3$57(35,0$
',6326,=,21,*(1(5$/,
7,72/2,ƒ
1$785$(6&23,'(/5(*2/$0(172
$UW&217(1872/,0,7,(9$/,',7$
'(/5(*2/$0(172(',/,=,2
,O SUHVHQWH 5HJRODPHQWR GLVFLSOLQD WXWWH OH DWWLYLWj GL FRVWUX]LRQH GL GHPROL]LRQH GL
WUDVIRUPD]LRQH GHOO
DPELHQWH ILVLFR GL XWLOL]]D]LRQH H VLVWHPD]LRQH GHO VXROR H GHO
VRWWRVXRORHLUHODWLYLFRQWUROOLVXOO
HVHFX]LRQHHODGHVWLQD]LRQHG
XVR
6WDQWHODVXDQDWXUDGLIRQWHQRUPDWLYDVHFRQGDULDDLVHQVLGHJOL$UWWGHOOHGLVSRVL]LRQL
VXOOD /HJJH LQ JHQHUDOH LO SUHVHQWH 5HJRODPHQWR REEOLJD LQ TXDQWR QRQ FRQWUDVWL FRQ DWWL
QRUPDWLYLSULPDULHFLRqFRQ/HJJLVLDVWDWDOLFKHUHJLRQDOLHDWWLDYHQWLIRU]DGLOHJJH
/H QRUPH GHO SUHVHQWH 5HJRODPHQWR SUHYDOJRQR LQ PDWHULD GL HGLOL]LD VXL UHJRODPHQWL GL
LJLHQHSROL]LDPXQLFLSDOHSROL]LDPRUWXDULDGHO&RPXQHLQSUHFHGHQ]DHPDQDWL
$UW5,&+,$02$',6326,=,21,',/(**((',5(*2/$0(172
6XOODGLVFLSOLQDGHOOHDWWLYLWjXUEDQLVWLFDHGHGLOL]LDVLULFKLDPDQRROWUHDOOHGLVSRVL]LRQLGHO
SUHVHQWH 5HJRODPHQWR OH /HJJL *HQHUDOL H 6SHFLDOL GHOOD 5HJLRQH GHO 9HQHWR HG LQ
SDUWLFRODUHOHYLJHQWLGLVSRVL]LRQLLQPDWHULDGL
±85%$1,67,&$
/HJJHQƒ
&LUF0LQ//33Qƒ
/HJJHQƒ
/HJJHQƒ
&LUF0LQ//33Qƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
5'/Qƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
'35Qƒ
',//33Qƒ
',//33Qƒ
'06DQLWj
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
&LUFRODUL0LQLVWHUR//33
QƒLQGDWD
QƒLQGDWD
&LUFRODUL5HJLRQDOL
QƒLQGDWD
&ULWHUL3G/
QƒLQGDWD
5(*,0('(,682/,
/HJJHQƒ
/HJJHQƒ
/5Qƒ
3527(=,21('(//(%(//(==(1$785$/,
/HJJHQƒ
5'Qƒ
'35Qƒ
/HJJH5HJLRQDOHQƒ
/HJJH5HJLRQDOHQƒ
&LUFRODUH5HJLRQDOH
Qƒ
787(/$'(/3$75,021,2$57,67,&26725,&2$5&+(2/2*,&2
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
(',/,=,$3(5/(=21(6,60,&+(
5'Qƒ
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
'0*8'(/
5(48,6,7,'(,0$7(5,$/,'$&26758=,21(
/HJJHQƒ
'0*8GHO
&(0(17,$50$7,
/HJJHQƒ
'06XSSO2UG*8GHO
25',1$0(17,(35(9,'(1=(352)(66,21$/,
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
9,1&2/2,'52*(2/2*,&2
5'Qƒ
&$9((0,1,(5(
5'Qƒ
/HJJH5HJLRQDOHQƒ
$&48(38%%/,&+($&48('277,(/(7752'277,
5'Qƒ
35235,(7$
7(50,&+(,*520(75,&+(',9(17,/$=,21((',
,//80,1$=,21('(//(&26758=,21,(',/,=,(
'0*86XSSO2UGGHO
,*,(1(6$1,7$
32/,=,$02578$5,$
78/6Qƒ
'35Qƒ*8GHO
$6&(1625,(0217$&$5,&+,
'/Qƒ
/HJJHQƒ
&,5&2/$=,21(675$'$/(
5'Qƒ
',6326,=,21,3(5/$&,1(0$72*5$),$
Qƒ
±,148,1$0(17,
/HJJHQƒ
'35Qƒ
'35Qƒ
'35Qƒ
/HJJHQƒ
/HJJHQƒ
'(/,17(50,1,67(5,$/(
$17,1)25781,67,&$'(*/,,03,$17,(/(775,&,
'35Qƒ
'35Qƒ
QRUPH&(,±
±
6
/HJJHQƒ
35(9(1=,21(,1&(1',
/HJJHQƒ
'35Qƒ
),1$1=$/2&$/(
5'Qƒ
/(**(&2081$/((3529,1&,$/(
5'Qƒ
5'Qƒ
5'Qƒ
,19,0
'35Qƒ
,03267$',%2//2
'35Qƒ
$87(17,&$=,21(',&23,(
/HJJHQƒ
/HJJHQƒ
(482&$121(
/HJJHQƒ
5,63$50,2(1(5*(7,&2
/HJJHQƒ
'35Qƒ
'35HJQƒ
9,1&2/,0,/,7$5,
/HJJHQƒ
/HJJHQƒ
/HJJHQƒ
5'Qƒ
/HJJHQƒ
'35Qƒ
/HJJHQƒ
/HJJHQƒ
±&$03(**,
/HJJHQƒ
'35Qƒ
$UW 5(63216$%,/,7$
'(,&200,77(17,'(,352*(77,67,'(,
',5(7725,('(*/,$6681725,'(,/$925,5(48,6,7,'(,
352*(77,67,('(,',5(7725,'(/$925,
/
RVVHUYDQ]DGHOSUHVHQWH5HJRODPHQWRQRQOLPLWDODUHVSRQVDELOLWjVWDELOLWDGDOOD/HJJHSHU
LFRPPLWWHQWLWLWRODULGHOODFRQFHVVLRQHLSURJHWWLVWLLGLUHWWRULHJOLDVVXQWRULGHLODYRUL
,SURJHWWLVWLHL'LUHWWRULGHL/DYRULGHYRQRHVVHUHQHOO
DPELWRGHOOHULVSHWWLYHFRPSHWHQ]H
LQJHJQHULDUFKLWHWWLJHRPHWULSHULWLHGLOLSHULWLDJUDULRGRWWRULLQDJUDULDLVFULWWLDLULVSHWWLYL
RUGLQLFROOHJLHDOELSURIHVVLRQDOL
3HU ULFKLDPDUH L VLQJROL SURIHVVLRQLVWL DG XQ SL YLJLOH VHQVR GL UHVSRQVDELOLWj QHL ULJXDUGL
GHOODVRFLHWjHSHUGLIHQGHUOLDGXQWHPSRGDLQRSSRUWXQHULFKLHVWHGHLFRPPLWWHQWLWHQGHQWLD
PRGLILFDUHLUDSSRUWLGHOO
RSHUDSURJHWWDWDFRQODYLJHQWHQRUPDWLYDLO6LQGDFRSXzGHIHULUH
DLULVSHWWLYL2UGLQLH&ROOHJLSURIHVVLRQDOLDIILQFKpYHQJDQRSUHVLSURYYHGLPHQWLGLVFLSOLQDUL
FRORURFKHVLDQHOODYHVWHGLSURJHWWLVWLFKHGL'LUHWWRULGHL/DYRULRFROODXGDWRULHSHURSHUD
GLUHWWDRSHUQHJOLJHQ]DHGRPLVVLRQHGLFKLDULQRGDWLQRQFRQIRUPLDOODUHDOWjHGRSHULQRLQ
GLIIRUPLWjDOOHQRUPHYLJHQWLRDOSURJHWWRDSSURYDWR
7,72/2,,ƒ
$8725,==$=,21,85%$1,67,&+((&21&(66,21,(',/,=,(
$UW23(5(62**(77($&21&(66,21(
3HU HVHJXLUH OH RSHUH VRWWR HOHQFDWH QHOO
DPELWR GHO WHUULWRULR FRPXQDOH GHYH HVVHUH IDWWD
SUHYHQWLYDULFKLHVWDDO6LQGDFRGLDSSRVLWDFRQFHVVLRQH
(
SUHVFULWWDODFRQFHVVLRQHSHU
DQXRYHFRVWUX]LRQLULFRVWUX]LRQLDPSOLDPHQWLGLHGLILFL
ELQWHUYHQWLGLULVWUXWWXUD]LRQHHGLOL]LDHFLRqTXHOOLULYROWLDWUDVIRUPDUHJOLRUJDQLVPLHGLOL]L
PHGLDQWHXQLQVLHPHVLVWHPDWLFRGLRSHUHFKHSRVVRQRSRUWDUHDGXQRUJDQLVPRHGLOL]LRLQ
WXWWRRLQSDUWHGLYHUVRGDOSUHFHGHQWH7DOLLQWHUYHQWLFRPSUHQGRQRLOULSULVWLQRROD
VRVWLWX]LRQHGLDOFXQLHOHPHQHQWLFRVWLWXWLYtGHOO
HGLILFLRO
HOLPLQD]LRQHODPRGuILFDH
O
LQVHULPHQWRGLQXRYLHOHPHQWLHGLPSLDQWL
FLQWHUYHQWLGLULVWUXWWXUD]LRQHXUEDQLVWLFDHFLRqTXHOOLULYROWLDVRVWLWXLUHO
HVLVWHQWHWHVVXWR
XUEDQLVWLFRHGLOL]LRFRQDOWURGLYHUVRPHGLDQWHXQLQVLHPHVLVWHPDWLFRGLLQWHUYHQWLHGLOL]L
DQFKHFRQODPRGLILFD]LRQHGHOGLVHJQRGHLORWWLGHJOLLVRODWLHGHOODUHWHVWUDGDOH
GYDULD]LRQLGHOODGHVWLQD]LRQHG
XVRGHOOHFRVWUX]LRQLFRQRSHUHDFLzSUHRUGLQDWH
HQHJOLLQVHGLDPHQWLSURGXWWLYLYDULD]LRQLGHOWLSRGLDWWLYLWjVHFRQGROHFODVVLILFKH
,67$7
IFROORFDPHQWLPRGLILFD]LRQLHULPR]LRQLGLIRQWDQHPRQXLPHQWLFKLRVFKLHGLFROH
GLVWULEXWRULGLFDUEXUDQWH
JFRVWUX]LRQLPRGLILFD]LRQLHGHPROL]LRQLHGHGLFROHIXQHUDULHGLWRPEHHGLDOWUH
GHFRUD]LRQLFLPLWHULDOL
KLQWRQDFDWXUHULYHVWLPHQWLHGRUQDPHQWLGLTXDOXQTXHJHQHUHVXOOHSDUHWLHVWHUQHFKH
FDXVLQRPRGLILFDGLIRUPHHGLPHQVLRQLGHJOLHGLILFL
LRSHUHGLXUEDQL]]D]LRQH
OVFDYLHPRYLPHQWLGLWHUUDDFDUDWWHUHSHUPDQHQWHLPSLDQWLVSRUWLYLDOO
DSHUWRPRGLILFD
GHOOHDUHHDERVFR
PVLVWHPD]LRQHGLDUHHDSHUWHDOSXEEOLFR
QFRVWUX]LRQHGLSRQWLHGDFFHVVLSHGRQDOLHFDUUDELOLDQFKHLQSUHVHQ]DGLDXWRUL]]D]LRQH
GHOO
(QWHSURSULHWDULRGHOODVWUDGD
RDSHUWXUDGLVWUDGHRFRVWUX]LRQLGLPDQXIDWWLVWUDGDOLDQFKHLQSUHVHQ]DGHOO
DXWRUL]]D]LRQH
GLFXLDOSUHFHGHQWHSXQWR
Q
SFRVWUX]LRQHGLORFDOLQHOVRWWRVXROR
TFROORFDPHQWRPRGLILFD]LRQHRULPR]LRQHGLDSSDUHFFKLDWXUHHVWHUQHWRUULVHUEDWRLVLORV
HFF
UFRVWUX]LRQLSUHIDEEULFDWHDQFRUFKpDFDUDWWHUHSURYYLVRULRORFDOLER[HVWHWWRLHHFF
VFROORFD]LRQLGLFDVHSUHIDEEULFDWHHVLPLOL
6L ULFKLDPD DOWUHVu O
REEOLJR GL FKLHGHUH HG RWWHQHUH XQD QXRYD FRQFHVVLRQH HGLOL]LD SHU
YDULDQWLGLTXDOXQTXHQDWXUDGDDSSRUWDUHDOOHRSHUHHOHQFDWHQHOSUHVHQWHDUWLFRORDQFRUFKp
LQFRUVRG
RSHUD
3HUJOLLPPRELOLGLSURSULHWjGHOOR6WDWRGHOOH5HJLRQLGHOOH3URYLQFLHHGHL&RPXQLGHJOL
(QWL 3XEEOLFL OD FRQFHVVLRQH SHU RSHUH GD UHDOL]]DUH LQ UHJLPH GL GLULWWR SULYDWR q GDWD D
FRORURFKHVLDQRPXQLWLGLWLWRORULODVFLDWRGDLFRPSHWHQWLRUJDQLGHOO
$PPLQLVWUD]LRQHDO
JRGLPHQWRGHOEHQH
$UW23(5(62**(77($'$8725,==$=,21(
6RQR DVVRJJHWWDWLDGDXWRUL]]D]LRQHGHO6LQGDFRDGHVHJXLUHLODYRULJOLLQWHUYHQWLGLFXLDL
SXQWLHGHOO
DUWGHOOD/5Q
,OSURFHGLPHQWRSHULOULODVFLRGHOO
DXWRUL]]D]LRQHVRQRGLVFLSOLQDWLGDOO
DUWGHOOD/5Q
$UW23(5(12162**(77($&21&(66,21(2$8725,==$=,21((
'(181&,$,1,=,2$77,9,7$¶(',/,=,$
1RQVRQRVRJJHWWHDFRQFHVVLRQHRDXWRUL]]D]LRQH
D OHRSHUHGLDVVROXWDXUJHQ]DRGLQHFHVVLWjLPPHGLDWDRUGLQDWHGDO6LQGDFR
E JOL LQWHUYHQWL GL PDQXWHQ]LRQH RUGLQDULD H FLRq TXHOOL FKH ULJXDUGDQR OH RSHUH GL
ULSDUD]LRQHULQQRYDPHQWRHVRVWLWX]LRQHGHOOHILQLWXUHGHJOLHGLILFLHTXHOOHQHFHVVDULHDG
LQWHJUDUH R PDQWHQHUH LQ HIILFLHQ]D JOL LPSLDQWL WHFQRORJLFL HVLVWHQWL H FRQWUDVWDUH
LOGHJUDGRGRYXWRDOWHPSRHDOQRUPDOHXVR6RQRFRPSUHVLLQWDOHFDWHJRULDWXWWLLODYRUL
GL ULSDUD]LRQH R GL ULIDFLPHQWR GHOOH SDUWL GHJUDGDWH VHQ]D PRGLILFDUQH IRUPH H
GLPHQVLRQL,ODYRULFKHGHYRQRHVVHUHGLPRGHVWDHQWLWjSULQFLSDOPHQWHFRQVLVWRQRQHOOD
ULSDUD]LRQH GL LQWRQDFL HVWHUQL HG LQWHUQL VHUUDPHQWL SDYLPHQWL HG LPSLDQWL QRQ VRQR
FRPSUHVH OH PRGLILFKH DOOD GLPHQVLRQH GHL ORFDOL H OH DSHUWXUH H FKLXVXUH GL SRUWH H
ILQHVWUH1HLFDVLLQFXLWDOLODYRULIRVVHURHVHJXLWLVXLPPRELOLYLQFRODWLVLGRYUjRWWHQHUH
SUHYHQWLYDPHQWHO¶DXWRUL]]D]LRQHGHJOL(QWLSUHSRVWL
F /DFRVWUX]LRQHGLEDUDFFKHGLFDQWLHUHLQGLSHQGHQ]DGLODYRULUHJRODUPHQWHDXWRUL]]DWL
G OHSURWH]LRQLVWDJLRQDOL
H PRVWUHFDPSLRQDULHSURYYLVRULHDOO
DSHUWR
I FROORFDPHQWRGLHOHPHQWLVLQJROLQRQFRPSUHVLQHOO
DUWLFRORSUHFHGHQWH
$LVHQVLHSHUJOLHIIHWWLGHOO¶DUWGHOOD/QƒFRPHPRGLILFDWRGDOO¶DUW
FRPPDGHOOD/QƒHGDOO¶DUWGHO'/QƒHGDOO¶DUW
GHO'/QƒFRQYHUWLWRFRQPRGLILFD]LRQLGDOOD/QƒSRVVRQRHVVHUH
RJJHWWRGL'HQXQFLD,QL]LR$WWLYLWj',$OHVHJXHQWLRSHUH
J RSHUHGLPDQXWHQ]LRQHVWUDRUGLQDULDUHVWDXURHULVDQDPHQWRFRQVHUYDWLYR
K RSHUH GL HOLPLQD]LRQH GHOOH EDUULHUH DUFKLWHWWRQLFKH LQ HGLILFL HVLVWHQWL FRQVLVWHQWL LQ
UDPSHRDVFHQVRULHVWHUQLRYYHURLQPDQXIDWWLFKHDOWHULQRODVDJRPDGHOO¶HGLILFLR
L UHFLQ]LRQLPXULGLFLQWDHFDQFHOODWH
M DUHHGHVWLQDWHDGDWWLYLWjVSRUWLYHHFUHD]LRQHGLYROXPHWULD
N RSHUHLQWHUQHGLVLQJROHXQLWjLPPRELOLDULFKHQRQFRPSRUWLQRPRGLILFKHGHOODVDJRPDH
GHL SURVSHWWL H QRQ UHFKLQR SUHJLXGL]LR DOOD VWDWLFD GHOO¶ LPPRELOH H OLPLWDWDPHQWH DJOL
LPPRELOL FRPSUHVL QHOOH =72 $ GL FXL DOO¶ DUW GHO '0//33 DSULOH SXEEOLFDWRQHOOD*8QƒGHOQRQPRGLILFKLQRODGHVWLQD]LRQHG¶XVR
O UHYLVLRQH R LQVWDOOD]LRQH GL LPSLDQWL WHFQRORJLFL DO VHUYL]LR GL HGLILFL R GL DWWUH]]DWXUH
HVLVWHQWL H UHDOL]]D]LRQH GL YROXPL WHFQLFL FKH VL UHQGDQR LQGLVSHQVDELOL VXOOD EDVH GL
QXRYHGLVSRVL]LRQL
P YDULDQWLDFRQFHVVLRQLHGLOL]LHJLjULODVFLDWHFKHQRQLQFLGDQRVXLSDUDPHWULXUEDQLVWLFLH
VXOOH YROXPHWULH FKH QRQ FDPELDQR OD GHVWLQD]LRQH G¶ XVR H OD FDWHJRULD HGLOL]LD H QRQ
DOWHULQR OD VDJRPD H QRQ YLROLQR OH HYHQWXDOL SUHVFUL]LRQL FRQWHQXWH QHOOD &RQFHVVLRQH
(GLOL]LD
Q SDUFKHJJLGLSHUWLQHQ]DGHOVRWWRVXRORGHOORWWRVXFXLLQVLVWHLOIDEEULFDWR
$UW23(5(',&203(7(1=$&2081$/(
3HUOHRSHUHGDHVHJXLUHGDO&RPXQHYDVHQWLWRLOSDUHUHGHOOD&RPPLVVLRQH(GLOL]LDHGHO
UHVSRQVDELOHGLVHWWRUHGHOO
86/TXHVW
XOWLPRRYHULFKLHVWRGD/HJJLJHQHUDOLHVHFRQGRL
GLVSRVWLGHOO
DUWGHOOD/5
$UW23(5(',&203(7(1=$67$7$/(
3HU OH RSHUH LQ UHJLPH GL GLULWWR SXEEOLFR GD HVHJXLUVL GD $PPLQLVWUD]LRQH 6WDWDOL R
FRPXQTXH LQVLVWHQWL VX DUHH GHO GHPDQLR 6WDWDOH O
DFFHUWDPHQWR GHOOD FRQIRUPLWj DOOH
SUHVFUL]LRQLGHOOHQRUPHHGHLSLDQLXUEDQLVWLFLHGHGLOL]LVDOYRFKHSHUOHRSHUHGHVWLQDWHDOOD
GLIHVDPLOLWDUHqIDWWRGDOOR6WDWRG
LQWHVDFRQOD5HJLRQHLQWHUHVVDWD
/D SURJHWWD]LRQH GL PDVVLPD HG HVHFXWLYD GHOOH RSHUH SXEEOLFKH GL LQWHUHVVH VWDWDOH GD
UHDOL]]DUHGHJOL(QWLLVWLWX]LRQDOPHQWHFRPSHWHQWLSHUTXDQWRFRQFHUQHODORURORFDOL]]D]LRQH
H OH VFHOWH GHO WUDWWDWR VH GLIIRUPH DOOH SUHVFUL]LRQL H GDL YLQFROL GHOOH QRUPH H GHL SLDQL
XUEDQLVWLFL HG HGLOL]L q IDWWD GDOO¶$PPLQLVWUD]LRQH 6WDWDOH FRPSHWHQWH G
LQWHVD FRQ OH
5HJLRQLLQWHUHVVDWHFKHGHYRQRVHQWLUHSUHYHQWLYDPHQWHJOLHQWLORFDOLQHOFXLWHUULWRULRVRQR
SUHYLVWLJOLLQWHUYHQWL
6H O
LQWHVD QRQ VL UHDOL]]D HQWUR QRYDQWD JLRUQL GDOOD GDWD GL ULFHYLPHQWR GD SDUWH GHOOH
5HJLRQL GHO SURJUDPPD GL LQWHUYHQWR H LO &RQVLJOLR GHL 0LQLVWUL ULWLHQH FKH VL GHEED
SURFHGHUH LQ GLIIRUPLWj GHOOD SUHYLVLRQH GHJOL VWUXPHQWL XUEDQLVWLFL VL SURYYHGH VHQWLWD OD
&RPPLVVLRQH LQWHUSDUODPHQWDUH SHU OH TXHVWLRQL UHJLRQDOL FRQ GHFUHWR GHO 3UHVLGHQWH GHOOD
5HSXEEOLFD SUHYLD GHOLEHUD]LRQH GHO &RQVLJOLR GHL 0LQLVWUL VX SURSRVWD GHO 0LQLVWHUR R GHL
0LQLVWULFRPSHWHQWLSHUPDWHULD
5HVWD IHUPR TXDQWR SUHYLVWR GDOOD /HJJH GLFHPEUH Qƒ FRQFHUQHQWH OD
ORFDOL]]D]LRQH GHJOL LPSLDQWL SHU OD SURGX]LRQH GL HQHUJLD HOHWWULFD H GDOOD /HJJH DJRVWR
Qƒ UHODWLYD D QRUPH VXOOD ORFDOL]]D]LRQH GHOOH FHQWUDOL HOHWWUR QXFOHDUL H VXOOD
SURGX]LRQHHVXOO
LPSLHJRGLHQHUJLDHOHWWULFDHGHOOD/HJJHGLFHPEUHQƒSHUOH
VHUYLWPLOLWDUL
$UW'20$1'(',$8725,==$=,21(',&21&(66,21((',*,8',=,2
35(/,0,1$5(
/H GRPDQGH GL FRQFHVVLRQH DG HVHJXLUH OH RSHUH FLWDWH QHO SUHFHGHQWH $UW R GL
DXWRUL]]D]LRQHDGHVHJXLUHOHRSHUHFLWDWHDLSUHFHGHQWL$UWWEROODWHDWHUPLQLGLOHJJH
UHGDWWH VXL PRGHOOL D VWDPSD ULODVFLDWL GDO &RPXQH GLVSRVWL D WHUPLQH GL OHJJH GHEERQR
HVVHUH LQGLUL]]DWH DO 6LQGDFR FRQ DOOHJDWL L GLVHJQL LQ WULSOLFH FRSLD FRPSLODWL VHFRQGR OH
QRUPHHOHQFDWHQHOVXFFHVVLYR$UWHFRQRJQLDOWUDGRFXPHQWD]LRQHULFKLHVWD
,O 6LQGDFR SXz ULFKLHGHUH XQ QXPHUR PDJJLRUH GL FRSLH GHJOL HODERUDWL GL FXL DO FRPPD
SUHFHGHQWH
/DGRPDQGDHODFRSLDGLWXWWLLGLVHJQLGHYRQRHVVHUHILUPDWHSHUHVWHVRGDO5LFKLHGHQWHGDO
3URSULHWDULRGHOO
DUHDR7LWRODUHGLLGRQHRGLULWWRGDO3URJHWWLVWD
,QRPLQDWLYLGHO'LUHWWRUHHGHOO
$VVXQWRUHGHLODYRULSRVVRQRHVVHUHFRPXQLFDWLDOO
DWWRGHOOD
GLFKLDUD]LRQHGLLQL]LRGHLODYRULVHFRQGRLOGLVSRVWRGHOVXFFHVVLYR$UW
,ILUPDWDULVRQRUHVSRQVDELOLDQRUPDGL/HJJHSHURJQLLQRVVHUYDQ]DGHOOHGLVSRVL]LRQLGL
/HJJH R 5HJRODPHQWR H GHOOH SUHVFUL]LRQL H PRGDOLWj HVHFXWLYH ILVVDWH QHOO
DWWR GL
FRQFHVVLRQH
*OL HYHQWXDOLFDPELDPHQWLQHOOHSHUVRQHGHO5LFKLHGHQWHGHO3URSULHWDULRGHO'LUHWWRUHGHL
/DYRUL H GHOO
$VVXQWRUH GHL /DYRUL GHYRQRHVVHUHLPPHGLDWDPHQWHFRPXQLFDWLDO6LQGDFR
PHGLDQWHOHWWHUDUDFFRPDQGDWDFRQULFHYXWDGLULWRUQRGDJOLLQWHUHVVDWLVXEHQWUDWL
'HYHHVVHUHLQGLFDWRQHOOD'RPDQGDLOGRPLFLOLRGHLILUPDWDUL
4XDORUD OD GRFXPHQWD]LRQH DOOHJDWD DOOD GRPDQGD ULVXOWL LQFRPSOHWD YLHQH GDWD WHPSHVWLYD
FRPXQLFD]LRQHDJOLLQWHUHVVDWLLTXDOLGRYUDQQRSURYYHGHUHGLFRQVHJXHQ]D
,O6LQGDFRSURYYHGHVHQWLWLOD&RPPLVVLRQH(GLOL]LDHLOUHVSRQVDELOHGLVHWWRUHGHOO
8/6
/
LQWHUHVVDWRFKLHGHRYHQHFHVVDULRLOSDUHUHO
DXWRUL]]D]LRQHO
DSSURYD]LRQHGHJOL(QWLH
GHJOL2UJDQLFRPSHWHQWLHQHGjFRPXQLFD]LRQHDO6LQGDFR6LULFKLDPDLQSDUWLFRODUHLO
GLVSRVWR GHOOD /HJJH Qƒ FKH GHWWD QRUPH SHU OH FRVWUX]LRQL FRQ VSHFLDOL
SUHVFUL]LRQLSHUOH]RQHVLVPLFKH
6LULFKLDPDLQROWUHTXDQWRGLVSRVWRGDOVXFFHVVLYR$UW
4XDOXQTXHSURJHWWRSXzHVVHUHSUHFHGXWRGDXQSLVHPSOLFHHODERUDWRGLPDVVLPDDOOHJDWR
DOOD GRPDQGD LQ EROOR VRWWRVFULWWD GDO 5LFKLHGHQWH H GDO 3URJHWWLVWD LQWHVR DG RWWHQHUH XQ
JLXGL]LR SUHOLPLQDUH VLD XUEDQLVWLFR FKH FRPSRVLWLYR FKH QRQ LPSHJQD LQ DOFXQ PRGR LO
&RPXQH
/H FRQFHVVLRQL HGLOL]LH ULODVFLDWH VX WHUULWRUL VRJJHWWL D FRQFHVVLRQH D ORWWL]]DUH GRYUDQQR
HVVHUH HVSUHVVDPHQWH ULSRUWDWH JOL HVWUHPL GHOOD FRQFHVVLRQH PHGHVLPD HG HVVHUH IRUQLWH GL
VWUDOFLRSODQLPHWULFRHQRUPDWLYRGHOSLDQRGLORWWL]]D]LRQHLQFXLVLLQVHULVFRQRHGHOTXDOH
GRYUDQQRULVSHWWDUHOHVSHFLILFKHQRUPHGLDWWXD]LRQHHOHSUHYLVLRQLSODQLYROXPHWULFKH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HJLRQH/HJJH
6RYULQWHQGHQ]D DL %HQL $PELHQWDOLHG$UFKLWHWWRQLFL$1$6 9LJLOLGHO)XRFR&RQVRU]L
GL %RQLILFD $PPLQLVWUD]LRQH 3URYLQFLDOH *HQLR &LYLOH 4XHVWXUD ,VSHWWRUDWR GHO /DYRUR
86/ (QWH 1D]LRQDOH 3UHYLGHQ]D ,QIRUWXQL $VVRFLD]LRQH 1D]LRQDOH &RQWUROOR
&RPEXVWLRQH ,VSHWWRUDWR )RUHVWDOH (1(/ &RQVRU]LR SHU OD 9DORUL]]D]LRQH GHL &ROOL
(XJDQHLHFF
$UW1250(3(5/$35(6(17$=,21('(,352*(77,
, GLVHJQL GHYRQR HVVHUH ULSURGRWWL LQ FRSLD HOLRJUDILFD R VLPLOL SLHJDWL QHOOH GLPHQVLRQL
81,HGDWDWL
(VVL GHYRQR LQ RJQL FDVR FRPSUHQGHUH XQD SODQLPHWULD GHOOD ORFDOLWj DJJLRUQDWD VXO SRVWR
DOODGDWDGLSUHVHQWD]LRQHGHOSURJHWWRLQVFDODFKHFRPSUHQGDSXQWLGLULIHULPHQWR
DWWL DG LQGLYLGXDUH FRQ SUHFLVLRQH OD ORFDOLWj RYH VL LQWHQGD HVHJXLUH O
RSHUD R FROORFDUH LO
PDQXIDWWRSURJHWWDWR
'HYRQR FRQWHQHUH DOWUHVu SHU OH RSHUH SUHYLVWH DOO
$UW HFFHWWXDWL L SXQWL ³K´ ³S´
O
LQGLFD]LRQH GHOOD GHVWLQD]LRQH GHO 3LDQR 5HJRODWRUH *HQHUDOH VHFRQGR OD GLVFLSOLQD
XUEDQLVWLFD YLJHQWH QHO WHUULWRULR FRPXQDOH QRQFKp OH VHUYLW HL YLQFROLGLTXDOVLDVLJHQHUH
UHODWLYLDOO
DUHDLQHVDPH
&RQULIHULPHQWRDOOHVLQJROHRSHUHSUHYLVWHGDOO
$UWLSURJHWWLGHYRQRLQROWUHFRQWHQHUH
$3(5/(1829(&26758=,21,$1&+(35()$%%5,&$7(
D UHOD]LRQHVRPPDULDUHGDWWDVXOPRGHOORGLFXLDOSUHFHGHQWH$UW
E SODQLPHWULD LQ VFDOD ULOHYDWD WRSRJUDILFDPHQWH FRQ OD LQGLFD]LRQH GHO ORWWR VXO
TXDOH GHYH VRUJHUH O
HGLILFLR FRPSOHWD GL WXWWH OH TXRWH RUL]]RQWDOL H YHUWLFDOL DWWH DG
LQGLYLGXDUQHO
DQGDPHQWRSODQLPHWULFRHGDOWLPHWULFRSULPDHGRSRODVLVWHPD]LRQHGHOOH
DUHHFRPSUHVLLIDEEULFDWLHVLVWHQWLQHLORWWLOLPLWURILFRQOHUHODWLYHDOWH]]HHGLVWDFFKLJOL
DOOLQHDPHQWL VWUDGDOL TXRWDWL VLD GHL IDEEULFDWL FKH GHOOH UHFLQ]LRQL H OD ODUJKH]]D GHOOH
VWUDGH SURVSHWWDQWL LO ORWWR GHYRQR HVVHUH DOWUHVu ULSRUWDWH OH LQGLFD]LRQL TXRWDWH GHOOD
SODQLYROXPHWULDGLSURJHWWR
F SODQLPHWULD LQ VFDOD GHOOD VLVWHPD]LRQH GHOO
DUHD FRQ SDUWLFRODUH ULIHULPHQWR DJOL
DFFHVVL SHGRQDOL H FDUUDELOL DJOL VSD]L SHU LO SDUFKHJJLR H OD PDQRYUD GHL YHLFROL DOOH
SDYLPHQWD]LRQLDJOLHYHQWXDOLSXQWLOXFHHVWHUQLHGDOODUHFLQ]LRQHSHUTXHVW
XOWLPDVRQR
LQROWUH ULFKLHVWL VH]LRQH H SURVSHWWR WLSR VFDOD FRQ O
LQGLFD]LRQH GHL PDWHULDOL
LPSLHJDWLHVH]LRQHTXRWDWDLQVFDODGHOORVSD]LRSXEEOLFRVXOTXDOHODUHFLQ]LRQH
SURVSHWWD
G WXWWH OH SLDQWH GHOOH IRQGD]LRQL H GHL YDUL SLDQL TXDQGR QRQ VLDQR LGHQWLFKH WUD ORUR LQ
VFDODQRQLQIHULRUHDTXRWDWHHUHFDQWLODSUHFLVDLQGLFD]LRQHGHOODGHVWLQD]LRQHGHL
ORFDOL FRQ SDUWLFRODUH ULIHULPHQWR DL FDSDQQRQL LQGXVWULDOL ODERUDWRUL DUWLJLDQDOL
PDJD]]LQLGHSRVLWLHFF
H SLDQWDLQVFDODGHOOHFRSHUWXUH
I WXWWLLSURVSHWWLHVWHUQLLQVFDOD
J DOPHQRXQDVH]LRQHYHUWLFDOHTXRWDWDLQVFDOD
K DOPHQRXQSDUWLFRODUHGHOSURVSHWWRSULQFLSDOHGHOO
HGLILFLRHVWHVRD WXWWD O¶ DOWH]]D
GHOORVWHVVRLQVFDODFRQO
LQGLFD]LRQHGHLPDWHULDOLHGHLFRORUL
L SODQLPHWULD GHO IDEEULFDWR LQ VFDOD FRQ O
LQGLFD]LRQH GHJOL LPSLDQWL UHODWLYL DOO
DSSURYYLJLRQDPHQWRLGULFRHGDOORVPDOWLPHQWRGHOOHDFTXHXVDWHHPHWHRULFKHTXRWDWLHG
HVWHVLILQRDOOHUHWLFROOHWWULFL
M LGDWLPHWULFLUHODWLYLDOODVXSHUILFLHIRQGLDULDFRUULVSRQGHQWHDLVHQVLGHOVXFFHVVLYR$UW
DOOD VXSHUILFLH FRSHUWD DO YROXPH DOO
DOWH]]D GHO IDEEULFDWR DOO
DUHD GHVWLQDWD D
SDUFKHJJLRHDJOLLQGLFLGLIDEEULFD]LRQH
N FRSLD GHOO
DWWR QRWDULOH GL SURSULHWj FRQ DOOHJDWR HVWUDWWR DXWHQWLFR GL PDSSD R WLSR GL
IUD]LRQDPHQWR ULODVFLDWL GDOO
8IILFLR 7HFQLFR (UDULDOH LQ GDWD QRQ DQWHULRUH D VHL PHVL
GDOODSUHVHQWD]LRQHGHOSURJHWWR
O GLFKLDUD]LRQHGLFRQVHQVRDOYLQFRORTXDORUDQHFHVVDULDDLVHQVLGHOVXFFHVVLYR$UW
P ULSURGX]LRQHIRWRJUDILFDGHOOD]RQDLQWHUHVVDWDDOO
LQWHUYHQWR
Q LQGLFD]LRQH GHOOH FDUDWWHULVWLFKH GHOO
LPSLDQWR GL ULVFDOGDPHQWR H GHOO
HYHQWXDOH
LPSLDQWRGLUDIIUHVFDPHQWRHVWLYR
R GLFKLDUD]LRQHFKHOD]RQDLQWHUHVVDWDQRQqVRJJHWWDDYLQFROLPLOLWDULLGURJHRORJLFL
IRUHVWDOL SDHVLVWLFL GL SURWH]LRQH GHOOH EHOOH]]H QDWXUDOL VXOOD WXWHOD GHOOH FRVH GL
LQWHUHVVH DUWLVWLFR SHU O
HGLILFD]LRQH GL ]RQH VLVPLFKH SHU ]RQH IUDQRVH GHULYDQWL GDOOD
SUHVHQ]D GL FRUVL G
