'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
&2',&( %0/
±352&('85$%$6(
5(9
$
%
&
'
2G9
'DWD
0(72'2',/$925$=,21(
0RGLILFD
3ULPDHPLVVLRQH
5(9&
3DJ
&RPSLODWR
)LUPH
&RQWUROODWR
$JJLRUQDPHQWRSHUUHOH
VXFFHVVLYH
$JJLRUQDPHQWRSHUUHOH
VXFFHVVLYH
(
)
*
+
,
/
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
$SSURYDWR
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
0(72'2',/$925$=,21(
&2',&( %0/
±352&('85$%$6(
,ƒ
,,ƒ
,,,ƒ
,9ƒ
9,ƒ
5(9&
,1',&(
3DJ
3DJLQD
&RQILJXUD]LRQH6LVWHPLHGDWWULEX]LRQHIXQ]LRQL
5HTXLVLWL+DUGZDUH
2SHUD]LRQLSUHOLPLQDULDOO¶DWWLYD]LRQHGHOODVWD]LRQH
,QVWDOOD]LRQH/LFHQ]H
,QVWDOOD]LRQHSURJUDPPD*$/17
(VHPSLRGLDJJLRUQDPHQWRGD*$/17YHUVLRQH;;DYHUVLRQHHVXFFHVVLYH
8SJUDGHHYRFNHG3RWHQWLDO
&RQWUROOLHVHWWLQJVGLFRQILJXUD]LRQH
&RQILJXUD]LRQH³1(7',5´
&RQILJXUD]LRQH³6+$5(´[RWWLPL]]D]LRQHGDWDEDVH
&RQILJXUD]LRQH³5HJLRQDO6HWWLQJV´H³'DWD´
&RQWUROORLPSRVWD]LRQLSURSULHWj&'B5200DVWHU'ULYHU
0HQX³6\VWHP´
0HQX³+DUGZDUH´
0HQX³'DWDEDVH´
0HQX³0RQLWRU´
0HQX³*UDSKLFV´
0HQX³,PSRUW([SRUW´
+DUGZDUHLQVWDOOD]LRQH0LUz'&3OXV
+DUGZDUH,QVWDOOD]LRQH6RXQG%ODVWHUSFL
&RQILJXUD]LRQHILOH9LGHRHHJLQL
±
&RQILJXUD]LRQH*$/,/(217
&RQILJXUD]LRQHVLVWHPDDFTXLVL]LRQH9,'(2'((*
9,,ƒ
+DOOH\173ULPDLQVWDOO]LRQHH&RQILJXUD]LRQH
9,,,ƒ
(VHPSLRGLSHUVRQDOL]]D]LRQH 5HSRUW7UDFFLDWRH3D]LHQWH
6RIWZDUH
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
± '(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
35(0(66$
4XHVWR0/SXzHVVHUHXWLOL]]DWRSHUHIIHWWXDUHOHSULPHLQVWDOOD]LRQLJOLDJJLRUQDPHQWLHOHFRQILJXUD]LRQLGHOOHVWD]LRQL
*DOLOHR17
&RQTXHVWRGRFXPHQWRFLSURSRQLDPRGLJXLGDUHLOWHFQLFRQHOODPHVVDLQVHUYL]LRGLXQRRSLVLVWHPL *DOLOHR17
5LVSHWWRDOODSUHFHGHQWHUHYLVLRQHVDUDQQRHVSRVWLPRGLHSURFHVVLGLFRQILJXUD]LRQHSLSDUWLFRODUHJJLDWL
,OWHFQLFRLQVWDOODWRUH DOTXDOHqULFKLHVWDXQDRWWLPDFRQRVFHQ]DGL:LQGRZV GRYUjGHILQLUHODFRUUHWWDFRQILJXUD]LRQH
ULJXDUGRDOO¶LPSRVWD]LRQHGHOO¶KDUGZDUHLQVWDOODWRWHQHUHFRQWRGHOOHRS]LRQLVRIWZDUHGLFRQILJXUD]LRQHHQRQXOWLPRSHU
LPSRUWDQ]DHIIHWWXDUHXQDFRSLDGLWXWWLLGDWLXWLOLDOODULQWUDFFLDELOLWjGHOVLVWHPD
&$3,72/2,ƒ &RQILJXUD]LRQH6LVWHPLHDWWULEX]LRQHIXQ]LRQL
5HTXLVLWL+DUGZDUH
,
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
,6LVWHPL*$/17DWWXDOPHQWHLQSURGX]LRQHVRQRFRQILJXUDWLFRQFRPSXWHU
3HQWLXP,, !0+]0%5DP $&4H56$ 'HVNH0LQL7RZHU
6HVDUjQHFHVVDULRHIIHWWXDUHXQDJJLRUQDPHQWRVXXQFRPSXWHUGLXQDVWD]LRQHJLjLQVWDOODWDqLQGLVSHQVDELOH
SRUWDUHOD&38PLQLPRD 3HQWLXP0+]FRQ0E\WHGL5$0HVFKHGD9LGHRFRQPLQLPR0%
/¶+DUGZDUH*DOLOHRGHYHDYHUHODVFKHGD$&4(3*$/17HODVFKHGD,%0/,1.*$/17
,O0RQLWRUGHYHULVSRQGHUHDOOHFDUDWWHULVWLFKHULFKLHVWHGDOOHRS]LRQLLQVWDOODWH
,QTXHVWRFDVRGHYHHVVHUHSUHYLVWRDQFKHO¶DJJLRUQDPHQWRGLDOWUHFRPSRQHQWL+DUGZDUH
1HOOHFRQILJXUD]LRQLLQFXLVRQRSUHYLVWLGLVSRVLWLYL6&6,ODVFKHGD6&6,GHYHHVVHUHGLWLSR6&6,83&,
1HOOHFRQILJXUD]LRQLRYHSUHYLVWR+''GLJUDQGLGLPHQVLRQL !*E\WHODVFKHGD6&6,GHYHHVVHUH8:3&,
,VLVWHPLFRPSRVWLGDSLDSSDUDWLWUDGLORURFRQQHVVLLQUHWHGHYRQRDYHUHVFKHGHUHWHDGDWWHDOWLSRGL
LQVWDOOD]LRQHFKHVLHIIHWWXD1RUPDOPHQWHYHQJRQRIRUQLWHVFKHGHUHWH VORW3&, D0%FRQFRQQHVVLRQH
