DSULOHGLFHPEUH IUDQFRURVVRLW
9,$**,',12==(
VRPPDULR
8QYLDJJLRGHGLFDWRDYRL
3HQVDWRSHUJOLVSRVL
9HU\,PSRUWDQW3OXV
$XJXUL&DUG6SRVL
*DUDQ]LD1R)XHO
$OSLWRXU:RUOG8QPRQGRLQYDFDQ]DFRQWH
3LYDORUHDOODWXDYDFDQ]D
6HUYL]LHYDQWDJJLSHUWHLQ$OSLWRXU:RUOG
6SDJQDH*UHFLD
2ULHQWH2FHDQR,QGLDQR
H(PLUDWL$UDEL
.RK6DPXL
7KDLODQGLDWRXU
%DOL
6UL/DQNDWRXU
0DOGLYH
0DXULWLXV
(PLUDWL$UDEL
&DUDLEL
0HVVLFRWRXU
0HVVLFR
5HSXEEOLFD'RPLQLFDQD
&XEDWRXU
&XED
%DKDPDV
$IULFD
.HQ\DVDIDUL
.HQ\DVRJJLRUQL
7DQ]DQLDVDIDUL
=DQ]LEDU
)RUPHQWHUD
0DLRUFD
0LQRUFD
/DQ]DURWH
)XHUWHYHQWXUD
7HQHULIH
*UHFLDWRXU
&UHWD
5RGL
.RV
0\NRQRV
6DQWRULQL
7DEHOOHSUH]]L
6FRQWLHDJHYROD]LRQLVXLVHUYL]LDHURSRUWXDOL
$SSXQWLGLYLDJJLR
4XDOLWjVHUYL]LHJDUDQ]LHSHUGDUHSLYDORUH
DOODWXDYDFDQ]D
1RWL]LH8WLOL
,VHUYL]L
&RQGL]LRQLJHQHUDOL
)UDQFRURVVRLW
/HWXHYDFDQ]HLQL]LDQRRQOLQH
,QL]LDDGDVVDSRUDUHODPDJLDGHOWXRYLDJJLR
FRQVXOWDQGRODVH]LRQH9LDJJLGL1R]]H
(JLWWR0DU5RVVR&DSR9HUGH
H0DURFFR
+XUJKDGD
&DSR9HUGH
0DURFFRWRXU
0DURFFR
(JLWWRFURFLHUH
6KDUP(O6KHLNK
0DUVD$ODP
Seguici su
2JQLPDWULPRQLRqXQYLDJJLR
)DWHORLQL]LDUHQHOPLJOLRUHGHLPRGL
FRQWXWWDODPDJLDGL)UDQFRURVVR
3HUJOLVSRVLHJOLLQQDPRUDWLGLRJQLHWjDEELDPR
UDFFROWRLQTXHVWRFDWDORJROHQRVWUHGHVWLQD]LRQL
SLHVFOXVLYH9DFDQ]HGLWRWDOHUHOD[SHUFKLYXRO
GHGLFDUVLDOGROFHIDUQLHQWH9LDJJLSLGLQDPLFL
SHUFKLQHDQFKHLQOXQDGLPLHOHYXROHULQXQFLDUH
DOIDVFLQRGHOODVFRSHUWD(DQFRUDYLDJJLFRPELQDWL
FKHDOWHUQDQRPRPHQWLGLSLJUDWUDQTXLOOLWj
DHVFXUVLRQLHPR]LRQDQWL,QSHUIHWWRVWLOH)UDQFRURVVR
VDUHWHDFFROWLLQDOEHUJKLHVFHQRJUDILHGDVRJQRFRQ
XQVHUYL]LRDWWHQWRPDVHPSUHGLVFUHWRSHUUHQGHUH
XQLFDHLQGLPHQWLFDELOHODYRVWUDIXJDURPDQWLFD
XQYLDJJLR
GHGLFDWRDYRL
3HUDLXWDUYLQHOODVFHOWDHQRQIDUYLSHUGHUHWHPSR
LQFDOFROLFRPSOLFDWLLSUH]]LVRQRVHPSUHSHUFRSSLD
HFRPSUHQGRQRXQDVHULHGLVHUYL]LHVFOXVLYLULVHUYDWL
DYRLVSRVL/LWURYDWHHYLGHQ]LDWLGLYROWDLQYROWDQHO
ULTXDGUR´3HQVDWR3HU9RLµURPDQWLFKHFHQHDOXPH
GLFDQGHODHPR]LRQDQWLHVFXUVLRQLLQEDUFDULODVVDQWL
PDVVDJJLLQVSLDJJLDHWDQWHDOWUHDWWHQ]LRQLVSHFLDOL
7XWWHOHSURSRVWHLQFOXGRQRLQROWUHJOLVFRQWLSHUJOL
VSRVLILQRDHXURDFRSSLDHOHULGX]LRQLSHUFKL
SUHQRWDLQDQWLFLSRVRORSHUYRLJDUDQWLWHILQRDOO·XOWLPR
PRPHQWR(GLQROWUHSHUJOL6SRVLFKHSUHQRWHUDQQR
HQWURLODYUDQQROD*DUDQ]LD1R)XHOFRVu
QRQSDJKHUDQQRO·HYHQWXDOHDGHJXDPHQWRFDUEXUDQWH
YHGHUHSDJ
,QSLRJQLFRSSLDFKHSUHQRWDODOXQDGLPLHOHFRQ
QRLULFHYHUjXQVHWGDYLDJJLRILUPDWR)UDQFRURVVR
XQFRPRGRWUROOH\GXHERUVHOOLSHUOXLHSHUOHL
XQSUDWLFRSRUWDGRFXPHQWL8Q´FRUUHGRµLQGLVSHQVDELOH
SHUUHQGHUHODYRVWUDYDFDQ]DDQFRUDSLSLDFHYROH
5LFRUGDWHYLFKHOHQRVWUHSURSRVWHVRQRYDOLGHILQRD
PHVLGRSRLOPDWULPRQLREDVWHUjSRUWDUHDOPRPHQWR
GHOODSUHQRWD]LRQHXQDIRWRFRSLDGHOFHUWLILFDWR
GLPDWULPRQLRRGHOOHSXEEOLFD]LRQLGLQR]]HWHQHWHOD
VHPSUHFRQYRLDQFKHQHOFRUVRGHOYLDJJLRSHUFKp
SRWUHEEHHVVHUHQHFHVVDULRHVLELUOD
2UDSRWHWHGDYYHURSDUWLUHSHUJRGHUYLFRQXQYLDJJLR
GDVRJQRLOPRPHQWRSLEHOORGHOODYRVWUDYLWD
$QFKHQRLGL)UDQFRURVVRYRJOLDPR
IDUYLXQUHJDORGLQR]]H$Q]LWDQWL
$EELDPRSHQVDWRGLSDUWHFLSDUH
DOODYRVWUDJLRLDFRQXQDVHOH]LRQH
GLSURSRVWHGLYLDJJLGHGLFDWL
DJOLVSRVLLQOXQDGLPLHOH
9HGHUHDILQHFDWDORJR´1RWL]LHXWLOL/HTXRWHFRPSUHQGRQRµ
SHQVDWR
SHUJOL
VSRVL
9(5<,03257$173/86
,/ 9,$**,2 &20,1&,$« ( 6,(7( 68%,72 9,3
2JJLOHFRSSLHGLVSRVLSRVVRQRVFHJOLHUHGLUHJDODUVL
TXDOFKHFRPRGLWjLQSLVLQGDOODSDUWHQ]D
&RQXQDSLFFRODVSHVDLFOLHQWLLQSDUWHQ]DGD0LODQR
0DOSHQVDSRWUDQQRDFTXLVWDUHLOVHUYL]LR9DOHW6HUYLFH
FKHSUHYHGHODFRQVHJQDGHOO·DXWRGLUHWWDPHQWH
LQDHURSRUWRFRVuFRPHODULFRQVHJQDLOJLRUQR
GHOULWRUQRVHQ]DDOFXQDQHFHVVLWjGLUHFDUVL
DOSDUFKHJJLR
,QROWUHJOL6SRVLSRWUDQQRVFHJOLHUHLOVHUYL]LR)DVW
7UDFNFRUVLDSUHIHUHQ]LDOHQHLFRQWUROOLGLVLFXUH]]D
HXWLOL]]RGHOOH6DOH9LSSUHVVRJOLDHURSRUWLGL0LODQR
0DOSHQVD%HUJDPR9HURQDH5RPD)LXPLFLQR
ËVHPSOLFHVHQWLUVL9,3VLQGDOODSDUWHQ]D
,OFRVWRqLQGLFDWRQHOOHVLQJROHWDEHOOHSUH]]L
6
HUYL]LVRJJHWWLDGLVSRQLELOLWjOLPLWDWDHXVXIUXLELOLLQEDVHDJOLRUDULGLDSHUWXUD
GHOOHVDOHO·HYHQWXDOHPDQFDWDHURJD]LRQHQRQGDUjGLULWWRDULPERUVL
8OWHULRULGHWWDJOLDSDJ
$8*85,&$5'6326,
/$ /,67$ 12==( ', $/3,7285 :25/'
/DTXDOLWjLVHUYL]LHOHJDUDQ]LHGL$OSLWRXU:RUOG
DWXDFRPSOHWDGLVSRVL]LRQHSHUJDUDQWLUWL
XQYLDJJLRGLQR]]HLQGLPHQWLFDELOH
3HUJOLVSRVLXQVLPSDWLFRGRQRSHUPDQWHQHUH
YLYRLOULFRUGRGLXQDYDFDQ]DXQLFDHXQEXRQR
VFRQWRGL€GDXWLOL]]DUHSHUXQQXRYRYLDJJLR
(GLQROWUHSHUWXWWLFRORURFKHSDUWHFLSHUDQQR
DOODWXDOLVWDQR]]HXQEXRQRVFRQWRILQRD€
GDXWLOL]]DUHSHUODSURVVLPDYDFDQ]D$OSLWRXU:RUOG
,OPRGRSLRULJLQDOH
GLIDUVLUHJDODUH
XQ9LDJJLRGL1R]]H
Garanzia No Fuel
NOVITÀ011
ESTATE 2
Tutti coloro che prenoteranno un pacchetto vacanza comprensivo di Volo
Speciale I.T.C. entro il 31 marzo non pagheranno l’eventuale adeguamento carburante. Questa fantastica opportunità vale per tutte le proposte
pubblicate su questo catalogo.
$/3,7285:25/'
81021'2,19$&$1=$&217(
TOUR OPERATING
%HQYHQXWLLQ$OSLWRXU:RUOGXQPRQGRVHQ]DFRQILQL
FRPHODIDQWDVLDHFRPHLVRJQLFKHLVSLUDQR
OHYDFDQ]H$OFHQWURGLTXHVWRPRQGRWXLOWXR
GLYHUWLPHQWRHODWXDVHUHQLWj3HUUHDOL]]DUHOHQRVWUH
SURPHVVHDEELDPRULXQLWRVRWWROHDOLGL$OSLWRXU:RUOG
O·HVSHULHQ]DHO·DIILGDELOLWjGLWDQWHD]LHQGHOHDGHU
GHOWXULVPRRUJDQL]]DWRHGHLVHUYL]LFUHDQGRXQWHDP
DIILDWDWRHGLQDPLFRLQJUDGRGLRIIULUWLVROX]LRQL
VHPSUHSLFRPSOHWHVXPLVXUDHGLTXDOLWj
8QDFRPSDJQLDDHUHDSULPDSHUHIILFLHQ]D
SXQWXDOLWjHFRPIRUWXQDFDWHQDGLKRWHOHYLOODJJL
JHVWLWLQHOODJUDQGHWUDGL]LRQHGHOO·RVSLWDOLWjLWDOLDQD
XQDVRFLHWjGLDFFRJOLHQ]DDOO·HVWHURSHUFKp
RJQLDQJRORGLPRQGRVLDXQSR·FDVDWXDXQDVRFLHWj
GLLQFHQWLYHHGHYHQWLFKHSHUWHLPSUHQGLWRUH
RPDQDJHUUHQGDVSHFLDOHRJQLRFFDVLRQHGLPHHWLQJ
GHOODWXDD]LHQGDXQDUHWHGLDJHQ]LHGLYLDJJLR
FKHFRQFRPSHWHQ]DHSURIHVVLRQDOLWjWLVXSSRUWL
QHOO·RUJDQL]]D]LRQHGHOODWXDYDFDQ]DLGHDOH
(DOFHQWURGHOODWXDVFHOWDLQRVWUL7RXU2SHUDWRU
FRQXQDJDPPDFRPSOHWDGLSURSRVWHSHUUHDOL]]DUH
LOWXRYLDJJLR$OSLWRXU)UDQFRURVVR9LDJJLGHD
9RODQGR.DUDPERODH9LOODJJL%UDYR
7XWWRTXHVWRq$OSLWRXU:RUOGXQPRQGRFKHRJQL
JLRUQRDFFRJOLHPLJOLDLDGLSHUVRQHHOHUHQGH
SURWDJRQLVWHGLXQ·HVSHULHQ]DXQLFD
AVIATION
HOTELS & RESORTS
DISTRIBUTION
INCENTIVE & EVENTS
INCOMING
Tutte le vacanze del mondo.
3,Ö9$/25($//$78$9$&$1=$
$66,67(1=$6(59,=,(*$5$1=,(
'DVHPSUHSHU$OSLWRXU:RUOGO·DVVLVWHQ]DqXQYDORUH
DVVROXWR1HJOLDHURSRUWLHQHLOXRJKLGLVRJJLRUQR
WURYLRSHUDWULFLHRSHUDWRULDWWHQWLDGRJQLGHWWDJOLR
DIILQFKqODWXDYDFDQ]DVLDVHQ]DSUHRFFXSD]LRQL
DQFKHLQFDVRGLHYHQWXDOLLPSUHYLVWL6RQRVHPSUHDO
WXRILDQFRFRQWDWWDOLLQTXDOVLDVLPRPHQWRVHFRQGR
OHWXHHVLJHQ]HHOHWXHQHFHVVLWj$OSLWRXU:RUOGKD
LPSDUDWRLQROWUHDQQLGLHVSHULHQ]DFRQRVFHUH
OHWXHHVLJHQ]HDQWLFLSDUHOHWXHQHFHVVLWjHSRUUH
ULPHGLRDJOLHYHQWXDOLLQFRQYHQLHQWL&DPELDTXDOFRVD
ULVSHWWRDLYROLFKHKDLSUHQRWDWR"9XRLPRGLILFDUHR
DQQXOODUHODWXDSUHQRWD]LRQH"9XRLODJDUDQ]LDGL
XQ·pTXLSHFKHPRQLWRUDRUHVXLOYRORVXFXLVWDL
YLDJJLDQGR"+DLQHFHVVLWjGLXQ·LQIRUPD]LRQH"1HOOH
SDJLQHILQDOLGLTXHVWRFDWDORJRWURYHUDLODULVSRVWD
DWXWWHOHWXHGRPDQGH(VHFRPSLOLLOTXHVWLRQDULR
TXDOLWjSRWUHPRDQWLFLSDUHOHWXHULFKLHVWH
„$WWHQ]LRQHDOFOLHQWHDƒ
„3URIHVVLRQDOLWj
„(VSHULHQ]D
„(QWXVLDVPR
„7UDVSDUHQ]D
„,QWHUYHQWLWHPSHVWLYL
„6HOH]LRQHDFFXUDWD
GHOOHFRPSDJQLHDHUHH
$/3,7285:25/',192/2
$EELDPRVHOH]LRQDWRSHUWH
&RPSDJQLH$HUHHULVSRQGHQWLDL
SLVHYHULVWDQGDUGLQWHUQD]LRQDOL
GLPDQXWHQ]LRQHHVLFXUH]]DSHUJDUDQWLUWL
LOPDVVLPRGHOODWUDQTXLOOLWjHGHOFRPIRUW
,QSDUWLFRODUHJUD]LHDOODQRVWUD&RPSDJQLD
$HUHD1HRVHDGXQDIORWWDGLDHUHLGLXOWLPD
JHQHUD]LRQHWLRIIULDPRLOPDVVLPROLYHOOR
GLVHUYL]LDERUGRUDIILQDWLSLDWWLGHOODFXFLQD
LWDOLDQDSUH]LRVLYLQL'2&LQWUDWWHQLPHQWRYLGHR
FRQLSURJUDPPLGL5DGLR9LGHR,WDOLDPDJD]LQH
GLERUGRHPROWHVRUSUHVHSHULELPEL
Tutte le vacanze del mondo.
6(59,=,(9$17$**,3(57(
,1$/3,7285:25/'
9$&$1=(6(5(1(($'$/7$3527(=,21(
CrediTravelqODVROX]LRQHGLILQDQ]LDPHQWRFKH
LQFROODERUD]LRQHFRQ$JRV'XFDWR6S$WLSHUPHWWH
GLILQDQ]LDUHILQRDOGHOFRVWRGHOYLDJJLRLQL]LDQGR
DULPERUVDUHILQRDGXQPHVHGRSRODSDUWHQ]D
3XRLILQDQ]LDUHFRQOHIRUPXOH
SPECIALE 6 MESI TASSO ZERO Tan 0%, Taeg 0%
VHVHL6RFLRGHO&OXE<RXDQG6XQ
SPECIALE GOGOdays Tan 0%, Taeg max 3,53%
ULVHUYDWDDOOHSUHQRWD]LRQLFRQVFRQWR*2*2GD\V
3HULGHWWDJOLHOHFRQGL]LRQLGLWXWWHOHIRUPXOH
GLILQDQ]LDPHQWRGLVSRQLELOLYDLDOOHSDJLQHILQDOL
GHOFDWDORJR&RQAlpitour World SicuroSRWUDL
DVVRFLDUHDOO·DVVLFXUD]LRQHLQFOXVDLQTXRWDYDULH
SROL]]HLQWHJUDWLYHVWXGLDWHSHUFRSULUHRJQLWXD
HVLJHQ]DGLWUDQTXLOOLWjGDOOD7RS%RRNLQJ3OXV
DOOD7RS6SRUW
Alpitour World AmicoqLOILORGLUHWWRFKHWLSHUPHWWH
GLHVVHUHLQFRQWDWWRFRQQRLSULPDGXUDQWHHGRSR
ODYDFDQ]D0DQRQILQLVFHTXLAlpitour World
KDFUHDWRLO&OXEYou and Sun
&RQAlpitourFrancorossoViaggideaKarambola
HVillaggi BravoKDLPROWHRSSRUWXQLWjSHUFROOH]LRQDUH
SXQWLGDVSHQGHUHTXDQGRYXRLWX
&RQVXOWDLOVLWRyouandsun.itSHULVFULYHUWLHFRQRVFHUH
WXWWLLGHWWDJOL
„&UHGL7UDYHO
„)LQDQ]LDFRQ&UHGL7UDYHO
HULFHYLXQD&DUWD5LVWRUDQWH
„$PLFR
„<RXDQG6XQ
„ËVHPSOLFHFROOH]LRQDUH
HXWLOL]]DUHLSXQWL
„6FRSULLYDQWDJJL
VX\RXDQGVXQLW
<RXDQG6XQ,OFOXEFKHSUHPLDODWXDVFHOWDGLGDUFLILGXFLDQHOWHPSR
CrediTravel
La direzione giusta per finanziare la tua vacanza
Tutte le vacanze del mondo.
/·D]]XUURGHOFLHOR
FKHVLIRQGHFRQLOEOXGHOO·RFHDQR
%DUULHUHFRUDOOLQHFKHDEEUDFFLDQRODJXQHWXUFKHVL
,OVLOHQ]LRGHOPDUHFKHDFFDUH]]DVSLDJJHGHVHUWH
0DXULWLXV0DOGLYH6UL/DQNDHG(PLUDWL$UDEL
,OYLDJJLRGLQR]]HLGHDOHSHUXQVRJQRFKHVLDYYHUD
(DQFRUDDYYHQWXUDVWRULDFXOWXUDHVRUULVR
4XHVWRqO·2ULHQWHHTXHVWRqO·2ULHQWH)UDQFRURVVR
FKHSURSRQLDPRDJOLVSRVL
$YHWHVRORO·LPEDUD]]RGHOODVFHOWD
25,(17(2&($12,1',$12(0,5$7,$5$%,
RFHDQR
LQGLDQR
RULHQWH
HPLUDWLDUDEL
.2+6$08,
0$,6$08,%($&+
5(625763$
*LXGL]LR)UDQFRURVVR● ● ● ● ○
&DWHJRULDXIILFLDOH
★★★★
'HOL]LRVR SLFFROR KRWHO VLWXDWR VXOOD VSLDJJLD GL /DHP <DL D
.RK 6DPXL HG LPPHUVR LQ XQ YHUGHJJLDQWH SDOPHWR /H GL
PHQVLRQLULGRWWHGHOODVWUXWWXUDO·DPELHQWHLQWLPRHFXUDWRH
ODSRVL]LRQHDSSDUWDWDQHIDQQRXQDPHWDLGHDOHSHUXQDOX
QDGLPLHOHURPDQWLFDHGHVRWLFD$FLUFDPLQXWLGDOO·DHUR
SRUWRGL.RK6DPXLVLDIIDFFLDVXXQDVSLDJJLDGLVDEELDH
FRUDOOR/HFDPHUHGHOX[HVSD]LRVHHGHOHJDQWLVRQRGRWDWH
GLWXWWLLFRPIRUWHGLVSRQJRQRGLDULDFRQGL]LRQDWD79VDWHO
OLWDUHOHWWRUH&'H'9'LQWHUQHW:L)LILORGLIIXVLRQHFDVVHW
WDGLVLFXUH]]DVHWSHULOWqHLOFDIIqVHUYL]LSULYDWLFRQYDVFD
HGRFFLDDVFLXJDFDSHOOLDFFDSSDWRLRSDQWRIROLQHERUVDGD
VSLDJJLDFRQWHORPDUHULVWRUDQWLFRQVHUYL]LRDEXIIHWRDO
WDYROR H EDU 3HU LO WHPSR OLEHUR VRQR D GLVSRVL]LRQH GXH
SLVFLQH FRQ LGURPDVVDJJLR FDQRD VQRUNHOLQJ PDVFKHUD
SLQQH H ERFFDJOLR LQFOXVL SHVFD DTXDJ\P SDOHVWUD
VTXDVKPRXQWDLQELNH\RJDOH]LRQLGLFXFLQDWKDLODQGHVH
$ SDJDPHQWR FHQWUR EHQHVVHUH ´0DL 6DPXQSUDL 6SDµ SHU
PDVVDJJLHWUDWWDPHQWLRULHQWDOL/·KRWHOqSUHQRWDELOHLQ,WDOLD
VRORFRQ)UDQFRURVVR
3(16$723(592,
‡)UXWWDHWRUWDQX]LDOH
‡8QDVHVVLRQHSULYDWDGL\RJD
LQFDPHUDDOO·DUULYR
SHUODFRSSLDGHOODGXUDWD
‡'HFRUD]LRQHÁRUHDOH
GLXQ·RUD
‡8QDURPDQWLFDFHQDDOXPH ‡8QVRXYHQLUORFDOHSULPD
GLFDQGHODFRQERWWLJOLD
GHOODSDUWHQ]D
GLYLQRGHOODFDVDLQFOXVD
‡6HWGDYLDJJLRRIIHUWR
‡8QPDVVDJJLRGLXQ·RUD
GD)UDQFRURVVR
SHUODFRSSLDSUHVVRLOFHQWUR
6SDSHUULJHQHUDUVLGRSR
LSUHSDUDWLYLGHOOHQR]]H
HODVFLDUHVSD]LRDSDFH
HUHOD[
7+$,/$1',$
/81$',0,(/(
,17+$,/$1',$
8QDWUDOHGHVWLQD]LRQLRULHQWDOLSLDIIDVFLQDQWLOD7KDLODQGLDODVXD
FDSLWDOHOHDQWLFKHFLWWjGHOQRUGGDOO·DWPRVIHUDPLVWLFDVRVSHVHWUD
DQWLFKH WUDGL]LRQL H PRGHUQLWj 8Q LWLQHUDULR FKH YL DYYLFLQHUj DOOD
YLWDGHOODSRSROD]LRQHORFDOHHFKHYLFRQVHQWLUjGLDSSURILWWDUHGL
LQQXPHUHYROLRFFDVLRQLSHUIDUHVKRSSLQJ3HUFKLGHVLGHUDXQSUR
JUDPPDGLGXHVHWWLPDQHODSRVVLELOLWjGLSUROXQJDUHLOVRJJLRUQR
VXOOHEHOOHVSLDJJHGL.RK6DPXLSHUXQDVRVWDLQWLPDHULODVVDQWH
ƒJLRUQR,WDOLD%DQJNRN
3DUWHQ]D FRQ YROR GL OLQHD SHU %DQJNRN 3DVWL H SHUQRWWDPHQWR D
ERUGR
ƒJLRUQR%DQJNRN
$UULYRD%DQJNRN,QFRQWURFRQODJXLGDWUDVIHULPHQWRLQKRWHOHVL
VWHPD]LRQHQHOOHFDPHUHULVHUYDWH&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR%DQJNRN&KLDQJ5DL
3ULPDFROD]LRQH7UDVIHULPHQWRLQDHURSRUWRHYRORSHU&KLDQJ5DL
$UULYRHWUDVIHULPHQWRLQKRWHOHVLVWHPD]LRQHQHOOHFDPHUHULVHUYD
WH7HPSRDGLVSRVL]LRQHFHQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR&KLDQJ5DL&KLDQJ0DLNPFLUFD
3ULPDFROD]LRQH3DUWHQ]DSHUODYLVLWDGHLYLOODJJLGL0DH&KDQHGL
0DH6DLDOFRQILQHFRQOD%LUPDQLD6RVWDDO´7ULDQJRORG·2URµSHU
DPPLUDUHLOSXQWRLQFXL/DRV%LUPDQLDH7KDLODQGLDVLLQFRQWUDQR
3UDQ]R LQ ULVWRUDQWH 1HO SULPR SRPHULJJLR LPEDUFR VX ODQFH SHU
ODQDYLJD]LRQHOXQJRLOILXPHILQRD&KLDQJ0DLFLUFDRUH$UULYR
D &KLDQJ 0DL WUDVIHULPHQWR LQ KRWHO H VLVWHPD]LRQH QHOOH FDPHUH
ULVHUYDWH&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR&KLDQJ0DL
3ULPDFROD]LRQH9LVLWDDOWHPSLRGL'RL6XWKHS3UDQ]RLQDOEHUJR
3RPHULJJLRDGLVSRVL]LRQH/DVHUDFHQDWLSLFD´.DQWRNHµFRQVSHW
WDFRORGLGDQ]HWUDGL]LRQDOL3HUQRWWDPHQWRLQKRWHO
ƒJLRUQR&KLDQJ0DL/DPSDQJNPFLUFD
3ULPDFROD]LRQH3DUWHQ]DSHU/DPSDQJFRQVRVWHD%R6DQJH6DQ
.DP 3KDHQJ GRYH OH IDEEULFKH GL DUWLJLDQDWR VRQR VSHFLDOL]]DWH
QHOODODYRUD]LRQHGHOFRWRQHDQWLFKLWjVHWDODFFDJLRLHOOL3UDQ]R
LQ FRUVR GL HVFXUVLRQH 6RVWD D /DPSRRQ SHU OD YLVLWD GHO :DW
+DULSRRQFKDL H SURVHJXLPHQWR SHU OD YLVLWD DOOD WULE GHL .DULHQ
$UULYRD/DPSDQJHWUDVIHULPHQWRLQKRWHO&HQDHSHUQRWWDPHQWR
LQKRWHO
ƒJLRUQR/DPSDQJ6XNKRWKDL3LWVDQXORNHNPFLUFD
3ULPD FROD]LRQH 3DUWHQ]D SHU 6UL 6DWFKDQDODL OD VHFRQGD FLWWj
GHOUHJQR3URVHJXLPHQWRSHU6XNKRWDKDLHYLVLWDGHOVXRPXVHR
3UDQ]RLQFRUVRGLHVFXUVLRQH$UULYRD3LWVDQXORNHHVLVWHPD]LRQH
LQKRWHO&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR3LWVDQXORNH%DQJNRNNPFLUFD
3ULPDFROD]LRQH3DUWHQ]DSHU%DQJNRNFRQVRVWHD/RSEXULVHFRQ
GDFDSLWDOHGHO;9,VHFRORHYLVLWDGHLVXRLWHPSOL3URVHJXLPHQWR
SHU $\XWKD\D DQWLFD FDSLWDOH H SHU %DQJ 3D ,Q UHVLGHQ]D HVWLYD
GHLUHDOLVLDPHVL3UDQ]RLQFRUVRGLHVFXUVLRQH$UULYRD%DQJNRNH
VLVWHPD]LRQHLQKRWHO&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR%DQJNRN,WDOLD
3ULPDFROD]LRQH,QPDWWLQDWDYLVLWDGHO3DOD]]R5HDOHHGHLWHPSOL
SLLPSRUWDQWLGL%DQJNRN3UDQ]RLQULVWRUDQWHHDOWHUPLQHWUDVIHUL
PHQWRLQDHURSRUWR3URFHGXUHGLLPEDUFR
ƒJLRUQR,WDOLD
'HFROOR SHU O·,WDOLD 3DVWL H SHUQRWWDPHQWR D ERUGR $UULYR LQ,WDOLD
LQWDUGDPDWWLQDWD
Luang Prabang
LAOS
M YA N M A R
Bagan
Ha i n a n
Chiang Rai
Mae Hong Son
Vientiane
Inle Lake
Chiang Mai
Lampang
way
each
Pitsanuloke
Hue
D
Bago
THAILANDIA
Saung
Ayuthaya
Yangon
Bangkok
Cha-am
Siem Reap
CAMBOGIA
Pattaya
Koh Samed
Phnom
Penh
Koh Chang
Phan T
3(16$723(592,
‡)LRULHIUXWWDLQFDPHUD
DOO·DUULYR
‡/HWWR.LQJVL]H
$%$1*.2.
