$5,
$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL
1HZVOHWWHUGL6H]LRQH
6(=,21(',0,/$12
0HVVDJJLRDSHULRGLFRLQIRUPDWLYRLQWHUQRWUDVPHVVRGDOOD6H]LRQH$5,GL0LODQR
LQYLDWRDPH]]RHPDLODLUDGLRDPDWRULFKHQHIDQQRHVSOLFLWDULFKLHVWD
$5,6H]LRQHGL0LODQR9LD*1DWWD0LODQRDSHUWDPDUWHGuRUH
7HO6HJWHO )D[ KWWSZZZDULPLLW QHZVOHWWHU#DULPLLW
HPDLOGHODSULOH
'DWHFLXQEXRQPRWLYR
SHUYRWDUYL
1HOOD 1HZV/HWWHU SUHFHGHQWHDEELDPRVFULWWR D SURSRVLWRGHOOHEDWWXWHDWWUDYHUVROHTXDOLQHO
QXPHURGLPDU]RGL5DGLR5LYLVWDL´&DQGLGDWLµDOOHHOH]LRQLGHO&'1VLVRQRSRWXWL´UDFFRQWDUHµ
6HTXDOFXQRVSLHJDVVHLOPRWLYRSHUFXLQRQqVWDWRGDWRPDJJLRUVSD]LRSHULOSURJUDPPDGLODYRUR
GLRJQLSHUVRQDFKHVLqSUHVHQWDWDIRUVHVLSRWUHEEHDQFKHFDSLUH,OIDWWRqFKHDOFRQWUDULRqXQD
GLTXHOOH´UHJROHµFKHGHYRQRHVVHUHDFFHWWDWH«VXELWH«HEDVWD
'DTXHVWDDVVXUGDVLWXD]LRQHQRQVLSDUOLGLPDQFDQ]DGLVSD]LRVX55«DOOLPLWHSHUXQPHVHVL
VDUHEEHSRWXWRULGXUUHTXDOFKH´UXEULFD«µGHULYDDQFKHO·DOWUHWWDQWRDVVXUGDSUHVHQWD]LRQHDFXL
VRQR VWDWL FRVWUHWWL L &DQGLGDWL 7XWWL VL VRQR SURGLJDWL QHOO·HOHQFDUH DZDUG GLSORPL HG DWWLYLWj
SURIHVVLRQDOHSDVVDWDHSUHVHQWHPDLQQHVVXQSURILORqFRPSDUVRXQRVFKHPDGLODYRUR«VHQRQXQ
YHUR H SURSULR SURJUDPPD GL ODYRUR SHU O·$5, 1RL LQYHFH TXHVWL SURJUDPPL OL YRJOLDPR /L
YRJOLDPRWXWWL$QFKHTXHOOLGHJOLDWWXDOLPHPEULGHO&'1FKHVLULSUHVHQWHUDQQR
9RJOLDPRXQEXRQPRWLYRSHUYRWDUOL
1RQFLLQWHUHVVDVDSHUHFKHXQRqVWDWRPDQDJHUTXHOO·DOWURDYYRFDWRTXHOO·DOWURPHGLFR$QRLFKH
GREELDPRYRWDUHGHYHLQWHUHVVDUHHVFOXVLYDPHQWHFKHFRVDTXHVWDSHUVRQDSHQVDH FUHGHGLSRWHU
IDUHHTXDOHLPSRVWD]LRQHYXROGDUHDOOHFRVHHGDOOHVLWXD]LRQLFKHJOLVLSUHVHQWHUDQQRGLYROWDLQ
YROWDVHHOHWWD
,OSURJUDPPDFRQFXLVLSUHVHQWDHSHULOTXDOHPDJDULqHOHWWRVDUjLOEHQFKPDUNGHOODYRURVYROWR
$OWHUPLQHGHOWULHQQLRVLSRWUjGLUHVHDYUjPLVHUDPHQWHIDOOLWRLOODYRURLQVHQRDOO·$5,RSSXUHVH
DYUjPDQWHQXWROHSURPHVVHHVYROWRFRQFXUDLOSURSULRODYRUR
(· XQD IRUPD GL ULVSHWWR YHUVR FKL GHYH VFHJOLHUH QHOOD URVD GL ROWUH SHUVRQH FKH VL VRQR
SUHVHQWDWH
4XHVWL SURJUDPPL GL ODYRUR QDWXUDOPHQWH VDUDQQR SUHVHQWDWL VHQ]D DOFXQD HQIDVL YHUVR XQR R
O·DOWUR FRVu FRPH QRQ VDUDQQR WUDVPHVVL TXHOOL FKH DQFRUD SUHVHQWDQR HVFOXVLYDPHQWH XQ SURILOR
GHOODSDVVDWDDWWLYLWjUDGLDQWLVWLFDHRSURIHVVLRQDOH1RQFLLQWHUHVVD
/R VWHVVR YDOHDQFKHSHU FRORURFKHVRQRDWWXDOPHQWHLQ FDULFD DO &'1H FKH VL ULSUHVHQWDQR DOOH
SURVVLPH HOH]LRQL 6HQ]D DOFXQD SROHPLFD VDUHEEH LQWHUHVVDQWH VH TXDOFXQR YROHVVH VSLHJDUFL LO
PRWLYR GHOOH EDWWXWH« HG LO PRWLYR SHU FXL XQ DUJRPHQWR YLWDOH FRPH TXHVWR QRQ SXz HVVHUH
SXEEOLFDWRVXOO·RUJDQRXIILFLDOHGHOO·$VVRFLD]LRQH«
/·LQYLWRHUDVWDWRODQFLDWRQHOO·XOWLPD1HZV/HWWHUHIRUWXQDWDPHQWHqVWDWRVXELWRUDFFROWR
&KLHGLDPR D WXWWL L &DQGLGDWL D IDUH DOWUHWWDQWR WUDVPHWWDQR LO ILOH SRVVLELOPHQWH W[W R GRF D
QHZVOHWWHU#DULPLLW 1RQGLDPROLPLWLGLVSD]LRPDSUHJKLDPR VHPSOLFHPHQWHDQRQIDUHURPDQ]L
OD1HZV/HWWHUGHYHHVVHUHWUDVPHVVDDPH]]RHPDLOHILOHHFFHVVLYDPHQWHOXQJKL«SRVVRQRGDUH
IDVWLGLR
%XRQDOHWWXUDDWXWWL
,PDQXDOLGLLNFEG
0ROWLWUDFRORURFKH´SDVWLFFLDQRµWUDWQFSFUDGLRHGDOWUL
DPPHQLFROL YDUL« VRIWZDUH HFF KDQQR LPSDUDWR DG
DSSUH]]DUHLOODYRURVYROWRGD&ODXGLRDPLFRGHOOD1/FRQ
LVXRLSUH]LRVLPDQXDOL
6LDPRSHUWDQWRPROWRIHOLFLQHOVHJQDODUHDYRLWXWWLTXDQWR
