VH]LRQH ,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
#4KUQTUGUVTWVVWTCNKG
5CPKVCTKG
/D&DVDGL&XUD9LOODGHL3LQLGLVSRQHGLSRVWLOHWWRSHUGHJHQWLOHFDPHUH
VRQRVLQJROHHGRSSLHTXDVLWXWWHFRQEDJQRSULYDWRHWHOHYLVLRQHDOFXQHFRQ
DULDFRQGL]LRQDWD
3RVVLHGHXQSDUFKHJJLRSULYDWRLQWHUQRHG qFLUFRQGDWDGDXQSDUFRDOEHUDWR
DWWUH]]DWR$OO¶LQWHUQRHVLVWHXQ¶DPSLDVDODFRPXQHGLULFUHD]LRQHROWUHDGXQD
VDODWHUDSLHGLJUXSSR6RQRGLVSRQLELOLWHOHIRQLSXEEOLFL
/¶DODLQFXLVLWURYDLO&HQWUR7HUDSLH'D\+RVSLWDORVSLWDDQFKHODVHJUHWHULD
HJOLDPEXODWRULPHGLFL
$OO¶LQJUHVVR LQYHFH VL WURYD LO FHQWUDOLQRSRUWLQHULD XQD VDOD GL DWWHVD
O¶DFFHWWD]LRQHHOHVWDQ]HGHLPHGLFL
,SDVWLVRQRVHUYLWLQHOODVDODPHQVDHSUHSDUDWLLQWHUQDPHQWHODVWUXWWXUD
/D&DVDGL&XUD9LOODGHL3LQLROWUH DLGLSHQGHQWLYHGLRUJDQLJUDPPDULSRUWDWR
GLVHJXLWRVLDYYDOHGL&ROODERUDWRULOLEHULSURIHVVLRQLVWL
'VVD$QJHOD3HURQH
'UVVD&ODXGLD0RQWDQHOOL
'UVVD0DULD7V]RODNL
'VVD$QWRQHOOD=RFFRODQWH
'U0DXUL]LR=DQREHWWL
'VVD0&LQ]LD%HGHVFKL
6LJUD6LPRQD)XOLJQL
6LJUD%DUEDUD)RUQDFLDL
'U)UDQFHVFD3RJJLDOL
'UVVD$QWDUHV5LYHOOL
'U)HGHULFR%HWWL
'UVVD5DIIDHOOD6DOPRLUD
'UVVD0LOHQD'L%HQQDUGR
'U9DOHQWLQD&HVDUDOL
'RWWVVD/DXUD3DOD
'RWWVVD$OHVVDQGUD&DUUR]]D
'RWWVVD&OLR5RVVL
'RWWVVD7HUHVD=XFFKL
'RWW0DXUR&HQFLQL
'RWWVVD6LPRQHWWD/LEHUWL
'RWWVVD3DROD9DQQL
0(',&,',*8$5',$
&2168/(17,
9HUVLRQHGHO
6SHFLDOLVWDLQ3VLFKLDWULD
6SHFLDOLVWDLQ3VLFKLDWULD
/DXUHDLQ0HGLFLQD
/DXUHDLQ(PDWRORJLD
6SHFLDOLVWDLQ3VLFKLDWULD
6SHFLDOLVWDLQ&DUGLRORJLD
3VLFRORJD
'LHWLVWD
'LHWLVWD
3VLFRORJD
6SHFLDOLVWDLQ3VLFKLDWULD
3VLFRORJR
6SHFLDOLVWDLQ3VLFKLDWULD
6SHFLDOLVWDLQ3VLFKLDWULD
3VLFRORJD
6SHFLDOLVWDLQ(QGRFULQRORJLD
3VLFRORJD
3VLFRORJD
6SHFLDOLVWDLQ3VLFKLDWULD
3VLFRORJR
3VLFRORJD
6SHFLDOLVWDLQ1HXURORJLD
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH ',5(7725(*(1(5$/(
'U)26&2%$1',1(//,
',5(7725(
$0 0 ,1,675$7,92
'RWW)$%5,=,2%5$&&,1,
5(63216$%,/,'(/
3(5621$/(
'RWW&KLDUD&DPPDUDWD
$P PLQLVWUD]LRQH&XFLQD
0DQXWHQ]LRQH
6LOYDQD&ULELR
3DUDP HGLFL
0 (',&2
5(63216$%,/(
'U)26&2%$1',1(//,
0 (',&,$,87,
&ODXGLR*DEHOOL
6(*5(7(5,$
9DOHQWLQD0DJRQLR
3257,1(5,$
&(175$/,12
)UDQFD%RWWL
0DXUR0DUWLQHWL
'U9(=,232/,'25,
2/,03,$*,85*,8
&HQWUR 3VLFKLDWULD&OLQ LFD
'U%DUEDUD0H]]DQL
&R PS 'LVWXUEL$OLPHQ WDUL
)DFHQWH)XQ]LRQL
&$326$/$
&DUPHOD 1DFFKLD
&RUUDGR 3LUROR]]L
'U/DXUD3ODWHURWL
&R PS 'LVWXUEL$OLPHQWDUL
'U$OHVVDQGUR5DFKLQL
6HUYL]LR GL3VLFRWHUDSLD
,1)(50,(5,
352)(66,21$/,
'U/XFLD /DSXFFL
'U0/XLVD,HPROR
$QGUHD0DQQRFFL
&RUQHOLD $SRSL
0DULD3DQDFNRYD
*DEULHOD'XUDFNRYD
1DGLD 1DYLOOL
0DVVLPR%DQGLQHOOL
$QWRQLR/DSXFFL
*LRYDQQL3LFDULHOOR
35(127$=,21(
$&&(77$=,21(
5,&29(5,
',5(7725(
6$1,7$5,2
&225',1$725(
,1)(50,(5,67,&2
'U0DVVLPR 6FDOLQL
0 (',&,$66,67(17,
$0 0 ,1,675$=,21(
5(63*HVWLR QHSHUOD4X DOLWj
6 LOY D QD & ULE LR
&8&,1$
)LRUHQ]R%HOOXJL
5HVSRQVDELOH
0DUFR%DOGDQ]L
9LQFHQ]R&KLDQHOOR
0DWWHR)DORUQL
*DEULHOH3LHURQL
0 $187(1=,21(
'RWW&KLDUD
&DPPDUDWD
5HVSRQVDELOH
27$266
,GD%RGGL
0LULDP0RULQL
'DQLHOD )DUXOOL
'DQLHOD 0DQ]DQL
6RQLD0RUDUD *LXVHSSH6DJJHVH
5RVDQQD 7 UDPRQW L*UD]LHOOD6WHIDQLQL
&HFLOLD&HFFKLQL /XFLDQR$OIRQVR
*LDPSLHWUR0DQFD
(OHWWULFLVWD
*LDQFDUOR0DQJDQHOOL
,GUDXOLFR
*XLGR6RGL
*HQHULFR
$86,/,$5,62&,26$1,7$5,
&ULVWLQD$QGRUOLQL
7RVFD*LRUJL
0DU]LD7LVHR
/DXUD3DSL
)UDQFHVFD&LSULDQL
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
$6KRQNQIKCFGNNG
RTGUVC\KQPKHQTPKVG
VH]LRQH &RPHHVSOLFDWRQHOODSUHVHQWD]LRQHGHOODVWUXWWXUDVH]LRQHOD&DVDGL&XUD
9LOOD GHL 3LQL VYROJH OD VXD DWWLYLWj QHOO¶DPELWR GL WXWWH OH SDWRORJLH
SVLFKLDWULFKH LQ SDUWLFRODUH GLVWXUEL GHOO¶XPRUH GLVWXUEL G¶DQVLD GLVWXUEL
