&DPSD
DPSDJ
JQD
D,,03$
3$5
5$5(6,
6,&&85
85,
,
/$
$&
&$03$
3$*
*1$
$,,03$
3$5
5$5(
(6
6,&85,
,
(
(·
·3
3520266
66$
$
'$
$&
&,77
77$
$',1$1=$77
77,,9$
VL
LVVYROJH
LQFROODERUD]LRQHFRQLO',3$57,0(172'(//$3527(=,21(&,9,/(
VRWWRO·$OWR3DWURQDWRGHO35(6,'(17('(//$5(38%%/,&$
FRQLO3DWURFLQLRGHO0,1,67(52'(//$38%%/,&$,6758=,21(
FRQLO3DWURFLQLRGHO6HJUHWDULDWR6RFLDOH5DL
&21,/6267(*12',
)RQGD]LRQH-RKQVRQ-RKQVRQ717'LSDUWLPHQWR3URWH]LRQH&LYLOH
HG
H
GL
$%%
$ILGDPS
$1&&&223
&DVWRUDPD
&RPPLVVLRQH'LIHVD9LVWD
&RRS&RQVXPDWRUL1RUG(VW
)RQGD]LRQH06'
0HGWURQLF)RXQGDWLRQ
1
35(0,2%821(35$7,&+(6,&85(==$$6&82/$
$QQR
,1',&(
,/35(0,2'(//(%821(35$7,&+(',('8&$=,21($//$6,&85(==$
,352*(77,3(59(187,
,352*(77,35(0,$7,
,352*(77,0(1=,21$7,
/$&200,66,21((6$0,1$75,&(
/(/(1&2'(,352*(77,('(//(6&82/(3$57(&,3$17,
2
8QSHQVLHURDOODVLFXUH]]D
/DVLFXUH]]D
1RQYDSUHVDFRQOHJJHUH]]D
3HQVDWHDXQPRQGRWXWWRLQVLFXUH]]D
QRQVDUHEEHXQDEHOOH]]D"
3UHVWR$UULYDXQWHUUHPRWR
6RWWRLEDQFKLFRQJUDQPRWR
/LF·qIXPRVXFRUUHWH
7XWWLDWHUUDVHSRWHWH
1HOODVWUDGDWXWWLDWWHQWL
HYLWLDPRJOLLQFLGHQWL
7XWWLLQVLHPHFRQSUXGHQ]D
2SHULDPRFRQFRVFLHQ]D
&LzYXROGLUHFKHFRQVDSHYROH]]D
$OWURQRQqFKHVLFXUH]]D
,VWLWXWR&RPSUHQVLYR(OVD0RUDQWHGL5RPD
3
,,/
/3
35(0,2
2'
'(//
//(
(%
%821(
(3
35$7,&+(
('
',
,(('8&$=,21(
($
$//
//$
$66,&85(==
==$
$
,O SUHPLR GHOOH EXRQH SUDWLFKH GL HGXFD]LRQH DOOD VLFXUH]]D VL FROORFD DOO·LQWHUQR GHOOD
&DPSDJQD ,PSDUDUHVLFXUL H QH UDSSUHVHQWD XQD GHOOH QRYLWj GL TXHVW·DQQR LQ OLQHD FRQ OD
WUDGL]LRQH FKH GD DQQL FRQWUDGGLVWLQJXH &LWWDGLQDQ]DWWLYD YHGL SUHPLR 9LOOLULOOR H $OHVLQL
ULVSHWWLYDPHQWHSHUOHEXRQHSUDWLFKHQHLVHUYL]LGLSXEEOLFDXWLOLWjHQHOODVDQLWj
8QD%XRQD3UDWLFDqFDUDWWHUL]]DWDGDFLQTXHUHTXLVLWL
•
PLVXUDELOLWj SRVVLELOLWjGLTXDQWLILFDUHO·LPSDWWRGHOO·LQL]LDWLYD
•
LQQRYDWLYLWjFDSDFLWjGLSURGXUUHVROX]LRQLQXRYHHFUHDWLYHSHULOPLJOLRUDPHQWRGHOOD
TXDOLWjGHLVHUYL]LHSHUODWXWHODGHLGLULWWLGHLFLWWDGLQL
•
VRVWHQLELOLWj DWWLWXGLQH D IRQGDUVL VXOOH ULVRUVH HVLVWHQWL R FDSDFLWj GL JHQHUDUH HVVD
VWHVVDQXRYHULVRUVH
•
ULSURGXFLELOLWj SRVVLELOLWj GL WUDVIHULPHQWRHDSSOLFD]LRQHLQOXRJKLHVLWXD]LRQLGLYHUVL
GDTXHOOLLQFXLqVWDWDUHDOL]]DWD
•
YDORUH DJJLXQWR LPSDWWR SRVLWLYR H WDQJLELOH VXLGLULWWLGHJOLXWHQWLHVXOODSURPR]LRQH
GHOODSDUWHFLSD]LRQHFLYLFD
4
,
,3
352*(77
77,
,3
3(59(187,
+DQQR SDUWHFLSDWR DO FRQFRUVR LQYLDQGR SURJHWWL XQ WRWDOH GL VFXROH
UDSSUHVHQWDWLYHGLUHJLRQLG·,WDOLD
$EUX]]R&DODEULD&DPSDQLD(PLOLD5RPDJQD)ULXOL/D]LR/LJXULD
/RPEDUGLD 0DUFKH 3LHPRQWH 3XJOLD 6DUGHJQD 6LFLOLD 7RVFDQD8PEULD9HQHWR
7LSRORJLDGHOOHVFXROHFKHKDQQRSDUWHFLSDWR
6FXROD GHOO·,QIDQ]LD 6FXROD 3ULPDULD 6FXROD 0HGLD ,QIHULRUH 6FXROD 0HGLD
6XSHULRUH,VWLWXWL&RPSUHQVLYL
$OFXQHFRQVLGHUD]LRQLVXLSURJHWWLSUHVHQWDWL
,WHPLSLWUDWWDWLGDOOHVFXROHVRQRVWDWL
ODVLFXUH]]DULVSHWWRDLFRPSRUWDPHQWLGDWHQHUHLQRFFDVLRQHGLSHULFRORRHPHUJHQ]DSHU
FDODPLWjQDWXUDOLRSHULFROLLPSUHYLVWL
ODVLFXUH]]DULVSHWWRDOO·HGLILFLRVFRODVWLFRVRQRVWDWLPHVVLLQHYLGHQ]DLYDULSHULFROLHULVFKL
OHJDWL DOOD FRQGL]LRQH GHOOD SURSULD VFXROD H VXOOD EDVH GL TXHVWL VRQR VWDWH VYROWH DWWLYLWj H
ODQFLDWHSURSRVWHSHUIURQWHJJLDUHOHHYHQWXDOLVLWXD]LRQLGLHPHUJHQ]DHGLSHULFROR
6X TXHVWL WHPL DOFXQH VFXROH KDQQR SURGRWWR SLDQWLQH PDSSH R SLDQL GL HVSORUD]LRQH GHOOD
SURSULDVFXROD
/HVFXROHKDQQRLQROWUHODYRUDWRPROWRVXOIURQWHGHOO·LQIRUPD]LRQHHGHOODIRUPD]LRQHLQWHPD
GL VLFXUH]]D VRWWROLQHDQGR L FRPSRUWDPHQWL FRUUHWWL GD DGRWWDUH DOO·LQWHUQR GHOO·HGLILFLR
VFRODVWLFR PD DQFKH DOO·HVWHUQR VHUYHQGRVL QHOOD PDJJLRU SDUWH GHL FDVL GHO PDWHULDOH
GLVWULEXLWRGD&LWWDGLQDQ]DWWLYDLQRFFDVLRQHGHOOD,9*LRUQDWD1D]LRQDOHGHOODVLFXUH]]DQHOOH
VFXROH
5LJXDUGRDOODPHWRGRORJLDDGRWWDWDSHULOOXVWUDUHHSUHVHQWDUHLSURJHWWLOHVFXROHVLVRQR
DYYDOVH GL YDULH WHFQLFKH VFHJOLHQGR WUD TXHOOH WUDGL]LRQDOL GHO GLVHJQR GHOOD FRPSRVL]LRQH
SRHWLFDHOHWWHUDULDGHOODUHGD]LRQHGLYDGHPHFXPGHSOLDQWJLRUQDOLHGDOWURPDDQFKHGL
TXHOOHSLQXRYHHVSHULPHQWDOLPXOWLPHGLDOLHLQWHUDWWLYHTXDOLODSURGX]LRQHGLFGURPGYG
YLGHRIRWRJUDILHORFDQGLQHJLRFKLSX]]OHHGDOWUR
&LWLDPRDWDOHSURSRVLWRDOFXQLSURGRWWLPROWRLQWHUHVVDQWL
XQGHSOLDQWGDGLVWULEXLUHDWXWWLJOLVWXGHQWLFRQFRQVLJOLXWLOLVXFRPHFRPSRUWDUVLLQ
FDVRGLHPHUJHQ]D
XQVLWRVXOODVLFXUH]]DZZZVLFXUH]]DJLRYDQLLW
XQ·DQWRORJLDPXOWLPHGLDOH
XQJLRFRTXL]PXOWLPHGLDOHVXOULVSDUPLRHQHUJHWLFR
5
XQJLRFR´PHPRU\µVXOODVLFXUH]]D
XQGHFDORJRGHOWLIRVRLQWHOOLJHQWHULVSHWWRDOSUREOHPDGHOODYLROHQ]DQHJOLVWDGL
$OWULWHPLDIIURQWDWLVRQRVWDWLODVLFXUH]]DDOLPHQWDUHVWUDGDOHDPELHQWDOH
6RORSURJHWWLVRQRULVXOWDWL´IXRULWHPDµ
/H DWWLYLWj VYROWH GDOOH VFXROH KDQQR DYXWR XQD IRUWH YDOHQ]D IRUPDWLYD PD QRQ VROR HVVL
KDQQRGHWHUPLQDWRQHOODPDJJLRUSDUWHGHLFDVLXQPXWDPHQWRGLFRPSRUWDPHQWLLQDPELWR
VFRODVWLFR FRQWULEXHQGR VLFXUDPHQWH DG DO]DUH LO OLYHOOR GL TXDOLWj GL VLFXUH]]D H GDQGR OD
SRVVLELOLWjDLUDJD]]LGLDFTXLVLUHQXRYHDELOLWjHFRQRVFHQ]H
6
,
,3
352*(77
77,
,3
35(0,$7,
,
352*(77
772
29
9,1&,725(
(²
²6H]LRQH
H,,67,787,
,&
&2035(16,9, ,VWLWXWR&RPSUHQVLYR
9LD,EOHD0HOLOOL6LUDFXVD
7HO
PDLOVUHH#LVWUX]LRQHLW
5HVSRQVDELOHGHOSURJHWWR1HOOD7UDQFKLQR
7LWRORGHLSURJHWWL
´6LFXUH]]DHSURWH]LRQHFLYLOHµ
´1RLSHUO·DPELHQWHµ
´(GXFD]LRQHDOLPHQWDUHHDUWHFXOLQDULDµ
'HVFUL]LRQHGHLSURJHWWL
,O SURJHWWR ´6LFXUH]]D H SURWH]LRQH FLYLOHµ KD YLVWR LPSHJQDWH WXWWH OH FODVVL GHOO·,VWLWXWR
FLDVFXQDFRQDWWLYLWjGLYHUVHFRLQYROJHQGRWXWWDODFRPXQLWjVFRODVWLFD
$OO·LQL]LRGHOOHDWWLYLWjGLGDWWLFKHODGRFHQWHUHIHUHQWHKDIRUQLWRLOPDWHULDOHHODPRGXOLVWLFD
QHFHVVDULSHUODUHDOL]]D]LRQHGHOOHYDULHSURSRVWH
$OFXQH FODVVL GHOO·LVWLWXWR KDQQR UHDOL]]DWR ER]]HWWL VXL FRPSRUWDPHQWL FRUUHWWL GD DGRWWDUH LQ
FDVR GL VLVPD H OL KDQQR VXFFHVVLYDPHQWH SXEEOLFDWL RQOLQH VXO VLWRGHO´&OXEGLSURWH]LRQH
FLYLOHµXQ·LQL]LDWLYDLQWHUDWWLYDPROWRVWLPRODQWHSHUJOLDOXQQL
, UDJD]]L DWWUDYHUVR TXHVWD DWWLYLWj H DOFXQH LQWHUYLVWH GLUHWWH DL JHQLWRUL H DL YRORQWDUL GHOOD
3URWH]LRQH &LYLOH ORFDOH KDQQR FRPSUHVR PHJOLR LO UXROR GHO YRORQWDULDWR QHOOD VRFLHWj
UHFDQGRVL LQROWUH D YLVLWDUH L ORFDOL GHOOD 3URWH]LRQH &LYLOH FRPXQDOH DVVLVWHQGR DOOD
SUHVHQWD]LRQH H DOOD GHVFUL]LRQH GHOOH YDULH DWWUH]]DWXUH GHL PH]]L GL VHUYL]LR GHOOH
DXWRDPEXODQ]HHDVFROWDQGROHVSLHJD]LRQLVXOOHFRPSHWHQ]HHUHVSRQVDELOLWjGLFKLVRFFRUUH
LQFDVRGLFDODPLWj
$OWUH FODVVL LQYHFH KDQQR UHDOL]]DWR SURJHWWL VXOO·HGXFD]LRQH VWUDGDOH H XQ·LQGDJLQH VXOOD
VLFXUH]]D QHO PRQGR GHO ODYRUR LQ SDUWLFRODUH QHL FDQWLHUL HGLOL LQWHUYLVWDQGR L ODYRUDWRUL HG
