7BEFNFDVNQFSEJGFOEFSDJ
EBJTJHOPSJEFMMFUSVGGF
,VRJJHWWLVHPSOLFLGHEROLRLQGLIHVLVRQRWUDOHSULQFLSDOLYLWWLPHGHOFOLPDGL
LQVLFXUH]]DHGLSDXUD5LVHQWRQRSLGHJOLDOWULGHOO¶DXPHQWRGHOODIUDJLOLWj
HGHOODVROLWXGLQH6RQRSUHRFFXSDWLSHUFKpYHGRQRFDPELDPHQWLSURIRQGL
QHOODVRFLHWjHQHLFRPSRUWDPHQWLLQGLYLGXDOLHVRQRFRQVDSHYROLFKHIXUWLH
WUXIIHSUHQGRQRDULIHULPHQWRSURSULRORUR
,OOHJLVODWRUHFRVFLHQWHGLFLzKDRSSRUWXQDPHQWHPRGL¿FDWRO¶DUWLFROR
Q GHO FRGLFH SHQDOH LQWURGXFHQGR LO ULIHULPHQWR DOO¶HWj GHOOD SHUVRQD
YLWWLPDGHOUHDWRFRQOD¿QDOLWjGLDXPHQWDUHJOLVWUXPHQWLGLWXWHODLQIDYRUH
GLFRORURFKHQHULPDQJRQRYLWWLPH
&Lz SHUz QRQ EDVWD SHU FXL GLYLHQH LQGLVSHQVDELOH SURPXRYHUH GHOOH
LQL]LDWLYH GL GHQXQFLD H GL SUHYHQ]LRQH QHOOD FRQYLQ]LRQH FKH WXWWH
OHVXFFLWDWHSHUVRQHVRQRSRWHQ]LDOLYLWWLPH
6ROR OD VLQHUJLD WUD WXWWH OH ,VWLWX]LRQL H XQ¶RSSRUWXQD RUJDQL]]D]LRQH
SRVVRQR GLIHQGHUOL LQ PRGR HI¿FDFH PD q QHFHVVDULR FKH RJQXQR VDSSLD
ULFRQRVFHUHOHVXEGROHDJJUHVVLRQLGHOODFULPLQDOLWjSHUFRQTXLVWDUHDPELHQWL
GLYLWDSLVLFXULHGXQDOHJDOLWjSLIRUWH
$ WDO SURSRVLWR q GL IRQGDPHQWDOH LPSRUWDQ]D LO YDGHPHFXP
GHOO¶$PPLQLVWUD]LRQH3URYLQFLDOHGL3DGRYDFKHGDVHPSUHFROODERUDFRQOH
$XWRULWjSUHSRVWHDOODWXWHODGHOODVLFXUH]]D
(QQLR0DULR6RGDQR
3UHIHWWRGL3DGRYD
/HWUXIIHSLGLIIXVHVSLHJDWHLQGHWWDJOLRSHUDLXWDUHLOFLWWDGLQRDFRQRVFHUOH
HTXLQGLDGLIHQGHUVL³2FFKLRDOO¶LQJDQQR´qXQFRPRGRYDGHPHFXPFKHKD
O¶RELHWWLYR GL IDU VHQWLUH OH SHUVRQH SL VLFXUH LQ FDVD IXRUL FDVD H SHUVLQR
QDYLJDQGRLQLQWHUQHWFRQLOSURSULRFRPSXWHU
&RPH3URYLQFLDDEELDPRIRUWHPHQWHYROXWRGLIIRQGHUHTXHVWDSXEEOLFD]LRQH
SHUFKpODVLFXUH]]DUDSSUHVHQWDODQRVWUDSULRULWj6LDPRLQIDWWLFRQYLQWLFKH
LQIRUPDUHODSRSROD]LRQHVXJOLLQJDQQLSLULFRUUHQWLHSURPXRYHUHODGLVFXV
VLRQHVLJQLILFDJLjVIHUUDUHXQFROSRGXURDOODFULPLQDOLWj6SHVVRHYROHQWLHULL
WUXIIDWRULSUHQGRQRGLPLUDLFLWWDGLQLSLGHEROLFRPHJOLDQ]LDQLHFRQWDQRVXO
VLOHQ]LR GL FKL q VWDWR UDJJLUDWR H QRQ DPD SDUODUQH SHUFKp PDJDUL VH QH
YHUJRJQD³2FFKLRDOO¶LQJDQQR´LQYHFHPHWWHLQSLD]]DOHSULQFLSDOLWHFQLFKH
XWLOL]]DWH GDL PDHVWUL GHO UDJJLUR JUD]LH DQFKH DOOD SUH]LRVD FROODERUD]LRQH
GHOOH IRU]H GHOO¶RUGLQH /¶RSXVFROR FRQWLHQH FRQVLJOL FRPSRUWDPHQWL GD
DGRWWDUHPDDQFKHQXPHULXWLOLGDFKLDPDUHLQFDVRGLTXDOVLDVLQHFHVVLWj
