5,7&+(< ,VWUX]LRQLSHUO·XVR ,QWURGX]LRQH 0DQXEULDSSHQGLFLPDQXEULDHURGLQDPLFL DWWDFFKLPDQXEULRPDQRSROHHQDVWURGHO PDQXEULR ,PSRUWDQWL LQIRUPD]LRQL VXOO¶XWLOL]]R OD FXUD OD PDQXWHQ]LRQH H LO PRQWDJJLR ,QGLFH ,QWURGX]LRQH 3ULPDGHOODSULPDXVFLWD²8VRFRQVHQWLWR 3ULPDGLRJQLXVFLWD 3HFXOLDULWjGHOFDUERQLR 3XOL]LDHFXUD 0DQXWHQ]LRQH ,QGLFD]LRQLJHQHUDOLGLPRQWDJJLR 5,7&+(</LTXLG7RUTXH 5,7&+(<7RUTNH\ 5,7&+(<7RUTXH:UHQFK 0RQWDJJLRGHJOLDWWDFFKLPDQXEULR$KHDGVHW 5HJROD]LRQHGHOODVHULHVWHU]R$KHDGVHW 0RQWDJJLRGHOPDQXEULR 0RXQWDLQELNH²5HJROD]LRQHGLFRPDQGLHOHYH %LFLFOHWWDGDFRUVD²5HJROD]LRQHGHOPDQXEULR 0RQWDJJLRGHOOHDSSHQGLFL 5HJROD]LRQHGHOO¶DOWH]]DGHOPDQXEULR $WWDFFKLPDQXEULR$KHDGVHW 5HJROD]LRQHFRQO¶XWLOL]]RGLGLVWDQ]LDOLVSDFHU $WWDFFKLPDQXEULRUHJRODELOL $WWDFFKLPDQXEULR& 0RQWDJJLRGHOO¶DWWDFFRVXOPDQXEULR 6HUUDJJLRGHOO¶DWWDFFRPDQXEULR 0RQWDJJLRHUHJROD]LRQHGHLPDQXEULDHURGLQDPLFL :&6&DUERQ+DPPHUKHDG77%DVH%DU :&6&DUERQ,QWHUYDO%DVH%DU 3UR%DVH%DU 0RQWDJJLRGHLSRJJLDEUDFFLD:&6Å:HGJH´&DUERQ$OOR\ 0RQWDJJLRGHLSRJJLDEUDFFLD:&6Å6OLYHU´&DUERQ$OOR\ 0DQRSROHHQDVWURGHOPDQXEULR 0RQWDJJLRGHOOHPDQRSROH $SSOLFD]LRQHGHOQDVWURGHOPDQXEULR *DUDQ]LDOHJDOHVXLGLIHWWLGLIDEEULFD]LRQH ,QGLFD]LRQLVXOO·XVXUD *DUDQ]LDFRPPHUFLDOHGHOSURGXWWRUH 1RWHVXOOHLVWUX]LRQLSHUO·XVR 3UHVWDUHSDUWLFRODUHDWWHQ]LRQHDLVHJXHQWLVLPEROL 4XHVWRVLPERORLQGLFDXQSRVVLELOHSHULFRORSHUODYLWDR SHUODVDOXWHLQFDVRGLPDQFDWDHVHFX]LRQHGHOOHULVSHWWLYH RSHUD]LRQL R QHO FDVR LQ FXL QRQ YHQJDQR SUHVL L SURYYHGLPHQWL VSHFLÀFDWL 4XHVWRVLPERORLQGLFDXQFRPSRUWDPHQWRVEDJOLDWRFKH SXzFDXVDUHGDQQLDFRVHHRDOO·DPELHQWH 4XHVWR VLPEROR IRUQLVFH LQIRUPD]LRQL VX FRPH XVDUH LO L SURGRWWR R OD UHODWLYD VH]LRQH GHOOH LVWUX]LRQL G·XVR DOOD TXDOHqQHFHVVDULRSUHVWDUHSDUWLFRODUHDWWHQ]LRQH /HSRVVLELOLFRQVHJXHQ]HLQGLFDWHVRSUDQRQYHQJRQRVHPSUHULSH WXWHQHOOHLVWUX]LRQLODGGRYHDSSDLRQRTXHVWLVLPEROL &RQJUDWXOD]LRQLSHUDYHUDFTXLVWDWRXQSURGRWWR5,7&+(<$YHWH IDWWRXQ¶RWWLPDVFHOWD1RLGL5,7&+(<VYLOXSSLDPRWHVWLDPRH UHDOL]]LDPRLQRVWULSURGRWWLFRQFXUDSHUPDQWHQHUHLSLHOHYDWL VWDQGDUGGLSURGX]LRQH&RPHWXWWLJOLDWWUH]]LVSRUWLYLGLYDORUH DQFKHLFRPSRQHQWL5,7&+(<GHYRQRHVVHUHPRQWDWLFRQFXUD PHJOLRVHGDXQHVSHUWR6RORFRVuqSRVVLELOHJDUDQWLUHIXQ]LRQDOLWj HGXUDWDRWWLPDOLQHOOXQJRSHULRGR3HUJDUDQWLUHIXQ]LRQHH UHVLVWHQ]DRWWLPDOLYLFRQVLJOLDPRGLIDUYLDLXWDUHGDXQPHFFDQLFR HVSHUWRGHOYRVWURQHJR]LRVSHFLDOL]]DWR5,7&+(<HSRVVLELO PHQWHGLXWLOL]]DUHLQVLHPHVHPSUHGHLFRPSRQHQWL5,7&+(<3HU JDUDQWLUHXQPRQWDJJLRIDFLOHHDJHYROHOHWROOHUDQ]HFRVWUXWWLYH SHULOUDFFRUGRGHLFRPSRQHQWLYHQJRQRPRQLWRUDWHDWWHQWDPHQWH GXUDQWHOHIDVLGLSURGX]LRQHHFRQWUROORTXDOLWj 4XHVWHLVWUX]LRQLSHUO¶XVRFRQWHQJRQRLQGLFD]LRQLLPSRUWDQWLSHU O¶XWLOL]]RODFXUDODPDQXWHQ]LRQHHLOPRQWDJJLR /HJJHWHFRQDWWHQ]LRQHTXHVWHLVWUX]LRQLSHUO¶XVRSDUWHQGR GDOOHLQIRUPD]LRQLJHQHUDOLHSURVHJXHQGRFROFDSLWRORUHODWLYR DOFRPSRQHQWHFKHDYHWHDFTXLVWDWRFKHXWLOL]]DWHRFKHSHQVDWH GLXWLOL]]DUH4XHVWRYLIDFLOLWHUjQHOOHRSHUD]LRQLGLPRQWDJJLRH QHOO¶XWLOL]]R &RQVHUYDWHFRQFXUDTXHVWHLVWUX]LRQLSHUO¶XVR,QFDVRGLYHQGLWD SUHVWLWRHFFGHOODELFLFOHWWDRGHOFRPSRQHQWHFRQVHJQDWHDO QXRYRSURSULHWDULRRXWLOL]]DWRUHOHSUHVHQWLLVWUX]LRQLSHUO¶XVR &RQLFRPSRQHQWL5,7&+(<FRVuFRPHFRQWXWWLLFRPSRQHQWL OHJJHULqQHFHVVDULRWHQHUSUHVHQWHDOFXQHSDUWLFRODULWj'HYRQR HVVHUHPRQWDWLFRQFXUDHLPSLHJDWLSHUJOLXVLFRQVHQWLWL, PDWHULDOLLPSLHJDWLGD5,7&+(<VRQRSDUWLFRODUPHQWHUREXVWLH UHVLVWHQWLTXLQGLSRVVRQRHVVHUHVRWWRSRVWLDQXPHURVHVROOHFL WD]LRQLSXUPDQWHQHQGRXQSHVRPROWRULGRWWRGHOFRPSRQHQWH 4XHVWLPDWHULDOLSRWUHEEHURSHUzDQFKHURPSHUVLQHOTXDOFDVR SULPDGHOODURWWXUDSUREDELOPHQWHLOFRPSRQHQWHVLGHIRUPDVROR XQSRFR4XDORUDLOFRPSRQHQWHVLDVWDWRVRWWRSRVWRDVROOHFLWD ]LRQLHFFHVVLYHDQFKHVHLOFRPSRQHQWHSXzHVVHUHGDQQHJJLDWR qSRVVLELOHFKHQRQVLDQRYLVLELOLGHOOHHYLGHQWLGHIRUPD]LRQL 'RSRXQVRYUDFFDULFRDGHVHPSLRXQLQFLGHQWHIDUFRQWUROODUHL FRPSRQHQWLGDXQHVSHUWRSHUDVVLFXUDUVLFKHVLDSRVVLELOHFRQWL QXDUHDGXWLOL]]DUOLLQSLHQDVLFXUH]]D$VHJXLWRGLWDOLHYHQWLIDWHYL FRQVLJOLDUHGDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< 3ULPDGHOODSULPDXVFLWD8VR FRQVHQWLWR ,PDQXEULOHDSSHQGLFLHJOLDWWDFFKLPDQXEULR5,7&+(<DVRQR DGDWWL SHU O¶LPSLHJR VX ELFLFOHWWH GD FRUVD GD WULDWKORQ GD FLFOR FURVV GD WUHNNLQJ H PRXQWDLQ ELNH H SHU LO ORUR XVR WLSLFR 1RQ VRQR WXWWDYLD DGDWWL SHU IUHHULGH GXDO VODORP GRZQKLOO VDOWL H XVL VLPLOL3HUTXHVWLDPELWLG¶XVRGRYHWHXWLOL]]DUHLFRPSRQHQWLVSHFLDOL 5,7&+(<6&Å6HYHUH&RQGLWLRQ´ 1RQPRGLÀFDWHPDLLOPDQXEULROHDSSHQGLFLHJOLDWWDFFKL PDQXEULR 1RQ OLPDWH Qp SHUIRUDWH PDL L FRPSRQHQWL VSHFLDOPHQWHVHLQFDUERQLRSRLFKpTXHVWRQHGDQQHJJLDODVWUXW WXUDHIDGHFDGHUHODJDUDQ]LD *OLDWWDFFKLPDQXEULR5,7&+(<VRQRFRQFHSLWLSHUO¶XWLOL]]RHVFOX VLYR FRQ VHULH VWHU]R VHQ]D ÀOHWWDWXUD OH FRVLGGHWWH $KHDGVHW /¶XWLOL]]RRODFRPELQD]LRQHFRQFDQRWWLGHOODIRUFHOODÀOHWWDWLSXz SURYRFDUH FHGLPHQWL LPSURYYLVL H TXLQGL FDGXWH FRQ FRQVHJXHQ]H QRQSUHYHGLELOL )DWHDWWHQ]LRQHDUHJLVWUDUHODYRVWUDELFLFOHWWDLQPRGRFKHOHOHYH GHL IUHQL VLDQR VHPSUH D SRUWDWD GL PDQR7HQHWH SUHVHQWH FKH q QHFHVVDULRSLWHPSRSHUUDJJLXQJHUHOHOHYHGHOIUHQRTXDQGRJXL GDWHXWLOL]]DQGROHDSSHQGLFL%DU(QGVRVXOPDQXEULRDHURGLQD PLFR,PRGHOOLGLPDQXEULGDFRUVD6XSHU/RJLF(YROXWLRQH/RJLF,, QRQVRQRDGDWWLSHUPDQXEULDHURGLQDPLFL&OLSRQ ,Q JHQHUDOH FRQVLJOLDPR GL XWLOL]]DUH LQVLHPH VHPSUH FRPSRQHQWL GLPDUFD5,7&+(<SHUJDUDQWLUHIXQ]LRQDOLWjHGXUDWDRWWLPDOL,Q FDVR GL FRPELQD]LRQH FRQ FRPSRQHQWL GL DOWUL FRVWUXWWRUL DG HV PDQXEULRRDWWDFFRPDQXEULRLQIRUPDWHYLSULPDVXOOHUHODWLYHVSH FLÀFKHHYHULÀFDWHODSUHFLVLRQHGLPHQVLRQDOHFRQOHVSHFLÀFKHGHOOH SUHVHQWLLVWUX]LRQLSHUO¶XVR ,PDQXEULHJOLDWWDFFKLPDQXEULR5,7&+(<VRQRFRQFH SLWLSHUXQSHVRPDVVLPRGHOFLFOLVWDGLNJOEV LQFOXVREDJDJOLRDGHVXQR]DLQR 3HUODYRVWUDVLFXUH]]DGRSRXQDVROOHFLWD]LRQHGDXUWR FRPH DG HV XQ LQFLGHQWH R XQD FDGXWD IDWH LVSH]LRQDUH HG HYHQWXDOPHQWH VRVWLWXLUH GD XQ ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(<LOYRVWURPDQXEULRO¶DWWDFFRPDQXEULRHVHQHFHVVDULR OHDSSHQGLFLRLOPDQXEULRDHURGLQDPLFR5,7&+(< 1RQ GRYHWH SL XWLOL]]DUH OD ELFLFOHWWD VH LO PDQXEULR O¶DWWDFFR PDQXEULR R HYHQWXDOPHQWH OH DSSHQGLFL R LO PDQXEULRDHURGLQDPLFRVFULFFKLRODQRRVHXGLWHGHJOLVFULFFKLROLL SURYHQLUHGDTXHVWLFRPSRQHQWLRVHQRWDWHGDQQLHVWHUQLFRPH LQFLVLRQLFULFFKHULJRQÀDPHQWLDPPDFFDWXUHDOWHUD]LRQLGLFRORUH HFF )DWH FRQWUROODUH DFFXUDWDPHQWH GDO YRVWUR ULYHQGLWRUH VSH FLDOL]]DWR5,7&+(<WDOLGDQQLHVHQHFHVVDULRVRVWLWXLWHLFRPSR QHQWL L 3HU TXDOVLDVL GRPDQGD ULYROJHWHYL DO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR5,7&+(< 3ULPDGLRJQLXVFLWD 9HULÀFDWHFKHO¶DWWDFFRPDQXEULRVLDEHQVDOGRVXOFDQQRWWRGHOOD IRUFHOODHLOPDQXEULRQHOO¶DWWDFFRPDQXEULR ,EORFFDJJLUDSLGLRLFROOHJDPHQWLDYLWHGHOODUXRWDDQWHULRUHH SRVWHULRUH VRQR ÀVVDWL FRUUHWWDPHQWH" ,QIRUPD]LRQL SL GHWWD JOLDWHVRQRGLVSRQLELOLQHLUHODWLYLFDSLWROLGHOOHLVWUX]LRQLSHUO¶XVR JHQHUDOLGHOODYRVWUDELFLFOHWWD 6H L EORFFDJJL UDSLGL R L SHUQL SDVVDQWL QRQ VRQR ÀVVDWL FRUUHWWDPHQWHOHUXRWHGHOODELFLFOHWWDVLSRWUHEEHURVWDF