$GULDQRFLGLFH
6XOVLWRLQWHUQHWGL,.&%'KWWSZZZTVOQHWLNFEG
VRQRGLVSRQLELOLLPDQXDOLLQLWDOLDQRSHU
$*:3(YGDWDWRULVWUXWWXUDWR
:LQ3DFNYGDWDWRULVWUXWWXUDWR
8,9,(:YGDWDWR
,0DQXDOLLWDOLDQLSHU:LQ3DFNH8,9,(:ROWUHDO
SURJUDPPDEDVHVRQR GHVFULWWLPROWLVVLPLGLVSRVLWLYLGL
FRUROODULRHGLYHUVHXWLOLW\SHUIDFLOLWDUHO
XVRGHLVXGGHWWL
SURJUDPPL
HPDLOPDGULDQR#WLQLW
KWWSZZZTVOQHWLNFEG
$; ,.&%'#,.4&$,/20,7$(8
4590+]
7&3,347+-1UT
9LVLWDDO0XVHR
$GRJJLVRORGXH20KDQQRVHJQDODWRLO
SURSULRLQWHUHVVHDGXQDYLVLWDSUHVVRLO
0XVHR(¶FKLDURFKHVHQRQ
UDJJLXQJHUHPRXQQXPHURGLDOPHQR
SHUVRQHQRQVDUjSRVVLELOH
RUJDQL]]DUOD/DGDWDqGDVWDELOLUH3HU
IDYRUHVHJQDODWHDQHZVOHWWHU#DULPLLW
VHVLHWHLQWHUHVVDWL
/D6H]LRQH$5,GL0LODQRLQFROODERUD]LRQH
FRQ0XVHRVFLHQ]DGL0LODQRRUJDQL]]DXQD
YLVLWDJXLGDWDDLUHSDUWL0DUFRQL(OHWWULFLWj
)HUURYLDULRH1DYDOH
1HOODVH]LRQHGHGLFDWDD*XJOLHOPR0DUFRQL
VDUjSRVVLELOHYLVLWDUHODJDOOHULDVWRULFD GHJOL
DSSDUDWLFKHDFFRPSDJQDURQR0DUFRQLQHL
SULPLHVSHULPHQWLVLQRDGDSSDUHFFKLDWXUHGL
UHFHQWHUHDOL]]D]LRQH,QWDOHJDOOHULDVLWURYDQR
GHOOHYHUHHSURSULHFXULRVLWjTXDOL
ODVWD]LRQHWUDVPLWWHQWHGHOOD5$,LQ2QGH
0HGLHDN+]FKHIXQ]LRQzLQ6L]LDQRGDO
VLQRDOODILQHGHJOLDQQL
XQVLVWHPDGLWHOHYLVLYRWRWDOPHQWH
HOHWWURPHFFDQLFRVLVWHPD%DLUGFKHQHO
WDVPLVHOHSULPHLPPDJLQLLUUDGLDWHLQRQGD
PHGLDGDOOD*UDQ%UHWDJQDDOO
,WDOLD
LO3DQWHOHJUDIRGL*LRYDQQL&DVHOOLFKH QHO
WUDVPLVHLOSULPR)$;GHOODVWRULDGD3DULJLD/LRQH
&KLXGHODYLVLWDGHOUHSDUWR0DUFRQLXQDGLYHUWHQWHDQLPD]LRQHGLODERUDWRULRLQFXLVDUjSRVVLELOHWRFFDUHFRQPDQRH
SURYDUOLXQ7[5[DVFLQWLOODSHUIHWWDPHQWH IXQ]LRQDQWLFRQWDQWRGL&RHKHUHUXQVLVWHPDGLWUDVPLVVLRQHFRQVQLIIHU
SHUVFRSULUHODSURSDJD]LRQHGHOOHRQGHUDGLRXQDHVSHULHQ]DSHUFRQRVFHUHHFDSLUHFRPHIXQ]LRQDLOVLVWHPD GLJLWDOH
QXPHULFRXQDEHOODHIROJRUDQWHVFDULFDGDPLOLRQLGL9ROW
1HOUHSDUWRHOHWWULFLWjVLLQL]LDFRQODFRQRVFHQ]DGDOODVWDWLFDFRQYDULHPDFFKLQHSHUJHQHUDUHDOWHWHQVLRQLVLSURVHJXH
FRQODFRQRVFHQ]DGHLVHPLFRQGXWWRULVLQRDGDUULYDUHDLSURFHVVLJHQHUDWLYLGHOOHSLDOWHWHFQRORJLHPRGHUQH3RWUHPR
YHGHUHDOO
LQWHUQRGHLPLFURFKLSHVHLQTXHVWLJLRUQLVDUj DYYLDWRSRWUHPRYHGHUHXQYHURPLFURVFRSLRHOHWWURQLFRD
IDVFLRLQIXQ]LRQH&
qSXUHXQDFDPHUDELDQFDGHOOD67GDYLVLWDUHFRQULFRVWUX]LRQHGHOO
DPELHQWHGL $JUDWH
1HO)HUURYLDULRVLSRWUDQQR DPPLUDUHGHOOHVSOHQGLGHPRWULFLDYDSRUHFKHQHOVHFRORVFRUVRFRUUHYDQRWUDGLYHUVLSDHVL
%HOOLVVLPDqODFROOH]LRQHGLGHWWDJOLFKHTXRWLGLDQDPHQWHYHQQHURXVDWLQHOOHIHUURYLH
$OQDYDOHVLSXzDPPLUDUH
LOVDORQHGHOOHIHVWHGHO&RQWH%LDQFDPDQRHGLQIRUPDHFFH]LRQDOHSRWUHPRYLVLWDUHODVDODUDGLROHFXFFHWWHGLSULPD
FODVVHHGLOSRQWHFRPDQGRODJROHWWD(EHSHUDQQLQDYHVFXRODGHOOD0DULQD,WDOLDQD
$5')
,QYLVWDGHOODSULPDJDUDRUJDQL]]DWDGDOODQRVWUD6H]LRQH
DSULOHLQIRUPD]LRQLVFULYHQGRDLNTLQ#LNTLQFRP
PDUWHGLDSULOH FLVDUjODSUHVHQWD]LRQHGHOODPDQLIHVWD]LRQH
LQXQDVHUDWDDWHPDRUHSUHVVRODQRVWUD6HGH
1210$1&$5(
5LFRUGLDPRFKHVRQRDSHUWHOHLVFUL]LRQLSHUFKLqLQWHUHVVDWRDOODJDUDSHUFKLqLQWHUHVVDWR
DO«SUDQ]RHSHUFKLPROWRVHPSOLFHPHQWHYXROSDVVDUHXQDGRPHQLFDDOO·DULDDSHUWD
'DWDO·LPPLQHQ]DYLSUHJKLDPRGLVHJQDODUHUDSLGDPHQWHODYRVUDDGHVLRQHLNTLQ#LNTLQFRP
$5,$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL± 6H]LRQHGL0LODQR 1HZVOHWWHUGL6H]LRQH