HVRUWDQGRJOLLPSUHQGLWRULDOULVSHWWRGHOOHQRUPHGLVLFXUH]]D
,OWHPDGHOODVLFXUH]]DLQFDVD´1RLHO·DPELHQWHµqVWDWRDIIURQWDWRDWWUDYHUVRULFHUFKHH
UHDOL]]D]LRQLGLER]]HWWLUHODWLYLDLULVFKLGHULYDQWLGDOO·XVRLPSURSULRGHJOLDSSDUHFFKLHOHWWULFL
HGDOWUR*OLDOXQQLVRQRVWDWLLQYLWDWLDFRQYRFDUHXQFRQVLJOLRGLIDPLJOLDDOILQHGLIDUULIOHWWHUH
WXWWD OD IDPLJOLD VXL OXRJKL VLFXUL H QRQ GHOOD SURSULD DELWD]LRQH H GL DVVHJQDUH DG RJQL
FRPSRQHQWHGHOQXFOHRIDPLOLDUHXQFRPSLWRVSHFLILFRSHUJDUDQWLUHO·DGHJXDWDDWWHQ]LRQHVX
RJQLDVSHWWRGHOODVLFXUH]]DGRPHVWLFD
,O WHPD GHOOD VLFXUH]]D DOLPHQWDUH ´(GXFD]LRQH DOLPHQWDUH H DUWH FXOLQDULDµ KD YLVWR
FRLQYROWHDOFXQHVH]LRQLGHOODVFXRODPHGLDGHOO·,VWLWXWR&RPSUHQVLYR6RQRVWDWHIDWWHULFHUFKH
LQ SDUWLFRODUH VXOOH HWLFKHWWH GHL SURGRWWL DOLPHQWDUL VXOOR VWLOH GL YLWD HUUDWR VXOOH DOOHUJLH H
DOWULDUJRPHQWLOHJDWLDGXQ·DOLPHQWD]LRQHQRQFRUUHWWD
7
6RQR VWDWL LQROWUH UHDOL]]DWL HODERUDWL FKH KDQQR GRFXPHQWDWR OH WUDGL]LRQL DJULFROH ORFDOL
VRSUDWWXWWRTXHOOHFKHULJXDUGDQRODSURGX]LRQHGLOLPRQL
0RWLYD]LRQHGHOSUHPLR
,O SURJHWWR QHOOD VXD FRPSOHVVLWj q VWDWR VYLOXSSDWR LQ IRUPD FRRSHUDWLYD LQGLYLGXDQGR H
GLVWULEXHQGRLFRPSLWLHOHD]LRQLWUDYDULJUXSSLGLFODVVLSHUSHUYHQLUHDGXQDULFRVWUX]LRQHLQ
IRUPDFRPSOHPHQWDUHGHLULVXOWDWLGLFXLWXWWLVRQRVWDWLLQIRUPDWLHUHVLHGRWWLDWWUDYHUVRYDULH
PRGDOLWjGLVRFLDOL]]D]LRQHHFRQGLYLVLRQH
352*(77
772
29
9,1&,725(
(6H]LRQH
H6
6&82/$
$,,1)$1=,$
,VWLWXWR&RPSUHQVLYR´$6&2&&+(5$µ
,QIDQ]LD
9LDGHOOD)HUURYLDD$QFRQD
7HO
PDLODFTXDULRDQ#YLUJLOLRLW
5HVSRQVDELOHGHOSURJHWWR/DXUD%XFFROLQL
7LWRORGHLSURJHWWL
´3ROOLFLQRµ
´$FTXDWHUUDDULDIXRFRµ
'HVFUL]LRQHGHLSURJHWWL
/HLWPRWLYGLWXWWHOHDWWLYLWjVYROWHqVWDWDODILDEDGL´3ROOLFLQRµGL-3HUUDXOWFKHqVWDWD
DQFKHLOILORFRQGXWWRUHGHOSHUFRUVRGL(GXFD]LRQHDOOD6LFXUH]]DLOTXDOHVLqLQWUHFFLDWRFRQ
PROWL DOWUL ODYRUL HG HVSHULHQ]H FKH L EDPELQL KDQQR YLVVXWR UHQGHQGR L FRPSRUWDPHQWL H OH
FRQRVFHQ]H DFTXLVLWH FDULFKL GL VLJQLILFDWR HPRWLYRDIIHWWLYR FRQGL]LRQH TXHVW·XOWLPD PROWR
LPSRUWDQWHSHUO·DSSUHQGLPHQWRQHOODVFXRODGHOO·LQIDQ]LD
6RQR VWDWH UHDOL]]DWH OHWWXUH DQLPDWH GHOOD ILDED GUDPPDWL]]D]LRQL H JLRFKL GL PLPR
SURGX]LRQL H ULSURGX]LRQL GL ILODVWURFFKH SRHVLH WHVWL H FDQ]RQL DWWLYLWj JUDILFR SLWWRULFKH H
PRWRULH
6FRSR GHO JLRFR q VWDWR TXHOOR GL HYLGHQ]LDUH L ULVFKL SUHVHQWL QHL GLYHUVL OXRJKL GHOO·HGLILFLR
VFRODVWLFRHGLFRQVHJXHQ]DLQGLYLGXDUHFRPSRUWDPHQWLDGHJXDWLHUHJROHSHU´YLYHUHEHQHµOD
SURSULDVFXROD
/D SURYD GL HYDFXD]LRQH q VWDWD LQVHULWD D FRQFOXVLRQH GHO SURJHWWR SHU VSHULPHQWDUH H
YHULILFDUHOHDELOLWjGLDGXOWLHEDPELQLGHOODVFXRODLQFDVRGLHPHUJHQ]DQRQFKpLOJUDGRGL
FROODERUD]LRQHWUDWXWWL
,O YLDJJLR DWWUDYHUVR OD FRQRVFHQ]D H O·DSSUHQGLPHQWR GL FRPSRUWDPHQWL FRUUHWWL q VWDWR
DIIURQWDWRVHJXHQGRXQDSSURFFLRPXOWLWHPDWLFRFKHSUHQGHVVHVSXQWRGDOODWHRULDGHLTXDWWUR
HOHPHQWLQDWXUDOLLQWHUSUHWDWLFRPHQHPLFLRDPLFLDFTXDWHUUDDULDHIXRFR
'DTXHVWDLGHDVRQRSDUWLWHWXWWHOHDWWLYLWjSURSRVWHOHTXDOLKDQQRSRUWDWRDOODFRQRVFHQ]DH
DOOD ULIOHVVLRQH VXOOH FDODPLWj QDWXUDOL ULFRQGXFLELOL DL TXDWWUR HOHPHQWL FLRq DOOXYLRQH H
LQRQGD]LRQHWHUUHPRWRHIUDQDXUDJDQRLQFHQGLR
8
,OSURJHWWRKDSUHYLVWRODUHDOL]]D]LRQHGLVHPSOLFLULFHUFKHVXLIHQRPHQLQDWXUDOLLQFRQWULFRQ
HVSHUWL GUDPPDWL]]D]LRQL H JLRFKL GL PLPR DWWLYLWj PRWRULH SURGX]LRQH GL ILODVWURFFKH
SRHVLH WHVWL H FDQ]RQL DWWLYLWj JUDILFR SLWWRULFKH YLVLRQL GL LPPDJLQL DO 3& YLGHR FDUWRQL
DQLPDWLWXWWLULJRURVDPHQWHLQOLQHDFRQLWHPLDIIURQWDWL
0RWLYD]LRQHGHOSUHPLR
,OSURJHWWRKDSUHYLVWRO·XVRGLXQDPHWRGRORJLDGLGDWWLFDHIRUPDWLYDDGHJXDWDDOOLQJXDJJLRH
DOO·HWjGHLSLSLFFROLXWLOL]]DQGRLQPDQLHUDHFFHOOHQWHXQRVIRQGRLQWHJUDWRUHHGHVSOLFDWLYR
GHOOD PHWDIRUD DVVROXWDPHQWH RULJLQDOH O·XWLOL]]R GHOOD ILDED GL 3ROOLFLQR LQIDWWL DSSOLFDWR DO
WHPD GHL TXDWWUR HOHPHQWL H GHOOH FDODPLWj QDWXUDOL DG HVVL VWHVVL OHJDWH KD SHUPHVVR GL
YHLFRODUHDQFKHDLSLSLFFROLDUJRPHQWLDOWULPHQWLSRFRFRPSUHQVLELOLDTXHOO·HWjJDUDQWHQGR
GLYHUWLPHQWRHDSSURFFLROXGLFR
352*(77
772
29
9,1&,725(
(6H]LRQH
H6
6&82/$3
$35
5,0$5,$
'LUH]LRQH'LGDWWLFD&LUFROR
6FXROD3ULPDULD*DEHOOL
3LD]]DOH&%DWWLVWL
%HOOXQR
7HO
PDLOEOHH#LVWUX]LRQHLW
5HVSRQVDELOHGHOSURJHWWR6HUHQD5XL
7LWRORGHOSURJHWWR
´/DQRVWUDSDOHVWUDGLHGXFD]LRQHVWUDGDOHµ
'HVFUL]LRQHGHOSURJHWWR
,O SURJHWWR FRQFHQWUDQGRVL VXO WHPD GHOOD VLFXUH]]D VWUDGDOH VL SURSRQH GL ULSURGXUUH QHJOL
VSD]L DGLELWL D FRUWLOH VFRODVWLFR XQ SHUFRUVR FKH SRVVD IXQJHUH GD ´SDOHVWUDµ GL JLRFR H
LVWUX]LRQH SHU L EDPELQL DO ILQH GL DOOHQDUOL DOO·XVR GL FRPSRUWDPHQWL FRUUHWWL GD VHJXLUH SHU
VWUDGDQRQVRORLQTXDOLWjGLSHGRQLPDDQFKHGLIXWXULDXWRPRELOLVWL
&RQO·DLXWRGHJOLLQVHJQDQWLLEDPELQLKDQQRVYROWRLOFRPSLWRSHUVWHSVSURJUHVVLYLSDUWHQGR
GDOODWHRULDGHOO·HGXFD]LRQHVWUDGDOHILQRDOODSUDWLFDYHUDHSURSULDDGXQSULPRPRPHQWRGL
VWXGLRHSURJHWWD]LRQHGHJOLVSD]LGDDGLELUHDOOHHVHUFLWD]LRQLFRQIOXLWRQHOODUHDOL]]D]LRQHGL
XQDPDSSDFDUWDFHDFKHULSURGXFHLOFRUWLOHVFRODVWLFRWUDVIRUPDWRLQSHUFRUVRVWUDGDOHFKLXVR
q VHJXLWD XQD VHFRQGD IDVH FXOPLQDWD QHOOD SURJHWWD]LRQH H UHDOL]]D]LRQH GL PRGHOOLQL
DXWRPRELOL DXWREXV H ILQWL VHJQDOL VWUDGDOL ULWDJOLDWL H GHFRUDWL LQWHUDPHQWH D PDQR GDL
SLFFROL
6XFFHVVLYDPHQWHLOSUH]LRVRDLXWRGHOOHVRFLHWjGLDXWRWUDVSRUWLHGHJOLRSHUDLGHO&RPXQHGL
%HOOXQR FRLQYROWL LQ TXHVWR GLYHUWHQWH H FRLQYROJHQWH JLRFRDSSUHQGLPHQWR KD FRQVHQWLWR GL
DUULFFKLUH LO ILWWL]LR SHUFRUVR VWUDGDOH FRQ DWWUDYHUVDPHQWL SHGRQDOL FDUUHJJLDWH H SHUVLQR
URWDWRULHDFFXUDWDPHQWHGLSLQWHHFRVWUXLWHUHQGHQGRORDJLELOHHXWLOL]]DELOHSHUOHSURYHDWXWWL
JOLHIIHWWL,QHVVRRJQLEDPELQRVLDLQGLYLGXDOPHQWHFKHLQJUXSSRKDSRWXWRVSHULPHQWDUHH
9
DSSUHQGHUH LQ DOOHJULD D PXRYHUVL LQ VLFXUH]]D GD SHGRQH GD DXWRPRELOLVWD GD FLFOLVWD QHO
ULVSHWWR GHOOD SURSULD VLFXUH]]D H GL TXHOOD GHJOL DOWUL XWHQWL GHOOD VWUDGD DFTXLVHQGR
FRQVDSHYROH]]D GHL ULVFKL OHJDWL DG XQ PDQFDWR R QRQ FRUUHWWR XVR GHOOH UHJROH GHO FRGLFH
VWUDGDOHDGHVHPSLROHPXOWHHOHSHQDOL]]D]LRQLDSXQWLVXOODSDWHQWH
,Q ULFRUGR GHOOD JLRUQDWD GL HVHUFLWD]LRQH LO &RPXQH KD SURYYHGXWR D IDU VWDPSDUH GHOOH
PDJOLHWWHGDGLVWULEXLUHDLEDPELQL
0RWLYD]LRQHGHOSUHPLR
3HU O·HOHYDWR FRLQYROJLPHQWR GHL UDJD]]L QHOOH IDVL GL VWXGLR LGHD]LRQH H UHDOL]]D]LRQH GHO
SURJHWWRSHUO·LPSDWWRVXOWHUULWRULRHODSDUWHFLSD]LRQHGLXQDUHWHVLJQLILFDWLYDGLLVWLWX]LRQLH
GL VRJJHWWL PD VRSUDWWXWWR SHUFKq LO SURJHWWR UHDOL]]D XQ·LQL]LDWLYD FKH YLHQH PHVVD D
GLVSRVL]LRQHGLDOWUHVFXROHDIILQFKqQHXVXIUXLVFDQRFRPHVWUXPHQWRGLHGXFD]LRQHDOODWXWHOD
