWHPSHUDWXUDDPELHQWHDWWXDOH,OFDSLWROR LOOXVWUDOHUDFFRPDQGD]LRQLUHODWLYHD,O¶LPSRVWD]LRQHGHOOD WHPSHUDWXUD 5LVFDOGDPHQWRFRQ SURJUDPPDRURORJLR $WWLYD]LRQHGHOSURJUDPPDRURORJLR ,PSRVWDUHOHWUHWHPSHUDWXUHDPELHQWHULFKLHVWH 6HOH]LRQDUHXQSURJUDPPDVHWWLPDQDOH SUHSURJUDPPDWR 0RGL¿FDUHLOSURJUDPPDVHWWLPDQDOH 5HJROD]LRQHWHPSRUDQHDGHOODWHPSHUDWXUD $WWLYD]LRQHGHOSURJUDPPDRURORJLR 9HUL¿FDUHFKHLOSURJUDPPDRURORJLRVLDDWWLYR ÊSRVVLELOHDWWLYDUHLOSURJUDPPDRURORJLRQHOPRGRVHJXHQWH %DUUDRURORJLRYLVLELOH SURJUDPPDRURORJLRDWWLYR DXWRPDWLFR 6HODEDUUDGHOO¶RURORJLRq YLVLELOHVXOORVFKHUPRSDVVDUH DOFDSLWROR 1HVVXQDEDUUDRURORJLR PRGDOLWjPDQXDOH 6HODEDUUDGHOO¶RURORJLRQRQq YLVLELOHVXOORVFKHUPRDWWLYDUHLO SURJUDPPDRURORJLRQHOPRGR VHJXHQWH 3UHPHUHLOWDVWRPHQ 3UHPHUH 5,6 3UHPHUH $872 ,OWHUPRVWDWRqRUDLPSRVWDWRVXOODPRGDOLWjDXWRPDWLFD VHFRQGRLOSURJUDPPDRURORJLR 2UDODVFKHUPDWDVWDQGDUG PRVWUDODEDUUDGHOO¶RURORJLR 3URFHGHUHFRQLOFDSLWROR ,PSRVWDUHWUHWHPSHUDWXUHDPELHQWH GHVLGHUDWHEDVVD±PHGLD±DOWD ÊSRVVLELOHVHOH]LRQDUHWUHWHPSHUDWXUHSHULOSURJUDPPD RURORJLRFKHFRPDQGDOHWHPSHUDWXUHDXWRPDWLFKHRJQL PLQXWLQHOO¶DUFRGHOODJLRUQDWDqSRVVLELOHVHOH]LRQDUHXQDGHOOH VHJXHQWLWHPSHUDWXUH1HOO¶HVHPSLRULSRUWDWRLQVHJXLWROH WHPSHUDWXUHLQGLFDWHUDSSUHVHQWDQROHLPSRVWD]LRQLGLIDEEULFD 4XHVWDEDUUDGHOO¶RURORJLRPRVWUDLVHJXHQWLYDORUL RUDULR 7 &EDVVD RUDULR 7 &PHGLD RUDULR 7 &EDVVD RUDULR 7 &DOWD RUDULR 7 &EDVVD ,EORFFKHWWLLQGLFDQROHWHPSHUDWXUHLPSRVWDWH 8QWUDWWLQR 7EDVVD 8QWUDWWLQRHEORFFKHWWRVRSUDGLHVVR 7PHGLD 8QWUDWWLQRHEORFFKHWWLVRSUDGLHVVR 7DOWD ,OFDSLWRORLOOXVWUDOHUDFFRPDQGD]LRQLUHODWLYH DOO¶LPSRVWD]LRQHGHOODWHPSHUDWXUDÊSRVVLELOHUHJRODUHOH WHPSHUDWXUHULFKLHVWHQHO PRGRVHJXHQWH 3UHPHUHLOWDVWRPHQ 3UHPHUH ª 3UHPHUH ,03 ,PSRVWDUHODWHPSHUDWXUD 7ULFKLHVWDODSLEDVVD XWLOL]]DQGRLWDVWLIUHFFLD LPSRVWD]LRQHGLIDEEULFD & /DWHPSHUDWXUD ODPSHJJLDHGqLPSRVWDWD LPPHGLDWDPHQWH 3UHPHUH ª ,PSRVWDUHODWHPSHUDWXUD7 ULFKLHVWDPHGLDXWLOL]]DQGR LWDVWLIUHFFLD LPSRVWD]LRQHGLIDEEULFD & 3UHPHQGR VLWRUQDDOOD VFKHUPDWDSUHFHGHQWH7 ,QFDVRGLHUURUH 3UHPHUHLOWDVWRPHQ WRUQDUHDOODVFKHUPDWDLQL]LDOH /DWHPSHUDWXUD ODPSHJJLDHGqLPSRVWDWD LPPHGLDWDPHQWH 3UHPHUH ª ,PSRVWDUHODWHPSHUDWXUD 7ULFKLHVWDODSLDOWD XWLOL]]DQGRLWDVWLIUHFFLD LPSRVWD]LRQHGLIDEEULFD & 3URFHGHUHFRQLOFDSLWROR 3UHPHUHLOWDVWRPHQ PHQSHUWRUQDUHDOOD VFKHUPDWDVWDQGDUG 6HOH]LRQDUHXQSURJUDPPD VHWWLPDQDOHSUHSURJUDPPDWR 3HUIDFLOLWDUHOHRSHUD]LRQLGLLPSRVWD]LRQHVRQRVWDWLSUH SURJUDPPDWLSURJUDPPLVHWWLPDQDOL6LYHGDTXDQWRGHVFULWWR LQVHJXLWRGDDFRPSUHVR4XLqSRVVLELOHVHOH]LRQDUHLO SURJUDPPDFKHPHJOLRVLDGDWWDDOSURJUDPPDVHWWLPDQDOH ULFKLHVWRDOOD¿QH 1HOFDSLWRORYLHQHGHVFULWWDODSURFHGXUDSHUUHJRODUH XOWHULRUPHQWHLOSURJUDPPDVHOH]LRQDWR ,EORFFKHWWLLQGLFDQROHWHPSHUDWXUHLPSRVWDWH 8QWUDWWLQR 7EDVVD 8QWUDWWLQRHEORFFKHWWRVRSUDGLHVVR 7PHGLD 8QWUDWWLQRHEORFFKHWWLVRSUDGLHVVR 7DOWD /DEDUUDRUDULDYDGDOOHRUHGLQRWWHDOOHRUHGHOOD QRWWHVXFFHVVLYD3URJUDPSURJUDPPDqO¶LPSRVWD]LRQH SUHGH¿QLWD6HVLVHOH]LRQDLOSURJUDPPDSDVVDUHDO FDSLWROR$WWHQHUVLDOOHVHJXHQWLLVWUX]LRQLTXDORUDVL GHVLGHULVHOH]LRQDUHXQDOWUR SURJUDPPD 3UHPHUHLOWDVWRPHQ 3UHPHUH ª 4XLQGLSUHPHUH 352* 4XLQGLSUHPHUH 35( ,QFDVRGLHUURUH 3UHPHUHLOWDVWRPHQ SHUWRUQDUHDOODVFKHUPDWDLQL]LDOH 8VRGHOWDVWRIUHFFLDSHU VHOH]LRQDUHXQSURJUDPPD GDOQDOQ 'RSRODVHOH]LRQHSUHPHUH 2. SURJUDPPDUHJRODWRRSSXUH $118//$ SURJUDPPDQRQUHJRODWR 6XFFHVVLYDPHQWHYLHQH YLVXDOL]]DWRGLQXRYRLOPHQ GHOSURJUDPPD 3DVVDUHDOFDSLWROR 5HJROD]LRQHGHOSURJUDPPD VHWWLPDQDOH 4XLGLVHJXLWRqLOOXVWUDWRXQHVHPSLRGHOODSURFHGXUD GDVYROJHUHSHUUHJRODUHXOWHULRUPHQWHXQDJLRUQDWDSUH SURJUDPPDWDO¶HVHPSLRVLULIHULVFHDOSURJUDPPDVHWWLPDQDOH /DEDUUDGHOO¶RURORJLRSHULOOXQHGuPRVWUDO¶LPPDJLQH VWDQGDUGDFFDQWR 4XHVWDEDUUDGHOO¶RURORJLRPRVWUDLVHJXHQWLYDORUL RUDULR7 SHV& RUDULR7 SHV& RUDULR7 SHV& RUDULR7 SHV& RUDULR7 SHV& 6LVXSSRQJDGLYROHULPSRVWDUHTXHVWDJLRUQDWDQHOPRGR GHVFULWWRTXLVRWWR 'DOOHDOOH 7 'DOOHDOOH 7 $77(1=,21(3HUYLDGHOODIXQ]LRQDOLWjGLDXWR DSSUHQGLPHQWRODWHPSHUDWXUDGHVLGHUDWDYLHQHUDJJLXQWD DOO¶RUDLPSRVWDWD)DUHULIHULPHQWRDOFDSLWRORSHUXOWHULRUL LQIRUPD]LRQL 4XHVWDEDUUDGHOO¶RURORJLRPRVWUDLVHJXHQWLYDORUL RUDULR7 SHV& RUDULR7 SHV& RUDULR7 SHV& RUDULR7 SHV& ÊSRVVLELOHUHJRODUHO¶LPSRVWD]LRQHJLRUQDOLHUDQHOPRGR VHJXHQWH 'DOPHQSURJUDPPDFRPHPRVWUDWRLQFRQWLQXDUHLQ 6HQRQFLVLWURYDQHOPHQSURJUDPPD 3UHPHUHLOWDVWRPHQ 3UHPHUH ª 3UHPHUH 35* 2UDFLVLWURYDQHOPHQ SURJUDPPD ,QFDVRGLHUURUH 3UHPHUHLOWDVWRPHQ SHUWRUQDUHDOODVFKHUPDWDLQL]LDOH /8 OXQHGu 3UHPHUH *,2 3UHPHQGRULSHWXWDPHQWH *,2VLSDVVDGDXQJLRUQR DOO¶DOWURGHOODVHWWLPDQD 6HOH]LRQDUHLOOXQHGu/8 SUHPHQGRLQPRGRFRQWLQXR ¿QRDFKHQRQFRPSDUH QXRYDPHQWH³/8´ 3UHPHUH ,03 3UHPHUH 2UDXWLOL]]DQGRLWDVWLIUHFFLD qSRVVLELOHIDUHVFRUUHUHOD EDUUDRUDULDVHQ]DFKHVL YHUL¿FKLQRFDPELDPHQWLDOOD WHPSHUDWXUD 8WLOL]]DUHLOWDVWRIUHFFLDSHU SDVVDUHDOOHRUH 3UHPHUH ,03 3UHPHUH 7 8WLOL]]DUHLOWDVWR SHUIDUH VFRUUHUHODEDUUDRUDULD¿QR DFKHVXOODVFKHUPDWDQRQ FRPSDULUDQQROHRUH ,EORFFKHWWLQRQSL ODPSHJJLDQWLVRQRVWDWL LPSRVWDWLDGHVHPSLRq VWDWDLPSRVWDWR7GDOOH DOOHFRPSUHVH ,QFDVRGLHUURUH 6LqDQGDWLWURSSRDYDQWLGXUDQWHLOFDPELDPHQWRGL WHPSHUDWXUD"ÊSRVVLELOHFRUUHJJHUHQHOPRGRVHJXHQWH 3UHPHUH 7 ,03HVHOH]LRQDUHODWHPSHUDWXUDULFKLHVWD 7 H7 5LWRUQDUHXWLOL]]DQGR R HO¶LPSRVWD]LRQHGHOOD WHPSHUDWXUDYHUUjQXRYDPHQWHPRGL¿FDWD 3UHPHUH ,03 3UHPHUH )DUHVFRUUHUHODEDUUDRUDULD XWLOL]]DQGRLWDVWLIUHFFLD ¿QRDOOHRUH FRPSUHVH 3UHPHUH ,03 3UHPHUH 7 )DUHVFRUUHUHODEDUUDRUDULD XWLOL]]DQGRLOWDVWR ¿QR DOOHRUHFRPSUHVH ,EORFFKHWWLQRQSL ODPSHJJLDQWLVRQRVWDWL LPSRVWDWL'LFRQVHJXHQ]D RUDqVWDWRLPSRVWDWR7GDOOHRUHDOOHRUH FRPSUHVH/HPRGL¿FKHYHQJRQRDSSOLFDWHLPPHGLDWDPHQWH &RSLDUHLOSURJUDPPDJLRUQDOLHURDOJLRUQRVXFFHVVLYR 4XDQGRVXOORVFKHUPRFRPSDUH/8qSRVVLELOHXWLOL]]DUHLWDVWL IUHFFLDVXOODEDUUDRUDULDSHUSDVVDUHDOJLRUQRVXFFHVVLYRR DTXHOORSUHFHGHQWH$GHVHPSLR/8OXQHGuVDUjVRVWLWXLWR GD0$PDUWHGu,QTXHVWRPRGRqSRVVLELOHSURJUDPPDUH O¶LQWHUDVHWWLPDQD6LSXzDQFKHFRSLDUHO¶LPSRVWD]LRQHGDO OXQHGuDOPDUWHGu3HURSHUDUHSURFHGHUHFRPHGLVHJXLWR VSHFL¿FDWR 8WLOL]]DQGRTXHVWRHVHPSLRqSRVVLELOHSURJUDPPDUHRJQL JLRUQRSHUVRGGLVIDUHOHSURSULHHVLJHQ]H,OSURJUDPPD VHWWLPDQDOHIXQ]LRQD LPPHGLDWDPHQWHLQEDVH DOO¶RUDHDOOHWHPSHUDWXUH LPSRVWDWH3DVVDUHDOJLRUQR FKHVLGHVLGHUDFRSLDUHDG HVHPSLR/XQHGu/8 3UHPHUH 3UHPHUH &23 *,2 &LVLWURYDRUDQHOJLRUQR VXFFHVVLYRPDUWHGu0$ &RPHVLSXzYHGHUHRUD LOPDUWHGuqLPSRVWDWR HVDWWDPHQWHFRPHLOOXQHGu ,PSRVWD]LRQHJHQHULFDGHOSURJUDPPDVHWWLPDQDOH /DVFKHUPDWDqYLVXDOL]]DWDLQ0HQ352*5$00$ 3UHPHUHFRQVHFXWLYDPHQWH ª 352* SHUYLVXDOL]]DUHLOPHQ SURJUDPPD 3UHPHUH ,03HGDTXL VHOH]LRQDUH VHVL GHVLGHUDSDVVDUHDXQDFHUWD RUDVHQ]DPRGL¿FDUHQXOOD )DUVFRUUHUHODEDUUDRUDULD FRQLWDVWLIUHFFLD H /¶RUDGHOO¶RURORJLRVFRUUHDOORVWHVVRPRGRGHLEORFFKHWWL ODPSHJJLDQWLQHOODEDUUDRUDULD 6HOH]LRQDUH7 7 R7 LQ³,03´TXDQGR ³25$´LQGLFDO¶RUDDOODTXDOHVLGHVLGHUDFDPELDUHOD WHPSHUDWXUD &RQWLQXDUHFRQ H ¿QRDUDJJLXQJHUHO¶RUDFKHVL GHVLGHUDUHJRODUH 6LYHGUDQQRLEORFFKHWWLFDPELDUHHVFRUUHUHLQVLHPHDOO¶RUD 3UHPHUHLOWDVWRPHQ TXDQGRVLGHVLGHUDIHUPDUVL ,QFDVRGLHUURUH 3UHPHUH SHUWRUQDUHDOODVFKHUPDWDLQL]LDOH 5HJROD]LRQHWHPSRUDQHDGHOODWHPS FRQSURJUDPPDRURORJLRDWWLYDWR ÊSRVVLELOHUHJRODUHPRPHQWDQHDPHQWHODWHPSHUDWXUDQHO PRGRVHJXHQWH 6XOODVFKHUPDWDYLHQH YLVXDOL]]DWDODWHPSHUDWXUD DPELHQWHDWWXDOH 