/¶LQGXVWULD GHOO¶LPEURJOLR H GHO UDJJLUR SXUWURSSR QRQ FRQRVFH FULVL H FKL
HVFRJLWDWUXIIHVSHVVRKDPRGLJDUEDWLHFRQO¶DULDGHOOD³SHUVRQDSHUEHQH´
FROSLVFHDQFKHLOFLWWDGLQRFKHVLFUHGHSLDFFRUWR9DOHODSHQDTXLQGLXQLUH
OHIRU]HSHUFKpWXWWLQRLRLQRVWULFDULSULPDRSRLSRVVRQRWURYDUVLGLIURQWH
DG XQD VLWXD]LRQH ULVFKLRVD $QFRUD XQD YROWD OD 3URYLQFLD H OH ,VWLWX]LRQL
YRJOLRQRHVVHUHDILDQFRGHOFLWWDGLQRSHUYLQFHUHLQVLHPHODEDWWDJOLDSHUOD
VLFXUH]]DHODOHJDOLWj
%DUEDUD'HJDQL
3UHVLGHQWHGHOOD3URYLQFLDGL3DGRYD
7UXIIH UDJJLUL H ERUVHJJL VRQR UHDWL SDUWLFRODUPHQWH RGLRVL SHUFKp VSHVVR
SHUSHWUDWL DL GDQQL GL SHUVRQH VROH H SHUWDQWR PDJJLRUPHQWH HVSRVWH LQ
TXDQWRLQGLIHVH
³2FFKLR DOO¶LQJDQQR´ q XQR VWUXPHQWR G¶LQIRUPD]LRQH JUDWXLWD FKH LOOXVWUD
DO OHWWRUH OH WUXIIH H L UDJJLUL SL GLIIXVL H IRUQLVFH DOFXQL VHPSOLFL FRQVLJOL
VXLFRPSRUWDPHQWLGDWHQHUHVLDLQVWUDGDFKHLQFDVDVXTXDOLDFFRUJLPHQWL
DWWXDUH SHU UHQGHUH PDJJLRUPHQWH VLFXUD OD SURSULD DELWD]LRQH H VX TXDOL
SUHFDX]LRQLDGRWWDUHSHUDYHUHXQSFVLFXURDGXVRGRPHVWLFR
,O6HUYL]LR6LFXUH]]DGHLFLWWDGLQLGHOOD3URYLQFLDGL3DGRYDGHVLGHUD³HVVHUH
YLFLQRDOODJHQWH´VRSUDWWXWWRDFRORURFKHYLYRQRLQVROLWXGLQHSHUPHWWHUOL
QHOODFRQGL]LRQHGLSRWHUVLGLIHQGHUHHSHUDLXWDUOLDVXSHUDUHO¶LPEDUD]]RFKH
VSHVVRDFFRPSDJQDOHYLWWLPHGLTXHVWLUHDWL
4XHVWRRSXVFRORYXROHUDSSUHVHQWDUHXQRVWUXPHQWRGLUDVVLFXUD]LRQHSHULO
FLWWDGLQRLQYLWDQGRORDQRQFKLXGHUVLLQFDVDHYLYHUHQHOODSDXUDHLQFDVR
GLQHFHVVLWjLQFRUDJJLDQGRORDFKLDPDUHXQSDUHQWHXQDPLFRXQYLFLQRH
VRSUDWWXWWRDGDYYLVDUHLPPHGLDWDPHQWHL&DUDELQLHULOD3ROL]LDGL6WDWRR
OD3ROL]LD/RFDOH(¶QHFHVVDULRDYYLFLQDUVLDOOH)RU]HGHOO¶2UGLQHFRQ¿GXFLD
VLFXULGLDYHUHGLIURQWHXQSURIHVVLRQLVWDGHOODVLFXUH]]DFKHVDDVFROWDUHH
DJLUH'HQXQFLDUHLOIDWWRYXROGLUHPLJOLRUDUHODSURSULDHO¶DOWUXLVLFXUH]]D
(QULFR3DYDQHWWR
$VVHVVRUHDOOH3ROLWLFKHSHUOD6LFXUH]]D
GHOOD3URYLQFLDGL3DGRYD
,1',&(
‡ 4XDQGRFDPPLQDWHSHUVWUDGD
‡ 4XDQGRVLHWHLQDXWRPRELOH
‡ 4XDQGRVLHWHLQELFLFOHWWD
‡ 4XDQGRDQGDWHLQEDQFDRLQSRVWD
‡ 4XDQGRVLHWHDFDVD
‡ /DGHQXQFLD
‡ 3URWHJJHWHLOYRVWURFRPSXWHU
‡ 1XPHULXWLOL
/(5(*2/('¶252«
4XDQGRFDPPLQDWHSHUVWUDGD
1RQIHUPDWHYLFRQSHUVRQHVFRQRVFLXWH
QHPPHQRVHFKLFHUFDGLDYYLFLQDUYLHYXROHSDUODUYL
VHPEUDXQDSHUVRQDGLVWLQWDHGDLPRGLDIIDELOL
)DWHDWWHQ]LRQHDFKLYLVSLQJHYLXUWDRVLDYYLFLQDDYRLVHQ]D
