&RQJOLDXWRULGHOYROXPH³OHYLHGHOODIRUPD]LRQH´ *LDQOXFD%RFFKLH)UDQFHVFR9DUDQLQL /D GHFLPD HGL]LRQH GHOOH *LRUQDWH 6WXGLR FKH TXHVW DQQR YHGH XQD HGL]LRQHD%RORJQDHXQDD0LODQR QDVFHGDOODFROODERUD]LRQHGLGXH )RQGD]LRQLFRPH6DQWD&OHOLD%DUELHULD%RORJQDH&DVDGHOODFDULWjD 0LODQRQRQSXzFKHULYROJHUVLDSHUVRQHGHVLGHURVHGLVFRQ¿QDUHWUDL VDSHUL H OH GLVFLSOLQH VHQ]D SHUGHUH LQ ULJRUH VFLHQWL¿FR H VDSLHQ]D WHFQLFD6LWUDWWDLQIDWWLGLUHDOWjFKHSRQJRQRDOFHQWURGHOO DWWHQ]LRQHOD SHUVRQDSHUGH¿QL]LRQHLQQDQ]LWXWWRRULJLQDOHHQRQFDWHJRUL]]DELOHH LOVXRFRQWHVWRRYYHURODFRPXQLWjIDPLOLDUHLOTXDUWLHUHOHLVWLWX]LRQL GHOODVRFLHWjFLYLOHLOPRQGRJOREDOL]]DWR 6LqFRQYLQWLFKHORVFRQ¿QDPHQWRWUDLVDSHULqFRQWHQXWRIRUPDWLYR SUH]LRVRSHUFRJOLHUHODFRPSOHVVLWjVHQ]DQHJDUODHSHUIDYRULUHTXHOOR VFRQ¿QDPHQWRDQFRUDSLGHWHUPLQDQWHFKHSHUPHWWHDGXQRSHUDWRUHR DGXQLQWHURVWDIIGLJHQHUDUHXQDUHOD]LRQHGLDLXWRYHUVRXQDSHUVRQD IUDJLOHFKHSRUWLDVROX]LRQLLQHGLWHHSHUVRQDOL]]DWHPDLLUULJLGLWHVX SRVL]LRQLGH¿QLWHDSULRUL /D SDVVLRQH SHU OD FXUD LQWHVD FRPH SURFHVVR FRPSOHVVR H PXOWLGLVFLSOLQDUH FKH PLUD DO EHQHVVHUH GL VRJJHWWL H JUXSSL SRUWD LQHYLWDELOPHQWHDYDORUL]]DUHO LQWHULRULWjGHOVLQJRORVLDHVVRFXUDQWHR FXUDWRHDOWHPSRVWHVVROHGLQDPLFKHVRFLDOLSROLWLFKHHPRQGLDOLFKHOD HVDOWDQRRODPRUWL¿FDQR'DOVLQJRORDOPRQGRJOREDOHHYLFHYHUVDVL SXz FRPSLHUH XQ YLDJJLR HVSORUDWLYR FDSDFH GL PHWWHUH LQ OXFH OH GLIIHUHQ]H FKH VRQR XQD JUDQGH ULVRUVD H LO GUDPPD GHOOH GLVXJXDJOLDQ]HFKHVRQRWUDJHGLDPRQGLDOH /HGXHIRQGD]LRQLFRQGLYLGRQRXQ LGHDGLVDOXWHDPSLDHDUWLFRODWDQRQ PHUDPHQWHVDQLWDULDPDDQFK HVVDUHDOWjFDSDFHGLVFRQ¿QDUHGHQWURXQD YLVLRQHGLTXDUWLHULHGLFLWWjVROLGDOLHUHVSRQVDELOL9DULHVSHUWLGLJUDQGH SUHJLR H GL LQGLVFXVVD HVSHULHQ]D VL DOWHUQDQR LQ GXH DSSXQWDPHQWL