‡/DWHFKHFNRXWÀQR
DOOHRUH
$&+,$1*0$,
‡7RUWDQX]LDOHLQFDPHUD
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
9,$**,&20%,1$7,
$O WRXU q DEELQDELOH XQD VHWWLPDQD GL VRJJLRUQR EDOQHDUH D .RK
6DPXL
7+$,/$1',$
‡(GLQROWUHSHULFOLHQWL
LQSDUWHQ]DGD0LODQR
0DOSHQVD)UDQFRURVVRRIIUHL
VHUYL]L)DVW7UDFN
H6DOH9LS3HULGHWWDJOL
HFRQGL]LRQLGLXVXIUXLELOLWj
YHGLSDJJH
%$/,186$'8$
*5$1'0,5$*(
5(62577+$/$662%$/,
*LXGL]LR)UDQFRURVVR● ● ● ● ○
&DWHJRULDXIILFLDOH
★★★★★
5HVRUWVLWXDWRVXOODVSLDJJLDGL1XVD'XDDFLUFDPLQXWLGDOO·DH
URSRUWRGL%DOLFKHVLFDUDWWHUL]]DSHUODULFFDIRUPXODDOOLQFOXVLYH
FDPHUHWRWDOLDIIDFFLDWHVXLJLDUGLQLRVXOODSLVFLQDWXWWHGRWDWH
GL EDOFRQH DULD FRQGL]LRQDWD 79 VDWHOOLWDUH WHOHIRQR FDVVHWWD GL
VLFXUH]]DPLQLEDUVHWSHULOWqHLOFDIIqVHUYL]LSULYDWLFRQYDVFDH
GRFFLDDVFLXJDFDSHOOLDFFDSSDWRLRHSDQWRIROLQH5LVWRUDQWHSULQ
FLSDOHDSHUWRRUHHULVWRUDQWLFKHSURSRQJRQRVSHFLDOLWjLQWHU
QD]LRQDOLLWDOLDQHHDEDVHGLSHVFHDQFK·HVVLLQFOXVLVXSSOHPHQWR
SHUVSHFLDOLWjDEDVHGLDUDJRVWDHFURVWDFHLEDUFRQVHUYL]LRGL
EHYDQGH LOOLPLWDWR DG HFFH]LRQH GHJOL DOFROLFL GL PDUFD 1HO FRUVR
GHOODVHWWLPDQDYHQJRQRRUJDQL]]DWHLQROWUHFHQHWHPDWLFKHEDOLQH
VLFRQVHUYL]LRDEXIIHWHEDUEHFXHVHJXLWHGDVSHWWDFROLIROFORULVWLFL
ORFDOL $ GLVSRVL]LRQH GHJOL RVSLWL FKH VRJJLRUQDQR LQ IRUPXOD DOO
LQFOXVLYHQXPHURVHDWWLYLWjVSRUWLYHTXDOLFDQRHFDWDPDUDQRZLQ
GVXUI SHGDOz EHDFKYROOH\ SDOHVWUD WHQQLV SLQJ SRQJ VDOD JLR
FKLELOLDUGR$SDJDPHQWRFHQWURGLWKDODVVRWHUDSLDHVSDFKHRIIUH
XQ·DPSLD JDPPD GL WUDWWDPHQWL H PDVVDJJL FRQ O·XWLOL]]R GL ROL H
SURGRWWLQDWXUDOLORFDOL8QDVWUXWWXUDFRPSOHWDGDOSXQWRGLYLVWDGHL
VHUYL]LRIIHUWLGRYHULODVVDUVLHEXRQDEDVHGLSDUWHQ]DSHUDQGDUH
DOODVFRSHUWDGHOO·LQWHUQRGHOO·LVROD
3(16$723(592,
‡)LRULFHVWRGLIUXWWDHWRUWD
‡8QWUDWWDPHQWRSHUODFRSSLD
QX]LDOHLQFDPHUDDOO·DUULYR
´,VODQG6SLFHµR´,VODQG)UXLWµ
‡3ULPDFROD]LRQHVHUYLWD
GHOODGXUDWDGLGXHRUH
LQFDPHUD
LQFOXVLYRGLVFUXE
‡8QDURPDQWLFDFHQDDOXPH
DURPDWHUDSLDHPDVVDJJLR
GLFDQGHODVXOODVSLDJJLD
‡6HWGDYLDJJLRRIIHUWR
PHQDEDVHGLDUDJRVWD
GD)UDQFRURVVR
FRQXQDERWWLJOLDGLVSXPDQWH
LQFOXVD
,1'21(6,$
/81$',0,(/(
$%$/,
%DOLO·LVRODLQGRQHVLDQDSLFRQRVFLXWDSHUODVXDQDWXUDLO
VRUULVRGHOODJHQWHOHWUDGL]LRQLDUWLVWLFKHDQWLFKLVVLPHXQD
EUHYH WDSSD DOO·LQWHUQR GHOO·LVROD LQ XQ·DUHD OXVVXUHJJLDQWH
SHU ULJHQHUDUVL GRSR OH IDWLFKH GHL SUHSDUDWLYL GHO PDWULPR
QLR H SRL XQ VRJJLRUQR PDUH VXOOD VSLDJJLD GL 1XVD 'XD
GRYHJRGHUVLLOVROHHLOPDUHHVFRSULUHOHYHUDYLWDGHOO·LVROD
8QLWLQHUDULRLPPDQFDELOHSHUJOLVSRVLSLFXULRVLHUDIILQDWL
ƒJLRUQR,WDOLD%DOL
3DUWHQ]DGDOO·,WDOLDFRQYRORGLOLQHDSHU%DOL3DVWLHSHUQRW
WDPHQWR
ƒJLRUQR%DOL8EXGNPFLUFD
$UULYR D %DOL H WUDVIHULPHQWR GLUHWWR D 8EXG QHOO·LQWHUQR
GHOO·LVROD ]RQD GL LQFDQWHYROL SDHVDJJL YLOODJJL WLSLFL FDVH
LPPHUVH QHOOD VWXSHQGD QDWXUD EDOLQHVH 6LVWHPD]LRQH LQ
KRWHO&HQDHSHUQRWWDPHQWR
ƒJLRUQR8EXG
,QWHUD JLRUQDWD D GLVSRVL]LRQH SHU LO UHOD[ H SHU HYHQWXDOL
YLVLWHIDFROWDWLYHGHOOD]RQDFDUDWWHUL]]DWDGDJLXQJOHIRUHVWH
H FDVFDWH 3RVVLELOLWj GL HIIHWWXDUH WUDWWDPHQWL EHQHVVHUH
H PDVVDJJL SHU ULJHQHUDUVL H ULODVVDUVL /·DWPRVIHUD FKH VL
UHVSLUDQHOODORFDOLWjqGLDVVROXWDSDFHHLQSHUIHWWDDUPRQLD
FRQODQDWXUD7UDWWDPHQWRGLPH]]DSHQVLRQHLQKRWHO
ƒJLRUQR8EXG7HPERNNPFLUFD
3ULPDFROD]LRQH3DUWHQ]DSHU7HPERNORFDOLWjVLWXDWDVXOOD
FRVWD QRUG RULHQWDOH GHOO·LVROD 6L DWWUDYHUVDQR VXJJHVWLYH
FROWLYD]LRQL GL ULVR D WHUUD]]H FKH DEEDJOLDQR SHU L ORUR FR
ORUL HG q SUHYLVWD XQD VRVWD DO 7HPSLR GHOOH VRUJHQWL VDFUH
7DPSDN6LULQJ3UDQ]ROLEHUR$UULYRQHOSRPHULJJLRLQKRWHO
D7HPERN&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR7HPERN1XVD'XDNPFLUFD
3DUWHQ]D DOO·DOED SHU XQ WRXU LQ EDUFD GD /RYLQD FRQ OD
SRVVLELOLWjGLDYYLVWDUHEUDQFKLGLGHOILQL$VHJXLUHWHPSRD
GLVSRVL]LRQH SHU XQD QXRWDWD R SHU FLPHQWDUVL LQ XQR VQRU
NHOLQJWRXU5LHQWURLQKRWHOSHUODSULPDFROD]LRQH$OWHUPLQH
SDUWHQ]D SHU 1XVD 'XD VXOOD FRVWD PHULGLRQDOH GHOO·LVROD
$OO·DUULYRVLVWHPD]LRQHLQKRWHOHUHVWRGHOODJLRUQDWDDGLVSR
VL]LRQH3HUQRWWDPHQWR
'DOƒDOO·ƒJLRUQR1XVD'XD
*LRUQDWH D GLVSRVL]LRQH SHU UHOD[ EDOQHDUH 7UDWWDPHQWR GL
DOOLQFOXVLYHLQKRWHO
ƒJLRUQR%DOL,WDOLD
3ULPD FROD]LRQH LQ KRWHO ,Q JLRUQDWD WUDVIHULPHQWR LQ DHUR
SRUWRHLPEDUFRVXOYRORGLOLQHDSHUO·,WDOLD3DVWLHSHUQRW
WDPHQWRDERUGR
ƒJLRUQR,WDOLD
$UULYRLQ,WDOLDLQJLRUQDWD
Lovina
BALI
Tembok
Tampak Siring
Ubud
Sanur
Kuta
Denpasar
Nusa Dua
3(16$723(592,
‡)LRULIUXWWDHWRUWDQX]LDOH
‡8QWUDWWDPHQWRSHUODFRSSLD
LQFDPHUDDOO·DUULYRVLD
´,VODQG6SLFHµR´,VODQG)UXLWµ
D8EXGVLDD1XVD'XD
GHOODGXUDWDGLGXHRUH
,1+27(/$186$'8$
LQFOXVLYRGLVFUXE
‡3ULPDFROD]LRQHVHUYLWD
DURPDWHUDSLDHPDVVDJJLR
LQFDPHUD
‡6RXYHQLUEDOLQHVH
‡8QDURPDQWLFDFHQDDOXPH ‡6HWGDYLDJJLRRIIHUWR
GLFDQGHODVXOODVSLDJJLD
GD)UDQFRURVVR
PHQDEDVHGLDUDJRVWD
FRQXQDERWWLJOLDGLVSXPDQWH
LQFOXVD
,1'21(6,$
7285&/$66,&2
65,/$1.$
4XHVWDDIIDVFLQDQWHLVRODqXQDGHOOHPHWHSUHIHULWHSHUODOXQD
GLPLHOHHQRQDFDVR3DHVHGDOODVWRULDPLOOHQDULDOR6UL/DQND
FRQTXLVWD QRQ VROR FRQ L VXRL DQWLFKL WHPSOL H SHU OH VWDWXH GL
%XGGKD PD DQFKH SHU XQD ULJRJOLRVD HG LQFDQWHYROH QDWXUD
FKH QH ID XQR GHL OXRJKL SL URPDQWLFL H LQWLPL GHO PRQGR
3DUWHQ]HGDOO·,WDOLDRJQLPDUWHGu
ƒJLRUQR,WDOLD&RORPER
3DUWHQ]DGDOO·,WDOLDFRQYRORGLOLQHDSHU&RORPER3DVWLHSHU
QRWWDPHQWRDERUGR
ƒJLRUQR&RORPER*LULWDOHNPFLUFD
$UULYR D &RORPER H WUDVIHULPHQWR D *LULWDOH 6LVWHPD]LRQH LQ
KRWHO 3UDQ]R 3RPHULJJLR D GLVSRVL]LRQH SHU LO UHOD[ &HQD H
SHUQRWWDPHQWRLQKRWHO
ƒJLRUQR*LULWDOH$QXUDGKDSXUD*LULWDOHNPFLUFD
3ULPD FROD]LRQH 3DUWHQ]D SHU $QXUDGKDSXUD SHU OD YLVLWD GHL
PDHVWRVL GDJRED VWDWXH GHO %XGGKD H GHO IDPRVR DOEHUR GL
%RVRWWRLOTXDOHLO%XGGKDDYUHEEHUDJJLXQWRO·LOOXPLQD]LRQH
3UDQ]RLQFRUVRGLHVFXUVLRQH5LHQWURD*LULWDOH&HQDHSHUQRW
WDPHQWRLQKRWHO
ƒJLRUQR*LULWDOH3RORQQDUXZD6LJLUL\D*LULWDOHNPFLUFD
3ULPDFROD]LRQH,QPDWWLQDWDYLVLWDGL3RORQQDUXZDVSOHQGLGD
FDSLWDOH FLQJDOHVH WUD O·;, H LO ;,, VHFROR 3UDQ]R LQ ULVWRUDQWH
3URVHJXLPHQWR SHU 6LJLUL\D SHU OD YLVLWD GHOOD ´)RUWH]]D GHO
/HRQHµ H GHOOD *DOOHULD GHOOR 6SHFFKLR 5LHQWUR D *LULWDOH QHO
WDUGRSRPHULJJLR&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR*LULWDOH'DPEXOOD.DQG\NPFLUFD
3ULPDFROD]LRQH9LVLWDDOOD´5RFFLDG·RURµGL'DPEXOODLPSUHV
VLRQDQWH JURWWD FRQWHQHQWH SL GL LPPDJLQL GHO %XGGKD
7UDVIHULPHQWRD.DQG\HVLVWHPD]LRQHLQKRWHO3UDQ]R1HOSR
PHULJJLRYLVLWDGHOODFLWWjLOVXRED]DUHLOFHQWURGLPDQLIDWWXUH
DUWLJLDQDOL $ VHJXLUH YLVLWD GHO ´7HPSLR GHO GHQWHµ OXRJR LQ FXL
VHFRQGRODWUDGL]LRQHVDFUDVLFXVWRGLVFHXQGHQWHDSSDUWHQXWR
DO%XGGKDHVSHWWDFRORGLGDQ]HGLXQDULQRPDWDVFXRODGHOO·LVR
OD&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR.DQG\
3ULPDFROD]LRQH,QWHUDJLRUQDWDGHGLFDWDDOODYLVLWDGL.DQG\LO
JLDUGLQR ERWDQLFR GL 3HUDGHQL\D HVWHQVLRQH GL HWWDUL GRYH
SRWUHWHDPPLUDUHGLYHUVHYDULHWjGLILRULHSLDQWHLO0XVHRGHOOH
JHPPH GL .DQG\ LO JLDUGLQR GHOOH VSH]LH 3UDQ]R LQ FRUVR GL
HVFXUVLRQH&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR.DQG\1XZDUD(OL\DNPFLUFD
3ULPD FROD]LRQH 3DUWHQ]D SHU 1XZDUD (OL\D VLWXDWD D TXDVL
PHWUL GL DOWLWXGLQH H QHO FXRUH GHOOH SLDQWDJLRQL GL Wq
'XUDQWHLOSHUFRUVRVRVWDDGXQDSLDQWDJLRQHHDGXQDIDEEULFD
SHU OD ODYRUD]LRQH GHO Wq 3UDQ]R LQ FRUVR GL HVFXUVLRQH LQ XQ
ULVWRUDQWHORFDOH$UULYRD1XZDUD(OL\DHWHPSRDGLVSRVL]LRQH
SHULOUHOD[&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR1XZDUD(OL\D3LQQDZHOD1HJRPERNPFLUFD
'RSRODSULPDFROD]LRQHSDUWHQ]DYHUVRLOQRUGGHOO·LVROD6RVWD
D 3LQQDZHOD H YLVLWD GHOO·RUIDQRWURILR GHJOL HOHIDQWL ULVHUYD FKH
RVSLWD DOFXQL HVHPSODUL GL SDFKLGHUPL WURYDWL DEEDQGRQDWL H
RUIDQL3UDQ]RLQULVWRUDQWHHSURVHJXLPHQWRSHU1HJRPERXQ
FDUDWWHULVWLFRYLOODJJLRGLSHVFDWRULVLWXDWRDQRUGGHOODFDSLWDOH
6LVWHPD]LRQH LQ KRWHO QHL SUHVVL GHOO·DHURSRUWR GL &RORPER
FHQDHSHUQRWWDPHQWR
ƒJLRUQR&RORPER,WDOLD
3ULPD FROD]LRQH 7UDVIHULPHQWR LQ DHURSRUWR LPEDUFR VXO YROR
GLOLQHDSHUO·,WDOLD
3(16$723(592,
‡&HVWRGLIUXWWDLQFDPHUD
LQKRWHOD*LULWDOH
‡&HQDURPDQWLFDDOXPH
GLFDQGHODLQKRWHOD*LULWDOH
‡6FRQWRGHOVXWXWWL
LWUDWWDPHQWLDOFHQWUR
EHQHVVHUHD\XUYHGLFR
GHOO·KRWHOGL*LULWDOH
‡)LRULHFLRFFRODWLQLLQFDPHUD
LQKRWHOD.DQG\
‡&HQDURPDQWLFDDOXPH
GLFDQGHODLQKRWHOD.DQG\
9,$**,&20%,1$7,
$O WRXU q DEELQDELOH XQD VHWWLPDQD GL VRJJLRUQR EDOQHDUH DOOH
0DOGLYH
65,/$1.$
‡)LRULHFHVWRGLIUXWWD
LQFDPHUDLQKRWHOD1XZDUD
(OL\D
‡&HQDURPDQWLFDDOXPH
GLFDQGHODLQKRWHOD1XZDUD
(OL\D
‡7LSLFRSDUHRFLQJDOHVH
SHUOHLHVDURQJSHUOXL
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
$72//2 ',$5,
0$$<$)86+,
3(16$723(592,
*LXGL]LR)UDQFRURVVR● ● ● ● ●
,OUHHIFKHFLUFRQGDLO6HD&OXE0DD\DIXVKLUDFFKLXGHXQ·DPSLDOD
JXQDFKHPHWWHLQULVDOWROHVSLDJJHGHOO·LVRODGLVDEELDELDQFDËLO
OXRJRLGHDOHSHUFKLDPDLOPDUHHSHUXQDOXQDGLPLHOHULODVVDQWH
HFXUDWDGDOOHDWWHQ]LRQLFKHVRORXQDJHVWLRQHLWDOLDQDVDRIIULUHDL
VXRLRVSLWLËUDJJLXQJLELOHFRQXQWUDVIHULPHQWRLQEDUFDYHORFHGL
FLUFDGXHRUHRSSXUHLQPLQXWLGLLGURYRODQWHFRQVXSSOHPHQWR
3RWUHWH DOORJJLDUH LQ WLSLFL EXQJDORZ GLVWULEXLWL OXQJR OD VSLDJJLD
WXWWLULQQRYDWLGLUHFHQWHHGRWDWLGLXQ·DPSLDYHWUDWDDIIDFFLDWDVXXQ
SDWLR DULD FRQGL]LRQDWD YHQWLODWRUH D VRIILWWR EDJQR PDOGLYLDQR D
FLHORDSHUWRFRQDVFLXJDFDSHOOL$SDJDPHQWRPLQLEDUFDVVHWWDGL
VLFXUH]]D,OYLOODJJLRRIIUHXQULVWRUDQWHSULQFLSDOHFRQFXFLQDLWDOLDQD
HLQWHUQD]LRQDOHHXQEDUHQWUDPELLQWLSLFRVWLOHPDOGLYLDQRHQXPH
URVHDWWLYLWjVSRUWLYHZLQGVXUIFDQRDDTXDJ\PVWUHWFKLQJEHDFK
YROOH\SLQJSRQJHGLDQLPD]LRQHVRIW$SDJDPHQWRFDWDPDUDQR
QROHJJLRDWWUH]]DWXUDHXVFLWDLQEDUFDSHUORVQRUNHOLQJHVFXUVLRQL
FHQWUR PDVVDJJL ERXWLTXH LQWHUQHW SRLQW /·KRWHO q SUHQRWDELOH LQ
,WDOLDVRORFRQ)UDQFRURVVR
‡&HVWRGLIUXWWDLQFDPHUD
DOO·DUULYR
‡5RPDQWLFDFHQDVXOOD
VSLDJJLDEHYDQGHLQFOXVH
‡8QULODVVDQWHPDVVDJJLR
LQFRSSLDSHUULWURYDUH
EHQHVVHUHHUHOD[
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
0$/',9(
‡(GLQROWUHSHULFOLHQWL
LQSDUWHQ]DGD0LODQR
0DOSHQVDH5RPD)LXPLFLQR
)UDQFRURVVRRIIUHLVHUYL]L
)DVW7UDFNH6DOH9LS
3HULGHWWDJOLHFRQGL]LRQL
GLXVXIUXLELOLWj
YHGLSDJJH
$72//2 ',)(/,'+8
'+,**,5,
3(16$723(592,
*LXGL]LR)UDQFRURVVR● ● ● ● ●
,O 6HD&OXE 'KLJJLUL VL WURYD VX XQD SLFFROD GHOL]LRVD LVROD
QHOO·DWROORGL)HOLGKXWUDVIHULPHQWRLQEDUFDYHORFHGHOODGX
UDWDGLFLUFDRUHRSSXUHLQLGURYRODQWHFRQVXSSOHPHQWR
YHUR H SURSULR JLDUGLQR WURSLFDOH VX PLVXUD SHU XQD OXQD GL
PLHOH LQGLPHQWLFDELOH 3RWUHWH DOORJJLDUH LQ FDUDWWHULVWLFL
EHDFKEXQJDORZFRQSDWLRLQOHJQRHIRJOLHGLFRFFRHULYH
VWLWL GL FRUDOOR 7XWWL GLVSRQJRQR GL VHUYL]L SULYDWL GRFFLD
DVFLXJDFDSHOOL DULD FRQGL]LRQDWD H YHQWLODWRUH D VRIILWWR D
SDJDPHQWRFDVVHWWDGLVLFXUH]]DHPLQLEDU,OYLOODJJLRRIIUH
DLVXRLRVSLWLEDUFRQWHUUD]]DVXOPDUHULVWRUDQWHFRQVHUYL
]LRDEXIIHWHDOWDYRORHQXPHURVHDWWLYLWjVSRUWLYHZLQGVXUI
FDQRDEHDFKYROOH\SLQJSRQJHDOFXQHDWWLYLWjVRIWGLDQL
PD]LRQH$SDJDPHQWRLQWHUQHWSRLQWVHUYL]LRWHOHIRQRID[
ERXWLTXHHVFXUVLRQLDWWUH]]DWXUDSHUORVQRUNHOLQJFDWDPD
UDQR LPEDUFD]LRQL SHU OH XVFLWH LQ PDUH FHQWUR GLYLQJ H
PDVVDJJL/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
‡&HVWRGLIUXWWDLQFDPHUD
DOO·DUULYR
‡5RPDQWLFDFHQDVXOOD
VSLDJJLDEHYDQGHLQFOXVH
‡8QULODVVDQWHPDVVDJJLR
LQFRSSLDSHUODVFLDUHVSD]LR
DSDFHHUHOD[
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
0$/',9(
‡(GLQROWUHSHULFOLHQWL
LQSDUWHQ]DGD0LODQR
0DOSHQVDH5RPD)LXPLFLQR
)UDQFRURVVRRIIUHLVHUYL]L
)DVW7UDFNH6DOH9LS
3HULGHWWDJOLHFRQGL]LRQL
GLXVXIUXLELOLWj
YHGLSDJJH
$72//2 ',$5,
DIAMOND
ZDWHUYLOOD
',$021'6
7+8'8)86+,%($&+
:$7(59,//$6
FDPHUDZDWHUYLOOD
3(16$723(592,
*LXGL]LR)UDQFRURVVR● ● ● ● ● ●
,O'LDPRQGV7KXGXIXVKL%HDFK:DWHU9LOOODVqXQUHVRUWGLOXVVRGRYHRJQL
GHWWDJOLRqVWDWRVWXGLDWRSHUUHQGHUHHVFOXVLYRHXQLFRLOYRVWURYLDJJLRGL
QR]]H6LWXDWRLQXQRVSOHQGLGRIUDPPHQWRGLSDUDGLVRQHOO·DWROORGL$ULD
FLUFDPLQXWLGLLGURYRODQWHGD0DOH·/HFDPHUHVLVXGGLYLGRQRLQEH
DFKEXQJDORZGLVWULEXLWLOXQJRODVSLDJJLDQHOODSHQRPEUDGHOODOXVVXUHJ
JLDQWHYHJHWD]LRQHWURSLFDOHHZDWHUYLOODDGDJLDWHQHOODVSOHQGLGDODJXQD
HFROOHJDWHDOO·LVRODGDXQOXQJRSRQWLOH,EXQJDORZGLVSRQJRQRGLSDWLR
OHWWLTXHHQVL]HDULDFRQGL]LRQDWDHYHQWLODWRUHDVRIILWWRFDVVHWWDGLVLFX
UH]]DPLQLEDUVHWSHULOWqHLOFDIIqVHUYL]LSULYDWLFRQGRFFLDRSHQDLU/H
ZDWHUYLOODKDQQRLQROWUHWHUUD]]DFRQDFFHVVRGLUHWWRDOPDUHOHWWLNLQJVL]H
'9'LQWHUQHW:L)LHGLVSRQJRQRGLUHFHSWLRQGHGLFDWD8QULVWRUDQWHSULQ
FLSDOH FRQ FXFLQD GL VFXROD LWDOLDQD GL DOWR OLYHOOR EDU H XQ ULVWRUDQWH
HVFOXVLYR SHU JOL RVSLWL GHOOH ZDWHU YLOOD FRQ VSHFLDOLWj j OD FDUWH LWDOLDQH
DVLDWLFKH H PDOGLYLDQH 7UD OH DWWLYLWj JUDWXLWH SURSRVWH GDO UHVRUW FDQRD
ZLQGVXUI H FDWDPDUDQR VROR SHU HVSHUWL IUHFFHWWH EHDFKYROOH\ SLQJ
SRQJ DHURELFD DTXDJ\P VQRUNHOLQJ JXLGDWR DWWRUQR DOO·LVROD FRQ HTXL
SDJJLDPHQWRLQFOXVR$SDJDPHQWRXVFLWHGLSHVFDGLYLQJFHQWHUFHQWUR
EHQHVVHUH´6HUHQD6SDµFKHSURSRQHWUDWWDPHQWLD\XUYHGLFLDURPDWHUDSLD
HPDVVDJJL/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
‡&HVWRGLIUXWWDHERWWLJOLDGL
‡8QDWVKLUWULFRUGR
VSXPDQWHLQFDPHUDDOO·DUULYR SHUORVSRVR
‡´$GDPRHG(YDµXQULODVVDQWH ‡8QSDUHRSHUODVSRVD
PDVVDJJLRLQFRSSLDGHOOD
‡6HWGDYLDJJLRRIIHUWR
GXUDWDGLPLQXWLSHUIDUYL
GD)UDQFRURVVR
VRJQDUH
‡8Q·HVFXUVLRQHLQGKRQLWLSLFD
LPEDUFD]LRQHPDOGLYLDQD
VXOODFDUDWWHULVWLFDLVROD
GHLSHVFDWRUL
0$/',9(
%(//(0$5(&267$(67
$0%5(
5(625763$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ○
&DWHJRULDXIIORFDOH
&DPHUDSULYLOHJH
★★★★
$GDJLDWR VX XQD EHOOD VSLDJJLD GL VDEELD ELDQFD FKH VL HVWHQGH SHU SL GL XQ
FKLORPHWURLO6HD&OXE$PEUH5HVRUW6SDqFDUDWWHUL]]DWRGDXQDWLSLFDDUFKL
WHWWXUDPDXUL]LDQD8QDODJXQDWXUFKHVHDGDWWDDJOLVSRUWDFTXDWLFLXQ·DWPRVIHUD
WURSLFDOH H LO FRQWHVWR QDWXUDOH GHO UHVRUW VDSUDQQR UHJDODUH XQD OXQD GL PLHOH
LQIRUPDOHHULODVVDQWH$FLUFDXQ·RUDGDOO·DHURSRUWRLQWHUQD]LRQDOHDYUHWHODSRV
VLELOLWjGLDOORJJLDUHLQFDPHUHVWDQGDUGLPPHUVHQHOJLDUGLQRWURSLFDOHRSSXUHLQ
FDPHUHVXSHULRUHSULYLOHJHFRQYLVWDPDUHFRQVXSSOHPHQWRWXWWHGRWDWHGLDULD
FRQGL]LRQDWD 79 VDWHOOLWDUH PLQLEDU FDVVHWWD GL VLFXUH]]D VHUYL]L SULYDWL FRQ
