I Quaderni del Centro Studi J.N.Harris Giugno 2006 INTELLIGENCE & 04 Storia Top Secret Mensile di analisi dell’attualità e della storia La prima rivista italiana di intelligence e relazioni internazionali Intelligence & Storia Top Secret Direttore responsabile Vittorio Di Cesare in redazione Chiarastella Cirielli Redazione Centro Studi John Nicholas Harris Via Lidice, 18 40139 Bologna 051 450889 [email protected] Autorizzazione Trib. di Bologna n. 7430 del 13.05.2004 Comitato scientifico d’onore Francesco Sidoti Roberto Filippini Domenico Vecchioni Gianluca Sardellone Luca Ozzano Luca Mainoldi Lando D.Rajola Pescarini Giancarlo Bove Marco Cochi Vincenzo Buscaglia Lorena Sopetto Daniel Carmichael Michele Loda Francesco Polimeni Editore ARACNE editrice S.r.l. www.aracneeditrice.it [email protected] Center for Constitutional Studies and Democratic Development – Johns Hopkins University Bologna Center Anno I, numero 4, giugno 2006 ISBN via Raffaele Garofalo, 133 A/B 00173 Roma (06) 93781065 ISSN 88–548–0640–4 1824–3940–60004 e 10,00 6HYLHQLRIIHVR LOPLJOLRUSDUWLWRÔODGLVVLPXOD]LRQH SHUFKÑXQFRQWUDVWRSDUWRULVFH QXRYLFRQWUDVWLHODSDFHVLSHUGH k%UHYLDULRGHLSROLWLFLyGL*LXOLR0D]]DULQR Lqw h ooljh q fh #) #V w ruld#W rs#V h fuh w 9LWWRULR',&(6$5(/Dk6LQGURPHGL*LXGDy '266,(5$778$/,7$ *LDQOXFD6$5'(//21(/ ,QWHOOLJHQFHGLIURQWHDOODPLQDFFLD LUDQLDQD '266,(5,17(//,*(1&( $QJHOR &$672 ,O k3URFXUHPHQW ,QWHOOLJHQFHy FRPH JHVWLUH H YDOXWDUHOHIRQWLFRQILGHQ]LDOL *OLFHULR7$85,6$127HUURULVPRXOWLPDDQDOLVLVX$O4DLGD '266,(5&5,0,12/2*,$ 'RPLQJR0$*/,2&&$$QDOLVLLQYHVWLJDWLYDHFRPSRUWDPHQ WDOHGHOODVFHQDGHOFULPLQH '266,(56(&85,7< /'5DMROD3(6&$5,1,$LFRQILQLGHOOD6HFXULW\IOXVVLLPPL JUDWRULHORURFRQWUROOR '266,(56725,$ 0DULR9(5',1JXHUUDGLVSLHD/LYRUQR '266,(50(',$ DFXUDGL&KLDUDVWHOOD&,5,(//, *DQJVRI1HZ<RUN ,QOLEUHULD ,1',&( (',725,$/( Hglwr uldoh ,O&LQTXHFHQWRKDODVFLDWRSUHJLXGL]LGLIILFLOLGDULPXRYHUHVXL6HUYL]LGL ,QWHOOLJHQFHQRQRVWDQWHLOWHPSRSDVVDWRHLFDPELDPHQWL 9LWWRULR'L&HVDUH / D QDVFLWD XIILFLDOH GHOO LQWHO OLJHQFH GL 6WDWR DYYHQQH QHO 5LQDVFLPHQWR HXURSHR &RUWL UHDOL H LPSHULDOL SULQFLSDWL H VLJQRULH SDSDWR H SUHODWL XWLOL]]DURQR VX ODUJD VFDODLVLVWHPLDOORUDYLJHQWLSHUUHFXSH UDUHLQIRUPD]LRQLLQGLIHVDGHOODSURSULD HVLVWHQ]D R SHU O DIIHUPD]LRQH GHOOD SROLWLFD QD]LRQDOH /H FHOHEUL k&DPHUH 1HUHy FRP HUDQR GHILQLWL JOL XIILFL LQ FXL VL UDFFRJOLHYDQR PLVVLYH GHODWULFLHLQIRUPDWLYHG RJQLWLSRIXURQRLOIURQWHVHJUHWRGHOODJXHU UDGLUHOLJLRQHGHJOLVFRQWULWUD&KLHVDH6FLVPDGHOOHORWWHGLSRWHUH QHJO LQQXPHUHYROLFRQIURQWLWUDFULVWLDQLWÍ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ÍGLLQVHULUVLQHOODFRPXQLWÍSHUVFRSULUHLOSHQVLHURGHO O DYYHUVDULRHSUHYHQLUORVIUXWWDQGROHVXHGHEROH]]HOHVXHSDVVLRQL ÔVWDWDYLVWDILQGDOO DQWLFKLWÍFRPHDUVGLDEROLFD4XHVWDHWLFKHWWDLQ ,WDOLD VSHFLDOPHQWH Ô WXWWRUD LQFROODWD DO PRQGR GHOO LQIRUPD]LRQH GL 6WDWRHDOODVXDJHQWH &LQTXHFHQWRDQQLWDQWLQHVRQRSDVVDWLGDOO XIILFLDOL]]D]LRQHGHOPH VWLHUHGHOO DQDOLVWDRGHOO DJHQWHQRQKDQQRPRGLILFDWRODILGXFLDGHO O XRPRGHOODVWUDGDSHUXQVHUYL]LRFKHSURSULRQHOO RSHUDUHLQVHJUHWR (',725,$/( /$y6,1'520(',*,8'$y L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w WUDHYDQWDJJLSHUODQD]LRQHFKHVHUYH´OD6LQGURPHGL*LXGDFRPH VLSRWUHEEHGHILQLUHLOWLPRUHHLOGLVSUH]]RGHOODJHQWHFRPXQHSHUFKL FRPSLHXQPHVWLHUHWUDLSLãLQJUDWLHSHULFRORVLDOPRQGR 1RQÔXQFDVRVHQHOJHUJRGHOODkPDODyGDSDUHFFKLRWHPSRVLGHILQL VFHFROQRPHGLk*LXGDyFKLODYRUDQHOO ,QWHOOLJHQFHLQYHVWLJDWLYD 1HOO ,QJKLOWHUUDHOLVDEHWWLDQDDGHVHPSLRVSLHWUDGLWRULHDJHQWLVH JUHWLQHPLFLFDWWXUDWLHUDQRSURFHVVDWLSRLLPSLFFDWLHVYHQWUDWLPHQWUH HVDODYDQRO XOWLPRUHVSLURFRPHFDSLWÝQHOFDVRGHOODFDWWXUDGLDOFXQL DJHQWLGL0DULD6WXDUGDULYDOHVFR]]HVHGHOODUHJLQDLQJOHVH /DPRUWHGL*LXGDDSSXQWR ,9DQJHOLVRQRLQGLVDFFRUGRVXOODILQHGHOO LQILOWUDWRSLãFHOHEUHQHOOD VWRULDGHOO XPDQLWÍFKHSHQWLWRGLTXDQWRDYHYDIDWWRVLVXLFLGÝ0DWWHR GLFHFKHV LPSLFFÝSHU/XFDIHFHNDUDNLUL3HUQRQVEDJOLDUHVFUXSR ORVLFRPHVHPSUHL3URWHVWDQWL,QJOHVLDGRWWDURQRHQWUDPEHOHYHUVLRQL SHUOHORURHVHFX]LRQL 0DO LPPDJLQHGL*LXGDXVDWDLQTXHVWRPRGRVWDSHUDQGDUHILQDO PHQWHLQVRIILWWD'LUHFHQWHLOSDOHRORJR5RGROSKH.DVVHUKDWUDGRWWR XQ PDQRVFULWWR FULVWLDQR YHFFKLR GL DQQL WURYDWR LQ (JLWWR QHO GDXQFODQGHVWLQRFKHVFDYDYDXQDWRPEDQHOOR-HEHO4DUDUD FKLORPHWULDQRUGGL(O0LQ\DLQ(JLWWR·LO9DQJHORGL*LXGDEDQGLWR GDO&DQRQHXIILFLDOHGHOOD&KLHVDVHEEHQHVHQHFRQRVFHVVHO HVLVWHQ]D ILQGDLSULPLSDVVLGHOODFULVWLDQLWÍ9HQWLFLQTXHSDJLQHILWWHGLFDUDWWHUL FRSWLUDFFRQWDQRLPRWLYLFKHVSLQVHUR*LXGD,VFDULRWDDWUDGLUH&ULVWR SHUWUHQWDGHQDULGDQGRXQ LQWHUSUHWD]LRQHGLYHUVDGDTXHOODIRUQLWDGDL 9DQJHOL*LXGDIXFRVWUHWWRDIDUHFLÝFKHIHFHQRQGDOFDVRRGDOODVXD PDOYDJLWÍPDGDXQSUHFLVRSURJHWWR&ULVWRVDSHYDFKHXQVXRGLVFH SRORGRYHYDWUDGLUHDIILQFKÑLOVXRVDFULILFLRDYYHQLVVH$Q]LSDUHIRVVH SURSULRLO0DHVWURDPDQGDUH*LXGDGDO6LQHGULR 6HQ]DLOVXRLQWHUYHQWR*HVãQRQVDUHEEHVWDWRFDWWXUDWRJLXGLFDWR IODJHOODWRHSRLXFFLVRVXOODFURFHQÑDYUHEEHSRWXWRULVRUJHUH*LXGD LQVRPPDIDSDUWHGLXQSLDQRDSULRULÔO XRPRDQWLSDWLFRDJOL$SRVWR OLFKHORULWHQJRQRXQELHFRLQGLYLGXRPDFKHQHOWHVWRULWURYDWRPRVWUD XQDOWURDVSHWWRTXHOORGLFKLIDXQODYRURLQJUDWRDIILQFKÑXQJUDQGH SURJHWWRGLkPDOLFLGLRyVLUHDOL]]DVVHFRPHDFFDGGHFRQODVXFFHVVLYD GLIIXVLRQHGHO&ULVWLDQHVLPR$OGLOÍGHOOHGLVFXVVLRQLG HVHJHVLHVXOOH TXHVWLRQLPRUDOLVROOHYDWHGDTXHVWRWHVWRLOQRFFLRORGHOSUREOHPDÔOR VWHVVR2JJLODQXRYD,QWHOOLJHQFHKDDFKHIDUHFRQXQPRQGRFULPLQDOH LQFXLGDYYHURHVLVWRQRk*LXGDyGDOODIDFFLDUDVVLFXUDQWHHLQFHQVXUDWD GLJHQWHSHUEHQHXQDPDVQDGDGLSHUVRQDJJLOHFXLORVFKHWUDPHQLHQWH F HQWUDQRFRQLOFDPELDPHQWRLQPHJOLRGHOPRQGR/DORWWDDOkPDOHy ÔDQFRUDVHQ]DTXDUWLHUHHO XQLFRPRGRSHUYLQFHUORVHPEUDLQGLFDWR SURSULRGDOULWURYDWR9DQJHORGL*LXGDLQTXHOSDVVRQHOTXDOHVLULFRUGD FKHl'LRGLVSRVHFKHODFRQRVFHQ]DIRVVHGDWDDG$GDPRHGDLVXRL FRVØFKHLUHGHOFDRVHGHOO LQIHURQRQVLJQRUHJJLDVVHURVXGLORURz '266,(5$778$/,7$ Gdo#pr qgr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Í GHOO LQWHUR 0HGLR 2ULHQWH PD SHU O LQWHUR RUGLQH )LJXUD,OSUHVLGHQWHLUDQLDQR0DKPRXG$KPDGLQHMDG '266,(5$778$/,7$ / ,17(//,*(1&(',)5217($//$0,1$&&,$ ,5$1,$1$ L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w PRQGLDOH$OLYHOORUHJLRQDOHLQIDWWLULVFKLDQRGLLQILDPPDUHXOWHULRU PHQWHXQDVLWXD]LRQHJLÍGLHVWUHPDFRQIOLWWXDOLWÍSHUO HQGHPLFRFRQ IOLWWRDUDERLVUDHOLDQRDFXLWRGDOODULSUHVDGHJOLDWWHQWDWLHGDOODYLWWRULD HOHWWRUDOH GL +DPDV LO FRVLGGHWWR SDQWDQR LUDFKHQR JOL VWHVVL 6WDWL 8QLWLLQL]LDQRDGHILQLUHXQFDOHQGDULRSHULOGLVLPSHJQRPLOLWDUHOD FUHVFHQWHGLIIXVLRQHGHOO LQWHJUDOLVPRHGHOIDQDWLVPRUHOLJLRVRKXPXV LGHDOHSHULOIHQRPHQRWHUURULVWLFR /DVWRULDGHLSURJUDPPLDWRPLFLLUDQLDQLÔUHODWLYDPHQWHUHFHQWH 1HO FLUFRODYDQR JLÍ OH SULPH LQGLVFUH]LRQL VXL SLDQL GHJOL D\DWROODKDYDQ]DWHGDDOFXQLHVSRQHQWLGHOODGLVVLGHQ]DLQWHUQDLO&RQ VLJOLR1D]LRQDOHSHUOD5HVLVWHQ]D,UDQLDQD&15,EUDFFLRSROLWLFRGHL 0XMDKHGHHQH.KDOT0(.LSRWL]]ÝFKHLOJRYHUQRSRVVHGHVVHSLFFROH TXDQWLWÍGLXUDQLRDUULFFKLWRFRQGXFHVVHSURJUDPPLDWRPLFLQHOO HQRU PHFHQWURGL1DWDQ]HVRSUDWWXWWRVWHVVHRFFXOWDQGRDOFXQHLQVWDOOD]LR QLSHUVIXJJLUHDLFRQWUROOLGHOO $,($ ,O &15, SHU DQQL VRVWHQXWR HFRQRPLFDPHQWH H SROLWLFDPHQWH GDJOL 86$LQPRGRSLã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Í FKH TXHL PXWDPHQWL QHOOR VFHQDULRLQWHUQD]LRQDOHDYUHEEHURRIIHUWRSHUDFTXLVLUHWHFQRORJLHDWR PLFKHRUPDLSULYHGLSDGURQLHFRQWUROOLHUHFOXWDUHVFLHQ]LDWLULPDVWL VRYHQWHVHQ]DODYRUR / ,UDQVLULYROVHSURSULRDO3DNLVWDQPDTXHVWRRSSRVHXQQHWWRULILX WRQHOWLPRUHGLYHGHUHDLVXRLFRQILQLXQ DOWUDSRWHQ]DQXFOHDUHLVODPL FDVØPDVXQQLWDHGLQWHJUDOLVWDFKHVLVDUHEEHDQGDWDDGDJJLXQJHUHDOOD &LQDHGDOQHPLFRVWRULFRO ,QGLDO LQWHOOLJHQFHSDNLVWDQDSHUDOWURHUD Gdo#pr qgr '266,(5$778$/,7$ LPSHJQDWDLQTXHOODIDVHDIDYRULUHODFUHVFLWDGHOUHJLPHWDOHEDQRLQ$I JKDQLVWDQGRSRLOULWLURUXVVR/DVLWXD]LRQHWXWWDYLDVLVDUHEEHVEORF FDWDGLOØDTXDOFKHDQQRJUD]LHDOO D]LRQHGLXQRVFLHQ]LDWRSDNLVWDQR $EGXO4DGHU.KDQFRQVLGHUDWRLOkSDGUHyGHOO DWRPLFDSDNLVWDQDQRWR SHUODGLVSRQLELOLWÍLQFDPELRGLVROGLDULYHODUHLVHJUHWLGHOODIDEEUL FD]LRQHGLXQDERPEDDWRPLFDHSHULOFRLQYROJLPHQWRLQXQDVHULHGL VS\VWRULHVDVIRQGRQXFOHDUH /HWUDWWDWLYHWUDO ,UDQHORVWHVVR.KDQVLVDUHEEHURVYROWHD'XEDL QHJOL(PLUDWL$UDEL8QLWLWUDLOHGLO VHFRQGR YDUL VHUYL]L GLLQWHOOLJHQFHLQIDWWL.KDQVDUHEEHVWDWRGHFLQHGLYROWHQHOSLFFROR HPLUDWRSHUFRQGXUUHLVXRLDIIDUL,OFRQWDWWRLQVHJXLWRVDUHEEHVWDWR FRQFOXVRD.DUDFKLGDIXQ]LRQDULLUDQLDQLJLXQWLDSSRVLWDPHQWHO ,UDQ LQFDPELRDYUHEEHWUDVIHULWRPLOLRQLGLGROODULVXFRQWLVWUDQLHULULFRQ GXFLELOL DOO RUJDQL]]D]LRQH GL $4 .KDQ D VXD YROWD SRL FDWWXUDWR GDOOHIRU]HVSHFLDOLGHOVXRSDHVH .KDQLQSDUWLFRODUHDYUHEEHDLXWDWRO ,UDQDGDFTXLVLUHLONQRZKRZ QHFHVVDULRSHUVYLOXSSDUHLVXRLSLDQLDWRPLFLODUHODWLYDVRPLJOLDQ]D WUD OD WHFQRORJLD XWLOL]]DWD SHU OH FHQWULIXJKH LUDQLDQH H TXHOOH SDNL VWDQH3H3SURYHUHEEHTXHVWROHJDPHDQFKHVHJOLLUDQLDQLVWHVVL DYUHEEHURSURYYHGXWRDGDSSRUWDUHDOFXQLVLJQLILFDWLYLPLJOLRUDPHQWLDO PDWHULDOHULFHYXWRGDO3DNLVWDQ /D FHQWUDOLWÍ GHOOD ILJXUD GL .KDQ QHL SLDQL DWRPLFL GL YDUL SDHVL UDSSUHVHQWDRUPDLXQIDWWRDFFODUDWROD&,$DYHQGRQHFRPSUHVRVLQGD VXELWRODULOHYDQ]DDYUHEEHLQL]LDWRDPRQLWRUDUQHOHDWWLYLWÍVXOILQLUH GHJOL DQQL 1RYDQWD H VRSUDWWXWWR VDUHEEH ULXVFLWD DG LQILOWUDUH LO VXR HQWRXUDJHFRQXQ RSHUD]LRQHWRSVHFUHWQRWDVRODPHQWHDOOD &,$VWHVVD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w HGDLGXH3UHVLGHQWLGLTXHOSHULRGR&OLQWRQH%XVKMU8QGRVVLHUGHOOD VWHVVD$JHQ]LDLQGLUL]]DWRDO&RQJUHVVRHGHFODVVLILFDWRQHOKDDU ULFFKLWRGLGHWWDJOLWXWWDODYLFHQGD$4.KDQDYUHEEHFUHDWRXQDVRUWD GLKROGLQJGHOWUDIILFRGLPDWHULDOLHWHFQRORJLHQXFOHDULHSHUTXHVWR PRWLYRSRWUHEEHUDSSUHVHQWDUHXQDPLQDFFLDSLãLQVLGLRVDGHOORVWHVVR %LQ/DGHQ 4XHOUDSSRUWRLOOXVWUDWRGDOGLUHWWRUH*HRUJH7HQHWROWUHDSXQWDUH O LQGLFHVXO3DNLVWDQODQFLDYDDFFXVHDQFKHDGDOFXQLSDHVLHXURSHLVR VSHWWDWLGLDYHUIRUQLWRQHJOLDQQLWHFQRORJLHGXDOqXVHSURSULRDOO ,UDQ HVRSUDWWXWWRLSRWL]]DYDXQDSRVVLELOHOLDLVRQWUDLSURJUDPPLQXFOHDUL H TXHOOL PLVVLOLVWLFL YROWL DG LQVWDOODUH WHVWDWH DWRPLFKH VXL YHWWRUL OH DUPLQXFOHDULULFKLHGRQRWXWWDYLDXUDQLRDUULFFKLWRDOHQHOODIDVH DWWXDOHTXHVWRVIRU]RVHPEUDHFFHGHUHOHUHDOLFDSDFLWÍLUDQLDQH 4XDQWRDLFDSLWDOLSHUILQDQ]LDUHTXHVWLSLDQLXQUXRORFHQWUDOHVD UHEEHVYROWRGDOOD5XVVLDFKHKDJLÍHVSUHVVRFRQWUDULHWÍ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kLQFULPLQDWLyVR VSHWWDWL FLRÔ GL RVSLWDUH DWWLYLWÍ OHJDWH DOO DUULFFKLPHQWR GHOO XUDQLR $UDNGRYHILQGDOO DJRVWRVLVYROJHUHEEHURDWWLYLWÍ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ÍHQHUJHWLFKH GHOSDHVH1DWDQ]LQSDUWLFRODUHGRYUHEEHGLYHQLUHLOFHQWURQHYUDOJLFR GLWXWWRLOVLVWHPDQXFOHDUHLUDQLDQRO DJHQ]LDDWRPLFDLUDQLDQDFRQWDGL LQVWDOODUYLHQWURODILQHGHOROWUHWUHPLODFHQWULIXJKHSHUDUULFFKL UHO XUDQLRGHVWLQDWHDGLYHQLUHROWUHFLQTXDQWDPLODQHLSURVVLPLDQQL HGDUHDYYLRFRVØDGXQSURFHVVRVXVFDODLQGXVWULDOH6XOODSRUWDWDH Gdo#pr qgr )LJXUD,OVLWRGL1DWDQ]FKHGRYUHEEHGLYHQLUHLOFHQWURQHYUDOJLFRGLWXWWRLOVLVWH PDQXFOHDUHLUDQLDQR '266,(5$778$/,7$ VXOODSURVVLPLWÍGHOODPLQDFFLDQXFOHDUHLVHUYL]LGLLQWHOOLJHQFHHVSUL PRQR FRPXQTXH YDOXWD]LRQL GLIIHUHQWL 1RQRVWDQWH OH GLFKLDUD]LRQL SURSDJDQGLVWLFKH GHO SUHVLGHQWH $KPDGLQHMDG FKH SXQWD D UHQGHUH LQHOXWWDELOLLSLDQLDWRPLFLGHOVXRSDHVHHGDSUHVHQWDUOLDOODFRPXQLWÍ LQWHUQD]LRQDOHFRPHXQIDWWRFRPSLXWRO ,UDQFDUHQWHGLWHFQRORJLD PDWHULDOLHNQRZKRZDYUHEEHELVRJQRVHFRQGROD &,$GLDOPHQRXQD GHFLQDG DQQLSHUUHDOL]]DUHFRPSLXWDPHQWHLOSURSULRSURJUDPPDDWR PLFR 0HQRUDVVLFXUDQWLSHUFRQWUROHSUHYLVLRQLGHLVHUYL]LGLVLFXUH]]D UXVVLVHPSUHDWWHQWLHVHQVLELOLDLWHPLGHOODSUROLIHUD]LRQHHGHOWHUURUL VPRFRQYLQWLFKHD7HKHUDQVDUHEEHURVXIILFLHQWLVRORFLQTXHDQQLSHU O LQWHOOLJHQFHLVUDHOLDQDO ,UDQDYUHEEHELVRJQRGLDSSHQDWUHDQQLSHU GLYHQWDUHSRWHQ]DDWRPLFDWRXWqFRXUWLQVRVWDQ]DHQWURODILQHGLTXH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w VWRGHFHQQLR0DVRSUDWWXWWR,VUDHOHLSRWL]]DFKHO ,UDQVWLDDWWXDQGR XQDSROLWLFDGRSSLRJLRFKLVWDDFFDQWRFLRÔDLSLDQLQXFOHDULFRQRVFLXWL XWLOLSHULQJDQQDUHODFRPXQLWÍLQWHUQD]LRQDOHVXLWHPSLQHFHVVDULSHULO FRPSOHWDPHQWRGHLSLDQLQXFOHDULSRWUHEEHURHVLVWHUQHDOWULWRSVHFUHW FXL LO JRYHUQR GL7HKHUDQ FRQWLQXHUHEEH D ODYRUDUH DQFKH QHOO LSRWHVL SHUDOWURUHPRWDGLDFFRUGRFRQODFRPXQLWÍLQWHUQD]LRQDOHXQDVRUWD GLSLDQRq%QRWRFRPH*UHHQ6DOW3URMHFWVHFRQGRLOk1HZ<RUN7L PHVy 6XOOD VFHOWD DWRPLFD KDQQR YHURVLPLOPHQWH LQFLVR YDOXWD]LRQL GL YDULDQDWXUD6HFRQGRODSURSDJDQGDLQWHUQDHVVDDYUHEEHXQDPRWLYD ]LRQHSULQFLSDOPHQWHHQHUJHWLFDVHUYLUHEEHFLRÔSHUJDUDQWLUHODFRP SOHWDDXWRVXIILFLHQ]DLQWHUQDHGDIIURQWDUHHYHQWXDOPHQWHO HPHUJHQ]D SURYRFDWDGDOO HVDXULPHQWRGHLJLDFLPHQWLGLSHWUROLRHJDVQDWXUDOHGL FXLO ,UDQVWHVVRÔSHUDOWURXQRGHLPDVVLPLSURGXWWRULPRQGLDOLHGLFXL FRQWUROODHQRUPLULVHUYH / DWWXDOHSUHVLGHQWHO H[SDVGDUDQ$KPDGLQHMDGQRQGLYHUVDPHQWH GDOODSUHFHGHQWHOHDGHUVKLSUHOLJLRVDFRQVLGHUDODEDWWDJOLDSHULOQX FOHDUHXQDVRUWDGLFDXVDQD]LRQDOHPDVRSUDWWXWWRXQGLULWWROHJLWWLPR HGLQGLVFXWLELOHGHOSDHVHFRPHDYHYDJLÍDIIHUPDWRQHOO DOORUD FDSRGHOODGLSORPD]LD.KDPDO.KDUUD]L ,OVXFFHVVRHOHWWRUDOHGL$KPDGLQHMDGÔVWDWRGHWHUPLQDWRQRQVROR GDOO LPSHJQRDGLVWULEXLUHLQPDQLHUDSLãHTXDO HQRUPHULFFKH]]DGH ULYDQWHGDOODYHQGLWDGHOJUHJJLRHFRQWUDVWDUHODFRUUX]LRQHPDGDOOD FDSDFLWÍGLUDFFRJOLHUHDWWRUQRDOVXRSDHVHTXHLYDVWLVHWWRULGHOPRQGR LVODPLFRFKHPRVWUDQRRVWLOLWÍ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Ý,VUDHOHSRWHQ]DDWRPLFDHVFDWH QDQGRLQTXHVWRPRGRXQ HVFDODWLRQWHUULILFDQWH 'RSRLOYDURGHOODJXHUUDSUHYHQWLYDDGRSHUDGHOO $PPLQLVWUD]LRQH %XVK7HKHUDQWHPHXQ HYHQWXDOHRSHUD]LRQHPLOLWDUHGLTXDOFKHVWDWR VWUDQLHURQHLVXRLFRQIURQWLVWLOH,UDTL)UHHGRPVHO ,UDTDYHVVHDYXWR O DWRPLFDULOHYDQRJOLVWUDWHJKLLUDQLDQLQRQDYUHEEHVXELWRO LQYDVLRQH Gdo#pr qgr '266,(5$778$/,7$ DPHULFDQD SRLFKÑ LO QXFOHDUH QRQRVWDQWH OD ILQH GHOOD JXHUUD IUHGGD FRQWLQXD D UDSSUHVHQWDUH XQ IRUPLGDELOH VWUXPHQWR GL GHWHUUHQ]D H GLVVXDVLRQHQHLFRQIURQWLGLQHPLFLSUHVHQWLHIXWXUL*OL 86$QHOFRQ WHVWRGHOO DWWDFFRSUHYHQWLYRLGHDWRGRSRJOLDWWDFFKLGHOO VHWWHPEUH VWDUHEEHUR YDOXWDQGR O RSSRUWXQLWÍ GL VDQ]LRQL FRPSUHQGHQWL SHUILQR O XVRGHOODIRU]DSHULPSHGLUHDOO ,UDQGLUHDOL]]DUHLVXRLSLDQLDWRPLFL 8QHYHQWXDOHDWWDFFRVLPLOHDTXHOORODQFLDWRGD,VUDHOHFRQWURO ,UDT QHOSRWUHEEHLQFRQWUDUHSHUÝVHULHGLIILFROWÍVLDVRWWRO DVSHWWR WDWWLFRFKHVWUDWHJLFRHSURGXUUHHIIHWWLDOLYHOORQRQVRORUHJLRQDOHPD PRQGLDOH ,O UHDWWRUH GL %XVKHU LO SULPR D YHQLUH UHDOL]]DWR H FKH GRYUHEEH LQL]LDUHOHSURSULHDWWLYLWÍHQWURODILQHGHOÔORFDOL]]DWRQRQORQ WDQRGDOOHFRVWHHGDSSDUHTXLQGLSLãYXOQHUDELOHTXHOOLGL,VIDKDQH 1DWDQ]LQYHFHROWUHDWURYDUVLQHOODSDUWHFHQWUDOHGHOSDHVHSRWUHEEHUR FRQWDUHVXPLVXUHGLSURWH]LRQHHVDOYDJXDUGLDHQRUPLHGHVWUHPDPHQWH HIILFDFL3HUTXHVWHUDJLRQLLO3HQWDJRQRVHFRQGRDOFXQLPHGLDDPH ULFDQLVWDUHEEHYDOXWDQGRLQFDVRGLDWWDFFRSHUILQRODSRVVLELOLWÍGL ULFRUUHUH DOOH FRVLGGHWWH EXQNHU EXVWHU ERPEV XQD VRUWD GL DWRPLFD WDWWLFD GL SLFFROR UDJJLR FDSDFH GL SHQHWUDUH DOO LQWHUQR GHL GHSRVLWL DWRPLFLVFDYDWLLQSURIRQGLWÍQHOODURFFLDHSURWHWWLGDHQRUPLSDUHWLLQ FHPHQWRDUPDWR 6RWWRO DVSHWWRPLOLWDUHQXFOHDUHDSDUWHO ,UDQGLVSRQHGLXQVLVWH PDGLGLIHVDSRFRPRGHUQRHELVRJQRVRGLXQLQJHQWHVIRU]RGLPRGHU QL]]D]LRQHVSHFLHSHUTXDQWRDWWLHQHO DHURQDXWLFDHGLVLVWHPLUDGDU SHUULGXUUHLOJDSULVSHWWRDLVXRLDYYHUVDUL,VUDHOHHG$UDELD6DXGLWD LQSULPROXRJRLOGHVLGHULRGLRYYLDUHDLOLPLWLRJJHWWLYLGHOSURSULR DUPDPHQWRFRQYHQ]LRQDOHDYUHEEHFRVØLQGRWWRLOJRYHUQRLUDQLDQRD VYLOXSSDUH XQ VLVWHPD GL DUPL FKLPLFKH EDWWHULRORJLFKH H GD XOWLPR QXFOHDULFRQIHUHQGRORURXQDFUHVFHQWHLPSRUWDQ]DHTXLQGLPDJJLRUL ULVRUVH 4XHVWH FDUHQ]H HUDQR JLÍ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ÍGLGXH RUJDQL]]D]LRQLSDUDOOHOHOH)RU]H$UPDWHUHJRODULHGLO&RUSR,VODPLFR GHOOH*XDUGLH5LYROX]LRQDULH /H*XDUGLH5LYROX]LRQDULHFRQWUROODQRLFRQILQLFRQ,UDTH7XUFKLD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w GDFXLSRWUHEEHURLQILOWUDUVLFRPPDQGRHGDJHQWLVHJUHWLLQWHPSLGL SDFH LQROWUH VL RFFXSDQR GHO PDQWHQLPHQWR GHOOD VLFXUH]]D LQWHUQD FRRSHUDQGR LQ FDVR GL QHFHVVLWÍ FRQ OH IRU]H DUPDWH UHJRODUL FRQWUR HYHQWXDOL PLQDFFH HVWHUQH /D )RU]D GL 5HVLVWHQ]D %DVLM UDSSUHVHQWD XQD PLOL]LD SDUDPLOLWDUH LQTXDGUDWD QHO &RUSR GHOOH *XDUGLH 5LYR OX]LRQDULH FRQWD ILQR DG XQ PLOLRQH GL HIIHWWLYL FDSDFL GL FRPEDWWHUH PDFRQVLGHUDWLGRQQHHEDPELQLULXVFLUHEEHDPRELOLWDUHILQRDGLHFL PLOLRQLGLPHPEUL $GRFFXSDUVLGHLSURJUDPPLPLVVLOLVWLFLHGHOULDUPRQRQFRQYHQ ]LRQDOH Ô OD *XDUGLD 5HSXEEOLFDQD DVVLVWLWD GDL FLUFD WUHQWDPLOD IXQ ]LRQDUL GHOO LQWHOOLJHQFH DSSDUWHQHQWL DO 0LQLVWHUR GHOO ,QIRUPD]LRQH H GHOOD 6LFXUH]]D RUJDQL]]DWL LQ TXLQGLFL GLSDUWLPHQWL HG DGGHVWUDWL SUHVVRODFLWWÍGL4RP ,ULIOHVVLUHJLRQDOL 3HUSURVVLPLWÍJHRJUDILFDHULYDOLWÍLGHRORJLFKHHSROLWLFKHÔ,VUDHOH LOSDHVHDPRVWUDUHODPDJJLRUHSUHRFFXSD]LRQHSHULSLDQLLUDQLDQLGDO ODULYROX]LRQHVFLLWDGHORFFXSDLQIDWWLLOSULPRSRVWRQHOODOLVWD QHUD GHJOL D\DWROODK FKH QH FRQWHVWDQR OR VWHVVR GLULWWR DOO HVLVWHQ]D GLPHQWLFKLGHOOXQJRSHULRGRGLFRRSHUD]LRQHPLOLWDUHHGLLQWHOOLJHQFH LQL]LDWLDLWHPSLGHOOR6FLÍ1HOGXUDQWHODJXHUUDGHLVHLJLRUQL O ,UDQQRQVLHUDXQLWRDLSDHVLDUDELFKHDYHYDQRIDWWRIURQWHFRPXQH FRQWUR,VUDHOHDGDFFRPXQDUOLHUDQRLQIDWWLLWLPRULSHUODFUHVFHQWH PLQDFFLDLUDFKHQDDOO LQGRPDQLGHOJROSHEDDWKLVWD1HJOLDQQL2WWDQWD ,VUDHOH HUD VWDWR FRLQYROWR QHO FRVLGGHWWR ,UDQFRQWUDVqJDWH H ROWUH D SURVHJXLUHODYHQGLWDGLDUPLDPHULFDQHDOO ,UDQDYHYDIDWWRSUHVVLRQL VX:DVKLQJWRQSHUFKÑPLJOLRUDVVHLUDSSRUWLFRQLOUHJLPHGHJOLD\DWRO ODK$PHWÍGHJOLDQQL2WWDQWDLO3UHVLGHQWH5HDJDQDXWRUL]]ÝOD&,$DI ILQFKÑG LQWHVDFRQ,VUDHOHIRUQLVVHDUPLGLIDEEULFD]LRQHDPHULFDQDDO UHJLPHLUDQLDQRSHUIDYRULUQHLOULODVFLRGHJOLRVWDJJLRFFLGHQWDOLFDWWX UDWLLQ/LEDQRGDOOHPLOL]LHVFLLWHILORLUDQLDQHXQIDWWRSHUFHUWLDVSHWWL SDUDGRVVDOHYLVWRFKHO ,UDQVWDYDFRPEDWWHQGRFRQWURO ,UDTVRVWHQXWR SURSULRGD 86$H)UDQFLDSHUHYLWDUHODGLIIXVLRQHGHOO LQWHJUDOLVPRLQ WXWWRLO*ROIR3HUVLFRLSURYHQWLGLTXHOOHYHQGLWHVDUHEEHURSRLVHUYLWL SHUILQDQ]LDUHLULEHOOLDQWLqFRPXQLVWL&RQWUDVDWWLYLLQ1LFDUDJXD 2JJLILQLWDODJXHUUDIUHGGDLOTXDGURUHJLRQDOHDSSDUHGHFLVDPHQWH PXWDWR,VUDHOHÔXQDSRWHQ]DDWRPLFDRUPDLDFFODUDWDHJOL 86$KDQQR VWDELOLWRXQDPDVVLFFLDSUHVHQ]DPLOLWDUHLQ,UDTHG$IJKDQLVWDQSDHVL FRQILQDQWLFRQO ,UDQVWHVVRFRPHSXUHQHOOHDFTXHGHO*ROIR3HUVLFR JUD]LHDOOHEDVLQHLYDULHPLUDWLGHO*ROIR / DWWXDOHFULVLSURYRFDWDGDLSLDQLDWRPLFLLQUHDOWÍUDSSUHVHQWDOR ]HQLWGLXQGXURFRQIURQWRWUDO ,UDQGDXQODWRHG86$q,VUDHOHGDOO DOWUR LQL]LDWR SULPD DQFRUD GHOO VHWWHPEUH D PHWÍ GHJOL DQQL 1RYDQWD Gdo#pr qgr )LJXUD,OPLVVLOH6KDKDELOFXLUDJJLRGLD]LRQHÔGLNP '266,(5$778$/,7$ O ,UDQHUDLQGLFDWRLQVLHPHFRQ,UDT/LELDH6LULDFRPHXQRVWDWRFD QDJOLDVRVWHQLWRUHGHOWHUURULVPRHSURWHVRDGDFTXLVLUHkDUPLGLGLVWUX ]LRQHGLPDVVDyFRQFXLPLQDFFLDUHODVLFXUH]]DQRQVRORUHJLRQDOHPD LQWHUQD]LRQDOH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w ,O0RVVDGDYHYDLQGLFDWR,UDQHG,UDTTXDOLPDQGDQWLRFRPXQTXH UHJLVWLRFFXOWLGHJOLDWWHQWDWLQHJOL 86$FRQO LQL]LRGL(QGXULQJ)UHH GRP7HKHUDQDYUHEEHDLXWDWRXRPLQLGL$O4DHGDEUDFFDWLGDOOHIRU]H VSHFLDOL DPHULFDQH D ODVFLDUH O $IJKDQLVWDQ H DWWUDYHUVR LO SRUWR PL OLWDUHGL%DQGDU$EEDVUDJJLXQJHUHSDHVLSLãkRVSLWDOLyFRPH<HPHQ 6RPDOLDRORVWHVVR,UDT 8Q HYHQWXDOH DWWDFFR SUHYHQWLYR FRQWUR O ,UDQ VHPEUD SUHVHQWDUH PDJJLRULGLIILFROWÍULVSHWWRDTXHOOLFRQGRWWLFRQWURO ,UDTHO $IJKDQL VWDQQÑ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qFRQODVWHOODGL'DYLG 1HO86$HG8566DOO DSLFHGHOFRQIURQWRELSRODUHHUDQRLPSH JQDWHLQXQDPDVVLFFLDFRUVDDOULDUPRWHVWLPRQLDWDGDOODTXHVWLRQHGH JOLHXURPLVVLOLHGDOYDURGHOSURJUDPPDGL'LIHVD6WUDWHJLFDHJXDUGD YDQRDOO (XURSDFRPHDUHDGLSUHFLSXRLQWHUHVVHPROWRSLãGHO0HGLR 2ULHQWH1RQRVWDQWHORVKRFNSHWUROLIHURGHOHODFRQVHJXHQWHFULVL HQHUJHWLFD LQIDWWL LO 0HGLR 2ULHQWH RFFXSDYD QHOOH YDOXWD]LRQL GHOOD 1$72HGHO3DWWRGL9DUVDYLDXQDSRVL]LRQHGLPLQRUHFHQWUDOLWÍULVSHWWR DOO (XURSDHGDOWLPRUHGLXQDJXHUUDDWRPLFD ,O IRQGDPHQWDOLVPR LVODPLFR FRQ OD VROD HFFH]LRQH SURSULR GHO O ,UDQ QRQ HUD FRVØ GLIIXVR QÑ FRVWLWXLYD FRPH RJJL O KXPXV SHU LO WHUURULVPR LQWHUQD]LRQDOH HG L VROL PRYLPHQWL WHUURULVWLFL DWWLYL HUDQR TXHOOLSDOHVWLQHVLOHJDWLDOOHYDULHID]LRQLGHOO 2/3FKHDWWDFFDYDQRRELHW WLYLSUHWWDPHQWHLVUDHOLDQL 2JJLULVSHWWRDGDOORUDLOTXDGURDSSDUHUDGLFDOPHQWHGLYHUVREHQ FKÑ WHUPLQDWD OD JXHUUD IUHGGD 5XVVLD H &LQD PDQWHQJRQR IRUWLVVLPL LQWHUHVVLHFRQRPLFLHVWUDWHJLFLLQ0HGLR2ULHQWHHQHO*ROIRQÑDFFHW WHUHEEHURXQDQXRYDD]LRQHXQLODWHUDOHGDSDUWHDPHULFDQDGRSRTXHOOD LQ,UDTFKHFRPHFRQVHJXHQ]DQHOLPLWHUHEEHXOWHULRUPHQWHLOUXROR UHJLRQDOH / ,UDT FRPH HUD VWDWR SHU LO /LEDQR GXUDQWH OD GHFHQQDOH JXHUUD FLYLOHÔGLYHQXWRXQDVRUWDGLFDVDqPDGUHSHUYDULHRUJDQL]]D]LRQLWHU URULVWLFKHGLYDULHJDWDRULJLQHHGHVWUD]LRQHLGHRORJLFDPDDFFRPXQDWL GDOULFKLDPRDOIDQDWLVPRUHOLJLRVRHGDOODIHURFHRVWLOLWÍFRQWURO 2F FLGHQWHHGLVXRLYDORULHOHPHQWLOHJDWLDOYHFFKLRUHJLPHGL6DGGDP Gdo#pr qgr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ÍGLXQDVROX]LRQHSDFLILFD GHOFRQIOLWWRFRQ,VUDHOHXQ HYHQWXDOLWÍUHVDDQFRUSLãSURVVLPDGRSR FKHDOJRYHUQRGHOO $XWRULWÍ1D]LRQDOH3DOHVWLQHVHÔVDOLWRLOPRYLPHQ WRLQWHJUDOLVWDGL+DPDVVRVWHQXWRGD$UDELD6DXGLWDHG,UDQ / ,UDQ LQROWUH UDSSUHVHQWD XQ DYYHUVDULR GHFLVDPHQWH PHQR ODELOH HSUHFDULRULVSHWWRDOO ,UDTRDOO $IJKDQLVWDQWHDWULGLLQWHUYHQWRGHOOD FRVLGGHWWDJXHUUDSUHYHQWLYD 3ULPDDQFRUDGHOO DWWHQWDWRDOOH7RUUL*HPHOOHO $IJKDQLVWDQHUDXQ SDHVHHPDUJLQDWRGDOODFRPXQLWÍLQWHUQD]LRQDOHHUDLQIDWWLULGRWWRDG XQSDHVHSRYHURPHGLHYDOHGLYLVRLQFODQHUHWWRGDXQUHJLPHTXHOOR WDOHEDQRROWUDQ]LVWDHOLEHUWLFLGDGRYHOHDWWLYLWÍHFRQRPLFKHSUHYDOHQWL HUDQRDJULFROWXUDHSDVWRUL]LDHGRYHGRSRDQQLGLJXHUUDHGLQYDVLR QL QRQ HVLVWHYDQR LQIUDVWUXWWXUH QÑ IRU]H DUPDWH R GL VLFXUH]]D 0D VRSUDWWXWWR O $IJKDQLVWDQ DYHYD VWUHWWR OHJDPL FRQ OH RUJDQL]]D]LRQL WHUURULVWLFKH LQWHUQD]LRQDOL GDQGR RVSLWDOLWÍ D %LQ /DGHQ HG DOOD VXD RUJDQL]]D]LRQHSHUPHWWHQGRORURGLFUHDUHFDPSLGLDGGHVWUDPHQWRDO FXQLGHLTXDOLHUDQRJLÍVWDWLDWWDFFDWLGDO3UHVLGHQWH&OLQWRQQHO GRSRLPDVVDFULQHOOHDPEDVFLDWHDPHULFDQHLQ$IULFD / ,UDTGDOFDQWRVXRHUDLQJLQRFFKLRDFDXVDGHOODJXHUUDFRQWUR 7HKHUDQ q H GDOO LQIHOLFH HVLWR GHOO LQYDVLRQH GHO .XZDLW FKHDYHYDVFDWHQDWRQHOO RSHUD]LRQH7HPSHVWDQHO'HVHUWRFRQ ODVXFFHVVLYDLPSRVL]LRQHGHOOHFRVLGGHWWH]RQHGLQRQqYRORQHOQRUGD SURWH]LRQHGHLFXUGLHQHOVXGDWXWHODGHJOLVFLLWL6DGGDP+XVVHLQ LQROWUHHUDFRQVLGHUDWRSUHVVRFKÑGDWXWWLLOHDGHUDUDELODSULQFLSDOH PLQDFFLDHLOIROOHGLWWDWRUHGLFXLVDUHEEHVWDWRPHJOLROLEHUDUVLLOVXR PLOLWDULVPRDYHYDDOLHQDWRWXWWHOHVLPSDWLHGLFXLILQRDGDOORUDJRGHYD LOODLFRUHJLPHEDDWKLVWD 'LYHUVDPHQWHGDOO ,UDTO ,UDQÔXQSDHVHGRYHVLWHQJRQRHOH]LRQL DGLQWHUYDOOLUHJRODULFRQSRWHULVHSDUDWLHGXQ HFRQRPLDPRGHUQDED L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w VDWDVXOSHWUROLRFKHKDSHUPHVVRORVYLOXSSRGLXQLPSRUWDQWHVHWWRUH WHU]LDULR 'DXQSXQWRGLYLVWDWHUULWRULDOHHJHRJUDILFRO ,UDQPLOLRQLGL NPT Ô YDVWR TXDWWUR YROWH O ,UDT H GXH YROWH H PH]]R O $IJKDQLVWDQ KDXQ RURJUDILDDVVDLFRPSOHVVDFRQQXPHURVLULOLHYLHGDOWLSLDQLFKH UHQGHUHEEHURGLIILFLOHO HYHQWXDOHDWWUDYHUVDPHQWRGDSDUWHGHOOHIRU]H WHUUHVWULHGRYHLULOLHYLFKHFRSURQRSUHVVRFKÑLQWHUDPHQWHLOWHUULWRULR UDJJLXQJRQRLWUHPLODPHWULGLDOWH]]D4XHVWLHOHPHQWLGLFDUDWWHUHJHR JUDILFRKDQQRXQDSURIRQGDYDOHQ]DVWUDWHJLFDOHIRU]HDQJORDPHULFDQH VWDQQR LQFRQWUDQGR JURVVH GLIILFROWÍ QRQ VROR QHO FRQWUROOR GHO PRQ WXRVRHGLQDFFHVVLELOH$IJKDQLVWDQPDDQFKHGLXQSDHVHFRPHO ,UDT FKHSXUHÔXQ HQRUPHSLDQXUDGHVHUWLFDVROFDWDGDGXHILXPLLO7LJULH O (XIUDWH , SRVVLELOL RELHWWLYL VHQVLELOL LQROWUH VRQR GHFLQH VSDUVL LQ XQ WHUULWRULR LPPHQVR H TXHVWR UHQGHUHEEH QHFHVVDUL ERPEDUGDPHQWL PDVVLFFLGDUHLWHUDUHSHUJLRUQLXQLPSHJQRPLOLWDUHFKHVHFRQGRO LQ WHOOLJHQFHLVUDHOLDQDQRQVDUHEEHQHOOHUHDOLSRVVLELOLWÍGHOOHIRU]HFRQ ODVWHOODGL'DYLG1ÑPLJOLRUHDSSDUHODVLWXD]LRQHGDSDUWHDPHULFDQD O LPSHJQRPDVVLFFLRGHJOL 86$LQ,UDTHG$IJKDQLVWDQUHQGHSRFRYH URVLPLOHO LSRWHVLGLDSULUHXQWHU]RIURQWHDXPHQWDQGRLFRVWLSROLWLFL HFRQRPLFLHGLQWHUPLQLGLYLWHXPDQHSHUJOL86$LQXQPRPHQWRSH UDOWURLQFXLLO3HQWDJRQRVWDYDJOLDQGRODSRVVLELOLWÍGLULGXUUHGLWUHQWD PLODXQLWÍLOFRQWLQJHQWHLQ,UDTHFUHVFHVXOSLDQRLQWHUQRLOSDUWLWRGL TXDQWLLQYRFDQRTXDQWRSULPDXQULWLURGDTXHOORFKHÔRUPDLGLYHQXWR LOkSDQWDQR,UDTy $GLVWDQ]DGLWUHDQQLGDOODSURFODPD]LRQHGHOODkPLVVLRQHFRPSLXWDy PDJJLROHYLWWLPHDPHULFDQHVRQRROWUHGXHPLODFLQTXHFHQWR ODVWDELOL]]D]LRQHGHOSDHVHQRQRVWDQWHOHHOH]LRQLDQFRUDORQWDQDJOL DWWHQWDWLWHUURULVWLFLSUHVVRFKÑTXRWLGLDQLPDVRSUDWWXWWRÔFRQFUHWRLO ULVFKLRGLXQDFDWDVWURILFDJXHUUDFLYLOHWUDVXQQLWLHVFLLWL 6HFRPSOHVVDDSSDUHO RS]LRQHGLXQDWWDFFRDHUHRFRQWUROHIDFLOL WLHVQXFOHDULLUDQLDQHDQFRUPHQRSHUFRUULELOHÔTXHOODGLULFRUUHUHDOOH IRU]HGLWHUUDOHWUXSSHVRQRHVDXVWHGRSRFLQTXHDQQLGDOO LQL]LRFLRÔ GHOOH RSHUD]LRQL LQ$IJKDQLVWDQ GL LPSLHJR SUHVVRFKÑ LQLQWHUURWWR LQ WHDWULFRVØGLIIHUHQWLHGLQVLGLRVLHSHUOHJUDYLSHUGLWHSDWLWHILQRUD 8QHYHQWXDOHDWWDFFRDOO ,UDQDYUHEEHFRQVHJXHQ]HGLVDVWURVHDQFKH GDXQSXQWRGLYLVWDHFRQRPLFRLOSDHVHGHJOLD\DWROODKÔLOTXDUWRSUR GXWWRUHPRQGLDOHGLJUHJJLRHGLOVHFRQGRGLJDVQDWXUDOHHGDWWUDYHUVR OR6WUHWWRGL+RUPX]WUDQVLWDXQTXDUWRGHOO LQWHUDSURGX]LRQHJOREDOH 4XDORUDLQXQ D]LRQHDQWLq,UDQIRVVHFRLQYROWRDQFKH,VUDHOHLOUL VFKLRSRWUHEEHHVVHUHTXHOORGLGHVWDELOL]]DUHXOWHULRUPHQWHQRQVRORLO *ROIRPDWXWWRLO0HGLR2ULHQWHDOODUJDQGRXOWHULRUPHQWHLOPDUHPD JQXPGHOO LQVWDELOLWÍHGHOFDRVXQFRQIURQWRYLVÍYLVWUD,UDQHG,VUDHOH SRWUHEEHVFDWHQDUHXQ HVFDODWLRQDQFKHQRQFRQYHQ]LRQDOHGHOODFULVL HVRSUDWWXWWRFRDJXODUHDWWRUQRDOO ,UDQOHVLPSDWLHGLYDULSDHVLDUDEL Gdo#pr qgr )LJXUD3DUWLFRODUHGLXQDFHQWUDOHQXFOHDUHLUDQLDQDLQGLYLGXDWDGDOVDWHOOLWH '266,(5$778$/,7$ FKHKDQQRTXDOHHOHPHQWRDFFRPXQDQWHSURSULRO RVWLOLWÍFRQWURORVWDWR HEUDLFR 8QHYHQWXDOHVFRQWURQXFOHDUHSHUDOWURULVFKLHUHEEHGLULVROYHUVLLQ XQJLRFRDVRPPD]HURSRUWHUHEEHFLRÔDOODGLVWUX]LRQHGLWXWWLLFRQ WHQGHQWLFRPHGLPRVWUDWRGDOFRVLGGHWWRHTXLOLEULRGHOWHUURUHWUD 86$ HG8566GXUDQWHODJXHUUDIUHGGD 6HGLIILFLOPHQWHSUDWLFDELOHDSSDUHO RS]LRQHPLOLWDUHDQFRUPHQR UHDOLVWLFDÔTXHOODGLSURYRFDUHXQUHJLPHqFKDQJHVLPLOHDTXHOOLDYYH QXWLLQ$IJKDQLVWDQHG,UDT / ,UDQFHUWDPHQWHÔXQSDHVHDVVDLFRPSRVLWRVRWWRO DVSHWWRHWQLFR VXTXDVLVHWWDQWDPLOLRQLGLDELWDQWLDSSHQDLOÔFRVWLWXLWRGD3HU VLDQLPHQWUHODUHVWDQWHPHWÍGHOODSRSROD]LRQHÔIRUPDWDGD$]HULFKH VRQRVFLLWLHUDSSUHVHQWDQRLO&XUGLGLUHOLJLRQHLVODPLFDVXQQLWD HFKHFRVWLWXLVFRQRO $UDEL%DOXFLFKHYLYRQRSUHVVRLFRQILQL FRQLO3DNLVWDQHGDOWULJUXSSL0DO RSSRVL]LRQHLQWHUQDFKHDYYHUVD JOLD\DWROODKQRQVHPEUDRIIULUHJDUDQ]LHHGLQGLYLGXDUHXQDOHDGHUVKLS DOWHUQDWLYDULVSHWWRDTXHOODDWWXDOHDSSDUHDVVDLFRPSOHVVR 0(.DFUR QLPRGL0XMDKHGHHQH.KDOT 3..3DUWLWR'HPRFUDWLFRGHO.XUGLVWDQ LUDQLDQR'3,.3DUWLWR&RPXQLVWD&XUGRGHOO ,UDQ.20$/$KDQQRSHU DQQLRWWHQXWRGHQDURHVRVWHJQRSROLWLFRGDOO 2FFLGHQWHLQPRGRSLãR PHQRFRYHUWPDLULVXOWDWLVLVRQRULYHODWLSLXWWRVWRVFDGHQWLFRQLOUHJL PHGHJOLD\DWROODKVDOGDPHQWHDOSURSULRSRVWRHGXQRGLTXHVWLJUXSSL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w LO0(.LQVHULWRGLUHFHQWHQHOODOLVWDQHUDGHLPRYLPHQWLWHUURULVWLFLGD FRQWUDVWDUH ,O 0(. LQ SDUWLFRODUH DYHYD ILQR DOOD FDGXWD GL 6DGGDP +XVVHLQEDVLLQ,UDTHGDWWUDYHUVDYDODIURQWLHUDWUDLGXHSDHVLSHUDWWDF FDUHOHIRU]HLUDQLDQHHGRELHWWLYLVHQVLELOLRSSXUHSHUUHDOL]]DUHD]LRQL FRQWUR LPSRUWDQWL IXQ]LRQDUL GL JRYHUQR GRSR O LQYDVLRQH DPHULFDQD GHOO ,UDTWXWWDYLDLOJUXSSRÔVWDWRGLVDUPDWRPDDOFXQLGHLVXRLHOH PHQWLSRWUHEEHURHVVHUHGLYHQXWLDJHQWLGHOORVSLRQDJJLRLUDQLDQRHSHU FRQWRGLTXHVWRFHUFKHUHEEHURGLGHVWDELOL]]DUHODVLWXD]LRQHLQ,UDT &RQFOXVLRQL ,SLDQLQXFOHDULLUDQLDQLUDSSUHVHQWDQRXQDJUDYHPLQDFFLDFRQWUR FXLGLIURQWHDLULVFKLGLXQ D]LRQHDUPDWDDSSDUHRSSRUWXQDXQ D]LRQH SROLWLFDHGXQRVIRU]RFRQJLXQWRGLLQWHOOLJHQFH 4XHOORLQIDWWLFKHVHPEUDHPHUJHUHGDXQ DQDOLVLGHOkFDVR,UDQyÔ ODUHODWLYDIDFLOLWÍFRQFXLDOFXQLSDHVLULHVFRQRDGLQGLYLGXDUHLFDQDOL DWWUDYHUVRFXLHQWUDUHLQSRVVHVVRGLWHFQRORJLHHPDWHULDOLDWRPLFLQH VRQR WHVWLPRQLDQ]D L FDVL UHFHQWL GHOO ,UDT LO FRVLGGHWWR 1LJHUJDWH GHOOD/LELDGHO6XGDQVHQ]DGLPHQWLFDUHOD&RUHDGHO1RUG /DYHUDFKLDYHFRQVLVWHQHOODSUHYHQ]LRQHSRLFKÑXQDYROWDDFTXL