$VVHPEODJJLRGLQRWL]LHSUHOHYDWHGDOODFDUWDVWDPSDWDHGDOZHEVXHGD7RUUHGHO*UHFR
'DO*HQQDLRDO)HEEUDLRQXPHURKWWSZZZWRUUHPDUHQHW
,OSLDFHUHGLFRPXQLFDUHGLWXWWRSHULOGLULWWRGLHVVHUHLQIRUPDWLVXWXWWR 6DEDWR 7RUUHGHO*UHFR9DUDWDODQRQDQDYHLQ&LQDSHU
*LXVHSSH%RWWLJOLHUL
9DUDWDLHULD-LQJMLDQJFLWWDGLQDQHLSUHVVLGL6KDQJKDLO¶DPPLUD
JOLDGHOOD*LXVHSSH%RWWLJOLHUL6KLSSLQJ&RPSDQ\FDSHVL]HGD
PLODWRQQHOODWHFKHFRVWLWXLVFHXQDGHOOHQDYLSLJUDQGLGHOODIORWWD
LWDOLDQD1HOFDQWLHUH1HZ7LPHV6KLSEXLOGLQJODFHULPRQLDGLYDUR
DOODSUHVHQ]DGHOORVWHVVR*LXVHSSH%RWWLJOLHULSUHVLGHQWHGHOOD
*LXVHSSH%RWWLJOLHUL6KLSSLQJ&RPSDQ\ODVRFLHWjDUPDWRULDOHGL
7RUUHGHO*UHFRFKHKDVHGHLQSLD]]D%RYLRD1DSROLHGHOODPR
JOLH*KHWW\&R]]ROLQR%RWWLJOLHULFRQVLJOLHUHG¶DPPLQLVWUD]LRQHFKH
KDIDWWRGDPDGULQD/¶XQLWjQDYDOH©*LXVHSSH%RWWLJOLHULªEDWWH]
]DWDFRQLOQRPHGHOFDSRVWLSLWHVDUjLPSLHJDWDVXOOHURWWHLQWHUQD
]LRQDOLSHUODPRYLPHQWD]LRQHGLFDULFKLGLPLQHUDOLFDUERQHHJUD
QR©4XHVWD&DSHVL]HVRWWROLQHDFRQRUJRJOLR*LXVHSSH%RWWLJOLHUL
qLOJLJDQWHGHOOHQRVWUHQHZEXLOGLQJVWUDOHTXDOLFLVRQROH3RVW
3DQDPD[UHFHQWHPHQWHYDUDWHGLFXLGXHGHGLFDWHDLPLHLQLSRWL6RSKLHH*LXOLRFKHUDSSUHVHQWDQRLO
IXWXURGHOODQRVWUDD]LHQGDIDPLOLDUHFKHKDPDQWHQXWRIHGHDJOLLPSHJQLFRQLQJHQWLLQYHVWLPHQWLQRQR
VWDQWHLOSHULRGRILQDQ]LDULRSRFRIHOLFHGDFXLO¶HFRQRPLDJOREDOHVWDXVFHQGRª(FRVuWUDRSHUDLLQIH
VWDFRORUDWHPDVFKHUHEHQDXJXUDQWLHLOWRFFDQWHPRPHQWRGHOWDJOLRGHOQDVWURFRQO¶LQIUDQJHUVLGHOOD
ERWWLJOLDDSUXDVXOOHQRWHGHOO¶,QQRGL0DPHOLODJLRUQDWDGLIHVWDqFRLQFLVDDQFKHFRQLOJHPHOODJJLR
IUDLO5RWDU\&OXEGL6KDQJKDLHTXHOORGL7RUUHGHO*UHFR&RPXQL9HVXYLDQLSUHVLHGXWRGD*LXVHSSH
%RWWLJOLHUL©4XHVWRJHPHOODJJLRqXQXOWHULRUHVHJQDOHGHOOHJDPHFKHXQLVFH&LQDH,WDOLDQHOFDPSR
FXOWXUDOHHFRQRPLFRHFRPPHUFLDOHªKDVRWWROLQHDWR*KHWW\&R]]ROLQR%RWWLJOLHUL1HOODFLWWDGLQDVXOOD
ULYDGHOILXPH<DQJW]HROWUHDOSUHVLGHQWHGHOFDQWLHUH/LX+DL-LQDQFKHLOFRQVROHJHQHUDOHG¶,WDOLDD
6KDQJKDL9LQFHQ]R'H/XFDO¶LQJHJQHU8JR6DOHUQRDPPLQLVWUDWRUHGHOHJDWRGHO5HJLVWUR,WDOLDQR1D
YDOHLOSUHVLGHQWHGHO5RWDU\&OXEGL6KDQJKDL.XPDU3UDGHHSHODGHOHJD]LRQHGLDPLFLGHO5RWDU\
&OXEGL7RUUHGHO*UHFR&RPXQL9HVXYLDQLWUDFXL3DRODH$QWRQLR$VFLRQH)HGHULFDH3DVTXDOH$XULOLD
5HQDWR%XRQDMXWR5RVDULD&R]]ROLQR$QQDH)HUGLQDQGR'HOOD*DWWD5RVDULDH&LUR*HQWLOH(OHRQRUD
H)UDQFHVFR5DLROD*UHJRULR/DLQR$QJHOD5LWD0RVFDULHOOR0DGGDOHQDH3DVTXDOH6DQQLQR5RVDH
*LXVHSSH6DHWWD0DVVLPR7LSRH0LPPR7RUUHVH,OPDWWLQR
7RUUHGHO*UHFR/D*LXQWDDSSURYDVFKHPDGL
ELODQFLR
,OVLQGDFR%RUULHOOR,PSRUWDQWHHIRQGDPHQWDOHSURYYHGLPHQWR
SURJUDPPDWLFRFKHDWWHVWDODSLHQDHIILFLHQ]DHVLFXUDRSHUDWLYLWj
GHOO¶DSSDUDWRDPPLQLVWUDWLYRGHO&RPXQH´6RQRPROWRVRGGLVIDWWR
GHOO
DSSURYD]LRQHLQ*LXQWDGHOORVFKHPDGLELODQFLRSUHYLVLRQH
DQQXDOHHSOXULHQQDOH8QLPSRUWDQWHHIRQGDPHQWDOHSURYYHGL
PHQWRSURJUDPPDWLFRFKHDWWHVWDODSLHQDHIILFLHQ]DHVLFXUDRSH
UDWLYLWjGHOO
DSSDUDWRDPPLQLVWUDWLYRGHO&RPXQH&RVu&LUR%RU
ULHOORVLQGDFRGL7RUUHGHO*UHFR6RWWROLQHRFKHODWHPSHVWLYD
DSSURYD]LRQHSURVHJXHFLFRQVHQWLUjGLDWWULEXLUHVLQGDOO
LQL]LR
GHOO
DQQRDLYDULGLULJHQWLXIILFLVHWWRULHGDVVHVVRUDWLLSHUFRUVLH
JOLRELHWWLYLGDUDJJLXQJHUHSHULOEHQHGHOODSXEEOLFDFROOHWWLYLWjDPPLQLVWUDWD,QTXHVWDRWWLFDVRQR
VWDWHSRVWHOHEDVLFRQFUHWHSHUVXSHUDUHLYLQFROLGHOO
HVHUFL]LRSURYYLVRULRHGLFRQVHJXHQ]DDYYLDUHOD
UHDOHSRVVLELOLWjGLSURLHWWDUHWXWWHTXHOOHLQL]LDWLYHILQDOL]]DWHDOO
DWWXD]LRQHGHOOHLPSRUWDQWLHPROWHSOLFL
SURJHWWXDOLWjFRQWHQXWHQHOODSURJUDPPD]LRQHILQDQ]LDULD1HOORVSHFLILFRSUHFLVDLO3ULPRFLWWDGLQR
DEELDPRULFHYXWRPLQRULLQWURLWLFLUFDPLOLRQLGLHXURGDOJRYHUQRFHQWUDOHULVSHWWRDOELODQFLRSUHFH
GHQWH4XLQGLVLVRQRSULYLOHJLDWLDOFXQLDVSHWWLFRPHO
DWWHQ]LRQHVXOOHSULRULWjXUEDQLVWLFKHHWHUULWRULDOL
LOYHUGHSXEEOLFRQRQFKpODYLFLQDQ]DDOOHSUREOHPDWLFKHVRFLDOLHO
DVVLVWHQ]DDJOLDQ]LDQLHGDLGLVDELOL
1RQWUDODVFLDQGRLQROWUHDVSHWWLUHODWLYLDGHYHQWLGLULOLHYRDUWLVWLFRFXOWXUDOHWUDFXLODWUDGL]LRQDOHIH
VWDGHL4XDWWUR$OWDULGHO1DWDOHD7RUUHHGDOFXQHULFRUUHQ]HVLJQLILFDWLYHGLTXHVWRDQQR,QILQHPD
QRQGDXOWLPRSDUWLFRODUHYRFHLQELODQFLRqVWDWDRIIHUWDDLJLRYDQLDOO
LQWHJUD]LRQHGHOOHIDPLJOLHURP
HGDOODWXWHODGHOOHGRQQHFHQWURDQWLYLROHQ]D,QILQHVRVWDQ]LDOPHQWHO
LPSRUWRGHOOD7DUVXUHVWDLP
PXWDWRLQFRQWURWHQGHQ]DDTXDQWRKDQQRDSSOLFDWRGLYHUVL&RPXQLGHOODSURYLQFLDGL1DSROL$GHVVR
DXVSLFRO
DSSURYD]LRQHFRQFOXGH&LUR%RUULHOORGDOO
LQWHUR&RQVLJOLR&RPXQDOHFRQDOWUHWWDQWDFHOHUL
Wj,QSURSRVLWRSUHQGHUzLPPHGLDWDPHQWHFRQWDWWLFRQLO3UHVLGHQWHGHO&RQVLJOLR0LFKHOH3ROHVHFRQ
ILGDQGRVXOODVXDULQRPDWDRSHUDWLYLWj6WDELD&KDQQHOLW
'RPHQLFD
7RUUHGHO*UHFRYLWWLPDGHQXQFLDLOSL]]RDUUH
VWDWRUDVGHL)DODQJD
,OOXQJRVRJJLRUQRGLHWUROHVEDUUHGHOOD
FDVDFLUFRQGDULDOHGL3RJJLRUHDOHQRQJOL
DYHYDIDWWRSHUGHUHOHYHFFKLHDELWXGLQL
FROWLYDWHGXUDQWHJOLDQQLG¶RURWUDVFRUVLDO
ILDQFRGHOEDE\ERVV9LQFHQ]R/XQD(XQD
YROWDODVFLDWDODVXDFHOODDYHYDGHFLVRGL
ULSUHQGHUHLPPHGLDWDPHQWHLVXRLDIIDUL
FULPLQDOLIDFHQGROHYDVXO³QRPH´FKHVL
HUDFRVWUXLWRHVXOO¶DSSDUWHQHQ]DDOFODQ
)DODQJD&UHGHQ]LDOLFKHQRQVRQREDVWDWH
SHULQWLPLGLUHODYLWWLPDGLWXUQRXQXRPR
GLDQQLWLWRODUHGLXQ¶DXWRFRQFHVVLRQD
ULDLQFRUVR9LWWRULR(PDQXHOHSURQWDD
GHQXQFLDUHLOILDQFKHJJLDWRUHGLYLFR&LULOOR
DLFDUDELQLHULGHOODFDVHUPD'DQWH,RYLQR
XQDWWRGLFRUDJJLRFKHKDFRQVHQWLWRDJOL
XRPLQLGHOODORFDOHDOLTXRWDUDGLRPRELOH
DJOLRUGLQLGHOWHQHQWH9LWR5LVWDOORGL
VWULQJHUHQXRYDPHQWHOHPDQHWWHDLSROVLGL
$QWRQLR9LUJLSUHJLXGLFDWRGLDQQLQRWR
FRPHµRPHULFDQR/¶H[IHGHOLVVLPRGHO
EDE\ERVVGRYUjULVSRQGHUHGDYDQWLDOO¶DX
WRULWjJLXGL]LDULDGLWHQWDWDHVWRUVLRQHDJJUDYDWDGDOPHWRGRPDILRVR6HFRQGROHULVXOWDQ]HLQYHVWLJDWL
YHLQIDWWLLOSUHJLXGLFDWRVLVDUHEEHSUHVHQWDWRQHOODULYHQGLWDG¶DXWRDOFRQILQHGL(UFRODQRSRFKLJLRUQL
GRSRHVVHUHVWDWRVFDUFHUDWR³6RQRDSSHQDXVFLWRGDJDOHUDHKRELVRJQRGLVROGLPLGHYLIDUHXQUH
JDOR´LOVHQVRGHOGLVFRUVHWWRDOSURSULHWDULRGHOO¶DWWLYLWjFRPPHUFLDOHJLjLQSDVVDWRILQLWRQHOPLULQR
GHOODFULPLQDOLWjRUJDQL]]DWD(UDLOJLXJQRGHOVHWWHFROSLGLSLVWRODFULYHOODURQRODVDUDFLQHVFD
GHOODFRQFHVVLRQDULDDVFROWDWRGDJOLDJHQWLGLSROL]LDGHOORFDOHFRPPLVVDULDWR)6VSLHJzGLQRQDYHUH
PDLULFHYXWRPLQDFFHRLQWLPLGD]LRQLGDOODFDPRUUD'LYHUVRVWDYROWDO¶DWWHJJLDPHQWRGHOVHVVDQWHQQH
'RSRODVJUDGLWD³YLVLWD´GL$QWRQLR9LUJLO¶XRPRVLqULYROWRGLUHWWDPHQWHDLFDUDELQLHULFKHKDQQRRUJD
QL]]DWRXQRVSHFLILFRVHUYL]LRGLDSSRVWDPHQWRQHLSUHVVLGLFRUVR9LWWRULR(PDQXHOHXQDVFHOWDFKHKD
SUHPLDWRJOLXRPLQLLQGLYLVDLQJUDGRGLLQWHUYHQLUHQRQDSSHQD$QWRQLR9LUJLVLqSUHVHQWDWRQXRYD
PHQWHGDOODVXDYLWWLPDSHU³EDWWHUHFDVVD´,OWUHQWDTXDWWUHQQHqVWDWREORFFDWRVXELWRGRSRO¶LQFRQWUR
FRQLOVHVVDQWHQQHGDFXLSUHWHQGHYDXQDVRPPDGLGHQDURLPSUHFLVDWDXQDSUHWHVDFKHKDWUDVFLQDWR
LOILDQFKHJJLDWRUHGLYLFR&LULOORGLUHWWDPHQWHD3RJJLRUHDOHGRYHGRPDQLPDWWLQDVDUjDVFROWDWRGDOJLS
1LFROD5XVVRGHOWULEXQDOHGL7RUUH$QQXQ]LDWDSHUO¶LQWHUURJDWRULRGLJDUDQ]LD8QGHMDYXSHUµRPHULFD
QRGHOFHQWURDQWLFRGL7RUUHGHO*UHFRJLjDUUHVWDWRQHOO¶RWWREUHQHOO¶DPELWRGHOO¶RSHUD]LRQH%ORQG
0RRQFKHGHFDSLWzLYHUWLFLGHOO¶DODHPHUJHQWHGHOFODQ)DODQJDHVXFFHVVLYDPHQWHUDJJLXQWRGDXQD
VHFRQGDRUGLQDQ]DGLFXVWRGLDFDXWHODUHLQFDUFHUHSHULOEOLW])LQDO,PSDFWGHOO¶RWWREUHVHPSUHD
FDULFRGHOODFRORQQDVFLVVLRQLVWDGHOO¶RUJDQL]]D]LRQHFULPLQDOHGLFRUVR*DULEDOGL8QDFRORQQDGLFXL
9LQFHQ]R/XQDO¶DVWURQDVFHQWHGHOODFDPRUUDDOO¶RPEUDGHO9HVXYLRHUDULWHQXWRLOFDSRLQGLVFXVVR8Q
FDSRFKHWUDLVXRLIHGHOLVVLPLSRWHYDFRQWDUHSURSULRVX$QWRQLR9LUJLLOILDQFKHJJLDWRUHLQFDULFDWRGL
LPSRUUHLOUDFNHWDFRPPHUFLDQWLHLPSUHQGLWRULQRQFKpGLFXVWRGLUHODGURJDGHVWLQDWDDOOHSLD]]HGHOOD
FLWWjGHOFRUDOOR8QFDVWHOORDFFXVDWRULRFKHWURYzVXFFHVVLYHFRQIHUPHGXUDQWHLSURFHVVLGLSULPRH
VHFRQGRJUDGR/¶XOWLPDFRQGDQQDSHULOILDQFKHJJLDWRUHGHOFODQHUDDUULYDWDQHOO¶DSULOHGHOXQ
DQQRHVHLPHVLGLUHFOXVLRQHLQFRQWLQXD]LRQHFRQLUHDWLSUHFHGHQWHPHQWHFRQWHVWDWLHSXQLWL8QD
FRQGDQQDFKH$QWRQLR9LUJLDYHYDILQLWRGLVFRQWDUHVRORGDTXDOFKHWHPSRPDFKHQRQHUDVHUYLWDOD
WHVLGHLFDUDELQLHULSHUFRQYLQFHUHLOILDQFKHJJLDWRUHDFDPELDUHVWUDGD8QDVWUDGDFKHFRPHLQSDV
VDWRKDSRUWDWRLOWUHQWDTXDWWUHQQHGLYLFR&LULOORGLUHWWDPHQWHD3RJJLRUHDOH$/%(572'2578&&,
7RUUHGHO*UHFR5LILXWLDQFRUDXQDJDUDULSDUWH
LOVHUYL]LR
)UDQFHVFD5DVSDYROR7RUUHGHO*UHFR1HW
WH]]DXUEDQDYLDDOODQXRYDJDUDG¶DSSDOWR
PLOLRQLHPH]]RGLHXURLQRWWRPHVLSHU
UDFFRJOLHUHODVSD]]DWXUDÊTXHVWRO¶LPSRUWR
GHOO¶XOWLPREDQGRGLFRQFRUVRSURPRVVRGDO
FRPXQHGL7RUUHGHO*UHFRLQFDPSRGLULILXWL
1RQRVWDQWHLOVLQGDFR&LUR%RUULHOORDEELD
ODQFLDWRO¶LGHDGLVDFFKHWWLGHOO¶LPPRQGL]LD
FRQXQFRGLFHDEDUUHVRSUDFRVuGDSDJDUH
VRORSHUTXDQWRVLLQTXLQDO¶DPPLQLVWUD]LRQH
WRUQDDQFRUDXQDYROWDDOYHFFKLRVLVWHPD
GHOO¶DSSDOWRLQWHJUDWR8QVHUYL]LRWUDGL]LRQD
OHFKHFRPSUHQGHO¶LQWHURFLFORGHOODUDFFROWD
GLIIHUHQ]LDWDGDOORVPDOWLPHQWRGHOO¶XPLGRDL
PDWHULDOLLQJRPEUDQWLSDVVDQGRSHULULILXWL
GHOFLPLWHURHLPDWHULDOLSHULFRORVL,QVRPPD
LOWHPSRGHLVDFFKHWWLFRQLOFRGLFHDEDUUHHGHOODWDVVDGHOODQHWWH]]DXUEDQDFDOFRODWDHVDWWDPHQWH
VXOTXDQWLWDWLYRGLULILXWLSURGRWWLqDQFRUDORQWDQR/DGLWWDFKHYLQFHUjO¶DSSDOWRGRYUjRFFXSDUVLDQFKH
GHOORVPDOWLPHQWRGHLWRQHUGHOODULPR]LRQHGHLPDWHULDOLSURYHQLHQWLGDOOHODYRUD]LRQLHGLOLHGHLULILXWL
QRQSHULFRORVL5LHQWUDQRQHLFRPSLWLGHOO¶LPSUHVDDQFKHORVSD]]DPHQWRHODERQLILFDGLVWUDGHSLD]]H
PHUFDWLHFLPLWHUR,QROWUHLOVHUYL]LRULFKLHGHODIRUQLWXUDGHLNLWSHUODGLIIHUHQ]LDWDSHUWXWWDODGXUDWD
GHOO¶DSSDOWRVLWUDWWDGXQTXHGLGLVWULEXLUHSHUDOPHQRWUHYROWHDPLODIDPLJOLHHDWWLYLWjFRP
PHUFLDOLGLVWULEXLWHVXOWHUULWRULROHEXVWHFRORUDWHSHUVHSDUDUHFDUWDSODVWLFDHFDUWRQH,OWXWWRGDOSUL
