Il proprietary deal flow (di Daniele Pilchard)
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Transcript of Il proprietary deal flow (di Daniele Pilchard)
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7/21/2019 Il proprietary deal flow (di Daniele Pilchard)
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Cj rvervcgtnvs dgnj ajep
dc Dnocgjg Rcjlmnvd
lnrcteje g|tvntte dnj jcfve;
-|gleodn gdc{ceog; jw`jce 6221#
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6Cj rvervcgtnvs dgnj ajep
dc Dnocgjg Rcjlmnvd
Co ~wg|te lnrcteje |c lgvlmgv* rgv ~wnote re||cfcjg* dc tvndwvvg co leo|cdg(vn{ceoc hgtedeje`clmg jg|rgvcgo{n ergvntcqn |wj lnhre ogjjnttcqct dcvclgvln g |gjg{ceog dc errevtwoct dc coqg|tchgote* co rnvtclejnvg ogc leo(aveotc dgjjg hgdcg chrvg|g anhcjcnvc/
Ogj heode dgj rvcqntg g~wcts* cj tgvhcog dgnj ajep codcln cj ajw||e dcerrevtwoct dc coqg|tchgote lmg `cwo`eoe njjnttgo{ceog dgjjcoqg|tctevgnttvnqgv|e qnvc lnonjc* c ~wnjc dgqeoe g||gvg le|tnotghgotg njchgotntc dnwonttcqct dc hnvigtco` g evc`contceo deqg leotnoe hejte jn rveag||ceon(jct* jg|rgvcgo{n g jn vgtg dc leotnttc/ Rgv lehrvgodgvg jchrevtno{n dc tnjgn|rgtte* errevtwoe co rvche jwe`e dg|lvcqgvg jnvgon lehrgtctcqn ogjjn
~wnjg |c hweqeoe `jc coqg|tctevc c|tctw{ceonjc ogj lnrctnjg dc vc|lmce/
6/> Cj hgvlnte dgj rvcqntg g~wcts
Cj oweqe |lgonvce co lwc |c tveqnoe e``c n ergvnvg `jc cotgvhgdcnvc acono{cnvc jn vc|wjtnotg dc dcqgv|g aev{g dc lnhfcnhgote evc`contg|c dnjjn `jefnjc{({n{ceog dgc hgvlntc* dn`jc |qcjwrrc dgjjgleoehcn vgnjg g dnjjevcgotnhgotedgjjg nwtevct `eqgvontcqg g heogtnvcg qgv|e won rejctcln dc rve`vg||cqndgvg`ejnhgotn{ceog/ Co dwg dglgooc cj rvcqntg g~wcts* dn |ghrjclg lehrnv|ng n||gt ljn|| hnv`conjg* ghgv|e lehg woe dgc rvetn`eoc|tc dgc hgvlntcacono{cnvc g |c |tchn lmg nttwnjhgotg lcvln cj 62 rgv lgote co qnjevg dgjjgtvno|n{ceoc dc H!N |cnoe evc`contg dnj rvcqntg g~wcts/
Nolmg |g cj vcdchgo|ceonhgote dgjjcotgve lehrnvte dgjjg n{cgodg mc`m(tglm jg`ntg n Cotgvogt ogj 6222 g jn rc `gogvnjg lvc|c dgc hgvlntc fev|c|tclccotgvon{ceonjc ogj 622> nqgqn chre|te won rnw|n dc vcajg||ceog nolmg nj |gt(tevg dgj rvcqntg g~wcts* |grrwvg g||e |cn hgoe |go|cfcjg njjg qnvcn{ceoc leo(`cwotwvnjc dc fvgqg rgvcede g tvndc{ceonjhgotg rc jg`nte nc aeodnhgotnjcdgjjgleoehcn* og`jc wjtchc nooc je |teli dc lnrctnjc dc|reocfcjc rgv ergvn{ce(oc dc rvcqntg g~wcts nwhgotnte co hnocgvn ~wn|c g|reogo{cnjg/ Nj hehgote
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dgjjn vgqc|ceog dc ~wg|te lnrcteje -hnv{e 6221# jg |tchg qgdeoe cj 6227lehg wo nooe feeh rgv jn vnllejtn dc oweqc lnrctnjc -cj le|cddgtte awod vnc(|co`# rgv won |ehhn vglevd dc 61> hcjcnvdc dc dejjnvc n jcqgjje heodcnjg* dclwc 44 hcjcnvdc vnllejtc dn |ejc |gc hg`n(awod |wj tetnjg dc 403 oweqc aeodclgo|ctc>/ Tnjg agoehgoe* tvnconte dnj rvejcagvnvg dc qgclejc dc coqg|tchgotedcvgttc ~wnjc c aeodc lmcw|c* codcvgttc lehg c awod(ea(awod| g agoehgoe
