$%%21$0(17,
$5&+,9,2
086(2
3,Ô9,67,
62&,$/
0(7(2
78772$))$5,
/$9252
/(*$/,
1(&52/2*,(
0$5(
6(59,=,
&HUFD
725,12&81(2$267$$67,129$5$9&29(5&(//,%,(//$$/(66$1'5,$6$921$,03(5,$H6$15(02
92&,',0,/$12520$
$778$/,7¬ 23,1,21, (&2120,$ 63257 725,12 &8/785$ 63(77$&2/, &26780( 02725, '211$ &8&,1$ 6$/87( 9,$**, )272 9,'(2
+20(
32/,7,&$
&RQVLJOLD
(67(5,
;^LL[
&521$&+(
7(&12/2*,$
78772*5((1
/$=$03$
,782,',5,77,
'(6,*1
0$5(
0217$*1$
63(&,$/,
,16(57,
0$5(
1DVFH9DOGHWWDUR&ODVVLF%RDWVUDGXQR
GHOOHVLJQRUHGHOPDUH
$OOH*UD]LHGDODOO¶VHWWHPEUH
8QFDQWLHUHFKHGLYHQWDPXVHRYLYHQWHGHOO¶DUWH
QDYDOHHGHOODPDULQHULDWUDFXOWRGHOODPHPRULD
HRQRULDFKLSHUSHWUDQHOWHPSRTXHVWLYDORULOH
LPEDUFD]LRQLG¶HSRFDLORURDUPDWRULLORUR
8OWLPL$UWLFROL
HTXLSDJJLFKLDPDWLDULWURYDUVLLQXQFOLPD
FRQWDJLRVRGLIHVWDQHOTXDOHLYLVLWDWRULVRQRL
EHQYHQXWL
7XWWLJOLDUWLFROL
,OVDQGDORVFXOWXUD
(¶LOPRWLYRLVSLUDWRUHGHO9DOGHWWDUR&ODVVLF
%RDWVLOUDGXQRGHOOHVLJQRUHGHOPDUHDOOH
ÊQDWDLQ,WDOLDOD/RYH%RDWD
SURYDGLIXWXUR
*UD]LHLQSURJUDPPDGDODOO¶VHWWHPEUH
5LVDOHDOVXLPSXOVRGL)UDQFHVFR%DUWKHOH&RUUDGR5LFFLLOGHEXWWRGHOOHEDQFKLQHPXVHRGDOuLQ
DYDQWLLO&DQWLHUH9DOGHWWDURDOWLPRQHGHOO¶DPPLQLVWUDWRUHGHOHJDWR8JR9DQHORHFRQO¶LPSHJQRLQSULPD
%UX[HOOHVWURYDXQDFFRUGRVXOOD
SHVFDVRVWHQLELOH
OLQHDGHOODGLUHWWULFH'DQLHOD/DJDQjKDDVVXQWRXQUXRORVHPSUHSLSURSXOVLYRQHOO¶RUJDQL]]D]LRQH
GHOO¶HYHQWRFKHFROSDWURFLQLRGHO&RPXQHGL3RUWR9HQHUHHGHOO¶$XWRULWj3RUWXDOHVLVDOGD
WUDGL]LRQDOPHQWHDLIHVWHJJLDPHQWLSDWURQDOLGHOOD0DGRQQDGHOOH*UD]LH
1DVFH9DOGHWWDUR&ODVVLF%RDWV
UDGXQRGHOOHVLJQRUHGHOPDUH
8QUDGLFDPHQWRVXOWHUULWRULRXQSURFHVVRGLFUHVFLWDFKHKDSRUWDWRDOFDPELRGHOO¶LQL]LDOH
GHQRPLQD]LRQHGHOO¶HYHQWRSHUHYLGHQ]LDUHLOSURWDJRQLVPRRUJDQL]]DWLYRHOHSHFXOLDULWjGHOFDQWLHUH
JUD]LRWWRFRQLVXRLPDHVWULG¶DVFLDQHOFRQWHVWRGHOJROIRGHOOD6SH]LDHGHOODURWWDGLDYYLFLQDPHQWRDOOD
)HVWDGHOOD0DULQHULDFRQOH7DOO6KLSGLFXLLOUDGXQRGLEDUFKHG¶HSRFDIDLGHDOHDSULSLVWD1RQSL
GXQTXH³6XOODURWWDG¶,PSHULD´GHQRPLQD]LRQHOHJDWDDOSUHJUHVVRDVVLVWRIIHUWRDOOHEDUFKHSDUWHFLSDQWL