FDUH3HULFRORGLFDGXWHJUDYL L 3ULPDGLPRQWDUHLQVHOODOHJJHWHOHLVWUX]LRQLSHUO¶XVRGHO SURGXWWRUHGHOODYRVWUDELFLFOHWWD D 3HFXOLDULWjGHOFDUERQLR &RQWXWWLLSURGRWWL5,7&+(<LQPDWHULDSODVWLFDULQIRU]DWDFRQÀEUD GLFDUERQLRGHWWDDQFKHFDUERQLRR&)53GHYRQRHVVHUHULVSHWWDWH DOFXQHSDUWLFRODULWj ,O FDUERQLR q XQ PDWHULDOH HVWUHPDPHQWH VWDELOH FKH FRQVHQWH GL UHDOL]]DUH FRPSRQHQWL PROWR UHVLVWHQWL H GDO SHVR FRQWHQXWR 7HQHWHSUHVHQWHFKHLOFDUERQLRDVHJXLWRGLXQDVROOHFLWD]LRQHQRQ VLGHIRUPDFRPHLPHWDOOLDQFKHVHODVWUXWWXUDLQWHUQDGHOOHÀEUH SRWUHEEH HVVHUH JLj GDQQHJJLDWD ,Q VHJXLWR DG XQ VRYUDFFDULFR XQ FRPSRQHQWH LQ FDUERQLR JLj GDQQHJJLDWR SXz JXDVWDUVL LPSURYYL VDPHQWHFDXVDQGRXQ·HYHQWXDOHFDGXWDFRQFRQVHJXHQ]HQRQSUH YHGLELOL 6H XQ FRPSRQHQWH LQ FDUERQLR 5,7&+(< q VWDWR VRWWRSRVWR DG XQDIRUWHVROOHFLWD]LRQHYLFRQVLJOLDPRGLSRUWDUHLOFRPSRQHQWHR PHJOLRDQFRUDWXWWDODELFLFOHWWDGDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR 5,7&+(< SHUFKp HIIHWWXL GHL FRQWUROOL 4XHVWL YHULÀFKHUj OD ELFL FOHWWD GDQQHJJLDWD H VH QHFHVVDULR SURYYHGHUj D VRVWLWXLUH LO FRP SRQHQWHJXDVWR6HQHFHVVDULRLOULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< SRWUj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zURYL QDUHLOFRPSRQHQWH(YLWDWHGLFXVWRGLUHLFRPSRQHQWLLQFDUERQLR LQ DXWR R QHO EDJDJOLDLR HVSRVWL DL UDJJL GLUHWWL GHO VROH R YLFLQR D IRQWLGLFDORUH &RPH WXWWL L FRPSRQHQWL GL FRVWUX]LRQH OHJJHUL L FRPSRQHQWL LQ FDUERQLRKDQQRXQFLFORGLYLWDOLPLWDWR&RQVLJOLDPRSHUWDQWRFRPH PLVXUDSUHYHQWLYDGLVRVWLWXLUHLOPDQXEULRO¶DWWDFFRPDQXEULRHOD VHULHVWHU]RDGLQWHUYDOOLUHJRODULDGHVRJQLWUHDQQLLQEDVHDOO¶XVR DQFKHVHQRQKDQQRVXELWRLQFLGHQWLHQRQVRQRVWDWLVRWWRSRVWLD VROOHFLWD]LRQLSDUWLFRODUL $VVLFXUDWHYLFKHOH]RQHGLEORFFDJJLRVLDQRDVVROXWDPHQWHSULYHGL JUDVVRRDOWULOXEULÀFDQWLTXDQGRPRQWDWHFRPSRQHQWLLQFDUERQLR ,OJUDVVRVLGHSRVLWDVXOODVXSHUÀFLHGHLFRPSRQHQWLLQFDUERQLRFDX VDQGRXQDULGX]LRQHGHOFRHIÀFLHQWHG·DWWULWRHGLPSHGHQGRTXLQGL XQ EORFFDJJLR VLFXUR 8QD YROWD LQJUDVVDWL SRWUHEEH QRQ HVVHUH SL SRVVLELOH VHUUDUH LQ PDQLHUD VWDELOH L FRPSRQHQWL LQ FDUERQLR 4XDQGR PRQWDWH FRPSRQHQWL LQ FDUERQLR XWLOL]]DWH 5,7&+(< /LTXLG7RUTXH SHU RWWHQHUH O¶DWWULWR QHFHVVDULR LQ FRUULVSRQGHQ]D GHL SXQWL GL JLXQ]LRQH GHL FRPSRQHQWL *UD]LH D TXHVWR DFFRUJL PHQWRSRWUHWHXVDUHFRSSLHGLVHUUDJJLREDVVHFKHTXLQGLSUHVHU YDQRLOPDWHULDOH 1RQXVDWHODYRVWUDELFLFOHWWDQHOFDVRLQFXLLFRPSRQHQWL LQ FDUERQLR GRYHVVHUR VFULFFKLRODUH R SUHVHQWDUH GDQQL HVWHUQL TXDOL LQFLVLRQL FULFFKH ULJRQÀDPHQWL DPPDFFDWXUH DOWH UD]LRQL GL FRORUH HFF ÀQR D FKH QRQ VDUDQQR VWDWL VRVWLWXLWL$ VHJXLWR GL XQ¶LQWHQVD VROOHFLWD]LRQH XQ LQFLGHQWH R XQ XUWR IRUWH VRVWLWXLWH LO FRPSRQHQWH R IDWHOR HVDPLQDUH GDO YRVWUR ULYHQGLWRUHVSHFLDOL]]DWR5,7&+(<SULPDGLXWLOL]]DUORQXRYD PHQWH 1RQXWLOL]]DWHPDLFRQPDQXEULGDFRUVDLQFDUERQLRSUR OXQJKH &OLSRQ R SUROXQJKH DHURGLQDPLFKH D PHQR FKH LOPDQXEULRQRQVLDFRVWUXLWRDSSRVLWDPHQWHFRPHLPDQXEULGD FRUVD3UR&DUERQ(YRR3UR&DUERQ0DWUL[GL5,7&+(< 3XOL]LDHFXUD 3XOLWHUHJRODUPHQWHPDQXEULRDWWDFFRPDQXEULRDSSHQGLFLQRQFKp PDQRSROHHQDVWURGHOPDQXEULRFRQDFTXDHXQSDQQRPRUELGR6H QHFHVVDULRXWLOL]]DWHVDSRQHVHQ]DSDUWLFHOOHDEUDVLYHSHUHOLPLQDUH ORVSRUFR3HUORVSRUFRLQFURVWDWRFRPHROLRRJUDVVRVXVXSHUÀFL VROLGHSRWHWHXWLOL]]DUHGHLGHWHUJHQWLFRPXQLGLOXLWLLQDFTXDWLHSLGD 1RQXWLOL]]DWHGHWHUJHQWLDJJUHVVLYLTXDOLDFHWRQHWULHOLQDPHWLOHQH HFFFKHSRWUHEEHURLQWDFFDUHODYHUQLFHHLOPDWHULDOH4XDQGROD ELFLVDUjEHQDVFLXWWDFRQVLJOLDPRGLVWURÀQDUHOHVXSHUÀFLPHWDOOL FKHHLQFDUERQLRWUDQQHOHVXSHUÀFLIUHQDQWLFRQGHOODFHUDGXUD FRPXQHPHQWHLQFRPPHUFLRD4XDQGRODFHUDVDUjEHQDVFLXWWD SRWUHWHOXFLGDUHLFRPSRQHQWL,QTXHVWRPRGRLOPDQXEULRO¶DWWDFFR PDQXEULRHOHDSSHQGLFLVLFRQVHUYHUDQQRSHUDQQLLQEXRQRVWDWR 'XUDQWHODSXOL]LDGHOODYRVWUDELFLFOHWWDIDWHDWWHQ]LRQHDG HYHQWXDOLFULFFKHJUDIÀGHIRUPD]LRQLGLPDWHULDOHRDOWH UD]LRQL GL FRORUH 6H DYHWH GHL GXEEL FRQWDWWDWH LO YRVWUR ULYHQ GLWRUH VSHFLDOL]]DWR 5,7&+(< )DWH VRVWLWXLUH LPPHGLDWDPHQWH L FRPSRQHQWLGDQQHJJLDWL )DWH DWWHQ]LRQH FKH QHVVXQ GHWHUJHQWH R JUDVVRROLR ÀQLVFD VXOOH VXSHUÀFL IUHQDQWL R VXL GLVFKL GHL IUHQL &Lz SRWUHEEH LQÁXLUH QHJDWLYDPHQWH VXOOD FDSDFLWj IUHQDQWH ÀQR D PHWWHUHIXRULXVRLIUHQL L 1RQHVSRQHWHLO PDQXEULRHO¶DWWDFFRPDQXEULRDLUDJJL GLUHWWLGHOVROHHDWHPSHUDWXUHHOHYDWH 6URWRODUHXQDYROWDDOO·DQQRLOQDVWURGHOPDQXEULR3XOLUH LO PDQXEULR FRQ DFTXD H XQ SR· GL VDSRQH OLTXLGR 6H QHFHVVDULRULPXRYHUHLUHVWLGLDGHVLYRFRQDOFRO&RQWUROODUHVHLO PDQXEULRSUHVHQWDHYHQWXDOLGDQQHJJLDPHQWLRFRUURVLRQH3HUOD YRVWUDVLFXUH]]DSHUVRQDOHVRVWLWXLUHVXELWRLOPDQXEULRFRUURVRR GDQQHJJLDWR 0DQXWHQ]LRQH 9HULÀFDWH OD FRSSLD GL VHUUDJJLR GL WXWWH OH YLWL GRSR L SULPL NPRRUHGLXWLOL]]R6HQHFHVVDULRVHUUDWHOHFRPHVSHFL ÀFDWRFRQODFKLDYHGLQDPRPHWULFD9HULÀFDWHDOPHQRRJQLNP RRUHGLXWLOL]]RORVWDWRGLPRQWDJJLR 9LWL DOOHQWDWH R WURSSR VWUHWWH SRVVRQR HVVHUH FDXVD GL LQFLGHQWL 'RSRFLUFDWUHDQQLLOPDQXEULRO¶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z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ÀFDWH 1HOOD PDJJLRU SDUWH GHL FDVL TXDQGR PRQWDWH L FRPSRQHQWL XWLOL]]DQGR 5,7&+(< /LTXLG7RUTXH q VXIÀFLHQWH XWLOL]]DUH XQD FRSSLD GL VHU UDJJLRLQIHULRUHGHO ,OPRQWDJJLRGLFRPSRQHQWLQRQFRPSDWLELOLIUDORURSXz SURYRFDUHLOFHGLPHQWRGHLFROOHJDPHQWLDYLWHHFDXVDUH FDGXWHJUDYL 6LFRQVLJOLDGLXWLOL]]DUHVHPSUHLQVLHPHPDQXEULRDWWDFFRPDQXEULR H DSSHQGLFL GL PDUFD 5,7&+(< SRLFKp VRQR SHUIHWWDPHQWH LQWH JUDWLWUDORUR6HGHFLGHWHGLXWLOL]]DUHXQFRPSRQHQWHGLXQDOWUR SURGXWWRUHOHJJHWHFRQDWWHQ]LRQHOHLVWUX]LRQLSHUO¶XVRGLTXHVWR SURGXWWRUH H YHULÀFDWH OH PLVXUH HVDWWH DIÀQFKp VL DGDWWL EHQH H SRVVDHVVHUHXVDWRLQVLFXUH]]DFRQLFRPSRQHQWL5,7&+(< 5,7&+(< QRQ VL DVVXPH DOFXQD UHVSRQVDELOLWj SHU SUREOHPL GHUL YDQWLGDOODFRPELQD]LRQHGLFRPSRQHQWL5,7&+(<FRQFRPSRQHQWL GLDOWULSURGXWWRUL 3ULPDGHOPRQWDJJLRYHULÀFDWHFKHQRQFLVLDQRVSLJROLYLYLREDYD WXUHLQWXWWHOH]RQHGLEORFFDJJLRGHOPDQXEULRGHOO¶DWWDFFRPDQX EULREHGHOOHDSSHQGLFL1RQXWLOL]]DWHLOFRPSRQHQWHVHYLVRQR VSLJROLYLYLREDYDWXUH)DWHYHULÀFDUHLFRPSRQHQWLFRQVSLJROLYLYLR EDYDWXUHDQFKHGLDOWULSURGXWWRULQRQQHFHVVDULDPHQWH5,7&+(< GDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(<FKHYHULÀFKHUjVHLO GLIHWWR SXz HVVHUH HOLPLQDWR R VH q QHFHVVDULR VRVWLWXLUH LO FRP SRQHQWH 3ULPD GL PRQWDUH XQ QXRYR PDQXEULR VXOO¶DWWDFFR SUHHVLVWHQWH GRSR DYHU VPRQWDWR LO PDQXEULR XWLOL]]DWR ÀQR D TXHO PRPHQWR LVSH]LRQDWHOR DOOD ULFHUFD GL JUDIÀ DEUDVLRQL H LQWDFFDWXUH /D SUH VHQ]DGLLQWDFFDWXUHQHOOD]RQDGLEORFFDJJLRqLQGLFHGLXQDODYR UD]LRQH LPSHUIHWWD R GL XQ GHVLJQ HUUDWR GL WDOL ]RQH QHOO¶DWWDFFR PDQXEULR 1RQ XWLOL]]DWH FRPSRQHQWL FKH YL SRVVDQR IDU VRUJHUH GXEELGLFRPSDWLELOLWj,QFDVRGLGXEELFRQWDWWDWHLOYRVWUR ULYHQGLWRUHVSHFLDOL]]DWR5,7&+(<FKHVHQHFHVVDULRFRQWDWWHUjLO QRVWUR6HUYL]LRGLDVVLVWHQ]D ,FRPSRQHQWLLQFDUERQLRVRQRVRJJHWWLVRSUDWWXWWRDLGDQQLFDXVDWL GD IRU]H GL VHUUDJJLR HFFHVVLYH 5,7&+(< /LTXLG7RUTXH F FUHD XOWHULRUHIRU]DGLDWWULWRWUDGXHVXSHUÀFLSHUPHWWHQGRFRVuGLGLPL