DFTXD PDULWWLPL H LQ FDVR SRVLWLYRSUHVHQWD]LRQHGHLUHODWLYLQXOOD
RVWDSUHVFULWWLYL
S HYHQWXDOHQXOODRVWDSHUOHOLFHQ]HLQGHURJD$UW/HJJHGHO
T DXWRUL]]D]LRQL GHOOH FRPSHWHQWL DXWRULWj *HQLR &LYLOH &RQVRU]L GL %RQLILFD R GL
,UULJD]LRQHSHULOWRPELQDPHQWRGLIRVVLHVFROL
%3(5*/,$03/,$0(17,/(6235$(/(9$=,21,/(5,67587785$=,21,(,
5(67$85,
D OH VWHVVH LQGLFD]LRQL GHO FRPPD SUHFHGHQWHVLDSHUORVWDWRDWWXDOHFKHSHUODGHILQLWLYD
VLVWHPD]LRQHqFRQVHQWLWDODUDSSUHVHQWD]LRQHGHOORVWDWR GL IDWWR H GHO SURJHWWR VXJOL
VWHVVLJUDILFLQHOTXDOFDVRGHYRQRHVVHUH DGRWWDWL FRORUL GLYHUVL LQGHOHELOL SHU OH
LQGLFD]LRQLGHLPDQXIDWWLGDGHPROLUHJLDOORHGDFRVWUXLUHURVVR4XDORUDVLYHUVLQHOOH
LSRWHVLGLFXLDLSUHFHGHQWL$UWXOWLPRFRPPDH$UWOHWWHUDE
E UHOD]LRQH VWRULFRWHFQLFD SHU HYLGHQ]LDUH JOL HOHPHQWL GL SUHJLR SUHVHQWL QHOO
HGLILFLR
RJJHWWRGHOO
LQWHUYHQWR
&3(5/(1829(&26758=,21,$03/,$0(17,6235$(/(9$=,21,
'(02/,=,21,(02',),&$=,21,',5(&,1=,21,
D SODQLPHWULDLQVFDODFRQO
DQGDPHQWRSODQLPHWULFRGHOODUHFLQ]LRQHHWXWWHOHTXRWH
RUL]]RQWDOLULIHULWHDFDSLVDOGLQHFHVVDULHSHULOWUDFFLDPHQWR
E VH]LRQHHSURVSHWWRWLSRGHOODUHFLQ]LRQHLQVFDOD
F VH]LRQHTXRWDWDLQVFDODGHOORVSD]LRSXEEOLFRVXOTXDOHODUHFLQ]LRQHSURVSHWWD
G O
LQGLFD]LRQHGHLPDWHULDOLLPSLHJDWL
'3(5/('(02/,=,21,'(*/,(',),&,
D SLDQWHHGDOPHQRXQDVH]LRQHTXRWDWHLQVFDODQRQLQIHULRUHDGHOORVWDWRDWWXDOHGHO
IDEEULFDWRFRQO
LQGLFD]LRQHLQFRORUHJLDOORLQGHOHELOHGHOOHSDUWLGDGHPROLUH
E DGHJXDWDGRFXPHQWD]LRQHIRWRJUDILFDGLWXWWLLSURVSHWWL
( 3(5 ,/ &2//2&$0(172 /$ 02',),&$=,21( /$ 5,02=,21( '(//(
23(5(',&8,$,3817,IJ'(//
$57,&2/2
DSODQLPHWULDTXRWDWDLQVFDODTXDORUDQHFHVVDULD
ESURVSHWWLHVH]LRQLTXRWDWLLQVFDOD
F±LQGLFD]LRQLGHLPDWHULDOLHGLFRORUL
) 3(5 /( /277,==$=,21, '(//( $5(( ( /( 23(5( ', 85%$1,==$=,21(
5(/$7,9(
D VWUDOFLRSODQLPHWULFRVXVFDODGHO3LDQR5HJRODWRUH*HQHUDOHUHODWLYR DG
XQUDJLRQHYROHLQWRUQRGHOODORFDOLWjLQWHUHVVDWDGDOODORWWL]]D]LRQHFRQVHJQDWHLQURVVROH
DUHHGDORWWL]]DUH
E VWUDOFLR QRUPDWLYR GHOOR VWHVVR 3LDQR 5HJRODWRUH *HQHUDOH RYYHUR GHO SURJUDPPD GL
IDEEULFD]LRQHULJXDUGDQWHOH]RQHGLLQWHUHVVHGDOODORWWL]]D]LRQH
F HVWUDWWR FDWDVWDOH H FHUWLILFDWR GL DWWXDOH LQWHVWD]LRQH ULODVFLDWL GDOO
8IILFLR 7HFQLFR
(UDULDOH LQ GDWD QRQ DQWHULRUH D JJ GDOOD GDWD GL SUHVHQWD]LRQH GHO SURJHWWR GL
ORWWL]]D]LRQH
BBBBBBBBBBBBBBBBBBBBBBBBB
,O SURJHWWR YLHQH UHGDWWR QHO ULVSHWWR GHL UDSSRUWL PDVVLPL WUD VSD]L GHVWLQDWL DJOL
LQVHGLDPHQWL UHVLGHQ]LDOL H SURGXWWLYL H VSD]L SXEEOLFL R ULVHUYDWL DOOH DWWLYLWj FROOHWWLYH D
YHUGHSXEEOLFRRDSDUFKHJJLVHFRQGRODYLJHQWHOHJLVOD]LRQH/HJJH5HJLRQDOHQƒ
G SODQLPHWULDDORDOGHOORVWDWRGLIDWWRSODQLPHWULFRJHRJUDILFRGHOODVWHVVD
ORFDOLWjHGHOVXRLQWRUQRFRQSDUWLFRODUHLOOXVWUD]LRQHGHLVHUYL]LHVLVWHQWLHVWHUQLDOO
DUHD
ORWWL]]DQGDDLTXDOLVLLQWHQGHDSSRJJLDUHO
LQVHGLDPHQWRSURJHWWDWR
H SODQLPHWULDGHOODORWWL]]D]LRQHGLVSRVWDVXOO
HVWUDWWRFDWDVWDOH
I SODQLPHWULDDOGHOODORWWL]]D]LRQHFRPSUHQGHQWHOHVWUDGHLSDUFKHJJLOHSLD]]HH
OHDUHHSHUO
LVWUX]LRQHSHUOHDWWUH]]DWXUHFRPXQLWDULHSHUJOLVSD]LSXEEOLFLDWWUH]]DWLH
SHUJOLHGLILFLUHVLGHQ]LDOL
J SURJHWWR DO R DO GHOOH ]RQH GHVWLQDWH D YHUGH SXEEOLFR DWWUH]]DWR FRQ O
LQGLFD]LRQH GHL JLRFKL GHOOH DOEHUDWXUH GHJOL LPSLDQWL GHOOH SDYLPHQWD]LRQL
LOOXPLQD]LRQLHFF
K SODQLPHWULDSDUWLFRODUHRJHQHUDOHGLFLDVFXQLPSLDQWRWHFQLFRGLGLVWULEX]LRQHHUDFFROWD
FRQDOOHJDWLDFFRUGLSUHYHQWLYLFRQJOL(QWLLQWHUHVVDWL
L QRUPHGLDWWXD]LRQHGHOODORWWL]]D]LRQHSURJHWWDWDFRQWDEHOOHGHJOLLQGLFLSUHVFULWWLDQFKH
DG LQWHJUD]LRQH GL TXHOOL GHOOR VWUXPHQWR XUEDQLVWuFR JHQHUDOH FRQ O
LQGLFD]LRQH SHU
FLDVFXQ ORWWR GHOOD VXSHUILFLH IRQ GLDULD H GHOOD FXEDWXUD UHDOL]]DELOH QHOO
DPELWR GHOOH
VXGGHWWHQRUPH
M GRFXPHQWD]LRQHIRWRJUDILFDFRVWLWXLWDGDDOPHQXGXHIRWRG
LQVLHPHLQIRUPDWRPLQLPR
GL[GHOWHUUHQRGDORWWL]]DUHSUHVRGDSXQWLGLYLVWDGLYHUVLFKHSLVLSUHVWLQRDG
LOOXVWUDUHOHFDUDWWHULVWLFKHDPELHQWDOLGHOODORFDOLWj
N UHOD]LRQHLOOXVWUDWLYD
O VFKHPDGLFRQYHQ]LRQH
P FDSLWRODWRVSHFLDOHGHOOHRSHUH
* ± 3(5 */, 6&$9, (' , 029,0(17, ', 7(55$ */, ,03,$17, 63257,9, $//¶
$3(572 /$ 02',),&$ ', $5(( $ %26&2 /$ 6,67(0$=,21( ', $5(( (
3$5&+, $3(57, $/ 38%%/,&2 /$ &26758=,21( ', 3217, (' $&&(66,
3('21$/, ( &$55$%,/, /¶ $3(5785$ ', 675$'( ( /$ &26758=,21( ',
0$18)$77,675$'$/,
DODSODQLPHWULDLQVFDODTXRWDWDGHOORVWDWRDWWXDOHHGHOODGHILQLWLYDVLVWHPD]LRQH
GL SURJHWWR FRQ O¶ LQGLFD]LRQH GHOOH VH]LRQL VWUDGDOL GHOOH VH]LRQLGLVFDYRGHLULOHYDWL
GHOOHDOEHUDWXUHGDPHWWHUHDGLPRUDRGDDEEDWWHUHHGHLPDQXIDWWLGDFRVWUXLUH
ESLDQWHSURVSHWWLVH]LRQLGHLPDQXIDWWLTXRWDWLLQVFDODDGHJXDWD
+±3(5/(23(5(',0$187(1=,21(675$25',1$5,$
D5HOD]LRQHGHVFULWWLYDGHLODYRUL
EHYHQWXDOHULOLHYRGHOORVWDWRGLIDWWRTXDORUDHVVRVLDGDULWHQHUVLQHFHVVDULRGDSDUWHGHO
&RPXQH
,3(5/$&26758=,21(',/2&$/,1(/62772682/2
D3LDQWH TXRWDWH GL WXWWL L SLDQL LQ VFDOD FRQ OD LQGLFD]LRQH GHOOD GHVWLQD]LRQH GHL
ORFDOL
EDOPHQRXQDVH]LRQHYHUWLFDOHTXRWDWDLQVFDOD
/3(5/(23(5(35(9,67($/38172T'(//
$57,&2/2
D SLDQWHHSURVSHWWLTXRWDWLGHOOHRSHUHGDHVHJXLUHLQVFDOD
03(5/(02675((,'(326,7,35(9,67,$/38172U'(//
$57
D SODQLPHWULDGHOO
DUHDLQVFDOD FRQ O
LQGLFD]LRQHGHJOLVSD]LGHVWLQDWLDOGHSRVLWR
GHOODUHFLQ]LRQHGHOOH]RQHDOEHUDWHGHOOHDWWUH]]DWXUHILVVHHGHOODYLDELOLWj
BBBBBBBBBBBBBBBBBBBBBBBBBBBB
4XDORUD O¶ RSHUD LQ SURJHWWR QRQ ULJXDUGL VWUDGH FDQDOL R DOWUL PDQXIDWWL GL QRWHYROH
HVWHQVLRQHODSODQLPHWULDSRWUjHVVHUHLQVFDOD
13(5*/,,03,$17,7(&1,&,35(9,67,$/38172³Y´'(//
$57
D SODQLPHWULDHSURILORLQVFDODDGHJXDWD
E SLDQWHSURVSHWWLHVH]LRQLTXRWDWLLQVFDODDGHJXDWDGHLPDQXIDWWL
23(5/(9$5,$17,'$$33257$5($352*(77,$33529$7,
D LO SURJHWWR DSSURYDWR FRQ OH PRGLILFKH ULFKLHVWH LQGLFDWH LQ FRORUH URVVR LQGHOHELOH(
IDFROWj GHO 6LQGDFR VHQWLWD OD &RPPLVVLRQH (GLOL]LD FKLHGHUH XOWHULRUL GHOXFLGD]LRQL
UHOD]LRQL LOOXVWUDWLYH JUDILFL IRWRJUDILHSODVWLFLIRWRPRQWDJJLFDPSLRQDWXUHLQFRUVRG
RSHUD SLDQLYROXPHWULH PRGLQH VLPXODFUL LQ VLWR HFF H FRPXQTXH RJQL DOWUD
GRFXPHQWD]LRQHQHFHVVDULDSHUO
HVDWWDYDOXWD]LRQHGHOO
RSHUDSHUODTXDOHqULFKLHVWDOD
FRQFHVVLRQHRIDWWDODGHQXQFLD,QWDOFDVRLWHUPLQLGLFXLDOVXFFHVVLYRDUWLFRORUHVWDQHO
IUDWWHPSR VRVSHVL H GHFRUURQR GDOOD GDWD GL SUHVHQWD]LRQH GHJOL HODERUDWL ULFKLHVWL ,O
&RPXQH IRUQLUj D ULFKLHVWD GHJOL LQWHUHVVDWL QRWL]LH VX WXWWL L YLQFROL ULFDGHQWL QHOOD
SURSULDDUHDHQHPDQWHUUjLOUHODWLYRHOHQFR
$UW&21&(66,21(($8725,==$=,21($&26758,5(
/DFRQFHVVLRQHqGDWDGDO6LQGDFRDOSURSULHWDULRGHOO
DUHDRDFKLDEELDWLWRORGLULFKLHGHUOD
FRQ OH PRGDOLWj FRQ OD SURFHGXUD H FRQJOLHIIHWWLGLFXLDOO
$UWGHOOD/HJJH5HJLRQDOH
QƒLQFRQIRUPLWjDOOHSUHYLVLRQLGHJOLVWUXPHQWLXUEDQLVWLFLHGHLUHJRODPHQWLHGLOL]L
QRQFKpGHOOHXOWHULRULQRUPHUHJLRQDOL
3HU JOLLPPRELOLGLSURSULHWjGHOOR6WDWRODFRQFHVVLRQHqGDWDDFRORURFKHVLDQRPXQLWLGL
WLWRORULODVFLDWRGDLFRPSHWHQWLRUJDQLGHOO
$PPLQLVWUD]LRQHDOJRGLPHQWRGHOEHQH
/DFRQFHVVLRQHYLHQHSXEEOLFDWDDOO
DOERSUHWRULRSHULTXLQGLFLJLRUQLVXFFHVVLYLDGHFRUUHUH
GDO JLRUQR IHVWLYR VXFFHVVLYR DOOD GDWD GHO ULODVFLR GHOOD FRQFHVVLRQH HG q GLVSRQLELOH FRQ L
UHODWLYLDWWLGLSURJHWWRSUHVVRODVHGHFRPXQDOHGRYHFKLXQTXHSXzSUHQGHUQHYLVLRQHSUHYLD
GRPDQGDVFULWWDDO6LQGDFR
/DFRQFHVVLRQHYLHQHFRPXQTXHULODVFLDWDGRSRO
DYYHQXWRSHUIH]LRQDPHQWRGHOOHGHQXQFLHH
GRSR O
DYYHQXWR YHUVDPHQWR GHL FRQWULEXWL GL /HJJH H LQ SDUWLFRODUH GHO FRQWULEXWR
FRPPLVXUDWRDOO
LQFLGHQ]DGHOOHRSHUHGLXUEDQL]]D]LRQH
$G RJQL ULODVFLR GL FRQFHVVLRQH LO &RPXQHSURYYHGHDULSRUWDUH VXDSSRVLWDSODQLPHWULD LQ
VFDODFDWDVWDOHWHQXWDDOLEHUDYLVLRQHGHOSXEEOLFDLOIDEEULFDWRHODVXSHUILFLHIRQGLDULDDG
HVVRFRUULVSRQGHQWHJUDYDWDGLYLQFRORDLVHQVLGHOVXFFHVVLYRDUWLFROR
/DFRQFHVVLRQHYLHQHVHPSUHULODVFLDWDVDOYLHGLPSUHJLXGLFDWLLGLULWWLGHLWHU]LDQFKHDLILQL
GHOOD DSSOLFD]LRQH GHOOH YLJHQWL QRUPH GL OHJJH H GHOOH QRUPH GHO SUHVHQWH 5HJRODPHQWR
DQFKHVHLOSURYYHGLPHQWRGHO6LQGDFRQRQFRQWHQJDHVSUHVVDPHQ]LRQHDOULJXDUGR
1HLFDVLGHLEHQLVRJJHWWLDOOD/HJJHJLXJQRQƒODFRQFHVVLRQHYLHQHULODVFLDWD
SUHYLRSDUHUHYLQFRODQWHGHOOD&RPPLVVLRQH3URYLQFLDOHGLFXLDOOD/HJJH5HJLRQDOHDJRVWR
Qƒ
,QRJQLFDVRDQFKHLQGHURJDDGDOWUH/HJJL5HJLRQDOLDL5HJRODPHQWLHDOOHSUHYLVLRQLGHJOL
VWUXPHQWLXUEDQLVWLFLLO6LQGDFRqDXWRUL]]DWRDULODVFLDUHOHFRQFHVVLRQLROHDXWRUL]]D]LRQL
SHU OD ULFRVWUX]LRQH GL HGLILFL R GL ORUR SDUWH R FRPXQTXH GL RSHUH HGLOL]LH R XUEDQLVWLFKH
LQWHJUDOPHQWH R SDU]LDOPHQWH GLVWUXWWL D VHJXLWR GL HYHQWL HFFH]LRQDOL R SHU FDXVH GL IRU]D
PDJJLRUH
$UW$00,66,%,/,7$
'(//('20$1'(',&21&(66,21((',/,=,$
,QVHGHGLSUHVHQWD]LRQHGHOODGRPDQGDGLFRQFHVVLRQHRFFRUUHGLPRVWUDUH
D OD SRVVLELOLWj GL DSSURYYLJLRQDPHQWR FRQ DFTXD SRWDELOH DFTXHGRWWR SR]]L DUWHVLDQL
SR]]L WULYHOODWL VRUJHQWL FRQ GRWD]LRQH PLQLPD SHU DELWDQWH JLRUQR GL O FRQ
FHUWLILFDWRGLDQDOLVLGHOOHDFTXHGDSDUWHGLXQODERUDWRULRSXEEOLFRVHQRQSUHOHYDWHGDOO
DFTXHGRWWR
E OD SRVVLELOLWj GL VPDOWLPHQWR FRQIRUPH DOOH QRUPH GHOOD /HJJH Qƒ H
UHODWLYDQRUPDWLYDGLDWWXD]LRQHVWDWDOHUHJLRQDOHHORFDOHGHOOHDFTXHELDQFKHELRQGHH
QHUH
F ODSRVVLELOLWjGLRWWHQHUHQHOO
HGLILFLROHFRQGL]LRQLPLFURFOLPDWLFKHLQGLVSHQVDELOLOXFH
FDORUHHFF
$UW±21(526,7$¶'(//$&21&(66,21(
/D FRQFHVVLRQH HGLOL]LD FRPSRUWD OD FRUUHVSRQVLRQH GL XQ FRQWULEXWR FRPPLVXUDWR
DOO
LQFLGHQ]DGHOOHVSHVHGLXUEDQL]]D]LRQHQRQFKpDOFRVWRGLFRVWUX]LRQH
$UW21(5,',85%$1,==$=,21(
/
LQFLGHQ]D GHJOL RQHUL GL XUEDQL]]D]LRQH q GHWHUPLQDWD FRQ GHOLEHUD]LRQH GHO &RQVLJOLR
&RPXQDOH VXOOD EDVH GHOOHWDEHOOHSDUDPHWULFKHGHILQLWHFRQ/HJJH5HJLRQDOHQƒLQGDWD
HVXFFHVVLYHPRGLILFKHHLQWHJUD]LRQL
/H WDEHOOH SDUDPHWULFKH VRQR VRJJHWWH DG DJJLRUQDPHQWL DQQXDOL GD SDUWH GHO FRPSHWHQWH
RUJDQRUHJLRQDOH
/D TXRWD GL FRQWULEXWR ULJXDUGDQWH JOL RQHUL GL XUEDQL]]D]LRQH q FRUULVSRVWD DO &RPXQH DOO
DWWRGHOULODVFLRGHOODFRQFHVVLRQH
,Q FDVR GL UDWHL]]D]LRQH GHJOL RQHUL L FRQFHVVLRQDUL VRQR WHQXWL D SUHVWDUH DO &RPXQH
RSSRUWXQHJDUDQ]LHVHFRQGROHPRGDOLWjSUHYLVWHGDOO
DUWLFRORGHOOD/HJJHQƒO
$UW&2672',&26758=,21(
,O 6LQGDFR DOO¶DWWR GHO ULODVFLR GHOOD FRQFHVVLRQH D HGLILFDUH VWDELOLVFH LQ EDVH DOOH
FDUDWWHULVWLFKH DOOD WLSRORJLD H DOOD XELFD]LRQH GHOO
HGLILFLR H VHFRQGR TXDQWR GHWHUPLQDWR
QHOOH WDEHOOH DOOHJDWH DOOD /HJJH 5HJLRQDOH Qƒ LQ GDWD H VXFFHVVLYH
PRGLILFD]LRQL H LQWHJUD]LRQL O
DPPRQWDUH GHOOD TXRWD GL FRQWULEXWR SHUWLQHQWH DOOD
FRQFHVVLRQH ULFKLHVWL /H WDEHOOH VRQR VRJJHWWH DG DJJLRUQDPHQWL DQQXDOL GD SDUWH GHO
FRPSHWHQWHRUJDQRUHJLRQDOH
$UW$/7(51$7,9$$/3$*$0(172'(//(63(6(',
85%$1,==$=,21(
,O FRQFHVVLRQDULR SXz LQ DOWHUQDWLYD DO SDJDPHQWR GHOOD TXRWD DIIHUHQWH DOO
LQFLGHQ]D GHOOH
RSHUH GL XUEDQL]]D]LRQH UHDOL]]DUH OH RSHUH LQ SURSULR D VFRPSXWR WRWDOH R SDU]LDOH GHOOD
TXRWD GRYXWD LQ FRQIRUPLWj D TXDQWR GLVSRVWR GDO &RQVLJOLR &RPXQDOH VXOOD EDVH GHOOH
WDEHOOHSDUDPHWULFKHGHILQLWHGDOOD5HJLRQH
,O 6LQGDFR DYYDOHQGRVL GHOO
8IILFLR 7HFQLFR H VH GHO FDVR GHOO
8IILFLR 7HFQLFR (UDULDOH
GHYHSURFHGHUHDGXQDYDOXWD]LRQHGHOFRVWRUHDOHGHOOHRSHUHGDUHDOL]]DUHGLUHWWDPHQWHGDO
FRQFHVVLRQDULRRFRPSDUDUOHFRQODVRPPDFKHLOPHGHVLPRDYUHEEHGRYXWRYHUVDUHVHQRQ
DYHVVHUHDOL]]DWRGLUHWWDPHQWHOHRSHUH
4XDORUD LO YDORUH GHOOH RSHUH GD HVHJXLUH ULVXOWL LQIHULRUH DOOD VRPPD FKH DYUHEEH GRYXWR
YHUVDUHLOFRQFHVVLRQDULRORVWHVVRGHYHFRUULVSRQGHUHDO&RPXQHODGLIIHUHQ]D
$UW&21&(66,21(*5$78,7$
,OFRQWULEXWRGLFXLDLSUHFHGHQWLDUWLFROLUHODWLYRDOOHVSHVHGLXUEDQL]]D]LRQHHGDOFRVWRGL
FRVWUX]LRQHQRQqGRYXWR
SHU OH RSHUH GD UHDOL]]DUH QHOOH ]RQH DJULFROH FRPSUHVH OH UHVLGHQ]H SXUFKq VLDQR LQ
IXQ]LRQH GHOOD FRQGX]LRQH GHO IRQGR GHOOH HVLJHQ]H GHOO
LPSUHQGLWRUH DJULFROR D WLWROR
SULQFLSDOH6LFRQVLGHUDDWLWRORSULQFLSDOHO
LPSUHQGLWRUHFKHGHGLFKLDOODDWWLYLWjDJULFROD
DOPHQR GXH WHU]L GHO SURSULR WHPSR GL ODYRUR FRPSOHVVLYR H FKH ULFDYL GDOO
DWWLYLWj
PHGHVLPDDOPHQRGXHWHU]LGHOSURSULRUHGGLWRJOREDOHGDODYRURULVXOWDQWHGDOODSURSULD
SRVL]LRQH ILVFDOH DUW GHOOD /HJJH Qƒ WDOH UHTXLVLWR YLHQHDFFHUWDWR
PHGLDQWHFHUWLILFDWRGHOFRPSHWHQWH,VSHWWRUDWR3URYLQFLDOHSHUO
$JULFROWXUD
SHU JOL LQWHUYHQWL GL PDQXWHQ]LRQH VWUDRUGLQDULD SHU OD PDQXWHQ]LRQH RUGLQDULD OD
FRQFHVVLRQHQRQqULFKLHVWD
SHU JOL LQWHUYHQWL GL UHVWDXUR GL ULVDQDPHQWR FRQVHUYDWLYR GL ULVWUXWWXUD]LRQH H GL
DPSOLDPHQWRLQPLVXUDQRQVXSHULRUHDOGHJOLHGLILFLXQLIDPLOLDUL
SHUOHPRGLILFKHLQWHUQHQHFHVVDULHSHUPLJOLRUDUHOHFRQGL]LRQLLJLHQLFKHRVWDWLFKHGHOOH
DELWD]LRQLQRQFKqSHUODUHDOL]]D]LRQHGHLYROXPLWHFQLFLFKHVLUHQGDQRLQGLVSHQVDELOLD
VHJXLWR GHOO
LQVWDOOD]LRQH GL LPSLDQWL WHFQRORJLFL QHFHVVDUL SHU OH HVLJHQ]H GHOOH
DELWD]LRQL
SHUJOLLPSLDQWLOHDWWUH]]DWXUHOHRSHUHSXEEOLFKHHGLLQWHUHVVHJHQHUDOHUHDOL]]DWHGDJOL
HQWLLVWLWX]LRQDOPHQWHFRPSHWHQWLQRQFKqSHUOHRSHUHGLXUEDQL]]D]LRQHHVHJXLWHDQFKH
GDSULYDWLLQDWWXD]LRQHGLVWUXPHQWLXUEDQLVWLFL
SHUOHRSHUHGDUHDOL]]DUHLQDWWXD]LRQHGLQRUPHHGLSURYYHGLPHQWLHPDQDWLDVHJXLWRGL
SXEEOLFKHFDODPLWj
$UW21(526,7$
5(/$7,9$$//$&21&(66,21(3(523(5(('
,03,$17,121'(67,1$7,$//$5(6,'(1=$
/DFRQFHVVLRQHUHODWLYDDGDWWLYLWjLQGXVWULDOLRGDUWLJLDQDOLqVXERUGLQDWDHVFOXVLYDPHQWHDOOD
FRUUHVSRQVLRQH GL XQ FRQWULEXWR SDUL DOO
LQFLGHQ]DGHJOLRQHUL GL XUEDQL]]D]LRQH QRQFKpGL
TXHOOH RSHUH QHFHVVDULH SHU LO WUDWWDPHQWR R OR VPDOWLPHQWR GHL ULILXWL VROLGL OLTXLGL HG
HYHQWXDOPHQWHJDVVRVLHSHUODVLVWHPD]LRQHGHLOXRJKL/DTXRWDGLFRQWULEXWRFRPPLVXUDWD
DOFRVWRGLFRVWUX]LRQHQRQqSHUFLzGRYXWDSHUWDOLWLSLGLLQWHUYHQWR
/D FRQFHVVLRQH UHODWLYD D FRVWUX]LRQL SHU DWWLYLWj WXULVWLFKH FRPPHUFLDOL R GLUH]LRQDOL q
VXERUGLQDWDDGXQFRQWULEXWRFRPPLVXUDWRDOO
LQFLGHQ]DGHOOHRSHUHGLXUEDQL]]D]LRQHHGDG
XQD TXRWD QRQ VXSHULRUH DO GHO FRVWR GRFXPHQWDWR GL FRVWUX]LRQH GD VWDELOLUVL FRQ
GHOLEHUD]LRQHFRQVLOLDUH
3HU WDOL WLSL GL REEOLJKL VL DSSOLFD OD GLVFLSOLQD WUDQVLWRULD GL FXL DOO
DUW GHOOD /HJJH
Qƒ
$UW(',/,=,$&219(1=,21$7$
3HUJOLLQWHUYHQWLGLHGLOL]LDDELWDWLYDFRPSUHVLTXHOOLVXJOLHGLILFLHVLVWHQWLLOFRQWULEXWRGD
FXL DO SUHFHGHQWH DUWLFROR q ULGRWWR DOOD VROD TXRWD UHODWLYD DOOH VSHVH GL XUEDQL]]D]LRQH
TXDORUDLO&RQFHVVLRQDULRVLLPSHJQLFRQLO&RPXQHDGDSSOLFDUHSUH]]LGLYHQGLWDHFDQRQLGL
ORFD]LRQHWLSRGDDSSURYDUVLGDOOD5HJLRQH
1HOOD FRQYHQ]LRQH SXz HVVHUH SUHYLVWD OD GLUHWWD HVHFX]LRQH GD SDUWH GHOO
LQWHUHVVDWR GHOOH
RSHUH GL XUEDQL]]D]LRQH LQ OXRJR GHO SDJDPHQWR GHOOD TXRWD UHODWLYD LQ WDO FDVR GHEERQR
HVVHUHGHVFULWWHOHRSHUHGDHVHJXLUHHSUHFLVDWLLWHUPLQLHOHJDUDQ]LHSHUO
HVHFX]LRQHGHOOH
RSHUHPHGHVLPH
3Xz WHQHUH OXRJR GHOOD FRQYHQ]LRQH XQ DWWR XQLODWHUDOH G
REEOLJR FRQ LO TXDOH LO
FRQFHVVLRQDULRVLLPSHJQDDGRVVHUYDUHOHFRQGL]LRQLVWDELOLWH GDOODFRQYHQ]LRQHWLSRHGD
FRUULVSRQGHUHQHOWHUPLQHVWDELOLWRODTXRWDUHODWLYDDOOHRSHUHGLXUEDQL]]D]LRQHRYYHURDG
HVHJXLUHGLUHWWDPHQWHOHRSHUHVWHVVH
/D FRQYHQ]LRQH R O
DWWR G
REEOLJR XQLODWHUDOHVRQRWUDVFULWWLQHLUHJLVWULLPPRELOLDULDFXUD
GHO&RPXQHHDVSHVHGHOFRQFHVVLRQDULR
$UW&21&(66,21($/277,==$5(
/D FRQFHVVLRQH D ORWWL]]DUH YLHQH ULODVFLDWD GDO 6LQGDFR R GDOO
$VVHVVRUH D WDOH VFRSR
GHOHJDWRGRSRFKHVLDVWDWDHVSOHWDWDODSURFHGXUDSUHVFULWWDHGLQSDUWLFRODUHGRSRFKHVLDQR
LQWHUYHQXWL
D O
DSSURYD]LRQHFRQVLOLDUHGHOSURJHWWRHGHOORVFKHPDGLFRQYHQ]LRQH
E O
HVHFXWLYLWj GHOOD GHOLEHUD]LRQH FRQVLOLDUH H LO GHFRUVR GHL WHUPLQL SUHYLVWL GDOOD /HJJH
5HJLRQDOHQƒ$UW&DSR9
F ODVWLSXOD]LRQHGHOODFRQYHQ]LRQHODUHJLVWUD]LRQHHODWUDVFUL]LRQHGHOODVWHVVD
/DFRQFHVVLRQHYLHQHVHPSUHULODVFLDWDVDOYLHLPSUHJLXGLFDWLLGLULWWLGLWHU]LDQFKHVHQ]DFKH
LO SURYYHGLPHQWR GHO 6LQGDFR FRQWHQJD HVSUHVVD PHQ]LRQH D ULJXDUGR /D WUDVPLVVLRQH GHO
SURJHWWR DO &RQVLJOLR &RPXQDOH q VXERUGLQDWD DOOD VRWWRVFUL]LRQH SUHOLPLQDUH GHOOD
FRQYHQ]LRQHUHGDWWDVHFRQGRORVFKHPDSURSRVWRGDO&RPXQHVRWWRVFULWWDGDOULFKLHGHQWHH
GDO3URSULHWDULRHFRUUHGDWDGHLGRFXPHQWLFRPSURYDQWLODSURSULHWj
'(6&5,=,21('(*/,21(5,',85%$1,==$=,21(
$23(5(',85%$1,==$=,21($UW/HJJH
$UW/HJJH
$UW/HJJH
$UW/HJJH
35,0$5,$
D VWUDGHUHVLGHQ]LDOL
E VSD]LGLVRVWDHGLSDUFKHJJLR
F IRJQDWXUDFRQHYHQWXDOLLPSLDQWLGLGHSXUD]LRQH
G UHWHLGULFD
H UHWHGLGLVWULEX]LRQHGHOO
HQHUJLDHOHWWULFDGHOJDVGHOWHOHIRQR
I SXEEOLFDLOOXPLQD]LRQH
J VSD]LGHOYHUGH
K VSD]LDWWUH]]DWLSHULOJLRFRHLOSDUFR
6(&21'$5,$
D DVLOLQLGRHVFXROHPDWHUQH
E VFXROHGHOO
REEOLJR
F PHUFDWLGLTXDUWLHUH
G GHOHJD]LRQLFRPXQDOL
H FKLHVHHGDOWULHGLILFLSHUVHUYL]LUHOLJLRVL
I LPSLDQWLVSRUWLYLGLTXDUWLHUH
J FHQWULVRFLDOLHGDWWUH]]DWXUHFXOWXUDOLHVDQLWDULH
K DUHHYHUGLGLTXDUWLHUH
%&(66,21(',$5(($UW
3(523(5(35,0$5,(
7XWWH OH RSHUH QHFHVVDULH 4XDORUD O
DUHD GD DWWUH]]DUH D YHUGH GL FXL DO SXQWR ³K´ QRQ
UDJJLXQJHVVH OD VXSHUILFLH GL PT JOL RQHUL VDUDQQR PRQHWL]]DWL H LO &RPXQH
LQGLYLGXHUjJOLVSD]LSXEEOLFLFRUULVSRQGHQWLWUDTXHOOLVHSUHYLVWLGDO35*HILVVHUjLWHPSL
GL UHDOL]]D]LRQH QHO SHULRGR GL YDOLGLWj GHO 3URJUDPPD 3OXULHQQDOH GL $WWXD]LRQH R
&RQYHQ]LRQH
3(5/(23(5(6(&21'$5,(
*OLRQHULUHODWLYLVDUDQQRPRQHWL]]DWL
&67$1'$5'6QHJOLVWUXPHQWLXUEDQLVWLFLDWWXDWLYLSHUDELWDQWHLQVHGLDELOH
35,0$5,
PTDUHHSHUSDUFKHJJLQHOOH]RQHGLHVSDQVLRQH]RQH&O&
PTDUHHSHUSDUFKHJJLQHOOH]RQHGLFRPSOHWDPHQWR]RQH%
PTGLYHUGHHOHPHQWDUHDWWUH]]DWR±QHOOH]RQH%
PTGLYHUGHHOHPHQWDUHDWWUH]]DWRQHOOH]RQH&ODTXDQWLWjGLPFTXDORUDQRQ
VXVVLVWDODFRQGL]LRQHGLFXLDOSUHFHGHQWHSXQWR%
GHOODVXSHUILFLHWHUULWRULDOHQHOOH]RQH'GLFRPSOHWDPHQWRRGLULXVR
GHOODVXSHUILFLHWHUULWRULDOHQHOOH]RQH'GLHVSDQVLRQH
BBBBBBBBBBBBBBBBBBBBBBB
3HU TXDQWR FRQFHUQH L WLSL GL YHUGH ³J´ GHOOH SULPDULH HG ³K´ GHOOH VHFRQGDULH
ULHQWUDQR WUD OH RSHUH GL XUEDQL]]D]LRQH SULPDULD VROR JOL VSD]L YHUGL LQ SURVVLPLWj HG DO
VHUYL]LRGHOOHDELWD]LRQLPHQWUHYDQQRFRQVLGHUDWHFRPHRSHUHGLXUEDQL]]D]LRQHVHFRQGDULD
L SDUFKL GL TXDUWLHUH LO YHUGH SHU DWWUH]]DWXUH VSRUWLYH H OH DUHH YHUGL ULVHUYDWHDSDUWLFRODUL
LPSLDQWL
=21('
GHOODVXSHUILFLHWHUULWRULDOHQHOOH]RQH'GLFRPSOHWDPHQWRRGLULXVR
GHOODVXSHUILFLHWHUULWRULDOHQHOOH]RQH'GLHVSDQVLRQH
,O &RPXQH GHWHUPLQD FRQ GHOLEHUD]LRQH FRQVLOLDUH L FULWHUL GL FDUDWWHUH JHQHUDOH LQ EDVH DL
TXDOL YHQJRQR GHWHUPLQDWL JOL RQHUL GL XUEDQL]]D]LRQH VHFRQGDULD D FDULFR GHO ORWWL]]DWRUH
YLHQH HIIHWWXDWD OD FRQYHUVLRQH LQ QXPHUDULR YHQJRQR LQGLYLGXDWH OH GDWH SHU OD
FRUUHVSRQVLRQHGHOOHVRPPHGRYXWH
$UW(9'(1=$'(//$&21&(66,21(('(/352*(772