PRDSULOHDOGLFHPEUHSHUXQSUH]]RDEDVHG
DVWDGLROWUHVHLPLOLRQLGLHXUR2OWUHPLOD
HXURVHUYLUDQQRSHUVPDOWLUHO¶XPLGRHJOLLQJRPEUDQWL3HUULSXOLUHSLD]]HVWUDGHHPDUFLDSLHGLVDUDQQR
QHFHVVDULPLODHXURLQRWWRPHVL&LYRUUjLQYHFHHVDWWDPHQWHODPHWjSHUSUHOHYDUHLULILXWLSURGRWWL
DOO¶LQWHUQRGHOFLPLWHUR9HQWLPLODHXURSHUORVPDOWLPHQWRGHOOHFDURJQHPLODHXURSHUODUDFFROWDGHL
WRQHUHPLODHXURSHUHOLPLQDUHLPDWHULDOLGLULVXOWDHGLOL&LIUHSLFRQVLVWHQWLSHUWUDVSRUWDUHLULILXWL
QRQSHULFRORVLDLFHQWULGLUDFFROWDPLODHXURHSHUODUDFFROWDGHOOXQHGuPLODHXUR,QILQH
HXURSHUSUHOHYDUHSLOHHVDXVWHHIDUPDFLXVDWLHPLODHXURSHUODVSD]]DWXUDSURGRWWDGDJOLVWD
ELOLPHQWLEDOQHDUL&LIUHGDFDSRJLURFKHVHGLYLVHSHUOHTXDQWLWjGLLPPRQGL]LDSURGRWWDTXRWLGLDQD
PHQWHGDQQRODVWLPDGHOGHQDURVSHVRRJQLJLRUQRSHUULPXRYHUHLULILXWL3HUVPDOWLUHXQDWRQQHOODWD
GLXPLGRLO&RPXQHSDJDHXURHXURLQYHFHVHVLWUDWWDGLXQDWRQQHOODWDGLPDWHULDOLLQJRPEUDQWL
'DDFHQWHVLPLDOPHWUROLQHDUHLOFRVWRQHFHVVDULRSHUHOLPLQDUHHUEDFFHHFDUWDFFH1RYDQWD
FHQWHVLPLGLHXURLQYHFHSHUGLUHDGGLRDGXQFKLORGLVSD]]DWXUDSURGRWWDQHOFLPLWHUR&HQWRFLQTXDQ
WDHXURDOJLRUQRSHUSUHOHYDUHO¶LPPRQGL]LDVXOOHVSLDJJHHXURHFHQWHVLPLSHUXQFKLORGLWRQHU
XVDWLWUHHXURSHUXQFKLORGLSLOHHVDXVWHHEHQHXURSHURJQLPHWURFXERGLPDWHULDOHHGLOHULPRVVR
HSRUWDWRLQGLVFDULFD$FKLXGHUHLOFHUFKLRLHXURLQFDVVDWLGDOO¶LPSUHVDGHOOD1XSHURJQLLQWHUYHQ
WRGLULPR]LRQHGLFDURJQH6WDQGRFRVuOHFRVHDOO¶DPPLQLVWUD]LRQHFRPXQDOHQRQUHVWDFKHRFFXSDUVL
GHLULILXWLSURGRWWLGDLULVWRUDQWLGHOODFLWWjHGHOORVPDOWLPHQWRGLFDUWDFDUWRQHHYHWURLOPDWWLQR
7RUUHGHO*UHFR'LHFLSDWWXJOLHLQFDPSRLQ
TXDWWURJLRUQLYHUEDOL
)UDQFHVFD0DUL7RUUHGHO*UHFR2OWUHFHQWRXRPLQLSHU
ODORWWDDOVDFFKHWWRVHOYDJJLRHDLWUDVJUHVVRULGHOOD
GLIIHUHQ]LDWD8QDPDFFKLQDPHVVDLQPRWRGDOO¶DPPL
QLVWUD]LRQH%RUULHOORSHUUDJJLXQJHUHLQEUHYHWHPSR
O¶RELHWWLYRGHOGLGLIIHUHQ]LDWD,QVROLTXDWWURJLRUQL
GLFRQWUROOLVHUUDWLSHULOULVSHWWRGHOOHUHJROHHJOLRUDUL
UHODWLYLDOODVHSDUD]LRQHGHLULILXWLVRQRJLjVWDWLULOHYDWL
FLUFDYHUEDOL8QDWDVNIRUFHDRSHUDGHOODSROL]LD
PXQLFLSDOHLQFROODERUD]LRQHFRQOHJXDUGLHDPELHQWD
OLGHOO¶DVVRFLD]LRQH%ULFRODJHGHOFRPLWDWRGLTXDUWLHUH
6DQW¶$QWRQLR/LGDH7RUUH9HVXYLRDWWLYDGLYHUVHRUH
GHOJLRUQRSHUULVFRQWUDUHHSXQLUHOHLUUHJRODULWj,QPDWWLQDWDGLYLVLLQGLHFLVFDJOLRQLJOLDJHQWLSLDQWR
QDQROHGLYHUVH]RQHLQJUXSSLGLGLHFLSHUFRQWUROODUHODUHJRODULWjGHLGHSRVLWLHGHLSUHOLHYLGHLVDF
FKHWWLHLQSDUWLFRODUHGHOOHGXHLVROHHFRORJLFKHO¶XQDLQYLD6DQ*HQQDULHOORHO¶DOWUDDQWLVWDQWHLOFRP
SOHVVR/D6DOOHGRYHLOGHSRVLWRqSUHYLVWRDRJQLRUDULVSHWWRDOOHDOWUH]RQHGRYHqFRQWHPSODWRVROR
GRSROH/HFRQWUDYYHQ]LRQLVRQRVFDWWDWHSHUFKLqVWDWRVRUSUHVRDGHSRVLWDUHVDFFKHWWLIXRULRUDULR
HLQDOFXQLFDVLJOLDJHQWLKDQQRDQFKHDSHUWROHEXVWHSHUFRQWUROODUQHLOFRQWHQXWRPXOWHVDODWHODGGR
YHQRQHUDVWDWDULVSHWWDWDODGLIIHUHQ]LDWD/¶XVFLWDVHUDOHGHOOHJXDUGLHSRLKDFRQVHQWLWRGLYHULILFDUH
GLUHWWDPHQWHLVDFFKHWWLSRUWDWLGDLFLWWDGLQLO¶RUDGLGHSRVLWRLOULVSHWWRGHOJLRUQRSHUWLSRORJLDGLULILXWR
HODFRUUHWWDGLYHUVLILFD]LRQH'RSRTXDWWURJLRUQLGLFRQWUROOLqJLjVWDWRGHILQLWRXQSURVSHWWRGHOODVL
WXD]LRQHFLWWDGLQDOHDUHHFRQPDJJLRULWUDVJUHVVLRQLVRQRTXHOOHGL/HRSDUGLSDUWHGHOFHQWURVWRULFRH
DOFRQILQHFRQ(UFRODQR2SHUD]LRQLSLFRUUHWWHLQYHFHLQYLD5RPD9LWWRULR9HQHWR&LUFRQYDOOD]LRQH
H7RUUH1RUG©'DLSUHFHGHQWLULVXOWDWLKDGHWWRLOVLQGDFR&LUR%RUULHOORDYHYDPRFRQVWDWDWRFKHVROR
LOGHOODSRSROD]LRQHIDODUDFFROWDGLIIHUHQ]LDWDÊVWDWRQHFHVVDULRGXQTXHDYYLDUHXQ¶RSHUD]LRQH
G¶XUWRDQFKHUHSUHVVLYDPDFKHRULHQWLLFLWWDGLQLDOULVSHWWRGHOO¶DPELHQWH4XHVWDRSHUD]LRQHSHUz
SUHYHGHDQFKHXQDFDPSDJQDLQIRUPDWLYDHSXEEOLFLWDULDFKHWHQGDDVWDELOLUHXQGLDORJRFRQOHSHUVR
QHSHUJDUDQWLUHXQ¶LPSHQQDWDGHOORVWDWRDWWXDOHGLUDFFROWDGHLULILXWLª/¶RSHUD]LRQHVDUjDWWLYDWXWWLL
JLRUQLDULWPLVHUUDWLILQFKpQRQDUULYHUDQQRLSULPLULVXOWDWLSRVLWLYLLOPDWWLQR
/XQHGu
/D7XUULVYDLQELDQFRFRQOD9DOOH*UHFDQLFD
3OD\RIID 9DOOH*UHFDQLFD7XUULV² GL5DIIDHOH3LVDFDQH
7255('(/*5(&21D±/¶RSHUD]LRQHSOD\RIIqSDU]LDOPHQWHIDOOLWD/D7XUULVSDUHJJLDDUHWLELDQ
FKHD0HOLWR3RUWR6DOYRFRQWUROD9DOOH*UHFDQLFDGLUHWWDDYYHUVDULDSHUODORWWDSHUJOLVSDUHJJLSUR
PR]LRQHGHO*LURQH,3HULOWHFQLFRGHLFRUDOOLQL0DQGUDJRUDVFHOWHREEOLJDWHDOODYLJLOLDGHOPDWFKVR
SUDWWXWWRSHUOHFRQVLVWHQWLGHIH]LRQLLQIDVHGLIHQVLYDDVVHQWL'HO1XQ]LRH3ROYHULQRSHUVTXDOLILFD
%UDFDDQFRUDLQIRUWXQDWR8QRFKHKDGHOXVRXQSR¶OHDWWHVHGLFKLVLVDUHEEHDVSHWWDWRXQDSDUWLWD
JLRFDWDDYLVRDSHUWRGDHQWUDPEHOHVTXDGUHSHUUDJJLXQJHUHXQWUDJXDUGRTXHOORGHLSOD\RIIDPELWR
GDYDULHFRPSDJLQLLPSHJQDWHQHOJLURQH,0DDOODILQHFRPHVLXVDSRVWXODUHLQTXHVWLFDVLKDSUHYDO
VRODQRLD5HVWDODFRQVDSHYROH]]DQHOOD7XUULVGLSRWHULQVHJXLUHLOWUDJXDUGRSOD\RIIILQRDOODILQH
8QDYRODWDFKHSRUWHUjDOODFRQFOXVLRQHGHOODVWDJLRQHSHULFRUDOOLQLIDFHQGRODFRUVDVXOODVWHVVD9DO
OH*UHFDQLFDPDDQFKHVXO6DPELDVH&DPSLRQDWRDSDUWHVHPEUDGLVSXWDUHOD1LVVDLQYDQWDJJLRGL
EHQRWWROXQJKH]]HVXLELDQFRURVVLODVTXDGUDGL&DOWDQLVVHWWDQRQVHPEUDGHFLVDPHQWHSLDOODSRUWD
WD6HLQFRQFOXVLRQHFRQVLGHULDPRDQFKHFKHLO6DSULDQFRUDLQFRUVDPDWHPDWLFDPHQWHSHUJOLVSD
UHJJLVLWURYDDSDULSXQWLFRQOD7XUULVPDFKHKDYLVVXWRQHOOHXOWLPHVHWWLPDQHXQULGLPHQVLRQD
PHQWRVRFLHWDULRFRQVLVWHQWH3RVVLDPRDYYDORUDUHODWHVLFKHODVTXDGUDGL0DQGUDJRUDVLWURYDLQSLH
QDFRUVDDQFRUDSHULSOD\RIIPDSHUDJJDQFLDUOLGHILQLWLYDPHQWHGRYUjWURYDUHODIDPRVDFRQWLQXLWjGL
ULVXOWDWLULFKLDPDWDGDSLSDUWLFKHILQRDGRUDQRQVLqDQFRUDYLVWDVRSUDWWXWWRLQWUDVIHUWDGDSDUWH
GHLELDQFRURVVLZZZFDOFLRQDSROHWDQRL
7RUUHGHO*UHFR9LD/LWRUDQHDYLD3URWDHOLPL
QD]LRQHSDVVDJJLDOLYHOOR
³$EUHYHVDUDQQRHOLPLQDWLLGLYHUVLSDVVDJJLDOLYHOORGHOODVWUDGDIHUUDWDGHOOH)HUURYLHGHOOR6WDWRQHO
WUDWWRGLYLD/LWRUDQHDYLD3URWD*OLLPSRUWDQWLODYRULVRQRRUPDLQHOODIDVHFRQFOXVLYD8QDUHDOL]]D]LR
QHFKHDYUjXQDSRVLWLYDULFDGXWDQRQVRORVXOODYLDELOLWjPDDQFKHSHUXQDPDJJLRUHTXDOLWjGHOODYLWD
FRQDUWLFRODWLVHUYL]LLQIUDVWUXWWXUDOL´$GLUORq&LUR%RUULHOORVLQGDFRGL7RUUHGHO*UHFR³6DUDQQRLQIDW
WLHOLPLQDWLEHQVHLSDVVDJJL±SURVHJXHHVRQRSURQWHOHSDVVHUHOOHSHULSHGRQLSHUILQRFRQYLGHR
VRUYHJOLDQ]DHDVFHQVRULSHULGLYHUVDPHQWHDELOLDPRQWHHGDYDOOH6WUXWWXUHDOO¶DYDQJXDUGLDSHULOWHU
ULWRULR,QROWUHVDUjDSHUWRQHLSUHVVLGHOO¶DUHDFHQWUDOHGHOODOLWRUDQHDXQDPSLRVRWWRSDVVRFRQO¶LQQH
VWRGHOODQXRYDVWUDGD8QLWLQHUDULRDWWUH]]DWRFRQIRJQDWXUHPDUFLDSLHGLYHUGHHGLOOXPLQD]LRQH´³8Q
QRWHYROHSURJHWWRDEHQHILFLRGHOWHUULWRULRHGHOODSXEEOLFDFROOHWWLYLWj±FRQFOXGH&LUR%RUULHOORVRVWH
QXWRFRQLIRQGLGHOOH)HUURYLHGHOOR6WDWRHDQFKHGDXQDQRVWUDFRQWHQXWDFRPSDUWHFLSD]LRQH,QILQH
VRWWROLQHRFKHLOQXRYRSHUFRUVRROWUHDGLQFLGHUHSRVLWLYDPHQWHVXOVHWWRUHWHU]LDULRSHQVRDOOHWDQWH
DWWLYLWjHFRQRPLFKHSUHVHQWLOXQJRODOLWRUDQHDFRPHTXHOOHDOEHUJKLHUHGHOODULVWRUD]LRQHGHOODULFHWWL
YLWjGHLOLGLEDOQHDULHTXDQW¶DOWURVRSUDWWXWWRVLLQTXDGUDDQFKHLQTXHOOHVWUDWHJLHGLSUHYHQ]LRQHGHO
ULVFKLR9HVXYLRFRPHXOWHULRUHHQHFHVVDULDYLDGLIXJD´
0DQGUDJRUD+RYLVWRLQFDPSRVROROD7XUULV
PDqXQSXQWRRWWLPR
³+RYLVWRXQDVRODVTXDGUDLQFDPSRHTXHVWDqVWDWDOD7XUULV´(¶QHWWRLOJLXGL]LRGL0DQGUDJRUDVXO
PDWFKJLRFDWRGDLFRUDOOLQLFRQWUROD9DOOH*UHFDQLFD³/DSDUWLWDqVWDWDVHQ]¶DOWURGLIILFLOHPDODVTXD
GUDVLqHVSUHVVDEHQHHGKDFUHDWROHD]LRQLSLLPSRUWDQWLGHOPDWFK/RURROWUHWXWWRVRQRXQ¶RWWLPD
VTXDGUDIRUWHHEHQGLVSRVWDLQFDPSRTXLQGLTXHVWDSUHVWD]LRQHYDYDOXWDWDDQFKHDOODOXFHGLFLz´
/HDVVHQ]HKDQQRVLFXUDPHQWHLQIOXLWRVXOO¶HVLWRILQDOHGHOO¶LQFRQWUR³&LPDQFDYDQRWDQWLHOHPHQWLLP
SRUWDQWLWUDVTXDOLILFKHHGLQIRUWXQLHGDEELDPRJLRFDWRFRQTXDWWURHOHPHQWLPROWRJLRYDQL&UHGRFKHOD
ORURSURYDVLDVWDWDEXRQDDQFKHSHUFKqLQFDVDGLXQDVTXDGUDLPSRUWDQWHTXDOHqOD9DOOH*UHFDQLFD
5LSHWRTXHVWRULVXOWDWRqSLFKHSRVLWLYRqSRVLWLYLVVLPR´,OELFFKLHUHGL0DQGUDJRUDGXQTXHqPH]
]RSLHQRDQFKHVHQHOOHXOWLPHJLRUQDWHODVTXDGUDQRQKDRWWHQXWRLWUHSXQWL³1RLDQGLDPRDYDQWLFR
PHVHPSUHFRQWLQXDQGRDODYRUDUHHFHUFDQGRGLRWWHQHUHVHPSUHLOPHJOLRFRPHDEELDPRIDWWRILQRDG
RJJL$EELDPRXQJUXSSRLPSRUWDQWHIRUPDWRGDJLRYDQLGLYDORUHHGHOHPHQWLGLHVSHULHQ]DTXLQGLVLD
PRQHOOHFRQGL]LRQLSHUFHUFDUHGLIDUHTXDOFRVDGLLPSRUWDQWHSHUODVRFLHWjHODFLWWj1RQVHPSUHVL
SXzULXVFLUHDYLQFHUHLOJLXGL]LRVXOOHSUHVWD]LRQLqSLDPSLRHYROHQGRWRUQDUHDOODSDUWLWDFRQWUROD
9DOOH*UHFDQLFDYRJOLRULEDGLUHDQFRUDXQDYROWDO¶LPSRUWDQ]DGLTXHVWRULVXOWDWRVLDSHUODSURYDRIIHU
WDGDLUDJD]]LVLDSHULOYDORUHGHOO¶DYYHUVDULR3RWHYDPRIDUHQRVWUDO¶LQWHUDSRVWDLQSDOLRPDSHUXQD
VHULHGLUDJLRQLQRQqDQGDWDFRVu5HVWDSHUzLOIDWWRFKHOD7XUULVLQFDPSRVLqIDWWDYDOHUHHFKHKD
FUHDWRPROWHRFFDVLRQLLPSRUWDQWLJLRFDQGRDQFKHEHQH´
%DVNHW7RUUHJUHFRODYLWWRULDVXOOD-XYHWUDQLVH
JQDODILQHGHOO
HPHUJHQ]D $6'7255(*5(&2-89(75$1,D
'RSRDYHUVWUHWWRLGHQWLSHUJUDQSDUWHGHOOHJDUHJLRFDWHVLQRUDLQTXHVWRWRUQHRGRSRDYHUVYLOXSSDWR
XQDUHVLVWHQ]DHFFH]LRQDOHDOSHUGXUDQWHVWDWRGLGLIILFROWjHGDYHUFRPEDWWXWRFRQWURXQGHVWLQRFKH
VHPEUDYDHVVHUVLGLPHQWLFDWRGLDJLUHLQIRUPDSHUHTXDWLYDILQDOPHQWHOD&DPXV7RUUHJUHFRULWURYDFRQ
LOVXFFHVVRVXOOD-XYHWUDQLODWUDQTXLOOLWjGDWHPSRSHUGXWD(UDRUD0DFRPSOLPHQWLDWXWWLSHUDYHUWH
QXWRGXURVHQ]DPDLPROODUH&HPHQWRDUPDWRDFFLDLRLQRVVLGDELOHOHTXDOLWjGLXQJUXSSRFKHVFULYH
QHOPDUPRDOHWWHUHFXELWDOLO¶HQQHVLPDSURYDFRQYLQFHQWHFKHVHJQDTXHVWDYROWDFLDXJXULDPRLQPD
QLHUDGHILQLWLYDODILQHGHOO¶HPHUJHQ]DHO¶LQL]LRGHOODQRUPDOLWj7XWWRqDFFDGXWRLQSRFRPHQRGLXQD
VHWWLPDQD'DOODYLWWRULDLQVHWWHXRPLQLVXO/XFHUDDOULWRUQRLQVTXDGUDLQWHPSLGDUHFRUGGL5XVFLDQR
$FXLDJJLXQJHQGRGXHLPSRUWDQWLFROSLGLPHUFDWRFKHULVSRQGRQRDLQRPLGL*HUDUGR(VSRVLWRH3LHU
