‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
75,%81$/(',9,&(1=$
DUWELVGLVS$WW&SF
3URFHGXUDSURPRVVDGD
%$1&$3232/$5(',9,&(1=$6&3$
FRQWUR
0'+$1,)+$%,%855$+$0$1$%'8/.$,:80
5*(Q
*LXGLFH'RWW*LXOLR%RUHOOD
'DWD&RQIHULPHQWRLQFDULFR
'DWD*LXUDPHQWR
'DWDXGLHQ]D
3(5,=,$',67,0$
GHO
/¶(VSHUWRLQFDULFDWR,QJ6HUJLR)DQWLQDWR
LVFULWWRDOO¶RUGLQHGHJOL,QJHJQHULGHOODSURYLQFLDGL9LFHQ]DDO
LVFULWWRDOO
$OERGHO7ULEXQDOHGL9LFHQ]DH[%DVVDQRGHO*UDSSDDOQ
&))1765*5$3
FRQVWXGLRLQ%DVVDQRGHO*UDSSD9,/DUJR3DUROLQL
WHOHIRQR
ID[
HPDLOVHUJLR#JLXSLLW
HPDLOSHFVHUJLRIDQWLQDWR#LQJSHFHX
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
6&+('$6,17(7,&$(,1',&(
3URFHGXUDHVLPPQ5*SURPRVVDGD
%$1&$3232/$5(',9,&(1=$6&3$
&RQWUR
0'+$1,)+$%,%855$+$0$1$%'8/.$,:80
'LULWWRSDJSLHQDSURSULHWj
%HQHSDJDSSDUWDPHQWRDOƒSLDQRHJDUDJHDOSLDQRVHPLQWHUUDWRLQHGLILFLRFRQGRPLQLDOH
8ELFD]LRQHSDJ0RQWHFFKLR0DJJLRUH9,9LD%HOOLQLLQW
6WDWRSDJVFDUVR
/RWWLSDJQRXQLFR
'DWL&DWDVWDOLDWWXDOLSDJ &RPXQHGL0RQWHFFKLR0DJJLRUH9,
IRJOLR±PDSSDOH±VXE$HVXE&
'LIIHUHQ]HULVSHWWRDOSLJQRUDPHQWRSDJQHVVXQD
,UUHJRODULWjDEXVLSDJVL
9DORUH GLVWLPDSDJ YDORUHGLPHUFDWRGHGRWWRFRVWLFDUDWWLQHVWLPDELOL¼
SUH]]RDEDVHG¶DVWD¼FRPSUHQVLYRGHFXUWD]LRQHGHO
9HQGLELOLWjSDJVFDUVD
0RWLYR SDJ SHU XELFD]LRQH GHOO¶LPPRELOH H OR VFDUVR VWDWR GL FRQVHUYD]LRQH H OH FRQGL]LRQL
DWWXDOLGLVWD]LRQDULHWjGHOPHUFDWRLPPRELOLDUH
3XEEOLFLWjSDJVLWLLQWHUQHWSHUDQQXQFLLPPRELOLDULTXRWLGLDQLORFDOLULYLVWHGLVHWWRUH
2FFXSD]LRQHSDJVLJ$%'8/.$,:80HVHFXWDWRFRQODSURSULDIDPLJOLDFRQLXJHHILJOL
7LWRORGLRFFXSD]LRQHSDJWLWRORGLFRPSURSULHWjGHOO¶HVHFXWDWR
2QHULSDJVSHVHFRQGRPLQLDOL
9DULHQHVVXQD
$3(DOOHJDWRVL
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
$//(*$7,
6RYUDSSRVL]LRQHRUWRIRWRFRQODPDSSDFDWDVWDOH
$WWHVWDWRGL3UHVWD]LRQH(QHUJHWLFD$3(
'RFXPHQWD]LRQHIRWRJUDILFD
3ODQLPHWULHGHOORVWDWRDWWXDOHGHLOXRJKLUHGDWWDGDOSHULWR
9LVXUDFDWDVWDOHVWRULFD&DWDVWR)DEEULFDWLEHQLLQ&RPXQHGL0RQWHFFKLR0DJJLRUHIJPS
VXE
9LVXUDFDWDVWDOHVWRULFD&DWDVWR)DEEULFDWLEHQLLQ&RPXQHGL0RQWHFFKLR0DJJLRUHIJPS
VXE
9LVXUDFDWDVWDOHVWRULFD&DWDVWR7HUUHQLEHQLLQ&RPXQHGL0RQWHFFKLR0DJJLRUHIJPS
3ODQLPHWULHGHOORVWDWRDWWXDOHGHLOXRJKLFRQLQGLFD]LRQHGHOOHGLIIRUPLWjFDWDVWDOLULVFRQWUDWH
$WWRGLDFTXLVWR5HSQ5DFFQDIDYRUHGHJOLHVHFXWDWL
(VWUDWWRPDSSD&DWDVWR7HUUHQLFRQLQGLFD]LRQHGHLEHQLSLJQRUDWL
(VWUDWWR PDSSD FDUWDFHD &DWDVWR 7HUUHQL SULPD GHOOD GLJLWDOL]]D]LRQH FRQ LQGLFD]LRQH GHL EHQL
SLJQRUDWL
(VWUDWWR PDSSD FDUWDFHD &DWDVWR )DEEULFDWL SULPD GHOOD GLJLWDOL]]D]LRQH FRQ LQGLFD]LRQH GHL EHQL
SLJQRUDWL
3ODQLPHWULH&DWDVWDOLGHLEHQLSLJQRUDWL
$XWRUL]]D]LRQLHGLOL]LHGHOHGHOFRQHODERUDWRJUDILFR
$XWRUL]]D]LRQHGLDELWDELOLWjGHO
'HQXQFLD,QL]LR$WWLYLWjGHOFRQHODERUDWRJUDILFR
&RPXQLFD]LRQHGLXOWLPD]LRQHODYRULGHO
&HUWLILFDWRGLFROODXGRILQDOHGHO
$XWRUL]]D]LRQHDOORVFDULFRGHO
&HUWLILFDWRGL'HVWLQD]LRQH8UEDQLVWLFD&'8GHLEHQLSLJQRUDWL
7DEHOOHGLVWLPDGHLEHQLFRQLOPHWRGR0&$
&RPXQLFD]LRQHGHOO¶DPPUHGLFRQGRPLQLRLQPHULWRDOOHVSHVHFRQGRPLQLDOLHGDOWUR
&RPXQLFD]LRQHGHOO¶DPPUHGLFRQGRPLQLRLQPHULWRDOUHJRODPHQWRGLFRQGRPLQR
&HUWLILFDWRGLUHVLGHQ]DVWRULFRGHJOLHVHFXWDWL
'LFKLDUD]LRQHGHOO¶8IILFLRGL6WDWR&LYLOHGHO&RPXQHGL0RQWHFFKLR0DJJLRUH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
48(6,72
9LVWLJOLDUWW&SFHELVGLVS$WW&SFYLVWRLO9DGHPHFXPSHUO¶HVSHUWRODFKHFNOLVWSHU
O¶HVDPH GHOOD GRFXPHQWD]LRQH LO PRGHOOR GL VFKHGD VLQWHWLFD H GL SHUL]LD GRFXPHQWL WXWWL FKH YHQJRQR
FRQVHJQDWL DOO¶HVSHUWR GD LQWHQGHUVL LYL ULFKLDPDWL H DL TXDOL VL ULQYLD LO *LXGLFH GLVSRQH FKH O¶HVSHUWR
SURYYHGDDFRPSLHUHWXWWHOHDWWLYLWjLQGLFDWHQHOOHGHWWHQRUPHHGRFXPHQWLHVHJQDWDPHQWH
• YHULILFDUH OD FRPSOHWH]]D GHOOD GRFXPHQWD]LRQH GL FXL DOO¶DUW FSF VHJQDODQGR LPPHGLDWDPHQWH DO
*LXGLFHTXHOOLLQFRPSOHWLPDQFDQWLRLQLGRQHLO¶HVSHUWRGHYHSURFHGHUHDOFRQWUROORGHOODFRPSOHWH]]DGHOOD
GRFXPHQWD]LRQHGHSRVLWDWDH[DUWFSFHQWURWUHQWDJLRUQLGDOSUHVHQWHJLXUDPHQWRGHSRVLWDQGRLQ
3&7ODUHODWLYDFKHFNOLVW
• LGHQWLILFDUHLGLULWWLUHDOLHJOLLPPRELOLRJJHWWRGLSLJQRUDPHQWRLYLFRPSUHVLLFRQILQLHLGDWLFDWDVWDOLDWWXDOL
LQGLFDQGRDOWUHVuJOLXOWHULRULHOHPHQWLQHFHVVDULSHUO¶HYHQWXDOHHPLVVLRQHGHOGHFUHWRGLWUDVIHULPHQWRDOILQH
GHOO¶HVDWWDLQGLYLGXD]LRQHGHLIDEEULFDWLHGHLWHUUHQLRJJHWWRGLSLJQRUDPHQWRO¶HVSHUWRVWLPDWRUHGHYHVHPSUH
HIIHWWXDUH XQD VRYUDSSRVL]LRQH GHOOH RUWRIRWR R GHOOH IRWR VDWHOOLWDUL UHSHULELOL DQFKH VXO ZHE FRQ OH PDSSH
FDWDVWDOLHODERUDWHGDOOD62*(,/¶HVSHUWRGHYHGDUQHHVSOLFLWDPHQWHDWWRQHOODUHOD]LRQHLQULVSRVWDDOSUHVHQWH
TXHVLWRHGLQVHULUHOHVRYUDSSRVL]LRQLHIIHWWXDWHVLDQHOWHVWRGHOODUHOD]LRQHFKHQHJOLDOOHJDWLDOODVWHVVD
• QHO FDVR GL LUUHJRODULWj FDWDVWDOL SURYYHGD DOOD UHJRODUL]]D]LRQH 'RFID SXUFKp QRQ VL WUDWWL GL LUUHJRODULWj
FDWDVWDOLFRQQHVVHDGDEXVLHGLOL]L
• SUHFLVDUHVHYLVLDQRGLVFUDVLHWUDLGDWLFDWDVWDOLGHOSLJQRUDPHQWRHTXHOOLHIIHWWLYLDOO¶HSRFDGHOSLJQRUDPHQWR
VWHVVR VSHFLILFDQGR VH GHWWH GLVFUDVLH LPSRUWLQR LQFHUWH]]D QHOO¶LQGLYLGXD]LRQH GHL EHQL FROSLWL GDO
SLJQRUDPHQWR
• GHVFULYHUH JOL LPPRELOL PHGHVLPL LQ SDUWLFRODUH OD WLSRORJLD FRQIRUPD]LRQH HSRFD H FDUDWWHULVWLFKH
FRVWUXWWLYHVWDWRGLPDQXWHQ]LRQH
• SUHGLVSRUUHFHUWLILFD]LRQHHQHUJHWLFDVHDVVHQWHHQHFHVVDULDDYYDOHQGRVLVHGHOFDVRGLDXVLOLDULR
• GHWHUPLQDUHLOYDORUHGHOFRPSHQGLRSLJQRUDWRDYXWRULJXDUGRDOGLULWWRVXOO¶LPPRELOHLQFRQFUHWRFROSLWRGDO
YLQFRORXVXIUXWWRSLHQDSURSULHWjQXGDSURSULHWjVXSHUILFLHHFFHVSULPHQGRDQFKHXQJLXGL]LRILQDOHVXOOD
FRQFUHWDDSSHWLELOLWjHSRVVLELOLWjGLYHQGLWDGHOEHQHLQUHOD]LRQHDLOXRJKLDOORVWDWRHFF
• QHOFDVRVLWUDWWLGLTXRWDLQGLYLVDYDOXWLVHVLDSRVVLELOHSURFHGHUHDOODVHSDUD]LRQHLQQDWXUDGHOODTXRWDGHO
GHELWRUH HVHFXWDWR RYYHUR YHULILFKL VH LO FRPSHQGLR VLD FRPRGDPHQWH GLYLVLELOH SUHGLVSRQHQGR LQ WDO FDVR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
SURJHWWR GL GLYLVLRQH FRPSOHWR FRQ JOL HYHQWXDOL FRQJXDJOL H OH HYHQWXDOL VHUYLW RYYHUR IRUQLVFD OD
YDOXWD]LRQHGHOODVRODTXRWDWHQHQGRFRQWRGHOODPDJJLRUGLIILFROWjGLYHQGLWD
• IRUPDUH RYH RSSRUWXQR XQR R SL ORWWL SHU OD YHQGLWD LGHQWLILFDQGR L QXRYL FRQILQL H SURYYHGHQGR RYH
QHFHVVDULR DOOD UHDOL]]D]LRQH GHO IUD]LRQDPHQWR DOOHJDQGR DOOD UHOD]LRQH HVWLPDWLYD L WLSL GHELWDPHQWH
DSSURYDWLGDOO¶8IILFLR7HFQLFR(UDULDOH
• YHULILFDUHODUHJRODULWjGHLEHQLVRWWRLOSURILORHGLOL]LRHGXUEDQLVWLFRHGHOODORURDJLELOLWjYGYDGHPHFXP±
TXHVLWR DFTXLVHQGR LO UHODWLYR FHUWLILFDWR HG HOHQFDUH OH SUDWLFKH HGLOL]LH VYROWH UHODWLYH DOO¶LPPRELOH LQ
FDVRGLLUUHJRODULWjXUEDQLVWLFKHRHGLOL]LHSUHFLVLLO&78VHJOLDEXVLVLDQRVDQDELOLRPHQRVSHFLILFDQGRQHO
SULPRFDVRLFRVWLGLVDQDWRULDQHOVHFRQGRLOYDORUHGHOO¶DUHDGLVHGLPHPHQRLFRVWLGLDEEDWWLPHQWR
• YHULILFDUH OR VWDWR GL SRVVHVVR GHJOL LPPRELOL SUHFLVDQGR VH RFFXSDWL GD WHU]L HG D FKH WLWROR RYYHUR GDO