DOUDGXQRELHQQDOHGL,PSHULDQHJOLDQQLSDULPD³9DOGHWWDUR&ODVVLF%RDWV´QHOJROIRHSHULOJROIRGHOOD
6SH]LDRUDQHJOLDQQLGLVSDUL$OODGHFLVLRQHGLFDPELDUHODGHQRPLQD]LRQHVLVRQRDFFRPSDJQDWLLO
ULQQRYDPHQWRGHOO¶LPPDJLQHHGHOODVWUDWHJLDFRPXQLFD]LRQHRULHQWDWDDFRJOLHUHWXWWHOHRSSRUWXQLWj
GHOODUHWH
3HUEDWWHUHOHQXRYHURWWHq¶VDOLWDDERUGRO¶DJHQ]LDVSH]]LQD6XQ7,0(6VUOFRVWLWXLWDGDXQWHDPGL
JLRYDQLVSH]]LQLHVSHUWLLQPDUNHWLQJHFRPXQLFD]LRQH(FFRFRVuLOQXRYRORJRIUXWWRGLXQUHVW\OLQJFKH
SHUzKDPDQWHQXWRJOLHOHPHQWLFRQWUDGGLVWLQWLYLGLXQDSSXQWDPHQWRHQWUDWRGLGLULWWRQHOO¶DJHQGDGL
WDQWLDUPDWRULQHOFDOHQGDULRGHOJROIRGHOOD6SH]LDHFKHKDDFTXLVLWRXQDFHUWDULFRQRVFLELOLWj,OSDVVR
VXFFHVVLYRqVWDWRO¶DSSURGRRQOLQH9DOGHWWDUR&ODVVLF%RDWVVEDUFDDQFKHVXOZHEFRQXQVLWRGDOIRUWH
LPSDWWRHPRWLYRZZZYDOGHWWDURFODVVLFLWFKHDQFKHDWWUDYHUVRJOLVSOHQGLGLVFDWWLGL'DYLGH0DUFHVLQLH
)LQFDQWLHULSUHVHQWDODQDYHD
SURYDGLIXWXUR
$7ULVWDQGD&XQKDIDFHQGRLO
FLQHPDDLFRQILQLGHOPRQGR
&RQFRUVL
5LVSRQGLSLDQWDOD
3DUWHFLSDHFRQWULEXLVFLDG
DJJLXQJHUHQXRYHSLDQWHD
7RULQR
,QFROODERUD]LRQHFRQ
$PLDW6S$
)UDQFHVFR5DVWUHOOLFHUFDGLWUDVPHWWHUHWXWWHOHHPR]LRQLFKHVLSRWUDQQRYLYHUHQHOODEDQFKLQDGHOOH
*UD]LHHQHOJROIRWHDWURGHOOHUHJDWHPDIRUQLVFHDQFKHWXWWHOHLQIRUPD]LRQLQHFHVVDULHDYLVLWDWRUL
DUPDWRULHPHGLD
0DZHERJJLVLJQLILFDVRSUDWWXWWRVRFLDO9DOGHWWDUR&ODVVLF%RDWVTXLQGLVLDSUHDQFKHD)DFHERRN
ZZZIDFHERRNFRP9DOGHWWDUR&ODVVLF%RDWVFRQXQDSDJLQDFRRUGLQDWDDOUHVWRGHOO¶LPPDJLQHVXOOD
TXDOHVLSRWUDQQRVHJXLUHWXWWHOHIDVLGHOUDGXQRTXDVLOLYHHFLVLSRWUjHPR]LRQDUHFRQOHIRWRSLEHOOH
&RQFRUVRIRWRJUDILFR
&RPSDJQLDGL6DQ3DROR
VFDWWLSHUDQQL
6WHOODFRUWHVLD
*LRFDHSRWUDLYLQFHUHXQ
ZHHNHQGDOPDUH
GHOOHVLJQRUHGHOPDUH
FRPPHQWD
$QQXQFL331
6WHOODFRUWHVLD
/$5 ( '$=, 21(
38%%/, &, 7 $
6IRJOLDEURFKXUH
5LFKLHGLFRQWDWWR
&20081, 7 <
UHGD]LRQH#FLWWDGHOODVSH]LDFRP
8OWLPRDJJLRUQDPHQWR/XQHGu*LXJQRRUH
0( 7 ( 2
0DUWHGu
ƒ & ƒ &
+20( 35,023,$12 &521$&$ $778$/,7 32/,7,&$ (&2120,$ &8/785$ 63257 63(=,$&$/&,2 58%5,&+(