VLWDXQDSURSULDFDSDFLWÍQXFOHDUHÔ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ÍFRQGRWWHQHLVLWLkDULVFKLRyXQDVWUHWWDFRR SHUD]LRQHWUDLYDULSDHVLSRVVDQRVRUWLUHRWWLPLULVXOWDWLHVFRQJLXUDUHLO ULFRUVRDGDWWDFFKLDUPDWLGDOOHFRQVHJXHQ]HGLIILFLOPHQWHYDOXWDELOL & ÔWXWWDYLDXQ LSRWHVLDQFRUDSLãLQTXLHWDQWHGHOQXFOHDUHLUDQLDQR TXHOOD GL JUXSSL WHUURULVWLFL FKH GRYHVVHUR HQWUDUH LQ SRVVHVVR GL PD WHULDOLDWRPLFLGLYHUVDPHQWHGDJOL6WDWLQRQDYHQGRQXOODGDSHUGHUH GDXQ HYHQWXDOHUHD]LRQHGHOSDHVHDJJUHGLWRQRQHVLWHUHEEHURDIDUYL ULFRUVRSXUGLUDJJLXQJHUHLOORURIROOHVFRSR '266,(5,17(//,*(1&( L o#p rqgr #ghooh#Lqir upd}lr ql / LQYHVWLJD]LRQHHGLUDSSRUWLFRQODkIRQWHFRQILGHQ]LDOHy&RPHYDOXWDUH SVLFRORJLFDPHQWHXQkLQIRUPDWRUHy $QJHOR&DVWR * UDQGHLQWHUHVVHQHOO DWWLYLWÍGLSROL]LDPDDQFKHHVRSUDWWXW WRGLLQWHOOLJHQFHÔLOUXRORFKHLOFRQILGHQWHVWRULFDPHQWH DVVXPHQHOODUDFFROWDGHOOHLQIRUPD]LRQLSHUORVYLOXSSRGL XQ DWWLYLWÍ GL LQYHVWLJD]LRQH 3HU TXHVWR Ô LPSRUWDQWH FRQWULEXLUH FRQ TXDOFKH DSSURIRQGLPHQWR VXL SURILOL SVLFRORJLFL GD YDOXWDUH QHOOD JH VWLRQHGLXQDIRQWH /DFRQILGHQ]DSXÝULVXOWDUHGHWHUPLQDQWH FRPH XWLOH VSXQWR R SHU GDUHDYYLRRSHUSURVHJXLUHXQ LQGDJLQHTXDQGRLOSURFHVVRLQYHVWLJD '266,(5,17(//,*(1&( 352&85(0(17,17(//,*(1&(()217( &21),'(1=,$/( L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w WLYRGRYHVVHWURYDUVLLQXQDIDVHGLVWDOORRDEELDDGGLULWWXUDGLIILFROWÍD GHFROODUH·EHQHFRQVLGHUDUHFRPHÔDOWDPHQWHLPSUREDELOHFKHSRVVD HVVHUHIRUQLWDXQDQRWL]LDFRQILGHQ]LDOHVHQ]DFKHO DXWRUHVRWWHQGDR SUHWHQGDXQDFRQWURSDUWLWD,QTXHVWRFDVRULFRUUHUHDVWUXPHQWLFRPH LOFRQVLJOLDUHPLQDFFLDUHSUHGLFDUHFRVLGGHWWHEDUULHUHDOODFRPXQLFD ]LRQHGLIILFLOPHQWHSRUWHUHEEHDOO DSHUWXUDGDSDUWHGHOFRQILGHQWH ,Q WDOL VLWXD]LRQL SRWUHEEH GLYHQWDUH XWLOH ULFRUUHUH D PHFFDQLVPL UHOD]LRQDOLTXDOLDGHVHPSLRO HPSDWLDFKHVLSXÝWUDGXUUHQHOODJLÍ FLWDWDFDSDFLWÍGDSDUWHGHOO LQYHVWLJDWRUHGLDVFROWRRYYHURQHOO LQ FHQWUDUHLOUDSSRUWRVXLELVRJQLGHOFRQILGHQWHDOTXDOHO LQYHVWLJDWRUH SRWUÍSURVSHWWDUHJOLHYHQWXDOLSHUFRUVLSHUJLXQJHUHDOODORURVRGGLVID ]LRQHSRWHQGRVLDYYDOHUHLQWHUPLQLDQDOLWLFLGHJOLVWXGLSURSRVWLGD$ 0DVORZQHOODVXDWHRULDVXOODJHUDUFKLDGHLELVRJQLHODERUDWLDGKRF GDL GXH DJHQWL IHGHUDOL DPHULFDQL FRVØ FRPH GHVFULWWD QHOOD SLUDPLGH UDIILJXUDWDLQDSHUWXUDGHOO DUWLFROR,QROWUHÔEHQHRVVHUYDUHSULPDGL DSSURIRQGLUHO DVSHWWRSVLFRJHVWLRQDOHSURSRVWRFKHQHOUDSSRUWRWUD LQYHVWLJDWRUHHFRQILGHQWHÔLQHYLWDELOHFKHODFRPXQLFD]LRQHVYLOXSSL LQTXHVW XOWLPRDQFKHHVRSUDWWXWWRDQVLHHSDXUHSHUFH]LRQLQHJDWLYH VXLSRVVLELOLHIIHWWLULVFKLFKHSRWUDQQRVHJXLUHDOODVXDFROODERUD]LR QH )DWWRULSVLFRORJLFLFKHSRVVRQRLQIOXHQ]DUHODSHUFH]LRQHGHOULVFKLR )XURQR0DODFKL+DUQH\H-RKQ&URVVGXHDJHQWLIHGHUDOLGHOODVH ]LRQHDQWLGURJDGHO0LQLVWHURGHO7HVRUR86$FKHSHUSULPLQHJOLDQQL &LQTXDQWD DSSOLFDURQR OD SVLFRORJLD QHOO DSSURFFLR DO FRQILGHQWH ,Q SDUWLFRODUH HVVL IHFHUR ULIHULPHQWR DOOD WHRULD GHL ELVRJQL GL 0DVORZ FRPHSRVVLELOHkJULPDOGHOORySHULOUHFOXWDPHQWRGHOODIRQWHFRQILGHQ ]LDOH,QSDUWLFRODUH+DUQH\LGHQWLILFÝO LQIRUPDWRUHFRPHXQDlSHUVR QDFKHIRUQLVFHLQIRUPD]LRQLDGXQLQYHVWLJDWRUHVXOODEDVHGLXQPRWLYR SHUVRQDOHEHQGHILQLWRzGLYLGHQGRLQFDWHJRULHTXHVWLPRWLYL 1HLORURVWXGLLGXHkIHGHUDOLyVWDWXQLWHQVLLQGLYLGXDURQRODSDXUD ODYHQGHWWDODFRQFRUUHQ]DSHUYHUVDO HJRLVPRO HVVHUHPHUFHQDULRHG LOSHQWLPHQWRHRGHVLGHULRGLULDELOLWD]LRQHVRFLDOH*OLDXWRULKDQQR FHUFDWRGLPHWWHUHLQUHOD]LRQHLPRWLYLDSSHQDGHVFULWWLFRPXQHPHQWH GHWWLFRQTXHOOLWUDWWDWLQHOODJHUDUFKLDGHLELVRJQLGL0DVORZDOORVFR SRGLVYLOXSSDUHGHOOHLGHHVXFRPHRULHQWDUHDOODFRRSHUD]LRQHTXHOOH SHUVRQH LQ JUDGR GL ULIHULUH XWLOPHQWH SHU OH LQGDJLQL DWWUDYHUVR XQD GLYHUVLILFDWDWHFQLFDG LQFHQWLYD]LRQH/DSDXUDÔXQ HPR]LRQHSRWHQWH HGXQIDWWRUHPRWLYD]LRQDOHHIILFDFH/ LVWLQWRGLFRQVHUYD]LRQHÔVSHVVR GHVFULWWRFRPHODSULPDOHJJHGLQDWXUDSHUFLÝFLVLSRWUHEEHDVSHWWDUH FKHXQDVLWXD]LRQHGLPLQDFFLDSHUODVLFXUH]]DRODVDOYH]]DGLXQLQ GLYLGXRVLDLQJUDGRGLSURYRFDUHXQDULVSRVWDIRUWH7URYDQGRVLLQXQD VLWXD]LRQH GL PLQDFFLD R SDXUD OH SHUVRQH FRPH DQFKH JOL DQLPDOL L o#p rqgr #ghooh#Lqir upd}lr ql LQSULJLRQHSHULORURFULPLQLVSLQWLDQFKHGDXQDIRUWHPRWLYD]LRQHD FRRSHUDUHFRQOHIRU]HGLSROL]LDSHUULGXUUHODSRVVLELOLWÍGLXQDFRQ GDQQDDOXQJRWHUPLQH/HSHUVRQHFKHKDQQRSDXUDGLXQOXQJRSHULRGR GLFDUFHUD]LRQHWURYDQRTXLQGLQHOODFRRSHUD]LRQHXQRVWUXPHQWRSHU DIIURQWDUH TXHOOD SDXUD &RPH SXÝ VRYUDSSRUVL OD SDXUD DOO LQWHUQR GHOOD SLUDPLGH GL 0DVORZ" &RQ OD GHWHQ]LRQH HVVHQ]LDOPHQWH YLHQH PLQDFFLDWD O DELOLWÍ GHOO LQGLYLGXR GL DGHPSLHUH DOOH VXH QHFHVVLWÍ DG RJQLOLYHOORTXDOFXQRSRWUHEEHVRVWHQHUHFKHLELVRJQLGLFLERHVLFX UH]]DLQSULJLRQHVRQRFHUWDPHQWHEHQVRGGLVIDWWLPDFLÝLJQRUHUHEEH LOIDWWRFKHSUHVVRFKÑQHVVXQRÔPRWLYDWRDVRGGLVIDUHTXHLELVRJQLD TXHOOH FRQGL]LRQL /H ULVSRVWH LQGLYLGXDOL D TXHVWD SDXUD YDULHUDQQR QRQWXWWLLQIDWWLUHDJLVFRQRFRQORVWHVVRYLJRUHRQHOORVWHVVRPRGR DOODPLQDFFLD'LXQDFRVDSHUÝVLSXÝHVVHUHFHUWLHFLRÔFKHOHSHUVRQH IDUDQQR TXDOFKH FRVD FRPXQTXH LQ TXDQWR O LVWLQWR GL EDVH ULFKLHGH XQDULVSRVWD *HQHUDOPHQWHOHSHUVRQHFKHKDQQRDFKHIDUHFROFULPLQHKDQQR DFKHIDUHDQFKHFRQLFULPLQDOL4XHVWHUHOD]LRQLFRQWHQJRQRLVHPL GLWXWWLLSUREOHPLFKHDIIOLJJRQROHDOWUHUHOD]LRQLLQWHUSHUVRQDOLFRQ O DJJLXQWDGLVWUHVVGHULYDQWHGDOO RSHUDUHFRQWUDOHJHP1RQÔFRPXQH LOVHQVRGHOO RQRUHIUDODGULFRVØODSHUVRQDFULPLQDOHQRQVRORGHYH IDUH L FRQWL FRQ OD SRVVLELOLWÍ GL HVVHUH WUDGLWD H TXLQGL UHVD QRWD DOOD SROL]LDFRQLUHODWLYLFULPLQLPDGHYHDQFKHFRQVLGHUDUHODSRVVLELOLWÍ FKHXQRGHLVXRLVWHVVLVRFLSRVVDGHUXEDUODRVLYHQGLFKLSHUXQRVJDUUR HRXQDIIURQWRULFHYXWRQRQLPSRUWDVHYHURRHTXLYRFDWR8QJUDQ QXPHURGLLQIRUPDWRULDSSDUWHQHQWLDOODPDILDQHJOL86$FRPHLQ,WDOLD '266,(5,17(//,*(1&( ULFRUURQRDOODULVSRVWDLVWLQWLYDGHOkFRPEDWWLRPXRULy6HEEHQHLOORUR DSSURFFLRSXÝFDPELDUHORURFRQWLQXHUDQQRDULVSRQGHUHSHUWXWWDOD VXDGXUDWDDGXQDPLQDFFLDFKHÔSHUFHSLWDFRPHWDOH/HSHUVRQHFKH GHFLGRQR GL GLYHQWDUH LQIRUPDWRULFRQILGHQWL SHU SDXUD JHQHUDOPHQWH ORIDQQRSHUFKÑPLQDFFLDWLGDOODOHJJHRGDDOWULFULPLQDOL3HUWDOLVRJ JHWWLTXHVWDPRWLYD]LRQHSLãGLTXDOXQTXHDOWUDUDSSUHVHQWDODFDXVD GHOO DYYLFLQDPHQWRDOODOHJJHHGDOOHLVWLWX]LRQL ,FULPLQDOLFKHKDQQRSUREOHPLFRQODOHJJHSUHIHULVFRQRQRQDQGDUH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w FRQODUHFHQWHOHJLVOD]LRQHVXLFROODERUDWRULGLJLXVWL]LDVLÔFRQYLQWR DFRRSHUDUHSHUSDXUDGLHVVHUHRJJHWWRGLXQFRQWUDWWRGLPRUWHVLJODWR GDOODVWHVVDRGDDYYHUVDIDPLJOLDGLDSSDUWHQHQ]D,OQRWRFROODERUDWRUH -RVHSK9DODFKL VL GHFLVH D FRRSHUDUH GRSR DYHU ULFHYXWR LO kEDFLR GL PRUWHyGDOERVV9LWR*HQRYHVHLOTXDOHHUURQHDPHQWHFUHGHYDFKHLO 9DODFKLVWHVVHFROODERUDQGRFRQODSROL]LDHGRSRDYHUXFFLVRO XRPR FKHFUHGHYDIRVVHLONLOOHUPDQGDWRGD*HQRYHVHSHUXFFLGHUOR6HEEHQH VXFFHVVLYDPHQWHIXULVFRQWUDWRFKHVLWUDWWÝGLXQHUURUHGLLGHQWLWÍLO 9DODFKLULVSRVHSURSULRPRWLYDWRGDOODSDXUDSUHVHQWDQGRVLDOOHIRU]H GHOO RUGLQHLQFHUFDGLSURWH]LRQHLQFDPELRGHOODVXDSHUDOWURUDJJXDU GHYROHIXFLQDGLQRWL]LHHGLQIRUPD]LRQLFRQVLGHUDWHXWLOLDGDYYLDUH XQDFRPSOHVVDLQGDJLQHWHVDDVPDQWHOODUHXQDGHOOHSLãSRWHQWLRUJD QL]]D]LRQLFULPLQDOLGHOPRQGR $YROWHODSROL]LDKDODGLVSRQLELOLWÍGLLQIRUPD]LRQLUHODWLYHDGXQD PLQDFFLDQHLFRQIURQWLGLTXDOFXQRXQDIIDUHGLGURJDDQGDWRPDOHXQD GLVHU]LRQHGDOO LQWHUQRGLXQJUXSSRPDILRVRXQDWUXIIDPDOGLJHULWD HFF,QWXWWLLFDVLOHIRU]HGHOO RUGLQHKDQQRODUHVSRQVDELOLWÍHWLFDVLD GLSUHYHQLUHLOGDQQRDOODYLWWLPDFKHGLGDUJOLO RSSRUWXQLWÍGLRIIULUH LQIRUPD]LRQLFRQWURTXHOOLFKHKDQQRSURJHWWDWRO D]LRQHFULPLQDOH7UD OHWHFQLFKHVLFXUDPHQWHSRFRQRELOLVHQRQLPPRUDOLÔTXHOODGLFUHDUH ODPLQDFFLDSHUTXHOODRTXHOOHSHUVRQHLQSRVVHVVRGLLQIRUPD]LRQLUL WHQXWHXWLOLDOODSROL]LDFRVØGDFRVWULQJHUOHDFRRSHUDUH &LVLULIHULVFHLQSDUWLFRODUHDTXHOODVWUDWHJLDLQEDVHDOODTXDOHOD SROL]LDLQPRGRSRFRHOHJDQWHDIILEELDVHQ]DFKHFLÝVLDYHURDTXDO FXQRO HWLFKHWWDGLVSLDHRFRQILGHQWHGLIIRQGHQGRDUWDWDPHQWHQHJOL DPELHQWLFULPLQDOLODYRFHGLXQDVXDJLÍDWWLYDHRSRWHQ]LDOHYRORQWÍ GLFRRSHUD]LRQHFRQODJLXVWL]LD8QDYROWDFKHODSHUVRQDÔVWDWDFRVØ HWLFKHWWDWDVLVRQRGLIDWWRFUHDWLLSUHVXSSRVWLGLXQDVXDFROODERUD]LRQH PRWLYDWDGDOODSDXUDGLHVVHUHIDWWDIXRUL /DSUDWLFDGLWDOLVWUDWHJLHVHEEHQHSRVVDSURGXUUHQHOEUHYHSHULRGR DOFXQL ULVXOWDWL ROWUH FKH GHRQWRORJLFDPHQWH LPPRUDOH UDSSUHVHQWD DQFKH XQ VHULR SHULFROR SHU OD FUHGLELOLWÍ GHOOH LVWLWX]LRQL 3HU TXDQWR ULJXDUGDODPRWLYD]LRQHGHOODYHQGHWWDELVRJQDGLUHFKHQRQÔIUHTXHQ WHFRPHDGHVHPSLRQHOPRQGRGHOORVSDFFLRGLVWXSHIDFHQWLWURYDUH SHUVRQH GLVSRVWH D FROODERUDUH VSLQWH GD TXHVWR VHQWLPHQWR QHJDWLYR 2IIULUHLQIRUPD]LRQLFRPHPH]]RSHU RWWHQHUH YHQGHWWD QRQ SXÝ SUH VFLQGHUHGDOODYDOXWD]LRQHGLVLWXD]LRQLFKHSUHQGDQRLQFRQVLGHUD]LRQH JOLVJDUULJOLDIIDULVDOWDWLLOGRSSLRJLRFROHDPELJXLWÍWXWWHFLUFRVWDQ ]HFKHVLLQTXDGUDQRQHOORVSHFLILFRKDELWDWFULPLQDOH /D UHJROD SRWUHEEH HVVHUH VLQWHWL]]DWD QHOO HVSUHVVLRQH k{ QRQ WL DUUDEELDUH{WURYDLOPRGRGLSDUHJJLDUHLFRQWL{yDGHVHPSLRSUR JHWWDQGRDJJXDWLPRUWDOL7XWWDYLDFRPHODSDXUDDQFKHLOGHVLGHULR GLYHQGHWWDÔXQDOWURIDWWRUHPRWLYDQWHPROWRSRWHQWH7UDJOLDOWULOD IUXVWUD]LRQHHGLOGLVSUH]]RVRQRFRQVLGHUDWLIDWWRULVFDWHQDQWLLOVHQWL L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( PHQWRGLYHQGHWWDLQJHQHUHÔSRVVLELOHLQTXDGUDUHTXHVWHSHUVRQHWUD LFGH[RYYHURH[PRJOLHRPDULWLH[DPLFKHHRDPLFLH[FDSLH[ LPSLHJDWLHH[LQTXLOLQLHH[FOLHQWL4XHVWHFDWHJRULHGLSHUVRQHKDQ QRGXHFRVHLQFRPXQHFRQOHDOWUHWLSRORJLHGLFRQILGHQWLLQIRUPDWRUL VRQRLQSRVVHVVRGLQRWL]LHLQJUDGRGLGDQQHJJLDUHTXDOFXQRHVRQRSVL FRORJLFDPHQWHPRWLYDWHDIDUORDWWUDYHUVRODFRRSHUD]LRQHFRQOHIRU]H GHOO RUGLQHFKHQHGLYHQWDQRXQSRWHQWHVWUXPHQWR$QFKHVHVHQWLDPR GLUHFKHkODYHQGHWWDÔGROFHyLOGHVLGHULRGLHVLJHUHSXQL]LRQHSHUXQ WRUWRULFHYXWRIDSDUWHGHOFRUUHGRJHQHWLFRGHOO XRPR'LVROLWRFHU WLILFDODILQHGLXQDUHOD]LRQHQHOODTXDOHXQDGHOOHGXHSDUWLVLULWLHQH RIIHVDRWUDGLWD3LãÔVWUHWWDODUHOD]LRQHPDJJLRUHÔLOVHQVRGHOO RIIHVD HSLãLQWHQVRÔLOGHVLGHULRGLXQFDVWLJR4XHVWDVSLQWDSVLFRORJLFDDOOD YHQGHWWDVLSXÝWUDGXUUHLQXQDWHOHIRQDWDDOODSROL]LDDGXQDOLQHDYHUGH DQWLIURGHDOODSUHVHQWD]LRQHGLXQHVSRVWRRDGXQLQYHVWLJDWRUHFKHVL FRQRVFH · ULFRUUHQWH FKH OH LQIRUPD]LRQL IRUQLWH GD SHUVRQH PRWLYDWH GD YHQGHWWDVRQRVSHVVRSLXWWRVWREXRQHHULVFRQWUDELOL'RSRWXWWRTXHVWL VRJJHWWLVRQRVWDWLYLFLQLHIRUVHLQWLPDPHQWHFRLQYROWLFRQODSHUVRQDH GDOODTXDOHKDQQRULFHYXWRO RIIHVDHGÔVXOODEDVHGHOODORURSRVL]LR QHQHOJUXSSRRRUJDQL]]D]LRQHFKHOHLQIRUPD]LRQLLQORURSRVVHVVR SRVVRQR DYHUH XQ YDORUH LQYHVWLJDWLYR LQHVWLPDELOH ,Q RJQL FDVR QR QRVWDQWHLOGHWWRVHFRQGRLOTXDOHkODYHQGHWWDÔXQSLDWWRFKHVLVHUYH IUHGGRyLQTXHVWRWLSRGLVLWXD]LRQLO LQYHVWLJDWRUHGHYHIDUHLQPRGRGL RWWHQHUHOHQRWL]LHTXLHDGHVVRLQTXDQWRODPDJJLRUSDUWHGHOOHSHUVRQH QRQPDQWLHQHLOOLYHOORGLVSLQWDHPRWLYDSHUOXQJKLSHULRGLLOGHVLGHULR GLYHQGHWWDÔXQDGLTXHOOHHPR]LRQLFKHVFRWWDQRPROWRPDQRQSXÝ GXUDUHDOOXQJR %LVRJQDGXQTXHIDUHLQIUHWWDQHLFRQWDWWLLQL]LDOL,OSLãGHOOHYROWH ODSULPDWHOHIRQDWDGHODWRULDÔDQFKHO XOWLPD/DFROODERUD]LRQHGLXQ LQGLYLGXRPRWLYDWRGDOODYHQGHWWDÔGLVROLWREUHYH1HOODSULPDIDVH O LQIRUPDWRUHÔHVWUHPDPHQWHHPRWLYRDGLUDWRDPDUHJJLDWRHGDQVLRVR GLIRUQLUHRJQLSLFFRODLQIRUPD]LRQHFKHSRVVDDUUHFDUHGDQQR1HOOD VHFRQGDIDVHTXDQGROHHPR]LRQLFRPLQFLDQRDVWHPSHUDUVLO LQIRUPD WRUHGLYHQWDSLãFDOFRODWRUHVHEEHQHFRQWLQXLDFRRSHUDUHWHQWDQGRGL YDOXWDUHPHJOLRLULVXOWDWLGHOODVXDFROODERUD]LRQHLQUHOD]LRQHDLELVR JQLILVLRORJLFLGLVLFXUH]]DGLDSSDUWHQHQ]DHGLVWLPDFKHSRWUHEEHUR HVVHUHVWDWLILQRDTXHOPRPHQWRLJQRUDWL4XHVWHIDVLSRVVRQRDYHUHXQ UDQJHWHPSRUDOHPROWREUHYHXQDWHOHIRQDWDSRWUHEEHHVVHUHWXWWRFLÝ FKHO LQYHVWLJDWRUHRWWLHQHLOJLRUQRVXFFHVVLYRO LQIRUPDWRUHSRWUHEEH HVVHUHJLÍSHUVR&LVRQRHFFH]LRQLFKLDUDPHQWHDTXHVWDUHJROD1HO JLÍDFFHQQDWRFDVRGL-RH9DODFKLGLIURQWHDOODULFKLHVWDGHOOD&RPPLV VLRQHGHO6HQDWR 86$VXOSHUFKÑHTXLQGLOHPRWLYD]LRQLHJOLLQWHQ GHVVHFROODERUDUHFRQODJLXVWL]LD6HQDWR$PHULFDQRORVWHVVRULVSRVH k{ QXPHUR XQR Ô GLVWUXJJHUOL ULIHULWR DL VXRL SUHFHGHQWL FDSL GHOOD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w FULPLQDOLWÍRUJDQL]]DWDy4XHVWRÔXQGHVLGHULRGLYHQGHWWD7XWWDYLDXQ HVSHUWRLQYHVWLJDWRUHGRYUÍWHQWDUHGLLGHQWLILFDUHHYHQWXDOLDOWULIDWWRUL PRWLYD]LRQDOLRELVRJQLGLTXHVWRWLSRGLFRQILGHQWHUDJLRQDQGRVXOOH UHODWLYHSRVVLELOLWÍGLVRGGLVID]LRQH 1HOFDVRGL-RH9DODFKLODYHQGHWWDQRQIXLOPRWLYRLQL]LDOHFKHOR VSLQVHDFRRSHUDUHHUDVWDWDLQIDWWLODSDXUDGHLSURSULVRFLDVSLQJHUORLQ TXHOODGLUH]LRQHWXWWDYLDIXLOVXRGHVLGHULRGLYHQGHWWDLQWHQVLILFDWRVL FROSDVVDUHGHOWHPSRDPRWLYDUORDFRQWLQXDUH,QTXHVWDRWWLFDEHQVL SXÝDIIHUPDUHFKHODQDWXUDWUDQVLWRULDGHOVHQWLPHQWRGLYHQGHWWDFRPH IDWWRUHPRWLYDQWHSRVVDULIOHWWHUHSLXWWRVWREHQHODWHRULDGL0DVORZ ·EHQHTXLQGLSUHFLVDUHFKHXQLQYHVWLJDWRUHFKHQRQULHVFHDUL FRQRVFHUHO HYDQHVFHQ]DGHOGHVLGHULRGLYHQGHWWDSXÝ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ÍFTXHOOLFKHPDQWHQJRQRLFRQWDWWLFRQOHIRU]H GHOO RUGLQHDOORVFRSRGLLPSDUDUHOHWHFQLFKHLQYHVWLJDWLYHHGLGHQWLIL FDUHTXHLIXQ]LRQDULFKHSRVVDQRHVVHUHXWLOL]]DWLFRPHDQHOORGHEROH GHOODFDWHQDFRVØGDSRWHURWWHQHUHHYHQWXDOLLQIRUPD]LRQLVXRSHUD]LRQL GLSROL]LDGTXHOOLFKHXWLOL]]DQRLFRQWDWWLSHURWWHQHUHDQFKHUXEDQ GROLGRFXPHQWLDWWLQHQWLDGDWWLYLWÍGLSROL]LDHTXHOOLFKHYRJOLRQRIDU HPHUJHUHkODFRUUX]LRQHyGHOODSROL]LDLQPRGRGDFUHDUHLSUHVXSSRVWL GLXQDSHUGLWDGLFUHGLELOLWÍGHOO LVWLWX]LRQHFKHVWDLQGDJDQGRLQDIIDUL SRFRSXOLWLGRYHORVWHVVRFRQILGHQWHÔGLUHWWDPHQWHFRLQYROWR ,QWXWWLGLTXHVWLHVHPSLLOYHURPRWLYRGHOO LQIRUPDWRUHVDUÍFHODWR DWWHQWDPHQWH6HXQIXQ]LRQDULRQRQULHVFHDGLGHQWLILFDUHLPPHGLDWD PHQWHXQDPRWLYD]LRQHSODXVLELOHSHUODFRRSHUD]LRQHRIIHUWDGDOO LQIRU PDWRUHGHYHVXELWRVRVSHWWDUHHFHUFDUHGLWURYDUODWHQHQGRJHORVDPHQWH QDVFRVWRLOULVXOWDWRLQPRGRGDDYHUHOXLLOFRQWUROORGHOODVLWXD]LRQH 4XHVWRÔVHPSUHLOFDVRLQFXLÔO LQIRUPDWRUHFKHVLIDDYDQWLSHUSULPR L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( /HLQIRUPD]LRQLSURYHQLHQWLGDTXHVWRWLSRGLFRQILGHQWLGHYRQRHVVHUH WUDWWDWHLQPRGRPROWRDWWHQWR,QJHQHUHÔXWLOHSHUO LQYHVWLJDWRUHSDU WLUHGDOODGRPDQGDk{FXLSURGHVW"{yRYYHURDFKLJLRYDLOIDWWRFKH ODSROL]LDHQWULLQSRVVHVVRGLTXHOODQRWL]LD/HLQIRUPD]LRQLIRUQLWHGD XQ LQIRUPDWRUH DLXWDQR VHPSUH TXDOFXQR SUHIHULELOPHQWH OH IRU]H GL SROL]LDHGDQQHJJLDQRTXDOFXQDOWURSUHIHULELOPHQWHLFULPLQDOL/D GRPDQGDkFXLSURGHVWyDLXWDO LQYHVWLJDWRUHDFDSLUHSUHOLPLQDUPHQWH LQTXDOHWHUULWRULRFLVLVWDPXRYHQGR,SHULFROLSHUVRQDOLHWLFLHOHJDOL FRQQHVVLDOO XVRGLLQIRUPDWRULPRWLYDWLGDFRQFRUUHQ]DSHUYHUVDVRQR FRVØVRVWDQ]LDOLFKHGRYUHEEHURHVVHUHXWLOL]]DWLVHGHOFDVRVRODPHQWH FRQODSLã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qVRFLDOHGL0DVORZFLVLDFFRUJHUÍFKHJOLLQIRUPDWRULDSSDUWH QHQWLDTXHVWDFDWHJRULDVRQRJLÍVRGGLVIDWWLQHLORURELVRJQLILVLRORJLFL HGLVLFXUH]]DSULPRHVHFRQGROLYHOORGHOODSLUDPLGH *OL LQIRUPDWRUL ULHQWUDQWL LQ TXHVWD FDWHJRULD SRVVRQR HVDJHUDUH ULJXDUGR O LPSRUWDQ]D GHOOH ORUR LQIRUPD]LRQL R VXOOD SRVVLELOLWÍ GL DFFHVVRDOOHVWHVVHLQWXWWLHGXHLFDVLVHQRQDWWHQWDPHQWHYDOXWDWDH ULVFRQWUDWDODFROODERUD]LRQHGLTXHVWHSHUVRQHSRWUHEEHFRVWLWXLUHSLã FKHXQEHQHILFLRXQVHULRSHULFRORSHUOHLQGDJLQL8QRGHLULVFKLGD FRQVLGHUDUHQHOO XWLOL]]RGLTXHVWRGLWLSRGLIRQWHÔFKHTXHVWDSRVVD FUHGHUH GL SRWHU DJLUH DXWRQRPDPHQWH SUHQGHQGR GHFLVLRQL LQGLSHQ GHQWLHQRQFRRUGLQDWHHJHVWLWHGDOO LQYHVWLJDWRUH $ TXHVWD FDWHJRULD GL FRQILGHQWL DSSDUWHQJRQR DQFKH FRORUR FKH VRQRVSLQWLGDXQVHQWLPHQWRGLHJRLVPRYDQLWRVRFKHOLSRUWDDWUDGLUH SHU VHQVR GL VXSHULRULWÍ DFFXVDQGR DOWUL VRJJHWWL ULWHQXWL LQIHULRUL LQ PRGRGDDXPHQWDUHLOSURSULRSUHVWLJLRHVXFFHVVR,QJUDQSDUWHOD PRWLYD]LRQH FKH VSLQJH TXHVWD WLSRORJLD GL FRQILGHQWL Ô WUDQVLWRULD H GXUDILQFKÑHVVLVHQWRQRGLQRQDYHUSLãQXOODGDGLPRVWUDUH 4XDQGR TXHVWR PRPHQWR DUULYD Ô SUREDELOH FKH O LQIRUPDWRUH HJRWLVWLFRSHUGDO LQWHUHVVHDFRQWLQXDUHDFRRSHUDUHDYROWHODVFLDQGR LOFDVRLQVRVSHVR/DVWHVVDDQDOLVLSXÝHVVHUHIDWWDYDOHUHDQFKHSHU O LQIRUPDWRUH LO FXL RELHWWLYR SULQFLSDOH Ô GLPRVWUDUH OD SURSULD JUDQ GH]]DDWWUDYHUVRLOVXRFROOHJDPHQWRFRQOHIRU]HGHOO RUGLQHDPHQR FKHXQDVDSLHQWHHGDFFXUDWDJHVWLRQHSRVVDFRQVHQWLUHLOPDQWHQLPHQWR L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w GHOOD PRWLYD]LRQH DOOD FROODERUD]LRQH (VLVWRQR SRL SHUVRQH SURQWH D FRRSHUDUHFRQODSROL]LDSHUGHQDURLFGPHUFHQDUL,VROGLSDUODQRHOH LVWLWX]LRQLVRQRSURQWHDSDJDUHSHURWWHQHUHLQIRUPD]LRQLFKHSRVVDQR DJHYRODUHLOODYRURGLSROL]LDHRGLLQWHOOLJHQFH /H SHUVRQH FKH RIIURQR LQIRUPD]LRQL VRODPHQWH SHU VROGL LQGLUL] ]DQRLORURELVRJQLDOODEDVHGHOODSLUDPLGHGL0DVORZ1HOODOHWWHUD WXUDURPDQ]HVFDXQRVWRULFRULIHULPHQWRVLSXÝWURYDUHQHOODILJXUDGL *\SR1RODQLOFRQILGHQWHFKHFRQVHJQÝLOSURSULRDPLFRSHULVROGL ,QSDUWLFRODUH2 )ODKHUW\O DXWRUHGHOVDJJLRVFULYHk{OXLVWDYDLQ SLHGLJXDUGDQGRDWHUUDFRQOHPDQLLQIRQGRDOOHWDVFKHGHLSDQWDORQL 6HPEUDYDHVVHUHLPPHUVRQHLVXLSHQVLHULDQFKHVHLQUHDOWÍQRQVWDYD SHQVDQGR3HUORPHQRQRQF HUDQHVVXQDLGHDFRQFUHWDILVVDQHOODVXD PHQWH'XHSHQVLHULVLDFFDOFDYDQRQHOVXRFHUYHOORLQTXHOVHQWLPHQWR SULPRUGLDOHFKHÔO LQL]LRGHOSHQVLHURWLSLFRGHOOHSHUVRQHVWDQFKHRYH LOFHUYHOORDIIDWLFDWRKDFRQVXPDWRJOLXOWLPLJXL]]LGHOODVXDHQHUJLD 'XHVROLSHQVLHUL,OSULPRODVXDULXQLRQHFRQO LQYHVWLJDWRUH0F3KLO OLS ,OVHFRQGRLOIDWWRGLQRQDYHUHSLãVROGLQHDQFKHSHUSDJDUHXQ OHWWRSHUODQRWWH{y/DVLWXD]LRQHQDUUDWDGDOO DXWRUHYHGHXQ*\SR 1RODQVHQ]DVROGLPRWLYRSHULOTXDOHHJOLHQIDWL]]DXQELVRJQRILVLR ORJLFRHGRYYLRLOFLERFRVØFRPHXQELVRJQRGLVLFXUH]]DXQWHWWR VRWWRLOTXDOHSDVVDUHODQRWWH(JOLHUDLQSRVVHVVRGLLQIRUPD]LRQLFKH SRWHYDQRHVVHUHVFDPELDWHSHUODVRGGLVID]LRQHLPPHGLDWDGLHQWUDPEL LELVRJQL&RPXQTXHÔQRWRFKHJOLLQIRUPDWRULPHUFHQDULQRQSURYDQR DIIDWWRORVWHVVRULPRUVRQHOSUHQGHUHLVROGLFKHDOWULSRWUHEEHURDYHUH 'DOPRPHQWRLQFXLÔHQWUDWRGDOODSRUWDO LQIRUPDWRUHPHUFHQDULRKD JLÍPDWXUDWRODGHFLVLRQHGLSUHQGHUHLVROGLHVDUÍSLHQDPHQWHGHFLVR QHOIDUOR &RPXQTXHVHLELVRJQLFDPELDQRFRPH0DVORZVRVWLHQHFKHDY YHQJDLOPHUFHQDULRSRWUHEEHQRQDYHUHSLãXQLQWHUHVVHDFRQWLQXDUHOD SURSULDFROODERUD]LRQHDPHQRDFKHQRQVHQWDODQHFHVVLWÍGLFRQWLQXD UHDIDUORSHUODVRGGLVID]LRQHGLXQQXRYRELVRJQR8QRGHLSUREOHPL QHOOD JHVWLRQH GL TXHVWD WLSRORJLD GL IRQWH Ô OD FRQYLQ]LRQH FKH L VROL VROGLQRQVLDQRVXIILFLHQWLDWHQHUHLQPRGRDIILGDELOHXQLQIRUPDWRUH VRWWRFRQWUROORTXDOFXQRFKHRIIUHYHUHLQIRUPD]LRQLSHUVROGLSRWUHE EHIDUORDQFKHSURSDODQGRLQIRUPD]LRQLIDOVH&LRQRQRVWDQWHODSUDWLFD GLSDJDUHOHLQIRUPD]LRQLFRQWLQXD , VROGL SRVVRQR HVVHUH XQ IDWWRUH PRWLYDQWH HIILFDFH VSHFLDOPHQWH VH VRGGLVID XQ ELVRJQR LPPHGLDWR ,Q XQD PLVFHOD SVLFRORJLFD LQ FXL LQWHUDJLVFRQRGLYHUVHPRWLYD]LRQLLVROGLSRVVRQRFRVWLWXLUHXQRVWUX PHQWRPROWRXWLOHSHURWWHQHUHLOFRQWUROORSHUXQDSLãFRUUHWWDJHVWLRQH GLXQLQIRUPDWRUH/DWHFQLFDFKHVLDYYDOHGHOSDJDPHQWRGLSLFFROH PDFRVWDQWLVRPPHGLGHQDURSXÝFRQVHQWLUHXQSLãSURIHVVLRQDOHDYYL FLQDPHQWRDOODIRQWH8QDVRUWDGLVDODULRFKHSXÝHVVHUHXWLOL]]DWRSHU L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( VSHVHFDVXDOLSLFFROLOXVVLHFFHVXOTXDOHO LQIRUPDWRUHFRQWDPRGL ILFDQGRLOSURSULRVWLOHGLYLWDLQEDVHDOQXRYRUHGGLWR6HO LQWHQ]LRQH ÔFUHDUHXQIHGHOHHGDIILGDELOHHGLSHQGHQWHLQIRUPDWRUHSHUXQOXQJR SHULRGRTXHVWDWHFQLFDÔFHUWDPHQWHLOSLãHIILFDFHLQTXDQWRSRUWDLO FRQILGHQWHDGXQPDJJLRUHLPSHJQR(VLVWRQRSRLVRJJHWWLFKHVRQR VSLQWLDFROODERUDUHDQLPDWLGLSHQWLPHQWRRGHVLGHULRGLULDELOLWD]LRQH 7LSRORJLDGLLQIRUPDWRUHUHODWLYDPHQWHUDUDTXHVWLVRJJHWWLVRQRJHQH UDOPHQWHVLQFHULQHOORURGHVLGHULRGLODVFLDUVLDOOHVSDOOHLOPRQGRGHO FULPLQH 4XHVWLVRJJHWWLSRVVRQRHVVHUHHVWUHPDPHQWHSUH]LRVLLQTXDQWREHQ LQWHQ]LRQDWL GD XQD PRWLYD]LRQH SRVLWLYD H FRQ OD SRVVLELOLWÍ GL DYHUH DFFHVVRDGLQIRUPD]LRQLXWLOLDOOHLQYHVWLJD]LRQLLQJHQHUH·TXHVWDXQD FRPELQD]LRQHHFFH]LRQDOH·PROWRSUREDELOHFKHTXHVWRWLSRGLFRQIL GHQWHLQIRUPDWRUHSXQWLDVRGGLVIDUHLSURSULELVRJQLGLDXWRVWLPDHGL DSSDUWHQHQ]DGHOODSLUDPLGHGL0DVORZ 8Q LQYHVWLJDWRUH SXÝ VRVWHQHUH TXHVWD PRWLYD]LRQH ULVSHWWDQGR OH GLIILFROWÍFKHWDOHVFHOWDFRPSRUWD/ LQIRUPDWRUHSRWUHEEHWHQWDUHGLWD JOLDUHLSRQWLFRQODVXDYHFFKLDYLWDEUXFLDQGRLVXRLVRFLSHUFHSLWLGDO ORVWHVVRFRPHRVWDFROLDOODVXDULDELOLWD]LRQH7XWWDYLDÔEHQHULFRUGDUH FKHSHUVRQHYHUDPHQWHSHQWLWHGHOOHFDWWLYHVFHOWHHGHOYHFFKLRPRGR GL YLYHUH VRQR GLIILFLOL GD WURYDUH / DQDOLVL VXOOD ERQWÍ GHO VRJJHWWR LQIDWWLQRQSXÝSUHVFLQGHUHGDOTXHVLWRLQL]LDOHFKHO LQYHVWLJDWRUHGHYH SRUVLk{FXLSURGHVW"{yk{SHUFKÑTXHVWDSHUVRQDLQWHQGHFROODER UDUH"{y8QLQIRUPDWRUHYHUDPHQWHSHQWLWRÔHVVHQ]LDOPHQWHFROXLFKH DEEDQGRQDLOPRQGRVRPPHUVRGHOODPDODYLWD 6LVWDODVFLDQGRTXHOODYLWDDOOHVSDOOHSURJHWWDQGRGLQRQULWRUQDUYL SLãHEUXFLDQGRRJQLSRVVLELOLWÍSHUIDUOR2OWUHDOOHPRWLYD]LRQLGHVFULW WHGD+DUQH\DOWULDXWRULKDQQRVYLOXSSDWRO DUJRPHQWRLQGLYLGXDQGR SURSULHWLSRORJLHGLFRQILGHQWHHFLÝLQUHOD]LRQHDOIDWWRFKHOHSHUVRQH SRVVRQRIDUVLDYDQWLDQFKHSHUDOWUHVHSSXUHPHQRFRPXQLUDJLRQL,Q TXHVWRVHQVRÔEHQHULFRUGDUHFKHODPDJJLRUSDUWHGLLQYHVWLJDWRULFKH KDQQRJHVWLWRIRQWLFRQILGHQ]LDOLEHQSRVVRQRDYHUHSUHVHQWLOHPRWLYD ]LRQLLQVROLWHFKHKDQQRGHWHUPLQDWRLSURSULLQIRUPDWRULDFROODERUDUH 5LDVVXPHQGR D ODPRWLYD]LRQHÔXQDVSLQWDSVLFRORJLFDFULWLFDQHOODGHFLVLRQH GLGLYHQWDUHXQFRQILGHQWH E OHFRQWURVSLQWHDOODGHFLVLRQHGLFROODERUDUHFRQODSROL]LDVRQR SVLFRORJLFDPHQWHIRUWLHQXPHURVH F ODPRWLYD]LRQHDSDVVDUHLQIRUPD]LRQLGHYHHVVHUHIRUWHDEED VWDQ]DGDVXSHUDUHSUHJLXGL]LXPDQDPHQWHPROWRUHVLVWHQWLFRPHDG HVHPSLRLOVHQVRGHOWUDGLPHQWR G FLVRQRPROWHUDJLRQLFRPXQLGDOFXLVWXGLRHGDQDOLVLÔSRVVLEL OHFRPSUHQGHUHLOSHUFKÑOHSHUVRQHGHFLGRQRGLFRRSHUDUHFRQODOHJJH HWXWWHVLULIHULVFRQRGLUHWWDPHQWHDOOHQHFHVVLWÍSHUFHSLWHGHOO LQIRUPD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w WRUHLFGELVRJQL H ODPDJJLRUSDUWHGHJOLLQIRUPDWRULKDQQRSLãGLXQPRWLYRSHU FRRSHUDUHHGLOORURPRWLYRSXÝFDPELDUHHPRGLILFDUVLFRQLOSDVVDUH GHOWHPSRIOXWWXD]LRQHGHOOHQHFHVVLWÍHGHLELVRJQL I ÔDVVROXWDPHQWHIRQGDPHQWDOHFKHO LQYHVWLJDWRUHFKHJHVWLVFH XQDIRQWHFRQILGHQ]LDOHVFDYLLQSURIRQGLWÍSHUFRPSUHQGHUHOHPRWLYD ]LRQLFKHVSLQJRQRLOSURSULRLQIRUPDWRUHDOODFROODERUD]LRQH &RVØFRPSRUWDPHQWLHFFHVVLYDPHQWHDIIDELOLGDSDUWHGHOO LQYHVWL JDWRUHSRVVRQRGLVWRUFHUHLOUDSSRUWRFRQSUREDELOLFRQVHJXHQ]HQHJD WLYHVXOUDSSRUWR'LYHQWDXQDTXHVWLRQHGLRSSRUWXQLWÍTXLQGLHYLWDUH GLVFXVVLRQLVXSROLWLFDUHOLJLRQHVRFLHWÍHFFVDOYRFKHTXHVWRQRQVLD HIIHWWLYDPHQWHQHFHVVDULRSHUO RELHWWLYRGDUDJJLXQJHUHRVHVLULWLHQH FKH WDOL DUJRPHQWL SRVVDQR HVVHUH XWLOL SHU XQD PDJJLRUH GHILQL]LRQH GHO IHHOLQJ PRVWUDUH DWWHQ]LRQH OHJJHUD PD DUJXWD FDSLUH TXDQGR OD IRQWHVHPEUDGHVLGHUDUHXQDFKLXVXUDGHOODFRQYHUVD]LRQHSURVHJXLUH SRWUHEEHGDQQHJJLDUHLOUDSSRUWRHFRPXQTXHGLIILFLOPHQWHSRUWHUHEEH DGXQDGLYHUVDGHILQL]LRQHGHOULVXOWDWR ,QVRVWDQ]DLOFRQILGHQWHGHYHDYHUHODVHQVD]LRQHGLWURYDUVLGDYDQWL XQLQGLYLGXRDIILGDELOHGHJQRGLILGXFLDFRPSUHQVLYRHGLVSRQLELOH 3HURWWHQHUHTXHVWRULVXOWDWRO LQYHVWLJDWRUHQRQGRYUÍWUDVFXUDUHQHV VXQRGHJOLDVSHWWLFKHSHUPHWWRQRGLUDIIRU]DUHODILGXFLDHODVWLPDGHO FRQILGHQWHQHLVXRLFRQIURQWLPXRYHQGRVLTXLQGLLQPRGRGDULXVFLUH DGLQWHUHVVDUHPRWLYDUHHFRLQYROJHUHODIRQWHFRVØGDVXVFLWDUHQHOOD VWHVVDXQLQWHUHVVHJUDWLILFDQWHLQJUDGRGLJHQHUDUHXQFOLPDPHQWDOH PDJJLRUPHQWHDSHUWRDGDWWHJJLDPHQWLGLUHDOHFRRSHUD]LRQHHOHDOWÍ l'RSRDYHUORPHVVRDOODSURYDVRORSRVLWLYLULVFRQWULSRVVRQRJLX VWLILFDUHLOULSHWHUVLGLFRQWDWWL,OFRQILGHQWHFULPLQDOHRGDVVRFLDWRD FULPLQDOLÔQRUPDOPHQWHGLIILFLOHGDFRQWUROODUH/ RQHVWÍHODOHDOWÍQRQ VRQRWUDOHVXHFDUDWWHULVWLFKH·GXQTXHLQGLVSHQVDELOHFKHLQTXHVWR WLSR GL UDSSRUWR O LQYHVWLJDWRUH PDQWHQJD XQ DWWHJJLDPHQWR ULJLGR H GLVWDFFDWRDOORQWDQDQGRODIRQWHQHOFDVRLQFXLHPHUJDQRHOHPHQWLFKH SRVVDQRFRQILJXUDUHIXWXULSRWHQ]LDOLFRQWUDVWLFRQODOHJJH 8QDEUHYHOLVWDGLSRWHQ]LDOLIRQWLILGXFLDULHFRQILGHQWLLQIRUPDWRUL SXÝFRPSUHQGHUHSRUWLHULGLVWDELOLEDULVWLWDVVLVWLEDUELHULGLUHWWRULR LPSLHJDWLG DOEHUJRLQYHVWLJDWRULG DVVLFXUD]LRQHHGDOWULLQYHVWLJDWRUL SULYDWLSRVWLQLLPSLHJDWLSXEEOLFLSHUVRQDOHGLFRPSDJQLHDHUHHJH VWRULGLDXWRQROHJJLSHUVRQDOHLQVHUYLHQWHGLULVWRUDQWLHFFz L o#p rqgr #ghooh#Lqir upd}lr ql ,17,1,$&$672$6&$/,'LQ,QYHVWLJD]LRQHGLSROL]LDJLXGL]LDULDqPDQXD OHGHOOHWHFQLFKHRSHUDWLYH£HGL]LRQH/DXUXV5REXIIR5RPD 0$1=,1,LQ7UDWWGL'LU3URFHVV3HQ87(7 0$',1*(5-&RQILGHQWLDO,QIRUPDQW/DZ(QIRUFHPHQW V0RVW9DOXDEOH7RRO '&3UHVV86$ 0DVORZ$LQ0RGLILFDWLRQDQG3HUVRQDOLW\+DUSHU1HZ<RUN 2 )/$+(57</,$07KHLQIRUPHU$QRYHO8QNQRZQ%LQGLQJ&DSH1HZHG UHSULQWHGHGLWLRQ-DQXDU\ 5RJHUV &5 k$ WKHRU\ RI WKHUDS\ SHUVRQDOLW\ DQG LQWHUSHUVRQDO UHODWLRQ VKLSVDVGHYHORSHGLQWKHFOLHQWFHQWHUHGIUDPHZRUNyLQ6.2&+)RUPXODWLRQV RIWKHSHUVRQDQGWKHVRFLDOFRQWH[W3V\FKRORJ\$VWXG\RIDVFLHQFHYRO,,,0F *UDZ+LOO1HZ<RUN 1RWH &IUDQFKH0DQ]LQLLQ7UDWWGL'LU3URFHVV3HQ87(7qk,OOHJL VODWRUHSHQDOHQRQGHYHGLVVLPXODUVLFKHVHQ]DO DLXWRSUH]LRVRGHLFRQILGHQWLHVVHUL DELHWWLPDLQGLVSHQVDELOLPROWLVVLPLUHDWLHGHOLQTXHQWLULPDUUHEEHURRFFXOWLLQDJ JLXQWDDOQXPHURJLÍULOHYDQWLVVLPRGLTXHOOLFKHPDOJUDGRWXWWRUHVWDQRLJQRWLy ,OFRQFHWWRQDVFHFRQ&5RJHUVDQQL&LQTXDQWDFKHÔLOIRQGDWRUHGHOO DS SURFFLRFHQWUDWRVXOODSHUVRQD4XHVWRDSSURFFLRFKHQDVFHFRPHSVLFRWHUDSLDWURYD DSSOLFD]LRQHFRPHPHWRGRXWLOL]]DWRSHUPLJOLRUDUHOHUHOD]LRQLLQWHUSHUVRQDOLGLRJQL WLSRFIU52*(56&5k$WKHRU\RIWKHUDS\SHUVRQDOLW\DQGLQWHUSHUVRQDOUHODWLRQ VKLSVDVGHYHORSHGLQWKHFOLHQWFHQWHUHGIUDPHZRUNyLQ6.2&+)RUPXODWLRQVRI WKHSHUVRQDQGWKHVRFLDOFRQWH[W3V\FKRORJ\$VWXG\RIDVFLHQFHYRO,,,0F*UDZ +LOO1HZ<RUN / HPSDWLD FKH VL ULVROYH QHOOD FDSDFLWÍ GL VSRJOLDUVL GHL SURSUL SDQQL H PHWWHUVLLQTXHOOLGHOO DOWURVHQ]DSHUÝSHUGHUHLOFRQWDWWRFRQVHVWHVVRÔOHJDWDDOO DW WHJJLDPHQWRWHQXWRGDOO LQYHVWLJDWRUHQHOODVXDDWWLYLWÍGLUDFFROWDGHOOHLQIRUPD]LRQL DWWUDYHUVRORVWUXPHQWRGHOO DVFROWRDYYDOHQGRVLGHOODFRPXQLFD]LRQHQRQYHUEDOHH LQROWUHGHOODFRPXQLFD]LRQHYHUEDOHHVSULPHUHFRQSDUROHHVXRQLULFRQRVFLPHQWRH DFFHWWD]LRQH(VVRÔFDUDWWHUL]]DWRGDOO DELOLWÍGLPRVWUDUHDWWHQ]LRQHHGDLVLOHQ]L $ELOLWÍGLPRVWUDUHDWWHQ]LRQHVLJQLILFDGDUHYDORUHDOO DOWUR6LJQLILFDFHQWUDUVL VXFLÝFKHO DOWURGLFHHFKHQRQGLFH,QXQDVLWXD]LRQHGLTXHVWRWLSRO DWWHQ]LRQH '266,(5,17(//,*(1&( %LEOLRJUDILD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w PRVWUDWDGDOO LQYHVWLJDWRUHFUHDQHOFRQILGHQWHTXHOVHQVRGLVHQWLUVLDVFROWDWRHYDOR UL]]DWRFRQGXFHQGRYHUVRXQDWWHJJLDPHQWRLQWHUQRGLDSHUWXUDDOODFRPXQLFD]LRQH 6HXQDSHUVRQDKDXQELVRJQRÔGLVSRVWDDWUDWWDUHHQWURFHUWLOLPLWLSHUFKÑ WDQWRSLãLOELVRJQRÔIRUWHWDQWRPHQRODSHUVRQDÔGLVSRVWDDWUDWWDUHLQTXDQWRLO ELVRJQR GHWHUPLQD XQ UHVWULQJLPHQWR GHOO DUHD GL LQWHUD]LRQH FRQ JOL DOWUL OLPLWDWR VROWDQWRDOFDPSRGLVRGGLVIDFLPHQWRGHOELVRJQRk7XWWHOHSURYHLQQRVWURSRVVHVVR LQGLFDQRFKHÔUDJLRQHYROHVXSSRUUHSUDWLFDPHQWHLQWXWWLJOLHVVHULXPDQLXQ DWWLYD YRORQWÍ GL VDOXWH XQ LPSXOVR DOOD FUHVFLWD HG DOO DWWXDOL]]D]LRQH GHOOH SRWHQ]LDOLWÍ XPDQHy$0DVORZLQ0RGLILFDWLRQDQG3HUVRQDOLW\+DUSHU1HZ<RUN &IU$,17,1,$&$672'6&$/,LQ,QYHVWLJD]LRQHGLSROL]LDJLXGL]LDULD qPDQXDOHGHOOHWHFQLFKHRSHUDWLYHHGL]LRQH/DXUXV5REXIIR5RPD OXSXV &L VL FRQIURQWL DQFKH FRQ OD FRQFH]LRQH KREEHVLDQD GHOO KRPR KRPLQL 1HOFDVRGL-RH9DODFKLODYHQGHWWDQRQIXLOPRWLYRLQL]LDOHFKHORVSLQVH DFRRSHUDUHHUDVWDWDLQIDWWLODSDXUDGHLSURSULVRFLDVSLQJHUORLQTXHOODGLUH]LRQH WXWWDYLDIXLOVXRGHVLGHULRGLYHQGHWWDLQWHQVLILFDWRVLFROSDVVDUHGHOWHPSRDPRWL YDUORDFRQWLQXDUH &IU/,$02 )/$+(57<7KHLQIRUPHU$QRYHO8QNQRZQ%LQGLQJ&DSH 1HZHGUHSULQWHGHGLWLRQ-DQXDU\ / DELOLWÍ GHOO LQYHVWLJDWRUH QHO UDSSRUWR FRQ LO FRQILGHQWH VWD DQFKH QHO VDSHULQGLYLGXDUHOHIUDJLOLWÍULFRVWUXWWLYHGHOODFRQILGHQ]DPDQFDQ]DWRWDOHRSDU]LDOH GLXOWHULRULHOHPHQWLFKHFDUDWWHUL]]DWLGDFRQFUHWDHGLPPHGLDWDULVFRQWUDELOLWÍSRV VDQRFRQILJXUDUVLFRPHHIIHWWLYRVRVWHJQRGHOODFRQILGHQ]D ·LPSRUWDQWHDGHVHPSLRVDSHUFRJOLHUHVIXPDWXUHFRPHOHFGLQVLQXD]LRQLVWD WXWRGHILQLWRULRGLYHUVRGDOO HUURUHODFXLLQGLYLGXD]LRQHSXÝFRQGXUUHDGXQJUDYH LQGHEROLPHQWRGHOODFUHGLELOLWÍFRPSOHVVLYDGHOODULFRVWUX]LRQHFRQILGHQ]LDOH ,QVRVWDQ]DO LQYHVWLJDWRUHQRQGHYHIHUPDUVLDOODVHPSOLFHDQDOLVLGHOODYHURVLPL JOLDQ]DRDOFDOFRORSUREDELOLVWLFRGHOODFRQJUXHQ]DGLXQ DIIHUPD]LRQH·XQSHULPH WURPRUDOHHSVLFRORJLFRTXHOORGRYHV LQWUHFFLDLOUDSSRUWRLQYHVWLJDWRUHqFRQILGHQWH GRYHLOULVXOWDWRILQDOHLPSURQWDWRDGLQHOXGLELOLFULWHULGLOHJDOLWÍÔUDSSUHVHQWDWRGDO SHUVHJXLPHQWRGLILQLGLJLXVWL]LD &IU$,17,1,$&$672 ' 6&$/, LQ ,QYHVWLJD]LRQH GL SROL]LD JLXGL]LDULD qPDQXDOHGHOOHWHFQLFKHRSHUDWLYHHGL]LRQH/DXUXV5REXIIR5RPD L o#p rqgr #ghooh#Lqir upd}lr ql /DVWUDWHJLDHVSDQVLRQLVWDGHOWHUURULVPRLVODPLFRDWWUDYHUVRODSROLWLFDOD