OD VFXROD VL ID TXLQGL SURPRWULFH H PROWLSOLFDWULFH GHOOD FXOWXUD GHOOD VLFXUH]]D QHO SURSULR
WHUULWRULR
352*(77
772
29
9,1&,725(
(²
²6H]LRQH
H6
6&82/(
(6
6(&21'$5,(
(3
35,02
2*
*5$'2 6FXROD0HGLD´%%RQILJOLµ
9LD%HOYHGHUH
&RUFLDQR3HUXJLD
7HO
PDLOERQILJOLFRUFLDQR#OLEHURLW
5HVSRQVDELOHGHOSURJHWWR(QULFKHWWD,WDOLDQL
7LWRORGHOSURJHWWR
´6FXROD6LFXUDµ
'HVFUL]LRQHGHOSURJHWWR
,O SURJHWWR LQWHUGLVFLSOLQDUH VL q RFFXSDWR GHOOD WHPDWLFD GHOOD VLFXUH]]D VRWWR WUH DVSHWWL
GLYHUVLODVLFXUH]]DDVFXRODLQFDVDVXOSRVWRGLODYRUR
(VVRKDYLVWRFRLQYROWLSHURJQLWHPDLGRFHQWLGHOOHYDULHGLVFLSOLQHFRPHLWDOLDQRJHRJUDILD
VFLHQ]HDUWHHWHFQRORJLDVFLHQ]HPRWRULHHOLQJXD
3HURJQLDUJRPHQWRVRQRVWDWLSUHVHQWDWLDJOLDOXQQLFRQWHQXWLVXLYDULSHULFROLOHJDWLDFDODPLWj
QDWXUDOL WHUUHPRWL DOOXYLRQL LQRQGD]LRQL IUDQH H QHOOR VWHVVR WHPSR VRQR VWDWL IRUQLWL
HOHPHQWLGLFRQRVFHQ]DVXFRPHDIIURQWDUHOHHPHUJHQ]HSHULYDULULVFKL
6RQR VWDWL FRLQYROWL L JHQLWRUL L YRORQWDUL GHOOD 3URWH]LRQH &LYLOH OD &URFH 5RVVD H OH
DVVRFLD]LRQLGLYRORQWDULDWRFKHKDQQRFROODERUDWRVRSUDWWXWWRQHOODIDVHGLDGGHVWUDPHQWRSHU
OHVLPXOD]LRQLGHJOLHYHQWL
6RQRVWDWLSURGRWWLPDWHULDOLFDUWDFHLHPXOWLPHGLDOLPROWRYDULHJDWLHLQWHUHVVDQWL
10
0RWLYD]LRQHGHOSUHPLR
/DGXUDWDSOXULHQQDOHGHOSURJHWWRDQQLO·DPSLDUHWHGLVRJJHWWLHVWHUQLFRLQYROWLODJUDQGH
SDUWHFLSD]LRQHLQWHUQDDOXQQLHGLQVHJQDQWLGLWXWWHOHGLVFLSOLQHKDQQRUHVRTXHVWRSURJHWWR
IRUPDWLYR HG LQIRUPDWLYR PROWR VWXGLDWR HG DSSURIRQGLWR LQ RJQL VXD SDUWH SUDWLFDPHQWH
ULSURGXFLELOH LQ TXDOVLDVL DOWUD UHDOWj R FRQWHVWR H KDQQR SURGRWWR FDPELDPHQWL FRQFUHWL
DOO·LQWHUQRGHOO·LVWLWXWR
352*(77
772
29
9,1&,725(
(6H]LRQH
H6
6(&21'$5,(
('
',
,6
6(&21'2
2*
*5$'2 ,VWLWXWR3URIHVVLRQDOHSHUL6HUYL]L&RPPHUFLDOLH7XULVWLFL
9LD60DULD0DGGDOHQD
&LWWDGHOOD3LHYH3HUXJLD
7HO
PDLOLSVVFWFGS#WLVFDOLLW
5HVSRQVDELOHGHOSURJHWWR,YRQQH)XVFKLRWWR
7LWRORGHOSURJHWWR
´6LFXUH]]DQHLOXRJKLGLYLWDHGLODYRURµ
'HVFUL]LRQHGHOSURJHWWR
,OSURJHWWRDQFRUDLQFRUVRYXROHIDUSHUYHQLUHDOFRQFHWWRGLVLFXUH]]DFRPHEHQHFRPXQHH
ULVSHWWR UHFLSURFR HG DOOD FRQVDSHYROH]]D FKH OD SDXUD q XQD FRPSRQHQWH GHOOD YLWD GL
FLDVFXQRHFKHSHUWDQWRVLDQHFHVVDULRLGHQWLILFDUHULPXRYHUHHSUHYHQLUHIRQWLHVLWXD]LRQLGL
SHULFROR
(· VWDWR UHDOL]]DWR XQ TXHVWLRQDULR VXL ULVFKL LQ FODVVH D VFXROD QHO FRUWLOHJLDUGLQR
HODERUDQGRGHLSRVWHUHVFDWWDQGRIRWRJUDILH
/DPHWRGRORJLDXVDWDqVWDWDTXHOODGHOODULFHUFDD]LRQH,OSURJHWWRVLSURSRQHGLIDUDFTXLVLUH
DJOLVWXGHQWLXQDPDJJLRUHFRQVDSHYROH]]DGHOODSHUFH]LRQHGHOULVFKLRLQWXWWHOHDWWLYLWjGHOOD
YLWD
(VVRVLqDYYDOVRGHOODFROODERUD]LRQHGHOOD$6/6HUYL]LR36$/GHOOD%LEOLRWHFDGHOOH1XYROH
DVVRFLD]LRQH8PEULDIXPHWWRQRQFKpGHOFRUSRGHL9LJLOLGHO)XRFR
,SURGRWWLUHDOL]]DWLVRQRVWDWLLOTXL]´/DVLFXUH]]DQRQqXQDIDYRODµLOFG´$KL1RQYRJOLR
SLIDUPLPDOHµSRUWIROLRGHOODVLFXUH]]DHGLOIXPHWWR´$UWXURODYRUDVLFXURµ
0RWLYD]LRQHGHOSUHPLR
+DQQR FRQWULEXLWR DO ULFRQRVFLPHQWR OD GXUDWD SOXULHQQDOH GHO SURJHWWR LQVHULWR QHO SLDQR
RIIHUWD IRUPDWLYD GHOO·LVWLWXWR O·DPSLD UHWH GL VRJJHWWL LQWHUQL HG HVWHUQL FRLQYROWL DQFKH GDO
SXQWRGLYLVWDGHOUHSHULPHQWRILQDQ]LDPHQWLO·DOWROLYHOORGLSDUWHFLSD]LRQHQXPHURHOHYDWRH
JUDQGH FRLQYROJLPHQWR QRQFKp LO JUDGR GL DSSURIRQGLPHQWR WHPDWLFR H O·DFFXUDWH]]D
GHOO·LQIRUPD]LRQHFRQXVRGLIRQWLDWWHQGLELOL
,QROWUH OH FDUDWWHULVWLFKH GL DWWLYLWj IRUPDWLYD HG LQIRUPDWLYD DOOR VWHVVR WHPSR OD SHUIHWWD
SRVVLELOLWjGLLQWHJUD]LRQHGHOSURJHWWRQHOO·LQGLUL]]RGLVWXGLODERUDWRULR,VWLWXWR7HFQLFRHOD
VXD ULSURGXFLELOLWj LQ DOWUH UHDOWj KDQQR FRQVHQWLWR GL SRUUH O·DWWHQ]LRQH VXOOD GLIIXVLRQH GHO
SURJHWWRVWHVVRYHUVRO·HVWHUQR
11
,
,3
352*(77
77,
,0
0(1=,21$7,
352*(77
772
20
0(1=,21$72
2$
²
²6H]LRQH
H,,67,7872
2&
&2035(16,92 &LUFROR'LGDWWLFRGL5LYROL
9LD$OED
5LYROL7RULQR
7HO
LQTXDOLWjGLFDSRILODGHOSURJHWWRLQUHWH
$OSURJHWWRSDUWHFLSDQRWXWWLJOLRUGLQLGLVFXRODFRVuVXGGLYLVL
QFLUFROLGLGDWWLFLVFXROHGHOO·LQIDQ]LDHSULPDULH
QVFXROHVHFRQGDULHGLSULPRJUDGR
QLVWLWXWRFRPSUHQVLYRVFXROHGHOO·LQIDQ]LDSULPDULHHVHFRQGDULHGLVHFRQGRJUDGR
QVFXROHVHFRQGDULHGLVHFRQGRJUDGR
PDLOVHJUHWHULD'',&,5&2/25,92/,#VFXROHSLHPRQWHLW
5HVSRQVDELOHGHOSURJHWWR$QWRQLHWWD'L0DUWLQR
7LWRORGHOSURJHWWR
´&UHVFLDPRLQVDOXWHFRQOHWUH´6µ6WLOLGLYLWD6LFXUH]]D6RFFRUVRµ
'HVFUL]LRQHGHOSURJHWWR
,OSURJHWWRKDODILQDOLWjJHQHUDOHGLSURPR]LRQHGHOODFXOWXUDGHOODVDOXWHHGHOODVLFXUH]]DWUDL
JLRYDQL H VL FROORFD DOO
LQWHUQR GHOOH DWWLYLWj SUHYLVWH GDO FRQVRU]LR 6FXROD 6LFXUD SHU O
DQQR
VFRODVWLFRHIDFHQWLSDUWHLQWHJUDQWHGHOSLDQRGHOO·RIIHUWDIRUPDWLYD
GLFLDVFXQDLVWLWX]LRQHVFRODVWLFDGHOODUHWH
*OLRELHWWLYLGHOSURJHWWRVRQR
VHQVLELOL]]DUH L UDJD]]L DOO
LPSRUWDQ]D GHL FRUUHWWL VWLOL GLYLWDFRPHEDVHGHOORVWDUHEHQH
DOLPHQWD]LRQH VDQD H YDULDWD DWWLYLWj ILVLFD XWLOL]]R SURSULR GHL IDUPDFL SULPR VRFFRUVR
JHVWLRQHGHOOHHPHUJHQ]H
VYLOXSSDUHVHQWLPHQWLGLILGXFLDHFROODERUD]LRQHQHLFRQIURQWLGHOOHLVWLWX]LRQLFKHRSHUDQR
QHO FDPSR GHOOD VLFXUH]]D H VDOXWH HQWL ORFDOL FRUSR GL SROL]LD ORFDOH FRUSR GL SROL]LD
PXQLFLSDOH1DV3URWH]LRQH&LYLOH99))$VO
IDUFUHVFHUHQHJOLVWXGHQWLODFRQVDSHYROH]]DFKHRJQLLQGLYLGXRJLRFDXQUXRORFHQWUDOHHG
LQVRVWLWXLELOH QHOOD GHWHUPLQD]LRQH H QHO PDQWHQLPHQWR GHOOD SURSULD VDOXWH H VLFXUH]]D
DWWUDYHUVRODFRQRVFHQ]DGHLULVFKLHGHLFRPSRUWDPHQWLGLSUHYHQ]LRQHHGDXWRSURWH]LRQH
DFFUHVFHUH QHL UDJD]]L OD FDSDFLWj GL DIIURQWDUH H VXSHUDUH OH HPHUJHQ]H GL DWWLYDUH
PHFFDQLVPLGLFRQWUROORGHOOHHPR]LRQLHFRPSRUWDPHQWLUHVSRQVDELOLYHUVRVHVWHVVLHJOL
DOWUL
FRVWUXLUHHFRQVROLGDUHLYDORULFROOHWWLYLGHOO
DLXWRUHFLSURFRGHOVRFFRUVRHGHOODVROLGDULHWj
12
0RWLYD]LRQHGHOODPHQ]LRQH
/DSDUWLFRODULWjGHOSURJHWWRVWDQHOIDWWRFKHODUHWHKDFRLQYROWRWXWWLJOLRUGLQLGLVFXRODYDULH
DVVRFLD]LRQLHVRJJHWWLSXEEOLFLHSULYDWLD]LHQGHGHOWHU]RVHWWRUHUHVLSDUWHFLSLHYDORUL]]DWL
QHOO·DPELWRGHOORVYLOXSSRGHOOHSROLWLFKHSHUODVLFXUH]]DQHOFRPSUHQVRULR
*OLVWXGHQWLLQWHUHVVDWLVRQRVWDWLROWUHSHUWDQWRqVWDWDFRSHUWDFRPHIRUPD]LRQHWXWWD
ODUHWHVFRODVWLFDROWUHFKHTXHOODGHLJHQLWRULGHJOLDOXQQLSHULGLYHUVLRUGLQLHJUDGLGLVFXROD
352*(77
772
20
0(1=,21$72
2%
²
²6H]LRQH
H,,67,7872
2&
&2035(16,92 ,VWLWXWR&RPSUHQVLYRGL7DYHUQROD%HUJDPDVFD
9LD5RPD
7DYHUQROD%HUJDPDVFD%HUJDPR
7HO
PDLOEJHH#LVWUX]LRQHLW
5HVSRQVDELOLGHOSURJHWWRGRFHQWLGHOSOHVVR
7LWRORGHOSURJHWWR
´$VFXRODLQPRYLPHQWRFRQDOOHJULDHVHQ]DSHULFRORµ
'HVFUL]LRQHGHOSURJHWWR
&RQ LO SURJHWWR ´3,(',%86µ O·,VWLWXWR &RPSUHQVLYR GL 7DYHUQROD %HUJDPDVFD KD FUHDWR
XQ·DOWHUQDWLYD DOO·XWLOL]]R GHOOR VFXRODEXV SHU UHFDUVL GDOOH IUD]LRQL GHO SDHVH DOOD VHGH GHOOD