GHELWRUHRYHHVVLVLDQRRFFXSDWLLQEDVHDGXQFRQWUDWWRGLDIILWWRRORFD]LRQHYHULILFKLODGDWDGLUHJLVWUD]LRQH
HODVFDGHQ]DGHOFRQWUDWWRODGDWDGLVFDGHQ]DSHUO¶HYHQWXDOHGLVGHWWDO¶HYHQWXDOHGDWDGLULODVFLRILVVDWDROR
VWDWRGHOODFDXVDHYHQWXDOPHQWHLQFRUVRSHULOULODVFLRYHULILFDUHLQFDVRGLORFD]LRQHODFRQJUXLWjGHOFDQRQH
VHFRQGRLSDUDPHWULGLFXLDOO¶DUWFF
• LQGLYLGXDUHLSUHFHGHQWLSURSULHWDULQHOYHQWHQQLRHGHOHQFDUHFLDVFXQDWWRGLDFTXLVWRFRQLQGLFD]LRQHGHLVXRL
HVWUHPLGDWDQRWDLRGDWDHQXPHURGLUHJLVWUD]LRQHHWUDVFUL]LRQHDFTXLVHQGRODUHODWLYDGRFXPHQWD]LRQH
• LQGLFDUHODSUHVHQ]DGLYLQFROLHGRQHULDQFKHFRQGRPLQLDOLJUDYDQWLVXOEHQHGLFXLDOO¶DUWELVGDFSF
QLQSDUWLFRODUHO¶HVLVWHQ]DGLGLULWWLUHDOLQRQRSSRQLELOLDOFUHGLWRUHLSRWHFDULRH[DUWFFLOFXL
YDORUH GHYH HVVHUH VWLPDWR LQ TXDQWR VDUDQQR FDQFHOODWL FRQ LO GHFUHWR GL WUDVIHULPHQWR O¶HVLVWHQ]D GL DOWUL
YLQFROL R RQHUL RSSRQLELOL DOOD SURFHGXUD H DOO¶DJJLXGLFDWDULR OH IRUPDOLWj FKH VDUDQQR FDQFHOODWH D VHJXLWR
GHOO¶HPLVVLRQHGHOGHFUHWRGLWUDVIHULPHQWRLSRWHFKHSLJQRUDPHQWLVHTXHVWULGLULWWLUHDOLGLFXLDOO¶DUW
FF
• IRUQLVFDDOWUHVuOHVHJXHQWLLQIRUPD]LRQLXWLOLDLVRJJHWWLHYHQWXDOPHQWHLQWHUHVVDWL
O¶LPSRUWRDQQXRGHOOHVSHVHILVVHGLJHVWLRQHRPDQXWHQ]LRQHHVVSHVHFRQGRPLQLDOLRUGLQDULH
HYHQWXDOLVSHVHVWUDRUGLQDULHJLjGHOLEHUDWHPDQRQDQFRUDVFDGXWH
HYHQWXDOLVSHVHFRQGRPLQLDOLVFDGXWHQRQSDJDWHQHJOLXOWLPLGXHDQQLDQWHULRULDOODGDWDGHOODSHUL]LD
HYHQWXDOLGRWD]LRQLFRQGRPLQLDOLHVSRVWLDXWRFRPXQLJLDUGLQRHFF
HYHQWXDOLFDXVHLQFRUVR
• DOOHJKL LO 3HULWR DOOD UHOD]LRQH GL VWLPD DPSLR FRPSHQGLR IRWRJUDILFR GHO EHQH QRQFKp OD GRFXPHQWD]LRQH
UDFFROWD GL FXL VRSUD WUDFXL OD SODQLPHWULD GHO EHQH ODYLVXUD FDWDVWDOH DWWXDOH OD FRSLD GHOOD FRQFHVVLRQH R
OLFHQ]D HGLOL]LD H JOL DWWL GL VDQDWRULD H OD UHVWDQWH GRFXPHQWD]LRQH QHFHVVDULD OD GRFXPHQWD]LRQH LQHUHQWH LO
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
UHJLPHSDWULPRQLDOHIDPLOLDUHLQWHJUDQGRVHGHOFDVRTXHOODSUHGLVSRVWDGDOFUHGLWRUHGHSRVLWLLQSDUWLFRODUH
RYHQRQLQDWWLFRSLDGHOO¶DWWRGLSURYHQLHQ]DGHOEHQHHFRSLDGHOO¶HYHQWXDOHFRQWUDWWRGLORFD]LRQH
• GHSRVLWLODSHUL]LDLQ3&7DOPHQRJLRUQLSULPDGHOO¶XGLHQ]DFRQWHVWXDOPHQWHGHSRVLWDQGRFRSLDGLFRUWHVLD
FDUWDFHDSHULOJLXGLFHLQ&DQFHOOHULDLQYLDQGRFRQWHVWXDOPHQWHDOGHSRVLWRGHOODSHUL]LDXQDFRSLDGHOODVWHVVD
DOOHSDUWLSUHVVRLULVSHWWLYLGLIHQVRULDOO¶LQGLUL]]RSHFGDJOLVWHVVLGLFKLDUDWRDOO¶DWWRGHOODFRVWLWX]LRQHQRQFKp
DO&XVWRGH,9*
• ULIHULVFD LPPHGLDWDPHQWH DO *LXGLFH GL RJQL ULFKLHVWD GL VRVSHQVLRQH GHO FRUVR GHOOH RSHUD]LRQL SHULWDOL
LQIRUPDQGR FRQWHVWXDOPHQWH OD SDUWH FKH O¶HVHFX]LRQH SRWUj HVVHUH VRVSHVD VROR FRQ SURYYHGLPHQWR GHO
*LXGLFHVXULFRUVRGHOODPHGHVLPDSDUWHFXLDGHULVFDQRWXWWLJOLDOWULFUHGLWRUL
• IRUPXOLWHPSHVWLYDLVWDQ]DSURURJDHFRQWHVWXDOHULQYLRGHOO¶XGLHQ]DLQFDVRGLLPSRVVLELOLWjGLRVVHUYDQ]DGHO
WHUPLQH GL GHSRVLWR SURYYHGHQGR DOWUHVu D GDUQH FRPXQLFD]LRQH DOOH SDUWL WHQHQGR FRQWR FKH SRWUj HVVHUH
FRQFHVVD VDOYR FDVL HFFH]LRQDOL XQD VROD SURURJD SHU PDVVLPR JLRUQL SHU OH SURURJKH VXFFHVVLYH VL
DSSOLFKHUjDOFRPSHQVRODGHFXUWD]LRQHGLFXLDOO¶DUW'35
'DWD&RQIHULPHQWRLQFDULFR
'DWD*LXUDPHQWR
'DWDXGLHQ]D
692/*,0(172'(//(23(5$=,21,
,OJLRUQRDVHJXLWRFRQYRFD]LRQHGHOO¶,OOXVWULVVLPR*LXGLFH'RWW*LXOLR%RUHOODGHO7ULEXQDOHGL
9LFHQ]D LO VRWWRVFULWWR HVSHUWR ,QJ 6HUJLR )DQWLQDWR KD DFFHWWDWR O¶LQFDULFR GL FXL DO 'HFUHWR GHO JLRUQR
SUHVWDYDLOJLXUDPHQWRGLULWRULFHYHYDLOTXHVLWR
3HUODUHGD]LRQHGHOODSUHVHQWHSHUL]LDVRQRVWDWLHVHJXLWLLVHJXHQWLLQGLVSHQVDELOLDFFHUWDPHQWLSHULWDOL
YHULILFD GHOOD FRPSOHWH]]D GHOOD GRFXPHQWD]LRQH GHSRVLWDWD H[ DUW FSF GHSRVLWDQGR LQ 3&7 OD
UHODWLYDFKHFNOLVWLQGDWD
QHL PHVL GL JLXJQR H VHWWHPEUH YHULILFD WHOHPDWLFD SUHVVR O¶$JHQ]LD GHOOH (QWUDWH 8IILFLR
3URYLQFLDOH GL 9LFHQ]D ± 7HUULWRULR VHUYL]L &DWDVWDOL DO ILQH GL RWWHQHUH FRSLD GL YLVXUH PDSSH H
SODQLPHWULH
LQ GDWD RWWHQXWR FRSLD DWWUDYHUVR OR 6WXGLR GHO 1RWDLR %HQLDPLQR ,WUL GHOO¶$WWR GL DFTXLVWR
GHLEHQLRJJHWWRGL(VHFX]LRQH
LQ GDWD XOWHULRUH YHULILFD WHOHPDWLFD VHPSUH SUHVVR O¶$JHQ]LD GHOOH (QWUDWH 8IILFLR
3URYLQFLDOHGL9LFHQ]D±7HUULWRULRVHUYL]L,SRWHFDULFRQORVFRSRGLYHULILFDUHODFRUUHWWH]]DHGDWWXDOLWj
GL TXDQWR ULSRUWDWR QHOOD &HUWLILFD]LRQH 1RWDULOH 6RVWLWXWLYD SUHVHQWH DOO¶LQWHUQR GHO IDVFLFROR GHOOD
SURFHGXUD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
LQ GDWD DWWUDYHUVR DFFHVVR GLUHWWR SUHVVR O¶8IILFLR 6HUYL]L 'HPRJUDILFL GHO &RPXQH GL
0RQWHFFKLR0DJJLRUHSUHYLDULFKLHVWDLQYLDWDYLDSHFVLVRQRRWWHQXWLL&HUWLILFDWLGL5HVLGHQ]D6WRULFRH
O¶$WWHVWD]LRQHUHODWLYDDOORVWDWRFLYLOHGHOO¶HVHFXWDWR
LQGDWDYLHQHHVHJXLWRXQSULPRVRSUDOOXRJRSUHVVRJOLLPPRELOLLQHVDPHDOODSUHVHQ]DGHO
&XVWRGH*LXGL]LDULR,VWLWXWR9HQGLWH*LXGL]LDULHGL9LFHQ]D6UOHGHOODPRJOLHGHOO¶HVHFXWDWR6LJ$EGXO
.DLZXPSHUODYHULILFDGHOORVWDWRGHLOXRJKLHSHUO¶HVHFX]LRQHGLXQULOLHYRIRWRJUDILFR
LQGDWDDFFHVVRGLUHWWRSUHVVRO¶8IILFLR(GLOL]LD3ULYDWDGHO&RPXQHGL0RQWHFFKLR0DJJLRUH
SHUODYHULILFDGHOODGRFXPHQWD]LRQHXUEDQLVWLFRHGLOL]LDFRQVHUYDWDDOO¶LQWHUQRGHLORURDUFKLYLDOILQHGL
HVWUDUQH FRSLD SHU LO ULWLUR GHO &'8 SUHFHGHQWHPHQWH ULFKLHVWR YLD SHF H SHU ULFKLHGHUH LQIRUPD]LRQL
XUEDQLVWLFRHGLOL]LHUHODWLYHDOO¶LPPRELOH
LQ GDWD YLHQH HVHJXLWR XQ VHFRQGR VRSUDOOXRJR SUHVVR JOL LPPRELOL LQ HVDPH DOOD SUHVHQ]D
GHOOD PRJOLH GHOO¶HVHFXWDWR 6LJ $EGXO .DLZXP SHU LO ULOLHYR VWUXPHQWDOH GHL EHQL RJJHWWR GL
SLJQRUDPHQWR H SHU O¶DFTXLVL]LRQH GHOOH LQIRUPD]LRQL QHFHVVDULH SHU OD UHGD]LRQH GHOO¶$WWHVWDWR GL
3UHVWD]LRQH(QHUJHWLFD
QHO PHVH GL VHWWHPEUH VL VRQR FRQWDWWDWL GLYHUVL VWXGL WHFQLFL H DJHQ]LH LPPRELOLDUL ORFDOL SHU
DFTXLVLUHLQIRUPD]LRQLVXGDWLHFRQRPLFLLPPRELOLDULGLHGLILFLFRQFDUDWWHULVWLFKHVLPLOLFRPSDUDELOLD
TXHOOLGDVWLPDUHRJJHWWRGLUHFHQWLFRPSUDYHQGLWH
QHO PHVH GL VHWWHPEUH VL VRQR FRQWDWWDWL GLYHUVL VWXGL 1RWDULOL SHU DFTXLVLUH LQIRUPD]LRQL VX GDWL
HFRQRPLFL LPPRELOLDUL GL HGLILFL FRQ FDUDWWHULVWLFKH VLPLOL FRPSDUDELOL D TXHOOL GD VWLPDUH RJJHWWR GL
UHFHQWLFRPSUDYHQGLWHSUHYLDDQDOLVLLSRWHFDULDHFDWDVWDOHDOILQHGHOODORURLQGLYLGXD]LRQH
LQGDWDDWWUDYHUVRDFFHVVRGLUHWWRSUHVVROD&RQVHUYDWRULDGHL5HJLVWUL,PPRELOLDULGL9LFHQ]D
VLVRQRDFTXLVLWLLGDWLUHODWLYLDLSDVVDJJLGLSURSULHWjGHLEHQLSLJQRUDWLSHULOSHULRGRDQWHFHGHQWHDOOD
LQIRUPDWL]]D]LRQHGHO6HUYL]LRGL3XEEOLFLWj,PPRELOLDUH
VHJXHFRPSOHWDPHQWRDQDOLVLYDOXWD]LRQLVWHVXUDHFRQVHJQDSHUL]LD
,'(17,),&$=,21('(/%(1((6200$5,$'(6&5,=,21(
'LULWWR
3LHQD 3URSULHWj SHU OD TXRWD GL GL DSSDUWDPHQWR SRVWR DO SLDQR TXDUWR FRQ JDUDJH SRVWR DO SLDQR
VHPLQWHUUDWRLQXQFRQGRPLQLRFRPSRVWRGDSLDQLIXRULWHUUDHGXQRVHPLQWHUUDWRLQ0RQWHFFKLR0DJJLRUH9,
9LD%HOOLQLLQWLGHQWLILFDWRYHGLDOOHJDWLSUHVVRO¶$JHQ]LDGHOOH(QWUDWH8IILFLR3URYLQFLDOHGL9LFHQ]D
±7HUULWRULRFRPHVHJXH
&RPXQH GL 0RQWHFFKLR 0DJJLRUH IRJOLR H[ VH] $ IRJOLR PDSS VXE &DWHJRULD $
&ODVVH&RQVLVWHQ]DYDQL5HQGLWD¼9LD$UFKLPHGHSLDQRVFDOD%