/DFRQFHVVLRQHDHGLILFDUHODFRQFHVVLRQHDORWWL]]DUHHLGLVHJQLDOOHJDWLILUPDWLGDO6LQGDFR
R GDOO
$VVHVVRUH D WDOH FRPSLWR GHOHJDWR GHYRQR HVVHUH GLVSRQLELOL LQ FDQWLHUH SHU HVVHUH
HVLELWLDJOLDJHQWLSUHSRVWLDOFRQWUROOR,QRJQLFDQWLHUHGHYHHVVHUHDSSRVWRDOO
HVWHUQREHQ
YLVLELOH XQWDEHOORQH GHOOH GLPHQVLRQLPLQLPHGLPO[QHOTXDOHGHEERQRHVVHUH
LQGLFDWL
D O
RJJHWWRHODGHVWLQD]LRQHGHOO
RSHUDGDFRVWUXLUH
E LO3URJHWWLVWD
F LO'LUHWWRUHGHL/DYRUL
G O
$VVXQWRUHGHL/DYRUL
H LO7LWRODUHHJOLHVWUHPLGHOODFRQFHVVLRQHHGLOL]LD
$UW9$/,',7$
'(//$&21&(66,21(
1HOO
DWWRGLFRQFHVVLRQHVRQRLQGLFDWLLWHUPLQLGLLQL]LRHGLXOWLPD]LRQHGHLODYRUL
,O WHUPLQH SHU O
LQL]LRGHLODYRULQRQSXzHVVHUHVXSHULRUHDGXQDQQRGDOODGDWDGLQRWLILFD
GHOODFRQFHVVLRQH
,O WHUPLQH GL XOWLPD]LRQH HQWUR LO TXDOH O
RSHUD GHYH HVVHUH ULFKLHVWR LO FHUWLILFDWR GL
DELWDELOLWjRDJLELOLWjQRQSXzHVVHUHVXSHULRUHDWUHDQQLGDOODGDWDGLLQL]LRGHLODYRULHSXz
HVVHUH SURURJDWR FRQ SURYYHGLPHQWR PRWLYDWR VROR SHU IDWWL HVWUDQHL DOOD YRORQWj GHO
FRQFHVVLRQDULR FKH VLDQR VRSUDYYHQXWL D ULWDUGDUH L ODYRUL GXUDQWH OD ORUR HVHFX]LRQH 8Q
SHULRGR SL OXQJR SHU O
XOWLPD]LRQH GHL ODYRUL SXz HVVHUH FRQFHVVR HVFOXVLYDPHQWH LQ
FRQVLGHUD]LRQH GHOOD PROH GHOO
RSHUD GD UHDOL]]DUH R GDOOH VXH SDUWLFRODUL FDUDWWHULVWLFKH
WHFQLFRFRVWUXWWLYH
4XDORUD L ODYRUL QRQ VLDQR XOWLPDWL QHO WHUPLQH VWDELOLWR LO FRQ FHVVLRQDULR GHYH SUHVHQWDUH
LVWDQ]DGLUHWWDDGRWWHQHUHXQDQXRYDFRQFHVVLRQHLOWDOFDVRODQXRYDFRQFHVVLRQHFRQFHUQH
ODSDUWHQRQXOWLPDWD
/DFRQFHVVLRQHqWUDVIHULELOHDLVXFFHVVRULRDYHQWLFDXVD(VVDQRQLQFLGHVXOODWLWRODULWjGHOOD
SURSULHWj R GL DOWUL UHDOL UHODWLYL DJOL LPPRELOL UHDOL]]DWL SHU HIIHWWR GHO VXR ULODVFLR HG q
LUUHYRFDELOHIDWWLVDOYLLFDVLGLGHFDGHQ]DDLVHQVLGHOODYLJHQWH/HJJHHOHVDQ]LRQLSUHYLVWH
GDOO
$UWGHOODVWHVVD
5HVWD IHUPR LQROWUH LO GLVSRVWR GL FXL DO SHQXOWLPR FRPPD GHOO
$UW GHOOD /HJJH DJRVWRQƒ
7,72/2,,,ƒ
&21&(66,21((',/,=,$
$UW$775,%8=,21,'(//$&200,66,21((',/,=,$
3UHYLRHVDPHGDSDUWHGHJOL8IILFL&RPXQDOLFKHHVSULPRQRSHULVFULWWRVXOPRGHOORGLFXLDO
SULPR FRPPD GHOO
$UW LO SURSULR UHIHUWR LO SURJHWWR GL WXWWH OH RSHUH GHVFULWWH GDO
SUHFHGHQWH$UWFRPSUHVLJOLHODERUDWLGLPDVVLPDGLFXLDOSUHFHGHQWH$UWqSUHVHQWDWR
DOOD &RPPLVVLRQH (GLOL]LD OD TXDOH HVSULPH LO SURSULR SDUHUH VXOO
RVVHUYDQ]D GHOOH QRUPH
XUEDQLVWLFKH HGLOL]LH HG LJLHQLFKH YLJHQWL H VXOO
DGHJXDWH]]D GHO SURJHWWR VRWWR L SURILOL
HVWHWLFRHGDPELHQWDOH
/D &RPPLVVLRQH HVSULPH DOWUHVu LO SURSULR SDUHUH VXL SURYYHGLPHQWL SHU OH RSHUH HVHJXLWH
VHQ]D FRQFHVVLRQH R LQ GLIIRUPLWj QRQFKp VXOO
DQQXOODPHQWR GHOOD FRQFHVVLRQH HG LQ
SDUWLFRODUH
VXLSURJHWWLGLVWUXPHQWRSULPDULRHGLYDULDQWHDOORVWHVVRHVXLSURJHWWLGLSLDQLILFD]LRQH
HVHFXWLYD
VXOOD LQWHUSUHWD]LRQH VXOO
DSSOLFD]LRQH H VXOOD HYHQWXDOH PRGLILFD GHO SUHVHQWH
UHJRODPHQWRRQRUPHGLDWWXD]LRQH
/D&RPPLVVLRQH(GLOL]LDSXzDSSRUWDUHDOSURJHWWRHGLOL]LRTXHOOHPRGLILFKHFKHORUHQGDQR
LGRQHRHSLFRHUHQWHFRQORVSLULWRGHOOHSUHVFUL]LRQLXUEDQLVWLFKHHGHGLOL]LHYLJHQWLHFRQO
DPELHQWHLQFXLODFRVWUX]LRQHYLHQHDVRUJHUH
$UW&20326,=,21('(//$&200,66,21((',/,=,$
/D &RPPLVVLRQH (GLOL]LD q FRPSRVWD GD PHPEUL HOHWWL GDO &RQVLJOLR &RPXQDOH H GD PHPEULGLGLULWWR
6RQRVHPSUHPHPEULGLGLULWWR
,O6LQGDFRRO
$VVHVVRUHGHOHJDWR
,OFDSRGHOO
8IILFLR7HFQLFR&RPXQDOHRXQWHFQLFRVXRGHOHJDWR
,OUDSSUHVHQWDQWHGHOVHWWRUHLJLHQHSXEEOLFDGHOO¶8/6FRPSHWHQWH
, PHPEUL HOHWWL GDO &RQVLJOLR &RPXQDOH VRQR VFHOWL WUD HVSHUWL LVFULWWL DJOL RUGLQL
SURIHVVLRQDOLFRQYRWROLPLWDWRDGXQR
,QRJQLFDVRqJDUDQWLWDO
HOH]LRQHGLDOPHQRXQUDSSUHVHQWDQWHGHOODPLQRUDQ]D
1RQSXzHVVHUHHOHWWRDIDUSDUWHGHOOD&RPPLVVLRQHFKLVLDSDUHQWHDIILQHDOTXDUWRJUDGRGL
XQDOWURFRPSRQHQWHGHOOD&RPPLVVLRQH
6SHWWD DL PHPEUL GHOOD &RPPLVVLRQH (GLOL]LD FKH QRQ VLDQR GLSHQGHQWL R UDSSUHVHQWDQWL GL
(QWL 3XEEOLFL XQ JHWWRQH GL SUHVHQ]D SHU SDUWHFLSDUH GHOOH ULXQLRQL LO &RQVLJOLR &RPXQDOH
GHOLEHUDVXOODHQWLWjGLWDOHJHWWRQH
,PHPEULHIIHWWLYLGXUDQRLQFDULFDWUHDQQLVRQRULHOHJJLELOLHGHVHUFLWDQRFRPXQTXHODORUR
IXQ]LRQHILQRDOODQRPLQDGHLVXFFHVVRUL
,O7HFQLFR&RPXQDOHRLOVXRGHOHJDWRIXQJHGDVHJUHWDULRHUHGLJHYHUEDOL1RQKDGLULWWRGL
YRWR
/H VHGXWH HG LO IXQ]LRQDPHQWR GHOOD &RPPLVVLRQH (GLOL]LD VRQR UHJRODWH QHO FDSR ,,ƒ GHO
WLWROR,,,ƒGHO5HJIHEEUDLRQƒHQHO78/&3LQTXDQWRDSSOLFDELOL
,SDUHULGHOOD&&(REEOLJDWRULQRQVRQRYLQFRODQWLSHULO6LQGDFR2YHSHUDOWURORVWHVVR
QRQ VL GHWHUPLQL LQ FRQIRUPLWj D WDOL SDUHUL GRYUj GDUH XQD FRQJUXD PRWLYD]LRQH GHO VXR
SURYYHGLPHQWRFKHGHYHHVVHUHWUDVPHVVRDOOD&&(DOODVXDSULPDVXFFHVVLYDVHGXWD
,OSUHVHQWHDUWLFRORFRQIRUPHDLFRQWHQXWLGHOOD/5QƒGHOYLHQHGHOLEHUDWRGDO
&RQVLJOLR &RPXQDOH LO TXDOH GHYH DQFKH HQWUR JLRUQL GD WDOH GDWD SURFHGHUH DOOH
FRQVHJXHQWLQRPLQH
/D GHOLEHUD]LRQH DVVXQWD GDO &RPXQH DL VHQVL GHO SUHFHGHQWH FRPPD GLYLHQH HVHFXWLYD D
QRUPDGHOO
$UWGHOOD&RVWLWX]LRQH
$UW)81=,21$0(172'(//$&200,66,21((',/,=,$
/D &RPPLVVLRQH VL ULXQLVFH RUGLQDULDPHQWH VX FRQYRFD]LRQH GHO 3UHVLGHQWH RJQL PHVH H
VWUDRUGLQDULDPHQWHRJQLYROWDFKHLO3UHVLGHQWHORFUHGDRSSRUWXQR
/
DYYLVRGLFRQYRFD]LRQHqQRWLILFDWRDLPHPEULDOPHQRWUHJLRUQLSULPDGLRJQLVHGXWD
3HUODYDOLGLWjGHOOHDGXQDQ]HFKHDYYHQJRQRLQVHGXWDVHJUHWDqQHFHVVDULDODSUHVHQ]DGHO
3UHVLGHQWHGHO6HJUHWDULRHGLDOPHQRDOWULPHPEUL
4XDORUD XQR GHL PHPEUL HOHWWL ULVXOWL DVVHQWH SHU WUH YROWH FRQVHFXWLYH VHQ]D YDOLGD
JLXVWLILFD]LRQH LO &RQVLJOLR &RPXQDOH SXz GLFKLDUDUOR GLPLVVLRQDULR H SURYYHGHUH DOOD VXD
VRVWLWX]LRQH
,O &RQVLJOLR &RPXQDOH VRVWLWXLVFH DOWUHVu TXHL PHPEUL FKH SHU TXDOXQTXH PRWLYR QRQ
SRVVRQRFRQWLQXDUHDFRSULUHO
LQFDULFR,PHPEULHOHWWLLQVRVWLWX]LRQHUHVWDQRLQFDULFDILQR
DOORVFDGHUHGHOPDQGDWRGHOO
LQWHUD&RPPLVVLRQH
,SDUHULGHOOD&RPPLVVLRQHVRQRDVVXQWLDPDJJLRUDQ]DGHLYRWLGHLSUHVHQWLDYHQWLGLULWWRDO
YRWR
/D &RPPLVVLRQH SXz VHQWLUH TXDORUD TXHVWL QH IDFFLDQR GRPDQGD VFULWWD DO 3UHVLGHQWH R
FRQYRFDUHTXDORUDQHUDYYLVLODRSSRUWXQLWjLILUPDWDULGHOOHGRPDQGHGLFXLDJOL$UWH
GHOSUHVHQWH5HJRODPHQWR
/D &RPPLVVLRQH SXz TXDORUD QH UDYYLVL OD QHFHVVLWj HIIHWWXDUH VRSUDOOXRJKL DO ILQH GL
DFTXLVLUH WXWWL JOL HOHPHQWL QHFHVVDUL SHU XQD HVDWWD YDOXWD]LRQH GHOOH RSHUH SHU OH TXDOL q
ULFKLHVWRLOVXRSDUHUH
,O 3UHVLGHQWH KD OD IDFROWj GL LQFDULFDUH XQR GHL PHPEUL GHOOD &RPPLVVLRQH D IXQJHUH GD
UHODWRUHVXSDUWLFRODULSURJHWWL
'HLSDUHULHVSUHVVLGDOOD&RPPLVVLRQHLO6HJUHWDULRUHGLJHXQYHUEDOHFKHYLHQHVRWWRVFULWWR
GDJOLLQWHUYHQXWLDOODULXQLRQH
4XDQGR OD &RPPLVVLRQH VLD FKLDPDWD D WUDWWDUH DUJRPHQWL QHL TXDOL VL WURYL GLUHWWDPHQWH R
LQGLUHWWDPHQWHLQWHUHVVDWRXQRGHLVXRLPHPEULTXHVWLVHSUHVHQWHGHYHGHQXQFLDUHWDOHVXD
SRVL]LRQH DVWHQHQGRVL GDOO
DVVLVWHUH DOO
HVDPH DOOD GLVFXVVLRQH HG DO JLXGL]LR UHODWLYL DOO
DUJRPHQWRVWHVVR
'DOO
RVVHUYDQ]DGLWDOHSUHVFUL]LRQHGHYHHVVHUHSUHVDQRWDQHOYHUEDOH
,PHPEULGHOOD&RPPLVVLRQHVRQRWHQXWLDGRVVHUYDUHLOVHJUHWRVXLODYRULGHOODPHGHVLPD
7,72/2,9ƒ
(6(&8=21((&21752//2'(//(23(5(
$UW3817,',/,1($(',/,9(//2
,O 7LWRODUH GHOOD &RQFHVVLRQH GL FXL DOO
$UW WUDQQH L SXQWL ³E´ ´H´ ³K´ R GHOOD
&RQFHVVLRQH GL FXL DOO
$UW SULPD GL GDUH LQL]LR DL ODYRUL GHYH FKLHGHUH DO 6LQGDFR O
DSSURYD]LRQHGHLSXQWLILVVLGLOLQHDHGLOLYHOORDOOLQHDPHQWRHTXRWHYHUWLFDOLFKHGHYRQR
HVVHUHRVVHUYDWLVFUXSRORVDPHQWH
/
8IILFLR7HFQLFRFRPXQDOHRLO7HFQLFRDFLzGHOHJDWRGDO&RPXQHHIIHWWXDXQVRSUDOOXRJR
HQWUR JLRUQL GDOOD GDWD GL ULFHYLPHQWR GHOOD GRPDQGD H UHGLJH LQ FRQWUDGGLWWRULR FRQ OD
SDUWHXQYHUEDOHFKHULFKLDPDLJUDILFLDSSURYDWL'HFRUVRWDOHWHUPLQHLODYRULSRVVRQRHVVHUH
LQL]LDWL/
$VVXQWRUHGHLODYRULqWHQXWRDIRUQLUHSHUVRQDOHHPH]]LG
RSHUDQHFHVVDULSHUWDOL
RSHUD]LRQL
$UW,1,=,2(7(50,1('(,/$925,
,O SHULRGR GL XQ DQQR HQWUR LO TXDOH GHYH GDUVL LQL]LR DL ODYRUL GL FRVWUX]LRQH D SHQD GL
GHFDGHQ]D GHOOD UHODWLYD FRQFHVVLRQH GHFRUUH GDOOD GDWD GL QRWLILFD]LRQH GHOOD FRQFHVVLRQH
VWHVVDDJOLLQWHUHVVDWL
1HJOLDOWULFDVLSUHYLVWLGDOO
$UWSHULQL]LRGHLODYRULVLLQWHQGHO
LVWDQWHLQFXLO
LPPRELOH
HVLVWHQWHYLHQHLQTXDOXQTXHPRGRPDQRPHVVRDOILQHGLSUHGLVSRUORDJOLDPSOLDPHQWLHDOOH
PRGLILFKHDXWRUL]]DWH
1HOFDVRGLRSHUHGLXUEDQL]]D]LRQHUHODWLYHDOODORWWL]]D]LRQHGLDUHHO
LQL]LRGHLODYRULVL
FRQILJXUDQHLSULPLPRYLPHQWLGLWHUUDHO
XOWLPD]LRQHYDULIHULWDDOOHGLVSRVL]LRQLFRQWHQXWH
QHOODFRQYHQ]LRQHGLFXLDOO
$UW
(QWURJLRUQLGDOOHGDWHGLLQL]LRHGLXOWLPD]LRQHGHLODYRULLOFRQFHVVLRQDULRGHYHGDUQH
FRPXQLFD]LRQHDO6LQGDFR
4XDORUDQHOODGRPDQGDGLFXLDOO
$UWQRQVLDQRVWDWLLQGLFDWLLQRPLQDWLYLGHO'LUHWWRUHH
GHOO
$VVXQWRUH GHL ODYRUL HVVL GHYRQR ULVXOWDUH RYH ULFKLHVWL GDO PHGHVLPR DUWLFROR GDOOD
FRPXQLFD]LRQHGLLQL]LRGHLODYRUL
,Q WDO FDVR OD FRPXQLFD]LRQH GL LQL]LR GHYH HVVHUH VRWWRVFULWWD DQFKH GD TXHVWL H GHYH
FRQWHQHUHO
LQGLFD]LRQHGHOGRPLFLOLR
$UW2&&83$=,21,(0$120,66,21,',682/2(62772682/2
38%%/,&2
2YH SHU O
HVHFX]LRQHGLRSHUHVLDQHFHVVDULDODRFFXSD]LRQHWHPSRUDQHDRSHUPDQHQWHROD
PDQRPLVVLRQH GL VXROR R VRWWRVXROR R VSD]LR DHUHR SXEEOLFR O
LQWHUHVVDWR GHYH SUHVHQWDUH
DSSRVLWD GRPDQGD DO 6LQGDFR SHU RWWHQHUH OD FRQFHVVLRQH /D GRPDQGD GHYH SUHFLVDUH O
XELFD]LRQH OD GXUDWD H OR VFRSR GHOO¶RSHUDHGHYHFRQWHQHUHVXIILFLHQWLLQGLFD]LRQLJUDILFKH
DWWHDORFDOL]]DUOD/HPRGDOLWjGLRFFXSD]LRQHHGLHVHFX]LRQHVRQRILVVDWHQHOODFRQFHVVLRQH
LQRJQLFDVRLODYRULGHYRQRHVVHUHFRQGRWWLFRQOHFDXWHOHQHFHVVDULHDJDUDQWLUHODSXEEOLFD
LQFROXPLWj ,O 6LQGDFR KD OD IDFROWj GL UHYRFDUH OD FRQFHVVLRQH H GL LPSRUUH LO ULSULVWLQR
SURYYHGHQGRYL G
XIILFLR H D VSHVH GHOO
LQWHUHVVDWRLQFDVRGL LQDGHPSLHQ]DGRSRFKHVLDQR
WUDVFRUVLGXHPHVLGDOO
LQWHUUX]LRQHGHLODYRULQRQFDXVDWDGDUDJLRQLFOLPDWLFKH
/DWDVVDGLRFFXSD]LRQHYLHQHGHWHUPLQDWDLQEDVHDOUHODWLYR5HJRODPHQWR&RPXQDOH
,Q FDVR GL PDQRPLVVLRQH D JDUDQ]LD GHO ULSULVWLQR LO 6LQGDFR VXERUGLQD LO ULODVFLR GHOO
DXWRUL]]D]LRQH DO YHUVDPHQWR GL XQD FRQJUXD FDX]LRQH FKH YLHQH UHVWLWXLWD GRSR FKH OH
SDYLPHQWD]LRQLLPDQXIDWWLHJOLLPSLDQWLSXEEOLFLVLDQRVWDWLULSULVWLQDWLDSHUIHWWDUHJRODG
DUWH VHFRQGR OH SUHVFUL]LRQL GHOO
8IILFLR 7HFQLFR &RPXQDOH ,Q FDVR GL LQDGHPSLHQ]D VL
SURFHGHG
XIILFLRDVSHVHGHOO
LQWHUHVVDWR
$UW9,*,/$1=$68//(&26758=,21,
,O6LQGDFRHVHUFLWDODYLJLODQ]DVXOOHFRVWUX]LRQLFKHVLHVHJXRQRQHOWHUULWRULRGHO&RPXQH
SHU DVVLFXUDUQH OD ULVSRQGHQ]D DOOH QRUPH GL /HJJH GHO SUHVHQWH 5HJRODPHQWR HG DOOH
PRGDOLWjHVHFXWLYHILVVDWHQHOODFRQFHVVLRQHDHGLILFDUH
,O 6LQGDFR HVHUFLWD YLJLODQ]D DIILQFKp OH FRVWUX]LRQL LQ RJQL ORUR SDUWH QRQ VXELVFDQR QHO
WHPSRYDULD]LRQLQHOODGHVWLQD]LRQHG
XVRVWDELOLWD
(YHQWXDOL WUDVJUHVVRUL VDUDQQR GHQXQFLDWL DOOH FRPSHWHQWL DXWRULWj QHL PRGL H QHL WHPSL
SUHYLVWLGDOOH/HJJLYLJHQWLDLVHQVLGHOO
$UWGHOOD/5Qƒ
$UW$118//$0(172'(//$&21&(66,21(
/DFRQFHVVLRQHDHGLILFDUHSXzHVVHUHDQQXOODWDSHUPRWLYLGLOHJLWWLPLWj
3ULPD GL DGRWWDUH LO SURYYHGLPHQWR GL DQQXOODPHQWR FKH GHYH HVVHUH PRWLYDWR LO 6LQGDFR
GRYUjVHQWLUHOD&RPPLVVLRQH(GLOL]LD
,QFDVRGLDQQXOODPHQWRGHOODFRQFHVVLRQHRGHOO
DXWRUL]]D]LRQHTXDORUDQRQVLDSRVVLELOHOD
ULPR]LRQH GHL YL]L GHOOH SURFHGXUH DPPLQLVWUDWLYH R OD ULGX]LRQH LQ ULSULVWLQR LO 6LQGDFR
DSSOLFD FRQRUGLQDQ]DPRWLYDWDXQDVDQ]LRQHSHFXQLDULDSDULDO YDORUHGHOOHRSHUHRGLORUR
SDUWLDEXVLYDPHQWHHVHJXLWHYDOXWDWRGDOO
8IILFLR7HFQLFR(UDULDOH
/DYDOXWD]LRQHGHOO
8IILFLR7HFQLFR(UDULDOHqQRWLILFDWDGDO6LQGDFRQHOOHIRUPHSUHYLVWHSHU
JOLDWWLSURFHVVXDOLFLYLOHHGLYLHQHGHILQLWLYDFRQGHFRUVRGDLWHUPLQLSHUO
LPSXJQDWLYD
$UW5,6&266,21('(//(6200(
, FRQWULEXWL OH VDQ]LRQL H OH VSHVH FRQQHVVH DOO
DWWLYLWj HGLOL]LD HG XUEDQD YHQJRQR ULVFRVVL
FRQO
LQJLXQ]LRQHSUHYLVWDGDO5'Qƒ
$UW35299(',0(17,3(523(5((6(*8,7(,1$66(1=$2,1
',))250,7$
'(//$&21&(66,21((',/,=,$(3(523(5(
(6(*8,7(,13$5=,$/(',))250,7$
/H RSHUH FRQVHJXHQWL DG LQWHUYHQWL HVHJXLWL DL VHQVL GHOO¶ DUW /5 LQ WRWDOH
GLIIRUPLWjRLQDVVHQ]DGHOODFRQFHVVLRQHRGHOO
DXWRUL]]D]LRQH H LQ FRQWUDVWR FRQ JOL
VWUXPHQWL XUEDQLVWLFL GHEERQR HVVHUH GHPROLWH D FXUD H D VSHVH GHO SURSULHWDULR HQWUR LO
WHUPLQHILVVDWRGDO6LQGDFRFRQRUGLQDQ]DSUHYLRSDUHUHGHOOD&RPPLVVLRQH(GLOL]LD
&RQOHVWHVVHPRGDOLWjLOWHUPLQHSXzHVVHUHSURURJDWRSHUFDXVHVRSUDYYHQXWHRSHUFDXVDGL
IRU]DPDJJLRUH
/
RUGLQDQ]DqQRWLILFDWDDLVRJJHWWLVHFRQGR OHPRGDOLWjHSHUJOLHIIHWWLGLFXLDOTXDUWRH
TXLQWRFRPPDGHOO
$UWGHOOD/HJJH5HJLRQDOHQƒ
'HFRUVRWDOHWHUPLQHLO&RQVLJOLR&RPXQDOHGHFLGHVHOHRSHUHDEXVLYHQRQFRQWUDVWLQRFRQ
ULOHYDQWLLQWHUHVVLXUEDQLVWLFLHRDPELHQWDOLRVHFRPXQTXHSRVVDQRHVVHUHXWLOL]]DWHSHUILQL
SXEEOLFL
,QFDVRSRVLWLYRLO6LQGDFRSURFHGHDOO
DFTXLVL]LRQHJUDWXLWDGHOSDWULPRQLRLQGLVSRQLELOHGHO
&RPXQH GHOOH RSHUH H GHOO
DUHD VX FXL LQVLVWRQR DL ILQL GL XQD ORUR XWLOL]]D]LRQH SHU ILQL
SXEEOLFLFRPSUHVLTXHOOLGLHGLOL]LDUHVLGHQ]LDOHSXEEOLFD
,QFDVRQHJDWLYRLO6LQGDFRSUHYLDDFTXLVL]LRQHGHOO
DUHDSURYYHGHDOODGHPROL]LRQHRDOOD
ULPR]LRQH LQ SULVWLQR DYYDOHQGRVL GHJOL 8IILFL &RPXQDOL R GL ,PSUHVH SULYDWHRSXEEOLFKH
SRQHQGRLQRJQLFDVROHVSHVHVRVWHQXWHDFDULFRGHLVRJJHWWLUHVSRQVDELOL
/
DFTXLVL]LRQHDYYLHQHDLVHQVLGHOTXDUWRTXLQWRHVHVWRFRPPDGHOO
$UWGHOOD/HJJH
JHQQDLR Qƒ H SHU DUHD VX FXL LQVLVWH O
RSHUD DEXVLYD VL LQWHQGH TXHOOD RFFXSDWD
GDOOD RSHUD VWHVVD FRQ OH VXH LPPHGLDWH SHUWLQHQ]H YDOXWDWH DQFKH DL ILQL GHOO
DFFHVVR H
WHQXWRFRQWRGHOUDSSRUWRGLFRSHUWXUDGHO3LDQR5HJRODWRUH*HQHUDOH
/H RSHUH FRQVHJXHQWL DG LQWHUYHQWL LQ SDU]LDOH GLIIRUPLWj GDOOD FRQFHVVLRQH R GDOO
DXWRUL]]D]LRQH H LQ FRQWUDVWR FRQ JOL VWUXPHQWL XUEDQLVWLFL YLJHQWL DL VHQVL GHOO
DUW /5
VRQRGHPROLWHDVSHVHGHLFRQFHVVLRQDULRRSSXUHQHOFDVRLQFXLQRQSRVVDQRHVVHUH
PRVVH VHQ]D SUHJLXGL]LR GHOOD SDUWH FRQIRUPH VRQR VRJJHWWH DG XQD VDQ]LRQH
DPPLQLVWUDWLYDSDULDOGRSSLRGHOYDORUHGHOODSDUWHGHOO
RSHUDUHDOL]]DWDLQGLIIRUPLWj
,O SURYYHGLPHQWR GL GHPROL]LRQH R O
LUULJD]LRQH GHOOD VDQ]LRQH VRQR HPDQDWL GDO 6LQGDFR
ULVSHWWLYDPHQWHFRQRUGLQDQ]DRFRQLQJLXQ]LRQHSUHYLRSDUHUHGHOOD&RPPLVVLRQH(GLOL]LD
&RPXQDOH
/
RUGLQDQ]DHO
LQJLXQ]LRQHGHO6LQGDFRGHEERQRFRQWHQHUHXQWHUPLQHSHUODGHPROL]LRQHR
SHULOSDJDPHQWRGHYRQRHVVHUHQRWLILFDWHDLVRJJHWWLVHFRQGROHPRGDOLWjHSHUJOLHIIHWWLGL
FXLDOTXDUWRHTXLQWRFRPPDGHOO
$UW,OWHUPLQHqSURURJDELOHDLVHQVLGHOTXLQWRFRPPD
GHOO
$UW
6RQR FRQVLGHUDWH RSHUH LQ SDU]LDOH GLIIRUPLWjGDOODFRQFHVVLRQHRGDOO
DXWRUL]]D]LRQHTXHOOH
LQFXLOHFRVWUX]LRQLQRQVXSHULQRGLROWUHXQTXLQWRLOYROXPHRGLXQWHU]RO
DOWH]]DSUHVFULWWL
QHOODFRQFHVVLRQHRDXWRUL]]D]LRQH
7,72/29ƒ
862'(,)$%%5,&$7,('(,0$18)$77,
$UW&2//$8'2/,&(1=$'
862$%,7$%,/,7$
('$*,%,/,7$
3ULPD GL XVDUH L IDEEULFDWL HG L PDQXIDWWL LO 7LWRODUH GHOOD FRQFHVVLRQH GHYH FKLHGHUH DO
6LQGDFRDLVHQVLGHOO
$UWGHOOD/5QƒLOFHUWLILFDWRGLDELWDELOLWjSHUJOLHGLILFL
FRPSUHQGHQWL L ORFDOL GL FXL DO VXFFHVVLYR $UW R GL DJLELOLWj SHU JOL DOWUL PDQXIDWWL
DOOHJDQGRDOODGRPDQGD
D LO FHUWLILFDWR GL FROODXGR VWDWLFR ULODVFLDWR GD XQ WHFQLFR LVFULWWR DOO
DOER SURIHVVLRQDOH
QHOO
DPELWR GHOOH FRPSHWHQ]H SUHYLVWH GDOOD /HJJH H FRPXQTXH LQ SHUVRQD GLYHUVD GDO
3URJHWWLVWDHGDO'LUHWWRUHGHL/DYRUL
E XQ FHUWLILFDWR GL UHJRODUH HVHFX]LRQH ULODVFLDWR GDO 'LUHWWRUH GHL /DYRUL FKH FLWL
HVSOLFLWDPHQWH OD UHJRODUH HVHFX]LRQH GHOO
LPSLDQWR GL ULVFDOGDPHQWR RH GL
UDIIUHVFDPHQWR HVWLYR H OD FRQIRUPLWj GHOOR VWHVVR DOOH LQGLFD]LRQL ULSRUWDWH QHOOD
GRFXPHQWD]LRQHGLFXLDOSXQWR³S´$UWGHOSUHVHQWH5HJRODPHQWR
F O
HYHQWXDOH QXOOD RVWD GHJOL HQWL H GHJOL RUJDQL FRPSHWHQWL LQWHUSHOODWL GDO 6LQGDFR LQ
VHGHGLULODVFLRGHOODFRQFHVVLRQH
G FHUWLILFDWR GL FROODXGR GHOO
LPSLDQWR GL ULVFDOGDPHQWR HR GL UDIIUHVFDPHQWR HVWLYRVH OH
QRUPHYLJHQWLORULFKLHGRQR
,O FHUWLILFDWR GL UHJRODUH HVHFX]LRQH GHYH GLFKLDUDUH OD ULVSRQGHQ]D GHOO
RSHUD DO SURJHWWR
DSSURYDWRHDOOHSUHVFUL]LRQLGL/HJJHHGHOSUHVHQWH5HJRODPHQWR
,O6LQGDFRSUHYLDLVSH]LRQHGHO5HVSRQVDELOHGHOVHWWRUHGHOO
8/6HGHO&DSRGHOO
8IILFLR
7HFQLFR &RPXQDOH R GL XQ WHFQLFR D FLz GHOHJDWR L TXDOL FRQWUROODQR OD ULVSRQGHQ]D GHOOH
RSHUH HVHJXLWH DO SURJHWWR DSSURYDWR HG DOOH QRUPH GHOOD OHJLVOD]LRQH H GHL UHJRODPHQWL
YLJHQWL H SHU L FDVL FRQWHPSODWL GDOOD /HJJH YLVWD OD OLFHQ]D G
XVR ULODVFLDWD GDOOH DXWRULWj
FRPSHWHQWLDXWRUL]]DO
RFFXSD]LRQHGHJOLLPPRELOLRO
XVRGHLPDQXIDWWL
6LULFKLDPDLOGLVSRVWRGHOOD/HJJHQƒ
,O 6LQGDFR KD FRPXQTXH OD IDFROWj TXDORUD QH UDYYLVL D VXR JLXGL]LR O
RSSRUWXQLWj GL
ULFKLHGHUH XQ FHUWLILFDWR GL FROODXGR VWDWLFR DQFKH SHU OH RSHUH PDQXIDWWL R LPSLDQWL QRQ
SUHYLVWLGDOSULPRFRPPDGHOSUHVHQWHDUWLFROR
,O 6LQGDFR q WHQXWR D FRPXQLFDUH OH VXH GHWHUPLQD]LRQL HQWUR JLRUQL GDOOD ULFKLHVWD GHO
FHUWLILFDWR
,Q DVVHQ]D GHO FHUWLILFDWR q IDWWR GLYLHWR DO &RPXQH H DOOH D]LHQGH HURJDWULFL GHL VHUYL]L
SXEEOLFLHGLHIIHWWXDUHOHUHODWLYHIRUQLWXUH
3HU OH ORWWL]]D]LRQL LO FROODXGR YLHQH HVSOHWDWR VHFRQGR OH PRGDOLWj SUHYLVWH GDOOD
FRQYHQ]LRQHGLFXLDOSUHFHGHQWHDUWLFROR
$UW$*,%,/,7$
',(',),&,63(&,$/,(',862&2//(77,92
3HUJOLHGLILFLGLXVRFROOHWWLYRGLFXLDOVXFFHVVLYR$UWHSHUJOLHGLILFLVSHFLDOLGLFXLDO
VXFFHVVLYR $UW L QXOOD RVWD GL FXL DO SXQWR F GHOO
DUWLFROR SUHFHGHQWH VRQR UHVL
REEOLJDWRULDLILQLGHOULODVFLRGHOO
DELWDELOLWjHGHOO
DJLELOLWj
2YH XQD FRVWLWX]LRQHQXRYDRUHVWDXUDWDVLDDGLELWDRXVDWDVHQ]D OLFHQ]D GL DELWDELOLWjRGL
HVHUFL]LR LO 6LQGDFR LPSUHJLXGLFDWD O
D]LRQH SHQDOH DL VHQVL GHOO
$UW 78/6 GHYH
RUGLQDUQHORVJRPEHUR
, QXOOD RVWD YHQJRQR ULODVFLDWL LQ FRQIRUPLWj DOOD SURFHGXUD SUHYLVWDDOSUHFHGHQWH$UW
GHOOD/5
3$57(6(&21'$
1250(5(/$7,9($//$(',),&$=,21(
7,72/2,ƒ
&$5$77(5,67,&+((',/,=,(
$UW±&257,/,
,FRUWLOLGHYRQRDYHUHXQDVXSHUILFLHQRQLQIHULRUHDOGHOODVRPPDGHOOHVXSHUILFLGHOOH
SDUHWLFKHOLFLUFRQGDQR
/DGLVWDQ]DPLQLPDWUDOHSDUHWLRSSRVWHGHYHHVVHUHTXHOODVWDELOLWDGDJOLDUWLFROLUHODWLYLDO
GLVWDFFRWUDLIDEEULFDWL
2YH LO FRUWLOHVLDLQWHUHVVDWRGDOODSURLH]LRQHGLEDOFRQLRSRJJLROLOHDUHHFRUULVSRQGHQWLD
GHWWHSURLH]LRQLQRQYDQQRGHWUDWWHGDTXHOOHGHOFRUWLOHSXUFKpODVRPPDGHOOHSURLH]LRQLGL
GHWWLEDOFRQLQRQVXSHULLOGHOO¶DUHDGHOFRUWLOHVWHVVR
1HOFDVRGLFRUWLOLGHOLPLWDWLGDPXULGLFLQWDOHVXSHUILFLGLTXHVWLPXULYDQQRFRPSXWDWHDO
ILQH GHOOD GHWHUPLQD]LRQH GHO UDSSRUWR WUD VXSHUILFLH GHO FRUWLOH H VXSHUILFLH GHL PXUL GL
SHULPHWUR
, FRUWLOL GHYRQR HVVHUH PXQLWL GL RSSRUWXQH SDYLPHQWD]LRQL H FDQDOL]]D]LRQL DWWH D
FRQYRJOLDUHOHDFTXHPHWHRULFKH
,FRUWLOLGHYRQRHVVHUHIDFLOPHQWHDFFHVVLELOLGDOO