3UHPHUHXQDYROWDVXXQRGHL WDVWLIUHFFLD R 2UDqSRVVLELOHYHGHUHOD WHPSHUDWXUDSURJUDPPDWD ULFKLHVWD 8WLOL]]DQGRLWDVWLIUHFFLD H DXPHQWDRGLPLQXLVFH ODWHPSHUDWXUDSURJUDPPDWD DLQWHUYDOOLGL& 'RSRVHFRQGLRSSXUH SUHPHQGRLOWDVWRPHQ ORVFKHUPRULWRUQDDOVXR VWDWRRULJLQDOH 6HO¶LPSRVWD]LRQHWHPSRUDQHDGHOODWHPSHUDWXUDqGLYHUVD VXOORVFKHUPRFRPSDUHXQVLPERORDIRUPDGLPDQR /DWHPSHUDWXUDLPSRVWDWDPDQXDOPHQWHYLHQHPDQWHQXWD¿QR DFKHLOSURJUDPPDRURORJLRQRQSDVVDDXQ¶DOWUDWHPSHUDWXUD SURJUDPPDWD$TXHOSXQWRLOVLPERORDIRUPDGLPDQR VFRPSDUHQXRYDPHQWH ,PSRVWD]LRQLXWHQWH 4XHVWRFDSLWRORLOOXVWUDOHPRGDOLWjGLUHJROD]LRQH GLGHWHUPLQDWHLPSRVWD]LRQL)RUQLVFHFRQVLJOL JUD]LHDLTXDOLVDUjSRVVLELOHVWDELOLUHODPLJOLRUHLPSRVWD]LRQH SHULOSURSULRLPSLDQWR$OORVWHVVRWHPSRVSLHJDOHPRGDOLWj GLOHWWXUDGHOOHLQIRUPD]LRQLGHOODFDOGDLDFRPHODUHODWLYD SUHVVLRQH 3DQRUDPLFDGHOPHQXWHQWH ,PSRVWD]LRQL&RPIRUW(FR 8VRGHOWLPHUGHOULVFDOGDPHQWR /HWWXUDGHOOHLQIRUPD]LRQLGHOGLVSRVLWLYR 5HJROD]LRQHGHOO¶DFTXDFDOGDHYDORUHGLULIHULPHQWR GHOULVFDOGDPHQWR 3DQRUDPLFDGHOPHQLPSRVWD]LRQL 5HLPSRVWD]LRQHGLJLRUQRHRUDHVDWWL HVRUDHVWLYDLQYHUQDOH 5DFFRPDQGD]LRQLSHUO¶XWHQWHYDFDQ]H 3DQRUDPLFDGHOPHQXWHQWH 3UHPHQGRLOWDVWRPHQ HQWUDLQ0(1Ô87(17( 3UHPHUHQXRYDPHQWHLOWDVWRPHQ WRUQDUHDOODVFKHUPDWD VWDQGDUGRSSXUHQRQSUHPHUHDOFXQSXOVDQWHSHUPLQXWL 3UHPHUH R SHUSDVVDUHDOPHQFRUULVSRQGHQWHH SHUO¶DOWUDVFKHUPDWD 5,6 6$1 ,1) 352* ,03 252/ 0HQULVFDOGDPHQWR 0HQDFTXDFDOGD 0HQLQIRUPDWLYR 0HQSURJUDPPD 0HQLPSRVWD]LRQL 0HQRURORJLR 5LIHULPHQWLFDSLWROR H H H ,PSRVWD]LRQH&RPIRUW(FR DFTXDFDOGD 4XDQGRODFDOGDLDORFRQVHQWHLOWHUPRVWDWRSXzHVVHUH XWLOL]]DWRSHULPSRVWDUHODIXQ]LRQHDFTXDFDOGDGHOODFDOGDLD VWHVVDVX&RPIRUWR(FR&RQVXOWDUHLOPDQXDOHGHOODFDOGDLD SHUYHUL¿FDUHOHHYHQWXDOLLPSRVWD]LRQLQHFHVVDULHDTXHVWR VFRSR/DPDJJLRUSDUWHGHOOHFDOGDLHPLVWHVRQRSURYYLVWHGL XQDIXQ]LRQHFKHFRQVHQWHORURGLIRUQLUHUDSLGDPHQWHO¶DFTXD FDOGDVLWUDWWDGHOODFRVLGGHWWDLPSRVWD]LRQH&RPIRUW&Lzq SDUWLFRODUPHQWHXWLOHQHOFDVRGHJOLLPSLDQWLFRQWXED]LRQLSL OXQJKHLQTXDQWRQRQqQHFHVVDULRDWWHQGHUHPROWRSHUDYHUH DFTXDFDOGD 4XDQWRVHJXHqYDOLGRSHUOHFDOGDLHPLVWH &RPIRUW LPSRVWD]LRQHULWHQ]LRQHGHOFDORUHGHOO¶DFTXD VDQLWDULDDWWLYDWD21 (FR LPSRVWD]LRQHULWHQ]LRQHGHOFDORUHGLVDWWLYDWD 2)) HURJD]LRQHDFTXDFDOGDPDFRQWHPSL G¶DWWHVDOHJJHUPHQWHSLOXQJKL 4XDQWRVHJXHqYDOLGRSHUOHFDOGDLHFRQFDOGDLDVHSDUDWDD ULVFDOGDPHQWRLQGLUHWWR &RPIRUW FDOGDLDDFFHVD21 (FR FDOGDLDVSHQWD2)) PDQFDWDGLVSRQLELOLWjGL DFTXDFDOGDTXDQGRODFDOGDLDqYXRWD ³UXELQHWWR´YLVXDOL]]DWRO¶LPSRVWD]LRQH&RPIRUWq 6LPEROR VHPSUHDWWLYDRSSXUHqDWWLYDO¶LPSRVWD]LRQH&RPIRUWR(FRD VHFRQGDGLTXDQWRVWDELOLWRGDOSURJUDPPDRURORJLR6LPEROR ³UXELQHWWR´QRQYLVXDOL]]DWRLPSRVWD]LRQH(FR 6RQRSRVVLELOLOHVHJXHQWLLPSRVWD]LRQLSHUDFTXDFDOGD&RPIRUW &RPIRUWFRQWLQXRQHVVXQSURJUDPPDRURORJLR LPSRVWD]LRQLGLIDEEULFD (FRFRQWLQXRQHVVXQSURJUDPPDRURORJLR &RPPXWD]LRQHDXWRPDWLFDWUDOHLPSRVWD]LRQL&RPIRUW (FRDVHFRQGDGHOSURJUDPPDRURORJLRGHOULVFDOGDPHQWR FHQWUDOL]]DWR &RPPXWD]LRQHDXWRPDWLFDWUDOHLPSRVWD]LRQL&RPIRUW(FR DVHFRQGDGHOSURJUDPPDRURORJLRGHOO¶DFTXDFDOGD /HLPSRVWD]LRQLSHUTXHVWHTXDWWURSRVVLELOLWjVRQRGHVFULWWH TXLGLVHJXLWR &RPIRUWFRQWLQXR VLPEROR³UXELQHWWR´YLVXDOL]]DWR LPSRVWD]LRQHGLIDEEULFD 3UHPHUH 3UHPHUH 6$1 3UHPHUH 21 (FRFRQWLQXR VLPEROR³UXELQHWWR´QRQYLVXDOL]]DWR &RPIRUWVSHQWR &RPIRUWVSHQWR 3UHPHUH 3UHPHUH 6$1 3UHPHUH 2)) &RPPXWD]LRQHDXWRPDWLFDWUDOHLPSRVWD]LRQL&RPIRUW (FRDVHFRQGDGHOSURJUDPPDRURORJLRGHOULVFDOGDPHQWR FHQWUDOL]]DWR 'XUDQWHLOJLRUQRO¶LPSRVWD]LRQH&RPIRUWqDWWLYDGXUDQWH 7H7HGLQRWWHVLSDVVDDOO¶LPSRVWD]LRQH(FRGXUDQWH 71DWXUDOPHQWHTXHVWRYDOHHVFOXVLYDPHQWHTXDQGRLO SURJUDPPDRURORJLRGHOULVFDOGDPHQWRqVWDWRDWWLYDWRODEDUUD