*X
*XLG
*XLGD
LGDSUDWLFD
$FXUDGHOOD6HJUHWHULDGL*UXSSR
/HDWWLYLWjGL
&$66$
&$66$
8QSLFFRORYDGHPHFXPSHU
8QSLFFRORYDGHPHFXPSHU
O·DVVLVWHQWHDOODFOLHQWHOD
O·DVVLVWHQWHDOODFOLHQWHOD
$**,251$0(172129(0%5(
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ
‘˜‡–”‘˜‘Ž‡”‡‰‘Ž‡•—ŽŽƒ•‹…—”‡œœƒˆ‹•‹…ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ
—ƒŽ‹•‘‘‹ƒ••‹ƒŽ‹…‘•‡–‹–‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͶ
—ƒ†‘˜ƒ—–‹Ž‹œœƒ–‘‹Žˆ‹Ž–”‘ƒ—ƒŽ‡ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷ
—ƒŽ‹‘’‡”ƒœ‹‘‹˜ƒ‘‡ˆˆ‡––—ƒ–‡•‡’”‡†ƒ†—‡…‘ŽŽ‡‰Š‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͷ
ǯ’‘••‹„‹Ž‡–”ƒ•’‘”–ƒ”‡…‘–ƒ–‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸
—ƒŽ‹’”‡…ƒ—œ‹‘‹˜ƒ‘ƒ†‘––ƒ–‡’‡”‹Ž…ƒ”‹…ƒ‡–‘†‡Ž„ƒ…‘ƒ–ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸
‘•ƒ•‹†‡˜‡ˆƒ”‡“—ƒ†‘…‹•‹ƒŽŽ‘–ƒƒ†ƒŽŽƒ’”‘’”‹ƒ’‘•–ƒœ‹‘‡ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͸
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹
—ƒŽ‹•‘‘‹Ž‹‹–‹’‡”‹Ž…ƒ„‹‘†‡‰Ž‹ƒ••‡‰‹„ƒ…ƒ”‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹
—ƒŽ‹•‘‘‹…‘–”‘ŽŽ‹’”‡˜‡–‹˜‹’‡”‹Ž…ƒ„‹‘ƒ••‡‰‹„ƒ…ƒ”‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤ͹
—ƒŽ‹•‘‘Ž‡…‘˜‡œ‹‘‹’‡”‹Ž’ƒ‰ƒ‡–‘†‹ƒ••‡‰‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ
—ƒŽ‹•‘‘Ž‡’”‡…ƒ—œ‹‘‹†ƒƒ†‘––ƒ”‡’‡”‹Ž…ƒ„‹‘†‹ƒ••‡‰‹…‹”…‘Žƒ”‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͺ
‘‡•‹‹†‡–‹ˆ‹…ƒ‹Ž„‡‡ˆ‹…‹ƒ”‹‘†‡ŽŽǯƒ••‡‰‘ǡ•‹ƒ„ƒ…ƒ”‹‘•‹ƒ…‹”…‘Žƒ”‡ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ
—ƒŽ‹•‘‘Ž‡’”‡…ƒ—œ‹‘‹†ƒƒ†‘––ƒ”‡’‡”‹’”‡Ž‡˜ƒ‡–‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͻ
‘•ǯ°‹Ž’”‡Ž‡˜ƒ‡–‘…‘Dz‡••ƒƒ†‹•’‘•‹œ‹‘‡dzǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲ
‘‡˜ƒ‘‰‡•–‹–‡Ž‡„ƒ…‘‘–‡†ƒʹͲͲ‡ͷͲͲ‡—”‘ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲ
‘•ƒˆƒ”‡•‡—…Ž‹‡–‡˜—‘Ž‡˜‡”•ƒ”‡„ƒ…‘‘–‡ƒ……Š‹ƒ–‡‡Ȁ‘—–‹Žƒ–‡ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͲ
—ƒŽ‹•‘‘Ž‡’”‡…ƒ—œ‹‘‹†ƒƒ†‘––ƒ”‡’‡”‹˜‡”•ƒ‡–‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳ
—ƒŽ‹•‘‘Ž‡’”‡…ƒ—œ‹‘‹†ƒƒ†‘––ƒ”‡…‘‹Ž‹„”‡––‹‘‹ƒ–‹˜‹ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳ
—ƒŽ‹•‘‘Ž‡’”‡…ƒ—œ‹‘‹†ƒƒ†‘––ƒ”‡…‘‹Ž‹„”‡––‹ƒŽ’‘”–ƒ–‘”‡ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳ
—ƒŽ‹•‘‘Ž‡’”‡…ƒ—œ‹‘‹†ƒƒ†‘––ƒ”‡’‡”‹„‘‹ˆ‹…‹’‡”…ƒ••ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͳ
—ƒŽ‹•‘‘‹Ž‹‹–‹’‡”‹„‘‹ˆ‹…‹’‡”…ƒ••ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳʹ
—ƒŽ‹•‘‘Ž‡’”‡…ƒ—œ‹‘‹†ƒƒ†‘––ƒ”‡’‡”Žƒ…ƒ••ƒ…‘–‹—ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵
‘•ƒˆƒ”‡‹…ƒ•‘†‹‹””‡‰‘Žƒ”‹–ƒǯ‡‹˜‡”•ƒ‡–‹†‹…ƒ••ƒ…‘–‹—ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ʹ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
‘•ƒ…ƒ„‹ƒ…‘‹Ž—‘˜‘‘†‡ŽŽ‘†‹•‡”˜‹œ‹‘†‡Ž͵‘˜‡„”‡ʹͲͳͶǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͵
ǯǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷ
—ƒŽ°Žƒ’”‘…‡†—”ƒ†ƒ•‡‰—‹”‡‹…ƒ•‘†‹„ƒ…‘‘––ƒ•‘•’‡––ƒ†‹ˆƒŽ•‹–ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷ
‘•ƒ•—……‡†‡•‡…‹•‹ƒ……‘”‰‡†‡Ž•‘•’‡––‘ˆƒŽ•‘‹—•‡…‘†‘–‡’‘ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͷ
‘•ƒˆƒ”‡•‡‹Ž•‘•’‡––‘ˆƒŽ•‘°•–ƒ–‘”‹˜‡—–‘‹…ƒ••ƒ…‘–‹—ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸
‘•ƒˆƒ”‡•‡‹Ž•‘•’‡––‘ˆƒŽ•‘”‹˜‹‡‡†ƒ—˜‡”•ƒ‡–‘ƒŽŽǯ–ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸
‘•ƒˆƒ”‡•‡‹Ž•‘•’‡––‘ˆƒŽ•‘”‹˜‹‡‡†ƒ—ƒ”‹…Š‹‡•–ƒȀ”‹‡••ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͸
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͹
‘•ƒˆƒ”‡‹…ƒ•‘†‹†‡ˆ‹…‹‡œ‡†‹…ƒ••ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͹
‘•ƒˆƒ”‡‹…ƒ•‘†‹†‡ˆ‹…‹‡œ‡ƒ–‘–ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͹
‘•ƒˆƒ”‡•‡Žƒ†‡ˆ‹…‹‡œƒ†‡”‹˜ƒ†ƒ”‹…Š‹‡•–‡‘”‹‡••‡†‹…‘–ƒ–‡ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳ͹
ǯ
ȋ‡‹ȌǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͺ
—ƒ†‘˜ƒ…‘’‹Žƒ–‘‹Ž‰‹ƒ‘•͵ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͺ
‘•ƒˆƒ”‡‹…ƒ•‘†‹‘’‡”ƒœ‹‘‡•‘•’‡––ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͺ
ǯǯǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͻ
—ƒŽ‹•‘‘‰Ž‹‹’‘”–‹†‡ŽŽǯ‹†‡‹–†‹…ƒ••ƒ’”‡˜‹•–‹†ƒŽ……ŽǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤͳͻ
—ƒŽ‹•‘‘‹…‘†‹…‹†ƒ‹•‡”‹”‡•—‹–‡•ƒ’ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͲ
•‘‘’”‡˜‹•–‡†‡ŽŽ‡ƒ‰‰‹‘”ƒœ‹‘‹‹‹–‡•ƒ•ƒ’ƒ‘Ž‘ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͳ
“—ƒ–‹‰‹‘”‹†‹…ƒ••ƒ•‘‘‡…‡••ƒ”‹’‡”Žǯƒ––”‹„—œ‹‘‡†‡ŽŽǯ‹†‡‹–ƒǯǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͳ
‘‡•‹•–ƒ„‹Ž‹•…‡Žǯ‹†‡‹–ƒǯ‹…ƒ•‘†‹ƒ••‡œ‡ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͳ
ǯ’‘••‹„‹Ž‡ǡ‡ŽŽ‡ˆ‹Ž‹ƒŽ‹ˆŽ‡š‹ǡˆƒ”…ƒ••ƒ’‡”‘Ž–”‡͸‘”‡‡‡œœƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹͳ
ǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹʹ
‘‡…‘’‘”–ƒ”•‹‹…ƒ•‘†‹”ƒ’‹ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹʹ
‘‡…‘’‘”–ƒ”•‹•—„‹–‘†‘’‘Žƒ”ƒ’‹ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹʹ
‘•ƒ•—……‡†‡‡‹‰‹‘”‹•—……‡••‹˜‹Žƒ”ƒ’‹ƒǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹ͵
‘˜‡•‹–”‘˜ƒ‘Ž‡‰—‹†‡‘’‡”ƒ–‹˜‡•—ŽŽǯƒ”‰‘‡–‘ǫǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤǤʹ͵
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
͵
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
'DXQTXDOVLDVLSFGHOOD%DQFDqSRVVLELOHDFFHGHUHDOOHUHJROHVXOODVLFXUH]]DILVLFDGL$5&2
XWLOL]]DQGRTXHVWROLQN
KWWSUHGRVHGHFRUSVDQSDRORLPLFRPVFULSW5HGRUHGRUHGRJHWFRQWHQW"FKURQLFOH,G FIFYHUVLRQ/DEHO 38%%/,&$72
ǫ
/D WDEHOOD VHJXHQWH ULSRUWD L PDVVLPDOL FRQVHQWLWL LQ EDVH DOOH YDULD DSSDUHFFKLDWXUH GXUDQWH
O¶RUDULRGLVSRUWHOORQHOODFKLXVXUDPHULGLDQDHDOODFKLXVXUDVHUDOHÊPROWRLPSRUWDQWHULVSHWWDUH
TXHVWL OLPLWL VWDELOLWL ULFRUGLDPRFL FKH OD VLFXUH]]D ILVLFD q OD SULRULWj TXDQGR VL PDQHJJLDQR GHL
YDORUL
3HU TXHVWR RJQL TXDOYROWD O¶RSHUDWRUH VL WURYL D PRYLPHQWDUH JURVVH VRPPH GL GHQDUR ± FKH
IDFLOPHQWHVXSHUDQRLPDVVLPDOLVWDELOLWL±GHYHVXELWRULFRYHUDUHLYDORULQHLFDVVHWWLWHPSRUL]]DWL
RSSXUHJLUDUHOHFLIUHHFFHGHQWLDOWHVRULHUHFKHSURYYHGHUjDULSRUUHLOGHQDURQHOOHFDVVHIRUWLDVXD
GLVSRVL]LRQH
7LSRORJLDDSSDUHFFKLDWXUH
$
&DVVHIRUWLQHFRQFDVVHWWRHFRQ
YDQRWHPSRUL]]DWR
% &DVVHIRUWLQHDXWRPDWLFKHDSL
VFRPSDUWLVWDQGDORQH
2UDULRGLVSRUWHOOR
&DVVHWWR
7RWDOH
3RVWD]LRQH
&DVVD
&KLXVXUDPHULGLDQD
&DVVHWWR
=(52
7RWDOH
3RVWD]LRQH
&DVVD
&KLXVXUDVHUDOH
&DVVHWWR
=(52
7RWDOH
3RVWD]LRQH
&DVVD
=(52
1RQ
SUHVHQWH
1RQ
3UHVHQWH
1RQ
SUHVHQWH
&DVVHIRUWLQHDXWRPDWLFKHDSL
& VFRPSDUWLVWDQGDORQHFRQXQLFR
YDQRGLHURJD]LRQH
'
&DVVHIRUWLQHDXWRPDWLFKHDSL
VFRPSDUWLFROOHJDWHDOODSURFHGXUD
&DVVHIRUWLQHDXWRPDWLFKHDSL
( VFRPSDUWLFROOHJDWHDOODSURFHGXUD
FRQXQLFRYDQRGLHURJD]LRQH
) &DVKLQ&DVKRXW
* 5ROOHUFDVK0XOWLWHVRUHWWR
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
Ͷ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
5LFRUGLDPRLQROWUHFKH
4XDORUDVLJHVWLVFDDQFKHODYDOXWDHVWHUDLOPDVVLPDOHGHOFDVVHWWRQHOO¶RUDULRGLVSRUWHOOR
YLHQHDXPHQWDWRGLHXUR
/DVRPPDGHJOLLPSRUWLFRQWHQXWLLQWXWWHOHDSSDUHFFKLDWXUH&DVKLQ&DVKRXWQRQSXzLQ
RJQLFDVRVXSHUDUHLOOLPLWHGLJLDFHQ]DVWDELOLWRSHULOSXQWRRSHUDWLYR
,QYLWLDPRFDOGDPHQWHLFROOHJKLDULVSHWWDUHLPDVVLPDOLGHWWDWLGDOO¶$]LHQGDVLDSHUHYLWDUHHYHQWXDOL
FRQWHVWD]LRQLLQFDVRGLUDSLQDVLDSHUUHQGHUHPHQR³DSSHWLELOH´ODILOLDOHLUDSLQDWRULSUHIHULVFRQR
WHQWDUHLOFROSRGRYHVDQQRGLWURYDUHSLGHQDURQHOPLQRUWHPSRSRVVLELOH
ǫ
,QWXWWHOH)LOLDOLYLqXQLQJUHVVRSULQFLSDOHGLQRUPDGRWDWRGLXQILOWURG¶LQJUHVVRFKHYDJHVWLWRLQ
PDQXDOHTXDQGR
O¶DIIOXHQ]DqVFDUVDVRSUDWWXWWRLQSURVVLPLWjGHOODFKLXVXUDGHOORVSRUWHOOR
ODILOLDOHULOHYLXQDVLWXD]LRQHGLSRWHQ]LDOHULVFKLR
ODJXDUGLDRYHDQFRUDSUHYLVWDVLDVVHQWD
VRQRSUHVHQWLOHJXDUGLHSRUWDYDORUL
YLVRQRJURVVHTXDQWLWjGLGHQDURLQODYRUD]LRQH
$QFKHLQTXHVWRFDVRLQYLWLDPRLFROOHJKLDOO¶XWLOL]]RGHOILOWURPDQXDOHVLDSHULOULVSHWWRGRYXWR
DOOH LQGLFD]LRQL D]LHQGDOL VLD ± VRSUDWWXWWR ± SHUFKp UDSSUHVHQWD XQ IRUWH GHWHUUHQWH SHU HYHQWXDOL
PDOLQWHQ]LRQDWL
ǫ
/DQRUPDWLYDSUHYHGHLOFRQWUDGGLWWRULRSHU
ODTXDGUDWXUDGHOEDQFRPDW
ODULFH]LRQHHO¶LQYLRGHOGHQDURGDLSRUWDYDORUL
ODFDVVDFRQWLQXD
/¶XQLFDGHURJDDPPHVVDTXDORUDODILOLDOHVLDFRPSRVWDGDXQVRORFROOHJDULJXDUGDODULFH]LRQHH
O¶LQYLRGHOGHQDUR
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͷ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǯǫ
5LFRUGLDPRFRPHVLDWDVVDWLYDPHQWHYLHWDWRO¶LPSLHJRGHLFROOHJKLSHULOWUDVSRUWRFRQWDQWLDG
HVHPSLR SHU SRUWDUOL D FDVD GL DOFXQL FOLHQWL FRPH ULEDGLWR UHFHQWHPHQWH GDOOD %DQFD G¶,WDOLD
QRQFKpGDOODQRUPDWLYDD]LHQGDOH
ǫ
/HDSSDUHFFKLDWXUHEDQFRPDWYDQQRFDULFDWHVHPSUHGDGXHSHUVRQHHDILOLDOHFKLXVD
ÊSRVVLELOHTXDGUDUHLOEDQFRPDWDQFKHDILOLDOHDSHUWDVH
LOEDQFRPDWqSRVWRDOO¶LQWHUQRGHOO¶$UHD6DIH
YLqO¶DXWRUL]]D]LRQHGHOGLUHWWRUHPDQRQLQPRGRVWDELOHSXUFKpLOILOWURGLLQJUHVVRVLD
JHVWLWRPDQXDOPHQWH
/DVWHVVDSUHFDX]LRQHGHOILOWURPDQXDOHTXDORUDQRQSUHVHQWHO¶$UHD6DIHYDXWLOL]]DWDQHOOHILOLDOL
IOH[LGRYHQRQHVLVWRQRPRPHQWLLQFXLVLDSRVVLELOHTXDGUDUHLOEDQFRPDWDILOLDOHFKLXVD
5LEDGLDPRFRPHVLDQHOOHILOLDOLHVWHVHFKHLQTXHOOHWUDGL]LRQDOLVLDDVVROXWDPHQWHYLHWDWR
FDULFDUHLOEDQFRPDWGXUDQWHODSDXVDSUDQ]R
6H O¶RSHUD]LRQH GL FDULFDPHQWR EDQFRPDW GRYHVVH SURWUDUVL ROWUH LO QRUPDOH RUDULR GL ODYRUR
ELVRJQHUj±SULPDGLSRWHUVLIHUPDUH±FKLHGHUHO¶DXWRUL]]D]LRQHDOODYRURVWUDRUGLQDULRDOSURSULR
5HVSRQVDELOHFKHLQROWUHUjODULFKLHVWDDOOHFRPSHWHQWLVWUXWWXUHG¶$UHD
ǫ
,QTXHVWLFDVLVLGHYHPHWWHUHLQVRVSHQVLRQHLOWHUPLQDOHHFKLXGHUHLSURSULPH]]LIRUWLSRUWDQGR
FRQVpODFKLDYH