PRWLYRSHUSRLDOORQWDQDUVLUDSLGDPHQWH
(¶XQRGHLVLVWHPLXVDWLGDLERUVHJJLDWRULSHUGLVWUDUUH
ODORURYLWWLPDHVRWWUDUJOLLOSRUWDIRJOLR
1RQULYHODWHDSHUVRQHHVWUDQHHRFKHFRQRVFHWH
SRFRLOYRVWURQXPHURGLWHOHIRQRGLFRQWR
FRUUHQWHRDOWUHLQIRUPD]LRQL
ULJXDUGDQWLODYRVWUDFDVDODYRVWUDIDPLJOLD
ROHYRVWUHDELWXGLQLGLYLWD
0DQWHQHWHOHGLVWDQ]H
GDFKLYLFKLHGHO¶HOHPRVLQD
7HQHWHVHPSUHLQWDVFDTXDOFKHPRQHWD
GLSRFRYDORUH
FRVuVHTXDOFXQRqPROWRLQVLVWHQWHHQRQULXVFLWHDGDOORQWDQDUOR
SRWHWHGDUJOLXQDSLFFRODRIIHUWDVHQ]DDSULUHLOSRUWDIRJOLR
1RQHVWUDHWHLOSRUWDIRJOLRGDOODERUVD
RGDOODWDVFDTXDQGRVLHWHLQVWUDGD
3HUFRUUHWHVWUDGHIUHTXHQWDWHHEHQHLOOXPLQDWH
HGHYLWDWHLOXRJKLEXLHGHVHUWL
&DPPLQDWHVXOPDUFLDSLHGHLQGLUH]LRQH
RSSRVWDDOVHQVRGLPDUFLDGHLYHLFROL
HORQWDQRGDOFLJOLRVWUDGDOH
6HGRYHWHDWWUDYHUVDUHODVWUDGDDVSHWWDWH
LOVHPDIRURYHUGHORQWDQRGDOODFDUUHJJLDWD
&RVuSRWHWHVHPSUHFRQWUROODUHFKLVLDYYLFLQD
HYLWDQGRGLHVVHUHVRUSUHVLDOOHVSDOOHHGLGLYHQWDUH
IDFLOLYLWWLPHGHJOLVFLSSDWRUL
3RUWDWHVHPSUHFRQYRLXQWHOHIRQRFHOOXODUH
SHUOHHPHUJHQ]H
4XDQGRFDPPLQDWHSHUVWUDGD
WHQHWHODERUVDYLFLQRDOFRUSRGDOODWR
RSSRVWRGHOORVFRUULPHQWRGHOWUDI¿FR
PDODVFLDWHODVXELWRQHOFDVRYHQLVVH
DJJDQFLDWDGDXQRVFLSSDWRUH
(VRSUDWWXWWRODVHUD«
1RQVRVWDWHQHLOXRJKLDSSDUWDWLDQFKHVHVLHWH
LQFRPSDJQLD
1RQIDWHYLDFFRPSDJQDUHDFDVDRDOOD
PDFFKLQDGDSHUVRQHFKHFRQRVFHWHGDSRFR
DQFKHVHVLGLPRVWUDQRJHQWLOLHGLVSRQLELOL
3ULPDGLDSULUHLOSRUWRQHGHOSDOD]]RGRYH
DELWDWHRODSRUWDGLFDVDFRQWUROODWHFKH
DOOHYRVWUHVSDOOHQRQFLVLDXQRVFRQRVFLXWR
4XDQGRVLHWHLQDXWRPRELOH«
1RQWHQHWHODERUVDVXOVHGLOHVRSUDWWXWWR
VHDYHWHL¿QHVWULQLDEEDVVDWL
1RQODVFLDWHODERUVDRDOWULRJJHWWL
DQFKHVHGLVFDUVRYDORUHLQYLVWD
DOO¶LQWHUQRGHOO¶DXWRPRELOH
(VHVLHWHLQELFLFOHWWD«
1RQPHWWHWHODERUVDQHOFHVWLQR
4XDQGRDQGDWHLQEDQFD
RLQSRVWDSHURSHUD]LRQLGL
SUHOLHYRRGLYHUVDPHQWR
)DWHYLDFFRPSDJQDUHGDTXDOFXQR
VRSUDWWXWWRQHLJLRUQLLQFXLYHQJRQRSDJDWHOHSHQVLRQL
RTXDQGRGRYHWHYHUVDUHRSUHOHYDUHPROWRGHQDUR
6HSUHOHYDWHPROWLFRQWDQWL
GLYLGHWHOLHULSRQHWHOL
LQWDVFKHGLYHUVH
6LDWHSUXGHQWLXWLOL]]DQGRLO%DQFRPDW
6HYLVHQWLWHRVVHUYDWLQRQXVDWHOR
6HDYHWHLOVRVSHWWRGLHVVHUHFRQWUROODWL
RVHJXLWLIHUPDWHYLDOO¶LQWHUQRGHOODEDQFD
RGHOO¶XI¿FLRSRVWDOHHSDUODWHQHFRQJOL
LPSLHJDWLRFRQFKLHIIHWWXDLOVHUYL]LRGL