FRPXQLFD]LRQHHODGHVWDELOL]]D]LRQH,OkGRVVLHUy$O4DCLGD *OLFHULR7DXULVDQR ' LIIRQGHUHODSDXUDWUDOHSRSROD]LRQLÔVHPSUHVWDWDODSUHUR JDWLYDGHLkJUXSSLWHUURULVWLFLyDLILQLGLLPSRUVLFRQODIRU]D ODSDXUDHORVWUDJLVPRDIURQWHGLLGHRORJLHVRFLRORJLFKHH FXOWXUDOLFKHWURYDQRIRQGDPHQWRVRORQHOODHIIHUDWH]]D·SXUYHURFKH OHIRUPHGLTXHVWHLGHRORJLHYDULDQRDVHFRQGDGHLSHULRGLVWRULFLGHL OXRJKLHGHJOLkVFHQDULSROLWLFLyPDÔDQFRUSLãYHURFKHLOILQHXOWLPR ÔVHPSUHORVWHVVRFRPHSXUHQRQFDPELDODFRPSRQHQWHSROLWLFDQHJOL VFHQDULDWWXDWLYLHJHVWLRQDOLGHOWHUURULVPR,OFRQFHWWRGHOWHUURULVPR XQLWDPHQWH DOOD VXD GHILQL]LRQH Ô VWDWR HG Ô OR VWXGLR SULQFLSDOH SHU GLYHUVLDXWRUHYROLHVSRQHQWLGDL6HUYL]L6HJUHWLDJOL$QDOLVWLGHOOH3ROL ]LHGLWXWWRLOPRQGRGDO6RFLRORJRDO&ULPLQRORJRGDOOR3VLFRORJRDO 7HRORJRHXOWLPDPHQWHGDLVWLWXWLRGLSDUWLPHQWLGLULFHUFKHSUHVHQWLSHU )LJXUD,OFRORUHSLãVFXURLQGLFDODGLIIXVLRQHGL$O4DHGDRJJLQHOPRQGR '266,(5,17(//,*(1&( 7(5525,6028/7,0$$1$/,6, L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w ORSLãQHJOL6WDWL8QLWL,OFRQFHWWRl{ÔWHUURULVPRWXWWRFLÝFKHLQVDQ JXLQDFRQDWWHQWDWLHVWUDJLODSRSROD]LRQHFKHXFFLGHSUHYDOHQWHPHQWH FLYLOLDOILQHGLWHUURUL]]DUHODSDUWHFRQWUDSSRVWDDLSURSULVFRSLFKHLQ WHUQD]LRQDOL]]DOHSURSULHLGHHHLSURSULRELHWWLYL{zÔXQDGHILQL]LRQH FKHVHSSXUDPSLDQHOVXRJHQHUHHSLVWHPRORJLFRQRQVRGGLVIDSHUÝOD QHFHVVLWÍGLGDUHXQVLJQLILFDWRJOREDOHGHOWHUURULVPR 0D WUD OH YDULH GHILQL]LRQL FH Q Ô XQD FKH FROSLVFH LQ SDUWLFRODUH GDQGRO LGHDGLXQDDQDOLVLVHULDHGRSHUDWLYDGHOIHQRPHQRWHUURULVPR FKHl{ÔODPLQDFFLDSLãSURVVLPDSHUPH]]RGHOODJUDWXLWDYLROHQ]D HD]LRQLFULPLQDOLFRQLQWHQWLYHVVDWRULDWWDDSURGXUUHSDXUHHWLPRUL LQGHWHUPLQDWHVRFLHWÍFLYLOPHQWHGHPRFUDWLFKHDLILQLGLSUHFLVLVFRSL SROLWLFLFRQFRQVHJXHQ]DGLGHVWDELOL]]DUQHLOSURFHVVRGHPRFUDWLFRGL VYLOXSSRHVRSUDWWXWWRHFRQRPLFR{z & ÔGDQRWDUHFKHODFRPSRQHQWHSROLWLFDQHOWHUURULVPRQRQÔDIILQH DLPRGHOOLGHOOHVYDULDWHUHOLJLRQLRGHOOHDOWUHFRPSRQHQWLVHPPDLLO FRQWUDULRSRLFKÑÔSHUPH]]RGHOODUHOLJLRQHFKHHVVRVLLQDVSULVFHGL SURVHOLWLHVDQJXLQDULHVHFXWRULGLPRUWH 1HOPRQGRHVLVWRQRHVRQRHVLVWLWLWHUURULVPLGLGLYHUVLJHQHULO (X URSDVWHVVDKDVRIIHUWRSHULRGLGLWHUURULVPLTXDOLO ,UDO (WDOH%ULJDWH 5RVVHVRORSHUFLWDUQHDOFXQLJLÍQDWXUDOL]]DWLSHUÝDOODQDVFLWDFRPH FRQFHWWL GL lULEHOOLRQH YHUVR XQ VLVWHPD QRQ LGHRORJLFDPHQWH PDU[L VWDqOHQLQLVWDz>QHOFDVRGHOOHEULJDWHURVVH@lRSHUHIIHWWRGLGLVVLGHQ]D JRYHUQDWLYDz>QHOFDVRGHOO ,UDHGHOO (WD@(IIHWWLUDGLFDWLDQFKHQHOOD FXOWXUDRQHOODUHOLJLRQHGLXQGHWHUPLQDWRSDHVHRDUHDJHRJUDILFDLQ FXLHVLVWHLOWHUURULVPRLQWHJUDOLVWDqLVODPLFRFKHVHPEUDHVVHUHWXWW DOWUD FRVDFKHXQDkULEHOOLRQHyHVHUFLWDWDLQXQR6WDWRGLFRQVHJXHQ]DFRQ VFRSLSROLWLFLPROWRSLãDPSLHGHILQLWL3URSULRLQPHULWRDOODVLPELRVL WUDLOWHUURULVPRHODSROLWLFDRFFRUUHULFRUGDUHXQDFLWD]LRQHLQ7HUUR ULVPRH3ROLWLFDGL1REHUWR%REELR0DWWHXFFL3DVTXLQRlLOWHUURULVPR Ô TXHOOD SUDWLFD SROLWLFD GL FKL ULFRUUH VLVWHPDWLFDPHQWH DOOD YLROHQ]D FRQWUROHSHUVRQHROHFRVHSURYRFDQGRWHUURUHz 4XHVWRFRQFHWWRORVLWURYDJLÍDSSOLFDWRQHOSDVVDWRDOO LQGRPDQL GHOOD 5LYROX]LRQH )UDQFHVH QHO QHO GL]LRQDULR GHOO $FDGÑPLH )UDQÐDLVH LO WHUPLQH JLÍ VL OHJJHYD FRPH QHRORJLVPR DG LQGLFDUH XQ IHQRPHQRHXQSHULRGRVWRULFREHQSUHFLVRFLRÔTXHOORGHOk7HUURUHyLO UHJLPHLQVWDXUDWRGD5REHVSLHUUHH6DLQW-XVW>q@FRQHYLGHQ WHULIHULPHQWRDOODUDGLFHODWLQDkWHUURUHyODSDURODULFRQRVFHYDJLÍXQ RULJLQHGLHVSHULHQ]DSROLWLFD /DSROLWLFLWÍQHOIHQRPHQRWHUURULVPRF ÔVHPSUHVWDWDHFRQHVVD YLYH VL DOLPHQWD VL ULJHQHUD H VL RVWHJJLD D YROWH QHOO HVHFX]LRQH H QHOO DSSOLFDELOLWÍGLPHWRGLLGHRORJLHHILQL'LGHILQL]LRQLVXOWHUUR ULVPR SDUH FKH YH QH VLDQR JLÍ WDQWH SHU FXL VDUHEEH EHQH RVWHQWDUH QHO FHUFDUQH GHOOH DOWUH H PDJDUL LQWHUHVVDUVL SLã SURIRQGDPHQWH DOOR VWXGLRSHUODVXDHVWLQ]LRQHVLSHQVLFKHQHLODYRULHGLWLILQRDGRJJLGD L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( :DOWHU/DTXHXUD6FKPLWW-RQJPDQGLGHILQL]LRQLGHOWHUURULVPRVH QHFLWDQRDGHFLQHDOSXQWRFKHVLFRUUHUÍLOULVFKLRGLFRQIRQGHUFLWUD SUHFLVD]LRQLOLPLWD]LRQLHFRQILQL /HGHILQL]LRQLSHUWLQHQWLDOWHUURULVPRULFKLHGRQRVHULHGLIILFROWÍVLD FRQFHWWXDOLFKHVLQWDWWLFKHHTXHVWRVHPEUDDYHUORFDSLWRLOWHUURULVPR VWHVVRLOTXDOHÔDGGHVWUDWRDVIUXWWDUHDSURGHOODSURSULDUDSSUHVHQWDQ ]DWXWWRFLÝFKHJLXQJHGDOPRQGRHVWHUQRFRQIRQGHQGRYROXWDPHQWH LOFRQFHWWRRODGHILQL]LRQHGHOWHUURULVPRSHUWDOXQLVFRSLYLROHQWL 8QHVHPSLRSHUWXWWLSRWUHEEHGDUOR6DODK.KDOHI>$EX,\DG@XQRGHL FDSLGL)DWDKHGL6HWWHPEUH1HURUHVSRQVDELOHGLGLYHUVLDWWDFFKLWHUUR ULVWLFLFRPSUHVRTXHOORDYYHQXWRQHODOOH2OLPSLDGLGL0RQDFRGL %DYLHUDLOTXDOHSHUPLJOLRUDUHWDOLD]LRQLXVÝODkWDWWLFDGHOODFRQIXVLR QHyWUDWHUURULVPRHYLROHQ]DSROLWLFD$EX,\DGSUHVHQWDYDLOWHUURULVPR HODYLROHQ]DSROLWLFDFRPHGXHGLIIHUHQWLIHQRPHQLGLVJLXQWLHQRQFRU UHODWLWUDORURPDVHPSUHFRPRGRFRPHGHILQL]LRQHHGDSSOLFDELOLWÍ SHUFRQIRQGHUHSROLWLFDPHQWHXQ3DHVHDJJUHGLWR &HUWRFKHDWXWW RJJLODGHILQL]LRQHWUDWHUURULVPRYLROHQ]DSROLWLFD ULEHOOLRQH H TXDQW DOWUR Ô LQHUHQWH D IDWWL FULPLQDOL Ô XQR VWDWXVqVWX GLRUXP SUHYDOHQWHPHQWH TXDQGR VL RVVHUYDQR L 3DHVL DUDEL SURGXWWRUL GLWHUURULVPR·GXQTXHWHUURULVPRRULEHOOLRQHSHUODOLEHUD]LRQHQD ]LRQDOH>"@ TXHVWD Ô O LQFRQJUXHQ]D LQ TXHL 3DHVL QHL TXDOL ROWUH FKH DG RVSLWDUH RUJDQL]]D]LRQL WHUURULVWLFKH QH FRQGLYLGRQR LGHRORJLH HG RSHUDWLYLWÍ6HDQDOL]]LDPRFLÝFKHOD6LULDKDGLFKLDUDWRLQPHULWRDO FRQFHWWR H DOOD GHILQL]LRQH GHO WHUURULVPR FL VHPEUHUÍ FKH JOL 6WDWL 'HPRFUDWLFLVRQRkGLVSRWLFLyHFKHLFULPLQDOLHVDQJXLQDULGHOWHUURUH VLDQRODSDUWHVDQDGHOPRQGR>@3HUFXLOD6LULDLQVLHPHDGDOWUL6WDWL $UDEL KDQQR OD WHQGHQ]D SROLWLFRVWUDWHJLFD D UHQGHUH LQVLJQLILFDQWH WXWWH OH GHILQL]LRQL SULPD FLWDWH LQVLHPH DOOH DWWLYLWÍ WHUURULVWLFKH SRLFKÑTXHVWHXOWLPHVRQRSDUWHLQWHJUDQWHGLXQDULEHOOLRQHQD]LRQDOH HVHUFLWDWDGDQD]LRQDOLVWL /DSRVL]LRQHXIILFLDOH6LULDQDGLFKLDUDWDHULFRUUHQWHÔFKHOD6LULD QRQRVSLWDHQRQDLXWDOHRUJDQL]]D]LRQLWHUURULVWLFKHPDDLXWDHVRVWLHQH LkPRYLPHQWLQD]LRQDOLGLOLEHUD]LRQHy4XHVWDODGLFHOXQJDVXOIDWWR GHOODSURSRU]LRQDOLWÍGHOODFRQIXVLRQHHVXOGLVFUHGLWRGHOOHGHILQL]LRQL GDWH DO WHUURULVPR /R VWHVVR ,\DG$OODZL VWD VRVWHQHQGR DFFXVH DOOD 6LULDLQIDWWRGLRVSLWDOLWÍGLRUJDQL]]D]LRQLWHUURULVWLFKHPHQWUHJOL86$ JLÍGDWHPSRKDQQRQHOODOLVWDQHUDOD6LULDFRPH3DHVHSROLWLFDPHQWH FRQJLXQWR DOOH RUJDQL]]D]LRQL WHUURULVWLFKH 'D XOWLPR F Ô LO VRVSHWWR FKHLQ6LULDYLIRVVHURDQFKHGHLFDPSLGLDGGHVWUDPHQWRSHUWHUURULVWL 6RVSHWWRGLYHQXWRFHUWH]]DDVHJXLWRGLXQDFRQIHVVLRQHGLXQJLRYDQLV VLPRSDOHVWLQHVHGHWHQXWRQHOOHFDUFHULGL,VUDHOHFKHDPPLVHGLHVVHUH VWDWRSHUVHWWLPDQHDGDGGHVWUDUVLPLOLWDUPHQWHLQ6LULDGRSRHVVHUH VWDWRUHFOXWDWRGD+DPDV2VDPD0DWWDUTXHVWRLOVXRQRPHSDUHDEELD GDWRXQDGHVFUL]LRQHGHWWDJOLDWDGHOFDPSRFKHHUDFRVWDQWHPHQWHYLVL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w WDWRGDXRPLQLGHOO ,QWHOOLJHQFH6LULDQD'RSRSRFRÔJLXVWRSUHFLVDUH LOWXWWRIXDPSLDPHQWHVPHQWLWRVLDGDO0DWWDUVLDGDOOD6LULDQRQFKÑ GDOOD VWHVVD +DPDV ,QROWUH GD SDUWH GHO SDUWLWR ULIRUPLVWD GHOOD 6LULD VRQRDUULYDWHDOO ,QWHOOLJHQFHDPHULFDQDLQIRUPD]LRQLVXGLXQSDUHQWH GHO3UHVLGHQWH6LULDQRk%DVKDU$VVDGyWDOHk=X$OKHPDDO6KDOHHVKy LO TXDOH DYUHEEH QDVFRVWR DUPL GL GLVWUX]LRQH GL PDVVD LQ DOPHQR WUH ORFDOLWÍGHO3DHVHQHLSUHVVLGLDOq%DLDGQHLGLQWRUQLGHOYLOODJJLR7DO 6QDQHQHOVRWWRVXRORGHOODFLWWDGLQDGL6KLQVDUDIIHUPD]LRQLDQFRUDGD YDOXWDUHHFRQIHUPDUH 'LYHUVHGLFKLDUD]LRQLXIILFLDOLJLXQWHGDSDHVLDUDELWHQWDQRGLFRQ IRQGHUH L FRQFHWWL GHO WHUURULVPR VRVWLWXHQGR WDOH GHILQL]LRQH FRQ LO GLULWWR GL FRPEDWWHUH SHU OD kOLEHUD]LRQH QD]LRQDOHy$GGLULWWXUD QHOOH ULXQLRQLDOYHUWLFHGHOO ,VODPQHOGRFXPHQWRkVWUDWHJLDDUDEDQHOODORWWD FRQWURLOWHUURULVPRyVLGLIIHUHQ]LDFRQXQDFHUWDFRQYLQ]LRQHFKHTXHL 3DHVLFKHDLXWDQROHRUJDQL]]D]LRQLFKHFRPEDWWRQRFRQPH]]LEHOOLFR VLSHUODkOLEHUD]LRQHQD]LRQDOHyQRQVRQRDVVROXWDPHQWHGDGHILQLUH VXSSRUWLRVRVWHQLWRULGLRUJDQL]]D]LRQLWHUURULVWLFKH*LXVWLILFDUHLOWHU URULVPRFRQD]LRQLGLSDWULRWWLVPRVHPEUDTXLQGLO HVWUHPRWHQWDWLYRGL IDUFDSLUHDOO 2FFLGHQWHFKHLOPRQGRDUDERRUPDLVWXIRGHOO DXWRULWDULD LQWHUQD]LRQDOL]]D]LRQHGHPRFUDWLFDKDGDWRLOYLDDOODkPDQRGLGLRy SHUFROSLUHO LQIHGHOH 5HODWLYDPHQWH DOOD FRQYHQ]LRQH DUDED VXOOD UHSUHVVLRQH GHO WHU URULVPR DGRWWDWD GDO &RQVLJOLR GHL 0LQLVWUL GHJOL ,QWHUQL$UDEL H GDO &RQVLJOLR GHL 0LQLVWUL GHOOD *LXVWL]LD $UDEL DO &DLUR QHO SHU FDSLUHPHJOLRTXDQWRVLÔGHWWREDVWDOHJJHUHVRORLOSUHDPERORGLWDOH GRFXPHQWR *OL6WDWL$UDELILUPDWDULGLTXHVWRGRFXPHQWRDXVSLFDQGRGLSUR PXRYHUHODUHFLSURFDFRRSHUD]LRQHSHUODUHSUHVVLRQHGHOOHDWWLYLWÍWHU URULVWLFKHFKHDWWHQWDQRDOODVLFXUH]]DHVWDELOLWÍGHOOD1D]LRQH$UDEDH GDQQHJJLDQRLVXRLLQWHUHVVLYLWDOLHVVHQGRYLQFRODWLDLSLãDOWLSULQFLSL PRUDOL H UHOLJLRVL H LQ SDUWLFRODUH DL GRJPL GHOOD 6KDUL D LVODPLFD FRVØFRPHDOSDWULPRQLRXPDQLWDULRGHOOD1D]LRQH$UDEDFKHUHVSLQJH RJQLIRUPDGLYLROHQ]DHWHUURULVPRHGDXVSLFDODSURWH]LRQHGHLGLULWWL XPDQL SUHFHWWL DL TXDOL L SULQFLSL GHOOD OHJLVOD]LRQH LQWHUQD]LRQDOH VL FRQIRUPDQR HVVHQGR HVVL EDVDWL VXOOD FRRSHUD]LRQH WUD L SRSROL SHU OD SURPR]LRQH GHOOD SDFH (VVHQGR SHU GL SLã YLQFRODWL DO 3DWWR GHOOD /HJDGHJOL6WDWL$UDELDOOD&DUWDGHOOH1D]LRQL8QLWHHGDWXWWHOHDOWUH FRQYHQ]LRQL LQWHUQD]LRQDOL H VWUXPHQWL GL FXL JOL 6WDWL &RQWUDHQWL WDOH &RQYHQ]LRQHVRQRSDUWH $IIHUPDQGRLOGLULWWRGHLSRSROLGLFRPEDWWHUHO RFFXSD]LRQHVWUDQLH UDHO DJJUHVVLRQHLQTXDOVLDVLPRGRDYYHQJDFRPSUHVRFRPEDWWLPHQWL DUPDWLDOILQHGLOLEHUDUHLSURSULWHUULWRULHGDVVLFXUDUHLOGLULWWRDOO DX WRGHWHUPLQD]LRQHHDOO LQGLSHQGHQ]DHIDUHFLÝLQPRGRGDSUHVHUYDUH L o#p rqgr #ghooh#Lqir upd}lr ql 7DOHPDQLIHVWRDWWXDOPHQWHÔGLIHVRFRQGHFLVLRQHGDOODVWUDJUDQGH PDJJLRUDQ]D GHL 3DHVL$UDEL SURSULR D FRQWUDVWR GHOOH GHILQL]LRQL GL WHUURULVPRHDFRQIRQGHUQHOHLGHHSHUORSLãHYLGHQ]LDQGRQHLOIDWWR FKHkFKLFRPEDWWHSHUODOLEHUWÍGHOSRSRORHGHOODQD]LRQHDUDEDQRQ Ô XQ WHUURULVWD PD XQ JXHUULHUR GHOO ,VODPy 'DUH XQD GHILQL]LRQH DO WHUURULVPRDOILQHGLFRPSUHQGHUQHQDWXUDVWUXWWXUDHVFRSLRFFRUUHUÍ IRUVH GHGLFDUVL DQFRUD SLã LQWHQVDPHQWH QHOOR VWXGLR QHOOD VWUDWHJLD QHOODSUHYHQ]LRQHQHOO ,QWHOOLJHQFHHQHOFHUFDUHFRVWDQWHPHQWHXQGLD ORJRDQFRUDSULPDWUDL3DHVLRFFLGHQWDOLWUDOHGLYHUVHGHPRFUD]LHH FRORULSROLWLFLHDQFRUDSLãWUDLGLYHUVLHGXEELDIIDULJHRSROLWLFLHFRP PHUFLDOLHSRLFRQODFXOWXUDDUDERRULHQWDOHFRQOHUHOLJLRQLDGHVVD DVWDQWHPDUJLQDQGRHFRPEDWWHQGRSHUFKÑQRTXHVWRkDQWURSRIDJLVPR FULPLQDOHyDIILQFKÑVLJLXQJDXQLYRFDPHQWHDOULVSHWWRGHLUXROLGHOOH SURSULH FUHGHQ]H UHOLJLRVH GHO SURSULR kFRORUHy VRFLDOH H FRQJHQLWR &RPXQTXH XQ RWWLPD UDSSUHVHQWD]LRQH WHFQLFRqORJLVWLFD DIILQH DOOH LSRWHVLGLGHILQL]LRQLGHOWHUURULVPRÔGDWRGDOORVWXGLRHULFHUFDGHO O $FDGHPLF&RPPXQLW\RI,QWHUQDWLRQDO&RXQWHUq7HUURULVP 7HUURULVPRH&RPXQLFD]LRQHODFRPXQLFDWLYLWÍGHOWHUURULVPR )LJXUD'HILQL]LRQLGLWHUURULVPRGDOO $FDGHPLF&RPPXQLW\RI,QWHUQDWLRQDO &RXQWHUq7HUURULVP '266,(5,17(//,*(1&( O LQWHJULWÍWHUULWRULDOHGLFLDVFXQDQD]LRQH$UDEDLQDFFRUGRFRQLSULQ FLSLHVFRSLGHOODFDUWDGHOOH1D]LRQL8QLWHHFRQOHULVROX]LRQLGHOO 2U JDQL]]D]LRQH+DQQRFRQFRUGDWRGLVRWWRVFULYHUHTXHVWDFRQYHQ]LRQHH GLLQYLWDUHWXWWLJOL6WDWL$UDELFKHQRQSDUWHFLSDQRDOOHFRQFOXVLRQLGL TXHVWRGLEDWWLWRDGDGHULUH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w /DWUDQVQD]LRQDOLWÍGHOWHUURULVPRÔLOFDQDOHGLOLQJXDJJLRSLãSURV VLPRXWLOHDLILQLGHOODSURSULDFRPXQLFDWLYLWÍVHGL]LRVDSRLFKÑQDVFH GDXQDSUHFLVDUHDOWÍGLQDWXUDSROLWLFDFKHSRLDGHVVDVLIDQQRLQWHUD JLUHOHFRPSRQHQWLGLUHOLJLRVLWÍ>WHUURULVPRLVODPLFRRLQWHUQD]LRQDOH@ GLIDWWRULJHRSROLWLFRqFXOWXUDOHRQD]LRQDOLVWDqLQGLSHQGHQWLVWD>WHUURUL VPR EDVFR H GHOO ,UD@ H UDUH YROWH VWRULFKHHVWUHPLVWH >EULJDWH URVVH SULPDOLQHDO DFWLRQGLUHFWHODJDXFKHSUROÑWDULHQQHHFF@QRQÔDOWUR SHUFKÑFKLJHVWLVFHOHPDQRYUHRSHUDWLYHGHOWHUURULVPRLQWHUQD]LRQDOH VD SHUIHWWDPHQWH FKH VH YXROH DXVSLFDUVL FKH JOL LQWHQWL SROLWLFL VLDQR TXDQWRPHQRDYYLFLQDWLGHYHDGHVHPSLRQHOO DUHDLVODPLFDLQWHJUDUVL FRQODUHOLJLRVLWÍGLTXHOOXRJR0DDQFRUSULPDGLHYLGHQ]LDUHODFRQ QHVVLRQHGHOWHUURULVPRLVODPLFRFRQJOLDVSHWWLSROLWLFLLQWHUQD]LRQDOL RGLLQWUDYHGHUQHLSXQWLGLYLVWDkSROLWLFRqLQWHUQD]LRQDOHqVWUDWHJLFRy ÔEHQHQRWDUHO LPSRUWDQ]DFKHLOWHUURULVPRGÍDOODkFRPXQLFD]LRQHy DLILQLGLGDUHDLSURSULVFRSLXQDQHFHVVDULDULOHYDQ]DLQIRUPDWLYDVH SXUQDVFRVWDVXOODkSROLWLFLWÍyGHOORVFRSRSUHILVVDWRSRLFKÑSROLWLFDH FRPXQLFD]LRQHSXUFRPSHQVDQGRVLDYLFHQGDFDPPLQDQRGLSDULSDVVL PDDYROWHKDQQRGHILQL]LRQLGLYHUVHLQWHUFDODQGRVLLQVWUXPHQWDOL]]DWH LGHRORJLHSROLWLFRqUHOLJLRVHHFRQVHJXHQWHPHQWHFRQXQFHUWRLPSDWWR VXOOHSRSROD]LRQLSLãHVWUHPLVWHDOFRQFHWWRGLGHPRFUD]LDHVRSUDWWXWWR GLRFFLGHQWDOLVPR & ÔGDGLUHROWUHPRGRFKHODFRPXQLFD]LRQHGHOkWHUURULVPRyÔPL UDWDHVVHQ]LDOPHQWHQRQDOGHVWLQDWDULRkLVWLWX]LRQDOHyGHOPHVVDJJLR PDDLPHGLDDOOHSRSROD]LRQLSRLFKÑÔWUDPLWHHVVLFKHLQFLVLYDPHQWH SXÝIDUFRQYRJOLDUHOHLQIRUPD]LRQLYHUVRLYDUL*RYHUQLLQWLPRUHQGRQH ODSROLWLFDLQWHUQDFRPHDFFDGXWRDGHVHPSLRLQ6SDJQD &RPXQLFD]LRQHGXQTXHFRPHDUWHIDWWRVWUDWHJLFRGHOODSROLWLFDGHO WHUURUHOHPLQDFFHFKHXOWLPDPHQWHKDQQRVFRVVRO RSLQLRQHSXEEOLFD QRQVRORG ROWUHRFHDQRPDDQFKHHVRSUDWWXWWRLQ(XURSDODTXDOHVLQR DTXDOFKHDQQRIDFRQRVFHYDVRORXQGHWHUPLQDWRkWLSRyGLWHUURULVPR VRQRVWDWHFDQDOL]]DWHFRQLQWHOOLJHQ]DDWWUDYHUVRLSLãLPSRUWDQWLPH]]L GLFRPXQLFD]LRQHPRQGLDOHLPPDJLQDQGRVRORSHUXQDWWLPRGLTXDQWH WHVWDWHJLRUQDOLVWLFKHÔFRPSRVWDODFRPXQLFD]LRQHFDUWDFHDGHOSLDQHWD GLTXDQWLTXRWLGLDQLVRQROHWWLRJQLJLRUQRGHLWUDVPHWWLWRULWHOHYLVLYL UDGLRIRQLFLHFFVDSUHPRTXDOHHQRUPHPDVVDFRPXQLFDWLYDLQWHUFHGH QHOODTXRWLGLDQLWÍGLXQVLQJROROHWWRUHRDVFROWDWRUHHTXHVWRSXUWURS SRLOWHUURULVPRORKDVHPSUHVDSXWRORKDVWXGLDWRORKDVIUXWWDWRDPR GLSURSDJDQGD0DUVKDOO0F/XKDQVWXGLRVRFDQDGHVHQRQVLVEDJOLDYD TXDQGRDOO HSRFDGHOUDSLPHQWR0RURGDSDUWHGHOOHEULJDWHURVVHVR VWHQHYDFKHlSHUFRQWUDVWDUHOHDWWLYLWÍHYHUVLYHRFFRUUHHYLWDUHGLGDUH LQIRUPD]LRQLVXIDWWLHSURWDJRQLVWLGHJOLHYHQWL{VHQ]DFRPXQLFD]LRQH QRQYLVDUHEEHWHUURULVPRz$OGLOÍGLTXDQWRTXHVWRSRVVDIDUSLDFHUH RPHQRDLPHGLDÔSXUYHURFKHSLãLQIRUPD]LRQHVLHURJDQRVXLIDWWL WHUURULVWLFLHSLãWDOHIHQRPHQRVLFDULFDGLYLWDOLWÍSRLFKÑÔFKLDURFKH L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( OD FRPXQLFD]LRQHLQIRUPD]LRQH LQ PDQR DL WHUURULVWL Ô XQ DUPD FKH SRWUHEEHULOHYDUVLDGRSSLRWDJOLRVHVDSHVVLPRFRQLQWHOOLJHQ]DVIUXW WDUOD,OWHUURULVPRÔXQDVRUWDGLWHDWURFRPHJLÍQHODIIHUPDYDLO ULFHUFDWRUH%ULDQ-HQNLQV'LIDWWLODVSHWWDFRODULWÍGHJOLHYHQWLWHUURULVWL FLVRQRWDOLSURSULRDFDXVDGHOODLQIRUPD]LRQHFKHDGHVVHYLHQHGDWDH GHOPRGRGLFRPXQLFDUOHDOO RSLQLRQHSXEEOLFD&HUFKLDPRGLLPPDJL QDUFLXQJRYHUQRTXDOVLDVLQHOFXLSDHVHYLVLDQRDWWDFFKLWHUURULVWLFLFKH DVHJXLWRGHOODVSHWWDFRODUL]]D]LRQHDQFKHDWWUDYHUVRL0HGLDSRUWLQRD VFRSULUHOHHVLWD]LRQLGLTXHO*RYHUQRQHOODJHVWLRQHGHOO HYHQWRVWHVVR FRQFRQVHJXHQ]HGUDVWLFKH6LFXUDPHQWHTXHO3DHVHDJOLRFFKLGHOWHU URULVPRDSSDULUÍFRPHXQ3DHVHGHEROH 6H DOOD VSHWWDFRODUL]]D]LRQH GHO WHUURULVPR VL DJJLXQJH OD FRP SRQHQWH FRPXQLFDWLYD GL XQ GHWHUPLQDWR OHDGHU LO JLRFR Ô IDWWR $G HVHPSLRJOLVSHWWDFROLGLPRUWHGHOO DUHD,UDTYHQJRQRFRQWLQXDPHQWH WUDVPHVVHH>FRVDQXRYD@DQFKHUDFFRQWDWHWUDODSRSROD]LRQHPDQRQ SHUPH]]RGHOODQRUPDOLWÍPDDWWUDYHUVRUDFFRQWLVSHWWDFRODULVWUDWHJL FDPHQWHFUHDWLGDJOLRSHUDWRULGHOWHUURUHDOILQHGLLQQDO]DUHO DVSHWWR SRWHQWHGHOODPDQRGLVWUXWWLYD&LÝSXUWURSSRÔXQFDQDOHSXEEOLFLWD ULR,WHUURULVWLVFHOJRQRJOLRELHWWLYLGDFROSLUHFRQXQDFHUWDPHWRGLFD VWUDWHJLFDDQDOLVLSURSULRJUD]LHDOVHJXLWRVXJJHVWLYRFKHO HYHQWRGHYH FDXVDUHQHOOHSRSROD]LRQL /D VSHWWDFRODUL]]D]LRQH SXÝ FDXVDUH XQ HVFDODWLRQ GL DJJUHVVLYLWÍ SHUTXHVWRVDUHEEHIRQGDPHQWDOHFKHLPHGLDQRQGLULJDQROHSURSULH ULVRUVHYHUVRO DWWRWHUURULVWLFRFRPSLXWRPDSLXWWRVWRVXOORVWDWXVGHO VLQJRORWHUURULVWDGHONDPLND]HVXOODFXOWXUDVXOVXRPRGRGLYLYHUH IRFDOL]]DQGRVLSLãVXOk*LRUQDOLVPR,QYHVWLJDWLYRySLXWWRVWRFKHFRQWUL EXLUHVHSXULQYRORQWDULDPHQWHDOODGLYXOJD]LRQHVWXGLDWDGHLPHVVDJJL GHO WHUURULVPR &RVØ IDFHQGR VL SHUFRUURQR GXH VWUDGH HVVHQ]LDOL OD SULPD FUHDQGR XQD GDUNHQLQJqRSHUDWLRQ VXOOH YLROHQ]H WHUURULVWLFKH IDFLOLWDQGROHLQGDJLQLDJOLDQDOLVWLHDOOHIRU]HGLVLFXUH]]D/DVHFRQGD GDFDQDOHVWUXPHQWDOL]]DWRLQYRORQWDULDPHQWHGDOWHUURULVPRGLYHUUHE EHXQDIRQWHLPSRUWDQWLVVLPDGLUDFFROWDGLLQIRUPD]LRQLDLILQLGLGH EHOODUHOHRUJDQL]]D]LRQLWHUURULVWLFKH&HUWRÔFKHLOFRPSLWRGHLPHGLD LQTXHVWRVHQVRÔDQFRUDSLãSHULFRORVRLO*LRUQDOLVPR,QYHVWLJDWLYRÔ XQDJUDQGHVFLHQ]DPDDOWUHWWDQWRULVFKLRVD /DFRPXQLFD]LRQHGHOWHUURULVPRÔXQDFRPXQLFD]LRQHPRQRGLUH ]LRQDOH IRQGDWD VXOOD PHWRGRORJLD RVVLD FRQ XQR VWXGLR VLVWHPDWLFR *LÍSULPDFKHXQkHYHQWRqPHVVDJJLRyVLDGDWRRUHDOL]]DWRVLSURSRQH GD VXELWR SHU OD VSHWWDFRODUL]]D]LRQH XQD PDQLIHVWD]LRQH GL FRQFHWWL FKHYDQQRDOGLOÍGHOODFRJQL]LRQHGLFLÝFKHXQGHWHUPLQDWRDWWRWHUUR ULVWLFRYXROIDUVHPEUDUHGLDQQXQFLDUH ·XQDFRPXQLFD]LRQHFKHQRQDFFHWWDIHHGEDFNLQIDWWLHVVHQGRPR QRGLUH]LRQDOHQRQDFFHWWDVFDPELGLLQWHUFRPXQLFD]LRQHPDQHUDFFR JOLHOHkLQIRUPD]LRQLyGDTXLLOULVXOWDWRGHLPHVVDJJLDYROWHDSRFULIL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w D YROWH HVDJHUDWDPHQWH YHULGLFL SURSULR SHU FRQIRQGHUH RVWDFRODUH H SUHSDUDUHODVWUDWHJLDFRPXQLFDWLYDGLPDJJLRULQWHUHVVHSHUORVFRSR FKHVLSUHILJJHODVSHWWDFRODUL]]D]LRQH / RUJDQL]]D]LRQH WHUURULVWLFD FKH Ô O HPLWWHQWH GHO PHVVDJJLR SUHSDUD XQ HYHQWR XQ DWWR FULPLQDOH XQ DWWHQWDWR FDQDOL]]DQGRQH OD FRPXQLFD]LRQHDWWUDYHUVRLYDULPH]]LDOILQHGLUHQGHUORYHORFHPHQWH DVVLPLODELOH HG DGDWWDELOH DG RJQL IRUPD GL ULFH]LRQH VWXGLDQGRQH OD VWUDWHJLD DQDOL]]DQGRQHJOL HYHQWXDOL HIIHWWL SUHSDUDQGR XQ kFRXQWHU HYROXWLRQyDOILQHGLRWWLPL]]DUHJOLHYHQWLVXFFHVVLYLHFRQWHPSRUDQHD PHQWHWHQHQGRLQULVHUYDDOWUHkFRPXQLFD]LRQLy>LQHUHQWLDOORVWHVVRWLSR GLHYHQWR@TXDORUDLOPHVVDJJLRSUHFHGHQWHQRQVLDVWDWREHQHUHFHSLWR RQRQDEELDSURGRWWRLULVXOWDWLDVSHWWDWL,OGHVWLQDWDULRkSULQFLSHyGHJOL DWWHQWDWLWHUURULVWLFLFRPHJLÍGHWWRLQDSHUWXUDGLFDSLWRORVRQRLPHGLD HDWWUDYHUVRORUROHSRSROD]LRQL6RORLQXQVHFRQGRPRPHQWRHDYROWH DGGLULWWXUDQRQFRQVLGHUDWDPHQWHLWHUURULVWLVHJQDOLQROHLVWLWX]LRQLR L*RYHUQLFRPHSULQFLSDOLGHVWLQDWDULPDVHPSUHO RELHWWLYRSULQFLSDOH ÔO RSLQLRQHSXEEOLFD9R[3RSXOL9R['HL/ HYHQWRXQDYROWDLQPDQR )LJXUD6WUDWHJLDGHOODFDQDOL]]D]LRQHFRPXQLFDWLYDGHOWHUURULVPRGD*7$QD OLVL7HUURULVPR L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( DLPHGLDÔQDWXUDOHFKHVXELVFDODGLIIXVLRQHHGHVDJHUDWDPHQWHODVSHW WDFRODUL]]D]LRQHSHUPH]]RGHOOHDFFHQWXDWHHULSHWLWLYHLPPDJLQLGLXQ IDWWRWHUURULVWLFR ,OPHVVDJJLRkFUHDWRyÔGDWRFRQO DVSHWWDWLYDGLFRLQYROJHUHLQXQ EDOOHWWR PHGLDWLFR SURSULR FRPH OD PHGLDWL]]D]LRQH GHOOD SROLWLFD OD 3RSROD]LRQHGLYHQWDQGRUHFHWWULFHGHOPHVVDJJLRHOHFRPSRQHQWL,VWL WX]LRQDOLRJJHWWRGHLWLPRULHGHOOHSDXUHGHOO RSLQLRQHSXEEOLFDHVLVD LOSHVRFKHWDOHPDVVDHVHUFLWDVXL*RYHUQLGHPRFUDWLFDPHQWHHOHWWL /D FRPXQLFD]LRQH GHO WHUURULVPR LVODPLFR Ô FROORFDWD VWUDWHJLFD PHQWHFRQHVWHQVLRQHULOHYDQWHVXOO XWLOL]]RSHUVXDVLYRGHLPDVVPHGLD SHUIDUVØFKHTXHVWLXOWLPLFRQFHQWULQRLOPHVVDJJLRGLUHWWDPHQWHVXOOD PDVVDGLDVFROWDWRULDWWUDYHUVRODFRPXQLFD]LRQHWHOHYLVLYDJLRUQDOLVWL FDUDGLRIRQLFDHQRQGDXOWLPRSHUPH]]RGLLQWHUQHWHDWWUDYHUVRWDOL VWUXPHQWLGLFRPXQLFD]LRQLHVXFLÝFKHHVVDHVHUFLWDVXOODPDVVDGHOOD SRSROD]LRQH5LIHUHQGRFLDGHVHPSLRDLPHVVDJJLGL2VDPD%LQ/D GHQXQ DWWHQWDTXDQWREUHYHDQDOLVLFLIDLQGLYLGXDUHFRQIDFLOLWÍTXDOL VRQR L GHVWLQDWDUL SULQFLSDOL GHO PHVVDJJLR LQ SDUWLFRODUH O RSLQLRQH SXEEOLFD>SULPDGHOO DUHD,VODPSRLRFFLGHQWDOH@SHUFKÑVDFKHODPDVVD QRQDJLWDVRORJOLHYHQWLPDOLGLVWULEXLVFHHOLHVWHQGHFRQSURQWH]]D /R VFRSR GHL PHVVDJJL LQ YLGHR H DXGLR R GHOO DWWHQWDWR SRLFKÑ DQFK HVVRÔXQPHVVDJJLRHIRUVHGHLSLãULFHUFDWLQHOODFRPXQLFD]LR QH WHUURULVWLFD Ô O HJRFHQWULFD UD]LRQDOLWÍ SHUVXDVLYD GL XQ XRPR FKH FUHGH GL HVVHUH OR GHVWDELOL]]DWRUH GL RJQL GHPRFUD]LD GHOO RFFLGHQWH LO FDUQHILFH GL TXHL 3DHVL TXDVL PRGHUDWL GHOO DUHD ,VODP L TXDOL QRQ DWWULEXLVFRQRDOO LQWHJUDOLVPRODVRYUDQLWÍQHOODUHOLJLRQH,OWHUURULVPR YDFRPEDWWXWRDQFKHUHSULPHQGRLVXRLPHVVDJJLDOODFXLEDVHYLÔXQR VWXGLR VWUDWHJLFR GHO FRPH VSHWWDFRODUL]]DUH O HYHQWR HG XVDUOR FRPH SURSDJDQGD 8QD SURSDJDQGD FKH LQWHUDJLVFH FRQ OR VSHWWDFROR FRQVHJXHQGRQH XQDSLãIRUWHULFH]LRQHQHJDWLYDSHUVXDVLYDGDSDUWHGHOODSXEEOLFDRSL QLRQH,IDWWLHFODWDQWLVXOODSURSDJDQGDWHUURULVWLFDVRQRVWDWLHQIDWL]]DWL GDLPHGLDDWWUDYHUVRWDYROHURWRQGHHLQWHUYLVWHFKHKDQQRGDWRVRYHU FKLRVSD]LRDOOHD]LRQLGHOWHUURULVPR ,Q UHOD]LRQH DOOD SURSDJDQGD RFFRUUH ULFRUGDUH XQD GHILQL]LRQH GL 2 'RQQHOH-RZHWWLQ3URSDJDQGDDQG3HUVXDVLRQl/DSURSD JDQGDÔTXHOWHQWDWLYRPHWLFRORVRHSUHFLVRGLSODVPDUHOHSHUFH]LRQL PDQLSRODUQHOHFRJQL]LRQLHGLULJHUQHLOFRPSRUWDPHQWRDOILQHGLRW WHQHUH XQD ULVSRVWD FKH IDYRULVFD O LQWHQWR GHVLGHUDWR GD FKL HGRWWD OD SURSDJDQGDz 3LãYROWHVLÔVHJQDODWRLQGLYHUVHFLUFRVWDQ]HFKHSHUFRPEDWWHUHLO WHUURULVPRQHOOHVXHIRUPHQHOODVXDDUURJDQWHYHVWHGLLPSRUWDWRUHGL YLROHQ]DQHOODVXDILJXUDGLDWWHQWDWRUHSROLWLFRÔHVVHQ]LDOHXQLPSH JQRGLWXWWLFLYLOPHQWHJLXULGLFDPHQWHHGHPRFUDWLFDPHQWH /DVSHWWDFRODUL]]D]LRQHDWWUDYHUVRJOLDWWLFULPLQDOLRPLQDFFHÔOD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w IRUPDSULQFLSDOHGLFRPXQLFD]LRQHGHOWHUURULVPRODTXDOHÔFDSDFHGL FDUDWWHUL]]DUH LO kULFHYHQWH PDVV PHGLDy VXO SLDQR GHOO LQIRUPD]LRQH QRWL]LD>LOFRVLGGHWWRkVFRRSy@XWLOL]]DQGRTXHVWLXOWLPLSHUSURSDJDUQH WLPRUHHSDXUDDOOHSRSROD]LRQL $QFKH VH LQ PRGR LQYRORQWDULR L PHGLD YHQJRQR XWLOL]]DWL D WDOH VFRSRFRQODUDIILQDWH]]DGHOODVWUDWHJLDSLãFRQVRQDDJOLDOWLVWXGLGL ,QWHOOLJHQFHlFUHDUHXQDQRWL]LDDWWUDYHUVRXQIDWWRXQDD]LRQHRXQ PHVVDJJLRSHUSLDQLILFDUQHSRLODGLIIXVLRQHDWWUDYHUVRODVWUDWHJLDGHO SURFHVVRFRPXQLFDWLYRHOHPHQWDUHz /DFRPXQLFD]LRQHGXQTXHÔXQDVWUDWHJLDGHOWHUURULVPRSHUDVVL FXUDUVLDOPHQRWUHRELHWWLYLIRQGDPHQWDOLSHUODVXDSROLWLFDGLWHUURUH SDUODUHDOSRSRORLVODPLFRGDQGRVHJQDOLIRUWLGLSRWHQ]DSHUVXD GHQGRWXWWLDOODJXHUUDVDQWDHDPPRQHQGRL*RYHUQLGHOO DUHDLVODPDG DVWHQHUVLGDOOHLGHRORJLHGHPRFUDWLFKH GDUHSULQFLSLRGLLQWHQGLGLTXDOHk2UJDQL]]D]LRQHyÔODSLãIRUWH H GL FRQVHJXHQ]D D FKL VSHWWL JRYHUQDUH O DUHD LVODPLFD GL LQWHUHVVH >QRQSHUPH]]RGHOJRYHUQDWRUDWRPDSHULGHRORJLHFXOWXUHUHOLJLRVHH VRSUDWWXWWRSHUPH]]RGHOO HFRQRPLDPRQGLDOHqSRLFKÑVRQRFHUWRFKH GLHWURDOOHRUJDQL]]D]LRQLWHUURULVWLFKHVLFHOLXQDEHQDOWUDRUJDQL]]D ]LRQHVDOGDPHQWHFRVWLWXLWDQRQVRORGDSHUVRQDJJLLVODPLFLPDDQFKH GDHVSRQHQWLPRQGLDOLFKHQXOODKDQQRDYHGHUHFRQODUHOLJLRVLWÍROD FXOWXUDGHOPRQGRDUDERPDTXHVWDÔXQ DQDOLVLFKHDGRYHUODVFULYHUH YDEHQROWUHOHSDJLQHXWLOL]]DWHSHUODSUHVHQWH@ HPHWWHUHVHJQDOLGLWHUURUHFRQWLQXDWLYRDOOHSRSROD]LRQLRFFLGHQ WDOL H QRQ FDXVDQGR SLã GDQQL SRVVLELOL SHU PH]]R GL XQ DUURJDQWH H VLVWHPDWLFRGLVHJQRSROLWLFRDWWRDGHVWDELOL]]DUHODSDFLILFDFRQYLYHQ]D GHPRFUDWLFD SRLFKÑ TXHVW XOWLPD FRQWUDVWD SROLWLFDPHQWH H UHOLJLRVD PHQWHFRQOHLGHRORJLHLVODPLFKH /D FRPXQLFD]LRQH Ô GXQTXH XQ DUPD"{VLFXUDPHQWH VØ GDWR FKH FRQHVVDÔSLãIDFLOHUDJJLXQJHUHTXHOODSDUWHGHOO RELHWWLYRVHQVLELOHDL WLPRULHDOOHSDXUHDOILQHGLFRQVLGHUDUHLOWHUURULVPRROWUHFKHPLQDF FLDHVLVWHQWHHSURVVLPDVRSUDWWXWWRXQPH]]RGLSHUVXDVLRQHDLSURFHVVL GLJOREDOL]]D]LRQHHGLGHPRFUD]LD/DFRPXQLFD]LRQHÔDUWHHTXHVWR LO WHUURULVPR LQWHUQD]LRQDOH OR HYLGHQ]LD DWWUDYHUVR L SURSUL PHVVDJJL QHIDVWLHD]LRQLVDQJXLQDULHPDHVVDQRQÔVWDWDFRQFHSLWDFRPHVFLHQ]D DIILQHDOWHUURUHPDSHUDOWUHHSLãUDIILQDWHVWUDWHJLHD]LHQGDOLSROLWL FKHHVRFLDOLSHUFXLSURSRU]LRQDUHODkFLUFRODULWÍGHOPHVVDJJLRyFKHLO WHUURULVPRVWUDWHJLFDPHQWHUDIILQDDVHFRQGDGHJOLRELHWWLYLGDFROSLUH SRWUHEEHIDUVLFKHORVWHVVRQRQDEELDVSHWWDFRODUL]]D]LRQHHGLFRQVH JXHQ]DLOPHVVDJJLRGDWRDWWUDYHUVRJOLDWWLYLROHQWLQRQGHVWHUHEEHUR SLãTXHLVHQWLPHQWLGLSRSRODULWÍ>SURSDJDQGD@FKHJOLVWHVVLDXWRULQH L o#p rqgr #ghooh#Lqir upd}lr ql 6SHWWDFRODUL]]D]RQHGHJOLHYHQWLWHUURULVWLFL 3ULPDGHJOLDQQL LOWHUURULVPRDQFRUDQRQDYHYDEHQDVVLPLODWR TXDQWRVWUDWHJLFRSRWHVVHHVVHUHVIUXWWDUHODVSHWWDFRODUL]]D]LRQHGHJOL HYHQWLDWWUDYHUVRO LQFRQVDSHYROHGLIIXVLRQHLQIRUPDWLYDGHLPDVVPH GLD&LÝÔDYYHQXWRGDOO LQL]LRGHJOLDQQL DQFKHDWWUDYHUVRILQDQ]LD PHQWLULFHYXWLGD3DHVLDVWDQWHO DULD,VODPHFRQLSULPLHIIHUDWLDWWHQWDWL PLUDWLSHUORSLã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ÍODVSHWWDFRODUL]]D]LRQH )LJXUD$QGDPHQWRFUHVFHQWHGHOODSRSRODULWÍVSHWWDFRORGHOWHUURULVPRGD*7 $QDOLVL7HUURULVPR '266,(5,17(//,*(1&( FDOFRODQRJOLHIIHWWLJLÍGDSULPDFKHXQHYHQWRVLVLDFRQVXPDWR8Q IRUWHFRQWULEXWRORSRVVRQRGDUHTXLQGLSURSULRL0HGLDFRQWURFDQDOL] ]DQGRLOPHVVDJJLRGHLWHUURULVWLHYLWDQGRQHODFLUFRODULWÍ L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w SURSDJDQGD GHO WHUURULVPR KD UDJJLXQWR LO GHOOD SRSRODULWÍ /D kVWRULDyQHJOLXOWLPLDQQLVHPEUDHVVHUHVWDWDULVFULWWD $FDXVDGLGRFXPHQWLWHVWLPRQLDQ]HHILOPDWLLQHGLWLFKHPDQPDQR YHQJRQRWURYDWLHUHVLSXEEOLFLFLkFRVWULQJLDPRyDFRQYHUWLUHLOQRVWUR VDSHUH YHUVR LQGLUL]]L SLXWWRVWR GLYHUVL GD FLÝ FKH QHJOL DQQL DGGLHWUR DEELDPRLPSDUDWR &LVLULIHULVFHDGHVHPSLRDOODVHFRQGDJXHUUDPRQGLDOHODGGRYHOD SROLWLFDLQWHUQD]LRQDOHGLTXHJOLDQQLGHWWHLQVHJXLWRRSSRUWXQLWÍGLVFUL YHUHOLEULHOLEULVXLUDSSRUWLSROLWLFLLQWHUQD]LRQDOLGXUDQWHLOFRQIOLWWRL TXDOLRJJLSDUHVLDQRREVROHWLLQSDUWHSURSULRDVHJXLWRGHLGRFXPHQWL ULYHOD]LRQLWURYDWLLQTXDOFKHGLPHQWLFDWRLR0DVHSRQLDPRDWWHQ]LRQH DOODFRPXQLFD]LRQHSROLWLFDLQWHUQD]LRQDOHGLTXHOO HSRFDFRQLIDWWLFKH SRLVLVRQRYHULILFDWLJLXVWLILFKHUHPPROHDQDOLVLHUPHQHXWLFKHGLWXWWR FLÝFKHÔVWDWRVFULWWRGRFXPHQWDWRHQDVFRVWRDOODkVWRULDyDOILQHGL FHODUQHOHYHULWÍSROLWLFRVWUDWHJLFR9HULWÍVXOODTXDOHVHDOO HSRFDFL IRVVHURVWDWLVWXGLHDQDOLVLDSSURIRQGLWHDWWLDGLQGLYLGXDUQHJOLLQWHQWL RUULELOLDFXLVLDQGDYDLQFRQWURHYLGHQWHPHQWHVLVDUHEEHURSRWXWRHYL WDUHGHOOHDOWUHYHULWÍOHTXDOLRJJLVLSUHVHQWDQRQHOODVWRULDFRPHDWURFL HGRUULELOLIDWWL,QXQSURVVLPRIXWXURDQFKHODkVWRULDyGHOWHUURULVPR DQGUÍULFUHGXWDVHPDLULVFULWWD$WWXDOPHQWHVXOODEDVHGHOODQDWXUDGHO WHUURULVPR DEELDPR O DVVXUGD FRQYLQ]LRQH GL FHUFDUQH L SUHVXSSRVWL QHOODUHOLJLRVLWÍGLTXHO3DHVHSLXWWRVWRFKHGHOO DOWUR 1LHQWH GL SLã HUURQHDPHQWH IXRUL JLRFR DQFKH VH Ô OR VWHVVR WHU URULVPR FKH VSHVVR kJLRFDy VX TXHVWL SURSRVLWL /D VXD QDWXUD Ô VWDWD SROLWLFD H SROLWLFD FRQWLQXHUÍ DG HVVHUH DOPHQR ILQFKÑ WUD OH 1D]LRQL QRQ VL VHQWD OD YHUD SUDJPDWLFD QHFHVVLWÍ R YRORQWÍ GL SUDWLFDUH XQD SROLWLFDLQWHUQD]LRQDOHFRQVHULLQWHQWLGLSURJUHVVLYDLGHRORJLDGHPR FUDWLFD DFFDQWRQDQGR OH PLULDGL GL LQWHUHVVL QD]LRQDOLVWL H SHUVRQDOL FKHWDOXQL3DHVLKDQQRVDQFLWRVXOOHSURSULHkFRVWLWX]LRQDOLWÍyFRQLQ FKLRVWURkVLPSDWLFRy3ROLWLFDHQRQUHOLJLRVLWÍVHPPDLTXHVW XOWLPDÔ FDUDWWHUL]]DQWHDLILQLGHOUHFOXWDPHQWRGHOODSURSDJDQGDGHOODVWHVVD DSSOLFD]LRQHVHGL]LRVDGHOPDQLIHVWDUQHJOLLQWHQGLHLSUHWHVWLPDQRQ ÔFHUWDPHQWHFDXVDGLQDWXUDGLVYLOXSSRHFUHVFLWDFDVRPDLPDQRQ PRWLYRGLQDVFLWD 6H JXDUGLDPR DOOH LGHRORJLH GHL JUXSSL WHUURULVWLFL FKH VL VRQR DYYLFHQGDWLLQ,WDOLDWURYLDPRVRORHGHVFOXVLYDPHQWHSUHVXSSRVWLVR FLRSROLWLFRHFXOWXUDOLPDLXQFHQQRDGLYHUVLWÍUHOLJLRVHFRVØFRPH QHLJUXSSLWHUURULVWLFLGLDOWUL3DHVLHXURSHLPDJDULIDWWDHFFH]LRQHSHU DOFXQHIDODQJHWHUURULVWLFKHVHEEHQHVROWDQGRSHUTXDOFKHRELHWWLYRUH OLJLRVRFROSLWRPDJDULSHUHUURUHHQRQYROXWDPHQWH ,OWHUURULVPRGHOO DUHDLQWHJUDOLVWDLVODPLFDQRQKDPDLGDWRULVFRQ WUDWHPRWLYD]LRQLGLQDVFLWDSHUFDXVDHIIHWWRGHOODUHOLJLRVLWÍPDVROR SHUkHIIHWWRyGLFRQWLQXLWÍGLSUHURJDWLYHHGLVLVWHPDWLFDFRQYLQ]LRQH FKH FLÝ DYUHEEH FDXVDWR FRQVHQVL QHOO DUHD GHOO ,VODP %HQ GLYHUVR Ô L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( LQYHFH OD QDWXUD GHO IRQGDPHQWDOLVPR LVODPLFR QDWR GDOOD OLPLWD]LRQH GHOORVWDWXVVRFLDOHLQFXLYHUVDLOkGDUDOLVODPyULVSHWWRDOORVWDWXVGHO PRQGRFULVWLDQRHXURSHRHRFFLGHQWDOH&LÝQRQÔSUHURJDWLYDGLWHUURUL VPREHQVØGHOODWDQWDSURFODPDWDHFRVLGGHWWDkJXHUUDVDQWDyGDRUPDL GXHVHFROLSURIHVVDWDDGRJQLWHQWDWLYRGLDWWDFFRSROLWLFRRPLOLWDUHGD SDUWHGL3DHVL2FFLGHQWDOL6HODQDWXUDGHOWHUURULVPRQRQÔGLFDUDWWHUH UHOLJLRVRÔSXUYHURFKHO LQWHUSUHWD]LRQHHUUDWDGHOOD5HOLJLRQH,VODPL FDFRQWULEXLVFHDOO DFFUHVFLPHQWRGHLFRQVHQVLWUDJOL,QWHJUDOLVWLHWUD GLYHUVL3DHVL$UDELILOR,QWHJUDOLVWD 4XLQGLGDTXHVWRSXQWRLQSRLGLUHPRFKHlLOWHUURULVPRKDQDWXUD SROLWLFDROWUHFKHOHILQDOLWÍHVLDWWULEXLVFHSUHVXSSRVWLUHOLJLRVLDOILQH GHOOD SURSDJDQGD HVSDQVLRQLVWLFD H SHUPLVVLYDz 6H GD XQD SDUWH Y Ô DQFRUD O LQGXEELD GHILQL]LRQH GHO WHUURULVPR GDOO DOWUD YLJH FRVWDQWH OD FHUWH]]D FKH kGHO WHUURULVPRy GLYHUVL 