YDVFD H DVFLXJDFDSHOOL $ SDJDPHQWR WHOHIRQR DOFROLFL H VQDFN GHO PLQLEDU ,O
WUDWWDPHQWRGLDOOLQFOXVLYHSUHYHGHODSRVVLELOLWjGLSUDQ]DUHHFHQDUHQHLGLYHUVL
ULVWRUDQWL GHO UHVRUW FKH SURSRQJRQR VSHFLDOLWj GHOOD FXFLQD LQWHUQD]LRQDOH H
FUHROD$SDJDPHQWRPHQjODFDUWHQHLULVWRUDQWLJDVWURQRPLFLHSUHVVRLEDU
WXWWH OH EHYDQGH QRQ LQFOXVH QHOOD IRUPXOD ´DOO LQFOXVLYHµ 1XPHURVH OH DWWLYLWj
VSRUWLYH SURSRVWH ZLQGVXUI VQRUNHOLQJ PDVFKHUD SLQQH H ERFFDJOLR LQFOXVL
FDQRD SHGDOz VFL QDXWLFR EHDFKYROOH\ DTXDJ\P DHURELFD YRODQR ERFFH
SDOHVWUD FDPSL GD WHQQLV VLQWHWLFR FRQ LOOXPLQD]LRQH QRWWXUQD SLQJ SRQJ
SHUFRUVRMRJJLQJ$FFHVVROLEHURDVDXQDKDPPDPHLGURPDVVDJJLRGDOOH
DOOHDQLPD]LRQHVSRUWLYDHVHUDOHGLVFRWHFDFRQVXPD]LRQLDSDJDPHQWR
$SDJDPHQWRLQWHUQHWSRLQWERXWLTXHFHQWUREHQHVVHUHPDVVDJJLFHQWURGL
YLQJ ELFLFOHWWH QROHJJLR UDFFKHWWH H SDOOLQH GD WHQQLV /·KRWHO q SUHQRWDELOH LQ
,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡7UDVIHULPHQWRGDOO·DHURSRUWR
DOO·KRWHOHULWRUQRLQDXWR
SULYDWD
‡%RWWLJOLDGLVSXPDQWH
LQFDPHUDDOO·DUULYR
0$85,7,86
‡8QULODVVDQWHPDVVDJJLR
GLPLQXWLDQWLMHWODJ
SHUODFRSSLD
‡WVKLUWVRPDJJLR
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
DIAMOND
5$6$/.+$,0$+
+,/721
5$6$/.+$,0$+
5(625763$
*LXGL]LR)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIILFLDOH
★★★★★
,O 6HD&OXE +LOWRQ 5DV $O .KDLPDK 5HVRUW 6SD DIIDFFLDWR GLUHWWDPHQWH
VXOOD VSOHQGLGD VSLDJJLD SULYDWD GL 5DV $O .KDLPDK GLVWD FLUFD NP
GDOO·DHURSRUWRLQWHUQD]LRQDOHGL'XEDL'LUHFHQWHDPSOLDPHQWRO·KRWHOFRQ
VWDGLXQFRUSRFHQWUDOH1HZ:LQJHGLXQ·DUHD&KDOHWFRQYLOOHWWHDGXH
SLDQL3RWUHWHVRJJLRUQDUHQHOOHFDPHUHGHOX[HGHOFRUSRFHQWUDOHDUUHGDWH
FRQJXVWRLQGLYHUVLVWLOLORFDOLHGRWDWHGLEDOFRQHDULDFRQGL]LRQDWDWHOH
IRQR79/&'VDWHOOLWDUHFDVVHWWDGLVLFXUH]]DVHWSHULOWqHLOFDIIqVHUYL]L
SULYDWLFRQYDVFDHGRFFLDDVFLXJDFDSHOOL$SDJDPHQWRPLQLEDUWHOHIRQR
LQWHUQHW $ GLVSRVL]LRQH GHJOL RVSLWL GLYHUVL EDU H ULVWRUDQWL GRYH YHQJRQR
RUJDQL]]DWLEXIIHWRSURSRVWLPHQXjODFDUWHFRQVSHFLDOLWjORFDOLHLQWHUQD
]LRQDOL4XRWLGLDQDPHQWHYHQJRQRSURSRVWLSLDWWLGHOODFXFLQDLWDOLDQD7UDOH
DWWLYLWjVSRUWLYHEHDFKYROOH\FDOFHWWRGDVSLDJJLDSDOHVWUDDWWUH]]DWDSLQJ
SRQJLGURPDVVDJJLRVDXQDHEDJQRWXUFRSUHVVRLOFHQWUR6SD$SDJD
PHQWRFHQWURVSRUWQDXWLFLFDPSLGDWHQQLVSUHVVRO·KRWHO+LOWRQ5DV$O
.KDLPDKLQFLWWjFHQWUR6SD(GLQROWUHVDORQHGLEHOOH]]DVHUYL]LRQDYHWWD
GDSHU LO FHQWUR GL 5DV $O .KDLPDK DG RUDUL SUHVWDELOLWL $QLPD]LRQH VRIW
GLXUQD H VHUDOH FXUDWD DQFKH GD DQLPDWRUL LWDOLDQL /
KRWHO q SUHQRWDELOH
GDOO
,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡&HVWRGLIUXWWDÀRULHERWWLJOLD ‡GLVFRQWRVXLWUDWWDPHQWL
GLVSXPDQWHLQFDPHUD
HVXLPDVVDJJLGHOFHQWUR
DOO·DUULYR
6SD
‡6LVWHPD]LRQHLQFDPHUD
‡8QDURPDQWLFDFHQD
MXQLRUVXLWHVHGLVSRQLELOH
LQDUHDSDQRUDPLFDULVHUYDWD
DOO·DUULYR
FRQVHUYL]LRGHGLFDWR
‡3ULPDFROD]LRQHVHUYLWD
HXQDERWWLJOLDGLVSXPDQWH
LQFDPHUD
LQFOXVD
‡8QULODVVDQWHPDVVDJJLR
‡6HWGDYLDJJLRRIIHUWR
LQFRSSLDSUHVVRLOFHQWUR
GD)UDQFRURVVR
6SDRSSXUHSUHVVRLOJD]HER
DIIDFFLDWRVXOODVSLDJJLD
(0,5$7,$5$%,
'RYHO·DFTXDSLFULVWDOOLQDVSRVDLO
ELDQFRGHOODVDEELDILQLVVLPD
'RYHODULYROX]LRQHFRQYLYHFRQLULWLDQFHVWUDOL
GHOOD6DQWHUuD
'RYHOR<XFDWDQVLIRQGHFRQLOPDUH
'RYHLOSLDFHUHGHOODVFRSHUWDVLXQLVFH
DOGROFHIDUQLHQWH
'RYHODQDWXUDDEEUDFFLDODFXOWXUD
0HVVLFR&XED5HSXEEOLFD'RPLQLFDQD%DKDPDV
&DSR9HUGH
/XRJKLVSHFLDOLSHUFHOHEUDUHODYRVWUDXQLRQH
HVXJJHOODUHFRQXQ·HPR]LRQHLQGHOHELOH
O·LQL]LRGHOODYRVWUDYLWDLQVLHPH
&$5$,%,
FDUDLEL
7285<8&$7$1
(63,$**(
3URJUDPPD GL XQD VHWWLPDQD SHU DYYLFLQDUVL DOOD FXOWXUD
0D\DVHQ]DWXWWDYLDULQXQFLDUHDOSLDFHUHGLWUDVFRUUHUHTXDO
FKH JLRUQR VXOOD 5LYLHUD 0D\D 3DUWHQ]D FRQ YROR VSHFLDOH
*XLGDORFDOHSDUODQWHLWDOLDQRGXUDQWHLOWRXU
ƒJLRUQR,WDOLD&DQFXQ
3DUWHQ]D GDOO·,WDOLD FRQ YROR VSHFLDOH SHU &DQFXQ DUULYR LQ
VHUDWDHVLVWHPD]LRQHLQKRWHO&HQDHSHUQRWWDPHQWR
ƒJLRUQR&DQFXQ&KLFKHQ,W]D0HULGDNP
'RSRODSULPDFROD]LRQHSDUWHQ]DSHU&KLFKHQ,W]DFKHRIIUH
OR VSHWWDFROR GHL VXRL WHPSOL H SDOD]]L WUD L TXDOL VSLFFD OD
FHOHEUHSLUDPLGHDJUDGRQLGL.XNXOFDQLO´&DVWLOORµ6RVWDLQ
ULVWRUDQWHSHULOSUDQ]RHQHOSRPHULJJLRSURVHJXLPHQWRSHU
0HULGD&HQDHSHUQRWWDPHQWR
ƒJLRUQR0HULGD8[PDO0HULGDNP
'RSR OD SULPD FROD]LRQH SDUWHQ]D SHU 8[PDO D FLUFD NP D VXG GL 0HULGD &HQWUR PD\D GL SULPDULD LPSRUWDQ]D
FRQVHUYD HGLILFL LPSRQHQWL FRPH OD 3LUDPLGH GHOO·,QGRYLQR
OD&DVDGHOOH0RQDFKHLO7HPSLRGHO*RYHUQDWRUH3UDQ]RLQ
ULVWRUDQWH 1HO SRPHULJJLR ULHQWUR D 0HULGD FHQD H SHUQRW
WDPHQWRLQKRWHO
ƒJLRUQR0HULGD
3HQVLRQH FRPSOHWD LQ DOEHUJR PDWWLQDWD D GLVSRVL]LRQH
FRQ SRVVLELOLWj GL SDUWHFLSDUH DOO·HVFXUVLRQH IDFROWDWLYD D
&HOHVWXQ1HOSRPHULJJLRYLVLWDGHOODFLWWj
ƒJLRUQR0HULGD&RED7XOXP5LYLHUD0D\DNP
'RSRODSULPDFROD]LRQHSDUWHQ]DSHU&REDGRYHqSUHYLVWD
OD VRVWD SHU LO SUDQ]R H SHU OD YLVLWD GHO VLWR DUFKHRORJLFR
LPPHUVR QHOOD IRUHVWD SURVHJXLPHQWR SHU 7XOXP H YLVLWD
GHOO·DUHD DUFKHRORJLFD PROWR DIIDVFLQDQWH SRLFKp q O·XQLFD
FLWWjPD\DIRUWLILFDWDFRVWUXLWDYLFLQRDOPDUH'RSRODYLVLWD
SDUWHQ]DSHUODFRVWDHVLVWHPD]LRQHQHOO·DOEHUJRSUHVFHOWR
'DOƒDOƒJLRUQR5LYLHUD0D\D
*LRUQDWH D GLVSRVL]LRQH GD GHGLFDUH DO UHOD[ DO VROH DOOR
VSRUW3RVVLELOLWjGLSDUWHFLSDUHDGHVFXUVLRQLIDFROWDWLYHHGL
YLVLWDUHOHYLFLQHLVROHGL&R]XPHOH,VOD0XMHUHVSHUFRPSLH
UHTXDOFKHLPPHUVLRQHLQDSQHDQHLIRQGDOLFRUDOOLQLULFFKLGL
SHVFLPXOWLFRORUL
ƒJLRUQR5LYLHUD0D\D&DQFXQ,WDOLD
0H]]DJLRUQDWDOLEHUD1HOSRPHULJJLRSDUWHQ]DGD&DQFXQ
FRQLOYRORGLUHWWRSHUO·,WDOLD&HQDHSHUQRWWDPHQWRDERUGR
ƒJLRUQR,WDOLD
$UULYRLQ,WDOLD
9,$**,&20%,1$7,
$O SURJUDPPD q SRVVLELOH DEELQDUH XQ·DOWUD VHWWLPDQD GL
VRJJLRUQREDOQHDUHVXOOD5LYLHUD0D\D
3(16$723(592,
‡$0HULGDXQDFHQD
LQULVWRUDQWHFKH
UDJJLXQJHUHWHFRQXQEUHYH
SHUFRUVRLQFDOHVVH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
6HVRJJLRUQDWHSUHVVR
LO6HD&OXE3OD\D0DURPD
‡)UXWWDLQFDPHUD
‡%RWWLJOLDGLYLQRLQFDPHUD
0(66,&2
6HVRJJLRUQDWHSUHVVRO·KRWHO
*UDQ%DKLD3ULQFLSH$NXPDO
‡6LVWHPD]LRQHLQFDPHUDGL
FDWHJRULDVXSHULRUH
VHGLVSRQLELOH
‡)UXWWDLQFDPHUDDOO·DUULYR
‡%RWWLJOLDGLUKXPLQFDPHUD
DOO·DUULYR
‡GLVFRQWRSUHVVRLOFHQWUR
63$GHOO·KRWHO
7285<8&$7$1
(&+,$3$6
8QDSURSRVWDWXWWDGHGLFDWDDO0RQGR0D\DGD&KLFKHQ,W]DDOODPLVWHULRVD3DOHQTXH
QDVFRVWDQHOODJLXQJODSHUDUULYDUHILQTXDVLDOFRQILQHFRQLO*XDWHPDODD&KLFDQQD
H.RKXQOLFK8QPRQGRWXWWRGDVFRSULUH7RXULQPLQLEXVSXOOPDQFRQDULDFRQGL]LR
QDWDHJXLGDORFDOHSDUODQWHLWDOLDQR7UDWWDPHQWRGLPH]]DSHQVLRQH
ƒJLRUQR,WDOLD&DQFXQ
3DUWHQ]DSHU&DQFXQGRYHO·DUULYRqSUHYLVWRLQVHUDWD7UDVIHULPHQWRLQKRWHOHVLVWH
PD]LRQHQHOOHFDPHUHULVHUYDWH&HQDHSHUQRWWDPHQWR
ƒJLRUQR&DQFXQ&KLFKHQ,W]D0HULGDNP
*LRUQDWDGHGLFDWDDOODVFRSHUWDGL&KLFKHQ,W]DFKHFRQODPDHVWRVLWjGHOOD3LUDPLGH
GL.XNXONDQDIIDVFLQDLPPHGLDWDPHQWHLOYLVLWDWRUH3UDQ]RLQULVWRUDQWHHQHOSRPHULJ
JLRSURVHJXLPHQWRSHU0HULGD&HQDOLEHUDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR0HULGD8[PDO&DPSHFKHNP
'RSRODSULPDFROD]LRQHSDUWHQ]DLQGLUH]LRQHGL8[PDOVLWRGLUDUDEHOOH]]DFDUDWWH
UL]]DWRGDLFXUDWLHEHQFRQVHUYDWLEDVVRULOLHYL3UDQ]RLQULVWRUDQWHHQHOSRPHULJJLR
SURVHJXLPHQWRSHU&DPSHFKHDIIDFFLDWDVXOJROIRGHO0HVVLFR*LURRULHQWDWLYRGHOOD
FLWWjXQWHPSRLPSRUWDQWHSRUWRGDOTXDOHSDUWLYDQRLFDULFKLGLRURHDUJHQWRSHUOD
6SDJQD6LVWHPD]LRQHLQKRWHO&HQDOLEHUD
ƒJLRUQR&DPSHFKH3DOHQTXHNP
3ULPD FROD]LRQH H SDUWHQ]D LQ GLUH]LRQH VXG SHU 3DOHQTXH LO FXL VLWR DUFKHRORJLFR
WXWWRUDVHGHGLVWXGLHVFDYLqLPPHUVRQHOODIRUHVWD3UDQ]RHQHOSRPHULJJLRYLVLWD
GHOOD]RQDDUFKHRORJLFD$OWHUPLQHVLVWHPD]LRQHLQKRWHO&HQDOLEHUD
ƒJLRUQR3DOHQTXH$JXD$]XO6DQ&ULVWREDOGHODV&DVDVNP
3ULPD FROD]LRQH LQ KRWHO H SDUWHQ]D LQ GLUH]LRQH GHOOH FDVFDWH GL $JXD $]XO L FXL
GHSRVLWLPLQHUDOLFRQIHULVFRQRXQDFDUDWWHULVWLFDFRORUD]LRQHEOXWXUFKHVH3UDQ]RLQ
ULVWRUDQWHHSURVHJXLPHQWRSHU6DQ&ULVWREDOGHODV&DVDVQHOFXRUHGHOODUHJLRQHGHO
&KLDSDV6LVWHPD]LRQHLQKRWHOFHQDOLEHUDHSHUQRWWDPHQWR
ƒJLRUQR6DQ&ULVWREDOGHODV&DVDV
*LRUQDWDGHGLFDWDDOODYLVLWDGHOODFLWWjGL6DQ&ULVWREDOHGHOFRORUDWRPHUFDWRORFDOH
FKHVLVYROJHQHOODSLD]]DHOXQJROHVWUDGLQHGLRULJLQHFRORQLDOH9LVLWDDQFKHDGDOFX
QHFRPXQLWjLQGLJHQHSHUFRQRVFHUHXVLHFRVWXPL7UDWWDPHQWRGLSHQVLRQHFRPSOHWD
ƒJLRUQR6DQ&ULVWREDOGHODV&DVDV7RQLQj2FRVLQJR3DOHQTXHNP
'RSRODSULPDFROD]LRQHSDUWHQ]DLQGLUH]LRQHGL7RQLQjGRYHVLWURYDXQLPSRQHQWH
FHQWURFHULPRQLDOHPD\DFRVWUXLWRVXOULSLGRSHQGLRGLXQFROOH3UDQ]RLQULVWRUDQWH
HSURVHJXLPHQWRSHU2FRVLQJRXQDJUD]LRVDFLWWDGLQDFRPPHUFLDOHFRQXQDQLPDWR
PHUFDWR3URVHJXLPHQWRGHOYLDJJLRSHU3DOHQTXH6LVWHPD]LRQHLQKRWHOFHQDOLEHUD
HSHUQRWWDPHQWR
ƒJLRUQR3DOHQTXH<D[FKLODQ3DOHQTXHNPQDYLJD]LRQH
3ULPD FROD]LRQH H SDUWHQ]D SHU <D[FKLODQ DQWLFD FLWWj PD\D LPPHUVD QHOOD IRUHVWD
3HU DUULYDUH DO VLWR DUFKHRORJLFR VL SHUFRUUH DQFKH XQ WUDWWR LQ ODQFLD OXQJR LO ILXPH
8VXPDFLQWDFRQILQHQDWXUDOHWUD0HVVLFRH*XDWHPDODKDELWDWGLQXPHURVHVSHFLH
DQLPDOL WUD FXL OH VFLPPLH XUODWULFL 3UDQ]R LQ ULVWRUDQWH 1HO SRPHULJJLR ULHQWUR D
3DOHQTXH&HQDOLEHUDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR3DOHQTXH&KLFDQQDNP
3ULPDFROD]LRQHHSDUWHQ]DSHU&KLFDQQDSHUODYLVLWDGHOVLWRDUFKHRORJLFRULVDOHQWHDO
9,,VHFRORYLVRQRPRQXPHQWLGLUDUDEHOOH]]DWUDFXLXQDVWUXWWXUDGHFRUDWDFRQXQD
JUDQGHPDVFKHUD'RSRLOSUDQ]RYLVLWDDOVLWRDUFKHRORJLFRGL%HFDQGLFKLDUDWRGDJOL
HVSHUWLFRPHXQRGHLSULQFLSDOLGHOOR6WDWRGL&DPSHFKH&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR&KLFDQQD.RKXQOLFK7XOXP5LYLHUD0D\DNP
'RSRODSULPDFROD]LRQHSDUWHQ]DSHUODYLVLWDGHOVLWRDUFKHRORJLFRGL.RKXQOLFKGRYH
VLSRVVRQRDQFRUDDPPLUDUHOHJUDQGLRSHUHFKHLPD\DDYHYDQRIDWWRSHUODFDQDOL]
]D]LRQH GHOO·DFTXD 3URVHJXLPHQWR SHU 7XOXP H YLVLWD GL TXHVWRFHQWUR IDPRVR SHU
HVVHUHO·XQLFDFLWWjPD\DIRUWLILFDWDFRVWUXLWDDSLFFRVXOPDUH'RSRLOSUDQ]RSDUWHQ]D
SHUOD5LYLHUD0D\DHVLVWHPD]LRQHQHOO·KRWHOSUHVFHOWR
'DOO·ƒDOƒJLRUQR5LYLHUD0D\D
*LRUQDWDDGLVSRVL]LRQHSHUDWWLYLWjEDOQHDULFRQWUDWWDPHQWRDOOLQFOXVLYHLQKRWHO
ƒJLRUQR5LYLHUD0D\D&DQFXQ,WDOLD
1HOSRPHULJJLRWUDVIHULPHQWRLQDHURSRUWRHLPEDUFRVXOYRORSHUO·,WDOLD3HUQRWWDPHQWR
DERUGR
ƒJLRUQR,WDOLD
$UULYRLQ,WDOLD
3(16$723(592,
‡$0HULGDXQDFHQD
LQULVWRUDQWHFKH
UDJJLXQJHUHWHFRQXQEUHYH
SHUFRUVRLQFDOHVVH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
6HDEELQDWHXQVRJJLRUQR
EDOQHDUHSUHVVRLO6HD&OXE
3OD\D0DURPD
‡)UXWWDHERWWLJOLDGLYLQR
LQFDPHUD
9,$**,&20%,1$7,
$OSURJUDPPDqSRVVLELOHDEELQDUHXQ·DOWUDVHWWLPDQDGLVRJJLRUQRVXOOD5LYLHUD0D\D
0(66,&2
6HDEELQDWHXQVRJJLRUQR
EDOQHDUHSUHVVRLO*UDQ%DKLD
3ULQFLSH$NXPDO
‡6LVWHPD]LRQHLQFDPHUD
GLFDWHJRULDVXSHULRUH
VHGLVSRQLELOH
‡)UXWWDHERWWLJOLDGLUKXP
LQFDPHUD
‡GLVFRQWRVXLVHUYL]L
SUHVVRLOFHQWUR63$GHOO·KRWHO
3/$<$0$520$
3/$<$0$520$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★
,QVSOHQGLGDSRVL]LRQHGLUHWWDPHQWHVXOODELDQFDHGDPSLD
VSLDJJLD GL 3OD\D 0DURPD FRQVLGHUDWD XQD GHOOH SL EHOOH
VSLDJJHDOPRQGR0ROWRFRQRVFLXWRHGDSSUH]]DWRVXOPHU
FDWRLWDOLDQRTXHVWRUHVRUWULFRUGDLOWLSLFRYLOODJJLRPHVVLFD
QRFRQHGLILFLGLSLQWLLQFDOGHWRQDOLWjFRORUSDVWHOORHDOFXQH
FRVWUX]LRQLULFRSHUWHGDOOHSDODSDV/HFDPHUHVRQRVSD]LR
VHHGRWDWHGLVHUYL]LSULYDWLDVFLXJDFDSHOOLDULDFRQGL]LRQD
WD YHQWLODWRUH D VRIILWWR 79 YLD FDYR FDVVHWWD GL VLFXUH]]D
PLQLEDU ULIRUQLWR TXRWLGLDQDPHQWH FRQ DFTXD H ELELWH LQWHU
QHW ZLUHOHVV WHOHIRQR H EDOFRQH 5LFFD OD IRUPXOD ´$OO
,QFOXVLYHµ ROWUH DO ULVWRUDQWH SULQFLSDOH FKH RIIUH DQFKH XQ
´DQJROR SL]]Dµ JOL RVSLWL SRVVRQR DFFHGHUH DO JULOO H DOOD
FUHSrULHQRQFKqDLULVWRUDQWLGLVSHFLDOLWjDSHUWLSHUODFHQDH
FKHRIIURQRSLDWWLWLSLFLGHOODFXFLQDORFDOHVSHFLDOLWjLWDOLDQH
DDOODJULJOLDDSDJDPHQWRLO´7HUUDFH7DSDV/RXQJH%DUµ
GRYH OD VHUD q SRVVLELOH JXVWDUH SLDWWL D EDVH GL WDSDV H GL
DUDJRVWD1RQPDQFDQROHRSSRUWXQLWjGLGLYHUWLPHQWRFRQ
OHDWWLYLWjSURSRVWHGDOO·pTXLSHGLDQLPDWRULHQXPHURVHVRQR
DQFKH OH DWWLYLWj VSRUWLYH WHQQLV WLUR FRQ O·DUFR DHURELFD
SLQJSRQJFDOFLRDVXHUEDSDOHVWUDFDWDPDUDQRHND\DN
,PPHUVLRQLHDWWUH]]DWWXUDSHUVQRUNHOLQJDSDJDPHQWR
3(16$723(592,
‡(VFXUVLRQHGHOO·LQWHUDJLRUQDWD ‡)UXWWDLQFDPHUD
D&KLFKHQ,W]DSHUVFRSULUH ‡%RWWLJOLDGLYLQRLQFDPHUD
O·DIIDVFLQDQWHVLWR
‡6HWGDYLDJJLRRIIHUWR
DUFKHRORJLFRGRYHSRWUHWH
GD)UDQFRURVVR
DPPLUDUHGDYLFLQRLWHVRUL
GHOODFXOWXUDPD\D
3UDQ]RLQULVWRUDQWHLQFOXVR
0(66,&2
$.80$/
*5$1%$+,$
35,1&,3($.80$/
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
3DUWH GHO FRPSOHVVR *UDQ %DKLD 3ULQFLSH 5HVRUW LO *UDQ
%DKLD 3ULQFLSH $NXPDO q PROWR FRQRVFLXWR HG DSSUH]]DWR
SHU OD EXRQD TXDOLWj GHO VHUYL]LR H OD VSOHQGLGD SRVL]LRQH
GLUHWWDPHQWHVXOODVSLDJJLDGLVDEELDELDQFDDFLUFDNP
GDOO·DHURSRUWR GL &DQFXQ /H FDPHUH VRQR GRWDWH GL RJQL
FRPIRUWFRQVHUYL]LSULYDWLDULDFRQGL]LRQDWDDVFLXJDFDSHOOL
YHQWLODWRUH D VRIILWWR EROOLWRUH SHU LO FDIIq DVVH H IHUUR GD
VWLUR PLQLEDU 7Y VDWHOOLWDUH WHOHIRQR H EDOFRQH FDVVHWWD GL
VLFXUH]]D D SDJDPHQWR $SSUH]]DWD DQFKH OD ULVWRUD]LRQH
FRQLOULVWRUDQWHSULQFLSDOHHLWUHULVWRUDQWLGLVSHFLDOLWjDSHU
WL SHU OD FHQD 1XPHURVL DQFKH L EDU ROWUH DOOR VQDFNEDU
DSHUWRRUH
3(16$723(592,
‡(VFXUVLRQHGHOO·LQWHUD
JLRUQDWDSUDQ]RLQULVWRUDQWH
LQFOXVRDOVLWRDUFKHRORJLFR
SLIDPRVRGHOOD3HQLVROD
GHOOR<XFDWDQ&KLFKHQ,W]D
8QDJLRUQDWDSHUDYYLFLQDUVL
DGXQPRQGRFKHDEELDPR
FRQRVFLXWRVXLOLEULGLVWRULD
HLFXLWHVRULQRQVPHWWHUDQQR
GLVWXSLUYL
0(66,&2
‡6LVWHPD]LRQHLQFDPHUD
GLFDWHJRULDVXSHULRUH
VHGLVSRQLELOH
‡)UXWWDHERWWLJOLDGLUKXP
LQFDPHUD
‡GLVFRQWRVXLVHUYL]L
SUHVVRLOFHQWUR63$GHOO·KRWHO
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
%$<$+,%(
'5($06
/$520$1$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
$IIDFFLDWRGLUHWWDPHQWHVXOODEHOODVSLDJJLDGL%D\DKLEHOXQ
JR XQ WUDWWR GL PDUH VROLWDPHQWH FDOPR H WUDQTXLOOR TXHVWR
UHVRUW XQR GHL PLJOLRUL GHOOD ]RQD VL SURSRQH FRPH PHWD
LGHDOH SHU OH FRSSLH LQ YLDJJLR GL QR]]H 2IIUH XQ HOHYDWR
VWDQGDUGTXDOLWDWLYRROWUHDGXQDIRUPXOD$OO,QFOXVLYHPROWR
ULFFD/DFDPHUDqGRWDWDGLRJQLFRPIRUW79VDWHOOLWDUHWHOH
IRQRDVFLXJDFDSHOOLEROOLWRUHSHULOFDIIqPLQLEDUFDVVHWWDGL
VLFXUH]]DHEDOFRQH,OUHVRUWRIIUHEHQULVWRUDQWLQXPHURVL
EDU HG XQR VQDFNEDU WXWWL FRPSUHVL QHOOD IRUPXOD $OO
