/D ³6,&85(==$´ QHOOH PLVVLRQL FRQ O¶(OLVRFFRUVR GHOOD &HQWUDOH GL 3DUPD /¶(/,&277(52',62&&2562+(06 6,&85(==$'85$17(/(0,66,21, ,O SUHVHQWH RSXVFROR KD OR VFRSR GL IRUQLUH LQIRUPD]LRQL QHFHVVDULH DOOD FRPSUHQVLRQH GHOOH SUREOHPDWLFKHGXUDQWHO¶LPSLHJRGHOO¶HOLFRWWHUR+(06 7DOL LQIRUPD]LRQL VRQR GLUHWWH DJOL RSHUDWRUL GHOOH DVVRFLD]LRQL GL VRFFRUVR FRQ O¶RELHWWLYR GL PLJOLRUDUHODFROODERUD]LRQHFRQO¶HTXLSDJJLRGHOODEDVHGL3DUPD ,O ULVSHWWRGHOOHIDVLGLVHJXLWRWUDWWDWHqLQGLVSHQVDELOHSHUO¶XWLOL]]RLQVLFXUH]]D GLXQPH]]RFKH QRQRVWDQWHODVXDYHUVDWLOLWjUDSSUHVHQWDFRPSOHVVLWjGXUDQWHDOFXQHIDVLGHOOHRSHUD]LRQLPHVVDLQ PRWRGHFROORDWWHUUDJJLRVSHJQLPHQWRPRWRUL )LJXUD /HIDVLGLXQDPLVVLRQH+(06FKHFRLQYROJRQRXQVRFFRUULWRUHVRQR DOOHUWDPHQWR VFHOWDGHOOD]RQDGLDWWHUUDJJLR DLXWDUHO¶HOLFRWWHURDUDJJLXQJHUHLOWDUJHW SUHGLVSRVL]LRQHGHOO¶DUHDGLDWWHUUDJJLR VLFXUH]]DLQSURVVLPLWjGHOO¶HOLFRWWHUR $OOHUWDPHQWR 9j VHPSUH HIIHWWXDWR WUDPLWH OD FHQWUDOH SURYLQFLDOH FRPSHWHQWH IRUQHQGR OH LQIRUPD]LRQL ULFKLHVWH GDOO¶RSHUDWRUH 5LFRUGDUVL FKH ROWUH DJOL HOHPHQWL FDUDWWHUL]]DQWL GHOOD ORFDOLWj YLFLQR D FDPSLVSRUWLYLFKLHVHVWDELOLPHQWLILXPLHWF«qLPSRUWDQWHULIHULUHOHFRQGL]LRQLPHWHR 1RQGDUHPDLQXOODSHUVFRQWDWRDQFKHSLFFROLSDUWLFRODULSRVVRQRHVVHUHLPSRUWDQWLSHULQGLYLGXDUH FRQSLSUHFLVLRQHODORFDOLWj 6FHOWDGHOOD]RQDGLDWWHUUDJJLR 6HPEUDXQDEDQDOLWjPDSLJUDQGHqO¶DUHDGLDWWHUUDJJLRPLQRULVRQROHGLIILFROWjFKHLOSLORWDGHYH DIIURQWDUH 3HUODVFHOWDGHOO¶DUHDG¶DWWHUUDJJLRQHLSUHVVLGHOSD]LHQWHDWWHQHUVLDLVHJXHQWLFULWHUL VXSHUILFLH SLDQHJJLDQWH GL PHWUL [ PHWUL SHQGHQ]D PDVVLPD GL FLUFD DOO¶LQWHUQR GL XQ¶DUHD OLEHUD GD RVWDFROL GL [ 1RQ GHYRQR HVVHUFL OLQHH HOHWWULFKH WHOHIHULFKH FDYL WHOHIRQLFLHGRVWDFROLLQJHQHUH OD WUDLHWWRULD GL DYYLFLQDPHQWR GHYH HVVHUH OLEHUD GD RVWDFROL DOWL HG DYHUH XQD SHQGHQ]D PDVVLPDGL )LJXUD