YLJLODQ]DRSSXUHHQWUDWHLQXQQHJR]LRFHUFDWH
XQSROL]LRWWRRXQ¶DOWUDFRPSDJQLDVLFXUD
'XUDQWHLOWUDJLWWRGLDQGDWDHULWRUQRGDOODEDQFD
RGDOO¶XI¿FLRSRVWDOHFRQLVROGLLQWDVFD
QRQIHUPDWHYLFRQVFRQRVFLXWLHQRQIDWHYLGLVWUDUUH
6HTXDOFXQRYLVLDYYLFLQDGLFHGLHVVHUH
XQLPSLHJDWRGHOODEDQFDRGHOO¶XI¿FLR
SRVWDOHQHOTXDOHYLVLHWHUHFDWLHYLFKLHGH
GLFRQWUROODUHLOGHQDURFKHYLKDDSSHQD
FRQVHJQDWRQRQJOLFUHGHWH
&RQVLJOLSHULGLSHQGHQWL
GLEDQFDRGHJOLXI¿FL
SRVWDOL
6H DOOR VSRUWHOOR VL SUHVHQWD XQD SHUVRQD
DQ]LDQDRGHEROHHIDXQDULFKLHVWDSLXWWRVWR
FRQVLVWHQWH GL GHQDUR FRQWDQWH FHUFDWH
GLSHUGHUHXQPLQXWRSHUSDUODUHFRQOXLHWHQWDWHGLFDSLUHVHVWDFDGHQGR
LQXQDWUXIID
%DVWDSRFRSHUHYLWDUHFKHXQDSHUVRQDRQHVWDSRVVDFDGHUHLQ
XQDWUXIID
6SLHJDWHJOLFKHQHVVXQGLSHQGHQWHHIIHWWXDFRQWUROOLDOO¶HVWHUQRGHOODEDQFD
RGHJOLXI¿FLSRVWDOL
&RQYLQFHWHORDFRQWDWWDUYLSHUTXDOVLDVL
PLQLPRGXEELR
*OLLQIRQGHUHWHVLFXUH]]DHSURWH]LRQH
/(5(*2/('¶252«
4XDQGRVLHWHLQFDVD
1RQDSULWHODSRUWD
DJOLVFRQRVFLXWLHQRQIDWHOL
HQWUDUHLQFDVD
'LI¿GDWHGHJOLHVWUDQHL
FKHYHQJRQRDWURYDUYLLQRUDUL
LQXVXDOLVRSUDWWXWWRVHLQTXHO
PRPHQWRVLHWHVROLLQFDVD
1RQPDQGDWHLEDPELQL
DGDSULUHODSRUWD
HGLWHORURGLQRQDSULUHDQHVVXQR
TXDQGRVRQRVROL
3ULPDGLDSULUHODSRUWDJXDUGDWH
DWWUDYHUVROD¿QHVWUDGLFDVD
RGDOORVSLRQFLQRGHOODSRUWD
FKLKDVXRQDWRLOFDPSDQHOOR
6HDYHWHGLIURQWHXQDSHUVRQDFKHQRQDYHWH
PDLYLVWRVHSURSULRGRYHWHDSULUHIDWHOR
FRQODFDWHQHOODDWWDFFDWD
1RQ¿GDWHYLGHOOHDSSDUHQ]H
3ULPDGLIDUHHQWUDUHJOLVFRQRVFLXWL
DFFHUWDWHYLGHOODORURLGHQWLWj
R
6SHVVRLPDOLQWHQ]LRQDWLVL
SUHVHQWDQRFRPHWHFQLFLGHOJDV
GHOODOXFHGHOO¶DFTXDGHOOHFDOGDLH
RGHOWHOHIRQRDGGHWWLDOODOHWWXUD
GHLFRQWDWRULRSSXUHFRPHLPSLHJDWL
RIXQ]LRQDULGHO&RPXQHGHOOR6WDWR
GHOO¶8OVVGHOO¶$SVGHOOH3RVWH
GHOOH%DQFKH
‡$YROWHLQGRVVDQRDQFKHXQDGLYLVD
HYLPRVWUDQRXQWHVVHULQR
GLULFRQRVFLPHQWR
‡ 'LVROLWRLWHFQLFLHL
IXQ]LRQDULGLHQWLHD]LHQGH
SULPDGLSUHVHQWDUVL
DFDVDYRVWUDDYYLVDQR
‡ 6HQHOO¶LQJUHVVRGHOYRVWUR
SDOD]]RRQHOODFDVVHWWDGHOOD
SRVWDQRQDYHWHYLVWRQHVVXQ
DYYLVRHYRLQRQDYHWHFKLHVWRSUHVWD]LRQLDGRPLFLOLRQpDYHWH
VHJQDODWRJXDVWLQRQDSULWHODSRUWDGLFDVDHFKLHGHWH
DOORVFRQRVFLXWRGLULSDVVDUH
‡ )DWHYLGLUHTXDQGRWRUQHUjFRVuSRWUHWHFKLHGHUHDTXDOFXQR
GLYRVWUD¿GXFLDGLHVVHUHLQFDVDFRQYRL
‡ ,QFDVRGLGXEELRVHQ]DIDUORHQWUDUHLQFDVDWHOHIRQDWHDOO¶HQWH