,QFOXVLYH*OLRVSLWLGHOUHVRUWKDQQRDORURGLVSRVL]LRQHSL
VFLQDYDVFDLGURPDVVDJJLRWHQQLVGLXUQRFDWDPDUDQRND
\DNDWWUH]]DWXUDSHUVQRUNHOLQJSLQJSRQJELFLFOHWWHJLQQD
VWLFD XQD LPPHUVLRQH GLVFRYHU\ LQ SLVFLQD $QLPD]LRQH
VSHWWDFROLHGLVFRWHFD$SDJDPHQWRPDVVDJJLHWUDWWDPHQWL
SUHVVRLOFHQWUREHQHVVHUHLPPHUVLRQLHJROIQHOOHYLFLQDQ]H
3(16$723(592,
‡8QDSULPDFROD]LRQHVHUYLWD
GLFDQQDGD]XFFKHURFDIIq
LQFDPHUD
HFDFDR,OSUDQ]RqSUHYLVWR
‡)UXWWDHYLQRLQFDPHUD
LQXQWLSLFRUDQFKGRPLQLFDQR
‡$FFDSSDWRLRDGLVSRVL]LRQH
HVXOODYLDGHOULWRUQRSRWUHWH
GXUDQWHLOVRJJLRUQRLQKRWHO
ULODVVDUYLFRQXQDVRVWD
‡(VFXUVLRQH-HHS6DIDUL
EDOQHDUH
SHUDGGHQWUDUVLDOO·LQWHUQR
‡6HWGDYLDJJLRRIIHUWR
GHOO·LVRODOXQJRVWUDGHVWHUUDWH GD)UDQFRURVVR
DWWUDYHUVRSLDQWDJLRQL
5(38%%/,&$'20,1,&$1$
&267$%$9$52
2&($1%/8(
6$1'5(6257
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
,OUHVRUWGLUHFHQWHFRVWUX]LRQHqDIIDFFLDWRVXXQEHOOLVVLPR
WUDWWR GL VSLDJJLD H VL FDUDWWHUL]]D SHU O·HOHYDWR OLYHOOR GHL
VHUYL]L H OD ULFFD IRUPXOD DOO LQFOXVLYH /·DUUHGDPHQWR GHJOL
VSD]LFRPXQLHGHOOHMXQLRUVXLWHqULFHUFDWRLQRJQLGHWWDJOLR
HGLPDWHULDOLXWLOL]]DWLVRQRGLRWWLPRJXVWR2JQLMXQLRUVXLWH
qGRWDWDGLVHUYL]LSULYDWLFRQYDVFDLGURPDVVDJJLRDVFLXJD
FDSHOOLDULDFRQGL]LRQDWDYHQWLODWRUHDVRIILWWREROOLWRUHSHULO
FDIIqPLQLEDUDVVHHIHUURGDVWLUR79VDWHOOLWDUHFDVVHWWDGL
VLFXUH]]DWHOHIRQRHEDOFRQH'HJQRGLQRWDLOVHUYL]LRHOD
TXDOLWjGHOODFXFLQDSUHVVRLOULVWRUDQWHSULQFLSDOHHGLULVWR
UDQWLGLVSHFLDOLWjDSHUWLSHUODFHQDDQFK·HVVLLQFOXVLDSD
JDPHQWRLOULVWRUDQWHFKHVHUYHVSHFLDOLWjDEDVHGLSHVFH
1RQPDQFDQRLQROWUHOHRSSRUWXQLWjGLVYDJRHGLYHUWLPHQWR
FRQ DWWLYLWj VSRUWLYH LQFOXVH ZLQGVXUI ND\DN DWWUH]]DWXUD
SHU VQRUNHOLQJ DHURELFD ZDWHUSROR EHDFKYROOH\ WLUR FRQ
O·DUFR WHQQLV ELFLFOHWWH ELOLDUGR 3URJUDPPD GL LQWUDWWHQL
PHQWRGLXUQRHVHUDOH/DULFFDIRUPXODDOOLQFOXVLYHODSRVL
]LRQHYHUDPHQWHSULYLOHJLDWDIDQQRGLTXHVWRUHVRUWODPHWD
LGHDOHSHUXQYLDJJLRGLQR]]H
3(16$723(592,
6XOODVWUDGDGHOULWRUQRWDSSD
‡8SJUDGHVRJJHWWRDGLVSRQLELOLWj
SHUXQDVRVWDEDOQHDUH
‡/DWHFKHFNRXWLOJLRUQRGHOOD
‡6HWGDYLDJJLRRIIHUWR
SDUWHQ]DVRJJHWWRDGLVSRQLELOLWj
‡6FRQWRGHOVXLVHUYL]LDFTXLVWDWL GD)UDQFRURVVR
SUHVVRLOFHQWUREHQHVVHUHGHOO·KRWHO ‡,QROWUHOHFRSSLHFKHSUHQRWDQR
ODVLVWHPD]LRQHLQ´+RQH\PRRQ
‡8QDFHQDURPDQWLFDFRQERWWLJOLD
6XLWHµFRQVXSSOHPHQWRDYUDQQR
GLYLQR
GLULWWRDGXQDVHULHGLVHUYL]L
‡8QDSULPDFROD]LRQHVHUYLWD
DJJLXQWLYLDUHDULVHUYDWD
LQFDPHUD
SHULOFKHFNLQHFKHFNRXWPLQLEDU
‡/·HVFXUVLRQH´-HHS6DIDULµ
ULIRUWQLWRFRQVHOH]LRQHGLEHYDQGH
XQ·RFFDVLRQHGDQRQSHUGHUHSHU
LQWHUQD]LRQDOLWHOLPDUHLQFDPHUD
VFRSULUHTXHVWRDQJRORGLSDUDGLVR
VHUYL]LRLQFDPHUDGDOOHDOOH
8QDJLRUQDWDSHUDGGHQWUDUVL
UDGLRVYHJOLDFRQ,3RGLQWHUQHW
DOO·LQWHUQRGHO3DHVHSHUFRUUHQGR
ZLUHOHVVLQFDPHUDFDQGHOH
VWUDGHVWHUUDWHOXQJRSLDQWDJLRQLGL
SURIXPDWHXQDFHQDSUHVVR
FDQQDGD]XFFKHURFDIIqHFDFDR
LOULVWRUDQWHGLSHVFHDUHDULVHUYDWD
,OSUDQ]RVDUjVHUYLWRLQXQWLSLFR
LQVSLDJJLDFRQVHUYL]LRFDPHULHUH
UDQFKGRYHVDUjSRVVLELOHIDUHXQD
EUHYHSDVVHJJLDWDDFDYDOOR
5(38%%/,&$'20,1,&$1$
72853(5/$
'(/&$5,%(
8QLWLQHUDULRFKHVLVQRGDQHOODSDUWHRFFLGHQWDOHGHOO·LVROD
LGHDOHSHUTXDQWLGHVLGHUDQRFRPELQDUHODYRJOLDGLVFRSULUH
DTXDOFKHJLRUQRGLUHOD[DOPDUHVXOODVSOHQGLGDVSLDJJLDGL
9DUDGHUR7RXULQPLQLEXVSXOOPDQFRQDULDFRQGL]LRQDWDH
JXLGD ORFDOH SDUODQWH LWDOLDQR 7RXU GL QRWWL LQ SHQVLRQH
FRPSOHWD H QRWWL GL VRJJLRUQR EDOQHDUH DO 6HD&OXE
,EHURVWDU/DJXQD$]XOGL9DUDGHURFRQIRUPXOD$OO,QFOXVLYH
ƒJLRUQR,WDOLD/·$YDQD
9RORGDOO·,WDOLDHDOO·DUULYRWUDVIHULPHQWRDOO·KRWHOGH/·$YDQD
SHUODFHQDHLOSHUQRWWDPHQWR
ƒJLRUQR/·$YDQD
3ULPDFROD]LRQHHYLVLWDGHOODFLWWjXQLFRHVHPSLRLQ$PHULFD
/DWLQD GL XQ JUDQGH DJJORPHUDWR GL DUFKLWHWWXUD FRORQLDOH
9LVLWD GHO FHQWUR VWRULFR FRQ OD 3LD]]D GHOOD &DWWHGUDOH OD
%RGHJXLWDGHO0HGLROD3OD]DGH6DQ)UDQFLVFR3UDQ]RLQUL
VWRUDQWHHQHOSRPHULJJLRYLVLWDGHO0XVHRGHORV&DSLWDQHV
*HQHUDOHV5LHQWURLQKRWHOFHQDHSHUQRWWDPHQWR
ƒJLRUQR/·$YDQD3LQDUGHO5LR/·$YDQDNPFLUFD
3ULPD FROD]LRQH H SDUWHQ]D SHU 3LQDU GHO 5LR OD SURYLQFLD
SL RFFLGHQWDOH GHOO·LVROD GL &XED GRYH VL FROWLYD LO ID
PRVR WDEDFFR FXEDQR 9LVLWD D XQD IDEEULFD GL WDEDFFR
3URVHJXLPHQWR SHU 9LxDOHV YDOOH GL LQFRPSDUDELOH EHOOH]]D
FLUFRQGDWDGDL´PRJRWHVµFRQVLGHUDWLOHSLDQWLFKHIRUPD
]LRQL URFFLRVH GL &XED 9LVLWD DO 0XUDOH GHOOD 3UHLVWRULD HG
HVFXUVLRQHLQEDUFDDOOD&XHYDGHO,QGLRSHUFRUUHQGRXQILX
PHVRWWHUUDQHR3UDQ]RLQULVWRUDQWH1HOSRPHULJJLRULHQWUR
D/·$YDQDFHQDHSHUQRWWDPHQWR
ƒJLRUQR/·$YDQD6DQWD&ODUD&LHQIXHJRV7ULQLGDGNP
FLUFD
'RSRODSULPDFROD]LRQHSDUWHQ]DSHU6DQWD&ODUDFRQTXL
VWDWDGD&KH*XHYDUDFKHDSUuTXLODVWUDGDDOODYLWWRULDGHOOD
ULYROX]LRQH9LVLWDDO0DXVROHRDO7UHQ%OLQGDGRHSUDQ]RLQ
ULVWRUDQWH3DUWHQ]DSHU&LHQIXHJRVSHUXQDYLVLWDGHOODFLWWj
H GHL OXRJKL GL SULQFLSDOH LQWHUHVVH H SURVHJXLPHQWR SHU
7ULQLGDG&HQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR7ULQLGDG9DUDGHURNPFLUFD
3ULPDFROD]LRQHHPDWWLQDWDGHGLFDWDDOODYLVLWDGL7ULQLGDG
XQ YHUR PXVHR DOO·DSHUWR 3UDQ]R LQ ULVWRUDQWH H QHO SRPH
ULJJLR SDUWHQ]D SHU 9DUDGHUR 6LVWHPD]LRQH DO 6HD&OXE
,EHURVWDU/DJXQD$]XOGRYHqSUHYLVWRWUDWWDPHQWRDOOLQFOX
VLYH
'DOƒDOƒJLRUQR6RJJLRUQRPDUH
*LRUQDWHDGLVSRVL]LRQHSHULOVRJJLRUQREDOQHDUH
ƒJLRUQR/·$YDQD,WDOLD
0DWWLQDWD D GLVSRVL]LRQH H QHO SRPHULJJLR WUDVIHULPHQWR
DOO·DHURSRUWRSHUO·LPEDUFRVXOYRORVSHFLDOH3DVWLHSHUQRW
WDPHQWRDERUGR
ƒJLRUQR,WDOLD
$UULYRLQ,WDOLD
3(16$723(592,
‡8QJLURRULHQWDWLYRGHOODFLWWj
GH/·$YDQDRUDHPH]]D
FLUFDDERUGRGLXQ·DXWR
G·HSRFDDPHULFDQD
SHUVFRSULUHTXHVWDFLWWjULFFD
GLIDVFLQRHGLFRQWUDVWL
‡)UXWWDHYLQRLQFDPHUD
DOO·DUULYRD/·$YDQD
‡8QDSULPDFROD]LRQHVHUYLWD
LQFDPHUDD/·$YDQD
9,$**,&20%,1$7,
$O SURJUDPPD q SRVVLELOH DEELQDUH XQ·DOWUD VHWWLPDQD GL
VRJJLRUQREDOQHDUHD9DUDGHUR
&8%$
‡8QDFHQDURPDQWLFDQHOO·KRWHO
GH/·$YDQD
‡6HWGDYLDJJLR)UDQFRURVVR
‡3UHVVRLO6HD&OXE,EHURVWDU
/DJXQD$]XOGL9DUDGHUR
‡)UXWWDHYLQRLQFDPHUD
‡8QDFHQDURPDQWLFDLQXQR
GHLULVWRUDQWLGLVSHFLDOLWj
‡5HJDORGHOO·KRWHO
9$5$'(52
,%(5267$5
/$*81$$=8/
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
5HVRUW GL UHFHQWH FRVWUX]LRQH FKH VL FRQWUDGGLVWLQJXH SHU
O·HOHJDQ]DGHJOLDPELHQWLLQVWLOHFRORQLDOHODVSOHQGLGDSRVL
]LRQH GLUHWWDPHQWH VXOOD EHOOD VSLDJJLD GL 9DUDGHUR H OD
TXDOLWj GHO VHUYL]LR JDUDQWLWD GDOOD JHVWLRQH VSDJQROD /D
FDPHUDqVSD]LRVDHGDUUHGDWDFRQJXVWRHGqGRWDWDGLRJQL
FRPIRUWVHUYL]LSULYDWLDVFLXJDFDSHOOLDULDFRQGL]LRQDWD79
VDWHOOLWDUHIHUURGDVWLURPLQLEDUFDVVHWWDGLVLFXUH]]DERO
OLWRUHSHULOFDIIqHEDOFRQH2OWUHDOULVWRUDQWHSULQFLSDOHFRQ
VHUYL]LR D EXIIHW JOL RVSLWL SRVVRQR VFHJOLHUH GL FHQDUH DQ
FKHSUHVVRLULVWRUDQWLGLVSHFLDOLWjFXEDQHJLDSSRQHVLLWD
OLDQHJRXUPHW/DULFFDIRUPXOD$OO,QFOXVLYHRUHSUHYHGH
DQFKHODSRVVLELOLWjGLSUDWLFDUHVSRUWTXDOLJLQQDVWLFDFDWD
PDUDQREHDFKYROOH\IUHFFHWWHND\DNYHODSHGDOzWHQQLV
HZLQGVXUI/·KRWHOGLVSRQHLQROWUHXQDWWUH]]DWRFHQWUR63$
DSDJDPHQWRGRYHqSRVVLELOHSUHQRWDUHPDVVDJJLHWUDWWD
PHQWLYDUL
3(16$723(592,
‡)UXWWDHERWWLJOLDGLYLQR
LQFDPHUD
‡8QDFHQDURPDQWLFDLQXQR
GHLULVWRUDQWLGLVSHFLDOLWj
‡5HJDORGHOO·KRWHO
&8%$
‡8QDYLVLWDSDQRUDPLFDGHOOD
SHQLVRODGL9DUDGHURFRQ
LQJUHVVRDOOD´FDVDGHOUKXPµ
YLVLWDDOODFDVDGL$O&DSRQH
HFRFNWDLODOOD&DVD'XSRQW
GXUDWDGLFLUFDRUH
FRQJXLGDORFDOHSDUODQWH
VSDJQROR
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
/·$9$1$
(9$5$'(52
8QDSURSRVWDGLYLDJJLRFKHFRPELQDXQEUHYHVRJJLRUQRD
/·$YDQD DG XQ VRJJLRUQR EDOQHDUH D 9DUDGHUR SUHVVR LO
6HD&OXE,EHURVWDU/DJXQD$]XO
ƒJLRUQR,WDOLD/·$YDQD
9ROR GDOO·,WDOLD H DOO·DUULYR WUDVIHULPHQWR DOO·KRWHO 0HOLi
+DEDQD 6LVWHPD]LRQH QHOOH FDPHUH ULVHUYDWH H SHUQRWWD
PHQWR
ƒJLRUQR/·$YDQD
*LRUQDWDGHGLFDWDDOODYLVLWDGHOODFLWWjFRQSDUWHQ]DGDOO·KR
WHOGRSRODSULPDFROD]LRQH3DVVHJJLDWDQHOFHQWURVWRULFR
DWWUDYHUVROHYLHHOHSLD]]HGLPDJJLRULQWHUHVVH3LD]]DGH
$UPDV OD SLD]]D GHOOD &DWWHGUDOH SLD]]D 6DQ )UDQFHVFR
G·$VVLVLOD3LD]]D9HFFKLD*LURSDQRUDPLFRSHUOD&RUWLQD
GH9DOGHVVLQRDOOD0DHVWUDQ]DGH$UWLOOHULD9LVLWDSDQRUDPL
FD GHOOD SDUWH PRGHUQD GHOOD FLWWj FRQ VRVWH GHL OXRJKL SL
QRWLTXDOLLO&DSLWROLRHOD3LD]]DGHOOD5LYROX]LRQH7UDQVLWR
SHU(O%RVTXHGHOD+DEDQDHO·DUHDGHOSDUFRPHWURSROLWDQR
9LVLWD DOOD IDEEULFD GHO UKXP GRYH VDUj SRVVLELOH JXVWDUH LO
WLSLFR OLTXRUH ORFDOH $O WHUPLQH SRWUHWH ULHQWUDUH LQ KRWHO R
GHFLGHUHGLVFRSULUHDOWULDQJROLQHOFHQWURVWRULFRGHOODFLWWj
FRQO·DLXWRGHOODJXLGDFKHULPDUUjDYRVWUDGLVSRVL]LRQHILQR
DOOH RUH ,O SUDQ]R VDUj JXVWDWR SUHVVR XQ ULVWRUDQWH GHO
FHQWURVWRULFRLQFOXVDXQDELELWDDSHUVRQD&HQDOLEHUDH
SHUQRWWDPHQWR
ƒJLRUQR/·$YDQD
7UDWWDPHQWR GL SHUQRWWDPHQWR H SULPD FROD]LRQH LQ KRWHO
*LRUQDWDDGLVSRVL]LRQHSHUYLVLWDUHOLEHUDPHQWHODFLWWj
ƒJLRUQR/·$YDQD9DUDGHURNP
'RSRODSULPDFROD]LRQHSDUWHQ]DSHU9DUDGHURGRYHO·DUULYRq
SUHYLVWRGRSRFLUFDRUH6LVWHPD]LRQHDO6HD&OXE,EHURVWDU
/DJXQD $]XO FRQ WUDWWDPHQWR DOO LQFOXVLYH 3RPHULJJLR D
GLVSRVL]LRQH
'DOƒDOƒJLRUQR9DUDGHUR
7UDWWDPHQWRDOOLQFOXVLYHLQKRWHO*LRUQDWHDGLVSRVL]LRQHSHU
LOUHOD[VXOODEHOODVSLDJJLDGHOUHVRUW
ƒJLRUQR9DUDGHUR/·$YDQD,WDOLD
0DWWLQDWD OLEHUD 1HO SRPHULJJLR WUDVIHULPHQWR DOO·DHUR
SRUWR GH /·$YDQD H LPEDUFR VXO YROR VSHFLDOH SHU O·,WDOLD
3HUQRWWDPHQWRDERUGR
ƒJLRUQR,WDOLD
$UULYRLQ,WDOLD
9,$**,&20%,1$7,
$O SURJUDPPD q SRVVLELOH DEELQDUH XQ·DOWUD VHWWLPDQD GL
VRJJLRUQREDOQHDUHD9DUDGHUR
/·+RWHO0HOLi+DEDQD
3(16$723(592,
‡)UXWWDHYLQRLQFDPHUD
DOO·DUULYRD/·$YDQD
‡)UXWWDHYLQRLQFDPHUD
DO6HD&OXE,EHURVWDU/DJXQD
$]XO
‡8QDFHQDURPDQWLFDLQXQR
GHLULVWRUDQWLGLVSHFLDOLWj
SUHVVRLO6HD&OXE,EHURVWDU
/DJXQD$]XO
&8%$
‡5HJDORGHOO·KRWHO,EHURVWDU
/DJXQD$]XO
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
*5$1'%$+$0$
5$',6621
285/8&$<$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ○
&DWHJRULDXIIORFDOH
★★★★
)DFHQWHSDUWHGHOSLDPSLRFRPSOHVVR2XU/XFD\D%HDFK
*ROI5HVRUWLO5DGLVVRQ2XU/XFD\DVLDIIDFFLDGLUHWWDPHQ
WHVXOODVSLDJJLDELDQFDOXQJRXQEHOWUDWWRGLPDUHDEUHYH
GLVWDQ]D GDO /XFD\D 1DWLRQDO 3DUN VXOO·LVROD GL *UDQG
%DKDPD7XWWHOHFDPHUHDUUHGDWHLQVWLOHFDUDLELFRLVSLUDWR
DOO·$UW 'HFR GLVSRQJRQR GL VHUYL]L SULYDWL DVFLXJDFDSHOOL
DULD FRQGL]LRQDWD WHOHIRQR 79 VDWHOOLWDUH FDVVHWWD GL VLFX
UH]]DDVVHHIHUURGDVWLURHEROOLWRUHSHULOFDIIqPLQLEDUH
FROOHJDPHQWR DG LQWHUQHW VRQR GLVSRQLELOL D SDJDPHQWR
2OWUH DO ULVWRUDQWH SULQFLSDOH D EXIIHW D GLVSRVL]LRQH GHL
FOLHQWLDSDJDPHQWRDOFXQLULVWRUDQWLGLVSHFLDOLWjHGLYHUVL
EDU ,QROWUH D SDJDPHQWR VSRUW DFTXDWLFL FHQWUR GLYLQJ
FDPSRGDJROIDEXFKHQHOOHYLFLQDQ]HQROHJJLRELFLFOHW
WHHFHQWUREHQHVVHUH
3(16$723(592,
‡8QDSULPDFROD]LRQH
FRQWLQHQWDOHVHUYLWD
LQFDPHUD
‡7UDVIHULPHQWLSULYDWL
GDOO·DHURSRUWRDOO·KRWHO
HYLFHYHUVD
‡(LQROWUHSHULFOLHQWL
LQSDUWHQ]DGD0LODQR
0DOSHQVD)UDQFRURVVR
RIIUHLVHUYL]L)DVW7UDFN
H6DOH9LS
%$+$0$6
3HULGHWWDJOLHFRQGL]LRQL
GLXVXIUXLELOLWjYHGL
SDJJH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
4XLWUDPRQWLVWUXJJHQWLEDFLDQR
SDQRUDPLPR]]DILDWR
4XLODWHUUDURVVDVLRIIUHDOEOXLQWHQVRGHOFLHOR
4XLORVSLULWRGLDYYHQWXUDVLXQLVFHDOFRPIRUW
GLUDIILQDWLUHVRUW
4XLHPR]LRQDQWLVDIDULIRWRJUDILFLLQFRQWUDQR
XQDQDWXUDLQFRQWDPLQDWD
.HQ\D7DQ]DQLD=DQ]LEDU
3HUFKpLOYRVWURPDWULPRQLR
PHULWDODPDJLDGLXQYLDJJLRGDVRJQR
$)5,&$
DIULFD
6$)$5,
.,/,0$1*,$52
8Q PL[ GL VDIDUL H UHOD[ VXOOD FRVWD ODPELWD GDOO·2FHDQR
,QGLDQR/·LWLQHUDULRYLSRUWHUjILQRDO.LOLPDQMDURDWWUDYHUVDQ
GRXQDQDWXUDLQFRQWDPLQDWDHVHOYDJJLD
3DUWHQ]DLOYHQHUGu
ƒJLRUQR,WDOLD0RPEDVD
3DUWHQ]DLQVHUDWDFRQYRORVSHFLDOHSHU0RPEDVD&HQDH
SHUQRWWDPHQWRDERUGR
ƒJLRUQR0RPEDVD7DLWD+LOOVFLUFDNP
$UULYRDOO·DHURSRUWRGL0RPEDVD'LVEULJRGHOOHIRUPDOLWjGL
VEDUFRLQFRQWURFRQODJXLGDDXWLVWDHSDUWHQ]DSHUODULVHU
YDSULYDWD7DLWD+LOOV3UDQ]RSLFQLFLQFRUVRGLWUDVIHULPHQWR
1HOSRPHULJJLRIRWRVDIDULQHOODULVHUYD&HQDHSHUQRWWDPHQ
WRSUHVVRLO6DURYD7DLWD+LOOV/RGJHRVLPLODUH
ƒJLRUQR7DLWD+LOOV$PERVHOLFLUFDNP
'RSR OD SULPD FROD]LRQH SDUWHQ]D SHU O·$PERVHOL 1DWLRQDO
3DUN DL SLHGL GHO 0RQWH .LOLPDQMDUR /XQJR LO SHUFRUVR
q SUHYLVWR XQ IRWRVDIDUL DWWUDYHUVR LO 3DUFR 7VDYR $UULYR
DOO·$PERVHOL 6HUHQD /RGJH R VLPLODUH LQ WHPSR SHU LO SUDQ
]R1HOSRPHULJJLRIRWRVDIDULQHOSDUFRXQRGHLSLIDPRVL
GHO.HQ\DHGDOTXDOHqSRVVLELOHDPPLUDUHORVSHWWDFRODUH
SDQRUDPDGHOSLDOWRPRQWHDIULFDQRGDFXLGHULYDLOQRPH
GHOVDIDULLO.LOLPDQMDUR&HQDHSHUQRWWDPHQWRDOO·$PERVHOL
6HUHQD/RGJHRVLPLODUH
ƒJLRUQR$PERVHOL7VDYR2YHVWFLUFDNP
'RSRODSULPDFROD]LRQHSDUWHQ]DSHULOSDUFR7VDYR2YHVW
3UDQ]RDOORGJH3RPHULJJLRGHGLFDWRDOIRWRVDIDULQHOSDUFR
QRWRDQFKHSHUOH0]LPD6SULQJV&HQDHSHUQRWWDPHQWRDO
.LODJXQL6HUHQD/RGJHRVLPLODUH
ƒJLRUQR7VDYR2YHVW&RVWDGL'LDQLR0DOLQGLFLUFDNP
'RSR OD SULPD FROD]LRQH SDUWHQ]D SHU OD FRVWD GL 'LDQL R
0DOLQGL SHU FRQRVFHUH XQ DOWUR DVSHWWR GHOO·$IULFD OH VXH
VSOHQGLGH VSLDJJH 6RVWD SHU LO SUDQ]R SUHVVR LO ULQRPDWR
ULVWRUDQWH7DPDULQGGL0RPEDVDGRYHSRWUHWHJXVWDUHRWWLPH
VSHFLDOLWj GL SHVFH 1HO SRPHULJJLR SURVHJXLPHQWR YHUVR
'LDQLR0DOLQGLHVLVWHPD]LRQHQHOO·DOEHUJRSUHVFHOWR
'DOƒDOO·ƒJLRUQR6RJJLRUQRPDUH
*LRUQDWHDGLVSRVL]LRQHSHUDWWLYLWjEDOQHDUL
ƒJLRUQR0RPEDVD,WDOLD
'RSR OD SULPD FROD]LRQH WUDVIHULPHQWR LQ DHURSRUWR H YROR
SHUO·,WDOLDGRYHO·DUULYRqSUHYLVWRLQVHUDWD
9,$**,&20%,1$7,
$OSURJUDPPDqDEELQDELOHXQDVHWWLPDQDGLVRJJLRUQREDO
QHDUHD'LDQLR0DOLQGL
3(16$723(592,
‡$OO·DUULYRWURYHUHWHLQFDPHUD ‡6HVRJJLRUQDWHSUHVVR
XQJUD]LRVRRPDJJLRÁRUHDOH
LO6HD&OXE.ROH.ROHYHGHUH
‡3HUFHOHEUDUHODYRVWUDXQLRQH SDJ
VDUHWHLQYLWDWLDOODFHULPRQLD
‡6HVRJJLRUQDWHSUHVVR
´$FDFLD3URMHFWµGRYHSRWUHWH
LO6HD&OXE6DQGLHV7URSLFDO
SLDQWDUHQHOODVDYDQDXQ
9LOODJHYHGHUHSDJ
VHPHGLDFDFLD$PERVHOL
‡6HVRJJLRUQDWHSUHVVRLO.LOLOL
6HUHQD/RGJHRVLPLODUH
%DKDULQL5HVRUW6SDYHGHUH
‡3UHVVRLOULVWRUDQWH´7DPDULQGµ SDJ
GL0RPEDVDSRWUHWHJXVWDUH
LO´'DZDµFRFNWDLOWLSLFR
GHO.HQ\D
.(1<$
DIAMOND
',$1,
.2/(.2/(
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
&DPHUDGHOX[H
★★★★★
LQYLDGLXIILFLDOL]]D]LRQH
6XOOLWRUDOHGL'LDQL%HDFKLQXQSXQWRLQFXLODVSLDJJLDqELDQFKLVVLPDVRUJH
LO 6HD&OXE .ROH .ROH ,PPHUVR LQ XQD OXVVXUHJJLDQWH YHJHWD]LRQH IRUPD XQ
XQLFRFRPSOHVVRFRQLOYLFLQRKRWHO%DREDE%HDFK5HVRUW6SD7XWWHOH