3HUULFHYHUODDPH]]RHPDLOVFULYLDQHZVOHWWHU#DULPLLW $UUHWUDWLVXKWWSZZZDULPLLW
'DWHFLXQEXRQPRWLYRSHUYRWDUYL
&RPHVHJQDODWRLQSULPDSDJLQDDEELDPRGHFLVRGLGDUHVSD]LRDWXWWLTXHOOLFKHVLVRQR FDQGLGDWL DOOHSURVVLPH
HOH]LRQLGHO&'1HFKHKDQQRXQSURJUDPPDGLODYRURFKHYRUUHEEHURVHJXLUHVHHOHWWL
1HOOD1/SUHFHGHQWHDYHYDPRVHJQDODWRLOQRVWURLQWHUHVVHHGRSRSRFRqDUULYDWRTXDQWRVHJXH
$SDUWHO·LPSDJLQD]LRQHQRQVRQRVWDWHIDWWHPRGLILFKH
6HJQDOLDPRFKHTXDQWRVHJXHqLOSURJUDPPDGLXQD´OLVWDµGL5DGLRDPDWRULFKHFKLHGRQRGLHVVHUHYRWDWLWXWWL
LQJUXSSR3HUWDQWRYLVHJQDOLDPRFKHTXDQWRVHJXHqLOSURJUDPPDGL
)UDQFHVFR%HQHQDWR ,.'<' *DHWDQR*X\&DSUDUD² ,‘+-1$PSHOLR(OLR-RVH0HOLQL ,6‘$*<
(OYLUD6LPRQFLQL ,9)6*
*OLVWHVVLLQYLWDQRDYRWDUHSHULO&ROOHJLR6LQGDFDOH )UDQFHVFR&DFFDPR² ,.‘<4-H
$QGUHD9LOORUHVL ,.9&<
35,1&,3,2,63,5$725(
,O&'1JHVWLVFHO·$VVRFLD]LRQH$/6(59,=,2'(,62&,
R
*HVWLRQHHFRQRPLFD
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
$QDOLVLHPDSSDWXUDGHOO·DWWXDOLVLWXD]LRQHILQDQ]LDULDHGDWWLYLWjGL6HJUHWHULD
5HYLVLRQHGHOOHDWWLYLWjHGHOOH 3URFHGXUH
,QIRUPDWL]]D]LRQH
7HOHFRQIHUHQ]D
8VRGL(0DLOHG,QWHUQHW
'HFHQWUDPHQWRDWWLYLWjD&5H6H]LRQL
3RQWLQRPLQDWLYLVSHFLDOLDSSURYD]ULFKLHVWHGLLVFUL]LRQHUDFFROWDTXRWH««
1RDJOLDXPHQWLULFRUUHQWLGHOOD4XRWDDVVRFLDWLYD
3LULVRUVHSHUOH6H]LRQL
2WWLPL]]D]LRQHGHLFRVWLGL55
3XEEOLFD]LRQHGLWXWWHOHYRFLGLFRVWR
9LVLELOLWjGHOOHFRQVXOHQ]HHFROODERUD]LRQL
9LVLELOLWjGHLULFDYLGDSXEEOLFLWj
7UDVSDUHQ]DQHOELODQFLRGL(GLUDGLR
R
7UDVSDUHQ]DHLQIRUPD]LRQH
R
5HIHUHQGXP
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
*(67,21(
2ELHWWLYLGLODYRURGHOWULHQQLRFRQVROLGDWLDGLQVHGLDPHQWRGHO&'1HSXEEOLFDWLVX55
2ELHWWLYLWUDVIRUPDWLLQSURJHWWLGLODYRURFRQUHVSRQVDELOLWjDVVHJQDWDLQEDVHDOOHFRPSHWHQ]H
7HPSLGLUHDOL]]D]LRQHSHURJQLSURJHWWRGHILQLWLDSULRUL
8VRGHOODFRPSHWHQ]DHFROODERUD]LRQH GL6RFLRJUXSSL
4XDGURGHLSURJHWWLFRQUHODWLYRUHVSRQVDELOHSXEEOLFDWRVX55
3URJUHVVUHSRUWSHULRGLFLGLRJQLSURJHWWRSXEEOLFDWLVX55
8WLOL]]RGHOVLWRSHUXQDLQIRUPD]LRQHWHPSHVWLYD
*HVWLRQHWUDVSDUHQWHFRQWUROODELOHHSURFHGXUL]]DWD
&XUULFXOXPHSURJUDPPDGHLFDQGLGDWLSXEEOLFDWLVX55
&DQGLGDWXUDDQFKHGLJUXSSLFRQXQXQLFRSURJUDPPDOLVWH
$5,$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL± 6H]LRQHGL0LODQR 1HZVOHWWHUGL6H]LRQH
3HUULFHYHUODDPH]]RHPDLOVFULYLDQHZVOHWWHU#DULPLLW $UUHWUDWLVXKWWSZZZDULPLLW
R
35(67,*,2(',00$*,1(
,5DGLRDPDWRULFRPH´5LVRUVD1D]LRQDOHµULYLWDOL]]DQGRFRQFUHWDPHQWHO·$5, 5DGLRFRPXQLFD]LRQLGL(PHUJHQ]D
ƒ
ƒ
ƒ
ƒ
ƒ
R
5XRORDWWLYRHSURSRVLWLYRFHQWUDOH
3LDQR2SHUDWLYR1D]LRQDOH
*LRUQDWD1D]LRQDOHGL(PHUJHQF\7HVW
&RUVLSHU2SHUDWRULH5HVSRQVDELOL5(
&RQYHJQRDQQXDOH5HVSRQVDELOL5(
3URPR]LRQHDWWLYLWjGLVWXGLR7HFQLFR
ƒ
ƒ
ƒ
6WXGLRSHULGHQWLILFD]LRQHDUHHGLODYRUR
*UXSSLGLODYRURVXOOHDUHHLGHQWLILFDWH
&ROODERUD]LRQHFRQJUXSSLHVLVWHQWLLQWHUQD]LRQDOL
3URJUHVVUHSRUWSHULRGLFL
3XEEOLFD]LRQHULVXOWDWL
3XEEOLFL]]D]LRQHVXLPHGLDGHOOHDWWLYLWj
,VWLWX]LRQHRULODQFLRGLULFRQRVFLPHQWLWHFQLFL
R
3URPR]LRQHDWWLYLWjGLSURVHOLWLVPR
R
3URPR]LRQHHVRVWHJQRDOOHDWWLYLWjUDGLRDPDWRULDOL
R
3LVWUHWWLUDSSRUWLFRQOH$XWRULWj
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
$SHUWXUDGLGLDORJRYHUVRDOWUH$VVRFLD]LRQLRJUXSSL
&DPSDJQHSURPR]LRQDOL