HVWHUQRDQFKHDPH]]RGLORFDOLFRPXQLGL
GLVREEOLJR
4XDORUD QHOOD VH]LRQH RUL]]RQWDOH GHO FRUWLOH QRQ VL SRVVD LVFULYHUH XQ FHUFKLR GL GLDPHWUR
DOPHQR XJXDOH DOOD PHGLD GHOOH DOWH]]H GHOOH IURQWL FKH YL SURVSHWWDQR VL DSSOLFDQR OH
GLVSRVL]LRQLGHOVXFFHVVLYR$UW
$UW&+,2675,1((&$9(',
/D VXSHUILFLH QRQ GHYH HVVHUH LQIHULRUH DO GHOOD VRPPD GHOOH 6XSHUILFL GHOOH SDUHWL GL
SHULPHWURGHOODFKLRVWULQD
1HOOD VH]LRQH RUL]]RQWDOH GHOOD FKLRVWULQDVLGHYHSRWHULVFULYHUHXQFHUFKLRGHOGLDPHWURGL
PO
'HYRQR HVVHUH SUHYLVWH OD SDYLPHQWD]LRQH OR VPDOWLPHQWR GHOOH DFTXH PHWHRULFKH HG XQD
HYHQWXDOHYHQWLOD]LRQHFRQGLUHWWDFRPXQLFD]LRQHYHUVRO
HVWHUQRDOODEDVHGHOODFKLRVWULQD
1HOOHFKLRVWULQHSRVVRQRDIIDFFLDUVLVRORORFDOLGLVHUYL]LRHGLGLVREEOLJR
$UW&26758=,21,$&&(6625,(('(/(0(17,&$5$77(5,67,&,
1HOOH]RQHUHVLGHQ]LDOLHQHOOH(VRQRDPPHVVLORFDOLDFFHVVRULTXDOLJDUDJHVODYDQGHULH
PDJD]]LQL OHJQDLH HFF VWDFFDWL GDO IDEEULFDWR SULQFLSDOH TXDORUD QH VLD GLPRVWUDWD O¶
DVVROXWDQHFHVVLWjHO¶LPSRVVLELOLWjGLUHDOL]]DUOLDULGRVVRGHOIDEEULFDWRVWHVVR
(
DPPHVVDODUHDOL]]D]LRQHDFRQILQHGLJDUDJHVGLDOWH]]DPDVVLPDQRQVXSHULRUHDPW
PLVXUDWDDOO
LPSRVWDGHOVRODLRGLFRSHUWXUDLQHFFH]LRQHDOO
LQGLFHGLIDEEULFDELOLWjTXDORUD
YHQJDQR UHDOL]]DWL LQWHUHVVDQGR DOPHQR GXH SURSULHWj FRQWLJXH FKH SHU OD VDWXUD]LRQH GHL
SDUDPHWULGLSLDQRQRQQHFRQVHQWDQRDOWULPHQWLODFRVWUX]LRQH
(
DPPHVVDODFRVWUX]LRQHGLORFDOLQHOVRWWRVXRORGHVWLQDWLHVFOXVLYDPHQWHDYDQLDFFHVVRUL
DQFKHLQHFFH]LRQHDOODQRUPDWLYDVXOGLVWDFFRGDLFRQILQLSXUFKpFRQWHQXWLHQWURXQUDSSRUWR
PDVVLPRGLGHOYROXPHHGLILFDELOHRHGLILFDWR
'HYHFRPXQTXHHVVHUHDVVLFXUDWDODVWDELOLWjGHOVXROR
1RQ VDUDQQR YDOXWDWL DL ILQL GHOO¶ DSSOLFD]LRQH GHL LQGLFL YROXPHWULFL R GL VXSHUILFLH JOL
HOHPHQWLFDUDWWHULVWLFLTXDOLEDOFRQLFRSHUWLJOLDEEDLQLOHSHQVLOLQHLJD]HELLSRUWLFLGLXVL
SXEEOLFR L SHUJRODWL OH SHUJROH OH FRVWUX]LRQL VWDJLRQDOL HR FDUDWWHUH SURYYLVRULR H LQ
JHQHUDOHWXWWLJOLHOHPHQWLGLDUUHGRXUEDQRWLSLFLGHOOD]RQD
7DOH QRUPD ULVXOWHUj DSSOLFDELOH TXDQGR JOL HOHPHQWL FDUDWWHULVWLFL FLWDWL QRQ ULVXOWLQR
SUHGRPLQDQWLPDIXQ]LRQDOLHVXERUGLQDWLDOO¶HGLILFLRRDJOLHGLILFLSULQFLSDOL
/D ORUR VXSHUILFLH QRQ GRYUj VXSHUDUH FRPSUHVL JOL VSD]L SRUWLFDWL GL FXL DOO¶ DUW GHOOH
17$ LO GHOOD VXSHUILFLH FRSHUWD GHOO¶ HGLILFLR SULQFLSDOH H OD GLVWDQ]D PLQLPD GDL
IDEEULFDWLHGDLFRQILQLGLSURSULHWjVDUjQRUPDWDGDO&&
$UW35(6&5,=,21,(',/,=,(3$57,&2/$5,
2OWUH DOOH YLJHQWL GLVSRVL]LRQL OHJLVODWLYH LQ RJQL QXRYR HGLILFLR GHYRQR HVVHUH SUHYLVWL
DOPHQRXQSRVWRPDFFKLQDSHURJQLXQLWjDELWDWLYD
8ELFD]LRQH GLPHQVLRQDPHQWR H FRQIRUPD]LRQH DUFKLWHWWRQLFD GL FRVWUX]LRQL GL QDWXUD
SDUWLFRODUH H GL PRGHVWH GLPHQVLRQLHG DYHQWL SXEEOLFD XWLOLWj TXDOL FDELQH HOHWWULFKH WRUUL
SLH]RPHWULFKH FHQWUDOL GL WUDVIRUPD]LRQH H VROOHYDPHQWR LGURYRUH VHUEDWRL WUDOLFFL HQHO
VRQRYDOXWDWLFDVRSHUFDVRLQIXQ]LRQHGHOOHVSHFLILFKHQHFHVVLWjHQHOULVSHWWRGHLFDUDWWHUL
DPELHQWDOLGHWWLLPSLDQWLGHEERQRLQRJQLFDVRGLVSRUUHGLDUHDSURSULDUHFLQWDWD
'HWWLLPSLDQWLQRQYDQQRFRQVLGHUDWLDLILQLGHOFDOFRORGHOODFXEDWXUDDPPHVVDSHUOD]RQD
LQWHUHVVDWD H SRWUDQQR HVVHUHFRQFHVVLDQFKHLQGLIIRUPLWjDOOHGLVWDQ]HGHOOHVWUDGHSUHYLVWH
SHUOD]RQDPHGHVLPD
7,72/2,,ƒ
$63(772(67(512'(*/,(',),&,('(*/,63$=,
$UW'(&252'(*/,(',),&,
/H FRVWUX]LRQL GHYRQR ULVSHWWDUH QHO ORUR DVSHWWR HVWHUQR LO GHFRUR HGLOL]LR HG LQVHULUVL
DUPRQLFDPHQWHQHOFRQWHVWRXUEDQR
$ WDOH ULJXDUGR LO 6LQGDFR VHQWLWD OD &RPPLVVLRQH (GLOL]LD KD OD IDFROWj GL LPSRUUH DL
SURSULHWDULO
HVHFX]LRQHGLRSHUHLQWRQDFDWXUHWLQWHJJLDWXUHHFFHODULPR]LRQHGLHOHPHQWL
VFULWWH LQVHJQHGHFRUD]LRQLFRORULWXUHVRYUDVWUXWWXUHGLRJQLJHQHUHHFFFRQWUDVWDQWLFRQ
OH FDUDWWHULVWL FKH DPELHQWDOL DO ILQH GL FRQVHJXLUH VROX]LRQL SL FRUUHWWH DQFKH VH
SUHHVLVWHQWLDOODGDWDGLDSSURYD]LRQHGHOSUHVHQWH5HJRODPHQWR
4XDORUDDVHJXLWRGLGHPROL]LRQHRGLLQWHUUX]LRQHGHLODYRULSDUWLGLHGLILFLYLVLELOLGDOXRJKL
DSHUWLDOSXEEOLFRFRVWLWXLVFDQRGHWXUSDPHQWRGHOO
DPELHQWHqIDFROWjGHO6LQGDFRVHQWLWDOD
&RPPLVVLRQH(GLOL]LDGLLPSRUUHDOSURSULHWDULODORURVLVWHPD]LRQH
,O6LQGDFRSXzLQJLXQJHQGRO
HVHFX]LRQHGHOOHRSHUHGLFXLDLFRPPLSUHFHGHQWLLQGLFDUHOH
PRGDOLWj GL HVHFX]LRQH H ILVVDUH L WHUPLQL GHO O
LQL]LR H GHOO
XOWLPD]LRQH GHL ODYRUL
ULVHUYDQGRVLO
LQWHUYHQWRVRVWLWXWLYRDLVHQVLGHOODOHJLVOD]LRQHYLJHQWH
$UW'(&252'(*/,63$=,
*OL VSD]L GHEERQR ULVSHWWDUH QHO /RUR DVSHWWR LO GHFRUR XUEDQR GHYRQR SHUWDQWR DYHUH XQD
VSHFLILFDGHVWLQD]LRQHHVVHUHFRQYHQLHQWHPHQWHVLVWHPDWLHRYHSRVVLELOHDUERUDWL
$ WDOH ULJXDUGR LO 6LQGDFR VHQWLWD OD &RPPLVVLRQH (GLOL]LD KD OD IDFROWj GL LPSRUUH OD
PDQXWHQ]LRQH H OD FRQVHUYD]LRQH GHO YHUGH GHL IRVVDWL GHOOH VLHSL HFF H OD ULPR]LRQH GL
RJJHWWL GHSRVLWL PDWHULDOL LQVHJQH H TXDQWR DOWUR SRVVD GHWXUSDUH O
DPELHQWH R FRVWLWXLUH
SUHJLXGL]LRSHUODSXEEOLFDLQFROXPLWj
(
DPPHVVD O
DIILVVLRQH GL PDQLIHVWL H FDUWHOOL SXEEOLFLWDUL XQLFD PHQWH QHJOL VSD]L LQGLFDWL
GDO&RPXQHQHOULVSHWWRGHOOHFDUDWWHULVWLFKHDPELHQWDOL
,O 6LQGDFR VHQWLWD OD &RPPLVVLRQH (GLOL]LD KD IDFROWj GL LPSRUUH OD UHFLQ]LRQH H OD
PDQXWHQ]LRQH GHL WHUUHQL QRQ FROWLYDWL SULYL GL VSHFLILFD GHVWLQD]LRQH LQGHFRURVL R
SHULFRORVL
,O6LQGDFRSXzLQJLXQJHQGRO
HVHFX]LRQHGHOOHRSHUHGLFXLDLFRPPLSUHFHGHQWLLQGLFDUHOH
PRGDOLWj GL HVHFX]LRQH H ILVVDUH L WHUPLQL GHOO
LQL]LR H GHOO
XOWLPD]LRQH GHL ODYRUL
ULVHUYDQGRVLO
LQWHUYHQWRVRVWLWXWLYRDLVHQVLGHOODOHJLVOD]LRQHYLJHQWH
6XWXWWRLOWHUULWRULRFRPXQDOHqIDWWRGLYLHWRGLLQVWDOODUHFDUWHOOLSXEEOLFLWDULVWUDGDOLVDOYR
FKHQHOO
DPELWRGHOOH]RQHXUEDQHDSSRVLWDPHQWHGHOLPLWDWHFRQGHOLEHUD]LRQHGHO&RQVLJOLR
&RPXQDOH
$UW(/(0(17,&+(6325*212'$//()$&&,$7(('$**(77$12
68/682/238%%/,&2
*OLDJJHWWLVXVSD]LDSHUWLDOSXEEOLFRVRQRUHJRODPHQWDWLQHOPRGRVHJXHQWH
VXOOHVWUDGHHVXLPDUFLDSLHGLQRQqFRQVHQWLWRQHVVXQDJJHWWR
,Q FDVL SDUWLFRODULHGRFXPHQWDWLSRVVRQRHVVHUHFRQVHQWLWHHFFH]LRQLDFRQGL]LRQHFKHVXO
ILOR PDUFLDSLHGH YHQJD UHDOL]]DWD XQD EDUULHUD ILVVD FKH LPSHGLVFD O
LQVLQXDUVL GL PH]]L GL
WUDVSRUWRVRWWRJOLDJJHWWL
'HEERQRLQROWUHHVVHUHRVVHUYDWHOHVHJXHQWLSUHVFUL]LRQL
SHUWHQGHGDYDQWLDGDSHUWXUHVRQRDPPHVVHOHWHQGHULFDGHQWLGLVSD]LRSHGRQDOHDSHUWR
DOSXEEOLFRODORURDOWH]]DGDOVXRORGHYHHVVHUHLQRJQLSXQWRQRQLQIHULRUHDPOH
OD SURLH]LRQH GHOOD VSRUJHQ]D PDVVLPD GHYH GLVWDUH DOPHQR FP GDO ILOR HVWHUQR GHO
PDUFLDSLHGH O
DSSRVL]LRQH GHOOH WHQGH SXz HVVHUH YLHWDWD TXDQGR HVVH FRVWLWXLVFDQR
RVWDFRORDOWUDIILFRRFRPXQTXHOLPLWLQRODYLVLELOLWj
SHUODQWHUQHODPSDGHIDQDOLLQVHJQHHGDOWULLQILVVLTXDOVLDVLHOHPHQWRGDDSSOLFDUHDOOH
IDFFLDWHGHJOLHGLILFLGHYHULVSHWWDUHLVHJXHQWLOLPLWLGLVSRUJHQ]D
D ILQRDPOGLDOWH]]DVRQRDPPHVVLVRORLQFRUULVSRQGHQ]DGHL
PDUFLDSLHGLSHUVSRUJHQ]HQRQVXSHULRULDFP
E ROWUHLPOGLDOWH]]DVRQRFRQVHQWLWLDQFKHLQPDQFDQ]DGL
PDUFLDSLHGHDFRQGL]LRQHFKHODVSRUJHQ]DQRQVXSHULLOGHOOD
ODUJKH]]DPHGLDGHOORVSD]LRSURVSHWWDQWHFRQXQPDVVLPRGLPO
'HYHHVVHUHFXUDWDODRPRJHQHLWjGHOOHWHQGHHVWHUQH
,VHUUDPHQWLSURVSHWWDQWLVSD]LDSHUWLDOSXEEOLFRDGXQDDOWH]]DLQIHULRUHDPOGHYRQR
SRWHUVLDSULUHVHQ]DVSRUJHUHGDOSDUDPHQWRHVWHUQR
$UW,//80,1$=,21(6277(55$1(,
6RWWR L SRUWLFLHVXLPDUFLDSLHGLUHODWLYLDQXRYHFRVWUX]LRQL SRVWHVXOODOLQHDVWUDGDOHVRQR
DPPHVVH OH ILQHVWUH LQ SLDQR RUL]]RQWDOH D OLYHOOR GHO VXROR SHU GDUH OXFH DL VRWWHUUDQHL
SXUFKp VLDQR ULFRSHUWH GD HOHPHQWL WUDVSDUHQWL D VXSHUILFLH VFDEUD VWDWLFDPHQWH LGRQHL
FROORFDWLDSHUIHWWROLYHOORGHOVXROR
$UW&20,*12/,$17(11(0(162/((6295$67587785(9$5,(
*OLHYHQWXDOLHOHPHQWLHPHUJHQWLROWUHOHFRSHUWXUHGHEERQRHVVHUHULVROWLDUFKLWHWWRQLFDPHQWH
HGHVHJXLWLFRQPDWHULDOLGLSURYDWDVROLGLWjVLFXUH]]DHUHVLVWHQ]DDJOLDJHQWLDWPRVIHULFL
/
LQVWDOOD]LRQHGLDQWHQQDWHOHYLVLYDLQWXWWLLQXRYLHGLILFLFRQGHVWLQD]LRQHUHVLGHQ]LDOHGHYH
DYYHQLUHFRQLPSLDQWRFHQWUDOL]]DWRGLSRUWDWDWDOHGDVHUYLUHDOPHQRGXHDSSDUHFFKLULFHYHQWL
SHUDOORJJLR
$UW5(&,1=,21,'(//($5((35,9$7(
3HU OH UHFLQ]LRQL GHOOH DUHH SULYDWH DOO
LQWHUQR GL FHQWUL DELWDWL YDOJRQR OH VHJXHQWL
SUHVFUL]LRQL
D HQWURLOLPLWLGHOOH]RQHUHVLGHQ]LDOLOHUHFLQ]LRQLGHOOHDUHHSULYDWHSURVSLFLHQWLOHVWUDGH
TXDORUDVLDQRUHDOL]]DWHFRQVWUXWWXUHPXUDULHQRQSRWUDQQRVXSHUDUHO
DOWH]]DPDVVLPD
GL P PLVXUDWD GDOOD TXRWD PHGLD GHO SLDQR VWUDGDOH SURVSHWWDQWH GDO SLDQR GL
FDPSDJQDHODSDUWHFLHFDGRYUjDYHUHXQ¶DOWH]]DQRQVXSHULRUHDP
E HQWUR L OLPLWL GHOOH ]RQH GHVWLQDWH DG LPSLDQWL LQGXVWULDOL R DG HVVL DVVLPLODWL YDOJRQROH
QRUPHGLFXLDOFRPPD³D´qFRQVHQWLWDWXWWDYLDO
DOWH]]DPDVVLPDGLPOHGLPO
HVRORLQSUHVHQ]DGLSDUWLFRODULHVLJHQ]HGRYXWHDOO
DWWLYLWjSURGXWWLYDHVLVWHQWH
F HQWURLOLPLWLGHOOH]RQHDJULFROHIRUPDGLPHQVLRQLHPDWHULDOLVRQRGHILQLWLLQEDVHDOOH
FDUDWWHULVWLFKH DPELHQWDOL HG DOOH VLQJROH IXQ]LRQL 6L ULFKLHGH QRUPDOPHQWH ]RFFRODWXUD
QRQVXSHULRUHDFPHVRYUDVWDQWHUHWHSODVWLILFDWDYHUGH
G SHU JOL HGLILFL GL LQWHUHVVH VWRULFR DPELHQWDOH OD WLSRORJLD GHYH HVVHUH DGHJXDWD H
FRPSDWLELOHFRQOHFDUDWWHULVWLFKHGHOO
HGLILFLR
$O GL IXRUL GHL FHQWUL DELWDWL YDOJRQR OH QRUPH GHO '/ Q H VXFFHVVLYH
PRGLILFKH
$UW$/%(5$785(
7XWWL JOL VSD]L VFRSHUWL QRQ SDYLPHQWDWL LQ SURVVLPLWj HG DO VHUYL]LR GHJOL HGLILFL GHEERQR
HVVHUHVLVWHPDWLHPDQWHQXWLDYHUGHSRVVLELOPHQWHDUERUDWR
4XDORUDVLSURFHGDDOODPHVVDDGLPRUDGLDOEHUDWXUHG
DOWRIXVWRDFDUDWWHUHRUQDPHQWDOHOD
VFHOWD GHOOH HVVHQ]H GRYUj HVVHUH IDWWDQHOULVSHWWRGHOOHFDUDWWHULVWLFKHPRUIRORJLFKHHGHOOH
FRQGL]LRQLHFRORJLFKHORFDOL
$UW&23(5785(
/H FRSHUWXUH FRVWLWXLVFRQR HOHPHQWL GL ULOHYDQWH LQWHUHVVH DUFKLWHWWRQLFR H ILJXUDWLYR HVVH
GHYRQRSHUWDQWRHVVHUHFRQFHSLWHLQUHOD]LRQHDOOHFDUDWWHULVWLFKHGHOO
DPELHQWHFLUFRVWDQWH
,SDQQHOOLVRODULGHEERQRULHQWUDUHQHOODOLQHDGLIDOGD
$UW6&$/((67(51(
6RQR DPPHVVH OH VFDOH HVWHUQHILQRDO UDJJLXQJLPHQWR GHOOD TXRWD GHO SULPR SLDQR GRYH OD
WLSRORJLDSUHYLVWDGDOOH17$ORDPPHWWH
6RQRVHPSUHDPPHVVHOHVFDOHGLVLFXUH]]D
$UW0$5&,$3,(',
/XQJR OH SURSULHWj SRVWH LQ IUHJLR D VSD]L SXEEOLFL LO &RPXQH SURYYHGH D VLVWHPDUH L
PDUFLDSLHGL
, SURSULHWDULGHYRQRVRVWHQHUHODVSHVD GL SULPD VLVWHPD]LRQH HUHODWLYDSDYLPHQWD]LRQHVXL
PDUFLDSLHGLIURQWHJJLDQWLOHULVSHWWLYHSURSULHWj
4XDORUD LO SDJDPHQWR GL TXDQWR VRSUD QRQ VLD HIIHWWXDWR QHO WHUPLQH ILVVDWR GDO &RPXQH
O
HVD]LRQHYLHQHHVHJXLWDSHUPH]]RGHOODULVFRVVLRQHIRU]RVD
6H XQ VROR DFFHVVR VHUYH QRQ XQLFDPHQWH D SURSULHWDUL IURQWLVWL PD DQFKH D SURSULHWDUL GL
LPPRELOL SURVSHWWDQWL YHUVR O
LQWHUQR OD TXRWD DVVHJQDWD SHU LO PDUFLDSLHGH GHOO
LQWHUR
SURVSHWWRqDFDULFRGLWXWWLLSURSULHWDULIURQWLVWLHGLQWHUQL
1HO FDVR LQ FXL O
HGLILFLR VRUJD LQ DUUHWUDWR ULVSHWWR DO OLPLWH GHO VXROR SXEEOLFR H O
DUHD
ULPDQHQWH FRPSUHVD WUD TXHVWR H O
HGLILFLR QRQ YHQJD UHFLQWDWD SHU HVVHUH ULVHUYDWD DOO
XVR
SXEEOLFR R SULYDWR O
DUHD VWHVVD GHYH HVVHUH SDYLPHQWDWD D FXUD H D VSHVH GHO SURSULHWDULR
IURQWLVWDVHFRQGROHPRGDOLWjGHLFRPPLSUHFHGHQWL
$UW3257,&,
, SRUWLFL HG L SDVVDJJL FRSHUWL JUDYDWL GD VHUYLW GL SXEEOLFR SDVVDJJLR GHYRQR HVVHUH
FRVWUXLWLHGXOWLPDWLLQRJQLORURSDUWHHGDFXUDHVSHVHGHOSURSULHWDULR
,O SDYLPHQWR GHL SRUWLFL GHVWLQDWL DG XVR SXEEOLFR GHYH HVVHUH FRVWUXLWR FRQ PDWHULDOH
ULFRQRVFLXWRLGRQHRGDO&RPXQH
/HRSHUHGLPDQXWHQ]LRQHGHLSRUWLFLVRQRDFDULFRGHOSURSULHWDULR
,O 6LQGDFR ILVVD L WHUPLQL GL LQL]LR HG XOWLPD]LRQH GHL ODYRUL H VL ULVHUYD O
LQWHUYHQWR
VRVWLWXWLYRDLVHQVLGHOODOHJLVOD]LRQHYLJHQWH
6RQR D FDULFR GHO SURSULHWDULR O
LQVWDOOD]LRQH GHOO
LPSLDQWR GL LOOXPLQD]LRQH H OD IRUQLWXUD
GHLFRUSLLOOXPLQDWLVHFRQGRPRGDOLWjHWLSLVWDELOLWLGDO&RPXQH
$O &RPXQH VSHWWDQR OD PDQXWHQ]LRQH GHOO
LPSLDQWR GL LOOXPLQD]LRQH H JOL RQHUL GHULYDQWL
GDOODIRUQLWXUDGLHQHUJLDHOHWWULFD
/HDUHHFRVWLWXHQWLLSRUWLFLHGLSDVVDJJLFRSHUWLULPDQJRQRGLSURSULHWjSULYDWDHVVHQGRSHUz
JUDYDWHGDVHUYLWSHUSHWXDGLSXEEOLFRWUDQVLWR
/
DPSLH]]DGHLSRUWLFLPLVXUDWDWUDLOSDUDPHWURHVWHUQRGHJOLHOHPHQWLGLVRVWHJQRHGLOILOR
GHOPXURRGHOOHYHWULQHGLIRQGRQRQSXzHVVHUHLQIHULRUHDPOPHQWUHO
DOWH]]DQRQ
GHYHHVVHUHLQIHULRUHDPO
$UW7,32/2*,$(',/,=,$3$57,&2/$5(
,Q ]RQH SDUWLFRODUL SXz HVVHUH SUHVFULWWR GL DGHJXDUVL DOOH WLSRORJLH ORFDOL H WUDGL]LRQDOL GL
ULOHYDQWHLQWHUHVVHSDHVDJJLVWLFR
7,72/2,,,ƒ
35(6&5,=,21,',&$5$77(5(63(&,$/(
$UW,17(59(17,,1=21(',,17(5(66($0%,(17$/(
02180(17$/($5&+(2/2*,&2
2OWUH DJOL REEOLJKL GL /HJJH LQ PDWHULD GL SURWH]LRQH GHOOH EHOOH]]H QDWXUDOL H GL WXWHOD GHO
SDWULPRQLRVWRULFRDUWLVWLFRHGDUFKHRORJLFRLO6LQGDFRSXzULFKLHGHUHLOSUHYHQWLYRSDUHUH
GHJOL RUJDQL FRPSHWHQWL 6RYULQWHQGHQ]D DL %HQL $PELHQWDOL H $UFKLWHWWRQLFL 5HJLRQL SHU
WXWWHOHRSHUHSUHYLVWHGDLSUHFHGHQWLDUWLFROL³´³´³´ULFDGHQWL
D QHOOH]RQHFRQWLJXHDSDUWLFRODULFRQQRWDWLQDWXUDOLGHOWHUULWRULRDQFRUFKpQRQYLQFRODQWH
E QHOOH ]RQH FRQWLJXH D SUHHVLVWHQ]D VWRULFR DUWLVWLFKH R DUFKHRORJLFKH DQFRUFKp QRQ
YLQFRODWH
1HOOH]RQHGHOWHUULWRULRFRPXQDOHFRQWHPSODWHGDOSUHVHQWHDUWLFRORYLQFRODWHRQRQRQq
DPPHVVDO
LQVWDOOD]LRQHGLFDUWHOOLSXEEOLFLWDUL
3DUWLFRODUH FXUD YD RVVHUYDWD QHO FRQVHQWLUH LQWHUYHQWL VXL PDQXIDWWL WLSLFL HVLVWHQWL H VXL
JUXSSLDUERUHLHVXOODYHJHWD]LRQHFDUDWWHULVWLFDHQHOODUHDOL]]D]LRQHGLQXRYL
$UW%(1,$0%,(17$/,
/DPDWHULDqUHJRODWDGDOO
$UWGHO'35QƒHGDOOD/5Qƒ
$UW,17(59(17,3(5/$3527(=,21('(//$1$785$
6SHWWDQRDOOD5HJLRQHOHIXQ]LRQLDPPLQLVWUDWLYHFRQFHUQHQWLJOLLQWHUYHQWLSHUODSURWH]LRQH
GHOODQDWXUDOHULVHUYHHGLSDUFKLQDWXUDOL
$UW5,19(1,0(17,',&$5$77(5($5&+(2/2*,&226725,&2
$57,67,&2
4XDOVLDVL ULWURYDPHQWR GL LQWHUHVVH VWRULFR DUWLVWLFR R DUFKHRORJLFR GHYH HVVHUH
LPPHGLDWDPHQWH GHQXQFLDWR DO 6LQGDFR HG DOOD 6RYULQWHQGHQ]D DOOH $QWLFKLWj VRVSHQGHQGR
QHO FRQWHPSRHYHQWXDOLODYRULLQFRUVRSHUXQSHULRGRPDVVLPR GL WUHQWDJLRUQL WUDVFRUVL L
TXDOL QHO VLOHQ]LR GHOOH $XWRULWj FXL OD GHQXQFLD q VWDWD SUHVHQWDWD L ODYRUL SRVVRQR YHQLUH
ULSUHVL
6L DSSOLFDQR FRPXQTXH OH YLJHQWL GLVSRVL]LRQL SHU OD WXWHOD GHOOH FRVH GL LQWHUHVVH
VWRULFRDUWLVWLFRRDUFKHRORJLFR
$UW,1',&$725,675$'$/,($33$5(&&+,3(56(59,=,&2//(77,9,
$O &RPXQH q ULVHUYDWD OD IDFROWj GL DSSOLFDUH QHOOH SURSULHWj SULYDWH SUHYLR DYYLVR DJOL
LQWHUHVVDWLJOLLQGLFDWRULVWUDGDOLHJOLDSSDUHFFKLSHULVHUYL]LFROOHWWLYLHSDUWLFRODUPHQWH
D WDEHOOHLQGLFDQWLLQRPLGHOOHYLHHGHOOHSLD]]H
E VHJQDOHWLFDVWUDGDOHHWXULVWLFD
FSLDVWULQH GHL FDSLVDOGL SHU OH LQGLFD]LRQL DOWLPHWULFKH H SHU OD ORFDOL]]D]LRQH GL
VDUDFLQHVFKHLGUDQWLHDOWUHLQIUDVWUXWWXUH
GPHQVROHJDQFLWXELSDOLQHSHUODSXEEOLFDLOOXPLQD]LRQHVHPDIRULRURORJLHOHWWULFLH
VLPLOL
HTXDGULSHUDIILVVLRQLHVLPLOL
7DOLDSSOLFD]LRQLVRQRHVHJXLWHDFXUDHDVSHVHGHO&RPXQHHQHOULVSHWWRGHOODOHJLVOD]LRQH
YLJHQWH
,SURSULHWDULGHJOLLPPRELOLLQWHUHVVDWLVRQRWHQXWLDOULVSHWWRGHJOLHOHPHQWLVRSUDFLWDWLQRQ
SRVVRQR FRSULUOL R QDVFRQGHUOL H VRQR WHQXWL DO ORUR ULSULVWLQR TXDORUD YHQJDQR GLVWUXWWL R
GDQQHJJLDWLSHUIDWWLORURLPSXWDELOL
$UW180(5,&,9,&,
$OO
DWWR GHO ULODVFLR GHO FHUWLILFDWR GL FXL DO SUHFHGHQWH DUWLFROR LO &RPXQH DVVHJQD DOO
LPPRELOHLOQXPHURFLYLFRHSURYYHGHDOO
DSSOLFD]LRQHGHOODUHODWLYDSLDVWULQD
/DVSHVDFRQVHJXHQWHqDFDULFRGHOSULYDWRLQWHUHVVDWR
(
ULVHUYDWDFRPXQTXHDO&RPXQHODIDFROWjGLYDULDUHODQXPHUD]LRQHFLYLFDRGLVRVWLWXLUHOD
VHJQDOHWLFDUHODWLYD
3$57(7(5=$
1250(,*,(1,&26$1,7$5,(
7,72/2,ƒ
35(6&5,=,21,,*,(1,&2&2675877,9(
$UW,*,(1('(/682/2('(/62772682/2
3ULPD GL LQWUDSUHQGHUH QXRYH FRVWUX]LRQL R PRGLILFDUH FRVWUX]LRQL HVLVWHQWL GHYH HVVHUH
JDUDQWLWDODVDOXEULWjGHOVXRORHGHOVRWWRVXRORVHFRQGROHSUHVFUL]LRQLGHOSUHVHQWHDUWLFROR
OHEXRQHUHJROHGHOO
DUWHGLFRVWUXLUHHOHQRUPHGHO5HJRODPHQWRGL,JLHQHYLJHQWH
,QSDUWLFRODUHqYLHWDWRFRVWUXLUHVXWHUUHQLSDOXGRVLJROHQDOLHIUDQRVLRFRPXQTXHVRJJHWWL
DG DOODJDPHQWL R D ULVWDJQL GL DFTXD QHJOL DYYDOODPHQWL H QHOOH DQIUDWWXRVLWj QDWXUDOL HG
DUWLILFLDOLGHOWHUUHQR
(¶ YLHWDWR LQROWUH LPSRVWDUH IRQGD]LRQL GL QXRYH FRVWUX]LRQL VX WHUUHQL SDOXGRVL JROHQDOL
IUDQRVLRFRPXQTXHVRJJHWWLDGDOODJDPHQWLRDULVWDJQLGLDFTXDQHJOLDYYDOODPHQWLHQHOOH
DQIUDWWXRVLWjQDWXUDOLHGDUWLILFLDOLGHOWHUUHQR
(¶YLHWDWRLQROWUHLPSRVWDUHIRQGD]LRQLGLQXRYHFRVWUX]LRQLVXWHUUHQLXWLOL]]DWLLQSUHFHGHQ]D
FRPH GHSRVLWR GL LPPRQGL]LH OHWDPH UHVLGXL SXWUHVFLELOL VH QRQ TXDQGR OD ULFRQVHJXLWD
VDOXEULWjGHOVXRORHGHOVRWWRVXRORVLDVWDWDULFRQRVFLXWDGDOO
8IILFLDOH6DQLWDULRHGDOO
8IILFLR
7HFQLFR&RPXQDOHRGDO7HFQLFRDFLzGHOHJDWRGDO&RPXQH
$UW7,320$7(5,$/,(',0(16,21,'(//()21'$=,21,
,OWLSRLPDWHULDOLHOHGLPHQVLRQLGHOOHIRQGD]LRQLVRQRGHILQLWLLQIXQ]LRQHGHOODQDWXUDGHO
WHUUHQRGHOOHVXHFDUDWWHULVWLFKHPHFFDQLFKHHGHOOHVROOHFLWD]LRQLFXLVRQRVRWWRSRVWH
,Q SDUWLFRODUH OH SDOLILFD]LRQL GL IRQGD]LRQH LQ ]RQH LQWHUHVVDWH GD HVFXUVLRQL GHOOD IDOGD
IUHDWLFDGHYRQRHVVHUHUHDOL]]DWHFRQPDWHULDOLQRQVRJJHWWLDGHJUDGR
$UW3527(=,21('$//
80,',7$
7XWWLJOLHGLILFLGHEERQRHVVHUHSURWHWWLGDOO
XPLGLWjGHOVXRORHGHOVRWWRVXROR
/HUHODWLYHVRYUDVWUXWWXUHGHYRQRSHUWDQWRHVVHUHLVRODWHGDOOHIRQGD]LRQLPHGLDQWHRSSRUWXQD
LPSHUPHDELOL]]D]LRQHFKHLPSHGLVFDO
LPELEL]LRQHGHOOHPXUDWXUHSHUFDSLOODULWj
, SDYLPHQWL UHODWLYL DL ORFDOL DELWDELOL DO SLDQR WHUUD GHYRQR HVVHUH LPSRVWDWL VX YHVSDLR
YHQWLODWRGHOORVSHVVRUHGLDOPHQRFPRSSXUHVXVRODLRFRQVRWWRVWDQWHFDPHUDG
DULDR
FDQWLQDWR
$UW5(48,6,7,7(50,&,,*520(75,&,',9(17,/$=,21((',
,//80,1$=,21(1(//(&26758=,21,(',/,=,(
,UHTXLVLWLGRYUDQQRHVVHUHFRQIRUPLDOOHQRUPHYLJHQWLHGLQPDQFDQ]DGLTXHVWHGRYUDQQR
ULVSHWWDUHLQOLQHDGLPDVVLPDOHQRUPHLQYLJRUHSHUO
HGLOL]LDFLYLOHVRYYHQ]LRQDWD
$WWUDYHUVR XQD VXIILFLHQWH FRLEHQ]D HG LQHU]LD WHUPLFD GHOOH SDUHWL H FRQ DOWUL RSSRUWXQL
DFFRUJLPHQWLGRYUjHVVHUHOLPLWDWRDOPDVVLPRLOFRQVXPRHQHUJHWLFRSHULOULVFDOGDPHQWR/H
VXSHUILFLYHWUDWHGRYUDQQRHVVHUHULGRWWHIDFHQGRVDOYRLOGLVSRVWRGHOO
$UWGHOSUHVHQWH
5HJRODPHQWR H RYH RFFRUUD PXQLWH GL GRSSL YHWUL *OL HGLILFL GRYUDQQR SUHVHQWDUH XQ DOWR
UDSSRUWRYROXPHVXSHUILFLHHVWHUQD
6LULFKLDPDLOGLVSRVWRGHJOL$UWWHVHJJ
$UW,62/$0(172$&867,&2
3DUWLFRODUL DFFRUJLPHQWL H DGHJXDWL PDWHULDOL GHYRQR HVVHUH DGRWWDWL DO ILQH GL UHDOL]]DUH XQ
DGHJXDWRLVRODPHQWRDFXVWLFRQHLORFDOLDELWDELOL
6LULFKLDPDLOGLVSRVWRGHJOL$UWWHVHJJ
$UW)80,32/9(5,('(6$/$=,21,
,O 6LQGDFR VHQWLWL JOL (QWL FRPSHWHQWL SUHSRVWL DO FRQWUROOR KD OD IDFROWj GL LPSRUUH
O
DGR]LRQH GL DGHJXDWL SURYYHGLPHQWL DO ILQH GL HYLWDUH LQTXLQDPHQWL DWPRVIHULFL HG DOWUL