LOIRQGRGHOWHUUHQRGHYHHVVHUHFRPSDWWRVRQRLGHDOLLFDPSLVSRUWLYLSUDWLVSD]LDVIDOWDWL LQ FDVR GL DWWHUUDJJLR VXOOD QHYH DVVLFXUDUVL FKH LO IRQGR VLD FRPSDWWDWR DO ILQH GL HYLWDUH VSURIRQGDPHQWRGHLSDWWLQLPDVRSUDWWXWWRLOVROOHYDPHQWRGLQHYHIDULQRVD HYLWDUHVSD]LULFRSHUWLGLIRJOLDPHSROYHUHQHYHIDULQRVDVDEELD VH q SURSULR QHFHVVDULR DWWHUUDUH VX IRQGR SROYHURVR SURYYHGHUH VH SRVVLELOH D EDJQDUOR SULPDGHOO¶DWWHUUDJJLR GLQRUPDO¶HOLFRWWHURHYLWDGLDWWHUUDUHVXOODVHGHVWUDGDOHVLDSHURYYLHUDJLRQLGLVLFXUH]]D VLD SHU ODVFLDUH OLEHUR DFFHVVR DL PH]]L GL VRFFRUVR YLD WHUUD 4XDORUD SHUz QRQ YL GRYHVVH HVVHUH DOWUD DOWHUQDWLYD DOO¶DWWHUUDJJLR LQ VWUDGD VDUj QHFHVVDULR EORFFDUH LO WUDIILFR LQ HQWUDPEL L VHQVL GL PDUFLD H PDQWHQHUH PH]]L H SHUVRQH DG XQD GLVWDQ]D GL PHWUL GLVWDQ]DGLVLFXUH]]D6HJLjSUHVHQWLVXOSRVWRIDUVLDLXWDUHGDOOHIRU]HGHOO¶RUGLQHVHQRQ SUHVHQWLFKLHGHUQHO¶DWWLYD]LRQH )LJXUD 127$LQOLQHDGLPDVVLPDLQFDVRGLUHQGH]YRXVFRQO¶HOLFRWWHURSHULQWHUYHQWRLQFHQWURDELWDWR LFDPSLVSRUWLYL RVLPLODULVRQRO¶LGHDOH$WDOHVFRSRVLUDFFRPDQGDRYHIDWWLELOHGLULFKLHGHUHH WHQHUH D ERUGR GHOO¶DPEXODQ]D XQD FRSLD GHOOH FKLDYL GL DFFHVVR DL FDPSL GHL FRPXQL GHO SURSULR WHUULWRULRGLFRPSHWHQ]D *XLGDDOUDJJLXQJLPHQWRGHOWDUJHW 'DOO¶DOWR QRQ q VHPSUH IDFLOH LQGLYLGXDUH LO OXRJR G¶DWWHUUDJJLR SHU TXHVWR PRWLYR O¶DLXWR GHL VRFFRUULWRULFKHVRQRVXOSRVWRqLQGLVSHQVDELOHSHUJXLGDUHO¶HOLFRWWHUR 4XDQGR DUULYD VXO OXRJR H VH QH FRPLQFLD D VHQWLUH LO UXPRUH XWLOL]]DUH OD UDGLR YHLFRODUH R SRUWDWLOHHFRPXQLFDUHODSURSULDSRVL]LRQH8QDUHJRODFKHVLSXzVHJXLUHqTXHOODGHOO¶RURORJLR ,PPDJLQDQGRO¶HOLFRWWHURDOFHQWURGHOTXDGUDQWHLQGLFDUHODGLUH]LRQHGDVHJXLUHSHUUDJJLXQJHUYL 1HOO¶HVHPSLRVRWWRULSRUWDWRODFRPXQLFD]LRQHVDUj³VLDPRDWXHRUH´ )LJXUD 8Q DOWUD PRGDOLWj SHU LQGLFDUH DOO¶HOLFRWWHUR OD GLUH]LRQH GD VHJXLUH q TXHOOD GL VXJJHULUH GRSR