%/2* 9,'(2*$//(5< )272*$//(5< &'6=21( 621'$**, /,)( (%22. /,%5, &,1(0$ ,002%,/, /$9252 785,602
$778$/,7¬
;^LL[
0LSLDFH
&HUFD
,QYLD
/H*UD]LHVLSUHSDUDSHULO9DOGHWWDUR&ODVVLF
%RDWV
*OLVWRULFLFDQWLHULVSH]]LQLRUJDQL]]DQRXQUDGXQRGLYHOHG
HSRFDSHUVHWWHPEUH
7UHJLRUQLWXWWLGDYLYHUH
*ROIR GHL 3RHWL 8Q FDQWLHUH FKH GLYHQWD PXVHR
YLYHQWH GHOO
DUWH QDYDOH H GHOOD PDULQHULD WUD FXOWR GHOOD
PHPRULD H RQRUL D FKL SHUSHWUD QHO WHPSR TXHVWL YDORUL
OHLPEDUFD]LRQLG
HSRFDLORURDUPDWRULLORURHTXLSDJJL
FKLDPDWL D ULWURYDUVL LQ XQ FOLPD FRQWDJLRVR GL IHVWD QHO
TXDOHLYLVLWDWRULVRQRLEHQYHQXWL(
LOPRWLYRLVSLUDWRUH
GHO 9DOGHWWDUR &ODVVLF %RDWV LO UDGXQR GHOOH VLJQRUH GHO
PDUH DOOH *UD]LH LQ SURJUDPPD GDO DOO
VHWWHPEUH
5LVDOH DO VX LPSXOVR GL )UDQFHVFR %DUWKHO H &RUUDGR 5LFFL LO GHEXWWR GHOOH EDQFKLQH
PXVHRGDOuLQDYDQWLLO&DQWLHUH9DOGHWWDURDOWLPRQHGHOO
DPPLQLVWUDWRUHGHOHJDWR8JR9DQHOR
HFRQO
LPSHJQRLQSULPDOLQHDGHOODGLUHWWULFH'DQLHOD/DJDQjKDDVVXQWRXQUXRORVHPSUHSL
SURSXOVLYR QHOO
RUJDQL]]D]LRQH GHOO
HYHQWR FKH FRO SDWURFLQLR GHO &RPXQH GL 3RUWR 9HQHUH H
GHOO
$XWRULWj 3RUWXDOH VL VDOGD WUDGL]LRQDOPHQWH DL IHVWHJJLDPHQWL SDWURQDOL GHOOD 0DGRQQD
GHOOH*UD]LH
8Q UDGLFDPHQWR VXO WHUULWRULR XQ SURFHVVR GL FUHVFLWD FKH KD SRUWDWR DO FDPELR GHOO
LQL]LDOH
GHQRPLQD]LRQH GHOO
HYHQWR SHU HYLGHQ]LDUH LO SURWDJRQLVPR RUJDQL]]DWLYR H OH SHFXOLDULWj GHO
FDQWLHUHJUD]LRWWRFRQLVXRLPDHVWULG
DVFLDQHOFRQWHVWRGHOJROIRGHOOD6SH]LDHGHOODURWWDGL
DYYLFLQDPHQWRDOOD)HVWDGHOOD0DULQHULDFRQOH7DOO6KLSGLFXLLOUDGXQRGLEDUFKHG
HSRFDID
LGHDOH DSULSLVWD 1RQ SL GXQTXH 6XOOD URWWD G
,PSHULD GHQRPLQD]LRQH OHJDWD DO SUHJUHVVR
DVVLVW RIIHUWR DOOH EDUFKH SDUWHFLSDQWL DO UDGXQR ELHQQDOH GL ,PSHULD QHJOL DQQL SDUL PD
9DOGHWWDUR &ODVVLF %RDWV QHO JROIR H SHU LO JROIR GHOOD 6SH]LD RUD QHJOL DQQL GLVSDUL $OOD
GHFLVLRQHGLFDPELDUHODGHQRPLQD]LRQHVLVRQRDFFRPSDJQDWLLOULQQRYDPHQWRGHOO
LPPDJLQHH
GHOODVWUDWHJLDFRPXQLFD]LRQHRULHQWDWDDFRJOLHUHWXWWHOHRSSRUWXQLWjGHOODUHWH
3HU EDWWHUH OH QXRYH URWWH q VDOLWD