GDQQL H GLVDJL UHODWLYL DOOD SUHVHQ]D GL IXPL SROYHUL HVDOD]LRQL HFF GL YDULD QDWXUD
FRQIRUPHPHQWH DOOD /HJJH Qƒ DL UHODWLYL GHFUHWL GL DSSOLFD]LRQH DOOH
VXFFHVVLYHPRGLILFD]LRQLHGLQWHJUD]LRQLHGDO5HJRODPHQWR&RPXQDOHGL,JLHQH
,O 6LQGDFR ILVVD L WHUPLQL GHOO
LQL]LR H GHOOD XOWLPD]LRQH GHL ODYRUL H VL ULVHUYD O
LQWHUYHQWR
VRVWLWXWLYRDLVHQVLGHOODOHJLVOD]LRQHYLJHQWH
7,72/2,,ƒ
)2*1$785(
$UW)2*1$785(35,9$7(
9LHQH ULFKLDPDWR LO ULVSHWWR GHOOD QRUPDWLYD SRVWD GDOOD /HJJH Qƒ SHU OD
WXWHOD GHOOH DFTXH GDOO
LQTXLQDPHQWR H GDOOD UHODWLYD QRUPDWLYD GL DSSOLFD]LRQH VWDWDOH
UHJLRQDOHHORFDOH
$UW&21'277,(%$&,1,$&,(/2$3(572
1HL FRQGRWWL D FLHOR DSHUWR IRVVL FDQDOL VFROLQH HFF H QHL EDFLQL ODJKL VWDJQL ODJXQH
HFFqIDWWRGLYLHWRGLLPPHWWHUHGLUHWWDPHQWHDFTXHXVDWHSHUXVLGRPHVWLFLLQGXVWULDOLHFF
GLYHUVHGDTXHOOHPHWHRULFKH
$UW&21'277,&+,86,
/H DFTXH XVDWHGHYRQRHVVHUHLPPHVVHLQFRQGRWWLFKLXVLGLDGHJXDWRPDWHULDOHHGLLGRQHH
VH]LRQHHSHQGHQ]DHFRQYRJOLDWHYHUVRRSSRUWXQLLPSLDQWLGLGHSXUD]LRQHHTXLQGLWUDVIHULWH
LQFRUVLG
DFTXDFRVWDQWHHVXIILFLHQWHDOODGLOXL]LRQH
$UW'(385$=,21('(*/,6&$5,&+,
,QDVVHQ]DGLXQDUHWHGLIRJQDWXUDLGRQHDWXWWHOHDFTXHXVDWHVLDGRPHVWLFKHFKHLQGXVWULDOL
GHYRQRHVVHUHGHSXUDWHHVPDOWLWHVHFRQGROHSUHVFUL]LRQLGHOO
$XWRULWjFRPSHWHQWHLQPDWHULD
GLLJLHQHDLVHQVLGHOOD/HJJHQƒHVXFFHVVLYDQRUPDWLYDGLDSSOLFD]LRQH
,O 6LQGDFR KD FRPXQTXH OD IDFROWj GL ULFKLHGHUH SDUWLFRODUL WUDWWDPHQWL DWWL DG DVVLFXUDUH
O
LQWHJULWj H OD VWDELOLWj GHL PDQXIDWWL OD VDOXEULWj GHO WHUULWRULR LO GHFRUVR GHOOH DFTXH H OD
VRSUDYYLYHQ]DGHOODIORUDHGHOODIDXQD
,O6LQGDFRSXzLQJLXQJHQGRO
HVHFX]LRQHGHOOHRSHUHGLFXLDLFRPPLSUHFHGHQWLLQGLFDUHOH
PRGDOLWj GL HVHFX]LRQH H ILVVDUH L WHUPLQL GHOO
LQL]LR H GHOO
XOWLPD]LRQH GHL ODYRUL
ULVHUYDQGRVLO
LQWHUYHQWRVRVWLWXWLYRDLVHQVLGHOODOHJLVOD]LRQHYLJHQWH
$UW$//$&&,$0(17,
*OLDOODFFLDPHQWLGHLSULYDWLDOOHUHWLFRPXQDOLGLIRJQDWXUDGHOWLSRPLVWRRGHOWLSRVHSDUDWR
SHU DFTXH XVDWH H PHWHRULFKH VRQR FRQFHVVL QHOO
RVVHUYDQ]D GHOOH QRUPH FRQWHQXWH LQ
DSSRVLWL UHJRODPHQWL FRPXQDOL FKH SUHVFULYDQR GLPHQVLRQL PRGDOLWj FRVWUXWWLYH WLSL H
TXDOLWjGHLPDQXIDWWLHTXDOLWjGHOOHDFTXHGDLPPHWWHUH
$UW)2*1$785(5(6,'(1=,$/,
9DSUHYLVWDLQJHQHUDOHXQDFDQDOL]]D]LRQHPLVWDRVHSDUDWDSHUORVPDOWLPHQWRGHOOHDFTXH
ELDQFKHHQHUHGLUHJRODDOODFFLDWDDOODIRJQDWXUDFRPXQDOHRLQPDQFDQ]DFRQXQLPSLDQWR
WHUPLQDOH GL GHSXUD]LRQH FRQ WUDWWDPHQWR SULPDULR H VHFRQGDULR O
HIIOXHQWH GHYH ULVSHWWDUH
JOL VWDQGDUGV GL DFFHWWDELOLWj GL FXL DOOD /HJJH PDJJLR Qƒ QRQFKp DOOH YLJHQWL
QRUPHVWDWDOLHUHJLRQDOLLQPDWHULD
4XDORUD WDOH LPSLDQWR QRQ HVLVWD R QRQ VLD SRVVLELOH UHDOL]]DUH SHU PRWLYL
WHFQLFRHFRQRPLFLO
DOODFFLDPHQWRDOODIRJQDWXUDGLQDPLFD
D SHU L SLDQL GL ORWWL]]D]LRQH GHYH HVVHUH SUHYLVWD OD UHDOL]]D]LRQH GL LGRQHR LPSLDQWR GL
GHSXUD]LRQHFRQWUDWWDPHQWRSULPDULRHVHFRQGDULR
E QHOOH ]RQH GL FRPSOHWDPHQWR H QHOOH ]RQH UXUDOL VX SDUHWH FRQIRUPH DOO
8IILFLDOH
6DQLWDULR LQ UHOD]LRQH DO QXPHUR GHJOL DELWDQWL VHUYLWL HG DOOR VWDWR GL LQTXLQDPHQWR
HVLVWHQWH VL GRYUDQQR DGRWWDUH OHQRUPH DGRWWDWH GDO &RPLWDWR GHL 0LQLVWULSHUODWXWHOD
GHOOHDFTXHGDOO
LQTXLQDPHQWR*8QƒGHO6XSSO2UGDOOHJDWLHH
UHODWLYDQRUPDWLYDUHJLRQDOHHGLDWWXD]LRQH
$UW35(6&5,=,21,3$57,&2/$5,
/H FRQGXWWXUH FKH FRQYRJOLDQR OH DFTXH XVDWH GHYRQR HVVHUH FRVWUXLWH FRQ PDWHULDOL
LPSHUPHDELOLHGLQDWWDFFDELOLGHYRQRDYHUHVH]LRQLHSHQGHQ]HVXIILFLHQWLHJLXQWLHUPHWLFL
GHYRQRHVVHUHPXQLWHGLHVDODWRULGLGLDPHWURRSSRUWXQRSUROXQJDWLVRSUDODOLQHDGLFROPR
GHOWHWWR
2JQLERFFKHWWDGLVFDULFRGHYHHVVHUHPXQLWDGLVLIRQH
/H DFTXH PHWHRULFKH GHYRQR HVVHUH FRQYRJOLDWH GDOOH FRSHUWXUH DO VXROR PHGLDQWH DSSRVLWH
WXED]LRQLLOWUDWWRWHUPLQDOHGHOOHTXDOLQHOFDVRLQFXLTXHVWHVLDQRIURQWHJJLDQWLVSD]LDSHUWL
DO SXEEOLFR GHYH HVVHUH FRVWUXLWR FRQ WXED]LRQH GL JKLVD R DFFLDLR SHU XQ
DOWH]]D QRQ
LQIHULRUHDPOHSUROXQJDWRILQRDOSR]]HWWRGLUDFFRUGR
6RQRFRQVHQWLWLLGRFFLRQLTXDQGRVLDQRULFKLHVWLGDSDUWLFRODULVROX]LRQLDUFKLWHWWRQLFKH
$UW,0021',=,(
/HFRQYLYHQ]HHLFRQGRPLQLFRQYDQRVFDODDOVHUYL]LRGLGXHRSLDOORJJLGHYRQRGLVSRUUH
GL XQ YDQR GLGHSRVLWRGHLFRQWHQLWRULGHOOHLPPRQGL]LHGHWWRYDQRXELFDWRDOSLDQRWHUUD
GHYHHVVHUHYHQWLODWRPHGLDQWHHVDODWRUHGLGLDPHWURRSSRUWXQRSUROXQJDWRVRSUDODOLQHDGL
FROPR GHO WHWWR GHYH DYHUH DFFHVVR HG DUHD]LRQH GLUHWWDPHQWH GDOO
HVWHUQR GHYH DYHUH
SDYLPHQWRHSDUHWLLPSHUPHDELOL]]DWHHGHVVHUHIRUQLWRGLXQDSUHVDGLDFTXDSHULOODYDJJLRH
GLXQDSLOHWWDFRQVLIRQHSHUORVFDULFR
7,72/2,,,ƒ
5(48,6,7,'(*/,$0%,(17,,17(51,
$UW3$5$0(75,$%,7$7,9,
,QRJQLDELWD]LRQHGHYHHVVHUHDVVLFXUDWDXQDVXSHUILFLHDELWDELOHQRQLQIHULRUHDPTSHU
FLDVFXQRGHLSULPLTXDWWURDELWDQWLHPTSHUFLDVFXQRGHLVXFFHVVLYL
/H VWDQ]H GD OHWWR GRYUDQQR DYHUH XQDVXSHUILFLHPLQLPDGLPT VHSHUXQDSHUVRQDHGL
PTVHSHUGXHSHUVRQH
2JQLDELWD]LRQHGHYHHVVHUHGRWDWDGLXQDVWDQ]DGLVRJJLRUQRGLDOPHQRPT
6RQRDPPHVVHDELWD]LRQLPRQRVWDQ]DSXUFKpDEELDQRXQDVXSHUILFLHFRPSUHQVLYDGHLVHUYL]L
QRQLQIHULRUHDPTVHSHUXQDSHUVRQDHDPTVHSHUGXHSHUVRQH
$UW&$5$77(5,67,&+(7(&1,&+('(*/,(',),&,('(//(
$%,7$=,21,
6DOYD GLYHUVD QRUPDWLYD VWDWDOH SUHYDOHQWH JOL HGLILFL UHVLGHQ]LDOL FKH FRPSUHQGRQR
DELWD]LRQLIUXHQWLGLFRQWULEXWRGHOOR6WDWRDLVHQVLGHOOD/HJJHQƒGHYRQR
DYHUHOHVHJXHQWLFDUDWWHULVWLFKH
D DOWH]]DYLUWXDOHQRQVXSHULRUHDPWFDOFRODWDFRPHUDSSRUWRWUD LPHWULFXELWRWDOL
YXRWRSHUSLHQRGHOO
HGLILFLRHODVRPPDGHOOHVXSHUILFLXWLOLDELWDELOLGHOOHDELWD]LRQL
E DOWH]]DQHWWDGHOOHDELWD]LRQLHGHLORURYDQLDFFHVVRULPLVXUDWDWUDSDYLPHQWRHVRIILWWR
IDWWHVDOYHOHLQIHULRULDOWH]]HSUHYLVWHGDOVXFFHVVLYRDUWLFRORQRQLQIHULRULDPHWUL
SHUJOLDPELHQWLDELWDWLYLHSHULYDQLDFFHVVRULQRQLQIHULRUHDPW
3HUO
HGLOL]LDUHVLGHQ]LDOHDQFKHQRQIUXHQWHGLFRQWULEXWLSXEEOLFLVRQRFRQVHQWLWH
D O
LQVWDOOD]LRQHQHOOHDELWD]LRQLGLVHUYL]LLJLHQLFLHODUHDOL]]D]LRQHQHLIDEEULFDWLGLVFDOH
LQ DPELHQWL QRQ GLUHWWDPHQWH DUHDWL DOOH FRQGL]LRQL SUHYLVWH QHJOL $UWW H GHOOD
/HJJHPDJJLRQƒ
E DOWH]]H QHWWH GHJOL DPELHQWL DELWDWLYL H QHL YDQL DFFHVVRUL GHOOH DELWD]LRQL PLVXUDWH WUD
SDYLPHQWRHVRIILWWRIDWWHVDOYHHYHQWXDOLLQIHULRULDOWH]]HSUHYLVWHGDYLJHQWLUHJRODPHQWL
HGLOL]LQRQLQIHULRULDPWSHUJOLDPELHQWLDELWDWLYLHPWSHULYDQLDFFHVVRUL
/H GLVSRVL]LRQL GHO SUHVHQWH DUWLFROR DG HFFH]LRQH GL TXHOOD FRQWHQXWD QHOOD OHWWHUD ³D´ GHO
VHFRQGR FRPPD QRQ VL DSSOLFDQR SHU JOL LQWHUYHQWL GL UHFXSHUR GHO SDWULPRQLR HGLOL]LR
HVLVWHQWH
$UW±/2&$/,$%,7$%,/,
6RQR FRQVLGHUDWL ORFDOL GL DELWD]LRQH SHUPDQHQWH DL ILQL GHOO
DSSOLFD]LRQH GHO SUHVHQWH
5HJRODPHQWRWXWWLTXHLORFDOLLQFXLODSHUPDQHQ]DGLXQDRSLSHUVRQHQRQDEELDFDUDWWHUH
GLVDOWXDULHWjDELWD]LRQLXIILFLQHJR]LFRQYLYHQ]HHFF
6RQR FRQVLGHUDWL ORFDOL QRQ DELWDWLYL TXHOOL DGLELWL D FDQWLQD JDUDJH PDJD]]LQR GHSRVLWR
DUFKLYLR LPSOLFDWL OD SUHVHQ]D VROR VDOWXDULD GL SHUVRQH H TXHOOL VXVVLGLDUL GHOOH DELWD]LRQL
GHVWLQDWLDVHUYL]LLJLHQLFLGLVSHQVDGLVLPSHJQRLQJUHVVRHFF
,ORFDOLGLDELWD]LRQHSHUPDQHQWHGHEERQRDYHUH
D VXSHUILFLHPLQLPDGLSDYLPHQWRGLDOPHQRPTFRQODOXQJKH]]DPLQLPDGLPO
E FXEDWXUDPLQLPDPF
F DOWH]]DLQWHUQDPLQLPDXWLOHQRQLQIHULRUHDPOVDOYRFKHSHUJOLDOORJJLSUHHVLVWHQWL
SHULTXDOLO
DOWH]]DPLQLPDqGLPW
G VXSHUILFLH GL LOOXPLQD]LRQH GL DUHD]LRQH GLUHWWDPHQWH FRPXQLFDQWH FRQ O
HVWHUQR SDUL
DOPHQRDGHOODVXSHUILFLHGHOSDYLPHQWRGHOORFDOH
3HULSLDQLWHUUDDGLELWLDGDWWLYLWjHGXVLFROOHWWLYLqSUHVFULWWDO
DOWH]]DPLQLPDGLPO
XQD PLQRUH DOWH]]D SRWUj HVVHUH FRQVHQWLWD SHU OH DWWLYLWj H SHU JOL XVL FROOHWWLYL LQ HGLILFL
SUHHVLVWHQWLDOO
HQWUDWDLQYLJRUHGHO35*SUHYLRSDUHUHIDYRUHYROHGHOFRPSHWHQWHVHWWRUH
,JLHQH3XEEOLFDGHOO
866/
3HU L QHJR]L DOWL DOPHQR PO VRQR DPPHVVL L VRSSDOFKL SXUFKp OD ORUR VXSHUILFLH QRQ
VXSHULLOGHOODVXSHUILFLHWRWDOHGHOQHJR]LRVLDQRGLVLPSHJQDWLXQLFDPHQWHGDOQHJR]LR
PHGHVLPRHGDEELDQRXQ
DOWH]]DPLQLPDGLPO
$UW627727(77,20$16$5'(
, VRWWRWHWWL HVLVWHQWL DOOD GDWD GHO QHOO¶ DPELWR GHOO¶ LQWHUR WHUULWRULR FRPXQDOH
SRWUDQQRHVVHUHUHFXSHUDWLDLILQLDELWDWLYLIHUPRUHVWDQGRLOULVSHWWRGHLVHJXHQWLSDUDPHWUL
GHYRQRHVVHUHVRGGLVIDWWHOHFDUDWWHULVWLFKHVWDELOLWHDOSUHFHGHQWHDUW
O¶DOWH]]DXWLOHPHGLDGLPOSHULORFDOLDGLELWLDGDELWD]LRQHHGLPOSHULORFDOL
DGLELWLDVHUYL]LTXDOLFRUULGRLGLVLPSHJQLULSRVWLJOLHEDJQL/¶DOWH]]DXWLOHPHGLDVDUj
FDOFRODWDGLYLGHQGRLOYROXPHXWLOHGHOODSDUWHGHOVRWWRWHWWRODFXLDOWH]]DVXSHULPO
SHUODUHODWLYDVXSHUILFLHXWLOH
LOUDSSRUWRLOOXPLQDQWHVHLQIDOGDGRYUjHVVHUHSDULRLQIHULRUHD
*OL LQWHUYHQWL HGLOL]L SHU LO UHFXSHUR DILQLDELWDWLYLGHLVRWWRWHWWLGHYRQRDYYHQLUHVHQ]D
DOFXQDPRGLILFD]LRQHGHOOHDOWH]]HGLFROPRHGLJURQGDQRQFKpGHOOHOLQHHGLSHQGHQ]D
GHOOHIDOGH
)DWWHVDOYHOHHYHQWXDOLGLYHUVHSUHYLVLRQLGHO35*SHUJOLHGLILFLVRJJHWWLDWXWHODDLVHQVL
GHOO¶ DUW GHOOD /5 Qƒ GHOO¶ DUW GHOOD /5 Qƒ H GHOOD / Qƒ
VDUjFRQVHQWLWDO¶LQVWDOOD]LRQHGLDEEDLQLDGXHIDOGHHILQHVWUHSHUWHWWLFRQGLPHQVLRQL
LQSLDQWDQRQVXSHULRULDFP[
*OLLQWHUYHQWLGLUHWWLDOUHFXSHURGHLVRWWRWHWWLVRQRFODVVLILFDWLFRPHULVWUXWWXUD]LRQHHGLOL]LD
DL VHQVL GHOO¶ DUW OHWW ' GHOOD OHJJH Qƒ VRQR VRJJHWWL D FRQFHVVLRQH H
FRPSRUWDQR OD FRUUHVSRQVLRQH GL XQ FRQWULEXWR FRPPLVXUDWR DJOL RQHUL GL XUEDQL]]D]LRQH
SULPDULD H VHFRQGDULD HG DO FRVWR GL FRVWUX]LRQH GL FXL DJOL DUWLFROL H GHOOD OHJJH JHQQDLR Qƒ FDOFRODWL VXOOD YROXPHWULD UHVD DELWDWLYD VHFRQGR OH WDULIIH DSSURYDWH H
YLJHQWLLQFLDVFXQFRPXQHSHUOHRSHUHGLQXRYDFRVWUX]LRQH
*OL LQWHUYHQWL HGLOL]L SHU LO UHFXSHUR DL ILQL DELWDWLYL GHL VRWWRWHWWL UHVWDQR VXERUGLQDWL DO
UHSHULPHQWR GHJOL VSD]L SHU SDUFKHJJL SHUWLQHQ]LDOL LQ PLVXUD QRQ LQIHULRUH DG XQ PHWUR
TXDGUDWRSHURJQLPHWULFXELGLFRVWUX]LRQHVRJJHWWDDOODULVWUXWWXUD]LRQH
$UW&8&,1(
/H FXFLQH ROWUH DL UHTXLVLWL ULFKLHVWL GDOO
DUWLFROR SUHFHGHQWH GHYRQR FRPXQTXH HVVHUH
IRUQLWHGLGXHFRQGRWWLYHUWLFDOLSUROXQJDWLVRSUDODOLQHDGLFROPRGHOWHWWRGLFXLXQRSHUOD
DUHD]LRQHGHOO
DPELHQWHHO
DOWURSHUO
HYHQWXDOHFRQYRJOLDPHQWRGHLIXPLGLFRPEXVWLRQH
$UW/2&$/,3(5,6(59,=,,*,(1,&,
7XWWLJOLDOORJJLGHYRQRHVVHUHSURYYLVWLGLDOPHQRXQORFDOHGLVHUYL]LRLJLHQLFRGRWDWRGL
:&ODYDERHYDVFDGDEDJQRRGRFFLDHGDYHQWHLVHJXHQWLUHTXLVLWL
D VXSHUILFLHQRQLQIHULRUHPT
E DUHD]LRQH HG LOOXPLQD]LRQH GLUHWWH GDOO
HVWHUQR PHGLDQWH ILQHVWUD GL VXSHUILFLH QRQ
LQIHULRUHDPT
/HSDUHWLGHYRQRHVVHUHULYHVWLWHGLPDWHULDOHODYDELOHILQRDOO
DOWH]]DGLDOPHQRPO
(
FRQVHQWLWDODFRPXQLFD]LRQHGLUHWWDWUDXQORFDOHDELWDELOHHGLOORFDOHSHULVHUYL]LLJLHQLFL
4XDQGR O
DOORJJLR VLD SURYYLVWR GL SL GL XQ ORFDOH GL VHUYL]LR LJLHQLFR DOPHQR XQR GHYH
SRVVHGHUH LUHTXLVLWL VRSUDLQGLFDWL L ULPDQHQWLGRYUDQQRHVVHUHGLVXSHUILFLHQRQLQIHULRUHD
PTRSURYYLVWLGLDUHD]LRQHGLUHWWDGDOO
HVWHUQRFRPHVRSUDVSHFLILFDWR
(¶FRQVHQWLWDO
DUHD]LRQHLQGLUHWWDGLXQORFDOHGLVHUYL]LRLJLHQLFRVRORVHSHUXELFD]LRQHq
FKLDUDPHQWH DO VHUYL]LR GL XQD VROD FDPHUD GD OHWWR LQ WDO FDVR O
DUHD]LRQH GRYUj HVVHUH
HVHJXLWDPHGLDQWHFRQGRWWRSUROXQJDWRILQROWUHLOWHWWRGHOODVH]LRQHPLQLPDGLFPT,Q
FRQIRUPLWjDOO
$UWGHOOD/HJJHQƒqFRQVHQWLWDO
LQVWDOOD]LRQHGHLVHUYL]L
LJLHQLFLLQDPELHQWLQRQGLUHWWDPHQWHDHUDWLHGLOOXPLQDWLGDOO
HVWHUQRDFRQGL]LRQHFKH
D FLDVFXQR GL GHWWL DPELHQWL VLD GRWDWR GL XQ LGRQHR VLVWHPD GL YHQWLOD]LRQH IRU]DWD FKH
DVVLFXULXQULFDPELRPHGLRRUDULRQRQLQIHULRUHDFLQTXHYROWHODFXEDWXUDGHJOLDPELHQWL
VWHVVL
E JOLLPSLDQWLVRQRFROOHJDWLDGDFTXHGRWWLFKHGLDQRJDUDQ]LHGLIXQ]LRQDPHQWRFRQWLQXRH
JOLVFDULFKLVLDQRGRWDWLGLHIILFLHQWHHGLVWLQWDYHQWLOD]LRQHSULPDULDHVHFRQGDULD
F LQFLDVFXQRGLGHWWLDPELHQWLQRQYHQJRQRLQVWDOODWLDSSDUHFFKLDILDPPDOLEHUD
$UW6&$/(('$6&(1625,5,1*+,(5((3$5$3(77,
7XWWHOHVFDOHSULQFLSDOLGHLIDEEULFDWLGHEERQRDYHUHUDPSHGLODUJKH]]DQRQLQIHULRUHDPO
LQ FDVR GL QXRYH FRVWUX]LRQL PO QHO FDVR GL HGLILFL HVLVWHQWL HG HVVHUH DUHDWH HG
LOOXPLQDWH DWWUDYHUVR IRUL ULFDYDWL VX SDUHWH YHUWLFDOH HVWHUQD GL VXSHUILFLH QRQ LQIHULRUH DG
GHOOD VXSHUILFLH GHO YDQR VFDOH LQ FDVR GL UHFXSHUR GL HGLILFL HVLVWHQWL q SRVVLELOH O
LOOXPLQD]LRQHDUWLILFLDOH
6RQRVFDOHSULQFLSDOLOHVFDOHFKHVHUYRQRSLGLXQDOORJJLR SHUOHVFDOHLQWHUQHHGDOORJJL
XQLELIDPLOLDULqDPPHVVDODODUJKH]]DPLQLPDGLPO
3HUJOLHGLILFLFROOHWWLYLHGLXVRSXEEOLFRVLDSSOLFDQROHYLJHQWLGLVSRVL]LRQLLQPDWHULDHGL
UHODWLYLUHJRODPHQWL
3HU OH VFDOH FKH VHUYRQR IDEEULFDWL GL QRQ SL GL TXDWWUR SLDQL DELWDELOL q DPPHVVD O
DUHD]LRQHHO
LOOXPLQD]LRQHGDOO
DOWRPHGLDQWHOXFHUQDULRDSULELOHGLVXSHUILFLHQRQLQIHULRUH
DGGLTXHOODGHOYDQRVFDOD
,QWXWWLLIDEEULFDWLFRQTXDWWURRSLSLDQLDELWDELOLROWUHLOSLDQRWHUUHQRGHYHHVVHUHSUHYLVWR
O
LPSLDQWRGLDVFHQVRUH
1HO FDVR LQ FXL LO YDQR DVFHQVRUH VLD DWWLJXR D FDPHUH GD OHWWR GHYRQR HVVHUH DWWXDWH OH
SURYYLGHQ]HLQGLFDWHDOSUHFHGHQWH$UW
/
LPSLDQWR GL DVFHQVRUH GL WXWWH OH VXH SDUWL HG HOHPHQWL GHYH HVVHUH ULVSRQGHQWH DOOH
FDUDWWHULVWLFKHLQGLFDWHGDOODOHJLVOD]LRQHYLJHQWHLQPDWHULD
/H ULQJKLHUH HG L SDUDSHWWL D TXRWD VXSHULRUH D PO GHO SLDQR VX FXL SURVSHWWDQR
GRYUDQQR DYHUH DOWH]]D QRQ LQIHULRUH D PO HYHQWXDOL IRUDWXUH GRYUDQQR HVVHUH
GLPHQVLRQDWHLQPRGRWDOHGDQRQFRQVHQWLUHLOSDVVDJJLRGLXQDVIHUDGLFPGLGLDPHWUR
,QFRQIRUPLWjDOO
$UWGHOOD/HJJHPDJJLRQƒqFRQVHQWLWDODUHDOL]]D]LRQHGL
VFDOHHUHODWLYLGLVLPSHJQLDQFKHVHQ]DILQHVWUDWXUHDOO
HVWHUQRDFRQGL]LRQHFKH
D ULVXOWLQRDGHJXDWDPHQWHJDUDQWLWHWXWWHOHFRQGL]LRQLGLVLFXUH]]DHGLLJLHQH
E OH VFDOH HG L GLVLPSHJQL VLDQR GRWDWL GL XQD LGRQHD YHQWLOD]LRQH GLUHWWD SHU OH VFDOH HG
DQFKHLQGLUHWWDSHULGLVLPSHJQL
&255,'2,(',6,03(*1,
,FRUULGRLHLGLVLPSHJQLSRVVRQRHVVHUHLOOXPLQDWLHGDHUDWLLQPRGRLQGLUHWWR
/
DOWH]]DPLQLPDqILVVDWDLOPOODODUJKH]]DPLQLPDqILVVDWDLQPO
/2&$/,$3,$127(55$6(0,17(55$7,(6&$17,1$7,
, ORFDOL D SLDQR WHUUD L VHPLQWHUUDWL H JOL VFDQWLQDWL GHYRQR DYHUH XQ
DOWH]]D PLQLPD
GLPO
, ORFDOL FKH DEELDQR LO SDYLPHQWR D TXRWD LQIHULRUH D TXHOOD GHO WHUUHQR FLUFRVWDQWH GHYRQR
ULVSHWWDUHOHSUHVFUL]LRQLGHOSULPRHGHOVHFRQGRFRPPDGHOSUHFHGHQWH$UW
'HEERQR DOWUHVu DYHUH VRJOLH VRSUDHOHYDWH ULVSHWWR DO SXQWR SL DOWR GHO WHUUHQR
LPPHGLDWDPHQWHSURVSLFLHQWH
7,72/2,9ƒ
&26758=,21,',63(&,$/('(67,1$=,21(
$UW(',),&,(/2&$/,',862&2//(77,92
/HQRUPHGLDELWDELOLWjSHUJOLHGLILFLHGLORFDOLGLXVRFROOHWWLYRGHVWLQDWLDOODULXQLRQHDOOR
VSHWWDFRORDOGLYHUWLPHQWRDOODHVSRVL]LRQHDOFXOWRDOULVWRURDOFRPPHUFLRHGDOWUHVLPLOL
DWWLYLWj HVFOXVD OD GHVWLQD]LRQH UHVLGHQ]LDOH SRVVRQR HVVHUH PRGLILFDWH QHL OLPLWL GHOOH
VHJXHQWLSUHVFUL]LRQL
D O
LOOXPLQD]LRQHQDWXUDOHSXzHVVHUHVRVWLWXLWDDGDGHJXDWDLOOXPLQD]LRQHDUWLILFLDOH
E O
DUHD]LRQH SXz HVVHUH VRVWLWXLWD FRQ DUHD]LRQH DUWLILFLDOH GHYH HVVHUH LQ RJQL FDVR
DVVLFXUDWR LO ULFDPELR G
DULD DGHJXDWR DOO
XVR GHO ORFDOH LQ RJQL FDVR QRQ LQIHULRUH D ULFDPELRUD
'HYRQR FRPXQTXH HVVHUH RVVHUYDWH OH SDUWLFRODUL GLVSRVL]LRQL SUHVFULWWH GD /HJJL H
UHJRODPHQWLUHODWLYLDSDUDPHWULHWLSRORJLH
$UW%$55,(5($5&+,7(7721,&+(
1HOOHSURJHWWD]LRQLHGLOL]LHHSDUWLFRODUPHQWHQHJOLHGLILFLHQHJOLLPSLDQWLFROOHWWLYLHGLXVR
SXEEOLFR GHYRQR HVVHUH DGRWWDWL WXWWL TXHJOL DFFRUJLPHQWL DWWL DG HOLPLQDUH OH EDUULHUH
DUFKLWHWWRQLFKH IDYRUHQGR O¶ DFFHVVLELOLWj H O
DJLELOLWj DOOH SHUVRQH ILVLFDPHQWH LPSHGLWH
DWWUDYHUVRO¶LPSLDQWRGLLGRQHDVWUXPHQWD]LRQHWHFQLFDHORVWXGLRGLSHUFRUVLDOWHUQDWLYL
2OWUH DOOH SURYYLGHQ]H GL FXL DO SUHFHGHQWH $UW VDUj SHUWDQWR GHGLFDWD SDUWLFRODUH FXUD
DOO
DJLELOLWj GL VHUYL]L DO GLPHQVLRQDPHQWR HG LGRQHLWj GHL SHUFRUVL LQWHUQL HG HVWHUQL DOOD
DFFHVVLELOLWjHGDOO
XVRLLPSLDQWLWHFQLFLLQJHQHUH
'HYRQRHVVHUHRVVHUYDWHOHSUHVFUL]LRQLFRQWHQXWHQHOOD/5Qƒ
$UW67$%,/,0(17,,1'8675,$/,'(326,7,0$*$==,1,
$8725,0(66(
*OLVWDELOLPHQWLLQGXVWULDOLLPDJD]]LQL L GHSRVLWL OH DXWRULPHVVH HG L ODERUDWRUL LQ JHQHUH
GHYRQRVRWWRVWDUHDOOHQRUPHHGDOOHSUHVFUL]LRQLVWDELOLWHGDOOHYLJHQWL/HJJLGHYRQRLQROWUH
XQLIRUPDUVL DOOH SUHVFUL]LRQL JHQHUDOL GHO SUHVHQWH 5HJRODPHQWR DOOH QRUPH SHU L ORFDOL
DELWDELOLHSHUTXHOOLDGHVVLVXVVLGLDUL
6RQRFRQVLGHUDWLORFDOLDELWDELOLJOLXIILFLLUHIHWWRULJOLVSRJOLDWRLHFF
$GHJXDWL VHUYL]L LJLHQLFL YHUUDQQR SUHYLVWL LQ UDJLRQH GHO QXPHURGHJOLDGGHWWLHFRPXQTXH
QHOULVSHWWRGHOODYLJHQWHOHJLVOD]LRQHLQPDWHULD
$UW(',),&,5(6,'(1=,$/,1(//(=21('(67,1$7($'86,$*5,&2/,
3HU JOL HGLILFL UHVLGHQ]LDOL QHOOH ]RQH GHVWLQDWH DG XVL DJULFROL YDOJRQR OH GLVSRVL]LRQL GHL
SUHFHGHQWL$UWLFROLHVHJXHQWL
1RQVRQRDPPHVVLQHOFRUSRGHOIDEEULFDWRORFDOLDGXVRVWDOODHULFRYHURGLDQLPDOLILHQLOH
JUDQDLRHGHSRVLWLGLPDWHULDOLVRJJHWWLDIHUPHQWD]LRQH
$UW,03,$17,$6(59,=,2'(//
$*5,&2/785$
, ULFRYHUL SHU JOL DQLPDOL GHYRQR HVVHUH DUHDWL HG LOOXPLQDWL GDOO¶ HVWHUQR FRQ ILQHVWUH GL
VXSHUILFLH FRPSOHVVLYDQRQLQIHULRUHDGGHOODVXSHUILFLHGHOSDYLPHQWRGHYRQRLQROWUH
HVVHUHYHQWLODWLFRQFDQQHFKHSDUWHQGRGDOVRIILWWRVLHOHYDQRROWUHLOWHWWR
,O SDYLPHQWR GHYH HVVHUH FRVWUXLWR FRQ PDWHULDOH EHQ FRQQHVVR VFDEUR LPSHUPHDELOH
UDFFRUGDWRDGDQJROLDUURWRQGDWLFRQOHSDUHWLHGLQFOLQDWRYHUVRFDQDOHWWHGLVFRORHVXSHUILFLH
OLVFLD LPSHUPHDELOH OH TXDOL DGGXFRQR LO OLTXDPH DOO
HVWHUQR LQ DSSRVLWL SR]]L VWDJQL ,O
SDYLPHQWRSXzVHUHSURWHWWRGDJULJOLDWRSHUODUDSLGDHYDFXD]LRQHGHJOLHVFUHPHQWL
/HPDQJLDWRLHOHUDVWUHOOLHUHHJOLDEEHYHUDWRLGHYRQRHVVHUHFRVWUXLWLFRQPDWHULDOHGLIDFLOH
ODYDWXUDHGLVLQIH]LRQHOHSRUWHGHYRQRDSULUVLYHUVRO
HVWHUQR
/HVWDOOHLORFDOLGLULFRYHURGHOEHVWLDPHSHUJOLDOOHYDPHQWLDJULFROLHOHDWWUH]]DWXUHUHODWLYH
GHYRQRGLVWDUHQRQPHQRGLPHWULGDOOHDELWD]LRQLVLQJROHHQRQPHQRGLPGDLFHQWUL
DELWDWLHVLVWHQWLHSUHYLVWL
7XWWHOHVWDOOHGHEERQRHVVHUHSURYYLVWHGLFRQFLPDLDVLWXDWDDGLVWDQ]DQRQPLQRUHGLP
GDOOHDELWD]LRQLHSRVVLELOPHQWHVRWWRYHQWRULVSHWWRDGHVVHQRQPLQRUHGLPGDOOHVWUDGH
QRQPLQRUHGLPGDFLVWHUQHHSUHVHGLDFTXDSRWDELOHHQRQPLQRUHGLPGDOOHVWDOOH
,FRUWLOLOHDLHJOLRUWLDQQHVVLDOOHDELWD]LRQLGHVWLQDWHDGXVLDJULFROLGHYRQRHVVHUHGRWDWLGL
RSHUHGLFDQDOL]]D]LRQHSHUORVPDOWLPHQWRGHOOHDFTXHPHWHRULFKH
3HUOHDFTXHXVDWHYDOJRQROHGLVSRVL]LRQLGLFXLDOSUHFHGHQWH$UWLFROR
/HVHUUHILVVHVRQRHTXLSDUDWHDWXWWLJOLHIIHWWLDJOLDOWULDQQHVVLUXVWLFLVHQ]DLOLPLWLGLFXLDO
FRPPDSUHFHGHQWH
/H VHUUH PRELOL FRQ VWUXWWXUD OHJJHUD H WHOL YROWH DOOD SURWH]LRQH H IRU]DWXUD GHOOH FROWXUH
DYHQWL XQ
DOWH]]D PDVVLPD DO FROPR LQIHULRUH D P SRWUDQQR HVVHUH LQVWDOODWH VHQ]D
REEOLJR GL FRQFHVVLRQH HGLOL]LD 3HU JOL DOOHYDPHQWL D FDUDWWHUH LQGXVWULDOH YDOJRQR OH
GLVSRVL]LRQLGHOOD'*5GHOLQDWWXD]LRQHGHOOD/5DUWFRPPD
,O ULODVFLR GHOOD FRQFHVVLRQH HGLOL]LD SHU OH FRVWUX]LRQL GL FXL DO SUHVHQWH DUWLFROR q