RUDULDGHYHHVVHUHYLVLELOHQHOODSDUWHDOWDGHOORVFKHUPR&Lzq GHVFULWWRQHOFDSLWROR 3UHPHUH 3UHPHUH 3UHPHUH ,03 3UHPHUHYROWH ª 8WLOL]]DUH SHUFDPELDUH LOYDORUHGDD SURJUDPPDGLSHQGHQWH GDOSURJUDPPDRURORJLRGHO ULVFDOGDPHQWRFHQWUDOL]]DWR 3UHPHUH YROWH 3UHPHUH 6$1 3UHPHUH $87 6LWRUQDDOODVFKHUPDWD VWDQGDUG &RPPXWD]LRQHDXWRPDWLFDWUDOHLPSRVWD]LRQL&RPIRUW (FRDVHFRQGDGHOSURJUDPPDRURORJLRGHOO¶DFTXDFDOGD 8WLOL]]DQGRTXHVWDRS]LRQHqSRVVLELOHVWDELOLUHTXDQGRVL GHVLGHUDFKHODFDOGDLDVLDLPSRVWDWDVX&RPIRUWHTXDQGR VX(FRLQPRGRDXWRPDWLFRJLRUQLDOODVHWWLPDQD4XHVWR SURJUDPPDSHUO¶DFTXDFDOGDVHSDUDWRVLGLVFRVWDGDO SURJUDPPDRURORJLRGHOULVFDOGDPHQWRHSXzHVVHUHXWLOL]]DWR DQFKHTXDQGRVLLPSRVWDLOWHUPRVWDWRLQPRGDOLWjPDQXDOH 'XUDQWH ODFDOGDLDqLPSRVWDWDVX(FRHGXUDQWH VX &RPIRUW 3UHPHUH 3UHPHUH ª 3UHPHUH ,03 3UHPHUHYROWH ª SHUFDPELDUH 8WLOL]]DUH LOYDORUHGDD SURJUDPPDGLSHQGHQWH GDOSURJUDPPDRURORJLR GHOO¶DFTXDFDOGD 3UHPHUH YROWH 3UHPHUH 6$1 3UHPHUH $87 6LWRUQDDOODVFKHUPDWD VWDQGDUG 3UHPHUH 3UHPHUH 3UHPHUH 352*6H QRQqSRVVLELOHYHGHUH TXHVWDVFKHUPDWD FRQVXOWDUHODVH]LRQH SUHFHGHQWH 3UHPHUH 6$1 3UHPHUH 35( 8VDUHOHIUHFFLHSHU VHOH]LRQDUHLSURJUDPPL R)DUHULIHULPHQWRDOOH LQIURPD]LRQLVHJXHQWL 4XLQGLSUHPHUH ÊSRVVLELOH VHOH]LRQDUH SURJUDPPL JLRUQDOLHULSUH SURJUDPPDWL 7 ,PS(FR7 ,PS&RPIRUW 3HUFLDVFXQJLRUQRGHOODVHWWLPDQDDGHVVRqSRVVLELOH SURJUDPPDUHDTXDOHRUDODFDOGDLDGHYHXWLOL]]DUH O¶LPSRVWD]LRQH&RPIRUWSLXWWRVWRFKHO¶LPSRVWD]LRQH(FR 5LFRPLQFLDUHFRQLQTXHVWDSDJLQD 8WLOL]]DQGRO¶RS]LRQHµ,03¶qSRVVLELOHVHOH]LRQDUH7 R7 8WLOL]]DUHLOWLPHUGHOULVFDOGDPHQWR SURJUDPPDSDUW\ 6RORTXDQGRLOSURJUDPPDRURORJLRGHOULVFDOGDPHQWRqDWWLYR qSRVVLELOHLPSRVWDUHPRPHQWDQHDPHQWHXQDWHPSHUDWXUD GLYHUVDXWLOL]]DQGRLOWLPHUGHOULVFDOGDPHQWRVWHVVR /¶LPSRVWD]LRQHPLQLPDqPLQXWLTXHOODPDVVLPDRUH 3UHPHUH 3UHPHUH 5,6 3UHPHUH 252/ 3UHPHUH '85$7$ 8WLOL]]DQGRLWDVWLIUHFFLD LPSRVWDUHODGXUDWDULFKLHVWD GHOSHULRGRGXUDQWHLOTXDOH VLGHVLGHUDPDQWHQHUHOD WHPSHUDWXUDDGHVRUH 3UHPHUH 703 ,PSRVWDUHODWHPSHUDWXUD ULFKLHVWDXWLOL]]DQGRLWDVWL IUHFFLD 3UHPHUH 6DUjRUDSRVVLELOHYHGHUH ODVFULWWD³7,0(5´VXOOR VFKHUPR ,OWLPHUqDWWLYDWR 1HOODSDJLQDVHJXHQWHVRQRGLVSRQLELOLXOWHULRULFKLDULPHQWLLQ PHULWR $OWHUPLQHGHOWHPSRLPSRVWDWRLOSURJUDPPDRURORJLRYHUUj ULSULVWLQDWRDXWRPDWLFDPHQWH 6HVLGHVLGHUDWHUPLQDUHLOWHPSRLPSRVWDWRDQWLFLSDWDPHQWHq VXI¿FLHQWHVHOH]LRQDUHO¶LPSRVWD]LRQHSUHFHGHQWH 3UHPHUH 3UHPHUH 5,6 6HVLXWLOL]]DLOSURJUDPPD RURORJLR 3UHPHUH $872 ODEDUUDGHOO¶RURORJLRq QXRYDPHQWHYLVLELOHVXOOR VFKHUPR 6HQRQVLXWLOL]]DLO SURJUDPPDRURORJLR 3UHPHUH 21 /¶XVRGHOWLPHUGHOULVFDOGDPHQWRTXDQGRLOWHUPRVWDWRq LPSRVWDWRVX³PDQXDOPRGH´PRGDOLWjPDQXDOHIDVuFKH DOWHUPLQHGHOODIXQ]LRQH7,0(5ODWHPSHUDWXUDQRQULWRUQL DTXHOODLPSRVWDWDLQL]LDOPHQWH4XLQGLVHVLXWLOL]]DLO WHUPRVWDWRVHQ]DLOSURJUDPPDRURORJLRTXHVWDIXQ]LRQH 7,0(5qQXOOD /HWWXUDGHOOHLQIRUPD]LRQLGHOGLVSRVLWLYR $OFXQLGDWLGHOODFDOGDLDSRVVRQRHVVHUHOHWWLGDOPHQ LQIRUPDWLYR,1)250$7,210HQGHOWHUPRVWDWR4XLGL VHJXLWRVLWURYHUDQQROHLVWUX]LRQLUHODWLYHDOOHPRGDOLWjGL DFFHVVRDTXHVWRPHQHDOVLJQL¿FDWRGHOOHLQIRUPD]LRQL YLVXDOL]]DWH $77(1=,21(,GDWLYHQJRQRYLVXDOL]]DWLVRORVHODFDOGDLDq GRWDWDGHLQHFHVVDULVHQVRULHWUDVPHWWHLGDWL DOWHUPRVWDWR 3UHPHUH 3UHPHUH ,1)2 &LVLWURYDRUDDOO¶LQWHUQRGL,1)250$7,210HQGDWL 7HPSHUDWXUDHVWHUQD6H VXOORVFKHUPRFRPSDUHBB B&VLJQL¿FDFKHQRQYLqDOFXQ VHQVRUHHVWHUQRFROOHJDWRRFKH TXHVW¶XOWLPRQRQIXQ]LRQD SUHFHGHQWHVXFFHVVLYR 3UHVVLRQHLGULFDGHOO¶LPSLDQWR GLULVFDOGDPHQWR /DSUHVVLRQHDGHJXDWDGHYH ULHQWUDUHWUDHEDU ÊFRQVLJOLDELOHRVVHUYDUHOD FDOGDLDSHUHIIHWWXDUHODOHWWXUD GHOODSUHVVLRQHGHOO¶DFTXDDO ¿QHGLHVHJXLUHXQFRQWUROOR