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
͸
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
,OFDPELRGHJOLDVVHJQLUDSSUHVHQWDSUREDELOPHQWHO¶RSHUD]LRQHSLULVFKLRVDSHULOFDVVLHUH
,QQDQ]LWXWWRYHGLDPRTXDOLVRQRLOLPLWLWHQHQGRFRQWRFKH±LQFDVRGLVXSHUDPHQWRGHJOLVWHVVL±
ODSURFHGXUDVWHVVDULFKLHGHUjO¶DXWRUL]]D]LRQHHOHWWURQLFD
‘‰‰‡––‘‘”†‹ƒ–ƒ”‹‘Ȁ’”‡†‹–‘”‡†‡Ž–‹–‘Ž‘
‹’‘‘’‡”ƒœ‹‘‡
ƒ„‹‘ƒ˜‹•–ƒ†‹
–”ƒ––‹•—‹Ž‹ƒŽ‡
‘’‡”ƒ–‡
ƒ„‹‘ƒ˜‹•–ƒ†‹
–”ƒ––‹•—‹Ž‹ƒŽ‹†‡ŽŽƒ
•–‡••ƒƒ…ƒ
ƒ„‹‘ƒ˜‹•–ƒ†‹
–”ƒ––‹•—ƒ…Š‡‡–‡
ƒ„‹‘ƒ˜‹•–ƒ†‹
†‹ƒŽ–”‡ƒ…Š‡
ƒ„‹‘ƒ˜‹•–ƒ†‹
‡‡••‹†ƒ‹Ž‹ƒŽ‹
•–‡••ƒƒ…ƒ
Ž‹‡–‡‹Ž‹ƒŽ‡
‘’‡”ƒ–‡
ͳͲǤͲͲͲǡͲͲ̀
Ž‹‡–‡†‹ƒŽ–”ƒ
‹Ž‹ƒŽ‡
…‹”…‘Žƒ”‹–
͵ǤͲͲͲǡͲͲ̀
Ž‹‡–‡†‹ƒŽ–”ƒ
‘…Ž‹‡–‡
ƒ…ƒ
‹–‡”‘’‡”ƒ„‹Ž‹–
͵ǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ͲǡͲͲ̀
ͳǤͷͲͲǡͲͲ̀
ͲǡͲͲ̀
ͲǡͲͲ̀
ͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ǫ
,OFROOHJDGHYHLQQDQ]LWXWWRYHULILFDUHO¶LQWHJULWjGHOWLWRORPDQFDQ]DGLDEUDVLRQLHFDQFHOODWXUH
UHJRODULWj GHOOH JLUDWH FRUUHWWD LQGLFD]LRQH GL OXRJR GL HPLVVLRQH H GDWD ULVSHWWR GHOOD QRUPDWLYD
DQWLULFLFODJJLRHODILUPDGLWUDHQ]DWUDPLWHODSURFHGXUD5,&$6
,QFDVRGLGXEELLO5HVSRQVDELOHLQWHUSHOOHUjSUHYHQWLYDPHQWHLOWUDHQWHRODILOLDOHFKHJHVWLVFHLO
UDSSRUWR SHU DYHUH FRQIHUPD GHOOD HIIHWWLYD HPLVVLRQH GHO WLWROR &RQVLJOLDPR LQ TXHVWR FDVR GL
IDUVL DXWRUL]]DUH FRQ PDWULFROD H ILUPD GHO 5HVSRQVDELOH LQ PRGR GD FRQVHUYDUH WUDFFLD GHOOH
YHULILFKHHIIHWWXDWH
4XDORUD LO WUDHQWH QRQ DYHVVH OD GLVSRQLELOLWj GHOOD VRPPD LQ DXWRPDWLFR OD SURFHGXUD ULFKLHGHUj
O¶DXWRUL]]D]LRQHHOHWWURQLFD
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
͹
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
/D %DQFD KD VRWWRVFULWWR FRQ DOFXQL LPSRUWDQWL VXRL FOLHQWL FRPH DG HVHPSLR $VVLFXUD]LRQL
*HQHUDOL 6$, HFF GHOOH FRQYHQ]LRQL FKH FRQVHQWRQR LO FDPELR GHJOL DVVHJQL SXUFKp HVVL QRQ
VLDQREDUUDWL
3HUFRQRVFHUHTXDOLVRQRTXHVWLDFFRUGLFRQLUHODWLYLOLPLWLGLSDJDPHQWRqSRVVLELOHYLVXDOL]]DUH
O¶DOOHJDWRH[FHOLOFXLOLQNVLWURYDDSDJLQDDWWLYLWjGHOODFLUFRODUHVXOFDPELRDVVHJQLFXLVL
SXzDFFHGHUHGDTXDOVLDVLWHUPLQDOHD]LHQGDOHWUDPLWHLOVHJXHQWHOLQN
KWWSUHGRVHGHFRUSVDQSDRORLPLFRPVFULSW5HGRUHGRDULVJHWFRQWHQWJXLG"REMHFWW\SH LVS
BJRSBGRFXPHQWJXLG EFGFGGGD
,QROWUHSHUJOLDVVHJQLGL%DQFD6$,qDQFRUDIXQ]LRQDQWHODSURFHGXUDLQFXLVLSXzYHULILFDUHOR
VWDWRGHOO¶DVVHJQRHFRPXQLFDUQHLOSDJDPHQWRKWWSVDVVHJQLFHGDFULLW3DJDPHQWR$VVHJQLDVS[
ǫ
4XDORUDLOEHQHILFLDULRGLXQDVVHJQRFLUFRODUHGHOODQRVWUD%DQFDULFKLHGDLOSDJDPHQWRGRYUHPR
LQQDQ]LWXWWRYHULILFDUHO¶LQWHJULWjGHOWLWROR
/R VWDWR GL FRUUHWWD HPLVVLRQH YHUUj DXWRPDWLFDPHQWH YHULILFDWR GDOOD SURFHGXUD QHOOD VFKHUPDWD
VXFFHVVLYDDOODOHWWXUDGHOO¶DVVHJQR
,PDVVLPDOLSHULOSDJDPHQWRLQDXWRQRPLDGHOFDVVLHUHVRQRLVHJXHQWL
‘‰‰‡––‘‘”†‹ƒ–ƒ”‹‘Ȁ’”‡†‹–‘”‡†‡Ž–‹–‘Ž‘
‹’‘‘’‡”ƒœ‹‘‡
ƒ„‹‘ƒ˜‹•–ƒ†‹
†‹
ƒŽ–”‡ƒ…Š‡
ƒ„‹‘ƒ˜‹•–ƒ†‹
‡‡••‹†ƒ‹Ž‹ƒŽ‹
•–‡••ƒƒ…ƒ‘†ƒƒ…Š‡‡–‡
Ž‹‡–‡‹Ž‹ƒŽ‡
‘’‡”ƒ–‡
Ž‹‡–‡†‹ƒŽ–”ƒ
‹Ž‹ƒŽ‡
…‹”…‘Žƒ”‹–
Ž‹‡–‡†‹ƒŽ–”ƒ
‘…Ž‹‡–‡
ƒ…ƒȋͳȌ
‹–‡”‘’‡”ƒ„‹Ž‹–
ͳǤͷͲͲǡͲͲ̀
ͲǡͲͲ̀
ͲǡͲͲ̀
ͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
ʹǤͲͲͲǡͲͲ̀
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͺ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǯ
ǡǫ
/¶LGHQWLILFD]LRQHSXzDYYHQLUHFRQGLIIHUHQWLPRGDOLWjDOWHUQDWLYH
6H LO EHQHILFLDULR q FRUUHQWLVWD GHOOD %DQFD DWWUDYHUVR OD YHULILFD GHL GDWL DQDJUDILFL H GHOOD
ILUPD YD LQGLFDWR LO ULIHULPHQWR GHO QXPHUR GL FRQWR GHO FOLHQWH QHOOD SURFHGXUD &$09$
FKLHGHQGRXQGRFXPHQWRQHLFDVLGXEELHFRQVHUYDQGRQHFRSLDQHOODEXVWDFDVVD
6H LO EHQHILFLDULR q FOLHQWH GL XQD %DQFD 5HWH DFTXLVHQGR VHPSUH FRSLD GL XQ GRFXPHQWR GD
FRQVHUYDUHQHOODEXVWDFDVVD
6H LO EHQHILFLDULR QRQ q FOLHQWH DFTXLVHQGR OD IRWRFRSLD GL XQ GRFXPHQWR GXH GRFXPHQWL VH
O¶LPSRUWRGHOO¶DVVHJQRVXSHUDL¼HGHOFRGLFHILVFDOH6HLOEHQHILFLDULRQRQGLVSRQHVVHGHO
VHFRQGRGRFXPHQWRELVRJQHUjULFKLHGHUHDO5HVSRQVDELOHO¶DXWRUL]]D]LRQHDOFDPELR
4XDORUD LQYHFH VL FRQRVFD SHUVRQDOPHQWH LO EHQHILFLDULR DQGUj LQGLFDWD OD FRQRVFHQ]D SHUVRQDOH
VXOWLWRORRVXOODFRSLDGDFRQVHUYDUH(¶TXHVWDXQDSURFHGXUDFKH±VHEEHQHSUHYLVWD±FLVHQWLDPR
GLVFRQVLJOLDUHSHUHYLWDUHSRVVLELOLSUREOHPLLQFDVRGLXQDIXWXUDFRQWHVWD]LRQH
ǫ
,O SUHOHYDPHQWR GDO FRQWR FRUUHQWH SXz DYYHQLUH WUDPLWH DVVHJQR RSSXUH WUDPLWH ILUPD VX WDEOHW R
PRGXOR
,QFDVRGLSUHOHYDPHQWLROWUHLHXURSHULFOLHQWLGHOODILOLDOHRSHUDQWHO¶RSHUD]LRQH
YDDXWRUL]]DWDGDO5HVSRQVDELOHWUDPLWHDXWRUL]]D]LRQHHOHWWURQLFD
,SUHOHYDPHQWLLQFLUFRODULWjQRQVRQRSUHYLVWLSHULFOLHQWLGHO%DQFRGL1DSROL
,SUHOHYDPHQWLGHOFOLHQWHGLDOWUDEDQFDUHWHLQWHURSHUDELOLWjQRQVRQRSUHYLVWLDGHFFH]LRQHGHL
FOLHQWLGL,QWHVD6DQSDROR3ULYDWH%DQNLQJH%DQFD3URVVLPDSHUTXHVWHGXHEDQFKHLOFDVVLHUH
SXzHIIHWWXDUHDXWRQRPDPHQWHO¶RSHUD]LRQHILQRDGXQPDVVLPRGLHXUR