3DHVL VH QH VRQR VHUYLWL SHU VFRSL SUHWWDPHQWH SROLWLFL RG HFRQRPLFL$Q]L DOO RULJLQH GHO WHUURUL VPRLQWHJUDOLVWDLVODPLFRVRQRVWDWLSURSULRL3DHVLLQWHUHVVDWLDGLYHUVH kPDQLSROD]LRQLySROLWLFKHHFRQRPLFKHDIDUVLFKHHVVRVLDUPDVVHHVL GLIIRQGHVVH LQ FHUWH DUHH ODGGRYH FRQWUDVWDYD IRUWHPHQWH XQD SROLWLFD EHQGLYHUVDGDFKLLQWHUQD]LRQDOPHQWHDYHYDFDUWHJLXVWHSHUPDQLSRODUH DSLDFLPHQWROHSULPHkDUPDWHGLWHUURULVWLy /DORWWDWUDSDOHVWLQHVLHLVUDHOLDQLDGHVHPSLRÔQDWDPROWLDQQLSUL PDFKHLOWHUURULVPRLVODPLFRHIIHWWXDVVHODVXDHVFDODWLRQFRQGDQQDWR GDSDUWHGHOO 2FFLGHQWHFKHLQYLDYDDOJRYHUQRLVUDHOLDQRSDUROHGLFRQ IRUWRHGLVHULRLPSHJQRDOODULVROX]LRQHGHOSUREOHPDHGXUHFRQGDQQH DOO LQYLRGLDUPLHGLXRPLQLDGGHWWLDOO DGGHVWUDPHQWRGHLJXHUULJOLHUL FRPHDOOHORURD]LRQLWUDOHTXDOLLGLURWWDPHQWLDHUHLLTXDOLDYROWHVIR FLDWLLQVWUDJL 4XHVWD DWWLYLWÍ WHUURULVWLFD FHVVÝ SRLFKÑ VL ULWHQQH FKH OH D]LRQL GL TXHOODQDWXUDHUDQRFRQWURSURGXFHQWLSHUODFDXVD3DOHVWLQHVHDOPHQR FRVØWUDSHOÝPDODILQHGHLGLURWWDPHQWLDHUHLDYYHQQHSURSULRDFDXVD GHJOL HUURUL PDGRUQDOL FKH L WHUURULVWL UHDOL]]DURQR FRPH GLURWWDUH R XFFLGHUHJHQWHGL3DHVLLTXDOLFRQWULEXLYDQRSURSULRDOO LQYLRGLDUPLH VRVWHJQLHFRQRPLFL,QROWUHLQL]LDURQRDGDUULYDUHLVRVWHJQLHFRQRPLFL GHOO ,UDQ>LQWHUHVVDWRDQFRUDRJJLDOODGHVWDELOL]]D]LRQHGLTXHVWDFRPH GLDOWUHDUHHJHRSROLWLFKH@FRQLOUHODWLYRVXSSRUWRSROLWLFRLOFKHSUH VXSSRVHODQDVFLWDGLXQWHUURULVPREHQRUJDQL]]DWRHVWUXWWXUDOPHQWH VRVWHQXWR/DSROLWLFDGXQTXHÔDOODEDVHGHOODQDWXUDGLRJQLIRUPDGL WHUURULVPRGLTXDOVLDVLRUJDQL]]D]LRQHGHGLWDDGD]LRQLFULPLQRVH/D UHOLJLRQHQRQF HQWUDQXOODFRQODQDWXUDGHOWHUURULVPRVHQRQSHUYHUVR GLDFFRPRGRVWUDWHJLFR /DSROLWLFLWÍGHOWHUURULVPRLVODPLFRÔWDOHSRLFKÑÔODVWHVVDFKHDY YLQFHO DOWUDHQRQYLFHYHUVDSRLFKÑDOWHUURULVPRFRPHLGHRORJLDVWUD JLVWDHFRPHTXDOVLDVLDOWUDGHILQL]LRQHQRQÔGDWRLQTXDOVLDVL3DHVH GHO0RQGRUDJLRQHGLHVLVWHQ]DSRLFKÑRJQLJRYHUQRUHWWRGDTXDOVLDVL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w IRUPDLGHRORJLFDGHEHOOHUHEEHLOWHUURULVPR 6LLPPDJLQLXQSDHVHDUHJLPHWRWDOLWDULRQHOTXDOHVLRUJDQL]]DVVH XQ JUXSSR D IDYRUH GHOOD GHPRFUD]LD 3RWUHEEH DFFDGHUH FKH TXHOOR 6WDWR ULXVFLUHEEH D FRQYLQFHUH SROLWLFDPHQWH OD VFHQD LQWHUQD]LRQDOH FKHTXHOODRUJDQL]]D]LRQHÔWHUURULVWLFD&RQTXHVWRÔFKLDURFKHQRQVL YXROHGDUHXQDFRPSDUD]LRQHFRQLOWHUURULVPRDWWXDOPHQWHLQDXJHPD VROWDQWRXQDVRUWHGLVSHFLILFD]LRQHGLFRPHHTXDQWRLQWHUFDODWDVLDOD SROLWLFLWÍQHOOHRUJDQL]]D]LRQLWHUURULVWLFKH 3HU SROLWLFLWÍ GHO WHUURULVPR V LQWHQGH HVFOXVLYDPHQWH LO FRQWHVWR GHOOHRUJDQL]]D]LRQLFULPLQDOLXWLOL]]DWLDVFRSLSROLWLFLGDSDHVLVHQ]D VFUXSROL ,QROWUH Ô FKLDUR FKH OH RUJDQL]]D]LRQL WHUURULVWLFKH LVODPLFKH VRQR LPPXQLGDLGHRORJLHSROLWLFKHLOFKHIDULVXOWDUHHVVHUHXQWHUURULVPR QRQ GHO WXWWR QRWR D QRL RFFLGHQWDOL TXLQGL SLã VRJJHWWR DG kDJJUHV VLRQLy SROLWLFKH HVWHUQH 6HEEHQH WDOXQH RUJDQL]]D]LRQL WHUURULVWLFKH VHWWDULH>VLYHGDDGHVHPSLRLOkFUHGRyGHJOLkVKDLGy@QRQKDQQRXQGL VHJQRSROLWLFRGHILQLWRRTXDQWRPHQRORVWHVVRQRQHVLVWHQHOODSUDWLFLWÍ GHOO DWWLYLWÍGDHVVLVYROWDÔSXUYHURFKHÔODSROLWLFLWÍGLDOFXQL3DHVL DGHVVHUHLQWHUHVVDWDDOO HVLVWHQ]DGLRUJDQL]]D]LRQLWHUURULVWLFKHHGDOOH ORURJUDWXLWHYLROHQ]HVLDSHUILQLVDQJXLQDULVLDSHUILQLHFRQRPLFLH SROLWLFRVWUDWHJLFR 3HUUHQGHUFLFRQWRGHOODkDSROLWLFLWÍyGHOWHUURULVPREDVWDJXDUGDUH DOO RUJDQL]]D]LRQH GL $O C4DHGD SULQFLSDOH VWUXWWXUD GL GLYHUVH DOWUH VRWWRRUJDQL]]D]LRQLDYROWHIRUPDWHDQFKHGDXQDPDQFLDWDGLXRPLQL HFKHLQWXWWLLVXRLDWWHQWDWLQRQKDPDLODVFLDWRWUDSHODUHXQDEHQFKÑ PLQLPDFRQYLQ]LRQHGLDQDOLVLLGHRORJLFRSROLWLFD$Q]LJOLDWWHQWDWLGL $O4DCLGDKDQQRSDUODWRVHPSUHFKLDURDVHFRQGDGHOOXRJRFROSLWRGL TXDQWRVFRQQHVVRVLDLOVXRDWWULEXWRSROLWLFRVWUDJLVWDGDQGRULYHQGL FD]LRQLGLVVLPLOLHDYROWHIDQWDVLRVHRGLDFFRPRGRSURSULRDVHFRQGD GHOORVWDWXVJRYHUQDWLYRGHO3DHVHVXEHQWHLOFKHODVFLDFDSLUHTXDQWR LOWHUURULVPRVLDDSROLWLFRPDDQFRUSLãTXDQWRVLDJHVWLWRGDOODSROLWL FDSXÝVHPEUDUHXQDFRQWUDGGL]LRQHPDQRQORÔHDUDJLRQGLYHGXWD FKLDULILFDWULFHGLUHPRLOWHUURULVPRÔODJHVWLRQHGLRUJDQL]]D]LRQLFUL PLQDOLQRQFKÑTXHOODkSLDQLILFD]LRQHySROLWLFRVWUXPHQWDOHGHSXWDWDDOO LQVWDELOLWÍPRQGLDOHSHUDGGLYHQLUHXQDkSRWHQ]DDVVROXWDyQHOODSROLWLFD HQHOO HFRQRPLDLQWHUQD]LRQDOH 9L VRQR PRYLPHQWL FRPH LO JUXSSR$O7DZKLG:DDO -LKDG GL$O =DUTDZL LQ ,UDT HPHUVL UHSHQWLQDPHQWH H FKH PXRYRQR OH SURSULH PRVVH VXOOH EDVL GHO k0RQRWHLVPR H -LKDGLVPRy UHFOXWDQGR DQFKH HVWHUQDPHQWH DOO ,UDT SURVHOLWL VHWWDUL FKH VHSSXU DOO LQL]LR GHOOH DWWL YLWÍ WHUURULVWLFKH FRVØ GHWWH kWHUULWRULDOLy OR VWHVVR JUXSSR ODVFLDYD DG LQWHQGHUHFKHODVXDQDWXUDHUDHVVHQ]LDOPHQWHGLJXHUULJOLDHUHOLJLRVD FRQ LO SRFR SDVVDU GHO WHPSR Ô VWDWR VWUXPHQWDOL]]DWR SROLWLFDPHQWH 6DSSLDPRFKHLOTXDQWRPDQLIHVWDWRHGDWWXDWRGDTXHVWRHIIHUDWRkVRWWR L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( JUXSSRyQRQÔYLVWRIDYRUHYROPHQWHGDLkFXVWRGLGHOODUHOLJLRQH,VODPL FDyHWDQWRPHQRTXHVW XOWLPLKDQQRPDLGHOLEHUDWRXQDVHULDFRQGDQQD DG$O=DUTDZL>YHGUHPRLQVHJXLWRFKHLOJUXSSRGL$O=DUTDZLÔVWDWR JHQHUDWRGDXQ DOWUDRUJDQL]]D]LRQH4XHVWRQRQVLJQLILFDDOPHQRGXH FRVHFKH$O=DUTDZLHLVXRLVHJXDFLVLDQRWHUURULVWLLVODPLFLLQWHUQD ]LRQDOL>PDYRUUHEEHURHSRWUHEEHURGLYHQWDUORFRQIDFLOLWÍYLVWRFKH $O=DUTDZLVHPEUDDYHUJLXUDWRIHGHOWÍDG$O4DHGDHFKHÔEHQYLVWR GDOO ,UDQFKHIRUVHYRUUHEEHFKHLOJUXSSRVLFRQWUDGGLVWLQJXHVVHDQFKH QHOWHUURULVPRLQWHUQD]LRQDOH@RFKHVLDQRSUHGLFDWRULVDQJXLQDULGHOOD kJXHUUDVDQWDy ,QROWUHYLÔXQWHU]RSXQWRLOJUXSSRk$O7DZKLG:DDO-LKDGySRWUHE EHQRQHVVHUHQHSSXUHGHOODUHVLVWHQ]DLUDNHQD$O=DUTDZLÔJLRUGDQR ODPDJJLRUSDUWHGHLVXRLSURVHOLWLQHSSXUHVRQR,UDNHQLIDWWDHFFH]LRQH SHUTXHLSRFKLFULPLQDOLGHOSRVWRFKHVLVRQRDIILOLDWLDGHVVRKDIDWWR XQJLXUDPHQWRDG$O4DCLGDLOFXLFDSRÔHJL]LDQRHFRVØYLDSHUFXL WXWWRTXHVWRJURYLJOLRFRVDKDDFKHYHGHUHFRQO ,UDTRFRQODUHOLJLRQH" &HUWRDQFRUDRJJLXQDUHVLVWHQ]DLQ,UDTF ÔHGÔTXHOODRUJDQL]]DWDGDO SDUWLWRk%D DWKyFRQFHOOXOHFKHLQYHURVLPLOPHQWHDYUDQQRDQFKHGHOOH FROODERUD]LRQLFRQ$O=DUTDZLPDFRQXQDQHWWDGLIIHUHQ]DFKHTXHVWL XOWLPLKDQQRJLÍXQDORURSROLWLFLWÍPDQLIHVWDWDPHQWUHLSULPLVRQRVRJ JHWWLDOODJHVWLRQHSROLWLFDSRLFKÑHVHQWLGDLGHRORJLHSROLWLFKHTXLQGL IDFLOPHQWHPDQRYUDWLGDJOLDVWDQWLGLVHJQLSROLWLFLGHOO DUHD,VODP4XH VWRÔXQSXQWRFKH2VDPD%LQ/DGHQKDFDSLWRLPPHGLDWDPHQWHHFFR SHUFKÑGDOOHSULPHD]LRQLFULPLQRVHGHOJUXSSRKDPDQLIHVWDWRFRPSLD FLPHQWRGHILQHQGR$EX0DVDE$O=DUTDZLVXRYLFHLQ,UDT &RPHLOWHUURULVPRLQWHUQD]LRQDOHDQFKH$O=DUTDZLFRVWLWXLVFHXQD VHULDPLQDFFLDSHUWXWWRO 2FFLGHQWHVHQRQIHUPDWRSULPDVHQ]DFRQWDUH FKHLOVXRQRQkHVVHUHQLHQWHyLOVXRkHVLVWRHQRQHVLVWRyOHVXHVWUDWHJLH FULPLQDOL PROWR VLPLOL DOOH D]LRQL WHUURULVWLFKH GHO k*UXSSR ,VODPLFR $UPDWRq*,$yLQ$OJHULDVWDQQRSURFXUDQGRQRQSRFKLPRUWLHGDQQR XQJUDQSHQVDUHVXFRPHO ,UDQWHQJDDTXHVWLJUXSSLWHUURULVWLFLRVHP SOLFLFULPLQDOLTXHVWRKDSRFDLPSRUWDQ]DSHUGLYHQLUHFXVWRGHXQLFR VXOODVFHQDSROLWLFDGHOO DUHD,VODPVHQ]DFRQWDUHFKHDQFKHDOWUL3DHVL SRWUHEEHUR XWLOL]]DUH TXHVWL JUXSSL D VFRSL SROLWLFL FRVØ FRPH JLÍ LQ SDVVDWRGLYHUVLJRYHUQLLVODPLFLKDQQRXWLOL]]DWRJUXSSLIRQGDPHQWDOLVWL SHUSURSULVFRSLSROLWLFL 3UHQGHQGR LQ HVDPH DQFRUD LO JUXSSR GL $O =DUTDZL OH D]LRQL FULPLQDOL HG HIIHUDWH FKH FRPSLH GL FHUWR QRQ JLRYDQR DOO LPPDJLQH GHOO ,VODPSRLFKÑDYYHUVHDOFUHGRSULQFLSHGLTXHOODUHOLJLRQHHLOORUR SURIHVVDUVL-LKDGLVWLQRQKDQXOODDFKHYHGHUHQÑFRQO LQWHJUDOLVPRQÑ FRQLOWHUURULVPR/HD]LRQLGL$O=DUTDZLFRPHGHOO DOWURkVRWWRJUXS SRyFRPHTXHOORGHOO $O7DZKLG:DDO-LKDGÔGLDOWULGHOODVWHVVDQDWX UDFRVWLWXLVFRQROHSUHURJDWLYHQHFHVVDULHDFKLÔDYYHUVRDOODSUHVHQ]D GL IRU]H PLOLWDUL LQ ,UDT 2YYHUR ROWUH DG HVLVWHUH XQD SROLWLFLWÍ GHOOH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w RUJDQL]]D]LRQLWHUURULVWLFKHFRQYLYHFRQHVVDODSROLWLFDGLWDOXQLSDHVL IXRULGDOO DUHD,VODPFKHVLVHUYHLQGLUHWWDPHQWHWUDVYHUVDOPHQWHHIRU VHDQFKHFRQFDQDOLGLUHWWLGHOOHRUJDQL]]D]LRQLWHUURULVWLFKHDOILQHGL IURQWHJJLDUHLQPDQLHUDSRFRFKLDUDHFRQYHQ]LRQDOHOHPDJJLRUDQ]H SROLWLFKHGHLJRYHUQLQRQFKÑOHSROLWLFKHULVROXWLYHLQWHUQD]LRQDOL 1HDEELDPRXQPRGHOORDEEDVWDQ]DFUXGRVYHODWRVLGXUDQWHO DWWHQ WDWRGL1DVVLUL\DDLQRVWUL&DUDELQLHULPLOLWDULHFRQQD]LRQDOLGXUDQWHL YDULVHTXHVWULGLDOWUHWWDQWL,WDOLDQLHQHLPROWLDYYLVLPLQDFFLRVLFKHDU ULYDYDQRDOO ,WDOLDSHUWUDPLWHGDOOD79$UDED$O-D]LUDHGDDOWUHIRQWL ,QYHURVLPLOPHQWHDQFKHFLÝFKHDFFDGHLQ,UDTDWWXDOPHQWHODVFLDXQ JUDQGXEELRVXOODPDQRYUDORJLVWLFRSROLWLFDGHLJUXSSLWHUURULVWLFLGHO O DUHD,VODPLFD$EELDPRDVVLVWLWRDPDQLIHVWD]LRQLSLãRPHQRVROLGDOL FRQ JOL DWWDFFKL ULYROWL DOO ,WDOLD H O XFFLVLRQH GHL QRVWUL FRQQD]LRQDOL $EELDPRDVFROWDWROHPLQDFFHSURYHQLHQWLGDOO ,UDTGLFRVDVDUHEEHVXF FHVVRVHLQ,WDOLDQRQVLVDUHEEHPDQLIHVWDWRFRQWURkO LQYDVLRQHPLOLWDUH $PHULFDQDHGHJOL$OOHDWLy(EEHQHLQWDOLRFFDVLRQLFRQVDSHYROPHQWH RQRQODVWUXPHQWDOL]]D]LRQHSROLWLFDGL TXHVWL JUXSSL WHUURULVWLFL GD SDUWHGLkIRU]HyQDVFRVWHDQFKHLQ,WDOLDSXUWURSSRF ÔHVLVWHHYLHQH VIUXWWDWDSHUSHUVRQDOLLQWHUHVVLSROLWLFL$SDUWHFKHVHGLGXEELVLSXÝ SDUODUH VL SRWUHEEH VRVSHWWDUH XQD kFHUWD UHJLDy FKH SDUWH GDOO ,WDOLD UHODWLYDPHQWH DL VHTXHVWUL GL SHUVRQD FKH DYYHQJRQR LQ ,UDT ROWUH DG HVVHUHVWDWDSLãYROWHkLSRWL]]DWDyÔVWDWDDOWUHVØDUJRPHQWD]LRQHGLPROWL DQDOLVWLGHOVHWWRUH6LSXÝDJJLXQJHUHFKHVXTXHVWRIURQWHRFFRUUHUHEEH XQDSLãVSHFLILFDLQGDJLQHHGDSSURIRQGLPHQWR 5LWRUQDQGRDOOHPDQLIHVWD]LRQLVLÔDVVLVWLWRSHUWUDPLWHGHLPHGLD DOOD VSHWWDFRODUL]]D]LRQH GHOOH VWHVVH XQ SR FRPH OD FRPXQLFD]LRQH GHOWHUURULVPRFRQODGLIIHUHQ]DFKHVHDOODVSHWWDFRODUL]]D]LRQHGHJOL HYHQWL WHUURULVWLFL SDUWHFLSDQR LQFRQVDSHYROPHQWH L PHGLD DOOH PDQL IHVWD]LRQLF ÔXQDVHULDHFRQYLQWDSDUWHFLSD]LRQHGHOODSROLWLFLWÍXQD PDQLIHVWD]LRQHFKHGRYUHEEHFRQWHQHUHSUHVXSSRVWLGLULJHWWRDOWHUURUL VPRHODULFKLHVWDGHOOHOLEHUD]LRQLGHJOLRVWDJJLTXDQWRPHQRGRYUHEEH UHQGHUHSXEEOLFR OD IRUWH GHWHUPLQD]LRQH D FRPEDWWHUH LO WHUURULVPR H QRQVWUXPHQWDOL]]DUQHLFRQWHVWLSROLWLFL 2FFRUUHFRQVHUHQLWÍHVVHUHSHUVXDVLGHOIDWWRFKHLOWHUURULVPRLVOD PLFRÔXQDVHULDPLQDFFLDSHUWXWWLDQFKHSHUFRORURFKHLQYRORQWDULD PHQWHRFRVFLHQWHPHQWHORVXSSRUWDQRSURSULRDFDXVDGHOODVXDSROLWL FLWÍRSHUFKÑÔDYYH]]DDSURSDJDQGHFULPLQDOLSXÝLQIXWXURSUHVHQWDUVL VRWWRGLYHUVHIDFFHFRQVFRSLSROLWLFLDQFRUDSLãFKLDULGLTXDQWRORVLDQR DWWXDOPHQWH1RQFLVLSXÝHVLPHUHGDOO LSRWL]]DUHFKHQHO0RQGRHVLVWD XQkGLVHJQRSROLWLFRyVFRQYROJHQWHGHVWDELOL]]DQWHHDQWLGHPRFUDWLFR DGGLULWWXUD PDFDEUR SRLFKÑ O HIIHWWR FRPXQLFDWLYR SULQFLSH GL WDOH GL VHJQRÔORVWUDJLVPRHLOWHUURUHLOFKHÔDIILQHDOORVWHVVRSULQFLSLRGL HVLVWHQ]D GHO WHUURULVPR PD FRQ OD SUHURJDWLYD GHO WRWDOLWDULVPR GHO DXWRFUDWLVPR*OLHIIHWWLHURPSHQWLGDLIDWWLWHUURULVWLFLFHUWDPHQWHQRQ L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( HVSOHWDQR OH FRQGL]LRQL SROLWLFKH GHO kGLVHJQRy FKH JOL VWHVVL JHVWRUL GHO PRYLPHQWR WHUURULVWLFR KDQQR EHQ GHOLQHDWR 6HPPDL FRQ HVVL VL YXROH VXJJHULUH FKH OD VWUDGD LQWUDSUHVD GDO WHUURULVPR Ô TXHOOD GHOOR VSDUJLPHQWR GL VDQJXH FRPH XQLFD YLD SHU DFFHGHUH DO JRYHUQDWRUDWR PRQGLDOHRDOODJHVWLRQHGLXQDGHWHUPLQDWDDUHDGHOJORER $OGLOÍGHOOHIDQWDSROLWLFKHHGHLGXEELLTXDOLQRQVRQRFHUWH]]H DOPHQRILQFKÑQRQVLDEELDQRGHOOHDQDOLVLDGLPRVWUDUQHLOFRQWUDULR VXWXWWRLO0RQGR2FFLGHQWDOHLQFRPEHXQDVHULDPLQDFFLDODTXDOHFL JLXQJH GDOO DUHD LVODPLFD SHU PH]]R GHO WHUURULVPR LVODPLFR VHEEHQH DJHVWLUQHOHPRVVHHDWHQHUQHLILOLVLFXUDPHQWHFLVRQRILJXUHLQ2F FLGHQWHFRQLQWHUHVVLFKHYDQQRDOGLOÍGHOODVHPSOLFHUDSSUHVHQWDQ]D / LQWHUHVVHÔJHRSROLWLFRHFRQRPLFRLOFKÑODGLFHOXQJDVXOIDWWRGHOOD JHVWLRQHGHOWHUURULVPRLQWHUQD]LRQDOH1RQVLYXROHLSRWL]]DUHFKHHVL VWDXQDOWURk*UXSSRGHL6LJQRULGHO0RQGRy>LOFG*UXSSR%LOGHUEHUJ FKHJHVWLUHEEHOHkGHFLVLRQPDNHUVyVX*RYHUQL6WDWLH8RPLQL3ROLWLFL LPSRUWDQWL GL WXWWR LO PRQGR@ PD FKH FL VLDQR kVLJQRUL SROLWLFLy FRQ JURVVHLQIOXHQ]HLQWHUQD]LRQDOLDGHFLGHUHVXJOLHYHQWLIXWXULSROLWLFLHG HFRQRPLFLTXHVWRVL/RVLFDSLVFHDQDOL]]DQGRODFRPXQLFD]LRQHGHO WHUURULVPRLOVXRPXRYHUVLLQFHUWHDUHHJHRSROLWLFKHQRQVROR,VODPL FKHPDDQFKHHVRSUDWWXWWR2FFLGHQWDOLORVLFRPSUHQGHFODVVLILFDQGR HVWXGLDQGRLVXRLPHVVDJJLDSRFULILVSHVVRSHUFRQIRQGHUQHOHYHULWÍ ORVLSHUFHSLVFHGDLVHJQDOLFKHORVWHVVRWHUURULVPRLQFDQDODDWWUDYHUVR OHYLROHQ]HSROLWLFKH(GÔDWWUDYHUVRORVWXGLRDSSURIRQGLWROHULFHUFKH HOHDQDOLVLFKHELVRJQDLQGLYLGXDUQHOHFDUDWWHULVWLFKHGHOOHIRQWLQHOOH TXDOLLOWHUURULVPRDWWLQJHRGDOOHTXDOLVRSUDJJLXQJHDGHVVROD3ROLWLFL WÍ´FKLDURFKHODSROLWLFLWÍGHOWHUURULVPRQRQÔODSROLWLFDLQWHVDFRPH DIIDULSXEEOLFLUDJLRQGLVWDWRRSUDWLFDGHO*RYHUQRRGHL3DUWLWLDQFKH VHHVVDWHQGHSUHSRWHQWHPHQWHDIUDSSRUVLWUDTXHVWL3ROLWLFLWÍLQTXHVWD VHGHÔODULVSRVWDORJLVWLFDGLXQDkSROLWLFDLQVWDELOHyODTXDOHYLYHDL FRQILQLGHOODVWHVVDJHQHUDQGRLOOHFLWLGLIXQ]LRQHSROLWLFDFRQYLQFHQ GRVLGLRVWDFRODUHLFDQDOLGHPRFUDWLFLGHOODVWHVVDSROLWLFDLQFDQDODQ GRQHJOLDVSHWWLHO RSHUDWLYLWÍDWWUDYHUVRRUJDQL]]D]LRQLWHUURULVWLFKH 3HUXQDORJLFDSLãFKLDULILFDWULFHEDVWDFLWDUHLOVLJQLILFDWRGHOOD3ROL WLFDVHFRQGRTXDQWRDIIHUPDWRGD$ULVWRWHOHlODFRPXQLWÍ>SROLV@QDVFH SHU OD VRSUDYYLYHQ]D H SRL VL VYLOXSSD LQ PRGR QDWXUDOH LQ YLVWD GHO YLYHUHEHQHzl/ XRPRÔXQDQLPDOHSROLWLFRLQTXDQWRÔXQFRVWUXWWRUH GLSROLVSRLFKÑHVVDÔXQWXWWRXQDFRPXQLWÍGLYDORULÔLOWXWWRDQWH ULRUHVLDDOO LQGLYLGXRFKHDOODIDPLJOLDFKHQHVRQRSDUWLzLOGLVFRUVR GL$ULVWRWHOHÔILWWRGLGLVVROXWLSDUDJRQLFRQO XRPRLOTXDOHÔLOPL JOLRUHGHJOLDQLPDOLTXDQGRWURYDVLQHOJLXVWRPDQHGLYHQWDLOSHJJLRUH VHO DPELHQWHFKHORFLUFRQGDQRQVRGGLVIDSLãLVXRLELVRJQLQDWXUDOL DELWXGLQDUL H VRSUDWWXWWR GL UDJLRQH H FLÝ Ô TXHOOR FKH Ô DFFDGXWR DG XQDSDUWHGHOQRVWURSLDQHWD6WDWL*RYHUQLHXRPLQLQRQSLãDIILGDEL OLDOODFRQYLYHQ]DFLYLOHHJLXULGLFDWUDDOWUH1D]LRQLKDQQRGHFLVRGL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w YHVWLUVLGHLkSDQQLGHOWHUURUHyHGHOODUHSUHVVLRQHDOO LQQRYD]LRQHFRQ VHUL LQWHQGL GL JHVWLUH H PDQLSRODUH D SURSULR SLDFLPHQWR O HFRQRPLD PRQGLDOH /D FRQFUHWD PLQDFFLD GHO WHUURULVPR Ô GDWD GDO IDWWR FKH HVVR WUD )LJXUD5DIILJXUD]LRQHGHOODSRVVLELOHLQWHUSRVL]LRQHSROLWLFDQHOWHUURULVPRGD *7$QDOLVL7HUURULVPR L o#p rqgr #ghooh#Lqir upd}lr ql )LQDQ]LDPHQWL6WUXWWXUD/RJLVWLFD6WUDWHJLD & Ô XQD IRQGDPHQWDOH TXDQWR HFFH]LRQDOH ULIOHVVLRQH GD IDUH VXO WHUURULVPRHVVRKDXQSRWHUHHFRQRPLFRFKHKDFRQTXLVWDWRQHOPRQGR HFKHPDQWLHQHFRVWDQWHPHQWHLQFUHVFLWD&RQVLGHUDWRFKHLOHJDPLWUD '266,(5,17(//,*(1&( FLPDQHOODSUHRFFXSD]LRQHLQWHUQD]LRQDOHSHUPH]]RGHOO LQWHJUDOLVPR LVODPLFRHGHOO LPSRUWDQ]DUHOLJLRVDFKHJOLVWHVVLLQWHJUDOLVWLDIILDQFD QRDGHVVDPDGLYHQWDDQFKHXQDSUHVVDQWHPLQDFFLDQHOSHUVXDGHUFL FKHDFDSRGHOODIDPLJHUDWDk%DVHyq$O4DCLGDHVLVWDXQDQRQQRWD kRUJDQL]]D]LRQHyFKHFHODQGRVLGLHWURLSDUDYHQWLSROLWLFLLQWHUQD]LRQDOL KDORVFRSRkWHQWDFRODUHyGLJHVWLUHOHULVRUVHHFRQRPLFKHHSROLWLFKH GHO PRQGR LQWHUR LQWHUIHUHQGR VLD QHOOD ORWWD DO WHUURULVPR VLD QHOOD JHVWLRQHVWUDWHJLFRFULPLQDOLVWLFDGHJOLDWWLVDQJXLQDULFKHTXHVW XOWLPR VHPEUDSUHGLUHDTXDOVLDVLDOWUDFRPXQLFD]LRQH'DTXLO DWURFHYHULWÍR GLVFXWLELOHHVVDFKHLOWHUURULVPRVHPEUDDYHUHXQDVRODPDWULFH>TXHOOD UHOLJLRVD@HGXHILQDOLWÍSROLWLFKH>LOSRWHUHDVVROXWRGHOO DUHD,VODPHOD JHVWLRQHHFRQRPLFDPRQGLDOH@RUDQRQRFFRUUHVFRPRGDUHJOLVWUDWHJD GHOOD SROLWLFD LQWHUQD]LRQDOH SHU FRPSUHQGHUQH OD GLIILFROWÍ GHOOD VXD VSLHJD]LRQHORJLFDHSODXVLELOHHQHWDQWRPHQRSHUGLYHQLUHDFDSLUQH JOLHIIHWWLGLVDVWURVLFKHTXHVWDFKLDPLDPRODIDQWDSROLWLFDSRVVDFDX VDUHDWWUDYHUVRHSHUPH]]RGHOWHUURULVPRVXOODVFHQDPRQGLDOH6LFX UDPHQWHODVWUDJUDQGHPDJJLRUDQ]DGHJOLDGHSWLGHOWHUURULVPRLVODPLFR QHSSXUHÔDFRQRVFHQ]DFRQTXDOLGLVHJQLSROLWLFLDEELDQRDFKHIDUHOH ORURD]LRQLVDQJXLQDULHVHQRQLOGDUVLLOVRORSURSRVLWRUHOLJLRVRPDÔ SXUVLFXURFKHLkFDSLyROHSULQFLSDOLRUJDQL]]D]LRQLFRPH$O4DCLGD >ODTXDOHÔLQWHQWDDUDFFRJOLHUHHULRUJDQL]]DUHVRWWRODSURSULDVWUXWWXUD WXWWH OH RUJDQL]]D]LRQL@ VRQR EHQ FRQVDSHYROL GL DYHU YHQGXWR OD ORUR kSROLWLFLWÍy R PHJOLR GL DYHU YHVWLWR L SDQQL GHOOD k'HVWDELOL]]D]LRQH 3ROLWLFD0RQGLDOHyVRWWROHFLWDPDJDULGLDOWUHWWDQWL3DHVLLTXDOLPROWR EUDYLQHOSUHGLFDUHSLXWWRVWRFKHQHOO HVVHUHVHULGHWHUPLQDWLHFRQYLQWL QHOODORWWDFRQWURLOWHUURULVPR ,O SDUDGRVVR QHOOD VSLHJD]LRQH WUD O LQWUHFFLR SROLWLFR FRQ TXHOOR GHOWHUURUHVDUÍPDJDULPHQRLQFRQJUXHQWHVHQHVWXGLDVVLPRJOLVFR SLVDOLHQWLPDJDULFKHWURYDUQHVSLHJD]LRQLILWWL]LHGLUHPRTXLQGLSHU DSSURSULDWRVHQVRGLFKLDUH]]DFKHkODQDWXUDGHOWHUURULVPRDOPHQR TXHOOR,VODPLFRDELWDQHOODSUHWHVDGLRVWHJJLDUHGDSDUWHGL3DHVLDY YHUVLOH3ROLWLFKH2FFLGHQWDOLGL*OREDOL]]D]LRQH&UHVFLWD(FRQRPLFD HGL6YLOXSSRDYHQGRFRPHSUHWHVWRODUHOLJLRVLWÍODTXDOHDWWLQWDQHO O ,QWHJUDOLVPRLVODPLFRFRPSRUWDHVHUFLWDHGDFFUHVFHODVLVWHPDWLFD H SURJUHVVLYD DGHUHQ]D GL VHJXDFL UDIIRU]DQGRVL QHOOH SURSULH DUHH HG HVWHQGHQGRVLQHOO 2FFLGHQWHLQDWWHVDGHOSURSL]LRPRPHQWRSHUVIHUUD UHXQXQLFRXOWLPRFROSRGLVSDGDHGDUVLXQDXWRQRPRULJRUHGLWRWDOL WDULVPR L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w O HFRQRPLDLVODPLFD$O4DCLGDHGLOWHUURULVPRLVODPLFRVRQRSUHVVR FKÑVWDELOLHGLQDWWDFFDELOLVLFRQFOXGHFKHLOWXWWRUDSSUHVHQWDXQDPL QDFFLDSURIRQGDSHUWXWWHOHDOWUHHFRQRPLHPRQGLDOLSHUFXLkTXHVWRy WHUURULVPR QRQ KD HGLILFDWR OD VXD VWUDWHJLD GL WHUURUH HVFOXVLYDPHQWH VXDWWHQWDWLXFFLVLRQLGLPDVVDHWUHSLGD]LRQLSURSDJDQGLVWLFKHPDKD SLDQLILFDWR OD VXD JXHUUD RUDPDL GD DQQL GLFKLDUDWD VRSUDWWXWWR VXOOD HFRQRPLD VXOOD ILQDQ]D PRQGLDOH Ô XQ DOWUD JXHUUD TXHOOD FKH QRQ FDXVD LPPHGLDWL GDQQL PD QHOOH VXH LQWHQ]LRQL SUHOXGH WLPRUL DQFRUD SLãSUHRFFXSDQWLGLTXHOOLDFXLVLDPRDWWXDOPHQWHDELWXDWL 6LQ GDOOD QDVFLWD GHO IRQGDPHQWDOLVPR L SLã SRWHQWL GHOO DUHD LVOD PLFD H GHO PHGLR RULHQWH KDQQR SLDQLILFDWR VWUDWHJLFDPHQWH VWXGL H PH]]L SHU JHQHUDUH QXRYL VRJJHWWL HFRQRPLFL H ILQDQ]LDUL $EELDPR YLVWROLHYLWDUHFRQVLGHUHYROPHQWHLOQXPHURGHJOLVWXGHQWLLVODPLFLQHOOH XQLYHUVLWÍRFFLGHQWDOLDEELDPRYLVWRFRPHDOFXQLVFHLFFKLH3DHVL,VOD PLFLVLDQRVWDWLVHPSUHSLãDWWHQWLDOO HFRQRPLDRFFLGHQWDOHLQVSHFLDO PRGRTXHOOD(XURSHDGLYHQHQGRLQDOFXQLFDVLLYHULSURWDJRQLVWLGHOOD VFHQDHFRQRPLFDPRQGLDOHHGHLPHUFDWLILQDQ]LDULLOFKHODVFLDPRO WR GD SHQVDUH VXOOD SUHSDUD]LRQH FKH ,QWHJUDOLVPR H VHJXDFL WHUURULVWL KDQQRLQIDWWRGLHFRQRPLDDEELDPRDOWUHVØYLVWRFRPHFUHVFRQRLQ QXPHURHLQWHUPLQLGLEXGJHWD]LHQGHLPSUHVHHGKROGLQJIDFHQWLFDSR DVRFLHWÍ,VODPLFKHDEELDPRDVVLVWLWRDGXQDUDSLGDHVSDQVLRQHGHOOH DWWLYLWÍEDQFDULHHILQDQ]LDULHDOLYHOORLQWHUQD]LRQDOHFKHVHQ] DOWURKD FRQWULEXLWR DG LQQDO]DUH LO WDVVR GL FUHVFLWD GHOO HFRQRPLD PRQGLDOH PD FKH KD DOLPHQWDWR IHQRPHQL VSHFXODWLYL G LQYHVWLPHQWL SHU OR SLã SURYHQLHQWLGDOO DUHDLVODPHSHUPH]]RGLLQIOXHQ]HQHJDWLYHDWWHDID YRULUHOHWXUEROHQ]HILQDQ]LDULH+DQQRFRVØLQQHVFDWRXQPHFFDQLVPR SURJUHVVLYRGLLQWHUVFDPELPRQHWDULWUDLSDHVLDUDELHO 2FFLGHQWHFRQ ODSUHURJDWLYDSHUÝFKHLQ2FFLGHQWHLVROGLYHQLYDQRHYHQJRQRLQYHVWLWL SHU SRL kFDGHUHy D FDVFDWD WUDPLWH FRQWL FRUUHQWL HXURSHL R DPHULFDQL VXOOH RUJDQL]]D]LRQL WHUURULVWLFKH PDJDUL IDFHQGR WUDQVLWDUH LO GHQDUR DWWUDYHUVR DVVRFLD]LRQL PXVXOPDQH PRVFKHH FHQWUL FRUDQLFL H 2QJ LVODPLFKHLTXDOLDORURYROWDUDFFROJRQRLQJHQWLTXDQWLWDWLYLGLGHQDUR SHU VSRQWDQHD YRORQWÍ LQGLYLGXDOH WXWWR TXHVWR VHPEUD QRQ FRVWLWXLUH LOOHFLWRDOPHQRILQFKÑWDOHULVRUVHHFRQRPLFKHQRQYHQJRQRXWLOL]]DWH RDQFRUPHJOLRULFLFODWHGDLFHQWULSHUUHFOXWDUHSUHSDUDUHHILQDQ]LDUH YLDJJLGHJOLkLPPRODWLD'LRyHFKHWDOLRSHUD]LRQLILQDQ]LDULHQRQVLD QRFRVØkHVDJHUDWDPHQWHyFRQVLVWHQWLHQRQFRVWLWXLUHEEHURLOOHFLWRDO WUHVØVHODPDJJLRUSDUWHGHLIOXVVLGLGHQDURQRQVLDQRSURYHQWLGDGUXJ WUDQVDFWLRQVRDUPVWUDQVDFWLRQVVHQ]DSRLFRQWDUHLORVFKLLQWHUVFDPEL FRQ1D]LRQLVFHOOHUDWHHVHQ]DVFUXSROLGLPRYLPHQWD]LRQLQRQFRQVRQH DOOHSLãHOHPHQWDULGLUHWWLYHLQWHUQD]LRQDOLRGHOO 218 6HWXWWRFLÝQRQIRVVHLOkODYDWRLRyGLGHQDURVSRUFRLOWHUURULVPRQRQ DYUHEEHGLFKHFDPSDUHRVVLDQRQSRWUHEEHVRVWHQHUHOHVSHVHFRVSLFXH VLDGHOODSUHSDUD]LRQHGLDWWHQWDWLVLDSHUVSLDQDUVLODVWUDGDYHUVRLOVXR L o#p rqgr #ghooh#Lqir upd}lr ql /DFRQYHQ]LRQHVLDSSOLFDDOO RIIHVDGHOODSDUWHFLSD]LRQHGLUHWWDRODFRP SOLFLWÍQHOODPLVXUDLQWHQ]LRQDOHHGLOOHJDOHRDFFXPXOD]LRQHGHLIRQGLPRQH WDULVHWHQWDWRRUHDOHFRQO LQWHQ]LRQHRODFRQRVFHQ]DFKHWDOLIRQGLPRQHWDUL SRWUDQQRHVVHUHXVDWLSHUUHDOL]]DUHGHOOHRIIHVHRXQDWWRSURJHWWDWRSHUSURYR FDUHODPRUWHRIHULWHFRUSRUHHVHULHDFKLXQTXHQRQDWWLYDPHQWHFRLQYROWRLQ '266,(5,17(//,*(1&( RELHWWLYRSULQFLSH'LGHQDURkFDVKyGDULSXOLUHWUDO DOWURSURYHQLHQWH GDLOOHFLWLHGDOO DUHDLVODPLFDOHERUVH(XURSHHQHVRQRVWUDFROPHDQFKH SHUFKÑ H VRSUDWWXWWR SHU PH]]R GHOOH REEOLJD]LRQL VLVWHPD SLã VLFXUR SHUIDUIUXWWDUHROWUHPRGRLFDSLWDOLLQYHVWLWL1HOSHULRGRDGHVHPSLRWUD ODPHWÍGHJOLDQQL2WWDQWDHODILQHGHJOLDQQL1RYDQWDVLÔUHJLVWUDWDXQD FUHVFLWDREEOLJD]LRQDULDGHOFLUFDULVSHWWRDOODQRUPDOL]]D]LRQHGH JOLLQYHVWLPHQWLREEOLJD]LRQDULDFXLODILQDQ]DQD]LRQDOHHUDDELWXDWD SURYHQLHQWH SHU OR SLã GDO VHWWRUH EDQFDULR PHQWUH OH FDSLWDOL]]D]LRQL GHOOHERUVHVXELYDXQLQFUHPHQWRGHOFLUFD4XHVWRQRQYXROGLUH FKH HUDQR WXWWL VROGL GHO WHUURULVPR PD VLFXUDPHQWH XQD IRUWH VSLQWD UD]LRQDOH VXJOL LQYHVWLPHQWL SURGRWWL YHQLYDQR VLFXUDPHQWH GD TXHOOH VRFLHWÍ LVODPLFKH SUHSRVWH DOOD kFLUFRODULWÍy GHO GHQDURFDVVD 2SHUD ]LRQLTXHVWHFKHKDQQRFRQWULEXLWRVHQ] DOWURDGXQ DOWUDLPPDJLQHGHO VLVWHPDHFRQRPLFRILQDQ]LDULRGHO3DHVHPDJDULVWDELOHQGRQHSULRULWÍ GLFUHVFLWDPDÔSXUYHURFKHLQFRQVDSHYROPHQWHHGHYHQWXDOPHQWHLO VLVWHPDILQDQ]LDULRPRQGLDOHKDFRQWULEXLWRGLPROWRDGLQFUHPHQWDUHOH FDVVHGHOWHUURULVPRROWUHPRGRFRQRVFHQGROHYDULHVRFLHWÍLQVWDOODWH LQRFFLGHQWHQRQFLVLSRWHYDHQRQFLVLSXÝDVSHWWDUGLPHQR$LPRYL PHQWLJUDQGLHFRVSLFXLQHOODILQDQ]DPRQGLDOHHSHUTXHOSHULRGRKD FRQWULEXLWRGLPROWRDQFKHO HVSDQVLRQHPRQHWDULDLQ*LDSSRQHDOLPHQ WDQGRODOLTXLGLWÍLQWHUQD]LRQDOHPDLQ*LDSSRQHROWUHFKHULVSHWWDUQH RYYLDPHQWH OH SURSULH SURIHVVLRQDOL SUHSDUD]LRQL LQ PHULWR VDSSLDPR FKH KDQQR DYXWR EDVH GLYHUVH VRFLHWÍ VRWWR FRQWUROOR LVODPLFR H FKH DYUHEEHURSRWXWRFRVWLWXLUHFDQDOHSUHIHUHQ]LDOHSHUWDOHULXVFLWD 2JQLD]LRQHFKHLOWHUURULVPRSURJUDPPDRFKHPHWWHLQDWWRKDXQ FRVWRSUHSDUD]LRQHORJLVWLFDUHDOL]]D]LRQH$QFKHOHVHPSOLFLFRPX QLFD]LRQLYHUEDOLLQRWLPHVVDJJLDXGLRYLGHRLQFLGRQRVXOODVSHVDGHOOD ILQDQ]DGHOOHRUJDQL]]D]LRQLWHUURULVWLFKH6LVWLPDFKHQHJOLXOWLPLFLQ TXHDQQLJOLDWWHQWDWLSRUWDWLDWHUPLQHGD$O4DCLGDVRQRFRVWDWLROWUH 86$ , SULPL VHJQDOL SHU IHUPDUH L ILQDQ]LDPHQWL DO WHUURULVPR VL VRQR DYXWL JLÍ GRSR SRFKLVVLPL JLRUQL GDOO DWWHQWDWR QHJOL 6WDWL 8QLWL ODG GRYHLO&RQVLJOLR(XURSHRVLULXQØSHUDGRWWDUHXQSLDQRG D]LRQHDWWR DFRQVROLGDUHODFROODERUD]LRQHGLSROL]LDHDSURGXUUHVWUDWHJLHHVWUX PHQWL JLXULGLFL SHU SRUUH ILQH DO ILQDQ]LDPHQWR GHO WHUURULVPR 7DOH FRQYHQ]LRQHWUDWWDWR WUD O DOWUR EDVDWR VXO FDSLWROR 9,, GHOOR 6WDWXWR GHOOH1D]LRQL8QLWHHUDJLÍDOYDJOLRGLVWXGLRGDTXHVW XOWLPRVLQGDO LOTXDOHFLWD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w XQFRQIOLWWRLQWLPLGLVFHXQDSRSROD]LRQH>{@/DPLVXUDRO DFFXPXOD]LRQHGHL IRQGLPRQHWDULLQTXHVWRPRGRÔXQ RIIHVDVHRQRQLIRQGLPRQHWDULUHDOPHQWH VRQRXVDWLSHUHIIHWWXDUHJOLDWWLSURVFULWWL/DFRQYHQ]LRQHQRQVLDSSOLFDGRYH XQDWWRGLTXHVWDQDWXUDQRQFRLQYROJHDOFXQLHOHPHQWLLQWHUQD]LRQDOLFRPHGH ILQLWLGDOODFRQYHQ]LRQHy>{@ )LUPDWRLO 3UDWLFDPHQWHVLJLXGLFDUHDWRO DWWRGLGRQDUHRUDFFRJOLHUHIRQGLFRQ O LQWHQ]LRQHRODFRVFLHQ]DFKHWDOLIRQGLVDUDQQRXVDWLSHUILQDQ]LDUHXQ DWWDFFRWHUURULVWLFRVHFRQGRVSHFLILFKHGHILQL]LRQLPDFLVRQRDOPHQR GXHSXQWLLTXDOLQRQFRLQFLGRQRFRQODVRSUDVHSSXUDXWRUHYROHHJLX VWDFRQYHQ]LRQHFKHDWXWW RJJLDQFRUDQRQDEELDPRLQGLYLGXDWRDQD OLWLFDPHQWHODJLXVWDGHILQL]LRQHGHOWHUURULVPRRTXDQWRPHQRO RSL QLRQHGHJOL6WDWL2FFLGHQWDOLQRQFRLQFLGHDVVROXWDPHQWHFRQTXHOOD GHOO DUHD,VODPLFDHFLÝFRPSRUWDVHULSUREOHPLSHULOFRQJHODPHQWRQRQ VRORGHLFRQWLEDQFDULPDDQFKHHVRSUDWWXWWRGHLILQDQ]LDPHQWLFKHWD OXQL3DHVLHURJDQRDOO 2UJDQL]]D]LRQHSULQFLSHGHOWHUURULVPRLVODPLFR &KHQRQÔSRVVLELOHSHUODPDJJLRUHLQGLYLGXDUHVHLILQDQ]LDPHQWLVLD QRGHOWXWWRRLQSDUWHULFLFODWLDWWUDYHUVRRUJDQL]]D]LRQLDVVRFLD]LRQL PRVFKHHRQJSRLFKÑÔDQFKHGDTXHVWHFKHDUULYDQRSXQWXDOPHQWHL WULEXWL>OHJDWLDOOR=DNDWHDOOD6DGDTD@FKHRJQL0XVXOPDQRÔWHQXWRD YHUVDUHSHUVFRSL>XPDQLWDUL@ &KLILQDQ]LDGXQTXHLOWHUURULVPR"4XHVWDÔVWDWDHIRUVHÔWXWW RUD XQDGRPDQGDDOODTXDOHODULVSRVWDSLãSURVVLPDGRYUHEEHHVVHUHlLO WHUURULVPR VL DXWR ILQDQ]LD SRLFKÑ DQFKH FKL RIIUH XQ VROR GROODUR R HXURRTXDOVLYRJOLDPRQHWDGLTXDOVLDVLGLYLVDPRQHWDULDFRQWULEXLVFH DOWHUURULVPRTXLQGLÔDQFK HJOLXQWDOH"z3UREDELOPHQWHXQDEXRQD SDUWHGLPXVXOPDQLFKHYHUVDQRWULEXWLDOOD=DNDW>OHWWHUDOPHQWHSXUL ILFD]LRQHÔO HOHPRVLQDULWXDOH@O LPSRVWDGHOk4XUCDQy>&RUDQR@OR IDQQRVHQ] DOWURLQEXRQDIHGH0DÔDQFKHYHURFKHLQTXDOFKHPRGR LOSDVVDJJLRWUDOR=DNDWGLVROGLUDFFROWLHODGHVWLQD]LRQHGLWDOLIRQGL YD YHUVR OH FDVVH GHO UDGLFDOLVPR LVODPLFR LO TXDOH VLFXUDPHQWH QRQ GLVSRUUÍGLWDOHGHQDURSHULELVRJQRVLLVODPLFLSRLFKÑODSULRULWÍÔQHO VRVWHQHUHHFRQRPLFDPHQWHLOWHUURULVPR/ LQGLFHÔVWDWRSXQWDWRDQFKH YHUVRODUHWHGLFDPELDYDOXWH0HGLR2ULHQWDOH *OLkKDZDODyLTXDOLFRQODSLãVHPSOLFHHGHOHPHQWDUHGHOOHWUDQ VL]LRQLGLURWWDQRGHQDURYHUVROHFDVVHGL$O4DCLGDHDSURSRVLWRVDUÍ EHQHVRWWROLQHDUHXQGDWRLPSRUWDQWHVSHVVRDEELDPRUDFFROWRWHVWLPR QLDQ]HLQUHOD]LRQHDOILQDQ]LDPHQWRGHOOHUHWHWHUURULVWLFKHOHTXDOLVH FRQGRDOFXQLYHUUHEEHURHURJDWLGDOORVWHVVR%LQ/DGHQDWWLQJHQGRQHL SHUVRQDOLFRQWLOHVRPPHRFFRUUHQWLDOODVRSUDYYLYHQ]DHFRQRPLFDGHO WHUURULVPR,IDWWLGLPRVWUDQRLOFRQWUDULRÔ%LQ/DGHQFKHSHUPH]]R GHLILQDQ]LDPHQWLDOWHUURULVPRLQJUDVVDLSURSULFRQWLEDQFDUL6HÔGDO UDGLFDOLVPR,VODPLFRFKHVLKDQQROHSUHURJDWLYHDOWHUURULVPRDOORUDÔ L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( TXHVW XOWLPRFKHDOLPHQWDOHFDVVHHFRQRPLFKHGHOSULPRRLOFRQWUDULR" 8QDIRQWHSUHVVRFKÑDWWHQGLELOHSHUODULVSRVWDODVLWURYDQHOOHSUHGLVSR VL]LRQLFKHLOUDGLFDOLVPRLVODPLFRKDDYXWRJLÍDSDUWLUHGDPROWLDQQL DGGLHWURVXO IDWWRGHOO HFRQRPLDPRQGLDOH FUHD]LRQH GL WUXVW LQWHUQD ]LRQDOLVRFLHWÍHGLPSUHVHLQ(XURSDFRQXQDIRUWHSULYLOHJLDWDVFHOWD VXOO ,QJKLOWHUUDVFDPELGLQRPLSHUVRFLHWÍIDQWDVPDFRPSHUDYHQGLWD GLDOWUHWWDQWHVRFLHWÍQD]LRQDOLRGLQWHUQD]LRQDOLIDYRUL HFRQRPLFLWUD SDHVLLVODPLFLHGRFFLGHQWDOLHFRVLYLDILQRDGLQFUHPHQWDUHXQDVWDWXV HFRQRPLFR PRQGLDOH GDOOH SURSRU]LRQL RJJL LQFUHGLELOPHQWH YDVWH H SUHRFFXSDQWL6RORRJJLHDSDUWLUHGDOODIDWLGLFDGDWDGHOO DWWHQWDWRGL 1HZ<RUNLOPRQGRLQWHURVLÔUHVRFRQWRGLTXDQWRHQRUPHPHQWHYDVWD VLDODFDVVDHFRQRPLFDGHOWHUURULVPR2FFRUUHYDDVSHWWDUHHYHQWLFRVØ WUDJLFL SHU FRPSUHQGHUH FKH QHOO HFRQRPLD PRQGLDOH F HUD TXDOFRVD FKHQRQTXDGUDYD"$GHVHPSLROHVRFLHWÍVRWWRFRQWUROORLVODPLFRLQ *UQ%UHWDJQDVRQRLQJUDQGHTXDQWLWÍPDLOJRYHUQREULWDQQLFRGRYH JXDUGDYDPHQWUHVXOVXRWHUULWRULRVLGLIIRQGHYDQRRUJDQL]]D]LRQLDWWH DOOD UDFFROWD GL IRQGL GD LQYLDUH DOOH FDVVH GHO UDGLFDOLVPR LVODPLFR" 4XDOLLQIRUPD]LRQLSRVVHGHYDQRGDHVVHUHFRVØFLHFKLGDQRQYHGHUHR QRQVDSHUHFKLRSHUDYDDOO LQWHUQRHDFDSRGLWDOLVRFLHWÍ"$GHVHPSLR O ,QWHUQDWLRQDO%XUHDXIRUWKH'HIHQVHRI(J\SWLDQ3HRSOHHGL,VODPLF 2EVHUYDWRU\ HEEH DOO LQL]LR GHO GDO *RYHUQR %ULWDQQLFR SHU WUDPLWHGHLVLJJk$EHO$EGHO0DMLGH$GHO7DZILTDO6LUULyO DXWRUL] ]D]LRQHDOODUDFFROWDIRQGLSHUQRPHGHOODVRSUDFLWDWDVRFLHWÍPDQRQ HUDSRLWDQWRVHJUHWDO DSSDUWHQHQ]DGLWDOHVRFLHWÍDO*UXSSR,VODPLFR HDOOD-LKDG,VODPLFDVWHVVDRUJDQL]]D]LRQHFKHLQ(JLWWRVHGHXIILFLDOH RSHUDWLYD GHO JUXSSR FDXVÝ OD VWUDJH GL /X[RU OR VWHVVR$EHO$EGHO 0DMLGIXLPSOLFDWRQHOO DVVDVVLQRGL$QZDU6DGDWROWUHFKHDGDOWULVYD ULDWLFULPLQLPDHEEHDVLORSROLWLFRLQ*UDQ%UHWDJQDGRYHUDFFRJOLHYD HULFLFODYDGHQDURSHUOHFDVVHGHOUDGLFDOLVPRLVODPLFR 1RQVROROD*UDQ%UHWDJQDVLÔYLVWDVXOSURSULRWHUULWRULRDOWULHVSR QHQWLGLVSLFFROHJDWLDOWHUURULVPRLQWHUQD]LRQDOHFRPH$EX4DWDEGDR $ERX)DUUHVR$EX0XVDGHO*,$WXWWLRSHUDQWLQHOUHFOXWDPHQWRGLVH JXDFLkGRUPLHQWLyHGLUDFFROWDGLIRQGLGDGHVWLQDUHDOOHRSHUD]LRQLGHO OHORURRUJDQL]]D]LRQL,OUHVWRGHOO (XURSDKDRVSLWDWRRUJDQL]]D]LRQL WHUURULVWLFKHLQkEXRQDIHGHyRPHJOLRVHQ]DSDOHVHPHQWHFRQGLYLGHUQH JOLLQWHQWL0DGDOO LQL]LRGHJOLDQQL2WWDQWDHILQRDOODILQHGHJOLDQQL 1RYDQWDODSROLWLFDLQWHUQD]LRQDOHHUDEHQGLYHUVDGDTXHOODDWWXDOHSHU FXLSHUDVSHWWLJHRHFRQRPLFLHSROLWLFLLQWHUQD]LRQDOLHUDIDFLOHYHGHUH VXGLXQWHUULWRULRHXURSHRRSHUDQWHXQDTXDOFKHRUJDQL]]D]LRQHUDGL FDOLVWDWHUURULVWLFDDLILQLGHOODUDFFROWDGLIRQGLGLJHVWLRQHGLVRFLHWÍ GLUHFOXWDPHQWRGLVHJXDFLHSURSULRJUD]LHDOWHPSRDGLVSRVL]LRQHFKH LOWHUURULVPRKDDYXWRLQ2FFLGHQWHSHULPSLDQWDUHLSURSULkILQDQFLDO DFFRXQWyHOHSURSULHkVWUDWHJLHILQDQ]LDULHy*OLLQWUHFFLWUDPDILDUXVVD