DGHJXDWRHUDEERFFDUHVH QHFHVVDULRÊDOWUHVuSRVVLELOH FRQVXOWDUHLOPDQXDOHGHOOD FDOGDLD 7HPSHUDWXUDPDQGDWD ULVFDOGDPHQWRDOO¶LQWHUQRGHOOD FDOGDLD &DSDFLWjGHOEUXFLDWRUH VSHQWRRLPSRVWD]LRQH EDVVD SLHQRFDULFR ,OVLPERORVXOODVFKHUPDWD VWDQGDUGLQGLFDVHLOEUXFLDWRUH qDFFHVR 7HPSHUDWXUDDFTXD FDOGDQRQWXWWLLWLSLGL FDOGDLDYLVXDOL]]DQRTXHVWD WHPSHUDWXUD 1RQDSSOLFDELOH &DOGDLDRSHUDWLYDSHU DFTXDFDOGDRWHPSRG¶DWWHVD VXFFHVVLYR &DOGDLDQRQRSHUDWLYDSHU DFTXDFDOGD 7HPSHUDWXUDGLULWRUQR ULVFDOGDPHQWR SUHFHQGHQWHULWRUQRGHOVWDUW 7HPSHUDWXUDDPELHQWH DWWXDOHFRVuFRPHULOHYDWDGDO FURQRWHUPRVWDWR4XHVWRYDORUH YLHQHYLVXDOL]]DWRLQPRGR DFFXUDWRFRQXQDSUHFLVLRQH GL& 5HJROD]LRQHGHOYDORUHGLULIHULPHQWR GHOO¶DFTXDFDOGDVDQLWDULDHGHO ULVFDOGDPHQWR 7XWWHOHFDOGDLHFRQVHQWRQRODUHJROD]LRQHGHOODWHPSHUDWXUD GHOO¶DFTXDFDOGD LPSRVWD]LRQHDFTXDVDQLWDULDHGHOOD WHPSHUDWXUDPDVVLPDGHOULVFDOGDPHQWR LPSRVWD]LRQH ULVFDOGDPHQWR4XDQGRLOWHUPRVWDWR:L=HqFROOHJDWRDOOD FDOGDLDTXHVWHUHJROD]LRQLSRVVRQRHVVHUHHIIHWWXDWHVLDVXOOD FDOGDLDFKHVXOWHUPRVWDWR/¶XOWLPDLPSRVWD]LRQHqVHPSUH TXHOODFRUUHQWHDSUHVFLQGHUHGDGRYHYLHQHDWWLYDWDFDOGDLDR WHUPRVWDWR&RQVXOWDUHDQFKHLOPDQXDOHGHOODFDOGDLD ÊSRVVLELOHUHJRODUHLOYDORUHGLULIHULPHQWRGHOULVFDOGDPHQWR QHOPRGRVHJXHQWH 3UHPHUH 3UHPHUH ª 3UHPHUH 6(7 3UHPHUHULSHWXWDPHQWH SUHFHGHQWHVXFFHVVLYR 5DFFRPDQGD]LRQH1RQ FDPELDUHLOYDORUHGLULIHUL PHQWRDPHQRFKHFLzQRQ VLDVWUHWWDPHQWHQHFHVVDULR VX ª¿QRDFKHQRQ FRPSDUH5(*5,6&$/' YDORUHGLULIHULPHQWR ULVFDOGDPHQWR WHPSHUDWXUDPDVVLPDGL SRUWDWD $77(1=,21(,QDOFXQHFDOGDLHODWHPSHUDWXUDPDVVLPDGHO ULVFDOGDPHQWRSRWUHEEHVXSHUDUHTXHVWRYDORUHGL& 3UHPHUHLWDVWLIUHFFLD SHUUHJRODUHLOYDORUH,O YDORUHYLHQHLPSRVWDWR LPPHGLDWDPHQWH ,PSRVWD]LRQHSUHFHGHQWH ,PSRVWD]LRQHVXFFHVVLYD SUHFHGHQWHVXFFHVVLYR 3UHPHUH XQDYROWDGRSR DYHULPSRVWDWRLOYDORUHULFKLHVWRSHUULWRUQDUHDOODVFKHUPDWD VWDQGDUG ÊSRVVLELOHUHJRODUHLOYDORUHGLULIHULPHQWRGHOO¶DFTXDVDQLWDULD QHOPRGRVHJXHQWH 3UHPHUH 3UHPHUH ª 3UHPHUH ,03 3UHPHUHULSHWXWDPHQWH 5DFFRPDQGD]LRQH1RQ FDPELDUHLOYDORUHGLULIHUL PHQWRDPHQRFKHFLzQRQ VLDVWUHWWDPHQWHQHFHVVDULR VX ª¿QRDFKHQRQ FRPSDUH5(*6$1 YDORUH GLULIHULPHQWRGHOO¶DFTXD FDOGDVDQLWDULD YDORUHGL FRQWUROORSHUODWHPSHUDWXUD GHOO¶DFTXDFDOGD $77(1=,21(4XHVWD LPSRVWD]LRQHQRQ FRUULVSRQGHDOODWHPSHUDWXUD GHOO¶DFTXDFDOGDHURJDWDGDO UXELQHWWR 3UHPHUHLWDVWLIUHFFLD SHUUHJRODUHLOYDORUH,O YDORUHYLHQHLPSRVWDWR LPPHGLDWDPHQWH ,PSRVWD]LRQHSUHFHGHQWH ,PSRVWD]LRQHVXFFHVVLYD SUHFHGHQWHVXFFHVVLYR 3UHPHUH GRSRDYHU LPSRVWDWRLOYDORUHULFKLHVWR SHUULWRUQDUHQXRYDPHQWH DOODVFKHUPDWDVWDQGDUG 3DQRUDPLFDGHOPHQLPSRVWD]LRQL ,PSRVWD]LRQLSHULOWHUPRVWDWRDPELHQWHHODFDOGDLD 3UHPHUH 3UHPHUH ª 3UHPHUH ,03 8WLOL]]DQGRLWDVWLIUHFFLD H qSRVVLELOH FDPELDUHOHLPSRVWD]LRQL $77(1=,21(4XDQGRLO YDORUHVXVFKHUPRFDPELD VLJQL¿FDFKHYLHQHUHJRODWR DOO¶LVWDQWH 6WDQGDUG ,QWHUYDOOR 703$0%7 3ULPDWHPSHUDWXUDSHULOSURJUDPPD RURORJLRIDUHULIHULPHQWRDOFDS 703$0%7 6HFRQGDWHPSHUDWXUDSHULOSURJUDPPD RURORJLRIDUHULIHULPHQWRDOFDS 703$0%7 7HU]DWHPSHUDWXUDSHULOSURJUDPPD RURORJLRIDUHULIHULPHQWRDOFDS 352*56$1 ,PSRVWD]LRQH(FR&RPIRUWSHU O¶DFTXDVDQLWDULDFRQULWHQ]LRQHGHO FDORUH 1HVVXQSURJUDPPDRURORJLRPDSRVVLELOH212)) WUDPLWH352*6$1PHQDFTXDFDOGD/¶RS]LRQH ³$872´LQ352*6$1QRQqYLVLELOHLQTXHVWDIDVH )DUH ULIHULPHQWR ÊSRVVLELOHLPSRVWDUHXQSURJUDPPDRURORJLR VHSDUDWRSHUO¶DFTXDFDOGDVDQLWDULDRUD352*5$0 DOFDSLWROR 0(18RIIUHXQDSRVVLELOLWjGLSURJUDPPD]LRQHDJ JLXQWLYDSHUO¶DFTXDFDOGDVDQLWDULD2UDVHOH]LRQDUH DQFKH³$872´LQ352*6$1 $WWLYD]LRQHLQEDVHDOSURJUDPPDRURORJLRULVFDO GDPHQWRHFRQRPLDD7HFRPIRUWD7H72UD VHOH]LRQDUHDQFKH³$872´LQ352*6$1 5(*6$1 9DORUHGLULIHULPHQWRDFTXDFDOGD