&RPXQH GL 0RQWHFFKLR 0DJJLRUH IRJOLR H[ VH] $ IRJOLR PDSS VXE &DWHJRULD &
&ODVVH8&RQVLVWHQ]DPð5HQGLWD¼9LD$UFKLPHGHSLDQR6
LOWXWWRLQWHVWDWRD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
$EGXO .DLZXP QDWR LQ %DQJODGHVK LO FI%'/.:06=) FRQGLULWWL HG RQHUL UHDOL
TXDOL³3URSULHWjSHU´
+DELEXU5DKDPDQQDWRLQ%DQJODGHVKLOFI+%%5015=/FRQGLULWWLHGRQHULUHDOL
TXDOL³3URSULHWjSHU´
0G +DQLI QDWR LQ%DQJODGHVK LO FI 0';+1)(=/ FRQ GLULWWL HG RQHUL UHDOL TXDOL
³3URSULHWjSHU´
6L SUHFLVD FKH LO GLULWWR UHDOH LQGLFDWR QHOO¶DWWR GL SLJQRUDPHQWR FRUULVSRQGH D TXHOOR LQ WLWRODULWj
GHOO¶HVHFXWDWR LQ IRU]D GHOO¶DWWR GL DFTXLVWR WUDVFULWWR D VXR IDYRUH ULVXOWDWR TXHVWR RWWHQXWR GDO FRQIURQWR WUD
TXDQWRULSRUWDWRQHLVHJXHQWLGRFXPHQWL
$WWRGL3LJQRUDPHQWR,PPRELOLDUHHVWUDWWR
³«LQ&RPXQHGL0RQWHFFKLR0DJJLRUH&DWDVWR)DEEULFDWL6H]LRQH$)RJOLRPQVXEFDW
$ FO YDQL 5& ¼ SHU WXWWH OH SDUL TXRWH GL SURSULHWj GL LQWHVWDWH D 0G +DQLI +DELEXU
5DKDPDQ$EGXO.DLZXP
LQFRPXQHGL0RQWHFFKLR0DJJLRUH&DWDVWR)DEEULFDWL6H]LRQH$)RJOLRPQVXEFDW&
FO8PT5&¼SHUWXWWHOHSDULTXRWHGLSURSULHWjGLLQWHVWDWHD0G+DQLI+DELEXU5DKDPDQ
$EGXO.DLZXP
$WWRGL$FTXLVWRHVWUDWWRYHGLDOOHJDWLWUDVFULWWRDIDYRUHGHJOL(VHFXWDWL
³«,FRQLXJL«FLDVFXQRSHUODTXRWDGLGLULWWRSDULDGXQPH]]RHFRVuVROLGDOPHQWHWUDORURSHU
O
LQWHURYHQGRQRFHGRQRHWUDVIHULVFRQRVHQ]DULVHUYDDOFXQDDLVLJQRUL0G+DQLI+DELEXU5DKDPDQH$EGXO
.DLZXP FKH LQ EXRQD IHGH LQ SDUWL XJXDOL LQ FRPXQH HG LQGLYLVR WUD ORUR DFFHWWDQR HG DFTXLVWDQR OD SLHQD
SURSULHWjGHOODVHJXHQWHXQLWjLPPRELOLDUHIDFHQWHSDUWHGHOIDEEULFDWRVLWRLQ&RPXQHGL0RQWHFFKLR0DJJLRUH
DOOD9LD%HOOLQLQHSUHFLVDPHQWH
DSSDUWDPHQWRDGXVRFLYLOHDELWD]LRQHQRQGLOXVVRSRVWRDOSLDQRTXDUWRFRQJDUDJHSRVWRDOSLDQR
VHPLQWHUUDWR FRQILQDQWL O
DSSDUWDPHQWR FRQ PXUL SHULPHWUDOL VX WUH ODWL VFDOH FRPXQL H SURSULHWj GL WHU]L LO
JDUDJHFRQVSD]LRGLPDQRYUDPXURGLWDPSRQDPHQWRHSURSULHWjGLWHU]LVDOYRLSLSUHFLVL
LQFDWDVWRO
XQLWjLPPRELOLDUHULVXOWDFHQVLWDDO1&(8QHOFLWDWR&RPXQHGL0RQWHFFKLR0DJJLRUH
DOODVH]LRQH$IRJOLRFRLPDSSDOLQUL
VXE9LD$UFKLPHGH3VFDOD%FDW$FOYDQL(XUR
VXE9LD$UFKLPHGH367FDW&FO8PT(XUR
$O ILQH GHOO¶HVDWWD LQGLYLGXD]LRQH GHL EHQL RJJHWWR GL SLJQRUDPHQWR VL DOOHJD QHO VHJXLWR OD
VRYUDSSRVL]LRQHRUWRIRWRFRQPDSSDFDWDVWDOH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
ƒ’’Ǥͺ͵ͺ
9LVWHOHFDUDWWHULVWLFKHGHO PHUFDWRORFDOHIDWWH OHRSSRUWXQHFRQVLGHUD]LRQLHYDOXWD]LRQLLOVRWWRVFULWWR
HVSHUWR ULWLHQH FKH L EHQL SLJQRUDWL SHU XQD PDJJLRUH SRVVLELOLWj GL YHQGLWD GHEEDQR HVVHUH FRQVLGHUDWL FRPH
/277281,&2
%HQHHXELFD]LRQH
7UDWWDVLGLXQDSSDUWDPHQWRSRVWRDOSLDQRTXDUWRHGXOWLPRFRQJDUDJHSRVWRDOSLDQRVHPLQWHUUDWRLQXQ
FRQGRPLQLRFRPSRVWRGDSLDQLIXRULWHUUDHGXQRVHPLQWHUUDWRLQ0RQWHFFKLR0DJJLRUH9,9LD%HOOLQL
LQW/D]RQDULVXOWDGRWDWDGLGLYHUVLVHUYL]LTXDOLLQSDUWLFRODUHODOLQHDGLWUDVSRUWRSXEEOLFRFRQDXWREXV
ULVWRUDQWLEDUVXSHUPHUFDWLEDQFKHVFXROHXIILFLRSRVWDOHFKLHVDHWF
/¶HGLILFLRqVLWRLQ9LD%HOOLQLLQWQHOODIUD]LRQHGL$OWH&HFFDWRDGHVWULVSHWWRDOFDSROXRJRGL
0RQWHFFKLR0DJJLRUHDVXGRYHVWGHOOD]RQDDUWLJLDQDOHGL$OWH&HFFDWRHDQRUGRYHVWGHOFDVHOORDXWRVWUDGDOHGL
0RQWHFFKLR0DJJLRUH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
'HVFUL]LRQH
,OIDEEULFDWRRJJHWWRGLSLJQRUDPHQWRqFRVWLWXLWRGDXQDSSDUWDPHQWRSRVWRDOSLDQRTXDUWRHGXOWLPR
FRQJDUDJHSRVWRDOSLDQRVHPLQWHUUDWRLQXQFRQGRPLQLRFRPSRVWRGDSLDQLIXRULWHUUDHGXQRVHPLQWHUUDWRLQ
0RQWHFFKLR0DJJLRUH9,9LD%HOOLQLLQW
/¶HGLILFLRqVWDWRUHDOL]]DWRJUD]LHDOOHDXWRUL]]D]LRQLHGLOL]LHGHOQGHOHQYDU
GHOHFRQULODVFLRGHOFHUWLILFDWRGLDELWDELOLWjLQGDWD
/¶DSSDUWDPHQWRDOSLDQRTXDUWRGDOSXQWRGLYLVWDFRVWUXWWLYRSUHVHQWDOHVHJXHQWLFDUDWWHULVWLFKH
VWUXWWXUHSRUWDQWLYHUWLFDOLLQPXUDWXUDGLPDWWRQLGLODWHUL]LRLQWRQDFDWHVXLGXHODWL
PXUDWXUHGLYLVRULHLQWHUQHLQPDWWRQLIRUDWLGLODWHUL]LRLQWRQDFDWHVXLGXHODWL
VRODLLQODWHURFHPHQWRFRQSLJQDWWHGLODWHUL]LRHFDSSDLQFD
SDYLPHQWLHULYHVWLPHQWLGHLEDJQLLQSLDVWUHOOHGLFHUDPLFDHJUHVSRUFHOODQDWR
VFDOHLQFDULYHVWLWHLQSLHWUDPDUPR
FRSHUWXUDDIDOGHFRQVWUXWWXUDSRUWDQWHLQODWHURFHPHQWRHPDQWRGLFRSHUWXUDLQFRSSLGLFHPHQWR
JURQGDLHHSOXYLDOLLQODPLHUDSUHYHUQLFLDWD
WHUUD]]R FRVWLWXLWR GDO VRODLR GL FRSHUWXUD GHO SLDQR LQIHULRUH FRQ SDYLPHQWD]LRQH LQ TXDGURWWL
SUHIDEEULFDWLFRQILQLWXUDLQJKLDLQRODYDWRHSDUDSHWWRLQPXUDWXUDULYHVWLWRLQODPLHUDYHUQLFLDWD
ILQHVWUHHSRUWHILQHVWUHLQOHJQRFRQYHWURVLQJRORFRQDYYROJLELOLLQ39&FRQGRSSLDILQHVWUDHVWHUQD
FRQWHODLRLQDOOXPLQLRHYHWURVLQJROR
SRUWHLQWHUQHLQOHJQRGHOWLSRWDPEXUDWR
/¶DFFHVVR DOO¶HGLILFLR DYYLHQH GDO ODWR QRUG GHO FRQGRPLQR PHGLDQWH LO YDQR VFDOD GHQRPLQDWR ³%´ DO
FLYLFR FKH VL DIIDFFLD VX YLD %HOOLQL 3HU VDOLUH DO SLDQR TXDUWR q SRVVLELOH XWLOL]]DUH OH VFDOH FRPXQL RSSXUH
PHGLDQWHO¶DVFHQVRUHFRQGRPLQLDOHTXHVW¶XOWLPRDOPRPHQWRGHOVRSUDOOXRJRIXRULXVR
,OJDUDJHDOSLDQRVHPLQWHUUDWRGDOSXQWRGLYLVWDFRVWUXWWLYRSUHVHQWDOHVHJXHQWLFDUDWWHULVWLFKH
VWUXWWXUHSRUWDQWLYHUWLFDOLLQFDOFHVWUX]]R
VRODLLQODWHURFHPHQWRFRQSLJQDWWHGLODWHUL]LRHFDSSDLQFD
SDYLPHQWRLQFOVOLVFLDWR
SRUWRQLVFRUUHYROLLQPHWDOOR
/¶DFFHVVRDOJDUDJHDYYLHQHGDOODWRQRUGGHOFRQGRPLQRPHGLDQWHODUDPSDLQFOLQDWDGLDFFHVVRDOSLDQR
VHPLQWHUUDWRFKHVLDIIDFFLDVXYLD%HOOLQL
$OO¶LQWHUQR GHOO¶DELWD]LRQH VRQR SUHVHQWL L VHJXHQWL ORFDOL LQJUHVVRGLVLPSHJQR FXFLQDVRJJLRUQR WUH
FDPHUHPDWULPRQLDOLXQDFDPHUDVLQJRODEDJQRULSRVWLJOLRFWFRUULGRLRWHUUD]]RHVWHUQRVFRSHUWR
/HVXSHUILFLHORUGDGHOO¶DELWD]LRQHqFLUFDSDULDPðLOFRHIILFLHQWHXWLOL]]DWRSHUODGHWHUPLQD]LRQH
GHOODVXSHUILFLHFRPPHUFLDOHqXJXDOHD
/HVXSHUILFLHORUGDGHOWHUUD]]RqFLUFDSDULDPðLOFRHIILFLHQWHXWLOL]]DWRSHUODGHWHUPLQD]LRQHGHOOD
VXSHUILFLHFRPPHUFLDOHqXJXDOHD
/HVXSHUILFLHORUGDGHOJDUDJHqFLUFDSDULDPðLOFRHIILFLHQWHXWLOL]]DWRSHUODGHWHUPLQD]LRQHGHOOD
VXSHUILFLHFRPPHUFLDOHqXJXDOHD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
/DVXSHUILFLHXWLOHGHOO¶LPPRELOHDOQHWWRGLPXULHVFDOHqSDULDFLUFDPðSHUO¶DSSDUWDPHQWR
Pð SHU LO WHUUD]]R H FLUFD SHU LO JDUDJH Pϡ SHU LO JDUDJH /D VXSHUILFLH FRPPHUFLDOH GHOO¶XQLWj DELWDWLYD
FRPSOHVVLYDqSDULDPð
/¶DOWH]]D QHWWD LQWHUQD GHOO¶DSSDUWDPHQWR q SDUL D P DG HFFH]LRQH GL XQD IDVFLD OXQJR LO SHULPHWUR
HVWHUQRODUJDFLUFDPGRYHWDOHDOWH]]DVLULGXFHJUDGXDOPHQWHILQRDGXQPLQLPRGLFLUFDPLQDGLDFHQ]D
DOOHSDUHWLHVWHUQHDFDXVDGHOODSHQGHQ]DGHOVRODLRGLFRSHUWXUD,OJDUDJHDOSLDQRLQWHUUDWRLQYHFHSUHVHQWDXQD
DOWH]]DQHWWDLQWHUQDGLFLUFDPHQHOOD]RQDSLDQRUGGHOORVWHVVRVLULGXFHJUDGXDOPHQWHILQRDGXQPLQLPR
GLFLUFDPLQDGLDFHQ]DDOODSDUHWHQRUGHVWHUQD
/¶LPPRELOH ULVXOWD GRWDWR GL LPSLDQWR HOHWWULFR LGULFR WHUPLFR FRQ FDOGDLD DXWRQRPD H UDGLDWRUL FRQ
DOODFFLDPHQWRDOODUHWHJDVPHWDQR79IRJQDULRFRQDOODFFLRDOODIRJQDWXUDFRPXQDOH
/HFRQGL]LRQLPDQXWHQWLYHGHOO¶LPPRELOHULVXOWDQRFRPSOHVVLYDPHQWHVFDUVHHORVWHVVRQHFHVVLWDGLXQ
LQWHUYHQWRGLPDQXWHQ]LRQHVLDSHUTXHOFKHULJXDUGDOHILQLWXUHFKHSHUFKHULJXDUGDJOLLPSLDQWL