JLRUJLR0DQJLDSLDVLRWWLHQHSULPDGLWXWWRODSRVVLELOLWjSHULOFRDFKELDQFRURVVRGLSRWHUWRUQDUHDGDO
OHQDUHGLHFLDWOHWL(VHDFLzFLPHWWLDPRFKHJUD]LHDOO¶LQWHUHVVDPHQWRGHOODGLULJHQ]DVLSXzGLVSRUUH
QXRYDPHQWHGHOFDPSRGL3RUWLFLSHUEXRQDSDUWHGHJOLDOOHQDPHQWLHSHUOHSDUWLWHFDVDOLQJKHSRVVLD
PRGLUHFKHGDYYHURLOFDPPLQRYHUVRODVDOYH]]DDVVXPHFRQWRUQLSLQLWLGLHFHUWL4XDQGRFRQWDWWLD
PR*LQR'HOOR,DFRQRFKHUDSSUHVHQWDODJLXVWDVLQWHVLGHOFDUDWWHUHHGHOOHYLUWGLTXHVWRJUXSSROD
SULPDFRVDFKHFLYLHQHLQPHQWHGLFKLHGHUJOLqVHILQDOPHQWHDGHVVRqSLVHUHQR³3RVVRGLUHGLHV
VHUOR±DIIHUPDO¶DOOHQDWRUH±QRQWDQWRSHUODYLWWRULDLQFDPSLRQDWRPDSHUFKpRUDKRJOLVWUXPHQWLSHU
PLJOLRUDUHODVTXDGUD3RLqQDWXUDOHFKHLOVXFFHVVRVXOOD-XYHWUDQLUDSSUHVHQWLXQDWDSSDLPSRUWDQWH
1RQGLPHQWLFKLDPRFLFKHLQRVWULDYYHUVDULKDQQRYLQWRD7HUPROLHPHVVRLQGLIILFROWjVTXDGUHEHQDW
WUH]]DWH´/XFLGRHUHDOLVWD'HOOR,DFRQRFDYDOFDODJLRLDGHOPRPHQWRPDFRQWHVWXDOPHQWHFHUFDGL
IUHQDUHO¶HXIRULD³+RGHWWRVXELWRDLUDJD]]LGLFRQWLQXDUHFRQODVWHVVDPHQWDOLWjFKHFLKDFRQWUDGGL
VWLQWRILQRDTXHVWRPRPHQWRJXDLDGDVVXPHUHDGHVVRXQDWWHJJLDPHQWRGLYHUVR´9HQLDPRDLQXRYL
LQQHVWLHVXTXHVWRSXQWRLOFRDFKELDQFRURVVRFLWLHQHSULPDGLWXWWRDULQJUD]LDUHORVIRU]RFRPSLXWR
GDOODVRFLHWjSHUDFFRQWHQWDUHOHVXHULFKLHVWH³(VSRVLWRqVWDWRXQJLRFDWRUHGDPHIRUWHPHQWHYROXWR
HOHVXHGRWLQRQVLGLVFXWRQRFLKDGDWRVXELWRXQDPDQRLQGLIHVD0DQJLDSLDqXQUDJD]]RGHOµPD
VLqUHVRSURWDJRQLVWDQHOPRPHQWRLQFXLVLDPRULXVFLWLDGDUHODVSDOODWDDQRVWURIDYRUHDOO¶LQFRQWUR´
0HJOLRGLFRVuQRQVLSRWHYDFHUWRLPPDJLQDUHLOORURHVRUGLR³'RYHDUULYHUHPRQRQORVR±FRQFOXGHLO
WHFQLFR±1RQIDFFLRFDOFROLHWDEHOOHQRQSHQVRDJOLDYYHUVDULHJXDUGRVRORLQFDVDPLD/DQRVWUD
FRUVDqVRORVXQRLVWHVVL6LDPRXQDVTXDGUDJLRYDQHFRQWDQWLWDOHQWLLQFUHVFLWDFKHVWDQQRGLPR
VWUDQGRJUDQGHYDORUH'REELDPRFRQWLQXDUHDJLRFDUHRJQLSDUWLWDDOPDVVLPRVHQ]DSHQVDUHDGDOWUR
VRODPHQWHFRVuSRWUHPRWRJOLHUFLTXDOFKHVRGGLVID]LRQHDILQHFDPSLRQDWR´GL6,/9,2&,1,*/,2
0DUWHGu
7RUUHGHO*UHFR6SDFFLRGHOVDEDWRVHUDSUHVD
VSDFFLDWULFH
$QLHOOR6DPPDUFR7RUUHGHO*UHFR1HOO¶DQ
GURQHGHOSDOD]]RGRYHDELWDYDLQYLD7HDWUR
QHOFXRUHGHOODSLD]]HWWDXQFRVWDQWHYLDYDL
GLWRVVLFRGLSHQGHQWL3HUTXHVWRJOLDJHQWL
VDEDWRVHUDKDQQRDYYLDWRXQVHUYL]LRGLDS
SRVWDPHQWRFRQODFHUWH]]DGLVRUSUHQGHUH
$QJHOD$FFDUGRDVSDFFLDUHVRVWDQ]HVWXSH
IDFHQWL$QFKHSHULQXPHURVLSUHFHGHQWLGHO
ODHQQHYROWRQRWRDOOHIRU]HGHOO¶RUGLQHH
SHULOIDWWRFKHODGRQQDqVRUHOODGL$QWRQLR
$FFDUGRYLFLQRDOERVV&LUR*ULHFR3RFKL
PLQXWLGRSRHVVHUVLDSSRVWDWLDGLVWDQ]DGL
VLFXUH]]DLSROL]LRWWLKDQQRYLVWRGXHJLRYDQLIHUPDUVLIXRULORVWDELOHGLYLD7HDWURSDUORWWDUHFRQ$QJH
OD$FFDUGRHFRQVHJQDUOHTXDOFRVD/DGRQQDVLqDOORQWDQDWDHSRFKLPLQXWLGRSRqWRUQDWDSHUFRP
SOHWDUHOR©VFDPELRªÊTXLFKHJOLDJHQWLVRQRLQWHUYHQXWLIHUPDQGRLWUH,JLRYDQLVRQRVWDWLWURYDWLLQ
SRVVHVVRGLXQDGRVHGLKDVKLVKULFHYXWDGDSRFRPHQWUHSHUODGRQQDqLQL]LDWDODSHUTXLVL]LRQHGRPL
FLOLDUH,QFDVDGL$QJHOD$FFDUGRVRQRVWDWHWURYDWHGLYHUVHGRVLGLKDVKLVKJLjGLYLVHLQGRVLVROGLLQ
FRQWDQWLULWHQXWLGDJOLLQTXLUHQWLSURYHQWRGHOO¶LOOHFLWDDWWLYLWjHWXWWRLOQHFHVVDULRSHULOWDJOLRHLOFRQIH
]LRQDPHQWRGHOORVWXSHIDFHQWH7DQWRqEDVWDWRSHUULDSULUHDOOD$FFDUGROHSRUWHGHOFDUFHUHIHPPLQLOH
GL3R]]XROLPHQWUHO¶LQWHURPDWHULDOHULQYHQXWRQHOO¶DELWD]LRQHGLYLD7HDWURqVWDWRVHTXHVWUDWR'HQXQ
FLDWLDOODSUHIHWWXUDFRPHDVVXQWRULGLGURJDLGXHJLRYDQLVRUSUHVLQHOEOLW]LOPDWWLQRLW
7RUUHGHO*UHFR,QDXJXUDWR©3XQWRGLSURVVLPL
WjªFHQWURGLDVFROWRHYRORQWDULDWRVRFLDOH
)UDQFHVFD5DVSDYROR7RUUHGHO*UHFR8QFHQWURGLDVFROWRRQOLQHHXQRVSRUWHOORSHUOHFRQVXOHQ]H
GDOYLYRSHUJXDULUHGDOODGHSUHVVLRQHHGDOODGLSHQGHQ]DDWWLYRQHOFHQWURGL7RUUHGHO*UHFRÊO
DLXWR
RIIHUWRGDLYRORQWDULGL©3XQWRGL3URVVLPLWjªLOQXRYRVSRUWHOORDQWLFULVLLQDXJXUDWRQHLJLRUQLVFRUVLLQ
YLD6DOYDWRU1RWRDOFLYLFR©3XQWRGLSURVVLPLWjªqXQFHQWURGLDVFROWRHGLYRORQWDULDWRVRFLDOHFRQ
VSRUWHOOLWUDGL]LRQDOLHSRUWDOLGLLQWHUQHWFKHULHQWUDQHOSURJHWWR©&RRSHUDQGRLQ5HWHªÊVWDWRLQIDWWL
UHDOL]]DWRGDOO
DVVRFLD]LRQHGLYRORQWDULDWR&HQWUR6WXGLH3URJHWWL&DULWDVFKHGDVHPSUHSURPXRYH
LQL]LDWLYHGLFRHVLRQHHGLLQFOXVLRQHVRFLDOHSHUSHUVRQHGLVDJLDWH(VSHUWLHFRQVXOHQWLVDUDQQRGXQTXH
DGLVSRVL]LRQHGHJOLXWHQWLWXWWLLPDUWHGuPDWWLQDGDOOHDOOHHRJQLJLRYHGuVHUDGDOOHDOOH
DOFHQWURGLYLD6DOYDWRU1RWR6DUjSRVVLELOHFRQWDWWDUHLYRORQWDULGHO©3XQWRGL3URVVLPLWjªDQ
FKHWHOHIRQLFDPHQWHDOQXPHURYHUGHSHUSDUODUHLQILORGLUHWWR0DODYHUDQRYLWjqFKHOR
VSRUWHOORGLDLXWRHSUHYHQ]LRQHSHUJOLVWDWLGLGLSHQGHQ]DHGHSUHVVLRQHSUHYHGHDQFKHXQSXQWRG
LQ
FRQWURHDVFROWRRQOLQH8QDILQHVWUDQHOODUHWHGLLQWHUQHWFKHFRQVHQWHGLFRPXQLFDUHGLUHWWDPHQWHFRQ
ORVWDIIPHGLFRHSVLFRORJLFROHYDULHIDVLGLGLVDJLFKHVLVWDQQRYLYHQGR©/
RELHWWLYRSULQFLSDOHVSLH
JDLOUHVSRQVDELOHGHOORVSRUWHOORDQWLFULVL*XJOLHOPR'L/XFDqSURPXRYHUHYDORUL]]DUHHGLIIRQGHUH
WUDLFLWWDGLQLLOUXRORSULQFLSDOHGHOYRORQWDULDWRDWWUDYHUVRORVYLOXSSRGHLYDORULGHOODVROLGDULHWjHGHOOD
IDPLJOLD9RJOLDPRJDUDQWLUHDFFRJOLHQ]DFRPSUHQVLRQHHVRVWHJQRDFKLQHKDGDYYHURELVRJQRDWWUD
YHUVRRJQLIRUPDGLFRPXQLFD]LRQHSRVVLELOHª(FRVuROWUHDSUHQRWDUHXQFROORTXLRGDOYLYRVLSXz
FRQWDWWDUHLOVLWRZZZWRUUHFHQWURVWXGLHSURJHWWLFDULWDVRUJGDOFRPSXWHUGLFDVDHULFHYHUHDGRPLFLOLR
WXWWRO
DLXWRGLFXLVLKDELVRJQR6XOSRUWDOHLQIDWWLF
qXQDVH]LRQHGHGLFDWDHVFOXVLYDPHQWHDOODFRPX
QLFD]LRQHZHE%DVWDPDQGDUHXQDPDLOVSLHJDUHLOSURSULRSUREOHPDHGXQHVSHUWRULVSRQGHUjFRQXQD
FRQVXOHQ]DDGSHUVRQDPVHPSUHWUDPLWHSRVWDHOHWWURQLFD,QVRPPDO
DLXWRDSRUWDWDGLXQFOLF0DOH
YLHGLFRQVXOHQ]DWHOHPDWLFDQRQILQLVFRQRTXLJOLSVLFRORJLHLYRORQWDULGHO3XQWRGL3URVVLPLWjSRVVR
QRHVVHUHULQWUDFFLDWLDQFKHVX)DFHERRNHDOO
LQGLUL]]RZHEZZZFRRSHUDQGRLQUHWHRUJLQXQDOWURVLWR
LQWHUQHWFKHRIIUHWXWWHOHLQIRUPD]LRQLVXOSURJHWWRGHLYRORQWDULGHO&HQWUR6WXGL3URJHWWL&DULWDV©/D
VFHOWDGLHVVHUHSUHVHQWLVXLQWHUQHWLQSDUWLFRODUHVXOSLSRSRODUHGHLVRFLDOQHWZRUNGHJOLXOWLPLDQQL
ULVSRQGHDOO
HVLJHQ]DGLUDJJLXQJHUHDQFKHLGLVDJLDWLGLJLRYDQHHJLRYDQLVVLPDHWjSURVHJXH*XJOLHO
PR'L/XFDRFKLKDGLIILFROWjWLPRUHHSHUILQRYHUJRJQDDFKLHGHUHDLXWR,OQRVWURYXROHHVVHUHXQR
VSD]LRGLDVFROWRHFRQIURQWRXQSXQWRGLULIHULPHQWRSHUWXWWLFRORURFKHVLWURYDQRLQXQDVLWXD]LRQHGL
WHPSRUDQHDGLIILFROWjHQRQULHVFRQRDGDIIURQWDUODGDVROL4XHVWRFOLPDGLDLXWRVDUjSRVVLELOHJUD]LH
DOODVROLGDULHWjGLWDQWLJLRYDQLYRORQWDULFKHVDUDQQRDIILDQFDWLGDILJXUHSURIHVVLRQDOLHVSHUWHFRPH
SVLFRORJLHRSHUDWRULVRFLRVDQLWDUL*UD]LHDTXHVWRWHDPFRQFOXGH*XJOLHOPR'L/XFDFHUFKHUHPRGL
WHQGHUHXQDPDQRDOOHSHUVRQHDFFRPSDJQDQGROHLQXQSHUFRUVRGLHVSORUD]LRQHFRPSUHQVLRQHGLVH
VWHVVLHGHOODSURSULDYLWDODGGRYHHVVDVLDEORFFDWDRVLDSUHGDGLSDXUHDQVLHDQJRVFHHGXEELªLO
PDWWLQRLW
/RWWD0DUHVFDFUROODQROHVSHUDQ]H2JJLLQ
FRQWURVLQGDFDWLFRQ5XVVR
,PLJOLRUDPHQWLDOSLDQR"1RQVRQRSLSUHYLVWL/HSUR
PHVVHIDWWH"7XWWHULHQWUDWH/HVSHUDQ]HGHOODJHQWH"
5LPDVWHWDOL$LSLDQLRFFXSDWLGHOO
RVSHGDOH0DUHVFDGL
7RUUHGHO*UHFRJOLDQLPLVRQRWRUQDWLJOLVWHVVLGLTXDO
FKHPHVHID1RQF
qSLO
RWWLPLVPRFKHSRFRSULPDGHO
OHIHVWLYLWjQDWDOL]LHHUDULXVFLWRDIDUHEUHFFLDLQTXHOOH
WULVWLHXPLGHPXUD³0DPPH´HUDJD]]LKDQQRFDSLWRGL
HVVHUHVWDWLSUHVLLQJLURHRUDGHYRQRWRUQDUHDIDUH
TXDGUDWR7XWWRSHUFROSDGHOOHFDUWHDUULYDWHGDOO
$UVDQ
³(QWHGLVXSSRUWRSHUODSURJUDPPD]LRQHLOFRQWUROORGL
JHVWLRQHHODYHULILFDGHOODTXDOLWjGHOOHSUHVWD]LRQLVDQL
WDULHHURJDWHQHOODUHJLRQH´FKHKDQQRIDWWRFDSLUHDO
FRPLWDWRSUR0DUHVFDFKHLOSLDQR=XFFDWHOOLYHUUjDWWXDWR
FRVuFRP
qVHQ]DDOFXQDPRGLILFD³,YDULSLDQLG
DWWXD
]LRQHDQRLIDYRUHYROL±VSLHJDQRGDOFRPLWDWR±VRQR
VWDWLWXWWLERFFLDWL/HQRVWUHULFKLHVWHQRQVRQRVWDWHDF
FROWH3HUTXHVWRRUDGREELDPRULSUHQGHUHOHUHGLQLGHOODSURWHVWDHULFRPLQFLDUHWXWWRGDFFDSR´&RVu
TXHVWDPDWWLQDLOFRPLWDWR±VLVSHUDLQVLHPHDOVLQGDFR%RUULHOOR±VLULWURYHUjVRWWRLOSDOD]]RGHOODGL
UH]LRQHJHQHUDOHGHOO
$VO1D6XGGL&DVWHOODPPDUHSHUXQLUHOHIRU]HFRQLVLQGDFDWLFKLDPDWLDSDUOD
UHFRQLOPDQDJHU9LWWRULR5XVVR/
RELHWWLYRGHOVLWLQqGXSOLFHVLFHUFKHUjGDXQODWRGLGDUHXQDS
SRJJLRDQFKHPRUDOHDLVLQGDFDWLFKHLQTXHOPRPHQWRVDUDQQRLPSHJQDWLDVSLHJDUHOHSURSULHUDJLRQL
D5XVVRRLQFDVRGLVXDPDQFDQ]DD3LFKHUXQRGHLUHVSRQVDELOLGHOO
$VOGDOO
DOWURODWRLOULWRUQR
GHOODJHQWHSHUVWUDGDVHUYLUjDIDUFDSLUHDFKLDELWDOHVDOHGHOSRWHUHFKHLOFRPLWDWRQRQKDLQWHQ]LR
QHGLPROODUHODSUHVD1HVVXQRYXROHSLFDPSDUHGLLOOXVLRQLFHQHVRQRJLjVWDWHWURSSH3HUTXHVWR
ODORWWDULSUHQGHUjHVDUjDQFKH³SLIRUWHGLSULPD´$UQDOGR0,RGLFHZZZODSLOOLHX
,O6LQGDFR%RUULHOOR´6LSUHYHGHXQRVFHQDULR
GUDPPDWLFR«´
³,QVSLHJDELOHO¶XOWHULRUHVPDQWHOODPHQWRGHOO¶RVSHGDOH
0DUHVFD6LSUHYHGHXQRVFHQDULRGUDPPDWLFRSHUOD
VLFXUH]]DHO¶HPHUJHQ]DVDQLWDULDLQXQWHUULWRULRFRQ
XQDDOWLVVLPDXWHQ]D,QPHULWRGDOOHLVWLWX]LRQLFRPSH
WHQWLDYHYDPRDYXWREHQDOWUHDVVLFXUD]LRQLHGHVWLQD
]LRQLSHUORVWRULFRHSUHVWLJLRVRQRVRFRPLR&KLHGRXQD
DXGL]LRQHXUJHQWHDOOD&RPPLVVLRQH6DQLWjGHOOD5HJLR
QH´&RVu&LUR%RUULHOORVLQGDFRGL7RUUHGHO*UHFR
³$QFRUDXQDYROWD±SURVHJXHQRQVLWLHQHFRQWRFKH
ROWUHPLODDELWDQWLGRYUDQQRSXUWURSSRULYHUVDUVLVX
%RVFRWUHFDVHRVX1DSROL6RWWROLQHRFKHLOSLDQRGLULRU
GLQRGHOODVDQLWjFDPSDQDSUHYHGHYDVROX]LRQLSLUD
JLRQDWH,IDWWLSXUWURSSRGLPRVWUDQRFKHWXWWHOHLQL]LD
WLYHPHVVHLQFDPSRGDLVLQGDFLHGDLFRPLWDWLFLYLFLGHOO¶DUHDLQWHUHVVDWDQRQVRQRYDOVHDVVROXWDPHQWH
DQXOOD&RQVDSHYROHFKHODGLIILFLOHTXHVWLRQHPXRYHGDORQWDQRHQRQGDDGHVVR(SSXUHLQTXHVWR
PRPHQWRQRQFLLQWHUHVVDQROHFROSHHOHFDXVHPDXQLFDPHQWHODVDOYDJXDUGLDHODWXWHODGHOODVDOXWH
GHLFLWWDGLQLFKHFRQILGDQRQHOOD3ROLWLFDFRPHEHQHSXEEOLFR3HUWDQWRQRLQRQFLUDVVHJQLDPRQHOSUR
VSHWWDUHSHULO0DUHVFDVRORXQPHURSUHVLGLRDGLQGLUL]]RULDELOLWDWLYR´³8QDFRQGL]LRQHLQDFFHWWDELOH±