DFXLGLFHGLDSSDUWHQHUHHYHUL¿FDWHVHGDYYHURYLKDPDQGDWROD
SHUVRQDFKHDYHWHGLIURQWH
1RQFKLDPDWHQXPHULWHOHIRQLFLIRUQLWLGDOORVFRQRVFLXWRFKHKD
VXRQDWRDOODYRVWUDSRUWDSRWUHEEHULVSRQGHUYLXQVXRFRPSOLFH
6HYLFKLHGRQRGL¿UPDUHTXDOFRVDDSULWHODSRUWDGLFDVD
VHQ]DWRJOLHUHODFDWHQHOODHIDWHYLFRQVHJQDUHLOPRGXOR
GD¿UPDUHDWWUDYHUVRODIHVVXUD
/HJJHWHFRQDWWHQ]LRQHHVHQRQVLHWH
FRQYLQWRQRQ¿UPDWHHFKLHGHWHDOOR
VFRQRVFLXWRGLODVFLDUYLXQDFRSLDGHO
IRJOLRGD¿UPDUHHGLULSDVVDUHLQXQ
DOWURPRPHQWR3RWUHWHFRVuFKLHGHUHXQ
FRQVLJOLRDTXDOFXQRGLYRVWUD¿GXFLD
1RQGDWHPDLGHQDURDJOLVFRQRVFLXWL
FKHVXRQDQRLOFDPSDQHOORGLFDVD
5LFRUGDFKH(QWLD]LHQGHSXEEOLFKH
&RPXQH(QHO7HOHFRPHFF
HDVVRFLD]LRQLEHQH¿FKH
QRQUDFFROJRQRGHQDURSRUWDDSRUWD
5LFRUGDWHYLDQFKHFKHQHVVXQRYLUHJDODQLHQWH
1RQ¿GDWHYLGHOOHSURSRVWHGLYHQGLWDWURSSRFRQYHQLHQWLGHOOHSURSRVWH
GLSURGRWWLPLUDFRORVLRGLSUHVXQWLRJJHWWLG¶DUWHHQRQSDUWHFLSDWH
DVWUDQHORWWHULHFKHQRQVFRQRVFHWH
6HLQDYYHUWLWDPHQWHDYHWHDSHUWR
ODSRUWDDXQRVFRQRVFLXWR
HSHUTXDOVLDVLPRWLYRYLVHQWLWHDGLVDJLRQRQSHUGHWHODFDOPD
‡ 1RQGDWHJOLSUHWHVWLSHUULPDQHUH
LQFDVDQRQRIIULWHXQFDIIqR
TXDOFRVDGDEHUHRGDPDQJLDUH
‡,QYLWDWHORDGXVFLUHGLULJHQGRYL
FRQGHFLVLRQHYHUVRODSRUWD
‡$SULWHODSRUWDHVHq
QHFHVVDULRULSHWHWHO¶LQYLWR
DGDOWDYRFH
‡5LPDQHWHQHOODVWDQ]D
G¶LQJUHVVRHQRQSHUGHWHPDLGLYLVWDORVFRQRVFLXWR
‡ &HUFDWHFRPXQTXHGLHVVHUHGHFLVLQHOOHYRVWUHD]LRQL
3URWHJJHWHODYRVWUDFDVD
3,&&2/,$&&25*,0(17,3(55(1'(5(
/$92675$&$6$3,Ô6,&85$
7HQHWHVHPSUHOHSRUWHFKLXVH
DQFKHTXDQGRVLHWHLQFDVD
$XPHQWDWHOHGLIHVHSDVVLYH
HGLVLFXUH]]DGHOODYRVWUDFDVD
FDWHQHOODSRUWDEOLQGDWDFRQVSLRQFLQRH
VHUUDWXUDGLVLFXUH]]DYHWULDQWLVIRQGDPHQWR
HJUDWHDOOH¿QHVWUHVLVWHPLGLDOODUPH
SRVVLELOPHQWHFROOHJDWLFRQQXPHULGLHPHUJHQ]D
YLGHRFLWRIRQL
‡ $WWLYDWHO¶DOODUPHRJQLYROWDFKHXVFLWHGLFDVD
‡ &RQVHUYDWHJOLRJJHWWLGLYDORUHHLYRVWUL
GRFXPHQWLSHUVRQDOLSDVVDSRUWROLEUHWWR
GHJOLDVVHJQLFDUWHGLFUHGLWRFRGLFL
SHUVRQDOLQHOODFDVVDIRUWHRLQXQOXRJRVLFXUR
‡
5LFRUGDWHFKHLSULPLSRVWLHVDPLQDWL
GDLODGULLQFDVRGLIXUWRVRQRJOLDUPDGL
LFDVVHWWLLYHVWLWLO¶LQWHUQRGHLYDVL
LTXDGULLOHWWLHLWDSSHWL
‡ 1RQODVFLDWHFRSLDGHOOHFKLDYL
QDVFRVWHQHOODFDVVHWWDGHOODSRVWD
VRWWROR]HUELQRGLFDVDRLQDOWULSRVWL
DFFHVVLELOLDFKLXQTXH
‡ 6HGRYHWHGXSOLFDUHODFKLDYHGHOODSRUWDGLFDVDSURYYHGHWH
DLQFDULFDUHXQDSHUVRQDGLYRVWUD¿GXFLD