6LULSRUWDQRQHOVHJXLWROHSLDQWHGHOO¶LPPRELOHVRSUDGHVFULWWRUHGDWWHGDOSHULWRVRWWRVFULWWRVXOODEDVH
GHLULOLHYLHVHJXLWLVXOSRVWRGXUDQWHOHRSHUD]LRQLSHULWDOLROWUHDGDOFXQHIRWRLQWHUQHHHGHVWHUQHGHOORVWHVVR
)LJXUD3LDQWDJDUDJHDOSLDQRVHPLQWHUUDWR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD3LDQWDDSSDUWDPHQWRDOSLDQRTXDUWR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD$VFHQVRUHFRQGRPLQLDOHHSRUWRQFLQRGLLQJUHVVR
‹‰—”ƒͶǤ‹’‘•–‹‰Ž‹‘Ȁ…Ǥ–Ǥ‡…ƒŽ†ƒ‹ƒǤ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‹‰—”ƒͷǤ‰”‡••‘Ǥ
)LJXUD&XFLQD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD&DPHUD
)LJXUD&DPHUD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD%DJQR
)LJXUD&RUULGRLRHFDPHUD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD7HUUD]]RHVFOXVLYR
)LJXUD*DUDJHVHPLQWHUUDWR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD&RUVLDGLPDQRYUDJDUDJH
)LJXUD9LVWDHVWHUQHGDHVW
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD9LVWDHVWHUQHGDVXGHVW
)LJXUD9LVWDLQJUHVVRFRQGRPLQLDOHGDQRUG
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
5LVSRQGHQ]DGHJOLLPSLDQWLDOODYLJHQWHQRUPDWLYD
'DTXDQWRqVWDWRSRVVLELOHULVFRQWUDUHGXUDQWHLVRSUDOOXRJKLHVHJXLWLVLSXzDVVHULUHFKHJOLLPSLDQWLQRQ
VLDQR ULVSHWWRVL GHOOH DWWXDOL QRUPDWLYH WHFQLFKH YLJHQWL LQ FRQVLGHUD]LRQH DQFKH GHOO¶HSRFD GL UHDOL]]D]LRQH
GHOO¶HGLILFLR H GHOOR VFDUVR VWDWR GL PDQXWHQ]LRQH GHJOL VWHVVL ,QROWUH DO PRPHQWR GHO VRSUDOOXRJR QRQ q VWDWD
ULVFRQWUDWDODSUHVHQ]DGHOODWHQXWDGLXQUHJRODUH³OLEUHWWRGLXVRHPDQXWHQ]LRQH´SHUODFDOGDLD
,OVRWWRVFULWWRHVSHUWRULWLHQHTXLQGLFKHJOLVWHVVLLPSLDQWLGHEEDQRHVVHUHRJJHWWRGLSXQWXDOHYHULILFD
WHFQLFDDWWLYLWjTXHVWDSHUODTXDOHqLQGLVSHQVDELOHO¶LQWHUYHQWRGLXQSURIHVVLRQLVWDLPSLDQWLVWLFRVSHFLDOL]]DWR
1HFHVVLWjGLLQWHUYHQWLPDQXWHQWLYLXUJHQWL
9LVWDODVLWXD]LRQHGHLEHQLSLJQRUDWLVRSUDGHVFULWWDVLUHQGHUHEEHURQHFHVVDULGHJOLLQWHUYHQWLGLPHVVDD
QRUPD SHU JOL LPSLDQWL GL ULIDFLPHQWR GHOOD ILQLWXUD GHJOL LQWRQDFL HVLVWHQWL GHOOH PXUDWXUH HVWHUQH IRUWHPHQWH
GHJUDGDWLHXQULVDQDPHQWRGHJOLLQWRQDFLLQWHUQLLQTXDQWRLQDOFXQLSXQWLVRQRSUHVHQWLHYLGHQWLVHJQLGLPXIIHH
FRQGHQVD]LRQL
&HUWLILFD]LRQHHQHUJHWLFD
Ê VWDWD YHULILFDWD O¶DVVHQ]D GHOO¶DWWHVWDWR GL SUHVWD]LRQH HQHUJHWLFD $3( SHUWDQWR VL q SURFHGXWR DOOD
VXDUHGD]LRQHYHGLLQDOOHJDWR
6725,$&$7$67$/(
'DWLFDWDVWDOLDWWXDOL
, EHQL RJJHWWR GL SURFHGXUD FRVu FRPH ULSRUWDWR SUHVVR O¶$JHQ]LD GHOOH (QWUDWH 8IILFLR 3URYLQFLDOH GL
9LFHQ]D±7HUULWRULR&$7$672)$%%5,&$7,VRQRLGHQWLILFDWLFRQ
&RPXQHGL0RQWHFFKLR0DJJLRUH)JPDSSVXE&DWHJRULD$&ODVVH&RQVLVWHQ]DYDQL
9LD$UFKLPHGHSLDQRVFDOD%
&RPXQHGL0RQWHFFKLR0DJJLRUH)JPDSSVXE&DWHJRULD&&ODVVH8&RQVLVWHQ]DPð
9LD$UFKLPHGHSLDQR6
LOWXWWRLQWHVWDWRD
$EGXO .DLZXP QDWR LQ %DQJODGHVK LO FI%'/.:06=) FRQGLULWWL HG RQHUL UHDOL
TXDOL³3URSULHWjSHU´
+DELEXU5DKDPDQQDWRLQ%DQJODGHVKLOFI+%%5015=/FRQGLULWWLHGRQHULUHDOL
TXDOL³3URSULHWjSHU´
0G +DQLI QDWR LQ%DQJODGHVK LO FI 0';+1)(=/ FRQ GLULWWL HG RQHUL UHDOL TXDOL
³3URSULHWjSHU´
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
9DULD]LRQLVWRULFKH
6LWXD]LRQHGHOO
,PPRELOHUHODWLYDDGDWWRGHODQWHFHGHQWHDOO
LPSLDQWRPHFFDQRJUDILFR
&DWDVWR7HUUHQL
&RPXQH GL 0RQWHFFKLR 0DJJLRUH )J PDSS 4XDOLWj 62335(662 6XSHUILFLH Pð 5HGGLWR
'RPLQLFDOH/5HGGLWR$JUDULR/3DUWLWD'$7,'(5,9$17,'$7DEHOODGLYDULD]LRQHGHO
QLQDWWLGDO$QQRWD]LRQLXQLWRDOPDSSIJ
6LWXD]LRQHGDOO¶LPSLDQWRPHFFDQRJUDILFRGHO
&DWDVWR7HUUHQL
&RPXQHGL0RQWHFFKLR0DJJLRUH)JPDSS4XDOLWjVHPLQDWLYRDUERUHWR&ODVVH6XSHUILFLH
Pð 5HGGLWR 'RPLQLFDOH / 5HGGLWR $JUDULR / 3DUWLWD '$7, '(5,9$17, '$
,PSLDQWRPHFFDQRJUDILFRGHO
$UHDGLHQWLXUEDQLHSURPLVFXLGDO
&DWDVWR7HUUHQL
&RPXQHGL0RQWHFFKLR0DJJLRUH)JPDSS4XDOLWj(17(85%$126XSHUILFLHPð'$7,
'(5,9$17, '$ 9DULD]LRQH GHO Q LQ DWWL GDO SURWRFROOR Q
9,%21,),&$,'(17,),&$7,92&$7$67$/(3DUWLWD$QQRWD]LRQLGLVWDGLRH[SHU
FROOHJDPHQWR WUD &7 H &) 1HOOD YDULD]LRQH VRQR VWDWL VRSSUHVVL L VHJXHQWL LPPRELOL IRJOLR SDUWLFHOOD
6LWXD]LRQHGHOO
XQLWjLPPRELOLDUHDO
&DWDVWR)DEEULFDWL
&RPXQH GL 0RQWHFFKLR 0DJJLRUH 6H]LRQH $ )J PDSS VXE &DWHJRULD $ &ODVVH &RQVLVWHQ]DYDQL5HQGLWD/9LD$UFKLPHGHSLDQRVFDOD%
&RPXQH GL 0RQWHFFKLR 0DJJLRUH 6H]LRQH $ )J PDSS VXE &DWHJRULD & &ODVVH 8
&RQVLVWHQ]DPð5HQGLWD/9LD$UFKLPHGHSLDQR6
6LWXD]LRQHGHOO
XQLWjLPPRELOLDUHGDO
&DWDVWR)DEEULFDWL
&RPXQH GL 0RQWHFFKLR 0DJJLRUH 6H]LRQH $ )J PDSS VXE &DWHJRULD $ &ODVVH &RQVLVWHQ]D YDQL 5HQGLWD / 9LD $UFKLPHGH SLDQR VFDOD % YDULD]LRQH GHO YDULD]LRQHGHOTXDGURWDULIIDULR
&RPXQH GL 0RQWHFFKLR 0DJJLRUH 6H]LRQH $ )J PDSS VXE &DWHJRULD & &ODVVH 8
&RQVLVWHQ]DPð5HQGLWD(XUR/9LD$UFKLPHGHSLDQR6YDULD]LRQHGHO
YDULD]LRQHGHOTXDGURWDULIIDULR
6LWXD]LRQHGHOO
XQLWjLPPRELOLDUHGDO
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
&DWDVWR)DEEULFDWL
&RPXQH GL 0RQWHFFKLR 0DJJLRUH 6H]LRQH $ )J PDSS VXE &DWHJRULD $ &ODVVH &RQVLVWHQ]DYDQL5HQGLWD(XUR/9LD$UFKLPHGHSLDQRVFDOD%YDULD]LRQHGHO
YDULD]LRQHGHOTXDGURWDULIIDULR
&RPXQH GL 0RQWHFFKLR 6H]LRQH $ 0DJJLRUH )J PDSS VXE &DWHJRULD & &ODVVH 8
&RQVLVWHQ]DPð5HQGLWD(XUR/9LD$UFKLPHGHSLDQR6YDULD]LRQHGHO
YDULD]LRQHGHOTXDGURWDULIIDULR
6LWXD]LRQHGHOO
XQLWjLPPRELOLDUHGDO
&DWDVWR)DEEULFDWL
&RPXQHGL0RQWHFFKLR0DJJLRUH)J PDSSVXE&DWHJRULD$&ODVVH&RQVLVWHQ]DYDQL
5HQGLWD(XUR 9LD$UFKLPHGH SLDQR VFDOD% YDULD]LRQH GHO Q LQ
DWWLGDOSURWRFROORQ9,YDULD]LRQHSHUPRGLILFDLGHQWLILFDWLYR
6LWXD]LRQHGHOO
XQLWjLPPRELOLDUHGDO
&DWDVWR)DEEULFDWL
&RPXQHGL0RQWHFFKLR0DJJLRUH)JPDSSVXE&DWHJRULD&&ODVVH8&RQVLVWHQ]DPð
5HQGLWD (XUR 9LD $UFKLPHGH SLDQR 6 YDULD]LRQH GHO Q LQ DWWL GDO
SURWRFROORQ9,YDULD]LRQHSHUPRGLILFDLGHQWLILFDWLYR
2VVHUYD]LRQLULVSHWWRDLGDWLGHOSLJQRUDPHQWR
,GDWLFRVuFRPHLQGLFDWLQHOO¶DWWRGLSLJQRUDPHQWRQHOODQRWDGLWUDVFUL]LRQHQHOQHJR]LRGLDFTXLVWR
ULVXOWDQRIRUPDOPHQWHULVSRQGHQWL
1RQVRQRVWDWHULVFRQWUDWHGLVFUDVLHWUDLGDWLFDWDVWDOLGHOSLJQRUDPHQWRHTXHOOLHIIHWWLYLDOO¶HSRFDGHO
SLJQRUDPHQWRVWHVVR
*LXGL]LRGLUHJRODULWj'RFID
'DOFRQIURQWRWUDODVLWXD]LRQHUHDOHGHLOXRJKLHODVLWXD]LRQHULSRUWDWDQHOODSODQLPHWULHFDWDVWDOHVRQR
VWDWHULVFRQWUDWHOHVHJXHQWLGLIIRUPLWjSHUO¶DSSDUWDPHQWR
D DOFXQH SDUHWL LQWHUQH GL GLYLVLRQH WUD L ORFDOL VRQR LQ SRVL]LRQH GLYHUVD QHOOR VWDWR DWWXDOH ULVSHWWR D
TXDQWRULSRUWDWRQHOODVFKHGDFDWDVWDOH
E QHOODSODQLPHWULHFDWDVWDOHQRQqLQGLFDWRLOSLODVWURFHQWUDOHDOO¶LQWHUQRGHOEDJQR
F QHOODSODQLPHWULHFDWDVWDOHQRQVRQRLQGLFDWHOH]RQHLQFXLOHDOWH]]HLQWHUQHFDODQRGDDP
G QHOODSODQLPHWULHFDWDVWDOHODODUJKH]]DGHOWHUUD]]RqLQIHULRUHULVSHWWRDOORVWDWRDWWXDOH
SHULOJDUDJHLQYHFHVRQRVWDWHULVFRQWUDWHOHVHJXHQWLGLIIRUPLWj
D QHOODSODQLPHWULHFDWDVWDOHQRQVRQRLQGLFDWHOH]RQHLQFXLOHDOWH]]HLQWHUQHFDODQRGDDP
E OHSDUHWLGHOJDUDJHQRQVRQRWUDHVVHRUWRJRQDOLFRPHLQGLFDWRQHOODVFKHGDFDWDVWDOH
F LO SRUWRQH GHO JDUDJH QRQ KD XQD VSDOOHWWD LQ PXUDWXUD VXO ODWR RYHVW FRPH LQGLFDWR QHOOD VFKHGD
