,7,1(5$5,',&8/785$*$6752120,&$ $YYLVRDLOHWWRUL JOLLQJUHGLHQWLGHOOHULFHWWHSXEEOLFDWH VHQRQGLYHUVDPHQWHLQGLFDWR VRQRSHUTXDWWURSHUVRQH /HJHQGD /HVLJOHLQSDUHQWHVLFKHFRPSDLRQRQHLER[UHODWLYL DFRORURFKHKDQQRFROODERUDWRVLULIHULVFRQR DLFRPSRQHQWLGHO&HQWUR6WXGL´)UDQFR0DUHQJKLµ&6)0 DL'LUHWWRULGHL&HQWUL6WXGL7HUULWRULDOL'&67 DL&RRUGLQDWRUL7HUULWRULDOL&7 ',5(=,21(6&,(17,),&$ *,29$11,%$//$5,1, 5('$=,21( 6,/9,$'(/25(1=2 5($/,==$=,21((',725,$/( -'70,/$12 $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0LODQR9LD1DSR7RUULDQL WHOID[ ZZZDFFDGHPLDLW VHJUHWHULD#DFFDGHPLDLW ,6%1 6WDPSDWRLQ,WDOLD ,7,1(5$5,',&8/785$*$6752120,&$ /$&8&,1$ '(//(&$51, '$121',0(17,&$5( /DUHDOL]]D]LRQHGLTXHVWRYROXPHQRQVDUHEEH VWDWDSRVVLELOHVHQ]DLOSUH]LRVRFRQWULEXWRGL FRPSHWHQ]DHSDVVLRQHGDSDUWHGL &HQWUL6WXGL7HUULWRULDOL &RRUGLQDWRUL7HUULWRULDOL 'HOHJDWLH$FFDGHPLFL DLTXDOLYDLOSLVHQWLWRULQJUD]LDPHQWR ,$1$ /$ &8& (/ ' (0,$ $' , & / 7$ ,1 $ $& &" "-%"' %%."' 3UHVHQWD]LRQH &8&,1$'(//(&$51,'$121',0(17,&$5( 1HOFRPSOHVVRHQRQDQFRUDEHQGHFLIUDWRTXDGURGHOOHRGLHUQHVFHOWH HGHLFRVWXPLDOLPHQWDULGHJOLLWDOLDQLELVRJQDFRQVWDWDUHVHQRQODGLVDIIH ]LRQHDOPHQRODPLQRUHSURSHQVLRQHSHUFLELXQWHPSRULFHUFDWLDPELWLH DSSUH]]DWL 7UDTXHVWLDOLPHQWLYLVRQRWDOXQLRUJDQLHSDUWLGHJOLDQLPDOL²OHIUDWWD JOLHHOHFDUQLGLDQLPDOLXQWHPSRDFFHWWDWL²RJJLDEEDQGRQDWLHGLPHQWLFDWL ,O IHQRPHQR V·LQVHULVFH QHOOD WHQGHQ]D GL XQ·DOLPHQWD]LRQH FKH SDUH VOLWWDUHYHUVRXQDSURJUHVVLYDGLPLQX]LRQHGHLFLELG·RULJLQHDQLPDOHSUL YLOHJLDQGRTXHOOLG·RULJLQHYHJHWDOHHQHOFRQWHPSRUDQHRPXWDPHQWRGLXQ JXVWRVHPSUHPHQRLQGLUL]]DWRDVDSRULHDURPLGHFLVLDIDYRUHGLTXHOOL WHQXLHGHOLFDWL 6HQ]DRPHWWHUHFKHOHIUDWWDJOLHWUDJOLDOLPHQWLG·RULJLQHDQLPDOHVRQR VWDWHRJJHWWRGLJUDQGLSDXUHVDQLWDULHDLQL]LDUHGDOOD´PXFFDSD]]DµFKHKD PHVVRDOEDQGRGDOODFXFLQDOHFHUYHOODHGDOODGLRVVLQDHPHWDOOLSHVDQWL FKHKDQQRSRVWRLQDUHDGLVRVSHWWRLOIHJDWRHLURJQRQL$OWUHSDXUHSRLSHU XOWHULRULIUDWWDJOLH'LPHQWLFDQGRFKHSURSULRLQTXHVWLWHPSLSHULOVHPSUH SLVWUHWWRHDFFXUDWRFRQWUROORGLWXWWDODOLQHDGLSURGX]LRQHGHJOLDOLPHQWL G·RULJLQHDQLPDOHTXHVWLVRQRWUDLSLWUDQTXLOOLVHQRQLSLVLFXUL ,O IHQRPHQR GHO SURJUHVVLYR DEEDQGRQR GHOOH IUDWWDJOLH LQ FXFLQD H JDVWURQRPLDV·LQVHULVFHDQFKHLQXQDPRQGLDOL]]D]LRQHHLQGXVWULDOL]]D]LR QHGHOO·DOLPHQWD]LRQH /H IUDWWDJOLH VRQR DOLPHQWL GHOLFDWL FKH PDO VL SUHVWDQR D XQD GLVWUL EX]LRQH GL PDVVD VDOYR TXDOFKH LVRODWR FDVR SDUWLFRODUH GL DOWD JDVWUR QRPLD FRPH TXHOOR GHO IRLH JUDV H GL DOFXQH VXH SUHSDUD]LRQL LQ SDUWH LQGXVWULDOL]]DWH 6HQ]D VRWWRYDOXWDUH OH FRQVHJXHQ]H HFRQRPLFKH GHOOD SHUGLWD GL DOL PHQWLSHUODQXWUL]LRQHXPDQDFKHLQJUDQSDUWHVLVSRVWDDYDQWDJJLRGHL SURSUL DQLPDOL G·DIIH]LRQH QRQ ELVRJQD GLPHQWLFDUH FKH OD SURJUHVVLYD ULGX]LRQHFKHDUULYDÀQRDOODVFRPSDUVDGHOOHIUDWWDJOLHGDOODWDYRODGHJOL LWDOLDQLFRQGXFHDOODSHUGLWDG·LPSRUWDQWLYDORULFXOWXUDOLHLUULSHWLELOLVDJ JH]]HWUDGL]LRQDOL $OODSURJUHVVLYDGLVDIIH]LRQHSHUOHIUDWWDJOLHVLDVVRFLDTXHOODSHUOH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3UHVHQWD]LRQH FDUQLGLPROWLDQLPDOLXQWHPSRDSSUH]]DWLSHUOHORURFDUQL7UDJOLDQLPDOL FKH VWDQQR VFRPSDUHQGR GDOOH QRVWUH WDYROH YL VRQR LQ PRGR SDUWLFRODUH TXHOOLUXVWLFLVHPLVHOYDWLFLHVHOYDWLFLSHUXQPRYLPHQWRGLFXOWXUDDOLPHQ WDUHFKHULVHQWHDQFKHGLXQDQXRYDVHQVLELOLWjDQLPDOLVWDHDPELHQWDOLVWD 7URSSR VSHVVR VL GLPHQWLFD DQFKH FKH QRQ YL q FXFLQD WUDGL]LRQDOH UHJLRQDOHHORFDOHFKHÀQRDGXQUHFHQWHSDVVDWRQRQDYHVVHLVXRLPRGLGL FXFLQDUHTXHVWDRTXHOODIUDWWDJOLDROHFDUQLGHJOLDQLPDOLGHOOHSLGLYHUVH VSHFLH 0ROWH IUDWWDJOLH VH QRQ TXDVL WXWWH R WDOXQH VSHFLH VHOYDWLFKH HUDQR TXDVLO·HPEOHPDVHQRQO·HOHPHQWRG·LGHQWLÀFD]LRQHGHOOHWDQWHFXFLQHGHL WHUULWRULLWDOLDQL&RVDVDUHEEHODFXFLQDGHOSRSRORURPDQRVHQ]DODFRGD DOODYDFFLQDUDRODSDMDWD"(ODFXFLQDGHOSRSRORYHQHWRVHQ]DLOIHJDWRDOOD YHQHWDRDOODYHQH]LDQD"2ODFXFLQDGHOSRSRORORPEDUGRVHQ]DODEXVHFFD HLOODPSUHGRWWRSHULOÀRUHQWLQR"2ODFXFLQDWRVFDQDVHQ]DLFURVWRQLFRQ OHLQWHULRUDGHLSLGLYHUVLDQLPDOL"(YLDGLVHJXLWRGDOOH$OSLDOO·HVWUHPLWj PHULGLRQDOHGHOOD6LFLOLDGRYHDQFKHLOWRQQRHWDQWLDOWULSHVFLRIIURQROH ORURIUDWWDJOLH 6HQ]DGLPHQWLFDUHFKHDQFKHLOFDYLDOHqXQDIUDWWDJOLD 0DL FRPH RJJL GREELDPR ULFRQRVFHUH FKH OH IUDWWDJOLH H VHPSUH SL QXPHURVHVSHFLHDQLPDOLLQL]LDQGRGDOSLFFLRQHVRQRHQWUDWHRVWDQQRSHU HQWUDUHLQXQDFXFLQDGHOOHFDUQLGDQRQGLPHQWLFDUH 'LPHQWLFDQ]DHREOLRFKHSRVVRQRDQ]LGHYRQRHVVHUHFRQWUDVWDWLQRQ WDQWR GD XQR VWHULOH ULFRUGR TXDQWR GD XQ·DWWLYD FRQRVFHQ]D FDSDFH GL FRQGXUUHDGXQUHFXSHURLQWHOOLJHQWHHFKHDGHJXLOHWUDGL]LRQLSDVVDWHDO SUHVHQWH /D WUDGL]LRQH q XQ IXRFR FKH YD PDQWHQXWR FRQWLQXDPHQWH YLYR H FXVWRGLWRQRQODYHQHUD]LRQHGHOOHFHQHULGLXQSDVVDWRLUULPHGLDELOPHQWH SHUGXWR &RQRVFHUH OH IUDWWDJOLH H OH FDUQL GL WDOXQL QRQ WXWWL DQLPDOL GL XQ YLFLQRSDVVDWRHQRQSLFRPXQLq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·LQGLVSHQVDELOHDVSHWWRHFRQRPLFRFXOLQDULR JDVWURQRPLFR H QXWUL]LRQDOH GHOOH IUDWWDJOLH H GHOOH FDUQL GL WDQWL DQLPDOL RJJLGLPHQWLFDWLPDQFDRSHUORPHQRQRQYLqXQDVXIÀFLHQWHDWWHQ]LRQH DOYDORUHDQWURSRORJLFRFKHDYHYDQRHFKHVWLDPRSHUGHQGR8QWHPSRQRQ HUDFRVu 9LQFHQ]R 7DQDUD DG HVHPSLR GHÀQLVFH OH DQLPHOOH ´KRQRUHGH·FRQYLWLGHOL]LHGH·JRORVLULVWRURGHJOLDPPDODWLµHFRQOHWUH VHPSOLFLHVSUHVVLYHSDUROHGLRQRUHGHOL]LDULVWRURGHOLPLWDXQFHUFKLRGL YDORULDQWURSRORJLFLFKHVLSHUGHTXDQGRGLTXHVWRFLERFRPHRJJLDYYLH QHVHPSUHSLVSHVVRVLWHPHVRORODTXDQWLWjGLXQTXDOFKHFRPSRQHQWH RJJHWWRGLXQWHUURULVPRDOLPHQWDUHPHGLDWLFR /DVWHVVDFRVDVLSRWUHEEHGLUHSHURJQLDOWUDIUDWWDJOLDVFRPSDUVDR TXDVLGDOOHQRVWUHWDYROHHVXOOHFDUQLGLPROWLDQLPDOLVSDULWLGDOQRVWUR RUL]]RQWHDOLPHQWDUH 0DLFRPHQHOQRVWURWHPSRqTXLQGLHQFRPLDELOHODSUHVHQWHULFHUFD VXOODFXFLQDGHOOHIUDWWDJOLHHGLDOWUHFDUQLFKHHUDQRLGHQWLWDULHGHOODFLYLOWj GHOODWDYRODQHOOHUHJLRQLLWDOLDQHHFDGXWHLQREOLR8QDULFHUFDFKHULJXDUGD SDUWLFRODUPHQWHJOLDVSHWWLFXOWXUDOLOHWUDGL]LRQLHOHSLWLSLFKHULFHWWH 8QRVWXGLRFRPSLXWRGDOO·$FFDGHPLD,WDOLDQDGHOOD&XFLQDDWWUDYHUVR LOVXR&HQWUR6WXGL´)UDQFR0DUHQJKLµL&HQWUL6WXGL7HUULWRULDOLL&RRU GLQDWRUL7HUULWRULDOLL'HOHJDWLHJOL$FFDGHPLFLWXWWLDLTXDOLYDXQVHQWLWR ULQJUD]LDPHQWRXQLWDPHQWHDWXWWLFRORURFKHKDQQRFRQWULEXLWRDXQQRQ VHPSUHIDFLOHODYRURGLULFHUFDHGLUHGD]LRQH *LRYDQQL%DOODULQL 3UHVLGHQWHGHOO·$FFDGHPLD,WDOLDQDGHOOD&XFLQD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD , ,QWURGX]LRQH ,QWURGX]LRQH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH 35(,6725,$6725,$(0,7, )UDWWDJOLHHULJDJOLHDOLPHQWLGDUH 1HOOD PDWHPDWLFD DOLPHQWDUH L FRQWL SRVVRQR HVVHUH GLYHUVL GD TXHOOL FDQRQLFLHO·XQLWjSXzDYHUHQRQLVROLWLTXDWWURTXDUWLPDEHQFLQTXHTXDUWL 'DOO·DQLPDOHPDFHOODWR²ERYLQRRVXLQRVLULFDYDQRGXHPH]]HQHHGD TXHVWHTXDWWURTXDUWLGXHDQWHULRULHGXHSRVWHULRULTXHOORFKHULPDQHqLO ´TXLQWR TXDUWRµ FRVWLWXLWR GDJOL RUJDQL LQWHUQL R ´IUDWWDJOLHµ IHJDWR UHQL R URJQRQL DQLPHOOH WULSSH WHVWD FRGD ]DPSHWWL HFF 8Q FRQFHWWR FKLD URTXHOORGHOTXLQWRTXDUWRSHULOPDFHOODLRDQFKHVHPDWHPDWLFDPHQWHq DVVXUGRFKHXQ·XQLWjSRVVDYHQLUHGLYLVDLQFLQTXHTXDUWL ,OTXLQWRTXDUWRQRQqXQDSDUWHWUDVFXUDELOH$OLYHOORPRQGLDOHVLFDO FRODFKHHVVRFRVWLWXLVFDXQDTXDQWLWjSDULDFLUFDYHQWLPLOLRQLGLWRQQHOODWH FRQXQFRPPHUFLRLQWHUQD]LRQDOHGLTXDWWURPLOLRQLGLWRQQHOODWH$OWUHWWDQ WRLPSRUWDQWHqLOUXRORQXWUL]LRQDOHHJDVWURQRPLFRGHOOHIUDWWDJOLH )UDWWDJOLHGDOODWLQRIUDFWXVSDUWLFLSLRSDVVDWRGLIUDQJHUHRVSH]]DUH VRQROHSDUWLVSH]]DWHHVHSDUDWHGDOODFDUQH/HIUDWWDJOLHGHJOLDQLPDOLGL JURVVDHPHGLDWDJOLDERYLQLVXLQLHGHTXLQLFRPSUHQGRQRDQLPHOOHWLPR HJKLDQGROHVDOLYDULSDQFUHDVFHUYHOORIHJDWRURJQRQLUHQHFXRUHPLO ]DSROPRQLPDPPHOODWULSSDFRGDHFFPHQWUHLQTXHOOLGLSLFFRODWDJOLD RYLQL H FDSULQL SROPRQH FXRUH H IHJDWR VRQR FRPSUHVL QHOOD FRUDWD R FRUDWHOODVHQ]DGLPHQWLFDUHO·LQWHVWLQRGHJOLDQLPDOLJLRYDQLVVLPLSDJOLDWD ´SXOLWDµH´VSRUFDµ )UDWWDJOLHVRWWRSURGRWWLSRYHULGLPDFHOOHULDREHQGLSL"3HUULVSRQ GHUHFLDLXWDODGHQRPLQD]LRQHGLULJDJOLHRUHJDJOLHXWLOL]]DWDSHULYRODWLOL GLEDVVDFRUWHSROOLWDFFKLQLHJDOOLQHGLIDUDRQHSLFFLRQLRFKHDQLWUH,Q TXHVWLDQLPDOLOHULJDJOLHRIUDWWDJOLHFRPSUHQGRQRIHJDWRFXRUHYHQWULJOLR RPDJRQHPDJKHWWRJUDQHOOLWHVWLFROLHDQFKHFUHVWDHEDUJLJOL,OWHUPLQH VHFRQGRXQ·DFFDWWLYDQWHDQFKHVHQRQPROWRFRQYLQFHQWHHWLPRORJLDGHULYD GDOODWLQRUHJDOLDGDUHJDOLV´GDUHµGHJQRGLXQUHQHOVHQVRTXLQGLGLERF FRQHGDUH3LSUREDELOPHQWHLOWHUPLQHGHULYDGDOIDWWRFKHVSHVVRLYLVFHUL GHOSROODPHFRPSUHVHOHEXGHOODHUDQRUHJDODWLDLSRYHUL )UDWWDJOLHHUHJDJOLHRULJDJOLHWXWW·DOWURFKHVRWWRSURGRWWLPDERFFRQL $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH GDUHFRPHGLPRVWUDODWUDGL]LRQHHOHDWWXDOLULFHUFKHVFLHQWLÀFKHFKHOH ULYDOXWDQRFRPHDOLPHQWLIXQ]LRQDOL,QRJQLPRGROHIUDWWDJOLHVRQRDQ]L HUDQRXQDOLPHQWRGLJUDQGHFRQVLGHUD]LRQHFKHFRQVHQWHLQSDUWLFRODUH SHUDOFXQHSDUWLGLSUHSDUDUHSUHOLEDWLSLDWWLWLSLFLHWUDGL]LRQDOLULFHUFDWLGDL EXRQJXVWDL2UDSHUzDFDXVDGLXQDVHULHGLFRQVLGHUD]LRQLHUUDWHHGLQXRYL SUHJLXGL]LPROWHIUDWWDJOLHQRQVRQRSLJUDGLWHDLQL]LDUHGDLURJQRQLHGDO IHJDWR SHU QRQ SDUODUH GHOOH WULSSH ,Q PRGR DQDORJR VL VWDQQR SHUGHQGR PROWHULFHWWHWUDGL]LRQDOL +,-050A0650+0-9(;;(.30, -YH[[HNSPL *HYUP KP]LYZL KH X\LSSL KLSSH JHYJHZZH HUJOL ZL PU JVUULZZPVUL UH[\YHSLJVULZZH =PZJLYP-YH[[HNSPLKLSSHJH]P[n[VYHJPJHHKKVTPUHSLWLS]PJHJVTWYLZPSH[YH JOLHLS»LZVMHNVLPSNVaaVKLNSP\JJLSSP *HYJHZZH\UN\SH[PKVTLZ[PJP*VYWVPU[LYVKP\U\UN\SH[VKVTLZ[PJVTHJLSSH [VKVWVKPZZHUN\HTLU[VL]PZJLYHaPVULLHZWVY[HaPVULKLSSLLZ[YLTP[nKLNSPHY[P PUJVYYPZWVUKLUaHKLSJHYWVLKLS[HYZVKLSSH[LZ[HKLSSHJVKHLZLKLSJHZV KLSSLTHTTLSSLUVUJOtWLYIV]PUPV]PUPJHWYPUPLZVSPWLKPKVWVZJ\VPHTLU[V *HYJHZZHWVSSHTL*VYWVPU[LYVKP\U]VSH[PSLKPZZHUN\H[VZWP\TH[VLKL]PZJLYH [V:VUVMHJVS[H[P]PSHYPTVaPVULKPJ\VYLMLNH[VWVSTVUP]LU[YPNSPVNVaaVLYLUP PSZLaPVUHTLU[VKLSSLaHTWLHS[HYZVLSHYPTVaPVULKLSS»LZVMHNVLKLSSH[YHJOLH ÏHJJL[[H[HSHJSHZZPÄJHaPVULKLSSLMYH[[HNSPLPUK\L[PWP!SL¸JSHZZPJOL¹JOLZVUV ]PZJLYP L X\LSSL KP ¸JVTWSLTLU[V¹ JOL JVTWYLUKVUV SL WHY[P Z[HJJH[L KHSSH JHYJHZZHK\YHU[LSHTHJLSSHaPVULHSJ\ULKLSSLX\HSPLYHUVNPnWH[YPTVUPVKP [YHKPaPVUPJ\SPUHYPL *OLDQLPDOLFDUQLYRULPDQJLDQRVRSUDWWXWWRJOLRUJDQLLQWHUQL 8QWHPSROHIUDWWDJOLHHUDQRPROWRDSSUH]]DWHPHQWUHRJJLVRQRFDGXWH LQXQSURJUHVVLYRGLVXVRVHQRQVXVFLWDQRDYYHUVLRQHHDQFKHRUURUH0ROWH VRQROHSRVVLELOLVSLHJD]LRQLGLTXHVWDLQYHUVLRQHFXOWXUDOHPDWUDTXHVWH IRUVHWUDOHSLLPSRUWDQWLYLqTXHOODGLXQDQRVWUDDQFHVWUDOH´DQLPDOLWjµ FKHYRJOLDPRVXSHUDUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH /DQRVWUDVSHFLHHTXHOOHFKHO·KDQQRSUHFHGXWDKDGDVHPSUHDYXWR XQ·DOLPHQWD]LRQHYDULDHLQTXHVWDODFDUQHHUDXQFLERDPELWR6LDPRTXLQ GLGHLPDQJLDWRULGLFDUQHRFDUQLYRUDQLFRPHPROWLDQLPDOL /DSULPDFRVDFKHIDXQDQLPDOHFDUQLYRURDSSHQDDEEDWWXWDODSUHGD q DSULUOH OD FDYLWj DGGRPLQDOH H UDSLGDPHQWH PDQJLDUH JOL RUJDQL LQWHUQL , YLVFHUL VRQR SL PRUELGL H ULFFKL GL QXWULHQWL H DFTXD PHQWUH OH PDVVH PXVFRODULLWHQGLQLOHRVVDHOHFDUWLODJLQLGHOFRUSRVRQRGLIÀFLOLGDGLJH ULUH FL YXROH GHO WHPSR SHU FRQVXPDUOL H QHO IUDWWHPSR SRVVRQR DUULYDUH DOWULSUHGDWRULHFRVWULQJHUHO·DQLPDOHDIXJJLUHULPDQHQGRDERFFDDVFLXWWD 4XHVWRFRPSRUWDPHQWRDYYLHQHGLVROLWRTXDQGRODSUHGDqJUDQGHHO·DE ERQGDQ]DGLSUHGHqHOHYDWD3HUTXHVWRDYROWHLOXSLSUHGDQRJUHJJLGL SHFRUHLQFXVWRGLWHHXFFLGRQRSLDQLPDOLPDQJLDQGRQHVROROHLQWHULRUD6H OHSUHGHGLVSRQLELOLVRQRSRFKHVLJQLÀFDSLWHPSRSHUFHUFDUOHHFDFFLDUOH TXLQGLSLHQHUJLHGDGHGLFDUHDOODFDFFLDHDOORUDqEHQHPDQJLDUHLOSL SRVVLELOHO·DQLPDOHSUHGDWRSHUULFDYDUQHLOPDVVLPRGLHQHUJLH6HOHSUHGH VRQR PROWH TXLQGL LO WHPSR GL ULFHUFD SHU WURYDUOH H FDFFLDUOH q PLQLPR HQHUJLDVSHVDULGRWWDGLYLHQHFRQYHQLHQWHPDQJLDUQHVRODPHQWHOHSDUWL SLQXWULWLYHLQDOWUHSDUROHJOLRUJDQLLQWHUQL,QHFRORJLDTXHVW·DUJRPHQWR qSDUWHGHOODFRVLGGHWWD2SWLPDO)RUDJLQJ7KHRU\WHRULDGHOO·DOLPHQWD]LRQH RWWLPDOH*OLRUJDQLLQWHUQLKDQQRXQ·HOHYDWDTXDQWLWjGLSURWHLQHHDOO·LQ WHUQRGLXQEUDQFRPDQJLDUHJOLRUJDQLLQWHUQLFRPHLOFXRUHRLOIHJDWR VSHWWDDOFDSREUDQFRFKHULFRSUHXQUXRORGLVXSUHPD]LD ,OFRPSRUWDPHQWRIHULQRRUDGHVFULWWRVLWURYDLQXQDQRVWUDDWDYLFDDQL PDOLWjHGqULQIRU]DWRDQFKHGDOIDWWRFKHRJQLYLVFHUHKDXQDVXDVDSLGLWj FKHQRQqVWDWDLJQRUDWDGDOODQRVWUDFXOWXUDTXDQGRqVWDWDDVVRFLDWDDXQ FRPSOHVVRLPPDJLQDULRPLWLFRHVLPEROLFR ,Q TXHVWH XOWLPH IDVL GHOOD QRVWUD HYROX]LRQH FXOWXUDOH H SURSULR FRQ XQ DEEDQGRQR GHOOD VHOYD O·XPDQLWj VHPSUH SL XUEDQD VHPEUD VL YRJOLD VWDFFDUHGDOODIHULQLWjHTXLQGLDEEDQGRQDLJXVWLIRUWLGHOOHIUDWWDJOLHFKH KDQQRSHUGXWRDQFKHJUDQSDUWHGHOOHORURVLPERORJLH $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH 6LPERORJLHGHOOHIUDWWDJOLH 8QR GHL SL GLIÀFLOL H GLVFXVVL WHPL GHOO·DQWURSRORJLD DOLPHQWDUH ULJXDUGD L FULWHUL FRQ L TXDOL OH GLYHUVH VRFLHWj H FXOWXUH LGHQWLÀFDQR TXHO FKHqEXRQRGDPDQJLDUHHORVHSDUDQRGDOTXHOFKHQRQqEXRQR,QPRGR DQDORJRqSHUODTXDOLWjGHJOLDOLPHQWLQRQGLUDGRLQGLYLGXDWDFRPH´YLU Wµ/HGLIÀFROWjHOHGLVFXVVLRQLGHULYDQRDQFKHGDOIDWWRFKHRJQLVRFLHWj WHQGHDIDYRULUHFULWHULGLJLXGL]LSURSULHLQSDUWHGLYHUVLGDTXHOOLXWLOL]]DWL GDOOHDOWUH 3HU TXDQWR ULJXDUGD OH IUDWWDJOLH QHOOD FXFLQD GHL SRSROL FKH KDQQR DELWDWRODSHQLVRODLWDOLDQDHDQFRUDO·DELWDQRLQPRGRPROWRVFKHPDWLFR ELVRJQDULIDUVLDOSHQVLHURPDJLFRSHULOTXDOHVLULWLHQHFKHOHFRVHHLQ SDUWLFRODUHLSRVVLELOLDOLPHQWLSRUWLQRLVHJQLLQGLFDWRULGHOOHORURDWWLYLWj ,OSHQVLHURPDJLFRqDOODEDVHGLPROWHFRQRVFHQ]HSRSRODULWUDGL]LR QDOLHGHOIRONORUH 3UHFLVLLQGL]LGHOSHQVLHURPDJLFRFKHKDRULJLQLDQWLFKLVVLPHOLWUR YLDPRJLjEHQPDQLIHVWLQHOSRSRORGHJOL(WUXVFKLFKHULWHQHYDQRGLSRWHU LQWHUSUHWDUHDQFKHLOIXWXURDWWUDYHUVRLVHJQLGHOYRORGHJOLXFFHOOLGHOFLHOR PDDQFKHGDLVHJQLULOHYDELOLQHOIHJDWRGHJOLDQLPDOL4XDVLFHUWDPHQWHHVVL GLVWLQJXHYDQRLOEXRQRHLOFDWWLYRGDPDQJLDUHDQFKHDWWUDYHUVRLVHJQLSUH VHQWLVXJOLDOLPHQWLHQRQqFHUWDPHQWHXQFDVRFKHOHSRSROD]LRQLLWDOLFKH GDO WHPSR GHJOL (WUXVFKL LQ SRL VLDQR VWDWH WXWWH DPDQWL GHL YLVFHUL GHJOL DQLPDOLVYLOXSSDQGRVXOSLDQRFXOWXUDOHLOPDQJLDUHIHULQRGHLSLORQWDQL DQWHQDWL ,O EXRQR H LO FDWWLYR GD PDQJLDUH OH YLUW R L SHULFROL GHJOL DOLPHQWL FKHVDUHEEHURVHJQDWLVXOO·DOLPHQWRVWHVVRHODGRWWULQDGHOODVHJQDWX UD HUDQR DQFRUD LQ DXJH DL WHPSL GL 3DUDFHOVR H GL +HUPDQ &RUQLQJËFRQO·LQL]LRGHOODPHGLFLQDVSHULPHQWDOHVRORQHO 5XGROI%XFKHLPIRQGDLOSULPRLVWLWXWRGLIDUPDFRORJLDHWRVVLFRORJLD VSHULPHQWDOHFKHLOEXRQRHLOFDWWLYRGDPDQJLDUHDVVXPRQRXQDQXRYD FRQQRWD]LRQHHLYLVFHULSRVVRQRYHQLUHJLXGLFDWLEXRQLRFDWWLYLLQFRQIRU PLWjDFULWHULSUHFLVLHULSHWLELOLGLWLSRVFLHQWLÀFR8QDFHUWDFXOWXUDGHOOD VHJQDWXUDGHLFLELqWXWWDYLDULPDVWDÀQRDLQRVWULJLRUQLFRPHGLPRVWUDOD FUHGHQ]DGLSRWHULHURWLFLLQVLWLLQDOLPHQWLFKHKDQQRIRUPHHDVSHWWLFKH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH ULFKLDPDQRDQFKHYDJDPHQWHJOLRUJDQLVHVVXDOLPDVFKLOLRIHPPLQLOL /DFRQFH]LRQHGL,SSRFUDWHVLULIDFHYDDTXHOODGL7DOHWHHLQSDUWHDQFKH DTXHOODGL$OFPHRQHGL&URWRQHTXDQGRGLFHYDFKHO·XRPRqLOPLFURFR VPR H LO FRUSR q IRUPDWR GDL TXDWWUR HOHPHQWL IRQGDPHQWDOL QHOO·RUGLQH DULDIXRFRWHUUDHDFTXD6HFRQGR,SSRFUDWHHODVXDVFXRODDJOLHOHPHQWL GHO FRUSR XPDQR FRUULVSRQGHYDQR LQ EDVH D GHOOHTXDOLWjFRPXQLDOFXQL XPRULDOO·DULDFKHqGDSSHUWXWWRFRUULVSRQGHYDLOVDQJXHDOIXRFRFDOGR FRUULVSRQGHYDODELOHDOODWHUUDSHULOFRORUHFRUULVSRQGHYDXQXPRUHVFXUR LQUHDOWjLQHVLVWHQWHIRUVHRVVHUYDWRQHOODSUDWLFDGHOO·DUXVSLFLQDGXUDQWHLO VDFULÀFLRGHJOLDQLPDOL,OVDQJXHGHOODPLO]DYHQRVRHPROWRVFXURIXIRUVH ULWHQXWRHVVHUHXQDOWURXPRUHGLYHUVRGDOVDQJXHHIXFKLDPDWRELOHQHUD DWUDELOHLQODWLQRRPHODLQDNROpLQJUHFR,QÀQHDOO·DFTXDFRUULVSRQGHYD LOPXFRRSLWXLWDRÁHJPDFRPSUHQGHQWHWXWWHOHVHFUH]LRQLDFTXRVHGHO QRVWURFRUSRVDOLYDVXGRUHODFULPHHFFORFDOL]]DWRSULQFLSDOPHQWHQHO FHUYHOORFKHHUDXPLGRHIUHGGRFRPHO·DFTXD $JOLXPRULIXURQRIDWWHFRUULVSRQGHUHDQFKHOHVWDJLRQLODSULPDVWD JLRQHTXHOODGHOVDQJXHHGHOO·DULDFRUULVSRQGHYDDOODSULPDYHUDO·HVWDWH HUDTXHOODGHOIXRFRHGHOODELOHO·DXWXQQRHUDTXHOODGHOODWHUUDHGHOO·DWUD ELOHHO·LQYHUQRHUDODVWDJLRQHGHOO·DFTXDGHOODSLWXLWDHGHOFHUYHOOR)X IDWWRDQFKHXQSDUDOOHOLVPRFRQOHTXDWWURHWjGHOODYLWDLQIDQ]LDHSULPD JLRYLQH]]DJLRYLQH]]DPDWXUDHWjYLULOHDYDQ]DWDHWjVHQLOH ,QTXHVWRTXDGURRJQLYLVFHUHDYHYDXQDVXDEHQGHÀQLWDSRVL]LRQHH PDQLIHVWDYDTXHOOHFKHHUDQRULWHQXWHOHVXH´YLUWµ 9RJOLDDQWLFDGLIUDWWDJOLH /·XRPRSUHLVWRULFRFRPHPROWLVXRLDQWHQDWLHDQLPDOLFDUQLYRUDQLVL DOLPHQWDYDGLYLVFHULGLFXLHUDDYLGRHFKHVRQRULPDVWLQHOO·DOWDFXFLQDH LQTXHOODWUDGL]LRQDOH6HQ]DDUULYDUHDULWHQHUHFKHHVLVWDXQDIDPHVSHFLÀFD SHULYLVFHULDQFKHVHqVWDWDVRVSHWWDWDSHULOPLGROORRVVHRHLOFHUYHOOR HQWUDPELULFFKLGLOHFLWLQHOHPROHFROHVWUDWHJLFKHFRQWHQXWHQHOOHIUDWWDJOLH JLXVWLÀFDQRLOORURXVRDOLPHQWDUH 8QDOXQJDHGLIIXVDWUDGL]LRQHWHVWLPRQLDO·LPSRUWDQ]DFKHOHGLYHUVH $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH FXOWXUHXPDQHKDQQRVHPSUHDWWULEXLWRDLYLVFHULDQLPDOLFRPHWUDPLWHSHU LQWHUSUHWDUHLYROHULGLYLQLDUXVSLFLHWUXVFKLHFRPHDOLPHQWLGLSUHJLRH GRWDWLGLSDUWLFRODULD]LRQLEHQHÀFKHSHUO·RUJDQLVPRÀQRDOSXQWRGLDUUL YDUHDOFDQQLEDOLVPRULWXDOHFHUHEURIDJLDGHOOD1XRYD*XLQHDFRQLOFRQ VHJXHQWH .XUX XQ FDQQLEDOLVPR IRUVH QRQ DQFRUD VFRPSDUVR VH q YHUR TXDQWRKDQQRULIHULWRLJLRUQDOLDOFXQLGHFHQQLIDFLUFD%RNDVVD $OWUHWWDQWRLPSRUWDQWHHGLIIXVDqODWUDGL]LRQHFKHLYLVFHULGHJOLDQLPDOL SLFKHODORURFDUQHVLDQRFDULFKLGLULOHYDQWLYLUWRYDQWDJJLQXWUL]LRQDOL $O ULJXDUGR EDVWD ULFRUGDUH OH FUHGHQ]H VXOOH TXDOLWj GL TXHVWL DOLPHQWL FKH DYHYDQRJOLDQWLFKL(JL]LHL5RPDQLRDQFRURJJLPROWLSRSROLLFXLFRVWXPL VRQRVWXGLDWLGDOO·HWQRPHGLFLQD3LYLFLQRDQRLHFRPHHVHPSLVLSRVVRQR ULFRUGDUHODVFRSHUWDQHOIHJDWRGHOIDWWRUHDQWLDQHPLFRHVWULQVHFRGHO&DVWOH DWWUDYHUVRLOTXDOHVLqJLXQWLDOODYLWDPLQD%HLOVXFFHVVRFKHLQXQQRQORQ WDQRSDVVDWRKDDYXWRO·RSRWHUDSLDWHUDSLDHIIHWWXDWDFRQHVWUDWWLG·RUJDQRq XQDSSURFFLRFKHRJJLYHGLDPRULVRUJHUHVLDSXUHFRQDOWUHSURVSHWWLYHG·DS SOLFD]LRQHQHOODQXWUDFHXWLFDHIIHWWXDWDFRQLVRSUDFLWDWLDOLPHQWLIXQ]LRQDOL FKHFRQWHQJRQRPROHFROHVWUDWHJLFKH 'LSDULSDVVRDOFXQLYLVFHULDQLPDOLXVDWLLQDOLPHQWD]LRQHVRQRVWDWL LPSXWDWLGLULVFKLHLQSURSRVLWREDVWDULFRUGDUHFKHLQSDVVDWRODJRWWDHUD DWWULEXLWDDGXQHFFHVVRQHOODGLHWDGLWDOXQHIUDWWDJOLHFRPHRJJLVLWHPHLO ULVFKLRGLUHVLGXLGLIDUPDFLRFRQWDPLQDQWLDPELHQWDOLRGLPDOIRUPD]LRQL IHWDOLLQGRQQHJUDYLGHFKHPDQJLDQRHOHYDWHTXDQWLWjGLIHJDWRFKHFRQWHQJD HOHYDWHTXDQWLWjGLYLWDPLQD$'DQRQVRWWRYDOXWDUHLQROWUHLULVFKLLQIHWWLYL WUDGL]LRQDOLHQRQFRQYHQ]LRQDOL/HIUDWWDJOLHVRQRDQFKHXQDPLQLHUDGL SUH]LRVLQXWULPHQWLOHPROHFROHVWUDWHJLFKH )5$77$*/,((1875,=,21( $PRUHHRGLR &·qFKLOHGHWHVWDWURSSRJUDVVHVSHVVRLQGLJHVWHSOHEHHQLHQWHGLSL FKHVFDUWLDOLPHQWDUL(FKLOHDPDVDQHQXWULHQWLDSSHWLWRVH *OL DSSDVVLRQDWL GHO JHQHUH VL FRPPXRYRQR GL IURQWH D XQ SLDWWR GL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH URJQRQFLQLRGLWULSSDGHFOLQDWDLQRJQLUHJLRQHLQPRGRGLYHUVR,´URPDQL GH5RPDµYDQQRSD]]LSHULOIULWWRPLVWRFRQGHQWURFHUYHOODDQLPHOOHHFDU FLRÀHQRQPHQRFHOHEULVRQRLFURVWLQLQHULDOODWRVFDQDFRQPLO]DGLYLWHOOR HIHJDWLQLGLSROOR(FKHGLUHGHOODFDVVRHODSLDWWRORPEDUGRDQWLFKLVVLPR FRQFRVWLQHFRWLFKHHSLHGLQLGLPDLDOH"6RQRWDQWHHJXVWRVHOHULFHWWHFRQ OHIUDWWDJOLHGHOODWUDGL]LRQHUHJLRQDOHHIDPLOLDUHLWDOLDQD 4XHVWH DIIHUPD]LRQL SRVVRQR VHPEUDUH XQD SURYRFD]LRQH 1RQ SXz VXRQDUHGLYHUVDPHQWHGHGLFDUHXQLQWHURYROXPHDTXDOFRVDFKHPROWLFRQ VLGHUDQR SRFR SL GL XQR VFDUWR DOLPHQWDUH LQGLFLELOH H VHPSUH GDQQDWR ,QGLSHQGHQWHPHQWHGDOJXVWRSHUVRQDOHO·LQWHQWRGLTXHVWDSXEEOLFD]LRQHq DQFKHGLSURSRUUHOHIUDWWDJOLHSHUTXHOORFKHLQUHDOWjVRQRFLELEXRQLVDQL SXOLWLHSRFRFRVWRVLGDXVDUHFRPXQTXHDUDJLRQYHGXWDFRPHRJQLDOWUR FLER /H IUDWWDJOLH UDSSUHVHQWDQR OD SDUWH SL YLWDOH GHOO·DQLPDOH VDSRULWH H SUH]LRVH FRVWLWXLVFRQR QHOOD ORUR HVVHQ]D O·LQGL]LR SULPDULR GHOOD VXD VDOXWH 3URSULR GDOOH IUDWWDJOLH GD TXHVWD SDUWH FRVu ULFFD GL VLPERORJLH DPELYDOHQWLFKHSRUWDFRQVpDQFKHWXWWDODQHJDWLYLWjGHOOHFRVHLQYLVLELOL HQDVFRVWHQXWUHQGRFLGLSDUWLFRPHFXRUHUHQHVWRPDFRGLXQHVHPSOD UHVDQRDVVLPLOLDPRODYLWDOLWjSLSXUDODSRWHQ]DDQLPDOHDOODPDVVLPD FRQFHQWUD]LRQH $OLPHQWL SRYHUL DQ]L SRYHULVVLPL JUD]LH DL TXDOL LQWHUH SRSROD]LRQLVRQRVRSUDYYLVVXWHDFDUHVWLHHSLGHPLHJXHUUHHÁDJHOOLGLYLQL GLRJQLWLSRFLELSRLVQREEDWLLQWHPSLGLDEERQGDQ]DSURSRU]LRQDWDDOOD VPHPRUDWH]]DHLQSDUWHULYDOXWDWLFRQDWWHJJLDPHQWLJDVWURQRPLFLUDGLFDO FKLF9DQQRTXLQGLFRQVLGHUDWLVHPSOLFHPHQWHSHUTXHOORFKHVRQREXRQL VDSRULWLYDOLGLGDOSXQWRGLYLVWDQXWULWLYR$OLPHQWLGDULYDOXWDUH&·qDQFKH XQDYDOHQ]DVWRULFRVRFLRORJLFDFKHHTXLSDUDOHIUDWWDJOLHDOODSROHQWDDOOD SL]]DDOOHSDWDWHDOSHVFHD]]XUUR 9LUWHULVFKL /DSUHVHQ]DQHOOHIUDWWDJOLHGLVHQVLELOLHGHIÀFDFLTXDQWLWjGLPROHFR OHVWUDWHJLFKHQRQVRORDSUHODVWUDGDDGXQDUD]LRQDOHLQWHJUD]LRQHELRORJLFD GHOO·DOLPHQWD]LRQHPDVSLHJDODORURIXQ]LRQHSURWHWWLYDLQXQ·DOLPHQWD]LRQH $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH HTXLOLEUDWDUHQGHQGRUDJLRQHGHOORURXVRDOLPHQWDUHHJDVWURQRPLFR ,OFULWLFR%UXQR=HYLKDIDWWRQRWDUHFKH´OHSHUVRQHLQWHOOLJHQWLV·LPSH JQDQRDFRPSUHQGHUHLOQXRYRHORULWURYDQRQHOSDVVDWRDWWXDOL]]DQGROR ,PHGLRFULLQYHFHFHUFDQRLOYHFFKLRDQFKHQHLVRJJHWWLPRGHUQLHTXLQGL VLDQQRLDQRµ 6HLQPRGRLQWHOOLJHQWHFHUFKLDPRGLDQDOL]]DUHLOSDVVDWRDOLPHQWDUH HJDVWURQRPLFRFRQULIHULPHQWRDQFKHDOO·XVRGHOOHIUDWWDJOLHHULJDJOLHFL SRVVLDPRDFFRUJHUHFRPHTXHVWLDOLPHQWLVLDQRVWDWLSULYLOHJLDWLDQFKHSHU YLUWFKHRJJLSRVVLDPRGHÀQLUHQXWUDFHXWLFKHGDOOHYLWDPLQHDLPLFURPL QHUDOLRUJDQLFLDWXWWDXQDGLYHUVLÀFDWDVHULHGLPROHFROHVWUDWHJLFKHGRWDWH GLSDUWLFRODULVDSRULHDURPLHTXLQGLSULYLOHJLDWHDWWUDYHUVRLOJXVWRLOSULPR VHQVRVYLOXSSDWRGDOODYLWDSHUUHJRODUHO·DOLPHQWD]LRQHHLSURFHVVLQXWUL ]LRQDOL/HPROHFROHVWUDWHJLFKHFRQWHQXWHQHOOHIUDWWDJOLHDSURQRDQFKHOD VWUDGD DOO·LQWHJUD]LRQH ELRORJLFD GHOO·DOLPHQWD]LRQH VRVWLWXHQGR OD SRFR HIÀFDFHLQWHJUD]LRQHLQRUJDQLFD 8Q·RSSRUWXQDTXDQWLWjGLIUDWWDJOLHQHOFRPSOHVVRGHOO·DOLPHQWD]LRQHXPD QDKDLPSRUWDQWLUXROLFKHSRVVRQRHVVHUHFRVuULDVVXQWL IRUQLUH PROHFROH VWUDWHJLFKH H LQ SDUWLFRODUH TXHOOH FRQWHQHQWL ROLJRPLQHUDOLIHUUR]LQFRFURPRHFFGRWDWHGLHOHYDWHDWWLYLWjPHWD EROLFKHHVRSUDULFRUGDWH DVVLFXUDUHXQDTXRWDGLYLWDPLQD$IHJDWR VYROJHUHXQDIXQ]LRQHSURWHWWLYDGLIURQWHDFDUHQ]HSHUDOLPHQWD]LRQL XQLODWHUDOLHWURSSRUDIÀQDWHFRPHTXHOOHRGLHUQH DVVLFXUDUHLOIDEELVRJQRGLWDOXQLDFLGLJUDVVLLQVDWXULHVVHQ]LDOLXWLOL VRSUDWWXWWRSHULOFHUYHOOR QRUPDOL]]DUH H VWLPRODUH LO VLVWHPD LPPXQLWDULR WUDPLWH JOL DFLGL QXFOHLFLHLQXFOHRWLGLHOR]LQFRVRWWRIRUPDRUJDQLFD DVVLFXUDUHXQDSURWH]LRQHFRQWURLWXPRUL 4XDQWLWjUHODWLYDPHQWHOLPLWDWHGLVLQJROHIUDWWDJOLHVRQRVXIÀFLHQWLSHU GHWHUPLQDUHXQHIIHWWRSRVLWLYRVXOO·HVVHUHXPDQR,QROWUHqRYYLDO·RSSRU WXQLWjGLDVVRFLDUHOHIUDWWDJOLHWUDORURXQDFRQVXHWXGLQHFKHHVLVWHYDDG HVHPSLRQHOUDJGLULJDJOLHGLSROOR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH &RPH WXWWL JOL DOLPHQWL DQFKH OH IUDWWDJOLH SRVVRQR DYHUH GHL OLPLWL LQJUDQSDUWHOHJDWLDFRQVXPLHFFHVVLYLHDGDOLPHQWD]LRQLXQLODWHUDOLQHO VHQVRGLXQXWLOL]]RHOHYDWRGLXQDVRODIUDWWDJOLD7LSLFRHVHPSLRqODJRWWD FKHXQWHPSRFROSLYDOHFODVVLDJLDWHFKHVLFLEDYDQRGLHFFHVVLYHTXDQWLWjGL IUDWWDJOLHPDQHOO·DPELWRGLXQ·DOLPHQWD]LRQHVTXLOLEUDWDHVFDUVDGLYHJH WDOL2JJLSRVVLDPRULFRUGDUHO·RVWHRGLVWURÀDGHLJDWWLDOLPHQWDWLVRORFRQ IHJDWRERYLQRULFFRGLYLWDPLQD$RLOULVFKLRGLPDOIRUPD]LRQLIHWDOLQHOOH GRQQHJUDYLGHFKHPDQJLDQRVRVWHQXWHTXDQWLWjGLIHJDWRGLYLWHOORPROWR ULFFRDQFK·HVVRGLYLWDPLQD$ 6LWUDWWDLQROWUHGLULVFKLUHFHQWLHGDTXDQGRVLqUDJJLXQWDDQFKHQHO VHWWRUHGHOOHIUDWWDJOLHXQ·DEERQGDQ]DXQWHPSRVFRQRVFLXWD6HPSUHDGRVL WURSSRHOHYDWHHFRQWLQXDWHWDOXQHIUDWWDJOLHFKHQHOO·DQLPDOHVYROJRQROD IXQ]LRQHGL´ÀOWURµHLQSDUWLFRODUHLOIHJDWRHLOUHQHSRWUHEEHURDSSRUWDUH UHVLGXL LQGHVLGHUDWL GL IDUPDFL R GL LQTXLQDQWL DPELHQWDOL XQ ULVFKLR FKH WXWWDYLDqRJJLVXSHUDWRVLDGDLFRQWUROOLVDQLWDULVLDGDOO·XWLOL]]RLQDOLPHQ WD]LRQHGLTXDQWLWjUDJLRQHYROLVHQ]DFDGHUHLQHFFHVVL1HOODFXFLQDWUDGL ]LRQDOHOHIUDWWDJOLHHUDQRVHPSUHXWLOL]]DWHFRWWHHLQPROWLFDVLFRQFRWWXUH OXQJKH H DQFKH ULSHWXWH FRPH SHU L UDJ ,Q TXHVWR PRGR VL VXSHUDYDQR WXWWLLULVFKLLQIHWWLYLFRQYHQ]LRQDOLFDXVDWLVRSUDWWXWWRGDEDWWHULGLRULJLQH LQWHVWLQDOHSULPLWUDWXWWLOHVDOPRQHOOH 1RQYLHUDQRLQYHFHFRWWXUHLQWHQVHSHUIUDWWDJOLHFRPHLOFHUYHOORDO SLEROOLWRPDSLVSHVVRFRQVXPDWRGRSRXQDUDSLGDIULWWXUDFKHSHUOD VXDSRVL]LRQHSURWHWWDHUDHGqDOULSDURGDFRQWDPLQD]LRQLEDWWHULFKHFRQ YHQ]LRQDOL5HFHQWHPHQWHVLqDYXWDFRQRVFHQ]DFKHDOFXQHSDWRORJLHQRQ FRQYHQ]LRQDOLSURYRFDWHGDSULRQLSRVVDQRSDVVDUHDOO·XRPRQRQRVWDQWHOD FRWWXUD8QULVFKLRFKHULJXDUGDLOERYLQRGLXQDFHUWDHWjHVLFXUDPHQWHQRQ LOYLWHOORJOLRYLQLHLFDSULQLLOPDLDOHHRJJLFRPSOHWDPHQWHFRQWUROODWR 02/(&2/(675$7(*,&+(1(//()5$77$*/,( /DVSHFLÀFDQXWUL]LRQHGHLVLQJROLWHVVXWLRUJDQLHDSSDUDWLGHOFRU SR XPDQR VWD DVVXPHQGR XQ UXROR VWUDWHJLFR 8Q FRQFHWWR QRQ QXRYR q FKHDOFXQLWHVVXWLKDQQRQHFHVVLWjQXWUL]LRQDOLVSHFLÀFKHDGHVHPSLRLO $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH VDQJXH KD ELVRJQR GL IHUUR OD WLURLGH GL LRGLR OD SHOOH GL ]LQFR HFF ,Q PRGRDQDORJRQHOODQXWUL]LRQHGLWDOXQLRUJDQLULYHVWRQRXQUXRORHVVHQ ]LDOHSDUWLFRODULDFLGLJUDVVL,QTXHVWLXOWLPLWHPSLFLVLqUHVLFRQWRFKH OHVSHFLÀFKHQHFHVVLWjQXWUL]LRQDOLGLPROWLRUJDQLHDSSDUDWLGDOQHUYR VR DOO·LPPXQLWDULR VRQR PROWR DPSLH H LPSRUWDQWL H LQ TXHVWR TXDGUR DVVXPRQRXQUXRORQXWUL]LRQDOHVWUDWHJLFRSDUWLFRODULPROHFROHGHÀQLWH DSSXQWRVWUDWHJLFKH 1HOO·LQWHUQRGHOO·RUJDQLVPRVLFRQVLGHUDQRPROHFROHVWUDWHJLFKHTXHOOH FKHDVVXPRQRUXROLPHWDEROLFLGLYLHELRFKLPLFKHQRQSURSULDPHQWHQXWUL ]LRQDOLRFKHVRQRSULPLRVHFRQGLPHVVDJJHULHSHUOHTXDOLODQXWUL]LRQH UDSSUHVHQWD XQD FRQGL]LRQH REEOLJDWD SHU JDUDQWLUQH OD TXDQWLWj D OLYHOOL RWWLPDOL /D PROHFROD VWUDWHJLFD q DQFKH XQ LQGLFDWRUH SULYLOHJLDWR SHU FDSLUH PHJOLR OD TXDOLWj GHOO·DOLPHQWD]LRQH H SHU FRPSUHQGHUH JOL HIIHWWL LQGRWWL VXOO·RUJDQLVPRGDLUHJLPLHVWLOLDOLPHQWDULRDQFKHGDOO·DVVXQ]LRQHGLWDOX QLDOLPHQWL 3HUODVRFLHWjXPDQDXQ·DOLPHQWD]LRQHFKHFRPSUHQGDPROHFROHVWUD WHJLFKHKDXQUXRORVDQLWDULRGLSULPRSLDQRSRLFKpRJJLqLQWHUSUHWDWDFRPH ODVWUDGDPDHVWUDSHUDVVLFXUDUHLOEHQHVVHUHHODTXDOLWjGHOODYLWDDVHPSUH SLODUJKLVWUDWLGHOODSRSROD]LRQHHLQSDUWLFRODUHDOOHIDVFHELRORJLFDPHQWH GHEROLGHOODSULPDHGHOODWHU]DTXDUWD"HWj /H PROHFROH VWUDWHJLFKH DOLPHQWDUL KDQQR DWWLYLWj D OLYHOOR GL PROWL WHVVXWLHRUJDQLVRSUDWWXWWRGHOFHUYHOORVLDQHOODVXDFRVWUX]LRQHFKHQHO IXQ]LRQDPHQWRPDDQFKHVXOODFRDJXOD]LRQHGHOVDQJXHO·LPPXQLWjO·LQ ÀDPPD]LRQHHQRQGDXOWLPRFRPHIDWWRUHDQWLRVVLGDQWH6LWUDWWDLQROWUH GLPROHFROHFKHLQUHOD]LRQHVRSUDWWXWWRDOODGRVHSRVVRQRDYHUHIXQ]LRQL GLWLSRIDUPDFRORJLFRHFKHRJJLVRQRFRQVLGHUDWHDQFKHLQDPELWRGLQXWUD FHXWLFDRG·DOLPHQWLIXQ]LRQDOLIXQFWLRQDOIRRGV 7UDOHPROHFROHVWUDWHJLFKHXQ·LPSRUWDQ]DVSHFLDOHVWDQQRDVVXPHQGR TXHOOHFKHFRQWHQJRQRROLJRHOHPHQWLRPLFURPLQHUDOLIHUUR]LQFRVHOHQLR FURPR HFF R PROHFROH VWUDWHJLFKH PLQHUDOL LPSRUWDQWH q LO VHOHQLR XQ PLQHUDOHSRFRQRWR/·DWWLYLWjELRORJLFDGHOVHOHQLRqHVSUHVVLRQHGLXQ·DPSLD YDULHWjGLFRPSRVWLFKLPLFLHQRQGHOPLQHUDOHGLSHUVp0ROWLGHLFRPSRVWL FKLPLFLFRQWHQHQWLVHOHQLRSUHVHQWLQHJOLRUJDQLVPLYLYHQWLHQHJOLDOLPHQWL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH QDWXUDOLVRQRRJJLGDFRQVLGHUDUHPROHFROHVWUDWHJLFKHPLQHUDOL4XDQWRVWD DYYHQHQGRSHULOVHOHQLRÀQRDGRJJLFRQVLGHUDWRLQDOLPHQWD]LRQHVRWWRLO SURÀORGLPLFURQXWULHQWHPLQHUDOHqXQ·LPSRUWDQWHDYYLVDJOLDGLXQDYHUD HSURSULDULYROX]LRQHDOLPHQWDUHFKHVWDSHULQWHUHVVDUHVLDO·XRPRVLDJOL DQLPDOL8QDULYROX]LRQHFKHSXzHVVHUHVLQWHWL]]DWDQHOO·DIRULVPDVHFRQGR LOTXDOHOHDWWLYLWjQXWUL]LRQDOLGHLPLFURHOHPHQWLGLSHQGRQRGDOFRPSRVWR FKLPLFRGLFXLIDQQRSDUWHQRQGDOO·HOHPHQWRSHUVp ,QDOWULWHUPLQLFRQRVFHUHODTXDQWLWjGLVHOHQLRIHUURUDPH]LQFRH FRVuYLDSUHVHQWHLQXQDOLPHQWRRLQXQDGLHWDQRQqLPSRUWDQWHTXDQWR VDSHUHVRWWRFKHIRUPDRJQLVLQJRORHOHPHQWRqSUHVHQWHQHOO·DOLPHQWD]LRQH 4XHVWRQRQVRORSHUTXDQWRULJXDUGDODSHUFHQWXDOHG·DVVRUELPHQWRHROH LQWHUD]LRQLDOLYHOORGLJHVWLYRRPHWDEROLFRPDSHUOHDWWLYLWjELRORJLFKHGHL FRPSRVWL FRQWHQHQWL LO PLFURHOHPHQWR 7LSLFR LQ SURSRVLWR O·HVHPSLR GHO IHUURHGHOO·HPRJORELQDËQRWRFKHQHOVDQJXHYLqGHOIHUURHFKHTXHVWRq FRQWHQXWRQHOSLJPHQWRURVVRFKLDPDWRHPRJORELQDFKHVHUYHDOWUDVSRUWR GHOO·RVVLJHQRËDOWUHWWDQWRHYLGHQWHFKHSHUODIXQ]LRQHGHOVDQJXHQRQq WDQWRLPSRUWDQWHLOIHUURGLSHUVpPDO·HPRJORELQDFKHFRQWLHQHIHUURWDQWR FKHVHO·HPRJORELQDqDOWHUDWDFRPHDYYLHQHLQWDOXQHPDODWWLHJHQHWLFKHYL VRQRGLVIXQ]LRQLHSDWRORJLHQRQRVWDQWHODSUHVHQ]DGLIHUUR 8Q TXDGUR TXHOOR RUD WUDWWHJJLDWR FKH ULYROX]LRQD WXWWD OD SUDWLFD GHOO·LQWHJUD]LRQHPLFURPLQHUDOHGHJOLDOLPHQWLQHOODQXWUL]LRQHXPDQDHDO WHPSRVSLHJDPROWLLQVXFFHVVLHFHUWLVXFFHVVLPDDQFKHDOFXQLDEEDJOLH VWUXPHQWDOL]]D]LRQLSLRPHQROHFLWHDOFXQHGHOOHTXDOLYLFLQHQHOWHPSR HDOWUHLQDWWR8QTXDGURLQROWUHFKHULYDOXWDO·LQWHJUD]LRQHFRQFRPSR VWLRUJDQLFLPLQHUDOLFRPHTXHOOLFKHVRWWRIRUPDGLPROHFROHVWUDWHJLFKH PLQHUDOLVRQRSUHVHQWLVRSUDWWXWWRQHJOLRUJDQLHTXLQGLQHOOHIUDWWDJOLH 3HULOJLjFLWDWRVHOHQLRPDORVWHVVRVLSRWUHEEHGLUHGLFURPRIHUUR UDPHH]LQFRHGLPROWLDOWULPLFURQXWULHQWLVLqLQL]LDWRDGLGHQWLÀFDUHOD VHULH GL FRPSRVWL PHWDOORRUJDQLFL GRWDWL GL VLJQLÀFDWLYD DWWLYLWj DQWLFDQ FHURJHQD VLD D OLYHOOR GL FDQFHURJHQHVL JHQRWRVVLFD FKH GL FUHVFLWD GHOOH QHRSODVLHTXLQGLFRQLPSRUWDQWLDWWLYLWjSURÀODWWLFKHHFXUDWLYH(FLzDQFKH VH LO VHOHQLR GL SHU Vp R LQ IRUPD LQRUJDQLFDQRQ DEELD DOFXQDGL TXHVWH LPSRUWDQWL DWWLYLWj 6HPSUH SHU LO VHOHQLR q VWDWD GLPRVWUDWD O·LQWHUD]LRQH PHWDEROLFD WUD TXHVWR PLFURQXWULHQWH PLQHUDOH H LO TXDGUR DPLQRDFLGLFR $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH PHWDEROLFRPDVRSUDWWXWWRO·LPSRUWDQ]DFKHKDQQRWDOXQLDOLPHQWLQHLTXD OL LO PLQHUDOH q SUHVHQWH LQ SDUWLFRODUL IRUPH RUJDQLFKH 8QD SURVSHWWLYD TXHVW·XOWLPDFKHDSUHQXRYLRUL]]RQWLDLFRVLGGHWWLDOLPHQWLIXQ]LRQDOLHGj QXRYRUHVSLURDOODQXWUDFHXWLFD 0ROWHGHOOHPROHFROHVWUDWHJLFKHGLHOHYDWDLPSRUWDQ]DSHUODQXWUL]LR QH XPDQD VL WURYDQR QHJOL DOLPHQWL G·RULJLQH DQLPDOH FDUQH ODWWH XRYD SHVFHPDRJJLFLVLVWDDFFRUJHQGRGHOODORURHOHYDWDFRQFHQWUD]LRQHQHJOL RUJDQL LQWHUQL /H IUDWWDJOLH SHUWDQWR VL VWDQQR ULYHODQGR YHUH H SURSULH PLQLHUHGLPROHFROHVWUDWHJLFKHGLHVWUHPDLPSRUWDQ]DSHUODQXWUL]LRQHH GLFRQVHJXHQ]DSHUODVDOXWHXPDQD /H PROHFROH VWUDWHJLFKH SUHVHQWL QHOOH IUDWWDJOLH FRSURQR XQ·DPSLD JDPPDGLFRPSRVWLHGLDWWLYLWjPDRJJLVLVWDVFRSUHQGRO·HVWUHPDLPSRU WDQ]DGLTXHOOHFKHFRQWHQJRQRPLFURPLQHUDOLRGROLJRHOHPHQWLOHJLjFLWDWH PROHFROHVWUDWHJLFKHROLJRPLQHUDOL 7UDTXHVWHVRQRRJJLSDUWLFRODUPHQWHLPSRUWDQWLDOPHQROHVHJXHQWLFDWHJRULH PROHFROHVWUDWHJLFKHFRQWHQHQWLIHUURSHUODIRUPD]LRQHGHOVDQJXH EXRQIXQ]LRQDPHQWRPXVFRODUHFXRUHFRPSUHVRHSHUORVYLOXSSRGHO FHUYHOORHLOVXRIXQ]LRQDPHQWR PROHFROHVWUDWHJLFKHFRQWHQHQWL]LQFRSHULOEXRQIXQ]LRQDPHQWR GHOODFXWHHODSURGX]LRQHGLLPSRUWDQWLRUPRQLGHOODFUHVFLWDPHWD EROLVPRGHJOL]XFFKHULULSURGX]LRQH PROHFROH VWUDWHJLFKH FRQWHQHQWL UDPH SHU LO SRWHQ]LDPHQWR GHOOH DWWLYLWjGHOIHUUR PROHFROHVWUDWHJLFKHFRQWHQHQWLVHOHQLRSHUODSURWH]LRQHFRQWURL UDGLFDOLOLEHULGHOO·RVVLGD]LRQHHODSUHYHQ]LRQHGHLWXPRUL PROHFROHVWUDWHJLFKHFRQWHQHQWLFURPRSHULOEXRQIXQ]LRQDPHQWR PXVFRODUHHODSUHYHQ]LRQHGHOGLDEHWH $OWUHWWDQWR LPSRUWDQWH VL VWD ULYHODQGR LO UXROR GL DOFXQL DFLGL JUDVVL LQVDWXUL DG LQL]LDUH GDOO·DFLGR FHUYRQLFR SUHVHQWH VRSUDWWXWWR QHO WHVVXWR QHUYRVR H QHFHVVDULR SHU XQ UHJRODUH VYLOXSSR GHO VLVWHPD QHUYRVR QHOOD SULPDHWjHSDUHSHULOPDQWHQLPHQWRGHOODVXDLQWHJULWjDQDWRPLFDHIXQ ]LRQDOHQHOODWHU]DHWj ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH 8QUXRORVRORSRFRWHPSRIDLQVRVSHWWDWRqTXHOORGHJOLDFLGLQXFOHLFL HGHLQXFOHRWLGLSUHVHQWLLQULOHYDQWLTXDQWLWjLQPROWHIUDWWDJOLHHFKHKDQQR SRWHQWLDWWLYLWjLPPXQRVWLPRODQWL ,QÀQHqGDULFRUGDUHFRPHDOFXQHIUDWWDJOLHFRPHLOIHJDWRVRQRULFFKH GLYLWDPLQHLQSDUWLFRODUHODYLWDPLQD$HGLHQ]LPL 7905*07(30*(9(;;,90:;0*/,5<;90A065(30 +,33,463,*63,:;9(;,.0*/, -9(;;(.30( -LYYV APUJV (504,33, *YVTV =P[HTPUH( *,9=,336 -,.(;6 96.565, *<69, 403A( (JPKP 5\JSLV[PKP NYHZZP LZZLUaPHSP 4(44,33( ;9077( 05;,:;056 )UDWWDJOLHDOLPHQWLIXQ]LRQDOLHJDVWURQRPLD /·LVRODPHQWRGDWDOXQHIUDWWDJOLHGLSULQFLSLDWWLYLDYHYDSRUWDWRDOO·RSR WHUDSLDIDUPDFHXWLFDXWLOL]]DWDQHOODSUHYHQ]LRQHHQHOODFXUDGHOOHPDODWWLH LQXQ´VLVWHPDPHGLFRµXQDWHUDSLDSHUDOWURRJJLTXDVLWRWDOPHQWHVXSHUDWD $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH /·LGHQWLÀFD]LRQHQHOOHIUDWWDJOLHGLPROHFROHVWUDWHJLFKHKDIDWWRVRU JHUH OD QXWUDFHXWLFD FKH q JLj XWLOL]]DWD QHOOD SURWH]LRQH H QHOOR VYLOXSSR GHOODVDOXWHHGHOODTXDOLWjGHOODYLWDQHOO·DPELWRGLXQVLVWHPDQXWUL]LRQDOH H KD WUDVIRUPDWR OH IUDWWDJOLH FRPH JLj DFFHQQDWR LQ LPSRUWDQWL DOLPHQWL IXQ]LRQDOLIXQFWLRQDOIRRGV /DQXWUDFHXWLFDQRQUDSSUHVHQWDXQRVOLWWDPHQWRIDUPDFRORJLFRGHOO·DOL PHQWD]LRQHFRVuFRPHXQOLPRQHFRQODVXDYLWDPLQD&QRQqXQIDUPDFRR XQSLDWWRGLIHJDWRDOODYHQH]LDQDQRQFXUDXQDFDUHQ]DPDQLIHVWDGLYLWDPLQD $ËVWDWRLQROWUHRVVHUYDWRFKHQHOO·DPELWRGHOOHQRUPDOLFRPSRVL]LRQLGHJOL DOLPHQWLODUHJROD]LRQHPHWDEROLFDGHOO·RUJDQLVPRVRSUDWWXWWRVDQRPDQWLH QHXQDFRUUHWWDUHOD]LRQHWUDQXWULHQWHHIXQ]LRQHPHWDEROLFDDQFKHQHOFDVR FKHLOQXWULHQWHDEELDXQUXRORVWUDWHJLFR8QDVSHWWRSDUWLFRODUPHQWHLQWHUHV VDQWHGHOODQXWUDFHXWLFDqTXHOORGHOODFXFLQDWUDGL]LRQDOHHGHOODJDVWURQRPLD 6L q JLj IDWWR QRWDUH FKH OH SHUVRQH LQWHOOLJHQWL V·LPSHJQDQR D FRP SUHQGHUHLOQXRYRHORULWURYDQRQHOSDVVDWRDWWXDOL]]DQGROR6HLQPRGR LQWHOOLJHQWH FHUFKLDPR GL DQDOL]]DUH LO SDVVDWR DOLPHQWDUH H JDVWURQRPLFR QHOQRVWURFDVRO·XWLOL]]D]LRQHGHOOHIUDWWDJOLHQHOOHFXFLQHUHJLRQDOLFL SRVVLDPRDFFRUJHUHFRPHVLDQRVWDWLVHPSUHSULYLOHJLDWLDOLPHQWLGRWDWLGL HOHYDWHFDUDWWHULVWLFKHFKHRJJLSRVVLDPRGHÀQLUHQXWUDFHXWLFKHGDOOHYLWD PLQHDLPLFURPLQHUDOLRUJDQLFLDWXWWDXQDGLYHUVLÀFDWDVHULHGLPROHFROH VWUDWHJLFKHGRWDWHDQFKHGLSDUWLFRODULVDSRULHDURPLHTXLQGLSULYLOHJLDWH DWWUDYHUVRLOJXVWRLOSULPRVHQVRVYLOXSSDWRGDOODYLWDSHUUHJRODUHO·DOL PHQWD]LRQHHLSURFHVVLQXWUL]LRQDOL 7LSLFRqDTXHVWRULJXDUGRO·LQWHOOLJHQWHXVRQHOODFXFLQDURPDQDDG HVHPSLRGHOOHIUDWWDJOLHVSHVVRDVVRFLDWHDGHUEHDURPDWLFKHLQPROWHGHOOH TXDOL q RJJL GRFXPHQWDWD VFLHQWLÀFDPHQWH O·HOHYDWD DWWLYLWj DQWLRVVLGDQWH ,QPRGRDQDORJRHFRPHSRUWDWRULGLPROHFROHVWUDWHJLFKHYDQQRULFRUGDWL RUWDJJLDURPDWLFLHVSH]LHDLQL]LDUHGDOO·DJOLRHGDOODFLSROOD'DQRQGLPHQ WLFDUHLOUHVYHUDWURORFRQWHQXWRQHOYLQRURVVRFRVWDQWHPHQWHSUHVHQWHQHOOH FXFLQHUHJLRQDOL ,QTXHVW·RULHQWDPHQWRODFULWLFDGHOJXVWRFKHFDUDWWHUL]]DODJDVWURQR PLDDVVXPHXQSDUWLFRODUHUXRORVDQLWDULRHVDOXWLVWLFRFKHDOFXQLDQQLID KDIDWWRDQFKHGLUHD-HDQ0DUH%RXUUHFKHODIDPHO·DSSHWLWRHOD JDVWURQRPLDVRQRWUHWDSSHFKHGLVWLQJXRQRO·XRPRGDOO·DQLPDOHSHUFKpLO ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH SULPRKDXQFHUYHOOR%XRQRGDSHQVDUHREXRQRGDPDQJLDUH"(UDLOGLOHP PDFKHVLSRQHYD0DUYLQ+DUULVPDRJJLVLWHQGHVHPSUHSLDULWHQHUHFKH LOGLOHPPDQRQHVLVWHHFKHqEXRQRGDPDQJLDUHTXHOFKHIDEHQSHQVDUH 8Q·XOWLPDFRQVLGHUD]LRQHLOPLGROORRVVHRULHQWUDWUDOHIUDWWDJOLH"&HU WDPHQWHHVRWWRXQFHUWRDVSHWWRPROWRGLSLGLTXHOOHFRQYHQ]LRQDOLFRPH IHJDWRSROPRQHPLO]DHDOWULRUJDQL,QIDWWLSHURWWHQHUORELVRJQDFKHO·RVVR VLD URWWR IUDWWXUDWR 8QD SUDWLFD TXHOOD GL URPSHUH OH RVVD SHU ULFDYDUQH LO PLGROORFKHqDQWLFKLVVLPDHFKHLQRVWULDQWHQDWLSUDWLFDYDQRVXOOHRVVDGL DQLPDOLHGHLSURSULFRQVLPLOLSUREDELOPHQWHSHUSURFXUDUVLXQDOLPHQWRJUDV VRFKHVDOYRTXDOFKHHFFH]LRQHGLIHWWDYDQHJOLDQLPDOLVHOYDWLFL 0405,9(30TN 5,33,-9(;;(.30,+0)6=056N 5H 2 4N -L *H 7 *,9=,336 *<69, -,.(;6 763465, 9,5, ;9077( ,QRVWULDQWHQDWLQHOPLGROORRVVHRFHUFDYDQRVRORXQJUDVVRRXQJUDVVR VSHFLDOH" 3HU OH VXH FDUDWWHULVWLFKH LQIDWWL HVVR FRQWLHQH HOHYDWH TXDQWLWj GLOHFLWLQDHQRQqLPSUREDELOHFKHYLIRVVHXQDIDPHVSHFLÀFDSHUTXHVWR QXWULHQWHFKHKDGLYHUVHDWWLYLWjPHWDEROLFKHFRQQHVVHDQFKHDXQFRUUHWWR IXQ]LRQDPHQWRGHOVLVWHPDQHUYRVR $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH $17,&+((1829()5$77$*/,( 6HFRQGR XQ·LQGDJLQH ,QUDQ6FDL VXL FRQVXPL DOLPHQWDUL LQ ,WDOLD VX XQFRQVXPRPHGLRJLRUQDOLHURGLJUDPPLGLFDUQHLQVDFFDWLHVRVWLWXWL GHOOD FDUQH VROR LO GHJOL LWDOLDQL FRQVXPD IUDWWDJOLH H TXDQGR OR ID VROWDQWRLQSLFFROHSRU]LRQLFLUFDJUDPPL 6HPSUHPHQRJUDGLWHGDOODJUDQSDUWHGHOODSRSROD]LRQHIRUVHSHUFKp ULFRUGDQRSHULRGLSRYHULDOFXQHVRQRDQFRUDDSSUH]]DWHGDLJDVWURQRPLH PROWHVRQRLQYLDGLULYDOXWD]LRQHDQFKHGDSDUWHGHLFXRFKLSLDOODPRGD +DQQRXQJXVWRXQSR·IRUWHHGHFLVRFRQXQEXRQYDORUHQXWULWLYRHTXDVL VHPSUHXQHOHYDWRYDORUHFRPPHUFLDOH /H IUDWWDJOLH FRPSUHQGRQR WUH FDWHJRULH GL DOLPHQWL /H SULPH GXH VLPLOLSHUJURVVRODQDFRPSRVL]LRQHFKLPLFDHFRQVLVWHQ]DVRQRFRVWLWXLWH GDLYLVFHUL´IUDWWDJOLHVFXUHµFKHFRPSUHQGRQRFXRUHIHJDWRPLO]DSRO PRQH URJQRQH H ´IUDWWDJOLH FKLDUHµ IUD FXL VL DQQRYHUDQR LO FHUYHOOR LO PLGROORVSLQDOHRÀORQHHOHDQLPHOOH$TXHVWRHOHQFRVLDYYLFLQDQRSHU DIÀQLWjOLQJXDWULSSDWHVWLQDSLHGLQLFRGDGLPDQ]RRGLYLWHOOR 1HO SROODPH OH IUDWWDJOLH VRQR GHQRPLQDWH UHJDJOLH H FRPSUHQGRQR VRORDOFXQLRUJDQLFXRUHIHJDWRHYHQWULJOL )HJDWR 7UDLVLPEROLJDVWURQRPLFLFKHHYRFDQRODFXFLQDHOHJDQWHULHQWUDLO SDWpGHIRLHJUDVFKHSHULOVXRJXVWRUDIÀQDWRKDHOHYDWRDOLYHOORGLJUDQGH SUHVWLJLRO·DOLPHQWRFKHEHQVLSUHVWDDLQWURGXUUHTXHVWRFDSLWRORLOIHJDWR 8QD SRVL]LRQH GL SUHVWLJLR PROWR DQWLFD H LWDOLDQD FKH ULVDOH DOPHQR DOOD JUDQGHFXFLQDURPDQDTXDQGRVLDSSUH]]DYDLOIHJDWRLHFXUFDOFRGHOJUH FRƠƯGLDQLPDOLLQJUDVVDWLFRQFLELULFFKLGL]XFFKHULFRPHLÀFKL 'DTXLODGHQRPLQD]LRQHGLLHFXUÀFDWXPƠƯƱƳƩƷƲфƬFKHKDGDWR RULJLQHDOODGHQRPLQD]LRQHGHOO·RUJDQRQHOOHOLQJXHQHRODWLQHGHOO·LWDOLDQR IUDQFHVHVSDJQRORHFFIHJDWRIRLHKLJDGRHFF ,OIHJDWRHUDULWHQXWRLOYLVFHUHFHQWUDOHGHOODYLWD3HUTXHVWRWUDOHYDULH IRUPHGLDUWHGLYLQDWRULDLOVXRHVDPHHSDWRVFRSLDPHWWHLQHYLGHQ]DXQD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH VLPEROLFD FRQWLQXLWj WUD OD UDSSUHVHQWD]LRQH GHOO·LQTXLHWXGLQH GHO SDVVDWR HTXHOODGHOSUHVHQWH,OIHJDWRO·XQLFRRUJDQRFDSDFHGLXQDULJHQHUD]LRQH TXDVL WRWDOH FRPH ULFKLDPDWR DQFKH GDO PLWR GL 3URPHWHR DO TXDOH RJQL QRWWH YHQLYD ULFRVWUXLWR LO IHJDWR FKH GL JLRUQR HUD PDQJLDWR GDOO·DTXLOD KD VHPSUH UDSSUHVHQWDWRXQVLPERORGLFRUDJJLRHGLIRU]DÀVLFD'LXQD SHUVRQDFRUDJJLRVDVLGLFHFKH´KDIHJDWRµ 3HUJOLDQWLFKLLOIHJDWRHUDODVHGHGHOODIRU]DGHOODFDSDUELHWjHGHO OHSDVVLRQLGHOO·DPRUHVHQVXDOHHGHOO·LUD6HqLQROWUHYHURFRPHqVWDWR VRVWHQXWRFKHLOFRUDJJLRqXQDSURWHVLSVLFKLFDDOORUDVLSRWUjLQWHQGHUH FKHFLDVFXQRSXzJHQHUDUHRULJHQHUDUHLOVXRFRUDJJLR'DTXLODWHFQLFD GLHVDPLQDUHLOIHJDWRGHOOHYLWWLPHVDFULÀFDOLSHUWUDUQHDXVSLFLVXOIXWXUR 8QDWHFQLFDGLYLQDWRULDFKHHUDQRWDDL6XPHULHVRSUDWWXWWRDJOL(WUXVFKL /HYLVFHUHGHJOLDQLPDOLGLFXLVLVHUYLYDQRJOLDUXVSLFLGHWWHLQODWLQRH[WD HUDQRGLGLYHUVRWLSRSROPRQLPLO]DFXRUHPDVSHFLDOPHQWHIHJDWR(VVH HUDQRVWUDSSDWHGDOFRUSRGHJOLDQLPDOLDSSHQDXFFLVLHULVHUYDWLDOODFRQ VXOWD]LRQHGLYLQDWRULDTXLQGLGLVWLQWLGDTXHOOLLPPRODWLSHULVDFULÀFL6L WUDWWDYDLQJHQHUHGLEXRLHWDOYROWDDQFKHGLFDYDOOLPDVRSUDWWXWWRGLSHFR UH /·RVVHUYD]LRQH GHO IHJDWR HUD PLQX]LRVD SHUFKp LQ HVVR SHU O·DVSHWWR JHQHUDOHHSHUODSDUWLFRODUHFRQIRUPD]LRQHHUDULFRQRVFLXWRLO´WHPSLRWHU UHVWUHµFRUULVSRQGHQWHDO´WHPSLRFHOHVWHµ/DVXDLPSRUWDQ]DHUDGHOUHVWR FRQQHVVD DOOD FUHGHQ]D GLIIXVD SUHVVR JOL DQWLFKL FKH HVVR IRVVH OD VHGH ROWUHFKHGHOFRUDJJLRHGHOO·LUDDQFKHGHJOLDIIHWWLHGHOO·LQWHOOLJHQ]D/·LQ WHUSUHWD]LRQHGHLVHJQLSUHVHQWLQHOOHYLVFHUHGHJOLDQLPDOLSUHVXSSRQHYD OD FRUULVSRQGHQ]D IUD WUH SLDQL GL ULIHULPHQWR GLYLQR FRVPLFR H XPDQR /H SDUWLFRODULWj GHOOH YDULH UHJLRQL GHOO·RUJDQR LQGLFDYDQR OD GHFLVLRQH GHJOLGHLHGLFRQVHJXHQ]DSUHGLFHYDQRORVYROJLPHQWRLPPLQHQWHGHJOL DYYHQLPHQWL ,OIHJDWRqULFFRLQSULQFLSLQXWULWLYL8QHWWRGLIHJDWRFRQWLHQHROWUH DOOHSURWHLQHJHOHYDWHTXDQWLWjGLYLWDPLQHVSHFLDOPHQWH$PJ %PJ%PJ&PJH'LOFXLFRQWHQXWRYDULDGDVWD JLRQHDVWDJLRQHDVHFRQGDFKHO·DQLPDOHDEELDRQRSDVFRODWR&RVSLFXRqLO FRQWHQXWRLQVDOLPLQHUDOLVRSUDWWXWWRIHUURPJRJQLHWWRFKHORUHQGH DGDWWRDOO·DOLPHQWD]LRQHGHJOLDGROHVFHQWLHGHOOHGRQQHLQJUDYLGDQ]D/D TXDQWLWjGLOLSLGLSUHVHQWLqOLPLWDWD,OIHJDWRGLFDYDOORHGLPDLDOHq $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH SLULFFRLQSURWHLQHULVSHWWRDTXHOORERYLQR,OFRQWHQXWRLQIHUUR qPROWRHOHYDWRQHOIHJDWRGLPDLDOHPJSHUJ ,OIHJDWRqWDQWRSLWHQHURTXDQWRSLJLRYDQHqO·DQLPDOHTXHOORGL YLWHOORqSHUWDQWRSLSUHJLDWRGLTXHOORGLPDQ]R$QFKHLOIHJDWRGLDJQHOOR R GL SROOR q RWWLPR GDO SXQWR GL YLVWD QXWUL]LRQDOH H RUJDQROHWWLFR ,O SL DSSUH]]DWRGDOSXQWRGLYLVWDGLHWHWLFRqTXHOORGLPDLDOHVHJXLWRGDTXHOOL GLDJQHOORPDQ]RYLWHOORHSROOR &RPHWXWWHOHIUDWWDJOLHLOIHJDWRqVRJJHWWRDUDSLGRGHWHULRUDPHQWRH GHYHHVVHUHFRQVXPDWRIUHVFKLVVLPR$OPRPHQWRGHOO·DFTXLVWRGHYHDSSD ULUHGXURHFRPSDWWRGLFRORUHEUXQRQRQWURSSRLQWHQVRHODPHPEUDQD FKHORULYHVWHGHYHHVVHUHOLVFLDHEULOODQWH6HSUHVHQWDVIXPDWXUHYLRODFHH HFRQVLVWHQ]DÁDFFLGDF·qGDGXELWDUHGHOODVXDIUHVFKH]]D5LFKLHGHLQROWUH XQ·DFFXUDWDSXOL]LDSUHOLPLQDUHLQDFTXDIUHGGD 3DWpWHUULQHHSDVWLFFLGHYRQRLQJUDQSDUWHDOIHJDWRLORURSDUWLFRODUL HDYROWHVWUDRUGLQDULVDSRUL,OPHWRGRGLFRWWXUDSLLQGLFDWRGRSRDYHU WROWRSHOOLFLQHHGHYHQWXDOLSDUWLQHUYRVHqDOODJULJOLDHSHUXQWHPSRQRQ SUROXQJDWR SHU HYLWDUH FKH OD FDUQH GLYHQWL GXUD H FRULDFHD ,O IHJDWR GL PDLDOH ULFKLHGH WHPSL GL FRWWXUD SL OXQJKL H VSHVVR VL SUHSDUD WDJOLDWR D SLFFROL SH]]L DYYROWL QHOOD UHWLFHOOD ELDQFD 6L VDOD VHPSUH D ÀQH FRWWXUD HYLWDQGRFRVuFKHV·LQGXULVFD /DULFHWWDSLGLIIXVDqDOODYHQH]LDQDFRWWRLQSDGHOODFRQEXUURIDUL QDHFLSROOD,OIHJDWRDOO·DOSLQDqXQDULFHWWDIUHTXHQWHGLDOFXQH]RQHGHO 1RUG,WDOLD/DIUDWWDJOLDWDJOLDWDVRWWLOHHVDOWDWDLQSDGHOODFRQROLREXUURH VDOYLDYDDEELQDWDDXQVXJKHWWRULFDYDWRGDDJOLRIXQJKLSRUFLQLEDVLOLFRH SUH]]HPRORVLWUDWWDGLXQDSUHOLEDWH]]DGDDEELQDUHDOODSROHQWD ,OIHJDWRKDXQDURPDFKHWHQGHDOO·DPDURSHULSLFFROLUHVLGXLGLELOH FKHSXzFRQWHQHUHHFKHFRQGL]LRQDDQFKHJOLDEELQDPHQWLFRQOHEHYDQGH 'DWR LO QRWHYROH FRQWHQXWR LQ SXULQH VRVWDQ]H HVWUDWWLYH SUHFXUVRUL GHOO·DFLGRXULFRqFRQWURLQGLFDWRSHULJRWWRVLJOLDQ]LDQLHJOLXULFHPLFL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH *63,:;,9636*65;,5<;65,33,-9(;;(.30, TNNKPHSPTLU[V (7769;64(::0464,+06.0695(30,96*65:,5;0;6! TN+0*63,:;,9636 -9(;;(.30( 669.(56*6;;6 *63,:;,9636 (504,33,+0)6=056 *,9=,336+0)6=056 ! *<69,+0)6=056 *<69,+076336 *<69,+0;(**/056 -,.(;6+0)6=056 -,.(;6+076336 -,.(;6+0:<056 -,.(;6+0;(**/056 305.<(+0)6=056 %LOHRÀHOH $VVRFLDWD DO IHJDWR GL JUDQ SDUWH GHJOL DQLPDOL PDQFD QHO FDYDOOR QHOFRORPERHDOWULYLqODYHVFLFKHWWDELOLDUHFKHFRQWLHQHODELOHRÀHOH 4XHVWROLTXLGRDPDULVVLPRQHOSDVVDWRDYHYDXVLPHGLFLQDOLYHGLODVWRULD ELEOLFD GL 7RELD PD HUD ODUJDPHQWH XVDWR FRPH DPDUL]]DQWH DOLPHQWDUH H ULHQWUDYD WUD O·DOWUR QHOOD ULFHWWD GHOOD SRVFD EHYDQGD DFLGRDPDUD GHL VROGDWLURPDQL $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH $QLPHOOH /HDQLPHOOHLQVHQVRVWUHWWRVRQRFRVWLWXLWHGDOWLPRGHLJLRYDQLDQL PDOLHVRSUDWWXWWRGHOYLWHOORXQDJKLDQGRODHQGRFULQDSRVL]LRQDWDVRWWRLO FROORGHOO·DQLPDOHFROHVWHURORPJJGLSDUWHHGLELOHËTXHVWRXQ RUJDQR ´LQWHUQRµ R LQWLPXV TXLQGL DQLPD GD FXL OD VXD GHQRPLQD]LRQH FKHSRWUHEEHHVVHUHULIHULWDROWUHFKHDOODSRVL]LRQHLQWHUQDDOFRORUHELDQFR GHOOHJKLDQGROH1RQGLUDGRPDLPSURSULDPHQWHWUDOHDQLPHOOHVRQRFRP SUHVHDOWUHJKLDQGROHVDOLYDULHSDQFUHDVGLPLQRUYDORUHJDVWURQRPLFR 6RQRXQDOLPHQWRGLIDFLOHGLJHVWLRQHULFFRGLYLWDPLQHHVDOLPLQHUDOL IRVIRUR LQ SDUWLFRODUH 9DQQR FRQVXPDWH IUHVFKLVVLPH H SRVVRQR HVVHUH VRPPLQLVWUDWHDQFKHDLEDPELQLDSDUWLUHGDOVHFRQGRDQQRG·HWj /H DQLPHOOH GL YLWHOOR GHOLFDWH H SUHJLDWH KDQQR XQ HOHYDWR YDORUH QXWULWLYR/DFODVVLFDSUHSDUD]LRQHFKHQHHVDOWDDOPHJOLRLOVDSRUHqTXHO ODLQWHJDPLQRDOEXUUR6TXLVLWHDQFKHLPSDQDWHHIULWWH0ROWRLQGLFDWHSHU OHJDUHRDPPRUELGLUHLULSLHQLFXLFRQIHULVFRQRXQDQRWDUDIÀQDWD,PPHUVH LQDEERQGDQWHDFTXDIUHGGDGDULQQRYDUHDOPHQRWUHRTXDWWURYROWHYDQQR VFRWWDWHSHUFLUFDPLQXWLLQDFTXDVDODWDDOHJJHUREROORUHVJRFFLRODWH GHOLFDWDPHQWHHODVFLDWHUDIIUHGGDUHOLEHUDQGROHFRQFXUDGDRJQLSHOOLFLQD SHUHYLWDUHGLVFLXSDUOH ,O QRWHYROH FRQWHQXWR LQ SXULQH QH VFRQVLJOLD LO FRQVXPR DG DQ]LDQL JRWWRVLHXULFHPLFL 5RJQRQL ,URJQRQLVRQRLUHQLGHJOLDQLPDOLGDOODFDUDWWHULVWLFDIRUPDDIDJLROR FRQDGHUHQ]HGLJUDVVR6LXWLOL]]DSULQFLSDOPHQWHLOURJQRQHGLYLWHOORSHU ODPDJJLRUWHQHUH]]DHVDSLGLWjGLEXRQYDORUHQXWUL]LRQDOHFRQWLHQHXQD GLVFUHWD TXDQWLWj GL SURWHLQH YLWDPLQH H VDOL PLQHUDOL LQ DGHJXDWH SURSRU]LRQLHXQDOLPLWDWDTXDQWLWjGLOLSLGL &RPHLOIHJDWRHLOFXRUHLOURJQRQHGHYHHVVHUHFRQVXPDWRIUHVFKLVVL PRRFFRUUHSHUWDQWRDFFHUWDUVLDOPRPHQWRGHOO·DFTXLVWRFKHLOJUDVVRVLD GLFRORUHELDQFRHGLFRQVLVWHQ]DVRGD/DFRQVHUYD]LRQHLQIULJRULIHURQRQ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH GHYHVXSHUDUHOHYHQWLTXDWWURRUH3ULPDGLFXFLQDUORVLFRQVLJOLDGLODYDUOR ULSHWXWDPHQWHFRQDFTXDFRUUHQWHSHUHOLPLQDUHLOFDUDWWHULVWLFRRGRUHSLXW WRVWRVJUDGHYROHFKHSRWUHEEHWUDVPHWWHUVLDOODSLHWDQ]D ,URJQRQLVRQRDSSUH]]DWLFRPHFRPSRQHQWHGHOODFXFLQDUDIÀQDWD FRQYDORUHQXWULWLYRHOHYDWRHXQDFHUWDTXDQWLWjGLJUDVVL6LFRQVLJOLDGL DFTXLVWDUHVROWDQWRURJQRQLGLYLWHOORRDOPHQRGLYLWHOORQHSHUFKpKDQQRXQ VDSRUHPROWRSLGHOLFDWRHJUDGHYROHULVSHWWRDTXHOOLGLPDQ]RGDOVDSRUH H GDOOD FRQVLVWHQ]D GHFLVDPHQWH SL IRUWL ,O URJQRQH UDSSUHVHQWD O·LQJUH GLHQWHEDVHGLPROWHULFHWWHWUDGL]LRQDOLHLQQRYDWLYH4XHOORGLYLWHOORKD FRQVLVWHQ]DWHQHUDHOHJJHUPHQWHJUDVVDSULPDGLHVVHUHFRWWRYDVSXUJDWR LQDFTXDHDFHWR3DUWLFRODUPHQWHDSSUH]]DWRqLOJUDVVRSHULUHQDOH 6HQRQVLDFTXLVWDLOURJQRQHJLjSXOLWRGDOPDFHOODLRWDJOLDUORLQVHQ VRYHUWLFDOHODYDUORFRQPROWDFXUDLQDFTXDFRUUHQWHSRLFRQXQFROWHOOLQR DIÀODWRVSHOODUORHSULYDUORGHOODSDUWHLQWHUQDFKHqELDQFDJUDVVDHVSXJQRVD 3HUHOLPLQDUHLOVDSRUHIRUWHFKHVSHVVRSRVVRQRDYHUHLURJQRQLGHLERYLQL DGXOWLWDJOLDUOLDIHWWLQHHODVFLDUOLLPPHUVLQHOO·DFTXDIUHGGDDFLGXODWDFRQ VXFFRGLOLPRQHRDFHWR3HUHYLWDUHFKHLQGXULVFDQRGXUDQWHODFRWWXUDFKH GHYHHVVHUHGLSRFKLPLQXWLWDJOLDUHLURJQRQLDSH]]HWWLRSSXUHDIHWWLQHQRQ WURSSRVRWWLOL0ROWLFXRFKLVXJJHULVFRQRGLHVHJXLUHSULPDGLUHDOL]]DUHOD ULFHWWDXQDSUHFRWWXUDFKHFRQVLVWHQHOIDUVDOWDUHYHORFHPHQWHOHIHWWLQHGL URJQRQHLQXQWHJDPHDSSHQDVSHQQHOODWRG·ROLRLQPRGRFKHSHUGDQRLOVLH URHLOVDQJXHUHVLGXLHSRLGLODVFLDUOHVJRFFLRODUHLQXQSDVVLQRSHUFLUFD PH]]·RUD,OURJQRQHSXzHVVHUHFRWWRDOODJULJOLDDOEXUURHÀDPPHJJLDWRDO EUDQG\WULIRODWRLQWHJDPHËFRQWURLQGLFDWRSHUFKLVRIIUHGLXULFHPLD &HUYHOORHPLGROORVSLQDOHÀORQH 0HQR ULFFR GL SURWHLQH ULVSHWWR DG DOWUH IUDWWDJOLH LO FHUYHOOR FRQWLHQHSLJUDVVLHXQDQRWHYROHTXDQWLWjGLYLWDPLQHHVDOLPLQHUDOL FDOFLR H IRVIRUR LQ SDUWLFRODUH /D FRQVLVWHQ]D PRUELGD OR UHQGH DGDWWR DQFKHDLEDPELQLHDJOLDQ]LDQLPDHVVHQGRO·RUJDQRSLULFFRGLFROHVWHUR ORqFRQWURLQGLFDWRSHUTXDQWLVRIIURQRGLDUWHULRVFOHURVL ,QVLHPH DO PLGROOR VSLQDOH R ÀORQH LO FHUYHOOR q DOOD EDVH GL RWWLPH $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH SUHSDUD]LRQLFXOLQDULH4XHOORSLFRQVXPDWRqGLYLWHOORRG·DJQHOORVRWWR IRUPDGL´WHVWLQDDOIRUQRµRSSXUHTXHOORGHOERYLQRFXFLQDWRSDQDWRHIULWWR &LERGHOLFDWRHDGDOWRYDORUHQXWULWLYRLOFHUYHOORGHYHHVVHUHFRQ VXPDWR VROWDQWR IUHVFKLVVLPR Ë JHQHUDOPHQWH XWLOL]]DWR LQ SUHSDUD]LRQL VHPSOLFLHYHORFLSHUHVHPSLRDOEXUURRSSXUHSHUDPPRUELGLUHHOHJDUH ULSLHQLGLFDUQHHGLYHUGXUD,OVXRVDSRUHVLDEELQDPROWREHQHFRQLOSUR IXPRGHLWDUWXÀ4XDVLWXWWHOHULFHWWHGLFHUYHOODVRQRLQWHUFDPELDELOLFRQ TXHOOHGHOOHDQLPHOOH 2JQL FHUYHOOR KD XQ SHVR FKH YDULD GD D JUDPPL 3ULPD GL HVVHUHFXFLQDWRGHYHHVVHUHOLEHUDWRGDOVDQJXHYDSHUFLzODYDWRFRQVXFFR GLOLPRQHHWHQXWRLQDFTXDIUHGGDSHUPH]]·RUDWDOHRSHUD]LRQHGHYHHVVHUH ULSHWXWDGRSRDYHUHOLPLQDWRODSHOOLFRODFKHORULYHVWH3XzHVVHUHFXFLQDWR DQFKHEROOLWR,QJHQHUDOHVHQHDVVHJQDQRFLUFDJUDPPLDSHUVRQD6L LPPHUJH LO FHUYHOOR LQ DFTXD WLHSLGD SHU PH]]·RUD 6L ULPXRYRQR FRQ XQ FROWHOOLQRDFXPLQDWRHFRQPROWDGHOLFDWH]]DOHSHOOLFLQHHOHHYHQWXDOLWUDFFH GLVDQJXHVLPHWWHDEDJQRQHOO·DFTXDIUHGGDULQQRYDQGRODÀQFKpLOFHUYHO ORQRQVLDGLYHQWDWRELDQFR3HUOHSUHSDUD]LRQLFKHULFKLHGRQRXQDFRWWXUD -9(;;(.30,+0)6=056 *6476:0A065,05.9(4407,9N+0796+6;;6 (JX\H 7YV[LPUL 3PWPKP .S\JPKP *,9=,336 *<69, -,.(;6 763465, 9,5, ;9077( ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH SUHOLPLQDUHVLSRUWDDEROORUHDEERQGDQWHDFTXDDURPDWL]]DWDFRQXQFXF FKLDLRG·DFHWRHLOVXFFRGLPH]]ROLPRQHYLVLLPPHUJHLOFHUYHOORODVFLDQ GRORVREEROOLUHSHUDOFXQLPLQXWLVHGLPDQ]RSRFRPHQRVHGLYLWHOORVL UDIIUHGGDVRWWRO·DFTXDFRUUHQWH3HUOHVVDUHLOFHUYHOORVLSUHSDUDXQEURGR YHJHWDOHULVWUHWWRVLÀOWUDHVLODVFLDLQWLHSLGLUHSRLYLVLLPPHUJHLOFHUYHOOR VLSRUWDDHEROOL]LRQHHVLFXRFHDIXRFRPROWREDVVRSHUFLUFDGLHFLPLQXWL &XRUHHFRUDWHOOD ,OYDORUHQXWULWLYRGHOFXRUHSULYRGLJUDVVRqSDUDJRQDELOHDTXHOOR GHOOD SROSD GL PDQ]R 1XWULHQWH HG HFRQRPLFR FRQWLHQH FLUFD LO GL SURWHLQHHLOGLJUDVVLHGqULFFRGLYLWDPLQD%3HUYDOXWDUHORVWDWRGL IUHVFKH]]DEDVWDDVVLFXUDUVLFKHODFDUQHDEELDFRQVLVWHQ]DVRGDHFRPSDWWD HFRORUHURVD ,O FXRUH GHJOL DQLPDOL GD PDFHOOR H VRSUDWWXWWR GL YLWHOOL H PDLDOL q FRVWLWXLWRGDXQDFRUSRVDPDVVDPXVFRODUHSRYHUDGLJUDVVR'DOJXVWRGRO FLDVWURVLSUHVWDDGLYHUVHSUHSDUD]LRQLGLFXFLQD 'L YLWHOOR R GL PDQ]R LO FXRUH SXz HVVHUH FRQVLGHUDWR XQ RWWLPR HG HFRQRPLFR VRVWLWXWR GHOOD FDUQH GDO PRPHQWR FKH LO VXR YDORUH QXWULWLYR HTXLYDOHDTXHOORGHOYLWHOORPDJUR$FDXVDGHOODPDJJLRUHGXUH]]DGHOOH VXHÀEUHPXVFRODULqSHUzPHQRGLJHULELOH8QFXRUHGLYLWHOORYDULDGD JUDPPL D XQ FKLORJUDPPR XQ FXRUH GL PDQ]R SXz DUULYDUH DQFKH D GXH FKLORJUDPPL'XUDQWHODVFHOWDVLGHYHFRQWUROODUHFKHODFDUQHVLDHODVWLFD HLOFRORUHEULOODQWH,OFXRUHVLSUHSDUDWDJOLDQGRORDIHWWLQHHSRLSULYDQGROR GHJOLHYHQWXDOLJUXPLHGHLQRGLSLJUDQGLFKHSUHVHQWDQRDUWHULHHYHQH 3XzHVVHUHFXFLQDWRFRPHLOIHJDWRDOODJULJOLDDUURVWRRLQXPLGRULFKLHGH SHUzXQDFRWWXUDSLSUROXQJDWDSHUODPLQRUWHQHUH]]D3HUFXRFHUHOHIHW WLQHDOODJULJOLDTXDQGRVRQRVSHVVHXQFHQWLPHWUREDVWDQRGXHPLQXWLSHU SDUWH,QSDGHOODQRQSLGLGLHFLPLQXWLVDODQGRDPHWjFRWWXUD &XRUHSROPRQHIHJDWRLQWHVWLQRHUHQLGHLSLFFROLDQLPDOLHVRSUDW WXWWR GHL JLRYDQL RYLFDSULQL FRVWLWXLVFRQR OD FRUDWHOOD 4XHVWR LQVLHPH GL IUDWWDJOLHDFFXUDWDPHQWHODYDWHqFXFLQDWRLQSDGHOOD6LWUDWWDGLXQSLDWWR WLSLFRGHOFHQWUR,WDOLDGRYHQHOSHULRGRSDVTXDOHDXPHQWDODPDFHOOD]LRQH $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH GHJOLDJQHOOL1HOODFRUDWHOODGLDJQHOORO·LQVLHPHqPROWRVDSRULWRHVLSUHVWD DVYDULDWHSUHSDUD]LRQL/HVLQJROHSDUWLVRQRJHQHUDOPHQWHFRWWHVHFRQGR TXHVWDVXFFHVVLRQHSULPDLOSROPRQHSRLLOFXRUHHOHDOWUHIUDWWDJOLHHSHU XOWLPRLOIHJDWRFKHFXRFHSLUDSLGDPHQWH 3ROPRQH 'LQDWXUDHVVHQ]LDOPHQWHSURWHLFDFRQWLHQHFLUFDLOGLSURWHLQH FRQOLPLWDWDSUHVHQ]DGLJUDVVLqXQDOLPHQWRSRFRGLJHULELOHSHUOD ULFFKH]]DLQFRQQHWWLYRHGHODVWLQD 6LFRQVXPDSUHYDOHQWHPHQWHLOSROPRQHGLYLWHOORFKHVLGLVWLQJXHSHU LO FRORUH URVD FKLDUR FKH GLYHQWD URVVR SL R PHQR LQWHQVR QHOO·DQLPDOH DGXOWR 3Xz HVVHUH XWLOL]]DWR WULWDWR SHU LQVDSRULUH OH PLQHVWUH H GLYHUVH VRQROHULFHWWHWUDGL]LRQDOLQHOOHTXDOLVLXVD,O SROPRQH GL YLWHOOR PROWR IUHVFRSHUVSXUJDUORYDIRUDWRHSDVVDWRVRWWRO·DFTXDFRUUHQWHPXRYHQGROR HSXQ]HFFKLDQGRORSHUFLUFDXQ·RUD =0;(405,5,33,-9(;;(.30,+0)6=056 *6476:0A065,05.9(4407,9N+0796+6;;6 ) ) 77 ( * *,9=,336 *<69, -,.(;6 763465, 9,5, ;9077( ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH 6DQJXHHPLO]D 8QWHPSRLOVDQJXHVRSUDWWXWWRGLPDLDOHHUDXVDWRLQGLYHUVHSUHSDUD ]LRQLGLFXFLQDIULWWRFRQRVHQ]DHUEHDURPDWLFKH'DOVDQJXHVLRWWHQHYDQR DQFKHLQVDFFDWLHWUDTXHVWLLVDQJXLQDFFL6LWUDWWDGLVDOVLFFLRWWLSLXWWRVWR VFXULRWWHQXWLGDXQLPSDVWRGLVDQJXHGLPDLDOHSDQHVHFFRUDIIHUPRULÀ ODWXUDGLSDQFHWWHDJOLRSHSHHDURPLLOSUHSDUDWRqLQVDFFDWRLQEXGHOOR HYHQGXWRIUHVFR6LFRQVXPDSUHYLDEROOLWXUDPDJDULVHUYLWRFRQSDWDWHR DOWUHYHUGXUH 2UDLOVDQJXHqLQSURJUHVVLYRVHQRQTXDVLWRWDOHGLVXVRSHUPRWLYL SVLFRORJLFLHSHUFKpGLVFDUVDGLJHULELOLWj ,Q DOWUHWWDQWR SURJUHVVLYR GLVXVR DOLPHQWDUH q OD PLO]D RUJDQR FKH DSSRUWD SL IHUUR LQ DVVROXWR FLUFD PLOOLJUDPPL SHU HWWR /D PLO]D q SRFRFDORULFDFRQWLHQHXQDULGRWWDSHUFHQWXDOHGLOLSLGLHWURYDDQFRUDVSD ]LR LQ DOFXQL FLEL GL VWUDGD QHOO·,WDOLDPHULGLRQDOH +D XQ EXRQ FRQWHQXWR SURWHLFRHXQDOLPLWDWDTXDQWLWjGLJUDVVL,QVLHPHDOIHJDWR qODIUDWWDJOLDSLULFFDGLIHUURqSHUzVFDUVDPHQWHXWLOL]]DWDSHUO·DOLPHQ WD]LRQHXPDQD 7ULSSHHWULSSLQL /DWULSSDROHWULSSHFRPSUHQGRQRORVWRPDFRGHLUXPLQDQWLHODSDUWH VXSHULRUHGHOO·LQWHVWLQRWHQXH 'LGLVFUHWRYDORUHQXWUL]LRQDOHODWULSSDKDLOGLSURWHLQHHLO GLJUDVVLHGqPROWRDSSUH]]DWDLQDOFXQHJDVWURQRPLHUHJLRQDOLODIDPR VD´EXVHFFDµPLODQHVH&LERSRSRODUHSHUHFFHOOHQ]DPDSLFKHJUDGLWR DQFKHDSDODWLUDIÀQDWLODWULSSDROHWULSSHSHUFKpIRUPDWHGDPROWHSDUWLq ´SULPRSLDWWRµRDQFKHSLHWDQ]DVRSUDWWXWWRLQYHUQDOH3XzHVVHUHGLPDQ]R GLYLWHOORSLWHQHUDHGLFRWWXUDXQSR·SLUDSLGDRSSXUHGLYLWHOOLQR /DWULSSDVLGLYLGHLQGLYHUVHSDUWLODSDQFLDLOERQHWWRGHWWRDQFKHFXI ÀDEHUHWWDUHWLFRORLOIRLRORIRJOLHWWROLEURFHQWRSHOOHPLOOHSLHJKHOD FURFHODULFFLRORWWDRIUDQFHVHODIUDQFLDWDULFRQRVFLELOHGDOFRORUHVFXUR$ )LUHQ]HLOTXDUWRVWRPDFRJKLDQGRODUHqQRWRFRPHODPSUHGRWWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH /RVWRPDFRGLPDLDOHqLQYHFHQRWRFRPHWULSSLQRHKDXQSUHYDOHQWH LPSLHJRQHOODVDOXPHULD /DGLJHULELOLWjGLTXHVWRDOLPHQWRqVFDUVDDFDXVDGHOODFRWWXUDPROWR OHQWDHSUROXQJDWDHGHOO·HOHYDWDTXDQWLWjGLWHVVXWRFRQQHWWLYRFRQWHQHQWH ÀEUHFROODJHQH3HUTXDOXQTXHSUHSDUD]LRQHRFFRUUHSULPDOHVVDUORSHUUHQ GHUORSLGLJHULELOH ,QFRPPHUFLRVRQRRIIHUWHWULSSHJLjFRWWHHJLjVELDQFDWHDQFKHVHTXH VWRULVXOWDWRqRWWHQXWRFRQPH]]LFKLPLFLGDOODVRGDDOO·DFTXDRVVLJHQDWD ,Q JHQHUH VRQR VXIÀFLHQWL JUDPPL GL WULSSD D SHUVRQD 'RSR DYHUOD ODYDWD ULSHWXWDPHQWHLQ DFTXD IUHGGD VL WDJOLD D VWULVFLROLQHVRWWLOL 3HU FXFLQDUOD LO JLRUQR GRSR O·DFTXLVWR VL GHYH FRQVHUYDUH LQ IULJRULIHUR 3(=69(A065,+,33(;9077( 3H[YPWWHuZV[[VWVZ[HHSSLZLN\LU [P VWLYHaPVUP! W\SPaPH L SH]HNNPV HIIVUKHU[L" ZIVSSLU[H[\YH YHWPKH JVU HJX\H HS TH_ *" ZIPHUJH [\YHJVUHZWVY[HaPVULKLSSHT\JVZH PU[LYUHTLKPHU[LTHJJOPUHKLT\JV ZH[YPJL" ZNYHZZH[\YH H * ZLN\P[H KH JLU[YPM\NHaPVUL" WYLJV[[\YH V JV[[\YH VWW\YL ]LUKP[H JY\KH" YLMYP NLYHaPVUL HK HSTLUV * VWW\YL JVUNLSHTLU[V 3H [YPWWH PTWVY[H[H KHSS»LZ[LYV u W\SP[HSH]H[HLJVUNLSH[HLWYV]PLUL ZVWYH[[\[[VKHS:\K(TLYPJH 7LY V[[LULYL \U WYVKV[[V WP JOPHYV WVZZPIPSL ZLJVUKV THSPU[LZH YPJOPLZ[H KP JVUZ\TH[VYP SH [YPWWH W\~ LZZLYL ZV[[VWVZ[H H [YH[[HTLU[V JVU WYVKV[[P JOPTPJP ZIPHUJHU[P X\HSPHJX\HVZZPNLUH[HPWVJSVYP[VKP ZVKPVHJX\HKPJHSJLLWVSPMVZMH[Pu \UHZVÄZ[PJHaPVUL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0S ]HSVYL UVYTHSL KLS W/ KLSSH [YPWWH]HYPH[YHL*VUHSJ\UP [YH[[HTLU[PPSW/H\TLU[HVZPYPSL]H UVWLYVZZPKP 3»HJX\HVZZPNLUH[HPUWPJJVSLKVZP WV[YLIILLZZLYLJVUZPKLYH[H\U¸JVH KP\]HU[L[LJUVSVNPJV¹WLYJOtKVWVPS [YH[[HTLU[VZJVTWHYLLSHZJPHPUHS[L YH[VPSW/THUVUuH\[VYPaaH[H 3H [YPWWH SH]H[H L ZJV[[H[H u KL[[H ¸ZJ\YHVNYPNPH¹JVTLHWWHYLKP]LY ZHKHSS»HS[YHJOLZPWYLZLU[H¸IPHUJH¹ 7YLWHYHaPVUP JV[[L KP [YPWWH ZVUV PUZJH[VSH[L JVTL JVUZLY]L VWW\YL JVTTLYJPHSPaaH[LPUJVUMLaPVUPJVTL ZLTPJVUZLY]L JVU HNNP\U[H HUJOL KP Z\NOP ]LYK\YL NLSH[PUH ZWLaPL L HYVTP 5LNSPLZLYJPaPKP]LUKP[HKLSSLJHYUP u JVUZLU[P[H ZLUaH HS[YH H\[VYPaaH aPVULSH]LUKP[HKLSSH[YPWWHJVUNL SH[HJPYJ(*0:UKLS ,QWURGX]LRQH FRPSOHWDPHQWHLPPHUVDQHOO·DFTXD/DWULSSDQRQqSDUWLFRODUPHQWHVDSRUL WDTXLQGLKDELVRJQRGLXQFRQGLPHQWRULFFRDJJLXQJHQGRYHUGXUHHDURPL QHOODFRWWXUDSLFXRFHSLDFTXLVWDVDSRUH /HIUDWWDJOLHGHOVHVVR 7UDOHIUDWWDJOLHVRQRG·DQQRYHUDUHDQFKHLWHVWLFROLGLWRURHGLFDYDOOR /DPDPPHOODGLYDFFDOHFDUXQFROHRFRWLOHGRQLRERWWRQLGHOODSODFHQWD ERYLQDO·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qLO FRQWHQXWR YLWDPLQLFR H PLQHUDOH ,O VXR FRQVXPR q OLPLWDWR VRVWDQ]LDO PHQWH DO EROOLWR PLVWR GL FDUQH 'HO YLWHOOR V·LPSLHJD DQFKH OD OLQJXD SDUWLFRODUPHQWH PRUELGD H VL FRQVLJOLD VDOPLVWUDWD R DIIXPLFDWD 3ULPD GL FXFLQDUOD q QHFHVVDULR UDVFKLDUOD H IDUOD VSXUJDUH SHU FLUFD XQ·RUD LQ DFTXDFRUUHQWH3XzHVVHUHSUHSDUDWDOHVVDEUDVDWDRLQXPLGR6HOHVVDWD ULFKLHGHFLUFDRUHGLFRWWXUDHGqDEEDVWDQ]DGLJHULELOH /DOLQJXDGLPDQ]RSLJUDQGHHSHVDQWHROWUHDULFKLHGHUHXQDFRWWX UDSUROXQJDWDFKHRYYLDPHQWHULGXFHLQSDUWHOHSURSULHWjQXWULWLYHULYHOD DQFKHXQVDSRUHSLGHFLVR /DSUHSDUD]LRQHGHOODOLQJXDDIIXPLFDWDULFKLHGHPROWDDELOLWjSHUWDQWRq FRQVLJOLDELOHFRPSUDUODJLjSURQWDQHOOHPDFHOOHULHRQHOOHVDOXPHULHSLIRU QLWHËVTXLVLWDWDJOLDWDDIHWWLQHHDEELQDWDFRQLOSDWpGLIHJDWRHODJHODWLQD ,PXVFROLPDVVHWHULVRQRQRWLDQFKHFRPHJXDQFLDOLRJXDQFLDOLQLH $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH VRQR TXHOOL GHOOH JXDQFH XVDWL SHU OD PDVWLFD]LRQH 'D QRQ FRQIRQGHUOL FRQLOWDJOLRJUDVVRGHOPDLDOHRWWHQXWRGDOOD´JXDQFLDµWUDWHVWDHVSDOOD VLPLOHFRPHFRPSRVL]LRQHDOODSDQFHWWDODJRUJHGHLIUDQFHVL 6RQRSDUWLPXVFRODULQRQGLVVLPLOLGDOOHDOWUHSUHVHQWLQHJOLDQLPDOL GDLTXDOLVRQRRWWHQXWHVDOYRFKHSHUODORURPDJUH]]DHWHQHUH]]D ,OGLDIUDPPDVLSUHVWDPROWLVVLPRDOO·DOLPHQWD]LRQHGHOEDPELQRSHU ODFRQVLVWHQ]DWHQHUDHODEXRQDTXDQWLWjGLIHUUR*UDQSDUWHGHLGLDIUDP PLqXVDWDSHUOHFDUQLLQVFDWROD /DFRGDGLPDQ]RqXQWDJOLRSRYHURPROWRVDSRULWRLQFXLDEERQ GDQROHRVVDPDODFDUQHqVHPSUHPROWRWHQHUDHPDJUD3DUWLFRODUPHQWH LQGLFDWD SHU EUDVDWR H XPLGL RWWLPD LQVLHPH DO EROOLWR PLVWR 'LYHUVR q LOFRGLQRGLYLWHOORLQGLFDWRSHUFRWWXUHDUURVWRXQWDJOLRGLFDUQHYHURH SURSULRYHQGXWRVXULFKLHVWDDEELQDWRDOODFRGD &XWH]DPSHWWLHFRWHQQH /D FXWH GHOOD WHVWD GL YLWHOOR WHVWLQD TXDVL VHPSUH VL DFTXLVWD GDO PDFHOODLRJLjGLVRVVDWDHDUURWRODWDDOWULPHQWLqQHFHVVDULRSURYYHGHUHDOOH VHJXHQWLRSHUD]LRQLFKHULFKLHGRQRXQFHUWRWHPSRÀDPPHJJLDUODODYDUOD WHQHUODDEDJQRLQDFTXDIUHGGDSHUDOFXQHRUHHSRLVEROOHQWDUOD,OSHVRGL XQDWHVWLQDGLYLWHOORLQJHQHUHqLQWRUQRDLNJ /D WHVWLQD GHYH HVVHUH OHVVDWD GD VROD ULFKLHGH XQD FRWWXUD GL FLUFD XQ·RUDHPH]]RVHODVFLDWDLQWHUDHSRFRPHQRVHWDJOLDWDDSH]]HWWLO·DFTXD GHYHHVVHUHVDODWDHDURPDWL]]DWDFRQFLSROODVHGDQRHFDURWDRHUEHRGR URVHVHFRQGRLJXVWL3HUPDQWHQHUHLQDOWHUDWRLOFRORUHELDQFRGHOODFDUQH VLFRQVLJOLDGLDJJLXQJHUHDOO·DFTXDGLFRWWXUDXQSR·GLVXFFRGLOLPRQHH XQ FXFFKLDLR R GXH GL IDULQD PHVFRODQGR YHORFHPHQWH SHU HYLWDUH FKH VL IRUPLQRJUXPL,OJUDGRGLFRWWXUDVLFRQWUROODSXQJHQGRODWHVWLQDFRQXQD IRUFKHWWDqSURQWDTXDQGRULVXOWDWHQHUDHQRQSLJHODWLQRVD 8QD YROWDVJRFFLRODWDYDODVFLDWDUDIIUHGGDUHHSRLWDJOLDWDDSLFFROL SH]]L/·DFTXDGLFRWWXUDQRQGHYHHVVHUHXVDWD/DWHVWLQDSXzHVVHUHFRQ VXPDWDVLDFDOGDVLDIUHGGDDFFRPSDJQDWDGDVDOVHSLFFDQWLTXHOODYHUGHq ODSLLQGLFDWD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH *OL ]DPSHWWL GL PDLDOH VSHVVR EROOLWL H GLVRVVDWL HQWUDQR LQ GLYHUVH SUHSDUD]LRQLGHOODFXFLQDUHJLRQDOHFLWDWHQHLFDSLWROLVXFFHVVLYL /DFRWLFDRFRWHQQDqODSHOOHGHOPDLDOH8VDWDLQFXFLQDFRPHDOL PHQWRHQWUDFRPHLQJUHGLHQWHSULQFLSDOHLQDOFXQLSLDWWLWUDGL]LRQDOLLWDOLDQL FRPHLIDJLROLFRQOHFRWLFKHRODFDVVRHOD 8VDWDQHOODFXFLQDFRQWDGLQDULVFXRWHPHQRVXFFHVVRQHOO·DOLPHQWD]LR QHRGLHUQDFKHSUHVWDDWWHQ]LRQHDOO·DSSRUWRGLFDORULHHDLJUDVVL )DSDUWHFRQFDUQHJUDVVRHVSH]LHGHOODFRPSRVL]LRQHGLDOFXQLLQVDF FDWLGDFXRFHUHHLFRWHFKLQLSUHQGRQRLOQRPHGDOOHFRWLFKHFKHOLFRPSRQ JRQR&RQDOWUHSDUWLFRQVLGHUDWHGLVFDUWRHQWUDQHOODFRPSRVL]LRQHGLDOFXQL WLSLGLVRSUHVVHHFRSSHGLWHVWD1HOFDSSHOORGHOSUHWHHQHOOR]DPSRQHGL 0RGHQDFRVWLWXLVFHDQFKHO·LQYROXFURFKHUDFFKLXGHO·LPSDVWRPDFLQDWR /DIRU]DGLRVVDHPLGROOR $QFKHVHOHRVVDIDQQRSDUWHGHOOHGXHPH]]HQHHGHLTXDWWURTXDUWL QHVRQRVHSDUDWHFRQLOGLVRVVRHO·LVRODPHQWRGHLGLYHUVLWDJOLGLFDUQH/H RVVDVRQRXVDWHSHULOEURGRSHUFKpIRUQLVFRQRVDSRUHHORDUULFFKLVFRQRGL PLQHUDOL1HOOHRVVDOXQJKHqFRQWHQXWRLOPLGROORFKHKDXQFHUWRULOLHYR LQFXFLQD )LQGDO3DOHROLWLFRLOPLGROORRVVHRKDFRVWLWXLWRXQ·LPSRUWDQWHIRQWH GLSURWHLQHHGLFDORULHSHUODVXDFRPSRVL]LRQH6LqULWHQXWRFKHGLYHUVL RPLQLGLHO·+RPRVDSLHQVDEELDQRVIUXWWDWRTXHVWRDOLPHQWRVLDGDSUHGD ]LRQHVLDGDSUDWLFKHQHFURIDJKHSHUODVXDGLIÀFLOHDFFHVVLELOLWjGDSDUWH GHOODPDJJLRUSDUWHGHLFDUQLYRULLHQHHVLPLOL 1HOODFXFLQDWUDGL]LRQDOHLOPLGROORRVVHRGDQRQFRQIRQGHUHFRQLO PLGROOR VSLQDOH R ÀORQH q SLXWWRVWR DSSUH]]DWR WLSLFDPHQWH FRQVXPDWR QHJOLRVVLEXFKLQHOEROOLWRPLVWRGLFDUQHFRPHLQJUHGLHQWHGLULSLHQLLQVLH PHDOFHUYHOOR 1HOODJDVWURQRPLDHXURSHDGHO;,;H;;VHFRORVSHVVRHUDXVDWD QHOO·DSSDUHFFKLDWXUDXQDVSHFLHGLVRWWLOHVSDWROLQDFXFFKLDLRGHOPLGRO OR G·DUJHQWR H FRQ XQ·HVWUHPLWj OXQJD H VRWWLOH SHU OD ULPR]LRQH GHO PLGROORVHUYLWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH -9(;;(.30,+,0+0=,9:0(504(30 <UN\SH[PKVTLZ[PJPIV]PUPLV]PJHWYPUP =PZJLYP[VYHJPJPHKKVTPUHSPLWLS]PJP!J\VYLWVSTVUPJVYHKLSSHL[PTVHUP TLSSHSH[[PKLPNPV]HUPHUPTHSP]P[LSSPHNULSSP"MLNH[VYLUPYVNUVUPTPSaH WHUJYLHZHUPTLSSHKLSMLNH[V"WYLZ[VTHJPKLPY\TPUHU[PKVTLZ[PJPLZ[VTHJP HIVTHZV"PU[LZ[PUVK\VKLUVYL[[VKP]P[LSSVL]P[LSSVUL"PU[LZ[PUVKPHNULSSV LJHWYL[[V"Z[VTHJVKPZ\PUV"LWPWSVVUTLZLU[LYPVPU[LZ[PUHSLYL[PJLSSH"\[LYV KPTHUaLLNPV]HUP]HJJOL"[LZ[PJVSPNYHULSSPKP]P[LSSVHNULSSVLHUJOLKP TVU[VULL[VYV (S[YLMYH[[HNSPLZ[HJJH[LKHSSHJHYJHZZH!JLY]LSSVLTPKVSSVZWPUHSL[LZ[LKP]P[LS SPL]P[LSSVUP[LZ[PUHTHZZL[LYPN\HUJPHSPN\HUJPHSPUPNHUHZZPUPLVYLJJOP" [LZ[HKPTHPHSLN\HUJPHSLNVSHLVYLJJOP"[LZ[LK»HNULSSVLJHWYL[[VPU[LYL" SPUN\L KP IV]PUV L KP THPHSL ZWLSSH[L KVWV ZJV[[H[\YH" Z[PUJOP KP ]P[LSSV KP ]P[LSSVULLKPTHPHSL"WPLKPUPKPTHPHSLLKP]P[LSSV"THTTLSSLKLSSL]HJJOL [L[[PUHLJVKHKP]P[LSSPL]P[LSSVUP"JV[LUUHKPTHPHSL"ZHUN\LKPTHPHSL]P[LS SV]P[LSSVULYHJJVS[VHSSHTHJLSSHaPVUL 3L[LZ[LNSPZ[PUJOPPWPLKPUPSHJV[LUUHZVUVZV[[VWVZ[PHYHZH[\YHVKLWPSHaPV ULLZJV[[H[\YH ,X\PUP -YH[[HNSPLK»PU[LYLZZLHSPTLU[HYLZVUVPSJLY]LSSVLPSJ\VYL0SMLNH[VLPYLUP KP LX\PUP KP X\HSZPHZP L[n L WYV]LUPLUaH UVU ZVUV JVUZPKLYH[P LKPIPSP WLY PS WYVISLTHKLSJHKTPV 7VSSHTL =PZJLYP!J\VYLMLNH[VYLUP]LU[YPNSPV (S[YL WHY[P! JVSSV VYLJJOP IHYIPNSP V IHYNPNSP JYLZ[L JHY\UJVSL NLUP[HSP aHTWL 2UDLOPLGROORqFRPXQHPHQWHXVDWRFRPHLQVDSRULWRUHGLFUHPHHVDO VHDQFKHVHLQDOFXQLULVWRUDQWLHXURSHLVLWURYDQRDQFRUDSLDWWLFRQPLGROOR RVVHRLQWDWWR3HULOVXRHOHYDWRSRWHUHHPXOVLRQDQWHWURYDLPSLHJRLQSLDWWL WUDGL]LRQDOLFRPHLOULVRWWRDOODPLODQHVHRODVDOVDYHURQHVHSHDUj ËXQDIRQWHGLSURWHLQHHGqPROWRULFFRGLJUDVVLPRQRLQVDWXULFKH DEEDVVDQRLOLYHOOLGLFROHVWHUROR/'/FRQFRQVHJXHQWHULGX]LRQHGHOULVFKLR GLPDODWWLHFDUGLRYDVFRODULLOFKHLQGXFHDOFXQLDIDUHGHOPLGROORRVVHRXQ LQJUHGLHQWHGLEDVHGHOODGLHWD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QWURGX]LRQH 5LJDJOLHDYLFROH /H ULJDJOLH VRQR OH LQWHULRUD GL SROOR GL SLFFLRQH R GL DOWUR YRODWLOH IHJDWLQRFXRUHFUHVWDEDUJLJOLXRYDQRQQDWHHVWRPDFRFKLDPDWRDQFKH FLSROODYHQWULJOLRRGXUHOOR/DSDURODGHULYDGDOODWLQRUHJDOLDFKHVLJQL ÀFD FRVD GHJQD GL XQ UH DQFKH VH LQ UHDOWj XQ WHPSR OH ULJDJOLH HUDQR GHVWLQDWHDLVHUYLWRUL2JJLVRQRXQFLERULFHUFDWRFKHVLSXzWURYDUHQHOOH WUDWWRULHHQHLULVWRUDQWLGLWUDGL]LRQH/HULJDJOLHDYLFROHQRQVRQRGDFRQ IRQGHUHFRQODULJDJOLDXQSLDWWRWUDGL]LRQDOHGHOODFXFLQDSLVWRLHVH &DUQL6HSDUDWH0HFFDQLFDPHQWH&60 )UDWWDJOLHVLqGHWWRGDIUDFWXVURPSHUHHVSH]]DUHPDVHPSUHLQXQD FHUWDPLVXUDHSHURSHUDGHOO·XRPR7XWWRFDPELDTXDQGRDURPSHUHVSH] ]DUHHVHSDUDUHqODPDFFKLQDDQ]LPDFFKLQHPROWRVRÀVWLFDWH1RQqXQD YLVLRQHPDXQDUHDOWjLO3LQN6OLPHOHWWHUDOPHQWH´SROWLJOLDRPHOPDURVDµ XQDFUHPDURVDFKHSRWUHEEHVHPEUDUHXQJHODWRGLFDUQH,QLWDOLDQRODVL FKLDPDFRQODVLJODRHXIHPLVPR&60R&DUQH6HSDUDWD0HFFDQLFDPHQWH ËLOULVXOWDWRGLXQSURFHGLPHQWRFKHSHUPHWWHGLHVWUDUUHODPDJJLRUTXDQ WLWj SRVVLELOH GL ´FDUQHµ GDOOH RVVD GHJOL DQLPDOL PDFHOODWL ERYLQL VXLQL FRQLJOLHSROOL ,QVLQWHVLVLSDUWHGDOOHFDUFDVVHGHJOLDQLPDOLHOHORURRVVDFRQDQFRUD XQSRFRGLFDUQHDWWDFFDWDSHULOSROORHLOWDFFKLQRDGHVHPSLRTXHOORFKH UHVWDGRSRDYHUWROWRLOSHWWRHOHFRVFHSHULOERYLQROHRVVDGHOOHFRVWROH 4XHVWRPDWHULDOHqUDFFROWRHWUDVIHULWRLQXQDPDFFKLQDFKHOR´VSUHPHµ IDFHQGRXVFLUHGDXQDSDUWHOD´SDVWDµURVHDHGDOO·DOWUDOHRVVDSUHVVDWHH VPLQX]]DWH )LQRDSRFKLDQQLIDODPHOPDURVDÀQLYDQHJOLDOLPHQWLSHUDQLPDOL LSHWIRRGSRLLQ$PHULFDVLqLQL]LDWRHVLFRQWLQXDDXVDUODLQXQDVHULHGL DOLPHQWLSHUO·XRPRDEDVVRFRVWRHGLODUJDGLIIXVLRQHKDPEXUJHUWDFR PHDWVKRWGRJFKLFNHQQXJJHWVHZXUVWHO3ULPDGLHVVHUHXVDWDODPDWHULD URVHDVXELVFHYDULWUDWWDPHQWLHWUDTXHVWLXQRqPROWRGLVFXVVRO·DJJLXQWD GLLGURVVLGRG·DPPRQLRDPPRQLDFDGLOXLWDFKHKDXQ·D]LRQHDQWLEDWWHULFD $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QWURGX]LRQH HVHUYHDPLJOLRUDUHODVLFXUH]]DEDWWHULRORJLFDGHOSURGRWWR4XHVWRWUDWWD PHQWRPRGLÀFDFRORUHHVDSRUHHTXLQGLVLDJJLXQJRQRDURPLHFRORUDQWL DUWLÀFLDOLXQGLVLQIHWWDQWHFKLPLFRTXLQGLFRORUDQWLHDURPLFKLPLFLVRQR SUHVHQWLQHOODPHOPDURVHDDPHULFDQD6HPSUHLQ$PHULFDVLqFHUFDWRGL GDUHDOSURGRWWRXQQRPHDWWUDHQWHHSLDFHYROHFKLDPDQGRTXHOORERYLQR OHDQÀQHO\WH[WXUHGEHHIRVVLD´PDQ]RPDJURDJUDQDÀQHµHLQPRGRDQDOR JRSHUTXHOORGLDOWULDQLPDOL 9,8<0:0;00.0,50*07,93,7(9;0+,:;05(;, (33,*:45,33»<5065,,<967,( *:4 HIHZZHWYLZZPVUL *HYJHZZLKPWVSSHTL *:4 HKHS[HWYLZZPVUL 5LVDOHQWH 5LVDOHQWH DQRQSLGLJLRUQL DQRQSLGLJLRUQL 5LVDOHQWH 5LVDOHQWH (S[YHTH[LYPHWYPTH KHTH[[H[VPVPUSVJV DQRQSLGLJLRUQL DQRQSLGLJLRUQL 5LVDOHQWH 5LVDOHQWH (S[YHTH[LYPHWYPTH DQRQSLGLJLRUQL DQRQSLGLJLRUQL KHHS[YVZP[V :LWHYHaPVUL TLJJHUPJH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,PPHGLDWDPHQWH GRSRLOGLVRVVR 6HQRQ LPPHGLDWDPHQWH GRSRLOGLVRVVR FRQVHUYD]LRQHH WUDVSRUWRD& RFRQJHODPHQWRD &GHOOHRVVD ULFRQJHODPHQWR YLHWDWR ,QWURGX]LRQH ,VLVWHPLGLWUDWWDPHQWRVRQRIRQGDPHQWDOPHQWHGXHDGDOWDRDEDVVD SUHVVLRQH/H&60DGDOWDSUHVVLRQHVXSHULRUHDLEDUVXELVFRQRXQ WUDWWDPHQWRVWUHVVDQWHFKHDOWHUDSURIRQGDPHQWHOHÀEUHPXVFRODUL3HUOD OHJLVOD]LRQHHXURSHDQRQGHYRQRDYHUHTXDQWLWjGLFDOFLR²SURYHQLHQWHGD IUDPPHQWLRVVHL²ROWUHXQFHUWROLPLWHHSRVVRQRHVVHUHXVDWHVROWDQWRTXDOL LQJUHGLHQWLLQDOLPHQWLVRWWRSRVWLDWUDWWDPHQWLWHUPLFLZXUVWHOSLDWWLSURQWL D EDVH GL FDUQL DYLFROH R VXLQH /H &60 GHULYDWH GD WUDWWDPHQWL D EDVVD SUHVVLRQHLQIHULRUHDLEDUSRVVRQRDQFRUDVRPLJOLDUHDOODFDUQHPDFL QDWDHQHOOD8HqFRQFHVVDO·XWLOL]]D]LRQHLQSUHSDUD]LRQLGDYHQGHUVLFUXGH PDGDFXRFHUHDFDVDFRPH´FRWROHWWHµHFF 1HOOD8HDQFKHSHUOH&60ELVRJQDULVSHWWDUHOHUHJROHLPSRVWHSHU ODSUHYHQ]LRQHGHOOHHQFHIDORSDWLHVSRQJLIRUPLWUDVPLVVLELOL´PRUERGHOOD PXFFDSD]]Dµ6HPSUHQHOOD8HQHOO·HOHQFRGHJOLLQJUHGLHQWLGLDOLPHQWL FRPSRVWLTXDOLZXUVWHOKDPEXUJHUFURFFKHWWHHVLPLODULELVRJQDVSHFLÀ FDUHODSUHVHQ]DHODSHUFHQWXDOHGL&60 *LRYDQQL%DOODULQL 3UHVLGHQWHGHOO·$FFDGHPLD,WDOLDQDGHOOD&XFLQD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9 9DOOHG·$RVWD 9DOOHG·$RVWD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9DOOHG·$RVWD =$03(77,,1&$/=(',6(7$ 3HUGHÀQL]LRQHVWRULFDLOTXLQWRTXDUWRqORVFDUWR´EDVVDPDFHOOHULDµ ULDELOLWDWDSRLQHOWHPSRFRPHDYYLHQHSHUPROWHFRVHVSHFLDOPHQWHQHOOD FXOWXUDFXOLQDULDLQFXLLOFLERSRYHURVSHVVRVLULVFDWWDGLYHQWDQGRXQ·DX WHQWLFDSUHOLEDWH]]D)LQGDLWHPSLSLUHPRWLLQ9DOOHG·$RVWDO·XWLOL]]R GHO´TXLQWRTXDUWR´GLWXWWLJOLDQLPDOLGDPDFHOORIDSDUWHGLXQDUDGLFDWD WUDGL]LRQHFXOWXUDOHHDOLPHQWDUH /DVWDEXOD]LRQHGHÀQLWLYDDYYHQLYDQRUPDOPHQWHQHOSHULRGRGHL6DQ WLTXDQGRWXWWDO·HUEDGHLSUDWLHUDVWDWDEUXFDWDHVLGRYHYDDWWLQJHUHDOOH ULVHUYHGLIRUDJJLRDFFXPXODWHQHOODEHOODVWDJLRQH/DFRVLGGHWWD´VWDJLRQH PRUWDµDYHYDLQL]LRFRQOHSULPHQDVFLWHQHOPRQGRGHLERYLQLGHLFDSULQL HGHJOLRYLQLDYYHQLPHQWLFKHFRLQYROJHYDQRO·LQWHUDIDPLJOLDHVSHVVR DQFKH LO YLFLQDWR$ PDUJLQH GL TXHVWL DYYHQLPHQWL QHOOD VXD UHFLQ]LRQH YLYHYD H LQJUDVVDYD LO PDLDOH OD FXL PDFHOOD]LRQH DYYHQLYD VHPSUH QHO SHULRGRDQWHFHGHQWHLO1DWDOHVHJXHQGRODIDVHOXQDUHHLOVHJQR]RGLDFDOH 3DUDGRVVDOPHQWHO·LQYHUQRHUDODVWDJLRQHLQFXLOHIDPLJOLHYDOOLJLDQH GLVSRQHYDQRGLXQDPDJJLRUTXDQWLWjHYDULHWjGLDOLPHQWLHTXHOODLQFXLVL IDWLFDYDPHQR/DFDUQHHUDFRQVXPDWDSUHYDOHQWHPHQWHGXUDQWHODVWDJLR QHIUHGGDSHURYYLSUREOHPLGLFRQVHUYD]LRQH7XWWHOHIDPLJOLHDQFKHOHSL SRYHUHPDFHOODYDQRXQDEHVWLDQRQIRVVHDOWURFKHXQDFDSUDRXQDSHFRUD HQHFRQVHUYDYDQRODFDUQHVRWWRVDOH/HIDPLJOLHSLDEELHQWLPDFHOODYD QR XQD PXFFD VSHVVR LQ VRFLHWj FRQ XQ SDUHQWH R FRQ XQ YLFLQR GL FDVD 678)$7,12',,17(5,25$ ,QJUHGLHQWLJGLIHJDWRJGLFXRUHJGLSROPRQHJGLURJQRQH JGLVWUXWWRRROLRELFFKLHUHGLYLQRURVVRFLSROODVDOHDOORURDJOLR 3UHSDUD]LRQH/DYDUHHWDJOLDUHDSH]]HWWLLYDULLQJUHGLHQWLVRIIULJJHUHQHOFRQGL PHQWRODFLSROODXQLUHOHIUDWWDJOLHHJOLDURPLDJJLXQJHUHLOYLQRHODVFLDUHHYDSRUD UH6DODUHHFXRFHUHDIXRFROHQWRDJJLXQJHQGRVHQHFHVVDULRXQSR·GLEURGRQHOOH DQWLFKHSUHSDUD]LRQLYHQLYDDJJLXQWRLOVDQJXHFRWWR/DFRWWXUDGHOORVWXIDWRYDULDD VHFRQGDGHOO·HWjGHOO·DQLPDOH6LDFFRPSDJQDFRQSDWDWHRSROHQWD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9DOOHG·$RVWD *<906:0;±3,.