H%LQ/DGHQDGHVHPSLRKDQQRVYLOXSSDWRQHOWHPSRULVRUVHHFRQRPL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w FKHDEEDVWDQ]DULOHYDQWLOHTXDOLFRQIOXLYDQRSHULOODYDJJLRYHUVRVR FLHWÍRFFLGHQWDOLVRWWRFRQWUROORLVODPLFRHFKHDORURYROWDULYHUVDQRVX RUJDQL]]D]LRQLUHOLJLRVHPRVFKHHDVVRFLD]LRQLDLILQLGLIDUDFFHGHUH VXLFRQWLEDQFDULGHQDURVRWWROHIDOVHVSRJOLHGLOHFLWLHVSRQWDQHLODVFLWL SHUVRQDOL>]DNDWDGHVHPSLR@ 8QDLQJHQWHTXDQWLWÍGLGHQDURFKHFDPPLQDYHUVROHRUJDQL]]D]LR QLWHUURULVWLFKHVLFXUDPHQWHDUULYDGDSDHVLTXDOLOD6LULDLO6XGDQJOL (PLUDWLO ,UDQO $OJHULDHWDQWLDOWULSDHVLRULHQWDOLPDDIDUFDSRDWDOH kHURJD]LRQHyYLÔO $UDELD6DXGLWDLOFXLUXRORKDGHOO DPELJXLWÍ3DHVH DPLFRGHJOL 86$HGL1D]LRQL2FFLGHQWDOLHFRQIRUWHkSUHOXGLRyYHUVR LO UDGLFDOLVPR LVODPLFR H LO WHUURULVPR ILQDQ]LDWRUH GHO WHUURULVPR H PROWRYLFLQRDG$O4DCLGDSHUPH]]RGLLOOXVWULSHUVRQDJJLGLJRYHUQR PDDOWUHWWDQWRPLQDFFLDWRGDOWHUURULVPR 8Q DPELJXLWÍ FKH KD VDSRUH GHOOD FDQQD DO YHQWR LO GROFHDPDUR GHOO DOWDOHQD HSSXUH WDOH GLYHUVLWÍ JLRFD PROWR VXO GD IDUVL SHU DOOXQ JDUHFRVSLFXDPHQWHULVRUVHHFRQRPLFKHDOWHUURULVPRFRQVLGHUDWRFKH Ô SURSULR LQ TXHVWR 3DHVH FKH ULVLHGRQR WUD O DOWUR OD TXDQWLWÍ PDJ JLRUH GL VRFLHWÍRUJDQL]]D]LRQL GHGLWH DOOD UDFFROWD H DOOD SXOLWXUD GHO GHQDURFDVVDQRQVRORGL$O4DCLGDODTXDOHFRPHDOWULODFRQVLGHUR VRORXQ 2UJDQL]]D]LRQHPDILRVDFKHYXROHJHVWLUHWXWWHOHDOWUHRUJDQL] ]D]LRQLWHUURULVWLFKHSURSULRSHUPH]]RGLTXHOODkJHVWLRQHSROLWLFDHG HFRQRPLFDyGLFXLVLDFFHQQDQHO,,,£FDSLWRORSHUWDQWRO $UDELD6DXGLWD VHPEUHUHEEHFKHIDFFLDHFKHFRQGXFDLOkJLRFRGHOWLURHQDVFRQGRyGHO kFLVWRPDQRQSURSULRyHFRVLYLDHVHPEUHUHEEHORJLFRFKHWDOH3DHVH DJLVFD LQ TXHVWR PRGR VH YXROH UHVWDUH PDWULFH GHO GLVVHQVRDVVHQVR VLDGHOWHUURULVPRVLDGHOO DPLFL]LDFRQJOL6WDWL2FFLGHQWDOLXQUXROR TXHOORGHOO $UDELD6DXGLWDFKHHYLGHQWHPHQWHROWUHDGHVVHUHVWDWRJLÍ SLDQLILFDWR GD WHPSR ULVXOWD HVVHUH PROWR FRQYHQLHQWH DO WHUURULVPR VWHVVR 7UDLWLPRUL>DQFRUDQRQFHUWL@GL5H)DKGUHODWLYDPHQWHDOO HVWHQVLR QHHDOODSUHVHQ]DGHOO HVWUHPLVPRLVODPLFRVXOVXRORGHOO $UDELD6DX GLWDTXHVW XOWLPDVHPEUDFKHULHVFDDkGLYRUDUHyFRQIDFLOLWÍWXWWLLGXE ELGLVFHOWDGLTXHLSHUVRQDJJLFKLDYHQHOODSROLWLFDILQDQ]LDULDGHO3DHVH WUDVSRUWDQGROLFRQVWUDWHJLDSHUVXDVLRQHHFKLVVÍTXDOLDOWULVWUXPHQWL QHOSURSULRFRQWHVWRGLkULEHOOLRQHyDOORVWDWXVSROLWLFRGLDOFXQLJRYHU QDWLQHOODIDPLJOLDGL5H)DKGPROWRLQWULQVHFLDOUDGLFDOLVPRLVODPLFR / $UDELD6DXGLWDSXUWURSSRVLOHQ]LRVDPHQWHHGDELOPHQWHHVWHQGHOH SURSDJJLQLGHOkLVODPZDKDELWDyODTXDOHQHO3DHVHÔUDSSUHVHQWDWDGD PLJOLDLDGL,PDPILQDQ]LDWLROWUHPRGRGDOORVWHVVR*RYHUQRGL5LDG 8QDUHWHLQWHUQD]LRQDOHGHGLWDDLILQDQ]LDPHQWLGHOWHUURULVPRULVSRQ GHDOQRPHGHOO kKDUDPDLQLVODPLFIRXQGDWLRQyDVXDYROWDILQDQ]LDWD GDOJRYHUQRGHOO $UDELD6DXGLWDSHULOFXLWUDPLWHVRQRVWDWLLQYHVWLWLH ULFLFODWLLQJHQWLVRPPHGLGHQDURLQ3DHVLQRQ,VODPLFLSHU8QLYHUVLWÍH 6FXROH,VODPLFKH0RVFKHH21*&HQWULHFRVØYLDDOILQHQRQVRORGL L o#p rqgr #ghooh#Lqir upd}lr ql 6WUXWWXUD/RJLVWLFDH6WUDWHJLD 6HLOWHUURULVPRDEELDRPHQRXQDSURSULDVWUXWWXUDÔWXWW RUDDUJR PHQWRGLVFRQWURWUDGLYHUVLVWXGLRVLGHOIHQRPHQRWDQWRGDLSRWL]]DUQH VSHVVR XQD VFHOOHUDWD PHVFRODQ]D WUD FULPLQDOL RUJDQL]]DWL H JUXSSL GL IDQDWLFL GHOLQTXHQWL ,O FRQWHVWR RSHUDWLYR GHO WHUURULVPR LVODPLFR Ô VLFXUDPHQWH OD FULPLQDOLWÍ LQWHVD FRPH DWWL DG RIIHQGHUH OH YLWH DO WUXLPDQRQVLFXUDPHQWHFRPHkSLDQLILFD]LRQHVWUDWHJLFDyROWUHFKHGL VRSUDYYLYHQ]DDOODORWWDFKHJOLÔDYYHUVDDOULVXOWDWRkQHIDVWRyFKHOR VWHVVRVLSUHILJJHGLUDJJLXQJHUHLQIDWWLFRPHKRDFFHQQDWRDOO LQL]LR GHOOD SUHVHQWH EURFKXUH LO WHUURULVPR LVODPLFR Ô WDQWR SLã HOHJJLELOH QHOVXRFRQWHVWRRSHUDWLYRFULPLQDOHFKHQHOODIDWWLVSHFLHGHOO RELHWWLYR SROLWLFR SUHILVVRVL $OODFFLDQGRFL DOOR VWDWXV HFRQRPLFRILQDQ]LDULR GHOOHRUJDQL]]D]LRQHWHUURULVWLFKHVLDUULYDDLPPDJLQDUHFKHXQDVWUXW WXUD VHSSXUH GLVRUJDQL]]DWD GHYH SXU HVVHUFL DOWULPHQWL QRQ DYUHEEH VHQVRODPROWHSOLFLWÍGLRUJDQL]]D]LRQLGHGLWHDOODUDFFROWDGLIRQGLHGL ILQDQ]LDPHQWLSHULRGLFLHVLVWHPDWLFLGHLSDHVLLVODPLFLYHUVROHFDVVH GHOWHUURULVPR/HFRPSOHVVLWÍGLWDOLRSHUD]LRQLQRQSRVVRQRVXVVLVWHUH VHQ]DVRVWHJQRGHOODkSROLWLFLWÍyHODFRVSLFXLWÍGLVRPPHGLGHQDURGD '266,(5,17(//,*(1&( SXOLUHGHQDURSURYHQLHQWHGDLOOHFLWLPDDQFKHHVRSUDWWXWWRSHUODGLIIX VLRQHGHOSURSULRSURVHOLWLVPR'HWWDLQL]LDWLYDKDSRLGLIIXVRWDOLRSHUD ]LRQLILQDQ]LDULHLQWXWWRLOPRQGRFUHDQGRQHXQDVRUWDGLkLQDOYHD]LRQH ILQDQ]LDULDyDWWLQJLELOHGDTXDOVLDVLSXQWRGHOJORER8QXRPRFKLDYH GHLILQDQ]LDPHQWLDG$O4DCLGDÔVWDWRVHFRQGRJOL86$SURSULR2PDU $EGL0XKDPPDGSHUWUDPLWHGHOOD+DUDPDLQ,VODPLF)RXQGDWLRQHFRQ VWUHWWLFRQWDWWLFRQOD*5)>*OREDO5HOLHI)RXQGDWLRQ@XQ DVVRFLD]LRQH LVODPLFDWUDO DOWURFRQVHGHSURSULRQHJOL6WDWL8QLWLFLÝIDODUJDPHQWH LQWHQGHUH GHO FRPH HVSDQVLRQLVWLFD Ô VWDWD H WXWWDYLD OR Ô DQFRUD /D UHWH FDQDOL]]DWD GL UDFFROWD IRQGL H GHL ILQDQ]LDPHQWL FKH SHU WUDPLWH GLWDOHGDWHPSRLVWLWXLWHIRQGD]LRQLVFXROHPRVFKHHHGDVVRFLD]LRQL VL GLULJRQR YHUVR XQ XQLFD FDVVD ILQDQ]LDULD TXHOOD GHO WHUURULVPR , FDQDOLHFRQRPLFLGHOWHUURULVPRLVODPLFRRUPDLVSD]LDQRGDXQSXQWR DOO DOWURGHOSLDQHWDHQRQRVWDQWHLYDULWUDWWDWLVXOODUHSUHVVLRQHGHLIL QDQ]LDPHQWLHVVLFRQWLQXDQRLOORURSURJUHVVLYRDOLPHQWDUVLSHUPH]]R QRQ VROR GL UDFFROWH k]DNDWy R FRQFHVVLRQL GDL FG 6WDWL FDQDJOLD PD DQFKHHVRSUDWWXWWRGDOOHkPRYLPHQWD]LRQLHFRQRPLFKHLQWHUQD]LRQDOLy VRWWROHFLWDVSHVVRGHL3DHVLRVSLWDQWLLOWHUURULVPRÔDQFKHXQDVWUDWHJLD HFRQRPLFDSHUFKLQHJHVWLVFHDOO DSLFHO HVLVWHQ]DHO RSHUDWLYLWÍ·XQ VHULRSUREOHPDDOWDPHQWHHVLJQLILFDWLYDPHQWHLQTXLHWDQWHSHUOHHFRQR PLHPRQGLDOL1HOOLEUR0XOWLQD]LRQDOLGHO7HUURUH$QGUHD0RULJLHGL ]LRQL3LHPPHVLGHVFULYRQRLOLQHDPHQWLSLãQDVFRVWLHOHDUUDPSLFDWH HFRQRPLFKHFKHLOWHUURULVPRVWDIDFHQGRSHUDFFDODSSLDUVLLOVLVWHPD HFRQRPLFRPRQGLDOHFRVWLWXHQGRXQDVHULDHGLPPLQHQWHPLQDFFLD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w IDULQYLGLDDL0LQLVWHULGHO7HVRURGLTXDOVLDVL3DHVH2FFLGHQWDOHQRQ SXÝHVVHUHFRQWUROODWDVHQRQGDXQXQLFDIRQWHDXWRUHYROH1RQSRVVR QRQSHQVDUHDOFRPHXQGLVHJQRGLWDOHQDWXUDQRQVLDVWDWRSLDQLILFDWR LQWXWWLLVXRLDVSHWWLORJLVWLFLHVWUDWHJLFLHGHOFRPHPDJDULXQFRQ WUROORSROLWLFRHFRQRPLFRQRQVLVLDPHVVRDFDSRGLWDOHSLDQLILFD]LRQH HFKHVWLDFKLDPDQGRDVHWXWWHOHRUJDQL]]D]LRQLWHUURULVWLFKHOHTXDOL VHPEUD VL VLDQR GLIIXVH FRQ SRWHQ]D FDSLOODUH GLYHQHQGRQH XQ XQLFD PLQDFFLDSHULOPRQGRLQWHUR6HLOWHUURULVPRIXQ]LRQDORVLGHYHDGXH FRVHHVVHQ]LDOLSHUODVXDORJLFDHVLVWHQ]DSHUFKÑYLÔFKLQHJHVWLVFHOH RSHUD]LRQLDOLYHOORPRQGLDOH>TXDOVLDVLHVVHVLDQR@HSHUFKÑKDVROGL TXLQGLSXÝVDODULDUH3HUFXLWDOHFLUFRODULWÍGHOWHUURUHDYYLHQHSHUOH VRSUDGXHIXQ]LRQLORJLVWLFKHPDVLGLIIRQGHHVLOHJLWWLPDDVXDYROWD SRLFKÑDGDOLPHQWDUORYLVRQRDOPHQRDOWUHWWDQWHIXQ]LRQLLPSRUWDQWLL JRYHUQLFKHQHkFRQGLYLGRQRyJOLVFRSLHOHSRSROD]LRQLFKHQHGLYHQWD QRVHJXDFLSHUPH]]RGHOODUHOLJLRVLWÍ $OGLOÍGHOODFRQYLQ]LRQHRPHQRFKHVLDQDWRSULPDLOkJHVWRUHyH SRLLOkWHUURULVPRyRYLFHYHUVDLOGDWRGLIDWWRÔFKHFLÝHVLVWHÔUHDOHH SXÝLPSRUWDUHPHQRVHVRQRVWDWHOHRUJDQL]]D]LRQLDFKLDPDUHDVHXQD RSLãIRQWLDXWRUHYROHSHUODJHVWLRQHVWUDWHJLFDRSSXUHFKHVLDQRVWDWL TXHVWLXOWLPLDJHQHUDUHGLYHUVHRUJDQL]]D]LRQLRJUXSSLGLWHUURULVWLSHU TXDQWRPHQHFRQYHQJDDQFKHHVRSUDWWXWWRSHUQRQFRQWUDGGLUPLOH RUJDQL]]D]LRQLWHUURULVWLFKHKDQQRDYXWRQDWXUDGLHVLVWHQ]DSULPDFKH XQDTXDOFKHkJHVWLRQHRFFXOWDyQHULFKLDPDVVHODVWUDWHJLFDFROORFD]LR QHLQGLVHJQLSROLWLFLHGHFRQRPLFLDWWLDOODGHVWDELOL]]D]LRQHLQWHUQD ]LRQDOHSHUFXLQHDGGLYHQJRVHSSXUFRQDVSHWWLXQSR IDQWDVWLFLHXQ SR PDWHPDWLFLDOODSRQGHUDWDFRQFOXVLRQHFKHXQDVWUXWWXUDQHOWHUUR ULVPRF ÔHGÔXQLQWUHFFLRORJLFRHPHWRGLFRWUDSROLWLFDHFRQRPLD HGRSHUD]LRQLFULPLQDOLDOILQHGLVWDELOLUQHXQIHUPRSXQWRGLJHVWLRQH DYYHUVRDOODFUHVFHQWHHYROX]LRQHFKHO RFFLGHQWHLQWHUPLQLGLJORED OL]]D]LRQHVWDDSSRUWDQGRHPDJDULHVSRUWDQGRLQDUHHFXOWXUDOPHQWHH VRFLRORJLFDPHQWHQRQDXVSLFDELOLDTXHLFDPELDPHQWLSROLWLFLILQLDOOD GHPRFUD]LD 'DTXLQDVFHFLÝFKHVLSXÝGHILQLUHk*HVWLRQH2FFXOWD0RQGLDOHy >*20@ XQ RUJDQLVPR GL DXWRUHYROL H FRQYLQFHQWL VLVWHPL FDSDFH GL FDPELDUHDSURSULRJUDGLPHQWRJOLHYHQWLQDWXUDOLVLDSROLWLFLVLDHFR QRPLFLFKHDWWUDYHUVRXQ LQIHUHQ]DGLUHWWDVXOOHFRPSOHVVLWÍGHOOHRSH UD]LRQLLQWHUQD]LRQDOLFKHVLYDQQRVHPSUHSLãGHILQHQGRVXOFRQWUROOR GHOOHGHFLVLRQLGHOOHLQL]LDWLYHHGHOODFUHVFLWDHFRQRPLFDILQDQ]LDULD LQWHUSRQHDOVXRQDWXUDOHLPSRUVLXQDFRQVHJXHQ]DHGXQLQWHUPHGLD]LR QHODTXDOHFRVWULQJHOHVFHOWHPXOWLSOHHVXFFHVVLYHDGHILQLUHXQDORJLFD GLDWWDFFRVWUDWHJLFRDOVLVWHPDSROLWLFRHFRQRPLFR3URSULRJUD]LHDO O DWWHQ]LRQHFKHLOWHUURULVPRYROJHVLDDOOHSROLWLFKHVLDDOOHHFRQRPLH PRQGLDOLHSHUORURWUDPLWHFKLQHJHVWLVFHLSURILOLGHVWDELOL]]DQWLQH GLVSRQHVDSLHQWHPHQWHLODWLGHEROLSHUPH]]RGLSURFHGLPHQWLLTXDOL L o#p rqgr #ghooh#Lqir upd}lr ql )LJXUD3UREDELOHVWUXWWXUDGHOWHUURULVPRLVODPLFRDWWUDYHUVRODJHVWLRQHGHOOD GHVWDELOL]]D]LRQHGD*7$QDOLVL7HUURULVPR '266,(5,17(//,*(1&( FUHDQRSUHVXSSRVWLSLã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q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w 4XDORUDLQWHUFHWWDXQ DUHDUHGGLWL]LDLQWHUPLQLGLVFRSLHRELHWWLYL SUHILVVLVHQHGDXQDFRQFOXVLRQHHQHUDJJLUDSHUFRQVHJXHQ]DGHOO LQ IHUHQ]DVWHVVDOHFRQGL]LRQLSROLWLFKHGLTXHOOHDUHHJHRJUDILFKHFRUUL VSRQGHQWLDOPRGHOORHFRQRPLFRGDDWWDFFDUHVSLQJHDVFHOWHSROLWLFKHH GLFRQVHJXHQ]DQHFUHDO DVVXUGDGLVSRWLFDDVSLUD]LRQHDOSRWHUHDVVROX WR3HUIDUVLFKHLOSRWHUHQRQUHVWLVRORXQ DVSLUD]LRQHHSHULQYRJOLDUH DOWUL RUJDQLVPL DG DFFHOHUDUH LO SURFHVVR GL GHVWDELOL]]D]LRQH GL TXHL 3DHVLGHPRFUDWLFDPHQWHHOLEHUDOPHQWHJRYHUQDWLÔSXUFKLDURFKHFKL QHJHVWLVFHLFRPDQGLDEELVRJQDGLGDUHSHUVXDVLRQLSULPDFKHVLDQR DEEDVWDQ]DLQFLVLYHHVSHWWDFRODULHGLkUHSDUWLySRLGLVDQJXLQDULWHUUR ULVWLSURQWLDGLVWULEXLUHWHUURUHHPRUWHDWWLUDWLYHUVRWDOHSLDQLILFD]LRQH FRQODVFXVDGLJXHUUHSURFODPDWHDWWUDYHUVRXQDVWROWDLQWHUSUHWD]LRQH GDOODUHOLJLRQHLVODPLFD 1HOODILJXUDULSRUWDWDVLQRWDFKLDUDPHQWHFKHLOGLDJUDPPDULIHULWR DOOHRUJDQL]]D]LRQLWHUURULVWLFKHÔDPSLDPHQWHVWDFFDWRGDOUHVWRGHOOD UDIILJXUD]LRQH H FKH$O 4D LGD WURYD XQD FROORFD]LRQH DO FHQWUR GHO O LSRWHVL SRLFKÑ VH SXU GHILQLWD XQD kPXOWLQD]LRQDOH GHO WHUURUHy FRQ PLJOLDLDGLXRPLQL>DWWLYLHRGRUPLHQWL@VSDUVLSHUWXWWRLOPRQGRODVXD HVLVWHQ]DÔSXUVHPSUHFRPHXQDKROGLQJPDILRVDFULPLQDOHFKHDWWHQWD DWXWWLLPRYLPHQWLFKHOHDOWUHkRUJDQL]]D]LRQLyWHUURULVWLFKHHIIHWWXDQR HQHYRUUHEEHFRQWUROODUHLOFRPDQGRRYHQGHUQHODORURk3ROLWLFLWÍyDO PLJOLRURIIHUHQWH7UDOD*HVWLRQH2FFXOWD0RQGLDOHH%LQ/DGHQHVLVWH IRUVHXQSDWWRIUDWHUQRGLORWWDHVLFXUDPHQWHORVWHVVRFDSRGL$O4D CLGDQHIDSDUWHLQWHJUD>DQFKHVHDOOHVXHVSDOOHJLRFRIRU]DODJHVWLRQH GL JURVVL 3DHVL$UDEL H QRQ VROR@ GLYHQWD VHQVLELOPHQWH RYYLD OD SUR FODPD]LRQHGLXQ XQLFD*UDQGH2UJDQL]]D]LRQHGHO7HUURUHJHVWLWDGD %LQ/DGHQ& ÔGDFRQVLGHUDUHDQFKHFKHWDOHLSRWHVLGLJHVWLRQHGHOOH RUJDQL]]D]LRQLWHUURULVWLFKHVLDDGGLULWWXUDXQkGLVHJQRyEHQLPSRVWDWR GDSSULPDGDGLYHUVLSDHVLLVODPLFLHGDVXELWRFRQO DXVLOLRHGLOVRVWH JQRGLTXHLSRFKL3DHVLRFFLGHQWDOLFKHGLWXWWRIDQQRHGLFRQRSHUOD ORWWDDOWHUURULVPRPDFKHSRLDOORVSHJQHUVLGHLULIOHWWRULDQQXLVFRQRH VLGRPDQGDQRVXOFRPHIDUHDIIDULFRQTXHVWRRTXHOORk6WDWRFDQDJOLDy 8QDVHSSXUkPDOIHUPDyVWUXWWXUDLOWHUURULVPRLVODPLFRF ÔO KDHGÔ VHPSUHSLãDWWHQWDDFROOHJDUQHOHWLSRORJLHWUDOHYDULHRUJDQL]]D]LRQL SHUPH]]RGHOkULFKLDPRySROLWLFRJHVWLRQDOHGLFXLVRSUDVLDFFHQQDYD QHOFROORFDUHDOFHQWURGHOGLDJUDPPDO RUJDQL]]D]LRQHGL$O4DCLGDKR WHQXWRFRQWRGLDOFXQLIDWWRULULOHYDQWLDLVHQVLGHOO RSHUDWLYLWÍHGHOODOR JLVWLFDFKHFRQWUDGGLVWLQJXH%LQ/DGHQGDDOWULFDSLWHUURULVWLFLRJUXS SL$O4DCLGDÔJLÍSHUVHVWUXWWXUDWDLQVHQVRRUJDQLFRIXQ]LRQDOHFRQ OHVXHPLJOLDLDGLkDGHSWLyVSDUVLXQSR LQWXWWRLOPRQGRFRQVLVWHPL ORJLVWLFLRSHUDWLYLDGLVSRVL]LRQHSHURJQLVLQJRORVRWWRJUXSSRIRUPDWD JLÍGLSHUVHGDROWUHXQDYHQWLQDGLJUXSSLWHUURULVWLFLFKHDORURYROWDVL ULJHQHUDQRHRVLULPHVFRODQRFRQDOWULJUXSSLFDPELDQGRVSHVVRGHQR PLQD]LRQHHXRPLQLFRPHDGHVHPSLRODk%ULJDWD$EX+DIV$O0DVULy L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( >QRWDSHUOHPLQDFFHLQYLDWHSLãYROWHDOO ,WDOLD@PROWRYLFLQDDGk2VDPD %LQ/DGHQyTXLQGLSDUWHGHOODVWUXWWXUDGL$O4DCLGD &LÝODVFLDSUHVXPHUHFKHOHRUJDQL]]D]LRQLWHUURULVWLFKHQDVFRQRVL ULJHQHUDQRHVSHVVRPXRLRQRSHUORJLVWLFDGLJHVWLRQHHGLRSHUDWLYLWÍ PD FKH FRPXQTXH YHQJRQR FKLDPDWH GDOOD VWHVVD$O 4D CLGD DO ILQH GLVWUXWWXUDUHXQDVXSHURUJDQL]]D]LRQHODTXDOHDOVXRFRPDQGRSRWUÍ HVVHUHPROWRSLãFRQWUROODWDVLDSHUPH]]RHVFRSLPLOLWDULGDSDUWHGL 2VDPDVLDSHUPH]]LHVFRSLORJLVWLFLGDSDUWHSROLWLFD3HUGHOLQHDUH LQPRGRRWWLPDOHODVWUXWWXUDGL$O4DCLGDRFFRUUHYLVXDOL]]DUQHWXWWL LFDQDOLJOLXRPLQLkFKLDYHyHkOXRJRWHQHQWLyDOILQHGLUHQGHUVLFRQWR GL TXDQWR VSHWWDFRODUH H SDXURVDPHQWH Ô VWUDWHJLFD H SURIHVVLRQDOH OD VWUXWWXUDWDGHOO RUJDQL]]D]LRQH (VVDKDXQVHWWRUHORJLVWLFRXQ,QWHOOLJHQFHGHJOLDGGHWWLDOUHFOXWD PHQWRHDOO DGGHVWUDPHQWRFDQDOLILQDQ]LDULLQFUHGLELOPHQWHRUGLQDWLH VWUDWHJLFDPHQWHGLVWULEXLWLUHIHUHQ]HHDJJDQFLORJLVWLFLFRQDOWUHRUJD QL]]D]LRQLFULPLQDOLHWHUURULVWLRFFLGHQWDOLFRPPHUFLRGLDUPLHGURJD FRQOHPDILHRFFLGHQWDOLEDQFKHHILQDQ]LDULHDFRSHUWXUDGLULFLFODJJLR HILQDQ]LDPHQWLPH]]LHDGGHWWLDOODFRPXQLFD]LRQHHVSHUWLLQIRUPD WLFLKDFNLQJWHFKQLFLDQVHVSHUWLFKLPLFLHELRORJLHSRWUHPPRFRQWL QXDUHSHUFKLVVÍTXDQWRLQVRPPDÔXQ RUJDQL]]D]LRQHFKHQRQVRORVWD FKLDPDQGRDVHWXWWHOHRUJDQL]]D]LRQLWHUURULVWLFKHPRQGLDOLDIDWWULFH LVODPLFDPDFKHkFRPELQDyLQFRQWULHGDFFRUGLFRQLWHUURULVWL(XURSHL GLWXWW DOWUDPDWULFHHFRVDFKHDQFRUSLãSUHRFFXSDQWHÔSURSULDGLXQD 3ROLWLFLWÍGHOODTXDOHVHQHLSRWL]]HUDQQRPDJDULJOLLQWHQGLPDWXWW RUD QRQFLÔGDWRGLFRQRVFHUQHOHIRQWLOHPHQWLOHRULJLQL(VVDQRQÔLO WHUURULVPRLVODPLFRQHOO LQWHUH]]DPDXQDSDUWHGLHVVRFRQDYLGDSUR SHQVLRQHDGLYHQWDUORTXHVWDÔ$O4DCLGD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w )LJXUD6WUXWWXUDGL$O4DCLGD L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( ,O PRGXV RSHUDQGL GHO WHUURULVPR OR ID DQQRYHUDUH LQ XQD kSDU WLFRODUH IRUPD GL FULPLQDOLWÍy SDUWLFRODUH SURSULR SHUFKÑ LQ HVVR VL LQWULQVHFD OD FRPSRQHQWH SROLWLFD OD JXHUULJOLD OD VSHWWDFRODUL]]D ]LRQH LO VXLFLGLRRPLGLFLR JOL DWWHQWDWL PLOLWDUPHQWH EHQ RUJDQL]]DWL 7DOL SUHVXSSRVWL FRPSRUWDQR XQD kVXUUHDOHy TXDQWR kVSDYHQWRVDy PD UHDOHVWUDWHJLD·XQIHQRPHQRTXHOORGHOWHUURULVPRFKHGLQRYLWÍKD VROWDQWR OD SURJUHVVLYD FUHVFLWD LQ WHUPLQL GL SURVHOLWLVPR H SHU DYHU kLQGXVWULDOL]]DWR LO WHUURUHy QRQFKÑ XQ SURJUHVVR GHOO LQQRYD]LRQH WHFQRORJLFD OD TXDOH FRQWULEXLVFH GL PROWR DOO DUPDPHQWR GHL JUXSSL FRQ VRILVWLFDWH H FRVWRVLVVLPH DUPL$G HVVHUH SUHFLVL QHOOD FDWDORJD ]LRQHGHOODVWUDWHJLDFKHHVVRDSSOLFDDOODSURSULDRSHUDWLYLWÍORVFRSR SULQFLSHÔTXHOORGHOODkFRPXQLFD]LRQHyRYYHURLOPRGRGLFRPXQLFDUH FKHLQVLHPHDLPHWRGLHDOODWDWWLFDQHIRUPDLOSURILORVWUDWHJLFR8QD VWUDWHJLDFKHPHWWHLQFRQWRWXWWRFLÝFKHSURJUDPPDFKLORFRPEDWWH TXLQGL YL Ô ,QWHOOLJHQFH 5D]LRQDOLWÍ$QDOLVL H JLRFRIRU]D OD GLDWULED VXOODVXDGHILQL]LRQHFRQFHWWRDFFRPRGDQWHVLDSHULOWHUURULVPRDVÑ VWDQWHVLDSHUJOL6WDWLFRQVHQ]LHQWLVDFKHXQDGHILQL]LRQHFRQGLYLVD GDWXWWLÔGLIILFLOHPDJDULLPSRVVLELOHSHUTXDQWRJLÍVLFRQRVFHVXWDOH DUJRPHQWR SRLFKÑ XQD GHILQL]LRQH HVDWWD GHO WHUURULVPR LPSOLFD XQD IHUPDFRQGDQQDPRUDOHSROLWLFDJLXGL]LDOHHJLXULGLFRSHUFXL>HFLÝÔ SDUWHLQWHJUDGHOODVWUDWHJLDGHOWHUURULVPR@WXWWLJOL6WDWLGHOPRQGRQRQ SRVVRQRFRQYRJOLDUHLQXQ XQLFDGHILQL]LRQHFLÝFKHILQRDGRJJLÔVWDWR VROWDQWRXQDSUHFOXVLRQHDYYHQWDWDHIDOVDSRLFKÑSHUHIIHWWRkGLVFRYH ULQJyQHGLYHUUHEEHURSDUWHRSHUDQWHXIILFLDOPHQWHHFLÝGDUHEEHODUJR FRQVHQVRDTXDQWRILQTXLHVSRVWRGDOVRWWRVFULWWR3HUFKÑWDOHFRQFHWWR ÔVWUDWHJLD"SURSULRJUD]LHDOODSLDQLILFD]LRQHFKHOHPHQWLGHOWHUURUH KDQQRDSSLDQDWRGDFKLVVÍTXDQWRWHPSRHSHUkGLSORPDWLFDSROLWLFDy GLTXHLSDHVLILQDQ]LDWRULHVRVWHQLWRULRFFXOWLVLDGL$O4DCLGDFKHGHO WHUURULVPRLVODPLFRWXWWR ,OPRGXVRSHUDQGLVLGLFHYDFODVVLILFDLOWHUURULVPRLQDVSHWWLFULPL QDOLPROWRkFDUDWWHULVWLFLyHkVSHFLILFLyODVXDSDUWLFRODULWÍÔGDWDGDOOD >FRPHGDWDQWLGHILQLWD@kDVLPPHWULFDJXHUUDyFKHVWDFRQGXFHQGRQRQ VRORLQSURSRU]LRQLWUDQVQD]LRQDOLPDFKHORIDFRQVFUXSRORVRDVSHWWR VWUDWHJLFRPLOLWDUH DUPL FRQYHQ]LRQDOL H QRQ WHFQLFKH GL JXHUULJOLD XUEDQDLQIRUPDWLFDVLVWHPLGLWUDVPLVVLRQHVDWHOOLWDUHXVRGLLQWHUQHW VSLH ULFHUFKH H DFTXLVWL LQHUHQWL DOOD FRVWUX]LRQH GL DUPL FKLPLFKH ELRORJLFKHNDPLND]HO XVRVSURSRU]LRQDWRGHOOHWHFQRORJLHSLãDYDQ ]DWHFULSWDJJLHFRVLYLDILQRDIDUUDEEULYLGLUHLOSLãJUDQGHVWUDWHJD PLOLWDUHXQDVWUDWHJLDGLWHUURUHFKHRYYLDPHQWHKDGHOFKHSUHRFFXSDUH HDQFRUSLãVHVLDJJLXQJHFKHXOWLPDQWHVLLSRWL]]DDQFKHLOSUREDELOH SRVVHVVRGLVWUXPHQWLHPH]]LSHUODFRVWUX]LRQHGHOOHERPEHQXFOHDUL VDUÍ PD FLÝ FKH SRWUHEEH HVVHUH FHUWR Ô FKH LO WHUURULVPR LVODPLFR Ô PROWRDWWHQWRQHOODULFHUFDGLHOHPHQWLEDVHSHUODIDEEULFD]LRQHGLDUPL FKLPLFKHHELRORJLFKHFRPHDGHVHPSLR L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w DJHQWLDOWDPHQWHWRVVLFLFRPHLO9;RLO6DULQTXHVW XOWLPRJLÍQRWR SHUDOFXQLLPSLHJKLWUDO DOWURTXHOORQHOOD0HWURSROLWDQDGL7RN\RHLQ JUDQGHTXDQWLWÍFLUFRODQWHLQ,UDTXVDWRDQFKHQHLPLVVLOLLUDNHQL RVPLRQRQSURSULDPHQWHUDGLRDWWLYDPDXVDWDPLOLWDUPHQWH SHUO LQGXULPHQWRHLOILVVDJJLRGHOSODWLQR SURGRWWLFKLPLFLLQGXVWULDOLWRVVLFLPRGLILFDWL>7,&V@ ODWRVVLQD%HVWUDWWDGDOERWXOLQRGLFORVWULGLRGHOEDWWHULR XUDQLR q QDWXUDOPHQWH OR VL WURYD QHOO RVVLGR GL XUDQLR LO TXDOHDUULFFKLWRILQRDOÔLPSLHJDWRFRPHFRPEXVWLELOHQHLUHDWWRUL PDSRUWDQGRO DUULFFKLPHQWRILQRDOSXÝHVVHUHXWLOL]]DWRSHUOD FRVWUX]LRQHGLERPEHDWRPLFKH LO5LFLQ O $QWUDFH LO/LWLRHLTXDOLVRQRSURGRWWLSHUWUDPLWHGLILVVLRQHQXFOHD UHSRVVRQRHVVHUHXWLOL]]DWLSHUODFRVWUX]LRQHGLERPEHDOO LGURJHQRH DWRPLFKH LO7DEXQLQYHQWDWRQHOÔLQXVRDQFKHWUDOHIRU]HDUPDWH LO3OXWRQLRSXÝHVVHUHHVWUDWWRDQFKHGDDUPLJLÍHVLVWHQWL PRGHOODQGRORHGDGDWWDQGRORDQXRYHWHVWDWHGLPLVVLOL>FRPHÔDYYHQX WRDGLYHUVHDUPLVRWWUDWWHGDDUVHQDOLPLOLWDUL@ODQXRYDDUPDIDEEULFDWD FRQ O HVWUD]LRQH GHO SOXWRQLR GD DOWUH DUPL ULFKLHGH XQD PDQRGRSHUD PROWRDWWHQWDHSURIHVVLRQDOH /DGHWHUPLQD]LRQHGHOWHUURULVPRQHOO DIILDQFDUVLGLELRORJLFKLPLFL HGLQJHJQHULQXFOHDULVWDSURSULRQHOORVFRSRGHOODFRVWUX]LRQHGLDUPL SHUODGLVWUX]LRQHGLPDVVDPDF ÔG DJJLXQJHUHFKHODPDJJLRUSDUWH GHJOL DJHQWL WRVVLFL R JDV R TXDQW DOWUR XWLOL]]DELOH SHU WDOL ILQL VRQR IDFLOPHQWHFRPPHUFLDELOLRXVDWLLQJUDQSDUWHGDOOHLQGXVWULHTXLQGL ROWUHFKHGLIDFLOHUHSHULELOLWÍDQFKHGLHVHJXLELOHDSSOLFD]LRQHSHUVFRSL WHUURULVWLFL 8QDOWURDVSHWWRORJLVWLFRDFDUDWWHUHYHUDPHQWHLPSUHVVLRQDQWHVXO ODEDVHGHOODVHOHWWLYLWÍHPHWRGRORJLDVRQRLkFDPSLGLDGGHVWUDPHQWRy GHLWHUURULVWLXQLWDPHQWHDLFRQGL]LRQDPHQWLSVLFRORJLFLFKHJOLVWHVVL VXELVFRQRGXUDQWHXQDIDVHGLIRUPD]LRQHO LWHUFKHVHJXHXQWHUURULVWD SHULOVXRDGGHVWUDPHQWRÔFUHDWRFRQDFFXUDWLFULWHULSVLFRVFLHQWLILFL H VHJXH XQ kFDQRQHy EHQ VWDELOLWR /D FRPSRQHQWH SVLFRORJLFD JLRFD XQ UXROR IRQGDPHQWDOH LQ WDOH kSUHSDUD]LRQHy DQFKH SHU HIIHWWR GHOOD UHOLJLRVLWÍSHUFXLGLYLHQHQHFHVVDULDXQ DWWHQWDHGDFFXUDWDDQDOLVLGHL WUDJLWWLFKHSRUWDQRDOODIRUPD]LRQHGHOWHUURULVWDLVODPLFRFKHQRQVROR YLHQHUHFOXWDWRQHOO DUHDLVODPLFDPDDQFKHLQRFFLGHQWHGRYHGDDQQL PDJDULVLVRQRLPSLDQWLWLkGRUPLHQWLyLQDWWHVDGLXOWLPDUHLSHUFRUVL DGGHVWUDWLYL>LOkGRUPLHQWHyLOFXLWHUPLQHQRQÔSURSULRGHOWHUURULVPR PDDGRWWDWRQHOOHDQDOLVLRFFLGHQWDOLDOILQHGLLQGLYLGXDUHTXHOVRJJHWWR L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( FKHVHSXUDWWLYRUHVWDPDJDULSHUDQQLLQDWWHVDHVXLQGLFD]LRQLGHL FDSLGLHVVHUHFKLDPDWRDGHVSOHWDUHLOUXRORFXLÔVWDWRSUHIRUPDWR ROWUHPRGRkLGRUPLHQWLyVRQRTXHJOLLQGLYLGXLSUHSRVWLSHUXQDVLQJROD D]LRQHSHUFXLVRJJHWWLDOWDPHQWHLPSRUWDQWLQHOODORJLVWLFDGHOWHUUR UH@ 2JQLJUXSSRWHUURULVWLFRKDXQSURSULRSURJUDPPDGLDGGHVWUDPHQ WRDXWRQRPRHQRQLGHQWLFRO XQRGDOO DOWURFRVØFRPHVRQRGLYHUVLH VSHFLILFL L FDQDOL GL UHFOXWDPHQWR PD SRVVRQR XVXIUXLUH GHOOH VWHVVH VWUXWWXUHSHUORSLãHVLVWHQWLVXOSURSULRWHUULWRULRRPDJDULVFDPELDUVL kVRJJHWWLyGDIRUPDUHHSODVPDUHVXOOHFRQGL]LRQLSVLFKLFKHGLXQUXROR SLXWWRVWRFKHXQDOWURLQHIIHWWLLOWHUURULVPRVHJXHXQDVRUWHGLkVHOH ]LRQHyHDVHFRQGDGHOOHFRQGL]LRQLPRWLYD]LRQDOLFXOWXUDOLVRFLRORJL FKHHSUHSRQGHUDQWLGHOVRJJHWWRUHFOXWDWRFRVØYLHQHLQFDQDODWRLQXQD PHWRGRORJLDGLDGGHVWUDPHQWRSLXWWRVWRFKHLQXQ DOWUDILQTXDQGRQRQ LQGLYLGXDUHTXHOVRJJHWWRLOTXDOHLOVXRUHFOXWDPHQWRVLÔEDVDWRHVVHQ ]LDOPHQWHVXOO DVSHWWRGHOODUHOLJLRVLWÍHFRQIRUWLHSURIRQGLVHQWLPHQWL UHOLJLRVLXQLWDPHQWHDOOHFRPSRQHQWLVRFLRORJLFKHSHULQGRWWULQDUORHG DGGHVWUDUORDOPDUWLULR ,OUHFOXWDWRQRQQHFHVVDULDPHQWHGHYH SURYHQLUHGDOO DUHDLVODPLFD RPHJOLRVHLQRFFLGHQWHÔDWWLYRLOUHFOXWDPHQWRGHLWHUURULVWLÔSURSULR SHUFKÑVLDWWLQJHkSHUVRQDOHyWUDLSLãIRUPDWLFXOWXUDOPHQWHHJLÍSUHGL VSRVWLSHUPH]]RGLVWXGLDFRQRVFHQ]HFKHVSD]LDQRWUDO LQIRUPDWLFD O LQJHJQHULVWLFD O HFRQRPLD OD ELRORJLD OD FKLPLFD H FRVØ YLD XQD FHUWD SUHGLOH]LRQH LQYHFH DO UHFOXWDPHQWR QHOO DUHD LVODPLFD DYYLHQH SHULQGLYLGXDUHLVRJJHWWLGDLQGRWWULQDUHDOPDUWLULRVRJJHWWLFKHSHU ORSLãSURYHQJRQRGDVWDWXVGLSRYHUWÍFRQVWRULHIDPLOLDULWUDJLFKHGL GLVSHUD]LRQHHFRQIRUWHLQFOLQRDOODUHOLJLRQHSHUORSLãKDQQRXQ HWÍ FRPSUHVDWUDLHGLDQQLHXOWLPDPHQWHFRPHDEELDPRYLVWRQRQ VRORGLVHVVRPDVFKLOHTXLQGLDQFKHJLRYDQHGRQQHYRWDWHDOPDUWLULR SHUPH]]RGLDWWHQWDWLVDQJXLQDUL7UDO DOWURÔLPSRUWDQWHVRWWROLQHDUH FKHODPDJJLRUSDUWHGHLkVKDLGy>NDPLND]H@QRQYHQJRQRLQGLYLGXDWL DOO HVWHUQRGHOO DGGHVWUDPHQWRPDLQXQFHUWRPRGRÔGXUDQWHO DGGH VWUDPHQWRFKHSHUXQIRUWHHIIHWWRSVLFRORJLFRDFXLVRQRVRWWRSRVWLL UHFOXWDWLVHQHLQGLYLGXDFROXLRFROHLGDLQVHULUHLQXQSURJUDPPDGL IRUPD]LRQHGLYHUVRGDOSULPRHGLFRQVHJXHQ]DGHSXWDUORDOPDUWLULR, VRJJHWWLQRQYRWDWLDOPDUWLULRHUHFOXWDWLSHUORSLãDOGLIXRULGHOO DUHD LVODPLFDSURSULRSHUFLÝFKHVRSUDVLHVSRQHYDFRQXQ HWÍFKHGRYUHE EHFRPSUHQGHUHXQDIDVFLDWUDLHL DQQLVRQR VRJJHWWLFRQ XQ EXRQ JUDGR GL VFRODULWÍ H VRFLDOPHQWH JLÍ EHQ LQVHULWL QHOOH FRPXQLWÍ LVODPLFKH / DGGHVWUDPHQWRVLGLFHYDKDFRPHFRPSRQHQWHLPSRUWDQWLVVLPDOD SVLFRORJLDODTXDOHIRUPDLQVLHPHDGDOWUHEDVLLOSHUFRUVRIRUPDWLYRGHO WHUURULVWDLOTXDOHGHYHDWWHQHUVLVFUXSRORVDPHQWHDGDOFXQLSULQFLSLIRQ GDPHQWDOLFRPHO LVRODPHQWRODVHJUHWH]]DLOVRJJHWWDUVLDILJXUHFDUL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w VPDWLFKHHFRQWULEXLUHDOODFRQWLQXLWÍGLWDOLSULQFLSLWXWWLILQHDVHVWHVVL VLDSHUODVLFXUH]]DGHOFDPSRGLDGGHVWUDPHQWRVLDSHUODULGX]LRQHJUD GXDOHHILQRDOO DQQLHQWDPHQWRGHOODVIHUDSVLFRORJLFDGLRJQLUHFOXWDWR 9HGLDPRFRPHHLQFKHPRGRLOWHUURULVPRUHFOXWDDGGHVWUDHSRVL]LRQD LVXRLXRPLQLDWWUDYHUVRkO XQLYHUVLWÍWHUURULVWLFDGHOOD-LKDGy )DVHqLOUHFOXWDPHQWR DYYLHQHSHUPH]]RGLVWUDGHGLYHUVHLOWHUURULVWDVLSUHVHQWDVSRQWD QHDPHQWHRSSXUHYLHQHFRQWDWWDWRGDYHULHSURSULUHFOXWDWRULRLQWDOXQL FDVL VL SURFHGH DO UHFOXWDPHQWR DWWUDYHUVR PRVFKHH FHQWUL LVODPLFL H DVVRFLD]LRQL )DVHqFROORTXLRVRPPDULR XQDYROWDUHFOXWDWLHGLQYLDWLLQXQFDPSRGLDGGHVWUDPHQWRRFFRUUH VRVWHQHUHXQFROORTXLRSROLWLFRHUHOLJLRVR SHU LQGLYLGXDUQH O RULHQWD PHQWRHODIRUWHDSSDUWHQHQ]DDOODUHOLJLRQHQRQFKÑVXOOHSURSULHDELWX GLQLFDSDFLWÍVFRSLVWXGL )DVHqFROORTXLRHGHVDPHSVLFRORJLFR GRSRDYHUVRVWHQXWRXQSULPRFROORTXLRGHOWXWWRJHQHUDOL]]DWRHG LQIRUPDOH VHJXH XQ VHFRQGR FROORTXLR FRQ XQ UHVSRQVDELOH DOO DGGH VWUDPHQWRGLVROLWRXQFDSRRUJDQL]]D]LRQHFKHQHWUDHVSHVVRLSURILOL SVLFRORJLFLHQHHVDPLQDXOWHULRUPHQWHO DIILGDELOLWÍODSVLFRORJLDJLRFD XQUXRORLPSRUWDQWLVVLPRQHLFDPSLGLDGGHVWUDPHQWRSRLFKÑODVIHUD SVLFKLFD GHO UHFOXWDWR DO WHUPLQH GHO VXR FLFOR IRUPDWLYR GHYH HVVHUH SDULD]HURRYYHURGHYHVXELUHXQYHURHSURSULRODYDJJLRGHOFHUYHOOR SURSULRFRPHDYYLHQHQHOOHVHWWHHGDTXLGDTXDOFKHWHPSRLOWHUPLQH VHWWDULRÔVWDWRDIILDQFDWRDGXQFHUWRWLSRGLSURVHOLWLVPRWHUURULVWLFR )DVHqLQFRUSRUDPHQWRQHOO DGGHVWUDPHQWR XQDYROWDFRQVWDWDO DIILGDELOLWÍHVHTXHVWUDWLWXWWLLEHQLFRPSUHVL LGRFXPHQWLLOUHFOXWDWRLQL]LDLOVXRDGGHVWUDPHQWRGLJXHUULJOLDVH JXHQGRSUHFLVLHDQDOLWLFLVFKHPDGLVWUDWHJLDWHUURULVWLFDFRQGL]LRQD PHQWRILVLFRWHFQLFKHGLFRPEDWWLPHQWRXWLOL]]RGLDUPLSRUWDWLOLWHF QLFKHGLVDERWDJJLRHGLVHTXHVWULLQQHVFRHVSORVLYLPLPHWL]]D]LRQH OHWWXUDFDUWHWRSRJUDILFKHWHFQLFKHGLRULHQWDPHQWRHLQIRQGRXQDYHUD HSURSULDLQGRWWULQD]LRQHUHOLJLRVDWHQXWDGDHVSRQHQWLFDULVPDWLFLGHO UDGLFDOLVPRLVODPLFR )DVHqSULPLRSHUDWLYL DFKLXVXUDGHOSULPRFLFORGLDGGHVWUDPHQWRVHJXHXQ XOWHULRUHVH OH]LRQHODGGRYHVLFHUFDQRXOWHULRULDIILGDELOLWÍFUHDQGRWUHFRPSDUWL VRJJHWWLRSHUDWLYLVRJJHWWLFRQFRQWLQXLWÍGLDGGHVWUDPHQWRVRJJHWWLGD kFRUSRG HOLWHyLSULPLYHQJRQRVXELWRLQYLDWLLQDUHHJLÍVHOH]LRQDWH L o#p rqgr #ghooh#Lqir upd}lr ql )DVHqLQGLYLGXD]LRQHGHLPDUWLUL 'RSR OH YDULH WHFQLFKH GL DGGHVWUDPHQWR H O LQGRWWULQD]LRQH UHOL JLRVD OD TXDOH YDULD GD JUXSSR D JUXSSR VL LQGLYLGXDQR L VRJJHWWL L TXDOLKDQQRRWWLPHSRVVLELOLWÍGLLQL]LDUHXQ DGGHVWUDPHQWRPROWRSLã LQWHQVRHVSHWWDFRODUHTXHOORSHUGLYHQLUHXQPDUWLUHXQRkVKDLGyXQ NDPLND]H )DVHqSRVL]LRQHJHRJUDILFD $FKLXVXUDGHLFLFOLDGGHVWUDWLYLHFRQVWDWDDQFRUDXQDYROWDODFHU WH]]DGLIHGHGHOUHFOXWDWRDPHQRFKHQRQYLVLDQRQHFHVVDULULFKLHVWH GLULVRUVHQHLJUXSSLWHUURULVWLFLRSHUDQWLVLSURFHGHDOODFROORFD]LRQH JHRJUDILFDGHLVLQJROLWHUURULVWLRLQJUXSSLPDVVLPRGLWUHLQGLYLGXLL TXDOLWHQGHUDQQRGLLQVHULUVLVRFLDOPHQWHLQFRQWHVWLRFFLGHQWDOLPDJDUL LQUXROLLQYHURVLPLOPHQWHGHOWXWWRULVSHWWRVLSHUTXHLVRJJHWWLLTXDOL KDQQR ULFHYXWR XQD PDJJLRUH LVWUX]LRQH VFRODVWLFD GL VROLWR SHU TXHL UHFOXWDWL SURYHQLHQWL GDOO RFFLGHQWH SHU OR SLã (XURSD OD FROORFD]LR QHVDUÍORVWHVVR3DHVHFKHSULPDOLRVSLWDYDTXHVWRSHUIDUVLFKHXQ kGRUPLHQWHyRkXQLQILOWUDWRyDEELDPDJJLRULJDUDQ]LHHFRQRVFHQ]HSHU PXRYHUVLHGRSHUDUHLQFRQWHVWLDOXLJLÍQRWL )DVHqLOSURVHOLWLVPR>GLIIXVLRQHGHOUDGLFDOLVPR@ 1HOODIDVHFRQFOXVLYDGHOO DGGHVWUDPHQWRHSLãSUHFLVDPHQWHQHOOD IRUPD]LRQHUHOLJLRVDLUHFOXWDWLYHQJRQRLQGRWWULQDWLDQFKHSHUkSUHGL FDUHLOSURVHOLWLVPRDOUDGLFDOLVPRLVODPLFRyFRQFHWWRSLãFKHLPSRUWDQ WHSHUSHUVXDGHUHDOWULFRPSRQHQWLGHOO LVODPLVPRDOUDGLFDOLVPRHGL FRQVHJXHQ]DDOOD-LKDG2JQLDGGHVWUDWRGHYHDYHUHODSHFXOLDULWÍGLVD SHUGLIIRQGHUHWDOHGRWWULQDHGLLPPDJD]]LQDUHDQFKHOHULOXWWDQ]HYHUVR GLHVVDTXDORUDQHULVFRQWUDVVHXQDVRUWHGLVSLDFKHÔDWWHQWDDWXWWRFLÝ FKHORFLUFRQGDQHOO DPELWRGHOPRQGRLVODPLFR7DOHVWUDWHJLDÔRFFRU UHQWHDOWHUURULVPRDQFKHSHUODGLIIXVLRQHGHOUHFOXWDPHQWRLQDPELWL JHRJUDILFLGLVWDQWLGDL3DHVL$UDELPDFRQODVWHVVDPDWULFHUHOLJLRVD )DVHqODFKLDPDWDRSHUDWLYD ,Q DWWHVD FKH XQ RUJDQL]]D]LRQH DOOD TXDOH LO VLQJROR DGGHVWUDWR Ô VWDWR JLÍ DIILOLDWR FKLDPL LO GRUPLHQWH R O LQILOWUDWR DG RSHUDUH HVVR '266,(5,17(//,*(1&( VLDSHURSHUDWLYLWÍVLDSHUXQ RSSRUWXQLWÍGLRSHUD]LRQLGDVYROJHUHL VHFRQGLLQYHFHVHQHVXVVLVWDQRLSUHVXSSRVWLFRQWLQXDQRO DGGHVWUD PHQWR ILQ WDQWR FKH QRQ GLYHQWDQR FRPSOHWDPHQWH IRUPDWL PHQWUH L VRJJHWWL GD kFRUSR G HOLWHy FRQWLQXDQR XQ DGGHVWUDPHQWR PROWR SLã SURIHVVLRQDOH WHFQLFKH GL VDERWDJJL XWLOL]]R GL DUPL FKLPLFKH H ELR ORJLFKH LQIRUPDWLFD WHFQLFKH GL FRPEDWWLPHQWR XUEDQR GHVHUWLFR H PRQWDQRFRQXVRGLDUPLSHVDQWLXVRGLDUPLDQWLFDUULUD]]LHPLVVLOL QRQFKÑWHFQLFKHGLLQWHOOLJHQFHHGLLQILOWUD]LRQH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w WHQGDGLVYROJHUHXQDYLWDDOTXDQWRQRUPDOHHVSHVVRIRUVHSLãFKH QRUPDOHSRLFKÑGHYHDVVLFXUDUVLGLQRQHVVHUHLQGLYLGXDWRRVRVSHWWDWR DO PRPHQWR GHOOD kFKLDPDWDy OD TXDOH SXÝ DYYHQLUH LQ GLYHUVL PRGL PDGLVROLWRSUHIHULVFRQRFDQDOLULWHQXWLSLãVLFXULO DYYLFLQDPHQWRGL XQ0XOODKLQTXDOFKHPRVFKHDRPHVVDJJLWUDVYHUVDOLLTXDOLJLXQJRQR DO PLWWHQWH DWWUDYHUVR L FHQWUL LVODPLFL 8QD YROWD FKH LO WHUURULVWD KD ULFHYXWRLOPHVVDJJLRGLFKLDPDWD>SHUORSLãFULSWDWRVRWWRIUDVHGLSUH JKLHUH@ULWRUQDQHOFDPSRGLDGGHVWUDPHQWRODGGRYHVHJXLUÍDQFRUSLã VFUXSRORVDPHQWHODIDVHGLDGGHVWUDPHQWRILQDOHDOORVFRSRDFXLÔVWDWR GHVLJQDWRVHWUDWWDVLGLVLQJRORSHUVLQJRODD]LRQHPHQWUHSHULJUXSSL DGGHVWUDWLODGHVWLQD]LRQHÔGLUHWWDPHQWHTXDOFKHRUJDQL]]D]LRQHLQWHQWD QHOODJXHUULJOLDXUEDQD )DVHODFKLDPDWDGHOPDUWLUH $OORVWHVVRPRGRGLFXLDOSXQWRSUHFHGHQWHFRVØYLHQHFKLDPDWRLO NDPLND]HSHUULVSRQGHUHDFLÝSHUFXLVLHUDDGGHVWUDWRFRQODYDULDQWH FKHVHLSULPLVRQRFRQWDWWDWLDQFKHGDFHQWULLVODPLFLRDOWUHDVVRFLD]LR QLSHUPH]]RGLPHVVDJJLWUDVYHUVDOLORkVKDLGyGRUPLHQWHÔFRQWDWWDWR GLUHWWDPHQWHGDXQDILJXUDFDULVPDWLFDUHOLJLRVDFKHORLQYLDGLQXRYR QHOFDPSRGLDGGHVWUDPHQWRSHUJOLXOWLPLSUHSDUDWLYLHODGGRYHGRYUÍ VRVWHQHUHXQXOWHULRUHDGGHVWUDPHQWRGDOO DVSHWWRYHUDPHQWHLQFUHGLELOH HSUHIHULVFRULVSDUPLDUYLODGHVFUL]LRQHGHOO DGGHVWUDPHQWRGLXQkPDU WLUHySRLFKÑGDYYHURLPSUHVVLRQDQWH8QDYROWDFKLXVRTXHVWRFLFORSDUL DOWHPSRPDVVLPRGLDOFXQLJLRUQLLONDPLND]HVLUHFDQHO3DHVHROXRJR VFHQDULRGHOO DWWHQWDWRSHUSUHSDUDUVLDGLPPRODUVLD'LR 