FDWDVWDOH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
6L DOOHJDQR QHO VHJXLWR OH SLDQWH GHL SLDQL QHOOR VWDWR DWWXDOH FRQ O¶LQGLFD]LRQH JUDILFD GHOOH GLIIRUPLWj
VRSUDULVFRQWUDWHFRQODPHGHVLPDQRPHQFODWXUDHQHOVHJXLWRXQHVWUDWWRGHOOHSODQLPHWULHFDWDVWDOLDWWXDOL
7DOLGLIIRUPLWjVHSSXUSUHVHQWLLQEDVHDOOD&LUFRODUHQGHOO¶$JHQ]LDGHO7HUULWRULRQRQUHQGRQR
QHFHVVDULDODUHGD]LRQHGLXQDQXRYDVFKHGDFDWDVWDOHLQTXDQWRQRQDOWHUDQRODQDWXUDGHOODGHVWLQD]LRQHGHLYDQLR
ODORURFRQVLVWHQ]DRYYHURLOSHULPHWURGHOO¶XQLWjSULQFLSDOHODVFLDQGRLQYDULDWDODUHQGLWDHODVDJRPD
,FRVWLSHUO¶HOLPLQD]LRQHGHOOHULVFRQWUDWHGLIIRUPLWjDPPRQWDQRDFLUFD¼HFRPSUHQGRQRLOULOLHYR
GHOOR VWDWR GHL OXRJKL FRQ OH FDUDWWHULVWLFKH GHOO¶HGLILFLR OH YHULILFKH SUHOLPLQDUL SUHVVR LO FDWDVWR H OD UHGD]LRQH
GHOODSUDWLFDGLYDULD]LRQHFDWDVWDOH'2&)$FRPSUHVHRQRUDULWHFQLFRDXVLOLDULVSHVHJHQHUDOLYLDJJLGLULWWLH
YLVXUHFDWDVWDOLLYDRQHULSUHYLGHQ]LDOL
6L ULFRUGD FKH SULPD GHOOD YDULD]LRQH FDWDVWDOH GRYUDQQR HVVHUH REEOLJDWRULDPHQWH UHJRODUL]]DWH OH XQLWj
LPPRELOLDULGDOSXQWRGLYLVWDHGLOL]LRSHUODFXLVLWXD]LRQHVXOODFRQIRUPLWjVLULPDQGDDOORVSHFLILFRSDUDJUDIR
ƒǤ’ƒ”‡–‹‹–‡”‡†‹ˆˆ‘”‹
…Ǥ†‹ˆˆ‡”‡œ‡†‹ƒŽ–‡œœƒ
„Ǥ’‹Žƒ•–”‘‡Ž„ƒ‰‘
ƒǤ’ƒ”‡–‹‹–‡”‡†‹ˆˆ‘”‹
†ǤŽƒ”‰Š‡œœƒ–‡””ƒœœ‘
)LJXUD3LDQWDVWDWRDWWXDOHGHOSLDQRTXDUWR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
ƒǤ†‹ˆˆ‡”‡œ‡†‹ƒŽ–‡œœƒ
…Ǥ•’ƒŽŽ‡––ƒ’‘”–‘‡
„Ǥ’ƒ”‡–‹‘‘”–‘‰‘ƒŽ‹
)LJXUD3LDQWDVWDWRDWWXDOHGHOSLDQRVHPLQWHUUDWR
)LJXUD(VWUDWWRSODQLPHWULDFDWDVWDOHDSSDUWDPHQWR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD(VWUDWWRSODQLPHWULDFDWDVWDOHJDUDJH
&RQILQL
/
DSSDUWDPHQWRVXEFRQPXULSHULPHWUDOLVXWUHODWLVFDOHFRPXQLHSURSULHWjGLWHU]L
,OJDUDJHVXEFRQVSD]LRGLPDQRYUDPXURGLWDPSRQDPHQWRHSURSULHWjGLWHU]L
,O PDSS &RPXQH GL 0RQWHFFKLR 0DJJLRUH &DWDVWR 7HUUHQL ± )RJOLR 0DSS FRQILQL
1(62YLD%HOOLQLYLD)HUPLPDSSYLD$UFKLPHGH
5(*2/$5,7$¶85%$1,67,&$
7LWROLXUEDQLVWLFL
$VHJXLWRGHOOHULFHUFKHHVHJXLWHSUHVVRO¶8IILFLR7HFQLFRGHO&RPXQHGL0RQWHFFKLR0DJJLRUHqVWDWR
SRVVLELOH FRQVWDWDUH FKH O¶LPPRELOH q VWDWR UHDOL]]DWR GDO DO TXLQGL VXFFHVVLYDPHQWH DO FRPHGHVXPLELOHGDLVHJXHQWLSURYYHGLPHQWLDXWRUL]]DWLYLUHSHULWLQHJOLXIILFLFRPXQDOLHDOOHJDWLDOODSUHVHQWH
$XWRUL]]D]LRQHHGLOL]LDGHOQGHOSURJHWWRSHUODFRVWUX]LRQHGHOFRQGRPLQLR
$XWRUL]]D]LRQH HGLOL]LD GHOQ YDU GHO SURJHWWR GL YDULDQWH SHU OD FRVWUX]LRQHGHO
FRQGRPLQLR
$XWRUL]]D]LRQHGLDELWDELOLWjQGHOULODVFLRDELWDELOLWjSHULOFRQGRPLQLR
'HQXQFLD GL ,QL]LR $WWLYLWj GHO SURW Q GHO SHU HVHFX]LRQH RSHUH LQWHUQH FRQ
GLYHUVDGLVWULEX]LRQHGHJOLVSD]LLQWHUQLFRQILQHODYRULLQGDWD
3DUHUHIDYRUHYROHDOORVFDULFRHGDOODFFLRDOODIRJQDWXUDSXEEOLFDSURWQLQGDWD
HPHVVRGDOODVRFLHWj0RQWHFFKLR%UHQGROD6HUYL]L6SD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
$EXVL
3HUTXDQWRULJXDUGDLEHQLSLJQRUDWLGDOFRQIURQWRWUDJOLHODERUDWLRJJHWWRGLDSSURYD]LRQHFRPXQDOHHOR
VWDWRULOHYDWRGXUDQWHLVRSUDOOXRJKLQHJOLLPPRELOLqVWDWRSRVVLELOHULVFRQWUDUHFKHYLVRQRDOFXQHGLIIRUPLWjWUD
TXDQWR DSSURYDWR H TXDQWRDWWXDOPHQWH ULOHYDWR TXLQGL JOL VWHVVL QRQ ULVXOWDQR SLHQDPHQWH UHJRODUL GDO SXQWR GL
YLVWDXUEDQLVWLFRHGLOL]LR
,Q SDUWLFRODUH VL VRWWROLQHD FKH L ODYRUL DXWRUL]]DWL FRQ ',$ GHO SHU OD GHPROL]LRQH GL XQD SDUHWH
LQWHUQHDSHUODFUHD]LRQHGLXQZFQRQVRQRVWDLHVHJXLWL
6L ULSRUWDQR QHO VHJXLWR OH SODQLPHWULH FRQ O¶HYLGHQ]LD]LRQH GHOOH GLIIRUPLWj ULVFRQWUDWH WUD OR VWDWR
DSSURYDWRHORVWDWRDWWXDOHHFRSLDGHOOHSLDQWHGHOORVWDWRDSSURYDWR
)LJXUD3LDQWDDSSDUWDPHQWRGLIIRUPLWjWUDVWDWRDSSURYDWRVWDWRDWWXDOH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD3LDQWDJDUDJHGLIIRUPLWjWUDVWDWRDSSURYDWRVWDWRDWWXDOH
)LJXUD3LDQWDDSSDUWDPHQWR±VWDWRDSSURYDWRFRQ',$GHO
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
)LJXUD3LDQWDJDUDJHVWDWRDSSURYDWRFRQ$XW(GLOL]LDGHO
$ELWDELOLWjHDJLELOLWj
,EHQLSLJQRUDWLULVXOWDQRDWWXDOPHQWHGRWDWL$XWRUL]]D]LRQHGLDELWDELOLWjQGHOFRQL
ODYRUL GL PRGLILFKH LQWHUQH GL FXL DOOD ',$ SURW Q GHO QRQ q VHJXLWR LO ULODVFLR GL XQ QXRYR
&HUWLILFDWRGL$JLELOLWjDLVHQVLGHO'35Q&RQVLGHUDWHOHGLIIRUPLWjULVFRQWUDWHHVRSUDGHVFULWWHDOILQH
GHOODUHJRODUL]]D]LRQHGHOO¶LPPRELOHVLUHQGHUjQHFHVVDULDXQDQXRYDULFKLHVWDGLFHUWLILFDWRGLDJLELOLWj
6DQDELOLWjHFRVWL
/HGLIIRUPLWjVRSUDHYLGHQ]LDWHVRQRVDQDELOLWUDPLWH5LFKLHVWDGL3HUPHVVRGL&RVWUXLUHLQ6DQDWRULDDO
&RPXQH GL 0RQWHFFKLR 0DJJLRUH DL VHQVL GHOO¶DUW GHO '35 Q FRQ XQ FRVWR GHOOD VDQ]LRQH
DPPLQLVWUDWLYD QRQ LQIHULRUH D ¼ H FRQ XQD QXRYD ULFKLHVWD GL FHUWLILFDWR GL DJLELOLWj ROWUH DL GLULWWL GL
VHJUHWHULDLEROOLROWUHDOOHVSHVHWHFQLFKHSURIHVVLRQDOLLOWXWWRSUHYHQWLYDELOHLQFLUFD¼FRPSUHVH,9$GL
OHJJHHFDVVDSUHYLGHQ]LDOH
,QILQH FRPH ULFKLHVWR GDO TXHVLWR q VWDWR DFTXLVLWR GDOO¶8IILFLR WHFQLFR GHO &RPXQH GL 0RQWHFFKLR
0DJJLRUHLO&HUWLILFDWRGL'HVWLQD]LRQH8UEDQLVWLFD&'8SHUO¶LPPRELOHLQHVDPHYHGLLQDOOHJDWR
9$/25((9(1',%,/,7$¶
0HWRGRGLYDOXWD]LRQH
3HUODGHILQL]LRQHGHOYDORUHGLPHUFDWRGHLEHQLSLJQRUDWLqVWDWRXWLOL]]DWRLO PHWRGRFKHULHQWUDQHOOH
VWLPHSOXULSDUDPHWULFKHGHOFRQIURQWRGLPHUFDWR0&$0DUNHW&RPSDULVRQ$SSURDFK
5LFRUGDQGRFKH
LO YDORUH GL PHUFDWR VHFRQGR JOL VWDQGDUG LQWHUQD]LRQDOL ,96 ± 2WWDYD (GL]LRQH H VHFRQGR LO
&RGLFHGHOOH9DOXWD]LRQL,PPRELOLDULHGLWRGD7HFQRERUVDULVXOWDGHILQLWRFRPHVHJXH
³,O YDORUH GL PHUFDWR q O¶DPPRQWDUH VWLPDWR SHU LO TXDOH XQ GHWHUPLQDWR LPPRELOH SXz HVVHUH
FRPSUDYHQGXWR DOOD GDWD GHOOD YDOXWD]LRQH WUD XQ DFTXLUHQWH H XQ YHQGLWRUH HVVHQGR HQWUDPEL L VRJJHWWL QRQ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
FRQGL]LRQDWL LQGLSHQGHQWL H FRQ LQWHUHVVL RSSRVWL GRSR XQ¶DGHJXDWD DWWLYLWj GL PDUNHWLQJ GXUDQWH OD TXDOH
HQWUDPEHOHSDUWLKDQQRDJLWRFRQHJXDOHFDSDFLWjFRQSUXGHQ]DHVHQ]DDOFXQDFRVWUL]LRQH´
RJQL HOHPHQWR GHOOD GHILQL]LRQH SXz HVVHUH LOOXVWUDWR VHSDUDWDPHQWH DO ILQH GL FRPSUHQGHUQH PHJOLR LO
VLJQLILFDWRHGLQSDUWLFRODUH
³O¶DPPRQWDUH VWLPDWR«´ VL ULIHULVFH D XQ SUH]]R HVSUHVVR LQ GHQDUR SDJDELOH SHU O¶LPPRELOH LQ
XQ¶RSHUD]LRQH GL PHUFDWR GHWHUPLQDWR GD XQ VRJJHWWR FKH SRVVLHGH OD TXDOLILFD OD FDSDFLWj H O¶HVSHULHQ]D SHU
FRPSLHUH OD YDOXWD]LRQH (¶ LO PLJOLRU SUH]]R UDJLRQHYROPHQWH RWWHQLELOH GDO YHQGLWRUH H TXHOOR SL YDQWDJJLRVR
UDJLRQHYROPHQWHRWWHQLELOHGDOO¶DFTXLUHQWH
³«SHULOTXDOHXQGHWHUPLQDWRLPPRELOHSXzHVVHUHFRPSUDYHQGXWR«´VLULIHULVFHDOIDWWRFKHLOYDORUHGL
XQLPPRELOHqXQDVRPPDVWLPDWDSLFKHXQLPSRUWRSUHGHWHUPLQDWRRO¶HIIHWWLYRSUH]]RGLYHQGLWD
³«DOODGDWDGHOODYDOXWD]LRQH«´ULFKLHGHFKHLOYDORUHGLPHUFDWRVWLPDWRVLULIHULVFDDXQDGDWDSUHFLVD
SRLFKpLPHUFDWLHOHORURFRQGL]LRQLSRVVRQRYDULDUHHGLOYDORUHSXzULVXOWDUHVFRUUHWWRRLQDSSURSULDWRLQXQDOWUR
PRPHQWR /D GHILQL]LRQH VXSSRQH DQFKH FKH OR VFDPELR H OD VWLSXOD GHO FRQWUDWWR GL YHQGLWD DYYHQJD
VLPXOWDQHDPHQWHVHQ]DDOFXQDYDULD]LRQHGLSUH]]RDOWULPHQWLSRVVLELOH