3HUTXHOFKHULJXDUGDO¶LGHQWLILFD]LRQHGHOFOLHQWHYDOJRQRJOLVWHVVLSULQFLSLFKHDEELDPRVSLHJDWR
VXLEHQHILFLDULGHOO¶DVVHJQRYDFRQWUROODWDODILUPDHLQFDVRGLGXEELRYHULILFDWRXQGRFXPHQWR
GLFXLqFRQVLJOLDELOHWHQHUWUDFFLDDFTXLVHQGRQHXQDFRSLD,OGRFXPHQWRYDVHPSUHIRWRFRSLDWR
LQFDVRGLFOLHQWHGLDOWUD%DQFD5HWH
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͻ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǯ1Dzdzǫ
6L WUDWWD GL TXHO SUHOHYDPHQWR ULFKLHVWR DOOR VSRUWHOOR GD XQ VRJJHWWR FKH RSHUD SHU FRQWR
GHOO¶LQWHVWDWDULRRGHOGHOHJDWRGHOFRQWRFRUUHQWH6ROLWDPHQWHTXHVWDRSHUDWLYLWjqXWLOL]]DWDGDOOH
D]LHQGHVSHFLDOPHQWH&RUSRUDWH
3HUSRWHUULWLUDUHODVRPPDLOVRJJHWWRGHYHSUHVHQWDUHXQDGLVSRVL]LRQHVFULWWDGHELWDPHQWHILUPDWD
GDFKLKDODIDFROWjGLRSHUDUHVXOFRQWRLQFXLYHQJDFKLDUDPHQWHLGHQWLILFDWRFRPH³LQGLFDWRDO
ULWLUR´GHOODVRPPDLQFRQWDQWL,QROWUHLOVRJJHWWRGHYHHVVHUHFROOHJDWRDOFRQWRFRUUHQWHDQFKH
VRORFRQXQDGHOHJDGLWLSR632
ʹͲͲͷͲͲǫ
1HOO¶RWWLFDGHOODOLPLWD]LRQHGHOODFLUFROD]LRQHGHOGHQDURFRQWDQWHWXWWHOHEDQFRQRWHGDHGD
HXUR LQWURLWDWH GDOOD FOLHQWHOD GHYRQR HVVHUH LQYLDWH DOOD 6DOD &RQWD H PDL ULPHVVH LQ
FLUFROD]LRQH
4XDORUDXQFOLHQWHULFKLHGDWDJOLGDRGDHXURTXHVWLDQGUDQQRSUHQRWDWLWUDPLWHODFRQVXHWD
SURFHGXUD ,QROWUH ELVRJQHUj FRPSLODUH LO PRGXOR LQWHUQR ³3URPHPRULD DWWLYLWj FOLHQWHOD´ H IDUOR
VRWWRVFULYHUH GDO 5HVSRQVDELOH FRQJLXQWDPHQWH DO PRGXOR VWDPSDWR GHOOD ULFKLHVWD GHOOH
EDQFRQRWH
5LFRUGLDPRFKHLOPRGXOR³3URPHPRULDDWWLYLWjFOLHQWHOD´QRQGHYHHVVHUHILUPDWRGDOODFOLHQWHOD
HVVHQGRXQPRGXORDGHVFOXVLYRXVRLQWHUQR
,QROWUHLQEDVHDOOHUHFHQWLGLVSRVL]LRQLTXDORUDXQFOLHQWLHIIHWWXLDOORVSRUWHOORXQ¶RSHUD]LRQHVX
FRQWR R IXRUL FRQWR FKH VXSHUL L HXUR LQ WDJOL GD H HXUR YD HIIHWWXDWR XQ
DSSURIRQGLPHQWRHFRPSLODWRLO*LDQRV
6SHFLILFKLDPRFKHLOOLPLWHGHLVLLQWHQGHVXSHUDWRHVFOXVLYDPHQWHGDWDJOLGDHHXUR
VHDGHVHPSLRO¶RSHUD]LRQHIRVVHGLHXURFRQEDQFRQRWHGDHEDQFRQRWHGDH
EDQFRQRWHGDQRQYDFRPSLODWRDOFXQFKpLQTXDQWROHEDQFRQRWHGDHGDDUULYDQR D
HXUR
Ȁǫ
,QTXHVWLFDVLqFRQVLJOLDELOHQRQSUHQGHUHOHEDQFRQRWHQRQF¶qQHVVXQREEOLJRDULFHYHUOH
LQYLWDQGRLOFOLHQWHDUHFDUVLSHUVRQDOPHQWHSUHVVROD%DQFDG¶,WDOLDGRYHJOLFDPELHUDQQROH
EDQFRQRWHGLHWURVHPSOLFHDXWRFHUWLILFD]LRQH
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳͲ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
1HOFDVRGHOYHUVDPHQWRYDQQRYHULILFDWLLSRWHULGLILUPDHLGHQWLILFDWRLOVRJJHWWR
3DUWLFRODUHDWWHQ]LRQHYDSRVWDQHO FDVRGHOYHUVDPHQWRGLDVVHJQR ,QTXHVWRFDVRLQIDWWLVRORLO
EHQHILFLDULRGHOWLWRORRSSXUHXQGHOHJDWRGHOFRQWRFRUUHQWHFKHTXLQGLRSHUDLQQRPHHSHUFRQWR
GHOO¶LQWHVWDWDULRSXzGLVSRUQHLOYHUVDPHQWRHQRQLOFRLQWHVWDWDULRGHOFRQWR
9DGDVpLQROWUHFKHXQDVVHJQRLQWHVWDWRGLYHUVDPHQWHULVSHWWRDOFRQWRFRUUHQWHQRQSRWUjHVVHUH
GHSRVLWDWR
ǫ
2OWUHDWXWWLJOLREEOLJKLYDOLGLDQFKHSHULFRQWLFRUUHQWLFRPHDGHVHPSLRODFRUUHWWD
LGHQWLILFD]LRQHGHOVRJJHWWRULFRUGLDPRFKHO¶RSHUDWLYLWjLQFDVVDqFRQVHQWLWDVRORSUHYLD
SUHVHQWD]LRQHGHOOLEUHWWRVWHVVR
ǫ
7XWWLLOLEUHWWLDOSRUWDWRUHSRVVHJJRQRLQRJQLFDVRXQ1'*GLVLVWHPD
4XDQGRIDFFLDPRGHOOHRSHUD]LRQLLQDXWRPDWLFRODSURFHGXUDFLFKLHGHVHYLqVWDWRLOFDPELRGL
WLWRODULWjGHOOLEUHWWR,QFDVRDIIHUPDWLYRLOFHVVLRQDULRGRYUjFRPSLODUFLLOPRGXORVHJXHQWH
KWWSUHGRVHGHFRUSVDQSDRORLPLFRPVFULSW5HGRUHGRUHGRJHWFRQWHQW"FKURQLFOH,G FDYHUVLRQ/DEHO 38%%/,&$72
4XHVWRPRGXORQRQDQGUjVRWWRVFULWWRVHLOFHGHQWHDYHVVHJLjSURYYHGXWRDGLQYLDUHDOOD%DQFDXQD
FRPXQLFD]LRQH±FRHUHQWHFRQLOSUHVHQWDWRUHDOORVSRUWHOOR±GLWUDVIHULPHQWRGHOOLEUHWWR
5LFRUGLDPRFKHSHULYHFFKLOLEUHWWLDOSRUWDWRUH³&DGz´R³=HURFLQTXH´O¶1'*GDLQVHULUHqTXHOOR
GHOEDPELQR
ǫ
6L WUDWWD GHO SDJDPHQWR SHU FRQWDQWL GL ERQLILFL SURYHQLHQWL GD (QWL FRQ FXL OD QRVWUD %DQFD KD
FRQWUDWWRGHOOHFRQYHQ]LRQL
3HUSURFHGHUHDOSDJDPHQWRELVRJQDULFKLHGHUHDOFOLHQWH
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳͳ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
XQGRFXPHQWRGLLGHQWLWj
LOFRGLFHILVFDOH
O¶DYYLVRGLSDJDPHQWRRLQVXDDVVHQ]DXQVHFRQGRGRFXPHQWRGLLGHQWLWj
$TXHVWRSXQWRSULPDGLHIIHWWXDUHLOSDJDPHQWRO¶RSHUDWRUHqWHQXWRDYHULILFDUHODFRUULVSRQGHQ]D
GHLGDWLDQDJUDILFLFDULFDWLLQSURFHGXUDFRQTXHOOLGHLGRFXPHQWLSUHVHQWDWL
,Q FDVR GL FRUUHQWLVWD GHOOD %DQFD SRVVLDPR SURFHGHUH DOO¶LGHQWLILFD]LRQH FRQ OD FRQVXHWD
SURFHGXUDYHULILFDGHOODILUPD
ǫ
,QDXWRQRPLDLOFDVVLHUHSXzSDJDUHXQERQLILFRSHUFDVVDHQWURLVHJXHQWLPDVVLPDOL
‘‰‰‡––‘‘”†‹ƒ–ƒ”‹‘Ȁ’”‡†‹–‘”‡†‡Ž–‹–‘Ž‘
‹’‘‘’‡”ƒœ‹‘‡
ǯ
Ž‹‡–‡†‹
ƒŽ–”ƒ‹Ž‹ƒŽ‡
…‹”…‘Žƒ”‹–
Ž‹‡–‡‹Ž‹ƒŽ‡
‘’‡”ƒ–‡
Ž‹‡–‡†‹ƒŽ–”ƒ
‘…Ž‹‡–‡
ƒ…ƒȋͳȌ
‹–‡”‘’‡”ƒ„‹Ž‹–
ͳǤͷͲͲǡͲͲ̀
ͳǤͷͲͲǡͲͲ̀
ͳǤͷͲͲǡͲͲ̀
ͳǤͷͲͲǡͲͲ̀
ͳǤͷͲͲǡͲͲ̀
‘’”‡˜‹•–‘
‘’”‡˜‹•–‘
‘’”‡˜‹•–‘
ʹǤͷͲͲǡͲͲ̀
ʹǤͷͲͲǡͲͲ̀
ʹǤͷͲͲǡͲͲ̀
ʹǤͷͲͲǡͲͲ̀
,O SDJDPHQWR GHO ERQLILFR LQ DUULYR VX FDUWD SUHSDJDWD q GD FRQVLGHUDUVL FRPH RSHUD]LRQH
HFFH]LRQDOH DPPHVVD VROR VH O¶DFFUHGLWR GHO ERQLILFR VXOOD FDUWD FDXVHUHEEH LO VXSHUDPHQWR GHO