QXLUHODIRU]DGLVHUUDJJLRDQFKHGHO 4XHVWRDFFRUJLPHQWRqXWLOHVRSUDWWXWWRQHOOH]RQHGLEORFFDJJLR GHOPDQXEULRHGHOO¶DWWDFFRPDQXEULRRGHOFDQQRWWRGHOODIRUFHOOD H GHOO¶DWWDFFR PDQXEULR GXH ]RQH GL EORFFDJJLR LQ FXL OH IRU]H GL VHUUDJJLR HFFHVVLYH SRVVRQR URYLQDUH L FRPSRQHQWL FDXVDQGRQH LOFHGLPHQWRRODSHUGLWDGHOODJDUDQ]LD,FRPSRQHQWLLQFDUERQLR VRQRSDUWLFRODUPHQWHVHQVLELOLDOORVFKLDFFLDPHQWRFDXVDWRGDIRU]H GLVHUUDJJLRHFFHVVLYH5,7&+(</LTXLG7RUTXHSUHYLHQHO¶HYHQWXDOH GDQQHJJLDPHQWRGHOOHÀEUHGLFDUERQLRJUD]LHDOODULGRWWDIRU]DGL VHUUDJJLR ,QROWUH OLPLWD OD SRVVLELOLWj FKH VL YHULÀFKLQR L FRPXQL VFULFFKLROLL QHL SXQWL GL EORFFDJJLR *DUDQWLVFH DQFKH OD PDVVLPD SURWH]LRQH GDOOD FRUURVLRQH SURWHJJHQGR HIÀFDFHPHQWH DQFKH LQ VLWXD]LRQLGLEDJQDWR 5,7&+(</LTXLG7RUTXHSXzHVVHUHXWLOL]]DWRSHUWXWWHOHJLXQ]LRQL WUDFDUERQLRDOOXPLQLRHDFFLDLRDGHVHPSLR ]RQHGLEORFFDJJLRDWWDFFRPDQXEULRPDQXEULR ]RQHGLEORFFDJJLRDWWDFFRPDQXEULRFDQQRWWRGHOODIRUFHOOD ]RQHGLEORFFDJJLRUHJJLVHOODWHODLR 5,7&+(< /LTXLG7RUTXH q LGHDOH SHU DVVROYHUH D TXHVWR VFRSR SHUFKpQRQVLLQGXULVFH ,QGLFD]LRQLSHUO¶XVR 3ULPDGLDSSOLFDUH5,7&+(</LTXLG7RUTXHVXOOHVXSHUÀFLLQWHUHV VDWHULPXRYHUHORVSRUFRHLUHVLGXLGLOXEULÀFDQWH6XFFHVVLYDPHQWH VSDOPDWH VXOOH VXSHUÀ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qDVVROXWDPHQWHQHXWURVXUDPH L OHJKHGLDOOXPLQLRDFFLDLRHPDWHULDOLVLQWHWLFLHQRQDWWDFFD OHVXSHUÀFLGHLFRPSRQHQWLFKHVRQRFRPSRVWLGDWDOLPDWHULDOL 7URYHUHWH LQIRUPD]LRQL GHWWDJOLDWH VX 5,7&+(< /LTXLG L 7RUTXHVX5LWFKH\,QWHUQDWLRQDO2QOLQH6KRSDOO¶LQGLUL]]R ZZZULWFKH\FK 5,7&+(<7RUTNH\ 3HUÀVVDUHLQPRGRLOSLVLFXURSRVVLELOHGXHFRPSRQHQWLqLQGLVSHQ VDELOHXWLOL]]DUHXQDFKLDYHGLQDPRPHWULFD/D5,7&+(<7RUTNH\G qSUHLPSRVWDWDLQPRGRWDOHGDSRWHUHVVHUHXWLOL]]DWDVXWXWWHOHYLWL DGHVDJRQRLQFDVVDWRGLPPGHJOLDWWDFFKLPDQXEULRSHUELFLFOHWWH GDFRUVDH07%LPDQXEULHOHDSSHQGLFL5,7&+(<FKHULFKLHGRQR XQDFRSSLDGLVHUUDJJLRPDVVLPDGL1P6H1PQRQJDUDQWLVFRQR OD IRU]D GL VHUUDJJLR QHFHVVDULD DSSOLFDWH 5,7&+(< /LTXLG7RUTXH VXOOHVXSHUÀFLGLJLXQ]LRQHSHUDXPHQWDUHO¶DWWULWR 6HVLVXSHUDODFRSSLDPDVVLPDGLVHUUDJJLRGL1PSHUOHYLWLGLÀV VDJJLRGLDWWDFFRPDQXEULRWXERGLVWHU]RRPDQXEULRVLJHQHUDXQD IRU]D GL VHUUDJJLR WURSSR HOHYDWD FKH SXz SURYRFDUH LO FHGLPHQWR GHO FRPSRQHQWH$ SDUWH O¶HOHYDWR ULVFKLR GL LQFLGHQWH LQ TXHVWR FDVRODJDUDQ]LDVXOSURGRWWRSHUGHGLYDOLGLWj 9LWLWURSSRDOOHQWDWHRWURSSRVWUHWWHSRVVRQRFDXVDUHXQ FHGLPHQWRHGHVVHUHTXLQGLFDXVDGLXQLQFLGHQWH$WWHQH WHYLULJRURVDPHQWHDOOHFRSSLHGLVHUUDJJLRLQGLFDWH6HQRQGLVSR QHWH GL XQD FKLDYH GLQDPRPHWULFD GL TXDOLWj R GL XQD 5,7&+(< 7RUTNH\ UHFDWHYL SUHVVR LO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< F L 7URYHUHWHPDJJLRULLQIRUPD]LRQLVX5,7&+(<7RUTNH\QHO 5LWFKH\,QWHUQDWLRQDO2QOLQH6KRSDOO¶LQGLUL]]RZZZULWFKH\FK G 5,7&+(<7RUTXH:UHQFK L 3HU OH YLWL FKH QRQ GHYRQR HVVHUH VHUUDWH FRQ 1P qGLVSRQLELOH5,7&+(<7RUTXH:UHQFK 5,7&+(<7RUTXH:UHQFKqDGDWWDSHUFRSSLHGLVHUUDJJLRGD1P DGHVSHUSLFFROHYLWLLQDOOXPLQLRD1PDGHVSHUYLWL0GL DOFXQLUHJJLVHOOD 7URYHUHWH PDJJLRUL LQIRUPD]LRQL VX 5,7&+(< 7RUTXH L :UHQFKVX5LWFKH\,QWHUQDWLRQDO2QOLQH6KRSDOO¶LQGLUL]]R ZZZULWFKH\FK 0RQWDJJLRGHJOLDWWDFFKL PDQXEULR$KHDGVHW 0ROWLDWWDFFKLPDQXEULR5,7&+(<SRVVRQRHVVHUHPRQWDWLLQGXH GLUH]LRQL&DSRYROJHQGRLPRGHOOLFRVLGGHWWLGLWLSRÁLSÁRSqSRVVL ELOHPRQWDUHLOPDQXEULRDGXHGLYHUVHDOWH]]HD $VVLFXUDWHYLFKHO¶DWWDFFRPDQXEULRVFHOWRSHUODIRUFHOODVLDVHPSUH GHOGLDPHWURGLÀVVDJJLRFRUUHWWRRFRPSDWLELOHE ,GLVWDQ]LDOLVRQRGLVSRQLELOLLQGLYHUVHDOWH]]H,GLVWDQ]LDOLGHYRQR HVVHUHFROORFDWLXQRVRSUDO¶DOWURLQDOWH]]DLQPRGRWDOHFKHLOFDQ QRWWRGHOODIRUFHOODWHUPLQLPPDOGLVRWWRGHOERUGRVXSHULRUH GHOO¶DWWDFFRPDQXEULR $VVLFXUDWHYL FKH LO FDQQRWWR GHOOD IRUFHOOD SRJJL VX XQD OXQJKH]]D VXIÀFLHQWH QHOO¶DWWDFFR PDQXEULR H FKH WHUPLQL PDVVLPR PP DO GL VRWWR GHO ERUGR VXSHULRUH GHOOR VWHVVR 4XHVWR JDUDQWLVFH XQ ÀVVDJJLRDIÀGDELOHXQDYROWDDSSOLFDWDODFRSSLDGLVHUUDJJLRSUHYLVWD VXLEXOORQLGHOPRUVHWWRGHOFDQQRWWRGHOODIRUFHOOD 6HSUHIHULWHSRVL]LRQDUHO¶DWWDFFRPDQXEULRSLLQEDVVROXQJRLOFDQ QRWWRGHOODIRUFHOODLOFDQRWWRVSRUJHUjVXSHULRUPHQWHGDOO¶DWWDFFR PDQXEULR3HUFRQWUROODUHODSRVL]LRQHLQVHULWHGHLGLVWDQ]LDOLQHOOD SDUWHVXSHULRUHGHOFDQQRWWRLQPRGRFKHTXHVWRWHUPLQL PPDO GLVRWWRGHOERUGRVXSHULRUHGHLGLVWDQ]LDOL'RSRLOJLURGLSURYD LO FDQQRWWR GHOOH IRUFHOOH LQ FDUERQLR GHYH HVVHUH DVVROXWDPHQWH DFFRUFLDWR /DGLVWDQ]DWUDLOERUGRVXSHULRUHGHOO¶DWWDFFRPDQXEULR HLOERUGRVXSHULRUHGHOFDQQRWWRGHOODIRUFHOODQRQGHYH HVVHUHVXSHULRUHDPPG6HUUDWHOHYLWLVROROHJJHUPHQWH VH YROHWH PRQWDUH VXELWR DQFKH LO PDQXEULR ,Q VHJXLWR GRYHWH UHJRODUHODVHULHVWHU]R 4XDQGR VRVWLWXLWH O¶DWWDFFR PDQXEULR GL XQD IRUFHOOD FRQ XQ FDQ QRWWRLQFDUERQLRFRQWUROODWHVHOH]RQHGLEORFFDJJLRSUHVHQWDQR LQWDFFDWXUHRDEUDVLRQL6HFLVRQRGDQQLYLVLELOLFKLHGHWHDOYRVWUR ULYHQGLWRUHVSHFLDOL]]DWR5,7&+(<VHqQHFHVVDULRVRVWLWXLUHODIRU FHOOD $OÀQHGLRWWLPL]]DUHLOEORFFDJJLRJOLDWWDFFKLPDQXEULR 5,7&+(<VRQRSURJHWWDWLFRQYLWLFRQWUDSSRVWH0DQWH QHWHVHPSUHWDOHGLUH]LRQHGLDYYLWDPHQWR $VVLFXUDWHYL FKH OH ]RQH GL EORFFDJJLR VLDQR DVVROXWDPHQWH SULYH GL JUDVVR TXDQGR PRQWDWH FRPSRQHQWL LQ FDUERQLR 8WLOL]]DWH 5,7&+(< /LTXLG7RUTXH QHOOH ]RQH GL EORFFDJJLR SHU RWWLPL]]DUH ODWHQXWD E ,QJUDVVDWHODÀOHWWDWXUDHOHVXSHUÀFLGLDSSRJJLRGHOOHWHVWHGHOOHYLWL GHOPRUVHWWRGHOFDQQRWWRGHOODIRUFHOOD1RQDSSOLFDWHOXEULÀFDQWL VXOOHVXSHUÀFLGHOOH]RQHGLEORFFDJJLR 5HJROD]LRQHGHOODVHULHVWHU]R $KHDGVHW /D UHJROD]LRQH GHOOD VHULH VWHU]R q XQ¶RSHUD]LRQH FKH L GHYH HVHJXLUH XQ HVSHUWR 4XHVWH RSHUD]LRQL GHYRQR HVVHUHHIIHWWXDWHVRORGDOULYHQGLWRUHVSHFLDOL]]DWR5,7&+(<6H YROHWHLQFDULFDUYLYRLVWHVVLGHOODUHJROD]LRQHSHUSULPDFRVDOHJ JHWH OH LVWUX]LRQL SHU O¶XVR GHO SURGXWWRUH GHOOD VHULH VWHU]R H QRQ GLPHQWLFDWH FKH q QHFHVVDULR GL XWHQVLOL VSHFLDOL DG HV XQD 5,7&+(<7RUTNH\ 6YLWDWHGLGXHWUHJLULOHYLWLGLÀVVDJJLRODWHUDOLGHOO·DWWDFFRPDQXEULR 1RQVYLWDWHFRPSOHWDPHQWHOHYLWL 5XRWDQGR OD YLWH SRVWD VXO WDSSR GL UHJROD]LRQH VXSHULRUH SRWHWH UHJRODUH LO JLRFR GHL FXVFLQHWWL H 5XRWDQGR LQ VHQVR RUDULR VL ULGXFHLOJLRFRSRLFKpO¶DWWDFFRPDQXEULRYLHQHVSLQWRLQEDVVRYHUVR ODVHULHVWHU]RUXRWDQGRLQVHQVRDQWLRUDULRLOJLRFRDXPHQWD4XD ORUD FL GRYHVVH HVVHUH GHO JLRFR WUD L FXVFLQHWWL UXRWDWH OD YLWH GL UHJROD]LRQHGLXQTXDUWRRGLPH]]RJLUR 9HULÀFDWHLOJLRFRGHOODVHULHVWHU]RFRPHGHVFULWWRQHOOHLVWUX]LRQL SHUO¶XVRGHOODELFLFOHWWDI)DWHDWWHQ]LRQHFKHODVHULHVWHU]RQRQ VLDWURSSRWHVDSHUFKpSRWUHEEHGDQQHJJLDUVL 1RQVHUUDWHFRPSOHWDPHQWHODYLWHVLWUDWWDGLXQ¶RSH UD]LRQHGLUHJROD]LRQH5XRWDWHODYLWHGLTXDUWLGLJLURH QHOIUDWWHPSRYHULÀFDWHLOJLRFR 4XDQGR LO JLRFR q UHJRODWR FRUUHWWDPHQWH RULHQWDWH QXRYDPHQWH O¶DWWDFFRPDQXEULRLQGLUH]LRQHGLPDUFLD)LVVDWHODUXRWDDQWHULRUH OXQJR LO WHODLR H O·DWWDFFR PDQXEULR ,O PDQXEULR VL WURYHUj TXLQGL HVDWWDPHQWHDGDQJRORUHWWRULVSHWWRDOODGLUH]LRQHGLPDUFLD 6HUUDWH HQWUDPEH OH YLWL GL ÀVVDJJLR DOWHUQDWLYDPHQWH FRQ OD 5,7&+(<7RUTNH\ 8WLOL]]DQGR XQD FKLDYH GLQDPRPHWULFD FRPX QHPHQWH LQ FRPPHUFLR FRPLQFLDWH FRQ XQD FRSSLD PLQLPD GL