³«WUDXQDFTXLUHQWH«´VLULIHULVFHDOVRJJHWWRPRWLYDWRDOO¶DFTXLVWRPDQRQFRVWUHWWRFKHQRQEUDPDQH
qLQWHQ]LRQDWRDFRPSUDUHDTXDOVLDVLSUH]]R/¶DFTXLUHQWHQRQSDJKHUjXQSUH]]RSLDOWGLTXHOORULFKLHVWRGDO
PHUFDWR
³«XQYHQGLWRUH«´QRQEUDPDHQRQqIRU]DWRDOODYHQGLWDQRQqGLVSRVWRDYHQGHUHDTXDOVLDVLSUH]]RQp
D EDWWHUVL SHU XQ SUH]]R FRQVLGHUDWR QRQ UDJLRQHYROH QHO PHUFDWR DWWXDOH ,O YHQGLWRUH q PRWLYDWR D YHQGHUH
O¶LPPRELOHDOOHFRQGL]LRQLGLPHUFDWRDOPLJOLRUSUH]]RRWWHQLELOHGRSRXQ¶DGHJXDWDDWWLYLWjGLPDUNHWLQJ
³«HVVHQGR HQWUDPEL L VRJJHWWL QRQ FRQGL]LRQDWL LQGLSHQGHQWL H FRQ LQWHUHVVL FRQWUDSSRVWL«´ ID
ULIHULPHQWRDTXHOWLSRGLWUDQVD]LRQHFKHDYYLHQHWUDSDUWLVHQ]DSDUWLFRODUHRVSHFLDOHUHOD]LRQHWUDORURFKHSXz
UHQGHUHLOSUH]]RQRQWLSLFRGHOPHUFDWRRLQIOXHQ]DWRDFDXVDGLXQHOHPHQWRVRVWLWXHQWHXQYDORUHVSHFLDOH
³«GRSR XQ¶DGHJXDWD DWWLYLWj GL PDUNHWLQJ«´ VLJQLILFD FKH O¶LPPRELOH q RIIHUWR VXO PHUFDWR QHOOD
PDQLHUD SL DSSURSULDWD DIILQFKp VLD YHQGXWR DO PLJOLRU SUH]]R UDJLRQHYROPHQWH RWWHQLELOH /D GXUDWD GHOOD VXD
SHUPDQHQ]DVXOPHUFDWRSXzYDULDUHVHFRQGROHFRQGL]LRQLGLPHUFDWRPDGHYHHVVHUHVXIILFLHQWHGDSHUPHWWHUH
DOO¶LPPRELOHGLHVVHUHSRVWRDOO¶DWWHQ]LRQHGLXQDGHJXDWRQXPHURGLSRWHQ]LDOLDFTXLUHQWL
³«GXUDQWHODTXDOHHQWUDPELOHSDUWLKDQQRDJLWRFRQHJXDOHFHFLWjFRQSUXGHQ]D«´SUHVXSSRQHFKH
VLDO¶DFTXLUHQWHVLDLOYHQGLWRUHVLDQRUDJLRQHYROPHQWHLQIRUPDWLGHOODQDWXUDHGHOOHFDUDWWHULVWLFKHGHOO¶LPPRELOH
GHOVXRXVRFRUUHQWHGHLSRWHQ]LDOLXVLHGHOORVWDWRGHOPHUFDWRDOPRPHQWRGHOODYDOXWD]LRQH,QTXHVWLFDVLFRPH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
DYYLHQH SHU DOWUH VLWXD]LRQL GL FRPSUDYHQGLWD GL PHUFDWL YDULDELOL O¶DFTXLUHQWH SUXGHQWH H LO YHQGLWRUH SUXGHQWH
DJLVFRQRVHFRQGROHPLJOLRULLQIRUPD]LRQLGLPHUFDWRGLVSRQLELOLLQTXHOPRPHQWR
³«H VHQ]D DOFXQD FRVWUL]LRQH´ 6WDELOLVFH FKH FLDVFXQD SDUWH VLD PRWLYDWD D SDUWHFLSDUH DOO¶RSHUD]LRQH
PDFKHQRQVLDIRU]DWDQpLQGHELWDPHQWHFRVWUHWWDDSRUWDODDFRPSLPHQWR
HGLQROWUH
LO YDORUH GL PHUFDWR q LO YDORUH GL XQ EHQH VWLPDWR VHQ]D FRQVLGHUDUH OH VSHVH GL WUDQVD]LRQH 1RWDLR
LPSRVWHHWFHOHVSHVHGLWUDVFUL]LRQH
YDORUH GL PHUFDWR HVFOXGH VSHFLILFDWDPHQWH LO ULIHULPHQWR D XQ SUH]]R UHODWLYR D WHUPLQL R FLUFRVWDQ]H
SDUWLFRODUL R VSHFLDOL FRPH DG HVHPSLR LO ILQDQ]LDPHQWR DWLSLFR XQD YHQGLWD FRQ SDWWR GL ORFD]LRQH XQD
FRQFHVVLRQHVSHFLDOHJDUDQWLWDGDXQDSDUWHQHOODWUDQVD]LRQH
,OPHWRGR0&$
SHUPHWWHGLGHWHUPLQDUHLOYDORUHULFHUFDWRDWWUDYHUVRLOFRQIURQWRWUDLOEHQHRJJHWWRGLVWLPDHDOWULEHQL
VLPLOL GHILQLWL ³&203$5$%,/,´ SHU FDUDWWHULVWLFKH WHFQLFKH H VHJPHQWR GL PHUFDWR RJJHWWR GL UHFHQWL
FRPSUDYHQGLWHHGLFXLqQRWRLOSUH]]R
q XQ SURFHVVR ORJLFR GL FRPSDUD]LRQH WUD OH YDULH FDUDWWHULVWLFKH WHFQLFRHFRQRPLFKH GHJOL LPPRELOL
SUHVL D FRQIURQWR FKH XWLOL]]D FRPH EDVH GHO UDIIURQWR L SUH]]L PDUJLQDOL FKH UDSSUHVHQWDQR OD YDULD]LRQH GHO
SUH]]RDOYDULDUHGHOODFDUDWWHULVWLFDSUHVDLQFRQVLGHUD]LRQH
VLIRQGDVXOO¶DVVXQWRHOHPHQWDUHSHULOTXDOHLOPHUFDWRVWDELOLUjLOSUH]]RGHOO¶LPPRELOHGDVWLPDUHDOOR
VWHVVRPRGRGHLSUH]]LJLjILVVDWLSHUJOLLPPRELOLVLPLOL
9DORUHGLPHUFDWRDWWULEXLWR
/D SUHPHVVD LQL]LDOH D VHJXLWR GHOOH LQGDJLQL GL PHUFDWR q FKH LO VRWWRVFULWWR HVSHUWR ULWLHQH SHU L EHQL
SLJQRUDWL OD GHVWLQD]LRQH DWWXDOH TXHOOD SL UHGGLWL]LD DELWD]LRQH UHVLGHQ]LDOH XQLIDPLOLDUH LQ TXDQWR
HFRQRPLFDPHQWHSLLQWHUHVVDQWHULVSHWWRDGXQDTXDOVLDVLDOWUDDOWHUQDWLYD
$L ILQL GHOO¶DSSOLFD]LRQH GHO PHWRGR 0&$ VRQR VWDWL WURYDWL RSSRUWXQL EHQL VLPLOL FRPSDUDELOL
LGHQWLILFDWL SHU WLSRORJLD HGLOL]LD H FRVWUXWWLYD H GL FXL q QRWR LO SUH]]R GL PHUFDWR GD FRQIURQWDUH FRQ LO EHQH
RJJHWWRGLVWLPDFKHRSSRUWXQDPHQWHYHULILFDWLYDOXWDWLVRQRVWDWLULWHQXWLDIILGDELOL
3UHPHVVRFKH
LOWHUPLQH³SUH]]RPDUJLQDOH´LQGLFDLO³SUH]]RFKHYDULDDOYDULDUHGHOODFDUDWWHULVWLFDHVLGHWHUPLQDD
VHFRQGRGHOFDVRSURSRVWRFRQXQDIRUPXODPDWHPDWLFDDSSURSULDWD´
LO WHUPLQH ³VXSHUILFLH HVWHUQD ORUGD 6(/´ LQGLFD ³O¶DUHD GL XQ HGLILFLR GHOLPLWDWR GD HOHPHQWL
SHULPHWUDOL HVWHUQL YHUWLFDOL PLVXUDWD HVWHUQDPHQWH VX FLDVFXQ SLDQR IXRUL WHUUD R HQWUR WHUUD DOOD TXRWD
FRQYHQ]LRQDOHGLPGDOSDYLPHQWR´
OD³6(/´FRPSUHQGH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
ORVSHVVRUHGHLPXULSHULPHWUDOLOLEHULHXQPH]]RGHOORVSHVVRUHGHOOHPXUDWXUHFRQWLJXH
FRQILQDQWLFRQDOWULHGLILFLORVSHVVRUHGHLPXULLQWHUQLSRUWDQWLHGHLWUDPH]]L
LSLODVWULFRORQQHLQWHUQH
OR VSD]LR GL FLUFROD]LRQH YHUWLFDOH VFDOH DVFHQVRUL HWF HG RUL]]RQWDOH FRUULGRL GLVLPSHJQL
LFRQGRWWLYHUWLFDOLGHOO¶DULDRDOWURWLSR
HYHQWXDOLFDELQHFHQWUDOLWHUPLFKHVDOHLPSLDQWLLQWHUQHRFRQWLJXHDOO¶HGLILFLR
HWF
QRQFRPSUHQGH
OHUDPSHGLDFFHVVRHVWHUQHQRQFRSHUWH
EDOFRQLWHUUD]]HHVLPLOL
LOSRUWLFDWRULFDYDWRDOO¶LQWHUQRGHOODSURLH]LRQHGHOO¶HGLILFLR
JOLDJJHWWLDVRORVFRSRGLRUQDPHQWRDUFKLWHWWRQLFR
OHDUHHVFRSHUWHGHOLPLWDWHGDPXULGLIDEEULFD
LOWHUPLQH³UDSSRUWRPHUFDQWLOH´LQGLFD³LOUDSSRUWRWUDLOSUH]]RXQLWDULRGHOODVXSHUILFLHVHFRQGDULDHG
LOSUH]]RXQLWDULRGHOODVXSHUILFLHSULQFLSDOH´
FRQ LO WHUPLQH ³VHJPHQWR GL PHUFDWR´ YLHQH GHILQLWD D VHJXLWD GL XQD DWWHQWD DQDOLVL HFRQRPLFD
HVWLPDWLYDXQDSXQWXDOHHOHPHQWDUHSDUWHGHOO¶LQWHURPHUFDWRLPPRELOLDUHQRQXOWHULRUPHQWHVFLQGLELOH
LO³VHJPHQWRGLPHUFDWR´LQWHUPLQLFRQFUHWLYLHQHGHILQLWRVXOODEDVHGHLVHJXHQWLSDUDPHWUL
ORFDOL]]D]LRQHGRY¶q
WLSRGLFRQWUDWWRFRPSUDYHQGLWDDIILWWLHWF
GHVWLQD]LRQHDELWD]LRQHXIILFLRHWF
WLSRORJLDLPPRELOLDUHWHUUHQLRIDEEULFDWLQXRYRRXVDWR
WLSRORJLDHGLOL]LDHGLILFLRPXOWLSLDQRHWF
GLPHQVLRQL
FDUDWWHULGHOODGRPDQGDHGHOO¶RIIHUWDSULYDWLLQWHUPHGLDULVRFLHWj
IRUPDGLPHUFDWRFRQFRUUHQ]DPRQRSROLVWLFDRROLJRSROLRHWF
OLYHOORGHOSUH]]RULIHULPHQWRWHPSRUDOH
QXPHURGHJOLVFDPELLQGLYLGXDODIDVHFLFOLFDGHOPHUFDWR
UDSSRUWLPHUFDQWLOL
HVHJXLWHOHRSSRUWXQHYHULILFKHIDWWHOHRSSRUWXQHFRQVLGHUD]LRQLHFRQWHJJLLOVRWWRVFULWWRHVSHUWRKD
GHILQLWRLO³VHJPHQWRGLPHUFDWR´YHGLDOOHJDWR
GHILQLWR VLD TXDOLWDWLYDPHQWH VL TXDQWLWDWLYDPHQWH OH FDUDWWHULVWLFKH GHL EHQL ³&RPSDUDELOL´
YHGLDOOHJDWR
LQGLFDWLLUDSSRUWLPHUFDQWLOLYHGLDOOHJDWR
FDOFRODWROHVXSHUILFLFRPPHUFLDOLXWLOL]]DQGRFRPHPHWRGRORJLDGLULOLHYROD6(/DQFKHSHUL
EDOFRQLWHUUD]]LYHGLDOOHJDWR
VRQRVWDWLGHILQLWLL³SUH]]LPDUJLQDOL´YHGLDOOHJDWR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
RWWHQHQGR FRPH ULVXOWDWR ILQDOH YHGL DOOHJDWR XWLOL]]DQGR LO PHWRGR 0DUNHW &RPSDULVRQ $SSURDFK 0&$ H
VXOODEDVHGHOOHFDUDWWHULVWLFKHTXDOLWDWLYHTXDQWLWDWLYHHVWLPDELOLFKHLOYDORUHGLPHUFDWRGHLEHQLSLJQRUDWLFRQ
XQDVXSHUILFLHFRPPHUFLDOHGLFLUFDPðULVXOWDHVVHUHGL
¼GLFRQVL(XURFHQWRFLQTXHPLOD
,OYDORUHGLFXLVRSUDGHYHHVVHUHULGRWWRDOILQHGLWHQHUHFRQWRDQFKHGLTXDQWRQRQYDOXWDWRDWWUDYHUVR
O¶XVR GHO PHWRGR 0&$ FLRq GL DOFXQH VSHFLILFKH FDUDWWHULVWLFKH LQHVWLPDELOL GHL EHQL SLJQRUDWL TXDOL LQ
SDUWLFRODUH
FRVWLSHUODUHJRODUL]]D]LRQHFDWDVWDOH¼
FRVWLSHUODUHJRODUL]]D]LRQHHGLOL]LD ¼
VSHVHFRQGRPLQLDOLDUUHWUDWH