FRPPHQWDLO3ULPRFLWWDGLQRVRVWDQ]LDOPHQWHVLDQWLFLSDORVPDQWHOODPHQWRDQFRUDSULPDGLDYHURUJD
QL]]DWRODULFRQYHUVLRQHGHOODVWUXWWXUD7DQWHOHSHUSOHVVLWjDGHVHPSLRSHUFKpQRQVLSURFHGHSULPDD
VWDELOLUHPRGLHWHPSLGHOODULFRQYHUVLRQHHSRLVLFKLXGRQRLUHSDUWL"6RQRPROWLJOLLQWHUURJDWLYLFKH
SUHRFFXSDQRWDQWLVVLPLFLWWDGLQL,QILQHqOHFLWRFKLHGHUVLSHUFKpOHSURIHVVLRQDOLWjGHOO¶XQLWjGL*DVWUR
HQWHURORJLDGRYUHEEHURHVVHUHWUDVIHULWHDO/RUHWR0DUHHQRQSRVVRQRUHVWDUHDO0DUHVFD"3HUFKpSUL
YDUHO¶XWHQ]DGLVHUYL]LFRVuLPSRUWDQWLSHUODSXEEOLFDFROOHWWLYLWj´"³'DYDQWLDTXHVWRVFHQDULR±FRQFOX
GH&LUR%RUULHOORVLDPRSURIRQGDPHQWHUDWWULVWDWLPDYLYDPHQWHFRQILGLDPRDQFRUDLQXQUDYYHGLPHQWR
GDSDUWHGLFKLGLGRYHUH3HUVRQDOPHQWHULQQRYHUzDGKRUDVDLYHUWLFLGHOODUHJLRQHULVSRVWHSLJLXVWHH
FRQFUHWHHXQDDXGL]LRQHXUJHQWHDOO¶RQRUHYROH0LFKHOH6FKLDQRSUHVLGHQWHGHOOD&RPPLVVLRQH6DQLWj
GHOOD5HJLRQH&DPSDQLDDIILQFKpLOIXWXURGHOO¶RVSHGDOH0DUHVFDVLDXQLPPHGLDWRHVLFXURULIHULPHQWR
GHOWHUULWRULRSHUWXWHODUHODVDOXWHGHLFLWWDGLQLGHOO¶DUHDYHVXYLDQD´
0HUFROHGu /RWWD0DUHVFD5XVVRFKLXGHOHSRUWH%RUULHOOR
HFRPLWDWRQRQFLVWDQQR
$TXHVWRSXQWRODGRPDQGDqLQHYLWDELOHPDDFKHJLRFR
VWLDPRJLRFDQGR",HULPDWWLQDLOFRPLWDWRSUR0DUHVFDHG
LVLQGDFDWLLQVHJXLWRDOO
LQFRQWURDYXWRD&DVWHOODPPDUH
FRQLOPDQDJHUGHOO
$VO1DVXG9LWWRULR5XVVRKDQQR
FDSLWRFKHQRQF
HUDQLHQWHSLGDIDUHFKHODTXHVWLRQH
HUDRUDPDLDQGDWD&KHLOSLDQR=XFFDWHOOLVDUHEEHVWDWR
DWWXDWRFRVuFRP
q,OSXQWRSHUzqFKHGREELDPRDJ
JLXQJHUHFKHLOVLQGDFR%RUULHOORVDOLWRLQJLRUQDWDDOWHU
]RSLDQRGHOO
RVSHGDOHGL7RUUHGHO*UHFRGLFHGLDYHUH
LQPHULWRQRWL]LHPROWRGLYHUVHGDXQODWRF
q5XVVRFKH
GLFHFKHQRQVLSXzSLIDUHQLHQWH'DOO
DOWURFLVRQRL
UHVSRQVDELOLGHOODVDQLWjFDPSDQDLOSUHVLGHQWHGHOOD
SURYLQFLDGL1DSROL&HVDURLQSULPLVFKHFRQWLQXDQRD
ULEDGLUHFKHVSD]LGLPDQRYUDFHQHVRQR$FRPLQFLDUH
GDOO
XQLRQHGHLGXHSROLVROX]LRQHFKHYLHQHYLVWDGDWXWWLFRPHODSLLQGLFDWDSHUVDOYDUHFDSUHHFDYR
OL&RVDVXFFHGHDOORUD"&KLVLVEDJOLD"'LFHUWRF
qFKHVWDQGRDTXDQGRGLFKLDUD%RUULHOOR5XVVRQRQ
DVFROWHUHEEHPROWRO
DPELHQWHFKHJOLVWDLQWRUQR)DWWRTXHVWRFKHSURFXUHUHEEHDOFRPLWDWRQRQSRFKL
SUREOHPLFRPHLOSRVVLELOHWUDVIHULPHQWRGHOUHSDUWRGL*DVWURHQWHURORJLDGDOO
RVSHGDOHGLYLD0RQWHGR
URFKHKDVSD]LHQWLWRSHUILQR%RUULHOOR³3HUFKpOHSURIHVVLRQDOLWjGHOO¶XQLWjGL*DVWURHQWHURORJLD±VL
FKLHGHLOSULPRFLWWDGLQRWRUUHVH±GRYUHEEHURHVVHUHWUDVIHULWHDO/RUHWR0DUHHQRQSRVVRQRUHVWDUHDO
0DUHVFD"3HUFKpSULYDUHO¶XWHQ]DGLVHUYL]LFRVuLPSRUWDQWLSHUODSXEEOLFDFROOHWWLYLWj"'DYDQWLDTXHVWR
VFHQDULRVLDPRSURIRQGDPHQWHUDWWULVWDWLPDYLYDPHQWHFRQILGLDPRDQFRUDLQXQUDYYHGLPHQWRGDSDUWH
GLFKLGLGRYHUH3HUVRQDOPHQWHULQQRYHUzDGKRUDVDLYHUWLFLGHOODUHJLRQHULVSRVWHSLJLXVWHHFRQFUH
WHHXQDDXGL]LRQHXUJHQWHDOO¶RQRUHYROH0LFKHOH6FKLDQRSUHVLGHQWHGHOOD&RPPLVVLRQH6DQLWjGHOOD
5HJLRQH&DPSDQLDDIILQFKpLOIXWXURGHOO¶RVSHGDOH0DUHVFDVLDXQLPPHGLDWRHVLFXURULIHULPHQWRGHO
WHUULWRULRSHUWXWHODUHODVDOXWHGHLFLWWDGLQLGHOO¶DUHDYHVXYLDQD´3HUTXDQWRULJXDUGDLQYHFHLOGHVWLQR
GHOO
LQWHURRVSHGDOH%RUULHOORFKLHGH³XQDDXGL]LRQHXUJHQWHDOOD&RPPLVVLRQH6DQLWjGHOOD5HJLRQH´
SHUFKp³DQFRUDXQDYROWDQRQVLWLHQHFRQWRFKHROWUHPLODDELWDQWLGRYUDQQRSXUWURSSRULYHUVDUVLVX
%RVFRWUHFDVHRVX1DSROL´,OFRPLWDWRVHQWLUjTXHVW
RJJL%RUULHOORRQGHLQIRUPDUVLVXOJLURGLWHOHIRQDWH
FKHLOVLQGDFRIDUjFRQJOLRUJDQLSUHSRVWLSHUFDSLUHFRVDEROOHLQSHQWROD3LLQOD±IUDSRFKLJLRUQL±
FLGRYUHEEHHVVHUHXQLQFRQWURWUDLOVLQGDFRHLUHVSRQVDELOLGHOODVDQLWjUHJLRQDOHDFXL±GLIILFLOHGXEL
WDUQH±SDUWHFLSHUDQQRDQFKHLPHPEULGHOFRPLWDWR$UQDOGR0,RGLFHODSLOOL
7RUUHGHO*UHFR1pFDVDQpVROGLGRSSLRGUDP
PDSHUJOLVIROODWL
)UDQFHVFD0DUL'DTXDVLYHQWLJLRUQLVHQ]DWHWWRHVHQ
]DVROGL,HULPDWWLQDPROWLGHLVIROODWLGHOSDOD]]RLQ
FRUVR*DULEDOGLFKHORVFRUVRJHQQDLRKDGDWRVHJQL
GLFHGLPHQWRKDQQRSURWHVWDWRQHOFRUWLOHGL3DOD]]R
%DURQDOH/¶HQQHVLPRVLWLQFKHVLVRPPDDTXHOOLGHOOD
VFRUVDVHWWLPDQDTXDQGRGRSRXQDSHUPDQHQ]DGLROWUH
GLHFLJLRUQLSUHVVRODVWUXWWXUDDOEHUJKLHUD©,O5RVRQHª
GL%RVFRWUHFDVHDVSHVHGHO&RPXQHOHVHGLFLIDPLJOLH
VRQRVWDWHFRVWUHWWHDVJRPEUDUHULPDQHQGRLQPH]]R
DOODVWUDGD/¶DPPLQLVWUD]LRQHDYHYDGLFKLDUDWRGLQRQ
SRWHUSLVRVWHQHUHOHVSHVHSHULOPDQWHQLPHQWRGHOOH
IDPLJOLHHGRSRYLVWRVHFRQWHVWD]LRQLGDSDUWHGLPROWL
GHJOLVIROODWLDYHYDSURPHVVRDWWUDYHUVRLOSRUWDYRFH
GHOODFDXVDLOGLULJHQWHGHOO¶XIILFLR3ROLWLFKH6RFLDOL5DI
IDHOH%HQHYHQWRFKHLFRQWULEXWLGLPLODHXURDIDPLJOLD
VDUHEEHURVWDWLHURJDWLHQWURLOIHEEUDLR0DLHULPDWWL
QDTXDQGRLUDSSUHVHQWDQWLGLRJQLIDPLJOLDVLVRQRSUH
VHQWDWLDO0XQLFLSLRSHUULVFXRWHUHLVXVVLGLVLVRQRVHQ
WLWLULVSRQGHUHFKHLVROGLQRQFLVRQRDQFRUDHQRQFL
VDUDQQRQHPPHQRSHUOHSURVVLPHVHWWLPDQH/DFRPX
QLFD]LRQHKDGXQTXHVFDWHQDWRXQDQXRYDSURWHVWDFR
PHDYYLHQHGDVHWWLPDQHJOLVIRUWXQDWLFLWWDGLQLFRQGXFR
QRFRQWURLO&RPXQH©&RQWLQXDQRDSUHQGHUFLLQJLUR
KDXUODWRTXDOFXQRSHQVDQGRGLWHQHUFLEXRQL0DQRL
QRQFLGDUHPRSHUYLQWLILQRDTXDQGRQRQIDUHPRYDOHUH
LQRVWULGLULWWL0ROWLGLQRLODQRWWHGRUPRQRLQPDFFKLQDQRQDYHQGRXQSRVWRGRYHDQGDUHHDOWULGHYR
QRHOHPRVLQDUHXQFDQWXFFLRWUDDPLFLHSDUHQWLÊXQRUURUHª,QUHDOWjLFRPSRQHQWLGHOOHVHGLFLIDPL
JOLHLQTXHVWLRQHVWDQQRYLYHQGRGDYYHURJLRUQLLQIHUQDOLDQFKHSHUOHGLIILFLOLFRQGL]LRQLIDPLOLDULFXLH
UDQRJLjVRWWRSRVWLILQGDSULPDGHOFUROOR0ROWLWUDORURVRQRGLVRFFXSDWLGLYHUVLVRQRJOLDQ]LDQLHL
EDPELQL&LVRQRDQFKHPDODWLXQGLVDELOHHGXHSHUVRQHDJOLDUUHVWLGRPLFLOLDULXQRGHLTXDOL&5GL
DQQLKDWUDVFRUVRDQFKHXQDQRWWHD3RJJLRUHDOHODVHWWLPDQDVFRUVDSHUFKpULVXOWDWRVHQ]DGRPLFL
OLRGRSRORVJRPEHURGDOO¶DOEHUJR1HVVXQRDYHYDYROXWRDFFRJOLHUORDYHQGROXLGDWHPSRURWWRLUDS
SRUWLFRQODIDPLJOLD3RLLOIUDWHOORKDGHFLVRGLSUHQGHUORDFDVDFRQVpHO¶XRPRqXVFLWRGDOFDUFHUH
'DXQDVHWWLPDQDTXLQGLDSDUWHTXDOFXQRFKHqULXVFLWRDWURYDUHDFFRJOLHQ]DHGLVSRQLELOLWjPROWHGL
TXHVWHSHUVRQHGRUPRQRLQPDFFKLQDHTXDVLWXWWLLEDPELQLVRQRPDODWLHKDQQRSHUVRGLYHUVLJLRUQLGL
VFXROD,OFRQWULEXWRHURJDWRLQWHPSLEUHYLDYUHEEHFRQFHVVRDWXWWLGLLQL]LDUHDSDJDUHO¶DIILWWRGLXQD
VWDQ]DQHOIUDWWHPSRGLWURYDUHXQDVLVWHPD]LRQHGHILQLWLYD7UDO¶DOWURTXDOFKHJLRUQRIDHUDVWDWRSUR
SRVWRDOOHIDPLJOLHGLVRJJLRUQDUHLQDOFXQHURXORWWHSULYHGLSRVWRJXLGDPHVVHDGLVSRVL]LRQHGDOOD
3URWH]LRQH&LYLOHPDO¶RIIHUWDQRQqVWDWDDFFHWWDWD©3HUFKpGREELDPRIDUHLQRPDGLKDGHWWR&DUPHOD
VHDYHYDPRXQDFDVDHQRQFHO¶DEELDPRSL"6LDPRVWDWLSUHVLLQJLURSLGLXQDYROWD$GDSULOHLO
&RPXQHFLDYHYDSHUILQRULODVFLDWRLOFHUWLILFDWRLQFXLGLFKLDUDYDFKHLOSDOD]]RHUDIXRULSHULFRORFUROOR
$OWURUDJJLURQHLJLRUQLVFRUVLSURPHWWHQGRFLVXVVLGLHQRQPDQWHQHQGRIHGHDOODSURSULDSDUROD0LR
PDULWRqPDODWRGLFXRUHKDWUHE\SDVVHSUHVWRGRYUjVXELUHXQLQWHUYHQWR4XHVWDVWRULDFLVWDXFFL
GHQGRª6LGLIHQGHGDOOHDFFXVHLOVLQGDFR&LUR%RUULHOORGLFKLDUDQGRGLDYHUDJLWRVHPSUHLQSLHQDUHJR
OD©6LDPRVWDWLVHPSUHYLFLQLDOOHIDPLJOLHYLWWLPHGHOFUROORKDGHWWRVLDPDWHULDOPHQWHFKHXPDQD
PHQWH/LDEELDPRPDQWHQXWLSHUJLRUQLLQXQDOEHUJRDQRVWUHVSHVHHRUDVWLDPRGHILQHQGRWXWWHOH
SURFHGXUHSHUO¶HURJD]LRQHGHLVXVVLGLFKHVRQRFRPXQTXHFRQWULEXWLVWUDRUGLQDULYLVWRFKHO¶HGLILFLR
QRQqGLSURSULHWjGHO&RPXQH,OULWDUGRQHOSDJDPHQWRGLSHQGHGDTXHVWLRQLWHFQLFKHHQRQGDOODQR
VWUDYRORQWjªLOPDWWLQR
7RUUHGHO*UHFR2OLHVDXVWLUDFFROWDSRUWDDSRU
WDSHUWUHPLODIDPLJOLH
7HUHVD,DFRPLQR8QSRUWDDSRUWDSHUUHFXSHUD
UHO¶ROLRYHJHWDOHXVDWRSHUOHIULWWXUH3DUWLUjOD
SURVVLPDVHWWLPDQDLOSURJUDPPDSLORWDFKHO¶DP
PLQLVWUD]LRQHFRPXQDOHHO¶DVVRFLD]LRQH7RUUH
9HVXYLRSUR1DWXUDKDQQRGHFLVRGLVSHULPHQWD
UHLQXQ¶DPSLDIHWWDGHOWHUULWRULR$HVVHUHFRLQ
YROWHROWUHWUHPLODIDPLJOLHTXHOOHUHVLGHQWLQHOOD
]RQDFRPSUHVDWUDYLD)LRULOORHODYLOODFRPXQDOH
,QWHUHVVDWLDQFKHLQXFOHLIDPLOLDULGLYLD0RUR
YLDOH8QJKHULD&HVDUH%DWWLVWLHYLD&LPDJOLD,O
SURJHWWRKDXQQRPHQRWRLQFLWWj2OLYLDTXHOOR
FKHKDDFFRPSDJQDWRFRQVXFFHVVRROWUHWUHDQQL
GLDWWLYLWjGL7RUUH9HVXYLRLYRORQWDULGHOO¶DVVR
FLD]LRQHLQIDWWLVRQRSLYROWHVFHVLLQSLD]]DFRQSXQWLGLUDFFROWDPRELOLHQHOO¶LVRODHFRORJLFDGHOTXDU
WLHUH6DQW¶$QWRQLRQHLSUHVVLGHOODFKLHVD/¶LQYLWRHUDTXHOORGLSRUWDUHTXLJOLROLXVDWLSHUSUHSDUDUHOH
IULWWXUHHYLWDQGRFKHJOLVWHVVLYHQLVVHURVPDOWLWLQHLODYDQGLQL©8QDSURFHGXUDGLFH3DROR%HOILRUH
SUHVLGHQWHGL7RUUH9HVXYLRSUR1DWXUDDOWDPHQWHLQTXLQDQWH,QIDWWLO¶ROLRXVDWRILQLVFHGLUHWWDPHQWHLQ
PDUHVHQ]DDOFXQWUDWWDPHQWRDPRQWH(VVHQGRSLOHJJHURGHOO¶DFTXDFUHDXQDSDWLQDFKHLPSHGLVFH
DLUDJJLGHOVROHGLSHQHWUDUHFRQJUDYLGDQQLSHUODYLWDGLPROWHVSHFLHDQLPDOLHYHJHWDOLª'LTXLO¶LGH
DQDWDGDOO¶DWWHQ]LRQHGHOO¶DOORUDDVVHVVRUHDOO¶$PELHQWH9LQFHQ]R'L'RQQDWUDJLFDPHQWHVFRPSDUVRLQ
XQLQFLGHQWHG¶DXWRHSRLIRUWHPHQWHDSSRJJLDWDGDFKLJOLqVXFFHGXWR(FRVu6RILD)ODXWRKDSRUWDWR
DYDQWLLOSURJUDPPDPHVVRDSXQWRGD'L'RQQDHGDOO¶XIILFLRFRPXQDOHFRPSHWHQWHWDQWRGDDUULYDUHLQ
EUHYHWHPSRDOYLDGHOSURJHWWR2OLYLD3HULOPRPHQWRVLSDUWHLQIRUPDVSHULPHQWDOHHVRORLQXQDSRU
]LRQHGLWHUULWRULR©2JQLJLRUQRVSLHJDDQFRUD%HOILRUHPHWWHUHPRLQFDPSRGXHYRORQWDULDLTXDOL
VDUDQQRDIILGDWHFLUFDIDPLJOLH,QTXHVWRPRGRFRQWLDPRGLHVDXULUHLQXQDVHWWLPDQDO¶LQWHURWHUUL
WRULRGDFRQWUROODUHSHUULFRPLQFLDUHQXRYDPHQWHLOJLUR6HLULVXOWDWLGRYHVVHURFRQIHUPDUHODQRVWUD
FRQYLQ]LRQHRYYHURVHULXVFLUHPRDUHFXSHUDUHXQDTXDQWLWjQRWHYROHGLROLRGDDYYLDUHDUHFXSHURO¶
DPPLQLVWUD]LRQHSRWUHEEHGHFLGHUHGLHVWHQGHUHLOSURJHWWRDWXWWDODFLWWjª*LjSURQWLFRQWHQLWRULGLSOD
VWLFDGDDVVHJQDUHDRJQLIDPLJOLDDOFXQLGHLTXDOLJLjLQSRVVHVVRGHOODFLWWDGLQDQ]DJUD]LHDOOHLQL]LD
WLYHVYROWHQHJOLDQQLSDVVDWLFRQXQ¶LVRODHFRORJLFDPRELOHGRYHIRUQLUHVSLHJD]LRQLXWLOL©/DSULPDID
VHFRQFOXGH%HOILRUHqODSLLPSRUWDQWHYLVWRFKHULJXDUGHUjVHQVLELOL]]D]LRQHHLQIRUPD]LRQHLO