(;,(34(0(3, 3»\S[PTVWHZ[VKLSZ\PUVJVUZPZ[LULS SHZVTTPUPZ[YHaPVULKPSH[[LZJYLTH [VHMÄUJOtPSMLNH[VYPTHUNHUP[PKV 8\HUKVZPLZ[YHNNVUVNSPVYNHUPZ\S J\VYLZPMH\UHJYVJLWLYWLYTL[[LYL JOLZNVYNOPS»\S[PTVZHUN\LYPTHZ[V ULST\ZJVSV 5LP[LTWPHU[PJOPZ\SS\VNVKV]LZP YHZJOPH]H PS THPHSL HYYP]H]H PS JHS aVSHPV JOL KV]L]H MHYL ZJVY[H KLSSL ZL[VSL TPNSPVYP KH PTWHZ[HYL JVU SH WLJLWLYWYVK\YYLJVYKHLZWHNVWLY J\JPYL SL ZJHYWL 0S ÄLSL KLS Z\PUV ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ZLY]P]HWLYZTHJJOPHYLSLNVUULKP JVSVYLYVZZVKLPJVZ[\TPSVJHSPLWLY SH]HYLSLSHULÄSH[LPUJHZH *VUSLJV[LUULZPW\SP]HUVP]LSS\[P KLSSLWL[[VYPULKLPJVZ[\TP *VUSH]LZJPJHHZ\V[LTWVYPLTWP [H K»HYPH L JVUZLY]H[H PU S\VNV MYL ZJVZPJVUMLaPVUH]HUV[HIHJJOPLYL LIVYZLKLSNOPHJJPV 3»VTLU[V LYH \U YPTLKPV PU JHZV KP IYVUJOP[LVPUÄHTTHaPVULPU[LZ[PUHSL 0S NYHZZV ZLY]P]H WLY THZZHNNPHYL P SLNHTLU[PKLPULY]PM\VYPWVZ[V 9DOOHG·$RVWD 3,*(9507,9+<;, 7LY KPYP[[V ML\KHSL Z\SSL [H]VSL KLP UVIPSP ÄN\YH]H SH NYHUKL L WPJJVSH ZLS ]HNNPUHKLPSVYVWVZZLKPTLU[PTLNSPVZLKHWP\THJOL]LUP]HYLNVSHYTLU[L JHJJPH[HHUJOLKHSWVWVSVJVUYPJVYYLU[PHaPVUPKPIYHJJVUHNNPVLWVY[H]HPS ZVYYPZVZ\PWV]LYPKLZJOPX\HSJOLNPVYUVHSS»HUUV ;YHPKP]LYZPZLS]H[PJPJHJJPH[PYPJVYKPHTVSHSLWYLPSJHTVZJPVSVZ[HTILJJV SHWLYUPJLZLTWYLWYLZLU[LULSS»HS[V4LKPVL]VZ\SSL[H]VSLKLPUVIPSPLK\YHU [LSLMLZ[LKPJHSLUKHYPVPTH[YPTVUPVPM\ULYHSP"THHUJOLPSNHSSVMVYJLSSV PSMHNPHUVP[VYKPSLYHUL\ZH[LZVSVSLJVZJLWHY[PJVSHYTLU[LH3H;O\PSL PUHS[H=HSSLLULSSH]HSSLKP.YLZZVUL`,HUJVYHS»VYZVPUJP]L[PJ\P\S[PTP LZLTWSHYP]LUULYVHIIH[[\[PHSS»PUPaPVKLS??ZLJVSV"SHTHYTV[[HPUZ]HYPH[L WYLWHYHaPVUPKHSSHWPIHUHSLPUJP]L[HSSHJV[[\YHHS]HWVYLWLYMHYWLYKLYLPS NYHZZVJ\PZLN\P]HSHJV[[\YHPUWHKLSSH ;YHSLJHYUPKHHSSL]HTLU[VKVTLZ[PJVVWYVJHJJPHIPSPPUUH[\YHYPJVYKPHTV SLJHYUPK»VJHLHUH[YHS»\ZVKLSSLS\THJOLSHJ\PYHJJVS[HLYHWLYHS[YVYLNV SHTLU[H[HHSS»LZ[LYUVKLSSHJP[[nKP(VZ[HJVTLYPWVY[H[VULNSP\ZPLJVZ[\TP KLS[LTWV"PSTVU[VULVNNPWVJVVWLYU\SSHJ\JPUH[VSHJHYULKPWLJVYH HUJO»LZZHWVJV\[PSPaaH[HZLUVUPUMHTPNSPHV[YHHTPJPPUJHZHKLSS»HSSL]H[VYL 3»LSLUJVJVU[PU\HJP[HUKVSLJHYUPKP[VY[VYLWH]VUPLJHWWVUP *OL DQLPDOL YHQLYDQR VYHQWUDWL H LPPHGLDWDPHQWH SULYDWL GHOOH IUDWWD JOLHIHJDWRFXRUHSROPRQLURJQRQL DQLPHOOH FHUYHOOR H OLQJXD 3DUWL GHOO·DQLPDOHFKHLQJHQHUHHUDQRFRQ VXPDWHIUHVFKHPHQWUHORVWRPDFRH JOLLQWHVWLQLGRYHYDQRHVVHUHDFFX UDWDPHQWH SXOLWL ODYDWL UDVFKLDWL H ULYROWDWL SHU FRQIH]LRQDUH VXFFHV VLYDPHQWH LQVDFFDWL GD PDQJLDUH HVFOXVLYDPHQWHFRWWL(UDFRQVXHWXGLQHRIIULUHDLYLFLQLSLELVRJQRVLXQSR· GLIUDWWDJOLHGDFXFLQDUHVXELWRHXQSH]]RGLFDUQHSHUIDUHXQEROOLWR6L GRQDYDGLFHQGR´JLXVWRSHUDVVDJJLDUHµIUDVHFKHQRQIHULYDODVHQVLELOLWj GHLGHVWLQDWDULVSHVVRIDPLJOLHFRQSRFKHULVRUVHHFRQRPLFKH *OLDOWULTXDUWLYHQLYDQRVDODWLDURPDWL]]DWLHVSH]LDWLHWDOYROWDFRWWL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9DOOHG·$RVWD SHUHVVHUHSRLFRQVHUYDWLLQFDUWDROHRVDFRPHFLUDFFRQWDXQDULFHWWDGHOOD FXFLQDGHOFRPXQHGL/D7KXLOHLQIUHGGHFDQWLQH´FURWWHFHOOLHUEDUPHWµ RPHJOLRDQFRUDLQSLUDUHJKLDFFLDLHQDWXUDOLDQFRUDRJJLULQWUDFFLDELOL VXOWHUULWRULR /DWHFQLFDGLFRQVHUYD]LRQHSLXWLOL]]DWDHUDTXHOODFRQLOVDOHPRO WR FRVWRVR H SURYHQLHQWH SULQFLSDOPHQWH GDOOH FDYH GL VDOJHPPD GL %H[ LQ6YL]]HUDHGDOODFRVWDOLJXUHTXDQGRLWDVVLHOHJDEHOOHORUHQGHYDQR UHGGLWL]LRHFRQLOFXLXVRSDUVLPRQLRVRVLFRQVHUYDYDQRLWDJOLSLRPHQR SUHJLDWLGHLGLYHUVLTXDUWLODPRWVHWWDPXVFRORVDODWRVSH]LDWRDURPDWL] ]DWRHODVFLDWRDVFLXJDUHDOO·DULDLQDSSRVLWLORFDOLLOWHWHXQPDPPHOODGL PXFFDHDOWUHVSHFLDOLWjGHOODPDFHOOHULDORFDOHGHÀQLWD´EHXW]HULHµ1RQ GLPHQWLFKLDPRLQROWUHOHWHFQLFKHGLDIIXPLFDWXUDUHWDJJLRGHOODQRELOHH DQWLFDFXOWXUD:DOVHUGLRULJLQHJHUPDQLFDRJJLULSUHVHDQFKHGDD]LHQGH ORFDOLHPDQWHQXWHYLYHGDOOHSRSROD]LRQLGHOOD9DOOHGL*UHVVRQH\1HOFDVR GLPDFLQDWLTXDOLOHVDXFHVVHVVDODPLQLORFDOLGLFDUQLERYLQHHRVXLQHOD FRQVHUYD]LRQHVRWWRVWUXWWRLQFDQWLQDQHJDUDQWLYDXQDIUXLELOLWjQHOO·DUFR GHOO·DQQR 'DOOHWLSRORJLHGLFRWWXUDGHOOHFDUQLSLLQXVRVLRWWHQHYDQRLEROOLWL VDODWLLOHVVLJOLDUURVWLLFLYHWLEURGLHLIULWWL 2JJL OD FXFLQD YDOGRVWDQD GHOOH FDUQL q ULFFD UDIÀQDWD H DWWHQWD DOOD WUDGL]LRQHGHOOHVXHVHPSOLFLUDGLFL9ROHQGRIDUHTXDOFKHHVHPSLRVLFLWD XQSLDWWRUHDOL]]DWRFRQOR]DPSHWWRGLPDLDOHFKLDPDWREDVGHVRLHOXFLGR ,192/7,1,',,17(5,25$',0$,$/( ,QJUHGLHQWLIHJDWRFXRUHHDERPDVRWULWDWLXQSR·GLSDQFHWWDVDOHSHSHPDFLV QRFHPRVFDWDFLSROODHDJOLRDSLDFHUHYLQRELDQFRSRPRGRUR 3UHSDUD]LRQH0HVFRODUHWXWWLJOLLQJUHGLHQWLHFRQLOFRPSRVWRIRUPDUHGHOOHSDOOLQH OHJJHUPHQWHDSSLDWWLWHGLFLUFDJFLDVFXQDGDDYYROJHUHSRLQHOODUHWLFHOODGLPDLD OHSHULWRQHR6HTXHVW·XOWLPDQRQqVXIÀFLHQWHLQWHJUDUODFRQIRJOLHGLFDYRORYHU]D VEROOHQWDWH,QIDULQDUHOHJJHUPHQWHOHSROSHWWLQHHFXRFHUOHLQSDGHOODQHOORVWUXWWR DJJLXQJHQGR YLQR ELDQFR H SRPRGRUR 6HUYLUOH FDOGH FRQ SROHQWD R SDWDWH EROOLWH 2JJLQHOO·LPSDVWRVLDJJLXQJHDQFKHXQDSLFFRODTXDQWLWjGLÀOHWWRWULWDWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9DOOHG·$RVWD FRPHODVHWDLSLHGLQLVRQRFRWWLPROWROHQWDPHQWHTXDVLVHQ]DHEROOL]LRQH GHOIRQGRGLFRWWXUDSHUSDUHFFKLHRUHLQDFTXDVDODWDHDURPDWL]]DWD*UD ]LHDTXHVWRWUDWWDPHQWRVLRWWLHQHXQUDPPROOLPHQWRGHOOHRVVDFKHSRVVR QRIDFLOPHQWHHVVHUHPDVWLFDWH6XFFHVVLYDPHQWHLSLHGLQLLQWHULYHQJRQR LPSDQDWLFRQXQSDQSHVWRPROWRELRQGRDQQDIÀDWLFRQDEERQGDQWHVWUXWWR REXUURIXVRHSDVVDWLLQIRUQRFRQO·DFFRUWH]]DGLODVFLDUOLEHQGRUDUH6L VHUYRQRFRQSXUqGLSDWDWH /·XWLOL]]R GHO VDQJXH GL ERYLQR HR VXLQR FRPSDUH LQ PROWH ULFHWWH SHUIDUQHIULWWDWHGLVDQJXHHSDWDWHRWRUWH&RQLOVDQJXHGLPDLDOHQRQ UDSSUHVRDOPRPHQWRGHOODPDFHOOD]LRQHGHYHHVVHUHULPHVWDWRFRQWLQXD PHQWHDGHVHPSLRVLSUHSDUDODWRUWDGLVDQJXHGLPDLDOH,QXQDWHJOLD VLPHWWHDEDJQRQHOODSDQQDLOSDQHELDQFRUDIIHUPRTXDQGRTXHVWRKD DVVRUELWRWXWWRLOOLTXLGRVLDJJLXQJHLOVDQJXH6LVSROYHUDGLFDQQHOODHGL ]XFFKHURVLDJJLXQJRQRTXDWWURFKLRGLGLJDURIDQRH VLDPDOJDPDLOWXWWRPROWREHQH6LPHWWHTXLQGLLO FRPSRVWRQHOIRUQRJLjFDOGRDO]DQGRJUDGDWDPHQ WHODWHPSHUDWXUDHTXDQGRLOVDQJXHVLqDGGHQVDWR FRPSOHWDPHQWHODWRUWDqSURQWD7UDWWDQGRVLGLXQD ULFHWWDDQWLFDODWRUWDHUDFXFLQDWDVHQ]DIRUQRVXOOD VWXIDHSLLQGLHWURDQFRUDQHOWHPSRVXOIRFRODUHWUD ODEUDFH6LVHUYLYDFRQODSROHQWD ,OVDQJXHHUDXVDWRTXDOHLQJUHGLHQWHLQDOWUHULFHW WHRJJLLQGLVXVRVHPSUHFRWWRHIDWWRSRLUDIIUHGGDUHR DQFRUD QHOOD SUHSDUD]LRQH GL XQ FXULRVR VDOXPH LQ SDUWH 7(7Ê81',*,*12' ,QJUHGLHQWLPDPPHOOHGLPXFFDURVPDULQRVDOYLDDOORURDJOLRVDOHSHSHLQJUDQL 3UHSDUD]LRQH6FRODUHWXWWRLOODWWHGHOOHPDPPHOOHHSRUOHDVWUDWLLQXQPDVWHOORGL OHJQR&RSULUHRJQLVWUDWRFRQVDOHURVPDULQRVDOYLDDOORURDJOLRHJUDQLLQSHSH 3LJLDUHEHQHHODVFLDUHLQVDODPRLDSHUJLRUQLLQXQOXRJRIUHVFRO·LGHDOHVDUHEEH XQDFDQWLQDLQWHUUDWDEXLDHIUHVFKLVVLPD4XLQGLWRJOLHUOHGDOODVDODPRLDHSUHVVDUOH FRPHLSURVFLXWWLFUXGL6HUYLWHOHPDPPHOOHDIIHWWDWHFRPHXQLQVDFFDWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9DOOHG·$RVWD YHJHWDOHSDWDWHHRELHWROHURVVHHLQSDUWHDQLPDOHJUDVVRVXLQRFKLDPD WRERXGLQDQFRUSLSUHOLEDWRVHUHDOL]]DWRFRQLOVDQJXHFKHQHDPDOJDPD VDSLHQWHPHQWHJOLLQJUHGLHQWLHORUHQGHPRUELGRHGHOLFDWR,QÀQHULVXOWD RJJLEHQGLIÀFLOHSXUWURSSRDVVDJJLDUHODFRGDGLEXHQHOODULFHWWDYDOGR VWDQDTXHXHGHERHXIVDXFHSDQWLRQ ,OIHJDWRqODIUDWWDJOLDSLQRWDHFXFLQDWDWUDOHYDULHULFHWWHULFRUGLD PRTXHOODGHOIHJDWRGLPDLDOHDOO·DFHWR6LURVRODQROHQWDPHQWHLQDEERQ GDQWHEXUURIXVRODFLSROODHOHIHWWLQHGLIHJDWRGLPDLDOHWDJOLDWHVRWWLOL 'RSRSRFKLPLQXWLVLDJJLXQJHXQDVSUX]]DWDGLDFHWRGLYLQRELDQFRFKHVL ODVFLDHYDSRUDUHDIXRFRYLYDFHGRSRDYHUXQLWRDOFXQLFXFFKLDLGLSDVVDWD GLSRPRGRUR6LVHUYHFDOGRFRQIHWWHGLSDQHQHURIUHVFR 7UDLFRPSRQHQWLGHOTXLQWRTXDUWRWURYLDPRDQFRUDODWULSSDFKHVL SUHVWDSHUQXPHURVHSUHSDUD]LRQLFRPHODWULSSDIULWWDXQFLERDEEDVWDQ]D QHXWURFKHVLHVDOWDFRQLFRQGLPHQWLLOSROPRQHFKHYLHQHPROWRXVDWRLQ FXFLQDLOURJQRQHFKHqLOUHQHHGHYHHVVHUHSUHSDUDWRFRQFXUDIDFHQGROR VSXUJDUH SULPD GL FXFLQDUOR 9D ULFRUGDWD OD SUHSDUD]LRQH GHOOH IUHVVHV R FDLOOHWWHVFRPSRVWHGDURJQRQHHIHJDWRFRQPROWDFLSROODFRQGLWHFRQVDOH SHSHVSH]LHHDYYROWHQHOUHWLFRORR´WHOHWWDµLQPDQFDQ]DGHOODTXDOHVLXVD XQD IRJOLD GL FDYROR VFRWWDWD SULPD GL HVVHUH SDQDWH H IULWWH 1HOOD EDVVD YDOOHVLDJJLXQJRQRDQFKHDOWUHLQWHULRUDPHOHDWRFFKHWWLHXYDSDVVDSHU SRLSURFHGHUHDOODFRWWXUDLQSDGHOOD6HQ]DGLPHQWLFDUHODOLQJXDFKHqXQ WDJOLRGHOL]LRVRFRQXQDFRQVLVWHQ]DPRUELGDHJHODWLQRVDOHEXGHOODQHOOD IULFDVVHDGLLQWHULRUDSLDWWRFKHRJJLqVWDWRULYLVLWDWRJUD]LHDOOHPLJOLRUL FRQGL]LRQLGLYLWDHYLHQHWUDVIRUPDWRLOSLGHOOHYROWHLQXQVHPSOLFHPD SLSLDFHYROHVSH]]DWLQRDOORQWDQDQGRVLFRVuGDOODWUDGL]LRQHFKHORYROHYD SLDWWRSRYHUR 8QFHQQRSDUWLFRODUHPHULWDO·XWLOL]]RGHOFHUYHOORLQWHUHJHQHUD]LRQL GLEDPELQLSLRPHQRIUDJLOLHLQDSSHWHQWLVRQRFUHVFLX WL LPERFFDWL FRQ XQ ERFFRQH GL FHUYHOOD LPSDQDWD 3RL YHQQHODEVHPRUERGHOODPXFFDSD]]D(VDWWDPHQWH DQQLIDLO0LQLVWHURGHOOD6DQLWjVHQWHQ]LzLOSDVVDJ JLRGHOO·HQFHIDORSDWLDVSRQJLIRUPHGDLERYLQLDOO·XR PR 3ULPD DQFRUD FKH OH$XWRULWj VDQLWDULH HXURSHH H GHL VLQJROL 3DHVL YLHWDVVHUR L FRQVXPL GL WXWWH OH SDUWL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9DOOHG·$RVWD DULVFKLRIXODSDXUDDFRQWDPLQDUHODFXFLQDHDFRQGDQQDUHOHIUDWWDJOLH DQFKHOjGRYHLOULVFKLRQRQF·HUDRYYHURQHLQRQERYLQL,QVLHPHDOOHFHU YHOODÀQLURQRDOURJRDOLPHQWDUHWXWWLLSURWDJRQLVWLGHOTXLQWRTXDUWRGDOOH DQLPHOOH WLPR DOOH EXGHOOD SDVVDQGR SHU OLQJXD JXDQFLD FXRUH WULSSD IHJDWR FRGD /D ULDELOLWD]LRQH q DUULYDWD YHQW·DQQL GRSR JOL DSSDVVLRQDWL KDQQRULSUHVRFRQÀGHQ]DFRQLOTXLQWRTXDUWRHULVFDWWDWRODSDUROD´IUDWWD JOLHµGDOO·HOHQFRGHJOLDOLPHQWLGDQQRVL $OFXQLWDJOLFDUQHLVRQRVHPSUHVWDWLGLLPSRUWDQ]DIRQGDPHQWDOHSHU ODFXFLQDYDOGRVWDQDHXVDWLFRPHFRQGLPHQWL1RQVLGLPHQWLFKLLOODUGRLO ODUGRIXVRLOJXDQFLDOHGLVXLQRRLOJUDVVRGLFDSUD /(556*633()69(;6 -LKLYPJH*OV\X\LY (UKYLH5PJVSH+*:; 4HYPH7PH7YHa .P\ZLWWL9P]VSPU ;LYLZH*OHYSLZ=\PSSLYTVa *VUSHJVUZ\SLUaHKLSKV[[*VYYHKV (KHTVLZWLY[VPU[\[LSHKLPWYVKV[[P KLS[LYYP[VYPVLZV[[VZPZ[LTHKPX\HSP[n $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3 3LHPRQWH 3LHPRQWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH ,/&,%2329(527251$,17$92/$ 1HO FRUVR GHL VHFROL OD FDUQH q VHPSUH VWDWD FRQVLGHUDWD XQR ´VWDWXV V\PEROµSHUOHFODVVLVRFLDOLSULYLOHJLDWHPDLWDJOLPHQRSUHJLDWLGLSRVVL ELOHLPSLHJRVRQRQXPHURVLHIRUVHVRQRVWDWLGLPHQWLFDWLSHUSLJUL]LDSHULO SRFRWHPSRGLVSRQLELOHSHUFKpO·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·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·HUDQRL WDMDULQFRQLOFRPRGLQRGLIUDWWDJOLHHLO´FRPRGLQRµHUDLOFRQWHQLWRUHGHJOL DYDQ]LSHURWWHQHUHSLDWWLVTXLVLWL,QSDVVDWRDOFXQLSLDWWLSRYHULDVVXPHYD QRXQQRPHFKHWHQGHYDDQRELOLWDUOL,FDSXQHWSHUHVHPSLRQRQHUDQRGHL SLFFROLFDSSRQLPDGHJOLDYDQ]LGLFDUQHDYYROWLQHOODYHU]D/HTXDMHWWH QRQHUDQRSLFFROHWHQHUHTXDJOLHPDURODWLQHGLFRWHQQDFRVSDUVHGLVDOHH SHSH$YROWHVXFFHGHYDLOFRQWUDULRODEUXGHUDYHUFHOOHVHQRQHUDXQDEUR GDJOLDPDXQULVRWWRDUULFFKLWRGLVDQJXHGLPDLDOH/HEDOHG·DVXWHVWLFROL G·DVLQRHUDQRXQLQVDFFDWRGLFDUQHG·DVLQR 1HLULFFKLEDQFKHWWLGHO6HWWHFHQWRVLSDUODTXDVLVHPSUHGLDUURVWLH VWXIDWLRWWHQXWLFRQWDJOLGLFDUQLSUHJLDWHFRVFLDÀOHWWRVRWWRÀOHWWRPHQWUH OHIUDWWDJOLHHUDQRFRQVLGHUDWHXQQXWULPHQWRGLVFDUWRGHVWLQDWRDLSRYHUL,Q OLQHDJHQHUDOHVLSXzGLUHFKHGHWHUPLQDWHIUDWWDJOLHIHJDWRDQLPHOOHÀORQL HUDQRDFFROWHDQFKHVXOOHWDYROHGHLULFFKLPHQWUHDOWUHWULSSDSROPRQH FRWHQQHHUDQRGHVWLQDWHDVRGGLVIDUHODIDPHGHLSLSRYHUL ,Q PROWH ]RQH GHO 3LHPRQWH O·XWLOL]]R GHO TXLQWR TXDUWR FRVWLWXLYD OD SDUWHIRQGDPHQWDOHGHOODFRVLGGHWWD´FHQDGHOPDLDOHµFKHYHQLYDRIIHUWD GDOSDGURQHGLFDVDODVHUDGHOO·XFFLVLRQHGHOO·DQLPDOHHUDFRQTXHOODGHOOD PLHWLWXUDGHOJUDQRXQDGHOOHGXHJUDQGLIHVWHLQFXLODFLYLOWjFRQWDGLQD JLRLYDSHULOSUHPLRDOOHVXHIDWLFKHHO·DLXWRFKHQHGHULYDYDGXUDQWHO·DQQR SHUVRGGLVIDUHO·DSSHWLWR'LFRQVHJXHQ]DSHUWDOHRFFDVLRQHVLLQYLWDYDQR QRQVRORTXHOOLFKHDYHYDQRODYRUDWRSHUFRQIH]LRQDUHLVDOXPLPDDQFKH JOLDPLFLHOHSHUVRQHGLULJXDUGRHODFXRFDGLWXUQRGRYHYDHVVHUHLQJUDGR GLXWLOL]]DUHTXDOVLDVLSDUWHGHOPDLDOH,OFLULELFLSHUHVHPSLRHUDXQSLDWWR GDOQRPHFXULRVRHDOOHJURFKHYHQLYDSUHSDUDWRQHO&DQDYHVDQRLQTXHVWD RFFDVLRQH $SURSRVLWRGLDOWHUQHYLFHQGHFKHKDQQRFDUDWWHUL]]DWRO·LPSLHJRGHOOH FDUQL SRYHUH YD FLWDWR O·HSLVRGLR ´PXFFD SD]]Dµ FKH KD IDWWR VSDULUH SHU TXDOFKHDQQRGDOOHPDFHOOHULHLOFHUYHOORLOPLGROORVSLQDOHOHWULSSHSHU LOSHULFRORFKHTXHVWLWDJOLSUHVHQWDYDQRDFDXVDGHO´SULRQHµO·DJHQWHLQIHW WDQWHXQDSURWHLQDDQRPDODDFFXVDWRGLHVVHUHSUHVHQWHQHLERYLQLQXWULWL FRQPDQJLPLULFDYDWLGDLWHVVXWLGLDQLPDOLQRQLGRQHLDTXHVWRLPSLHJR 2JJL LQYHFH F·q OD WHQGHQ]D D ULYDOXWDUH LO FLER SRYHUR 6FULYH *LDQ /XLJL%HFFDULDVWRULFRGHOODOLQJXDLWDOLDQDQHOVXROLEUR0LVWLFDQ]H´1HL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH SDHVLGHOO·DEERQGDQ]DLOFLERSRYHURWRUQDGLPRGDFRPHVHJQRGLWUDGL ]LRQHHFRQVHUYD]LRQHFRPHFLERSURYYLVWRGLYDORUHVLPEROLFRSHUFKpLQ HVVRVLWHQGHDULFRQRVFHUHXQYDORUHSHUGXWRLOVLPERORGLXQWHPSRVDQR H IHOLFH FKH LQ UHDOWj QRQ q PDL HVLVWLWR ,O FLER ¶SRYHUR· QHOOD VRFLHWj GHOO·DEERQGDQ]DYHGHLQGHEROLWDODVXDYDOHQ]DSXUDPHQWHQXWULWLYDVRQR HQIDWL]]DWLDOWULVLJQLÀFDWLDFFHVVRULµ 6HFRQGROD)DRLOFRPPHUFLRPRQGLDOHGHOOHIUDWWDJOLHGHOOHGLYHUVH VSHFLHDQLPDOLqSDULDTXDVLPLOLRQLGLWRQQHOODWHFRUULVSRQGHQWLDFLUFDLO GHOO·LQWHUDSURGX]LRQHGLIUDWWDJOLHVWLPDWDDOLYHOORPRQGLDOH,OFRQ VXPRqLQDXPHQWRSHUFKpODFULVLHFRQRPLFDIDDSSUH]]DUHVHPSUHGLSLL SURGRWWLFDUDWWHUL]]DWLGDXQSUH]]RFRQWHQXWRPDGDXQYDORUHQXWUL]LRQDOH XJXDOHDTXHOORGHOODFDUQHERYLQD 1(,/,%5,',&8&,1$'(//·2772&(172 1HOOHFXFLQHGL&DVD6DYRLDLOULVSDUPLRHUDG·REEOLJR'LFRQVHJXHQ]D OHIUDWWDJOLHHOHSDUWLPHQRQRELOLGHOOHFDUQLGLYDULDQDWXUDERYLQHVXLQH RYLQHSROODPHHVHOYDJJLQDHUDQRRJJHWWRGLULFHWWHWDOYROWDVRQWXRVDPHQWH HODERUDWH *LRYDQQL9LDODUGLDLXWDQWHFDSRFXRFRGHLUH&DUOR$OEHUWRHGL9LW WRULR(PDQXHOH,,FRQODVXDWUHQWHQQDOHHVSHULHQ]DWUDLIRUQHOOLGHOODUHDO FDVDQRQFKpDWWHQWRRVVHUYDWRUHGHOODFXOWXUDJDVWURQRPLFDSRSRODUH SLHPRQWHVHFLFRQVHJQDQHOVXR7UDWWDWRGLFXFLQDGHOGLYHUVH WHVWLPRQLDQ]H/HULFHWWHDEDVHGLIUDWWDJOLHHDYDQ]LGLFXFLQD VRQRXQFHQWLQDLR´6TXLVLWDIULWWXUDVLJQRULOHSHUJUDQSUDQ ]RµHUDQRJOL´DWHOHWVGHULVGHYHDXHFUHWHVµDVWLFFLROH GL DQLPHOOH GL YLWHOOR FLRq LO WLPR H FUHVWH GL JDOOR /H DQLPHOOHOHFUHVWHGLJDOORFRQOLQJXDVDODWDWDUWXÀELDQFKL IXQJKLFRWWLQHOO·DFHWRYHQLYDQRULGRWWLLQSH]]HWWLTXDGUDWL HLQÀO]DWLLQVSLHGLQLG·DFFLDLRURWRODWLLQVDOVD´DOHPDQGDµ LPSDQDWLHIULWWLGLFRORUHGRUDWR &RQOHDQLPHOOHGLYLWHOORLO9LDODUGLRWWHQHYDDQFKHXQRVTXLVLWRUDJ VHUYLWRFDOGRSHUULSLHQLGLULVRWLPEDOOLHSROHQWH6RQRFRQVLJOLDWHDQFKH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH OH]DPSHGHJOLDQLPDOLGDFRUWLOHOHVVDWHGLVRVVDWHHPDULQDWHLPSDQDWH HIULWWH ,OIHJDWRQRQHUDVROWDQWRURVRODWRHFRWWRQHOEXUURPDDQFKHVWXIDWR EHQLQIDULQDWRIULWWRLQXQWULWRGLODUGRSUH]]HPRORDJOLRDFFLXJKHFDS SHULXQSR·GLFLSROODHYLQRELDQFRHUDIDWWRFXRFHUHFRQVDOHHSHSHVHQ]D HVDJHUDUHQHOFDORUHSHUIDYRULUHODWHQHUH]]D 8QDOWURHFFHOOHQWHSLDWWRHUD´ODWULSSDGLEXHVWXIDWRµOHWULSSHDGH JXDWDPHQWHSUHSDUDWHYDQQRPHVVHLQWHJDPHFRQXQWULWRDEDVHGLFLSROOH FDURWH VHGDQR SUH]]HPROR WLPR ODXUR FKLRGL GL JDURIDQR VDOH H SHSH EXUURHODUGRIULWWRLQQDIÀDWHGDXQOLWURGLYLQRHDOWUHWWDQWRGLEURGREROOLWH DGDJLRFRQXQFRSHUFKLRVXOODSHQWROD$FRWWXUDXOWLPDWDYHQLYDQRVHUYLWH FRQXQDVDOVD´DOOD5REHUWµ 3UHOLEDWLHUDQRLSDODWLFKHSUHYHQWLYDPHQWHSUHSDUDWLHWDJOLDWLLQSH] ]HWWLTXDGUDWLHUDQRVHUYLWLIDUFLWLRSSXUH´DOODSLHPRQWHVHDOJUDWLQµJXDU QLWLFRQXQDIHWWDGL´SRSSDµFRSHUWLGLIHWWHGLODUGRHIDWWLFRORULUHDOIRUQR &HUWDPHQWHODWHVWDGLYLWHOORHLSDODWLGLEXHGRYHYDQRHVVHUHHFFHOOHQWL VHLODSULOHWUHVHWWLPDQHGRSRODSURFODPD]LRQHGHO5HJQRG·,WDOLD DOEDQFKHWWRXIÀFLDOHDYYHQXWRQHO3DOD]]R5HDOHGL7RULQRSHUFHOHEUDUHOR VWRULFRDYYHQLPHQWRIXURQRVHUYLWLDQFKHOD´WrWHGHYHDXjO·DQJODLVHµHOH ´FURTXHWWHVGHSDODLVGHERHXIµ /HULFHWWHSHUOHIUDWWDJOLHGHOO·DJQHOORHGHOPRQWRQHQRQHUDQRWDQWR GLYHUVHGDTXHOOHGHOYLWHOORRGHOEXHPHQWUH´XQDGHOOHPLJOLRULIULWWXUHH GHOOHSLWHQHUHµHUDQRLJUDQHOOLGLPRQWRQHLPSDQDWLHIULWWL 3UHOLEDWHHUDQROHFHUYHOODGLGDLQRHGLFHUYRDQFK·HVVHLPSDQDWHH IULWWH RSSXUH EROOLWH FRQ XQ SR· GL VXJR EXUUR H VHUYLWH FRQ XQD VDOVD D EDVHGLFDSSHUL9LDODUGLQRQGLPHQWLFDO·RFDHDFFDQWRDO´IRLHJUDVµHFFR L ´IHJDWL G·RFD DOOD YHUFHOOHVHµ URVRODWL QHO EXUUR FLSROOD H SUH]]HPROR TXLQGL IDWWL FXRFHUHDGDJLR DJJLXQJHQGRWDUWXÀ ELDQFKL H VHUYLWLVRSUD DG XQEXRQULVRWWR6TXLVLWRHSUH]LRVRLQWLQJRORHUDLO´UDJRXWjODÀQDQFLqUHµ SUHSDUDWRFRQWDUWXÀQHULFUHVWHGLJDOORDQLPHOOHFRWWLLQ´YLQRGL0DUVDO ODµHVHUYLWRFRQIXQJKL&XULRVDqOD´VDOVDDOVDQJXHGLOHSUHµQHOEXUURVL IDQQRVRIIULJJHUHFLSROOHSUH]]HPRORHDJOLRDJJLXQJHQGRXQSR·GLIDULQD GLJUDQRHYHUVDQGRYLSRL´ELFFKLHULGLEXRQYLQR%DUEHUDµHDOWUHWWDQWL GLEURGR6LFRQWLQXDODFRWWXUDFRQXQSR·GLVSH]LHWLPRHODXUR$SDUWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH VLIULJJHLOIHJDWRGHOODOHSUHHVLSHVWDQHOPRUWDLRPHVFRODQGRYLLOVDQJXH TXLQGLVLXQLVFHDOUHVWRHVLVHUYHODVDOVDFDOGD 1HPPHQROHDOLOHFUHVWHLYHQWULJOLLOFROORHLOIHJDWRGHOSROODPH YHQLYDQRPHVVLQHOFRQWHQLWRUHGHLULÀXWL9HQLYDQRIULWWLFRQFLSROOLQHUDSH RIXQJKLHSRLFRWWLQHOEURGRFRVWLWXLYDQRLO´SUHDOHµXQEXRQLQWLQJRORGD VHUYLUHFDOGR 8QGRYHURVRDFFHQQRYDULVHUYDWRDOUHFXSHURGHOOHFDUQLGHULYDQWLGD DUURVWLEROOLWLVHOYDJJLQDYRODWLOLGDFRUWLOH,´FURFFDQWLDOODFLWWDGLQDµVL RWWHQHYDQRXQHQGRJOLDYDQ]LDGHLSH]]LGLOLQJXDVDODWDR´JLDPERQHµR VDODPHHWUDVIRUPDQGRLOWXWWRLQGDGROLQLIDWWLFXRFHUHFRQEXUURREUR GR VLQR D IRUPDUH XQD VDOVD GHQVD FKH D SLFFROH SRU]LRQL YHQLYD SRVWD VXIRJOLHGLFDYROROHVVDWH%LVRJQDYDSRLDYYLOXSSDUHOHIRJOLHGLFDYROR DIRUPDGLSHUDRGLXQDSLFFRODSDOODGDLPSDQDUHHIULJJHUHSHURWWHQHUH XQD ´IULWWXUD HFRQRPLFD EXRQLVVLPDµ /D ´IULWWXUD DOOD FLWWDGLQDµ LQYHFH HUDRWWHQXWDIRUPDQGRWDQWHSDOORWWROHJURVVHFRPHXQDQRFHXWLOL]]DQGRJOL 3»6**/06+,35<;90A0650:;( ,ZHTPUHUKVSLJVZPKKL[[LJHYUPWV]L YL JVU S»HP\[V KLSSL [HILSSL MVYUP[L KHSS»0UYHU0Z[P[\[VUHaPVUHSLKPYPJLYJH HSPTLU[PLU\[YPaPVULWVZZPHTV]LKL YLJOLSLMYH[[HNSPLYHWWYLZLU[HUV\UH ]HSPKHYPZVYZHWLYYPMVYUPYLKPWYV[LPUL HUPTHSP S»VYNHUPZTV \THUV L ZWLU KLYLTLUVZLUaHYPJVYYLYLHSSHZVSP[H ML[[PUH KP ]P[LSSV WP\[[VZ[V JVZ[VZH 3H X\V[HWYV[LPJHuHUHSVNHHX\LSSHKLS SL JHYUP! PUMH[[P VZJPSSH KHS HS LJJL[[V SL JLY]LSSH JOL ZP MLYTHUV HS +HS W\U[V KP ]PZ[H LULYNL[PJV ZVUV WHYHNVUHIPSP HSSL JHYUP THNYL KHSSL HSSL JHSVYPL WLY VNUP NLJJL[[VSHSPUN\HJOLLZZLUKV WP NYHZZH YHNNP\UNL JHSVYPL 7VZZVUVLZZLYJPJVU[YVPUKPJHaPVUPWLY PSJLY]LSSVIV]PUVKH[VS»LSL]H[VJVU [LU\[VKPJVSLZ[LYVSVJPYJHTN WLYVNUPNULPZVNNL[[PJOLZVUV H YPZJOPV KP THSH[[PL JHYKPV]HZJVSHYP 9PZWL[[VHSSHTLKPHKLPJVT\UP[HNSPKP JHYULPSMLNH[VJVU[PLULLSL]H[LX\HU [P[nKP]P[HTPUH(KPMLYYVMHJPSTLU[L \[PSPaaHIPSLKP]P[HTPULKLSJVTWSLZ ZV)LZVWYH[[\[[V]P[HTPUH)6S[YL HSSL WYV[LPUL ULS MLNH[V ULS YLUL JVT\ULTLU[L JOPHTH[V YVNUVUL L ULS [PTV JVT\ULTLU[L JOPHTH[V HUPTLSSHZVUVWYLZLU[PU\JSLVWYV[LP UL JOL ULS SVYV TL[HIVSPZTV KHUUV JVTLWYVKV[[VÄUHSLS»HJPKV\YPJVWLY J\PX\LZ[PHSPTLU[PKV]YLIILYVLZZLYL N\Z[H[P JVU H[[LUaPVUL KHSSL WLYZVUL JOLZVMMYVUVKPH[[HJJOPKPNV[[HLJOL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH DYDQ]LGLFDUQHWULWDWLFRQSUH]]HPRORDJOLRIRUPDJJLRVSH]LH'RSRDYHU SDVVDWRTXHVWHSDOORWWROHQHOO·XRYRVEDWWXWRYHQLYDQRIULWWHQHOO·ROLR 8Q·DOWUD WHVWLPRQLDQ]D GHOOD FXFLQD GHOO·2WWRFHQWR SLHPRQWHVH FL SURYLHQHGD)UDQFHVFR&KDSXVRWFXRFRDOVHUYL]LRGL5DOSK'·$EHUFURP E\DPEDVFLDWRUHG·,QJKLOWHUUDD7RULQRDXWRUHGHOOLEUR/DFXFLQDVDQD HFRQRPLFDHGHOHJDQWHUHFHQWHPHQWHULVWDPSDWRQHOO·HGL]LRQHGHO GDOO·HGLWRUH GL 7RULQR 'DQLHOD 3LD]]D FRQ OD VXSHUYLVLRQH GHO FRPSLDQWR 'RPHQLFR0XVFLHGHO&HQWUR6WXGLGHO3LHPRQWHGHOO·$FFDGHPLD,WDOLDQD GHOOD&XFLQD)UDQFHVFR&KDSXVRWSULYLOHJLDLSLDWWLSLFRQVRQLDOODVRFLHWj LQWHUQD]LRQDOHHVVHQGRLQFRQWDWWRFRQO·DULVWRFUD]LDHODPLJOLRUHERUJKH VLD 6L WUDWWD GL XQD FXFLQD UHDOL]]DWD GDOOD QRELOWj H GDOOH IDPLJOLH DJLDWH GHOO·HSRFDSHUzLOWHVWRKDLOSUHJLRGLSUHVHQWDUHXQDVHULHGLSLDWWLGLIDFLOH HVHFX]LRQHHQHOORVWHVVRWHPSRHOHJDQWL6RQRSUHVHQWLULFHWWHGHGLFDWHDOOH IUDWWDJOLHHDOOHFDUQLSRYHUHXWLOL]]DQGRIHJDWRURJQRQLDQLPHOOHFHUYHOOD GLYLWHOORFRQSXQWHG·DVSDUDJLVDQJXLQDFFLDOO·LWDOLDQDWHVWLQDGLYLWHOOR WYLZLU[HUV NPn UVYTHSTLU[L [HZZP LSL]H[P KP HJPKV \YPJV 3L JVT\UP[n ZJPLU[PÄJOLJOLZPVJJ\WHUVKPU\[YP aPVUL \THUH YHJJVTHUKHUV ZLTWYL KP ]HYPHYL SH WYVWYPH HSPTLU[HaPVUL YPJVYYLUKVH]HYPLMVU[PHUPTHSPL]LNL [HSPWLYZVKKPZMHYLSLULJLZZP[nWYV[LP JOL KLSS»VYNHUPZTV L SL MYH[[HNSPL SL PU[LYPVYHSLJHYUPWV]LYLPUNLULYHSL ZVUV WYVKV[[P JOL OHUUV \U ZHWVYL NYHKL]VSLJVZ[HUVWVJVZPWYLZ[HUVH U\TLYVZL WYLWHYHaPVUP J\SPUHYPL WLY J\P]HSLSHWLUHJVUVZJLYSLTLNSPVWLY HWWYLaaHYLPUVWWVY[\ULKVZPSLSVYV JHYH[[LYPZ[PJOL KP N\Z[V L KP ZHWVYL *VU[YHYPHTLU[L HSSL JHYUP PU NLULYL JOL HJX\PZ[HUV TPNSPVYL ZHWVYL L THNNPVYLKPNLYPIPSP[nX\HUKVZVUV[YH ZJVYZP HSJ\UP NPVYUP KHSSH THJLSSHaPV ULSLMYH[[HNSPLKL]VUVLZZLYLJ\JPUH[L ,WLQHUDULGL&XOWXUD*DVWURQRPLFD MYLZJOPZZPTLÏJVT\UX\LVWWVY[\UV WYLZ[HYL H[[LUaPVUL ULSSH ZLSLaPVUL KLSSL MVU[P KP HWWYV]]PNPVUHTLU[V L WYLKPSPNLYL NSP HSSL]HTLU[P P[HSPHUP ULP X\HSP SH KPZJPWSPUH WLY SH J\YH VYTVUHSLLPJVU[YVSSP]L[LYPUHYPZVUV YPNPKPLZL]LYHTLU[LH[[\H[P3LMYH[[H NSPLZVUVVYNHUPLJVTL[HSPWVZZVUV Z\IPYLS»HaPVUL[VZZPJHLPSKLWVZP[VKLP MHYTHJP L KLP JVU[HTPUHU[P L]LU[\HS TLU[LWYLZLU[PULPTHUNPTP 0S SH]VYV Z]VS[V KHNSP HSSL]H[VYP KLSSH 9HaaHIV]PUHWPLTVU[LZLYHWWYLZLU[H \ULZLTWPV]PY[\VZVKPJVTLPSTPNSPV YHTLU[VKLSSHWYVK\aPVULWVZZHHUKH YLHIYHJJL[[VJVUSHM\UaPVUHSP[nLPS ILULZZLYL KLNSP HUPTHSP 8\LZ[V [PWV KPJHYULVNNPuNHYHU[P[VKHSTHYJOPV *V(S=P *VUZVYaPV KP [\[LSH KLSSH 9HaaH7PLTVU[LZL 3LHPRQWH 81$&8&,1$3$56,021,26$0$68&&8/(17$ /DÀQDQ]LHUDqXQSLDWWRSLHPRQWHVHGLRULJLQHSRSRODUHHLQFHUWDODWUD GL]LRQHYXROHFKHVLDSUHVHQWHQHLPHQXGRPHVWLFLÀQGDO6HLFHQWR6HQ]·DO WURVLWUDWWDGLXQSLDWWRQDWRDOO·LQVHJQDGHOODSDUVLPRQLDFRPHUHFXSHURGL LQJUHGLHQWLFKHGLVROLWRYHQJRQRVFDUWDWLFUHVWHGLJDOORIUDWWDJOLHHULWDJOL GL SROORDQLPHOOHFXFLQDWLVHSDUDWDPHQWHLOWXWWROHJDWRFRQXQ·DSSRVLWD VDOVDDURPDWL]]DWDFRQYLQR0DUVDODVHFFREURGRIDULQDHVRWWDFHWL/DSRV VLELOLWjGLLQWHJUDUODFRQIXQJKLHWDUWXÀQHULFRQVHQWHXQDJUDQGHYDULHWjGL LQWHUSUHWD]LRQL,QFRQVLGHUD]LRQHGHOO·RWWLPRVDSRUHHGHOO·RULJLQDOLWjGHOOD ULFHWWDLOSLDWWRLQTXHVWLRQHYHQQHSRLGLIIXVRDOODFRUWHGHL6DYRLDJUD]LH DLFXRFKLDVWLJLDQLDOVHUYL]LRGHOGXFD&DUOR(PDQXHOH, ,OQRPH´ÀQDQ]LHUDµYHUUjQHLVHFROLVXFFHVVLYLSHUFKpJOLHVSRQHQWL GHOO·DOWD ÀQDQ]D FKH VL FRQVLGHUDYDQR GHL EXRQJXVWDL OR JUDGLYDQR H OR RUGLQDYDQR DO ULVWRUDQWH GHO &DPELR D GXH SDVVL GD 3DOD]]R &DULJQDQR ,OQRPHGHULYDSURSULRGDTXHVWLIXQ]LRQDULJRYHUQDWLYLFKHHUDQRYHVWLWLLQ ÀQDQ]LHUDYDOHDGLUHXQVHYHURDELWRVFXUROXQJRDGRSSLRSHWWRGHWWR DQFKH´VWLIHOLXVµ,IUDQFHVLDPDQRDVVXPHUVLODSDWHUQLWjGLTXHVWRSLDWWR ULWHQXWRDQFKHXQDVDOVDPDQRQKDQQRGRFXPHQWLGDHVLELUHLQDSSRJJLR 6FULYH 0DVVLPR$OEHULQL QHO YROXPH 3LHPRQWHVL D WDYROD GHO ´/DÀQDQ]LHUDqFKLDPDWDWDOYROWDVDOVDPDLO9LDODUGLGDQGRQHXQDULFHW WDDSSHVDQWLWDFKHFKLDPD´ÀQDQFLqUHµXVDLOWHUPLQHSLDSSURSULDWRGL ¶UDJRXW·$OHVVDQGUR'XPDVDGRSHUDORVWHVVRWHUPLQHQHOVXRPRQXPHQWD OH*UDQGGLFWLRQDLUHGHODFXLVLQHµ ,OFXRFRGL&DUOR$OEHUWRSDUWHGDXQ´IRQGRµGL0DGHUDGLFRORUEUX QRSLVDOVDVSDJQRODHLQTXHOYHURHSURSULRFRFNWDLOGLLQWLQJROLPHWWH GHQWURWDUWXÀDGDGLQLXQDYHQWLQDGLTXHQHOOHHFLRqSROSHWWLQHDEDVH GL FDUQL GLYHUVH SROOR VHOYDJJLQD YLWHOOR IDULQD H XRYD GLYHUVL IXQJKL D SH]]HWWL SL VSH]LH H VDOH 6TXLVLWLVVLPR H SUH]LRVR LQWLQJROR VFULYH LO SURYYHGLWRUHGLERFFDGHL6DYRLDGDVHUYLUVLSHUULSLHQLHJXDUQLWXUH1p VL SXz GDUJOL WRUWR &·q VROWDQWR GD FKLHGHUVL GRYH WURYDVVHUR L EDQFKLHUL OHJJHUH]]DHIDFLOHGLJHULELOLWjLQXQFLERFRVuULFFRHFRPSRVLWRWDQWRSL FKHDOORUDFRPHRJJLODÀQDQ]LHUDDYHYDELVRJQRGHOVXSSRUWRGLXQULVRWWR ELDQFRFRQGLWRFRQEXUURHIRUPDJJLRRSSXUHFRVDQRQFHUWRDJHYROHD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH XQDUDSLGDGLJHVWLRQHGLXQWLPEDOORGLSDVWDVIRJOLD3HFFDWRFKHPDQFKL QR L PHQX GHOO·HSRFD DO ULVWRUDQWH GHO &DPELR 7XWWDYLD YLHQH VSRQWDQHR SHQVDUHFKHXQSLDWWRVLPLOHVDUHEEHSLDFLXWRDOFRQWHGL&DYRXUIRUVHSL GHOOD´OHSUHDOODUHDOHµRGHL´IDJLDQLjODEUDLVHµDLTXDOLFRPHFDVWHOODQR GL*ULQ]DQHHGL6DQWHQDDYHYDGLULWWRLQPHPRULDGHOSULYLOHJLRIHXGDOH (IIHWWLYDPHQWHODÀQDQ]LHUDSXzVWDUHDVpQHOODVHULHGHJOLDQWLSDVWLRSXz ULHPSLUHL´YRODXYHQWµFRPHXQDVDOVD ),1$1=,(5$ ,QJUHGLHQWLSHUSHUVRQHJGLLQWHULRUDGLSROORWUDFXLLQSUHYDOHQ]DIHJD WLQLFUHVWHHEDUJLJOLGLJDOOHWWRRYHWWHJGLSROSDGLPDQ]RJGLYLWHOOR JGLÀORQLGLYLWHOORJGLDQLPHOOHGLYLWHOORJGLEXUURDFHWR0DUVDOD VHFFRIDULQDIXQJKHWWLVRWWDFHWRVDOHSHSH]XFFKHUR 3UHSDUD]LRQH4XHVWRFDSRODYRURGHOODFXFLQDLWDOLDQDULFKLHGHXQDFHUWDSD]LHQ ]D GDWR FKH RFFRUURQR WUDWWDPHQWL H FRWWXUH GLYHUVH SHU OH YDULH FRPSRQHQWL 6EROOHQWDUHO·DQLPHOODHSRLIDUODUDIIUHGGDUHVRWWRDFTXDFRUUHQWH3XOLUODWRJOLHQ GRWXWWHOHSHOOLFLQHHWDJOLDUODDIHWWLQH6EROOHQWDUHDQFKHFUHVWHHEDUJLJOLVSUX] ]DUOLGLVDOHVSHOODUOLVWURSLFFLDQGROLHQHUJLFDPHQWHFRQXQWHORWDJOLDUOLLQGXH HODVFLDUOLLQDFTXDIUHGGDFDPELDQGRODRJQLWDQWR9HUVDUHOHRYHWWHLQDFTXDERO OHQWHVFRODUOHHWRJOLHUHODSHOOLFLQDHVWHUQD7DJOLDUHDSH]]HWWLOHFDUQLHLIHJDWLQL 6FDOGDUH LO EXUUR LQ XQ WHJDPH XQHQGR SRL OH FDUQL OHJJHUPHQWH LQIDULQDWH $VSHWWDUHFKHSUHQGDQRFRORUHTXLQGLDJJLXQJHUHSRFRVDOHHSHSH,QILQHXQLUH ILORQLFUHVWHEDUJLJOLSRLRYHWWHDQLPHOOHIHJDWLQLLIXQJKLDSH]]HWWLEHQVWUL]]DWL HFXFFKLDLGLDFHWR0HVFRODUHVIXPDUHHDJJLXQJHUHDOWUHWWDQWRYLQR0DUVDOD $VSHWWDUHFKHDQFKHTXHVWRVIXPLTXLQGLDJJLXQJHUHPH]]RFXFFKLDLQRGL]XFFKHUR 5LFHWWD WUDWWD GD 9LQFHQ]R %XRQDVVLVL /D FXFLQD GHJOL LWDOLDQL (G ,GHD /LEUL &LWLDPRDOFXQLORFDOLGRYHqSRVVLELOHJXVWDUHODÀQDQ]LHUD´9LROHWWDµ D&DODPDQGUDQDH´9HFFKLD&DUUR]]DµDG$VWL´0RQIHUUDWRµH´*XIR%LDQ FRµD7RULQR ,OIULWWRPLVWRSLHPRQWHVHFRQRVFLXWRDQFKHFRQODVHPSOLFHGHQRPL QD]LRQHGL´IULFLDµqXQSLDWWRGLRULJLQHDQWLFDHFRQWDGLQDEDVDWRVXOOD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH FRWWXUD GL FDUQL SRYHUH H IUDWWDJOLH LQ DEERQGDQWH JUDVVR PROWR FDOGR LQ PRGRFKHTXHVWHUDJJLXQJDQRXQDOLHYHGRUDWXUD6LWUDWWDGLXQSLDWWRGLIIX VRLQPROWHUHJLRQLLWDOLDQHSHUzTXHOORSLHPRQWHVHqFDUDWWHULVWLFRSHUFKp DEELQDLOGROFHDOVDODWRVLLQFURFLDQRODULFFKH]]DGHOOHFDUQLFRQO·DURPD VHPSOLFHGHOOHPHOHHGHOVHPROLQRGROFHGHWWR´SXOHQWDGXVVDµSROHQWD GROFHLOVDODWRGHOOHIUDWWDJOLHFRQLOVDSRUHSLDFHYROHGHJOLDPDUHWWL/D VXDLQYHQ]LRQHYLHQHPHVVDLQUHOD]LRQHFRQLOULWRGHOODPDFHOOD]LRQHGHO PDLDOHHFRQO·LQJHJQRGHOOHFXRFKHGLDOORUDFRVWUHWWHDGHFRQRPL]]DUHVX WXWWR*OLDQLPDOLGLJURVVDWDJOLDFRPHLOPDLDOHHLOYLWHOORQHOOHIDPLJOLH SLDEELHQWLGRSRODPDFHOOD]LRQHULJRURVDPHQWHIDWWDLQFDVDYHQLYDQR VXGGLYLVLDOO·LQWHUQRGHOODIDPLJOLDDOORUDSDWULDUFDOHRGHVWLQDWLDOODYHQ GLWD&LzFKHUHVWDYDLQWHULRUDHVDQJXHYHQLYDQRXVDWLSHUXQFRORVVDOH EDQFKHWWRFKHLQWHUURPSHYDODPRQRWRQLDHO·DXVWHULWjFKHFDUDWWHUL]]DYDQR LPHQXLQYHUQDOL'DTXLLOGHWWR´WXWDYHQDWDLÀQDM·RQJHSDUSOqO·DMµ WXWWRWRUQDXWLOHSHUVLQROHXQJKLH 3HULOIULWWRPLVWRDOODSLHPRQWHVHQHOFRUVRGHJOLDQQLVRQRDYYHQXWL GLYHUVLPXWDPHQWLQHOODOLVWDGHJOLLQJUHGLHQWL2JJLLQIDWWLQRQVLXWLOL]]D SLFLzFKHVLKDDGLVSRVL]LRQHPDVLYDGDOPDFHOODLRDRUGLQDUHFLzFKH VHUYH/·DQWLFDFRPSRVL]LRQHGHOIULWWRPLVWRFRPSUHQGHYDDQLPHOOHÀORQL SROPRQHFHUYHOODURJQRQHVDOVLFFLDIHJDWREDWVXjWHVWLFRORJULYHVDQ JXLQDFFLRFDURWHDOEXUUR/DYHUVLRQHSLDWWHQGLELOHGLRJJLLQYHFHqTXHO ODGHOOH´SDGHOOHµIHWWLQDGLFRVFLDLPSDQDWDFHUYHOODÀORQLDQLPHOOD SROPRQH FKLDPDWR ´IULWWXUD ELDQFDµ IHJDWR FKLDPDWR ´IULWWXUD QHUDµ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qFRQWHPSODWRO·XVRGHOOLPRQH 8QDYROWDVLIULJJHYDQHOORVWUXWWRGLPDLDOHSRLVLSDVVzDOEXUURRJJL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH VLIULJJHQHOO·ROLRH[WUDYHUJLQHGLROLYDGDOVDSRUHGHOLFDWRFRPH TXHOOROLJXUHRGHO*DUGD ,OIULWWRPLVWRPHWWHDOODSURYDODEUDYXUDGLFKLVWDDLIRUQHOOL SHUFKpSHUFXFLQDUHFRQWHPSRUDQHDPHQWHPROWLLQJUHGLHQWLGLYHUVL ELVRJQD VDSHUVL PXRYHUH LQ FXFLQD H DYHUH LO VHQVR GHOOD FRWWXUD ,QIDWWLLOIULWWRYLHQHVHUYLWRJHQHUDOPHQWHLQVHUYL]LRGLLQJUH GLHQWLSHUYROWDFHQHGHYHHVVHUHVHPSUHXQRGROFHFKHGHYRQR DUULYDUHLQWDYRODEROOHQWLHFURFFDQWLVHQ]DWUDFFLDGLXQWR $OFXQHQRWHWHFQLFKHOHLQWHULRUDWUDQQHLOIHJDWRYDQQRVEROOHQ WDWHLQDFTXDHDFHWRHSULYDWHGHOODSHOOLFLQDWXWWLJOLLQJUHGLHQWLYDQQR SDVVDWLSULPDQHOO·XRYRVEDWWXWRHSRLQHOSDQHJUDWWXJLDWRWUDQQHLOIHJD WRFKHYDVRORLQIDULQDWRHOHFDURWHFKHYDQQRVRORWDJOLDWHDEDVWRQFLQL /DVDOVLFFLDQRQSUHYHGHLPSDQDWXUD6LIULJJHWXWWRLQROLRSURIRQGRWUDQQHLO IHJDWRODFHUYHOODHOHFDURWHFKHYDQQRVDOWDWLQHOEXUURHODVDOVLFFLDFKHVL FXRFHLQSRFRROLRSHUFKpqJLjQDWXUDOPHQWHULFFDGLJUDVVR6LVDODVRORDÀQH IULWWXUDGRSRDYHUSDVVDWRLOIULWWRVXOODFDUWDDVVRUEHQWH 2OWUHFKHXQDIHVWDLQWDYRODLOIULWWRqXQDIHVWDVHQVRULDOHFKHLQYHVWH LO JXVWR SHU LO VXR VDSRUH VTXLVLWR O·ROIDWWR SHU OD VXD IUDJUDQ]D OD YLVWD SHULOVXRDVSHWWRDFFDWWLYDQWHHDQFKHO·XGLWRSHULOFDUDWWHULVWLFRVIULJROLR GHOO·ROLRSUHVDJLRGLFURFFDQWH]]D,YLQLG·DFFRPSDJQDPHQWRFRQVLJOLDWL VRQR%DUEHUDG·$VWL)UHLVDVHFFD*ULJQROLQR)UDLYLQLELDQFKL(UEDOXFH GL&DOXVR$UQHLV /D WULSSD UDSSUHVHQWD XQ SLDWWR WUDGL]LRQDOH LQ PROWH UHJLRQL LWDOLD QH3LHPRQWHFRPSUHVR6LWUDWWDGLXQDIUDWWDJOLDFRVWLWXLWDGDOODSDUWHGL DSSDUDWRGLJHUHQWHGHOERYLQRFRPSUHVDWUDHVRIDJRHVWRPDFRHKDRULJLQL DQWLFKH/DFRQVXPDYDQRL*UHFLGRSRDYHUODFXFLQDWDVXOODEUDFHPHQWUHL 5RPDQLSUHSDUDYDQROH´VDOVLFFHGLWULSSDµ /·XWLOL]]RGHOODWULSSDqVHPSUHFRQGL]LRQDWRGDOODSXOLWXUDHGDOODERO OLWXUD6LSXzDFTXLVWDUHODSDUWHGHOUXPLQHDIRUPDGLVDFFRGHWWDDQFKH ´WULSSDFURFHFURFHWWDSDQFLDWULSSDOLVFLDREXVHFFDµGHOO·RPDVRGHWWD ´FHQWRSHOOLRIRLRORµGHOUHWLFRORGHWWD´FXIÀDQLGRG·DSHERQHWWRREHUHW WDµ7HPSRIDHUDGLIÀFROWRVRUHSHULUHODWULSSDJLjSXOLWDHSURQWDSHUHVVHUH FXFLQDWD2JJLLQYHFHSXOLWXUDVJURVVDWXUDHEROOLWXUDYHQJRQRVYROWHQRQ SLGDOPDFHOODLRPDDOLYHOORLQGXVWULDOH$]LHQGHVSHFLDOL]]DWHIRUQLVFRQR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH WULSSD R IRLROR FRWWL R FUXGL FRQVHUYDWL VRWWRYXRWR D YROWH JLj WDJOLDWL D OLVWDUHOOH4XDQWRDOODVXDFRQVHUYD]LRQHqSUHIHULELOHWHQHUHODWULSSDLQ IULJRULIHURPDVVLPRRUHGDOO·DFTXLVWRLPPHUVDLQDFTXDDIÀQFKpQRQ LQJLDOOLVFD 1RQRVWDQWH O·DVSHWWR SL JUDGHYROH FKH KD OD WULSSD ´ELDQFDµ qEHQHSUHIHULUHTXHOOD´JULJLDµRSLVFXUDFKHKDVXELWRXQJLXVWRODYDJ JLRHXQDOHJJHUDVFRWWDWXUDLQIDWWLSHURWWHQHUHODWULSSDELDQFDVLXVDQR GHWHUJHQWLFKLPLFLHOHVVDWXUHHFFHVVLYHFKHÀQLVFRQRSHUDOWHUDUQHOHTXDOLWj RUJDQROHWWLFKHUHQGHQGRODSLXWWRVWRLQVDSRUH ,QFXFLQDODWULSSDQRQKDVFDUWRPDWHQGHDULGXUVLFRQODFRWWXUDË SUHIHULELOHTXLQGLDXPHQWDUHOHSRU]LRQLDOPRPHQWRGHOO·DFTXLVWR2FFRUUH WHQHUSUHVHQWHFKHKDXQFRQWHQXWRSLXWWRVWRHOHYDWRGLSURWHLQHH EDVVRLQJUDVVL /HULFHWWHDEDVHGLWULSSDVRQRQXPHURVHHVSDUVHLQRJQLUHJLRQH7UD TXHOOHIDPRVHLQ3LHPRQWHF·qODWULSSDGL0RQFDOLHUL´WULSDG·0RQFDOqµ6L WUDWWDGLXQVDOXPHFRWWRFRQIH]LRQDWRFRQUXPLQHHUHWLFRORGHLUXPLQDQWLH FRQORVWRPDFRGHLVXLQL/HFDUQLYHQJRQROHVVDWHHTXLQGLSUHVVDWHLQDSSRVLWL VWDPSLSULPDGLHVVHUHLQVDFFDWH+DFRORUHURVDWRHOXQJKH]]DGLFLUFDFP FRQXQGLDPHWURGLFPUDUDPHQWHÀQRDFP,QJHQHUHVLFRQVXPD FRPHDQWLSDVWRWDJOLDWDDIHWWHVRWWLOLHFRQGLWDFRQROLROLPRQHDJOLRSUH] ]HPRORHSHSHRSSXUHSLVHPSOLFHPHQWHWDJOLDWDDGDGLQLHFRQGLWDFRQVDOH ,QSDVVDWRHVLVWHYDD0RQFDOLHULOD´0DJQLÀFD&RPXQLWjGHL7ULSSDLµD GLPRVWUD]LRQHGHOO·LPSRUWDQ]DFKHDYHYDODFRUSRUD]LRQHGHJOLDUWLJLDQLFKH HVHUFLWDYDQR TXHVWD ODYRUD]LRQH 1HO SHU ´WUDPDQGDUH JOL DQWLTXL HW QRYLVHJUHWLGHOD3LHPRQWHVHH,WDOLFDPHQVDµqVWDWDFRVWLWXLWDOD´9HQHUDEL OH&RQIUDWHUQLWDG·OD7ULSD·G0RQFDOqµ$ÀQHRWWREUHVLFHOHEUDXQDJUDQGH PDQLIHVWD]LRQH´)HUDGLMVXELqWµÀHUDGHLÀVFKLHWWLDULFRUGRGLXQDSURWHVWD SRSRODUHGRYHVLFXRFLRQRSLGLNJGLWULSSDLQXQ·HQRUPHSHQWROD GDOGLDPHWURGLPHWUL 5LFRUGLDPRSRLODWULSSDDOODVDYRLDUGDXQD PLQHVWUD LQ EURGR RWWHQXWD FRQ WULSSD FRWWD D OLVWDUHOOH SHU DOPHQR WUH RUH YHUGXUH PLVWH WULWDWHVHFRQGROHSUHIHUHQ]HGHOFXRFRSROSDGL SRPRGRULDFFRPSDJQDWDGDIRUPDJJLRJUDQDR SDUPLJLDQRJUDWWXJLDWRHVHUYLWDIXPDQWH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH 75,33$$//·$67,*,$1$ ,QJUHGLHQWLNJGLWULSSDPLOOHIRJOLRQLGRG·DSHRURWRQGLQRJGLPDPPHOOD GLYLWHOORXQR]DPSHWWRGLPDLDOHJGLODUGRSHVWDWRXQDIHWWDGLSURVFLXWWRFRWWR FXFFKLDLGLROLRG·ROLYDXQDFDURWDXQDFLSROODDOORURURVPDULQRWLPRSDWDWH WDJOLDWHDGDGLPH]]RELFFKLHUHGL0DUVDODVHFFRFXFFKLDLGLVXJRGLSRPRGRUR XQOLWURGLEURGRGLFDUQHJGLIDJLROLOHVVDWLJUDQDSDGDQR 3UHSDUD]LRQH/DYDUHODWULSSDHODPDPPHOODHWDJOLDUOHDSLFFROHOLVWHVRWWLOL6RI IULJJHUH QHOO·ROLR LO WULWR GL ODUGR H SURVFLXWWR$JJLXQJHUH DO VRIIULWWR OD WULSSD OD PDPPHOODOR]DPSHWWRGLPDLDOHWDJOLDWRDSH]]LHOHYHUGXUH,UURUDUHLOWXWWRFRQ LO0DUVDODHODVFLDUFXRFHUHHGHYDSRUDUH$JJLXQJHUHSRLLOSRPRGRURHLOEURGR 6DODUH H SHSDUH /DVFLDU FXRFHUH SHU DOPHQR RUH D IXRFR OHQWR$ PHWj FRWWXUD DJJLXQJHUH L IDJLROL /D WULSSD DQGUj VHUYLWD IXPDQWH VSROYHUDWD GL JUDQD SDGDQR 5LFHWWDGHOODWUDWWRULD´9HFFKLD6DOHUDµGL$VWL /$75$',=,21('(/5,87,/,==2 /DFXFLQDPROWRSDUVLPRQLRVDGLXQWHPSRLQGXFHYDOHPDVVDLHDQRQ VSUHFDUHQLHQWH1HO%LHOOHVHJOLHVHPSLGLFXFLQDSRYHUDVRQRPROWLHDOFXQL VLWURYDQRLQWDYRODDQFRUDRJJL&LWLDPRODPLO]DULSLHQDSUHIHULELOPHQWHGL YLWHOORSUHSDUDWDXWLOL]]DQGRXQULSLHQRGLUHFXSHURDYDQ]LGLEROOLWRRGL DUURVWRSH]]LGLVDODPHDYDQ]LGLULVRWWRFRQIH]LRQDWDFRPHXQDUROODWLQD HFRWWDFRPHXQDUURVWRFRQLFODVVLFLDURPL3UH]LRVLSHUSUHSDUDUHVHPSOLFL PDVDSRULWLPDQLFDUHWWLVRQRJOLDYDQ]LGLFXFLQDFRPHLUDPOHMULSLHQLGL ÀRULGL]XFFDHFLSROOH6LXWLOL]]DQRDYDQ]LGLDUURVWRGLYLWHOORGLSROOR VDODPHFRWWRFRQO·DJJLXQWDGLXQDSDJQRWWDUDIIHUPDLQ]XSSDWDQHOODWWH XQSXJQRGLSUH]]HPRORELHWROHHDJOLR,OWXWWREHQWULWDWRHDPDOJDPDWR FRQXRYDIRUPDJJLRJUDQDJUDWWXJLDWRXQSR·GLVXJRG·DUURVWR&RQTXHVWR LPSDVWRVLULHPSLRQRLÀRULGL]XFFDFUXGLFKHGHYRQRHVVHUHIULWWLQHOEXUUR PHQWUHOHFLSROOHSUHFHGHQWHPHQWHOHVVDWHWDJOLDWHDPHWjHVYXRWDWHYDQQR FRWWHQHOIRUQR6LDLÀRULGL]XFFDFKHOHFLSROOHYDQQRVHUYLWLEHQFDOGL DQFKHQHOORVWHVVRSLDWWR5DFFKLXGHQGRPXFFKLHWWLGHOULSLHQRVXGGHWWRLQ IRJOLH GL FDYROR DPPRUELGLWH LQ DFTXD EROOHQWH VL SRVVRQR FRQIH]LRQDUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH LQYROWLQLGHWWLFDSXQLWGDIULJJHUHQHOEXUUR1HOO·DPELWRGHOOHFDUQLSRYH UH LO EROOLWR PLVWR SLHPRQWHVH KD FDUDWWHULVWLFKH SDUWLFRODUL SHUFKp YLHQH SUHSDUDWRVLDFRQWDJOLGLFDUQHERYLQDGLSULPDTXDOLWjVLDFRQWDJOLSRFR SUHJLDWLLFRVLGGHWWL´RUQDPHQWLµFRPHODWHVWLQDODOLQJXDODFRGDLOÀRF FRGLSXQWD,OEROOLWRPLVWRSLHPRQWHVHLQROWUHKDPDQWHQXWRO·LPPDJLQH GLSLDWWRULFFRGHOODIHVWDSHUFKpYDFXFLQDWRFRQSRU]LRQLDEERQGDQWLHJOL DYDQ]LSRVVRQRHVVHUHXWLOL]]DWLLQYDULHSUHSDUD]LRQLVHQ]DGLUHGHOEURGR FKHLQFXFLQDWURYDQXPHURVHSRVVLELOLWjGLULXWLOL]]R 3DUWHLQWHJUDQWHGHOEROOLWRPLVWRqODOLQJXDGLYLWHOORHOHVXHFDUQL JXVWRVHSRVVRQRHVVHUHXWLOL]]DWHFRQLOFODVVLFREDJQHWWRYHUGHFKHLQ3LH PRQWHVLRWWLHQHEDJQDQGRODPROOLFDGLSDQHFRQO·DFHWR6XFFHVVLYDPHQWH ODPROOLFDYDVWUL]]DWDHXQLWDDGDJOLRWULWDWRSUH]]HPRORDFFLXJDWXRUOR G·XRYRVRGRVEULFLRODWR6LDPDOJDPDLOWXWWRHVLFRQGLVFHFRQROLRH[WUD YHUJLQHVDOHHSHSH /DOLQJXDVLSXzFXFLQDUHDQFKHGDVROD,QTXHVWRFDVROHULFHWWHSUHYH GRQROLQJXDLQVDOVDYHUGHFRQYHUGXUHHRGRULOLQJXDLQVDOVDURVVDFRQ SRPRGRURHSHSHURQHOLQJXDDOJLDUGLQRFKHQHLGHFHQQLVFRUVLSUHVVROH IDPLJOLHPHQRDEELHQWLVRVWLWXLYDWDJOLDWDDIHWWLQHLOURWRQGLQRGLYLWHOOR SLXWWRVWRFRVWRVRSHUODSUHSDUD]LRQHGHO´YLWHOORWRQQDWRµODOLQJXDVDO PLVWUDWDFKHYLHQHJXVWDWDDIHWWHGLVROLWRFRPHDQWLSDVWRXQLWDPHQWHDG DOWULVDOXPL/DVDOPLVWUDWXUDqXQPHWRGRDQWLFRFRQFXLYHQLYDFRQVHUYDWD /,1*8$8%5,$&$ ,QJUHGLHQWL J GL OLQJXD GL ERYLQR FLSROOH XQD FDURWD XQ JDPER GL VHGDQR IRJOLHGLDOORURJGLIXQJKLVHFFKLELFFKLHULGL%DUEHUDVXSHULRUHXQFXFFKLDLRGL IDULQDXQDQRFHGLEXUURPH]]RELFFKLHUHGLROLRH[WUDYHUJLQHVDOHSHSH 3UHSDUD]LRQH5LHPSLUHG·DFTXDXQDSHQWRODDGDWWDHSRUWDUHDEROORUHVDODUHHXQLUH O·DOORURHODOLQJXD0HWWHUHDEDJQRLIXQJKLLQDFTXDWLHSLGD&XRFHUHODOLQJXDSHU PLQXWLSRLVFRODUODHVSHOODUOD)DUHXQWULWRFRQOHYHUGXUHHODVFLDUOHDSSDVVLUHLQ XQWHJDPHODUJR8QLUHODOLQJXDWDJOLDWDDIHWWHGHOORVSHVVRUHGLFPIDUODURVRODUH DJJLXQJHUHLIXQJKLSXOLWLHEHQVWUL]]DWL)DUOLVFRWWDUH,UURUDUHFRQLOYLQRHIDUOR VIXPDUHDIXRFRYLYDFH$PDOJDPDUHLOEXUURFRQODIDULQDHDJJLXQJHUORDOVXJRSHU IDUORDGGHQVDUH6DODUHHSHSDUHHIDUVREEROOLUHSHUPLQXWL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH ODOLQJXDËVWDWRLQYHQWDWRQHO;,9VHFRORGDOSDVWRUHÀDPPLQJR:LOKHOP %URNHO VHUYLYD DOOD FRQVHUYD]LRQH GHO SHVFH PD YLVWD OD VXD YDOLGLWj VL q HVWHVR DQFKH DOOH FDUQL &RQ LO WHUPLQH ´VDOPLVWUDUHµ VL LQWHQGH WUDWWDUH ODFDUQHERYLQDHVXLQDFRQXQFRPSRVWRFRVWLWXLWRGDFORUXURGLVRGLR QLWULWRHVDOQLWUR,OVDOHVRWWUDHXPLGLWjDOODFDUQHSUROXQJDQGRQHODFRQ VHUYDELOLWj(VLVWRQRGXHWLSLGLVDOPLVWUDWXUDTXHOORDVHFFRFKHFRQVLVWH QHOORVIUHJDUHODFDUQHFRQXQDPLVFHODGLVDOHHVDOQLWUR'RSRVHWWLPDQH ODFDUQHqUHODWLYDPHQWHVHFFDHSXzHVVHUHFRQVHUYDWDDOXQJR3HUTXHOOR LQ VDODPRLD ELVRJQD LUURUDUH OD FDUQH FRQ XQD VROX]LRQH VDWXUD GL DFTXD HVDOH'RSRVHWWLPDQHVLRWWLHQHXQSURGRWWRDQFRUDVXFFRVRTXLQGLGL FRQVHUYDELOLWjOLPLWDWD &RQLOEURGRGLFDUQHHLOVDQJXHGLPDLDOHVLSUHSDUDDQFKHODEUXGHUD GL9HUFHOOL6LWUDWWDGLXQULVRWWRFKHUDSSUHVHQWDXQSLDWWRWLSLFRGHOODFHQD FKHVLFRQVXPDYDGRSRODPDFHOOD]LRQHGHOPDLDOH)DSDUWHGHOODJDVWUR QRPLDWLSLFDGHO9HUFHOOHVHSHUzQRQKDPDLDWWHFFKLWRDOGLIXRULGLTXH VWD]RQD9LHQHWHQXWRLQDXJHGDO&LUFRORGHJOL$PLFLGL'HVDQDQHO SHULRGRGL&DUQHYDOH /DW|IHLDSUHQGHLOQRPHGDXQDPDUPLWWDLQWHUUDFRWWD YHUQLFLDWD LQWHUQDPHQWH H SRURVD DOO·HVWHUQR FRQ O·LPERF FDWXUDVWUHWWDHDQVHGLVSRVWHDFURFHLQWRUQRDOFRSHUFKLR URWRQGRDQFK·HVVRGLWHUUDFRWWDIRUQLWRGLXQSLFFLRORFHQ WUDOHSHUO·LPSXJQDWXUD(UDIDEEULFDWDD&DVWHOODPRQWH7RUL QRGRYHODSUHVHQ]DGLDUJLOODSHUPHWWHYDODIDEEULFD]LRQHGL YDULPDQXIDWWLSHUO·HGLOL]LDLOJLDUGLQDJJLROHVWXIHODFXFLQD 4XHVWRUHFLSLHQWHUHDOL]]DWRLQYDULHGLPHQVLRQLÀQuFRQ O·LGHQWLÀFDUVLFRQLOFRQWHQXWRODVXDHWLPRORJLDLQIDWWLSDVVD GDOJUHFRWLIRV YDSRUHDOORVSDJQRORWXIR HVDOD]LRQHGLYDSRUHSHU ÀQLUHDOSLHPRQWHVHWXI DID4XLQGLODW|IHLDWLSLFDPHQWHFDQDYHVDQDq GLLQÁXVVRVSDJQRORWHQHQGRFRQWRFKHLIDJLROLVLGLIIXVHURLQ(XURSDGRSR ODVFRSHUWDGHOO·$PHULFDHQHO&LQTXHFHQWRLO3LHPRQWHVXELYDJOLLQÁXVVL GHOODGRPLQD]LRQHVSDJQROD /D SUHSDUD]LRQH DYYHQLYD LQ LQYHUQR QHO SHULRGR SUHFHGHQWH LO &DU QHYDOHTXDQGRVLPDFHOODYDLOPDLDOHHVLDYHYDQRDGLVSRVL]LRQHOHSDUWL GL FDUQH GD XWLOL]]DUH , IDJLROL VSHFLDOPHQWH L ´UHJLQLWµ R ´GHOOD UDPDµ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH HUDQRTXHOOLUDFFROWLQHOO·DXWXQQRSUHFHGHQWHHIDWWLVHFFDUHGRSRHVVHUHVWDWL VWDFFDWLGDOOHSLDQWHGLPDLVFKHQHHUDQRVWDWHOHWXWULFL6RQRIDJLROLDSDVWD PRUELGDDGDWWDDGLVIDUVLGXUDQWHODFRWWXUD 3HUSUHSDUDUHODW|IHLDVLPHWWHYDQRWXWWLJOLLQJUHGLHQWLQHOUHFLSLHQWHH 7g)(,$ ,QJUHGLHQWLSHUSHUVRQHDOPHQROLWULUHWWDQJROLFP[GLFRWHQQDGL PDLDOHEHQQHWWDWDJGLIDJLROLFDQQHOOLQLRSSXUHERUORWWL]DPSHWWLGLPDLDOH WDJOLDWLLQSH]]LXQRUHFFKLRHXQDFRGDGLPDLDOHWDJOLDWLDSH]]LXQPD]]HWWRGL DURPLFRQVHGDQRFDURWDDOORURXQDFLSROODPHGLDLQWHUDSLFFKLHWWDWDFRQFKLRGL GLJDURIDQRVSLFFKLGLDJOLRUDPHWWLGLURVPDULQRVDOHSHSHQRFHPRVFDWDLQ SROYHUHDFTXDFLUFDOLWUL 3UHSDUD]LRQH7ULWDUH ÀQHPHQWH O·DJOLR H LO URVPDULQR H FRVSDUJHUOL VXOOH FRWHQQH DYDQ]DQGRQH XQ SLFFROR FXFFKLDLR VDODUH SHSDUH VSROYHUL]]DQGR OLHYHPHQWH FRQ OD QRFH PRVFDWD /HJDUH VWUHWWDPHQWH FRQ VSDJR GD FXFLQD OH FRWHQQH DUURWRODWH VLQJRODUPHQWH0HWWHUHQHOODW|IHLDSULPDLIDJLROLHSRLJOLDOWULLQJUHGLHQWLDIUHGGR HDFUXGR$JJLXQJHUHDFTXDLQPRGRGDQRQULHPSLUHHFFHVVLYDPHQWHLOUHFLSLHQWH 3RUUHLQIRUQRDJUDGLSHUFLUFDRUHODVFLDQGRGLPLQXLUHJUDGDWDPHQWHODWHP SHUDWXUDÀQRDSHUDOWUHRUH/HYDUHTXLQGLGDOIRUQRWRJOLHUHODFLSROODHLO PD]]HWWRGHJOLDURPLDVVDJJLDUHHGHYHQWXDOPHQWHDJJLXQJHUHLOWULWRDYDQ]DWRSHU PLJOLRUDUHLOVDSRUH6HUYLUHSRVVLELOPHQWHLQIRQGLQHGLWHUUDURVVD VL FHUFDYD GL VLJLOODUH FRQ XQ LPSDVWR GL IDULQD H DFTXD OHJDQGR LO FRSHUFKLR DOOH DQVH SHU RWWHQHUH LO PDVVLPR GL HUPHWLFLWj 6L DSSOLFDYDXQVHJQRGLVWLQWLYRVXOODPDUPLWWDHODVLSRUWDYDGDO IRUQDLRFKHGRSRDYHUVIRUQDWRLOSDQHXWLOL]]DYDLOFDORUH UHVLGXRGHOIRUQRSHUIDUFXRFHUHOHQWDPHQWHOHYDULHW|IHLH GHOOD FOLHQWHOD SHU TXHVWD SUHVWD]LRQH YHQLYD ULSDJDWR FRQ XQDIDVFLQDGLOHJQDSHUULDYYLDUHLOIXRFRLOJLRUQRGRSR$O PDWWLQRVLDQGDYDDULWLUDUHODW|IHLDDQFRUDFDOGDDYYROJHQGRODLQ WHVVXWL LVRODQWL GL VROLWR XQD FRSHUWD H WUDVSRUWDQGROD FRQ XQ DSSRVLWR DWWUH]]R LQÀODWR QHOOH DQVH 2YYLDPHQWH QRQ WXWWR LO FRQWHQXWR GRYHYD HVVHUHFRQVXPDWRLPPHGLDWDPHQWHSRWHYDHVVHUHJXVWDWRDQFKHQHLJLRUQL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH VXFFHVVLYLRSSRUWXQDPHQWHULVFDOGDWRIDFHQGRFRVuXOWHULRUPHQWHGLVIDUHL IDJLROL *OL ]DPSLQL GL PDLDOH YHQJRQR FKLDPDWL EDWVXj LO QRPH GL TXHVWR SLDWWRqDUJXWDPHQWHLURQLFRSHUFKpqO·DGDWWDPHQWRSLHPRQWHVHGHOIUDQFH VH´EDVGHVRLHµFDO]HGLVHWD,OWHUPLQHVLULIHULVFHDOODÀQLVVLPDFRQVL VWHQ]DVHULFDFKHDVVXPRQRGRSRODFRWWXUDPDHUDDQFKHLOPRGRLURQLFR FRQFXLLJLDFRELQLSLHPRQWHVLFKLDPDYDQRLQRELOLFKHLQGRVVDYDQRFDO]H GL VHWD ,QIDWWL VL ID ULVDOLUH OD GDWD GL QDVFLWD DO 7UDGL]LRQDOPHQWH YHQLYDQRSUHSDUDWLLOJLRUQRGHOO·XFFLVLRQHGHOPDLDOHTXLQGLLQXQSHULRGR FKH YD GDOOD IHVWD GL 2JQLVVDQWL QRYHPEUH D 6$QWRQLR$EDWH JHQQDLRSHUFKpOR]DPSLQRqSDUWHGHOO·DQLPDOHQRQFRQVHUYDELOH $QFKHOHJULYHRÁLVVHVLFXFLQDYDQRGLSUHIHUHQ]DQHOJLRUQRGHOO·XF FLVLRQHGHOPDLDOH(UDLQRULJLQHXQPRGRSHUXWLOL]]DUQHLOIHJDWRIUHVFR XQDGHOOHSDUWLSLGHSHULELOL,OIHJDWRYHQLYDWDJOLDWRLQPLQXVFROLSH]]L FXLVLXQLYDXQDGDGRODWDGLSUH]LRVDSROSDPDJUDRXQSXJQRGLSDVWDGL VDODPHRGLVDOVLFFLDRXQDSLFFRODEDWWXWDGLODUGR,OPLVFXJOLRHUDDURPD WL]]DWRFRQJLQHSURHDOORURHDYYROWRQHOO·RPHQWRDOWUDSDUWHGHSHULELOH GHOPDLDOHHGLVFDUVRXWLOL]]R,OQRPH´JULYHµSDUHULVDOJDDOWRUGRGHWWR DQFKHJULYDLOFXLFRUSRWR]]RULFRUGDYDODSUHSDUD]LRQH$YROWHIXRULXVFL YDO·DOORURFKHQHULFRUGDYDLOEHFFR *5,9( ,QJUHGLHQWLJGLIHJDWRGLPDLDOHGDGLQLJURVVLFRPHO·XQJKLDGHOPLJQROR JGLSROSDPDJUDGLFDUQHVXLQDRODUGRRSDVWDGLVDODPHRVDOVLFFLDJ GLUHWHGLPDLDOHRGRPHQWREDFFKHGLJLQHSURIRJOLHGLDOORURJGLEXUUR FXFFKLDLGLROLRQRFHPRVFDWDVDOHSHSH 3UHSDUD]LRQH7DJOLDUHDGDGLQLLOIHJDWRHODFDUQHRLOODUGRHVDODUH$YYROJHUH GDGLQLGLIHJDWRHGHOUHVWRQHOO·RPHQWRSUHFHGHQWHPHQWHEDJQDWRLQDFTXD WLHSLGDHWDJOLDWRDTXDGUDWLGLFPGLODWRLQVLHPHDEDFFKHGLJLQHSURHDXQD IRJOLDGLDOORUR6DODUHHDURPDWL]]DUHFRQSHSHHQRFHPRVFDWDIRUPDUHXQIDJRWWLQR FKHDQGUjFRWWRLQROLRHEXUURSHUFLUFDPLQXWLDIXRFROHQWRULJLUDQGRGLWDQWR LQWDQWR6HUYLUHEROOHQWL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH 5,33,=(330=(3+,:0 0U0[HSPHPSJVUZ\TVKPZHUN\PUHJJPuMVY[LTLU[LPUJHSVKV]\[VHUJOLHSSL UVYTH[P]L ZHUP[HYPL WP\[[VZ[V YPNPKL WLY~ ZVWYH]]P]L JVTL H]]PLUL PU 7PL TVU[LULSS»HS[H=HS7LSSPJLLPU=HS*OPZVULSLJVZPKKL[[L]HSSP]HSKLZPKV]Lu WVZZPIPSLN\Z[HYL\UWYVKV[[VJOPHTH[V¸T\Z[HYKLSH¹JOLSHWYV]PUJPHKP;VYP UVPU[LUKL]HSVYPaaHYLWLYMHYSVJVUVZJLYLHK\UHJSPLU[LSHUVUZVSVSVJHSL 8\LZ[VPUZHJJH[VuJVTWVZ[VKHSSLWHY[PTLUVUVIPSPKLSTHPHSL!PU\UWHPVSV ZPMHUUVIVSSPYLSLVZZHSH[LZ[HPWPLKPUPLSLJV[PJOLJVUWVJVZHSLLZWLaPL J\PZPHNNP\UNVUVPWVSTVUPPYLUPWHY[LKLSMLNH[VLSHSPUN\H8\HUKVPS[\[[V uILUJV[[VZPZWVSWHUVSLVZZHLZP[YP[HUVSLJHYUP(WHY[LZPJ\VJPVUVWVYYP LJPWVSSLL\UHYPK\aPVULKP]PUVYVZZVJVUUVJLTVZJH[HJOPVKPKPNHYVMHUV JHUULSSHLWLWLULYV:PTPZJLSHPS[\[[VHNNP\UNLUKVPSZHUN\LMYLZJVKPZ\PUV LZPPUZHJJHULSI\KLSSV+VWVX\HSJOLNPVYUVKPHZJP\NH[\YHSLT\Z[HYKLSL JOLOHUUVSHKPTLUZPVULKP\UJV[LJOPUVJVSVYTLSHUaHUHWVZZVUVLZZLYL JVUZLY]H[L ZV[[V NYHZZV WLY LZZLYL ZLY]P[L JVU WH[H[L SLZZL W\YLH KP WH[H[L WVSLU[HVZLTWSPJLTLU[LJVSWHUL :LTWYLULSSL]HSSP]HSKLZPKPU[VYUPKP7PULYVSVLYHUVTVS[VKPMM\ZLK\La\WWL IHZH[LZ\SS»\[PSPaaVKPMYH[[HNSPLLKPWHY[PTLUVUVIPSPKLSTHPHSLJVTLSLVZZH \ZH[LULSSH¸Z\WHIHYIL[[H¹PSJ\PUVTLKLYP]HKH¸IHYIL[¹PSZVWYHUUVTLJVU PSX\HSLPJH[[VSPJPLYHUVZVSP[PPUKPJHYLPWYH[PJHU[PKLSSHYLSPNPVUL]HSKLZL *VUSLPU[LYPVYHKPHNULSSPVJHWYL[[P]LUP]HWYLWHYH[V\UVKLPWPH[[PKLSIHU JOL[[VKLSTH[YPTVUPV!SH¸Z\WHWY\Z[PULUNH¹.SPPUNYLKPLU[P!MLNH[VWVSTV ULJ\VYLLYVNUVULKP\UJHWYL[[VVKP\UHNULSSVSHJHYULKPZVZZH[HKLSSH [LZ[H JPWVSSH JHYV[H JOPVKP KP NHYVMHUV JHUULSSH UVJL TVZJH[H SP[YP KP ]PUVYVZZV\USP[YVKPIYVKV7LYSHWYLWHYHaPVULZP[HNSPHUVSLJHYUPHWPJJVSP WLaaPLZPMHUUVYVZVSHYLPU\U[LNHTLJVUWVJVVSPVÄUVHJVUZ\THYL[\[[H S»HJX\H+VWVH]LYHNNP\U[VPN\Z[PLSLZWLaPLZPJVU[PU\HSHYVZVSH[\YHWLY X\HSJOLTPU\[VWVPZPJVWYLJVUPS]PUVYVZZVLZPSHZJPHIVSSPYLKVSJLTLU[L WLYVYLHSTLUVHNNP\UNLUKVHSIPZVNUV\UWV»KPIYVKV]LNL[HSL3Ha\WWH IVSSLU[LZPZLY]LJVUX\HSJOLJYVZ[PUVKPWHULSLNNLYTLU[LPUZHWVYP[VKPHNSPV &$51,329(5(()5$77$*/,( 1HOOHYDOOLGL/DQ]RHGHO%DVVR&DQDYHVHO·DJULFROWXUDqVHPSUHVWDWD SRYHUDDSSHQDVXIÀFLHQWHDVRGGLVIDUHOHHVLJHQ]HDOLPHQWDULGHJOLDELWDQWL HSHUWDQWRSULYDGLTXHOVXUSOXVFKHFRQVHQWHO·DOOHYDPHQWRGHJOLDQLPDOL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH SHU OD SURGX]LRQH GL FDUQH ,Q TXHVWD HFRQRPLD GL VXVVLVWHQ]D OD PXFFD HUDXQDQLPDOHSUH]LRVRÀQRDTXDQGRHUDLQYLWDLQTXDQWRXWLOL]]DWRSHU LOWUDLQRHSHULOODYRURQHLFDPSLSHUJHQHUDUHYLWHOOLHSHUSURGXUUHODWWH GDFXLULFDYDUHIRUPDJJL&RQLOWHUPLQH´WXUJLDµVLLQWHQGHLQ3LHPRQWHOD YDFFDYHFFKLDJLXQWDDOODÀQHGHOODVXDFDUULHUDSURGXWWLYDVWHULOHHQRQ SLLGRQHDDOODSURFUHD]LRQH/DVXDFDUQHGLVFDUVRSUHJLRHUDGHVWLQDWD DOODPHQVDGHLFRQWDGLQLFKHSHUPLJOLRUDUQHLOVDSRUHHODFRQVHUYD]LRQH ODODYRUDYDQRLQLQVDFFDWLFKLDPDWL´VDODPHGWXUJLDRWLRUJLµ,QWHPSL UHFHQWLLOVDODPHGLWXUJLDGDDOLPHQWRTXDVLGLPHQWLFDWRJUD]LHDGDOFXQL DUWLJLDQLFKHORKDQQRULVFRSHUWRqGLYHQWDWRXQDSUHOLEDWH]]D3HUODVXD SUHSDUD]LRQH VL GRYUHEEH VFHJOLHUH XQD YDFFD LPSURGXWWLYD GD DOPHQR DQQLDQFKHVHDWWXDOPHQWHqGLYHQWDWDGLGLIÀFLOHUHSHULPHQWRDFDXVDGHL PRGHUQLVLVWHPLGLDOOHYDPHQWRLQWHQVLYRHSHUWDQWRVRVWLWXLWD GDERYLQRFDVWUDWR/HFDUQLOLEHUDWHGDOORURJUDVVRHGDLQHUYL YHQJRQRSDVVDWHDOWULWDFDUQH9LHQHDJJLXQWRLOODUGRVXLQRH QXRYDPHQWHSDVVDWHDOWULWDFDUQHDVWDPSRSLÀQH6LSURFHGH TXLQGLDOO·LPSDVWRFRQO·DJJLXQWDGLVDOHPDULQRVDOQLWURSHSH VSDFFDWR QRFH PRVFDWD LQ SROYHUH VSH]LH YDULH H YLQR %DU EHUD *ULJQROLQR R 1HEELROR WHQXWR LQ LQIXVLRQH FRQ DJOLR %58'(5$',9(5&(//, ,QJUHGLHQWL J GL ULVR 6DQW·$QGUHD PHVWROL GL VDQJXH GL PDLDOH IUHVFR FRVWLQHGLPDLDOHFLSROOHXQDFDURWDXQDFRVWDGLVHGDQRXQRVSLFFKLRG·DJOLR JGLEXUURJGLROLRH[WUDYHUJLQHG·ROLYDXQUDPHWWRGLURVPDULQRVDOHSHSH 3UHSDUD]LRQH)DUEROOLUHLQDFTXDFLUFDOLWULXQDFLSROODODFDURWDLOVHGDQR HOHFRVWLQHGLPDLDOHVFKLXPDQGRLOEURGRVLQRDTXDQGRODFDUQHVLVSDSSRODHLO EURGRVLULGXFHDPHWj3DVVDUHDOWULWDFDUQHODSROSDGHOODFDUQHVWDFFDWDGDOOHRVVD XQLWDPHQWHDOO·DJOLRHDOODVHFRQGDFLSROOD,QXQDFDVVHUXRODVRIIULJJHUHQHOO·ROLRH QHOEXUURO·LQVLHPHGHOWULWDWRFRQLOURVPDULQRFKHDQGUjSRLVXELWRWROWR9HUVDUHLO ULVRPHVFRODQGRFRQFXUDVLQRDTXDQGRVDUjWRVWDWR$JJLXQJHUHDOFXQLPHVWROLGL EURGR4XDQGRLOULVRqTXDVLFRWWRYHUVDUHLOVDQJXHGLPDLDOHHSRUWDUHDWHUPLQHOD FRWWXUDPHVFRODQGRFRQWLQXDPHQWH6DODUHHSHSDUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH 6L HIIHWWXD LQÀQH O·LQVDFFDPHQWR FRQ EXGHOOR WRUWR GL ERYLQR OHJDWR D GLVWDQ]DGLFLUFDFP ,O VDODPH GL WXUJLD SXz HVVHUH FRQVXPDWR IUHVFR R VWDJLRQDWR FUXGR RFRWWR 6LSRVVRQRDQFKHSUHSDUDUHGHOOHEDOORWWLQH,QTXHVWRFDVRRFFRUUHIDUH FRQODSDVWDGLVDODPHGLWXUJLDGHOOHSDOOLQHFPGLGLDPHWURSDVVDUOH QHOSDQJUDWWDWRFXRFHUOHLQSDGHOODFRQXQÀORG·ROLRSHUPLQXWLSULPD GLVHUYLUOH/DVWHVVDSUHSDUD]LRQHSXzHVVHUHXWLOL]]DWDFRPHFRPSRQHQWH GHOIULWWRPLVWRSLHPRQWHVH ,QDOWD9DO3HOOLFHqVRSUDYYLVVXWDDQFKHXQ·DOWUDVSHFLDOLWjFKLDPDWD PXUVRXQFKHqVHPSOLFHPHQWHODJRODGHOVXLQRSUHVVDWDVDODWDSHSDWDH VWDJLRQDWDSHUFLUFDXQPHVH6LJXVWDDIHWWLQHFRPHLOODUGR &RQTXHVWRSURGRWWRXQLWRDGXQVDODPHJUDVVRDJGLFHFLDPPRO ODWLHDTXDOFKHIRJOLDGLFDYRORYHU]DVLSXzDQFKH FXFLQDUH XQ·RWWLPD ]XSSD GL FHFL H PXUVRXQ ,Q TXHVWRFDVRRFFRUUHVEULFLRODUHLOVDODPHLQXQDFDV VHUXRODGLWHUUDFRWWDODVFLDUORFXRFHUHOHJJHUPHQWH D IXRFR OHQWR 6XFFHVVLYDPHQWH VL DJJLXQJRQR OH IRJOLHGLFDYRORYHU]DFRQXQDFLSROODFDURWH UDSH WDJOLDWH D IHWWLQH DJOLR VDOYLD URVPDULQR WUL WDWL'RSRDYHUIDWWRURVRODUHLOWXWWROHQWDPHQWHVL DJJLXQJRQRLFHFLDPPROODWLHLO´PXUVRXQµ6LFRSUHFRQ DFTXD VL VDOD OHJJHUPHQWH H VL ID EROOLUH GROFHPHQWH SHU RUH FLUFD 6L WRJOLHLOPXUVRXQGDOODSHQWRODVLWDJOLDDSH]]LHSRLVLULPHWWHQHOOD]XSSD /D]XSSDVLVHUYHEROOHQWHPHWWHQGRVXOIRQGRGHOSLDWWRXQDIHWWDGLSDQH UDIIHUPR 8QSLDWWRWUDGL]LRQDOHGHO&DQDYHVDQRFKHYHQLYDVHUYLWRGRSRO·XF FLVLRQH GHO PDLDOH HUD LO JLj FLWDWR FLULELFL LQ FXL VL XWLOL]]DYDQR IHJDWR JXDQFLDOHSROPRQHFXRUHHVDQJXHPHVVLDGLQVDSRULUHSHURUHQHOYLQR FRQ FDURWH VHGDQR FLSROOH ODXUR H QRFFLROH 'RSR XQD OXQJD FRWWXUD VL WRJOLHYDQROHSDUWLFDUQHHVLWULWDYDLOUHVWRHVLVHUYLYDLOWXWWRFRQSROHQWD GLPDLV 8QLQVDFFDWRWLSLFRGHO&DQDYHVDQRSURGRWWRVRSUDWWXWWRD6HWWLPR5RW WDURGRYHRJQLDQQRQHOFRUVRGHOO·DXWXQQRVLFHOHEUDODVDJUDGHO´VDODP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3LHPRQWH (.5636;;0,9(=0630 .SP HNUVSV[[P JVZ[P[\PZJVUV \UV KLP WPH[[P WP PTWVY[HU[P KLSSH J\JPUH WPLTVU[LZL LZLN\P[P JVU WHZ[H ZV[ [PSPZZPTH KP ZMVNSPH L YPWPLUP KP JHYUP WYLJLKLU[LTLU[L J\JPUH[L ZVWYH[ [\[[VHYYVZ[PLZ[\MH[P<U[LTWVWLY~ LYHUV JVUMLaPVUH[P HUJOL JVU JHYUP V[[LU\[LKHNSPH]HUaPKPJ\JPUHJLY ]LSSH YPJV[[H ]LYK\YL KP VNUP [PWV THNNPVYHUHIVYYHNPULPU\U»PUÄUP[n KPHJJVZ[HTLU[PLTLZJVSHUaL]HYPL 7HYLZ[VYPJHTLU[LHJJLY[H[VJOLX\L Z[V [PWV KP WHZ[H YPWPLUH ZPH UH[V H .H]P (SLZZHUKYPH PU[VYUV HS PU\UHY\KPTLU[HSLVZ[LYPHNLZ[P[HKHS SH MHTPNSPH 9H]PVSV LJJV WLYJOt NSP HNUVSV[[PZPJOPHTHUVHUJOLYH]PVSP KV]LJLY[HTLU[LUVUWV[L]HUVLZZL YL ZLY]P[L JHYUP Z\JJ\SLU[L *VT\U X\LVS[YLHSSLJHYUPWYLNPH[LHUJVYH VNNPPSYPWPLUVW\~LZZLYLHTTVYIP KP[V JVU JLY]LSSH ÄSVUP L HUPTLSSL JVTLH]]PLULULS)HZZV4VUMLYYH[V 0UWHZZH[VULSS»(SLZZHUKYPUVZP\ZH]H HUJOLSHJHYULKLSJVSSVKPI\LWLY JOt X\LZ[H WHY[L KLSS»HUPTHSL S\U NHTLU[LZMYLNH[HKHSNPVNVLYHYLZH JVUZPZ[LU[L TH WP N\Z[VZH 5LSSH aVUHKP6]HKH(SLZZHUKYPHPU]LJL ZVUVTVS[VJHYH[[LYPZ[PJPNSPHNUVSV[[P PUJ\PULSYPWPLUV]PLUL\[PSPaaH[HSH TPSaH\UP[HTLU[LHSSHJHYULKP]P[LSSV [YP[H[H JVU IPL[VSL WYVZJP\[[V JY\KV \V]HLMVYTHNNPVWHYTPNPHUV SDWDWDµqDSSXQWRLOVDODPHGLSDWDWDFKHVLSUHSDUDSHURWWHQHUQHXQRGD NJFRQOLWULGLVDQJXHGLVXLQRQRQFRDJXODWRNJGLSDWDWHOHVVHNJ GLODUGRWULWDWRJGLVDOHXQFXFFKLDLRGLSHSHPDFLQDWRXQFXFFKLDLQR GLVDOQLWURXQDQRFHPRVFDWDXQFXFFKLDLRGLDURPLPLVWL/HVVDWHOHSDWDWH VLVEXFFLDQRHVLVFKLDFFLDQRFRQFXFFKLDLRHIRUFKHWWD6LXQLVFRQRSRLDO VDQJXHIUHVFRULPHVWDWRFRQWLQXDPHQWH6LDJJLXQJRQRTXLQGLLOODUGRD SH]]HWWLHWXWWLJOLDURPL,O´VDODPSDWDWDµSXzHVVHUHFRQVXPDWRIUHVFRR FRQVHUYDWRVRWW·ROLRRHVVLFFDWRHIULWWRLQSDGHOOD 4XDQGRVLXFFLGHYDLOPDLDOHODSDUWHHFFHGHQWHGHOOHIUDWWDJOLHFKHQRQ HUDFRQVXPDWDVXELWRYHQLYDWDJOLDWDDSH]]LHIULWWDQHOVXRJUDVVRLQVLHPH DOODVDOVLFFLDHVLVWHPDWDLQXQDSLJQDWWDGLWHUUDFRWWDDVWUDWLRJQXQRGHL TXDOLYHQLYDFRSHUWRGDOJUDVVROLTXLGRFKHVXFFHVVLYDPHQWHVLDGGHQVDYD 4XDQGRF·HUDQHFHVVLWjVLHVWUDHYDGDOODSLJQDWWDODSRU]LRQHFKHVHUYLYD VLIDFHYDVFDOGDUHHVLPDQJLDYDFRQFDYROLHSROHQWD6HVLXQLYDQRDQFKH GHLSH]]LGLVHPROLQRLPSDQDWLHIULWWLVLRWWHQHYDXQDVSHFLHGLIULWWRPLVWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3LHPRQWH &RQIHJDWRFXRUHSROPRQHDQLPHOODGLYLWHOORVLSUHSDUDXQJXVWRVR JXD]]HWWRGLIUDWWDJOLH4XHVWHVLVEROOHQWDQRHVLWDJOLDQRDGDGLQL6LURVR ODQRGRSRDYHUOHVSROYHUDWHFRQODIDULQDLQXQVRIIULWWRGLFLSROODLQROLR HEXUUR6LVIXPDQRFRQLOYLQRHVLSRUWDQRDFRWWXUDFRQLOEURGRSHU PLQXWL6LDJJLXQJRQRVDOHHSHSHHVLODVFLDQRFXRFHUHSHUDOWULPLQXWL 'RSRDYHUVSHQWRLOIXRFRVLFRVSDUJRQRFRQLOSUH]]HPRORWULWDWRHGRSR PLQXWLVLVHUYRQRSRVVLELOPHQWHFRQSROHQWDLQWHJUDOH ,OSROPRQHqODIUDWWDJOLDPHQRDSSUH]]DWDGDOSXQWRGLYLVWDJDVWUR QRPLFR9HQLYDFRQVLGHUDWR´PDQJqG·MJDWµXQSLDWWRSHULJDWWLDQFKH TXDQGR OH ULVRUVH HFRQRPLFKH H DOLPHQWDUL HUDQR VFDUVH &L VRQR LQYHFH ULFHWWHFKHGLPRVWUDQRFKHXQSLDWWRSRYHURSXzGLYHQWDUHXQDUDULWjJDVWUR QRPLFDTXDQGRqEHQFXFLQDWR8QDGLTXHVWHULJXDUGDODPLQHVWUD´DGULVH FXUDG·ODµGLULVRHSROPRQHFKHVLSUHSDUDIDFHQGREROOLUHSHUPLQXWL LOSROPRQHGRSRDYHUORODYDWRLQDFTXDFRUUHQWH6LODVFLDUDIIUHGGDUHQHO EURGR GL FRWWXUD VL VFROD H VL WDJOLD LQ SLFFROL SH]]L 6L IDQQR DSSDVVLUH QHOO·ROLRDJOLRFLSROODHSHSHURQFLQRWULWDWLVLDJJLXQJRQRDOORURHFRQFHQ WUDWRGLSRPRGRURGLOXLWRLQXQSR·GLEURGRHLQÀQHLOSROPRQHWDJOLDWR6L SRUWDDFRWWXUDDÀDPPDEDVVDSHUFLUFDRUHDJJLXQJHQGRHYHQWXDOPHQWH GHOEURGR 3HU SUHSDUDUH OD ]XSSD GL PLO]D q QHFHVVDULD XQD PLO]D LQWHUD GXH XRYDDURPLYDULEXUURROLRDOFXQHIHWWHGLSDQHUDIIHUPRHEURGRGLFDUQH /DPLO]DYDEDWWXWDWDJOLDWDDOLVWDUHOOHVÀODFFLDWD9DSRLXQLWDDOEXUURHDL WXRUOLG·XRYRFRPHVHIRVVHXQDSDVWDFRQSUH]]HPRORPDJJLRUDQDHUED FLSROOLQDHVDOH*OLDOEXPLYDQQRPRQWDWLDQHYHHXQLWLDOFRPSRVWRSHUSRL VSDOPDUORVXOOHIHWWHGLSDQHXQDVRYUDSSRVWDDOO·DOWUD4XHVWLSDQLQLYDQ QRSRLIULWWLLQROLRH[WUDYHUJLQHVJRFFLRODWLHWDJOLDWLDEDVWRQFLQL,QVLHPH DOEURGRGLFDUQHHDXQSR·GLHUEDFLSROOLQDGLYHQJRQRXQD]XSSDJXVWRVD 8QDSUHSDUD]LRQHFRQODWHVWDGHOPDLDOHqVWDWDUHFHQWHPHQWHLQVHUL WD GDOOD ´*D]]HWWD XIÀFLDOHµ QHL 3DW 3URGRWWL$OLPHQWDUL7UDGL]LRQDOL GHOO·$VWLJLDQR Ë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ÀODWRHOLPLQDUHRJQL UHVLGXRGLVHWROHGDOODWHVWD6FLRJOLHUHLOVDOHLQOLWULGLDFTXDDGDJLDUHODWHVWDLQ XQUHFLSLHQWHFDSDFHFRSULUHFRQODVDODPRLDHODVFLDUHULSRVDUHLQOXRJRIUHVFRSHU JLRUQL7UDVFRUVRTXHVWRWHPSRWRJOLHUHODWHVWDHPHWWHUODLQXQDSHQWRODFRQOHYHU GXUHHJOLDURPLWUDQQHLOSHSHHODQRFHPRVFDWDFRSULUHGLDFTXDHIDUVREEROOLUH DIXRFRGROFHSHURUH*LXQWDDFRWWXUDVFRODUHGLVRVVDUHHOLPLQDUHLOFHUYHOORH JOLDURPL7ULWXUDUHODWHVWDJURVVRODQDPHQWHHULPHWWHUODDFXRFHUHFRQLOFXRUHHOD FRSSDWDJOLDWLDGDGLQLTXHVWLGXHLQJUHGLHQWLVHUYRQRSHUGDUHXQDQRWDGLFRORUH $URPDWL]]DUHFRQLOSHSHHODQRFHPRVFDWDXQLUHLO5XPHLO0DUVDODODVFLDUFXRFHUH ÀQFKpLOWXWWRSUHQGDXQDFRQVLVWHQ]DTXDVLOLTXLGD,QVDFFDUHQHOEXGHOORFLHFRGHO PDQ]ROHJDUHHPHWWHUHLQXQOXRJRPROWRIUHGGRVRWWRGHLJURVVLSHVL&RQVXPDUH GRSRQRQPHQRGLJLRUQL ´WHVWD LQ FDVVHWWDµ GHULYD GDO IDWWR FKH LQ SDVVDWR O·LPSDVWRYHQLYDPHVVRDUDIIUHGGDUHLQFDVVHWWHGL OHJQR IRGHUDWH FRQ O·RPHQWR ERYLQR H TXHVWD WHFQLFD GHWHUPLQDYDXQDIRUPDTXDGUDWDDOSURGRWWRÀQDOH 1HO%LHOOHVHOD´OHQJXDDQEUXVFKµqODOLQJXDGLPDQ]RRGLYLWHOOR OHVVDWD2FFRUUHOHYDUHODSHOOHGXUDFKHODULFRSUHWDJOLDUODDIHWWLQHVRWWLOL HGLVSRUODDVWUDWLQHOODVDOVDYHUGHRURVVDSRPRGRURHSHSHURQFLQR /DSROHQWDDOIHJDWRVLRWWLHQHFRQLOIHJDWRGLYLWHOORURVRODWRDOEXUUR HSRLWULWDWR,OIHJDWRFRVuRWWHQXWRVLXQLVFHDGXQVRIIULWWRFRQFLSROODH URVPDULQRDJJLXQJHQGRYLGHOEURGR4XDQGRLOWXWWREROOHVLYHUVDODIDULQD GLPDLVSHURWWHQHUHXQDSROHQWLQDPROOHFKHYLHQHVHUYLWDFRQIRUPDJJLR JUDQDJUDWWXJLDWR ,JUDQHOOLGHWWL´EDOHGHOWRUµ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pQRQLQGXULVVH,OSULDOL VLRWWHQHYDDQFKHFRQO·LQWHVWLQRGHOJDOORGLFXLVLIULJJHYDSXUHODFUHVWDH VLDFFRPSDJQDYDFRQODSROHQWD &RQXQWULWDWRRWWHQXWRGDLULWDJOLGHOPXVRGHOSRUFRGHOOHRUHFFKLH TXDOFKH SH]]R GL PXVFROL GHJOL DUWL XQ SR· GL SDVWD GL VDODPH XQ SR· GL VDQJXHVDOHSHSHVSH]LHHXQSR·GLDJOLRVLFRQIH]LRQDODPXUWDGHODQHLUD XQLQVDFFDWRFKHVLFRQVXPDOHVVDWRRFRQVHUYDWR´VRWWRJUDVVRµ /(556*633()69(;6 ,YVZ)HYHU[HUP 9VTHUH)VZJV 4HYJV)YPNOLU[P +VUH[LSSH*SPUHU[P (SILY[V.HTHSLYP*HSSLYP.HTVUKP -YHUJV.LYHYKP 7PLY*HYSV3PUJPV .PVYNPV3VaPH ,YTHUUV4H\YV 9LUaV7LSSH[P*:-4 7HVSL[[H7PJJV ;\SSPV;HNSPH]PUP .P\ZLWWL;YVTWL[[V -HIYPaPV=LU[\YH $FFDGHPLD,WDOLDQDGHOOD&XFLQD / /LJXULD /LJXULD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /LJXULD ,/5,3,(12',3$*$1,1, , OLJXUL q QRWR QRQ VRQR Qp VRQR PDL VWDWL QHL VHFROL XQ SRSROR GL FDUQLYRUL 6X TXHVWR FRPSRUWDPHQWR DQWURSRORJLFR PROWR V·q GLVFXVVR H V·qVFULWWR0DDOODÀQGHLFRQWLODVSLHJD]LRQHQRQqFRVuFRPSOLFDWDOD /LJXULDQRQKDPDLDYXWRXQDJUDQGHHFRQRPLDDJUDULDQp]RRWHFQLFD1RQ VRORQHOODVWRULDODWHUUDOLJXUHDULGDPRQWXRVDSRFRJHQHURVDVXOSLDQR SURGXWWLYRQRQqPDLVWDWDLQJUDGRGLFRQVHQWLUHDOOHSRSROD]LRQLORFDOL VLD GHOO·HQWURWHUUD VLD GHOOD FRVWD XQ·DXWRVXIÀFLHQ]D DOLPHQWDUH , OLJXUL KDQQRFUHDWRPHUFDWLHPSRULQHOOHORURFLWWjHOLKDQQRULIRUQLWLGLSURGRWWL DOLPHQWDULDFTXLVWDWLDOGLOjGHLSDVVLDOSLQLRDSSHQQLQLFLRGLUHWWDPHQWHGDO PDUH,JHQRYHVLOHDGHUSROLWLFLGHOWHUULWRULRKDQQRLPSRUWDWRFDUQLRYLQH GDOOD&RUVLFDHGDOOD6DUGHJQDIUXWWDIUHVFDHVHFFDYHUGXUDQRQFKpDOWUL SURGRWWLGLVFDPELRGDOOD6LFLOLDIUXPHQWRROWUHFKHGDOOD6LFLOLDDQFKHGDO 0H]]RJLRUQRHGDOO·$IULFD6SH]LHHSHUVLQRSHVFLFRQVHUYDWLGDOO·2ULHQWH HGDO0DU1HUR &,00$3,11$ ,QJUHGLHQWLJFLUFDGLSDQFLDGLYLWHOORJLjSUHSDUDWDDWDVFDJGLFDUQH GLYLWHOORWULWDWDJGLFHUYHOODJGLDQLPHOOHTXDOFKHÀORQHXQFXFFKLDLR GLSLQROLJGLSLVHOOLVJUDQDWLJGLSDUPLJLDQRUHJJLDQRJUDWWXJLDWRXRYD TXDOFKHIRJOLDGLPDJJLRUDQDXQDIRJOLDGLDOORURROLRH[WUDYHUJLQHG·ROLYDYLQR ELDQFRVDOHSHSH 3UHSDUD]LRQH5RVRODUHLQXQWHJDPHODFDUQHWULWDWDFRQODIRJOLDG·DOORURLQSRFR ROLRHVSUX]]DQGRGLYLQRELDQFR3XOLUHEHQHFHUYHOODDQLPHOOHÀORQLRJUDQHOOL OHVVDUOLSRLWDJOLDUOLDSH]]LSLFFROLVVLPL$PDOJDPDUHTXHVWLLQJUHGLHQWLFRQOHXRYD VEDWWXWHLOIRUPDJJLRLSLVHOOLLSLQROLODPDJJLRUDQDHVDODUHDSLDFHUH6DODUHOHJ JHUPHQWHDQFKHO·LQWHUQRGHOODWDVFDHULHPSLUODQRQFRPSOHWDPHQWHFRQODIDUFLD SUHSDUDWD FXFLUOD FRQ ÀOR GD FXFLQD$YYROJHUOD LQ XQ SDQQR OHJDUOD DL GXH ODWL H PHWWHUODDFXRFHUHLQXQDSHQWRODLQDFTXDVDODWDPROWROHQWDPHQWHSHUFLUFDGXH RUHEXFDQGRODHYHQWXDOPHQWHFRQLUHEELGLXQDIRUFKHWWDVHWHQGHVVHDJRQÀDUVL /DVFLDUODLQWLHSLGLUHQHOVXREURGRSRLPHWWHUODDUDIIUHGGDUHWUDGXHSLDWWLFRQXQ SHVRVRSUD6HUYLUHIUHGGDDIIHWWDWD $FFDGHPLD,WDOLDQDGHOOD&XFLQD /LJXULD 'DO 3LHPRQWH LPSRUWDYDQR VDOXPL XRYDHFDUQHGLEXHROWUHFKHYLQR$PD YDQRFRPHRUPDLqQRWROHFDUQLGLDQLPDOL JLRYDQLSLLOYLWHOORFKHLOPDQ]RFKHFXFL QDYDQRSLFKHDOWURFRQSLDWWLGLUDSLGDFRQIH]LRQHPDVRSUDWWXWWRPDQLSR ODWLLQULSLHQL ËSURSULRLQTXHVWLULSLHQLFKHWURYLDPRFRVWDQWHSLFKHDOWURQHOSDV VDWRHVLQRDXQDWUHQWLQDG·DQQLIDODSUHVHQ]DGHOOHFRVLGGHWWHIUDWWDJOLH DQLPHOOH ÀORQL SRSSD FHUYHOOR 4XHVWD FDUQH YHQLYD WULWDWD SHVWDWD QHO PRUWDLRHLQFRUSRUDWD 6LSXzFLWDUHDGHVHPSLRODFLPD1HO3RQHQWHOLJXUHIUDJOLLQJUH GLHQWLVLDQQRYHUDLOPLGROORQHO*HQRYHVDWRÀJXUDQRODSRSSDHLOFHUYHO ORTXHVW·XOWLPRGLXWLOL]]RFRUUHQWHDQFKHQHO/HYDQWH $FFDQWRDOODFLPDDOWURSLDWWR´IRUWHµLUDYLROL$WLWRORGLFXULRVLWj SRVVLDPRULSRUWDUHODULFHWWDGHWWDWDGD1LFFROz3DJDQLQL´3HUXQDOLEUDH PH]]DGLIDULQDGXHOLEUHGLEXRQPDQ]RPDJURSHUIDUHLOVXFRVLF1HO WHJDPHVLPHWWHGHOEXWLUURLQGLXQSRFRGLFLSROODEHQWULWWRODWDVLFFKH VRIIULJJDXQSRFR6LPHWWHLOPDQ]RHIDUHFKHSUHQGDXQSRFRGLFRORUH( SHURWWHQHUHXQVXFRFRQVLVWHQWHVLSUHQGHSRFKHSUHVHGLIDULQDHGDGDJLR DGDJLRVLVHPLQDLQGHWWRVXFRDIÀQFKpSUHQGDLOFRORUH3RLVLSUHQGHGHOOD FRQVHUYDGLSRPRGRURVLGLVIDQHOO·DFTXDHGLTXHVW·DFTXDVHQHYHUVDHQWUR DOODIDULQDFKHVWDQHOWHJDPHHVLPHVFRODSHUVFLRJOLHUODPDJJLRUPHQWHHG LQXOWLPRVLSRQJRQRHQWURGHLIRQJKLVHFFKLEHQWULWRODWLHSHVWDWLHGHFFR IDWWRLOVXFR2UDYHQLDPRDOODSDVWDSHUWLUDUHOHIRJOLHVHQ]DRYL8QSRFR GLVDOHHQWURODSDVWDJLRYHUjDOODFRQVLVWHQ]DGHOODPHGHVLPD2UDYHQLDPR DOSLHQR1HOORVWHVVRWHJDPHFRQODFDUQHVLIDLQTXHOVXFRFXRFHUHPH]]D OLEUDGLYLWHOODPDJUDSRLVLOHYDVLWULWRODHVLSHVWDPROWR6LSUHQGHXQ FHUYHOOR GL YLWHOOR VL FXRFH QHOO·DFTXD SRL VL FDYD OD SHOOH FKH FRSUH LO ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /LJXULD 5$9,È8 ,QJUHGLHQWLSHUSHUVRQH3HUODSDVWDJGLIDULQDELDQFDXRYDLQWHUHDFTXD VDOH3HULOULSLHQRJGLSRSSDGLYLWHOODJGLDQLPHOODÀORQLHFHUYHOOR XQSH]]RGLVDOVLFFLDRXQSH]]RGLPDLDOHPDJURVFDUROHPD]]LGLERUUDJLQH XRYD LQWHUH H WXRUOL XQR VSLFFKLR GL DJOLR TXDOFKH IRJOLD GL PDJJLRUDQD OD PROOLFD GL XQ SDQLQR J GL SLQROL XQD PDQFLDWD GL SDUPLJLDQR JUDWWXJLDWR EXUURVDOH 3UHSDUD]LRQH /HVVDUH OH YHUGXUH LQ SRFD DFTXD 5RVRODUH LQ XQ WHJDPH FRQ XQD QRFHGLEXUURLSLQROLHODFDUQHJLjWDJOLDWDDSH]]HWWLVFRWWDUHODSRSSDGLYLWHOODLO FHUYHOORLÀORQLO·DQLPHOODHODVDOVLFFLDVEULFLRODWD7ULWDUHLQVLHPHDOOHYHUGXUHEHQ VWUL]]DWHWXWWLJOLLQJUHGLHQWLHDFFRPRGDUHLOSUHSDUDWRLQXQDWHUULQDDJJLXQJHQGROH XRYDODPROOLFDGLSDQHLQ]XSSDWDQHOEURGRRQHOVXJRGLFDUQHLOSDUPLJLDQROD PDJJLRUDQDHO·DJOLRWULWDWLLQVLHPH0HVFRODUHVLQRDGRWWHQHUHXQLPSDVWRRPRJHQHR 6DODUHDSLDFHUH/DSDVWDVLODYRUDQHOVROLWRPRGRVWHQGHUHHGLYLGHUHLQGXHSDUWL ODVIRJOLD6XXQDGHOOHGXHVIRJOLHGHSRVLWDUHWDQWHQRFFLROHGLULSLHQR&KLXGHUHFRQ O·DOWUDVIRJOLDHSUHPHUHTXLQGLWDJOLDUHLUDYLROLTXDGUDWLFRQODURWHOOLQD/DVFLDUOL DVFLXJDUHVRSUDXQSDQQRHLQIDULQDUOLOHJJHUPHQWH&XRFHUHLQDFTXDEROOHQWHVDODWD 6FRODUHHFRQGLUHFRQVXJRGLFDUQHLQIRUPDJJLDQGRDWDYRODO·DOWHUQDWLYDq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·RUDVRWWRFRSHUWDGDXQSLDWR VLFSHURWWHQHUHOHIRJOLHVRWLOLVLFµ2OWUHFKHQHLUDYLROLHQHOODFLPD WURYLDPROHIUDWWDJOLHLQSURSRU]LRQLQRQHFFHVVLYHQHOOHODWWXJKHULSLHQH LQULSLHQLGLYHUGXUDLQDOFXQLVXJKL´GLJUDVVRµSHUFRQGLUHODSDVWD $FFDGHPLD,WDOLDQDGHOOD&XFLQD /LJXULD &L LPEDWWLDPR QHOOD SRSSD SHU GDU YLWD DOOD SUHSDUD]LRQH GHO IHJDWR LQDJJLDGGD6LWDJOLDLOIHJDWRDOLVWDUHOOHVRWWLOLHORVLSRQHLQXQDSDGHOOD GRSRDYHUULVFDOGDWRO·ROLR5LPHVWDQGRFRQLOFXFFKLDLRGLOHJQRVLFXRFHLO IHJDWRDIXRFRDOWR,QSUHFHGHQ]DVLSHVWDQRQHOPRUWDLRRQHOIUXOODWRUHOD PROOLFDGLXQSDQLQRLQ]XSSDWDGLRWWLPRDFHWRHXQSRFRGLSRSSDRPLO]D GLYLWHOORSULPDVELDQFDWDFRQXQDUDSLGDEROOLWXUD9HUVDWRLOSUHSDUDWRLQ XQDWD]]DVLDOOXQJDFRQXQDOWURSRFRGLDFHWR4XDQGRLOIHJDWRqTXDVL SURQWRVLVLVWHPDGDXQDSDUWHGHOODSDGHOODHQHOODSDUWHULPDVWDOLEHUDVL YHUVDLOFRPSRVWRPHVFRODQGRFRQLOFXFFKLDLRHQHUJLFDPHQWHSHUQRQSL G·XQPLQXWR6LVDODDSLDFHUHDOPRPHQWRGLVHUYLUORFDOGRLQWDYROD 3RLDEELDPRFRPHLQPROWHDOWUHFXFLQHUHJLRQDOLLOELDQFRHQHURLQ XPLGRRSSXUHIULWWRFRQODSUHVHQ]DDQFKHGHOSROPRQH0DYDOODSHQDGL ULEDGLUORVLWUDWWDGLSUHSDUD]LRQLPDUJLQDOLFKHWHQGRQRDVFRPSDULUHQHOWHPSR 75,33$(&2'$ /D ´IUDWWDJOLDµ FKH ULWURYLDPR FRVWDQWH LQYHFH q OD WULSSD FKH FRPH LQ DOWUH UHJLRQL YLHQH FRQVXPDWD LQ QXPHURVHYDULDQWLLQEURGRLQ]XSSDLQXPLGRDOODVELUD 720$;(//( ,QJUHGLHQWLIHWWLQHGLYLWHOORJGLPDJURGLYLWHOORJGLSRSSDGLYLWHOOD J GL IXQJKL VHFFKL OD PROOLFD GL XQ SDQLQR EDJQDWD QHO EURGR FXFFKLDL GL SDUPLJLDQRJUDWWXJLDWRXQFLXIIRGLSUH]]HPRORDOFXQHIRJOLHGLVDOYLDHPDJJLRUD QDXQXRYRODWWHEXUURROLRH[WUDYHUJLQHG·ROLYDEURGRVDOHHSHSH 3UHSDUD]LRQH$PPROODUHLQDFTXDWLHSLGDLIXQJKLSRLVWUL]]DUOLHWULWDUOLDVVLHPH DOOHHUEHDURPDWLFKHSULPDODYDWHHDVFLXJDWH8QLUHDOWULWRODPROOLFDGLSDQHLO PDJURGLYLWHOODURVRODWRQHOEXUURHWULWDWRODSRSSDGLYLWHOORVEROOHQWDWDHWULWDWD LOIRUPDJJLRO·XRYRVEDWWXWRDPDOJDPDUHLOSUHSDUDWRFRQXQSRFRGLODWWH%DWWHUH EHQHOHIHWWLQHGLYLWHOORIDUFLUOHFRQLOULSLHQRSUHSDUDWRDUURWRODUOHHIHUPDUOHFRQ XQRVWHFFKLQR0HWWHUHDVRIIULJJHUHJOLLQYROWLQLFRQGXHFXFFKLDLG·ROLRHSRFREXU UR4XDQGRVDUDQQREHQURVRODWLVDODUHHSHSDUHDSLDFHUHXQLUHXQPHVWRORGLEURGR HFXRFHUHFRSHUWLDIXRFROHQWRSHUPLQXWL6HUYLUHWLHSLGR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /LJXULD ]XSSDGHOODPHQVDGHOOHJXDUGLHGRJDQDOLVHPSUHSUHVHQWLLQSRUWRFRQL ´IDJLROLGL6SDJQDµD*HQRYDVLLQGLFDQRFRVuOHIDJLRODQH3HUSUHSDUDUH ODVELUDVLXQLVFHDOEURGRGLFDUQHODWULSSDWDJOLDWDDOLVWDUHOOHHJLjFRWWD DOODOLJXUHFLRqVWXIDWD6LVFDOGDSHUTXDOFKHPLQXWRHVLODVFLDLQVDSRULUH ,QRJQLSLDWWRIRQGRVLPHWWHXQDIHWWDGLSDQHDEEUXVWROLWRVLYHUVDQRVRSUD LOEURGREHQFDOGRHODWULSSDVLDJJLXQJHXQFXFFKLDLRGLVXJRG·DUURVWRR GLVWXIDWRHDEERQGDQWHSDUPLJLDQRJUDWWXJLDWR 6LSRVVRQRULFRUGDUHDQFRUDPH]]RVHFRORIDOHFDUDWWHULVWLFKHWULS SHULHGLVVHPLQDWHDWWRUQRDOSRUWRSHUFKpLOEURGRGLWULSSDFRQSRFDFDUQH WDJOLDWDVRWWLOHHXQSR·GLSDQHHUDODSULPDFROD]LRQHDELWXDOHGHJOLVFDUL FDWRULSRUWXDOLLIDPRVL´FDPDOOLµFKHDWWULEXLYDQRDTXHVWDFDOGDFRQVXPD ]LRQHYDORULVDOXWLVWLFLHVWRPDWLFL 9DOHODSHQDFLWDUHSHUOD/XQLJLDQDLO&RGLFH3HODYLFLQRLOUHJLVWUR GL WXWWL L FRQWUDWWL VRWWRVFULWWL QHO 6DU]DQHVH WUD LO ;,, H LO ;,,, VHFROR Ë XQGRFXPHQWRLQWHUHVVDQWHSHUFKpYHQJRQRIRUQLWHDOFXQHLQGLFD]LRQLVXOOH FRQVXHWXGLQLFXOLQDULHQRQVRORGHLFHWLQRELOLPDDQFKHGLULÁHVVRGHLORUR VRWWRSRVWL6LOHJJDDGHVHPSLRLOVHJXHQWHSDVVR´'HOSRUFRFKHLFXRFKL DYUDQQRDPPD]]DWRHSUHSDUDWRSHUODFXFLQDLFXRFKLVWHVVLGHYRQRDYHUH ODYHQWUHVFDSDQ]HWWDFKHYDWDJOLDWDDPHWjSHUODPHWjGHOOHPDPPHOOH DGHVWUDHDVLQLVWUDHGHYRQRDYHUHLOFDSRFROORWUDQQHODEDUELQDHODFRGD FRQWUHQRGLYHUWHEUHHLOORERPLQRUHSHQRODGHOIHJDWRµ /DSUHVHQ]DGHOODFRGDQHOOD/XQLJLDQDGLIDWWRRULHQWDODFXFLQDGHO OD ]RQD YHUVR XQD FXOWXUD JDVWURQRPLFD QRQ OLJXUH PD FKH JXDUGD YHUVR O·,WDOLDFHQWUDOH/DFRGDQRQHUDO·XQLFDSDUWHFHGXWDDLFXRFKL´,FXRFKL GHOODIHVWDGL6DQ0DUWLQRÀQRDOO·2WWDYDGL3DVTXDGHYRQRDYHUHDQFKHOH SHOOLOHWHVWHHOH]DPSHHOHLQWHULRUDGHJOLDJQHOOLGHLFDSUHWWLHGHOOHOHSUL WUDQQHWXWWDYLDLOIHJDWHOORGHLFDSUHWWLµ /(556*633()69(;6 9VILY[V0V]PUV+*:; 7HVSV3PUN\H*;L*:-4 $FFDGHPLD,WDOLDQDGHOOD&XFLQD / /RPEDUGLD /RPEDUGLD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD 75$,352'277,'(//·,1'8675,$(/(),(5(',3$(6( ,OFRQVXPRGLFDUQHVLDIIHUPDFRPHVLPERORGLYLJRUHHGLIRU]DÀQ GDO0HGLRHYRVHJXHQGRDQFKHLOSHQVLHURGLHWHWLFRGHOWHPSRFKHGHÀQLYD OD FDUQH ´PLJOLRU DOLPHQWRµ SHU O·XRPR FRPH FRPSDUH DG HVHPSLR QHO 5HJLPHQGL$OGREUDQGLQRGD6LHQDFKHQHO;,,,VHFRORVFULYH´IUDWXWWHOH FRVHFKHGDQQRQXWULPHQWRDOO·XRPRODFDUQHqTXHOODFKHORQXWUHGLSL O·LQJUDVVDHJOLGjIRU]Dµ 1DWXUDOPHQWHODTXDOLWjGHOODFDUQHFRQVXPDWDFDPELDVHQVLELOPHQWH DVHFRQGDGHOOHFRQGL]LRQLHFRQRPLFKHHVRFLDOLHTXHVWDGLIIHUHQ]LD]LRQH ULPDQHFRPHLPSRUWDQWHPDUFDWRUHVRFLDOHÀQRDOODPHWjGHOVHFRORVFRUVR (VHPSOLÀFDWLYRqXQPRWWRSRSRODUHGHOOD9DOVDVVLQDFKHDWWULEXLYDDLULFFKL ´WXWWRTXHOORFKHVWDYDGLHWURODWHVWDHGDYDQWLDOODFRGDµGHOODEHVWLDPHQ WUHLOULPDQHQWHHUDGHVWLQDWRDLSRYHUL /DFLWWjLQIDWWLVLTXDOLÀFDFRQLOFRQVXPRIUHTXHQWHGLFDUQHIUHVFD H LQ SDUWLFRODUH GL FDUQH ERYLQD OD SL DSSUH]]DWD SHU VHFROL PHQWUH OD FDPSDJQDVLFDUDWWHUL]]DSHUORVFDUVRRVFDUVLVVLPRFRQVXPRGLWDOLFDUQLH VLFXUDPHQWHSHUXQPDJJLRUFRQVXPRGLFDUQHVXLQDGLSLFFROLDQLPDOLFKH SRSRODYDQRIRVVLFDQDOLHERVFKLHSHUDEERQGDQWHXVRGLIUDWWDJOLH/·XFFL VLRQHGHOPDLDOHHUDRYXQTXHQHOOHFDPSDJQHXQPRPHQWRLPSRUWDQWHSHU FKpDVVLFXUDYDFRQODSUHSDUD]LRQHGLVDOXPLHLQVDFFDWLLOVRVWHQWDPHQWR GHOODIDPLJOLDSHUWXWWRO·LQYHUQRVHQRQDGGLULWWXUDSHUWXWWRO·DQQRVXFFHV VLYR,QTXHVWRFRQWHVWRO·XWLOL]]RGLWXWWHOHULVRUVHDOLPHQWDULFRPSUHVRLO VDQJXHLSLHGLOHRUHFFKLHOHWHUPLQD]LRQLWHQGLQRVHGHOOHIDVFHPXVFRODUL OHPDPPHOOHODWHVWDOHDUWLFROD]LRQLHOHYLVFHUHGHJOLDQLPDOLULVXOWDYD GL SULPDULD LPSRUWDQ]D 1DVFH RYXQTXH XQD FXFLQD FKH LQ UDJLRQH GHOOH TXDQWLWjGLVSRQLELOLFHUFDFRPXQTXHGLWUDVIRUPDUHTXHOOLFKHRJJLFRQVL GHULDPRFRPHVRWWRSURGRWWLLQJXVWRVHSUHSDUD]LRQLFKHSHUzQHFHVVLWDYDQR HQHFHVVLWHUHEEHURDQFRUDRJJLVHIRVVHURULSURGRWWHGLOXQJKLWHPSLSHUOD ODYRUD]LRQHHODFRWWXUD 6LSXzSDUWLUHSURSULRGDTXHVWDFRQVLGHUD]LRQHSHUDQDOL]]DUHO·DS SDUHQWHGLVDIIH]LRQHYHUVRULFHWWHFKHSHUVHFROLKDQQRFDUDWWHUL]]DWRODFXFL QDFKHRJJLFKLDPLDPR´WUDGL]LRQDOHµHFKHVXELVFRQRXQIRUWHRVWUDFLVPRD FDXVDGHLWHPSLOXQJKLLQFXFLQDSDUWLFRODUPHQWHQHOOHDUHHGLHFRQRPLDSL $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD HYROXWDSHUORVYLOXSSRGHOOHLQGXVWULHHGHOWHU]LDULRFRPHOD/RPEDUGLD /DFXFLQD´YHORFHµqGLYHQWDWDXQDQHFHVVLWjVSDULVFRQRDOORUDGDOOHPHQVH IDPLJOLDULOHWHVWLQHEROOLWHLSLHGLQLVLDGLYLWHOORFKHGLPDLDOHLQHUYHWWL PDDQFKHLPRQGHJKLOLOHWULSSHLVDQJXLQDFFLWXWWHOHULFHWWHGLIUDWWDJOLH FKHFRPHLURJQRQLUHQLULFKLHGRQRXQDSUHODYRUD]LRQHDFFXUDWD&RPH VL YHGH QRQ q VROR OD FXFLQD SRYHUD D VSDULUH PD DQFKH TXHOOD ULFFD GHL OHVVLGHLEUDVDWLGHJOLVWUDFRWWLVFLRFFDqO·RELH]LRQHUHWRULFDGLHVVHUHWXWWL WURSSRULFFKLSHUSUDWLFDUHODFXFLQDSRYHUD 1RQ q SHUz YHUR FKH OH FDUQL SRYHUH VLDQR GLPHQWLFDWH SHUFKp LQ UHDOWjOHEXRQHWUDWWRULHHLULVWRUDQWLGLFXFLQDLWDOLDQDSURSRQJRQRDQFRUD TXHVWLSLDWWLFRQQRWHYROHVXFFHVVRHSHUÀQRO·LQGXVWULDDOLPHQWDUHVLSUR GLJDSHUSURSRUUHSLDWWLSURQWLGLFXFLQDWUDGL]LRQDOH&RQO·XVRGHLIRUQLD PLFURRQGHRJJLqSRVVLELOHPHWWHUHLQWDYRODXQDWULSSDIXPDQWHLQSRFRSL GLPLQXWLPDJDULLQSRU]LRQLVLQJROHRGRSSLHVHQ]DVSRUFDUHODFXFLQDH VHQ]DVWDUHSHURUHGDYDQWLDLIRUQHOOL6HO·LQGXVWULDLQYHVWHLQTXHVWRVHWWRUH VLJQLÀFDFKHTXHVWLSURGRWWLKDQQRDFTXLUHQWLLQEXRQQXPHUR 'LYHUVRqLOUDJLRQDPHQWRSHUOHULFHWWHULJXDUGDQWLSURGRWWLRUPDL GLIÀFLOLGDWURYDUHVLDQHOOHPDFHOOHULHVLDQHLVXSHUPHUFDWLFKHSHULJLR YDQLVRQRLOOXRJRSLIUHTXHQWDWRGLDFTXLVWRSHUSURGRWWLDOLPHQWDULFRPH DG HVHPSLR LO VDQJXH GL PDLDOH SHU L VDQJXLQDFFL OD PLO]D OH RUHFFKLH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD ODFRGDOHWHWWLQHGLPDLDOHRJUDQSDUWHGHOODVHOYDJJLQDGDSLXPDWDQWR FDUDDOODFXFLQDWUDGL]LRQDOHEUHVFLDQDHEHUJDPDVFD6LULVFKLDGLGLPHQWL FDUHLPRGLGLFXFLQDUHTXHVWLDOLPHQWLFKHLOSLGHOOHYROWHVRSUDYYLYRQR VRORQHLUDFFRQWLGHLQRQQLRQHOOHULQQRYDWHÀHUHGLSDHVHFRPHTXHOODGL ,VROD'RYDUHVHGRYHLOTXLQWRTXDUWRGHOPDLDOHYLHQHIHVWHJJLDWRGLQRUPD O·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·HYHQWR SRVVRQRVRSUDYYLYHUHDOPHQRLQTXDOFKHJLRUQRGHOO·DQQR /$&,77'(//$%86(&&$ 0LODQRqVWDWDVSHVVRDVVXQWDFRPHVLPERORGLWXWWHOHFLWWjORPEDU GHDQFKHVHOHSHFXOLDULWjORFDOLYHQJRQRRJJLSURSRVWHFRQJLXVWRRUJRJOLR ,PLODQHVLVLVDDPDYDQRODFDUQHSURWDJRQLVWDGHOODORURFXFLQDWUDGL]LR QDOHERUJKHVHTXDVLXQVLPERORGLVWDWRHLQGLFDWRUHGLTXHOEHQHVVHUHGLFXL DQGDYDQRÀHUL$PDYDQRLQVSHFLHOHFDUQLGLYLWHOORHGLPDQ]RVRSUDWWXWWR LO ´PDQ]µ FKH LQ XQ SDVVDWR DQFRUD DEEDVWDQ]D UHFHQWH HUD DGDWWLVVLPR DOOHOXQJKHFRWWXUHDOOHSUHSDUD]LRQLGD´GLOHJXDUHLQERFFDµLOEUDVDWROR VWXIDWRHLOSUHGLOHWWREROOLWR,O´OqVVµFRWWRSHUODFDUQHHQRQSHULOEURGR GHOUHVWRXQDSUHVHQ]DFRVWDQWHVXTXHVWHWDYROHHUDGXQTXHGDPHWWHUH LQSHQWRODQHOO·DFTXDDEROORUHUDJJLXQWRHQRQDIUHGGRSHUFRQVHUYDUHJOL XPRULHLVDSRULGHOOHVXHÀEUH )UXJDOLSHULQGROHDWWHQWLDL´GDQqHµHWXWW·DOWURFKHVHPSOLFLRWWLL PLODQHVLLQIDPLJOLDULFLFODYDQRDELWXDOPHQWHJOLDYDQ]LOD´FDUQHIUXVWDµ FRPHVLOHJJHQHOYRFDERODULRGHO&KHUXELQLGHOOHVVRGRPHQLFDOHULFRU UHQGRDJOLLUULQXQFLDELOL´PRQGHJKLOLµFRPHFKLDPDYDQROHDOWUXLSROSHWWH RULFDYDQGRQHXQ´IULWWRGLOHVVRµ(QRQGLVGHJQDYDQRFHUWROHFDUQLSRYHUH $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD OHPLQXWHULHFKHLODWLQLFKLDPDYDQRPLQXWLDOHIUDWWDJOLHOHLQWHULRUD*Lj QHOOHVVRHVDOWDWRLQÀQHGDOODPRVWDUGDFRPSDULYDIUDLGLYHUVLWDJOLGL PDQ]RLOFDSSRQHHLOFRWHFKLQRODWHVWLQD1HOODWUDGL]LRQHDYHYDWLWROR GLPLQXWLDXQDVRUWDGLPRGHVWLVVLPDÀQDQ]LHUDDEDVHGLDQLPHOOHÀORQL FUHVWH GL JDOOR GD XVDUVL FRPH JXDUQL]LRQH R LQWLQJROR &RVWDYDQR SRFR VDSHYDQRGLPROWRVLPDQJLDYDQRFRQJXVWRSLDFHYDQR8VLFKH´VHQRQ SURSULR XQ FXOWRµ FRPH KD VFULWWR *XDUQDVFKHOOL *RWWL FRVWLWXLYDQR ´XQ UREXVWRPRYLPHQWRG·RSLQLRQHµ 1RQDFDVRTXDQGRVLXVDYDFRORULUHODJHRJUDÀDGHOOHYDULHFLWWj DVVHJQDQGRDLORURDELWDQWLQRQVHQ]DLURQLDVDUFDVPRULYDOLWjQRPLJQROL OHJDWL DO PRGR GL PDQJLDUH R DOOH ULVRUVH DOLPHQWDUL GHO ORUR WHUULWRULR L PLODQHVLYHQLYDQRDGGLWDWLTXDOL´EXVHFFRQLµFLRqJUDQGLPDQJLDWRULGLWULS SDRDQFKHSDQFLRQL,QIRQGRLEXRQLPHQHJKLQLTXDVLVLFRPSLDFHYDQR SHUTXHVWRHSLWHWRIRUVHQRQWDQWRTXHOOLGLFHWRLQIHULRUHFKHXQSR·QHVRI IULYDQRPDVLFXUDPHQWHJOLHVSRQHQWLGHOODEXRQDVRFLHWj&DUOR3RUWDVROH YDGHÀQLUVLSRHWD´EDOORVµPDOL]LRVRH´EXVHFFRQµFKHVDSHYDLQOLQJXD ´EXVHFFRQDµVFXRWHUHO·LQGROHQ]DODVLPSOLFLWDVGHLFRQWHUUDQHLEXVHFFRQL ,QVRPPD 0LODQR HUD ´HO SDHV GH OD EŝVqFFDµ OD WULSSD IRUVH GD ´EX]]Rµ SDQFLD LQ RULJLQH DUQLD GHOOH DSL QHO VLJQLÀFDWR GL ´YHQ WUH GHOOH EHVWLH JURVVH FKH EHQ SXUJDWR H FRQGLWR XVDVL SHU YLYDQGDµ ) &KHUXELQL H VSHFLDOPHQWH ´EXGHOOHµ SHU WUDVODWR RJJHWWR GL GLYHUVL SRSR ODUHVFKL PRGL GL GLUH FRPH ´IDU EXVHFFDµ IDU PDFHOOR R ´PDQGj L EXVHFFK LQ SURFHVVLRQµ FRQ ULIHULPHQWR DO JRUJRJOLR GHO FRUSR 'L WULSSD F·HUD QR YHQGLWRUL VSHFLDOL]]DWL H DQFRUD VH QH WURYDQR LQ FHUWL PHUFDWL ULRQDOL , ´EŝVqFKHHµ L WULSSDL QH RIIULYDQR GDL ORUR EDQFKL G·RJQL JHQHUH DQFKH SUHFRWWD H VELDQFDWD DQ]L ´JULJLDµ FRQ UHODWLYD GLVSRQLELOLWj GHJOL DGDW WLVVLPL IDJLROL ELDQFKL GL 6SDJQD 1p PDQFDYDQR LQ FLWWj OH WULSSHULH OH ULYHQGLWH GL WULSSH FRWWH TXDVL ´XQ PDQJLDUH GLVWUDGDµ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD 1(,9(&&+,5,&(77$5, )RUVHRJJLFKHYHGLDPRHDFTXLVWLDPRVRORFDUQHJLjSXOLWDHSRU ]LRQDWDVXLEDQFKLGHOOHPDFHOOHULHHGHLVXSHUPHUFDWLFLVLDPRLQTXDOFKH PRGRDOORQWDQDWLDQFKHSVLFRORJLFDPHQWHGDOFRQVLGHUDUH´PDQJLDELOLµJOL RUJDQL LQWHUQL IRUVH FRQ OD VROD HFFH]LRQH GHO IHJDWR H WXWWH TXHOOH SDUWL GHJOLDQLPDOLFKHQRQVLDQRVRODPHQWHPXVFRODULPD´SHUQRQGLPHQWLFDUHµ qEHQHULSURSRUUHRJQLWDQWRPDJDULQHLSLWUDQTXLOOLJLRUQLGLYDFDQ]DRGL IHVWDDQFKHOHULFHWWHFKHXWLOL]]DYDQRTXDOVLDVLSDUWHGHJOLDQLPDOLDOOHYDWL HVHOYDWLFLSHUHVVHUHLOQRVWURFLERËTXLQGLXWLOHULSHUFRUUHUHQHOODUHJLRQH OHVWUDGHGLXQDFXOWXUDDULVFKLRGLHVWLQ]LRQH $OODÀQHGHO6HWWHFHQWRLOULFHWWDULRGLXQ·DQRQLPD&XRFDFUHPR QHVHPRVWUDQGRLQFOLQD]LRQHDOODFXFLQDIUDQFHVHQRQQHJDYDXQ·RFFKLDWD DXVLQRQOLPLWDWLDOODEXRQDERUJKHVLD'HOPDQ]RFRQVLGHUDYDOHIULWWXUH GL OLQJXD H FHUYHOOR QHO OLQJXDJJLR ORPEDUGR ´OH FHUYHOODµ FRQ DEXVLYD ULFRVWUX]LRQHDOVLQJRODUH´ODFHUYHOODµLOFHUYHOORVLFXRFHYDDQFKHDOOD EUDFHHODOLQJXDLQSROSHWWHR´DOODEUH]ROHµIRUVH´EUHVDROHµIHWWLQHVRWWLOL DIIXPLFDWH'HOYLWHOORVLFXFLQDYDQRODWHVWDFRQSLVHOOLLOIHJDWRVWXIDWRR IULWWRLOSROPRQH´FXUDGqODµPDODPHQWH´FRUDWHOODµIULWWRR´DOODERUJKH VHµOHDQLPHOOH´ODFFKLHWWLµLQGLDOHWWRPLODQHVH´ODFFqWWµIULWWHRLQDOWUR PRGRLSLHGLLVSLUDYDQRXQSLDWWR´DOOD&DPDUJRWµGHGLFDWRDXQDEDOOHULQD IUDQFHVHGHOWHPSR,OPDLDOHÀJXUDQRQVRORSHUOHVDOVLFFHPDSHULVDQJXL QDFFLSHULOVDQJXHDQFKHGLYLWHOORVLVXJJHULYD´LOPRGRGLDJJLXVWDUORµ FRQFLSROOHEXUURHJUDVVRSUHSDUD]LRQHYHORFHHGLSRFDVSHVDDQFKHVH PHQRJXVWRVDGHOVDQJXLQDFFLR ,QWHUHVVDQWH DQFKH OD WHVWLPRQLDQ]D UHVD QHO GD /XLJL )UDQ FRQL GL %ULVVDJR QHO &DQWRQ 7LFLQR PD FUHVFLXWR DOO·DUWH QHOOD 0LODQR GHOOD 5HVWDXUD]LRQH$QFK·HJOL LQÁXHQ]DWR GDOOD FXFLQD IUDQFHVH ULVSHF FKLDYDLJXVWLGHOODEXRQDERUJKHVLDFXULRVDGLPRGHROWUHPRQWDQHHQHOOR VWHVVRWHPSRIUXJDOHDWWHQWDDOODVDQDHFRQRPLDGRPHVWLFD1RQVWXSLVFH TXLQGL WURYDUH QHOOD VXD VWULQJDWD UDVVHJQD OD ´FHUYHOOD DOOD PLODQHVHµ QRQ PHQR FKH ´DOODÀRUHQWLQDµO·RUHFFKLRGL YLWHOOR ´LQ VDOVD DJURGROFHµ R´DOODURPDQDµLO´ODFFqWWµFRQWHVWLQDGLYLWHOOR´DLFDUWRFFLQLµOD´FRUD GHOOD DOOD SLRGLQHVHµ 3LRGLQD q IUD]LRQH GL %ULVVDJR LO IHJDWR GL YLWHOOR $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD ´DOODYHQH]LDQDµRSSXUH´DOODOLRQHVHµXQRVFRUFLRHUDULVHUYDWRDOIHJDWRGL PDLDOH´DOODUHWHRVVLDIHJDWHOOLµ 1HJOLVWHVVLDQQLLOGLDULRGLXQDSDWULRWWLFDGDPDPLODQHVHWUDSLDQ WDWD QHO9DUHVRWWR /XFLD 3ULQHWWL$GDPROL DQQRWDYD IUD ULFHWWH GDO WLWROR IUDQFHVH XQD ´]XSSD DOOD WDUWDUDµ PH]]D WHVWD GL YLWHOOR FRWWD LQ OLWUL G·DFTXDFRQO·DJJLXQWDGLXQOLWURGLYLQRELDQFRGLYHUGXUHHDURPLXQD ´WHUULQDGLIHJDWRµGLYLWHOORFRQODUGR´JLDPERQHµ´WHWWLQDµ0DUVDODH WDUWXIRQHUR6LDJJLXQJDQR´FUHVWHGLJDOORµ´ELDQFRµSHUDQLPHOOHHSLH GHYHURVLPLOPHQWHGLYLWHOOR /$&8&,1$'(//(,17(5,25$ ,QWXWWDOD/RPEDUGLDODWULSSDqLOSLDWWRFKHPHJOLRKDDWWUDYHUVDWROD FULVLGHOOHFDUQLSRYHUHWDQWRGDHVVHUHWXWWRUDO·LQVHJQDGLVDJUHFRPHTXHO OHGLJHQQDLRQHOJLRUQRGL6%DVVLDQRD/RGLVRWWRLSRUWLFLGHO%UROHWWR HD3L]]LJKHWWRQHQHOOHDQWLFKHFDVHPDWWHGHOOHPXUD6DJJH]]DGLSRSRORD &UHPRQDULFRUGDYDFKHXQDVFRGHOODGLWULSSDHXQELFFKLHUHGLYLQRHUDQR EXRQYLDWLFRSHUJXDUGDUHLQIDFFLDFRQFRUDJJLRDOGHVWLQR´1DVFGpOD GHWUuSDHQELFpHUGHYpHQHSzYjUGDLQIjFLDHOWRGHVWpHQµ1DWXUDOPHQWH F·HUDFDPSDQLOHHFDPSDQLOHWULSSDHWULSSDHLOFUHPRQHVHULFRQRVFHYDL PHULWLDOWUXLULVHUYDQGRVLLOPLJOLRUH´3jDQPXGHQqHVYuLQYHUXQqHVWUuSH EXOXJQpH]HHGyQHFUHPXQpH]HµDQFKHVH´,QFzRWUuSDGXPjDQEVqFDµ ÀQLYDQRSHUVWDQFDUH 5LIDFFLDPRFLDOODWUDGL]LRQHPLODQHVH/DEVqFFDYHUDHSURSULD qVLQGDO;9,,VHFRORXQEURGRVRFRDFHUYRGLGLYHUVHWULSSH GLYLWHOORVRSUDWWXWWRHGLPDQ]RWXWWHGHOSUHVWRPDFR IRLRORRPDVRFKLDSSDLOUHWLFRORIUDQFHVHRULFFLD LOGXRGHQR&DUDWWHUHORPEDUGRqSURSULRODWULSOLFH FRPSRVL]LRQHDOWURYHGXSOLFHRVHPSOLFH,OIRLROR ´IXL|µqYHUVLRQHLQXPLGREDVDWRVXOFHQWRSHOOHLO WHU]RVWRPDFRGHOUXPLQDQWHDVVDLPDJURHGHOLFDWR WDQWRGDULFKLHGHUHVSHVVRODFRPSDJQLDGHOODULFFLD /DFRWWXUDqSUROXQJDWDLQVRIIULWWRGLFLSROODEXUUR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD HSDQFHWWDFRQLOFRPSOHWDPHQWRGLVHGDQRFDURWHSRPRGRULHGHLVROLWL IDJLROLGL6SDJQDSULPDGHOODORURFRPSDUVDVLULFRUUHYDDLFHFL 3HUYDJKHVRPLJOLDQ]HLOQRPHWDQWRSRSRODUHVLDWWULEXLYDDYLYDQGH GLYHUVH VLQR DOOD ÀQ]LRQH GL XQD ´EXVHFFD PDWWDµ EDVDWD VX XRYD IULWWH ULGRWWHDVRWWLOLOLVWDUHOOHULQIRU]DWHGDSDQFHWWDHFLSROORWWLH´EXVHFFKLQDµ VLGHQRPLQDYDXQD]XSSHWWDGLFDVWDJQHVHFFKHHVHPLGLÀQRFFKLRQHOODWWH R QHOOD SDQQD XQ GROFH GD VHUYLUH LQ FRSSHWWH ULWXDOH SHU 6DQWD 6DYLQD O·XOWLPRJLRUQRGLJHQQDLR /D FXFLQD GHOOH LQWHULRUD ULJXDUGD O·LQWHUD VHTXHQ]D GL XQ SDVWR FRSLRVR'HJOLDQWLSDVWLVLGLFHLPLODQHVLIDFHYDQRSRFRFRQWRQRQTXHOOL GHOSULPR2WWRFHQWRVHLO/XUDVFKLQHOVSURSRVLWDYDFRQOHHQWUpH WHVWDOLQJXDRUHFFKLH´FHUYHOODµ´ODFHWWLµIHJDWR´FRUDGHOODµPDXQ SRVWR GL ULJXDUGR KDQQR VHPSUH ULYHVWLWR L QHUYHWWL LQ LQVDODWD GLIIXVL LQ WXWWDOD/RPEDUGLDDQFRUDRJJLVLUHSHULVFRQRQHOOHURVWLFFHULHHSHUVLQRQHL VXSHUPHUFDWL ,QFDVDVLEROOLYDQROHFDUWLODJLQLGHOORVWLQFRGHOOH]DPSHGHOJLQRFFKLR 3(;9077(.,5<05( (SJ\UP ]LYZP KLS 9HQILY[P YPJOPH THUV WLY SH [YPWWH TPSHULZL \UH X\LZ[PVUL KPIH[[\[H L JPVu X\HU[H JH\[LSH ZPH ULJLZZHYPH ULSS»PUUV]HYL SHJ\JPUHHU[PJHJVTL[HSVYHZP[LU[H KP MHYL JVU SH I\VUH PU[LUaPVUL KP ZHS]HN\HYKHYSH KHSSH ZJVTWHYZH! SH I\ZLJJH JOL ZL ]\ TL[[PP [YPMVSH L JHUULSSHS»u\UHWVYJHKHWLYJOuS»u W\ X\LSSH L WLY THUNPHSSH WYVWWP NLU\PUH ZL ]H TPUNH HSS»HSILYNO THHS»VZ[LYPHSH[YPWWHZLHNNP\UNL [L [HY[\MV L JHUULSSH u \UH WVYJH[H WLYJOtUVUuWPSLPLWLYTHUNPHYSH WYVWYPVNLU\PUHUVUZP]HHSS»HSILYNV THHSS»VZ[LYPH GLYLWHOORDOOHYROWHDQFKHSRU]LRQLGHOODWHVWDHDOWURVLGLVRVVDYDQRVL