‡ (YLWDWHGLDWWDFFDUHDOSRUWDFKLDYLHWLFKHWWH
FRQQRPHHLQGLUL]]RFKHSRVVDQRLQFDVRGL
VPDUULPHQWRIDULQGLYLGXDUHO¶DSSDUWDPHQWR
‡ 6XOFLWRIRQRRVXOODFDVVHWWDGHOODSRVWD
PHWWHWHVRORLOFRJQRPH
‡ 6XOODVHJUHWDULDWHOHIRQLFDUHJLVWUDWH
LOPHVVDJJLRVHPSUHDOSOXUDOHHDGRWWDWH
XQGLVSRVLWLYRSHUDVFROWDUHODVHJUHWDULD
DGLVWDQ]D,OPHVVDJJLRLGHDOHq
³,QTXHVWRPRPHQWRQRQSRVVLDPR
ULVSRQGHUH´
‡
5LFRUGDWHGLFKLXGHUHLOSRUWRQHGL
DFFHVVRDOSDOD]]RHQRQDSULWHODSRUWDGL
LQJUHVVRVHQRQVDSHWHFKLKDVXRQDWR
‡&HUFDWHGLFRQRVFHUHLYRVWULYLFLQLH
VFDPELDWHFRQORURLOQXPHURGLWHOHIRQR
SHUSRWHUOLFRQWDWWDUHLQFDVR
GLQHFHVVLWj
‡ 6HDYHWHXQJLDUGLQRFHUFDWHGLLOOXPLQDUORLQPRGRDGHJXDWRIDFHQGR
DWWHQ]LRQHFKHQRQFLVLDQR]RQHEXLHLQFXLSRWHUVLQDVFRQGHUH
‡ 3URWHJJHWHLOYRVWURJLDUGLQR
FRQUHFLQ]LRQLRFDQFHOODWHFKH
LPSHGLVFDQRO¶DFFHVVR
‡ 1HLFDVLGLEUHYHDVVHQ]DODVFLDWH
DFFHVDXQDOXFHRODUDGLRLQPRGR
GDIDUFUHGHUHFKHODFDVDVLDDELWDWD
‡ 4XDQGRVLHWHDVVHQWLSHUOXQJKLSHULRGLIDWH
LQPRGRFKHTXDOFXQRULWLULODYRVWUDSRVWDFKHWDJOLLOSUDWR
HFKHFRQWUROOLODYRVWUDFDVD
6HYLDFFRUJHWHFKH
ODVHUUDWXUDqVWDWD
PDQRPHVVDRFKH
ODSRUWDqVRFFKLXVD
QRQHQWUDWHLQFDVD
6HDSSHQDHQWUDWL
FDSLWHFKHODYRVWUD
FDVDqVWDWDYLRODWD
QRQWRFFDWHQXOOD
,QHQWUDPELLFDVLFKLDPDWHLPPHGLDWDPHQWH
‡ ,&DUDELQLHUL
‡ ROD3ROL]LDGL6WDWR
‡ ROD3ROL]LD/RFDOHGHOYRVWUR&RPXQH
/DGHQXQFLD
6HVLHWHVWDWLYLWWLPHGLXQUHDWRDQFKHVHYLVHPEUDGLVFDUVDLPSRUWDQ]D
ULFRUGDWHYLGLSUHVHQWDUHVHPSUHGHQXQFLD
/DGHQXQFLDqXQLPSRUWDQWHPH]]RGLFROODERUD]LRQHFKHLOFLWWDGLQR
KDDGLVSRVL]LRQHSHUSHUPHWWHUHDOOH)RU]HGHOO¶RUGLQHHDOOD0DJLVWUDWXUD
GLSHUVHJXLUHJOLDXWRULGHLUHDWL
'RYHVSRUJHUH
GHQXQFLD
3UHVVRJOLXI¿FLGHQXQFH
‡ GHOOD4XHVWXUDRUHVX
‡ GHOODORFDOH6WD]LRQHGHL&DUDELQLHUL
‡ GHOOD*XDUGLDGL)LQDQ]D
‡ GHO&RPDQGRGL3ROL]LD/RFDOHGHOYRVWUR&RPXQH
6HQRQSRWHWHUHFDUYLSUHVVRJOLXI¿FLEDVWDFKLDPDUHLO&DUDELQLHUL
LO3ROL]LDGL6WDWRLO*XDUGLDGL)LQDQ]DOD3ROL]LDORFDOH
GHOYRVWUR&RPXQHHVDUHWHUDJJLXQWLGDXQRSHUDWRUHFKHUDFFRJOLHUj
ODYRVWUDGHQXQFLDDGRPLFLOLR
/(5(*2/('¶252«
SHUODVLFXUH]]DLQIRUPDWLFDGHO3&DG
XVRGRPHVWLFR
1RQHVHJXLWHSURJUDPPLSULPDGLDYHUOLDQDOL]]DWL
FRQXQDQWLYLUXV
,YLUXVRLSURJUDPPLPDOHYROLSRVVRQRHVVHUHWUDVPHVVLGD¿OHFRQWHQXWL
QHOOHFKLDYHWWH8%6QHL&'520HFRPXQTXHLQWXWWLLGLVSRVLWLYLHVWHUQL
UHPRYLELOL