FDPHUHVRQRULYROWHYHUVRLOPDUHHVRQRVXGGLYLVHLQVXSHULRUGLPT
GHOX[HGLPTHMXQLRUVXLWHVGLPTTXHVW·XOWLPHGRWDWHGLYDVFDLGUR
PDVVDJJLR'LVSRQJRQRWXWWHGLDULDFRQGL]LRQDWDWHOHIRQRFRQOLQHDGLUHWWD
79VDWHOOLWDUHPLQLIULJRFDVVHWWDGLVLFXUH]]DDVFLXJDFDSHOOLEDOFRQHRWHUUD]
]D FRQ OHWWLQL $ GLVSRVL]LRQH GHL FOLHQWL ULVWRUDQWH SULQFLSDOH FRQ VHUYL]LR D
EXIIHWqULFKLHVWRXQDEELJOLDPHQWRIRUPDOHSHUODFHQDFRQSDQWDORQLOXQJKL
SHUJOLXRPLQLXQEHDFKEDUGRYHFRQVXPDUHXQSUDQ]ROHJJHURFRQVQDFN
GROFLHVDODWLHXQULVWRUDQWHjODFDUWHDSDJDPHQWRGRYHSRWHUJXVWDUHGHOL
]LRVH FHQH D EDVH GL SHVFH ,QROWUH D SDJDPHQWR ODYDQGHULD ,QWHUQHW SRLQW
ERXWLTXHSDUUXFFKLHUHPHGLFRVXULFKLHVWDEDE\VLWWHUXIILFLRFDPELRVHU
YL]LRQDYHWWDSHU0RPEDVD8QDJUDQGHSLVFLQDYLIDUjLPPDJLQDUHGLHVVHUH
LPPHUVLLQPH]]RDOO·RFHDQR%HDFKYROOH\SLQJSRQJDTXDJ\PVWUHWFKLQJ
DHURELFDERFFHVDUDQQRDYRVWUDFRPSOHWDGLVSRVL]LRQH$FLUFDPHWULGL
GLVWDQ]DVLUDJJLXQJHOD]RQDVSRUWLYDLQFRPXQHFRQO·KRWHO%DREDE%HDFK
5HVRUW6SDGRYHVLWURYDLOWLURFRQO·DUFRHFDPSLGDWHQQLVLQTXLFN*OL
DQLPDWRULSDUODQWLLWDOLDQRRUJDQL]]DQRXQSURJUDPPDULFUHDWLYRGLXUQRHVHUD
OH$SDJDPHQWRQHOODVWHVVD]RQDVSRUWLYDZLQGVXUISHVFDG·DOWXUDFHQWUR
LPPHUVLRQLDFLUFDPHWUL1HOO·KRWHOFHQWUREHQHVVHUHFRQSDOHVWUDLGUR
PDVVDJJLRPDVVDJJLHWUDWWDPHQWLSHUVRQDOL]]DWL&DPSRGDJROIGDEXFKH
QHOOHYLFLQDQ]H/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡6SHFLDOHRPDJJLRHFHVWR
GLIUXWWDLQFDPHUD
‡&HQDURPDQWLFDDOULVWRUDQWH
´-RGDULµ
‡5LGX]LRQHGHOSUHVVR
LOFHQWUREHQHVVHUH
´$I\D%RUD:HOOQHVV&OXEµ
.(1<$
‡5LGX]LRQHGHOSUHVVR
LO´7DQJH]LµULVWRUDQWH
jODFDUWHEHYDQGHHVFOXVH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
0$/,1',
6$1',(6
7523,&$/9,//$*(
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ○
&DWHJRULDXIIORFDOH
★★★★
,O 6HD&OXE 6DQGLHV 7URSLFDO 9LOODJH VRUJH GLUHWWDPHQWH VXOOD VSLDJJLD DG
DSSHQDSRFKLFKLORPHWULGDOFHQWURGHOODFLWWDGLQDGL0DOLQGL,OFRPSOHVVRq
FRPSRVWRGDVWUXWWXUHDXQRRGXHSLDQLGLVSRVWHDVHPLFHUFKLRFRPHLQXQ
YHURYLOODJJLRPDVDL/HFDPHUHGRWDWHGLRJQLFRPIRUWGLVSRQJRQRGLVHUYL
]LSULYDWLDVFLXJDFDSHOOLOHWWRDEDOGDFFKLQRFRQ]DQ]DULHUDDULDFRQGL]LR
QDWDYHQWLODWRUHDVRIILWWRWHOHIRQRFDVVHWWDGLVLFXUH]]DPLQLIULJRPLQLEDU
IRUQLWRGLEHYDQGHVRORQHOOHMXQLRUVXLWHWHUUD]]DRYHUDQGD7XWWLLSDVWLD
EXIIHWYHUUDQQRSURSRVWLDOULVWRUDQWHSULQFLSDOHqULFKLHVWRXQDEELJOLDPHQ
WRIRUPDOHSHUODFHQDFRQSDQWDORQLOXQJKLSHUJOLXRPLQL6RQRLQROWUHD
GLVSRVL]LRQH GHL FOLHQWL XQD VDOD FRQ 79 YLD VDWHOOLWH H WUH EDU GRYH SRWHU
DVVDSRUDUHGHOL]LRVLFRFNWDLOGDOVDSRUHWURSLFDOH3HULOYRVWURWHPSROLEHUR
VRQRDGLVSRVL]LRQHXQDEHOODSLVFLQDIURQWHPDUHYLFLQRDOODTXDOHYHUUDQ
QRRUJDQL]]DWLWRUQHLVSRUWLYLHOH]LRQLGLDTXDJ\P,QROWUHOH]LRQLGLGDQ]H
ORFDOLSLQJSRQJWLURFRQO·DUFRHVWUHWFKLQJ*OLDQLPDWRULORFDOLHLWDOLDQL
RUJDQL]]DQRXQSURJUDPPDULFUHDWLYRGLXUQRHVHUDOH$SDJDPHQWRFHQWUR
PDVVDJJL ´'UHDP 6SDµ FRQ WUDWWDPHQWL GL WDODVVRWHUDSLD H PDVVDJJL LP
PHUVLRQL3$',H66,SUHVVRLOFHQWURGLYLQJVLWXDWRVXOODVSLDJJLDGHOYLOODJ
JLRSHVFDG·DOWXUDEDUFKHGDOIRQGRGLYHWURZLQGVXUIXVFLWHLQGLYLGXDOL
FDQRD QROHJJLR FDWDPDUDQR FRQ LVWUXWWRUH DWWUH]]DWXUD SHU VQRUNHOLQJ
FDPSLGDWHQQLVHJROIQHOOHYLFLQDQ]H/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ
)UDQFRURVVR
3(16$723(592,
‡$OO·DUULYRWURYHUHWHLQFDPHUD
XQFHVWRGLIUXWWD
‡'XUDQWHODVHWWLPDQDYLYHUUj
RIIHUWDXQDURPDQWLFDFHQD
DOXPHGLFDQGHODSUHVVR
LOULQRPDWRULVWRUDQWH
´)UDQJLSDQHµGHOYLFLQRKRWHO
0DOLQGL%HDFKEHYDQGHLQFOXVH
‡8Q·HPR]LRQDQWHXVFLWD
LQFDWDPDUDQRGHOODGXUDWD
GLFLUFDPLQXWL
‡8QDPHUDYLJOLRVDWRUWDDIRUPD
GLFXRUHYHUUjRIIHUWDDOODSULPD
FHQDLQKRWHO
‡8QDIRWRWUDLÀRUL
GHOOXVVXUHJJLDQWHJLDUGLQR
GHOO·KRWHO
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
.(1<$
129,7­
,O6HD&OXE6DQGLHV7URSLFDO
9LOODJHVLSUHVHQWDVRWWRXQD
QXRYDYHVWH,QWXWWHOHFDPHUH
QXRYLWHVVXWLWHQGDJJLHWDSSHWL
UHQGRQRO·DPELHQWHDQFRUD
SLDFFRJOLHQWH7XWWLLEDJQL
GHOOHMXQLRUVXLWHHGLXQD
SDUWHGHOOHFDPHUHVWDQGDUG
VRQRVWDWLFRPSOHWDPHQWH
ULVWUXWWXUDWLLQXQRVWLOHPRGHUQR
HIXQ]LRQDOH
0$/,1',
.,/,/,%$+$5,1,
5(625763$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
6LWXDWRGLUHWWDPHQWHVXOODELDQFKLVVLPDVSLDJJLDGL0DOLQGLO·KRWHO
.LOLOL%DKDULQL5HVRUW6SDRIIUHXQDPELHQWHUDIILQDWRHFXUDWRQHL
PLQLPLGHWWDJOLTXLWURYHUHWHWXWWDO·HVFOXVLYLWjFKHVRJQDWHQHOODSL
VHGXFHQWH DWPRVIHUD DIULFDQD 7XWWH OH FDPHUH VSD]LRVH HG HOH
JDQWHPHQWH DUUHGDWH LQ VWLOH VZDKLOL VRQR LPPHUVH QHO JLDUGLQR
WURSLFDOHHDIIDFFLDWHVXOOHSLVFLQHDQWLVWDQWL'LVSRQJRQRGLVHUYL]L
SULYDWLDULDFRQGL]LRQDWDYHQWLODWRUHDVRIILWWRWHOHIRQRDVFLXJDFD
SHOOL ]DQ]DULHUH FDVVHWWD GL VLFXUH]]D 79 VDWHOOLWDUH VROR QHOOH
VXLWHVHQHOOHMXQLRUVXLWHV5LVWRUDQWHFRQULFFREXIIHWSHULOSUDQ]R
HUDIILQDWRVHUYL]LRDOWDYRORSHUODFHQDqULFKLHVWRXQDEELJOLDPHQ
WRIRUPDOHSHUODFHQDFRQSDQWDORQLOXQJKLSHUJOLXRPLQL3LVFLQD
SULQFLSDOHDGLDFHQWHDOPDUHFRQOHWWLQLHWHOLPDUH/·KRWHOGLVSRQH
D SDJDPHQWR GL VHUYL]LR ID[ VHUYL]LR ODYDQGHULD ,QWHUQHW SRLQW
VHUYL]LRPHGLFRVXULFKLHVWDFHQWURGLYLQJQHOOHYLFLQDQ]HHGLXQ
HVFOXVLYRFHQWUREHQHVVHUHGRYHSRWUHWHSURYDUHXQRGHLQXPHURVL
WUDWWDPHQWL YLVR H FRUSR ,O .LOLOL q LO OXRJR LGHDOH SHU FRURQDUH LO
9RVWURYLDJJLRGLQR]]HLQXQDPELHQWHHVFOXVLYRHWUDQTXLOORGRYH
O·RWWLPDJHVWLRQHLWDOLDQDDVVLFXUDXQ·HOHYDWDTXDOLWjHXQ·DWWHQ]LRQH
SDUWLFRODUHDLVXRLFOLHQWL
3(16$723(592,
‡$OO·DUULYRWURYHUHWHLQFDPHUD
XQDERWWLJOLDGLYLQR
HXQFHVWRGLIUXWWD
‡8QDFHQDURPDQWLFDDOXPH
GLFDQGHODEHYDQGHHVFOXVH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
.(1<$
‡(GLQROWUHSHULFOLHQWL
LQSDUWHQ]DGD0LODQR
0DOSHQVDH5RPD)LXPLFLQR
)UDQFRURVVRRIIUHLVHUYL]L
)DVW7UDFNH6DOH9LS
3HULGHWWDJOLHFRQGL]LRQL
GLXVXIUXLELOLWj
YHGLSDJJH
6$)$5,7$1=$1,$
(;3(',7,21
8QLWLQHUDULRFKHLQVROLJLRUQLWRFFDLSULQFLSDOLHVXJJHVWLYL
SDUFKLGHOOD7DQ]DQLDSRSRODWLGDXQDPROWLWXGLQHGLDQLPDOL
GLRJQLVSHFLH
3DUWHQ]DLOPDUWHGu
ƒJLRUQR,WDOLD=DQ]LEDU
,Q VHUDWD GHFROOR FRQ LO YROR VSHFLDOH SHU =DQ]LEDU FHQD H
SHUQRWWDPHQWRDERUGR
ƒJLRUQR²=DQ]LEDU$UXVKD1JRURQJRURFLUFDNP
$UULYR D =DQ]LEDU H LPEDUFR VXO YROR GL OLQHD SHU $UXVKD
,QFRQWURFRQODJXLGDDXWLVWDHWUDVIHULPHQWRSHULOSUDQ]RLQ
ULVWRUDQWH1HOSRPHULJJLRSURVHJXLPHQWRSHU1JRURQJRUR
LPPHQVR FUDWHUH YXOFDQLFR GHILQLWR OR VFHQDULR SL JUDQ
GLRVR GHOO·$IULFD H IRUVH GHO PRQGR &HQD H SHUQRWWDPHQWR
SUHVVRLO1JRURQJRUR6RSD/RGJHRVLPLODUH
ƒJLRUQR²1JRURQJRUR6HUHQJHWLFLUFDNP
'RSR OD SULPD FROD]LRQH GLVFHVD QHO FXRUH GHO SDUFR
1JRURQJRURSHUXQDPH]]DJLRUQDWDGLIRWRVDIDULQHOFUDWHUH
GRYH LQ RJQL FKLORPHWUR TXDGUDWR SRWUHWH DPPLUDUH XQD
PROWLWXGLQH GL DQLPDOL VHOYDWLFL 3UDQ]R SLFQLF 1HO SRPH
ULJJLR SDUWHQ]D SHU OH JROH GL 2OGXYDL H VXFFHVVLYDPHQWH
SURVHJXLPHQWR SHU LO 3DUFR 1D]LRQDOH 6HUHQJHWL &HQD H
SHUQRWWDPHQWRSUHVVRLO6HUHQJHWL6RSD/RGJHRVLPLODUH
ƒJLRUQR6HUHQJHWL1JRURQJRUR0DQ\DUDFLUFDNP
'RSR OD SULPD FROD]LRQH PDWWLQDWD LQWHUDPHQWH GHGLFDWD
DO IRWRVDIDUL QHO SDUFR 6HUHQJHWL SUROXQJDPHQWR GHO SDUFR
0DVDL0DUDLQ.HQ\D6RVWDSHULOSUDQ]RSLFQLFHSURVHJXL
PHQWRDWWUDYHUVRLOSDUFR1JRURQJRURSHULO/DNH0DQ\DUD
GRYHVLSRWUDQQRDPPLUDUHPROWLDQLPDOLWUDFXLLOOHRQHFKH
TXL KD OD SDUWLFRODULWj GL DUUDPSLFDUVL VXJOL DOEHUL TXDQGR LO
FOLPDqFDOGRHXPLGR$UULYRSUHVVRLO/DNH0DQ\DUD+RWHO
.LUXUXPX7HQWHG/RGJH7ORPD/RGJHRVLPLODUHSHUODFHQD
HLOSHUQRWWDPHQWR
ƒJLRUQR²0DQ\DUD$UXVKD=DQ]LEDUFLUFDNP
'RSRODSULPDFROD]LRQHIRWRVDIDULLQFRUVRGLWUDVIHULPHQWR
H SURVHJXLPHQWR SHU $UXVKD 3UDQ]R LQ ULVWRUDQWH 1HO SR
PHULJJLR WUDVIHULPHQWR LQ DHURSRUWR H LPEDUFR VXO YROR SHU
=DQ]LEDU7UDVIHULPHQWRSUHVVRO·KRWHOSUHVFHOWR
'DOƒDOO·ƒJLRUQR=DQ]LEDU
,QWHUHJLRUQDWHDGLVSRVL]LRQHSHULOVRJJLRUQREDOQHDUH
ƒJLRUQR=DQ]LEDU,WDOLD
'RSR OD SULPD FROD]LRQH WUDVIHULPHQWR LQ DHURSRUWR H LP
EDUFRVXOYRORVSHFLDOHSHUO·,WDOLDGRYHO·DUULYRqSUHYLVWRLQ
VHUDWD
9,$**,&20%,1$7,
$OSURJUDPPDqDEELQDELOHXQDVHWWLPDQDGLVRJJLRUQREDO
QHDUHD=DQ]LEDU
3(16$723(592,
‡6HVRJJLRUQDWHSUHVVR
LO6HD&OXE'LDPRQGV'UHDP
RI=DQ]LEDUYHGHUHSDJ
‡6HVRJJLRUQDWHSUHVVR
LO6HD&OXE5R\DO=DQ]LEDU
%HDFK5HVRUWYHGHUHSDJ
‡6HVRJJLRUQDWHSUHVVR
LO'LDPRQGV/D*HPPD
GHOO·(VWYHGHUHSDJ
7$1=$1,$
DIAMOND
=$1=,%$5
',$021'6'5($0
2)=$1=,%$5
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
(VFOXVLYDSURSRVWDGHOODFDWHQDDOEHUJKLHUD3ODQKRWHOD=DQ]LEDU8QUHVRUW
LQQRYDWLYRHOXVVXRVRFKHVLLVSLUDDJOLDIIDVFLQDQWLSDOD]]LDUDERDIULFDQLFRQ
XQRVWLOHHVRWLFRHGLGHVLJQ&LUFRQGDWRGDOXVVXUHJJLDQWLJLDUGLQLWURSLFDOL
VLDIIDFFLDVXOODPHUDYLJOLRVDVSLDJJLDGL3ZDQL0FKDQJDQLVXOODFRVWDHVW
GHOO·LVRODFDPHUHVXGGLYLVHLQGHOX[HMXQLRUVXLWHKLGURMXQLRU
VXLWHFRQYDVFDLGURPDVVDJJLRDOO·LQWHUQRGHOODFDPHUDHEHDFKYLOODVLWXD
WHGLUHWWDPHQWHVXOODVSLDJJLDYDVFDLGURPDVVDJJLRHSLVFLQDSULYDWD7XWWH
OHFDPHUHVRQRGRWDWHGLOHWWLNLQJVL]HRWZLQEHG]DQ]DULHUDYHQWLODWRUHD
VRIILWWRDULDFRQGL]LRQDWDWHOHIRQR,''7Y/FGFRQULFH]LRQHFDQDOLVDWHOOLWD
ULOHWWRUH'9'H&'DFFHVVR,QWHUQHWFDVVDIRUWHPLQLEDUHEROOLWRUHSHUWqH
FDIIq5LVWRUDQWHSULQFLSDOHFRQVHUYL]LRDEXIIHWH·ULFKLHVWRXQDEELJOLDPHQ
WRIRUPDOHSHUODFHQDFRQSDQWDORQLOXQJKLSHUJOLXRPLQLGLYHUVLULVWRUDQWL
GLVSHFLDOLWjXQHVFOXVLYRULVWRUDQWHjODFDUWHHEDU$SDJDPHQWRVHUYL]LR
ODYDQGHULDVHUYL]LRLQFDPHUDPHGLFRVXULFKLHVWDERXWLTXHXIILFLRFDPELR
HDFFHVVR,QWHUQHW6RQRLQROWUHDGLVSRVL]LRQHGHJOLRVSLWLXQDSLVFLQDSULQ
FLSDOHHXQDSLVFLQDHVFOXVLYDYLFLQRDOOHFDPHUHGHOX[H3URJUDPPDVRIWGL
DQLPD]LRQH GLXUQD FRQ VSRUW H JLRFKL DHURELFD EHDFKYROOH\ IUHFFHWWH
FDOFHWWRGDVSLDJJLDFDPSRPXOWLVSRUWJLRFKLGDWDYRORHOHJJHURSURJUDP
PD GL LQWUDWWHQLPHQWR VHUDOH $ SDJDPHQWR VFXED GLYLQJ SHVFD G·DOWXUD
ELOLDUGR WHQQLV PRGHUQLVVLPR ILWQHVV FHQWHU H FHQWUR 63$ FRQ WUDWWDPHQWL
DOO·DYDQJXDUGLD/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡$OO·DUULYRWURYHUHWHVXOOHWWR
‡,QRPDJJLRSHUODVSRVD
XQDGGREERÁRUHDOH
XQDEHOOLVVLPDERUVDLQVWLOH
‡8QFHVWRGLIUXWWDIUHVFD
´NLNR\µ
FRFNWDLOHVQDFNLQFDPHUD
‡,QRPDJJLRSHUORVSRVR
DOO·DUULYR
XQWLSLFRSDUHRLQVWLOH´NLNR\µ
‡3HUIHVWHJJLDUHWURYHUHWH
‡6HWGDYLDJJLRRIIHUWR
XQDERWWLJOLDGLYLQRORFDOH
GD)UDQFRURVVR
LQFDPHUD
‡8QDFHQDURPDQWLFD
DEDVHGLSHVFHHGDUDJRVWD
EHYDQGHHVFOXVH
=$1=,%$5
=$1=,%$5
52<$/=$1=,%$5
%($&+5(6257
9DOXWD]LRQH)UDQFRURVVR● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
%HOOD VWUXWWXUD VLWXDWD D QRUG GHOO·LVROD GL =DQ]LEDU LO UHVRUW VRUJH
VXOODEHOODVSLDJJLDGL1XQJZL/HFDPHUHVXGGLYLVHLQVXSHULRUGL
PT H MXQLRU VXLWH GL PT VRQR ILQHPHQWH DUUHGDWH H ULYROWH
YHUVRLOPDUH7XWWHOHFDPHUHVRQRGRWDWHGLNLQJVL]HRTXHHQ
VL]HEHGVHUYL]LSULYDWLDVFLXJDFDSHOOLDULDFRQGL]LRQDWD79VDWHO
OLWDUHFDVVDIRUWHWHOHIRQRPLQLIULJRHEROOLWRUHSHULOWqHFDIIq/H
VXLWH WXWWH IURQWH PDUH GLVSRQJRQR GL 79 DO SODVPD VDORWWLQR H
EDOFRQHFRQYLVWDVXOO·RFHDQR5LVWRUDQWHFRQVHUYL]LRDEXIIHWSHUL
SDVWL SULQFLSDOL H· ULFKLHVWR XQ DEELJOLDPHQWR IRUPDOH SHU OD FHQD
FRQSDQWDORQLOXQJKLSHUJOLXRPLQLULVWRUDQWHjODFDUWHULVWRUDQWH
VQDFNEDU H GLYHUVL EDU $ SDJDPHQWR ERXWLTXH XIILFLR FDPELR
,QWHUQHW SRLQW VHUYL]LR ODYDQGHULD VDORQH GL EHOOH]]D PDVVDJJL
VHUYL]LRPHGLFRVXULFKLHVWD/·KRWHOGLVSRQHGLJUDQGLSLVFLQHGL
FXL XQD FRQ LGURPDVVDJJLR H XQD FRQ EDU DOO·LQWHUQR 3DOHVWUD DW
WUH]]DWD SLQJSRQJ DTXDJ\P ZDWHU SROR EHDFKYROOH\ OHWWLQL
PDWHUDVVLQLRPEUHOORQLHWHOLPDUH/·pTXLSHGLDQLPD]LRQHORFDOHH
LWDOLDQD RUJDQL]]D XQ SURJUDPPD VRIW GL LQWUDWWHQLPHQWR GLXUQR H
VHUDOH $ SDJDPHQWR DWWUH]]DWR FHQWUR GLYLQJ 3DGL FRQ LVWUXWWRUL
SURIHVVLRQDOL/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡$OO·DUULYRWURYHUHWHLQFDPHUD ‡6HWGDYLDJJLRRIIHUWR
XQJUD]LRVRRPDJJLRÁRUHDOH
GD)UDQFRURVVR
HGXQFHVWRGLIUXWWD
‡&HQDURPDQWLFDDOXPH
GLFDQGHODFRQXQDERWWLJOLD
GLYLQRGHOODFDVDSUHVVR
LO6DPDNL5HVWDXUDQW
=$1=,%$5
=$1=,%$5
',$021'6
/$*(00$'(//·(67
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
/·KRWHOGLDOWROLYHOORqVLWXDWRVXOODFRVWDQRUGRFFLGHQWDOH
GHOO·LVRODGL=DQ]LEDUVXOODEHOODVSLDJJLDGL1XQJZLHGLVWD
FLUFD XQ·RUD GDOOD FLWWDGLQD GL 6WRQH 7RZQ 7XWWH OH FDPHUH
VRQRYLVWDPDUHHVLDIIDFFLDQRVXXQFRORUDWLVVLPRJLDUGLQR
6RQRGRWDWHGLVHUYL]LSULYDWLDULDFRQGL]LRQDWDFRQUHJROD
]LRQHLQGLYLGXDOHYHQWLODWRUHDVRIILWWR79VDWHOOLWDUHFDVVD
IRUWH H WHUUD]]R SULYDWR $O ULVWRUDQWH SULQFLSDOH YHQJRQR
VHUYLWLWXWWLLSDVWLSULQFLSDOLFRQVHUYL]LRDEXIIHWqULFKLHVWR
XQ DEELJOLDPHQWR IRUPDOH SHU OD FHQD FRQ SDQWDORQL OXQJKL
SHUJOLXRPLQL6RQRLQROWUHDGLVSRVL]LRQHGHLFOLHQWLXQEH
DFKEDUXQOREE\EDUHXQVXQVHWEDU$SDJDPHQWRULVWR
UDQWHjODFDUWHERXWLTXHSDUUXFFKLHUHODYDQGHULDH,QWHUQHW
SRLQW8QDJUDQGHSLVFLQDFRQDQJRORLGURPDVVDJJLRqSR
VL]LRQDWDIURQWHPDUHGLUHWWDPHQWHVXOODELDQFKLVVLPDVSLDJ
JLD$GLVSRVL]LRQHGHLFOLHQWLWHOLPDUHHOHWWLQLLQSLVFLQDHLQ
VSLDJJLD3URJUDPPDOHJJHURGLLQWUDWWHQLPHQWRGLXUQRFRQ
VSRUWSDOODYRORFDOFLRHJLRFKL$SDJDPHQWRGLYLQJFHQWHU
WUDWWDPHQWLSUHVVRLOEHOOLVVLPRFHQWUREHQHVVHUHFDWDPDUD
QRZLQGVXUIFDQRDHVFLG·DFTXD
3(16$723(592,
‡$OO·DUULYRWURYHUHWHVXOOHWWR
‡,QRPDJJLRSHUODVSRVD
XQDGGREERÁRUHDOH
XQDEHOOLVVLPDERUVDLQVWLOH
‡8QFHVWRGLIUXWWDIUHVFD
´NLNR\µ
FRFNWDLOHVQDFNVLQFDPHUD ‡,QRPDJJLRSHUORVSRVR
DOO·DUULYR
XQWLSLFRSDUHRLQVWLOH´NLNR\µ
‡3HUIHVWHJJLDUHWURYHUHWH
‡6HWGDYLDJJLRRIIHUWR
XQDERWWLJOLDGLYLQRORFDOH
GD)UDQFRURVVR
LQFDPHUD
‡8QDFHQDURPDQWLFD
DEDVHGLSHVFHHGDUDJRVWD
RUJDQL]]DWDSHU9RLEHYDQGH
HVFOXVH
=$1=,%$5
6DUHWHFRQTXLVWDWLGDOIDVFLQR
VHQ]DWHPSRGHOOH3LUDPLGL
9LLQQDPRUHUHWHGHOO·LQFDQWRGLXQPDUHGDVRJQR
5LPDUUHWHDIIDVFLQDWLGDOVLOHQ]LRGHOOHGXQH
9LDEEDQGRQHUHWHDOODQJXRUHGLPXVLFKHDUDEH
(JLWWR0DU5RVVR0DURFFRH&DSR9HUGH
3HUXQYLDJJLRGLQR]]H
DOO·DOWH]]DGHOOHYRVWUHHPR]LRQL
0$552662&$329(5'(0$52&&2
PDUURVVR
FDSRYHUGH
PDURFFR
&52&,(5$
1()(57$5,
02721$9(*5$1'35,1&(66
0,66(*<37★ ★ ★ ★ ★
,O PRGR PLJOLRUH SHU VFRSULUH OH EHOOH]]H XQLFKH GHOO·$OWR H
%DVVR (JLWWR LQ XQD VROD VHWWLPDQD VHJXHQGR LO OHQWR IOXLUH
GHO1LORLOILXPHFKHGDVHPSUHqLOSXQWRGLULIHULPHQWRGHOOD
YLWDGHOSRSROR(JL]LDQR
3DUWHQ]DODGRPHQLFD
ƒJLRUQR0LODQRR5RPD/X[RU
3DUWHQ]D SHU /X[RU $UULYR H WUDVIHULPHQWR VXOOD PRWRQDYH
&HQDHSHUQRWWDPHQWRDERUGR
ƒJLRUQR/X[RU(VQD