rc vglgotg dnjjnaanllcnv|c |w ~wg|te hgvlnte nolmg dg`jc mgd`g awod* mnvclgqwte won |tvnevdconvcn |rcotn rverwj|cqn dnjjn redgve|n jc~wcdct rvg(|gotg |wc hgvlntc acono{cnvc g dnj |ghrvg hn``cevg cotgvg||g dn rnvtg dc aeo(dc rgo|ceog* fnolmg* n||clwvn{ceoc gll/ rgv jn||gt ljn|| vnrrvg|gotnte dnj
rvcqntg g~wcts/ Co rvg|go{n dc tn||c vgnjc rve||chc njje {gve rgv chrcg`mc nfn||e rveacje dc vc|lmce* tnjc coqg|tctevc c|tctw{ceonjc mnooe coanttc jg|c`go{ndc dcqgv|caclnvg jnjjeln{ceog dg`jc co`gotc revtnae jc co `g|tceog g |eoe njjnvclgvln dc |tvwhgotc cooeqntcqc rgv lehrevvg won `g|tceog lehrjg||n dc
revtnae`jce/ C vgodchgotc hejte |eddc|anlgotc lmg c hc`jcevc `g|tevc dc aeodclmcw|c mnooe |nrwte vgnjc{{nvg -cj le|cddgtte tvnli vglevd# mnooe coejtvgnwtenjchgotnte cj rvelg||e* vclmcnhnode jcotgvg||g dc oweqc coqg|tctevc c|tc(tw{ceonjc nttvnqgv|e cj jnolce co |wllg||ceog dc aeodc nqgotc dchgo|ceoc |gh(
rvg rc leo|c|tgotc/Rgv hg`jce lnvnttgvc{{nvg cj hgvlnte g jg dcqgv|g |rglcnjc{{n{ceoc dg`jc
ergvntevc coejtvg errevtwoe dc|tco`wgvg c ~wnttve rvcolcrnjc |gttevc dccotgvqgote dg`jc coqg|tctevc ogj lnrctnjg dc vc|lmce; jg ergvn{ceoc dc jgqgvn(
`gd fws(ewt* lce jg nl~wc|c{ceoc dgj leotvejje nttvnqgv|e jwtcjc{{e dgjjnjgqn acono{cnvcn -njjg ~wnjc |c |tchn |cnoe nttwnjhgotg dg|tcontc cj 17(02 rgvlgote dgc lnrctnjc dc|reocfcjc#* jg ergvn{ceoc dc g}rno|ceo -hcoevno{g#* cjqgotwvg lnrctnj -|tnvt(wr%gnvjs |tn`g# g jg vc|tvwttwvn{ceoc -twvonvewod%|rglcnj |ctwntceo|#/
Co Ctnjcn jn jc~wcdct dc|reocfcjg rgv coqg|tchgotc* dn rnvtg dgc |ejc aeodcctnjcnoc* gvn dc 4*3 hcjcnvdc dc gwve n acog 62276/ \g leo|cdgvcnhe nolmg caeodc rnogwvergc -lmg re||eoe dg|tconvg* |w fn|g errevtwoc|tcln* won~wetn dgj 7(>2 rgv lgote dgc lnrctnjc n coqg|tchgotc co Ctnjcn# g `jc coqg|tcte(vc lnrtcqg -rgv g|ghrce jg fnolmg#* jevdcog dc `vnodg{{n dgjjn jc~wcdctlehrjg||cqn retgo{cnjhgotg dc|reocfcjg dc >2 hcjcnvdc dc gwve -won |eh(hn lmg retvgffg jcgqctnvg acoe n 42 hcjcnvdc tgogode leote dgjjn jgqn
acono{cnvcn#/Co Gwvern ogj 6227 jnhheotnvg dc vc|ev|g coqg|tctg dn aeodc lmcw|c* hgv(
lmnot fnoi g acono{cnvcg dc rnvtglcrn{ceog co chrvg|g oeo ~wetntg mn vn`(`cwote cj vglevd dc 4< hcjcnvdc dc gwve -qgdc Tnf/ 6/># hgotvg |c vg`c|tvntn
6= TGLOCLMG DC RVCQNTG G^WCTS
> Aeotg; Rvcqntg G~wcts Cotgjjc`golg/6 Aeotg; NCAC RvclgPntgvmew|gLeergv|/
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won vcrvg|n* no{c wo qgve feeh dgj awod vnc|co` leo won vnllejtn vglevd dc73*7 hcjcnvdc dc gwve4/62> >2/4/33> >3/2=1
Avnolcn 4/033 7/=7> 6/2> 7/660
@gvhnocn >/144 6/721 >/>3> 6/4=> >/3=< //310
Ejnodn >/>37 >/066 6/276 >/236 /173
\qg{cn 146 >/41= 6/>7> >/2>7 >/166
Ctnjcn >/331 6/161 >/3/ 4>4 7 66> 6667 >>1 64= >1>
Nw|tvcn >00 >41 >14 >>< >66 >4>
Rejeocn >>3 >>= 61 >0 42 23 31
Cvjnodn 62> >27 12 677 40 1>
Vgr/ Lgln 43 < 7 62
@vglcn 11 47 63 61 7 7
\jeqnllmcn 0 < < < 7 4
C|jnodn >6 > 73/722 4 Rvcqntg g~wcts co Gwvern; vnllejtn g coqg|tchgotc og`jc nooc 6226* 622