VFXROD,EDPELQLGHOODVFXRODORKDQQRGHILQLWRFRVu
´,O3,(',%86qXQYHLFRORXQSR·VWUDQR
IDWWRGLFDORUHXPDQR
(·YLYDFHHGLYHUWHQWH
HDQFKHPROWRFRQYHQLHQWH
,OELJOLHWWRQRQFRPSUDUH
SHUFKpJUDWLVSXRLYLDJJLDUH
,QRVWULSLHGLVRQRLOPRWRUH
HQRQIDFFLDPRPDLUXPRUH
1HO3,(',%86QRLYLDJJLDWRUL
FLVHQWLDPRJUDQVLJQRULµ
3LHGLEXV q XQ PRGR VLFXUR GLYHUWHQWH H VDQR SHU DQGDUH D VFXROD RIIUHQGR DL EDPELQL
XQ·RFFDVLRQHSHUVRFLDOL]]DUHHIDUHPRYLPHQWR
1RWHYROLLEHQHILFLDOLYHOORDPELHQWDOHSRLFKpHVVRSHUPHWWHGLULGXUUHLOWUDIILFRLQSURVVLPLWj
GHOOH VFXROH GLPLQXHQGR FRVu O·LQTXLQDPHQWR H DXPHQWDQGR OD VLFXUH]]D GHL EDPELQL SHU
VWUDGD
,QROWUH q XQ PRGR SHU ULYLWDOL]]DUH LO WHUULWRULR H FRQVHQWLUH OD WHVVLWXUD GL TXHOOH UHOD]LRQL
VRFLDOLFKHORWUDVIRUPDQRVHPSUHSLLQFRPXQLWj
,O3LHGLEXVqXQDXWREXVXPDQRIRUPDWRGDXQDILODGLEDPELQLFKHVLUHFDQRLQVLHPHDVFXROD
DSLHGLDFFRPSDJQDWLGDDOFXQLDGXOWLFKHIXQJRQRGDDSULILODHFKLXGLILOD
13
&RPH XQ YHUR DXWREXV GL OLQHD VL SDUWH GD XQ FDSROLQHD VHJQDODWR GD FDUWHOORQL
RSSRUWXQDPHQWHGLVHJQDWLFRVWUXLWLHFROORFDWLGDLEDPELQL
6HJXHQGRXQSHUFRUVRVWDELOLWRVLUDFFROJRQRLYDULSDVVHJJHULVHFRQGRO·RUDULRSUHILVVDWR
&RQTXHVWDLQL]LDWLYDVLYRJOLRQRUDJJLXQJHUHYDULRELHWWLYLTXDOL
• FRLQYROJHUHDWWLYDPHQWHLEDPELQLHGXFDQGROLDOULVSHWWRGHOOHYDULHUHJROHGLFDUDWWHUH
DPELHQWDOHHVWUDGDOH
• SURPXRYHUH O·DXWRQRPLD GHL EDPELQL DXPHQWDUH LO VHQVR GL UHVSRQVDELOLWj HG
DXWRVWLPDGLRJQXQRGLORUR
• IDYRULUHODVRFLDOL]]D]LRQHFRQLFRPSDJQL
• FRQVHQWLUHXQDUPRQLFRVYLOXSSRSVLFRILVLFRGHJOLDOXQQL
0RWLYD]LRQHGHOODPHQ]LRQH
,QTXHVWRSURJHWWRqVLQJRODUHLOPHWRGRGLLQVHJQDPHQWRFKHSHUPHWWHDLEDPELQLGLLPSDUDUH
GLYHUWHQGRVL
(· LQWHUHVVDQWH YDOXWDUH TXHVWD PHWRGRORJLD FKH FRQVHQWH GL DWWLYDUH PLFURSURJHWWL GL
DSSURIRQGLPHQWRSUDWLFRGRYHVLHVSOLFLWDXQUXRORHGXFDWLYRHGLULVSHWWRGHOO·DPELHQWH
352*(77
772
20
0(1=,21$72
2&
6H]LRQH
H,,1)$1=,$
6FXROD,QIDQ]LD9DQ]DJR
9LD%HQHGHWWR&URFH
9DQ]DJR0LODQR
7HO
PDLOPLHHU#LVWUX]LRQHLW
5HVSRQVDELOHGHOSURJHWWR/DXUD3DOHDUL
7LWRORGHLSURJHWWL
´(GXFD]LRQHVWUDGDOH*LJHWWRYLJLOHSHUIHWWRµ
´&RQ6LVFXVLFXULGLSLµ
'HVFUL]LRQHGHLSURJHWWL
,OSURJHWWR´(GXFD]LRQHVWUDGDOH*LJHWWRYLJLOHSHUIHWWRµKDODILQDOLWjGLSUHYHQLUHJOLLQFLGHQWL
HIRUPDUHXQDFRVFLHQ]DPDWXUDHUHVSRQVDELOHYHUVRVHVWHVVLHJOLDOWUL
*OLRELHWWLYLGHOSURJHWWRVRQR
• VDSHUVLRULHQWDUHQHOORVSD]LR
• LQWHJUDUHVWLPROLYLVLYLHXGLWLYL
• GHFRGLILFDUHFRPSUHQGHUHXVDUHVLPEROLHVHJQL
• ULFRQRVFHUHHULVSHWWDUHOHUHJROHGHOSHGRQH
,GHVWLQDWDULVRQRVWDWLWXWWLLEDPELQLGHOODVFXRODOHLQVHJQDQWLLOFRPDQGDQWHGHOODSROL]LD
PXQLFLSDOHLJHQLWRULLQRQQL
14
(
VWDWDUHDOL]]DWDODILJXUDVQRGDELOHGLXQYLJLOHXUEDQR*LJHWWRDQLPDWRµGDOODUHIHUHQWHLO
TXDOH PDQGHUj PHVVDJJL R LQWHUYHUUj QHOOH FRQYHUVD]LRQL GL VH]LRQH SHU LQWURGXUUH QXRYL
VWLPROL
$OODILQHGHOSHUFRUVRSUDWLFRWHRULFRSHUOHYLHGHOSDHVHLEDPELQLVRQRVWDWLSUHPLDWLFRQLO
ULFRQRVFLPHQWRGLVXSHUSHGRQL
, ULVXOWDWL DXVSLFDWL GDO SURJHWWR SUHYHGRQR FKH LO EDPELQR FRPSUHQGD FRPH XWLOL]]DUH OR
VFKHPD VSD]LDOH VWUDGD VHFRQGR OH UHJROH DSSUHVH FKH DGRWWL DOFXQL FRPSRUWDPHQWL VLD
SRVLWLYL FKH QHJDWLYL UHODWLYL DOO
XVR GHOOD VWUDGD FKH LPSDUL D GHFRGLILFDUH DOFXQL VHJQDOL
VWUDGDOLHLJHVWLXWLOL]]DWLGDOYLJLOH
3HU LO VHFRQGR SURJHWWR UHDOL]]DWR GDOOD VFXROD LQ PHULWR DOOD VLFXUH]]D VWUXWWXUDOH q VWDWR
XWLOL]]DWRLQYHFHXQSXSD]]RLOGUDJKHWWR6,6&8DQFK·HVVR´DQLPDWRµGDOODGRFHQWHUHIHUHQWH
SHU OD VLFXUH]]D ,O GUDJKHWWR LQYLHUj PHVVDJJL DL EDPELQL UDFFRQWHUj VWRULH VWLPROHUj DOOD
ULIOHVVLRQHSURSRUUjJLRFKL
0RWLYD]LRQLGHOODPHQ]LRQH
,OULFRQRVFLPHQWRqVWDWRGHWHUPLQDWRGDOODVFHOWDGLXWLOL]]DUHXQHVFDPRWDJHPROWRFUHDWLYR
LQWHUDWWLYRHGDGHJXDWRDOO·HWjHDOOLQJXDJJLRGHLEDPELQLO·XWLOL]]RGLGXHSXSD]]HWWLSDUODQWL
LOYLJLOHXUEDQR*LJHWWRHLO'UDJKHWWR6LVFXFKHKDQQRSHUPHVVRLOGLDORJRFRQLSLSLFFROL
FRQLXJDQGRLFRQWHQXWLVHULGHOODVLFXUH]]DDGXQDPRGDOLWjFRPXQLFDWLYDDOWDPHQWHJLRFRVD
FRLQYROJHQWHHIDQWDVLRVD
352*(77
772
20
0(1=,21$72
2' 6H]LRQH
H6
6&82/$3
$35
5,0$5,$
,VWLWXWR&RPSUHQVLYRGL%DUJH
6FXROD3ULPDULD
9LDOH0D]]LQL
%DUJH&XQHR
7HO
PDLOFQHH#LVWUX]LRQHLW
5HVSRQVDELOLGHOSURJHWWR
/XFLD%HOWUDPR%UXQD/DPEHUWR$GHOH/RGHWWL&LQ]LD5RVVHWWL
7LWRORGHOSURJHWWR
´(·WHPSRGL«WHQHUHJOLRFFKLDSHUWLµ
'HVFUL]LRQHGHOSURJHWWR
,O SURJHWWR VL SURSRQH GL FRVWUXLUH OH EDVL GL XQD FLWWDGLQDQ]DWWLYD FROODERUDWLYD H VROLGDOH
VYLOXSSDUH XQD FXOWXUD GHOOD VLFXUH]]D PLUDWD DOOD SUHYHQ]LRQH DWWXDUH FRPSRUWDPHQWL GL
VDOYDJXDUGLDD]LRQHUDJLRQDWDHVDOXWHFRQVDSHYROH
(VVRLQYHVWHWXWWRLOSHULRGRGHOODVFXRODSULPDULDVYLOXSSDQGRRJQLDQQRWHPDWLFKHVSHFLILFKH
FKH ULJXDUGDQR OD VLFXUH]]D GRPHVWLFD VWUDGDOH DPELHQWDOH PD DQFKH OD VLFXUH]]D SHU OD
VDOXWH HGXFD]LRQH DOLPHQWDUH H DOOD SUHYHQ]LRQH FRQWUR O·XVR GL VRVWDQ]H GDQQRVH IXPR
DOFRROGURJKH
15
,OSURJUDPPDYXROHFRQWULEXLUHDPLJOLRUDUHODTXDOLWjGHOODYLWDQHLIXWXULFLWWDGLQLUHQGHQGROL
SL FRQVDSHYROL GHL ULVFKL SL DWWHQWL DOOD SUHYHQ]LRQH H DOOD VLFXUH]]D SL FDSDFL GL
FRRSHUD]LRQHHVROLGDULHWj
$WWUDYHUVR OH FRQYHUVD]LRQL L EDPELQL UDFFRQWDQR H IDQQR SDUWHFLSL L FRPSDJQL GHOOH SURSULH
HVSHULHQ]HVHJXRQRGLVFXVVLRQLHULFHUFKHVXJOLDUJRPHQWLWUDWWDWLXWLOL]]DQGRPDWHULDOLYDULIUD
FXLTXHOOLSURGRWWLGDOOD´&DPSDJQD,PSDUDUHVLFXULµGL&LWWDGLQDQ]DWWLYD
$OOHDWWLYLWjVYROWHFRQODFODVVHVHJXRQRODERUDWRULSHUODSURGX]LRQHGLPDWHULDOLGLYXOJDWLYL
HIIHWWXDWLGDSLFFROLJUXSSL
6LXWLOL]]DQRJOLLQWHUYHQWLGHOPHGLDWRUHFXOWXUDOHSHUDLXWDUHJOLDOXQQLVWUDQLHULDFRPSUHQGHUH
LQPDQLHUDFRPSOHWDDLQWHULRUL]]DUHFRQVLFXUH]]DOHLQIRUPD]LRQLSLLPSRUWDQWL
0RWLYD]LRQHGHOODPHQ]LRQH
9LHQH ULFRQRVFLXWD O·RULJLQDOLWj GHJOL VWUXPHQWL GL HGXFD]LRQH XWLOL]]DWL LO JLRFR GD WDYROD q
PROWRFUHDWLYRXVXIUXLELOHXWLOL]]DELOH/DVFXRODKDLQGLYLGXDWRXQRVWUXPHQWRGLLVWUX]LRQHH
IRUPD]LRQHPROWRDGHJXDWRDOOLQJXDJJLRGHLEDPELQL
352*(77
772
20
0(1=,21$72
2(
6H]LRQH
H6
6&82/$3
$35
5,0$5,$
6FXROD3ULPDULD´7LR]]Rµ
9LD3LDYH
3RUWR9LUR5RYLJR
7HO
PDLOPLODQLOXFLDQD#\DKRRLW
5HVSRQVDELOHGHOSURJHWWR/XFLDQD0LODQL
7LWRORGHOSURJHWWR
´3LFFROLDPLFLGHOOD3URWH]LRQH&LYLOHµ
'HVFUL]LRQHGHOSURJHWWR
,O SURJHWWR PLUD DG DSSURIRQGLUH LO UXROR GHOOD 3URWH]LRQH &LYLOH VX TXHVWLRQL ULJXDUGDQWL OD
VLFXUH]]D
3DUWHQGR GDOO·DQDOLVL GL XQ WHVWR GL FURQDFD JLRUQDOLVWLFD JOL DOXQQL VL VRQR WUDVIRUPDWL LQ
LQYHVWLJDWRULSHUVFRSULUHFRPHODYRUDVXOWHUULWRULROD3URWH]LRQH&LYLOH
$VHJXLWRGHOO·LQGDJLQHJOLDOXQQLKDQQRFKLHVWRDOVLQGDFRSUHVLGHQWHGHOOD3URWH]LRQH&LYLOH
FRPXQDOH GL HVVHUH FRQVLGHUDWL ´3527(=,21( &,9,/( -81,25µ SUHVHQWDQGR DQFKH XQ