SVLFRWLFLGLVWXUELGHOFRPSRUWDPHQWRDOLPHQWDUHGLSHUVRQDOLWjHGLSHQGHQ]D
H DEXVR GD DOFRRO /¶LQWHUYHQWR FKH PXRYH GD XQD YDOXWD]LRQH FOLQLFD H
SVLFRSDWRORJLFD GHO TXDGUR VLQWRPDWLFR q LPSHUQLDWR VXO WUDWWDPHQWR
IDUPDFRORJLFRHVXOVXSSRUWRSVLFRWHUDSLFRLQGLYLGXDOHHGLJUXSSR
&RPHVFKHPDRULHQWDWLYRGLULIHULPHQWRGLDJQRVWLFRO¶HTXLSHPHGLFDVLDWWLHQH
DL FULWHUL GHILQLWL GHO '60 'LDJQRVWLF DQG 6WDWLVWLFDO 0DQXDO RI 0HQWDO
'LVRUGHU ,9 75 UHYLVLRQH SXEEOLFDWR GDOO¶$3$$PHULFDQ 3V\FKLDWULF
$VVRFLDWLRQHFRQVLJOLDWRGDOOD6RFLHWj,WDOLDQDGL3VLFKLDWULD
Ä
4KEQXGTQKPTGIKOGFKCEETGFKVCOGPVQ
Ä
5GTXK\KKPGTGPVKN¶CVVKXKViENKPKEC
/DVSHVDSHULOULFRYHURRUGLQDULRqDFDULFRGHO661HVVHQGROD ³&DVDGL
&XUD 9LOOD GHL 3LQL´ DFFUHGLWDWD SUHVVR LO 6HUYL]LR 6DQLWDULR 1D]LRQDOH FKH
FRUULVSRQGHXQDWDULIIDSUHGHWHUPLQDWDSHURJQLVLQJRODJLRUQDWDGLGHJHQ]D
6ROR HYHQWXDOL H[WUD D ULFKLHVWD VRQR D SDJDPHQWR GHL GHJHQWL TXDOL DG
HVHPSLRFDPHUDVLQJRODFDPHUDVLQJRODVXSHULRUEDJQRSULYDWRHFF
, OLVWLQL VRQR HVSRVWL DOO¶LQJUHVVR GHOOD VWUXWWXUD H RJQL DOWUD LQIRUPD]LRQH LQ
PHULWRYLHQHIRUQLWDGDOVHUYL]LRGLDFFHWWD]LRQH
1HOO¶DPELWR GHO ULFRYHUR L 3D]LHQWL YHQJRQR VHJXLWL VLD GDO SXQWR GL YLVWD
IDUPDFRORJLFRVLDGDOSXQWRGLYLWDSVLFRWHUDSHXWLFRFRQFROORTXLLQGLYLGXDOLH
WHUDSLHGLJUXSSRXOWHULRULVSHFLILFKHQHOODVH]LRQHDO SXQWR '5LFRYHURLQ
&DVDGL&XUD9LOODGHL3LQL
1HOOD VFHOWD GHO WUDWWDPHQWR YHQJRQR VHJXLWH OH OLQHH JXLGD IDUPDFRORJLFKH
DWWXDOPHQWHGLVSRQLELOLLQGLFDWHGDOOD6,3
6RQR D GLVSRVL]LRQH GHL PHGLFL WXWWL L SL PRGHUQL WUDWWDPHQWL IDUPDFRORJLFL
GLVSRQLELOL
/D&DVDGL&XUD9LOODGHL3LQLRIIUHDGXVRLQWHUQRLVHJXHQWLVHUYL]L
6HUYL]LRGL(OHWWURFDUGLRJUDILD
6HUYL]LRGL3VLFRWHUDSLDLQGLYLGXDOH
9HUVLRQHGHO
6HUYL]LRGLDWWLYLWjPRWRULH
6HUYL]LR6XSSRUWR'LHWHWLFR
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
6HUYL]LRGL3VLFRWHUDSLDGLJUXSSR
Ä
VH]LRQH 6HUYL]LRGL3VLFRGLDJQRVWLFD
#PCNKUKENKPKEJGGEQPUWNGP\G
$QDOLVLFKLPLFRFOLQLFKHGLURXWLQHFRQWUROORHGHVDPLHPDWLFLGLXUJHQ]DVRQR
DVVLFXUDWLWUDPLWHFRQYHQ]LRQHVWLSXODWDFRQ
x /¶,VWLWXWRGL$QDOLVL/HRQDUGRGD9LQFL± YLD&ROOHWWD )LUHQ]H
(FRPSUHQGHDQFKHHVHFX]LRQHGL
9 5DGLRJUDILH
9 (FRJUDILH
9 (FRFRORUGRSSOHU
9 +ROWHUFDUGLDFLHSUHVVRUL
9 ((*
9 (OHWWURPLRJUDILD
/D&DVDGL&XUDDVVLFXUDLQROWUHDLULFRYHUDWLODSRVVLELOLWjGLULFRUUHUHDWXWWH
OH FRQVXOHQ]H VSHFLDOLVWLFKH H GLDJQRVWLFKH ULWHQXWH QHFHVVDULH GDL 0HGLFL
&XUDQWLWUDPLWHFROODERUDWRULLQWHUQLYHGLFDSLWROR$VH]LRQHRHVWHUQL
Ä
4KEQXGTQKPTGIKOGVQVCNOGPVGRTKXCVQ
Ä
5GTXK\KCODWNCVQTKCNK
/D &DVD GL &XUD LQROWUH SXz ULFRYHUDUH SD]LHQWL LQ UHJLPH SULYDWR FRQ UHWWD
WRWDOPHQWHDFDULFRGHO3D]LHQWH
,QIRUPD]LRQL H WDULIIH SUHVVR OD VHJUHWHULD HR DFFHWWD]LRQH L OLVWLQL VRQR
HVSRVWLSUHVVRO¶DFFHWWD]LRQH
3UHVVR OD &DVD GL &XUD 9LOOD GHL 3LQL VRQR GLVSRQLELOL L VHJXHQWL 6HUYL]L
DPEXODWRULDOLSULYDWLSHUHVWHUQL
7(5$3,(1(85236,&+,$75,&+(
7HUDSLD(9 7HUDSLDRV,0 (&* 9LVLWH6SHFLDOLVWLFKH3VLFKLDWULFKH±
3VLFRWHUDSLD 9DOXWD]LRQL7HVWRORJLFKH
35(67$=,21,&RPSDUWLPHQWR'LVWXUEL$OLPHQWDUL
3ULPD 9LVLWD 9LVLWH GL &RQWUROOR 3UHVWD]LRQH $PEXODWRULDOH *UXSSR
3VLFRHGXFD]LRQDOH SD]LHQWL 3VLFRWHUDSLD 9LVLWD 'LHWRORJLFD 9LVLWD
'LHWRORJLFD GL FRQWUROOR 3UDQ]R FRQ DVVLVWHQ]D 9LVLWD *LQHFRORJLFD 9LVLWD
,QWHUQLVWLFD
,QIRUPD]LRQL H WDULIIH SUHVVR OD VHJUHWHULD HR DFFHWWD]LRQH L OLVWLQL VRQR
HVSRVWLSUHVVRO¶DFFHWWD]LRQH
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
Ä
VH]LRQH 5GTXK\KIGPGTCNK
6HUYL]LR&XFLQD
/D&DVDGL&XUDKDXQVHUYL]LRGLFXFLQDLQWHUQDFKHFRRSHUDFRQXQJUXSSR
GL'LHWLVWL,OPHQGLEDVHqYDULDWRPHQVLOPHQWHHGLQEDVHDOOHVWDJLRQL