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won |eqvnffeodno{n dc lnrctnjc vc|rgtte njjg errevtwoct dc coqg|tchgotecotgvg||notc gd gaagttcqnhgotg vgnjc{{nfcjc/ Rgvtnote jeaagvtn dc lnrctnjc vc(|lmcn dc notclcrnvg wo re tverre jn dehnodn* jn ~wnjg |tgotn n tvndwv|c dn
retgo{cnjg n gaagttcqn/ Jgllg||e dc eaagvtn* njchgotnte nolmg dnjjn dc|reocfc(jct dgjjg fnolmg n acono{cnvg ergvn{ceoc dc jgqgvn`gd fws(ewt leo hwjtcrjcDgft%GFCTDN |ghrvg rc n``vg||cqc -hgdcn gwvergn dc 7*1 qejtg jGFCTDNogj 6227 vc|rgtte n 4*1 ogj 6224 g nj hcoche dc 4*6 ogj 62264# |tn ~wcodc rve(
qelnode wo cogqctnfcjg gaagtte coajn{ceoc|tcle |wc rvg{{c dgjjg n{cgodg nl~wc(|ctg* lehg nrrnvg gqcdgotg ogj `vnacle dc Ac`/ 6/>/
Nolmg co Ctnjcn cj retgo{cnjg dgj rvcqntg g~wcts gjgqnte* co dcvgttn leo|g(`wgo{n dgjjn oglg||ct dc nllgjgvnvg je |qcjwrre cotgvon{ceonjg dgjjg n{cgo(dg anhcjcnvc g dc vc|ejqgvg* co ln|c avg~wgotc* rvefjghc dc vclnhfce `gogvn{ce(onjg e |ctwn{ceoc dc leoajctte tvn |elc/ Ogj oe|tve rng|g jn lwjtwvn acono{cnvcnnjjcotgvoe dgjjg n{cgodg co an|g dc vnrcdn gqejw{ceog g |c nqqcnte cj rve(
lg||e dc |go|cfcjc{{n{ceog dgjjn |tvwttwvn chrvgodctevcnjg qgv|e hedgjjc rc|chcjc n ~wgjjc dgc rng|c codw|tvcnjc nqno{ntc* leo rnvtclejnvg vcagvchgote n wovnrrevte rc g~wcjcfvnte tvn hg{{c rvervc g hg{{c dc tgv{c g njjg g|c`go{g dctvn|rnvgo{n lmg jnrgvtwvn nj hgvlnte lehrevtn* leo rnvtclejnvg vcagvchgo(te njjchrjghgotn{ceog dc |c|tghc dc levrevntg `eqgvonolg cdeogc nd n||clw(vnvg wo ndg`wnte leotvejje |wjjg nttcqct n{cgodnjc/
330 >33= >333 6222 622> 6226 622< 6224 6227
+ Gotgvrvc|g qnjwg%GFCTDN/
Aeotg;KR Hev`no
Ac`wvn 6/> Hgdcn dgc hwjtcrjc+ rgv tvno|n{ceoc JFE co Gwvern
4 Aeotg; \tnodnvd ! Reev|/
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Rgvhnog twttnqcn won lgvtn dcaacdgo{n dn rnvtg dgjjg n{cgodg n leodw({ceog anhcjcnvg ogjjnrvcvg cj lnrctnjg n |elc acono{cnvc/ Coanttc* tnote rc `jcchrvgodctevc qgdeoe co ~wg|tg ergvn{ceoc cj vc|lmce dc won rgvdctn dgj leo(tvejje g dgjjcdgotcacln{ceog leo jchrvg|n* tnote hgoe |ghfvnoe rvergo|cn jn|lcnv|c nqqclconvg dn gqgotwnjc coqg|tctevc lmg* nqgode jg|c`go{n dcheogtc{{nvg jcoqg|tchgote ogj hgdce rgvcede* reo`eoe nolmg rvglc|gleodc{ceoc leotvnttwnjc rgv cj dc|coqg|tchgote/ Nolmg |g `jc chrvgodctevcoeo mnooe `gogvnjhgotg won qc|ceog lmcnvn |wj vweje dg`jc ergvntevc dc
rvcqntg g~wcts g hnocag|tnoe won lgvtn dcaacdgo{n ogjjnqqclconvjc * le(hwo~wg dg|tcontn n lvg|lgvg jn dehnodn dc lnrctnjg dc vc|lmce g dc nllg|(|e nj hgvlnte dgc lnrctnjc dn rnvtg dgjjg chrvg|g rc dconhclmg g cooeqntc(
qg* leo cj leo|g`wgotg nhrjcnhgote dgjjg nttcqct g dgjjg errevtwoct rgv`jc cotgvhgdcnvc acono{cnvc* |cn co tgvhcoc dc |gvqc{c* |cn co tgvhcoc dc cotgv(
qgote dcvgtte ogj lnrctnjg/ Tnjg rvelg||e retv vg`c|tvnvg wonllgjgvn{ceog|g anqevcte nolmg dn won oevhntcqn ac|lnjg dg|tcontn n colgotcqnvg jn lnrc(tnjc{{n{ceog dgjjg chrvg|g/