ULGXFHYDQR LQ XQ LPSDVWR FKH YHQLYD DIIHWWDWR FRQGHQGR SRL OH IHWWLQH , QHUYHWWL VL SRVVRQR DQFKH IULJJHUH &RQVXHWD LQ WDYROD DQFKH OD OLQJXD VDODGD RVVLD VDOPLVWUDWD D &UHPRQD ROWUH DOOD OLQJXD GL YLWHOOR ´FRPH VDOXPHµ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ÀQHLOSUH]]HPRORWULWDWR6HUYLUHODPLQHVWUDFDOGLVVLPD ODOLQJXDGLPDQ]RFRQFLSROOHPDULQDWH 4XDQWR DL SULPL SLDWWL LO FXRUH GL YLWHOOR GDYD LO QRPH D XQD PLQHVWUD ORGLJLDQD OD PLQHVWUD GL ULVR H FXR UH GL YLWHOOR /H LQWHULRUD GDYDQR VDSRUH DG DOFXQL ´ULVLµ LQ DPSLH DUHH ORPEDUGH ULVR H FRUDGD FRQ SROPRQH GL YLWHO OR ULVRWWR FRQ LO URJQRQH ,O URJQRQH UHQH GL YLWHOOR SL GHOLFDWR GL TXHOOR GL PDQ]R q IUDWWDJOLD GLVFXVVD GHYH HVVHUH IUHVFKLVVLPD SHUFKp DOWULPHQWL ULODVFLD XQ RGRUH VJUDGHYR OH 3ULYDWR GHOOD SHOOLFLQD H VYXRWDWR GHO JUDVVR YLHQH WULIRODWR LQ SDGHOOD FRQ EXUUR D ÀDPPD YLYD EDJQDQGR FRQ 0DUVDOD R YLQRELDQFRHXQHQGRDOODÀQHGRSRDYHUVYDSRUDWRSUH]]HPROR HDJOLR 6DOGDPHQWHHQWUDWRQHOULFFRSDWULPRQLRDOLPHQWDUHLWDOLDQR %86(&&+,1'(&25$'$ ,QJUHGLHQWLJGLFRUDGDSROPRQHGLYLWHOORJGLEXUURJGLSDQFHWWD FLSROOLQHIRJOLHGLVDOYLDXQDFDURWDSLFFRODIRJOLHGLVHGDQRSRPRGRUL WULWDWLRXQFXFFKLDLQRGLVDOVDIUHVFD 3UHSDUD]LRQH/HVVDUHLOSROPRQHSHUPLQXWLWRJOLHUHODSDUWHELDQFDHWDJOLDUORD GDGLQL5RVRODUHOHQWDPHQWHQHOEXUURFLSROOLQDFDURWDVDOYLDHVHGDQRDJJLXQJHUH LOSROPRQHHLQVDSRULUORFRQLSRPRGRULXQPHVWRORGLEURGRHFXRFHUHOHQWDPHQWH ÀQRDOTXDVLFRPSOHWRDVVRUELPHQWRGHOOLTXLGR6HUYLUHFRVSDUJHQGRFRQIRUPDJJLR JUDQDJUDWWXJLDWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD O·RVVREXFRDOODPLODQHVH'HULYDQGRGDOJHUHWWR GL YLWHOOR FRQWLHQH FDUQH H RVVR VLD SXUH FRQ LO EXFRHUHODWLYRFRQQHWWLYRFKHqLOJDUDQWHGHOO·HVVHQ]LDOH JODVVDWXUD /HSDUWLGHOODWHVWDGHLERYLQLVLSUHVWDYDQRSHUXQHFRQRPLFRSUDQ]R GHOODGRPHQLFDEROOLWHFRQOHYHUGXUHFRVuRWWHQHQGRFDUQHHEXRQEURGRSHU GDUVRVWDQ]DHVDSRUHD]XSSHHPLQHVWUH8QJUDGLQRSLDOWRVLUDJJLXQJHYD XQHQGR QHO OHVVR OD WHVWLQD GL YLWHOOR D PDQ]R FDSSRQH H FRWHFKLQR /D OLQJXDGLYLWHOORVLSUHVWDYDDXVLGLYHUVLGDTXHOORJLjFRQVLGHUDWROLQJXDLQ XPLGRFRQOHFLSROOLQHRDOORVWXIDWRFKHqWXWWRGLUHDSSDULYDQHOOD&XFLQD SHUJOLVWRPDFLGHEROLGHOROHVVDWD/XQJROHULYHGHO3RGD&UHPRQD D3DYLDULVFRQWULDPRODOLQJXDEUDVDWDULVSHWWLYDPHQWHGLPDQ]RHGLYLWHOOR ,QXQ·DPSLDDUHDORVWLQFRGLYLWHOORKDWXWWRUDXVRGLIIXVR6LOHVVDYDQR DQFKHLSLHGLGLYLWHOORHOHDQLPHOOHGDYDQRSUHJQDQ]DDTXDOFKHVLJQLÀFD WLYDSLHWDQ]DSHUHVVHUHXQDGHOOHVH]LRQLSLJXVWRVHGHOYLWHOORXQLWHFRPH VRQRDOO·HVRIDJRHSURVVLPHDOFXRUHDSDWWRG·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·ROLRODSDQFHWWDHLOWULWRGLYHUGXUHTXLQGL XQLUH OR VWLQFR ULFRSULUOR FRQ LO EURGR H VSUX]]DUOR FRQ O·DFTXDYLWH &RQWLQXDUH OD FRWWXUDLQIRUQRDSHUFLUFDRUHLUURUDQGRVSHVVRFRQLOEURGR6HUYLUHORVWLQFR EHQFDOGRFRQFRQWRUQRGLSLVHOOLDOEXUUR $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD $1,0(//(,1$*52'2/&( ,QJUHGLHQWLJGLDFHWRELDQFRJGLDQLPHOOHGLYLWHOORJGLEXUURJ GL FDSSHUL VRWWDFHWR XQD FDURWD XQD FLSROOD XQD FRVWD GL VHGDQR J GL ODUGR JGLSURVFLXWWRFUXGRVDOHJGL]XFFKHUR 3UHSDUD]LRQH0HWWHUHLQXQDFLRWRODLFDSSHULWULWDWLÀQHPHQWHVEDWWHUOLFRQO·ROLR ULGXFHQGROLLQVDOVD0HVFRODUHLQXQDFDVVHUXRODOR]XFFKHURFRQO·DFHWRVFLRJOLHQ GRORDIXRFREDVVRXQLUHODVDOVDGLFDSSHULHROLRDPDOJDPDQGRLOWXWWR7RJOLHUHGDO IXRFRHUDIIUHGGDUHO·LPSDVWR7ULWDUHLOODUGRLOSURVFLXWWRODFLSROODODFDURWDHLO VHGDQRHVRIIULJJHUOLLQXQDSLURÀODFRQLOEXUUR3XOLUHOHDQLPHOOHWDJOLDUOHDSH]]LH XQLUOHDOVRIIULWWR6DODUHPHVFRODUHHSDVVDUHQHOIRUQRDFDORUHPHGLRSHUPLQXWL 6HUYLUHULFRSUHQGRFRQODVDOVDDJURGROFH ,OIULWWRPLVWRSRWHYDFRQWDUHVXXQDYDVWDSODWHDGLHVWLPDWRULHVLFRQ ÀJXUDYDFRPHXQFRDFHUYRGLLQWHULRUDGLYLWHOORIHJDWRDQLPHOOHÀORQL SROPRQHFHUYHOODFLDVFXQRVRWWRSRVWRDGDFFXUDWLWUDWWDPHQWL3HUOLPLWDUFL DOIHJDWRLOIHJDWRDOODPLODQHVHWDJOLDWRDIHWWLQHGDSDVVDUHQHOO·XRYRH QHOSDQHJUDWWXJLDWRHGDVRIIULJJHUHQHOEXUURÀQFKpDSSDLDQREHQGRUDWH RDOODUXVWLFDQHO&UHPRQHVH ,OWHPSRGLJXHUUDIDYRULYDQDWXUDOPHQWHLOULWRUQRDJOLLQJUHGLHQ WL PHQR FDUL /H ULFHWWH GL FXFLQD GL JXHUUD HGLWH DQRQLPDPHQWH D&UHPRQDQHOLQFLWDURQRDOO·XVRIUDOHFDUQLERYLQHGLWULSSDFXRUH IHJDWR PLO]D ,O SDVWLFFLR GL IHJDWR QRQ FRQWHPSODYD FHUWR O·DJJLXQWD GL WDUWXÀIHJDWLQLGLSROORVXJRGLFDUQHH0DUVDODFRPHSUHYLVWLGDOO·$UWXVL H DQFKH GDOOD 3ULQHWWL$GDPROL DO IHJDWR GL YLWHOOR WDJOLDWR D IHWWLQH VL XQLYDQRFDUQHVWXIDWDGLPDLDOHXRYDHODUGR 3HULOFXRUHGLPDQ]RVLSUHYHGHYDODOHVVDWXUDFRQDURPLSHURUH LOWDJOLRDOLVWDUHOOHHODFRWWXUDSHUPLQXWLLQXQD´EDOVDPHOODµGLIDULQD JUDVVRRODUGRDFTXDHOLPRQH/DFRQWLQJHQ]DVSLQJHYDDJXDUGDUROWUHLO SURSULRFDPSDQLOHSHUFXLVLVXJJHULYDQRDQFKH]XSSHGLPLO]DDOODWUHQWLQD HDOODURYHUHWDQD2JJLqGLIÀFLOHSURFXUDUVLODPLO]DLQPDFHOOHULDVHQRQVX SUHQRWD]LRQHSHUFKpqIUDJOLRUJDQLLQWHUQLFKHVRQRVRWWRSRVWLDFRQWUROOR VDQLWDULR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD 0,/=$5,3,(1$ ,QJUHGLHQWL XQD PLO]D GL YLWHOOR XQ ELFFKLHUH GL ROLR H[WUDYHUJLQH GL ROLYD XQELFFKLHUHGLDFHWRURVVRPH]]RELFFKLHUHGLDFTXDXQFXFFKLDLRDEERQGDQWHGL SHSHURQFLQRSLFFDQWHVDOHVSLFFKLG·DJOLRXQPD]]HWWRGLSUH]]HPROR 3UHSDUD]LRQH7RJOLHUHDOODPLO]DODSHOOLFLQDHFRQODSXQWDGLXQFROWHOORLQFLGHUOD IRUPDQGRXQDWDVFD6DODUHOHSDUHWLGHOODWDVFDVPLQX]]DUHLOSUH]]HPRORODVFLDQ GR XQD SDUWH GHO JDPER DJJLXQJHUH XQ SR· GL VDOH O·DJOLR D SH]]L JURVVRODQL H LO SHSHURQFLQRPLVFKLDUHLOWXWWRHULHPSLUHODWDVFD&KLXGHUODFRQGXHVWX]]LFDGHQWL 0HWWHUHODPLO]DDURVRODUHLQROLRVXDPEHGXHOHSDUWLDJJLXQJHUHO·DFHWRHO·DFTXDH FXRFHUHOHQWDPHQWHSHUFLUFDXQ·RUD7DJOLDUHLQÀQHODPLO]DDIHWWHQRQWURSSRVRWWLOL VHUYLUODWLHSLGDFRQLOVXRVXJRGLFRWWXUDRSSRUWXQDPHQWHDGGHQVDWR *(1(526268,12 7XWWRGHOPDLDOHVLFRQVXPDYDDVVROXWDPHQWHWXWWRGDOODFRWHQQD DOOH LQWHULRUD GDO PXVR DO FRGLQR$QFKH JOL RVVL EROOLWL SHU RWWHQHUH XQ EURGRSLVDSRULWRSRLODYRUDWLHULGRWWLLQSROYHUHSHULPDQJLPLGHLSROOL FRPSDLRQR QHL SURYHUEL GXELWDWLYDPHQWH D &UHPRQD ´JK·q PuLD FjDUQH VqHQVD zVµ QRQ F·q EHQH VHQ]D SHFFD FRQ TXDOFKH FRQVLGHUD]LRQH QHO %UHVFLDQRPHPRUHGHOOHSHQXULHFKHFRVWULQJHYDQRDVIDPDUVLFRQODVWHU SDJOLD´O·qPqLVLVjRQzVFKHRQEDFKHWWµPHJOLRVXFFKLDUHXQRVVRFKH URVLFFKLDUHXQRVWHFFR &RQRFFKLRDOOD%ULDQ]DHDO/HFFKHVHPDQRQVRORIHJDWRPLO]D FXRUHUHQLVDQJXHJUDVVRYLQRHWDORUDDQFKHDJOLRHQWUDYDQRQHOODPRU WDGHOODGLIHJDWR%ROOLWDHDIIHWWDWDVLJXVWDYDFRQSROHQWDFDOGDRIUHGGDD SH]]LVLDJJLXQJHYDDOOD´SHVWDGDGHODUGµHYHUGXUHIDJLROLSDWDWHYHU]H SHUL´SXFqWWGDFXPSHVjµFRQODSROHQWDDFFRPSDJQDWLVHSRVVLELOHGDXQ ELFFKLHUHGL´QXVWUDQqOOµ 7HVWDFRGLQRJLQRFFKLSLHGLQLRUHFFKLHFRWLFKHRQRUDYDQROHPHQ VHSLPRGHVWHPHVFRODWLLQXQ´SDFFKHWWRSHULSRYHULµYHQGXWRSHUSRFKL VROGLLQPDFHOOHULD6XOODJRGL2OJLQDWHSHUHVHPSLRLOEURGRRWWHQXWRGDO OHFRWLFKHFRQO·DJJLXQWDGLODUGRHYHUGXUHIRUPDYDLOEUXGQVHUYLWRLQ $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD VFRGHOOHFRQIHWWHGLSROHQWD/HFRWLFKHSRLROWUHDÀQLUHLQTXDOFKHVDOXPH GLPLQRUSUHJLRFXGHJKLQRFXGHJzWWLQVDSRULYDQROHPLQHVWUHFRVuFRPH LO PLQHVWURQH GL ULVR DOOD PLODQHVH ULPSLDQWR GD FKL EDPELQR HUD VWDWR SULYLOHJLDWRLQIDPLJOLDQHOODULSDUWL]LRQHGHOOHFRWHQQH)ULWWXUHGLIHJDWRH GLULJDJOLHVLUDFFRPDQGDQRD/RGLULFHWWHG·RVWHULDFUHPRQHVLWUDPDQGDQR FRPSRVL]LRQLFRPHLOULVRWWRJLDOORFRQUDJGLFRGLQLQHO9DUHVRWWRDQFKH FRQLIDJLROLHOHFRWLFKHHOD]XSSDGLIHJDWRHFXRUH $&UHPRQDODEXRQDHFRQRPLDGRPHVWLFDLQVHJQDYDDQRQWUDVFX UDUHOHFRWLFKHULVSHWWRDSH]]LSLSUHJLDWL´&KLPjLDODSDQVHWDHOJK·jDGH PDLjDjDQODFGHJDµ1RQF·HUDELVRJQRG·LQVLVWHUWURSSRSHUFKpOHFRWL FKHHUDQRHIRUVHVRQRDQFRUDWUDGL]LRQDOLFRQLIDJLROLQLGHOO·RFFKLRLQ XQDPLQHVWUDDVVDLEURGRVDGDVHUYLUHLQVFRGHOODFRVSDUVDGLIRUPDJJLR JUDWWXJLDWRHDFFRPSDJQDWDGDFURVWRQLGLSDQHFURFFDQWH/DPLQHVWUDHUD RIIHUWDJUDWLVGDJOLRVWLDLSURSULFOLHQWLFKHLOJLRUQRGHLPRUWLWRUQDYDQR LQIUHGGROLWLGDOFLPLWHURqDSSHQDLOFDVRGLVRWWROLQHDUHLUHWDJJLVLPEROLFL HYLWDOLVWLFLGHOO·XVDQ]D3LDWWLGLPDLDOHHOHJXPLSHULOJLRUQRGHLPRUWL HUDQRGHOUHVWRWUDGL]LRQDOLLQWXWWDOD/RPEDUGLDD/RGLUHVLVWHQHOOHIDPL JOLH OD ]XSSD GHL PRUWL FRQ FHFL FRVWLQH FRWHQQH WHPSLD SDUWH ODWHUDOH GHOODWHVWDHPXVHWWRPLODQHVHqODWHPSLDHVFLVJHU ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD &(&,&21/$7(03,$',0$,$/( /·qHOGuGL0RUWDOHJKHU 6RWWDDLWRSLHWWVHEDOOD VHULGHVHERFFDOOD SDVVHQLWUDPPFK·KLQQHJKHU GHTXLMFKHWRUQDDFj SHUPDJQjERFFDOOj VFLVJHUHWHPSLDDOHJKHU qLOJLRUQRGHLPRUWLDOOHJUL 6RWWROHSHUJROHVLEDOOD VLULGHHVLWUDFDQQD SDVVDQRLWUDPQHUL GLTXHOOLFKHWRUQDQRDFDVD SHUPDQJLDUHHWUDFDQQDUH FHFLHWHPSLD«DOOHJUL 'HOLR7HVVD&DSRUHWWR ,OSLHGLQRGLYLVRLQTXDWWURVLFXFLQDYDQHOO·DUHDGHLODJKLHDOWURYHLQ JXD]]HWWRURVRODWRLQEXUURHFLSROODHFRWWRFRQYLQRELDQFRSUH]]HPRORH DJOLR$&RPRH3DYLDVLSUHSDUDYDDQFKHLQFDUSLRQHD&UHPRQDVLSUHIH ULYDDOSRPRGRUR1RQVLqSHUVRORVWLQFRGLPDLDOHGDIDUVLSUHIHULELOPHQWH LQ XPLGR RJJL SL FRPXQH GHOOR VWLQFR GL YLWHOOR VRSUD FLWDWR 4XDQWR DL FLFFLROLQRGXOLUHVLGXLGHOJUDVVRFXWDQHRGRSRFKHSHUIXVLRQHDOFDORUH QHqVWDWRWUDWWRORVWUXWWRQRQVLSXzSDUODUHGLVFDUWLSHUFKpSURYHQLHQWL GDDFFXUDWDODYRUD]LRQHHRJJHWWRWXWWRUDGLFRPPHUFLRGLIIXVRGHQRPLQDWL ´JUpSSROHµIUD0DQWRYDH%UHVFLD´JUDWzQµD3DYLDHUDQREHQSUHJLDWLD &UHPRQD´ODSXOqHQWDFLJUDWzRQO·q·QSLjWFKHPjDQJLDjDQHOSDGUzRQµ GXQTXHVHQ]DGLVWLQ]LRQLGLFODVVH'HOUHVWRQHOOHDUHHSDGDQHGLULPSHWWDLH GHOO·RSLPD (PLOLD QRQ HUD UDUD DQFKH OD WULSSD GL PDLDOH LQ XPLGR FRQ VFDQGDORGLFKLVLSURIHVVDYDGHYRWRDOOHWULSSHERYLQH(VLJQLÀFDWLYRHUD LOFRVWXPHGLULVHUYDUHLOFXRUHGHOPDLDOHWULIRODWRFRQVXJRDEERQGDQWHDO QRUFLQRFKHRSHUDYDQHLFDVFLQDOL $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD 3HUÀQRODFHOHEUDWDFDVV|ODGHYHLOQRPHDOODSHQWRODGLFRWWXUDJLj HPEOHPDLQYHUQDOHGHOJXVWRD0LODQRHLQDPSOLVVLPRLQWRUQRWURYDXQD FRUQLFHGLFRWHQQHSLHGLQLFRGLQLRUHFFKLHHFLSROOHVHGDQLSRPRGRULH SURIXPRGLYLQRELDQFRVHFFRSHUO·LPSLDQWREDVHGLFRVWLQHOXJDQHJKH VDODPLWWGHYHU]HGHOOHLQGLVSHQVDELOLYHU]HJHODWHPDQRQEULQDWHDULSUR YD GL TXDQWR OD PHWLFRORVLWj GHL YHFFKL GHOOD UHJLRQH JLRYDYD LQ FXFLQD $OODVFUXSRORVDVFHOWDHGRVDWXUDGHJOLLQJUHGLHQWLHUDDEELQDWDODSD]LHQ]D QHFHVVDULDSHULWUDWWDPHQWLOHFRWWXUHOXQJKHHOHQWH$QFKHLFHFLFRQOD WHPSLD SLDWWR VRSUD FLWDWR VXFFXOHQWR H JUDVVRFFLR TXDVL VFRPSDUVR PD DQFRUDQHOFXRUHGHL´EXVHFFRQLµDEELVRJQDGLWUHRUHHSLGLIXRFR 32//$0(*$//,1$&(,($1$7,', /D ULOXWWDQ]D SVLFRORJLFD D PDQJLDUH FHUWH SDUWL GHJOLDQLPDOLWURYDXQEXIIRHPEOHPDQHOJHVWRGHOO·DQÀ WULRQHFKHGLVWULEXHQGRDLFRPPHQVDOLLOSROORDOORVSLHGR DFTXLVWDWRXQ·RUDSULPDDOVXSHUPHUFDWRVRWWRFDVDUHVWDLQ LPEDUD]]RQHOO·DVVHJQDUHLOSHQQDFFKLRUHJJLFRGDGLPHQ WLFRGHOODVWLPDLUULYHUHQWHGHOSRSRORSHULO´ERFFRQHGHO SUHWHµRDXOLFDPHQWHD&UHPRQDSHU´&LFHUzRQEXFzRQ GHUqµQRQLQGDJKLDPRVXOOHRULJLQLGHOULFKLDPRDOJUDQ GHRUDWRUH 1HOPRQGRDJUHVWHQRQF·HUDQRFHUWRFRGHVWHULSXOVHPD GRYHYLJHYDQRFRQWUDWWLDJUDULFRQÀWWRLQQDWXUDLSROOLDOOHYDWL VXOO·DLDFRPSHWHYDQRYLYLDLSDGURQLSHUOHDSSHQGL]LHHDOORVFRSRGLIDU PRQHWDDLSROOLYHQGROL'RYHF·HUDPDJJLRUDJLRLOFRQWDGLQRFKHDOOHYDYD DQDWUHHRFKHOHFRQVHUYDYDWDJOLDWHDSH]]LHVDODWHLQROOHGLWHUUDXWLOLSHU LOEURGRHLOFRPSDQDWLFRLQYHUQDOL/DSURGX]LRQHGRPHVWLFDQHLSROODLGL SHULIHULDHUDSRLGHVWLQDWDDXVRWRWDOH$QFKHOHGRQQHVDSHYDQRVFDQQDUH XQSROORHDPDOLQFXRUHODJDOOLQDRYDLRODHUDFFRJOLHYDQRVFUXSRORVDPHQ WHDQFKHLOVDQJXHGHOUHVWRLQPRQWDJQDHUDTXDVLVHPSUHXQDGRQQDFKHVL SUHVWDYDDFDSSRQDUHLSROOL$YHYDQRGXQTXHLOORURLPSLHJR]DPSHWHVWD FUHVWHHEDUJLJOLULJDJOLHLQJHQHUHLYHQWULJOLGHLYRODWLOLGDFRUWLOHHQRQ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD HUDQRPROWRDSSUH]]DWL%DVWLGLUHFKHO·RULJLQDULDFDVV|ODPLODQHVHDQFRUD DL WHPSL GHO &KHUXELQL HUD IDWWDFRQ OH ULJDJOLHH LOUDJz VRVWLWXWR GHOOD FDVV|ODQHO3DYHVHHLQ/RPHOOLQDVLFXFLQDEHQVuFRQFDUQHSUHJLDWDG·RFD PDDQFKHLQYHUVLRQHUXVWLFDVIUXWWDQGRFRVuIHOLFHPHQWHTXDQWRDYDQ]D GDOODSURGX]LRQHGLVDOXPL ,OUDJzD/RGLVLSUHSDUDYDDQFKHFRQOH´PDVV|OHµGXUHOOLGLSROOR LQXPLGR(ULJDJOLHFUHVWHHEDUJLJOLGLYDULYRODWLOLWURYLDPRLQYDULUDJH ÀQDQ]LHUHGHJQRGLPHPRULDqLOULVRWWRDOODÀQDQ]LHUDORGLJLDQRFRQFUH VWHFHUYHOORÀORQLHIHJDWLQLGLSROOR'D&UHPRQDD0LODQRHUDSRSRODUH ULVRHIHJDWLQLDFFRPSDJQDWRGDSUH]]HPRORDSURIXVLRQHXQDPLQHVWUDLQ EURGRFKHSLDFHYDHJRGHYDGLFRQVLGHUD]LRQHWDQWRGDFRPSDULUHDQFKHQHL SUDQ]LGLQR]]HFDPSDJQROLLIHJDWLQLVFULYH0DUFKHVL´PHULWHUHEEHURGL HVVHUHSLDSSUH]]DWLGDLEXRQJXVWDLGLTXDQWRDELWXDOPHQWHQRQVLDQRµ 1HOOD%ULDQ]DOHFFKHVHJOL´LQWUDMYLQWUDMµYHQLYDQRLQJHQHUHURVRODWL FRQFLSROODHODUGRSHUIDUHLOVROLWR´SXFLQµGHOODSROHQWDHG·DOWULSLDWWLLQ FXLVLSUHVWDYDQRDOOR]XSSHWWRDERUULWRGDLJDODWHLD/HFFRSUHQGRQRQRPH GLUXVWLVFLDGDOHLQWHULRUDFRPSUHVLJOLLQWHVWLQLEHQULSXOLWLURVRODWLFRPH VRSUDULQIRU]DWHFRQSRPRGRURHPDJDULXQSR·GLSDWDWHEDJQDWHFRQYLQR URVVRHDQFKHVDQJXHWHUPLQDQGRODFRWWXUDDIXRFROHQWR1HOODWUDGL]LRQH PLODQHVHDYHYDFDUDWWHUHGL´PLQXWDµFRQJHULHGLPLQXWDJOLHXQDVRUWDGL PRGHVWLVVLPDÀQDQ]LHUDDEDVHGLDQLPHOOHÀORQLFUHVWHGLJDOORGDXVDUVL FRPHJXDUQL]LRQHRLQWLQJROR&RVWDYDSRFRVDSHYDGLPROWR VL PDQJLDYD FRQ JXVWR ,O IHJDWR GL SROOR PDJDUL LQWHJUDWR FRQIHJDWRGLYLWHOORVHUYLYDSHUXQDPLQHVWUDPLODQHVHQRWD DQFKHQHO&DQWRQ7LFLQRULGRWWRLOIHJDWRDSROWLJOLDLQWHJUD WRFRQXQWXRUORG·XRYRHODFKLDUDVEDWWXWDEXUURSDQJUDWWDWRH IRUPDJJLRJUDWWXJLDWRVLIRUPDYDQRVWUDFFLDWHOOHGDEXWWDUHQHO EURGREROOHQWHRWWHQHQGRLQWUHPLQXWLODFRWWXUD 1RQGLVFDUWRVLSDUODYDSHULOIHJDWRG·RFDVSHFLDOPHQWH IUD6HVLDH7LFLQR6HDÀQH2WWRFHQWRLO6DYLQLVHUYLYDLQ*DO OHULDXQD´PRXVVHGLIHJDWRG·RFDGL6WUDVEXUJRµLOIRLHJUDV IUDQFHVHFKHGHVWDRJJLOHSURWHVWHGHJOLDQLPDOLVWLQRQF·HUD ELVRJQRGLULIHULPHQWRHVRWLFRSHUODVFDORSSDGLIHJDWRJUDVVR G·RFDFKHÀJXUDQHOULFHWWDULRFRPHWLSLFDGL&UHPDDQFKHVH $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD 5$*Ó'·2&$ ,QJUHGLHQWL ]DPSH DOL FROOL H WHVWH GL RFKH YHU]H FKH DEELDQR SRVVLELOPHQWH VXELWRXQDJHODWDQRWWXUQDXQDFLSROODFDURWHJDPELGLVHGDQRROLRVDOHEURGR 3UHSDUD]LRQH )LDPPHJJLDUH H SXOLUH DFFXUDWDPHQWH L SH]]L G·RFD VRSUDWWXWWR OH ]DPSH ,Q XQD FDVVHUXROD FDSDFH SUHGLVSRUUH XQ VRIIULWWR FRQ O·ROLR H XQ WULWR GL VHGDQRFDURWDHFLSROODXQLUHOHFDUQLÀQFKpSUHQGDQRFRORUHVDODUHHFRSULUHDÀOR FRQLOEURGRSURVHJXHQGRODFRWWXUDDIXRFRGROFHFRQDJJLXQWDGLEURGRVHQHFHVVD ULR1HOIUDWWHPSRVIRJOLDUHOHYHU]HSULYDQGROHGHLWRUVROLHGHOOHQHUYDWXUHSLJURV VHODYDUOHHVELDQFDUOHSHUPLQXWLLQDFTXDEROOHQWHVDODWDVLQTXDQGRFRPLQFLDQR DLQWHQHULUH$JJLXQJHUHOHYHU]HJURVVRODQDPHQWHVPLQX]]DWHHWHUPLQDUHODFRWWXUD O·DOOHYDPHQWR GHOO·RFD JLj ÀRUHQWH YL q SUHVVRFKp VFRPSDUVR ,O IHJDWR HQWUDD3DYLDQHOODIDUFLWXUDGHOFROORG·RFDPHQWUHXQULSLHQRSLRUGLQDULR FRQ VDOVLFFLD SDQH IRUPDJJLR JUDQD H QRFH PRVFDWD VL DVVHJQD DO FROOR GL JDOOLQD ,Q PDQFDQ]D GL RFKH QHO9DUHVRWWR LO SDWp VL IDFHYD H DQFRUD VLIDFRQLOIHJDWRGLSROORLIHJDWLQLURVRODWLFRQFLSROODEXUURHODUGRVL SDVVDQRQHOWULWDFDUQHHTXLQGLQHOVHWDFFLRVLDJJLXQJHSRLEXUURHVLODYRUD O·LPSDVWRVSUX]]DQGRFRQEUDQG\ODVSXPDGLIHJDWRFRVuRWWHQXWDVLYHUVD LQ XQD WHUULQD VX XQ IRQGR GL JHODWLQD H FRQ OD JHODWLQD VL VLJLOOD LQWRUQR VHUYHQGRLOFRPSRVWRIUHGGR &KHO·XVRGHOIHJDWRG·RFDSHUGXULQHOO·DUHDFUHPRQHVHqSHUDOWUR GLPRVWUDWRGDOODVXDSUHVHQ]DQHLPHQXG·RVWHULDLQEDVHDLTXDOLqSRV VLELOHGHOLQHDUHXQSDVWRFRPSOHWRSHUVWRPDFKLIRUWLDEDVHGLSROODPH DQWLSDVWRG·RFDFROORIDUFLWRRIHJDWRJUDVVRVXUDGLFFKLRHPHOHSULPR SLDWWRPLQHVWUDGLULVRFRQIHJDWLQLFXRULGLSROORHYHU]HRYYHURSDS SDUGHOOHFRQIHJDWLQLG·DQDWUDHDQLPHOOHHSHUVHFRQGDSRUWDWDODFLWDWD VFDORSSDGLIHJDWRJUDVVR$YROHUVWUDIDUHVLVDUHEEHSRWXWRDJJLXQJHUH XQ GROFH WUDHQGR HVHPSLR GD DOFXQL SDHVL DIIDFFLDWL VX ´TXHO UDPR GHO ODJRGL&RPRµRYHOHIHWWHIULWWHQHOO·ROLRGLXQVRGRLPSDVWRFRPSUHQ GHQWH VDQJXH GL JDOOLQD SDQH H IRUPDJJLR JUDWWXJLDWL D GLIIHUHQ]D GHL SDHVL YLFLQL YHQLYDQR FRVSDUVL GL ]XFFKHUR ( VDQJXLQDFFL GROFL VRQR QRWLD3DYLDHXQSR·GRYXQTXH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD ,/6$1*8(3(5'872 (QWUDWL D SDUODUH GHO VDQJXH LO FDSLWROR q GHO WXWWR FKLXVR SHU JOL DQLPDOLGDSXEEOLFRPDFHOORHVVHQGRLOVDQJXHXVDWRFRPHOHJKLDQGROH SHU XVL IDUPDFHXWLFL R QHOO·LQGXVWULD GHL FRQFLPL VL OHJJD OD GHVFUL]LRQH GHO PDFHOOR PLODQHVH TXDVL EROJLD GDQWHVFD QHOOH 0HUDYLJOLH G·,WDOLD GL *DGGD'LIÀFLOPHQWHYLYUjQHOODPDFHOOD]LRQHG·XQFDSRGLPDLDOHFRPH VLXVDDQFRUDFRPPLVVLRQDUHGDIDPLJOLHGLDPLFLLQFHUWHFDPSDJQHRVWDQ GRIUDO·DOWURQRUPHG·LJLHQH,OVDQJXHGLPDLDOHFKHSRWHYDDQFKHHVVHUH DFTXLVWDWRIUHVFRGLPDFHOOD]LRQHDQGDYDFRQVXPDWRVXELWRFRPHVLXVDYD QHOO·DUHDGL/HFFRIULWWRQHOEXUURFRQSRFDFLSROODRSLVSHVVREROOLWRÀQ FKpDVVXPHYDFRQVLVWHQ]DWDQWRGDHVVHUHDIIHWWDWRHFXFLQDWRFRQFLSROOHR DOWUHYHUGXUHYHU]HIDJLROL,OVDQJXHVLDJJLXQJHYDDOODFDVV|ODLQWHJUDYD JOLLQWLQJROLL´SXFqWWµSHUODSROHQWD8QDVRUWDGLWRUWDVLRWWHQHYDVRIIULJ JHQGRORFRQSDQJUDWWDWRHSHSHQHOJUDVVRGHOPDLDOHFXRFHQGRDIXRFRSHU IRUPDUHXQDVXFFXOHQWDFURVWDQHUDVWUD8QWHPSRODFRWWXUDVLIDFHYDVXOOD EUDFHGHOFDPLQRSRQHQGRQHXQSR·DQFKHVXOFRSHUFKLR 6HODUJDPHQWHGLIIXVRHUDO·XVRGHOVDQJXHGLSROORWDQWRGDWURYDU QHPROWLHVHPSLQHOQRWRULFHWWDULRGHOOD3HUQD%R]]LSHUOD%ULDQ]DWRUWLQR IULWWXUD DQFKH FRQ OD FLSROOD IULWWR GROFH H LO VDQJXLQDFFLR SHUVLVWH QHOOD PHPRULDGLWXWWDOD/RPEDUGLDUHVWDSRVVLELOHXQDFHUWDFRQWLQXLWjQHOPRQ GRDJUHVWHSXUWDQWRPXWDWRHQHOSLFFRORDOOHYDPHQWRGRPHVWLFRGHOOHSHUL IHULHTXDQGRFLVLDTXDOFXQRLQFDVDRQHOYLFLQDWRFKHVDSSLDPDFHOODUHOD <5(4(;;05(;((04(*,330 3»¸HIILSSPTLU[V¹u\UHZHNHJLWYLWHYHaPVULKLSS»HUPTHSLWLYJOtÄN\YPUL[[V LNLULYVZVKPJHYULZLUaHWLUK\SLIHJJOLKPNYHZJPHVMYHZ[HNSPHTLU[PKP[uU KPUP0SJVS[LSSVUVUuVYTHPJOLPSWL[[PULVS»HYYPJJPHIHMÄKP\UWHYY\JJOPLYL HTIPaPVZV;YH\U»HSHLS»HS[YHK»VNUPWHKPNSPVULu\UHUKP[VHTWPVJVWLY[V! ]P]LUNVUVW\SP[LSLWLSSPHYYV[VSH[LWLZH[LPTIHYJH[L0SZHUN\LZIP[V JOLHUJVYHM\THKHPJHYYLSSP]H\UH[[PN\VPTWPHU[VJOLULKLK\JLJVUJPTP SH]VYPWSHZ[PJPVYUHTLU[PJVSSHU[P *HYSV,TPSPV.HKKH3LTLYH]PNSPLK»0[HSPH $FFDGHPLD,WDOLDQDGHOOD&XFLQD /RPEDUGLD EHVWLRODFRPHXQWHPSROHGRQQHQRQVRORGLFDPSDJQDVDSHYDQRIDUH6L IULJJHYDDOORUDLOVDQJXHLQROLRHVWUXWWRIRUPDQGRXQDWRUWLQDGDPDQJLDUH FRQ OD SROHQWD DOWUH WRUWLQH SL R PHQR QRWH LQ WXWWD OD /RPEDUGLDVLSUHSDUDYDQRXQHQGRLQYDULRPRGRVDQJXH ODWWH XRYD SDQH IRUPDJJLR H EXUUR ]XFFKHUR VSH]LH PDQGRUOHDPDUHFLSROOD /(&$51,48$6,',0(17,&$7( 1RQVLVRQRSHUVHPDFHUWRULVWUHWWHOHWUDGL]LRQLOHJDWHDOO·XVRGL FDUQLHTXLQHXQWHPSRHVLVWHYDQRDQFKHLQSLFFROLFHQWULPDFHOOHULHDSSR VLWH5LFRUGLDPRTXLLEUVFLWWGL6DURQQRQHOO·DOWR0LODQHVHLVSLUDWLDOPH QRQHOQRPHDTXHOOLGL%XVWR$UVL]LRVLURVRODODFDUQHHTXLQDPDFLQDWD LQEXUURFLSROODHDJOLRVLEDJQDFRQEURGRXQHQGRVDOVDGLSRPRGRURVL FRSUHTXLQGLFRQYLQRURVVRVDODQGRHSHSDQGRDOODÀQH 'HOFRQLJOLRQRQVLSHUGHYDQROHYLVFHUHHQHPPHQRODPLO]DLOFXRUHH LSROPRQL/HFLWDWHULFHWWHGLFXFLQDGLJXHUUDFUHPRQHVLQHLQFRUDJJLDYDQR LOFRQVXPRDOWHUQDWLYRDTXHOORGHOPDLDOHSHUODIDFLOLWjG·DOOHYDPHQWRVL FRQVLJOLDYDLQSDUWLFRODUHXQDIULFDVVHDGLFXRUHHSROPRQLWDJOLDWLDSH] ]HWWLHFRWWLDIXRFRYLYRLQSDGHOODFRQEXUURHFLSROODVLXQLYDQRSRLLO IHJDWRHDFRPSOHWDFRWWXUDSUH]]HPRORHVXFFRGLOLPRQH/·LQWLQJROREHQ VLDFFRPSDJQDYDDOULVRWWRRDO´ULVRDOO·LQJOHVHµ 1HO9DUHVRWWRRYHVLULQQRYDO·DOOHYDPHQWRGHOODFDSUDSHUODSUR GX]LRQH GL ODWWLFLQL H IRUPDJJL VL VRQR ULWURYDWL LQ FXFLQD L SUHVWRPDFL GHOOHFDSUHFRPHDOWURYHGHOOHSHFRUHHL´EVHFKLWWµDUURVWLWLFRQEXUURH VFDORJQR ,O SURGRWWR GHOOD FDFFLD q SHU VXD QDWXUD GL GLIÀFLOH GLIIXVLRQH H GHO UHVWROLPLWDWRGDFUHVFHQWLYLQFROLVROOHFLWDWLDQFKHGDOOD&RPXQLWjHXURSHD 3HUDOWURODFUHVFLWDDEQRUPHGHOODSRSROD]LRQHDQLPDOHQHOOHPRQWDJQHHQHL ERVFKLFRQVHQWHSRLGLUDGDPHQWLFKHSRVVRQRDQFRUDSRUWDUHVXOOHWDYROH G·DPELWRDOSLQRSLDWWLFRPHFRVFLDGLFHUYRDOIRUQRHVHOODGLFDSULRORDO YLQR /D SUROLIHUD]LRQH GHL FLQJKLDOL GLVVHQQDWDPHQWH LQWURGRWWL QHOO·DUHD VXEDOSLQDSRUWDDQRQUDUDSUHVHQ]DLQYHUQDOHGHOOHORURFDUQLQHLULVWRUDQWL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /RPEDUGLD VHQ]D FKH XQD WUDGL]LRQH UDGLFDWD FRQVHQWD SUHSDUD]LRQL GL TXDOLWj /·DE EDQGRQRGLDPSLHDUHHPRQWDQHGRYUHEEHIDYRULUHODFDFFLDDOODOHSUHXQD OLPLWDWDFHUFKLDGLIUXLWRULSHUO·RQHURVLWjGHOODSUHSDUD]LRQHLQVDOPuGHO UHVWRXVDWRDQFKHSHUDOWULVHOYDWLFLSRWUHEEHPDQWHQHUHLQYLWDWUDGL]LRQL GDQRQSHUGHUH /·XFFHOODJLRQHVRSUDYYLYHLQDUHHULVWUHWWHWHQDFHPHQWHOHJDWHDOOD SURSULDWUDGL]LRQHGLFXLqHVHPSLRORVSLHGREUHVFLDQR /XQJRLO3RQHOO·2WWRFHQWRVLFHQVLYDLOFRQVXPRRJJLLPSHQVDELOHGL XFFHOOLFRPHLOJXIRGLSDOXGHLOWRUFLFROORO·XSXSDLOWDUDEXVLQRLOWDUDEX VRRLOFLJQRUHDOHHSLSODXVLELOLPDPPLIHULFRPHLOWDVVRVLPDQJLDYDQR DQFKHLOSRUFHOOLQRG·LQGLDLOSRUFRVSLQRLOJKLURORVFRLDWWRORFRQFXLVL IDFHYDQRVRSUDWWXWWRUDJVSHVVRLQVLHPHDFDUQLGLPDLDOHRGLSROODPHSHU FRQGLUHSROHQWDSDVWDULVR,OWDVVRVLVFRYDYDDQFKHQHOOH3UHDOSLYDUHVLQH RYHXQULFHWWDULRGLYHQW·DQQLIDHOHQFDYDDQFKHLOSXUVFHOLQDULVFL|YDOHD GLUHLOULFFLRLQXPLGR /(556*633()69(;6 *HYSH)LY[PULSSP:WV[[P*:-4 *SH\KPV)VSSH :PS]HUH*OPLZH+*:; 7PLYHUNLSV-YPNLYPV+*:; 4HYPH3\PZH4HUKLSSP 4HYPH,TPSPH4VYV4HPZHUV 3\JPV7PVTIP .PV]HUUP:[HJJV[[P *HYSV.P\ZLWWL=HSSP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7 7UHQWLQR 7UHQWLQR$OWR$GLJH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH 75$´48,17248$572µ(´7(5=27$*/,2µ 6HVLFRQVLGHUDLOSDQRUDPDGHOODUHJLRQHDOSLQDGHO7UHQWLQRQRQVL ULOHYDQRVRVWDQ]LDOLHFFH]LRQLDTXHOODJHQHUDOHWHQGHQ]DFKHQHJOLXOWLPL GHFHQQLKDYLVWRSULYLOHJLDUHDOFXQLWLSLGLFDUQHHXQSLOLPLWDWRQXPHURGL WDJOLULVSHWWRDXQDWUDGL]LRQHDQWLFDDVVDLSLULFFDHYDULHJDWDQRQVRORSHU YLDGLIDWWRULHFRQRPLFLPDDQFKHSHUUDJLRQLFXOWXUDOL 3DUODQGRGLFDUQLGDQRQGLPHQWLFDUHWUDOHPROWHRS]LRQLODGHÀQL]LR QH´TXLQWRTXDUWRµqFHUWRJLjLQJUDGRGLUDFFKLXGHUHEXRQDSDUWHGLTXHO PRQGRHPHULWDTXDOFKHULÁHVVLRQH/DSULPDRSHUD]LRQHFKHVLHIIHWWXDGRSR ODPDFHOOD]LRQHqORVYHQWUDPHQWRSRLVLVXGGLYLGHO·DQLPDOHLQGXHPHWj SUDWLFDQGRLOWDJOLROXQJRODVSLQDGRUVDOHTXLQGLVLSURFHGHDOIUD]LRQDPHQ WRLQTXDUWLGXHDQWHULRULHGXHSRVWHULRULOHTXDWWURSDUWLRWWHQXWHFRQOR VTXDUWDPHQWRVRQROHSLSUHJLDWHHDJHYROPHQWHFRPPHUFLDELOL5LPDQJRQR OHLQWHULRUDYDOHDGLUHO·DSSDUHQWHPHQWHSDUDGRVVDOH´TXLQWRTXDUWRµ4XH VWRqFRPSRVWRGDWXWWLJOLRUJDQLFRPPHVWLELOLFRPXQHPHQWHFRVuGHÀQLWL QHOO·XVRGLDOHWWDOH´FRUµ´SROPRQµH´FRUDGHODµ´ÀJjµ´VPLO]Dµ´DUQLRQLµ R´DUJQRQLµRVVLDLUHQLGHOO·DQLPDOH´WULSHµSHUO·DS SDUDWRGLJHVWLYRGHLUXPLQDQWL´GXUHLµR´PDJR QLµ QHO FDVR GHJOLVWRPDFLGLSROORRYRODWLOL H DQFRUDOH´DQLPHOHµRVVLDWLPRWLURLGHJKLDQ GROHVDOLYDULSDQFUHDV´]HUYHORµH ´PLROµFLRqFHUYHOORHPLGROOR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH $OOD OLVWD VL SRWUHEEHUR DJJLXQJHUH L UHVLGXL GHOOD ODYRUD]LRQH GHOOH FDUQLRDOWULSH]]L´PLQRULµOLQJXDPXVHWWR]DPSHWWLFRGDTXHVWLSHUz DQGUHEEHUR SL SURSULDPHQWH VRWWR LO QRPH GL ´WHU]R WDJOLRµ FKH LQFOXGH WXWWHOH SDUWLPHQRSUHJLDWHGHOODFDUFDVVDHUDSSUHVHQWDXQDOWURFDSLWROR DVVDLLQWHUHVVDQWHGHOOHFDUQLGDQRQGLPHQWLFDUH 6XJJHVWLYHVRQRDOFXQHULÁHVVLRQLGLFDUDWWHUHPHQRWHFQLFRHSLFXO WXUDOH7UDO·DOWURLPRGLGLGLUHGRYHJOLRUJDQLLQWHUQLGHOFRUSRKDQQRXQ UXRORVRQRLQQXPHUHYROL6LSXzDYHUHFHUYHOORRQRQDYHUQHHQHOGLDOHWWR DTXDOFXQRSRL´LOFHUYHOORµSXzSXUH´HVVHUHDQGDWRLQDFTXDµ´JK·q¶QGj ¶O]HUYHO¶QDFTXDµHVRQRJXDL4XDQWRDG´DYHUIHJDWRµVLVDTXHOFKH VLJQLÀFDHQRQqVRORXQ·HVSUHVVLRQHJHUJDOHLWDOLDQDPDDIIRQGDOHUDGLFL LQXQXQLYHUVRFXOWXUDOHHVWHVRHORQWDQLVVLPRYLVWRFKHLQWHPSLQRQUHPR WL SUHVVR DOFXQH SRSROD]LRQL DIULFDQH LO IHJDWR GHL QHPLFL XFFLVL YHQLYD FRQVXPDWR DYLGDPHQWH SHUFKp ULWHQXWR LQ JUDGR GL WUDVPHWWHUQH LO FRUDJ JLRGLPRVWUDWRLQEDWWDJOLDSHUQRQGLUHGHOIDWWRFKHO·DUWHGHJOLDUXVSLFL HWUXVFKLHURPDQLGLSUHYHGHUHLOIXWXURVLDIÀGDYDDOPLQX]LRVRHVDPHGHO IHJDWRGHJOLDQLPDOLVDFULÀFDWLDJOLGHL 1RQ Y·q SRL QHVVXQR FKH QHOOD SURSULD YLWD QRQ DEELD DYXWR DOPHQR XQ·RFFDVLRQHGLLQFRQWUDUHXQDSHUVRQD´GLEXRQFXRUHµRSSXUHVHSLVIRU WXQDWR GHJOL LQGLYLGXL ´VHQ]D FXRUHµ$QFRUD SHU DIIURQWDUH FHUWH SURYH ELVRJQD ´DYHUH VWRPDFRµ H WDOXQL VRQR LQ JUDGR GL FRPSLHUH DWWL FUXGHOL SHUFKp´KDQQRLOSHORVXOORVWRPDFRµ,QEXRQGLDOHWWRWUHQWLQRYDOVXJDQRWWR VLSXzSRLSHUVLQR´VEXHODUVHµRVVLD´VEXGHOODUVLµFRPSLHQGRXQRVIRU]R RXQODYRURIDWLFRVLVVLPR1RQqÀQLWDTXL«SHUFKpqQRWRFKHO·LVWHULDKD LOVXRSUHFLVRIRQGDPHQWRHWLPRORJLFRQHOO·XWHURRUJDQRULSURGXWWLYRIHP PLQLOHSHUDOWURDVVDLDSSUH]]DWRQHOODFXFLQDURPDQDLPSHULDOHGL$SLFLR VSHFLH VH VL WUDWWDYD GL ´YXOYDµ R ´XWHUR GL VFURID YHUJLQHµ H GL ´YXOYHWWH GL VFURIDµ XQ·DELWXGLQH DOLPHQWDUH RJJL DVVROXWDPHQWH LQ GLVXVR 1RQ q SHUDOWURQHSSXUHLOFDVRGLHQWUDUHGHWWDJOLDWDPHQWHQHOFDSLWRORFKHFROOHJD VHQWLPHQWLHRUJDQLLQWHUQLEDVWHUHEEHODULPD´FXRUHDPRUHµSHUFKLDULUOR 4XDQWRSRLDOLYHOOLDQFRUSLVSLULWXDOLHUDFUHGHQ]DGHJOLDQWLFKLFKHLOWLPR HOHSDUWLYLFLQHIRVVHURODVHGHGHOOD´SLFFRODDQLPDµDQLPXODGHOOHEHVWLH GDFXLLOQRPHGL´DQLPHOOHµ &HUWRqFKHO·HYRFD]LRQHGLIXQ]LRQLÀVLRORJLFKHGLFUHGHQ]HDQFHVWUDOL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH GHJOLVWUHWWLOHJDPLWUDRUJDQLLQWHUQLHYLWDVXJOLDQLPLFKHRUPDLGHERO PHQWH ULFRUGDQR LO FDWHFKLVPR WULGHQWLQR SXz HVHUFLWDUH XQ FHUWR HIIHWWR GL ULSXOVD 'D XOWLPR DOFXQH GHOOH IXQ]LRQL GHJOL RUJDQL LQWHUQL FRPH OD PHWDEROL]]D]LRQHHODGHSXUD]LRQHSRWUHEEHURULHFKHJJLDUHO·LGHDGLVFDUWR HVSRUFL]LDFUHDQGRFRVuSUREOHPLOHJDWLDXQDYLVLRQHSVHXGRLJLHQLFDFKH VROR VSRUDGLFDPHQWH WURYD XQD TXDOFKH JLXVWLÀFD]LRQH VFLHQWLÀFD VLFFKp DGHVHPSLRUHDOPHQWHQRQqFRQVLJOLDELOHXQXVRWURSSRIUHTXHQWHGHOIHJD WRXQRUJDQRFKHSXzDFFXPXODUHIDUPDFLÀWRIDUPDFLRDOWURFRVuFRPH DFFDGHFRQGLYHUVRPHFFDQLVPRSHULOSDQQLFRORDGLSRVR *Lj WDOL DVSHWWL SVLFRORJLFL UHQGHYDQR OD YLWD FRPSOLFDWD DO ´TXLQWR TXDUWRµHDO´WHU]RWDJOLRµIDFHQGRQHSHUPROWLJUD]LHDLEDVVLFRVWLLOSL VRYHQWHXQDQHFHVVLWjFKHGLYHQLYDYLUWDWWUDYHUVRVDSLHQWLHODERUD]LRQL SHUDOWULSLUDULTXHVWDULVRUVDDOLPHQWDUHRIIULYDLQYHFHXQDYHUDSDOHVWUD GLFXOWXUDJDVWURQRPLFDSHUPHWWHQGRGLHVHUFLWDUVLLQLQÀQLWHYDULD]LRQLH VTXLVLWH]]HFKHQHVVXQEDQDOHPXVFRORSHUPHWWHGLUDJJLXQJHUH 0D SRL q JLXQWR DQFKH LQ 7UHQWLQR LO ERRP HFRQRPLFR FRQ L VXRL PRGHOOL FUHGXWL VXSHULRUL H SL R PHQR LPSRVWL HG q DOORUD HYLGHQWH FKH ELVWHFFKHIHWWLQHEUDFLROHÀOHWWLHFRPSDJQLDRVVLDLO´SULPRWDJOLRµKDQ QRWULRQIDWRRYXQTXH&LzKDSHUPHVVRGLULPXRYHUHJOLLPEDUD]]DQWLVSHWWUL HYRFDWL GDOOH LQWHULRUD FHODQGROL GLHWUR O·DQRQLPLWj GL DSSDUDWL PXVFRODUL VHPSUHVLPLOLDVHVWHVVLHVHPSUHVRPLJOLDQWL 6HQRQEDVWDVVHD´IDUOHVFDUSHµDOWHU]RWDJOLRFLVLqPHVVDDXQFHUWR SXQWRSXUHOD´PXFFDSD]]DµFKHKDLPPHGLDWDPHQWHHOLPLQDWRHUHVRLQWUR YDELOLOHFHUYHOODSHUQRQGLUHFKHSHUVLQRXQPRQXPHQWRQD]LRQDOHFRPH ODELVWHFFDDOODÀRUHQWLQDV·qYLVWDVRVSHQGHUHGDOOHYHQGLWHDFDXVDG·XQSR· G·RVVRULPDVWRYLDWWDFFDWRÀJXUDUVLSRLJOLRVVLEXFKL 6L q GHWWR FKH HUD GL QDWXUD HFRQRPLFD XQD GHOOH UDJLRQL VRVWDQ]LDOL GHOO·XVRGHO´WHU]RWDJOLRµRGLDOWUHSDUWLGHOO·DQLPDOHGHOJHQHUHGHOVDQJXH RGHOPLGROORRVVHRTXHVW·XOWLPRIRQGDPHQWDOHDGHVHPSLRQHOODSUHSDUD ]LRQHGHOODSHYHUjGDGLRULJLQHYHURQHVHPDEHQQDWXUDOL]]DWDLQ7UHQWLQR D SDUWLUH GDOOD FLWWj GL 5RYHUHWR &RQ LO SROPRQH DG HVHPSLR VL SRWHYD SUHSDUDUHTXDOFKHJXVWRVRJXD]]HWWRGDDFFRPSDJQDUHFRQXQ·DEERQGDQWH SROHQWD LQ JUDGR GL VD]LDUH OD IDPLJOLD /H ULFHWWH LQ XVR DQGDYDQR GD XQ JXD]]HWWR LQVDSRULWR FRQ XQD EDVH GL VRIIULWWR H SRPRGRUR ÀQR WDOYROWD D $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH SUHSDUD]LRQLGLVDSRUHDFLGXORFXFLQDWHULHFKHJJLDQGRULFHWWHGHOWLSRGHO ´6DXUHV/QJHUOµGHOODWUDGL]LRQHEDYDUHVH 8QDYDOXWD]LRQHGLRUGLQHFRPPHUFLDOHKDUHWURFHVVRWDOLSDUWLDOUDQ JR GL PDWHULDOH DGDWWR DOOD SUHSDUD]LRQH GL PDQJLPL DQLPDOL PHQWUH XQD YDOXWD]LRQHVWDWLVWLFDGHLGHVLGHULGHLFRQVXPDWRULRUPDLRULHQWDWLLQPDVVD YHUVRLOFRQVXPRGHOOHSDUWLPXVFRODULKDIDWWRVuFKHDQFKHLQ7UHQWLQROD JUDQGHGLVWULEX]LRQHVLRULHQWDVVHYHUVRO·HOLPLQD]LRQHGHOWHU]RWDJOLRGDL EDQFRQLGHLVXSHUPHUFDWL 8Q DOWURSUREOHPDGHULYDGDOODGLIÀFROWjGLFRQVHUYD]LRQHYLVWRFKH PROWHGLWDOLSDUWLVRQRSLIDFLOPHQWHGHSHULELOLGHOOHFRPSRQHQWLPXVFROD UL,QÀQHODVFRPSDUVDGHOPDFHOODLRFKHHVHJXLYDLOSURFHVVRDSDUWLUHGDO VDFULÀFLR GHOO·DQLPDOH H ÀQR DOOD VXD FRPPHUFLDOL]]D]LRQH KD SRUWDWR DO GHWHULRUDPHQWRGLTXHOO·DUWHUDIÀQDWDFKHHUDODVHSDUD]LRQHGHOOHFDUQLHOD VFHOWDGHLULVSHWWLYLWDJOL 3HU SRWHU ULFRVWUXLUH XQ SDQRUDPD SLXWWRVWR HVDXVWLYR GHOO·LPSLHJR DOLPHQWDUH FKH YHQLYD IDWWR QHOOD WUDGL]LRQH WUHQWLQD GHOOH LQWHULRUD H GL DOWUHSDUWLGHOO·DQLPDOHELVRJQDULVDOLUHDULFRUGLJDVWURQRPLFLSUHFHGHQWL OD6HFRQGDJXHUUDPRQGLDOH6LVFRSULUHEEHDOORUDFKHQHPPHQRXQDSDU WHOLTXLGDDSSDUHQWHPHQWHQHJOHWWDFRPHLOVDQJXHYHQLYDVSUHJLDWD2JJL WXWW·DO SL V·LPSLHJD DQFRUD LO VDQJXH GHO PDLDOH SHU OD SUHSDUD]LRQH GHL PRUHWL D 7UHQWR EDOGRQD]L VSHFLDOL VDOVLFFH VSH]LDWH RYH TXHVWR HQWUD FRPHFRPSRQHQWHLQJUDGRGLGDUHDSSXQWRLOFRORUHVFXUR´PRURµDOSUR GRWWR6LWUDWWDGLXQDWLSRORJLDDVVDLGLIIXVDULQWUDFFLDELOHLQWXWWRLOPRQGR WHGHVFR FRQ LO QRPH GL %OXWZXUVW SUHVHQWH SHUz VH SXU FRQ LPSRUWDQWL GLIIHUHQ]HDQFKHD1DSROLHQHO0HULGLRQHGHOODSHQLVROD $OWHPSRLQFXLOHPDVVDLHVRYHQWHGLVSRQHYDQRGLXQSUH]LRVRSRO ODLRGLIDPLJOLDTXDQGRVLGHFLGHYDG·LPPRODUHTXDOFKHJDOOLQD VSHVVRYHFFKLDHGLVFDUVDSURGX]LRQHG·XRYDVLSUHSDUDYDXQD RUPDLREOLDWDVSHFLDOLWjXWLOL]]DQGRLOVDQJXHGHOO·DQLPDOHVJR] ]DWRPHVFRODWRDSDQJUDWWDWRDGDOEXPHTXLQGLDOURVVRGHOO·XR YRHGDXOWLPRFRQO·DJJLXQWDGLXQSR·GLIDULQDHXQSL]]LFR GLVDOH1RQHUDVRORTXHVWRO·XVRSRVVLELOHFRQXQLPSDVWRQRQ WURSSRGLVVLPLOHHFRQO·DJJLXQWDGLQRFHPRVFDWDHSUH]]HPROR YHQLYDQRDQFKHSUHSDUDWLJOLJQRFFKHWWLGHOODJUDQGH]]DGLXQ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH SLFFRORFXFFKLDLRFKHYHQLYDQRPHVVLDFXRFHUHQHOEXRQEURGREROOHQWH GHOODVWHVVDJDOOLQD $VVDLVLPLOLDTXHOOLDSSHQDGHVFULWWLWDQWRSHUFRORUHFKHIRUPDVRQR JOLJQRFFKHWWLGLPLO]DLQEURGRRJJLSRFRRQXOODSUHVHQWLQHOODULVWRUD]LRQH WUHQWLQD PD DQFRUD UHVLVWHQWL LQ TXHOOD VXGWLUROHVH ´0LO]Q|FNHUOQµ H FKH IRUVH VL FRQVHUYDQR SUHVVR DOFXQH PDVVDLH SL IRUWXQDWH QHO UHSHULUH WDOH WDJOLRGDOSURSULRPDFHOODLR$GLPRVWUD]LRQHGHOODUDGLFDWD´WUHQWLQLWjµGHO SLDWWRVLSRWUHEEHULFRUGDUHODVHJXHQWHULFHWWDRWWRFHQWHVFDGHOOD´6XSSDGL VPLO]Dµ´6LSHVWDEHQEHQHODVPLO]DDFFLzULFHYDSLIDFLOPHQWHOHGURJKH FKHYLDVSHUJHUDLVRSUDOHVFRU]HWWHGLOLPRQHLOVDOHLOIRUPDJJLRJUDWWX JLDWRHLOSUH]]HPRORWULWWR,QGLVLSUHQGHGHOEXWLUURVHORGLOHJXDDPHWj WUHURVVLG·XRYDHXQSDQHWWRHPH]]RJUDWWXJLDWR4XLQGLVLSRQHLOWXWWR LQXQUHFLSLHQWHHVLPHVFRODEHQHDVVLHPHDJJLXQJHQGRYLDOFXQHJRFFHGL DFTXDYLWHHFXFFKLDLGLIDULQD6LVEDWWHSHUXOWLPROHFKLDUHDQHYHHVHOH LPPHGHVLPDDOWXWWRFRQOHQDDGDJLR6LVSDOPDG·XQWRXQDSLFFRODEDFLQD LQGLVLFXRFHODSDVWDFRPSRVWDFRPHXQDWRUWDHFRWWDVHODWDJOLDDIHWWLQH RGDGLLTXDOLLPPHUVLQHOEURGRGLFDUQHGDUDQQRODVXSSDVXPPHQ]LRQD WDµ85DIIDHOOL0DWHULDOLSHUXQDVWRULDGHOODJDVWURQRPLDWUHQWLQDXQ PDQRVFULWWRGLFXFLQDGHOO·LQL]LRGHOVHFROR;,;$QQDOLGL6DQ0LFKHOH 7UHQWR 6·qGHWWRFKHQXOODYHQLYDVFDUWDWRPDVLFXUDPHQWHXQFHUWRSUHVWLJLR ULYHVWHDQFRUDRJJLLOIHJDWRLOFXLQRPHFRUULVSRQGHLQPROWLGLDOHWWLWUHQ WLQLDOODYRFH´ÀJjµ 7DOH SUHVWLJLR q EHQ JLXVWLÀFDWR GD XQD VWRULD DQWLFD JLj LO IDPRVR JDVWURQRPRURPDQR0DUFR*DYLR$SLFLRWUDWWzLOIHJDWRFRQJUDQGHLQWHUHV VHËGDDVFULYHUHDOXLLOPHULWRGHOSHUIH]LRQDPHQWRGHOIRLHJUDVHGHOUHOD WLYRSkWpWDQWRDPDWRGDLQRVWULFXJLQLIUDQFHVLHVHLOIHJDWRJUDVVRG·RFDq EXRQRDQFRURJJLVLGHYHSHUzGLUHFKHSUHVVRFKpQXOODGLWDOHWUDGL]LRQHVL ULQWUDFFLDQHOODFXFLQDSRSRODUHWUHQWLQDËWXWWDYLDYHURFKHODUDIÀQDWH]]D GHOOHULFHWWHGL$SLFLRLOFXLLQJHJQRQHOOHWHFQLFKHGLLQJUDVVRGHOIHJDWR IXUDYYLVDWRDQFKHGD3OLQLRKDGDWRLOQRPHDTXHVW·RUJDQRÀFDWXPGD FXLLOQRVWUR´IHJDWRµHWXWWHOHIRUPHGLDOHWWDOLDIÀQL(SSXUHQRQRVWDQWH XQDVWRULDFRVuULFFDRJJLQRQqIDFLOHDQGDUHDOGLOjGHOO·XQLYHUVDOPHQWH FRQRVFLXWR´IHJDWRDOODYHQH]LDQDµDVVDLGLIIXVRDQFKHLQ7UHQWLQR2OWUHD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH FLWDUHTXHVWDQRWDSUHSDUD]LRQHVLGRYUHEEHULFRUGDUHFKHLIHJDWLQLGLSROOR RFRQLJOLRHQWUDYDQRQHOODSUHSDUD]LRQHGLJXVWRVHVDOVHXWLOL]]DWHVRSUDW WXWWRSHUFRQGLUHULVLHULVRWWL*OLVWHVVLIHJDWLQLGLSROORGHÀQLWLLQGLDOHW WR´IHJDGHLµ´VHSROSUHSDUDUOLFROH]LROHµRYYHUR´VLSRVVRQRSUHSDUDUH FRQ OH FLSROOHµ3HUO·HWLPRORJLDGHOWHUPLQHGLDOHWWDOHTXLHYLGHQWHPHQWH KD SUHYDOVR O·LQÁXHQ]D GHOOD IRUPD GHO ODWLQR SRSRODUH ´IHFDWXPµ FKH q XJXDOPHQWHDOODEDVHGHOWHUPLQHLWDOLDQR/DIRUPDGLPLQXWLYDqJLXVWLÀFD WDGDOOHORURGLPHQVLRQLLQTXDQWRVLWUDWWDGLRUJDQLSURYHQLHQWLLQJHQHUH GD DQLPDOL GL WDJOLD SLFFROD GHOO·DLD &RPH ULFRUGDWR VL SRVVRQR FXFLQDUH FRQVRWWLOLHDEERQGDQWLIHWWHGLFLSROODWDJOLDWHDURQGHOOHHFRQXQDEUHYH FRWWXUDLQSDGHOODLQL]LDOPHQWHFRSHUWDULFDOFDQGRODULFHWWDGHOIDPRVRHJLj FLWDWR´IHJDWRDOODYHQH]LDQDµFKHSUHYHGHLQYHFHO·LPSLHJRGHOSLFRVWRVR IHJDWRGLYLWHOOR8QDYDULDQWHWLSLFDGHO7UHQWLQRqLOIHJDWRFROUHGHVLQVL WUDWWD GL SH]]L GL IHJDWR GL PDLDOH DYYROWL QHOO·RPHQWRFKHYHUUDQQRFXFLQDWLVREULD PHQWHLQSDGHOODFRQEXUURHVDOYLD,SH]]L SUHSDUDWL SHU OD FRWWXUD HUDQR XQ WHPSR WLSLFRRJJHWWRG·RPDJJLRGDSDUWHGHLPH] ]DGULDOO·HSRFDGHOODPDFHOOD]LRQH 7UD IHJDWR H PLO]D VL FROORFD XQ DOWUR 75,33(,1%52'2 ,QJUHGLHQWL J GL WULSSH JLj SXOLWH XQD FLSROOD YHUGXUH GL RJQL JHQHUH FRVWH VHGDQRXQJURVVRSRUURXQSXJQRGLVSLQDFLXQDFDURWDIDJLROLSLVHOOLTXDOFKH IRJOLDGLYHU]DTXDOFKHIRJOLDGLFDYRORFDSSXFFLRHGHYHQWXDOPHQWHGLFDYRORQHUR SRFRSRPRGRURPH]]RRXQRSLFFRORSUH]]HPROR 3UHSDUD]LRQH5RVRODUHODPH]]DFLSROODJUDQGHFRPHXQSXJQRDJJLXQJHUHOHYHU GXUHWULWDWHSLXWWRVWRÀQLHULJLUDUOHDIXRFRDOOHJURDJJLXQJHUHSRLLOEURGRIDUERO OLUHSHUXQSR·DIXRFRPHGLRTXLQGLDJJLXQJHUHOHWULSSHJLjDFFXUDWDPHQWHODYDWH SUHEROOLWHHWDJOLDWHLQVWULVFLROLQHGLGLDPHWURLQIHULRUHDTXHOORGHOPLJQROR/DVFLDU FXRFHUHOHQWDPHQWHDIXRFRPHGLREDVVRIDFHQGROHYDUHTXDOFKHEROORUHÀQRDFKH QRQVLDQRGHOWXWWRFRWWHHPROWRWHQHUH3ULPDGHOOHXOWLPHEROOLWXUHDJJLXQJHUHLO SUH]]HPROR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH RUJDQR FHQWUDOH H LPSRUWDQWLVVLPR OR VWRPDFR &RPH q IDFLOH LQWXLUH JOL RUJDQLLQWHUQLSLIDFLOPHQWHUHSHULELOLHUDQRXQWHPSRTXHOOLGHJOLDQLPDOL GLSLFFRODWDJOLDSLLPPHGLDWDPHQWHGLVSRQLELOLSHUOHIDPLJOLHFKHVSHVVR OLDOOHYDYDQR/RVWRPDFRSLIUHTXHQWHPHQWHXVDWRHUDFRVuTXHOORGLSROOL H JDOOLQH FKH LQ DOFXQL GLDOHWWL GHOOD SURYLQFLD VL GHÀQLYDQR SHU OD ORUR FRQVLVWHQ]DFRPSDWWD´GXUpLµ´GXUqORµDOVLQJRODUHXQ·HVSUHVVLRQHFKH DOWURYHFRUULVSRQGHD´PDJRQLGHSRODVWURµ4XHVWL´YHQWULJOLµR´VWRPDFL GL SROORµ XVXDOPHQWHVLFRQVXPDQROHVVDWLDFFRPSDJQDQGROLFRQ XQSR· G·ROLRHVDOHRFRQVHQDSHRFRQDOWUHVDOVH 0D OD SUHSDUD]LRQH D EDVH GL LQWHULRUD SL QRWD H LPSRUWDQWH QHOOD FXOWXUD JDVWURQRPLFD WUHQWLQD q VLFXUDPHQWH TXHOOD DOOD FXL EDVH VWDQQR OH´WULSSHµODWLSLFDWUDGL]LRQHGLIDPLJOLDSUHYHGHFKHOHWULSSHYHQJDQR FRQVXPDWHSUHVVRFKpVRODPHQWHLQEURGR 6LWUDWWDGLXQSLDWWRGLVWRULDOXQJDHGLIIXVDFKHRIIUHGDOSXQWRGL YLVWDQXWUL]LRQDOHXQDSSRUWRSURWHLFRFRPSOHWRLQWHJUDWRFRQXQDJLXVWD TXDQWLWjGLJUDVVLHFRQDPLGLHDEERQGDQWLÀEUHGLRULJLQHYHJHWDOH1RQ PHUDYLJOLDFKHÀQRDTXDOFKHGHFHQQLRIDQHLERUJKLHQHOOHFLWWDGLQHGL YRFD]LRQHFRPPHUFLDOHVSHFLHQHLJLRUQLGHOPHUFDWROHWUDWWRULHDIÀJJHV VHURDOO·HVWHUQRLOFDUWHOORFRQVFULWWR´RJJLWULSSHµ,FRQWDGLQLHLFRPPHU FLDQWLÀQLWHOHFRQWUDWWD]LRQLYHUVRLOPH]]RGuSRWHYDQRFRVu VD]LDUVLFRQXQSLDWWRXQLFRFKHDQQDIÀDWRFRQXQ TXDUWRGLYLQRHDFFRPSDJQDWRGDOSDQHUDSSUHVHQ WDYDXQSDVWRFRPSOHWRHDEXRQSUH]]R 8QD SXU VXFFLQWD UHYLVLRQH GHOO·LPSLHJR WUDGL ]LRQDOH GHOOH LQWHULRUD QHOOD FXFLQD WUHQWLQD QRQ SXz GLPHQWLFDUH DOWUL LPSRUWDQWL SXQWL GL IRU]D 6L GHYH GXQTXHFLWDUHLO´URJQyQµ,OQRPHGLDOHWWDOHGHULYDGDOODWLQR´UHQUHQLVµ DWWUDYHUVR´UHQLRUHQLRQLVµFRQSRVVLELOHVHQVRGLPLQXWLYRGDFXLXQODWL QRYROJDUH´URQLRURQLRQLVµ(EEHQHIRQGDPHQWDOHQHOFDVRGLWDOHRUJDQR qXQ·DFFXUDWDSXOL]LDFKHGHYHWRJOLHUHOHLPSXULWjHGHOLPLQDUHXQFHUWR VDSRUHDFUH,QGLVSHQVDELOHqODVFHOWDGLXQSURGRWWRGHULYDQWHGDXQRUJDQR GLDQLPDOHJLRYDQHHSRLTXDOVLDVLPDVVDLDVDSHYDFKH´SULPDGHFXVLQDUOL LURJQRQLO·qPHLRODVVDUOL·QWH·OODWHµRVVLDFKHHUDDVVDLYDQWDJJLRVRSUL PDGLFXFLQDUOLODVFLDUHDOXQJRDOPHQRXQDQRWWHLUHQLQHOODWWHPDJDUL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH VRVWLWXHQGRORDQFKHSLG·XQDYROWD7HUPLQDWDTXHVWDIDVHSUHSDUDWRULDL PHWRGLGLFRWWXUDSRVVRQRHVVHUHGLYHUVLPDSLXWWRVWRIUHTXHQWHHUDO·XVR GLWULIRODUHFRQSUH]]HPRORHDJOLRLUHQLULGRWWLDVRWWLOLIHWWLQH/DVLQWHVL GHOOHGHOL]LHFKHDEELDPRHVDPLQDWRVLQRUDqXQSLDWWRFKHWXWWHOHFRQWLH QHQHOGLDOHWWRWUHQWLQRYDVRWWRLOQRPHGLVJXD]pWHGqDQFRUDSRVVLELOH WURYDUORQHOODEXRQDULVWRUD]LRQH 3HUVDOLUHDSLDQLSLHOHYDWLVLSRVVRQRULFRUGDUHLSLDFHULQRQLQWHO OHWWXDOLRIIHUWLGDOFHUYHOORLO´]HUYqOµGHOGLDOHWWRFKHQHOO·XVRFRUUHQWHLQ *8$==(7726*8$=e7 ,QJUHGLHQWLSHUSHUVRQHJGLIUDWWDJOLHGLYLWHOORFXRUHIHJDWRSROPRQLDQL PHOOHXQDFLSROODXQFXFFKLDLRGLIDULQDJGLEXUURROLRG·ROLYDEURGRGLFDUQH XQELFFKLHUHGLYLQRELDQFRSUH]]HPRORWULWDWRVDOHSHSHWUHQWLQJUDQDJUDWWXJLDWR 3UHSDUD]LRQH6RIIULJJHUHLQXQWHJDPHFRQROLRHEXUURODFLSROODÀQHPHQWHWULWDWD $JJLXQJHUHOHIUDWWDJOLHWDJOLDWHDSH]]LQRQWURSSRJURVVLHIDUOHURVRODUHXQHQGR OD IDULQD 6IXPDUH FRQ YLQR ELDQFR VDODUH YHUVDUH XQ PHVWROR GL EURGR H ODVFLDUH FXRFHUHÀQFKpLOIRQGRGLFRWWXUDDEELDUDJJLXQWRODJLXVWDGHQVLWj,QVDSRULUHFRQ SUH]]HPRORWULWDWRSHSHWUHQWLQJUDQDJUDWWXJLDWRHVHUYLUHFRQSROHQWDGLPDLVRD SLDFHUHSROHQWDGLSDWDWHRJUDQRVDUDFHQR 7UHQWLQRYHQLYDXVXDOPHQWHIULWWRQHOEXUURGRSRVHPSOLFHLQIDULQDWXUD6H TXHVWDqODULFHWWDSLVHPSOLFHODFXFLQDORFDOHRIIUHDQFKHSLDWWLDVVDLSL HODERUDWLFRPHDGHVHPSLRLOEXGLQRGLFHUYHOODFKHSUHYHGHODFRQIH]LRQH GL XQ YHUR EXGLQR FRWWR LQ EXGLQLHUD D EDJQRPDULD H FKH FRQ FROSR GD PDHVWURVLVHUYHFRVSDUVRGLXQUDJFRQIH]LRQDWRFRQURJQRQLHIXQJKL 8QDOWURSLDWWRSLXWWRVWRFRPSOHVVRFKHqWLSLFRGL7UHQWRHGHO7UHQ WLQRRULHQWDOHVRQRLSURIH]HQLXQDSUHSDUD]LRQHFKHSUHYHGHXQDFUHPD GLFHUYHOORFKHIDGDULSLHQRDGXHIHWWHGLSDQHVXFFHVVLYDPHQWHLOWXWWR YLHQHLPPHUVRLQXQDSDVWHOODGHQVDHTXLQGLIULWWRFRQXQULVXOWDWRDVVDL LQWHUHVVDQWH $QFKHOH´DQLPqOHµDQLPHOOHXQWHPSRVLFXFLQDYDQRVSHVVR6LWUDWWD GHOOHJKLDQGROHSDURWLGLVRWWRPDVFHOODULHVRWWROLQJXDOLWDORUDYLVLLQFOXGH DQFKHLOWLPR(UDFUHGHQ]DDQWLFDFKHLQTXHVWHSDUWLWHQHUHHPROOLIRVVH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH UDFFKLXVDODYLWDODSLFFRODDQLPDGHOOHEHVWLHSHUFXLLOODWLQR´DQLPDµ YLHQHGLPLQXLWRLQ´DQLPXODµHGDTXLDQFKHLOGLDOHWWDOH´DQLPHODDQLPH OHµ8QWHPSRLPRGLGLSUHSDUDUHOHDQLPHOOHIDFHYDQRSDUWHGHOEDJDJOLR GL TXDOVLDVL FXRFD RJJL OD PDFHOOD]LRQH LQGXVWULDOH KD IDWWR SUHVVRFKp VFRPSDULUH DQFKH TXHVWL SURGRWWL GDO FRPPHUFLR /H DQLPHOH YHQLYDQR FRQVXPDWHVRSUDWWXWWRIULWWH 'DXOWLPRULFRUGLDPRLO´PXVpWRµDQFKHVHQRQVLWUDWWDVWUHWWDPHQWHGL XQRUJDQRLQWHUQR/·HWLPRORJLDGHOWHUPLQHULPDQGDLQIDWWLDOODYRFH´PXVRµ ,Q 9DOVXJDQD WDOH YRFH SXz VSRUDGLFDPHQWH LQGLFDUH DQFKH LO ´FRWHFKLQRµ PDTXHVWRqXQVHQVRLQXVXDOHHGRYXWRDLPSRUWD]LRQH´0XVHWRµLQGLFDYD LQYHFHTXHOODSDUWHDQDWRPLFDFKHFRPHOD´WHVWLQDµXQWHPSRYHQLYDVSHVVR LPSLHJDWDSHUSUHSDUDUHXQSLDWWRIUHGGRLQDJURFKHRJJLVLULQWUDFFLDUDUD PHQWH8QDWLSLFDYDULDQWHWUHQWLQDqFRVWLWXLWDSRLGDOPXVHWWRLQDJURGROFH RWWHQXWRSDUWHQGRGDOODOHVVDWXUDGHOPXVHWWRGLYLWHOOR6LWUDWWDLQWDOFDVRGL XQSLDWWRFKHYDVHUYLWRFDOGRDFFRPSDJQDWRFRQSROHQWDIXPDQWH 1DWXUDOPHQWHTXDQWRGHWWRÀQTXLULJXDUGDVROREUHYLFHQQLFKHQRQ SUHWHQGRQRFHUWRGLHVDXULUHXQDUJRPHQWRFKHVHQ]DDOFXQGXEELRSUHVHQWD DQFKHQHOODFXFLQDWUHQWLQDXQ·LQÀQLWjGLVIDFFHWWDWXUHWDOLGDJLXVWLÀFDUH XQODYRURGLUHFXSHURFKHLQPROWLFDVLVDUHEEHLQJUDGRGLJDUDQWLUHTXHOOD ULFFKH]]DGLSUHSDUD]LRQLFKHRJJLVHPEUDVFRPSDUVD /()5$77$*/,(1(//$&8&,1$'(//·$/72$',*( 1RQqIDFLOHSDUODUHGLIUDWWDJOLHLQXQ·HSRFDLQFXLODQRVWUDFLYLOWj VL FRQVLGHUD ULFFD H L JLRYDQL VRQR GLYHQWDWL VFKL]]LQRVL 2UPDL QHVVXQR q FDSDFH GL PDFHOODUVL XQ SROOR R XQ FRQLJOLR H WDQWRPHQR GL SXOLUVHOR HLSLULÀXWDQRRJQLFDUQHFKHULFRUGLWURSSRXQHVVHUHDQLPDOH0HJOLR OHFDUQLODYRUDWHLQGXVWULDOPHQWHHWUDVIRUPDWHLQDPRUIHIHWWHRSROWLJOLH LQVDFFDWHRLQVFDWRODWHULVSHWWRDOOHTXDOLVLSXzIDUÀQWDGLLJQRUDUHFKH HVVHSURYHQJDQRGDXQHVVHUH]DPSHWWDQWHLOPDLDOHRLOSROORVLSRVVRQR PDQJLDUHSHUFKpDOOHYDWLSHUPRULUHEHQQDVFRVWLDOODQRVWUDYLVWDXQFLQ JKLDOHQRSHUFKpqOLEHURHYLHQHXFFLVRFRQXQ·DUPD ËRYYLRFKHFRQTXHVWDPHQWDOLWjVLqSRUWDWLDULÀXWDUHSHUSULQFLSLR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH TXHOOHSDUWLFKHSLULFRUGDQRFRPHO·XRPRDEELDOHVWHVVHLGHQWLFKHIUDWWD JOLHHORVWHVVRVDQJXHGLRJQLDOWURDQLPDOH /DVFDUVH]]DGHOODGRPDQGDKDFRPSRUWDWRODVSDUL]LRQHGLTXHVWLSUR GRWWLGDOPHUFDWROHPDFHOOHULHGHOOHFLWWjULFHYRQRPH]]HQHSHUIHWWDPHQWH VHSDUDWH GD IUDWWDJOLH WHVWH H ]DPSH JLj DYYLDWH DG XVL LQGXVWULDOL H FKL YROHVVH XVDUOH GHYH RUGLQDUOH R GHYH FHUFDUH GL WURYDUOH SUHVVR TXDOFKH PDFHOOHULDGLFDPSDJQD $QFKHLQ$OWR$GLJHÀQRDJOLDQQL6HVVDQWDQHOOHIDPLJOLHVLPDQ JLDYDWXWWRHQRQVLEXWWDYDYLDQXOODGLQHVVXQDQLPDOHGDOOHRUHFFKLHDL SLHGLQLGHLTXDGUXSHGLGDOOHFUHVWHDOOH]DPSHGHLYRODWLOLDOOHLQWHULRUDGL DQLPDOLGDFRUWLOH4XDQGRVLPDFHOODYDXQPDLDOHVLXWLOL]]DYDYHUDPHQWH WXWWRLOÀHOHYHQLYDFRQVHUYDWRSHUXWLOL]]DUORQHOVDSRQHRFRPHULQIRU ]DQWH QHO ULVFLDFTXR GL WHVVXWL /D YHVFLFD VH QRQ XVDWD SHU LQVDFFDUH OR VWUXWWRVHUYLYDSHUIDUHXQDERUVDSHULOWDEDFFRRSHUIRGHUDUHO·LQWHUQR GHOOHVFDUSH6LXVDYDDQFRUDWUDWWDUHOHRUHFFKLHGLPDLDOHFRPHORVSHFNH DQFKHODPDPPHOODGLPXFFDYHQLYDWHQXWDLQDFTXDFRUUHQWHHEDWWXWDSHU HOLPLQDUHLOODWWHPHVVDLQVDODPRLDDIIXPLFDWDHVWDJLRQDWDWUDWWDPHQWR DQDORJRVLULWURYDQHOWHWHXQGHOOD9DOG·$RVWDHVHQ]DDIIXPLFDWXUDLQ9DO &DPRQLFD 3HU JOL DSSUHQGLVWL PDFHOODL XQ SLDWWR IUHTXHQWH HUD XQD IHWWD GL PDPPHOOD R GL SROPRQH GL YDFFD EROOLWD DIIHWWDWD H WUDVIRUPDWD LQ ELVWHFFDDOODPLODQHVH(LQYHURQRQVRQRSDVVDWLPROWLGHFHQQLGDTXDQGR LQ*HUPDQLDVLPDQJLDYDDQFRUDO·DQDORJRIDOVFKHV.RWHOHWWIDOVDFRWROHWWD R%HUOLQHU6FKQLW]HO (UDODFXFLQDSRYHUDPDVDSRULWDDEEDQGRQDWDFRQO·DUULYRGHOEHQHV VHUHHFKHKDODVFLDWRSRFKHWUDFFHQHOOLEULGLFXFL QD QRQ FHUWR GHVWLQDWL DL SRYHUHWWL 6ROR SRFKL SURGRWWLVRQRULPDVWLQHLPHQXGHLULVWRUDQWL FRPHLOIHJDWRQHLFDQHGHUOLODPLO]DQHL FURVWLQLODWULSSDQHOODPLQHVWUDDFLGD 6DXUHVXSSHOHDQLPHOOH 3HU WURYDUH DOWUH ULFHWWH ELVR JQD VFRSULUH FLz FKH q DQFRUD LQ XVR QHL PDVL GHL FRQWDGLQLFKHVLDSURQRDOO·DJULWXULVPRPDQRQKD PROWR VHQVR ULFHUFDUH TXDQWR HVVH GLIIHULVVHUR GD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH OXRJRDOXRJRHTXDQWRVLGLIIHUHQ]LDVVHURDGHVHPSLRGDRPRQLPHULFHWWH GHO1RUG7LURORSHUFKpPDQFDXQDVXIÀFLHQWHOHWWHUDWXUDVXOO·DUJRPHQWR HG q GLIÀFLOH FDSLUH TXDQWR OH SRFKH ULFHWWH FKH VL WURYDQR VLDQR UDSSUH VHQWDWLYHGLXVLJHQHUDOL]]DWLHTXDQWRVLDQRVWDWHLQÁXHQ]DWHGDDQDORJKH ULFHWWHFRQWHQXWHLQOLEULDXVWULDFL/HULFHWWHWLSLFKHORFDOLVRQRHQRQSRWH YDHVVHUHDOWULPHQWLULFHWWHGHOPRQGRDXVWULDFRHOHYDULDQWLVRQRULFROOH JDELOLDGXQDGLYHUVDHYROX]LRQHQHOWHPSRRQHOO·DPELHQWHVRFLDOHQHOOH FLWWjHQHLULVWRUDQWLqQRUPDOHFKHOHULFHWWHYHQJDQRUDIÀQDWHHDGHJXDWHDL FDPELDPHQWLGHOJXVWR,SRFKLWHVWLGLVSRQLELOLFRQVHQWRQRGLVWDELOLUHFKH OHYDULD]LRQLVRQRFRPXQTXHPRGHVWH 1HOYHQQHSXEEOLFDWRD6DOLVEXUJRLOOLEURGL(OLVDEHWK+HLQULFK 'DV.RFKEXFKGHU%lXHULQ,OOLEURGLFXFLQDGHOODFRQWDGLQDFKHRWWHQQH XQ VXFFHVVR VWUDRUGLQDULR WDQWR FKH QHO DYHYD JLj YHQGXWR FRSLHHQHOHUDJLXQWRDOODQRQDHGL]LRQH4XHVWROLEURXQPDQXDOH FRPSOHWRFKHSDUWLYDGDOODPDFHOOD]LRQHGHJOLDQLPDOLWUDWWDQGRSRLRJQL WLSR GL ULFHWWH ÀQR DOOD SUHSDUD]LRQH GHO VDSRQH GLYHQQH XQ SR· LO WHVWR GL ULIHULPHQWR SHU OH FXRFKH H IHFH GLPHQWLFDUH OD YHUVLRQH SULPLWLYD GL FHUWHULFHWWH1HO0DULD'UHZHVSXEEOLFzLOVXROLEUR7LUROHU.FKH HDQFK·HVVRGLYHQQHXQSXQWRGLULIHULPHQWR$WWXDOPHQWHLOWHVWRFKHSL DSSDUH YLFLQR DOO·XVR WUDGL]LRQDOH GHOOD FXFLQD QHO PDVR PD DWWHQWR DO JXVWRPRGHUQRqTXHOORGHOGL0DOL+|OOHU(FKW6GWLURO &HUFKHUHPRTXLQGLGLLQGLYLGXDUHFRQO·DLXWRGLTXHVWLWHVWLOHULFHWWH VWRULFDPHQWHSLLPSRUWDQWLDQFRUDSUHVHQWLQHOODFXOWXUDJDVWURQRPLFDORFD OHFRQPDJJLRUDWWHQ]LRQHDOJXVWRGHOQRVWURWHPSRFKHDTXHOORGHOSDVVDWR 6LWHQJDSUHVHQWHFKHOHULFHWWHGLXQWHPSRHUDQREDVDWHSLVX IUDWWDJOLHVXLQHFKHERYLQHSRLFKpLYLWHOOLQRQYHQLYDQRGL FHUWRPDFHOODWLSHUXVRGHOPDVRHFKHPROWHULFHWWHHUD QRVWDJLRQDOLSHUFKpVWUHWWDPHQWHOHJDWHDOODPDFHO OD]LRQHGHOPDLDOHGLFDVD3LDWWLQDWLQHOODFDVDGHO FRQWDGLQR SHU XWLOL]]DUH OH IUDWWDJOLH GL OLPLWDWD FRQVHUYDELOLWjVRQRSRLGLYHQXWLSLDWWLGD RVWHULD SHU ULIRFLOODUH L YLDQGDQWL H L FRQWDGLQLFKHVLUHFDYDQRLQFLWWjQHL JLRUQLGLPHUFDWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH ,/%(86&+/ 8QDULFHWWDDPSLDPHQWHGLIIXVDLQ$OWR$GLJHEXRQDSHUXWLOL]]DUHOH IUDWWDJOLHGLERYLQRGLPDLDOHGLDJQHOORHUDLO%HXVFKHOPROWRFRQRVFLXWR DQFKHLQWXWWDO·$XVWULDFRQGLYHUVHYDULDQWL,OYRFDERORGHULYDGD%DXVFK ULJRQÀDPHQWRFKHLQGLFDYDQHOODIRUPDGLPLQXWLYD%HXVFKHOR%HXVFKO LOSROPRQHHSRLQHOOLQJXDJJLRFRPXQHqSDVVDWRDGLQGLFDUHLOSLDWWRFRQ WHQHQWHDQFKHDOWUHIUDWWDJOLHËQDWRFRPHXQRVWXIDWRGLSROPRQHFXLEHQ SUHVWRVLDJJLXQVHDQFKHLOFXRUHHUDXQSLDWWRFKHFRPSD ULYDQHOPHQXGHOOHIDPLJOLHVHHUDQRGLVSRQLELOLIUDWWDJOLH GHOWXWWRPRGHUQDqO·DJJLXQWDGHOODOLQJXDHPRGHUQLVVL PRO·XVRGHOODVRODOLQJXD 6LWUDWWDGLXQDSUHSDUD]LRQHQRWDÀQGDO7XWWL L OLEUL GHO 6HWWHFHQWR H 2WWRFHQWR FRQWHQJRQR OD ULFHW WDSHUzÀQRDO1RYHFHQWRHUDFRQVLGHUDWRXQSLDWWRGL %(86&+/ ,QJUHGLHQWLJGLSROPRQHGLYLWHOORPH]]RFXRUHGLYLWHOORJGLFLSROOD JGLVHGDQRFDURWHHSUH]]HPRORXQDIRJOLDGLDOORURJUDQLGLSHSHQHURUDPHWWL GLWLPROLWULGLDFTXDVDODWD3HUODVDOVDFXFFKLDLGLROLRJGLIDULQD JGLFLSROODJGLFHWULROLVRWWDFHWRJGLFDSSHULXQFXFFKLDLRGLDFHWRHXQR GLVXFFRGLOLPRQHÀOHWWLGLDFFLXJDXQFXFFKLDLQRGLVHQDSHWLPRSUH]]HPROR FXFFKLDLGLYLQRURVVRFXFFKLDLGLSDQQDDFLGDSUHSDUDWDFRQJGLSDQQD IUHVFDJGL\RJXUWXQFXFFKLDLRGLVXFFRGLOLPRQH 3UHSDUD]LRQH&XRFHUHOHIUDWWDJOLHSHUFLUFDXQ·RUDFRPHSHUIDUHXQEROOLWRHIDU UDIIUHGGDUHQHOORUREURGR7RJOLHUHGDOODFDUQHYHQHHFDUWLODJLQLHDIIHWWDUODDVWUL VFLROLQH0HWWHUHDURVRODUHODFLSROODQHOO·ROLRFRQODIDULQDHXQSL]]LFRGL]XFFKHUR SHU IDU SUHQGHUH FRORUH DJJLXQJHUH XQ SR· GHO EURGR ÀOWUDWR VFLRJOLHUH L JUXPL H FXRFHUHOHQWDPHQWHSHUFLUFDPH]]·RUDLQPRGRGDDYHUHXQDVDOVDFUHPRVD$JJLXQ JHUHODFDUQHHLVDSRULHFXFLQDUHSHUXQDGHFLQDGLPLQXWL'DXOWLPRDJJLXQJHUHLO YLQRHODSDQQDDFLGDSUHSDUDWDPHVFRODQGRODSDQQDIUHVFDFRQOR\RJXUWHLOVXFFR GLOLPRQHHODVFLDQGRODULSRVDUHFRSHUWDDWHPSHUDWXUDDPELHQWHSHUDOPHQRGXHRUH RSSXUHSHUPH]]DJLRUQDWDLQIULJR&RQWUROODUHVDOHHSHSHËIDFROWDWLYDHPRGHUQD XQDJUDWWXJLDWLQDGLEXFFLDGLOLPRQH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH WURSSRVFDUVRYDORUHSHUVHUYLUORDLULFFKLERUJKHVLRDLQRELOLSRLD9LHQQD UDIÀQDWRFRQSDQQDH´JXODVFKVDIWµGLYHQWzXQSLDWWRQRELOHR´VDORQIlKLJµ DGDWWRDLVDORQL,O´JXODVFKVDIWµQRQqLOVXJRGHOJXODVFKPDXQDVDOVD FUHPRVDFKHFRQWLHQHSLRPHQRJOLVWHVVLLQJUHGLHQWLVDOYRODFDUQHFLSRO OD DEERQGDQWH DJOLR FRQFHQWUDWR GL SRPRGRUR SDSULFD FXPLQR EURGR q FRPXQHLQWXWWRLOPRQGRJHUPDQLFR$QFRUDRJJLLQ$XVWULDODSUHSDUD]LR QHGLTXHVWRSLDWWRVHUYHWDOYROWDGDEDQFRGLSURYDSHUYDOXWDUHOHFDSDFLWj GL XQ FXRFR GL WUDWWRULD SHUFKp XQ EXRQJXVWDLR GLYHQWD XQR ´VWDPPJDVWµ ´KDELWXpµFRQLOSURSULRWDYRORVRORVHWURYDXQEXRQ%HXVFKO 6LULWLHQHFKHLOPLJOLRUULVXOWDWRVLRWWHQJDFRQIUDWWDJOLHGLYLWHOORSUH YHQWLYDPHQWHEROOLWHLOFKHQHDWWHQXDLOVDSRUH(VVHVRQRSRLDIIHWWDWHVRW WLOPHQWHDIHWWXFFLQDSHUPLJOLRUDUQHODFRQVLVWHQ]DËLPSDUHQWDWRFRQOR VJXD]HWWUHQWLQRHFRQLOWHGHVFR*VFKOLQJXIÀFLDOPHQWHULFRQRVFLXWRFRPH VSHFLDOLWjGHOOD)UDQFRQLDFKHqSUHSDUDWRSLRPHQRFRPHLO%HXVFKOPD FRQIUDWWDJOLHPLVWHGLPDLDOHROWUHDSROPRQHHFXRUHDQFKHPLO]DURJQR QL,QPROWLWHVWLLWHUPLQL%HXVFKOH*VFKOLQJVRQRFRQVLGHUDWLHTXLYDOHQWL HGqORJLFRLPPDJLQDUHFKHLOSLDWWRVLDQDWRVRORFRPHXQVHPSOLFHUDJ GL SROPRQH H FKH SRL VL VLD GLYHUVLÀFDWR H SHUIH]LRQDWR QHL VHFROL 3HU OD SUHSDUD]LRQHGHO%HXVFKORFFRUUHXQDEXRQDTXDOLWjGLSROPRQHHFXRUHGL PDLDOH R YLWHOOR IUHVFKL EHQ FRORULWL H QRQ ÁDFFLGL RWWLPH OH IUDWWDJOLH GL DJQHOOR R FDSUHWWR (VVL YHQJRQR EROOLWL FRQ XQ PD]]HWWR GL HUEH RGRURVH ODVFLDWLUDIIUHGGDUHWDJOLDWLDVWULVFLROLQHHSRLXOWHULRUPHQWHFRWWLLQXQDVDOVD FUHPRVDFRQFHWULROLQLFDSSHULDJOLRFLSROODDFFLXJKHIDULQDDFHWRSDQQD DFLGD7DOYROWDVLXQLYDDQFKHODWULSSDGLYLWHOOR6LVHUYHFRQFDQHGHUOLR FRQ SROHQWD /D ULFHWWD ULSRUWDWD q TXHOOD SL UDIÀQDWD DOO·XVR GL 9LHQQD FRGLÀFDWDGDO0LQLVWHURGHOO·DJULFROWXUDHIRUHVWHDXVWULDFR 763465,7,90.(;;0 7YPTHKLSS»HYYP]VZ\STLYJH[VKPTHUNPTPLHSPTLU[PZWLJPHSPaaH[PLZLTWYLWP YHMÄUH[PLJVZ[VZPWLYPNH[[PHX\LZ[PHUPTHSPLYHZWLZZVKLZ[PUH[VPSWVSTVUL KLP IV]PUP :VTTPUPZ[YH[V JY\KV X\LZ[V HSPTLU[V [YHZTL[[L]H SH [\ILYJVSVZP HSS»HUPTHSL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH &21/$7(67$(,/&(59(//2',9,7(//2 $OWUDULFHWWDDQFRUDXVXDOHLQEXRQLULVWRUDQWLqODWHVWLQDGLYLWHOOR1RQ qXQSLDWWRWLSLFDPHQWHWLUROHVHPDTXLqSDUWLFRODUPHQWHDPDWRHGLIIXVRH FRQVXPDWRLQSLYDULDQWL,FRPSRQHQWLQRQVRQRYLQFRODQWLQHO0HUDQHVH VLVHUYLYDXQVDXUHVYRUPDVDQWLSDVWRDJURFRPSRVWRGDSLHGLQLRUHFFKLHH PXVHWWRGLPDLDOHEROOLWL8QDWHVWDGLYLWHOORSHVDFLUFDFLQTXHFKLOLHLOSUH SDUDUODLQFDVDQRQqSURSULRXQDFRVDIDFLOHLQXQDSLFFRODFXFLQDPRGHUQD ,QJHQHUHODWHVWLQDYLHQHSUHSDUDWDGDOODPDFHOOHULDQHOODIRUPDSUHVVDWDGD FRQVXPDUHDIHWWHRSSXUHLOPDFHOODLRYHQGHODSDUWHIURQWDOHGHOODWHVWDJLj GLVRVVDWDHDUURWRODWDODFRVLGGHWWDPDVFKHUDGHOYLWHOORRSSXUHVLFHUFDGL DFTXLVWDUHXQDPH]]DWHVWDSLIDFLOHGDODYRUDUH,QUHDOWjVLPDQJLDVROROD SDUWHHVWHUQDDQWHULRUHPHQRJUDVVDHGLSHQGHGDLJXVWLHGDOODSHQWRODVH IDUEROOLUHRPHQRDQFKHODSDUWHRVVHD,QFHUWHSUHSDUD]LRQLVLIDXVRDQFKH GHOODSDUWHPDJUDGHOODOLQJXD &KLYROHVVHSDUWLUHGDOODWHVWDGRYUHEEHÀDPPHJJLDUODODYDUODWHQHUODD EDJQRLQDFTXDIUHGGDSHUDOFXQHRUHHSRLVEROOHQWDUODLQPRGRGDSRWHUODGLVRV VDUH/DWHVWLQDVLFDOFRODQRFLUFDJSHUSHUVRQDGHYHHVVHUHOHVVDWDGDVROD ULFKLHGHXQDFRWWXUDGLTXDVLGXHRUHVHODVFLDWDLQWHUDHGLXQ·RUDHPH]]RVH WDJOLDWDDSH]]HWWLO·DFTXDGHYHHVVHUHPRGHUDWDPHQWHVDODWDHDURPDWL]]DWDFRQ FLSROODVHGDQRHFDURWDXQDIRJOLDG·DOORURFKLRGLGLJDURIDQRSHSHLQJUDQLH DOWUHHUEHRGRURVHVHFRQGRLJXVWLDGHVHPSLRJUDQLGLVHQDSH3HUPDQWHQHUH LQDOWHUDWRLOFRORUHELDQFRGHOODFDUQHVLFRQVLJOLDGLDJJLXQJHUHDOO·DFTXDGL FRWWXUDXQSR·GLVXFFRGLOLPRQHRGXHFXFFKLDLGLDFHWRHXQFXFFKLDLRRGXH GLIDULQDPHVFRODQGRYHORFHPHQWHSHUHYLWDUHFKHVLIRUPLQRJUXPLDWWHQ]LRQH SHUFKpVLIRUPDVFKLXPDHO·DFTXDWUDFLPDIDFLOPHQWH,OJUDGRGLFRWWXUDVL FRQWUROODSXQJHQGRODWHVWLQDFRQXQDIRUFKHWWDqSURQWDTXDQGRULVXOWDWHQHUD HQRQSLJHODWLQRVD7RJOLHUODGDOEURGRIDUODUDIIUHGGDUHHGHOLPLQDUHJUDVVR WHQGLQLSHOOLFLQHHWDJOLDUODDSLFFROLSH]]LGHOODODUJKH]]DGLXQGLWR3XzHVVHUH FRQVXPDWDFDOGDFRPHXQEROOLWRFRQOHVDOVHXVXDOLRSSXUHIULWWDRIUHGGD FRQGLWD´LQDJURµ,QTXHVW·XOWLPRFDVRLSH]]LGLFDUQHIUHGGLRSSXUHOHIHWWH GHOOD FDUQH SUHVVDWD YHQJRQR VHUYLWL FRQ ROLR DFHWR DQHOOL GL FLSROOD VDOH H SHSHTXDOFXQRYLDFFRPSDJQDGHOUDIDQRNUHQJUDWWXJLDWR 6H VL YXROH SUHVVDUH OD WHVWLQD SUHQGHUH OD FDUQH EROOLWD FRQ OD VXD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH FRWHQQDWDJOLDUODDGDGLGLFLUFDFPHPHWWHUODLQXQDIRUPDUHWWDQJRODUH )LOWUDUHLOEURGRIDUORULGXUUHDFLUFDXQWHU]RHYHUVDUORVXOODFDUQHSUHVVDUH EHQHFRQXQSHVRHPHWWHUHDOIUHVFRSHUXQJLRUQR6LYHUVDLQÀQHDQFRUDXQ SR·GHOEURGRJHODWLQRVRVRSUDODFDUQHFRVDFKHDLXWDDFRQVHUYDUODPHJOLR 6LSRVVRQRLQVHULUHDQFKHSH]]LGLOLQJXDEROOLWDDVVLHPHDOODWHVWDRDSDUWH &RUULVSRQGHXQSR·DOOD6XO]HWHVWDLQFDVHWWDFKHLQUHDOWjROWUHDOODWHVWD GLPDLDOHFRQWLHQHSLHGLQRFRWHQQHHDOWUR ,O FHUYHOOR GL PROWL DQLPDOL FRVu FRPH OH DQLPHOOH q FRQVLGHUDWR GD VHPSUHXQDVSHFLDOLWjVRSUDIÀQDHPROWHSOLFLVRQROHULFHWWHFKHORXWLOL]]D QRQHLSLVYDULDWLPRGL6RQRULFHWWHGLIIXVHFRQPRGHVWHYDULDQWLUHJLRQDOL HQRQYLqUDJLRQHGLULSHWHUOHTXL'LXQFHUWRLQWHUHVVHOD+LUQVXSSHFUHPD GLFHUYHOORVDOWDWRFRQFLSROODSDVVDWRHGLOXLWRFRQEURGRDGGHQVDWRFRQ SDQQDHURVVLG·XRYRHJOL+LUQVFK|EHUOELVFRWWLQLGLSDQGL6SDJQDVDOD WRLQFXLYLHQHLQFRUSRUDWRLOFHUYHOORURVRODWRqXQDVSHFLDOLWjDXVWULDFD RUPDLLQVHULWDDQFKHLQULFHWWDULLWDOLDQL 8QD ULFHWWD DXVWULDFD FKH LQ WHPSR GL FULVL PHULWD GL HVVHUH ULFRUGDWD SHUFKpXWLOL]]DSDQLQLUDIIHUPLHGqWLSLFDPHQWHFDVDOLQJDqTXHOODGHJOL+LU QSRIpVHQ/DORURRULJLQHVLULQYLHQHLQTXHOODSUHSDUD]LRQHFKHQHOPRQGR JHUPDQLFRFKLDPDQR$UPH5LWWHUFDYDOLHULSRYHULR%DYHVHQR%RIHVHQPD JLjDQWLFLSDWDGD$SLFLRFKHIULJJHYDSH]]LGLSDQHVHFFRHSRLOLVHUYLYDFRQ LOPLHOHHFKHVLULWURYDFRQLOVXRQRPHGLFDYDOLHUHSRYHURQHO%XRFKYRQ JXRWHU VSvVH /LEUR GHO EXRQ PDQJLDUH GHO FLUFD 3DUH FKH LO QRPH %DYHVHQSRLGLYHQWDWR3RIHVHQHORFDOPHQWH3URIHVHQGHULYLGD´SDYHVHµ 3RLFKp LO WHPLQH LQGLFDYD XQ WLSR GL VFXGR PROWR GLIIXVR QHO 0HGLRHYR LO FROOHJDPHQWRFRQLOWHUPLQHFDYDOLHUHSRWUHEEHIDUVXSSRUUHXQXVRGHOODVSH FLDOLWjLQDPELHQWHPLOLWDUH,QVRVWDQ]DVLWUDWWDGLIHWWHGLSDQHIULWWHHVH GLVSRQLELOLLQVDSRULWHFRQSURGRWWLGROFLRVDODWL/R+LUQSRIHVHQXWLOL]]DDWDO ÀQHLOFHUYHOORHODULFHWWDSRWUHEEHHVVHUHWUDGRWWDFRPHFHUYHOORLQFDUUR]]D /D ULFHWWD RULJLQDOH QRQ SUHYHGH O·XVR GL GXH IHWWH GL SDQHPDGLXQPH]]RSDQLQRFKHYLHQHVSDOPD WRFRQLOFRPSRVWRGLFHUYHOORHIULWWRLQJUDVVR DEERQGDQWHFRQODSDUWHVSDOPDWDULYROWDYHUVRLO EDVVRqODVWHVVDSURFHGXUDXVDWDSHULFURVWLQLGL PLO]DRSSXUHGDXQSDQLQRVLULFDYDYDQRGXHIHWWH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7UHQWLQR$OWR$GLJH 352)e=(1, ,QJUHGLHQWL XQ FHUYHOOR GL YLWHOOR PD DQFKH GL PDLDOH EXUUR FLSROOD XQ URVVR G·XRYRVDOHSHSHQRFHPRVFDWDSUH]]HPRORIHWWHGLSDQHODWWHIDULQD 3UHSDUD]LRQH6FRWWDUHLQDFTXDEROOHQWHLOFHUYHOORWRJOLHUHODSHOOLFLQDWULWDUORHVRI IULJJHUOROHJJHUPHQWHQHOEXUURFRQXQSR·GLFLSROODOHJDUORSRLFRQXQURVVRG·XRYR HLQVDSRULUHFRQVDOHSHSHQRFHPRVFDWDSUH]]HPROR6SDOPDUHLOFRPSRVWRVXXQD IHWWDGLSDQHELDQFRFRSULUORFRQXQDVHFRQGDIHWWDLPPHUJHUHLQXQDSDVWHOODGLODWWH HIDULQDHIULJJHUHQRQWURSSRUDSLGDPHQWHDIÀQFKpDQFKHLOULSLHQRVLUDVVRGLEHQH DSHUWH´DOLEURµHQHOO·DSHUWXUDVLPHWWHXQSR·GLIDUFLDGLFDUQH0RGHUQD PHQWH OD ULFHWWD YLHQH IDWWD DQFKH FRQ IHWWH GL SDQH GD WRDVW 6L PDQJLDQR FRPHVHFRQGRSLDWWRRFRPHDQWLSDVWRHVLDFFRPSDJQDQRDYHUGXUHFRWWH,Q 7UHQWLQRKDQQRDVVXQWRLOQRPHGLSURIp]HQLFRQODGLIIHUHQ]DFKHOHGXHIHWWH GLSDQHVRSUDSSRVWHQRQYHQJRQRLPSDQDWHPDLPPHUVHLQXQDSDVWHOODGL ODWWHHIDULQDPHWRGRQRQVFRQRVFLXWRQHSSXUHLQ$XVWULD &21,/6$1*8( &LELDEDVHGLVDQJXHVRQRRUPDLLPSURSRQLELOLVLXVDVRORQHOVDQJXL QDFFLRHQHLVXJKLGLVHOYDJJLQDPDqPHJOLRFKHLOFRPPHQVDOHORLJQRUL 8QWHPSRLQYHFHLOVDQJXHHUDDSSUH]]DWRHYHQGXWRQHOOHPDFHOOHULH'D XQPDLDOHVLULFDYDQRDOPHQRFLQTXHOLWULGLVDQJXHHTXLQGLYHQHHUDLQ DEERQGDQ]DSHUWXWWLHTXDQGRVLPDFHOODYDLOPDLDOHQRQYHQLYDGLFHUWR EXWWDWR 3L UDUR O·XVR GHO VDQJXH GL EXH FKH GRYHYD HVVHUH DFTXLVWDWR LQ PDFHOOHULDLQTXDQWRLFRQWDGLQLPDFHOODYDQRERYLQLEHQGLUDGR )UDJOLXVLGLXQWHPSRGHOO·$OWR$GLJHVLULFRUGDQRLO%OXWPXVVDQJXH HODWWHLQSDUWLHJXDOLVDODWLHSHSDWLHDUURVWLWLLQSDGHOODHLO%OXWRIHQPXVR %OXWNXFKHQFRWWRDOIRUQRDPR·GLWRUWD,QSUDWLFDYHQLYDIDWWRXQLPSDVWR FRQ J GL IDULQD OLHYLWR J GL JUDVVR GL PDLDOH ODWWH ]XFFKHUR H YHQLYDIDWWROLHYLWDUH6LDJJLXQJHYDQRXYHWWDHJGLVDQJXHO·LPSDVWR DEEDVWDQ]DPRUELGRYHQLYDPHVVRLQXQDWHJOLDDYYROWRLQUHWHGLPDLDOHH FRWWRDOIRUQR9HQLYDPDQJLDWRPROWRFDOGREHYHQGRFLVRSUDLOODWWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7UHQWLQR$OWR$GLJH )UDLYDUL*U|VWOFDUQLXQLWHDSDWDWHDUURVWLWHVLSXzFLWDUHLO%OXWJU| VWORWWHQXWRVRIIULJJHQGRJGLVDQJXHFRQFLSROOHHXQHQGRSRLXQNJ GLSDWDWHDUURVWLWH$QFRUDPROWRXVDWRqLO%OXWZXUVWVDQJXLQDFFLRODFXL ULFHWWDGLEDVHqVHPSOLFHHOHSRVVLELOLYDULDQWLLQÀQLWH8QRWWLPRLPSLHJR GHO%OXWZXUVWVLKDDUURVWHQGROR*HU|VWHWH%OXWZXUVWR7VFKHDJO6LSUHQGH LOVDOVLFFLRWWRVHQ]DULVFDOGDUORVLWRJOLHLOEXGHOORHVLWDJOLDDSH]]HWWLSRL VLSDVVDLQSDGHOODFRQEXUURDJOLRHFLSROODVLDJJLXVWDLOVDSRUHVLEDJQD FRQXQSR·GLEURGRHVLÀQLVFHFRQSUH]]HPRORWULWDWR ,Q *HUPDQLD YH QH VRQR DOPHQR FLQTXDQWD WLSL GLYHUVL XIÀFLDOPHQ WHULFRQRVFLXWLHO·$XVWULDOLDYHYDUHJRODPHQWDWLQHO&RGH[$OLPHQWDULXV $XVWULDFXV GHO ,Q 6XG 7LUROR QH YLHQH SUHSDUDWR XQR GHVWLQDWR DG HVVHUHFRQVHUYDWRDQFKHSHUXQDVHWWLPDQDRGXHULFHWWDGL0DOL+|OOHU ,O QRPH VXGWLUROHVH q %OXQ]HQ FKH ULFKLDPD FRPH %HXVFKO O·LPPDJLQH GLXQDFRVDULJRQÀD6LSUHQGRQROLWULGLVDQJXHFXFFKLDLGLVDOHXQ FXFFKLDLRGLSHSHPH]]RFXFFKLDLQRGLSLPHQWRVHGDQRHSUH]]HPRORXQ TXDUWR GL ODWWH PH]]D FLSROOD H WUH VSLFFKL G·DJOLR WULWDWL PH]]R FKLOR GL FLFFLROLJUDPPHOQ6LPHVFRODEHQHLOWXWWRHVLLQVDFFDLQEXGHOOLGLFLUFD FPGLGLDPHWURFKHVLIDQQRSRLVREEROOLUHSHUXQDYHQWLQDGLPLQXWLLQDFTXD DEERQGDQWH6LDSSHQGRQRLQFDQWLQDDGDVFLXJDUH3HUVHUYLUOLFRQLFUDXWL VLPHWWRQRLQDFTXDIUHGGDHVLIDQQRVREEROOLUHSHUXQTXDUWRG·RUD$QFRUD IDWWLELOHHDWWXDOHqLQÀQHODSDVWDFRQLOVDQJXH%OXWQXGHO1HOODULFHWWD WUDGL]LRQDOH VL SUHSDUDYD PHVFRODQGR IDULQD GL JUDQR H VDQJXH DOOXQJDWR FRQDFTXD6LXVDYDIDUQHXQDFHUWDTXDQWLWjVHQ]DVDOHFKHYHQLYDVHFFDWD QHOIRUQRHVLFRQVHUYDYDDOXQJR,QXQDULFHWWDSLUDIÀQDWDGHOO·$OWD9DO G·,VDUFRVLXWLOL]]DQRODIDULQDGLVHJDOHHOHXRYD /(556*633()69(;6 -YHUJV+L)H[[HNSPH .PHUUP.LU[PSPUP+*:; ,KVHYKV4VYP+*:; (UKYLHZ7SHUNNLY -YHUJLZJV7VTWLH[P -LYKPUHUK;LZZHKYP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9 9HQHWR 9HQHWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9HQHWR 6(5(1,66,0(5,&(77( ,OEXLRGHLPLOOHQQLSUHLVWRULFLFLLPSHGLVFHGLFRQRVFHUHQHLSDUWLFRODUL TXDQGRHFRPHVLVLDFRPSLXWDODJUDQGHVYROWDHO·XRPRDEELDFRLQYROWR QHOOHVXH D]LRQLTXRWLGLDQHDOFXQLDQLPDOL9ROJHQGRDVXRIDYRUHODORUR IRU]DHLOORURLVWLQWR'LYHQWHUDQQRFROODERUDWRULLQGLVSHQVDELOLQHOO·LPSUH VDGHOODFDFFLDQHLSHVDQWLODYRULGLGLVERVFDPHQWRQHOWUDVSRUWRGLFDULFKL SHVDQWL$OWULFXUDWLDTXHVWRÀQHGLYHQWHUDQQRQXWULPHQWRVLFXUR ,QXQDVXFFHVVLRQHGLHYHQWLFKHKDPRVVRLSULPLSDVVLQHOODUHJLRQH GHOO·$OWR(XIUDWHJOLVSDUXWLJUXSSLGLXRPLQLGRQQHHEDPELQLSHUVLQHOOD YDVWLWjGHOODQDWXUDDGRJQLDOEDVRQRVROOHFLWDWLDULVROYHUHLSUREOHPLGHOOD VRSUDYYLYHQ]DPDKDQQRRUDDGLVSRVL]LRQHXQQXRYRSRWHUH3HUGLIHQGHUVL GDOOHEHOYHSHUVRGGLVIDUHLOELVRJQRGLFLERHGLSHOOLFRQFXLFRSULUVL 1HL SULPL WHPSL VRQR VROR FLQTXH OH VSHFLH DQLPDOL FKH ULHVFRQR DG DGGRPHVWLFDUH H DOOHYDUH &·q LO FDQH JXDUGLDQR FHUFDWRUH FRPSDJQR GL FDFFLD&·qLOSRUFRFKHVLQXWUHGLTXHOFKHWURYDHSXzHVVHUHXWLOL]]DWR LQRJQLVXDSDUWH&·qODFDSUDGDFDUQHHGDSHOOHFKHYLYHLQTXDOVLDVL DPELHQWHVLDGDWWDDRJQLYHJHWDOHIRUQLVFHLOODWWHHSDUWRULVFHLFDSUHWWL( ODSHFRUDGDODQDXQDIRQWHGLPDWHULDSULPDLPSDUHJJLDELOHSHUFRQIRUWRH &(59(//$$/%85521(52 ,QJUHGLHQWL J GL FHUYHOOD DEERQGDQWH SUH]]HPROR IUHVFR J GL EXUUR FXFFKLDLGLYLQRURVVRVDOHSHSHJGLROLR 3UHSDUD]LRQH 3RUUH OH FHUYHOOD LQ DFTXD IUHGGD SHU DOPHQR GXH RUH 7RJOLHUH OD SHOOLFLQDHSRUOHDEROOLUHLQDFTXDVDODWDSHUDOPHQRPLQXWL,QXQDSDGHOODIDU IRQGHUH LO EXUUR LQ DQWLFR VL XVDYD XQ SHVWR GL ODUGR H WHQHUOR VXO IXRFR ÀQR D UHQGHUORGLFRORUHEUXQRVFXUR8QLUHLOYLQRURVVRVHFFRVDODUHSHSDUHHYHUVDUH VXOOHFHUYHOODSRVWHVXGLXQSLDWWRGDSRUWDWD&RQWHPSRUDQHDPHQWHSRUUHVXOIXRFR LQXQDSDGHOOLQDO·ROLRHTXDQGRqEHQEROOHQWHYHUVDUYLGXHEHOOHPDQFLDWHGLSUH] ]HPRORWULWDWRVRWWLOHWHQHQGRYHORGXHRWUHVHFRQGLÀQRDUHQGHUORFURFFDQWHPD PDQWHQHQGRLOVXREHOFRORUHYHUGH&RVSDUJHUHODFHUYHOODDQFKHFRQLOSUH]]HPROR IULWWRHVHUYLUHEHQFDOGR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9HQHWR EHQHVVHUHQHOFUXGRGHOOHVWDJLRQLJHODWH0DLOSLUREXVWRFRDGLXWRUHqLO JUDQGHDQLPDOHGDOOHFRUQDDPH]]DOXQDSHVDQWHFRPHGXHRWUHXRPLQLPD FKHVLODVFLDFRQGXUUHGRFLOPHQWH$OXLVLGHYHEXRQDSDUWHGHLSURJUHVVL FRPSLXWLQHLODYRULDJULFROL)LJXUDLQPRQXPHQWLGHOODFLYLOWjEDELORQHVH FKHULVDOJRQRDFLQTXHPLODDQQLSULPDGL&ULVWR'DDQWLFKLDQQDOLFLQHVLVL DSSUHQGHFKHHVHPSODULGLERYLQLGRPHVWLFLYHQQHURLPSRUWDWLLQTXHOODORQ WDQDSDUWHGHOPRQGRQHODYDQWL&ULVWR6RWWROHVSHFLHGLEXHYDFFD YLWHOORHWRURYLHQHDGRUDWRQHJOLDQWLFKLUHJQLG·(JLWWR 1HOFLHORGHLPLWLDUFDLFLWRULHEXRLVRQRLGROLDVVRFLDWLDLFXOWLDJUDUL GHOOD*UDQGH0DGUHPHQWUHJOLGHLJUHFLDVVXPRQRYROHQWLHULO·DVSHWWRGL FDQGLGLWRULLQYDJKLWLGLIDQFLXOOHGDVHGXUUHHSRUWDUHFRQVpVXOODJURSSD ROWUHLOPDUHFRP·qQHOUDWWRG·(XURSDGDSDUWHGL=HXV /DIDWLFRVDFRQTXLVWDGHOSUH]LRVRDOLPHQWRFDUQHRKDLPSRVWRLOFRQ VXPR GHOO·DQLPDOH LQ RJQL VXD SDUWH FRPPHVWLELOH DOPHQR ÀQR DG DQQL UHFHQWLTXDQGROHVFHOWHGHLWDJOLVLVRQRIDWWHSLVRÀVWLFDWH0RGLÀFDQGRD WDOSXQWRLPRGHOOLFXOLQDULGDULPXRYHUHOHSDUWLPHQRSUHJLDWHHGXQTXHD PLQRUSUH]]RQRQRVWDQWHODFULVL$QFKHSHUFKpOHJLRYDQLJHQHUD]LRQLQRQ FRQRVFRQROHDQWLFKHPRGDOLWjGLFRWWXUDRQRQLQWHQGRQRVSHQGHUHLQWHPSL OXQJKLODSUHSDUD]LRQHGHOFLER (SSXUHVHQHSRVVRQRULFDYDUHSLHWDQ]HJXVWRVHLQJHQHUHSDUWLFRODU PHQWHYRFDWHDOO·LQWLQJHUHVD]LDQGRVLFRPHDYYHQLYDQHOOHVRFLHWjSRYHUH GHOODSROHQWDRGHOSDQHDIIRQGDWLQHOO·LQWLQJROR6LSDUODGLSLDWWLUHVLGXDOL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9HQHWR RWWHQXWL VSROSDQGR D IRQGR OD FDUFDVVD GHOO·DQLPDOH RSSXUH XWLOL]]DQGRQH YLVFHULQHUYLHRUJDQLLQWHUQL6RYUDQLIUDTXHVWLHUDQRJOLLQJUHGLHQWLGHO ODIRQJDGLQDRWWHQXWDPHWWHQGRLQSDGHOODSROPRQHJDUJDUR]]RPLO]DGL ERYLQRRYLQRRVXLQRSULPDIDWWLEROOLUHSHULQWHQHULUOLSRLFXFLQDWLLQXQ VRIIULWWR GL FLSROOD DJOLR URVPDULQR VDOYLD XQD IRJOLD GL DOORUR XQ ELF FKLHUHGLYLQRELDQFRXQFXFFKLDLRGLFRQFHQWUDWRGLSRPRGRURGHOEURGR YHJHWDOHTXDOFKHFKLRGRGLJDURIDQRHFRQGLWLFRQXQSRFRGLVWUXWWR/·DE ERQGDQWH VXJR HUD JDUDQ]LD GL FRPSDQDWLFR ULFFR 'RYHYD HVVHUH VHUYLWD DVVDLFDOGD 1HOOH RVWHULH VL VHUYLYDQR H LQ DOFXQH VL VHUYRQR WXWWRUD SHU GDUH VRVWHJQRDOEHUHLQHUYHWLQHUYLGLEXHRYLWHOOREROOLWLWDJOLDWLDSH]]HWWL HFRQGLWLFRQROLRVDOHSHSHHXQDVSUX]]DWLQDGLDFHWR)DFHYDQRFRURQD SLHWDQ]HWUDGL]LRQDOLDQFRUDSUDWLFDWHFRPHODWULSSDLQEURGRHLQURVVR FRQ LO FRQFHQWUDWR GL SRPRGRUR OD JDQjVVD RVVLD OH JXDQFH OD WHVWD GL FDSUHWWR EROOLWD LQWHUD H GD ULSXOLUH FRQ SD]LHQ]D L SHQuQL GL YLWHOOR H GL SRUFREROOLWLODWHVWLQDGLYLWHOORFRQODFDUQHDUURWRODWDHEROOLWD´LVFRU VLHOPRGHJjOHOPXVWuNODFzGHJDµGHOPDLDOHRYYHURVVLDOHRUHFFKLHOD SDSSDJRUJLDLOJUXJQRODFRWLFDLQJHQHUHEROOLWLFRQLIDJLROLRLOPLQH VWURQH2EEOLJDWRULDPHQWHFRQOD]XSSDGLIDJLROLVLFXFLQDYDO·RVVjGDLO JUDQSLDWWRIXPDQWHGHOOHRVVDGLPDLDOHFRQVDOHJURVVRVSDUVR/DIDPH 5,62(75,33($//$9(521(6( ,QJUHGLHQWLNJGLWULSSDPLVWDJGLULVR9LDORQHQDQRXQDFLSROODFRVWH GLVHGDQRXQDFDURWDSUH]]HPRORURVPDULQRJGLIRUPDJJLRJUDVVRGLPRQWH JUDWWXJLDWRROLRJGLEXUURVDOHSHSHXQFXFFKLDLRGLIDULQDELDQFDXQFXFFKLDLR GLIDULQDJLDOODOLWURGLEURGRGLFDUQH 3UHSDUD]LRQH /DYDUH H FXRFHUH OD WULSSD SHU DOPHQR XQ·RUD H PH]]D 7DJOLDUOD D OLVWDUHOOH6HSDUDWDPHQWHWULWDUHODFLSROODODFDURWDHLOVHGDQRHURVRODUOLQHOO·ROLRH QHOEXUUR6DODUHHSHSDUH$JJLXQJHUHODWULSSDEHQLQIDULQDWDHPHWjEURGR&XRFHUH DIXRFROHQWR'RSRDOPHQRGXHRWUHRUHDVHFRQGDGHOODFRQVLVWHQ]DGHOODWULSSD DJJLXQJHQGRLOEURGRQHFHVVDULRYHUVDUHLQSLHQDEROOLWXUDLOULVRLOULPDQHQWHEURGR HLQFLUFDPLQXWLVLDYUjODGHQVLWjJLXVWDSHUXQDPLQHVWUD&RVSDUJHUHGLIRUPDJ JLRJUDWWXJLDWRHDJJLXQJHUQHVXRJQLSLDWWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9HQHWR IDFHYDDSSUH]]DUHDQFKHODWHWuQDGHYDFDFKHDYHYDXQGLIHWWRROWUHDQRQ HVVHUHSDUWLFRODUPHQWHJXVWRVDQHFHVVLWDYDGLHVVHUHEROOLWDDOXQJRSHUFXL GLYHQWDYDGLVSHQGLRVDSHUODOHJQDGDLPSLHJDUHQHOODFRWWXUD&·HUDQRSRL ULVRWWLQRELOLHDPDWLQHOODFXFLQDYHQHWDFKHDOODSDVWDSUHIHULYDLOULVRLQ RJQLIRUPD7UDTXHVWLLOULVRRPHJOLRLULVLFRLÀJDGuQLFRQGXUzQLIHJD WHOOLHFXRULGLSROORJUDQGHSULPR´GDQRVVHµLQEXRQEURGRJUDVVRLULVLD ODEHFKqUDFLRqDOPRGRGHLPDFHOODLFKHXWLOL]]DYDQRRJQLULPDVXJOLRGL FDUQDPLLULVLFRHVpFRHULVRWWRDOO·RQGDFRQLULWDJOLGHOODVSLQDGRUVDOH( DQFRUDTXDQWRYLHQHWXWWRUDXWLOL]]DWRHQRQGLUDGRFRPHODOLQJXDOHVVD H VDOPLVWUDWD GL ERYLQR H VXLQR OD FRGD ERYLQD LO IHJDWR QHOOD IDPRVD YHUVLRQHDOODYHQH]LDQDHRUDQRQSLGLIUHTXHQWHLOFXRUHDIHWWHDLIHUUL RWUDWWDWRFRPHLOIHJDWRDOODYHQH]LDQD 1RQHUDQRVRORLPLVHUDELOLDJXVWDUHOHFDUQLULWHQXWHLQIHULRUL,QDOWUL WHPSLDQFKHODFXFLQDGHLOHWWHUDWLHGHOODFODVVLDJLDWHVHQHVHUYLYD%DVWL ULFRUGDUHXQDULFHWWDGL0DUVLOLR)LFLQRLOTXDOHOHFRQVLJOLDYDHDSSUH]]DYD LQTXHVWRPRGR´WRJOLGXQTXHLOFXRUHLOIHJDWRORVWRPDFRLWHVWLFROLHW LOFHUYHOORGLJDOOLQHSROODVWULHGLFDSSRQLFXRFLOLFRQSRFD DFTXDHPDQFRVDOHSRLSLVWDRJQLFRVDEHQHHWLQVLH PHFRQWXWWRLOEURGRFKHQHULHVFHHFRQ]XFFDURH URVVLG·RYDIUHVFKHIDQQHXQDSL]]HWWDDVVDSRUDQGROD FRQ XQ SRFR GL FDQQHOOD H GL FURFR HW LQGRUDQGROD 'LTXHVWDSRWUDLPDQJLDUHKDYHQGRIDPHDOPDQFRXQD YROWD RJQL TXDWWUR Gu HW DOKRUD VL SXz SUHQGHUH VROD EHYHQGRFLSHUzXQFKLDURDSSUHVVRµ 9DGHWWRFKHQHOODVWRULDYHQHWDLOFRQWUROORVXOODTXDOLWjHLSUH]]LGHOOH ´FDUQL GD QRQ GLPHQWLFDUHµ HUD VHYHUDPHQWH HVHUFLWDWR GDOOD 6HUHQLVVLPD 5HSXEEOLFD ,1',)(6$'(,&21680$725, $9HQH]LDJLjGDORSHUDYDQRJOL8IÀFLDOLDOOH%HFFDULHGL6DQ 0DUFRH5LDOWRFXLLO0DJJLRU&RQVLJOLRDYHYDGHOHJDWRIXQ]LRQLGLSURY YHGHUH DO ULIRUQLPHQWR GL FDUQL IUHVFKH H LQVDFFDWH SHU OD 'RPLQDQWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9HQHWR ULVFXRWHUHLUHODWLYLGD]LDVVHJQDUHL´SRVWLµQHJR]LSHUODYHQGLWDFDOPLH UDUHLSUH]]LHSXQLUHFRQWUDEEDQGLHIURGLDQFKHFRQGLULWWRGLJLXULVGL]LRQH SHQDOH1HO;9,VHFRORDGHVVLIXURQRDIÀDQFDWLL3URYYHGLWRULDOOH%HFFD ULHPDJLVWUDWXUDLVWLWXLWDGDO6HQDWRQHOVHWWHPEUHFKHEHQSUHVWRQH DVVRUEuOHFRPSHWHQ]H'DHVVLGLSHQGHYDQRSXUHOHFRUSRUD]LRQLGLPHVWLHUH SUHSRVWHDOODSUHSDUD]LRQHHDOODYHQGLWDDOPLQXWRGHOOHYDULHWLSRORJLHGL FDUQLVLDIUHVFKHERYLQHVXLQHRYLQHFKHLQVDFFDWHVDOVLFFHHSURVFLXWWL TXDOL´EHFFKqULµPDFHOODLH´OXJDQHJKqULµSL]]LFDJQROLVDOXPLHUL ,3URYYHGLWRULDOOH%HFFDULHYLJLODYDQRVXOODYHQGLWDDOPLQXWRGLTXH VWL JHQHUL DOLPHQWDUL GL SULPD QHFHVVLWj SXEEOLFDQGR SHULRGLFDPHQWH GHL YHUL H SURSUL FDOPLHUL LQ IRUPD GL SURFODPL D VWDPSD LQGLFDQWL WLSRORJLD GHL YDUL WDJOL GL FDUQH SHVR H UHODWLYL SUH]]L GL DFTXLVWR 4XHVWL FDOPLHUL GRYHYDQRSHUOHJJHHVVHUHHVSRVWL´LQOXRFRFRVSLTXRDFKLDUDLQWHOOLJHQ]D GLFDGDXQRµRYYHURQHOOHERWWHJKHSUHVVROHVWDGHUHHELODQFHDIÀQFKpLO FRPSUDWRUHQRQGRYHVVHVXELUHIURGLHLQJDQQLVXOODTXDOLWjHSXUHVXOSHVR LQVRPPDIRVVHVHUYLWR´ERQDÀGHVLQHIUDXGHµFRPHVSHVVRVDSLHQWHPHQWH UHFLWDYDQROHOHJJLGHOOD6HUHQLVVLPDLQPDWHULDGLFRPPHUFLR 7UDODGRFXPHQWD]LRQHSURGRWWDQHLVHFROLGDJOL8IÀFLDOLHGDL3URYYH GLWRULDOOH%HFFDULHRJJLFRQVHUYDWDSUHVVRO·$UFKLYLRGL6WDWRGL9HQH]LDDL )UDULDFFDQWRDLFDOPLHULSHULWDJOLGHOOHFDUQLSLSUHJLDWHYHQHVRQRPROWL FKHVLULIHULVFRQRHVFOXVLYDPHQWHDL´PHQX]]DPLµRTXLQWRTXDUWRFKHGLU =833$',*12&&+(77,',)(*$72 ,QJUHGLHQWL J GL IHJDWR GL YLWHOOR SDQLQR GL SDQH UDIIHUPR J GL ROLR JGLEXUURFXFFKLDLGLIDULQDELDQFDJGLSDQHJUDWWXJLDWRXRYDELFFKLH UHGLODWWHELFFKLHULQRGL&RJQDFSUH]]HPRORPDJJLRUDQDGUDJRQFHOORPH]]R VSLFFKLRGLDJOLROGLEURGRGLFDUQHVDOHSHSH 3UHSDUD]LRQH$PPRUELGLUHLOSDQLQRQHOODWWHVWUL]]DUOREHQHHVFKLDFFLDUOR7ULWDUH HPDFLQDUHLOIHJDWRXQLUORDOSDQLQRDOEXUURDOOHHUEHDURPDWLFKHDOO·DJOLREHQ VFKLDFFLDWR6DODUHHSHSDUH$JJLXQJHUHODIDULQDOHXRYDLO&RJQDFHLOSDQHJUDW WXJLDWRSHURWWHQHUHXQLPSDVWRVXIÀFLHQWHPHQWHRPRJHQHRHFRQVLVWHQWH)RUPDUH FRQO·LPSDVWRGHJOLJQRFFKHWWLQRQWURSSRSLFFROL&XRFHUOLSHUPLQXWLQHOEURGR VHUYLUOLQHOEURGRVWHVVREHQFDOGL&RVSDUJHUHVHVLYXROHGLIRUPDJJLRJUDWWXJLDWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9HQHWR VL YRJOLD H LPSRVWL LQ SDUWLFRODUH DL ´OXJDQHJKHULµ SHU OH FDUQL YHQGXWH HVFOXVLYDPHQWHFUXGHRSHUTXHOOHJLjFRWWHGDJOLVWHVVLDUWLJLDQLSUHSDUDWH FRPHWDNHDZD\SHUODSRSROD]LRQHPHQRDEELHQWHHSHULQXPHURVL´IRUHVWLµ LQWUDQVLWR <5*(340,9,7,93(+0-,:(+,3*65:<4(;69, 3H;LZ[HKP4HUaVZLUaH*LY]LSSLL3LUN\HZVSKPK\LHSSH3PIIYH 3L;YPWWLZVSKPZLPHSSH3PIIYH 0S-LNH[VZVSKPZLKPJPHSSH3PIIYH 0S7VSTVUZVSKPZLPHSSH3PIIYH 0S*\VYZVSKPKVKPJPHSSH3PIIYH 3H3PUN\HZVSKP]PU[PHSSH3PIIYH 3P7PLKPZVSKPZLPS»\UV 3L*LY]LSSLZVSKPK\LHSS»VUJPH 3H:WPLUaHBTPSaHDZVSKPZLPHSSH3PIIYH SHSPIIYHZV[[PSLJVYYPZWVUKLHN S»VUJPHZV[[PSLJVYYPZWVUKLHN KH\UJHSTPLYLHZ[HTWHKLSTHYaV /HWDULIIHQHJOLLQWHQWLGHLOHJLVODWRULVDUHEEHURVWDWHULQQRYDWHSHULR GLFDPHQWHVWDPSDWHHGLVWULEXLWH´DWXWWLLOXJDQHJKqULHGHVSRVWHSXEEOL FDPHQWHDFRJQL]LRQHGHLFRPSUDWRULµFRQPXOWDGLEHQGXFDWLSHUJOL HVHUFHQWLLQDGHPSLHQWL/DOHJJHLQROWUHSUHYHGHYDXQDPXOWDGLGXFDWL SHULYHQGLWRULSURSULHWDULRHRJDU]RQHGLERWWHJDFKHIRVVHURVFRSHUWL´D HFFHGHUHLOSUH]]RGLFDGDXQRGHLFDSLVWHVVLQHOODYHQGLWDRDGLQJDQQDUH QHOSHVROLFRPSUDWRULµ 1HOORVWHVVRSHULRGRTXHVWLULVXOWDQRLJHQHULHLSUH]]LSHUDOFXQH´FDU QL SRYHUHµ YHQGXWH JLj FRWWH ´7ULSSH FRWWH VROGL DOOD OLEEUD 'RSSLRQ >LQWHVWLQRUHWWR@VROGLDOODOLEEUD6SLHQ]DFRWWDVROGLDOODOLEEUD3LHGL FRWWL VROGL DOOD OLEEUD &DUQH GL WDVWR >EDVVR YHQWUH@ H PRGHJDO >FROOR@ VROGLDOODOLEEUD/LQJXDFRWWDVROGLDOODOLEEUDµ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9HQHWR 1HOOD VWRULD GHOOD FLWWj 'RPLQDQWH VL q WUDPDQGDWR XQ IDWWR RUULELOH GDWDWR ,O QRYHPEUH GL TXHOO·DQQR YHQQH HPHVVD OD VHQWHQ]D GL FRQGDQQDDPRUWHFRQWUR%LDJLR%LDVLR´OXJDQHJKHUµ8QDYLFHQGDFKHq DQFRUDYLYDQHOODPHPRULDGHLYHQH]LDQL 6L WUDWWD GL XQ FUXGHOH H LQXVXDOH FDVR GL RPLFLGLR SOXULPR ´%LDVLR FDUJQLFR>GDOOD&DUQLD)ULXOL@OXJDQHJKHUD66LPLRQ*UDQGHLQYLWDYDQHO OD VXD ERWWHJD OD JHQWH D PDQJLDU OH WULSH HW LO VJXD]HWWR >VSH]]DWLQR@ HW HVVHQGRVWDWRWURYDWRQHOSLDWRGDXQRFKHPDQJLDYDLOVJXD]HWWRXQQRGR G·XQGLWWRGHOODPDQRTXHVWRIXJJuHFRUVHDGDUQHSDUWHDOODJLXVWL]LDIX SHURUGLQHGHOOD4XDUDQWLD&ULPLQDOSUHVRWLUDWRDFRGDGLFDYDOORWDJOLDWR OHPDQLQHOODVXDERWWHJDWDQDJOLDWRHGHFDSLWDWRHVTXDUWDWRHVSLDQDWDOD FDVDVLQRGDIRQGDPHQWLRYHVLWURYDURQRPROWLGDOXLVDVLQDWLHWUDGLWLLQ TXHOOXRJRQRQVLSXzSLIDUHQpFDVHQpERWHJKHHYLHQHFKLDPDWRODULYD GL%LDJJLRµ,OWRSRQLPRqDQFRUDHVLVWHQWHOXQJRLO&DQDO*UDQGHDEUHYH GLVWDQ]DGDOODVWD]LRQHIHUURYLDULDGL6DQWD/XFLD 6HFRQGR LO GL]LRQDULR YHQH]LDQRLWDOLDQR GL *LXVHSSH %RHULR OR VJXD]]HWRHUDXQDVSHFLHGLVSH]]DWLQRSLXWWRVWREURGRVRFRQLOWHUPLQH GLVJXD]]HWRFLEUqRVLLQGLFDYDXQDSLHWDQ]DTXDVLHVFOXVLYDPHQWHSUH SDUDWDFRQFROOLHIHJDWLQLGLSROODPH1HIDFHQQRDQFKH:LOOLDPV'HDQ +RZHOOV FKH IX FRQVROH DPHULFDQR D9HQH]LD GDO DO 'LTXHVWDHVSHULHQ]DVFULVVHQHOXQ´GLDULRµSXEEOLFDWRFRQ LOWLWRORGL9HQHWLDQ/LIH/HVXHGLVLQFDQWDWHRVVHUYD]LRQLVXOOD9HQH]LD /,1*8$6&$/,*(5$ ,QJUHGLHQWL OLQJXH GL YLWHOOR J GL SDQH JUDWWXJLDWR J GL SUH]]HPROR XQRVSLFFKLRGLDJOLRROLRSHUIULJJHUHLQRULJLQHVWUXWWRXRYDVDOHSHSH 3UHSDUD]LRQH /HVVDUH OH GXH OLQJXH GL YLWHOOR$ FRWWXUD XOWLPDWD VSHOODUOH IDUOH UDIIUHGGDUHWDJOLDUOHDIHWWHDEEDVWDQ]DJURVVHHDVFLXJDUOH3DVVDUOHQHOOHXRYDVEDW WXWHSRLQHOSDQHJUDWWXJLDWR&RVSDUJHUHGLSUH]]HPRORWULWDWRÀQRSUHPHQGRFRQOD PDQRDIÀQFKpULPDQJDDWWDFFDWRDOOHIHWWH,QXQDSDGHOODFRQROLREROOHQWHIULJJHUH OH IHWWH GLVSRUOH VX GL XQ SLDWWR XQD YROWD FKH VLDQR EHQ URVRODWH VDODUH SHSDUH 6HUYLUHFRQYHUGXUHOHVVHVSLQDFLDOEXUURUDGLFFKLRIUHVFR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9HQHWR GHOVHFRQGR2WWRFHQWRQRQ DQFRUDDQQHVVDDOVDEDXGR 5HJQRG·,WDOLDHOHPHPR ULH FXOLQDULH GL TXHOOD PHVFRODQ]DGLSRSROLFKH KD FDUDWWHUL]]DWR OD VWRULD GHOOD FDSLWDOH VXOOH ODJX QH VRQR GLYHQWDWH RUPDL XQFODVVLFR 3(*63(A065,+,33,-(40.30,76=,9, ;H]LYUL KP JH[LNVYPH WP ZLTWSPJL L TLUV HTIPaPVZH HIIVUKHUV ULSSH aVUH KP 9PHS[V 3y ULSSL TH[[PUL KP TLYJH[PJ»u\UHWYVKPNPVZHH[[P]P[nKP JHTWHNUVSP NVUKVSPLYP L THUV]HSP 0S SVYV SPTP[H[V SPZ[PUV JVUZPZ[L WYPU JPWHSTLU[L KP HUN\PSSH MYP[[H WLZJL WVSLU[H L ZN\HZZL[[V 8\LZ[»\S[PTV u ]LYH YVIH ]LULaPHUH! ZP [YH[[H KP \UH ZVY[H KP IYVKV TVS[V KLUZV L TVS[V ZHWVYP[V YPJH]H[V KH ZJHY[P KP JHYUL[HSTLU[LKPZWLYH[PKHUVUZLY ]PYLULTTLUVHSZHS\TPLYLWLYMHYL ZHSZPJJL(S[YVWPH[[VJHYH[[LYPZ[PJVKLS S\VNV\UWV»TLUVNYL]LuPSZHUN\L JVHN\SH[VKLSWVSSHTLMYP[[V[HNSPH[V H ML[[L L ZLY]P[V JVU JPWVSSH 4VS[L MHTPNSPLWV]LYLMHUUV\U»HIIVUKHU [LJVSHaPVULPUX\LZ[L[H]LYULWLY[YL ZVSKPH[LZ[H >PSSPHTZ +LHU /V^LSSZ =LUL[PHU 3PML )$568,/325&2 /H IUDWWDJOLH VRQR SDWULPRQLR GHOOD WUDGL]LRQH GL FLYLOWj FRQWDGLQD RUPDLTXDVLFRPSOHWDPHQWHVSD]]DWRYLDGDOODFRVLGGHWWDPRGHUQL]]D]LRQH WUDIDOVLSUHJLXGL]LLJLHQLFRVDQLWDULHLVWHULFKHVFKL]]LQRVHUHSXOVLRQLYHUVR XQTXLQWRTXDUWRQRUPDWLYDPHQWHGHÀQLWRDOLPHQWDUH,QUHDOWjVRORXQFLER SRYHURPDJUD]LHDLVDSLHQWLHVSHGLHQWLFXOLQDULGHOODJDVWURQRPLDSRSRODUH OHIUDWWDJOLHVLVRQRULDELOLWDWHDOSXQWRGDGDUYLWDDGDXWHQWLFKHSUHOLEDWH]]H 1DWXUDOPHQWHDOFXRUHGLTXHVWRÀORQHJDVWURQRPLFRVLFROORFDLOSRUFR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9HQHWR *6+(+0)6=,(33(.9,*( ¸<UWPH[[VKLSX\HSLZVUVHWWHZZPVUH[PP.YLJPLKPVJOLKPZJLUKVKHX\LSSH UVIPSLLKPZNYHaPH[HUHaPVULUL]HKVWHaaVLJYLKVULZZ\UV]VYYnULNHYTP KPUVULZZLYLPV\UI\VUNP\KPJLPUTH[LYPHNHZ[YVUVTPJHWLYUVUJYLKLYLHS TPVNP\KPaPV3HJVKHKLSIV]LJOLPTHJLSSHPKHUUVK»VYKPUHYPVWLYNP\U[H uSHWHY[LWPN\Z[VZHLWLYYLUKLYSHTHNNPVYTLU[LNYHKP[HPTTLYNL[LSHULSSH ZHSZHJOLPV]PKLZJYP]V;HNSPH[LSHJVKHKLSIV]LHWLaaL[[PJVTLZP[HNSPH S»HUN\PSSHLMH[LSHIVSSPYLJVSTHUaVWLY[YLVYL3L]H[HKHSIYVKVWVUL[LSH PU \UH JHaaLY\VSH ULSSH X\HSL HU[PJPWH[HTLU[L WVYYL[L K\L KLJHNYHTTP KP I\YYV MYLZJV JOL MHYL[L HIIY\Z[VSPYL JVU \U WPaaPJV KP ÄVY KP MHYPUH L \UH TLaaHJPWVSSPUH"HNNP\UNL[L]PK\LV[YLTLZ[VSPUPKPIYVKVX\PUKPW\SP[LL [HNSPH[LTPU\[PZZPTPK\LKLJHNYHTTPKPTHUKVYSLKVSJPK\LKLJHNYHTTPKP \]HZ\S[HUHK\LKLJHNYHTTPKPa\JJOLYVYVZZVLTLaaVIPJJOPLYLKPHJL[V MVY[L TLZJVSH[L [\[[V JP~ WLY \U»VYH L H]YL[L SH JVKH KLS IV]L HSSH NYLJH WLYZ\HKLUKV]PTHUNPHUKVSHJOLPNYLJPWVZZLKVUVWHSH[VKLSPJH[V¹ >PSSPHTZ+LHU/V^LSSZ=LUL[PHU3PML $SURSRVLWRGHOPDLDOH3OLQLRQHOODVXD1DWXUDOLVKLVWRULDDIIHUPD ´'DQHVVXQDOWURDQLPDOHVLWUDHPDJJLRUPDWHULDSHUODJKLRWWRQHULDODFDU QHGLPDLDOHKDTXDVLFLQTXDQWDVDSRULGLYHUVLPHQWUHSHUJOLDOWULDQLPDOL LOVDSRUHqXQLFRµPHQWUH%DOGDVVDUUH3LVDQHOOLDXWRUHGHO7UDWWDWRGHOOD QDWXUDGH·FLELHWGHOEHUHJLXVWDPHQWHSUHFLVD´LOSRUFRGjFRSLR VLVVLPR H ORGHYRO QXWULPHQWR DOOH SHUVRQH FKH PROWR V·DIIDWLFDQR PHQWUH QXRFHDOOHSHUVRQHGHOLFDWHHFKHYLYHQRLQR]LRµ 1HOOH FDPSDJQH YHQHWH OD PDFHOOD]LRQH FDVDOLQJD GHO PDLDOH GD VHPSUH LQGLVSHQVDELOH IRQWH DOLPHQWDUH q DQGDWD YLD YLD LQFRQWUR DG XQD SURJUHVVLYD GLPLQX]LRQH GL IUHTXHQ]D OHJDWD DOOD VFRPSDUVD GHOOH JUDQGL IDPLJOLHSDWULDUFDOLPDXQWHPSR´IDUVXHOPDV·FLRµFRPHVLXVDYDGLUHQHO VHPSOLFHOLQJXDJJLRGHOOHIDPLJOLHFRQWDGLQHHUDHYHQWRWDQWRDWWHVRFXL SDUWHFLSDYDQRDOOHJUDPHQWHWUDÀ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jGHOO· 6HPSUHFRQLOVDQJXHYHQLYDSUHSDUDWRXQGROFHODIXJDVVDPRUD$G XQLPSDVWRGLODWWHXRYDIDULQDGLPDLVELDQFDHJLDOODÀFKLVHFFKLDSH]]HW WLEXFFLDG·DUDQFLDSROYHUHGLFDQQHOODHOLHYLWRYHQLYDDJJLXQWRLOVDQJXH GLPDLDOHOLTXLGR%HQDPDOJDPDWRO·LPSDVWRYHQLYDWUDVIHULWRLQXQDWHJOLD XQWDFRQODUGRHSRLLQIRUQDWR9HQLYDVHUYLWDFDOGDFRVSDUVDGL]XFFKHUR $QFKH LO IHJDWR HUD XWLOL]]DWR SHU QXPHURVH VDSLGH SUHSDUD]LRQL$ FRPLQFLDUH GDO ÀJj JDUER H GROVH GRYH WDJOLDWR D IHWWLQH VRWWLOL YHQLYD SDVVDWRLQXQXRYRVEDWWXWRSRLULFRSHUWRDOGULWWRHDOURYHVFLRFRQGHO SDQJUDWWDWROHJJHUPHQWHVDODWR6LIDFHYDQRURVRODUHOHIHWWLQHLPSDQDWHLQ EXUURFDOGRVSUX]]DQGROHOHJJHUPHQWHFRQDFHWRRVXFFRGLOLPRQHDGGL]LR QDWLFRQPH]]RFXFFKLDLQRGL]XFFKHUR $OWUD SUHSDUD]LRQH LO ÀJj FRO UDGHVqR LO IHJDWR WDJOLDWR LQ SLFFROL FXEHWWLHFRQIH]LRQDWRDSROSHWWDYHQLYDDYYROWRQHO´UDGHVqRµODPHPEUD QDRPHQWRFKHDYYROJHO·LQWHVWLQRWHQXHLQVLHPHDGXQDIRJOLDGLVDOYLD 6LIDFHYDQRFXRFHUHDOODJULJOLDDYHQGRFXUDGLDJJLXQJHUHLOVDOHVRORDÀQH FRWWXUD(DQFRUDLOÀJjDODVEURGHJDGLYHUVRGDO´IHJDWRDOODYHQH]LDQDµ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 9HQHWR SHUFKp FRWWR LQ XPLGR LQYHFH FKH VRIIULWWR VRWWLOL IHWWH GL FLSROOD ELDQFD YHQLYDQRIDWWHLPELRQGLUHLQSDGHOODFRQVWUXWWRGLPDLDOH6LDJJLXQJHYD SRLLOSUH]]HPRORWULWDWRJURVVRODQDPHQWHHVLIDFHYDVWXIDUHFRQEURGRR VHPSOLFHPHQWH FRQ DFTXD 6L XQLYD SRL LO IHJDWR WDJOLDWR D OLVWDUHOOH H VL ODVFLDYDFXRFHUHSHUSRFKLPLQXWLDJJLXQJHQGRVDOHHSHSHVRORDOODÀQH 6HUYLWRFDOGRFRQSROHQWD/DFLSROODLQJHQWLOLVFHLOIHJDWRGLVDSRUHVDQ JXLJQRTXDVLIHUURVR/·DJJLXQWDGLVDOHqLQGLFDWDDÀQHFRWWXUDSHUHYLWDUH O·LQGXULPHQWRGHOIHJDWR6LULFRUGDFKH9LQFHQ]R7DQDUDQHOODVXDRSHUD /·HFRQRPLDGHOFLWWDGLQRLQYLOODRQRUDQGRODFLWD]LRQHGHLVDSRUL GL3OLQLRFLWDGLYHUVHULFHWWHFRQLOIHJDWRHLOVDQJXH $QFKHSHUODWULSSDXQDULFHWWDULVLHWULSHGHPDVFLROHVVDWDSHUFLUFD XQ·RUD LQ DFTXD QRQ VDODWD SHU WRJOLHUOH LO VDSRUH SLXWWRVWR DPDUR H SRL ULVFLDFTXDWD DFFXUDWDPHQWH OD WULSSD YHQLYD WDJOLDWD D VWULVFLROLQH H IDWWD FXRFHUHSHUFLUFDGXHRUHLQXQDSHQWRODFRQODUGRFLSROODFDURWDVHGDQR HURVPDULQRWULWDWLDJJLXQJHQGRDFTXDFDOGD6LDJJLXQJHYDSRLLOULVRSRU WDQGRLOWXWWRDFRWWXUDFRPSOHWDFRQFRQVLVWHQ]DEURGRVD 7HUPLQDWDODSUHSDUD]LRQHGLVRSUHVVHVDODPLVDOVLFFHHFRWHFKLQLVL JXVWDYDQRDQFKHOHRVVD$QFRUDULFFKHGLULPDVXJOLGLFDUQHFRPHULFRUGD WRFRVWLWXLYDQRO·LQJUHGLHQWHSULQFLSDOHQHOODFHQDDEDVHGLRVVLGHPDVFLR /DULFHWWDqPROWRVHPSOLFHEROOLWHDOXQJROHRVVDFRQFLSROODHIRJOLHGL DOORUR VL SRUWDYDQR LQ WDYROD IXPDQWL H YHQLYDQR PDQJLDWH FRQ OH PDQL FRQGLWHVHPSOLFHPHQWHFRQXQSL]]LFRGLVDOHJURVVRHXQSR·GLNUHQ6L XVDYDDQFKHDFFRPSDJQDUOLFRQL´SHYDURQLVRWWRDVHRµ /(556*633()69(;6 5HaaHYLUV(JX\PZ[\JJP <SKLYPJV)LYUHYKP .PHUJHYSV)\YYP 4PJOLSH+HS)VYNV *LZHYL4\[[VUP (U[VUPV7LYL[[P 9VILY[V9VIHaaH+*:; $FFDGHPLD,WDOLDQDGHOOD&XFLQD ) )ULXOL9HQH]LD*LXOLD )ULXOL9HQH]LD*LXOLD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD '$/0(5&$72$//$7$92/$ /DPDJJLRUDQ]DGHOODSRSROD]LRQHGHOWHUULWRULRHUDGHGLWDDOO·DJULFRO WXUDDQFKHFRPHEUDFFLDQWDWRHDOODSDVWRUL]LD/HSDJKHFKHLODYRUDWRUL ULFHYHYDQR QRQ ODVFLDYDQR VSD]L D JUDQGL VSHVH VL PDQJLDYD SUHYDOHQWH PHQWHTXHOORFKHODQDWXUDGDYDHTXHOORFKHVLSRWHYDDOOHYDUHLQFDVD/D FXFLQDGLFDUQHHUDEDVDWDVXOSROORVXOPDLDOHHLQPDQLHUDPLQRUHVXJOL RYLQL ,O PDQ]R HUD FRQVLGHUDWR XQ ´FLER SHU VLJQRULµ GDWR LO VXR HOHYDWR FRVWR3HUIDUHXQHVHPSLRqXQGDWRUHODWLYRDOO·,VWULDXQFKLORGLPDQ]R FRVWDYDTXDVLFRPHODSDJDVHWWLPDQDOHGLXQEUDFFLDQWH1HOOHFLWWjODVLWXD ]LRQHQRQHUDPROWRSLÁRULGDSXUFRQXQDPDJJLRUSUHVHQ]DGHOOHFDUQL ERYLQH 2YYLR FKH DYHVVHUR GLIIXVLRQH H SRSRODULWj OH SDUWL GHOO·DQLPDOH PHQRFRVWRVH /DWHVWLQDGLYLWHOORYHQLYDOHVVDWDHFRQGLWDFRQLONUHQUDIDQRVSHVVR DFFRPSDJQDWDFRQLOSULPR´DUGHOXWµR´PDWDYLOFµYDOHULDQD3DUWLFRODUH XQDSUHSDUD]LRQHJRUL]LDQDOD]VDQFHWHVWDGLYLWHOORRVXLQRLQVDOVDDFLGD IUHGGD/DWHVWDSULPDVEROOHQWDWDHUDVFKLDWDYDFRWWDDOXQJRLQDFTXD VDODWDFRQYHUGXUHSHUEURGRHJUDQLGLSHSHLQWHUR4XDQGRODFDUQHqFRWWD VLWDJOLDDGDGLHVLVHUYHFRQODVDOVD´DFLGDµIUHGGDSUHSDUDWDFRQXRYDVRGH JOLDOEXPLWULWDWLLWXRUOLVFKLDFFLDWLVDOHHSHSHDPDOJDPDWHFRQROLR ,OFRPSRVWRDURPDWL]]DWRFRQXQFXFFKLDLRGLFLSROODWULWDWDSUH]]HPROR SRFKLFHWULROLQLVPLQX]]DWLXQSR·GLFDSSHULVHQDSHHPH]]RELFFKLHUHGL YLQRELDQFRYLHQHULQIRU]DWRDSLDFHUHFRQTXDOFKHJRFFLDG·DFHWR 4XHVWD ULFHWWD q GHO WXWWR VFRPSDUVD LQ FLWWj DQFKH VH HUD SHFXOLDUH GHOOD IHVWD GHL VDQWL 3DWURQL ,ODULR H7D]LDQR LO PDU]R FRPH ULSRUWDWR LQ YDUL VFULWWL GL /HOOD GH *LURQFROL$X )LRUH H GL 5DQLHUL 0DULR &RVVDU LQVLHPHDOJzODVSDSULFjWVSH]]DWLQRFRQSDSULFDGLPDQ]RRYLWHOOR/D SUHSDUD]LRQHqVWDWDFRGLÀFDWDFRPHWLSLFDGL*RUL]LDQHO&RQYHJQRGHO OD6RFLHWj)LORORJLFD)ULXODQDWHQXWRVLQHOODFLWWjJLXOLDQDLOVHWWHPEUH HULSRUWDWDQHJOLDWWLGHOFRQYHJQR /DWHVWDGLPDLDOHRGLYLWHOORVLWURYDDQFKHLQJHODWLQDRFRQVDOVDGL NUHQ6SHFLDOLWjGHOOD9DOOHGHO%XWLQ&DUQLDD1RUGGL7ROPH]]RODOLQJXD GLPDQ]RVDOPLVWUDWD6LSUHSDUDDVFLXJDQGRODOLQJXDSHUVRWWRSRUODSRLDG DIIXPLFDWXUD6LPDQJLDGRSRFRWWXUDDYDSRUH $FFDGHPLD,WDOLDQDGHOOD&XFLQD )ULXOL9HQH]LD*LXOLD $OWUH IUDWWDJOLH ÀQR D TXDOFKH GHFHQQLR ID VL WURYDYDQR IDFLOPHQWH QHOOH PDFHOOHULH H VXL EDQFKL GHOOH ´WULSHUHµ DO SULPR SLDQR GHO PHUFDWR FRSHUWRGL7ULHVWH/H´WHWLQHµSRSSHL´ODWLVLQLµDQLPHOOHHLO´]HUYHOµ FHUYHOORYHQLYDQRSUHSDUDWHLPSDQDWHHIULWWHGDOOHIDPLJOLHHQHOOHRVWH ULHGHOODFLWWj/H´EDOHGHWRURµWHVWLFROLGLWRURFRWWHQHOODVWHVVDPDQLHUD KDQQRYLVVXWRQHJOLDQQL··GHO;;VHFRORXQSHULRGRGLJUDQSRSROD ULWjLQDOFXQHRVWHULHSHULOORURVDSRUHGHOLFDWRHSHUOHSUHVXQWHSURSULHWj DIURGLVLDFKH $ SURSRVLWR GHOOD FXFLQD SRYHUD GHJOL DYDQ]L H GHO ULVSDUPLR 0DG\ )DVWQHOVXR0DQJLDUH7ULHVWLQR6WRULDH5LFHWWHUDFFRQWDFKHGXUDQWH LOSHULRGRGHOODGRPLQD]LRQHDXVWULDFDODFDUQHEROOLWDVHUYLWDSHUODSUH SDUD]LRQHGHOEURGRSHUJOLDPPDODWLGHOO·2VSHGDOH0DJJLRUHYHQLYDSRL ULYHQGXWDDEDVVRSUH]]RDOODSRSROD]LRQH &HVDUH)RQGDGHVFULYHXQDSUHSDUD]LRQHORFDOHLOIHJDWRGLYLWHOORDOOD WULHVWLQD ULFHWWD ULSUHVD DQFKH GD &DUQDFLQD H9HURQHOOL QHO ORUR WHVWR /D &XFLQD5XVWLFD5HJLRQDOH,OIHJDWRLQXQVROSH]]RYLHQHSULPDEROOLWR DIXRFRPRGHUDWRFRQVDOHSHSHHXQPD]]HWWRGLYHUGXUHSRLDIIHWWDWRH ULSDVVDWRLQROLRFRQOHYHUGXUHWULWDWHHSDQHJUDWWXJLDWR $*RUL]LDQHOO·DQWLFD´/RFDQGD6WHOODG·RURµVLVHUYLYDQRFRPHVSH FLDOLWjVLDXQSDVWLFFLRGLIHJDWRVLDXQWRUWLQRGLPLO]D/DPLO]DqVHPSUH VWDWD SUHVHQWH VLD D *RUL]LD VLD QHO &ROOLR H VXO &DUVR JRUL]LDQR %ROOLWD H SULYDWD GHOOD SHOOLFLQD WDJOLDWD D GDGL YLHQH FRQGLWD FRQ XQR VSLFFKLR G·DJOLRVFKLDFFLDWRHO·ROLRHODVFLDWDULSRVDUH6LPDQJLDSRLFRQGLWDFRQ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD DFHWRGLYLQRHDFFRPSDJQDWDGDUDGLFFKLRYHUGHORFDOH´OLGUuFFXOSRFµ 8QSULPRSLDWWRFODVVLFRqODSRU]LRQHGLJQRFFKLGHPLO]DDFFRPSDJQDWL GDJRXODVKRDOWULLQWLQJROLGLFDUQH*OLJQRFFKLROWUHFKHFRQOHSDWDWHVL FRQIH]LRQDQRVHPSUHFRQDJJLXQWDGLXRYRHIDULQDVSHVVRFRQLO´JULHVµ VHPROLQRRFRQLOSDQHUDIIHUPR 0ROWRWLSLFDODYDULDQWHGHJOLJQRFFKLLQEURGRVLDGLSDQHVLDGLVHPR OLQRFRQPLO]DRIHJDWRRDQFKHFHUYHOODGLYLWHOORRGLPDQ]RVFRWWDWHLQ DFTXD SXOLWH H WULWDWH 6L SXz DJJLXQJHUH DOO·LPSDVWR OD EXFFLD GL OLPRQH JUDWWXJLDWD 6HPSUH QHOOH FDPSDJQH JRUL]LDQH LO SROPRQH GL YLWHOOR HUD WDJOLDWR DVWULVFLROLQHSULPDVFRWWDWRLQDFTXDHSRLFRWWRLQVXJRHPDQJLDWRFRQ SROHQWDELDQFD , IXQ]LRQDUL GHOO·LPSHUR DVEXUJLFR GHYRQR SHUz DYHU LQÁXHQ]DWR OD FXFLQDORFDOHFRQOHORURWUDGL]LRQLERHPHHYLHQQHVLSHUFKpLQFLWWjVRQR SUHVHQWLVLDXQDPLQHVWUDGLSROPRQHFRQJQRFFKLGLSDQHVLDXQDVRUWDGL UDJGLIUDWWDJOLHGLYLWHOORHSROPRQH4XHVWLSLDWWLSRWUHEEHURGHULYDUHGDO YLHQQHVH%HXVFKHOSLDWWRSUHVHQWHDQFKHLQ%RHPLDHLQDOWUHSDUWLGHOO·H[ LPSHURDVEXUJLFR *12&&+(77,',0,/=$ ,QJUHGLHQWL J GL PLO]D R IHJDWR GL YLWHOOR J GL EXUUR XRYD LQWHUH PH]]RSDQLQRPH]]DFLSROODRXQRVSLFFKLRG·DJOLRODWWHVDOHSHSHQRFHPRVFDWD IDFROWDWLYDVHPROLQRRIDULQDRSDQHJUDWWXJLDWRIDFROWDWLYRPDJJLRUDQDR SUH]]HPROR 3UHSDUD]LRQH5DVFKLDUHODPLO]DFRQODODPDGLXQFROWHOORHWULWDUODPROWRÀQHPHQWH 0RQWDUHLOEXUURDVSXPDHDJJLXQJHUHVHPSUHVEDWWHQGRXQXRYRDOODYROWD8QLUYL PH]]DURVHWWDGLSDQHWULWDWDHLQ]XSSDWDQHOODWWHHLOWULWRGLPLO]DRIHJDWR$JJLXQ JHUHO·DJOLRRODFLSROODVHFRQGRLJXVWLWULWDWLODPDJJLRUDQDRLOSUH]]HPRORHOD QRFHPRVFDWD6DODUHHSHSDUH/·LPSDVWRYDUHJRODWRFRQO·DJJLXQWDGLSDQHJUDWWX JLDWRRVHPROLQRSHUUDJJLXQJHUHXQDFRQVLVWHQ]DGLVFUHWDPHQWHFUHPRVD3UHSDUDUH JOLJQRFFKHWWLFRPHTXHQHOOHFRQXQFXFFKLDLQRHPHWWHUOLQHOEURGREROOHQWH&RWWXUD SHUPLQXWL4XHVWLJQRFFKLVLVHUYRQRLQEURGR $FFDGHPLD,WDOLDQDGHOOD&XFLQD )ULXOL9HQH]LD*LXOLD &$51,'$267(5,$ 2VWHULDTXDVLVHFRQGDFDVD,QHYLWDELOHYLVWRFKHODÀORVRÀDGHO´SDURQµ GHO SURSULHWDULR WHUULHUR HUD ´ID OH VXH VWDQ]H >TXHOOH GHO PDVVDUR@ ORQWDQH EDVVHHGRVFXUHFKHQRQOHJRGDVHQRQGLQRWWHQpVDSSLDDELWDUOHYROHQWLHUL LQPRGRFKHVHQHVWLDDOODYRURQHOODFDPSDJQDGHGLWRDOOHIDWLFKHHQRQ DOFRSHUWRDOULSRVRDOODTXLHWHDOO·RPEUDµ3LUDIÀQDWLJOLDPELHQWLGHOOD FLWWjGL7ULHVWHL´EXIIHWµGRYHSHUzOHSLHWDQ]HVHUYLWHSRWHYDQRDFFRPXQD UHSRYHULFRQWDGLQLHFLWWDGLQLXQSR·PHJOLRIRUQLWL7UDTXHVWHOHSROSHWWH XQD SUHSDUD]LRQH DQWLFD FKH ID OD VXD FRPSDUVD QHL OLEUL GL FXFLQD ÀQ GDL WHPSLSLORQWDQL6·LQFRQWUDQRXQSR·RYXQTXHQHOPRQGRVSHFLHQHOO·DUHD PHGLWHUUDQHDGRYHYHQJRQRSUHYDOHQWHPHQWHIULWWHRFXFLQDWHLQVDOVHDEDVH GLSRPRGRUR2OWUHDOOHFDUQLJOLDOWULLQJUHGLHQWLYDULDQRVHFRQGRLOXRJKLH OHGLVSRQLELOLWj/DWUDGL]LRQHGHOOHSROSHWWHD7ULHVWHqPROWRUDGLFDWDWHVWL PRQLDWDGDOODIUHTXHQ]DFRQFXLYHQJRQRSUHSDUDWHQHOODFXFLQDIDPLJOLDUH PDVRSUDWWXWWRGDOODORURTXRWLGLDQDSUHVHQ]DWUDOHRIIHUWHJDVWURQRPLFKHGHL QXPHURVL´EXIIHWµGHOODFLWWj1RQPDQFDQRPDLLQTXHVWLWLSLFLORFDOLFRQ VXPDWHFDOGHRIUHGGHDWXWWHOHRUHGHOJLRUQRLQSDUWLFRODUHQHOWUDGL]LRQDOH VSXQWLQRGLPHWjPDWWLQDLO´UHEHFKLQµDFFRPSDJQDWHGDXQFDOLFHGLYLQR/H SLGLIIXVHVRQROHSROSHWWHIULWWHLQJHQHUHGLGLVFUHWHGLPHQVLRQLGLIRUPD RYDOHHDSSLDWWLWDSUHSDUDWHFRQFDUQLGLPDQ]RPDFLQDWHDQFKHGLVHFRQGD VFHOWDPROOLFDGLSDQHLQ]XSSDWDQHOODWWHXRYDVDOHHSHSHQRFHPRVFDWDH DEERQGDQWHDJOLRHSUH]]HPRORWULWDWL1HOOHIDPLJOLHqIUHTXHQWHO·XWLOL]]RGL DYDQ]LGLFDUQHSUHFHGHQWHPHQWHEROOLWDRDUURVWLWD.DWKDULQD3UDWRQHOVXR 0DQXDOHGL&XFLQDWUDGRWWRLQLWDOLDQRDOODÀQHGHOO·2WWRFHQWRFRPSHQGLR GHOOH WUDGL]LRQL JDVWURQRPLFKH PLWWHOHXURSHH FKH IRUWHPHQWH KDQQR LQÁXHQ]DWR LO WHUULWRULR JLXOLDQR ULSRUWD XQD ULFHWWD GHQRPLQDWDSROSHWWHGLULPDVXJOLGLDUURVWRGLPDLDOHR GLYLWHOORIULWWHQHOEXUUR0DULD6WHOYLRQHOVXROLEUR/D &XFLQD7ULHVWLQDGHOIRUQLVFHXQDULFHWWDGLSROSHWWH IULWWHQHOO·ROLRFKHFKLDPD´ELVWHFFKLQHGLEROOLWRSDQDWHµ HXQDULFHWWDGLSROSHWWHGLFDUQHEROOLWDFRQODSDUWLFRODUH DJJLXQWD GL FDQQHOOD QHOO·LPSDVWR FRWWH D IXRFR OHQWR LQ XQDVDOVHWWDGLSRPRGRUR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD (UDLPSRUWDQWHODWULSSDVHGRSROHFRQWUDWWD]LRQLDOPHUFDWRXQSLDWWR GL WULSSD FRQIHULYD VROHQQLWj DJOL DFFRUGL UDJJLXQWL /·DIIDUH HUD FRQFOXVR FRQXQDSRUWDWDIXPDQWH8QDVWUHWWDGLPDQRHLPPDQFDELOHLOELFFKLHUH GLYLQRDGDFFRPSDJQDUOD´2JJLWULSSHµHUDVFULWWRVXOOHODYDJQHGLJUDQ SDUWHGHOOHRVWHULH$GHVVRFRPHLHULLO´%DFKHURµD6SLOLPEHUJRqLOSRVWR JLXVWRSHUOHWULSSHWUDLSRFKLULPDVWLDSHUSHWXDUHXQ·DQWLFDFRQVXHWXGLQH $ 3RUGHQRQH ULQRPDWD HUD OD SUHSDUD]LRQH GHO ´6HPSLRQHµ DWWXDOPHQWH O·HQRWHFD´$O&DPSDQLOHµULQYHUGLVFHO·XVDQ]DGDOO·DXWXQQRDOODSULPDYHUD 5DFFRPDQGDWRGDLEXRQJXVWDLXGLQHVLq´7RVRµD/HRQDFFRGL7ULFHVLPR FRPHSXUH´'D3ROGRµD1RJDUHGRGL3UDWRQHOOHYLFLQDQ]HGL7DYDJQDFFR &KLHGHWHRSUHQRWDWHODPLQHVWUDGLIDJLROLFRQWULSSH´GD7RQLµD*UDGLVFXW WDGL9DUPRRD)DUUDG·,VRQ]R´DL&HGULµ /H WULSSH DOOD WULHVWLQD SUHYHGRQR O·XVR GHO SRPRGRUR PHJOLR VH LQ FRQVHUYD H ROWUH DOO·DJOLR H DOOD FLSROOD O·DURPDWL]]D]LRQH FRQ DOORUR H FKLRGLGLJDURIDQR6HPSUHPROWRULFKLHVWHYHQJRQRVSHVVRSURSRVWHQHOOD PDJJLRUSDUWHGHL´EXIIHWµFLWWDGLQLDFFDQWRDOOHDOWUHVSHFLDOLWjWUDGL]LRQDOL 0DG\)DVWULFRUGDFRPHXQWHPSRSHUVRGGLVIDUHO·DSSHWLWRGHLODYRUDWRUL SRUWXDOLYHQLYDQRVHUYLWHDVVLHPHDJXODVFKHJQRFFKLGLSDQHLQXQXQLFR UREXVWRSLDWWRFKLDPDWR´XQDPLVWDµ /HJJHUDXQDFRWWXUDGHOODWUDGL]LRQHWULHVWLQDRYHODWULSSDYLHQHFKLD PDWD´FURFHWDµFKHqORVSHVVRUHSLDOWRHSLJURVVR/DYDWDPROWREHQHOD WULSSDLQDFTXDIUHVFDFRUUHQWHVLVJRFFLRODHVLDVFLXJDFRQXQSDQQR3RVWD DPDULQDUHLQXQDWHUULQDFRQROLRVDOHHSHSHSHUXQSDLRG·RUHVLFXRFH VXOODJULJOLDFDOGLVVLPDWHQHQGRODWUHPLQXWLSHUSDUWH9DVHUYLWDFDOGDFRQ XQ·LQVDODWDIUHVFDËXQDULFHWWDRUPDLLQGLVXVR 5HVWDQGR D7ULHVWH ULSRUWDYD )UDQFHVFR %DEXGUL QHO VXR $OO·LQVHJQD GHO %XRQ *XVWR QHOOH 7UDGL]LRQL *LXOLDQH ´/H ¶WULSH· FRO SDQH URVRODWR QHOO·ROLR FRQ XQ SR· G·DJOLR SUH]]HPROR VXJR GL SRPRGRUR H IRUPDJJLR JUDWWXJLDWR UHVWDQ VHPSUH XQ EHO SLDWWR GHO TXDOH OD PDVVLPD ODXGDWRULDGLFHOHWULSH[HXQPDJQDUUL]HUFjERQSHUHOVDQHERQSHUHO PDOjµ/·LQJUHGLHQWHGHOIRUPDJJLRGjRFFDVLRQHDXQGHWWRVWUDQRGHULYDQWH GDOO·XVRGLIIXVLVVLPRGHOSHFRULQRULWHQXWRSUHIHULELOHDOSDUPLJLDQRSHULO VXRVDSRUHSL´SL]]LJKLQµ´7ULSHFROSDUPLVDQ[HSH¶OVWRPLJRJUXELDQ WULSHFROSLHJRULQ[HSH¶OVWRPLJR]LWDGLQµ $FFDGHPLD,WDOLDQDGHOOD&XFLQD )ULXOL9HQH]LD*LXOLD 8QDULFHWWDSDUWLFRODUHFKHDQFRUDDJJLXQJHTXDOFRVDqTXHOODGHOOH WULSHDO·DVVDQHVH$]]DQR'HFLPRGRYHYHQJRQRLPSLHJDWLDQFKHLQHU YHWWLGLYLWHOORFKHFRQWULEXLVFRQRDIRUPDUHXQVXJRGHQVRDGDFFRPSDJQD UHRDFRQGLUHSROHQWDIUHVFDRDEEUXVWROLWD ,QHUYHWWLVRQRXQDOWURSLDWWRGHOODFXFLQDSRYHUDVSHVVRSUHVHQWHWUDOH SUHSDUD]LRQLRIIHUWHLQRVWHULHHEXIIHWVLWUDWWDGLFDUWLODJLQLGHOJLQRFFKLR HGHOORVWLQFRGLYLWHOOREROOLWHDOXQJRÀQFKpGLYHQWDQRVXIÀFLHQWHPHQWH WHQHUHUDIIUHGGDWHWDJOLDWHDSH]]HWWLHFRQGLWHFRQFLSROODFUXGDDIIHWWDWD ROLRG·ROLYDVDOHSHSHHDFHWR6LSRVVRQRDJJLXQJHUHDQFKHIDJLROLERUORWWL OHVVDWL 'L DQWLFKLVVLPD FRVWXPDQ]D QH SDUOD $WHQHR OD FDOGDLD GHL EROOLWL GL PDLDOH Ë DQFRU RJJL XQD GHOOH SUH SDUD]LRQL SL WLSLFKH GL 7ULHVWH SUHVHQWH RJQL JLRUQR QHL FDUDWWHULVWLFLEXIIHWFRPHORHUDQHJOL´HIWRSROLµGL$OHVVDQGULD $FFDQWRDOODSRUFLQDFRSSDRVSDOODDONDLVHUÁHLVKFDUUpDIIX PLFDWRDOODSDQFHWWDDOORVWLQFRDOOHFRVWLQHHDLGLYHUVLWLSLGL VDOVLFFLDVLFXRFLRQRVSHVVRWDJOLGLPLQRUSUHJLRTXDOLWHVWLQDSLH GLQLHOLQJXDVDOPLVWUDWD/HFDUQLDIIHWWDWHVXOWDJOLHUHYHQJRQR GHJXVWDWHFRQODVHQDSHHXQDJUDWWXJLDWDGLNUHQUDGLFHGLUDIDQR /$´6$17$%(67,$µ 1HOODFXFLQDWLSLFDXQRGHJOLDQLPDOL´SULQFLSLµGHOOHIDWWRULHLQUHJLR QHODUJDPHQWHXWLOL]]DWRSHUIDFLOLWjGLDOOHYDPHQWRHFRVWLFRQWHQXWLHUD LO PDLDOH7DQWR HUD LPSRUWDQWH FKH LQ ,VWULD HUD FKLDPDWR ¶·VDQWD EHVWLDµ 8QDFXULRVLWjLOPLGROORGHOOHRVVDPDVFHOODULHUDFRQVLGHUDWRXQOHQLWLYR GHLUHXPDWLVPL'HJOLDQLPDOLFKHYHQLYDQRDOOHYDWLLQFDVDVLXVDYDWXWWR TXHOORFKHVLSRWHYDULFDYDUHGDLWDJOLSLSUHJLDWLDLSLSRYHUL1RQVRORL ERYLQLDYHYDQRLOTXLQWRTXDUWR ´1HPXUD]GDOSXUFLWµJOLLQQDPRUDWLGHOPDLDOHqXQDPDQLIHVWD]LRQH LGHDWDDQQLIDGDXQ·RVWHULDGL3RUSHWWRLQGXVWULRVRSDHVHGHOODSLDQXUD IULXODQD6LSURWUDHSHUXQSDLRGLVHWWLPDQHHSUHYHGHXQSUHPLRSHUFRORUR FKHULHVFRQRDGLQJXUJLWDUHWXWWHOHSLHWDQ]HSURSRVWH2YYLRFKHWUDTXHVWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD ULHQWULQRWXWWHTXHOOHFDUQLFKHQRUPDOPHQWHYDQQRDÀQLUHQHOO·LPSDVWRGL VDODPLVDOVLFFHHFRWHFKLQL6RQRSHUzXQDWHVWLPRQLDQ]DGHOOHSLHWDQ]HFKH SHUWUDGL]LRQHVLFRQVXPDYDQRQHOIHOLFHSHULRGRGHOVDFULÀFLRGHOPDLDOH 6LPDQJLDYDLOVHUYHOLQGRUjFHUYHOORGRUDWRVFRWWDWRQHOO·DFTXDERO OHQWHSHUWRJOLHUHODSHOOLFRODHVWHUQDSDVVDWRLQXRYRVEDWWXWRHSDQJUDWWDWR HIULWWRQHOEXUUR /HRUHFFKLHYHQJRQRWDJOLDWHDPHWjYHUVRODSDUWHSLJURVVDVRIIUHJD WHFRQLOORURVXFFRFRVSDUVHFRQSHSHHURVRODWHVXOODJUDWLFROD6LSRVVRQR VHUYLUHDQFKHIULWWHLPSDQDWHHDFFRPSDJQDWHFRQSUH]]HPRORIULWWR2WWL PHVDODWHHFRWWHLQEURGRFRQVDOHHSHSHODUGRHPH]]RELFFKLHUHGLYLQR ELDQFRXVDQ]DLVWULDQDPDORVWHVVRSURFHGLPHQWRGLFRWWXUDYLHQHXVDWR DQFKHLQ)ULXOL 6DSRULWR H SUHOLEDWR LO IHJDWR VRSUDWWXWWR VH VHUYLWR JULJOLDWR GHQWUR O·RPHQWRUHGLVHO 1HOODWUDGL]LRQHSUHWWDPHQWHIULXODQDYHQLYDXWLOL]]DWDDQFKHODWULS SDGLVXLQRHVVHQGRLOPDLDOHLOYHURVFULJQRDOLPHQWDUHGHOODIDPLJOLD,O ´SUHWHµHVRIDJRHVWRPDFRGHOPDLDOHODGL]LRQHSRSRODUHqYDJDPHQWH VSUHJLDWLYDQHOULJXDUGRGLDOFXQHSDUWLGHOFOHURLQWHFLDqRUPDLTXDVLLQ GLVXVRQHOOD%DVVD)ULXODQD9DEROOLWRSHUXQ·RUDLQDFTXDSHUWRJOLHUHLO VDSRUHG·DPDURHWXWWHOHSDUWLGLJUDVVRFKHVRQRUHVWDWHDGHUHQWLSRLVLODYD HVLFXRFHSHUFLUFDRUH3HUODFRWWXUDÀQDOHODWULSSDYLHQHURVRODWDLQXQ VRIIULWWRGLFLSROODROLRHEXUURDURPDWL]]DWDFRQURVPDULQRVDOYLDFKLRGL GLJDURIDQRHFDQQHOOD'HYHYHQLUVHUYLWDSLXWWRVWRDVFLXWWDHFRVSDUVDGL IRUPDJJLRJUDWWXJLDWR 1HOOH WUDGL]LRQL GHO &DUVR WULHVWLQR FRPH ULSRUWDWR GD9HVQD *XVWLQ VWXGLRVD GHOOD JDVWURQRPLD GL TXHVWR WHUULWRULR ULHQWUDQR QHL JLRUQL GHOOD PDFHOOD]LRQHGHOPDLDOHODGHJXVWD]LRQHGHOOHVXHWULSSHVLDLQELDQFRFKH LQ URVVR FRQ FRQVHUYD GL SRPRGRUR 7UDGL]LRQDOH DQFKH OD SUHSDUD]LRQH GHOOHPXO]HO·LQWHVWLQRFUDVVRULSXOLWRODYDWRHPDULQDWRYLHQHULHPSLWRGD XQLPSDVWRIRUPDWRGDOVDQJXHFRWWRGHOPDLDOHULVREROOLWRXYHWWDSLQROL ]XFFKHUR SDQJUDWWDWR DPPROODWR QHO ODWWH FDQQHOOD QRFH PRVFDWD VDOH VFRU]DGLOLPRQHHPHOHJUDWWXJLDWH'RSRFRWWXUDLQDFTXDVDODWDDIXRFR PRGHUDWRYLHQHWDJOLDWRDIHWWLQHHFRVSDUVRGLEXUURIXVR 'HOOH ´FURGLJKHµ FRWHQQH GL PDLDOH FRPXQHPHQWH XVDWH QHOOD $FFDGHPLD,WDOLDQDGHOOD&XFLQD )ULXOL9HQH]LD*LXOLD SUHSDUD]LRQHGLPROWHPLQHVWUH&HVDUH)RQGDLQ7ULHVWHLQ&XFLQDULFRUGD DQFKHXQDYHFFKLDHUREXVWDSUHSDUD]LRQHFRQULSLHQRGLSDQJUDWWDWRSDU PLJLDQR DJOLR H SUH]]HPROR LQ XVR QHOOH IDPLJOLH ´RSHUDLHµ WULHVWLQH /D FRWHQQDYLHQHFRWWDFRQIDJLROLFRPHLQTXDVLWXWWROR6WLYDOH,Q,VWULDSL FRPXQHPHQWHVHQHIDXQSLDWWRVDSRULWRFRQYHU]HVWXIDWH $QFKHORVWLQFRqDPSLDPHQWHXVDWRDUURVWRROHVVRVHUYLWRFRQIDJLROL 6L VFHQGH GDO JURSSRQH DOOD WHUUD ´]DPSLQ WDOSLQV FLDYX] SLGX] SLQLQSLGLQµWDQWLLQRPLLQUHJLRQHVHJQRGLXQ·HQRUPHGLIIXVLRQHSRSROD UHGLXQDSDUWHGHOPDLDOHQRQFHUWRSUHJLDWLVVLPD'DOPDFHOODLRVLWURYDQR IDFLOPHQWH JOL ]DPSHWWL 3RUWDWD DG HEROOL]LRQH O·DFTXD FRQ LO VDOH H WXWWL JOLDURPLLQXQDFDSDFHSHQWRODVLDJJLXQJRQRJOL]DPSHWWLHVLODVFLDQR VREEROOLUH ÀQFKp OH FDUQLGLYHQWDQRWHQHUHDOPHQRXQ SDLR G·RUH 6HUYLWL FDOGLVVLPLVRQRRWWLPLFRQFRQWRUQRGLJLDUGLQLHUDRGLEURYDGD8QDYROWD OHVVDWL OD IDQWDVLD GHOOH GRQQH GL FXFLQD SRVVRQR WUDVIRUPDUOL LQ SLHWDQ]H GLYHUVH3RVVRQRHVVHUHSLJXVWRVLULSDVVDWLLQWHJDPH3UHSDUDWRXQVRIIULW WRFRQFDURWDVHGDQRFLSROODHDJOLRYLVLSDVVDQROH]DPSHJLjOHVVDWHVL EDJQDQRFRQYLQRELDQFRHXQSR·GLFRQVHUYDGLSRPRGRURSHUGDUHFRORUH /DFRWWXUDGHYHSURVHJXLUHOHQWDPHQWHÀQFKpODFDUQHGLYHQWDWHQHULVVLPD DJJLXQJHQGRVHQHFHVVDULRGHOO·DFTXDGLTXDQGRLQTXDQGR 1HOODSLDQXUDIULXODQDVLSUHSDUDQRJOL]DPSHWWLFRQ OH YHU]H /D VWDJLRQH LQYHUQDOH GHGLFDWD DOOD VDOD JLRQHGHOPDLDOHqDQFKHTXHOODFKHSUHVHQWDDO PHJOLROHFDUDWWHULVWLFKHRUJDQROHWWLFKHGHOOH YHU]H FKH VRQR GD SUHIHULUVL TXDQGR KDQQR =$03(77,',0$,$/(&21,/325527$/3,16',385&,7&8/38$5 ,QJUHGLHQWLSRUULGLPHGLDJUDQGH]]DSLHGLQLGLPDLDOHXQDFLSROODXQDFDURWD XQ JDPER GL VHGDQR IRJOLH GL DOORUR ELFFKLHUH GL YLQR ELDQFR VHFFR EURGR YHJHWDOHVDOHSHSH 3UHSDUD]LRQH 5RVRODUH QHOO·ROLR L SLHGLQL GL PDLDOH DJJLXQJHUH L VDSRUL EDJQDUH FRQLOYLQRHLOEURGRYHJHWDOHSRUWDQGROHQWDPHQWHDFRWWXUDLWDOSLQLVDODUHHSHSDUH 6LSRVVRQRVHUYLUHDVVLHPHDOOHYHU]HVRIIRFDWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD FRPLQFLDWRDVHQWLUHLOSULPRJHORGHOO·LQYHUQR6LXVDQRDQFKHLSRUUL /HRVVDVSROSDWHGHOPDLDOHJOL]DPSHWWLHLOFRGLQRHQWUDYDQRQHOOD RVDGDVLSURQXQFLDFRPHVHOHVIRVVHURGXH%ROOLWLFRQTXDOFKHYHUGXUD HFRQGLWLFRQSRFRVDOHHWDQWDIDPHFRVWLWXLYDQRXQPHWRGRSHUUHFXSHUDUH DQFKHODPLQLPDTXDQWLWjGLFDUQHGRSRFKHOHRVVDHUDQRVWDWHVFDUQLÀFDWH SHUODSUHSDUD]LRQHGHLVDOXPL 7LSLFLSRLGHO*RUL]LDQRLWDOSLQFRWWLLQEURGRGLRYLQR 1RQVLSXzWUDODVFLDUHDOPHQRFRPHWHVWLPRQLDQ]DVWRULFDGLXVDQ]H TXDVLFRPSOHWDPHQWHDEEDQGRQDWHXQDFFHQQRDOO·LPSLHJRGHOVDQJXHFRW WRDEDJQRPDULDHIULWWRFRQFLSROODFRPHIRVVHIHJDWR,QWXWWD ODUHJLRQHqGLIIXVDODEROGRQDWLSLFREXGLQRLQYHUQDOHIDWWR FRQODWWHIDULQDHVDQJXHGLPDLDOH6LXVDYDSXUHIULJJHUH ODEROGRQDIUHGGDDFXFFKLDLDWHQHOEXUURPDQJLDWDFDOGD SHUPHUHQGD $ *RUL]LD QHO ULRQH GL 6DQ 5RFFR TXDQGR YHQLYD XFFLVRLOPDLDOHLOVDQJXHHUDUDFFROWRYHORFHPHQWHO·RSH UD]LRQHYHGHYDLPSHJQDWDODGRQQDSLDQ]LDQDHGHVSHUWDGHOOD IDPLJOLDFXULRVLWjODUDFFROWDGHOVDQJXHGRYHYDHVVHUHIDWWDGDXQDGRQQD JLjLQPHQRSDXVD,OVDQJXHUDFFROWRGRYHYDHVVHUHDFFXUDWDPHQWHDJLWDWR FRQXQOXQJRPHVWRORRGLUHWWDPHQWHFRQLOEUDFFLRDOÀQHGLDVSRUWDUHOD ÀEULQDFKHULPDQHYDDWWDFFDWDDOPHVWRORHODFXLHOLPLQD]LRQHHUDIRQGD PHQWDOHSHUODODYRUD]LRQHGHLVDQJXLQDFFLPXOHHVDQJDQHLVDQJXLQDFFL GROFLHVDODWLDLTXDOLVRORJOLHVSHUWLGDYDQRIRUPDGLVDOVLFFLDPHQWUHQHOOH IDPLJOLHFLVLDFFRQWHQWDYDGLFXRFHUHLOVDQJXHLQXQDSHQWRODHGLSRUWDUOR LQWDYRODFRPHIRVVHXQDPLQHVWUD ,O ODUGR FRQVHUYDWR VDODWR HUD FRQGLPHQWR XVXDOH QHOOH FXFLQH GHOOD UHJLRQH,QPROWLSLDWWLWUDGL]LRQDOLVLXVDYDPDDQFRUDVLLPSLHJDLQDOFXQH ]RQHFRPHLQVDSRULWRUHJDVWURQRPLFRLOSHVWDW9LHQHSUHSDUDWRLQVDFFDQGR LOODUGRGHOODUHJLRQHGRUVDOHGHOPDLDOHRSSRUWXQDPHQWHPDFLQDWRDVVLHPH FRQOHYHUGXUHGLVSRQLELOLFKHGHWHUPLQDQRL´VDSRULGHOO·RUWRµ/·LPSDVWR GLFXLLOODUGRUDSSUHVHQWDLOqDGGL]LRQDWRFRQVDOHHSHSHFRPH FRQVHUYDQWL6HUYLYDFRPHEDVHSHUFXFLQDUHHLQVDSRULUHVSHFLHOHPLQHVWUH 6LULFDYDQRGDXQDVH]LRQHPHQRSUHJLDWDGHOODUGROH´FLFLQHVµR´IUL FLVµ FLFFLROL GL PDLDOH 3HU SUHSDUDUOL YLHQH XWLOL]]DWR LO ODUGR ULGRWWR LQ $FFDGHPLD,WDOLDQDGHOOD&XFLQD )ULXOL9HQH]LD*LXOLD SH]]LTXDGUDWLGLFLUFDFHQWLPHWUL4XHVWLYHQJRQRPHVVLLQXQDFDOGDLD GLUDPHFRQXQSR·G·DFTXDHVLIDQQRFXRFHUHSHUFLUFDRUHÀQFKpLOFRORUH LQGLFDLOJUDGRJLXVWRGLFRWWXUD$VHFRQGDGHOOH]RQHqDELWXGLQHDJJLXQ JHUHQHOFRUVRGHOODFRWWXUDDOFXQLDURPLFRPHDGHVHPSLRXQDPHODXQD FLSROODRGHOURVPDULQR'RSRFRWWLDQFRUDEROOHQWLYHQJRQRVWUL]]DWLFRQ O·DSSRVLWR WRUFKLR LQ DFFLDLR R FRPH QHO SDVVDWR FRQ OR VFKLDFFLDSDWDWH 9HQJRQR VHUYLWL DQFRUD FDOGL FRQ XQD VSROYHUDWD GL VDOH /D SUHSDUD]LRQH DYYLHQHLQJHQHUHQHOOHVWDQ]HDQQHVVHDOODODYRUD]LRQHIDPLOLDUHGHLPDLDOL RLQFHUWLFDVLDOO·DSHUWRGRYHqSRVWDODFDOGDLDGLUDPHVXIXRFRGLOHJQD ,FLFFLROLYHQJRQRXWLOL]]DWLFRPHFRQGLPHQWRRFRPHLQJUHGLHQWHSHU SUHSDUDUHXQDIULWWDWDRSHULQVDSRULUHHLPSUH]LRVLUHLOSDQH 3LDWWR FDUDWWHULVWLFR GHO )ULXOL q LO OLGUuF FX OL FLFLQHV FKH VL SUHSDUD IDFHQGRURVRODUHQHOO·ROLRGHOJXDQFLDOHWDJOLDWRDTXDGUHWWLYHUVDQGRDOOD ÀQHPH]]RELFFKLHUHG·DFHWRXQDYROWDDPDOJDPDWLJOLLQJUHGLHQWLLOFRQ GLPHQWRYDYHUVDWRVXOUDGLFFKLRHLQVDSRULWRFRQVDOHHSHSH6LXVDQRYDUL WLSLGLUDGLFFKLRLO´OLGULFFXOSRFµFDUDWWHUL]]DWRGDOODSUHVHQ]DGHOODSDUWH VXSHULRUHGHOODUDGLFHUDGLFFKLRGDFDPSRGHOODSLDQXUDIULXODQDULFRQGXFL ELOHSUHYDOHQWHPHQWHDOODFLFRULDELRQGDGL7ULHVWHRDOJUXPRORELRQGRHOD URVDGL*RUL]LD ,Q,VWULDLFLFFLROLYHQLYDQRVHUYLWLDQFKHFRPH]XSSD5LFHWWDFLWDWD GD0DULD6WHOYLRWDJOLDWRGHOSDQHUDIIHUPRDIHWWLQHVRWWLOLVLPHWWHLQXQD WHUULQHWWDYLVLYHUVDGHOO·DFTXDEROOHQWHVDODWDHVLFRSUHHUPHWLFDPHQWHFRQ XQSLDWWR'RSRGLHFLPLQXWLVLVFRODLOSDQHEDJQDWRHVLFRQGLVFHFRQODUGR ELDQFRURVRODWRHFRQFLFFLROL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD ,16$&&$7,',1,&&+,$ /DUHJLRQHYDQWDXQDOXQJDHSUHVWLJLRVDWUDGL]LRQHGLDIÀQDPHQWRGL SURVFLXWWL$ SDUWLUH GDO 6DQ 'DQLHOH FRQRVFLXWR H IDOVLÀFDWR LQ WXWWR LO PRQGR7UDOHDOWUHSURGX]LRQLSLFFROLWHVRULGLQLFFKLDD&RUPRQV$YLDQR H6DXULV'DOOHSDUWLPHQRQRELOLGHOPDLDOHOHSRSROD]LRQLIULXODQHKDQQR VDSXWR FUHDUH SURGRWWL PROWR SUHJLDWL /R VL GHYH DOOD ´FXOWXUD GHO PDLD OHµ PROWR YLYD LQ )ULXOL IDWWD GL FRQRVFHQ]D ULFHUFD H DWWDFFDPHQWR DOOD WUDGL]LRQH 'DTXHVWDFXOWXUDVRQRQDWLSURGRWWLPROWRVLQJRODULFKHYHQJRQRDQFR UDSUHSDUDWLDOLYHOORIDPLJOLDUHRDUWLJLDQDOHFRPHLOFUDIXWXQDSROSHWWDD EDVHGLIHJDWRÀQHPHQWHPDFLQDWRFXLVLDJJLXQJRQRSDQJUDWWDWRHXYDVXO WDQLQDVFRU]HGLOLPRQHHGLDUDQFLDPHOHDFXEHWWLSHSHHVSH]LHFKHYLHQH FRWWDQHOORVWUXWWRDYYROWDQHOPHVHQWHUH/DPDUFXQGHOHXQWULWRGLIHJDWR PLO]DUHQLSROPRQLJUDVVLWHQHULGHOYHQWUHHFDUQLVDQJXLQROHQWHFRQFLDWR HVDODWRDYYROWRDPR·GLSROSHWWDQHOO·RPHQWRGLPDLDOHYLHQHFRWWDLQXQD ULGX]LRQHGLYLQRURVVRRIULWWDLQSDGHOODLUURUDWDFRQYLQRURVVR(SRLLO VDQJDQHOXQLQVDFFDWRSUHSDUDWRDPR·GLVDOVLFFLRWWRPHVFRODQGRLOVDQJXH UDSSUHVRGHOPDLDOHLQDFTXDEROOHQWHFRQFDUQHVDQJXLQROHQWDODUGRIUHVFR SHSHHDURPLQDWXUDOL6LFRQVXPDIUHVFRFRWWRLQDFTXDVSHVVRFXFLQDWR FRQOHYHU]H'DOXRJRDOXRJRFLVRQRGHOOHYDULDQWLQHOO·LPSDVWRFRQO·DJ JLXQWDGLJUDQRVDUDFHQRSDQHUDIIHUPRSLQROLHXYHWWD $*RUL]LDVHPSUHD6DQ5RFFROHEXGHOODGHOPDLDOHXFFLVRVLXVDYDQR SHUFRQIH]LRQDUHGHLSLFFROLVDODPLFKLDPDWLSROPRQHOLVDEDVHGLSROPR QHFDUQLGHOFROOROHFDUQLDWWRUQRDOOHFDURWLGLULPDQHYDQRLQWULVHGLVDQJXH HGHUDQRXVDWHSHUTXHVWDSUHSDUD]LRQHHVSH]LH /HPDUFDQGHOLVSUHSDUDWHFRQXQLPSDVWRGLIHJDWRSROPRQHHURJQR QLDYYROWRQHOODUHWHVHUYRQRSHUSUHSDUDUHVXJKLGDPDQJLDUHFRQSROHQWD RSDWDWH,QPHULWRDTXHVWDSUHSDUD]LRQHRJQLIDPLJOLDKDODVXDULFHWWDH L QRPL LQ XVR VRQR PRUFDQGHOLV PDUFXQGHOLV PRUWDGHOLV ROWUH FKH LO SL FRPXQHPDUFXQGHOH ,O VDOXPH SHUz FKH PHJOLR GHVFULYH OD JDVWURQRPLD GHOOD UHJLRQH GD (VWD2YHVWqLOPXVpW3URGRWWRFRQOHSDUWLPHQRQRELOLGHOPDLDOHGRYH VRSUDWWXWWRYLHQHLQVHULWRPDFLQDWRQHOO·LPSDVWRDQFKHLOJUXJQRLOPXVR $FFDGHPLD,WDOLDQDGHOOD&XFLQD )ULXOL9HQH]LD*LXOLD GHOODEHVWLDHGqSURSULRGDTXLFKHLOVDOXPHSHUDOWURXQFRWHFKLQRIDWWR FRQOHFRWLFKHHSRFDFDUQHPDJUDDQFKHTXHVWDGLULVXOWDSUHQGHLOQRPH /·LPSDVWRYHQLYDLQVDFFDWRQHOEXGHOORSUHFHGHQWHPHQWHODYDWRLQDFTXDGL FDOFH$YROWHDOO·LQWHUQRGHOO·LPSDVWRVLPHWWHDQFKHODOLQJXDGHOPDLDOH GLYHQWDXQSURGRWWRVSHFLDOHLOOHQJXDOFRQVXPDWRDELWXDOPHQWHODGRPH QLFDGHOO·$VFHQVLRQH ´/LVIULFLVµHQWUDQRDQFKHQHOODSUHSDUD]LRQHGHOODSHVWDGLFHXQLQVDF FDWR PROWR SDUWLFRODUH IDWWR GDOOD SDVWD GHO FRPXQH VDODPH FXL YHQJRQR PHVFRODWLLQTXDQWLWjYDULDELOHFLFFLROLGLPDLDOHËXQSURGRWWRWLSLFRQHOOD WUDGL]LRQH FRQWDGLQD GHOOH FROOLQH PRUHQLFKH H LQ SDUWLFRODUH GL )DJDJQD 8GLQHVHUYLYDFRPHEDVHSHUOHIULWWDWHFKHYHQLYDQRIDWWHSHUGDUHHQHUJLD DLFRQWDGLQLFKHLQSULPDYHUDVLUHFDYDQRGLEXRQPDWWLQRDIDOFLDUHLSUDWL /DYHVFLFDGHOPDLDOHJUD]LHDOODVXDHODVWLFLWjYHQLYDXVDWDFRPHFRQ WHQLWRUHSHUODFRQVHUYD]LRQHGHOORVWUXWWR ,/48,17248$572'(/32//$0( $QFKHLOSROODPHKDODVXDGRWHGLFDUQLSLSRYHUHGDXVDUHLQFXFL QD/HEXGHOODHOLPLQDWLGXHSLFFROLSH]]LQRQFRPPHVWLELOLVLDSULYDQRVL UDVFKLDYDQRVLSXOLYDQRDFFXUDWDPHQWH7DJOLDWHDSH]]HWWLVLFXRFHYDQR LQ EURGR /D WHVWD GHO SROODPH SXOLWD DFFXUDWDPHQWH VL FXFLQDYD HG HUD XVDQ]DGDUHLOFHUYHOORGHOO·DQLPDOHDOEDPELQRSLSLFFROR/HFUHVWHGL JDOOR PD TXL VFRPRGLDPR DQFKH '·$QQXQ]LR FKH OH SRQHYD LQ IULWWDWD QHOOHFDPSDJQHIULXODQHVROLWDPHQWHHQWUDYDQRQHOPLVFXJOLRGHLIHJDWLQL /H]DPSHGLJDOOLQDYHQLYDQRVEROOHQWDWHSHUHOLPLQDUHODSHOOHHVWHUQDSL GXUDHVTXDPRVDSRLFRWWHQHOEURGR,IHJDWLQLFXRUHYHQWULJOLR´GXUHOµ IHJDWR GL SROOR DUULFFKLWL WDOYROWD GDOOH ´XRYD GL JDOORµ JOL ´RYHWWLµ DVSRUWDWLFRQODFDVWUD]LRQHSHUODWUDVIRUPD]LRQHLQFDSSRQLRJJLXQSR· GLPHQWLFDWLYHQLYDQRXVDWLFRQIUHTXHQ]DQHOODFXFLQDIDPLJOLDUHVLDQHOOD SUHSDUD]LRQHGHOODPLQHVWUDGLULVRHIHJDWLQLSLDWWRWUDGL]LRQDOHGHOSUDQ ]RGL3DVTXDHGXUDQWHLSUDQ]LGLQR]]HVLDLQTXHOODGHOULVRWWRQHOTXDOH FRPH YDULDQWH ORFDOH &HVDUH )RQGD VXJJHULVFH O·LPSLHJR GL XQ VRUVR GL YLQR7HUUDQRQHOVRIIULWWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD *OL JQRFFKHWWL GL VHPROLQR H IHJDWLQL GL JDOOLQD LQ EURGR HUDQR XQD SLHWDQ]DFKHXQWHPSRQRQPDQFDYDPDLQHOSUDQ]RGLQR]]HQHOO·DOWLSLDQR FDUVLFR 'LIIXVLVVLPRLQWXWWDODUHJLRQHLOPLQXVDQRPLQXVDH)HJDWLQLWDJOLDWL DIHWWLQHVRIIULWWLFRQFLSROODQHOJUDVVRGHOSROORVWHVVRVWXIDWLFRQO·DJ JLXQWDHYHQWXDOHGHOVDQJXHHGHJOLRYHWWLQRQQDWL8QDYHUVLRQHSLULFFD IHVWLYDQHSUHYHGHYDO·XVRXQDYROWDFRWWRFRPHFRQGLPHQWRSHUXRYDFKH DQGDYDQRVWUDSD]]DWH 9DULDQWHVLPLOHLQXVRQHOOD%DVVD3RUGHQRQHVHLOIULQFLRIHJDWLQLVRI IULWWLFRQEXUURHFLSROODHSRUWDWLDFRWWXUDFRQYLQRURVVRGDVHUYLUHFRQ XQDSROHQWLQDWHQHUD 6HQ]DQRPHXQSLDWWRFKHUDFFRJOLHYDLO´TXLQWRTXDUWRµGHOO·DQLPD OH9HQLYDVHPSUHFRQVHUYDWRLOVDQJXHHDYROWHSXOLWHSD]LHQWHPHQWHOH EXGHOODUHFXSHUDWLFUHVWHHEDUJLJOLVHHUDXQJDOOR6DQJXHEROOLWREXGHOOD HFUHVWHWXWWRWDJOLDWRDSLFFROLVVLPLSH]]LDUULFFKLYDQRODSLHWDQ]DÀQRD SRWHUQHIDUHXQDFHQDSHUFLQTXHVHLSHUVRQHFRQSROHQWDDYRORQWj /DSHWWRULQDODFDUDWWHULVWLFDSHOOHJUDVVDGHOFROORHGHOSHWWRGHLWDF FKLQLVLFXRFHYDLQXPLGR &RPHSHULOPDLDOHLO´FRUEDQµODFDUFDVVDGHOO·RFDGRSRFKHODFDUQH HUDVWDWDWDJOLDWDSHUODFRQVHUYD]LRQHQHOJUDVVRYHQLYDOHVVDWRHVLFRQGL YDFRQLONUHQ )5$77$*/,(3(5/()(67( *OLDJQHOOLFRPHJOLRYLQLLQJHQHUDOHYHQLYDQRFRPXQHPHQWHDOOH YDWL QHOOH FDPSDJQH LVWULDQH GL FRQVHJXHQ]D q IUHTXHQWH O·XVR LQ FXFLQD DQFKHGLTXHVWLDQLPDOL7UDOHFDUQLSRYHUHWURYLDPROHWULSSH´WULSROLQL GHDJQHOµ/HLQWHULRUDXQDYROWDSXOLWHDYYROJHYDQROR]DPSHWWRGHOOR VWHVVRDJQHOORTXLQGLYHQLYDQRDEEUXVWROLWHHGRSRTXHVWRSURFHGLPHQWR HUDQRIDWWHFXRFHUHQHOVXJRFRQGLWRFRQLOSHVWRGLODUGRHGHUEHDURPD WLFKH 8Q·DOWUD SLHWDQ]D VLPLOH HUDQR OH WULSSH GL DJQHOOR FRQ OD ULFRWWD TXHVWDSUHSDUD]LRQHHUDODSRUWDWDWUDGL]LRQDOHGHOODFHQDGHO6DEDWRVDQWR *OLLQWHVWLQLXQDYROWDSXOLWLYHQLYDQRDWWRUFLJOLDWLDWWRUQRDJOLVWLQFKLHDOOD $FFDGHPLD,WDOLDQDGHOOD&XFLQD )ULXOL9HQH]LD*LXOLD 3(*(3(5+9(*( +HSSH J\JPUH KLSSL JHYUP KH UVU KPTLU[PJHYL[YHLVYPNPULSHJHSHUKYHJH HU[PJVWPH[[VKPKLYP]HaPVULTHYPUHYH SH J\P YPJL[[H u Z[H[H KLWVZP[H[H JVU H[[VUV[HYPSLULSKHSSH+LSLNH aPVULKP;YPLZ[LWYLZZVPS*VT\ULLSH *HTLYHKPJVTTLYJPVKLSSHJP[[n *HYUP LZZPJJH[L KP HNULSSV L TVU [VUL WVJV KLWLYPIPSP L KP S\UNH JVUZLY]HaPVUL ]LUP]HUV \[PSPaaH[L H IVYKV KLSSL UH]P WLY WYLWHYHYL PS IYVKV+HSSHJHYULIVSSP[HYPWHZZH[HPU WHKLSSHJVU]LYK\YLHYVTPJVUZLY]H KPWVTVKVYVLWH[H[LZPYPJH]H]HWVP \UZVZ[HUaPVZVZLJVUKVWPH[[V0U[LT WP Z\JJLZZP]P SL JHYUP LZZPJJH[L ZVUV Z[H[LZVZ[P[\P[LKHJHYUPMYLZJOLHUJOL KP THUaV V KP ]P[LSSV THU[LULUKV PU]HYPH[H SH WYVJLK\YH 3H KLUVTP UHaPVUL KP ¸JHSHUKYHJH¹ WV[YLIIL KLYP]HYL KHS WLZHU[L ¸JPSPUKYV¹ \ZH[V \U [LTWV WLY JVTWYPTLYL SL JHYUP LZZPJJH[L V KH ¸JHSHUKYH¹ UVTL KP \U»HU[PJHPTIHYJHaPVULKH[YHZWVY[V WHVWDGHOO·DQLPDOHLQGLOHVVDWLHLQVHJXLWRIDWWLIULJJHUHOHQWDPHQWH(UDQR FKLDPDWLDQFKH´SLQLQLµGDOSLHGHLQFXLHUDQRDYYROWL .DWKDULQD 3UDWR QHO FDSLWROR GHO VXR PDQXDOH 3LHWDQ]H G·LQWHULRUD IRUQLVFHODVHJXHQWHULFHWWD´VLFRPSUDODWULSSDJLjULSXOLWDHFRWWDWXWWDYLD ODVLGLJXD]]DDQFRUDLQGLYHUVHDFTXHSRLWDJOLDWDDOLVWDUHOOHODVLPHWWH QHOJUDVVRFRQFLSROODVRIIULWWDSDQJUDWWDWRSUH]]HPRORDJOLRVDOHHSHSH HSRFRSHUYROWDGHOEURGRÀQFKpVLDWHQHUDHLQÀQHXQSR·GLDJURHEXFFLD GLOLPRQH1HOO·LPEDQGLUHODVLFRVSDUJHGLIRUPDJJLRµ 1HOOH IDPLJOLH LQ )ULXOL XQR GHL ULWL SL VLJQLÀFDWLYL GHOOD YLJLOLD GL 1DWDOHHUDTXHOORGHOO·DFFHQVLRQHQHOIRFRODUHGLXQJURVVRFHSSRGLIDJ JLR R GL JHOVR FKLDPDWR ´QDGDOLQµ FKH YHQLYD SRUWDWR LQ FDVD GDO SDGUH DFFRPSDJQDWRGDWXWWDODIDPLJOLD3ULPDGLDYYLDUVLDOODPHVVDGL1DWDOHLO ´QDGDOLQµYHQLYDDFFHVRGDOSLJLRYDQHIDPLJOLDUH ,OVXRIXRFRGRYHYDHVVHUHPDQWHQXWRYLYRÀQRD &DSRGDQQRRPHJOLRDQFRUDÀQRDOO·(SLIDQLD/H FHQHUL YHQLYDQR VSDUVH QHL TXDWWUR DQJROL GHOOD FDVDDSURWH]LRQHGHLIXOPLQLHQHLTXDWWURDQJROL FKHGHOLPLWDQRLFDPSLSHUSUHVHUYDUOLGDLWHPSR UDOLHGDOOHWHPSHVWH'RSRODPHVVDJOLXRPLQLVL ULWURYDYDQR LQ RVWHULD SHU IDUVL JOL DXJXUL GDYDQWL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD )ULXOL9HQH]LD*LXOLD DG XQ SLDWWR GL WULSSH /D SUHSDUD]LRQH GHOOH WULSSH FRPLQFLDYD LO JLRUQR SULPDSHUFKpFRPHPROWLDOWULSLDWWLVRQREXRQHHDQ]LORVRQRGLSLVH ODVFLDWHULSRVDUHHULVFDOGDWH/DIRUPXODSLIUHTXHQWHHUDTXHOODLQ]XSSD LQDOWUHSDUROHOHVRSLV8QDFRQVXHWXGLQHRJJLGLPHQWLFDWDVHQRQFLIRVVH XQDFDQ]RQHGDRVWHULDDULFRUGDUFHORRJQLWDQWR´VRSLVQRVRQWULSLVHWULSLV QRVRQVRSLVµ 3HUODIHVWDGHOO·$VFHQVLRQH6HQVDGDO9HQHWRDO)ULXOLDOO·,VWULDHUD G·XVRPDQJLDUHODOLQJXDGLPDLDOH7DQWRFKHXQDQWLFRSURYHUELRUHFLWD ´SHUODIHVWDGHOOD6HQVDFKLQRQPDJQDOLQJXDUHVWDVHQVDµ'DGRFXPHQWL GHOODSHQLVRODLVWULDQDVDSSLDPRFKHLQTXHOODJLRUQDWDGLIHVWDVLPDQJLDYD FRVu SHU PHUHQGD OD OLQJXD GL PDLDOH DIIXPLFDWD OHVVD ÀQRFFKL VRIIULWWL QHO ODUGR SDQH FRQGLWR FRQ O·ROLR ,O WXWWR DFFRPSDJQDWR GD YLQR ELDQFR ,OSLDWWRSULQFLSDOHGHOSUDQ]RHUDLO´OXGURGHSRUFRµVWRPDFRULSLHQRGL IRUPDJJLRXRYDHSDQJUDWWDWRLOWXWWROHVVDWRHVHUYLWRDIIHWWDWR /DFRQVXHWXGLQHGHOSRSRORFRQWDGLQRDPDQJLDUHODOLQJXDDIIXPLFD WDGHOPDLDOHLQRFFDVLRQHGLTXHVWDIHVWLYLWjGHULYDSUREDELOPHQWHGDOOH FHOHEUD]LRQLFKHVLWHQHYDQRQHOO·DQWLFD5RPDLQRQRUHGL0D\DGHDGHO ODIHFRQGLWjDOODTXDOHLOSULPRJLRUQRGLPDJJLRYHQLYDVDFULÀFDWDXQD VFURID ,QÀQHODFRGDGLDJQHOORYHQLYDVHUYLWDLQXPLGRDOSUDQ]RGLQR]]HHG HUDLOSLDWWRGHVWLQDWRDOODVSRVD /(556*633()69(;6 (SLZZHUKYV*\SV[ .PHTWPLYV.YLNVYPZ 9LUaV4H[[PVUP*; .P\SPHUV9LSQH 4HYH9VUKP (SPKH9V]H7VU[L (U[VUPL[[H:[YVPSP 7PLYV(:\ZTLS .PVYNPV=PLS+*:; 9VILY[VAV[[HY $FFDGHPLD,WDOLDQDGHOOD&XFLQD ( (PLOLD5RPDJQD (PLOLD5RPDJQD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD */,6&$57,'(//$&8&,1$5,&&$ ,QRJQLSLDWWRFKHFLSHUYLHQHGDOSDVVDWRqUDFFKLXVDWDQWDVWRULDWDQWD FXOWXUDIUXWWRGHOOHIRUWLHUDGLFDWHWUDGL]LRQLFKHUDSSUHVHQWDQROHRULJLQLH OHUDGLFLDQFKHLQFRQVFHGHOODQRVWUDFLYLOWj,QTXHVWRFDVRVRQRIUDPPHQWL GHJOLDQWLFKLVDSRULHGHJOLDQWLFKLSURIXPLFKHVLVPDUULVFRQRHPDQPDQR FKHVFRPSDLRQRGDOOHQRVWUHWDYROHLSLDWWLHLFLELWUDGL]LRQDOLWHVWLPRQLDQ ]HGHOO·LQÀQLWDYLWDOLWjHULFFKH]]DGHOODWLSLFDFXFLQDUHJLRQDOHSHUGLDPR SDUWHGHOODQRVWUDFXOWXUDGHOODQRVWUDLGHQWLWj'REELDPRLPSDUDUHDVDOYD UHTXHVWHULFFKH]]HVDOYDJXDUGDQGROHSHUODVFLDUOHLQHUHGLWjFRPHYDORUL SULPDULVXFXLEDVDUHXQGRPDQLLOYLYHUHTXRWLGLDQR 1RQ GREELDPR GLPHQWLFDUH FKH OD ´PHPRULD q XQD FDWHQD FKH OHJD O·XRPRDOVXRSDVVDWRµXQGHWWRFKHYDOHDQFKHSHUWXWWRTXDQWRFRQFHUQHOD FXFLQDHODWDYROD3HUTXHVWRO·LPSRUWDQ]DGHOOHFDUQLGDQRQGLPHQWLFDUH PD DQFKH GL RJQL DOWUR WLSR H JHQHUH DOLPHQWDUH DVVXPHXQVLJQLÀFDWRSLDPSLRHLPSRUWDQWHSHU FKpFRQORURVLGLPHQWLFKHUHEEHURLSLDWWLHOHWUDGL ]LRQLDFXLVRQROHJDWLSHUGHQGRFRVuXQDSDUWHGL QRLHGHOQRVWURSDVVDWR,OGHFDGLPHQWRFKHDEELD PRVXELWRLQTXHVWLXOWLPLDQQLLQFXFLQDGRYH q LQ FRUVR XQD SURJUHVVLYD VFRPSDUVD GHOODFXFLQDIDPLJOLDUHHGLFDVDFRQ L VXRL SLDWWL OH VXH DELWXGLQL H OH VXH WLSLFKH WUDGL]LRQL UHJLRQDOL FRQ L JUDQGL SLDWWL FKH KDQQR IDWWR OD VWRULD GHOOD FXFLQD LWDOLDQDFLVWDSRUWDQGR DG XQD OHQWD JUDGXDOH PD FUHVFHQWH SHUGLWD GLLGHQWLWjHDGXQLQH YLWDELOH DSSLDWWLPHQWR FXOLQDULRDGXQWLSRGL FXFLQDIDWWDGDQGRSRFD $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD LPSRUWDQ]DDLSURGRWWLVWDJLRQDOLGHOWHUULWRULRFRQLOFRQVHJXHQWHULVXOWDWR GLSLDWWLDQRQLPLHDSSURVVLPDWL 8OWHULRUHPRWLYRGLWXUEDWLYDqODVFRPSDUVDSUDWLFDPHQWHTXDVLWRWDOH GHOODFXFLQDUXUDOHHFRQWDGLQDGHLVXRLSURGRWWLHGHOOHVXHWUDGL]LRQL 8QDYROWDQHOOHIDPLJOLHOHGRQQHVWDYDQRPROWRDWWHQWHDOFRVWRGHOOD VSHVDLOJHQHUDOL]]DWREHQHVVHUHKDDEEDVVDWRGLPROWRODVRJOLDGLTXHVWD DWWHQ]LRQH3HUTXHVWRPRWLYRHSHUTXDQWRULJXDUGDLQSDUWLFRODUHODFDUQH ERYLQDDOORUDLWDJOLSLHFRQRPLFLDYHYDQRXQDORURSUHVHQ]DHXQ·LPSRU WDQ]DGLULOLHYRQHOPHQXGHOODFDVDOLQJD9HQHQGRPHQRTXHVWRIDWWRUHFRQ LOSDVVDJJLRGDXQDJDVWURQRPLDGHOODIDPHDGXQDWDYRODULFFDHVÀ]LRVD DQFKHLWDJOLDFXLIDUULIHULPHQWRHLQSDUWLFRODUHLPHQRQRELOLHOHIUDW WDJOLHVRQRYLDYLDGLPLQXLWLQHLPHQXTXRWLGLDQLHVXOOHWDYROHPHQWUHLQ UHDOWjFRPHOHDELWXGLQLHLULFHWWDULWHVWLPRQLDQRVRQRFDUQLFKHVLSRVVRQR XWLOL]]DUH SHU SLDWWL GL RWWLPD IDWWXUD H TXDOLWj H QRQ LQ FRQWUDVWR FRQ JOL DWWXDOLPRGHOOLGLHWHWLFLHGLUHSHULELOLWj /DULFHUFDGHOOHFDUQLGDQRQGLPHQWLFDUHQHOOHWUDGL]LRQLFXOLQDULHH DELWXGLQLDOLPHQWDULHPLOLDQHULFRSUHXQDPSLRYHQWDJOLRGLSURSRVWHFKH WRFFDQR ERYLQL RYLQL H FDSULQL PD DQFKH L FDYDOOL H JOL DVLQL ROWUH DJOL DQLPDOLGHOO·DLDSROOLWDFFKLQLHIDUDRQHDQDWUHHRFKHVHQ]DGLPHQWLFDUH LQÀQHLPDLDOL $QFKHLQ(PLOLDFRPHG·DOWURQGHQHOUHVWRGHOO·,WDOLDWUDOHFDUQLGD QRQ GLPHQWLFDUH OD SDUWH IRUWH OD ULFRSUH FHUWDPHQWH O·XWLOL]]R GHO TXLQWR TXDUWRGHOPDQ]RRGHOOHIUDWWDJOLHGHOOHDOWUHVSHFLHGLDQLPDOLVRSUDFLWDWH 2OWUHDOTXLQWRTXDUWRYHURHSURSULRWXWWRTXHOFKHULPDQHGRSRODPDFHO OD]LRQHGHOODEHVWLDYDFFLQDXQDYROWDWROWHOHSDUWLSUHJLDWHFLRqLGXHTXDU WLDQWHULRULHTXHOOLSRVWHULRULVLGHYRQRDJJLXQJHUHQHOODFXFLQDSRYHUD HSRSRODUHGHLWHPSLSDVVDWLWXWWHTXHOOHSDUWLHFDUQLFKHQHVVXQRYROHYD FKHYHQLYDQRUHFXSHUDWHHXWLOL]]DWHHFKHUDSSUHVHQWDYDQRJOLVFDUWLGHOOD FXFLQDSLULFFDHYDULDGHOOHWDYROHLPEDQGLWHLOFRGRQHODWHVWDODOLQJXD HOHPDPPHOOHHSHUTXDQWRULJXDUGDLOYLWHOORJOL]DPSHWWL 3HUVHFROLOHGRQQHHPLOLDQHFRQLOORURHVWURHODORURLQYHQWLYDGD XQDFXFLQDULFDYDWDGDJOLRUJDQLLQWHUQLHGDOOHSDUWLGLUHFXSHURGHOO·DQL PDOHLQGLFDWRULGLXQDFXFLQDTXRWLGLDQDXPLOHHSRSRODUHKDQQRHODERUDWR SLDWWLFKHDQFRUDRJJLVRQRDSSUH]]DWLHULFHUFDWLSLHQLGLSURIXPLHDURPL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD YHUH H SURSULH JKLRWWRQHULH 7XWWL UHDOL]]DWL FRQ JOL DFFRUJLPHQWL ULFKLHVWL GDXQDFXFLQDSD]LHQWHLJLHQLFDIHGHOHDLFDQRQLGHWWDWLGDJHQHUD]LRQHLQ JHQHUD]LRQHSLDWWLGDJOLLQWLQJROLVXSHUELDOORUDSHQVDWLHIDWWLSHUHVVHUHGD VXSSRUWRDOWDQWRSDQHXWLOL]]DWRSHUVIDPDUHOHPROWHERFFKHGLIDPLJOLD 3XU DYHQGR VHPSUH XWLOL]]DWR H PDQJLDWR WXWWR FLz FKH GHOO·DQLPDOH qFRPPHVWLELOHQRQHVLVWHQHOODFXFLQDHPLOLDQDFRPHDYYLHQHLQYHFHLQ DOWUH ]RQH XQD UDGLFDWD H WLSLFD WUDGL]LRQH FKH IDFFLD ULIHULPHQWR DG XQD SUHFLVD H VSHFLÀFD SDUWH GHOO·DQLPDOH 'RSR XQ SHULRGR LQ FXL OD IRUWXQD GHOOH FDUQL ERYLQH KD DYXWR XQ FUROOR SHU OD FULVL GHOOD PXFFD SD]]D VL q ULDSHUWR LO PHUFDWR LQ SDUWLFRODUH TXHOOR GHO TXLQWR TXDUWR H GHOOD WULSSD FRVuGDFRQVHQWLUQHLOFRPPHUFLRHO·XVRLQFXFLQD 7UDLFRPSRQHQWLGHOTXLQWRTXDUWRQHOO·DUHDHPLOLDQDLOSLXVDWRq VHQ]·DOWURLOIHJDWRGRYHLOSLSUHJLDWRqLOIHJDWRGLYLWHOOR 3HUTXDQWRULJXDUGDODWULSSDO·$UWXVLODGHÀQLVFHDGGLULWWXUDFRVu´OD WULSSDFRPXQTXHFXFLQDWDHFRQGLWDqVHPSUHXQ SLDWWRRUGLQDULR/DJLXGLFRSRFRFRQIDFHQWH DJOLVWRPDFKLGHEROLHGHOLFDWLµ(SHULOSHVR FKHTXHVWRDXWRUHKDDYXWRVXLJXVWLFXOLQDUL GHJOLLWDOLDQLVLSXzEHQFDSLUHFRPHODWULSSD VLD VWDWD VHPSUH SRFR FRQVLGHUDWD DQFKH LQ 75,33$$//$%2/2*1(6( ,QJUHGLHQWLNJGLWULSSDJGLSDQFHWWDGLPDLDOHJGLSDUPLJLDQRJUDWWXJLD WRJGLEXUURFXFFKLDLGLROLRGLROLYDH[WUDYHUJLQHXRYDLQWHUHPH]]DFLSROOD XQDJOLRXQFLXIIRGLSUH]]HPRORXQELFFKLHUHGLEURGRVDOHSHSH 3UHSDUD]LRQH 0HWWHUH OD WULSSD D OHVVDUH LQ DEERQGDQWH DFTXD VDODWD SRL WDJOLDUOD LQSH]]LTXDGUDWLRDVWULVFLROLQH7ULWDUHÀQHPHQWHJOLRGRULHODSDQFHWWDURVRODUH LOWXWWROHQWDPHQWHQHOEXUURDJJLXQJHUHODWULSSDHIDUODLQVDSRULUHSHUXQDGHFLQD GLPLQXWLVDODUHHSHSDUHDJJLXQJHQGRLOEURGRHIDUFXRFHUHSHUPH]]·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ÀD OD SL VSXJQRVD H SUHJLDWD O·RPDVR R FHQWRSHOOL FRPH VDSRUHODSLGHOLFDWDHSRLGDOORVWRPDFRYHURHSURSULRO·DERPDVRRODP SUHGRWWRLOSLVDSLGRHJUDVVRGLWXWWL8QDYROWDDFFXUDWDPHQWHSXOLWHH ODYDWHSULPDGHOODEROOLWXUDOHWULSSHWDJOLDWHDOLVWDUHOOHVRQRSURQWHSHU XOWLPDUHODFRWWXUDQHOVXJRFKHSLDJJUDGD ,Q(PLOLDLOULFFREROOLWRPLVWRHUDXQRGHLSH]]LIRUWLGHOODVXDFXFLQD VLWURYDYDLQRJQLPHQXGLULVWRUDQWHPDFRVDSLLPSRUWDQWHHUDXQRGHL SXQWLIRUWLGHOODFXFLQDGLFDVD,QIDPLJOLDROWUHDOODFDUQLHUDLOVXREUR GRFKHDYHYDULOHYDQ]DVHUYHQGRSHUODFRWWXUDGHOOHIDPRVHSDVWHULSLHQH HPLOLDQHWRUWHOOLQLFDSSHOOHWWLDQROLQL2OWUHDOODERQWjLQWULQVHFDGHLVXRL GLYHUVL FRPSRQHQWL HUD QRWHYROH LO IDVFLQR GHO FDUUHOOR FRQ OH YDVFKHWWH FRSHUWHSLHQHGLEURGRIXPDQWHFKHOLFRQWHQHYDQRDOFDOGRSRUWDWRGDO PRGHUQR ´WULQFLDQWHµ 4XHVWL GRSR DYHU HVWUDWWR OD FDUQH SRQHQGROD VXO SLFFRORWDJOLHUHSUHSDUDYDLOSLDWWRFRQO·DIÀODWRFROWHOORULVSRQGHQGRDOOH ULFKLHVWHGHOFOLHQWHRSHUD]LRQHPROWRFRLQYROJHQWHFKHULHPSLYDORVWRPD FRPDUDOOHJUDYDDQFKHO·RFFKLR2JJLTXHVWDJORULDGHOODFXFLQDERORJQHVH qTXDVLVFRPSDUVDGDOOHWDYROHGLFDVDHLULVWRUDQWLGRYHDQFRUDVLWURYDLO FDUUHOORVRQRULPDVWLYHUDPHQWHSRFKL1HOODFXFLQDWLSLFDWUDGL]LRQDOHEROR JQHVHYLJRQRUHJROHEHQSUHFLVHFRQGRVLHTXDQWLWjSUHGHÀQLWHVRORSHUL GROFLHGHVVHUWPDOD´UHJRODGHOVHWWHµqLQYHFHTXHOODFKHIDULIHULPHQWR DO´JUDQEROOLWRPLVWRERORJQHVHµ3HUODSUHSDUD]LRQHHODEXRQDULXVFLWDGL TXHVWDVSHFLDOLWjWUDGL]LRQDOHVHPSOLFHPDDOORVWHVVRWHPSRULFFDRFFRUUR QRVHWWHWDJOLGLFDUQHERYLQDSUHVHQWLFRQSDUWLJRPPRVHHSDUWLGLFDUQHD ÀEUDOXQJDFRSHUWLQDIDOODWDJLUHOORSROSDGLVSDOODSXQWDGLSHWWRFROVXR ÀRFFRGRSSLRQHFXODWWDVHWWHJOLRUQDPHQWLWHVWLQDOLQJXD]DPSLQRFRGD SRVVLELOPHQWHWXWWHGLYLWHOORFDSSRQHRJDOOLQDFRWHFKLQRRVHFRQGRLO PRPHQWROR]DPSRQHFRVWROHGLPDLDOH6RQRSRLVHWWHDQFKHOHVDOVHGL DFFRPSDJQDPHQWRHVHWWHLFRQWRUQL 8QRGHLVXRLFRPSRQHQWLEDVHHUDODOLQJXDGLPDQ]RHLQIXQ]LRQH GHOOHDELWXGLQLGLIDPLJOLDVLXVDYDODOLQJXDGLPDQ]RSHUFKpSLJUDQGH SHVDQWHHGDOVDSRUHSLGHFLVRFKHULFKLHGHXQDFRWWXUDSLSUROXQJDWDR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD ODOLQJXDGLYLWHOORFKHKDXQJXVWRSLGHOLFDWR,QROWUHULFKLHVWLHXWLOL]]DWL HUDQRLOFHUYHOORHOHDQLPHOOHTXHVWHRJJLGLGLIÀFLOHUHSHULPHQWRSHUFKp RUDLPDFHOODLJXLGDWLGDOODVHUVHJDQGRDPHWjLOERYLQRSHUSRLODYRUDUOR GLYLGRQRLQGXHODVXDVSLQDGRUVDOHVLSHUGHFRVuLOFRUGRQHVSLQDOH(UDQR TXHVWHWXWWHSDUWLEHQXWLOL]]DWHLQSDUWLFRODUHGDOODFXFLQDERORJQHVHSHUFKp HUDQRWUDLFRPSRQHQWLSLSUHJLDWLHSUHOLEDWLQHOJUDQIULWWRPLVWRERORJQH VH6LWUDWWDGLXQSLDWWRHFFH]LRQDOHFKHGRSRODSDVWDIDWWDLQFDVD FRVWLWXLVFHO·HPEOHPDHO·RUJRJOLRGHOODFXFLQDERORJQHVH/D VXD FDUDWWHULVWLFD SHFXOLDUH q FKH GHYH HVVHUH FRPSRVWR GD WDQWLLQJUHGLHQWLTXHVWRIDPRVRSLDWWRqVLQRQLPRGLRSX OHQ]DFKHVRQRHVVHQ]LDOLSHURWWHQHUHTXHOODWULRQIDOLWj TXDVLEDURFFDFKHLQWHQGHYDQRGDUJOLLERORJQHVLFKHOR FUHDURQRFLQTXHVHFROLRUVRQRËSUDWLFDPHQWHLPSRVVL ELOHDYHUHWXWWLLFRPSRQHQWLFRQWHPSRUDQHDPHQWHSHUFKp PROWLVRQROHJDWLDOODVWDJLRQDOLWjHTXLQGLXQDVFHOWDDOO·DWWR GHOODSUHSDUD]LRQHVLLPSRQHLPSRUWDQWHqFKHVLDQRSUHVHQWLVLD FDUQLVLDYHUGXUHVLDIUXWWDHGROFL/DWUDGL]LRQHYXROHFKHFL VLDQR LPPDQFDELOPHQWH OH FRVWROHWWH GL DJQHOOR OH FURFFKHWWH GL SROOROHFHUYHOODOH]XFFKLQHLFDUFLRÀODFUHPDIULWWDOHIULWWHOOHGLPHOH '·LPSRUWDQ]DYLWDOHSHUODULXVFLWDGLTXHVWDIULWWXUDqO·XVRDEERQGDQWHGL ROLRFKHYDFDPELDWRVSHVVRHODSDVWHOODLQFXLVLLPPHUJRQRLSH]]LSULPD GLHVVHUHPHVVLLQSDGHOODDIULJJHUHHGHOODTXDOHRJQLFXRFRRPDVVDLDFKH VLULVSHWWLKDODVXDSUHSDUD]LRQHVHJUHWDHSUHIHULWDODEDVHFRPXQTXHqOD IDULQDFRQXQSL]]LFRGLVDOHLPSDVWDWDFRQDFTXDRODWWHRELUUDFRQRVHQ]D XRYRFKHDVXDYROWDSXzHVVHUHPRQWDWR 1(//$&8/785$&217$',1$ ,Q(PLOLDqVHPSUHVWDWRVFDUVRO·XWLOL]]RGHJOLRYLQLHGHLFDSULQLFKH QHOO·$SSHQQLQRYHQLYDQRDOOHYDWLVIUXWWDQGRFRVuDOPHJOLROH]RQHLPSHU YLHPDERVFRVHSHUDYHUHVHPSUHODODQDQHFHVVDULDDFRSULUHODIDPLJOLDH LOODWWHSHUULFRWWHHIRUPDJJL/HORURFDUQLHOHUHVWDQWLSDUWLFRPPHVWLELOL VXOOHWDYROHHPLOLDQHQRQKDQQRPDLDYXWRXQJUDQGHVXFFHVVRHQHOWHPSR $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD DQFKH OH PRGLÀFKH DSSRUWDWH VLD GL WLSRORJLD FKH GL TXDOLWj H TXDQWLWj VRQRULVXOWDWHHVVHUHVHPSUHOLPLWDWHSRLFKpLOORURUXRORHODORURSUHVHQ]D LQ FXFLQD HUDQR VHFRQGDUL H WDOL VRQR ULPDVWL DQFRUD RJJL OLPLWDQGRVL DL SUDQ]LGHOOHJUDQGLULFRUUHQ]H7XWWDYLDLQDOFXQLIDPRVLSLDWWLGHOODFXFLQD HPLOLDQD H LQ SDUWLFRODUH GL TXHOOD ERORJQHVH q LQVRVWLWXLELOH OD SUHVHQ]D GHLIHJDWHOOLGLSROORFKHSHUWUDGL]LRQHROWUHDOIHJDWRHDOFXRUHGHYRQR FRPSUHQGHUHDQFKHOHFUHVWHHSHUSLDWWLSLHOHJDQWLOHRYDLHGHOODJDOOLQD ËTXHVWRLOFDVRGHOODYHUVLRQHUXUDOHGHOODFODVVLFDODVDJQDYHUGHERORJQHVH XQD YHUVLRQH FKH HUD LQ XVR QHOOH FDVH GHL FRQWDGLQL SURSRVWD LQ YHUVLR QHQRELOLWDWDFRVuGDGLYHQWDUHQHOVXRHTXLOLEULRGLJXVWLHGLVDSRULXQR GHLSLDWWLSLSUHVWLJLRVLVRQWXRVLULFFKLHGLEHOO·HIIHWWRSHUO·RFFKLRGHO UHSHUWRULRFXOLQDULRSHWURQLDQR4XHVWDYDULDQWHGLODVDJQDFKHVLSUHSDUD FRQOHVWHVVHSURFHGXUHGHOODWUDGL]LRQDOHYXROHODSDVWDVIRJOLDJLDOODIDWWD FLRqVRORFRQIDULQDHXRYDJOLVWUDWLGLSDVWDVLDOWHUQDQRFRQLOFODVVLFR UDJERORJQHVHDUULFFKLWRGDIHJDWLQLGLSROORHFUHPDGLODWWH4XHVWLVWUDWL VRQRSRLLPSUH]LRVLWLGDIXQJKLSRUFLQLWDJOLDWLDFXEHWWLHRYDULQHLPPD WXUHGLJDOOLQD6LQRDSRFRWHPSRIDO·XVRGHLJUDSSROLGLTXHVWHRYDULQH HUDXVXDOHQHOODFXFLQDERORJQHVHSHUFKpFRPSHUDQGROHJDOOLQHGLTXHOOH JUDVVHWRQGHJJLDQWLGDFRUWLOHOHSLDGDWWHSHUIDUHXQEXRQEURGROHORUR RYDLHYHQLYDQRXVDWHPROWRVSHVVRXQLWHDLIHJDWLQLDQFKHSHUSUHSDUDUHXQ FRQWRUQRGDVHUYLUHFRQJOLVIRUPDWL ,OUDJDUULFFKLWRHLPSUH]LRVLWRGDOOHULJDJOLHOHERORJQHVL´DUFKqVWµ OHLQWHULRUDGLSROORFRPSUHVHOHRYDULQHHOHFUHVWHqLOIUXWWRGLXQ·HSRFD SRYHUDQHOODTXDOHQXOODYHQLYDEXWWDWRYLDWXWWRYHQLYDXWLOL]]DWRHFRWWR DQFKH SHU DXPHQWDUH TXHO SRFR FKH VL DYHYD VSHFLDOPHQWH LQ FDPSDJQD GRYH F·HUDQR SL RFFDVLRQL SHU SRWHU DYHUH XQ SROOR &RWWR SHU RWWHQHUH LOEURGRXWLOL]]DWRSHUFXUDUHXQPDODWRRSHUUHQGHUHSLVRVWDQ]LRVRLO PLQHVWURQHGLYHUGXUDLOSROORYHQLYDSDVVDWRDUURVWRRPHJOLRSHUXQD PDJJLRUHUHVDYHQLYDFRWWRFRQFLSROOHHSDWDWHLQXPLGRPHQWUHOHULJD JOLHDQGDYDQRDGDXPHQWDUHLOYROXPHGHOGRPHQLFDOHUDJ8QDOWURWLSRGL LPSLHJRHUDTXHOORGLXVDUHTXHVWDYDULDQWHGLFRQGLPHQWRSHUXQDGHOOHWDQ WHSDVWHDOO·XRYRFKHOHPDVVDLHERORJQHVLSURGXFHYDQRLQFDVDXWLOL]]DQGR LOWRUFKLHWWRSHUSDVWDFRVuGDDYHUHXQDPLQHVWUDGLYHUVDHSLULFFD2JJL F·qLOGLYLHWRGLFRPPHUFLDOL]]DUHTXHVWHRYDULQHHFRQVHJXHQWHPHQWHQRQ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD qSLSRVVLELOHLOORURXWLOL]]RXQDSHUGLWDGRORURVDSHULOQRVWURSDODWR ,OPXWDPHQWRGLDELWXGLQLGLYLWDHGLODYRURKDSRUWDWRVHPSUHSLDOOD VFRPSDUVDGDOOHFDPSDJQHGHOFRQWDGLQRWUDGL]LRQDOHDQ]LGHOODFRQWDGL QDSHUFKpQHOODGLYLVLRQHGHLUXROLHGHLODYRULQHOO·DPELWRIDPLJOLDUHHUD OHLFKHJHVWLYDHTXRWLGLDQDPHQWHFXUDYDVLDO·RUWRVLDJOLDQLPDOLGHOO·DLD 3HUODFXFLQDHPLOLDQDFRVuOHJDWDDOWHUULWRULRHDOODVWDJLRQDOLWjGHLVXRL SURGRWWL O·DVVRWWLJOLDUVL GHOOD SUHVHQ]D FRQWDGLQD KD FRPSRUWDWR DQFKH OD VFRPSDUVDGDOPHUFDWRHGLFRQVHJXHQ]DGDOOHQRVWUHWDYROHGLDOFXQLWLSL GLYRODWLOLGHOO·DLD6HO·DOOHYDPHQWRLQWHQVLYRGHLSROOLGHOWDFFKLQRGHOOD IDUDRQDGHOFRQLJOLRHGHOVXLQRKDVLJQLÀFDWRXQORURPDJJLRUHFRQVXPR TXRWLGLDQRSHUDOWULFRPHO·RFDO·DQDWUDHLOFDSSRQHTXHVWRQRQqDYYH QXWR,OSROORHLOWDFFKLQRFKHVRORLQFHUWHJUDQGLRFFDVLRQLJLXQJHYDQR LQWDYRODSHUXQDFXFLQDVWXGLDWDPHGLWDWDHIHVWLYDRJJLGDQQRRULJLQHDG XQDFXFLQDUDSLGDHDQRQLPD/·RFDRO·DQDWUDPROWRDSSUH]]DWHHDPELWH LQRFFDVLRQHGHOODFHOHEUD]LRQHGLDOFXQHULFRUUHQ]HQRQHVVHQGRHFRQRPL FDPHQWHLQWHUHVVDQWLGDOSXQWRGLYLVWDGHOODSURGX]LRQHLQWHQVLYDYHQJRQR DOOHYDWHRJJLVRORLQDOFXQH]RQH &RQWLQXDQGRLQTXHVWRYLDJJLRDULWURVRDOODULFHUFDGHOOHFDUQLGDQRQ GLPHQWLFDUHXQDOWURSRVWRGLULOLHYRqRFFXSDWRGDOPDLDOHHGDOOHVXHFDU QL 0HQWUH OR ]DPSRQH LO FRWHFKLQR H VHSSXUH LQ PLVXUD PLQRUH OH ORUR YDULDQWLFRQWLQXDQRDGHVVHUHSUHVHQWLVXOOHWDYROHGHOODUHJLRQHHDGHVVHUH DSSUH]]DWLDQFKHGDOOHQXRYHJHQHUD]LRQLDOWUHSDUWLGHOPDLDOHVRQRTXDVL VFRPSDUVHGDOOHPHQVHFDVDOLQJKHPDDQFKHGDLPHQXGHLULVWRUDQWL3DUOLD PRGLTXHOOHHWLFKHWWDWHVRWWRLOQRPHGLIUDWWDJOLHFKHVSHFLDOPHQWHSULPD GHOODJXHUUDDYHYDQRXQSRVWRLPSRUWDQWHQHOO·DOLPHQWD]LRQHGLPROWLLWD OLDQL=DPSHWWLFRGHHRUHFFKLHEROOLWLRFXFLQDWLLQXPLGRFRQLIDJLROLSXU $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD HVVHQGRXQSLDWWRSRYHURVRQRVHPSUHVWDWLFRQVLGHUDWLGDLEXRQJXVWDLGHOOH YHUHHSURSULHOHFFRUQLH&RVuGLFDVLSHUODOLQJXDLURJQRQLLQSDUWLFRODUH SHULOIHJDWRFRQODUHWHHDQFKHVHLQPLVXUDPLQRUHSHULOFXRUHLSROPRQL HODPLO]DFKHVSHVVRDFFRPSDJQDYDQRJRORVDPHQWHODSROHQWD7XWWLTXHVWL FLELKDQQRSXUWURSSRVRIIHUWRGLXQ·LPPDJLQHGLGLIÀFROWjGLJHVWLYDHGLXQD VFDUVDYDOHQ]DVDOXWLVWLFDFKHQHKDQQRFRQGL]LRQDWRIRUWHPHQWHLFRQVXPL /·(PLOLD UHVWD DO FHQWUR GHOO·LQWHUHVVH DOLPHQWDUH H FXOLQDULR SHU OD ÀOLHUDGHOPDLDOHHGHOOHVXHFDUQLDOOHYDPHQWLSURGX]LRQHODYRUD]LRQLH VWDJLRQDWXUDRSHUD]LRQHTXHVWDIDYRULWDWXWW·RUDGDXQDPELHQWHFOLPDWLFR LQYHUQDOHSDUWLFRODUHPROWRDVFLXWWRQHOOHSULPHFROOLQHDSSHQQLQLFKHPD XPLGRHQHEELRVRQHLWHUULWRULGHOODEDVVDYHUVRLO3RËQHOODSDUWHRFFLGHQ WDOHGHOO·(PLOLDFKHVLKDLOJUDQGHVYLOXSSRGHOVXLQRSHUO·DOLPHQWD]LRQH HLQSDUWLFRODUHSHUODVDOXPHULDFRQODWUDGL]LRQDOHFDSDFLWjGLODYRUDUHH WUDVIRUPDUHOHVXHFDUQL 36A(4765,+046+,5( 5LSS»0[HSPHKLSSLJLU[VJP[[nLKLPTPSSLZHWVYPKV]LVNUP]PSSHNNPV]HU[H\UH Z\H ZWLJPHSP[n HSPTLU[HYL L X\HZP ZLTWYL ZWLJPHSTLU[L WLY X\LSSL KP THN NPVYZ\JJLZZVZVUVPUJVYZVL[LYULKPZW\[LJHTWHUPSPZ[PJOLZ\SSHSVYVVYPNP ULNLVNYHÄJH]LU»u\UHHSTLUVX\LZ[HHSS»\UHUPTP[nYPJVUVZJP\[HJVTL PUJVU[YV]LY[PIPSTLU[L TVKLULZL! SV aHTWVUL +H ZLTWYL ]HU[V PUKPZJ\ZZV KLSSHNHZ[YVUVTPH[YH:LJJOPHL7HUHYVSHZ\HMHTHOH]HYJH[VKHTVS[V[LT WVPJVUÄUPKLSSHWYV]PUJPHKP]LU[HUKVPUZPLTLJVUPSWHUL[[VUL\UVKLP WPYHKPJH[PZPTIVSPHSPTLU[HYPKLSSLMLZ[LUH[HSPaPLP[HSPHUL8\LZ[VTLYP[H[V Z\JJLZZVWLY~ULSJVYZVKLNSPHUUPZPuW\Y[YVWWV[YHZMVYTH[VULSZ\VZ[LZZV SPTP[L! LZZLUKV PKLU[PÄJH[V ULSS»PTTHNPUHYPV JVSSL[[P]V JVTL \UV KLP WPH[[P WYPUJPWLKLSSLMLZ[LKPÄULHUUV]PLULJVUZ\TH[VX\HZPLZJS\ZP]HTLU[LPU X\LSSL VJJHZPVUP ,ZZLUKV \U WYVKV[[V KLWLYPIPSL WLY L]PKLU[P WYVISLTP KP JVUZLY]HaPVULPSZ\VJVUZ\TVH\TLU[H]HZVWYH[[\[[VK\YHU[LPTLZPPU]LY UHSPX\HUKVZPTHJLSSH]HPSTHPHSLTHULNSP\S[PTP[YLU[»HUUPNYHaPLHSS»PU [YVK\aPVULZ\STLYJH[VKLSWYVKV[[VWYLJV[[VSHZ\HKPZWVUPIPSP[nuNHYHU[P[H K\YHU[L[\[[VS»HUUV:P[YH[[HKP\UVKLP[PWPJPJHZPPUJ\PSLTVKLYUL[LJUVSVNPL PUK\Z[YPHSPOHUUVWLYTLZZVKPTL[[LYLHKPZWVZPaPVULKLPJVUZ\TH[VYPPUVNUP WLYPVKVKLSS»HUUV\UWYVKV[[VKPKPMÄJPSLWYLWHYHaPVULLJVUZLY]HaPVUL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD ,QRFFDVLRQHGHOODULFRUUHQ]DGL6DQW·$QWRQLR$EDWHYHUVRODPHWjGL JHQQDLRHUDWUDGL]LRQHFKHVWDWRUQDQGRGLPRGDHFKHDOFXQLVWDQQRULSUR SRQHQGRGLFHOHEUDUHODJLRUQDWDGHOPDLDOHWULVWHSHUOXLPDJLRLRVDSHUFKL SDUWHFLSD/DWUDGL]LRQDOH´PDLDODWDµR´7HQWD]LRQLGL6DQW·$QWRQLRµHUDLO JLRUQRLQFXLVLPDFHOODYDLOPDLDOHHVLULFDYDYDQROHSDUWLSHUOHVXFFHVVL YHODYRUD]LRQL2JJLqXQDPDQLIHVWD]LRQHFDUDWWHULVWLFDLQFXLULFRUGDQGR DSSXQWRODFHULPRQLDGHOO·XFFLVLRQHGHOPDLDOHYHQJRQRVHUYLWLTXHLSLDWWL FKHXQDYROWDDOLPHQWDYDQRIDPLJOLHHODYRUDQWLFKHSDUWHFLSDYDQRDOO·XFFL VLRQHHDOODVXFFHVVLYDODYRUD]LRQHGHOODEHVWLD /DUGR PDFLQDWR WHVWLQD ]DPSHWWL FRGD FLFFLROL IUHVFKL FRUDWHOOH H IHJDWR OD IDQQR GD SDGURQH DVVLHPH D FRQVLVWHQWL TXDQWLWj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pSUHFRWWLVLDQR 7,903-())0:6.56+,33,-(40.30,*63650*/, 5,3)636.5,:, 7LY PS WVSSHTL! [\[[P NSP HUPTHSP KH JVY[PSL PUKPJH[P NLULYPJHTLU[L JVU SH]VJL¸WVSSHTL¸ZPKP]PKVUVTL[n HIVJJHLTL[nHZ[PYWL 7LY P Z\PUP! P THPHSP HSSL]H[P WLY PS JVUZ\TV MHTPSPHYL ]HUUV KP]PZP H IVJJH:LSLZ[PYWPMVYTHU[PSHMHTP NSPH JVSVUPJH ZVUV K\L V WP L PS U\TLYV KLP THPHSP u Z\WLYPVYL HS MHIIPZVNUVKLSSLIVJJOLLZZPZPKP]P KVUVMYHSLZ[PYWPHWLZVHZZLNUHUKV PWPNYVZZPHX\LSSLZ[PYWPJOLOHU UV THNNPVY U\TLYV KP IVJJOL L YLNVSHUKV L]LU[\HSP KPMMLYLUaL PUKLUHYV <ZP L JVUZ\L[\KPUP TLYJHU[PSP WLY S»HUUV $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD TXDOLWDWLYDPHQWH LQIHULRUL D TXHOOL IUHVFKL , FRQVXPL GL TXHVWL SURGRWWL VL VRQRVHPSUHFRQFHQWUDWLSHUODPDJJLRUSDUWHQHOPHVHGLGLFHPEUHHLSUR GXWWRULSHUIDUIURQWHDOODULFKLHVWDVLVRQRWURYDWLQHOODQHFHVVLWjGLFRQJH ODUHGXUDQWHO·DQQRVLDOHSHOOLVLDEXRQDSDUWHGHOOHFDUQLXVDWHQHOO·LPSDVWR 3HU TXHVWR DQFKH LO SURGRWWR µIUHVFRµ FKH ID EHOOD PRVWUD QHOOH PLJOLRUL VDOXPHULH q TXDVL WRWDOPHQWH SURGRWWR FRQ FDUQL FRQJHODWH FKH HYLGHQWH PHQWH QRQ SRVVRQR HVVHUH SDUDJRQDWH D TXHOOH IUHVFKH 4XDQG·DQFKH VL IRVVHURXVDWHVROWDQWRFDUQLDSSHQDPDFHOODWHHSUHQGLDPRSHUHVHPSLROR ]DPSRQH TXHVWR SHU VXD QDWXUD GRYUHEEH HVVHUH FRQVXPDWR QHO JLUR GL SRFKLJLRUQLVHEEHQHODVXDFRPPHVWLELOLWjJUD]LHDOO·HVVLFFD]LRQHLQVWXIH DGDULDFDOGDVLDJDUDQWLWDSHUROWUHXQPHVH9DGDVpFKHODTXDOLWjKDXQ FHUWRGHFDGLPHQWRPDQRDPDQRFKHLOWHPSRSDVVD1HOFDVRGHOSUHFRWWR LQYHFHWUDWWDQGRVLGLXQSURGRWWRVWHULOL]]DWRHTXLQGLFRQVHUYDELOHVHQ]D SUREOHPLDQFKHSHUOXQJRWHPSRODSUHSDUD]LRQHVLIDGXUDQWHWXWWRO·DQQR FRQFDUQLHSHOOLDSSHQDPDFHOODWHVLDSXUHFRQJHODWH3HUTXDQWRULJXDUGD SRLODVXDFRWWXUDFKHqPROWROXQJDHODERULRVDLULVFKLFKHODFRWHQQDVL URPSDODVFLDQGRFRVuIXRULXVFLUHLVXFFKLGHOO·LPSDVWRVRQRDOWLVVLPL,Q TXHVWLFDVLTXLQGLLOSURGRWWRSHUGHLQTXDOLWjHVDSRUHDFDXVDGHOO·DFTXD GLFRWWXUDFKHORGLODYD&LzQRQDYYLHQHQHOSUHFRWWRFKHHVVHQGREROOLWR GLUHWWDPHQWHQHOVXRLQYROXFURVLJLOODWRWUDWWLHQHWXWWLJOLXPRULGHOSURGRWWR SHUORVWHVVRPRWLYRDQFKHHYHQWXDOLURWWXUHGHOODFRWHQQDQRQSUHJLXGLFDQR SHUQXOODODVXDTXDOLWj3HUTXDQWRULJXDUGDLQÀQHLOSHULFRORGHOO·DSSRUWR FDORULFRGLTXHVWLLQVDFFDWLIUHVFKLRSUHFRWWLFKHVLDQRRJJLLSURGXWWRUL OXQJR WXWWD OD ÀOLHUD LPSLHJDQR FDUQL GL VXLQR PDJUR H SHU TXHVWR PHQR JUDVVHSXUPDQWHQHQGRLQDOWHUDWHOHFDUDWWHULVWLFKHGLEDVHHODTXDOLWjGHO SURGRWWR &·(5$81$92/7$1(/7(55,725,2520$*12/2 ,QXQ·HSRFDLQFXLDFRQIHUPDGLXQDYLWDIUHQHWLFDHDVVLOODQWHDOPHQR XQRGHLSDVWLTXRWLGLDQLYLHQHFRQVXPDWRYHORFHPHQWHVLSXzDIIHUPDUHFRQ XQDFHUWDVLFXUH]]DFKHQHOWHUULWRULRURPDJQRORLOULWRGHOSUDQ]RHGHOOD FHQDVLDFRPHPRPHQWRIDPLOLDUHVLDFRPHPRPHQWRFRQYLYLDOHFRQWLQXD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD DG HVVHUH SURSRVWR H DSSUH]]DWR FRPH PRGHOOR TXRWLGLDQR ,O WLSR GL FXFLQD ODUJDPHQWH GLIIXVR qTXHOODFXFLQDWUDGL]LRQDOHVHPSOLFHFRUSRVDH JXVWRVDFKHGLXQ·HSRFDQRQWURSSRORQWDQDDQFRUDULSURSRQHHUDFFRPDQ GDOHUHJROHDOLPHQWDULOHULFHWWHHO·XVRGLSURGRWWLORFDOL 4XHVWRTXRWLGLDQRPDQJLDUHEDVDWRVSHVVRVXOODULFHUFDODFRQRVFHQ]D HLOUHFXSHURGHLFRVWXPLDOLPHQWDULGHLYDORULORFDOLUHJLRQDOLHIDPLOLDUL LQVLHPHqWXWWDYLDRJJLQHFHVVDULDPHQWHSURSRVWRGRSRHVVHUHVWDWRÀOWUDWR DWWUDYHUVRO·DWWXDOHUHDOWj ,OTXLQWRTXDUWRFKHqXQEHOPRGRSHULQGLFDUHWXWWLLWDJOLGLPLQRU SUHJLRGLXQDQLPDOHPDFHOODWRDOJLRUQRG·RJJLqPROWRQHJOHWWRVLDSHU FKpqGLIÀFLOHWURYDUHLWDJOLFKHORFRPSRQJRQRVLDSHUFKpLQPROWLFDVL TXHVWLVRQRULWHQXWLSLXWWRVWRFDORULFLHULFFKLGLFROHVWHURORVLDSHUFKpPRO WH SHUVRQH OL ULWHQJRQR GLVJXVWRVL R GLVGLFHYROL VROR SHU OD SRVL]LRQH H LO UXROR FKH KDQQR DOO·LQWHUQR GHOO·DQLPDOH 4XHVWL WDJOL GRYUHEEHUR LQYHFH HVVHUH ULFRQVLGHUDWL LQ TXHVWL WHPSL YLVWR FKH VRQR GHFLVDPHQWH VDSRULWL HFRQRPLFLHQXWULHQWL $OSULPRJUXSSRDSSDUWLHQHDGHVHPSLRODSHFRUDPROWRFRQVXPDWD XQWHPSRQHOOHFDPSDJQHODFXLFDUQHGDOO·LQWHQVRVDSRUHDQGDYDJHQHUDO PHQWHEROOLWDSHUOXQJKHRUH1HOJUDVVRHVRVWDQ]LRVREURGRVLFXRFHYDQR SRLLTXDGUXFFLRLPDOIDWWLQLIDWWLGLVRODDFTXDIDULQDHXQSL]]LFRGLVDOH /DFDUQHOHVVDWDSRLLQJHQWLOLWDGDOODOXQJDFRWWXUDVLWUDGXFHYDLQXPLGL VDSRULWLVVLPLFRQJUDQGHDFFRPSDJQDPHQWRGLSDWDWHRDOWUHYHUGXUH 5,&&,2$55267,72 ,QJUHGLHQWLFDUQHGLULFFLREHQVSHOODWRHSXOLWRIUROODWDSHURUHODUGRURVPDULQR DJOLRVDOYLDSRFRDFHWRRYLQRELDQFRVDOHSHSH 3UHSDUD]LRQH3UHSDUDUHXQÀQHEDWWXWRFRQLOODUGRLOURVPDULQRODVDOYLDHDEERQ GDQWHDJOLR4XDQGRTXHVWRVIULJRODDOOHJUDPHQWHQHOWHJDPHGLFRFFLRDJJLXQJHUH LOULFFLRWDJOLDWRDSH]]L6DODUHHSHSDUHSRLURVRODUHDÀDPPDYLYDFHDJJLXQJHQGR SRFRDFHWRGLYLQRGDIDUHYDSRUDUH&RSULUHHWLUDUHODFDUQHDÀDPPDEDVVDDLXWDQGR ODFRWWXUDFRQDOFXQLFXFFKLDLG·DFTXD $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD 8QDQLPDOHGDOVDSRUHGHOLFDWRVLPLOHDTXHOORGLXQSRUFHOOLQRGDODWWH HUDLQYHFHLOULFFLR&RQVLGHUDWRFDFFLDJLRQHSXUULFRQRVFLXWRXWLOHSHUFKp WHQHYDORQWDQHOHVHUSLGDOOHFDVHQHLPDJULPHVLLQYHUQDOLTXDQGRQHOOH FDPSDJQHODIDPHVLIDFHYDLPSHOOHQWHHUDFDFFLDWRFRQO·DLXWRGHLFDQL FRVuSLFFROLHUDVXIÀFLHQWHXQDIRUWHEDVWRQDWDVXOQDVR6SHOODWLFRQXQD FHUWDGLIÀFROWjSHUYLDGHJOLDFXOHLHEHQULSXOLWLGDOOHLQWHULRUDYHQLYDQR FRWWLDSH]]LQHOODFDVVHUXRODGLFRFFLR /HORURFDUQLFXFLQDWHDYROWHDQFKHLQXPLGR HUDQRFRQVLGHUDWHSDUWLFRODUPHQWHDIURGLVLDFKH &RPXQH H SRFR FRVWRVR PDQJLDUH GL XQ WHP SR HUDQR DQFRUD OH UDQH H OH OXPDFKH OH SULPH VL FRPSUDYDQR LQ SHVFKHULD JLj EHOOH H VSHOODWH SHU HVVHUHSRLPDQJLDWHLQWDQWHHGLYHUVHSUHSDUD]LRQL(UD XQSLDWWRGHVWLQDWRLQJHQHUHDOYHQHUGuJLRUQRGLSHQLWHQ]D DOLPHQWDUH PD OD FDSDFLWj IHPPLQLOH LQ FXFLQD DYHYD LQYHQWDWR XQD WDOH YDULHWj GL ULFHWWH GD UHQGHUOH FRPXQTXH JUDGLWH QRQRVWDQWH OD ORUR VFDUVD VDSLGLWj 3LDWWRDQFRUDSLSRYHURHFRPXQHHUDQRLQYHFHOHOXPDFKHVLUDFFR JOLHYDQRGLUHWWDPHQWHQHLFDPSLGRSROHSLRJJHHLWHPSRUDOLSULPDYHULOLR HVWLYL9LYDPHQWHFRQVLJOLDWHFUXGHDOPDWWLQRDGLJLXQRVLULWHQHYDFKHFRQ ODORUREDYRVLWjSRWHVVHURJXDULUHDQFKHOHXOFHUHSLUHFLGLYH$OWULPHQWL HUDQRSURSRVWHLQWDYRODIULWWHLQXPLGRRDQFRUDFRWWHFROJXVFLRHWXWWRWUD ODEUDFH 1RQLQWURYDELOLPDVRORGLIÀFLOPHQWHUHSHULELOLOHFDUQLGLDOFXQLDQL PDOL GD FRUWLOH LO SDYRQH O·RFD H O·DQDWUD PXWD 6ROR TXHVW·XOWLPD RJJL VLULHVFHDWURYDUHFRQXQDFHUWDIDFLOLWjPDDYROWHVRORVXULFKLHVWDH QHL SHULRGL GL IHVWD LQYHUQDOL /H FDUQL GL TXHVWL DQLPDOL SDUWLFRODUPHQWH DSSUH]]DWHVHEROOLWHRDUURVWLWHHUDQRXQWHPSRHVWUHPDPHQWHFRPXQLSRL FKpDOOHYDWLTXDVLLQRJQLFDVDFRORQLFDLQVLHPHDOUHVWRGHOSROODPH/HSDU WLPHQRSUHJLDWHHUDQRFHUWDPHQWHOHULJDJOLHQRPHJHQHULFRSHULQGLFDUHLO IHJDWRLOFXRUHOHFUHVWHHLEDUJLJOLLWHVWLFROLGHOJDOOROHXRYDQRQQDWHOR VWRPDFRHOHEXGHOOD(SSXUHHUDQRSURSULRTXHVWHODEDVHGLDOFXQHULFHWWH IRQGDPHQWDOLGHOODFXFLQDUHJLRQDOH /HLQWHULRUDDSHUWHFRQXQIXVRHEHQODYDWHVRWWRDFTXDFRUUHQWHJLjGD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD 6$/$0(0$772 ,QJUHGLHQWLLQWHULRUDHSRWHQGRFUHVWHHEDUJLJOLGHOSROODPHJGLSDQHJUDWWX JLDWRJGLIRUPDJJLRJUDWWXJLDWRULFRWWDRIRUPDJJLRIUHVFRXRYDQRFHPRVFD WDSRFDEXFFLDGLOLPRQHJUDWWXJLDWDROLRRVWUXWWRREXUURVDOH 3UHSDUD]LRQH6RIIULJJHUHYHORFHPHQWHOHLQWHULRUDGLSROORFRQROLRRVWUXWWRRFRQ XQDQRFHGLEXUURLQVDSRUHQGROHFRQXQSR·GLVDOH$SSHQDLOWXWWRqURVRODWRWRJOLH UHLOIHJDWRHWULWDUHLOUHVWRLQPDQLHUDDEEDVWDQ]DJURVVRODQD,QXQDWHUULQDXQLUH WXWWL JOL LQJUHGLHQWL SHU RWWHQHUH XQ LPSDVWR SLXWWRVWR DVFLXWWR D FXL GDUH OD IRUPD GL XQ VDODPLQR$YYROJHUOR QHOOD FDUWD VWDJQROD XQ WHPSR OR VL GRYHYD LQVHULUH H FXFLUHGHQWURXQDÀQHWHODELDQFD4XDQGRODFDUQHGHOEURGRFRPLQFLDDGLQWHQHULUVL DJJLXQJHUHLOVDODPLQRDOEURGRSHUSRUWDUORDÀQHFRWWXUD6LSXzVHUYLUHVLDFDOGR FKHIUHGGRDFFRPSDJQDWRGDOOHVWHVVHYHUGXUHHVDOVHXVDWHSHUOHDOWUHFDUQLOHVVDWH VROHUHVHFURFFDQWLGDXQSR·GLVWUXWWRHDSSHQDLQVDSRULWHFRQURVPDULQR VDOHHSHSHVSHVVRULVROYHYDQRLOSUREOHPDGLXQDFHQD6HSRLDTXHVWHVL XQLYDWXWWRLOUHVWDQWH´UDJXLDPHµVLSDUODYDGLVTXLVLWLFURVWLQLSDQHVHFFR WDJOLDWRDFXEHWWLDPPRUELGLWRFRQLOEURGRHFRQGLWRLQWHJOLDFRQULJDJOLH EHQURVRODWHGLFRORUDWLUDJSURIXPDWLDOODQRFHPRVFDWDSHUFRQGLUHOD TXRWLGLDQDVIRJOLDIDWWDLQFDVDGLGHQVHPLQHVWUHFRQLOULVRRFRQODSDVWD GRYHXQDVSROYHUDWDGLIRUPDJJLRSRUWDYDDOO·HFFHOOHQ]DGLULVRWWLGHOLFDWL GLIULWWDWH6HSRLSHUULHPSLUHLSLDWWLGHLQXPHURVLFRPPHQVDOLDTXHVWH FRVuSRFRSUHJLDWHHGLJQLWRVHLQWHULRUDVLXQLYDQR]DPSHEHQSXOLWHHFROOL FRQOHWHVWHDOORUDSRWUHPPRUDFFRQWDUHDQFKHGLSURIXPDWLVSH]]DWLQLULF FKLPDJDULSLGLYHUGXUHFKHGLFDUQHPDLFXLVDSRULHSURIXPLDQFRUDVL ULFRUGDQRFRQXQDFHUWDQRVWDOJLD 7UDOHWDQWHULFHWWHFRQOHLQWHULRUDGHOSROODPHFKHIDFHYDQRSDUWHGHO TXRWLGLDQRGLRJQLIDPLJOLDXQDLQSDUWLFRODUHqOHJDWDDLJLRUQLGLIHVWDLO VDODPHPDWWR6LSUHSDUDYDLOEURGRJHQHUDOPHQWHDOODGRPHQLFDHTXDQGR ODFDUQHPHVVDQHOODSHQWRODVLVDSHYDQRQHVVHUHVXIÀFLHQWHSHUWXWWLHVL UHDOL]]DYDXQDVSHFLHGLSROSHWWRQHSURIXPDWRHVDSRULWRVSHVVRSUHIHULWR DOODFDUQHVWHVVD5DUDPHQWHVLXWLOL]]DYDODVRODFDUQHGLPDQ]RFKHYHQLYD SLXWWRVWRDJJLXQWDVRSUDWWXWWRSHU´WDJOLDUHµLOEURGRFRPXQHPHQWHSUHSD UDWRFRQLOSROODPHDOOHYDWRVXOOHDLH $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD 6HPSUHDSURSRVLWRGL´UDJXLDPHµ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j EHQ VSHOODWH H SXOLWH PD QRQ SULYDWHGLRFFKLHFHUYHOORHUDQRFRQVLGHUDWHSLDWWRGDYHULDPDWRUL ËJLXVWRFRQFOXGHUHTXHVWDEUHYHSDQRUDPLFDGHOOHFDUQLGLPHQWLFDWH SDUODQGRGHOPDLDOHDQLPDOHFKHFRQWUDGGLVWLQJXHLQSDUWLFRODUHOHDELWXGLQL DOLPHQWDULGHOODUHJLRQH6XOFRQVXPRGHOOHVXHFDUQLVXJOLXVLGHLYDULWDJOL VXOOHWUDGL]LRQLOHJDWHDOVXRDOOHYDPHQWRDOODVXDPRUWHHDOODVXDFRQVHUYD ]LRQHVLqJLjVFULWWRWDQWR8QWHPSRQRQF·HUDSDUWHGLTXHVWRDQLPDOHFKH QRQIRVVHXWLOL]]DWDHOHSUHSDUD]LRQLHUDQRGDYYHURWDQWHDYROWHVHPSOLFL LOEURGRGLRVVDIUHVFKHFRQLPRQIULJROLRPDOIDWWLQLDGHVHPSLRDYROWH SLOXQJKHHFRPSOHVVHFRPHLOPLJOLDFFLRODWRUWDGLVDQJXHJOLXPLGL FRQOHFRWHQQHOHRUHFFKLHHODFRGD'HOPDLDOHLQUHDOWjQHOWHUULWRULR DQFRUDQRQqWURSSRGLIÀFLOHUHSHULUHSDUWLHWDJOLSDUWLFRODULVLDSHUO·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ÀQHXQDYROWDEHQUDIIUHGGDWLYHQLYDQR LPPHUVL QHJOL RUFL GL FRFFLR SLHQL GL VWUXWWR VFLROWR FKH UDIIUHGGDQGRVL DYYROJHYD H ULFRSULYD OD FDUQH SURWHJJHQGROD TXHVWR VLVWHPD HUD XVDWR DQFKH SHU OD VDOVLFFLD7HQXWR DO IUHVFR GHOOH FDQWLQH VL FRQVHUYDYD SHU ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD PROWR WHPSR H VL VHUYLYD FRPH SLDWWR SUHOLEDWR VLD FRWWR DOOD JULJOLD VLD PDULQDWRFRQDFHWRHVDOYLD 7DQWRDQFRUDFLVDUHEEHGDUDFFRQWDUHGLTXHVWDFXFLQDORFDOHXQDFXFL QDFRQRVFLXWDQHOPRQGRSHUO·HFFHOOHQ]DGLDOFXQLSURGRWWLHSUHSDUD]LRQL XQD FXFLQD FRQVLGHUDWD GL YROWD LQ YROWD SRYHUD H ULFFD LQVLHPH JUDVVD H VDSRULWDPDQDWXUDOHVHPSOLFHHULFHUFDWD 520$*1$,1&8&,1$ /HULFHWWHUHODWLYHDOTXLQWRTXDUWRLQ5RPDJQDVRQRDEEDVWDQ]DRPR JHQHHLQTXDQWRWDOHHUDLOWHVVXWRHFRQRPLFRGHOODVRFLHWj1HVXJJHULDPR DOFXQHVHJXHQGRXQLGHDOHLWLQHUDULRGDOO·LQWHUQRYHUVRLOPDUH ,OFRPSOHVVRGHLYLVFHULWRUDFLFLFLRqFXRUHSROPRQLHDQLPHOOHSL ODPLO]DHLOIHJDWRFRVWLWXLVFRQRTXHOODFKHYLHQHFKLDPDWDLQJHQHUHFRUD WHOODFRQODTXDOHQHOWHUULWRULRGL&DVWHO6DQ3LHWURVLSUHSDUDODFRUDWHOOD DL IXQJKL 'RSR DYHU VFDOGDWR XQD SDGHOOD H DJJLXQWR O·ROLR VL FXRFH OD EUXQRLVHDOODTXDOHVLXQLVFRQRODGDGRODWDGLFRUDWHOODHXQSL]]LFRGLSHSH URQFLQRWULWDWR4XDQGRVDUjURVRODWDVLÀDPPHJJLDFRQLO&RJQDF6SHQWD ODÀDPPDVLDJJLXQJRQRLSRUFLQLSUHFHGHQWHPHQWHVWXIDWLHVLDJJLXVWD GLVDOHHSHSH6LLQFRUSRUDTXLQGLXQXRYRVEDWWXWRODVFLDQGRFKHVLUDS SUHQGDDIXRFRGROFH/DFRUDWHOODYDVHUYLWDVXSLDWWLFDOGLGHFRUDWDFRQ IXQJKLSRUFLQLODPHOODWLDOPRPHQWR 1HL PHVL LQYHUQDOL QHOOD ]RQD LPROHVH VL SUHSDUDYD XQ UDJ GL ULJDJOLH SHU OH WDJOLDWHOOH /·D]GRUD VFHJOLHYD OD JDOOLQD SL JURVVD H SL JUDVVD IUD TXHOOH DWWLUDWH QHO SROODLR FRQ TXDOFKH PDQFLDWD GL EHFFKLPH $IIHUUDYDVRWWROHDOLODSUHVFHOWDHO·RSHUD]LRQHHUDYHORFH SHUFKpPHQRJUDQRODJDOOLQDEHFFDYDPHQRQHDQGDYD VSUHFDWRGDWRFKHODVXDÀQHHUDLPPLQHQWH/·D]GRUD SRLOH´WLUDYDLOFROORµFRQPDQRHVSHUWDVHQ]DVSH] ]DUORHÀQFKpODSHOOHHUDFDOGDODSHODYD&RQXQ UDSLGRSDVVDJJLRVXOODÀDPPDWRJOLHYDODSHOXULDH DEEUXVWROLYDODSHOOHGHOOH]DPSHHGHLSLHGLSHUXQD SXOL]LDHVHPSODUHYLVWRFKHDYUHEEHXWLOL]]DWRDQFKH $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD TXHVWH SDUWL SHU IDUH OD ´SLJQDWDµ SHQWROD FLRq LO EURGR /D FXRFD SRL WRJOLHYDODOLQJXDHLO´JDUJDUR]]RµWUDFKHDWDJOLDYDLOVHGHUHSRLLQFL GHYDLQEDVVRVRWWRLOSHWWRSHUSHQGLFRODUPHQWHDOORVWHUQRHFRQODPDQR HVWUDHYDFRQGHFLVLRQHWXWWHOHLQWHULRUD 5HFXSHUDWLFXRUHH´PDJzµVWRPDFRXQDYROWDSXOLWLHVYXRWDWLOL SRQHYDDEROOLUHLQXQEURGRFRQFDURWDFLSROODVHGDQRHFRQODFUHVWD/H EXGHOODYHUHHSURSULHFRPSUHVHGLRYDLRHXWHURFRQWHQHQWLDYROWHTXDOFKH SLFFROLVVLPRWXRUORG·XRYRXQRRGXHRYHWWLYHQLYDQRSXUHDPDOJDPDWLXQD GHFLQDGLPLQXWLSULPDGLWRJOLHUHGDOIXRFRLOUDJYHQLYDQRVYXRWDWHFRQ XQIXVRVHPSUHSUHVHQWHQHOOHDQWLFKHFXFLQHSHUFKpXWLOL]]DWRSHUÀODUHOD FDQDSDFROWLYDWDQHOPDFHUR/·D]GRUDVFLDFTXDYDOHULJDJOLHSHUWRJOLHUH RJQLWUDFFLDGLHVFUHPHQWRHOHULSRQHYDLQXQUHFLSLHQWHFRQDFTXDHYLQR SHUFLUFDPH]]·RUD&RQFOXGHYDODSXOL]LDVXOWDJOLHUHUDVFKLDQGROHEXGHOOD FRQ OD SDUWH QRQ WDJOLHQWH GHO FROWHOOR H LQÀQH WDJOLDQGROH PLQXWDPHQWH 6RIIULJJHYDQHOJUDVVRGHOODJDOOLQDXQEDWWXWRGLFLSROODDJJLXQJHYDDJOLR FXRUHHVWRPDFRFRWWLHWULWDWLOHEXGHOODYLQRREURGRHIDFHYDFRQWLQXDUH 75,33$$//$)$(17,1$ ,QJUHGLHQWL NJ GL WULSSD PLVWD JLj FRWWD J GL SDWDWH XQD FLSROOD PHGLD XQ JDPER GL VHGDQR XQD FDURWD J GL IXQJKL VHFFKL XQ EDUDWWROR GL SRPRGRUL SHODWLRGLSROSDGLSRPRGRURXQELFFKLHUHGLYLQRELDQFRVHFFRGLEXRQDTXDOLWj PH]]RELFFKLHUHGLROLRG·ROLYDH[WUDYHUJLQHFXFFKLDLVDOH 3UHSDUD]LRQH3XOLUHODFLSROODLOVHGDQRHODFDURWDHWULWDUOLÀQHPHQWH)DUURVR ODUHLOWULWRFRQO·ROLRLQXQWHJDPHSRVVLELOPHQWHGLWHUUDFRWWD0HWWHUHLIXQJKLLQ DPPROORLQDFTXDWLHSLGDWULWDUOLJURVVRODQDPHQWHHPHWWHUOLGDSDUWHFRQVHUYDQGR O·DFTXDGLDPPROORGRSRDYHUODÀOWUDWD/DYDUHODWULSSDFRQDFTXDEROOHQWHHOLPL QDUHVHSUHVHQWHLOJUDVVRYLVLELOHSRLWDJOLDUODDVWULVFHODUJKHFPVFDUVR9HUVDUH ODWULSSDQHOWHJDPHFRQLOVRIIULWWRGLYHUGXUHHIDUODLQVDSRULUH%DJQDUHFRQLOYLQR HIDUORHYDSRUDUH$JJLXQJHUHLIXQJKLWULWDWLLSRPRGRULHLOVDOH)DUFXRFHUHSHU FLUFDXQ·RUDHPH]]DEDJQDQGRFRQDFTXDFDOGDVHLOVXJKHWWRVLDVFLXJDVVHWURSSR XWLOL]]DUH DQFKH O·DFTXD GHL IXQJKL &RQWUROODUH LO VDOH H XQLUH OH SDWDWH SHODWH H WDJOLDWHDSH]]L/DWUDGL]LRQHULFKLHGHGLDFFRPSDJQDUHTXHVWHWULSSHDFFRPRGDWH FRQIRUPDJJLRJUDWWXJLDWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD ODFRWWXUDSHUFLUFDXQ·RUD$FRWWXUDTXDVLXOWLPDWDDJJLXQJHYDSRPRGRUR VDOHSHSHHDOORURDQFKHIHJDWRVHQRQYHQLYDXWLOL]]DWRSHULFURVWLQLPD VRORSLGLUHFHQWH /HWULSSHVRQREHQHQRWHHVLSUHVWDQRSHUPLOOHVDSRULWHSUHSDUD]LRQL VRQRXQFLERSDUWLFRODUHFDUDWWHUL]]DWRGDOODFRQVLVWHQ]D HODVWLFD JHODWLQRVD PD DOOR VWHVVR WHPSR OHJJHUPHQWH WHQDFHPHQWUHLOJXVWRqDEEDVWDQ]DQHXWURHVLHVDOWD FRQLFRQGLPHQWLXVDWL8QDWLSLFDULFHWWDqGHOODWULSSD DOODIDHQWLQD 7UDOHULFHWWHFRQLOIHJDWRFLWLDPRTXHOODGHLIHJDWHOOL GLPDLDOHDURPDWL]]DWLFRQLOÀQRFFKLRDYYROWLQHOODUHWHGL PDLDOH TXLQGL LQÀO]DWL VX VSLHGLQL H FRWWL LQ IRUQR 6RQR PROWRVDSRULWLHUXVWLFLHVLSUHSDUDQRIDFLOPHQWHDSDUWLUH GDLQJUHGLHQWLSRYHULHGHFRQRPLFL (UD SURSULR YHUR XQ WHPSR VL EXWWDYDQR YLD VROR ´OH RVVDGHOODSROHQWDµRYYHURQLHQWH&RVuDQFKHOHFRWLFKHVLXWLOL]]DYDQRSHU SUHSDUDUHOHFRWHQQHIULWWH7DJOLDWHDVRWWLOLOLVWDUHOOHYHQLYDQRPHVVHQHOOD SDGHOODGLIHUUREHQEHQHDUURYHQWDWDFRSHUWDVXELWRFRQXQSHVDQWHFRSHU FKLRSHUHYLWDUHFKHTXDOFKHSH]]HWWRQHVDOWDVVHIXRULQHOO·LPSDWWRIXPRVR %DVWDYDQRSRFKLPLQXWLDOODORURFRWWXUDLQEUHYHLOJUDVVRVFLRJOLHQGRVL JULOOHWWDYDDOODYDPSDGHOIXRFRQRQSHUQLHQWHHUDQRFKLDPDWLLQGLDOHWWR ´VFULFKLQµ H OH OLVWDUHOOH VL FRQWUDHYDQR FRQWRUFHQGRVL GLYHQWDQGR GDS SULPDWUDVSDUHQWLHSRLEHQURVRODWHHFURFFDQWL(UDXQPDQJLDUHDOOHJUR DFFRPSDJQDWRDXQDFDOGDHSURIXPDWDSLDGLQDHLOORURFRQVXPRHUDOHQWR SHULOWDQWRPDVWLFDUHFKHULFKLHGHYDQR«PDFKHVDSRUHLQGLPHQWLFDELOH 6HODSDURODULJDJOLHRUHJDJOLHVLJQLÀFDFRVDGHJQDGLXQUHLQUHDOWj XQWHPSRTXHVWHHUDQRGHVWLQDWHDLVHUYLWRULYLVWRFKHLOVLJQRUHPDQJLDYDL SROOLHLWDFFKLQLHUHJDODYDOHLQWHULRUDDLVXRLVRWWRSRVWL&·qFKLOHGHWHVWD WURSSR JUDVVH VSHVVR LQGLJHVWH SOHEHH QLHQWH GL SL FKH VFDUWL DOLPHQ WDUL ( FKL OH DPD VDQH QXWULHQWL DSSHWLWRVH 6RQR JOL DOLPHQWL SRYHUL DQ]L SRYHULVVLPL JUD]LH DL TXDOL LQWHUH SRSROD]LRQL VRQR VRSUDYYLVVXWH D FDUHVWLHHSLGHPLHJXHUUHHÁ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ÀDPPHJJLDUH5LPHWWHUHODSDGHOODVXOIXRFR XQLUHOHIHWWLQHGLURJQRQHDJJLXQJHUHLO3RUWRHIDUVDOWDUHSHUPLQXWLTXLQGLVDODUH H SHSDUH7RJOLHUH LO URJQRQH GDOOD SDGHOOD H WHQHUOR LQ FDOGR &RPSOHWDUH OD VDOVD DJJLXQJHQGRXQSR·GLEXUURHPHVFRODQGRVXOIXRFR6HUYLUHLOURJQRQHFRSHUWRGDOOD VDOVD$SLDFHUHVLSXzVSROYHUDUHFRQXQSR·GLSUH]]HPRORWULWDWR YLVWDQXWULWLYR,PROWLDSSDVVLRQDWLGHOJHQHUHQHOODUHJLRQHURPDJQROD VL FRPPXRYRQR GL IURQWH D XQ SLDWWR WDJOLDWHOOH IDWWH LQ FDVD DO VXJR GL IHJDWLQLGLSROORRSSXUHDLFDQQHOORQLULSLHQLDOOHULJDJOLHGLSROOR 3DVVDQGRGDOSROORDOODFDUQHGLYLWHOORVHJQDOLDPRXQDGHOOHIUDWWDJOLH SHUFXLVRQRGLVSRQLELOLPROWHULFHWWHUDIÀQDWHLOURJQRQH &KHOHDQLPHOOHVLDQRWRUQDWHGLPRGDQHOODJUDQGHFXFLQDORGLPRVWUD LO SUH]]R FKH q DQGDWR D VDOLUH LQ PDQLHUD JUDGXDOH H FRVWDQWH QHO FRUVR GHJOL DQQL PHULWR GHL FXRFKL FKH KDQQR IDWWR ULVFRSULUH XQ LQJUHGLHQWH &2'$',%8(,180,'2 ,QJUHGLHQWL NJ GL FRGD ROLR ODUGR VHGDQR XQD FDURWD XQD FLSROOD YLQR URVVR JGLSRPRGRULSUH]]HPROROLPRQHVDOHSHSH 3UHSDUD]LRQH7DJOLDUHODFRGDDWRFFKHWWLVHSDUDQGROHYDULHYHUWHEUHODYDUODHDVFLX JDUOD'RSRDYHUVFDOGDWRO·ROLRLQXQWHJDPHFRQLOODUGRHOHYHUGXUHEHQWULWDWL URVRODUHODFRGDLQTXHVWRVRIIULWWR4XDQGRODFRGDVDUjEHQGRUDWDEDJQDUODFRQLO YLQRURVVRHIDUORHYDSRUDUH8QLUHLSRPRGRULVFKLDFFLDUOLFRQODIRUFKHWWDVDODUH HSHSDUH0HWWHUHODFRGDFRQO·LQWLQJRORVRWWRYXRWRLQXQFRQWHQLWRUHDGDWWRHIDU FXRFHUHDÀQTXDQGRQRQVDUjPRUELGD$FRWWXUDXOWLPDWDIDUUHVWULQJHUHODVDOVD HVHUYLUHEHQFDOGDFRQLOSUH]]HPRORWULWDWRHLOOLPRQH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD GHOODFXFLQDFODVVLFDDEXRQJXVWDLFKHQHPPHQRQHVRVSHWWDYDQRO·HVLVWHQ ]D,QVLHPHDOFHUYHOORDOIHJDWRDOURJQRQHIDQQRSDUWHGHOOHFRVLGGHWWH ´IUDWWDJOLH QRELOLµ FKH YHQLYDQR LPSLHJDWH DQFKH QHL ULVWRUDQWL GL OXVVR DO FRQWUDULR GHOOD WULSSD JLXGLFDWD SLDWWR WURSSR SOHEHR 0D TXDOH SDUWH GHOO·DQLPDOHUDSSUHVHQWDQR"3UHFLVDPHQWHODJKLDQGRODGHOWLPRVLWXDWDQHO FROOR GHL ERYLQL GL HWj LQIHULRUH DL GXH DQQL GRSR QRQ HVLVWH SL SRLFKp YLHQHULDVVRUELWDGDOO·RUJDQLVPR,QDOFXQLFDVLYHQJRQRFKLDPDWHDQLPHOOH DQFKHOHJKLDQGROHVDOLYDULHLOSDQFUHDV,QFRQYHQLHQWLKDQQRXQDTXDQWLWj GLFROHVWHURORQRWHYROHDWWHQ]LRQHGXQTXHDFKLORKDDOWRQHOVDQJXH&RPH PDQJLDUOH"'RUDWHIULWWHVDOWDWHLQSDGHOODDOYLQRFRPHDO0DUVDODDQFKH VXYHOOXWDWDGLSDWDWH 'D,O/LEURGHOOH)UDWWDJOLHGL5REHUWD6FKLUDFRQ)UDQFR&D]]DPDOL $GULDQR6DODQL(GLWRUHWUDLDPRDOFXQHULFHWWHSURSULHGHOWHUULWRULR FRPHTXHOODFKHDEELQDODWULSSDDLSDVVDWHOOL/·XQLRQHGLXQLQJUHGLHQWH WLSLFRWRVFDQRFRPHODWULSSDFRQXQDSUHSDUD]LRQHURPD JQROD FRPH L SDVVDWHOOL IXQ]LRQD DOOD SHUIH]LRQH =833$',75,33$(3$66$7(//, ,QJUHGLHQWL J GL SDUPLJLDQR UHJJLDQR JUDWWXJLDWR J GL SDQH JUDWWXJLDWR XRYDLQWHUHXQDJUDWWXJLDWDGLQRFHPRVFDWDVDOHSHSHELDQFRPH]]DEXFFLDGL OLPRQHJUDWWXJLDWDVRORODSDUWHJLDOOD3HUOD]XSSDJGLWULSSDPH]]DFRVWD GLVHGDQRJDPELGLSUH]]HPRORVSLFFKLGLDJOLRXQDFLSROODURVVDXQDFDURWD GOGLROLRH[WUDYHUJLQHGLROLYDGOGLYLQRELDQFRJGLSRPRGRULSHODWLVDOH 3UHSDUD]LRQH7ULWDUHÀQHPHQWHJOLRGRULGHOOD]XSSDHIDUOLURVRODUHLQXQDFDVVHUXR ODFRQO·ROLRVDODQGRVXELWRLOVRIIULWWR$JJLXQJHUHODWULSSDWDJOLDWDDFXEHWWLTXLQGL EDJQDUODFRQLOYLQR$SSHQDqHYDSRUDWRXQLUHLSHODWLSDVVDWLHIDUFXRFHUHSHUPH] ]RUD1HOIUDWWHPSRLPSDVWDUHEHQHÀQRDGRWWHQHUHXQLPSDVWRGHQVRLOSDUPLJLDQR LOSDQHJUDWWXJLDWROHXRYDODEXFFLDGLOLPRQHODQRFHPRVFDWDDJJLXVWDQGRGLVDOH %DJQDUH FRQ DFTXD OD WULSSD SRUWDUOD DG HEROOL]LRQH H YHUVDUYL GHQWUR L SDVVDWHOOL RWWHQXWLGDOO·LPSDVWRPHGLDQWHO·DSSRVLWRSDVVLQR$SSHQDWRUQDQRDJDOODWRJOLHUH GDOIXRFRODVFLDUULSRVDUHSHUGXHPLQXWLHVHUYLUH $FFDGHPLD,WDOLDQDGHOOD&XFLQD (PLOLD5RPDJQD %(/(&27 'D PROWR WHPSR QHOOD WHU]D VHWWLPDQD GL VHWWHPEUH VL WLHQH D 5XVVL 5DYHQQDOD´)LUDGLVHWGXOXUµXQDÀHUDSDHVDQDQDWDGDPROWRWHPSRSHU IDYRULUHLOFRPPHUFLRGLSURGRWWLHGLXWHQVLOLDJULFROLFKHVLDIÀDQFDYDHVL DIÀDQFDWXWW·RUDDOFXOWRGHOO·$GGRORUDWD/D)LHUDROWUHFKHGDJOLDELWDQWLGL 5XVVLHGHLSDHVLOLPLWURÀHUDIUHTXHQWDWDDQFKHGDJHQWHFKHYHQHQGRGD PROWRORQWDQRDYHYDELVRJQRGLULVWRUDUVLFRQTXDOFRVDGLQXWULHQWHJXVWRVR HYHORFH3HUTXHVWRIXSURSRVWRLOEHOHFRWJLjFRWWRXQLQVDFFDWRFXFLQD WRLQHQRUPLSDLROLGLDFTXDFDOGDFKHYHQLYDDIIHWWDWRDOPRPHQWRHVHUYLWR FRQSXUHDGLSDWDWHRIDJLROLVWXIDWLRVHPSOLFHPHQWHPHVVRWUDGXHIHWWHGL SDQH4XDVLXQFLERGDVWUDGD 1RQqFRQRVFLXWDDOPHQRÀQRDGRJJLODGDWDGLQDVFLWDGHOEHOHFRW qFHUWRSHUzFKHGHULYDGDXQ·DQWLFDHFRQVROLGDWDWUDGL]LRQHSRUWDWDDYDQWL GDLPDFHOODLGL5XVVLQRWRULDPHQWHHFFHOOHQWLQHOO·DUWHGHOOD´EHFFKHULDµ $OFXQLVWXGLRVLHGHVSHUWLGHOOHWUDGL]LRQLHQRJDVWURQRPLFKHORFDOLKDQ QR DSSXUDWR FKH VXO ÀQLUH GHOO·2WWRFHQWR XQR GHL PLJOLRUL VDOXPLHUL GHOOD 5RPDJQD)HOLFH&DQWLPRULPDQGzD0RGHQDDOFXQLVXRLFROODERUDWRULSHU FKpVLSHUIH]LRQDVVHURQHOO·DUWHGLIDUHLO´FRWHFKLQRGDEHOHFRWµËHYLGHQWH TXLQGLFKHHVLVWHXQDVRPLJOLDQ]DGLIRQGRIUDEHOHFRWHFRWHFKLQRPDLO SURGRWWRGL5XVVLVLGLIIHUHQ]LDSHUODVFHOWDGHOOHFDUQLXWLOL]]DWHHSHUO·LQYR OXFURFRVHTXHVWHFKHGDQQRDOO·LPSDVWRXQVDSRUHFDUDWWHULVWLFRHUHQGRQRLO SURGRWWRUXVVLDQRPHQRXQWR(GqVWDWRSURSULRDOORVFRSRGLULPDUFDUHODGLI IHUHQ]DWUDLGXHFKHQRQVHPSUHYHQLYDQRFRQVLGHUDWLSURGRWWLGLYHUVLFKHLO &RPXQHGL5XVVLHOD'HOHJD]LRQHGL5DYHQQDGHOO·$FFDGHPLDKDQQRGHFLVR GLLQWUDSUHQGHUHXQRVWXGLRVXOOHPRGDOLWjGLSURGX]LRQHGLTXHVWRLQVDFFDWR FRVuVWUHQXDPHQWHGLIHVRGDOODQRUFLQHULHORFDOL$WDOHVFRSRVRQRVWDWLULXQLWL LWUHPDFHOODLFKHRSHUDQRGDDOFXQLDQQLQHOODFLWWjGL5XVVLDVVLHPHDGDOWUL HVSHUWLPDFHOODWRULGHOWHUULWRULRQRQSLLQDWWLYLWjLQVLHPHDGXQJUXSSRGL HVSHUWLHGRSRXQFRQIURQWRGLDOHWWLFRVRQRVWDWHLQGLYLGXDWHQHOODFDUFDVVDGL VXLQROHSDUWLGDLPSLHJDUHQHOODSUHSDUD]LRQHGHOO·LPSDVWR /H SDUWL XWLOL]]DWH SHU OD SUHSDUD]LRQH GHO EHO H FRW VRQR L PXVFROL GHOODWHVWDGHOODVSDOODHGHOODFRVFLDODJROHWWDFRPSUHVLLPXVFROLLOWHV VXWRDGLSRVRODVVROHJKLDQGROHSDURWLGLODFRWHQQD3HUODSUHSDUD]LRQH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD (PLOLD5RPDJQD GHOO·LPSDVWRVLPDFLQDODFRWHQQDGDVRODDFUXGRFRQXQDWUDÀODDIRUL ODUJKLSRLODVLDJJLXQJHDJOLDOWULWDJOLGLFDUQHHVLPDFLQDLOWXWWRFRQXQD