SODIRQGVXOODFDUWDVWHVVD
9L VRQR LQROWUH GHOOH VSHFLILFKH FRQYHQ]LRQL %DQFD 0HGLRODQXP %DQFD *HQHUDOL %DQFD 6$, H
)LGLWDOLDFKHSHUPHWWRQRGLGHURJDUHLVXGGHWWLPDVVLPDOL
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳʹ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
/¶DSHUWXUD GHOOD FDVVD FRQWLQXD GHYH DYYHQLUH XQD YROWD DO JLRUQR VROLWDPHQWH DOO¶LQL]LR
GHOO¶DWWLYLWj ODYRUDWLYD LO FRQWUDWWR SUHYHGH LQIDWWL FKH OH RSHUD]LRQL YHQJDQR FRQWDELOL]]DWH QHO
JLRUQRGHOYHUVDPHQWRVHO¶LPPLVVLRQHqHIIHWWXDWDHQWUROHRUHVHO¶LPPLVVLRQHDYYLHQHROWUH
WDOH RUDULR RSSXUH LQ XQ JLRUQR QRQ ODYRUDWLYR O¶DFFUHGLWR DYYHUUj HQWUR LO JLRUQR ODYRUDWLYR
VXFFHVVLYR
5LFRUGLDPR DQFRUD XQD YROWD FKH O¶DSHUWXUD H OD YHULILFD GHOOD FDVVD FRQWLQXD YDQQR HIIHWWXDWH
VHPSUHGDGXHRSHUDWRULXQRGHYHHVVHUHFROXLFKHWHUUjLQFDULFRLYDORULHO¶DOWURXQTXDOVLDVL
FROOHJDFRQIXQ]LRQHGLJDUDQWH
/H RSHUD]LRQL SHU JDUDQWLUH XQD EXRQD VLFXUH]]D YDQQR HIIHWWXDWH LQ XQ OXRJR DSSDUWDWR H QRQ
DFFHVVLELOHDOSXEEOLFR
ǯǫ
,Q FDVR GL PDQFDWD FRUULVSRQGHQ]D WUD TXDQWR ULSRUWDWR LQ GLVWLQWD H TXDQWR HIIHWWLYDPHQWH
ULQYHQXWRELVRJQDLPPHGLDWDPHQWHDYYLVDUHLOFOLHQWHSHULVFULWWRHSUHYHQWLYDPHQWHSHUWHOHIRQR
$QGUjLQROWUHDSSXQWDWDO¶LUUHJRODULWjQHOO¶DSSRVLWRUHJLVWURGLFDVVDFRQWLQXD
,Q FDVR GL ULQYHQLPHQWR GL EDQFRQRWH VRVSHWWH GL IDOVLWj DQGUj FRQYRFDWR LO FOLHQWH SHU OD
VRWWRVFUL]LRQH GHO YHUEDOH GRSR GL FKH VL VHJXLUj O¶LWHU GHOOH EDQFRQRWH VRVSHWWH GL IDOVLWj FKH
VSLHJKHUHPRQHOSURVVLPRFDSLWROR,OWXWWRLQROWUHDQGUjDQQRWDWRVXOUHJLVWURGHOODFDVVDFRQWLQXD
,Q FDVR GL PDQFDQ]D GHOOD GLVWLQWD GL YHUVDPHQWR VL SURFHGHUj DOOD FRQWDELOL]]D]LRQH GHO
YHUVDPHQWR GRSR DYHU FRPSLODWR OD GLVWLQWD G¶XIILFLR FRQ OD GLFLWXUD ³'LVWLQWD SUHGLVSRVWD GDOOD
ILOLDOHLQTXDQWRQRQULQYHQXWDQHOUDFFRJOLWRUH
͵ʹͲͳͶǫ
$SDUWLUHGDOQRYHPEUHOD%DQFDKDVWDELOLWRGLGLYLGHUHLSXQWLRSHUDWLYLLQWLSRORJLH
x
ILOLDOLKXE
x
ILOLDOL
x
SXQWLFRPPHUFLDOL
1HLSXQWLFRPPHUFLDOLQRQYLVDUjSLODSUHVHQ]DGHOO¶RSHUDWRUH³WUDGL]LRQDOH´GLFDVVDLQTXDQWR
WXWWDO¶RSHUDWLYLWjYHUUjGLQRUPDHIIHWWXDWDWUDPLWH$7007$
9LVRQRRYYLDPHQWHDOFXQHRSHUD]LRQLDPPHVVHFRPHDGHVHPSLRLOULODVFLRGLDVVHJQLFLUFRODUL
RGLFDUQHWGLDVVHJQLLQTXDQWRQRQIDWWLELOLWUDPLWHEDQFRPDW
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳ͵
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
/¶RSHUDWLYLWj WUDQVD]LRQDOH UHODWLYD DL SDJDPHQWL GDO FRQWR FRUUHQWH q GL QRUPD QRQ SUHYLVWD PD
UHFLWD OD FLUFRODUH D]LHQGDOH ³LQ UHOD]LRQH D QHFHVVLWj ULYHQLHQWL GD RSHUDWLYLWj FRPPHUFLDOH OD
)LOLDOH SRWUj JHVWLUH O¶RSHUDWLYLWj YDOXWDQGR O¶LQYLR DL 3ROL %DFN 2IILFH ,Q RJQL FDVR OD )LOLDOH VL
DGRSHUHUjSHUQRQUHVSLQJHUHDOFXQDRSHUDWLYLWjWUDQVD]LRQDOHDWWUDYHUVRODIRUPD]LRQHGHO&OLHQWH
DOO¶XWLOL]]RGHOOHPRGDOLWjDOWHUQDWLYHGLVSRQLELOL,QWHUQHWEDQNLQJ$7007$%DQFDDOWHOHIRQR
HFF´
,QROWUHSRWUjHVVHUHDXWRUL]]DWDGD%DQFDGHL7HUULWRULO¶RSHUDWLYLWjSHULOSDJDPHQWRGLLPSRVWH
LQFRQFRPLWDQ]DGHOOHVFDGHQ]HSLLPSRUWDQWLHVFOXVLYDPHQWHWUDPLWHDGGHELWRVXOFRQWRRWUDPLWH
LQYLRDO%DFN2IILFH
1HOOH DJHQ]LH GHQRPLQDWH ³ILOLDOL´ OD FDVVD VDUj DSHUWD GDOOH DOOH )LQR DOOH RUH VRQRDPPHVVHWXWWHOHRSHUD]LRQLWUDQQHTXHOOHLQFRQYHQ]LRQHRVVLDLOPHVVDJJLR9(&21LO
SDJDPHQWRERQLILFLDFOLHQWHODFRQYHQ]LRQDWDDGHVHPSLR0HGLRODQXPHERQLILFLLQFLUFRODULWj
SHUTXHVWHRSHUD]LRQLLOFOLHQWHGRYUjULYROJHUVLDOOHILOLDOLKXE
'RSROHRUHODILOLDOHVDUjFKLXVDDOSXEEOLFRILQRDOOHHLFDVVLHULGRYUDQQRHIIHWWXDUHOH
RSHUD]LRQLGLFKLXVXUD,QTXHVWRPRGRODORURSDXVDSUDQ]RVDUjLQGLFDWLYDPHQWHWUDOHHOH
PHQWUHLFROOHJKLFKHVLRFFXSDQRGLFRQVXOHQ]DIDUDQQRODSDXVDSUDQ]RLQGLFDWLYDPHQWHWUD
OHHOHLQPRGRGDDVVLFXUDUHO¶DSHUWXUDGHOSXQWRRSHUDWLYRSHUOHRUH
1HO SRPHULJJLR O¶RSHUDWLYLWj WUDQVD]LRQDOH GL TXHVWH DJHQ]LH q LGHQWLFD D TXHOOD GHL SXQWL
FRPPHUFLDOL TXLQGL DG HVHPSLR q DPPHVVD OD FRQVHJQD GL FDUQHW GL DVVHJQL R O¶HPLVVLRQH GL
DVVHJQLFLUFRODUL
5DPPHQWLDPR FKH GRSR OH OD FDVVDIRUWH GHYH HVVHUH FKLXVD WUDQQH RYYLDPHQWH FDVL
HFFH]LRQDOLFRPHODQRQTXDGUDWXUD
3HUOHILOLDOLKXEQRQFDPELDQXOODULVSHWWRDOPRGHOORSUHFHGHQWHJOLRUDULVRQRJOLVWHVVLHODFDVVD
q DSHUWD VHFRQGR JOL RUDUL ³WUDGL]LRQDOL´ 9L VRQR DOFXQH RSHUD]LRQL FKH VDUDQQR DFFHQWUDWH VXOOH
ILOLDOL KXE FRPH O¶RSHUDWLYLWj LQ FRQYHQ]LRQH L SDJDPHQWL ERQLILFL D FOLHQWHOD FRQYHQ]LRQDWD H
ERQLILFLLQFLUFRODULWj
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳͶ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǯ
1
ǫ
,QL]LDPRFRQLOULFRUGDUHFKHULFRQVHJQDUHDOFOLHQWHXQDEDQFRQRWDVRVSHWWDGLIDOVLWjQRQVRORYD
FRQWUROHUHJROHD]LHQGDOLPDVLFRQILJXUDFRPHXQDYHUDHSURSULDYLROD]LRQHSHQDOHFRQWXWWRFLz
FKHQHFRQVHJXH
4XDORUDULVFRQWUDVVLPRXQDEDQFRQRWDRXQDPRQHWDVRVSHWWDGREELDPRLQQDQ]LWXWWRFRPSLODUHLO