Co tnjg |lgonvce* dg|tconte n dcqgotnvg |ghrvg rc lehrgtctcqe* lnvnttg(vc{{nte dn wo owhgve lvg|lgotg dc ergvntevc |ghrvg rc |rglcnjc{{ntc g dnjle|tnotg colvghgote dgjje |teli dc lnrctnjc dc|reocfcjc* wo gjghgote g|(|go{cnjg rgv cj |wllg||e jn lnrnlct dc |lewtco`* lce dc codcqcdwnvg jghc`jcevc errevtwoct dc coqg|tchgote rvchn lmg |cnoe qc|cfcjc nolmg dnjjnleolevvgo{n* gqctnode rgv ~wnote re||cfcjg jg n|tg lehrgtctcqg -rvelg(
dwvn dc qgodctn rc cdeogn njjg rvcqntc{{n{ceoc g njjg dc|hc||ceoc dn rnvtgdgc aeodc* hgotvg rvg|gotn leotvecodcln{ceoc |g je``gtte dgjjn lg||ceog won{cgodn anhcjcnvg#/
6/6 \lmghntc{{n{ceog dgj rvelg||e dc aconjc{{n{ceog dgj dgnj
Cj rvelg||e dc aconjc{{n{ceog dgj dgnj rw g||gvg cdgnjhgotg |lehre|te cotvg an|c;
evc`contceo chrjghgotntceo lje|co`
~wg|te* rgvnjtve* woe |lmghn wocqgv|njg* lmg rw g||gvg nrrjclnte |cn rgvnonjc{{nvg je |qej`chgote dc e`oc nttcqct rveag||ceonjg g chrvgodctevcnjglmg nffcn aconjct dc tcre gleoehcle* |cn rgv |lmghntc{{nvg ~wgc lehrevtn(hgotc vgjn{ceonjc lmg mnooe je |lere dc vn``cwo`gvg efcgttcqc dc tcre |elcnjg*
rejctcle gll/Jg tvg an|c ergvnoe nolmg won dc|tco{ceog dc tcre leolgttwnjg* wtcjg n dgac(
ocvg ~wnjc |eoe `jc nttg``cnhgotc rc cdeogc dn n||whgvg ogjjg qnvcg an|c dgjrvelg||e* n codcqcdwnvg jg nttctwdcoc lnvnttgvcnjc g jn qeln{ceog dgc |co`ejc
6 CJ RVERVCGTNVS DGNJ AJEP
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codcqcdwc/ Lnhfcnoe coanttc `jc nttg``cnhgotc g jg lnrnlct vclmcg|tg njqnvcnvg dgjjg tvg an|c;
n/ ogjjn an|g dc evc`contceo;
nttg``cnhgote lwvce|ct%dc|reocfcjct -lnrnlct; vgjn{ceonjc#
Codcqcdwnvg woerrevtwoct cotgvg||notg |gjg{ceonodejn tvn tnotg njtvg*tgotnvg jnrrvellce* qcolgvg jn dcaacdgo{n dgjjn leotvernvtg* anv|c nllgttn(vg* dc|tco`wgv|c* qcolgvg jn leolevvgo{n* anv | dc g||gvg |lgjtc* goantc{{n(vg c qnotn``c rgv jn leotvernvtg* `wndn`onvg jn |wn acdwlcn9
f/ ogjjn an|g dc chrjghgotntceo;
nttg``cnhgote lvctcle%rvwdgo{cnjg -lnrnlct; nonjctclmg#
\twdcnvg g qnjwtnvg jn leotvernvtg* ettgogvg rc coaevhn{ceoc re||cfcjc* co(twcvg jg |wg cotgo{ceoc* |twdcnvg c rwotc dc aev{n g dc dgfejg{{n* qnjwtnvg cj
rvervce retgvg leotvnttwnjg9
l/ ogjjn an|g dc lje|co`;
nttg``cnhgote og`e{cnjg -lnrnlct; og`e{cnjc#
G|revvg jg rvervcg g|c`go{g* anvg nllgttnvg njjn leotvernvtg jg rvervcg leo(dc{ceoc* hn||chc{{nvg cj vnrrevte fgogaclc%le|tc* anvg cj rvervce tevonleote/
Lnhfcnoe rgvtnote jg nttctwdcoc lnvnttgvcnjc g jg qeln{ceoc rveag||ceonjc lmg|c he|tvnoe rc ndnttg ogjjg qnvcg an|c dgj rvelg||e; njjn qeln{ceog lehhgv(lcnjg -jwehe dc hnvigtco`# |g`wg ~wgjjn nonjctcln -jnonjc|tn# g rec~wgjjn og`e{cnjg -cj og`e{cntevg#/
Tvndwlgode je |lmghn co tgvhcoc ev`noc{{ntcqc* co won rcllejn |tvwttwvn jn|tg||n rgv|eon oglg||nvcnhgotg dgqg vclervcvg nolmg leotghrevnogn(hgotg c tvg vwejc* hgotvg co won |tvwttwvn rc nhrcn |c retvgffg rgo|nvg nwon hn``cevg |g`hgotn{ceog g |rglcnjc{{n{ceog co fn|g njjg lnvnttgvc|tclmg
rveag||ceonjc g njjg nttctwdcoc lnvnttgvcnjc* co rnvtclejnvg rgv jn an|g dc evc`c(ontceo -vclgvln g |gjg{ceog dgjjg errevtwoct dc coqg|tchgote#/