VHUUDJJLRGL1PJ6HO¶DWWDFFRPDQXEULRQRQGRYHVVHHVVHUH VXIÀFLHQWHPHQWHVHUUDWRDXPHQWDWHODFRSSLDGLVHUUDJJLRD1PR ÀQRDTXDQGROD5,7&+(<7RUTNH\IDUjFOLF 3HUIRUFHOOHFRQFDQQRWWRLQFDUERQLRIDWHDWWHQ]LRQHFKH DOO¶LQWHUQRSHUUHJRODUHODVHULHVWHU]RYLVLDXQPHFFDQL VPRGLÀVVDJJLRDGHJXDWRFRPHFRQWURDSSRJJLR5LVSHWWDWHVFUX SRORVDPHQWHOHLVWUX]LRQLSHUO¶XVRGHOSURGXWWRUHGHOODIRUFHOOD SULPDGLVHUUDUHFRPSOHWDPHQWHO¶DWWDFFRPDQXEULR 9HULÀFDWH LO ÀVVDJJLR VWDELOH GHOO·DWWDFFR PDQXEULR GRSR DYHUUHJRODWRODVHULHVWHU]RSUHQGHQGRODUXRWDDQWHULRUH WUDOHJLQRFFKLDHSURYDQGRDJLUDUHLOPDQXEULR8QDWWDFFRPDQX EULRDOOHQWDWRSXzHVVHUHFDXVDGLLQFLGHQWL 4XDORUD O¶DWWDFFR PDQXEULR QRQ GRYHVVH VHUUDUVL VXOOD IRUFHOOD FRQ XQD FRSSLD PDVVLPD GL VHUUDJJLR GL 1P QRQRVWDQWHO¶DSSOLFD]LRQHGL5,7&+(</LTXLG7RUTXHVXOOHVXSHU ÀFLGLFRQWDWWRVLJQLÀFDFKHO¶DWWDFFRPDQXEULRHODIRUFHOODQRQ VRQR FRPSDWLELOL 6RVWLWXLWH O¶DWWDFFR PDQXEULR FRQ XQ PRGHOOR DGDWWR R FKLHGHWH FRQVLJOLR DO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< G I H J UHVHW 00 6(7 PPL QFK PP 2RQ )DWHVFRUUHUHO¶DWWDFFRPDQXEULRVXOODIRUFHOOD4XHVWDRSHUD]LRQH GRYUHEEH DYYHQLUH VHQ]D GRYHU IRU]DUH GDOO¶DOWUR PD FRPXQTXH VHQ]DULVXOWDUHLQXQJLRFRWUDO¶DWWDFFRPDQXEULRHODIRUFHOOD $VHFRQGDGHOODOXQJKH]]DGHOFDQQRWWRGHOODIRUFHOODHDOODSRVL]LRQH GHOO·DWWDFFRPDQXEULRFKHGHVLGHUDWHVDUjQHFHVVDULRLQVHULUHGHJOL VSDFHUGLVWDQ]LDOLDOGLVRSUDGHOODVHULHVWHU]RVXOFDQQRWWRGHOOD IRUFHOODHRVXOO·DWWDFFRPDQXEULRF/¶DOWH]]DPDVVLPDFRQVHQWLWD GHLGLVWDQ]LDOLqPP D F 0RQWDJJLRGHOPDQXEULR 3ULPD GL LQL]LDUH LO PRQWDJJLR DVVLFXUDWHYL FKH O¶DWWDFFR PDQXEULR VFHOWRSHULOPDQXEULRVLDGHOGLDPHWURGLÀVVDJJLRDGHJXDWR $G HVHPSLR SHU DWWDFFKL PDQXEULR FRQ GLDPHWUR GL ÀVVDJJLR GL PP VRQR FRQVHQWLWL VROR PDQXEUL FRQ GLDPHWUR GL ÀVVDJJLR GLPP 0RQWDWHLOYRVWURQXRYRPDQXEULR5,7&+(<LQPRGRFKHVLDFHQ WUDWRVXOOD]RQDGLEORFFDJJLRGHOPDQXEULRHFKHYLVLDODVWHVVDOXQ JKH]]DVXHQWUDPELLODWLGHOO¶DWWDFFR6HSHUIDUVFRUUHUHLOPDQXEULR QHOOD]RQDGLEORFFDJJLRGRYHVVHHVVHUHQHFHVVDULRXVDUHODIRU]DR VHWUDLGXHFRPSRQHQWLGRYHVVHHVVHUFLGHOJLRFRIDWHYHULÀFDUHGDO YRVWUR ULYHQGLWRUH VSHFLDOL]]DWR 5,7&+(< FKH L GXH FRPSRQHQWL VLDQRFRPSDWLELOL ,PDQXEULGDPRXQWDLQELNHYHQJRQRPRQWDWLLQPRGRFKHOHFXUYD WXUHVHJXDQRODSRVL]LRQHQDWXUDOHHUJRQRPLFDGHOODPDQRRYYHUR FKH VLDQR OHJJHUPHQWH FXUYDWL DOO¶LQGLHWUR , SROVL GHYRQR HVVHUH ULODVVDWLHQRQGHYRQRHVVHUHWURSSRSLHJDWLYHUVRO¶HVWHUQR 1HOOH ELFLFOHWWH GD FRUVD OD SDUWH GLULWWD GHOOD SDUWH LQIHULRUH GHO PDQXEULRGRYUHEEHHVVHUHLQSRVL]LRQHSDUDOOHODDOVXRORROHJJHU PHQWHLQFOLQDWDYHUVRLOEDVVR $YYLWDWHGLDOFXQLJLULFRQOHGLWDOHYLWLGHOPRUVHWWRGHOPDQXEULR SUHFHGHQWHPHQWH LQJUDVVDWH VXOOD ÀOHWWDWXUD H VXOOD WHVWD$YYLWDWH FRQXQD5,7&+(<7RUTNH\RXQ¶DOWUDFKLDYHGLQDPRPHWULFDGLTXD OLWjWXWWHHTXDWWUROHYLWLTXDQWREDVWDSHUFKpODIHVVXUDGLÀVVDJJLR VXOPRUVHWWRGHOPDQXEULRWUDLOIURQWDOLQRGHOO¶DWWDFFRPDQXEULRH LOFRUSRGHOORVWHVVRDEELDODVWHVVDDPSLH]]DVLDVRSUDFKHVRWWR 5LVSHWWDWHOHFRSSLHGLVHUUDJJLRSUHYLVWHD ,VSH]LRQDWHLFRPDQGLFDPELRIUHQRRLFRPDQGLIUHQRDOODULFHUFD GL EDYDWXUH R VSLJROL YLYL 1RQ XWLOL]]DWH FRPDQGL FDPELR H IUHQR FKHSUHVHQWDQREDYDWXUHRVSLJROLYLYLSRLFKpSRWUHEEHURURYLQDUH LOPDQXEULRRFDXVDUHLQWDFFDWXUH6HVFRSULWHEDYDWXUHRVSLJROLYLYL IDWHFRQWUROODUHLOFRPSRQHQWHGDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR 5,7&+(<FKHYHULÀFKHUjVHLOGLIHWWRSXzHVVHUHHOLPLQDWRRVHq QHFHVVDULRVRVWLWXLUHLOFRPSRQHQWH$OOHQWDWHTXDQWRSLSRVVLELOH OHYLWLGLÀVVDJJLRSULPDGLIDUVFRUUHUHOHOHYHFDPELRHIUHQRVXO PDQXEULR 3HU FRPDQGL FDPELRIUHQR SHU ELFLFOHWWH GD FRUVD 'XDO &RQWURO (UJRSRZHUR'RXEOH7DSVPRQWDWHFRPSOHWDPHQWHODIDVFHWWDGDO FRUSROHYD ,QL]LDOPHQWHDYYLWDWHOHJJHUPHQWHOHYLWLLQPRGRFKHLFRPDQGLVL SRVVDQRDQFRUDPXRYHUHOHJJHUPHQWH3RUWDWHLFRPDQGLQHOODSRVL ]LRQHGHVLGHUDWD4XLQGLVHUUDWHOHYLWLÀQRDOODFRSSLDGLVHUUDJJLR VWDELOLWDSHUJDUDQWLUHXQDWHQXWDVLFXUDF L 3HUWXWWLLFRPSRQHQWLOHJJHWHOHLVWUX]LRQLSHUO¶XVRGHL SURGXWWRULSULPDGLVHJXLUHOHLVWUX]LRQL 1RQ DFFRUFLDWH PDL XQ PDQXEULR LQ FDUERQLR SHU PRXQWDLQ ELNH VHJDQGR OH SDUWL WHUPLQDOL QHOOH ]RQH GL EORFFDJJLR GHL FRPDQGL FDPELRIUHQR LO PDQXEULR q ULQIRU]DWR DIÀQFKp SRVVD JDUDQWLUH OD WHQXWD QHFHVVDULD SHU OH IRU]H FKH VL JHQHUDQR LQ WDOL ]RQH$FFRUFLDUH LO PDQXEULR SXz GDQQHJJLDUOR HSXzHVVHUHFDXVDGLXQJUDYHLQFLGHQWHGXUDQWHODJXLGD4XDO VLDVLPRGLÀFDDGXQFRPSRQHQWHLQFDUERQLR5,7&+(<KDFRPH HIIHWWRO¶HVWLQ]LRQHGHOODJDUDQ]LD 6HDYHWHXQDWWDFFRPDQXEULR&YLLQYLWLDPRDOHJJHUH L DQFKH OH XOWHULRUL LQGLFD]LRQL FRQWHQXWH QHO FDSLWROR Å$WWDFFKLPDQXEULR&´ 1RQUXRWDWHPDLLFRPDQGLVXOPDQXEULRGRSRFKHOHYLWLGLÀVVDJJLR VRQRVWDWRVHUUDWH)DFHQGRORJUDIÀHUHVWHODVXSHUÀFLHURYLQDQGROD ÀQLWXUDHULVFKLDQGRGLGDQQHJJLDUHLOPDWHULDOH 5XRWDWHLFRPDQGLDOOHQWDWLVXOPDQXEULRLQPRGRFKHVLDQROHJJHU PHQWHLQFOLQDWLYHUVRLOEDVVR0RQWDWHLQVHOODHGDSSRJJLDWHOHGLWD VXOODOHYDGHOIUHQR 9HULÀFDWHFKHODPDQRHO·DYDPEUDFFLRIRUPLQRXQDOLQHDUHWWD6Hq FRVuUHJRODWHGLFRQVHJXHQ]DODOHYDGHOFDPELRGHVHUUDWHOHYLWL GLÀVVDJJLRGHLFRPDQGLIUHQRHFDPELRFRQOHFRSSLHGLVHUUDJJLR FRQVLJOLDWH %LFLFOHWWDGDFRUVD²5HJROD]LRQHGHOPDQX EULR 1HOODELFLGDFRUVDODSDUWHGLULWWDGHOODSDUWHLQIHULRUHGHOPDQX EULRGRYUHEEHHVVHUHLQSRVL]LRQHSDUDOOHODDOVXRORROHJJHUPHQWH LQFOLQDWD YHUVR LO EDVVR H9HULÀFDWH VH LO PDQXEULR q EHQ ÀVVDWR DOO¶DWWDFFRPDQXEULRFHUFDQGRGLUXRWDUOR 1RQ GHYH HVVHUH SRVVLELOH UXRWDUH LO PDQXEULR I 1RQ VXSHUDWH PDLODFRSSLDGLVHUUDJJLRFRQVLJOLDWDGDOSURGXWWRUH 1HOFDVRLQFXLLOPDQXEULRVLPXRYHVVHYHULÀFDWHFKHFLDVFXQDYLWH VLDVWDWDVHUUDWDFRQODFRSSLDGLVHUUDJJLRFRQVLJOLDWDSHUOHYLWLGL ÀVVDJJLR GHOO¶DWWDFFR PDQXEULR 5,7&+(< 1P 6H FLDVFXQD YLWH qVHUUDWDFRQODFRSSLDGLVHUUDJJLRGL1PHODIRU]DGLFKLXVXUD QRQqDQFRUDVXIÀFLHQWHVYLWDWHOHYLWLWRJOLHWHLOPDQXEULRGDOO¶DW WDFFR PDQXEULR H DSSOLFDWH 5,7&+(< /LTXLG7RUTXH VXOOH ]RQH GL EORFFDJJLR E G $YYLWDWHTXLQGLOHYLWLXQDGRSRO¶DOWUDLQVHTXHQ]DLQFURFLDWDHXQL IRUPHPHQWHRYYHURDOWHUQDWDPHQWHHXQSRFRSHUYROWDÀQRDFKH ODFKLDYHGLQDPRPHWULFDQRQUDJJLXQJHODFRSSLDPLQLPDGLVHUUDJJLR FRQVLJOLDWD 6HUUDWH QXRYDPHQWH WXWWH OH YLWL VLQJRODUPHQWH ÀQFKp FLDVFXQD QRQUDJJLXQJHODFRSSLDGLVHUUDJJLRGL1P4XDORUDLOPDQXEULR QRQGRYHVVHHVVHUHDQFRUDEHQÀVVDWRVXOO¶DWWDFFRPDQXEULRIDWHYL FRQVLJOLDUHGDXQULYHQGLWRUHVSHFLDOL]]DWR5,7&+(<RGDXQDOWUR PHFFDQLFRVSHFLDOL]]DWR 6HQHFHVVDULRFRUUHJJHWHO¶RULHQWDPHQWRGHLFRPDQGLFDPELRIUHQR FRPHGHVFULWWRQHOFDSLWRORÅ0RQWDJJLRGHOPDQXEULR´ /DFRSSLDPDVVLPDGLVHUUDJJLRFRQVLJOLDWDSHUJOLDWWDFFKLPDQXEULR 5,7&+(<FRQYLWLq1PE8WLOL]]DWHXQD5,7&+(<7RUTNH\ HLQFDVRGLGXEELRDWWHQHWHYLVHPSUHDLYDORULLQGLFDWLVXOFRPSR QHQWH D 0RXQWDLQELNH²5HJROD]LRQHGLFRPDQGLH OHYH F H I 0RQWDJJLRGHOOHDSSHQGLFL /HDSSHQGLFLRIIURQRXOWHULRULSRVVLELOLWjGLLPSXJQDWXUD,QJHQHUH YHQJRQRUHJRODWHLQPRGRWDOHFKHOHPDQLVLDQRFRPRGHTXDQGRLO FLFOLVWDSHGDODLQSLHGL /HDSSHQGLFL5,7&+(<ÅEDUHQGV´VRQRDGDWWHDOO¶XWLOL]]RVXTXDVL WXWWLLPDQXEUL5,7&+(<LQGLSHQGHQWHPHQWHFKHVLDQRLQDOOXPLQLR RLQFDUERQLR 6XLPDQXEULGDPRXQWDLQELNH5,7&+(<6XSHU/RJLFQRQ GHYRQRHVVHUHXWLOL]]DWHDSSHQGLFL 4XDQGR PRQWDWH