VDQLWDULDGHOODFDOGDLD'HVFULWWRQHO FDSLWRORSUHOHYDWDGDOODFDOGDLD 5DFFRPDQGD GXUDQWHLOSULPRDYYLR ]LRQHXUJHQWH 5(* 9DORUHGLULIHULPHQWRPDVVLPRGHOOD 121UHJRODUH 5,6&$/' WHPSHUDWXUDGHOODFDOGDLD'HVFULWWR TXHVWLYDORUL QHOFDSLWRORSUHOHYDWDGDOOD GLULIHULPHQWR FDOGDLDGXUDQWHLOSULPRDYYLR ,OYDORUHYDUHJRODWRFRQXQDSUHFLVLRQHSDULD &DPSLRQLGLWHPSHUDWXUDOHLPSRVWD]LRQLGLSHQGRQRGDOWLSRGL FDOGDLDFROOHJDWD 5HLPSRVWD]LRQHGLJLRUQRHRUDHVDWWL DGHVRUDHVWLYDLQYHUQDOH ÊSRVVLELOHLPSRVWDUHO¶RUDHVDWWDQHOPRGRVHJXHQWH 3UHPHUH 3UHPHUH ª 3UHPHUH 252/ *,2 3UHPHUH O¶LQGLFDWRUHGHOJLRUQR LQL]LHUjDODPSHJJLDUH ,PSRVWDUHLOJLRUQRFRUUHWWR XWLOL]]DQGRLWDVWLIUHFFLD H 3UHPHUH 25$ O¶LQGLFDWRUHGHOO¶RUDLQL]LHUjD ODPSHJJLDUH,PSRVWDUHO¶RUD FRUUHWWDXWLOL]]DQGRLWDVWL IUHFFLD H 3UHPHUH 0,187, O¶LQGLFDWRUHGHLPLQXWL LQL]LHUjDODPSHJJLDUH ,PSRVWDUHLPLQXWL XWLOL]]DQGRLWDVWLIUHFFLD H 3UHPHUHQXRYDPHQWH LOWDVWRPHQ SHU WHUPLQDUHO¶LPSRVWD]LRQH GHOO¶RUD 5DFFRPDQGD]LRQLSHUO¶XWHQWHYDFDQ]H 7HQHUHVHPSUHDWWLYRLOWHUPRVWDWRDPELHQWHGHLUDGLDWRUL LQVWDOODWL /DWHPSHUDWXUDHIIHWWLYDHODWHPSHUDWXUDDPELHQWHULOHYDWDGDO WHUPRVWDWRSRWUHEEHURGLVFRVWDUVLO¶XQDGDOO¶DOWUDDVHFRQGD GHOO¶LPSLDQWRHGHOODSRVL]LRQHGHOWHUPRVWDWRDPELHQWH &LzSRWUHEEHDFFDGHUHDGHVHPSLRTXDQGRLOWHUPRVWDWRq PRQWDWRVXXQDSDUHWHHVWHUQD 5LYROJHUVLDOSURSULRLQVWDOODWRUHSHUPDJJLRULLQIRUPD]LRQL ,PSRVWD]LRQHWHPSHUDWXUDQRWWXUQD 6LFRQVLJOLDGLQRQLPSRVWDUHODWHPSHUDWXUDQRWWXUQDVXXQ YDORUHLQIHULRUHGLROWUH&ULVSHWWRDOODWHPSHUDWXUDGLXUQD 3HULPSLDQWLFRVWLWXLWLHVFOXVLYDPHQWHGDULVFDOGDPHQWRD SDYLPHQWRQRQGRYUHEEHHVVHUHLPSRVWDWDDOGLVRWWRGL& RQGHHYLWDUHGLGRYHUDFFHQGHUHODFDOGDLDVXFFHVVLYDPHQWH DOO¶LPSRVWD]LRQHQRWWXUQD 9DFDQ]HWHPSHUDWXUH¿VVHPRPHQWDQHH 4XDQGRFLVLDVVHQWDGDFDVDSHUXQFHUWRSHULRGRGLWHPSR HVLGHVLGHUDLPSRVWDUHPRPHQWDQHDPHQWHXQDWHPSHUDWXUD EDVVD¿VVDqSRVVLELOHLPSRVWDUHLOWHUPRVWDWRVXOODPRGDOLWj PDQXDOH,FDSLWROLHIRUQLVFRQRXQ¶XOWHULRUHVSLHJD]LRQH DOULJXDUGR 5HJROD]LRQHLQIXQ]LRQHGHOOHFRQGL]LRQLDWPRVIHULFKH 6ROLWDPHQWHODUHJROD]LRQHLQIXQ]LRQHGHOOHFRQGL]LRQL DWPRVIHULFKHqDWWLYDTXDQGRYLqLQGRWD]LRQHXQVHQVRUH HVWHUQRÊSRVVLELOHYHUL¿FDUORIDFHQGRULIHULPHQWRDOFDSLWROR RFRQWUROODQGRVHYLHQHYLVXDOL]]DWDODWHPSHUDWXUDHVWHUQD Q4XDQGRqSRVVLELOHYHGHUHYLVXDOL]]DWDXQDWHPSHUDWXUD HVWHUQDVLJQL¿FDFKHLOVHQVRUHHVWHUQRqLQGRWD]LRQH 5LYROJHUVLDQFKHDOSURSULRLQVWDOODWRUHVHQHFHVVDULR $77(1=,21(4XDQGRVLXWLOL]]DODUHJROD]LRQHGHO WHUPRVWDWRLQEDVHDOOHFRQGL]LRQLDWPRVIHULFKHDOFXQH LPSRVWD]LRQLKDQQRXQVLJQL¿FDWRGLYHUVR /HWHPSHUDWXUH77H7QRQLQGLFDQRSLOH WHPSHUDWXUHDPELHQWHULFKLHVWHEHQVuXQDGHYLD]LRQH GDOODFXUYDGLULVFDOGDPHQWR4XDQGRODWHPSHUDWXUD LPSRVWDWDqVXSHULRUHD&ODWHPSHUDWXUDGHOO¶DFTXD GHOULVFDOGDPHQWRVLDO]HUjULVSHWWRDTXHOODLPSRVWDWD GDOO¶LQVWDOODWRUH4XDQGRO¶LPSRVWD]LRQHqLQIHULRUHD DQFKHODWHPSHUDWXUDGHOULVFDOGDPHQWRGLPLQXLUj DGHVHPSLRGLQRWWH'LFRQVHJXHQ]DXWLOL]]DQGROH LPSRVWD]LRQL77H7qSRVVLELOHDXPHQWDUHRGLPLQXLUH ODWHPSHUDWXUDGHOULVFDOGDPHQWR 7&ODWHPSHUDWXUDGHOO¶DFTXDGHOULVFDOGDPHQWRVWD GLPLQXHQGR 7!&ODWHPSHUDWXUDGHOO¶DFTXDGHOULVFDOGDPHQWRVWD DXPHQWDQGR 6HVLGHVLGHUDXQDWHPSHUDWXUDPRPHQWDQHDPHQWH SLDOWDRSLEDVVDULVSHWWRDOODFXUYDGLULVFDOGDPHQWR SURJUDPPDWDqSRVVLELOHDXPHQWDUODRGLPLQXLUOD PRPHQWDQHDPHQWH&LzqGHVFULWWRQHOFDSLWROR 5LYROJHUVLDOSURSULRLQVWDOODWRUHSHUPDJJLRULLQIRUPD]LRQL 3UHYHQLUHLOFRQJHODPHQWRGHOO¶LPSLDQWRGLULVFDOGDPHQWR FHQWUDOL]]DWR 4XDQGRLOWHUPRVWDWRYLHQHVSHQWRVLDSHUO¶LPSRVWD]LRQH &RPIRUWFKHSHULOULVFDOGDPHQWRqYLVLELOHLOVLPERORLO WHUPRVWDWRPDQWLHQHODWHPSHUDWXUDDPELHQWHVXXQYDORUH PLQLPRGL&SUHYHQ]LRQHGHOJHOR&LzDYYLHQHTXDQGR VLVHOH]LRQD³2))´QHOPHQGHOULVFDOGDPHQWRHLQTXHOOR