Ogjjnttcqct dc hgvlmnot fnoico` wo fvnqe rveag||ceoc|tn dgqg lehwo(~wg |nrgv `g|tcvg leo lehrgtgo{n jg tvg an|c dgj rvelg||e* anlgode|c gqgo(twnjhgotg n||c|tgvg dn leo|wjgotc g|tgvoc ~wnode oglg||ctnoe rnvgvc |rglcn(jc|tclc -co rnvtclejnvg ogjjn an|g dc lje|co` codc|rgo|nfcjg jn||c|tgo{n dc wojg`njg rgv `jc n|rgttc leotvnttwnjc#/
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6/< Jn vclgvln dgjjg errevtwoct dc coqg|tchgote
Ogj |gttevg dg`jc coqg|tchgotc ogj lnrctnjg dc vc|lmce jevc`contceo* lce jnlvgn{ceog dc wo ajw||e le|tnotg dc errevtwoct dc coqg|tchgote* vnrrvg|gotnwo anttevg lmcnqg rgv nqqcnvg cj rvelg||e/
Co rnvtclejnvg ogjjn `g|tceog dc wo aeode lmcw|e jn an|g dc evc`contceo |cleolgotvn gd g|nwvc|lg ogc rvchc tvg(~wnttve nooc dc qctn dgj aeode -cj le|cd(dgtte coqg|thgot rgvced#/
Reclm jn lnttcqn |ghcon rvg`cwdcln cj fweo vnllejte nolmg |g jg leodc({ceoc ljchntclmg |eoe anqevgqejc* |etteqnjwtnvg jchrevtno{n dgjjevc`con(
tceo* |go{n dgdclnvg n ~wg|tn an|g ndg`wntg vc|ev|g rveag||ceonjc nqgotcnttctwdcoc g lehrgtgo{g |rglcaclmg leoacdnode |eje ogjjn vgtg dc leoe(|lgo{g g leotnttc g|tgvoc -e* rgv jcoqg|tctevg dc ghnon{ceog fnolnvcn* ogj(jn vgtg dc |revtgjjc g dc vnrrevtc lehhgvlcnjc leo jg n{cgodg ljcgotc dgjjnfnoln#* vc|lmcn dc lehrvehgttgvg oeo |eje jn ~wnotct* hn |ervnttwtte jn~wnjct g jg|ljw|cqct dgj dgnj ajep/
Coejtvg* ogj oe|tve rng|g nj leotvnvce lmg og`jc \tntc Woctc jg cogaac(lcgo{g coaevhntcqg |eoe nolevn gjgqntc||chg/
Hnolnode coanttc dgc vgagvgotc ontwvnjc rgv cj acono{cnhgote dgjjg ergvn({ceoc dc rvcqntg g~wcts* c rcllejc g hgdc chrvgodctevc* lmg rwvg nffcnoe |qc(jwrrnte dgjjg coc{cntcqg qnjcdg* rgv g|ghrce |ette cj rveacje tgloeje`cle edgjjcooeqn{ceog* oeo |nooe oevhnjhgotg n lmc vcqej`gv|c -gllg{ceo anttn
rgv je |revtgjje fnolnvce |ette ln|n# g ~wg|tn leodc{ceog dc rgv | |levn`(`cn jeaagvtn dc rve`gttc cooeqntcqc/
Co Ctnjcn* co rnvtclejnvg rgv ~wnote vc`wnvdn jg ergvn{ceoc dc rvcqntgg~wcts ogc leoaveotc dc hgdcg chrvg|g* oeo g|c|tg wo aevtg hgvlnte dgj(jH!N g |eoe rvntclnhgotg n||gotc leo|wjgotc g cotgvhgdcnvc |rglcnjc{{ntcco ~wg|te tcre dc ergvn{ceoc/
Rgvtnote `jc ergvntevc oeo re||eoe oevhnjhgotg leotnvg |w wo ajw||edc eaagv delwhgot| rveag||ceonjhgotg rvgdc|re|tc* leh coqglg leo|wg(twdcog ogc hgvlntc |tntwoctgo|g g no`je|n||eog* deqg ergvntevc dc H!N gcotgvhgdcnvc ~wnjcaclntc naacnolnoe g n||c|teoe jg n{cgodg ogjjgjnfevn{ce(og dgj fw|cog|| rjno g ogjjn rvgdc|re|c{ceog dgjjn delwhgotn{ceog |gleo(
de `jc |tnodnvd vclmcg|tc dn`jc coqg|tctevc acono{cnvc* anlcjctnode co tnj hedejcoleotve tvn dehnodn g eaagvtn/
Co Ctnjcn `jc coqg|tctevc co rvcqntg g~wcts dgqeoe rcwtte|te naacdnv|c njjglnrnlct dc evc`contceo cotgvog -cj le|cddgtte rvervcgtnvs dgnj ajep# g |qc(jwrrnvg won vgtg dc cotgvhgdcnvc%leo|wjgotc rcwtte|te coaevhnjg g dcqgv|c(aclntn* deqg oeo coleo|wgte nqgvg n lmg anvg leo hgdcntevc%|g`onjnte(vc rveag||ceonjhgotg rele ~wnjcaclntc* cotgvg||ntc n coln||nvg won leh(hc||ceog dc cotgvhgdcn{ceog* |go{n nrrevtnvg qnjevg n``cwote/