8735-
*OL+8%GLUHWHTXDORUDVLDQRGLDVVHUYLPHQWRVRODPHQWHDOQRVWURVLVWHPDVRQRGLGXHGLYHUVHWLSRORJLH
$0%H0%
/DVFKHGDYLGHRFRPXQHPHQWHLQVWDOODWDqOD 0DWUR[*ROD0DWUR[*
6HVLKDXQD0DWUR[*SHUSRWHUYLVXDOL]]DUHO¶$QDOLVL6SHWWUDOH *DOLOHR'26qQHFHVVDULRHIIHWWXDUH
O¶DJJLRUQDPHQWRGHO %LRVGHOOD0DWUR[
(OHQFRFRQILJXUD]LRQL$SSDUDWLHDWWULEX]LRQHIXQ]LRQL
i 6WD]LRQHGLULOHWWXUD
56$
i 6WD]LRQHGLDFTXLVL]LRQH '((*
6,5,86%%:5,1.*$/17
i 6WD]LRQHGLDFTXLVL]LRQH9'((*
6,5,86%%:5,1.*$/17
i 6WD]LRQHGLDFTXLVL]LRQH '((*
67$5,,*$/17
i 6WD]LRQHGLDFTXLVL]LRQH9'((*
67$5,,*$/17
i 6WD]LRQHGLDFTXLVL]LRQH '((* 3RUWDWLOH +DOOH\*$/17
i 6WD]LRQHGLDFTXLVL]LRQH '((*'LQDP +DOOH\*$/17
,,
2SHUD]LRQLSUHOLPLQDULDOODDWWLYD]LRQHGHOOD6WD]LRQH
3ULPDGLDWWLYDUHODVWD]LRQHqQHFHVVDULRFKHO¶RSHUDWRUHFRQWUROOLODFRPSOHWDHFRUUHWWDFRQILJXUD]LRQHGHOO¶KDUGZDUH
GHOFRPSXWHUHGRYHqSUHVHQWHDQFKHGHOO¶KDUGZDUH*$/17
i 3HUFRQWUROODUHFRQQHVVLRQLWUDO¶KDUGZDUH*$/17HGLOFRPSXWHUVLSXzIDUHULIHULPHQWRDJOLVFKHPLGLFRQQHVVLRQH
DFRGLFH(%1HXURUHODWLYLDWXWWLLWLSLGLVWD]LRQL
i 3HUOHFRQQHVVLRQLDOO¶LQWHUQRGHOFRPSXWHUSUHVWDUHXQDSDUWLFRODUHDWWHQ]LRQHTXDQGRVLKDXQDVWD]LRQHFRQ
GULYHUV6&6,DOODWHUPLQD]LRQHGHO%866&6,,QROWUHqEXRQDQRUPDFRQWUROODUHLOFRUUHWWRLQVHULPHQWRGHOOH
VFKHGHQHOOHVORWGHOODSLDVWUDPDGUH
i 'LVSRUUHGHO&'520*$/179HUVLRQH RVXSHULRUH RGHO&'6(59,&( (%1YHUVLRQH
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
&$3,72/2,,ƒ,QVWDOOD]LRQH/LFHQ]H
,
,QVWDOOD]LRQHSURJUDPPD*$/,/(217
3UHPHVVD
/¶LQVWDOOD]LRQHGHOSURJUDPPD*$/,/(217GHYHHVVHUHHVHJXLWDVXPDFFKLQHFRQVLVWHPDRSHUDWLYRFRUUHWWDPHQWH
LQVWDOODWRHFRQILJXUDWR
5HTXLVLWLPLQLPLVRQRODSUHVHQ]DGL:LQGRZVµXQOHWWRUH&'520VXIILFLHQWHVSD]LRVXGLVFR
,QVWDOOD]LRQH
6LLQVHULVFDLO&'520 /LFHQ]D*$/17 R6HUYLFH&' HVLHVHJXD,167$//6LFRQVLJOLDGLDFFHWWDUHVHPSUHOH
LPSRVWD]LRQLGLGHIDXOWSURSRVWHTXDORUDGXUDQWHO¶LQVWDOOD]LRQHDSSDULVVHURGHLPHVVDJJLGLHUURUHFRQFOXGHUH
FRPXQTXHLOSURFHVVRGLLQVWDOOD]LRQH,QFDVRGLHUURUHSULPDGLULSHWHUHFRQWUROODUHFKHLO&'520VLDLQWHJURHGLO
GULYHUIXQ]LRQL
7DOHRSHUD]LRQHULFKLHGHTXDOFKHPLQXWR$OWHUPLQHVHQRQYLVRQRVWDWLHUURULVLKDXQDYYLVRFKHO¶LQVWDOOD]LRQHq
VWDWDFRPSOHWDWDFRUUHWWDPHQWH
6HYLHUDJLjXQDYHUVLRQHSUHFHGHQWHGL*$/17LQVWDOODWDO¶LQVWDOOD]LRQHGHOODQXRYDYHUVLRQHKDFRSLDWRWXWWLL ILOHV
SUHFHGHQWLQHOODGLUHFWRU\&?*$/176LFRQVLJOLDGLQRQFDQFHOODUHWDOH'LUHFWRU\,QFDVRGLSUREOHPLR
PDOIXQ]LRQDPHQWLVDUjSRVVLELOHULWRUQDUHDOODVLWXD]LRQHSUHFHGHQWHDOO¶DJJLRUQDPHQWR
'RSRO¶LQVWDOOD]LRQHGHOSURJUDPPD*$/,/(217VLSDVVDDOO¶LQVWDOOD]LRQHGHOOHOLEUHULH 'LUHFW;QHFHVVDULHDO
SURJUDPPDSHUODYLVXDOL]]D]LRQHGHLSURJUDPPLGL 3RVWHODERUD]LRQH PDSSH HWFHWF 6HPSUHGDO&'520SRUWDUVLQHOODFDUWHOOD³ 'LUHFW;´HODQFLDUHO¶HVHJXLELOH³ '[FRUHH[H´
6HOH]LRQDUH³6u´SHULQVWDOODUH
7HUPLQDWDODLQVWDOOD]LRQHGHOOH 'LUHFW;RFFRUUHULDYYLDUHLOFRPSXWHUSHUFKpTXHVWHPRGLILFKHDEELDQRHIIHWWR
$OWHUPLQHGHOO¶LQVWDOOD]LRQHqQHFHVVDULRSDVVDUHDOODIDVHGLFRQILJXUD]LRQHSULPDGLSRWHUHVHJXLUHO¶DSSOLFDWLYR
VRIWZDUH*$/,/(217
,,
(VHPSLRGL$JJLRUQDPHQWRGD*$/17[[DYHUVLRQH
3HUHIIHWWXDUHTXHVWDSURFHGXUDGLDJJLRUQDPHQWRRFFRUUHSUHVWDUHPROWDDWWHQ]LRQH