GHOO¶DFTXDVDQLWDULD7XWWDYLDVLFRQVLJOLDGLQRQLPSRVWDUHLO WHUPRVWDWRDPHQRGL&FLUFD,QTXHVWRPRGRVLULGXFHLO ULVFKLRFKHSDUWLGHOOµLPSLDQWRGLULVFDOGDPHQWRRGHOOHWXED]LRQL FRQJHOLQRLQSDUWLFRODUHTXDQGROHWXED]LRQLVRQRFROORFDWHLQ XQ¶DUHDHVSRVWDDOJHOR 5LVROX]LRQHGHLSUREOHPL 4XHVWRFDSLWRORGHVFULYHDOFXQLHUURULH SRVVLELOLGRPDQGHGHOO¶XWHQWHLQPHULWRDO IXQ]LRQDPHQWRGHOWHUPRVWDWR 'RPDQGHUHFODPLULJXDUGDQWLO¶LPSLDQWRGLULVFDOGDPHQWR 6LIRUQLVFRQRVSLHJD]LRQLUHODWLYHDGDOFXQHGRPDQGH SODXVLELOL (UURUL 6LIRUQLVFRQRDQFKHVSLHJD]LRQLUHODWLYHDHUURULVROLWDPHQWH LQGLFDWLGDOVLPEROR 9HUL¿FDUHVHVLSXzULVROYHUH O¶DQRPDOLDGDVROLHFRQWDWWDUHLOSURSULRLQVWDOODWRUHVH QHFHVVDULR4XHVWLHUURULSRWUHEEHURDQFKHHVVHUHFDXVDWLGD XQDFDOGDLDFROOHJDWD3HUWDQWRYHUL¿FDUHDQFKHLOGLVSOD\GHOOD FDOGDLDHIDUHULIHULPHQWRDOUHODWLYRPDQXDOH 'RPDQGHUHFODPLULJXDUGDQWLO¶LPSLDQWR GLULVFDOGDPHQWR 'LPDWWLQDqQHFHVVDULRPROWRWHPSRSHULOULVFDOGDPHQWR 7XWWHOHYDOYROHGHOUDGLDWRUHVRQRDSHUWH"9HUL¿FDUH /DWHPSHUDWXUDQRWWXUQDqLPSRVWDWDVXXQYDORUHWURSSR EDVVR"6LSRWUHEEHDXPHQWDUHO¶DWWXDOHWHPSHUDWXUD QRWWXUQDGLRJUDGLSHUHYLWDUHXQULVFDOGDPHQWROHQWR 5LYROJHUVLDOSURSULRLQVWDOODWRUHVHLOSUREOHPDSHUVLVWH /DFDOGDLDVLDFFHQGHSULPDGHOO¶RUDLPSRVWDWDVXO SURJUDPPDRURORJLRGHOULVFDOGDPHQWRFHQWUDOL]]DWR ,OWHUPRVWDWRGRYUjUDJJLXQJHUHODWHPSHUDWXUDULFKLHVWD DOO¶RUDLPSRVWDWD3HUWDQWRODFDOGDLDFRPLQFHUjDVFDOGDUVL SULPDVLWUDWWDGHOODFRVLGGHWWDRWWLPL]]D]LRQHGHOOD DFFHQVLRQHFRQDXWRDSSUHQGLPHQWRGHVFULWWDQHOFDSLWROR /¶RUDGLDFFHQVLRQHGHOODFDOGDLDSXzYDULDUHRJQLJLRUQR SHUFKpLOPRPHQWRLQFXLLOWHUPRVWDWRGHYHDFFHQGHUVLSHU UDJJLXQJHUHSXQWXDOPHQWHODWHPSHUDWXUDULFKLHVWDYLHQH ULFDOFRODWRRJQLJLRUQR6LWUDWWD GLXQDVLWXD]LRQHQRUPDOH 'XUDQWHTXHVWRSURFHVVRGL DXWRDSSUHQGLPHQWRLOVLPEROR ³&´VXOORVFKHUPRODPSHJJHUj $YROWHO¶DFTXDFDOGDLPSLHJDSLWHPSRGHOVROLWRDGDUULYDUH ÊSUREDELOHFKHLOWHUPRVWDWRDWWLYL&RPIRUWRGLVDWWLYL(FR O¶LPSRVWD]LRQHGLULWHQ]LRQHGHOFDORUHGHOODFDOGDLD8QD YROWDDWWLYDWDO¶LPSRVWD]LRQH&RPIRUWODFDOGDLDVROLWDPHQWH IRUQLVFHDFTXDFDOGDSLYHORFHPHQWHULVSHWWRDTXDQGRVL XWLOL]]DO¶LPSRVWD]LRQH(FR)DUHULIHULPHQWRDOFDSLWROR SHUXOWHULRULLQIRUPD]LRQLLQPHULWRDTXHVWDLPSRVWD]LRQH ,QFDVDIDWURSSRIUHGGR )DWURSSRIUHGGRHLOWHUPRVWDWRQRQLQGLFDDOFXQDDQRPDOLDOH FDXVHSRVVRQRHVVHUHPROWHSOLFL&LzSRWUHEEHHVVHUHGRYXWR DOOHVHJXHQWLFDXVH 7XWWLLUDGLDWRULVRQRVWDWLDSHUWLDGHJXDWDPHQWH"9HUL¿FDUH HDSULUOLPDJJLRUPHQWHVHQHFHVVDULR ÊSRVVLELOHFKHODFDOGDLDVLVWLDDQFRUDVFDOGDQGR 9HUL¿FDUH&RQWUROODUHLOWHUPRVWDWRVDUjSRVVLELOHYHGHUH ODWHPSHUDWXUDULOHYDWDGDOWHUPRVWDWRVWHVVR3UHPHUH SHUYHGHUHODWHPSHUDWXUDULFKLHVWD XQDYROWDLOWDVWR 4XDQGROHWHPSHUDWXUHVRQRDOO¶LQFLUFDOHVWHVVH VLJQL¿FDFKHVLDLOWHUPRVWDWRFKHODFDOGDLDIXQ]LRQDQR FRUUHWWDPHQWH ,PSRVWDUHXQDWHPSHUDWXUDSLDOWDVHQHFHVVDULR )DUHULIHULPHQWRDOFDSLWRORPRGDOLWjPDQXDOH )DUHULIHULPHQWRDOFDSLWRORLQPHULWRDOO¶LPSRVWD]LRQH GHOSURJUDPPDRURORJLR ,OVLPEROR³UDGLDWRUH´q SUHVHQWHVXOORVFKHUPR" 6HQRQqSUHVHQWHVXOOR VFKHUPRVLJQL¿FDFKHLO VLPERORUDGLDWRUH WHUPRVWDWRSHULOSURJUDPPD GHOULVFDOGDPHQWRqVX2)),O VLPEROR³UDGLDWRUH´GHYHHVVHUHYLVLELOHSHUSRWHUVFDOGDUH O¶LPSLDQWRGLULVFDOGDPHQWR )DUHULIHULPHQWRDOFDSLWRORSHUO¶DWWLYD]LRQHGHOOD PRGDOLWjPDQXDOH )DUHULIHULPHQWRDOFDSLWRORSHUO¶DWWLYD]LRQHGHO SURJUDPPDRURORJLR 9LVXDOL]]D]LRQHGHJOLHUURULVXOOD VFKHUPDWDGHOWHUPRVWDWR ,OWHUPRVWDWRqDQFKHLQJUDGRGLWUDVPHWWHUHJOLHUURULGHOOD FDOGDLD3HUWDQWRFRQWUROODUHSULPDFKHO¶DQRPDOLDQRQVLD FDXVDWDGDOODFDOGDLDFROOHJDWD)DUHULIHULPHQWRDOPDQXDOH GHOODFDOGDLDSHUXOWHULRULVSLHJD]LRQLLQPHULWRDOO¶DQRPDOLDD HVVDUHODWLYD 6HDOSRVWRGHOODWHPSHUDWXUD FRPSDUHODVFULWWD³(UU´VLJQL¿FD FKHVLqYHUL¿FDWDXQ¶DYDULD