¼
4XLQGLULFDSLWRODQGR
LOYDORUHGLPHUFDWRGHLEHQLSLJQRUDWLVHFRQGRLOPHWRGR0&$qSDULDG¼
JOLRQHULGDGHGXUUHSHUOHFDUDWWHULVWLFKHLQHVWLPDELOLVRQRSDULDG
¼
,O YDORUHGL PHUFDWRVWLPDWRGHLEHQLSLJQRUDWLPHWRGR 0&$GHGRWWRFRVWLFDUDWWHULVWLFKHLQHVWLPDELOL
FRUULVSRQGHD¼¼ ¼
2UDFRQVLGHUDWRWH
•
•
FKHODSUHVHQWHSHUL]LDKDFRPHILQDOLWjODYHQGLWDIRU]DWDGHLEHQLSLJQRUDWL
FKHDOWHUPLQH³YHQGLWDIRU]DWD´YLHQHGDWRLOVHJXHQWHVLJQLILFDWR³WHUPLQHXVDWRVSHVVR
LQ FLUFRVWDQ]H QHOOH TXDOL XQ YHQGLWRUH q FRVWUHWWR D YHQGHUH HR QRQ q SRVVLELOH OR VYROJLPHQWR GL XQ
DSSURSULDWR SHULRGR GL PDUNHWLQJ ,O SUH]]R RWWHQLELOH LQ TXHVWH FLUFRVWDQ]H QRQ VRGGLVID OD GHILQL]LRQH GL
YDORUH GLPHUFDWR ,O SUH]]R FKHSRWUHEEH HVVHUHRWWHQXWR LQ TXHVWH FLUFRVWDQ]H GLSHQGH GDOOD QDWXUD GHOOD
SUHVVLRQH RSHUDWD VXO YHQGLWRUH R GDOOH UDJLRQL SHU OH TXDOL QRQ SXz HVVHUH LQWUDSUHVR XQ PDUNHWLQJ
DSSURSULDWR´
•
OH GLIIHUHQ]H HVLVWHQWL DO PRPHQWR GHOOD VWLPD WUD OD YHQGLWD QHO OLEHUR PHUFDWR H OD
YHQGLWDIRU]DWDHGLQSDUWLFRODUHHOHQFRQRQHVDXVWLYR
Ͳ
OHHYHQWXDOLGLYHUVHPRGDOLWjILVFDOLWUDJOLDFTXLVWLDOLEHURPHUFDWRHJOLDFTXLVWLLQ
VHGHGLYHQGLWDIRU]DWD
Ͳ
QHOODPDQFDWDRSHUDWLYLWjGHOODJDUDQ]LDSHUYL]LHPDQFDQ]DGLTXDOLWjLQUHOD]LRQH
DOODYHQGLWDIRU]DWD
Ͳ
QHOOH GLIIHUHQ]H LQGRWWH VLD GDOOH IDVL FLFOLFKH GHO VHJPHQWR GL PHUFDWR
ULYDOXWD]LRQHVYDOXWD]LRQH VLD GDOOH FDUDWWHULVWLFKH H GDOOH FRQGL]LRQL
GHOO¶LPPRELOH GHSHULPHQWR ILVLFR REVROHVFHQ]H IXQ]LRQDOL H REVROHVFHQ]H
HVWHUQHFKHSRVVDQRLQWHUYHQLUHWUDODGDWDGLVWLPDHODGDWDGLDJJLXGLFD]LRQH
Ͳ
QHOODSRVVLELOLWjFKHODYHQGLWDDEELDOXRJRPHGLDQWHULODQFLLQVHGHGLJDUD
HWF
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
LOVRWWRVFULWWRHVSHUWRSURSRQHDO*LXGLFHGHOO¶(VHFX]LRQLDOILQHGLFRQVLGHUDUHTXDQWRVRSUDHGHILQLUHLO
SUH]]RDEDVHG¶DVWDODULGX]LRQHGHOVXOYDORUHGLPHUFDWR
4XLQGLULFDSLWRODQGR
YDORUH GL PHUFDWR VWLPDWR GHL EHQL SLJQRUDWL PHWRGR 0&$ GHGRWWR FRVWL FDUDWWHULVWLFKH
LQHVWLPDELOLSDULD¼
ULGX]LRQHSURSRVWDGL¼¼ ¼
,OSUH]]RDEDVHG¶DVWDGHLEHQLSLJQRUDWLFRUULVSRQGHD
¼¼ ¼
DUURWRQGDWRDG¼GLFRQVL(XURRWWDQWDTXDWWURPLOD
&RQIURQWRFRQWUDVIHULPHQWLSUHJUHVVL
*OLHVHFXWDWLFRQDWWRLQGDWDDFTXLVWDURQRLOEHQHSHUXQLPSRUWRGL¼
*LXGL]LRGLYHQGLELOLWj¶
6FDUVD OD SRVVLELOLWj GL YHQGLWD GHL EHQL SLJQRUDWL SHU OH FDUDWWHULVWLFKH GHOO¶LPPRELOH O¶XELFD]LRQH OD
VWDJQD]LRQHGHOPHUFDWRGRYXWDDOOHQRWHDWWXDOLGLIILFROWjHFRQRPLFKH
)RUPHGLSXEEOLFLWj
/D SXEEOLFLWj GHJOL DYYLVL SRWUj HVVHUH HIIHWWXDWD DWWUDYHUVR VLWL LQWHUQHW VSHFLDOL]]DWL TXRWLGLDQL GL
LQIRUPD]LRQHORFDOLGLPDJJLRUHGLIIXVLRQHTXRWLGLDQLGLLQIRUPD]LRQHQD]LRQDOLVHULWHQXWRRSSRUWXQROHIRUPH
GLSXEEOLFLWjFRPPHUFLDOLTXDQGRVHUYH
67$72',3266(662
'HELWRUL
$EGXO.DLZXPQDWRLQ%DQJODGHVKLOFI%'/.:06=)
+DELEXU5DKDPDQQDWRLQ%DQJODGHVKLOFI+%%5015=/
0G+DQLIQDWRLQ%DQJODGHVKLOFI0';+1)(=/
5HVLGHQ]DGHO'HELWRUH
,OGHELWRUHHVHFXWDWR$EGXO.DLZXPDOODGDWDGHOSLJQRUDPHQWRHILQRDOULVXOWD
DYHUHUHVLGHQ]DDQDJUDILFDLQ&RPXQHGL0RQWHFFKLR0DJJLRUH9,9LD%HOOLQLLQWFRPHVLHYLQFHGDO
FHUWLILFDWRGLUHVLGHQ]DVWRULFRDFTXLVLWRSUHVVRO¶XIILFLRDQDJUDIHGHOORVWHVVRFRPXQHDOOHJDWRDOODSUHVHQWH
,O GHELWRUH HVHFXWDWR +DELEXU 5DKDPDQ DOOD GDWD GHO SLJQRUDPHQWR H ILQR DO ULVXOWD DYHUH UHVLGHQ]D DQDJUDILFD LQ &RPXQH GL 0RQWHFFKLR 0DJJLRUH 9, 9LD %HOOLQL LQW FRPH VL
HYLQFH GDO FHUWLILFDWR GL UHVLGHQ]D VWRULFR DFTXLVLWR SUHVVR O¶XIILFLR DQDJUDIH GHOOR VWHVVR FRPXQH DOOHJDWR DOOD
SUHVHQWH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
,O GHELWRUH HVHFXWDWR 0G +DQLI DOOD GDWD GHO SLJQRUDPHQWR ULVXOWDYD DYHUH UHVLGHQ]D
DQDJUDILFD LQ &RPXQH GL 0RQWHFFKLR 0DJJLRUH 9, 9LD 0DQ]RQL LQW PHQWUH OD UHVLGHQ]D DQDJUDILFD DO
ULVXOWD HVVHUH LQ&RPXQH GL 0RQWHFFKLR 0DJJLRUH 9, 9LD 0DQ]RQL LQW FRPH VL HYLQFH GDO
FHUWLILFDWRGLUHVLGHQ]DVWRULFRDFTXLVLWRSUHVVRO¶XIILFLRDQDJUDIHGHOORVWHVVRFRPXQHDOOHJDWRDOODSUHVHQWH
3RVVHVVR
, EHQL SLJQRUDWL VRQR RFFXSDWL GD XQR GHL WUH HVHFXWDWL LO VLJ $EGXO .DLZXP FRQ OD SURSULD IDPLJOLD
FRQLXJHHILJOL
9,1&2/,(21(5,
$OWULYLQFROLRRQHUL
1HVVXQSDUWLFRODUHYLQFROR
2QHULFRQGRPLQLDOLHDUUHWUDWLGHJOLXOWLPLGXHDQQL±UHJRODPHQWRFRQGRPLQLDOH
'D FRPXQLFD]LRQH LQ GDWD GDOOR 6WXGLR $FFDUGR 6DV DPPLQLVWUDWRUH GHO FRQGRPLQLR
DOOHJDWDDOODSUHVHQWHVLHYLQFHFKH
O¶LPSRUWRPHGLRGHOOHVSHVHILVVHGLJHVWLRQHDPPRQWDQRDFLUFD¼DQQXLFRQVLGHUDQGRDQFKH
LOVHUYL]LRSXOL]LDVFDOHHDVFHQVRUHFKHDWWXDOPHQWHFDXVDPRURVLWjFRQGRPLQLDOHVRQRVWDWLVRVSHVL
ULVXOWDLQHVVHUHXQDGHOLEHUDDVVHPEOHDUHGHOSHULOULIDFLPHQWRGHOVLVWHPDIRJQDULRSDULDG¼
LYDHVFOXVD,ODYRULVRQRDQFRUDGDHVHJXLUHHVRVSHVLFDXVDPRURVLWjFRQGRPLQLDOH
OHVSHVHVFDGXWHHQRQSDJDWHUHODWLYLDJOLDQQLHDPPRQWDQRDG¼PHQWUHUHVWDQR
GDULVFXRWHUHLOSDULDG¼FRPHGDSUHYHQWLYRDSSURYDWRLQGDWD
QRQYLVRQRGRWD]LRQLFRQGRPLQLDOL
QRQYLVRQRFDXVHLQFRUVR
'DFRPXQLFD]LRQHLQGDWDDOOHJDWDDOODSUHVHQWHOR6WXGLR$FFDUGR6DVDPPLQLVWUDWRUHGHO
FRQGRPLQLRGLFKLDUDFKH³LOUHJRODPHQWRGLFRQGRPLQLRQRQPLqVWDWRPDLWUDVPHVVRGDOO
H[DPPLQLVWUDWRUHH
QRQFUHGRFKHHVLVWD´
2QHULHYLQFROLDFDULFRGHOO¶DFTXLUHQWH
1HVVXQSDUWLFRODUHYLQFRORRGRQHUHDGHFFH]LRQHGHOOHVSHVHFRQGRPLQLDOLVFDGXWHHQRQSDJDWHFRPH
VRSUDLQGLFDWR
2QHULHYLQFROLFDQFHOODWLRFRPXQTXHUHJRODUL]]DWLQHOFRQWHVWRGHOODSURFHGXUD
2QHUL H YLQFROL FKH VDUDQQR FDQFHOODWL QHO FRQWHVWR GHOOD SURFHGXUD UHODWLYDPHQWH DJOL LPPRELOL FRVu
LGHQWLILFDWL &RPXQH GL 0217(&&+,2 0$**,25( 9, &DWDVWR )DEEULFDWL 6H]LRQH XUEDQD $ )RJOLR 3DUWLFHOOD6XEDOWHUQRH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
,6&5,=,21( GHO 5HJLVWUR 3DUWLFRODUH 5HJLVWUR*HQHUDOH 3XEEOLFR XIILFLDOH
,75, %(1,$0,12 5HSHUWRULR GHO ,327(&$ 92/217$5,$ GHULYDQWH
GD&21&(66,21($*$5$1=,$',08782)21',$5,2
,6&5,=,21( GHO 5HJLVWUR 3DUWLFRODUH 5HJLVWUR*HQHUDOH 3XEEOLFR XIILFLDOH
,75, %(1,$0,12 5HSHUWRULR GHO ,327(&$ 92/217$5,$ GHULYDQWH
GD&21&(66,21($*$5$1=,$',08782)21',$5,2
75$6&5,=,21( GHO 5HJLVWUR 3DUWLFRODUH 5HJLVWUR *HQHUDOH 3XEEOLFR
XIILFLDOH75,%81$/(&,9,/((3(1$/(5HSHUWRULRGHO$772(6(&87,922
&$87(/$5(9(5%$/(',3,*125$0(172,002%,/,
5LPDQJRQRDFDULFRGHOO¶DFTXLUHQWHLFRVWL
SHUODUHJRODUL]]D]LRQHXUEDQLVWLFRHGLOL]LDGHOO¶LPPRELOHSUHFHGHQWHPHQWHSUHYHQWLYDWLLQ¼
SHUODUHJRODUL]]D]LRQHFDWDVWDOHGHOO¶LPPRELOHSUHFHGHQWHPHQWHSUHYHQWLYDWLLQ¼
7DOLVSHVHVRQRVWDWHGHWUDWWHQHOODGHWHUPLQD]LRQHGHOSUH]]RDEDVHG¶DVWD
682/2'(0$1,$/(
,EHQLSLJQRUDWLQRQULFDGDQRVXVXRORGHPDQLDOH
75$6&5,=,21,(,6&5,=,21,35(*,8',=,(92/,
7LWRORGLDFTXLVWRGHOGHELWRUH
(VHFXWDWL
$EGXO.DLZXPQDWRLQ%DQJODGHVKLOFI%'/.:06=)SURSULHWDCSHU
+DELEXU5DKDPDQQDWRLQ%DQJODGHVKLOFI+%%5015=/SURSULHWDCSHU
0G+DQLIQDWRLQ%DQJODGHVKLOFI0';+1)(=/SURSULHWDCSHU
$WWR GL $FTXLVWR YHGL DOOHJDWR VWLSXODWR LQ GDWD D ILUPD 1RWDLR ,75, %(1,$0,12 GL
/RQLJRQGL5HSQ5DFFUHJLVWUDWRD9LFHQ]DLODOQWUDVFULWWRD9LFHQ]DLO
DLQUL5HJLVWUR3DUWLFRODUH5HJLVWUR*HQHUDOHFRQLOTXDOHVRQRVWDWHWUDVIHULWHOHVHJXHQWL