DSSHQGLFL 5,7&+(< VX PDQXEUL GL PDUFD QRQ 5,7&+(< SULPD GHO PRQWDJJLR DVVLFXUDWHYL FKH LO PDQXEULR VLD DGDWWRDOPRQWDJJLRGHOOHDSSHQGLFL,QFDVRGLGXEELRFKLHGHWHFRQ VLJOLRDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< ,OPRQWDJJLRGHOOHDSSHQGLFLVXXQPDQXEULRQRQDGDWWR FKH DG HV D FDXVD GHOOR VSHVVRUH WURSSR VRWWLOH GHOOD SDUHWHQRQqFRQFHSLWRSHUODVROOHFLWD]LRQHVSHFLÀFDSRWUHEEH DYHUHFRPHFRQVHJXHQ]DODURWWXUDGHOPDQXEULRHSRWUHEEHFDX VDUHXQLQFLGHQWH &RQWUROODUH FKH OH ]RQH GL EORFFDJJLR GHOOH DSSHQGLFL VLDQR SULYH GL EDYDWXUH 1RQ XWLOL]]DWH DSSHQGLFL FRQ VSLJROL YLYL R EDYDWXUH $OWULFRPSRQHQWLSRWUHEEHURYHQLULQWDFFDWLRGDQQHJJLDWL4XDORUD GRYHVWHVFRSULUHVSLJROLYLYLREDYDWXUHULYROJHWHYLDOYRVWURULYHQGL WRUHVSHFLDOL]]DWR5,7&+(< $OOHQWDWH OH YLWL GL ÀVVDJJLR GHL FRPDQGL IUHQR H FDPELR H IDWHOH VFRUUHUH XQLWDPHQWH DOOH PDQRSROH YHUVR O¶LQWHUQR WDQWR TXDQWR EDVWDSHUFKpOHDSSHQGLFLSRVVDQRHVVHUHÀVVDWHFRPSOHWDPHQWHVXO PDQXEULR 6H QHFHVVDULR WDJOLDWH L WDSSL GHOOH PDQRSROH SULPD GL IDUOHVFRUUHUH ,QÀODWHOHDSSHQGLFLVXOOHHVWUHPLWjGHOPDQXEULRDSRVL]LRQDWHOH FRPHGHVLGHUDWHHIDWHDWWHQ]LRQHFKHDEELDQRODVWHVVDDQJROD]LRQH VX HQWUDPEL L ODWL E )DWH DWWHQ]LRQH DG HYHQWXDOL LQGLFD]LRQL GL SRVL]LRQDPHQWRSHULOODWRGHVWURRVLQLVWURULSRUWDWHVXOOHDSSHQ GLFL 6HUUDWHOHYLWLDSLFFROLPRYLPHQWLGL1P1RQVXSHUDWHPDLOD FRSSLD PDVVLPD GL VHUUDJJLR GL 1P SHU OH YLWL GL ÀVVDJJLR GHOOH DSSHQGLFL 5,7&+(< R GHOOH DSSHQGLFL PRQWDWH VX XQ PDQXEULR 5,7&+(< 5LVSHWWDWHVHPSUHLYDORULULSRUWDWLVXLFRPSRQHQWLF 6HOHDSSHQGLFLQRQGRYHVVHURVHUUDUVLEHQHVXOPDQXEULR QRQRVWDQWHO¶DSSOLFD]LRQHGL5,7&+(</LTXLG7RUTXHVXOOH VXSHUÀFLGLFRQWDWWRVLJQLÀFDFKHOHDSSHQGLFLHLOPDQXEULRQRQ VRQRFRPSDWLELOLIUDORUR6RVWLWXLWHOHDSSHQGLFLFRQDOWULPRGHOOL DGDWWLRVRVWLWXLWHLOPDQXEULR 1RQGLPHQWLFDWHFKHLFROOHJDPHQWLYLWHGLDWWDFFRPDQX EULR PDQXEULR DSSHQGLFL L FRPDQGL IUHQR H FDPELR GHYRQRHVVHUHVHUUDWLFRQOHFRSSLHGLVHUUDJJLRSUHYLVWH ,O PRQWDJJLR GL DSSHQGLFL QRQ DGDWWH VX XQ PDQXEULR 5,7&+(< SXz FDXVDUH XQD URWWXUD R XQ LQFLGHQWH /D PDJJLRU SDUWH GHL PDQXEUL D VH]LRQH PROWR PDJJLRUDWD FRQLÀ FDWLHGHLPDQXEULLQFDUERQLRQRQVRQRDGDWWLSHUOHDSSHQGLFL &KLHGHWHFRQVLJOLRDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< 5HJROD]LRQHGHOO¶DOWH]]DGHO PDQXEULR /¶DOWH]]DGHOPDQXEULRHODOXQJKH]]DGHOO¶DWWDFFRPDQXEULRGHWHU PLQDQRO¶LQFOLQD]LRQHGHOODVFKLHQDG6HLOPDQXEULRYLHQHSRVL]LR QDWRSURIRQGDPHQWHLOFLFOLVWDVLHGHLQSRVL]LRQHDHURGLQDPLFDVXOOD ELFLHDSSRUWDPROWRSHVRVXOODUXRWDDQWHULRUH/DSRVWXUDULFXUYD SHUzqVWDQFDQWHHVFRPRGDSHUFKpDXPHQWDODVROOHFLWD]LRQHGHL SROVLGHOOHEUDFFLDGHOWRUVRHGHOFROOR )DWHYLFRQVLJOLDUHGDXQHVSHUWRTXDOLÀFDWRSHUHYLWDUHGRORULRVFR PRGLWjGXUDQWHODJXLGD(YHQWXDOPHQWHXQULYHQGLWRUHVSHFLDOL]]DWR 5,7&+(<SXzRIIULUYLXQDSDQRUDPLFDGLWXWWLSURGRWWL5,7&+(< H GL WXWWH OH PLVXUH WUDPLWH LO QRVWUR SURJUDPPD ),7 /2*,& %< 5,7&+(< H SXz UHQGHUH OD YRVWUD SRVL]LRQH GL VHGXWD FRPRGD VHFRQGRLYRVWULGHVLGHUL $WWDFFKLPDQXEULR$KHDGVHW 5HJROD]LRQHFRQO¶XWLOL]]RGLGLVWDQ]LDOL VSDFHU 1HO VLVWHPD VHQ]D ÀOHWWDWXUD LO FRVLGGHWWR VLVWHPD $KHDGVHW O¶DWWDFFR PDQXEULR q SDUWH GHOOD VHULH VWHU]R 3HU PRGLÀFDUH OD SRVL]LRQHGLVHGXWDqSRVVLELOHVPRQWDUHO¶DWWDFFRPDQXEULRHULSR VL]LRQDUOR ,Q VHJXLWR q QHFHVVDULR UHJLVWUDUH QXRYDPHQWH OD VHULH VWHU]R $ULJXDUGRYLLQYLWLDPRDOHJJHUHLQFDSLWRORÅ5HJROD]LRQH GHOODVHULHVWHU]R´ ,QPLVXUDOLPLWDWDqSRVVLELOHUHJRODUHODSRVL]LRQHGHOPDQXEULRSHU XQ¶DOWH]]DPDJJLRUHRPLQRUHPRGLÀFDQGRLGLVWDQ]LDOLRO¶RULHQWD PHQWRGHOO¶DWWDFFRPDQXEULRQHOFDVRGHLFRVLGGHWWLPRGHOOLGLWLSR ÁLSÁRSH 6PRQWDWHODYLWHGLSUHFDULFRGHODVHULHVWHU]RSRVWDVRSUDDOFDQ QRWWR GHOOD IRUFHOOD I H WRJOLHWH LO WDSSR$OOHQWDWH OH YLWL ODWHUDOL GHOO¶DWWDFFR PDQXEULR HG HVWUDHWH O¶DWWDFFR GDOOD IRUFHOOD$GHVVR SRWHWHWRJOLHUHLGLVWDQ]LDOL,QVHULWHQXRYDPHQWHLGLVWDQ]LDOLULPRVVL VXO FDQQRWWR GHOOD IRUFHOOD DO GL VRSUD R DO GL VRWWR GHOO¶DWWDFFR PDQXEULRJSHUSRVL]LRQDUHLOPDQXEULRDOO¶DOWH]]DGHVLGHUDWD 9HULÀFDWHLQÀQHODVHGHVWDELOHGHLFRPSRQHQWLFRPHGHVFULWWRSUH FHGHQWHPHQWH 5LFRUGDWHFKHDOGLVRWWRGHOO¶DWWDFFRPDQXEULRSRVVRQR HVVHUHPRQWDWLGLVWDQ]LDOLGLPDVVLPRPP ËSRVVLELOHHOLPLQDUHLGLVWDQ]LDOLVRORDFFRUFLDQGRLOFDQ L QRWWRGHOODIRUFHOOD7DOHRSHUD]LRQHqLUUHYHUVLELOH$FFRU FLDUHLOFDQRWWRqXQ¶RSHUD]LRQHSHUHVSHUWL)DWHODHVHJXLUHVROR VH VLHWH DVVROXWDPHQWH VLFXUL GHOOD SRVL]LRQH$OWULPHQWL SRWHWH HYLWDUH GL DFFRUFLDUH LO FDQQRWWR GHOOD IRUFHOOD VHPSOLFHPHQWH PRGLÀFDQGRO¶RUGLQHGHLGLVWDQ]LDOL'XUDQWHXQJLURGLSURYDSHU GHWHUPLQDUHODSRVL]LRQHLQVHULWHDOGLVRSUDGHOO¶DWWDFFRPDQX EULRORVWHVVRQXPHURGLGLVWDQ]LDOLFKHDYHWHWROWRDOGLVRWWRH YLFHYHUVD E G I F H J 1RQXWLOL]]DWHOLTXLGLRJUDVVLSHUDOOHQWDUHLFRPDQGL6HQHFHVVDULR XWLOL]]DWHDULDFRPSUHVVD 6YLWDWHGLGXHWUHJLULOHYLWLFROORFDWHVXOODWRLQIHULRUHGHOOHDSSHQ GLFL D $WWDFFKLPDQXEULRUHJRODELOL 3HUJOLDWWDFFKLPDQXEULR$KHDGVHW5,7&+(<UHJRODELOLDqSRV VLELOHUHJRODUHO¶DOWH]]DGHOPDQXEULRLPSRVWDQGRO¶LQFOLQD]LRQHGHOOD SDUWHDQWHULRUHGHOO¶DWWDFFRPDQXEULR 4XDQGR UHJRODWH O¶DOWH]]D GHO PDQXEULR GRYHWH UHJR L ODUHQXRYDPHQWHDQFKHODVHULHVWHU]R6HQRQYLVHQWLWH VLFXUH QHOO¶HVHJXLUH WDOH RSHUD]LRQH IDWHYL FRQVLJOLDUH GDO YRVWUR ULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< 1RQ GLPHQWLFDWH FKH PRGLÀFDQGR OD SRVL]LRQH GHOO¶DW WDFFRPDQXEULRDQFKHODSRVL]LRQHGHOPDQXEULRLQVLHPH DLFRPDQGLIUHQRHFDPELRHGHYHQWXDOLDSSHQGLFLVDUjPRGLÀFDWD &RUUHJJHWHODSRVL]LRQHGHOPDQXEULRFRPHGHVFULWWRQHOFDSLWROR Å0RQWDJJLRGHOPDQXEULR´ L )DWH DWWHQ]LRQH D VHUUDUH FRUUHWWDPHQWH OH YLWL GHOO¶DW WDFFRPDQXEULRHGHOPDQXEULR,OPDQFDWRULVSHWWRGHOOH FRSSLHGLVHUUDJJLRSUHYLVWHSXzIDUVuFKHLOPDQXEULRRO¶DWWDFFR PDQXEULRVLDOOHQWLQRRVLURPSDQR $OOHQWDWHODYLWHODWHUDOHEFKHUHJRODO¶DQJROD]LRQHÀQRDTXDQGR ODGHQWDWXUDQRQVLDOOHQWDHDSULWHLOPRUVHWWRGHOFDQQRWWR6HSD UDWHOHGXHPHWjGHOPRUVHWWRLQPRGRGDSRWHUUHJRODUHODQXRYD SRVL]LRQHGHOO¶DWWDFFRPDQXEULRF5LPHWWHWHLQVLHPHOHGXHPHWj LQPRGRFKHODGHQWDWXUDVLLQFDVWULHLQVHULWHQXRYDPHQWHODYLWH 6HUUDWHODFRQODFRSSLDGLVHUUDJJLRFRQVLJOLDWDG $WWDFFRPDQXEULR& 6SLQJHWH FRQ FDXWHOD O·DWWDFFR PDQXEULR QHOO·DUHD FHQWUDOH GHO PDQXEULRTXLQGLUXRWDWHORGLQHOODSRVL]LRQHGHVLGHUDWDK 3HU JDUDQWLUH XQ IXQ]LRQDPHQWR H XQD SRUWDWD RWWLPDOH 5,7&+(< FRQVLJOLD YLYDPHQWH GL XWLOL]]DUH JOL DWWDFFKL PDQXEULR5,7&+(<HVFOXVLYDPHQWHFRQLPDQXEUL5,7&+(<,Q YLDWHRULFDJOLDWWDFFKLPDQXEULR5,7&+(<&SRVVRQRHVVHUH XWLOL]]DWLFRQODPDJJLRUSDUWHGHLPDQXEUL7XWWDYLDqSRVVLELOHFKH QRQVLDQRDGDWWLDGDOFXQHPDUFKHPRGHOOL3HULFRORG·LQFLGHQWH 3RVL]LRQDWHLOPDQXEULRLQEDVHDOOHSURSULHHVLJHQ]HDOFHQWURGHO PHFFDQLVPRGLEORFFDJJLRHVHUUDWHOHYLWLVHJXHQGRODSURFHGXUD LQGLFDWDQHOFDSLWROR´6HUUDJJLRGHOO·DWWDFFRPDQXEULRµL 3HUHYLWDUHJUDIÀRGDQQLQRQLQVHULWHFRQYLROHQ]DO·DW WDFFRVXOPDQXEULR J 0RQWDJJLRGHO·DWWDFFRVXOPDQXEULR $0DQXEULRGDFRUVDFRQSDUWHVXSHULRUHHUJRQRPLFD (VWUDHWHLOIURQWDOLQRGHOEORFFDJJLRPDQXEULRHOHYLWL6HQHFHV VDULRWRJOLHWHLOQDVWURPDQXEULRÀQRDLFRUSLOHYD6SLQJHWHO·DW WDFFR PDQXEULR QHO ODWR HVWHUQR GHOOD FXUYDWXUD GHO PDQXEULR H 