VXERUGLQDWR DOOD FRVWUX]LRQH GL XQ YLQFROR GHFHQQDOH G
XVR FKH GRYUj HVVHUH UHJLVWUDWR H
WUDVFULWWRDFXUDHDVSHVHGHOFRQFHVVLRQDULRVXLUHJLVWULLPPRELOLDUL
7DOHYLQFRORGHFDGHDVHJXLWRGLYDULD]LRQLGHOORVWUXPHQWRXUEDQLVWLFR
3$57(48$57$
67$%,/,7$
(6,&85(==$'(//(&26758=,21,
7,72/2,ƒ
1250(',%821$&26758=,21(
$UW67$%,/,7$
'(//(&26758=,21,
2JQLIDEEULFDWRGHYHHVVHUHUHDOL]]DWRVHFRQGROHPLJOLRULUHJROHG¶DUWHGHOFRVWUXLUHHGLQ
FRQIRUPLWj DOOH YLJHQWL GLVSRVL]LRQL GL /HJJH LQ RUGLQH DL UHTXLVLWL GHL PDWHULDOL GD
FRVWUX]LRQH DOOH VROOHFLWD]LRQL DO FDOFROR DO GLPHQVLRQDPHQWR HG DOOD HVHFX]LRQH GHOOH
VWUXWWXUHDLILQLGLDVVLFXUDUHODVWDELOLWjGLRJQLVXDSDUWH
$UW0$187(1=,21((5(67$85,
, SURSULHWDUL GHL IDEEULFDWL KDQQR O
REEOLJR GL SURYYHGHUH DOOD PDQXWHQ]LRQH GHJOL VWHVVL LQ
PRGRGDVRGGLVIDUHSHUPDQHQWHPHQWHDLUHTXLVLWLGHOO
DUWLFRORSUHFHGHQWHSHUVDOYDJXDUGDUH
ODSXEEOLFDLQFROXPLWj
$UW35299(',0(17,3(5&26758=,21,3(5,&2/$17,
4XDORUD XQD FDVD XQ PXUR R LQ JHQHUHTXDOXQTXHSUHIDEEULFDWR RSDUWHGLHVVRFRVWLWXLVFD
SHULFRORSHUODSXEEOLFDLQFROXPLWjLOSURSULHWDULRLOFRQGXWWRUHRO
LQTXLOLQRKDQQRO
REEOLJR
GLIDUQHLPPHGLDWDGHQXQFLDDO6LQGDFRHQHLFDVLG
XUJHQ]DGLSURYYHGHUHDGXQVROOHFLWR
SXQWHOODPHQWR
,O6LQGDFRULFHYXWDODGHQXQFLDGLFXLDOFRPPDSUHFHGHQWHHSUHYLRVRSUDOOXRJRGHOO
8IILFLR
&RPXQDOHFRPSHWHQWHQRWLILFDDJOLLQWHUHVVDWLLSURYYHGLPHQWLGDDGRWWDUHLPPHGLDWDPHQWH
ULVHUYDQGRVLO
LQWHUYHQWRVRVWLWXWLYRDVSHVHGHJOLLQWHUHVVDWL
7,72/2,,ƒ
35(9(1=,21('$,3(5,&2/,',,1&(1',2
$UW/2&$/,3(5/$925$=,21,('(326,72',0$7(5,$/,
&20%867,%,/,(',1),$00$%,/,
,ORFDOLGHVWLQDWLDODYRUD]LRQHHGHSRVLWRGLPDWHULDOLFRPEXVWLELOLHGLQILDPPDELOLGHYRQR
ULVSRQGHUHDLUHTXLVLWLSUHVFULWWLGDOODYLJHQWHOHJLVOD]LRQHLQPDWHULD
/
DFFHUWDPHQWR GHL UHTXLVLWL GRYUj HVVHUH HVHJXLWR GDO &RPDQGR 3URYLQFLDOH 99)) FKH
ULODVFHUjLQSURSRVLWRDSSRVLWDFHUWLILFD]LRQH
$UW,03,(*2',67587785(/,*1((
,Q WXWWL TXHL FDVL LQ FXL SDUWLFRODUL FRQGL]LRQL DPELHQWDOL WUDGL]LRQL FRVWUXWWLYH ORFDOL R
TXDOLILFDWH VFHOWH DUFKLWHWWRQLFKH ULFKLHGDQR O¶ XVR GL PDWHULDOL OLJQHL O
LPSLHJR GL HVVL q
FRQGL]LRQDWR DOO
DGR]LRQH GL WUDWWDPHQWL HG DFFRUJLPHQWL DWWL D ULGXUUH OD SRVVLELOLWj GL
FRPEXVWLRQH
$UW35(9(1=,21('$3(5,&2/,',,1&(1',2
35(9(17,9218//$267$'(,9,*,/,'(/)82&2
(
ULFKLHVWR LO QXOOD RVWD GHO &RPDQGR 3URYLQFLDOH GHL 9LJLOL GHO )XRFR SHU JOL HGLILFL HG
LPSLDQWL GD HVLELUVL SULPD GHOO
LQL]LR GHL ODYRUL SUHYLVWL QHO '0 HG LQ
SDUWLFRODUH
D DOEHUJKLWHUPDOL
E HGLILFLGLFLYLOHDELWD]LRQHHGLDOWH]]DVXSHULRUHDP
F HGLILFLLQGXVWULDOLHGDUWLJLDQL
G HGLILFLFRPPHUFLDOLPDJD]]LQLGHSRVLWL
H ORFDOLHGLILFLHGLPSLDQWLSXEEOLFLHGLXVRFROOHWWLYR
I HGLILFLGLQDWXUDPHWDOOLFD
J DXWRULPHVVHDQFKHSULYDWHDYHQWLVXSHUILFLHVXSHULRUHDPTRFRQSLGLQRYH
DXWRPH]]L
KLPSLDQWLWHUPLFLGLSRWHQ]LDOLWjVXSHULRUHDOOH.FDOKDOLPHQWDWLFRQFRPEXVWLELOL
OLTXLGL GHULYDWL GDO SHWUROLR ROLL FRPEXVWLELOLHJDVROLRGD FRPEXVWLELOL JDVVRVL PHWDQR H
*3/6RQRFRPSUHVLWUDGHWWLLPSLDQWLTXHOOLSHU
ULVFDOGDPHQWRDPELHQWL
SURGX]LRQHDFTXDFDOGDSHUHGLILFLFLYLOL
FXFLQHHODYDJJLRVWRYLJOLH
VWHULOL]]D]LRQHHGLVLQIH]LRQHPHGLFKH
ODYDJJLRELDQFKHULDHVLPLOL
GLVWUX]LRQHULILXWLLQFHQHULWRUL
IRUQLGLSDQHHIRUQLGLDOWULODERUDWRULDUWLJLDQL
LLPSLDQWLDVFHQVRULFDW$H%HPRQWDFDULFKLFDW&GDLQVWDOODUVLLQHGLILFLLQGXVWULDOL
DUWLJLDQDOLHFRPPHUFLDOL
OLPSLDQWLDVFHQVRULFDW$H%GDLQVWDOODUVLLQHGLILFLDGXVRFLYLOLSXEEOLFRHSULYDWRGL
DOWH]]HLQJURQGDVXSHULRULDPHDYDQWLFRUVDVXSHULRUHDP
&2//$8','(,9,*,/,'(/)82&2
3ULPDGHOULODVFLRGHLFHUWLILFDWLGLDELWDELOLWjHGLDJLELOLWjGHJOLHGLILFLHGHJOLLPSLDQWLGLFXL
DO SUHFHGHQWH DUWLFROR q ULFKLHVWR LO QXOOD ± RVWD GHO &RPDQGR 3URYLQFLDOH GHL 9LJLOL GHO
)XRFR
,035(6(('$77,9,7$¶62**(77($//(1250(',35(9(1=,21(,1&(1',
('$/&21752//2'$3$57('(,9,*,/,'(/)82&2
/HD]LHQGHHOHODYRUD]LRQLVRJJHWWHDOFRQWUROORGHL9LJLOLGHOFXRFRVRQRGHWHUPLQDWHFRQOH
7DEHOOH $ H DQQHVVH DO '35 Qƒ *OL HQWL R L SULYDWL VRQR WHQXWL D
ULFKLHGHUHOHYLVLWHHGLFRQWUROOLSHULOULODVFLRGHOFHUWLILFDWRGLSUHYHQ]LRQHLQFHQGLVHFRQGR
OHPRGDOLWjLQGLFDWHQHOOD/HJJHQƒHVHFRQGROHLQGLFD]LRQLGHOODFLUFRODUH
QƒGHO
3$57,&2/$5,1250(',/(**(2',%821$7(&1,&$
(GLILFLDGXVRFLYLOHFRPSUHVLQHLSXQWLDGH
6WUXWWXUHOHVWUXWWXUHGHJOLHGLILFLFRPSUHVHTXHOOHGHOWHWWRGRYUDQQRHVVHUHLQFRPEXVWLELOLH
UHVLVWHQWL DO IXRFR /D GXUDWD GHOODUHVLVWHQ]D DO IXRFR GHYH HVVHUHQRQLQIHULRUHD
3HU
TXHOOL FRQ VWUXWWXUH LQ DFFLDLR GRYUDQQR HVVHUH ULVSHWWDWH OH QRUPH GHOOD &LUFRODUH GHO
0LQLVWHURGHOO
,QWHUQRQƒGHO
8ELFD]LRQH JOL HGLILFL GHYRQR HVVHUH FLUFRQGDWL GD VWUDGH LGRQHH D FRQVHQWLUH O
DYYLFLQDPHQWRHO
RSHUDWLYLWjGHLPH]]LVSHFLDOLGHL9LJLOLGHO)XRFR,FRUWLOLLQWHUQLGHYRQR
HVVHUHDFFHVVLELOLPHGLDQWHDQGURQLFDUUDLVXLTXDOLVLDSRVVLELOHLOWUDQVLWRGHLPH]]LFLWDWL
6FDOHOHVFDOHGHYRQRHVVHUHGLQRUPD UHDOL]]DWH HQWUR JDEELH FRVWLWXLWHGDSDUHWLFRQWLQXH
UHVLVWHQWL DO IXRFR DOPHQR $G RJQL SLDQR GHYRQR HVVHUH SUHYLVWH DPSLH DSHUWXUH GL
DUHD]LRQH YHUVR O
HVWHUQR TXDORUD GHWWD FRQGL]LRQH QRQ VLD UHDOL]]DELOH SHUFKp WUDWWDVL GL
VFDOH LQWHUQH DOOD VRPPLWj GHO YDQR GHEERQR HVVHUH UHDOL]]DWH LGRQHH DSHUWXUH SULYH GL
VHUUDPHQWL /H JDEELH GHOOH VFDOH H L UHODWLYL DFFHVVL H GLVLPSHJQL QRQ GRYUDQQR DYHUH
QHVVXQD FRPXQLFD]LRQH FRQ PDJD]]LQL GHSRVLWL QHJR]L ODERUDWRUL R FRPXQTXH FRQ ORFDOL
QRQGHVWLQDWLHVFOXVLYDPHQWHDGDELWD]LRQHRDGXIILFL/HVFDOHGLDFFHVVRDOOHFDQWLQHHSLDQL
VRWWHUUDQHL GRYUDQQR DYHUH LQJUHVVR GLUHWWR GDOO
HVWHUQR GD VSD]L D FLHOR DSHUWR H QRQ DYHUH
FRPXQLFD]LRQH DOFXQD FRQ OH VFDOH GHL SLDQL VXSHULRUL ,Q UHOD]LRQH DOOD DOWH]]D HG DOOD
GHVWLQD]LRQHGHOO
HGLILFLRSRWUDQQRHVVHUHULFKLHVWHVFDOHDVWUXWWXUHSDUWLFRODULTXDOL
VFDODDSURYDGLIXPR
VFDODDSURYDGLIXPRLQWHUQD
VFDODSURWHWWD
/HVFDOHDSURYDGLIXPRVRQRGLQRUPDULFKLHVWHSHULVHJXHQWLWLSLGLHGLILFL
HGLILFLDGXVRFLYLOHDELWD]LRQHGLDOWH]]DVXSHULRUHDLPW
HGLILFLSXEEOLFLRGHVWLQDWLDOODFROOHWWLYLWjGLDOWH]]DVXSHULRUHDPW
(
IDWWRGLYLHWRDVVROXWRGLLQVWDOODUHQHOYDQRVFDODDSSDUHFFKLDWXUHRWXED]LRQLGLDGGX]LRQH
GHOJDV
(GLILFLLQGXVWULDOLDUWLJLDQDOLHFRPPHUFLDOLFRPSUHVLQHLSXQWLEF
6WUXWWXUD OH VWUXWWXUH SRUWDQWL GHJOL HGLILFL GRYUDQQR HVVHUH LQFRPEXVWLELOL H UHVLVWHQWL DO
IXRFR/DGXUDWDGHOODUHVLVWHQ]DDOIXRFRGRYUjFRPXQTXHQRQHVVHUHLQIHULRUHD
&RPSDUWLPHQWD]LRQHLQUHOD]LRQHDOULVFKLRGLLQFHQGLRDOFDULFRGLIXRFRDOQXPHURGHJOL
DGGHWWLHWFGHYRQRHVVHUHSUHYLVWLPXULWDJOLDIXRFRDWWLDOLPLWDUHHFRQWHQHUHJOLHIIHWWLGL
XQ HYHQWXDOH VLQLVWUR 'L QRUPD SHU VRVWDQ]H FRPEXVWLELOL OD VXSHUILFLH OLEHUD PDVVLPD
DPPLVVLELOHQRQGHYHHVVHUHVXSHULRUHDTXDOFKHFHQWLQDLRGLPHWULTXDGUDWL3HUOHVRVWDQ]H
LQILDPPDELOLGHWWDVXSHUILFLHqGHOO
RUGLQHGLTXDOFKHGHFLQDGLPHWULTXDGUDWL
$SHUWXUH SHU VIRJR FDORUH H IXPR DOOD VRPPLWj GHOOH FRSHUWXUH GHYRQR HVVHUH SUHYLVWL
DGHJXDWLVIRJKLSHULOFDORUHHSHULIXPLGLXQDHYHQWXDOHFRPEXVWLRQH
9LHGLXVFLWDGHYRQRHVVHUHSUHGLVSRVWHXVFLWHGLVLFXUH]]DGLUHWWHYHUVRO¶HVWHUQRLQQXPHUR
H SRVL]LRQL WDOL FKH LO PDVVLPR SHUFRUVR SHU XVFLUH YHUVR VSD]L VLFXUL QRQ VLD LQ RJQL FDVR
VXSHULRUHDLP
$OEHUJKL H SHQVLRQL GHYRQR HVVHUH DSSOLFDWH OH QRUPH GL FXL DOOD OHWWHUD FLUFRODUH GHO
0LQLVWHURGHOO
,QWHUQRQƒGHO
$XWRULPHVVHGHYRQRHVVHUHDSSOLFDWHOHQRUPHGLFXLDO'0FRQOHGHURJKH
DPPHVVHGDOOD&LUFRODUHGHO0LQLVWHURGHOO
,QWHUQR'*6$QƒGHO
,PSLDQWLWHUPLFLJOLLPSLDQWLWHUPLFLGLFXLDOSXQWRJFKHQRQVRQRVRJJHWWLDOOD/HJJH
FRQWURO
LQTXLQDPHQWRDWPRVIHULFRVRQRUHJRODPHQWDWLFRPHDSSUHVVRLQGLFDWR
LPSLDQWL DOLPHQWDWL GD FRPEXVWLELOL OLTXLGL ROLL FRPEXVWLELOL H JDVROL &LUFRODUH GHO
0LQLVWHURGHOO
,QWHUQRQƒGHO
LPSLDQWL DOLPHQWDWL D JDV GL UHWH FRQ GHQVLWj LQIHULRUH D PHWDQR &LUFRODUH GHO
0LQLVWHURGHOO
,QWHUQRQƒGHO
LPSLDQWL DOLPHQWDWLGDJDVGLSHWUROLROLTXHIDWWR*3//HWWHUD&LUFRODUHGHO0LQLVWHUR
GHOO
,QWHUQRQƒGHO
5HWHLGULFDDQWLQFHQGLROLQHDGLPDVVLPDG
LPSLDQWRDQWLQFHQGLRGRYUjHVVHUHFRVWLWXLWR
GDXQDUHWHGLWXED]LRQHGLIHUUR]LQFDWRDGXVRHVFOXVLYRDQWLQFHQGLRSURWHWWDFRQWURLOJHOR
H FRQFHSLWD LQ PRGR FKH VLD SRVVLELOH DYHUH O
DFTXD DJOL LGUDQWL SHU VHPSOLFH DSHUWXUD GHOOD
UHODWLYDVDUDFLQHVFD*OLLGUDQWL81,PPPXQLWLGHOFRUUHGRG
XVRGHYRQRHVVHUH
GHULYDWL LQ QXPHUR H SRVL]LRQH VXIILFLHQWH D JDUDQWLUH OD FRSHUWXUD GL WXWWH OH ]RQH GD
SURWHJJHUH (VVL GHYRQR HVVHUH DFFHVVLELOL LQ PRGR DJHYROH H VLFXUR /H FDUDWWHULVWLFKH
LGUDXOLFKHGLSRUWDWDHSUHVVLRQHVDUDQQRVWDELOLWHFDVRSHUFDVRGDO&RPDQGR3URYLQFLDOHGHL
9LJLOLGHO)XRFR
,PSLDQWL HOHWWULFL OD /HJJH 'LVSRVL]LRQL FRQFHUQHQWLRPLVVLV OH
LQVWDOOD]LRQL H JOL LPSLDQWL HOHWWULFL HG HOHWWURQLFL LQGLFD TXDOH ULIHULPHQWR SHU OD
UHDOL]]D]LRQH GL FRUUHWWL LPSLDQWL HOHWWULFL OH 1RUPH GHO &RPLWDWR (OHWWURWHFQLFR ,WDOLDQR
1RUPH&(,
,PSLDQWLSHUO
LPSLHJRGLJDVFRPEXVWLELOHOD/HJJHQƒ1RUPHSHUOD
VLFXUH]]DGHOO
LPSLHJRGHOJDVFRPEXVWLELOHLQGLFDTXDOHULIHULPHQWRSHUODUHDOL]]D]LRQHGL
FRUUHWWLLPSLDQWLSHULOJDVHOHQRUPHGHOO
(QWH1D]LRQDOHGL8QLILFD]LRQH81,SXEEOLFDWH
LQ WDEHOOH FRQ OD GHQRPLQD]LRQH 81,&,* H DSSURYDWH FRQ GHFUHWR GHO 0LQLVWHUR
GHOO
,QGXVWULDH&RPPHUFLR
$UW3$57,&2/$5,35(9(1=,21,&$87(/$7,9(
,FRUWLOLFKLXVLGHYRQRFRPXQLFDUHFRQJOLVSD]LSXEEOLFLDWWUDYHUVRXQSDVVDJJLRFDUUDLR/
LPSLDQWRLQWHUQRSHUODGLVWULEX]LRQHGHOJDVGHYHSRWHUHVVHUHLVRODWRPHGLDQWHVDUDFLQHVFD
GDOOD UHWH FROOHWWLYD GL GLVWULEX]LRQH OH WXED]LRQL QRQ SRVVRQR DWWUDYHUVDUH OH FHQWUDOL
WHUPLFKHOHFDELQHHOHWWULFKHGHSRVLWLGLLPPRQGL]LHLYDQLGLDVFHQVRUHHPRQWDFDULFKLHOH
FDQQH IXPDULH JOL DSSDUHFFKL XWLOL]]DWRUL LQVWDOODWL LQ ORFDOL DELWDELOL QRQ SRVVRQR HVVHUH
DOLPHQWDWL GD SUHVVLRQH VXSHULRUH D PP GL FRORQQD GL DFTXD QRQ q DPPHVVD
O
LQVWDOOD]LRQHGLDSSDUHFFKLDJDVLQORFDOLVHPLQWHUUDWLRLQWHUUDWL
2JQL LPSLDQWRHOHWWULFRGHYHHVVHUHIRUQLWRGLLQWHUUXWWRULJHQHUDOLFKHVHOH]LRQDQRLFLUFXLWL
SHU RJQL XQLWj LPPRELOLDUH LQWHUUXWWRUL FRQWDWRUL H TXDGUL HOHWWULFL FKH VLDQR LQVWDOODWL LQ
DPELHQWLGRYHSRVVDSUHVHQWDUVLSHULFRORGLLQFHQGLRRGLHVSORVLRQHGHYRQRHVVHUHDWHQXWD
VWDJQD
,FRQGRWWLGLIXPRGHYRQRHVVHUHFRVWUXLWLFRQFDQQHDGLQWHUFDSHGLQHGLIDFLOHSXOLWXUDHGL
VXIILFLHQWH FRLEHQ]D GHYRQR HVVHUH SURYYLVWL ERFFKHWWH GL LVSH]LRQH DOOD EDVH HG HVVHUH
VRSUDHOHYDWL GL DOPHQR PO ULVSHWWR DOO
HQWUDGRVVR GHOOH FRSHUWXUH GHYRQR HVVHUH
GLVWDQ]LDWLGLDOPHQRFPGDVWUXWWXUHOLJQHHHQRQSRVVRQRHVVHUHLQVWDOODWLQHOOHPXUDWXUH
GL ILHQLOL H GHL ORFDOL FRQWHQHQWL PDWHULDOL FRPEXVWLELOL /H FRVWUX]LRQL QHOOH TXDOL VLDQR
FROORFDWLIRUQLGLSDQHSDVWLFFHULDHVLPLOLIRUQLGLIXVLRQHHVLPLOLIRUQLPHWDOOXUJLFLIXFLQH
HFFGHYRQRLQRJQLORURSDUWHHVVHUHFRVWUXLWHFRQPDWHULDOLUHVLVWHQWLDOIXRFR
$UW862',*$6,1&217(1,725,
, FRQWHQLWRUL GL JDV ERPEROH HFF GHYRQR HVVHUH FROORFDWL LQ RSSRUWXQL VSD]L H QLFFKLH
ULFDYDWLDOO
HVWHUQRGHLIDEEULFDWLHGLVRODWLGDLDOLGLDELWD]LRQHODWXED]LRQHILVVDPHWDOOLFDGL
HURJD]LRQH SURYYLVWD UXELQHWWL GL LQWHUFHWWD]LRQH GHO IOXVVR QHOO
DWWUDYHUVDPHQWR GHOOH
PXUDWXUH GHYH HVVHUH SURWHWWD GD JXDLQD PHWDOOLFD DSHUWD YHUVR O
HVWHUQR L FRQWHQLWRUL
GHEERQRHVVHUHVDOYDJXDUGDWLFRQWURHYHQWXDOLPDQRPLVVLRQL
$UW&2//$8'2',&203(7(1=$'(,9,*,/,'(/)82&2
1HLFDVLLQFXLqSUHYLVWRLOQXOODRVWDGHO&RPDQGRGHL9LJLOL)XRFRSULPDGHOULODVFLRGHL
FHUWLILFDWLGLDELWDELOLWjHDJLELOLWjqULFKLHVWRLOFROODXGRGHOORVWHVVR&RPDQGR
7,72/2,,,ƒ
5,63$50,2(1(5*(7,&21(/5,6&$/'$0(172'(*/,(',),&,
$UW6)(5$',$33/,&$=,21(
/HSUHVHQWLQRUPHVLULIHULVFRQRDOULVFDOGDPHQWRLQYHUQDOHHVLDSSOLFDQRDJOLHGLILFLDGLELWLD
UHVLGHQ]D VFXROH DQFKH PDWHUQH XIILFL DWWLYLWj FRPPHUFLDOL LQ UHOD]LRQH DOOD /HJJH
QƒDO'35QƒDO'0DOOD/HJJHQƒ
$L VHQVL GHO '0 HPDQDWR LQ DSSOLFD]LRQH GHOOD /HJJH O
REEOLJR GHO
FRQWUROORGHOFRQVXPRHQHUJHWLFRqHVWHVRDQFKHDJOLHGLILFLDUWLJLDQDOLHLQGXVWULDOL
$UW327(1=,$/,7$
7(50,&$,167$//$7$
,JHQHUDWRULGLFDORUHLQVWDOODWLQHJOLHGLILFLGRYUDQQRDYHUHXQDSRWHQ]LDOLWjWHUPLFDGLWDUJD
ULIHULWD DG RJQL PHWUR FXER GL YROXPH D DELOH H DG RJQL JUDGR GL VFDUWR IUD WHPSHUDWXUD
HVWHUQDHGLQWHUQDPLQRUHXJXDOHDLYDORUL*LQGLFDWLQHOODVHJXHQWHWDEHOOD
7 ,3 2 ( ' ,) ,& ,2
9 2 / 8 0 ( $ % ,7 $ % ,/ (
* R . F D OK P F ƒ & ,Q G LS H Q G H Q WH
LQ IH U LR U H P F
,Q G LS H Q G H Q WH
IUD H P F
H V WU H P LLQ F OX V L
,Q G LS H Q G H Q WH
R OWUH P F
1 R Q LQ G LS H Q G H Q WH
T X D OX Q T X H
,QFXL
SHUYROXPHDELWDELOHVLLQWHQGHTXHOORGHILQLWRGDOOH17$GHO35*
SHUHGLILFLRVLLQWHQGHODFDVDVLQJRODLVRODWDRGDVFKLHUD
7DOLYDORUL*WHQJRQRFRQWRGHOODPDJJLRUD]LRQHSHULQWHUPLWWHQ]H
$UW352*(772'(//
,03,$172
,OSURJHWWRWHUPLFRGHOO
LPSLDQWRGRYUj
D LQGLFDUH OD WHPSHUDWXUD LQWHUQD SUHYLVWD SHU JOL DPELHQWL SHU OD TXDOH LO YDORUH
UDFFRPDQGDWRqGLƒ
E FDOFRODUHOHGLVSHUVLRQLDWWUDYHUVROHSDUHWLHOHYHWUDWHLQEDVHDGXQDWHPSHUDWXUDHVWHUQD
GLƒWHQHQGRFRQWRGHOO¶HVSRVL]LRQHDOYHQWRGHOOHSDUHWL
F FDOFRODUH OD TXDQWLWj GL FDORUH QHFHVVDULD SHU X ULQQRYR G
DULD GL XQD YROWD DOO
RUD LO
YROXPHDELWDELOH
G YHULILFDUHFKHOHFRQGL]LRQLLQGLFDWHDLSXQWLDEFHFRQODSRWHQ]LDOLWjLQVWDOODWDFRQL
OLPLWL GL FXL DOO
$UW OH GLVSHUVLRQL JOREDOL VLDQR OLPLWDWH LQ PRGR GD PDQWHQHUH D
UHJLPHODWHPSHUDWXUDLQWHUQDSUHYLVWDGLQRUPDƒ
,OVDOWRWHUPLFRSUHYLVWRGDOSURJHWWRYHUUjPLVXUDWRDOFHQWURORFDOLDPGDOSDYLPHQWR
,ORFDOLQRUPDOPHQWHDWHPSHUDWXUDLQIHULRUHDTXHOOLVFDOGDWLVFDOHHFFVRQRFRQVLGHUDWLLQ
SURJHWWRQRQVFDOGDWL
$UW$3(5785(9(75$7(
/DVXSHUILFLHGHOOHYHWUDWHVDOYRTXDQWRGLVSRVWRGDJOL$UWW±GRYUjHVVHUHULGRWWD
LQPRGRGDFRQWHPSHUDUHOHDSSRVLWHHVLJHQ]HLOOXPLQD]LRQHHGLLVRODPHQWRWHUPLFR
$UW&20326,=,21('(*/,(',),&,
/DFRPSRVL]LRQHGHOO
HGLILFLRLQSLDQWDHGLQHOHYD]LRQHGHYHHVVHUHVWXGLDWDLQPRGRGD
ULGXUUHDOPDVVLPROHSDUHWLHVWHUQHDSDULWjGLYROXPH
$UW,1(5=,$7(50,&$'(//(3$5(7,
$L ILQLGHOFRQWHQLPHQWRGHOOHYDULD]LRQLGLWHPSHUDWXUDOHSDUHWLYHUWLFDOLRSDFKHGRYUDQQR
DYHUHXQSHVRGLDOPHQR.JPT
$UW5(*2/$=,21($8720$7,&$'(//$7(03(5$785$
*OL LPSLDQWL GRYUDQQR HVVHUH GRWDWL GL DSSDUHFFKLDWXUD DXWRPDWLFD SHU OD UHJROD]LRQH GHOOD
WHPSHUDWXUDGLPDQGDWDLQIXQ]LRQHGHOODWHPSHUDWXUDHVWHUQDWUDQQHFKHQHOFDVRGLVLVWHPL
FKH QRQ QH SHUPHWWDQR O
LQVWDOOD]LRQH 6DUj DOWUHVu RSSRUWXQR DGRWWDUH DSSDUHFFKL GL
UHJROD]LRQHORFDOHGHOODWHPSHUDWXUD
7,72/2,9ƒ
1250(7(&12/2*,&+(
$UW1250(*(1(5$/,
*OL HGLILFL GHEERQR HVVHUH QHO ORUR FRPSOHVVR H LQ RJQL ORFDOH FRQIRUWHYROL IXQ]LRQDOL
VDOXEULVLFXUL
(VVL LQROWUH QRQ GHYRQR SURYRFDUH ORFDOPHQWH HG DOWURYH O
LQTXLQDPHQWR GHOOH DFTXH
GHOO
DULDGHOVXROR
/HQRUPHWHFQRORJLFKHLQGLYLGXDQRHGHILQLVFRQRLUHTXLVLWLFKHJOLHGLILFLGHYRQRSRVVHGHUH
SHUFKpVLDQRFRQVHQWLWLJOLREELHWWLYLVWDELOLWLGDOFRPPDSUHFHGHQWH
,GHWWLUHTXLVLWLVRQR
WHFQLFLHLJURWHUPLFL
LOOXPLQRWHFQLFL
DFXVWLFL
UHODWLYLDOODSXUH]]DGHOO
DULD
UHODWLYLDLVHUYL]LWHFQRORJLFL
UHODWLYLDOODIUXLELOLWj
UHODWLYLDOODVLFXUH]]D
UHODWLYLDOODLPSHUPHDELOLWjHVHFFKH]]D
UHODWLYLDOODGXUDELOLWj
HFRORJLFL
6LGDQQRSHURJQLUHTXLVLWRQRUPHJHQHUDOLDOOHTXDLGHYRQRHVVHUHFRQIRUPLWXWWLJOLHGLILFL
HQRUPHSDUWLFRODULDOOHTXDOLGHYRQRHVVHUHFRQIRUPLJOLHGLILFLVHFRQGRODORURGHVWLQD]LRQH
G
XVR
/H QRUPH WHFQRORJLFKH VRQR YLQFRODQWL SHU JOL HGLILFL GL QXRYD FRVWUX]LRQH SHU JOL HGLILFL
VSHULPHQWDOLHLQTXDQWRFRPSDWLELOLFRQOHVROX]LRQLWHFQLFKHUHDOL]]DELOLQHOO
DPELWRGHOOH
RSHUHSUHYLVWHSHUJOLLQWHUYHQWLVXHGLILFLHVLVWHQWLRSDUWHGLHVVL
$UW7(50,12/2*,$
,WHUPLQLSLULFRUUHQWLHOHGHILQL]LRQLDGHVVLDWWLQHQWLYHQJRQRFRVuULDVVXQWH
ORFDOH VSD]LR GL YROXPH GHWHUPLQDWR LQWHUDPHQWH VHSDUDWR GDOO
DPELHQWH HVWHUQR R GD
ORFDOLFRQWLJXLPHGLDQWHSDUHWH
SDUHWH FRQFUHWD VHSDUD]LRQH GL XQ DPELHQWH HVWHUQR R GD XQ DOWUR ORFDOH FRQWLQXR
VROLWDPHQWH OD SDUHWH KD XQR VSHVVRUH GHWHUPLQDWR RG q GHWHUPLQDWD GD GXH VXSHUILFLH
SDUDOOHOHDYHQWLXQ
DUHDGHWHUPLQDWDO
XQDLQWHUQDULYROWDYHUVRLOORFDOHHO
DOWUDHVWHUQD
ULYROWDYHUVRO
DPELHQWHHVWHUQRRYHUVRXQORFDOHFRQWLJXR
OLYHOORVRQRUROLYHOORGLSUHVVLRQHVRQRUDLQXQSXQWRGHWHUPLQDWRSRQGHUDWRLQIXQ]LRQH
GHOODIUHTXHQ]D
LVRODPHQWRDFXVWLFRWUDGXHORFDOLGLIIHUHQ]DWUDLOOLYHOORGLSUHVVLRQHVRQRUDQHOORFDOH
LQFXLYLqODVRUJHQWHVRQRUDHGLOOLYHOORGLSUHVVLRQHVRQRUDQHOORFDOHGLVWXUEDWRDYHQWL
LQFRPXQHODSDUHWHLQSURYD
FRHIILFLHQWHGLULFDPELRUDSSRUWRWUDLOYROXPHG
DULDLQWURGRWWLRJQLRUDLQXQORFDOHHGLO
YROXPHGHOORFDOHPHGHVLPR
FRHIILFLHQWHYROXPLFRGLGLVSHUVLRQHGLXQORFDOHRGLXQLQVLHPHGLORFDOLIDEELVRJQRGL
FDORUHGLXQORFDOHRGLXQLQVLHPHGLORFDOLLQUHJLPHVWD]LRQDULRULIHULWRDOYROXPHQHWWR
XQLWDULRHDOODGLIIHUHQ]DXQLWDULDGLWHPSHUDWXUDWUDO
LQWHUQRHO
HVWHUQR
$UW5(48,6,7,7(50,&,(,*527(50,&,
*OLHGLILFLGHYRQRHVVHUHSURJHWWDWLHUHDOL]]DWLLQJHQHUDOHVHFRQGRODOHJLVOD]LRQHYLJHQWHLQ
SDUWLFRODUHTXHOODUHODWLYDDOODVLFXUH]]DGHOODYRURHDOO
LJLHQHGHOODYRUR
3HUJOLLPSLDQWLHOHWWULFLWHOHFRPXQLFD]LRQLHFFVLGHYHIDUULIHULPHQWRDOOHQRUPH&(,
,QROWUH JOL HGLILFL GHYRQR HVVHUH SURJHWWDWL H UHDOL]]DWL LQ PRGR FKH VLD SRVVLELOH VWDELOLUH H
PDQWHQHUH LQ RJQL ORFDOH QHL PHVL IUHGGL WHPSHUDWXUH GHOO
DULD H GHOOH VXSHUILFL LQWHUQH
FRPSDWLELOLFRQLOEHQHVVHUHWHUPLFRGHOOHSHUVRQHHFRQODEXRQDFRQVHUYD]LRQHGHOOHFRVHH
GHJOLHOHPHQWLFRVWLWXWLYLGHJOLHGLILFLPHGHVLPLHDOPHQRFRQFHSLWLHUHDOL]]DWLLQPRGRFKH
QRQYHQJDQRVXSHUDWHLQRJQLORFDOHQHLPHVLFDOGLOHPDVVLPHWHPSHUDWXUHGHOO
DULDHGHOOH
VXSHUILFLLQWHUQHHGHYHQWXDOPHQWHHVWHUQHFRPSDWLELOLFRQLOEHQHVVHUHWHUPLFRGHOOHSHUVRQH
HFRQODEXRQDFRQVHUYD]LRQHGHOOHFRVHHGHJOLHOHPHQWLFRVWLWXWLYLGHJOLHGLILFLPHGHVLPL
*OL HGLILFL QHL TXDOL VRQR LQVWDOODWL LPSLDQWL FKH QRQ FRQVHQWDQR LO EHQHVVHUH WHUPLFR GHOOH
SHUVRQHGHYRQRHVVHUHSURJHWWDWLHUHDOL]]DWLLQPRGRGDFRQVHQWLUHDOPHQRODVDOYDJXDUGLD
GHOODSDULWjGHOELODQFLRWHUPLFRGHOOHPHGHVLPHRQHLSRVWLGLODYRURRTXDORUDQRQGRYHVVH
HVVHUHSRVVLELOHLQDSSRVLWLORFDOLDTXHVWLDGLDFHQWL
/D WHPSHUDWXUD VXSHUILFLDOH LQWHUQD GHOOH SDUWL ULVFDOGDWH GHOOH SDUHWL H TXHOOD GHL FRUSL
VFDOGDWLQRQGHYRQRVXSHUDUHLYDORULFRPSDWLELOLFRQLOEHQHVVHUHGHOOHSHUVRQH
6XOOH VXSHUILFL LQWHUQH GHOOH SDUWL RSDFKH GHOOH SDUHWL QRQ VL GHYRQR DYHUH FRQGHQVD]LRQL H
WUDFFHGLDFTXDSHUPDQHQWL
/D WHPSHUDWXUD ULVXOWDQWH VHFFD GHJOL DOORJJL QRQ GHYH HVVHUH LQIHULRUH D ƒ & DOORUFKp OD
WHPSHUDWXUDHVWHUQDqSDULDƒ&
/D WHPSHUDWXUD VXSHUILFLDOH LQWHUQD GHOOH SDUWL RSDFKH GHOOH SDUHWL GHJOL DOORJJL QRQ GHYH
HVVHUHLQDOFXQSXQWRLQIHULRUHDOODWHPSHUDWXUDGHOO
DULDGLPLQXLWDGLƒ&QHLPHVLIUHGGL