3HUSURWHJJHUHLOYRVWUR3&
DQDOL]]DWHVHPSUHFRQO¶DQWLYLUXV
WXWWLL¿OHSULPDGLHVHJXLUOL
RLSURJUDPPLFKHGHVLGHUDWH
LQVWDOODUHQHOYRVWUR3&
8WLOL]]DWHXQVRIWZDUHDQWLYLUXV
HDJJLRUQDWHORUHJRODUPHQWH
,YLUXVFDXVDQRSUREOHPLDO3&HSRVVRQR
DUULYDUHDGDQQHJJLDUH¿OHHSURJUDPPL
FRQLOULVFKLRGLSHUGHUHLGDWL
2JQLJLRUQRQHYHQJRQRFUHDWLGLQXRYL
3HUTXHVWRqLQGLVSHQVDELOHQRQVRORLQVWDOODUHXQEXRQDQWLYLUXV
PDDQFKHDJJLRUQDUORVSHVVR
3URWHJJHWHLO3&DQFKHFRQXQVRIWZDUHFKH¿OWUDWXWWL
LGDWLFKHHQWUDQRHGHVFRQRGXUDQWHODFRQQHVVLRQH
,QWHUQHW)LUHZDOO
,O)LUHZDOOWHUPLQHLQJOHVHFKHVLJQL¿FDSDUDIXRFRqXQVRIWZDUHFKH
VHFRQ¿JXUDWRFRUUHWWDPHQWHSURWHJJHLO3&GDHYHQWXDOL
WHQWDWLYLGLLQWUXVLRQHWHOHPDWLFD
/¶XVRGLTXHVWLVRIWZDUHFRQVHQWHGLFUHDUH
XQ¿OWURDOO¶LQWHUQRGHO3&FKHLQQDO]DLOOLYHOOR
GLVLFXUH]]DHSHUPHWWHGLQDYLJDUHLQVLFXUH]]D
$SULWHJOLDOOHJDWLDLPHVVDJJL
GLSRVWDHOHWWURQLFDVRORGRSRDYHUOL
HVDPLQDWLFRQXQDQWLYLUXV
8QRGHLSULQFLSDOLYHLFROLGLGLIIXVLRQHGHLYLUXV
qODSRVWDHOHWWURQLFD
8QYLUXVSXzWUDVPHWWHUVLWUDPLWH¿OHULFHYXWL
FRPHDOOHJDWLQHLPHVVDJJLGLSRVWDHOHWWURQLFD
$OFXQL¿OHLQIDWWLSRVVRQRFRQWHQHUHSURJUDPPLHVHJXLELOL
DGHVHPSLRSURJUDPPLFRQHVWHQVLRQHH[HFRPGUYHGOOFKH
VHDSHUWLLQRFXODQRYLUXVDOO¶LQWHUQRGHOYRVWUR3&
(¶EXRQDUHJRODHYDOHSHULPHVVDJJLGLSRVWDULFHYXWLGDXQLQGLUL]]R
GLSRVWDHOHWWURQLFDFKHFRQRVFHWHJXDUGDUHVHPSUHO¶HVWHQVLRQHGHL¿OH
ULFHYXWLH±SULPDGLDSULUOL±VDOYDUOLQHO3&HFRQWUROODUOLFRQLOVRIWZDUH
DQWLYLUXV
1RQIRUQLWHPDLLYRVWULGDWLSHUVRQDOLRLQIRUPD]LRQL
¿QDQ]LDULHTXDQGRQDYLJDWHLQ,QWHUQHW
8QRGHLSULQFLSDOLYHLFROLGLGLIIXVLRQHGHLYLUXVqODSRVWDHOHWWURQLFD
4XDQGRQRQFRQRVFHWHLOYRVWURLQWHUORFXWRUHHYLWDWHGLIRUQLUJOLGDWL
SHUVRQDOLHLQIRUPD]LRQLVXLYRVWULFRQWLEDQFDULSHUFKpSRWUHEEHURHVVHUH
XVDWLGDPDOLQWHQ]LRQDWLSHUFORQDUHODYRVWUDLGHQWLWjHFRPPHWWHUHDWWL
LOOHFLWLXWLOL]]DQGRLYRVWULGDWL
5LFRUGDWHYLFKHJOL,VWLWXWLGL&UHGLWRGLQRUPD121LQYLDQRPDL
ULFKLHVWHGLGDWLSHUVRQDOLHRSDVVZRUGYLDHPDLORYLD,QWHUQHW
(IIHWWXDWHFRSLHGLVDOYDWDJJLRGHLYRVWULGDWLEDFNXS
,QFDVRGLFRQWDJLRGDYLUXVRLQFDVRGLGDQQHJJLDPHQWRGLFRPSRQHQWL
HOHWWURQLFKHGHO3&HVLVWHXQIRUWHULVFKLRGLSHUGHUHLGDWLFRQWHQXWL
QHOODPHPRULDGHOYRVWUR3&DGHVHPSLRLPPDJLQLSURJUDPPL
GRFXPHQWLYLGHRIRWRHFF3HUTXHVWRqEXRQDDELWXGLQHHIIHWWXDUH
VSHVVRXQDFRSLDGLVDOYDWDJJLRLQLQJOHVH³EDFNXS´GHLGDWLFKHSRWHWH