YHUEDOHFKHSRVVLDPRWURYDUHTXL
KWWSUHGRVHGHFRUSVDQSDRORLPLFRPVFULSW5HGRUHGRUHGRJHWFRQWHQW"FKURQLFOH,G FYHUVLRQ/DEHO 38%%/,&$72SHUOHEDQFRQRWH
2TXL
KWWSUHGRVHGHFRUSVDQSDRORLPLFRPVFULSW5HGRUHGRUHGRJHWFRQWHQW"FKURQLFOH,G FYHUVLRQ/DEHO 38%%/,&$72SHUOHPRQHWH
,O YHUEDOH DQGUj ILUPDWR DQFKH GDO SUHVHQWDWRUH FKH QH ULFHYHUj XQD FRSLD 4XDORUD QRQ YROHVVH
ILUPDUH LO YHUEDOH DQGUj LQGLFDWD OD VHJXHQWH GLFLWXUD ³/¶HVLELWRUH VL ULILXWD GL VRWWRVFULYHUH LO
YHUEDOH´QHOFDPSR1RWHGHOODPDSSD³'DWLLGHQWLILFDWLYLGHOOHEDQFRQRWHPRQHWHULWLUDWH´
$TXHVWRSXQWRXQDFRSLDGHOYHUEDOHDQGUjLQYLDWRVHQ]DLQGXJLR±DVVLHPHDOODEDQFRQRWDRDOOD
PRQHWDVRVSHWWDGLIDOVLWj±DOODVHGHGL]RQDGHOOD%DQFDG¶,WDOLDWUDPLWHUDFFRPDQGDWD$5
/DFRSLDGDVSHGLUHDOO¶8&$03GDOPDJJLRYDLQYLDWDDWWUDYHUVRODSURFHGXUDLQIRUPDWLFD
ULFKLDPDELOHGDOSRUWDOHFRQODWUDQVD]LRQH626)$
2YYLDPHQWHLQILOLDOH±QHOO¶DSSRVLWDUDFFROWD±DQGUjFRQVHUYDWDFRSLDGLWXWWRO¶LWHU
ǫ
,Q TXHVWR FDVR VH QRQ q SRVVLELOH ULQWUDFFLDUH FRQ FHUWH]]D LO SUHVHQWDWRUH GHO VRVSHWWR IDOVR
O¶LPSRUWRGRYUjHVVHUHULYHUVDWRGDOFROOHJD
5LFRUGLDPR D TXHVWR SURSRVLWR FKH LO &&1/ $UW SUHYHGH FKH ³LO SHUVRQDOH GL FDVVD IHUPR
UHVWDQGR OD SURSULD UHVSRQVDELOLWj LQGLYLGXDOH GHULYDQWH GDOOH PDQVLRQL VYROWH QRQ ULVSRQGH GL
EDQFRQRWH IDOVH OD FXL FRQWUDIID]LRQH ULVXOWL WDOH GD WDOH GD SRWHUVL DFFHWWDUH VROR DWWUDYHUVR
SDUWLFRODUL DSSDUHFFKLDWXUH FKH O¶LPSUHVD QRQ DEELD PHVVR D GLVSRVL]LRQH GHOO¶LQWHUHVVDWR LQ
PDQFDQ]D GL WDOL VWUXPHQWL O¶LQWHUHVVDWR QRQ ULVSRQGH VH OD FRQWUDIID]LRQH ULVXOWL WDOH GD HVVHUH
DFFHWWDWDWHFQLFDPHQWHVROWDQWRLQVHGHGLFRQWUROORGDSDUWHGL%DQFDG¶,WDOLDRGHOOD%DQFD&HQWUDOH
(XURSHD´
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳͷ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
1ǫ
,QTXHVWRFDVRDQGUjWHPSHVWLYDPHQWHFKLDPDWRLOFOLHQWHFKHGRYUjILUPDUHLOYHUEDOH
(¶ EHQH UDPPHQWDUH DQFRUD XQD YROWD FKH L YHUVDPHQWL GHOOD FDVVD FRQWLQXD YDQQR VHPSUH
FRQWUROODWLGDGXHRSHUDWRUL
ǯǫ
$QFKH LQ TXHVWR FDVR ELVRJQHUj FKLDPDUH O¶LQWHVWDWDULR GHO FRQWR OR VL ULQWUDFFHUj XWLOL]]DQGR LO
QXPHURGHOODFDUWDFKHKDHIIHWWXDWRLOYHUVDPHQWRSHUIDUJOLILUPDUHLOYHUEDOH
Ȁǫ
5LFRUGLDPRFKHqSRVVLELOHULFKLHGHUHODYLVLRQHGHOILOPDWRGLODYRUD]LRQHGHOODULFKLHVWDULPHVVD
GLFRQWDQWHGDFXLULVXOWDLOIDOVR
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳ͸
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
1HO ODYRUR GHO FDVVLHUH SXUWURSSR SXz DFFDGHUH GL QRQ ³TXDGUDUH´ QRQRVWDQWH WXWWD O¶DWWHQ]LRQH
FKHVLSRVVDSRUUHQHOSURSULRODYRUR3URSULRSHUTXHVWROD)LED&LVOFRQVLJOLDDWXWWLLSURSULLVFULWWL
ODVRWWRVFUL]LRQHGHOOHSROL]]HDVVLFXUDWLYHLQFRQYHQ]LRQHSHUOLPLWDUHL³ULVFKLGHOPHVWLHUH´
/DQRUPDWLYD,QWHVD6DQSDRORGLVWLQJXHWUDDPPDQFKLGLFDVVDLQIHULRULRVXSHULRULD¼
1HOSULPRFDVRODGHILFLHQ]DYLHQHFRQVLGHUDWDFRPHDUURWRQGDPHQWRSHUFXLQRQYDULSLDQDWD
6HLQYHFHODGHILFLHQ]DGLFDVVDVXSHUDL¼ELVRJQDFKLXGHUHVHJQDODQGRODGHILFLHQ]DHGDUQH
FRPXQLFD]LRQHDO5HVSRQVDELOH
,QTXHVWRFDVRLOFROOHJDGRYUj±HQWURJLRUQLGDOO¶DPPDQFR±ULIRQGHUHODVRPPDPDQFDQWH6H
O¶LPSRUWR GHOOD GHILFLHQ]D q VXSHULRUH DL ¼ HG LQIHULRUH DL ¼ q SRVVLELOH ULFKLHGHUH XQ
ILQDQ]LDPHQWR VHQ]D LQWHUHVVL GD SDJDUH FRQ UDWH PHQVLOL 6DUj LO 5HVSRQVDELOH GHOOD VWUXWWXUD D
YDOXWDUHHFRQFHGHUHLOSUHVWLWR
5LFRUGLDPR FKH SHU OH GLIIHUHQ]H VXSHULRUL DL ¼ FRSLD GHO YHUEDOH DQGUj LQYLDWR DQFKH DOOH
VWUXWWXUHFRPSHWHQWLGL$UHD%DQFDHDOO¶$XGLW
,QFDVRGLGHILFLHQ]DFRQVLJOLDPRGLPHWWHUVLVXELWRLQFRQWDWWRFRQLOSURSULRVLQGDFDOLVWD)LEDGL
ULIHULPHQWRSHUSRWHURWWHQHUHWXWWDODFRQVXOHQ]DQHFHVVDULDDQFKHSHUO¶DWWLYD]LRQHGHOO¶HYHQWXDOH
SROL]]DDVVLFXUDWLYD
ǫ
6HODGHILFLHQ]DGHOEDQFRPDWQRQVLDLPSXWDELOHDGXQHUUDWRFDULFDPHQWRPDGHULYLLQYHFHGDXQ
PDOIXQ]LRQDPHQWRGHOODPDFFKLQDRYYLDPHQWHQRQVDUjLOFROOHJDDULVSRQGHUHGHOO¶DPPDQFR
4XDORUD QRQ VL ULHVFD D ULVDOLUH H VLVWHPDUH OD GHILFLHQ]D TXHVWD DQGUj VLVWHPDWD DGGHELWDQGROD DO
FRQWRHFRQRPLFRVHJXHQGRO¶DSSRVLWDQRUPDWLYD
ǫ
,Q TXHVWR FDVR ULFRUGLDPR FKH q SRVVLELOH ULFKLHGHUH OD YLVLRQH GHO ILOPDWR GL ODYRUD]LRQH GHOOD
ULFKLHVWDULPHVVD GL FRQWDQWH $QFKH SHU TXHVWR PRWLYR q PROWR LPSRUWDQWH VHJQDODUH
LPPHGLDWDPHQWH±HGLQRJQLFDVRFRQODFKLXVXUDVHUDOH±ODGHILFLHQ]DULVFRQWUDWD
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳ͹
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǯ
ȋȌ
/D FRPSOHVVD QRUPDWLYD DQWLULFLFODJJLR SRQH D FDULFR GHO ODYRUDWRUH LQ FDVR GL YLROD]LRQL
LPSOLFD]LRQLSHUVRQDOLGLFDUDWWHUHSHQDOHHDPPLQLVWUDWLYR
$WLWRORHVHPSOLILFDWLYRULFRUGLDPRGLSUHVWDUHPROWDDWWHQ]LRQHDOOHRSHUD]LRQLIUD]LRQDWH,QFDVR
GL PDQFDWD VHJQDOD]LRQH DOO¶8,) ± LQGLSHQGHQWHPHQWH GDO SURILOR SHQDOH GHOO¶RSHUD]LRQH ±
ULVFKLDPRXQDPXOWDSHUVRQDOHGDOO¶DOGHOO¶LPSRUWRWRWDOH