3HQVLRQHFRPSOHWDDERUGR3DUWHQ]DDOPDWWLQRSUHVWRSHU
ODYLVLWDGHOODYDOOHGHL5HGHO7HPSLRGL0HGLQHW+DEXGHO
7HPSLRGL+DWVKHSVXWHGHL&RORVVLGL0HPQRQ3DVVDJJLR
VXOOD5LYD(VWHYLVLWDGHLWHPSOLGL/X[RUH.DUQDN,QL]LRGHOOD
QDYLJD]LRQHSHU(VQDHSDVVDJJLRGHOODFKLXVD
ƒJLRUQR(VQD(GIX.RP2PER
3HQVLRQHFRPSOHWDDERUGR0DWWLQDWDLQQDYLJD]LRQHHGDU
ULYRD(GIXSHUODYLVLWDGHOWHPSLRGL+RUXV3URVHJXLPHQWR
GHOOD QDYLJD]LRQH H DWWUDFFR D .RP 2PER SHU OD YLVLWD GHO
WHPSLRGL6REHNH+DURHULV
Mar
Mediterraneo
Il Cairo
ƒJLRUQR.RP2PER$VZDQ
3HQVLRQH FRPSOHWD D ERUGR 0DWWLQDWD LQ QDYLJD]LRQH HG
DUULYR DG $VZDQ GRSR LO SUDQ]R YLVLWD GHOOD *UDQGH 'LJD H
GHO WHPSLR GL 3KLODH $O ULHQWUR QHO WDUGR SRPHULJJLR WRXU
SDQRUDPLFRLQEDUFDDPRWRUHVXO1LORSHUDPPLUDUHO·,VROD
(OHIDQWLQD LO JLDUGLQR ERWDQLFR LO 0DXVROHR GHOO·$JD .KDQ
HGLSLFFROLYLOODJJLQXELDQLVLWXDWLOXQJROHVSRQGHGHOILXPH
Suez
lfo
$OSURJUDPPDqDEELQDELOHXQDVHWWLPDQDGLVRJJLRUQREDO
QHDUHD6KDUPHO6KHLNK
3HUXOWHULRULLQIRUPD]LRQLVXOODPRWRQDYHYHGHUHLOFDWDORJR
0DU5RVVR(JLWWR(VWDWH
Arabia Saudit
ez
9,$**,&20%,1$7,
Dahab
Su
ƒJLRUQR&DLUR0LODQRR5RPD
3ULPD FROD]LRQH WUDVIHULPHQWR LQ DHURSRUWR H SDUWHQ]D SHU
O·,WDOLD
di
Nilo
Sharm el Sheikh
Hurghada
Makadi Bay
E G I T T O
Soma Bay
El Quseir
Luxor
Esna
ƒJLRUQR&DLUR
3ULPDFROD]LRQHLQKRWHOHSDUWHQ]DSHULOVLWRDUFKHRORJLFR
PRQXPHQWDOHGL*L]DFRQYLVLWDGHOOD6ILQJHHGHOOH3LUDPLGL
HLQJUHVVRDGXQDSLUDPLGH3URVHJXLPHQWRSHU6DTTDUDH
0HPSKLV6RVWDSHULOSUDQ]RLQULVWRUDQWH&HQDHSHUQRWWD
PHQWRLQKRWHO
ƒJLRUQR&DLUR
3ULPDFROD]LRQHLQKRWHO,QPDWWLQDWDYLVLWDGHO0XVHR(JL]LR
GHOOD &LWWDGHOOD H GHOOH PRVFKHH 3UDQ]R LQ ULVWRUDQWH 1HO
SRPHULJJLR YLVLWD GHO PHUFDWR GL .KDQ HO .KDOLOL &HQD LQ
ULVWRUDQWHHSHUQRWWDPHQWRLQKRWHO
Giordania
Penisola
del Sinai
Go
ƒJLRUQR$VZDQ$EX6LPEHO&DLUR
&ROD]LRQH H SUDQ]R D ERUGR R FHVWLQR SHU LO SUDQ]R D
VHFRQGD GHOO·RUDULR GHO YROR 3DUWHQ]D FRQ YROR VSHFLDOH
SHU $EX 6LPEHO H YLVLWD GHO 7HPSLR GHGLFDWR D 5DPVHWH
3URVHJXLPHQWR LQ DHUHR SHU ,O &DLUR VLVWHPD]LRQH LQ KRWHO
ILQHJLRUQDWDOLEHUD&HQDHSHUQRWWDPHQWRLQKRWHO
Israele
Alessandria
Mar
Rosso
Marsa Alam
Edfu
Kom Ombo
Aswan
Lago
Nasser
Abu Simbel
3(16$723(592,
‡'XUDQWHODSHUPDQHQ]D
‡'XUDQWHODFURFLHUDYHUUHWH
DLO&DLURFHQDSUHVVRXQR
RPDJJLDWLFRQXQVLPSDWLFR
GHLPLJOLRULULVWRUDQWLGHOOD
HFDUDWWHULVWLFRVRXYHQLU
FLWWjWURYHUHWHXQDPELHQWH
ORFDOHFKHYLULFRUGHUj
OXVVXRVRHDPLFKHYROHGRYH
OHPHUDYLJOLHHODFDORURVD
FRQVXPDUHXQURPDQWLFR
DFFRJOLHQ]DGLTXHVWR
SDVWRDFFRPSDJQDWR
VSOHQGLGR3DHVH
GDXQDERWWLJOLDGLYLQRRIIHUWD ‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
GD)UDQFRURVVR
(*,772
&52&,(5$+2586
02721$9(*5$1'35,1&(66
0,66(*<37★ ★ ★ ★ ★
/DFURFLHUDVXO1LORqVLFXUDPHQWHLOPRGRSLULODVVDQWHSHU
YLVLWDUH L OXRJKL FKH FRPH .DUQDN H /X[RU UDFFRQWDQR OH
LPSUHVHPHPRUDELOLFKHKDQQRFRQWULEXLWRDUHQGHUHJUDQGH
O·(JLWWR
3DUWHQ]DLOOXQHGu
ƒJLRUQR%RORJQDR9HURQD&DLUR
3DUWHQ]DSHULO&DLUR$UULYRHWUDVIHULPHQWRLQKRWHO&HQDH
SHUQRWWDPHQWRLQKRWHO
ƒJLRUQR&DLUR
&ROD]LRQH LQ KRWHO 9LVLWD GHO 0XVHR (JL]LR GHOOD &LWWDGHOOD
HGHOOH0RVFKHH3UDQ]RLQULVWRUDQWH1HOSRPHULJJLRYLVLWD
GHOPHUFDWRGL.KDQHO.KDOLOL&HQDLQULVWRUDQWH
ƒJLRUQR&DLUR
3ULPD FROD]LRQH LQ KRWHO 3DUWHQ]D SHU LO VLWR DUFKHRORJLFR
PRQXPHQWDOHGL*L]DFRQYLVLWDGHOOD6ILQJHHGHOOH3LUDPLGL
H LQJUHVVR DG XQD SLUDPLGH 3URVHJXLPHQWR SHU 6DTTDUD
H 0HPSKLV 3UDQ]R LQ ULVWRUDQWH &HQD H SHUQRWWDPHQWR LQ
KRWHO
ƒJLRUQR&DLUR$EX6LPEHO$VZDQ
3HQVLRQH FRPSOHWD 3DUWHQ]D DO PDWWLQR FRQ YROR VSHFLDOH
SHU$EX6LPEHOYLVLWDGHOWHPSLRGHGLFDWRD5DPVHWHHSUR
VHJXLPHQWR LQ DHUHR SHU $VZDQ ,PEDUFR 1HO SRPHULJJLR
WRXU SDQRUDPLFR LQ EDUFD D PRWRUH VXO 1LOR SHU DPPLUDUH
O·LVROD(OHIDQWLQDLO0DXVROHRGHOO·$JD.KDQLOJLDUGLQRERWD
QLFRHGLYLOODJJLQXELDQLVLWXDWLOXQJROHVXHVSRQGH
ƒJLRUQR$VZDQ.RP2PER(GIX
3HQVLRQH FRPSOHWD 9LVLWD GHOOD *UDQGH 'LJD H GHO WHPSLR
GL 3KLODH ,QL]LR GHOOD QDYLJD]LRQH SHU .RP 2PER H VR
VWD SHU OD YLVLWD GHO WHPSLR GHGLFDWR D 6REHN H +DURHULV
3URVHJXLPHQWRGHOODQDYLJD]LRQHILQRD(GIX
ƒJLRUQR(GIX/X[RU
3HQVLRQHFRPSOHWD9LVLWDGHOWHPSLRGL+RUXVD(GIXHSUR
VHJXLPHQWR GHOOD QDYLJD]LRQH SHU /X[RU FRQ LO SDVVDJJLR
GHOODFKLXVDGL(VQD
ƒJLRUQR/X[RU
3ULPD FROD]LRQH H VEDUFR 9LVLWD GHO WHPSLR GL /X[RU GHO
WHPSLRGL.DUQDNGHOOD9DOOHGHL5HGHO7HPSLRGL0HGLQHW
+DEXGHO7HPSLRGL+DWVKHSVXWHGHL&RORVVLGL0HPQRQ
3UDQ]R LQ ULVWRUDQWH 7UDVIHULPHQWR LQ KRWHO VLVWHPD]LRQH
FHQDHSHUQRWWDPHQWR
ƒJLRUQR/X[RU%RORJQDR9HURQD
3ULPD FROD]LRQH WUDVIHULPHQWR LQ DHURSRUWR H SDUWHQ]D SHU
O·,WDOLD,QHVFOXVLYDSHULFOLHQWL)UDQFRURVVR
9,$**,&20%,1$7,
$O SURJUDPPD q DEELQDELOH XQD VHWWLPDQD GL VRJJLRUQR
EDOQHDUH D 6KDUP HO 6KHLNK RSSXUH VHL QRWWL GL VRJJLRUQR
EDOQHDUHD+XUJKDGDRD0DUVD$ODPHXQDQRWWHD/X[RULQ
KRWHORVWHOOH
3HUXOWHULRULLQIRUPD]LRQLVXOODPRWRQDYHYHGHUHLOFDWDORJR
0DU5RVVR(JLWWR)UDQFRURVVR(VWDWH
3(16$723(592,
‡'XUDQWHODSHUPDQHQ]D
‡'XUDQWHODFURFLHUDYHUUHWH
DLO&DLURFHQDSUHVVRXQR
RPDJJLDWLFRQXQVLPSDWLFR
GHLPLJOLRULULVWRUDQWLGHOOD
HFDUDWWHULVWLFRVRXYHQLU
FLWWjWURYHUHWHXQDPELHQWH
ORFDOHFKHYLULFRUGHUj
OXVVXRVRHDPLFKHYROHGRYH
OHPHUDYLJOLHHODFDORURVD
FRQVXPDUHXQURPDQWLFR
DFFRJOLHQ]DGLTXHVWR
SDVWRDFFRPSDJQDWR
VSOHQGLGR3DHVH
GDXQDERWWLJOLDGLYLQRRIIHUWD ‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
GD)UDQFRURVVR
(*,772
(/1$%4
52<$/18%,$1
,6/$1'
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
,O6HD&OXE5R\DO1XELDQ,VODQGVLWURYDVXXQRGHLWUDWWLSLEHOOLGHOOD
FRVWDGL(O1DETFRQXQDIDYRORVDVSLDJJLDVDEELRVDGDOO·DJHYROHDF
FHVVRDOPDUH'XUDQWHODVWDJLRQHLQYHUQDOHJOLDPELHQWLFRPXQLVRQR
VWDWLRJJHWWRGLXQFRPSOHWRSLDQRGLULQQRYDPHQWR/DVWUXWWXUDLQWLSL
FRVWLOHQXELDQRHO·DUUHGDPHQWRHOHJDQWHIDQQRVuFKHLO6HD&OXE5R\DO
1XELDQ,VODQGVLGLVWLQJXDSHUOHJUDGHYROLHGRULJLQDOLVROX]LRQLDUFKL
WHWWRQLFKH,OYLOODJJLRqLGHDOHSHUXQDYDFDQ]DGLUHOD[HGLYHUWLPHQWR
/DFDPHUDQHOFRUSRFHQWUDOHRQHLEXQJDORZGLVSRQHGL79VDWHOOLWDUH
WHOHIRQRFDVVDIRUWHDULDFRQGL]LRQDWDUHJRODELOHPLQLEDUDSDJDPHQ
WREDOFRQHRWHUUD]]R5LVWRUDQWHSULQFLSDOHDEXIIHWSUDQ]RHFHQD
FRQVSHFLDOLWjGHOODFXFLQDLWDOLDQDLOULVWRUDQWHLO´%DUUDFXGDµDSHUWRD
SUDQ]RFRQVHUYL]LRDEXIIHWHDFHQDVXSUHQRWD]LRQHLO´1DSROHWDQRµ
DSHUWRDFHQDHVXSUHQRWD]LRQHFKHRIIUHPHQILVVLHSL]]DGLYHUVL
EDUSXEDSDJDPHQWRLQWHUQHWFDIpHFRQQHVVLRQH:L)LDSDJDPHQ
WRHJDOOHULDGLQHJR]L1HOFRPSOHVVRVLWURYDQRGXHSLVFLQHHWURYH
UHWHDYRVWUDGLVSRVL]LRQHJUDWXLWDPHQWHRPEUHOORQLVGUDLRHWHOLPDUH
VLDLQSLVFLQDFKHLQVSLDJJLDFDPSLGDWHQQLVLOOXPLQD]LRQHDSDJD
PHQWRXQ·DWWUH]]DWDSDOHVWUDHFHQWURGLYLQJDSDJDPHQWR&RQXQ
SLFFRORVXSSOHPHQWRSRWUHWHXVXIUXLUHGLVDXQDEDJQRWXUFRLGURPDV
VDJJLRHPDVVDJJL$QLPD]LRQH6HD&OXE)UDQFRURVVRHWHDWUR/·KRWHOq
SUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡3HUUHQGHUHSLSLDFHYROH
LOYRVWURVRJJLRUQRYLIDUHPR
DOORJJLDUHLQFDPHUH
DSSRVLWDPHQWHDOOHVWLWHSUHYLD
GLVSRQLELOLWjLQFXLWURYHUHWH
DOYRVWURDUULYRXQFHVWR
GLIUXWWDXQDERWWLJOLDGLYLQR
ORFDOHÀRULIUHVFKLDFFDSSDWRL
HVLPSDWLFLVRXYHQLULQVWLOH
HJL]LDQRRIIHUWLGDOO·KRWHO
‡8QDFHQDLQXQD]RQDULVHUYDWD
HSDUWLFRODUPHQWHURPDQWLFD
GHOULVWRUDQWH´jODFDUWHµ
FRQPHQXDEDVHGLSHVFH
HVFOXVLDUDJRVWDHJDPEHURQL
DYUHPRLOSLDFHUHGLRIIULUYL
XQDERWWLJOLDGLYLQRHGL
LQWUDWWHQHUYLFRQXQIUL]]DQWH
VSHWWDFRORHIIHWWXDWR
6+$50(/6+(,.+
GDLFDPHULHULDSSRVLWDPHQWH
SHUYRL
‡8QDFHQDSUHVVRLOULVWRUDQWH
PDURFFKLQRVLWXDWRSUHVVR
O·DGLDFHQWH6HD&OXE1XELDQ
9LOODJH
‡8QDVSHFLDOHWRUWDQX]LDOH
FRQVRSUDLYRVWULQRPL
‡,QROWUHSRWUHWHXVXIUXLUH
GLXQRVFRQWRVSHFLDOHGHO
VXLVHJXHQWLVHUYL]LH[WUD
ODYDQGHULDLQWHUQHWFDIq
ELOLDUGRDOFROLFLG·LPSRUWD]LRQH
VHUYL]LRLQFDPHUDDOFROLFL
ORFDOLROWUHO·RUDULRSUHYLVWR
GDOO·DOOLQFOXVLYHHFHQWUR
EHQHVVHUH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
5$6806,'
7+(5,7=&$5/721
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
/XVVXRVRFRPSOHVVRGDOO·DOWRVWDQGDUGTXDOLWDWLYRHGLUDIIL
QDWD HOHJDQ]D SDUWLFRODUPHQWH DGDWWR DG XQD FOLHQWHOD HVL
JHQWH 6L DIIDFFLD VX XQ OLWRUDOH YDULR FRQ EDLH VDEELRVH VX
XQRGHLSXQWLPLJOLRULGHOODFRVWDSHUOHLPPHUVLRQL/·DFFHVVR
DOPDUHqFRQVHQWLWRGDXQSRQWLOHGLFLUFDPHWUL/DFDPH
UDGLVSRQHGL79VDWHOOLWDUHWHOHIRQRDULDFRQGL]LRQDWDUHJR
ODELOHPLQLEDUDSDJDPHQWRFDVVHWWDGLVLFXUH]]DSDWLRR
WHUUD]]R &RQ VXSSOHPHQWR H VX ULFKLHVWD FDPHUD 5LW]
&DUOWRQ &OXE 6XSHULRU VLWXDWD LQ XQ·DUHD SULYDWD ULVSHWWR DO
FRUSR SULQFLSDOH FKH RIIUH XQ WUDWWDPHQWR SDUWLFRODUPHQWH
VRILVWLFDWR FRQ SHUVRQDOH PXOWLOLQJXH H SDVWL VHUYLWL LQ XQD
ORXQJH GHGLFDWD GRYH QRQ VRQR DPPHVVL L EDPELQL
5LVWRUDQWHSULQFLSDOHFRQVHUYL]LRDEXIIHWWUHULVWRUDQWLjOD
FDUWH D SDJDPHQWR GLYHUVL EDU H SLDQR EDU /·KRWHO RIIUH
LQROWUHGXHSRVVLELOLWjSHUODPH]]DSHQVLRQH$SDJDPHQWR
SDUUXFFKLHUH LQWHUQHW SRLQW H ERXWLTXH /·KRWHO GLVSRQH GL
VHWWHSLVFLQHDGLVSRVL]LRQHSHUYRLRPEUHOORQLWHOLPDUHH
VGUDLRJUDWXLWLVLDLQSLVFLQDFKHLQVSLDJJLDFDPSLGDWHQ
QLV SDOHVWUD VDXQD EDJQR WXUFR FHQWUR GLYLQJ H VSD D
SDJDPHQWR/DVHUDPXVLFDGDOYLYRHVKRZVLDOWHUQDQRLQ
DOFXQLEDUHULVWRUDQWL
3(16$723(592,
‡3HULOYRVWURYLDJJLRGLQR]]H ‡8QDURPDQWLFDFHQDDOXPH
VDUHWHDOORJJLDWLLQFDPHUH
GLFDQGHODSUHVVRXQRGHL
GLFDWHJRULDVXSHULRUHSUHYLD
UDIÀQDWLULVWRUDQWLGHOO·KRWHO
GLVSRQLELOLWjGRYHDOYRVWUR
PHQÀVVR
DUULYRWURYHUHWHXQDERWWLJOLD ‡6HWGDYLDJJLRRIIHUWR
GLYLQRORFDOHHGHLVLPSDWLFL
GD)UDQFRURVVR
VRXYHQLURIIHUWLGDOO·KRWHO
‡8QDGHFRUD]LRQH
GLFLRFFRODWDGLVHJQDWD
DSSRVLWDPHQWHSHUJOLVSRVL
6+$50(/6+(,.+
(/486(,5
$.$66,$
9DOXWD]LRQH)UDQFRURVVR● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
,O6HD&OXE$NDVVLDDGDWWRDFKLFHUFDXQDYDFDQ]DDOO·LQVHJQDGHOUHOD[
HGHOODPDVVLPDWUDQTXLOOLWjqXQDEHOODVWUXWWXUDGDOO·DWPRVIHUDJUDGH
YROHHGDJOLDPELHQWLDUUHGDWLFRQJXVWR&RVWUXLWRLQVWLOHWUDGL]LRQDOH
LOFRPSOHVVRqLQVHULWRSHUIHWWDPHQWHQHOO·DPELHQWHQDWXUDOHHLQFRQWD
PLQDWRFKHORFLUFRQGD6LDIIDFFLDVXXQDEHOOLVVLPDVSLDJJLDOXQJDSL
GLPGRYHODSLVFLQDQDWXUDOHSUHVHQWHDOO·LQWHUQRGHOODEDUULHUDFR
UDOOLQDSHUPHWWHXQIDFLOHLQJUHVVRLQPDUHLSRQWLOLLQROWUHFRQVHQWRQR
O·LQJUHVVRLQDFTXDROWUHODEDUULHUD/DFDPHUDGLVSRQHGL79VDWHOOLWDUH
DULD FRQGL]LRQDWD UHJRODELOH WHOHIRQR FDVVHWWD GL VLFXUH]]D PLQLEDU
FRQVXPD]LRQLDSDJDPHQWRHEDOFRQH&RQVXSSOHPHQWRVRQRGLVSR
QLELOLFDPHUH6XSHULRUSLYLFLQHDOPDUHDUUHGDWHLQVWLOHPRGHUQRH
GRWDWHGL79/&'5LVWRUDQWHSULQFLSDOHFRQVHUYL]LRDEXIIHWFKHVHUYH
TXRWLGLDQDPHQWHSLDWWL GHOOD FXFLQD LWDOLDQD SL]]HULD DSHUWD DSUDQ]R
ULVWRUDQWL´jODFDUWHµDSDJDPHQWRFRQGLYHUVLWLSLGLPHQXGLYHUVLEDU
LQWHUQHWSRLQWDSDJDPHQWRXWLOL]]R:L)LLQFDPHUDHJDOOHULDGLQHJR
]L1HOFRPSOHVVRVLWURYDQRRWWRSLVFLQHGLFXLXQDFRQRQGHDUWLILFLDOL
$GLVSRVL]LRQHSHUYRLVGUDLRRPEUHOORQLHWHOLPDUHVLDLQSLVFLQDVLD
LQ VSLDJJLD FDPSL GD WHQQLV SDOHVWUD H LGURPDVVDJJLR DFTXDSDUN
GRWDWR GL JUDQGL H GLYHUWHQWL VFLYROL DFTXDWLFL FHQWUR GLYLQJ D SDJD
PHQWR&RQXQSLFFRORVXSSOHPHQWRSRWUHWHXVXIUXLUHGLELOLDUGRED
JQRWXUFRVDXQDHPDVVDJJL$QLPD]LRQH6HD&OXE)UDQFRURVVRHDQ
ILWHDWUR SHU VSHWWDFROL VHUDOL /·KRWHO q SUHQRWDELOH LQ ,WDOLD VROR FRQ
)UDQFRURVVR
3(16$723(592,
‡3HULOYRVWURYLDJJLRGLQR]]H ‡8QDVSHFLDOHWRUWDQX]LDOH
VDUHWHDOORJJLDWLLQFDPHUH
FRQVRSUDLYRVWULQRPL
YLVWDPDUHSUHYLDGLVSRQLELOLWj ‡8QDURPDQWLFDFHQDDOXPH
GRYHDOYRVWURDUULYRWURYHUHWH GLFDQGHODFRQPHQÀVVR
XQFHVWRGLIUXWWD
SUHVVRLOULVWRUDQWHLWDOLDQR
XQDERWWLJOLDGLYLQRORFDOH
‡6HWGDYLDJJLRRIIHUWR
DFFDSSDWRLRHFLDEDWWH
GD)UDQFRURVVR
GDFDPHUD
‡3ULPDFROD]LRQHVHUYLWD
LQFDPHUDGXUDQWHWXWWR
LOVRJJLRUQR
0$56$$/$0
3257*+$/,%
,17(5&217,1(17$/
7+(3$/$&(
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ● ● &DWHJRULDXIIORFDOH
★★★★★
1XRYR HOHJDQWH FRPSOHVVR FKH RIIUH XQ·RWWLPD TXDOLWj GL
VHUYL]L JDUDQWLWL GDOOD FDWHQD ,QWHU&RQWLQHQWDO DGDWWR DQFKH
DOODFOLHQWHODSLX·HVLJHQWHHLQFHUFDGLUHOD[HGHOPDVVLPR
FRPIRUW/·KRWHOVRUJHVXOODEDLDGL3RUW*KDOLEQXRYRFHQWUR
WXULVWLFRXQLFRQHOVXRJHQHUHQHOOD]RQDGL0DUVD$ODPOD
EDLD ROWUH D HVVHUH D SRFD GLVWDQ]D GDOO·DHURSRUWR NP
RIIUHODSRVVLELOLWjGLSDVVHJJLDUHVXOOXQJRPDUHFDUDWWHUL]
]DWRGDOODSUHVHQ]DGLULVWRUDQWLORFDOLQHJR]LHGLXQDPDUL
QD,OSRQWLOHFRQVHQWHXQIDFLOHDFFHVVRDOPDUHROWUHODULFFD
HLQFRQWDPLQDWDEDUULHUDFRUDOOLQD/HFDPHUHVRQRGRWDWHGL
79 VDWHOOLWDUH DULD FRQGL]LRQDWD WHOHIRQR PLQLEDU D SDJD
PHQWRFDVVHWWDGLVLFXUH]]DEDOFRQHRWHUUD]]D5LVWRUDQWH
SULQFLSDOHFRQVHUYL]LRDEXIIHWSHUODSULPDFROD]LRQHULVWR
UDQWL j OD FDUWH D SDJDPHQWR GLYHUVL EDU SDUUXFFKLHUH H
QHJR]LDSDJDPHQWR/·KRWHOGLVSRQHGLXQDJUDQGHSLVFL
QD D GLVSRVL]LRQH SHU YRL RPEUHOORQL WHOL PDUH H VGUDLR
JUDWXLWL VLD LQ SLVFLQD FKH LQ VSLDJJLD FDPSR GD WHQQLV
SDOHVWUD H PLQLJROI $ SDJDPHQWR FHQWUR GLYLQJ H FHQWUR
EHQHVVHUH
3(16$723(592,
‡3HULOYRVWURYLDJJLRGLQR]]H
VDUHWHDOORJJLDWLLQFDPHUH
GLWLSRORJLDVXSHULRUHSUHYLD
GLVSRQLELOLWjGRYHDOYRVWUR
DUULYRWURYHUHWHXQDERWWLJOLD
GLYLQR
‡3RVVLELOLWjGLVLVWHPD]LRQH
LQVXLWHSUHYLDGLVSRQLELOLWj
FRQXQRVFRQWRGHO
VXOUHODWLYRVXSSOHPHQWR
VXULFKLHVWD
0$56$$/$0
‡7UDVIHULPHQWLLQDXWRSULYDWD
GDSHUO·DHURSRUWR
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
620$%$<
6+(5$721620$
%$< 5(6257
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
/R6KHUDWRQ6RPD%D\5HVRUWHOHJDQWHHPDHVWRVRqLGHDOHSHUL
FOLHQWL SL HVLJHQWL 6RUJH LQ SRVL]LRQH LVRODWD H WUDQTXLOOD GLUHWWD
PHQWH VX XQD GHOOH EHOOLVVLPH VSLDJJH GL 6RPD %D\ /·DFFHVVR DO
PDUHqGLUHWWRLQTXDQWRGDYDQWLDOO·KRWHOQRQYLqEDUULHUDFRUDOOLQD
PDQRQSHUTXHVWRJOLDPDQWLGHOOHLPPHUVLRQLGHYRQRULQXQFLDUHDG
XQDQXRWDWDVXOUHHIFKHVLWURYDQHOOHYLFLQDQ]H/DFDPHUDFRQIRU
WHYROHHGHOHJDQWHGLVSRQHGL79VDWHOOLWDUHWHOHIRQRDULDFRQGL]LR
QDWD UHJRODELOH PLQLEDU D SDJDPHQWR FDVVHWWD GL VLFXUH]]D WHU
UD]]RREDOFRQH5LVWRUDQWHSULQFLSDOHDEXIIHWULVWRUDQWLjODFDUWH
DSDJDPHQWRSRVVLELOLWjGLFHQDUHFRQPHQILVVRVHQ]DVXSSOH
PHQWRRjODFDUWHFRQVXSSOHPHQWRSUHVVRLOULVWRUDQWH´(PSRULRµ
R´7KH'XQHVµQHOYLFLQRKRWHO/D5HVLGHQFH'HV&DVFDGHVVRJ
JHWWRDGLVSRQLELOLWjHSUHYLDSUHQRWD]LRQHGLYHUVLEDU$SDJDPHQ
WRSDUUXFFKLHUHQHJR]LHLQWHUQHWSRLQW1HOFRPSOHVVRVLWURYDXQD
JUDQGHSLVFLQDGLYLVDLQFLQTXHVHWWRULDGLVSRVL]LRQHSHUYRLRP