6HFRQWUROODWHOHSURSULHWjGHOFROOHJDPHQWR
*$/17(;(GLSDUWHQ]DYHGUHWHFKHHVVRqODQFLDWRGDOODFDUWHOOD
*$/17
3ULPDGLHIIHWWXDUHO¶DJJLRUQDPHQWRqFRQVLJOLDWRHIIHWWXDUHXQDFRSLDGHOODFDUWHOOD
,QVHULUHLO&'520QHOO¶DSSRVLWRGULYHU&'
/DQFLDUHO¶HVHJXLELOH³,167$//(;(´
/DSURFHGXUDGLDJJLRUQDPHQWRVDUjDXWRPDWLFDLQSULPROXRJRLOSURJUDPPDULQRPLQDODFDUWHOODGDOODTXDOH
YHQLYDODQFLDWR*$/17LQ*$/17 DOO¶LQWHUQRGHOOD*$/17YLHQHFUHDWDXQDFDUWHOOD³6<67(0´QHOOD
TXDOHYHQJRQRFRSLDWLL ILOHV*$/17,1,H9,'(2((*,1,HG,16(57(5,1,LQL]LDOL VXFFHVVLYDPHQWHLQL]LDDG
LQVWDOODUHLILOHVQHOODQXRYDFDUWHOOD*$/17$OWHUPLQHGHOODLQVWDOOD]LRQHYHQJRQRFRSLDWLL SUHVHWHPRQWDJHGHOOD
YHFFKLDYHUVLRQHVXTXHOODQXRYDGLODYRURFLzSHUQRQSHUGHUHLSDUDPHWULGLODYRURSUHFHGHQWHPHQWHVDOYDWL
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
$/WHUPLQHDSSDUHXQPHVVDJJLRLQFXLVLULFRUGDFKHGHYRQRHVVHUHLQVWDOODWHOH 'LUHFW;
1RQRVWDQWHFKHOH'LUHFW;SRVVDQRHVVHUHJLjSUHVHQWLVXOVLVWHPD qFRQVLJOLDWRUHLQVWDOODUOH
6HPSUHFRQLO&'520GLLQVWDOOD]LRQHHQWUDUHQHOODFDUWHOOD 'LUHFW;HODQFLDUHO¶HVHJXLELOH³ '[FRUHH[H´
7HUPLQDWDODLQVWDOOD]LRQHVSHJQHUHLOVLVWHPDLQPRGRFKHOHPRGLILFKHDSSRUWDWHDEELDQRHIIHWWR
6HSHUXQTXDOVLDVLLQFRQYHQLHQWHGXUDQWHO¶,QVWDOOD]LRQHO¶DJJLRUQDPHQWRQRQIRVVHWHUPLQDWRFRUUHWWDPHQWH
ULFRUGDUVLFKHDYHWHVHPSUHDYRVWUDGLVSRVL]LRQHODFDUWHOODGLFRSLDFKHDYHWHHIIHWWXDWRLQSUHFHGHQ]DHGDOOD
TXDOHSRWHWHHYHQWXDOPHQWHULSUHQGHUHWXWWR2OWUHDTXHVWDFDUWHOODLOSURJUDPPDGL 8SJUDGHHIIHWWXDSHUSULPD
RSHUD]LRQHXQDFDUWHOOD*$/17FKHqFRSLDUHDOHGHOODFDUWHOODFKHHUDLQXVRSUHFHGHQWHPHQWH
6HVLHIIHWWXDXQDJJLRUQDPHQWRGDXQDYHUVLRQHSUHFHGHQWHDOOD*$/17YHULILFDUHFKHODFDUWHOOD³ '$7$
$1$/<6,6´DOO¶LQWHUQRGHO'DWDEDVH DOLDV VLDVFULWWDFRUUHWWDPHQWH4XHVWRSHUFKpFRQXQDSUHFHGHQWHYHUVLRQH
%HWDGHO*$/17TXDQGRVLFUHDYDXQQXRYRDOLDVODFDUWHOOD '$7$$1$/<6,6 YHQLYDQRPLQDWDHUURQHDPHQWH
³'$7$$1$/,6<6´'DWRFKHODLQVWDOOD]LRQHGLDJJLRUQDPHQWRQRQYDDYDULDUHLO'DWDEDVHRFFRUUH
HYHQWXDOPHQWHULQRPLQDUODQHOPRGRFRUUHWWR
9HULILFDUHFKHQHOILOH*$/17,1,SHUODYHUVLRQHLQWHGHVFRODULJDGLFRPDQGR /DQJXDJH '(8VLDFRUUHWWDLQ
DOFXQHYHUVLRQLSUHFHGHQWLOD*$/17YHQLYDULSRUWDWR /DQJXDJH *(5
&RQWUROODUHFKHGRSRDYHUHIIHWWXDWR O¶XSJUDGHGHOOD*$/17QRQULPDQJDVXO'HVNWRSLOFROOHJDPHQWRDOODLFRQD
GHOODYHFFKLDYHUVLRQH HYHQWXDOPHQWHULPXRYHUOD ,,,
83*5$'((92.('327(17,$/
$XWRPDWLFDPHQWHVHVXOODVWD]LRQHYLHUDLOSURJUDPPD´(3´YLHQH XSJUDGDWDODYHUVLRQHFRUUHQWHFRQODQXRYD
&203$7,%,/(FRQOD*$/17RVXFFHVVLYH
,QIDWWLVHUHVWDVVHDWWLYDXQDYHFFKLDYHUVLRQHGHJOL(3 FRPSLODWDFRQXQRVWDQGDUGGLYHUVR TXHVWDQRQ
IXQ]LRQHUHEEH
1RWD'XUDQWHODSULPDLQVWDOOD]LRQHRO¶HYHQWXDOH XSJUDGH SXzVXFFHGHUHFKHODSDVVZRUGGLHQWUDWDQHO
SURJUDPPD ULVXOWLFDPELDWDDOLYHOOR³ ,QVWDOOHU´/DQXRYDSDVVZRUGq³HEQVUYSZ´
5LFRUGDUVL6(035(GLFRQILJXUDUHODSDVVZRUGGLDFFHVVRSHUO ¶XWLOL]]DWRUHFKHDOPDVVLPROLYHOOR
VDUj³0$67(5´
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
&$3,72/2,,,ƒ&RQWUROOLHVHWWLQJVGLFRQILJXUD]LRQH
,
&RQILJXUD]LRQH1(7',5
,QVWDOOD]LRQLPXOWLSOH
1HOODLQVWDOOD]LRQHGLSLDSSDUDWL*$/17IDFHQWLSDUWHGLXQXQLFRVLVWHPDqQHFHVVDULRGRSRDYHUFRQQHVVRJOL