'LHWHVSHFLDOLHRLQGLYLGXDOLVRQRYDOXWDWHDOO¶LQJUHVVRGHOSD]LHQWH
6HUYL]LRGLSXOL]LDHVDQLILFD]LRQH
9LHQHSUHVWDWDSDUWLFRODUHDWWHQ]LRQHDOODSXOL]LDGHLOXRJKLGLVRJJLRUQRGHOOH
VWDQ]H GD OHWWR GHL VHUYL]L LJLHQLFL /D SXOL]LD GHJOL DPELHQWL HIIHWWXDWD GDO
SHUVRQDOH GHOOD FDVD GL FXUD VXOOH EDVH GL LVWUX]LRQL ULSRUWDWH QHO ³0DQXDOH
GHOOH 3URFHGXUH´ GHOOD &DVD GL &XUD SURWRFROOL GL SXOL]LD H VDQLILFD]LRQH
UHDOL]]DWLLQEDVHDOOHGLUHWWLYHGHO'LUHWWRUH6DQLWDULRFKHSURYYHGHDYHULILFKH
SHULRGLFKH
(¶ JDUDQWLWD O¶LJLHQH GHOOD ELDQFKHULD D FRUUHGR GHOOH FDPHUH OHQ]XROD
DVFLXJDPDQL HFF LQ TXDQWR OD &DVD GL &XUD VL DYYDOH GL XQD GLWWD
VSHFLDOL]]DWDHFHUWLILFDWD,62
6HUYL]LR%DU
1HOOD VDOD FRPXQH q SUHVHQWH XQ VHUYL]LR ULVWRUR DXWRPDWLFR FKH IRUQLVFH
EHYDQGHFDOGHHIUHGGHPHUHQGLQHVDODWLDFTXDPLQHUDOHHELELWH
$ GLVSRVL]LRQH GL WXWWL L SD]LHQWL JUDWXLWDPHQWH DFTXD UHIULJHUDWD QDWXUDOH
GLVWULEXWRULGLVORFDWLLQQXPHURVLSXQWLGHOODVWUXWWXUD
6HUYL]LR3DUUXFFKLHUH
(¶SUHVHQWHXQVHUYL]LRGLSDUUXFFKLHUHXQDYROWDDOODVHWWLPDQD
6HUYL]L7HOHIRQLFLH&RPPHUFLDOL
/H VFKHGHWHOHIRQLFKH SHU L WHOHIRQLSXEEOLFL SUHVHQWL LQ FDVD GL FXUDVRQR
DFTXLVWDELOL SUHVVR OD 3RUWLQHULD DWWUDYHUVR OD SRUWLQHULD q SRVVLELOH RUGLQDUH
ULYLVWHHTXRWLGLDQL
6HUYL]LR*HVWLRQH9DORUL
3UHVVR OD 3RUWLQHULD HVLVWH XQ VHUYL]LR GL GHSRVLWR SHU SLFFROH VRPPH GL
GHQDURSHUSD]LHQWLDOTXDOHFLVLSXzULYROJHUHWXWWLLJLRUQLGDOOHRUHDOOH
3HUGHSRVLWRGLYDORULRDOWURULYROJHUVLDOO¶DFFHWWD]LRQH
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH %/QFCNKViFKCEEGUUQ
3UHVVRODFDVDGL&XUD9LOODGHL3LQLVLHIIHWWXDQRULFRYHULSHUEUHYLGHJHQWLLQ
UHJLPHGLDFFUHGLWDPHQWRFRQLO6HUYL]LR6DQLWDULR1D]LRQDOHGD\KRVSLWDOH
ULFRYHULSULYDWL
3HU LQIRUPD]LRQL GHOXFLGD]LRQL H ULFKLHVWH GL ULFRYHUR p SRVVLELOH ULYROJHUVL
DQFKH WHOHIRQLFDPHQWH SUHVVR OD 6HJUHWHULD R $FFHWWD]LRQH QHL VHJXHQWL
RUDUL
'$//81(',¶$/9(1(5',¶
± Ä
2TGPQVC\KQPG
Ä
.KUVCFKCVVGUC
Ä
%QUCRQTVCTGKP%CUCFK%WTC
± /D 3UHQRWD]LRQH GHO ULFRYHUR SXz HVVHUH ULFHYXWD LQ JHQHUH SHU WHOHIRQR
HVFOXVLYDPHQWH GDOO¶DGGHWWR DOO¶DFFHWWD]LRQH /H PRGDOLWj GL LQIRUPD]LRQL
SUHQRWD]LRQL HG DFFHWWD]LRQH GHL WUDWWDPHQWL LQ UHJLPH DPEXODWRULDOH SULYDWL
VRQRHVSOHWDWHGDOODVHJUHWDULDDO&HQWUR7HUDSLH
/D SUHQRWD]LRQH SHU ULFRYHUR SUHYHGH OD FRPSLOD]LRQH GL XQD 6FKHGD GL
VHJQDOD]LRQH LQ FXL VRQR LQGLFDWL L GDWL DQDJUDILFL GHO ULFRYHUDQGR ODOH
SDWRORJLDHGDFXLpDIIHWWRLOWLSRGLULFRYHURULFKLHVWRHDOWUHQRWL]LHXWLOL
/HSURFHGXUHVRQRULSRUWDWHQHO0DQXDOHGHOOHSURFHGXUHGHOOD&DVDGL&XUD
/D VFKHGD GL VHJQDOD]LRQH FRPSLODWD DO PRPHQWR GHOOD SUHQRWD]LRQH q
LQVHULWD QHOOD/LVWDGL $WWHVD LQ RUGLQHFURQRORJLFRFKH SHU PRWLYLGL VHJUHWR
SURIHVVLRQDOHpULVHUYDWD(
FRPXQTXHSRVVLELOHFKHJOLLQWHUHVVDWLRWWHQJDQR
LQIRUPD]LRQLFLUFDLWHPSLGLDWWHVDPHGLDPDVVLPDSHULOVLQJRORULFRYHUR
1HOPRPHQWRLQFXLVLUHQGHGLVSRQLELOHXQSRVWROHWWRFRQOHFDUDWWHULVWLFKH
ULFKLHVWH OD SULRULWj q GDWD GDOOD GDWD GL SUHQRWD]LRQH O¶DGGHWWR
DOO¶DFFHWWD]LRQHFRQWDWWHUjLO3D]LHQWHVWHVVRRLO6HUYL]LRLQYLDQWHSHUILVVDUH
ODGDWDGHOULFRYHUR
$O PRPHQWR GHOOD FRPXQLFD]LRQH GHOOD GDWD GL ULFRYHUR O¶DGGHWWR
DOO¶DFFHWWD]LRQHIRUQLVFHDO3D]LHQWHOHLQGLFD]LRQLQHFHVVDULH
9 GDWDHRUDULRGLDFFHVVRQRUPDOPHQWHLQPDWWLQDWDGDOOXQHGuDOYHQHUGu
9 LQIRUPD]LRQLJHQHUDOLVXOULFRYHUR
➾ (¶LQGLVSHQVDELOHLQROWUHSRUWDUHLGRFXPHQWLQHFHVVDULDOULFRYHUR
9HUVLRQHGHO
SDJ
R
R
R
R
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
ULFKLHVWDGLULFRYHUR GHO0HGLFRGL%DVHRGHOORVSHFLDOLVWD$6/
WHVVHUDVDQLWDULD
XQGRFXPHQWRGLULFRQRVFLPHQWRYDOLGR
FRGLFHILVFDOH
Ä