EUHOORQLWHOLPDUHHVGUDLRJUDWXLWLVLDLQSLVFLQDVLDLQVSLDJJLD&RQ
VXSSOHPHQWR q SRVVLELOH XVXIUXLUH GHL VHJXHQWL VHUYL]L FDPSL GD
WHQQLV FDPSR GD VTXDVK VDXQD PDVVDJJL SDOHVWUD GLVFRWHFD
WKDODVVRWHUDSLDQHOYLFLQRKRWHO/D5HVLGHQFH'HV&DVFDGHVFHQWUR
GLYLQJQHOOHYLFLQDQ]HYHODHZLQGVXUI&DPSRGDJROIDNP
3(16$723(592,
‡$OO·DUULYRLQFDPHUD
XQFHVWRGLIUXWWD
DFFDSSDWRLRHFLDEDWWH
GDFDPHUD
‡8QDWRUWDVSHFLDOHSUHSDUDWD
DSSRVLWDPHQWHSHUYRL
‡3ULPDFROD]LRQHVHUYLWD
LQFDPHUDGXUDQWH
LOYRVWURVRJJLRUQR
VXULFKLHVWD
+85*+$'$
‡8QDURPDQWLFDFHQDDOXPH
GLFDQGHODFRQPHQÀVVR
SUHVVRXQRGHLULVWRUDQWL
´jODFDUWHµGHOO·KRWHOGRYH
SRWUHWHLPPHUJHUYL
LQXQ·DWPRVIHUDURPDQWLFD
HOHJDQWHHUDIÀQDWDGHJQD
GHOSUHVWLJLRVRPDUFKLR
6KHUDWRQ
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
,62/$ ',%2$9,67$
5,8.$5$0%2$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
5HVRUW GL UHFHQWH FRVWUX]LRQH DIIDFFLDWR GLUHWWDPHQWH VX
XQDGHOOHSLEHOOHVSLDJJHGHOO·LVRODGL%RDYLVWDQHOO·DUFLSH
ODJR GL &DSR 9HUGH /D VSOHQGLGD SRVL]LRQH OD TXDOLWj GHO
VHUYL]LR RIIHUWR GDOOD FDWHQD VSDJQROD 5LX IDQQR GL TXHVWR
KRWHOODPHWDSHUXQDYDFDQ]DLGHDOH/DFDPHUDqDUUHGDWD
FRQ JXVWR HG q GRWDWD GL RJQL FRPIRUW VHUYL]L SULYDWL FRQ
GRFFLDDVFLXJDFDSHOOLDULDFRQGL]LRQDWDYHQWLODWRUHDVRIILW
WRPLQLIULJRFDVVHWWDGLVLFXUH]]D79VDWHOOLWDUHWHOHIRQRH
EDOFRQH $ GLVSRVL]LRQH GHJOL RVSLWL LO ULVWRUDQWH SULQFLSDOH
FRQ WHUUD]]D H DQJROR VKRZFRRNLQJ LO ULVWRUDQWH YLFLQR OD
SLVFLQDFKHODVHUDRIIUHVSHFLDOLWjDIULFDQHHLGXHULVWRUDQWL
DSHUWLVRORSHUODFHQDHFKHVRQRVSHFLDOL]]DWLLQSLDWWLGHOOD
FXFLQDFDSRYHUGLDQDHDVLDWLFD9LVRQRLQROWUHQXPHURVLEDU
GLFXLXQRFRQSLVWDEDOORGLVFRWHFD'XUDQWHODJLRUQDWDq
SRVVLELOHDWWLYLWjVSRUWLYHHSDUWHFLSDUHDOOHDWWLYLWjGLVYDJR
RUJDQL]]DWHGDJOLDQLPDWRUL
3(16$723(592,
‡)LRULHYLQRLQFDPHUD
GLXQDJUDQGHDTXLOD
DOO·DUULYR
GLPDUH'LTXLVLSURVHJXH
‡'XUDQWHLOVRJJLRUQR
YHUVRLOGHVHUWRGH9LDQD
qLQFOXVDXQDPH]]DJLRUQDWD FRQFKLORPHWULHFKLORPHWUL
GHGLFDWDDOODYLVLWDGHOO·LVROD
GLGXQHGLVDEELD
3HUFRUUHQGRVWUDGLQH
6XOODVWUDGDGHOULWRUQRYLVLWD
GLVHOFLFKHDWWUDYHUVDQRÀWWL
DLSLWWRUHVFKLSDHVLQL
SDOPHWLVLDUULYDDOODEDLD
QHOFDUDWWHULVWLFRVWLOH
GL%RD(VSHUDQFD
GHOO·LVROD
FRQLOUHOLWWRVTXDUFLDWR
‡6HWGDYLDJJLRRIIHUWR
GLXQPHUFDQWLOHRJJLGLPRUD
GD)UDQFRURVVR
&$329(5'(
7285&,77$·
,03(5,$/,
&$7683(5,25(
7RXULQEXVHVFOXVLYRSHULFOLHQWL)UDQFRURVVR*XLGDSDUODQ
WH LWDOLDQR 3DUWHQ]H RJQL GRPHQLFD FRQ YROL VSHFLDOL H YROL
UHJRODULGLOLQHD6FRSULWHLOIDVFLQRGHOOHFLWWjLPSHULDOLFRQOD
VLVWHPD]LRQH GL TXDOLWj FKH RIIURQR JOL KRWHO GL VWHOOH LQ
0DURFFR
ƒJLRUQR²,WDOLD0DUUDNHFK
3DUWHQ]D GDJOL DHURSRUWL SUHYLVWL SHU 0DUUDNHFK FRQ YROL
VSHFLDOLRFRQYROLGLOLQHDYLD&DVDEODQFD$OO·DUULYRWUDVIH
ULPHQWRHVLVWHPD]LRQHLQDOEHUJR&HQDHSHUQRWWDPHQWR
ƒJLRUQR²0DUUDNHFK%HQL0HOODO)HVNP
'RSR OD SULPD FROD]LRQH LQ PDWWLQDWD SDUWHQ]D LQ SXOOPDQ
SHU)HVYLD%HQL0HOODO.KHQLIUD$]URX3UDQ]RLQULVWRUDQWH
D%HQL0HOODO$UULYRD)HVVLVWHPD]LRQHLQKRWHOFHQDHSHU
QRWWDPHQWR
ƒJLRUQR²)HV
0H]]D SHQVLRQH LQ DOEHUJR ,QWHUD JLRUQDWD GHGLFDWD DOOD
YLVLWD GHOOD FLWWj LO 3DOD]]R UHDOH HVWHUQR LO TXDUWLHUH )HV
(O'MHGLGYLVLWDHVSLHJD]LRQLVWRULFKHGHOOH0HGHUVHGL%RX
$QDQLD H 6DKULM LO 0XVHR 1HMMDULQH OD 0RVFKHD .DUDRXLQH
HVWHUQRLVRXNFRQOHFRQFHULHHWLQWRULHGLSHOOL3UDQ]RLQ
ULVWRUDQWHWLSLFRQHOOD0HGLQD
ƒJLRUQR²)HV0HNQHV5DEDWNP
'RSR OD SULPD FROD]LRQH SDUWHQ]D LQ SXOOPDQ SHU 9ROXELOLV
FRQ YLVLWD DOOH URYLQH URPDQH H YLVLWD GHOOD FLWWj VDQWD GL
0RXOD\ ,GULVV 3UDQ]R D 0HNQHV QHO SRPHULJJLR YLVLWD GHO
OD FLWWj OD SRUWD %DE (O 0DQVRXU OH VFXGHULH OD 0RVFKHD
0RXOD\,VPDLOLOEDFLQR$JGDO3DUWHQ]DSHU5DEDWVLVWHPD
]LRQHLQKRWHOSHUODFHQDHGLOSHUQRWWDPHQWR
ƒJLRUQR²5DEDW&DVDEODQFD0DUUDNHFKNP
'RSR OD SULPD FROD]LRQH YLVLWD GHOOD FLWWj FDSLWDOH GL VWDWR
O·HVWHUQRGHO3DOD]]R5HDOHOD.DVEDKGHJOL2XGD\DOD7RUUH
+DVVDQ LO 0DXVROHR GL 0RKDPHG 9 3URVHJXLPHQWR SHU
&DVDEODQFDHVRVWDSHULOSUDQ]R1HOSRPHULJJLRYLVLWDGHOOD
FLWWjODSLD]]D0RKDPHG9OD0RVFKHD+DVVDQ,,HVWHUQR
OD &RUQLFKH FRQ L VXRL HOHJDQWL ULWURYL $UULYR LQ VHUDWD D
0DUUDNHFKFHQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR0DUUDNHFK
0H]]DSHQVLRQHLQDOEHUJR,QWHUDJLRUQDWDGHGLFDWDDOODYL
VLWDGHOODFLWWjLQPDWWLQDWDLO3DOD]]R%DKLDOD0HGHUVD%HQ
<RXVVHI LO PXVHR 'DU 6L 6DLG L JLDUGLQL GHOOD 0HQDUD 1HO
SRPHULJJLR YLVLWD GHOOD 0RVFKHD GHOOD .RXWRXELD HVWHUQR
HGHOVXRJLDUGLQRYLVLWDGHOOH7RPEH6DDGLDQHHJLURQHOOD
NDVEDKSHUFRQFOXGHUHVXOODFHOHEUHSLD]]D'MHPDDHO)QD
,Q VHUDWD WUDVIHULPHQWR LQ ULVWRUDQWH WLSLFR SHU OD FHQD FRQ
VSHWWDFROR
ƒJLRUQR²0DUUDNHFK
3UDQ]RLQDOEHUJR,QPDWWLQDWDHVFXUVLRQHDOODYDOOHGHOO·2X
ULND YHGHUH SHQVDWR SHU YRL QHO SRPHULJJLR YLVLWD GHOOD
]RQD DUWLJLDQDOH GHL FRORUDWLVVLPL VRXN ,Q VHUDWD FHQD
VRWWR OH WHQGH DO ULVWRUDQWH %RUM %ODGL DL PDUJLQL GHO SDO
PHWR FRQ VSHWWDFROR ´)DQWDVLDµ YHGHUH SHQVDWR SHU YRL
3HUQRWWDPHQWRLQDOEHUJR
ƒJLRUQR²0DUUDNHFK,WDOLD
'RSR OD SULPD FROD]LRQH WUDVIHULPHQWR DOO·DHURSRUWR H YROR
GLULHQWURLQ,WDOLD
3(16$723(592,
‡,QFDPHUDDOO·DUULYRWURYHUHWH
IUXWWDHÀRUL
‡3HUDSSUH]]DUH
PDJJLRUPHQWHODPDJLD
GHOWRXU)UDQFRURVVRRIIUH
ODFHQDVRWWROHWHQGHFDLGDOL
GHOSHQXOWLPRJLRUQR
FRQPHQPDURFFKLQR
HVSHWWDFRORGLFDQWLHGDQ]H
EHUEHUH
1% ,Q FDVR GL QXPHUR OLPLWDWR GL SDUWHFLSDQWL SRWUHEEHUR
HVVHUHXQLWLGXHWRXUGLFDWHJRULDGLYHUVDHXWLOL]]DWLGHLEXV
GL FDSLHQ]D LQIHULRUH R SRVWL R PLQLEXV /·LWLQHUDULR
SRWUjHVVHUHHIIHWWXDWRLQVHQVRLQYHUVRRPRGLILFDWRPDQWH
QHQGRFRPXQTXHLQYDULDWRLOSURJUDPPDGHOOHYLVLWH
0$52&&2
‡(VFXUVLRQHGLPH]]DJLRUQDWD
DOODYDOOHGHOO·2XULNDDSRFKL
FKLORPHWULGD0DUUDNHFK
FRQLVXRLYLOODJJLDUURFFDWL
VXOÀDQFRGHOODPRQWDJQD
6LYLVLWHUjXQDFDVDEHUEHUD
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
0$55$.(&+
.(1=,
$*'$/0(',1$
9DOXWD]LRQH)UDQFRURVVR● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
&OXED&DW
'LVWDFLUFDNPGDOFHQWURFLWWjLQXQDSRVL]LRQHRWWLPDOHDPL
QXWLGLWD[LGDOODPHGLQD(·IRUPDWRGD´ULDGµFRVWUX]LRQLDXWRQR
PHRJQXQDVLDIIDFFLDVXXQSLFFRORFRUWLOH6LDLULDGFRQOHFDPH
UHFKHODFRVWUX]LRQHSULQFLSDOHFKHRVSLWDLULVWRUDQWLLEDUODVDOD
ORXQJHGLVFRWHFDHOHVDOHSROLYDOHQWLVRQRLPPHUVLLQXQYHUGHJ
JLDQWHJLDUGLQR7XWWHOHFDPHUHVRQRGRWDWHGLWHOHIRQRDULDFRQGL
]LRQDWDEDJQRGRFFLDDVFLXJDFDSHOOLWHUUD]]DREDOFRQHPLQLEDU
EHYDQGHDSDJDPHQWR79/&'VDWHOOLWDUHFROOHJDPHQWRDGLQWHU
QHW:L)L$SDJDPHQWRFDVVHWWDGLVLFXUH]]D/HSLVFLQHVRQRGL
FXLSHUEDPELQL$OFHQWUR6SDXQDSLVFLQDDSDJDPHQWRFRSHUWD
HULVFDOGDWDQHLPHVLLQYHUQDOL2PEUHOORQLHVGUDLRJUDWXLWLWHOLPD
UHVXFDX]LRQH5LVWRUDQWHSULQFLSDOHFRQVHUYL]LRDEXIIHWXQULVWR
UDQWHPDURFFKLQRjODFDUWHDSDJDPHQWREDUSLVFLQDHORXQJHEDU
FRQ WHUUD]]D FDPSL GD WHQQLV LQ WHUUD EDWWXWD ERFFH WLUR FRQ
O·DUFRFDPSRGDEHDFKYROOH\FDPSRSROLYDOHQWHSHUFRUVRMRJ
JLQJ1HOOHYLFLQDQ]HFDPSRGDJROIDEXFKH6DODVSHWWDFRORH
FRQJUHVVL$SDJDPHQWRODYDQGHULDEDE\VLWWLQJVHUYL]LRPHGLFR
FHQWUR 63$ KDPPDP VDOD ILWQHVV HTXLSDJJLDWD VDOH JRPPDJH
SDUUXFFKLHUHPDVVDJJL&DUWHGLFUHGLWRDFFHWWDWHWXWWH/·KRWHOq
SUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡,QFDPHUDDOO·DUULYRWURYHUHWH ‡9LVLWDGHLFRORUDWLVVLPLVRXN
XQFHVWRGLIUXWWDHÀRUL
HGHOOHERWWHJKHDUWLJLDQH
‡'XUDQWHODVHWWLPDQDXQD
FKHVRUJRQRLQWRUQRDOOD
URPDQWLFDFHQDDOXPH
IDPRVLVVLPD3LD]]D'MHPDD
GLFDQGHODSUHVVRLOULVWRUDQWH
(O)QD
PDURFFKLQREHYDQGH
‡6HWGDYLDJJLRRIIHUWR
HVFOXVH
GD)UDQFRURVVR
‡'XUDQWHODVHWWLPDQD
XQDVHGXWDGLKDPPDP
DOFHQWUR6SD
0$52&&2
3HUYRLVFHQDULYXOFDQLFLVLIRQGRQRFRQ
XQDQDWXUDOXVVXUHJJLDQWH
3HUYRLULWPLVHQVXDOLDFFRPSDJQDQROHRUHQRWWXUQH
3HUYRLLOSURIXPRGHOODEUH]]DPDULQDVLXQLVFH
DOOHIUDJUDQ]HGHOODPDFFKLDPHGLWHUUDQHD
%DOHDULH&DQDULH
3HULQL]LDUHLOYRVWURPHUDYLJOLRVRYLDJJLRLQVLHPH
*UHFLD
«HODOXQDGLPLHOH
GLYHQWDLOPRPHQWRLQGLPHQWLFDELOH
FKHDYHWHVHPSUHVRJQDWR
63$*1$*5(&,$
VSDJQD
JUHFLD
3/$<$0,7-251
6RXWK%HDFK&OXE
,1627(/&/8%
)250(17(5$3/$<$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ○
&DWHJRULDXIIORFDOH
★★★★
,O6HD&OXE,QVRWHO&OXE)RUPHQWHUD3OD\DVLWURYDLQSRVL]LR
QH SULYLOHJLDWD GLUHWWDPHQWH VXOOD EHOOD VSLDJJLD GL 3OD\D
0LWMRUQ QHO VXG GHOO·LVROD GL )RUPHQWHUD /H FDPHUH VRQR
GRWDWH GL WXWWL L FRPIRUW DVFLXJDFDSHOOL DULD FRQGL]LRQDWD
WHOHIRQR 79 VDWHOOLWDUH PLQLIULJR H EDOFRQH 6RQR D SDJD
PHQWRODFDVVHWWDGLVLFXUH]]DHODFRQQHVVLRQHDGLQWHUQHW
:L)L FROOHJDPHQWR GLVSRQLELOH QHOOH FDPHUH VXSHULRU
5LVWRUDQWH SULQFLSDOH FRQ VHUYL]LR D EXIIHW H ´6RXWK %HDFK
&OXEµDSDJDPHQWRHDSHUWRDQFKHDOSXEEOLFRDOODVSLDJ
JLDORFDOHGLWHQGHQ]DFRQPXVLFDFKLOORXWHFRQULVWRUDQWH
jODFDUWHGLFXFLQDPHGLWHUUDQHDLQWHUQD]LRQDOHHVHOH]LRQH
GL SLDWWL GL VXVKL 3DOHVWUD H SLVFLQD FRSHUWD FOLPDWL]]DWD FDPSLGDWHQQLVLOOXPLQD]LRQHDSDJDPHQWRWLURFRQO·DUFR
H OD FDUDELQD SDOODYROR SDOODQXRWR DHURELFD XWLOL]]R GL
PRXQWDLQELNH&DQRHFDWDPDUDQRHZLQGVXUIVRQRGLVSRQL
ELOLILQRDGXQ·RUDDOJLRUQRSHUFDPHUDSUHVHQWDQGRLOSD
WHQWLQRGLDELOLWD]LRQHHVFOXVHOHFDQRH$QLPD]LRQHGLXUQD
HVHUDOH6HD&OXEFXUDWDDQFKHGDDQLPDWRULLWDOLDQL/·KRWHOq
SUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡)UXWWDHXQDERWWLJOLD
GLVSXPDQWHLQFDPHUD
DOO·DUULYR
‡6LVWHPD]LRQHLQFDPHUD
VXSHULRUSUHYLDGLVSRQLELOLWj
‡8QDFHQDDOULVWRUDQWH
GHO6RXWK%HDFK&OXE
‡(VFXUVLRQHLQEDUFD
GLXQJLRUQRDOODVFRSHUWD
GHOOHVSLDJJHGHOO·LVROD
SUDQ]RFRQEHYDQGHLQFOXVH
)250(17(5$
SUHYLDSUHQRWD]LRQH
GLVSRQLELOLWjSHUVRJJLRUQL
GLPLQLPRQRWWLHOHJDWD
DOOHFRQGL]LRQLDWPRVIHULFKH
‡JLRUQLGLQROHJJLRVFRRWHU
SHUDSSUH]]DUHLQSLHQD
DXWRQRPLDOHEHOOH]]H
GL)RUPHQWHUD
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
&$/$0(648,'$
9$1,7<+27(/68,7(
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★ 6XS
0DJQLILFRFRPSOHVVRFRVWLWXLWRGDXQLQVLHPHGLHOHJDQWLSDOD]
]LQHDSLDQLDEUHYHGLVWDQ]DGDXQDGHOOHSLEHOOHVSLDJJH
GHOO·LVRODRIIUHXQDOWROLYHOORGLVHUYL]LSHUFKLFHUFDDPELHQWL
UDIILQDWL H ULFHUFDWL /D VSLDJJLD VDEELRVD GL &DOD 0HVTXLGD VL
WURYDDPFLUFD3LVFLQDFRQXVRJUDWXLWRGLOHWWLQLRPEUHOOR
QLHWHOLPDUH/HFDPHUHGLVSRQJRQRGLFDPHUDGDOHWWRHVRJ
JLRUQR RIIURQR XQ DPSLR FRPIRUW HVVHQGR GRWDWH GL YDVFD
LGURPDVVDJJLRDFFDSSDWRLRDVFLXJDFDSHOOLWHOHIRQR79VDWHO
OLWDUH/&'DULDFRQGL]LRQDWDWHUUD]]R&DVVHWWDGLVLFXUH]]DH
FRQVXPD]LRQLPLQLEDUHQWUDPELDSDJDPHQWR5LVWRUDQWHFRQ
VHUYL]LRDEXIIHWFRQSLDWWLGHOODFXFLQDLWDOLDQDULVWRUDQWLWHPD
WLFLLWDOLDQRHPHVVLFDQRSUHVVRO·DGLDFHQWH9LYD&DOD0HVTXLGD
5HVRUW HQWUDPEL j OD FDUWH H D SDJDPHQWR EDUFDIIHWWHULD H
VQDFNEDU FRQ SRVVLELOLWj GL FROD]LRQH FRQWLQHQWDOH GDOOH RUH
DOOH&RQQHVVLRQHDGLQWHUQHW:L)LSUHVVRODUHFHS
WLRQ H SUHVVR OD FDIIHWWHULD 3DOHVWUD LGURPDVVDJJLR HVWHUQR
VDXQDPLQLJROISURJUDPPDGLLQWUDWWHQLPHQWRGLXUQRHVHUDOH
6RQRDSDJDPHQWRWHQQLVQROHJJLRELFLFOHWWHSRVVLELOLWjSUDWL
FDUHVSRUWQDXWLFLDOODVSLDJJLDHQHOOHYLFLQDQ]HJROIHGHTXL
WD]LRQH
3(16$723(592,
‡6LVWHPD]LRQHLQKRQH\PRRQ
VXLWHSUHYLDGLVSRQLELOLWj
‡8QDERWWLJOLDGLVSXPDQWH
HIUXWWDLQFDPHUDDOO·DUULYR
‡8QDFROD]LRQHFRQVHUYL]LR
LQFDPHUDSUHYLDULFKLHVWD
DOODUHFHSWLRQ
‡3RVVLELOLWjGLXQDFHQD
JUDWXLWDSUHYLDSUHQRWD]LRQH
HVDOYRGLVSRQLELOLWjSUHVVR
XQRGHLULVWRUDQWLWHPDWLFL
LWDOLDQRRPHVVLFDQR
GHOO·DGLDFHQWH9LYD&DOD
0HVTXLGD5HVRUWEHYDQGH
HVFOXVH
0$,25&$
‡8QLQJUHVVRJUDWXLWRSHU
SHUVRQHSHUOD&XHYDGHOV
+DPV
‡7UHJLRUQLGLQROHJJLRJUDWXLWR
GLXQ·DXWRGLJUXSSR$SHU
DQGDUHLQSLHQDDXWRQRPLD
DOODVFRSHUWDGHOOHVSOHQGLGH
VSLDJJHGL0DLRUFD
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
3817$35,0$
,1627(/3817$
35,0$35(67,*(
68,7(663$
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
5DSSUHVHQWDXQDSURSRVWDGLHOHYDWROLYHOORLQXQDPELHQWHHVFOXVL
YRHUDIILQDWRDVROLPGDOODVSLDJJLDVDEELRVDGL3XQWD3ULPD
3LVFLQDFRQXVRJUDWXLWRGLOHWWLQLRPEUHOORQLHWHOLPDUH/DVLVWH
PD]LRQHqLQVXLWHSUHVWLJHVSD]LRVHHGHOHJDQWHPHQWHDUUHGDWH
FRPSRVWHGDXQDFDPHUDFRQOHWWRPDWULPRQLDOHVDORQHFRQGXH
GLYDQLOHWWRDQJRORFRWWXUDFRQIRUQRDPLFURRQGHHPLQLIULJRDULD
FRQGL]LRQDWD79VDWHOOLWDUHFRQFDQDOHPXVLFDOHYHQWLODWRUHDVRI
ILWWRWHOHIRQRFDVVHWWDGLVLFXUH]]DGRSSLVHUYL]LGLFXLXQRFRQ
YDVFDHGRFFLDLGURPDVVDJJLRDVFLXJDFDSHOOLDFFDSSDWRLRHFLD
EDWWLQHGDEDJQRDPSLRWHUUD]]R6RQRDSDJDPHQWRODFRQQHVVLR
QH:L)LHOHFRQVXPD]LRQLPLQLEDU5LVWRUDQWHFRQVHUYL]LRDEXIIHW
HVFOXVLYRSHULFOLHQWLGHO3UHVWLJHEDU6RQRDSDJDPHQWRLOULVWR
UDQWHjODFDUWHFRQVHOH]LRQHGLSLDWWLGHOODFXFLQDPHGLWHUUDQHDH
LO ULVWRUDQWH ,WDOLDQR FRQ SLDWWL GHOOD FXFLQD LWDOLDQD VLWXDWL SUHVVR
O·DGLDFHQWH,QVRWHO&OXE3XQWD3ULPD3RVVLELOLWjGLXWLOL]]DUHLOFHQ
WUR 63$ D SDJDPHQWR L VHUYL]L H OH DWWLYLWj VSRUWLYH H ULFUHDWLYH
SUHYLVWHSHULFOLHQWLGHOO·DGLDFHQWH,QVRWHO&OXE3XQWD3ULPD
/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡7UDVIHULPHQWRLQDXWRSULYDWD ‡8Q·HQWUDWDJUDWXLWDDOOD
DHURSRUWRKRWHODHURSRUWR
GLVFRWHFDGHOD&XHYD
‡)UXWWDHXQDERWWLJOLD
GH·Q;RURLFRQVXPD]LRQL
GLVSXPDQWHLQFDPHUD
HVFOXVH
DOO·DUULYR
‡7UHJLRUQLGLQROHJJLRJUDWXLWR
‡6LVWHPD]LRQHLQFDPHUDYLVWD GLXQ·DXWRGLJUXSSR$SHU
PDUHSUHYLDGLVSRQLELOLWj
VFRSULUHGXUDQWHODOXQDGL
‡8QDFHQDQHOULVWRUDQWH
PLHOHOHEHOOH]]H
jODFDUWHGHOO·,QVRWHO&OXE
QDWXUDOLVWLFKHGL0LQRUFD
3XQWD3ULPD
‡6HWGDYLDJJLRRIIHUWR
‡8Q·HQWUDWDDOFHQWUR63$
GD)UDQFRURVVR
GHOO·,QVRWHO&OXE3XQWD3ULPD
HXQPDVVDJJLRGLPLQXWL
SHUSHUVRQDHVRJJLRUQR
0,125&$
3/$<$%/$1&$
35,1&(=$<$,=$
68,7(+27(/5(6257
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ● ● &DWHJRULDXIIORFDOH
★★★★★ /
,O3ULQFHVD<DL]D6XLWH+RWHO5HVRUWqVLWXDWRDSRFKLSDVVLGDOFXR
UHGL3OD\D%ODQFDUDJJLXQJLELOHFRQXQDSLDFHYROHSDVVHJJLDWDD
PDUH6RUJHGDYDQWLDOODVWXSHQGDVSLDJJLDVDEELRVD/HFDPHUH
DUUHGDWHFRQJXVWRVRQRUDJJLXQJLELOLDWWUDYHUVRFRUULGRLVHPLFR
SHUWL GD XQD FXSROD WUDVSDUHQWH H OD VHQVD]LRQH VDUj TXHOOD GL
SDVVHJJLDUHLQXQPDJQLILFRJLDUGLQR6RQRWXWWHGRWDWHGLVHUYL]L
SULYDWL DVFLXJDFDSHOOL DULD FRQGL]LRQDWD WHOHIRQR 79 VDWHOOLWDUH
IULJRULIHUR FDVVHWWD GL VLFXUH]]D H EDOFRQH R WHUUD]]R ULVWRUDQWL
WHPDWLFLFRQVSHFLDOLWjJDVWURQRPLFKHGLYHUVHDEXIIHWHFRQ
PHQ'DQRQSHUGHUHLSLDWWLUDIILQDWLGHOULVWRUDQWHjODFDUWH´,VOD
GH/RERVµ6QDFNEDUDOODSLVFLQDSHUXQYHORFHVSXQWLQRLQFRVWX
PHSLVFLQHHVWHUQHGLFXLXQDFRQDFTXDGLPDUHGDOO·XQD