WUDÀODDIRULSLSLFFROL6XFFHVVLYDPHQWHODPDVVDYLHQHVSLDQDWDVXOWDYROR LQWHJUDWDGHLFRQGLPHQWLHGHOYLQRHLPSDVWDWDÀQRDSHUIHWWDRPRJHQHLWj 3HU O·LQVDFFR VL XWLOL]]DQR EXGHOOD QDWXUDOL GLULWWR GL ERYLQR VDODWH GHO GLDPHWURGLPP/DFRWWXUDULYHVWHXQDSDUWLFRODUHLPSRUWDQ]D/·LQ VDFFDWRYDIRUDWRFRQXQRVSLOORQHRFRQDSSRVLWRVWUXPHQWRSHUDJHYRODUH ODIXRULXVFLWDGLJUDVVRHSUHYHQLUHODURWWXUDGHOODSHOOH9DSRLLPPHUVR LQDEERQGDQWHDFTXDIUHGGDHSRVWRDFXRFHUHSHUDOPHQRRUHGDOO·LQL]LR GHOO·HEROOL]LRQHDOÀQHGLHVDOWDUQHODFROORVLWj,OULVXOWDWRÀQDOHGHOO·DVVDJ JLRGHYHIDUDYYHUWLUHODFRQVLVWHQ]DGHOODFRWLFDHQRQWUDVPHWWHUHHFFHVVLYD XQWXRVLWj/DGROFHPRUELGH]]DGHOEHOHFRWVHUYLWRLQIHWWHFKHPDQWHQ JDQR FRPXQTXH XQD EXRQD FRQVLVWHQ]D VL DFFRPSDJQD WUDGL]LRQDOPHQWH FRQXQDSXUHDGLSDWDWHGHOLFDWDHFRQIDJLROLVWXIDWL/DJLXVWDDFLGLWjSHU HTXLOLEUDUHLOSLDWWRYLHQHULVHUYDWDDGXQYLQRURVVRYLYDFH/·DEELQDPHQWR FRQOD&DQHQDGL5XVVLYLQRVHPSOLFHHSRFRDOFROLFRYLYDFHRIHUPRFKH VLDqXQFODVVLFRLPSHUGLELOH /(556*633()69(;6 :HS]H[VYL(SILYNOPUP ,TPSPV(U[VULSSPUP :HUKYV)LSSLP .PV]HU)H[[PZ[H)VYaH[[H 5VYILY[V-HU[PUP (U[VUPV.HKKVUP 4HZZPTV4HUJPUP+*:; ,\NLUPV4LUVaaP .PHUUP4P[H )Y\UV7VSSPUP 7PLY(UNLSV9HMÄUP 4HYJV:NYVP ;P[V;YVTIHJJV+*:; 9VILY[V=HSK\JJP 9PJJHYKV=PJLU[PUP ,KNHYKVAHNUVSP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7 7RVFDQD 7RVFDQD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7RVFDQD 5,$%,/,7$5(,3,$77,3(5'87, 3HUFKLJXDUGDO·RURORJLRGHOWHPSRTXHOORFKHYHGHO·HYROX]LRQHR O·LQYROX]LRQHGHOODQRVWUDVRFLHWjDSSDUHFKLDURFKHVLDPRLQXQPRPHQWR QHOTXDOHLOEHQHVVHUHIDFLOHTXHOORFRQLOTXDOHHUDYDPRFHUWLGLFRQWLQXDUH DFRQYLYHUHHDJRGHUQHVWDÀQHQGR1RQqFKHVLDWUDPRQWDWDO·HUDGHOSUR JUHVVRFKHDOFRQWUDULRSURPHWWHQXRYLHSLJUDQGLVYLOXSSLqWUDPRQWDWD ODFRQFH]LRQHGLXQ·HVLVWHQ]DQHOODULFFKH]]DVHQ]DIDWLFDVHQ]DSD]LHQ]D VHQ]DDOFXQRVIRU]R(LOEHQHFROOHWWLYRQRQqSLULFHUFDWRTXDQWRORqLO WRUQDFRQWRSHUVRQDOH $QFKHODFXFLQDHO·DOLPHQWD]LRQHVWDQQRVXEHQGRJOLHIIHWWLGLTXHVWR DSSLDWWLPHQWRGHLYDORULFDODQRLFRQVXPLDOLPHQWDULFDODQROHPDQLIHVWD ]LRQLJDVWURQRPLFKHVLPRGLÀFDQRLFRQVXPLGHOOHIDPLJOLH 4XHVWDQRVWUD,WDOLDQHOODTXDOHHUDYDPRFRQVXPDWRULGHOULFFRTXDUWR SRVWHULRUHGHLERYLQLFRQFDUQLLGHDOLSHUFRWWXUHUDSLGHDOODJULJOLDRVXOOD SLDVWUDDUURVWLPDJULHFDUQLFUXGHKDULVFRSHUWRFKH SHUULVSDUPLDUHqPHJOLRXWLOL]]DUHLOTXDUWRDQWHULRUH PHQRFRVWRVRHFRVuVLqPRGLÀFDWRLOFRQVXPRHVLq LQYHUWLWDODWHQGHQ]DGLYHQGLWD (G q ORJLFR FKH QHOOD ULFHUFD GHO EXRQR D SRFR SUH]]R GREELDPR JXDUGDUH LQGLHWUR H ULVFRSULUH OD FLYLOWj FRQWDGLQD QHO PRQGR GHOOH FDUQL L FRVLGGHWWL SLDWWL GHOOD JHQWH VHPSOLFH FKH VRQR WHVWLPRQLDQ]D GL XQ WHPSR QHO TXDOHDQFRUSLFKHLOSLDFHUHVL FHUFDYDGLSODFDUHODIDPHHQXOOD DQGDYD VSUHFDWR 'REELD PR LQROWUH ULFRUGDUH FKH ODFXFLQDSRYHUDqVRVWDQ ]LDOPHQWH OD FXFLQD GHO SLDWWRXQLFR&XFLQDFKH QDVFHYD LQ SDUWH DQFKH GDOOD´UREDµFKHLVLJQRUL UHJDODYDQR SLDWWL FKH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7RVFDQD VRQR WHVWLPRQLDQ]D GL XQ·LQWHOOLJHQ]D H FUHDWLYLWj FKH FRQWHPSHUDYDQR LO ELVRJQRDOSLDFHUH $EELDPRDYXWRSHULRGLVWRULFLFKHFLKDQQRWUDPDQGDWRXQDFXOWXUDGHO OD´PDQLSROD]LRQHµGHLFLELPDQLSROD]LRQHGLJUDQGHLPSRUWDQ]DLOIDVFL VPRODJXHUUDLOSULPRWHUULELOHGRSRJXHUUD3RLqYHQXWRLOEHQHVVHUHFKH KDPRGLÀFDWRLOJXVWR/·HQWUDWDGHOODGRQQDQHOPRQGRGHOODYRURLQROWUH FRQLOVXRDOORQWDQDPHQWRGDOODFDVDKDFRQGL]LRQDWRODFXFLQDEDVWDOXQJKH FRWWXUHEDVWDODULFHUFDGHOEXRQRFRQPDWHULHVHFRQGDULH1HJOLDQQL·LO WHPSRFKHRJQLGRQQDGHGLFDYDDOODFXFLQDHUDGLFLUFDRUHDOJLRUQRRJJL LOWHPSRqGLPLQXWLGLFXLFLUFDGHGLFDWLDOODSULPDFROD]LRQH 2JJL DEELDPR ELVRJQR GL FLER FKH LQ SRFKL PLQXWL SDVVD GDOOD FRQ IH]LRQH DOOD WDYROD ( FRVu QDVFRQR SHU TXDQWR DWWLHQH O·XWLOL]]R DQLPDOL VWUDQLFRPHLOPDLDOHFKHGRYUHEEHHVVHUHIDWWRVRORGLSURVFLXWWRORPER EUDFLROH0DLOPDLDOHKDDQFKHOHRVVDFRQEUDQGHOOLGLFDUQHJOL]DPSHWWL OHRUHFFKLHLOPXVRLOSROPRQH (DOFXQLDQLPDOLVLVRQRGHÀQLWLYDPHQWHVDOYRLQTXDOFKH]RQDG·,WDOLD DOORQWDQDWLGDOODFXFLQDSHQVLDPRDOFDYDOORDOO·DVLQR 8QWHPSRLOPH]]DGURFRQVHJQDYDDOSDGURQHSURVFLXWWLVDODPLFRSSD SDQFHWWDVSDOODGHOPDLDOHHVLWHQHYDLOVDQJXHOHFRWLFKHLOSROPRQHLO IHJDWROHRVVDJOL]DPSHWWLHORVWUXWWR,QWHUHJHQHUD]LRQLKDQQRPDQJLDWR TXHVWHFDUQLLQSDVVDWRHFHQHKDQQRODVFLDWRWHVWLPRQLDQ]DJDVWURQRPLFD (UD LO WHPSR GHO ´QRQ VL EXWWD YLD QLHQWHµ DVWUDOPHQWH ORQWDQR GDO 675$&2772',$6,12 ,QJUHGLHQWLJGLFRVFLRGLDVLQRXQDFRVWDGLVHGDQRXQDFDURWDXQDFLSROOD ROLRYLQRURVVRVDOHSHSH 3UHSDUD]LRQH 7DJOLDUH OD FDUQH D JURVVL FXEHWWL H IDUOD URVRODUH FRQ ROLR H VDOH 1RQDSSHQDGLYHQWDGRUDWDDJJLXQJHUHQHOODSHQWRODVHGDQRFDURWDFLSROODHIDU VRIIULJJHUHLOWXWWR&RSULUHFRQLOYLQRURVVRHIDUFXRFHUHDIXRFROHQWRSHUFLUFD RUHHPH]]D$ÀQHFRWWXUDIUXOODUHOHYHUGXUHHYHUVDUHQHOODSHQWRODODFUHPD RWWHQXWD&XRFHUHSHUDOWULPLQXWLDPDOJDPDQGRLOWXWWRFRQLOVXJRHODFDUQH 7HQHUHDGLVSRVL]LRQHGHOEURGRYHJHWDOHSHULQFUHPHQWDUHLOOLTXLGRGLFRWWXUDLQ FDVRGLQHFHVVLWj ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7RVFDQD 32/021(,180,'2 ,QJUHGLHQWLNJGLSROPRQHXQDFLSROODROLRVDOHSHSHYLQRELDQFRDJOLRVDOYLD XQFXFFKLDLRGLSDVVDWDGLSRPRGRUR 3UHSDUD]LRQH7DJOLDUHLOSROPRQHDSLFFROLSH]]LIDUDSSDVVLUHODFLSROODÀQHPHQWH WULWDWDLQROLRDJJLXQJHUHLOSROPRQHHLOVDOHIDUURVRODUHEHQH8QLUHYLQRELDQFRGD VIXPDUHHLOSRPRGRUR&XRFHUHSHUXQ·RUDDOOXQJDQGRYLDYLDFRQEURGRYHJHWDOH PDQJLDUHOLPLWDWRQHJOLLQJUHGLHQWLHQHOOHORURXWLOL]]D]LRQLGLRJJLLQSL SUHIDEEULFDWR 8QDSLFFRODSUHFLVD]LRQHSHUFRQYHQ]LRQHWXWWRTXHVWRPRQGRGL´VRW WRSURGRWWLµ GHOOD PDFHOOD]LRQH GHOO·DQLPDOH YLHQH FKLDPDWR FRQ XQ RVVL PRUR´TXLQWRTXDUWRµFRQWURRJQLORJLFDPDWHPDWLFD,QRULJLQHHUDVROR TXDQWRVLULFDYDYDGDLERYLQLPDFHOODWLRUDVLqHVWHVRDQFKHDOOHULJDJOLH GHJOLDQLPDOLGDFRUWLOHHGDDOOHYDPHQWRHLQSDUWHDQFKHDOODFDFFLDJLRQH 0DODFULVLHFRQRPLFDFLSXzDLXWDUHLQTXHVWRFDPSRHFRVuRJJLVL ULFRUGDQR ULFHWWH H DOFXQH VL ULSURSRQJRQR FRPH SDWULPRQLR GL FLYLOWj H FUHGLDPRDQFKHFRPHWHVWLPRQLDQ]DGLFXOWXUD 3RVVLDPRGLUHFKHLO´TXLQWRTXDUWRµqXQDJDODVVLDWXWWDGDULVFRSULUH FKHÀQR D TXDOFKHWHPSRIDLOPDFHOODLRLQWHOOLJHQWHVDSHYDSURSRUUHSHU FRQFLOLDUHOHVFDUVHÀQDQ]HDGLVSRVL]LRQHFRQODSRVVLELOLWjGLRWWHQHUHXQ PRQGRGLVDSRULSLHQLFRQFUHWLËXQDFXFLQDGHOODPHPRULDLOFXLVSDUWLWR qFRPSRVWRGDIUDWWDJOLHWHVWLQHFRUDWHOOHJXDQFLDOLSXQWHGLSHWWRPDWHULH SULPH SHU FDVDOLQJKH SURYYLGH H SDUVLPRQLRVH FKH ODYRUDYDQR GDYDQWL DL IRUQHOOLFRQWHPSRSD]LHQ]DHWDQWDFDSDFLWj ( LQ TXHVWR OD FXFLQD WRVFDQD KD XQ UXROR GL SUHPLQHQ]D VH q YHUR TXDQWRGLFHLOGHWWRFKH´ODFXFLQDWRVFDQDqSLFDSDFHGLFXRFHUHFKHGL FXFLQDUHµLQWHQGHQGRFKHODFXFLQDGLWUDGL]LRQHKDLQ7RVFDQDXQSDVVDWR GLWDOHLPSRUWDQ]DFKHQHFRQGL]LRQDDQFKHLOSUHVHQWH0DGREELDPRVWDUH DWWHQWLDLULFRUGLSHUFKpVSHVVRVLWUDWWDGLPHPRULDULFLFODWDHIDVXOODFKH O·LQFUHGLELOHTXDQWLWjGLOLEULGLJDVWURQRPLDFRQWUDEEDQGDSHUSLDWWLVWRULFL H FKH DIIDEXOD]LRQH H IDOVLÀFD]LRQH WUDVIRUPDQR GD SLDWWL SRYHUL LQ SLDWWL PLWLFL&RVuqSHUODPLO]DSDOHUPLWDQDHFRVuqDQFKHSHUO·DFTXDFRWWDFKH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7RVFDQD GLYHQWDQRLQEUHYHWHPSRSLDWWLFKLF6LDPRSHUFLzLQXQWHPSRQHOTXDOH FXRFKLHVWRULFLGHOODFXFLQDULDELOLWDQRLSLDWWLSHUGXWLHLQXQDFHUWDPLVXUD VLULDELOLWDQRFDUQLFKHHUDQRHQWUDWHQHOGLPHQWLFDWRLR %LVRJQDVRORSUHVWDUHDWWHQ]LRQHDOOHIDOVHULFHWWHGHOODQRQQDHDQRQ FRQWUDEEDQGDUH SHU SLDWWL GHO SDVVDWR H GHOOD QRVWUD PHPRULD FRVWUX]LRQL DWWXDOLLQSDUROHSRYHUHELVRJQDQRQ´FRVWUXLUHODWUDGL]LRQHµ (SHUTXDQWRULJXDUGDOD7RVFDQDVSHFLHTXHOODGHOODFDPSDJQDGRE ELDPR ULDSSURSULDUFL GL FXULRVL ´EDWWHVLPL GLDOHWWDOLµ GHL TXDOL VSHVVR OD PHPRULDSRSRODUHKDSHUVRODPRWLYD]LRQHRULJLQDOH6RQRWHUPLQLDYROWH RVFXUL GLIÀFLOL GD WURYDUH QHL QRVWUL GL]LRQDUL QRPL SHU L TXDOL VLDPR LQ LPEDUD]]R%LVRJQDULDQGDUHDOSDVVDWRSHUVDSHUHFRVDVRQRODFDSRFFLDRLO FDUFHUDWROHEXGHOOLQHGL6HVWRRLOEXULVWRODEX]]HWWDRODSDSSDJRUJLDOR VWXIDWLQRGHO6LJQRU3HOOLFFLDRLOSLFFKLDQWH ,QL]LHUHPR XQ SHUFRUVR QHL YDUL SLDWWL FKH XWLOL]]DYDQR FDUQL SRYHUH TXDVLGLPHQWLFDWHSHUULVXOWDWLGLJUDQGHYDOHQ]D ,/*86721$72'$//$)$17$6,$ 'REELDPR IDUH XQD SUHPHVVD DOFXQL SLDWWL KDQQR VXELWR QHO WHPSR XQDJUDQGHYDULD]LRQHTXDVLDGLPHQWLFDUHO·RULJLQHFKHOLDYHYDJHQHUDWL ËIUDTXHVWLLOFDVRGHOEXJOLRQH6HUYLWRLQPROWH]RQHGHOO·$UHWLQRHGHO 6HQHVHYLHQHRUDIDWWRFRQFDUQLGLFRQLJOLRRGLDJQHOORVHQRQGLSROOR ,Q UHDOWj LO EXJOLRQH q O·LQVLHPH GL WDQWH FDUQL ´LQ FRQIXVLRQHµ IDUH XQ EXJOLRQH SUREDELOPHQWH GDO IUDQFHVH ERXLOORQ EROOLWXUD EROOHQGR OH YDULH FDUQL VHSDUDWDPHQWH QRQ SRUWD DO ULVXOWDWR VSHUDWR 7XWWR QDVFH GDO IDWWRFKHLSDGURQLUHJDODYDQRDLVHUYLWRULJOL]DPSHWWLGLPDLDOHL FROOLGLDQDWUDRGLSROORL´FRDJXODWLµG·DJQHOORFKH HOLPLQDWR LO EURGR GL XQD PH]]D FRWWXUD YHQL YDQR GLVRVVDWL H FRWWL FRQ SURIXPL G·HUEH EROOHQGRPROWROHQWDPHQWHÀQFKpLOVDSRUH GHOOHFDUQLVLPHVFRODYDHVLXQLIRUPDYDLQ XQLQWLQJRORLQHJXDJOLDELOH7XWWRVLSRWHYD XVDUHSH]]HWWLGLWULSSDGLERYHSH]]HWWLGLFDSUHWWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7RVFDQD 266,',0$,$/(,180,'2 ,QJUHGLHQWLNJGLRVVLGLPDLDOHVDODWLGDSRFKLJLRUQLROLRSHSHFDQQHOODWUH FKLRGLGLJDURIDQRQRFHPRVFDWDDOORURDJOLRVDOYLDSDVVDWDGLSRPRGRUR 3UHSDUD]LRQH&XRFHUHJOLRVVLSHUGXHRUHLQDFTXDEROOHQWHVHQ]DVDOHFRSHUWL3UH SDUDUHXQVRIIULWWRFRQDJOLRPROWDVDOYLDHROLRHDJJLXQJHUYLJOLRVVLLOSRPRGRURH WXWWHOHVSH]LH)DUFXRFHUHSHUXQ·RUDDOOXQJDUHFRQEURGRVHRFFRUUH6HUYLUHFDOGR FRQSROHQWDGLJUDQRWXUFRRWWRÀOH GL FLQJKLDOH GL WDFFKLQR H WXWWR YHQLYD VHUYLWR LQ JUDQGL SLDWWL FRQ SDQH JULJOLDWRVXOIRQGR 6WXSHQGRSLDWWRHUDDQFKHTXHOORIDWWRFRQLOFROORGHOSROORVLPDFL QDYDODFDUQHHVHQHIDFHYDXQDSDSSLQDFRQODWWHHSDQHJUDWWXJLDWRXQD VFRU]HWWDGLOLPRQHVDOHHSHSHDGDPDOJDPDUHO·LPSDVWRFRQFXLIDUFLUHLO FROOR9HQLYDOHVVDWRHXQDYRWDUDIIUHGGDWRVLWDJOLDYDDIHWWH 1RQ F·HUD IDPLJOLD FKH QRQ DYHVVH JXVWDWR OR ´VWXIDWLQR GHO 6LJQRU 3HOOLFFLDµ9LHUDTXLXQ·LURQLDDPDUDLOGHWWRFRQWLQXDYD´WDQWHSDWDWHH SRFDFLFFLDµ9HQLYDXVDWRLOSROPRQHGHOPDQ]RDOFXQLSH]]LGHOFDQQRQH VLFGHOODJRODHVHVLSRWHYDTXDOFKHSH]]HWWLQRGLORQ]D6HQHIDFHYDXQR VWXIDWRDOTXDOHHUDQRDJJLXQWHLQTXDQWLWjOHSDWDWH$YHYDPDVRORQHO QRPHO·DVSHWWRGLXQDFHUWDVLJQRULOLWj (UDFRPXQHDLWHPSLGHOOD´PDWWDQ]DµGHOPDLDOHVDODUORFRVDFKHRUD QRQDYYLHQHSLFRQLOULWRGLIHVWDGLXQWHPSRHGHUDFRPXQHPDQJLDUHOH FRWHQQHLSLHGLQLLFRGLQLHOHEXGHOODFKHYHQLYDQRGRSRODODYDWXUDPHV VHLQ´SXUJRµSHUXQJLRUQRLOWXWWROHVVDWRFRQRGRULHFLSROODHPDQJLDWR FRQXQDVDOVDG·DJOLRSUH]]HPRORROLRG·ROLYDHXQSRFRGLOLPRQH $6HVWR)LRUHQWLQROHEXGHOOLQHKDQQRULFHWWHWUDVPHVVHGLJHQHUD]LRQH LQJHQHUD]LRQHHVLPDQJLDQROHVVHLQFRPSDJQLDGLVRWWDFHWLRVRWWROL0D F·q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·DFTXDFKHOHFRQWLHQHGHYHULVXOWDUHSXOL WDOHEXGHOODROWUHDULSXOLUVLSHUIHWWDPHQWHGHYRQRULVXOWDUHELDQFKHSULYH GLFDWWLYLRGRULHVHQ]DWUDFFHGLVDQJXH6HPSUHD6HVWROHEXGHOOLQHYHQ JRQROHVVDWHLQVLHPHDOYHQWULFLQRFKHqORVWRPDFRGHOPDLDOH8QDYROWD WROWRGDOPDLDOHPDFHOODWRYLHQHDSHUWRHPHVVRLQXQFDWLQRFRQGHOO·DFTXD IUHGGDSHUXQJLRUQRFDPELDQGRODVSHVVR,OJLRUQRGRSRVLPHWWHVXXQSLD QRHFRQXQFROWHOORVLUDVFKLDODSDUWHLQWHUQDÀQRDIDUGLYHQWDUHODSDUHWH OLVFLDHSXOLWD9LHQHSRLODYDWREHQHHFXFLQDWRFRQORVWHVVRSURFHGLPHQWR GHOOHEXGHOODRLQVLHPHDGHVVHGRSRDYHUORWDJOLDWRDSH]]HWWL $*URVVHWROHEXGHOODGLDJQHOORGLPDLDOHRGLYLWHOORGDODWWHSRWH YDQR HVVHUH XWLOL]]DWH IULWWH R FRWWH LQ SDGHOOD 3HU SUHSDUDUH OH EXGHOOLQH IULWWHVLSXOLVFRQRPROWREHQHDSUHQGROHHODYDQGROHFRQPROWDDFTXDSRL VLVFRWWDQRVLWDJOLDQRDSH]]LGLFLUFDFPHVLIDQQRDQRGLQR6LLQID ULQDQRSRLVLSDVVDQRQHOO·XRYRVEDWWXWRFRQVDOHHXQSL]]LFRGLSHSHHVL IULJJRQRLQDEERQGDQWHROLR6LSRVVRQRFXFLQDUHDQFKHDIULWWDWDRDIIRJDWH QHOSRPRGRUR,QTXHVWRFDVRTXDQGRVRQRVWDWHVFRWWDWHVLSDVVDQRQHOOD IDULQDVLPHWWRQRLQXQWHJDPHFRQROLREROOHQWHHVLURVRODQR4XDQGRVRQR FRWWHYLHQHYHUVDWDXQDVDOVLQDGLSRPRGRURSUHFHGHQWHPHQWHSUHSDUDWDLO ',*,81('·$*1(//2 ,QJUHGLHQWL NJ GL EXGHOOLQR G·DJQHOOR VSLFFKL G·DJOLR WDJOLDWL VRWWLOLVVLPL UDPHWWL GL URVPDULQR XQ ELFFKLHUH GL YLQR ELDQFR EURGR VDOH SHSH ROLYH QHUH DVFLXJDWHDOVROHRQHOIRUQR 3UHSDUD]LRQH$SULUHWXWWHOHEXGHOOLQHQHOVHQVRGHOODOXQJKH]]DHWDJOLDUOHDSH]]L /DYDUOHLQDFTXDWLHSLGD,QXQWHJDPHPHJOLRVHGLFRFFLRPHWWHUHWXWWLJOLLQJUH GLHQWL H DJJLXQJHUH LO EURGR &RSULUH LO WHJDPH H IDUH VWXIDUH OHQWDPHQWH SHU FLUFD XQ·RUD6FRSULUHSRLLOWHJDPHHVHqULPDVWRWURSSROLTXLGRIDUORHYDSRUDUHDO]DQGR ODÀDPPDHDWHJDPHVFRSHUWR'LHFLPLQXWLSULPDGHOODÀQHGHOODFRWWXUDXQLUHGXH PDQFLDWHGLROLYHQHUHVHFFKH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7RVFDQD 0370(;;6+,0+,;,5<;0 :LTIYHJOLULSSLHU[PJOLJHYJLYPKP7PZ[VPHSL¸:[PUJOL¹PS*VT\ULWYV]]L KLZZLHSJPIVKLPKL[LU\[PTHUVUHX\LSSVKLNSPPUJHYJLYH[PWLYKLIP[P7YVIH IPSTLU[LSLN\HYKPLKH]HUVSVYV\UWVJVKPWHULLWLYTL[[L]HUVJOLWLYZVUL JHYP[H[L]VSPWVY[HZZLYVKLSIYVKVKLSSH¸YPNHNSPH¹ULJLZZHYPVWLYMHYLX\LZ[H WHWWHVYHHYYPJJOP[HJVUI\YYVLMVYTHNNPV+HX\PPSUVTLKP¸JHYJLYH[V¹ WXWWRVLSRUWDDÀQHFRWWXUDVWDQGREHQDWWHQWLFKHODVDOVDQRQVLULWLULWURSSR 1HO6HQHVHOHEXGHOOD´EXVLFFKLµFKHQRQYHQLYDQRXWLOL]]DWHSHUJOL LQVDFFDWL SUHFHGHQWHPHQWH ODYDWH URYHVFLDWH H ODVFLDWH D VSXUJDUH FRQ LO VDOHSHUDOPHQRXQJLRUQRYHQLYDQRQXRYDPHQWHODYDWHSHUWRJOLHUHLOVDOH LQ HFFHVVR SRL FRVSDUVH GL VHPL GL ÀQRFFKLR H ODVFLDWH DSSHVH DO VRIÀWWR DGDVFLXJDUH6LFRQVXPDYDQRFRWWHSHUEUHYHWHPSRDOODJULJOLDDPR·GL EUXVWLFR2JJLTXDVLLQWURYDELOLHUDQRHUHVWDQRXQDSUHOLEDWH]]D /·XVRGHJOLLQWHVWLQLGHJOLDQLPDOLTXDVLVFRPSDUVRGDOOHQRVWUHWDYROH IDFHYDSDUWHGLTXHOODFXFLQDGHWWD´SRYHUDµFKHVHPEUDYDLQFRQWUDVWRFRQ ODFXFLQDULFFDHQRELOH ´3HU OD WUXSSD H OD FDQDJOLD &·q LO ELUROGR H OD ULJDJOLDµ GLFHYDQR XQ WHPSR L SLVWRLHVL H OD ULJDJOLD XWLOL]]DYDDOFXQH SDUWL GHOO·LQWHVWLQR GL YLWHOORFRPHLOFHQWRSHOOHODPDWULFHLQDVWULGLEXGHOODODPDQLFKHWWDFKH GRSRHVVHUHVWDWHDSHUWHURYHVFLDWHHODYDWHUDVFKLDWHVRWWRO·DFTXDFRUUHQ WHYHQLYDQRIDWWHFXRFHUHFRQVHGDQRFDURWDHFLSROODLQXQDSHQWRODFRSHU WDSHUFKpLSURIXPLUHVWDVVHURDIXRFROHQWLVVLPR/DVFLDWDUDIIUHGGDUHD 32/(17$&21$1,0(//(',$*1(//2 ,QJUHGLHQWLNJGLIDULQDGROFHOLWULGLDFTXDNJGLDQLPHOOHEDUDWWRORGLVDOVD GLSRPRGRURROLRVDOYLDELFFKLHUHGLYLQRURVVRSHSHURQFLQR 3UHSDUD]LRQH0HWWHUHO·DFTXDQHOSDLRORVFDOGDUODDJJLXQJHUHODIDULQDHSRUWDUH DG HEROOL]LRQH )DU FXRFHUH SHU PLQXWL TXLQGL PHVFRODUH H WRJOLHUOD GDO IXRFR URYHVFLDUODVXXQDVSLDQDWRLDIDUUDIIHUPDUHHWDJOLDUODDIHWWH)DUURVRODUHOHDQL PHOOHLQXQFXFFKLDLRGLROLRDJJLXQJHUHODVDOYLDLOYLQRURVVRHLOSHSHURQFLQR)DU HYDSRUDUHLOYLQRDJJLXQJHUHODVDOVDGLSRPRGRURLOVDOHHSRUWDUHDFRWWXUD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7RVFDQD FRWWXUDDYYHQXWDODULJDJOLDYHQLYDWDJOLDWDDIHWWHHPDQJLDWDFRQXQSRFR GLVDOHRFRQVRWWDFHWL0DF·HUDFKLODPDQJLDYDLQEURGRHFRQTXHOEURGR VLIDFHYDHVLIDDQFRUDXQSLDWWRGHWWRFDUFHUDWR 6L DFFHQQDYD SULPD DO ELUROGR XQ LQVDFFDWR RYYHUR VDQJXLQDFFLR EROOLWRVSHVVRFRQFDUQLGL´ULVXOWDµGHOPDLDOHPDDQFKHLQDOFXQH]RQH GHOOD7RVFDQDFRQSLQROLXYDVXOWDQLQDPHVVRLQXQEXGHOORGDOFRQVXPR PROWRJHQHUDOL]]DWRRWWHQXWRVLDFRQLOVDQJXHGHOPDLDOHFKHGHOYLWHOORLO ELUROGRELDQFRRUDQRQSLSURGRWWRSHUOHSUREOHPDWLFKHQDWHGDOGLVDVWUR GHOOD´PXFFDSD]]Dµ,OELUROGRqDQFKHFKLDPDWRVDQJXLQDFFLRPDOOHJDWR EXULVFKLREXULVWR (VLVWRQR QXPHURVH YDULDQWL LQ 0DUHPPD VL SURGXFH LO VDPEXGHOOR FKH YHGH O·XVR GL PLO]D IHJDWR H SDUWL GL FDUQL GL PLQRU SUHJLR ROWUH DO VDQJXH 'HOODVWHVVDQDWXUDqLOURYHQWLQRRLOPLJOLDFFLR4XHVWRXOWLPRWHUPLQHIXXVDWR GD%HQYHQXWR&HOOLQLSHUXQDIXVLRQHGLUDPHPDOULXVFLWD´ODTXDOFRVDOD IXVLRQHQGUVLGRPDQGDHVVHUVLIDWWRXQ PLJOLDFFLRµ(ODFXFLQDFRQWDGLQDGHOOD 9HUVLOLD VDSHYD IUD L SLDWWL GL SLDFHYR OHUHVDDFFRPSDJQDUHODSROHQWDFRQLO ´ELUROGRµIDWWRFRQLOVDQJXHGHOPDLDOH SDUWLGHOODWHVWDHLOJUDVVR 3DUWLFRODUPHQWHULFKLHVWRLOEXULVWR 3(*<*05(+,3:,3=(;0*6 (MMVUKH SL WYVWYPL YHKPJP ULS [LTWV SH J\JPUH KLSSL WHY[P WV]LYL HUJOL KLSZLS]H[PJV5LWHYSHJVUZ[\WLUKH PYVUPH(SKV:HU[PUPPU\U]VS\TL[[V =PHNNPV KLS NOPV[[VUL H )VSNOLYP L *HZ[HNUL[V KV]L YPJVYKH KP \UV ZJOLYaVHS[LTWVKLS*HYK\JJPJOL .VZ[V KL[[V *VNSPVULSSH WLY SH Z\H WHZZPVUL KP WVZHYL PS WPLKL ZVWYH PS JPUNOPHSL HIIH[[\[V PS JOL NSP KH]H KPYP[[VHP[LZ[PJVSPKLSS»HUPTHSLMLJL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD HK \UH [H]VSH[H KVUUL JVTWYLZL ZLY]LUKV\U]HZZVPVKPJYVZ[PUPZHWV YP[PZZPTP! ¸*VTPUJP~ H JPYJVSHYL \UH ]VJLZJYP]L:HU[PUPJOLWYLZLZLT WYL WP JVUZPZ[LUaH¹ 0UZVTTH H]L]H J\JPUH[V P ¸ZHU[PZZPTP¹ JVTL SP JOPHTH :HU[PUP , X\LZ[V WPH[[V WYLWHYH[VPUWHKLSSHJVUZHS]PHUVU u KLS [\[[V ZJVTWHYZV KHSSH J\JPUH [VZJHUHK»VNNP4HHUJOLSH[LZ[HKLS JPUNOPHSLu\UHWYLSPIH[LaaH 7RVFDQD LQFXIÀDFLRqTXHOORLQVDFFDWRGHQWURORVWRPDFRGHOPDLDOH,OEXULVWRYLHQH SRVWRSRLDFXRFHUHLQDFTXDFDOGDSHUFLUFDPLQXWLVLVFRODVLODVFLDUDI IUHGGDUHHORVLSXzFRQVXPDUHDIIHWWDWRDOQDWXUDOHRSSXUHORVLSXzFXRFHUH EUHYHPHQWH LQ SDGHOOD &XRFHQGROR OH VSH]LH VSULJLRQDQR LO ORUR LQWHQVR DURPDLJUDVVHOOLIRQGRQRHVLSXzLQTXHVWRPRGRJXVWDUHO·XQLFLWjGLWDOH LQVDFFDWRËXQDIIHWWDWRFKHYDJXVWDWRJLRYDQHORVLFRQVHUYDSHU JLRUQLLQOXRJRIUHVFRHDOEXLR2JQL]RQDGHOO·DQWLFRFRPSUHQVRULRVHQHVH FKHDQGDYDGDLFRQÀQLÀRUHQWLQLÀQRDOO·DOWR/D]LRDYHYDVYLOXSSDWRULFHWWH RULJLQDOLFKHDOO·LPSDVWRGLEDVHDJJLXQJHYDQRYDULDQWLDQFRURJJLLQXVR FRPHSLQROLXYHWWDVXOWDQLQDSDSSDGLSDQHUDIIHUPR ,QDOFXQHFRQWUDGHWRVFDQHVSHFLHQHO&DVHQWLQRVLIDFHYDXQLQVDFFDWR DLWHPSLLQFXLLOQRUFLQRXFFLGHYDLOPDLDOHFKLDPDWRFDSDFFLD(UD XQLQVDFFDWRDOODEDVHGHOTXDOHF·HUDODWHVWDGHOPDLDOHFRWWDFRQ DURPLLQXQFDSDFHSDLROR9HQLYDQRDJJLXQWLDOFXQHFRWHQQH SH]]L GHO FXRUH GHOOD OLQJXD GHL UHQL H VL IDFHYD FXRFHUH D OXQJRÀQFKpODFDUQHGHOODJXDQFLDQRQVLVWDFFDYDGDOO·RVVR 7DJOLDWRLOWXWWRDSLFFROLSH]]LYHQLYDDPDOJDPDWRFRQVDOH SHSHQRFHPRVFDWDFDQQHOODHEXFFLDGLOLPRQH*OLVLGDYDOD IRUPDGLXQVDODPHDYYROJHQGRORLQXQFDQRYDFFLRHOHJDQGR OHGXHHVWUHPLWj,OWXWWRPHVVRDOIUHGGRIUDGXHDVVLHSUHVVDWR /DFXOWXUDSRSRODUHDWWULEXLYDLQFXFLQDQRPLFKHVL ULIHULYDQRDSLDWWLEDWWH]]DWLFRQLQQRFHQWHLURQLDR FRQORJLFDGHULYD]LRQHGDDOFXQLSDUWLFRODUL 75,33$$//$&$67,*/,21(6( ,QJUHGLHQWL NJ GL WULSSD FLSROOH PHGLH EXUUR ROLR DJOLR VDOYLD SDVVDWD GL SRPRGRURXQELFFKLHUHGLYLQRELDQFRSDUPLJLDQRVDOHSHSH 3UHSDUD]LRQH /DYDUH EHQH OD WULSSD FXRFHUOD LQ DFTXD VDODWD H DOORUR SHU FLUFD XQ·RUD,OJLRUQRVHJXHQWHIDUDSSDVVLUHODFLSROODQHOEXUURRLQROLRDJJLXQJHUHOD WULSSDWDJOLDWDDVWULVFLROLQHIDUODLQVDSRULUHEHQHDJJLXQJHUHLOVDOHLOYLQRELDQFR HIDUVIXPDUH8QLUHODSDVVDWDGLSRPRGRURHEURGRDQFKHYHJHWDOHHIDUFXRFHUH FRSHUWRDIXRFROHQWRSHUGXHRUHYHQWLPLQXWLSULPDGHOODÀQHFRWWXUDDJJLXQJHUHXQ EHOWULWRGLDJOLRHVDOYLDHDOO·XOWLPRLOSHSH6HUYLUHFRQLOSDUPLJLDQR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7RVFDQD )(*$72',9,7(//21($/68*2 ,QJUHGLHQWL IHWWH GL IHJDWR GL YLWHOORQH DGXOWR WDJOLDWH ÀQL VSLFFKL GL DJOLR IRJOLROLQHGLVDOYLDROLRH[WUDYHUJLQHFRQFHQWUDWRGLSRPRGRURPH]]RELFFKLHUH GLODWWHIDULQDXQSL]]LFRGLSHSHURQFLQR 3UHSDUD]LRQH)DUHGHLWDJOLHWWLLQWRUQRDOOHIHWWHGLIHJDWRSHUQRQIDUOHULWLUDUHWURSSR GXUDQWHODFRWWXUD,QIDULQDUOHHIULJJHUOHLQROLRH[WUDYHUJLQH6WHQGHUOHVXFDUWDGD FXFLQDSHUDVVRUELUHEHQHO·ROLR,QXQDWHJOLDPHWWHUHJOLVSLFFKLG·DJOLRODVDOYLDLO SHSHURQFLQRO·ROLRHTXDQGRTXHVWRVDUjFDOGRYHUVDUHLOFRQFHQWUDWRGLSRPRGRUR VFLROWRSUHFHGHQWHPHQWHLQXQELFFKLHUHG·DFTXD$SSHQDLOVXJRVLVDUjDPDOJDPDWR EHQH FRQ JOL DOWUL LQJUHGLHQWL VDODUH H LQVHULUH QHOOD WHJOLD OH IHWWH GL IHJDWR IULWWH /DVFLDUFXRFHUHÀQRDTXDQGRO·DFTXDVDUjWXWWDHYDSRUDWDTXLQGLYHUVDUHLOODWWHH ODVFLDUUDSSUHQGHUHLOWXWWR,OODWWHHODIDULQDGHOOHIHWWHGLIHJDWRGDUDQQRFRQVLVWHQ]D DOVXJRFKHVDUjSURQWRTXDQGRVLSUHVHQWHUjFUHPRVR6HUYLUHDQFRUDFDOGR ,QRJQLFDVDGHO/LYRUQHVHVLPDQJLDYDDGHVHPSLRO·LQQRGL*DUL EDOGLO·LPPDJLQLÀFDHOLQJXLVWLFDPHQWHVWXSHQGDGHQRPLQD]LRQHGDWDGDL OLYRUQHVLJUDQGLHVWLPDWRULULFDPELDWLGL*DULEDOGOLHGHOOHVXHFDPLFLH URVVHDOODSLHWDQ]DSRSRODUHFRVWLWXLWDGDSDWDWHHOHVVRDYDQ]DWRFRWWLQHO H QRQ FRO SRPRGRUR H GDO FRORUH URVVR EULOODQWH 6L WUDWWD GL XQD ULFHWWD DQFRUDLQXVRVLDLQWUDWWRULDFKHLQFDVD6XXQVRIIULWWROHJJHURGLROLRDJOLR HURVPDULQRVLYHUVDLOSRPRGRURDIRUPDUHXQDVDOVDVDSRULWD6LFRQGLVFH FRQVDOHHSHSHYLVLXQLVFRQROHSDWDWHDWRFFKHWWLHLQÀQHTXDQGRTXHVWH VRQR TXDVL SURQWH YL VL GHSRVLWD LO OHVVR D SH]]HWWL FXUDQGR FKH DEELD D LQVDSRULUVL $OWURSLDWWRGDOQRPHVXFXLDQFRUDVLGLEDWWHqLOSLFFKLDQWH6LIDFRQ LOSROPRQH8QDYROWDLSROPRQLGHLYLWHOOLIDFHYDQREHOODPRVWUDVXOOHSRUWH GHOOHPDFHOOHULHDSSHVLDJDQFL2JJLVLIDIDWLFDDWURYDUHLOSROPRQHSHU FKpTXDVLVHPSUHYDGLUHWWDPHQWHGDLPDFHOOLDOOHLQGXVWULHFKHSURGXFRQR DOLPHQWLSHUFDQLHJDWWL 3HUFKpSLFFKLDQWH")RUVHSHUFKpLOSROPRQHKDODVXSHUÀFLHSLFFKLHW WDWD")RUVHSHUFKpDQGDYDSLFFKLDWRFRQXQEDVWRQHSULPDGLFXRFHUOR"2 IRUVHSHUFKpQHOODEHVWLDLSROPRQL´EDWWHYDQRµQHOORURUHVSLUDUHFRVWDQWH" 1RQVLVDUHVWDLOIDWWRFKHVXXQDEDVHGLFLSROODEDVLOLFRHFRQVHUYDGL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7RVFDQD 32/3(77(',75,33$&213$1()5,772 ,QJUHGLHQWL J GL WULSSD PLVWD JLj EROOLWD FURFH FXIÀD H FHQWRSHOOL J GL DYDQ]LGLVDOXPLSURVFLXWWRVDODPHHFFXRYDSUH]]HPRORXQSXJQRGLPROOLFDGL SDQHEDJQDWDQHOODWWHFXFFKLDLGLSDUPLJLDQRJUDWWXJLDWRIDULQDROLRSHUIULJJH UHVDOHSHSHIHWWHGLSDQHWRVFDQRUDIIHUPR 3UHSDUD]LRQH7ULWDUHÀQHPHQWHODWULSSDHLVDOXPLDJJLXQJHUHXRYDLOIRUPDJJLR LOSUH]]HPRORWULWDWRHODPROOLFDGLSDQHDJJLXVWDUHGLVDOHHSHSH,PSDVWDUHEHQHH IDUHGHOOHSROSHWWHRYDOLHXQSRFRVFKLDFFLDWH,QIDULQDUOHHSDVVDUOHQHOO·ROLRFDOGR 6DODUHOHJJHUPHQWHOHIHWWHGLSDQHSDVVDUOHQHOO·XRYRHSRLQHOO·ROLRGLIULWWXUD/H SROSHWWHSRVVRQRHVVHUHSDVVDWHLQSDGHOODFRQODVDOVDGLSRPRGRUR,OSDQHIULWWR VHUYHDUDFFRJOLHUHOHEULFLROLQHGHOODFDUQHFKHVRQRULPDVWHQHOODSDGHOODHDIDUHGD ULQIRU]RDOSDVWR5LFHWWDGHOULVWRUDQWH´,O0RFDMRµ*XDUGLVWDOOR3, SRPRGRURYLHQHDJJLXQWRLOSROPRQHDSH]]LHVXFFHVVLYDPHQWHOHRQQLSUH VHQWLSDWDWHDWRFFKHWWL8QJRFFLRGLYLQRELDQFRHVLSRUWDDFRWWXUD (QRQqEHQFKLDURQHSSXUHLOSHUFKpVLFKLDPLODPSUHGRWWRXQDSDUWH GHOODWULSSDHFKHUDSSRUWRFLSRVVDHVVHUHFRQODODPSUHGDXQDVSHFLHGL DQJXLOOD(ODPSUHGRWWRHWULSSDDOWUHFDUQLGLVHPSUHPLQRUXWLOL]]RQHOOD FDVDVRQRLFRPSRQHQWLGHOORVWXIDWRFRQSDWDWH (FKHGLUHGHOODIDQIDUDXQSLDWWRFRVuFKLDPDWRSHUFKpIDFHYDPROWR UXPRUHHSRFDVRVWDQ]D"(UDXQSLDWWRSRYHULVVLPRPROWRXVDWRD%DUEHULQR GL 0XJHOOR SHU LO TXDOH VL XWLOL]]DYDQR LO SROPRQH H LO FXRUH GL PDQ]R WDJOLDWLLQSLFFROLSH]]LHURVRODWLLQXQVRIIULWWR GLDJOLRVDOYLDVHGDQRHFDURWD6LDJJLXQJHYD SRL XQ SR· GL FRQVHUYD GL SRPRGRUR VFLROWD LQDFTXDWLHSLGDSRUWDQGRDFRWWXUDDIXRFR OHQWR 1HOULWRGHOPDLDOHXQSRVWRGLULOLHYR YHQLYDODVFLDWRD0HUFDWDOHDLPRUVHWWL $QFKH TXL GLIÀFLOH FDSLUH OD UDGLFH GHO QRPH IRUVH SHUFKp OD SLFFROD GLPHQVLRQH SHUPHWWH GL PDQJLDUOL FRQ XQ PRUVR GRSR FKHVRQRVWDWL´FRQFLDWLµFRQXQWULWRGLDJOLR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 7RVFDQD VDOYLDSHSHHVHPLGLÀQRFFKLRYROHQGRDQFKHSDQJUDWWDWR0DVLSRVVRQR IDUH D VSLHGLQL XVDQGR L UDPL GHOO·DOORUR GHIRJOLDWL H SXOLWL 4XDQGR VRQR SURQWL"4XDQGRIRUDQGROLFRQXQDIRUFKHWWDQRQ´JHPRQRµVDQJXH /DJDVWURQRPLDSDHVDQDHFDPSHVWUHVSHFLHTXHOODGHO0XJHOORSHU LOEHUOLQJDFFLRPDQRQVRORFXFLQDYDODSDSSDJRUJLD8VFLDPRGDTXHVWR OHVVLFRFULSWDWRHGLFLDPRFKHSHULO*LRYHGuJUDVVR%HUOLQJDFFLRVLFXFL QDYDQRLEDUJLJOLGHOWDFFKLQRSDSSDJRUJLDSULPDOHVVDWLHSRLLQIDULQDWL PHVVL QHOO·XRYR VEDWWXWR H IULWWL ,Q UHDOWj YHQLYDQR PDQJLDWH QRQ VROR OH SDSSDJRUJHPDDQFKHOHFUHVWHGLWXWWLJOLDQLPDOLGDFRUWLOH 8QDOWURSLDWWRSRYHURPDFRQVLGHUDWRGHJQRGLXQDFXFLQDUHJDOHHUD LOFLEUHRSUHSDUDWRFRQOHFUHVWHLEDUJLJOLHL´IDJLROLµRUJDQLVHVVXDOLGHO JDOOR4XHVWHSDUWLHUDQRTXHOOHFKHYHQLYDQRWDJOLDWHDOJDOOHWWRSHUIDUQH XQFDSSRQHHGHUDQRLOFRPSHQVRFKHYHQLYDGDWRDOFDVWULQRRDOODFDVWULQD 3HUIDUHLOFLEUHROHFUHVWHLEDUJLJOLHL´IDJLROLµYHQJRQRVRIIULWWLQHOEXUUR FRQIRJOLHGLVDOYLDVDOHHSHSHVLRWWLHQHFRVuTXHOPHUDYLJOLRVRSLDWWRFKH WDQWDIDPDDVVXQVHQHOODFXFLQDÀRUHQWLQDDSDUWLUHGDOO·2WWRFHQWR 'HLERYLQLVLPDQJLDYDODSRSSDOHVVDWDFRQGLWDFRQROLRVDOHHSHSH PDVLSXzDQFKHJXVWDUHLPPHUVDQHOO·XRYRLQIDULQDWDHIULWWDHVHUYLWDFRQ &,%5(2 ,QJUHGLHQWLJGLIHJDWLQLGLSROORJGLFUHVWHHEDUJLJOLODYHUVLRQHTXLWUD VFULWWDQRQFRPSUHQGHLWHVWLFROLGLJDOORSHUFKpRUPDLLQWURYDELOLVXOPHUFDWRJ GLFXRULGLSROORXQDFLSROODPHGLDXQRVSLFFKLRG·DJOLRVFRU]DGLOLPRQHEURGRGL SROORXQFXFFKLDLQRGLFRQFHQWUDWRGLSRPRGRURSUH]]HPRORIRJOLHGLDOORURYLQR ELDQFRROLRH[WUDYHUJLQHG·ROLYDVDOHSHSH 3UHSDUD]LRQH 6EROOHQWDUH SUHOLPLQDUPHQWH OH FUHVWH H L EDUJLJOL SHUFKp GL WHVVXWR FRULDFHR5RVRODUOLFRQO·ROLRLQXQDWHJOLDLQVLHPHDOOHDOWUHIUDWWDJOLHEDJQDQGRLO WXWWRFRQLOEURGRHFRVSDUJHQGRORFRQXQDJUDWWXJLDWDGLOLPRQH,QXQ·DOWUDWHJOLD VRIIULJJHUH QHOO·ROLR OD FLSROOD DIIHWWDWD OD VDOYLD O·DOORUR O·DJOLR LO SUH]]HPROR XQSHSHURQFLQRTXLQGLYHUVDUYLOHIUDWWDJOLHWDJOLDWHLQSH]]HWWLQRQWURSSRPLQXWL 0HQWUHDYYLHQHODFRWWXUDYHUVDUHVXELWRLOFRQFHQWUDWRGLSRPRGRURVFLROWRLQEURGR FDOGR VDODUH H SHSDUH$OOXQJDUH FRQ LO YLQR H ODVFLDUOR VIXPDUH DJJLXQJHQGR VH QHFHVVDULRXQDOWURSR·GLEURGR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7RVFDQD VDOHHOLPRQH'LPDJJLRUFRQVXHWXGLQHqO·XVRGHOODVDFFDODWDVFDULSLHQD FKHVLWURYDLQWXWWDOD7RVFDQDHFKHFRQGLYHUVLQRPLLQ(PLOLDqODSLFDMD qDQFRUDSLDWWRFRPXQHLQWXWWD,WDOLD 8QD FXFLQD TXHOOD WRVFDQD GHOOH FDUQL SRYHUH LQ GHÀQLWLYD ULFFD GL SLDWWLFKHKDQQRULFHYXWRQHOWHPSRFXULRVLEDWWHVLPLGDJOLHWLPLDYROWH RVFXULPDFRQXQDVRODLQGLIIHULELOHÀQDOLWjDOORQWDQDUHORVSHWWURGHOOD IDPHGDQGRFRQVLVWHQ]DDPDWHULHSULPHGLVLFXUDSRYHUWjVXSSOHQGRFRQOD IDQWDVLDHFRQO·DSSOLFD]LRQHDOGHVLGHULRGLIDUSURYDUHJXVWR /(556*633()69(;6 7HVSH*\YYHKP (SKV-VJHJJP :LYNPV.YPZ[PUH ;LIHSKV3VYPUP 4H\YPaPV3\WLYP :[LMHUPH4HaaPLYP 7PL[YV4PSHUPUP (SMYLKV7LSSL+*:;L*:-4 .PHUMYHUJV7VYYn .PV]HUUP)H[[PZ[H:HU[PUP :H]PUV:HYKLSSH 4VUPJH:MVYaPUP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0 0DUFKH 0DUFKH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0DUFKH /$&8&,1$'(/&257,/( )LQTXDQGRqGXUDWDODFLYLOWjFRQWDGLQDHVRSUDWWXWWRODPH]]DGULDQHO OH0DUFKHLEDPELQLLPSDUDYDQRGDOODSLWHQHUDHWjDGDSSUH]]DUHLOJXVWR GHOOHIUDWWDJOLH&LzDYYHQLYDTXDQGRQHOO·DLDGHOODFDVDFRORQLFDDUULYDYDLO ´FUDVWLQRµFRQLOFRPSLWRGLWUDVIRUPDUHLJDOOHWWLLQFDSSRQLHVWUDHQGRGXH ´IDJLROLELDQFKLµHULFXFHQGRODIHULWDFRQDJRHÀOR0DSRLWDJOLDYDDQFKH ODFUHVWDFKHGHSRQHYDLQXQWHJDPHLQVLHPHDL´IDJLROLµ4XHVWLHUDQRVDSR ULWLVVLPLDUURVWLWLFRQLOFDORUHVLJRQÀDYDQRHVLVSDFFDYDQRHGHUDQRSRL FRQGLWLFRQXQSL]]LFRGLVDOHHTXDOFKHJRFFLDGLOLPRQH/HFUHVWHLQYHFH YHQLYDQRURVRODWHFRQROLRFLSROODPDJJLRUDQDFDURWDHVHGDQRFUHDQGRXQ JXVWRVRVXJKHWWRSHUFRQGLUHOHWDJOLDWHOOHIDWWHLQFDVD 0D D SDUWH TXHVWD XVDQ]D QHOOH 0DUFKH F·q XQ·DQWLFD WUDGL]LRQH QHO FXFLQDUHOHLQWHULRUDGHLGLYHUVLDQLPDOLGRPHVWLFLHQRQ%DVWHUjULFRUGDUH FKHLOFXRFR&HVDUH7LUDEDVVRQHOYROXPH/DJXLGDLQFXFLQDGHOFLWD QRQPHQRGLULFHWWHGLIUDWWDJOLHPHQWUHQH,OFXRFRFODVVLFRGHOQH GHVFULYHSLGLXQDWUHQWLQD(SURSULRLO7LUDEDVVRFLIRUQLVFHODULFHWWDGHL YLQFLVJUDVVLFKHQHOVXJRSUHYHGHXQFRQFHQWUDWRGLIUDWWDJOLHLQIDWWLROWUH DLIHJDWLQLGLSROORSUHVFULYHO·LPSLHJRGLDQLPHOOHGLDJQHOORHGHOFHUYHOOR &RPXQTXHQHOODWUDGL]LRQHQRQFLVLOLPLWDDLIHJDWLQLGLSROORPDODULFHW WD ULFKLHGH O·XWLOL]]R GL WXWWH OH ULJDJOLH FRPSUHVL L ´GXUHOOLµ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jFRWWXUDVFRODUOHHSDVVDUOHLQDFTXDIUHGGDHVWHQGHUOHDGDVFLXJDUHVXXQ SDQQR,QXQDSLURÀODGDIRUQREDJQDWDFRQLOVXJRDGDJLDUHXQSULPRVWUDWRGLSDVWD YHUVDUHDQFRUDLOVXJRFRQXQDVSROYHUDWDGLSDUPLJLDQRUHJJLDQRDQFRUDSDVWDVXJR HSDUPLJLDQRHFRVuYLDÀQRDOWHUPLQHGHOODSDVWD&KLXGHUHFRQXQXOWLPRVWUDWR GLUDJDEERQGDQWHHFRSULUHFRQXQDÀQLVVLPDEHVFLDPHOODEHQHLQVDSRULWDËEHQH SUHSDUDUHWXWWRFRQODUJRDQWLFLSRSHUFKpODWHJOLDYDWHQXWDLQULSRVDQWHPHGLWD]LRQH SHU GLYHUVH RUH 4XHVWD ULÁHVVLRQH FRQVHQWLUj XQ DPDOJDPD GL VDSRUL FKH HVDOWDWL GDFLUFDWUHTXDUWLG·RUDGLIRUQRPHGLRIDYRULUjXQDEHOODJUDWLQDWXUDFKHDO FRORUHSLDFHUHGHOODYLVWDDJJLXQJHUjODVRUSUHVDGLXQFRQWHQXWRDSSHWLWRVR RULJLQDOH q LPSRVVLELOH GD GHÀQLUH SHUFKp LQ RJQL FXFLQD VL LQWURGXFRQR SHUVRQDOLVVLPHYDULD]LRQLFKHSHUzQRQDOWHUDQRPDLO·DUPRQLDGHLVDSRULGL TXHVWDVWUDRUGLQDULDSDVWDDOIRUQR '·DOWUDSDUWHTXDQGRVLSDUODGLULJDJOLHFLRqGHOOHLQWHULRUDGLSROOR PD DQFKH GL SLFFLRQH H DOWUL YRODWLOL FRPH OD EHFFDFFLD LO EHFFDFFLQR LO IDJLDQRO·DQDWUDVHOYDWLFDHFFVLFRPSUHQGRQRLOIHJDWRLOFXRUHOHFUHVWH L EDUJLJOL OH XRYD QRQ QDWH OH ]DPSH OR VWRPDFR L WHVWLFROL IDJLROL GHL JDOOLJOLLQWHVWLQLHJOLVWRPDFLLYHQWULJOLRGXUHOOLPDDQFKHLOFROOROHDOL HLOVDQJXH&RVuLIHJDWLQLVLIDQQRFXRFHUHQHOEXUURLQVDSRUHQGROLFRQVDOH SHSHHTXDOFKHIRJOLROLQDGLVDOYLD6LIUXOODQRSRLTXDWWURDFFLXJKHGLOLVFDWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0DUFKH HJGLFDSSHULFKHYDQQRDJJLXQWLDLIHJDWLQL6LSDVVDWXWWRDOVHWDFFLRH YLVLLQFRUSRUDQRGXHQRFLGLEXUURDPDOJDPDQGREHQHLOFRPSRVWRFKHYD LQÀQHVSDOPDWRVXFURVWLQLGLSDQH4XHVWDULFHWWDVLULWURYDVLDQHOODWUDGL ]LRQHPDFHUDWHVHFKHLQTXHOODDVFRODQD &RQOHLQWHULRUDGLSROORVLIDDQFKHXQRWWLPRUDJ/HULJDJOLHYDQQR SXOLWHHIDWWHDSH]]LHVLSRQJRQRDURVRODUHLQXQEDWWXWRGLODUGRDJOLRH PDJJLRUDQD SRUWDQGR DYDQWL OD FRWWXUD FRQ O·DJJLXQWD GL YLQR ELDQFR 6L XQLVFRQRSRLXQFXFFKLDLRGLFRQVHUYDGLSRPRGRURVFLROWDLQXQELFFKLHUH G·DFTXD WLHSLGD XQ SL]]LFR GL FDQQHOOD EXUUR H QRFH PRVFDWD 6L UHJROD GLVDOHHSHSHHVLIDUHVWULQJHUH8QUDJDQFRUDSLFRPSOHVVRGHULYDWR GLUHWWDPHQWH GDOOD WUDGL]LRQH FRQWDGLQD FL YLHQH GDO )HUPDQR *OL LQJUH GLHQWLSULQFLSDOLVRQRFRVWLWXLWLGDYHQWULJOL]DPSHFROORHWHVWDGLSROOR FXLDQGUHEEHURDJJLXQWLDOLGLDQDWUDRGLRFDPDDQFKHGLWDFFKLQRROWUHDG XQSDLRG·HWWLGLVSH]]DWLQRGLPDQ]R,OVXJRVLSUHSDUDSRLFRQXQDEDVH GLVHGDQRFDURWDHFLSROODWULWDWLGDDSSDVVLUHLQROLRH[WUDYHUJLQHGLROLYD XQHQGRSRLWXWWLJOLLQJUHGLHQWLHSRUWDQGRDYDQWLODFRWWXUDFRQO·DJJLXQWDGL XQELFFKLHUHGLYLQRHDSSHQDHYDSRUDWRGHLSRPRGRUL´ULQIRU]DWLµFRQGXH FXFFKLDLGLFRQVHUYDGLSRPRGRURGLOXLWLLQDFTXDWLHSLGD6LSRUWDDWHUPLQH ODFRWWXUDDIXRFRPROWREDVVR )HJDWLQLHPDJKHWWLGLSROORVLSRVVRQRJXVWDUHDQFKHDUURVWLWL9DQQR WDJOLDWLDGDGLHFRQGLWLFRQVDOHHSHSH6LLQÀODQRSRLQHJOLVSLHGLQLDOWHU QDQGRIRJOLHGLVDOYLDFRQJUDVVRHPDJURGLPDLDOHHVLSRUWDQRDFRWWXUDD IXRFREDVVR 1HOWHUULWRULRGL*URWWDPPDUHF·qXQDULFHWWDSDUWLFRODUHFKHVLFKLDPD VSXPDGLIHJDWR6LSUHQGRQRIHJDWLQLGLSROORHVLIDQQRLQVDSRULUHLQROLR H[WUDYHUJLQHGLROLYDFRQDJOLRURVPDULQRDOORURHVDOYLD8QDYROWDFRWWL VLWULWDQRQHOIUXOODWRUHHTXLQGLVLDPDOJDPDQRFRQPROOLFDGLSDQHEDJQDWD QHOODWWH &RVuDQFKHLOSROORDOODPDFHUDWHVHVHFRQGRXQ·DQWLFDULFHWWDGHOODWUD GL]LRQHSUHYHGHO·XWLOL]]RQRQVRORGHOORVSH]]DWLQRPDSXUHGHOOHLQWHULRUD ,QIDWWLOHULJDJOLHYDQQRSULPDVEROOHQWDWHLQXQDWHUULQDHSRLWULWDWH4XLQGL LQXQWHJDPHFRQPH]]RELFFKLHUHGLROLRH[WUDYHUJLQHGLROLYDVLIDURVRODUH LOGXUHOORDSH]]LSRLVLDJJLXQJRQRLOFXRUHLOIHJDWHOORHLQÀQHLEXGHOOLQL FRQORVSH]]DWLQRGLSROOR6LSRUWDDYDQWLODFRWWXUDSHUFLUFDXQ·RUDHSRL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0DUFKH &2//2',32//25,3,(12 ,QJUHGLHQWLFROORGLSROORFRPSUHVDODWHVWDIHJDWRHYHQWULJOLRGLSROORFXFFKLDL GL SDQH JUDWWXJLDWR FXFFKLDL GL SDUPLJLDQR XQR VSLFFKLR G·DJOLR SUH]]HPROR XQXRYRFDURWDVHGDQRFLSROODYLQRELDQFRROLRH[WUDYHUJLQHG·ROLYDSRPRGRUL PDWXUL 3UHSDUD]LRQH7RJOLHUHOHRVVDGHOFROORURYHVFLDQGRODSHOOHHODVFLDQGRLQWHJUDVROR ODWHVWDDOODEDVHGHOODTXDOHVLWDJOLDVLDODFDUQHFKHO·RVVRGRSRDYHUHOLPLQDWR DQFKHLOEHFFRHJOLRFFKL3UHSDUDUHLOULSLHQRFRQLOIHJDWRHLOYHQWULJOLRJLjVFRWWDWL HWULWDWLLOSDQHJUDWWXJLDWRHLOSDUPLJLDQRO·DJOLRWULWDWRLOSUH]]HPRORHO·XRYR $PDOJDPDUHLOWXWWRHIDUFLUHLOFROORFKLXGHQGRODSDUWHLQIHULRUHFRQXQÀORGLFRWR QH)DUDSSDVVLUHLQROLRH[WUDYHUJLQHXQWULWRGLFDURWDVHGDQRHFLSROODVXELWRGRSR URVRODUYLLOFROORHSRUWDUHDYDQWLODFRWWXUDDJJLXQJHQGRXQELFFKLHUHGLYLQRELDQFR H DSSHQD HYDSRUDWR L SRPRGRUL WULWDWL /D FRWWXUD VDUj XOWLPDWD LQ FLUFD WUH TXDUWL G·RUD6HUYLUHLOFROORWDJOLDWRDIHWWH WXWWDODFDUQHYLHQHGLVSRVWDLQXQSLDWWRGDSRUWDWDSHUHVVHUHVXELWRLUURUDWD FRQGXHXRYDVEDWWXWHSHUFKpVLUDSSUHQGDQRFRQLOFDORUHGHOORVSH]]DWLQR $QFRUDGHO)HUPDQRODULFHWWDGHOFROORGLSROORULSLHQR9LHQHXWLOL] ]DWRWXWWRLOFROORFRPSUHVDODWHVWDGRSRDYHUHOLPLQDWRLOEHFFRHJOLRFFKL 5LPDQHQGR QHOO·DPELWR GHJOL DQLPDOL GD FRUWLOH YHGLDPR FKH SHU HVHPSLR QHOOD IDUDRQD DO FDUWRFFLR OH LQWHULRUD VHUYRQR SHU OD IDUFLWXUD ,QIDWWLXQDYROWDSXOLWDODIDUDRQDVLSUHQGRQRWXWWHOHIUDWWDJOLHFKHYDQQR LQVDSRULWHLQWHJDPHFRQROLRH[WUDYHUJLQHGLROLYDLQVLHPHDGXQEDWWXWRGL FLSROODVHGDQRVDOYLDHFDURWD9DQQRTXLQGLWULWDWHSHUULHPSLUHLOYHQWUH GHOODIDUDRQDFKHSRLGRYUjHVVHUHFXFLWDHDYYROWDLQIHWWHGL SURVFLXWWRHTXDHOjVWHFFDWDFRQFKLRGLGLJDURIDQR5LQ FKLXVDQHOODFDUWDVWDJQRODDQGUjSRLIDWWDFXRFHUHDOIRUQR /HIUDWWDJOLHGHOO·DQDWUDXQDQLPDOHPROWRDSSUH]]D WRQHOOHGXHSURYLQFHGL$QFRQDH0DFHUDWDLQYHFHVRQR VRSUDWWXWWRXWLOL]]DWHSHUSUHSDUDUHXQRWWLPRUDJLPSLHJDQ GRLQSDUWLFRODUHLOFROORODWHVWDODSXQWDGHOOHDOLOHIUDWWDJOLH FRPSUHVRLOYHQWULJOLR/DFRWWXUDDYYLHQHLQWHJDPHFRQROLR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0DUFKH H[WUDYHUJLQHGLROLYDEXUURDJOLRSUH]]HPRORURVPDULQRDOORURFLSROOD VDOHHSRPRGRUR 1HOODWUDGL]LRQHJDVWURQRPLFDPDUFKLJLDQDDQFKHO·RFDKDXQUXRORGL SULPRSLDQRLQTXDQWRFRQTXHVWRDQLPDOHVLSUHSDUDYDQRXQWHPSRLSLDWWL ULVHUYDWLDOSHULRGRGL)HUUDJRVWR1pYDGLPHQWLFDWRFKH5RVVLQLHUDJUDQGH HVWLPDWRUHGHOIHJDWRJUDVVRFKHDEELQDYDDOWDUWXIRLQPROWHSLHWDQ]H0DOD VHFRQGDPRJOLHGL5RVVLQL2OLPSLD3pOLVVLHUULÀXWDYDLOIHJDWRGHOOHRFKH GLFHQGR´1RQPDQJLROHPDODWWLHGHOOHEHVWLHµ&RPXQTXHQHOOHFDPSD JQHGHOODUHJLRQHQRQVLHUDVROLWLFRPHLQ)UDQFLDLQFKLRGDUHOH]DPSH GHOOHRFKHSHUFRVWULQJHUOHDGLQJR]]DUVLGLFLERHIDUFUHVFHUHDGLVPLVXUD LOIHJDWR1HOOH0DUFKHOHRFKHVLLQJUDVVDYDQRLQXQDTXLQGLFLQDGLJLRUQL DEDVHGLXQSDVWRQHVXSHUQXWULHQWHFRQODFUXVFDLQJUDQGHDEERQGDQ]D ,O IHJDWR GHOO·RFD VL WDJOLDYD D IHWWLQH H YHQLYD URVRODWR QHO EXUUR DJJLX VWDQGRGLVDOHHSHSH,QYHFHLOFXRUHLSROPRQLODWUDFKHD O·HVRIDJRHLUHQLSRWHYDQRHVVHUHWDJOLDWLDIHWWLQHTXLQGL VRIIULWWLLQXQEDWWXWRGLODUGRFLSROODHDJOLRFRQO·DJJLXQ WDLQVXFFHVVLRQHSULPDGLXQELFFKLHUHGLYLQRHSRLGHO SRPRGRUR SHU SUHSDUDUH XQ RWWLPR VXJR 8Q WHPSR DQFKH OHDOLGHOO·RFDSRWHYDQRHVVHUHLPSLHJDWHVLDSHUIDUHLOEURGR DJJLXQJHQGROH DG DOWUL WLSL GL FDUQH VLD GD FXRFHUH DO IRUQR GLVRVVDWHHIDUFLWHFRQVDOXPL 'DO 0DFHUDWHVH YLHQH OD WUDGL]LRQH GHL FROOL G·RFD LQ FRQ VHUYD4XDQGRVLGLVRVVDO·RFDSHUDOWUHSUHSDUD]LRQLLQWRUQRDOOH RVVDVLSXzULFDYDUHDQFRUDXQSR·GLFDUQHFRVuFRPHGDLFROOLXQDYROWD ULYROWDWDODSHOOHVHQ]DURPSHUODVLSXzSUHOHYDUHDOWUDFDUQH6LPDFLQDQR WUHHWWLGLFDUQHG·RFDHHWWLGLFDUQHGLPDLDOHHVLDJJLXVWDQRGLVDOHH SHSH 6L FXFH XQ·HVWUHPLWj GHL WUH FROOL QHFHVVDUL H OL VL ULHPSLH GL FDUQH PDFLQDWD VL FXFH DQFKH O·DOWUD HVWUHPLWj 6L OHVVDQR LQ DFTXD VDODWD H VL IDQQRUDIIUHGGDUH,FROOLYDQQRTXLQGLFRQVHUYDWLLQXQUHFLSLHQWHULFRSHUWL GHOORURJUDVVRGLFRWWXUD6LXVDQRFRPHDQWLSDVWR $OOHYHUJDUHGHOOHFDPSDJQHQRQVIXJJLYDQHSSXUHODSRVVLELOLWjGLXWL OL]]DUHDQFKHOHLQWHULRUDGLFRQLJOLR1HO3HVDUHVHLQIDWWLÀQRDQRQPROWL DQQLIDHUDQRPROWRDSSUH]]DWLLFURVWLQLDOOHLQWHULRUDGLFRQLJOLR6LLPSD VWDYDQRIHJDWRHFXRUHWULWDWLFRQXQHWWRGLIHWWHGLSURVFLXWWRVPLQX]]DWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0DUFKH XQPD]]HWWRWULWXUDWRGLSUH]]HPRORHVDOYLD6LIDFHYDVFLRJOLHUHQHOO·ROLR H[WUDYHUJLQHGLROLYDXQFXFFKLDLRGLEXUURQHOTXDOHVLIDFHYDLPELRQGLUH XQRVSLFFKLRG·DJOLRFKHDQGDYDVXELWRWROWRSHUDJJLXQJHUHO·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·DUJRPHQWR $EELDPROH´IUDWWDJOLHVFXUHµTXDQGRVLSDUODGLFXRUHIHJDWRPLO]DSRO PRQHHURJQRQHHLQYHFHVLKDQQROH´IUDWWDJOLHFKLDUHµTXDQGRFLULIHULD PRDFROORGLYLWHOORHDQLPHOOHJKLDQGRODGHOWLPRSDQFUHDVHJKLDQGROH VDOLYDUL$TXHVWRHOHQFRDJJLXQJLDPRODOLQJXDODWULSSDUXPLQHRPDVRH UHWLFRORGHOERYLQRWHVWLQDSLHGLQLQHUYHWWLGL]DPSDFRGDGLYLWHOORQHR GLYLWHOOR/DWULSSDGLERYLQRSULPLWUHVWRPDFLUXPLQHUHWLFRORHRPDVR IRLRORPLOOHIRJOLHRFHQWRSHOOLPHQWUHLOTXDUWRO·DERPDVRqFRQRVFLXWR FRPHODPSUHGRWWRFRQWLHQHVRORLOGLJUDVVRPROWRPHQRGHOFRQWURÀ OHWWRHGHOODELVWHFFDËXQDOLPHQWRGLJHULELOHHDEDVVRWHQRUHFDORULFRLQ JUDPPLFLVRQRVROWDQWRFDORULH 'D QRQ GLPHQWLFDUH LO ´WULSSLQRµ GL PDLDOH H OD WULSSD GHJOL RYLQL H FDSULQL/DWULSSDPLJOLRUHqTXHOODFHQWULIXJDWDFRQDFTXDD&SHUGXH YROWH *HQHUDOPHQWH OH LQWHULRUD FRQWHQJRQR YLWDPLQD & H VRQR ULFFKH GL SURWHLQHHIHUURVRSUDWWXWWRLOIHJDWRHODPLO]DODTXDOHKDPJGLIHU URRJQLJUDPPL4XDQGRVLYXROHXWLOL]]DUHLOTXLQWRTXDUWRELVRJQD ULFRUGDUHFKHTXHVWRWLSRGLFDUQHQRQKDELVRJQRGLIUROODWXUD6HVLWLHQH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0DUFKH LQIULJRULIHURYDFRQVXPDWDDOPDVVLPRHQWURJLRUQLGDOODPDFHOOD]LRQH GHOO·DQLPDOH &RQ LO WHUPLQH ´IULWWR PLVWRµ LQ JHQHUH VL LQWHQGH OD IULWWXUD GL YDUL LQJUHGLHQWLFRPHELVWHFFKLQHG·DJQHOORROLYDWHQHUDIDUFLWDFHUYHOORFDU FLRÀ ]XFFKLQH HFF ,QYHFH QHO 0DFHUDWHVH H QHOO·DUHD IHUPDQD SHU IULWWR PLVWRVLLQWHQGRQROHIUDWWDJOLHGLPDQ]RLQXPLGRFRQOHSDWDWH $OWUR SLDWWR PROWR GLIIXVR QHOOD UHJLRQH q TXHOOR GHOOH VSXQWDWXUH LQ JUDWLFROD 6L WUDWWD GL EXGHOOLQH GL YLWHOOR GD ODWWH FKH QRQ GHYH PDL DYHU DVVDJJLDWR O·HUED 8QD YROWD LQ$QFRQD PD DQFKH LQ DOWUH ORFDOLWj GHOOD FRVWDVSHFLHG·HVWDWHVLLQFRQWUDYDQRVRYHQWHLYHQGLWRULDPEXODQWLGLVSXQ WDWXUH DQFKH VH QRQ VHPSUH RYYLDPHQWH DYHYDQR EXGHOOLQH GL YLWHOOLQR YHUDPHQWHGDODWWH 1HOO·$VFRODQR OD SUHSDUD]LRQH SUHYHGH SL LQJUHGLHQWL H DYYLHQH LQTXHVWRPRGRVLIDEROOLUHO·DQLPHOODSHUTXDOFKHLVWDQWHHODVLSXOLVFH WDJOLDQGRODLQGXHVLIDQQRVEROOHQWDUHDQFKHLJUDQHOOLWDJOLDQGROLDPHWj $QFKHLOURJQRQHYDGLYLVRDPHWjHOLPLQDQGRLOJUDVVRFHQWUDOH,OFXRUH VLIDDIHWWHPHQWUHODSDJOLDWDYDIDWWDDSH]]LFLDVFXQRGLFPOHJDQGR OHGXHHVWUHPLWj&RQGLWRLOWXWWRFRQVDOHSHSHROLRH[WUDYHUJLQHDJOLRH URVPDULQRVLIDXQDPDULQDWD,YDULLQJUHGLHQWLYDQQRSRLFRWWLVHSDUDWD PHQWHIDFHQGRXQDJULJOLDWDGLSDJOLDWDXQDGLURJQRQHHFXRUHXQDSHUOH DQLPHOOHHLJUDQHOOLFXRFHQGRDIXRFRYLYDFHHEDJQDQGRVSHVVROHLQWHULR UDFRQODPDULQDWD )5,7720,672$//$0$&(5$7(6( ,QJUHGLHQWLFXRUHIHJDWRPLO]DSROPRQHGLPDQ]RXQDFDURWDVSLFFKLG·DJOLR XQDFLSROODFKLRGLGLJDURIDQRXQELFFKLHUHGLYLQRELDQFRJGLSRPRGRUL ROLRH[WUDYHUJLQHGLROLYDNJGLSDWDWHVDOHSHSH 3UHSDUD]LRQH7ULWDUHOHIUDWWDJOLHHURVRODUOHQHOO·ROLRFRQXQWULWRGLFDURWDDJOLR FLSROODHLFKLRGLGLJDURIDQR5DJJLXQWDODURVRODWXUDYHUVDUHLOYLQRELDQFRHSRFR GRSRXQLUHLSRPRGRULWULWDWL$JJLXVWDUHVDOHHSHSHHGRSRPLQXWLDJJLXQJH UHOHSDWDWHWDJOLDWHDWRFFKHWWL&RSULUHLOWXWWRFRQDFTXDHDSSHQDEROOHDEEDVVDUH ODÀDPPDFRQWLQXDQGRODFRWWXUDSHUTXDVLXQ·RUD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0DUFKH 6HPSUH QHOO·$VFRODQR VL FXFLQD OD VROD SDJOLDWD FRQ OH SDWDWH ,O EXGHOOR YLHQH WDJOLDWR LQ SH]]L GL FP H VL OHJDQR OH GXH HVWUHPLWj 1HOIUDWWHPSRVLWDJOLDQRDVSLFFKLOHSDWDWHHLOWXWWRYLHQHFRQGLWRFRQROLR DJOLRURVPDULQRSHSHURQFLQRVDOHHSHSH6LXQJHXQWHJDPHGDIRUQRHYL VLGLVSRQJRQROHSDWDWHHODSDJOLDWDDSH]]L,OWXWWRDQGUjSRLLQIRUQR $OFRQÀQHWUDOHSURYLQFHGL$QFRQDH3HVDURLOFXRUHGLYLWHOORVLID DIHWWLQHIDFHQGRORPDULQDUHLQROLRH[WUDYHUJLQHGLROLYDVXFFRGLOLPRQH VDOHHSHSH1HOIUDWWHPSRVLSUHQGHXQDUHWLFHOODGLPDLDOHHDPPRUELGLWD LQDFTXDWLHSLGDVLWDJOLDDSH]]LLQPRGRGDSRWHUFLDYYROJHUHOHVLQJROH IHWWLQHGHOFXRUH6LXQJHXQWHJDPHGDIRUQRHVLGLVSRQJRQROHIHWWLQHSHU RFFXSDUHWXWWRLOIRQGRFLVLYHUVDVRSUDODPDULQDWDHVLIDFXRFHUHDOIRUQR $SSDUWLHQHDOO·HQWURWHUUDGL)RVVRPEURQHODULFHWWDGHOODFRGDGLPDQ]R ,QQDQ]LWXWWRODFRGDYDOHVVDWDEHQHHSRLWDJOLDWDDSH]]L4XLQGL VLIDXQWULWRGLFLSROODFDURWDHVHGDQRFRQO·DJJLXQWDGLGXH FKLRGLGLJDURIDQRHGLXQDIRJOLDGLDOORURIDFHQGRURVRODUH LOWXWWRLQROLRH[WUDYHUJLQHGLROLYD3RLVLDJJLXQJRQRL SH]]LGLFRGDGLPDQ]RFRQXQELFFKLHUHGL0DUVDODVHF FR(YDSRUDWRLOYLQRVLYHUVDODSDVVDWDGLSRPRGRUR DJJLXVWDQGRGLVDOHHSHSH6LSRUWDDYDQWLODFRWWXUDFRQ O·DJJLXQWDGLXQELFFKLHUHGLDFTXDWLHSLGDLQFXLVLVDUj YHUVDWRXQFXFFKLDLRGLIDULQD 'DOODVWHVVD]RQDSURYLHQHODULFHWWDGHOURJQRQHDOOLPRQH3XOLWREHQH LOURJQRQHGLYLWHOORVLODYDDFFXUDWDPHQWHODVFLDQGRORDEDJQRLQDFTXDH DFHWRSHUFLUFDGXHRUH'RSRDYHUORODYDWRQXRYDPHQWHHWDJOLDWRDIHWWH YDIDWWRURVRODUHLQXQWHJDPHFRQROLRH[WUDYHUJLQHGLROLYD4XDVLDÀQH FRWWXUDVLDJJLXQJRQRFLQTXHÀOHWWLGLDFFLXJDVPLQX]]DWLFRQXQFXFFKLDLR GLSUH]]HPRORWULWDWRHDIXRFRVSHQWRVLLUURUDFRQVXFFRGLOLPRQH 1HOOD]RQDGL*URWWDPPDUHLOURJQRQHVLIDURVRODUHLQWHJDPHFRQROLR DJOLRDOORURHPH]]RELFFKLHUHGL0DUVDODDJJLXQJHQGRLQÀQHLOSHSHURQ FLQR$)DQRLQYHFHODWUDGL]LRQHYXROHFKHLOURJQRQHVLDFRWWRLQXPLGR 3HUTXDQWRULJXDUGDODWULSSDQHOOH0DUFKHF·qO·LPEDUD]]RGHOODVFHOWD 6L SDUWH LQIDWWL GDOOD WULSSD DOOD FDQDSLQD XQD VSHFLDOLWj GL -HVL GRYH q VWDWD FUHDWD DL WHPSL LQ FXL L FRUGDL ODYRUDYDQR OD FDQDSD /D VXD FDUDW WHULVWLFDHUDO·LPSLHJRDQFKHGLRVVRGLSURVFLXWWRHGLFRWHQQDGLPDLDOH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0DUFKH 75,33$$//$&$1(3,1$ ,QJUHGLHQWLNJGLWULSSDGLYLWHOORXQRVVRGLSURVFLXWWRTXDOFKHFRWLFDGLPDLDOH JGLODUGRPDFLQDWRXQDFLSROODXQRVSLFFKLRG·DJOLRXQDFRVWDGLVHGDQRXQD FDURWDSUH]]HPRORPDJJLRUDQDXQFXFFKLDLRGLFRQVHUYDGLSRPRGRUREXFFLDGL OLPRQHIRUPDJJLRJUDQDJUDWWXJLDWRVDOH 3UHSDUD]LRQH/HVVDUHODWULSSDGRSRDYHUODSXOLWDHODYDWDVFRODUODDPHWjFRWWXUD 1HOIUDWWHPSRLQXQDFDVVHUXRODGLWHUUDFRWWDURVRODUHXQEDWWXWRGLFLSROODDJOLR VHGDQRSUH]]HPRORFDURWDHEXFFLDGLOLPRQHFRQLOODUGRPDFLQDWR$URPDWL]]DUH FRQ XQ SL]]LFR GL PDJJLRUDQD H XQLUH OD WULSSD D SH]]HWWL OH FRWLFKH SUHFHGHQWH PHQWH VFRWWDWH LQ DFTXD EROOHQWH H O·RVVR GL SURVFLXWWR$JJLXQJHUH OD FRQVHUYD GLOXLWDLQDFTXDWLHSLGDVDODUHHFXRFHUHOHQWDPHQWHSHUGXHRUHPHVFRODQGRVSHVVR $FRWWXUDXOWLPDWDOHYDUHO·RVVRGLSURVFLXWWRHVHUYLUHFRQDEERQGDQWHIRUPDJJLR JUDQDJUDWWXJLDWR /DWULSSDPLJOLRUHHUDTXHOODGLPRQJDQDPHQWUHLQPRQWDJQDVLSUHIHUL YDTXHOODGLPRQWRQHRGLFDVWUDWR1HOOD]RQDFRVWLHUDWURYLDPRODWULSSD DOODPDULQDUDODFXLFDUDWWHULVWLFDqTXHOODGLHVVHUHFRWWDDOIRUQR $0DWHOLFDGRPLQDODWULSSDDOODPHQWDPHQWUHQHO3HVDUHVHWURYLD PR VLD OD WULSSD DOOD SLJQDWWD FKH OD WULSSD DOOD SHVDUHVH QHOO·HQWURWHUUD GL$QFRQDODWULSSDDOODIDEULDQHVHQHO)HUPDQRODWULSSDLQXPLGRHQHO 0DFHUDWHVHODWULSSDDOODFRQWDGLQDHODWULSSDFRQIDJLROL $OWUHIUDWWDJOLHGDQRQGLPHQWLFDUHVRQRLJUDQHOOLRWHVWLFROLGLWRURR GLDOWULDQLPDOL,JUDQHOOLYDQQRVSXUJDWLODVFLDQGROLVRWWRVDOHSHUDOFXQH RUHHTXLQGLODYDWLFRQDFTXDHDFHWR8QDYROWDWDJOLDWLDPHWjVLFRQGLVFR QRFRQROLRH[WUDYHUJLQHGLROLYDVDOHDJOLRHURVPDULQRHLQÀQHVLFXRFLRQR LQJUDWLFROD0DSRVVRQRDQFKHHVVHUHWDJOLDWLDSH]]LHFXFLQDWLLQSDGHOOD &21/·$*1(//2(,/0$,$/( (VLDPRFRVuDUULYDWLDOO·DJQHOORLOFXLSLDWWRSULQFLSHqFRVWLWXLWRGDOOD FRUDWHOODHTXHVWRSHUO·DQWLFKLVVLPDWUDGL]LRQHGLFRQVXPDUODWXWWLJOLDQQL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0DUFKH FRPH SULPD FROD]LRQH QHO JLRUQR GL 3DVTXD 6L WUDWWD GHOOD FRUDWHOOD GHOO·DJQHOOLQR GD ODWWH FKH YDFRWWDLQELDQFR/HEXGHOODGHOO·DJQHOORQRQGD ODWWHLQYHFHYDQQRSXOLWHPROWREHQHHSRLOHJDWHD WUHFFHHPHVVHLQWHJDPHFRQVXFFRGLOLPRQHSHUHVVHUH VSXUJDWH4XLQGLVLFXRFLRQRFRQLOSROPRQHHLOIHJDWR WDJOLDWL D SH]]HWWL VRIIULWWL LQ ROLR H FLSROOD R DJOLR PROWR IUHVFR H SUH]]HPROR DJJLXVWDWL GL VDOH H SHSH VL XOWLPD OD SUHSDUD]LRQH YHUVDQGR XQ TXDUWR GL YLQR ELDQFR 1HOO·$VFRODQR LQYHFH WURYLDPR OD ULFHWWDGHOODFRUDWHOODPLOOHRGRULFRQO·LPSLHJRGLSUH]]HPRORPDJJLRUDQD URVPDULQRVDOYLDWLPREDVLOLFRHODXUR6RQRJXVWRVHDQFKHDOWUHSUHSDUD ]LRQLFRPHFRUDWHOODLQIULWWDWDFRUDWHOODFRQFDUFLRÀHFF 1HOOD ]RQD GL *URWWDPPDUH XQ WHPSR DOOD ÀHUD GL 6 0DUWLQR O· QRYHPEUH VL IDFHYDQR DUURVWR VROWDQWR OH EXGHOOLQH GL DJQHOOR PD DQFKH GL FDSUHWWR R GL YLWHOOLQR GD ODWWH /H EXGHOOLQH YHQLYDQR DSHUWH H TXLQGL ODYDWHHDVFLXJDWHSHUHVVHUHSRLSRVWHLQPDULQDWDQHOYLQRELDQFRSHU PLQXWL,QÀQHHUDQRDUURVWLWHVXOODEUDFHHFRQGLWHFRQVDOHSHSHURQFLQRH SUH]]HPROR 6LFKLDPDPD]]DUHOOHXQSLDWWRFDUDWWHULVWLFRGHO0DFHUDWHVHDEDVHGL IHJDWRGLDJQHOOR,OIHJDWRYDWDJOLDWRDVWULVFLROLQHGLFPHYDFRQGLWR FRQROLRVDOHHSHSH/HEXGHOOLQHLQYHFHYDQQRDSHUWHFRQOHIRUELFLTXLQGL ODYDWHSULPDFRQO·DFTXDHSRLQHOYLQRELDQFR2JQLVWULVFLROLQDGLIHJDWR XQLWDDPDJJLRUDQDHSUH]]HPRORYDDYYROWDLQXQDIRJOLDGLLQVDODWDSRL LQXQDIRJOLROLQDGLDJOLRIUHVFRHTXLQGLLQXQDGLFLSROODOHJDQGRSRLRJQL PD]]HWWRFRQOHEXGHOOLQH'RSRDYHUVFRWWDWRLOWXWWRSHUPLQXWLLQDFTXD VDODWDVLVFRODQRLPD]]HWWLHVLURVRODQRQHOO·ROLRH[WUDYHUJLQHGLROLYD /HWHVWLQHG·DJQHOORDUURVWRFRVWLWXLVFRQRXQDOWURSLDWWRGHOODWUDGL]LR QHPDUFKLJLDQD0DPHQWUHLQJHQHUHLOFRQGLPHQWRGHOODWHVWLQDSULPDGL PHWWHUODDOIRUQRqFRVWLWXLWRGDODUGREDWWXWRFRQPDJJLRUDQDURVPDULQR VDOYLDDJOLRHSHSHVHFRQGRXQDULFHWWDFODVVLFDD)RVVRPEURQHVLFRQGL VFHFRQXQLPSDVWRFUHDWRDPDOJDPDQGRSDQHJUDWWXJLDWRSHFRULQRXRYD DJOLRSUH]]HPRORHSDQFHWWDWULWDWD /HIUDWWDJOLHGLPDLDOHJDUHJJLDQRLQERQWjFRQTXHOOHGLDJQHOORHLQ SURSRVLWR QHOOH 0DUFKH F·q XQD ULFFD WUDGL]LRQH 3DUWHQGR GDOOD WHVWD YD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0DUFKH VXELWRGHWWRFKHXQDYROWDOHVVDWDTXHVWDIRUQLVFHXQDEHOODYDULHWjGLFDUQL FKHSRLDQGUDQQRDFRPSRUUHLOVDSRULWRVDOXPHFKHLPDUFKLJLDQLFKLDPDQR FRSSDHFKHqFRPSRVWRDQFKHGDOOHRUHFFKLHGDOPXVHWWRGDOODOLQJXDH GDDOWUHFDUQLULPDVWHQHOOHRVVDPHVVHDOHVVDUH,OIHJDWRGLPDLDOHLQYHFH ÀQLVFHLQSDUWHQHOOHVDOVLFFHGLIHJDWRLQVLHPHDGDOWUHFDUQLFRQSLQROLXYD SDVVDHEXFFHG·DUDQFLDTXHVWHXOWLPHDYROWHVRQRHOLPLQDWH,OIHJDWRH LOSROPRQHVHUYRQRQHO)DEULDQHVHSHUSUHSDUDUHXQLQVDFFDWRWLSLFRFKLD PDWRPD]]DIHJDWRFKHOHJJHUPHQWHDIIXPLFDWRXQWHPSRVLPDQJLDYDD &DUQHYDOH ,OIHJDWRGLPDLDOHSRLYLHQHSUHSDUDWRLQYDULPRGL,OSLFODVVLFRq DYYROJHUHLSH]]HWWLGLIHJDWRFRQODUHWLFHOODGLPDLDOHHFXRFHUOLLQJUDWLFROD RDOORVSLHGRDOWHUQDWLFRQIRJOLHGLDOORUR$*HQJDTXDQGRVLIDLOIHJDWR DUURVWRVLDJJLXQJHDOOHIRJOLHGLDOORURDQFKHEXFFLDGLDUDQFLD0DDEELD PRDQFKHLOIHJDWRDOEDVLOLFRHLOIHJDWRDOODÀODQGDUDGDIDUHLQWHJDPH 7UD0DWHOLFDH)DEULDQROHVSXQWDWXUHGLPDLDOHVLIDQQRSHUWUDGL]LRQH LQ JUDWLFROD 6L VFHJOLH OD SDUWH FHQWUDOH FLRq OD ´PDU]XFFKHWWDµ FKH XQD YROWDSXOLWDHWDJOLDWDDWUDQFLGLFPYLHQHFRQGLWDFRQROLRDJOLRVDOH SHSHHURVPDULQRHFRWWDVXOODEUDFH 0DSHUOHVSXQWDWXUHGLPDLDOHF·qXQDSDUWLFRODUHSUHSDUD]LRQHLQXVR LQTXDVLWXWWDODUHJLRQH,QIDWWLOHEXGHOODSLJURVVHFRPHLOEXGHOORJHQ WLOHGHOPDLDOHYHQJRQRSXOLWHDFFXUDWDPHQWHHXQDYROWDFRQGLWHFRQVDOH SHSHURQFLQRVHPLGLÀQRFFKLRHGHUEHDURPDWLFKHVLSRQJRQRDGHVVLFFDUH SHUJLRUQL8QDYROWDVLDIIXPLFDYDQRQHLSUHVVLGHOFDPLQRGHOODFDVD FRORQLFD,QTXHVWRPRGRSUHQGRQRLOQRPHGLFLDULPEROLQHO0DFHUDWHVH FLDPEXGHL QHO )DQHVH EXVLFFKL R FLDPEXVLFFKL QHOO·DOWD YDOOH GHO 0HWDX URFHPEXGHOOLD&DQWLDQR4XDQGRVLYXROHXWLOL]]DUOLLFLDULPEROLYDQQR VSROYHUL]]DWL FRQ LO SHSH H FRWWL LQ JUDWLFROD 'LYHQWDQR SLDWWR XQLFR VH DQ]LFKp LQ JUDWLFROD YHQJRQR FRWWL LQ SDGHOOD FRQ ROLRDJOLRURVPDULQRHXQDYROWDURVRODWLYLVLDJJLXQJH XQFDYRORFDSSXFFLRSUHFHGHQWHPHQWHOHVVDWR &RQ OD PLO]D GL PDLDOH PD DQFKH GL YLWHOOR XQWHPSRVLSUHSDUDYDQRRWWLPLFURVWLQL6LSDUWLYD URVRODQGRJGLFDUQHGLPDQ]RHJGLSUR VFLXWWR LQ ROLR H[WUDYHUJLQH FRQ XQR VSLFFKLR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0DUFKH G·DJOLR GD HOLPLQDUH SULPD GL DJJLXQJHUH OD PLO]D WULWDWD ÀQHFRQVDOYLDVXFFRGLPH]]ROLPRQHHXQFXFFKLDLRGL IDULQD'RSRDYHUSRUWDWRDFRWWXUDDJJLXVWDQGRGLVDOHH SHSHVLIUXOODYDLOWXWWRHVLVWHQGHYDO·LPSDVWRVXLFURVWLQL VIUHJDWLFRQO·DJOLR $ )URQWRQH XQ WHPSR HUDQR VROLWL YHQGHUH D SRFR SUH]]R R DGGLULWWXUD UHJDODUH OH SDUWL PHQR QRELOL GHO PDLDOHHFLRqEXGHOODRUHFFKLHWULSSDFRGDHFFFKHODJHQ WHXVDYDFKLDPDUH´UREEDµR´VFDQQDWXUHµ4XHVWHSDUWLGHO PDLDOH XQD YROWD SXOLWH YHQLYDQR IDWWH D SH]]L H FRWWH WXWWH LQVLHPHLQSDGHOODFRQDJOLRWULWDWRURVPDULQRVDOHSHSHHXQELFFKLHUHGL YLQR9HQLYDQRLPSLHJDWHSHUFRQGLUHODSROHQWD 1HOWHUULWRULRGL3HUJRODLOPXVHWWRGLPDLDOHYLHQHFRQGLWRFRQURVPD ULQRVDOHHSHSHHODVFLDWRULSRVDUHSHUTXDOFKHWHPSRSHUHVVHUHSRLFRWWR DOODJULJOLDFRQIXRFRYLYDFH3LLQWHUHVVDQWHODULFHWWDFKHFLYLHQHGD6HUUD 64XLULFR,QTXHVWRFDVRLQIDWWLLPXVHWWLGLPDLDOHYHQJRQRFXFLQDWLLQ XQWHJDPHSLXWWRVWRFDSLHQWHDOWHUQDQGRXQRVWUDWRGLVWRFFDÀVVRFRQXQRGL SH]]HWWLGLPXVHWWRGLSRUFRHFRQGHQGRFRQÀQRFFKLRVHOYDWLFRDJOLRVDOH HSHSHHGXHIRJOLHGLDOORUR6LFRSUHLOWXWWRFRQROLRH[WUDYHUJLQHGLROLYD HYLQRHVLSRUWDDFRWWXUDSHUXQ·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aaPWPLUP KHSZHWVYLWHZ[VZVJ\VYLMHYJP[VHYYVZ[VML[[LKPMLNH[VPTWHUH[LLMYP[[L\V]H KPTLYS\aaVMYP[[L:VWYH[[\[[VHUKH]HTH[[VWLYPYVNUVUPKPJHZ[YH[VHSSHNYPNSPH JOLNSPSHZJPH]HUVZ\SWHSH[V\UÄULZHWVYLKP\YPUHSPL]LTLU[LHYVTH[PJH 1HTLZ1V`JL<SPZZL;YHK\aPVULKP.PHUUP*LSH[P ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0DUFKH WHJDPH LQ FXL VL OHVVDQR ]DPSHWWL H FRWLFKH DJJLXQJHQGR VXFFHVVLYDPHQ WHÀQRFFKLRVHOYDWLFRSDWDWHWDJOLDWHDSH]]LXQFXFFKLDLRGLFRQVHUYDGL SRPRGRURVFLROWRLQDFTXDFDOGDHSRUWDQGRDWHUPLQHODFRWWXUD 8QFDSLWRORDSDUWHPHULWHUHEEHUROHWUDGL]LRQLJDVWURQRPLFKHOHJDWH DOVDQJXHGLPDLDOH/DSUHSDUD]LRQHSLVHPSOLFHqVWDWDVHPSUHTXHOODGL FXRFHUHLOVDQJXHGLPDLDOHFRQGHOJUDVVRHPDJURFLSROODWULWDWDURVPDUL QRHDOORUR0DFROVDQJXHGLPDLDOHXQWHPSRVLIDFHYDDQFKHODIULWWDWD,Q XQDSDGHOODVLIDFHYDURVRODUHLOJXDQFLDOHGLPDLDOHDSH]]HWWLDJJLXQJHQGR SRLLOVDQJXHOHVVDWRHIDWWRDWRFFKHWWLHSRFRGRSROHXRYDVEDWWXWHFRQVDOH SHSHHSHFRULQR &·qSRLWXWWDODVHULHGLGROFLGHOODWUDGL]LRQHRUPDLLQGHFOLQRSUHSD UDWLSURSULRFRQLOVDQJXHGLPDLDOH6LYDGDOPLDFFLWWRDOPLDFFLWWRFRQLO ODWWHGDOPLJOLDFFLXDOPLDFFHWWRFRQODIUXWWDVHFFDGDOVDQJXLQDFFLRDO VDQJXLQDFFLRURJQRVR /(556*633()69(;6 <NV)LSSLZP .PHUUP*HTTLY[VUP 4H\YV4HNHNUPUP*; *VYYHKV7PJJPUL[[P*:-4 $FFDGHPLD,WDOLDQDGHOOD&XFLQD 8 8PEULD 8PEULD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 8PEULD ,/125&,128132·6$/80,(5(8132·&+,585*2 /DFXFLQDGHOOHFDUQLSRYHUHFRPSUHQGHXQYDULRLQVLHPHGLULFHWWHFKH KDDYXWRXQSHUFRUVRGLIÀFLOHQHOO·XOWLPRVHFROROHJDWRDPXWDPHQWLVRFLDOL HFXOWXUDOL /DVWRULDGHOODFDUQHqVWRULDDQWLFDHFRPSOHVVDFRPHL*UHFLDQFKH L5RPDQLRIIULYDQRVDFULÀFLFUXHQWLHQHOFRUVRGLDOFXQLGLTXHVWLFRQVX PDYDQR SDUWH GHOOD YLWWLPD LQ EDQFKHWWL VDFULÀFDOL , *UHFL RIIULYDQR DJOL GHLOHRVVDOXQJKHDOFXQHLQWHULRUDHLOJUDVVREUXFLDQGROLDOIXRFRPHQWUH L5RPDQLXQPLVFXJOLRGLYDULHSDUWLGHOODYLWWLPDIHJDWRÀHOHSROPRQH PHPEUDQDLQWHVWLQDOHHFXRUHJOLH[WDO·DXJPHQWXPHGHYHQWXDOPHQWHLO PDJPHQWXPSDUWLUDSSUHVHQWDWLYHGHOODWRWDOLWjGHOFRUSRGHOO·DQLPDOHFRQ XQDVHOH]LRQHPLQX]LRVDPHQWHHOHQFDWDGDOOHQRUPHGHOGLULWWRSRQWLÀFDOH )UDLO,VHFRORHO·HSRFDGHOODGHFDGHQ]DGHOO·LPSHURVLDVVLVWHDGXQSUR JUHVVLYR DXPHQWR GHO FRQVXPR GL FDUQH QRQRVWDQWH LO ULGLPHQVLRQDPHQWR GHOOHSUDWLFKHVDFULÀFDOL ,Q,WDOLDQRQSXzHVVHUHVRWWDFLXWRLOUXRORGHOPDLDOHJOL(WUXVFKLDYH YDQRLVXLQLWUDJOLDQLPDOLGRPHVWLFLHORVWXGLRGLDOFXQLVLWLKDSHUPHVVRGL TXDQWLÀFDUHUDSSRUWLIDYRUHYROLGLDWUDVXLQLHERYLQL*OLVWHVVLVWXGL KDQQRGRFXPHQWDWRXQDOOHYDPHQWRRUJDQL]]DWRHSOXULHQQDOHODFRVWDQWH LQIHULRULWj QXPHULFD GHL IUDPPHQWL RVVHL DSSDUWHQXWL DJOL DUWL SRVWHULRUL ULVSHWWRDJOLDOWULKDIDWWRLSRWL]]DUHXQDOOHYDPHQWRPLUDWRQRQVRORDLFRQ VXPLLQWHUQLPDDQFKHDOO·HVSRUWD]LRQHGLSURVFLXWWL /D WUDGL]LRQH LWDOLFD FRQWDJLz DQFKH L 5RPDQL WDQWR FKH QHO ,,, VHFROR ODGLVWULEX]LRQHGHOODFDUQHGLPDLDOHqLQFOXVDLQTXHOOHJUDWXLWHYROXWHGDJOL LPSHUDWRULSHUPDQWHQHUHO·RUGLQHSXEEOLFR&LFHURQHSHUSULPRKDGHÀQLWRLO PDLDOHXQDGLVSHQVDYLDJJLDQWHGLFDUQHODFXLYLWDKDXQSR·ODVWHVVDIXQ]LRQH GHOVDOHFLRqGLPDQWHQHUODLQXQRVWDWRGLSHUIHWWDFRQVHUYD]LRQH4XHVWRUXROR VLUDIIRU]DQHOO·DOWR0HGLRHYRLQVLHPHDOO·DOOHYDPHQWRRYLQRWLSLFRGHOOHDUHH PHGLWHUUDQHH$OO·HSRFDGHL7HPSODULODSUHVHQ]DGHLVXLQLGHWHUPLQDYDLOYDOR UHGLXQWHUULWRULRJOLDQLPDOLHUDQRDOOHYDWLOLEHULHLOYDORUHGLXQ·DUHDERVFKLYD YHQLYDPLVXUDWRLQEDVHDOQXPHURGLPDLDOLFKHSRWHYDQXWULUH 1RQRVWDQWHFLz0RQWDLJQHQHO*LRUQDOHGLYLDJJLRLQ ,WDOLDRVVHUYD´4XHVWDQD]LRQHQRQKDLOQRVWURFRVWXPHGLPDQJLDUHWDQWD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 8PEULD FDUQHµ4XHVWDDIIHUPD]LRQHQDVFHYDGDXQFRQIURQWRFRQ1D]LRQLFRPHOD )UDQFLDOD*HUPDQLDRO·,QJKLOWHUUDLOFXLVLVWHPDJDVWURQRPLFRGDYDDOOD FDUQHXQDSUHPLQHQ]DDVVROXWD,QUHDOWjSURSULRQHO0HGLRHYRO·DSSUH] ]DPHQWR JDVWURQRPLFR GHOOD FDUQH VL LPSRQH LQ ,WDOLD ULEDOWDQGR DQWLFKL SUHJLXGL]L/DWDYRODVLJQRULOHqXQWULRQIRGLJURVVDVHOYDJJLQDSUHGDGL FDFFLD FHUYL FLQJKLDOL RUVL SHUÀQR EXRL VHOYDWLFL 1HOOH VRFLHWj GL FRUWH GHO'XHFHQWRHGHO7UHFHQWROHSUHIHUHQ]HVLRULHQWDQRYHUVRLOFRQVXPR GL YRODWLOL FDUQL SL GHOLFDWH ULWHQXWH OHJJHUH GDL PHGLFL PHQR OHJDWH D LPPDJLQL H VLPEROL GL JXHUUD ,O /LEHU GH FRTXLQD GXHWUHFHQWHVFR LQL]LD GDLYRODWLOLHDQ]LWXWWRGDTXHOOLGRPHVWLFLOHFDUQLJURVVHULFFKHGLXPRUL VDQJXLJQL RUD VL ODVFLDQR YROHQWLHUL DL FRQWDGLQL /R VWHVVR PDLDOH YLHQH FRQÀQDWR LQ VSD]L SL ULVWUHWWL &RQWHPSRUDQHDPHQWH VL DIIHUPD LO JXVWR GHOOHFDUQLERYLQHLQSDUWLFRODUHGHOYLWHOORFDUQHGHOLFDWDGDOVDSRUHÀQH $OO·LQL]LRGHO4XDWWURFHQWRLOPHGLFR/RUHQ]R6DVVROLDGXQIDFROWRVR SD]LHQWHGjTXHVWLFRQVLJOL´GHOOHWRUWRUHYRLXVLDWHTXDQWRSRWHWHSHUFKp GDOODQDWXUDKDQQRVLQJXODUYLUWQHOFRQIRUWDUHODPHPRULDH·VHQWLPHQWL O·DOWUDVLqFKHYLWHOODLQRJQLPRGRFKHYRLSRWHWHYRLQHPHWWLDWHLQFRUSR «QRQSRWUHVWHXVDUHSHUXQRFLERODSLVDQDYLYDQGDµ ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 8PEULD %DUWRORPHR6FDSSLQHOGHGLFDWUHQWDVHLULFHWWHDOODYLWHOODFKHOD VH]LRQDQRGDOODWHVWDDLSLHGL/DGLYHUVLÀFD]LRQHGHOOHSURSRVWHJDVWURQR PLFKHQDVFHGDXQDVWUDRUGLQDULDFRPSHWHQ]DDQDWRPLFDQXOODGHOO·DQLPDOH YDSHUGXWRHRJQLWDJOLRHVLJHXQDSDUWLFRODUHSUHSDUD]LRQH $WDOSURSRVLWRULFRUGLDPRFKHOD9DOQHULQDqODSDWULDGHOQRUFLQRVDOX PLHUHSHUDQWRQRPDVLDPDLQSDVVDWRWDOHWHUPLQHqVWDWRDQFKHVLQRQLPR GLSUHFLDQRHRFKLUXUJR,OULIHULPHQWRqDOODJUDQGHVFXRODFKLUXUJLFDQDWD QHOO·DEED]LDGL6(XWL]LRHSRLWUDVIHULWDVLD3UHFL$WWLYDWDVLQHO;,,,VHFROR HJLXQWDÀQRDO;9,,,HUDVSHFLDOL]]DWDQHOO·DVSRUWD]LRQHGHLWHVWLFROLGHOOD FDWDUDWWDGHOO·HUQLDLQJXLQDOHHGHLFDOFROLYHVFLFDOL6XLOHJDPLWUDVDOXPLH ULHFKLUXUJKLQRQFLDGGHQWULDPRFHUWDPHQWHODFRQRVFHQ]DGHOO·DQDWRPLD GHJOLDQLPDOLHGHJOLXRPLQLHUDFRPXQHFRPHO·DUHDJHRJUDÀFD ,QFXFLQDHDWDYRODHUDSUHVHQWHFRPXQTXHQRQWDQWRODQHFHVVLWjGL XWLOL]]DUHWXWWRFLzFKHHUDSRVVLELOHPDQJLDUHTXDQWRODYRORQWjGLJXVWDUH WXWWRFRPHSHUXQ·HUHGLWjFXOWXUDOHFKHYHGHYDSUHPLQHQWHLOULVSHWWRWRWDOH GHOOHYLWWLPHVDFULÀFDWH6XOSLDQRVRFLDOHODGLIIHUHQ]DQRQULVLHGHYDQHL WDJOLQHOO·,WDOLDSUHPRGHUQDLOTXLQWRTXDUWRHUDDSSUH]]DWRDOPHQRTXDQWR JOLDOWULHYLHUDXQDVÀGDGHOFXRFRQHOVDSHUYDORUL]]DUHOHSDUWLRJJLGHÀ QLWHPHQRQRELOL9LQFHQ]R7DQDUDGHÀQLVFH´KRQRUHGH·FRQYLWLGHOLWLHGH· JRORVLULVWRURGH·JOLDPPDODWLµOHDQLPHOOHFRPXQHPHQWHGHWWH´ODWWLFLQLµH QRQOHSDUWLELDQFKHGHOO·DQLPDOH /DGLIIHUHQ]DHFRQRPLFDHVRFLDOHHUDUDSSUHVHQWDWDGDOJHQHUHGHJOL DQLPDOL XWLOL]]DWL H WDOH FRQFH]LRQH FRQWLQXD QHOO·HUD PRGHUQD PDQ]R H YLWHOODVRQRFDUQHG·pOLWHPHQWUHODFDUQHGLSHFRUDRGLSRUFRqSURSULDGHL ´YLOODQLµ1RQqGLVFULPLQDQWHODWLSRORJLDGHOWDJOLRPDTXHOODGHOO·DQLPDOH /·DSSURFFLRTXDOLWDWLYRÀQRDOO·LQL]LRGHO;;VHFRORqOHJDWRDOSXQWR RWWLPDOHGLIUROODWXUDHOHFDUQLVLSUHIHULVFRQRIUHVFKH6RORGRSROD3ULPD JXHUUDPRQGLDOHLOWUDWWDPHQWRFRQVHUYDWLYRDEDVVHWHPSHUDWXUHFKHLQWHU YLHQH QHL PDFHOOL KD PRGLÀFDWR TXHVWR PRGR GL LQWHQGHUH LO FRQVXPR GL FDUQHHDQFKHLOYDORUHGHOTXLQWRTXDUWR,QSUDWLFDVLDVVLVWHDGXQDGRSSLD GLIIHUHQ]LD]LRQHOHJDWDDOODWLSRORJLDGHOO·DQLPDOHHDOODWLSRORJLDGHOWDJOLR &HUWRLOTXLQWRTXDUWRSXzHVVHUHGHÀQLWRDQFKHFRPHOHSDUWLGHOO·DQLPDOH FKHVLGHWHULRUDYDQRSLLQIUHWWDRFKHYDOHYDQRGLPHQR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 8PEULD 48$1'2*/,6&$57,6,3(6&$9$121(/),80( 5HPR5RVVLLQXQOLEURGDOWLWROR3DQHGH7HUQLUDFFRQWDFKHXQDYROWD LQIRQGRDYLD*DULEDOGLRJJLXQDYLDFHQWUDOHF·HUDLOFLYLFRPDWWDWRLR3HU ODYDUQHOHVWDQ]HVLXWLOL]]DYDO·DFTXDGHOOD´IRUPDµFKHSRLVLULYHUVDYDQHO ÀXPHDSRFKLSDVVLGDOSRQWH&·HUDVHPSUHTXDOFXQRFKHVSRUJHQGRVLGDO ODULYDFRQXQOXQJRXQFLQRULXVFLYDDUDFFDWWDUHUXEDQGROHDOODFRUUHQWH WULSSHEXGHOODHLQWHULRUDYDULH(UDQRSURGRWWLGLVFDUWRFRPHOHFRUDWHFKH XQDYROWDUHFXSHUDWHYHQLYDQRXWLOL]]DWHSHUXVRGRPHVWLFRRULYHQGXWHDOOH ORFDQGHGLDOORUDRVWHULHHEHWWROH ,QYLD6HVWRRJJLYLD*DULEDOGLVLWURYDYDO·´2VWHULDGHO*LJOLRµIUH TXHQWDWD DQFKH GD *LRDFFKLQR %HOOL FKH YL FRPSRQH ( VVH PDJQD 8QR GHL SLDWWL SL IUHTXHQWHPHQWH VHUYLWL HUD ´OR IULW WRµ RYYHUR LO IULWWR PLVWR FKH D GLIIHUHQ]D GL TXDQWRSRWUHEEHVHPEUDUHGDOQRPHHFRPH JLj VL q YLVWR QHOOH OLPLWURIH 0DUFKH FRQ OD IULWWXUDWLSLFDF·HQWUDYHUDPHQWHSRFR/RIULWWR LQ GLDOHWWR WHUQDQR DOWUR QRQ q FKH XQD SDUWH GHOOH LQWHULRUDGHJOLDQLPDOLSH]]HWWLGLFXRUHGLIHJDWROH DOL SLFFROH GL SROPRQH R PLO]D GL YLWHOOR Ë ULFHWWD VHPSOLFLVVLPDVLPHWWRQRLSH]]HWWLDVRIIULJJHUHLQ XQD SDGHOOD GL IHUUR DEEDVWDQ]D FDSLHQWH DVVLHPH D GLYHUVLVSLFFKLGLDJOLRUDPHWWLGLURVPDULQRVDOHHSHSH/HGLYHUVHFDUQL WLUHUDQQRIXRULXQVXJKHWWRFKHYDIDWWREROOLUHDIXRFRDEEDVWDQ]DYLYDFH 4XDQGRLOVXJRFRPLQFLDDGDGGHQVDUVLVLDJJLXQJHXQEXRQELFFKLHUHGL YLQRURVVRHVLSURVHJXHODFRWWXUDDVVDJJLDQGRXQSH]]HWWRGLPLO]DRGL SROPRQH 6H TXHVWL VRQR PRUELGL H VDSRULWL VL SXz ULWLUDUH OD SDGHOOD GDO IXRFRHSHUFKLSLDFHVLSXzDJJLXQJHUHXQSR·GLFRQVHUYDRGLSRPRGRURD SH]]L(UDXQSLDWWRPROWRXVDWRFRQVXPDWRFDOGRFKHDYHYDFDUDWWHULVWLFKH LQWHUHVVDQWLSHUO·RVWHHSHULFOLHQWLODPDWHULDSULPDFRVWDYDSRFRRQLHQWH H VSHVVR YHQLYD SRUWDWD LQ UHJDOR GDL IUHTXHQWDWRUL /D JUDQGH SDGHOOD VL SRWHYDULPHWWHUHSLGLXQDYROWDVXOIXRFRVHQ]DFKHDFFDGHVVHQXOODHUD VXIÀFLHQWHDJJLXQJHUHXQSR·GLYLQRRDFTXD´/RIULWWRµHUDPROWRULFKLHVWR SHUFKpVDSRULWRFLVLEHYHYDEHQHLQVLHPHFRVWDYDSRFRHSRLFRPXQTXH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 8PEULD HUDDEDVHGLFDUQHLOFKHQHLWHPSLSDVVDWLDYHYDXQDFHUWDLPSRUWDQ]D /LODEEULWWLFR·OLIDFLROLqLQYHFHXQDULFHWWDGRPHVWLFDRUPDLVFRPSDU VDGDWRFKHXWLOL]]DYDXQSH]]HWWRGLFDUQHSUDWLFDPHQWHRJJLLQWURYDELOHOD SDUWHLQWHUQDVHJKHWWDWDGHOODERFFDGHLERYLQL´OLODEEULWWLµFKHVLGLVWLQ JXHYDGD´OLODEEULµHVWHUQL6LOHVVDYDQR´OLODEULWWLµDSDUWHLQDFTXDVDODWD GRSR DYHUOL ODYDWL H WDJOLDWL D SLFFROL SH]]L QRQ SL JUDQGL GL XQ·XQJKLD GDOO·DOWUDVLFXRFHYDQRLIDJLROLQHOODSHQWRODGLFRFFLRDFFDQWRDOIXRFR6L VFRODYDQRHQWUDPELVLPHVFRODYDQRLQVLHPHHVLFRQGLYDQRLQLQVDODWDFRQ ROLRG·ROLYDVDOHSHSHDFHWRRLQDOWHUQDWLYDSLVSHVVRFRQLOVXFFRGL XQDPHUDQJROD/DPHUDQJRODDUDQFLDDPDUDFLWUXVDXUDQWLXPqGHVFULWWD GDLYLDJJLDWRULGHO*UDQ7RXUFRPHHOHPHQWRGHOSDHVDJJLRWHUQDQRULVRUVD HFRQRPLFDHSURGRWWRDJULFRORORFDOH 7RUQDQGR DOOD FDUQH VL SRWUHEEH DIIHUPDUH FKH SURSULR OD FXFLQD GHL WDJOLPHQRQRELOLHSLUDSLGDPHQWHGHSHULELOLUDSSUHVHQWDXQDFDUDWWHULVWLFD PHGLWHUUDQHDRPHJOLRXQDVSHWWRFDUDWWHUL]]DQWHLOFRQFHWWRGL´PHGLWHUUD QHLWjµXQQHRORJLVPRFKHULVSRQGHDWUHTXHVLWLSULQFLSDOLFRVDPDQJLDUH FRPH PDQJLDUH H FRQ FKL PDQJLDUH Ë LQGLFH GHOOD FXOWXUD H GHOO·LQVLHPH GLYDORULFKHFLKDQQRFDUDWWHUL]]DWR8QPRGRSDUWLFRODUHGLYLYHUHO·DWWR DOLPHQWDUHFKHWLHQHFRQWRGLVSD]LRODFXFLQDWHPSRLOWHPSRGHGLFDWRDO FLERHFRQRPLDFRUUHWWRXWLOL]]RGHOOHULVRUVHUHOD]LRQLLGHQWLWjHDSSDU WHQHQ]DFXOWXUDSUHSDUD]LRQLDGDWWHDLOXRJKLHDOOHHVLJHQ]HGHOJUXSSR IDPLOLDUH SROLWLFD WHRULD GHOOR VWDWR 4XHVWH FDUDWWHULVWLFKH VIXPDQR WUD ORURVLDFFDYDOODQRHVLULSURSRQJRQRHQHOQRVWURFDVRLOFRUUHWWRHFROWR XWLOL]]RGLFDUQLHUURQHDPHQWHGHÀQLWHRJJLSRYHUHRGLPHQWLFDWHKDSRU WDWRDULFHWWHJDVWURQRPLFKHGLJUDQGHYDORUH ,QL]LDQGR GDJOL DQWLSDVWL QRQ SRVVLDPR QRQ FLWDUHODFRSSDFKHSHUFRORURFKHDPPD]]DQRLO PDLDOHqLOPRGRSHUXWLOL]]DUHWXWWHOHSDUWL GHOO·DQLPDOHFKHDOWUHODYRUD]LRQLQRQXVD QRSHUFLzLQHVVDÀQLVFRQRPROWHFRVH GDLQHUYHWWLDOJUDVVRGDOODFDUWLODJLQH DOOD FRWHQQD /D FRVD SL LPSRUWDQWH SHUFLzqODSXOLWXUDGHOO·DQLPDOH(SL ´OX VFXUWLFKLQXµ q EUDYR SL OD FRSSD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 8PEULD ULVXOWHUjEXRQDHÀQH&RPXQTXHVLSURFHGHQHOPRGRVHJXHQWHVLUDFFRO JRQROHRVVDJLjJURVVRODQDPHQWHVSROSDWHTXDOFKHFRWLFDJOL]DPSHWWLOD WHVWDHOHRUHFFKLHDFFXUDWDPHQWHSXOLWLHODYDWLSLGLXQDYROWDHVLSRQH LOWXWWRDEROOLUHLQDFTXDSURIXPDWDGDVHPLGLÀQRFFKLREXFFLDG·DUDQFLDH TXDOFKHFKLRGRGLJDURIDQR$FRWWXUDXOWLPDWDVLVWDFFDODFDUQHGDOOHRVVD DQFRUDEROOHQWLHVLWULWXUDLOWXWWRLQPRGRJURVVRODQRLQVDSRUHQGRFRQVDOH SHSHTXDOFKHVSLFFKLRG·DJOLRHODEXFFLDGLXQ·DUDQFLDÀQHPHQWHDIIHWWDWD HVSH]]HWWDWD6LDJJLXVWDGLVDOHVLDPDOJDPDLOWXWWRFRQOHPDQLHVLULHP SLHFRQLOFRPSRVWRXQVDFFKHWWRGLWHODOHJDQGROREHQVWUHWWRSRQHQGROR SRLXQSDLRGLJLRUQLVRWWRSHVR/DFRSSDWDJOLDWDDIHWWLQHVRWWLOLqRWWLPD SHUFRPSOHWDUHXQDQWLSDVWRGLVDOXPLPDDQFKHGDVRODVXXQDIHWWDGLSDQH FDVHUHFFLRRGHQWURXQSH]]RGLIRFDFFLDFDOGD 1HOODUHJLRQHPDQRQVRORTXLVRQRPROWRXVDWHOHULJDJOLHGLSROOR VLDSHULFODVVLFLFURVWLQLXPEULFRQIHJDWLQLHGXUHOOLVLDSHUIDUHLOUDJFRQ FXLFRQGLUHLPDFFKHURQLDOO·XRYRVLVRIIULJJRQRFLSROODFDURWDHVHGDQR WULWDWLVLDJJLXQJRQROHULJDJOLHGLSROORLOSRPRGRURHLOVDOHHVLODVFLD FXRFHUHDIXRFREDVVR &RQ OH LQWHULRUD GL SROOR RSSXUH GL FRQLJOLR VL SUHSDUD XQ VHFRQGR SLDWWRLOFLSUpQHOPRGRVHJXHQWHGRSRDYHUOHSXOLWHEHQHVLVFRWWDQROH LQWHULRUDJLQDFTXDEROOHQWHDURPDWL]]DWDFRQFLSROODDIHWWHHURVPD ULQR6LVFRODQRHVLWDJOLDQRDSH]]HWWLQLTXLQGLVLPHWWRQRDVRIIULJJHUH DVVLHPHDOO·ROLRLQXQWHJDPHSRVVLELOPHQWHGLWHUUDFRWWD6LDJJLXVWDGL VDOH H SHSH VL XQLVFH PH]]R ELFFKLHUH GL YLQR ELDQFR VHFFR H VL SRUWD D WHUPLQHODFRWWXUDYHUVDQGRGLWDQWRLQWDQWRDQFRUDXQSR·GLYLQR,QÀQH VLDJJLXQJRQRXRYDVEDWWXWHFRQVDOHHSHSH6LPHVFRODHVLVHUYHVXELWR &RQOHLQWHULRUDGHJOLDQLPDOLGLSLFFRODWDJOLDVLWURYDQRFRPHQHOOH UHJLRQLOLPLWURIHPROWHSUHSDUD]LRQL2OWUHDOODFODVVLFDFRUDWHOODFRQLFDU FLRÀWURYLDPRTXLODFRUDWHOODG·DJQHOORFRQIHJDWRPLO]DFXRUHEXGHOOD WDJOLDWH LQ SH]]L QRQ PROWR SLFFROL OH EXGHOOD SL SLFFROH VL LQWUHFFLDQR TXHOOHSLJUDQGLVLWDJOLDQRDVWULVFLROLQH'RSRDYHUVEROOHQWDWRLOWXWWR SHUXQDWWLPRVLPHWWRQRDVRIIULJJHUHLQXQWHJDPHROLRVDOHSHSHFLSRO ODÀQRFFKLRIUHVFRHVDOYLD$SSHQDODFLSROODSUHQGHFRORUHVLXQLVFHOD FRUDWHOODVLFXRFHSHUTXDOFKHPLQXWRTXLQGLVLYHUVDGHOYLQRELDQFRVHFFR GDIDUHYDSRUDUH&RQDQFRUDXQSRFRGLFLSROODWDJOLDWDVRWWLOHVLSRUWDD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 8PEULD FRWWXUDDIXRFREDVVR8QDYDULDQWHQRQFRQWHPSODWDGDOODWUDGL]LRQHSXz HVVHUHTXHOODGLDJJLXQJHUHXQSRFRGLODWWHGXUDQWHO·XOWLPDFRWWXUDHTXDO FKHIRJOLDGLDOORUR 4XDQGR VL XFFLGHYD LQ FDVD LO PDLDOH QRQ PDQFDYD PDL PD DFFDGH DQFRUDRJJLXQSLDWWRFKHKDLOQRPHVLJQLÀFDWLYRGLSDGHOODFFLDHFRVWL WXLYDLO´VHJQDOHµGHOO·DYYHQXWRVDFULÀFLR/DULFHWWDYDULDHFRPSUHQGHOH DQLPHOOHPDDYROWHDQFKHLOSROPRQH &25$7$',/(35(&21/$&5(6&,$ ,QJUHGLHQWLOHLQWHULRUDHLOVDQJXHIUHVFRGLXQDOHSUHGXHVSLFFKLG·DJOLRXQUDPHW WRGLURVPDULQRXQELFFKLHUHGLYLQRELDQFRVHFFRFXFFKLDLGLROLRH[WUDYHUJLQH G·ROLYDSHSHVDOH3HUDFFRPSDJQDUHFUHVFLDFRWWDVXOWHVWR 3UHSDUD]LRQH6RIIULJJHUHQHOO·ROLRXQWULWRG·DJOLRHURVPDULQRXQLUHOHLQWHULRUDGL OHSUHDSH]]HWWLHLOVXRVDQJXHLQVDSRULUHVDODUHSHSDUHHSRUWDUHDFRWWXUDLUURUDQGR GLYLQR6HUYLUHODFRUDWDFRQODFUHVFLDFDOGD 0DLOPDLDOHFRQOHVXHSDUWLVRORDSSDUHQWHPHQWHPHQRQRELOLODIDGD SDGURQHLQQXPHURVHSUHSDUD]LRQL8QSLDWWRRUPDLSLXWWRVWRUDURSHUFKpLO UHSHULPHQWRGHOODPDWHULDSULPDLOSDQFUHDVGHOVXLQRQRQqVHPSOLFHqLO GROFHPRUVR3HUDYHUHXQDSRU]LRQHDEERQGDQWHGLTXHVWDVTXLVLWDSLHWDQ]D FKH PHULWD LO VXR DSSHOODWLYR RFFRUURQR XQ SDQFUHDV H PH]]R D SHUVRQD 3$'(//$&&,$ ,QJUHGLHQWLULWDJOLGHOPDLDOHJXDQFLDOHJUDVVRHPDJURDQLPHOOHUHVWLGHOODODYR UD]LRQHROLRH[WUDYHUJLQHGLROLYDDJOLRURVPDULQRPH]]RELFFKLHUHGLYLQRELDQFR VDOHSHSH 3UHSDUD]LRQH,QXQDSDGHOODFRQO·ROLRH[WUDYHUJLQHGLROLYDVRIIULJJHUHXQSR·GL DJOLR H URVPDULQR$JJLXQJHUH L ULWDJOL GHOOD FDUQH H IDU URVRODUH LO WXWWR SHU DOFX QLPLQXWL$JJLXVWDUHGLVDOHHSHSH6IXPDUHFRQLOYLQRELDQFRVHFFRHSRUWDUHD FRWWXUDVDUDQQRQHFHVVDULFLUFDPLQXWL&RQLOJUDVVRFKHVLULFDYDGDOODFRWWXUD GHOODSDGHOODFFLDqDELWXGLQHFRQGLUHLIDJLROLSUHFHGHQWHPHQWHOHVVDWL)DJLROLHFDUQH YDQQRPDQJLDWLLQVLHPH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 8PEULD 7HQHQGRFRQWRFKHLOVXLQRQHSRVVLHGHXQRVRORqVSLHJDWRLOPRWLYRGHOOD VXDULFHUFDWH]]D'DLSDQFUHDVFKHYDQQRFRQVXPDWLLQJLRUQDWDDOWULPHQWL DFTXLVWDQRXQVDSRUHSLXWWRVWRDPDURVLWRJOLHXQDSDUWHGHOO·DEERQGDQWH JUDVVRFKHIDORURGDLQYROXFURHVLFXRFLRQRLQJUDWLFRODFRQSHSHHVDOH 9DQQRVHUYLWLDSSHQDWROWLGDOIXRFRFDOGLVVLPL ,OFRUDPHGHOPDLDOHqO·LQJUHGLHQWHSULQFLSHGHOPLDFFHWWRXQVHFRQGR SLDWWRFKHFRQWHPSODDQFKHLOVDQJXHGHOO·DQLPDOHHSHUTXHVWRqTXDVLFDGX WRLQGLVXVR6LVRIIULJJHLOFRUDPHDSLFFROLSH]]LFRQFLSROODWDJOLDWDÀQD ,QXQSLDWWRIRQGRJUDQGHVLPHVFRODQRGXHELFFKLHULGLVDQJXHGLPDLDOH PH]]RELFFKLHUHG·DFTXDPH]]RELFFKLHUHGLYLQRELDQFRVHFFRVLSDVVDLO WXWWRDOVHWDFFLRSRLVLDJJLXQJRQRXQDEXFFLDG·DUDQFLDWDJOLDWDDGDGROLQL WUHFXFFKLDLGLSHFRULQRJUDWWXJLDWRXQXRYRVEDWWXWRSHSHVDOH6LYHUVD TXHVWRLPSDVWRQHOVRIIULWWRHVLSRQHLQIRUQRD'RSRDYHUVFRODWRLO VXJRSLXWWRVWRJUDVVRVLVHUYHLOPLDFFHWWRPROWRFDOGR 6HPSUH WUD L VHFRQGL SLDWWL D EDVH GL SDUWL GHOPDLDOHULFRUGLDPRLWHJDPLQLGLURJQR QL FKH VL SUHSDUDQR IDFHQGR VRIIULJJHUH L URJQRQFLQL WDJOLDWL LQ SDUWL FRQ ROLR H[WUDYHUJLQH SUH]]HPROR VDOYLD =$03(77,(1(59(77,',0$,$/(,1,16$/$7$ ,QJUHGLHQWL]DPSHWWLGLPDLDOHJGLQHUYHWWLGLPDLDOHXQJDPERGLVHGDQR XQDFDURWDXQDFLSROODROLRH[WUDYHUJLQHGLROLYDDFHWRVXFFRGLOLPRQHSUH]]HPR ORXQRVSLFFKLRG·DJOLRVDOHSHSH 3UHSDUD]LRQH /HVVDUH JOL ]DPSHWWL H L QHUYHWWL LQ DFTXD DURPDWL]]DWD FRQ VHGDQR FDURWDHFLSROODSHUDOPHQRXQ·RUD3HUDFFHUWDUVLGHOODJLXVWDFRWWXUDqRSSRUWXQR LQÀODUHXQDIRUFKHWWDRXQRVWHFFKLQRQHOOR]DPSHWWRDVVLFXUDQGRVLFKHODFDUQHHOD FRWHQQD VLDQR GLYHQXWH PRUELGH /DVFLDU UDIIUHGGDUH WDJOLDUH JOL ]DPSHWWL H L QHU YHWWLDVWULVFLROLQHRDWRFFKHWWLSULYDQGROLGHOO·RVVR3UHSDUDUHXQDVDOVDFRQVDOH SHSHOLPRQHDFHWRDJOLRROLRHSUH]]HPRORWULWDWR(PXOVLRQDUHEDWWHQGRFRQXQD IRUFKHWWD SHU TXDOFKH PLQXWR 9HUVDUH LO WXWWR VXJOL ]DPSHWWL DPDOJDPDQGR EHQH ËFRQVLJOLDELOHDEELQDUHTXHVWRSLDWWRFRQLIDJLROLDOO·ROLRORFDOLFLDEDWWRQL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 8PEULD SHSHURQFLQR H XQ·DFFLXJD EHQ WULWDWD 6L VDODQR YL VL DJJLXQJH XQ SR· GL YLQRELDQFRHVLIDHYDSRUDUH,OWHJDPLQRYDFRSHUWRFRQFDUWDSDJOLDSHU FRQWLQXDUHODFRWWXUDDIXRFREDVVR 7URYLDPRLQÀQHLOIHJDWRGLPDLDOHPDDQFKHLOJUDVVRULFDYDWRGDO ODFROODULQDQHLPD]]DIHJDWLGROFLFRQSLQROLXYHWWDVXOWDQLQD]XFFKHUR OD EXFFLD GL XQ·DUDQFLD WDJOLDWD D GDGLQL SHSH VDOH 'RSR DYHU ODYDWR H DVFLXJDWRLOIHJDWRVLVPLQX]]DDFFXUDWDPHQWHVLWDJOLDLOJUDVVRDGDGLQL HVLSRQHLOWXWWRLQXQDWHUULQDGRYHSRLVLFRQGLVFHLOIHJDWRFRQWXWWLJOL LQJUHGLHQWL6LLQVDFFDLOFRPSRVWRFRQO·LPEXWRHVLOHJDQRLPD]]DIHJDWL FRPH IRVVHUR GHOOH QRUPDOL VDOVLFFH TXLQGL VL FXRFLRQR DOOD ÀDPPD R LQ IRUQRFDOGRDRSSXUHLQXQWHJDPHFRQSRFKHJRFFHGLROLR /(556*633()69(;6 .P\ZLWWL-H[H[P+*:; .