´ORJRµGDHVVLVWHVVLUHDOL]]DWRSHUO·RFFDVLRQH
1HOO·DPELWR GL XQD PRVWUD GLGDWWLFD q VWDWD FRQVHJQDWD DL UDJD]]L OD QRPLQD GL ´0DVFRWWHµ
GHOOD3URWH]LRQH&LYLOHGHO&RPXQH
/RVFRSRGHOSURJHWWRqTXHOORGLLQGLYLGXDUHLULVFKLTXRWLGLDQLIUHTXHQWLQHOSURSULRDPELHQWH
DSSUHQGHUH UHJROH GL FRPSRUWDPHQWR LQGLYLGXDOL H FROOHWWLYH SHU OD SUHYHQ]LRQH H SHU OH
VLWXD]LRQL GL HPHUJHQ]D VLPXODUH FRPSRUWDPHQWL GD DVVXPHUH LQ FRQGL]LRQL GL ULVFKLR FRQ
IRUPH GLYHUVH GL SHULFRORVLWj GDU SURYD GL SHUL]LD HG DXWRFRQWUROOR LQ VLWXD]LRQL FKH OR
ULFKLHGRQR
16
/D PHWRGRORJLD XVDWD KD SHUPHVVR XQD PDJJLRUH FRQRVFHQ]D GHOOH VLWXD]LRQL D ULVFKLR ,Q
SDUWLFRODUH
• SUREOHPVROYLQJLQVLWXD]LRQHVLPXODWD
• FRRSHUDWLYHOHDUQLQJQHOORVWXGLRGLPDWHULDOHULJXDUGDQWHOD3URWH]LRQH&LYLOH
• ODERUDWRULGLULFHUFDD]LRQHLQFROODERUD]LRQHFRQJOLRSHUDWRULGHOOD3URWH]LRQH&LYLOHJOL
DGGHWWL DO 6HUYL]LR GL SURWH]LRQH H SUHYHQ]LRQH H JOL DGGHWWL DO VHUYL]LR DQWLQFHQGLR
DOO·HYDFXD]LRQHHGDOSULPRVRFFRUVR
3HU O·HGXFD]LRQHVWUDGDOHLUDJD]]LGLVFXRODPHGLDGRSRDYHUVXSHUDWRXQDVHOH]LRQHHGXQ
FRUVRGLIRUPD]LRQHKDQQRVYROWRLOUXRORGLWXWRUSHUJOLDOWULDOXQQLFRLQYROWLQHOSURJHWWR
'XUDQWH OD JLRUQDWD FRQFOXVLYD 6WUDGD $PLFD D PDJJLR VRQR VWDWH UHDOL]]DWH
VLPXOD]LRQLFRQPDFFKLQHHOHWWULFKHVXSHUFRUVLVWUDGDOLFRQJOLDJHQWLGLSROL]LDPXQLFLSDOHH
JOLHGXFDWRULVWUDGDOL
0RWLYD]LRQHGHOODPHQ]LRQH
3HUO·DOWRHLQQRYDWLYROLYHOORGLVFDPELRHGLDORJRLQVWDXUDWRFRQJOLRUJDQLVPLGL3URWH]LRQH
&LYLOH UHDOL]]DWR DWWUDYHUVR LQWHUYLVWH VLPXOD]LRQL JLRFKL GL UXROR FKH KDQQR FRQVHQWLWR DL
UDJD]]LGLDVVXPHUHVHSSXUYLUWXDOPHQWHLOUXRORLFRPSLWLHO·LGHQWLWjGHOOD3URWH]LRQH&LYLOH
3HUO·LQQRYDWLYDVWUDWHJLDGHOODSHHUHGXFDWLRQHGXFD]LRQHWUDSDUL
352*(77
772
20
0(1=,21$72
2) ²
²6H]LRQH
H6
6&82/$
$6
6(&21'$5,$3
$35
5,02
2*
*5$'2 6FXROD0HGLD´8JR)RVFRORµ
3LD]]DGHO*HV1XRYR
1DSROL
7HO
PDLOQDPP#LVWUX]LRQHLW
5HVSRQVDELOHGHOSURJHWWR5HQDWR6SHUDQGHR
7LWRORGHOSURJHWWR
´/·DUWHGHOODVLFXUH]]Dµ
'HVFUL]LRQHGHOSURJHWWR
/·DUWH GHOOD VLFXUH]]D q XQ SHUFRUVR GL HGXFD]LRQH FLYLFD FKH PLUD D UHVSRQVDELOL]]DUH JOL
VWXGHQWL VXO WHPD GHOOD VLFXUH]]D QHO FRQWHVWR WHUULWRULDOH H FRQ O·DWWLYD]LRQH GL ULIOHVVLRQL H
ODERUDWRUL FUHDWLYL YROWL DOOD SURPR]LRQH GHOOD FRQVDSHYROH]]D QHO FDPSR GHOO·HGXFD]LRQH DOOD
VLFXUH]]D
´/·DUWHGHOODVLFXUH]]DµqDQFKHXQSURGRWWRUHDOL]]DWRGDLUDJD]]LXQ·DQWRORJLDPXOWLPHGLDOH
XQVXVVLGLRLQIRUPDWLYRSHUDGROHVFHQWLLQVLWXD]LRQLGLULVFKLR
*OLRELHWWLYLHGLOSHUFRUVRGHOSURJHWWRVRQRLVHJXHQWL
• IDU HPHUJHUH L ELVRJQL GL VLFXUH]]D GHL UDJD]]L H IDUQH LQWHULRUL]]DUH L FRQFHWWLFKLDYH
DWWUDYHUVRPRPHQWLGLFRQIURQWRTXDOLOD*LRUQDWDQD]LRQDOHGHOODVLFXUH]]DLQGHWWDGD
&LWWDGLQDQ]DWWLYD
17
•
•
•
UHQGHUH JOL DOXQQL PROWLSOLFDWRUL GL EXRQH SUDWLFKH VXOOD VLFXUH]]D WUDVIRUPDQGROL LQ
YHLFROR GL LQIRUPD]LRQH SUHVVR OH IDPLJOLH JUD]LH DOOD UHGD]LRQH GL XQ RSXVFROR
LQIRUPDWLYR FDUWDFHR HG XQ SURGRWWR PXOWLPHGLDOH GD SUHVHQWDUH LQ HYHQWL SXEEOLFL D
WHPD
VWLPRODUHODSDUWHFLSD]LRQHDWWLYDHODSURJHWWXDOLWjUHQGHQGRJOLVWXGHQWLSURWDJRQLVWL
GHO SURFHVVR GL DSSUHQGLPHQWR VRWWR OD UHJLD WHFQLFD GHJOL LQVHJQDQWL LQ YHVWH GL
IDFLOLWDWRUL
PHWWHUVLLQUHWHFRQDOWUHVFXROHSHUDPSOLDUHODFXOWXUDGHOODVLFXUH]]DWUDJOLVWXGHQWLD
SDUWLUHGDOO·DVFROWRDWWLYRGHOOHHVSHULHQ]HJLRYDQLOLLQWDOHDPELWR
0RWLYD]LRQHGHOODPHQ]LRQH
(·VWDWDXVDWDXQDPHWRGRORJLDRULJLQDOHHULSURGXFLELOHDWWUDYHUVRODFUHD]LRQHGLXQSURGRWWR
GLJLWDOH LQWHUDWWLYR FKH SXz ULYROJHUVL DQFKH DOOH IDPLJOLH H DG DWWRUL HVWHUQL JDUDQWHQGR
SDUWHFLSD]LRQH H FRLQYROJLPHQWR /·LQL]LDWLYD YLHQH PHQ]LRQDWD SHU OH VXH ILQDOLWj LQIRUPDWLYH
HG HGXFDWLYH SHU OD YDULHWj GHL WHPL DIIURQWDWL QHOO·DPELWR GHOOD WXWHOD GHOOD VLFXUH]]D
VSD]LDQGR GDOOH SUREOHPDWLFKH OHJDWH DOO·DPELHQWH DOOD VLFXUH]]D QHJOL HGLILFL VFRODVWLFL QHL
OXRJKL GRPHVWLFL GL ODYRUR H SHU OD VWUDGD SHU O·DWWHQ]LRQH GHVWLQDWD DOO·LPSRUWDQ]D GHO
´PHWWHUVL LQ JLRFRµ GHOOD VRFLDOL]]D]LRQH H GHOOD FRPXQLFD]LRQH TXDOL EDVL SHU OD FUHVFLWD
LQGLYLGXDOHHFROOHWWLYDQRQFKpSHUODIRUPD]LRQHGHOODSURSULDLGHQWLWj
352*(77
772
20
0(1=,21$72
2*
6H]LRQH
H6
6&82/$
$6
6(&21'$5,$
$6
6(&21'2
2*
*5$'2 ,VWLWXWR,VWUX]LRQH6XSHULRUH´3ULPR/HYLµ
9LD5HVLVWHQ]D
9LJQROD0RGHQD
7HO
PDLOLQIR#LVWLWXWROHYLLW
5HVSRQVDELOHGHOSURJHWWR8PEHUWR/HRQDUGL
7LWRORGHOSURJHWWR
´/DSUHYHQ]LRQHDVFXRODYHUVRXQODYRURSLVLFXURµ
'HVFUL]LRQHGHOSURJHWWR
/
LGHD SURJHWWXDOH q VWDWD TXHOOD GL VYLOXSSDUH XQ
DUHD FKH WUDWWDVVH OH SUREOHPDWLFKH GHOOD
VLFXUH]]DQHLOXRJKLGLODYRURHVRSUDWWXWWRGLULFRQRVFHUHDOODVLFXUH]]DXQUXRORGLGLVFLSOLQD
DXWRQRPDQHJOLLVWLWXWLWHFQLFLGLFRPSOHWDPHQWRDOODILJXUDGHOSHULWRLQGXVWULDOH
6RQR VWDWL SUHVHQWDWL GHL FDVL GL LQIRUWXQLR VXO ODYRUR UHDOPHQWH DFFDGXWL H SRL HVDPLQDWL
DWWUDYHUVRTXHVWLRQDULHGDOWULVWUXPHQWLGLYHULILFDDQDOL]]DQGRWXWWLLSUREOHPLOHJDWLDTXHVWD
VSHFLILFDWHPDWLFD
(·VWDWRSURGRWWRXQFGPXOWLPHGLDOHFRQXQJLRFRTXL]VXOULVSDUPLRHQHUJHWLFR
18
0RWLYD]LRQHGHOODPHQ]LRQH
,OULFRQRVFLPHQWRGHULYDGDOO·DYHUDIIURQWDWRXQWHPDFKHqPDWHULDGLVWXGLRHGLDSSOLFD]LRQH
LQVWDJHSUHVVROHD]LHQGHPDDQFKHGDOO·HOHYDWRDSSURIRQGLPHQWRGHOWHPDWUDWWDWRLQPRGR
WUDVYHUVDOHHDFXLLGRFHQWLGLWXWWHOHGLVFLSOLQHKDQQRGDWRXQFRQWULEXWR
/DULSURGXFLELOLWjGHOO·LQL]LDWLYDqSUHYLVWDQHOO·DPELWRGHJOLLVWLWXWLWHFQLFLHSURIHVVLRQDOLGDWR
FKH L WHPL WUDWWDWL LQ PDQLHUD PROWR VSHFLILFD HG DSSURIRQGLWD ULJXDUGDQR DSSXQWR WDOH
FRQWHVWR
3Xz HVVHUH LGHQWLILFDWR XQ QXRYR SURILOR SURIHVVLRQDOH FRPH ´WHFQLFR GHOOD VLFXUH]]Dµ GD
SURSRUUHQRQVRORDGDOWULLVWLWXWLWHFQLFLLQWHUHVVDWLPDDGGLULWWXUDGDSUHVHQWDUHDO0LQLVWHUR
GHOOD 3XEEOLFD ,VWUX]LRQH FRPH SURSRVWD SHU LVWUXLUH XQ QXRYR SHUFRUVR GLGDWWLFRFXUULFRODUH
GHGLFDWRDOODVLFXUH]]DVWUXWWXUDOHHDOO·DGHJXDPHQWRGHOODQRUPDWLYDYLJHQWH
19
/$
$&&200
00,,66
66,,21((
((66$0,1$75,&(
,FRPSRQHQWLGHOOD*LXULDVRQR
*LDQIUDQFR%HOFDUR
'LUHWWRUH*HQHUDOH)RQGD]LRQH--
• 3DVTXDOH0ROLWHUQL
$VVRFLDWRGL3HGDJRJLD6SHFLDOH
,VWLWXWR8QLYHUVLWDULR6FLHQ]H0RWRULHGL5RPD
• 5RPROR3LHUDQJHOLQL
$*(/D]LR$VVRFLD]LRQH,WDOLDQD*HQLWRUL
• $QWRQLR0RUHOOL
3UHVLGHQWHGHO&RPLWDWR9LWWLPHGL6*LXOLDQR
• $ULDQQD$OHVLQL
6FXRODGL&LWWDGLQDQ]DWWLYD
• 0DULD9DOHULD$QJHORUR
6FXRODGL&LWWDGLQDQ]DWWLYD
• 5DFKHOH*LDFDORQH
5DFFROWD)RQGLGL&LWWDGLQDQ]DWWLYD
• (OLVDEHWWD3RPD
'LSDUWLPHQWR&RPXQLFD]LRQHGL&LWWDGLQDQ]DWWLYD
/D&RPPLVVLRQHHVDPLQDWULFHVLqLQFRQWUDWDQHLJLRUQLJHQQDLRHIHEEUDLRSUHVVR
ODVHGHGL5RPDGL&LWWDGLQDQ]DWWLYDLQYLD)ODPLQLD