QHOWHUPRVWDWRGHOODFDOGDLD 9HUL¿FDUHFKHLOFDEODJJLRVLD FRUUHWWDPHQWHFROOHJDWRDOOD FDOGDLDDOODFRQQHVVLRQH=UHDG\EXVGHOWHUPRVWDWRH DOO¶LQWHUQRGHOWHUPRVWDWRVWHVVRIDUHULIHULPHQWRDOFDSLWROR 5LYROJHUVLDOSURSULRLQVWDOODWRUHVHLOSUREOHPDSHUVLVWH /DVSLQDGHOODFDOGDLDq LQVHULWDQHOODSUHVD" 9HUL¿FDUHFKHLOFDEODJJLR DOODFDOGDLDVLDFRUUHWWR 3RWUHEEHWUDWWDUVLGL XQ¶DYDULDDOWHUPRVWDWR 5LYROJHUVLDOSURSULR LQVWDOODWRUH VFKHUPDWDYXRWD 8QDFDOGDLDFROOHJDWDLQGLFDXQ¶DQRPDOLD9LVRQRDOFXQL HUURULGLPLQRUHHQWLWjFKHVLULVROYRQRGDVROLHVFRPSDLRQR DXWRPDWLFDPHQWH3HUVLFXUH]]DYHUL¿FDUHFRPXQTXHOD FDOGDLD 6HLOSUREOHPDSHUVLVWH SUHPHUH ª /DVFKHUPDWDDGLDFHQWHPRVWUDLOFRGLFHGHOO¶HUURUHFRUUHQWH SRWUHEEHURFRPSDULUHDOWULFRGLFLGLHUURUHLOFRGLFHGLHUURUH QqXQHVHPSLR )DUHULIHULPHQWRDOPDQXDOH GHOODFDOGDLDSHUVDSHUHD FRVDFRUULVSRQGHLOFRGLFHGL HUURUHHFRVDqSRVVLELOHIDUH SHUULVROYHUOR ª 3UHPHUH 6DUjRUDSRVVLELOHYHGHUHODVFKHUPDWDDFFDQWR6LqYHUL¿FDWD XQ¶DYDULDDOODFDOGDLDRSSXUHODSUHVVLRQHGHOULVFDOGDPHQWRq WURSSREDVVD ª 3UHPHUH ÊSRVVLELOHYHGHUHORVWRULFR HUURULGHOODFDOGDLD ªVLYHGUj 3UHPHQGR XQHOHQFRGLHUURULYHUL¿FDWLVL LQSDVVDWR3UHPHQGRLO WDVWRPHQ VLWRUQHUjDOODVFKHUPDWDVWDQGDUG)DUH ULIHULPHQWRDOPDQXDOHGHOODFDOGDLDSHUDYHUHXQDGHVFUL]LRQH GHLFRGLFL /DSUHVVLRQHLGULFD GHOO¶LPSLDQWRqWURSSREDVVD 5LHPSLUHO¶LPSLDQWRGL ULVFDOGDPHQWR )DUHULIHULPHQWRDOPDQXDOH GHOODFDOGDLDSHUXOWHULRUL VSLHJD]LRQLLQPHULWR 4XHVWDDQRPDOLD SUHVXSSRQHFKHLOWHUPRVWDWR QRQIXQ]LRQL 5LYROJHUVLDOSURSULR LQVWDOODWRUH 4XHVWDDQRPDOLD SUHVXSSRQHFKHLOWHUPRVWDWR QRQIXQ]LRQL,OWHUPRVWDWR SRWUHEEHIRUQLUHXQFHUWR FDORUHWHPSHUDWXUDLQ LQJUHVVRDOULVFDOGDPHQWR &PDLOWHUPRVWDWR GHYHHVVHUHVRVWLWXLWR ,QFDVRGLFRGLFLGLHUURUHRLQIRUPD]LRQLQRQWUDWWDWHQHO SUHVHQWHFDSLWROR 9HUL¿FDUHFKHODFDOGDLDIXQ]LRQLFRUUHWWDPHQWHHULYROJHUVLDO SURSULRLQVWDOODWRUH 6PRQWDJJLRHFDGXWDGLWHQVLRQH &DGXWDGLWHQVLRQH ,OWHUPRVWDWRIXQ]LRQDVHQ]DEDWWHULHHRWWLHQHO¶HQHUJLD QHFHVVDULDWUDPLWHODFDOGDLD4XDQGRLOWHUPRVWDWR YLHQHULPRVVRGDOUHODWLYRSDQQHOORGLPRQWDJJLRWXWWH OHLPSRVWD]LRQLULPDQJRQRPHPRUL]]DWH6RORGRSR XQ¶LQWHUUX]LRQHGLFLUFDRUHqQHFHVVDULRUHLPSRVWDUHLOJLRUQR HO¶RUD 6PRQWDJJLR 6FROOHJDUHODFDOGDLDGDOODUHWHHOHWWULFDHVWUDUUHODVSLQDGDOOD SUHVDRXWLOL]]DUHLOSXOVDQWHRQRII ,OWHUPRVWDWRqGRWDWRGLFHUQLHUDQHOODSDUWH VXSHULRUHHYLHQHEORFFDWRQHOODSDUWHLQIHULRUH DOFHQWUR 5LPXRYHUHLOWHUPRVWDWRGDOUHODWLYRSDQQHOORGL PRQWDJJLRDIIHUUDQGRORVDOGDPHQWHFRQHQWUDPEH OHPDQLVJDQFLDQGRODSDUWHLQIHULRUHWLUDQGRLQ DYDQWL 5LSULVWLQR $JJDQFLDUHODSDUWHVXSHULRUHGHOWHUPRVWDWRDO SDQQHOORGLPRQWDJJLRHLQFOLQDUORYHUVRLOEDVVR ¿QRDFKHQRQVFDWWDQHOODSDUWHLQIHULRUH 5LFROOHJDUHODFDOGDLDDOODUHWHHOHWWULFD4XDQGR LOWHUPRVWDWRORULFKLHGHLPSRVWDUHO¶RUDHLOJLRUQR FRUUHWWLLOWHUPRVWDWRVDUjQXRYDPHQWHSURQWR DOO¶XVR5LFRUGDUHFKHODFDOGDLDSRWUHEEHLPSLHJDUHXQSR¶ GLWHPSRSULPDGLWRUQDUHLQVWDQGE\SHUYLDGHOSURJUDPPD DXWRPDWLFRGLGLVDHUD]LRQH$VHFRQGDGHOWLSRGLFDOGDLD SRWUHEEHURHVVHUHQHFHVVDULGDDPLQXWLIDUHULIHULPHQWR DOPDQXDOHGHOODFDOGDLD )DUHLQROWUHULIHULPHQWRDOFDSLWRORSHUXQDVSLHJD]LRQH UHODWLYDDFRPHLPSRVWDUHO¶RUDHLOJLRUQRFRUUHWWL 6SHFL¿FKHWHFQLFKH 6SHFL¿FKHWHFQLFKH 'LPHQVLRQLK[O[S [[PP 3HVR &LUFDJUDPPL $OLPHQWD]LRQHHOHWWULFD1RPLQDOHFLUFD9 GDOODFDOGDLDFROOHJDWD 3URWRFROORGLFRPXQLFD]LRQH%XV &ROOHJDPHQWRHOHWWULFR $GRSSLR¿OR LQGLSHQGHQWHGDOODSRODULWj &ODVVH,3 ,3 &RQGL]LRQLGLVWRFFDJJLR&XPLGLWj VHQ]DFRQGHQVD 7ROOHUDQ]DIXQ]LRQHRURORJLR PLQXWLDQQR 7ROOHUDQ]DWHPSHUDWXUDDPELHQWH & /DSUHVHQWHSXEEOLFD]LRQHFRUUHWWDVRVWLWXLVFHWXWWHOH SUHFHGHQWLLVWUX]LRQLGLLQVWDOOD]LRQH :HUHVHUYHWKHULJKWWRPDNHFKDQJHV &LVLULVHUYDLOGLULWWRGLDSSRUWDUHHYHQWXDOLPRGL¿FKH