FRSLDUHLQXQGLVSRVLWLYRGLPHPRULDHVWHUQRRSSXUHLQ&'520R'9'
0DQWHQHWHVHPSUHDJJLRUQDWR
LOVLVWHPDRSHUDWLYR
3HUUHQGHUHLYRVWUR3&PHQRYXOQHUDELOH
DLULVFKLFXLqHVSRVWRGXUDQWHOD
QDYLJD]LRQHLQ,QWHUQHWqEXRQDUHJROD
HVHJXLUHJOLDJJLRUQDPHQWLUHODWLYLDOVLVWHPD
RSHUDWLYRFKHLQVLHPHDGXQEXRQDQWLYLUXV
ULGXFRQRLULVFKLGLFRQWDJLR
5LFRUGDWHYLFKHLOVLVWHPDRSHUDWLYRqLOVRIWZDUH
VHQ]DLOTXDOHLO3&QRQqLQJUDGRGLIXQ]LRQDUH
5LFKLHGHWHXQ¿OWURDQWLVSDP
3HUHYLWDUHGLULFHYHUHPHVVDJJL
GLSRVWDHOHWWURQLFDLQGHVLGHUDWL
HQRQULFKLHVWLSHUHVHPSLROD
SXEEOLFLWjFKLHGHWHLOSURJUDPPD
DQWLVSDPDOSURYLGHUFKHYLIRUQLVFH
LOVHUYL]LR,QWHUQHWRFHUFDWHQH
XQRGDLQVWDOODUHQHOYRVWUR3&
6FHJOLHWHSDVVZRUGVLFXUHHQRQ
FRPXQLFDWHOHPDLDQHVVXQR
3HUHYLWDUHGLULFHYHUHPHVVDJJLGLSRVWD
HOHWWURQLFDLQGHVLGHUDWLHQRQULFKLHVWL
SHUHVHPSLRODSXEEOLFLWjFKLHGHWH
LOSURJUDPPDDQWLVSDPDOSURYLGHU
FKHYLIRUQLVFHLOVHUYL]LR,QWHUQHW
RFHUFDWHQHXQRGDLQVWDOODUHQHOYRVWUR3&
$GDWWDWHLO3&DQFKHQHOO¶XWLOL]]RGHLEDPELQL
,QVWDOODWHXQSURJUDPPDGLFRQWUROOR
R³¿OWURIDPLJOLD´LQJUDGRGLEORFFDUHLFRQWHQXWL
LQGHVLGHUDWLLQDGDWWLDLPLQRULLQLQJOHVHYHQJRQR
GH¿QLWLFRQLOQRPHGLFRQWHQWZHE¿OWHULQJ
RSDUHQWDOFRQWURO4XHVWLSURJUDPPLVRQR
PROWRXWLOLVHIDWHXWLOL]]DUHLOYRVWUR3&DEDPELQL
SHUJLRFDUHRVWXGLDUHFRQO¶DXVLOLRGL,QWHUQHW
&RPSLODTXHVWDVFKHGDWDJOLDODHWLHQLODYLFLQRDOWHOHIRQR
-------------------------------------------------------------------------------,180(5,87,/,
3ROL]LDGL6WDWR
&DUDELQLHUL
9LJLOLGHO)XRFR
3ROL]LD0XQLFLSDOH9LJLOL
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
*XDUGLDGL)LQDQ]D $]LHQGDGHO*DV
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$]LHQGDHOHWWULFD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$]LHQGDGHOO¶DFTXD BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(PHUJHQ]DPHGLFD *XDUGLDPHGLFD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3URQWRVRFFRUVR
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,PLHLIDPLOLDUL
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$OWULQXPHUL
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3XEEOLFD]LRQHDFXUDGHOO¶$VVHVVRUDWRDOOH3ROLWLFKHSHUOD
6LFXUH]]DGHOOD3URYLQFLDGL3DGRYD
,GHD]LRQH
6WDPSDDFXUDGL .YHÄJOL,KLU*HKVULNOL7+
)LQLWRGLVWDPSDUH !ULSTLZLKP5V]LTIYL