DSSDUDWLLQUHWHWUDGLORURHIIHWWXDUHODPDSSDWXUDGHO1(7',5JHQHUDOH
'HILQHQGRFKHLOSULQFLSDOHDSSDUDWRVDUjTXHOORGRYHqLQVWDOODWRLOGULYHUGL%$&.83 &':5,7(5R'9'5$0 VDUjQHFHVVDULRHVHJXLUHODVHJXHQWHSURFHGXUD
$SSDUDWR&HQWUDOH 120(56$ &RQGLYLGHUHLQ/HWWXUDH6FULWWXUDODGLUHFWRU\& ?'$7$%$6( QRPHGLFRQGLYLVLRQH
GLGHIDXOW'$7$%$6(
/DQFLDUHLO%'($'0,1(;(GD3DQQHOORGL&RQWUROOR0DSSDUHLO1(7',5D &?'DWDEDVH´GHOO¶DSSDUDWRXVFLUH
VDOYDQGRODFRQILJXUD]LRQH(VHPSLR 6WD]LRQH56$FRQGLYLVLRQH GHOO¶+''³&´ $YUHPRFRVu
$SSDUDWRLVHFRQGDUL
/DQFLDUHLO%'($'0,1(;(VXOO¶DSSDUDWRVHFRQGDULRHDO1(7',5GDUHLOSHUFRUVRGHOGLVFR&GHOO¶DSSDUDWR&HQWUDOH
³??56$?'$7$%$6(´XVFLUHVDOYDQGR6LUDFFRPDQGDGLQRQXWLOL]]DUHPDSSDWXUHGLGLVFKLLQUHWHPDVHPSUHLOQRPH
GHOODVWD]LRQHUHPRWDODTXDOHSHUUDJLRQLGLVLFXUH]]DFRQGLYLGHUjVRORODGLUHFWRU\³'$7$%$6(´ (V1(7',5
??56$?'$7$%$6(
1RWDWXWWHOHPDFFKLQHGHOODUHWHGHYRQRDYHUHODVWHVVDLPSRVWD]LRQHGL1(7',5
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
0(72'2',/$925$=,21(
&2',&( %0/
±352&('85$%$6(
5(9&
3DJ
,QVWDOOD]LRQHVLQJROD
$QFKHSHUXQDVLQJRODLQVWDOOD]LRQH PDFFKLQD VWDQGDORQH qQHFHVVDULRFRQILJXUDUHLO1(7',56L
LPSRVWHUjD&?'$7$%$6(
,,
&RQILJXUD]LRQH6+$5( [ JHVWLRQH 'DWDEDVH
3HUXQDJHVWLRQHRWWLPDOHGHLGDWDEDVHGHOVLVWHPD *DOLOHR17qQHFHVVDULRLPSRVWDUHVHPSUHFRQLOILOH
%'($'0,1(;(LOFRPDQGR³/2&$/6+$5(´D³758(´6HJXLUHODSURFHGXUDXWLOL]]DQGRODILJXUDVHJXHQWH
,Q³&RQILJXUDWLRQ´³6\VWHP´³,1,7´VHOH]LRQDUHµ/2&$/6+$5(¶HFDPELDUHGDµ)DOVH¶LQµ758(¶
6HTXHVWDRSHUD]LRQHQRQYLHQHHIIHWWXDWDDOODSULPDHVHFX]LRQHGL *DOLOHR17DSSDUHDYLGHRXQPHVVDJJLRFKH
LQGLFKHUjLOPDQFDWRVHWWLQJGHO³/RFDO6KDUH´
,,,
&RQILJXUD]LRQH³5HJLRQDO6HWWLQJV´µ'$7$¶
3HUXQDJHVWLRQHSLVLFXUDGHLGDWDEDVHGHOVLVWHPD *DOLOHR17qQHFHVVDULRLPSRVWDUHODQFLDQGRLOILOH
%'($'0,1(;(LOFRPDQGR)285',*,7<($5D758(6HJXLUHODSURFHGXUDXWLOL]]DQGRODILJXUDVHJXHQWH
'RSRDYHUFRQWUROODWRO¶HVDWWR VHWWLQJGHO³)285',*,7<($5´DSULUHLO³3DQQHOORGL&RQWUROOR´GL:LQGRZVH
VHOH]LRQDQGR³,PSRVWD]LRQL,QWHUQD]LRQDOL´FRQWUROODUHFKH LOWLSRGL GDWDGHOO¶DQQRLPSRVWDWDVLDGLTXDWWURFLIUHFRPHLQ
ILJXUDVHJXHQWH >JJPPDDDD@
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
6HODVHTXHQ]DQRQIRVVHLPSRVWDWDFRUUHWWDPHQWHDOO¶DYYLRGL*$/17TXDQGRVLFHUFKHUjGLFDPELDUHXQTXDOVLDVL
³'DWR3D]LHQWH´DYUHPRXQPHVVDJJLRGLHUURUHFRPHLQILJXUD
,9
&RQWUROORLPSRVWD]LRQL&'5200DVWHU'ULYHU 2SWLRQDO
'RSRO¶LQVWDOOD]LRQHGLXQTXDOVLDVLSURJUDPPDWLSR2IILFH¶qQHFHVVDULRFRQWUROODUHFKHLOGULYHUGHO 0DVWHUL]]DWRUH
&'520QRQVLDFRQILJXUDWRFRQO¶RS]LRQH³1RWLILFDLQVHULPHQWRDXWRPDWLFR´
3HUYHULILFDUHIDUHULIHULPHQWRDOODILJXUDVHJXHQWH
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
&$3,72/2,9ƒ&RQILJXUD]LRQH*$/,/(217
3UHPHVVD
/DFRQILJXUD]LRQHGLXQVLVWHPD*$/,/(217GHYHHVVHUHHVHJXLWDVRORGDSHUVRQDOHHVSHUWR
,SDUDPHWULGLFRQILJXUD]LRQHYHQJRQRVDOYDWLQHL ILOHV*$/17,1,H9,'(2((*,1,3HUFDPELDUHYDORUHDLSDUDPHWULGL
FRQILJXUD]LRQHVLGHYHXWLOL]]DUHLOSURJUDPPD *DO17&)*(;( ODSDVVZRUGGLDFFHVVRqHXURSD ,OILOH*$/17&)*(;(qSUHVHQWHQHOODGLUHFWRU\GL87,/,7<GL*$/17
,
0HQX³6\VWHP´3DUDPHWULJHQHUDOL
6HOH]LRQDUHLO0HQX³ 6\VWHP´,PSRVWD]LRQLJHQHUDOLGHOVLVWHPDTXDOLODOLQJXDVHOH]LRQDWDLOQRPHGHOODUHWHLO/LYHOOR