͵ǫ
ÊQHFHVVDULRFRPSLODUHLO*,$126'
DOO¶DWWRGLDSHUWXUDGLXQUDSSRUWRFRQWLQXDWLYR
LQFDVRGLRSHUD]LRQHRFFDVLRQDOHVXSHULRUHDLHXUR
LQ FDVR GL SDJDPHQWR LQ FRQWDQWL GL YLQFLWH DVVLHPH DOO¶DSSRVLWR PRGXOR SURPHPRULD
DWWLYLWjFOLHQWHODGRYHYDLQGLFDWDODULVSRVWDGHOFOLHQWHVXOODVXVVLVWHQ]DRPHQRGLUDSSRUWL
EDQFDULFRQDOWUHEDQFKHHVXOSHUFKpULFKLHGDLFRQWDQWL
LQFDVRGLVLWXD]LRQLGXEELHRVWUDQHFRPXQLFDQGRDOWUHVuLOWXWWRDO5HVSRQVDELOH
1DWXUDOPHQWHLQWXWWLLFDVLqQHFHVVDULRLGHQWLILFDUHFRQFXUDLOSUHVHQWDWRUHDOOHJDQGRLGRFXPHQWL
GLLGHQWLWjDOTXHVWLRQDULR
ǫ
,Q FDVR GL RSHUD]LRQH ULWHQXWD VRVSHWWD LO FROOHJD GHYH FRPSLODUH LO PRGXOR FKH VL WURYD D TXHVWR
LQGLUL]]R
KWWSUHGRVHGHFRUSVDQSDRORLPLFRPVFULSW5HGRUHGRUHGRJHWFRQWHQW"FKURQLFOH,G FHGYHUVLRQ/DEHO 38%%/,&$72
7DOHPRGXORDQGUjFRQVHJQDWRLQGXSOLFHFRSLDDO5HVSRQVDELOHFKHQHULWLUHUjXQDHULFRQVHJQHUj
O¶DOWUDFRQLOYLVWRGLULFHYXWD
,O PRGXOR FRQWURILUPDWR DQGUj FRQVHUYDWR FRQ FXUD LQ TXDQWR VDUj TXHOOR FKH VROOHYHUj GD RJQL
UHVSRQVDELOLWjLOFROOHJD
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳͺ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǯǯ
ǯǫ
,O &RQWUDWWR 1D]LRQDOH SUHYHGH OD FRUUHVSRQVLRQH GHOO¶LQGHQQLWj GL ULVFKLR SHU L FROOHJKL FKH
PDQHJJLQRYDORUL
9HGLDPRRUDTXDOLVRQRJOLLPSRUWL
D FDVVLHULFKHKDQQRFRQFRQWLQXLWjHIIHWWLYRPDQHJJLRGLYDORUL
LQHUHQWHDOOHRSHUD]LRQLVYROWHGLUHWWDPHQWHDOORVSRUWHOORGHL
FRQWDQWL
E DGGHWWLDOORVSRUWHOORFKHHIIHWWXDQRHVERUVLHRLQWURLWLGLYDORUL
HVFOXVLLTXDGULGLUHWWLYLƒHƒOLYHOORUHWULEXWLYR
F FDVVLHULFKHKDQQRFRQFRQWLQXLWjHIIHWWLYRPDQHJJLRGLYDORUL
LQHUHQWHDOOHRSHUD]LRQLVYROWHGLUHWWDPHQWHDOORVSRUWHOORQRQ
FRQWDQWL
G FDVVLHULFKHKDQQRPDQHJJLRGLYDORULQRQHVSOLFDELOHDOOR
VSRUWHOOR
H DGGHWWLDJOLVSRUWHOOLSHUO¶LQFDVVRGHJOLHIIHWWLGHOOHEROOHWWHH
VLPLODULHVFOXVLLTXDGULGLUHWWLYLƒHƒOLYHOORUHWULEXWLYR
I DGGHWWLDOODFDVVDSHUFRDGLXYDUHLOFDVVLHUH
J DGGHWWLDOODVWDQ]DGLFRPSHQVD]LRQHFKHVYROJRQRPDQVLRQLGL
PDQHJJLRGLFRQWDQWLRYDORULQRQHVSOLFDELOHDOORVSRUWHOOR
K $GGHWWLFKHKDQQRPDQHJJLRGLFRQWDQWLRYDORULQRQHVSOLFDELOH
DOORVSRUWHOORƒDUHDSURIHVVLRQDOHƒHƒOLYHOORUHWULEXWLYR
¼
¼
¼
¼
¼
¼
¼
¼
4XHVWL LPSRUWL VL ULIHULVFRQR DG XQ SHULRGR GL DGLEL]LRQH JLRUQDOLHUD DOOH DWWLYLWj GL VSRUWHOOR
ILQRDRUH
6HLOFROOHJDRSHUDSHUXQSHULRGRFKHYDILQRDRUHJLRUQDOLHUHWDOLLPSRUWLYHQJRQRPDJJLRUDWL
GHO6HDQFRUDLOFROOHJDYLHQHDGLELWRDGRSHUD]LRQLGLPDQHJJLRYDORULSHURUHHPLQXWL
JLRUQDOLHULYLqXQ¶XOWHULRUHPDJJLRUD]LRQHSDULDO
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ͳͻ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
/HWWHUD
&&1/
'(6&5,=,21(
&2',),&$,16$3
&DVVLHULFKHKDQQRFRQFRQWLQXLWjHIIHWWLYRPDQHJJLRGL
YDORULLQHUHQWLDOOHRSHUD]LRQLVYROWHGLUHWWDPHQWHDOOR
VSRUWHOORGHLFRQWDQWL
$GGHWWLDOORVSRUWHOORFKHHIIHWWXDQRHVERUVLHRLQWURLWLGL
YDORULHVFOXVLL4'ƒHƒOLY
)LQRD )LQRD
RUH
RUH
)LQRD
RUH
RUH
PLQXWL
$
,5/$
,53$
,5%$
,5%;
,5/%
,53%
,5%%
,5%<
,5/&
,53&
,5%&
,53(
,5%(
%
&DVVLHULFKHKDQQRFRQFRQWLQXLWjHIIHWWLYRPDQHJJLRGL
YDORULLQHUHQWHDOOHRSHUD]LRQLVYROWHGLUHWWDPHQWHDOOR
VSRUWHOORQRQFRQWDQWL
&
&DVVLHULFKHKDQQRPDQHJJLRGLYDORULQRQHVSOLFDELOL
DOORVSRUWHOOR
'
,5/'
$GGHWWLDJOLVSRUWHOOLSHUO¶LQFDVVRGHJOLHIIHWWLGHOOH
EROOHWWHHVLPLODULHVFOXVLL4'ƒHƒOLY
,5/(
(
$GGHWWLDOODFDVVDSHUFRDGLXYDUHLOFDVVLHUHDUWƒ
OLYUHWUƒDOLQHD
)
,5/)
$GGHWWLDOODVWDQ]DGLFRPSHQVD]LRQHFKHVYROJRQR
PDQVLRQLGLPDQHJJLRGLFRQWDQWLRYDORULQRQ
HVSOLFDELOHDOORVSRUWHOORGLFXLDOO¶DUWƒOLYUHWU
SHQXOWLPRDOLQHD
$UHD3URIHVVLRQDOHƒHƒOLYHOORUHWULEXWLYR
$GGHWWLFKHKDQQRPDQHJJLRGLFRQWDQWLRYDORULQRQ
HVSOLFDELOHDOORVSRUWHOOR
,5/*
*
,5/+
+
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ʹͲ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
*UD]LHDJOLDFFRUGLLQWHJUDWLYLGHOQRVWUR*UXSSRLFROOHJKLFKHODYRUDQRQHOOHILOLDOLDGLELWLDDOOR
VSRUWHOOR FRQ PDQVLRQL GL LQWURLWR HG HVERUVR YDORUL SHU RUH H PLQXWL ULFHYRQR XQD
³PDJJLRUD]LRQHD]LHQGDOHLQGHQQLWjGLULVFKLR´SDULD¼PHQVLOL
4XHVWDFLIUDJUD]LHDJOLDFFRUGLVXOODSURGXWWLYLWjIRUWHPHQWHYROXWLGDOOD&LVOYLHQHWDVVDWDFRQ
XQ¶DOLTXRWDVHSDUDWDGHOSHULUHGGLWLLQIHULRULDL¼DQQXL
,QROWUHLQYLDWUDQVLWRULDDOSHUVRQDOHH[*UXSSR6DQSDRORFKHKDSHUFHSLWRSHUDOPHQRVHLPHVL
QHOFRUVRGHOODYRFH³PDJJLRUD]LRQHD]LHQGDOHLQGHQQLWjGLULVFKLR´LQPLVXUDSLHQDYLHQH
DWWULEXLWR LQ DSSRVLWR DVVHJQR DGSHUVRQDP GD DVVRUELUH D IURQWH GL TXDOVLYRJOLD LQFUHPHQWR
UHWULEXWLYR GLVFHQGHQWH GDO SURVVLPR ULQQRYR GHO &&1/ ¼ GD ULFRQRVFHUH LQ FDVR GL
HURJD]LRQHGHOODPDJJLRUD]LRQHD]LHQGDOHGLULVFKLRGLFXLVRSUD
ǯǯǯǫ
,QFDVRGLDGLEL]LRQHDGDWWLYLWjGLVSRUWHOORILQRDJLRUQLQHOO¶DUFRGLXQPHVHVSHWWDO¶LQGHQQLWj
LQPLVXUDSDULDO
$SDUWLUHGDJLRUQLDOPHVHLQYHFHO¶LQGHQQLWjSHUFHSLWDVDUjSLHQD
ǯǯǫ
,Q FDVR GL DVVHQ]D VXSHULRUH DO PHVH SHU IHULH PDODWWLD PDWHUQLWj DQWLFLSDWD FRQJHGR GL