1HO SULPR LQFRQWUR VRQR VWDWL HVDPLQDWL L FULWHUL VXOOD EDVH GHL TXDOL YDOXWDUH L SURJHWWL
SHUYHQXWLSUHFHGHQWHPHQWHLQGLFDWLQHOEDQGRGLSDUWHFLSD]LRQHDOFRQFRUVR
,SURJHWWLGRYHYDQRSUHVHQWDUHVSHFLILFLUHTXLVLWL
• SURJHWWL FRUVL DWWLYLWj UHDOL]]DWL QHOO·DQQR LQ FRUVR R QHOO·DQQR VFRODVWLFR RFKHVLSURWUDUUDQQRQHO
• FKH IRVVHUR HVSUHVVLRQH GL XQ ODYRUR FROOHWWLYR JUXSSR GL VWXGHQWL FODVVH
LVWLWXWR«HQRQHVFOXVLYDPHQWHLQGLYLGXDOH
• FKH ULJXDUGDVVHUR LO WHPD GHOOD VLFXUH]]D LQ XQR R SL GHL VXRL GLYHUVL DVSHWWL
DPELHQWDOH ILVLFD H DOLPHQWDUH VWUXWWXUDOH QHL WUDVSRUWL LQ FDVD QHOO·XVR GHOOH
QXRYHWHFQRORJLHHFF
• FKH DYHVVHUR LO FRLQYROJLPHQWR GL DOXQQL H GRFHQWL HG HYHQWXDOPHQWH GL DOWUL
VRJJHWWL LQWHUQL R HVWHUQL DOOD VFXROD JHQLWRUL DVVRFLD]LRQL HQWL ORFDOL D]LHQGH
SULYDWH«
• GL FXL IRVVH SRVVLELOH PLVXUDUH O·LPSDWWR TXDQWH SHUVRQH FRLQYROWH SHU TXDQWR
WHPSR LQ RUDULR VFRODVWLFR R H[WUD YLVLELOLWj R PHQR VXL PHGLD FDPELDPHQWL
SURGRWWL«LOWDVVRGLLQQRYDWLYLWjFDSDFLWjGLSURGXUUHVROX]LRQLQXRYHHFUHDWLYH
QHOO·DPELWR GHOOD WXWHOD H GHOOD GLIHVD GHOOD VDOXWH H GHOOD VLFXUH]]D SHU LO VLQJROR
UDJD]]RGHOODTXDOLWjGLYLWDDOO·LQWHUQRGHOODVWUXWWXUDVFRODVWLFDHFFLOOLYHOORGL
VRVWHQLELOLWjFRQTXDOLULVRUVHXPDQHHILQDQ]LDULHOLYHOORGLFRLQYROJLPHQWRVRJJHWWL
HVWHUQL FRPH DG HVHPSLR LPSUHVH SULYDWH OD ULSURGXFLELOLWj SRVVLELOLWj GL
WUDVIHULUHHDSSOLFDUHTXHOOHVWHVVHVLWXD]LRQLLQOXRJKLHVLWXD]LRQLGLYHUVL
•
20
$OODOXFHGHOODYDULHWjGHLSURJHWWLSUHVHQWDWLHGHOODWLSRORJLDGHJOL,VWLWXWLLQFRQFRUVRqVWDWR
VWDELOLWR GL HURJDUH FLQTXH SUHPL XQR SHU JOL ,VWLWXWL FRPSUHQVLYL XQR SHU OD 6FXROD
GHOO·,QIDQ]LD XQR SHU OD 6FXROD 3ULPDULD XQR SHU OD VHFRQGDULD GL JUDGR HG XQR SHU OD
VHFRQGDULDGLJUDGR
/D SULPD IDVH KD YLVWR OD YDOXWD]LRQH GHL SURJHWWL VXOOD EDVH GHL FULWHUL SUHFHGHQWHPHQWH
DSSURYDWLGDOO·DVVHPEOHD
1HO VHFRQGR LQFRQWUR VRQR VWDWL GLYLVL L SURJHWWL LQ WUH JUXSSL H VXOOD EDVH GHOOD JULJOLD GL
YDOXWD]LRQHqVWDWRDWWULEXLWRORURXQSXQWHJJLR
6RQRVWDWLLQILQHGHWHUPLQDWLLQDVVHPEOHDLWUHQWDSURJHWWLILQDOLVWLGHFUHWDWLLFLQTXHSURJHWWL
YLQFLWRULHLVHWWHSURJHWWLPHQ]LRQDWL
6RQR VWDWH PHVVH D SXQWR GDOO·LQWHUD *LXULD OH PRWLYD]LRQL DVVHJQDWH DL SURJHWWL YLQFLWRUL H
PHQ]LRQDWL
21
((/(1&2
2'
'(,
,3
352*(77
77,
,(
('
'(//
//(
(66&82/(
(3
3$57(&,3$17,
3UHPLR%XRQH3UDWLFKHGL(GXFD]LRQHDOOD6LFXUH]]DHGL]LRQH
35
3
52*(77
77,
,9
9,1&,725, 1RPH,VWLWXWR
(PDLO
5HIHUHQWH
7LWRORGHOSURJHWWR
SURJHWWR
,VWLWXWR&RPSUHQVLYRGL0HOLOOL
VUHH#LVWUX]LRQHLW 1HOOD
6LUDFXVD
6LFXUH]]DHSURWH]LRQH
7UDQFKLQR
FLYLOH
1RLHO·DPELHQWH
(GXFD]LRQHDOLPHQWDUH
,VWLWXWR&RPSUHQVLYR´6&2&&+(5$µ
DFTXDULRDQ#YLUJLOLRLW
,QIDQ]LD$QFRQD
'LUH]LRQH'LGDWWLFD&LUFROR²6FXROD
/DXUD
$FTXDDULDWHUUDIXRFR
%XFFROLQL
3ROOLFLQR
EOHH#LVWUX]LRQHLW 6HUHQD5XL
3ULPDULD´$*DEHOOLµGL%HOOXQR
6FXROD0HGLD´%%RQILJOLµGL&RUFLDQR
/DQRVWUDSDOHVWUDGL
HGXFD]LRQHVWUDGDOH
ERQILJOLFRUFLDQR#OLEHURLW (QULFKHWWD
3HUXJLD
6FXROD6LFXUD
,WDOLDQL
,VWLWXWR3URIHVVLRQDOH6HUYL]L&RPPHUFLDOL
LSVVFWFGS#WLVFDOLLW
H7XULVWLFLGL&LWWDGHOOD3LHYH3HUXJLD
,YRQQH
6LFXUH]]DQHLOXRJKLGLYLWDH
)XVFKLRWWR
GLODYRUR
35
3
52*(77
77,
,&
&21
10
0(1=,21(
(6
63(&,$/( &LUFROR
VHJUHWHULD'',&,5&2/25,92/,#VFXROHSLHPRQWHLW
'LGDWWLFRGL
$QWRQLHWWD'L
&UHVFLDPRLQ
0DUWLQR
VDOXWHFRQWUH
5LYROL7RULQR
´6µVWLOLGLYLWD
FDSRILOD5HWH
VLFXUH]]D
6FXRODVLFXUD
VRFFRUVR
,VWLWXWR
EJHH#LVWUX]LRQHLW
&RPSUHQVLYRGL
$QQD5RVD
$VFXRODLQ
$OEHUWL
PRYLPHQWRFRQ
7DYHUQROD
DOOHJULDHVHQ]D
%HUJDPDVFD
SHULFROR
%HUJDPR
6FXROD
PLHHU#LVWUX]LRQHLW
/DXUD3DOHDUL
*LJHWWRYLJLOH
,QIDQ]LD
SHUIHWWR
9DQ]DJR
&RQ6LVFX
0LODQR
,VWLWXWR
VLFXULGLSL
FQHH#LVWUX]LRQHLW
/XFLD%HOWUDPR (·WHPSR
&RPSUHQVLYRGL
%UXQD
GL«WHQHUHJOL
%DUJH&XQHR
/DPEHUWR
RFFKLDSHUWL
6FXROD3ULPDULD
$GHOH/RGHWWL
&LQ]LD5RVVHWWL
6FXROD
PLODQLOXFLDQD#\DKRRLW
/XFLDQD0LODQL 3LFFROLDPLFL
3ULPDULD
GHOODSURWH]LRQH
´7LR]]RµGL
FLYLOH
3RUWR9LUR
5RYLJR
6FXROD0HGLD
QDPP#LVWUX]LRQHLW
´8JR)RVFRORµ
5HQDWR
/·DUWHGHOOD
6SHUDQGHR
VLFXUH]]D
8PEHUWR
/DSUHYHQ]LRQHD
/HRQDUGL
VFXRODYHUVRXQ
GL1DSROL
,VW6XSHULRUH
3ULPR/HYLGL
9LJQROD02
LQIR#LVWLWXWROHYLLW
ODYRURSLVLFXUR
22
*/,
,$
$/75,
,3
352*(77
77,
,&
&21&255
55(
(17, 6FXROD0HGLD
PHGLDVDQWRUVROD#RUVROLQHUHLW
$QQD&RVHU
$OLPHQWDUH:DWVRQ
PDQXSLFD#OLEHURLW
0DQXHOD
6WRS«qO·RUDGHOOD
5DVSDYROR
VLFXUH]]D
DJDEXUUL#OLEHURLW
$QWRQLD*DEXUUL
/·$SSHWLWRYLHQ
VFLUFROR#WLVFDOLQHWLW
5RVDULD6FLDOz
$PLFDVLFXUH]]D
VHFHFFROLQL#SURYLQFLDSVLW
62UVROD
*XDVWDOOD5HJJLR
(PLOLD
,QIDQ]LD$UFREDOHQR
6HJUDWH0LODQR
,QIDQ]LD
%HYDJQD3HUXJLD
'LUH]LRQH'LGDWWLFD
JLRFDQGR
&LUFROR
&DSDFFLR6DOHUQR
3ULPDULD
6LOYDQD0DQFLQL
6LFXULTXDQGRSHUFKp
*LRYDQQL;;,,,
6WHIDQLD
FRPH
3HVDUR
&LDIIRQFLQL
,VWLWXWR6XSHULRUH
FDUGDVSH#OLEHURLW
&DUGDUHOOL
)UDQFHVFR
6SHFLDOHVLFXUH]]D
0DJQHOOL
&ROWLYLDPRFHOD
)UDQFD0HPROL
6LFXUH]]D"
/D6SH]LD
/LFHR6FLHQWLILFR
VDSVU#LVWUX]LRQHLW
/HRQDUGR'D9LQFL
6FULYLDPRQH
6DOHUQR
6FXROD3ULPDULD
FDORO]LRSULPRFLUFROR#WLQLW
(OHQD/RQJKL
%DPELQLVLFXUL
QDHH#LVWUX]LRQHLW
6HYHULQD'H
6HLGXHVHL
&DORO]LRFRUWH/HFFR
,QIDQ]LD$UROD
9LFR(TXHQVH1DSROL
3ULPDULD*3DVFROL
$QJHOLV
GHDPLFLV#LVWLWXWRFRPSUHQVLYRFDVWURQQRLW
9DOHULD0DUFRQ
&DVWURQQR9DUHVH
3URJHWWR6LFXUH]]D
UDJD]]L6FXROD
&DVD7HUULWRULR
,VWLWXWR
VFXRODYR#OLEHURLW
*LRUJLR
6LFXUH]]DHVDOXWH
&DQ]RQHUL
QHOODVFXROD
QDHH[#LVWUX]LRQHLW
$QQD*DOHRWD
5HJRODQGLD
JHPP#LVWUX]LRQHLW
)ODYLD3DWD
,O0LQLSRPSLHUH
UPPPS#LVWUX]LRQHLW
0$QWRQLHWWD
6LFXULDVFXROD
&RPSUHQVLYR
6LOYLR3HOOLFR
9HGDQR2ORQD9DUHVH
3ULPDULD
$OIUHGR2ULDQL
1DSROL
6FXROD0HGLD
%DUULOL3DJQDQLQL
*HQRYD
,VWLWXWR
&RPSUHQVLYR
0XUDQR
9LD%LWRVVL
5RPD
,VWLWXWR
PHHH#LVWUX]LRQHLW
&RPSUHQVLYR
*LXVHSSH
3URJHWWR6FXROD
0XVFROLQR
6LFXUD
9LOPD*KHGD
6LFXUH]]DHLJLHQH
$Ou7HUPH0HVVLQD
3ULPDULD&ROORGL
FROORGL#VFXRODGLERYH]]RLW
%RYH]]R
QHJOLDPELHQWLGL
%UHVFLD
3ULPDULD*LRYDQQL
ODYRUR
VHJUHWHULD#VFXRODJLRYDQQL;;,,,LW
;;,,,
0$SROORQLD
6FXRODVLFXUDVLFXUL
3DOPLHUL
VLGLYHQWD
&DUOD%LDQFKL
6FXRODH
0DUWLQD)UDQFD
7DUDQWR
6FXROD0HGLD$
IUPP#LVWUX]LRQHLW
*LRUJL1)UDFFR
FLWWDGLQDQ]DWWLYD
)HUHQWLQR)U
23
,VWLWXWR
6DYHULR
6FXROD6LFXUD
&RPSUHQVLYR0DULR
LVWFRPSPRQWHSDRQH#YLUJLOLRLW
&HUPLQDUD
LQVLHPHSHUHGXFDUH
6TXLOODFH
(XJHQLD5XVVR
HSUHYHQLUH
(GPRQGR&RFFL
6FXROD6LFXUD
0RQWHSDRQH
&DWDQ]DUR
'LUH]LRQH'LGDWWLFD
GGPRQGROIR#SURYLQFLDSXLW
0RQGROIR3HVDUR
8UELQR
,VWLWXWR
LVWLWXWRFRPSUHQVLYRSHVVD#WLQLW
$OHVVDQGUD%RIIL
6LFXUH]]D
&RPSUHQVLYR'DQLHOD
3UHYHQ]LRQHH
0DXUR
FRPSRUWDPHQWR
3(66$12%251$*2
0LODQR