GL(UURUHHODORFD]LRQHGHO 5HSRUWVWDQGDUG
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
,,
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
0HQX³+DUGZDUH³&RQILJXUD]LRQHGHOO¶KDUGZDUHSHUODDFTXLVL]LRQHGHOVHJQDOH
6HLOWLSRGLVLVWHPDKDXQGLVSRVLWLYRGLDFTXLVL]LRQHVHOH]LRQDUHLOFRUUHWWRWLSRGLµ +HDGER[HV¶VHLOVLVWHPDQRQKD
QHVVXQ GLVSRVLWLYR GL DFTXLVL]LRQH PD KD FRQQHVVR XQD SHULIHULFD VFULYHQWH VHOH]LRQDUH LO WLSR GL µ $QDORJ 2XWSXW¶
UHODWLYR
5HODWLYDPHQWH DGRJQLGLVSRVLWLYR FRUULVSRQGHUj XQD6XEGLUHFWRU\GHOODGLUHFWRU\GLLQVWDOOD]LRQHFRQORVWHVVRQRPH
FRQWHQHQWHLYDULPRQWDJJL HSUHVHW (VHPSLR&?*$/17?;7
/H GLUHFWRULHV UHODWLYH DL GLVSRVLWLYL KDUGZDUH YHQJRQR FUHDWH LQ IDVH GL LQVWDOOD]LRQH ,Q TXHVWD IDVH q VXIILFLHQWH
FRQWUROODUQHO¶HVLVWHQ]DSULPDGLDWWLYDUHXQGLVSRVLWLYR
6HVLYXROHFRQQHWWHUHOH8VFLWHDQDORJLFKHDGXQSROLJUDIRWUDGL]LRQDOHVHOH]LRQDUHµ18//35,17(5¶
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
0HQX³'DWDEDVH³&RQILJXUD]LRQHGHL'DWDEDVHGHOODVWD]LRQHHGHOVLVWHPD
,,,
,GDWDEDVHYHQJRQRXWLOL]]DWLGD*$/,/(217DWWUDYHUVRµDOLDV¶/DFUHD]LRQHGHJOLDOLDVGHYHHVVHUHIDWWDGDO
SURJUDPPDGLFRQILJXUD]LRQH*$/17&)*(;(VRORSHU PDSSDUH XQ$OLDV9,'(2VLGRYUjVXFFHVVLYDPHQWH
XWLOL]]DUHLO%'(DGPLQ O¶HVHPSLRUHODWLYRYHUUjGHVFULWWRLQXQSDUDJUDIRDSDUWH 2OWUHDOODFUHD]LRQH GHOO¶DOLDVLO
SURJUDPPDGLFRQILJXUD]LRQHVLSUHQGHFDULFRGLSUHGLVSRUUHOHGLUHFWRU\FRUUHWWHHGL LQL]LDOL]]DUOHFRQXQGDWDEDVH
YXRWR
x ,VLVWHPLFKHHVFRQRGDOODQRVWUDSURGX]LRQHKDQQRJLjFRQILJXUDWRXQ'DWDEDVHVXOTXDOHVLHIIHWWXDQROHSURYHGL
WHVWQRUPDOPHQWHTXHVWR'DWDEDVHKDORVWHVVRQRPHGHOµQXPHURGLVHULH¶GHOODVWD]LRQH
x (VHPSLRGLHGLWLQJ'DWDEDVH
'DWDEDVHORFDOH
$OO¶LQWHUQRGHOODGLU&?'$7$%$6(JLjHVLVWHQWH FUHDUHXQDQXRYDGLUHFWRU\ DGHVHPSLR(%1(852 6XFFHVVLYDPHQWH SHU FUHDUH XQ QXRYR GDWDEDVH q VXIILFLHQWHODQFLDUH &$/17&)*(;( VHOH]LRQDUH LO WLSR GL
'DWDEDVHGDFUHDUH ³ /RFDO %DFNXS´ VHOH]LRQDUH³1HZ´VFULYHUHLOQRPHQHOODFDVHOOD $OLDVXJXDOHDOQRPHGHOOD
GLUHFWRU\SUHFHGHQWHPHQWHFUHDWDVHOH]LRQDUHFRQLOSXOVDQWHDODWRGHOODFDVHOOD³ SDWK´LOSHUFRUVRFRUUHWWR9DLQILQH
DWWLYDWR³:ULWH'LUHFW´
$OWHUPLQHGHOOHRSHUD]LRQLGLLPSRVWD]LRQHGHLSDUDPHWULVLVHOH]LRQD³ $SSO\´DXWRPDWLFDPHQWHLOILOHGLFRQILJXUD]LRQH
SUHGLVSRQHLOQXRYR'DWDEDVHLQPRGRFKHDOO¶DYYLRGL*$/17VLDDWWLYR 6DYHSHUXVFLUHGD*$/17&)*(;(
'DWDEDVHGLEDFNXS
6LSURFHGHFRPHSHUODFUHD]LRQHGLXQGDWDEDVHORFDOHVHQ]DSHUzFUHDUHODGLUHFWRU\8QGDWDEDVHGLEDFNXSLQIDWWL
SXzHVVHUHYLVWRDWXWWLJOLHIIHWWLFRPHXQGDWDEDVHORFDOH
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
$ GLIIHUHQ]D GL XQ GDWDEDVH ORFDOH ELVRJQD DWWLYDUH ³%DFNXS 'ULYH ³ ,QROWUH ³:ULWH GLUHFW´ YD DWWLYDWR VROR LQ FDVR GL
GLVSRVLWLYLDVFULWWXUDGLUHWWD HV'9'H 0DJQHWR2WWLFL 3HU L GLVSRVLWLYL VX FXL QRQ q SRVVLELOH VFULYHUH GLUHWWDPHQWH HV &' :ULWHUV FRPH SULPD RSHUD]LRQH q QHFHVVDULR
FUHDUHHLPSRVWDUHXQDGLUHFWRU\GLWUDQVLWR VROLWDPHQWH;?%DFNXSFRQ;GLVFRRSDUWL]LRQHXWLOL]]DWRVRORFRPHDUHD
GLWUDQVLWR HGHYHQWXDOPHQWHXQDGLPHQVLRQHLQ0% QHOFDVRGL&' ZULWHUVROLWDPHQWH 1HOFDVRODGLPHQVLRQH