\PKV:JOPHYVSP*; $FFDGHPLD,WDOLDQDGHOOD&XFLQD / /D]LR /D]LR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR 6$%$7275,33$ 1HOODWUDGL]LRQHGHOODFXFLQDURPDQDLOTXLQWRTXDUWRqIRQGDPHQWDOH $Q]LGLFLDPRORVXELWRUDSSUHVHQWDLOÀORQHDXWHQWLFDPHQWHURPDQRDFFDQ WRDTXHOORGHOODFXFLQDURPDQRJLXGDLFDHDTXHOORURPDQROD]LDOHFKHVL FRQWDPLQDFRQOHSUHGLOH]LRQLHLOJXVWRGHOOHWHUUHSLRPHQRYLFLQHGDL &DVWHOOLDOO·$JUR3RQWLQRDO9LWHUEHVHDO)UXVLQDWHHFF %DVDWDVXJOLVFDUWLGHOODPDFHOOD]LRQHFRUDWDFRUDWHOODJDIÀHFF RVVLDVXFLELGLIÀFLOLGDFXFLQDUHSRYHULQRQJUDGHYROLDOODYLVWDHDOO·RGRUH DSLGLTXDOFXQRSRVVRQRULVXOWDUHULSXJQDQWLODFXFLQDURPDQDKDVDSXWR FUHDUHSLDWWLFKHULPDQJRQRQHOODPHPRULDDQFKHVHQVLWLYDGLFKLO·DVVDSR UD3LDWWLFKHGDWHPSRIDQQRSDUWHGHOO·LPPDJLQDULRFROOHWWLYRGHOOD5RPD FKHDPLDPR,OORURVDSRUHQHWWRHIRUWHPHQWHJXVWRVRVLDUPRQL]]DFRQOD 5RPDGLSLHWUDGHLPRQXPHQWLVWRULFLGHO5LQDVFLPHQWRHGHO%DURFFR'HO FHQWURVWRULFRFRQOHVXHYLHHOHJDQWLPDDQFKHGHOOHYLX]]HGHOOD6XEXUUD R GL 7HVWDFFLR GRYH F·HUD ÀQR D SRFKL DQQL ID LO JUDQGH PDWWDWRLR RJJL WUDVIRUPDWRLQJUDQGHDUHQDGHOO·DUWHFRQWHPSRUDQHD $OFXQLGLTXHVWLSLDWWLKDQQRWDOPHQWHLQÁXLWRVXOOHDELWXGLQLDOLPHQWDUL GHOURPDQRGDIDUVLFRQYHQ]LRQDOPHQWHDVVHJQDUHFRPHFRQVXPRIDPLOLDUH HGLULVWRUD]LRQHXQRVSHFLÀFRJLRUQRGHOODVHWWLPDQDVDEDWRWULSSDVLOHJ JHDQFRUDLQSLGLTXDOFKHULVWRUDQWHRWUDWWRULD 8QDFXFLQD´VDQDQXWULHQWHHVDSRULWDµFRPHODGHÀQuVLQWHWLFDPHQ WH$GD %RQL QHO VXR RUPDL FODVVLFR OLEUR /D &XFLQD URPDQD VFULWWR QHO &25$7(//$&21,&$5&,2), ,QJUHGLHQWLNJGLFRUDWHOODIHJDWRUHQLHFXRUHGHJOLRYLQLHGHLERYLQLXQDFLSROOD JGLFDUFLRÀPH]]ROLWURGLYLQRELDQFRVDOHSHSH 3UHSDUD]LRQH3XOLUHHWDJOLDUHLFDUFLRÀVWURÀQDUOLFRQXQOLPRQHYHUVDUOLLQXQD SDGHOODFRQO·ROLRJLjDWHPSHUDWXUDHSRUWDUOLDPH]]DFRWWXUD$JJLXQJHUHODFLSROOD WDJOLDWDHODVFLDUODLPELRQGLUH7DJOLDUHODFRUDWHOODDSLFFROLGDGLODYDUODLQDFTXD FRUUHQWHHXQLUODDLFDUFLRÀHDOODFLSROODIDUURVRODUHDJJLXQJHUHLOYLQRHODVFLDUH FXRFHUHÀQRDOODVXDHYDSRUD]LRQH6HUYLUHODSLHWDQ]DEHQFDOGD $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR ORQWDQR GHFUHWDQGRQH JLj DOORUD XQ UDSLGR GHFOLQR H REOuR SHU YLD GHL WXPXOWXRVL PXWDPHQWL LPSRVWL GDOOD YLWD PRGHUQD ,QHYLWDELOH GHVWLQR SHUXQD´FXFLQDSRYHUDµFRVuDQFKH/LYLR-DQQDWWRQLIUXWWRQLHQWHDOWUR FKHGHOO·DUWHGLDUUDQJLDUVLGHOSRSROLQRPLQXWRLQVRPPDGLFKLSRVVHGHYD SRFKL´EDLRFFKLµHVLGRYHYDTXLQGLDFFRQWHQWDUHGHLUHVLGXLRVFDUWLGHO ODPDFHOOD]LRQH0DTXHVWRJLXGL]LRqDOTXDQWRULGXWWLYR,QSULPROXRJR LQIDWWLF·qODVWUDRUGLQDULDSHUVLVWHQ]DGHOSLDFHUHJDVWURQRPLFRFKHYLHQH DQFRURJJLGDTXHVWLSLDWWL/·HVWUHPDHVVHQ]LDOLWjHVHPSOLFLWjGHOODULFHWWD 3RFKLDFFRVWDPHQWLWXWWLULFRQRVFLELOLDSULPDYLVWDFKHQRQqDUULVFKLDWR GHÀQLUHSLFFROLFDSRODYRULGHOO·DUWHFXOLQDULDLOSURIXPRGHOOHIRJOLROLQHGL PHQWXFFLDFRQODWULSSDLOVXJRGHQVRHURVVRFXSRGHOODFRGDDOODYDFFL QDUDODSDVWDGHLULJDWRQLFRQODSDMDWDRVVLDFROWHQHUXPHGHOYLWHOOLQRGD ODWWHGHELWDPHQWHURVRODWRHSURIXPDWR 6HPEUDHVVHUFLLQVRPPDGLHWURGLHVVLXQDVDSLHQ]DDOXQJRHVHUFLWDWD H SHUIH]LRQDWD PDJDUL LQ PRGR DQRQLPR H RVFXUR PD FDSDFH GL FRJOLHUH QHO VHJQR 0D GD GRYH YLHQH TXHVWD VDSLHQ]D H FRPH VL q HVHUFLWDWD QHO WHPSR"1RQFHUWRGDOODJUDQGHFXFLQDGHOODFRUWHSRQWLÀFLDHGDOOHWDYROH GHOODQRELOWjFKHSXUHFRPHYHGUHPRKDIDWWRODUJRXVRGHOTXLQWRTXDUWR PDDUULYDQGRDULVXOWDWLPROWRGLYHUVLLQIDWWRGLJXVWR 3LLQFHUWRHFRPSOHVVRLOUDSSRUWRFRQODFXFLQDURPDQR JLXGDLFD DQFKH VH DOOD ÀQH VH QH GLVWLQJXHIRUWHPHQWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR 68//$7$92/$12%,/,$5( 'HOSULPR8PDQHVLPRHÀQRDOOD&RQWURULIRUPDQHOSHULRGRGLPDJ JLRU VSOHQGRUH GHO SRWHUH WHPSRUDOH GHL 3DSL H GHOOH PDJJLRUL IDPLJOLH URPDQHGDJOL2UVLQLDL&RORQQDVRQRULPDVWLQHOODPHPRULDHQHOOHFUR QDFKHGHOO·HSRFDLIDVWRVLSUDQ]LFKHVLWHQHYDQRQHOODFRUWHSRQWLÀFLDHQHL WDQWLSDOD]]LQRELOLDULGL5RPD3UDQ]LVRQWXRVLQHOQXPHURGHLFRQYLWDWLH GHOOHSRUWDWHQHOODVFHQRJUDÀDHQHOGHFRURSULQFLSHVFR 5RPD DYHYD XQ SULPDWR DQFKH QHOO·DUWH GHO FRQYLYLR H GHL UDIÀQDWL SLDFHULGHOODJROD(QHLVRQWXRVLSUDQ]LULFRUUHYDQRVSHVVRSLDWWLEDVDWLVX IUDWWDJOLHRSLLQJHQHUHVXOTXLQWRTXDUWR&HQHKDQQRODVFLDWRWHVWLPR QLDQ]DWHVWLIRQGDPHQWDOLGHOODFXOWXUDFXOLQDULDFRPHO·2SHUDGL %DUWRORPHR6FDSSLFXRFRGL3LR,9H3LR9GRYHVLGHVFULYHXQD´IUL FDVVHDGLIUDWWDJOLHGLURJQRQHHIHJDWRFRWWLQHOVDQJXHµ3HUQRQFLWDUHOD 6LQJRODUGRWWULQDGL'RPHQLFR5RPROLFXRFRVHJUHWRHVFDOFRGLFDUGLQDOL HVHPEUDDQFKHGLXQSRQWHÀFH 1HOODVWHVVDHSRFDQHOULFFKLVVLPRPHQXGHOSUDQ]RGHOFDUGLQDOH&DUSL 5LGROIR3LRRIIHUWRQHOODVXDYLJQDGL0RQWHFDYDOORVLSUHVHQWDYDXQ´*HOR GLSLHGLGLSROOLHGLFDSUHWWRLQTXDGUHWWLµHXQD´/LQJXDGLEXH6DODWDµ8QD WUDGL]LRQHLQVRPPDGLUDIÀQDWH]]DFKHGXUzÀQRDO6HLFHQWRLQSLHQDHWj EDURFFDVDQFLWDGDFHOHEULWHVWLGHJOLVFDOFKLURPDQLGHOO·HSRFDFRPH/R VFDOFRSUDWWLFRGHO/DQFHOORWWLLO7HDWURQRELOLVVLPRGLVFDOFKHULDGL 9HQDQ]LR0DWWHLGD&DPHULQRH%UHYLWjGLVFDOFKHULDGL*LDFRPR &RORUVL$WWUDYHUVRTXHVWHGLYHUVHIRQWLVDSSLDPREHQHTXDQWDSDUWH DYHVVH QHOOD FXFLQD QRELOH WXWWR FLz FKH RJJL ULDVVXPLDPR FRO WHUPLQH GL TXLQWRTXDUWR1DWXUDOPHQWHFRQWXWWHOHSUHGLOH]LRQLGHOO·HSRFD $ÀDQFRGHJOLDQLPDOLGRPHVWLFLSULPHJJLDYDODFDFFLDJLRQH/DFDF FLDLPPRUWDODWDQHOOHLQFLVLRQLGHO7HPSHVWDHUDXQDYHUDHSURSULDSDV VLRQHQRQVRORGLQRELOLSLRPHQRSRWHQWLPDGHJOLVWHVVL3RQWHÀFL6RQR ULPDVWHPHPRUDELOLOHJUDQGLVSHGL]LRQLGLFDFFLDGL*LXOLR,,DWWUDYHUVROD FDPSDJQDURPDQDDOO·HSRFDWXWWDLQVHOYDWLFKLWD1RQqXQFDVRFKHODSULPD SLDQWDDVWDPSDGHOODFDPSDJQDURPDQD(XIURVLQR'HOOD9ROSDLDVLDVWDWD FRQFHSLWDDGXVRGHLFDFFLDWRUL &·HUDQR DOWUL GXH DVSHWWL FKH FDUDWWHUL]]DYDQR IRUWHPHQWH O·XVR GHO $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR TXLQWRTXDUWRQHOODFXFLQDQRELOLDUH,QSULPROXRJRXQ·DI IDQQRVDULFHUFDGLSDUWLSUHOLEDWHHUDUHHSRLLOSURFHVVRGL SUHSDUD]LRQHHFRWWXUDFKHVSHVVRHUDHODERUDWRHULFFRGLVSH]LHHGLRGRUL &RVuODWHVWDFKHGRYHYDHVVHUHREEOLJDWRULDPHQWHGHOODYLWHOODGDODWWH GLPRQJDQDSHUFKpSLWHQHUDHJXVWRVDULVSHWWRDTXHOODGHOERYHRGHOOD PXFFDOR6FDSSLFLLQIRUPDFKHD5RPDDYHYDWURYDWROHPLJOLRULYLWHOOH PRQJDQHHLSLWHQHULSROOLHSLFFLRQL2ODOLQJXDGHO´ERYHHGLYDFFLQDµ OHVVDWDIULWWDGRUDWDDOORVSLHGRLQLQVDODWDDUURVWRLQIULFDVVHDVDODWDFRQ ´VDSRULVRSUDHVSH]LHµRSSXUHOHVVDWDHVHUYLWD´FRSHUWDGLSHYHUHµ5RPROL ,QVRVWDQ]DVLWUDWWDYDGLXQDFXFLQDGHOTXLQWRTXDUWRTXHOODQRELOLDUH FKHLQIDWWRGLSUHSDUD]LRQHHRVWHQWD]LRQHHUDEHQORQWDQDGDOODVHPSOLFL WjSRYHUWjHIRUWHLQQRYD]LRQHGLJXVWRFKHFDUDWWHUL]]HUjODFXFLQDSRSRODUH URPDQDGHLVHFROLVXFFHVVLYL )5,772$//$520$1$ ,QJUHGLHQWLFHUYHOODGLYLWHOORRSSXUHGLDEEDFFKLRVFKLHQDOLPLGROORVSLQD OHGLYLWHOORRGLPDQ]RDQLPHOOHG·DEEDFFKLRFDUFLRÀURPDQHVFKLFLPDUROLXQ OLWURHPH]]RGLROLRH[WUDYHUJLQHG·ROLYDJGLIDULQDGXHXRYDSUH]]HPRORVDOH 3UHSDUD]LRQH0HWWHUHDEDJQROHFHUYHOODLQDFTXDIUHVFDSHUPLQXWLFDPELDQGR O·DFTXDDOPHQRXQSDLRGLYROWHSHUHOLPLQDUHRJQLUHVLGXRGLVDQJXHOHVVDUOHSRLLQ XQDFDVVHUXRODFRQO·DJJLXQWDGLXQSR·GLSUH]]HPROR7RJOLHUOHDSSHQDO·DFTXDEROOH HSDVVDUOHLQDOWURUHFLSLHQWHFRQWHQHQWHDEERQGDQWHDFTXDIUHGGDTXDQGRVRQREHQ IUHGGHWRJOLHUOHGDOO·DFTXDHIDUOHDVFLXJDUHVXGLXQSDQQRSXOLUOHGLTXDOFKHSHO OLFRODUHVLGXDHWDJOLDUOHDSH]]HWWLUHJRODULVLVWHPDQGROLLQXQDVFRGHOODSHUFRQGLUOL FRQROLRVXFFRGLOLPRQHHSUH]]HPRORWULWDWR3DVVDUHTXLQGLDJOLVFKLHQDOLWRJOLHQ GR ORUR DQ]LWXWWR OD SHOOH VHQ]D URPSHUOL SRUWDUOL ÀQR D EROORUH LQ XQD FDVVHUXROD FRQWHQHQWHDFTXDULQIUHVFDUOLHWDJOLDUOLLQSH]]LGHOODOXQJKH]]DGLFPFLUFDDQD ORJDPHQWHSURFHGHUHSHUOHDQLPHOOH'RSRDYHUPRQGDWRLFDUFLRÀODVFLDQGRQHXQ JDPERGLTXDWWURGLWDWDJOLDUOLFLDVFXQRLQRWWRVSLFFKLHSDVVDUOLLQXQUHFLSLHQWHFRQ DFTXDIUHVFDHVXFFRGLOLPRQHSHUQRQIDUOLDQQHULUH,QIDULQDUHHSDVVDUHQHOO·XRYR VEDWWXWRWXWWLLSH]]LRWWHQXWLGDOOHSUHFHGHQWLRSHUD]LRQLIULJJHQGROLDPHGLRFDORUH LQXQDSDGHOODFRQDEERQGDQWHROLRH[WUDYHUJLQHGLROLYDÀQRDFKHDYUDQQRDVVXQWR XQDFRORUD]LRQHELRQGRFKLDURVDODUHHVHUYLUHPROWRFDOGR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR /·,1)/8(1=$'(//$&8&,1$520$12*,8'$,&$ 6LqGHWWRTXDQWRFRQWLQHOODWUDGL]LRQHJHQXLQDPHQWHURPDQDLOÀORQH UDSSUHVHQWDWRGDOODFXFLQDJLXGDLFD2PHJOLRURPDQRJLXGDLFDVHYRJOLD PRULPDUFDUHFRP·qJLXVWRORVWUHWWRUDSSRUWRWUDGXHFXFLQHXQLWHWUDGL ORURPDQHOORVWHVVRWHPSRFLDVFXQDFRQODSURSULDLQGLYLGXDOLWj 'HOOD FRPXQLWj HEUDLFD GL 5RPD FRQRVFLDPR EHQH OH GUDPPDWLFKH YLFHQGHVWRULFKH,QSDUWLFRODUHTXDOHIXDOODPHWjGHO&LQTXHFHQWRO·HYHQ WRFKHODWUDVIRUPzUDSLGDPHQWHGDFRPXQLWjFROWDHULFFDLQXQDFRPXQLWj SRYHUD/DOLQHDGLGHPDUFD]LRQHqVHJQDWDFRPHQRWRGDOODFUHD]LRQHGHO *KHWWRHGDOUHJLPHGLLVRODPHQWRLPSRVWRDJOLHEUHLROWUHFKHGLSURLEL]LR QHGLHVHUFLWDUHDUWLHPHVWLHULFKHQRQIRVVHURTXHOOLOHJDWLDOFRPPHUFLR GHJOLVWUDFFL6LVDFKHO·LPSURYYLVRVWDWRG·LQGLJHQ]DLQFXLVLULWURYDURQR JOLHEUHLOLFRVWULQVHDFDPELDUHUDSLGDPHQWHLSURSULFRVWXPLDOLPHQWDUL ÀQRDGDOORUDRULHQWDWLYHUVROHFDUQLURVVHLQJHQHUHGHJOLDQLPDOLJLRYDQL DEEDFFKL FDSUHWWL SLHWDQ]H ULFFKH H SUHOLEDWH ´LQYHQWDQGRµ XQD FXFLQD LQJHJQRVDIDWWDGDLQJUHGLHQWLSRYHULRGLULVXOWD&RQULVXOWDWLLQYHURHFFH ]LRQDOLLQIDWWRGLJXVWR&KHDQFRURJJLVRQRLQJUDQGHDXJH *8$1&,$',0$1=2%5$6$7$ ,QJUHGLHQWLJGLJXDQFLDGLERYLQRXQDERWWLJOLDGLYLQRURVVRSRVVLELOPHQWH &HVDQHVHGHO3LJOLR'RFXQFLXIIHWWRGLSUH]]HPRORURVPDULQRVDOYLDPHQWXFFLD EDFFKHGLJLQHSURXQFKLRGRGLJDURIDQRFDURWHFRVWHGLVHGDQRXQDFLSROOD XQRVSLFFKLRG·DJOLRPH]]RELFFKLHUHG·ROLRH[WUDYHUJLQHGLROLYDXQFXFFKLDLRGL FRQFHQWUDWRGLSRPRGRURVDOHSHSHSHSHURQFLQR 3UHSDUD]LRQH6RIIULJJHUHLQROLRDIXRFRYLYRLOIRQGRGLFRWWXUDFRVWLWXLWRGDVHGD QRFLSROODHFDURWHVSH]]HWWDWLXQLWDPHQWHDOOHDOWUHVSH]LHDJJLXQJHUYLODFRSSLDGL JXDQFLDIDFHQGRODURVRODUHGDHQWUDPELLODWLGRSRYHQWLPLQXWLGLFRWWXUDDIXRFR OHQWRDJJLXQJHUHLOYLQRURVVRHLOFRQFHQWUDWRGLSRPRGRURIDFHQGRFXRFHUHSHU RUHVHPSUHDIXRFROHQWR$OPRPHQWRGLVHUYLUHWDJOLDUHO·DUURVWRDIHWWLQHULSRUORLQ SDGHOODDJJLXQJHQGRYLLOVXJRRSSRUWXQDPHQWHÀOWUDWRÀQRDUHQGHUOROHJJHUPHQWH SLGHQVRDJJLXVWDUHGLVDOHHSHSHHFRVSDUJHUHLOWXWWRFRQSUH]]HPRORWULWDWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR ,QTXHVWDFXFLQDULHQWUDQRDQFKHSLDWWLDWWLQHQWLDOTXLQWRTXDUWRFRPH ´DQLPHOOHFRLFHFLLQXPLGRRFRWWHQHOOD0DOYDVLDWULSSHFRQO·DJOLDWDH O·DJUHVWRRULHPSLWHG·XRYRHFDUQHPDFLQDWDFRQ]XFFDURHJDURIRORYHQ WULJOLHFUHVWHGLSROORFXFLQDWLFRQO·DFHWRHODFDQQHOODURJQRQLHSROPRQH LQJXD]]HWWRµFRVu$ULHO7RDII9LULHQWUDDQFKHLOIHJDWRPDFRQODSURLEL ]LRQHUHOLJLRVDGLPDQJLDU VDQJXH VH QRQ FRWWR SUH YHQWLYDPHQWH VXOOD EUDFH R VXOOD JUDWLFROD9L ULHQ WUD VH YRJOLDPR DQFKH OD FDUQH GL EXIDOD SHU OD TXDOH JOL HEUHL DYHYDQR JUDQGH SDVVLRQH H FKH YLFHYHUVD DQFRU RJJL QRQ q WURSSR DSSUH]]DWD WUD L QRQHEUHL 0DFLzQRQHVDXULVFH FHUWR OD FXFLQD HEUDLFD GL 5RPD FKH QHJOL DOWL H EDVVL GHL UDSSRUWL FRQ OD FRPXQLWj URPDQD KD HVSUHVVRQHOWHPSRQXRYLRULHQWDPHQWLFXOLQDUL&RVuFRPHRVVHUYDVHP SUH7RDII´JLjWUDODÀQHGHO¶HJOLLQL]LGHO¶DYYHQLYDLOQHWWRFDSR YROJLPHQWRQHLJXVWLHQHOOHVFHOWHLQYLUWGHOTXDOHLOSROODPHHLYRODWLOL O·DYUHEEHURIDWWDGDSDGURQLVRVWLWXHQGROHFDUQLGLPDQ]RHGLYLWHOODµ6L WUDWWDYDTXLQGLGLFDSSRQLDQDWUHSLFFLRQLHDQFKHVHOYDJJLQDGLSHQQD 2JJLVHVLYDDPDQJLDUHQHO*KHWWRQHLWDQWLULVWRUDQWLFKHSRUWDQR DYDQWL OD WUDGL]LRQH GHOOD FXFLQD URPDQRHEUDLFD V·DYYHUWH OD JUDQGH GLI IHUHQ]D FRQ OD FXFLQD URPDQD GHO TXLQWR TXDUWR /H GXH VWUDGH LQVRPPD TXHOOD GHOOD FXFLQD HEUDLFD H TXHOOD SUHWWDPHQWH URPDQD QRQ VL VRQR VRYUDSSRVWH PD GLIIHUHQ]LDWH RIIUHQGR QHOO·LQVLHPH XQD JUDQGH YDULHWj GLSLDFHUHFXOLQDULRËPROWRSUREDELOHDQFKHVHqGLIÀFLOHVWDELOLUORFRQ HVDWWH]]DFKHDLSULPRUGLGHO*KHWWRHDQFKHGRSRO·HVSHULHQ]DHEUDLFD GLVHUYLUVLGLLQJUHGLHQWLSRYHULHGLLQYHQWDUHQXRYLDFFRVWDPHQWLGLJXVWL DEELDVWLPRODWRODFXFLQDSRSRODUHURPDQDGHOTXLQWRTXDUWRFKHSDULPHQWL qXQDFXFLQDIDWWDGLVFDUWL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR /(5$',&,'(//$75$',=,21(3232/$5( 1XPHURVH WHVWLPRQLDQ]H G·HSRFD FURQDFKH GL YLDJJLDWRUL ULFHWWD ULHYHQWLHFFDWWHVWDQRFRPHODQDVFLWDHLOSHULRGRG·RURGLXQDFXFLQD SRSRODUH EDVDWD VXO TXLQWR TXDUWR H FRL FDUDWWHUL FKH DEELDPR ULFRUGDWR SRFKLLQJUHGLHQWLVDSLHQWLVVLPRDFFRVWDPHQWRGLVDSRULIRU]DHVSUHVVLYD GLJXVWRYDQQRULIHULWLDOSHULRGRWUDLO6HWWHFHQWRHO·2WWRFHQWR Ë LO SHULRGR GHO GHFOLQR GHO SRWHUH WHPSRUDOH GHOOD &KLHVD /R 6WDWR 3RQWLÀFLR VL LPSRYHULVFH SHUGH GL DXWRULWj WHPSRUDOH GL IURQWH DJOL 6WDWL DVVROXWLVWL,QL]LDODVHULHGHL3RQWHÀFLFKHVFHOJRQRXQWHQRUHGLYLWDSL FRQVRQRDOSULPDWRPRUDOHHUHOLJLRVR,QQRFHQ]R;,,DOODÀQHGHO;9,,, VHFROR DEROLVFH LO QHSRWLVPR 8Q FROSR PRUWDOH SHU OH JUDQGL IDPLJOLH QRELOLDUL 3L WDUGL QHO XQR GHL WDQWL VFULWWRUL FKH YLVLWDQR O·,WDOLD 0 9DOHU\DQQRWHUj´VLSXzPDQJLDUEHQHD5RPD1RQRVWDQWHFKHJOLLWDOLDQL VLDQRSDUFKLHDVVDLIUXJDOL/HWDYROHGHJOL$PEDVFLDWRULHTXHOOHGHLSRFKL XRPLQLGHOO·DOWDÀQDQ]DVRQROHVROHFKHFRQWLQRµ(ORVWHVVR9DOHU\ULSRUWD O·DQHGGRWREHQQRWRGHOFDUGLQDOH$OHVVDQGUR$OEDQLIDPRVRFROOH]LRQL VWDG·DUWHHGHOO·DQWLFRFUHDWRUHGL9LOOD$OEDQLD5RPDFKHOLFHQ]LDGRSR XQPHVHGDOO·DVVXQ]LRQHXQFXRFRIUDQFHVHGLFODVVHSHUFKpDVXRDYYLVR VSHQGHYDWURSSR´VHPDQWHQJROXLQRQPDQWHQJRODPLDFROOH]LRQHµ8QR VWDWRGLSRYHUWjHGLVRJJH]LRQHFKHWHQGHUjDFUHVFHUHQHLSULPLGHOO·2WWR FHQWRFRQJOLHIIHWWLGHOOD5LYROX]LRQHIUDQFHVHO·RFFXSD]LRQHGL5RPDOH LQYDVLRQLIUDQFHVLO·ROWUDJJLRGL1DSROHRQH 3HUFRQYHUVR5RPDGLYHQWDODPHWDSLDPELWDGHO*UDQG7RXUYLDJ JLRHGXFDWLYRRGLLQWHUHVVLFXOWXUDOLO·DUWHO·DUFKHRORJLDRGLIHGHUHOL JLRVD GHOOH QXRYH JHQHUD]LRQL GL PH]]D (XURSD 8QD VSHFLH GL FURFHYLD LQWHUQD]LRQDOHFKHDWWUDHYLDJJLDWRULDQFKHGLTXDOLWjFRPHOHWWHUDWLDUWLVWL VWXGLRVLGHOO·DQWLFRRVHPSOLFHPHQWHFXULRVL 5RPDqXQSDHVRQHGLFLUFDDELWDQWLO·RVSLWDOLWjqRIIHUWDGDOOH VWHVVH IDPLJOLH URPDQH PD FUHVFH H VL FRQVROLGD LO VLVWHPD GL ORFDQGH H WUDWWRULHFKHD5RPDSHUYLDGHL*LXELOHLqGDVHPSUHHVLVWLWR5XIÀQLD PHWj2WWRFHQWRQHFDWDORJDSLGL6RQRTXHVWHFKHIXQJRQRGDFXOOD DOODWUDGL]LRQHURPDQDGHOTXLQWRTXDUWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR ,OFLWDWR09DOHU\/·,WDOLHFRQIRUWDEOHDQQRWDSDUODQGRGHOOHSULQFL SDOLWUDWWRULHGHOO·HSRFD´8Q·DXWHQWLFDRVWHULDq,O)DOFRQHGRYHVLFRQVHU YDQROHSXUHWUDGL]LRQLGHOODFXFLQDURPDQD«9LVLYDDOO·XVFLWDGHO7HDWUR 9DOOHSHUJXVWDUHODWULSSDUDJRXWSRSRODUHG·XQJXVWRIRUWHHFRQFHQWUDWR GHULYDWRGDOYHQWUHGLEXHRYLWHOOR(VLSXzDQFRUDDSSUH]]DUHQHOODWHVWLF FLXRODFHUYHOORGLDJQHOORRGLFDSUDWXWWDODIUDJUDQ]DWXWWDODVXSHULRULWj GHOODIULWWXUDLWDOLDQDµ *LXVHSSH*LRDFKLQR%HOOLQHOODVXDYDVWDSURGX]LRQHSRHWLFDLQGLDOHW WRURPDQHVFRDQQRYHUDXQVRQHWWRGHO(USUDQ]RGHOH0LQHQWHTXHOOL FKHYHVWRQRDELWLGHOYROJRFKHqXQDULFDSLWROD]LRQHGLSH]]LIRUWLGHOOD WUDGL]LRQHGHOTXLQWRTXDUWR (535$1=2'(/(0,1(17( 0RVVHQWLHUSUDQ]RPLR5LV·HSSLVHOOL $OOHVVRGHYDFFLQDHJJDOOLQDFFLR *DURIRODWRWULSSDVWXIDWDFFLR (XQVSLGRGHVDUFLFFHHIIHJKHWHOOL 3RLIULWWRGHFDUFLRIROLHJJUDQHOOL« *LXVHSSH*LRDFKLQR%HOOL ;9077(+04(5A6(33(964(5( 8\HUKVSH[YPWWHKPTHUaVZHYnW\SP[HLSH]H[HMH[LSHJ\VJLYLJVUHJX\H ZHSL\UHJPWVSSHJVU[YLNHYVMHUP\UTHaaL[[VKPWL[YVZLTVSVJVUZLSSLYV JHYV[HK\LZWPJJOPK»HNSPVLTLaaHMVNSPHKPHSSVYV"MH[LSHIVSSPYLPU\UHTHY TP[[HHWPJJVSVM\VJVZLPVZL[[LVYLJOLZPHILUZJOP\TH[H"X\HUKVZHYnJV[[H [HNSPH[LSHPUX\HKYL[[PTL[[L[LSHPU\UHJHaaHYVSHJVU\UWLaaVKPI\[PYYVZHSL LWLWLZJOPHJJPH[VWHZZH[LZVWYHPSM\VJVHNNP\UNL[LJP\UWVJVKPZWHNUVSH BZHSZHDV*\SyBZ\NVKPJHYULD(IIPH[L\UWPH[[VB\UH[LNSPHDJVU\UWPJJVSV IVYKVKPWHULVKPWHZ[HMH[L\UZ\VSVKPWHYTPNPHUVNYH[[H[VL\UZ\VSVKP [YPWWHLJVZyJVU[PU\H[LÄUVH[HU[VJOLPSWPH[[VZPHZ\MÄJPLU[LTLU[LWPLUV [LYTPUHUKVJVSWHYTPNPHUVNYH[[\NPH[VULSX\HSLH]YL[LJ\YHKPTLZJVSHYL\U WVJVKPTLU[H[YP[H"WVUL[LHSSHIVJJHKLSMVYUVVZ\SSHJLULYLJHSKHHJJP~ WYLUKHZHWVYLLZLY]P[LILUJHSKH -YHUJLZJV3LVUHYKP(WPJPVTVKLYUV ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR ,/48,17248$572$520$ /·DSSURYYLJLRQDPHQWR GHOOD FDUQH SHU LO FRQVXPR URPDQR q VWDWR VHPSUHQHLVHFROLXQDGHOOHPDJJLRULSUHRFFXSD]LRQLGHOOR6WDWR3RQWLÀFLR *LjQHO;9,VHFROR5RPDUDJJLXQJHXQULOHYDQWHFRQVXPRPHGLRSURFDSL WH$OYHUWLFHGHOFRQVXPRqODFRVWRVDHSUHJLDWDYLWHOODPRQJDQDYLWHOOD GD ODWWH DO SROR RSSRVWR OD FDUQH GL EXIDOR SRFR DSSUH]]DWD GDL URPDQL 'LIIXVLVVLPDqODFDUQHG·DJQHOOR/DFDPSDJQDURPDQDPDODWDHPDODULFD q XQD GLVWHVD GL YHUGH H GL DFTXLWULQL SXQWHJJLDWD GDO ELDQFR GHOOH SHFRUH 7XWWRLOEHVWLDPHFKHYHQLYDLQWURGRWWRQHOOHPXUDGL5RPDGRYHYDSDJDUH DOOD'RJDQDGHOOD*UDVFLDOHJDEHOOHGHOFRQWUDWWRTXHOODGHOODFRPSUDYHQGLWD HTXHOODGHOODVFDQQDWXUDODIDPRVDJDEHOODGHOTXDWWULQRDOLEUDGLFDUQH ,OPHUFDWRVLVYROJHYDLQ&DPSR9DFFLQROXRJRGLVFDPELRWUDDOOH YDWRULHPDFHOODULGL5RPDWXWWLULXQLWLLQXQDSRWHQWH&RUSRUD]LRQHLOFXL VWDWXWRULVDOLYDDO;,,,VHFRORHFKHULXQLYD´EHFFDULSL]]LFDUROLQRUFLQL SROODUROLPHUFDQWLGLRYLQLHGLVDOXPLDOOHYDWRULHYHQGLWRULGLEHVWLDPHµ $WWUDYHUVR XQD FRQWLQXD HG HVWUHPDPHQWH IDUUDJLQRVD SURGX]LRQH GL QRU PHLOÀQHGHOODSROLWLFDHFRQRPLFDHUDTXHOORGLDVVLFXUDUHOHHQWUDWHGHO OR 6WDWR LQ SULPR OXRJR GL QRQ IDU PDQFDUHOD FDUQH DL URPDQL HYLWDQGR $1,0(//(',9,7(//26$/7$7(&213817$5(//( ,QJUHGLHQWLJGLDQLPHOOHGLYLWHOORJGLFLFRULDYDULHWjFDWDORJQDFXF FKLDLGLROLRH[WUDYHUJLQHGLROLYDXQ·DFFLXJDGLVVDODWDXQRVSLFFKLRG·DJOLRDFHWR VDOHSHSH 3UHSDUD]LRQH6ÀOHWWDUHFROFROWHOORLJHUPRJOLGHOODFLFRULDLVRODQGRQHODSDUWHFHQ WUDOHHYHUVDUOLLQXQFRQWHQLWRUHGLDFTXDIUHGGLVVLPDSHUFRQVHQWLUQHO·DUULFFLDPHQWR HIDYRULUQHODFRQVLVWHQ]DFURFFDQWH3HVWDUHLQXQPRUWDLRO·DFFLXJDVÀOHWWDWDO·DJOLR HO·DFHWRHYHUVDUHLOSHVWRFRVuRWWHQXWRVXOOH´SXQWDUHOOHµDJJLXQJHUYLSRLFXFFKLDL GLROLRH[WUDYHUJLQHG·ROLYDHPHVFRODUH/HVVDUHOHDQLPHOOHLQDFTXDVDODWDEROOHQWH SHUFLUFDPLQXWLODVFLDUOHUDIIUHGGDUHHWDJOLDUOHDIHWWHGHOORVSHVVRUHGLPH]]RFP FLUFDVFDOGDUHLQXQDSDGHOODLOULPDQHQWHROLRH[WUDYHUJLQHG·ROLYDSULPDGLDJJLXQ JHUYLOHDQLPHOOHFRQGHQGROHFRQVDOHHSHSHTXDQGRVDUDQQREHQURVRODWHYHUVDUYL OH´SXQWDUHOOHµIDFHQGRVDOWDUHLOWXWWRDIXRFRYLYDFH $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR DFFDSDUUDPHQWL H VSHFXOD]LRQL GLIHQGHQGR LO FRQVXPDWRUH FDOPLHUDQGR L SUH]]L&LzQRQLPSHGuQHOSHULRGRXQDWHUULELOHFDUHVWLD 6LqGHWWRFKHSHUWXWWRLO6HWWHFHQWRHSRLO·2WWRFHQWRODQRELOWjURPDQD VLDODLFDFKHHFFOHVLDVWLFDIRVVHWXWW·DOWURFKHSURGLJDQHJOLLQYLWLDSUDQ]R /HJUDQGLHVRQWXRVHWDYRODWHGHO5LQDVFLPHQWRHUDQRVRORXQULFRUGR3L DQFRUDODSLFFRODERUJKHVLDDYHYDXQPRGHVWRWHQRUHGLYLWDFKHPHUDYL JOLDYDPROWLYLDJJLDWRUL'DYLG6LOYDJQLQHOODVXDRSHUD/DFRUWHHODVRFLH WjURPDQDQHGHVFULYHO·DOLPHQWD]LRQHSDUFDHULSHWLWLYDPLQHVWUHLQEURGR OHVVRGLPDQ]RFRQPROWHSDXVHGLGLJLXQRLPSRVWHGDOOHQXPHURVHIHVWH UHOLJLRVH1RQSDUOLDPRSRLGHLFHWLSLEDVVL$OWHPSRGL*UHJRULR;9 HOHWWR3DSDQHOODYHQGLWDDOPLQXWRGHOODFDUQHHUDDVVLFXUDWDGDEHQ VSDFFLGLEHFFDLREHFFDULHGDVSDFFLGLSROODUROLVHQ]DFRQWDUH L EDQFKL GHO PHUFDWR 0ROWL GL TXHVWL HUDQR DELOLWDWL D VFDQQDUH QHO ORUR VSDFFLRGDYDQWLDOODIROODODFDUFDVVDGHOO·DQLPDOH&·HUDSRLLOFRPPHUFLR DPEXODQWHFKHHUDPROWRDWWLYR)LJXUDWLSLFDHUDLO´WULSSDURORµFKHYHQGH YDWULSSDHFDJOLRSHUO·DOLPHQWD]LRQHGHOOHIDPLJOLHHWULSSDFHQWRSHOOLSHU LOJDWWR´(FFRODWULSSDELDQFDEXRQDHEHOODFRPPHQWDYDLO5HPRQGLQL FRQSLHGHGLFDVWUDWRHGLYLWHOODµ ,WULSSDUROLJLUDQGRSHUODFLWWjJULGDYDQR´7ULSSDSLHGXFFLHJUXJQDF FLRµ SRUWDQGR VXOOD WHVWD OR ´VFKLIRµ SLDWWR FRQFDYR GL OHJQR FRL ERUGL ULDO]DWLULSLHQRGLWULSSHSH]]LGLWHVWDGLYLWHOORHGLYDFFLQD ,172512$/0$77$72,2',7(67$&&,2 1HO DYYLHQH D 5RPD OD FRVWUX]LRQH GHO JUDQGH PDWWDWRLR GL 7HVWDFFLRDULGRVVRGHOFROOHDUWLÀFLDOHHQRUPHFXPXORGLDQIRUH8QPDW WDWRLRDOO·HSRFDPRGHUQLVVLPRHG·DUFKLWHWWXUDÀQGHVLqFOH9LODYRUDYD QR SL GL DGGHWWL WUD JURVVLVWL PDFHOODL FRQFLDWRUL FRPPHUFLDQWL DGGHWWLDOOHIUDWWDJOLHHFF'DXQLQJUHVVRPRQXPHQWDOHVLDFFHGHYDLQXQ FRPSOHVVRGLHGLÀFLHVSD]LDGLELWLDOODPDFHOOD]LRQH/·LQJUHVVRSRVWHULRUH GDOODWRGHOÀXPHHUDULVHUYDWRDOO·DFFHVVRGHOEHVWLDPHGHVWLQDWRDGHVVHUH PDFHOODWR&·HUDDQFKHXQUHSDUWRGRYHVLSUDWLFDYDODPDFHOOD]LRQHVHFRQ GRLOULWRUHOLJLRVRGHJOLHEUHL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR &2'$$//$9$&&,1$5$ ,QJUHGLHQWLNJGLFRGDGLERYLQRDGXOWRJGLODUGRXQRVSLFFKLRG·DJOLRXQD FLSROODXQDFDURWDNJGLSRPRGRULSHODWLXQELFFKLHUHGLROLRH[WUDYHUJLQHGL ROLYDXQELFFKLHUHGLYLQRELDQFRXQSHSHURQFLQRRWWRFRVWHGLVHGDQRPH]]ROLWUR GLEURGRXQSL]]LFRGLQRFHPRVFDWDXQFXFFKLDLRGLIDULQDVDOH 3UHSDUD]LRQH,QXQDFDVVHUXRODPHWWHUHDURVRODUHQHOO·ROLRH[WUDYHUJLQHGLROLYD XQLWDPHQWHDOSHSHURQFLQRXQEDWWXWRGLFLSROODDJOLRHODUGRWULWDWLXQLUHODFRGD ODYDWDHWDJOLDWDLQDOPHQRRWWRURFFKLLQIDULQDWLURVRODQGROLEHQEHQH$JJLXQJHUH LOYLQRIDFHQGRORHYDSRUDUHLQGLXQLUHLSRPRGRULSHODWLFRQGHQGRFRQSRFRVDOHH QRFHPRVFDWDFXRFHUHOHQWDPHQWHSHURUHDJJLXQJHQGREURGRGLWDQWRLQWDQWR DIÀQFKpLOVXJRQRQGLYHQWLWURSSRULVWUHWWRÀQRDTXDQGRODFDUQHFRPLQFLDDGLVWDF FDUVLGDOO·RVVR$JJLXQJHUHLVHGDQLJLjOHVVDWLDSDUWHHWDJOLDWLLQSH]]LGLFLUFDFPH ODVFLDUFXRFHUHDQFRUDSHUFLUFDPLQXWLÀQFKpLOVXJRULVXOWLSLXWWRVWRGHQVRHVFXUR 8QDGLYHUVDLQWHUSUHWD]LRQHGHOSLDWWRSUHYHGHFKHDLVHGDQLOHVVDWLDSDUWHVLDDJJLXQ WRVXELWRXQSR·GLVXJRGLFRGDSLQROLXYDSDVVDHXQDPDQFLDWDGLFLRFFRODWDDPDUD JUDWWXJLDWDIDFHQGREROOLUHLOWXWWRSHUGLHFLPLQXWLHYHUVDQGRODVDOVDFRVuRWWHQXWD VXOODFRGDDOPRPHQWRGLVHUYLUH ,OOXRJRHUDGLIRUWHVXJJHVWLYLWj*LjSULPDGHOPDWWDWRLRLQWRUQRDO FROOHDUWLÀFLDOHGLDQIRUHGDWDODSUHVHQ]DLQWHQVLYDGLYLJQHHUDQRVWDWLGD WHPSRDSHUWLOXQJROHLQFHUWHSDUHWLGLIUDPPHQWL´JURWWLQLµGHVWLQDWLDOOD PHVFLWDGLYLQROHFRVLGGHWWH´IUDVFKHWWHµ&ROPDWWDWRLRVLPROWLSOLFDURQR RVWHULHHWDYHUQHSRSRODULIUHTXHQWDWHGDFKLODYRUDYDRYLYHYDQHLGLQWRUQL /DFXFLQDGHO´TXLQWRTXDUWRµHUDRYYLDPHQWHODVSHFLDOLWjSHUHFFHOOHQ]D ËTXLFKHVHPEUDVLDVWDWDLQYHQWDWDODPLWLFDFRGDDOODYDFFLQDUDSUH SDUDWDFRQROLRYLQRELDQFRFLSROODFDURWDDJOLREDVLOLFRVHGDQRSRPR GRURSLQROLHXQDVSROYHUDWDGLFDFDRDPDUR'DPDQJLDUHULJRURVDPHQWH FRQOHPDQLSHUVSROSDUODEHQH $QFRURJJLODWUDGL]LRQHUHVLVWHDQFKHVHODFOLHQWHODQRQqSLTXHOOD DQWLFDGHLPDQRYDOLHODYRUDWRULGHOOD]RQDPDTXHOODHWHURJHQHDGHLWXULVWL HGHLQXPHURVLURPDQLSHULTXDOLqGLPRGDIUHTXHQWDUHGLVHUD7HVWDFFLR $ GLPRVWUD]LRQH GL TXDQWR DQFRU RJJL OD FXFLQD GHOOD WUDGL]LRQH VLD YLYDOLPLWLDPRFLDGXQEUHYHHLQHYLWDELOPHQWHLQFRPSOHWRLWLQHUDULRGL $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR TXDOFXQR GHJOL DWWXDOL TXDUWLHUL GRYH QRWRULDPHQWH VL PDQJLD XQD EXRQD FXFLQDGHOTXLQWRTXDUWR $7HVWDFFLRSURSULRGLIURQWHDOO·LQJUHVVRGHOYHFFKLRPDWWDWRLRRUD WUDVIRUPDWRLQPRGHUQRSRORPXVHDOHWURYLDPR´&KHFFKLQRGDOµFKH VLGLFHDEELDYLVWRQDVFHUHODFRGDDOODYDFFLQDUDGDXQ·LGHDGHOODVRUD)HU PLQLDDYDGHJOLDWWXDOLSURSULHWDULHJHVWRUL9LVLSXzWURYDUHO·LQWHUDJDP PDGHOODFXFLQDGHOTXLQWRTXDUWRGDLULJDWRQLFRQODSDMDWDDOODWULSSDDOOD URPDQD GDO SDGHOORWWR DOOD PDFHOODUD DOO·LQVDODWD GL ]DPSHWWL GL YLWHOOR GDOODWHVWLQDGLYLWHOORLQFDVVHWWDDOODFRUDWHOODFRQLFDUFLRÀ 1RQORQWDQRSHUFRUUHQGRLOSHULPHWURGHO´0RQWHGHL FRFFLµVLLQFRQWUDLOUHODWLYDPHQWHSLUHFHQWHULVWRUDQWH 5,*$721,&21/$3$-$7$ ,QJUHGLHQWLNJGLSDMDWDGLYLWHOORGDODWWHJGLULJDWRQLWUHFXFFKLDLGLROLR H[WUDYHUJLQHG·ROLYDJGLODUGRXQDFLSROODXQDFDURWDXQJDPERGLVHGDQR PH]]RSHSHURQFLQRPH]]RELFFKLHUHGLYLQRELDQFRVHFFRJGLIRUPDJJLRSHFRUL QRJUDWWXJLDWRJGLSDVVDWRGLSRPRGRURVDOHSHSH 3UHSDUD]LRQH 6SRJOLDUH OD SDMDWD GDO VXR LQYROXFUR GL SHOOH OR VSHOODPHQWR VL HIIHWWXDLQFLGHQGRFRQXQFROWHOOLQRODSHOOHGLXQRGHLFDSLGHOEXGHOORLQPRGRGD VHSDUDUOD DIIHUUDQGROD FRQ OH GLWD GDO VRWWRVWDQWH LQWHVWLQR FDUQRVR H WDJOLDUOD LQ SH]]LGLFLUFDFPGLOXQJKH]]D5LSLHJDUHFLDVFXQSH]]RDFLDPEHOODÀVVDQGROH GXHHVWUHPLWjFRQUHIHGDFXFLQDLQPRGRGDHYLWDUHFKHODSDUWHFKLPRVDFRQWHQXWD QHOEXGHOORYDGDGLVSHUVDGXUDQWHODFRWWXUD,QXQWHJDPHSHVDQWHIDUVRIIULJJHUH QHOO·ROLRH[WUDYHUJLQHG·ROLYDHQHOODUGREDWWXWRODFLSROODODFDURWDHLOVHGDQRÀQH PHQWHWULWDWLXQLUHLOSHSHURQFLQRHLSH]]LGLSDMDWDJLUDQGROLGLFRQWLQXRLQVDSRULUH FRQVDOHHSHSHPDFLQDWRIUHVFRHODVFLDUURVRODUHGROFHPHQWHOHFLDPEHOOHDYHQGR FXUDGLDJJLXQJHUYLYLQRELDQFRSULPDGHOFRPSOHWDPHQWRGHOODURVRODWXUD/DVFLDUH DVFLXJDUHDIXRFRYLYDFHLOYLQRIDFHQGRDWWHQ]LRQHFKHODSDMDWDQRQIDFFLDODFURVWD YHUVDUHODSDVVDWDGLSRPRGRURFRSULUHLOWHJDPHHFXRFHUHDIXRFREDVVLVVLPRSHU GXHRUHFLUFDHYLWDQGRFKHODSDMDWDVLDWWDFFKLDOIRQGRGHOWHJDPHVLQRDGRWWHQHUH XQ VXJR DOTXDQWR GHQVR H VDSRULWR &XRFHUH D SDUWH H VFRODUH DO GHQWH L ULJDWRQL H FRQGLUOLFRQPHWjGHOVXJRHIRUPDJJLRSHFRULQRVHUYLUHLQÀQHLQSLDWWLEHQFDOGL GLVSRQHQGRVXFLDVFXQRGLHVVLDOPHQRGXHFLDPEHOOHGLSDMDWDHLOULPDQHQWHVXJR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR ´'D)ODYLRDO9HODYHYRGHWWRµODFXLRIIHUWDGLFXFLQDFRQWHPSODSLDWWLGHO TXLQWR TXDUWR VHFRQGR OD WUDGL]LRQDOH DUWLFROD]LRQH VHWWLPDQDOH FRUDWHOOD HJQRFFKLLOJLRYHGuHWULSSDDOODURPDQDLOVDEDWRROWUHDJOLLPPDQFDELOL ULJDWRQLFRQVXJRGLFRGDDOODYDFFLQDUD6HPSUHQHOPHGHVLPRTXDUWLHUH RSHUD ´$QJHOLQD D 7HVWDFFLRµ QHOOD FHQWUDOH YLD *DOYDQL FRQ XQ·DPSLD RIIHUWDGLSLDWWLGHOODWUDGL]LRQHURPDQDWUDFXLQRQPDQFDO·DUFLQRWDWULSSD LQXQDVXJJHVWLYDDPELHQWD]LRQHG·DUUHGRGHJOLDQQL·GHOVHFRORVFRUVR 1HOOHYLFLQHDUHHGHOO·,VROD7LEHULQDHGL7UDVWHYHUHF·q´6RUD/HOODµ ULVWRUDQWHJHVWLWRGDOGDOODVRUHOODGHOO·DWWRUH$OGR)DEUL]LHDWWXDOPHQWH GDOÀJOLRHGDLQLSRWLFKHFRQWHPSODQHOVXRPHQXJLRUQDOLHURXQ·DUWLFRODWD RIIHUWDGLSLDWWLGDOODFRGDDOODYDFFLQDUDDOO·DURPDGLFDQQHOODDOODWULSSD JDURIRODWDDOODURPDQDGDJOLDJQRORWWLDOVXJRGLFRGDDOOHIHWWXFFHOOHDO UDJGLDQLPHOOHHFDUFLRÀ$7UDVWHYHUHVLWURYDQRGXHDQWLFKLULVWRUDQWL ´&KHFFRHUFDUHWWLHUHµFKHGDOIDFRVWDQWHULIHULPHQWRDGXQDFXFLQD ´SRYHUDµPDJHQXLQDFDUDWWHULVWLFDGHOTXLQWRTXDUWRH´&RPSDURQHµLOFXL JHVWRUHPHJOLRFRQRVFLXWRFRPH´3DVWDUHOODURµDYHQGRFRQGRWWRO·RPRQL PRORFDOHQHOOD5RPDDQWHJXHUUDQRQPDQFDGLSURSRUUHODQRWDFRGDDOOD YDFFLQDUDODSDMDWDLQSLG·XQDVROX]LRQHGLFXFLQDHODWULSSDDOODURPDQD 6SRVWDQGRVLOHJJHUPHQWHYHUVRLOFHQWURVWRULFRGL5RPDVRQRGHJQL GLPHQ]LRQHSHUO·RIIHUWDJLRUQDOLHUDGLSLDWWLGHOTXLQWRTXDUWRDOWULQRWL ULVWRUDQWL DQ]LWXWWR ´*UDSSROR G·RUR =DPSDQzµ LQ SLD]]D GHOOD &DQFHOOH ULD RYH q SRVVLELOHJXVWDUHOHVLQJRODULSROSHWWHGLFRGDDOODYDFFLQDUDH XQD GHOL]LRVD JXDQFLD GL PDQ]R EUDVDWD ´/D &DUERQDUDµ LQ &DPSR GH· $%%8272 ,QJUHGLHQWL LQWHULRUD GHOO·DJQHOOR R GHO FDSUHWWR GD ODWWH EXGHOOLQH DQLPHOOH HWULSSD 3UHSDUD]LRQH3XOLUHOHEXGHOOLQHODYDQGROHFRQO·DFTXDWLHSLGDVDODWDVFLDFTXDUOH DEERQGDQWHPHQWHHPDQWHQHUOHDEDJQRSHUDOPHQRYHQWLTXDWWURRUHFDPELDQGRIUH TXHQWHPHQWHO·DFTXD7DJOLDUHÀQHPHQWHOHDQLPHOOHHODWULSSDXQLUHLOSUH]]HPROR LOEDVLOLFRLOSHSHHLOVDOHHLQVHULUHLOFRPSRVWRQHOOHEXGHOOLQHIDFHQGRQHGHLSLFFROL LQYROWLQL&XRFHUHDOODEUDFHRLQXPLGRHVHUYLUHFDOGR $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR )LRUL FKH SURSRQH O·LPPDQFDELOH FRGD DOOD YDFFLQDUD H OH DQLPHOOH FRQ L FDUFLRÀ OD ´0DWULFLDQHOODµ LQ YLD GHO /HRQH FRQ LO VXR FODVVLFR IULWWR GL FHUYHOODHDQLPHOOH´/D&DPSDQDµSUREDELOPHQWHLOSLDQWLFRULVWRUDQWHGL 5RPDFRQODFRGDDOODYDFFLQDUDHOHDQLPHOOHDOODJULJOLDHLQÀQH´3LJQDµ QHOO·RPRQLPDSLD]]DFRQXQDFODVVLFDWULSSDDOVXJR 1XPHURVLVRQRLQÀQHLORFDOLFKHLQDOWUH]RQHGHOODFLWWjSURSRQJRQR XJXDOPHQWH SLDWWL GHO TXLQWR TXDUWR WUD HVVL ´6DQWRSDGUHµ LQ YLD &ROOLQD ULJDWRQL FRQ FRGD DOOD YDFFLQDUD ´'DQWHµ LQ YLD 0RQWH 6DQWR ULJDWRQL FRQSDMDWD´$JDWDH5RPHRµLQYLD&DUOR$OEHUWRWHUULQDGLFRGDGLEXH $QFKHQHOOHLPPHGLDWHYLFLQDQ]HGL5RPDVHJQDWDPHQWHD6DQ&HVD UHRqSRVVLELOHDFFHGHUHDGXQ·DPSLDRIIHUWDGLSLDWWLGHOTXLQWRTXDUWRLQ TXHVWDORFDOLWjGDGLYHUVLDQQLqRSHUDQWHO·´2VWHULDGL6&HVDULRµJHVWLWD GDJOLXOWLPLGLVFHQGHQWLGL´VFRUWLFKLQLµHPDFHOODL ,QVRPPD D 5RPD OD WUDGL]LRQH GHO TXLQWR TXDUWR FRQWLQXD DG HVVHU YLYDHVHPSUHLQJUDGRGLDWWUDUUHVLDFKLYXROPDQJLDUHGLJXVWRVLDFKL VL FLPHQWD QHOO·DUWH GHO ULVWRUDWRUH SHU IDUH FRQ SDVVLRQH XQ ODYRUR FKH q LQVLHPHULHYRFD]LRQHHFUHD]LRQH 1(/7(55,725,2/$=,$/( 'DVHPSUHFRQVLGHUDWRXQRVSD]LRDPPLQLVWUDWLYRDUWLÀFLRVRFDUDWWH UL]]DWR GDOOD SUHVHQ]D GL FLUFRVFUL]LRQL HWHURJHQHH QRQ VROR GDO SXQWR GL YLVWD LVWLWX]LRQDOH PD DQFKH GD TXHOOR GHOOD FRQIRUPD]LRQH JHRPRUIROR JLFD SHGRORJLFD LGURJUDÀFD FOLPDWLFD H SDHVDJJLVWLFD EHQ GLIÀFLOPHQWH FRQVHQWHGLLQGLYLGXDUHXQGHQRPLQDWRUHFRPXQHIUDOHGLYHUVHWUDGL]LRQL DOLPHQWDULHJDVWURQRPLFKH 6LFRQVLGHULFKHDOO·LQWHUQRGHLFRQÀQLGHO/D]LRULHQWUDQRDPSLHDUHH VRFLRFXOWXUDOLFRQFDUDWWHULVWLFKHSURSULHGLDOWUHUHJLRQLGHOOD7RVFDQDPHUL GLRQDOHOD0DUHPPDFRVWLHUDD1RUGGL&LYLWDYHFFKLDHSDUWHGHOOD7XVFLD YLWHUEHVHGHOO·8PEULDLOWHUULWRULRGL$FTXDSHQGHQWH5LHWLHOD6DELQDWROWH DOODSURYLQFLDGL3HUXJLDQHOGHOO·$EUX]]RO·DOWREDFLQRGHO7URQWR HLOFLUFRQGDULRGL&LWWDGXFDOHVRWWUDWWLQHOHGHOOD&DPSDQLD)RUPLD *DHWDHPROWLFRPXQLGHOODSURYLQFLDGL&DVHUWDWUDVIHULWLQHO/D]LRQHO ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR 7XWWDYLDDSDUWHO·DUHDPHWURSROLWDQDGL5RPDHDOFXQLOLPLWDWLGLVWUHWWL LQGXVWULDOL OD UHJLRQH PDQLIHVWD XQ·LGHQWLWj IRUWHPHQWH DJULFRORSDVWRUDOH FKHSHUGXUDGDVHFROLFKHQHOO·DOLPHQWD]LRQHORFDOHKDGDWROXRJRDGLYHU VHYDULHWjGLSLDWWLWLSLFLFKHVRQRWXWWRUDDOFHQWURGLLQWHUHVVLJDVWURQRPLFLH FRPPHUFLDOLVLSHQVLDOO·DEEDFFKLRURPDQRDOOHFRSSLHWWHGLHTXLQR HGLVXLQRDOODFRUDOOLQDDOODSRUFKHWWDGL$ULFFLDDJOLDEEXRWLGL 9LWLFXVRHGL3LFLQLVFRDOWRUGRPDWWRGL=DJDURORHFFHWHUD(LQ TXHVWRFRQWHVWRVLLQVHULVFHDSLHQRWLWRORODFXFLQDGHOTXLQ WRTXDUWRFKHGDUjPRGRGLULFRUGDUHDOFXQHSUHSDUD]LRQL OD]LDOLFKHSRVVRQRFRVWLWXLUHQHOJUDQGHODERUDWRULRUDS SUHVHQWDWRGDJOLDQQLGLWUDQVL]LRQHFKHVWLDPRYLYHQGR XQHOHPHQWRLPSRUWDQWHGLULFRVWUX]LRQHGHOOHWUDGL]LRQL (WUDTXHVWHDQFKHTXHOOHULJXDUGDQWLOHFDUQLSRYHUH TXHOOH VSHVVR GLPHQWLFDWH FKH RJJL SRVVRQR LQYHFH DQFRUDDYHUHXQUXROR´LQXQDPRGHUQDFXFLQDLWDOLD QDVREULDµ ËLOFDVRDGHVHPSLRGHOOHSDJOLDWLQHG·DJQHOOR FLRqGHLEXGHOOLQLFRQLTXDOLXQWHPSRVLXVDYDSUHSDUDUHXQWLSLFRSLDWWR OHWUHFFLROHRJJLTXDVLVFRPSDUVR(UDIDWWRFRQLEXGHOOLQLLQWUHFFLDWLHSRL EROOLWLHVXFFHVVLYDPHQWHFRWWLDSH]]HWWLLQSDGHOODFRQO·DJJLXQWDGLFLSROOD IUHVFDHSH]]HWWLGLVDQJXLQDFFLRGLDJQHOOR2JJLOH´SDJOLDWLQHµSRVVRQR HVVHUHDFTXLVWDWHGDOPDFHOODLRYDQQREHQODYDWHHDVFLXJDWHTXLQGLPHVVH LQXQDWHJOLDFRQROLRVDOHSHSHHVHPLGLÀQRFFKLRSRVWHLQIRUQRJLjFDOGR FRQWRUQDWHGDSDWDWH8Q·DOWUDYHUVLRQHSLVHPSOLFHPDQRQPHQRJXVWRVD qODVHJXHQWHGRSRDYHUOHODYDWHHDVFLXJDWHYDQQRPHVVHLQSDGHOODHIDWWH URVRODUHFRQROLRVDOHSHSHVHPLGLÀQRFFKLRHPH]]RELFFKLHUHGLYLQR ELDQFR 2WWLPL VRQR DQFKH L URJQRQFLQL GHOO·DJQHOOR URVRODWL LQ SDGHOOD FRQ O·ROLRHLOVDOHLEXRQJXVWDLDJJLXQJRQRXQDVSUX]]DWDGL9RGND &RQ LO EXGHOOR FUDVVR GHO PDLDOH VL SUHSDUD LO EXGHOOR VDODWR 'RSR DYHUWROWRLOJUDVVRHUDVFKLDWRLOEXGHOORLQWHUQDPHQWHVLODYDFRQDFTXDH DFHWRHVLWLHQHSHUXQDQRWWHDEDJQRLQDFTXDHDFHWR6LFRQGLVFHTXLQGL FRQVDOHHÀQRFFKLRVHPLHÀRULHVLODVFLDHVVLFFDUHLQOXRJRIUHVFR6L FRQVXPDVHFFRFUXGRRDUURVWLWRDOORVSLHGR $FFDGHPLD,WDOLDQDGHOOD&XFLQD /D]LR 'HOPDLDOHVLPDQJLDQRDQFKHORVWRPDFREX]]HWWRSUHSDUDWRFRPHOD WULSSDOHDQLPHOOHHLOFHUYHOORIULWWLLQSDGHOOD&RQIHJDWRFXRUHSROPRQH OLQJXDUHQLHXQSR·GLJUDVVRVLFRQIH]LRQDQROHPD]]DIHGLFKHVDOVLFFHGL IHJDWRGHWWHDQFKHVDOVLFFH´QHUHµVLPDFLQDQRJOLLQJUHGLHQWLLQVLHPHFRQ ODEXFFLDG·DUDQFLDO·DJOLRLOSHSHURQFLQRHLOVDOHHSRLVLLQVDFFDQR6L FRQVXPDQRDUURVWLWHDOORVSLHGRRFUXGHVHODVFLDWHHVVLFFDUHLQOXRJRIUHVFR /HIUDWWDJOLHQRQKDQQRXQYDORUHQXWULWLYRPROWRDOWRVRQRULFFKHGL DFTXDHFRQWHQJRQRSUHFXUVRULGHOO·DFLGRXULFRHTXLQGLVRQRFRQWURLQGLFDWH QHOODJRWWDË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·DJOLRFXFFKLDLGLROLRH[WUDYHUJLQH GLROLYDXQELFFKLHUHGLYLQRELDQFRVHFFRPH]]RELFFKLHUHG·DFHWRTXDOFKHUDPHWWR GLURVPDULQRVDOHSHSH 3UHSDUD]LRQH,QXQDSDGHOODVRIIULJJHUHQHOO·ROLRODFLSROODHO·DJOLRVHQ]DIDUOL DQQHULUHYHUVDUHOHDQLPHOOHWDJOLDWHDSH]]LFRQGLUHPRGHUDWDPHQWHFRQVDOHHSHSH HPHVFRODUHGLWDQWRLQWDQWRFRQXQFXFFKLDLRGLOHJQRVLQRDTXDQGRHVVHULVXOWDQR XQSR·LPELRQGLWHDJJLXQJHUHLJUDQHOOLVSHOODWLHWDJOLDWLDSH]]LHODSDMDWDDFLDP EHOOLQHFRQGLUHFRQVDOHHSHSHSULPDGLPHVFRODUHHIDUDQGDUHDIXRFRDOOHJURULPH VWDQGRVSHVVR4XDQGRDQFKHLJUDQHOOLVRQRLPELRQGLWLDJJLXQJHUHDQFRUDXQSRFR GLVDOHLOSROPRQHWDJOLDWRDWRFFKHWWLHOHIHWWLQHGLFXRUHQRQDSSHQDLOSROPRQHVL JRQÀDXQLUHJOLVFKLHQDOLWDJOLDWLDSH]]LOXQJKLXQGLWRPHVFRODUHGLQXRYRHYHUVDUH LOORPEDWHOORDIHWWLQH$URVRODWXUDDYYHQXWDYHUVDUHLOYLQRHFRSULUHODSDGHOODFRQ XQFRSHUFKLRDEEDVVDQGRODÀDPPDVLQRDOULWLURGHOYLQRDJJLXQJHUHLQÀQHO·DFHWR H LO URVPDULQR VEULFLRODWR FRSULUH GRSR DYHU PHVFRODWR H FXRFHUH DQFRUD SHU PLQXWLSULPDGLYHUVDUHLOWXWWRLQSLDWWLFDOGL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD /D]LR 1RQVLSXzQRQFLWDUHLQÀQHODFRUDWHOODFRQLFDUFLRÀQHOO·DUHDURPD QDLQIDWWLqWLSLFDO·XVDQ]DGLDFFRPSDJQDUHTXHVWRSLDWWRDOODWUDGL]LRQDOH FROD]LRQHGHOJLRUQRGL3DVTXD1HqWHVWLPRQHORVFULWWRUHHFULWLFRG·DUWH 0DULR9HUGRQH´6XOODWDYRODDSSDUHFFKLDWDVRQRJLjSURQWHOHWD]]HIXPDQ WLGHOFLRFFRODWR,QROWUHSL]]DGL&LYLWDYHFFKLDGRYHSUHYDOHLOVDSRUHGHJOL jQDFL VDODPL GL GLYHUVH TXDOLWj JLj WDJOLDWL GRPLQDWL GDOOD FRUDOOLQD H YDVVRL GL XRYD VRGH7UD SRFR DUULYHUj XQ DOWUR SLDWWR WUDGL]LRQDOH FKH q DQFRUDVXOIXRFRFRUDWHOODHFDUFLRÀµ /(556*633()69(;6 4HZZPTV)VYNOL[[P*; *HYSV+L7HVSPZ+*:; 4HYPH([[PSPH-HIIYP+HSS»6NSPV+*:; .HIYPLSL.HZWHYYV*; 4HYPUV4HYPUP +VUH[V7HZX\HYPLSSV .P\ZLWWL7H[LYUV *VUSHJVUZ\SLUaHKLSS»LZWLY[V KV[[4HYJLSSV*OPH]VUP $FFDGHPLD,WDOLDQDGHOOD&XFLQD $ $EUX]]R $EUX]]R ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R 6235$778772$*1(//2 'LYLQDWRULHVLPEROLFKHQXWULHQWLJXVWRVHOHFDUQLGHWWH´SRYHUHµKDQ QR GD VHPSUH RFFXSDWR XQR VSD]LR LPSRUWDQWH QHOOH FXOWXUH DOLPHQWDUL H ULWXDOLGHOO·XRPRHFRVuDQFKHLQ$EUX]]RHVVHQGRHVSUHVVLRQHWUDO·DOWUR GHOORVWDWRGLVDOXWHGHOO·DQLPDOH5DSSUHVHQWDYDQRSUREDELOPHQWHLOYHUR VHQVRGLYLQDWRULRSHULVDFHUGRWLFKHSUHYHGHYDQRGDOODTXDOLWjGHOOHYLVFH UH OD SRVVLELOLWj GL XWLOL]]DUH JOL DQLPDOL SHU OD VRSUDYYLYHQ]D DOLPHQWDUH GHOOHORURSRSROD]LRQL&KLOHDPDDGLVPLVXUDHFKLOHJXDUGDFRQGLVJXVWR VRQRTXHOOHFDUQLFRQVLGHUDWHSXUHLQTXHVWDUHJLRQHGDLSLVLQRQLPRGL EDVVD PDFHOOHULD 2UJDQL LQWHUQL IUDWWDJOLH ULJDJOLH WHVWH FRGH H ]DPSH LQIDWWLGDVHPSUHVRQRVWDWLGHVWLQDWLDLFHWLSLEDVVLGHOODSRSROD]LRQH /DJDVWURQRPLDDEUX]]HVHOHJDWDDOODFLYLOWjFRQWDGLQDHDOODFRQVXH WXGLQHGHOOHWUDQVXPDQ]HqWUDGL]LRQDOPHQWHGHÀQLWDSRYHUD/DVWRULDFL ULFRUGDFKHFLVRQRVWDWLPRPHQWLGLIÀFLOLSHUODSRSROD]LRQHFDUDWWHUL]]D WL GD TXHOOD DOLPHQWD]LRQH GHÀQLWD ´FXFLQD GHOOD IDPHµ /·DOLPHQWD]LRQH DQFKH QHL PRPHQWL PHQR GLIÀFLOL HUD FRVWLWXLWD GD SURGRWWL SRYHUL GHOOD SDVWRUL]LDGDSDQHVROLWDPHQWHIDWWRLQFDVDSURGRWWLGHOO·RUWRGDDQLPDOLGL FRUWLOHFKHYHQLYDQR´VDFULÀFDWLµVRORLQSDUWLFRODULRFFDVLRQL1HOSHULRGR GL1DWDOHTXHOOLFKHSRWHYDQRSHUPHWWHUVHORXFFLGHYDQRLOPDLDOHD3DVTXD ODSHFRUDDQ]LDQDHUDUDPHQWHO·DJQHOORQHOOHIHVWLYLWjO·XWLOL]]RGHOSROOD PHHUDLQEDVHDOOHGLVSRQLELOLWjGHLQXFOHLIDPLOLDUL/DFDUQHERYLQDHUD XQVRJQR,SDVWRULULVHUYDYDQR ULJRURVDPHQWHODFDUQHVFHO WDDLSDGURQLHDLVLJQRUL PHQWUHODVFLDYDQRDORUR DOODJHQWHFRPXQHHDJOL LQGLJHQWL OH LQWHULRUD H JOL VFDUWL GHJOL RYLQL H FRQ TXHVWL OD IDQWDVLD FXOLQDULD SRSRODUH KD FUHDWR SLHWDQ]H IDYROR VHQXWULHQWLHULFHUFDWH /D FRUDWHOOD G·DJQHOOR $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R ´OL¶QGULOHµIRUPDWDGDIHJDWRFXRUHHSROPRQHFRQEXGHOODHSHULWRQHR WDJOLDWLDFXEHWWLHVRIIULWWLFRQFLSROODDJOLRROLRDOORURHYLQRELDQFRHSRL DPDOJDPDWLFRQXRYDVEDWWXWHHSHFRULQRJUDWWXJLDWRGDSLDWWRWUDGL]LRQDO PHQWHSRYHURHPRGHVWRqGLYHQWDWRXQSLDWWRGLVLFXURVXFFHVVR /$&25$7(//$ 6WXSLDWWH¶VWL¶QGULXOHLQGLDOHWWH ¶QDYRWHVLFKLDPHYH´OXFHOOHWWµ qUREEHFKHVHYqQQHJQqQXPD]]H WXWWHDWWDFFDWHDOXFDQQDUR]]H IDFqWHOHHYHGHWHTXDQW·qEERQH OXIHJKHWHOXFRUHOXSXOPRQH FLVWDSXUHODPLO]HO·DQHPHOOH TXHVWHVLFKLDPH/L¶1GULOHG·$JQHOOH 4XHVWRSLDWWRTXHVWHLQWHULRUDLQGLDOHWWR XQDYROWDVLFKLDPDYD´FHOOHWWHµ qUREDFKHVLYHQGHFRPHXQPD]]R WXWWRDWWDFFDWRDOFDQQDUR]]R FXFLQDWHORHYHGUHWHTXDQWRqEXRQR LOIHJDWRLOFXRUHLOSROPRQH FLVRQRDQFKHODPLO]DHOHDQLPHOOH TXHVWRVLFKLDPDODFRUDWHOODG·DJQHOOR 5DIIDHOH)UDWLFHOOLSRHWDGLDOHWWDOHDEUX]]HVH /DFRUDWHOODVHQ]DEXGHOODYLHQHDQFKHULSDVVDWDQHOVXJRHVHUYLWDFRQ FRQWRUQRGLSDWDWH&RQODFRUDWHOODGLDJQHOORVRIIULWWDWDJOLDWDDOLVWDUHOOHH DUULFFKLWDFRQHUEHDURPDWLFKHVWULVFLROLQHGLSHSHURQLGLODUGRHDOWUHVSH ]LHLOWXWWRGLVWULEXLWRDUURWRODWRHFKLXVRFRPHPD]]HWWRLQXQTXDGUDWRGL SHULWRQHRRIRJOLHGLYHUGXUHFRPHO·LQGLYLDDYYROWRGDEXGHOOLQHGLDJQHOOR PHWLFRORVDPHQWH SXOLWH O·HVWUR FXOLQDULR GHL SRYHUL KD FUHDWR XQ DXWHQWL FRFDSRODYRURGHOODJDVWURQRPLD,OSUHSDUDWRSXzHVVHUHFRQVXPDWRVXOOD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R EUDFHLQXPLGRFRQDURPLFRQO·DJJLXQWDGLSRPRGRURRSSXUHFRQVXJR URVVRSLFFDQWH/DSLHWDQ]DYDQHO7HUDPDQRVRWWRLOQRPHGLPD]]DUHOOH WHUPLQHULIHULWRDOODIRUPDFKHDVVXPHO·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·DJQHOORPDJJLRUDQDVDOHDJOLRIUHVFRFLSROODSUH]]HPR ORIRJOLHGLODWWXJDSHSHXQELFFKLHUHGLYLQRELDQFRVHFFRDFHWRDFTXDROLR H[WUDYHUJLQHG·ROLYD 3UHSDUD]LRQH/DYDUHOHEXGHOOLQHWDJOLDUOHQHOVHQVRGHOODOXQJKH]]DODYDUOHDQFRUD EHQHIDFHQGRO·XOWLPRVFLDFTXRLQDFTXDHDFHWR7DJOLDUHODFRUDWHOODLQOLVWHOOLGLXQ GLWRGLOXQJKH]]DHVSHVVRUHVDODUHHSRUUHVXXQDIRJOLDGLODWWXJDIDFHQGRQHXQ PD]]HWWRSH]]LGLFRUDWHOODHOHYHUGXUHIUHVFKHSUHSDUDWHDSDUWH/HJDUHQHOOD OXQJKH]]DLPD]]HWWLFXRFHUOLQHOO·ROLRHTXDQGRFRPLQFLDQRDURVRODUHDJJLXQJHUH PH]]RELFFKLHUHGLYLQRELDQFRVHFFRHDFTXDDJJLXQJHUHYLQRHDFTXDXQDVHFRQGD YROWDÀQRDFRWWXUDRUHDIXRFREDVVR6HUYLUHFDOGR ,OWRUFLQHOORDOODPDQLHUDGL&KLHWLLQSDUWLFRODUHLQXVRQHOOHWUDWWRULH DGLDFHQWL LO PDWWDWRLR FKH ÀQR DJOL DQQL &LQTXDQWD HUD LO SL LPSRUWDQWH GHOODUHJLRQHqFRVWLWXLWRGDXQÀDPPLIHURGLWULSSDGLDJQHOORLQWRUQRDO TXDOH YLHQH DYYROWR LO EXGHOOLQR DQQRGDWR FRQ DELOLWj DOOH HVWUHPLWj /H EXGHOOLQHGHYRQRHVVHUHHVFOXVLYDPHQWHGLDJQHOOLQRGDODWWHDQLPDOHFKH QRQ KD DQFRUD FRPLQFLDWR D EUXFDUH O·HUED ,O WRUFLQHOOR VL VRIIULJJH FRQ JOLRGRULLQROLRGLROLYDSRLVLEDJQDFRQYLQRELDQFRDJJLXQJHQGRLQÀQH LOSRPRGRURDSH]]HWWLHFRQWLQXDQGRODFRWWXUDSHUSRFKLPLQXWLSHUQRQ $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R GLVIDUHOHEXGHOOLQHFKHVRQRWHQHULVVLPH&RQORVWHVVRQRPHWRUFLQHOOR YLHQH LQGLFDWR QHOOD ]RQD SHGHPRQWDQD GHOOD 0DLHOOD XQ VDOVLFFLRWWR GL EXGHOODULSLHQRGLFRUDWHOODVSHVVRDQFKHFRQXRYROHVVRFRWWRHSRLVHUYLWR WDJOLDWRDIHWWH /DFRUDWHOODVLSUHVWDDQFKHDGHVVHUHFXFLQDWDLQDOWULPRGLFRPHD FLIFLDIFLRqVRIIULWWDVHPSOLFHPHQWHQHOO·ROLRFRQTXDOFKHYHUGXUDRGRURVD VDOHHSHSH$OWUDYDULDQWHqTXHOODDOODQHUHWHVHGRYHVLDJJLXQJRQRSHSH URQLH]XFFKLQHWDJOLDWLDGDGLQLDFHWRDOORURVHGDQRHFDURWHHDOODÀQHVL DPDOJDPDFRQXRYDVEDWWXWHFRQIRUPDJJLRJUDWWXJLDWR1HO3HVFDUHVHSHU OHIHVWLYLWjSDVTXDOLWURYLDPRODFRUDWHOODDOODÀQDQ]LHUDFRWWDFRQSDQFHWWD SLVHOOLHFDUFLRÀHVIXPDWDFRQ7UHEELDQRG·$EUX]]R8QDSLHWDQ]DDTXLODQD SLDWWRIRUWHGHOODFROD]LRQHGL3DVTXDXVDWRFRPHDQWLSDVWRPDOJUDGRQRQ VLDOHJJHULVVLPRSUREDELOPHQWHSHUFKpSUHSDUDORVWRPDFRDGDIIURQWDUHOH VXFFHVVLYHIDWLFKHqODFRUDWHOODFRQLVRWWDFHWLVLWDJOLDODFRUDWHOODDSLFFR OLSH]]LVLVDOWDLQSDGHOODFRQDJOLRHSHSHURQFLQRSLFFDQWHVLDJJLXQJRQR LVRWWDFHWLVPLQX]]DWLHVLFRPSOHWDODFRWWXUD &RQOHLQWHULRUDGLFDSUHWWRWULWDWHLOYHORGLJUDVVRGHJOLLQWHVWLQLLO WXWWRPHVFRODWRHLPEXGHOODWRVLFRQIH]LRQDXQLQVDFFDWRFKLDPDWRPDUULWWH FKH YLHQH FXFLQDWR VLD IUHVFR FKH DSSDVVLWR QHO VXJR GL SRPRGRUR$ 6 *LRYDQQLGL3DJDQLFDGL0RQUHDOHSLFFRORERUJRGDOO·DOWDYDOOHGHOO·$WHU QRLPDUULWWLVRQRFKLDPDWLLQYHFHGHLEXGHOOLQLGLDJQHOORGDOVDSRUHGHOL FDWRWDJOLDWLDOLVWDUHOOHGLFLUFDFPOHVVDWLHSRLVDOWDWLLQ SDGHOODFRQROLRHDJOLRHTXLQGLDPDOJDPDWLPHVFRODQGR YHORFHPHQWHFRQXQFRPSRVWRGLXRYDVEDWWXWHHSHFR ULQRJUDWWXJLDWR4XHVWRqXQSLDWWRWLSLFRGHOSHULRGR FDUQHYDOHVFRRSDVTXDOHTXDQGRDVHFRQGDGHOWHPSR GLJUDYLGDQ]DVLIDFHYDQRSDUWRULUHOHSHFRUH /·$TXLOD FRQ LO VXR WHUULWRULR ULFFR GL WDUWXÀ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·XFFLVLRQHGHOO·DJQHOORVLSUHSDUDLOVDQJXL WHOORRWWHQXWROHVVDQGRLQDFTXDEROOHQWHLOVDQJXHHIDFHQGRORUDSSUHQGHUH 4XDQGRVLqIUHGGDWRVLULSDVVDLQSDGHOODFRQROLRDJOLRHURVPDULQR'RSR DYHUOHVVDWRUDVVRGDWRHUDIIUHGGDWRLOVDQJXHGLDJQHOORVLSXzULSDVVDUOR LQVLHPHDOOHEXGHOOLQHSUHFHGHQWHPHQWHOHVVDWHLQXQDSDGHOODQHOODTXDOH VLqURVRODWDODFLSROODFRQO·ROLR'HOLFDWDqODWULSSHWWDGLDJQHOORGRSR 52*121$7$ ,QJUHGLHQWLNJGLURJQRQDWDGLSHFRUDSDQHDEEUXVWROLWRROLRH[WUDYHUJLQHG·ROL YDSHSHURQFLQRFLSROODVDOH 3UHSDUD]LRQH7DJOLDUHDSLFFROLSH]]LODFDUQHHGLVSRUODLQXQWHJDPHFRQODFLSROOD WULWDWDLOSHSHURQFLQRO·ROLRHLOVDOH&XRFHUHDIXRFROHQWRDJJLXQJHQGRXQSRFR G·DFTXDFRVuFKHLOVXJRQRQUHVWULQJDWURSSR$SSHQDODFDUQHVLVWDFFDGDOO·RVVR YHUVDUHQHLSLDWWLSUHSDUDWLFRQGDGLQLGLSDQHDEEUXVWROLWR DYHUOD OHVVDWD H WDJOLDWD D OLVWDUHOOH GL FLUFD FP VL VRIIULJJH LQ SDGHOOD FRQXQWULWRGLVHGDQRFDURWDHFLSROODVLXQLVFRQRSRLTXDOFKHIRJOLDGL PHQWDHLOSRPRGRURÀQRDGRWWHQHUHXQVXJRURVDWRVLFRPSOHWDODFRWWX UDDJJLXQJHQGRSHSHURQFLQRSLFFDQWH,QRGLQLGLWULSSDVRQRXQDYDULDQWH VRODPHQWHHVWHWLFDGRSRDYHUWDJOLDWRODWULSSDDOLVWDUHOOHGLFLUFDXQFPGL ODUJKH]]DSHUWXWWDODVXDOXQJKH]]DVLIDQQRGHLQRGLGLVWDQ]LDWLGLFLUFD FPO·XQRGDOO·DOWURVHSDUDQGROLSRLFRQOHIRUELFLLQPRGRGDRWWHQHUHWDQWL QRGLVLQJROLGDFXRFHUHFRPHGDSUHFHGHQWHULFHWWD $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R 'HOO·DJQHOOR DQFKH OD WHVWD q VHP SUHVWDWDXWLOL]]DWDFRPHFLERSRYHURPD JXVWRVLVVLPR VLD QHO &KLHWLQR FKH QHOOD YDOODWD GHO 3HVFDUD PD DQFKH QHO UHVWR GHOOD UHJLRQH /D WHVWLQD GL DJQHOOR DOOD WHUDPDQDGLYLVDDPHWjqLQVDSRULWDFRQ FLSROORWWR H DJOLR H RJQL PHWj YLHQH IDVFLD WD FRQ LO EXGHOOLQR YLHQH SRL FRQGLWD FRQ ODUGR H SUH]]HPRORHFRWWDLQIRUQR1HOODWHVWLQDGLDJQHOORPROOLFDWRVLFRQGLVFH RJQLPHWjFRQXQ·DPDOJDPDGLPROOLFDGLSDQHFRQIRUPDJJLRSUH]]HPROR DJOLRHSHSHURQFLQRVLXPHWWDFRQROLRHVLSDVVDLQIRUQR1HOODFXFFHWW· DOODODQFLDQHVHVLFRQGLVFRQROHGXHPHWjGHOODWHVWLQDGLDJQHOORFRQXQ LPSDVWRGLROLRDJOLRSHSHURQFLQRHSDQJUDWWDWRVLPHWWRQRLQXQDWHJOLD DJJLXQJHQGRVDOVLFFLDVPLQX]]DWDFLSROODRULJDQRROLRHVLSDVVDQRLQIRU QR/·XWLOL]]RGHO´FRSSRµWLSLFRDWWUH]]RDEUX]]HVHSHUODFRWWXUDVRWWRLO FDPLQRFRQVHQWHGLFXRFHUHOHWHVWLQHGLDJQHOORDGGXUPLWHVRWWRLOFRSSR FRQOHSDWDWHHURVPDULQR &RQVLGHUDWL GD VHPSUH FLER HURWLFR SHU LO ORUR FDULFR HQHUJHWLFR JOL RUJDQLULSURGXWWLYLGHJOLDQLPDOLVRQRSUHVHQWLQHOODJDVWURQRPLDDEUX]]HVH FRQ L WHVWLFROL GL PRQWRQH DO YLQR ELDQFR 4XHVWL VL WDJOLDQR D IHWWLQH VL DVFLXJDQRHVLLQIDULQDQRURVRODQGROLTXLQGLLQSDGHOODLUURUDWLFRQLOYLQR ELDQFRYHQJRQRSRLVHUYLWLFDOGLVVLPLVSROYHUL]]DWLFRQLOSUH]]HPROR 8QVDSRUHDQWLFRVWUHWWDPHQWHOHJDWRDOOHWUDGL]LRQLGHLSDVWRULWUDQ VXPDQWL VROLWL D SDVWL IUXJDOL H QXWULHQWL RJJL TXDVL XQ UHSHUWR DUFKHR JDVWURQRPLFRGHVXHWDFRP·qRUPDLODWUDQVXPDQ]DFRQODTXDOHOHJUHJJL GLRYLQLVLVSRVWDYDQRWUDLSDVFROLDSSHQQLQLFLLQSULPDYHUDHLQSLDQXUDLQ DXWXQQRqODPLFLVFKLDYLFLVFKLDYLFLFFKLDPXFLVFKLDFDUQHGLSHFRUD RSLUDUDPHQWHGLFDSUDGLTXDOFKHDQQRGLHWjFKHDEELDSHUFRUVRPROWL FKLORPHWUL FRVu FKH VLD PDJUD DO SXQWR JLXVWR /D FDUQH GDOOD VSDOOD LQ JLGLVRVVDWDEHQDSHUWDWDJOLDWDDVWULVFHVJUDVVDWDOLYHOODWDSHUSRWHU DVVRUELUHLOVDOHFRVSDUVDGLSHSHSHSHURQFLQRSLFFDQWHDJOLRHÀQRFFKLR qIDWWDHVVLFFDUHDOIUHGGRGHOO·DULDVHFFDGHLPRQWLDFTXLVWDQGRFRVuFRP SDWWH]]DXQFRORUHEUXQRXQVDSRUHGHFLVRHIRUWHHXQDFDSDFLWjGLOXQJD FRQVHUYD]LRQH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R ,16$&&$7,&$6$/,1*+, ,O PDLDOH LQ$EUX]]R YHQLYD DOOHYDWR VRSUDWWXWWR SHU XVR IDPLOLDUH WDQW·qFKHDQFRUDRJJLYLHQHFRQVHQWLWDODPDFHOOD]LRQHDGRPLFLOLRGXUDQWH LOSHULRGRLQYHUQDOHËULFRUGRGHOSULPRGRSRJXHUUDODÀJXUDGHO´FDVWUD SRUFKHWWDµHLOFRQVXPRGHLWHVWLFROLGHLVXLQHWWLFRQVLGHUDWLDOO·HSRFDXQD YHUD OHFFRUQLD /·XFFLVLRQH GHO PDLDOH XQ YHUR H SURSULR VDFULÀFLR ULWXD OH VRWWR OD SURWH]LRQH GL 6DQW·$QWRQLR $EDWH SHU OH IDPLJOLH FRQWDGLQH FRPSUHVHTXHOOHDEUX]]HVLHUDXQ·LPSRUWDQWHRFFDVLRQHSHUIHVWHJJLDUHD WDYRODFRQSDUHQWLHDPLFLXQRGLTXHLSRFKLPRPHQWLGLDEERQGDQ]D´JUD VFLDµ DOLPHQWDUH GXUDQWH O·DQQR 6XELWR GRSR O·XFFLVLRQH GHOO·DQLPDOH SUDWLFDWD GDOO·HVSHUWR ´VFDQQDSXRU FHµVLUDFFRJOLHYDLOVDQJXHXWLOL]]DWRSHUIDUH LO VDQJXLQDFFLR SDUWLFRODUH GROFH DEUX]]HVH 9HUVDWRDQFRUDIUHVFRQHO´FRWWXURµUHFLSLHQWH GLUDPHVWDJQDWRDOO·LQWHUQRHXWLOL]]DWRSHUODFRW WXUD QHO FDPLQR DVVLHPH D PRVWR FRWWR FLRFFROD WRIRQGHQWHDSH]]LQRFLVJXVFLDWHHWULWDWHEXFFHGLDUDQFHVLFXRFHYDD IXRFRPROWROHQWRPHVFRODQGRGLFRQWLQXRÀQRDGRWWHQHUHXQDVSHFLHGL PDUPHOODWD FKH WROWD GDO IXRFR YHQLYD PHVFRODWD FRQ LO SXQFK DEUX]]H VHHVLFRQVHUYDYDLQEDUDWWROL'DULFRUGDUHDQFKHLOGROFHDOVDQJXHFKH VLSUHSDUDFRQXQFRPSRVWRGLVDQJXHOHVVDWR]XFFKHUREXFFHGLOLPRQH PDQGRUOHWRVWDWHHWULWDWHIDULQDHXRYD,OVDQJXHYLHQHSULPDIULWWRDWRFFKL HSRLEDJQDWRDO5KXPHVSROYHUL]]DWRFRQODFDQQHOOD,OVDQJXHGLPDLDOH YLHQHDQFKHXWLOL]]DWRVDOWDWRLQSDGHOODVDQJXFFLRQHOO·DJURFKLHWLQRVL )(*$7(//,$//$%26&$,2/$ ,QJUHGLHQWLIHJDWHOOLGLPDLDOHGLSROORHGLWDFFKLQRXQDFLSROODYLQRELDQFRVHFFR SHSHURQLVRWWDFHWRXQSL]]LFRGL]XFFKHURVDOHROLRSHUIULJJHUH 3UHSDUD]LRQH,QXQDSDGHOODVRIIULJJHUHODFLSROODQHOO·ROLRFDOGRDJJLXQJHUHLOYLQR H IDUOR VIXPDUH XQLUH TXLQGL XQ WULWR GL SHSHURQL VRWWDFHWR H OR ]XFFKHUR FDODUH L IHJDWLQLPLVWLHFXRFHUOLYHORFHPHQWH $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R UDFFRJOLHLQXQWHJDPHGLWHUUDFRWWDVHQ]DPHVFRODUORSHUIDFLOLWDUHODFRD JXOD]LRQHQRQGHYHVXSHUDUHLFPGLVSHVVRUHQHOIUDWWHPSRVLVRIIULJJH ODFLSROODFRQXQPD]]HWWRGLRGRULURVPDULQRVDOYLDDOORURVLDJJLXQJH TXLQGLLOVDQJXHFRDJXODWRWDJOLDWRDWRFFKHWWLHVLFRPSOHWDODFRWWXUDFRQ O·DJJLXQWDGLYLQRELDQFR 'RSRO·XFFLVLRQHHLOUHFXSHURGHOVDQJXHYHQLYDQRHVWUDWWLJOLRUJDQL LQWHUQLFKHDYYROWLFRQODPHPEUDQDUHWLFRODWDGHOORVWRPDFROD´UH]]Dµ R ´UL]]Dµ FRVWLWXLYDQR OD EDVH SHU FUHDUH WDQWH SUHOLEDWH]]H ,O IHJDWR GL PDLDOHqXVDWRIUHVFRGRSRODPDFHOOD]LRQHSHUSUHSDUDUHVSLHGLQLQHLTXDOL VLDOWHUQDQRSH]]HWWLGLIHJDWRGLPDLDOHIRJOLHGLDOORURHIHWWLQHGLSDQFHWWD VL FRQGLVFRQR FRQ ROLR VDOH H SHSHURQFLQR DYYROWL QHOOD UHWH GL PDLDOH H YHQJRQRFRWWLVXLFDUERQL3LFFROLSH]]LGLIHJDWRDYYROWLQHOODUHWHFRQXQD IRJOLDGLDOORURLUURUDWLFRQROLRGLROLYDYHQJRQRFRWWLDIXRFRDOOHJURLQ IRUQRRLQSDGHOODFRQROLRHSHSHURQFLQRHLUURUDWLFRQYLQRELDQFR /DSURGX]LRQHFDVDOLQJDGLLQVDFFDWLXQ·HVSHULHQ]DGLJUDQGHDJJUHJD ]LRQHHVROLGDULHWjIUDJUXSSLGLSDUHQWLHDPLFLLPSHJQDDQFRUDLQ$EUX]]R PROWHIDPLJOLHFRQWDGLQHGHLFHQWULDJULFROLHPRQWDQLFKHULSHWRQRJHVWL DQWLFKLHVDSLHQWLDQFKHVHQRQYHQJRQRSLXWLOL]]DWHWXWWHTXHOOHSDUWLGHJOL DQLPDOLGLFXLQXOODVLVFLXSDYD&RQIHJDWRHFRUDWHOODPDFLQDWLDVVLHPHH FRQGLWLFRQDEERQGDQWHSHSHURQFLQRVLFRQIH]LRQDQROHVDOVLFFHLIHJDWD]]L GL2UWRQD´VDYHFLFFHGHIHFjWHµGLIIXVLFRPXQTXHQRQVRORQHO&KLHWLQR PDLQWXWWDODUHJLRQH6RQRLQVDFFDWLFKHSRVVRQRHVVHUHFRWWLVXOODJULJOLD FRQIRJOLHGLDOORURRULSDVVDWLLQSDGHOOD8QDYDULDQWHqODEULJDQWHOODGL 6XOPRQDFKHSUHYHGHQHOO·LPSDVWRIHJDWRJXDQFLDOHXQDSLFFRODTXDQWLWj GL FDUQH ERYLQD FXRUH DJOLR URVVR GL 6XOPRQD SHSHURQFLQR H PRVWRFRW WR8QDOWURLQVDFFDWRJXVWRVLVVLPRqODVDOVLFFLDGLIHJDWRFRQLOPLHOH RULJLQDULDQHOODYDOODWDGHOO·2UIHQWRLQSDUWLFRODUHQHOWHUULWRULRGL&DUDPD QLFRIDWWDFRQIHJDWRPDLDOHSROPRQLHPLO]DDURPDWL]]DWDFRQVFRU]DGL DUDQFLDWULWDWDSLVWDFFKLSHVWDWLHGDGRODWDGLFHGURPLHOHHPRVWRFRWWRH SRLULSDVVDWDLQSDGHOODRVWDJLRQDWDHVVLFFDWDHFRQVXPDWDDIIHWWDWDËSUR GRWWDDQFKHQHOOD9DOOHGHO6DJLWWDULRQHOOD]RQDGL6FDQQRH$QYHUVDGHJOL $EUX]]L H VHFRQGR OD WUDGL]LRQH TXHVWD WLSLFD ODYRUD]LRQH VDUHEEH VWDWD LQWURGRWWDQHOODUHJLRQHGDL'XFKLGL$FTXDYLYDVLJQRULGL$WULHSDGURQL GLEXRQDSDUWHGHOO·$EUX]]RLTXDOLDYUHEEHURDSSUHVRO·XVRGHOPLHOHGDL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R PHUFDQWLYHQH]LDQL&RVuIDFHQGRVLqXQLWRLOVDSRUHIRUWHGHOIHJDWRFRQLO VDSRUHGHOLFDWRGHOPLHOHFUHDQGRTXHVWRJXVWR´QXRYRµHDSSHWLWRVRXQD QRYLWjQHOOHDELWXGLQLJDVWURQRPLFKHDSSUH]]DWDDQFRUDRJJL 9HUD SUHOLEDWH]]D SDUWLFRODUPHQWH GLIIXVD LQ SURYLQFLD GL &KLHWL q O·DQQRJOLD IRUVH XQ IUDQFHVLVPR GD QRXLOOH WDJOLROLQR XQ LQVDFFDWR GDOO·DVSHWWRVLPLOHDOODVDOVLFFLDRWWHQXWRXWLOL]]DQGRORVWRPDFRHOHEXGHO ODGHOVXLQRULHPSLWHFRQFRWLFKHRUHFFKLH]DPSHHIUDWWDJOLHGHOPDLDOH PHVVRDGDVFLXJDUHDOFDOGRGHOFDPLQRHFRQVXPDWRGRSRSRFKLJLRUQLFRW WRVXOODEUDFHRURVRODWRLQSDGHOODFRQYLQRHROLYH/·DQQRJOLDqXWLOL]]DWD DQFKHSHULQVDSRULUHODPLQHVWUDGLFLFHUFKLH 8QLQVDFFDWRGLIIXVRQHO7HUDPDQRGDOVDSRUHFDUDWWHULVWLFRqOD¶QQX MHXQDYLDGLPH]]RWUDODVDOVLFFLDHLOVDODPLQRWLSLFRGHOO·HQWURWHUUDLQ SDUWLFRODUHGHOOHYDOOLGHO)LQRHGHO9RPDQR)DWWDDVFLXJDUHSXzHVVHUH FRWWDLQSDGHOODFRQDFTXDROLRHYLQRELDQFRRSSXUHDUURVWLWD,OVXRVDSR UHqGHFLVRHRYYLDPHQWHSLFFDQWH,OWHUPLQHGLDOHWWDOHGHULYDGDOIUDQFHVH DQGRXLOOHVDOVLFFLRWWRGLWULSSDRGLFDUQHGLPDLDOHXQ·RULJLQHFKHFDUDWWH UL]]DGLYHUVHSUHSDUD]LRQLQHO7HUDPDQRSURYLQFLDLQÁXHQ]DWDVWRULFDPHQWH GDOODSUHVHQ]DIUDQFHVH1HOOD9DOOH3HOLJQDXQVDOVLFFLRWWRPROWRVLPLOHq FKLDPDWRVDOVLFFLDSD]]D´VDJLFFHPDWWHµ /$·118-( ,QJUHGLHQWLSHUSHUVRQHXQPHWURHPH]]RGLEXGHOODGLPDLDOHGHOODSDUWHGHOO·XO WLPDIUD]LRQHGHOO·LQWHVWLQRJGLFDUQHPDJUDHSDQFHWWDGLPDLDOHNJGL WULSSD GL PDLDOH URVPDULQR EXFFLD GL DUDQFLD TXDOFKH VSLFFKLR G·DJOLR DOORUR SHSHURQFLQR 3UHSDUD]LRQH /HVVDUH OD WULSSD D SDUWH H IDUH DOWUHWWDQWR FRQ LO UHVWR GHOOD FDUQH WDJOLDUHWXWWRDOLVWHOOLQL7DJOLX]]DUHODEXFFLDG·DUDQFLDLOURVPDULQRO·DJOLRO·DOORUR HLOSHSHURQFLQR)DUHGLWXWWRXQLPSDVWRPROWREHQDPDOJDPDWR7DJOLDUHDSDUWHOH EXGHOODLQSH]]LGLFLUFDFP/HJDUHFRQVSDJRVRWWLOHRJQLSH]]RDGXQDHVWUHPLWj ULHPSLUORFRQO·LPSDVWRHOHJDUORDOO·DOWUDHVWUHPLWjRWWHQHQGRFRVuOHJXVWRVLVVLPH ·QQXMHFKHVDUDQQRDSSHVHLQOXRJRDULHJJLDWRDPR·GLVDODPLQLSHUWUHRTXDWWUR JLRUQL 6L SUHVWDQR DG HVVHUH FRQVHUYDWH SHU TXDOFKH WHPSR 3RVVRQR HVVHUH FRWWH DQFKHVXOODEUDFHDOIRUQRRLQSDGHOOD $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R 7UDJOLLQVDFFDWLQRQSRVVLDPRQRQULFRUGDUHODVDODPHOODGLIHJDWRDO YLQRFRWWR/DSURGX]LRQHGLTXHVWRLQVDFFDWRGLPDLDOHqWLSLFDGHO9DVWHVH GRYHODFXOWXUDGHOYLQRFRWWRWURYDXQ·DQWLFDHGLIIXVDFRQVXHWXGLQH3HU ODVXDSUHSDUD]LRQHVLXVDQRIHJDWRSROPRQHFXRUHSOHXUDGLDIUDPPDH OH ULÀODWXUH URVVH GHO JXDQFLDOH LQ SURSRU]LRQH GL H WUD FRUDWD H ULÀODWXUH7XWWRYLHQHPDFLQDWRHDPDOJDPDWRFRQDURPLEXFFLDGLDUDQFLD HDJOLRVLDJJLXQJHSRLGHOSHSHURQHGROFHHLQÀQHYLQRFRWWRLQYHFFKLD WR/·DJJLXQWDGLYLQRFRWWRVHUYHVLDSHUXQDPLJOLRUHFRQVHUYD]LRQHVLD SHUDURPDWL]]DUHVPRU]DQGRLOJXVWRSDUWLFRODUPHQWHLQWHQVRGHOODFRUDWD /·LPSDVWRLQÀQHYLHQHLQVDFFDWRLQEXGHOORHIDWWRVWDJLRQDUH &RQ SDUWL PLVWH ULPDVXJOL GHOOD PDFHOOD]LRQH GHO PDLDOH RUHFFKLH PXVR SLHGLQL OLQJXD FRGD OHVVDWH H GLVRVVDWH H SRL PHVFRODWH D VHGD QRSROSDGLROLYHQHUHVRWWDFHWLSURVFLXWWRPDFLQDWREURGRGLFRWWXUD TXLQGLLQVDFFDWHLQXQEXGHOORQDWXUDOHGLJURVVDGLPHQVLRQH ´WURPERQHµHIDWWHUDIIUHGGDUHO·HVWURFXOLQDULRGHJOL DYLDFXLWRGDOODQHFHVVLWjHGDOODSDUVLPRQLDKDGDWR YLWDDOODFRSSDDOO·DEUX]]HVHDSSHQDGHVFULWWDQHOOD YDULDQWHWHUDPDQD3HUSRWHUODUDIIUHGGDUHHWDJOLDUH VRGDHFRPSDWWDQHOOD]RQDGHO*UDQ6DVVRYHQLYD FKLXVDLQVDFFKHWWLGLSDQQRFXFLWLDSSRVLWDPHQWHH DSSHVDIXRULGHOOHDELWD]LRQLDOYHQWRHDOIUHGGRGHOOD QRWWHFKHODJHODYDFRQLULJRULQDWXUDOL8QDYDULDQWHqODFRSSDGLWHVWDDOOD PDQLHUDGL5RLRGHO6DQJURGRYHVLOHVVDODWHVWDGHOPDLDOHODVLGLVRVVD VLPHVFRODFRQVHGDQRWLPRHSHSHURQFLQRVLDJJLXQJHLOEURGRGLFRWWXUD ÀOWUDWRHGRSRDYHUFRPSOHWDWRODFRWWXUDVLYHUVDLQUHFLSLHQWLGLWHUUDFRWWD FKHVLUDIIUHGGDQRLQIULJR &RQ ]DPSHWWL FRGD FRVWROLQH RUHFFKLH H OLQJXD FRWWD LQ DFTXD SHU FLUFDTXDWWURRUHFRQDOORURSHSHSHSHURQFLQRHVFRU]DGLDUDQFLDDJJLXQ JHQGRSRLLOVDQJXHOHVVDWRDSDUWHHVLVWHDQFKHODYDULDQWHFKHQRQQHSUH YHGHO·XWLOL]]RVLRWWLHQHOD¶QGRFFD¶QGRFFDXQ·DOWUDSUHSDUD]LRQHWLSLFD GHO7HUDPDQR,OSLDWWRYDVHUYLWRSUHIHULELOPHQWHFDOGRPDULVXOWDJXVWRVR DQFKHIUHGGRQHOODVXDJHODWLQD/DSLHWDQ]DqWHVWLPRQLDQ]DWLSLFDGLTXHOOD FXOWXUDFRQWDGLQDFKHGHOPDLDOHQRQEXWWDQLHQWHVIUXWWDQGRQHLOIRUPLGD ELOHSRWHQ]LDOHHQHUJHWLFRÀQRDOO·XOWLPDULVRUVD,OVXRQRPHGLDOHWWDOHVL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R ULFKLDPDSUREDELOPHQWHDOPHWRGRGLSUHSDUD]LRQHFKHSUHYHGHSLFFROLWRF FKHWWL´WRFFKHµGHOOHSDUWLDQLPDOLSHUIDFLOLWDUQHODFRWWXUD6HFRQGRDOWUL SRWUHEEHHVVHUHDVVRFLDWRD´WXFFXODWHµR´¶QGUXFFDWHµSDVWRQHGHOPDLDOH IRUVHLQULIHULPHQWRDQFKHDOIDWWRFKHODSLHWDQ]DLQJHQHUHYDVHUYLWDFDOGD HIXPDQWH=DPSHWWRFRWHQQHRUHFFKLRPXVHWWRODUGRSDQFHWWDRVVRGL SURVFLXWWRVLXWLOL]]DQRSHULQVDSRULUHOHYHUGXUHLOHJXPLHODSDVWDGLXQR GHLSLDWWLSLIDPRVLGHOODJDVWURQRPLDWHUDPDQDOHYLUWGHOPDJJLR ,SLHGLGHOPDLDOHUHJDODQRJXVWRVHULFHWWHFRPHLSLHGLQLGLPDLDOHDL IHUULOHVVDWLWDJOLDWLLQGXHFRVSDUVLGLPROOLFDODUGRHSRLFRWWLDLIHUUL8QD ULFHWWDOHJJHUPHQWHEURGRVDqTXHOODGHJOL]DPSHWWLGLPDLDOHFRQOHYHU]HL SLHGLQLGLPDLDOHYHQJRQRFRWWLLQDFTXDFRQFLSROODFDURWDVHGDQRDJOLRH JUDQLGLSHSHDPHWjFRWWXUDVLDJJLXQJHLOFDYRORYHU]DHVLFXRFHSHUFLUFD PH]]·RUD'DQRQGLPHQWLFDUHLSLHGLQLGLPDLDOHFRQLIDJLROL /·XWLOL]]RGHOPDLDOHVLSUHVHQWDTXDVLLQHVDXULELOHHGREELDPRULFRUGD UHLOEURGRIDWWRFRQODWHVWDHOH]DPSHHDOWULULWDJOLODWHVWDGLPDLDOHFRWWD DOIRUQRWUDGL]LRQHGL&DVWLJOLRQH0HVVHU0DULQRL´IULFFLQHOOHGLOXSHWWHµ RRVVRGHOODSDGURQDFLRqXQRVVRURVRODWRLQSDGHOODHSRLEROOLWRSHUULFD YDUQHXQEURGRRWWLPRSHUSDVWHHYHUGXUHFRPHQHOODWUDGL]LRQHGL)XUFL 3,(',1,',0$,$/(,16$/6$ ,QJUHGLHQWL SLHGLQL GL PDLDOH DOORUR DJOLR SUH]]HPROR DFFLXJKH VRWWDFHWL XQXRYRSHSHURQFLQRROLRGLROLYD 3UHSDUD]LRQH/HVVDUHLSLHGLQLLQDFTXDEROOHQWHFRQTXDOFKHIRJOLDGLDOORUR7UL WDUHO·DJOLRLOSUH]]HPROROHDFFLXJKHHPHVFRODUHLOWXWWRDJJLXQJHUHLVRWWDFHWLLO SHSHURQFLQRO·ROLRGLROLYDHO·XRYRVEDWWXWRÀQRDGRWWHQHUHXQDVDOVDVHPLGHQVDFKH VDUjVHUYLWDFRQLSLHGLQL 1RQSRVVLDPRWUDODVFLDUHODFRWHQQD´OHFRWHFKHµGHOPDLDOH/HFRWL FKHDOSRPRGRURGLIIXVHLQWXWWDODUHJLRQHVRQRXQDULFHWWDVHPSOLFHPD GDOVDSRUHLQWHQVRGRSRDYHUSXOLWRSHUEHQHOHFRWLFKH´VEDUEDWHµXVDQGR OHFDQQHLQFHQGLDULHFKHEUXFLDQROHVHWROHVLSDVVDQRJOL´VFXUWLFKLQHµHOD ´SUHWHUHQD]]HµSLHWUDDUHQDULDHVLFXRFLRQRLQDFTXDIUHGGDFRQFLSROOD $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R HDOORURSHUFLUFDGXHRUH$SDUWHVLVRIIULJJRQRODFLSROODWULWDWDO·DJOLRH LOSRPRGRURHVLXQLVFRQROHFRWLFKHFXRFHQGRSHUXQDOWURTXDUWRG·RUD 6DSRULWHGDQRQSHUGHUHOHFRWLFKHHIDJLROLDOO·DEUX]]HVHFRWWHFRQFLSROOD FDURWDVHGDQRSHSHURQFLQRSLFFDQWHVPLQX]]DWRHSRPRGRURDSH]]HWWLH DQFKHLWDLMDULOOHIDVFLXOHHFRWHFKHGRYHODSDVWDGLVRODDFTXDHIDULQDIDWWD DPDQRVWHVDGLPHGLRVSHVVRUHHSRLWDJOLDWDDFROWHOORGDFXLLOQRPH YLHQHFRWWDHFRQGLWDFRQXQEDWWXWRGLODUGRSUH]]HPRORSRPRGRURVHGD QRDJOLRRULJDQRHFLSROODGDVRIIULJJHUHLQROLRH[WUDYHUJLQHG·ROLYDFRQOH FRWLFKHWDJOLDWHDVWULVFLROLQH6LVHUYHFRQSHSHURQFLQRSLFFDQWHHVSROYH UL]]DWDFRQSHFRULQRDEUX]]HVHJUDWWXJLDWR &21/(,17(5,25$'(/9,7(//2 ,OYLWHOORLQ$EUX]]RSHULOVXRFRVWRGLDOOHYDPHQWRHSHULOVXRDLXWR QHLFDPSLqVLFXUDPHQWHVWDWRQHOSDVVDWRPHQRXWLOL]]DWRFRPHFDUQHGD WDYRODPDFRPXQTXHKDIRUQLWRXQ·RWWLPDJDVWURQRPLDLQSDUWLFRODUHFRQ OHVXHLQWHULRUD3DUWLGHOYLWHOORFRPHODSDJOLDWDXQWHPSRVLXWLOL]]DYDQR SLIUHTXHQWHPHQWHSHUFKpOHIDWWULFLQRQVHPSUHSRWHYDQRDOOHYDUHWXWWLL SLFFROL2JJLFKHQRQqSLFRVuDOFXQLWDJOLVRQRGLYHQWDWLUDULWjJDVWURQR PLFKHPDDQFKHDOWULWDJOLVRQRLQJLXVWDPHQWHWUDVFXUDWLSHUFKpODERULRVL GDWUDWWDUHLQFXFLQDDQFKHVHSDUWLFRODUPHQWHULFFKLGLVDSRUHGLSULQFLSL QXWULWLYLHSRVVRQRHVVHUHSLDFHYROLGLYHUVLYLSHUOHQRVWUHWDYROH/DSDJOLD WDQHO&KLHWLQR´SDOMDWDµqLQJHQHUHFRWWDDOODJULJOLDGRSRDYHUODWDJOLDWD DVWULVFHDQQRGDWDDWUHFFHHXPHWWDWDFRQXQFRPSRVWRGLROLRHDFHWR3Xz HVVHUHFXFLQDWDLQWHJDPHGRSRDYHUOD WDJOLDWD D SH]]HWWL FRQ ROLR FLSROOD PDJJLRUDQD SUH]]HPROR SHSH PDFL QDWRHFRWWDLQFRSHUFKLDWDSHUXQ·RUD ,OIHJDWRDOO·DEUX]]HVHVLUHDOL]]D LQIDULQDQGR OH IHWWLQH GL IHJDWR FKH VL VRIIULJJRQR LQ ROLR GL ROLYD FRQ SHSHURQFLQR VEULFLRODWR H XQ DWWLPR SULPDGLVHUYLUHVLFRPSOHWDLOSLDWWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R FRQ VDOYLD WULWDWD H DFHWR , URJQRQL GL YLWHOOR QHOOD WUDGL]LRQH DEUX]]HVH SRVVRQRHVVHUHSUHSDUDWLDIIHWWDWLPDULQDWLLQDFHWRURVRODWLLQSDGHOODFRQ ROLRHSHSHURQFLQRDJOLRSUH]]HPRORRULJDQRVIXPDQGRFRQSRFRYLQRH DJJLXQJHQGRLOSRPRGRURSDVVDWRDFRPSOHWDUHODFRWWXUDRSSXUHWULIRODWL LQIDULQDQGR OH IHWWLQH GL URJQRQH H FXFLQDQGROH FRQ DJOLR ODUGR SHVWDWR DFFLXJKH SUH]]HPROR H SHSHURQFLQR H VIXPDQGR FRQ YLQR ELDQFR VHFFR SULPDGLFRPSOHWDUHODFRWWXUD ,OFXRUHGLYLWHOORqVROLWDPHQWHSUHSDUDWRDOODSL]]DLRODGRSRDYHUOR DIIHWWDWRLQIDULQDWRVRIIULWWRFRQDJOLRHSHSHURQFLQRVLDJJLXQJRQRSUH] ]HPRORHRULJDQRVIXPDQGRFRQLOYLQRVLYHUVDLOSRPRGRURHVLFRPSOHWD YHORFHPHQWHODFRWWXUDSHUHYLWDUHFKHODFDUQHLQGXULVFD,QWHUHVVDQWHqOD WHVWD GL YLWHOOR EROOLWD FKH GLVRVVDWD FRQ DJJLXQWD GL VDOH H SHSH YLHQH PHVVDSHUFLUFDRUHLQXQVDFFKHWWRGLFDQDSDSRLSUHVVDWRHVLJXVWD IUHGGDWDJOLDWDDIHWWHHFRQGLWDFRQVDOVDYHUGHDURPDWL]]DWDFRQVFRU]HWWH GLDUDQFLD &2'$',9,7(//2,180,'2 ,QJUHGLHQWLJGLFRGDGLYLWHOOREURGRSRPRGRULSHODWLROLRDOORURSHSHURQFLQR HUEDSHSHFLSROODVDOH 3UHSDUD]LRQH7DJOLDUHDSH]]LODFRGDHVRIIULJJHUODFRQROLRDOORURSHSHURQFLQRHUED SHSHHFLSROOD$JJLXQJHUHSRLLOEURGRLSRPRGRULVDODUHHFXRFHUHSHUFLUFDRUH ´1LHUYH H PXVVLOOHµ q XQD IUHVFD H VÀ]LRVD LQVDODWD GL QHUYHWWL IDWWD FRQGHQGRODSROSDRWWHQXWDGLVRVVDQGRWHVWDH]DPSHWWLGLYLWHOORFRQROLR SUH]]HPRORDJOLRVXFFRGLOLPRQHVDOHHSHSH ,OJHQQDLRQHOODULFRUUHQ]DGHOODIHVWLYLWjGL6$JQHVHJOLDTXLODQL RJQLDQQRGDOSHUXQ·DQWLFDVWRULDOHJJHQGDFRLQFLGHQGRTXHOJLRU QRFRQLOSHUGRQRGLXQJUXSSRGLHVLOLDWLDFFXVDWLGLPDOGLFHQ]DLQUHDOWj FROSHYROLGLFULWLFDYHUVRXQ·DPPLQLVWUD]LRQHQRQFRQIDFHQWHDJOLLQWHUHVVL GHOODFLWWjSHUULFRUGDUHO·HYHQWRIHVWHJJLDQRFRQFHQHDEDVHGLSLDWWLFRQ ULFHWWHGLFDUQHGLOLQJXDRUJDQRGHOODIRQD]LRQHXWLOL]]DWRSHUOHPDOGLFHQ ]HLQWXWWHOHVDOVH5LFRUGLDPRWUDTXHVWHODOLQJXDFRQOHROLYHSUHSDUDWD $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R URVRODQGRQHOO·ROLRXQWULWRGLDJOLRSUH]]HPRORHFLSROODDJJLXQJHQGROD SROSD GHOOH ROLYH YHUGL VQRFFLRODWH H WULWDWH JURVVRODQDPHQWH H OD OLQJXD SUHFHGHQWHPHQWHOHVVDWDVSHOODWDHWDJOLDWDDIHWWHXQPHVWRORGLEURGRH FRPSOHWDQGRODFRWWXUD8Q·DOWUDGHOOHULFHWWHGHOODWUDGL]LRQHqTXHOODGHOOD OLQJXDDOYLQRFRWWRGRYHODOLQJXDqFRWWDFRQXQWULWRGLFDURWDFLSROOD VHGDQRHSUH]]HPRORSDQFHWWDDSH]]HWWL5RVRODWDHVSUX]]DWDFRQLOYLQR FRWWRYLHQHFRSHUWDFRQLOEURGRSHUFRPSOHWDUHODFRWWXUD,OIRQGRGLFRWWX UDVJUDVVDWRFRQO·DJJLXQWDGLXQSRFRGLIDULQDGHOEURGRHIDWWRDGGHQVDUH FRQGLUjODOLQJXDDIHWWLQH 8Q·DQWLFDULFHWWDDEUX]]HVHFKHSUREDELOPHQWHUHVWHUjVRORXQULFRUGR qLOSDVWLFFLRGLPDPPHOOHGLPXFFD6LWDJOLDDOLVWDUHOOHXQDPDPPHOODSUH FHGHQWHPHQWHQHWWDWDHVEROOHQWDWDLQXQDSDGHOODVLVRIIULJJHQHOO·ROLRXQ PDFLQDWRGLFDUQLPLVWHPDLDOHYLWHOORFDVWUDWRSHFRUDHVLSURIXPDFRQ EDVLOLFRFKLRGLGLJDURIDQRQRFHPRVFDWD,QXQDWHJOLDDSDUWHVLYHUVDXQ PHVWROLQRGHOVXJRDSSHQDIDWWRHVLDOWHUQDQRXQRVWUDWRGLPDPPHOODFRQ SHFRULQRJUDWWXJLDWRSRLDOWURVXJRFRQWLQXDQGRDGDOWHUQDUHJOLLQJUHGLHQWL HFRPSOHWDQGRODFRWWXUDLQIRUQR /D WULSSD ULFDYDWD GDOOD SDUHWH GHL SUHVWRPDFL GHL ERYLQL q PROWR DSSUH]]DWD H XWLOL]]DWD QHOOD JDVWURQRPLD DEUX]]HVH GDQGR OXRJR DG XQD VRUWDGLFDPSDQLOLVPRJDVWURQRPLFR ,QIDWWLQHOO·DUHD9HVWLQDLQSURYLQFLDGL3HVFDUDWURYLDPRODWULSSDDOOD SHQQHVHFKHVLSXzJXVWDUHLQWUDGL]LRQDOLRVWHULH´OLWULSSLULGHOL3LQQLVLµ GDPDQJLDUHSUHIHULELOPHQWHFRPHSLDWWRXQLFR 1HOODYDULDQWHWHUDPDQDVLSUHYHGHODFRWWXUDFRQROLRDJOLRFLSROODH VDOHDJJLXQJHQGRSRLSUH]]HPRORPDJJLRUDQDHWLPRSRPRGRURHSHSH URQFLQRFRQWLQXDQGRDFXRFHUHÀQRDFKHOHVWULVFLROLQHGLWULSSDVDUDQQR EHQPRUELGHHDPDOJDPDWHFRQLOFRQGLPHQWR ,Q WHUULWRULR WHDWLQR WURYLDPR OD WULSSD LQ XPLGR IDWWD URVRODQGR LQ XQWHJDPHO·ROLRODYHQWUHVFDLOVHGDQROHFDURWHOHFLSROOHHO·DJOLR6L DJJLXQJHSRLODWULSSDODYDWDHOHVVDWDVLIDVWXIDUHVLEDJQDTXLQGLFRQLO YLQRELDQFRHVLVIXPDDJJLXQJHQGRSRLLOSRPRGRURO·DOORURLOURVPDULQR LO SHSHURQFLQR LO VDOH H VL FRPSOHWD OD FRWWXUD 6L VHUYH LQÀQH VSROYHUL] ]DWDFRQIRUPDJJLRGLODWWHPLVWRJUDWWXJLDWR3DUWLFRODULVVLPDqODWULSSD XVR¶QQXMHIDWWDDIIXPLFDQGRODWULSSDVXEUDFLGLOHJQDWDJOLDQGRODSRLD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R VWULVFLROLQHTXLQGLOHVVDWDHVXFFHVVLYDPHQWHVRIIULWWDFRQO·ROLRHODSDQ FHWWDSHVWDWDFRQGLWDFRQURVPDULQRVFRU]DGLDUDQFLDDJOLRHSHSHHIDWWD FXRFHUHPHVFRODQGREHQH &20(&82&(5(/$75,33$ 3HIID¶VWXSLDWWHDGGDYHUHJXVWRVH FHYzODSXOL]]LDLQSULPDFRVH V·KDGDFXPPDWWHWHPSHHSDFLHQ]H 3HUzDODÀQHYqODUHQJXPEHQ]H /DWULSSHJQDVHVDSHVFXUWHFDUOH KDGDIDVDMHHFDOHDOO·DFTXDFDOOH ¶FFXVFuV·DPPROOHDGGRFLVWDOXYUHWWH« HV·DUHOODYHV·DULVFLDFTXHDQFRUH IHQHQGHDFKHQHQSHUGHFKHO·DGGRUH «4XDQGHqVLFXUHFK·qWWXWWHDOODYDWH VHPHWWHQJKHO·DFTXHGHQWU·D¶QDSLJQDWH 6·DSSLFFHOXIRFKHHVHIDYXOOuDVVDMH FDTXHOOHqWRVWHQHQ]·DPPROOHPDMH 3HUIDUHTXHVWRSLDWWRYHUDPHQWHJXVWRVR FLYXROHODSXOL]LDSHUSULPDFRVD VLGHYHODYRUDUHWHPSRHSD]LHQ]D 3HUzDOODÀQHF·qODULFRPSHQVD /DWULSSDFRPHVLVDSHUVFRUWLFDUOD GHYHIDUHVDOLHVFHQGLQHOO·DFTXDFDOGD FRVuVLDPPROODGRYHF·qORVSRUFR« VLULODYDHVLULVFLDFTXDDQFRUD ÀQRDFKHQRQSHUGHO·RGRUH 4XDQGRqVLFXURFKHqWXWWDODYDWD VLPHWWHFRQO·DFTXDGHQWURXQDSHQWROD 6LDFFHQGHLOIXRFRHVLIDEROOLUHPROWR SHUFKpqGXUDHQRQVLDPPROODPDL 5DIIDHOH)UDWLFHOOL $FFDGHPLD,WDOLDQDGHOOD&XFLQD $EUX]]R 75,33$$//$3(11(6( ,QJUHGLHQWLNJGLWULSSDGOGLROLRGLROLYDXQDFLSROODXQRVSLFFKLRG·DJOLR XQDFDURWDRULJDQRHUEDSHSHXQELFFKLHUHGLVDOVDGLSRPRGRURXQSHSHURQFLQR XQRVVRGLSURVFLXWWRODUGRWULWDWR 3UHSDUD]LRQH/DYDUHODWULSSDDFFXUDWDPHQWHWUHYROWHLQDFTXDFDOGDHGXHLQDFTXD IUHGGDOHVVDUODWDJOLDUODSRLDVWULVFLROLQH1HOIUDWWHPSRIDUEROOLUHXQRVVRGLSUR VFLXWWRWRJOLHUHLOPLGROORHVFLDFTXDUHLQDFTXDIUHGGD3UHSDUDUHXQEDWWXWRÀQHFRQ FLSROODDJOLRHFDURWDXQLUHTXLQGLODWULSSDLOEDWWXWRO·RVVRGLSURVFLXWWRVDOH RULJDQRHUEDSHSHWRFFKHWWLGLSURVFLXWWRLOSRPRGRURXQSR·G·DFTXDSHSHURQFLQR ODUGRWULWDWRHIDUFXRFHUHDIXRFROHQWRSHUFLUFDGXHRUH ,QVROLWLVRQRJOLLQYROWLQLGLWULSSDSUHSDUDWLXWLOL]]DQGRODWULSSDOHV VDWDWDJOLDWDDUHWWDQJROLPHGLRJUDQGLULHPSLWLFRQXQFRPSRVWRIDWWRVRI IULJJHQGRFRQO·ROLRODSDQFHWWDO·DJOLRLOSUH]]HPRORHLOSHSHURQFLQR ,UHWWDQJROLYHQJRQRSRLDUURWRODWLIHUPDWLFRQXQRVWX]]LFDGHQWLURVRODWL DJJLXQJHQGRYLQRELDQFRHGRSRFKHVDUjVIXPDWRFRPSOHWDQGRODFRWWXUD FRQLSRPRGRUL,QWHUHVVDQWHDQFKHO·LQVDODWDGLWULSSDOHVVDWDHWDJOLDWDD OLVWDUHOOHODVLFRQGLVFHFRQXQWULWRGLDJOLRSUH]]HPRORHVHGDQRHFRQXQD VDOVDIDWWDFRQROLRVXFFRGLOLPRQHHDFHWR 2OWUHDOODFXFLQDGHOOHIUDWWDJOLHURVVHQHOODJDVWURQRPLDWUDGL]LRQDOH DEUX]]HVHWURYLDPRULFHWWHFRQIH]LRQDWHFRQOHIUDWWDJOLHELDQFKHFHUYHOOR DQLPHOOHPLGROOR3HUOHDQLPHOOHDOOR]DIIHUDQRGHOO·$TXLODFRQSLVHOOL PHWWHUHOHDQLPHOOHLQXQDSDGHOODFRQLOEXUURHIDUFXRFHUHDIXRFROHQWR ULJLUDQGROH VHQ]D IDUOH URVRODUH WURSSR $ FRWWXUD XOWLPDWD WRJOLHUOH GDO ODSDGHOODHGRSRDYHUPHVFRODWRO·LQIXVRGL]DIIHUDQRFRQODWWHHIDULQD XQLUORDOIRQGRGLFRWWXUDIDFHQGRORDGGHQVDUH5LPHWWHUHOHDQLPHOOHQHO UHFLSLHQWHGLFRWWXUDIDUOHLQVDSRULUHHVHUYLUOHFRQLOFRQWRUQRGHLSLVHOOL SUHFHGHQWHPHQWHSUHSDUDWL 3HUOHDQLPHOOHDOYLQRFRWWRVFDOGDUHO·ROLRLQXQWHJDPHHXQLUHOH DQLPHOOHGLYLWHOORLQIDULQDWHSUHFHGHQWHPHQWHWHQXWHLQDFTXDSHUXQDQRWWH HEROOLWHLQDFTXDHDFHWRDJJLXQJHUHTXLQGLLOVDOHLOURVPDULQRHLOYLQR FRWWRIDUHYDSRUDUHHVHUYLUHVSROYHUL]]DWHFRQSUH]]HPRORWULWDWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD $EUX]]R *XVWRVH VRQR OH FHUYHOOD GRUDWH FHUYHOOD GL YLWHOOR WDJOLDWHDIHWWLQHLQIDULQDWHHSDVVDWHQHOO·XRYRVEDWWXWRH IULWWHLQSDGHOOD'DQRQGLPHQWLFDUHLOFODVVLFRIULWWRPLVWR DEUX]]HVHGRYHOHDQLPHOOHHOHFHUYHOODFRQÀQRFFKL]XF FKLQHFDUFLRÀHXQSRPRGRURWXWWRWDJOLDWRDIHWWLQHHULSDVVDWR QHOO·XRYRQHOODIDULQDHVDOHYHQJRQRIULWWHLQROLRGLROLYDEROOHQWH 6$325,7,()$&,/,'$$//(9$5( *OLDQLPDOLGDFRUWLOHVRQRVHPSUHVWDWLSHUOHIDPLJOLHFRQ WDGLQHDEUX]]HVLO·RFFDVLRQHSLIUHTXHQWHGHOFRQVXPRGLFDUQH VLDSHUODIDFLOLWjGLDOOHYDPHQWRVLDSHUOHGLPHQVLRQLGHJOLDQL PDOLFKHQRQSRQHYDQRLOSUREOHPDGHOODFRQVHUYD]LRQH/·DELWXGLQHGHL FRQWDGLQLDEUX]]HVLDQRQVSUHFDUHQXOODGHJOLDQLPDOLVDFULÀFDWLFLUHJDOD JUD]LHDOO·XWLOL]]RGHOOHLQWHULRUDHLQJHQHUDOHGHLWDJOLVHFRQGDULHGHOOH ULJDJOLHXQDJDVWURQRPLDGDOVDSRUHLQWHQVR&ODVVLFRqORVSH]]DWLQRGL IUDWWDJOLHGLSROOR &(59(//$7$$%58==(6( ,QJUHGLHQWL FHUYHOOR GL PDLDOH J GL SDQFHWWD XQD FLSROOD SLFFROD XQ XRYR XQFXFFKLDLRGLIRUPDJJLRJUDWWXJLDWRROLRVDOH 3UHSDUD]LRQH)DUVRIIULJJHUHLOFHUYHOORLQXQSHQWROLQRFRQXQFXFFKLDLRG·ROLRHXQ SR·GLFLSROODÀQHPHQWHWULWDWDDJJLXQJHUHXQSR·GLSDQFHWWDSHUGDUHSLVDSRUHDO SLDWWRHLQVDSRULUHFRQXQSL]]LFRGLVDOH8QLUHTXLQGLDOWXWWRXQXRYRVEDWWXWRFRQ XQSR·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qLOFURVWLQRDJURGROFHFRQULJDJOLHGL SROORGRYHDOOHULJDJOLHVRIIULWWHFRQDJOLRHVDOYLDVLDJJLXQJRQRIDULQD ]XFFKHURHDFHWRIDFHQGRDPDOJDPDUHWXWWRDIXRFROHQWR6LSUHSDUDDSDUWH LOSDQFDUUqSDVVDWRQHOODWWHQHOO·XRYRHIULWWRHVLPHWWHVXTXHVWRLOWULIR ODWRGLULJDJOLH 63(==$7,12',)5$77$*/,(',32//2 ,QJUHGLHQWL ]DPSHWWH VDQJXH FRDJXODWR OHVVDWR EXGHOOLQH FROOL GXUHOOL IHJDWLQL FXRULFLQLUHQLJHQLWDOLHFUHVWHGLSROORUXVSDQWHDJOLRSHSHURQHGROFHYLQRELDQFR VHFFRSRPRGRURDSH]]HWWLVDOH 3UHSDUD]LRQH,QXQWHJDPHVRIIULJJHUHQHOO·ROLRO·DJOLRHDOFXQLSH]]LGLSHSHURQH DJJLXQJHUH OH ]DPSHWWH FRQ LQWRUQR DUURWRODWH OH EXGHOOLQH SRL L FROOL H L GXUHOOL 9HUVDUHLOYLQRHIDUORHYDSRUDUHTXLQGLXQLUHOHDOWUHULJDJOLHLOSRPRGRURHFRP SOHWDUHODFRWWXUD 3HULOVDQJXHGLSROORLQWHJDPH´OXVDQJXFFHµLQYHUQDFRORVLXWL OL]]D LO VDQJXH DSSHQD IXRULXVFLWR GDO SROOR VJR]]DWR OHVVDWR H WDJOLDWR D TXDGURWWLFKHYLHQHVRIIULWWRFRQFLSROODHSHSHURQLFRPSOHWDQGRODFRWWXUD FRQO·DJJLXQWDGLSRPRGRURDSH]]HWWL 3HULFURVWLQLGLIHJDWRG·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qIDWWDFRQIUDWWDJOLHGLFRQL JOLRHFDUQHPDFLQDWDDPDOJDPDWHFRQXRYDHIRUPDJJLRJUDWWXJLDWR1HOOD YDULDQWHPDUVLFDQDLOULSLHQRGHOFRQLJOLRqIDWWRVHQ]DFDUQHPDFLQDWDPD FRQ IHJDWHOOL GL FRQLJOLR IXQJKL XRYD VWUDSD]]DWH SHFRULQR JUDWWXJLDWR SDQHEDJQDWRQHOODWWHHVWUL]]DWRVHGDQRFDURWHHFLSROOH 8Q·DQWLFD ULFHWWD ULJXDUGD LO ÀOHWWR GL FRQLJOLR LQ FURVWD ,O FRQLJOLR GLVRVVDWRqIDUFLWRFRQIHJDWLQLVDOWDWLLQSDGHOODFDUQHPDFLQDWDGLPDLDOH HYLWHOORFDURWHSHSHURQLHSDWDWHURVRODWLLQVLHPHLOWXWWRDPDOJDPDWRFRQ XRYRVEDWWXWRHIRUPDJJLRJUDWWXJLDWRFXFLWRHIDWWRURVRODUHDYYROWRSRL QHOODSDVWDVIRJOLDFRWWRLQIRUQRIDWWRULSRVDUHHVHUYLWRDIHWWH /(556*633()69(;6 4PTTV+»(SLZZPV .PHUUP+P.PHJVTV+*:; 5Vu+»6YHaPV 7HVSV-VYUHYVSH*; -HIYPaPV3HaaHYV *HYSV4HYZPSPV 9VJJV7HZL[[P 4PTTV9\ZZP -YHUJV:HU[LSSVJJV.HYNHUV ,UYPJV:[VYLSSP 7HVSV;VTHZZPUP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0 0ROLVH 0ROLVH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH ,/&216802'(//(,17(5,25$9,(1('$/217$12 ,O UDGLFDPHQWR H OD GLIIXVLRQH GHOO·XVR GHOOH FDUQL SRYHUH LQ 0ROLVH QRQGLYHUVDPHQWHGDDOWUHUHDOWjDSSHQQLQLFKHIDQQRWXWW·XQRFRQOHDELWX GLQLDOLPHQWDULGLXQDVRFLHWjLQVHGLDWDVXXQWHUULWRULRGLIÀFLOHHGLSHQGHQWH SHUVHFROLGDXQ·DJULFROWXUDGLVXVVLVWHQ]D,OFRQVXPRGHOOHFDUQLRUPDLq QRWRÀQRDOODPHWjGHO1RYHFHQWRqVWDWROLPLWDWLVVLPRLOVXROHQWRSURJUH GLUHQHOWHPSRDQ]LqVWDWRXQRGHJOLLQGLFLSLVLJQLÀFDWLYLGHOO·HYROX]LRQH GHOOHFRQGL]LRQLGLYLWDHGHOODFXOWXUDGHOFLERGHJOLDELWDQWLGHO6DQQLR6H VLHVFOXGRQROHFDUQL´LPSRUWDQWLµGHOPDLDOHHLOVXRSUH]LRVLVVLPRJUDVVR OHFDUQLGHVWLQDWHDOFRQVXPRSRSRODUHHUDQRGXQTXHTXHOOHSRVVLELOLYDOH DGLUHTXHOOHUHVLGXDOLQRQGHVWLQDWHDOODYHQGLWDÀQDOL]]DWDDGLQWHJUDUHLO UHGGLWRGHOODIDPLJOLDFRQWDGLQD/DVWHVVDDOLPHQWD]LRQHGHLFHWLSRVVLGHQ WLSHUDOWURVRWWRLOSURÀORSURWHLFRVLIRQGDYDHSLVRGLFDPHQWHVXFDUQLGL ERYLQLTXDVLHVFOXVLYDPHQWHGHVWLQDWLDOODYRURHLQPDQLHUDPDUJLQDOHDOOD ULSURGX]LRQHHDOODSURGX]LRQHGLODWWHHQRUPDOPHQWHVLUHJJHYDVXFDUQH RYLQDHGLPDLDOH6HQHKDFRQIHUPDGRFXPHQWDULDVLDGDLOLEULGLFDVDGHL EDURQL-DSRFHGL&DPSREDVVRULVDOHQWLDOODVHFRQGDPHWjGHO6HWWHFHQWR VLDGDOO·RUGLQHVHWWLPDQDOHGLFXFLQDGHLGXFKL'·$OHVVDQGURGL3HVFRODQ FLDQRGDWDWR,QHVVRODFDUQHFRWWDLQSHQWRODDOODEUDFHHDOORVSLHGR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH FRPSDULYD XQD VROD YROWD OD VHWWLPDQD PHQWUH GXH YROWH OH VDOVLFFH H OH VRSUHVVDWHGHLFRORQLHODGRPHQLFDHUDFHOHEUDWDFRQFDUQHGLSHFRUDRGL FLQJKLDOH FDFFLDWR QHL SURSUL WHQLPHQWL ( WXWWDYLD VXOOR VIRQGR JULJLR GL XQDFXFLQDGLVRSUDYYLYHQ]DHPHUJRQRSHFXOLDULWjHULFKLDPLFKHSRVVRQR HVVHUH FRQVLGHUDWL XQ RULJLQDOH FRQWULEXWR FKH OD WUDGL]LRQH JDVWURQRPLFD PROLVDQDSXzGDUHDOODFRPSRVL]LRQHGLXQDPDSSDQD]LRQDOHGHOOH´FDUQL GDQRQGLPHQWLFDUHµ,QXQ·RWWLFDQRQORFDOLVWLFDVHPPDLVRYUDUHJLRQDOHR DGGLULWWXUDJHQHUDOH ,QTXHVWDSURVSHWWLYDDGHVHPSLRVLFROORFDQRJOLLPSRUWDQWLUHSHUWLGL VWRULDGHOO·DOLPHQWD]LRQHSURYHQLHQWLGDOVLWRSDOHRQWRORJLFR´/D3LQHWDµGL ,VHUQLDXQRGHLSLDQWLFKLG·(XURSDULVDOHQWLDGROWUHVHLFHQWRPLODDQQLID *OLDELWDQWLGLTXHOWHUULWRULRFKHDYHYDFDUDWWHULVWLFKHGLVDYDQDYLYHYD QRGHOOHFDUQLUHVLGXDWHGLJURVVLDQLPDOLELVRQWLULQRFHURQWLLSSRSRWDPL HOHIDQWLRUVLXFFLVLGDFDUQLYRULROWUHFKHGLFHUYLHGDLQL/DSHFXOLDULWj GHOOHRVVDULWURYDWHHVSRVWHRJJLQHOPXVHRFRVWUXLWRQHOODORFDOLWjGLVFD YR q FKH OH WHVWH VRQR WXWWH IUDWWXUDWH DOOR VFRSR GL WUDUQH OH FHUYHOOD GL FXLDOLPHQWDUVL/·DELWXGLQHSRSRODUHGLFXFLQDUHODWHVWLQDGHOO·DJQHOORHOH FHUYHOODGHOPDLDOHQHOSULPRFDVRVRWWROD´FRSSDµGLIHUURULFRSHUWDGL EUDFHHFDUERQLQHOVHFRQGRVIULWWRLQSDGHOODKDGXQTXHXQYHUWLJLQRVR DQWHFHGHQWH 0D DO GL Oj GHOO·LURQLD LO FRQVXPR GL TXHOOH FKH LQ HSRFD VWRULFDVRQRFRQVLGHUDWHFDUQLVHFRQGDULHHSRYHUHLQFOXGHQGRLQHVVHROWUH DOOHFHUYHOODDQFKHLYLVFHULqDQFHVWUDOHHULVDOHDOOHIDVLSULPRUGLDOLGHOOD ORWWDSHUODVRSUDYLYHQ]DËTXHVWRDOPHQRLOGDWRFKHOHULFHUFKHFRQGRWWH VXOWHUULWRULRPROLVDQRFRQLQHFFHSLELOHULJRUHVFLHQWLÀFRFRQVHJQDQRDOOD ULÁHVVLRQHJHQHUDOHVXOO·DUJRPHQWR 5(&83(52'(//$75$',=,21(3$6725$/( ,Q WHPSL VWRULFL SRL LO 0ROLVH GLYHQWD OR VFHQDULR GL XQ LPSRUWDQWH VLVWHPD GL SURGX]LRQH GL SUDWLFKH FXFLQDULH ULJXDUGDQWL OH FDUQL SRYHUH H UHVLGXDOLO·DOOHYDPHQWRRYLQRVLDVWDQ]LDOHFKHRUJDQL]]DWRQHOO·´LQGXVWULDµ FRP·HUDGHÀQLWDQHO;9,,,H;,;VHFRORGHOODWUDQVXPDQ]D/·DWWXDOHDUHD PROLVDQDLQIDWWLqVWDWDSHUVHFROLO·HSLFHQWURGLTXHOODVWUDRUGLQDULDDWWLYLWj ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH GLDOOHYDPHQWRVXJUDQGHVFDODFKHFRQFDGHQ]DVHPHVWUDOHVSRVWDYDOXQJR L WUDWWXUL PLOLRQL GL FDSL GDOOD PRQWDJQD DEUX]]HVHPROLVDQD DO7DYROLHUH QRQDQFRUDFROWLYDWRHYLFHYHUVD4XHVWDFRPSOHVVDDWWLYLWjHUDRUJDQL]]D WDLQPRGRPROWRSUHFLVRVHFRQGRUHJROHSDUDPLOLWDULHVXOODEDVHGLXQD FRPSOHWDVLPELRVLWUDDQLPDOLHXRPLQLFKHQHDYHYDQRFXUDFRQORVFRSRGL PDVVLPL]]DUHODFRQYHQLHQ]DHFRQRPLFDGHOO·LPSUHVDHLOSURÀWWRGHLSUR SULHWDULGHOOD´PDVVHULDµ*OLVSRVWDPHQWLLQXQDUFRWHUULWRULDOHGLFHQWLQDLD GLFKLORPHWULFRPSRUWDYDQRQRQVRORUDSSRUWLWUDLSROLHVWUHPLGHOODWUDQVX PDQ]DPDDQFKHFRQWDWWLGLPROWHSOLFHQDWXUDFRQLSDHVLWRFFDWLGDLWUDWWXUL /HFRQVHJXHQ]HGLFDUDWWHUHJDVWURQRPLFRFKHQHGLVFHQGHYDQRHUDQRGD XQ ODWR OD WRWDOH XWLOL]]D]LRQH GHJOL DQLPDOL LQ GRWD]LRQH ´GHOO·DJQHOOR H GHOODSHFRUDQRQVLEXWWDQLHQWHµFRPHSHULOPDLDOHTXLQGLODGHVWLQD]LRQH DOFRQVXPRDQFKHGHOOHSDUWLSLSRYHUHGDOO·DOWURO·LUUDGLD]LRQHHODFRQ GLYLVLRQHGLVSXQWLFXOWXUDOLHGLSUDWLFKHFXFLQDULHLQWXWWHOHDUHH LQWHUHVVDWHGLUHWWDPHQWHRLQGLUHWWDPHQWHDOIHQRPHQR ,QTXHVWRFRQWHVWRVLFROORFDDGHVHPSLRO·DELWXGLQH GL FRQVHQWLUH DL SDVWRUL GL GLVSRUUH GHJOL ]DPSHWWL GHJOL DJQHOOLPDFHOODWLSHUFKpD]]RSSDWLRSUHFLSLWDWLLQGLUX SL7DOL]DPSHWWLHVVLFFDWLHFRQVHUYDWLYHQLYDQR ULSRUWDWL LQ IDPLJOLD H XQD YROWD ULDQLPDWL LQ DFTXDHUDQRGHVWLQDWLDLQWHJUDUHGLSURWHLQHHGL VDSRUHOHTXRWLGLDQH]XSSHGLHUEHFDPSHVWULHGL +<9(5;,3(;9(5:<4(5A( =LYZVSHÄULKPMLIIYHPVJVU[PU\HUKVPSTHS[LTWVPSMVYHNNPVWLYSLWLJV YLZ[H]HWLYÄUPYL0WHZ[VYLSSPKP4VY\[YPL7PL[YHMVSJHLYHUVHUKH[PX\HUKV H]L]HUVWV[\[VJVUPSVYVWPJJVSPNYLNNPH:\K4HS»LYIHLYHZJHYZHWLY[HU[P HUPTHSPLPJVU[HKPUPZPTHUNPH]HUVSLWLJVYL]LJJOPL3LTL[[L]HUVHSMVYUV JHYPJOLKPWLWLYVZZVKPZHSLKPHNSPVLZLSLKP]PKL]HUVZWLaaHUKVSLJVUSL THUPH]]LU[HUKVPKLU[PULSSHWVSWHJOLZWYLTL]HKHSSHIVJJH[\[[PNSP\TVYP W\UNLUKVSHJVUZWPULPUM\VJH[L -YHUJLZJV1V]PUL3L[LYYLKLS:HJYHTLU[V,PUH\KP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH OHJXPLRLPHQRIUHTXHQWLVXJKLGLFRQGLPHQWR,OSURFHGLPHQWRSDVWRUDOH GLUHFXSHURHFRQVHUYD]LRQHGHOODFDUQHGLSHFRUHLQFLGHQWDWHVLHVDOWDYD SRLQHOODPLVFLVFKLDYDOHDGLUHQHOODSHFRUDHYLVFHUDWDGLVRVVDWDFRVSDU VDGLVDOHSHSHURQFLQRHDURPLHPHVVDDSHUWDDVHFFDUHDOYHQWRDSSHVD DOO·DUFLFORFFRFRPHXQYHVVLOORSDVWRUDOH'HOODSHFRUDVLSRWHYDQRPHWWHUH DVHFFDUHDQFKHVRORLSH]]LPLJOLRULFKHLQRJQLFDVRTXDQGRLSDWWLFRQL SDVWRULQRQFRQVHQWLYDQRDTXHVWLXOWLPLGLSRWHUOLWUDWWHQHUHSHUVpHUDQR ULFRQVHJQDWLDOODFDVDSDGURQDOH/DGHVWLQD]LRQHJDVWURQRPLFDGHOODPLVFL VFKLDRJJLFRQVLGHUDWDDVVDJJLRGDLQWHQGLWRULHUDTXHOODGHOFRQGLPHQWR GLPLQHVWUHFDPSHVWULSDQFRWWLHVXJKLDLTXDOLWUDVPHWWHYDLOIRUWHWLPEUR GHOODVXDVDSLGLWjPDDQFKHTXHOODGHOODOHQWDPDVWLFD]LRQHGHJOLXRPLQL DGLELWLDOSDVFRORRDLODYRULSLYDULGLFDPSDJQD 'LTXHVWDSUDWLFDGLFRQVHUYD]LRQH)UDQFR&HUFRQHQHOODULFHUFDSUR PRVVDGDOOD'HOHJD]LRQHGL,VHUQLDHUDFFROWDQHOYROXPHFLWDWRLQELEOLR JUDÀD KD DFFXUDWDPHQWH GRFXPHQWDWR OD VWRULFLWj H OD GLIIXVLRQH LQ DUHD PHGLWHUUDQHD'HOO·XVRSLFRPXQHGHOODFDUQHGLSHFRUDLQROWUHDEELDPR XQDWHVWLPRQLDQ]DOHWWHUDULDFKHFRQIHUPDLOVXRUDGLFDPHQWRQHOODUHJLRQH GRYXWDDOPDJJLRUHQDUUDWRUHPROLVDQRGHO1RYHFHQWR)UDQFHVFR-RYLQH QHOFXLSDHVHQDWDOH*XDUGLDOÀHUDLQGHWHUPLQDWHRFFDVLRQLF·qDQFRUD O·DELWXGLQHGLFXFLQDUHDOIRUQRXQDWHJOLDGLFDUQHGLSHFRUDRGLFDVWUDWR EHQ LQVDSRULWD H DURPDWL]]DWD FKH FKLDPDQR PLVFLVFKLD$ &HUFHSLFFROD LQROWUH OD SHFRUD PDFHOODWD SHUFKp LQIRUWXQDWD VL FXFLQDYD LQ JHODWLQD ´MHODWLQHµOHVVDWDHFRQGLWDFRQDURPLHDFHWR /HSDUWLGHJOLDQLPDOLPDFHOODWLSHUQHFHVVLWjGXUDQWHODWUDQVXPDQ]D FKHDUULFFKLYDQRO·XQLIRUPHHDELWXGLQDULDDOLPHQWD]LRQHGHLSDVWRULIDWWD GLSL]]DGLJUDQRQHRSDQHVHFFRHIRUPDJJLRGXUDQWHLOJLRUQRHGL´DFTXD VDOHµHUHVLGXLGLFDJOLDWDODVHUDHUDQRSURSULRTXHOOHUHVLGXDOLGLFXLTXL VLSDUOD'HOOHWHVWLQHGLDJQHOORGHWWHLQGLDOHWWR´FDSX]]HOOHFKHFFHWWHR WHVWROOHµWDJOLDWHDPHWjHPDJDULVRVWDQ]LDWHFRQSDWDWHVHUHSHULELOLVLq DFFHQQDWRGHOVRIIULWWRGLIHJDWLQRHGHLWXUFHQLHOOHGLLQWHULRUDVLSDUOHUj SLDYDQWL 9DOH OD SHQD LQWDQWR DFFHQQDUH D XQ GHOLFDWLVVLPR SLDWWR LQ XVR DG $JQRQHHDQFRUDRJJLUHSHULELOHVLDSXUHFRQTXDOFKHGLIÀFROWjLQORFDOL DWWHQWLDOODWUDGL]LRQHGHOWHUULWRULRL¶QQRGHUHGHWULSSH6LWUDWWDGLWULSSHWWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH GLDJQHOOLQRDQQRGDWHWUDORURSHUGDUHSLFRQVLVWHQ]DDOERFFRQHOHVVDWH OXQJDPHQWHHSRLSDVVDWHLQXQVXJRDSSHQDURVDWR/·RULJLQHGHOSLDWWRYLH QHIDWWDULVDOLUHDOGLVSHUDWRWHQWDWLYRGLUHFXSHURGLXQSLFFRORSURSULHWDULR GLSHFRUHFKHLQYHVWLWRGDXQRUGLQHGLDEEDWWLPHQWRGHLVXRLSRFKLDQLPDOL DVHJXLWRGLXQ·HSLGHPLDGLEUXFHOORVLSHQVzGLHVWUDUUHGDOYHQWUHGLXQD SHFRUDJUDYLGDO·DJQHOOLQRQRQDQFRUDQDWRHGDTXHVWRODWULSSHWWDPHVVD OXQJDPHQWHDEROOLUHSHUSUHFDX]LRQH$QFKHOHGLIÀFROWjHOHGLVJUD]LHGHJOL DOOHYDWRULFRVuKDQQRIDWWRGDVWLPRORSHUVROX]LRQLGLFXFLQDVHGLPHQWDWH QHOODWUDGL]LRQHFRQHVLWLFRPHLQTXHVWRFDVRGLFXULRVLWjHGHOLFDWH]]D FKHQRQGDQQRDOFXQDLGHDGHOODVXDGUDPPDWLFDRULJLQH/HVWHVVHWULSSHWWH GLDJQHOORFRPHSXQWXDOPHQWHULFRUGDO·RUPDLFODVVLFRPDQXDOH/DFXFL QDPROLVDQDGL$QQD0DULD/RPEDUGLH5LWD0DVWURSDRORD&DPSREDVVR GLYHQWDQRO·DOOXOOHUH(VVHVRQRSUHSDUDWHDIRUPDGLVDFFDHLPERWWLWHGD SH]]HWWLGHOODVWHVVDWULSSDSURIXPDWLFRQHUEHDURPDWLFKHQHOORUREURGRGL OHVVDWXUDVLFXFLQDQRJURVVLWXEHWWLL´ÀVFKLXQHµ ,OUHWURWHUUDSDVWRUDOHPROLVDQRFKHV·HVWHQGHDQFKHDOSLFFRORDOOHYD PHQWRVWDQ]LDOHHIDPLOLDUHSXUWURSSRDQFRUDSRFRVWXGLDWRVLDFRPHIDWWR UHGLIRUPHHFRQRPLFKHHVRFLDOLVLDFRPHOXRJRGLFROWXUDGLHVSUHVVLRQL JDVWURQRPLFKHqFRPXQTXHULFFRGLULFKLDPLULJXDUGRDOO·XVRGLFDUQLGDQRQ GLPHQWLFDUH$Q]LDOFXQLSLDWWLGLTXHVWDGHULYD]LRQHFRPHLOVRIIULWWRHJOL DEEXRWHRWXUFLQLHOOHPDQLIHVWDQRXQULWRUQRGLJXVWRHGLSUDWLFKHFXFLQDULH )(*$7,12',$*1(//2 ,QJUHGLHQWLIHJDWLQRGLDJQHOORFRPSOHWRJGLSRPRGRULSHODWLRVDOVDXQD FRVWDGLVHGDQRXQDIRJOLDGLODXURXQDFLSROODVSLFFKLGLDJOLRROLRH[WUDYHUJLQH GLROLYDXQ´GLDYROLOORµXQELFFKLHUHGLYLQRVDOH 3UHSDUD]LRQH3UHSDUDUHXQWULWRÀQLVVLPRGLWXWWLJOLRGRULHIDUORLPELRQGLUHLQXQ WHJDPH FRQ O·ROLR XQLUH LO IHJDWLQR WDJOLDWR LQ SH]]L PROWR SLFFROL H IDUH URVRODUH TXLQGLVDODUHLQXPLGLUHFRQLOYLQRHTXDQGRTXHVWRVDUjHYDSRUDWRDJJLXQJHUHOD SROSDGHLSRPRGRULSHODWLLOSHSHURQFLQRLOODXURXQSL]]LFRGLVDOHHIDUFXRFHUH OHQWDPHQWHSHUFLUFDXQ·RUD6HQHFHVVDULRDJJLXQJHUHGXUDQWHODFRWWXUDXQPHVWROR GLDFTXDFDOGD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH /DFRUDWHOODGHOO·DJQHOORFRQFXLV·LQWHQGHO·LQVLHPHGLIHJDWRFXRUH SROPRQHPLO]DFKHULHQWUDQGRWHFQLFDPHQWHQHO´TXLQWRTXDUWRµRJJHWWR GL TXHVWR LWLQHUDULR JDVWURQRPLFR SXz HVVHUH GHÀQLWD XQD FDUQH SRYHUD LQUHDOWjHUDXQDYHUDULFFKH]]DSHUODWDYRODGHLFHWLSRSRODULVLDVRWWRLO SURÀOR QXWUL]LRQDOHFKH VRWWR TXHOOR GHOO·LQWHQVLWjJDVWURQRPLFD , GLYHUVL RUJDQLWDJOLDWLDSLFFROLSH]]LHUDQRVRIIULWWLFRQROLRDJOLRHVIXPDWLFRQLO YLQR6LDJJLXQJHYDQRXQSR·GLFRQVHUYDGLOXLWDRVDOVDGLSRPRGRURVDOHH SHSHURQFLQRHTXDQGRVLIRUPDYDXQDVDOVDFUHPRVDLOVXIIULWWHHUDSURQWR /·RSHUD]LRQHSRWHYDOLPLWDUVLDQFKHDOVRORIHJDWLQRGLDJQHOOR,OVRIIULWWR XQDYROWDSLDWWRXQLFRFRQVXPDWRFRQDEERQGDQWHULFRUVRDOSDQHLQVDSRULWR QHO VXJKHWWR R FRQGLPHQWR H DUULFFKLPHQWRSURWHLFR GHOODSROHQWDFRQ LO WHPSRqGLYHQWDWRDQWLSDVWRGLSUDQ]LGLIHVWDLQSDUWLFRODUHGHLPDWULPRQL FRQWDGLQL GL FXL FRVWLWXLYD O·LQVRVWLWXLELOH ´HQWUDWXUDµ 8Q HOHJDQWH H LUR QLFR SRHWD GLDOHWWDOH FDPSREDVVDQR LO PHGLFR *LXVHSSH$OWREHOOR FH QH KDODVFLDWRTXHVWDDPDELOHWHVWLPRQLDQ]D´)XQLWHOXSLDWWH¶HPDFFDUXQH ODIHOOD¶HOXUUDOXIHFDWLHOOHSDUHYHQHHQ]HFUHUHHVWD DGGLMXQHFKLOOHDIIHODWHYRFFKH¶HFXPSDULHOOHµ)LQLWR LOSLDWWRGLPDFFKHURQLODIHWWDGLUDJLOIHJDWHOOR VHPEUDYDQRHQRQVLFUHGHHVVHUGLJLXQHTXHOOH ERFFKHDIÀODWHGHLFRPSDUHOOL ,OIHJDWLQRSLFRPXQHPHQWHHUDXQDOLPHQWROHJDWRDOODSULPDYHUDH DOOD3DVTXDHVVRFRPSDULYDLQXQSLDWWRULWXDOHD2UDWLQRFXFLQDWRLQEURGR FRQODFLFRULDHLQJURVVHIULWWDWHLQQXPHURVLSDHVLFRWWRSURIXPDWRFRQ PHQWXFFLDVSRQWDQHDHPLVFKLDWRDGDGLQLGLIRUPDJJLRSULPRVDOHHWDQWLV VLPHXRYD,QWHUHVVDQWHDQFKHODSL]]DYRODQWHXQDSL]]HWWDELDQFDGLSDVWD GLSDQHGHOODJUDQGH]]DGLXQSDOPRGLPDQRIDUFLWDFRQSRFRIHJDWLQRH LQ]XSSDWDFRQPROWRVXJR(UDXQWLSLFRPRPHQWRGHOPDQJLDUHGLVWUDGD GHOOHÀHUHGHLPHUFDWLRODFROD]LRQHGHOPDWWLQRGLPXUDWRULHDUWLJLDQL /DVWHVVDFRUDWHOODGHOO·DJQHOORFRPSOHWDGLRPHQWRHEXGHOOLQHqDOOD EDVHGHOO·DEEXRWHGHWWRFRPXQHPHQWHDQFKHWXUFHQLHOOHLQYROWLQRGLLQWH ULRUDGLYDULDJUDQGH]]DYDULDSUHVHQ]DGLHUEHDURPDWL]]DQWLHDOWUHWWDQWR YDULDGHQRPLQD]LRQH(VVRHUDHGqGLIIXVRLQWXWWHOHDUHHGLWUDQVXPDQ]DH GLDOOHYDPHQWRDQFKHVHFKLDPDWRLQPRGRGLYHUVRHFRQVIXPDWXUHGLSUH SDUD]LRQHFKHSXUQRQDOWHUDQGRJOLLQJUHGLHQWLEDVHQHSRVVRQRSUHYHGHUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH XQGRVDJJLRGLIIHUHQ]LDWRDVHFRQGDGHOOHDELWXGLQLHGHOOH]RQH/HLQWHULR UDIDWWHDSH]]HWWLVRQRVHPSUHDYYROWHGDOO·RPHQWR´UH]]DµDVXDYROWD OHJDWRVWUHWWDPHQWHFRQOHEXGHOOLQHPDLOULSLHQRSXzHVVHUHGLYHUVR(VVR SXzHVVHUHFRVWLWXLWRGDDVVDJJLGLWXWWHOHLQWHULRUDFRQDJOLRSUH]]HPROR HSHSHURQFLQRRSSXUHGDVROHDQLPHOOHFRQDJOLRRULJDQRHSHSHURQFLQR FRPHQHLGLQWRUQLGL&DPSREDVVRRGDSH]]HWWLGLIHJDWLQRUDPHWWLGLRUL JDQR H SHSHURQFLQR FRPH QHL GLQWRUQL GL 7HUPROL R DQFRUD GD LQWHULRUD FRQYHUGXUHHXRYDVRGHFRPHQHOO·,VHUQLQRRLQÀQHGDLQWHULRUDFRQSHSH SURVFLXWWRHFDFLRRSLUHFHQWHPHQWHGDVROHEXGHOOLQHOHVVDWHHSURIXPDWH FRQXQUDPRVFHOORGL´SpODMQHµSXOHJJLRPHQWDFRPHD/XFLWRËFRWWR LQ YDULR PRGR SUHYDOHQWHPHQWH DUURVWLWR VXOOD EUDFH PD DQFKH DO IRUQR LQ XPLGR DO VXJKHWWR GL SRPRGRUR FRQ SDWDWH FRQ ´ODPSDVFLXQHµ HG q DFFRPSDJQDWRGDLQVDODWHDOO·DJURGD´SHSDUXOHVVHGHFjQWHUHµSHSHURQL VRWWDFHWRHGDVRWW·ROL'DVHJQDODUHO·DELWXGLQHGLFXRFHUORLQVXJROHQWR H DEERQGDQWH QHL SDHVL GHO 0ROLVH$OWLVVLPR LQ PRGR GD FRQGLUFL DQFKH OD SDVWD SUHIHULELOPHQWH FRUWD ´&L D]]HFFD OX ELFFKLHUHµ DJJLXQJHYD XQ GLDOHWWRORJR5REHUWR'H5XEHUWLVSRFRPHQRGLXQVHFRORID /DIRUPDGHLWXUFHQLHOOHRVFLOODGDLGLHFLDLYHQWLFHQWLPHWULHROWUHË 0;69*05,330 (JJVYYL]HUV HSSH ÄLYH KP :HU[H *YVJL KP 4HNSPHUV KH )VULMYV KH 9V[LSSV KH4VU[LSVUNVLJOP[YHUZP[H]HHWPLKPZVZ[H]HHSSH[YH[[VYPHKLSUVUUVKP (YK\PUVPU[LYYVTWLUKVSHZ[HUJOLaaHLPSZ\KVYLWLYTHUNPHYLSL[LZ[PULKP HNULSSV SLZZL L ZWVSWH[L JVUKP[L JVU VSPV WLWL WYLaaLTVSV L WLWLYVUJP UVWLYHZZHNNPHYLPMLNH[PUPKPHNULSSVHSSHJHJJPH[VYHJPVuZVMMYP[[PJVUHNSPV WLWLYVUJPUVLWVTVKVYVTHZVWYH[[\[[VPKLSPaPVZPLPYYPWL[PIPSP[VYJPULSSPMH[[P JVUPU[LZ[PUPKPHNULSSVVWWVY[\UHTLU[LSH]H[PLH]]VS[PPU[VYUVHK\U»HUPTH KP[YPWWHKPHNULSSVSLZZH[HHUPTLSSLLKHYVTP<UHJ\YPVZP[n!P[VYJPULSSPUVU ]LUP]HUV HYYVZ[P[P HSSH IYHJL JVZy JVTL u JVZ[\TL KP TVS[P JLU[YP TVSPZHUP THJV[[PULSZ\NVKPWVTVKVYVJOHHUKH]HHZ\H]VS[HHJVUKPYLSLVYTHP ZJVTWHYZLSPUN\PULKP:HU[»,SPHH7PHUPZPUV[LHUJOLULSSL(TLYPJOLV]LZP LZWVY[H]HUV ,SPV+»(ZJLUaV4HUNPHYLTVSPZHUV $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH ,192/7,1,',,17(5,25$',$*1(//2$%%8Ð7($552672 ,QJUHGLHQWLSDUDWXUHEXGHOOLQHHEXGHOODODWWDUROHIHWWLQHGLIHJDWRIHWWLQHGL FXRUHIHWWLQHGLDQLPHOOHSH]]LGLRPHQWRXQFLXIIRGLSUH]]HPRORRVSLFFKL GL DJOLR SHSH XQ ELFFKLHUH GL DFHWR PH]]R GO GL ROLR H[WUDYHUJLQH GL ROLYD VDOH IDULQDGLPDLV 3UHSDUD]LRQH )DU VFRUUHUH QHOOH EXGHOOLQH GL DJQHOOR DLXWDQGRVL FRQ XQ SLFFROR LPEXWR DEERQGDQWH DFTXD FRUUHQWH SXOLUOH SRL DFFXUDWDPHQWH VWURÀQDQGROH FRQ IDULQDGLPDLVVDOHJURVVRHXQSR·GLDFHWRULVFLDFTXDUOHVRWWRO·DFTXDFRUUHQWHH ODVFLDUOH VJRFFLRODUH DSSHQGHQGROH D ´PD]]HWWHµ 6WHQGHUH O·RPHQWR VX XQ SDQQR GLVSRUUH DO FHQWUR OH IHWWLQH GHOOH LQWHULRUD IHWWLQH GL DJOLR IRJOLH GL SUH]]HPROR SH]]HWWLGLEXGHOODSLJUDVVDVDODUHHSHSDUH$YYROJHUHO·RPHQWRVWUHWWDPHQWHLQWRU QR D TXHVWL LQJUHGLHQWL TXLQGL SUHQGHUH O·LQL]LR GL XQD EXGHOOLQD H FRPLQFLDUH DG DUURWRODUODLQWRUQRDOIDJRWWLQRLQPRGRGDUDFFKLXGHUHEHQHWXWWDODSDUWHFHQWUDOH )DUFXRFHUHOHQWDPHQWHJOL´DEEXRWHµVXXQDJULJOLDRVXOODEUDFHRSSXUHLQIRUQDUOL GRSRDYHUOLGLVSRVWLLQXQDWHJOLDDSSHQDXQWD,QDOFXQLSDHVLFRPH)HUUD]]DQRVL XVDSUHSDUDUHXQVRORJURVVR´WRUFLQHOORµULSLHQRGLEXGHOOLQHHDQLPHOOHSURIXPDWR FRQPROWHHUEHRGRURVH SL JUDQGH LQ$EUX]]R QHOOH ]RQH PRQWDQH GHO 0ROLVH H WHQGH D ULPSLF FROLUVLPDQPDQRFKHFLVLVSRVWDYHUVROD3XJOLDSUREDELOPHQWHSHUXQD FDXWHODGLFRQVHUYD]LRQHLQUHOD]LRQHDFOLPLSLFDOGL/DGHQRPLQD]LRQH YDULDGD]RQDD]RQDHVSHVVRGDSDHVHDSDHVHDQFKHFRQÀQDQWL´DEEXRWHµ H WDOYROWD ´DEEXROWH WXUFLQH WXUFHQLHOOH PDUUH FDSHPDUUH FD]]HPDUUH PDJOLDWLHOOHPD]]DUHOOHEXWDULHOOHµ/XFLWR´FDFKHJQHµ/RQJDQR 1RQ q XQ SLDWWR GL GLVWLQ]LRQH HYLGHQWHPHQWH PD GD LQWHQGLWRUL H DSSDVVLRQDWLFKHVLVRQRODVFLDWLDOOHVSDOOHSUHYHQ]LRQLHVFKL]]LQRVHUHSXO VLRQLYHUVRLOFRQVXPRGHOOHLQWHULRUD,WXUFHQLHOOHVRQRXQWLSLFRDOLPHQWR GHO YLDJJLR H GHOO·LQFRQWUR &RPSDLRQR QHO OXQJR DUFR WHUULWRULDOH GHOOD WUDQVXPDQ]DGDOO·$EUX]]RDO0ROLVHHDOOD3XJOLDFRPHRIIHUWDFRQVXHWD QHOOHSRVWHGHLWUDWWXULFRPHERFFRQHYHORFHHDPELWRQHOOHÀHUHHQHLPHU FDWLFRPHSLDWWRGLVÀ]LRQHOOH´FDQWLQHµHQHOOHRVWHULHFRPHHVSUHVVLRQH GHOPDQJLDUHGLVWUDGD (Q]R 1RFHUD D VXD YROWD QHO /XQDULR GHOO·2VWHULD Gj XQD YLYLGD H ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH GHQVDUDSSUHVHQWD]LRQHGLVXJJHVWLRQLGHOUHSHULPHQWRGHOOD´SDUDWXUHµSUHV VRLOPDFHOORGL%RLDQRDOODYLJLOLDGHOPHUFDWRGHOVDEDWRGHOODOXQJDSXOLWXUD FRQODJHOLGDDFTXDPDWHVLQDGDSDUWHGHOOHGRQQHGHOODFRWWXUDDOO·DSHUWRGHL WXUFLQLHOOHFKHHIIRQGHYDQRQHOO·LQWHURPHUFDWRDYYROJHQWLHLUUHVLVWLELOLDURPL XQULFKLDPRLQHOXGLELOHGHOODSUHVHQ]DLQWRUQRDLWDYROLGHOO·RVWHULDGLÀJXUH VRFLDOLYDULHHVLJQLÀFDWLYHGHOPRQGRFRQWDGLQRHDUWLJLDQDOH8QDIIUHVFRGL XPDQLWjHGLFLYLOWjJDVWURQRPLFDROWUHFKHXQDSUH]LRVDIRQWHGLQRWL]LH 81&203$*123(5/·,17(52$112 8Q VHFRQGR VFHQDULR JDVWURQRPLFR FKH DIÀDQFD TXHOOR SDVWRUDOH VL DSUHFRQLOPDLDOH,OFRQVXPRGHOOHSDUWLSRYHUHHUHVLGXDOLGLTXHVWRDQL PDOHqDQFRUDDEEDVWDQ]DGLIIXVRHSHUVLVWHQWHDOPHQRGRYHGXUDO·DELWX GLQHGLDOOHYDUORLQSURSULRHPDFHOODUORSHUXVRIDPLOLDUH(WXWWDYLDVHOD GLVWLQ]LRQHWUDOHSDUWLQRELOLHTXHOOHUHVLGXDOLGHOPDLDOHqWHFQLFDPHQWH SRVVLELOHVRWWRLOSURÀORGHOO·XVRVRFLDOHGHOODVXDFDUQHO·RSHUD]LRQHqSL GLVFXWLELOHDOPHQRLQXQGHFRUVRVWRULFRQRQEUHYH&RPHVLqGHWWRWDQWH YROWH LO PDLDOH q VWDWR OD ULVHUYD SURWHLFD GHOOD IDPLJOLD FRQWDGLQD H GHL SLFFROL DUWLJLDQL DQ]L LO SURJUHVVLYR HVSDQGHUVL GHOOD VXD GRWD]LRQH WUD L FHWLSRSRODULqVWDWRXQVHJQRGLFRQVROLGDPHQWRVRFLDOHHGLPRGHUQL]]D ]LRQHDOLPHQWDUH$TXHVWRRELHWWLYRGLVRVWHJQRSURWHLFRKDFRQFRUVRWXWWR LO PDLDOH QRQ VROR DOFXQH SDUWL VHFRQGR XQ VLVWHPD GL UHFXSHUR FKH QRQ SUHYHGHYD VFDUWL OD GLVWULEX]LRQH GHO VXR FRQVXPR LQROWUH HUD VSDOPDWD QHOO·DUFRGHOO·LQWHUDDQQDWD8QSRHWDGLDOHWWDOHDXWRGLGDWWD/XLJL%LIROFKL GL-HOVLPROWRDWWHQWRDOODWUDGL]LRQHDOLPHQWDUHGHOSRSRORPROLVDQRLQXQD VXDFRPSRVL]LRQHKDSURSRVWRXQYHURHSURSULRFDOHQGDULRGHOFRQVXPRGHO PDLDOHGDLJLRUQLVXFFHVVLYLDO1DWDOHÀQRDOODVHPLQDGHOO·DQQRVXFFHVVL YRTXDQGRLQSURVVLPLWjGL6DQWD/XFLD´Q·DWHSRUFHWRJOLH¶DYLHµ´XQ DOWURPDLDOHV·LQFDPPLQDSHUVWUDGDµ4XHVWRLWLQHUDULRSDVVDSHU&DUQHYD OHYDOLFDO·LQYHUQRV·LQWUHFFLDFROÀHQRSULPDYHULOHHFRQOHIDYHIUHVFKH FKHVHJQDQRLOSDVVDJJLRGLVWDJLRQHDWWUDYHUVDODPLHWLWXUDUDJJLXQJHO·DQ QXQFLRGHOO·DXWXQQRFRQODPDWXUD]LRQHGHLÀFKLHDSSURGDFRPHVLGLFHYD DOODQXRYDDUDWXUD/HSDUWLGHOPDLDOHFKHIDQQRGDFRPSDJQLDLQTXHVWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH YLDJJLRFKHFRPSUHQGHO·LQWHURFLFORGHOOHVWDJLRQLVRQRFHU WRTXHOOHLPSRUWDQWLGLYHQWDWHVDOVLFFHVRSUHVVDWHSURVFLXWWR ODUGRHTXDQW·DOWURPDDQFKHTXHOOHSRYHUHFRPHOHFRWHQQHLO VDQJXLQDFFLRODWULSSDOHEXGHOODVHFFDWHDOODJHODWD´QQRJOLHµL SLHGLOHRUHFFKLHODJHODWLQD8QXQLFXPDOLPHQWDUHLQVRPPDFKH VLDUWLFRODLQXQDJUDQGHYDULHWjGLVROX]LRQLJDVWURQRPLFKHSURQWHD VSRVDUVLFRQLSURGRWWLGLVWDJLRQH 2JJLVXSHUDWDODIDVHGHOODGHVWLQD]LRQHSULPDULDGHOPDLDOHYROWD DOOD UHLQWHJUD]LRQH SURWHLFD VL SXz JXDUGDUH DOO·XVR GHOOH VXH SDUWL LQ WHUPLQLGLFXULRVLWjVWRULFDHVRSUDWWXWWRGLVHOH]LRQHHVFHOWDGLJXVWR (GHFFRFKHULHPHUJRQROHSDUWLSRYHUHQRQVRORFRPHFDUQLGDQRQGLPHQ WLFDUHPDDQFKHFRPHULWRUQRGLSLDWWLGLSDUWLFRODUHRULJLQDOLWjHVDSLGLWj 4XHVWR SHUFRUVR GL UHFXSHUR GHOOH FDUQL H GL HODERUD]LRQH JDVWURQRPLFD LQL]LDYD DO PRPHQWR GHOO·XFFLVLRQH TXDQGR XQD GHOOH GRQQH GL FDVD HUD FRVWUHWWDVSHVVRFRQODFULPHHVLQJXOWLSHUODVRIIHUHQ]DHODVFRPSDUVDGL XQFRPSDJQRDVVLGXRGHOODVXDRSHURVDTXRWLGLDQLWjDUDFFRJOLHUHLOVDQ JXH GHOO·DQLPDOH 1H VHJXLYDQR OD SUHSDUD]LRQH GHO VDQJXLQDFFLR VDODWR ´¶XVDQJXHQDWHµ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·XFFLVLRQHGHOPDLDOHqODIUHVVRUDFRPSRVWDGDSH]]HWWLGLFDUQHGHO ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH FROORIULWWLLQVLHPHDIHWWLQHGLSHSHURQLVRWWDFHWRODGHQRPLQD]LRQHGHULYD GDOQRPHLQGLDOHWWRGHOODSDGHOODQHUDGLIHUURFKHVLXWLOL]]DSHUODFRWWXUD /DWHVWDGHOO·DQLPDOHFRQPXVRRUHFFKLHOLQJXDFRWLFKHHFDUQLURVVH GHOFROORHUDULVHUYDWDDOODSUHSDUD]LRQHGHOODFRSSDR´FDSRIUHGGRµR´MHOD WLQHµ7XWWRO·LQVLHPHYHQLYDFRWWRDOXQJRLQDFTXDVDODWDDURPDWL]]DWDFRQ EXFFLDGLDUDQFLDSHSHHSHSHURQFLQRVSH]]HWWDWRDQFRUDFDOGRHUDLQVDF FDWRLQDSSRVLWLVDFFKHWWLGLFRWRQHVSHVVRHEHQSUHVVDWRSHUIDUHDGHULUHOH SDUWLWUDORURLQFRPSDJQLDGLXQ·LPPDQFDELOHIRJOLDGLODXUR/DFRSSD OHJDWDHDSSHVDDOIUHGGRGHOODQRWWHFKHODFRQVHUYDYDPHJOLRHQHUDVVR GDYDODPDWHULDJHODWLQRVDHUDSRLUD]LRQDWDDIHWWLQHRDWRFFKHWWLFRQLO SDQH4XHVWHSDUWLWXWWDYLDQRQHUDQRGHVWLQDWHVRORDOODFRSSDOHRUHFFKLH GDVROHRFRQOHFDUWLODJLQLGHOOH]DPSHSD]LHQWHPHQWHSXOLWHDQGDYDQRD VRVWDQ]LDUHLOSLDWWRGLFLFRULDGLFDPSRRGLDOWUHHUEHVSRQWDQHH 8QDSUHSDUD]LRQHTXDVLLPPDQFDELOHSHUODVXDYHORFLWj HODVXDVDSLGLWjGXUDQWHLOODYRURGLVLVWHPD]LRQHGHOPDLDOH HUDLOIHJDWRQHOODUHWH´IHJDWHFKHODUH]]DµFKHFRQVLVWHYD LQVRWWLOLVWULVFHGLIHJDWRDYYROWHFRQXQDIRJOLDGLODXURQHOOD UHWHGHOO·RPHQWRHPHVVHDFXRFHUHLQSDGHOODRVXOODEUD FHËDQFRUDRJJLGLODUJRFRQVXPR ,FRWHFKLQLHUDQRFRPSRVWLGDFRWLFKHYHQWUHVFDHFDUQL GLVFDUWRFRWWHVJUDVVDWHHPDFLQDWHFRQEXFFLDGLDUDQFLD VLLQVDFFDYDQRQHLEXGHOOLDPR·GLVDOVLFFLDHVWDJLRQDYDQR DSSHVLDOVRIÀWWRLPSHUWLFDWRRYHGDOIXPRFKHWUDVXGDYD GDOFDPLQRDVVXPHYDQRTXHOJLXVWRDURPDGLDIIXPLFDWRFKH )(*$721(//$5(7( ,QJUHGLHQWLJGLIHJDWRGLPDLDOHSH]]LGLUHWHGHOO·RPHQWRDOFXQHIRJOLHGL ODXURROLRH[WUDYHUJLQHGLROLYDVDOH 3UHSDUD]LRQH)DUWDJOLDUHGDOPDFHOODLRIHWWHGLIHJDWRVRWWLOLHSLFFROHHGRSRDYHU GHSRVWRVXRJQXQDXQDIRJOLDGLODXURDYYROJHUOHFRQXQSH]]RGLUHWH9HUVDUHXQ ÀORG·ROLRLQXQDSDGHOODHIDUHVRIIULJJHUHLOIHJDWRÀQRDTXDQGRODUHWHGRUDWDH FURFFDQWHJOLDYUjFRQIHULWRVDSRUHHPRUELGH]]D6DODUHHSRUWDUHLQWDYRODLIHJDWHOOL EROOHQWLHYHQWXDOPHQWHFRQWRUQDWLGLVRWWDFHWLRGLLQVDODWDGLDUDQFH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH q DQFRUD FRVu WHQDFH QHOO·LPPDJLQDULR JDVWURQRPLFR GHOOH JHQHUD]LRQL FKH KDQQR YLVVXWR TXHL WHPSL (UDQR GHVWLQDWL D LQVDSRULUH L VXJKL H DG HVVHUH FRQVXPDWLFRPHVHFRQGRSLDWWR/HVROHFRWLFKHSRLLUUREXVWLYDQRLOSLDWWRGL IDJLROLPROWRIUHTXHQWHQHOO·DOLPHQWD]LRQHLQYHUQDOHVRSUDWWXWWRQHOIRQGD PHQWDOHSDVWRVHUDOH8Q·HODERUD]LRQHSLDFFRUWDULFKLHGHYDQRJOLLQYROWLQL GLFRWLFKH)DWWHEROOLUHHVJUDVVDWHHUDQRWDJOLDWHDSH]]LGLFLUFDGLHFLFHQWL PHWULFKHYHQLYDQRULHPSLWLFRQSUH]]HPRORDJOLRSHFRULQRJUDWWXJLDWRXQD VSROYHUDWDGLPROOLFDGLSDQHUDIIHUPRXQSL]]LFRGLSHSHRGLSHSHURQFLQR GROFHRSLFFDQWH$YYROWLHIHUPDWLFRQÀORVLLPPHUJHYDQRLQVLHPHDLIDJLROL HDOWULWRGLHUEHFKHVHUYLYDQRDGDURPDWL]]DUHODFRWWXUD(UDQRLQÀQHVHUYLWL LQWHULRWDJOLDWLDIHWWLQHFRQLIDJLROL$QFRUDRJJLLQSHULRGRLQYHUQDOHXQ SLDWWR GL FDYDWHOOL R GL PH]]L ]LWL YLHQH FRQGLWR FRQ XQ UDJ SUHSDUDWR FRQ LQYROWLQLGLFRWLFD $ TXHVWR SXQWR VL SRWUHEEH WUDFFLDUH OD OLQHD GL FRQÀQH GHOOH SDUWL ´SRYHUHµGHOPDLDOHLQWHVHLQVHQVRVWUHWWRFRQTXHOOHSLLPSRUWDQWLFKH FDUDWWHUL]]DQRVRSUDWWXWWRRJJLLOFRQVXPRGLFDUQHVXLQD6LWUDWWDWXWWDYLD GLXQDOLQHDPRELOHFKHQRQVROWDQWRVXELVFHVFRQÀQDPHQWLIUHTXHQWLPDVL VSRVWDSHULQJOREDUHDOWUHSDUWLHDOWUHVROX]LRQLJDVWURQRPLFKHLVSLUDWHGDO FULWHULRGHOODWRWDOHXWLOL]]D]LRQHGLTXHOODSUH]LRVDULVRUVD3HUHVHPSLRLO SROPRQHHOHFDUQLURVVHGHOFROORLQWHJUDYDQRLOIHJDWRQHOODFRPSRVL]LRQH GHOOHVDOVLFFHDSSXQWRGLIHJDWRHVVHXQDYROWDHVVLFFDWHSRWHYDQRHVVHUH DUURVWLWHVXLFDUERQLRSSXUHPHVVHVRWWRVXJQDHFRQVXPDWHSRLSHUVXJKL RDOIRUQRFRQSDWDWHHSHSHURQL$G$JQRQHDGHVHPSLRLOVXJRFRQOD VDOVLFFLDGLIHJDWRFRQGLYDOHWUDGL]LRQDOL´WDFFRQHOOHµ(DQFRUDJOL]DP SHWWLPDDQFKHLOJXDQFLDOHHOHFRVWDWLQH´WUDFFKLXOHOOHµWHQXWLVRWWRVDOH HTXLQGLDSSHVLVLWUDVIRUPDYDQRLQLQWHQVRFRQGLPHQWRGLIDJLROLYHU]H FLFRULDHEDVHGLVXJKLSHUSDVWD /HSDUWLGLVFDUWRHOHSDQHWWHPROOLGLJUDVVRVRWWRVWDQWLODSDQFLDGHO PDLDOHFRPHqQRWRHUDQRUDFFROWHSHUSUHSDUDUHODVXJQDRORVWUXWWR4XH VWHSRU]LRQLGLJUDVVRWDJOLDWHLQSLFFROLSH]]LHUDQRVFLROWHQHOFDOGDLRD IXRFROHQWR/DVXJQDFKHQHYHQLYDHUDUDFFROWDHÀOWUDWDPDQPDQRFKH VL OLTXHIDFHYD ÀQR D ULGXUVL LQ FLFFLROL LQ GLDOHWWR ´FuFXUHµ R ´FuTXHOHµ FKHULVXOWDYDQREHQVJUDVVDWLHVRIIULWWLHUDQRXVDWLSRLSHUODSUHSDUD]LR QHGHOODSL]]HFKLFLFXUHGHOODSDQRQWDRSSXUHPDQJLDWLFRVuVWX]]LFDQWL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH FURFFDQWL H JXVWRVL /D VXJQD FRQGLPHQWR SHU HFFHOOHQ]D HUD QHFHVVDULD SHUODFRQVHUYD]LRQHGLVDOVLFFHGLFDUQHHGLIHJDWRYHUVDWDWLHSLGDVXOOH VDOVLFFHGRSRDYHUOHLQVDFFDWHDSH]]HWWL´SHYH]LOOLµQHOODYHVFLFDRQHOOD ´FjQWHUHµUHFLSLHQWHGLWHUUDFRWWDGDOODERFFDODUJDULFROPRGHOOHVWHVVHRGL ]DPSHWWL FRWLFKH ´WUDFFKLXOHOOHµ HVVLFFDWH DQFK·HVVH QHFHVVDULH DOOD SUH SDUD]LRQHGLVXJKLRDOFRQGLPHQWRGLOHJXPLHGLHUEHVSRQWDQHHGLFXLVL IDFHYDJUDQGHXVR/DVXJQDSXUDHTXHOODVWHVVDXVDWDSHUFRQVHUYDUHJOL DOLPHQWLFRQO·DURPDFKHLQHVVDVLLPSUHJQDYDHUDLOFRQGLPHQWRGLWXWWH OHSUHSDUD]LRQL,QJUHGLHQWHLPSRUWDQWHDQFRUDRJJLQHOODSUHSDUD]LRQHGL DOFXQLGROFLWUDGL]LRQDOLFRPHLIULWWLGL&DUQHYDOHHOH¶PSLJQHGL3DVTXD /(7$17()250('(//$&8&,1$'(//(5,*$*/,( 8Q·XOWHULRUHYLVXDOHVXOOHFDUQLUHVLGXDOLULJXDUGDJOLDQLPDOLGDDLDH GDFRUWLOHFKHLQWURGXFRQRDOWHPDGHOOHULJDJOLHDOOHTXDOLVLDSSOLFDYDSLH QDPHQWHODVROLWDUHJRODGHO´QRQVLEXWWDQLHQWHµYHURSULQFLSLRIRQGDWLYR GHOO·DOLPHQWD]LRQHSRYHUDHGLULVSDUPLR$QFKHSHUTXHVWLDQLPDOLVLGHYH SDUODUHGLFRQVXPRRFFDVLRQDOHHGHSLVRGLFRDOPHQRSHULFHWLSRSRODULFKH LQ0ROLVHHUDQRVRSUDWWXWWRSLFFROLFRQWDGLQLEUDFFLDQWLDUWLJLDQLHTXDOFKH RSHUDLRJDOOLQHSROODVWULFDSSRQLWDFFKLQLRFKHSDSHUHHSLFFLRQLLQIDWWL ULHQWUDYDQRULJLGDPHQWHQHOO·HFRQRPLDGRPHVWLFDFRPHEHQLGHVWLQDWLDOOD YHQGLWDRDOEDUDWWRSHUSURFXUDUVLVFDUSHTXDOFKHDELWRHTXDGHUQLLQFKLR VWURHSHQQLQLSHULÀJOLROL$OWUDGLIIXVDGHVWLQD]LRQHHUDLOGRQDWLYRVSHVVR VROOHFLWDWR DO SURSULHWDULR GHOOD WHUUD FKH VL FROWLYDYD H DL JDODQWXRPLQL PHGLFRDYYRFDWRIDUPDFLVWDSDUURFRPDHVWURFRQFXLVLHUDDYXWRDFKH IDUH,OULFRUVRDEHQLFRVuXWLOLSHUODIDPLJOLDHUDOLPLWDWRGXQTXHDTXDOFKH PHPRUDELOHRFFDVLRQHIDPLOLDUHRDULFRUUHQ]HIHVWLYHHVLFDUDWWHUL]]DYDSHU LOFRPSOHWRUHFXSHURGHOOHSDUWLGHOO·DQLPDOHVDFULÀFDWR 6LLQL]LDYDGDOVDQJXHFRDJXODWRODVFDQQDWXUDFKHYHQLYDVRIIULWWRVHP SOLFHPHQWHHFRQGLWRFRQXQDVSROYHUDWDG·RULJDQRRUDIIRU]DWRFRQFLSROODH SDQJUDWWDWRHULVHUYDWRLQJHQHUHDLSLSLFFROLGHOODIDPLJOLD$GHVVRVSHVVR VLXQLYD´·XIHFLOHµSUHYHQWULJOLRVWRPDFR8Q·DOWUDSUDWLFDTXDVLREEOLJDWD DQFKH SUHVVR OH IDPLJOLH EHQHVWDQWL HUD TXHOOD GHOOD GHVWLQD]LRQH GL ]DPSH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH WHVWDHEDUJLJOLDOODSUHSDUD]LRQHGLXQEURGROHJJHURQHOTXDOHVLFXRFHYDQR WDJOLROLQLVRWWLOLFRPSUDWLRIDWWLLQFDVDRSDVWLQDFKHGLYHQWDYDSLDWWRVHUDOH FRPSOHWRVHLQWHJUDWRGDXRYRVEDWWXWRFRQDEERQGDQWHIRUPDJJLR$SURSRVLWR GHOODOHJJHUH]]DHLJLHQLFLWjGHOODFDUQHGLYRODWLOHVLULFRUGLFKHXQDGHOOHUHJR OHÀVVHGHOORVWDWXWRGHOODFUHDQ]DWUDOHIDPLJOLH(PLOLR6SHQVLHULXQSRHWD GLDOHWWDOHPROWRDPDWRKDGHÀQLWRLPROLVDQL´JHQWHF·DQFRUDVHQWHODFUMDQ]Hµ HUDLOUHJDORDOPDODWRRDOODSXHUSHUDGLXQD´SDULJOLDµGLSLFFLRQLYLYLGDIDUH LQEURGRQHOVHFRQGRFDVRDQFKHSHUJOLHIIHWWLEHQHÀFLVXOODPRQWDWDODWWHD =DPSHHWHVWDLQROWUHFRWWLFRQDEERQGDQWHSRPRGRURSRWHYDQRGDUHO·RFFD VLRQHGLXQVXJRGHVWLQDWRDOFRQGLPHQWRGLFDYDWHOOLHSDVWDDOODFKLWDUUD'DXQ SDHVHGLRULJLQHDOEDQHVH0RQWHFLOIRQHYLHQHXQ·RULJLQDOHULFHWWDGLWRUFLQHOOR GLULJDJOLHFXFLQDWRLQXQVXJRGLSRPRGRURGHVWLQDWRDOFRQGLPHQWRGLIXVLOOL RGLFKLWDUUDHSRLVHUYLWRSHUVHFRQGR/HWHVWLPRQLDQ]HDQFRUDYLYHSDUODQRGL SLDWWLGLVWUDRUGLQDULDVTXLVLWH]]D /HLQWHULRUDWDJOLDWHDSH]]HWWLVRIIULWWHLQROLRHFLSROODHPHVFRODWHD XRYDHIRUPDJJLRDQFRUDRJJLVLJXVWDQRLQIULWWDWDRVWUDSD]]DWHLQROWUH XQLWHDSDQHUDIIHUPRVRQRO·LQJUHGLHQWHEDVHSHULOULSLHQRGHLYRODWLOL FXFLQDWLLQEURGRRDOUDJDVHFRQGDGHOODIHVWLYLWjFXLODSUHSDUD ]LRQHVLULIHULVFH,OULSLHQRFKHGXUDQWHODFRWWXUDSDUWHFLSDOD VXDVDSLGLWjDOVXJRGLYHQWDLQPROWLFDVLO·HOHPHQWRFDUDWWH UL]]DQWHGHOSLDWWRVLDGHOSULPRGLSDVWDIDWWDLQFDVDFKH 725&,1(//2',5,*$*/,( ,QJUHGLHQWL ULJDJOLH GL JDOOLQD IHJDWR FXRUH VWRPDFR EXGHOOD FROOR H EDUJLJOL ]DPSHGLJDOOLQDOGLVDOVDGLSRPRGRURROLRH[WUDYHUJLQHGLROLYDVSLFFKLGL DJOLRPH]]RELFFKLHUHGLYLQRURVVRVDOHSHSH 3UHSDUD]LRQH 7UD OH ]DPSH GHOOD JDOOLQD EHQ SXOLWH H DOOLQHDWH FRQ VLPPHWULD VXO WDYRORSRJJLDUHO·XQRVXOO·DOWURLOIHJDWRLOFXRUHLUHQLLÀODPHQWLGHOFROORGLVRVVD WRHLEDUJLJOLGRSRDYHUOLEHQLQVDSRULWLGLVDOHHSHSH8VDUHOHEXGHOODSHUDYYROJHUH VWUHWWRLO FRPSRVWR WUDOH]DPSH )DUHLQVDSRULUHLQXQ WHJDPH FRQROLRHTXDOFKH VSLFFKLRGLDJOLRVIXPDUHSRLFROYLQRURVVR5LFRSULUHGLDEERQGDQWHVDOVDGLSRPR GRURHIDUEROOLUHOHQWDPHQWHSHUFLUFDGXHRUH&RQLOVXJRFRQGLUHSUHIHULELOPHQWH IXVLOOLHPDFFKHURQLDOODFKLWDUUDHVHUYLUHFRPHVHFRQGRLOWRUFLQHOORGLULJDJOLH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH GHOVHFRQGRGLFDUQHËTXDQWRDFFDGHDGHVHPSLRFRQLOJDOOXFFHUHFKLQH GHLSDHVLFRVWLHULLOFXLVXJRFRQGLVFHLGHOLFDWLIXVLOOLIDWWLDPDQRHFRQ L FHFDWHJOLH FRQ L SLFFLRQL ULSLHQL LQ XVR QHOOD ]RQD GHOO·DOWR )RUWRUH /R VWHVVRDFFDGHSHUOHLQWHULRUDGHLFRQLJOLXVDWHSHUFXFLQDUOLDOODFDFFLDWRUD RSHUODSUHSDUD]LRQHGHOVXJRGLFRQGLPHQWR 3,*(950+,33(-(4, 3H WYP]HaPVUL KP JHYUL WLY HSJ\UL ÄN\YL ZVJPHSP L PU HSJ\UP WLYPVKP LYH HJ\[PZZPTH :P JLYJH]HUV MVYTL KP JVTWLUZHaPVUL JOL YLUKL]HUV VNNL[[VKPJH[[\YHLKPHSPTLU[HaPVUL [\[[PPWVZZPIPSPHUPTHSPJOL]LUPZZLYV H[PYVLMVZZLYVYLWLYPIPSPULSS»HTIPLU [LUH[\YHSLULSX\HSLX\LSSHMHTLPUL Z[PUN\PIPSL]HNH]HZLUaHWHJL:LUaH MLYTHYZPKPMYVU[LHYLNVSLHSPTLU[HYP VHJVU]LUaPVUPZVJPHSP .SP HUPTHSP WP KPMM\ZHTLU[L HSSH WVY[H[H KLP [LU[H[P]P KP JH[[\YH LZLY JP[H[P JVU M\YIPaPH L WLYPaPH LYHUV JLY[HTLU[L P WHZZLYP ZVWYH[[\[[V PU PU]LYUVX\HUKVSHZJHYZLaaHKPJPIV SPWVY[H]HHKH]]PJPUHYZPHSTHUNPTL KLNSPHUPTHSPKHJVY[PSLVHSSLHIP[H aPVUP*H[[\YH[PJVUSL[YHWWVSLLYH UVJ\JPUH[PHYYVZ[VZ\PJHYIVUPVULS Z\NVKPJVUKPTLU[VKLSSHWVSLU[HV HUJOLJOPY\YNPJHWLYPaPHKLSSLKVU ULKPJHZHZVMMYP[[PKVWVLZZLYLZ[H[P MHYJP[PKPTVSSPJHLPU[LYPVYH 5VU H]L]HUV ZVY[L TPNSPVYL P [HZZP LZVWYH[[\[[VPYPJJPSHJ\PJHYULWLY HS[YV LYH THNUPÄJH[H JVTL ZPTPSL H X\LSSHKLSTHPHSL,ZZPLYHUVHYYVZ[P[P Z\SSHIYHJLVJV[[PHSYHNJVTLLYH HIP[\KPULKLNSPaPUNHYP9VTZ[HUaPH[P PU 4VSPZL" [HS]VS[H LYHUV HKKPYP[[\YH VMMLY[P PU VZ[LYPH JVTL YPJLYJH[LaaH JVTLuHJJHK\[VÄUVHKH[HYLJLU[L H9VJJHZPJ\YHPUWYV]PUJPHKP0ZLYUPH (SSHJH[[\YHKLSSL]VSWPJVU[YHWWVSL TLJJHUPJOL V SHJJP\VSP VS[YL HSS»H[ [YHaPVULWLY\UWHZ[VZPHW\YLPYYP[\HSL KPJHYULZWPUNL]HS»VKPVH[H]PJV]LY ZVPSWYLKH[VYLLPS]PVSH[VYLKPWVSSHP 3HWYV]LYIPHSLM\YILYPHKLSS»HUPTHSL WVPJVUMLYP]HHSSHZ\HJH[[\YHPSZLUZV KP\UHKPMÄJPSLIH[[HNSPH]PU[HKPJ\P TLUHYL]HU[V3LZ\LJHYUPWLYLZZL YL HTTVYIPKP[L L KLW\YH[L HSTLUV PU WHY[L KLSS»PU[LUZV ZLUZV KP ZLS]H [PJV LYHUV ¸J\YH[L¹ PU HJX\H L WVP J\JPUH[LHZWLaaH[PUVLZ[VYKP[LJVU TVS[P HYVTP -YHUJV *PHTWP[[P UL 0S ;YH[[\YVJPKn\UH[LZ[PTVUPHUaHKP \U WHZ[V KP JHYUL KP ]VSWL MH[[V KH WHZ[VYP [YHUZ\THU[P JOL Z\ZJP[H \U IYP]PKV WLY S»VZZLZZP]H HZ[PULUaH KP JHYUL KH WHY[L KP \VTPUP JOL W\YL JVUPSSVYVSH]VYVYLNNL]HUV\UVKLP WP PTWVY[HU[P L JVTWSLZZP ZPZ[LTP KP WYVK\aPVUL KP JHYUP JOL PS 4La aVNPVYUVHIIPHJVUVZJP\[VULSSHZ\H S\UNHZ[VYPH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH &,%2',675$'$ 6L VDUj QRWDWR FKH ÀQR D TXHVWR SXQWR QRQ VL q IDWWR ULIHULPHQWR DOOH FDUQL UHVLGXDOLGHLERYLQLVLqWUDWWDWRGLXQDVFHOWD FRQVDSHYROH GRYXWD DG XQ PRWLYR GL LGHQ WLWj VWRULFD GHOO·DOLPHQWD]LRQH SRSRODUH GHL PROLVDQL,OFRQVXPRGLFDUQHERYLQDLQIDWWLDOPHQRLQPRGRDEEDVWDQ]D GLIIXVRqXQGDWRUHODWLYDPHQWHUHFHQWHQRYHFHQWHVFRHODVXDJHQHUDOL]]D ]LRQHFDGHQHO0ROLVHDGGLULWWXUDQHOODVHFRQGDSDUWHGHOVHFRORSDVVDWR,O ULFRUVRDOODFDUQHERYLQDLQROWUHqVWDWRXQRGHLIDWWRULGLSLIRUWHHYHORFH GLOXL]LRQH GHOOD WUDGL]LRQH GHO FRQVXPR GHOOH FDUQL WUD L PROLVDQL OHJDWD VRSUDWWXWWRFRPHVLqYLVWRDOO·DOOHYDPHQWRRYLQRHDTXHOORGHOPDLDOH 4XHVWR QRQ VLJQLÀFD FKH LQ UHJLRQH QRQ HVLVWD OD FXFLQD GHO TXLQWR TXDUWRERYLQR/DWULSSDLQELDQFRRDOSRPRGRURDQFKHVHQRQGLIIXVD PHQWHVLXVDLQGLYHUVHIDPLJOLHHVLWURYDLQDOFXQLULVWRUDQWLGLWUDGL]LRQH $&DPSREDVVRODOLQJXDGRSRXQRSSRUWXQRWUDWWDPHQWRGLGHSXUD]LRQH YLHQHFXFLQDWDDOODJHQRYHVHDOUDJHVSHVVROHVVDWDHFRQGLWDLQLQVDODWD FRQROLRDFHWRSHSHURQFLQRSLFFDQWHHDJOLRFKHODUHQGRQRSDUWLFRODUPHQ WHDSSHWLWRVD$QFKHLOFHUYHOOROHDQLPHOOHOHEXGHOODYLFLQHDOODWULSSD HDOWUHSDUWLULWHQXWHVFDGHQWLVRQRFXFLQDWHYDULDPHQWHTXDQGRQHqFRQ VHQWLWD OD YHQGLWD7UD L FRQVLJOL GL DOLPHQWD]LRQH ´FXUDWLYDµ LQROWUH QRQ PDQFDYDLOULFKLDPRDOOHGRWLGLULQIRU]RGHOVDQJXHGLEXHHSHUSLLPED UD]]DWHGLDJQRVLGHLJHQLWDOLGLWRURLULFHUFDWL´ERWWRQLµDOYLQRELDQFR ´8OHQWXRUQHµLOGLDIUDPPDFRWWRDEDJQRPDULDFRQVHQWHGLFRQGLUHFRQLO VXRQXWULHQWHVXFFRSDSSHGLQHRQDWLHSDVWLQHGLDQ]LDQL 6HPSUHWUDOHFDUQL´FXUDWLYHµQHO0ROLVHFRPSDUHTXHOODGLFDYDOOR FRPXQTXHSRFRGLIIXVDVDOYRFKHWUDJOL]LQJDULFKHROWUHDFRPPHUFLDUH TXHVWLDQLPDOLQHPDQJLDQRODFDUQHHQHGHWHQJRQRDQFKHOHPDFHOOHULHVSH FLDOL]]DWHRJJLGXHLQWXWWDODUHJLRQH$QFRUDRJJLXQDSUHVHQ]DLPPDQFD ELOHQHOOHÀHUHHQHOOHIHVWHSDWURQDOLPDDQFKHQHLFRQVXHWLÀQHVHWWLPDQD VRQR L EDUDFFKLQL SRVWHJJLDWL DJOL DQJROL GHOOH VWUDGH GL PDJJLRU WUDIÀFR DGGREEDWLGLOLPRQLFKHYHQGRQRLOPXVROHVVR´·XPXVVLOOHµWDJOLDWRD IHWWLQHVRWWLOLHPROWRULFHUFDWRGDLEXRQJXVWDL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH 9D VHJQDODWR DQFRUD LO IHQRPHQR GL XQD PHVFRODQ]D GL LQWHULRUD GL PXFFDHGLDJQHOORVRSUDWWXWWRLQRFFDVLRQHGHOO·RIIHUWDGLFLERFRQLQWHQWL GHYR]LRQDOL$ /DULQR DG HVHPSLR GRYH JLj QHOOD ÀHUD G·RWWREUH WUDWWRUL LPSURYYLVDWLDUURVWLYDQRWRUFLQHOOLHFXFLQDYDQROLQJXLQHFRQOHDQJXLOOHSHU DYYHQWRULFKHVLUDFFRJOLHYDQRLQWRUQRDWDYROLDOO·DSHUWRDOODYLJLOLDGHOOD PDJQLÀFD&DUUHVHLQRQRUHGL6DQ3DUGRTXDQGRVÀODQRLFDUULDGGREEDWL GLÀRULGLFDUWDHULFDPLGLÀORDOFXQHIDPLJOLHFRQVXPDQRHRIIURQRWULSSD GLYLWHOORLQELDQFRHWRUFLQHOOLDUURVWLWL$0DLHOODGL7ULYHQWRDQFRUDLQ RFFDVLRQHGHOODIHVWDLQRQRUHGHOOD0DGRQQDGHOODFRQWUDGDFKHVLWLHQHO· VHWWHPEUHGDWDIDWLGLFDGHOFDOHQGDULRSDVWRUDOHDLYLVLWDWRULVLRIIUHOX]HS SHWWRQHJUDQGHSDGHOODWDGLIHJDWRGLDJQHOORGLWULSSDGLYLWHOORHDJQHOORH GLIUDWWDJOLHGLHQWUDPELJOLDQLPDOL ,QRJQLFDVRqGLIÀFLOHFKHXQHVSORUDWRUHGHOJXVWRYHQJDLQ0ROLVH SHUXQSXUDSSHWLWRVRSLDWWRGLWULSSDFKHSXzWURYDUHIDFLOPHQWHLQPROWH ´=(33(7721(µ ,QJUHGLHQWLNJGLIHJDWRGLDJQHOORJGLWULSSDGLYLWHOORHGLDJQHOORJGL IUDWWDJOLHGLDJQHOORHGLYLWHOORSRPRGRULSHODWLVDOVDGLSRPRGRURFLSROOHVHGDQR FDURWHROLRH[WUDYHUJLQHGLROLYDYLQRELDQFRIRJOLHGLODXURSUH]]HPROREDVLOLFR DJOLRROLRVDOHSHSH 3UHSDUD]LRQH0HWWHUHLQSDGHOODQHOO·ROLRLOWULWRGLFLSROODVHGDQRHFDURWHHIDUOR VRIIULJJHUH$JJLXQJHUHIHJDWRWULSSDGLYLWHOORHIUDWWDJOLHIDULQVDSRULUHWXWWRLQVLH PH6DODUHVIXPDUHFRQYLQRELDQFRDWWHQGHUHFKHO·DFTXDHYDSRULTXLQGLYHUVDUH LSRPRGRULSHODWLSDVVDWLSRLODVDOVD)DUFXRFHUHSHUFLUFDGXHRUH$ÀQHFRWWXUD DJJLXQJHUHXQWULWRGLSUH]]HPROREDVLOLFRHDJOLRSRLXQSR·GLROLRHSHSH 5LFHWWDUHFXSHUDWDGDO&RPLWDWR)HVWH´,O&HQDFRORµGL0DLHOOD7ULYHQWR UHJLRQLPHQWUHqSLIDFLOHFKHGHFLGDGLFRQRVFHUHJOLVFHQDULQDWXUDOLQHL TXDOLVLqVYLOXSSDWDODFLYLOWjSDVWRUDOHHLOGLIIXVRDOOHYDPHQWRVXLQRODFXL WUDGX]LRQHJDVWURQRPLFDSXzULWURYDUHDQFRUDRJJLLQXQSLDWWRGLWRUFLQHOOL RGLYHUGXUHGLFDPSRLQVDSRULWHGLLQYROWLQLGLFRWLFKHDURPDWL]]DWHHDFFH VHGDOSHSHURQFLQR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 0ROLVH 2UDFKHLOUDSSRUWR´IDPHOLFRµFRQOHFDUQLqGDWHPSRVXSHUDWRDQFKH SHU L PROLVDQL FKH SXUH VRQR VWDWL WUD JOL XOWLPL LQ DPELWR QD]LRQDOH D UDJJLXQJHUH VWDQGDUG GL FRQVXPR DOLPHQWDUH DGHJXDWL DG XQD PRGHUQD H SLHTXLOLEUDWDQXWUL]LRQHVLSXzWRUQDUHDOOHSDUWLSRYHUHHUHVLGXDOLGLFXL VLqSDUODWRÀQRUDQRQVRORFRQFXULRVLWjVWRULFDHFXOWXUDOHPDDQFKHSHU UHFXSHUDUHJXVWLHPDUJLQDWLRSHUGXWL,OSURÀORGLXQPRGHOORDOLPHQWDUH ULVSHWWRVRGHOODWUDGL]LRQHQRQqGDWRVRORGDXQDPHFFDQLFDHYRFD]LRQHGHO SDVVDWRPDVRSUDWWXWWRGDOODFDSDFLWjGLVFHJOLHUHHGLLQGLFDUHTXDOLPRWLYL HVROX]LRQLWUDGL]LRQDOLSRVVDQRHVVHUHULSURSRVWLLQXQ·RIIHUWDJDVWURQRPLFD DGDWWDDOOHVHQVLELOLWjHDLJXVWLGHOQRVWURWHPSR1RQVRORXQ·RSHUD]LRQH GLPHPRULDGXQTXHPDXQ·DWWHQWDHFRQVDSHYROHVHOH]LRQHGLSURSRVWHFKH SRVVDQRFRQWLQXDUHDFRPSDULUHVXOOHQRVWUHWDYROHVLWUDWWLGLGHVFKLIDPL OLDULRGLWDYROLGLULVWRUDQWL 6RORSHUIDUHDOFXQLHVHPSLODULFKLHVWDGHOORVTXLVLWRIHJDWLQRGLDJQHO ORRFDSUHWWRVLDFRPHDQWLSDVWRFKHFRPHVHFRQGRqGLIIXVLVVLPDHVSHVVR DVVHFRQGDWDGDEXRQLORFDOL,OVXRFRQVXPRqDQFRUDDSSUH]]DWRLQIDPL JOLD1RQPHQRGHOIHJDWRGLPDLDOHFRQOD´UH]]DµHODIRJOLDGLODXURGHO FXLVDSRUHSRFKLVLSULYDQRLQSHULRGRLQYHUQDOH,OIHJDWLQRSRLFRPSDUH LQDOFXQHVDJUHFRPHSLDWWR´DVVROXWRµHFRPHFRQGLPHQWRGLSROHQWH,WRU FLQHOOLODFXLSUHSDUD]LRQHLQFDVDqIUDQFDPHQWHGLIÀFLOHVRQRSURSRVWLLQ FLWWjFRPHQHLSDHVLGDGLYHUVLPDFHOODLFKHKDQQRFDSLWRFKHTXHVWLSURGRW WLSRVVRQRGDUHXQQRWHYROHYDORUHDJJLXQWRQRQVRQRSRFKLLQROWUHLORFDOL FKHGHOODORURSUHSDUD]LRQHIDQQRXQPRWLYRGLULFKLDPR6HQ]DFRQWDUHFKH GXUDQWHO·HVWDWHVRSUDWWXWWRQHLSDHVLSLYLFLQLDOOD3XJOLDVRQRSRVVLELOL LQFRQWULLQDVSHWWDWLPDJDULIXPRVLPDIRUWXQDWLFRQJUDQGLJUDWLFROHVXOOH TXDOLVRQRDUURVWLWLJOL´DEEXRWHµR´PD]]DULHOOHµFKHGLUVLYRJOLD&KLYLVL WDODEHOOLVVLPD$JQRQHROWUHDOODULQRPDWDSURGX]LRQHGLODWWLFLQLIDEHQH DQRQWUDVFXUDUHOHSUH]LRVHHGHOLFDWH¶QQRGHUHGHWULSSH,OUXRWRGLWHVWLQH GLDJQHOORHSDWDWHVRWWROD´FRSSDµRDOIRUQRSUHVHQWHLQDOFXQHWUDWWRULH GL WUDGL]LRQH H UHSOLFDWR QHOOH IDPLJOLH FKH QRQ KDQQR LQWHUURWWR L OHJDPL FRQLOSDVVDWRDQGUHEEHSURSRVWRDQFKHDLJLRYDQLFRPHJUDWLÀFDQWHSLDWWR XQLFRHVWLPRORYHUVRXQSHUFRUVRGLVFRSHUWDHUHFXSHURGLVDSRULRUPDL LQWURYDELOL1HOODSUHSDUD]LRQHGHLSLDWWLGLHUEHVSRQWDQHHHDQFKHGLTXHOOL GLYHUGXUHGHOO·RUWRQRQGRYUHEEHPDLPDQFDUHODSUHVHQ]DGHOJXDQFLDOH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 0ROLVH VRIIULWWRRGHJOL]DPSHWWLEROOLWLFRVuFRPHLOSLDWWRGLIDJLROLPDJDULGHOOH RWWLPH VSHFLH ORFDOL ULVSHWWRVR GHOOD WUDGL]LRQH QRQ GRYUHEEH PDL IDUH D PHQRGHOOHFRWLFKHHGHJOLLQYROWLQL8QRGHJOLDVVDJJLGLPDJJLRUHDURPD HSURSULRFRVuUDIÀQDWH]]DFKHODFDUQHGHOSRUFRSRVVDRIIULUHqTXHOOR GHOFDSRIUHGGRQRQRVWDQWHO·DOWDUHVLGXDOLWjGHLVXRLLQJUHGLHQWLWDQWRSL JUDGHYROHTXDQWRSLSRYHURGLFDUQLLPSRUWDQWL,QJHQHUDOHLOUHFXSHURH ODULSURSRVWDGHLSLDWWLGLFDUQLUHVLGXDOLSHUODORURIRU]DHYRFDWLYDHODORUR LQWHQVD VDSLGLWj SRVVRQR HVVHUH EHQ LQTXDGUDWL QHOO·RWWLFD WHUULWRULDOLVWLFD FRQFXLVLJXDUGDDOOHSRVVLELOLWjGLXQQXRYRVYLOXSSRVRSUDWWXWWRGHOOHDUHH PDUJLQDOL FRPH LO 0ROLVH 5LSRUWDUH DOOD OXFH TXHOOH FDUQL H TXHL VDSRUL GXQTXHQRQVRORFRQWULEXLVFHDUHLQWHJUDUHODPHPRULDGLXQSDVVDWRSL ULPRVVRFKHORQWDQRPDDQFKHDGRWDUVLGLVROX]LRQLGLFXOWXUDHGLJXVWR TXDQWRPDLXWLOLSHUULSUHQGHUHXQFDPPLQRLQWHUURWWR /(556*633()69(;6 +HUPLSH)H[[PZ[H ,YZPSPH*HWVYHSL 4HYPH*YPZ[PUH*HYIVULSSPKP3L[PUV .PHUWHVSV*VSH]P[H -YHUJV+P5\JJP (UUH4HYPH3VTIHYKP 5VYILY[V3VTIHYKP+*:; .PV]HUUH4HYPH4HQ*; ,UaV5VJLYH -LYUHUKH7\NSPLZL 0[HSV:JPHYYL[[H $FFDGHPLD,WDOLDQDGHOOD&XFLQD & &DPSDQLD &DPSDQLD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DPSDQLD 6725,$',75,33(()5$77$*/,( 1HO5HJQRGL1DSROLTXDQGRVLYROHYDEROODUHSHUVHPSUHHVHQ]DSLHWj XQDGRQQDFRQXQPDUFKLRGLLQIDPLDODVLGHÀQLYD´]DQGUDJOLXVDµRPHP EURGLVSLFFRGLXQD´]DQGUDJOLDUuDµLQVRPPDXQD´]DQGUDJOLDµ7XWWRFLz GDOIUDQFHVHOHVHQWUDLOOHVOHLQWHULRUDFKHVLGLFHYDOHGRQQHSLSRYHUH H YROJDUL GHOOD SOHEH VL GLVSXWDVVHUR DOOH SRUWH GHOOH FXFLQH DULVWRFUDWLFKH R GHL PDFHOOL UHDOL TXDQGR YHQLYDQR ´JHQHURVDPHQWH GRQDWHµ GDL FXRFKL GLTXHLVLJQRULFKHJUD]LRVDPHQWHOHVFKLIDYDQR,QWHULRUDULWHQXWHGXQTXH ODSDUWHSLYLOHHVSUHJHYROHGLTXDOXQTXHEHVWLDYHQLVVHPDFHOODWDSRFR LPSRUWDIRVVHSHFRUDYLWHOODYRODWLOHRTXDGUXSHGHXQJXODWRPDFKHDQGDV VHHOLPLQDWDDOSLSUHVWRLQTXDQWRFDVFDPHVFKLIRVRIHWLGRHVDQJXLQDQWH LQHYLWDELOHULVXOWDQ]DGLXQVDSLGRDUURVWRHVWXIDWLVTXLVLWL,QTXHVWRFDVR OHSOHELSURYYHGHYDQRXWLOPHQWHHFRQUDSLGLWjDOORVPDOWLPHQWRGHOULÀXWR VLDFFDSLJOLDYDQRDVDQJXHSXUGLLPSDGURQLUVHQH0DGLFLDPRODYHULWjOH SRYHUH LQWHULRUD PDJDUL TXDOFKH YROWD VDUDQQR VWDWH SXUH JHWWDWH LQ SDVWR DOOH´]DQGUDJOLHµPDDOGDUHSHUEXRQDTXHVWDLPPDJLQHQHJDWLYDGLWULS SHHDIÀQLVLIUDSSRQJRQRGXHRVWDFROLGLQRQSRFDLPSRUWDQ]D,OSULPR $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DPSDQLD GLFDUDWWHUHHWLPRORJLFRKDUDJLRQH)UDQFHVFR'·$VFROL TXDQGRUHFHQWHPHQWHVLIDSHUGLUHHUDLOVLULIjD XQ GLYHUVR HWLPR SHU GHÀQLUH OD ´]DQGUDJOLDµ OD ´GRQQD PLVHUDELOHFHQFLRVDHVSUHJHYROHµRYYHURGDOORVSDJQROR DQGUDMRFHQFLRVWUDFFLR6XRQDEHQHHKDDQFKHVHQVR ,O VHFRQGR VXSHUDQGR LO SLWWRUHVFR H LO FRQVXHWXGLQDULR ODQDVFLWDGLXQGXEELROHJLWWLPRSHUFKLPLQLPDPHQWHVL LQWHUHVVLGLFXFLQDHGHOODVXDVWRULDFKHVLQGDTXDQGRQH DEELDPR WUDFFH VFULWWH RYYHUR GDO ;,9 VHFROR SHU TXDQWR ULJXDUGDODUHJLRQHOHLQWHULRUDLOTXLQWRTXDUWRFRPHVLXVD FKLDPDUORRJJLFRPSDLRQRFRQLQLQWHUURWWDIUHTXHQ]DQHL PDQXDOLGL´FXFLQDµ(LPDQXDOLGLFXFLQDDOPHQRÀQRDOOD PHWjGHOO·2WWRFHQWRFHUWRQRQVLRFFXSDYDQRGHOODFXFLQD GLWXWWLLJLRUQLPHQFKHPHQRGLTXHOODSRYHUDRSRSRODUH,SL´GHPRFUD WLFLµWXWW·DOSLWUDWWDYDQRGLXQDFXFLQDGHVWLQDWDDTXHOODERUJKHVLDFKHVL DQGDYDLQTXHJOLDQQLIRUPDQGRJUD]LHDQFKHDOODULYROX]LRQHLQGXVWULDOH 5LSHUFRUULDPR SHU XQ PRPHQWR OD VWRULD GL WULSSH H IUDWWDJOLH QHOOD FXFLQDFDPSDQDSUHQGHQGRODPDJDULDOODORQWDQDQHO0DQRVFULWWR%XKOHU FRQVHUYDWRDOOD3LHUSRQW0RUJDQ/LEUDU\GL1HZ<RUNGDWDELOHDOODÀQHGHO ;9VHFRORQHOOHVXHFDUWHLOOLQJXDJJLRLQGLUL]]DYHUVRXQDSDUWHG·,WDOLD LQÁXHQ]DWD GDOOD FXOWXUD FDWDODQD 1DSROL ( WXWWR ODVFLD VXSSRUUH FKH VLD VWDWRVFULWWRLQDPELHQWLSURVVLPLDOODFRUWHDUDJRQHVHRFRPHSLSUREDELOH QHOODFRUWHVWHVVD ´3HUIDUHERQDSLSHUDWDµVLDHVVDGLFDSULRORGLOHSUHGLFLQJKLDOHRGL TXDOVLDVLDOWUDVHOYDJJLQDO·DQRQLPRDXWRUHFRQVLJOLDGLSUHQGHUHOH´FRUD GHOOHGHOHGLWHVDOYDVLQHVDUHEHRSWLPDFRVDGHSLVWDUOHLQVLHPHµ 3HUODWULSSDUDFFRPDQGDYDVSHFLÀFDPHQWH´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µ8WLOL]]DSRL´ÀJDWHOOLµQHOOH´*DOLQHFXPFDUQHVDODWDµFH QHO´7HJDPRDOODÀRUHQWLQDµFFRQFDUQHGLFDSUHWWRHQHOODSUHSDUD]LR QHGHOOD´7HVWDGLPRQWRQHµFQHOOD´6DQFWD3RUFKHWD$URVWRUHYHUVDWDµ FHQHOOH´7RPDVHOOHµFQHO´3DVWHOORGH&UHVWHGH*DOOLµFOL DJJLXQJHWDJOLDWLLQTXDWWURPDLWHVWLFROLOLODVFLDLQWHULPLVFKLDQGRLOWXWWR FRQOD´PHGXODGHYLWHOODKRGHERYHµ ,QXWLOHDJJLXQJHUHFKHFRQLOEXGHOOR GHOOD YLWHOOD QH ID ´VDOVL]H VDOVL]RQL EXOL JQHVLHFLUYHODWLµPHQWUHFRQOH´FRUDGHOOH GHFDSUHWRµRYYHURFRQLOVXRFXRUHIHJDWR SROPRQLURJQRQLHWUDFKHDSUHSDUDXQSLFFDQWH ´VIUHVXUDWRµ $QWRQLR&DPXULDQHOVXR$SSDUHFFKLGLYHUVLGD PDQJLDUHHWULPHGLLGHOPDOHULFHWWHVHPEUD QRFRGLÀFDUHXQDFXFLQDGHOODVHFRQGDPHWjGHO· FRVD FKH IDQQR WXWWL L PDQXDOL GL FXFLQD OD FRGLÀFD]LRQH GL XQ HVLVWHQWH SDVVDWRXWLOL]]D´IHFDWHOOLDURVWLWLµSHUSUHSDUDUHXQD´VXSSDMQRUHDµHXQD ´VXSSDDOODFDWDODQDµR´IHFDWHOOLGHJDOOLQDµSLVWDWLSHUSUHSDUDUHXQD´VDO]D GRGLQDµ´VDO]DGHSDVVRµRYYHURGLXYDSDVVD´VDO]DERUHJOLDµRTXHOORGL SRUFRSHUIDUHOH´WRPDFHOOHGHSRUFRµ 5XSHUWRGD1RODFXRFRGL$OIRQVR,G·$UDJRQDSULPDHLQVHJXLWRGL VXRÀJOLR)HUUDQWHUHGL1DSROLGDODOQRQVLVDEHQHVHIRVVHXQ FDWDODQRFKHDYHYDVFHOWRGLYLYHUHLQ,WDOLDRSSXUHIRVVHQDWRHIIHWWLYDPHQWH D 1ROD GD JHQLWRUL FDWDODQL OD SULPD HGL]LRQH GHO VXR /LEUH GH &RFK q LQ FDWDODQRODSULPDLQFDVWLJOLDQRFRPSDUHVRORQHO1HO/LEUH GH&RFKO·XVRGLIHJDWRHIHJDWHOOLqFRQWLQXRYXRLSHULVSHVVLUHOHVDOVH YXRLSHUGDUORURXQJXVWRSLGHFLVR&RVuWURYLDPRLULVSHWWLYLIHJDWLQHOOD PLQHVWUDGLPRQWRQHLQTXHOODGLJDOOLQDHLQTXHOODGLFDSUHWWRQHOOD´JUDWR QDGDµHQHOOD´VDOVDFRWWDµ'HJQRHUHGHGHOO·$QRQLPRQDSROHWDQRRIIUHXQD ´IUHMXUDWHµFKHqPLQHVWUDGLEXGHOODRYYHURGLLQWHULRUDGLWXWWHOHLQWHULRUD GL FDSUHWWR FDSURQH R PRQWRQH PHQWUH QHOOD ´0LQHVWUD GH MXQJODGD R GL OHSUHµDJJLXQJHROWUHDLIHJDWLQLDQFKHOHPLO]H(SSXUHVLGLFHYDFKHIRVVH FXRFRGLUH 3XUGLVFRVWDQGRVLGDOODOHWWHUDWXUDVWUHWWDPHQWHJDVWURQRPLFDQHO $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DPSDQLD LO0DUFKHVHGHO7XIRQHOODVXDPRQXPHQWDOHRSHUDLQYHUVL5LWUDWWRRPRGHO ORGHOOHJUDQGH]]HGHOL]LHHPDUDYLJOLHGHOODQRELOLVVLPDFLWWjGL1DSROLFRVu GHVFULYHWUDOHDOWUHVTXLVLWH]]HGHOODFXFLQDGHOODUHJLRQHLO´3LJQDWRPDUL WDWRIDWWRDOODQDSROHWDQDµ´2KFKHSLJQDWRUDURFRVuVHPSUHGDQRLWHQXWR FDURVHY·HQWUDLQFRPSDJQLDLQGRJOLDRYHUULQLDFKHSHUHVVR/DYLQLD DYUHEEHDYXWR(QHD7XUQRH¶OVXRUHJQRDYLOGLVSUHJLRHVGHJQRµ'RYH OD ´LQGRJOLD DQQRJOLD R ¶QQRJOLD DOWUR QRQ q FKH XQD VRUWD GL VDOVLFFLRWWR ELVOXQJRGDEROOLUQHOODPLQHVWUDSHUORSLIDWWRGLFDUQLQHUYRVHYHQWULH DOWUHLQWHULRUDWULWDWHFRQGLWHFRQVDOHÀQRFFKLSHSHDJOLRHTXDOFKHDOWUR LQJUHGLHQWHµ*DOLDQLPHQWUHOD´YHUULQLDµLQGLFDOD´YXOYDRYHQWUHGLVFUR IDµ´YLYDQGDDVVDLSUHJLDWDJLjSUHVVRJOLDQWLFKL5RPDQLµ'·$PEUD 75$/('(/,=,(',1$32/, /DWULSSDSRLGDYRLGHWWDEXVHFD TXDQWRJXVWRQ·DUUHFD FRVuIRUELWDELDQFDHEHQODYDWD PHJOLRDVVDLFXFLQDWD FROSHWURVLQODVDO]DH·VXRLVDODPL H¶OFDFLRGHQWURHIXRUH FRO]DIIDUDQFKHJOLGLDEXRQFRORUH 0DUFKHVHGHO7XIR 8Q VHFROR SL WDUGL$QWRQLR /DWLQL DXWRUH GHOOD SRQGHURVD RSHUD /R VFDOFRDOODPRGHUQDGRSRDYHUGHGLFDWRVSHFLÀFKHVH]LRQLHQXPHURVHULFHWWH DOPRGRGLFXFLQDUHFHUYHOODDQLPHOOHIHJDWLHURJQRQLWXWWLFRQVLGHUDWLYHUH SUHOLEDWH]]H GHGLFD XQ FDSLWROR DOOD SUHSDUD]LRQH GHOOD WULSSD UDFFRPDQ GDQGRGRSRDYHUODFRWWDGLQRQDJJLXQJHUYL´]XFFDURµVHFRQGRODPRGD GHOWHPSRSHUFKp´YHUUHEEHFDWWLYDHGLPDOVDSRUHHVVHQGROHFRQWUDULRLO GROFHµ/DVXJJHULVFHVWXIDWDQHLSDVWLFFLFRQSURVFLXWWRHSROSDGLYLWHOOR QHOOHPLQHVWUHRDUURVWRDOORVSLHGR$GLPRVWUD]LRQHGHOO·DPSLRXVRGHOOH WULSSHDOO·HSRFDLO/DWLQLQHVXJJHULVFHEHQTXDWWURGLYHUVHPLQHVWUH'HOOD YDFFDROWUHDOOHVRSUDFLWDWHSDUWLDJJLXQJHDQFKHOD´]L]]Dµ'HOOHEXGHOOHWWH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DPSDQLD *64,*<*05(9,03)<+,336.,5;03, +VWVUL[[VLWVSP[VSVWV[YHPLTWPYLJVUJHYULKLSSHTLKLZPTH]P[LSSH~ HS[YHIH[[\[HTPU\[HTLU[LHNNP\UNLUKV]PWHZZHYPUHWPNUVSPYVZZPK»V]HLUL MHYHPWHZ[\TLJVU\UWVJVKPMVYTHNNPVNYH[[H[VLYIL[[LVKVYVZLZVSP[LZWL [PLYPLL\UWVJVKPZHSL"SV[HNSPLYHPKHWVPPUWLaaPLSVZLY]PYHPn[\VWPHJLYL JV[[VPUIYVKVI\VUV (U[VUPV3H[PUP3VZJHSJVHSSHTVKLYUH GL FDSUHWWL H G·DJQHOOL ´QHWWH H SROLWH VH QH IDQQR PLQH VWUH JXVWRVH DSSHWLWRVHµ PHQWUH FRQ TXHOOH GHO SRUFR ULHPSLWHFRQLOVDQJXHGHOORVWHVVRPDLDOHFRQ´FDQQHOOD JDURIDOL]HELERQRFHPRVFDWDJUDVVRWDJOLDWRDSH]]HWWL VDOH PROOLFD GL SDQ JUDWWDWR FRQ XQ SRFR GL SHSDUROR j ÀQHFKHULHVFDSLFFDQWHFRQO·DJJLXQWDGLSDVVDULQDHSLJQROL DFTXDG·RGRUHHVDOHHIDWWHEROOLUHµVLIDQQRVDQJXLQDFFLFKH ´ULXVFLUDQQR G·RWWLPR JXVWRµ 'L JDOOL JDOOLQH SROODQFKH H WDFFKLQLQRQHVFOXVLLFDSSRQLVLXVDQRFUHVWHJUDQHOOLEDUEHHIHJDWHOOL6L SRVVRQRSUHSDUDUHIULWWLDOIRUQRDUURVWLWLDJJLXQWLQHLSDVWLFFL 4XDVLXQVHFRORGRSRDFDSRGHLVHUYL]LGLERFFDGLGRQ0LFKHOH,PSH ULDOLSULQFLSHGL)UDQFDYLOODHGL0ROWHQDJHQWLOXRPRGLFDPHUDGHOUHGHOOH 'XH6LFLOLHWURYLDPR9LQFHQ]R&RUUDGRLOTXDOHDFDSRGLXQDEULJDWDGL FXRFKLWULQFLDQWLFUHGHQ]LHULERWWLJOLHULHTXDQW·DOWULIRVVHGLSXUPLQLPD XWLOLWj QHOOH FXFLQH H QHO VHUYL]LR GL WDYROD SURYYHGHYD TXDVL TXRWLGLDQD PHQWHDGDOOHVWLUHVLPSRVLDPLFKHYROLHLQWLPLSHURWWRSHUVRQHRXIÀFLDOL SHUYHQWLTXDWWURFRPPHQVDOLRGLJUDQJDODSHUWUHQWDGXH$QFKHIRUVHFRQ LOEDQDOHSUHWHVWRGLQRQULSHWHUVLLQFRQWLQXD]LRQHIDXQXVRHVWHQVLYRGHOOD ]LQQDGLYDFFDDOODTXDOHGHGLFDEHQQRYHULFHWWHGHOOHLQWHULRUDHGHOOHSDUWL PHQRQRELOLLOFKHLQGXFHDSHQVDUHFKHDQFRUDDOO·HSRFDIRVVHURFRQVLGHUDWH YHUHSUHOLEDWH]]H6RSUDWWXWWRTXHOOHGHOODYLWHOODHGHOFDSUHWWR0DDQFKHGHO PDLDOH QXOOD ULVSDUPLD XWLOL]]DQGRQH LO SROPRQH FKH SUHVHQWD LQ ´VDSRUL JOLDDOODQDSROHWDQDµO·DQWHQDWRGLTXHOODFKHVDUjSRLOD´]XSSD¶HVXIIULWWRµ FKHDQFRURJJLVLSUHSDUDQHLPHVLIUHGGL=XSSDGL´]RIIULWWRµFKHWURYLDPR $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DPSDQLD QHOPHQXGHOODFRUWHERUERQLFDGHOJHQQDLRLQRFFDVLRQHGHOSUDQ]R RIIHUWRDLGXFKLGL/XFFDSHULO´SUDQ]RLQIDPLJOLDµGHOJLRUQRGL1DWDOHGHO HSRLDQFRUDSHUTXHOORGHOODYLJLOLDGHO5H)UDQFHVFRGRYHYD HVVHUQHJKLRWWR&RPHSXUHGLDOWUHIUDWWDJOLHDQFKHVHFHUWDPHQWHULWHQXWH GLJXVWRSLGHOLFDWRL´ODWWDUROLSLFFDQWLHVHPSOLFLFRQVDOVDGLVFDURODDOOD FUHPDµ LO IHEEUDLR H FRQ VSLQDFL LO QRYHPEUH ÀJXUD QRLQRFFDVLRQLGLJDOD$OSULQFLSHGL%DYLHUDYHQJRQRVHUYLWLDOOD´6DLQW &ORXGFRQVSLQDFLµLOIHEEUDLRHYLVWRQHO·DSSUH]]DPHQWRDVVLHPHD ´IHJDWLJUDVVLDOO·DVSLFµH´JODVVDWLFRQUDJGLFDUFLRIIROHµLOPDU]RGHOOR VWHVVRDQQR$OODGXFKHVVD(OHQDGL5XVVLDIXVHUYLWDO·JHQQDLRXQD ´]L]]DDOODWWDQWHULIUHGGDVRSUDDWDPEXUHWWRµ 9LWWLPD GHOOD ULYROX]LRQH FRPH OD QRELOWj DQFKH LO TXLQWR TXDUWR VL DYYLDDVFRPSDULUHGDLEDQFKHWWLXIÀFLDOLQRQRVWDQWHFRPHDEELDPRDSSHQD YLVWRYLVLDQRDQFRUDUHDOLHVWLPDWRUL 1(,48$57,(5,3232/$5, ,SSROLWR&DYDOFDQWLGXFDGL%XRQYLFLQRULWURYDOHFDUQLGHOTXLQWRTXDU WR QHJOL DPELWL GL XQD FXFLQD VWUHWWDPHQWH GRPHVWLFD DO SXQWR FKH QHO VXR PDQXDOH FRPSDLRQR VROR QHOOD VHFRQGD HGL]LRQH GHO TXDQGR FRQ XQ FROSR GL JHQLR GHFLGH GL DJJLXQJHUH DO WHVWR LQ OLQJXD ´4XDWWUR VHWWLPDQH *644,:,-(3(A0AA(,+,;<;;,3,4(5,9, 7PNSPHYYHQLUHIVUHaPaaHQHUJHL[LULYHHJJPVJJOuZLJVJLZ\IL[VSHSH]HYYHQL W\SP[HW\SP[HLSHTPL[[HYYHQLHIVSSLYL"SHZJ\TTHYYHQLIVUHIVUHLSHMHYYHQL JVJLYL ZLUaH WLYKLYL THP SV ]\SSV ZP U~ ]LUL UJV[LU\[H! X\HUU»u JV[[H SH [HNSPHYYHQLMLSSLMLSSLWVSHMHYYHQLJVTTL]\~JHZLTW»uIVUH!UJLMHYYHQLUH ZH\aHKLWVTTHKVYL"SHMHYYHQLJ\JHZVLV]HWL[YVZPUVLWYLZ\[[VSHMHYYHQL UMHYLUH[HUUVYH[HLMYP[[H"SHMHYYHQLHTTVSSLJH[HJ\ZZHSLWLWLWL[YVZPUV a\JVKLSPTVULLU\WVJVKLUaVNUHZX\HNSPH[H!WVSHMHYYHQLJVJLYLKPU[»H S\M\YUVUJYVZJH[LSSHUJYVZJH[LSSH"LZHJVTT»uZHW\YP[H 0WWVSP[V*H]HSJHU[P3HJ\JPUH[LVYPJVWYH[PJH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DPSDQLD VHFRQGROHVWDJLRQLGHOOD9HUD&XFLQD&DVDUHFFLDLQGLDOHWWR1DSROHWDQRµ&Lz KDUHVRO·RSHUDGHO&DYDOFDQWLLO´1XRYR7HVWDPHQWRµGHOODFXFLQDQDSROHWD QD0DqDQFKHYHURFKHGDTXHOPRPHQWROHFDUQLGHOTXLQWRTXDUWRGLYHQ JRQR DSSDUWHQHQ]D HVFOXVLYD GHOOD FXFLQD SRSRODUH 3HUFKp QHO IUDWWHPSR LQXQVHFRQGR2WWRFHQWRERUJKHVHHLQGXVWULDOHQHO5HJQRGL1DSROLFRPH QHOO·,WDOLDWXWWDDYYLHQHXQDWUDVIRUPD]LRQHGRYXWDIRUVHDOIDWWRFKHODQXRYD FODVVHGLULJHQWHJXDUGDQGRDOOD)UDQFLDGHOVHFRQGRLPSHURFRQULVRUJLPHQ WDOHJUDWLWXGLQHQHDFTXLVLVFHPRGLPRGHHVWLOLGLYLWD(Gq3DULJLDGHWWDUOL VRSUDWXWWRLQFXFLQDFKHVLUDIÀQDVLLQJHQWLOLVFHDVVXPHJXVWLHVIXPDWXUH GHOLFDWLODTXDOLWjSUHQGHLOVRSUDYYHQWRVXOODTXDQWLWjVLULGXFHLOQXPHUR GHOOHSRUWDWHHDVVLHPHDWULRQÀEDURFFKLDSDVWLFFLULGRQGDQWLDQFKHWULSSHH IUDWWDJOLHDSRFRDSRFRVSDULVFRQRGDOOHWDYROHGLJDODHGDLEDQFKHWWL (GqTXLQHOODFXFLQDSRSRODUHHTXRWLGLDQDFKHWULSSHHIUDWWDJOLHWUR YDQR ULIXJLR H JLXQJRQR DQFKH VH QRQ WXWWH ÀQR D QRL )D GD SRQWH XQD SLRQLHULVWLFD*XLGDJDVWURQRPLFDG·,WDOLDHGLWDQHOGDO7RXULQJ&OXE ,WDOLDQRFKHWUDOHDOWUHVSHFLDOLWjIDPHQ]LRQHDSURSRVLWRGHOOD&DPSDQLD GHOODPLQHVWUDPDULWDWDGHOOD]XSSDGLVRIIULWWRGHOOD]XSSDGLFDUQDFRWWD RYYHURDOODPDUHVFLDOODGLWULSSDHFHUYHOOLDOODQDSROLWDQD(GDOGRSR JXHUUD-HDQQH&DUROD)UDQFHVFRQL(Q]R$YLWDELOH0DULD5LYLHFFLR=DQLER QL3LHUR6HUUDH/HMOD0DQFXVL6RUUHQWLQRVRQRLSLQRELOLUDSSUHVHQWDQWL GLXQDVSDUXWDSDWWXJOLDGLJDVWURQRPLFKHFHUFDGLIDUFRPSUHQGHUHODVTXL VLWH]]DGHO´TXLQWRTXDUWRµ 9HURqFKHLOPRQGRQHOIUDWWHPSRqFDPELDWRO·LQGXVWULDVLqLPSDGURQLWD 763465,+0769*605:(7690.30( (33(5(763,;(5( :PWYLUKHPSWVSTVULKPWVYJVZP[HNSPHKHKPLZPTL[[HPU\UHJHZZHYVSHJVU NYHZZVKPWVYJVHZVMMYPNNLYLJVUHYVTP\UZLUZVKPHNSPVWLWHYVSPYVZZPPU WVS]LYLJPWVSSL[[L[YP[LLWL[YVZLTVSV"ZPIHNULYnJVUIYVKVKPJHYULLWLY THNNPVYTLU[LKHYSPZHWVYL]PZPTL[[LYn\UTHaaL[[VKPLYILJPVuYVZTHYPUV ZHS]PHY\[HHSSVYVTHNNPVYHUHL[HYNVUL:PMHYnJ\VJLYLLX\HUKVZPH]YnKH ZLY]PYLZLUL[VNSPLYHUUVS»LYILLZ»PTIHUKPYnZVWYHJYVZ[LKPWHULIY\Z[VSP[V =PUJLUaV*VYYHKV0SJ\VJVNHSHU[L $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DPSDQLD 7,5<),33670(;;6+,;9077( ;LWPNSPHYYHQLSH[YPWWHTWLY~JOLSSHJ\SVJHSSVSHSH]HYYHQLILSSHLW\SP[HL X\HUUVS»HJX\HHJJ\TTLUaHHIVSSLYLUJLSHTP[[LKPU[V!X\HUUVWVuTLaH JV[[HUJLJHNUHYYHQLJOLSS»HJX\HLUJLTPL[[LSS»H\[HW\YL]VSSLU[L8\HUU»u JV[[HSHW\[HYYHQLMHKLKVQLTHULYL3HWYPTTH!SHMHYYHQLWPLaaWPLaaUJL TPL[[HYYHQLJHZVYH[[H[VJ\V]HZIH[[\[LWL[YVZPUVU[YL[H[VZHSLLWLWLLU\ WVJVKLUaVNUHLSHMHYYHQLJVTT»HS\ZWLaaH[PLSSV3HZPJVUUHuJVTT»H JOLSSHJOLMHUUVSPJHWW\JJPUPaVuMHYYHQLZ[YLNULYLJOLSSHZH\aHLWVS»HJ J\UJPHYYHQLKPU[»HU\Y\V[VJ\UHZJPVYH[HKLJHZVNYH[[H[VZV[[»LUJVWWHLSH MHYYHQLUJY\ZJnVKPU[»HSVM\YUVVZV[[»HS\[PLZ[V"MHSS»HJJ\ZZyLWVTTLMHQL ZHWLJOLTHNUL 0WWVSP[V*H]HSJHU[P3HJ\JPUH[LVYPJVWYH[PJH GHOFLEROHLQWHULRUDVRQRGHVWLQDWHDGDOWURXVRPRUELVFRQRVFLXWLYHULR SUHVXQWLHPDOLQWHUSUHWDWHOHJJLFRPXQLWDULHKDQQRIDWWRLOUHVWRUHQGHQGR ULJDJOLHHIUDWWDJOLHXQDGHOL]LDULVHUYDWDDSRFKL´FDUERQDULµGHOODJDVWUR QRPLD &RPSOLFL LQGLVSHQVDELOL DOFXQL YHFFKL PDFHOODL FKH JXDUGD FDVR WHQJRQRERWWHJDQHLTXDUWLHULSLSRSRODUL8QDYROWDLPDFHOODLQDSROHWDQL DIIHWWDYDQR OD WULSSD OHVVDWD D VWULVFH ODUJKH H OXQJKH FRPH L JDOORQL GHL PDUHVFLDOOLGHOO·HSRFDSHUFXLEDWWH]]DURQR´PDUHVFLDOODµOD]XSSDULFDYDWD GDOOHIUDWWDJOLHGHOYLWHOOREROOLWH $SURSRVLWRGHOODFLWDWD]XSSD¶HVXIIULWWRULFRUGLDPRFKHLOSLFFDQWH =833$$//$0$5(6&,$//$ ,QJUHGLHQWLNJGLWULSSDGLYLWHOORXQDFRVWDGLVHGDQRXQDFDURWDXQDFLSROOD SRPRGRULEDVLOLFRSUH]]HPRORPDJJLRUDQDVDOHIUHVHOOHIRUPDJJLRSHSH 3UHSDUD]LRQH0HWWHUHODWULSSDEHQDVVRUWLWDSDULDWDFHQWRSHOOLHFROODULQRHJLj SXOLWD D FDOGR LQ DFTXD IUHGGD H IDUH EROOLUH SHU XQD GHFLQD GL PLQXWL 6FRODUOD H WDJOLDUODDOLVWDUHOOH0HWWHUODLQXQDSHQWRODFRQDFTXDHSRFRVDOHHXQLUHWDJOLDWL DSH]]HWWLJOLDOWULLQJUHGLHQWL2FFRUUHFXRFHUHSHUDOPHQRRUHDIÀQFKpODWULSSD ULVXOWL WHQHULVVLPD 6HUYLUH LQ IRQGLQH VX IUHVHOOH ELVFRWWL GL JUDQR FRQ D ÀDQFR IRUPDJJLRHSHSH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DPSDQLD SXUHVVHQGRDVVDLVSLQWRQRQGHYHVRSUDIIDUHLOVDSRUHGHOODVDOVDGHQVDH GHL GLYHUVL SH]]L GL FDUQH FRVWLWXLWL GDO ´FDPSDQDURµ FKH q LO FRPSOHVVR GHOOHLQWHULRUDGHOPDLDOHFKHKDIRUPDGLFDPSDQDVHWHQXWRVRVSHVRHGq IRUPDWRGDSROPRQHWUDFKHDIHJDWRFRUDWDPLO]DHGHVRIDJR 3LDWWRDQWLFKLVVLPRFRPXQHDWXWWHOHFXFLQHFDPSDQHQDWXUDOPHQWH FRQ OH GRYXWH H OLHYL GLIIHUHQ]H JOL VWHQWHQLHOOL R ´PXJOLDWLHOOL DPPR JOLDWLHOOL¶PEUXJOLHWLHOOLµ5LFRUGDQROHFHULPRQLHVDFULÀFDOLGHJOLDQWLFKL URPDQL L FXL VDFHUGRWL XVDYDQR PDQJLDUH OH YLVFHUH GHJOL DQLPDOL RIIHUWL LQ VDFULÀFLR DJOL GHL 2FFRUURQR LQIDWWL DOOD SUHSDUD]LRQH JOL LQWHVWLQL GL DJQHOORHGLFDSUHWWRHTXHOO·LQVLHPHFKHYDVRWWRLOQRPHGL´ODWWDFFLµHFKH FRPSUHQGHLOWLPRO·LSRÀVLHLOPLGROORVSLQDOH9HQJRQRDYYROWLDJRPLWR ORFRQGLWLFRQDURPLHVSH]LHWDOYROWDFRQSH]]HWWLGLIRUPDJJLRHFRWWLDO IRUQRLQXPLGRRVXOODEUDFH ,OPRGRSLVHPSOLFHGLSUHSDUDUOLqTXHOORGLRUGLQDUOLDOPDFHOODLR FKHIRUQLUjOHEXGHOOLQHJLjSXOLWHHDYYROWHVWUHWWDPHQWHLQJURVVLJRPLWROL =833$',68))5,772 ,QJUHGLHQWLSHUSHUVRQHNJGL´FDPSDQDURµLQVLHPHGHOOHLQWHULRUDGLPDLD OHJGLFRQFHQWUDWRGLSRPRGRUROGLSDVVDWDGLSRPRGRURJGLVXJQD IRJOLHGLODXURXQELFFKLHUHGLYLQRURVVRSHSHURQLGROFLURVVLURVPDULQRVDOH ROLRSHSHURQFLQRURVVRDSLDFHUH 3UHSDUD]LRQH /DYDUH WXWWL JOL LQJUHGLHQWL WDJOLDUOL D SH]]HWWL SLFFROL H LPPHUJHUOL LQDFTXDIUHVFDFDPELDQGRODFRQWLQXDPHQWHÀQFKpQRQVHUELSLDOFXQDWUDFFLDGL VDQJXH 6JRFFLRODUOL VX XQ SDQQR SXOLWR H DVFLXJDUOL 0HWWHUH DO IXRFR OD VXJQD H XQSDLRGLFXFFKLDLG·ROLRLQXQDSHQWRODEDVVDHODUJDHTXDQGRVRQREHQULVFDOGDWL JHWWDUYL LO WXWWR EDGDQGR FKH VL URVROL GROFHPHQWH9HUVDUH H IDU VIXPDUH LO YLQR H DJJLXQJHUHOHQWDPHQWHLOSRPRGRURHLOFRQFHQWUDWRDOOXQJDWRFRQXQSRFRG·DFTXD LO URVPDULQR LO ODXUR LO VDOH H LO SHSHURQFLQR 4XDQGR O·LQVLHPH DUULYD D EROORUH DEEDVVDUHODÀDPPDHIDUFXRFHUHSHUXQSDLRG·RUHWHQHQGRYLFLQRXQDSHQWRODFRQ GHOO·DFTXDEROOHQWHFRQODTXDOHHYHQWXDOPHQWHDOOXQJDUHGLWDQWRLQWDQWRLOVXJRQHO FDVRVLUHVWULQJDWURSSR/DÀQHSLRQHVWDGHOVRIIULWWRqTXHOODGLHVVHUHYHUVDWRLQ IRQGLQHVXOFXLIRQGRJLDFFLRQRIHWWHGLSDQHVHFFRDEEUXVWROLWRRSSXUHXVDUORSHU FRQGLUHYHUPLFHOOLHEXFDWLQL $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DPSDQLD 67(17,1,(//,'·$*1(//2$//$08*/,$7,(//2 ,QJUHGLHQWLSHUSHUVRQHNJGLEXGHOOLQHGLDJQHOORRGLFDSUHWWRJGLVXJQD VSLFFKLG·DJOLRSUH]]HPRORDEERQGDQWHVDOHHSHSH 3UHSDUD]LRQH/DYDUHOHLQWHULRUDFRQDFTXDVDODWDWLHSLGDHVFLDFTXDUOHEHQHVRWWR O·DFTXDIUHGGDFRUUHQWH$YYROJHUOHLQWRUQRDFLXIÀGLSUH]]HPRORHDOO·DJOLRWDJOLD WRDSH]]LJUDQGLOHJDUOHFRQÀORELDQFRGDFXFLQDFRPHGHJOLLQYROWLQL3RUUHJOL VWHQWLQLHOOLLQXQDWHJOLDXQWDGLVXJQDVDODUHHLPSHSDUHDEERQGDQWHPHQWHHURVRODUOL OHQWDPHQWHDOIRUQRPHGLRRSSXUHDUURVWLUOLDOODJULJOLD4XHVWRSLDWWRVDUjSL JUDGHYROHVHLPERWWLWRROWUHFKHFRQO·DJOLRHFROSUH]]HPRORFRQXRYDVRGHVDODPH HSURYRODRSURYRORQHIUHVFR GLFLUFDPH]]RFKLORFLDVFXQRDWWRUQRDXQSH]]RGL´SDULDWDµRYYHURGL LQWHVWLQRWHQXHHFRQGLWHFRQDJOLRSUH]]HPRORVDOHSHSHHSHFRULQR1RQ UHVWHUjDOWURFKHPHWWHUHLOURWRORLQDFTXDIUHGGDHSRUWDUODDHEROOL]LRQH ODVFLDQGRYHORXQDGHFLQDGLPLQXWLSHUHOLPLQDUHLOJUDVVRHFFHGHQWH6JRF FLRODUORHPHWWHUORLQWHJDPHFRQROLRHXQDFLSROODDIIHWWDWDÀQHHIDUHURVR ODUHOHJJHUPHQWHFRSULUHHFXRFHUHDIXRFRPRGHUDWR 'RSR XQD PH]]·RUD VROOHYDUH OR VWHQWHQLHOOR IDUH XQOHWWRGLSDWDWHDWRFFKHWWLDOOXQJDUHFRQXQSRFR G·DFTXDVHQHFHVVDULRHSRUWDUHDFRWWXUDLQIRUQR DFDORUHPRGHUDWR /H XPLOL H RJJLGu YLWXSHUDWLVVLPH FRWLFKH GLPDLDOHFRQXQSRFRGLFXUDHGLDWWHQ]LRQH GDQQRYLWDDGXQVXJRGLSDUDGLVLDFDERQWj ROWUH FKH UDSSUHVHQWDUH XQ GLJQLWRVLV VLPR SLDWWR XQLFR VH DFFRPSDJQDWH GDSXUqGLSDWDWHRGD´VFDJOLXR] ]ROHµRYYHUR´WLWWROLµRYYHURXQ DYDQ]R GL SROHQWD GHL JLRUQL SUHFHGHQWL WDJOLDWR LQ IHWWH VRWWLOLGDOODIRUPDWULDQJROD UHHIULWWR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DPSDQLD &27,&+(',0$,$/($/68*2 ,QJUHGLHQWLFRWLFKHGLPDLDOHXRYDJGLSURYRORQHGHOPRQDFRJUDWWXJLDWR JGLODUGRJGLXYDSDVVDJGLSLQROLVSLFFKLG·DJOLRSUH]]HPRORVDOH SHSHSDVVDWDGLSRPRGRUR 3UHSDUD]LRQH$VVLFXUDUVL FKH OH FRWLFKH QRQ SUHVHQWLQR VHWROH UHVLGXH DOWULPHQWL SDVVDUOHVXOODÀDPPD5LPXRYHUHLOJUDVVRFKHSXzHVVHUHHYHQWXDOPHQWHULPDVWRVXO ODWRLQWHUQRVFLDFTXDUOHLQDFTXDWLHSLGDDVFLXJDUOHHVWHQGHUOH7DJOLDUOHLQTXDGUDWL GLXQDGR]]LQDGLFHQWLPHWUL)DUHXQLPSDVWRFRQLWXRUOLLOSURYRORQHGHOPRQD FRRLQPDQFDQ]DXQEXRQSURYRORQHSLFFDQWHO·DJOLRHLOODUGRÀQHPHQWHWULWDWL O·XYDSDVVDLSLQROLHLOSUH]]HPRORVPLQX]]DWR$JJLXQJHUHLOSHSHDGLVFUH]LRQH HGHYHQWXDOPHQWHFRUUHJJHUHGLVDOH$OOXQJDUHLOFRPSRVWRDOFHQWURGLRJQLFRWLFD DYYROJHUODVXVHVWHVVDHOHJDUODFRQVSDJRGDFXFLQD&RPSRUUHXQDVDOVDFRQSRFR ROLRHSRPRGRURHODVFLDUFXRFHUHLQHVVDOHFRWLFKHDIXRFROHQWR2FFRUUHUjXQ·RUD DEERQGDQWH6DUDQQRSURQWHTXDQGRXQRVWX]]LFDGHQWLYLDIIRQGHUjFRPHIRVVHEXUUR DPPRUELGLWR6HUYLUOHEROOHQWLVHQ]DOLEHUDUOHGDOORVSDJRVHFRWWHDOSXQWRJLXVWR LQIDWWLVLVSDSSROHUHEEHURWUDOHPDQLËPHJOLRFKHRJQXQRIDFFLDGDVp /(556*633()69(;6 *SH\KPV5V]LSSP+*:; $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3 3XJOLD 3XJOLD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3XJOLD 5,6&235(1'2/$75$',=,21( /·DQWLFDFXFLQDFRQWDGLQDXWLOL]]DYD JOLVFDUWLGHOO·DQLPDOHVLWUDWWDVVHGLRYL QRRGLVXLQRSHUFUHDUHSLDWWLSRYHULPD UREXVWLFKHVHQ]DLQFLGHUHVXOPRGHVWR ELODQFLRIDPLOLDUHULXVFLYDQRDGDOOLHWDUH DOPHQROHWDYROHGHOOHIHVWH/HIUDWWDJOLH FRVWLWXLVFRQR LQIDWWL OD SDUWH SL YLWDOH GHOO·DQLPDOHVDSRULWHHSUH]LRVHUDSSUH VHQWDQRXQFLEREXRQRHQXWULHQWH 4XDQGRVLXFFLGHYDXQDQLPDOHLQ 3XJOLD TXDVL VHPSUH XQ DJQHOOLQR OH GRQQH GL FDVD FRPLQFLDYDQR VXELWR D VIDFFHQGDUH SHU OD SXOLWXUD H OD SUHSDUD ]LRQHGHOOHLQWHULRUD&RQPDHVWULD HGHVWUH]]DDSULYDQRLOEXGHOORLQ VHJXLWR DYYHQLYDQR WDQWL ULVFLDF TXL FRQ O·DFTXD EROOHQWH H DOOD ÀQHOHLQWHULRUDYHQLYDQRWUDWWDWH FRQ VDOH JURVVR FKH SHUPHWWHYD 0$552 ,QJUHGLHQWLFRUDWHOODGLGXHDJQHOOLWDJOLDWDDOLVWDUHOOHDOWHXQGLWRUHWLGLDJQHOOR OHEXGHOODGLWUHDJQHOOLXQDVFDPRU]DDIIHWWDWDJGLPRUWDGHOODXQFLXIIRGL SUH]]HPRORWULWDWRERUUDJLQHJGLIRUPDJJLRSHFRULQRJUDWWXJLDWRVDOHSHSH ROLRG·ROLYD 3UHSDUD]LRQH /DYDUH DFFXUDWDPHQWH OH EXGHOOD FRQ DFTXD H VDOH$SULUH OH UHWL GL DJQHOOR H VWHQGHUOH EHQH 'LVSRUOH VXOOH IHWWH GL PRUWDGHOOD TXLQGL DJJLXQJHUH OD FRUDWHOODFRQGLWDFRQJOLDOWULLQJUHGLHQWL$YYROJHUHODUHWHFRPHSHUXQSROSHWWRQH FKLXGHQGRQHEHQHOHHVWUHPLWj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ÀQLWLJLULGLEXGHOORSUHFHGHQWHPHQWH SUHSDUDWR 3RVL]LRQDWL LQ DPSL SLDWWL GL FHUDPLFD ELDQFKL HUDQR SURQWL SHU HVVHUHFRWWL4XDVLSHUPDJLDVSDULYDQRJOLRGRULIRUWLFKHHUDQRWLSLFLGHOOD SXOLWXUDSHUHVVHUHVRVWLWXLWLGDTXHOOLGHOODFRWWXUDFKHDYYHQLYDVXOODEUDFH RQHOIRUQRFRQOHSDWDWHHLSRPRGRULQL$QFKHODFRWWXUDGHOODFRUDWHOOD FXRUHSROPRQHPLO]DHXQSR·GLWUDFKHDHUDFRPHXQULWRPDJLFRVLSUH SDUDYDXQVRIIULWWRFRQVHGDQRFDURWHHFLSROOHFRQO·DJJLXQWDGHOSRPRGRUR HWXWW·LQWRUQRVLGLIIRQGHYDXQSURIXPRLQWHQVRHPHUDYLJOLRVR .3005=63;050+0*69(;,33( 3L ¸NU\TTLYyKKL¹ KLSSH 4\YNPH ZVUV \U YPJVYKV WPLUV KP ZWHYP IHUKL L S\TPUHYPL:VUVNSP\UPJPWPH[[PJOLKPZKLNUPUVSHW\IISPJP[n(THU[LULY]P]V PSYPJOPHTVuZ\MÄJPLU[LS»VKVYLJOLKHSSLILJJOLYPLZ[YHYPWHWLYSLZ[YHKLL[P HZZHSL[P[YHZJPUH[PN\PKH5VUZPWVZZVUVPTP[HYLUt[YHWPHU[HYLULPYPZ[VYHU[P KPS\ZZV)PZVNUHTHUNPHYSLSyPU[VYUVHPMVYULSSPULSSHJHY[HNPHSSHKLPILJJHP HZWL[[HYLJOL[PNL[[PUVZVWYH\UHZWY\aaH[PUHKPZHSLNYVZZVLIY\JPHYZPSLKP[H ILZ[LTTPHUKV¯ =P[[VYL-PVYLNPVYUHSPZ[HLZJYP[[VYLW\NSPLZL /·XVR GL XQD FXFLQD GHOOH FDUQL GD QRQ GLPHQWLFDUH YDOH SHU WXWWD OD 3XJOLDVHEEHQHFRQDOFXQHGLYHUVHVSHFLÀFLWjDOVXRLQWHUQR*UDQGHGLI IXVLRQHVLUHJLVWUDQHOWHUULWRULRPXUJLDQRDOODFXLWUDGL]LRQHDSSDUWHQJRQR PROWLVVLPHULFHWWHFKHYDORUL]]DQROHLQWHULRUDHOHIUDWWDJOLHGHJOLDQLPDOL 7UDTXHVWHLOPDUUR´XPDUUHµUHDOL]]DWRFRQOHLQWHULRUDGHOO·DJQHOORFKH SXzHVVHUHDFFRPSDJQDWRGDIXQJKLFDUGRQFHOOLHODPSDJJLRQLOHVVDWL&RQ ODFRUDWHOODG·DJQHOORWDJOLDWDDSH]]HWWLHDJJLXQWDDGXQVRIIULWWRGLDJOLR H FLSROOD WULWDWD VL SUHSDUD DQFKH X GHQGHFuGGH 6L ID FXRFHUH VIXPDQGR D PHWj FRWWXUD FRQ LO YLQR H VL VHUYH EHQ FDOGR ( SHU JOL LQYROWLQL ´OH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3XJOLD 7(67,1$',$*1(//2$/)2512 ,QJUHGLHQWLXQDWHVWLQDGLDJQHOORXQFXFFKLDLRDEERQGDQWHGLPROOLFDGLSDQHVEUL FLRODWD XQ FXFFKLDLR GL SHFRULQR JUDWWXJLDWR XQ FLXIIR GL SUH]]HPROR WULWDWR XQR VSLFFKLRG·DJOLRWULWDWRVDOHSHSHROLRG·ROLYD 3UHSDUD]LRQH'LYLGHUHDPHWjQHOVHQVRGHOODOXQJKH]]DODWHVWLQDHVLVWHPDUODLQ XQDSLURÀODGDIRUQRROHDWD0HVFRODUHODPROOLFDFRQJOLDOWULLQJUHGLHQWLHGLVWULEXLUOD VXOODWHVWLQDLQSDUWLFRODWHVXOFHUYHOOR&RQGLUHFRQROLRPHWWHUHLQIRUQRHFXRFHUHD SHUXQSDLRG·RUH8QDYDULDQWHSUHYHGHODFRWWXUDLQVLHPHDOODWHVWLQDGLSDWDWH WDJOLDWHDSH]]LHFRQGLWHFRQROLRVDOHSHSHHURVPDULQR JQXPPHUuGGHµVLVSH]]HWWDODFRUDWHOODHVLIRUPDQRGHJOLLQYROWLQLDYYRO JHQGRXQSDLRGLWRFFKHWWLSHUYROWDFRQLOEXGHOOREHQODYDWREDGDQGRD PHWWHUHLQVLHPHXQSH]]RSLDVFLXWWRSROPRQHIHJDWRPLO]DFRQXQRSL XPLGRDQLPHOODPHVHQWHUHHFF6LLQÀO]DQRJOLLQYROWLQLVXOORVSLHGRHVL FXRFLRQRDOODEUDFHHYLWDQGRFKHVLDVFLXJKLQRWURSSR3LUDULHSUHOLEDWL VRQRJOLLQYROWLQLGLVRODDQLPHOOD ,OODQQXJJKMHqXQLQVDFFDWRGLEXGHOODGLPDLDOHSXOLWHVDODWHHFRQGLWH FRQSHSHURQFLQRLQVHULWHLQXQEXGHOORSLJUDQGHHSRLIDWWRHVVLFFDUH6HU YHSHUFRQGLUHLSLVHOOLHLOHJXPLLQJHQHUHËRWWLPRDQFKHVSDOPDWRVXOSDQH GL$OWDPXUDWRVWDWRLQTXDQWRKDXQDFRQVLVWHQ]DPRUELGDWLSR´FLDXVFRORµ &RQVRWWRJRODIHJDWRFXRUHSROPRQLHGLDIUDPPDDSH]]HWWLXQSR·GL ODUGRHXQSL]]LFRGL´GLDYROLFFKLRµVLSUHSDUDXQRWWLPRHVDSRULWRVRIIULWWR ´X·VIUHWWHFuGGHµPHQWUHXQDOWURWLSLFRGHOO·$OWD0XUJLDKDFRPHLQJUH GLHQWLODFUHVWDHLEDUJLJOLGHOSROORLQVLHPHDOVDQJXHHDOSHSHURQFLQR $YYROJHQGR SH]]L GL IHJDWR GL PDLDOH QHOOD ´]HSSDµSHULWRQHRFRQIRJOLHGLDOORURVLRWWLHQHX· WXPDFuGGHRWWLPRDOORVSLHGRRFRWWRQHOODSDGHOODGL IHUUR 8Q·DOWUD ULFHWWD FRQ SDUWL GHO PDLDOH q TXHOOD FKH XWLOL]]D L SLHGLQL SXOLWL UDVFKLDWL H OHVVDWL SHU SDUHFFKLHRUHLQDFTXDEROOHQWHVDODWD6LDJJLXQJR QR RGRUL VHGDQR DOORUR FDURWH FLSROOH FKLRGL GL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 3XJOLD JDURIDQR H VL IDQQR PDULQDUH DQFRUD SHU TXDOFKH RUD 3RL VL VFRODQR VL WDJOLDQRLQVHQVRYHUWLFDOHHGRSRDYHUOLGLVRVVDWLVLSDVVDQRLQXQSR·GL SDQJUDWWDWRHVLFXRFLRQRDOODJULJOLD8QSURFHGLPHQWRDQDORJRVLULVHUYD DOOHRUHFFKLHGHOPDLDOHFKHGRSRHVVHUHVWDWHFRWWHVLWDJOLDQRDVWULVFLROL QHHVLVHUYRQRFRQROLRSHSHHSUH]]HPRORWULWDWR 7LSLFD GL 0DUWLQD )UDQFD LQ SURYLQFLD GL 7DUDQWR q O·DQWLFKLVVLPD ULFHWWDGHOODFRUDWHOODGLPDLDOHLQIULFDVVHD,QSLHQR&DUQHYDOHTXDQGRLO IUHGGRVLIDFHYDVHQWLUHFRQPDJJLRUHLQVLVWHQ]DFKLQHDYHYDODSRVVLELOLWj VL FRQFHGHYD XQD JRORVLWj DFTXLVWDYD ´X· FDPSDQqOHµ OH LQWHULRUD GL XQ PDLDOHDSSHQDPDFHOODWRHUHDOL]]DYDXQSLDWWRPROWRVDSRULWR 1RQPHQRULOHYDQWHqODSUHVHQ]DGLWDOHWUDGL]LRQHJDVWURQRPLFDQHO 6DOHQWRGRYHODFXFLQDqGRPLQDWDGDOOHLQÁXHQ]HGHOOHYDULHFLYLOWjFKHVL VRQRDYYLFHQGDWHVXOWHUULWRULRURPDQDHDUDED%LVRJQDDQFKHDJJLXQJHUH OD WUDVPLVVLRQH GHL PHWRGL QDWXUDOL GL FRWWXUD LO SHQVLHUR YD DL VROLWDUL H WDFLWXUQLSDVWRULFKHDUURVWLYDQRVRWWRLOVROHOHIUDWWDJOLHG·DJQHOORFRP SRQHQGRXQDVRUWDGLJRPLWRORFKHQHFRQWHQHYDOHLQWHULRUD )LQRDXQDYHQWLQDGLDQQLIDSHUYHUJRJQDHLPEDUD]]RQHLULVWRUDQWL VDOHQWLQLHUDSLIDFLOHWURYDUHOD´FRVWROHWWDDOODPLODQHVHµOH´WULJOLHDOOD OLYRUQHVHµ 3RL XQD OHQWD LQYHUVLRQH KD SRUWDWR QHL ORFDOL XQ LQFUHGLELOH SDWULPRQLRGLULFHWWHWLSLFKHULYDOXWDQGRODFXFLQDSRYHUDSRYHUDGLFRQGL PHQWLHGLLQJUHGLHQWLPDLGLFRORULVDSRULSURIXPLHDFFRVWDPHQWL &25$7(//$',0$,$/(,1)5,&$66($ ,QJUHGLHQWLXQDFRUDWHOODGLPDLDOHIHJDWRFXRUHPLO]DSROPRQLHSDUWHGHOODWUD FKHDROLRFLSROODEURGRSUH]]HPRORWXRUOLG·XRYRXQELFFKLHUHGLYLQRELDQFR XQELFFKLHUHGLODWWHXQOLPRQHVDOH 3UHSDUD]LRQH5LGXUUHDSH]]HWWLQLOHIUDWWDJOLHLQIDULQDUOHHPHWWHUOHDOIXRFRFRQ ROLR FLSROOD SUH]]HPROR H VDOH 4XDQGR OD FDUQH VDUj URVRODWD VIXPDUH FRQ YLQR ELDQFRDJJLXQJHUHTXDOFKHPHVWRORGLEURGRLQGLODVFLDUHFXRFHUHSHUDOFXQLPLQXWL $FRWWXUDXOWLPDWDYHUVDUHVRSUDWUHWXRUOLG·XRYRIUXOODWLHVWHPSHUDWLFRQXQELFFKLH UHGLODWWHPHVFRODQGRYHORFHPHQWHRQGHHYLWDUHFKHLOOLTXLGRULSUHQGDLOEROORUH 3RFR GRSR ULWLUDUH GDO IXRFR OD FDVVHUXROD YHUVDUH LQ XQ SLDWWR FDOGR OD FRUDWHOOD LQVLHPHFRQODVXDVDOVDVSUHPHUHXQOLPRQHHVHUYLUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 3XJOLD ,16$&&$72',0$,$/(´/$118**+-(µ&21/$9(5=$ ,QJUHGLHQWLXQSH]]RGL´ODQQXJJKMHµqXQLQVDFFDWRGLEXGHOODGLPDLDOHSXOLWH VDODWHHFRQGLWHFRQSHSHURQFLQRLQVHULWHLQXQEXGHOORSLJUDQGHHSRLIDWWRHVVLF FDUHXQDFLSROODSRPRGRULQLXQDYHU]DSHFRULQRJUDWWXJLDWRROLRG·ROLYD 3UHSDUD]LRQH6EULFLRODUHLO´ODQQXJJKMHµLQROLRFDOGRLQVLHPHDOODFLSROODDIIHWWDWD VRWWLOPHQWH4XDQGRODFLSROODVDUjGRUDWDXQLUHLSRPRGRULQLHIDUFXRFHUHSHUTXDO FKHPLQXWR$JJLXQJHUHXQSR·G·DFTXDHFRQWLQXDUHODFRWWXUDDIXRFROHQWR/HVVDUH DSDUWHODYHU]DVFRODUODHSDVVDUODLQSDGHOODLQVLHPHDOO·LQVDFFDWRVEULFLRODWR&RQ GLUHFRQLOSHFRULQRHVHUYLUH /DGLIIHUHQ]DWXWWDYLDWUDODFXFLQDGHOODSDUWHPHULGLRQDOHGHOOD3XJOLD HGHOOH]RQHYLFLQHDOPDUHULVSHWWRDTXHOODGHO1RUGHGHOO·HQWURWHUUDFRQVL VWHQHOO·XVRTXRWLGLDQRGHOOHHUEHPHGLWHUUDQHHLQWXWWHOHSLHWDQ]HDEDVHGL FDUQH/HHUEHFRPHODVDOYLDLOURVPDULQRO·DOORURODPRUWHOODHDYROWHLO SHSHURQFLQRGLYHQWDQRSDUWHLQWHJUDQWHGHOODFXFLQDGHOWHUULWRULRHTXHVWD FDUDWWHULVWLFD ULPDQH O·XQLFD GLIIHUHQ]D QHOOD SUHSDUD]LRQH GL SLDWWL VSHVVR VLPLOLDTXHOOLGHOODFXFLQDGHO1RUGGHOODUHJLRQH7UDLSLDWWLGLFDUQHSURSR VWLGDOODULVWRUD]LRQHSXJOLHVHQRQqTXLQGLUDURWURYDUHWXUFLQLHGGLLQYROWLQL GL IUDWWDJOLH GL DJQHOOLQR FHUYHOOR GL YLWHOOR LPSDQDWR H IULWWR FDSX]]HOOD DOIRUQRWHVWLQDGLDJQHOORFDGGDURWWRLQWHULRUDVWXIDWHWLHOODGLFDYDOOR FD]]HPDUUHFRUDWHOODHEXGHOODGLDJQHOOROLQJXDGLYLWHOORPXVFLVFDFDUQH GLFDSUDVHFFDWDDOVROHFX]]HWWLPXVRH]DPSHGLPDLDOHQHUYHWWLLQLQVD ODWDWLELHHJLQRFFKLGLYLWHOORVDQJXLQDFFLRVDQJXHGLDJQHOOLQRRPDLDOH /(556*633()69(;6 ,UaH)\VUMYH[L :\ZHUUH4HYPHUP:HUNPV]HUUP -YHUJH7VY[VNOLZL:[PNSPHUV =PUJLUaV9PaaP 5\UaPH=HSLU[PUV $FFDGHPLD,WDOLDQDGHOOD&XFLQD % %DVLOLFDWD %DVLOLFDWD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD %DVLOLFDWD 35(=,26$)217(',3527(,1((',3,$77,68&&8/(17, /DUHJLRQHqPRQWXRVDVLWDDULGRVVRGHOO·$SSHQQLQRHSHUVHFROLKD YLVWR LO SUHGRPLQLR HFRQRPLFR GHOOD SDVWRUL]LD H GHOO·DJULFROWXUD ,Q WDOH FRQWHVWRVRFLRHFRQRPLFRFXOWXUDOHOHSURSULHWjHUDQRIUD]LRQDWHHLOFRQ WDGLQRPHGLROXFDQRGLVSRQHYDGLXQSLFFRORDSSH]]DPHQWRGLWHUUHQRFKH VHUYLYDSHULOIDEELVRJQRGHOODSURSULDIDPLJOLDHSHUJHQHUDUHTXHOSR·GL UHGGLWRSHULELVRJQLSULPDUL*OLDQLPDOLDOOHYDWLGXQTXHHUDQRSHUORSL XWLOL]]DWLFRPHDYYHQLYDLQDOWUHUHJLRQLSHUODYHQGLWDLOFXLULFDYDWRVHU YLYDSHUO·DFTXLVWRGLEHQLQRQSURGRWWLGLUHWWDPHQWH /D PDFHOOD]LRQH HUD VSHVVR GRPHVWLFD H DWWHVR FKH OD SDUWH QRELOH YHQLYDFHGXWDLQFDVDVLXWLOL]]DYDQROHIUDWWDJOLHSLIDFLOPHQWHGHSHULELOL &RPHVSHVVRDFFDGHODQHFHVVLWjDJX]]DO·LQJHJQRHGDTXHVWHSDUWLPDU JLQDOLVLULXVFLYDDWUDUUHGHLSLDWWLVXFFXOHQWLROWUHFKHXQEXRQDSSRUWRGL SURWHLQHGLFXLWDQWRELVRJQRYLHUDQHOODGLHWDFKHLQJHQHUHYHGHYDVROR FDUERLGUDWL*UD]LHDGXQ·HVLJHQ]DGLRUGLQHHFRQRPLFRFKHGLIUHTXHQWH FRQGL]LRQD PROWH VFHOWH VL q GDWR FRUVR DOOD YDORUL]]D]LRQH GL SDUWL PDU JLQDOL GHJOL DQLPDOL FKH SXU ULFKLHGHQGR PROWR ODYRUR SHU OD SUHSDUD]LR QHFRQVHQWLYDQRGLWUDUUHJLRYDPHQWRGDHOHPHQWLFKHLQPRPHQWLVWRULFL GLYHUVLVRQRGLYHQXWLVFDUWLQRQSLXWLOL]]DWLHLQDOFXQLFDVLVFRQRVFLXWLR DGGLULWWXUDYLHWDWLHFRPXQTXHGLGLIÀFLOHUHSHULPHQWR ,OGLVFRUVRGHOO·XWLOL]]RGLSDUWLPDUJLQDOLRYYLDPHQWHYHQLYDHVWHVR DWXWWLJOLDQLPDOLHQXOODYHQLYDODVFLDWRLQXWLOL]]DWRDSDUWLUHGDYLVFHUH LQWHVWLQLHWULSSDSDVVDQGRSHULQWHULRUDH]DPSHVLQRDJLXQJHUHDOOHWHVWH $FFDGHPLD,WDOLDQDGHOOD&XFLQD %DVLOLFDWD /·LQWHUHVVHHODIDQWDVLDRYYLDPHQWHYHGHYDTXDOLDQLPDOLSLXWLOL] ]DWLTXHOOLSLIDFLOPHQWHGLVSRQLELOLRYYHURLSROOLLOPDLDOHHO·DJQHOOR WHQXWRFRQWRFKHPROWHSUHSDUD]LRQLULJXDUGDQWLOHIUDWWDJOLHSUHVFLQGHYDQR GDOO·DQLPDOHGLSURYHQLHQ]D ,O SROOR DYHYD XQ XWLOL]]R FRPSOHWR WROWH OH SLXPH LO UHVWR HUD WXW WRFRPPHVWLELOH6HHUDGHVWLQDWRDOODYHQGLWDYHQLYDSULYDWRGLLQWHULRUD WHVWDH]DPSHHGLHVVRVLUDFFRJOLHYDSHUVLQRLOVDQJXH/HLQWHULRUDHUDQR XWLOL]]DWHSHUXQVRIIULWWRFRQDEERQGDQWHROLRSHSHURQFLQRHFLSROODRYH VLIDFHYDQRURVRODUHSHUSRLPDQJLDUOHFRQJUDQGHTXDQWLWjGLSDQHLQ]XS SDWRQHOO·ROLRGHOVRIIULWWRVWHVVR,OVDQJXHUDFFROWRDOPRPHQWRGHOO·XF FLVLRQHYHQLYDVXELWRVRIIULWWRLQROLRHJXVWDWRFDOGR,OSLDWWRSUHQGHYDLO QRPHGLVDQJLD6LUDFFRJOLHYDLQXQUHFLSLHQWHLOVDQJXHGLDJQHOORRSROOR DSSHQDXFFLVRHVLODVFLDYDULSRVDUHÀQFKpGLYHQWDYDGHQVRHFRPSDWWR6L LPPHUJHYDQHOO·DFTXDEROOHQWHVDODWDSHUFLUFDPLQXWL8QDYROWDFRWWR VLWDJOLDYDDIHWWHHTXLQGLVLVRIIULJJHYDLQXQDSDGHOODFRQROLRHFLSROOD 7HVWD H ]DPSH H PDJDUL DQFKH LO FROOR FRQFRUUHYDQR FRQ TXDOFKH YHUGXUD DOOD SUHSDUD]LRQH GL XQ EHO EURGR LQ FXL VSHVVR VL DJJLXQJHYDQR WDJOLROLQLIDWWLLQFDVD 6WHVVRGLVFRUVRSHUO·DJQHOORQXOODVLVSUHFDYD/DWHVWLQDDQGDYDLQ IRUQR FRQ OH SDWDWH HG HUD XQ SLDWWR DVVROXWDPHQWH SUHOLEDWR DQFKH SHU FKp LO FHUYHOOR DVVXPHYD XQD FRQVLVWHQ]D FUHPRVD H YHQLYD VSDUWLWR WUD L FRPPHQVDOL/DWULSSDGRSRXQDSXOL]LDDFFXUDWDVHUYLYDSHUSUHSDUDUHL 75,33$5,3,(1$08*/,8/$7,('' ,QJUHGLHQWLWULSSDGLDJQHOORJGLPROOLFDGLSDQHXRYDJGLIRUPDJJLR JGLVDOVLFFLDVDOHSHSHSUH]]HPROR 3UHSDUD]LRQH3UHSDUDUHXQLPSDVWRGLPROOLFDVEULFLRODWDXRYDIRUPDJJLRVDOVLFFLD DSH]]HWWLXQSL]]LFRGLVDOHSHSHHXQSR·GLSUH]]HPRORWDJOLDWRÀQHPHQWH8QD YROWDRWWHQXWRXQLPSDVWRPRUELGRLQWURGXUORQHOODWULSSDODTXDOHSRLVDUjFXFLWD DVVXPHQGROHVHPELDQ]HGLXQDSDOOD,QXQDSHQWRODSUHSDUDUHXQEURGRFRQXQSR·GL FLSROODXQSH]]RGLVHGDQRHXQDFDURWDHDSSHQDLOEURGREROOLUjLQWURGXUUHODSDOOD ULSLHQD/DVFLDUHFXRFHUHSHUFLUFDXQ·RUD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD %DVLOLFDWD PXJOLXODWLHGG YHQLYD FLRq XWLOL]]DWD SHU IDU GD FRQWHQLWRUH DG XQ ULSLHQR GLIRUPDJJLRXRYDSH]]HWWLGLVDOVLFFLDSUH]]HPRORDJOLRHSHSHHGRSR XQDFXFLWXUDDPR·GLSDOOLQHTXHVWHYHQLYDQRFRWWHLQEURGR7DOHXWLOL]]R GDYD YLWD DG XQ SLDWWR DVVDL JXVWRVR SRLFKp L WDJOLROLQL YHUVDWL QHO EURGR FKHFRQWHQHYDTXDOFKHSH]]HWWLQRGLULSLHQRUDSSUHVRSUHQGHYDQRLOJXVWR GHOGHOL]LRVRULSLHQRGLFXLVLqGHWWR(UDXQSLDWWRDVVDLODERULRVRSHUFKp ULFKLHGHYDGXHJLRUQLGLSUHSDUD]LRQHXQRSHUODYDUHHUDVFKLDUHODWULSSD LOVHFRQGRSHUODSUHSDUD]LRQHGHJOLDOWULFRPSRQHQWLGHOODULFHWWD(GqSHU TXHVWRFKHLOSLDWWRqRUPDLTXDVLVFRPSDUVRGLYHQXWRLQFRPSDWLELOHFRQL WHPSLDVVDLULVWUHWWLFKHVLGHGLFDQRDOODSUHSDUD]LRQHGHOFLER 6HPSUHFRQO·DJQHOORRPHJOLRFRQOHLQWHULRUDVLSUHSDUDYDXQVRIIULW WRFRQXQDEDVHGLDEERQGDQWHFLSROODLQFXLVLLQL]LDYDDGLQWURGXUUHSULPD LOSROPRQHSRLFXRUHHPLO]DHLQXOWLPRLOIHJDWR9LVRQRGXHYDULDQWLGL TXHVWDULFHWWDXQDLQELDQFRRYHGDVXELWRVLDJJLXQ JRQRDQFKHSDWDWHDFXEHWWLHVLODVFLDFXRFHUHLOWXW WRO·DOWUDFRQODVDOVDFKHVLDJJLXQJHDOPRPHQWR LQFXLVLLQL]LDDFXRFHUHLOSROPRQH(QWUDPEHVRQR JXVWRVLVVLPHHVSHVVRYHQJRQRJXVWDWHDQFKHIUHGGH $OWUD VTXLVLWH]]D FRQ O·DJQHOOR q LO EURGR 'HOO·DJQHOOR VL SUHQGRQR OH VSXQWDWXUH H VL WDJOLD OD SDQFHWWDFKHVLGLYLGHDPR·GLWDVFDDSUHQGRODDSRU WDIRJOLR 6L SUHSDUD XQ ULSLHQR FRQ SDQJUDWWDWR XRYD IRUPDJJLR JUDWWXJLDWR SUH]]HPROR DJOLR H SHSH H VL ULHPSLHODWDVFDULFDYDWDGDOODSDQFHWWD6LSUHSDUDXQD EDVH YHJHWDOH SHU LO EURGR H VL LQWURGXFH OD SDQFHWWD ULSLHQDFRQOHSDUWLWHUPLQDOLGHOFRVFLRWWRFKHVROLWDPHQWH KDQQRSRFDFDUQHHOHDOWUHSDUWLFKHQHOWDJOLRLQSH]]LGHOO·DJQHOORULVXO WDQRSRFRLQFOLQLDOO·DUURVWR'RSRXQDOHQWDHOXQJDFRWWXUDLOEURGRVDUj SURQWRHLOVXRSURIXPRqXQRGLTXHOOLFKHUHVWDQRQHOODPHQWHHQHLULFRUGL ,OPDLDOHULYHVWHLOUXRORSULQFLSDOHQHOO·XVRGHOOHIUDWWDJOLHFKHKDLQ Vp LO ULFRUGR GL FRQVXHWXGLQL FKH QHOOD FXOWXUD FRQWDGLQD VRQR GLYHQWDWH ULWXDOL YHUL H SURSUL ,O ULWXDOH GHOO·XFFLVLRQH GHO PDLDOH VHEEHQH SUHVHQ WLDOFXQLDVSHWWLFUXGHOLDQFRUDqSUDWLFDWRQHOO·HQWURWHUUDVHFRQGROHSL ULJLGHWUDGL]LRQL8QDYROWDXFFLVRLOPDLDOHVLDSSHQGHSHULWHQGLQLGHJOL $FFDGHPLD,WDOLDQDGHOOD&XFLQD %DVLOLFDWD DUWLSRVWHULRULHYLHQHVXELWRDSHUWR6LSURFHGHDOUHFXSHURGLLQWHVWLQLH LQWHULRUD*OLLQWHVWLQLYHQJRQRVXELWRSRUWDWLDOOHGRQQHFKHSURFHGRQRD ULYROWDUOLHODYDUOLOHLQWHULRUDLQYHFHYHQJRQRVXELWRPHVVHDGLVSRVL]LRQH GHO GHFDQR GL IDPLJOLD FKH LQL]LD LO ULWXDOH GHO ´VRIIULWWRµ 6L FRQWLQXD DG HVWUDUUHODYHVFLFDFKHRVSLWHUjSRLODVXJQDHVLSURFHGHSRLDGLYLGHUHLQ GXHSDUWLLOPDLDOHFRQO·DXVLOLRGLXQ·DVFLDDIÀODWLVVLPDHXQPDUWHOOR/H ´PH]]HQHµYHQJRQRODVFLDWHLQXQORFDOHIUHVFRSHUDOPHQRXQDQRWWH0HQ WUHOHGRQQHVLRFFXSDQRGHOGHOLFDWRFRPSLWRGLSUHSDUDUHLOVDQJXLQDFFLR HODYDUHJOLLQWHVWLQLÀQRDOFDQGRUHSLDVVROXWRPRPHQWRLQFXLYHQJRQR SRVWL D ULSRVDUH LQ DFTXD VDOH H VFRU]HWWD G·DUDQFLD JOL XRPLQL YDQQR DG DVVLVWHUHLOGHFDQRSHUODSUHSDUD]LRQHGHOVRIIULWWR7HUPLQDWRLOWDJOLRGHOOH LQWHULRUDLQSLFFROLSH]]LWHQHQGROHGLYLVHSHUWLSRORJLDVLSRQHDVFLRJOLHUH 62))5,772',,17(5,25$',$*1(//220$,$/( ,QJUHGLHQWLSHUSHUVRQHRLQWHULRUDGLDJQHOORRNJGLLQWHULRUDGLPDLDOH FXRUHSROPRQHIHJDWRPLO]DURJQRQHPH]]RELFFKLHUHGLYLQRPH]]RELFFKLHUHGL DFHWRVSLFFKLG·DJOLRVDOHODXURURVPDULQRFLSROODFHUDVHOODROLR 3UHSDUD]LRQH0HWWHUHDVRIIULJJHUHODFLSROODHO·DJOLRDSSHQDLPELRQGLWLDJJLXQ JHUHOHLQWHULRUDWDJOLDWHDSH]]HWWLHJOLRGRULRJQLWDQWRGXUDQWHODFRWWXUDYHUVDUHLO YLQRHO·DFHWRDVSHWWDQGRFKHHYDSRULQR8QDYROWDFKHWXWWRVDUj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q FRWWR 6L VXROH DJJLXQJHUH DOO·XOWLPR PLQXWR TXDOFKH SHSHURQHFKHDOFXQLXVDQRVHFFKLDOWULXVDQRVRWWRDFHWR'XUDQWHWXWWDOD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD %DVLOLFDWD FRWWXUDVLJLUDLOVRIIULWWRFRQXQDSDOHWWDGLOHJQRVHQ]DPDLIHUPDUVL'RSR DYHUFRQVXPDWRTXHVWRSLDWWRFKHFRPSDUHVXOOHWDYROHVRORLQRFFDVLRQH GHOO·XFFLVLRQHGHOPDLDOHVLSURVHJXHODVHUDWDDOVXRQRGLXQRUJDQHWWRHGL FDQWLSRSRODUL 'HOPDLDOHQRQVLFRQVXPDQRVROROHIUDWWDJOLHPDDQFKHLWDJOLROHSDU WLPDUJLQDOLFKHYHQJRQRXWLOL]]DWHSHULQVDSRULUHSLDWWLSRYHUL/·RUHFFKLR SHUFXFLQDUORFRLIDJLROLLOSLHGHSHUFXFLQDUORFRQYHUGXUHODFRWLFDSHU IDUHLPHUDYLJOLRVLLQYROWLQLFKHFRQFRUURQRDUHDOL]]DUHXQUDJGHOL]LRVRR YDQQRDGDUULFFKLUHXQD]XSSDGLIDJLROL$QFKHOHRVVDVRQRXVDWHSHUEURGL GLYHUGXUHGRYHODSUHVHQ]DGLXQTXDOVLDVLSH]]RGLPDLDOHFRQVHQWLYDGL SRWHULQVDSRULUHHPROWRVSHVVRLQFRQVDSHYROPHQWHGLDUULFFKLUHO·DSSRUWR GLJUDVVRHSURWHLQHFKHHUDQRLQSDVVDWRWDQWRSUH]LRVL &27(&+,1$7$ ,QJUHGLHQWL FRWHQQH GL PDLDOH WDJOLDWH SRFR VSHVVH J GL ODUGR R SDQFHWWD LQ IHWWLQHVRWWLOLFRQVHUYDGLSRPRGRURVSLFFKLG·DJOLRSHSHURQFLQLVWUXWWRSUH] ]HPRORVDOH 3UHSDUD]LRQH6RIIULJJHUHQHOORVWUXWWRO·DJOLRLOSUH]]HPRORHLSHSHURQFLQLWULWDWL DVVLHPH6EROOHQWDUHSHUPLQXWLOHFRWHQQHWDJOLDWHLQTXDGUDWLGLFLUFDFPGL ODWRVSDOPDUOHFRQLOWULWRHSRLFRSULUOHFRQOHIHWWLQHGLODUGR$UURWRODUHOHFRWHQQH HIHUPDUOHFRQXQRVWX]]LFDGHQWL,QXQWHJDPHODUJRSUHSDUDUHXQVXJKHWWRFRQOD FRQVHUYDGLSRPRGRUR6LVWHPDUHDIÀDQFDQGROLJOLLQYROWLQLQHOWHJDPHHFXRFHUOLD IXRFRSLXWWRVWRDOWRSHULOWHPSRQHFHVVDULR /(556*633()69(;6 .P\Z[PUV+VUVMYPV+*:; $FFDGHPLD,WDOLDQDGHOOD&XFLQD & &DODEULD &DODEULD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DODEULD /$&8&,1$&58'(/( ËTXHVWRLOWLWRORGLXQYROXPHWWRDOTXDOHFRUUHLOSHQVLHURULÁHWWHQGR VXIHJDWRFXRUHWULSSDDQLPHOOHHFFROWUHFKHVXOVDQJXHFKHFRPHHVFOD PD 0HÀVWRIHOH QHO )DXVW GL *RHWKH q XQ OLTXLGR GHO WXWWR VSHFLDOH ´HLQ JDQ]EHVRQGHUVDIWµVRWWROLQHDQGRO·HFFH]LRQDOHLPSRUWDQ]DHLPROWHSOLFL VLJQLÀFDWLVLPEROLFLDWWULEXLWLJOLLQWXWWHOHFXOWXUHSHULOVXRSRWHUHYLYLÀ FDQWHULJHQHUDWRUH 'XHFRQVLGHUD]LRQLLQDSHUWXUDGLGLVFRUVRVXOODHVFOXVLRQHGHOOHIUDW WDJOLHGDLFLELFRQVLGHUDWLIHPPLQLOLHODORURLQFOXVLRQHLQTXHOOLSRSRODUL SHUHVVHUHFFHOOHQWLQRQGDRJJLPDGDVHPSUHDOPHQRGDHWjVWRULFDLQSRL ËQRWRFKHOHRFFDVLRQLSHULOFRQVXPRGLFDUQHHUDQRTXHOOHDOGLIXRUL GHOODTXRWLGLDQLWjQHOFRUVRGLEDQFKHWWLFDUDWWHUL]]DWLGDPDUFDWHULWXDOLWj ,OVDQJXHYHQLYDHYLHQHFRQVXPDWRSUHYDOHQWHPHQWHLQRFFDVLRQHRLQ SURVVLPLWjGHOODPDFHOOD]LRQHSHUFKpDVVXQWROLTXLGRRSHUFKpIDFLOPHQWH GHSHULELOH $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DODEULD ´*OLXRPLQLFKHDPPD]]DYDQRLOPDLDOHVFULYH7HWL,OSDQHODEHIID HODIHVWDRFFXSDQGRVLGHOOH6HUUHYLERQHVLXQWHPSRFDWDQ]DUHVL EHYHYDQRXQELFFKLHUHGLVDQJXHSHUFKpVLULWHQHYDFKHGHVVHIRU]D2JJLLO VDQJXHGLPDLDOHQRQqSLEHYXWRµ&ROVDQJXHGLPDLDOHVLIDFHYDDQFKHLO ´VDQJXQD]]XµVDQJXLQDFFLRVLPHWWHYDLOVDQJXHQHOOHEXGHOODFKHYHQL YDQREROOLWHQHOO·DFTXDHSRLVLPDQJLDYDFROSDQH'DTXDOFKHWHPSRFRO VDQJXHGLPDLDOHVLIDXQDVSHFLHGLFUHPDPROWRULFHUFDWDFKHVLRWWLHQH DJJLXQJHQGRDOVDQJXH]XFFKHUREXFFHGLOLPRQHRGLDUDQFHQRFLPDQ GRUOHHDYROWHFDFDRHFLRFFRODWR2WWLPRHUDFRQVLGHUDWRLOVDQJXLQDFFLR GLFDSUDFDSUHWWRRSHFRUDFRQOHHUEH/·XVRVLPDQWLHQHLQDOWHUDWRLQSDHVL FRPH6DYHOOLLQSURYLQFLDGL&URWRQHPDODVWRULDFRPHVHPSUHqOXQJD QHOVHQVRFKHWXWWRYLHQHGDORQWDQR 1HOO·2GLVVHDVLSDUODVLVDOVLFFHLQFXLLOVDQJXHqXQRGHJOLLQJUHGLHQWL $QWLQRRQHOPRPHQWRLQFXLVWDSHULQL]LDUHODVÀGDWUD,URH8OLVVHSURSR QHSHULQFLWDUHLFRQWHQGHQWLDOODORWWDGLDVVRFLDUHLOYLQFLWRUHDOEDQFKHWWR FKHVHJXLUjHDJOLDOWULIXWXULFRPHFRQYLWDWRDELWXDOH /$6),'$75$,52(8/,66( (G$QWLQRRFRVu1RELOL3URFL VHQWLWHXQSHQVLHUPLR'LTXH·YHQWULJOL GLFDSUHFKHGLVDQJXHHJUDVVRHPSLXWL VXOIRFRVWDQSHUODIXWXUDFHQD VFHOJDTXDOSLYRUUjFKLYLQFHHTXLQGL G·RJQLQRVWURFRQYLWRDSDUWHVLD QpSLWUDQRLV·DJJLULDOWURFHQFLRVR 8OLVVH SRL FKH VROR QHO YHVWLEROR GHO VXR SDOD]]R VL VGUDLD VX XQ JLDFLJOLRGLSHOOLGLEXHPDQRQSXzSUHQGHUHVRQQRVLYROWDHVLULYROWDVXL ÀDQFKLFRPHXQRJLUHUHEEHFRQWLQXDPHQWHVXOOHÀDPPHXQDVDOVLFFLDSLHQD GL VDQJXH H JUDVVR SHU SRUWDUOD D JLXVWD FRWWXUD 5LOHYDQWH FRPXQTXH LO IDWWRFKHSXUWUDWWDQGRVLGLFLERDEEDVWDQ]DFRPXQHQHOFDVRVSHFLÀFRHUD SUHSDUDWRSHUXQEDQFKHWWRGLSULQFLSL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DODEULD 1HOO·DQWLFD5RPDLOUHJLPHDOLPHQWDUHQRQGLIIHULYDPROWRGDTXHOOR JUHFR/HYL5RPDDQWLFDULFRUGDFKH´VLYHQGHYDQRDQFKHSH]]HWWL GLFDUQHPDJUDGDFRQVXPDUHIULWWDRDUURVWLWDLQSLFFROLVSLHGLPHQWUHLO VDQJXHOHWULSSHHWXWWHOHLQWHULRUDYHQLYDQRODUJDPHQWHFRQVXPDWHGDLFHWL PHQRDEELHQWLµ 1HO 0HGLRHYR IX XQ·RUJLD GL VDQJXLQDFFL GL FXL UHVWD WUDFFLD QHOOD FXFLQDLWDOLDQDQRQRVWDQWHLOVLOHQ]LRGHLULFHWWDULUHFHQWL 1HOULFHWWDULRFDODEUHVHFRPSDUHLOVDQJXHIULWWRFRQDJOLRHSHSHURQ FLQRHDOIRUQRFRQDOORURHVHPLGLÀQRFFKLREROOLWRHSDVVDWRLQSDGHOOD FRQFLSROODHYHUGXUHVHOYDWLFKHQHOOHFUHPHGROFLDVVRFLDWRDPLHOHGLÀFKL RDFLRFFRODWRJKHULJOLGLQRFLEXFFLDG·DUDQFLDJUDWWXJLDWDPROOLFDGLSDQH FDVDUHFFLRUDIIHUPRQHOODWRUWDGROFHGLVDQJXLQDFFLRFROULVR ,/75,21)2'(//(,17(5,25$ 'HFLQHOHSLHWDQ]HGLIHJDWRGLPDLDOHRGLDOWULDQLPDOLGDOOD]XSSDLQ FXLULVXOWDDVVRFLDWRDOSROPRQHDOODVDOVLFFLDVWDJLRQDWDRIUHVFDFRQEURF FROLGLUDSDGDOOHSROSHWWHDYYROWHQHOO·RPHQWRHFRWWHQHOEURGRGLPDLDOH RIULWWHDOODYHUVLRQHD´SRUWDIRJOLRµRVVLDULSLHQRDTXHOODDOODPDQLHUD GL5HJJLR&DODEULDFRQFLSROOHSDWDWHDOORURSUH]]HPRORDFHWR'DQRQ GLPHQWLFDUHODFRWWXUDDOODJULJOLDQHOODUHWHFRQO·REEOLJDWDIRJOLDGLDOORUR RTXHOODGHOL]LRVDLQWHJDPHFRQIXQJKL ,OFXRUHGLPDLDOHVLIDUFLVFHDSHUWRFRQDJOLRSUH]]HPRORRULJDQR VLFXRFHEDJQDWRG·ROLRVSUX]]DWRGLVDOHLQFDUWDROHDWDQHOODFHQHUHFDOGD GHOIRFRODUH 7ULSSDHEXGHOODGHOSROORDYYROWHDXQJDPER GLSUH]]HPRORVLHVDOWDQRQHOEURGRPHQWUH ODWULSSDGLDJQHOORRFDSUHWWRYDDQR]]H FROFDYRORFDSSXFFLRFRQPHODQ]DQHH SDWDWHFRQSHSHURQLVHPSUHHFRPXQ TXH FRQ DJOLR FLSROOD H SHSHURQFLQR REEOLJDWRULDPHQWHLQIXRFDWRSLFFDQWH ,OWULRQIRGHOOHLQWHULRUDVLKDQHJOL $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DODEULD 03:6--90;;6+,.30+,0 3H ]P[H YLSPNPVZH LYH PU[LUZH L ]HYPH Z[HU[L PS NYHU U\TLYV KLNSP KLP JOL IPZVNUH]HVZZLX\PHYL0U[\[[LSLVYL ZPZHJYPÄJH]HHX\LZ[VVHX\LSKPV JVUNYHUZVKKPZMHaPVULKLPZHJLYKV[P HP X\HSP UVU THUJH]H THP SH JHYUL MYLZJH 0UWYVWVZP[VuVWWVY[\UVHWYPYL\UH WHYLU[LZP WLY YPMLYPYL \UH J\YPVZP[n PNUVYH[HKHNSPZ[VYPJPKPWYVMLZZPVUL *VT»u UV[V P ZHJYPÄJP H]]LUP]HUV TLKPHU[LS»\JJPZPVULKP\UHUPTHSL JHWYL[[V WLJVYH THPHSL V ]P[LSSV Z\SS»HS[HYLKLS[LTWPVVPU\UHWPHa aHHSJVZWL[[VKLSW\IISPJVKLPMLKL SP7LY[YHYYLNSPH\ZWPJPPU[LYLZZH]HUV ZVS[HU[VSLPU[LYPVYHPSYLZ[VKPKL[[L JHYUP ]LUP]H [YH[[LU\[V PU WYVWYPV KHS ZHJLYKV[L V]]LYV KPZ[YPI\P[V HP Z\VP WHYLU[P L HTPJP 3L PU[LYPVYH KV]L]HUV LZZLYL PU[LYWYL[H[L TLU [YLHUJVYHLYHUVM\THU[PLWLY\UH SL[[\YH ZPJ\YH L KP [\[[V YPWVZV ZP WYLMLYP]H WVYSL LU[YV NYHUKP [YPWVKP KP MLYYV ZV[[V P X\HSP ZP HJJLUKL]H PS M\VJV 0UZPLTL HSSL PU[LYPVYH ZP MHJL]HUVIY\JPHYLULS[YPWVKLMVNSPL KPHSSVYVLHS[YLLYILHYVTH[PJOLKP ZPNUPÄJH[V ZHJYV (SJ\UP ZHJLYKV[P WLY LZZLYL JLY[P KP UVU ZIHNSPHYL SH SL[[\YHKLSYLZWVUZV\ZH]HUVHZZHN NPHYLSLPU[LYPVYHTLU[YLMYPNNL]HUV PUWHKLSSHLX\HSJ\UV\UILSNPVYUV ZPHJJVYZLJOLLYHUVI\VULKHTHU NPHYL(]]LUULJVZyJOLHNNP\UNLU KV VNNP \U WV» Ky ZHSL KVTHUP \U WV» KP WLWL M\ PU]LU[H[V PS MHTVZV ¸Z\MMYP[[\¹LKLJJVZWPLNH[HSHYHNPV ULWLYJ\PX\LZ[HZ\JJ\SLU[HWPL[HU aH JVZ[P[\PZJL \UH ZWLJPHSP[n KLSSL JVU[YHKL JHSHIYLZP HS[YV]L IHYIHYP JHTLU[LPNUVYH[H *HYSV)HJJLSSPLYP 9LNNPVLSH4HNUH.YLJPH LQYROWLQLDOIRUQRFRQO·XRYRXQDVSHFLHGLIULFDVVHDFROVXFFRGLOLPRQH FRQSDWDWHHSHSHURQLQHOORVSH]]DWLQRLQELDQFRIHJDWRFXRUHSROPRQH LQWHVWLQLFRQSHSHURQLYHUGLVRWWRDFHWRPDLQSDUWLFRODUHQHOODFDOGDLDGL UDPHGRYHFRQÁXLVFRQRLQRFFDVLRQHGHOODPDFHOOD]LRQHGHOPDLDOHRVVDH FRWHQQHOLQJXDFXRUHPLO]DHUHQLGDGLVWULEXLUHDLFRPPHQVDOLQHOEDQ FKHWWRULWXDOHDVVLHPHDOO·REEOLJDWDPLQHVWUDGLFDYRORQHOOHPD]]DFRUGH RVWLJOLROHSH]]LGLWULSSDIHJDWRHSROPRQHGLDJQHOORRFDSUHWWRDWWRUQR DLTXDOLVLDYYROJRQROHEXGHOODGHJOLDQLPDOLQHOPRUVHGGXFDWDQ]DUHVH VWXIDWRGLIHJDWRFKHYDFRQVXPDWRQHLYLFROLGHOODSDUWHSLDQWLFDHSRSR ODUHGHOODFLWWjHGHYHHVVHUHDQQDIÀDWRDEERQGDQWHPHQWHFRQYLQRIUHVFRH IUXWWDWRSHUDWWXWLUHLOSLFFDQWHGHOSHSHURQFLQR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DODEULD &LER ROWUH FKH GL FDVD GL VWUDGD GL RVWHULH H GL ÀHUH OH LQWHULRUD H XQDGHOOHÀHUHSLVXJJHVWLYHTXHOODGHOOD0DGRQQDGHOOD0LVHULFRUGLDVL WHQHYDODWHU]DGRPHQLFDGLVHWWHPEUHLQDPELHQWHFDPSHVWUHQHOWHUULWRULR GL6DQ0DUWLQRGL)LQLWDLQSURYLQFLDGL&RVHQ]D,YHQGLWRULHVSRQHYDQROD ORURPHUFHVRWWRJOLDOEHULHODFKLHVHWWDVXOFULQDOHGLXQDFROOLQDGRPLQDYD XQ·LPSRQHQWHLUUHTXLHWDPDVVDGLXRPLQLYRFLDQWLHDQLPDOLEHODQWL6XOOH GXHULYHGLXQWRUUHQWHFKHELVRJQDYDJXDGDUHEROOLYDQRVXIXRFKLGLOHJQD JUDQGLFDOGDLHGLUDPHSHUODSLHWDQ]DGLULWRWULSSDVDQJXHHSDWDWH /DWULSSDLQSDUWLFRODUHSULPDGLÀQLUHDOORURLQWHUQRHUDEDWWXWDFRQ WUROHSLHWUHSHULQWHQHULUODHODYDWDQHOO·DFTXDFRUUHQWHFKHVFHQGHYDGDL YLFLQLPRQWL6LPDQJLDYDODVDSLGDSLHWDQ]DVXWDYROHLPSURYYLVDWHGLOHJQR JUH]]RVHGHQGRVXFHSSLHVRUEHQGRLOYLQRG·REEOLJRSHUOHQLUHLOIXRFR GHOSHSHURQFLQRGDSLFFROLVSHVVLELFFKLHULGLYHWURVDJRPDWR /H LQWHULRUD DFFHGRQR VHPSUH SL DOOD GLPHQVLRQH GHO FLER VRJQDWRWHVWLPRQHGLXQWHPSRLQFXLODWDYRODGLYHQWDYDLO OXRJR QRQ XQLFR PD SULYLOHJLDWR GRYH VLGHUDOL GLVWDQ]H WHPSRUDQHDPHQWHVLDQQXOODYDQRLOFROORTXLRV·LQWHQ VLÀFDYD R ULSUHQGHYD UDSSRUWL IDPLOLDUL H DPLFDOL FRQÁXLYDQRUDIIRU]DWLQHLSLDFHULGHOODJROD 75,33$6$1*8((3$7$7( ,QJUHGLHQWLWULSSDEXGHOODIHJDWRSROPRQHHVDQJXHFRDJXODWRGLXQFDSUHWWRRGL XQDJQHOORJGLSDWDWHJGLSRPRGRULSHODWLIRJOLHGLEDVLOLFRSHSHURQFLQL SLFFDQWLROLRGLIUDQWRLRVDOH 3UHSDUD]LRQH 7DJOLDUH D SH]]L OD WULSSD SXOLWD H ODYDWD DWWRUQR DG DOFXQL GL HVVL DYYROJHUHOHEXGHOODODYDWHDFFXUDWDPHQWHLQDFTXDHVXFFRGLOLPRQHHVIUHJDWHFRQ VDOHJURVVR6HJXLUHORVWHVVRSURFHGLPHQWRFRQLOIHJDWRHLOSROPRQHLQPRGRGD RWWHQHUHXQDVHULHGLJRPLWROLQL7DJOLDUHLOVDQJXHDGDGLFRVuFRPHOHSDWDWHGRSR DYHUOHVEXFFLDWHHODYDWH0HWWHUHDFXRFHUHLOWXWWRFRQROLRGLIUDQWRLRSRFDDFTXD VDOHLSRPRGRULSHODWLVSH]]HWWDWLDEERQGDQWLIRJOLHGLEDVLOLFRLOSHSHURQFLQR6HU YLUHEHQFDOGRYHUVDQGRLQVFRGHOOHQHOOHTXDOLVLDVWDWRGLVWULEXLWRGHOSDQHGLPDLV VSH]]HWWDWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DODEULD 03469:,++< :PWYLWHYHHSS»HSIH5LPNYHUKPJHSKL YVUPNSPVZ[PNL[[HUVHZZPLTLPU[LYPVYH KP ]P[LSSV V KP WVYJV TPSaH MLNH[V WVSTVUP[YPWWHLJJL[LYHILUL[HNSPH [P H Z[YPZJL L W\SP[P ¯ 3HZJPHUV \U WV»ZVMMYPNNLYLHSLU[VM\VJVHNNP\U NVUVHIIVUKHU[PZZPTHZHSZHKPYVZZV WLWL HSSH WHWYPRH IHZPSPJV VYPNHUV [YLMVNSPLK»HSSVYV4LZJVSHUVHZZHN NPHUVZ»PULIYPHUVHX\LSMVY[LVKVYL JOLSPMHSHJYPTHYLLZ[HYU\[PYLLKVWV \U»VYL[[HSHWPL[HUaHuILSS»LWYVU[H (SSVYHHYYP]HPSMVYUHPVJVUSLWPaaLKP WHULTVSSLHWWLUHJV[[VVKVYVZVKP SPL]P[V.SPVZ[PSL[HNSPHUVSLHWYVUV WLY [YH]LYZV ]P ]LYZHUV \U TLZ[VSV K»PU[Y\NSPV L [HU[V [HU[V Z\NV HSSP ULHUV WVZJPH P IPJJOPLYP Z\S IHUJV Z[HJJHUV\UHJVSSHUHKPWLWLYVUJPUP HJPSPLNPHZJVWWPL[[HU[PJVTLWL[HYKP ZHS\[HUV WLY WYPTP PS U\V]V NPVYUV JVU\UTVYZLSSVPUTHUV +VTLUPJVAHWWVUL =PHNNPVPU*HSHIYPH ,/025=(//2',&$7$1=$52(',&52721( )RUVHDOORVJXDUGRGLFKLQRQDELWXDWRDIUHTXHQWDUOHOHRVVHUYLFRQ O·RFFKLR VROR FXULRVR GHO SDVVDQWH GLVWUDWWR H RFFDVLRQDOH OH