)DFLOLWD]LRQLHGLQFHQWLYLSHUO·LQJUHVVRGHLJLRYDQL
(VWHQVLRQHVFRSRGHOO$5,5DGLR&OXE
5HFXSHURH[VRFL
5DSSUHVHQWDQWHD5RPDSHUUDSSRUWLFRQ$XWRULWj&HQWUDOL
'LIHVDGHOODFDWHJRULDGDOHJJLHGHOLEHUHORFDOL
(OHWWURVPRJUHVWUL]LRQLDQWHQQHHWF
6(59,=,
R
6RVWHJQRDL6RFLVXOODWHPDWLFDVLFXUH]]D
R
,OVLWR,QWHUQHW$5,FRPHSRUWDOHDOVHUYL]LRGHO5DGLRDPDWRUL
ƒ
ƒ
ƒ
ƒ
ƒ
0DQXDOHSHUODYHULILFDGHOOHHPLVVLRQLGHOODVWD]LRQHYHUVRLOLPLWLGLOHJJH
$VVLVWHQ]DDL6RFLSHUSUDWLFKHULFKLHVWHGDOHJJLORFDOL
,QIRUPD]LRQLVXLPRGLRSHUDWLYLWHFQRORJLHOHJJLUHJRODPHQWD]LRQLHWXWWRFLzFKHSXzVH UYLUHDO
5DGLRDPDWRUH
8VRGHOVLWRSHUFRPXQLFD]LRQLGDO'LUHWWLYRHSURJUHVVUHSRUWVXLSURJHWWLLQFRUVR
6WXGLRSHUODGHILQL]LRQHGHOOHD]LRQLSHUVIUXWWDUHLYDQWDJJLGHOOHRSHUD]LRQLRQ OLQH
3DJDPHQWRTXRWDVRFLDOHYLD,QWHUQHW
$JJLRUQDPHQWRLQWHPSRUHDOHGDWDEDVH6RFL
$FFHVVLFRQWUROODWLDOGDWDEDVHDOOH6H]LRQLH&5
$5,$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL± 6H]LRQHGL0LODQR 1HZVOHWWHUGL6H]LRQH
3HUULFHYHUODDPH]]RHPDLOVFULYLDQHZVOHWWHU#DULPLLW $UUHWUDWLVXKWWSZZZDULPLLW
6DWHOOLWLUDGLRDPDWRULDOL
56LQRUELWD
'D$PDWHXU5DGLR1HZVOLQH5HSRUW
$QFRUDXQQXRYRVDWHOOLWHDPDWRULDOHQHOORVSD]LR
,O QRPH RULJLQDOH GHO QXRYR 56 HUD ´5XVVLDQ$XVWUDOLDQ
6FLHQWLILFDQG(GXFDWLRQDO0LFURVDWHOOLWH.ROLEULµ
,5DGLRDPDWRULORDSSUH]]HUDQQRVHPSOLFHPHQWHFRQLOQRPH
5DGLR6SRUW
6HFRQGR TXDQWR ULSRUWDWR O·$06$71HZV 6HUYLFH LO QXRYR
VDWHOOLWH UDGLRDPDWRULDOH q VWDWR ODQFLDWR LO PDU]R GDO
ODQFLDWRUH UXVVR 3URJUHVV 0 FKH KD SURYYHGXWR DG
DSSURYLJLRQDPHQWLSHUOD,66
$OH[ =DLWHY 5:'= GLUHWWRUH GHO SURJUDPPD 0LFURVDW H
GHOO·LVWLWXWR GL ULFHUFD VSD]LDOH 5XVVR KD GHVFULWWR O·56
FRPH XQ SURJHWWR IXRUL GDOO·DPELWR FRPPHUFLDOH R
JRYHUQDWLYRUHDOL]]DWR FRQODFRRSHUD]LRQHWUDVWXGHQWLUXVVL
HG DXVWUDOLDQL $WWXDOPHQWH VL WURYD LQ XQ·RUELWD FLUFRODUH DG
DSSHQDPLJOLDGDOOD7HUUD/HIUHTXHQ]HGLGRZQOLQNVRQR
H
,OVDWHOOLWHXWLOL]]DVLDLOPRGRFZFKHIVNSHUODWUDVPLVVLRQH
GHLGDWLWHOHPHWULFLPDQRQGXUHUjPROWRDOXQJR
=DLWHYVHJQDODFKHO·56qVWDWRGLVHJQDWRSHUXQDOLPLWDWD
YLWD RSHUDWLYD H FKH QHL PHVL SULPDYHULOL ULFDGUj
QHOO·DWPRVIHUD
UZG] VHJQDOD LQILQH FKH LO VDWHOOLWH WUDVPHWWHUj GDWL H
PHVVDJJLUHJLVWUDWLLQGLJLWDOH
93',
'XFLH,VODQG'[SHGLWLRQ
/D SULPD G[SHGLWLRQ QHOOD QXRYD HQWLWj ';&& VL q
FRQFOXVD DOPHQR SHU TXDQWR ULJXDUGD OH RSHUD]LRQL
UDGLRLOPDU]R/·DWROORGLPLJOLDTXDGUDWHFKHVL
WURYD QHOO·2FHDQR 3DFLILFR q VWDWR DSSURYDWR SHU OD
ULFKLHVWD GL DFFUHGLWR QHO SURJUDPPD ';&& D IDU GDWD
GDOO· QRYHPEUH PD« VRQR RFFRUVL WUH YLDJJL PROWL
PHVL GL SUHSDUD]LRQH H XQ VXSHU EXGJHW SHU IDU VL FKH
TXHVWH RSHUD]LRQL GLYHQWDVHUR UHDOWj /D VSHGL]LRQH q
VWDWD VSRQVRUL]]DWD GDOOD 3LWFDLUQ $PDWHXU 5DGLR
$VVRFLDWLRQ ROWUH FKH GD XQ QXWULWR JUXSSR GL 9HQGRUV
UDGLRDQWHQQHHFFHGDSDUHFFKLHGRQD]LRQLGLVLQJROL
20
93',qVWDWDLQDULDSHUFLUFDJLRUQLPHWWHQGRD/RJ
FLUFDTVR/HTVOSHULOWUDIILFRKIYDQQRDYHKR
PHQWUHOHTVOSHULOWUDIILFRLQPHWULYDQQRDMDEN
$OWUHLQIRUPD]LRQLROWUHDLORJRQOLQHVRQRVXOVLWR
KWWSZZZTVOQHWZGQJEGXFLHKWP
&RPSOLPHQWL D TXDQWL VRQR ULXVFLWL D FROOHJDUOL
GLVFXVVLRQL LQVXOWL SHU QRQ GLUH GL SHJJLR KDQQR
FRQWUDGGLVWLQWR TXHVWD VSHGL]LRQH« SHU DOWUL YHUVL EHQ
RUJDQL]]DWDHSLDQLILFDWD3HFFDWR
&4
:3; &:
FRQWHVW