IRUPDWLYLSURSRVWLD%RORJQDHD0LODQRDEHQH¿FLRGLUDSSUHVHQWDQWL LVWLWX]LRQDOLGLRSHUDWRULVRFLRVDQLWDULGLVRJJHWWLHVSHUWLLQSROLWLFKH VRFLDOL H GL FLWWDGLQL VHQVLELOL DL WHPL GHOOD FXUD GHOOD VDOXWH GHOO LQWHJUD]LRQH (;326$1,7¬ 0RVWUDLQWHUQD]LRQDOHDOVHUYL]LR GHOODVDQLWjHGHOODDVVLVWHQ]D (&0 3HUODJLRUQDWDGHO2WWREUHVRQRVWDWLULFKLHVWL FUHGLWLUHJLRQDOLSHUO¶(GXFD]LRQH&RQWLQXDLQ 0HGLFLQD(&0SHUWXWWHOHSURIHVVLRQL 7LSROLWR6,//$*5$),&$ &DUOR%HUDOGR 'LUHWWRUHGHOO¶,566H6,VWLWXWR5HJLRQDOHSHUJOL6WXGLGL6HUYL]LR6RFLDOH GL7ULHVWH 3DWUL]LR%LDQFKL $VVHVVRUH6FXRODIRUPD]LRQHSURIHVVLRQDOHXQLYHUVLWjHULFHUFDODYRUR 5HJLRQH(PLOLD5RPDJQD )DELR&DYLFFKL 'LUHWWRUH*HQHUDOH)RQGD]LRQH6DQWD&OHOLD%DUELHUL9LGLFLDWLFR%R 0DXUR&HUXWL 3URIHVVRUHRUGLQDULRGL/RJLFDH)LORVRILDGHOOD6FLHQ]D 9LFH3UHVLGHQWH$VVRFLDFLRQ3HQVpH&RPSOH[H$3&0HPEUR&RPLWDWR 6FLHQWLILFR$VVRFLDWLRQ(XURSpHQQH0RGpOLVDWLRQ&RPSOH[LWp0&; *UD]LDQR'HOULR 6RWWRVHJUHWDULRDOOD3UHVLGHQ]DGHO&RQVLJOLRVHJUHWDULRGHO&RQVLJOLR GHLPLQLVWUL *LDQOXFD)LRUHQWLQL 3URUHWWRUHSHUODGLGDWWLFD8QLYHUVLWjGL%RORJQD 0DXUR)HUUDUL 'RFHQWHGL6RFLRORJLD8QLYHUVLWj&j)RVFDULGL9HQH]LD $OEHUWR*UL]]R &RRUGLQDWRUH6RFLRVDQLWDULR$66)ULXOL2FFLGHQWDOH /DQGUD6LOYLD 3VLFKLDWUDH'LUHWWRUH)RQGD]LRQH&DVDGHOOD&DULWj0LODQR 6HUJLR0DQJKL 3URIHVVRUH2UGLQDULRGL6RFLRORJLDGHL3URFHVVL&XOWXUDOLH&RPXQLFDWLYL )DFROWjGL/HWWHUHH)LORVRILD8QLYHUVLWjGHJOL6WXGLGL3DUPD (GRDUGR0DUWLQHOOL $OOLHYRGHOOD6FXRODGL%DUELDQD 9LUJLQLR0HUROD 6LQGDFRGL%RORJQD 0DUD0RULQL 'LUHWWRUH'LSDUWLPHQWR&XUH3ULPDULH$]LHQGD86/%RORJQD 0DULD$XJXVWD1LFROL 5HVSRQVDELOH$UHD,QQRYD]LRQHVRFLDOHHO¶$UHD&RPXQLWjHTXLWj HSDUWHFLSD]LRQH$JHQ]LDVDQLWDULDHVRFLDOHUHJLRQDOH 'RQ*LDFRPR3DQL]]D &RPXQLWj3URJHWWR6XG )UDQFR3UDQGL 6RFLRORJRHVSHUWRGLVLVWHPLVDQLWDUL )UDQFR5LEROGL 