%QPUKINKIGPGTCNK
Ä
#EEGVVC\KQPG
VH]LRQH ,QOXRJKLLQFXLKDQQRDFFHVVRQXPHURVHSHUVRQHLOIXUWRRORVPDUULPHQWRGL
GHQDURJLRLHOOLRDOWULRJJHWWLVRQRSXUWURSSRVHPSUHSRVVLELOLOD&DVDGL&XUD
QRQVLDVVXPHUHVSRQVDELOLWjSHUTXHVWLHYHQWL
6LFRQVLJOLDTXLQGLGLSRUWDUHVROWDQWRHIIHWWLSHUVRQDOLVWUHWWDPHQWHQHFHVVDUL
DELWLELDQFKHULDSHUVRQDOHVSD]]ROLQRGDGHQWLGHQWLIULFLRYHVWDJOLDHFF
(¶DVVROXWDPHQWHYLHWDWRGXUDQWHODGHJHQ]DJXLGDUHTXDOVLDVLWLSRGLPH]]R
ELFLFOHWWDFLFORPRWRUH DXWRPRELOH H SDUFKHJJLDUOR DOO¶LQWHUQR GHOOD &DVD GL
&XUD
,Q RWWHPSHUDQ]D DOOD OHJJH QRYHPEUH Qƒ VL ULFRUGD FKH q
DVVROXWDPHQWHYLHWDWRIXPDUH
6L SUHJD GL SUHQGHUH YLVLRQH GHOOH GLVSRVL]LRQL ULSRUWDWHQHOO¶,1)250$=,21,
3(5,3$=,(17,FRQVHJQDWRDOO¶DFFHWWD]LRQHYHGLDOOHJDWR
,O JLRUQR H O¶RUD FRQFRUGDWL LO 3D]LHQWH JLXQJH DOOD FDVD GL &XUD H YLHQH
LQGLUL]]DWR DOO¶XIILFLR DFFHWWD]LRQH GRYH O¶LQFDULFDWR SURYYHGH DOOD YHULILFD GHL
GRFXPHQWLQHFHVVDULSHULOULFRYHUR
/D PDQFDQ]D GHL GRFXPHQWL ULFKLHVWL QRQ FRQVHQWH LO ULFRYHUR LQ IRUPD
FRQYHQ]LRQDWD
8QD YROWD HVDXULWH OH IRUPDOLWj DPPLQLVWUDWLYHLO 3D]LHQWH YHUUj LQGLUL]]DWR DO
0HGLFRVSHFLDOLVWDFKHHIIHWWXHUjO¶DQDPQHVLFOLQLFDHODYLVLWDSVLFKLDWULFD
$O SD]LHQWH YHUUDQQR IRUQLWH WXWWH OH LQGLFD]LRQL XWLOL H QHFHVVDULH SHU LO VXR
VRJJLRUQRDOOD&DVDGL&XUDYHGLDOOHJDWRFRPHDGHVHPSLRRUDULWHUDSLH
YLVLWH PHGLFKH RUDUL SDVWL XELFD]LRQL PHQVD FDPELR PHQ WHOHIRQL VDOH
FRPXQLSXQWRULVWRURHFF
,O0HGLFRFKHHIIHWWXDO¶DFFHWWD]LRQHIRUQLVFHDO3D]LHQWHWXWWHOHLQIRUPD]LRQL
SRVVLELOL ULJXDUGR DL WUDWWDPHQWL HG HYHQWXDOL HVDPL GLDJQRVWLFL FKH VL
LQWHQGRQR HIIHWWXDUH (¶ GRYHUH GHO 0HGLFR LO ULVSHWWR GHOOD GLJQLWj GHOOD
YRORQWj GHOOD OLEHUWj GHO 3D]LHQWH FRQ OD ULQXQFLD DG RJQL DWWHJJLDPHQWR
DXWRULWDULR QHOO¶LQWHQWR GL UHQGHUH LO 3D]LHQWH LO SL SRVVLELOH FRLQYROWR QHO
FRPXQHLPSHJQRGHOODWXWHODGHOODVXDVDOXWH
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH &4KEQXGTQKP %CUCFK
%WTC8F2
,OULFRYHURLQFDVDGL&XUD9LOODGHL3LQLSUHYHGH
™ $VVLVWHQ]DPHGLFD
™ $VVLVWHQ]DLQIHUPLHULVWLFD
™ 7HUDSLDIDUPDFRORJLFD
™ $VVLVWHQ]DSVLFRWHUDSHXWLFDLQGLYLGXDOHHGLJUXSSR
™ (VDPLGLDJQRVWLFLHGLODERUDWRULR
™ 7HVWGLYDOXWD]LRQL
Ä
2TQURGVVKVGTCRGWVKEK
R 5GTXK\KQFKRUKEJKCVTKCENKPKEC
R 5GTXK\KQFK2UKEQVGTCRKC
R %QORCTVKOGPVQ&KUVWTDK
#NKOGPVCTK
R 5GTXK\KQFKCNEQNQIKCENKPKEC
6(59,=,2',36,&+,$75,$&/,1,&$
8QRGHLFDSLVDOGLVWRULFLGHOODQRVWUDVWUXWWXUDqUDSSUHVHQWDWRGDO6HUYL]LRGL
3VLFKLDWULD&OLQLFDQDWRROWUHPH]]RVHFRORID
&RQO¶HYROYHUVLGHOOHQHXURVFLHQ]HLO6HUYL]LR VLqVSHFLDOL]]DWRVXOYHUVDQWH
GHOO¶LQWHUYHQWR SVLFKLDWULFR ELRORJLFR DIILDQFDWR GD TXHOOR SVLFRORJLFR FOLQLFR
GHO6HUYL]LRGL3VLFRWHUDSLD
,O &RRUGLQDWRUH GHO 6HUYL]LR GL SVLFKLDWULD FOLQLFD VRYULQWHQGH DO ODYRUR GL
XQ¶pTXLSH PHGLFD FRPSRVWD GD RWWR VSHFLDOLVWL SVLFKLDWUL H XQ &RQVXOHQWH
&DUGLRORJRVHFRQGRORVFKHPDTXLHVSRVWR
35263(772',$*1267,&2(7(5$3(87,&2
9DOXWD]LRQH'LDJQRVWLFD
$OO¶LQJUHVVRO¶RULHQWDPHQWRGLDJQRVWLFRFRPSUHQGHO¶HIIHWWXD]LRQHGL
x 9LVLWD3VLFKLDWULFD
x &RQVXOWR3VLFRWHUDSHXWLFR
x 9DOXWD]LRQH1HXURORJLFD
x (VDPH2ELHWWLYR*HQHUDOH
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
x (OHWWURFDUGLRJUDPPDHGHVDPLGLODERUDWRULR
VH]LRQH 0RGDOLWj2SHUDWLYD
6XOODEDVHGHOOD9DOXWD]LRQH'LDJQRVWLFDVLDYYLDQRWUHSURFHGXUH
,QWHUYHQWR SVLFRIDUPDFRORJLFR 3UHYHGH O¶XVR GL WXWWH OH SL PRGHUQH
WHFQLFKH GL DSSURFFLR SVLFRIDUPDFRORJLFR YROWH DOOD ULVROX]LRQH GHOOD IDVH
FULWLFDHDOODVWDELOL]]D]LRQHGHOODFRQGL]LRQHFOLQLFD
0RQLWRUDJJLR GHOOD FRQGL]LRQH RUJDQLFD 7XWWH OH PDQLIHVWD]LRQL FOLQLFKH
FRUUHODWH DO GLVRUGLQH SVLFRSDWRORJLFR QHXURSDWLH FHQWUDOL GLDEHWH GLVWXUEL