PDWHUQLWjSDWHUQLWj FRQJHGR SDUHQWDOH DVSHWWDWLYD SHU SXHUSHULR SUROXQJDPHQWR GHO FRQJHGR
SDUHQWDOH H FRQJHGR VWUDRUGLQDULR SHU DVVLVWHQ]D GHO IDPLOLDUH SRUWDWRUH GL KDQGLFDS O¶LQGHQQLWj GL
FDVVDDOFROOHJDVSHWWDODVWHVVDLQGHQQLWjSHUFHSLWDLOPHVHSUHFHGHQWH
1HO FDVR LQ FXL LO FROOHJD VYROJD LQ XQ PHVH PDQVLRQL FRPSRUWDQWL O¶HURJD]LRQH GHOO¶LQGHQQLWj GL
ULVFKLRSHUPHQRGLJLRUQLHVLDVVHQWLSHUOHPRWLYD]LRQLVRSUDFLWDWHSHUXQQXPHURGLJLRUQLFKH
± DJJLXQWR DL JLRUQL LQ FXL KD ODYRUDQGR VYROJHQGR PDQVLRQL FKH GDQQR WLWROR DOO¶LQGHQQLWj ± q
VXSHULRUHDSHUFHSLUjODVWHVVDLQGHQQLWjSLHQDRDOGHOPHVHSUHFHGHQWH
ǯǡǡ͸ǫ
1RLO&RQWUDWWR1D]LRQDOHYLJHQWHSUHYHGHFRPHPDVVLPDDGLEL]LRQHJLRUQDOLHUDDOORVSRUWHOORRUH
HPLQXWLLQGLSHQGHQWHPHQWHGDOO¶RUDULRGHOODILOLDOH
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ʹͳ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
$OYHULILFDUVLXQDUDSLQDqIRQGDPHQWDOHFKHLOFRPSRUWDPHQWRGLRJQXQRVLDRULHQWDWRLQSULPLVDG
HYLWDUHRJQLDJJUDYDPHQWRGHOULVFKLRILVLFRSHULSUHVHQWLFROOHJKLHFOLHQWL3HUTXHVWRPRWLYRq
YLHWDWDFDWHJRULFDPHQWHXQDUHVLVWHQ]DDWWLYDQHLFRQIURQWLGHLPDOYLYHQWL/DUHD]LRQH
VFRPSRVWDGXUDQWHXQDUDSLQDROWUHDGHVVHUHVRSUDWWXWWRXQFRPSRUWDPHQWRPROWRSHULFRORVRq
DQFKHXQDYLROD]LRQHGHOOHQRUPHGHOOD%DQFD
3HUTXDQWRSRVVLELOHELVRJQDFHUFDUHGLQRQHQWUDUQHOSDQLFRPDQWHQHUHODFDOPDHFHUFDUHGL
WUDQTXLOOL]]DUHJOLVWHVVLUDSLQDWRULDVVLFXUDQGRORURWXWWDODGLVSRQLELOLWjDFROODERUDUHHGLOOXVWUDQGR
FKLDUDPHQWHHYHQWXDOLYLQFROLFKLDYLVHUUDWXUHDWHPSRHFFHWHUDSHUO¶DSHUWXUDGHLPH]]LIRUWL
ÊLQROWUHFRQVLJOLDWRGLHYLWDUHDWWHJJLDPHQWLFKHSRVVDQRFUHDUHWHQVLRQLRFDXVDUHUHD]LRQLGDSDUWH
GHLPDOYLYHQWLFRPHDGHVHPSLRILVVDUOLFRQLQVLVWHQ]D
ǫ
$OWHUPLQHGHOO¶HYHQWRFULPLQRVRELVRJQDVXELWRDFFHUWDUVLFKHQRQYLVLDQRIHULWLHVHLOFDVR
FKLHGHUHO¶LQWHUYHQWRVDQLWDULRGHO
6LGHYRQRSRLDYYLVDUHWHOHIRQLFDPHQWHOH)RU]HGHOO¶2UGLQHOD&HQWUDOH2SHUDWLYDGLFRPSHWHQ]D
HO¶$VVLVWHQ]D2UJDQL]]DWLYDGHOO¶$UHD
2YYLDPHQWHODILOLDOHYDLPPHGLDWDPHQWHFKLXVDDOSXEEOLFRHYLWDQGRGLVSRVWDUHDOFXQFKpHGL
HIIHWWXDUHRSHUD]LRQLFKHPRYLPHQWLQRODFDVVD
6ROWDQWRDOWHUPLQHGHOOHULOHYD]LRQLGHOOD)RU]D3XEEOLFDODILOLDOHSURFHGHUjDOODULOHYD]LRQHGHL
PH]]LIRUWLYLRODWLHDOODTXDQWLILFD]LRQHGHOO¶DPPDQFR1DWXUDOPHQWHVLGRYUjDQFKHYHULILFDUHFKH
QRQVLDQRVWDWLDVSRUWDWLDQFKHGHLYDORULLQELDQFR
,O'LUHWWRUHGHOODILOLDOHVHQWLWDODIXQ]LRQH5LVRUVH8PDQHGLFRPSHWHQ]DSXzDFFRJOLHUHOH
ULFKLHVWHGLSHUPHVVRDYDQ]DWHGDLFROOHJKLGHOODILOLDOHFRLQYROWDGDOODUDSLQD
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ʹʹ
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
ǫ
/DUDSLQDHVVHQGRXQHSLVRGLRWUDXPDWLFRHGLQDWWHVRSXzJHQHUDUHWUDXPLSVLFRORJLFLQHOOHYLWWLPH
GHOODUDSLQD$GHVHPSLRQHLJLRUQLVXFFHVVLYLSRVVRQRFRPSDULUHDOFXQHVLQWRPDWRORJLHTXDOL
VHQVRGLPLQDFFLDVXOSRVWRGLODYRURSHQVLHULFKHULWRUQDQRDOODUDSLQDVHQVRGLLQVLFXUH]]DIDFLOH
LUULWDELOLWjXQVRQQRDJLWDWRRGLVWXUEDWRGDLQFXEL
1HOODPDJJLRUSDUWHGHLFDVLTXHVWLVLQWRPLVRQRWHPSRUDQHLHVSDULVFRQRLQSRFKLJLRUQLVHQ]D
ELVRJQRGLDOFXQLQWHUYHQWR
9LVRQRSHUzGHOOHVLWXD]LRQLLQFXLTXHVWRQRQDYYLHQHSHUTXHVWRqLPSRUWDQWHLQWHUYHQLUH
WHPSHVWLYDPHQWHFRQXQVXSSRUWRSVLFRORJLFRDWWUDYHUVRLOPHGLFRFRPSHWHQWHFKHO¶$]LHQGDPHWWH
DGLVSRVL]LRQH
1HLFDVLSLFUXHQWLLOPHGLFRFRPSHWHQWHYLVLWHUjDXWRPDWLFDPHQWHLFROOHJKLFRLQYROWLQHLJLRUQL
VXFFHVVLYLDOODUDSLQDFRQXQFROORTXLRGLJUXSSR6XULFKLHVWDGLUHWWDGHJOLLQWHUHVVDWLLOPHGLFR
SRWUjDWWLYDUHFROORTXLGLUHWWLHSHUVRQDOLGLDSSURIRQGLPHQWR1DWXUDOPHQWHJOLLQWHUYHQWLGHO
PHGLFRVRQRYRORQWDULHYLQFRODWLDOULVSHWWRGHOODSULYDF\
$QFKHQHLFDVLLQFXLLOPHGLFRQRQYLHQHDXWRPDWLFDPHQWHLQYLDWRqVHPSUHIDFROWjGHLFROOHJKL
ULFKLHGHUHO¶DLXWRGHOPHGLFRFRPSHWHQWHDWWUDYHUVRODIXQ]LRQH3UHYHQ]LRQHH3URWH]LRQH
ǯ
ǫ
/DJXLGDRSHUDWLYDVXOOHRSHUD]LRQLGDHIIHWWXDUHGRSRODUDSLQDqYLVXDOL]]DELOHGDTXDOVLDVL
WHUPLQDOHD]LHQGDOHDOVHJXHQWHLQGLUL]]R
KWWSUHGRVHGHFRUSVDQSDRORLPLFRPVFULSW5HGRUHGRDULVJHWFRQWHQWJXLG"REMHFWW\SH LVS
BJRSBGRFXPHQWJXLG IFFIFGIDEE
&RQVLJOLDPRLQROWUHGLSUHQGHUHYLVLRQLGLGXHILOPDWLLQIRUPDWLYL±PROWRLQWHUHVVDQWL±SUHGLVSRVWL
GDOOD%DQFDDLVHJXHQWLLQGLUL]]L
KWWSFDPSXVLQWHVDVDQSDRORFRPELEOLRWHFDSRUWDOYLQGH[DVS"UHTXHVWHG&DWDORJXH UHTXHV
WHG3URILOH VWXGHQWHDSULVFKHGD )7&
KWWSFDPSXVLQWHVDVDQSDRORFRPELEOLRWHFDSRUWDOYLQGH[DVS"UHTXHVWHG&DWDORJXH UHTXHVWHG3
URILOH VWXGHQWHDSULVFKHGD )7'
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ʹ͵
/HDWWLYLWjGL
/HDWWLYLWjGL&$66$
&$66$
&LWURYLVX
ZZZILEDLW
KWWSLQWHVDVDQSDRORILEDLW
ZZZILEDJUXSSRLQWHVDVDQSDRORLW
SHUXOWHULRULFKLDULPHQWLVFULYLFLD
JULQWHVDVDQSDROR#ILEDLWLED&LVO
VHJUHWHULD#ILEDJUXSSRLQWHVDVDQSDRORLW
)D[
&LWURYLVX
)DFHERRN)LED&LVO*UXSSR,QWHVD3DROR
7ZLWWHU)LED&LVO,QWHVD6DQSDROR
7RUQDDOVRPPDULR$JJLRUQDPHQWR'LFHPEUH
ʹͶ