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7/21/2019 Il proprietary deal flow (di Daniele Pilchard)
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6/4 Jn `g|tceog dgjjg aeotc g|tgvog
Jg aeotc g|tgvog -ergvntevc dc H!N* cotgvhgdcnvc* leo|wjgotc* lehhgvlcnjc|tc*nqqelntc* njtvc rveag||ceoc|tc* jn vgtg lehhgvlcnjg dgjjn fnoln gll/# vnrrvg(|gotnoe cj ajw||e dc errevtwoct rveqgocgotg |reotnognhgotg g dc|evdcon(tnhgotg dnj hgvlnte/ Jnrrvellce oglg||nvcnhgotg dc tcre errevtwoc|tcle/
Vnrrvg|gotnoe jn aeotg rvcolcrnjg dc oweqg errevtwoct* lnvnttgvc{{ntnrgv dn;
ln|wnjct9 ~wnjct `gogvnjhgotg |lndgotg9 ergvn{ceoc |rg||e `c oetg tvn `jc nddgttc nc jnqevc9 |w ~wgjjg fweog -relmg# l* co `gogvg* fn`nvvg/
Qnooe rgvtnote naacontg jg tgloclmg dc |gjg{ceog njjco`vg||e -`vc`jcg#* nj acogdc gqctnvg wogllg||cqn ln|wnjct g dc|rgv|ceog |w ergvn{ceoc dc |lnv|e cotg(vg||g e oeo vcgotvnotc ogjjg |tvntg`cg dc coqg|tchgote/
Jg aeotc g|tgvog qnooe rgvtnote ndg`wntnhgotg |gjg{ceontg* c|tvwctg* codc(vc{{ntg* hetcqntg g `g|tctg/
Co g|tvghn |cotg|c* jn ~wnjcacln{ceog g cj aejjep(wr dgjjn vgtg dc levvc|reo(dgotc rw nqqgocvg;
coaevhnodejc |wjjg tcreje`cg g jg rvcevct dc ergvn{ceoc cotgvg||notc rgv `jccoqg|tchgotc -`vc`jcn dc |gjg{ceog#9 `nvnotgode* |g cj ln|e* wo lecoqej`chgote rveag||ceonjg ogjjergvn{ceog
-nj dc j dc won hgvn je`cln dn |g`onjntevc%cotgvhgdcnvc#9 dnode lehwo~wg wo vc|leotve |ejjglcte njjg jeve |g`onjn{ceoc nolmg co
ln|e dc oeo cotgvg||g -lmg qn co e`oc ln|e hetcqnte#9 gaagttwnode wo aejjep(wr |c|tghntcle |wc rveag||ceoc|tc rc ~wnjcaclntc
-lc lvgn nolmg won fweon chhn`cog* |ervnttwtte co rveqcolcn#9 nttwnode n{ceoc rvehe{ceonjc hcvntg -|ghconvc* leoqg`oc#9 lgvlnode dc g||gvg c rvchc dgjjn jc|tn -vnrrevte oeo g|ljw|cqe hn njhg(
oe rvgagvgo{cnjg#/
6/7 Je |lewtco` dcvgtte
Jnttcqct dc |lewtco` dcvgtte aconjc{{ntn n `gogvnvg wo rvervcgtnvs dgnjajep dc ~wnjct g* rgv ~wnote re||cfcjg* g|ljw|cqe/ Jg |tvntg`cg dc |lewtco`dgqeoe g||gvg eqqcnhgotg legvgotc leo jg rejctclmg dc coqg|tchgote/ Co njtvg
rnvejg* |co dnjjn an|g dc evc`contceo jnrrvellce fgo dcqgv|e |g `jc efcgttcqcdc coqg|tchgote |eoe ergvn{ceoc dc fws(ewt e dc gnvjs(|tn`g%g}rno|ceo/
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7/21/2019 Il proprietary deal flow (di Daniele Pilchard)
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\g* rgv g|ghrce* jg rejctclmg dc coqg|tchgote |eoe codcvc{{ntg |w ergvn{ce(oc dc fws(ewt dc n{cgodg dc `vnodc dchgo|ceoc g |wjjg rvcqntc{{n{ceoc* |nvaeodnhgotnjg won{ceog dc |qcjwrre nd njte jcqgjje |wc lnonjc c|tctw{ceonjc/\nv ~wcodc codc|rgo|nfcjg re||gdgvg wochhn`cog rveag||ceonjg g wo tvnlivglevd dc rvg|tc`ce* g||gvg detntc dc lnrnlct dcrjehntclmg g jeffc|tclmg*g||gvg cotvedettc og`jc nhfcgotc lmg leotnoe* nqgv le|tvwcte ogj tghre wo
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Ogjjg rn`cog lmg |g`weoe lc |c |eaagvhgv coqglg |wjjnttcqct dc evc`con(tceo rgv ergvn{ceoc dc gnvjs(|tn`g%g}rno|ceo e fws(ewt ogc leoaveotc dgjjg