FDUGLRYDVFRODUL HWF YHQJRQR YDOXWDWL H PRQLWRUDWL PHGLDQWH YLVLWH
VSHFLDOLVWLFKH
,QWHUYHQWR 3VLFRWHUDSHXWLFR GL VRVWHJQR LQGLYLGXDOH H GL JUXSSR ,O
SD]LHQWH YLHQH LQROWUH VHJXLWR GD XQR VSHFLDOLVWD LO TXDOH FRQ LQFRQWUL
VHWWLPDQDOLHIIHWWXDXQ¶LQWHUYHQWRSVLFRWHUDSHXWLFRGLVRVWHJQR
'XUDQWH L FROORTXL LQGLYLGXDOL YLHQH HIIHWWXDWR DQFKH LO PRQLWRUDJJLR GHOOD
FRQGL]LRQHFOLQLFDVHFRQGRSURWRFROOLFKHSUHYHGRQRODVRPPLQLVWUD]LRQHGL
WHVW ,QILQH LO SD]LHQWH SXz IUHTXHQWDUH LQFRQWUL GL JUXSSR HIIHWWXDWL GD
VSHFLDOLVWLGHOOHGLQDPLFKHUHOD]LRQDOLFRQFDGHQ]DGLGXHYROWHDVHWWLPDQD
)LQH7UDWWDPHQWR
,GDWLUDFFROWLGXUDQWHODGHJHQ]DUHODWLYLDOO¶DSSURIRQGLPHQWRSVLFRSDWRORJLFR
FRQ WHVWDOOD YDOXWD]LRQH ULOHYDWD GDL FROORTXL GL VRVWHJQR HL GDWL SURSUL DOOD
FRQGL]LRQHRUJDQLFDPRQLWRUDWDYHQJRQRUDFFROWLLQXQD GHWWDJOLDWDUHOD]LRQH
DG XVR GHO PHGLFR FXUDQWH GHOOR VSHFLDOLVWD LQYLDQWH H GHOOD ULFHUFD
HSLGHPLRORJLDFOLQLFDHSVLFRSDWRORJLDLQWHUQD
,O 6HUYL]LR GL SVLFKLDWULD &OLQLFD KD XQ GLVWDFFDPHQWR SHU O¶DWWLYLWj GL 'D\
+RVSLWDO LO &HQWUR 7HUDSLH 1HXURSVLFKLDWULFKH FKH VL RFFXSD GHO
WUDWWDPHQWR LQ UHJLPH GL RVSHGDOLWj GLXUQD FRQYHQ]LRQDWD H QRQ GL SD]LHQWL
DPEXODWRULDOLQHFHVVLWDQWLGLWHUDSLDLQIXVLYD(VVRFRPSUHQGHDQFKHO¶DWWLYLWj
GLIROORZXSSRVWFULWLFRHGRVSLWDLO6HUYL]LRGL3VLFRWHUDSLD
/¶LQWHUR ODYRUR GHO VHUYL]LR GL 3VLFKLDWULD &OLQLFD VL DYYDOH DQFKH GHOOD
FROODERUD]LRQH GHJOL DOWUL 6HUYL]L RIIHUWL GDOOD &DVD GL &XUD FRPH TXHOOR GL
3VLFRWHUDSLDHGLO&R'D
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH 6(59,=,2',36,&27(5$3,$
/D SVLFRWHUDSLD LQ XQD VWUXWWXUD GL 'D\+RVSLWDO 3VLFKLDWULFR TXDOH TXHOOR
DWWLYR SUHVVR 9LOOD GHL 3LQL SUHVHQWD FRQQRWDWL SDUWLFRODUL (¶ QHFHVVDULR
IRUQLUH XQ WUDWWDPHQWR FKH VIUXWWL OH SRWHQ]LDOLWj WHUDSHXWLFKH GHOO
HPSDWLD H
FKH DEELD XQ
D]LRQH VWUXWWXUDQWH DQFKH DWWUDYHUVR OR VWDELOLUH GHL OLPLWL 7DOH
GXSOLFH IXQ]LRQH q IRQGDPHQWDOH SHU L SD]LHQWL FRQ XQ¶RUJDQL]]D]LRQH
ERUGHUOLQHGLSHUVRQDOLWjWDQWRSLSHUTXHOOLFRQXQOLYHOORSVLFRWLFR,OVHWWLQJ
FRVWLWXLVFHXQRGHJOLVWUXPHQWLSLLPSRUWDQWLDGLVSRVL]LRQHGHOWHUDSHXWDSHU
GDUHGHLOLPLWLDSD]LHQWLFKHQHVRQRVSURYYLVWL/¶LQIOXHQ]DGHOODVWUXWWXUDGL
FXUDFRPHSULQFLSLRUHJRODWRUHHVWHUQRGHOODFRSSLDWHUDSHXWDSD]LHQWHqLQ
HIIHWWLRUPDLDFFHUWDWDLOIDWWRFKHLOWHUDSHXWDIDFFLDSDUWHGLWDOHVWUXWWXUDSXz
FRVWLWXLUHXQIRUWHIDWWRUHGLVWDELOLWjHGLFRQWLQXLWjGLWUDWWDPHQWR
8QXOWHULRUHVWUXPHQWRGHOO¶LQWHUYHQWRSVLFRWHUDSHXWLFRqODJHVWLRQHG¶pTXLSH
GHL FDVL SL LPSHJQDWLYL /
RVPRVL GL LQIRUPD]LRQL WUD L YDUL WHUDSHXWL SRUWD
ROWUH FKH D LQWHUYHQWL RPRJHQHL QHO PHWRGR TXLQGL FRQIURQWDELOL DOOD
SRVVLELOLWj GL ULGXUUH L ULVFKL GL GURSRXW FRQQHVVL FRQ WUDQVLWRULH FULVL QHOOD
UHOD]LRQH WHUDSHXWLFD IRUQHQGR XQ LQWHUYHQWR FRQWLQXDWLYR YHULILFDELOH GD
SDUWHGHOORVSHFLDOLVWDGLULIHULPHQWR
25*$1,==$=,21('(/6(59,=,2
6WDII
,OVHUYL]LRSXzFRQWDUHVXTXDWWURSURIHVVLRQLVWLGXHSVLFRORJL HGXHSVLFKLDWUL
IUD L TXDOL XQR VYROJH OH IXQ]LRQL GL FRRUGLQDWRUH 7XWWL KDQQR HVSHULHQ]D LQ
FDPSRSVLFRWHUDSHXWLFRGLIIHUHQ]LDQGRVLSHUO¶LQGLUL]]RFKHSXzHVVHUHGLWLSR
DQDOLWLFDPHQWHRULHQWDWR RFRJQLWLYRFRPSRUWDPHQWDOH
0RGDOLWjGLDFFHVVR
,SD]LHQWLDFFHGRQRDO6HUYL]LRRLQYLDWLGD6SHFLDOLVWLGHOODVWUXWWXUDRHVWHUQL
,O FRRUGLQDWRUH HIIHWWXD XQD YDOXWD]LRQH SUHOLPLQDUH GHO FDVR DWWUDYHUVR XQD
LQWHUYLVWD GLDJQRVWLFD RULHQWDWD D VWDELOLUH OH PRWLYD]LRQL GHO SD]LHQWH
O¶LQGLUL]]RWUDWWDPHQWDOH ,QXQVHFRQGRWHPSRLOFRRUGLQDWRUHSUHVHQWDLOFDVR
LQpTXLSHGRYHYLHQHFROOHJLDOPHQWHGHFLVRLOWLSRGLLQWHUYHQWRHGLOWHUDSHXWD