DYHUORDYYLVWDWRHLQGLYLGXDWRODSUXDGLPDUFLDYDULD]LRQLGLGLUH]LRQHDGHVWUDRDVLQLVWUDULVSHWWR ³DOPXVRGHOO¶HOLFRWWHUR´ 1HOFDVRQRQVLDSRVVLELOHFRPXQLFDUHYLDUDGLRLOSXQWRGLDWWHUUDJJLRGRYUjHVVHUHVHJQDODWRFRQ FDOFHYHUQLFHRWHOLGLVSRVWLDG;RDG+RSSXUHDWWLUDUHO¶DWWHQ]LRQHGHOO¶HTXLSDJJLRVYHQWRODQGRXQ OHQ]XRORRXQDFRSHUWDGDLFRORULYLYDFL $QFKH L IDUL H LO ³IDURJLUR´ GHOO¶DPEXODQ]D DFFHVL SRVVRQR HVVHUH XWLOL SHU HVVHUH DYYLVWDWL 5LFRUGDUVLGLVSRVWDUHLOPH]]RGRSRHVVHUHVWDWLORFDOL]]DWLSHUQRQRVWDFRODUHO¶DWWHUUDJJLR (¶ LPSRUWDQWH FRPXQLFDUH DO SLORWD OD GLUH]LRQH GHO YHQWR QHO SXQWR GL DWWHUUDJJLR SRQHQGRVL LQ SRVL]LRQHHUHWWDFRQOHVSDOOHDOYHQWRHOHEUDFFLDHVWHVH )LJXUD 3UHSDUD]LRQHGHOO¶DUHDGLDWWHUUDJJLR 2OWUHDGDYHUHOHGLPHQVLRQLHOHFDUDWWHULVWLFKHJLjWUDWWDWHO¶DUHDGHYHHVVHUHSUHSDUDWDLQPRGRGD QRQSUHVHQWDUHSRWHQ]LDOLSHULFROLSHUO¶HOLFRWWHURHSHULSUHVHQWLVXOSRVWR,VRFFRUULWRULGRYUDQQR DFFHUWDUVLFKH QRQYLVLDQRSHUVRQHHVWUDQHHLQXQUDJJLRGLPHWULHGDYYLVDUOLGHOSRWHQ]LDOH SHULFROR GHULYDQWHGDOVROOHYDPHQWRGLPDWHULDOHGDSDUWHGHLURWRULIRJOLHVDEELDSROYHUH QRQYLVLDQRDQLPDOLOLEHULLQ]RQDVHSUHVHQWLDFFHUWDUVLFKHVLDQROHJDWLLFDQLVRQRDWWUDWWL GDJOLRJJHWWLURWDQWL!URWRULGHOO¶HOLFRWWHUR QRQ YL VLDQR RJJHWWL FKH SRVVRQR HVVHUH VROOHYDWL GDO IOXVVR G¶DULD JHQHUDWR GDL URWRUL ODPLHUHDVVLGLOHJQRELDQFKHULDVWHVDRPEUHOOLWHQGHHJD]HERGDFDPSHJJLRHWF«HWF« )LJXUD $77(1=,21( DQFKHO¶DPEXODQ]DGHYHHVVHUHSRVL]LRQDWDDGLVWDQ]DGLVLFXUH]]D PHWULIXRULGDOO¶DUHDGL DWWHUUDJJLRHLQYLVWDGHOSLORWD,OIUHQRGLVWD]LRQDPHQWRGHYHHVVHUHDWWLYDWRHOHSRUWHFKLXVH,Q TXHVWRPRGRVLHYLWD LQTXLQDPHQWRGHOYDQRVDQLWDULRFRQSROYHUHHGHWULWL SRVVLELOHVFDUGLQDPHQWRGHOOHSRUWLHUH LQIRUWXQL GHOOH SHUVRQH YLFLQH FKH SRVVRQR HVVHUH FROSLWH GDOOD YLROHQWD FKLXVXUD GHOOH SRUWLHUH 6LFXUH]]DLQWRUQRDOO¶HOLFRWWHUR 'RSR O¶DWWHUUDJJLR FRQWLQXDUH D PDQWHQHUH OH GLVWDQ]H GL