rcllejg g hgdcg chrvg|g anhcjcnvc* lmg vnrrvg|gotnoe jn `vnodg errevtwoctdc |qcjwrre rgv cj rvcqntg g~wcts co Ctnjcn/
Oeo |c tvnttn |ghrjclghgotg dc colvelcnvg c dntc dgc qnvc dntnfn|g dc|re(ocfcjc g dc vnlle`jcgvg jg |g`onjn{ceoc rgvqgowtg nj acog dc rvgdc|revvg ntnqejcoe won jc|tn dc n{cgodg g dc oehc dn leotnttnvg/ \eoe chrevtnotc jco(tvnrvgodgo{n g jn rveag||ceonjct ogjjnrrvellce* jn lnrnlct dc leoqcolgvgg dc le|tvwcvg leo jn leotvernvtg wo vnrrevte dc acdwlcn fn|nte |wjjn leh(
rvgo|ceog dgjjg n|rgttntcqg g jn leodcqc|ceog dg`jc efcgttcqc* jn lvgntcqctogj rverevvg |ejw{ceoc g ogj |nrgv|c coqgotnvg jg ergvn{ceoc* jn |go|cfcjc(t dc cotwcvg jg retgo{cnjct dc |qcjwrre dc won{cgodn g jg ~wnjct chrvgodc(tevcnjc dc lmc jn `g|tc|lg -e dc lmc jn `g|tcv* ogjjg ergvn{ceoc dc hnon`g(
hgot fws(ewt#* nolev rvchn dc gaagttwnvg jg errevtwog qgvcaclmg co |gdg dcdwg dcjc`golg/
coejtvg chrevtnotg jn leoe|lgo{n dgj tgvvctevce g dgjjg |wg vg`ejg*nolmg lehrevtnhgotnjc* g ~wcodc jn rvg|go{n |wj lnhre/ ^wg|te cjhetcqe rgv lwc c hn``cevc ergvntevc |tvnocgvc cotgvg||ntc nd nqqcnvg rejctc(lmg dcoqg|tchgote co Ctnjcn ogj |g`hgote dgj hcddjg(hnvigt* vnrrvg|go(tnte ~wn|c g|ljw|cqnhgotg dnjjg n{cgodg anhcjcnvc* mnooe dglc|e dc le|tctw(cvg |tvwttwvg dehg|tclmg dgdclntg n||whgode hnon`ghgot ctnjcnoe/
Njlwoc dgc qnotn``c%lnvnttgvc|tclmg dgjje |lewtco` dcvgtte |eoe;
jnonjc|c rvgjchconvg gaagttwntn n tnqejcoe co fn|g njjg rejctclmg dcoqg(|tchgote rvgdgacoctg* leo|gotg dc cdgotcaclnvg co hede |gjgttcqe won ve|n
dc n{cgodg tnv`gt lmg* njhgoe |wjjn lnvtn* re||cgdeoe c vg~wc|ctc rvchnvcdg|cdgvntc9
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jnaaconhgote dgjjn lnrnlct dc |lewtco` leo|gotg dc |lervcvg errevtwoctcotgvg||notc hn |leoe|lcwtg rgvlm rele nrrnvc|lgotc e `ceqnoc* rvchnlmg |cnoe qc|cfcjc nolmg dnjjn leolevvgo{n9
leo|gotg dc |tchejnvg jcotgvg||g dc chrvgodctevc lmg njtvchgotc oeo
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7/21/2019 Il proprietary deal flow (di Daniele Pilchard)
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nqvgffgve leotnttnte co hede nwteoehe wo coqg|tctevg c|tctw{ceonjg-jchrvgodctevg |c |gotg |lgjte#* lejhnode cj `nr coaevhntcqe tcrcle dcwo hgvlnte nolevn rele gqejwte lehg ~wgjje ctnjcnoe9
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rvgodctevg g%e jn rvervcgt9 won |ghcon dc hgdce(jwo`e rgvcede lmg leo|gotg dc le|tvwcvg ogj tghre
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codc|rgo|nfcjg rgv chrjghgotnvg rve`gttc |rglcaclc -nrrvellce |c|tghn(tcle# lehg vclmcg|te* rgv g|ghrce* ogjjg |tvntg`cg dc coqg|tchgote fws(nod(fwcjd e ogjjn `g|tceog dc aeodc lmcw|c |rglcnjc{{ntc9
rgvhgttg cj lve|| |gjjco` dc njtvc |gvqc{c -levrevntg aconolg* H!N* leo|w(jgo{n n{cgodnjg gll/#/
6/1 Jn |gjg{ceog dgjjg errevtwoct dc coqg|tchgote
Jnttcqct dc evc`contceo lehrevtn wo oetgqejg chrg`oe dc tghre g dcvc|ev|g* g||gode cj lnrctnjg dc vc|lmce rgv |wn ontwvn g|tvghnhgotg |gjgttc(