8QDYROWDVWDELOLWDODSRVL]LRQHGHOO¶DWWDFFRPDQXEULRqQHFHVVDULR PRGLÀFDUH DQFKH OD SRVL]LRQH GHO PDQXEULR FRPH GHVFULWWR QHO FDSLWRORÅ0RQWDJJLRGHOPDQXEULR´$WDOHVFRSRVYLWDWHOHYLWL VXOIURQWDOLQRGHOO¶DWWDFFRPDQXEULRHUXRWDWHLOPDQXEULR6HUUDWH QXRYDPHQWHOHYLWLFRQXQDFRSSLDPDVVLPDGLVHUUDJJLRGL1P 5XRWDWH LO FRUSR GHOO·DWWDFFR GL LQ PRGR FKH TXHVWR VLD ULYROWRYHUVRO·LQWHUQRHLOFHQWURGHOPDQXEULRI 5HJRODWH QXRYDPHQWH OD VHULH VWHU]R FRPH GHVFULWWR QHO FDSLWROR Å5HJROD]LRQHGHOODVHULHVWHU]R´ 6SLQJHWH O·DWWDFFR PDQXEULR YHUVR LO FHQWUR GHO PDQXEULR SUH VWDQGR DWWHQ]LRQH D QRQ GDQQHJJLDUOR 1RQ DSSOLFDWH WURSSD IRU]DSHUFRPSHQVDUHHYHQWXDOLDWWULWLFKHSRWUHEEHURLQVRUJHUH J D F H K E G I L %0DQXEULRGDFRUVDVWDQGDUG 6HUUDJJLRGHOO·DWWDFFRPDQXEULR (VWUDHWHLOIURQWDOLQRGHOEORFFDJJLRPDQXEULRHOHYLWL6HQHFHV VDULR WRJOLHWH LO QDVWUR PDQXEULR ÀQR DL FRUSL OHYD 6SLQJHWH O·DWWDFFR PDQXEULR D GHVWUD R VLQLVWUD GDOO·DUHD SL VSHVVD GHO PDQXEULRD (VHJXLWHTXHVWDRSHUD]LRQHXWLOOL]]DQGRXQDFKLDYHGLQD L PRPHWULFD,QTXHVWRPRGRSRWUHWHHVVHUHVLFXULGLVHU UDUHOHYLWLFRQODFRSSLDGLEORFFDJJLRDSSURSULDWD 0RQWDJJLRHUHJROD]LRQHGHL PDQXEULDHURGLQDPLFL :&6&DUERQ+DPPHUKHDG77%DVH%DU 3DVVR ,O:&6 &DUERQ +DPPHUKHDG77 %DVH %DU VL PRQWD QHL FRPXQH DWWDFFKL PDQXEULR FRPH GHVFULWWR QHO FDSLWROR Å0RQWDJJLR GHO PDQXEULR´)DWHDWWHQ]LRQHFKHLOPDQXEULRVLDLQSRVL]LRQHSDUDO OHODDOVXRORROHJJHUPHQWHLQFOLQDWDYHUVRO¶DOWR &0DQXEULR07%GULWWRULVHUEDU 'RSRDYHUPRQWDWRVXOODELFLFOHWWDLOPDQXEULRHO·DWWDFFRPDQXEULR SRVL]LRQDWHOLVHFRQGROHYRVWUHHVLJHQ]H$YYLWDWHOHJJHUPHQWHHLQ PRGRXQLIRUPHOHYLWLGHOEORFFDJJLRFDQQRWWRTXLQGLVHUUDWHOHFRQ XQDFRSSLDGLEORFFDJJLRPDVVLPDSDULD1PH *HQHUDOPHQWHVLGRYUHEEHVFHJOLHUHXQDWWDFFRPDQXEULRSLFRUWR ULVSHWWRDTXHOORSHULFRPXQLPDQXEULGDFRUVD3UHQGHWHYLWHPSR SHUWURYDUHODSRVL]LRQHJLXVWDHFKLHGHWHFRQVLJOLRDOYRVWURULYHQ GLWRUHVSHFLDOL]]DWR5,7&+(< (VWUDHWHLOIURQWDOLQRGHOEORFFDJJLRPDQXEULRHOHYLWL6SLQJHWH O·DWWDFFR PDQXEULR D GHVWUD R VLQLVWUD GDOO·DUHD SL VSHVVD GHO PDQXEULRF 3DVVR 6SLQJHWH FRQ FDXWHOD O·DWWDFFR PDQXEULR QHOO·DUHD FHQWUDOH GHO PDQXEULR3RVL]LRQDWHLOPDQXEULRLQEDVHDOOHSURSULHHVLJHQ]H DOFHQWURGHOPHFFDQLVPRGLEORFFDJJLRHVHUUDWHOHYLWLVHJXHQGR OD SURFHGXUD LQGLFDWD QHO FDSLWROR ´6HUUDJJLR GHOO·DWWDFFR PDQXEULRµE 6SLQJHWH FRQ FDXWHOD O·DWWDFFR PDQXEULR QHOO·DUHD FHQWUDOH GHO PDQXEULR3RVL]LRQDWHLOPDQXEULRLQEDVHDOOHSURSULHHVLJHQ]H DOFHQWURGHOPHFFDQLVPRGLEORFFDJJLRHVHUUDWHOHYLWLVHJXHQGR OD SURFHGXUD LQGLFDWD QHO FDSLWROR ´6HUUDJJLR GHOO·DWWDFFR PDQXEULRµG D $YYLWDWH OHJJHUPHQWH H LQ PRGR XQLIRUPH OH YLWL GHO EORFFDJJLR PDQXEULRLQPRGRWDOHFKHODIHVVXUDWUDDWWDFFRPDQXEULRHIURQWD OLQRVLDXJXDOHVLDVRSUDFKHVRWWR$TXHVWRSXQWRSRWUHWHVHUUDUHOH YLWLLQPRGRDOWHUQDWRIFRQXQDFRSSLDGLEORFFDJJLRSDULD1P 7RJOLHWH HQWUDPEL L SRJJLDEUDFFLD LQ FDUERQLR H DOOHQWDWH FRPSOH WDPHQWH OH YLWL GL ÀVVDJJLR GL HQWUDPEL L PRUVHWWL GL ÀVVDJJLR GHO PDQXEULR 5LPXRYHWH L PRUVHWWL GL ÀVVDJJLR SRVL]LRQDWHOR QHOOD SRVL]LRQHGHVLGHUDWDVXOSXQWRHOOLWWLFRGHOPDQXEULREDVHHVHUUDWD QXRYDPHQWHOHYLWLGLÀVVDJJLRFRQXQDFRSSLDPDVVLPDGLVHUUDJJLR GL1PJ ,QÀQHSRVL]LRQDWHLSRJJLDEUDFFLDLQFDUERQLRVXLPRUVHWWLGLÀVVDJ JLRHDYYLWDWHOHJJHUPHQWHOHUHODWLYHYLWLGLVRVWHJQR6WDELOLWHTXLQGL O¶DQJROD]LRQHRWWLPDOHGHLSRJJLDEUDFFLDLQFDUERQLRHVHUUDWHOHYLWL GLVRVWHJQRFRQXQDFRSSLDPDVVLPDGLVHUUDJJLRGL1PK ,O PDQXEULR EDVH +DPPHUKHDG QRQ q FRPSDWLELOH FRQ L OHYH FDPELRIUHQR 6KLPDQR 'XDO &RQWURO &DPSDJQROR (UJRSRZHUR65$0'RXEOH7DS6RQRQHFHVVDULHOHYHGHOIUHQR VSHFLDOL SHUFRUVHDFURQRPHWUR H OHYH FDPELR DOO¶HVWUHPLWj GHO PDQXEULR $OOHQWDWHOHYLWLGLÀVVDJJLRSRVWHVXOODWRLQIHULRUHGHLPRUVHWWLGL ÀVVDJJLRHIDWHVFRUUHUHOHSUROXQJKHÅH[WHQVLRQV´QHLPRUVHWWL/H SUROXQJKHFXUYHGRYUHEEHURHVVHUHPRQWDWHFRQLOORJR5,7&+(< VXOODWRHVWHUQR/HSUROXQJKHSRVVRQRHVVHUHVSRVWDWHLQDYDQWLR DOO¶LQGLHWURSHURWWHQHUHODSRVL]LRQHGLVHGXWDGHVLGHUDWD'HYRQR SHUzHVVHUHVHPSUHLQWHUDPHQWHLQVHGHQHLPRUVHWWL,QL]LDOPHQWH DYYLWDWHOHJJHUPHQWHOHYLWLGLÀVVDJJLRGHOOHSUROXQJKHLQPRGRGD SRWHUOHDQFRUDUHJRODUH H F J 5Nm max E I G 3 1 4 K 2 5Nm max 1RQDSSHQDDYUHWHLPSRVWDWRODSRVL]LRQHGLVHGXWDRWWLPDOHVHU UDWHOHYLWLGLÀVVDJJLRGHOOHSUROXQJKHLQPH]]LJLULÀQRDTXDQGR QRQ VDUDQQR EHQ ÀVVDWH H QRQ SRWUDQQR SL HVVHUH UXRWDWH D 1RQVXSHUDWHPDLODFRSSLDPDVVLPDGLVHUUDJJLRLQGLFDWDGL1P ,QÀQHULPXRYHWHODSHOOLFRODGLSURWH]LRQHGDOOHLPERWWLWXUHHLQFRO ODWHOHQHOODSRVL]LRQHGHVLGHUDWDVXLSRJJLDEUDFFLDLQFDUERQLR , FDYL IUHQR SDVVDQR SHU L SULPL FHQWLPHWUL DWWUDYHUVR LO PDQXEULR SULPDGLXVFLUHGDOIRURSUHGHÀQLWR3HUOHYHFDPELRDOO¶HVWUHPLWjGHO PDQXEULRLFDYLGHOFDPELRSDVVDQRLQWHUDPHQWHOXQJROHSUROXQJKH /HJJHWHOHLVWUX]LRQLSHUO¶XVRGHOSURGXWWRUHGHLFRPDQGL L IUHQR H FDPELR SULPD GL PRQWDUOL VHJXHQGR OH UHODWLYH LQGLFD]LRQL 8QD YROWD WURYDWD OD SRVL]LRQH GHÀQLWLYD GL VHGXWD SXz L HVVHUHQHFHVVDULRDFFRUFLDUHOHSUROXQJKH)DWHHVHJXLUH WDOH RSHUD]LRQH HVFOXVLYDPHQWH GDO YRVWUR ULYHQGLWRUH VSHFLDOL] ]DWR5,7&+(< $VVLFXUDWHYLFKHOHSUROXQJKHVLDQRDWWDFFDWHXWLOL]]DQGR WXWWD OD OXQJKH]]D XWLOH ,Q FDVR FRQWUDULR LO PDQXEULR DHURGLQDPLFR SRWUHEEH FHGHUH GXUDQWH O¶XVR 3HULFROR G·LQFL GHQWH $YYROJHWHOH]RQHGLSUHVDGHOOHSUROXQJKHDHURGLQDPLFKH FRQLOQDVWURGHOPDQXEULR5,7&+(<SHUDYHUHVHPSUH XQDSUHVDVLFXUD :&6&DUERQ,QWHUYDO%DVH%DU 0RQWDWHO¶,QWHUYDO%DVH%DUFRPHGHVFULWWRQHOFDSLWRORÅ0RQWDJ JLRGHOPDQXEULR´/D]RQDGLSUHVDGULWWDGHOPDQXEULRGRYUHEEH HVVHUH LQ SRVL]LRQH SL R PHQR SDUDOOHOD DO VXROR R OHJJHUPHQWH LQFOLQDWDYHUVRO¶DOWR /¶,QWHUYDO %DVH %DU QRQ q FRPSDWLELOH FRQ OHYH FDPELR L IUHQR 6KLPDQR 'XDO &RQWURO &DPSDJQROR (UJRSRZHU R65$0'RXEOH7DS6RQRQHFHVVDULHOHYHGHOIUHQRVSHFLDOLSHU FRUVHDFURQRPHWURHOHYHFDPELRDOO¶HVWUHPLWjGHOPDQXEULR , FDYL IUHQR SDVVDQRSHU L SULPL FHQWLPHWUL DWWUDYHUVR LO PDQXEULR SULPDGLXVFLUHGDOIRURSUHGHÀQLWR3HUOHYHFDPELRDOO¶HVWUHPLWjGHO PDQXEULRLFDYLGHOFDPELRSDVVDQRLQWHUDPHQWHOXQJROHSUROXQJKH 3UR%DVH%DU 0RQWDWHLO3UR%DVH%DUFRPHGHVFULWWRQHOFDSLWRORÅ0RQWDJJLR GHO PDQXEULR´ /D ]RQD GL SUHVD GULWWD GHO PDQXEULR GRYUHEEH HVVHUH LQ SRVL]LRQH SL R PHQR SDUDOOHOD DO VXROR R OHJJHUPHQWH LQFOLQDWDYHUVRO¶DOWR ,O 3UR %DVH %DU q FRPSDWLELOH FRQ OH OHYH IUHQRFDPELR L 6KLPDQR'XDO&RQWURO&DPSDJQROR(UJRSRZHUR65$0 'RXEOH7DS /D PDJJLRU SDUWH GHOOH OHYH FDPELRIUHQR VSHFLDOL VRQRFRPSDWLELOLDQFKHFRQO¶,QWHUYDO%DVH%DUPHQWUHODPDJJLRU SDUWHGHOOHOHYHFDPELRDOO¶HVWUHPLWjGHOPDQXEULRVRQRFRPSD WLELOLFRQOHSUROXQJKHDHURGLQDPLFKH5,7&+(<3HUHVVHUHVLFXUL OHJJHWHOHUHODWLYHLVWUX]LRQLSHUO¶XVR 0RQWDJJLRGHLSRJJLDEUDFFLD:&6Å:HGJH´ &DUERQ$OOR\ $SULWHOHYLWLGLÀVVDJJLRPDQXEULRGHLPRUVHWWLGLÀVVDJJLR:HGJH 6HSDUDWHOHGXHSDUWLGHLPRUVHWWLGLÀVVDJJLRSRVL]LRQDWHOLLQWRUQR DOOD SDUWH FHQWUDOH FLOLQGULFD GHO PDQXEULR E EORFFDWH OH SDUWL DQWHULRUL H VHUUDWH OHJJHUPHQWH OH YLWL GL ÀVVDJJLR PDQXEULR )DWH DWWHQ]LRQHFKHOHSLDWWHIRUPHSHULSRJJLDEUDFFLDLQFDUERQLRVLDQR ULYROWHYHUVRO¶HVWHUQRHFKHOHYLWLGLÀVVDJJLRGHOOHSUROXQJKHVRWWR LOPDQXEULRVLDQRULYROWHYHUVRO¶LQWHUQR $OOHQWDWHOHYLWLGLÀVVDJJLRGHOOHSUROXQJKHHIDWHVFRUUHUHOHSUR OXQJKHÅH[WHQVLRQV´QHLPRUVHWWL/HSUROXQJKHFXUYHGRYUHEEHUR HVVHUHPRQWDWHFRQLOORJR5,7&+(<VXOODWRHVWHUQR/HSUROXQ JKHSRVVRQRHVVHUHVSRVWDWHLQDYDQWLRDOO¶LQGLHWURSHURWWHQHUHOD SRVL]LRQH GL VHGXWD GHVLGHUDWD 'HYRQR SHUz HVVHUH VHPSUH LQWH UDPHQWHLQVHGHQHLPRUVHWWL,QL]LDOPHQWHDYYLWDWHOHJJHUPHQWHOH YLWLGLÀVVDJJLRGHOOHSUROXQJKHLQPRGRGDSRWHUOHDQFRUDUHJRODUH 5LPXRYHWHHQWUDPELLSRJJLDEUDFFLDLQFDUERQLRHVWDELOLWHODSRVL ]LRQHRWWLPDOH&RQOHYLWLDQWHULRULSRWHWHVFHJOLHUHODGLVWDQ]DWUD OHEUDFFLD/DYLWHSRVWHULRUHFRQVHQWHGLYDULDUHO¶DQJROD]LRQHGHOOD SRVL]LRQHGHOOHEUDFFLD6HUUDWHQXRYDPHQWHOHYLWLGLVRVWHJQRFRQ XQDFRSSLDPDVVLPDGLVHUUDJJLRGL1PF 8QDYROWDLPSRVWDWDODSRVL]LRQHGLVHGXWDRWWLPDOHVHUUDWHOHYLWLGL ÀVVDJJLRPDQXEULRGHLPRUVHWWLGLÀVVDJJLR:HGJHFRQXQDFRSSLD PDVVLPDGLVHUUDJJLRGL1P4XLQGLVHUUDWHOHYLWLGLÀVVDJJLR GHOOHSUROXQJKHLQPH]]LJLULÀQRDTXDQGRQRQVDUDQQREHQÀVVDWH HQRQSRWUDQQRSLHVVHUHUXRWDWHG$QFKHLQTXHVWRFDVRQRQ VXSHUDWHPDLODFRSSLDPDVVLPDGLVHUUDJJLRLQGLFDWDGL1P ,QÀQHULPXRYHWHODSHOOLFRODGLSURWH]LRQHGDOOHLPERWWLWXUHHLQFRO ODWHOHQHOODSRVL]LRQHGHVLGHUDWDVXLSRJJLDEUDFFLDLQFDUERQLR 4XDQGRGRSRXQJLURGLSURYDDYUHWHWURYDWRODYRVWUDSRVL]LRQHGL VHGXWDPDUFDWHVXHQWUDPEHOHSUROXQJKHLOSXQWRLQFXLDQGUDQQR VHJDWHFRQXQSHQQDUHOOR6PRQWDWHHQWUDPEHOHSUROXQJKHHVHJD WHOHLQFRUULVSRQGHQ]DGHOOHPDUFDWXUH6EDYDWHLERUGLGLWDJOLRH PRQWDWHQXRYDPHQWHOHSUROXQJKHFRPHGHVFULWWRVRSUD $VVLFXUDWHYLFKHOHSUROXQJKHVLDQRDWWDFFDWHXWLOL]]DQGR WXWWDODOXQJKH]]DXWLOHGHLPRUVHWWLGLÀVVDJJLRÅ:HGJH´ ,Q FDVR FRQWUDULR LO PDQXEULR DHURGLQDPLFR SRWUHEEH FHGHUH GXUDQWHO¶XVR3HULFRORG·LQFLGHQWH , FDYL IUHQR GRYUHEEHUR SDVVDUH FRPH GL VROLWR VXO ODWR DQWHULRUH GHOPDQXEULR,FDYLFDPELRSRVVRQRSDVVDUHGDOO¶DSHUWXUDHVWHUQD DWWUDYHUVR OD FXUYDWXUD GHO PDQXEULR SULPD GL XVFLUH DWWUDYHUVR XQ¶DSHUWXUD SRVWD VXO ERUGR LQIHULRUH ,Q DOWHUQDWLYD L FDYL FDPELR SRVVRQR HVVHUH FROORFDWL SDUDOOHODPHQWH DL FDYL IUHQR 3HU OHYH FDPELRDOO¶HVWUHPLWjGHOPDQXEULRLFDYLGHOFDPELRSDVVDQRLQWHUD PHQWHOXQJROHSUROXQJKH ,O:&6&DUERQ,QWHUYDO%DVH%DUHLO3UR%DVH%DUSRVVRQRHVVHUH FRPELQDWLFRQLSRJJLDEUDFFLD:&6Å:HGJH´&DUERQ$OOR\H :&6Å6OLYHU´&DUERQ$OOR\ /HJJHWH OH LVWUX]LRQL SHU O¶XVR GHO SURGXWWRUH GL OHYH L FDPELRIUHQR SULPD GL PRQWDUH L FRPDQGL VHJXHQGR OH UHODWLYHLQGLFD]LRQL D E F G 0RQWDJJLRGHLSRJJLDEUDFFLD:&6Å6OLYHU´ &DUERQ$OOR\ $SULWH OH YLWL GL ÀVVDJJLR PDQXEULR GHL PRUVHWWL GL ÀVVDJJLR6OLYHU 7RJOLHWHOHVWDIIHGLVRVWHJQRSRJJLDWHLSRJJLDEUDFFLDHOHVWDIIHGL VRVWHJQRLQWRUQRDOODSDUWHFHQWUDOHFLOLQGULFDGHOPDQXEULRDH VHUUDWH OHJJHUPHQWH OH YLWL GL ÀVVDJJLR PDQXEULR )DWH DWWHQ]LRQH FKHOHSLDWWHIRUPHSHULSRJJLDEUDFFLDLQFDUERQLRFRVuFRPHOHYLWL GL ÀVVDJJLR GHOOH SUROXQJKH VRWWR DO PDQXEULR VLDQR ULYROWH YHUVR O¶HVWHUQR $OOHQWDWHOHYLWLGHLPRUVHWWLGHOOHSUROXQJKHHIDWHVFRUUHUHOHSUR OXQJKHÀQRDOO¶DUUHVWRQHJOLVWHVVL/HSUROXQJKHFXUYHGRYUHEEHUR HVVHUHPRQWDWHFRQLOORJR5,7&+(<VXOODWRHVWHUQR/HSUROXQJKH QRQ SRVVRQR HVVHUH VSRVWDWH LQ DYDQWL R DOO¶LQGLHWUR SHU UDJJLXQ JHUHODSRVL]LRQHGLVHGXWDGHVLGHUDWD6HQHFHVVDULROHSUROXQJKH SRVVRQRHVVHUHDFFRUFLDWH)DWHHVHJXLUHWDOHRSHUD]LRQHHVFOXVLYD PHQWHGDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< 5LPXRYHWHHQWUDPELLSRJJLDEUDFFLDLQFDUERQLRHVWDELOLWHODSRVL ]LRQHRWWLPDOH,OPRGHOORÅ6OLYHU´RIIUHFLQTXHSRVVLELOLWjGLUHJR OD]LRQH GHOOD GLVWDQ]D GHOOH EUDFFLD 1RQ q SRVVLELOH PRGLÀFDUH O¶DQJROD]LRQH GHOOH EUDFFLD 3RVL]LRQDWH L SRJJLDEUDFFLD QHOOD SRVL ]LRQHGHVLGHUDWDHVHUUDWHQXRYDPHQWHOHGXHYLWLFRQXQDFRSSLD PDVVLPDGLVHUUDJJLRGL1PE 8QDYROWDLPSRVWDWDODSRVL]LRQHGLVHGXWDRWWLPDOHVHUUDWHOHYLWL GLÀVVDJJLRPDQXEULRGHLPRUVHWWLGLÀVVDJJLR6OLYHUFRQXQDFRSSLD PDVVLPDGLVHUUDJJLRGL1P)DWHDWWHQ]LRQHFKHOHIHVVXUHGL ÀVVDJJLRDEELDQROD VWHVVDDPSLH]]DVLDGDYDQWLFKHGLHWUR4XLQGL VHUUDWHOHYLWLGLÀVVDJJLRGHOOHSUROXQJKHLQPH]]LJLULÀQRDTXDQGR QRQ VDUDQQR EHQ ÀVVDWH H QRQ SRWUDQQR SL HVVHUH UXRWDWH F $QFKHLQTXHVWRFDVRQRQVXSHUDWHPDLODFRSSLDPDVVLPDGLVHU UDJJLRLQGLFDWDGL1P 5,7&+(< RIIUH TXDWWUR SUROXQJKH ÅH[WHQVLRQV´ GLIIH L UHQWL GXH PRGHOOL LQ FDUERQLR &DUERQ 77 6%HQG ([WHQVLRQ PP H &DUERQ 77 PP ([WHQVLRQ 6WUDLJKWHGXHLQDOOXPLQLR3UR$OOR\77([WHQVLRQ6%HQG PPH:&6$OOR\77([WHQVLRQ/%HQG 8QD YROWD WURYDWD OD SRVL]LRQH GHÀQLWLYD GL VHGXWD SXz L HVVHUHQHFHVVDULRDFFRUFLDUHOHSUROXQJKH)DWHHVHJXLUH WDOH RSHUD]LRQH HVFOXVLYDPHQWH GDO YRVWUR ULYHQGLWRUH VSHFLDOL] ]DWR5,7&+(< &RQOHSUROXQJKHÅH[WHQVLRQV´LQFDUERQLR5,7&+(<q SUHYLVWR OD EXVVROD LQ DOOXPLQLR SHU ÀVVDUH OH OHYH GHO FDPELR1RQDFFRUFLDUHTXL $YYROJHWHOH]RQHGLSUHVDGHOOHSUROXQJKHDHURGLQDPLFKH FRQLOQDVWURGHOPDQXEULR5,7&+(<SHUDYHUHVHPSUH XQDSUHVDVLFXUD $VVLFXUDWHYL FKH OH ]RQH GL EORFFDJJLR VLDQR DVVROXWD PHQWHSULYHGLJUDVVRRDOWULOXEULÀFDQWLTXDQGRXWLOL]]DWH HOHPHQWLGLÀVVDJJLRLQFDUERQLR4XDQGRPRQWDWHFRPSRQHQWLLQ FDUERQLRXWLOL]]DWH5,7&+(</LTXLG7RUTXHSHURWWHQHUHO¶DWWULWR QHFHVVDULRLQFRUULVSRQGHQ]DGHLSXQWLGLJLXQ]LRQHGHLFRPSR QHQWL 0DQRSROHHQDVWURGHOPDQXEULR $SSOLFD]LRQHGHOQDVWURGHOPDQXEULR /HPDQRSROHHLQDVWULGHOPDQXEULRQRQVRORDXPHQWDQRLOFRPIRUW PDIRUQLVFRQRDQFKHXQDEXRQDSUHVDVXOPDQXEULRHVRQRTXLQGL LPSRUWDQWLDLÀQLGLXQDJXLGDVLFXUD 3XOLWHLOPDQXEULRGDHYHQWXDOHVSRUFRLQFURVWDWRDGHVLYRUHVLGXR RJUDVVR $VVLFXUDWHYL FKH OH PDQRSROH H LO QDVWUR GHO PDQXEULR VLDQR LQ EXRQRVWDWRIXQ]LRQDOH6RVWLWXLWHLPPHGLDWDPHQWHOHPDQRSROHH LQDVWULORJRUDWLRPROWRVSRUFKL 0RQWDJJLRGHOOHPDQRSROH /H PDQRSROH 5,7&+(< GHYRQR HVVHUH PRQWDWH VROR VX PDQXEUL SULYLGLJUDVVRHROLRDIÀQFKpVLDQRFRUUHWWDPHQWHLQVHGHHQRQVL SRVVDQRUXRWDUH /HPDQRSROHFRQÀVVDJJLRDYLWHSRVVRQRHVVHUHVHPSOLFHPHQWH LQÀODWHVXOPDQXEULR1RQGLPHQWLFDWHFKHLOGLVSRVLWLYRGLÀVVDJ JLRVLWURYDVXOOHHVWUHPLWjGHOPDQXEULR4XDQGRODPDQRSRODq LQFRUUHWWDVHGHVXOPDQXEULRVHUUDWHOHYLWLDIÀQFKpODPDQRSROD VLDSHUIHWWDPHQWHEORFFDWD1RQVXSHUDWHPDLODFRSSLDPDVVLPD GLVHUUDJJLRGL1PG 7XWWHOHDOWUHPDQRSROH5,7&+(<DGHULVFRQRDOPDQXEULRSHU WHQVLRQHSURSULDHDWWULWR,OPRGRSLVHPSOLFHSHUPRQWDUOHq XWLOL]]DQGR O¶DULD FRPSUHVVD 4XHVWD HVSDQGH OH PDQRSROH FKH TXLQGL SRVVRQR HVVHUH LQÀODWH 1HO FDVR LQ FXL QRQ GLVSRQLDWH GLDULDFRPSUHVVDULYROJHWHYLDOYRVWURULYHQGLWRUHVSHFLDOL]]DWR 5,7&+(<FKHSURYYHGHUjDOPRQWDJJLR ,QL]LDWHVXOPDQXEULRLQEDVVRFLRqDOO¶HVWUHPLWjDSHUWDGHOWXERLQIH ULRUHGHOPDQXEULRHIDWHVSRUJHUHLOQDVWURGLXQJLURDEERQGDQWH H $SSOLFDWHTXLQGLLOQDVWURREOLTXDPHQWHYHUVRO¶DOWRLQPRGRFKHSHU PHWjGHOODODUJKH]]DVLVRYUDSSRQJDDOQDVWURJLjDSSOLFDWR'XUDQWH WXWWDO¶RSHUD]LRQHWHQHUHLOQDVWUREHQWHVRHULPXRYHWHODFDUWDGDO ODWRDXWRDGHVLYRPHQWUHSURFHGHWHFRQO¶RSHUD]LRQH ,Q FRUULVSRQGHQ]D GHO FRPDQGR IUHQR DSSOLFDWH VXO PDQXEULR XQ SH]]HWWRVLQJRORGLQDVWURLQPRGRWDOHFKHLQTXHOSXQWRLOPDQX EULRVLDFRPSOHWDPHQWHFRSHUWRTXDQGRFRQWLQXHUHWHDGDYYROJHUH &RQWLQXDWHDGDYYROJHUHLOQDVWURLQPRGRXQLIRUPHÀQRDTXDQGR DUULYHUHWHDOODSDUWHFHQWUDOHGHOPDQXEULRGLYHQXWDSLVSHVVD$VVL FXUDWHLOQDVWURGHOPDQXEULRFRQGHOQDVWURLVRODQWH 6SLQJHWH LO SH]]R GL QDVWUR GHO PDQXEULR FKH LQL]LDOPHQWH DYHWH ODVFLDWR VSRUJHUH DOO¶LQWHUQR GHOO¶HVWUHPLWj