/D WHPSHUDWXUD GHOO
DULD GHYH HVVHUH VXIILFLHQWHPHQWH XQLIRUPH QHJOL DOORJJL H LQ RJQL ORUR
ORFDOH
/DYHORFLWjGHOO
DULDQHOOD]RQDGHLORFDOLRFFXSDWDGDOOHSHUVRQHDVHUUDPHQWLFKLXVLQRQGHYH
HFFHGHUHLVHJXHQWLYDORUL
PVHFVHLORFDOLQRQVRQRGHVWLQDWLDGDWWLYLWjLQGXVWULDOL
GDPVHFDPVHFVHLORFDOLVRQRGHVWLQDWLDGDWWLYLWjLQGXVWULDOLDVHFRQGDGHO
WLSRGLDWWLYLWjHSHUPDQHQ]DGHOOHSHUVRQH
1HJOLDPELHQWLFRQGL]LRQDWLGHYRQRHVVHUHPDQWHQXWHFRQGL]LRQLGLWHPSHUDWXUDHGLXPLGLWj
UHODWLYDFRPSDWLELOLFRQLOEHQHVVHUHWHUPLFRGHOOHSHUVRTXDORUDVLDSUHYLVWDODSHUPDQHQ]D
ILVVDGHOOHPHGHVLPH
$UW5(48,6,7,,//80,127(&1,&,
*OLHGLILFLGHYRQRHVVHUHXELFDWLSURJHWWDWLHUHDOL]]DWLLQPRGRFKHLQRJQLORFDOHVLDEELDQR
FRQGL]LRQL GL LOOXPLQD]LRQH DGHJXDWH DJOL LPSHJQL YLVLYL ULFKLHVWL H FRPSDWLELOL FRQ LO
EHQHVVHUHGHOOHSHUVRQH
/
LOOXPLQD]LRQHGLXUQDGHLORFDOLDELWDELOLGHYHHVVHUHQDWXUDOHGLUHWWDSRVVRQRWXWWDYLDIUXLUH
GLLOOXPLQD]LRQHGLXUQDQDWXUDOHHGLQGLUHWWDRSSXUHGLLOOXPLQD]LRQHGLXUQDDUWLILFLDOH
D L ORFDOL GHVWLQDWL D XIILFL OH FXL GLPHQVLRQL RUL]]RQWDOL QRQ FRQVHQWDQR OD LOOXPLQD]LRQH
QDWXUDOHGHLSLDQLGLXWLOL]]D]LRQHSXUFKpGHOLPLWDWLGDSDUHWLSHULPHWUDOLGRWDWHGLSDUWL
WUDVSDUHQWLQRQLQIHULRULDGHOOHPHGHVLPH
E LORFDOLDSHUWLDOSXEEOLFRGHVWLQDWLDGDWWLYLWjFRPPHUFLDOLFXOWXUDOLULFUHDWLYH
F L ORFDOL GHVWLQDWL DG DWWLYLWj FKH ULFKLHGRQR SDUWLFRODUL FRQGL]LRQL GL LOOXPLQD]LRQH
DUWLILFLDOH
G LORFDOLGHVWLQDWLDVHUYL]LLJLHQLFLOHFDELQHGLFRWWXUDGLVXSHUILFLHLQIHULRUHDPT
HG LQGLUHWWD FRPXQLFD]LRQH FRQ DOWUR ORFDOH GL VRJJLRUQR GRWDWR GL LOOXPLQD]LRQH HG
DUHD]LRQHGLUHWWD
H LORFDOLGHVWLQDWLDOODFLUFROD]LRQHGHOOHSHUVRQHHGHOOHFRVH
I LORFDOLQRQGHVWLQDWLDOODSHUPDQHQ]DGLSHUVRQH
/HSDUWLWUDVSDUHQWLGHOOHSDUHWLSHULPHWUDOLHVWHUQHGHYRQRHVVHUHSURJHWWDWHHSRVL]LRQDWHLQ
PRGRGDSHUPHWWHUHO
LOOXPLQD]LRQHGHLSLDQLGLXWLOL]]D]LRQHHODYLVLRQHORQWDQD
/HSDUWLWUDVSDUHQWLGHOOHSDUHWLSHULPHWUDOLHVWHUQHGHLORFDOLGHJOLDOORJJLQRQGHYRQRDYHUH
DUHHLQIHULRULDGHOSLDQRGLFDOSHVWLRGHLORFDOLPHGHVLPL
/H SDUWL WUDVSDUHQWL GHOOH SDUHWL SHULPHWUDOL GHJOL DOORJJL GHYRQR HVVHUHGRWDWH GL GLVSRVLWLYL
SHUPDQHQWLFKHFRQVHQWDQRLOORURRVFXUDPHQWRVLDSDU]LDOHFKHWRWDOH
$UW5(48,6,7,$&867,&,
*OL HGLILFL GHYRQR HVVHUH XELFDWL SURJHWWDWL H UHDOL]]DWL LQ PRGR FKH L OLYHOOL VRQRUL GHJOL
HYHQWXDOL UXPRUL GD HVVL LPPHVVL QHJOL HGLILFL FLUFRVWDQWL QRQ VXSHULQR L YDORUL FRPSDWLELOL
FRQODGHVWLQD]LRQHG
XVRTXHVWLXOWLPL
*OLHGLILFLHJOLLPSLDQWLLQHVVLLQVWDOODWLGHYRQRHVVHUHSURJHWWDWLHUHDOL]]DWLLQPRGRFKHL
OLYHOOLVRQRULQRQVXSHULQRQHLORFDOLGLHPLVVLRQHHQHLORFDOLGLVWXUEDWLLYDORULFRPSDWLELOL
FRQODORURGHVWLQD]LRQHG
XVR
,OLYHOOLVRQRULQRQGHYRQRHFFHGHUHQHLORFDOLGLHPLVVLRQHRFFXSDWLGDSHUVRQHG%$R
FRPXQTXHLGLYHUVLYDORULFRQVHQWLWLGDOODWHFQRORJLDDWWXDOH
/H FRSHUWXUH GHJOL HGLILFL GHYRQR HVVHUH SURJHWWDWH H UHDOL]]DWHLQPRGRFKHLOLYHOOLVRQRUL
GHLUXPRULJHQHUDWLQHLORFDOLVRWWRVWDQWLGDOODJUDQGLQHHGDOODSLRJJLDQRQVXSHULQRLYDORUL
FRPSDWLELOLFRQODGHVWLQD]LRQHG
XVRGHLORFDOLPHGHVLPL
/H VLQJROH SDUWL GHOOH SDUHWL SHULPHWUDOL HVWHUQH GHJOL DOORJJL GHYRQR DYHUH LQGLFL GL
YDOXWD]LRQH GHGRWWL GD PLVXUH GL ODERUDWRULR GDO SRWHUH IRQRLVRODQWH QRQ LQIHULRUH DL
VHJXHQWL
SDUWLRSDFKH
SDUWLWUDVSDUHQWLFRPSOHWHGL
WHODLHFDVVRQHWWR
JULJOLHHSUHVHG
DULD G%
G%
G%
/HSDUHWLSHULPHWUDOLLQWHUQHGHJOLDOORJJLGHYRQRLQGLFLGLYDOXWD]LRQHGHGRWWLGDPLVXUHLQ
RSHUD GHOO¶ LVRODPHQWR DFXVWLFR R GD PLVXUH GL ODERUDWRULR GHO SRWHUH IRQRLVRODQWH QRQ
LQIHULRUHDLVHJXHQWL
PLVXUHLQRSHUDPLVXUDLQODERUDWRULR
SDUHWLYROWHYHUVRORFDOLGHVWLQDWLDOOD
FLUFROD]LRQHRUL]]RQWDOHHYHUWLFDOH G%
G%
SDUHWLYROWHYHUVRDOWULDOORJJLG% G%
SDUHWLYROWHYHUVRORFDOLGHVWLQDWLDG
DWWLYLWjDUWLJLDQHFRPPHUFLDOLLQGXVWULDOL
HFRPXQTXHWDOLGDSRWHUDUUHFDUH
GLVWXUELVRQRULG%
G%
,O OLYHOOR VRQRURLQXQDOORJJLRQRQGHYHVXSHUDUH G% $ DOORUFKpVXOSDYLPHQWRILQLWR
GHOO¶DOORJJLRVRYUDVWDQWHYHQJDD]LRQDWRXQJHQHUDWRUHGLFDOSHVWLRQRUPDOL]]DWR
,O OLYHOOR VRQRUR LQ XQ DOORJJLR DOORUFKp LO UXPRUH q JHQHUDWR GD XQR GHJOL LPSLDQWL R GHL
GLVSRVLWLYLRGHJOLDSSDUHFFKLHVWHUQLDOO¶DOORJJLRHLQVWDOODWLQHOO¶HGLILFLRQRQGHYHVXSHUDUH
G%$VHHVVLVRQRSULYDWLG%$VHHVVLVRQRFRPXQL
$UW5(48,6,7,5(/$7,9,$//$385(==$'(//
$5,$
*OL HGLILFL GHYRQR HVVHUH SURJHWWDWL H UHDOL]]DWL LQ PRGR FKH QRQ YHQJDQR VXSHUDWH OH
FRQFHQWUD]LRQL GL VRVWDQ]H LQTXLQDQWL H GL YDSRUH DFTXHR FRPSDWLELOL FRQ LO EHQHVVHUH H OD
VDOXWHGHOOHSHUVRQHHFRQODEXRQDFRQVHUYD]LRQHGHOOHFRVHHGHJOLHOHPHQWLFRVWLWXWLYLGHJOL
HGLILFLPHGHVLPL
,YROXPLPLQLPLGHLORFDOLGHYRQRHVVHUHYHULILFDWLLQEDVHDOOHSRUWDWHGLVRVWDQ]HLQTXLQDQWL
HGLYDSRUHDFTXHRSURGRWWHGDOOHSHUVRQHDOOHFRQFHQWUD]LRQLDPPLVVLELOLDOOHSRUWDWHGLDULD
QHFHVVDULHSHUO
DOLPHQWD]LRQHGLHYHQWXDOLPRGHVWLSURFHVVLGLFRPEXVWLRQHDLULFDPELG
DULD
HIIHWWLYDPHQWHUHDOL]]DELOL
/HVRVWDQ]HLQTXLQDQWLSURGRWWHGDVRUJHQWLFKHQRQVLDQROHSHUVRQHGHYRQRHVVHUHHOLPLQDWH
SUHVVROHVRUJHQWLPHGHVLPHFRQDSSRVLWLGLVSRVLWLYL
, ULFDPEL G
DULD QHJOL DPELHQWL QRQ GRWDWL GL LPSLDQWL GL FRQGL]LRQDPHQWR R YHQWLOD]LRQH
PHFFDQLFDSHUPDQHQWLGHYRQRHVVHUHRWWHQXWLPHGLDQWHDSSRVLWHDSHUWXUHGHLVHUUDPHQWLGL
SDUWL GL TXHVWL R GL DOWUL GLVSRVLWLYL RQGH FRQVHQWLUH DGHJXDWH SRVVLELOLWj GL YHQWLOD]LRQH
QDWXUDOHDQFKHQHLPHVLLQYHUQDOL
*OL HGLILFL HG L VLVWHPL GL YHQWLOD]LRQH GHYRQR HVVHUH SURJHWWDWL H UHDOL]]DWL LQ PRGR GD
LPSHGLUH O
LPPLVVLRQH R LO ULIOXVVR GHL PHGHVLPL GHOO
DULD H GHJOL LQTXLQDQWL HVSXOVL H SHU
TXDQWR SRVVLELOH OD PXWXD GLIIXVLRQH QHL ORFDOL GL HVDOD]LRQH H GL LQTXLQDPHQWL LQ HVVL
SURGRWWL
,ORFDOLGHVWLQDWLDGXIILFLDWWLYLWjFRPPHUFLDOLFXOWXUDOLULFUHDWLYHQHLTXDOLQRQVLDSRVVLELOH
HIIHWWXDUHXQDYHQWLOD]LRQHQDWXUDOHGRYUDQQRHVVHUHFRQGL]LRQDWLRYHQWLODWLPHFFDQLFDPHQWH
DVHFRQGDGHOOHFDUDWWHULVWLFKHPRUIRORJLFKHHGHOOHDWWLYLWjSUHYLVWH
, ORFDOL GHVWLQDWL D VHUYL]L LJLHQLFL FDELQH GL FRWWXUD TXDORUD JOL VWHVVL QRQ VLDQR PXQLWL GL
VHUUDPHQWLYHUVRO
HVWHUQRGRYUDQQRDYHUHVWHUQLGLHVSXOVLRQHIRU]DWDPHFFDQLFDGHOO
DULD
1HJOLDOORJJLWDOHHVSXOVLRQHSRWUjDYHUHIXQ]LRQDPHQWRGLVFRQWLQXRTXDORUDLVLQJROLVHUYL]L
VLDQRPXQLWLGLHVWUDWWRULLQGLSHQGHQWL
, VHUYL]L OH FXFLQH HFF QHL TXDOL q SUHYLVWD OD HVSXOVLRQH IRU]DWD GRYUDQQR DYHUH SRUWH
SURJHWWDWHLQPRGRGDFRQVHQWLUHLOSDVVDJJLRGHOO¶DULD
,YROXPLPLQLPLGHOFRHIILFLHQWHGLULFKLDPRGHOO
HVSXOVLRQHPHFFDQLFDVDUDQQR
VHUYL]LLJLHQLFL
D HVSXOVLRQHFRQWLQXD
E HVSXOVLRQHGLVFRQWLQXD
FDELQHGLFRWWXUD
D HVSXOVLRQHFRQWLQXD
E HVSXOVLRQHGLVFRQWLQXD ,YROXPLROHVXSHUILFLPLQLPHGHLORFDOLRGHJOLDOORJJLVRQRLVHJXHQWL
/RFDOLGLVRJJLRUQR PT
/RFDOLGLVHUYL]LR
D FDELQDGLFRWWXUDFRQWLQHOOR PT
E FXFLQD PT
F EDJQRFRQSLGLGXHDSSDUHFFKLH
YDVFDVXSHUILFLHPLQLPD PT
G EDJQRFRQSLGLGXHDSSDUHFFKLH
GRFFLDVXSHUILFLHPLQLPD PT
H JDELQHWWRFRQPHQRGLWUHDSSDUHFFKL
VHQ]DYDVFDRSLDWWRGRFFLDVXSHUILFLH
PLQLPD PT
*OLDOORJJLGHYRQRHVVHUHFRVWLWXLWLGDXQRRSLORFDOLGLVRJJLRUQRDOPHQRGDXQDFXFLQDR
GDXQDFDELQDGLFRWWXUDFRQWLQHOORHGDXQEDJQRFRQSLGLGXHDSSDUHFFKLHYDVFDRSLDWWR
GRFFLD
/D VRPPD GHL ORFDOL GL VRJJLRUQR GLYLVL R LQGLYLVL QRQ GHYH HVVHUH LQIHULRUH D PT SHU
SHUVRQD
,OQXPHURGHLORFDOLGLVHUYL]LRGHYHHVVHUHDGHJXDWRDOQXPHURGLSHUVRQHSHUFXLO
DOORJJLR
qGHVWLQDWR
,OFRHIILFLHQWHGLULFDPELRGHLORFDOLGHJOLDOORJJLQRQGHYHHVVHUHLQIHULRUHDPFPFK
,OFRHIILFLHQWHGLULFDPELRGHLORFDOLGLVRJJLRUQRGHVWLQDWLDOULSRVRGHOOHSHUVRQHQRQGHYH
HVVHUHLQIHULRUHDS9PFPFKFRQSQXPHURGHOOHSHUVRQHH9YROXPHGHOORFDOHLQPF
,O FRHIILFLHQWH GL ULFDPELR GHL ORFDOL GL VHUYL]LR GHYH HVVHUH VWDELOLWR LQ EDVH DOOH ORUR
VSHFLILFKHGHVWLQD]LRQLHDOOHVFHOWHSURJHWWXDOL
,ORFDOLGHJOLDOORJJLHFFHWWRTXHOOLGLFXLDLSXQWLFGHGHOO
$UWGHYRQRDYHUH
VHUUDPHQWLHVWHUQLGRWDWLGLSDUWLDSULELOLSURJHWWDWLHSRVL]LRQDWLLQPRGRGDFRQVHQWLUHXQD
HIILFDFHYHQWLOD]LRQHQDWXUDOH
/
DUHD GHOOH SDUWL DSULELOL ULIHULWD DO YROXPH GHO ORFDOH GHYH HVVHUH QRQ PHQR GL GL
PTPFQHLORFDOLGLVRJJLRUQRQRQPHQRGLGLPTPFQHLORFDOLGLVHUYL]LR
*OL DOORJJL H L VLVWHPL GL YHQWLOD]LRQH GHYRQR HVVHUH SURJHWWDWL H UHDOL]]DWL LQ PRGR GD
LPSHGLUH OD GLIIXVLRQH QHL ORFDOL GL VHUYL]LR H OD PXWXD GLIIXVLRQH GL TXHVWL XOWLPL GHOOH
HVDOD]LRQLLQHVVHSURGRWWH
, PDWHULDOL LPSLHJDWL QHJOL DOORJJL QRQ GHYRQR HPHWWHUH Qp SRWHU HPHWWHUH RGRUL RG
HVDOD]LRQL
$UW5(48,6,7,5(/$7,9,$,6(59,=,7(&12/2*,&,
*OLHGLILFLGHYRQRHVVHUHGRWDWLGLLPSLDQWLSHUPDQHQWLLTXDOLDVVLHPHFRQJOLDOWULHOHPHQWL
FRVWLWXWLYLGHJOLHGLILFLPHGHVLPLDVVLFXUDQRLOEHQHVVHUHGHOOHSHUVRQHHLVHUYL]LQHFHVVDUL
DOODORURLJLHQHDOODORURVLFXUH]]DDOOHORURDWWLYLWj
*OL LPSLDQWL R L ORUR FRPSRQHQWL FRPXQL D SL SXQWL GL XWLOL]]D]LRQH FRPSUHVL L FRQWDWRUL
GHEERQRHVVHUHXELFDWLLQORFDOLRSSRUWXQDPHQWHGLPHQVLRQDWLHILQLWLIDFLOPHQWHDFFHVVLELOL
DOOHSHUVRQHDXWRUL]]DWH
*OL LPSLDQWL H OD ORUR LQVWDOOD]LRQH GHYRQR HVVHUH SURJHWWDWL H UHDOL]]DWL LQ PRGR FKHWXWWL L
FRPSRQHQWL FRPSUHVL WUD LSXQWLGLDOODFFLDOHQWRDOOHUHWLXUEDQHHLSXQWLGLXWLOL]]D]LRQH
VLDQR IDFLOPHQWH DJLELOL SHU OD FRQGRWWD SHU OD PDQXWHQ]LRQH SHU OD VRVWLWX]LRQH SHU OD
ULPR]LRQH/H VHGL GHJOL DOODFFLDPHQWLGHJOLLPSLDQWLDOOHUHWLXUEDQHHGHOOHGLUDPD]LRQLDL
SXQWL GL XWLOL]]D]LRQH H L SXQWL GL XWLOL]]D]LRQH PHGHVLPL QRQ GHYRQR SHUPHWWHUH OD
GLIIXVLRQHGLHVDOD]LRQLQpO
DFFHVVRGLDQLPDOLHGLLQVHWWL LQGHVLGHUDELOLQHJOLHGLILFLHQHL
ORURORFDOL
*OL HGLILFL GHEERQR HVVHUH GRWDWL GL LPSLDQWL SHUPDQHQWL FKH SRVVDQR DVVLFXUDUH LQ PLVXUD
VXIILFLHQWHDOPHQRLVHJXHQWLVHUYL]L
GLVWULEX]LRQHGHOO
DFTXDSRWDELOHHGHOO
HQHUJLDHOHWWULFD
UDFFROWD HG DOORQWDQDPHQWR GHOOH DFTXH PHWHRULFKH GHOOH DFTXH XVDWH GHL OLTXDPL GHL
ULILXWLVROLGLHGHYHQWXDOPHQWHOLTXLGL
ULVFDOGDPHQWR
WUDVSRUWR YHUWLFDOH GHOOH SHUVRQH H WUDVSRUWR YHUWLFDOH GHOOH FRVH IDWWD HFFH]LRQH SHU JOL
HGLILFLFRQPHQRGLTXDWWURSLDQLGLFDOSHVWLRLOQXPHURHOHFDUDWWHULVWLFKHGHJOLLPSLDQWL
GRYUj HVVHUH SURSRU]LRQDWR LQ EDVH D GHVWLQD]LRQL GHOO
HGLILFLR WHPSL GL VPDOWLPHQWR
WHPSLGLDWWHVDQXPHURGHOOHIHUPDWH
WHOHFRPXQLFD]LRQL LQWHUQH WHOHFRPXQLFD]LRQL HVWHUQH DSSDUHFFKL WHUPLQDOL HVFOXVL /D
GRWD]LRQHGHJOLLPSLDQWLUHODWLYLDWDOLVHUYL]LQRQqREEOLJDWRULDSHUJOLHGLILFLFRQPHQR
GLTXDWWURSLDQLGLFDOSHVWLR
SURWH]LRQHGDLULVFKLFRQQHVVLFRQODHVLVWHQ]DGHOO
LPSLDQWRHOHWWULFR
/HDFTXHXVDWHHLOLTXDPLGRYUDQQRHVVHUHLPPHVVLQHLFROOHWWRULXUEDQLDWWUDYHUVRHYHQWXDOL
LPSLDQWLGLGHSXUD]LRQHVHULFKLHVWL
/HDFTXHPHWHRULFKHGRYUDQQRHVVHUHLPPHVVHQHLFROOHWWRULXUEDQL
*OL DOORJJL GHEERQR HVVHUH GRWDWL GL LPSLDQWL SHUPDQHQWL FKH SRVVDQR DVVLFXUDUH DOPHQR L
VHJXHQWLDOWULVHUYL]L
GLVWULEX]LRQHGHOO
DFTXDFDOGDDSSDUHFFKLGLSURGX]LRQHHVFOXVL
HVSXOVLRQHGHLJDVFRPEXVWL
*OLLPSLDQWLSHUPDQHQWLLQVWDOODWLQHJOLDOORJJLGHYRQRHVVHUHDGHJXDWLDOQXPHURGLSHUVRQH
FXLFLDVFXQDOORJJLRqGHVWLQDWR
$UW5(48,6,7,5(/$7,9,$//$)58,%,/,7$¶
*OLDUUHGLGHYRQRHVVHUHSRUWDWLQHJOLHGLILFLHFROORFDWLQHLORFDOLDJHYROPHQWHDWWUDYHUVROH
QRUPDOLYLHGLDFFHVVR*OLHGLILFLGHYRQRSRWHUHVVHUHSXOLWLGLVLQIHWWDWLHGLVLQIHVWDWLLQRJQL
ORURSDUWH/DPDQXWHQ]LRQHHODHYHQWXDOHVRVWLWX]LRQHGHJOLHOHPHQWLFRVWLWXWLYLGHJOLHGLILFL
RGLSDUWLGHLPHGHVLPLHOHPHQWLGHYRQRSRWHUHVVHUHHIIHWWXDWHIDFLOPHQWHHFHOHUPHQWH
*OL HGLILFL H L ORUR FRPSRQHQWL FRVWLWXWLYL VROOHFLWDWL DG D]LRQL VWDWLFKH H GLQDPLFKH
SUHYHGLELOLQRQGHYRQRVXELUHGHIRUPD]LRQLFKHVLDQRLQFRPSDWLELOLFRQLOEHQHVVHUHGHOOH
SHUVRQHHFRQODEXRQDFRQVHUYD]LRQHGHOOHFRVH
*OLLPSLDQWLGLFXLDOO
$UWGHYRQRHVVHUHXELFDWLSURJHWWDWLHUHDOL]]DWLLQPRGRGDQRQ
LPPHWWHUHQHJOLHGLILFLHVDOD]LRQLIXPRYLEUD]LRQL
$UW5(48,6,7,5(/$7,9,$//$6,&8==$
*OLHGLILFLHLORURHOHPHQWLFRVWLWXWLYLVROOHFLWDWLGDD]LRQLVWDWLFKHHGLQDPLFKHSUHYHGLELOL
GHYRQRSHUPDQHUHVWDELOL*OLLPSLDQWLHLGLVSRVLWLYLGLPDQRYUDLQVWDOODWLSHUPDQHQWHPHQWH
QHJOLHGLILFLHLGHSRVLWLGLFRPEXVWLELOHGHYRQRHVVHUHXELFDWLSURJHWWDWLHUHDOL]]DWLLQPRGR
GDQRQFRVWLWXLUHSHULFRORSHUOHSHUVRQHRSHUOHFRVH
*OL HGLILFL LQ UHOD]LRQH DOOD GHVWLQD]LRQH DOO
DOWH]]D JHWWDWL UHDOL]]DWL LQ PRGR GD
VDOYDJXDUGDUH GDL SHULFROL G
LQFHQGLR O
LQFROXPLWj GHJOL RFFXSDQWL FRPSUHVL JOL DPPDODWL H
JOLLQDELOLHTXHOODGHLVRFFRUULWRUL
, PDWHULDOL GD FRVWUX]LRQH QRQ GHYRQR HPHWWHUH LQ FDVR G
LQFHQGLR IXPL H JDV WRVVLFL LQ
TXDQWLWjWDOHGDFRVWLWXLUHSHULFRORSHUJOLRFFXSDQWLDQFKHQHJOLHGLILFLFLUFRVWDQWL
, ORFDOL GHJOL HGLILFL HFFHWWXDWL TXHOOL GL FXL DL SXQWL ³E´ ³F´ ³G´ ³H´ ³I´ GHOO
$UW GHYRQR DYHUH XQ DGHJXDWR QXPHUR GL VHUUDPHQWL VWHUQL IDFLOPHQWH DFFHVVLELOL GDOO
LQWHUQR H
GRWDWLGLXQDSDUWHDSULELOH
/HVXSHUILFLYHWUDWHQRQGHYRQRSRWHUFRVWLWXLUHSHULFRORSHUOHSHUVRQH
,SDUDSHWWLQRQGHYRQRSRWHUHVVHUHVFDODELOLDWWUDYHUVDELOLRVIRQGDELOLSHUXUWRDFFLGHQWDOH
/D ORUR DOWH]]D QRQ GHYH HVVHUH LQIHULRUH D PW H GHYH HVVHUH DXPHQWDWD LQ UDSSRUWR
DOO
DOWH]]DGHOVXROR
*OLVSD]LGHVWLQDWLDOODFLUFROD]LRQHRUL]]RQWDOHHYHUWLFDOHLQWHUQLHGHVWHUQLGHJOLHGLILFLQRQ
GHYRQR DYHUH VSRUWL LQVLGLRVL VXSHUILFL GL FDOSHVWLR VGUXFFLROHYROL LOOXPLQD]LRQH
LQVXIILFLHQWH
/
LOOXPLQD]LRQH GLXUQD DUWLILFLDOH GL HPHUJHQ]D QHL ORFDOL GL FXL DL SXQWL ³E´ ³H´
GHOO
$UWGHYHSRWHUHVVHUHDVVLFXUDWDDQFKHGXUDQWHOHLQWHUUX]LRQLGHOO
HQHUJLDHOHWWULFD
GLUHWHIDQQRHFFH]LRQHLORFDOLGHVWLQDWLDVHUYL]LLJLHQLFLTXDORUDDSSDUWHQJDQRDGDOORJJL
/
LOOXPLQD]LRQH GHL ORFDOL GHVWLQDWL DOOD FLUFROD]LRQH GHOOH SHUVRQH H LQ JHQHUDOH TXHOOD
GHJOLVSD]LFRPXQLLQWHUQLGHJOLHGLILFLGHYRQRSRWHUHVVHUHDVVLFXUDWHDQFKHGLQRWWH
/
LOOXPLQD]LRQHGHJOLDFFHVVLGHOOHUDPSHGHLJLDUGLQLHLQJHQHUDOHGHJOLVSD]LFRPXQLHG
HVWHUQLGHJOLHGLILFLGHYHSRWHUHVVHUHSHUPDQHQWHPHQWHDVVLFXUDWDDQFKHGLQRWWH
,ORFDOLGHVWLQDWLDOOHDWWLYLWjGHOOHSHUVRQHGHYRQRHVVHUHSURJHWWDWLHUHDOL]]DWLLQPRGRFKH
FLDVFXQD SHUVRQD SRVVD IUXLUH GL XQR VSD]LR OHWWR QRQ LQIHULRUH D TXHOOR GHOLPLWDWR GD XQ
FLOLQGURYHUWLFDOHGLUDJJLRSDULDPDOWRP
/HFRSHUWXUHQRQRUL]]RQWDOLGHJOLHGLILFLGHYRQRHVVHUHGRWDWHGLGLVSRVLWLYLRSSRUWXQDPHQWH
SRVL]LRQDWL SHU O
DQFRUDJJLR GHOOH FLQWXUHGLVLFXUH]]DGHJOL DGGHWWLDOODORURPDQXWHQ]LRQH
VH OD SHQGHQ]D VXSHUD L ƒ OH FRSHUWXUH GHYRQR DQFKH HVVHUH GRWDWH GL XQD EDUULHUD GL
FRQWHQLPHQWRFRQWLQXDHGDGHJXDWDPHQWHGLPHQVLRQDWD
$UW5(48,6,7,5(/$7,9,$//$,03(50($%,/,7$
(6(&&+(==$
/H SDUHWL SHULPHWUDOL GHJOL HGLILFL GHYRQR HVVHUH LPSHUPHDELOL DOOH DFTXH PHWHRULFKH
VXIILFLHQWHPHQWHLPSHUPHDELOLDOO
DULDLQWULQVHFDPHQWHDVFLXWWH
*OL HOHPHQWL FRVWLWXWLYL GHJOL HGLILFL GHYRQR SRWHU HYDFXDUH OH DFTXH GL HGLILFD]LRQH H OH
HYHQWXDOLDFTXHGLFRQGHQVD]LRQHSHUPDQHUHDVFLXWWL
*OLHOHPHQWLFRVWLWXWLYLGHJOLHGLILFLQRQGHYRQRSRWHUHVVHUHLPELELWLLUUHYHUVLELOPHQWHGDOOH
DFTXHPHWHRULFKHHGDHYHQWXDOLDFTXHIOXHQWLIUHDWLFKHRVWDJQDQWL
$UW5(48,6,7,5(/$7,9,$//$'85$%,/,7$
*OL HOHPHQWL FRVWLWXWLYL GHJOL HGLILFL QRQ GHYRQR SRWHU VXELUH SHU HIIHWWR GL WUDWWDPHQWL GL
GLVLQIH]LRQH H GLVLQIHVWD]LRQH H GL WUDWWDPHQWR D TXHVWL DVVLPLODELOL GDQQLFKHQRQSRVVRQR
HVVHUHHOLPLQDWLFRQRSHUD]LRQLGLQRUPDOHPDQXWHQ]LRQH/HSDUHWLHOHORURVXSHUILFLLQWHUQH
GHYRQR HVVHUH SURJHWWDWH H UHDOL]]DWH LQ PRGR FKH QRQ SRVVDQR HVVHUH GHWHULRUDWH GD
FRQGHQVD]LRQLSDVVHJJHUH
*OLHGLILFLHLORURHOHPHQWLFRVWLWXWLYLGHYRQRHVVHUHSURJHWWDWLHUHDOL]]DWLLQPRGRFKHQRQ
SRVVDQRHVVHUHGHJUDGDWLLQWHPSLDQRUPDOPHQWHEUHYLGDDJHQWLELRORJLFLRFKLPLFLRILVLFL
*OLHGLILFLHLORURHOHPHQWLFRVWLWXWLYLVROOHFLWDWLGDD]LRQLVWDWLFKHHGLQDPLFKHSUHYHGLELOL
QRQGHYRQRSRWHUVXELUHGHIRUPD]LRQLFKHDOWHULQRLOORURDVSHWWR
*OL HGLILFL GHYRQR HVVHUH SURJHWWDWL H UHDOL]]DWL LQ PRGR FKH FRQ RSHUD]LRQL GL QRUPDOH
PDQXWHQ]LRQHSRVVDQRFRQVHUYDUHQHOWHPSROHORURSUHVWD]LRQLHLOORURGHFRUR
$UW5(48,6,7,(&2/2*,&,
*OL HGLILFL H L ORUR LPSLDQWL GHYRQR HVVHUH SURJHWWDWL UHDOL]]DWL DFFHVVRULDWL H FRQGRWWL LQ
PRGRFKHWXWWLLFRQVXPLHQHUJHWLFLHOHHPLVVLRQLGLVRVWDQ]HLQTXLQDQWLQHOODHFFH]LRQHSL
DOWDYHQJRQRFRQWHQXWLDOPDVVLPR
$UWELV3HUJOLLPSLDQWLGLVFLSOLQDWLQHOODSDUWH,9WLWROR,, ,,,,99GHOSUHVHQWH
UHJRODPHQWR H LQFOXVL QHOO
HOHQFR GL FXL DOO
DUW GHOOD /5 QƒVLDSSOLFDQR OH
GLVSRVL]LRQLLYLSUHYLVWH
7,72/29ƒ
&$87(/('$266(59$5(1(//¶(6(&8=,21('(,/$925,
$UW23(5(35299,6,21$/,
1HOO
HVHFX]LRQH GL RSHUH HGLOL]LH QXRYH FRVWUX]LRQL DPSOLDPHQWL ULVWUXWWXUD]LRQL H
GHPROL]LRQL GL IDEEULFDWL HVLVWHQWL HFF VL GHYRQR RVVHUYDUHWXWWHOHFDXWHOHDWWHDGHYLWDUH
RJQL SHULFRORRGDQQRDSHUVRQHHDFRVHDWWHQXDUHSHUTXDQWRSRVVLELOHOHPROHVWLHFKHL
WHU]LSRVVDQRULVHQWLUHGDOO
HVHFX]LRQHGHOOHRSHUHVWHVVH
4XDORUD VL HVHJXDQR RSHUH HGLOL]LH LQ IUHJLR D VSD]L DSHUWL DO SXEEOLFR LO SURSULHWDULR GHYH
FKLXGHUH FRQ DGHJXDWD UHFLQ]LRQH LQ OXRJR GHVWLQDWR DOO
RSHUD OXQJR L ODWL SURVSLFLHQWL JOL
VSD]LVWHVVL
,Q RJQL FDVR GHYRQR VHPSUH HVVHUH DGRWWDL SURYYHGLPHQWL DWWL D VDOYDJXDUGDUH O
LQFROXPLWj
SXEEOLFDGHYHHVVHUHDVVLFXUDWDODSRVVLELOLWjGLWUDQVLWRHGHYLWDUHODIRUPD]LRQHGLULVWDJQL
GLDFTXD
/H UHFLQ]LRQL SURYYLVRULH GHYRQR HVVHUH GL DVSHWWR GHFRURVR DYH UH DOWH]]D QRQ PLQRUH GL
POHGHVVHUHFRVWUXLWHVHFRQGRJOLDOOLQHDPHQWLHOHPRGDOLWjSUHVFULWWHGDO&RPXQH
/H DSHUWXUH FKH VL SUDWLFDQR QHOOH UHFLQ]LRQL SURYYLVRULH GHYRQR DSULUVL YHUVR O
LQWHUQR R
HVVHUHVFRUUHYROLDLODWL
*OL DQJROL VSRUJHQWL GHOOH UHFLQ]LRQL SURYYLVRULH R GL DOWUR JHQHUH GL ULSDUR GHYRQR HVVHUH
HYLGHQ]LDWL PHGLDQWH ]HEUDWXUD H VHJQDOHWLFD VWUDGDOH H PXQLWL GL OXFL URVVH FKH GHYRQR
ULPDQHUH DFFHVH GDO WUDPRQWR DO OHYDU GHO VROH H FRPXQTXH GXUDQWH WXWWR LO WHPSR LQ FXL
IXQ]LRQDO
LOOXPLQD]LRQHSXEEOLFD
7XWWH OH VWUXWWXUH SURYYLVLRQDOL SRQWL GL VHUYL]LR LPSDOFDWXUH UDPSH VFDOH SDUDSHWWL H
VLPLOLGHYRQRDYHUHUHTXLVLWLGLUHVLVWHQ]DVWDELOLWjHSURWH]LRQHFRQIRUPLDOOHGLVSRVL]LRQL
GL/HJJHSHUODSUHYHQ]LRQHGHJOLLQIRUWXQLVXOODYRUR
,OSXQWRSLEDVVRGHOOHRSHUHSURYYLVLRQDOLVRYUDVWDQWLOXRJKLDSHUWLDOSXEEOLFRGHYHGLVWDUH
GDOVXRORQRQPHQRGLPOHGDYHUHLOSLDQRLQIHULRUHFRVWUXLWRLQPRGRGDULSDUDUHFRQ
VLFXUH]]D OR VSD]LR FLUFRVWDQWH ,O 6LQGDFR KD FRPXQTXH OD IDFROWj GL GHWWDUH SDUWLFRODUL
SUHVFUL]LRQLILVVDQGRLWHUPLQLSHUO
HVHFX]LRQHHULVHUYDQGRVLO
LQWHUYHQWRVRVWLWXWLYRDVSHVH
GHJOLLQWHUHVVDWL
$UW6&$9,('(02/,=,21,
*OLVFDYLDLPDUJLQLGLVSD]LDSHUWLDOSXEEOLFRGHYRQRHVVHUHFRQGRWWLLQPRGRGDHYLWDUHOR
VFRVFHQGLPHQWR GHOOH SDUHWL OH TXDOL GHYRQR SHUWDQWR HVVHUH DGHJXDWDPHQWH VEDGDFFKLDWH R
DYHQWL XQD SHQGHQ]D UDSSRUWDWD DOOH FDUDWWHULVWLFKH GHO WUDIILFR H FRPXQTXH LQIHULRUH
DOO
DQJROR G