/D VHVVLRQHLQ IRQLDVL qDSSHQDFRQFOXVD,80
QRQ YL KD SDUWHFLSDWR SRLFKp VL q SUHIHULWR
VLVWHPDUH LQ YLD GHILQLWLYD JOL XOWLPL SDUWLFRODUL
QHOOD 6DOD 5DGLR 3HU OD WRUQDWD LQ &Z WXWWDYLD
DYUHPR LPSRUWDQWL QRYLWj H YRUUHPPR
RUJDQL]]DUHODQRVWUDVWD]LRQHGDYYHURDOPHJOLR
6H SHQVL GL YROHUIDUSDUWHGHOQRVWURPXOWLVLQJOH
WHDP
VHJQDOD
LO
WXR
LQWHUHVVH
D
QHZVOHWWHU#DULPLLW SHUWHPSR
9LWHUUHPRDJJLRUQDWL
GH7LERULNVDL
$VVHPEOHD2UGLQDULD
$EELDPRSURYYHGXWRDGLQROWUDUHDWXWWLJOLDYHQWL
GLULWWR DO YRWR OD FRQYRFD]LRQH DOO·$VVHPEOHD
2UGLQDULD FKH VL WHUUj LQ VHFRQGD FRQYRFD]LRQH
PDUWHGL DSULOH D SDUWLUH GDOOH RUH 6LHWH
SUHJDWLGLQRQPDQFDUHDOO·DSSXQWDPHQWR
7/«LQDUULYR"
<HQROWUHDOOHWDVVHQDWXUDOPHQWHSHU
TXHOORFKHSRWUHEEHGLYHQWDUHDEUHYHXQFODVVLFR
GHOODSRWHQ]D³PHGLD´0ROWRVLPLOHDOPHQR
QHOO¶DVSHWWRDO-5&HURJDNZILQRD0K]
(UDVWDWRSUHVHQWDWRDGXQDUHFHQWHPRVWUDLQ
*LDSSRQH«RUDFKHVLDYYLFLQD'D\WRQOR
YHGUHPRDQFKHGDOOHQRVWUHSDUWL"
$5,$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL± 6H]LRQHGL0LODQR 1HZVOHWWHUGL6H]LRQH
3HUULFHYHUODDPH]]RHPDLOVFULYLDQHZVOHWWHU#DULPLLW $UUHWUDWLVXKWWSZZZDULPLLW
LNKGJQHZV
6LSRUWDDFRQRVFHQ]DGLTXDQWLVLDQRLQWHUHVVDWLDSSDVVLRQDWLRDQFKHVRORVLPSDWL]]DQWLGHOVLVWHPD$356LQ
EDQGDPK]FKHVRQRLQFRUVRHVSHULPHQWLYROWLDPLJOLRUDUHGRYHVLDSRVVLELOHO·HIILFDFLDGHOODUHW HDWWXDOH
$PROWLVRQRQRWLLFRQFHWWLLFULWHULHOHPRWLYD]LRQLFKHQHOWHPSRKDQQRSRUWDWRDOODDWWXDOHVLWXD]LRQHDOOD
QDVFLWDGL,.+'*DOVXRVHWWDJJLRHSRVL]LRQDPHQWRUHQGHQGRORSDUWHLQWHJUDQWHGHOODUHWHGL'LJLSHDWHUV
HVLVWHQWL
,OIDWWRQXRYRqFKHqWRUQDWRGDXQOXQJRSHULRGRGLUHVLGHQ]DHODYRURLQ86$)ODYLR,.;<8DOTXDOH
LQVLHPHDSRFKLDOWUL´SLRQLHULµVLGHYHLOPHULWRGLDYHUHGDWRYLWDDOO·$356LQ,WDOLD
2YYLDPHQWHDYHQGRIDWWRWHVRURGHOO·HVSHULHQ]DPDWXUDWDVXOFDPSRODSULPDFRVDIDWWDDOULHQWURqVWDWDTXHOOD
GLSURSRUUHLOIXQ]LRQDPHQWRVHFRQGRLOPRGHOORDPHULFDQRGDWHPSRHIILFDFHPHQWHVSHULPHQWDWR2YYLDPHQWH
UHVWDGDYHULILFDUHVHQHOODUHDOWj,WDOLDQDFRVLGLYHUVDSHUFXOWXUDFRVFLHQ]DGHJOLXWLOL]]DWRUL QDWXUDGHOWHUULWRULR
OHJJLHUHJRODPHQWLHTXDQWRDOWURVLYRJOLDLOPRGHOOR86$VLSRVVDVHPSOLFHPHQWH´FORQDUHµR
QHFHVVDULDPHQWHDGDWWDUH
/DSURSRVWDVLDUWLFRODLQGLYHUVLVHWWRUL
x $EROL]LRQHSUHVVRFKqFRPSOHWDGHOODPRGDOLWjGHOODULSHWL]LRQH5(/$<GHOOHVWD]LRQLFRQRSHUDWRUH
x 6RVWLWX]LRQHJUDGXDOHGHOO·XVRGHOO·LQGLUL]]DPHQWR75$&(QQFRQ:,'(QQ
x 8VRGHOSUHLQGLUL]]DPHQWRJHUDUFKLFRDXQRRSLGLJLSHDWHUVHV,:)86$356,.+'* :,'(
x 0LJOLRUDPHQWRGLDOFXQLSDUDPHWULUHODWLYLDOVRIWZDUH8,9LHZHDOILUPZDUH8,',*,GHL'LJLSHDWHUV
(QWULDPRQHLGHWWDJOL
,QSUDWLFDILQRDGRUDLOFRQFHWWRqLOVHJXHQWHODVWD]LRQHILVVD,[[[DELOLWDWDDGHVHJXLUHULSHWL]LRQLGLWLSRUHOD\
JDUDQWLVFHVXOWHUULWRULRODSUHVHQ]DGLXQSXQWRGHOODUHWHHTXLQGLO·LQROWURGHOEHDFRQULFHYXWR
,OGLIHWWRSULQFLSDOHGHOODULSHWL]LRQHGLWLSR5(/$<qFKHDYHQGRSLVWD]LRQLSUHVHQWLDELOLWDWHVLJHQHUDQRVLQR
GDOO·LQL]LRSLULSHWL]LRQLFKHLQQHVFDQRTXLQGLSHUFRUVLSDUDOOHOLHLQFURFLDWL,YDULG LJLHVLVWHQWLULFHYXWDODSULPD
ULSHWL]LRQHSURYYHGRQRDVYROJHUHLOORURFRPSLWRFRQWLQXDQGRDLQFURFLDUHHPROWLSOLFDUHLSHUFRUVLJHQHUDQGR
FROOLVLRQL
6L LQYLWD D PRGLILFDUH QHO SURSULR 8135272 $''5(66 O·LQGLUL]]DPHQWR ILQRUD XVDWR HOLPLQDQGR
DSSXQWRUHOD\