FDQWLQHWWH H OH RVWHULH SRVVRQR DSSDULUH OXRJKL GLPHVVL H SRFR VXJJHVWLYL PD SHU FKL WUDVFRUUHDQFRUDODVXDJLRUQDWDGLRSHUDLRRGLFRQWDGLQRODFDQWLQHWWDFRQ OHVXHJUDQGLEURFFKHGLYLQRIUHVFRFRQODSDUWLWDDFDUWHFRQJOLDPLFLSXz UDSSUHVHQWDUHODVRODSRVVLELOHHYDVLRQH,VRFLRORJLKDQQRVHPSUHVRVWHQXWR FKHTXHVWLULWURYLVRQRYHULHSURSULFHQWULGLDJJUHJD]LRQHVRFLDOHGRYHSL IRUWHHVHQWLWRqLOVHQVRGHOOD´SLFFRODSDWULDµ8QDYROWDFHQ·HUDQRWDQWHGL FDQWLQHHRVWHULHXELFDWHQHOOHYLX]]HSLFDUDWWHULVWLFKHGHLYHFFKLTXDUWLHUL GHOOHFLWWjRGHLSDHVL,QTXHVWLORFDOLFRQSRFKLVROGLVLSRWHYDQRRUGLQDUH SLHWDQ]HFKHSHUODJXVWRVLWjVXSHUDYDQRGLJUDQOXQJDTXHOOHHODERUDWHGHOOH SLVLJQRULOLFXFLQH/DWULSSDLOVRIIULWWRORVSH]]DWLQRFRQSDWDWHLOEDF FDOjLQXPLGRHUDQRLSLDWWLSLWLSLFLHODFXFLQDDEERQGDQWHVRVWDQ]LRVDH PROWRVDSRULWDODVFLDYDJOLDYYHQWRULSLFKHVRGGLVIDWWL )LQR DO SULPR GRSRJXHUUD D &URWRQH VL FRQWDYDQR PROWH FDQWLQH H RVWHULHHUDQRXELFDWHQHOERUJRDQWLFRFRPHVXSSOHPHQWRHDSSHQGLFHGHOOD GLPRUDIDPLOLDUHPHQWUHOHRVWHULHFRQDPELHQWLXQSR·SLVSD]LRVLHUDQR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DODEULD VLWXDWH DOOD 0DULQHOOD VRWWR L SRUWLFL QHO PHUFDWR R LQ YLD &XWUR DSSHQD QHOSULPRVHJPHQWRGRYHVLVHQWLYDJLjRGRUHGLFDPSDJQD/HRVWHULHVL IDFHYDQR QRWDUH SHU O·RGRUH DGHVFDQWH GHO VXJR GHO PRU]HOOR H GHOOR VWX IDWR,OYLQROD´PXIIHWWDµFDOGDDSSHQDVIRUQDWDOHFLSROOHLÀQRFFKLOH WHVWHGLVHGDQROHFROODQHGLSHSHURQFLQLURVVLDSSHVLDOOHWUDYLGHOVRIÀWWR FRPSOHWDYDQRVXJJHVWLYDPHQWHLOTXDGURGHOOHYHFFKLHRVWHULHGL&URWRQH L FXL IUHTXHQWDWRUL DELWXDOL HUDQR VROLWDPHQWH GHO 0DUFKHVDWR FRQWDGLQL FRPPHUFLDQWLDPEXODQWLGLRJQLRUGLQHHJUDGR2JJLD&URWRQHPDSXUH DOWURYH DOFXQH GL TXHVWH FDQWLQHWWH H RVWHULH VRQR VRSUDYYLVVXWH H VRQR RUDFRQVLGHUDWHLWHPSOLGHOPDQJLDUEHQHGRYHLOFLERFRQVHUYDDQFRUDLO VDQRVDSRUHGHOOHDQWLFKHWUDGL]LRQLIDPLOLDUL/·DWWUD]LRQHJRORVDGHOFLER GHOO·RVWHULD q VHPSUH LO PRU]HOOR FKH DGHVFD FRQ L VXRL DUGRUL LQIHUQDOL ODSDWHUQLWjFHO·KD&DWDQ]DUR&RQWXWWDSUREDELOLWjqXQ·XVDQ]DFXFLQDULD SRUWDWD GD XQR GHL WDQWL SRSROL JUHFL ODWLQL DUDEL HEUHL QRUPDQQL VSD JQROL IUDQFHVL DOEDQHVL FKH KDQQR DELWDWR O·RVSLWDOH FLWWj GHOOD &DODEULD QHOOHQWRVFRUUHUHGHLVHFROL8QYHJOLDUGRVWRULFRGHOOHWUDGL]LRQLSRSRODUL ORFDOLVRVWHQHYDFRQFRQYLQ]LRQHFKHODULFHWWDGHOPRU]HOORVDUHEEHVWDWD HODERUDWD QHOOH SLFFROH FDVH GHOOD ÀRUHQWH FRORQLD HEUDLFD FKH YLVVH SHU OXQJKLVHFROLD&DWDQ]DURSURSULRDWWRUQRDOODVXD6LQDJRJDFKHVLWURYDYD GRYHRJJLVRUJHSDOD]]R)D]]DULWUDTXHJOLHEUHLFKHWDQWRFRQWULEXLURQR DOODULFFKH]]DHDOODIDPDGHOODFLWWj$OWULDQFRUDKDQQRGHWWRFKHLOPRU ]HOORVDUHEEHXQ·HUHGLWjVDUDFHQD0DODFRVDSLFHUWDqFKHTXHOORFKHL FDWDQ]DUHVLFKLDPDQR´PRU]HGGXµqGLYHUVRGDTXDOVLDVLDOWURPRU]HOORHVL SUHSDUDVRORD&DWDQ]DURJXVWDQGRORFRQXQSDQHVSHFLDOHOD´SLWWDµFKHq SXUHGLYHUVDGDOOHDOWUHSLWWHFKHVLSURGXFRQRLQ&DODEULD 4XHVWDRULJLQDOHHSUHOLEDWDSLHWDQ]DqVFRQRVFLXWDDOOHDOWUHFXFLQH UHJLRQDOL H QRQq GLIIXVD QHPPHQR QHL SDHVLGHO&DWDQ]DUHVH/·RULJLQH GHO WHUPLQH PRU]HOOR q VSLHJDWD QHO GL]LRQDULR HWLPRORJLFR LWDOLDQR FKH SRUWDODGHULYD]LRQHGDOODWLQRPRUVXVSDUWLFLSLRSDVVDWRGHOYHUERPRU GHUHPDQHOQXRYRGL]LRQDULRGLDOHWWDOHGHOOD&DODEULDLO5KROIVDWWULEX LVFHD´PRU]HGGXµQRQVRORLOVLJQLÀFDWRGLFROD]LRQHIUXJDOHFKHIDQQR LFRQWDGLQLQHOOHSULPHRUHGHOPDWWLQRPDDQFKHTXHOORFKHFLULSRUWD DO ´PRU]HGGXµ FDWDQ]DUHVH GL FLER FRPSRVWR GD LQWHULRUD GL YLWHOOR ,O &RWURQHLQHOYRFDERODULRFDODEURLWDOLDQRGLDOHWWRFDWDQ]DUHVHVLWURYD $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DODEULD G·DFFRUGRFRQLO5KROIV'DTXHVWHIUDPPHQWDULHGHÀQL]LRQLOLQJXLVWLFKH VLULFDYDFKHLQ&DODEULDLOPRU]HOORqLQJHQHUHODUXVWLFDFROD]LRQHPDW WXWLQDGHLFRQWDGLQL 6HFRQGR OD SL DQWLFD WUDGL]LRQH FXFLQDULD FDWDQ]DUHVH LO PRU]HOOR DXWHQWLFRqXQFDOGLVVLPRLQWLQJRORURVVRFRPSRVWRGDIUDWWDJOLHGLYLWHOOR L´GLMXQHGGLµFRQVHUYDGLSRPRGRURSHSHURQFLQRURVVRSLFFDQWHHDUR PL IUHVFKL GHOO·RUWR 0D DOWUH VRQR OH SUHSDUD]LRQL OH IUDWWDJOLH GL YLWHOOR VL SRVVRQR VRVWLWXLUH FRQ TXHOOH GL PDLDOH R GL FDSUHWWR R DGGLULWWXUD FRQ WULSSHYDULHRIULWWROHRFLFROLPDLFDWDQ]DUHVLGLYHFFKLRVWDPSRQRQVRQR G·DFFRUGRHLQIDWWL9LQFHQ]R&LWULQLWLQHOODVXDSRHVLD$FRVDUDUDVSLHJD DL SURIDQL FKH ´X PXU]HGGX FFX IULWWXOL L IULVXOLPLWL R WULSSD D OX UDJ q VFLFFKHULD VL XQD DYD SLWLWWX PD VXOX D FKLVVXSDWWXHQHQWDFFKL8GLMX QHGGX ¶QEHFLD q UDIÀQDWX XQX V·XSRPDQJLDUDDWXWWLO·XULDQ]L q QD FRVD EERQD SSR PDODWX VSHFLDGRSSXSURYDWLWXWWLLFXULµ 4XLQGLLOSLULQRPDWRPRU]HOOR FDWDQ]DUHVH q TXHOOR IDWWR FRQ L ´GLMXQHGGLµ $ &DWDQ]DUR XQ WHPSR LO PRU]HOOR VL JXVWDYD LQ SLHGL QHOOH´SXWLFKHGGLµQDVFRVWHQHOOH RPEURVH ´YLQHGGLµ GHOOD FLWWj YHF FKLD(VHHUDXQ·DUWHSUHSDUDUORELVRJQDYDJXVWDUORFRQDOWUHWWDQWDDUWH*OL HVWLPDWRULGHOPRU]HOORGLFRQRFKHODSLWWDPRUELGDHURWRQGDULHPSLWDFRQ O·LQWLQJROREROOHQWHYDWHQXWDVWUHWWDWUDOHPDQLDOOHGXHHVWUHPLWjODGHOL]LD YDSRLDIIURQWDWDUDSLGDPHQWHDPRUVLVHQ]DIHUPDUVLQRQFXUDQGRVLGHO VXJRFKHVFLYRODGDLGXHODWLGHOODERFFD&ROPRU]HOORVLEHYHYLQRURVVR QRQYLJRURVRPDOHJJHURGLFROOLQD2JJLLOPRU]HOORULVFKLDGLÀQLUHWUDL ULFRUGLSHUFKpJOLDXWHQWLFLDUWLVWL´PRU]HGGDULµVRQRULPDVWLLQSRFKL $&URWRQHLQYHFHVSHFLHLQTXHVWLXOWLPLWHPSLVLVWDULVYHJOLDQGRXQ FHUWRLQWHUHVVHSHUODFXFLQDSRYHUDFDODEUHVHWDQWRFKHQHOFHQWURVWRUL FRGHOODFLWWjHOXQJRODVWUDGDFKHSRUWDD&DSRFRORQQDVWDQQRVRUJHQGR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DODEULD FDQWLQHWWHHWUDWWRULHGRYHVLSRVVRQRJXVWDUHSLHWDQ]HGHOODFXFLQDUXVWLFD SRSRODUHGHO0DUFKHVDWRFRPHLOPRU]HOORFKHSXUGLYHUVRGDTXHOORFDWDQ ]DUHVHqDOWUHWWDQWREXRQRHPDQWLHQHLQWDWWDODVXDLGHQWLWj 3HUSUHSDUDUHLOPRU]HWWRGL&URWRQHGRSRDYHUSXOLWRDFFXUDWDPHQWH FRQDFTXDFDOGDODWULSSDGLYLWHOORHDYHUODODYDWDDOXQJRÀQRDVELDQFDUOD VLPHWWHDFXRFHUHLQXQDSHQWRODFROPDG·DFTXDDURPDWL]]DWDFRQEDVLOLFR FLSROODHSRPRGRULQLIUHVFKLSULYDWLGHLVHPL$PH]]DFRWWXUDVLWDJOLDOD WULSSD D OLVWDUHOOH H VL YHUVD LQ XQD SHQWROD GL WHUUDFRWWD GRYH SULPD VL q IDWWDVRIIULJJHUHXQSR·GLFLSROODFRQROLRDJJLXQJHQGRVXFFHVVLYDPHQWH ODFRQVHUYDGLSRPRGRURSLXQFXFFKLDLRGLFRQFHQWUDWRGLSRPRGRUR DOFXQHIRJOLROLQHGLRULJDQRLSHSHURQFLQLURVVLSLFFDQWLHLOVDOHQHFHVVDULR /D WULSSD VL ID FXRFHUH D IXRFR OHQWLVVLPR DJJLXQJHQGR TXDQGR RFFRUUH TXDOFKHPHVWRORGHOEURGRGLEROOLWXUD'RSRRUHGLFRWWXUDLOPRU]HOORq SURQWR9DVHUYLWRFDOGLVVLPRQHOOHVFRGHOOHGLWHUUDFRWWDDFFRPSDJQDQGR ORFRQSLWWHFDOGH &RQOHLQWHULRUDGHOODFDSUDVLSUHSDUDQRXQVDSRULWRVRIIULWWRGLFDSUHW WRHODFDSUDVRWWRWHUUD´FFLDSSDµFRWWDQHOVXRVWHVVRYHQWUH,OPHWRGR GLSUHSDUD]LRQHqGLWUDGL]LRQHJUHFDQLFDLQ&DODEULD,QQDQ]LWXWWRELVRJQD 025=(772',&$7$1=$52 ,QJUHGLHQWLLQWHULRUDGLYLWHOORDGHFFH]LRQHGHOFXRUHFRQVHUYDGLSRPRGRURFRQ VHUYDGLSHSHURQLSLFFDQWLVDOHRULJDQR 3UHSDUD]LRQH /DYDUH PROWR EHQH OH LQWHULRUD LQ DFTXD FRUUHQWH H IUHGGD SRUOH D EROOLUHLQDFTXDDEERQGDQWHDJJLXQJHQGRLOVDOHQHFHVVDULR$PHWjFRWWXUDVFRODUOHH SXOLUOHGLQXRYRLQDFTXDIUHGGDTXLQGLWDJOLDUOHDSLFFROLSH]]L'RSRDYHUODVFLDWR FKHO·DFTXDSHUODEROOLWXUDVLUDIIUHGGLUDFFRJOLHUHLOJUDVVRFKHVLqFRQGHQVDWRLQ VXSHUÀFLH3RUUHLQXQDSHQWRODOHLQWHULRUDJLjWDJOLDWHDSH]]LLOJUDVVRULFDYDWRGDOOD EROOLWXUDODFRQVHUYDGLSRPRGRURHODFRQVHUYDGLSHSHURQLSLFFDQWL)DUVRIIULJJHUH SHUTXDOFKHPLQXWRHTXDQGROHGXHFRQVHUYHVRQRFRPSOHWDPHQWHVWHPSHUDWHHLO JUDVVRqVFLROWRFRSULUHFRQDFTXDWLHSLGD3URVHJXLUHODFRWWXUDGHO´PRU]HGGXµD IXRFROHQWRDOOXQJDQGRFRQDFTXDWLHSLGDHULPHVWDQGROHQWDPHQWHFRQXQUDPRVFHO ORGLRULJDQRIUHVFR3ULPDGLVHUYLUHQDWXUDOPHQWHFDOGLVVLPRHQHOODSLWWDVSDFFDWD DPHWjDJJLXQJHUHDOSUHOLEDWRLQWLQJRORXQSHSHURQFLQRSLFFDQWHIUHVFR $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DODEULD 62))5,772',&$35(772 ,QJUHGLHQWL OH LQWHULRUD GHO FDSUHWWR IHJDWR FXRUH URJQRQL SROPRQH EXGHOOD PH]]RELFFKLHUHGLROLRG·ROLYDRVWUXWWRSHSHURQFLQRURVVRFDODEUHVHXQDJURVVD FLSROODPH]]RELFFKLHUHGLYLQRURVVRODXURSUH]]HPRORVDOH 3UHSDUD]LRQH 7DJOLDUH D PHWj L URJQRQL H ODVFLDUOL SHU XQ·RUD FLUFD D VSXUJDUH LQ DFTXDHOLPRQHVFLDFTXDUOLDFFXUDWDPHQWHHWDJOLDUOLDSH]]HWWL3XOLUHFRQRJQLFXUD OHDOWUHLQWHULRUDHWDJOLDUHDQFKHTXHVWHDSH]]LWUDQQHOHEXGHOODFKHVDUDQQROHJDWH D PD]]HWWR FRQ LO SUH]]HPROR )DU VRIIULJJHUH QHOO·ROLR R QHOOR VWUXWWR OD FLSROOD WDJOLDWDDIHWWHVRWWLOLHTXDQGRGLYHUUjWUDVSDUHQWHDJJLXQJHUHLOSROPRQHLOFXRUH L URJQRQL H OH EXGHOOD EDJQDUH FRQ LO YLQR H ODVFLDUH HYDSRUDUH D IXRFR YLYR SHU TXDOFKHPLQXWR$JJLXQJHUHDQFRUDTXDOFKHIRJOLROLQDGLODXURLOSHSHURQFLQRVDODUH HODVFLDUHFXRFHUHDIXRFRPRGHUDWRSHUWUHTXDUWLG·RUD8QLUHLQÀQHLOIHJDWRHIDU FXRFHUHDQFRUDSHUDOWULFLQTXHPLQXWL HVWUDUUHLOYHQWUHGDOODFDSUDFRQO·DFFRUWH]]DGLODVFLDUORLQWHUR,OYHQWUH GHYHHVVHUHODYDWREHQEHQHDOO·LQWHUQRSHUHOLPLQDUHRJQLRGRUH6LVH]LRQD ODFDSUDLQSH]]LVLDJJLXQJRQRGXHFKLOLGLFLSROOHWULWDWHVDOHSRPRGRULQL SHSHHDURPLYDULSUH]]HPRORRDOORURHVLSRQHLOWXWWRQHOYHQWUH3HU TXDQWRSRVVDVHPEUDUHVWUDQRWXWWDODFDSUDYLHQWUHUjFRPRGDPHQWH&RQ XQDSDODVLSUDWLFDQHOODWHUUDXQEXFRDEEDVWDQ]DSURIRQGRSHUFKpYDGD GHQWURWXWWRO·LQYROXFURVLDFFHQGHXQEHOIXRFRHTXDQGRqGLYHQWDWREUD FHVLFRSUHFRQSLHWUHHFRQXQSH]]RGLODPLHUD6XOODODPLHUDVLVLVWHPDQR GLQXRYRSLHWUHSRLWHUUDHSRLDQFRUDLOIXRFRSHUGRGLFLRUH /()5,772/(',5(**,2&$/$%5,$ /D WUDGL]LRQH DJURSDVWRUDOH H JDVWURQRPLFD FDODEUHVH VL FRQGHQVD QHOO·HVSUHVVLRQH´IDUHLOPDLDOHµ9LVLYHGRQRGXHIDVLODFRQIH]LRQHGHL VDOXPLFRQOHFDUQLQRELOLHLGRQHHODUHDOL]]D]LRQHGHOODIHVWDFRQLOFRQVX PRGHOOHSDUWLULPDQHQWLFXFLQDWHLQPRGRVHPSOLFHPDVDSLHQWHSDUWLFRODU PHQWHVDSLGHDQFKHSHULOJXVWRGLRJJL ,O VLVWHPD GL SXOLWXUD GHO PDLDOH PDFHOODWR HUD SDUWLFRODUH DSSHVR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DODEULD DQFRUDLQWHURDGXQJDQFLRYHQLYDGHSL ODWRJUDWWDQGRORFRQODODPDGLXQJURVVR FROWHOORODYDWRFRQDFTXDEROOHQWHVWUR ÀQDWRFRQVXFFRGLOLPRQHHVDOHJURVVR GD FXFLQD ,O SLDWWR FDUDWWHUL]]DQWH HUDQR OHIULWWROHSHUFXLODIHVWDYHQLYDFKLDPDWD ´IHVWDGHOOHIULWWROHµR´IULWWXOLDWDµ/DWHFQL FDGLFXFLQD]LRQHDSSDUHQWHPHQWHVHPSOLFHPDFRVWLWXLWDGDXQDVHULHGL DGHPSLPHQWLHDFFRUJLPHQWLHUDGHPDQGDWDDHVSHUWLFDPSDJQROLGLOXQJD WUDGL]LRQHIDPLOLDUH ,QXQOXRJRFRSHUWRHULSDUDWRSHUHYLWDUHGLVSHUVLRQHGLFDORUHYHQLYD SRJJLDWDVXXQOHWWRGLVDEELDXQDJUDQGHFDOGDLDGLUDPHVWDJQDWDIRGHUDWD DOO·LQWHUQRGLXQRVWUDWRGLJUDVVRPDFLQDWRRXQWHPSRWDJOLDWRDSXQWDGL FROWHOOROLTXHIDFHQGRVLDYUHEEHFRVWLWXLWRLOOLTXLGRGLFRWWXUD9HQLYDQR TXLQGL GLVSRVWH OH FDUQL FRQ O·RVVR JOL VWLQFKL L SLHGLQL OH VSXQWDWXUH OH FRWHQQHEHQSXOLWHLQVLHPHDWXWWHOHSDUWLFKHHUDQRDYDQ]DWHGDOODODYRUD ]LRQHGHLVDOXPL $GLVWDQ]DFRQYHQLHQWHGDOFRQWHQLWRUHWXWW·LQWRUQRYHQLYDQRSRVWHOH EUDFLJLjSUHSDUDWHLQDOWUROXRJRLQPRGRFKHODFDOGDLDULFHYHVVHFDORUH QRQGLÀDPPDLQTXHVWRPRGROHFDUQLVREEROOLYDQRGROFHPHQWHHVLHYLWD YDFKHO·HFFHVVRGLFDORUHOHLQJLDOOLVVHRDGGLULWWXUDOHEUXFLDVVH 6L DQGDYD DYDQWL FRVu SHU VHWWHRWWR RUH FDOFRODQGR EHQH L WHPSL LQ PRGR FKH OD FDUQH IRVVH SURQWD SHU HVVHUH VHUYLWD DL FRPPHQVDOL FDOGD VJURQGDWDHDVFLXWWD 7ROWHODFDUQHHODVXJQDVXOIRQGRULPDQHYDQRLFLFFLROLFRVWLWXLWLGD WHVVXWRFRQQHWWLYRGLVRVWHJQRGHOO·DGLSHHSH]]HWWLGLFDUQHPDJUDVEULFLR ODWDVLQHOODFRWWXUD3UHVLQRPLGLYHUVLDVHFRQGDGHLSDHVLGHOOD&DODEULDH GHOO·HWLPRGLDOHWWDOHHUDQRSDUWLFRODUPHQWHSUHOLEDWLVHXVDWLSHUFRQGLUHJOL VSDJKHWWLRFXFLQDWLDVVLHPHDOOHXRYDVWUDSD]]DWHHQRRVRWWRIRUPDGL IULWWDWD 1HOODIHVWDGHOPDLDOHROWUHDOOHIULWWROHYHQLYDQRVHUYLWHDOWUHSLHWDQ]H DEDVHGLFDUQHGLPDLDOHJHODWLQDDOSURIXPRGLOLPRQHRDFHWRGLYLQRIDWWD FRQLSLHGLQLVDOVLFFHDUURVWLWHDOODEUDFHDULVWDIHJDWRFXFLQDWRFRQLOVXR YHORJUDVVRHDURPDWL]]DWRFRQIRJOLHGLDOORURHVHPLGLÀQRFFKLRFRQWRUQL $FFDGHPLD,WDOLDQDGHOOD&XFLQD &DODEULD GLLQVDODWHFRQDJUXPLHFLSROOHGL7URSHDYHUGXUHDPDURJQROHGLFDPSR RUWDJJLFRQVHUYDWLROLYH,OGHVVHUWHUDFRVWLWXLWRGDOVDQJXLQDFFLREXGLQR SUHSDUDWRFROVDQJXHGHOPDLDOHPLVWRDODWWHDURPDWL]]DWRFRQPRVWRFRWWR FDQQHOODFKLRGLGLJDURIDQRHVFRU]HWWHGLDJUXPL $5HJJLR&DODEULDTXHVWDWHFQLFDGLFXFLQD]LRQHqLQXVRDQFRURJJL /H YDULH SDUWL YHQJRQR LPPHVVH LQ VHTXHQ]D RUGLQDWD VHFRQGR L WHPSL GLYHUVL GL FRWWXUD FKH HVVH ULFKLHGRQR OD SDQFLD JOL VWLQFKL SRL OH RUHF FKLHOHFRWLFKHLOPXVROH]DPSHODOLQJXDODPLO]DLUHQLSHUXOWLPHOH FRVWH 1HO FRUVR GHOOD OXQJD FRWWXUD O·RSHUDWRUH ´IULWWXODUXµ q LPSHJQD WRFRQODVXDOXQJDHVSHULHQ]DQHOO·HYLWDUHRJQLPLQLPR HUURUH'XHVROLHVHPSLLSH]]LQRQGHYRQRPDLDGHULUH OXQJDPHQWH DOOH SDUHWL H DO IRQGR LO FKH VL RWWLHQH ULPHVWDQGRJHQWLOPHQWHFRQXQEDVWRQHGLOHJQRLQ VHQVR ULJRURVDPHQWH YHUWLFDOH VL GHYH JDUDQWLUH OD FRQWLQXLWj GHOO·HURJD]LRQH GHO FDORUH DJJLXQJHQGR RSSRUWXQDPHQWH OD EUDFH SHU PDQWHQHUH FRVWDQ WH LO VREEROOLUH 6ROR DOOD ÀQH D FRWWXUD XOWLPDWD VL DJJLXQJHLOVDOHDOODPDQRHYLWDQGRQHO·HFFHVVRFKH )5$77$*/,(',&$35(772$//$&52721(6( ,QJUHGLHQWLJGLLQWHULRUDPLVWHIHJDWRFXRUHPLO]DURJQRQHHEXGHOOLQHGL FDSUHWWRSRPRGRULFLSROOHVSLFFKLG·DJOLRSHSHURQFLQLSLFFDQWLIRJOLH GLDOORURXQFLXIIHWWRGLSUH]]HPRORXQELFFKLHUHGLYLQRELDQFRPH]]RELFFKLHUHGL ROLRVDOH 3UHSDUD]LRQH3XOLUHDFFXUDWDPHQWHOHLQWHULRUDHWDJOLDUOHDERFFRQFLQL7DJOLDUHD SH]]L OD FLSROOD H IDUOD DSSHQD URVRODUH QHOO·ROLR 0HWWHUH OH LQWHULRUD D VRIIULJJH UH QHOO·ROLR EROOHQWH DVVLHPH DOOD FLSROOD WUDQQH LO IHJDWR GD DJJLXQJHUH DOOD ÀQH $EEDVVDUH LO IXRFR H ODVFLDUH FKH OD FDUQH EXWWL IXRUL LO VXR VXJKHWWR TXLQGL IDUOR UDSSUHQGHUHSRLEDJQDUHFRQLOYLQRHODVFLDUORHYDSRUDUHLQÀQHXQLUHLOSRPRGRUR HIDUDGGHQVDUHLOVXJR,QVDSRULUHTXLQGLFRQXQWULWRÀQLVVLPRGLSUH]]HPRORDOORUR DJOLRSHSHURQFLQRHVDOHHODVFLDUHLOWXWWRVXOIXRFRDQFRUDSHUPLQXWL,QÀQH DJJLXQJHUHLOIHJDWRODVFLDUORFXRFHUHVRORPLQXWLPHVFRODUHHVHUYLUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD &DODEULD VDUHEEHLQVDQDELOHODGRVHPHGLDqGLFLUFDJUDPPLSURFKLORTXHVWR VSLHJD SHUFKp LO WXWWR q ODVFLDWR DOO·HVSHULHQ]D GHO IULWWRODUR FKH q O·XQLFR FKHFRQRVFHLOSHVRFRPSOHVVLYRGLTXDQWRKDLPPHVVRQHOODFDOGDLD*HQH UDOPHQWH VL DYYDOH GL XQ FRPPHQVDOH LQÁXHQWH SHU O·DVVDJJLR QHFHVVDULR SHUXQ·HYHQWXDOHDJJLXQWD$SSHQDSURQWHFRQLFRPPHQVDOLJLjVHGXWLDOOD WDYROD SRVWD LQ SURVVLPLWj OH IULWWROH VL HVWUDJJRQR ´VL FULVFLXQXµ GDOOD FDOGDLDHVLVHUYRQRLPPHGLDWDPHQWHDIÀQFKpQRQVLUDIIUHGGLQR ËEXRQDUHJRODFKHJOLLQYLWDWLDOORURDUULYRVLSUHVHQWLQRGDOIULWWRODUR HVHQ]DWURSSRGLVWUDUORORVDOXWLQRFRQODIUDVH´ERQFLFULVFLµDXJXULR FKHODSUHSDUD]LRQHDEELDEXRQHVLWR,OIULWWRODURULVSRQGH´ERQLYHQXWLµ /DIULWWRODWDVLFRQFOXGHGLVROLWRFRQLOGROFHSURGRWWRFRQLOVDQJXHGHO PDLDOHLOVDQJXLQDFFLRSUHSDUDWRLOJLRUQRGHOODPDFHOOD]LRQH /(556*633()69(;6 6[[H]PV*H]HSJHU[P 9VILY[V*\aaVJYLH (KYPHUH3PN\VYP7YV[V *L[[PUH7YPUJP3\WPUP 4PJOLSL:HSHaHY+*:; $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6 6LFLOLD 6LFLOLD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6LFLOLD &,%2'$5( $6LUDFXVDLQHWjLHURQLDQD,,,VHFRORD&VXOODIDPRVDDUDGHGLFDWDD =HXV(OHXWKHULRVVLVDFULÀFDYDQREHQWRULFKHGLYLVLLQSH]]LYHQLYDQR SRVWLDGDUURVWLUHVXOO·DOWDUHSLQJXHVDFULÀFLRDOODGLYLQLWjFKHVXSSRQLDPR DFFRJOLHVVH JUDWD LO IXPR RSLPR 4XHVWR LO FRQWHVWR FKH ÀQ GD TXHL WHPSL FRQQRWDYDXQXVRDOWRGHLTXDWWURTXDUWLFDUQLSHUO·pOLWHGHLJXHUULHULHGHL QRELOL(JOLDOWULSH]]LLOTXLQWRTXDUWR"3H]]LFRQWHVLGDLFDQLHGDLPLVHUL /·LPSRUWDQWHDOWDUHVLUDFXVDQRGHVWLQDWRDOO·´HFDWRPEHµFLIUDVWRUQDFRQ O·LPPDQHPDVVDGLFDUQHXWLOL]]DWDSHULOVDFULÀFLRPDFRVWLWXLVFHO·DQWHIDWWR VXOTXDOHPXRYHUFLFHUFDQGRXQDVWRULDSLXPLOHTXHOODGHLSH]]LVFDUWDWL GHVWLQDWLDGDOWURXVR /DVFLDWR OR VIRQGR GHOOD 6LFLOLD JUHFD GREELDPR LQVHJXLUH OD VWRULD SHU WURYDUHOHWUDPHGHOYLYHUHTXRWLGLDQRGHOOHDIIHUPDWHFRQVXHWXGLQLDOLPHQWDUL GHOODUHJLRQHHFKLHGHUFLRJJLTXDQWRVRQRSUHVHQWLVXOODQRVWUDWDYRODOHFDUQL SRYHUHRqSRVVLELOHRUGLQDUOHDOULVWRUDQWH")DWWDHFFH]LRQHSHUSROSHWWHHSRO SHWWRQLSRFRXVLDPRGLTXHVWHFDUQL6DSSLDPRWXWWLSRLFKHSHUPDQJLDUHWULS SHHURJQRQLGREELDPRVDQWLÀFDUHTXDOFKHYHFFKLD]LDRDIIH]LRQDWDGRPHVWLFD FKHVDSSLDSUHSDUDUQHPHQWUHLQRPLGHLULVWRUDQWLVRQRFRQÀGDWLLQVHJUHWR FRPHQHOODFDUERQHULD(VDPLQLDPRO·DUJRPHQWRQHOFRQWHVWRGHOOD6LFLOLDSHU YHULÀFDUHTXDQWRDQFRUDYHULÀFDELOHULVSHWWRDTXHVWDWUDGL]LRQHDOLPHQWDUH ¸-(.0630¹+09,-,9+05(5+6 -LYKPUHUKV00KP)VYIVULMYLX\LU[H]H 5V[VMHJLUKVWYLJLKLYLPSZ\VHYYP]V KH\UHYPJOPLZ[HWHY[PJVSHYLYP]VS[HHS 4HYJOLZL KP :(SMHUV Z\V NLU[PS\V TVKPJVY[LPUJ\PZPYHJJVTHUKH]H JOLHKLZPUHYLJPMVZZLYV¸PMHNPVSPL JOLZPHUV[HU[P¹3HZ[VYPHKLPMHNPVSP PUULY]VZP]HPS4HYJOLZLPSX\HSLKV]L ]HKHYZPKHMHYLWLYHWWYVU[HYLX\LSSH X\HU[P[nJOLVJJVYYL]HWLYZVKKPZMHYL SHNVSVZP[nH\N\Z[PZZPTHJOLSPWYL[LU KL]HHWYHUaVLHJLUH0NSVYPVZPML\KP KP(SMHUV)H\Sy-HSJVUHYH*HZ[LSS\J JPVL]PHKPJLUKVHJVTWYLUKLYLSH :PJPSPH:\KVYPLU[HSLLYHUV[\[[P]PZP[H[P WLYYLWLYPYLPUX\HU[P[nX\LP¸MHNPVSP¹ JOLPUYLHS[nLYHUVP[LZ[PJVSPKPWVSSV PJVZPKKL[[PIV[[VUP $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6LFLOLD 1HOO·DUJRPHQWRHQWUDQRGLSUHSRWHQ]DGXHWHUPLQLIUDWWDJOLHHULJDJOLH /HULVSHWWLYHGHÀQL]LRQLWUDWWHGDO'HYRWR2OLHGDOOD7UHFFDQLLQGLFDQRGXH DPELWL HVWUHPDPHQWH GLYHUVL FKH IDQQR FRPSUHQGHUH LO GLIIHUHQWH DSSDULUH GHOOHFDUQLVXOOHPHQVHHLOORURULIHULPHQWRDXQDFODVVHVRFLDOHHDOODVXDVWR ULD/HGHÀQL]LRQLSUHFLVDQREHQHLOFRQWHVWRGLDSSDUWHQHQ]DLQGLFDQGRLQ ULJDJOLH´FRVHGDUHµHQRQVFDUWLGRQDWLDOODVHUYLW3UHURJDWLYHLQGLFDWHGDO QRPHRYHVLSHQVLDOODTXDQWLWjGLYRODWLOLQHFHVVDULSHUIRUPDUHDGHVHPSLR TXHOSLDWWRQRWRFRPH´,IDJLROLGLUH)HUGLQDQGRµDSSDUWHQHQWHDOODUHJDOH FXFLQDQHWLQDRTXHOORGHO´FDSSHOORGHOSUHWHµFDURDGXQIDPRVRDEDWHSHU VRGGLVIDUHLOTXDOHELVRJQDYDSURFHGHUHDXQRVWHUPLQLGRGHOSROODLR &LERGDUHHFRPHGLPHQWLFDUHLOIDPRVRWLPEDOORGHOSULQFLSH7RPDVL GL /DPSHGXVD QHO TXDOH ´VL VFRUJHYDQR SRL L IHJDWLQL GL SROOR OH RYHWWH GXUHOHVÀOHWWDWXUHGLSURVFLXWWRGLSROORµ"(O·LQYLWRDFHQDGL3LUDQGHOOR GRYH LQVLHPH D SRUFKHWWD FDFFLDJLRQH H WDFFKLQL F·HUDQR ´WULSSD H FXWH DIIHWWDWHSLHGLGLEXHLQJHODWLQDµ" 5LJDJOLHSHUEXRQJXVWDLIHJDWLQLHEXGHOOLQHGLSROORHQWUDURQRFRPH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6LFLOLD ;9077((33»630=,;(5( 0S UVTL ZP YPMLYPZJL HNSP 6SP]L[HUP MYH[P KLSS»VYKPUL YLSPNPVZV PU[P[VSH[V HSSH JV WH[YVUH KP 7HSLYTV :HU[H 6SP]H WLYJOt ULS SVYV TVUHZ[LYV UHJX\L X\LZ[H YPJL[[H[\[[VYHWYH[PJH[HHUJOLULSSH:PJPSPHPU[LYUH[YH,UUHL*HS[HUPZZL[[H5L LZPZ[VUVHSJ\UL]HYPHU[P!SHNYH[PUH[\YHKLSSHZ\WLYÄJPLW\~LZZLYLHJJLU[\H[H TLZJVSHUKVHSMVYTHNNPV\V]HZIH[[\[L"PUHS[LYUH[P]HHSWLWLYVUJPUVZP\ZHUV JHUULSSHUVJLTVZJH[HLJOPVKPKPNHYVMHUVYPKV[[PPUWVS]LYL"HNSPZ[YH[PKP[YPW WHZPWVZZVUVHS[LYUHYLJHYUL[YP[H[HZHS[H[HPUWHKLSSHJVUHYVTP]HYPLYHNKP JHYULMLNH[PUPIVJJVUJPUPKPWL[[PKPWVSSV ULSLHQR ´DQWLFRµ GL DUDQFLQH H VÀQFLRQL TXDQGR TXHO SDUWLFRODUH WLSR GL VDSRUHVDUjSRLTXHOORGHLSDWpIXSDUWLFRODUPHQWHDSSUH]]DWR&RVuQHO OD FXFLQD GHL %HQHGHWWLQL GL &DWDQLD GRYH SRL LO FLER VDUj DVVXUGDPHQWH FHOHEUDWRWURYLDPRLQXQRGHLPHQXGDWDWRODVLQJRODUHGL]LRQHGL ´FDUL]]LGLÀFDWXµ´FDUH]]HGLIHJDWRµLQXQDVHULHGL´DSULDSSHWLWRµTXDQ WRPDLYDULD1HOOHFDVH´EHQHµGL6LUDFXVDLOULSLHQRGLIHJDWLQLGLSROOR QHOOHDUDQFLQHHUDDQFRUDLQXVRQHOVHFRORVFRUVRPDSUHYHGHYDVHFRQGR O·DQWLFRUHWDJJLRXQDJHQHURVDVSROYHUDWDGL]XFFKHURÀQDOH 3LDFHULIHULUHTXDQWRUDFFRQWD*DHWDQR%DVLOHQRWRVFULWWRUHJDVWURQR PRDSURSRVLWRGLGXHFODVVLFLGHOODFXFLQDSDOHUPLWDQDVÀQFLRQHHWULSSD ´/R VÀQFLRQH QDVFH DO FRQYHQWR GL 6DQ 9LWR QHO · 0D LO SRPRGRUR DTXHOWHPSRQRQHUDDQFRUDXWLOL]]DWRLQFXFLQDOHPRQDFKHOOHLQIDWWLOR IDFHYDQR LQÀODQGRFL GHQWUR SLVHOOL LQWHULRUD GL SROOR H EHVFLDPHOOD$OOD ÀQHVLVSHQQHOODYDSHUIDUJOLIDUHODFURVWLFLQD4XHVWRRJJLqORVÀQFLRQH GHOPRQV&·qSRLOD¶7ULSSDDOO·ROLYHWDQD·ËXQSLDWWRGHO·GHOLFD WLVVLPRFKHYLHQHGDOOR6SDVLPR>LOPRQDVWHURGHL3DGULROLYHWDQL@HGHUD FRQVLGHUDWRXQSLDWWRGLPDJURVLIDXQIRQGRFRQVRIIULWWRGLVWUXWWRHEURGR GLFDUQHSRLVLDJJLXQJRQRODSDVVROLQDSLQROLHOR]DIIHUDQRHDOODÀQHOD WULSSDµ/DULFHWWDD3DOHUPRqDQFRUDLQDXJH 'DTXDQWRGHWWREHQVLFRPSUHQGHFRPHLOTXDGURGLULIHULPHQWRSHU O·DUJRPHQWRLQVSHFLHFLFRQGXFHGDXQODWRDOODUDSSUHVHQWDWLYLWjGHOFRQ VXPRGHOODFDUQHFROVXRFRQWHVWRVRFLDOHRUHOLJLRVRGDOO·DOWURDOO·DFFHV VLELOLWjHFRQRPLFDGHOSURGRWWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6LFLOLD &DUQLGLPLQRUHSUHJLRHSLIDFLOHDFFHVVLELOLWjL´UHVWLµVLTXDOLÀFD YDQRFRPHFLERSHUJHQWHSRYHUDGHVWLQDWDULDGLLQWHULRUDHWULSSH 4XDQWRSHVLODVWRULDVXJOLXVLDOLPHQWDULORVLQRWDLQSDUWLFRODUHRVVHU YDQGRXQDGHOOHSLDQWLFKHLQFLVLRQLULJXDUGDQWLOD6LUDFXVDPHGLHYDOHTXHOOD GL)RUHVWLGD%HUJDPRGHOFKHSUHVHQWDLQXQRVSD]LRIUDOHPXUDJOLH FKHVLDIIDFFLDQRVXOPDUHODGDYYHURLQFRQVXHWDLPPDJLQHGLTXDUWLGLFDUQH DSSHVL EHQH LQ YLVWD LQ XQ SRVWR SUHFLVR GHOOD FLWWj TXHOOR GHOOD ´7XUEDµ OXRJRULVHUYDWRDOPDFHOORHDOPHUFDWRGHOODFDUQHGHLJLXGHLODEHFFKHULD SRVWD GXQTXH IXRUL OH PXUD /D SUHVHQ]D GHO PDFHOOR HUD FDXVD GL IHWRUH VLFFKpVLIHFHUROHJJL´DGWUDVIHUHQGXPSUDHGLFWXPHRUXPPDFHOOXPLQGLFWR IRVVDWRµ0DFLIXXQJLRUQRTXHOORGHOO·HGLWWRGL)HUGLQDQGRLO&DWWROLFRGHO LQFXLIXRUGLQDWDO·HVSXOVLRQHGDOUHJQR*OLHEUHLDEEDQGRQDURQROD 6LFLOLDSHUXQHVLOLRLQÀQLWRPDPROWLVVLPLGHLORURXVLULPDVHUR,QSULPLV TXHOORGLYHQXWRWUDGL]LRQHGHOFRQVXPRGHOOHIUDWWDJOLHHFKHDSSDUWLHQHDOOD FRQQRWD]LRQHHEUDLFRVHIDUGLWDGHOODFXFLQDVLFLOLDQD (VVHUDSSUHVHQWDYDQRLO´TXLQWRTXDUWRµIDWWRGLFHU YHOOR DQLPHOOH WULSSD PLO]D H IHJDWR 'DJOL DUFKLYL GHOODFRPXQLWjHEUDLFDDQQRWLDPR´DQLPHOOHFRQLFHFL 7,0%$//2',75,33$$//$02',&$1$ ,QJUHGLHQWLNJGLWULSSDXQDFLSROODXQDFDURWDXQDFRVWDGLVHGDQRDJOLRSUH] ]HPROR ROLR H[WUDYHUJLQH GL )ULJLQWLQL YLQR ELDQFR VDOVD GL SRPRGRUR FDSSHUL PHODQ]DQHIRUPDJJLR´WXPD]]XµPRGLFDQRSHSDWRJUDWWXJLDWR 3UHSDUD]LRQH %ROOLUH LQ DFTXD SHU DOPHQR GXH RUH FRQ OD FLSROOD OD FDURWD H LO VHGDQRODWULSSDSUHFHGHQWHPHQWHEHQODYDWD8QDYROWDFRWWDUDIIUHGGDUHHWDJOLDUH DVWULVFLROLQHODUJKHXQGLWR3UHSDUDUHXQVRIIULWWRGLDJOLRSUH]]HPRORHROLRH[WUD YHUJLQHGL)ULJLQWLQLQHOTXDOHURVRODUHOHJJHUPHQWHODWULSSD'RSRDYHUODVIXPDWD FROYLQRELDQFRDJJLXQJHUHODVDOVDGLSRPRGRURHLFDSSHULULGXFHQGRLOWXWWRDGXQD VDOVDFUHPRVD1HOIUDWWHPSRIRGHUDUHXQDWHJOLDFRQIHWWHGLPHODQ]DQDIULWWHTXLQGL DJJLXQJHUHODWULSSDFRQGLWDFRQLO´WXPD]]XµPRGLFDQRSHSDWRJUDWWXJLDWR&RSULUH ODVXSHUÀFLHGHOODWHJOLDFRQDOWUHIHWWHGLPHODQ]DQDIULWWD3RUWDUHLOIRUQRDH LQIRUQDUHLOWLPEDOORSHUPLQXWL6HUYLUHPROWRFDOGR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6LFLOLD WULSSHFRQO·DJOLDWDOLQJXHVDOPLVWUDWHPLO]HLQSDGHOODFRQODVDOYLDHO·DJUH VWRFUHVWHGLSROORFRQDFHWRHFDQQHOODµ,OWULRQIRWRWDOHGHJOLHVLWLGLTXHVWD FXFLQDFRPHYHGUHPRLQVHJXLWRVLFHOHEUDD3DOHUPRPHQWUHQHOOD6LFLOLD RULHQWDOHVLGHYHULFHUFDUHHVFRSULUHLQULFHWWHTXDVLFRPSOHWDPHQWHVFRPSDU VH)UDWWDJOLHLQWHULRUDSROPRQHFXRUHEXGHOODGDFXLGHULYDQRLVWLJJKLROL RVWLJJKLROHWULRQIRGHOODJDVWURQRPLDSDOHUPLWDQDPDEHQDWWHVWDWLDQFKHQHO 5DJXVDQR /·DJURGROFH q LQ XVR GD VHPSUH QHOOD FXFLQD VLFLOLDQD H FRQ O·DFHWR YHQLYDXVDWRVLDOR]XFFKHURFKHLOPLHOH6LSUHSDUDQRLQDJURGROFHLOIHJDWR GLYLWHOORHDQFKHODOLQJXD8QDSUHSDUD]LRQHFRQLQWHULRUDYHUDPHQWHSDU WLFRODUHqTXHOODUDJXVDQDGHOOHLQWHULRUDLQDJURGROFHWUDPDQGDWDQHOO·XVR IDPLOLDUH6LWDJOLDQRSH]]HWWLGLFXRUHSROPRQHHIHJDWRGLYLWHOORLQSDUL TXDQWLWj6LVRIIULJJRQRLQSDGHOODFRQROLRHGRSRPLQXWLVLVIXPDQR D ÀDPPD DOWD FRQ PH]]R ELFFKLHUH GL YLQR URVVR H XQD IRJOLD GL DOORUR ,QXQ·DOWUDSDGHOODVLVRIIULJJHDEERQGDQWHFLSROODGRUDWDHVLLQFRUSRUDQR OHLQWHULRUD6LDJJLXQJRQRXQSR·G·DFHWRXQSR·G·DFTXDHXQSL]]LFRGL ]XFFKHUR'XHPLQXWLDIXRFRDOWRTXLQGLVLVSHJQHHVLVHUYH 'LJUDQGLVVLPDSRSRODULWjHGLDQFRUDODUJRFRQVXPRODWULSSDUDSSUH VHQWDO·DSSURGRVRVWDQ]LRVRDGXQSLDWWRDOWUHWWDQWRVDSRULWR'HULYDGDFLz O·DFFXUDWDDWWHVWD]LRQHSHUUHJLRQLHOXRJKLGHLPRGLGLFXFLQDUHODWULSSD 'D&DWDQLDULSRUWLDPRXQDULFHWWDGL´FDVDµTXHOODGHOODELVHFFDSHUODTXDOH VLXVDWXWWRORVWRPDFRLQWHUR6LODYDODWULSSDHODVLPHWWHLQXQDSHQWROD FRSHUWD G·DFTXD FRQ FLSROOD VHGDQR H FDURWD LQ SH]]L FXRFHQGR D IXRFR OHQWRSHUGXHRUH6LPDQJLDVHPSOLFHPHQWHFRVuLQEURGR1HOODYHUVLRQH DVFLXWWD DO VXJR VL HVWUDH OD WULSSD GDO EURGR VL WDJOLD D VWULVFLROLQH H VL DJJLXQJHDGXQVRIIULWWRGLFLSROODFXLVLqXQLWDODSDVVDWDGLSRPRGRURFRWWD SHUXQTXDUWRG·RUD'RSRDYHUODIDWWDLQVDSRULUHQHOVXJRDIXRFRVSHQWRVL FRVSDUJHGLSDUPLJLDQRHSHSH 2JJLQRQSLPDLQWHPSLQRQORQWDQLVVLPLD6LUDFXVDQHOJLRUQRGHOOD PDFHOOD]LRQHLOOXQHGuVLSUHSDUDYDXQ·RWWLPDSLHWDQ]DVDOWDQGRLQSDGHOOD FRQROLRH[WUDYHUJLQHG·ROLYDHFLSROODVLUDFXVDQDWXWWHOHLQWHULRUDLQVLHPH WDJOLDWH D WRFFKHWWL VIXPDQGR SRL FRQ LO YLQR LO FHUYHOOR YHQLYD ULVHUYDWR DOODFRQIH]LRQHGLSROSHWWLQHFKHHQWUDYDQRDIDUSDUWHGHOIULWWRPLVWRFRQ FURFFKHWWH GL SDWDWH H YHUGXUH 'D 0RGLFD SURYHQJRQR OH SUHSDUD]LRQL GL $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6LFLOLD XQVRQWXRVRWLPEDOORGLWULSSDHGHOOHSDVWLHUL IDJRWWLQLGLLQWHULRUDG·DJQHOOR 1HOO·DPELWR GHOOH VLQJRODULWj XQ SLDWWR DQWLFRFXFLQDWRQHOOH0DGRQLHqODPDWUX]]DD SLFFKLSDFFKL FLRq O·XWHUR GHOOD SHFRUD R GHOOD FDSUD FKHURVRODWRFRQROLRHLQVDSRULWRGDOSRPRGRURYLHQH SUHVHQWDWRFRQFRQWRUQRGLSDWDWHFRWWHQHOORVWHVVRVXJR ,QGLVXVRGDDOFXQLGHFHQQLSLHWDQ]HFKHHUDQR SULPDGLIIXVHSUHSDUDWHFRQOHLQWHULRUDGLSROOR8QD ULFHWWDSUHYHGHFKHOHULJDJOLHFXRUHIHJDWRYHQWULJOLREXGHOODYHQJD QR VWXIDWH FRQ ROLR DJOLR H SUH]]HPROR RWWHQHQGR XQ SLDWWR GDO GHOL]LRVR LQWLQJROR &RQLOPDLDOHHQWULDPRLQXQDOWURJHQHUHGLFXOWXUDQHOODFXFLQDSRYHUD ULYROWDDXQ¶XWLOL]]D]LRQHRWWLPDOHGLWXWWHOHSDUWLGDFXLGHULYDQRSRLLQRWL GHWWL8QXVRWRWDOHGDOUHFXSHURGHOOHVHWROHDOODUHDOL]]D]LRQHGLVDOXPL DOO·XWLOL]]R GHOOH SDUWL JUDVVH SHU IDUQH IULWWROH H VWUXWWR ÀQR DO UHFXSHUR GHOOHSDUWLPHQRSUHJLDWH´PXVVXµ´SHULµFRWLFD´DULFFKLµ´FXUDµWHVWD FDUWLODJLQLQHUYLHFFSHUIDUQHDLDODWLQDGHWWDDQFKH]X]]X )$*277,1,',,17(5,25$'·$*1(//2 ,QJUHGLHQWLSHUODSDVWDIDULQDGLJUDQRGXURXRYDLQWHUHWXRUOL3HUODIDUFLD LQWHULRUDGLDJQHOORSROPRQHIHJDWRFXRUHGLFDUQHGLDJQHOORDSLDFHUHDJOLR IUHVFRSUH]]HPRORIRUPDJJLR´WXPD]]XµPRGLFDQRSHSDWRJUDWWXJLDWRRXRYD LQWHUH 3UHSDUD]LRQH,PSDVWDUHODIDULQDFRQOHXRYDLQWHUHHLWXRUOL)DUULSRVDUHO·LPSDVWR 1HOIUDWWHPSRSUHSDUDUHODIDUFLDIDFHQGREROOLUHOHLQWHULRUDHODFDUQHGLDJQHOOR 8QDYROWDUDIIUHGGDWHWULWDUOHJURVVRODQDPHQWHHFRQGLUOHFRQO·DJOLRIUHVFRLOSUH] ]HPRORHLO´WXPD]]XµOHJDQGRLOWXWWRFRQOHXRYDVEDWWXWH5LFDYDUHGDOODSDVWD SUHFHGHQWHPHQWH SUHSDUDWD XQD VIRJOLD SLXWWRVWR VRWWLOH GDOOD TXDOH ULWDJOLDUH GHL GLVFKHWWLGHOGLDPHWURGLFP5LHPSLUOLFRQXQ·DEERQGDQWHFXFFKLDLDWDGLIDUFLDH FRPSRUUHGHLIDJRWWLQLL´SDVWLHULµULSLHJDQGRWXWW·LQWRUQRLOHPELGHOGLVFRGLSDVWD 3RUWDUHLOIRUQRDHIDUFXRFHUHSHUPH]]RUD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6LFLOLD 2JJLODWUDGL]LRQHVLPDQWLHQHFRQODGLIIHUHQ]DGHOFDPELDPHQWRGL UDQJR SRLFKp ´D MDODWLQDµ q GLYHQWDWD SRUWDWD G·DSHUWXUD VÀ]LR FLER GL QLFFKLDSHUEXRQJXVWDLDQQRYHUDWDWUDJOLDQWLSDVWLFDUDWWHULVWLFLVLFLOLDQL ´X]X]]XµWULRQIDFRQGLFKLDUDWDDJJUHVVLYLWjIUDSLDWWLGLSLDOWRFRWp3L VHPSOLFHXQDULFHWWDFKHWXWWDYLDIDFDSRDXQULFHWWDULRGHO5HJQRGHOOH'XH 6LFLOLHHLQTXHVWDYHVWHLQVHULWDQHOODOLVWDGHLSURGRWWLDJURDOLPHQWDULWUDGL ]LRQDOLLWDOLDQL1HO5DJXVDQRD&KLDUDPRQWH*XOÀVHQHFHOHEUDLOWULRQIR 6HPSUH DSSDUWHQHQWH DOOH ULFHWWH GL ´FDVDµ UDJXVDQD VL VHJQDOD OD *(/$7,1$',0$,$/(´=8==8µ ,QJUHGLHQWLJGLFRWHQQDGLPDLDOHNJGLFDUQHGLPDLDOHSLHGLQLGLPDLDOH JGLFDUQHPDJUDGLYLWHOORIRJOLHGLDOORURVXFFRGLOLPRQLPH]]RELFFKLH UHGLDFHWRELDQFRVDOHSHSHQHURPDFLQDWRJURVVRODQDPHQWH 3UHSDUD]LRQH&XRFHUHODFDUQHLQDFTXDDIXRFROHQWRSHURUH)DUHUDIIUHGGDUHHG HOLPLQDUHLOJUDVVRHFFHGHQWH5LGXUUHOHFDUQLFRWWHDWRFFKHWWL6FDUQLÀFDUHLSLHGLQL UHFXSHUDQGRLQHUYHWWL0HVFRODUHOHFDUQLDOODULQIXVDFRSUHQGROHSRLFRQDEERQGDQ WHEURGRGLULVXOWDFKHDYYROJHUjVROLGLÀFDQGRVLLOWXWWRGLRWWLPDJHODWLQD IULWWXUDGLIUDWWDJOLHVXLQHSUHSDUDWDWDJOLDQGRDSH]]HWWLQLFXRUHIHJDWRH SROPRQHDVFLXJDWLFRQXQSDQQR6LVRIIULJJRQRGXHFLSROOHFRQDEERQGDQ WHROLRG·ROLYDHVLDJJLXQJRQROHIUDWWDJOLHFRQVDOHHSHSH,QÀQHVLFRSUHH VLSRUWDDWHUPLQHODFRWWXUDDJJLXQJHQGRDFTXDVRORVHQHFHVVDULD 'HOORVWHVVRFRQWHVWROHLQWHULRUDGLDJQHOORDOIRUQR6LWDJOLDQRDOLVWD UHOOHFXRUHIHJDWRHSROPRQLGLDJQHOORLPSUHJQDQGRLOWXWWRFRQDEERQGDQWH VXFFRGLOLPRQHTXLQGLVLDVFLXJD6LSXOLVFHEHQHORVWRPDFRGHOO·DJQHOOR FRQ RSSRUWXQD D]LRQH GL UDVFKLDWXUD VL EDJQD FRQ DEERQGDQWH VXFFR GL OLPRQHHVLDVFLXJD'RSRDYHUOL´DSHUWLµFRQXQDIRUELFHVLODYDQRDFFX UDWDPHQWHJOLLQWHVWLQLFRQVDOHJURVVRHOLPRQHHVLPHWWRQRDEDJQRFRQ DEERQGDQWHVXFFRGLOLPRQH6LIRUPDQRTXLQGLGHLUHWWDQJROLFRQOD´UHWHµ YLVLGLVSRQJRQROHLQWHULRUDWDJOLDWHDOLVWDUHOOHFRQFLSROODHSUH]]HPRORFRO JDPERVLDJJLXVWDGLVDOHHSHSHQHUR6LDUURWRODHVLOHJDLOWXWWRFRQJOL LQWHVWLQLTXLQGLVLLQIRUQD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6LFLOLD ,QWHUHVVDQWHLQÀQHDQFKHSHUFKpUDUDODULFHWWDGHO YHQWUHGLPDLDOHULSLHQR'RSRDYHUSXOLWREHQHLOYHQWUH FRQLOOLPRQHVLFXFHODVFLDQGRDSHUWRVRORXQIRURSHU IDUFLUOR6LOHVVDLOULVRHVLVFRODDPHWjFRWWXUDTXDVLFURF FDQWH 6L URVROD OHJJHUPHQWH OD SROSD GL YLWHOOR FRQ XQR VSLFFKLRG·DJOLRLQFDPLFLDVLEDJQDFRQPH]]RELFFKLHUH GLYLQRELDQFRHVLODVFLDHYDSRUDUH6LWULWDTXLQGLODPRU WDGHOODJURVVRODQDPHQWHFRQLOFROWHOOR6LOHVVDQROHXRYDHVLVJXVFLDQR 6L XQLVFRQR DO ULVR OD FDUQH WULWDWD LO FDFLRFDYDOOR LO SUH]]HPROR WULWDWR O·RGRUH GHOOD QRFH PRVFDWD H VL UHJROD GL VDOH 6L IDUFLVFH LO YHQWUH FRQ TXHVWRFRPSRVWRHFRQPDQRYUDDUGLWDVLLQWURGXFRQROHXRYDVJXVFLDWHH VRGHSRQHQGROHDOFHQWURGHOULVRTXLQGLVLFXFHO·DSHUWXUDFRQDJRHÀOR 6LLPPHUJHLOYHQWUHQHOO·DFTXDVDODWDHLQHEROOL]LRQHHVLFXRFHSHUGXH RUH6LSXQJHFRQODSXQWDVRWWLOHGLXQFROWHOORRFRQLUHEELGLXQDIRUFKHW WDVHQ]DSHUzSURYRFDUHODFHUD]LRQLFKHIDYRULUHEEHURODSHQHWUD]LRQHGHO OLTXLGRGLFRWWXUD6LVHUYHIUHGGRWDJOLDWRDIHWWH &XULRVR q O·XWLOL]]R GHOOH FRWHQQH LQ GXH ULFHWWH ,O IDUVXPDJUR q XQ SLDWWRFDUDWWHULVWLFRVLFLOLDQRFRVWLWXLWRGDXQDJURVVDIHWWDGLFDUQHDUURWR ODWDULSLHQDGLXQDIDUFLDHSRLFRWWD,QDOFXQLSDHVLGHOO·LQWHUQRGHOO·LVROD VLIDDQFKHXWLOL]]DQGRDOSRVWRGHOODIHWWDGLFDUQHODFRWHQQDGHOPDLDOH GRSRDYHUQHEUXFLDWRLSHOLHDYHUODUDVFKLDWD8QDULFHWWDGL&DOWDYXWXUR SDHVHGHOOH0DGRQLHSUHYHGHLOULVRFRQOHFRWHQQHDVVLHPHDOÀQRFFKLHWWR VHOYDWLFRHVHUYLWRFRQIRUPDJJLRSHFRULQRJUDWWXJLDWRWXWWLLQJUHGLHQWLGHO OHSURGX]LRQLORFDOLHDEXRQPHUFDWR 5,62772&21&27(11(',0$,$/( ,QJUHGLHQWL J GL ULVR J GL FRWHQQH GL PDLDOH XQ PD]]HWWR GL ÀQRFFKLHWWL VHOYDWLFLIRUPDJJLRSHFRULQRJUDWWXJLDWRVDOHSHSH 3UHSDUD]LRQH7DJOLDUHDSLFFROLSH]]LOHFRWHQQHGRSRDYHUOHIDWWHFXRFHUHLQDFTXD VDODWDSHUPLQXWLHDYHUQHJHWWDWRLOEURGR,QXQWHJDPHEROOLUHLÀQRFFKLHWWL DQFK·HVVLWDJOLDWLDSH]]HWWLHDJJLXQJHUYLOHFRWHQQH$PHWjFRWWXUDXQLUHLOULVRH ÀQLUHGLFXRFHUH6HUYLUHFDOGRFRQSHFRULQRHSHSH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6LFLOLD 034(0(3,+,34(9, 0S [VUUV u KL[[V PU KPHSL[[V ¸WVYJ\ KP THYL¹ WLYJOt JVTL PS THPHSL ZP \ZH PU VNUP Z\H WHY[L 4H UVU u \U TVKV U\V]V KP JOPHTHYSV JVZy WLYJOt[HSLKLÄUPaPVULLYH\ZH[HNPn KH:[YHIVUL0003\UNVSLJVZ[L KLSSH :PJPSPH ZPU KH [LTWP YLTV[P PS [VUUV ]LUP]H JH[[\YH[V L UVU UL THUJHUV [LZ[PTVUPHUaL! (YJOL Z[YH[V KP .LSH HUUP H* UL PUKPJH]HSLWHY[PWPWYLNPH[LLYP[L UL]HJOL¸3HJVZ[HKP;PUKHYPU\[YL P [VUUP TPNSPVYP¹ 5LS ;YHWHULZL L PU WHY[PJVSHYL H -H]PNUHUH SH JH[ [\YHKLS[VUUVMHHUJVYHWHY[LKLSSH TLTVYPHJVSSL[[P]H0UX\LZ[HaVUH X\PUKPuHUJVYH]P]HSHJ\S[\YHKLS [VUUVL]LUNVUVHWWYLaaH[L[\[[LSL Z\LWHY[P0SWVSTVULLPSJ\VYLZVUV JV[[P ¸H WPJJOP WHJJOP¹ JVU HNSPV L WVTVKVYV" PS SH[[\TL KHWWYPTH SLZZH[VLWVPMYP[[Vu\UHSLJJVYUPH" ]LYLWYLSPIH[LaaLZVUVSVZ[VTHJVL SH[YPWWH3LI\KLSSH]LUNVUVZHSH[L LK LZZPJJH[L" KHP WLaaL[[P YLZPK\H SP KLSSV ZX\HY[HTLU[V KLYP]HUV P ¸ZHZPaa\UP¹ SH ¸I\Z\UHNNOPH¹ L SH ¸ÄJHaaH¹3L\V]HVWWVY[\UHTLU[L ZHSH[L L MH[[L LZZPJJHYL JVZ[P[\PZJV UVSHWYLaPVZHIV[[HYNH /$98&&,5,$ 1HOFXRUHGHOOD3DOHUPRDQWLFDHVLVWHLOPHUFDWRVWRULFRLPPRUWDODWR GD5HQDWR*XWWXVRLQVXRFHOHEUHTXDGURFKLDPDWR´9XFFLULDµSHUFKpDQWL FDPHQWHYLVLPDFHOODYDQRJOLDQLPDOL/DVHGHGHLPDFHOOLHUDQHOORVODUJR LQWLWRODWRD6DQWD&HFLOLDDGLDFHQWHDOODJLXGHFFD4XLYHQLYDQRXFFLVLJOL DQLPDOLVHFRQGRLOULWXDOH´NDVKHUµFKHSUHYHGHORVJR]]DPHQWRFRQXQFRO WHOORDIÀODWLVVLPRDOORVFRSRGLGLVVDQJXDUHGHOWXWWRODEHVWLDHGLULGXUUH SHUTXDQWRSRVVLELOHLOGRORUHGHOODPRUWH /HPDHVWUDQ]HHEUDLFKHGHSXWDWHDOODPDFHOOD]LRQHSHUODORURRSHUD QRQSRWHYDQRDFFHWWDUHGHQDURSHUFKpVDUHEEHVWDWR´LOSUH]]RGHOVDQJXHµ PDHVVHSRWHYDQRWUDWWHQHUHOHLQWHULRUDGHOOHEHVWLHXFFLVHDGHVFOXVLRQHGHO IHJDWRSDUWHFRQVLGHUDWDGLSUHJLR *OLHEUHLHEEHURO·LGHDGLVIUXWWDUHTXHVWHSDUWLLQYHQWDQGRODJXDVWHOOD FjPLXVDFLRqXQDSDJQRWWDULSLHQDGLPLO]DSROPRQHHSH]]HWWLGLWUDFKHD GDSSULPDOHVVDWLHSRLFRWWLQHOORVWUXWWR/RVWUXWWRYHQLYDXVDWRDOSRVWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6LFLOLD GHOO·ROLR SHUFKp SL HFRQRPLFR H SL VDSRULWR )X XQ VXFFHVVR VWUHSLWRVR D XVR HVFOXVLYR GHL FULVWLDQL SHUFKp YL HUDQR LQJUHGLHQWL SURLELWL VLD DJOL HEUHLFKHDLPXVXOPDQL7XWWRUDTXHVWDSLHWDQ]DqUHJLQDLQFRQWUDVWDWDGHOOH URVWLFFHULHGL3DOHUPR 9L IX SRL DQFKH XQD YHUVLRQH SL HFRQRPLFD OD SDJQRWWD ULSLHQD GL ULFRWWDFDFLRFDYDOORHTXLQGLEDJQDWDQHOORVWUXWWREROOHQWHSHUGDUHDOSDOD WRXQ·LGHDGLFDUQH(UDLOPRGRFRQFXLLSRYHULVHUYHQGRVLGHOODIDQWDVLD SRQHYDQRULPHGLRDOODPLVHULDHLURQL]]DQGRÀQJHYDQRGLPDQJLDUHFRPH LULFFKL/DIRFDFFLDVHQ]DFDUQHELDQFDFRPHXQDELWRGDVSRVDHUDVRSUDQ QRPLQDWD ´VFKLHWWDµ QXELOH LQ FRQWUDSSRVL]LRQH DOO·DOWUD FRQ OD PLO]D ´PDULWDWDµVSRVDWD 6HYLqXQDFLWWjQHOODTXDOHLO´FLERGLVWUDGDµqGLIIXVRHYLWDOHTXHVWD q3DOHUPR 7UDLFLELGLVWUDGDSDOHUPLWDQLXQSRVWRGLULOLHYRRFFXSDQRSLHWDQ]H SURYHQLHQWLGDOOHSDUWLPHQRSUHJLDWHGHJOLDQLPDOLLOFKHqFRPSUHQVLELOH SHUFKpVLWUDWWDGLXQDFXFLQDSRYHUDQRQFRVWRVDLQRULJLQHULVHUYDWDDOOH FODVVLPHQRDEELHQWL &RVuDFFDQWRDOSDQLFDPLXVDHDOOHVWLJJKLROHGLFXLVLqJLjGHWWR VRQRSUHVHQWLODTXDUXPHODIULWWXODLOSHULHPXVVX/DTXDUXPHqXQOHVVR GL LQVLHPH GL LQWHULRUD ERYLQH FRPSUHQGHQWH LO GXRGHQR JOL VWRPDFL GHO UXPLQDQWH O·DQR OD WULSSD Ë FRQVXHWXGLQH FKH D FKL O·DFTXLVWD YHQJDQR VHUYLWLSH]]HWWLGHOOHGLYHUVHSDUWLGHOODSLHWDQ]DHFKHHVVLYHQJDQRSUHVL FRQOHPDQL /DIULWWXODGHULYDGDJOLVFDUWLGHOODSUHSDUD]LRQHGHOORVWUXWWRLQVLFL OLDQR OD ´VDLPLµ FKLDUD GHULYD]LRQH GDOOR VSDJQROR VDLQ FKH VL RWWHQHYD IRQGHQGR DG DOWD WHPSHUDWXUD LO JUDV VRGLPXVFROLHFDUWLODJLQLGHJOLDQLPDOL 4XHVWL VFDUWL IDWWL D SH]]HWWL YHQJRQR VRIIULWWL QHOOR VWUXWWR FRQ IRJOLH G·DOORUR HSHSH/DIULWWRODGHYHHVVHUHFRQVXPDWD FDOGD H YLHQH YHQGXWD FRQVHUYDQGROD GHQWUR XQ FHVWR ´SDQDUXµ GL JLXQFR FRLEHQWDWR FRQ VWUDWL GLWHVVXWRGLODQD,OFHVWRqFRSHUWRGDXQSDQQRD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6LFLOLD TXDGUHWWLHLPDQLFLVRQRDGGREEDWLFRQÀRFFKL,O´IULWWXODUXµLQWURGXFHOD PDQRQHOFHVWRGDXQDSLFFRODDSHUWXUDVXOERUGRHSUHOHYDODSRU]LRQHGL IULWWXODFKHYLHQHSRJJLDWDVXXQIRJOLHWWRGLFDUWDROHDWD ,OSHULHPXVVXqXQOHVVRGHOOHFDUWLODJLQLGLERYLQLJXDQFLDRUHFFKLH QHUERSLHGLPDPPHOODPXVR6LFRQVXPDIUHGGRFRQVXFFRGLOLPRQH/D FDUQHYLHQHHVSRVWDFLUFRQGDWDGLJKLDFFLRHO·DFTXLUHQWHVFHJOLHLOSH]]RGD FXLYLHQHSUHOHYDWDODSRU]LRQHULFKLHVWD /(556*633()69(;6 (U[VUPV*YPZJPVUL (UUH4HYPH,YTPNPV[[P -YHUJLZJH-LYYLYP )LUPHTPUV4HJHS\ZV+*:;L*:-4 -YHUJLZJV4PSHaaV *HYSV6[[H]PHUV 4H\YPaPV7LKP (UP[H9\ILYH *VUJL[[V:JHUK\YYH 4HYJLSSH:[YHaa\ZV (UNLSV;HTI\YPUP 4HYPV<YZPUV*; .\NSPLSTV=HZZHSSV 4HYPH9VZHYPH=L[YP *L[[PUH=VaH+*:; $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6 6DUGHJQD 6DUGHJQD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6DUGHJQD 6,*1,),&$7,$5&$,&,(62&,(702'(51$ ,OFLERqXQRGHJOLHOHPHQWLSULPDULQHOODFRVWUX]LRQHGHOPLWRFKHVL FUHDQHOO·DPELJXRUDSSRUWRWUDLOFRUSRHLOPRQGRHVWHUQR,QSDUWLFRODUH JOLDOLPHQWLULFDYDWLGDOFRUSRGHJOLHVVHULYLYHQWLUDSSUHVHQWDQRXQSRQWHWUD O·LQGLYLGXRHODQDWXUDDOSXQWRFKHLOOHJDPHFRQODGLYLQLWjHFRQOHIRU]H FKHVLULWHQHYDJRYHUQDVVHURLOFRUVRGHOOHFRVHYHQLYDUHJRODWRHPLWLJDWR DWWUDYHUVRO·RIIHUWDGLFLELSUHYDOHQWHPHQWHULOHYDWLGDOFRUSRDQLPDOHÀQR DFRPSUHQGHUHTXHOORXPDQR 8QVLJQLÀFDWRDQFRUDSLSURIRQGRHUDDWWULEXLWRDOOHLQWHULRUDODSRVL ]LRQHQHOO·LQWLPLWjSURIRQGDGHOO·HVVHUHYLYHQWHFRQIHULYDORURXQDORQHGL SRWHQ]DHGLPLVWHURLQTXDQWRVHGHGLIXQ]LRQLYLUWHFDUDWWHULYLWDOLDVVDL SLUHFRQGLWLGHOOHPHPEUDHVWHULRULHVSRVWHDOODYLVWDHDOODSLLPPHGLDWD FRPSUHQVLRQH 1RQqXQFDVRFKHQHOSURFHVVRGLLPEDOVDPD]LRQHQHOO·(JLWWRIDUDR QLFRHUDULVHUYDWRDOOHYLVFHUHGHOGHIXQWRLOWUDWWDPHQWRVSHFLDOHHRQRULÀFR GHOODFROORFD]LRQHQHLYDVLFDQRSLPHVVLVRWWRODSURWH]LRQHGLVSHFLÀFKH 75(&&,$',%8'(//,1,',$*1(//2&213,6(//, .ľ5'8/$&813,685&, ,QJUHGLHQWLSHUSHUVRQHJGLWULSSDHLQWHVWLQRWHQXHHFUDVVRG·DJQHOOLQRGD ODWWHUHWHGLDJQHOORJGLSLVHOOLIUHVFKLJGLSRPRGRULTXDOFKHSRPRGRUR VHFFRXQDFLSROODSLFFRODPH]]RELFFKLHUHGLROLRH[WUDYHUJLQHG·ROLYDVDOH 3UHSDUD]LRQH 6FRWWDUH QHOO·DFTXD FDOGD OD WULSSD VSHOODUOD H ODYDUOD LQ DFTXD FRU UHQWHHODVFLDUHDEDJQRFRQDFTXDHVXFFRGLOLPRQH3XOLUHDIRQGRJOLLQWHVWLQLLQ DFTXDFRUUHQWHPDQWHQHQGROLLQWHJUL7DJOLDUHODWULSSDDVWULVFHGLXQFHQWLPHWURGL ODUJKH]]D$SSHQGHUHDXQJDQFLRO·LQWHVWLQRFUDVVRLQVLHPHDOOHVWULVFHGLWULSSDH DYYROJHUOLQHOODUHWHSHUFRPSDWWDUOL5LYHVWLUHDWUHFFLDVWUHWWDNĿUGXODLOWXWWRFRQ O·LQWHVWLQR WHQXH DQQRGDWR VX XQ VROR ODWR LQ PRGR GD IRUPDUH GHJOL DQHOOL ÀWWL H SDUDOOHOL0HWWHUHLQXQWHJDPHPH]]RELFFKLHUHG·ROLRHIDUURVRODUHODWUHFFLDÀQRD IDUODEHQDVFLXJDUH5RVRODUHDSDUWHODFLSROODDIIHWWDWDDJJLXQJHUHHIDUURVRODUHL SLVHOOL8QLUHLSRPRGRULSDVVDWLHTXDOFKHSRPRGRURVHFFR)DUVREEROOLUHHDJJLXQ JHUHODWUHFFLDHLOVDOH&XRFHUHDIXRFROHQWR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6DUGHJQD GLYLQLWj FRPH ULFRQRVFLPHQWR GHOO·LQGLYLGXDOLWj H GHOOD IXQ]LRQDOLWj SL HVVHQ]LDOHGHOO·HVVHUHXPDQR $QFKH QHOOD FXOWXUD VDUGD SL SURVVLPD DOO·DUFDLVPR SDVWRUDOH RPH ULFRFKHQRQDOODUXUDOLWjVWDQ]LDOHHFRQWDGLQDLOYDORUHVLPEROLFRGHLFLEL VL VRYUDSSRQH FRQ IRU]D D TXHOOR SXUDPHQWH DOLPHQWDUH ,QHYLWDELOPHQWH DQFKH TXL VL DWWULEXLVFH XQ ULVSHWWR SDUWLFRODUH DOOH LQWHULRUD GHOO·DQLPDOH XFFLVR HOHYDQGROH DG XQ UDQJR QRQ VHPSOLFHPHQWH QXWUL]LRQDOH 'D TXH VWR ULVSHWWR GHULYD O·HOHJDQWLVVLPD SUHSDUD]LRQH GHOOD NĿUGD QHOOD OLQJXD ORJXGRUHVH R GHOOD NĿUGXOD LQ FDPSLGDQHVH FKH SURSULR LQ YLUW GL WDOH FRPSOHVVDODYRUD]LRQHGHQRWDQRVLJQLÀFDWLFKHWUDVFHQGRQRODSXUDDOLPHQ WD]LRQH/·DQWURSRORJRWHGHVFR0D[/HRSROG:DJQHUVRWWROLQHzQH/DYLWD UXVWLFDTXHVWROHJDPHWUDLOVLPEROLVPRGHOOD*UHFLDDUFDLFDHOD6DUGHJQD SDVWRUDOH´(TXDQGROHFRVFHIXURQRDUVHPDQJLDURQRLYLVFHULIHFHURLO UHVWRDSH]]LOLLQÀODURQRVXVSLHGLOLDUURVWLURQRFRQFXUDSRLWXWWRULWROVH URµ,OLDGH,VVWUDG5RVD&DO]HFFKL2QHVWL ,OFLEDUVLGLLQWHULRUDFRWWHDOO·LQWHUQRGLEXGHOODGLYDULDSURYHQLHQ ]DFRVWLWXLVFHXQDUFKHWLSRDGDOWRYDORUHVLPEROLFRHGqFRQIHUPDWRGDOOD GLIIXVLRQHGLWDOHXVDQ]DDOLYHOORSODQHWDULR$QFKHJOLDERULJHQLRFHDQLFL DGHVHPSLRULWHQJRQRXQDSUHOLEDWH]]DOHLQWHULRUDGHOSLFFRORPDPPLIHUR ZDOODEHHFRWWHVXOODEUDFHDOO·LQWHUQRGHOVXRLQWHVWLQR 6LSRWUHEEHFRQFOXGHUHGXQTXHFKHJOL´DQWLFKLµSXUQRQGLVSRQHQGR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6DUGHJQD GL EDVL VFLHQWLÀFKH LQWHQGHVVHUR UHQGHUH RQRUH VHQVLWLYDPHQWH DQFKH DO ´FHUYHOORHQWHULFRµODVHGHGLTXHOO·LQVLHPHGLUDPLÀFD]LRQLQHUYRVHFKH FROODERUDQGRDWWLYDPHQWHFRQODPHQWHFRQWULEXLVFRQRQRQSRFRDOODUHJR ODPHQWD]LRQHGHJOLVWDWLG·DQLPRHTXLQGLDOPLVWHULRVRVHQWLUHLQWHUQRHDOOH VXHDSSDUL]LRQLQHOOHQRVWUHPDQLIHVWD]LRQLHVWHUQH ,OVDQJXHDSSDUWLHQHDSLHQRWLWRORDOODFDWHJRULDGHOTXLQWRTXDUWR6H O·XVRGLFRQIH]LRQDUHLQVDFFDWLFRQLOVDQJXHFRDJXODWRDSSDUWLHQHDPROWH WUDGL]LRQLFXFLQDULHWDQWRLQIRUPDGROFHFKHVDODWDDVVDLPHQRGLIIXVDq O·XVDQ]DSUDWLFDWDQHOFHQWUR6DUGHJQDGLSUHSDUDUORDUULFFKLWRLQYDULPRGL DOO·LQWHUQRGHOORVWRPDFRGHOODSHFRUDRGHOPDLDOHVROLWDPHQWHFRQODWWH ODUGR IRUPDJJLR H SLFFROL SH]]L GL SDQH FDUDVDX QRQ FRQVXPDQGROR SRL FRPH VDOXPH FRVD FKH DYYLHQH SHU L VDQJXLQDFFL PD FRPH YHUD H SUR SULDYLYDQGD$QFKHODSUHSDUD]LRQHGLTXHVWRDOLPHQWR´VXVDPEHQHµFKH SUHYHGH XQ·DFFXUDWD SXOL]LD GHOOR VWRPDFR H O·DGGL]LRQH G·LQJUHGLHQWL DG DOWRFRQWHQXWRVLPEROLFRFRPHLOODWWHRLOSDQHQHHYLGHQ]LDLOSURIRQGR VLJQLÀFDWR DQWURSRORJLFR &LEDUVL GHO VDQJXH SHU DSSURSULDUVL GHOOD IRU]D YLWDOHGLFXLqYHLFRORSULQFLSDOH ,QGHÀQLWLYDVHODFRQVXHWXGLQHGLQRQVFDUWDUHDOFXQDSDUWHGHOO·DQL PDOH XFFLVR ULVSRQGH LQ SULPR OXRJR D XQ·HYLGHQWH QHFHVVLWj HFRQRPLFD WDOH QHFHVVLWj q VRGGLVIDWWD HVRUFL]]DQGR LO ULVSHWWR UHYHUHQ]LDOH QHL FRQ IURQWLGLTXHVWHSDUWLSHUJOLDQWLFKLOHJDWHDOPLVWHURGHOODYLWDULFRUUHQGR DGDUWLÀFLFKHOHGLVWDFFKLQRVHQ]DPH]]LWHUPLQLGDOODFROORFD]LRQHHGDOOD IXQ]LRQHRULJLQDULD /D6DUGHJQDSHUO·HFRQRPLDDJURSDVWRUDOHFKHQHKDFDUDWWHUL]]DWROR VYLOXSSRQHLPLOOHQQLqSDUWLFRODUPHQWHULFFDGLSLDWWLWUDGL]LRQDOLRWWHQXWL GDLQWHULRUDIUDWWDJOLHHSLLQJHQHUDOHGDOOHSDUWLGHÀQLWHVHFRQGDULHQHOOD PDFHOOD]LRQH /·XWLOL]]RGHOOH´FDUQLGDQRQGLPHQWLFDUHµHODVXDVSHFLÀFDJDVWURQR PLDVRQRSDUWLFRODUPHQWHSUDWLFDWLQHOOH]RQHLQWHUQHDQFKHVHDOFXQLSLDWWL RULJLQDWLGDOOHULFHWWHVRWWRLQGLFDWHWURYDQRGLIIXVLRQHHDSSUH]]DPHQWRLQ TXDVLWXWWHOH]RQHGHOO·LVROD6HQHIDXVRVDOWXDULRQHOODFXFLQDIDPLJOLDUHH SLIUHTXHQWHPHQWHQHLFRQYHJQLDPLFDOL/DULVWRUD]LRQHLQYHFHVLqDEED VWDQ]DDOORQWDQDWDGDOODFXFLQDGHOTXLQWRTXDUWRFKHFRQWLQXDDOFRQWUDULR DGHVVHUHSURSRVWDLQSDUHFFKLDJULWXULVPLGHOODUHJLRQH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6DUGHJQD ,OUHODWLYRLVRODPHQWRJHRJUDÀFRFKHOD6DUGHJQDKDDYXWRLQSDVVDWR DFDXVDGHOODVXDGLVWDQWHLQVXODULWjKDFRQWULEXLWRSHUDOWURDFRQVHUYDUH SLJHQXLQDPHQWHFKHDOWURYHDQFKHTXHVWHWUDGL]LRQLJDVWURQRPLFKHHSL VSHFLÀFDPHQWH LO VHQVLELOH FRQQXELR IUD OH PRWLYD]LRQL HFRQRPLFKH H OH DQWLFKHSUDWLFKHPDJLFRULWXDOLFKHOHKDQQRRULJLQDWH /$´=,0,1$7$µ'(/6$66$5(6( /D FDPSDJQD H L GLQWRUQL GL 6DVVDUL VRQR FDUDWWHUL]]DWL GD HQRUPL DOEHULGLXOLYRPROWLVHFRODULHGDXQDPDFFKLDPHGLWHUUDQHDÀWWDHYHUGH /DJDVWURQRPLDGHLVDVVDUHVLqVHPSUHVWDWDFRQGL]LRQDWDGDTXHVWRSDUWL FRODUHDVSHWWRFKHVLFRQFUHWL]]DFRQQXPHURVLVVLPHFRVWUX]LRQLGLIIXVH QHOO·LQWHUODQGDYYROWHGDXQDÀWWDYHJHWD]LRQHHIDYRULWHGDOFOLPDPROWR PLWH,QSULPDYHUDHLQHVWDWHPDQRQVRORLQTXHVWHFDPSDJQHODOHJQD DUGHLQHQRUPLEUDFLHULSHURWWHQHUHEUDFLEXRQHHGXUDWXUH6RQRTXHOOH FKHVHUYRQRSHUDOLPHQWDUHOHJUDQGLDUURVWLWHDFFRPSDJQDWHLQJHQHUHGD DGHJXDWHOLEDJLRQLGLYLQRURVVR4XHVWHDUURVWLWHVRQRSUHYDOHQWHPHQWH FRPSRVWHGDELVWHFFKHRIHWWLQHGLYLWHOORQHRFDYDOORFDSRFROORSDQFHWWD R VDOVLFFLRQH GL PDLDOH PD OD SL RULJLQDOHHWLSLFDqVLFXUDPHQWHOD ]LPLQDWDVDVVDUHVH 4XHVWD SUHSDUD]LRQH FRQ VLVWHDOPHQRQHLSHULRGLLQFXLOD OHJLVOD]LRQH VDQLWDULD OR FRQVHQWH LQ XQ DUURVWR PLVWR GL IUDWWDJOLH GL YLWHOOR PHJOLR DQFRUD VH GL YLWHOOD R´]LPLQRµPHVVRVXIXRFRGLOHJQD HR FDUERQH /·DUURVWLWRUH ´OX JUD ELJOLHULµ VHSDUD OR ´]LPLQR ELDQFRµ FRVWLWXLWRGDSH]]LGLLQWHVWLQRWHQXHR´ULF FLROLµWLPRR´SULPRODWWHµR´DQLPHOOHµHLQWHVWLQR UHWWR´FDQQDJXUXµGDOOR´]LPLQRURVVRµFRVWLWXWR GDIHWWLQHGLIHJDWRFXRUHHGLDIUDPPD8QLFR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6DUGHJQD 3,(',1,',$*1(//2,1$*/,$7$ ,QJUHGLHQWLSLHGLQLGLDJQHOORPH]]DFLSROODFRVWHGLVHGDQRXQDFDURWDDOOR URVDOHVSLFFKLG·DJOLRXQSHSHURQFLQRSLFFRORSDVVDWDGLSRPRGRURSUH]]HPROR PH]]RELFFKLHUHGLDFHWR 3UHSDUD]LRQH6SDFFDUHLQGXHEUXFLDFFKLDUHHOHVVDUHLSLHGLQLGLDJQHOORFRQOD FLSROODLOVHGDQRODFDURWDO·DOORURHLOVDOH3UHSDUDUHDSDUWHLOVXJRVRIIULJJHQGR LQROLRH[WUDYHUJLQHGLROLYDO·DJOLRHLOSHSHURQFLQRFKHXQDYROWDGRUDWLVDUDQQR HOLPLQDWL$JJLXQJHUHODSDVVDWDGLSRPRGRURLOVDOHHLOSUH]]HPRORWULWDWR'RSR PLQXWLGLFRWWXUDDJJLXQJHUHO·DFHWRHXQELFFKLHUHGLEURGRGLFRWWXUDGHLSLHGL QL$VXJRSURQWRGRSRFLUFDPLQXWLDJJLXQJHUHLSLHGLQLOHVVDWLSDU]LDOPHQWH GLVRVVDWLHODVFLDUHFXRFHUHDIXRFROHQWRSHUDOWULPLQXWL FRQGLPHQWRLOVDOHÀQRDFRWWXUDXOWLPDWD,OFRQWRUQRqFRVWLWXLWRLQJHQHUH GDYHUGXUDIUHVFDGLVWDJLRQHUDYDQHOOLSLFFDQWLÀQRFFKLHVHGDQL /D]LPLQDWDQRQqXQDFRPXQHDUURVWLWDGLFDUQHPDVHJXHXQWUDGL]LR QDOHSHUFRUVRVLQGDOODSUHSDUD]LRQHGHOOHSDUWLGDDUURVWLUH/R]LPLQRURVVR qQRUPDOPHQWHVFLDFTXDWRLQDFTXDFRUUHQWHLSH]]LGLLQWHVWLQRWHQXHHGL UHWWRLQYHFHYHQJRQRSXOLWLHYLWDQGRO·XVRGHOO·DFTXDTXLQGLVRORPHGLDQ WHVSUHPLWXUDDWWXDWDFRQHVSHUWHPDQLSROD]LRQLHFRQO·DLXWRGLFDUWDUXYLGD SHUSDFFKLR´FDUWDVWUDFFLDµ´OXSDELUXLVWKUD]]XµXQWHPSRXWLOL]]DWRGDL PDFHOODLSHUDYYROJHUHODFDUQHGRSRFKHODSDUWHPXFRVDLQWHUQDqVWDWD SRUWDWDDOO·HVWHUQR $QFKHLOPRPHQWRVROHQQHGHOFRQVXPRqSUHFHGXWRGDIDVLTXDVLULWXD OLFRPHLOWDJOLRDSH]]HWWLGHOOR]LPLQRHIIHWWXDWRFRQXQDJURVVDIRUELFH O·DJJLXQWD GL VDOH ÀQR H LO UDGXQR GHL FRPPHQVDOL 6·LQL]LD VHPSUH GDOOD SDUWHELDQFDPDVRORTXDQGRLULFFLROLVRQRFURFFDQWLDOSXQWRJLXVWRPHQ WUHODSDUWHURVVDGHYHHVVHUHEHQFRWWDLOVDVVDUHVHLQJHQHUHQRQDPDOD FDUQHDOVDQJXHPDVHQ]DIDUQHSHUGHUHODWHQHUH]]D4XLVWDODEUDYXUD GHOO·DUURVWLWRUHHLOYDORUHDJJLXQWRGHOOD´]LPLQDWDµ $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6DUGHJQD /()(67(1(*/,67$==,',*$//85$ /DSUHVHQ]DGLSLHWDQ]HWLSLFKHRWWHQXWHGDO´TXLQWRTXDUWRµFDUDWWH UL]]DYDUHJRODUPHQWHOHIHVWLYLWjVDFUHHSURIDQHGHOODYLWDFRQWDGLQDGHJOL VWD]]LJDOOXUHVL,ULWPLYLWDOLGLTXHVWHSLFFROHHQWLWjHFRQR PLFKH VRVWDQ]LDOPHQWH DXWRQRPH SHU TXDQWR DWWLHQH O·DSSURYYLJLRQDPHQWR GL ULVRUVH DOLPHQWDUL HUDQR VFDQGLWLGDOOHVWDJLRQLHGDOOHIHVWHUHOLJLRVHHQRQ GLVWULEXLWL QHOO·DUFR GHOO·DQQDWD DJUDULD &LDVFXQD GL TXHVWH RFFDVLRQL HUD FDUDWWHUL]]DWD ROWUH FKH 5,9($*$''85(6$ ,QJUHGLHQWL XQD FRUDWHOOD LQWHUD GL DJQHOOR R GL FDSUHWWR FRPSUHQGHQWH SROPRQL IHJDWRFXRUHHDQLPHOOHWXWWLJOLLQWHVWLQLGHOO·DJQHOORRFDSUHWWRFRUDWHOODFRQ OD UHWLQD FKH DYYROJH OD PDVVD LQWHVWLQDOH SHULWRQHR J GL ODUGR VWDJLRQDWR IHWWLQHVRWWLOLGLSDQHUDIIHUPRXQFLXIIRGLSUH]]HPRORVSLFFKLRGLDJOLRVDOH 3UHSDUD]LRQH3XOLUHHODYDUHDFFXUDWDPHQWHJOLLQWHVWLQLHVLVWHPDUOLLQXQRVFRODSD VWD'RSRDYHUODYDWRHDVFLXJDWRODFRUDWHOODHOLPLQDUHODWUDFKHDHOHSDUWLÀEURVH DGHUHQWLDJOLRUJDQL6H]LRQDUHIHJDWRSROPRQLFXRUHHDQLPHOOHLQGDGLQLGHOORVSHV VRUHGLFLUFDFPHFPGLODWR$IIHWWDUHLOODUGRLQIHWWLQHVSHVVHPPHGHOOD OXQJKH]]D VLPLOH DL GDGLQL JLj SUHSDUDWL 0HWWHUH LO WXWWR LQ XQD WHUULQD FRPSUHVD ODUHWLQDHLOSDQHDIIHWWDWRHVDODUHOHJJHUPHQWH7ULWDUHÀQHPHQWHLOSUH]]HPRORH O·DJOLRHGLVWULEXLUOLQHOODWHUULQDDPDOJDPDQGRLOWXWWR/DVFLDUHULSRVDUHSHUR RUHLQIULJRTXLQGLLQÀO]DUHLGDGLQLQHOORVSLHGRGHOJLUDUURVWRDOWHUQDQGRLGLYHUVL WLSLGLLQWHULRUDHFKLXGHQGRRJQLVHTXHQ]DFRQXQDIHWWLQDGLODUGRVHJXLWDGDXQD GLSDQHUDIIHUPR8QDYROWDHVDXULWLLGDGLQLDYYROJHUHLOWXWWRFRQODUHWLQD/HJDUH LQWUHFFLDQGRLQWRUQRDOODUHWLQDJOLLQWHVWLQLJLjSUHSDUDWLVWULQJHQGROHJJHUPHQWHSHU FRQIHULUHFRQVLVWHQ]DDOO·LQVLHPH/DVFLDUHULSRVDUHFRQORVSLHGRLQSRVL]LRQHYHUWL FDOHSHUTXDOFKHRUDLQPRGRGDVFRODUHO·DFTXDDQFRUDSUHVHQWH$UURVWLUHDOODEUDFH D IXRFR OHQWR H FRQ JLUDUURVWR FRQWLQXR 1HOOH IDVL ÀQDOL GHOOD FRWWXUD DJJLXQJHUH VDOH&RQWUROODUHSHULRGLFDPHQWHODFRWWXUDLQÀODQGRXQRVWHFFKLQRHYHULÀFDQGRQH O·XPLGLWj DO WDWWR$ FRWWXUD XOWLPDWD FLUFD RUH WDJOLDUH LQ URQGHOOH GL FP GL ODWRVÀODUHGDOORVSLHGRHVHUYLUOHFDOGLVVLPH6LFRQVLJOLDXQFRQWRUQRGLÀQRFFKLR UDYDQHOOLRFLSROORWWLIUHVFKL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6DUGHJQD GDOO·HYHQWRFKHVLLQWHQGHYDIHVWHJJLDUHGDXQDSDUWLFRODUHSLHWDQ]DSLDWWR WLSLFRRGROFHFDUDWWHULVWLFRHVSUHVVDPHQWHSUHSDUDWRSHUO·HYHQWR ,QTXHVW·DPELWRVRQRDQFRUDPROWRSUHVHQWLLQ*DOOXUDVRSUDWWXWWRQHO PRQGR UXUDOH DOFXQH SLHWDQ]H RWWHQXWH GDO TXLQWR TXDUWR TXDOL OD ULYHD GHULYDWDGDOOHLQWHULRUDGLFDSUHWWRRGLDJQHOORFKHHUDXQDSRUWDWDWUDGL ]LRQDOHGHOSUDQ]RQDWDOL]LRHSDVTXDOHODFROGDRWWHQXWDGDOO·LQWHVWLQRH SHULWRQHRGHOO·DJQHOORSUHVHQWHFRPHSLHWDQ]DWLSLFDQHOODIHVWDFDPSHVWUH GL6DQ%DFKLVR6DQWX%DFKLVLPROWRVHQWLWDQHOO·DOWD*DOOXUDLOVDQJXL QDFFLRGLPDLDOHQHOOHGXHYHUVLRQLVDODWRHGROFHLOIHJDWRGLPDLDOHDUUR VWRLQUHWLQDVHPSUHRIIHUWRLQRFFDVLRQHGHOODIHVWDIDPLOLDUHRUJDQL]]DWD SHU OD PDFHOOD]LRQHGHOPDLDOHODWULSSDGLSHFRUDDOVXJRLQRFFDVLRQH GHOODIHVWDSHUODWRVDWXUDGHOOHJUHJJL $FFDQWRDTXHVWLSLDWWLOHJDWLDGHYHQWLSDUWLFRODULFHQHVRQRXQ·LQÀ QLWjG·DOWULQRQFROOHJDWLDSDUWLFRODULRFFDVLRQLPDFRPXQTXHGLIIXVLQHOOD FXFLQDWUDGL]LRQDOHGHJOLVWD]]LTXDOLLOVDQJXHGLFDSUHWWRRGLDJQHOORLQ FDVVHUXRODOHWHVWLQHGLFDSUHWWRDUURVWRRLQWHJDPHOHDQLPHOOHGLYLWHOOR DUURVWRO·LQWHVWLQRWHQXHGHOSRUFKHWWRLQFDVVHUXRODFKHVRQRSUHVHQWLWXW WDYLDLQYHUVLRQLSLRPHQRVLPLOLDQFKHLQDOWUHDUHHGHOOD6DUGHJQD 6·257$8 ,QJUHGLHQWLXQLQWHVWLQRUHWWRGLPDLDOHJGLIHJDWRJGLFXRUHJGL FDSRFROORJGLVSXQWDWXUHGLFDUQHPROWRJUDVVHSRPRGRULVHFFKLSHSHQHUR QRFHPRVFDWDFDQQHOODXQPLVWRGLVSH]LHSUH]]HPRORVDOH 3UHSDUD]LRQH7ULWDUHLGLYHUVLWLSLGLFDUQHGHOPDLDOHFRQXQDPH]]DOXQDHDJJLXQ JHUHLOSRPRGRURVHFFRLOSUH]]HPRORXQSL]]LFRGLSHSHQHURGLQRFHPRVFDWDGL FDQQHOODPDFLQDWDHSRLVDOH$PDOJDPDUHJOLLQJUHGLHQWLHULHPSLUHO·LQWHVWLQRUHWWR LQ PRGR XQLIRUPH HYLWDQGR GL ODVFLDUH GHJOL VSD]L YXRWL /HJDUH FRQ OR VSDJR OH SDUWLWHUPLQDOLGHOO·LQWHVWLQRHIDUORDUURVWLUHOHQWDPHQWHSHUDOFXQHRUHVXXQDJULJOLD IRUQLWDG·XQDYDVFKHWWDGLUDFFROWDGHOVXJRJUDVVRHPROWRDURPDWLFR/DFRWWXUDSHU IHWWDSUHYHGHORVFLRJOLPHQWRGHOJUDVVRGHOO·LQWHVWLQRFKHGRYUjGLYHQWDUHFURFFDQWH 6HUYLUHFDOGRFRQIHWWHGLSDQHDPPRUELGLWRFRQLOVXJRGLFRWWXUD $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6DUGHJQD 68=855(77( ,QJUHGLHQWLSHUSHUVRQHXQRVWRPDFRGLSHFRUDVDQJXHGLSHFRUDXQDFLSROOD PHGLDJGLJUDVVRGHOSHULWRQHRXQDPDQFLDWDGLIRUPDJJLRSHFRULQRVWDJLRQDWR JUDWWXJLDWRPH]]RELFFKLHUHGLODWWHGLSHFRUDVDOHPHQWDWLPRXQIRJOLRGLSDQH FDUDVDXÀQHPHQWHVEULFLRODWR 3UHSDUD]LRQH/DYDUHDFFXUDWDPHQWHORVWRPDFRGHOODSHFRUD)LOWUDUHLOVDQJXHSHU HOLPLQDUHLJUXPL3UHSDUDUHXQVRIIULWWRFRQSLFFROLSH]]LGLSHULWRQHRDJJLXQJHUHOD FLSROODWULWDWDRLOEXOERGLHUEDFLSROOLQD,QXQFRQWHQLWRUHPHVFRODUHLOVDQJXHSHU HYLWDUHODFRDJXOD]LRQHHDJJLXQJHUHLOSDQHFDUDVDXVEULFLRODWRLOODWWHSHUUHQGHUOR SLFUHPRVRLOVRIIULWWRFRQODPHQWDGROFHLOWLPRHXQSL]]LFRGLVDOH9HUVDUHLO FRPSRVWR EHQ DPDOJDPDWR GHQWUR OR VWRPDFR DYHQGR FXUD GL HOLPLQDUH O·DULD SUL PDGLFKLXGHUHO·DSHUWXUDFRQXQUREXVWRVSDJRODVFLDQGRXQ·DSSHQGLFHDPDQLJOLD SHU IDFLOLWDUH OH RSHUD]LRQL GL FRWWXUD %ROOLUH LQ DEERQGDQWH DFTXD SHU PLQXWL FRQWUROODQGRGXUDQWHODFRWWXUDFKHORVWRPDFRPDQWHQJDXQDFRQVLVWHQ]DPRUELGD HXQLIRUPH6HUYLUHOR]XUUHWWHEHQFDOGRHFRQXQDFRQVLVWHQ]DFUHPRVD'DJXVWDUH FRQLOSDQHFDUDVDX ,/0$,$/(1(/1825(6( ,Q WXWWL L SDHVL GHOOD %DUEDJLD H DQFKH QHO 1RUG 6DUGHJQD OD IHVWD GHOO·,PPDFRODWDVHJQDYDO·DUULYRGHOIUHGGRHO·LQL]LRGHOODVWDJLRQHGHOOD PDFHOOD]LRQHGHLPDLDOL1HLYDULULRQLRFRUWHVLQL]LDYDXQDVRUWDGLDFFRUGR WUDJOLDELWDQWLGHOYLFLQDWRVXOODSURJUDPPD]LRQHGHOO·HYHQWRFKHOLYHGHYD WXWWLFRLQYROWL&RPHLQDOWUHUHJLRQLLWDOLDQH´ODIHVWDGHOPDLDOHµSUHYH GHYD OXQJKL SUHSDUDWLYL ,O SUDQ]R HUD O·RFFDVLRQH SHU FRQVXPDUH OH SDUWL SLGHSHULELOLHOHFDUQLPHQRSUHJLDWHTXDQGROHIDPLJOLHQRQDYHYDQRLO IULJRULIHUR&RQOHFDUQLGHOFROORVLSUHSDUDYDXQULFFRVXJRDOSRPRGRUR LO IHJDWR VL DYYROJHYD FRQ LO SHULWRQHR H IRJOLH GL DOORUR SULPD GL HVVHUH DUURVWLWRVXXQDJULJOLDFRQYDVFDSHUODUDFFROWDGHOVXJR/·LQWHVWLQRUHWWR PROWR JUDVVR VX RUWDX HUD LPERWWLWR FRQ XQ FRPSRVWR IDWWR FRQ VSXQWD WXUHGLFDUQHHIUDWWDJOLHXQLWHDSRPRGRURVHFFRSUH]]HPRORSHSHQHUR HXQSL]]LFRGLQRFHPRVFDWDVLXQLYDOD´VDSRULWDµPLVFHODGLVSH]LHH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6DUGHJQD TXLQGLHUDDUURVWLWROHQWDPHQWH&RQLOVDQJXHGHOPDLDOHFRQGLWRFRQVDOH HGHUEHDURPDWLFKHVLULHPSLYDQRLEXGHOOLFKHHUDQRDUURVWLWLDOIXRFRYLYR LPSXJQDQGRGXHEDVWRQLXVDWLFRQPDHVWULDSHUFXRFHUHLOVDQJXLQDFFLRLQ PRGRXQLIRUPH/DVDSLHQWHVHOH]LRQHGHOOHFDUQLHUDÀQDOL]]DWDDOODFRQVHU YD]LRQHGHOOHSDUWLSLSUHJLDWHGHOPDLDOHPDLOÀOHWWRHO·DULVWD´V·LVSLQXµ YHQLYDQRGLYLVLHGRQDWLDLSDUHQWLHDLYLFLQLGLFDVDFKHDYHYDQRSDUWHFLSD WRDOEDQFKHWWR,EDPELQLFKHFRQVHJQDYDQRODFDUQHQHOOHFDVHULFHYHYDQR LQGRQR]XFFKHURFDIIqSRFKLVROGLHVSH]LHSUH]LRVHFRPHEXRQDXVSLFLR G·DEERQGDQWLSURYYLVWHSHUVXSHUDUHSLVHUHQDPHQWHLOOXQJRLQYHUQR /D GLVWULEX]LRQH GHOOD FDUQH FRQVROLGDYD L UDSSRUWL VRFLDOL H LO VHQVR G·DSSDUWHQHQ]DULRQDOHHVRSUDWWXWWRJDUDQWLYDLOFRQVXPRGLFDUQHVHPSUH IUHVFDTXDQGRVLPDFHOODYDQRLPDLDOLGHLYLFLQLLQWHPSLGLYHUVL/RVSLULWR GLFROODERUD]LRQHVLFRPSOHWDYDFRQO·XVRGHOOHJLJDQWHVFKHPDFFKLQHWUL WDFDUQHGLSURSULHWjGHOOHIDPLJOLHSLIDFROWRVHFKHHUDQRGDWHLQSUHVWLWR DLYLFLQL&RQO·DUULYRHODGLIIXVLRQHGHOODWHFQRORJLDHVRSUDWWXWWROHULJLGH QRUPDWLYHVXOO·LJLHQHODFRQVHUYD]LRQHGHOOHFDUQLGLPDLDOHLQ%DUEDJLD PDQRQVRORKDSHUVRLOVHQVRGLFRUDOLWjFKHKDVHJQDWRXQ·HSRFD7UDOH ULFHWWH GHO 1XRUHVH VH QH ULFRUGDQR GXH GL SDUWLFRODUH SUHJLR VX RUWDX H VX ]XUUHWWH 4XHVW·XOWLPR KD XQD SUHSDUD]LRQH FRPSOHVVD FKH ULFKLHGH OD SUHVHQ]DGLGXHSHUVRQHHVSHUWHPDLOFRQVXPRqHVVHQ]LDOPHQWHFRQYLYLDOH ,OSLDWWRGLRULJLQHSDVWRUDOHSXzDYHUHFRPHYDULDQWHO·XVRGHOODUGRHGHO SDQHGLVHPRODWDJOLDWRDGDGLQL 1(59(77,',%8(3(5·(%2, ,QJUHGLHQWLSHUSHUVRQHXQD]DPSDGLEXHVSLFFKLG·DJOLRIRJOLROLQHGLSUH] ]HPRORIUHVFRJGLJLDUGLQLHUDVRWWDFHWRJGLROLYHVDUGHLQVDODPRLDDFHWR GLYLQRELDQFRROLRH[WUDYHUJLQHGLROLYDVDUGRVDOHSHSH 3UHSDUD]LRQH/DYDUHFRQFXUDOD]DPSDGLEXHHSDVVDUODDOODÀDPPD/HVVDUODLQDEERQ GDQWHDFTXDVDODWDHFXRFHUHSHUFLUFDXQ·RUDÀQRDTXDQGRODFDUWLODJLQHQRQVLVWDFFKL IDFLOPHQWHGDOO·RVVR6FRODUHHGLVRVVDUHODFDUWLODJLQHFKHYHUUjWDJOLDWDSRLLQSLFFROL SH]]L,QXQUHFLSLHQWHGLFRFFLRXQLUHO·ROLRH[WUDYHUJLQHG·ROLYDO·DFHWRODJLDUGLQLHUD WDJOLDWD LQ SLFFROL SH]]L OH ROLYH O·DJOLR WULWDWR H DEERQGDQWL IRJOLROLQH GL SUH]]HPROR VPLQX]]DWHDPDQR$JJLXQJHUHSH]]LGLFDUWLODJLQHPHVFRODUHHVHUYLUHIUHGGR $FFDGHPLD,WDOLDQDGHOOD&XFLQD 6DUGHJQD 75$0$5((7(55$ &DJOLDULH2ULVWDQRYDQWDQRDQWLFKHWUDGL]LRQLGLFXFLQDPDULQDUDPHQ WUH OD YDVWD SLDQXUD H OH PRQWDJQH GL TXHVWL GXH WHUULWRUL ULVHQWRQR GHOOH WUDGL]LRQLJDVWURQRPLFKHGHOO·LQWHUQRHTXLQGLKDQQRFRQORVWHVVRDELWX GLQLVLPLODULGLFRQVXPRHXWLOL]]RGHOOHFDUQLGHOTXLQWRTXDUWR/HDFFHQ QDWHUDJLRQLGLFRQWLJXLWjIDQQRVuFKHDGRJQLEXRQFRQWRDQFKHLQTXHVWH GXHLPSRUWDQWLFLWWjGHOOD6DUGHJQDQRQVLDWUDVFXUDWRLOFRQVXPRGHOOHSL LPSRUWDQWLULFHWWHFKHXWLOL]]DQROHFDUQLFLWDWH 'RSRXQEUHYHYLDJJLRLQEDWWHOORGD&DUORIRUWHVLDUULYDD&DODVHWWDH FLVLDGGHQWUDQHO6XOFLVTXLOHULFHWWHULJXDUGDQRSUHYDOHQWHPHQWHLSURGRWWL GL WHUUD ULSURSRVWL VHFRQGR OH FRQVXHWXGLQL ORFDOL 3HUFLz JUD]LH D TXH VWD YLFLQDQ]D OH WUDGL]LRQL WLSLFDPHQWH JHQRYHVL H WDEDUFKLQH WXQLVLQH GHOO·LVROD GL 6DQ 3LHWUR VL VSRVDQR FRQ TXHOOHVDUGHGHOO·LQWHUQR(FFRSHUFKp DQFKHD&DUORIRUWHFRPHD&DODVHWWD VLFXFLQDQROHIUDWWDJOLHGLEXHHDJQHO OR GHO ´TXLQWR TXDUWRµ OD ´WUDWWDOLDµ OH EXGHOOD GL EXH IDUFLWR OD FRUDWHOOD GLDJQHOORHODWULSSDIDFHQGRFRVu LQPRGRFKHO·DPDOJDPDGLFRQVXHWXGLQLSURSULHHDFTXLVLWHGDJOLDELWDQ WL QHO FRUVR GHL VHFROL VL HVSULPDQR ROWUH FKH QHL FRVWXPL H QHOOD OLQJXD DQFKHQHOODWDYRODGLTXHVWHPHUDYLJOLRVHHDQWLFKHWHUUH&RQODFRUDWHOODGL DJQHOORVLSUHSDUDDIULVFLXOHWWD'RSRDYHUSXOLWRHODYDWRDFFXUDWDPHQWHOD FRUDWHOODVLWDJOLDLQSLFFROLSH]]LHVLPHWWHLQXQWHJDPHGRSRDYHUYLVRI IULWWRLQSRFRROLRODFLSROODÀQHPHQWHWULWDWDVLFRQWLQXDDVRIIULJJHUHSHU XQDGHFLQDGLPLQXWL4XLQGLVLYHUVDQHOWHJDPHXQELFFKLHUHGLYLQRELDQFR HGRSRFKHTXHVWRqHYDSRUDWRVLVDODHVLDJJLXQJHO·DFTXDQHFHVVDULDSHU SRUWDUHDFRWWXUD &RQ O·LQWHVWLQR GHO EXH DSSHQD PDFHOODWR VL UHDOL]]D OD ULFHWWD GHOOD PDXOHWWD6LODYDDFFXUDWDPHQWHO·LQWHVWLQRHVLFKLXGHXQ·HVWUHPLWjFRQOR VSDJR6LIDQQRURVRODUHLQWHJDPHLSLVHOOLFRQSRFRROLRHPH]]DFLSROOD WULWDWD6LSUHSDUDSRLXQLPSDVWRFRQLOSDQHJUDWWXJLDWROHXRYDHLSLVHOOL URVRODWLDJJLXQJHQGRLOVDOH6LULHPSLHO·LQWHVWLQRFRQO·LPSDVWRVLFKLXGH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 6DUGHJQD %8'(//2',%8()$5&,72´8/81*8µ ,QJUHGLHQWLSHUSHUVRQHXQEXGHOORGLEXHJGLSDQHJUDWWXJLDWRXRYD GOGLODWWHVSLFFKLGLDJOLRXQPD]]HWWRGLSUH]]HPRORVDOH 3UHSDUD]LRQH/DYDUHDFFXUDWDPHQWHLOEXGHOORHFKLXGHUQHXQDHVWUHPLWjFRQORVSD JR3UHSDUDUHDSDUWHLOULSLHQRLPSDVWDQGRFRQLOODWWHLOSDQHJUDWWXJLDWROHXRYD O·DJOLRHLOSUH]]HPRORÀQHPHQWHWULWDWLHLQVDFFDUORQHOEXGHOORLQPRGRGDULHPSLUOR TXDVL FRPSOHWDPHQWH &KLXGHUH FRQ OR VSDJR DQFKH O·DOWUD HVWUHPLWj GHO EXGHOOR H PHWWHUORDEROOLUHLQXQDSHQWRODFRQSH]]LGLFLSROODHVDOHSHUFLUFDPH]]·RUD6FROD UHHVHSLDFHFRQGLUHFRQVXJRGLSRPRGRUR3XzHVVHUHVHUYLWRDQFKHIUHGGR O·HVWUHPLWjDSHUWDTXLQGLVLPHWWHO·LQWHVWLQRIDUFLWRLQXQD SHQWRODFRQODFLSROODLQJURVVLSH]]LHODVDOVDGLOXLWDFRQ WDQWDDFTXDTXDQWRqQHFHVVDULRSHUSRUWDUHLOWXWWRDFRP SOHWDFRWWXUDDIXRFROHQWR6LVHUYHFRQFRQWRUQRGL ELHWROHOHVVHRVRIIULWWH /(556*633()69(;6 4HYJLSSV)LKVNUP*; 4HYPH(\ZPSPH-HKKH :HS]PUV3LVUP+*:; *HYSV4HJJPVUP 4HYPHUNLSH7PUUH*VPHUH 7YV[V7PWWPH (SKV=HUPUP $FFDGHPLD,WDOLDQDGHOOD&XFLQD %LEOLRJUDÀD %,%/,2*5$),$ $$99$WODQWHGHLSURGRWWLWLSLFLLVDOXPL)UDQFR$QJHOL(GLWRUH $$99&HQQLVWRULFLVXOOH9DOOLGL/DQ]RH%DVVR&DQDYHVH 5HJLRQH3LHPRQWH$]7XULVWLFKHORFDOL $$99/DFXFLQDGL9DUHVHHGHOVXRWHUULWRULR &DPHUDGL&RPPHUFLR9DUHVH $$99/DFXFLQDPLWWHOXURSHDGHOOHPDGULRUVROLQHGL*RUL]LD /(**RUL]LD $$99/DQRVWUDFXFLQD²,O)ULXOL2FFLGHQWDOH %LEOLRWHFDGHOO·LPPDJLQH3RUGHQRQH $$995LFHWWHGLFXFLQDELHOOHVH(G1XRYD3URYLQFLDGL%LHOOD $GDPL3/DFXFLQDFDUQLFD0X]]LR $OEHULFL$&XFLQDGHO3DYHVH0X]]LR $OEHULQL03LHPRQWHVLDWDYROD&DVD(GLWULFH/RQJDQHVL $QRQLPRQDSROHWDQR5LFHWWDULR3LHUSRQW0RUJDQ/LEUDU\1HZ<RUN $WHQHRGL1DXNUDWL,'HLSQRVRÀVWL/LEUR,,,LQ%DQTXHWGHVVDYDQWV3DULJL $X)LRUH//D&XFLQDGHOODWHUUDGL&RUPzQV²'DOULFHWWDULRRWWRFHQWHVFRGHOOD EDURQHVVD0DULDQQD/RFDWHOOL(GL]LRQLGHOOD/DJXQD0DULDQRGHO)ULXOL $X)LRUH//DFXFLQDJRUL]LDQDLQ´*XUL]Dµ6RFLHWj)LORORJLFD)ULXODQD $YLWDELOH(0DQJLDPRDOODQDSROHWDQD/XLJL5HJLQD(GLWRUH1DSROL %DEXGUL)$OO·LQVHJQDGHOEXRQJXVWRQHOOHWUDGL]LRQLJLXOLDQH &HOYL7ULHVWH %DFFHOOLHUL&/DEXRQDFXFLQDGL&DODEULD(GL]LRQL5HJKLRQ 5HJJLR&DODEULD %DOODULQL*(ORJLRGHOODFDUQH(GL]&DOGHULQL %DOODULQL*,OGRQRGL$EHOH(GL](GUD %DUSR*%/HGHOL]LHHLIUXWWLGHOO·DJULFROWXUDHGHOODYLOOD %HOXPDW%HOOXQR %DVLOH*'L]LRQDULRVHQWLPHQWDOHGHOODSDUODWDVLFLOLDQD 'DULR)ODFFRYLRHGLWRUH %DVLOH*0DQJLDUHGLIHVWD7UDGL]LRQHHULFHWWHGHOODFXFLQDVLFLOLDQD .DOzV3DOHUPR %DVLOH*7RUQDUHLQGLHWURQHOWHPSR'DULR)ODFFRYLR(GLWRUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD %LEOLRJUDÀD %D]]L $ 8Q ULFHWWDULR GHOO· LQ /D FXFLQD GL 9DUHVH H GHO VXR WHUULWRULR &DPHUDGL&RPPHUFLR9DUHVH %HOOLQL*/·DOOHYDPHQWRGHLVXLQLLQSURYLQFLDGL6LHQD *5DPHOOD)LUHQ]H %HQFLVWj$,OPDLDOHGDOO·DULVWDDOOR]DPSRQH(G3ROLVWDPSD)LUHQ]H %HUWLQHOOL6SRWWL&DFXUDGL0DQXDOHGLULFHWWHGLFXFLQDGLJXHUUD ULHGGHO&UHPRQD)LHUH %HUWLQHOOL6SRWWL&07HUHVD0DQWRYDQL&UHPRQD0RPHQWLGLVWRULDFLWWDGLQD /LQRJUDI&UHPRQD %HUWLQHOOL6SRWWL&6DURQQL$,&UHPRQHVLDWDYRODLHULHRJJL &UHPRQDERRN&UHPRQD %HWUL0//HPDODWWLHGHLSRYHUL$PELHQWHXUEDQRPRUELOLWjVWUXWWXUHVDQLWDULH D&UHPRQDQHOODSULPDPHWjGHOO·2WWRFHQWR)UDQFR$QJHOL(GLWRUH0LODQR %RXUUH-0/DGLHWHWLFDGHOFHUYHOOR6SHUOLQJ.XSIHU0LODQR %XRQDVVLVL9/DFXFLQDGHJOLLWDOLDQL,GHD/LEUL %XVFHPL6,QFKLHVWDVXOFLERGLVWUDGDD3DOHUPR (GL]LRQH3URYLQFLD5HJLRQDOHGL3DOHUPRH6HJH &DFFLD$2VVHUYD]LRQLPHGLFROHJDOLHSROLWLFKHSHUXQVLVWHPDGLSXOL]LD GHOODFLWWjGL&UHPRQD&UHPRQD &DODEUHVH&/DFXFLQDDEUX]]HVH0HPRULD9LOOD6DQWD0DULD &DODEUHVH&5LFHWWHSHUXQDQQRVL &DPXULD$$SSDUHFFKLGLYHUVLGDPDQJLDUHHWULPHGLLDFXUDGL/HMOD0DQFXVL 6RUUHQWLQRLQ$SSXQWLGLJDVWURQRPLDQJLXJQR &DUQDFLQD/9HURQHOOL//D&XFLQD5XVWLFD5HJLRQDOH5L]]ROL &DVFLQR)&XFLQDGL6LFLOLD/RUHQ]R0LVXUDFD(GLWRUH&HIDO &DYDOFDEz$/·DWWXDOHVHGHGHOOD%DQFDSRSRODUHHO·DQWLFRPDFHOORGL&UHPRQD LQ©&UHPRQDª;, &DYDOFDQWL,/DFXFLQDWHRULFRSUDWLFD7LSRJUDÀDGL*3DOPD1DSROL &DYDOOHUR(,PDOQXWUu'DQLHOD3LD]]D(GLWRUH7RULQR &HUFRQH)/XSRUFKHVL &HUFRQH)6DSRULRQHVWLHPHPRULHORFDOL&RVPR,DQQRQH,VHUQLD &LDPSLWWL),OWUDWWXUR/·DUWHWLSRJUDÀFD '·$VFHQ]R(0DQJLDUHPROLVDQR(GL]LRQL(QQH -RYLQH)/HWHUUHGHO6DFUDPHQWR(LQDXGL $FFDGHPLD,WDOLDQDGHOOD&XFLQD %LEOLRJUDÀD &KDSXVRW)/DYHUDFXFLQDFDVDOLQJD&RSLDDQDVWDWLFD'DQLHOD3LD]]D (GLWRUH &KHUXELQL)9RFDERODULR0LODQHVH,WDOLDQR0LODQR &LFFKLWWL$&RWHOOHVVD&,OSDQHHODOLQJXD(GLWRUH7DEXOD &LFFKLWWL$7UDGL]LRQLSDVTXDOLGHOODQRVWUDWHUUDVL &LROOL3/DFLFFLDFFLD(GL](UDVPR/LYRUQR &OLQDQWL'*LRUQLGLIHVWDLQ&DVD*LJOLR(GL]*LJOLR$VWL &RORQQD5RPDQR)6LFLOLDLQERFFD(GLWULFHGH´,O9HVSURµ3DOHUPR &RQVROL(6LFLOLD/DFXFLQDGHOVROH7ULQJDOH(GLWRUH&DWDQLD &RULD*3URIXPLGL6LFLOLD,OOLEURGHOODFXFLQDVLFLOLDQD 9LWR&DYDOORWWR(GLWRUH3DOHUPR &RUUDGLQL&,QQRFHQWH11XRYRFLEDULRGHO)ULXOL9HQH]LD*LXOLD (UVD8GLQH &RUUDGR9,OFXRFRJDODQWH6WDPSHULDGL1LFROD5XVVR1DSROL &RUUHQWL3,OOLEURG·RURGHOOD&XFLQDHGHLYLQLGL6LFLOLD 0XUVLD(GLWRUH0LODQR &RVVDU5DQLHUL0*RUL]LDG·DOWULWHPSL$PPLQLVWUD]LRQH3URYLQFLDOH*RUL]LD &URFH0*XLGDDLVDSRULSHUGXWL.DOzV &XQVROR)/DFXFLQDGHO3LHPRQWH(GL]1RYHGLW 'DFTXDWL//DVDSLqHQVDGH&UHPQD/D3URYLQFLD&UHPRQD '·$VFROL)'L]LRQDULRHWLPRORJLFRQDSROHWDQR(GL]LRQLGHO'HOÀQR1DSROL 'H1ROD5/LEURGHJXLVDGRVHGL]LRQHGHODFXUDGL$QWRQHOOD/DXGLVL DQDVWDWLFDHGL]LRQL,O/DERUDWRULR1ROD 'HO7RUUH&DFXUDGL5LFHWWDULR0LWWHOHXURSHRGL6XRU$QWRQLMDRUVROLQD /LEUHULD(GLWULFH*RUL]LDQD*RUL]LD 'HO7RUUH&$QWLFKHULFHWWHGHO)ULXOLJRUL]LDQR/LEUHULD(GLWULFH*RUL]LDQD *RUL]LD 'HO7XIR*5LWUDWWRRPRGHOORGHOOHJUDQGH]]HGHOL]LHHPDUDYLJOLHGHOOD QRELOLVVLPDFLWWjGL1DSROLPV;,,,&%LEOLRWHFD1D]LRQDOHGL1DSROL 'L&LDFFLD69LDJJLRLQ$EUX]]R'L&LDFFLD 'L)UDQFHVFR1$QWLFDFXFLQDDEUX]]HVH&DUVDHGLWRUH3HVFDUD 'L/HOOR$6WDQ]LDQL$&XFLQDWUDGL]LRQDOHDEUX]]HVH&DUVDHGLWRUH 'LUJH52VVDHIUDWWDJOLH(OOLRW(GL]LRQL '·2UD]LR(6WRULDGHOODSDVWRUL]LDDEUX]]HVH$GHOPR3ROOD(GLWRUH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD %LEOLRJUDÀD 'UHZHV07LUROHU.FKH7\UROLD%RO]DQR 'XUDQWL*0'HOODVXDYLWDGLVDSRULQHOODFXFLQDUXVWLFDFUHPRQHVH 3DGXV&UHPRQDVG (\QDUG : )OLSRW H OD FXFLQD GL PRQWDJQD (GL] *ULEDXGR 6DYLJOLDQR &1 (\QDUG:/DFXFLQDYDOGHVH(GL]&ODXGLDQD7RULQR )DPLMD$,OJUDQGHOLEURGHOODFXFLQDDOEHVH(GL]3UDQGL&UDYDQ]DQD )DUDQGD5*DVWURQRPLDWHUDPDQDVL )DVW0DG\/DFXFLQDLVWULDQD0X]]LR3DGRYD )DVW0DG\0DQJLDUHWULHVWLQR²6WRULDH5LFHWWH0X]]LR3DGRYD )HUUDJQL2$YLIDXQDFUHPRQHVH5RQ]LH6LJQRUL&UHPRQD )HUUDUL),OPDQJLDUHGHJOLDOHVVDQGULQL8QDVWRULDDWDYROD (GL])HUUDULH2FFHOOD$OHVVDQGULD )RQGD&7ULHVWHLQFXFLQD(GL]LRQL,WDOR6YHYR7ULHVWH )RQWDQD$(O6DODPHG7XUJLD*DUEROLQR(GLWRUH )RUODQL$7UDGL]LRQLGRPHVWLFKHGLJQDQHVLLQ´$QWRORJLDRSHUHSUHPLDWH FRQFRUVR,VWULDQRELOLVVLPDµ )UDQFHVFRQL-&/DFXFLQDQDSROHWDQD)LRUHQWLQR1DSROL )XVDL//DVWRULDGL6LHQDGDOOHRULJLQLDO(G,O/HFFLR )XVFR))UDQFHVLVPLGHOODJDVWURQRPLDLQ0RUUHVL5/HOLQJXHVSHFLDOL $WWLGHO&RQYHJQRGL6WXGLSUHVVRO·8QLYHUVLWjGL0DFHUDWDRWWREUH (GL]LRQL,O&DODPR5RPD *DOLDQL)9RFDERODULRGHOOHSDUROHGHOGLDOHWWRQDSROHWDQR SUHVVR*LXVHSSH0DULD3RUFHOOL1DSROL *DPDOHUL&DOOHUL*DPRQGL$0RQXPHQWDHWDOLPHQWD$SSXQWLGLVWRULD GHOO·DOLPHQWD]LRQHSLHPRQWHVHGDO;9,DO;;VHFROR$VVHVVRUDWRDOODFXOWXUD GHO&RPXQHGL$FTXL7HUPH *LDQFULVWRIDUR(3RUFREHOOR/DQFLDQR *LDQFULVWRIDUR(7UDGL]LRQLSRSRODULG·$EUX]]R1HZWRQ&RPSWRQ *ROGVFOXPLG/(QFLFORSHGLDJDVWURQRPLFDVL *RULD*/DFXFLQDGHO3LHPRQWH0X]]LR *RVHWWLGHOOD6DOGD$/HULFHWWHUHJLRQDOLLWDOLDQH6RODUHV *UDVVR*9HUFHOOLQHOSLDWWR(GL]7LSRJU6DYLROR *XDUQDVFKHOOL*RWWL0/DFXFLQDPLODQHVH0X]]LR *XVWLQ*ULODQF9;HSLJLRUQLFKHOXJDQLJKHFLELWUDGL]LRQLFRVWXPLGHO&DUVR $FFDGHPLD,WDOLDQDGHOOD&XFLQD %LEOLRJUDÀD HGHOFLUFRQGDULRWULHVWLQR(GL]LRQLGHOOD/DJXQD0DULDQRGHO)ULXOL +HLQULFK('DV.RFKEXFKGHU%lXHULQ,OOLEURGLFXFLQDGHOODFRQWDGLQD 3XVWHW6DO]EXUJ +|OOHU0(FKW6GWLURO&KULVWLDQ9HUODJ*PEK ,QGUR15LFHWWHUHJLRQDOLGLWULSSD(G$HURVWDWR6HDWWOH ,QGUR17URSSDWULSSD&ROODQD&HQWRSHOOLQ(G1HUL)LUHQ]H ,UFDV,DFRSHWWL10RQHWHHSUH]]LD&UHPRQDGDO;9,DO;9,,,VHFROR $QQDOLGHOOD%LEOLRWHFDJRYHUQDWLYDHOLEUHULDFLYLFDGL&UHPRQD;9 ,YH$&DQWLSRSRODULLVWULDQL)RUQL5RPD -XEDWWL3*LDQFULVWRIDUR(&LERHJDVWURQRPLDWUDGL]LRQDOL LQ4XDGHUQLGL5LYLVWDDEUX]]HVHQ .DOLQåNRYH)9HOLND6ORYHQVND.XKDULFDDOLNDNRRNXVQRNXKDWLQDYDGQD LQLPHQWQDMHGLOD&DQNDUMHYD=DORçED/MXEOMDQD /DWLQL$/R6FDOFRDOODPRGHUQD0X]]L1DSROL /HYL0$5RPDDQWLFD8WHW /RPEDUGL$0/HSURGX]LRQLDJURDOLPHQWDULGHOODSURYLQFLDGL&DPSREDVVR 3DUFR/HWWHUDULR´&RQWDGRGL0ROLVH)UDQFHVFR-RYLQHµ 3URYLQFLDGL&DPSREDVVR /RPEDUGL$00DVWURSDROR5/DFXFLQDPROLVDQD(GL]LRQL&XOWXUDH6SRUW ,,HGL]&DPSREDVVR,HG$UWL*UDÀFKH/D5HJLRQH 0DQWRYDQR*/DFXFLQDLWDOLDQDRULJLQLVWRULDHVHJUHWL 1HZWRQ&RPSWRQ5RPD 0DUFKHVL*2OWUHLOIRUQHOOR5L]]ROL 0DUHQJKL*,OFLUFRQGDULRGL&UHPRQDLQ´$WWLGHOOD*LXQWDSHUO·LQFKLHVWD DJUDULDµ5RPD 0DUUD/'HOWDUWXIR(GL]LRQL/LEUHULD&RODFFKL/·$TXLOD 0DUUD/)DWWLGLOLQJXDVL 0DUUD/,GHDOHYRORVXOO·$EUX]]R(GL]LRQL/LEUHULD&RODFFKL/·$TXLOD 0DUUD/,OSXULVVLPR]DIIHUDQRGHOO·$TXLOD(GL]LRQL/LEUHULD&RODFFKL/·$TXLOD 0DUUD//DFXFLQDDTXLODQD(GL]LRQL/LEUHULD&RODFFKL/·$TXLOD 0DUUDPDOGR0$/R&XUWR1/H0DGRQLHDQFKHDWDYROD /DQFLOORWWRH*LQHYUD(GLWRUL 0DUYLQ+%XRQRGDPDQJLDUH(LQDXGL7RULQR 0DVWURSDROR51RFHUD(0ROLVHQGD,PSULQW$UW,VHUQLD ,WLQHUDULGL&XOWXUD*DVWURQRPLFD %LEOLRJUDÀD 0DVWURSDROR51RFHUD(0ROLVHQGD,PSULQW$UW,VHUQLD 0DVWURSDROR51RFHUD(0ROLVHQGD,PSULQW$UW,VHUQLD 0ROLQDUL3UDGHOOL$/DFXFLQDDEUX]]HVH1HZWRQ&RPSWRQ5RPD 0ROLQDUL3UDGHOOL$/DFXFLQDSLHPRQWHVH1HZWRQ&RPSWRQ5RPD 0XVFL'/·,WDOLDDWDYRODDWWUDYHUVRLPHQX(GL],O3XQWR 1RFHUD(,OOXQDULRGHOO·RVWHULD(GL]LRQL(QQH 3DFLQL*6FDWHQD$/DFLQWDVHQHVH$PPLQLVWUD]LRQH3URYLQFLDOH GL6LHQD 3DWULFHOOL5/DFXFLQHGHPDPPHVL 3HOODWL5/DVWRULDGLFLzFKHPDQJLDPR'DQLHOD3LD]]D(GLWRUH 3HOODWL50DQJLDUEHQHPDQJLDUVDQR0RQGDGRUL 3HOODWL57XWWLLFLELGDOO·$DOOD=0RQGDGRUL 3HULQ$/DIDPHDJX]]DO·LQJHJQR&XFLQDEXRQDLQWHPSLGLIÀFLOLHG5HOqQWKHUD 0LODQR 3HWURQL3,OJUDQGHOLEURGHOODFXFLQDWRVFDQD(G3RQWHDOOH*UD]LH )LUHQ]H 3LJQDW(&DUDYHFFKLDFXFLQDD]]DQHVH$]]DQR'HFLPR 3LVFRSR$1XRYHVROX]LRQLSHUFLELUDSLGLHDEDVVRFRVWR (XURFDUQLDJRVWR 3RPDU$$QWLFKLVDSRULGL6LFLOLD(GL]LRQLGHO0H]]RJLRUQR1DSROL 3UDWR&0DQXDOHGLFXFLQDSHUSULQFLSLDQWLHFXRFKHJLj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ÀD 6RFLHWkW)LORORJMLFKH)XUODQH8GLQH 6DFFKL%LO3ODWLQD,OSLDFHUHRQHVWRHODEXRQDVDOXWHDFXUDGL)DFFLROL( (LQDXGL 6DSLR%DUWHOOHWWL1/DFXFLQDVLFLOLDQDQRELOHHSRSRODUH)UDQFR$QJHOL(GLWRUH 0LODQR 6FKLDYLQL-,PDFHOODLLQ$WWLYLWjGLFRPPHUFLRQHOOD&UHPRQDGHOO·2WWRFHQWR &UHPRQD 6FKLUD5&D]]DPDOL),OOLEURGHOOHIUDWWDJOLH$GULDQR6DODQL(GLWRUH 6HUUD3/DFXFLQDFDPSDQDQRELOHHSRSRODUH0DURWWD0DURWWD1DSROL 6RQVLV*6XSSOHPHQWRDJOLRJJHWWLGLVWRULDQDWXUDOH&UHPRQD 6WDQ]LDQL$/·$EUX]]RDWDYROD$GHOPR3ROOD(GLWRUH 6WHOYLR0/D&XFLQDWULHVWLQD(GL]LRQL,WDOR6YHYR7ULHVWH 7DVVDQL$ 6DJJLR GL WRSRJUDÀD VWDWLVWLFRPHGLFR GHOOD 3URYLQFLD GL &UHPRQD 0LODQR 7HWL9,OSDQHODEHIIDHODIHVWD*XDUDOGL5LPLQLH)LUHQ]H 7RUVHOOLQL),QFXFLQDFRQDOOHJULD,,HGL]%DQGHFFKL9LYDOGL 3RQWHGHUD 7RUVHOOLQL)/LYRUQRDWDYROD(GLWULFH1XRYD)RUWH]]D/LYRUQR 9DOOL&*,OSLDFHUHGHOODFDUQH&LHUUH 9LDODUGL*7UDWWDWRGLFXFLQD&RSLDDQDVWDWLFD)RUQLHGL] 9LVLROL*DOOHWWL/&XLSpHVyWD·OWjDRO&UHPRQD =HYL%&RQWURVWRULDHVWRULDGHOO·DUFKLWHWWXUD1HZWRQ&RPSWRQ0LODQR ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QGLFHGHOOHSUHSDUD]LRQL $17,3$67, *HODWLQDGLPDLDOH´]X]]Xµ 6LFLOLD $EUX]]R 3LHPRQWH 9DOOHG·$RVWD 3LHPRQWH 6LFLOLD /LJXULD /D]LR 6LFLOLD 0DUFKH )ULXOL9HQH]LD*LXOLD /RPEDUGLD 9HQHWR 7UHQWLQR$OWR$GLJH &DPSDQLD 9HQHWR (PLOLD5RPDJQD /D]LR /D]LR /RPEDUGLD 7UHQWLQR$OWR$GLJH 6DUGHJQD /RPEDUGLD 9HQHWR $EUX]]R 6$/80, /D¶QQXLH 7HVWDLQFDVVHWWD 7HWsXQGLJLJQRG 35,0,3,$77,$6&,877, %UXGHUDGL9HUFHOOL )DJRWWLQLGLLQWHULRUDG·DJQHOOR 5DYLr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À &RUDWHOODGLPDLDOHLQIULFDVVHD &RWHFKLQDWD &RWLFKHGLPDLDOHDOVXJR 'LJLXQHG·DJQHOOR )HJDWHOOLDOODERVFDLROD )HJDWLQRGLDJQHOOR )HJDWRGLYLWHOORQHDOVXJR )HJDWRQHOODUHWH )LQDQ]LHUD )UDWWDJOLHGLFDSUHWWRDOODFURWRQHVH )ULWWRDOODURPDQD )ULWWRPLVWRDOODPDFHUDWHVH *ULYH *XDQFLDGLPDQ]REUDVDWD *XD]]HWWRVJXD]pW ,QVDFFDWRGLPDLDOH´ODQQXJJKMHµFRQODYHU]D ,QYROWLQLGLLQWHULRUDGLDJQHOORDEEXyWHDUURVWR ,QYROWLQLGLLQWHULRUDGLPDLDOH /LQJXDVFDOLJHUD /LQJXDXEULDFD 0DUUR 0D]]DUHOOHDOODWHUDPDQD 0LO]DULSLHQD 0RU]HWWRGL&DWDQ]DUR 1HUYHWWLGLEXH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD 7RVFDQD /LJXULD $EUX]]R /D]LR (PLOLD5RPDJQD $EUX]]R 0DUFKH 8PEULD /D]LR 3XJOLD %DVLOLFDWD &DPSDQLD 7RVFDQD $EUX]]R 0ROLVH 7RVFDQD 0ROLVH 3LHPRQWH &DODEULD /D]LR 0DUFKH 3LHPRQWH /D]LR 7UHQWLQR$OWR$GLJH 3XJOLD 0ROLVH 9DOOHG·$RVWD 9HQHWR 3LHPRQWH 3XJOLD $EUX]]R /RPEDUGLD &DODEULD 6DUGHJQD ,QGLFHGHOOHSUHSDUD]LRQL 2VVLGLPDLDOHLQXPLGR 3DGHOODFFLD 3DGHOORWWRDOODPDFHOODUD 3LHGLQLGLDJQHOORLQDJOLDWD 3LHGLQLGLPDLDOHLQVDOVD 3ROHQWDFRQDQLPHOOHGLDJQHOOR 3ROPRQHLQXPLGR 3ROSHWWHGLWULSSDFRQSDQHIULWWR 3URIp]HQL 5DJzG·RFD 5LFFLRDUURVWLWR 5LYHDJDGGXUHVD 5RJQRQDWD 5RJQRQHDO3RUWR 6DODPHPDWWR 6RIIULWWRGLFDSUHWWR 6RIIULWWRGLLQWHULRUDGLDJQHOORRPDLDOH 6·RUWDX 6SH]]DWLQRGLIUDWWDJOLHGLSROOR 6WHQWLQLHOOLG·DJQHOORDOODPXJOLDWLHOOR 6WLQFRGLYLWHOORDOIRUQR 6WUDFRWWRGLDVLQR 6WXIDWLQRGLLQWHULRUD 6X]XUUHWWH 7HVWLQDGLDJQHOORDOIRUQR 7LPEDOORGLWULSSDDOODPRGLFDQD 7|IHLD 7RPD[HOOH 7RUFLQHOORGLULJDJOLH 7UHFFLDGLEXGHOOLQLGLDJQHOORFRQSLVHOOL 7ULSSDDOO·DVWLJLDQD 7ULSSDDOODERORJQHVH 7ULSSDDOODFDQHSLQD 7ULSSDDOODFDVWLJOLRQHVH 7RVFDQD 8PEULD /D]LR 6DUGHJQD $EUX]]R 7RVFDQD 7RVFDQD 7RVFDQD 7UHQWLQR$OWR$GLJH /RPEDUGLD (PLOLD5RPDJQD 6DUGHJQD $EUX]]R (PLOLD5RPDJQD (PLOLD5RPDJQD &DODEULD %DVLOLFDWD 6DUGHJQD $EUX]]R &DPSDQLD /RPEDUGLD 7RVFDQD 9DOOHG·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ÀHOH $QLPHOOH 5RJQRQL &HUYHOORHPLGROORVSLQDOHÀORQH &XRUHHFRUDWHOOD 3ROPRQH 6DQJXHHPLO]D 7ULSSHHWULSSLQL /HIUDWWDJOLHGHOVHVVR &DUQLGHOTXLQWRTXDUWROLQJXDPDVVHWHULGLDIUDPPDFRGD &XWH]DPSHWWLHFRWHQQH /DIRU]DGLRVVDHPLGROOR 5LJDJOLHDYLFROH &DUQL6HSDUDWH0HFFDQLFDPHQWH&60 $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QGLFH 9$//('·$267$ =DPSHWWLLQFDO]HGLVHWD 3,(0217( ,OFLERSRYHURWRUQDLQWDYROD 1HLOLEULGLFXFLQDGHOO·2WWRFHQWR 8QDFXFLQDSDUVLPRQLRVDPDVXFFXOHQWD /DWUDGL]LRQHGHOULXWLOL]]R &DUQLSRYHUHHIUDWWDJOLH /,*85,$ ,OULSLHQRGL3DJDQLQL 7ULSSDHFRGD /20%$5',$ 7UDLSURGRWWLGHOO·LQGXVWULDHOHÀHUHGLSDHVH /DFLWWjGHOODEXVHFFD 1HLYHFFKLULFHWWDUL /DFXFLQDGHOOHLQWHULRUD *HQHURVRVXLQR 3ROODPHJDOOLQDFHLHDQDWLGL ,OVDQJXHSHUGXWR /HFDUQLTXDVLGLPHQWLFDWH 75(17,12$/72$',*( 7UD´TXLQWRTXDUWRµH´WHU]RWDJOLRµ /HIUDWWDJOLHQHOODFXFLQDGHOO·$OWR$GLJH ,OEHXVFKO &RQODWHVWDHLOFHUYHOORGLYLWHOOR &RQLOVDQJXH ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QGLFH 9(1(72 6HUHQLVVLPHULFHWWH ,QGLIHVDGHLFRQVXPDWRUL )DUVXLOSRUFR )5,8/,9(1(=,$*,8/,$ 'DOPHUFDWRDOODWDYROD &DUQLGDRVWHULD /D´VDQWDEHVWLDµ ,QVDFFDWLGLQLFFKLD ,OTXLQWRTXDUWRGHOSROODPH )UDWWDJOLHSHUOHIHVWH (0,/,$520$*1$ *OLVFDUWLGHOODFXFLQDULFFD 1HOODFXOWXUDFRQWDGLQD &·HUDXQDYROWDQHOWHUULWRULRURPDJQROR 5RPDJQDLQFXFLQD %HOH&RW 726&$1$ 5LDELOLWDUHLSLDWWLSHUGXWL ,OJXVWRQDWRGDOODIDQWDVLD 0$5&+( /DFXFLQDGHOFRUWLOH /HIUDWWDJOLHGLERYLQR &RQO·DJQHOORHLOPDLDOH $FFDGHPLD,WDOLDQDGHOOD&XFLQD ,QGLFH 80%5,$ ,OQRUFLQRXQSR·VDOXPLHUHXQSR·FKLUXUJR 4XDQGRJOLVFDUWLVLSHVFDYDQRQHOÀXPH /$=,2 6DEDWRWULSSD 6XOODWDYRODQRELOLDUH /·LQÁXHQ]DGHOODFXFLQDURPDQRJLXGDLFD /HUDGLFLGHOODWUDGL]LRQHSRSRODUH ,OTXLQWRTXDUWRD5RPD ,QWRUQRDOPDWWDWRLRGL7HVWDFFLR 1HOWHUULWRULROD]LDOH $%58==2 6RSUDWWXWWRDJQHOOR ,QVDFFDWLFDVDOLQJKL &RQOHLQWHULRUDGHOYLWHOOR 6DSRULWLHIDFLOLGDDOOHYDUH 02/,6( ,OFRQVXPRGHOOHLQWHULRUDYLHQHGDORQWDQR 5HFXSHURGHOODWUDGL]LRQHSDVWRUDOH 8QFRPSDJQRSHUO·LQWHURDQQR /HWDQWHIRUPHGHOODFXFLQDGHOOHULJDJOLH &LERGLVWUDGD &$03$1,$ 6WRULDGLWULSSHHIUDWWDJOLH 1HLTXDUWLHULSRSRODUL ,WLQHUDULGL&XOWXUD*DVWURQRPLFD ,QGLFH 38*/,$ 5LVFRSUHQGRODWUDGL]LRQH %$6,/,&$7$ 3UH]LRVDIRQWHGLSURWHLQHHGLSLDWWLVXFFXOHQWL &$/$%5,$ /DFXFLQDFUXGHOH ,OWULRQIRGHOOHLQWHULRUD ,OPRU]HOORGL&DWDQ]DURHGL&URWRQH /HIULWWROHGL5HJJLR&DODEULD 6,&,/,$ &LERGDUH /D9XFFLULD 6$5'(*1$ 6LJQLÀFDWLDUFDLFLHVRFLHWjPRGHUQD /D´]LPLQDWDµGHO6DVVDUHVH /HIHVWHQHJOLVWD]]LGL*DOOXUD ,OPDLDOHQHO1XRUHVH 7UDPDUHHWHUUD %,%/,2*5$),$ ,1',&('(//(35(3$5$=,21, $FFDGHPLD,WDOLDQDGHOOD&XFLQD $OWULWLWROLSXEEOLFDWLGDOO·$FFDGHPLD,WDOLDQDGHOOD&XFLQD */,,7,1(5$5,',&8/785$*$6752120,&$ /·,7$/,$'(/3(6&( /·,7$/,$'(//·2572 /·,7$/,$'(//$&8&,1$'(/0$,$/( /·,7$/,$'(//$&8&,1$'(//·$,$ /$&8&,1$'(//()(67,9,75(/,*,26( /$&8&,1$'(//$)5877$ /$&8&,1$'(//((5%(('(*/,$520, /$&2//$1$',&8/785$*$6752120,&$ &,148$17·$11,',&8/785$(&,9,/7'(//$7$92/$ $XWRUL9DUL ,/%821*29(512'(//(&26(&+(6,0$1*,$12 GL8OGHULFR%HUQDUGL /$&5($=,21('(//$&8&,1$ 2UPHELRORJLFKHQHOO·HVSHULHQ]DJDVWURQRPLFD GL*LRYDQQL%DOODULQL ,/0$5.(7,1*'(/&21680$725( 6WUDWHJLHHVWUXPHQWLGHOOHVFHOWHJDVWURQRPLFKH GL*DEULHOH*DVSDUURH&DUOR0DJQL ,/)$/62,17$92/$ 8QDPLVWLÀFD]LRQHGDFRQRVFHUHHFRPEDWWHUH GL*LRYDQQL%DOODULQLH3DROR3HWURQL 75$',=,21((,1129$=,21(1(//$&8&,1$,7$/,$1$ GL*LRYDQQL%DOODULQLH3DROR3HWURQL /$&8&,1$1(//$)250$=,21('(//·,'(17,71$=,21$/( DFXUDGHL&HQWUL6WXGL7HUULWRULDOL /$&8&,1$,7$/,$1$2**, ,GHQWLWjGLVLQFDQWRHDPRUH DFXUDGHO&HQWUR6WXGL´)UDQFR0DUHQJKLµ (GL]LRQH $FFDGHPLD,WDOLDQDGHOOD&XFLQD 9LD1DSR7RUULDQL0LODQR 5HDOL]]D]LRQHHGLWRULDOH -'7 YLD'HL%DUEDULJR0LODQR )LQLWRGLVWDPSDUH QHOPHVHGLVHWWHPEUHSUHVVRODWLSRJUDÀD