1HOODVWUDWHJLDFKHLOWHUURULVPRDGRWWDO DGGHVWUDPHQWRFRUULVSRQGH DSHFXOLDULWÍHVVHQ]LDOHSHULOVXRPDQLIHVWDUVLHFLÝORWUDFFLDDWWUDYHUVR XQ FRQGL]LRQDPHQWR SVLFRORJLFR LQFUHGLELOH XQD VRUWH GL OHWWXUD GHO TXDQWRFRQGL]LRQDWRVDUÍXQRVKDLGDGHVHPSLRORDSSUHQGLDPRGDOOD VSHWWDFRODUHHPDFDEUDHVLEL]LRQHGLXQPHVVDJJLRYLGHRFKHORVWHVVR kPDUWLUHy VL FXUD GL JLUDUH LQ XQ FRQWHVWR UHOLJLRVR OHJJHQGR DG DOWD YRFHLOVXRWHVWDPHQWRkLGHRORJLFRy ,OULWXDOHGHOORVKDLGÔDGLUSRFRVLQJRODUHDWWUDYHUVRODORJLFDDV VDVVLQDGHOO DWWXDOHNDPLND]HSULPDFKHVLIDFFLDHVSORGHUHXQULWXDOH FKHWURYDIRQGDPHQWRQHOODk-LD\OOK\\DyIDWWULFHGHOO DOORQWDQDPHQWRGL TXHOODSDUWHGHOO ,VODPGDOOHIRQWLUDGLFDOL>ODSXQL]LRQHDOODFRUUX]LRQH GHOO ,VODPGXQTXHHFRPHVWUXPHQWRSROLWLFRDWWXDOPHQWHRFFRUUHQWH SHUXFFLGHUHQHPLFLRFFLGHQWDOL@SHUTXHVWRHSHUXQLQFLVDLGHRORJLDUH OLJLRVDFKHLOPDUWLUHSULPDGLIDUVLHVSORGHUHVHJXHXQULWXDOHSURSULR GHOODUDGLFHGLSXULILFD]LRQHSHUSRLUHFLWDUHLOk6DODWDO*LQD]Dy > O D SUHJKLHUDGHLPRUWL@HLOk6DODWDO)DJUy>ODSUHJKLHUDGHOO DOED@ $O FRQWUDULR GL TXDQWR VL FUHGH L FDPSL GL DGGHVWUDPHQWR GHL WHU URULVWL VL WURYDQR LQ GLYHUVL 3DHVL GHOO $UHD ,VODP QH FRQWDYD XQR LQ L o#p rqgr #ghooh#Lqir upd}lr ql '266,(5,17(//,*(1&( SDUWLFRODUHSHULPSRUWDQ]DO $IJKDQLVWDQLOTXDOHKDRVSLWDWRFHQWLQDLD GLUHFOXWDWLHGHFLQHGLVKDLGGLVWUXWWRGDLERPEDUGDPHQWL 86$LOTXDOH FRVWLWXLYDLOILRUHDOO RFFKLHOORGL$O4DCLGD$WWXDOPHQWHVLWHPHFKH FDPSLGLDGGHVWUDPHQWRGLXJXDOHLPSRUWDQ]DVLWURYLQRLQ6LULD$UDELD 6DXGLWD<HPHQ,UDQHDGGLULWWXUDLQ(JLWWRLTXDOLFRVWLWXLUHEEHUROD IRU]DPLOLWDUHGHOOHYDULHRUJDQL]]D]LRQLWHUURULVWLFKHDQFKHVHO DGGH VWUDPHQWRÔPLUDWRSHUORSLãDOOHVWUDWHJLHPLOLWDULHDOO LQWHOOLJHQFHHG LQILOWUD]LRQH SLXWWRVWR FKH DL kPDUWLULy TXHVW XOWLPL DGGLULWWXUD VHP EUDQR DQFKH VH UHODWLYDPHQWH LQ FDOR ULVSHWWR DO QXPHUR HVLVWHQWH GL TXDOFKHDQQRIDSUHRFFXSDQWHYHURÔSRWUHEEHHVVHUHO LQVHJQDPHQWR FKHWDOXQHVFXROHLVODPLFKHHURJDQRDLSLãJLRYDQLLQIDWWRGLPDUWLULR GL SDUDGLVR H GL TXDQWR VLD EHOOR XFFLGHUH H PRULUH XFFLGHQGR FRPH DIIHUPÝk0RKDPPHGHO+DWWDEyPDHVWURGLFRUVLUHOLJLRVLUDGLFDOLVPL ODGGRYH GLFH k{LQVHJQLDPR DL QRVWUL JLRYDQL UDJD]]L FKH JOL VKDLG VRQRO XQLFDFRVDFKHVSDYHQWD,VUDHOHHFKHDEELDPRWXWWRLOGLULWWRGL IDUHFLÝSRLFKÑGRSRO DWWDFFRVXLFLGDLOPDUWLUHUDJJLXQJHLOSLãDOWR OLYHOORGHOSDUDGLVRy{ /DVWUDWHJLDGHOWHUURUHQRQKDFRQILQLSRLFKÑSHUTXDQWRFLVIRU]LD PRDFRPSUHQGHUHODORURFXOWXUDODORURVWRULDODORURILORVRILDHDQFRU SLãLOORURkPRGRGLYLYHUHHGLPRULUHyQRQULXVFLUHPRPDLDFDSLUQH UHDOPHQWH OH PDWULFL HSLVWHPRORJLFKH DO ILQH GL FRPSUHQGHUH TXDOH PRQGRVWUDQDPHQWHDVVXUGR PDJUDQGLRVDPHQWHVHJUHWR FL JXDUGD FL VFUXWDHYXROHLQWHUURPSHUHLOQRVWURFDPPLQRDOGLODGLTXDQWRÔVXF FHVVRQHJOLXOWLPLDQQLLQIDWWRGLJXHUUHGLDFFXVHGLLQWULJKLLQWHUQD ]LRQDOLHFFGLXQDFRVDELVRJQDFKHQRLRFFLGHQWDOLFLFRQYLQFHVVLPR kLOWHUURULVPRyKDSLDQLILFDWRODVXDVWUDWHJLDGLWHUURUHGDDQQLDYHQ GRQHLOWHPSRSHUUDIILQDUODGLYDOXWDUODGLFDPELDUODVHRFFRUUHQWHGL LQWULJDUODFRQODSROLWLFDLQWHUQD]LRQDOHGLIDUODEHUHDOOHVRUJHQWLGHOOH D]LRQL SLã FUXGH VDQJXLQDULH H FULPLQDOL XQD VWUDWHJLD FKH VSHVVR VL YHVWHFRQDELWLFLYLOLDYROWHPLOLWDULFHUW DOWUHVRWWRERPEHXPDQHPD ÔXQDVWUDWHJLDFKHVWDYHVWHQGRDQFKHDELWLGDOkFROOHWWRELDQFRyDELWL SXOLWLGLHWURIDFFHHSURIHVVLRQLLQVRVSHWWDELOLFLÝÔDQFRUDSLãSUHRF FXSDQWH/HJXHUULJOLHKDLPSDUDWRLOWHUURULVPROHSRVVRQRIDUHVROR LQFRQWHVWLGLkJXHUUHyRWDOLHVVHFRPHDGHVHPSLRLQ,UDTRLQ$IJKD QLVWDQPDQRQROWUH6WDLPSDUDQGRFKHLOkSLD]]DPHQWRVWUDWHJLFRyLQ DUHHRFFLGHQWDOLORVLFRQTXLVWDFRQO LQWHOOLJHQFHOHLQILOWUD]LRQLFRQ LPSRVL]LRQLHFRQRPLFKHILQDQ]LDULHÔDFLÝFKHQHOO LPPHGLDWRIXWXUR GRYUHPRVWDUHSLãDWWHQWLSURSULRFRPHODPDILDFRVØLOWHUURULVPRKD FDSLWRTXDQWRUHDOL]]DELOLVLDQRLVXRLSURJHWWLPDFDEULDWWUDYHUVRkIDO VHVSRJOLHyDWWUDYHUVRLOkYHVWLUHSXOLWRyHDWWUDYHUVRkJHQWLyVHQ]DQÑ VFUXSROLQH3DWULD 6H LO WHUURULVPR KD XQ RELHWWLYR VLFXUDPHQWH QRQ VDUÍ VROR TXHOOR GHOO LPSRVL]LRQHGHOUDGLFDOLVPRLVODPLFRDQFKHSHUFKÑFLÝORVLWURYD JLÍQHOO GHL3DHVL,VODPLFLPDJDULODPDJJLRUSDUWHYXROIDUVHP L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w EUDUHDOO RFFLGHQWHFKHHVLVWDXQ,VODPLVPRHXQ,VODPLVPRPRGHUDWR VDUÍ PD VXOOD VFLD GL WDOXQL SDHVL FRPH DG HVHPSLR O $UDELD 6DXGLWD RSSXUHO (JLWWRLOTXDOHXOWLPDPHQWHVWDDYHQGRVHULGLVDSSXQWLFRQJOL 86$>SHUOHGLFKLDUD]LRQLGLk&RQGROHH]]D5LFHyVXOO DUUHVWRGLk$\PDQ 1RXUyDUUHVWDWRLOJHQQDLRHULODVFLDWRVXFDX]LRQHLOPDU]R 6RVSHWWDWRGLDYHUIDOVLILFDWROHILUPHSHUFRVWLWXLUHLOVXRSDUWLWR SROLWLFR$O*KDGPDDOFXQLVRVWHQJRQRFKHLOVXRDUUHVWRVLDGLRULJLQH SROLWLFDSHUYLDGHLVXRLDSSHOOLSHUOHULIRUPHLQ(JLWWR6HQ]DFRQWDUH WUD O DOWUR LQIRUPD]LRQL GHOO ,QWHOOLJHQFH$PHULFDQD FKH ODVFLD LQWXLUH FKHO (JLWWRVDUHEEHVWDWRSDUWQHUQHOORVYLOXSSRSHUOHDUPLFKLPLFKH GL6DGGDP+XVVHLQ@RSSXUHOD6LULDODTXDOHVRORXOWLPDPHQWHSDUHYR OHVVHFRQYHQLUHFRQOLQHHSLãPRGHUDWHYHUVRO 2FFLGHQWH>YHGLDQFKHOH XOWLPHGLFKLDUD]LRQLGHOSUHVLGHQWHk%DVKDU$O$VVDGyPDU]RUH ODWLYDPHQWHDOULWLURGHOOHIRU]HQHOODYDOOHGHOODk%HNDDyLQDFFRUGRFRQ OHLQWHVHGLk7DLI yHFRQIRUPLDOOD5LVROX]LRQHGHO&RQVLJOLRGL6L FXUH]]DGHOO 218@HEEHQHWDOL3DHVLKDQQRGDWRHFRQWLQXDQRDGDUHRSL QLRQLVROX]LRQLHDFFRUGLVHPSUHGLYHUVLODVFLDQGRXQJUDQGHVTXDUFLR GLLQWHVDFRQLOUDGLFDOLVPRLVODPLFRSHUFXLXQDORJLFDGLPRGHUDWLVPR RGLQDWXUDLVODPLFDHYLGHQWHPHQWHODVLWURYDVRORQHOODHVDWWDOHWWXUD HGLQWHUSUHWD]LRQHGHO&RUDQRPDQRQQHOOHSROLWLFKHDUDEH4XLQGLOD VWUDWHJLD kDUULYLVWLFDy GHO WHUURULVPR Ô VWDWD HG Ô TXHOOD GHO FRPDQGR DVVROXWR GHO SRWHUH XQLFR IRQGDWR VXO WHUURUH H VXOOD FULPLQDOLWÍ FRQ O DLXWRLOVXSSRUWRHPDJDULGHOFRPDQGR>FRPHGHVFULWWRQHOOHSDJLQH SUHFHGHQWL@GLXQXQLFRVSDYHQWRVRHPDFDEUR*HVWRUH2FFXOWR &RQWLQXDQHOSURVVLPRQXPHURFRQO HOHQFRGHLYDULJUXSSLWHUURUL VWLFLLVODPLFLDWWXDOPHQWHRSHUDWLYL / DUWLFRORFLÔVWDWRVHJQDODWRGDO3RUWDOHk&ULPHOLVWLWyFKHDFFR JOLHODYRULGLFULPLQRORJLDLQWHOOLJHQFHHLQYHVWLJD]LRQL$OVXRGLUHWWR UHYDGDQRLQRVWULULQJUD]LDPHQWLSHUDYHUFLIRUQLWRDQFKHDOWULODYRUL FKHIDQQRFRQRVFHUHO DWWLYLWÍGLSURIHVVLRQLVWLRSHUDWRULHGHVSHUWLLQ VHWWRULGHLTXDOLVLRFFXSDDSSXQWRODQRVWUDULYLVWD '266,(5&5,0,12/2*,$ Lqgdjlqh#lqyhvwljdwlyd /D VFHQD GHO GHOLWWR Ô XQ WHDWUR LQ FXL O D]LRQH GHOO DVVDVVLQR SXÝ HVVHUH ULFRVWUXLWDGDLVHJQLODVFLDWLVXOODVXDYLWLPDHQHOO DPELHQWH 0DJOLRFFD'RPLQJR * OL DUJRPHQWL WUDWWDWL LQ TXHVWR DUWLFROR DQDOL]]DQR OD VFHQD GHOFULPLQHQRQGDOSXQWRGLYLVWDWHFQLFR&LÝVLJQLILFDFKH QRQÔVSLHJDWRLOSURWRFROORWHFQLFRVWDQGDUGL]]DWRFRQFXL VLSURFHGHDOUHSHUWDPHQWRGHOOHWUDFFHDOOD WHFQLFDGHOOHEORRG VWDLQ SDWWHUQDQDOLV\VDOO DWWLYLWÍGLVRSUDOOXRJRLQJHQHUDOHPDÔLQGLFDWR FRPHODVFHQDGHOFULPLQHHOHSURYHIRUHQVLVLLQVHULVFRQRQHOSURFHVVR GLDQDOLVLGHOFRPSRUWDPHQWRFULPLQDOHVRSUDWWXWWRQHLGHOLWWLYLROHQWLH VHQ]DXQ DSSDUHQWHPRWLYD]LRQH ,OSURILORFULPLQDOHHO LPSRUWDQ]DGHOODVFHQDGHOFULPLQH l/DVFHQD·XQDSDURODFKHSHUJOLVSHFLDOLVWLGHOOHVFLHQ]HIRUHQVL KDXQVLJQLILFDWRSDUWLFRODUH(VVDQRQHYRFDXQDEHOODYLVWDVXOPDUHR '266,(5&5,0,12/2*,$ $1$/,6,,19(67,*$7,9$q&203257$0(17$/( '(//$6&(1$'(/&5,0,1( L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w GLXQDPRQWDJQD3LXWWRVWRVLULIHULVFHDGXQDLPPDJLQHGLXQDWUDJH GLDGLPLVHULDHVTXDOORUHz=DNDULD(U]LQFOLRJX 4XLVFHQDVWDSHUVFHQDGHOFULPLQHRVVLDO LQVLHPHGHLOXRJKLGRYH VLÔFRQVXPDWRXQUHDWRHRGRYHÔSRVVLELOHUHSHUWDUHWUDFFHÔXQSUR GRWWR GHOO LQWHUD]LRQH WUD OD YLWWLPD O DJJUHVVRUH H O DPELHQWH LQ FXL JOLDJHQWLYLWWDJJUHQWUDQRLQFRQWDWWRSRWUHPPRVLQWHWL]]DUHFRQOD IRUPXOD 6XO OXRJR GHO FULPLQH HVLVWRQR GHJOL LQGLFDWRUL H GHOOH WUDFFH DS SUH]]DELOLLPSRUWDQWLVVLPHFRQVHJXHQ]HGHOODFRQGRWWDGHOO DXWRUHGHO UHDWR RULJLQDWH VLD FRVFLHQWHPHQWH FKH LQYRORQWDULDPHQWH FKH VRQR ULFRQGXFLELOLDGDOFXQLWUDWWLGLSHUVRQDOLWÍ 7XWWDYLD TXHOOR FKH Ô IRQGDPHQWDOH LQ XQ DQDOLVL FULPLQDOH GLUHWWD DULFRVWUXLUHXQLQGHQWLNLWSVLFRORJLFRHFRPSRUWDPHQWDOHGLXQDXWRUH LJQRWRGLUHDWRÔODFRUUHWWH]]DGHOOHSURFHGXUHFRQFXLYLHQHHVHJXLWR LOVRSUDOOXRJRGLSROL]LDVFLHQWLILFDVXOODVFHQDGHOUHDWRFROILQHGLUDF FRJOLHUHHUHSHUWDUHSULPDHGDQDOL]]DUHDSRVWHULRULWXWWHOHWUDFFHH OHLQIRUPD]LRQLSRVVLELOLFKHFRQWULEXLVFRQRDGHWHUPLQDUHODQDWXUDGHO UHDWROHVXHPRGDOLWÍGLFRQVXPD]LRQHLOFRVDHLOFRPHÔDFFDGXWR ,QIDWWLODULFRVWUX]LRQHGLXQDVFHQDVLFDUDWWHUL]]DFRPHXQ DWWLYLWÍ GLWLSRGLUHWWRVXOOXRJRDWWUDYHUVRLYDULULOLHYLWHFQLFLULOLHYRGHVFULWWL YRULOLHYRSODQLPHWULFRULOLHYRIRWRJUDILFRULOLHYRYLGHRULOLHYRGDWWL Lqgdjlqh#lqyhvwljdwlyd '266,(5&5,0,12/2*,$ ORVFRSLFRULOLHYRELRORJLFRULOLHYREDOLVWLFRGXUDQWHODIDVHGLVRSUDO OXRJRSHUGHOLQHDUHHULFRVWUXLUHO HYHQWRGHOLWWXRVRHFRPHXQDDWWLYLWÍ GLWLSRLQGLUHWWRFKHVLEDVDVXXQSURFHVVRGLDQDOLVLFULWLFDILQDOL]]DWR DOODULFHUFDGLWUDFFHWLSLFKHHRSDUWLFRODULGHOODVFHQDGHOFULPLQHSHU FRPSUHQGHUHOHFDUDWWHULVWLFKHSHUVRQRORJLFKHGHOO RIIHQGHU 1HOO HODERUD]LRQHGLXQSURILORSVLFRORJLFRODWUDFFLDDVVXPHXQVL JQLILFDWRDPSLRLQTXDQWRQRQVLIDULIHULPHQWRVRORDOODWUDFFLDGLWLSR FULPLQDOLVWLFRPDDQFKHDOODWUDFFLDGLWLSRFRPSRUWDPHQWDOHFKHPROWR LQWHUHVVDDLFULPLQRORJLVLWUDWWDkGHOOHWUDFFHGLVLJQLILFDWRTXHJOLHOH PHQWLGHOODVFHQDGHOFULPLQHFKHULQYLDQRDOORVWLOHGHOO DXWRUHDOSRV VLELOHPRYHQWHTXHJOLLQGLFDWRULFKHDWWUDYHUVROHD]LRQLFRPSLXWHHOH PRGDOLWÍGLDWWXD]LRQHFRQWHQJRQRHOHPHQWLULIHULELOLDOODVRJJHWWLYLWÍ LQD]LRQHy'H/HR3DWUL]L ,OSURFHVVRGHOFULPLQDOSURILOLQJULHQWUDQHOODIDVHVXFFHVVLYDDOOD ULFRVWUX]LRQHHGDQDOLVLGHOODVFHQDLQTXDQWRVLVHUYHGHOOHSURYHILVL FKHHPHUVHVXOODVFHQDGHOFULPLQHSHUWHQWDUHGLGHWHUPLQDUHLOSHUFKÑ HLOFKL4XLQGLILQFKÑQRQVLFRQRVFHLOFRVDÔDFFDGXWRHLOFRPHQRQ VLDYUÍODEDVHSHUGHWHUPLQDUHFKLSXÝDYHUFRPPHVVRXQFHUWRDWWR VSHFLHVHQ]DXQDSSDUHQWHPRWLYR 2JQLVHJQRVXOODVFHQDGHOFULPLQHDQFKHLOSDUWLFRODUHFKHVHPEUD LQVLJQLILFDQWH YD LQWHUSUHWDWR FRQ XQ VHJQR GL LQWHUSUHWD]LRQH ORJL FR SHUFKÑ OD SHUVRQDOLWÍ GHOO LQGLYLGXR YD ULFHUFDWD lGRYH OR VIRU]R SHUVRQDOH Ô PHQR LQWHQVR GRYH O HVSUHVVLRQH Ô SLã VSRQWDQHD GRYH LO FRQWUROOR VL DOOHQWD · XQ DSSURFFLR DOOD VFHQD GHO FULPLQH GL WLSR VHPLRWLFRz 0ROWL VRQR JOL HOHPHQWL FKH GHYRQR HVVHUH LQWHUSUHWDWL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w VXOODVFHQDGHOFULPLQHHFKHKDQQRXQQRWHYROHYDORUHVRWWRO DVSHWWR FULPLQRORJLFRHFRPSRUWDPHQWDOHLQTXDQWRUDSSUHVHQWDQRO LWHUHIIHW WXDWRGDOFULPLQDOHSHUSRUWDUHDWHUPLQHO DWWRGHOLWWXRVRGDOPRPHQWR GHOODVXDLGHD]LRQHILQRDOODSUHVDGLGLVWDQ]DGDOO DWWRVWHVVRFRPSUHVL LWHQWDWLYLGLGHSLVWDJJLR /HVFHQHGHOFULPLQHVRQRXQVHJQRFKHYDLQWHUSUHWDWRHVVHSRV VRQRFRQWHQHUHGHLPHVVDJJLFKHVHEHQDQDOL]]DWLDELOLWDQRO LQYHVWL JDWRUHHRLOFULPLQRORJRDVFRSULUHPROWRVXOFULPLQDOHFKHKDDJLWR $GHVHPSLRSXÝDFFDGHUHFKHODYLWWLPDYHQJDSUHOHYDWDLQXQOXRJRH PRULUHLQXQDOWUR/ XWLOL]]RGLSLãVFHQHGXUDQWHODFRPPLVVLRQHGHO FULPLQHIRUQLVFHXQDVHULHGLLQGL]LFLUFDODSHUVRQDOLWÍLOWLSRGLFULPL QDOHDJHQWHXQNLOOHUkGLVRUJDQL]]DWRySXÝDVVDOWDUHXFFLGHUHHODVFLDUH LOFRUSRGHOODYLWWLPDQHOORVWHVVROXRJR'RXJODVHWDO )RQGDPHQWDOHÔO DQDOLVLGLSHFXOLDULHOHPHQWLHPHUVLVXOODVFHQDGHO FULPLQHFRPHO DUPDXVDWDXQDFRPSOHVVDOHJDWXUDSHULPPRELOL]]DUH ODYLWWLPDODGLVSRVL]LRQHGHOFRUSRGHOODYLWWLPDFKHQHJOLRPLFLGLVH ULDOLGLQDWXUDVHVVXDOHSXÝHVVHUHODVFLDWDLQSRVL]LRQLLQXVXDOLGHJUD GDQWLRkPHVVDLQSRVDyFRQO LQWHQWRGDSDUWHGHOFULPLQDOHGLODQFLDUH XQPHVVDJJLRRSSXUHFRPHLOWHQWDWLYRGLPDQRPLVVLRQHGHOODVFHQD GHOFULPLQH6LWUDWWDGLIDWWRULFKHYDQQROHWWLFRQXQDGRSSLDFKLDYHVLD FULPLQDOLVWLFDSHUULFRVWUXLUHODVHTXHQ]DGHLIDWWLFKHFRPSRUWDPHQ WDOHSHUULFRVWUXLUHODVHTXHQ]DORJLFDGHOOHD]LRQLFKHLOFULPLQDOHKD ODVFLDWRVXOODVFHQDGHOFULPLQH $QFKH QHOO DWWLYLWÍ GL RIIHQGHU SURILOLQJ L FRQFHWWL HVSUHVVL GDO SULQFLSLR GL /RFDUG VRQR SUHVL LQ FRQVLGHUD]LRQH PD LQ TXHVWR FDVR YDULDWLSLãVRWWRO DVSHWWRGLULFHUFDHDQDOLVLGHOOHWUDFFHSVLFRFRPSRU WDPHQWDOLFKHQRQFULPLQDOLVWLFR,OFULPLQDOHSXÝDYHUWUDVIHULWRVXOOD VFHQDDOFXQLSDWWHUQVGLFRPSRUWDPHQWRFKHSHUPHWWRQRGLDYDQ]DUHXQ SULPRSURILORORJLFRGHOO RPLFLGDVWDJLQJPRGXVRSHUDQGLkILUPDyR VLJQDWXUHFULPHVFHQHEHKDYLRXUHOHPHQWLTXHVWLXOWLPLGXHFKHVH EHQDQDOL]]DWLIDFLOLWDQRO DWWLYLWÍGLOLQNLQJWUDLFULPLQLTXDQGRVLKD LOVRVSHWWRFKHULHQWULQRLQXQDVHULHHVRQRXWLOLDOODFRPSUHQVLRQHGHOOH D]LRQLYLWWLPDFULPLQDOHVXOODVFHQDGHOFULPLQH/RVFRSRGHOO DQDOLVL GHOO LQYHVWLJDWRUHULFHUFDWRUHÔTXHOORGLWUDVODUHTXHVWLSVLFRGLQDPLVPL LQXQFRQWHVWRLQYHVWLJDWLYR 7XWWDYLDQHOO DWWLYLWÍGLOLQNLQJLOODYRURGHOOHIRU]HGLSROL]LDHGHJOL DQDOLVWLGHOFULPLQHÔVSHVVRPROWROLPLWDWRHGLIILFROWRVRVSHFLDOPHQWH VH VL RSHUD LQ DPELHQWL XUEDQL FDUDWWHUL]]DWL GD XQ DOWR OLYHOOR GL FUL PLQDOLWÍ ,QROWUH LO FROOHJDPHQWR WUD OH FRQGRWWH FULPLQDOL DWWUDYHUVR O DQDOLVLGHOFRPSRUWDPHQWRVXOODVFHQDGHOFULPLQHDYYLHQHLQWHUPLQL GL SUREDELOLWÍ H QRQ GL FHUWH]]D H FRPSRUWD GHL SUREOHPL LQHUHQWL DO IDWWRFKHLOFRPSRUWDPHQWRGHOFULPLQDOHSXÝHVVHUHFRQGL]LRQDWRGDOOD LQWHUSUHWD]LRQHVRJJHWWLYDGHOO DQDOLVWDFKHYDOXWDODFRQGRWWDFRPSRU WDPHQWDOHHPHUVDVXOODVFHQDHRGDOOHUHD]LRQLGHOODYLWWLPD Lqgdjlqh#lqyhvwljdwlyd 4XDQGRVLDQDOL]]DXQDVFHQDGHOFULPLQHELVRJQDWHQHUFRQWRFKHFL VLSXÝLPEDWWHUHLQLQGL]LWUDFFHHFRPSRUWDPHQWLFKHWHQGRQRDIXRU YLDUHO LQYHVWLJD]LRQHXQDVLWXD]LRQHGHOJHQHUHÔGHILQLWDVWDJLQJ ,OWHUPLQHVWDJLQJVLJQLILFDkPHVVDLQVFHQDyRVVLDXQDDOWHUD]LRQH YRORQWDULDHGHOLEHUDWDGHOODVFHQDGHOFULPLQHSULPDGHOO DUULYRGHOOH IRU]HGHOO RUGLQH 6HFRQGRLO&ULPH&ODVVLILFDWLRQ0DQXDOLFXLDXWRULSUHVHQWDQRLO FRQFHWWR GL VWDJLQJ GD XQ SXQWR GL YLVWD FRPSRUWDPHQWDOH H PRWLYD ]LRQDOHGXHVRQROHUDJLRQLSHUFXLXQVRJJHWWRULFRUUHDOODkPHVVDLQ VFHQDy DOORQWDQDUH OH LQGDJLQL LO SLã ORQWDQR SRVVLELOH GDO PDJJLRUH VRVSHWWDWR SURWHJJHUHODYLWWLPDRODIDPLJOLDGHOODYLWWLPD 3DOHUPRH0DVWURQDUGLULIHULVFRQRFKHLPRWLYLGHOORVWDJLQJ VRQRULFRQGXFLELOLDGXQDVRUWDGLDXWRFRQVHUYD]LRQHHDGXQDIRUPD GLLPEDUD]]RqYHUJRJQD 4XDQGR FL VL WURYD GDYDQWL DG XQD VFHQD PDQRPHVVD Ô PROWR SUR EDELOH FKH OD SHUVRQD UHVSRQVDELOH VLD XQ VRJJHWWR LQ UHOD]LRQH R DV VRFLD]LRQH FRQ OD YLWWLPD OD PDQRPLVVLRQH GHOOD VFHQD GHO FULPLQH SXÝ LQGLFDUH DQFKH XQ FULPLQDOH FKH ULHQWUD QHOOD WLSRORJLD GHL kFUL PLQDOL RUJDQL]]DWLy FKH KDQQR PDJJLRUH DELOLWÍ PHQWDOH DG DOWHUDUH ODVFHQD+ROPHV+ROPHVVHYRJOLDPRVHJXLUHODGLFRWRPLD RUJDQL]]DWRGLVRUJDQL]]DWRGHOO )%, 1HOFDVRGLPDQRPLVVLRQHLOVRJJHWWRPRVWUHUÍXQFRPSRUWDPHQWR FROODERUDWLYRQHLFRQIURQWLGHOOHIRU]HGHOO RUGLQHSHUDOORQWDQDUHGDVÔ '266,(5&5,0,12/2*,$ /RVWDJLQJXQDVFHQDFULPLQLVkRUJDQL]]DWDy L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w LOVRVSHWWRGLHVVHUHO DXWRUHGHOIDWWR4XLORVWDJLQJÔFRQVLGHUDWRFRPH XQDFDWHJRULDSDUWLFRODUHGLDWWRSUHFDX]LRQDOH7XUYH\ ,OFDVRGLVWDJLQJÔSUHVHQWHIUHTXHQWHPHQWHQHLFULPLQLVHVVXDOL RQHLFDVLGLDXWRHURWLFIDWDOLW\VLDQHLFULPLQLVHVVXDOLFKHQHLFDVLGL DXWRHURWLVPRODYLWWLPDÔODVFLDWDGDOFULPLQDOHRVLWURYDLQSRVL]LRQL GHJUDGDQWLHGXPLOLDQWLSURSULRSHUHYLWDUHFKHODYLWWLPDYHQJDWURYDWD LQTXHVWDVLWXD]LRQHLIDPLOLDULLQWHUYHQJRQRPRGLILFDQGRODVFHQDGHO FULPLQHDWWXDQGRXQSURWHFWLYHVWDJLQJFKHSHUÝ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ÍODVFHQDSHUIDUODVHPEUDUHLOOXRJRGLXQ RPLFLGLRRGLXQVXLFLGLRVFULYHQGRLQWDOFDVRDQFKHXQELJOLHWWRWLSL FRQHLFDVLGLVXLFLGLR7XWWDYLDODGLQDPLFDGHOODVFHQDGHOFULPLQHOH SURYHIRUHQVLHOHWUDFFHGLSUDWLFKHDXWRHURWLFKHLQFDVDGHOODYLWWLPD DLXWHUDQQRDGHWHUPLQDUHODFDXVDGHOODPRUWH $OFXQH WLSRORJLH *HEHUWK GL kVFHQH RUJDQL]]DWHy VL KDQQR TXDQGRLOFULPLQDOHFDPELDJOLHOHPHQWLGHOODVFHQDFRVØGDIDUDSSDULUH ODPRUWHFRPHXQVXLFLGLRRXQHYHQWRDFFLGHQWDOHRUJDQL]]DUHODVFHQD LQPRGRGDIDUSHQVDUHDGXQRPLFLGLRDVIRQGRVHVVXDOHGDUHIXRFR DOODVFHQDSHUFDQFHOODUHOHWUDFFHRIDUDSSDULUHO HYHQWRFRPHXQLQ FHQGLRDFFLGHQWDOH ·IRQGDPHQWDOHQRQFRQIRQGHUHODkPHVVDLQSRVDyGHOODYLWWLPDFRO WHQWDWLYRGLVWDJLQJFKHVLULIHULVFHHVFOXVLYDPHQWHDGXQDDOWHUD]LRQH GHOODVFHQDLQWRUQRDOFRUSR7XWWDYLDHQWUDPELLFRPSRUWDPHQWLULFKLH GRQRFKHLOFULPLQDOHULPDQJDGHOWHPSRVXOODVFHQDGRSRODPRUWHGHOOD YLWWLPDVLVWHPDQGRLkSH]]LyGHOODVFHQDLQXQFHUWRPRGRHVSLQJHQGRVL ROWUHOHD]LRQLQHFHVVDULHSHUODFRPPLVVLRQHGHOO DWWRQHIDQGR.HSSHO 1HOFRQFHWWRGLVWDJLQJSXÝYHULILFDUVLXQ XOWHULRUHPDQLIHVWD]LRQH GHQRPLQDWDXQGRLQJVLWUDWWDGLXQDPRGLILFD]LRQHGHOODVFHQDGHOFUL PLQHGDSDUWHGHOO DVVDVVLQRFKHVHQWHULPRUVRSURYDFRPSDVVLRQHSHU TXHOOR FKH KD IDWWR$OFXQH PDQLIHVWD]LRQL GL TXHVWR FRPSRUWDPHQWR VRQRSXOLUHLOFRUSRFRSULUHODIDFFLDGHOODYLWWLPDRWXWWRLOFRUSRFRQ TXDOFRVD 4XHVWR SXÝ DFFDGHUH VSHFLH TXDQGR XQ JHQLWRUH XFFLGH XQ EDPELQR Ô SUREDELOH FKH YHQJD WURYDWR LO EDPELQR IDVFLDWR R FRQ LO YLVRFRSHUWRÔFRPHVHTXDOFXQRVLIRVVHRFFXSDWRGHOEDPELQRGRSR ODVXDPRUWH Lqgdjlqh#lqyhvwljdwlyd *OLLQGLFDWRULGHOORVWDJLQJUHGIODJV 8QFULPLQDOHFKHPHWWHLQDWWRXQDPDQRPLVVLRQHGLXQDVFHQDGHO UHDWRFRPPHWWHUÍGHJOLHUURULLQTXDQWRFHUFKHUÍGLDGDWWDUHWXWWLLkSH] ]LkGHOODVFHQDDGXQRVFKHPDPHQWDOHFKHFRQWUDVWDFRQODVLWXD]LRQH UHDOH LQ FXL RSHUD 0HQWUH O DOWHUD]LRQH Ô LQ DWWR VDUÍ VRJJHWWR DG XQ IRUWHVWUHVVHPRWLYRFKHQRQJOLFRQVHQWLUÍGLVLVWHPDUHORJLFDPHQWHOD VHTXHQ]DGHJOLDYYHQLPHQWLVXOODVFHQDWDQWRFKHLQL]LHUDQQRDGHPHU JHUHGHOOHLQFRQJUXHQ]HFKHVHYDOXWDWHDWWHQWDPHQWHVRQREXRQLVH JQDOLGLkVFHQDRUJDQL]]DWDy7XWWHTXHVWHFRQWUDGGL]LRQLVRQRFKLDPDWH UHGIODJV /DULFHUFDGHJOLLQGL]LODYLWWLPRORJLDJOLHVDPLIRUHQVLULOHYHUDQQR OHPRGDOLWÍGLFRPPLVVLRQHGHOFULPLQH/DVFHQDGHOFULPLQHFRQWHUUÍ TXHVWH UHG IODJV QHOOD IRUPD GL LQFRQJUXHQ]H VLD ORJLFKH FKH GL WLSR FULPLQDOLVWLFR FKH Ô SRVVLELOH kOHJJHUHy VXOOD YLWWLPD UHDOH HR VXOOD ILQWDYLWWLPDVXLOXRJKLYLFLQRODVFHQDRO DVVDOWRHVXLOXRJKLDVVRFLDWL DOFULPLQH /HFFR/DPDGUHGL0LUNRFRQIHVVDO KRXFFLVRLR /DVROX]LRQHGHOO RPLFLGLRGHOSLFFROR0LUNRELPERGLVROLPHVLDQQHJD WRQHOODYDVFKHWWDGHOEDJQRÔDUULYDWD /DPDGUHGHOEDPELQRKDFRQIHVVDWRO RUUHQGRRPLFLGLRGLVXRILJOLR/R DYUHEEHWHQXWRVRWWRO DFTXDSHUROWUHFLQTXHPLQXWLVSLQJHQGRORFRQOHPDQL VXOIRQGRGHOODYDVFKHWWDILQRDIDUORVRIIRFDUHHORDYUHEEHVHFRQGROHXOWLPH SHUL]LHWHFQLFKHWHQXWRVRWWRDQFKHGRSRFKHLOSLFFRORHUDPRUWR3RLODGRQQD DYUHEEHILQWRXQ DJJUHVVLRQHHWHQWDWRGLGHSLVWDUHWXWWLIDFHQGRYHGHUHGLHVVH UHVWDWDOHJDWDGDXQRVFRQRVFLXWR6LVSLHJDLQTXHVWRPRGRDQFKHODVSDUL]LRQH GHOODFKLDYHGHOEDJQRGHOIDWWRFKHLQXQ DELWD]LRQHFRVØPRGHVWDVLDGLIILFLOH FKHXQODGURYHQJDDWWLUDWRLQSLHQRJLRUQRSHUUXEDUHHSRLQRQUXELSUDWLFD PHQWHQXOOD5HG)ODJVVXLOXRJKLYLFLQRODVFHQD *LÍLHULVLHUDQRDYXWHLQGLVFUH]LRQLULVSHWWRO DXWRSVLDIDWWDGDOO LQFDULFDWR GDOODSURFXUDGL/HFFRLOSURIHVVRU3DROR7ULFRPLl1RQF HUDQRIUDWWXUHRVH JQLHYLGHQWLVXOFRUSRGHOSLFFROR0LUNRPDGHLOLYLGLDOO DOWH]]DGHOORVWHUQR FKH IDFHYDQR TXLQGL FDSLUH FKH OD PRUWH HUD VWDWD LPSRVWDz 5HG )ODJV VXOOD YLWWLPD$OWUDFHUWH]]DÔFKHQHOODFDVDGHOO RPLFLGLRQRQF HUDQRVWDWHDOWUH SHUVRQHVHQRQLVRFFRUULWRULL&DUDELQLHULLOVXRFHURHLOPDULWRGHOODGRQQD/D WHVLIRUPXODWDGDOODGRQQDHUDXQ DJJUHVVLRQHPDVXELWRDJOLLQYHVWLJDWRULVRQR VRUWLGXEELl/DGRQQDHUDOHJDWDFRQGHOQDVWURDGHVLYRDOOHPDQLHQRQDLSROVL VXOGDYDQWLHQRQVXOODVFKLHQD/HHVFRULD]LRQLDOQDVRVHPEUDYDQRDXWRLQIOLWWH '266,(5&5,0,12/2*,$ / XQGRLQJQRQVLWURYDVRORQHJOLRPLFLGLIDPLOLDULPDDQFKHQHLFDVL LQ FXL LO GHOLQTXHQWH DEEDVVD SHU VH VWHVVR O LPSDWWR HPR]LRQDOH FKH GHULYDGDJOLDWWLYLROHQWLFRPPHVVLVXOODYLWWLPD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w HVRSUDWWXWWRQRQÔVYHQXWDQHVVXQWUDXPDODGRQQDPHQWLYDz5HG)ODJVVXOOD ILQWDYLWWLPDKWWSZZZH[SREJLWPRGXOHVQHZV 'XUDQWH O DQDOLVL GHOOD VFHQD GHO FULPLQH Ô XWLOH SRUVL GLYHUVH GR PDQGHSHUFRPSUHQGHUHWDOLPDQLIHVWD]LRQL3ULPDGLWXWWRLOFULPLQDOH KDSUHVRTXDOFRVDGDOODVFHQDVHLOPRYHQWHÔLOIXUWR"7DOHDVSHWWRSXÝ HVVHUHFKLDULWRGDXQHVHPSLRGHOODOHWWHUDWXUDLQPDWHULDXQLQGLYLGXR ULHQWUDQGRDFDVDLQWHUURPSHXQIXUWRLQDWWRLODGULVSDYHQWDWLORXF FLGRQRPHQWUHWHQWDGLIXJJLUH'DOO LQYHQWDULRVXOODVFHQDGHOFULPLQH HPHUJHFKHLFULPLQDOLQRQKDQQRDVSRUWDWRDOFXQFKÑ,QUHDOWÍVLVFR SULUÍFKHODPRJOLHDYHYDSDJDWRLILQWLODGULSHULQVFHQDUHXQIXUWRH XFFLGHUHLOPDULWR $OWUR HOHPHQWR GD FRQVLGHUDUH Ô OD FRPPLVVLRQH GL WDOH UHDWR KD PHVVRLQSHULFRORO DJJUHVVRUH"9LÔVWDWRXQDOWRULVFKLRSHULOFULPL QDOH" /DSUHVHQ]DGLHFFHVVLYHIHULWHQRQQHFHVVDULHSHUSURYRFDUHODPRU WH RYHUNLOOLQJ FKH GHQRWDQR XQ DFFDQLPHQWR HVDVSHUDWR H VSURSRU ]LRQDWRVXOODYLWWLPDÔXQDOWURFDPSDQHOORG DOODUPH,QILQHXQDOWUR WLSRGLUHGIODJVFKHVLWURYDVSHVVRQHLFDVLGLRPLFLGLLQIDPLJOLDkRU JDQL]]DWLyÔO DVVDOWRPRUWDOHQHLFRQIURQWLGHOODPRJOLHRGHLEDPELQL GDSDUWHGHOO DJJUHVVRUHPHQWUHLOPDULWRIXJJHVHQ]DULSRUWDUHDOFXQD IHULWDTXDQGRGLUHJRODXQDJJUHVVRUHWHQGHDGHOLPLQDUHREORFFDUHSHU SULPDODSHUVRQDFKHUDSSUHVHQWDODPDJJLRUHPLQDFFLDRVVLDLOPDULWR LQTXHVWRFDVR ,O0RGXV2SHUDQGL 4XDOVLDVL LQYHVWLJD]LRQH FULPLQDOH GHYH ULVSRQGHUH D VHL TXHVLWL IRQGDPHQWDOL XWLOL SHU O LQWHUD ULFRVWUX]LRQH GHO FULPLQH FKL" FRVD" TXDQGR"GRYH"FRPH"HSHUFKÑ" 3HUFDSLUHLOFULPLQDOHSHUSRWHUFROOHJDUHLFULPLQLSHUSRWHUDUUL YDUHDOODORURFDWWXUDÔQHFHVVDULRFRQRVFHUHLOPRGXVRSHUDQGLRVVLDL PRGLHPHWRGLFKHLFULPLQDOLXVDQRSHUSRWHUSRUWDUHDWHUPLQHOHORUR D]LRQLFULPLQDOL 6LSDUODGLPRGXVRSHUDQGLSHULQGLFDUHlVHPSOLFHPHQWHLOPRGRLQ FXLXQFULPLQDOHRSHUDz.HSSHOSDJXQRVWLOHFRPSRUWDPHQ WDOHXQLQVLHPHGLD]LRQLFKHVHUYRQRSHUODSHUSHWUD]LRQHGHOFULPLQH HGKDQQRODILQDOLWÍGLSURWHJJHUHO LGHQWLWÍGHOO DXWRUHSRUWDUHDWHUPL QHLOFULPLQHFRQVXFFHVVRIDFLOLWDUHODIXJDDOFULPLQDOH $OFXQLIDWWRULFKHSRVVRQRFRQWULEXLUHDOODPHVVDDSXQWRGLXQEXRQ 02VRQROD]RQDLQFXLVLORFDOL]]DQROHRIIHVHO XVRGLXQ DUPDGXUDQWH LO FULPLQH DWWL SUHFDX]LRQDOL PDVFKHUDPHQWL O XVR GL JXDQWL FRSULUH JOL RFFKL DOOD YLWWLPD VHOH]LRQH GHOOD YLWWLPD GLVWRUFHUH OD SURSULD YRFHLOWUDVSRUWRGHOODYLWWLPDDOODGDOODVFHQDGHOFULPLQH7XWWHTXHVWH Lqgdjlqh#lqyhvwljdwlyd '266,(5&5,0,12/2*,$ VLWXD]LRQLGLFRQVHJXHQ]DFRQVHQWLUDQQRDOFULPLQDOHXQDGLPLQX]LRQH GHOOLYHOORGLULVFKLROHJDWRDO02 ,O 02TXLQGLFRVWLWXLVFHLOFRPHXQFULPLQHVLÔFRQVXPDWRHQRQ LOSHUFKÑRVVLDODUDJLRQHSHUFRPPHWWHUHXQFULPLQH,QIDWWLLPRWLYL GLXQFULPLQDOHVRQRHYLGHQ]LDWLGDWXWWLTXHLFRPSRUWDPHQWLFKHFRVWL WXLVFRQRODFRVLGGHWWDkILUPDyFLRÔTXHLFRPSRUWDPHQWLFKHQRQVRQR QHFHVVDULSHUO DWWXD]LRQHGHOFULPLQHHFKHVRGGLVIDQRXQELVRJQRSVL FRORJLFRGHOFULPLQDOH / HVDPHGHOPRGXVRSHUDQGLÔIRQGDPHQWDOHGDOSXQWRGLYLVWDLQYH VWLJDWLYRSHUGLYHUVHUDJLRQLFRQVHQWHGLFROOHJDUHLFULPLQLSHUPHWWH GLLGHQWLILFDUHXQVRVSHWWRFRPSDUDQGRXQPRGXVRSHUDQGLGLXQFULPL QDOHQRWRFRQLOPRGXVRSHUDQGLUHODWLYRDGXQFDVRLUULVROWRHOLPLQDUH XQDSHUVRQDGDOODOLVWDGHLVRVSHWWDWL ,OPRGXVRSHUDQGLIRUQLVFHDOFULPLQRORJRFKHVLSUHSDUDDUHDOL]]D UHXQSURILORFULPLQDOHGLXQDXWRUHVFRQRVFLXWRGLUHDWRGHOOHLQIRUPD ]LRQLULOHYDQWLFLUFDLOFULPLQDOHOHVXHDELOLWÍOHVXHFRQRVFHQ]HFULPL QDOLHQRQO HYHQWXDOHUHOD]LRQHFRQODYLWWLPDLOOLYHOORGLIDPLOLDULWÍ FRQODVFHQDGHOFULPLQH ,OPRGXVRSHUDQGLÔXQFRPSRUWDPHQWRDFTXLVLWRGLQDPLFRHPDO OHDELOHFKHSXÝHYROYHUVLRYLFHYHUVDVXELUHXQDLQYROX]LRQHFROWHP SR(VVRWHQGHDUDIILQDUVLQRQDSSHQDLOFULPLQDOHGLYHQWDDELOHHVSHUWR HGDFTXLVWDGLPHVWLFKH]]DFROFULPLQHWXWWDYLDÔSRVVLELOHDQFKHXQ LQ YROX]LRQHGHOPRGXVRSHUDQGLGRYXWRDOORVWDWRGLVDOXWHPHQWDOHGHO FULPLQDOHDOO XVRGLVRVWDQ]HFRPHDOFROHGURJKHDOODVLFXUH]]DFKHOH IRU]HGLSROL]LDQRQORSUHQGHUDQQR7XUYH\ &RVØ Ô VWDWR QHO FDVR GHO VHULDO NLOOHU DPHULFDQR7HG %XQG\ FKH DOO LQL]LRGHOODVXDFDUULHUDFULPLQDOHDYHYDPHVVRDSXQWRXQPRGXV RSHUDQGLLQIDOOLELOHDSSUHVRGDJOLVWXGLGLSVLFRORJLDVYROWLDYHQGRUH FHSLWRFKHOHSHUVRQHDLXWDQRYROHQWLHULJOLDOWULFKHVRQRLQGLIILFROWÍLQ TXDQWROLSHUFHSLVFRQRFRPHGHEROLHQRQFDSDFLGLIDUHGHOPDOH%XQ G\VLDYYLFLQDYDDOODYLWWLPDFRQXQEUDFFLRLQJHVVDWRVLPXODQGRFRVØXQ KDQGLFDS'RSRHVVHUHVFDSSDWRGLSULJLRQHLQL]LÝDEHUHIRUWHPHQWHH DODVFLDUHVXOODVFHQDXQPRGHOORULWXDOHGHOVXRFRPSRUWDPHQWRSRUWDQ GRVLGLHWURPROWHWUDFFHHGLPLQXHQGRD]LRQLGLWLSRSUHFDX]LRQDOHSHU HYLWDUHODFDWWXUD&DPELÝDQFKHODVFHOWDGHOOHYLWWLPHLQIDWWLO XOWLPD VXDYLWWLPDHUDXQDUDJD]]LQDGLDQQLVFHOWDVROWDQWRSHUFKÔYLWWLPD GLVSRQLELOHLQTXHOOXRJRHPRPHQWRDGLIIHUHQ]DGLTXDQGRVHOH]LRQD YDHVHJXLYDOHVXHYLWWLPH 'LYHUVHVRQROHFRPSRQHQWLFKHSRVVRQRFRQWULEXLUHDPRGLILFDUHLO PRGXVRSHUDQGLFRPHDGHVHPSLRODFXOWXUDSHUVRQDOHOHHVSHULHQ]H SURIHVVLRQDOLLOFRQWDWWRFROVLVWHPDFDUFHUDULRHLFRVLGGHWWL[qIDFWRU *LRUQDOLOLEULVSHFLDOLVWLFLFRUVLXQLYHUVLWDULPDWHULDOHGDLQWHUQHW PDVVPHGLDSRVVRQRIRUQLUHDOFULPLQDOHGHOOHFRQRVFHQ]HFKHWHQGR QRDUDIILQDUHLOPRGRGLFRPPHWWHUHXQFULPLQHHDGLQFUHPHQWDUHOD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w ORURFRQVDSHYROH]]DIRUHQVHIRUHQVLFDZDUHQHVV/DVWHVVDFRVDYDOH SHU OH DWWLYLWÍ ODYRUDWLYH FKH ULFKLHGRQR VSHFLDOL FRQRVFHQ]H PROWH FRJQL]LRQL GHULYDQWL GD XQ SDUWLFRODUH ODYRUR SRVVRQR ULYHUVDUVL QHO PRGXVRSHUDQGLGHOFULPLQDOHHGHVVHUHULIOHVVHQHLVXRLDWWLFULPLQDOL $GHVHPSLRQHOSURILORUHDOL]]DWRGDVWXGLRVLPRGHUQLGL-DFNk7KH 5LSSHUyÔVWDWRLSRWL]]DWRFKHTXHVWRLQGLYLGXRVYROJHVVHLOODYRURGL PDFHOODLR DLXWDQWH LQ XQ RELWRULR R DWWLYLWÍ GL WLSR PHGLFR FKLUXUJR JLQHFRORJRGHGXFHQGRFLÝGDOODVHGHHGDOODWLSRORJLDGHOOHIHULWHULSRU WDWHVXOOHVXHYLWWLPHPXWLODWHFRQSUHFLVLRQHFKLUXUJLFD $QFKHO HVVHUHVWDWRDUUHVWDWRSXÝFRQWULEXLUHDPRGLILFDUHLOPRGR SUDWLFRGLFRPPHWWHUHXQFULPLQHLQTXDQWRXQFULPLQDOHPHQRHVSHUWR SXÝHQWUDUHLQFRQWDWWRGXUDQWHLOSHULRGRGLFDUFHUD]LRQHFRQFULPLQDOL FRQFRQRVFHQ]HGHOLQTXHQ]LDOLSLãkVSHFLDOL]]DWHyGDFXLWUDUUÍXQYDQ WDJJLRSHUDIILQDUHODSURSULDWHFQLFD'DXQRVWXGLRFRQGRWWRGD5 6+ROPHVÔHPHUVRFKHLFULPLQDOLLQSULJLRQHLVWUXLYDQRLORURkFRO OHJKLyQRQVRORVXOPRGRLQFXLXWLOL]]DUHLOQDVWURDGHVLYRPDDQFKHVXO SHUFKÔXVDUHXQQDVWURDGHVLYRSLXWWRVWRFKHXQDOWURWLSR ,QILQHJOL[qIDFWRUVRQRXQDTXDOVLDVLLQIOXHQ]DVFRQRVFLXWDHQRQ SUHYLVWDFKHSXÝFRQGL]LRQDUHLOFRPSRUWDPHQWRGXUDQWHLOFULPLQHOD SUHVHQ]DGLXQWHVWLPRQHLQDVSHWWDWRXQDUHD]LRQHLQDWWHVDGHOODYLWWLPD LQGXFHLOFULPLQDOHDGLPSURYYLVDUHLOVXRFRPSRUWDPHQWRRDULWLUDUVL 7XUYH\ .LOOHU V6LJQDWXUHODkILUPDyGHOO DVVDVVLQR 4XDQWHSLãD]LRQLYHQJRQRFRPSLXWHVXOODVFHQDGHOUHDWRWDQWRSLã QXPHURVLVDUDQQRLWUDWWLVLJQLILFDWLYLHVLQJRODULFRUUHODWLDOODSHUVRQD OLWÍGHOFULPLQDOH 8QRGLTXHVWLDVSHWWLFKHLQFDVLGLFULPLQLYLROHQWLÔSUHVHQWHVXOOD VFHQDGHOFULPLQHÔODkILUPDyGHOO DVVDVVLQRRVLJQDWXUH l/D ILUPD GHOO DVVDVVLQR Ô OD VXD FDOOLQJ FDUG ELJOLHWWR GD YLVLWD SVLFRORJLFDFKHHJOLODVFLDVXRJQLVFHQDGHOFULPLQHz.HSSHO S &LVLULIHULVFHDOODkILUPDySHULQGLFDUHSHUWDQWRXQFRPSRUWDPHQWR SRVWRLQHVVHUHGDOFULPLQDOHFRQO LQWHQWRGLVRGGLVIDUHXQVXRELVRJQR LQWHUQRHSVLFRORJLFR6HFRQGRO HVSHUWRGLSURILOLGHOO )%,-'RXJODV DOODEDVHGHOODkILUPDyYLVDUHEEHODIDQWDVLDGHOFULPLQDOHXQVRJQDUH kDGRFFKLDSHUWLyHGLQPRGRFRPSXOVLYRDGD]LRQLkIDQWDVWLFKHyYLR OHQWH WDQWR GD VYLOXSSDUH XQ ELVRJQR XQD QHFHVVLWÍ GL HVSULPHUH WDOL IDQWDVLH.HSSHO4XDQGRTXHVWLFULPLQDOLVSHFLHTXHOOLVHULDOL PHWWRQRLQDWWROHORURSXOVLRQLDOFXQLDVSHWWLGHLORURFULPLQLULYHOHUDQ QRSDUWHGHOODORURSHUVRQDOLWÍ /DkILUPDyÔXQSURGRWWRGHOODIDQWDVLDUDSSUHVHQWDXQULWXDOHXQ TXDOFRVDFKHO RIIHQGHUFRPSLHSHUGDUHVIRJRDGXQ HVLJHQ]DHPR]LR Lqgdjlqh#lqyhvwljdwlyd '266,(5&5,0,12/2*,$ QDOHHFKHYDROWUHLQHFHVVDULDWWLXWLOLDOODFRPPLVVLRQHGHOFULPLQH 7UDWWDQGRVLGLXQULWXDOHÔXQDSDUWHLQWHJUDQWHGHOFULPLQHFKHULPDQH VWDELOHGXUHYROHHFRPHXQDILUPDYHUDHSURSULDÔXQLFDGLYHUVDPHQ WHGDOPRGXVRSHUDQGL 3HUPHJOLRIDUFRPSUHQGHUHLOFRQFHWWRGL kILUPDy FLWR XQ FDVR DOTXDQWRVHPSOLFLVWLFRLQFXLHVVDÔYLVLELOHLQWXWWDODVXDkHVVHQ]Dy LO SOXULRPLFLGD 0LFKHOH 3URIHWD SRWHQ]LDOH VHULDO NLOOHU RVVHVVLRQDWR GDO JLRFR G D]]DUGR H DIIRVVDWR GDL GHELWL FRQWUDWWL JLRFDQGR D FDUWH DXWRJUDIDYDLVXRLRPLFLGLFRQLOk5HyGHOOHFDUWHGDJLRFRXQELVRJQR SVLFRORJLFRSHUXQDSHUVRQDOLWÍHJRFHQWULFDQDUFLVLVWLFDHRQQLSRWHQWH $WWUDYHUVR O DQDOLVL GHOOD VLJQDWXUH GHO PRGXV RSHUDQGL H GHOOR VWXGLRGHOODYLWWLPDO LQYHVWLJDWRUHRLOFULPLQRORJRSXÝFRPSUHQGHUH OD PRWLYD]LRQH GL XQ SDUWLFRODUH FULPLQH H FROOHJDUH L FDVL LQ TXDQWR GLVSRQHGLXQEXRQVWUXPHQWRSHUIDUORRVVLDODkILUPDyLQGL]LRFKH ULPDQHFRVWDQWHQHOWHPSR7XWWDYLDÔQHFHVVDULRPROWRSLãGLXQFDVR SHULGHQWLILFDUHHGHWHUPLQDUHODILUPDGHOO DVVDVVLQRHQRQVHPSUHÔ SRVVLELOHFROOHJDUHFDVLFRQO DQDOLVLGHOODVLJQDWXUHLQTXDQWR XQFULPLQDOHQRQVHPSUHODVFLDVXOODVFHQDODVXDILUPD XQFULPLQDOHSXÝSRUUHLQHVVHUHDWWLSUHFDX]LRQDOLFKHSRVVRQR FDQFHOODUHODWUDFFLDGLXQDWDOHPDQLIHVWD]LRQHSHUVRQDOH OHWUDFFHFRPSRUWDPHQWDOLSRVVRQRHVVHUHGLVWUXWWHHRQRQQRWDWH GDJOLHVSHUWL / HOHPHQWRkILUPDyFRQVWDGLGXHSDUWLVHSDUDWHPDFROOHJDWHWUDGL ORUR 7XUYH\ XQ DVSHWWR JHQHUDOH VLJQDWXUH DVSHFW OHJDWR DO FRQFHWWR GL kILUPDy H O DOWUR DVSHWWR VLJQDWXUH EHKDYLRU FKH UDSSUH