QRQYHQJDVSHFLILFDWD YDORUH LOSURJUDPPD*$/17VLSUHRFFXSDGLGHWHUPLQDUHORVSD]LROLEHUR
3HULGLVSRVLWLYLVHJXHQWLVLFRQVLJOLDGLLPSRVWDUHVHPSUHLVHJXHQWL$OLDV
&'520R&':5,7(5
$OLDV&'520
'9'
$OLDV'9'
0DJQHWR2WWLFR
$OLDV5(029$%/(
'DWDEDVHGLUHWH
3HU PDSSDUH XQ GDWDEDVH GL UHWH q VXIILFLHQWH VHOH]LRQDUH LO WLSR GL 'DWDEDVH GD FUHDUH ³1HWZRUN´ H VHOH]LRQDUH
³1HZ´,OQRPHQHOODFDVHOOD $OLDVGHYHHVVHUHXJXDOHDOQRPHDVVHJQDWRDOGDWDEDVHFRPHLPSRVWDWRVXOODPDFFKLQD
VXFXLULVLHGHILVLFDPHQWHLOGDWDEDVH6HOH]LRQDUHTXLQGLFRQLOSXOVDQWHDODWRGHOODFDVHOOD³ SDWK´LOSHUFRUVRFRUUHWWR
9DLQILQHDWWLYDWR³:ULWH'LUHFW´QHOFDVRVLYRJOLDQRIDUHWUDVIHULPHQWLGLGDWLVXTXHVWRGDWDEDVH
1DWXUDOPHQWHWXWWLLGDWDEDVHVHOH]LRQDWLLQTXHVWDVH]LRQHGHYRQRHVVHUHSUHFHGHQWHPHQWHµ&21',9,6,¶LQ
OHWWXUDHVFULWWXUDVXOOHVWD]LRQLGRYHVRQRILVLFDPHQWHLQVWDOODWL
$OWHUPLQHGHOOHRSHUD]LRQLGLLPSRVWD]LRQHGHLSDUDPHWULVLVHOH]LRQD³ $SSO\´DXWRPDWLFDPHQWHLOILOHGLFRQILJXUD]LRQH
SUHGLVSRQHLOQXRYR'DWDEDVHLQPRGRFKHDOO¶DYYLRGL*$/17VLDDWWLYR 6DYHSHUXVFLUHGD*$/17&)*(;(
ÊDQFKHSRVVLELOHFDQFHOODUHXQ$OLDVFRQLOERWWRQH³ 'HOHWH´4XHVWDRSHUD]LRQHFRQVLVWHVRORQHOODFDQFHOOD]LRQHGHL
SDUDPHWULGLFRQILJXUD]LRQHHQRQQHOODFDQFHOOD]LRQHGHOGDWDEDVHHGHLGDWLGDOGLVFR
,9
0HQX0RQLWRU
9
0HQX*UDSKLFV
4XHVWR0HQXFLFRQVHQWHGLGHWHUPLQDUHODFRUUHWWDLPSRVWD]LRQHGHOODSUHVHQWD]LRQHGLXQWUDFFLDWR '((*VXO
PRQLWRULQXVR
&RPHGDILJXUDVLKDQQRGXHGLYHUVHRSSRUWXQLWj/DSULPDqXQFDOFRORDXWRPDWLFRGHOOHELVHWWULFLGHOPRQLWRU/D
VHFRQGDFLFRQVHQWHGLPLVXUDUHOHELVHWWULFLGHOPRQLWRUHGLPSRVWDUHLOYDORUH ;H<
4XHVWDVH]LRQHGLFRQILJXUD]LRQHQRUPDOPHQWHDGRJJLQRQYLHQHYDULDWDLQTXDQWRLSDUDPHWULLPSRVWDWLVRQR
RWWLPL]]DWLSHUUHQGHUHDOPHJOLROHSUHVWD]LRQLGHOVLVWHPD
/¶XQLFRSDUDPHWURGDFRQWUROODUHHGHYHQWXDOPHQWHYDULDUHqLOQXPHUR³ 0LQ(OHFWURGHV´
4XHVWRSDUDPHWURqUHODWLYRDOODJHVWLRQHGHOQXPHURGLHOHWWURGLXWLOL]]DWLSHUFDOFRODUHOH0DSSHSHUFXLqFRQVLJOLDELOH
DYHUHDOPHQRHOHWWURGLDWWLYLSHUHIIHWWXDUHXQVHULRFDOFROR
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
9,
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
0HQX,PSRUW([SRUW
4XHVWDIXQ]LRQHFLSHUPHWWHGLLPSRVWDUHLµ 3DWK¶GLSHUFRUVRXWLOL]]DWLSHUHIIHWWXDUHXQµ([SRUW¶RGXQµ,PSRUW¶GLUHWWRWUD
GXHVLVWHPL*$/17GLVWDQWLWUDORUR7DOHFRQQHVVLRQHSXzHVVHUHHIIHWWXDWDWUDPLWH0RGHPRWUDPLWHXQDUHWH
3HUSULPRVHWWLQJGREELDPRIDUSXQWDUH VXOODVWD]LRQHULFHYHQWH LO 3DWKGHOOD&DUWHOODVXOODTXDOHVLVFDULFKHUDQQRL
GDWLULFHYXWL>,PSRUWSDWK @
0HQWUH VXOODVWD]LRQH(PLWWHQWH LO 3DWKGHOOD&DUWHOODGDOODTXDOHVLVFDULFKHUDQQRLGDWLGDLQYLDUH
>([SRUWSDWK @
6XOODVWD]LRQHWUDVPLWWHQWHGHYHHVVHUHFUHDWRXQFROOHJDPHQWRGLDFFHVVRUHPRWRLQ³5LVRUVHGHO&RPSXWHU´PHQX³
$FFHVVRUHPRWR´µ&UHDQXRYR¶QHOTXDOHDQGUDQQRLPSRVWDWLLGDWLGHOULFHYLWRUH 0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
&$3,72/29ƒ&RQILJXUD]LRQHVLVWHPDDFTXLVL]LRQH9,'(2((*
$GLIIHUHQ]DGLXQDFRQILJXUD]LRQHGLVLVWHPDSHUDFTXLVL]LRQLGLWUDFFH'(**RG(3GRYHODFRQILJXUD]LRQHGHL ILOHVGL
VLVWHPDYLHQHHIIHWWXDWDGLUHWWDPHQWHFRQLO*$/17&)*H[HODSUHSDUD]LRQHGLXQDSSDUDWRFRQ9,'(2',*,7$/(
SUHVXSSRQHXQDDWWHQWDFRQILJXUD]LRQHPDQXDOH
,QTXHVWRFDSLWRORFHUFKHUHPRGLUHQGHUHSLFKLDURSRVVLELOHODFRQILJXUD]LRQHGLWXWWLLSDUDPHWULGLODYRUR