D ERUGR O
DJHQ]LD VSH]]LQD 6XQ7,0(6 VUO FRVWLWXLWD GD XQ
WHDPGLJLRYDQLVSH]]LQLHVSHUWLLQPDUNHWLQJHFRPXQLFD]LRQH(FFRFRVuLOQXRYRORJRIUXWWRGL
XQUHVW\OLQJFKHSHUzKDPDQWHQXWRJOLHOHPHQWLFRQWUDGGLVWLQWLYLGLXQDSSXQWDPHQWRHQWUDWR
GLGLULWWRQHOO
DJHQGDGLWDQWLDUPDWRULQHOFDOHQGDULRGHOJROIRGHOOD6SH]LDHFKHKDDFTXLVLWR
XQD FHUWD ULFRQRVFLELOLWj ,O SDVVR VXFFHVVLYR q VWDWR O
DSSURGR RQOLQH 9DOGHWWDUR &ODVVLF %RDWV
VEDUFD DQFKH VXO ZHE FRQ XQ VLWR GDO IRUWH LPSDWWR HPRWLYR ZZZYDOGHWWDURFODVVLFLW FKH
DQFKH DWWUDYHUVR JOL VSOHQGLGL VFDWWL GL 'DYLGH 0DUFHVLQL H )UDQFHVFR 5DVWUHOOL FHUFD GL
WUDVPHWWHUH WXWWH OH HPR]LRQL FKH VL SRWUDQQR YLYHUH QHOOD EDQFKLQD GHOOH *UD]LH H QHO JROIR
WHDWUR GHOOH UHJDWH PD IRUQLVFH DQFKH WXWWH OH LQIRUPD]LRQL QHFHVVDULH D YLVLWDWRUL DUPDWRUL H
PHGLD
0D ZHE RJJL VLJQLILFD VRSUDWWXWWR VRFLDO 9DOGHWWDUR &ODVVLF %RDWV TXLQGL VL DSUH DQFKH D
)DFHERRN ZZZIDFHERRNFRP9DOGHWWDUR&ODVVLF%RDWV FRQ XQD SDJLQD FRRUGLQDWD DO UHVWR
GHOO
LPPDJLQH VXOOD TXDOH VL SRWUDQQR VHJXLUH WXWWH OH IDVL GHO UDGXQR TXDVL OLYH H FL VL SRWUj
HPR]LRQDUHFRQOHIRWRSLEHOOHGHOOHVLJQRUHGHOPDUH
3DUWH FRVu OD TXDUWD HGL]LRQH GHO UDGXQR GL LPEDUFD]LRQL G
HSRFD FKH ULVHUYHUj D JUD]LRWWL
WXULVWL DUPDWRUL HG DSSDVVLRQDWL WDQWH DOWUH QRYLWj 8Q ODYRUR LQ SURJUHVV SHU DUULYDUH DO
UDGXQRWUDSURJUDPPLGDSXQWXDOL]]DUHUHOD]LRQLGDWHVVHUHO
HYROX]LRQHVDUjGRFXPHQWDVXO
VLWR H VXOOD SDJLQD )DFHERRN *Lj LQ SLVWD VXO SLDQR GHOOH FROODERUD]LRQL OD 6RSULQWHQGHQ]D DL
EHQL DUFKHRORJLFL OD 3UR /RFR OD 6H]LRQH YHOLFD GHOOD VRFLHWj VSRUWLYD )RU]D H &RUDJJLR
O
DVVRFLD]LRQH &DODWD GL 5LD $O YLD DQFKH OH LVFUL]LRQL DO FRQFRUVR SHU LO 3UHPLR 0RSL FKH VDUj
FRQVHJQDWRDOUDGXQRDOO
DUPDWRUHFKHPHJOLRGRFXPHQWHUjODVWRULDGHOODVXDEDUFD
,621'$**,',&'6
0RYLGD Vu PRYLGD QR 7LHQH EDQFR LO
GLEDWWLWR VXOOD GHFLVLRQH GHO FRQVLJOLR
FRPXQDOH GL SUROXQJDUH L JLRUQL GL
GHURJD SHU PDQLIHVWD]LRQL WHPSRUDQHH
GDDDOO
DQQR6LSRWUjSURVHJXLUH
ILQRDOOHGHOPDWWLQR7XFKHQHSHQVL"