DOTXDOHYLHQHDIILGDWRLOSD]LHQWH
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH )XQ]LRQDPHQWR
/¶qTXLSH VL ULXQLVFH VHWWLPDQDOPHQWH /H ULXQLRQL VL DUWLFRODQR LQ GXH IDVL
SULQFLSDOL XQD SULPD SDUWH SHU YDOXWDUH FROOHJLDOPHQWH LO WLSR GL LQWHUYHQWR
SVLFRWHUDSHXWLFRGDDWWXDUH
x SVLFRWHUDSLDFRJQLWLYRFRPSRUWDPHQWDOH
x SVLFRWHUDSLDDQDOLWLFDPHQWHRULHQWDWDEUHYH
x SVLFRWHUDSLDDQDOLWLFDPHQWHRULHQWDWDDOXQJRWHUPLQH
/DVHFRQGDSDUWHGHOODULXQLRQHqLQYHFHGHGLFDWDDOODJHVWLRQHGHLFDVLSL
LPSHJQDWLYLDWWUDYHUVRLOPHWRGRGHOJUXSSRGLVXSHUYLVLRQHDOODSDUL FRQ
LQWHUYHQWLGHLYDULPHPEULGHOO¶pTXLSH
&RQWUROORGHOO¶HIILFDFLDGHLWUDWWDPHQWL
9LHQH DWWXDWR VLD DWWUDYHUVR LO PHWRGR GHOOD VXSHUYLVLRQH GL JUXSSR VLD FRQ
ULXQLRQL G¶HTXLSH D FDGHQ]D PHQVLOH QHOOH TXDOL YLHQH YDOXWDWD OD
FRUULVSRQGHQ]D GHJOL LQWHUYHQWL DJOL VWDQGDUG SUHILVVDWL PHGLDQWH O¶XVR GL
DSSRVLWH VFDOH GL YDOXWD]LRQH VHFRQGR /XERUVN\ SHU OH WHUDSLH DG
RULHQWDPHQWRDQDOLWLFRHODYHULILFDGHOO¶DGHUHQ]DDLSURWRFROOLSHUOHWHUDSLHDG
RULHQWDPHQWR&RJQLWLYR&RPSRUWDPHQWDOH
&203$57,0(172',6785%,$/,0(17$5,
3HU IDU IURQWH DOOH QHFHVVLWj VHPSUH SL VSHFLILFKH LQHUHQWL L 'LVWXUEL GHO
&RPSRUWDPHQWR $OLPHQWDUH /D &DVD GL &XUD 9LOOD GHL 3LQL KD LVWLWXLWR LO
UHSDUWRGHQRPLQDWR³&R'$´&RPSDUWLPHQWR'LVWXUEL$OLPHQWDUL
2UDLOUHSDUWRqLQJUDGRGLRIIULUHVROX]LRQLPLUDWHSHURJQLWLSRGLSUREOHPD
DOLPHQWDUH
3URVSHWWRWHUDSHXWLFRDQRUHVVLDEXOLPLD
9$/87$=,21(,1,=,$/(
x 9LVLWDVSHFLDOLVWLFDSVLFKLDWULFDSHUODYDOXWD]LRQHGHOSUREOHPDDOLPHQWDUH
FRQVRPPLQLVWUD]LRQHGLWHVWSVLFRORJLFLDOILQHGLFKLDULUHLOTXDGURFOLQLFR
QHOPLJOLRUPRGRSRVVLELOH
x (VDPH RELHWWLYR JHQHUDOH GHOOD FRQGL]LRQH ILVLFD FRQ YLVLWD LQWHUQLVWLFD
HOHWWURFDUGLRJUDPPD HVDPL HPDWLFL H GHOOH XULQH 4XDQGR QHFHVVDULR
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH FRQVXOHQ]D HQGRFULQRORJLFD HR JLQHFRORJLFD FRQ VSHFLDOLVWL HVSHUWL GL
SUREOHPLGHOFRPSRUWDPHQWRDOLPHQWDUH
x 9DOXWD]LRQHDOLPHQWDUHGDSDUWHGLXQFRQVXOHQWHGHOO¶DOLPHQWD]LRQHDOILQH
GLVWDELOLUHOHQHFHVVLWjQXWUL]LRQDOLGHOSD]LHQWH
6&(/7$'(/352*5$00$7(5$3(87,&2
x 3URJUDPPD DPEXODWRULDOH TXDQGR OD VLWXD]LRQH q JHVWLELOH QHOO¶DPELHQWH
IDPLOLDUHHGLOSD]LHQWHqQHOODSRVVLELOLWjGLVYROJHUHODVXDQRUPDOHDWWLYLWj
x 3URJUDPPD GL GD\KRVSLWDO FRPSRUWD OD SHUPDQHQ]D DO &HQWUR SHU L
'LVWXUEL GHO &RPSRUWDPHQWR DOLPHQWDUH &R'$ WXWWL L JLRUQL FRQ RUDULR
x 3URJUDPPD GL ULFRYHUR FRPSRUWD OD GHJHQ]D QHOOD VWUXWWXUD RVSHGDOLHUD
TXDORUDODVLWXD]LRQHILVLFDVLDSDUWLFRODUPHQWHFULWLFDRVXVVLVWDLOELVRJQR
GL XQ SHULRGR GL DOORQWDQDPHQWR GDO QXFOHR IDPLOLDUH HR GDOOH QRUPDOL
DWWLYLWjVYROWHGDOSD]LHQWH
$77,9,7$¶7(5$3(87,&+(
7XWWLLSURJUDPPLSUHYHGRQR
x FROORTXL LQGLYLGXDOL FRQ OR SVLFKLDWUD SHU OD GHILQL]LRQH GHJOL RELHWWLYL
VHWWLPDQDOLGDUDJJLXQJHUH
x JUXSSLWHUDSHXWLFLFRQRULHQWDPHQWRFRJQLWLYR FRPSRUWDPHQWDOH
x LQWHUYHQWRGLVRVWHJQRSVLFRORJLFRLQGLYLGXDOH
x SHUFRUVRQXWUL]LRQDOHLQGLYLGXDOH
x WUDWWDPHQWRIDUPDFRORJLFRTXDQGRQHFHVVDULR
, SURJUDPPLGLGD\ KRVSLWDOHGLULFRYHURFRPSUHQGRQRLQROWUH
x XQ SHUFRUVR ULDELOLWDWLYR QXWUL]LRQDOH FRQ HTXLOLEUL DOLPHQWDUL LQGLYLGXDOL H
SDVWLDVVLVWLWLGDSHUVRQDOHVSHFLDOL]]DWRVXSSRUWDWRGDJUXSSLHGXFDWLYLHG
LQIRUPDWLYLVXXQDVDQDDOLPHQWD]LRQH
x DUWWKHUDS\
x JUXSSLHGXFD]LRQDOL
x LQWHUYHQWRGLULHGXFD]LRQHDOPRYLPHQWR
1HO WUDWWDPHQWR YHQJRQR FRLQYROWL DQFKH L IDPLOLDUL FRQ JUXSSL
SVLFRHGXFD]LRQDOLWUHLQFRQWULWHQXWLGDSVLFKLDWUDHGLHWLVWDHGLQFRQWULGHOOH
VLQJROHIDPLJOLHFRQXQDWHUDSHXWDIDPLOLDUH
/LQHHJXLGDGHOSURJUDPPD
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH 2OWUHDTXDQWRVRSUDGHWWRSHURJQLSD]LHQWHYLHQHHIIHWWXDWRXQSURJUDPPD