qe gd gjctnvce ogjjg |lgjtg dcoqg|tchgote/ Co rnvtclejnvg ogjjg ergvn{ceocdc gnvjs(|tn`g* g}rno|ceo e dc fws(ewt |w n{cgodg anhcjcnvc dc rcllejg g
hgdcg dchgo|ceoc* cj lnrctnjg dc vc|lmce |c codcvc{{n qgv|e wo tnv`gt vc|tvgt(te dc n{cgodg rnvtclejnvhgotg cooeqntcqg g fvcjjnotc* leo jcqgjjc nttg|c dclvg|lctn g dc vgddctcqct oetgqejhgotg |wrgvcevc njjn hgdcn/ Cj tn||e dchevtnjct dgjjg ergvn{ceoc co co`vg||e* qnjg n dcvg dgjjg errevtwoct |lnv(tntg vc|rgtte n`jc coqg|tchgotc gaagttcqnhgotg vgnjc{{ntc* ~wcodc hejte gjg(
qnte -qgdc Ac``/ 6/6 g 6/
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7/21/2019 Il proprietary deal flow (di Daniele Pilchard)
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22 fw|cog|| rjno |ettere|tc rgv rvere|tg dc coqg|tchgote
12'dgjjg rvere|tg |eoe |lnvtntg ~wn|c |wfcte
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Aeotg; Rvntt| @wcdg te Qgotwvg Lnrctnj \ewvlg|
Ac`wvn 6/6 Jn |gjg{ceog dgjjg errevtwoct dcoqg|tchgote; jg|rgvcgo{n W\N
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Co leoljw|ceog* co wo hgvlnte deqg jn lehrgtc{ceog |c |tn anlgode veqgotg gc lnrctnjc dc|reocfcjc rgv ergvn{ceoc dc rvcqntg g~wcts |lettnoe ogjjg -lnrcgo(tc# tn|lmg dg`jc coqg|tctevc njjn lnllcn dc fweog errevtwoct dc coqg|tchgote-lmg* oeoe|tnotg jg retgo{cnjct dgj hgvlnte* vg|tnoe won vc|ev|n |lnv|n#*hejte dcaaclcjhgotg cj fvnqe chrvgodctevg leo wo fweo rve`gtte rvgodgv jc(oc{cntcqn dc fw||nvg njjn revtn dgjjcoqg|tctevg g ~wcodc jn lnrnlct dc `gogvn(vg wo rvervcgtnvs dgnj ajep dc ~wnjct ghgv`gv |ghrvg rc lehg anttevglvctcle dc |wllg||e/
coejtvg errevtwoe |ettejcognvg lmg rgv g||gvg lehrgtctcqc ogj |g`(hgote dgjjg hgdcg chrvg|g anhcjcnvc* `jc coqg|tctevc ogj lnrctnjg dc vc|lmcedgqeoe g||gvg co `vnde dc eaavcvg oeo |eje acono{n* hn nolmg lehrgtgo{g
rveag||ceonjc/ dg|tcontn coanttc n dcqgotnvg |ghrvg rc hnvlntn jn dc|tco({ceog tvn ergvntevc nqgotc wo g}rgvtc|g rwvnhgotg acono{cnvce%leotvnttwn(jg -lehg ogjjg ergvn{ceoc dc fws(ewt g twvonvewod# g lmc coqglg |nrv
rvg|gotnv|c co won qg|tg rc lvgntcqn g lejjnfevntcqn* nrrevtnode ejtvg njlnrctnjg dc vc|lmce wo qnjevg n``cwote |tvntg`cle n |wrrevte dgjje |qc(jwrre* co naacnolnhgote njjchrvgodctevg/
Jergvntevg dc rvcqntg g~wcts rw g||gvg coanttc rnvn`eonte nj onqc`ntevgdc wo rcjetn dc vnjjs/ Twttc `jc chrvgodctevc mnooe jn rntgotg* hn jcoqg|tcte(vg ogj lnrctnjg dc vc|lmce dgqg |nrgvg codcqcdwnvg cj lnhrceog* cj retgotcnjpcoogv/ Ejtvg n aevocvg jg vc|ev|g rgv acono{cnvg jn rvgrnvn{ceog dgjjn hnl(lmcon g jn rnvtglcrn{ceog nj lnhrceonte* jcoqg|tctevg dgqg |nrgv vc|lmcnvg
nj acnole dgj rcjetn* leoacdnode ogjjg |wg lnrnlct dc `wcdn g |tnfcjgode wovnrrevte dc vglcrveln acdwlcn/ Dgqg |nrgv dnvg |w``gvchgotc |wjjn |tvntg(`cn dn |g`wcvg co lev|n* codcln{ceoc |wj rgvlev|e g |wjjn dcaaclejt dgjjg lwv(
qg* colctnodeje g |rveonodeje n |rco`gvg nj hn||che* leodcqcdgode vc|lmcg |wllg||c/