PDWWLQR
,OFDOHQGDULRDYYLFLQDOD7XUULVDLSOD\RII
7RUUHGHO*UHFR'RSRLOEXRQSDUHJJLRUDFFROWRFRQWUROD9DOOH*UHFDQLFDLQWUDVIHUWDLOFDOHQGDULRGHO
OD7XUULVFRPLQFLDDVRUULGHUHDLFRUDOOLQL6DUjLQIDWWLO¶LPSHJQRGLGRPHQLFDSURVVLPDFRQWUROD)RU]DH
&RUDJJLRO¶XOWLPRJUDQGHRVWDFRORVXOODVWUDGDGHLELDQFRURVVLYHUVRLSOD\RII'RSRODVILGDFRQLVDQQL
WLODVWUDGDGHOODVTXDGUDGL0DQGUDJRUDDYUjLOFDPPLQRLQGLVFHVD'DOO¶RWWDYDDOO¶XOWLPDGLFDPSLRQD
WRLQIDWWLVDUDQQRVROWDQWRGXHOHJDUHLPSHJQDWLYHSHULFRUDOOLQLTXHOOHFRQWUR6DPELDVHH1LVVDGD
DIIURQWDUHSHUzWUDOHPXUDDPLFKHGHO/LJXRULIRUWLQRELDQFRURVVRVLQRUDFKHVRORO¶(EROLWDQDqULXVFLWD
DGHVSXJQDUH7RJOLDPRGDOODFRQWDLO0HVVLQDFKHKDVWUDSSDWRXQSXQWRDOOD7XUULVPDODJDUDFRQL
SHORULWDQLQRQIDWHVWRYLVWRFKHVLqJLRFDWDVXOQHXWURGL&DSULDWLDO9ROWXUQR/DFRUVDYHUVRLSOD\RII
qIDWWLELOHHPROWHGHOOHVTXDGUHFKHDOPRPHQWRVRQRDOGLVRSUDGHLFRUDOOLQLQRQVRQRDYYHUVDULHLUUH
VLVWLELOL,OFLFORGLIHUURGRSRODJDUDFRQWUROD)RU]DH&RUDJJLRSXzFRQVLGHUDUVLGXQTXHFKLXVROD
7XUULVQHXVFLUjQRQQHOPLJOLRUHGHLPRGLPDFRPXQTXHFRQODFRQVDSHYROH]]DGLQRQDYHUSHUVRSRVL
]LRQLLQFODVVLILFD'RSRODJDUDFRQWURODIRUPD]LRQHGL7RUWRUDH5RPDQRSHUzELVRJQHUjFRPLQFLDUH
VXOVHULRDYLQFHUOHTXDVLWXWWH$OPHQRLQFDVDOD7XUULVGHYHFRQTXLVWDUHERWWLQRSLHQRVXOODVXDVWUD
GDFLVRQR1ROD6DPELDVH1LVVDH0RGLFD3HUTXDQWRULJXDUGDOHJDUHLQWUDVIHUWDJOLDYYHUVDULFKH
DIIURQWHUDQQRLFRUDOOLQLQRQVRQRFRVuLUUHVLVWLELOL1RWR0DUVDOD+LQWHUUHJJLR5HDO1RFHUDH5RVVDQH
VHRVSLWHUDQQRLELDQFRURVVL7XWWHVTXDGUHTXHVWHFKHVRQRDOGLVRWWRGHOOD7XUULVLQFODVVLILFDHVRQR
LQIHULRULDOODVTXDGUDGL0DQGUDJRUDSHUYDORUHWHFQLFR,FRUDOOLQLVRQRDQFRUDLQVFLDGHOWUHQRFKHSRU
WDDLSOD\RIIPDGHYRQRDFFHOHUDUHLOSDVVRSHUQRQSHUGHUORGHOWXWWRRJQLVHWWLPDQDTXHOYDJRQH
SDVVDGD7RUUHGHO*UHFRRUDqJLXQWDO¶RUDGLVDOLUFLVX
7XUULV)RU]DH&RUDJJLRVXOQHXWURGL$U]DQR
6DUjLO³6DEDWLQR'H5RVD´GL$U]DQRDGRVSLWDUHLOPDWFKWUD7XUULVH)RU]D&RUDJJLRLQSURJUDPPD
GRPHQLFDSURVVLPDHYDOHYROHSHUODVHWWLPDJLRUQDWDGLULWRUQRGHOJLURQH,GLVHULH'/DIRUPD]LRQH
FRUDOOLQDGRSRDYHUGLVSXWDWRODJDUDFRQLO0HVVLQDVXOQHXWURGL&DSULDWLDO9ROWXUQRGHYHVFRQWDUHOD
VHFRQGDGHOOHGXHJLRUQDWHGLVTXDOLILFDGHOO¶³$PHULJR/LJXRUL´FRQREEOLJRGLSRUWHFKLXVHLQIOLWWHJOLGDO
*LXGLFH6SRUWLYRLQVHJXLWRDLJUDYLDYYHQLPHQWLFKHKDQQRFDUDWWHUL]]DWRLOELJPDWFKFRQO¶(EROLWDQD
GHOJHQQDLRVFRUVR
&LRFFRODWRUUH8QDPDQLIHVWD]LRQHGHGLFDWDDO
³FLERGHJOLGHL´DOO¶DPRUHDOO¶DUWLJLDQDWRHD7RU
UHGHO*UHFR
/
HIHEEUDLRYLD6DOYDWRU1RWRRVSLWHUjXQHVFOX
VLYRHYHQWRSHUWXWWLJOLLQQDPRUDWL5HDOL]]DWRGDOO¶$VVR
FLD]LRQHFXOWXUDOH³+REELVWL0LOOHPDQL´LQFROODERUD]LRQH
FRQO¶$VVHVVRUDWRDOOH$WWLYLWj(FRQRPLFKHH3URGXWWLYHGHO
&RPXQHGL7RUUHGHO*UHFR³&LRFFRODWRUUH´YHGUjWXWWDOD
VWUDGDSDUWHFLSHGHOODIHVWDGL69DOHQWLQRFRQYHWULQH
PHUFDWLHLQL]LDWLYHGHGLFDWHDOODIHVWDGHOO¶DPRUH3HUWXWWL
PDSURSULRWXWWLJUDQGLHSLFFROLVLQJOHRLQFRSSLDSXUFKp
VLWUDWWLGLDPDQWLGHOFLRFFRODWRODNHUPHVVHDYUjXQULFFR
SURJUDPPDGLLQL]LDWLYHGHJXVWD]LRQLJXLGDWHQXPHURVH
RFFDVLRQLGLGLYHUWLPHQWRHO¶RSSRUWXQLWjGLDFTXLVWDUHGROFL
UHJDOLSHUVRQDOL]]DELOLSHUIHVWHJJLDUH6DQ9DOHQWLQR3DO
ORQFLQLURVVLDIRUPDGLFXRUHFKHILRULUDQQRGDRJQLDQJR
OREDFKHFKHIUHHGRYHFKLORGHVLGHUDSRWUjODVFLDUHXQSHQVLHURLVSLUDWRGD&XSLGRYHWULQHDWHPDQD
WHGDOODIDQWDVLDGHLFRPPHUFLDQWLGHOSDHVH&LVDUDQQRSUHVHQWD]LRQLGLOLEULPXVLFDVSHWWDFROLEDO
OHWWL3DUWLFRODUPHQWHDWWLYDVDUjODFROODERUD]LRQHFRQOHLVWLWX]LRQLHJOLRSHUDWRULGHOWHUULWRULRFKHLQ
RFFDVLRQHGL&LRFFRODWRUUHUHDOL]]HUDQQRVSHFLDOLLQL]LDWLYHJRORVH(¶LOFDVRSHUHVHPSLRGHLQXPHUR
VLHVHUFHQWLGLDOFXQHVFXROHDGHVO¶,&6³)UDQFHVFR'¶$VVLVL´FKHSURLHWWHUjGHLFRUWRPHWUDJJLUHDOL]
]DWLGDJOLDOXQQLGHOODVFXRODGHOO¶$VVRFLD]LRQHHQRJDVWURQRPLFD9&LDUDYRORH$*DURIDORGL&RQIDU
WLJLDQDWRGHOO¶$VVRFLD]LRQH³6SD]LR'RQQD´GHOO¶$VVRFLD]LRQH³0LODJURVR7DQJR´HGHOO¶$6/1D
SROLFRQO¶56$³9LOODGHOOH7HUUD]]H´6DUjDOOHVWLWRLO³JLDUGLQRGHJOLLQQDPRUDWL´XQYHURHSURSULRVHW
IRWRJUDILFRDGLVSRVL]LRQHGLRJQLLQQDPRUDWRFKHYRUUjFKLHGHUHODPDQRGHOODVXDOHLLQPRGRRULJLQDOH
HLQGLPHQWLFDELOH,QHVVRVDUDQQRFROORFDWLGHLSDQQHOOLSUHSDUDWLGDJOLDUWLJLDQLGHOO¶$VVRFLD]LRQHUDIIL
JXUDQWLLSDHVDJJLHGLPRQXPHQWLSLEHOOLGL7RUUHGHO*UHFR6DUjDOOHVWLWDODPRVWUDGLDUWLJLDQDWRDU
WLVWLFR³,QQDPRUDWLGHOO¶$UWLJLDQDWR´WDQWHVLPSDWLFKHEDQFDUHOOHGHGLFDWHDOWHPDGHOO¶DPRUH$UWLVWLGHO
JXVWRVLFLPHQWHUDQQRQHOODUHDOL]]D]LRQHGLVFXOWXUHGLFLRFFRODWRFKHVDUDQQRHVSRVWHVRWWRJOLVWDQG
GHJOLDUWLJLDQLFRUUHGDWHGDLQRPLGHLSDVWLFFLHULFKHOHUHDOL]]HUDQQR2JQLRSHUDUDSSUHVHQWHUjXQHOH
PHQWRWLSLFRGHOODVWRULDGHOO¶DUWHHGHOODFXOWXUDWRUUHVH/HVFXOWXUHGLFLRFFRODWDUHVWHUDQQRLQHVSRVL
]LRQHILQRDOODVHUDGLGRPHQLFDIHEEUDLRTXDQGRVDUDQQRGHPROLWHHRIIHUWHLQGHJXVWD]LRQHDOSXE
EOLFR,SDVWLFFHULSURIHVVLRQLVWLGHOO¶$VVRFLD]LRQHHQRJDVWURQRPLFD9&LDUDYRORH$*DURIDORUHDOL]]H
UDQQRLQGLUHWWD8Q'ROFHSHU6DQ9DOHQWLQRXQLQWULJDQWHSLDWWRGDJXVWDUHLQGXH/HWUHVHUDWHVDUDQ
QRDOOLHWDWHGDOOHQRWHGHOWURPEHWWLVWD5DLPRQGR(VSRVLWRGL0DULD&RQVLJOLD,]]RIRWRJRRJOH
*LRYHGu
7XUULVSDFHIDWWDWUD'HOOD9HQWXUDH0DQGUDJR
UD
7UDO
DOOHQDWRUHGHOOD7XUULVH0DWWHR'HOOD9HQWXUDFHQ
WURFDPSLVWDGHLFRUDOOLQLVHPEUDFKHOHFRVHDEELDQRUL
FRPLQFLDWRDIXQ]LRQDUH/$/,7(±'RSRSRFRO¶LQL]LR
GHOODULSUHVDGL7XUULV(EROLWDQDGLROWUHGXHVHWWLPDQHID
0DQGUDJRUDDJDUDLQFRUVRGHFLVHGLFDPELDUH'HOOD
9HQWXUDDOPRPHQWRGHOODVRVWLWX]LRQHSHUzLOFHQWUR
FDPSLVWDQRQODSUHVHEHQHHPDQGzOHWWHUDOPHQWHD
³TXHOSDHVH´LOVXRDOOHQDWRUHFKHORKDSXQLWRVXFFHVVL
YDPHQWHQRQIDFHQGRORVFHQGHUHLQFDPSRGDOSULPRPL
QXWRFRVDFKHHUDVHPSUHFDSLWDWDGDTXDQGR'HOOD
9HQWXUDqDGLVSRVL]LRQHGHOWUDLQHUELDQFRURVVRQGU
QHOODJDUDWUD7XUULVH0HVVLQDJLRFDWDD&DSULDWLDO9RO
WXUQR3$&()$77$'RSRODJDUDFRQWURLSHORULWDQLSHUzWUDLGXHFLGHYHHVVHUHVWDWRXQFKLDULPHQ
WRFKHKDSRUWDWR0DQGUDJRUDD³SHUGRQDUH´ODEUDYDWDGHOFDOFLDWRUHFKHQHOODWUDVIHUWDLQFDVDGHOOD
9DOOH*UHFDQLFDKDULSUHVRLOVXRSRVWRGDWLWRODUHDOFHQWURGHOFDPSRDOILDQFRGL0DU]RFFKL&RQWURL
JLDOORURVVLIXGXQTXHVRORXQDSXQL]LRQHWHPSRUDQHDSHUIDUFDSLUHDOFDOFLDWRUHFKLqFKHFRPDQGD
QHOORVSRJOLDWRLRGHOOD7XUULVHFKHOHGHFLVLRQLGHOO¶DOOHQDWRUHYDQQRVHPSUHULVSHWWDWHHFRQGLYLVH8Q
DWWHJJLDPHQWRJLXVWRTXHOORGL0DQGUDJRUDFKHKDPHVVRLQFKLDURLOVXRUXRORHDGHWWDQRVWUDODVR
VWLWX]LRQHFRQWURO¶(EROLWDQDIXGHOWXWWRJLXVWLILFDWDYLVWRORVFDUVRUHQGLPHQWRFKH'HOOD9HQWXUDLQ
FDPSRVWDYDPDQWHQHQGR2UDODTXHVWLRQHGDFKLDULUHqVHWUDLGXHqULVERFFLDWDXQDSDFHFKHVLD
GHILQLYDRSSXUHqVWDWR³ILUPDWD´XQDWUHJXDILQRDILQHVWDJLRQHSHULOEHQHGHOOD7XUULV"
7RUUHGHO*UHFR3DQWDOHRSOHVVLSLYLFLQLFRQ
FRPSXWHUHYLGHRFRQIHUHQ]H
7HUHVD,DFRPLQR7RUUHGHO*UHFR'LVWDQWLVRORJHRJUDILFD
PHQWH(QWURODILQHGHOLGXHSOHVVLGHO3DQWDOHRVDUDQ
QRSLYLFLQLJUD]LHDXQFROOHJDPHQWRLQYLGHRFRQIHUHQ]DFKH
SHUPHWWHUjDOOHVWUXWWXUHVFRODVWLFKHGLYLYHUHLQVLPXOWDQHDL
PRPHQWLSLLPSRUWDQWL3HUUHDOL]]DUHTXHVWRSURJHWWRPD
DQFKHSHUSRWHQ]LDUHODGRWD]LRQHWHFQRORJLFDGHLGXHLVWLWXWL
VRQRGLVSRQLELOLPLODHXURUHSHULWLGDOSUHVLGH&DUOR&LDYROL
QRJUD]LHDLILQDQ]LDPHQWL3RQ)HVUPHVVLDGLVSRVL]LRQHGHO
O¶8QLRQH(XURSHD8QDFKDQFHSHUULODQFLDUHO¶LPSLDQWRLQIRU
PDWLFRGHOODVFXRODSHUUDJLRQLHULHJHRPHWULFKH&LDYROLQR
QRQYXROHVSUHFDUH(DOORUDHFFRLOEDQGRSXEEOLFDWRQHLJLRU
QLVFRUVLHFKHKDXQDVFDGHQ]DYLFLQDLOIHEEUDLRSURSULR
SHULQL]LDUHDGDUHFRUSRDOSURJUDPPDSULPDFKHVLDFRQFOXVRO¶DWWXDOHDQQRVFRODVWLFR7XWWRUXRWDDW
WRUQRDOSURJHWWRGLPHWWHUHLQYLGHRFRQIHUHQ]DOHYHQWLDXOHGHOSOHVVRGLYLD'H*DVSHULFRQO¶LQVWDOOD
]LRQHGLDOWUHWWDQWLFRPSXWHUSLXQRLQSUHVLGHQ]D3&GDFROOHJDUHWUDORURSHUIRUQLUHXQXQLFRVHJQDOH
GD©VSHGLUHªWUDPLWHUHWH/DQDOODFHQWUDOHGLYLD&LPDJOLD&RPSXWHUSURQWLSHUHVVHUHDSHUWLQHLPR
PHQWLGLLQWHUHVVHFRPXQH©3HQVLDPRDGDVVHPEOHHPDDQFKHDFRQYHJQLHLQL]LDWLYHDSLDPSLRLQWH
UHVVHªLOPDWWLQR
7RUUHGHO*UHFR/
XQLWjG
,WDOLDQHOVHJQRGL(Q
ULFR'H1LFROD
$QLHOOR6DPPDUFR8QOXQJRSURJUDPPDGD
VYROJHUHLQTXHOODFKHqVWDWDODGLPRUDGHOSUL
PRSUHVLGHQWHGHOOD5HSXEEOLFDDVVHJQDWDGD
TXDOFKHDQQRDOO
RUGLQHGHJOLDYYRFDWLGL7RUUH
$QQXQ]LDWDTXDOHVHGHGLUDSSUHVHQWDQ]D7XWWR
DOODSUHVHQ]DDWXUQRGHOO
DWWXDOH&DSRGHOOR
6WDWR*LRUJLR1DSROLWDQRPDDQFKHGHLSUHVL
GHQWLGHLGXHUDPLGHO3DUODPHQWR*LXVHSSH
6FKLIDQLSHULO6HQDWRH*LDQIUDQFR)LQLSHUOD
&DPHUDHGHOSUHVLGHQWHGHOOD&RUWHFRVWLWX]LR
QDOHÊDPEL]LRVRLOFDOHQGDULRGLHYHQWLSUR
PRVVRGDOSUHVLGHQWHGHOFRQVLJOLRGHOO
RUGLQH
RSORQWLQRFRQSDUWHQ]DILVVDWDLOSURVVLPR
PDJJLRTXDQGRVDUjXIILFLDOL]]DWDODFRVWLWX]LR
QHGHOODIRQGD]LRQHSHUO
DOWDIRUPD]LRQHIRUHQ
VHLQWLWRODWDDOODVWDWLVWDGL7RUUHGHO*UHFR8Q
SULPRDSSXQWDPHQWRDOTXDOHVHJXLUDQQRDOWULWUHHYHQWLDSHUWLDOOHLVWLWX]LRQLHDOODFLWWDGLQDQ]DLOJLX
JQRDGXHJLRUQLGDOO
DQQLYHUVDULRGHOODQDVFLWDGHOOD5HSXEEOLFDLWDOLDQDLOSULPRRWWREUHDQQLYHUVDULR
GHOODPRUWHGL'H1LFRODHLOQRYHPEUHDOO
LQGRPDQLGHOODIHVWDGHOOHIRU]HDUPDWH©,OQRVWURRUGLQH
DIIHUPDLOSUHVLGHQWH*HQQDUR7RUUHVHDYHQGRO
DVSLUD]LRQHGLLQVHULUHTXHVWDLQL]LDWLYDQHOO
DPELWR
GHLIHVWHJJLDPHQWLSHULOHVLPRDQQLYHUVDULRGHOO
XQLWjG
,WDOLDKDLQWHVRGHGLFDUHTXHVWRDOOR
VWDWLVWD(QULFR'H1LFRODFKHWUDJOLDOWULPHULWLDQQRYHUDDQFKHTXHOORGLDYHUHILUPDWRODFDUWDGHOOD
&RVWLWX]LRQHª1HJOLDSSXQWDPHQWLLQFDOHQGDULRODILJXUDGL(QULFR'H1LFRODFKHKDULFRSHUWRQHOFRUVR
GHOODVXDDWWLYLWjSROLWLFDOHTXDWWURSLDOWHFDULFKHGHOOR6WDWRVDUjDOFHQWURGHJOLLQWHUYHQWLGHLUHODWR
ULFKHYHUUDQQRGHILQLWLQHOOHSURVVLPHVHWWLPDQH©(GLQTXHVWDRWWLFDSURVHJXH7RUUHVHLOQRVWUR
RUGLQHIRUHQVHKDO
DPEL]LRQHGLSRWHUFRQWDUHVXOODSUHVHQ]DGL1DSROLWDQR6FKLIDQLH)LQL,QRVWULLQYL