1HO FRPWHPSR VL LQYLWDQR WXWWL JOL RSHUDWRUH $356 LQ VWD]LRQH ILVVD D ´',6$%,/,7$5(µ TXDORUD
LPSRVWDWL FRPH WDOL OD IXQ]LRQH GL GLJLSHDWHU GHOOD SURSULD VWD]LRQH $OOR VFRSR JOL XWLOL]]DWRUL GL
8LB9LHZ GRYUDQQR VHPSOLFHPHQWH WRJOLHUH OD ´VSXQW Dµ DOOD RS]LRQH (1$%/( ',*, SUHVHQWH QHO
PHQ6(783',*,3($7(56(783
&RPHqQRWRODULSHWL]LRQHGLWLSR75$&(SHUPHWWHGL´LGHQWLILFDUHµQHOODVXDVWUXWWXUDODFDWHQDGHOOHULSHWL]LRQL
VYROWHVLSHUSHUPHWWHUFLGLULFHYHUHXQFHUWRSDFFKHWWR/RVFRSRHYLGHQWHqWXWW·RUDTXHOORGLFDSLUHDQDOL]]DQGR
OHYDULHVWULQJKHTXDOHGLTXHVWLGLJLVLDXWLOHLQXWLOHRVHPSOLFHPHQWHGDPLJOLRUDUH
$OORVWDWRDWWXDOHGHOOHFRVHPROWHVLWXD]LRQLVRQRFKLDULWHHGqTXLQGLJLXQWRLOPRPHQWRGLSRUUHULPHGLR ,YDUL
V\VRSLQWHUHVVDWLVRQRVWDWLFRQWDWWDWLHVRQRLQFRUVRFROORTXL6LSXzTXLQGLUDJLRQHYROPHQWHGLUHFKHqYHQXWRLO
PRPHQWRGLDFFRUFLDUHODOXQJKH]]DGLFHUWLEHDFRQ6LSUHQGDDGHVHPSLRODVWULQJD
,:)86!5(/$<,.+'*,.$1%,5<(,./:.,.9**,</0,:(/2
FKHROWUHFKHDJLUDUHLQWRQGRqFKLDUDPHQWHLQGLUL]]DWDDUHOD\WUDFH$YUHEEHIDWWRORVWHVVRSHUFRUVRFRQ
XQUHOD\ZLGHVRORFKHODVWULQJDULFHYXWDVDUHEEHVWDWD,:)86!UHOD\ZLGH$YHQGRGHWWRSULPDGLYROHU
DEROLUHO·LQGLUL]]DPHQWRUHOD\VLGRYUHEEHXVDUHGLUHWWDPHQWH$356:,'(RSSXUHDQFKH´
$356:,'(:,'(RRTXDOXQTXHQQYDOLGRVHFRQGROHSURSULHHVLJHQ]H
6LLQYLWDTXLQGLDVRVWLWXLUHQHOSURSULR8135272$''5(66O·LQGLUL]]DPHQWR75 $&(FRQLOUHODWLYR:,'(
$5,$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL± 6H]LRQHGL0LODQR 1HZVOHWWHUGL6H]LRQH
3HUULFHYHUODDPH]]RHPDLOVFULYLDQHZVOHWWHU#DULPLLW $UUHWUDWLVXKWWSZZZDULPLLW
$EELDPRYLVWRFRPHVLYRJOLDLQVLVWHUHVXOPDJJLRUHLPSLHJRGHOODPRGDOLWjZLGHFKHFRPXQTXHSUHVHQWDOH
VWHVVHIXQ]LRQDOLWjGLEDVHGHOODUHOD\VHPSOLFHPHQWHQRQVLWUDVFLQDOHLQIRUPD]LRQLVXOSHUFRUVRIDWWRGDO
IUDPH'DWRFKHORVFRSRGHOO·$356qTXHOORGLJDUDQWLUHOD´FDSLOODULWjµGHOODGLVWULEX]LRQHGHOODQV
LQIRUPD]LRQHYHUVRXQEDFLQRG·XWHQ]DLOSLSRVVLELOHYDVWRSHU´RYYLDUHµDOPHQRLQDPELWRORFDOHDOODSRVVLELOH
VDWXUD]LRQHGHOFDQDOHHTXLQGLGHOSURSDJDUVLGHOQVPHVVDJJLRVLSURSRQHO·XVRGHOSUHLQGLUL]]DPHQWR
JHUDUFKLFR
2YYLDPHQWHRJQXQRGLQRLFRQRVFHHVDWWDPHQWHOHSRWHQ]LDOLWjGHOODQVVWD]LRQHLQWHUPLQLGLDFTXLVL]LRQLGHL
YDULGLJLSHDWHUV1HFRQVHJXHFKHRJQXQRSXzIDFLOPHQWHLQGLYLGXDUHTXHOORTXHLGLJLFKH´VWDELOPHQWHµqVRQR
UDJJLXQJLELOLLQGLUHWWDHGDOTXDOHSDVVDHVLULFHYHLOWUDIILFRGDOODUHWH4XHVWDFRQRVFHQ]DFLSHUPHWWHGLVWDELOLUH
DSSXQWRXQOLQNVWDELOH&LSHUPHWWHDQFKHGLDIILGDUHD´48(/µGLJLH121DGDOWULLOFRPSLWRGLH VHJXLUHOD
35,0$ULSHWL]LRQH3URSRQJRXQHVHPSLRSHUPHJOLRFKLDULUHLOFRQFHWWRVLVXSSRQJDGLDYHUHODFHUWH]]DGL
LPSHJQDUHHGLDFTXLVLUHVWDELOPHQWHLOGLJL,=,17FRVLFRPHDQFKH,=0,/HGLDYHUHQHOODOLVWDGHLGLJL
DELWXDOPHQWHULFHYXWLLQGLUHWWD,=-89
6HVLLQGLUL]]DLOSURSULREHDFRQD$356:,'(QQVLDYUHEEHODFHUWH]]DFKHODSULPDULSHWL]LRQHYHQJDHVHJXLWD
GD,17RGD0,/
6DUHEEHDQFKHSRVVLELOHFKHODSULPDULSHWL]LRQHYHQJDHVHJXLWDGD-89FRPHDQFKHGDWXWWLHWUH
FRQVHFXWLYDPHQWHHRFRQWHPSRUDQHDPHQWH
6HLQYHFHVLVFHJOLHSULPDTXDOHGLTXHVWLWUHGLJLGHYHHVHJXLUHODSULPDULSHWL]LRQHVLRWWLHQHODFHUWH]]D
GHOO·LQROWURYHUVRODUHWHGHOQVSDFFKHWWRVHQ]DLQQHVFDUHSHUFRUVLSDUDOOHOL,QSUDWLFDVHVLLQG LUL]]DD
$356,=,17:,'(QQ
6LDIILGDD,17LOFRPSLWRGLWUDVIHULUHDOODUHWHLOQVEHDFRQODVFLDQGRDQFRUDDOWUHULSHWL]LRQLZLGHVLFXULGL