,366$5$QJHOR
YLFHSUHVLGHQ]D#EHUWLYULW
$QQD*UDFLRWWL
6LFXUH]]DSHUVRQDOH
%HUWL
LGHQWLILFD]LRQH
9HURQD
SHUFH]LRQHHVWUDWHJLH
GLIURQWHJJLDPHQWR
GHLULVFKL
,VWLWXWR
GLUH]LRQHOX]]DUD#WLQLW
&RPSUHQVLYR/X]]DUD
0DULD/XLVD
3DWHQWLQR
$UWRQL
0XRYHUVLLQVLFXUH]]D
5HJJLR(PLOLD
VXOODVWUDGD
6LFXUH]]DIXRULH
GHQWURODVFXROD
3ULPDULD,,,&LUFROR
FWHHD#LVWUX]LRQHLW
*LRYDQQD*LXQWD 6LFXUH]]DH
'LGDWWLFR6FLDVFLD
SUHYHQ]LRQHQHJOL
0LVWHUELDQFR&DWDQLD
DPELHQWLIUHTXHQWDWL
3ULPDULD&LUFROR
QDHH#LVWUX]LRQHLW
*LXVHSSH3H]]D
6LFXUH]]DDVFXROD
PHHHS#LVWUX]LRQHLW
'LGDWWLFR
0RQWH3URFLGD
1DSROL
'LUH]LRQH'LGDWWLFD
$ORVL/D6SDGD
$WDYRODFRQDOOHJULD
&LUFROR%DUFHOORQD
%XFFD6WDLWL
(GXFD]LRQHDOOD
0HVVLQD
&DOGHURQH
VLFXUH]]D
)XJD]]RWWR
)DPj
&DODEUz
6RILD6LQGRQL
,6,66
VHJUHWHULD#LVLVVPRUFLDQRLW
3*REHWWL$'H*DVSHUL
*LXVHSSH
6LFXUH]]DDVFXROD
&LUULQFLRQH
0RUFLDQRGL5RPDJQD
51
,VWLWXWR
GLULJHQWHFMVI#DHVLQHWLW
3DROD*LJOL
6FXROD6LFXUD
OHJFLUF#OLEHURLW
2UQHOOD*UL]]L
2SHUD]LRQH«VLFXUH]
&RPSUHQVLYR-HVL2YHVW
6DQ)UDQFHVFR
-HVL$QFRQD
,9&LUFROR'LGDWWLFR
/HJQDQR0LODQR
'LUH]LRQH'LGDWWLFD
]D
*DHWDQD&DOODUL
%XRQHSUDWLFKHGL
&LUFROR
0DULD&RQFHWWD
VLFXUH]]DDVFXROD
5HQGH&RVHQ]D
3RQWLHUL
6FXROD0HGLD
FLUFROR#WXWWRSPLLW
JHPP#LVWUX]LRQHLW
'DQLHOD)RQWDQD (GXFDUHSHU
ILJOLHPDULDLPPDFRODW#OLEHURLW
0DULD&DUPHOD
8QSLFFRORLPSHJQR
)HUUXFFL
SHUVWDUHSLVLFXULD
/DYDJQD*HQRYD
)LJOLH0DULD
,PPDFRODWD
3ULPDULD
SUHYHQLUH
VFXROD
5HJJLR&DODEULD
24
6FXROD3ULPDULD
VHDSVHOOD#SURYLQFLDSVLW
%DUEDUD5REHUWL
7LUHJDORODVLFXUH]]D
VUUF#LVWUX]LRQHLW
1XQ]LR1LRVL
,OERQWRQGDFLWWj
)LRUHOOD6DUL
3URQWLVLDPRLQ
H,QIDQ]LD
0RQWHODEEDWH3HVDUR
8UELQR
,VWLWXWR,VWUX]LRQH
6XSHULRUH
3ULQFLSHGL1DSROL
6LUDFXVD
,VWLWXWRFRPSUHQVLYR YHHH#LVWUX]LRQHLW
'DQLHOH0DQLQ
HPHUJHQ]D
&DYDOOLQR3UHSRUWL
9HQH]LD
&LUFROR'LGDWWLFR
FVHHH#LVWUX]LRQHLW
6HUDILQD0DJQR
6FXRODVLFXUD
LFSDVFROLIHOL]]DQR#OLEHURLW
9LJRJQD=XQLQR
(GXFD]LRQHVWUDGDOH
GGIRUPLJLQH#WLQLW
0RUHQD7DGROLQL
/DVDOXWHYLHQ
'RQ0LODQL
&RULJOLDQR6FKLDYRQHD
&RVHQ]D
,VWLWXWR
&RPSUHQVLYR*LRYDQQL
3DVFROL)HOL]]DQR
$OHVVDQGULD
'LUH]LRQH'LGDWWLFD
)RUPLJLQH&LUFROR
PDQJLDQGR
&DVLQDOER0RGHQD
6FXROD0HGLD
VFXROD#VDOYHPLQLDQGULDLW
5LFFDUGR%DVLOH
6FXROD6LFXUD
QDPPQ#LVWUX]LRQHLW
*LXVHSSH
6FXRODVLFXUD
6DOYHPLQL
$QGULD%DUL
6FXROD0HGLD1LQR
&RUWHVH
3LVFRSR
&DVRULD1DSROL
6FXROD0HGLD$
VDHH#LVWUX]LRQHLW
,VROGL
*DEHOOR0RUHOOR
/DVFXRODqGDYYHUR
*DODQL
SHULFRORVD"
3ROOD6DOHUQR
6FXROD0HGLD$GD
QDPP#LVWUX]LRQHLW
$QWRQLHWWD%LRQGL 1RLVLDPRFLzFKH
1HJUL
PDQJLDPR
9LOODULFFD1DSROL
,VWLWXWR
QDPPJ#LVWUX]LRQHLW
/XLJL$PDWR
&RPSUHQVLYR2PHUR
6LFXUH]]DDVFXRODLQ
FDVDSHUODVWUDGD
3RPLJOLDQR'·$UFR
1DSROL
,VWLWXWR
GLULJHQWH#LFJRUOHLW
&DUPHOR$PDWR
&RPSUHQVLYR
,PSDULDPROD
VLFXUH]]DLQVWUDGD
*RUOH%HUJDPR
,VWLWXWR
LFWLEXUWLQDQWLFD#WLVFDOLLW
&RPSUHQVLYR
6LVWLQD&DULQFL
$VFXRODLPSDULDPR
7HVWDQL
DPXRYHUFLFRQ
9LD7LEXUWLQDDQWLFD
ULVSHWWRGHOODQRVWUD
5RPD
'LUH]LRQH'LGDWWLFD
DOWUXLYLWD
SQHHH#LVWUX]LRQHLW
'DQLHOD0DJUR
3RUFLD3RUGHQRQH
6FXROD%LEOLRWHFD
WHUULWRULRSHU
XQ·LPSURQWD
VRVWHQLELOH
&LUFROR
FLUFROR]DJDUROR#OLEHURLW
)UDQFD7RJQL
'LGDWWLFR=DJDUROR
5RPD
,VWLWXWR
&RPSUHQVLYR*
6LFXUH]]D
LQIR#UDQGDFFLRLW
(YD'H0DUFKL
3HGDOD0HQWH
$OHVVDQGUD)UDWWD 5DQGDFFLR
0RQIDOFRQH*RUL]LD
25
'LUH]LRQH'LGDWWLFD
SULPRSRPSHL#OLEHURLW
&DUROLQD6SLQD
6LFXUH]]Dq
OGDYLQFL#WLQLW
/RGRYLFR'DYu
*LRUQDWDGHOOD
&LUFROR
3RPSHL1DSROL
6FXROD0HGLD
/HRQDUGRGD9LQFL
VLFXUH]]D
3DOHUPR
&LUFROR'LGDWWLFR
GLUGLGPDJLRQH#OLEHURLW
0DUFHOOD/LOOLQL
1XQ]LR1LRVL
LFNLQJJUXJOLDVFR#VFXROHSLHPRQWHLW
5REHUWR&RUUHQWL 6LFXUDPHQWHVLFXUL
UPHHS#LVWUX]LRQHLW
6RILD3DORPER
GGOLPELDWHGXH#WLVFDOLLW
/XFLD0DU]RUDWL
6FXRODVLFXUD
YLPPD#LVWUX]LRQHLW
6DPXHOH
6LFXUH]]DDVFXROD
/HYDWR
3DROD7RPED
/DVLFXUH]]DVXOOD
0DJLRQH3HUXJLD
,VWLWXWR
&RPSUHQVLYR0DUWLQ
/XWHU.LQJ
*UXJOLDVFR7RULQR
&LUFROR'LGDWWLFR
$Q]LR5RPD
6FXROH3ULPDULH
/DVLFXUH]]DQRQq
XQ«JLRFR
&ROORGLH5RGDUL
/LPELDWH0LODQR
,VWLWXWR
&RPSUHQVLYR'RQ&DUOR
)ULJR
&RJROORGHO&HQFLR
9LFHQ]D
6FXROD3ULPDULD
SDRODWRPED#OLEHURLW
0DUFRQL
VWUDGD
$ORQWH9LFHQ]D
,QIDQ]LD$UFREDOHQR
IJHH#LVWUX]LRQHLW
$SULFHQD)RJJLD
(PPD3DSD
/·$OOXYLRQH
5DFKHOH'H
)LOLSSLV
&LUFROR'LGDWWLFR
FVHHH#LVWUX]LRQHLW
0DXUL]LR/DXUDWR $VFXROD
WRLVRY#LVWUX]LRQHLW
6LOYDQD
3DROD&RVHQ]D
,VWLWXWR6XSHULRUH
«LPSDUDUHVLFXUL
%REELR
6LFXURqPHJOLR
$SSHQGLQR
&DULJQDQR7RULQR
,VWLWXWR
WULF#WLVFDOLQHWLW
)ODPLQL/HSRULQL
'LYHUWHQGRVLLQ
0DUWRQL
VLFXUH]]D
VHJUHWHULDVPSHUWLQLEDQFKHWWR#VFXROHSLHPRQWHLW
2OLYLD'DO0DVVR
&UHVFHUHVLFXUL
LPHH#LVWUX]LRQHLW
/LDQD&RURQD
6FXROD6LFXUD
SJHHF#LVWUX]LRQHLW
0DULD3LD
$VFXRODGLWHUUHPRWL
)DOFLQHOOL
0HPR
/XFLD)RVVHQ
*LRFDUHLQVLFXUH]]D
&RPSUHQVLYR
)DQFLXOOL
$UURQH7HUQL
6FXROD3ULPDULD
6DQGUR3HUWLQL
%DQFKHWWH7RULQR
&LUFROR'LGDWWLFR
9HQWLPLJOLD,P
'LUH]LRQH'LGDWWLFD
&LUFROR
3HUXJLD
6FXROD,QIDQ]LD
EOHHF#LVWUX]LRQHLW
6WDWDOH
5LYDPRQWH%HOOXQR
,VWLWXWR
ERPPY#LVWUX]LRQHLW
&RPSUHQVLYR*LRUJLRGL
*LDQOXFD'L
6LFXUH]]DFRPH
%HUQDUGR
FRPSDJQDGLEDQFR
3DROD0DULD
,PSDUDUHVLFXUL
3LDQR%RORJQD
,VWLWXWR
LFV]HYLR#YLUJLOLRLW
&RPSUHQVLYR=HYLR
&RQWL
9HURQD
&LUFROR'LGDWWLFR
%RVFRUHDOH1DSROL
QDHH#LVWUX]LRQHLW
0DULD0LFKHOLQD
/RQWDQRGDOSHULFROR
&DVLOOR
26
'LUH]LRQH'LGDWWLFD
GLUGLG#QRYLVFXRODSULPRLW
&LUFROR
1DWDOLQR$WWLOLR
6FXROD6LFXUD
&ROOHWWL
1RYL/LJXUH$O
,VWLWXWR
LFYROWD#WLVFDOLLW
&RPSUHQVLYR
0DULD5LWD
6FXROD6LFXUD
3DQ]DQHOOD
(OVD0RUDQWH5RPD
,VWLWXWR7HFQLFR
PDUFRQL#SURYLQFLDSDGRYDLW
&KLQHOOR5RVVL
SDLFH#LVWUX]LRQHLW
6HEDVWLDQR/D
,QGXVWULDOH0DUFRQL3G
,VWLWXWR
$OPDQDFFRGL
HGXFD]LRQHVWUDGDOH
&RPSUHQVLYR
6LFXUH]]DDVFXROD
)UDQFD
'L9LWWRULR3D
6FXROD3ULPDULD
GDQVLHQD#WLQLW
'DQLHOD&LFDOD
*LRYDQQL;;,,,
SURJHWWR«DVFXRODGL
3HUXJLD
'LUH]LRQH'LGDWWLFD
'LDULRGLXQ
WHUUHPRWR
OHGLD]#WLQLW
$QWRQLHWWD5HQQD 6FXRODVLFXUD
OXQLPDUH#WLQLW
0DULD$GHODLGH
&LUFROR'LD]/H
6FXROD3ULPDULD
9LUJLOLR
$VFXRODGLVLFXUH]]D
$QWROD
/XQL0DUH/D6SH]LD
,VWLWXWR9HVFRYLOH$
VHJUHWHULD#OHVFXROHJUD]LDQLLW
*UD]LDQL
6RQLD=DQRQ
*LRFDQGRVLFXUL
3DROD/XQDUGRQ
%DVVDQRGHO*UDSSD
9LFHQ]D
,VWLWXWR
)UDQFD(OHQD
6LFXUH]]DQHOOH
&RPSUHQVLYR
0HORQL
VFXROH
2UUROL1XRUR
0RQLD0DPHOL
'LUH]LRQH'LGDWWLFD
QXPP#LVWUX]LRQHLW
VDHH#LVWUX]LRQHLW
&DWHULQD&HUXVR
$VSDVVRWUDLVHJQDOL
6FXROD0HGLD)HUPL VPVIHUPLDQGULD#LQWHUEXVLQQHVLW
*LXVHSSH
6HLJLRUQLDVFXROD
$QGULD%DUL
6FDULQJHOOD
VHQ]DJXDL
,VDEHOOD3LUURQWL
2UJDQL]]D]LRQHH
VLFXUH]]DDWHDWUR
(OVD%HUQDUGLQL
,QVLHPH,PSDUDQGR
&LUFROR
0HUFDWR6DQ6HYHULQR
6DOHUQR
,VWLWXWR
UPPPG#LVWUX]LRQHLW