WLHODULFKLHVWDGLSDWURFLQLRPRUDOHJLjLQROWUDWLKDQQRULFHYXWRFRPPHQWLSRVLWLYLHVLDPRFHUWLFKHQHO
OHTXDWWURGDWHILVVDWHLSUHVLGHQWLLQYLWDWLVDUDQQRD7RUUHGHO*UHFRª1RQVRORDOWHFDULFKHGHOOR6WDWR
1HOO
DPELWRGHOULFFRSURJUDPPDFKHVLVQRGDGDPHWjPDJJLRDLQL]LRQRYHPEUHFLVDUjDPSLRVSD]LR
SHUODFLWWDGLQDQ]DHOHVFRODUHVFKHFRQYLOOD'H1LFRODLQYLD7LURQLFKHVDUjDSHUWDRJQLVDEDWRFRQ
LQL]LDWLYHFXOWXUDOLHPRVWUHVHPSUHGHGLFDWHDLDQQLGHOO
XQLWjG
,WDOLD3HUOHVFXROHLQSDUWLFRODUH
VDUDQQRSUHYLVWHYLVLWHJXLGDWHGHOODGLPRUDFKHLQPROWLDQFRUDQRQFRQRVFRQR9LOOD'H1LFRODULVWUXW
WXUDWDHFRQVHJQDWDDJOLDYYRFDWLGL7RUUH$QQXQ]LDWDHDOO
DVVRFLD]LRQHIRUHQVHFKHSRUWDLOQRPHGHO
SULPRSUHVLGHQWHGHOOD5HSXEEOLFDqXQDVWUXWWXUDDQFRUDSRFRIUHTXHQWDWD6SHVVRFKLXVDDOSXEEOLFR
qDFFHVVLELOHVRORTXDQGRFLVRQRPDQLIHVWD]LRQLXIILFLDOLGHOO
RUGLQHRSORQWLQR©6RQRILGXFLRVRFRQ
FOXGHLOSUHVLGHQWH*HQQDUR7RUUHVHFKHO
LQL]LDWLYDGDQRLSURPRVVDSRVVDWURYDUHLOIDYRUHQRQVROR
GHOOHDOWHFDULFKHLQYLWDWHHGLWXWWHOHLVWLWX]LRQLORFDOLHVRYUDFRPXQDOLPDVRSUDWWXWWRGHOODFLWWDGLQDQ
]DLQXQPRPHQWRLQFXLIRUWHYLHQHDYYHUWLWRGDWXWWLLOULFKLDPRGHLYDORULHGLOVHQVRGHOODSROLWLFDLQWH
VRFRPHLPSHJQRFLYLOHGLVHUYL]LRSHULOEHQHFRPXQHªLOPDWWLQR
9HQHUGu 1HOODFLWWjGHOFRUDOORQDVFHOD
VH]LRQHYHUGH
GHOSDUWLWRGL5XWHOOL ,OJUXSSRJLRYDQHGL$OOHDQ]DSHUO
,WDOLD ,O&RPPLVVDULRFLWWDGLQRGL$OOHDQ]DSHUO
,WDOLDGHO&RPXQHGL
7RUUHGHO*UHFRJHRP(XJHQLR$ELOLWDWRKDQRPLQDWRUHVSRQVDEL
OHFLWWDGLQRGHOJUXSSRJLRYDQLGL$OOHDQ]DSHUO
,WDOLDGHO&RPXQH
GL7RUUHGHO*UHFR7RPPDVR&LUR&LYLWHOOD,OJUXSSRJLRYDQLVL
FRVWLWXLVFHFRQODFHUWH]]DGLFUHDUHQHOWHUULWRULRXQ¶DJJUHJD]LR
QHWDOHGDFRQVHQWLUHLPSRUWDQWLWUDJXDUGLXQLWDPHQWHDOFRRUGL
QDPHQWRFLWWDGLQR,OJUXSSRVLLPSHJQDHVSUHVVDPHQWHDULODQ
FLDUHO¶LQWHUHVVHJLRYDQLOHQHOODSROLWLFDDIIURQWDQGRLPSRUWDQWL
WHPDWLFKHTXDOLODYRURDPELHQWHWXULVPRHVRSUDWWXWWRFXOWXUD
FRPHPRPHQWRDJJUHJDWLYR/¶RELHWWLYRSULPDULRVDUjTXHOORGL
UDSSUHVHQWDUHLJLRYDQLDOFRVSHWWRGHOOHLVWLWX]LRQLORFDOLGDQGR
ORURYRFHULOLHYRHLPSRUWDQ]DSHUVHJXHQGRO¶LQWHUHVVHSXEEOLFR
JLRYDQLOHDGLVSHWWRGLTXDOXQTXHPRUWLILFDQWHIRUPDGLFOLHQWHOL
VPR8QJUXSSRGLUDJD]]LIRUWHPHQWHPRWLYDWLGDOOHVWHVVHLGHH
DGHUHQWLSLHQDPHQWHDO0$1,)(6723(5,/&$0%,$0(172(
,/%821*29(512GL$OOHDQ]DSHUO
,WDOLDQHLYDORULHGLGHDOL
GHOTXDOHVLLGHQWLILFDWRWDOPHQWH*LRYDQLFKHSHQVDQRLQJUDQGH
FRQORVJXDUGRULYROWRYHUVRLOIXWXURQHOO
LQWHQWRGLIDUUHVSLUDUH
XQYHQWRQXRYRGLFRQFUHWH]]DGHOO
DJLUHSROLWLFRGLULWRUQRDOOD
EXRQDSROLWLFDQRQVRORSURFODPDWDPDTXRWLGLDQDPHQWHUHDOL]
]DWD,OJUXSSRV
LPSHJQHUjDSURPXRYHUHSURJHWWLDOLYHOORORFDOH
HQRQVROR,OJUXSSRV
LPSHJQHUjDSURPXRYHUHLQL]LDWLYHFRQYHJQLGLEDWWLWLULFHUFKHLQPDWHULDGLSROL
WLFKHJLRYDQLOLHQRQVRORGDQGRDLJLRYDQLODSRVVLELOLWjGLHVSULPHUVLHGLDJLUHVXSUREOHPLFKHOLUL
JXDUGDQRIRUPDQGRVLDOODYLWDGHPRFUDWLFDHDOODJHVWLRQHGHOODYLWDGHOODFRPXQLWj"6('(LJLRYDQL
GL$OOHDQ]DSHUO
,WDOLDVLULXQLVFRQRLQ&RUVR$YH]]DQD7RUUHGHO*UHFR1D",1)2&21
7$77,SHULJLRYDQLFKHIRVVHURLQWHUHVVDWLDGDGHULUHHSUHQGHUHSDUWHDWWLYDPHQWHDOQRVWURJUXSSR
DJJLXQJLVX)DFHERRN$OOHDQ]DSHUO
,WDOLDJLRYDQL7RUUHGHO*UHFRHPDLODSLJLRYDQLWGJ#KRWPDLOLW
&RPXQLFDWR6WDPSDIRWRHGRDUGREDUDOGLZRUGSUHVVFRP
7XUULVFRQOD)RU]DH&RUDJJLRJDUDFRPSOLFDWD
7255('(/*5(&21$±/D7XUULVFRQWLQXDLOFDPPLQRGLDYYL
FLQDPHQWRDOPDWFKGLGRPHQLFDSRPHULJJLRFRQWUROD)RU]DH&R
UDJJLR/DJDUDVLGLVSXWHUjVXOFDPSRQHXWURGL$U]DQRSHUOD
RUPDLWULVWHPHQWHQRWDVTXDOLILFDGHO³/LJXRUL´LQIOLWWDGDO*LXGLFH
6SRUWLYRSHULIDWWLGLFURQDFDFKHFDUDWWHUL]]DURQRLOGHUE\WUDLFR
UDOOLQLHO¶(EROLWDQDGHOORVFRUVR*HQQDLR7HUPLQDWDO¶HPHUJHQ
]D0DQGUDJRUDUHFXSHUHUjSHUO¶RFFDVLRQHVLD'HO1XQ]LRFKH
3ROYHULQRGLULHQWURGDOOHULVSHWWLYHVTXDOLILFKH0DDQFKHO¶HVWUH
PRGLIHQVRUH0LFKHOH3UHWHDVVHQWHLQTXHOGL0HOLWR3RUWR6DOYR
GRYUHEEHULSUHQGHUHLOVXRSRVWRWUDLSDOL1HDYUjDQFRUDSHUXQD
TXLQGLFLQDGLJLRUQLLQYHFH(UULFR%UDFDLQIRUWXQDWRVLSULPDGHOOD
VRVWDQDWDOL]LD7HUPLQDTXLQGLO¶HPHUJHQ]DVRSUDWWXWWRSHUTXDQWR
ULJXDUGDLOSDFFKHWWRDUUHWUDWRQRQGHOWXWWRSXQWHOODWRGDOODVRFLH
WjLQVHGHGLFDOFLRPHUFDWR3UHVWD]LRQHLQFRUDJJLDQWH±/DSUHVWD]LRQHGLGRPHQLFDFRQWUROD9DOOH*UH
FDQLFDFRQVLGHUDWHOHGHIH]LRQLHFFHOOHQWLqVWDWDGDYYHURLQFRUDJJLDQWHSHULOSURVLHJXRGHLFRUDOOLQLLQ
FDPSLRQDWR,Q&DODEULDODVTXDGUDGL0DQGUDJRUDKDVFLXSDWREHQTXDWWURSDOOHJROFKHKDQQRIDWWR
DXPHQWDUHLOUDPPDULFRSHUQRQDYHUUDFFROWRO¶LQWHUDSRVWDLQSDOLR8QDYLWWRULDDYUHEEHULDSHUWRLJLR
FKLSOD\RIIPDODVTXDGUDELDQFRURVVDqEHQFRQVDSHYROHGHLSURSULPH]]LHQRQKDIDWWRGUDPPLUL
SUHQGHQGRLOODYRURLQYLVWDGHOOD)RU]DH&RUDJJLR8QRFFKLRDOOD&RSSD,WDOLD±(¶LOFDPSLRQDWRDWH
QHUHEDQFRLQTXHVWHRUH0DSLGLXQRVJXDUGRODVRFLHWjFRUDOOLQDORKDGDWRDLVRUWHJJLGLLHULFKH
VRQRVWDWLGHFLVDPHQWHIDYRUHYROLDOOD7XUULV/¶DYYHUVDULRO¶$WOHWLFR7ULYHQWRIRUPD]LRQHPROLVDQDPLOL
WDQWHQHOJLURQH)qXQDVTXDGUDDOODSRUWDWDGHLFRUDOOLQLDPDJJLRUUDJLRQHSHUFKpODJDUDGLDQGDWD
GHOOHVHPLILQDOLGL&RSSD,WDOLDVDUjJLRFDWDLQFDVDGHLPROLVDQLLOSURVVLPR)HEEUDLR,OULWRUQRLQXQ
³/LJXRUL´SUHVXPLELOPHQWHJUHPLWRSHUO¶RFFDVLRQHSRWUHEEHHVVHUHO¶DUPDLQSLDGLVSRVL]LRQHGL0DQ
GUDJRUDHFRPSDJQLSHUVXSHUDUHLOWXUQR,O)XWXUR,PPHGLDWR±0DLOSURVVLPRDYYHUVDULRLQFDPSLRQDWR
VDUjOD)RU]DH&RUDJJLRIRUPD]LRQHGHFLVDPHQWHWHPLELOHSHULFRUDOOLQL,VDQQLWLQRQSHUGRQRGDOOR
VFRUVR'LFHPEUHJDUDGLVSXWDWDD&DVHUWDFRQWURLIDOFKHWWLHVRQRUHGXFLGDEHQFLQTXHYLWWRULH
FRQVHFXWLYHFKHOHSHUPHWWRQRGLHVVHUHODQFLDWLVVLPDLQFODVVLILFDDVROHWUHOXQJKH]]HGDOO¶(EROLWDQD
LQYHWWDGL5DIIDHOH3LVDFDQHZZZFDOFLRQDSROHWDQRLW
7RUUHGHO*UHFR2SHUHWWDFKHSDVVLRQH
³2SHUHWWD«FKHSDVVLRQH´qLOWLWRORGHOOR
VSHWWDFRORGLUHWWRGDOUHJLVWD*LXVHSSH*DU
JLXORHSRUWDWRLQVFHQDGD/D&RPSDJQLD
GHO0H]]RJLRUQRLOHLOJHQQDLR
DO7HDWURGHO&HQWURLQ9LDOH/LELDLQ7RUUH
GHO*UHFR*OLDWWRUL3LQR%UDQFDFFLR(XJH
QLD)HUUDQWLQR5LWD'L6RPPD$QJHOR
6FDUSDWL0DULD3DFLOLR'HFLR'HOOH&KLDLH
2WWDYLR$SUHDH$QGUHD'L5RQ]DKDQQR
LQWHUSUHWDWROHSDUWLVDOLHQWLGLWUHRSHUHWWH
PROWRIDPRVHHDPDWHGDOSXEEOLFR
³/¶DFTXDFKHWD´³,OSDHVHGHLFDPSDQHOOL´H
³/DYHGRYDDOOHJUD´³/¶DFTXDFKHWD´qXQ¶R
SHUHWWDVFULWWDGD$XJXVWR1RYHOOLHGD$Q
JHOR1HVVLHPXVLFDWDGD*LXVHSSH3LHWUL
6RQRRUPDLWUDVFRUVLSLGLQRYDQW¶DQQLGDO
ODSULPDUDSSUHVHQWD]LRQHHUDLOQRYHP
EUHD5RPDHO¶RSHUHWWDGDDOORUD
QRQKDSHUVRQpODYLYDFLWjPXVLFDOHQp
O¶LPPHGLDWDJRGLELOLWjHVRSUDWWXWWRO¶DVSHWWRFRUHRJUDILFR6RQRSURSULROHGDQ]HDFRVWLWXLUHLOQXFOHR
IRQGDPHQWDOHGHOORVSHWWDFRORHQRQSRWHYDPDQFDUHLOEDOOHWWRGHOFDQFDQHVHJXLWRGDOOHGDQ]DWULFL
GHO%DOOHWWRGHO&HQWURVXVFLWDQGRO¶HQWXVLDVPRGHJOLVSHWWDWRUL/HEDOOHULQHKDQQREDOODWRFRQYHUYHHG
HOHJDQ]DVYROD]]DQGRFRPHOLEHOOXOHLQIHVWDDUULFFKLWHGDLSUH]LRVLFRVWXPLFUHDWLGDOOHVDSLHQWLPDQL
GL2WWDYLR$SUHD/D&RPSDJQLDGHO0H]]RJLRUQRKDLQWHUSUHWDWRDOFXQLEUDQLIDPRVLWUDFXL³/DFDQ]R
QHGHOOD5LILFRORQD´FKHIDSDUWHGHOO¶RSHUHWWD³/¶DFTXDFKHWD´,EUDYLHYHUVDWLOLDWWRULKDQQRLQWHUSUHWD
WRSRL³,OSDHVHGHLFDPSDQHOOL´RSHUHWWDVFULWWDGD&DUOR/RPEDUGRH9LUJLOLR5DQ]DWR)XFRPSRVWD
QHOHGDQGzLQVFHQDLOQRYHPEUHGLTXHOORVWHVVRDQQRDO7HDWUR/LULFRGL0LODQR*OLLQWHUSUHWL
WRUUHVLKDQQRFDQWDWRDOFXQLEUDQLIUDFXL³/XQDWXQRQVDLGLUPLSHUFKp"´FRQRVFLXWRDQFKHFRPHIR[
GHOOD/XQD,QILQH/D&RPSDJQLDGHO0H]]RJLRUQRKDSRUWDWRLQVFHQD³/DYHGRYDDOOHJUD´GL)UDQ]/H
KjU´PXVLFDWDVXOLEUHWWRGL9LNWRU/pRQH/HR6WHLQ/¶RSHUHWWDDPELHQWDWDD3DULJLSDUODGHOWHQWDWLYR
GHOO¶DPEDVFLDWULFH3RQWHYHGULQDGLIDUVSRVDUHODULFFDYHGRYD+DQQD*ODYDULFRQLOFRQWH'DQLORVXD
DQWLFDILDPPD/¶LQWUHFFLRFRLQYROJHO¶DPEDVFLDWRUH=HWDHLOVXRFDQFHOOLHUH1LHJXVHQDVFHODVWRULD
G¶DPRUHGHOODPRJOLHGHOEDURQH=HWD9DOHQFLHQQHFRQLOGLSORPDWLFRIUDQFHVH&DPLOOHGH5RVVLOORQ
/¶RSHUHWWDFRQRVFLXWDDQFKHFRPHSLFFRODOLULFDqXQJHQHUHWHDWUDOHHPXVLFDOHQDWRQHOODVHFRQGD
PHWjGHOO¶2WWRFHQWRLQ)UDQFLDHLQ$XVWULD5LSURSRUODRJJLVHPEUDXQYDOLGRHVSHGLHQWHSHUULWURYDUH
O¶HQWXVLDVPRGHOODYLWDHODJHQXLQLWjGHLEXRQLVHQWLPHQWL,OOLHWRILQHDOPHQRLQWHDWURqTXDVLG¶REEOL
JRGL5RVVHOOD6DOX]]RZZZMXOLHQHZVLW
7255('(/*5(&2*/,(;/$925$725,'(/
/$&223(5$7,9$9(689,21$785$(/$92
52'$/6,1'$&2
4XHVWDPDWWLQDLODYRUDWRULGHOODFRRSHUDWLYD
9HVXYLR1DWXUDH/DYRURGRSRXQSLFFRORFRU
WHRD7RUUHGHO*UHFRVLULYROJHUDQQRDOVLQGDFR
&LUR%RUULHOOR'RSRODVHGXWDVWUDRUGLQDULDGHOOD
FRPXQLWjGHLVLQGDFLGHO3DUFRGHO9HVXYLRSUH
VLHGXWDGDOVLQGDFRGL6DQ6HEDVWLDQR*LXVHSSH
&DSDVVRLODYRUDWRULIDQQRXQSDVVRLQGLHWUR
QHOODVSHUDQ]DGLXQDVROX]LRQH*OLH[ODYRUDWRUL
GHOODFRRSHUDWLYD³9HVXYLR1DWXUDH/DYRUR´OL
EHUDQROHGXHVHGLGHOO¶HQWHSDUFRGHO9HVXYLRDG
2WWDYLDQRH6DQ6HEDVWLDQRPHQWUHLO*UDQ&RQR
UHVWDRIIOLPLWV©,QDFFRUGRFRQOD3UHIHWWXUDFRQ
ODPHGLD]LRQHGHOOD'LJRVDEELDPRODVFLDWROLEHUL
GXHVLWLVSLHJD&LUR6HUDSRQWHVLQGDFDOLVWD8LO
HGH[ODYRUDWRUHGHOODFRRSHUDWLYD±RFFXSLDPR
VRORODELJOLHWWHULDPDVHHQWURTXDWWURJLRUQLQRQ
FLVRQRVROX]LRQLVDUHPRSURQWLDIDUHGLSHJJLRª/DSURWHVWDFRPLQFLDWDLOJHQQDLRILQRDLHULqVWD
WDSRUWDWDDYDQWLVXTXDWWURIURQWLSUHVLGLDWRJLRUQRHQRWWHLOSLD]]DOHGLTXRWD0LOOHHLPSHGLWRO¶DF
FHVVRDO*UDQ&RQRVLWLQGLODYRUDWRULHIDPLOLDULD4XRWD&LQTXHFHQWRRFFXSDWRGDOJHQQDLR3DOD]
]RPHGLFHRDG2WWDYLDQRVHGHGHO3DUFRQD]LRQDOHGHO9HVXYLRHGDODQFKHJOLXIILFLWHFQLFLD6DQ
6HEDVWLDQRDO9HVXYLR,ODYRUDWRULKDQQRRWWHQXWRODVROLGDULHWjGHLVLQGDFLGHOODFRPXQLWjRJQXQRGHL
TXDOLVLqLPSHJQDWRSHUVHQVLELOL]]DUHOHLVWLWX]LRQLUHJLRQDOLHGHOSUHVLGHQWH/HRQHFKHQHLJLRUQL
VFRUVLKDODQFLDWRXQDSSHOORDJOLHQWLUHJLRQDOLSURYLQFLDOLPDDQFKHDLSULYDWLDIILQFKp©VHJXDQRO¶H
VHPSLRGL'HOOD9DOOHFKHKDRIIHUWRYHQWLFLQTXHPLOLRQLGLHXURSHULO&RORVVHR*OLLPSUHQGLWRULOHEDQ