DWWULWR GHO WHUUHQR 1HOOH RSHUH GL GHPROL]LRQH H VSHFLDOPHQWH QHOOR VWDFFR GL
PDWHULDOL YROXPLQRVL H SHVDQWL VL GHYRQR XVDUH WXWWH OH FDXWHOH DWWH DG HYLWDUH GDQQR D
SHUVRQH R FRVH VFXRWLPHQWL GHO WHUUHQR H FRQVHJXHQWHPHQWH GDQQHJJLDPHQWR DL IDEEULFDWL
YLFLQL 6L GHEERQR FRPXQTXH RVVHUYDUH OH SUHVFUL]LRQL VWDELOLWH GDO 5HJRODPHQWR GL 3ROL]LD
8UEDQDHGHYHHVVHUHHYLWDWRLOSROYHULR
$UW029,0(172('$&&808/2'(,0$7(5,$/,
1HL OXRJKL DSHUWL DO SXEEOLFR q YLHWDWR LO FDULFR OR VFDULFR H O
DFFXPXOR GHL PDWHULDOL GD
FRVWUX]LRQHRGLULVXOWDGDVFDYLRGHPROL]LRQL6RORQHOFDVRGLDVVROXWDQHFHVVLWjLO6LQGDFR
DULFKLHVWDGHOO
LQWHUHVVDWRSXzDXWRUL]]DUHLOFDULFRORVFDULFRHLOGHSRVLWRWHPSRUDQHRGHL
PDWHULDOLFRQTXHOOHQRUPHHFDXWHOHFKHLQRJQLVLQJRORFDVRYHUUDQQRVWDELOLWHRVVHUYDQGR
OH GLVSRVL]LRQL GHO 5HJRODPHQWR GL 3ROL]LD 8UEDQD OH QRUPH SHU O
RFFXSD]LRQH GHO VXROR
SXEEOLFRQRQFKpOH/HJJLYLJHQWLLQPDWHULDGLFLUFROD]LRQHVWUDGDOH
3$57(48,17$
'(),1,=,21,85%$1,67,&+(
7,72/2,ƒ
67580(17,',$778$=,21('(/3,$125(*2/$725(*(1(5$/(
$UW,/3,$123$57,&2/$5(**,$72
,O3LDQR3DUWLFRODUHJJLDWRqORVWUXPHQWRXUEDQLVWLFRDWWXDWLYRFKHGHILQLVFHDQFKHSHUVHWWRUL
IXQ]LRQDOLO
RUJDQL]]D]LRQHXUEDQLVWLFDGLXQFHQWURDELWDWRRGL]RQHWHUULWRULDOLRPRJHQHH
ODVXDGHOLPLWD]LRQHqSUHYLVWDGDO3LDQR5HJRODWRUH*HQHUDOH
,O3LDQR3DUWLFRODUHJJLDWRqIRUPDWRGDJOLHODERUDWLGLFXLDOO
$UWGHOOD/HJJH5HJLRQDOH
QƒHFRQWLHQHODGHOLPLWD]LRQHGHLFRPSDUWLHGLILFDWRUL$UW/8
/
LQJLXQ]LRQHDLSURSULHWDULGLFXLDOFRPPDGHOO
$UW/8VDUjGDO6LQGDFRIRUPXODWDLQ
XQDFRQODQRWLILFDGHOGHFUHWRGLDSSURYD]LRQHGHO3LDQR3DUWLFRODUHJJLDWRGLFXLDOO
$UW
FRPPD /8 ,O WHUPLQH DVVHJQDWR SHU OD GLFKLDUD]LRQH GL HVHFX]LRQH VSRQWDQHD GHOOH
SUHYLVLRQL GHO 3LDQR 3DUWLFRODUHJJLDWR QRQ SRWUj HVVHUH VXSHULRUH D JLRUQL RYH QHO GHWWR
WHUPLQH QRQ SHUYHQJD GDO 6LQGDFR OD GHWWD GLFKLDUD]LRQH OR VWHVVR GLIILGHUj L SURSULHWDUL
LQDGHPSLHQWL DG HVHJXLUH L ODYRUL SUHYLVWL GDO 3LDQR 3DUWLFRODUHJJLDWR L HVHJXLUH HQWUR LO
WHUPLQHGLJLRUQL
7XWWHOHQRWLILFKHVRQRHIIHWWXDWHGDL0HVVL&RPXQDOLHLQFDVRGLODFXQRVLWjRGLLQFHUWH]]D
GHOO
LQGLUL]]RULVXOWDQWHGDJOLHOHQFKLFDWDVWDOLSRWUjHVVHUHHIIHWWXDWDFROULWRGHJOLLUUHSHULELOL
$UW&RG3URF&LY
'HFRUVRLOWHUPLQHILVVDWRFRQODGLIILGDGLFXLDOFVDOYRXQDSURURJDGDFRQFHGHUVLFRQ
GHOLEHUD]LRQHFRQVLOLDUHVHQ]DFKHVLDLQWHUYHQXWDODGLFKLDUD]LRQHGLHVHFX]LRQHVSRQWDQHD
GD SDUWH GHO VLQJROR SURSULHWDULR R GHO &RQVRU]LR LO &RPXQH SURFHGHUj DOOD HVSURSULD]LRQH
GHOOHDUHHHGHJOLHGLILFLFRPSUHVLQHOVLQJRORFRPSDUWR
(YHQWXDOLUHOLTXDWLGLDUHHSXEEOLFKHLYLFRPSUHVHOHVHGLVWUDGDOLHFRPXQDOLFKHULVXOWLQR
GLPHVVH SHU OH TXDOL O
DSSURYD]LRQH GHO 3LDQR 3DUWLFRODUHJJLDWR HTXLYDOH D IRUPDOH
GHFODVVLILFD]LRQHDYDOHUHDLVHQVLHSHUJOLHIIHWWLGLFXLDOO
$UWGHOOD/HJJH
QƒVDUDQQRDWWULEXLWLDLSURSULHWDULGHOOHDUHHILQLWLPHVHFRQGRLFULWHULVWDELOLWLGDOO
$UW
&RG &LY HG LO UHODWLYR SUH]]R GHWHUPLQDWR DL VHQVL GHJOL $UWW H GHOOD /HJJH
Qƒ &RQ OD SULPD LQJLXQ]LRQH LO 6LQGDFR IRUPXOHUj LQYLWR D FLDVFXQ
LQWHUHVVDWR D GLFKLDUDUH VH LQWHQGH DYYDOHUVL GHO GLULWWR D GLFKLDUDUH VH LQWHQGH DYYDOHUVL GHO
GLULWWRGLFXLDOO
$UW&&QHOORVWHVVRWHUPLQHLYLILVVDWR/
DFFHWWD]LRQHGHOO
RIIHUWDGL
DFTXLVWR FRPSRUWD OD FRPSXWDELOLWj GHOO
DUHD UHODWLYD QHOOD ULVSHWWLYD FDUDWXUD FRQVRUWLOH LQ
FDVRGLPDQFDWDDFFHWWD]LRQHGHOO
RIIHUWDVLSURFHGHUjDLVHQVLGHOO
XOWLPRFRPPDGHOO
$UW
/8
$UW,/&203$572(',),&$725,2
,O FRPSDUWR FRPSUHQGH XQR R SL HGLILFL HR DUHH GD WUDVIRUPDUH DSSDUWHQHQWL D SL
SURSULHWDUL R DYHQWL WLWROR SHU HGLILFDUH H FRVWLWXHQWL LQVLHPH XQ
XQLWj PLQLPD SHU XQ
LQWHUYHQWRXQLWDULRHVLUHDOL]]DDWWUDYHUVRODFRVWLWX]LRQHGLXQFRQVRU]LRHODSUHVHQWD]LRQH
GLXQ¶XQLFDLVWDQ]DGLFRQFHVVLRQHHGLOL]LD
/D GHOLPLWD]LRQH GHOO
DPELWR WHUULWRULDOH GHO &RPSDUWR LQ WHUPLQL SHU OD FRVWLWX]LRQH GHO
&RQVRU]LR H SHU OD SUHVHQWD]LRQH GHOO
LVWDQ]D GL FRQFHVVLRQH VRQR VWDELOLWL GD XQ SLDQR
XUEDQLVWLFR DWWXDWLYR R GD XQ 3URJUDPPD 3OXULHQQDOH G
$WWXD]LRQH PD SRVVRQR HVVHUH
GHOLEHUDWL R YDULDWL DQFKH VHSDUDWDPHQWH FRQ SURYYHGLPHQWR GHO &RQVLJOLR &RPXQDOH FKH
GLYLHQHHVHFXWLYRDLVHQVLGHOO
$UWGHOOD/IHEEUDLRQƒ
(VVRSXzHVWHQGHUVLDSDUWLGLXQ3LDQRGL5HFXSHURRGLXQ3LDQRSDUWLFRODUHJJLDWRRGLXQ
3LDQR 8UEDQLVWLFR DWWXDWLYR G
XIILFLR RSSXUH ULFRPSUHQGHUH JOL LQWHUYHQWL VLQJROL VSHWWDQWL D
SLVRJJHWWLLQDWWXD]LRQHGLUHWWDGHO3LDQR5HJRODWRUH*HQHUDOH
,O &RQVRU]LR GL &RPSDUWR q FRVWLWXLWR PHGLDQWH DWWR QRWDULOH VRWWRVFULWWR GDL VRJJHWWL
LQWHUHVVDWL/
DWWRFRVWLWXWLYRqFRUUHGDWRGDJOLHODERUDWLGLSURJHWWRULFKLHVWLGDOUHJRODPHQWR
HGLOL]LRSHULOULODVFLRGHOODFRQFHVVLRQHQRQFKpGDXQHOHQFRFDWDVWDOHGHOOHSURSULHWjHGHOOD
FRQYHQ]LRQHGLFXLDOO
$UWGHOOD/HJJH5HJLRQDOHQƒ
$UW&267,78=,21('(/&21625=,2',&203$572
4XDORUDOHDUHHFRPSUHVHLQXQFRPSDUWRHGLILFDWRULRDSSDUWHQJRQRDGXQDRSLSHUVRQHOD
FRVWLWX]LRQH GHO &RQVRU]LR GL FRPSDUWR GL FXL DJOL $UWW &RG &LY H /8 q
REEOLJDWRULD H GRYUj DYYHQLUH SHU DWWR SXEEOLFR ,O &RQVRU]LR DYUj ULOHYDQ]D SHU LO &RPXQH
VROR GDO PRPHQWR LQ FXL FRSLD DXWHQWLFD GHOO
DWWR FRVWLWXWLYR GHOOR VWHVVR VLD DFTXLVLWD DO
SURWRFROORFRPXQDOH
/HQRWLILFD]LRQLHIIHWWXDWHDLVHQVLGHOSUHFHGHQWH$UWDLVLQJROLSURSULHWDULQRQVDUDQQR
ULQQRYDWH DO FRQVRU]LR GDJOL VWHVVL FRVWLWXLWR &LDVFXQ SURSULHWDULR SRWUj SUHQGHUH YLVLRQH
SUHVVROD6HJUHWHULDFRPXQDOHGHOOHGLFKLDUD]LRQLGLHVHFX]LRQHVSRQWDQHDGHOOHSUHYLVLRQLGHO
3LDQR3DUWLFRODUHJJLDWRULODVFLDWHDGDOWULSURSULHWDULGHOOHDUHHFRPSUHVHQHOFRPSDUWR
/DTXRWDGLSDUWHFLSD]LRQHGHO&RQVRU]LRGLFRPSDUWRFDUDWXUDFRQVRUWLOHYLHQHGHWHUPLQDWD
HVFOXVLYDPHQWHVXOODEDVHGHOO
LPSRQLELOHFDWDVWDOH/DPDQFDWDDGHVLRQHGLXQSURSULHWDULR
DO &RQVRU]LR GL FRPSDUWR GHYH HVVHUH IDWWD FRQVWDWDUH FRQ LQYLWR D FRVWLWXLUVL DYDQWL D
FRPSHWHQWHQRWDLRSHUODFRVWLWX]LRQHRODDGHVLRQHDO&RQVRU]LRQRWLILFDWRQHOOHIRUPHGHOOH
FLWD]LRQL FLYLOL D FXUD GL DOWUR SURSULHWDULR GL DUHH FRPSUHVH QHOOR VWHVVR FRPSDUWR R FRO
YHUEDOHGLPDQFDWDFRVWLWX]LRQHRDGHVLRQHDO&RQVRU]LR
6X LVWDQ]D GHO &RQVRU]LR FKH UDSSUHVHQWL DOPHQR L WUH TXDUWL GHOOH FDUDWXUH FRQVRUWLOL LO
6LQGDFR SURPXRYH O
HVSURSULD]LRQH D IDYRUH GHO &RQVRU]LR GHOOH DUHH H FRVWUX]LRQL GHL
SURSULHWDULQRQDGHUHQWLDO&RQVRU]LR
'HYRQRSDUWHFLSDUHDO&RQVRU]LRGLFRPSDUWRDQFKHLSURSULHWDULGLLPPRELOLGLFXLDO3LDQR
3DUWLFRODUHJJLDWRSUHYHGDODFRQVHUYD]LRQHVDOYRFKHVLWUDWWLGLHGLILFLHGHOODUHODWLYDDUHDGL
SHUWLQHQ]DVRJJHWWLDVSHFLDOHYLQFRORVWRULFRRGDUWLVWLFR
/H DUHH GHVWLQDWHDVWUDGHRSLD]]HSXEEOLFKHGLSURSULHWjFRPXQDOHQRQVRQRFRPSXWDWHLQ
VHGHGLFRVWLWX]LRQHGLFRQVRU]LRGLFRPSDUWR
2YH DOO
LQWHUQR GL XQ FRPSDUWR ULFDGDQR DUHH HGLILFDELOL GL SURSULHWj FRPXQDOH OD
SDUWHFLSD]LRQH GHO &RPXQH D FRQVRU]LR GL FRPSDUWR GRYUj HVVHUH GHOLEHUDWD GDO &RQVLJOLR
&RPXQDOH
$UW352&(',0(17268&&(66,92$//
(635235,$=,21(
4XDORUDVLVLDSURFHGXWRDLVHQVLGHOFRPPDGHOSUHFHGHQWHDUWLFRORDOO
HVSURSULD]LRQHGHO
FRPSDUWR OD SUHOD]LRQH GL FXL DOO
$UW /8 YLHQH HVHUFLWDWD LQ VHGH GL DOLHQD]LRQH DL
SXEEOLFLLQFDQWLGHOOHUHODWLYHDUHHSUHYLVWHGDOO
$UWXOWLPRFRPPD/8UHODWLYDPHQWHD
FLDVFXQHGLILFLRSUHYLVWRGDOFRPSDUWRGDLSURSULHWDULGHOO
LPPRELOHFKHORVWHVVRVRVWLWXLVFH
TXDQWRDYROXPHWULDRGHOOHDUHHVXFXLORVWHVVRGHYHVRUJHUH,QFDVRGLSDULWjGLRIIHUWDO
HQWLWj q DJJLXGLFDWD DO SURSULHWDULR FKH DYUHEEH DYXWR OD PDJJLRU FDUDWXUD FRQVRUWLOH
GHWHUPLQDWD DL VHQVL GHO SUHFHGHQWH $UW RYH LO FRQVRU]LR GL FRPSDUWR IRVVH VWDWR
FRVWLWXLWR
1HO EDQGR GL DOLHQD]LRQH GHOOH DUHH HVSURSULDWH q SUHFLVDWR LO WHUPLQH PDVVLPR HQWUR FXL L
ODYRUL GRYUDQQR YHQLUH LQL]LDWL H XOWLPDWL O
LQRVVHUYDQ]D GL WDOL WHPSL VDOYR SURURJD GD
FRQFHGHUVL SHU GLPRVWUDWD QHFHVVLWj FRQ GHOLEHUD]LRQH FRQVLOLDUH GHO SDUL FKH LO PDQFDWR
YHUVDPHQWR GHO SUH]]R GL DJJLXGLFD]LRQH FRPSRUWHUj GL SLHQR GLULWWR OD GHFDGHQ]D GHOO
DJJLXGLFD]LRQH ,O 6LQGDFR SURQXQFLD O
LQWHUYHQXWD GHFDGHQ]D H DQFKH FRQWHVWXDOPHQWH
EDQGLVFHLOQXRYRLQFDQWR
,Q FDVR GL LQDGHPSLPHQWR GHOO
DJJLXGLFD]LRQH H GL VXD GHFDGHQ]D GHOO
DJJLXGLFD]LRQH VL
DSSOLFDQROHGLVSRVL]LRQLGLFXLDOO
$UW&RG3URF&LY
'RSRFKHLOSULPRLQFDQWROLPLWDWRDLSURSULHWDULHVSURSULDWLVLDDQGDWRGHVHUWRVLSURFHGHUj
DO VXFFHVVLYR QXRYR LQFDQWR DSHUWR D WXWWL 6H DQFKH WDOH LQFDQWR VLD DQGDWR GHVHUWR VL SXz
SURFHGHUHDWUDWWDWLYDSULYDWDQHOULVSHWWRGHOOHQRUPHYLJHQWLLQRJQLFDVRVLDSSOLFKHUHEEHUR
OHGLVSRVL]LRQLGLFXLDOSUHFHGHQWH$UW
/
DJJLXGLFD]LRQH GHOO
DUHD QRQ HTXLYDOH DO ULODVFLR GL FRQFHVVLRQH HGLILFDWRULD SHU OH RSHUH
SUHYLVWHGDO3LDQR3DUWLFRODUHJJLDWR
$UW5,/$6&,2'(//$&21&(66,21((',),&$725,$$//
,17(512
'(/3,$123$57,&2/$5(**,$72
$OO
LQWHUQRGHOFRPSDUWRSRWUDQQRHVVHUHULODVFLDWHSLFRQFHVVLRQLHGLILFDWRULH3HUFLDVFXQ
HGLILFLRSUHYLVWRSHUDOWURGRYUjHVVHUHULODVFLDWDXQDVRODFRQFHVVLRQHXQLWDULDLQWDOFDVROD
FRPXQLRQH LQFLGHQWDOH GHULYDQWH GDO FRPSDUWR VL WUDVIHULVFH LQ FRQGRPLQLR GHOO
HGLILFLR
UHJRODWRVHFRQGRODFDUDWXUDFRQVRUWLOHRULJLQDULD
1HVVXQD FRQFHVVLRQH HGLILFDWRULD SRWUj HVVHUH ULODVFLDWD DOO
LQWHUQR GHO FRPSDUWR SULPDFKH
VLDFRPSOHWDWDO
HVSURSULD]LRQHGHOOHDUHHGLSURSULHWjGHLVRJJHWWLQRQDGHUHQWLDOFRQVRU]LR
GL FRPSDUWR RYYHUR SULPD FKH VLD SDJDWR GDO FRQVRU]LR VWHVVR LO SUH]]R GL DJJLXGLFD]LRQH
GHOOHDUHHHVSURSULDWHDLVHQVLGHOFRPPDGHOO
$UW
,O SDJDPHQWR GL WXWWL JOL RQHUL GRYUj HVVHUH HIIHWWXDWR DOO
DWWR GHO ULODVFLR GL FLDVFXQD
FRQFHVVLRQH HGLILFDWRULD (YHQWXDOH UDWHL]]D]LRQH SRWUj FRQWUR RSSRUWXQH JDUDQ]LH
HYHQWXDOPHQWH DQFKH UHDOL HVVHUH DFFRUGDWD GDOOD *LXQWD 0XQLFLSDOH FKH YLHQH D FLz
HVSUHVVDPHQWHGHOHJDWD
$UW',6326,=,21,),1$1=,$5,(),1$/,
,O 3LDQR ILQDQ]LDULR GL FXL DOO
XOWLPRFRPPDGHOO
$UW/8HUHWWRDLVHQVLGHOO
$UW
GHOOD VWHVVD /HJJH QRQ FRPSRUWHUj LPSHJQR GL VSHVD SHU LO &RPXQH (YHQWXDOL VSHVH
RFFRUUHQWLSHUODUHDOL]]D]LRQHGLRSHUHSUHYLVWHGDO3LDQR3DUWLFRODUHJJLDWRSRWUDQQRHVVHUH
VWDQ]LDWHFRQVXFFHVVLYHGHOLEHUD]LRQLFKHSRWUDQQRLPSHJQDUH DOO
XRSRLIRQGLFRVWLWXLWLDL
VHQVLGHOO
$UWGHOOD/HJJHQƒRYYHURHVVHUHLPSXWDWHLQSDUWLWDGLJLURLQ
DWWHVD GHOO
HVSOHWDPHQWR GHJOL LQFDQWL GL DOLHQD]LRQH GHOOH DUHH HYHQWXDOPHQWH HVSURSULDQGH
7XWWH OH HVSURSULD]LRQL SUHYLVWH GDO SUHVHQWH 7LWROR VHFRQGR VDUDQQR UHJRODWH GDOOD /HJJH
Qƒ FRPH PRGLILFDWR GDOO
$UW GHOOD /HJJH FLWDWD QRQ SRWUj
HVVHUH YDOXWDWD LQ VHGH GL GHWHUPLQD]LRQH GHOO
LQGHQQLWj GL HVSURSULD]LRQH OD UHQGLWD
SRVL]LRQDOHGHULYDQWHGDOODSLDQLILFD]LRQH
/D UHQGLWD GL FXL DO SHQXOWLPR FRPPD GHOO
$UW /8 YD GHWHUPLQDWD VHQ]D DOFXQ
ULIHULPHQWRDOO
LQGHQQLWjVWDELOLWDVHGHGLHVSURSULD]LRQHGHOO
DUHDUHODWLYDLOUHODWLYRLPSRUWR
VDUjYHUVDWRQHOO
DSSRVLWRFRQWRLVWLWXLWRGDOO
$UWGHOOD/HJJHQƒ
$UW,1',9,'8$=,21('(//(=21(',5(&83(52'(/3$75,021,2
(',/,=,2(6,67(17(
,O &RPXQH LQGLYLGXD QHOO
DPELWR GHOOR VWUXPHQWR XUEDQLVWLFR JHQHUDOH OH ]RQH RYH SHU OH
FRQGL]LRQLGLGHJUDGRVLUHQGHRSSRUWXQRLOUHFXSHURGHOSDWULPRQLRHGLOL]LRHGXUEDQLVWLFR
HVLVWHQWH PHGLDQWH LQWHUYHQWL ULYROWL DOODFRQVHUYD]LRQHDOULVDQDPHQWRDOODULFRVWLWX]LRQHH
DOOD PLJOLRUH XWLOL]]D]LRQH GHO SDWULPRQLR VWHVVR 'HWWH ]RQH SRVVRQR FRPSUHQGHUH VLQJROL
LPPRELOLFRPSOHVVLHGLOL]LLVRODWLGLDUHHQRQFKpHGLILFLGDGHVWLQDUHDGDWWUH]]DWXUH
/H]RQHVRQRLQGLYLGXDWHLQVHGHGLIRUPD]LRQHGHOORVWUXPHQWRXUEDQLVWLFRJHQHUDOH
1HOO
DPELWRGHOOH]RQHFRQODGHOLEHUD]LRQHVXFFHVVLYDVRWWRSRVWDDOFRQWUROORGLFXLDOO
$UW
GHOOD /HJJH Qƒ SRVVRQR HVVHUH LQGLYLGXDWL JOL LPPRELOL L FRPSOHVVL
HGLOL]L JOL LVRODWL H OH DUHH SHU L TXDOL LO ULODVFLR GHOOD FRQFHVVLRQH q VXERUGLQDWR DOOD
IRUPD]LRQHGHLSLDQLGLUHFXSHURGLFXLDOVXFFHVVLYR$UW
3HUOHDUHHHJOLLPPRELOLQRQDVVRJJHWWDWLDOSLDQRGLUHFXSHURHFRPXQTXHQRQFRPSUHVLLQ
TXHVWR VL DWWXDQR JOL LQWHUYHQWL HGLOL]L FKH QRQ VLDQR LQ FRQWUDVWR FRQ OH SUHYLVLRQL GHOOR
VWUXPHQWRXUEDQLVWLFRJHQHUDOH
4XDORUD WDOH VWUXPHQWR VXERUGLQL LO ULODVFLR GHOOD FRQFHVVLRQH DOOD IRUPD]LRQH GHO 3LDQR
3DUWLFRODUHJJLDWR VRQR FRQVHQWLWL LQ DVVHQ]D GL TXHVWR JOL LQWHUYHQWL GL PDQXWHQ]LRQH
RUGLQDULD H VWUDRUGLQDULD QRQFKp GL UHVWDXUR FKH ULJXDUGLQR HVFOXVLYDPHQWH RSHUH LQWHUQH H
VLQJROHXQLWjLPPRELOLDULFRQLOPDQWHQLPHQWRGHOOHGHVWLQD]LRQLG
XVRUHVLGHQ]LDOL
$UW3,$1,',5(&83(52
,SLDQLGLUHFXSHURVRQRQRPDWLGDJOL$UWLFROLGHOOD/5Qƒ
$UW$*(92/$=,21,&5(',7,=,(3(5*/,,17(59(17,',5(&83(52
*OL LQWHUYHQWL GL FXL VRSUD H TXHOOL SUHYLVWL GDL 3LDQL 3DUWLFRODUHJJLDWL RYH HVLVWHQWL SXUFKp
FRQYHQ]LRQDWL DL VHQVL GHOOD /HJJH JHQQDLR Qƒ IUXLVFRQR GHOOH DJHYROD]LRQL
FUHGLWL]LHGLFXLDOO
$UWGHOOD/HJJHSHUOHTXDOLVLDSSOLFDQROHGLVSRVL]LRQLGL
FXLDJOL$UWWHGHOODVWHVVD/HJJH
$UW/277,==$=,21,
,SLDQLGLORWWL]]D]LRQHVRQRQRUPDWLGDJOL$UWLFROLGHOOD/5Qƒ
$UW$3(5785$',$&&(66,(675$'(35,9$7(
*OLDFFHVVLHOHVWUDGHSULYDWHGHYRQRHVVHUHUHDOL]]DWLHPDQWHQXWLLQFRQGL]LRQLWDOLGDQRQ
ULVXOWDUHSUHJLXGL]LHYROLSHULOGHFRURO
LQFROXPLWjHO
LJLHQHSXEEOLFD
(VVL GHYRQR HVVHUH DOWUHVu PXQLWL GL VLVWHPD DXWRQRPR SHU OR VPDOWLPHQWR GHOOH DFTXH HG
LOOXPLQDWLFRQYHQLHQWHPHQWH
,O 6LQGDFR SXz GLVSRUUH FKH GHWWH RSHUH YHQJDQR VHSDUDWH GDJOL VSD]L SXEEOLFL PHGLDQWH
UHFLQ]LRQL
3HUJOLLQQHVWLYDOJRQROHGLVSRVL]LRQLGHOO
DUWLFRORSUHFHGHQWH
$UW3,$123(5/
(',/,=,$(&2120,&$(3232/$5((,/3,$123(5
,16(',$0(17,352'877,9,
, 3LDQL SHU O
(GLOL]LD (FRQRPLFD H 3RSRODUH H SHU JOL LQVHGLDPHQWL 3URGXWWLYL VRQR UHJRODWL
GDOOH/HJJLVSHFLDOLFKHULVSHWWLYDPHQWHOLSUHYHGRQRHGDOOD/5Qƒ
$UW/
,17(59(172',5(772
1HOOH ]RQH RG DUHH SHU OH TXDOL QRQ HVLVWRQR R QRQ VLDQR SUHYLVWL SLDQL DWWXDWLYL GHOOH
SUHYLVLRQL GL 3LDQR 5HJRODWRUH *HQHUDOH OH VWHVVH SRWUDQQR HVVHUH DWWXDWH SHU O
LQWHUYHQWR
GLUHWWR VHPSUH QHOO
RVVHUYDQ]D GHOOH SUHVFUL]LRQL H QHL YLQFROL ILVVDWL GDO 3LDQR 5HJRODWRUH
*HQHUDOH H GDO SUHVHQWH 5HJRODPHQWR H SUHYLR SDJDPHQWR GL WXWWL L FRQWULEXWL GL FXL DOOD
/HJJHQƒ
&RQ OD FRQFHVVLRQH HGLILFDWRULD GL FXLDOSUHFHGHQWHFRPPDFRPHPRGDOLWjHVHFXWLYDGHOOD
VWHVVD LO 6LQGDFR SRWUj SUHVFULYHUH SDUWLFRODUL GLVSRVL]LRQL SHU DVVLFXUDUH OD FRQVHUYD]LRQH
GHOOH FDUDWWHULVWLFKH DUFKLWHWWRQLFKH SDUWLFRODUL R GHO SDUWLFRODUH SUHJLR VWRULFR GL VLQJROL
HGLILFLDQFKHQRQDVVRJJHWWDWLDOYLQFRORGLFXLDOOD/HJJHQƒ
$UW&26758=,21,,1$'(5(1=$
,QWXWWLLFDVLLQFXLVLDFRQVHQWLWDODFRVWUX]LRQHRODULFRVWUX]LRQHGLHGLILFLLQDGHUHQ]DFRQ
HGLILFLSUHHVLVWHQWL
D ODQXRYDFRVWUX]LRQHSRWUjDGHULUHDOPXURGHOO
HGLILFLRSUHHVLVWHQWHVYLOXSSDQGRVLDQFKH
ROWUHODVXDDOWH]]DILQRDOOLPLWHPDVVLPRGLDOWH]]DFRQVHQWLWRGDOODQRUPDWLYDSRVWDGDO
3LDQR5HJRODWRUH*HQHUDOHSHUOD]RQDVXFXLLQVLVWH
E RYH XQ HGLILFLR SURVSLFLHQWH D TXHOOR FKH VL LQWHQGH HGLILFDUH R ULVWUXWWXUDUH GLVWL GDO
FRQILQH GL SURSULHWj PHQR GHOOD PHWj GHOOD GLVWDQ]D ILVVDWD GDO 3LDQR 5HJRODWRUH
*HQHUDOH LO SURSULHWDULR GHO VHFRQGR SRWUj HVHUFLWDUH QHL FRQIURQWL GHO SURSULHWDULR
GHOO
HGLILFLRSUHHVLVWHQWHOHIDFROWjGLFXLDOO
$UW&RG&LYRQGHSRWHUFRVWUXLUHLQ
DGHUHQ]DVHPSUHVHFRQGRTXDQWRILVVDWRGDOSXQWRJGHOSUHVHQWHDUWLFROR
$UW',6326,=,21,63(&,$/,3(5/($5(('(67,1$7($6(59,=,(
,03,$17,38%%/,&,
1HOOHDUHHSHUOHTXDOLLO35*SUHVFULYHO
DGR]LRQHGLXQRVWUXPHQWRDWWXDWLYRRFRPXQTXH
VRWWRSRVWH DG LQWHUYHQWR DWWXDWLYR OD SRVL]LRQH GHL VHUYL]L GHJOL LPSLDQWL H GHJOL HGLILFL
SXEEOLFL VFXROH SDUFKHJJL HFF ULFDGHQWL DOO
LQWHUQR GHOO
DUHD GL LQWHUYHQWR SXz YHQLUH
FROORFDWD DQFKH LQ VHGH GLYHUVD GD TXHOOD LQGLFDWD GDO 3LDQR 5HJRODWRUH *HQHUDOH RYH WDOH
GLYHUVD SRVL]LRQH VLD LPSRVWD GD HVLJHQ]H GL UD]LRQDOH SLDQLILFD]LRQH H OD VXSHUILFLH
FRPSOHVVLYDPHQWH GHVWLQDWD D WDOL LQIUDVWUXWWXUH YHQJD LQ RJQL FDVR WUDVIHULWD DO &RPXQH LQ
FRQWRRSHUHGLXUEDQL]]D]LRQH
4XDORUD DOO
LQWHUQR GHO VLQJROR VWUXPHQWR DWWXDWLYR LQGLYLGXDWR QHO 35* QRQ YL VLD OD
SUHYLVLRQHGLDUHHSHUO¶XUEDQL]]D]LRQHVHFRQGDULDOHVWHVVHSRVVRQRHVVHUHUHSHULWHLQDUHH
DOO
HVWHUQR GL HVVR QHOO¶ DPELWR GL ]RQH LQGLFDWH GDO 3LDQR 5HJRODWRUH *HQHUDOH SHU
GHVWLQD]LRQL GL VWDQGDUG FRUULVSRQGHQWL DJOL VWDQGDUG FDUHQWL H LQGLYLGXDUH FRQ OD VWHVVD
GHOLEHUDFRQVLOLDUHGLFXLVRSUDRYYHURSXzHVVHUHFRUULVSRVWRDO&RPXQHLOSUH]]RUHODWLYR
, FRQWULEXWL GL XUEDQL]]D]LRQH VHFRQGDULD VDUDQQR YHUVDWL QHO FRQWR SUHYLVWR GDOO
$UW /HJJH Qƒ HG XWLOL]]DWL SHU O
DFTXLVL]LRQH GHOOH DUHH FKHLO 3LDQR5HJRODWRUH
*HQHUDOHGHVWLQDDGLPSLDQWLSXEEOLFL
3$57(6(67$
',6326,=,21,75$16,725,((),1$/,
7,72/2,ƒ
',6326,=,21,75$16,725,(
$UW$8725,==$=,21($/277,==$5(/,&(1=(',&26758=,21((
&21&(66,21,(',/,=,(5,/$6&,$7(,1'$7$$17(5,25(
$//
(175$7$,19,*25('(/35(6(17(5(*2/$0(172
/
HQWUDWD LQ YLJRUH GHO 3LDQR 5HJRODWRUH *HQHUDOH H 5HJRODPHQWR (GLOL]LR FRPSRUWD OD
GHFDGHQ]DGHOOHFRQFHVVLRQLDFRVWUXLUHLQFRQWUDVWRFRQORVWUXPHQWRHQWUDWRLQYLJRUHVDOYR
FKH L UHODWLYL ODYRUL VLDQR VWDWL LQL]LDWLDLVHQVLGHOSUHFHGHQWH$UWHYHQJDQRFRPSOHWDWL
HQWURLWHUPLQLGLWUHDQQLGDOODGDWDGLLQL]LR
4XDORUD L ODYRUL QRQ YHQJDQR FRPSOHWDWL HQWUR WDOH WHUPLQH GHOOD OLFHQ]D R FRQFHVVLRQH
UHODWLYDYDSURQXQFLDWDODGHFDGHQ]DSHUODSDUWHQRQUHDOL]]DWD
$UW0,685(',6$/9$*8$5',$
'DOOD GDWD GL DGR]LRQH H TXHOOD GHOO
HQWUDWD LQ YLJRUH GHO 3LDQR 5HJRODWRUH *HQHUDOH H GHO
5HJRODPHQWR(GLOL]LROHQRUPDOLPLVXUHGLVDOYDJXDUGLDVRQRREEOLJDWRULH
7,72/2,,ƒ
',6326,=,21,),1$/,
$UW(175$7$,19,*25('(/35(6(17(5(*2/$0(172
,OSUHVHQWH5HJRODPHQWRDSSURYDWRGDOO
$XWRULWjFRPSHWHQWHHQWUDLQYLJRUHJLRUQLGRSR
ODSXEEOLFD]LRQHVXO%85
$UW1250($%52*$7(
(
DEURJDWDRJQLGLVSRVL]LRQHUHJRODUPHQWHHPDQDWDGDO&RPXQHFRQWUDULDRGLQFRPSDWLELOH
FRQOHQRUPHGHOSUHVHQWH5HJRODPHQWR
$UW'(&$'(1=$'(//$&200,66,21((',/,=,$
,QGLSHQGHQWHPHQWHGDOO
HQWUDWDLQYLJRUHGHOSUHVHQWH5HJRODPHQWRVLSURYYHGHUjDOULQQRYR
GHOOD &RPPLVVLRQH (GLOL]LD DOOR VFDGHUH GHL WHUPLQL SUHYLVWL DOO
DWWR GHOOD QRPLQD GHL
FRPSRQHQWL
$UW327(5,','(52*$
,O 6LQGDFR SUHYLD GHOLEHUD]LRQH GHO &RQVLJOLR &RPXQDOH H QHO ULVSHWWR GHOOD OHJLVOD]LRQH
YLJHQWH KD OD IDFROWj GL HVHUFLWDUH L SRWHUL GL GHURJD DOOH QRUPH GHO SUHVHQWH 5HJRODPHQWR
(GLOL]LR H GL DWWXD]LRQH GHO 3LDQR 5HJRODWRUH OLPLWDWDPHQWH DL FDVL GL HGLILFL HG LPSLDQWL
SXEEOLFLHGLLQWHUHVVHSXEEOLFRDLVHQVLGHOO
DUW/5
3HUOHFRVWUX]LRQLDOEHUJKLHUHYDOJRQROHSUHVFUL]LRQLGHO5'/Qƒ
$UW6$1=,21,
3HUOHFRQWUDYYHQ]LRQLDOOHQRUPHGHOSUHVHQWH5HJRODPHQWRVLDSSOLFDQROHVDQ]LRQLSUHYLVWH
GDOODOHJLVOD]LRQHYLJHQWHHGLQSDUWLFRODUHGHOOD/HJJHXUEDQLVWLFDHGHOOD/HJJH&RPXQDOHH
3URYLQFLDOH