GL RELHWWLYL VHWWLPDQDOL FRPSRUWDPHQWDOL GD ULVSHWWDUH 1HL SURJUDPPL GL
ULFRYHUR H GD\KRVSLWDO YLHQH RSHUDWR XQ FRQWUROOR VXL FRPSRUWDPHQWL GHO
SD]LHQWHFRQQHFHVVDULRFRQVXOWRPHGLFRQHOO¶DVVXQ]LRQHGLODVVDWLYLGLXUHWLFL
H DOWUL IDUPDFL &RQ LO UDJJLXQJLPHQWR GHJOL RELHWWLYL YHQJRQR FRQFRUGDWH
XVFLWH FRQ L IDPLOLDUL YLVLWH GL DPLFL HFF 7XWWR FLz YLHQH VWDELOLWR FRQ RJQL
VLQJRORSD]LHQWH
,O SD]LHQWH FKH DGHULVFH DO SURJUDPPD GHYH DWWHQHUVL D WXWWH OH DWWLYLWj
WHUDSHXWLFKHHVRWWRVWDUHDOOHUHJROHVWDELOLWH
x QHOOHSULPHGXHVHWWLPDQHGLULFRYHURLOSD]LHQWHQRQSXzULFHYHUHYLVLWHHR
WHOHIRQDWH 'DOOD WHU]D VHWWLPDQD SXz ULSULVWLQDUH L FRQWDWWL FRQ JOL DPLFL
GDOODTXDUWDFRQLIDPLOLDUL
x QRQqSHUPHVVRFRQVXPDUHJRPPHGDPDVWLFDUHRFDUDPHOOH
x QRQqSHUPHVVRUHFDUVLLQEDJQRSULPDGLPH]]¶RUDGRSRLSDVWL
4XDORUD LO SD]LHQWH VL WURYDVVH LQ GLIILFROWj q QHFHVVDULR FKH OR IDFFLD
SUHVHQWH DOOR SVLFKLDWUD UHVSRQVDELOH DO ILQH GL HVDPLQDUH LQVLHPH FRQ
FKLDUH]]DLSUREOHPLLQVRUWL4XHOORFKHSURSRQLDPRDOSD]LHQWHqXQSHUFRUVR
WHUDSHXWLFR D IDVL FRQ SURJUHVVLYR PLJOLRUDPHQWR GHO FRPSRUWDPHQWR
DOLPHQWDUHDVVRFLDWRDG XQODYRURVXOOHSUREOHPDWLFKHSHUVRQDOLHUHOD]LRQDOL
FKH KDQQR SRUWDWR DO PDQLIHVWDUVL GL XQ GLVWXUER DOLPHQWDUH 3HU WXWWR FLz q
QHFHVVDULDODSLHQDGLVSRQLELOLWjGHOSD]LHQWH4XHVWRQRQVLJQLILFDQRQDYHUH
GLIILFROWj EHQVu FRPXQLFDUH OH SURSULH GLIILFROWj HG DFFHWWDUH TXDQWR YLHQH
SURSRVWRGDLWHUDSHXWL
/¶DGHVLRQHVLQFHUDDOSURJUDPPDqLOSULPRSDVVRYHUVRODJXDULJLRQH
3URVSHWWRWHUDSHXWLFRREHVLWj
9$/87$=,21(,1,=,$/(
x 9LVLWDVSHFLDOLVWLFDSVLFKLDWULFDSHUODYDOXWD]LRQHGHOSUREOHPDDOLPHQWDUH
FRQVRPPLQLVWUD]LRQHGLWHVWSVLFRORJLFLDOILQHGLFKLDULUHLOTXDGURFOLQLFR
QHOPLJOLRUPRGRSRVVLELOH
x (VDPH RELHWWLYR JHQHUDOH GHOOD FRQGL]LRQH ILVLFD FRQ YLVLWD LQWHUQLVWLFD
HOHWWURFDUGLRJUDPPD HVDPL HPDWLFL H GHOOH XULQH 4XDQGR QHFHVVDULR
FRQVXOHQ]D HQGRFULQRORJLFD HR JLQHFRORJLFD FRQ VSHFLDOLVWL HVSHUWL GL
SUREOHPLGHOFRPSRUWDPHQWRDOLPHQWDUH
x 9DOXWD]LRQHDOLPHQWDUHGDSDUWHGLXQFRQVXOHQWHGHOO¶DOLPHQWD]LRQHDOILQH
GLVWDELOLUHOHQHFHVVLWjQXWUL]LRQDOLGHOSD]LHQWH
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH x ,03('(1=,20(75,$ DOO¶LQL]LR GHO WUDWWDPHQWR YLHQH HIIHWWXDWD O¶DQDOLVL
ELRLPSHGHQ]LRPHWULFD SHU OD YDOXWD]LRQH GHOOD FRPSRVL]LRQH FRUSRUHD
4XHVWR HVDPH YLHQH ULSHWXWR DOOD ILQH GHO SHUFRUVR WHUDSHXWLFR DO ILQH GL
YHULILFDUHOHPRGLILFD]LRQLDYYHQXWH
6&(/7$'(/352*5$00$7(5$3(87,&2
x 3URJUDPPD DPEXODWRULDOH TXDQGR OD VLWXD]LRQH q JHVWLELOH QHOO¶DPELWR
IDPLOLDUHHGLOSD]LHQWHqQHOODSRVVLELOLWjGLVYROJHUHODVXDQRUPDOHDWWLYLWj
x 3URJUDPPDGLULFRYHURLQFROODERUD]LRQHFRQLO'LSDUWLPHQWRGL0DODWWLHGHO
5LFDPELR HGHO0HWDEROLVPRGHOO¶8QLYHUVLWjGL)LUHQ]HFRPSRUWDXQDGLHWD
LSRFDORULFDSHUXQSHULRGRGLWUHRVHLVHWWLPDQHTXDORUDVLDQHFHVVDULRXQ
FDOR SRQGHUDOH UDSLGR LQ FDVR GL JUDYL SDWRORJLH RUJDQLFKH GRYXWH DO
VRYUDSSHVRRGLFDVLUHVLVWHQWLDGDOWULWLSLGLWUDWWDPHQWR
$77,9,7$¶7(5$3(87,&+(
7XWWLLSURJUDPPLSUHYHGRQR
x (TXLOLEULRDOLPHQWDUHSHUVRQDOL]]DWR
x &RQWUROOLGLHWRORJLFLSHULRGLFL
x *UXSSLSVLFRHGXFD]LRQDOLFRQSVLFKLDWUDHGLHWLVWD
x (YHQWXDOHWHUDSLDIDUPDFRORJLFDTXDQGRQHFHVVDULR
x *UXSSLSVLFRHGXFD]LRQDOLSHULIDPLOLDUL
,OSURJUDPPDWHUDSHXWLFRGLULFRYHURFRPSUHQGHLQROWUH
x 9/&' YHU\ORZFDORU\GLHWGLHWDDULGRWWLVVLPRFRQWHQXWRFDORULFRRDOWUD
GLHWDLSRFDORULFD
x (VHUFL]LRILVLFRLQGLYLGXDOHJLRUQDOLHURHDWWLYLWjFRQILVLRWHUDSLVWDGXHYROWH
ODVHWWLPDQD
Ä
#RRWPVCOGPVKSWQVKFKCPK
/D YLVLWD PHGLFD PRPHQWR GLDJQRVWLFR WHUDSHXWLFR IRQGDPHQWDOH QHO FRUVR