FKHOD&DPHUDGHO&RPPHUFLRKDDIIHUPDWR/HRQHIDFFLDQRXQDFRUGDWDDQFKHSHULOULSULVWLQRGHOO¶LP
PDJLQHGHO9HVXYLR&KLHGRDLFRQVLJOLHULUHJLRQDOLDOODJLXQWDDOODSUHVLGHQ]DGLPRELOLWDUVLSHUFKpLO
SDUFRULFHYDXQILQDQ]LDPHQWRGLPLODHXURFKHXWLOL]]HUjSHUODYRULGLVLVWHPD]LRQHHPDQXWHQ
]LRQLGHLVHQWLHULFRLQYROJHQGRTXHVWLODYRUDWRULSHUDOPHQRXQDQQRª4XHVWDPDWWLQDJOLH[ODYRUDWRULVL
ULWURYHUDQQRDOO¶XVFLWDGHOO¶DXWRVWUDGDGL7RUUHGHO*UHFR'DTXLGDUDQQRLOYLDDGXQFRUWHRILQRDO0X
QLFLSLRGHOODFLWWjFRUDOOLQDGRYHFHUFKHUDQQRGLHVVHUHULFHYXWLGDOVLQGDFR%RUULHOOR©&KLHGHUHPRDO
SULPRFLWWDGLQRGL7RUUHGHO*UHFRDVVHQWHDOODULXQLRQHGHOODFRPXQLWjGHO3DUFRFRQWLQXD6HUDSRQWH
GLSRWHULQWHUFHGHUHSUHVVRXQVXRUHIHUHQWHDOOD5HJLRQHDIILQFKpGD6DQWD/XFLDFLVLDXQDULVSRVWDª
5DFKHOH7DUDQWLQRZZZLOPHGLDQRLW
,Q3LD]]D6DQWD&URFHULHPHUJHLOFDPSDQLOH
$QLHOOR6DPPDUFR7RUUHGHO*UHFR6SXQWDLOFDPSDQLOHVRP
PHUVR,ODYRULLQFRUVRGLXOWLPD]LRQHQHOODQXRYDSLD]]D6DQ
WD&URFHSRUWHUDQQRDOODOXFHSDUWHGDOPRQXPHQWRVHSSHOOLWR
GDOO¶HUX]LRQHGHO8Q¶LGHDLPSRVVLELOH"1LHQWHDIIDWWR
DOPHQRDVHQWLUHLUHVSRQVDELOLGHLODYRULGLSDOD]]R/D6DOOHH
DQFKHFRORURFKHSHUFRQWRGHOODFKLHVDDEUHYHUHDOL]]HUDQQR
ODULVWUXWWXUD]LRQHGHOODSDUURFFKLD7XWWRQDVFHGDOODYRORQWj
GLULFRQVHJQDUHDLWRUUHVLXQSH]]RGLVWRULDFLWWDGLQDJUD]LH
DJOLLQWHUYHQWLFKHKDQQRJLjGDWRXQQXRYRYROWRDOO¶LQWHUD
SLD]]D(DOORUDSHUFKpQRQSURYDUHDULSRUWDUHDOODOXFHLOYHF
FKLRFDPSDQLOHODFXLSDUWHLQIHULRUHqVWDWDVHSROWDGDOODODYD
SLGLDQQLID"1RQXQUHFXSHURDOODIUXLELOLWjPDVRORDOOD
YLVWDJUD]LHDXQLQWHUYHQWRFKHYHUUjUHDOL]]DWRVXOVDJUDWR
DOO¶DOWH]]DGHOO¶XOWLPRWUDWWRFKHFRQGXFHDOODFKLHVDLQIDWWL
YHUUjUHDOL]]DWRXQRVFDYRFKHFRQVHQWLUjGLIDUYHGHUHFRQ
O¶DXVLOLRGLXQDVSHFLDOHLOOXPLQD]LRQHODSDUWHGHOFDPSDQLOH
SRVWRVRWWRODFKLHVDLQDXJXUDWDQHOSHUYRORQWjGLTXHOOR
FKHRJJLqGDWXWWLLIHGHOLYHQHUDWRFRPHLOEHDWR9LQFHQ]R
5RPDQR7XWWRVDUjULFRSHUWRGDXQYHWURFKHFRQVHQWLUjDQ
FKHLOWUDQVLWRSHGRQDOHLQXQFRQWHVWRGLVLFXURIDVFLQR
©/¶LGHDLQL]LDOHVSLHJDQRGDO&RPXQHFRQGLYLVDDQFKHGDO
VLQGDFR&LUR%RUULHOORHUDGLUHDOL]]DUHORVFDYRDOO¶DOWH]]D
GHOODSDUWHGLFDPSDQLOHDWWXDOPHQWHYLVLELOH3RLLOFRQIURQWR
FRQJOLHVSHUWLFKHVWDQQRFXUDQGRO¶LQWHUYHQWRGLUHVW\OLQJGHO
ODFKLHVDHVRSUDWWXWWRLOSDUHUHQHJDWLYRGHOOD6RSULQWHQGHQ]DFLKDQQRVSLQWRDSXQWDUHVXOVDJUDWRª
'LPDJJLRUHIDVFLQRORVFDYRDOO¶DOWH]]DGHOFDPSDQLOHDYUHEEHFRPSRUWDWRO¶LQWHUYHQWRDQFKHQHOODSDU
WHGLSLHWUDODYLFDSUHVHQWHDVHJXLWRGHOO¶HUX]LRQH8QDVSHWWRFKHQRQKDSHUPHVVRDOOD6RSULQWHQGHQ
]DGLFRQFHGHUHLOSDUHUHIDYRUHYROHFRPHLQYHFHqDYYHQXWRSHULOSURJHWWRFKHULJXDUGDLOVDJUDWR$F
FDQWRDTXHVWRDVSHWWRGHLODYRULVLFXUDPHQWHLOSLDIIDVFLQDQWHUHVWDQRGDXOWLPDUHJOLLQWHUYHQWLGL
FRPSOHWDPHQWRGHOODSLD]]DFKHLQDXJXUDWDLQWXWWDIUHWWDDILQHGLFHPEUHGLIDWWRQRQqPDLVWDWDWHUPL
QDWD5HVWDQRGDFRPSOHWDUHJOLLQWHUYHQWLDOORFDOHGDDGLELUHDHGLFRODHVRSUDWWXWWRODFKLXVXUDGHOOD
SLD]]DHODFRQVHJXHQWHPHVVDLQVLFXUH]]D©4XHVWLRQHGLJLRUQLVRVWHQJRQRGDSDOD]]R/D6DOOH
YLVWRFKHDEUHYHDUULYHUDQQRLGLVVXDVRULLQSLHWUDODYLFDDOWLFHQWLPHWULDLTXDOLVDUDQQRSRVWHOHFD
WHQHFKHGLYLGHUDQQRO¶DUHDULVHUYDWDDLSHGRQLGDTXHOODGHVWLQDWDDOWUDQVLWRGHOOHDXWR6HWXWWRGRYHV
VHDQGDUHFRPHSUHYLVWRSULPDGHOO¶HVWDWHODQXRYDSLD]]DVDUjFRPSOHWDWDFRQVHJQDQGRDOODFLWWjXQ¶
RSHUDGDYYHURXQLFDªLOPDWWLQR
7RUUHGHO*UHFR5DFFROWDGLIIHUHQ]LDWDLVWUX]LR
QLSHUO¶XVR
,HULQHOODVHGHGHL*LRYDQL'HPRFUDWLFLGL7RUUHGHO*UHFRLQYLD&LUFRQYDOOD]LRQHVLqWHQXWRXQLQ
FRQWURVXOO¶HPHUJHQ]DULILXWLLQSURYLQFLDGL1DSROLGXUDQWHLOTXDOHVLqGLVFXVVRVXLSUREOHPLGHULYDWLGDO
FDWWLYRVPDOWLPHQWR³,OSUREOHPDGHLULILXWLqQXRYDPHQWHDOO¶RUGLQHGHOJLRUQRHGL*LRYDQL'HPRFUDWLFL
KDQQRVHQWLWRLOELVRJQRGLULPERFFDUVLOHPDQLFKHHGLQIRUPDUHODFLWWDGLQDQ]DVXSUREOHPDWLFKHDP
ELHQWDOLGLLQGXEELDDWWXDOLWjFRPHORVPDOWLPHQWRGHLULILXWLWRVVLFLHODULGX]LRQHGHLULILXWLVROLGLXUEDQL
±KDVSLHJDWR*LXVHSSH6WDVLRGHL*'GL7RUUHGHO*UHFROHHFRPDILHEHQHILFLDQRGDDQQLGLTXHVWD
VLWXD]LRQHHGRJJLVRQRPROWLLFODQFKHJHVWLVFRQRLOOHJDOPHQWHLOFLFORGHLULILXWLLQTXLQDQGRODQRVWUD
WHUUDFRQYHOHQLHULILXWLWRVVLFL´³)DUHXQDEXRQDUDFFROWDGLIIHUHQ]LDWDQRQqXQ¶XWRSLD±KDULEDGLWR6WD
VLR±TXHVWRqWHVWLPRQLDWRDQFKHGDOOHYLFHQGHGHOFRPXQHGL3RUWLFLH&HUFRODFKHVRQRULXVFLWLDFUH
DUHXQRWWLPRSLDQRSHUODGLIIHUHQ]LD]LRQHGHLULILXWL´0DTXDOqVWDWDO¶RULJLQHGLTXHVWDVLWXD]LRQHGL
FULVLFRQWLQXDDOLYHOORUHJLRQDOH"/DULVSRVWD
FLSRUWDLQGLHWURQHOWHPSRHSUHFLVDPHQWHDO
SLDQR5DVWUHOOLFRQLOTXDOHQHO¶VLqFHUFDWR
GLDUJLQDUHODSULPDHPHUJHQ]DULILXWL³,OSLDQR
SUHYHGHYDODFRVWUX]LRQHGLEHQLQFHQHULWRUL
HGLGLVFDULFKHVSDUVHLQWXWWRLOWHUULWRULRFDP
SDQR±KDVSLHJDWROD3URIVVD'L)LRUHGR
FHQWHGLGLULWWRGHOO¶8UEDQLVWLFDHGHOO¶$PELHQWH
GHOO¶XQLYHUVLWjGHJOLVWXGLGL1DSROL)HGHULFR,,
±5DVWUHOOLFKHDOORUDHUDSUHVLGHQWHGHOODUH
JLRQH&DPSDQLDLQFOXVHQHOVXRSLDQRDQFKH
ODFRVWUX]LRQHGLLPSLDQWL&'5SHUODVHOH]LR
QHGHOPDWHULDOHFKHSRLVDUHEEHGRYXWRILQLUH
QHJOLLQFHQHULWRUL´&RPHSHUJOLLQFHQHULWRUL
³FKHQRQKDQQRPDLYLVWRODOXFH´DQFKHOD
FRVWUX]LRQHGLLPSLDQWL&'5QRQKDDYXWRUL
VYROWLSRVLWLYLYLVWRFKH³LOSURGRWWRGLTXHVWH
VWUXWWXUHQRQHUDDGHJXDWDPHQWHVHOH]LRQDWR
SHUGLYHQLUHFRPEXVWLELOHGDLQFHQHULWRUHSHU
TXHVWRPRWLYRRJJLVLDPRVRPPHUVLGDOOHIDPRVHHFREDOOHFKHSRWUHEEHURFRQWHQHUHPDWHULDOHWRVVLFR
FKHQRQSXzDVVROXWDPHQWHHVVHUHEUXFLDWR´3UHVHQWHDOO¶HYHQWRDQFKHORVFULWWRUH)HUUDUDFKHFRQLO
VXROLEUR³,QFHQHULWRUL"1RJUD]LH´GDDQQLVLEDWWHFRQWURODFRVWUX]LRQHGHLWHUPRYDORUL]]DWRUL$OO¶DV
VHPEOHDKDQQRSDUWHFLSDWRDQFKHGHOHJD]LRQHGHO&RPLWDWR3UR0DUHVFDGL5LIRQGD]LRQH&RPXQLVWD
7RUUHGHO*UHFRHGHL*LRYDQL'HPRFUDWLFLGL3RUWLFLFRQLTXDOL±FLKDVSLHJDWR6WDVLR³qQDWRXQSUR
ILFXRUDSSRUWRGLFROODERUD]LRQH´'RPHQLFR6DQQLQRZZZODSLOOLHX
7RUUHGHO*UHFR0DUHVFDGDVPDQWHOODUHRUDWRF
FDD8URORJLD
$QWRQHOOD/RVDSLR7RUUHGHO*UHFR5DEELDLQGLJQD
]LRQHVFRUDPHQWR/DPRELOLWD]LRQHDGLIHVDGHOO¶R
VSHGDOH0DUHVFDVXELVFHXQGXURFROSR$VVHPEOHH
VLWLQFRUWHLRFFXSD]LRQLWXWWHOHLQL]LDWLYHGLSURWH
VWDPHVVHLQFDPSRGDOFRPLWDWRFLYLFRQRQVRQR
ULXVFLWHDVFRQJLXUDUHORVPDQWHOODPHQWRGHOSUHVLGLR
GLYLD0RQWHGRURFKHHVFHGDOODUHWHGHOO¶HPHUJHQ]D
HYHUUjULFRQYHUWLWRLQXQRVSHGDOHDLQGLUL]]RULDELOL
WDWLYR,OWXWWRJUD]LHDOODGHOLEHUDGHOJHQQDLR
FRQODTXDOHLOFRPPLVVDULRVWUDRUGLQDULR9LWWRULR
5XVVRKDDSSURYDWRLOSLDQRDWWXDWLYRD]LHQGDOHUHOD
WLYRDO©ULDVVHWWRGHOODUHWHRVSHGDOLHUDHWHUULWRULDOH
GHOO¶$VO1DSROL6XGª,OSURYYHGLPHQWRLPPHGLDWD
PHQWHHVHFXWLYRSUHYHGHSHULOIHEEUDLRODFKLX
VXUDGHOO¶8URORJLD,QROWUHHQWURWUHPHVLGDOO¶DSSOL
FD]LRQHGHOSLDQRDWWXDWLYRYHUUjGLVDWWLYDWRLOSURQWR
VRFFRUVRFRQO¶DWWLYD]LRQHGLXQDVWUXWWXUD3VDXW/H
DWWLYLWjGLVXSSRUWRFOLQLFRVSHFLDOLVWLFKHVDUDQQR
JDUDQWLWHILQRDOFRPSOHWDPHQWRGHOODULFRQYHUVLRQHGDDWWXDUVLHQWURPHVLGDOSUHVLGLRGL%RVFRWUH
FDVH1HJOLVSD]LUHVLGLVSRQLELOLqSUHYLVWDODFUHD]LRQHGLXQDVWUXWWXUDSROLIXQ]LRQDOHSHUODVDOXWH
XQDVRUWDGLSROLDPEXODWRULRVSHFLDOLVWLFR%ORFFDWRDOPRPHQWRLOWUDVIHULPHQWRGHOOD*DVWURHQWHURORJLD
DO/RUHWR0DUHJOLVSD]LQRQVRQRVXIILFLHQWLSHUJDUDQWLUHOHDWWLYLWjG¶HOH]LRQH8QDGRFFLDIUHGGDSHU
TXDQWLGDPHVLVLVWDQQREDWWHQGRSHUODVDOYDJXDUGLDGHO0DUHVFD©6LDPRLQGLJQDWLDWWDFFDQRFLWWDGL
QL1RQF¶qULVSDUPLRVLWDJOLDVHQ]DFUHDUHYDOLGHDOWHUQDWLYHHVLIDYRULVFRQRLSULYDWLª©&RQO¶DSSUR
YD]LRQHGHOSLDQRDWWXDWLYRVRWWROLQHDO¶DYYRFDWR*HQQDUR7RUUHVHDFDSRGHOSRROGLOHJDOLLQFDPSR
DOILDQFRGHOFRPLWDWRYHQJRQRPRUWLILFDWHOHLVWDQ]HGHLFLWWDGLQL6HLOSLDQRDWWXDWLYRULVXOWDDSSURYD
WRLOJHQQDLRTXHOORFKHqVWDWRUHDOL]]DWRLQSUHFHGHQ]DGDJOLRUJDQLVPLSUHSRVWLqLOOHJLWWLPRHVDUj
DUJRPHQWRGDVRWWRSRUUHDOO¶DWWHQ]LRQHGHLJLXGLFLª©1RQKRULFHYXWRQHVVXQDGHOLEHUDQpWDQWRPHQRq
VWDWRDVFROWDWRLOSDUHUHGHOODFRQIHUHQ]DGHLVLQGDFL$YHYRFRQFRUGDWRVRWWROLQHDLOVLQGDFR&LUR%RU
ULHOORFRQLYHUWLFLUHJLRQDOLHFRQLOPDQDJHU5XVVRVWUDWHJLHGLYHUVH1HOOHSURVVLPHRUHLQFRQWUHUzLO
JRYHUQDWRUH&DOGRURLOSUHVLGHQWHGHOODSURYLQFLD&HVDURHLOFRQVLJOLHUHSHUODVDQLWj&DODEUzÊDVVXU
GRFKHXQ¶DUHDFRVuYDVWDSHUGDGXHRVSHGDOLLO0DUHVFDHO¶$SLFHOODª©,QYLWLDPRDQFRUDXQDYROWDL
FLWWDGLQLGHOFRPSUHQVRULRDVFHQGHUHLQSLD]]DLQIRUPDQRLFRPLWDWL/XQHGuDOOHqLQGHWWDXQ¶
DVVHPEOHDSXEEOLFDLQSLD]]D6DQWD&URFHHPDUWHGuXQVLWLQDOOD5HJLRQH&RORURFKHSURFHGRQRFRQ
ODUHDOL]]D]LRQHHO¶DWWXD]LRQHGLTXHVWRSLDQRVLGRYUDQQRDVVXPHUHODUHVSRQVDELOLWjHWLFDHPRUDOHGL
TXHOORFKHVWDQQRIDFHQGRªLOPDWWLQR
7RUUHGHO*UHFR'HSXUDWRUHODEDWWDJOLDGHOPR
YLPHQWR6WHOOH
,OPRYLPHQWz6WHOOHGL7RUUHGHO*UHFRFRQWLQXDLOVXRODYRURVRWWHUUD
QHRHSRFRHFODWDQWHGLGRFXPHQWD]LRQHHVWXGLRGLVWUDWHJLHSHUEORF
FDUHFRQFHUWH]]DODFRVWUX]LRQHGHOGLJHVWRUHFKLPLFRGHSXUDWRUHLQGX
VWULDOHRPHJOLRFRQRVFLXWRFRPHHFRPRVWUR,QTXHVWLPHVLKDYLVLRQDWR
HULFHYXWRFRSLDGLGLYHUVLGRFXPHQWLLQSRVVHVVRGHOOHLVWLWX]LRQLHDOOD
OXFHGLFLzULVXOWDFKHO¶LPSLDQWRGHOOH)HUURYLHGHOOR6WDWRGDGHORFDOL]
]DUHFKHJHQHUHUHEEHO¶HFRPRVWURQRQKDPDLULFHYXWRDWWRGLDVVHQVR
GDO&RPXQHDQFKHSHUOHVXFFHVVLYHPRGLILFKHDSSRUWDWHDOO¶LPSLDQWR
QHO&¶qTXLQGLODQHFHVVLWjGLDFFHUWDUHVHHVLVWHDEXVRSHUSDUWH
GHOO¶DWWXDOHLPSLDQWRGL7UHQLWDOLDULWHQHQGRFKHXQDLQWHJUD]LRQHDOOD
GHQXQFLDSUHVHQWDWDGDOODUHWHFLYLFDVXOODTXHVWLRQHREEOLJKHUHEEHJOL
RUJDQLSUHSRVWLDIDUHLGRYXWLDFFHUWDPHQWL(¶DXVSLFDELOHFKHODVRFLH
WjFLYLOHFKHKDVRWWRVFULWWRODGHQXQFLDJLjSUHVHQWDWDQHOVRWWRVFULYLTXHVWDLQWHJUD]LRQHVHYR
JOLDPRYHUDPHQWHXWLOL]]DUHRJQLVWUXPHQWRLQQRVWURSRVVHVVRSHUVIUXWWDUHWXWWHOHSRVVLELOLWjGLEORF
FDUHOHFRPRVWUR&2081,&$72
/D7XUULVULWURYD5RPDQRLO&REUDGDOGHQWHDY
YHOHQDWR
&KLVVjFRVDSDVVHUjSHUODWHVWDGL*DHWDQR5RPDQRGRPHQLFDTXDQGR