QRQDYHUHSURYRFDWRFDRV9LqXQDOWURDVSHWWRFKHFRLQYROJHDQFKHLOTXDUWRDUJRPHQWRHOHQFDWRLQD SHUWXUD,O
SURWRFROOR$356VWDELOLVFHFKHVHXQSDFFKHWWRLQGLUL]]DWRDG81GLJLGLWLSR:LGHQ QRGLWLSR7UDFHQQSHU
TXDOFKHPRWLYRQRQYHQLVVHULSHWXWRGDOORVWHVVRHVHDVFROWDWRGDXQDOWURGLJLGLSDULOLYHOORVXOTXDOHVLDQR
FRUUHWWDPHQWHVHWWDWLFHUWLSDUDPHWULLOVHFRQGRVLVRVWLWXLUHEEHDOSULPRLQQHVFDQGROHULSHWL]LRQL
3HUWDQWRDOPHQRSHULOPRPHQWRVLLQYLWDDGLQGLYLGXDUHTXHOGLJLFKHPHJOLRULDVVXPHWXWWHOHFDUDWWHULVWLFKH
LQGLVSHQVDELOLIDFLOLWjGLDFTXLVL]LRQHSRVL]LRQHVWUDWHJLFDQHOODUHWHGHLWUDVIHULPHQWLH]RQDGLFRSHUWXUD
)DFHQGRGHOOHVHPSOLFLSURYHFDPELDQGRO·LQGLUL]]DPHQWRSHUXQSDLRGLJLRUQLVXTXHOGLJLHPDJDULSHUXQDOWUR
SDLRVXOO·DOWURHRVVHUYDQGRLOWUDIILFRJHQHUDWRULFHYXWRGRYUHEEHHVVHUHUHODWLYDPHQ WHVHPSOLFHFRPSUHQGHUH
TXDOHVLDODQVVROX]LRQHPLJOLRUH
,QILQHHSHUFRPSOHWH]]DGLLQIRUPD]LRQHQHLJLRUQLVFRUVLVRQRVWDWHDSSRUWDWHVHPSOLFLPDVLJQLILFDWLYH
PRGLILFKHDLSDUDPHWULGLIXQ]LRQDPHQWRGHO'LJL$356GHOODVH]GL0LODQR,.+'* VRQRVWDWLRVVHUYDWLJOL
HIIHWWLSURGRWWLVLHLQFRQVHJXHQ]DGLTXDQWRRVVHUYDWRVLqRSHUDWRFRPHVHJXH
ËVWDWDGDSSULPDWHPSRUDQHDPHQWHGLVDELOLWDWDODPRGDOLWjGLULSHWL]LRQHGLWLSRUHOD\HLQVHJXLWRULSULVWLQDWD 'DOOHRVVHUYD]LRQLIDWWHVLqFDSLWRFKHPROWLDOWULGLJLSHDWHUSUHVHQWLQHOOD]RQDDQFKHVHQRQWXWWLRYYLDPHQWH
GRYUHEEHURDVWHQHUVLGDULSHWHUHUHOD\PDVRSUDWWXWWRFKH+'*´GHYHµULPDQHUHUHOD\RQ/DYLVLELOLWjGHOOH
VWD]LRQLPRELOLVLDQRHVVHLQDPELWRFLWWDGLQRFRPHVXOODUHWH$XWRVWUDGDOHFLUFRVWDQWHGLSHUVHGLIILFROWRVDq
ULVXOWDWDIRUWHPHQWHSHQDOL]]DWD,QDOFXQLFDVLVLVRQRDYXWLLQWHUYDOOLGLHSLPLQXWLWUDXQEHDFRQHO·DOWUR
3HUPHJOLRFRPSUHQGHUQHLPRWLYLVLSHQVLFKHLOQXPHURGHOOHVWD]LRQLPRELOLDWWLYHq LQFRQWLQXRDXPHQWRH
FKHSURSULRSHUFKpPRELOLHTXLQGLPHQR´JDUDQWLWHµGDOODUHWHKDQQRELVRJQRGLTXDOFKHDLXWRLQSL1HOO·DUHD
ORPEDUGDVRQRFRPXQTXHDFTXLVLELOLDOWULGLJLFKHULSHWRQRODPRGDOLWjUHOD\6XGLHVVLRUDYHUUDQQRPRQLWRUDWL
SHULRGLGLDWWLYLWjSHUODYDOXWD]LRQHGHOFDVR
1HOFRQWHVWRGHOO·HVSHULPHQWRDOFXQL$356VLVWLPRELOLFLWWDGLQLPLVLDFRQVHQWLWRLOQHRORJLVPRKDQQR
PRGLILFDWRLOSURSULR8135272$''5(66FRPH:,'(QQ$QFKHGLTXHVWRDVSHWWRVLWLUHUDQQROHVRPPH
SLDYDQWLDQFKHVHOHSULPHLQGLFD]LRQLVLVRQRJLjDYXWH
$5,$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL± 6H]LRQHGL0LODQR 1HZVOHWWHUGL6H]LRQH
3HUULFHYHUODDPH]]RHPDLOVFULYLDQHZVOHWWHU#DULPLLW $UUHWUDWLVXKWWSZZZDULPLLW
/DVHFRQGDPRGLILFDLQWURGRWWDULJXDUGDODULSHWL]LRQHGLWLSR:,'(
ËVWDWRDJJLXQWRXQFRQWUROORFKHSHUPHWWHDG+'*GRSRHVVHUVLSUHSDUDWRDULSHWHUHXQSDFFKHWWRGL
´RVVHUYDUHµXQSHULRGRGLDWWHVDGXUDQWHLOTXDOHVLDVVLFXUDFKHXQDOWURQRQDEELDIDWWDODVWHVVDULSHWL]LRQH,Q
VRVWDQ]DGRYUHEEHHVVHUHXQDULSHWL]LRQHSL´LQWHOOLJHQWHHGLIDWWLLSULPLULVXOWDWLKDQQRFRQIHUPDWROH
DVSHWWDWLYH$WWXDOPHQWHLO´GXSHVHFµqLPSRVWDWRDVHFRQGLGXUDQWHLTXDOLqWHRULFDPHQWHSRVVLELOHDVFROWDUH
² SDFFKHWWLEHDFRQ3LDYDQWLYHUUDQQRUHJRODWLDOWULSDUDPHWULQHOODRWWLFDGHOODULFHUFDGHOODPHVVDDSXQWR
RWWLPDOH
5LFRUGRFKHLO*$/*UXSSR$356/RPEDUGLDqVHPSUHGLVSRQLELOHSHUVXJJHULPHQWLQRWHFULWLFKHR
SURSRVWHSXUFKqQHLOLPLWLGHOODGHFHQ]D!RHGqUDJJLXQJLELOHYLVLWDQGRLOVLWR KWWSZZZLVGGQHW GRYH
DOWUHDOVROLWRPDWHULDOHLOOXVWUDWLYRGLYXOJDWLYRHIRUPDWLYRqGLVSRQLELOHXQ)2580UHDOL]]DWRSURSULRSHU
GLVFXWHUHGLDUJRPHQWLYDULLQWHPDGL$3563DUWHFLSDWH