,
+DUGZDUH
,QVWDOOD]LRQHVFKHGD0,52¶9LGHR'&3OXV ,QVHULUHODVFKHGDLQXQDVORW3&,OLEHUDGHO&RPSXWHU 4XDQGR
DXWRPDWLFDPHQWH:LQGRZV¶YHGHLOQXRYRGLVSRVLWLYR+DUGZDUHVHOH]LRQDUH³DQQXOOD´
,QVHULUHLO&'520'&3OXVQHOO¶DSSRVLWRGULYHUHGD ³5LVRUVHGHOFRPSXWHU´ HIIHWWXDUHODLQVWDOOD]LRQHJXLGDWD
&RQQHWWHUHLOFDYR%1&±5&$WUDO¶LQJUHVVRYLGHRGHOODVFKHGD0LUzHO¶XVFLWDYLGHRGHOODWHOHFDPHUD
&RQQHWWHUH VHSUHVHQWH LOEUDQGHJJLRDOO¶REELHWWLYRGHOODWHOHFDPHUD
x
3ULPDGLHIIHWWXDUHODFRQILJXUD]LRQHGHOODVFKHGDYLGHRqQHFHVVDULRFRQWUROODUHFKHOD,PSRVWD]LRQLGHOYLGHR
VLDQRFRQJUXHDOQRVWURELVRJQR9HGHUHILJXUDVXFFHVVLYD
x &RQILJXUD]LRQHVFKHGD9LGHR0LUz
6HOH]LRQDUHQHOPHQGL$YYLR 6WDUW ³3URJUDPPL´³6WXGLR'&3OXV´³ 7RROV´³9LGHR&DS´
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
6HOH]LRQDUH³2SWLRQ´HIDFHQGRULIHULPHQWRDOODVHJXHQWHILJXUD VHWWDUHLSDUDPHWULLQPRGRGLDYHUHFLUFD*ERUD
&RQXQUDSSRUWRIUDPH GLFLUFD H O¶2YHUOD\DELOLWDWR &RQWUROODUHFKH³9HUWLFDO´VLDPDUFDWRFRPH³ 2QH
)LHOG´
(¶SRVVLELOHFKHWDOLSDUDPHWULGL VHWWLQJVVLDQRYDULDWLVHFRQGRLOWLSRGLVFKHGDYLGHRXWLOL]]DWD
,,
,QVWDOOD]LRQHVFKHGD6281'%/$67(53&,
,QVHULUHODVFKHGDLQXQDVORW3&,OLEHUDGHOFRPSXWHU
4XDQGRDXWRPDWLFDPHQWH:LQGRZV¶YHGHLOQXRYRGLVSRVLWLYR+DUGZDUHVHOH]LRQDUH³DQQXOOD´
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
'DULVRUVHGHOFRPSXWHULQVHULUHLO&'520 6RXQG3&,HGHIIHWWXDUHODLQVWDOOD]LRQHJXLGDWD
5LDYYLDUHLOFRPSXWHUHWHUPLQDUHO¶LQVWDOOD]LRQH
(GLWDUHLOILOH9,'(2((*,1,HGDOODVH]LRQH³5HFRUG´SRUUH³$XGLR&DS ´
>5HFRUG@
2YHUOD\ 'UY,QGH[ )UDPHV 4XDOLW\ .H\)UDPH(YHU\ 'URS(UURU3HUF $XGLR&DS 0LQ)LOH6L]H0% 0D[6HF3HU)LOH 6OHHS7LPH 0D[6OHHSV 2IIVHW 0LQ)UHH'LVN6SDFH >$XGLR@
Q&KDQQHOV Q6DPSOHV3HU6HF :%LWV3HU6DPSOH /DOLQHDUHODWLYDDG$XGLR&DS HODVH]LRQH>$XGLR@ VRQRDGLSDUDPHWULGL VHWWLQJGHOODVFKHGDDXGLR
,,,&RQILJXUD]LRQH$OLDV9,'(2
$SULUHLOILOH9,'(2'((*,1,HGQHOODVH]LRQH >'HYLFH@ HGLWDUHLOQRPHGHOSULPR GHYLFH 'HYLFH 'HYLFH 9,'(2B' VHYRJOLDPRFKHLILOHVYLGHRVLDQRVFULWWL VXOO¶+'''
'HYLFH $OLDV9LGHR'
6DOYDUHLOILOH9,'(2((*,1,HODQFLDUHLO³ %'($GPLQLVWUDWRU´GD³SDQQHOORGL&RQWUROOR´
(IIHWWXDUHXQQXRYR'DWDEDVHFKHSUHQGHUjLOQRPHGLGHIDXOW³67$1'$5'´
5LQRPLQDUHLO'DWDEDVH³67$1'$5'´FRQORVWHVVRQRPHFKHDEELDPRLQVHULWRQHOILOH9,'(2((*,1,DOODOLQHD³
'HYLFH QHOQRVWURHVHPSLRVDUj³9,'(2B'´ )DUSXQWDUHOD³SDWK´D'
8VFLUHHVDOYDUH
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
0(72'2',/$925$=,21(
&2',&( %0/
±352&('85$%$6(
5(9&
3DJ
$XWRPDWLFDPHQWHDOODSULPDDFTXLVL]LRQHGLXQWUDFFLDWR9,'(2'((*LOSURJUDPPD*$/17FUHHUjODFDUWHOODUHODWLYD
GRYHVDUDQQRPHPRUL]]DWLL ILOHV$9,UHODWLYLDOOD9,'(2'((*GLJLWDOH
4XLQGLDYUHPRVX'?XQDFDUWHOODFRQL ILOHVYLGHR $9, FKHSUHQGHUjDXWRPDWLFDPHQWHLOQRPHXJXDOHDTXHOORGHOOD
QRVWURDUFKLYLRGLHVHPSLRHFLRq³ 1(852´
&$3,72/29,ƒ+DOOH\173ULPD,QVWDOOD]LRQHH&RQILJXUD]LRQH
/DFRQQHVVLRQHGL+DOOH\17qHVWUHPDPHQWHVHPSOLFH
$QDOL]]DQGROHGXHFRPSRQHQWL+DUGZDUH FRQQHVVLRQL H6RIWZDUH DSSOLFD]LRQL VLHYLGHQ]LDTXDQWRVHJXH
,
+DUGZDUH
(IIHWWXDUHOHFRQQHVVLRQLFRQLOVLVWHPD FRPSXWHU VSHQWR9HGLILJXUDVHJXHQWH
&RQQHWWHUH3DO-GHOVHULDO 3DUDOOHO,62/$725