VXOQHXWURGL$U]DQRLO³FREUD´JLRFKHUjFRQODPDJOLDGHOOD)RU]DH&R
UDJJLRFRQWUROD7XUULV,OFDOFLDWRUHGHOODIRUPD]LRQHVDQQLWDDYUjGLIURQWH
ODVTXDGUDFKHTXHVWDHVWDWHHUDDGXQSDVVRGDOXL8QH[PDQFDWRGXQ
TXHO¶DWWDFFDQWHFKHDYUjGLIURQWHTXHLFRORULLQGRVVDWLVRORXQDYROWDLQ
RFFDVLRQHGLXQDOOHQDPHQWR,ODJRVWRLQIDWWLLO³&REUD´KDFDOFDWR
SURSULRO¶HUEDVLQWHWLFDGHO/LJXRULDOOHQDQGRVLFRQODVTXDGUDFRUDOOLQD
DOOHQDWDGD'L1RODGDYDQWLDFHQWLQDLDGLVSHWWDWRULFKHHUDQRDFFRUVL
DOO¶HYHQWR8QDOOHQDPHQWRFKHDYHYDODVFLDWRSUHVDJLUHDGXQPDWULPRQLR
FKHSRLQRQVLqFHOHEUDWR5RPDQRGRSRTXDOFKHJLRUQRGLDOOHQDPHQWR
ODVFLzLFRUDOOLQLSHUSRLDFFDVDUVLD%HQHYHQWRSURSULRFRQOD)RU]DH
&RUDJJLR$TXHOSXQWROD7XUULVQRQVLIHFHWURYDUHLPSUHSDUDWDHTXLQGL
LQJDJJLz*DHWDQR3R]LHOORPDDQFKHFRQTXHVW¶XOWLPRLFRUDOOLQLQRQVRQR
VWDWLGLFHUWRIRUWXQDWLKDUHVFLVVRDGLFHPEUH5LWRUQDQGRDOODEUHYHDYYHQWXUDGL5RPDQRD7RUUHGHO
*UHFRO¶DFFRUGRVDOWzSHUFKpLWHUPLQLGHOO¶DFFRUGRLQL]LDOHQRQIXURQRULVSHWWDWLDOPRPHQWRGHOODILUPD
,QXQ¶LQWHUYLVWDULODVFLDWDSURSULRD0HWURSROLVLQROWUHLOERPEHUQDSROHWDQRDWWDFFzSURSULRODVRFLHWj
UHDGLDYHUFDPELDWRJOLDFFRUGL8QSDLRGLJLRUQLGRSRODPDQFDWDILUPDFRQOD7XUULVLO³&REUD´VLDF
FRUGzFRQODVTXDGUDVDQQLWDDOOHQDWDGDOGXR0DXUR/HSRUH&RQODVTXDGUDJLDOORURVVDRUD*DHWDQR
5RPDQRVWDYLYHQGRXQDVHFRQGDJLRYLQH]]D1RQHQWUDWRQHOJUXSSR%HQHYHQWDQRQHOPLJOLRUHGHLPR
GLFRQLOWHPSRLOHQQHDWWDFFDQWHVLqLQWHJUDWRDOODSHUIH]LRQHQHJOLVFKHPLGHLGXHWHFQLFL0DXURH
/HSRUH1RQKDJLRFDWRWDQWLVVLPRLO³FREUD´KDFROOH]LRQDWRSUHVHQ]HPHWWHQGRDVHJQRJRO1HO
OHXOWLPHJLRUQDWHO¶DWWDFFDQWHKDDQFKHVRIILDWRLOSRVWRDOFRPSDJQRGLUHSDUWR3LSSR7RUWRUDDOWURH[
GLWXUQR6HLWLIRVLDYHVVHURDYXWRODSRVVLELOLWjGLDVVLVWHUHDOPDWFK7RUWRUDDYUHEEHVLFXUDPHQWH
JXDGDJQDWRDSSODXVLHFRUL/DWLIRVHULDFRUDOOLQDQRQO¶KDGLPHQWLFDHSSXUHKDJLRFDWRXQDVRODVWDJLR
QHD7RUUHGHO*UHFRPDLQRJQLFDOFLRPHUFDWRF¶qTXDOFXQRFKHLQYRFDLOVXRQRPH3HU5RPDQRLQYH
FHFLVDUHEEHURVWDWHVRORILVFKLHGHVSUHVVLRQLSRFRJUDGLWH$QGUHD5LSD
7RUUHGHO*UHFR7RSLDVFXRODOHPDPPHVLULEHO
ODQRDGHVVREDVWD
7HUHVD,DFRPLQR7RUUHGHO*UHFR/DORURSURWHVWDqDUULYDWD
ILQRDSDOD]]R%DURQDOHGRYHKDQQRFKLHVWRGLHVVHUHULFHYXWL
GDOVLQGDFR8QDGHOHJD]LRQHGLJHQLWRULGHJOLDOXQQLGHOODVFXR
ODPDWHUQDGLYLOOD*XUJRLHULKDPDQLIHVWDWRDO&RPXQH3RPR
GHOODGLVFRUGLDODPDQFDWDSXOL]LDGHOSOHVVRGHOO
RWWDYRFLUFROR
GLGDWWLFRXQDVWUXWWXUDTXHOODGLYLD/DYD7URLDFKHVLWURYDD
ULGRVVRGLDSSH]]DPHQWLGLWHUUHQRDEEDQGRQDWLHSHUTXHVWR
VRJJHWWLDOODSUHVHQ]DGLDQLPDOLLQSDUWLFRODUHGLUDWWL(SUR
SULRXQJURVVRWRSRFKHVLDJJLUDYDQHOOHFODVVLKDVFDWHQDWROD
SURWHVWD$OORURDUULYRJHQLWRULHSLFFROLDOOLHYLLVFULWWLDOOHFLQ
TXHFODVVLGHOODPDWHUQDSLGLLEDPELQLFKHIUHTXHQWDQR
O
LVWLWXWRKDQQRWURYDWRXQDGGHWWRDOOHSUHVHFRQXQUDWWRFKH
SURSULRQRQYROHYDVDSHUQHGLXVFLUHGDOODVFXROD4XHVWDLPPDJLQHDVVRFLDWDDOOHSROHPLFKHVFRSSLD
WHQHOOHVFRUVHVHWWLPDQHWUDJHQLWRULHSUHVLGHGHOO
LVWLWXWR'
2UVL0DULD-RVp$ELOLWDWRKDQQRFRQYLQWR
XQDGHFLQDGLSHUVRQHDUHFDUVLDSDOD]]R%DURQDOH2WWRPDPPHHGXHSDSjKDQQRYDUFDWRLOFDQFHOOR
GHO&RPXQHDWWRUQRDOOHDOFXQLFRQLILJOLFKHKDQQRSUHIHULWRQRQIDUHHQWUDUHDVFXROD©9RJOLDPR
SDUODUHFROVLQGDFRªKDGHWWRXQDGRQQD&LUR%RUULHOORLQTXHOPRPHQWRQRQHUDSUHVHQWHHFRVuLJH
QLWRULVRQRVWDWL©DIILGDWLªDGXQRGHJOLXRPLQLGHOODVHJUHWHULDGHOSULPRFLWWDGLQR©4XHVWDFRQGL]LRQH
KDQQRVSLHJDWRD5DIIDHOH%RUULHOORFRPSRQHQWHGHOSRRODVHUYL]LRGHOVLQGDFRYDDYDQWLGDWURSSR
WHPSR,QRVWULILJOLVRQRFRVWUHWWLDFRQYLYHUHFRQJOLHVFUHPHQWLGHLWRSL$EELDPRVHJQDODWRDSLUL
SUHVHODYLFHQGDDOODSUHVLGHFKHSHUzFLKDVHPSUHGHWWRFKHQRQSRWHYDIDUHDOWURFKHULYROJHUVLDO
O
DPPLQLVWUD]LRQH(TXLQGLVWDYROWDVLDPRYHQXWLGLUHWWDPHQWHQRLDO&RPXQHª8QDVRUWLWDFKHKDGDWR
LSULPLIUXWWLGRSRFKHORVWDIIGHOVLQGDFRKDLQIRUPDWRGLTXDQWRDFFDGXWRLUHVSRQVDELOLGHOO
$VO1DSROL
6XGJLjRJJLVLSURFHGHUjDGXQDSULPDGHUDWWL]]D]LRQHGHOOHDUHHHVWHUQHDYLOOD*XUJRLQDWWHVD
FKHODVWHVVDD]LHQGDVDQLWDULDGLFRQFHUWRFRQODGLULJHQWH$ELOLWDWRLQGLYLGXLXQDJLRUQDWDQHOODTXDOH
SURFHGHUHDOODGLVLQIH]LRQHGHLORFDOLGHOSOHVVRGLYLD/DYD7URLD©6LDPRVROOHYDWLGLFRQRRUDLJHQLWR
ULGHLSLFFROLLVFULWWLDOODPDWHUQDGHOO
RWWDYRFLUFRORDQFKHVHWDQWRUHVWDDQFRUDGDIDUH%DVWLSHQVDUH
FKHO
LVWLWXWRPDQFDGLPLVXUHDQWLQFHQGLRDGHJXDWHDFRPLQFLDUHGDOOHVFDOHGLHPHUJHQ]DHVSHVVR
O
DUHDDQWLVWDQWHODVFXRODqIUHTXHQWDWDGDWRVVLFRGLSHQGHQWLªLOPDWWLQR
7RUUHGHO*UHFR'URJDPDUNHWSUHVDODILJOLD
GHOSDGULQR )UDQFHVFD5DVSDYROR7RUUHGHO*UHFR&LQTXHFKLOLH
PH]]RGLKDVKLVKGXHPD]]HGDEDVHEDOOGHFLQHGLSX
JQDOLHFROWHOOLHDGGLULWWXUDXQRVIROODJHQWHÊLOERWWLQR
ULWURYDWRGDJOLDJHQWLGHOFRPPLVVDULDWRGLYLD0DUFRQL
QHOO¶DSSDUWDPHQWRGL%DUEDUD3RPSHRODSXVKHUYHVXYLD
QDILQLWDQHOODUHWHGHOODSROL]LDGL7RUUHGHO*UHFR8QD
VSDFFLDWULFHDOVROGRGHOFODQXQDJLRYDQHPDPPDPD
VRSUDWWXWWRO¶HUHGHGLXQERVVGLFDPRUUDODHQQHGL
YLD6RUUHQWLQRLQIDWWLqODILJOLDGHO©0DPPRQHªFDSR
FODQWRUUHVHXFFLVRQHOODIDLGDFKHLQVDQJXLQzODFLWWjWUD
JOLDQQL¶H¶9ROWRJLjQRWRDOOHIRU]HGHOO¶RUGLQHFKH
RSHUDQRVXOWHUULWRULRSHUSUHFHGHQWLFKHSDUODQRSURSULR
GLVSDFFLRGLGURJDODGRQQDqFRQVLGHUDWDGDJOLLQYHVWL
JDWRULFRPHXQDGHOOHIHGHOLVVLPHGHL'L*LRLD3DSDOHOH
GXHIDPLJOLHFKHRUPDLGDDQQLJHVWLVFRQRLWUDIILFLLOOHFLWL
D7RUUHGHO*UHFR6HFRQGRTXDQWRULFRVWUXLWRGDOODSROL
]LDLOFODQDYHYDDIILGDWRDSSXQWRD%DUEDUD3RPSHRLO
FRPSLWRGLFXVWRGLUHOHVFRUWHGLKDVKLVKLQDWWHVDGL
VPHUFLDUOHDOGHWWDJOLRVXOPHUFDWRGHOIXPR'XQTXHXQ
UXRORGLSULPRSLDQRQHOO¶RUJDQLJUDPPDGHOODPDODWRUUH
VHVPDVFKHUDWRGDJOLDJHQWLDOWHUPLQHGLXQDOXQJDH
GHOLFDWDRSHUD]LRQHLQFHQWUDWDVXLWUDIILFLGLGURJDDOOHVWLWL
DOO¶RPEUDGHO9HVXYLR0HVLGLODYRURSRLLHULVHUDODVYROWDFRQO¶DUUHVWRGHOODGRQQDQHOODVXDDELWD]LR
QHGLYLD,JQD]LR6RUUHQWLQR3HUOHLO¶DFFXVDqGLGHWHQ]LRQHDLILQLGLVSDFFLRGLVRVWDQ]HVWXSHIDFHQWLH
GLGHWHQ]LRQHGLPDWHULDOHDWWRDRIIHQGHUHÊODEULOODQWHFRQFOXVLRQHGLXQ¶LQGDJLQHSDUWLWDPHVLIDQHO
FXRUHDQWLFRGHOODFLWWj*UD]LHDGDSSRVWDPHQWLSHGLQDPHQWLHDSSURIRQGLWHULFHUFKHJOLXRPLQLGHO
FRPPLVVDULDWRGLYLD0DUFRQLKDQQRVPDVFKHUDWRXQJLURGLFRPSUDYHQGLWDGLKDVKLVK6FDPELGLIXPR
FKHFRQGXFHYDQRSURSULRLQYLD6RUUHQWLQRQHOO¶DSSDUWDPHQWRGL%DUEDUD3RPSHL'RSRDYHURVVHUYDWR
ODJLRYDQHGRQQDSHUXQSDLRGLVHWWLPDQHJLRYHGuVHUDJOLDJHQWLKDQQRIDWWRSDUWLUHLOEOLW]0DQFDYDQR
SRFKLPLQXWLDOOHTXDQGRXQDVTXDGUDGHOFRPPLVVDULDWRGLYLD0DUFRQLKDIDWWRLUUX]LRQHQHOO¶DELWD
]LRQH4XDQGRJOLXRPLQLLQGLYLVDVRQRHQWUDWLQHOO¶DSSDUWDPHQWRODSXVKHUDYHYDLOILJOLRGLSRFKLPHVL
LQEUDFFLRHVWDYDSHUFHQDUH8QSDUWLFRODUHFKHQRQOHqEDVWDWRDHYLWDUHODSHUTXLVL]LRQHSHUVRQDOHH
GRPLFLOLDUH,QFDPHUDGDOHWWREHQQDVFRVWLGLHWURDLFRPRGLQLF¶HUDQRLQIDWWLFLQTXHFKLORJUDPPLH
PH]]RGLKDVKLVK/DGURJDHUDGLYLVDLQSDQHWWLGDJUDPPLFLDVFXQRRJQXQRGHLTXDOLHUDFRQ
VHUYDWRVRWWRFHOORSKDQH1HLJXDLqILQLWRDQFKHLOPDULWRGL%DUEDUD3RPSRVRFKHSHUzqULXVFLWRD
VIXJJLUHDOODUHWDWDHGqVWDWRVROWDQWRGHQXQFLDWRDSLHGHOLEHUR2OWUHDOIXPRQHOO¶DSSDUWDPHQWRGLYLD
,JQD]LR6RUUHQWLQRJOLDJHQWLGLSROL]LDKDQQRDQFKHULWURYDWRGLYHUVLFROWHOOLDOFXQLSXJQDOLGXHPD]]H
GDEDVHEDOOHDGGLULWWXUDXQRVIROODJHQWH&KLDURVHJQDOHFKHODGRQQDFKLDPDWDGDOFODQ'L*LRLD
3DSDOHDRFFXSDUVLGLXQDIIDUHFKHVFRWWDVHQWLVVHODQHFHVVLWjGLSURWHJJHUVL0DFROWHOOLHPD]]HVR
QRFRVWDWLDOODHQQHXQDVHFRQGDDFFXVDTXHOODGLGHWHQ]LRQHGLPDWHULDOHDWWRDRIIHQGHUH%DUEDUD
3RPSRVRqVWDWDFRQGRWWDJLjQHOODQRWWHGLJLRYHGuLQXQDFHOODGHOFDUFHUHIHPPLQLOHGL$YHOOLQRGRYH
DWWHQGHUjSULPDODGHFLVLRQHGHOJLXGLFHVXOODFRQYDOLGDGHOO¶DUUHVWRSRLLOSURFHVVR1HOIUDWWHPSRLQWRU
QRDOPDULWRGHOODSXVKHUGHQXQFLDWRDSLHGHOLEHURHDOPRPHQWRDQFRUDLQVWDWRGLLUUHSHULELOLWjVLVWD
VWULQJHQGRLOFHUFKLRGHJOLLQYHVWLJDWRULLOPDWWLQR
7RUUHGHO*UHFR9HVXYLRH[,VXGDOVLQGDFROL
EHUDWRLOVHQWLHUR
)UDQFHVFR&DWDODQR7RUUHGHO*UHFR6LWLQGHLODYRUDWR
ULGHO9HVXYLRDOO
HVWHUQRGHO0XQLFLSLRGL7RUUHGHO*UH
FR1HOWDUGRSRPHULJJLRGLLHULXQDGHOHJD]LRQHGLVLQ
GDFDOLVWLHGH[RSHUDLGHOODFRRSHUDWLYD9HVXYLR1DWXUD
H/DYRURKDRWWHQXWRXQLQFRQWURFRQLOVLQGDFR&LUR
%RUULHOORSHULOOXVWUDUJOLODVLWXD]LRQHHOHGLQDPLFKHFKH
KDQQRFRQGRWWRDOODPDQFDWDVWDELOL]]D]LRQHGHOORUR
SRVWRGLODYRUR©0LVRQRLPSHJQDWRVSLHJDLOSULPR
FLWWDGLQRWRUUHVHDIDUPLLQWHUORFXWRUHSUHVVROHLVWLWX
]LRQLSHUDSULUHIRUPDOPHQWHHLQWHPSLEUHYLXQWDYROR
GLWUDWWDWLYHSUHVVROD3UHIHWWXUDFKHULXQLVFDLYDULRU
JDQLFRLQYROWLLQTXHVWDYLFHQGD0LVRQRDQFKHDWWLYDWR
GLFRQFHUWRFRQLOSUHVLGHQWHGHOOD&RPXQLWjGHO3DUFR
&DSDVVRDVWXGLDUHVROX]LRQLFKHSRVVDQRJDUDQWLUH
XQDUDSLGDULVROX]LRQHGHOODYHUWHQ]Dª,OVLQGDFRGL7RU
UHGHO*UHFRqFRQYLQWRFKHLOSUREOHPDGHLH[OVX
SRVVDHVVHUHULVROWRVHQ]DJURVVRGLVSHQGLRGLULVRUVHILQDQ]LDULH©1RQVLWUDWWDGLIDUHDVVLVWHQ]LDOL
VPRVRWWROLQHD%RUULHOORPDGLWURYDUHXQDIRUPXODSHUFRQVHQWLUHDTXHVWLRSHUDLGLWRUQDUHDODYRUD
UHLQXQ
DUHDSURWHWWDFKHKDELVRJQRGHOORURVHUYL]LRSHUODPDQXWHQ]LRQHGHLVHQWLHUL,O9HVXYLRqXQD
ULVRUVDSHULOQRVWURWHUULWRULRHGLOODYRURGLTXHVWLGLSHQGHQWLSRWUHEEHHVVHUHILQDQ]LDWRDQFKHFRQXQ
OHJJHURDXPHQWRGHOWLFNHWG
LQJUHVVRª6RGGLVIDWWLSHUO
LQFRQWURFRQ%RUULHOORLUDSSUHVHQWDQWLGHJOLH[
OVX©,OVLQGDFRVSLHJD&LUR6HUDSRQWHGHOOD8LOVLqPRVWUDWRGLVSRQLELOHDWURYDUHXQSXQWRG
LQFRQ
WURFRQOHQRVWUHULFKLHVWH6SHULDPRFKHQHLSURVVLPLJLRUQLVLULHVFDDLQVHGLDUHXQWDYRORWHFQLFRLQ
3UHIHWWXUDª&RPHVHJQDOHGLEXRQDYRORQWjLQWDQWRGRSRJLRUQLGLEORFFRJOLRSHUDLKDQQRFRQVHQ
WLWRODULDSHUWXUDDLWXULVWLGHOVHQWLHURGHO*UDQ&RQR©0DVHHQWURODSURVVLPDVHWWLPDQDQRQFLVDUDQ
QRVHJQDOLFRQFUHWLDQQXQFLD&LUR)XVFRGHOOD&LVOVLDPRSURQWLDGD]LRQLHFODWDQWLªLOPDWWLQR
Scarica

l`informatorre dal 29-01-2011 al 05-02-2011