'[LQIR
,PLJOLRULGH/XLJL,:)86
6\VRSGL,.+'*
,ZIXV#OLEHURLW
%DQJODGHVK6RNIZFVLWURYDSHUODYRURD.KXOQD6DUjDWWLYRSULQFLSDOPHQWHLQPHWULFRQLOFDOOVRNIZF
&DW%D,VODQG:$6IEXPDYUjLOFDOOZPWUDLOHDSULOH&HUFDWHORLQFZDH
3HUJOLRSHUDWRULLQIRQLDH
+XNVDQ,VODQG+/$6XQJUXSSRGL20FRUHDQLKDRUJDQL]]DWRXQDVSHGL]LRQHLRWDSHULOSHULRGRWUDLOH
DSULOH6DUDQQRDWWLYLFRQWHPSRUDQHDPHQWHLQFZHVVEGDL DLPHWUL
5DGLRPHUFDWR
5DUDPHQWHVLqSRWXWRDVVLVWHUHQHOSDVVDWRDOODFRQWLQXDLQWURGX]LRQHGLQXRYLDSSDUHFFKLDQFKH+)GDSDUWHGHLYDUL
FRVWUXWWRULFRPHLQTXHVWRXOWLPRSHULRGR/·)WKDVFRPEXVVRODWRLSLDQLGLWXWWLULVXOWDQGRHVVHU HSUREDELOPHQWHOD
UDGLRSLGLYHUWHQWHWUDOHWDQWH6XTXHVWDVFLDGRYUHEEHHVVHUHSUHVWRFRPPHUFLDOL]]DWRXQDOWURPXOWLEDQGHUO·)W
FRQ XQ DVSHWWR VLPLOH PD GLPHQVLRQL SL YLFLQH DO QRWR )W /R VRVWLWXLUj" 1HOO·XOWLPD 1HZV/HWWHU YL DEELDPR
SUHVHQWDWR OR<DHVX 9HUWH[IWPS9ILHOG'DOOHLQIRUPD]LRQLFKHDEELDPRQRQFRQIHUPDWHGRYUHEEHDYHUH
ZRXWFRQDOLPHQWD]LRQHHQWURFRQWHQXWD,OOD\RXWJHQHUDOHqFRPXQTXHTXHOORQRWRHGDSSUH]]DWLVVLPRGDWXWWLL
FRQWHVWHU
,Q FDVD ,FRP GRSR OD QDVFLWD GHO ,&SUR ,, IXOO GLJLWDO FRQ GVS D ELW RUD q QDWR LO SUR FKH LQ ,WDOLD q
PDUFKLDWR5LPSLD]]DLOFKHJLjSUHYHGHYDXQDVH]LRQHDPHGLDIUHTXHQ]DGLJLWDOH
*URVVHQRYLWjVRQRLQDUULYRGDOOD7HQ7HF FRQXQDSSDUHFFKLRGHILQLWLYRGHO TXDOHYLSDUOHUHPRSUHVWRVLSUHYHGHXD
VH]LRQH,)GLJLWDOHHGXQSUH]]RGLFLUFDGROODUL8VD5LFRUGLDPRFKHOD7HQ7HFULQRPDWDDQFKHSHULOVHUYL]LR
SRVW YHQGLWD« KD GHFLVR GL YHQGHUH HVFOXVLYDPHQWH LQ IRUPD GLUHWWD ,Q ,WDOLD XQ DSSDUHFFKLR GH O JHQHUH SRWUHEEH
FRVWDUHFLUFD GROODUL3DUHFFKLPDGD7HQ7HFVLDPRDELWXDWLDRWWLPHVRUSUHVH
(JUDQGLVRUSUHVHVRQRSXUHDWWHVHGD .HQZRRG3DUHHVVHUHLQDUULYRXQWKGDJJLRUQDWRSHUJOLDPDQWLGHOO·DSUVH
YRFL DXWRUHYROL IRQWH 86$ KDQQR FRQIHUPDWR FKH q LQ IDVH GL GLVHJQR XQ ´ELJ WUDQVFHLYHUµ FKH GRYUHEEH HVVHUH
GHJQRVRVWLWXWRGHOPLWLFRWVFKHSHUFKLQRQORVDqVWDWRLOSULPRDSSDUHFFKLRDPDWRULDOHFRQ,)FRPSOHWDPHQWH
GLJLWDOH/·DSSDUHFFKLRLQTXHVWLRQHFRPXQTXHqSURSULRLQ IDVHGLGLVHJQR«HVRQRSUHYLVWLQRQPHQRGLPHVLGD
RUDSHUODVXDFRPPHUFLDOL]]D]LRQH6HQHSDUOHUjD'D\WRQ"
1HOIUDWWHPSR'D\WRQqDOOHSRUWH4XDOLQRYLWjSRUWHUj"
3HU FRQFOXGHUH XQD FXULRVLWj F·HUD XQD YROWD OD 'DLZD FDVD FRVWUXWWULFH GL EXRQL VWUXPHQWL DFFRUGDWRUL G·DQWHQQD
PDQXDOLHVHPLDXWRPDWLFLFRPPXWDWRULG·DQWHQQDDQWHQQHHDPSOLILFDWRUL9H8KI(·VSDULWDGDOPHUFDWR&KLGLFH
FKHLVXRLSURGRWWLQRQKDQQRFHUWLILFD]LRQLSHULOPHUFDWRHXURSHR«FKLGLFHFKHqIDOOLWD«WUD QTXLOOLVWDEHQLVVLPR
9HQGHWUDQTXLOODPHQWHLQ(XURSDROWUHFKHQHJOL86$HGLQ*LDSSRQHLQ8NLQ6YL]]HUDHGLQ)UDQFLD+DQQRLQ
SUHSDUD]LRQH XQ VLWR ZHE RYH DWWXDOPHQWH VRQR PRVWUDWL LPSLDQWL GL VLFXUH]]D DOWUR EXVLQHVV D]LHQGDOH H KDQQR
DQFKH TXDOFXQR FKH ULVSRQGH LQ RUH DOOH PDLO GL SHWXODQWL UDGLRDPDWRUL 4XDQG·q FKH XQ EHOOR VWUXPHQWR 'DLZD
WRUQHUj DG HVVHUH YHQGXWR UHJRODUPHQWH LQ ,WDOLD" KWWSZZZGDLZDLQGXVWU\FRMSLQGH[KWPO q O·LQGLUL]]R OD
1HZV/HWWHUKDULFHYXWRDVVLFXUD]LRQHFLUFDXQD´YHORFHµSUHSDUD]LRQHGHOODSDJLQDLQJOHVHSHULUDGLRDPDWRUL
$5,$VVRFLD]LRQH5DGLRDPDWRUL,WDOLDQL± 6H]LRQHGL0LODQR 1HZVOHWWHUGL6H]LRQH
3HUULFHYHUODDPH]]RHPDLOVFULYLDQHZVOHWWHU#DULPLLW $UUHWUDWLVXKWWSZZZDULPLLW
Scarica

Newsletter di Sezione