&RQQHWWHUH3DO³)LEHU2SWLF&RQQHFWLRQ´
&RQQHWWHUH3DOOD3RUWD0RXVHGHOFRPSXWHU
&RQQHWWHUHLOFDYRGD3DOFRQQHWWRUH 3DUDOOHOGHOFRPSXWHU
&RQQHWWHUH3DOFRQQHWWRUH36GHO0RXVH
&RQQHWWHUH3DOFRQQHWWRUH-GHOVHULDO 3DUDOOHO,62/$725
&RQQHWWHUHO¶+DOOH\ PXQLWRGLEDWWHULHLQWHUQH DOFRQQHWWRUH3
&RQWUROODUHFKHODSRUWD3DUDOOHODGHOFRPSXWHUVLDVHOH]LRQDWDLQ(&30RGH
&KHLO)LUPZDUHGHOO¶+DOOH\VLDODYHUVLRQHRVXSHULRUH
$FFHQGHUHQXRYDPHQWHLOFRPSXWHU
&RQWUROODUHFKHOD)ODVK &DUGVLDLQVHULWDQHOGULYHUH YLVWD GDOFRPSXWHUSUHQGHUHQRWDGHOGLVSRVLWLYRDVVHJQDWR
&RQWUROODUHFKHVXOGLVSOD\GHOO¶+DOOH\LOPHVVDJJLRVLD³ /LQN2Q´
,
62)7:$5(
/DUHOHDVH*DO17FRQWLHQHDOVXRLQWHUQRWXWWLL ILOHVQHFHVVDULDOFRUUHWWRIXQ]LRQDPHQWR GHOO¶+DOOH\17
&RQILJXUD]LRQHVRIWZDUHHFROOHJDPHQWRD)FDUG(;(
3URFHGHUHQHOVHJXHQWHPRGR
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
i &RQLO*$/17*)*VH]LRQH+DUGZDUHVHOH]LRQDUHLOWLSRGL +HDGER[HVFRUUHWWR HV+$//(<
i &UHDUHXQQXRYR'DWDEDVHFRQ$OLDV ³+$//(<&$5'³VHJXHQGRODSURFHGXUD &DS,,3DU i $WWHQ]LRQH4XHVWRQXRYR$OLDVVHUYLUj62/2SHUULOHJJHUHOD)/$6+&$5'GRSRODUHJLVWUD]LRQH
6HOH]LRQDUHLOSHUFRUVRFRUUHWWR
i 'RSRDYHUFUHDWRLOQXRYR$OLDVHFRQILJXUDWRFRUUHWWDPHQWHO¶+DUGZDUHqQHFHVVDULR LQL]LDOL]]DUHOD)ODVK&DUG
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32
'(6&5,=,21(,QVWDOOD]LRQHH&RQILJXUD]LRQH
+:H6:6LVWHPL*$/17
±352&('85$%$6(
i )DUHXQFROOHJDPHQWRDOO¶HVHJXLELOH +FDUGH[H
&DSLWROR9,,ƒ
0(72'2',/$925$=,21(
&2',&( %0/
5(9&
3DJ
HSRUWDUORVXO'HVNWRS
(VHPSLRGLSHUVRQDOL]]D]LRQH5HSRUW 7UDFFLDWRH3D]LHQWH
'LGHIDXOWLQ*$/17HVLVWHXQ 5HSRUWVWDQGDUGUHODWLYR $DO5HIHUWR3D]LHQWH DQDPQHVL H5HIHUWR7UDFFLDWR
6HVLGHVLGHUDSHUVRQDOL]]DUHXQ UHSRUWVLSXzHVHJXLUHXQDSURFHGXUDFRPHTXHOODDGHVHPSLRULSRUWDWDVRWWR
,
5(325775$&&,$72
,Q5LVRUVHGHO&RPSXWHUVHOH]LRQDUHLOILOH 75$&(57) SHU:,1:25' FKHVLWURYDQHOOD'LUHFWRU\&?*$/17
$SULUORHPRGLILFDUOR VHFRQGRLOSURSULRVWDQGDUG
$77(1=,21($12102',),&$5(/(6(=,21,&21«
8VFLUHVDOYDQGRLOILOH
6HLQYHFHGL:,1:25'VLKD :25'3$'LOILOHGDPRGLILFDUHVDUjORVWHVVR75$&(57)
,,
5(32573$=,(17(
,Q5LVRUVHGHO&RPSXWHUVHOH]LRQDUHLOILOH3$7,(1757) SHU:,1:25' FKHVLWURYDQHOOD'LUHFWRU\&?*$/17
$SULUORHPRGLILFDUORVHFRQGRLOSURSULRVWDQGDUG
$77(1=,21($12102',),&$5(/(6(=,21,&21«
8VFLUHVDOYDQGRLOILOH
6HLQYHFHGL:,1:25'VLKD :25'3$'LOILOHGDPRGLILFDUHVDUjORVWHVVR75$&(57)
,,,
08/7,5(3257
6HVLKDODQHFHVVLWjGLGLYHUVLILFDUHLO 5HSRUWSD]LHQWHHRLO 5HSRUW7UDFFHLQPRGRFKHDOSULPRµHGLWLQJ¶GHOORVWHVVR
LQYHFHGLDSULUQHXQR HVHPSUHORVWHVVR VLSRVVDDYHUHODSRVVLELOLWjGLVFHJOLHUHWUDGLYHUVLPRGHOOLVLHIIHWWXDOD
VHJXHQWHSURFHGXUD
,Q5LVRUVHGHO&RPSXWHUVHOH]LRQDUHLOILOH3$7,(1757) SHU:,1:25' FKHVLWURYDQHOOD'LUHFWRU\&?*$/17
6LDSUHHVLPRGLILFDDSLDFHUHDYHQGRSUHPXUDGLVDOYDUORFRQXQQRPHGLYHUVR HVHPSLR3,33257) 6LDSUHQXRYDPHQWHLOILOH3$7,(1757)HGRSRDYHUORPRGLILFDWRVLVDOYDFRQXQDOWURGLYHUVRQRPH HVHPSLR
3/87257) 6XFFHVVLYDPHQWHVLHOLPLQDLOILOH3$7,(1757)GDOOD'LUHFWRU\&?*$/17
4XDQGRVLFUHHUjXQQXRYR5(32573D]LHQWHFLYHUUDQQRSUHVHQWDWL3,33257)H3/87257)
6WHVVRSURFHGLPHQWRYDOHSHULO 5HSRUW7UDFFLDWR
0RGXOR(%1HXUR%0$UHY$>0RG0/B$GRW@
ULI32