GHO PDQXEULR DSHUWD H FKLXGHWHOD FRQ LO WDSSR PDQXEULR 5LSHWHWH OD SURFHGXUD VXOO¶DOWUR ODWRGHOPDQXEULR 6FRQVLJOLDPR GL XWLOL]]DUH OXEULÀFDQWL FRPH ODFFD SHU FDSHOOL HFF SRLFKpSRWUHEEHURIDUVuFKHLQVHJXLWROHPDQRSROHUXRWLQR E ,QÀQHULPXRYHWHODSHOOLFRODGLSURWH]LRQHGDOOHLPERWWLWXUHHLQFRO ODWHOHQHOODSRVL]LRQHGHVLGHUDWDVXLSRJJLDEUDFFLDLQFDUERQLR &RQWXWWLLWLSLGLPDQRSROHFKHGLVSRQJRQRGLXQ¶HVWUHPLWjDSHUWD LQÀODWH DOO¶HVWUHPLWj GHO PDQXEULR L WDSSL PDQXEULR LQ GRWD]LRQH 4XHVWRVHUYHDHYLWDUHRULGXUUHGDQQLHIHULWHLQFDVRGLLQFLGHQWH 'XUDQWH LO PRQWDJJLR DVVLFXUDWHYL FKH LO PDQXEULR VLD SXOLWR GD OXEULÀFDQWL H QRQ XWLOL]]DWH OLTXLGL R VRVWDQ]H FKLPLFKHSHULOPRQWDJJLR $VVLFXUDWHYLFKHOHSUROXQJKHVLDQRLQVHGHÀQRDOO¶DUUHVWR QHL PRUVHWWL GL ÀVVDJJLR Å6OLYHU´ ,Q FDVR FRQWUDULR LO PDQXEULRDHURGLQDPLFRSRWUHEEHFHGHUHGXUDQWHO¶XVR3HULFROR G·LQFLGHQWH $VVLFXUDWHYL FKH L PRUVHWWL GL ÀVVDJJLR VLDQR DWWDFFDWL FRPSOHWDPHQWH VXOOD SDUWH FHQWUDOH FLOLQGULFD GHO PDQX EULRHQRQYHUVRO¶HVWHUQRDG6RORFRVuqJDUDQWLWDXQDVHGH VLFXUDGHOOHSUROXQJKHDHURGLQDPLFKHQHOWHPSR3HULFRORG·LQ FLGHQWH D G H F *DUDQ]LDOHJDOH VXLGLIHWWLGLIDEEULFD]LRQH 6HFRQGR OD QRUPDWLYD HXURSHD SHU OD WXWHOD GHO FRQVXPDWRUH O¶DF TXLUHQWHKDGLULWWRSHULSULPLDQQLGDOODGDWDG¶DFTXLVWRDWXWWHOH JDUDQ]LHOHJDOLDVHJXLWRGLGLIHWWLGLIDEEULFD]LRQH,Q$PHULFDGHO1RUG WDOHGLULWWRVLULIHULVFHDOSULPRDQQRGDOODGDWDG¶DFTXLVWR3HUOHJJHLO YRVWURULYHQGLWRUHVSHFLDOL]]DWRqUHVSRQVDELOHFKHLOYRVWURFRPSR QHQWHQRQDEELDGLIHWWLFKHQHFRPSURPHWWDQRLOYDORUHRO¶HIÀFLHQ]D /DUHJRODGHLDQQLYDOHVRORQHJOLVWDWLFKHKDQQRUDWLÀ L FDWRJOLDFFRUGL8(,QIRUPDWHYLSUHVVRLOYRVWURULYHQGL WRUHVSHFLDOL]]DWRVXOOHGLVSRVL]LRQLYDOLGHQHOSDHVHGLDFTXLVWR ,QGLFD]LRQLVXOO·XVXUD *DUDQ]LDFRPPHUFLDOHGHOSURGXWWRUH ,FRPSRQHQWLGHOOHELFLFOHWWHVRQRVRJJHWWLDGXVXUDGRYXWDDOO¶XVR FKHGLSHQGHGDOODFXUDHPDQXWHQ]LRQHGDOO¶XVRGHOPH]]RHGDOOH FRQGL]LRQLDPELHQWDOLDFXLqHVSRVWRDGHVSLRJJLDIDQJRSROYHUH H VDEELD$OFXQL FRPSRQHQWL QHFHVVLWDQR GL FXUD H PDQXWHQ]LRQH FRVWDQWLPDDQFKHFRQLOPLJOLRUSURJUDPPDGLPDQXWHQ]LRQHWXWWL LFRPSRQHQWLSULPDRSRLGLYHQWDQRLQXWLOL]]DELOL4XHVWRGLSHQGH GDOO¶LQWHQVLWjHGDOOHFRQGL]LRQLG¶XVR , SURGRWWL 5,7&+(< VRQR IDEEULFDWL FRQ JUDQGH FXUD UHDOL]]DWL VHFRQGROHSLDOWHHVLJHQ]HTXDOLWDWLYHHYHQJRQRVRWWRSRVWLDFRQ WUROOL DFFXUDWL , QRVWUL SURGRWWL YHQJRQR YHULÀFDWL QHOO¶DPELWR GHO QRVWURVLVWHPDGLFRQWUROORLQWHUQRSHUULVSRQGHUHDLSLULJLGLVWDQ GDUGGLTXDOLWj0DLFRQWUROOLYHQJRQRHIIHWWXDWLDQFKHGDODERUDWRUL GLYHULÀFDHVWHUQLHQHXWUDOL ,VHJXHQWLFRPSRQHQWL5,7&+(<VRQRVRJJHWWLVRSUDWWXWWRDXVXUD QRQFRSHUWDGDOODJDUDQ]LDGRYXWDDOO¶XVR PDQRSROHGLJRPPDHQDVWURGHOPDQXEULRHQWUDPELVHQVLELOLDOOD SUHVVLRQHDOO¶DEUDVLRQHHDOORVSRUFR /DSUHPHVVDSHUSRWHUHVHUFLWDUHODJDUDQ]LDOHJDOHVXLGLIHWWLGLIDE EULFD]LRQHqO¶XVRFRQVHQWLWRYHGLFDSLWRORÅ3ULPDGHOODSULPD XVFLWD²8VRFRQVHQWLWR´ 3HUWDQWR QHO WHUULWRULR 8( LQGLSHQGHQWHPHQWH GDOOD OHJLVOD]LRQH FRQFHGLDPR SHU WXWWL L SURGRWWL 5,7&+(< XQD JDUDQ]LD FRPPHU FLDOH SHU GDQQL GL IDEEULFD]LRQH H ODYRUD]LRQH GL DQQL GDOOD GDWD G¶DFTXLVWR 1HL FDVL FRQWHPSODWL GDOOD JDUDQ]LD 5,7&+(< VL ULVHUYD LO GLULWWR GLLQYLDUHXQPRGHOORVXFFHVVLYRQHOFRORUHGLVSRQLELOHRSSXUHQHO FDVRLQFXLQRQIRVVHGLVSRQLELOHLOUHODWLYRPRGHOORGLYDORUHVXSH ULRUH,FRVWLGLVRVWLWX]LRQHHPRQWDJJLRQRQFKpHYHQWXDOLDFFHVVRUL DVHJXLWRGHOOHPLVXUHPRGLÀFDWHQRQYHQJRQRULPERUVDWLQHLFDVL FRQWHPSODWLGDOODJDUDQ]LD /DJDUDQ]LDQRQFRPSUHQGHLFRVWLGHOODPDQRG¶RSHUDGLWUDVSRUWR QRQFKpLFRVWLGHULYDQWLGDGLIHWWL 1HOFDVRLQFXLGRYHVVHURSUHVHQWDUVLGLIHWWLLOYRVWURLQWHU ORFXWRUHqLOULYHQGLWRUHVSHFLDOL]]DWR5,7&+(< 3HULOPHUFDWRQRUGDPHULFDQRLQGLSHQGHQWHPHQWHGDOODOHJLVOD]LRQH FRQFHGLDPR XQD JDUDQ]LD FRPPHUFLDOH SHU GDQQL GL IDEEULFD]LRQH H ODYRUD]LRQH SHU DQQR GDOOD GDWD G¶DFTXLVWR $G HFFH]LRQH GL PDQRSROHHQDVWURGHOPDQXEULRFRPHGHVFULWWRVRSUD /DJDUDQ]LDGHOSURGXWWRUHYDOHVRORSHULOSULPRDFTXLUHQWHGLHWUR SUHVHQWD]LRQHGHOODULFHYXWDG¶DFTXLVWRGDOODTXDOHVLGHYRQRSRWHU ULOHYDUH GDWD G¶DFTXLVWR LQGLUL]]R GHO ULYHQGLWRUH VSHFLDOL]]DWR H GHQRPLQD]LRQHGHOPRGHOOR5HTXLVLWRSHUODJDUDQ]LDqO¶XVRFRQ VHQWLWR 6RQR HVFOXVL L GDQQL GD XVXUD DEUDVLRQL DO QDVWUR GHO PDQXEULR H DOOH PDQRSROH LQFXULD FDUHQ]D GL FXUD H PDQXWHQ]LRQH FDGXWD VRYUDFFDULFRDVHJXLWRGLFDULFRHFFHVVLYRPRQWDJJLRHWUDWWDPHQWR LPSURSULRQRQFKpODPRGLÀFDGHLFRPSRQHQWL 6RQRHVFOXVLLGDQQLGDXVXUD $WWHQHWHYL VFUXSRORVDPHQWH DOOH LVWUX]LRQL GL PRQWDJJLR H DOOH LVWUX]LRQL VSHFLÀFKH GHL UHODWLYL SURGXWWRUL SHU TXHL FRPSRQHQWL FKH YHQJRQR XWLOL]]DWL XQLWDPHQWH DL SURGRWWL 5,7&+(< Ë PROWR LPSRUWDQWHVSHFLDOPHQWHSHUOHLQGLFD]LRQLGHOOHFRSSLHGLVHUUDJJLR HSHUODGHVFUL]LRQHGHOODPDQXWHQ]LRQH$WWHQHWHYLDWXWWHOHLVWUX ]LRQLSHUO¶XVRDOOHJDWHDLSURGRWWL5,7&+(<SHUTXDQWRFRQFHUQH LFRPSRUWDPHQWLHOHSURFHGXUHGLFRQWUROORFKHVRQRDOOHJDWHDOOH SUHVHQWLLVWUX]LRQL1RQGLPHQWLFDWHSHUzDQFKHOHDOWUHLVWUX]LRQL FKH SRWUHEEHUR HVVHUH DOOHJDWH DL SURGRWWL 5,7&+(< &XVWRGLWH WXWWHOHLVWUX]LRQLSHUO¶XVRGHLFRPSRQHQWLULOHYDQWLSHUODVLFXUH]]D PDQXEULRDSSHQGLFLHFF LQFXULDFDUHQ]DGLFXUDHPDQXWHQ]LRQH LQFLGHQWL VRYUDFFDULFRSHUFDULFRHFFHVVLYR PRQWDJJLRHXVRLPSURSULRQRQFKp PRGLÀFDGHOFRPSRQHQWHDGHVPDQXEULRDFFRUFLDWR /H LVWUX]LRQL FRQWHQXWH LQ TXHVWR H LQ DOWUL PDQXDOL L 5,7&+(<YHQJRQRSUHSDUDWHFRQFXUDSHUDXPHQWDUHLO FLFOR GL YLWD GHL SURGRWWL 5,7&+(<7XWWH OH JDUDQ]LH GHFDGRQR VHQRQYHQJRQRULVSHWWDWHOHLVWUX]LRQLGLPRQWDJJLRHRVHQRQ YHQJRQRULVSHWWDWLJOLLQWHUYDOOLGLLVSH]LRQHHGLPDQXWHQ]LRQH ,O YRVWUR FRQWDWWR GLUHWWR SHU WXWWL L WHPL LOOXVWUDWL QHOOH SUHVHQWL LVWUX]LRQL SHU O¶XVR GRYUHEEH HVVHUH LQ RJQL FDVR LO YRVWUR ULYHQ GLWRUHVSHFLDOL]]DWR5,7&+(<FKHVDUjEHQOLHWLGLULVSRQGHUHFRQ FRPSHWHQ]DDWXWWHOHYRVWUHGRPDQGH$IÀQFKpOHYRVWUHULFKLHVWH SRVVDQR HVVHUH HODERUDWH q QHFHVVDULR FKH PRVWULDWH OD ULFHYXWD G¶DFTXLVWR 1HOFDVRLQFXLVLYHULÀFKLXQGLIHWWRRDEELDWHXQDULFKLH VWD FRQWHPSODWD GDOOD JDUDQ]LD ULYROJHWHYL DO ULYHQGLWRUH VSHFLDOL]]DWR SUHVVR LO TXDOH DYHWH DFTXLVWDWR LO SURGRWWR 5,7&+(<5,7&+(<KDGHJOLDFFRUGLHVFOXVLYLFRQWXWWLLFRQFHV VLRQDULSHUGLVEULJDUHLFDVLFRQWHPSODWLGDOODJDUDQ]LD6HQRQDYHWH DFTXLVWDWRXQSURGRWWR5,7&+(<GDXQFRQFHVVLRQDULR5,7&+(< DXWRUL]]DWRDGHVVXXQ¶DVWDRQOLQHQRQSRWHWHULYDOHUYLLQDOFXQ PRGRVX5,7&+(<HGRYHWHULYROJHUYLDOUHODWLYRYHQGLWRUH 5,7&+(<,QWHUQDWLRQDO 9LD&DQWRQDOH &+*UDQFLD/XJDQR 5,7&+(<&RUSRUDWH+4·V 6SLFH,VODQG'ULYH 6SDUNV19 (XURSHDQ$XWKRUL]HG5HSUHVHQWDWLYH 2EHOLVVD %G*pQpUDO:DKLV %UXVVHOV%(/*,80 5,7&+(<'HVLJQ,QF 6DOHV:DUUDQW\2IÀFH 2OG&RXQW\5RDG 6DQ&DUORV&$ 5,7&+(<'HVLJQ,QF7DLZDQ%UDQFK &KXQJDQJ5G6HF 7DLFKXQJ 7DLZDQ52& 0RGLÀFKHDLGHWWDJOLWHFQLFLDOWHVWRHDOOHLOOXVWUD]LRQLULVHUYDWH ËYLHWDWDODULVWDPSDODWUDGX]LRQHODULSURGX]LRQHRO·XOWH ULRUH XVR DG HV VX VXSSRUWL HOHWWURQLFL DQFKH SDU]LDOH VHQ]D DXWRUL]]D]LRQHVFULWWD 7HVWRRFRQFH]LRQH =HGOHU ² ,QVWLWXW IU )DKUUDGWHFKQLN XQG 6LFKHUKHLW *PE+ ZZZ]HGOHUGH (GL]LRQHRWWREUH 5LYROJHWHYLDOYRVWURGLVWULEXWRUHQD]LRQDOH8QHOHQFRqGLVSRQLELOHDOO¶LQGLUL]]RZZZULWFKH\ORJLFFRP
Scarica