3UHVLGHQWH&RPLWDWR6FLHQWLILFR*LRUQDWH6WXGLRGHO&RUQRDOOH6FDOH )UDQFHVFR5LSDGL0HDQD 'LUHWWRUH*HQHUDOH$]LHQGD86/%RORJQD /XFD5L]]R1HUYR $VVHVVRUH6DQLWj,QWHJUD]LRQH6RFLVDQLWDULD6SRUW&RRUGLQDPHQWRH ULIRUPDGHL4XDUWLHUL&LWWDGLQDQ]DDWWLYD&RPXQHGL%RORJQD &RUUDGR5XR]L 5HVSRQVDELOHDUHDVYLOXSSRGHOOHSURIHVVLRQDOLWjSHUO¶DVVLVWHQ]DHODVDOXWH GHOO¶DJHQ]LDVDQLWDULDHVRFLDOHGHOOD5HJLRQH(PLOLD5RPDJQD 'RQ*LDFRPR6WDJQL 3UHVLGHQWH)RQGD]LRQH6DQWD&OHOLD%DUELHUL $QJHOR6WHIDQLQL 5LFHUFDWRUH'LSDUWLPHQWRGLPHGLFLQDHVDOXWHSXEEOLFD 8QLYHUVLWjGL%RORJQD 1LFROHWWD6XWHU 5HVSRQVDELOHGHOODIRUPD]LRQHDO&HQWUR5LFHUFD2QFRORJLFR GL$YLDQR8' (OHQD8JROLQL &RQVLJOLHUHGHOPLQLVWURGHOO¶LVWUX]LRQH*LDQQLQL 7L]LDQR9HFFKLDWR 'LUHWWRUH)RQGD]LRQH(PDQXHOD=DQFDQ3DGRYD ³$OODWHQGHQ]DYHUVRXQDIRUPD]LRQHRULHQWDWDDOODVSHFLDOL]]D]LRQHH DOOD VLQJROD SURIHVVLRQDOL]]D]LRQH GREELDPR RSSRUUH XQ LGHD GL IRUPD]LRQHFKHDEEUDFFLWXWWDODYLWD´ */%RFFKLH)9DUDQLQL/HYLHGHOODIRUPD]LRQH RQGD]LRQH FE;8Q@FE< , ;<CC8 +"- E><CF9I@8E@ ÃAÏlÍ0ÏØc A ¦çÍcål -/#/0Í4/Í 0%##"#2_ Í "2ÍÍ0-/Í0- 02 Í Í4/Í Í-/0%# ¦ËÍͦÊÍ%ÏÏOÃlÍÖç¦~ %ÃAÏÃÍ0³Í®®Í#là 9AÍ"Aå`Í{ % %# ,VWLWXWRGHOOH6FLHQ]H1HXURORJLFKH ,VWLWXWRGL5LFRYHURH&XUDD&DUDWWHUH6FLHQWLILFR 9LD3DQRUDPLFD9LGLFLDWLFR%R 7HO)D[ ZZZIRQGD]LRQHVDQWDFOHOLDLWZZZDEFVRFLDOHLW LQIR#IRQGD]LRQHVDQWDFOHOLDLW )21'$=,21((0$18(/$=$1&$1 2QOXV&HQWUR6WXGLH5LFHUFD6RFLDOH *LRYHGu2WWREUH 9HQHUGu2WWREUH 9HQHUGu2WWREUH ,6(66,21( ,,6(66,21( ,,,6(66,21( &RRUGLQD)UDQFR5LEROGL &RRUGLQD)DELR&DYLFFKL &RRUGLQD&DUOR%HUDOGR $FFRJOLHQ]DSDUWHFLSDQWL $FFRJOLHQ]DSDUWHFLSDQWL 6DOXWL,VWLWX]LRQDOL 9LUJLQLR0HUROD 'RQ*LDFRPR6WDJQL 3DWUL]LR%LDQFKL 6FRQILQDPHQWRLQYDVLRQLULFRQRVFLPHQWLHLOVHQVRGHO ODYRURFRQODFRPXQLWjJOLRELHWWLYLGHOODJLRUQDWD )UDQFR3UDQGL ,QWURGX]LRQHDOOH*LRUQDWHGL6WXGLR )UDQFR5LEROGL 6LDPRWXWWLDOORVWHVVRWHPSRGLVFHQWLHGRFHQWL FXUDQWLHFXUDQGL ³$OO LQWHUQR GL XQR VWHVVR LQGLYLGXR FRDELWDQR PROWHSOLFL YDORUL FRPSHWHQ]H OLQJXDJJL FRQRVFHQ]H LO SURFHVVR IRUPDWLYR ¿QDOL]]DWR D TXHVWD R D TXHOO DOWUD SURIHVVLRQH VL SURSRQH HYLGHQWHPHQWHGLRWWLPL]]DUQHDOFXQL0DFRVuIDFHQGRFRUUHLOIRUWH ULVFKLRGLRWWLPL]]DUHXQIDWWRUHDGHWULPHQWRGLXQDOWURTXHVWRqXQ SUREOHPDDELVVDOHSHUWXWWDODIRUPD]LRQH´ 6XOOHWUDFFHGHO/LEUR ©/HYLHGHOODIRUPD]LRQHª(G*XHULQLHDVVRFLDWL QHGLVFXWRQRFRQJOLDXWRUL *LDQOXFD%RFFKLH)UDQFHVFR9DUDQLQL /DFXUDGHOODFRPSOHVVLWjXPDQD8QDGDQ]DFKHFUHD 0DXUR&HUXWL /DUHOD]LRQHGLFXUDHO¶LQFRQWURGLVDSHUL 1DUUD]LRQHHSHUFRUVLGLFXUDFRPHFRVWUXLUHGHFLVLRQL FOLQLFKHQHOO¶LQFRQWURWUDFXOWXUH 1LFROHWWD6XWHU ,QFURFLSHULFRORVLLQFURFLIHFRQGL'LFRQILQLH DWWUDYHUVDPHQWLQHOODYRURVRFLDOH 0DXUR)HUUDUL &RQRVFHQ]DHUHDOWjGXHIDFFHSHUXQGLYHUVRSHUFRUVRGL FRQVDSHYROH]]DVRFLDOHGD%DUELDQDXQDVILGDSRVVLELOH (GRDUGR0DUWLQHOOL 'LEDWWLWR ³6SD]LSXEEOLFLGLSURVVLPLWj´VDSHULHSUDWLFKHVLWXDWH SHULOODYRURGLFRPXQLWj $XJXVWD1LFROL (VSHULHQ]HDFRQIURQWRGRYHLVDSHULVLLQFRQWUDQRH SURGXFRQRVDOXWH /¶DJULFROWXUDVRFLDOHFRPHSUDWLFDGLVFRQILQDPHQWR $OEHUWR*UL]]R 3UHQGHUVLFXUDGHOODFRPXQLWjQHO6XGGHOSDHVH OD&RPXQLWj3URJHWWR6XGGL/DPH]LD7HUPH 'RQ*LDFRPR3DQL]]D 6RIIHUHQ]DXUEDQDHSUDWLFKHGLLQWHUYHQWR 6LOYLD/DQGUD &DVDGHOODVDOXWHFRPHOXRJRGLLQFRQWURGHLVDSHUL 0DUD0RULQL 7UHGRPDQGHDOODJRYHUQDQFH 0RGHUDWRUH7L]LDQR9HFFKLDWR *LDQOXFD)LRUHQWLQL )UDQFHVFR5LSDGL0HDQD /XFD5L]]R1HUYR 6HUJLR0DQJKL (OHQD8JROLQL $QJHOR6WHIDQLQL &RUUDGR5XR]L ÊVWDWRLQYLWDWR *UD]LDQR'HOULR &RQFOXVLRQL &RQLOSDWURFLQLRGL &2081(',%2/2*1$ &2081(', /,==$12,1%(/9('(5( $]LHQGD2VSHGDOLHUR8QLYHUVLWDULDGL%RORJQD 3ROLFOLQLFR62UVROD0DOSLJKL