8,
&RPXQH GL 0RQWHFFKLR 0DJJLRUH 1&(8 VH]LRQH $ IRJOLR PDSSDOH Q VXE 9LD
$UFKLPHGHSLDQRVFDOD%FDW$FOYDQLUHQGLWD(XUR
&RPXQH GL 0RQWHFFKLR 0DJJLRUH 1&(8 VH]LRQH $ IRJOLR PDSSDOH Q VXE 9LD
$UFKLPHGHSLDQR6FDW&FO8PðUHQGLWD(XUR
6LSUHFLVDFKHO¶H[IRJOLRGHOODVH]LRQH$FRUULVSRQGHRUDDOIRJOLRGHOODVH]LRQHXQLFDGHO&RPXQH
GL0RQWHFFKLR0DJJLRUH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
5HJLPHSDWULPRQLDOH
'DOO¶DWWR GL PXWXR GHO 5HS Q GDOO¶DWWR GL FRPSUDYHQGLWD GHO 5HS Q
HQWUDPELURJDWLGDO1RWDLR%(1,$0,12,75,LQ/RQLJRULVXOWDFKH
³FRQLXJDWRLOVLJ$%'8/.DLZXP´
³FHOLELLVLJUL+$%,%855DKDPDQH0'+DQLI´
'DOO¶DWWRGLDFTXLVWRULVXOWDFKH
³,VLJQRUL0G+DQLI+DELEXU5DKDPDQH$EGXO.DLZXPDLVHQVLHSHUJOLHIIHWWLGHJOLDUWWHGHO
'35 FRQVDSHYROL GHOOH UHVSRQVDELOLWj SHQDOL FXL SRVVRQR DQGDUH LQFRQWUR LQ FDVR GL GLFKLDUD]LRQH
PHQGDFH VRWWR OD ORUR SHUVRQDOH UHVSRQVDELOLWj GLFKLDUDQR HG DWWHVWDQR GL HVVHUH FHOLEL L SULPL GXH H GL HVVHUH
FRQLXJDWRLQUHJLPHGLVHSDUD]LRQHGHLEHQLLOWHU]RHFKHDVHQVLGHOODOHJJHPDJJLRQDUWQRQ
HVLVWHDOFXQDSXEEOLFLWjUHODWLYDDOGHWWRUHJLPHSDWULPRQLDOH´
'DGLFKLDUD]LRQHDFTXLVLWDGDOSHULWRSUHVVRO¶XIILFLR6WDWR&LYLOHGHO&RPXQHGL0RQWHFFKLR0DJJLRUH
DYHQWHGDWDULVXOWDSHULWUHHVHFXWDWL³FKHDJOLDWWLGLTXHVWR&RPXQHQRQULVXOWDQRGRFXPHQWLGLVWDWR
FLYLOH´
(OHQFRSUHFHGHQWLSURSULHWDULQHOYHQWHQQLR
•
1DUGRQ *LXVHSSH QDWR D 0RQWHFFKLR 0DJJLRUH LO H 7HFFKLR %HDWULFH QDWD D
0RQWHFFKLR 0DJJLRUH LO FRQ DWWR GL FRPSUDYHQGLWD GHO 5HSHUWRULR Q 5RJDQWH 'RWW %UXQR =DPERQ 6HGH $U]LJQDQR WUDVFULWWR DOOD &RQVHUYDWRULD GHL 55,, GL 9LFHQ]D LO
DLQUL5*H53±GDODO
•
$EGXO.DLZXPQDWRLQ%DQJODGHVKLOSURSULHWjSHU+DELEXU5DKDPDQQDWRLQ
%DQJODGHVKLOSURSULHWjSHU0G+DQLIQDWRLQ%DQJODGHVKLOSURSULHWjSHU
FRQ DWWR GL FRPSUDYHQGLWD GHO 5HSHUWRULR Q 5RJDQWH 'RWW %HQLDPLQR ,WUL 6HGH
/RQLJRWUDVFULWWRD9LFHQ]DLODLQUL5*H53GDODGRJJL
(OHQFRGHOOHWUDVFUL]LRQLHLVFUL]LRQLSUHJLXGL]LHYROLDJJLRUQDWHDO
•
,SRWHFD YRORQWDULD LVFULWWD LQ GDWD DL QUL 5HJLVWUR JHQHUDOH Q 5HJLVWUR
SDUWLFRODUHQDIDYRUHGHOOD%DQFD3RSRODUHGL9LFHQ]D6RFLHWj&RRSHUDWLYDSHU$]LRQLD5HVSRQVDELOLWj
/LPLWDWD FRQ VHGH LQ 9LFHQ]D 9, H FRQWUR $EGXO .DLZXP QDWR LQ %DQJODGHVK LO FI
%'/.:06=)SHULOGLULWWRGLSURSULHWjSHUODTXRWDGL+DELEXU5DKDPDQQDWRLQ%DQJODGHVKLO
FI +%%5015=/ SHU LO GLULWWR GL SURSULHWj SHU OD TXRWD GL 0G +DQLI QDWR LQ
%DQJODGHVKLOFI0';+1)(=/SHULOGLULWWRGLSURSULHWjSHUODTXRWDGLDVHJXLWR
GL FRQWUDWWR GL PXWXR LQ GDWD Q GHO UHSHUWRULR 1RWDLR %HQLDPLQR ,WUL GL /RQLJR
FDSLWDOH ¼ LVFUL]LRQH LSRWHFDULD SHU ¼ FROSHQWH L PDSS VXE &RPXQH GL
0RQWHFFKL0DJJLRUH9,&DWDVWR)DEEULFDWL)J6H]LRQH$
•
,SRWHFD YRORQWDULD LVFULWWD LQ GDWD DL QUL 5HJLVWUR JHQHUDOH Q 5HJLVWUR
SDUWLFRODUHQDIDYRUHGHOOD%DQFD3RSRODUHGL9LFHQ]D6RFLHWj&RRSHUDWLYDSHU$]LRQLD5HVSRQVDELOLWj
/LPLWDWD FRQ VHGH LQ 9LFHQ]D 9, H FRQWUR $EGXO .DLZXP QDWR LQ %DQJODGHVK LO FI
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
%'/.:06=)SHULOGLULWWRGLSURSULHWjSHUODTXRWDGL+DELEXU5DKDPDQQDWRLQ%DQJODGHVKLO
FI +%%5015=/ SHU LO GLULWWR GL SURSULHWj SHU OD TXRWD GL 0G +DQLI QDWR LQ
%DQJODGHVKLOFI0';+1)(=/SHULOGLULWWRGLSURSULHWjSHUODTXRWDGLDVHJXLWR
GL FRQWUDWWR GL PXWXR LQ GDWD Q GHO UHSHUWRULR 1RWDLR %HQLDPLQR ,WUL GL /RQLJR
FDSLWDOH ¼ LVFUL]LRQH LSRWHFDULD SHU ¼ FROSHQWH L PDSS VXE &RPXQH GL
0RQWHFFKL 0DJJLRUH 9, &DWDVWR )DEEULFDWL )J 6H]LRQH $ OD SUHVHQWH LVFUL]LRQH q VWDWD LVFULWWD D
FRUUH]LRQH GHOOD QRWD GL LVFUL]LRQH HUURQHDPHQWH WUDVPHVVD GHO 5* 53 FRPH LQGLFDWR QHOOD
6H]LRQH ' 8OWHULRUL LQIRUPD]LRQL GHOOD QRWD LQ GDWD DL QUL 5HJLVWUR JHQHUDOH Q 5HJLVWUR
SDUWLFRODUHQ
•
9HUEDOH GL SLJQRUDPHQWR LPPRELOL WUDVFULWWR LQ GDWD DL QUL 5HJLVWUR JHQHUDOH Q
5HJLVWURSDUWLFRODUHQDIDYRUHGHOOD%DQFD3RSRODUHGL9LFHQ]D6&3$FRQVHGHLQ9LFHQ]DH
FRQWUR $EGXO .DLZXP QDWR LQ %DQJODGHVK LO FI %'/.:06=) SHU LO GLULWWR GL
SURSULHWjSHUODTXRWDGL+DELEXU5DKDPDQQDWRLQ%DQJODGHVKLOFI+%%5015=/
SHU LO GLULWWR GL SURSULHWj SHU OD TXRWD GL 0G +DQLI QDWR LQ %DQJODGHVK LO FI
0';+1)(=/ SHU LO GLULWWR GL SURSULHWj SHU OD TXRWD GL D VHJXLWR GLYHUEDOH GL SLJQRUDPHQWR
LPPRELOLDUHLQGDWDQGHOO¶8IILFLDOH*LXGL]LDULRGHO7ULEXQDOHGL9LFHQ]DFROSHQWHLOPDSS
VXE&RPXQHGL0RQWHFFKLR0DJJLRUH9,&DWDVWR)DEEULFDWL)J6H]LRQH$
(OHQFRGHOOHIRUPDOLWjFKHVDUDQQRFDQFHOODWH
6XOODEDVHGHOO¶HOHQFRGLFXLDOSXQWRSUHFHGHQWHVDUDQQRFDQFHOODWHLVFUL]LRQLLSRWHFDULHSLJQRUDPHQWLHG
DOWUHWUDVFUL]LRQLSUHJLXGL]LHYROL
/277,
9LVWHOHFDUDWWHULVWLFKHGHO PHUFDWRORFDOHIDWWH OHRSSRUWXQHFRQVLGHUD]LRQLHYDOXWD]LRQLLOVRWWRVFULWWR
HVSHUWR ULWLHQH FKH L EHQL SLJQRUDWL SHU XQD PDJJLRUH SRVVLELOLWj GL YHQGLWD GHEEDQR HVVHUH FRQVLGHUDWL FRPH
/277281,&2
&202'$',9,6,%,/,7$¶
*LXGL]LR
/¶LPPRELOH QRQ ULVXOWD FRPRGDPHQWH GLYLVLELOH LQ TXDQWR L WUH HVHFXWDWL VRQR FRPSURSULHWDUL FLDVFXQR
GHOODTXRWDGLGHLEHQLSLJQRUDWLDSSDUWDPHQWRHJDUDJH
266(59$=,21,),1$/,
1HVVXQD
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
%DVVDQRGHO*UDSSDOu
,O7HFQLFR,QFDULFDWR
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL
‡‰‹•–”‘
‡‡”ƒŽ‡•‡…—œ‹‘‡Ǥ͸ͲͳȀʹͲͳʹ
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
$//(*$7,
6RYUDSSRVL]LRQHRUWRIRWRFRQODPDSSDFDWDVWDOH
$WWHVWDWRGL3UHVWD]LRQH(QHUJHWLFD$3(
'RFXPHQWD]LRQHIRWRJUDILFD
3ODQLPHWULHGHOORVWDWRDWWXDOHGHLOXRJKLUHGDWWDGDOSHULWR
9LVXUDFDWDVWDOHVWRULFD&DWDVWR)DEEULFDWLEHQLLQ&RPXQHGL0RQWHFFKLR0DJJLRUHIJPS
VXE
9LVXUDFDWDVWDOHVWRULFD&DWDVWR)DEEULFDWLEHQLLQ&RPXQHGL0RQWHFFKLR0DJJLRUHIJPS
VXE
9LVXUDFDWDVWDOHVWRULFD&DWDVWR7HUUHQLEHQLLQ&RPXQHGL0RQWHFFKLR0DJJLRUHIJPS
3ODQLPHWULHGHOORVWDWRDWWXDOHGHLOXRJKLFRQLQGLFD]LRQHGHOOHGLIIRUPLWjFDWDVWDOLULVFRQWUDWH
$WWRGLDFTXLVWR5HSQ5DFFQDIDYRUHGHJOLHVHFXWDWL
(VWUDWWRPDSSD&DWDVWR7HUUHQLFRQLQGLFD]LRQHGHLEHQLSLJQRUDWL
(VWUDWWR PDSSD FDUWDFHD &DWDVWR 7HUUHQL SULPD GHOOD GLJLWDOL]]D]LRQH FRQ LQGLFD]LRQH GHL EHQL
SLJQRUDWL
(VWUDWWR PDSSD FDUWDFHD &DWDVWR )DEEULFDWL SULPD GHOOD GLJLWDOL]]D]LRQH FRQ LQGLFD]LRQH GHL EHQL
SLJQRUDWL
3ODQLPHWULH&DWDVWDOLGHLEHQLSLJQRUDWL
$XWRUL]]D]LRQLHGLOL]LHGHOHGHOFRQHODERUDWRJUDILFR
$XWRUL]]D]LRQHGLDELWDELOLWjGHO
'HQXQFLD,QL]LR$WWLYLWjGHOFRQHODERUDWRJUDILFR
&RPXQLFD]LRQHGLXOWLPD]LRQHODYRULGHO
&HUWLILFDWRGLFROODXGRILQDOHGHO
$XWRUL]]D]LRQHDOORVFDULFRGHO
&HUWLILFDWRGL'HVWLQD]LRQH8UEDQLVWLFD&'8GHLEHQLSLJQRUDWL
7DEHOOHGLVWLPDGHLEHQLFRQLOPHWRGR0&$
&RPXQLFD]LRQHGHOO¶DPPUHGLFRQGRPLQLRLQPHULWRDOOHVSHVHFRQGRPLQLDOLHGDOWUR
&RPXQLFD]LRQHGHOO¶DPPUHGLFRQGRPLQLRLQPHULWRDOUHJRODPHQWRGLFRQGRPLQR
&HUWLILFDWRGLUHVLGHQ]DVWRULFRGHJOLHVHFXWDWL
'LFKLDUD]LRQHGHOO¶8IILFLRGL6WDWR&LYLOHGHO&RPXQHGL0RQWHFFKLR0DJJLRUH
̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴̴
‰‹—†‹…‡ǣ‘––Ǥ
‹—Ž‹‘‘”‡ŽŽƒ
‡•’‡”–‘‹…ƒ”‹…ƒ–‘ǣ‰Ǥ‡”‰‹‘ƒ–‹ƒ–‘
3DJLQDGL