&RPSUHQVLYR
9LJQD3LD5RPD
,VWLWXWR
UPPP#LVWUX]LRQHLW
&RPSUHQVLYR
)OOL&HUYL5RPD
'LUH]LRQH'LGDWWLFD
GLUGLGFRUF#OLEHURLW
&RUFLDQR3HUXJLD
'LUH]LRQH'LGDWWLFD
VHJUHWHULD#VHQLJDOOLDVXGLW
5RVVDQD
(GXFD]LRQHDOOD
6SROHWLQL
VLFXUH]]D
$QWRQHOOD$OIRQVL 6FXRODVLFXUDXQ
&LUFROR
ULVFKLRYDOXWDWRqXQ
*/HRSDUGL
SHULFRORVFDPSDWR
6HQLJDOOLD$QFRQD
'LUH]LRQH'LGDWWLFD
JOHRSDUGL#OLEHURLW
$QJHOD)LJLQL
6FXRODVLFXUD
VHJUHWHULD#LWQDXWLFRLW
7HUHVD3URFRSLR
6LFXUH]]DLQ
9DOPDGUHUD/HFFR
,VWLWXWR1DXWLFR
6DQ*LRUJLR
ODERUDWRULRGL
*HQRYD
&LUFROR
&KLPLFD
UPHHG#LVWUX]LRQHLW
)UDQFR
6FXRODVLFXUD
'LGDWWLFR0DULQR5P
&RVWDQWLQL
,7,60DULH&XULH0L VHUHPDW#KRWPDLOFRP
/RUHQD$URVLR
6ROLGDULHWj
&LUFROR
5LWD*DUUDVL
,PSDULDPRD
UJHH#LVWUX]LRQHLW
*LRYDQQL;;,,,
GLIHQGHUFL
9LWWRULD5DJXVD
6FXROD0HGLD
3ULPR/HYL
PRPPY#LVWUX]LRQHLW
0DULD&ULVWLQD
4XL]VXOODVLFXUH]]DD
0HGLFL
VFXROD
6DVVXROR0RGHQD
27
'LUH]LRQH'LGDWWLFD
LHVVHPDULR#OLEHURLW
%RUJRUDWWL*HQRYD
0DULVD
/DVLFXUH]]DDVFXROD
3L]]LJKHOOD
$OIUHGD
'HDPEURJLR
6FXROD0HGLD
HQQPE#LVWUX]LRQHLW
$OILR0XVXPHFL
6FXRODVLFXUD
LFFXULRQL#OLEHURLW
9LWWRULD5L]]XWR
(GXFDUHDOOD
'6LFXOR$JLUD(QQD
6FXROD3ULPDULD
*&XULRQL
VLFXUH]]D
5RPDJQDQR6HVLD1R
6FXROD0HGLD
PVPPQ#LVWUX]LRQHLW
6WHIDQLD6ROD
6LFXUH]]DDVFXROD
WYPP#LVWUX]LRQHLW
0DUWD6SHUDQ]LQL
6LFXUH]]DDVFXROD
SGHHU#LVWUX]LRQHLW
'D]]L%RQDVFROD
&DUUDUD
6FXROD3ULPDULD
*%HUWR
&DVDOHVXO6LOH7Y
,VWLWXWR
/XFLD6SRODGRUH
(GXFD]LRQHDOOD
&RPSUHQVLYR'H$PLFLV
0*DEULHOOD
VLFXUH]]D
0HJOLDGLQR
)HUUR6WHIDQLD
V)LGHQ]LR3DGRYD
,VWLWXWR7HFQLFR
0DUFDWL
VVPHOORQ#SURYLQFLDSDUPDLW
$QQD7LEHUWL
7XULVWLDGXHUXRWH
SJSV#LVWUX]LRQHLW
)UDQFHVFD'L
&LWWDGLQDQ]DDWWLYDH
6DQ]R
UHVSRQVDELOH
&RPPHUFLDOH
00HOORQL3DUPD
,VWLWXWR,VWUX]LRQH
6XSHULRUH
/6DOYDWRUHOOL
0DUVFLDQR3HUXJLD
,,,&LUFROR'LGDWWLFR
QDHH#LVWUX]LRQHLW
&RQFHWWD5XVVR
6FXROD6LFXUD
DJPP#LVWUX]LRQHLW
*LXVHSSLQD
3URJHWWRVLFXUH]]D
$U]DQR1DSROL
6FXROD0HGLD
$,QYHJHV
$UFXUL
6FLDFFD$JULJHQWR
'LUH]LRQH
GGDUJHQW#WLVFDOLQHWLW
$QQD'HO/XQJR
$PLFR9LJLOH
VPEDUGL#SURYLQFLDSDUPDLW
0DULD)HFFL
6LFXULVHPSUHH
'LGDWWLFD0RQWH
$UJHQWDULR3RUWR6
6WHIDQR*URVVHWR
,VWLWXWR
&RPSUHQVLYR
GRYXQTXH
9DO&HQR%DUGL3DUPD
6FXROD,QIDQ]LD
XIILFLR#GLUH]LRQHGLGDWWLFDRGHU]RLW
3DWUL]LD3LHURQL
&DPLQR
«VDSSLDPRFRVD
2GHU]R7UHYLVR
/LFHR*LQQDVLR
IDUH
OJD#PDLOOLFHRDVSURQLQHW
-RVHWWD6DQQD
QDSPQ#OLEHURLW
6DQWD6HULDQR
(FRVFXROHLQUHWH
VDHHW#LVWUX]LRQHLW
8PEHUWR5XVVR
*LRUQDWD1D]LRQDOH
SGHHS#LVWUX]LRQHLW
%HDWULFH
6WDWDOH*$VSURQL1X
,VWLWXWR6XSHULRUH
,O7HUUHPRWR
6LFXUH]]DILVLFDH
DOLPHQWDUH
$0GH·/LJXRUL
$FHUUD1DSROL
&LUFROR
6FDIDWL1DSROL
6FXROD,QIDQ]LD
VLFXUH]]DDVFXROD
%DUEDULFR
6LFXUH]]DDVFXROD
6SHUDQGLR
/R]]R$WHVWLQR3G
,VWLWXWR&RPSU
UFPP#LVWUX]LRQHLW
%HDWULFH3ULPR
6FXROD6LFXUD
IUDQFDFDPSDQHOOD#WLVFDOLLW
)UDQFD
%DPELQLIHOLFLLQXQD
&DPSDQHOOD
VFXRODVLFXUD
0RORFKLR5F
&LUFROR
'LGDWWLFR
*LXVHSSH&DUXDQR
9LWWRULD5DJXVD
28
&LUFROR
EDHHJ#LVWUX]LRQHLW
0DULD3DOHUPR
'LGDWWLFR'RQ/RUHQ]R
4XDOFKHDWWHQ]LRQHLQ
SL
0LODQLRGXJQR%DUL
&LUFROR
VHVWRFLUFRORDVWL#OLEHURLW
'LGDWWLFR$VWL
,VWLWXWR
0DULD5RVD
6LFXUH]]DVWUDGDOH
$PLFK
NUPP#LVWUX]LRQHLW
&RPSUHQVLYR
7HUHVD$OIL
1XWULUVLEHQHSHU
)UDQFD0XUDQR
YLYHUHPHJOLR
*LDQ7HVHR&DVRSHUR
&LUz0DULQD&URWRQH
,VWLWXWR7HFQLFR
VHJUHWHULD#LWLVDFTXLLW
/XFLDQD5HVFKLD 6DSHUHVDOYDODYLWD
,QGXVWULDOH%DUOHWWL
DVFXRODLQVLFXUH]]D
$FTXL7HUPH$O
,VWLWXWR
SLHH#LVWUX]LRQHLW
&DUOD6DQWLQL
&RPSUHQVLYR
9ROWHUUD3LVD
,VWLWXWR
PHPP#LVWUX]LRQHLW
9LUJLQLD5RPHR
&RPSUHQVLYR
/DFXOWXUDGHOOD
VLFXUH]]DGDOOD
1L]]DGL6LFLOLD0H
,VWLWXWR&RPSU
6HQWLUVLVLFXUL
VFXRODDOWHUULWRULR
PHGLD#LFWHUUDQXRYDLW
3DROD'HEROLQL
*LRYDQQL;;,,,
,PSDUDDVDOYDUWL
VHQ]DDQQRLDUWL
7HUUDQXRYD%UDFFLROLPL
$UH]]R
,VWLWXWR
LIHUPL#LSVLDIHUPLDOLW
)UDQFHVFR=DQLQL
,QVLFXUH]]D
FVHH#LVWUX]LRQHLW
(PLOLD5XVVL
6FXROD6LFXUD
LVWLWXWRFRPSUHQVLYR#VFXROHYLJJLXRUJ
3LQD,QGLULQHOOD
/DVLFXUH]]D
PHHH#LVWUX]LRQHLW
&DUPHOD/XFLIHUR
6FXROD6LFXUD
LFBVHJUHWHULDBFXSUD#OLEHURLW
0RUHQD
/DVFXRODGL
%LDQFKLQL
VLFXUH]]D
/HRQDUGD
*LRUQDWD1D]LRQDOH
%DWWLVWD
6LFXUH]]DDVFXROD
PHHH#LVWUX]LRQHLW
/XFLD0DQJUDYLWL
6LFXUH]]DDVFXROD
QDHHW#LVWUX]LRQH
0DULD&RQWHQWH
3URJHWWRVLFXUH]]D
DYHH#LVWUX]LRQHLW
(OLR3DU]LDOH
6LFXUH]]DDVFXROD
NUHHT#LVWUX]LRQHLW
6DYHULD0DJOLDUL
6LFXUH]]DDVFXROD
LVWFRPSUGLD]#OLEHURLW
0DU]LD=DQRODUL
(GXFDUHDOOD
3URIHVVLRQDOH,QGXVWULD
$UWLJLDQDWR()HUPL
$O
&LUFROR
'LGDWWLFR5RVVDQR&V
,VWLWXWR
&RPSUHQVLYR0DUWLQR
/RQJKL9LJJL9DUHVH
'LUH]LRQH
'LGDWWLFD6WDWDOH
*LDUGLQL1D[RV0H
,VWLWXWR
&RPSUHQVLYR
&XSUD0DULWWLPD$S
'LUH]LRQH
LQIR#FLUFRORPRURPRGXJQRLW
'LGDWWLFD,,&LUFROR
0RGXJQR%DUL
'LUH]LRQH
'LGDWWLFD3DUDGLVR
0HVVLQD
&LUFROR
'LGDWWLFR2Q$QWRQLR
'·$XULD
$U]DQR1DSROL
6FXROD3ULPDULD
'H$PLFLV$WULSDOGD
$Y
'LUH]LRQH'LGDWW
&LUFROR&URWRQH
,VWLWXWR
&RPSUHQVLYR'LD]
FRQYLYHQ]DFLYLOH
0LODQR
IDUHVDSHUHVDSHU
IDUH
&LUFROR6DSSXVL
WSHHF#LVWUX]LRQHLW
*LRYDQQD7RUUH
6DSHULH6DSRUL
0DUVDOD7UDSDQL
29
,VWLWXWR&RPSU
XIILFLR#LVFIDEULDQRLW
5RVHOOD5RVHOOL
$'L1X]LR
)DEULDQR$Q
,VWLWXWR&RPSU
6LFXUH]]DDVFXROD
DQPP#LVWUX]LRQHLW
6FXROD0HGLD´*
*DEULHOOD
$EEDVVDOD&2FXUD
*XDJOLRQH
ODIHEEUHGHOSLDQHWD
&HVDUHµ)DOFRQDUD
0DULWWLPD$QFRQD
,VWLWXWR
&RPSUHQVLYR*LRYDQQL
LVWFRPSLDQHOOD#WLQLW
0DUFR7DEHOOLRQH $SURYDGLIXRFR
VLFXUH]]DDVFXROD
;;,,,
3LDQHOOD3HVFDUD
30
'HFDORJRGHOWLIRVRLQWHOOLJHQWH
,OWLIRVRLQWHOOLJHQWH««
«VLUHFDDOFDPSRSHUWUDVFRUUHUHDOOHJUDPHQWHQRYDQWDPLQXWLGLJLRFRGLYHUWHQWH
«HQWUDQHOORVWDGLRHRVVHUYDDWWHQWDPHQWHXVFLWHYLHGLIXJDHGHPHUJHQ]H
«XUODDVTXDUFLDJROD´)25=$0$57,1$µPDQRQRIIHQGH
«GLFH´5$==,602"µ1RJUD]LH,RVRQR´,QWHOOLJHQWHµ
«ULVSHWWDO·DUELWURHQRQORULSUHQGH
«QRQODQFLDSHWDUGLRIXRFKLG·DUWLILFLRPDVWULVFHFRORUDWHGLEXRQDXVSLFLR
«QRQLQYDGHLOFDPSRVHODVTXDGUDGHOFXRUHSHUGH
«ULVSHWWDO·DPELHQWHHJHWWDQHOFHVWLQRODWWLQHFDUWDFFHH«SDURODFFH
«HVFHGDOORVWDGLRVRGGLVIDWWRIHOLFHHDSSDJDWR
FRQVLJOLD´VHDOORVWDGLRYXRLDQGDUHLOEUDYRWLIRVRGHYLIDUHHVHODVFRQILWWDDFFHWWHUDLXQ
EUDYRWLIRVRWXVDUDLµ
3URJHWWR´6LFXUH]]Dµ
$FXUDGHJOLDOXQQLGHOOHFODVVLTXLQWH
6FXROD3ULPDULD´*LRYDQQL;;,,,µ
0DUWLQD)UDQFD7DUDQWR
31
,O SUHVHQWH WHVWR q VWDWR UHGDWWR GD 0 9DOHULD $QJHORUR FRQ OD FROODERUD]LRQH GL $GULDQD
%L]]DUULH1LFROHWWD&DQQDWD
6LULQJUD]LDQRLFRPSRQHQWLGHOOD*LXULDSHULOSUH]LRVRODYRURVYROWR
,QSDUWLFRODUH
*LDQIUDQFR %HOFDUR 3DVTXDOH 0ROLWHUQL 5RPROR 3LHUDQJHOLQL $ULDQQD $OHVLQL 5DFKHOH
*LDFDORQH(OLVDEHWWD3RPD09DOHULD$QJHORUR
6LULQQRYDLOULQJUD]LDPHQWRDOOD)RQGD]LRQH-RKQVRQ-RKQVRQVRVWHQLWULFHGHOO·LQL]LDWLYD
32
Scarica