VLFXUH]]D ILQR DOOR VEDUFR GHOO¶,3 &RRUGLQDWRUH GL 9ROR 6DQLWDULR &96 FKH SURYYHGHUj D IDU VFHQGHUH LO UHVWR GHOO¶HTXLSDJJLR LQGLFDQGRORURLOSHUFRUVRSLVLFXURYHUVRLOSD]LHQWH ,O&96VLRFFXSHUjGHOODVLFXUH]]DLQWRUQRDOO¶HOLFRWWHURILQRDOFRPSOHWRDUUHVWRGHLURWRULSHUSRL GLULJHUVLYHUVRODVFHQDGHOO¶HYHQWR 3HUTXDQWRULJXDUGDO¶DYYLFLQDPHQWRDOO¶DHURPRELOHSHUFRQVHQWLUHO¶LPEDUFRGHOSD]LHQWHVHJXLUHOH LVWUX]LRQLGHO&96HGHOSLORWD0DLDYYLFLQDUVLFRQO¶DPEXODQ]DDOO¶HOLFRWWHURDPHQRGLPHWUL FHUFDUHVHPSUHGLPHWWHUVLLQYLVWDGHOSLORWDIXRULGDOO¶DUHDGLDWWHUUDJJLRGHFROOR )LJXUD $77(1=,21( LQ QHVVXQ FDVR q FRQVHQWLWR WUDQVLWDUH R DUUHVWDUH O¶DPEXODQ]D DO GL VRWWRGHOURWRUHGHOO¶HOLFRWWHUR VLDFKHTXHVWRVLDPDQWHQXWRLQPRYLPHQWRRFKHVLDJLjVWDWRDUUHVWDWRLQTXDQWRLODPSHJJLDQWLR OHDQWHQQHSRWUHEEHURDUUHFDUHLQJHQWLGDQQLDOOHSDOH $77(1=,21( )LJXUD 127$ *OLDWWHJJLDPHQWLGLVLFXUH]]DGXUDQWHOHRSHUD]LRQLDWWRUQRDOO¶HOLFRWWHURYDQQRPDQWHQXWLVLDFRQL URWRULLQPRYLPHQWRFKHFRQLURWRULIHUPL /H RSHUD]LRQL GL LPEDUFRVEDUFR GHO SD]LHQWH FRQ L URWRUL LQ PRYLPHQWR VRQR GD FRQVLGHUDUVL ³RSHUD]LRQHHFFH]LRQDOL´SHUWDQWRGDHIIHWWXDUVLHVFOXVLYDPHQWHTXDQGROHFRQGL]LRQLGHOWUDVSRUWDWR VRQRPROWRFULWLFKHHVRWWRLOFRQWUROORGHO&96 'XUDQWH OH RSHUD]LRQL GL VRFFRUVR VXO SD]LHQWH SXz VHPEUDUH FKH O¶HOLFRWWHUR YHQJD ODVFLDWR LQFXVWRGLWR1RQqFRVu,OSLORWDROWUHFKHDFROODERUDUHTXDQGRqSRVVLELOHFRQO¶HTXLSHVDQLWDULDVL RFFXSDGHOODVLFXUH]]DDWWRUQRDOO¶HOLFRWWHUR$WDOHSURSRVLWRVLULFRUGDGL QRQDYYLFLQDUVLVHQRQLQSUHVHQ]DGHOSLORWD QRQVDOLUHVXOO¶HOLFRWWHUR QRQPDQRYUDUHLSRUWHOORQL QRQFHUFDUHGLFKLXGHUHOHSRUWLHUHIXQ]LRQDQRGLYHUVDPHQWHGDOOHDXWRPRELOL QRQWRFFDUHLFRPDQGLLQWHUQLDOODFDELQD $YYLFLQDPHQWR DYYLFLQDUVL DOO¶HOLFRWWHUR VHPSUH FRQ HVWUHPD FDXWHOD LQWHUHVVDQGR VROR O¶DUHD G¶DFFHVVR DQWHULRUH ULVSHWWR DOOD SUXD ,Q FDVL SDUWLFRODUL GRSR O¶DXWRUL]]D]LRQH