VHQWDLOFRPSRUWDPHQWRHOHD]LRQLGHOO RIIHQGHULQUHOD]LRQHDOFULPLQH FRPPHVVR3HUTXDQWRULJXDUGDLOVLJQDWXUHDVSHFWHVVRUDSSUHVHQWDLO WHPDSVLFRORJLFRHGHPR]LRQDOHFKHLOFULPLQDOHVRGGLVIDQHOPRPHQWR LQ FXL FRPPHWWH LO VXR FULPLQH7UD L WHPL SVLFRORJLFL HG HPR]LRQDOL FKHVSHVVRVLULWURYDQRVSHFLDOPHQWHQHLFULPLQLVHVVXDOLYLVRQRSHU HVHPSLRODUDEELDXQDIRUPDGLUDVVLFXUD]LRQHRGLUHFXSHURGHOODVWL PD GL VÔ XQ GHVLGHULR GL SRVVHVVR GRPLQLR H FRQWUROOR GHOOD YLWWLPD VLDGDYLYDFKHGDPRUWDXQELVRJQRGLWLSRVDGLFRLQFXLODYLROHQ]DÔ HURWLFL]]DWD /DVHFRQGDSDUWHGLXQDILUPDVLJQDWXUHEHKDYLRUÔPRVWUDWDGDL FRPSRUWDPHQWLD]LRQLDWWLFRPPHVVLGDOFULPLQDOHFKHQRQVRQRQHFHV VDULRXWLOLSHUXQDEXRQDFRPPLVVLRQHGHOFULPLQHPDFKHLQGLFDQRXQ ELVRJQRSVLFRORJLFRGHOFULPLQDOH4XHVWHVLWXD]LRQLVRQRHYLGHQ]LDWH GDOO LQWHUD]LRQHWUDODYLWWLPDLOFULPLQDOHHODVFHQDGHOFULPLQHXQR VJXDUGR FRPSOHVVLYR DOOD VFHQD GHO FULPLQH DOOD YLWWLPD H DO FULPLQH VWHVVRFRQWULEXLVFHDGHGXUUHLOWHPDPRWLYD]LRQDOHRSVLFRORJLFRGHOOD kILUPDy/DYDOXWD]LRQHGHOODkILUPDyVXJJHULVFHLOPRWLYRGHOO DWWRFUL PLQDOH8QDFODVVLILFD]LRQHGHOODWLSRORJLDGHLPRWLYLÔVWDWDHIIHWWXDWD GD7XUYH\HGKDFRPHEDVHLOODYRURGL1LFKRODV*URWKFKHDQDOL]]Ý L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w LOFRPSRUWDPHQWRGLVWXSUDWRULULQWUDFFLDQGRFRPHLPRWLYLGHOOR VWXSURIRVVHURUDEELDSRWHQ]DHVDGLVPR6XFFHVVLYDPHQWH+D]HOZRRG H%XUJHVVSUHQGHQGRVSXQWRGDOODFODVVLILFD]LRQHGL*URWKDJJLXQVHUR DG HVVD XOWHULRUL WUH PRWLYL DQJHUqUHWDOLDWRU\ UDEELD DQJHUqH[FLWD WLRQ VDGLVPR SRZHUqDVVHUWLYH DJJUHVVLYLWÍ SRZHUqUHDVVXUDQFH UDVVLFXUD]LRQHDXWRVWLPDRSSRUWXQLVWLFRSSRUWXQLVPRVWUXPHQWDOH HJDQJ 7XUYH\HOLPLQÝQHOODVXDFODVVLILFD]LRQHOHXOWLPHGXHWLSRORJLHUHD OL]]DQGRQHXQDSURSULDFKHVHEEHQHIRVVHRULJLQDWDSHUO DQDOLVLGHOOR VWXSURDSSDUHDSSOLFDELOHDQFKHDGDOWUHWLSRORJLHGLFULPLQL3DWKHULFK ,OSUREOHPDSHUO LQYHVWLJDWRUHHRDQDOLVWDFKHUHDOL]]DXQSURILOR FULPLQDOHÔVDSHUGLVWLQJXHUHLFRPSRUWDPHQWLOHJDWLDOPRGXVRSHUDQ GLHTXHOOLFROOHJDWLDOODkILUPDy'LYHUVHVRQROHPDQLIHVWD]LRQLGHOO kLPSURQWDSVLFRORJLFDyGHOFULPLQDOHOHWUDFFHGLXQDHFFHVVLYDWRUWXUD RSUHVHQ]DGLIHULWHORFDOL]]DWHLQDOFXQHDUHHGHOFRUSRGDOVLJQLILFDWR VHVVXDOHSRVVRQRFRVWLWXLUHXQDkILUPDyGLVSRUUHHSRVL]LRQDUHLOFRU SRGHOODYLWWLPDLQXQGHWHUPLQDWRPRGRSRWUHEEHFRVWLWXLUHODkILUPDy DPHQRFKHODGLVSRVL]LRQHQRQVLDGLWLSRVWUXPHQWDOHHIIHWWXDWDFRQOR VFRSRGLIDFLOLWDUHO HYHQWXDOHIXJDGHOO DVVDVVLQR ,QROWUHQHLFDVLGLVWXSURODkILUPDySRWUHEEHHVVHUHFRVWLWXLWDGDXQ OLQJXDJJLRYROJDUHHGHJUDGDQWHQHLFRQIURQWLGHOODYLWWLPDFKHQRQÔ QHFHVVDULRSHUFRPSLHUHO DWWRVHVVXDOHPDO RIIHQGHUDYYHUWHLOELVRJQR GLIDUOR,QTXHVWRFDVRVLSDUODGLVFULSWLQJRVVLDXQOLQJXDJJLRXVDWR GDOFULPLQDOHGXUDQWHO DWWRHRGHWHUPLQDWHSDUROHFKHHJOLVWHVVRRUGL QDDOODYLWWLPDGLXVDUHLOOLQJXDJJLRGHOFULPLQDOHÔXQ HVWHQVLRQHGHL VXRLELVRJQLSVLFRORJLFLHGHOODVXDIRU]D$QFKHXQWLSRGLOHJDWXUDSXÝ FRQVLGHUDUVLLQDOFXQLFDVLXQDkILUPDyVSHFLDOHDWWHQ]LRQHGRYUHEEH Lqgdjlqh#lqyhvwljdwlyd ,QDOFXQLFDVLYLÔXQDVRWWLOHGLIIHUHQ]DWUDLOPRGXVRSHUDQGLHOD kILUPDy 6DSHU GLVWLQJXHUH XQ FRPSRUWDPHQWR UHODWLYR DO PRGXV RSH UDQGLHDOODkILUPDyGHOFULPLQDOHQRQÔVLFXUDPHQWHXQFRPSLWRIDFLOH D PHQR FKH QRQ VL WUDWWL GL FULPLQL YLROHQWL FRQ OD FDUDWWHULVWLFD GHOOD VHULDOLWÍ LQ FXL L SDUWLFRODUL FRPSRUWDPHQWDOL GHO FULPLQDOH DSSDLRQR PHQRDPELYDOHQWLHYDULDPHQWHLQWHUSUHWDELOL 1HOO LQWHUSUHWDUHXQDWUDFFLDVLDILVLFDRFRPSRUWDPHQWDOHÔQHFHV VDULRVHPSUHJXDUGDUHLOFRQWHVWRLQFXLOHVLQJROHD]LRQLVLVYROJRQRVLD SHUVDSHUVFLQGHUHODkILUPDyGDO 02FKHSHUHYLWDUHO DPELJXLWÍGLXQ VLQJRORFRPSRUWDPHQWRFRPHQHOODVLWXD]LRQHVRWWRULSRUWDWD 8QRVWXSUDWRUHDJJXDQWDODVXDYLWWLPDHODVFDJOLDDWHUUD/DYLWWL PDFHUFDGLGLIHQGHUVL6LGLPHQDLOFULPLQDOHKDSHUÝLOVRSUDYYHQWR VHUYHQGRVLGLXQDFLQJKLDDO]DODPDJOLDGHOODVXDYLWWLPDVRSUDODWHVWD HGLQL]LDODVXDDWWLYLWÍSUHGDWRULD &RPHSRWUHEEHFODVVLILFDUVLO DWWRGLDO]DUHODPDJOLDGHOODYLWWLPD VRSUDODVXDWHVWD"·XQPRGXVRSHUDQGLSHUHYLWDUHFKHO RIIHQGHUYHQ JD ULFRQRVFLXWR" 2 XQD kILUPDy FKH VHUYH DG DOLPHQWDUH OD IDQWDVLD GHOO RIIHQGHUDSHQVDUHDOODYLWWLPDFRPHXQRJJHWWRRXQDSDUWLFRODUH SHUVRQD FKH VLPEROLFDPHQWH YLHQH SXQLWD FRQ OR VWXSUR 6HPSUH SHU UHQGHUHXQ LGHDGHO 02HGHOODkILUPDyULSRUWRGLVHJXLWRXQVHPSOLFH HVHPSLRWUDWWRGDOODELEOLRJUDILDPRQGLDOHLQPDWHULD3UHQGLDPRGXH FDVLGLUDSLQDLQEDQFDQHOSULPRFDVRLOUDSLQDWRUHFRVWULQJHLFDVVLHULD VYHVWLUVLGXUDQWHLOIXUWRLQXQDOWURFDVRLOUDSLQDWRUHIRU]DJOLLPSLHJDWL DVYHVWLUVLPDGRSRFKHORKDQQRIDWWRLQWLPDORURGLDVVXPHUHGHOOH SRVL]LRQLGDOVLJQLILFDWRVHVVXDOHPHQWUHORVWHVVRÔ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kVSLQWHyÔULPDVWRDOXQJRVXOODVFHQDGHOFULPLQHDXPHQWDQGRLO ULVFKLRGLHVVHUHFDWWXUDWR/ RIIHQGHUKDkDXWRJUDIDWRyODUDSLQDFRQOD VXDLPSURQWDSVLFRORJLFD '266,(5&5,0,12/2*,$ HVVHUHSUHVWDWDDGXQDOHJDWXUDFRPSOHVVDFKHYDROWUHODVHPSOLFHIXQ ]LRQHGLVRWWRPHWWHUHFRQWUROODUHHXFFLGHUHODYLWWLPD,OWLSRGLQRGR LOPRGRGLDQQRGDUHVRQRHOHPHQWLFKHSRVVRQRLQGLFDUHXQDkILUPDy GHOO DJJUHVVRUHHXQDVXDULWXDOLWÍ 'LVWLQJXHUHLO0RGXV2SHUDQGLHODk)LUPDy L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w 1RWH %ORRG6WDLQ3DWWHUQ$QDOLV\VÔODULFRVWUX]LRQHGHOOHWUDFFHGLVDQJXHXWLOH SHU FDSLUH OD GLQDPLFD GHO UHDWR OD SRVL]LRQH GHOOD YLWWLPD H GHO FULPLQDOH H L ORUR VSRVWDPHQWL ,QWHUYLVWDDOGRWW&DUOR%XLGLULJHQWH8QLWÍ$QDOLVLGHO&ULPLQH9LROHQWR GHOOD 3ROL]LD GL 6WDWR LQ ZZZLWDOLDVDOXWHLW /D 6HPLRWLFD GHO PDWHPDWLFR &KDUOHV 3LHUFHIRQGDWRUHGHOSUDJPDWLVPRDPHULFDQRÔODGRWWULQDGHLVHJQL6HFRQGR3LHUFH WXWWHOHQR]LRQLHSDUROHXPDQHVRQRVHJQLFKHYDQQRLQWHUSUHWDWLFRQDOWULVHJQLGHWWL LQWHUSUHWDQWL &RPHVLÔGHWWRORVFHQDULRDOO DSHUWRDOFKLXVRHODWLSRORJLDGLXQDVFHQD GHOFULPLQHSRVVRQRHVVHUHGLIIHUHQWL 3XÝVHPEUDUHLUULVRULRDQDOL]]DUHLOQRGRGLXQDOHJDWXUDWXWWDYLDWDOHDQD OLVLÔGLQRWHYROHLPSRUWDQ]DVSHFLHSHUFROOHJDUHFDVLGLRPLFLGLVHULDOL 7XUYH\GHILQLVFHDXWRHURWLFIDWDOLW\kRJQLPRUWHFKHÔO HVLWRGLXQFRPSRU WDPHQWRDWWXDWRFRPHIRUPDGLDXWRJUDWLILFD]LRQHy7UDO DXWRHURWLFIDWDOLW\SUDWLFKH DXWRHURWLFKHULHQWUDDQFKHO DVILVVLDDXWRHURWLFDFRQRVFLXWDFOLQLFDPHQWHDQFKHFRPH LSRVVLILOLD'60,9'HLW]6LWUDWWDGLXQDIRUPDGLPDVRFKLVPRVHVVXDOHFKH FRPSRUWD O HFFLWDPHQWR VHVVXDOH GD GHSULYD]LRQH GHOO RVVLJHQR SURYRFDWD GD XQD OHJDWXUD XQ VDFFKHWWR GL SODVWLFD XQD VRVWDQ]D FKLPLFD 4XHVWD DWWLYLWÍ SXÝ HVVHUH SUDWLFDWDDQFKHFRQXQSDUWQHU7XWWDYLDÔSRVVLELOHFKHVLYHULILFKLODPRUWHDFFLGHQWD OHGHOSUDWLFDQWHRGLXQRGHLGXHSUDWLFDQWLLFDVLULOHYDQRFKHOHSHUVRQHVRSUDWWXWWR PDVFKLFRLQYROWHLQTXHVWHVLWXD]LRQLKDQQRXQ HWÍGDLDJOLDQQLHLOPHQR GLDQQL8YD/RSVLFKLDWUDDPHULFDQR'LHW]KDDIIHUPDWRFKHPROWLVVLPH SHUVRQHFKHSUDWLFDQRO DVILVVLDDXWRHURWLFDKDQQRGHOOHSUHIHUHQ]HVHVVXDOLDQRUPDOL QHOO DPELWR GHOOD ORUR VIHUD VHVVXDOH 6L WUDWWD GL XQ FRPSRUWDPHQWR FKH SRWUHEEH HVVHUHFRQIXVRFRQXQVXLFLGLRPDLQUHDOWÍÔXQLQFLGHQWHFKHLQWHUFRUUHEEHGXUDQWH ORVYROJLPHQWRGLSUDWLFKHDXWRHURWLFKHHFLÝORVLHYLQFHGDFRPHÔVWDWRWURYDWRLO FRUSR,QIDWWLVHDGHVHPSLRWUDLOFROORHODOHJDWXUDGHOODSHUVRQDÔVWDWRWURYDWRXQ DVFLXJDPDQRRDOWURPDWHULDOHDQDORJRHODSHUVRQDHUDQXGDÔFKLDUDODUDJLRQHGHOOD PRUWHFKHULHQWUHUHEEHSLãLQJLRFRDXWRHURWLFR7DOHFRPSRUWDPHQWRGHYLDQWHÔXQD FRQGRWWDPROWRVWXGLDWDPDOHFXLPRWLYD]LRQLVRQRSRFRFRPSUHVHSHUFKÑO DQDOLVLGL XQVLPLOHFRPSRUWDPHQWRÔHIIHWWXDWRVXOOHYLWWLPHHQRQVXSHUVRQHFKHHIIHWWXDQR UHDOPHQWHWDOHSUDWLFDFKHGLIILFLOPHQWHSRWUHEEHURRYRUUHEEHURHVVHUHDVFROWDWHVXOOD PDWHULD4XHVWLHOHQFDWLVRQRVRORDOFXQLGHJOLHOHPHQWLRELHWWLYLFKHGXUDQWHXQ LQYH VWLJD]LRQHSRVVRQRIDUSHQVDUHDGXQDPRUWHGLTXHVWRWLSRHYLGHQ]DGLDVILVVLDSUR GRWWDGDODFFLFRUGHFLQWXUHPHVVLLQSRVL]LRQHWDOHFKHQRQLQGLFDXQLQWHQWRVXLFLGD SURYHGLDWWLYLWÍVHVVXDOHVROLWDULDPDWHULDOHSRUQRJUDILFRFKHIDFLOLWDODSURGX]LRQHGL IDQWDVLDLQWHQWRVXLFLGDQRQPDQLIHVWRDWWLYLWÍDXWRHURWLFKHSUHFHGHQWL 9HUQRQ*HEHUWKDXWRUHGLPROWHSXEEOLFD]LRQLLQWHPDGLLQYHVWLJD]LRQLHG HVSHUWRLQWHUQD]LRQDOHGLLQYHVWLJD]LRQHLQFDVLGLRPLFLGLHVWXSULIRUQLVFHXQDVXD FKHFNOLVWSHUO LQYHVWLJDWRUHFKHVLWURYDGLIURQWHXQDVFHQDDOWHUDWD Lqgdjlqh#lqyhvwljdwlyd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ÍRPLFLGLDULDVLSUHVHQWDLQPRGRGLVRUJDQL]]DWRSRWUHP PRULVFRQWUDUH90DVWURQDUGL$)DUJQROL 7DJOLRDOODJROD &ROSRGLFROWHOORUXRWDWRLQSDQFLD 0XWLOD]LRQHULPR]LRQHGLOLQJXDRFFKLWHVWLFROLPDQLSLHGL )HULWHPXOWLSOHGLDUPDGDIXRFR 3HWWRVTXDUWDWR &XRUHHVSLDQWDWR 2UJDQLHVSLDQWDWLWHDWUDOPHQWHHVSRVWL 5LSHWXWLDFFROWHOODPHQWLLQXQRVYROJHUVLGLWHPSRDEEDVWDQ]DOXQJR 7DJOLLQWXWWRLOFRUSR 9LWWLPDWHDWUDOPHQWHHVSRVWDFXRUHVXOO DGGRPHVDVVRLQERFFDHFFGD QRQFRQIRQGHUVLFRQLULWXDOLVPLGLVWDPSRPDILRVR $UPDWHDWUDOPHQWHHVSRVWDFROWHOORGDOWRUDFHGDOFXRUHGDOO RFFKLRWHVWD DPSXWDWDGDQRQFRQIRQGHUHFRQLULWXDOLVPLGLVWDPSRPDILRVRFIUQRWDQ % 7859(< &ULPLQDO 3URILOLQJ DQ LQWURGXFWLRQ WR EHKDYLRXUDO HYLGHQFH DQDOLV\V(OVHYLU/WGS *X\ 5XWW\ GRFHQWH GHOO 8QLYHUVLWÍ GL /HLFHVWHU GLFKLDUD FKH OH VHULH WH OHYLVLYHGHOJHQHUH&6,PRVWUDQRDOFXQHWHFQLFKHUHDOPHQWHXWLOL]]DWHGDOODSROL]LD VFLHQWLILFKHHFKHTXHVWRKDIDWWRLQFUHPHQWDUHQHLFULPLQDOLO XVRGLJXDQWLGLODWWLFH SHU QRQ ODVFLDUH LPSURQWH GLJLWDOL *OL LQYHVWLJDWRUL LQJOHVL KDQQR HIIHWWLYDPHQWH FRQIHUPDWRWDOHQRWL]LDULIHUHQGRFKHGDTXDOFKHDQQRDTXHVWDSDUWHF ÔVWDWRXQ DS SUH]]DELOHULGX]LRQHGHOOHWUDFFHXWLOLVXOODVFHQDGHOFULPLQHLQZZZFULPLQRORJLD RUJ,QROWUHVLOHJJHFKHGDDOFXQHLQWHUYLVWHLQIRUPDOLFRQGRWWHGDHVSHUWLULFHUFDWRUL GHOO ,QWHUQDWLRQDO&ULPH$QDOLV\V$VVRFLDWLRQDLQYHVWLJDWRULDQDOLVWLGHOODVFHQDGHO FULPLQHÔULVXOWDWRDQFKHLQ,WDOLDXQFHUWDGLPLQX]LRQHGLWUDFFHDSSUH]]DELOLVXOOH VFHQHGHOFULPLQHSURSULRLQFRQFRPLWDQ]DGHOODGLIIXVLRQHPHGLDWLFDGLQXPHURVLVVL PHHIRUWXQDWHVHULHWHOHYLVLYHFKHKDQQRFRPHRJJHWWRO LQGDJLQHFULPLQDOH -DFN OR 6TXDUWDWRUH QRPH FKH LO FULPLQDOH VWHVVR VL GLHGH LQ XQD OHWWHUD LQFXLULYHQGLFDYDJOLRPLFLGLHUDXQDVVDVVLQRFKHWUDDJRVWRHQRYHPEUHGHO L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w XFFLVHHPXWLOÝFLQTXHSURVWLWXWHULPXRYHQGRQHOHRYDLHHO XWHURQHOVREERUJRORQGL QHVHGL:KLWHFKDSHO6WDQGRDGXQDUWLFRORDSSDUVRVXOk0HVVDJJHURyGHO LOSUHVXQWRkPRVWURyVDUHEEHXQFHUWR6LU-RKQ:LOOLDPVWDQWLSHUÝVRQRLQRPLGHL VRVSHWWDWLQRWRJLQHFRORJRFKHVSHVVRODYRUDYDSUHVVRXQDFOLQLFDLQ:KLWHFKDSHO /HGRQQHXFFLVHVLVDUHEEHURUHFDWHSUHVVRODFOLQLFDSHUDERUWLUHHFLÝDYUHEEHVFDWH QDWRODYLROHQWDUHD]LRQHGL-RKQ:LOOLDPVFKHYROHYDGLVSHUDWDPHQWHXQILJOLRGDOOD PRJOLH/ DVVHQ]DGLXQDYLROHQ]DGLWLSRVHVVXDOHVXWXWWHOHYLWWLPHVSLHJDFKHSURED ELOPHQWHJOLRPLFLGLGHOORk6YHQWUDWRUHyHUDQRPRVVLGDXQVHQVRGLUDEELD 5+2/0(6H6+2/0(63URILOLQJ9LROHQW&ULPHS /DkILUPDyGLXQVH[XDORIIHQGHUVLFXUDPHQWHVDUÍPROWRSLãFRPSOHVVD &LVRQRWUHPRGLSHUGLVSRUUHLOFRUSRGLXQDYLWWLPD,OPRGRSLãFRPXQH ÔODVFLDUHLOFRUSRLQXQDSRVL]LRQHFDVXDOHLQTXDQWRSHUO DJJUHVVRUHÔLQGLIIHUHQWHLO VXRULWURYDPHQWRLQDOWULFDVLLOFRUSRÔGHOLEHUDWDPHQWHQDVFRVWRLQILQHXQXOWHULRUH PRGR Ô ODVFLDUH LO FRUSR LQ XQ OXRJR GRYH Ô JDUDQWLWR LO VXR ULWURYDPHQWR SHUFKÑ LO FULPLQDOHYXROHFKHLOFRUSRVLDULWURYDWR8QFRUSRODVFLDWRLQTXHVWRPRGRÔGHWWR kPHVVRLQSRVDHGHVSRVWRyRSHQDQGGLVSOD\HG.HSSHO6HSSXUFRQXQD PRWLYD]LRQHGLYHUVDDQFKHQHJOLRPLFLGLGDSDUWHGHOODFULPLQDOLWÍRUJDQL]]DWDVSHFLH LQTXHOOLGLPDILDLOFRUSRKDXQDVXDYDOHQ]DVLPEROLFDFRVWLWXLVFHXQPHVVDJJLRSHU JOLDOWULFLUFDODSRWHQ]DGHOO RUJDQL]]D]LRQHFULPLQDOH3XÝYHULILFDUVLFKHQHOODERFFD GHOFDGDYHUHVLDQRLQVHULWLGHLVDVVLSHUVLPEROHJJLDUHODVRIILDWDDOOH)RU]HGL3ROL]LD RFKHVLDQRVSDUVLGHLVROGLLQWRUQRDGHVVRSHULQGLFDUHXQWHQWDWLYRGLIURGHDLGDQQL GHOO RUJDQL]]D]LRQH06WUDQRLQZZZJROHPLQGLVSHQVDELOHLW 8QFDVRkQRVWUDQRyGRYHODSDUWLFRODUHOHJDWXUDSXÝVHUYLUHDFROOHJDUHXQ FULPLQHDGXQDOWURÔLOFDVRGHOGHOLWWRGL$UFH -'RXJODV$%85*(6655(66/(5&ULPH&ODVVLILFDWLRQ0DQXDO-RVVH\ %DVVS %LEOLRJUDILD &/(0(16'$5/<:$QLQWURGXFWLRQWRFULPHVFHQHUHFRVWUXFWLRQIRUFULPLQDO SURILOHULQ 'H/HR*3DWUL]L33VLFRORJLDGHOODGHYLDQ]D+XUVW&R&DURFFL '28*/$6 - %85*(66$ 5(66/(5 5 &ULPH &ODVVLILFDWLRQ 0DQXDO -RVVH\ %DVV '28*/$6-2/6$+.(500LQGKXQWHU5L]]ROL *(%(57+9 7KH VWDJHG FULPH VFHQH LQ /DZ DQG RUGHU 0DJD]LQH IHEEUDLR .(33(/56LJQDWXUH.LOOHUV3RFNHW%RRNV 3$/(502*0$67521$5',9,OSURILORFULPLQRORJLFR*LXIIUÔ 3(7+(5,&.:$<1(&ULPLQDOSURILOH5HDGHU V'LJHVW 7859(<%&ULPLQDO3URILOLQJDQLQWURGXFWLRQWREHKDYLRXUDOHYLGHQFHDQD OLV\V(OVHYLU/WG '266,(56(&85,7< L o# pr qgr #ghood#V lfxuh}}d /D %RUGHU DQG7UDQVSRUWDWLRQ 6HFXULW\ VWXGLD OD VLFXUH]]D GHL FRQILQL GL XQD QD]LRQH LQ UHOD]LRQH DL IOXVVL GL SDVVHJJHUL H PHUFL · XQD VFLHQ]D FRPSOHVVD FKH GHYH IDU FROOLPDUH WUD ORUR RELHWWLYL DSSDUHQWHPHQWH DQWLWHWLFLTXDOLVLFXUH]]DHVYLOXSSRHFRQRPLFR /DQGR'5DMROD3HVFDULQL ' RSRJOLDWWDFFKLGHOVHWWHPEUHSHUJUDQSDUWHGHJOL6WDWL O +RPHODQG6HFXULW\ÔGLYHQWDWDXQRGHJOLRELHWWLYLSULPD UL ,Q TXHVW RWWLFD OD %RUGHU DQG7UDQVSRUWDWLRQ 6HFXULW\ Ô '266,(56(&85,7< $,&21),1,'(//$6(&85,7< L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w HPHUVD FRPH XQD GHOOH FULWLFLWÍ SULQFLSDOL 6L Ô ULOHYDWR LQIDWWL FRPH VSHVVR SXUWURSSR OH DJHQ]LH GHVWLQDWH D WXWHODUH TXHVWR VHWWRUH VLDQR IUDPPHQWDWHSUHVHGDLSUREOHPLGLSHUIRUPDQFHLQWHUQDHVFROOHJDWHWUD ORURQHOO DWWLYLWÍGLSUHYHQ]LRQHHFRQWUROOR6LÔDQFKHULOHYDWRFRPHOD WHFQRORJLDLPSLHJDWDLQWDOHFRQWUROORVLDLQDGHJXDWDVLDLQWHUPLQLGL WXWHODGHOFRQILQHVWHVVRFKHLQWHUPLQLGLFUHD]LRQHHDJJLRUQDPHQWR GL GDWDEDVHV LQIRUPDWLYL QRQFKÑ GHO ORUR FROOHJDPHQWR XQLWDULR WUD OH DJHQ]LHLQWHUHVVDWHDOO DWWLYLWÍGLERUGHUSURWHFWLRQ 6RSUDWWXWWRFLVLÔSRLUHVLFRQWRFKHLOERUGHUPDQDJHPHQWÔXQ DW WLYLWÍ HVWUHPDPHQWH FRPSOHVVD SHU TXDQWR DWWLHQH OD VHFXULW\ SHU YLD GHOFRQWUDVWRLPPHGLDWDPHQWHDYYHUWLELOHWUDODQHFHVVLWÍGLPHWWHUHLQ DWWRSURJUDPPLHSROLFLHVSHUULQIRU]DUHODULJLGLWÍGHLSURSULFRQILQLH ODRSSRVWDQHFHVVLWÍGLIDFLOLWDUHLOSDVVDJJLRGHLEHQLHSHUVRQHkOHJLW WLPDWHy,OFRPSLWRGLFKLGHYHJDUDQWLUHOD%RUGHUDQG7UDQVSRUWDWLRQ 6HFXULW\ Ô XQ FRPSLWR FRPSOHVVR VLD SHU GLPHQVLRQL LQ TXDQWR RJQL VWDWRGLPHGLHGLPHQVLRQLKDFRPXQTXHVYDULDWHPLJOLDLDGLFKLORPHWUL GL FRQILQH FKH SHU OD SRVVLELOLWÍ GL FRQIOLWWR GHOO DWWLYLWÍ ERUGHU SUR WHFWLRQFRQDOWULLPSRUWDQWLLVWDQ]HGLFDUDWWHUHQD]LRQDOHHFRQRPLFKH FRPHODQHFHVVDULDIOXLGLWÍGLPRYLPHQWRGLEHQLHSHUVRQHRJLXULGLFKH FRPHTXHOOHDWWLQHQWLDLGLULWWLFLYLOLTXDOLODSULYDF\&KLVLRFFXSDGL ERUGHUVHFXULW\VLWURYDLPPHGLDWDPHQWHDGRYHUFRQFLOLDUHODQHFHVVLWÍ GLRWWHQHUHLOOLYHOORGLLPSHUPHDELOLWÍGHLFRQILQLDGHJXDWRDOOHHVLJHQ ]HGLVHFXULW\VHQ]DSHUÝFRQWUDVWDUHODPRELOLWÍQHFHVVDULDDOUHJRODUH VYROJLPHQWRGHOOHDWWLYLWÍ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Í GHOOD WXWHOD GHL ULVSHWWLYL WHUULWRUL QD]LRQDOL VWDQQR PRGLILFDQGRLOORURDSSURFFLRDOOD%RUGHUDQG7UDQVSRUWDWLRQ6HFXULW\ LQWHUPLQLGL FRPSUHQVLRQHGHOIHQRPHQRWHUURULVWLFRVYLOXSSDQGRVWUDWHJLHGL L o# pr qgr #ghood#V lfxuh}}d 1HOO RWWLFDGHOOHD]LRQLGLFXLVRSUDFLVLÔUHVLFRQWRFKHLOSURFHVVR GL ERUGHU PDQDJHPHQW GLYHQWD PROWR SLã JHVWLELOH VH LO FRQILQH QRQ YLHQH YLVWR FRPH XQ FRQILQH PHUDPHQWH ILVLFR PD FRPH XQ FRQFHWWR IOHVVLELOHFKHSXÝHVVHUHSRVL]LRQDWRGRYHEHQLHSHUVRQHFRPLQFLDQRLO ORURYLDJJLRYHUVRLOWHUULWRULRQD]LRQDOH8QDSURVSHWWLYDGLFRVØDPSLR UHVSLURFRQVHQWHLQIDWWLXQDPDJJLRUHDPSLH]]DLQWHUPLQLGLRS]LRQL &LVLDYYHGHLQIDWWLFKHLEHQLLPSRUWDWLSRVVRQRHVVHUHPDQHJJLDWLGD GLYHUVLLQWHUPHGLDULLQGLYHUVLSDHVLFKHOHSHUVRQHLQLQJUHVVRSRVVRQR VHJXLUHSDVVDJJLGLYHUVLSHUFRQILQLGLYHUVLHFKHLQHFHVVDULGRFXPHQWL GLYLDJJLRSRVVRQRSDVVDUHSHUGLYHUVHPDQLGLGLYHUVHQD]LRQDOLWÍ&L VLUHQGHFRQWRSHUWDQWRFKHHVLVWRQRPROWHSOLFLSXQWLFKHJOLDJJUHVVRUL SRVVRQRVIUXWWDUHSHUSHQHWUDUHHRSUHSDUDUHXQDWWDFFRPDFKHSRVVRQR DQFKHHVVHUHYLVWLFRPHRSSRUWXQLWÍSHULQWHUFHWWDUHJOLDJJUHVVRULSUL PDFKHJLXQJDQRDOORURRELHWWLYR /DSURWH]LRQHVWUDWLILFDWD 6LDODFRPSOHVVLWÍGHOODERUGHUSURWHFWLRQFKHODSUHVDGLFRVFLHQ ]D FKH SXQWL GL YXOQHUDELOLWÍ PXOWLSOL SRVVRQR HVVHUH WUDVIRUPDWL LQ DOWUHWWDQWL SXQWL GL LQWHUGL]LRQH KDQQR FUHDWR LO FRQFHWWR GL DSSURFFLR VWUDWLILFDWRDOODERUGHUVHFXULW\,OFRQFHWWRGLDSSURFFLRVWUDWLILFDWRDOOD %RUGHU DQG7UDQVSRUWDWLRQ 6HFXULW\ Ô VWDWR PHQ]LRQDWR SHU OD SULPD YROWDQHOFG*RUH&RPPLVVLRQ5HSRUWGHOUHGDWWRDVHJXLWRGHL GLVDVWULDHUHLFKHKDQQRYLVWRFRLQYROWLLYROL 7:$H3DQ$P VXOODVHFXULW\HVDIHW\GHOWUDVSRUWRDHUHR1HOVXRUDSSRUWROD&RPPL VLRQH*RUHDIIHUPDYDFKHlODVLFXUH]]DDHUHDGRYUHEEHHVVHUHFRVWLWXLWD GDXQVLVWHPDGLVLVWHPLVWUDWLILFDWLLQWHJUDWLHFKHODYRULQRLQVLHPHSHU '266,(56(&85,7< D]LRQHSHUIURQWHJJLDUHTXHOODFKHVHPEUDHVVHUHODPLQDFFLDGHO;;,VH FRORDLILQLGLPHJOLRFRPSUHQGHUQHODQDWXUDHGLLQYHVWLJDUHODFDSDFLWÍ GLUHD]LRQHQD]LRQDOHDIURQWHGLHYHQWXDOLDWWDFFKL FDPELDPHQWLVWUXWWXUDOLPLJOLRUDQGROHFDSDFLWÍGLFRQWUROORGHO VLVWHPDGLLPPLJUD]LRQHSHUHVVHUHLQJUDGRGLIRUQLUHLOJLXVWRVXSSRU WRGLQDWLRQDOVHFXULW\ DWWXD]LRQH GL PLVXUH LPPHGLDWH SURFHGHQGR DG D]LRQL GL HIIL FDFLDLPPHGLDWDFRQWURODPLQDFFLDDGHVHPSLRWUDPLWHO LQWHOOLJHQFH VKDULQJFRQOHIRU]HGHOO RUGLQHHLVHUYL]LLPPLJUD]LRQHGHLSDHVLYLFL QLRULRSSXUHWUDPLWHO DGR]LRQHGLPLVXUHGLDYLDWLRQVHFXULW\RDQFRUD PHGLDQWHO LPSOHPHQWD]LRQHGLXQVLVWHPDGLFRQFHVVLRQHGHLYLVWLSLã VWULQJHQWH DSSURFFLR JOREDOH QRQ OLPLWDQGR O DWWLYLWÍ SUHYHQWLYD D TXHOOR FKHRJJLYLHQHYLVWRFRPHLOVHWWRUHSULQFLSDOHPLQDFFLDWRTXHOORGHO WUDVSRUWRDHUHRPDWHQHQGRSUHVHQWHWXWWDODILOLHUDGLLQJUHVVRGLEHQLH SHUVRQHVXOWHUULWRULRQD]LRQDOHDPH]]RGLQDYLWUHQLRVXJRPPD L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w SURGXUUHLOSLãHOHYDWROLYHOORGLSURWH]LRQHz7DOHFRQFHWWRÔVWDWRSRL ULEDGLWRXOWLPDPHQWHGDOOD&RPPLVVLRQHGL,QGDJLQHVXOO VHWWHPEUH PDLQSUHFHGHQ]DHFRQVSHFLILFRULJXDUGRDOSUREOHPDGHOO +RPHODQG 6HFXULW\ OD &RPPLVVLRQH +DUWq5XGPDQ QHO FRQFOXGHYD FKH lO +RPHODQG6HFXULW\SXÝHVVHUHJDUDQWLWDDOPHJOLRWUDPLWHXQDVWUD WHJLDJOREDOHGLGLIHVDVWUDWLILFDWDFKHVLFRQFHQWULSULPDGLWXWWRVXOOD SUHYHQ]LRQHSRLVXOODSURWH]LRQHHGLQILQHVXOODULVSRVWDz /D GHILQL]LRQH SLã FRQFUHWD GHO FRQFHWWR GL VHFXULW\ VWUDWLILFDWD OD VLULOHYDSHUÝLQXQUHSRUWGHO&RXQFLORI)RUHLJQ5HODWLRQVLQFXLDOOD YRFHl5HQGHUHODVLFXUH]]DGHOFRPPHUFLRXQDSULRULWÍJOREDOHzVLOHJ JHlVYLOXSSDUHXQVLVWHPDGLVHFXULW\VWUDWLILFDWRFKHVLFRQFHQWULVXO QHWZRUNORJLVWLFRHGLWUDVSRUWRLQWHUPRGDOHQHOVXRFRPSOHVVRSLXWWR VWRFKHVXXQDVHULHGLWDWWLFKHVFROOHJDWHPLUDWHDGDIIURQWDUHOHYXOQH UDELOLWÍQHLSRUWLGLDUULYRRD]RQHGLFRQILQHJLÍFRQJHVWLRQDWHz ,OFRQFHWWREDVHGHOODVHFXULW\VWUDWLILFDWDÔFKHPLVXUHGLGLIHVDPXO WLSOHHJHQHUDOL]]DWHDSSOLFDWHDGLYHUVLHJHQHULFLSXQWLGHOFRQILQHGD GLIHQGHUHSRVVRQRHVVHUHSLãHIILFDFLGLPLVXUHWDJOLDWHVXPLVXUDSHU VSHFLILFLSXQWLGHOORVWHVVRFRQILQH 6LULWLHQHLQVRVWDQ]DWDOHDSSURFFLRSLãHIILFDFHULVSHWWRDVHOH]LRQD UHSRFKLRELHWWLYLULWHQXWLSLãDULVFKLR VLDLQWHUPLQLHFRQRPLFLXQDVHULHGLPLVXUHGLVLFXUH]]DJHQHUD OL]]DWHVXOFRQILQHÔPHQRFRVWRVDHSLãHIILFDFHULVSHWWRDEOLQGDUHILQR DOO LPSHQHWUDELOLWÍDVVROXWDXQVLQJRORSXQWRGLDFFHVVR VLDLQWHUPLQLGLFRQIOLWWRFRQJOLLQWHUHVVLHFRQRPLFLXQSXQWR GLDFFHVVRVLJLOODWRHEOLQGDWRÔLQFRQFLOLDELOHFRQO DJHYROHIOXVVRGL PHUFLHSHUVRQHGHOODEXVLQHVVFRPPXQLW\ VLDLQWHUPLQLGLHIILFDFLDXQDJJUHVVRUHFKHWURYDXQSXQWRGL FRQILQH EOLQGDWR VHPSOLFHPHQWH SDVVHUÍ GD XQ DOWUD SDUWH PHQWUH XQ DJJUHVVRUH FKH WURYD WXWWR LO FRQILQH SUHVLGLDWR VLD SXUH FRQ GLYHUVD HIILFDFLDÔSLãIDFLOHFKHGHVLVWD /DVWUDWLILFD]LRQHROWUHDVIUXWWDUHDSURSULRYDQWDJJLRODQDWXUDRS SRUWXQLVWDGHOWHUURULVPRPDQPDQRFKHVLULQIRU]DXQVLQJRORSXQWR LOWHUURULVWDÔSLã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ãLQWUXVLYD L o# pr qgr #ghood#V lfxuh}}d LOFHUFKLRSLãHVWHUQRFKHUDIILJXUDJOLVIRU]LSUHYHQWLYLODQFLDWL IXRULGHLFRQILQLGDGLIHQGHUH LO FHUFKLR LQWHUPHGLR UDSSUHVHQWDWR GDJOL VWUXPHQWL GL VHFXULW\ DSSURQWDWLDLFRQILQLHGDOVLVWHPDGLWUDVSRUWLGHOODQD]LRQH LOFHUFKLRSLãLQWHUQRUDSSUHVHQWDWRGDOODFGDWWLYLWÍGLHPHUJHQ F\SUHSDUHGQHVVHGDOODUHVSRQVH 'L FRQVHJXHQ]D OH DWWLYLWÍ GL %RUGHU 6HFXULW\ GD DWWLYDUH QHO FRQ WLQXXP GHL FHUFKL FKH YDQQR SURJUHVVLYDPHQWH ULGXFHQGRVL VDUDQQR FRVWLWXLWHGD SXVKLQJRXWVFRSHUWDHLQWHUYHQWRSUHYHQWLYRWHVLDVFRSULUHH EORFFDUHOHD]LRQLDJJUHVVLYHQHLORUROXRJKLGLRULJLQH WUDVIRUPD]LRQH GHL SXQWL GL YXOQHUDELOLWÍ LQ RSSRUWXQLWÍ GL LQWHUGL]LRQH DO FRQILQH H QHO VLVWHPD GL WUDVSRUWR LQWHUQR GL HYHQWXDOL DJJUHVVRUL GLIHVD LQWHUQD GDJOL DJJUHVVRUL WUDPLWH LO ODZ HQIRUFHPHQW H O LQWHOOLJHQFHQD]LRQDOH ,OSXVKLQJRXW ( XQFRQFHWWRQRQGHOWXWWRQXRYRQHOODERUGHUSURWHFWLRQPDFKHÔ WRUQDWRGLHVWUHPDDWWXDOLWÍGRSRO VHWWHPEUH*HQHUDOPHQWHOHSHU VRQHFKHFKLHGRQRO DFFHVVRDOWHUULWRULRQD]LRQDOHVRQRVRJJHWWHDGXQD SULPDLVSH]LRQHHVRORXQDSLFFRODSDUWHGLTXHVWHYLHQHVRJJHWWDDOOD FG VHFRQGDU\ LQVSHFWLRQ XQD YROWD JLXQWD DO FRQILQH /D WHFQLFD GHO SXVKLQJRXWUHQGHPLQRUHODQHFHVVLWÍFKHYHQJDHIIHWWXDWDODVHFRQGDU\ LQVSHFWLRQDOFRQILQHLQTXDQWRLOFORVHUVFUXWLQ\DYYLHQHJLÍSULPDGHO VXRUDJJLXQJLPHQWRFRQXQFRPSUHQVLELOHLQQDO]DPHQWRGHOOLYHOORGL VHFXULW\PHGLDQWH SUHLVSH]LRQL FRQGRWWH GDL IXQ]LRQDUL DGGHWWL DOO LPPLJUD]LRQH QHL SRUWL H DHURSRUWL HVWHUL GL LPEUDUFR ULGXFHQGR FRVØ OD QHFHVVLWÍ DOPHQRSHULSDVVHJJHULSURYHQLHQWLGDLSDHVLSDUWQHUGHOSURJUDPPD GLSUHLVSH]LRQHFKHLIXQ]LRQDULGHOO LPPLJUD]LRQHSURFHGDQRDGXQD VHFRQGDU\LQVSHFWLRQVXWXWWRLOIOXVVRGHLSDVVHJJHULLQDUULYRHGDQGR FRVØORURODSRVVLELOLWÍGLFRQFHQWUDUVLVXLVHOHFWHGWDUJHWV $GYDQFHG3DVVHQJHU0DQLIHVWFRQVLVWHQWLQHOODULFKLHVWDDLYHWWRUL LQLQJUHVVRSURYHQLHQWLGDXQSDHVHVWUDQLHURGLLQYLDUHODOLVWDSDVVHJ JHULFRQODUJRDQWLFLSRULVSHWWRDOO DUULYRDOFRQILQHQD]LRQDOH4XHVWR FRQVHQWH DL IXQ]LRQDUL GHOO LPPLJUD]LRQH GL FRQRVFHUH FRQ XQ JLXVWR '266,(56(&85,7< PHQWHQHLVHWWRULGHOODSULYDF\HGHLGLULWWLFLYLOL /R VIRU]R FRPSOHVVLYR GHOOD KRPHODQG VHFXULW\ QHOOD SURWH]LRQH VWUDWLILFDWDYLHQHTXLQGLYLVWRFRPHXQDVHULHGLFHUFKLFRQFHQWULFLFRQ L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w DQWLFLSR L QRPLQDWLYL LQ DUULYR H VHOH]LRQDUH WUD TXHVWL FRQ PDJJLRUH DFFRUWH]]DHYHQWXDOLWDUJHWV &RPSXWHU$LGHG3DVVHQJHU3UH6FUHHQLQJ6\VWHPXQDWHFQRORJLD SLXWWRVWRUHFHQWHFKHSURFHGHDGDQDOL]]DUHLOWLFNHWSXUFKDVLQJ EHKDYLRXURYYHURODVWRULDkELJOLHWWDULDyGLFKLDFTXLVWDLELJOLHWWLDHUHL DOILQHGLLQGLYLGXDUHLFRPSRUWDPHQWLVRVSHWWLDGHVVHXQSDVVHJJHUR DFTXLVWD XQ ELJOLHWWR 'HOWD$LUOLQHV /RQGUD 1HZ<RUN GRSR DYHUQH DFTXLVWDWR XQR .DEXO q %DJKGDG q )DOOXMD /RQGUD GHOOD .DPLND]H $LUOLQHVÔSUREDELOHFKHVROOHYLTXDOFKH VRVSHWWR 1RIO\OLVWVFRQVLVWHQWLLQZDWFKOLVWVGLLQGLYLGXLVRVSHWWLFRPH DULVFKLRGLSLUDWHULDDHUHDHTXLQGLVHJQDWLFRPHQRIO\1HOFDVRFKH TXDOFXQRGLTXHVWLDYHVVHFRVØVHQVRGHOO XPRULVPRGDSUHVHQWDUVLDGXQ HYHQWXDOHFKHFNLQFRQLOSURSULRYHURQRPHVRQRSUHYLVWHSURFHGXUHGL IHUPRHGLQWHUURJDWRULR $GYDQFHG(OHFWURQLF&DUJR0DQLIHVW5HTXLUHPHQWFRQFXLVLUL FKLHGHO LQYLRGLLQIRUPD]LRQLDFFXUDWHHWHPSHVWLYHSHUSRWHUSURFHGHUH DOFGULVNDVVHVVPHQWHGDOWDUJHWLQJSULPDFKHLEHQLUDJJLXQJDQRLO FRQILQH3HUGDUHDJOLLVSHWWRULLOQHFHVVDULRDQWLFLSROHDXWRULWÍGRJDQDOL GLGLYHUVLSDHVLLQL]LDQRDULFKLHGHUHO LQYLRGHLPDQLIHVWLGLFDULFRLQ DQWLFLSR ULVSHWWR DOOD VWLYDJJLR GHO FDULFR QHO SRUWR GL SDUWHQ]D HG LQ IRUPDHOHWWURQLFD /DWUDVIRUPD]LRQHGHLSXQWLGLYXOQHUDELOLWÍLQRSSRUWXQLWÍ / DSSURFFLRVWUDWLILFDWRDOODERUGHUVHFXULW\LQWHQGHSRLDSSOLFDUHOH VHJXHQWLPLVXUHGLVHFXULW\DGRJQXQRGHLVHJXHQWLSXQWLGLYXOQHUDELOLWÍ RSSRUWXQLWÍFKHO DPELHQWHGDGLIHQGHUHRIIUHDGHYHQWXDOLDJJUHVVRUL D VWDIIDXWKHQWLFDWLRQFRQFHQWUDQGRVLVXOODUHDOHLGHQWLWÍGLRJQL PHPEUR GHOOR VWDII FRLQYROWR QHO WUDVSRUWR GL EHQL R SHUVRQH YHUVR LO WHUULWRULRQD]LRQDOH E SDVVHJJHULSURFHGHQGRDOORVFUHHQLQJGLRJQLSHUVRQDLQPRYL PHQWRYHUVRLSXQWLGLLQJUHVVRGHOWHUULWRULRQD]LRQDOH F PH]]LGLWUDVSRUWRPRQLWRUDQGRVLDLPH]]LGLWUDVSRUWRLQHQ WUDWDVLDODVLFXUH]]DILVLFDGHLORURSDUFKHJJLHRULFRYHUL G OLQHH GL FLUFROD]LRQH LPSOHPHQWDQGR XQ VLVWHPD LQ JUDGR GL UDJJLXQJHUHHPDQWHQHUHLOFRQWUROORGHOORVSD]LRILVLFRGRYHLPH]]L VRQRXWLOL]]DWLSHULOWUDVSRUWR H FDUJRHEDJDJOLSURFHGHQGRDOORVFUHHQLQJGLTXDOXQTXHFRVD VLDFDULFDWDDERUGRGHLPH]]LLQLQJUHVVRFRPSUHVRLOEDJDJOLRDVVRFLD WRDLSDVVHJJHUL I SRUWLLQWHVLFRPHSXQWLGLSDUWHQ]DWUDQVLWRHDUULYRFRQFHQ WUDQGRVL VX RJQL WLSRORJLD GL SRUWR DHUHR WHUUHVWUH PDULWWLPR IHUUR YLDULRVXOODVXDVLFXUH]]DILVLFDVXOFRQWUROORDFFHVVLHVXLVLVWHPLGL L o# pr qgr #ghood#V lfxuh}}d ,GHQWLILFD]LRQHJDUDQWLWDSHULWUDQVSRUWDWLRQVWDIIVLWUDWWDGLSUR JUDPPLDQFRUDVSHULPHQWDOLFKHWHQWDQRGLULQIRU]DUHORVFUHHQLQJGHOOR VWDIIDGGHWWRDOWUDVSRUWRPHGLDQWHO LGHQWLILFD]LRQHELRPHWULFD,OSLã DYDQ]DWRDWWXDOPHQWHÔLO 7:,&7UDQVSRUWDWLRQ:RUNHUV ,GHQWLILFDWLRQ &UHGHQWLDOVWDWXQLWHQVHFKHVIUXWWDWUHWLSRORJLHGLELRLGHQWLILFD]LRQH VFDQVLRQHGHOO LULGHLPSURQWHGLJLWDOLHJHRPHWULDGHOODPDQR*OL 86$ VWDQQRYDOXWDQGRODSRVVLELOLWÍGLHVSDQGHUHLO7:,&DJOLVWDIIDGGHWWRDL WUDVSRUWLGLDOWUHQD]LRQLPHGLDQWHDFFRUGLLQWHUQD]LRQDOL 6FUHHQLQJSHUWXWWLJOLVWDIIORJLVWLFLVRQRSURJUDPPLGLVHFXULW\ FKHWHQGRQRDGHVWHQGHUHJOLVFUHHQLQJDWXWWLFRORURFKHVRQRFRLQYROWL QHOODILOLHUDORJLVWLFD6LWHQGHFLRÔDLQFOXGHUHQHOSHUVRQDOHGDVRWWR SRUUHDFRQWUROORELRPHWULFRHDGDFFHUWDPHQWLVXOO DIILGDELOLWÍDQFKHLO SHUVRQDOHG XIILFLRGHLYHWWRULULWHQHQGRFKHTXHVWRSRVVDSURFHGHUHDG DOWHUD]LRQHGHLPDQLIHVWLGLFDULFRHRGRFXPHQWLGLWUDVSRUWR E3DVVHJJHUL 8QDGHOOHSUREOHPDWLFKHLQL]LDOLGDDIIURQWDUHQHOODERUGHUSURWHFWLRQ ÔTXHOODGLJDUDQWLUVLFKHHOHPHQWLWHUURULVWLFLQRQVDOJDQRDERUGRGHL YHWWRULGLUHWWLYHUVRLOWHUULWRULRQD]LRQDOHQRQSDVVLQRLFRQILQLHQRQ SHUSHWULQRDWWLWHUURULVWLFLDERUGRGHLYHWWRULQD]LRQDOL*OLVWUXPHQWLGL SUHYHQ]LRQHLQTXHVWRFDVRVRQRFRVWLWXLWLGD LQFUHPHQWRGHOORVFUHHQLQJVXHOHPHQWLWHUURULVWLFLORVIRU]RLQ TXHVWRVHWWRUHFRPLQFLDFRQO DWWLYLWÍGLFUHD]LRQHHIHHGLQJGLDSSRVLWL GDWDEDVHV SHU SURVHJXLUH SRL FRQ O LQWURGX]LRQH GL DSSRVLWL VRIWZDUHV GLULFRQRVFLPHQWRHWHUPLQDUHFRQODFUHD]LRQHGLVLVWHPLLQWHJUDWLID FLOPHQWHJHVWLELOLDQFKHGDOVHPSOLFHRSHUDWRUHGHOOHIRU]HGHOO RUGLQH GHVWLQDWRDOSUHVLGLRGHLSRVWLGLDFFHVVRIURQWDOLHULVHDGHJXDWDPHQWH DGGHVWUDWR LGHQWLILFD]LRQH ELRPHWULFD JOL VIRU]L LQ TXHVWR VHWWRUH GHYRQR '266,(56(&85,7< PRQLWRUDJJLR J VHFXULW\ HQ URXWH PDQWHQHQGR LO SLã DOWR OLYHOOR GL VHFXULW\ SRVVLELOHVXWXWWDODILOLHUDWUDLSRUWLGLSDUWHQ]DHDUULYRHWHQHQGRSUH VHQWHFKHLOOLYHOORGLVHFXULW\FKHYLHQHUDJJLXQWRDJOLVWDWLLQL]LDOLGHO YLDJJLRGHYHHVVHUHPDQWHQXWRILQFKÔLSDVVHJJHULDEELDQRUDJJLXQWRLO SRUWRGLDUULYRRLEHQLLOSURSULRGHVWLQDWDULR D6WDII$XWKHQWLFDWLRQ 8QD GHOOH RSSRUWXQLWÍ LQL]LDOL GL LQWHUFHWWD]LRQH GL HYHQWXDOL DJ JUHVVRULFKHLQWHQGDQRVIUXWWDUHODILOLHUDGHLWUDVSRUWLSHUHIIHWWXDUHLO ERUGHUWUHVSDVVLQJÔTXHOODRIIHUWDGDOODJDUDQ]LDFKHFKLIDSDUWHGHOOR VWDIIDGGHWWRDLWUDVSRUWLVLDFKLGLFHGLHVVHUH4XHVWDJDUDQ]LDLPSHGL VFHO DFFHVVRDLWHUURULVWLDLPH]]LGLWUDVSRUWRRLPSHGLVFHORURGLSUHQ GHUQHLOFRQWUROOR,QWHPDGLVWDIIDXWKHQWLFDWLRQYLVRQRGXHRS]LRQL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w WHQGHUHDGLQGLYLGXDUHJOLLGHQWLILFDWRULELRPHWULFLSLãHIILFDFLYDOXWDU QHLFRVWLHODIDWWLELOLWÍQRQFKÑODIDFLOLWÍGLXVR2JQLSXQWRGLDFFHVVR IURQWDOLHURFRVWLWXLVFHGLSHUVÑXQQDWXUDOHSXQWRGLVFUHHQLQJSXUFKÔ VXSSRUWDWRGDXQDWHFQRORJLDDGHJXDWDFKHFRQVHQWDGLYDOXWDUHDFFXUD WDPHQWHYHORFHPHQWHHGHIILFDFHPHQWHFKLVWDHQWUDQGRQHOWHUULWRULR QD]LRQDOH HVWHQVLRQHGHOORVFUHHQLQJDLIUXLWRULGLDOWULPH]]LGLWUDVSRUWR ROWUHDTXHOORDHUHRGRSRLQRWLHYHQWLGHOO VHWWHPEUHFLVLÔ FRQFHQWUDWLVXOWUDVSRUWRDHUHR6LSRVVRQRYDOXWDUHDQFKHPHWRGRORJLH GLVFUHHQLQJSHULSDVVHJJHULGLDOWULPH]]LGLWUDVSRUWR/DVWHVVDFRP PLVVLRQHGLLQFKLHVWDGHOFRQJUHVVR86$VXOO FRQFOXGHYDSXU WURSSRSURIHWLFDPHQWHYLVWLJOLDWWHQWDWLDOOHPHWURSROLWDQHGL0DGULGH /RQGUDFKHlOHRSSRUWXQLWÍGLIDUHGDQQLVRQRDOWUHWWDQWRRSLãJUDQGL VXLVLVWHPLGLWUDVSRUWRPDULWWLPLRWHUUHVWULz DGGHVWUDPHQWR GHL ERUGHU LQVSHFWRUV YD IRUQLWR DL ERUGHU LQV SHFWRUVXQDGGHVWUDPHQWRVSHFLILFRVIUXWWDQGROHPLJOLRULFRQRVFHQ]H LQ WHPD GL WHUURULVW WUDYHO PHWKRGV H GL WHFQLFKH GL IDOVLILFD]LRQH GHL GRFXPHQWL/D&RPPLVVLRQH86$GLLQFKLHVWDVXLIDWWLGHOO VHWWHPEUH KDDYXWRPRGRGLULOHYDUHFRPHlGHLGLURWWDWRULHUDQRSR WHQ]LDOPHQWHYXOQHUDELOLDGXQDLQWHUFHWWD]LRQHGDSDUWHGHOOHDXWRULWÍ GLFRQILQHz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k{FROSLUHJOLVSRVWDPHQWLÔ XQ DUPDDOWUHWWDQWRSRWHQWHQHLFRQIURQWLGHOWHUURULVPRTXDQWRFROSLUQH OHULVRUVHILQDQ]LDULH{y( LPSRUWDQWHDOORUDFRRUGLQDUHOHDWWLYLWÍGL LQWHOOLJHQFHFRQTXHOOHGLODZHQIRUFHPHQWLQXQDVWUDWHJLDWHVDDGLQ WHUFHWWDUHLWHUURULVWLDLQGLYLGXDUHLILDQFKHJJLDWRULFKHIRUQLVFRQRORUR DLXWRORJLVWLFRHQHJOLVSRVWDPHQWLHGDOLPLWDUHQHOFRPSOHVVROHORUR