GHOOD TXDOH q DVVROXWDPHQWH QHFHVVDULR FKH L 3D]LHQWL ULPDQJDQR QHOOD
SURSULDVWDQ]DDYYLHQHDOPDWWLQRGDOOHRUHDOOHRUH
/D VRPPLQLVWUD]LRQH GHOOD WHUDSLD DYYLHQH VROLWDPHQWH GXUDQWH L SDVWL
SULQFLSDOL/DSULPDFROD]LRQHYLHQHVHUYLWDDOOHRUHLOSUDQ]RDOOHRUH
LOWqSRPHULGLDQRDOOHHODFHQDDOOH
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH 3HUTXDQWRULJXDUGDLO&RPSDUWLPHQWRGHL'LVWXUEL$OLPHQWDULJOLRUDULGHLSDVWL
VRQRLVHJXHQWL
FROD]LRQH
VSXQWLQR
SUDQ]R
VSXQWLQR
FHQD
2JQL SD]LHQWH SXz ULFHYHUH YLVLWH LQ EDVH DOOH GLVSRVL]LRQL GHO PHGLFR
FXUDQWH GD SDUWH GL SDUHQWL HG DPLFL (¶ QHFHVVDULR SHUz FKH WDOL YLVLWH QRQ
VLDQR G¶RVWDFROR DOOH DWWLYLWj PHGLFKHH FKH QRQ DUUHFKLQR GLVWXUER DOULSRVR
GHL 3D]LHQWL ULFRYHUDWL (¶ RSSRUWXQR TXLQGL QRQ ULFHYHUH SL GL GXH YLVLWDWRUL
DOOD YROWD 1RQ VRQR SUHYLVWH UHVWUL]LRQL GL RUDULR D WDOL YLVLWH 7XWWDYLD SHU
HYLWDUH DIIROODPHQWR GXUDQWH OH DWWLYLWj GL UHSDUWR LO FRQVLJOLR q GL OLPLWDUOH
DOO¶RUDULRSRPHULGLDQR
, 3D]LHQWL SRVVRQR ULFHYHUH WHOHIRQDWH DO QXPHUR GHOOD &DVD GL &XUD GDOOHRUHDOOHRUH
(¶ SRVVLELOH FRQFRUGDUH FRQ LO 0HGLFR 5HVSRQVDELOH L SHUPHVVL GL XVFLWD
GHVWLQD]LRQH H RUDULR GL ULHQWURFRPXQTXH DO GL IXRUL GHOO¶RUDULR GL YLVLWD
PHGLFDHGHOODVRPPLQLVWUD]LRQHGHOODWHUDSLD
Ä
+PHQTOC\KQPKGEQOWPKEC\KQPK
$OPRPHQWRGHOO¶DFFHWWD]LRQHLO0HGLFRVSHFLDOLVWDFRPXQLFDOHFDUDWWHULVWLFKH
GHOULFRYHURULFHYHQGRGDO3D]LHQWHLOVXRFRQVHQVRLQIRUPDWR3HUDOWURqXQ
GLULWWRIRQGDPHQWDOHGHO3D]LHQWHHVVHUHLQIRUPDWRVXOOHSURSULHFRQGL]LRQLGL
VDOXWHHVXOSURJUDPPDGLDJQRVWLFRWHUDSHXWLFR
,O 3D]LHQWH SHUWDQWR SXz FKLHGHUH LQ RJQL PRPHQWR GL ULFHYHUH LQIRUPD]LRQL
FRPSOHWH FKH ULJXDUGDQR OD GLDJQRVL DQFKH SURYYLVRULD OD WHUDSLD H OD
SURJQRVLLQWHUPLQLFKLDULHIDFLOPHQWHFRPSUHQVLELOL
,O 3ULPDULR H L 0HGLFL GHOOD &DVD GL &XUD VRQR GLVSRQLELOL D IRUQLUH WXWWL L
FKLDULPHQWLQHFHVVDULDO3D]LHQWHHDLIDPLOLDULWXWWHOHPDWWLQHGDOOHRUH
DOOHRUHGRPHQLFDHVFOXVRRVXDSSXQWDPHQWR
3HU JDUDQWLUH OD PDVVLPD VHJUHWH]]D H ULVHUYDWH]]D QRQ VDUDQQR IRUQLWH
LQIRUPD]LRQLWHOHIRQLFKHDFKLFFKHVVLD
5LFRUGLDPR LQROWUH FKH LO SHUVRQDOH QRQ PHGLFR GHOOD &DVD GL &XUD QRQ q
DXWRUL]]DWRDIRUQLUHLQGLFD]LRQLVXOODVDOXWHRVXOODWHUDSLDGHLGHJHQWL
9HUVLRQHGHO
SDJ
,QIRUPD]LRQLVXOODVWUXWWXUDHLVHUYL]L
VH]LRQH '/QFCNKViFKFKOKUUKQPG
/HGLPLVVLRQLFKLXGRQRLOUDSSRUWRDVVLVWHQ]LDOHFRQ/D&DVDGL&XUDLQL]LDWR
FRQO¶LQJUHVVR'DTXHO PRPHQWRLO3D]LHQWHqULQYLDWRDO0HGLFRFXUDQWHVLD
HVVR LO 0HGLFR GL 0HGLFLQD *HQHUDOH OR 6SHFLDOLVWD 3ULYDWR R OR 6SHFLDOLVWD
GHO6HUYL]LRGLFRPSHWHQ]D
/D GLPLVVLRQH GHL 3D]LHQWL p GLVSRVWD GDL 0HGLFL GHOOD &DVD GL &XUD HG
DYYLHQHSUHIHULELOPHQWHHQWUROHRUHQHLJLRUQLGDOOXQHGuDOVDEDWR
$OPRPHQWRGHOOD'LPLVVLRQHYHUUjFRQVHJQDWDDO3D]LHQWHXQD5HOD]LRQHGL
GHJHQ]D SHU LO 0HGLFR &XUDQWH ULFHWWD PHGLFD FRQWHQHQWH OD WHUDSLD
GRPLFLOLDUH
6XFFHVVLYDPHQWH LO 3D]LHQWH GHYH SDVVDUH QHJOL XIILFL $PPLQLVWUDWLYL SHU
UHJRODUHHYHQWXDOLVSHVHH[WUDHIIHWWXDWHGXUDQWHODGHJHQ]D
(4KNCUEKQEQRKCFGNNC
ECTVGNNCENKPKEC
,O ULODVFLR GHOOD FRSLD GHOOD FDUWHOOD &OLQLFD LQ FRSLD DXWHQWLFDWD DYYLHQH LQ
VHJXLWRDULFKLHVWDVFULWWDDSSRVLWRPRGXORGDSDUWHGHO3D]LHQWHILUPDWDLQ
SUHVHQ]DGHOO¶LPSLHJDWRDPPLQLVWUDWLYRSUHYLRULFRQRVFLPHQWRGHO3D]LHQWH
/D FRSLD GHOODFDUWHOOD &OLQLFD YLHQH FRQVHJQDWD HVFOXVLYDPHQWH DO3D]LHQWH
VWHVVR R DO GHOHJDWR FRQ GHOHJD VFULWWD H ILUPD DXWHQWLFDWD RSSXUH VX
ULFKLHVWDGHO3D]LHQWHVSHGLWDDGRPLFLOLR
/D FRSLD GHOOD &DUWHOOD &OLQLFD q ULODVFLDWD PHGLDPHQWH LQ JLRUQL GDOOD
ULFKLHVWD
3URFHGXUDLQHUHQWHOD&DUWHOOD&OLQLFDHULODVFLRFRSLDFRQWHQXWDQHO0DQXDOH
GHOOH3URFHGXUHGHOOD&DVDGL&XUD
9HUVLRQHGHO
SDJ