GHO SLORWD H FRRUGLQDWL GDO &96 q SRVVLELOHDYYLFLQDUVLGDGLUH]LRQLGLYHUVH )LJXUD $77(**,$0(17,³6,&85, ´'$$'277$5(,172512$//¶(/,&277(52 $YYLFLQDUVLDOO¶HOLFRWWHURLQSRVL]LRQHFKLQD )LJXUD ,QSURVVLPLWjGHOURWRUHQRQHIIHWWXDUHVDOWLSHUVXSHUDUHGRVVLSR]]HRGRVWDFROL LQJHQHUH )LJXUD 3RUWDUHVHPSUHLOPDWHULDOHYROXPLQRVRROXQJRLQPDQLHUDRUL]]RQWDOHHPDLDO GLVRSUDGHOODWHVWD )LJXUD 6X WHUUHQR LQ SHQGLR R DG DQGDPHQWR H IRQGR LUUHJRODUH DYYLFLQDUVL HG DOORQWDQDUVL VHPSUH FRQ FDXWHODGDOODWRDYDOOH )LJXUD ,O URWRUH GL FRGD UXRWD DG DOWH]]D G¶XRPR HG q LQYLVLELOH TXDQGR LQ PRWR QRQ DYYLFLQDUVL PDL DOO¶HOLFRWWHURGDOVHWWRUHSRVWHULRU HDQFKHFRQURWRUHIHUPR )LJXUD 1HOOH RSHUD]LRQL G¶LPEDUFR H VEDUFR EDUHOOD ELVRJQD SUHVWDUH SDUWLFRODUH DWWHQ]LRQH D QRQ GDQQHJJLDUH L SRUWHOORQL D QRQ GDQQHJJLDUH OH DQWHQQH SRVWH DL ODWL GHOOD FRGD D QRQ DSSRJJLDUH RJJHWWLVRSUDLSLDQHWWLGLFRGDHQRQXUWDUHOHSDOHURWRUHGLFRGD 1RWD(¶DVVROXWDPHQWHYLHWDWRLQWHUHVVDUHLOVHWWRUHSRVWHULRUHGHOO¶DUHDDWWRUQRO¶HOLFRWWHURLQ VSHFLDOPRGRWUDVSRUWDQGREDUHOOHGLRJQLJHQHUH 1HOO¶HYHQWXDOLWj GL GRYHU HIIHWWXDUH XQ FDPELR UDSLGR GL EDUHOOD FRQ L URWRUL LQ PRYLPHQWR HIIHWWXDUH WDOH RSHUD]LRQH D GLVWDQ]D GL VLFXUH]]D P QHO VHWWRUH DQWHULRUH SHU HYLWDUH FKH OH HYHQWXDOL OHQ]XROD H WHOLQL WHUPLFL FKH DYYROJRQR LO SD]LHQWH YHQJDQR LQ FRQWDWWR FRQ OH HOLFKH GHOO¶HOLFRWWHURQRQFKpSHUULPDQHUHVHPSUHLQYLVWDGHOSLORWD )LJXUD $OORQWDQDUVL GDOO¶HOLFRWWHUR DGRWWDQGR OH VWHVVH SUHFDX]LRQLHQHOFDVRFKHO¶HOLFRWWHURVLDSURQWR SHUXQGHFROORLQXUJHQ]DDJHYRODUHWDOHPDQRYUDULSRQHQGROHSURSULHDWWUH]]DWXUHVXOO¶DPEXODQ]D FKLXGHQGROHUHODWLYHSRUWLHUH HVHQHFHVVDULRDOORQWDQDQGRLOYHLFROR DOSLSUHVWRSRVVLELOH $WWHQGHUH O¶LQYROR GHOO¶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³6,&85(==$´ QHOOH PLVVLRQL +(06 FRQ O¶(OLVRFFRUVR GHOOD &HQWUDOH GL 3DUPD