SRVVLELOLWÍGLPRYLPHQWRVXOWHUULWRULR F0H]]LGLWUDVSRUWR 1HOFRQFHWWRGLVWUDWLILFD]LRQHGHOODERUGHUVHFXULW\GLYHQWDDQFKH LPSRUWDQWH JDUDQWLUH O LQWHJULWÍ H OD VLFXUH]]D GHL PH]]L GL WUDVSRUWR PHGLDQWH L o# pr qgr #ghood#V lfxuh}}d G/LQHHGLFLUFROD]LRQH 6HODJDUDQ]LDGHOODVLFXUH]]DGHLPH]]LGLWUDVSRUWRLQVÑÔXQHOH PHQWRLPSRUWDQWHQHOSURFHVVRGHOODERUGHUVHFXULW\DOWUHWWDQWRLPSRU WDQWHÔODJDUDQ]LDFKHVLDQRSURWHWWHDQFKHOHORUROLQHHGLFLUFROD]LRQH 7DOHJDUDQ]LDSXÝHVVHUHUDJJLXQWDPHGLDQWHDOWHUQDWLYHTXDOLLOSUHVLGLR XPDQRODUHFLQ]LRQHLOFRQWUROOR&&79HODVHQVRULVWLFDGLDOODUPHQHL OXRJKLRYHLPH]]LYHQJRQRULFRYHUDWLROXQJROHOLQHHGLFLUFROD]LRQH VWHVVH4XHVWRÔSDUWLFRODUPHQWHYHURDGHVHPSLRQHOODUDLOZD\VHFXULW\ DFDXVDGHLOXQJKLVSD]LDSHUWLVXFXLVLVURWRODLOSHUFRUVRIHUURYLDULR H&DUJRHEDJDJOL $VVLHPHDLSDVVHJJHULDQFKHLFRQWHQLWRULPDWHULDOLFRVØFRPHLED JDJOLGHYRQRFRVWLWXLUHXQDFRQVLVWHQWHIRQWHGLSUHRFFXSD]LRQHSHUFKL VLLQWHUHVVDGLERUGHUVHFXULW\/HPLVXUHGDDGRWWDUHFRQVLVWRQRTXLLQ IRFDOL]]D]LRQH VXL FDUJR LQ XQD DXGL]LRQH GHOOD &RPPLVVLRQH &RPPHUFLR6FLHQ]DH7UDVSRUWLGHO&RQJUHVVR86$GHOVXOWHPD GHOOD7UDQVSRUWDWLRQ6HFXULW\ÔVWDWRULOHYDWRFRPHLFRQWDLQHUVFRVWLWXL VFDQRXQIDWWRUHKLJKULVN1LHQWHGLSLãIDFLOHFKHWUDVSRUWDUHPDWHULDOH RSHUVRQDOHGDQQRVRLQXQFRQWDLQHUFKHÔWDQWRFDSLHQWHTXDQWRSRFR VRWWRSRVWRDGLVSH]LRQH/ HVDPHGDYDQWLDOOD&RPPLVVLRQHKDSRUWDWR DULOHYDUHFRPHQHJOL86$O LVSH]LRQHGHLFRQWDLQHUVYDULWUDLOHLO SHUFHQWRDVHFRQGDVHTXHVWLHQWULQRYLDPDUHRWHUUD'LYHQWDDOORUD QHFHVVDULRULQIRU]DUHO DWWLYLWÍGLFRQWDLQHUVFUHHQLQJPHGLDQWH v LO FG DGYDQFHG WDUJHWLQJ RYYHUR OR VFUHHQLQJ SUHYHQWLYR GHL FRQWDLQHUVULWHQXWLDULVFKLRSULPDFKHYHQJDQRLPEDUFDWL v O DGR]LRQH GL VFDQQLQJ GHYLFHV LQ JUDGR GL ULOHYDUH PDWHULDOL SHULFRORVLVHQ]DELVRJQRGLSURFHGHUHDOO DSHUWXUDGHOFRQWDLQHU v O DGR]LRQH GHO *OREDO 3RVLWLRQLQJ 6\VWHP SHU GHWHUPLQDUH LQ RJQLPRPHQWRODSRVL]LRQHGHOFRQWDLQHU '266,(56(&85,7< O LVSH]LRQH DL YHLFROL JDUDQWHQGR OD UHJRODUH LVSH]LRQH GL WXWWL LPH]]LGLWUDVSRUWRGLPDVVDHGHOORURHQYLURQPHQWSHUSUHYHQLUQHLO VDERWDJJLR6LSXÝSUHYHGHUHXQDWLSRORJLDGLLVSH]LRQHPLUDWDDGDOFXQL PH]]LGLULOHYDQ]DVWUDWHJLFDPDDQFKHXQDWLSRORJLDGLLVSH]LRQHEDVDWD VXXQVLVWHPDUDQGRPLFRKDODVXDHIILFDFLD IRFDOL]]D]LRQHVXL PH]]L SHVDQWL QHO SURFHVVR LVSHWWLYR Ô EHQH IRFDOL]]DUVLVXLPH]]LSHVDQWL7XWWDXQDVHULHGLFURQDFKHGLDWWHQWDWL FKHVSD]LDQRGDOO $UDELD6DXGLWDDOO ,UDTUHQGRQRHYLGHQWHFKHLPH] ]L SHVDQWL FRVWLWXLVFRQR OR VWUXPHQWR SUHIHULWR SHU FRQGXUUH DWWHQWDWL HVSORVLYL VLD XWLOL]]DQGRHVSORVLYL PLOLWDULLPSRUWDWLLOOHJDOPHQWH FKH VIUXWWDQGR HYHQWXDOL PDWHULDOL HVSORVLYL UHJRODUPHQWH WUDVSRUWDWL GDO PH]]RHPRGLILFDWLDOO XRSR L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w 4XHVWHPLVXUHKDQQRORVFRSRGLULGXUUHODYXOQHUDELOLWÍGHOFRQWDL QHUILQFKÑ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ÔXQYHLFRORDULVFKLR6HLPH]]LQRQVRQRFRP SOHWDPHQWH DO VLFXUR HQ URXWH OD ORUR YXOQHUDELOLWÍ DXPHQWD GL PROWR TXDQGRHQWUDQRODVFLDQRRVRQRLQSDUFKHJJLRQHOOHGHVWLQD]LRQL 3RUWLQHOFDVRGHLSRUWLGLYHQWDQHFHVVDULRLQFUHPHQWDUHJOLVIRU]L GL FG PDULWLPH GRPDLQ DZDUHQHVV RYYHUR GHO FRQWUROOR GHO GHPDQLR PDULWWLPRPHGLDQWHO XVRGLUDGDUVVRQDU79&&HRVVHUYD]LRQHGLUHWWD GLWXWWLLPH]]LLQHQWUDWDHGXVFLWDGDOSRUWRVLDWHUUHVWULFKHPDULWWLPL ( LPSRUWDQWHDQFKHFUHDUHXQVLVWHPDGLOLQNLQJGHLPH]]LDJOLHTXL SDJJLSHUGLVSRUUHLVSH]LRQLSLãPLUDWH )HUURYLHÔLPSRUWDQWHULQIRU]DUHOHPLVXUHGLVLFXUH]]DVLDVXOOH OLQHH FKH VXL WHUPLQDOV IHUURYLDUL /H VWUDJL GL 0DGULG FRVØ FRPH JOL DWWHQWDWLDOODPHWURSROLWDQDGL7RN\RHGL/RQGUDODVFLDQRSRFKLGXEEL VXOOH SRVVLELOLWÍ FKH TXHVWL PH]]L SRVVDQR FRVWLWXLUH XQ RELHWWLYR WHU URULVWD3XUWURSSRSHUTXHVWLVLVWHPLGLWUDVSRUWRODIDFLOLWÍGLDFFHVVR HO RSHQQHVVVRQRXQIDWWRUHHFRQRPLFRSULPDULR( QHFHVVDULRDOORUD LQWURGXUUHTXHLVLVWHPLGLFG1RQ,QWUXVLYH,QVSHFWLRQ1,,FRPHPH WDOGHWHFWRUVSRUWDWLOLVQLIIHUVGLHVSORVLYLRGLPDWHULDOHFKLPLFRXQLWD PHQWHDOUDQGRPFKHFNLQJGLEDJDJOLHSDVVHJJHULHQURXWH3XÝDQFKH HVVHUHGLDLXWRODSUHGLVSRVL]LRQHGLIUHTXHQWWUDYHOHUV,'V &RQQHVVLRQHGHLSXQWLGLWUDVSRUWRLQWHUPRGDOHGLYHQWDLPSRU WDQWH LQGLYLGXDUH VWUDWHJLH GL ULQIRU]R GHOOD VHFXULW\ QHL SXQWL GL FRQ QHVVLRQH GHL VLVWHPL GL WUDVSRUWR LQWHUPRGDOH VX JRPPD q IHUURYLDUL qPDULWWLPLqDHUHL 3RUWGHVLJQÔLPSRUWDQWHFRQFHSLUHLOGHVLJQGHLSRUWLLQPDQLHUD WDOH FKH ILQ GDOO LQL]LR VLD SUHYHQWLYDWD OD IXQ]LRQH VHFXULW\ HYLWDQGR FKH XQ GHVLJQ PDO FRQFHSLWR FUHL FROOL GL ERWWLJOLD R VWUR]]DWXUH /D L o# pr qgr #ghood#V lfxuh}}d J/D6HFXULW\(Q5RXWH 8QVLVWHPDGLVLFXUH]]DWRWDOHGLERUGHUSURWHFWLRQULFKLHGHFKHYHQ JDPDQWHQXWRLOSLãDOWROLYHOORGLVLFXUH]]DDGRJQLSDVVRGHOYLDJJLR GDOPRPHQWRGHOODSDUWHQ]DDJOLVFDOLLQWHUPHGLILQFKÑEHQLHSHUVRQH QRQ DEELDQR UDJJLXQWR VDQL H VDOYL OD GHVWLQD]LRQH GL DUULYR %LVRJQD DOORUDFRQVLGHUDUHVIRU]LSDUWLFRODULSHUJDUDQWLUHODVLFXUH]]DGLSDVVHJ JHULHFDUJRPHQWUHVLPXRYRQRQHOODSRURVDHYXOQHUDELOHWUDQVLW]RQH 7UDOHD]LRQLFKHSRVVRQRLQIOXLUHVXOODYXOQHUDELOLWÍGHOODWUDQVLW]RQH ULGXFHQGRLSXQWLRSSRUWXQLWÍSHUO DJJUHVVLRQHHFKHFRQVHQWRQRXQD SRWHQ]LDOH PROWLSOLFD]LRQH GHOO HIILFDFLD LQ WHUPLQL GL VHFXULW\ YDQQR FRQVLGHUDWH LO WDUJHWLQJ GHL WHUURULVWL H GHO PDWHULDOH SHULFRORVR FRPSRUWD XQDJLXVWDPLVFHODGLWDUJHWLQJGLUHWWRDJJLXQWRDOOHLVSH]LRQLUDQGRP / RELHWWLYR Ô LO UDJJLXQJLPHQWR GHO SLã DOWR OLYHOOR GL DIILGDELOLWÍ VXO FRQWHQXWR GHL FRQWDLQHUV R VXOO LGHQWLWÍ GL LQGLYLGXL FKH FKLHGRQR LO SHUPHVVR GL LQJUHVVR R YLDJJLR VXO WHUULWRULR QD]LRQDOH LQ PRGR GD LVRODUHDGHJXDWDPHQWHLEHQLHOHSHUVRQHDGDOWRULVFKLR/DFDSDFLWÍGL LQWHUFHWWDUHLQGLYLGXLHEHQLDGDOWRULVFKLRSXÝHVVHUHGDWDGDXQDFRP ELQD]LRQH GL LGHQWLILFDWRUL ELRPHWULFL SURJUDPPL GL YLVD FRQWUROOLQJ LQWHJUD]LRQHGHOOHWHUURULVWZDWFKOLVWWUDLQLQLQJGHLERUGHULQVSHFWRUVH XVRGHOORVFUHHQLQJDLSXQWLGLDFFHVVR6LDQHOFDVRGLEHQLFKHGLSHU VRQHÔSRLIRQGDPHQWDOHXQXVRSLãPLUDWRGHOO DWWLYLWÍGLLQWHOOLJHQFHH XQRVYROJLPHQWRGHOOHDWWLYLWÍGLSUHYHQ]LRQHPHQRSUHYHGLELOHLQPRGR GDUHQGHUHSLãGLIILFLOHSHUHYHQWXDOLDJJUHVVRULVLDO DWWLYLWÍHYDVLYDFKH O RS]LRQHGLDWWDFFDUHXQRELHWWLYRGLWLSRVHFRQGEHVW LVSH]LRQL UDQGRPLFKH O XWLOL]]R GL FDPEL UDQGRPLFL VLD QHOOH LVSH]LRQLFKHQHOOHORURSURFHGXUHÔXQXOWHULRUHHOHPHQWRDVXSSRUWR GHO WDUJHWLQJ FKH FRQWULEXLVFH D GHWHUPLQDUH VLD L JDS GHO VLVWHPD GL VLFXUH]]DFKHDGDXPHQWDUHLOULVFKLRSHUHYHQWXDOLDJJUHVVRULFKHVLDQR DQFRUD QHOOD IDVH GL VWXGLR LQ TXDQWR UHQGH ORUR GLIILFLOH OR VWXGLR GL PDQRYUHHYDVLYHRGLVOLWWDPHQWRYHUVRDOWULRELHWWLYL LOZDUJDPLQJTXHVWRFRQFHWWRYLHQHSUHVRLQSUHVWLWRGDLVHWWRUL GHOO LQWHOOLJHQFHHGHOODQDWLRQDOVHFXULW\HGÔXWLOHSHUSLDQLILFDUHDOL YHOORVWUDWHJLFROHSRVVLELOLPRGDOLWÍGLDWWDFFRDLXWDQGRFRQFUHWDPHQWH DG LQGLYLGXDUH OH YXOQHUDELOLWÍ GL VHFXULW\ *HQHUDOPHQWH JOL HOHPHQWL WLSLFLGHOZDUJDPLQJHGXWLOLDQFKHLQWHPDGLERUGHUVHFXULW\VRQR v SHQVDUHDFRPHSRVVDQRHVVHUHODQFLDWLJOLDWWDFFKLDVRUSUHVD v LGHQWLILFDUHLQGLFDWRULDWWHQGLELOLGLXQSRVVLELOHDWWDFFR v UDFFRJOLHUHRYHSRVVLELOHLQIRUPD]LRQLVXTXHVWLLQGLFDWRUL '266,(56(&85,7< VILGDLQTXHVWRFDVRSLãFKHGDOODSURJHWWD]LRQHGLQXRYHLQVWDOOD]LRQL Ô UDSSUHVHQWDWD GDOO DGHJXDPHQWR GHOOH LQVWDOOD]LRQL SUH HVLVWHQWL FKH GLVSRQJRQRVSHVVRGLVSD]LULVWUHWWL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w v DGRWWDUHVLVWHPLGLGLIHVDLQJUDGRGLGHIOHWWHUHOHSRVVLELOLWÍSLã SHULFRORVHRDOPHQRLQJUDGRGLODQFLDUHXQHDUO\ZDUQLQJ OD PXOWLSXUSRVH GHWHFWLRQ WHFKQRORJ\ Ô OD WHFQRORJLD GHGLFDWD DVYLOXSSDUHVLVWHPLDYDQ]DWLHIOHVVLELOLGLULOHYD]LRQHGLUDGLD]LRQLHG HVSORVLYLHFDSDFLGLODYRUDUHLQVLQHUJLDFRQLOVLVWHPDGHLWUDVSRUWL /D GLIHVD LQWHUQD GDJOL DJJUHVVRUL WUDPLWH LO ODZ HQIRUFHPHQW H O LQWHOOLJHQFHQD]LRQDOH 'L QRUPD OR VFRSR GHOO LQWHOOLJHQFH Ô GL LQGLYLGXDUH GRYH VWD LO SHULFROR 4XLQGL ULVSHWWR DOOD ERUGHU SURWHFWLRQ LO VXR FRPSLWR VDUÍ TXHOORGLUDFFRJOLHUHDQDOL]]DUHHGLIIRQGHUHUDSLGDPHQWHWXWWHTXHOOH LQIRUPD]LRQLXWLOLDIDUVØFKHSRVVDHVVHUHQHJDWRO DFFHVVRDOWHUULWRULR QD]LRQDOHDWHUURULVWLRPDWHULDOLSHULFRORVLFKHSRVVDQRHVVHUHVIUXWWDWL FRPHDUPDGDWHUURULVWLJLÍSUHVHQWLVXOWHUULWRULR/ LQWHOOLJHQFHJLRFD GLSHUVÑXQUXRORIRQGDPHQWDOHQHOODWXWHODGHOODQDWLRQDOVHFXULW\HG LQTXHVW RWWLFDODERUGHUVHFXULW\ÔXQRGHJOLHOHPHQWLGDOODVLFXUH]]D QD]LRQDOHFKHQHFHVVLWDGHOVXRVXSSRUWR &RVØ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ÝHVVHUHIRUQLWRVLDGDOODIRUHLJQLQ WHOOLJHQFHWUDGL]LRQDOHFKHGDOODFULPLQDOLQWHOOLJHQFH '266,(56725,$ Gr fxphqwl#vhjuhwl / DJHQWHVHJUHWRk6LU/RQJODQGyHODEDWWDJOLDQDYDOHGHOWUDRODQGHVL HLQJOHVLQHOOHDFTXHSURVSLFHQWLLOSRUWRGL/LYRUQR 0DULR9HUGLQ , OSDQRUDPDGHO;9,,VHFRORYLGHPHUFDQWLGL$PVWHUGDPGL5RW WHUGDP H GHOO $LD VHPSUH GLVSRVWL D FRPSUDUH R D WUDVSRUWDUH TXDOVLDVLJHQHUHGLPHUFDQ]LDDLTXDWWURDQJROLGHOPRQGR 9HUVRODILQHGHO&LQTXHFHQWRO 2ODQGDSRQHODVXDEDVHPHGLWHUUD QHDD/LYRUQRLQ7RVFDQDFRPHYROXWRGDOJUDQGXFD)HUGLQDQGR ,GH 0HGLFLqVSRVRGLXQD/RUHQDHGHVLGHURVRGLVRWWUDUVLDO O DVILVVLDQWHLQIOXHQ]DVSDJQROD,OFDOYLQLVPRGHLIDFFHQGLHULRODQGHVL URWWDO XQLWÍFDWWROLFDGHOORVWDWXVTXRIDYROJHUHJOLRFFKLGLTXHOSDHVH GLQDYLJDWRULRYXQTXHFLVLDXQDSUHVHQ]DPDVVLFFLDGHOOHkFDUUHWWHyGHO PDUH /D &RPSDJQLD RODQGHVH GHOOH ,QGLH 2FFLGHQWDOL SRUWD LQ 7RVFDQD JUDQRROLRGLEDOHQDSHSHWÔWDEDFFRSRUFHOODQHJLDSSRQHVLSHOODPL GHO%DOWLFRVDSRQLHSURIXPLGL&H\ORQOHJQLGHO%UDVLOHFRUDOOLODFFKH GL=DQ]LEDUYHOOXWLVFKLDYLHYDOOHWWLHIHELFLLQOLYUHDSURVWLWXWHSHUWXWWL LJXVWL,QFRPSHQVRDJOLRODQGHVLIDQQRJRODO DUJHQWRGHOOHPLQLHUHGL '266,(56725,$ *8(55$',63,($/,92512 L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w 0RQWLHULLOIHUURGHOO ,VRODG (OEDHGL0DVVDLOPHUFXULRGHOO $PLDWD H JOL VWDOORQL GHOOD 0DUHPPD WXWWR TXHOOR FKH VHUYH SHU OD JXHUUD ( TXHOORFKHQRQKDQQRFRPSUDQGRORORSUHQGRQRDFROSLGLFDQQRQHVLD FRQWUROHQDYLGHO6XOWDQRVLDFRQWURLEULJDQWLQLLQJOHVL7XWWLGHGLWLDOOD )LJXUD)XLOJUDQGXFDGL7RVFDQD)HUGLQDQGR ,GH 0HGLFLDGLQYLWDUHD/LYRUQR JOLRODQGHVL Gr fxphqwl#vhjuhwl / DJHQWH/RQJODQG 0DJXDUGLDPRTXHVWDVFHQDDOOD5HPEUDQGW / XRPRO DJHQWHLQJOHVH+RZDUG./RQJODQGVLOLVFLDLOSL]]HWWR HDVSLUDXQDOXQJDERFFDWDGDOFDQQHOORGLFHUDPLFDGHOODSLSDFDULFD GL WDEDFFR JLDYDQHVH PHQWUH GDO SRJJLROR RVVHUYD LO EUXOLFDUH GHOOH DWWLYLWÍGHOSRUWRGL/LYRUQR5HVSLUDDQFKHO RGRUHIRUWHGHOOHEDQFKLVH JOLRGRULGLSXWUHGLQHGHOPRORVFRQQHVVRGHOSHVFDWRGHLQDWDQWLURVL GDOVDOPDVWURORVFKLDPD]]RWULYLDOHGHLPDULQDLJOLIHULVFHOHRUHFFKLH / XRPRÔD/LYRUQRSHUXQDPLVVLRQHGHOODTXDOHQRQFRQRVFHLOWHUPL QH&RQRVFHSHUÝLOVHQVRGHOGRYHUHTXHOORFKHKDIDWWRJUDQGHO ,QWHO OLJHQFH6HUYLFHEULWDQQLFD / DJHQWHLQJOHVHD/LYRUQR/RQJODQGVFULYHXQDOXQJDVHULHGLUHOD ]LRQLULVHUYDWHD/RQGUDGDOQXPHURGHOOHIUHJDWHSUHVHQWLLQGDUVHQDD TXHOOHLQDUVHQDOH'HVFULYHO XPRUHGHLPDULQDLRODQGHVLFKHVLGDQQR LOFDPELRD*LELOWHUUDGDOSRVVHGLPHQWRRODQGHVHHOHFRQGL]LRQL GLTXHOOLGLULWRUQRGD&UHWDRLOQXPHURGHLERHULFKHD/LYRUQRIDQQR VRVWDLQDWWHVDGHOO LPEDUFRSHULO6XGDIULFD8IILFLDOPHQWHVLU/RQJODQG VLRFFXSDGLLPSRUWH[SRUWGLUHPPRRJJLGLFDYDOOLPDUHPPDQLLQ YHFHÔXQDJHQWHVHJUHWRDOVHUYL]LRGHO/RUG3URWHWWRUH&URPZHOO/D )LJXUD8QDDQWLFDPDSSDGHOSRUWRHGHOODFLWWÍGL/LYRUQR '266,(56725,$ SLUDWHULD*OLRODQGHVLVLVRQRWURYDWLFRVØEHQHLQ7RVFDQDFKHFLYRJOLR QRUHVWDUH0DOJUDGRODFRQFRUUHQ]DGHLFXJLQLEULWDQQLFL L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w VXDSDUWLFRODUHYLFHQGDGLVSLDLQJOHVHD/LYRUQRVLSXÝULFDYDUHGDOOH QRWH GHO &DOHQGDU RI 6WDWH 3DSHUV 'RPHVWLF 6HULHV q H DQFKHGDJOLLQFDUWDPHQWLUHODWLYLDTXHJOLDQQLFRQVHUYDWLDOO $UFKLYLR 0HGLFHRGHO3ULQFLSDWRI/HWWHUHGHO*RYHUQDWRUH0RQWHPDJQL LQ)LUHQ]H /D)LUHQ]HPHGLFHDÔXQRGHLSULQFLSDWLLWDOLDQLGHOO HSRFDFKHSLã GHWWHPDJJLRUHLPSXOVRDLVHUYL]LGHOORVSLRQDJJLR0HQWUH0DULDGH 0HGLFLqVSRVDGHOUHGL)UDQFLDVSLDQDODFDUULHUDDOFDU GLQDOHqVSLD 0D]]DULQR VXR QLSRWH &RVLPR ,,, LO GHEROH JUDQGXFD GL 7RVFDQDVLWURYDLQYLVFKLDWRQHOOHWUDPHHQHLFRPSORWWLSLãPLVWHULRVL ODVXDFRUWHXQFRYRGLHPLVVDULHDJHQWLVHJUHWLGLRJQLQD]LRQDOLWÍ 7UDFFHGLWXWWHTXHVWHPDQRYUHUHVWDQRQHJOLDUFKLYLXQSR]]RVHQ]D ILQHGLSDUWLFRODULUHODWLYLDOORVSLRQDJJLRLQWHUQD]LRQDOHD)LUHQ]HQHO ;9,,VHFROR )HUPDWHJOLRODQGHVL ,Q XQ PHVVDJJLR GHOO DSULOH /RQJODQG VFULYH D /RQGUD SHU FRQIHUPDUHFKHÔ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ãPLWLFRQVLJOLWRFXUEMXVWWKHPRVVLDIUHQDUOLVXELWR 1HOORVWHVVRPHVHHQHOORVWHVVRDQQRVFULYHYDDOYLFHDPPLUDJOLR %DGLOH\FKHHUDRSLQLRQHFRPXQHFKHJOLRODQGHVLVLVDUHEEHURQXRYD PHQWHVFRQWUDWLFRQJOLLQJOHVLHDJJLXQJHYDl3HUWDQWRDPLRJLXGL]LR VXJJHULUHLD9RVWUD*UD]LDGLRFFXSDUVLLQWHPSRGLFDQDSDHFRUGDPL GLSHSHHWUDVSRUWLzIUDVHFKHLQFRGLFHDSSHQDYHODWRVLWUDGXFHFRQ lSUHGLVSRUUHDWWUH]]DWXUHSROYHULGDVSDURHWUXSSHzQHOFDVRVLDUULYL FRPHSURVSHWWDWRDGXQHYHQWREHOOLFR/DSULPDJXHUUDDQJORqRODQGH VHDYUHEEHDYXWRWHUPLQHQHOPDGDWHPSRLGXH3DHVLHUDQRDL IHUULFRUWL,QXQDLQIRUPDWLYD/RQJODQGVFULYHYDFKHJOLRODQGHVLGLI Gr fxphqwl#vhjuhwl (JXHUUDVLD 1HOLOSXULWDQR2OLYHU&URPZHOOVFLROWRLO3DUODPHQWRDYHYD DVVXQWR LO WLWROR GL /RUG 3URWHWWRUH H DSHUWR OH ORWWH FRQWUR 6SDJQD H 2ODQGD *OLRODQGHVLDYHYDQRFDSLWRFKHO DOOHDQ]DFRQFHSLWRGDLFXJLQLLQ JOHVLHUDWRWDOPHQWHDSURSULRVIDYRUH*OLLQJOHVLLQIDWWLFRQVLGHUDYDQR O 2ODQGDFRPHXQDVHPSOLFHVXGGLWDQ]DFRP HUDJLÍ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ãVYD ULDWLSHUULIRUQLUHLULEHOOLVFR]]HVLHLUODQGHVL *UD]LHDOOHLQIRUPD]LRQLGHOO DJHQWHQHOIXURQRLQWHUFHWWDWH EHQQDYLRPEUDRODQGHVLQHO0DUHG ,UODQGDPROWHSURYHQLHQWLGDO 0HGLWHUUDQHR 3HU TXDQWR O 2ODQGD DYHVVH FKLHVWR O DEURJD]LRQH GHO O $WWRQRQHUDVWDWDVRGGLVIDWWD'RSRTXHVWHDWWLYLWÍFRUVDUHODJXHUUD GLYHQWÝLQHYLWDELOH /LYRUQRQHOO RFFKLRGHOFLFORQH /DQRWWHGHOQRYHPEUHPHQWUHXQDSDUWHGHOODIORWWDLQJOHVH VL WURYDYD DOO DQFRUD QHO SRUWR OLYRUQHVH L FRPDQGDQWL GL GXH JROHWWH VSLQVHUR WUH FDLFFKL ODQFH D UHPL YHUVR OD IUHJDWD &LW\ RI$EHUGHHQ FKHHUDVWDWDFDWWXUDWDGDJOLRODQGHVLQHOFRUVRGLXQDVFDUDPXFFLD DYYHQXWDXQDVHWWLPDQDSULPDDOODUJRGHOO LVRODGL0RQWHFULVWR *OLDVVDOWDWRULLQJOHVLGHLWUHFDLFFKLVHQHHUDQRFRVØLPSRVVHVVDWL QXRYDPHQWH,OFRPDQGDQWHGHOOHQDYLRODQGHVL5LFNLHYDQ*DOHQSUR WHVWÝDYLYDYRFHHSUHWHVHXQULVDUFLPHQWRFRQJUXRGHOTXDOHOHDXWRULWÍ JUDQGXFDOL DYUHEEHUR GRYXWR IDUVL JDUDQWL lDFFLRFFKÔ L 6LJQRUL 6WDWL *HQHUDOL O 2ODQGD QRQ KDYHVVHUR FDXVD GL FUHGHUH G HVVHU SRFR DS SUH]]DWLYHGHQGRSRVSRVWDODMXVWLWLDGHOODORURUDJLRQHVXPDQFDPHQWL HLPSHUWLQHQ]HGHOLLQJOHVLz 9DQ*DOHQSUHWHQGHYDODUHVWLWX]LRQHGHOOD&LW\RI$EHUGHHQHLOUL '266,(56725,$ IRQGHYDQRD/LYRUQRODQRWL]LDGHOODORURDOOHDQ]DFRQOD6SDJQDHFKH HUDQRVXOSXQWRGLPDQGDUHWUHQWDJDOHRQLYHUVR&DSR1RUGSHUEORFFDUH LYDVFHOOLGLULWRUQRGDOOH,QGLH/RQGUDDYXWDODQRWL]LDHEEHTXDOFKH GXEELRVXOODWHQXWDGHOODSDFH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w VDUFLPHQWRGHLGDQQLSHULPDULQDLXFFLVLQHOFRUVRGHOFROSRGLPDQR 3HU JLXQWD YDQ *DOHQ ULILXWÝ XQD SULPD RIIHUWD GL FRPSHQVD]LRQH LQ GHQDUR / RODQGHVH SUHWHQGHYD FKH D WXWWH OH QDYL LQJOHVL QHL SRUWL WRVFDQL IRVVHURIDWWHVHUUDUHOHYHOHHULPRVVLLWLPRQLILQRDTXDQGRO LQFLGHQWH QRQIRVVHVWDWRFKLXVRHTXDPHQWHFLRÔFRQLOULFKLDPRLQSDWULDGHOFR PDQGDQWHGHOODIORWWDLQJOHVH$SSOHWRQHGHOFDSLWDQR&R[LPDJJLRUL UHVSRQVDELOLGHOO DVVDOWRSLUDWDDOOD&LW\RI$EHUGHHQ /LYRUQRPDU]R /RVFRQWURSLãULOHYDQWHWUD2ODQGDH,QJKLOWHUUDQHO0HGLWHUUDQHR HEEHOXRJRQHOPDU]RQHOOHDFTXHGHOSRUWRGL/LYRUQRXQPHVH GRSRLOPHVVDJJLRGHOO DJHQWH/RQJODQG3HUHYLWDUHORVFRQWURDQXOOD YDOVHUROHPHGLD]LRQLGHOODGLSORPD]LDPHGLFHDl4XHVWLEUXWLLQOL]]D SHULOGRPLQLRGHOPDUHQRVWUXPVFULYHYDXQRVVHUYDWRUHDO*UDQGXFD RUORSRVVLDPRVFDODUHVXVHJQLDYXWLOLUHFKHUDQQRQRQSRFKLIDVWLGL DOOD6LJQRULD9RVWUDHWDOSRUWHJJLRz /H OXFHUQH GHOOHVWDQ]HGHOO DSSDUWDPHQWR GL IURQWH DO SRUWR GL VLU /RQJODQGVRQRVWDWHDOLPHQWDWHSHUWXWWDODQRWWH1RWWHIHEEULOHG DWWHVD PHQWUHLQUDGDLEDVWLPHQWLRODQGHVLLQJUDQGHPDJJLRUDQ]DWHQJRQRLQ VFDFFRLOHJQLGHOFRPDQGDQWH$SSOHWRQ/RQJODQGKDXQVXVVXOWRTXDQ GRILQDOPHQWHLOFDQQRFFKLDOHSXQWDWRYHUVRVXGGDOO LVRODGL&DSUDLD YHGHJDUULUHDOYHQWRGLOLEHFFLRLYHVVLOOLGHOO 8QLRQqMDFNEULWDQQLFD $OORVSXQWDUHGHOO DOEDFRPSDUHVXOODOLQHDGHOO RUL]]RQWHODIORWWDGHO O DPPLUDJOLR%DGLOH\XVFLWDGD3RUWRIHUUDLR$LSULPLGHOPHVHO DJHQWH /RQJODQGDYHYDLQIRUPDWRO DPPLUDJOLDWRORQGLQHVHVXOODJUDYLWÍGHOOD VLWXD]LRQHl8UJRQRULQIRU]LDYYLVDYDHSULPDSRVVLELOHRODVL WXD]LRQH SUHFLSLWD D QRVWUR VIDYRUH 2JQL XOWHULRUH WHPSRUHJJLDPHQWR VDUHEEH XQ GLVDVWUR SHU OD IORWWD GL$SSOHWRQz ,O FRQYRJOLR GHOO DP PLUDJOLR %DGLOH\ DUULYDWR DOOD GLVWDQ]D GL R PLJOLD FRPLQFLÝ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Ý LQDULDFRQGHFLQHGLPHPEULGHOO HTXLSDJJLR$TXHVWRSXQWRLOFRP SRUWDPHQWRGHOO DPPLUDJOLR%DGLOH\FRPHVLGLVFXVVHLQVHJXLWRD Gr fxphqwl#vhjuhwl 8QDVSLDVRWWRDFFXVD 6HPEUDFKHXQDGHOOHUHJROHQRQVFULWWHGHOORVSLRQDJJLRGHEEDHVVH UHTXHOODGHOODGLVSRQLELOLWÍGHJOLDJHQWLDIXQJHUHLQFRQGL]LRQDWDPHQWH GDFDSULHVSLDWRULTXDORUDOHLQIRUPD]LRQLUDFFROWHHULSRUWDWHQRQYHQ )LJXUD/D%DWWDJOLDGL/LYRUQR0DU]RLQXQTXDGURGL:LOOHP+HUPDQV] YDQ'LHVWGLSLQWRQHOODPHWÍGHO;9,,VHFROR '266,(56725,$ /RQGUDIXPROWRVWUDQRSUREDELOHFDXVDGHOODVFRQILWWDLQJOHVH*OL RWWRYDVFHOOLGL%DGLOH\FKHVLWURYDYDVRSUDYHQWRRSHUFKÑQRQDYHVVH YHQWRDVXIILFLHQ]DRSHUFKÑQRQULWHQHVVHRSSRUWXQRHVSRUVLDSHUGLWD PDQLIHVWD GDWR FKH OH QDYL LQJOHVL LQ SRUWR JLÍ VWDYDQR EUXFLDQGR ULPDVHGLIDWWRHVWUDQHRDOODEDWWDJOLD,QIDWWLGHOOHQDYLLQJOHVLXVFLWH GDOSRUWRVHQHVDOYÝVRORXQDOD6DLQW0DU\FKHXVFLWDGDOURJRVL DJJUHJÝ DOOD IORWWD GL %DGLOH\ EHQ GLVWDQWH GDOOR VFHQDULR GL JXHUUD *OLRODQGHVLLQYHFHSHUVHURVRORXQDFRUYHWWDOD0DGRQQDGHOOH9LJQH FKHLQXQWHQWDWLYRHVWUHPRDFFRVWÝDOODUDGDGL0DU]RFFRHVLLQFDJOLÝ LQXWLOL]]DELOH L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w JDQRXWLOL]]DWHSURQWDPHQWHHSRVLWLYDPHQWHGDOOHFHQWUDOLGLULIHULPHQ WR3HUWXWWLYDOJDXQVRORHVHPSLRQHO9HQH]LDGLFKLDUÝJXHUUD DLWXUFKLFRQWDQGRVXOODSRVVLELOHGLVSRQLELOLWÍGLDOOHDQ]DFRQ&DUOR9 PDOJUDGROHLQIRUPD]LRQLULIHULWHGDLSURSULDJHQWLFKHGLIILGDYDQROD 5HSXEEOLFD6HUHQLVVLPD4XDQGR&DUORVLGHILOÝH9HQH]LDULFHYHWWHGD JOLRWWRPDQLXQDFRFHQWHVFRQILWWDLQ3DOD]]R'RJDOHVLDFFXVDURQRJOL LQIRUPDWRULGLSDOHVHLQFDSDFLWÍGLQRQDYHUULIHULWRFRQDUJRPHQWLSLã FRQYLQFHQWLHWDOLGDFRQVLJOLDUHDPDJJLRUHFDXWHOD$OORVWHVVRPRGR ODEDWWDJOLDDQJORqRODQGHVHQHOSRUWRGL/LYRUQRHEEHXQRVWUDVFLFRGL DVSUHTXHUHOHDFFXVHHFRQWURDFFXVH / DPPLUDJOLR $SSOHWRQ VFULYHYD DO /RUG 3URWHWWRUH H VWLJPDWL]]D YD LO FRPSRUWDPHQWR GHOOD VTXDGUD GHO FRPDQGDQWH %DGLOH\ VH IRVVH LQWHUYHQXWDUDSLGDLQVXRVRFFRUVRODEDWWDJOLDDYUHEEHDYXWRGLFHUWR XQDOWURHVLWR&HQ HUDSHUWXWWLDQFKHSHUO DJHQWH/RQJODQGLOTXDOH DGHWWDGHOO $SSOHWRQQRQDYHYDVDSXWRFRJOLHUHSDUWLFRODULFKH VDUHEEHUR VWDWL QHFHVVDUL HYLGHQ]LDUH $ VXD YROWD O DJHQWH /RQJODQG GHQXQFLÝWXWWDXQDVHULHGLFRPSRUWDPHQWLLQDFFHWWDELOLWHQXWLGDOO DP PLUDJOLRHGDOFDSLWDQR&R[SULPRWUDWXWWLO LQRSSRUWXQDFDWWXUDGHOOD &LW\RI$EHUGHHQFKHDYHYDGDWRRULJLQHDOOHULPRVWUDQ]HHTXLQGLDOOR VFRQWUR1HO/RQJODQGULFHYHYDGD/RQGUDO RUGLQHFKHORGHVWLQD YDDGXQ DOWUDPLVVLRQHD6PLUQHLQ7XUFKLD )LJXUD8QDOWURGLSLQWRVXOODEDWWDJOLDQDYDOHQHOOHDFTXHGL/LYRUQRGHOSLWWRUH 5HLQLHU1RRPV '266,(50(',$ CEWTCFK%JKCTCUVGNNC%KTKGNNK Flqhpd /DULEHOOLRQHGHOOHEDQGHGL1HZ<RUNDOO HSRFDGHOOH*XHUUDGL6HFFHVVLRQH UDFFRQWDWDGDOUHJLVWD0DUWLQ6FRUVHVH , O ILOP *DQJV RI 1HZ<RUN GL 0DUWLQ 6FRUVHVH JLUDWR LQ JUDQ VHJUHWRD&LQHFLWWÍHGLQWHUSUHWDWRGD/HRQDUGR'L&DSULR&D PHURQ'LD]H5RJHU$VKWRQ*ULIILWKVULSHUFRUUHDVXRPRGROD VWRULDGHOTXDUWLHUH)LYH3RLQWVGL1HZ<RUNXQLQFURFLRGLWUHVWUDGH OD$QWKRQ\O DWWXDOH:RUWK2UDQJH%D[WHUH&URVVRJJLVFRPSDU VD$OO HSRFDVLDPRQHOHUDQRYHULHSURSULJKHWWLSRSRODWLGD LPPLJUDWLSRYHULVVLPLGLGLYHUVHQD]LRQDOLWÍLQXQJURYLJOLRGLVWUDGH HFDWDSHFFKLHFRQWHVHGDEDQGHFKHORWWDYDQRSHULOFRQWUROORGHLTXDU WLHUL1HOO 2WWRFHQWRODSRSROD]LRQHQHZ\RUFKHVHFRQWDYDPLODDEL WDQWLFLIUDFKHDQQLGRSRVDOLUÍDPLODDQLPH3DUDGRVVDOPHQWH TXHOODJHQWHHUDkFDUQHGDYRWRySHULGXHSDUWLWLSROLWLFLFKHDYHYDQR LQPDQRODFLWWÍHFLRÔ7DPPDQ\+DOOH1DWLYH$PHULFDQV$OODSULPD ID]LRQHHUDQRDOOHDWHOHSULQFLSDOLJDQJVGL)LYH3RLQWVTXHOODGHWWDGHL &RQLJOL PRUWL 'HDG 5DEELWV L &KLFKHVWHUV L 5RDFK *XDUGV L 3OXJ 8JOLHVJOL6KLUW7DLOV$WWRUQRDOSDUWLWRGL7DPPDQ\+DOOVLVWULQJHYDQR LQYHFH L 1DWLYH $PHUL FDQV L %RZHU\ %R\V L 7UXH %OXH $PHULFDQV JOL $PHULFDQ *XDUGV JOL 2 &RQQHOO *XDUGV H JOL $WODQWLF *XDUGV FRQRVFLXWH SHU LO ORUR UD]]LVPRHGLVHQWLPHQWL DQWLPPLJUD]LRQH FKH OH DQLPDYDQR 3HU DQQL VL FRPEDWWHURQRHQHO DYYHQQH OD EDWWDJOLD SLã YLROHQWDQHOODTXDOHL'HDG5DEELWV5LRWHEEHURXQFHQWLQDLRGLPRUWL 1HOTXDQGRLOSUHVLGHQWH/LQFROQYDUÝXQDOHJJHVXOODFKLDPDWD REEOLJDWRULDDOOHDUPLSHUIURQWHJJLDUHO HVHUFLWRGHOOD&RQIHGHUD]LRQH GHJOL6WDWLGHO6XGD1HZ<RUNOHEDQGHVLDOOHDURQRSHUODSULPDYRO WD IDFHQGR HVSORGHUH XQD YLROHQWD ULYROWD VHGDWD GRSR FLQTXH JLRUQL GDOO LQWHUYHQWRGHOO HVHUFLWRHGHOODPDULQDFKHVSDUÝVXOODFLWWÍFRQL FDQQRQLGLERUGR3HUVSLHJDUHTXHVWDJXHUULJOLDFKHKDLVSLUDWR6FRU VHVHVRQRVWDWHWLUDWHLQEDOORGDLVRFLRORJLHGDJOLVWRULFLSDUROHFRPH kGLVREEHGLHQ]DFLYLOHykDQDUFKLVPRykVSLULWRGLULEHOOLRQHyHSHUVLQR kYLROHQ]DGHOODQDWXUDXPDQDy,QHIIHWWLQHOORVWHVVRDQQRLQDOWUHSDUWL GHOPRQGRDFFDGHYDTXDOFRVDGLVLPLOH1HOLQ,WDOLDOHWUXSSHSLH ),/09+6'9' *$1*62)1(:<25. L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w PRQWHVLIURQWHJJLDYDQROHEDQGHGHOEULJDQWDJJLRPHULGLRQDOHPHQWUH DOWUL IRFRODL G LQVXUUH]LRQH SRSRODUH LQFHQGLDYDQR O (XURSD ILQR DOOD 3RORQLD(UDORVFRQWURWUDLOYHFFKLRPRQGRFRQVHUYDWRUHOHJDWRDOOD WHUUDHGDOODWUDGL]LRQHHODQXRYDFODVVH OLEHUDOFRQ OH VXH WHRULH GHO kPDVVLPR JXDGDJQR FRQ OD PLQLPD VSHVDy 3HU TXHVWR PRWLYR QHJOL 6WDWHVGHJOLLQL]LGHLSULPLDQQLGHO1RYHFHQWRDYYHUUDQQRDOWULVFRQWUL VDQJXLQRVLFRPHTXHOORGL1HZ<RUNSURYRFDWLGDJOLVFLRSHULGLFDWH JRULHGLODYRUDWRULGDLWHVVLOLDLPLQDWRULOHFXLFRQGL]LRQLGLYLWDQRQ HUDQRFDPELDWHGDO$GHVHPSLRORVIUXWWDPHQWRGHLPLQDWRULGD SDUWHGDOOHFRPSDJQLHPLQHUDULHFRPHOD&RORUDGR)XHODQG,URQFKH SHU LO SURSULR LQWHUHVVH SROLWLFR IDFHYD YRWDUH DQFKH L GLSHQGHQWL QRQ QDWXUDOL]]DWLHSHUVLQRLORURPXOLSXUFKÑDYHVVHURXQQRPHQHO SRUWÝDOPDVVDFURGL/XGORZLQ&RORUDGR/RVFLRSHURHIIHWWXDWRFRQWUR OHFRQGL]LRQLGLYLWDHGLODYRURIXVRIIRFDWRQHOVDQJXHGDOO LQWHUYHQWR GHOOD *XDUGLD 1D]LRQDOH FKH VSDUÝ FRQ OH PLWUDJOLDWULFL *DWOLQJ VXOOD WHQGRSROL GHJOL VFLRSHUDQWL XFFLGHQGR GRQQH H EDPELQL ,O EUDFFLR GL IHUURWUDOD&RPSDJQLDHLPLQDWRULGXUÝGLYHUVLPHVLHVLULVROVHFRQ O LQWHUYHQWRGHOOHWUXSSHUHJRODULPDQGDWHGDOSUHVLGHQWH:LOVRQ,O1HZ <RUN7LPHV SDUOÝ GL kDQDUFKLDy SLã FKH GL GLULWWL VRFLDOL FRQWHVWDQGR O D]LRQHYLROHQWDGHLPLQDWRULHQRQODEUXWDOLWÍGHOOD*XDUGLD1D]LR QDOHVFXVDWDLQTXDQWRFHUFDYDGLULSRUWDUHO RUGLQHODGGRYHVHFRQGRLO TXRWLGLDQRHUDVXEHQWUDWRLOGLVRUGLQHODYLROHQ]DO LQFHUWH]]D&RPH GRYUHPPROHJJHUHDOORUDODVWRULDGHOOHJDQJVGL1HZ<RUNRGHOPDV VDFURGL/XGORZ"6HOLJXDUGLDPRFRPHHSLVRGLLVRODWLQRQVRQRDOWUR FKH EUXWWL ULFRUGL GL XQ PRQGR LQ HYROX]LRQH VRVWLHQH +RZDUG =LQQ XQRGHLSLãLPSRUWDQWLVWRULFLVWDWXQLWHQVLPDlVHODOHJJLDPRLQYHFH FRPHSRVVLELOHVSLHJD]LRQHGLXQDTXHVWLRQHSLãFRPSOHVVDLOUDSSRU WRIUDLOJRYHUQRLSRWHQWLJUXSSLLQGXVWULDOLHLPRYLPHQWLGLSURWHVWD VRFLDOHDOORUDDEELDPRDFKHIDUHFRQLOSUHVHQWHz´FRQTXHVWDFKLDYH GLOHWWXUDFKHGRYUHPPRYDOXWDUHLIHQRPHQLGLDJJUHVVLYLWÍVRFLDOHFKH DQFRUD RJJL VL PDQLIHVWDQR GL IUHTXHQWH FRQ HSLVRGL FRPH TXHOOL GHO *GL*HQRYDQHJOLVWDGLRQHOODEDOLHXSDULJLQD(2:LOVRQGRFHQWH GHOO +DUYDUG 8QLYHUVLW\ IRQGDWRUH GHOOD kVRFLRELRORJLDy VL FKLHGH VH JOL HVVHUL XPDQL VRQR FRQJHQLWDPHQWH DJJUHVVLYL GDO PRPHQWR FKH GDOO HSRFD GHL FDFFLDWRULUDFFRJOLWRUL SUHLVWRULFL DJOL VWDWL LQGXVWULDOL O DJJUHVVLYLWÍ Ô VHPSUH VWDWD HQGHPLFD 1RQ VL SXÝ HVVHUH G DFFRUGR FRQTXHVWDVSLHJD]LRQHFKHDGGRVVDDOODVRODQDWXUDXPDQDODFROSDGHL PLVIDWWL GL FULPLQDOLWÍ H JXHUUD &RPH DYYHQQH DOO HSRFD GHOOH JDQJV GL1HZ<RUNO DJJUHVVLYLWÍVLÔVHPSUHPDQLIHVWDWDLQXQPRQGRGRYH ODOHJJHQRQÔDSSOLFDWDSHUYDULPRWLYLVRSUDWWXWWRSHUO LPPRUDOLWÍGL FKLGHWLHQHLOSRWHUHQHOODVRFLHWÍ,OVRSUXVRILQLVFHSULPDRSRLSHU LQGLUL]]DUHO DJJUHVVLYLWÍGLDOFXQHPLQRUDQ]HRGHOOHPDVVHFRQWURLO JRYHUQRGL6WDWRFRPHKDQQRLQVHJQDWRODULYROX]LRQHIUDQFHVHHTXHOOD G 2WWREUHLQ5XVVLDQHO Qr ylw#hglwr uldol 6LFXUH]]DH,QWHOOLJHQFH 3DJLQHVFHOWHHFRPPHQWDWHGL $XWRULYDUL (GL]LRQL/LEUHULD&RODFFKL / $TXLOD SDJJ(XUR 1RQRVWDQWHO VHWWHPEUHODkTXDU WD JXHUUD PRQGLDOHy XQD GRPDQGD GLIIXVD GL SURWH]LRQH GHOOH SHUVRQH H GHL EHQL Ô VSHVVR GRPLQDQWH OD VRWWRYDOXWD]LRQH GHOOD VLFXUH]]D H GHOOjLQWHOOLJHQFH XQ DPELWR FKH KD LQYHFH XQD LOOXVWUH VWRULD FXOWXUDOH GD+REEHVD0DU[HFKHRIIUHDP PLUHYROLHVHPSLGLGLULWWXUDPRUDOHH GLFRPSHWHQ]DSURIHVVLRQDOH,OYROXPHLQFOXGHWHVWLGLILORVRILVWRULFL DPEDVFLDWRULSUHIHWWLPLOLWDULRSLQLRQLVWLVWXGLRVLHGDQFKHGLDXWRUL JLRYDQLRJLRYDQLVVLPLRIIUHQGRVSLUDJOLHSURVSHWWLYHVXXQPRQGRLQ YHURFRPSOLFDWRGLSHUVRQHHSUREOHPLVSHVVRQHEXORVDPHQWHPLWL]]DWR REDQDOL]]DWRRGHWHVWDWR ,QXQDVRFLHWÍGHPRFUDWLFDOHJDOLWÍHFRQWUROOLGLULWWLHGRYHULFRQR VFHQ]DHFULWLFDVRQRYDORULFHQWUDOLSHUODVLFXUH]]DHSHUOjLQWHOOLJHQFH 'DL WUDIILFL GHO QXFOHDUHDJOL VTXDGURQL GHOOD PRUWH GDOOR VSLRQDJJLR HFRQRPLFR DOOD GLVWLQ]LRQH WUD VSLRQDJJLR HG LQWHOOLJHQWH LO YROXPH LOOXVWUD LQ PDQLHUD LPSDU]LDOH PROWL DVSHWWL GL XQD ILWWD H FRQWURYHUVD WUDPDGLHVSHULHQ]HGLOHPPLLQFRPEHQ]H )5$1&(6&26,'27,KDIRQGDWRHGLULJHLOSULPR&RUVRGLODXUHD LQ6FLHQ]HGHOOjLQYHVWLJD]LRQH+DFRPSLXWRVWXGLGLSHUIH]LRQDPHQWRD 7RULQRSUHVVRLO&HQWUR6WXGLGL6FLHQ]D3ROLWLFDGLUHWWRGD1RUEHUWR %REELRD3DULJLSUHVVROD(FROHGHV+DXWHV(WXGHVHQ6FLHQFHV6R FLDOHVVRWWRODGLUH]LRQHGL$ODLQ7RXUDLQHGRYHKDRWWHQXWRXQ'RFWR UDWGH7URVLÔPH&\FOHD:DVKLQJWRQ'&GRYHÔVWDWR*XHVW6FKRODU SUHVVR7KH%URRNLQJV,QVWLWXWLRQ +DLQVHJQDWRGLVFLSOLQHVRFLRORJLFKHSROLWRORJLFKHFULPLQRORJLFKHQHO OH)DFROWÍGL*LXULVSUXGHQ]D6FLHQ]HSROLWLFKH0HGLFLQD3VLFRORJLD 6FLHQ]H GHOOD IRUPD]LRQH LQ YDULH XQLYHUVLWÍ LWDOLDQH +D SXEEOLFDWR OLEULHDUWLFROLLQ)UDQFLD6WDWL8QLWL*UDQ%UHWDJQD&DQDGD&RUHD ,1/,%5(5,$ $&85$',)5$1&(6&26,'27, L q whoolj h qf h # ) # V w r u l d # W r s # V h f u h w 0(5,',$1$ ,VODPLQUHWH 5LYLVWDGL6WRULDH6FLHQ]H6RFLDOL $XWRUL9DUL (GLWRULDOH9LHOOD 6HVWR)LRUHQWLQR)L SDJJ(XUR 'L WXWWH OH PHWDIRUH GHO QRVWUR WHPSR ODUHWHÔIRUVHTXHOODSLãSHQHWUDQWHH LQIOXHQWHGLFHUWRTXHOODSLãXWLOL]]DWD 6LPERORGHOODULYROX]LRQHWHFQRORJLFD VYLOXSSDWDVL WUDPLWH OD GLIIXVLRQH FD SLOODUHHlGHPRFUDWLFDzXQDWHVWDXQ FRPSXWHU GHOOD WHFQRORJLD LQIRUPDWL FDHVVDVLÔVRVWDQWLYL]]DWDGLYHQHQGR ,QWHUQHWODUHWHSHUHFFHOOHQ]DODUHWH FRQODPDLXVFRODODUHWHVHQ]DDJJHWWLYL(DWWUDYHUVR,QWHUQHWODPHWD IRUDGHOODUHWHVLÔHVWHVDDFRJOLHUHLSURFHVVLGLFUHD]LRQHGLQXRYHLQIUD VWUXWWXUHWHFQRORJLFKHYLDFDYRYLDVDWHOOLWHLQJUDGRGLDFFHOHUDUHOD SRWHQ]DFRPXQLFDWLYDPRGLILFDQGROHJHUDUFKLHSUHHVLVWHQWLHDSUHQGR JUD]LHDOGLJLWDOHGLPHQVLRQLLPSHQVDWHHVHFRQGRDOFXQLOLEHUDWRULH DOOjDJLUHLQGLYLGXDOHHWDOYROWDFROOHWWLYR/DUHWHÔGLYHQXWDLQVRPPD PHWDIRUDGHOSURFHVVRLPSHUDQWHGLJOREDOL]]D]LRQHGHOODQXRYDVLJQLIL FD]LRQHGHOOHFRVHSURGRWWDGDOUDYYLFLQDUVLGHOPRQGRGDOODFUHD]LRQH GLTXHOSURIHWL]]DWRYLOODJJLRJOREDOHPDVRSUDWWXWWRGHOODQXRYDTXD OLWÍGHLUDSSRUWLVRFLDOLLQGRWWDGDOODGLDOHWWLFDlJORFDOHz$OSRVWRGHL OXRJKLGHOPRGHUQRFRQLOORURVHGLPHQWDWRHJHRPHWULFRGLVSRUVLOD PDSSDPHQWDOHSRVWPRGHUQDVHPEUDSUHGLOLJHUHODUHWHFRPHVHJQRGL XQURYHVFLDPHQWRHGLXQVRYYHUWLPHQWRGHOOHTXHVWLRQLGDWHGHLFRQIL QLSUHYLVWLGHOOHSUHFHGHQ]HDFTXLVLWH0HQWUHLOOXRJRDWWUDYHUVDWRGD TXHOOD DFFHOHUD]LRQH GHL WHPSL H GHJOL VSD]L FKH 0DUF$XJÑ KD FKLD PDWR VXUPRGHUQLWÑ VL ID LUUHDOLVWLFR H IDQWDVPDJRULFR OD UHWH VHPEUD LQYHFHJDUDQWLUHXQjDGHJXDWDSRVVLELOLWÍGLHVLVWHQ]DVRORODUHWHVDOYD YHUUHEEH GD GLUH LO FKH QRQ Ô SRL EODVIHPR VH VL SHQVD FKH OD SULPD WUDVILJXUD]LRQHGHOORVWUXPHQWRGDSHVFDÔTXHOODFHOHEHUULPDGHOODSD UDERODHYDQJHOLFDFKHORWUDVIRUPDLQWHFQLFDFRPXQLFDWLYDPH]]RGL FRQYHUVLRQH6HODUHWHÔXQDOHQWHXQPRGRSDUWLFRODUHGLJXDUGDUHDO OjXQLFRPRQGRULPDVWRFLODVFRPPHVVDGLTXHVWRQXPHURGL0HULGLDQD ÔTXHOODGLVRWWRSRUUHDOVXRVJXDUGROj,VODPXQDUHOLJLRQHFKHVØYXROH WUDVIRUPDUHLQXQDFLYLOWÍDOWUDHFKHULVFKLDDQ]LGLGLYHQLUHOjDOWURSHU HFFHOOHQ]DGHOFRVLGGHWWRPRQGRRFFLGHQWDOH Finito di stampare nel mese di giugno del 2006 dalla tipografia « Braille Gamma S.r.l. » di Santa Rufina di Cittaducale (Ri) per conto della « Aracne editrice S.r.l. » di Roma