,/ 0(5&$72 e $/7$/(1$17( /$ 78$ &('2/$ 12 3UDPHULFD )LQDQFLDO q LO PDUFKLR XWLOL]]DWR GD 3UXGHQWLDO )LQDQFLDO ,QF 86$ LQ GHWHUPLQDWL 3DHVL DO GL IXRUL GHJOL 6WDWL 8QLWL H QRQ KD DOFXQ OHJDPH FRQ 3UXGHQWLDO 3OF VRFLHWj FRQ VHGH QHO 5HJQR 8QLWR $YYHUWHQ]D SULPD GHOO¶DGHVLRQH OHJJHUH LO 3URVSHWWR GLVSRQLELOH VXO VLWR LQWHUQHW ZZZXELSUDPHULFDLW H SUHVVR L VRJJHWWL FROORFDWRUL LQ ,WDOLD QRPLQDWL GDOOD VLFDY 8%, 3UDPHULFD q LO GLVWULEXWRUH SULQFLSDOH GL 8%, 6,&$9LQ ,WDOLD 8%, 35$0(5,&$ 8%, 3UDPHULFD 6*5 q OD VRFLHWj GL JHVWLRQH GHO ULVSDUPLR GHO *UXSSR 8%, %DQFD SUHVHQWH VXO PHUFDWR LWDOLDQR GDO JHQQDLR 2ELHWWLYR GL 8%, 3UDPHULFD q FUHDUH YDORUH LQWHJUDQGR OH FRPSHWHQ]H ORFDOL FRQ XQ¶HVSHULHQ]D JOREDOH SHU SURWHJJHUH H LQFUHPHQWDUH OD ULFFKH]]D GHL SURSUL FOLHQWL $ WDOH VFRSR YHQJRQR RIIHUWL SURGRWWL GL ULVSDUPLR JHVWLWR FRPSUHVL LQ XQ¶DUWLFRODWD H ULFFD RIIHUWD GL VROX]LRQL GL LQYHVWLPHQWR GDOOH JHVWLRQL SDWULPRQLDOL LQ WLWROL H IRQGL DG XQ¶DPSLD JDPPD GL IRQGL FRPXQL GL LQYHVWLPHQWR XQD VLFDY OXVVHPEXUJKHVH ROWUH DOOD JHVWLRQH GL PDQGDWL SHU OD FOLHQWHOD LVWLWX]LRQDOH $I¿GDUVL D 8%, 3UDPHULFD 6*5 VLJQL¿FD FRQWDUH VXOOD IRU]D GL XQD VRFLHWj FKH JUD]LH DOOD MRLQW YHQWXUH UHDOL]]DWD FRQ 3UDPHULFD )LQDQFLDO VL DYYDOH GHOOD SURIHVVLRQDOLWj HG HVSHULHQ]D GL XQ SDUWQHU DWWLYR GD ROWUH DQQL QHO ULVSDUPLR JHVWLWR H GHO *UXSSR 8%, %DQFD XQD GHOOH PDJJLRUL UHDOWj GHO VHWWRUH FUHGLWL]LR LWDOLDQR FRQ FLUFD ¿OLDOL SL OD UHWH GHL 3URPRWRUL )LQDQ]LDUL COM_UBI_530 &('2/$ &(57$ 3(5&+e 6&(*/,(5( 8%, 6,&$9 &('2/$ &(57$ Ƈ &RQWHQLPHQWR GHO ULVFKLR /¶RUL]]RQWH WHPSRUDOH GL LQYHVWLPHQWR SUHGHILQLWR GL FLQTXH DQQL FRQVHQWH XQD JHVWLRQH RWWLPDOH GHJOL LQYHVWLPHQWL FRQ LO FRQWHQLPHQWR GHL ULVFKL FROOHJDWL DOOD YDULD]LRQH GHL WDVVL GL LQWHUHVVH Ƈ $PSLD GLYHUVLILFD]LRQH ,O FRPSDUWR SUHYHGH XQD ULJRURVD VHOH]LRQH TXDOLWDWLYD GL WLWROL GHO PHUFDWR REEOLJD]LRQDULR FKH SHUPHWWH OD PDVVLPD GLYHUVLILFD]LRQH PLQLPL]]DQGR LO ULVFKLR ULVSHWWR DOO¶DFTXLVWR GL XQ VLQJROR WLWROR 'RSR DQQL VL WUDVIRUPD LQ XQ FRPSDUWR GL OLTXLGLWj DG DFFXPXOD]LRQH GHL SURYHQWL Ƈ 0RQLWRUDJJLR FRQWLQXR ,O FRPSDUWR q FRVWDQWHPHQWH PRQLWRUDWR H JHVWLWR LQ FRHUHQ]D FRQ JOL RELHWWLYL GHILQLWL Ƈ $OWD FRPSHWHQ]D GHL JHVWRUL 8%, 3UDPHULFD q XQD SULPDULD VRFLHWj QHO PRQGR GHO ULVSDUPLR JHVWLWR LWDOLDQR H RIIUH XQ VHUYL]LR GL JHVWLRQH DOWDPHQWH TXDOLILFDWR FRPH FRQIHUPDQR L QXPHURVL ULFRQRVFLPHQWL RWWHQXWL Ƈ $FFHVVLELOLWj /¶LQYHVWLPHQWR PLQLPR q SDUL D HXUR 8%,6,&$9 &('2/$ &(57$ 3(5 $11, 8%, 6,&$9 &HGROD &HUWD q XQ FRPSDUWR LQ RIIHUWD OLPLWDWD QHO WHPSR ,Q FRQFUHWR SUHYHGH OD GLVWULEX]LRQH SHU L SULPL DQQL GL XQD FHGROD PLQLPD GHO SHU SRL WUDVIRUPDUVL GRSR LO TXLQWR DQQR LQ XQ FRPSDUWR PRQHWDULR 8QD VROX]LRQH FKH SHUPHWWH GL RIIULUH DJOL LQYHVWLWRUL XQ ÀXVVR FHGRODUH FRVWDQWH SHU L SULPL DQQL LQGLSHQGHQWHPHQWH GDOOH RVFLOOD]LRQL GHL PHUFDWL