SLVFLQD SHU DGXOWL VDUj FOLPDWL]]DELOH D VHFRQGD GHOOH FRQGL]LRQL
FOLPDWLFKHXWLOL]]RGLRPEUHOORQLOHWWLQLHWHOLPDUHLGURPDVVDJJLR
HSDOHVWUD&HQWURGLWDODVVRWHUDSLDGRWDWRGHOOHSLPRGHUQHDWWUH]
]DWXUHVLSRQHDLYHUWLFLGHOO·RIIHUWDHXURSHDSHUWDOHWLSRGLDWWLYLWj
GRYHqSRVVLELOHDSDJDPHQWRDSSURILWWDUHGHLPROWHSOLFLSDFFKHW
WLEHQHVVHUHSHUODFXUDGHOYLVRHGHOFRUSR&RPIRUWHOHJDQ]DHG
HOHYDWR VWDQGDUG TXDOLWDWLYR UHQGRQR LO FRPSOHVVR XQLFR QHO VXR
JHQHUHHSHUIHWWRSHUXQDFOLHQWHODSDUWLFRODUPHQWHHVLJHQWH
3(16$723(592,
‡7UDVIHULPHQWLLQDXWRSULYDWD
GDOO·DHURSRUWRDOO·KRWHO
HYLFHYHUVD
‡&RFNWDLOGLEHQYHQXWR
‡)LRULIUXWWDHXQDERWWLJOLD
GLVSXPDQWHGLUHWWDPHQWH
LQFDPHUD
‡VFRQWLVSHFLDOLVXLWUDWWDPHQWL
FKHULVYHJOLDQRLYRVWULVHQVL
PDVVDJJLFLRFRWHUDSLD
DURPDWHUDSLDWUDWWDPHQWL
IDFFLDOLSUHVVRLOPRGHUQR
FHQWURGLWDODVVRWHUDSLD
/$1=$527(
‡8QSHUFRUVRELRPDULQR
JUDWXLWRSHUSHUVRQDSHU
VRJJLRUQRSUHVVRLOFHQWUR
GLWDODVVRWHUDSLD
‡3UHSDUD]LRQHGHOODFDPHUD
SHUODQRWWH
‡$FFDSSDWRLRHFLDEDWWLQH
LQFDPHUD
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
&$/(7$ '()867(
6+(5$721
)8(57(9(1785$%($&+
*2/)63$5(6257
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
6WUXWWXUD HOHJDQWH H FXUDWD QHL PLQLPL SDUWLFRODUL 'LUHWWDPHQWH VXOO·DPSLD
VSLDJJLDGL&DOHWDGH)XVWHHGLIURQWHDOPDJQLILFRFDPSRGDJROIDEX
FKH´)XHUWHYHQWXUD*ROI&OXEµ/HFDPHUHDPSLHHGHOHJDQWHPHQWHDUUHGD
WHVRQRGRWDWHGLRJQLFRPIRUW6RQRGLVSRQLELOLFDPHUHVWDQGDUGHMXQLRU
VXLWHFRQVHUYL]LSULYDWLDVFLXJDFDSHOOLWHOHIRQR79VDWHOOLWDUHFDVVHWWDGL
VLFXUH]]DHEROOLWRUHSHUFDIIqHWqULFDULFKHDSDJDPHQWR$SDJDPHQWR
FRQQHVVLRQH:,),HFRQVXPD]LRQLPLQLEDU5LVWRUDQWHDEXIIHW´/RV$UFRV
%XIIHWµFRQ]RQDVKRZFRRNLQJULVWRUDQWLjODFDUWH´)DURGH$QWLJXDµFRQ
VSHFLDOLWjGLFDUQHHSHVFH´:RN1=HQ3DQ$VLDQµFXFLQDRULHQWDOH´/D
9HUDQGDµFXFLQDLWDOLDQDHPHGLWHUUDQHD/REE\EDUHVQDFNEDUDOODSLVFLQD
SLVFLQHGDOO·XQDSLVFLQDVDUjFOLPDWL]]DELOHDVHFRQGDGHOOHFRQGL]LR
QLFOLPDWLFKHFRQXWLOL]]RGLOHWWLQLRPEUHOORQLHWHOLPDUHLGURPDVVDJJLR
SDOHVWUDPLQLJROIDSDJDPHQWRWHQQLVQROHJJLRUDFFKHWWHDSDJDPHQWRH
SDOODYROR3URJUDPPLGLLQWUDWWHQLPHQWRVHUDOL6HUYL]LRGLODYDQGHULDHERX
WLTXH3HUJOLDPDQWLGHOJROISRVVLELOLWjGLSUHQRWDUHLOFDPSRDSUH]]LVSH
FLDOL ,QROWUH O·DWWUH]]DWR HG HOHJDQWH FHQWUR GL WDODVVRWHUDSLD ´+HVSHULGHV
7KDODVVR6SDµFRQXQDVXSHUILFLHVXSHULRUHDLPTRIIUHXQDJUDQYD
ULHWjGLWUDWWDPHQWLSHUODVDOXWHHODEHOOH]]DSUHQRWDELOLHSDJDELOLGLUHWWD
PHQWH$PVLWURYDLO&HQWUR&RPPHUFLDOH$WODQWLFRFRQULVWRUDQWLQH
JR]LVDODJLRFKLFLQHPDHFF
3(16$723(592,
‡7UDVIHULPHQWLLQDXWRSULYDWD
GDOO·DHURSRUWRDOO·KRWHO
HYLFHYHUVD
‡$OO·DUULYRVDUHWH
LPPHGLDWDPHQWHFRFFRODWL
ULFHYHQGRODVLVWHPD]LRQHLQ
FDPHUDGLWLSRORJLDVXSHULRUH
VHFRQGRGLVSRQLELOLWj
)8(57(9(1785$
‡&RFNWDLOGLEHQYHQXWR
‡&HVWRGLIUXWWDHXQDERWWLJOLD
GLVSXPDQWHGLUHWWDPHQWH
LQFDPHUDDOO·DUULYR
‡8QDHQWUDWDJUDWXLWDDOFLUFXLWR
6SDSHUSHUVRQH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
3/$<$ '(/$6$0e5,&$6
(8523(
9,//$&257e6
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ● ● &DWHJRULDXIIORFDOH
★★★★★ */
/·(XURSH9LOOD&RUWpVqLQGXEELDPHQWHXQRGHJOLDOEHUJKLFKHULHVFHD
UHJDODUHDLSURSULRVSLWLXQDYDFDQ]DHOHJDQWHOXVVXRVDHGLSUHVWLJLR
/·KRWHOqFRVWUXLWRLQVWLOHPHVVLFDQRHGqVLWXDWRLQSLHQRFHQWURGLUHW
WDPHQWHVXOPDUHFRQ]RQDVDEELRVDDWWUH]]DWDDVRODULXPHDPLQX
WLGDOODVSLDJJLDSULQFLSDOHGL/RV&ULVWLDQRV/HFDPHUHVRQRDUUHGDWH
FRQJXVWRHVRQRGRWDWHGLRJQLFRPIRUWVHUYL]LSULYDWLDVFLXJDFDSHOOL
FDVVHWWD GL VLFXUH]]D FOLPDWL]]D]LRQH YHQWLODWRUH D VRIILWWR WHOHIRQR
79VDWHOOLWDUHHEDOFRQHRWHUUD]]RGDFXLDPPLUDUHLPLJOLRULWUDPRQWLGL
7HQHULIH/HVIXPDWXUHGHOJLDOORHGHOO·DUDQFLRQHGRPLQDQRLQFRQWUDVWD
WHLORFDOLFRPXQLGRYHODULFHUFDWH]]DGHLSDUWLFRODULUHQGHO·DWPRVIHUD
GDYYHURXQLFD,OSHUVRQDOHDFFRJOLHJOLRVSLWLLQDELWLWLSLFLPHVVLFDQLH
OL VHJXH SURQWR D VRGGLVIDUH RJQL ULFKLHVWD 5LVWRUDQWH SULQFLSDOH
´9HUDFUX]µ FRQ VHUYL]LR D EXIIHW D FXL VL DJJLXQJRQR GLYHUVL ULVWRUDQWL
WHPDWLFLFRQFXLVWX]]LFDUHLOSDODWRLWDOLDQRPHVVLFDQRPHGLWHUUDQHR
HEDYDUHVH6QDFNEDUDOODSLVFLQDEDULQWHUQHWSRLQWHFRQQHVVLRQH
:L)LDOODUHFHSWLRQ$FFHVVRDOODSLVFLQDGDOO·ODSLVFLQDVDUjFOL
PDWL]]DELOHDVHFRQGDGHOOHFRQGL]LRQLFOLPDWLFKHFRQXVRGLRPEUHO
ORQLOHWWLQLPDWHUDVVLQLHWHOLPDUH/·DWWUH]]DWRFHQWUR6SDRIIUHLQROWUH
ODSRVVLELOLWjGLULODVVDUVLHIDUVLFRFFRODUHGDXQ·DPSLDRIIHUWDGLWUDWWD
PHQWLSHUODVDOXWHHODEHOOH]]D
3(16$723(592,
‡7UDVIHULPHQWLLQDXWRSULYDWD
GDOO·DHURSRUWRDOO·KRWHO
HYLFHYHUVDLQPRGRGDIDUYL
GLYHQWDUHVLQGDVXELWR
JOLLQGLVFXVVLSURWDJRQLVWL
GHOODYRVWUDOXQDGLPLHOH
‡$OO·DUULYRVDUHWH
LPPHGLDWDPHQWHFRFFRODWL
ULFHYHQGRODVLVWHPD]LRQH
LQFDPHUDGLWLSRORJLD
VXSHULRUHVHFRQGRGLVSRQLELOLWj
SHUSUHQRWD]LRQLGLFDPHUH
GRSSLHYLVWDHVWHULRUHXSJUDGH
DYLVWDJLDUGLQRSHUSUHQRWD]LRQL
GLFDPHUHGRSSLHYLVWDJLDUGLQR
XSJUDGHDYLVWDPDUH
7(1(5,)(
‡$FTXDIUXWWDHXQDERWWLJOLD
GLYLQRGLUHWWDPHQWHLQFDPHUD
‡8QDFHQDURPDQWLFDSHU
SHUVRQHLQXQRGHLULVWRUDQWL
jODFDUWHEHYDQGHHVFOXVH
‡8QDHQWUDWDJUDWXLWDDOFLUFXLWR
6SDSHUSHUVRQH
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
1%2EEOLJDWRULRSUHVHQWDUH
LOFHUWLÀFDWRGLPDWULPRQLR
DOO·DUULYRLQKRWHO
*5(&,$&/$66,&$
(0(7(25(
3HUVFRSULUHOHEHOOH]]HGHOOD*UHFLDFRQWLQHQWDOHSHUFRQRVFHUQHOD
VWRULDO·DUFKHRORJLDHODPLWRORJLDQXOODqPHJOLRGLXQWRXUGLXQD
VHWWLPDQDLOFXLLWLQHUDULRVLVQRGDWUDOHORFDOLWjSLQRWHFKHYLYHU
UDQQRLOOXVWUDWHGDOOHVSLHJD]LRQLHVDXVWLYHGHOODJXLGDDFFRPSDJQD
WRUHSDUODQWHLWDOLDQR,OWRXUSUHYHGHWUDWWDPHQWRGLPH]]DSHQVLRQH
DG$WHQHHGLSHQVLRQHFRPSOHWDQHOOHDOWUHORFDOLWjWUDVSRUWRLQDX
WRSXOOPDQ H YLVLWH JXLGDWH QHL PXVHL H QHOOH ]RQH DUFKHRORJLFKH
SUHYLVWHGDSURJUDPPDPROWHGHOOHTXDOLJLjLQFOXVHLQTXRWD
3DUWHQ]DLOOXQHGu&LUFXLWR&RPIRUW
ƒJLRUQR,WDOLD$WHQH
$UULYR DOO·DHURSRUWR GL $WHQH WUDVIHULPHQWR LQ KRWHO VLVWHPD]LRQH
FHQDHSHUQRWWDPHQWR
ƒJLRUQR$WHQH
3ULPD FROD]LRQH 0DWWLQDWD GHGLFDWD DO JLUR SDQRUDPLFR GL $WHQH
9LVLWD GHO 0XVHR $UFKHRORJLFR 1D]LRQDOH 9LVLWD GHOO·$FURSROL FRQ
L 3URSLOHL LO 3DUWHQRQH H O·(UHWWHR 3UDQ]R OLEHUR 1HO SRPHULJJLR
YL YHUUj SURSRVWD O·HVFXUVLRQH D &DSR 6RXQLRQ LQ RPDJJLR FRPH
GHVFULWWR QHO SDUDJUDIR ´3HQVDWR SHU YRLµ &HQD H SHUQRWWDPHQWR
LQ KRWHO 6HUDWD WLSLFD IDFROWDWLYD H D SDJDPHQWR FRQ FHQD H
VSHWWDFROR
ƒJLRUQR$WHQH
3ULPD FROD]LRQH LQ KRWHO *LRUQDWD D GLVSRVL]LRQH SUDQ]R OLEHUR
3RVVLELOLWjGLHIIHWWXDUHXQDPLQLFURFLHUDIDFROWDWLYDHDSDJDPHQ
WR DOOH LVROH GL $HJLQD FRQ LO WHPSLR GL $IHD 9 VHF D& YLVLWD
IDFROWDWLYDHDSDJDPHQWRGLYLQLWjSURWHWWULFHGHOOHGRQQH3RURV
FRQ LO FDUDWWHULVWLFR SRUWLFFLROR H +\GUD FRQ OH GLPRUH SDWUL]LH H
QHRFODVVLFKH PHWD GL DUWLVWL GL WXWWR LO PRQGR &HQD H SHUQRWWD
PHQWRLQKRWHO
ƒJLRUQR$WHQH2OLPSLDNP
3ULPDFROD]LRQHHSDUWHQ]DSHU(SLGDXUR'XUDQWHLOWUDJLWWRVRVWDD
&RULQWRVXOFDQDOHRPRQLPR$UULYRDG(SLGDXURHYLVLWDDO7HDWUR
GL 3ROLFOHWR H GHO 0XVHR 3URVHJXLPHQWR SHU 0LFHQH H YLVLWD GHO
VLWR FRQ OH 0XUD &LFORSLFKH OH 7RPEH 5HDOL OD 3RUWD GHL /HRQL LO
WHVRURGL$WUHR3UDQ]RLQFOXVR7UDVIHULPHQWRDG2OLPSLD&HQDH
SHUQRWWDPHQWRLQKRWHO
ƒJLRUQR2OLPSLD'HOÀNP
'RSRODSULPDFROD]LRQHPDWWLQDWDGHGLFDWDDOODYLVLWDGL2OLPSLD
JUDQGH VDQWXDULR SDQHOOHQLFR VHGH GHJOL DQWLFKL JLRFKL ROLPSLFL
&RQVHJXHQ]DGHJOLVFDYLLQL]LDWLLOVHFRORVFRUVRIXODQDVFLWDGHL
*LRFKL2OLPSLFLGHOO·HUDPRGHUQDFKHVLVYROVHURSHUODSULPDYROWD
DG$WHQHQHO3UDQ]RLQFOXVR1HOSRPHULJJLRSURVHJXLPHQWR
SHU'HOILFRQDUULYRLQVHUDWD6LVWHPD]LRQHFHQDHSHUQRWWDPHQWR
LQKRWHO
ƒJLRUQR'HOÀ.DODPEDNDNP
3ULPDFROD]LRQH,QPDWWLQDWDYLVLWDGL'HOILXQRGHLSULQFLSDOLOXR
JKLGLFXOWRGHOOD*UHFLDHVHGHGHOO·RUDFRORGHO'LR$SROOR'HOILq
FRQVLGHUDWDFRQO·$FURSROLGL$WHQHHG2OLPSLDODSLLPSRUWDQWH
]RQDDUFKHRORJLFDGHOO·HWjFODVVLFD3UDQ]RLQFOXVR1HOSRPHULJ
JLRSDUWHQ]DSHU.DODPEDND$UULYRLQVHUDWDVLVWHPD]LRQHFHQDH
SHUQRWWDPHQWRLQKRWHO
ƒJLRUQR².DODPEDND0HWHRUH$WHQHNP
'RSRODSULPDFROD]LRQHPDWWLQDWDGHGLFDWDDOODYLVLWDGLGXHGHLID
PRVLPRQDVWHULFRVWUXLWLFRQLQGLVFXVVRDUGLUHDSDUWLUHGDO;,9VHFR
OR/H´0HWHRUHµVRQRLQFDVWRQDWHVXOODVRPPLWjGLURFFHRULJLQDULD
PHQWHDFFHVVLELOLVRORPHGLDQWHPXODWWLHUHVFDOHHGDUJDQL3UDQ]R
LQFOXVR3DUWHQ]DQHOSRPHULJJLRHSDVVDQGRSHUOH7HUPRSLOLDUULYR
DG$WHQH6LVWHPD]LRQHFHQDHSHUQRWWDPHQWRLQKRWHO
ƒJLRUQR$WHQH,WDOLD
'RSR OD SULPD FROD]LRQH WUDVIHULPHQWR DOO·DHURSRUWR DVVLVWHQ]D
DOO·LPEDUFRHSDUWHQ]DSHUO·,WDOLD
1%,OWRXUSRWUjHVVHUHHIIHWWXDWRLQVHQVRLQYHUVRRVXELUHYDULD
]LRQL QHOOD VHTXHQ]D GHOO·LWLQHUDULR PDQWHQHQGR FRPXQTXH LQDOWH
UDWR LO SURJUDPPD GHOOH YLVLWH ,QROWUH SHU WDOXQH GDWH LO FLUFXLWR
´VXSHULRUµHGLOFLUFXLWR´VWDQGDUGµQRQSUHYLVWLLQTXHVWRFDWDORJR
SRWUHEEHUR HVVHUH VYROWL FRQ OR VWHVVR DXWRSXOOPDQ GHO FLUFXLWR
´FRPIRUWµLQWDOFDVRVDUjRYYLDPHQWHPDQWHQXWDODGLYHUVDVLVWH
PD]LRQHDOEHUJKLHUD
3(16$723(592,
‡3HUDSSUH]]DUHPDJJLRUPHQWH ‡6HWGDYLDJJLRRIIHUWR
ODPDJLDGHOWRXUGHOOD
GD)UDQFRURVVR
*UHFLD)UDQFRURVVRRIIUH
XQ·HVFXUVLRQHJUDWXLWDD&DSR
6RXQLRQFRQODYLVLWDGHOWHPSLR
GL3RVHLGRQH3HUQHFHVVLWj
RUJDQL]]DWLYHSRWUHEEHHVVHUH
SURSRVWDLQDOWHUQDWLYDXQ·DOWUD
HVFXUVLRQH
*5(&,$
*289(6
*5(&27(/
$0,5$1'(6
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ● ● &DWHJRULDXIIORFDOH
★★★★★
Ë XQ UHVRUW GL OXVVR FDUDWWHUL]]DWR GD XQR VWLOH XQLFR /H WHUUD]]H GL SLHWUD
QDWXUDOH FRQ XQ·LPSDUHJJLDELOH YLVWD VXO PDUH L ULJRJOLRVL JLDUGLQL GL XOLYL H
SDOPHHLULODVVDQWLJLRFKLG·DFTXDFUHDQRXQ·DWPRVIHUDLQGLPHQWLFDELOHHYL
LQWURGXUDQQR DOO·HOHJDQ]D H DO FRPIRUW FKH FDUDWWHUL]]DQR TXHVWD VWUXWWXUD
GHOODFDWHQD*UHFRWHO6LWXDWRGLUHWWDPHQWHVXOODVSLDJJLDGLVDEELDHJKLDLD
DFLUFDNPGDOO·DQLPDWDFLWWDGLQDGL+HUVRQLVVRVHDNPFLUFDGDOO·DHUR
SRUWR)HUPDWDEXVGLOLQHDQHLSUHVVLGHOO·KRWHO/DPDQLHUDSLHVFOXVLYDH
FRQIRUWHYROHSHUHIIHWWXDUHLWUDVIHULPHQWLWUDO·KRWHOHO·DHURSRUWRGL+HUDNOLRQ
qLOVHUYL]LRLQDXWRSULYDWDLFXLGHWWDJOLVRQRULSRUWDWLQHOODWDEHOODSUH]]L/H
FDPHUHVRQRGLVORFDWHSDUWHLQFRUSRFHQWUDOHHSDUWHLQEXQJDORZHVRQR
WXWWHGRWDWHGLVHUYL]LSULYDWLDVFLXJDFDSHOOLWHOHIRQRFROOHJDPHQWR:L)LD
LQWHUQHW79VDWHOOLWDUHOHWWRUH&''9'DULDFRQGL]LRQDWDFDVVHWWDGLVLFXUH]
]D EDOFRQH R WHUUD]]R $ SDJDPHQWR FRQVXPD]LRQL PLQLEDU 5LVWRUDQWH
SULQFLSDOHFRQVHUYL]LRDEXIIHWFRQDUHDGHGLFDWDDOORVKRZFRRNLQJSHUOD
SULPDFROD]LRQHHODFHQD5LVWRUDQWLjODFDUWHWXWWLDSDJDPHQWREDUDOOD
SLVFLQDHEDUDOODVSLDJJLD$SDJDPHQWRQHJR]LYDUL6RQRLQROWUHSUHVHQWL
YDULHSLVFLQHGLFXLXQDROLPSLRQLFDFRQDFTXDGLPDUHHXQDFRSHUWD8WLOL]]R
JUDWXLWRGLOHWWLQLPDWHUDVVLQLRPEUHOORQLWHOLPDUHLQSLVFLQDHVXOODVSLDJJLD
6DXQDSDOHVWUDEDVNHWEHDFKYROOH\FDPSRGDFDOFHWWRHSLQJSRQJ,QROWUH
D SDJDPHQWR FDPSL GD WHQQLV VSRUW QDXWLFL DOOD VSLDJJLD FHQWUR 63$
&DPSRGDJROIDNP/·KRWHOqSUHQRWDELOHLQ,WDOLDVRORFRQ)UDQFRURVVR
3(16$723(592,
‡,QFDPHUDDOO·DUULYRWURYHUHWH
YLSRUWHUHPRDOODVFRSHUWD
XQDERWWLJOLDGLYLQRORFDOH
GHOODFRVWDRFFLGHQWDOH
HXQFHVWRGLIUXWWD
GHOO·LVRODSHUYLVLWDUH
‡'XUDQWHODVHWWLPDQD
LOPRQDVWHURGL$UNDGLHOXQJR
XQDURPDQWLFDFHQDDOXPH
LOSHUFRUVRDYUHWHXQDYLVLRQH
GLFDQGHODSUHVVRXQRGHL
SDQRUDPLFDGHOODEHOOLVVLPD
ULVWRUDQWLjODFDUWHGHOO·KRWHO
EDLDGL6XGDYLVLWHUHWHLQROWUH
EHYDQGHHVFOXVH
OHFLWWjGL&KDQLD
‡9LVLWDGHOO·DOWRSLDQR
HGL5HWK\PQRQ,QORFR
GL/DVVLWKLGHOPRQDVWHUR
YLFRQIHUPHUHPRTXDOH
GL.HUjFRQOHVXHVWXSHQGH
HVFXUVLRQHYHUUjHIIHWWXDWD
LFRQH3V\FURYLOODJJLRVLWXDWR LQEDVHDOQXPHURGHL
QHLSUHVVLGHOODJURWWDGRYH
SDUWHFLSDQWL
VHFRQGRODPLWRORJLDQDFTXH ‡6HWGDYLDJJLRRIIHUWR
=HXV,QDOWHUQDWLYD
GD)UDQFRURVVR
&5(7$
/$5'26
/,1',$19,//$*(
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
ËXQKRWHOULFHUFDWRHUDIILQDWRFRVWUXLWRVHJXHQGRO·DUFKLWHWWXUDFODVVL
FDGHLWLSLFLYLOODJJLJUHFLFRQHGLILFLDGXHSLDQLLPPHUVLLQFXUDWLJLDU
GLQLHSLFFROLUXVFHOOLËODVROX]LRQHLGHDOHSHUOHFRSSLHHSHUFKLFHUFD
XQVRJJLRUQRLQGLPHQWLFDELOHHURPDQWLFRDOO·LQVHJQDGHOUHOD[(·VLWXD
WRGLUHWWDPHQWHVXOODVSLDJJLDGLVDEELDHFLRWWROLLQSRVL]LRQHWUDQTXLOOD
DFLUFDNPGD/DUGRVHNPGDOODULQRPDWD/LQGRV/DFLWWjGL5RGL
qDFLUFD.PHO·DHURSRUWRGLVWDNP/DPDQLHUDSLHVFOXVLYDH
FRQIRUWHYROHSHUHIIHWWXDUHLWUDVIHULPHQWLWUDO·KRWHOHO·DHURSRUWRGL5RGL
q LO VHUYL]LR LQ DXWR SULYDWD L FXL GHWWDJOL VRQR ULSRUWDWL QHOOD WDEHOOD
SUH]]L/HFDPHUHPRGHUQDPHQWHDUUHGDWHVRQRGRWDWHGLWXWWLLFRP
IRUWVHUYL]LSULYDWLDVFLXJDFDSHOOLDULDFRQGL]LRQDWD79VDWHOOLWDUHWH
OHIRQRFDVVHWWDGLVLFXUH]]DEDOFRQHRWHUUD]]R$SDJDPHQWRFRQ
QHVVLRQH:L)LDLQWHUQHWHFRQVXPD]LRQLPLQLEDU(OHJDQWHULVWRUDQWH
SULQFLSDOH FRQ VHUYL]LR D EXIIHW SHU OD SULPD FROD]LRQH H OD FHQD
3RVVLELOLWj GL FHQDUH SUHVVR L ULQRPDWL ULVWRUDQWL WHPDWLFL j OD FDUWH D
SDJDPHQWRULVWRUDQWHFRQVSHFLDOLWjJUHFKHULVWRUDQWHWKDLHULVWRUDQ
WHFRQVSHFLDOLWjDEDVHGLSHVFHYDULEDUEDUDOODSLVFLQDFRQVHUYL]LR
LQVSLDJJLD3DOHVWUDHFDPSRGDWHQQLV'XHSLVFLQHXWLOL]]RJUDWXLWRGL
OHWWLQLRPEUHOORQLHWHOLPDUHLQSLVFLQDHVXOODVSLDJJLD$SDJDPHQWR
VDXQDPDVVDJJLEDJQRWXUFRLGURPDVVDJJLRSLVFLQDFRSHUWDFHQWUR
EHQHVVHUH H GL EHOOH]]D VSRUW QDXWLFL VXOOD VSLDJJLD SDUUXFFKLHUH H
QHJR]L
3(16$723(592,
‡8SJUDGLQJLQFDPHUD
GLFDWHJRULDVXSHULRUHVRJJHWWR
DGLVSRQLELOLWjGHOO·KRWHO
‡&KHFNLQSULYDWRGXUDQWH
LOTXDOHYLYHUUjRIIHUWR
XQSLDFHYROHDSHULWLYR
‡,QFDPHUDDOO·DUULYRWURYHUHWH
XQDERWWLJOLDGLYLQRGROFLFHVWR
GLIUXWWDHÀRULDFFDSSDWRLR
HFLDEDWWLQH
‡'XUDQWHODVHWWLPDQD
XQDURPDQWLFDFHQDDOXPH
GLFDQGHODSUHVVRXQRGHL
ULVWRUDQWLjODFDUWHEHYDQGH
HVFOXVH
‡3HUXQULVYHJOLRVSHFLDOHXQD
PDWWLQDDVFHOWDSRWUHWHIDUYL
VHUYLUHODFROD]LRQHLQFDPHUD
‡8QDVDXQDULJHQHUDQWH
HXQULODVVDQWHEDJQRWXUFR
SUHVVRLOPRGHUQRHIXQ]LRQDOH
52',
FHQWUREHQHVVHUH
‡,QEDVHDOO·RSHUDWLYRYROL
GLULHQWURHSUHYLDGLVSRQLELOLWj
SRWUHWHXWLOL]]DUHODFDPHUD
VLQRDOOHRUH
‡9LVLWDGLPH]]DJLRUQDWD
DOFDSROXRJRGHOO·LVROD
HGDLVXRLWHVRUL5RGLFLWWj
GLLQQHJDELOHLQWHUHVVHVWRULFR
HFXOWXUDOH3HUXQVDOWRQHOOD
PLWRORJLDJUHFDYLVLWHUHWH
LOSRUWRGL0DQGUDNLGRYH
SUREDELOPHQWHVRUJHYD
LO&RORVVRGL5RGLHO·DQWLFD
$FURSROLVHGHGHO7HPSLR
GHO'LR6ROH
‡2PDJJLRSHUJOLVSRVLFRPH
VRXYHQLUGHOYLDJJLRGLQR]]H
‡6HWGDYLDJJLRRIIHUWR
GD)UDQFRURVVR
/,1'26
/,1'26%/8
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
%RXWLTXH KRWHO FKH VRUJH LQ SRVL]LRQH WUDQTXLOOD H SDQRUDPLFD VXOOD
VXJJHVWLYDEDLDGL9OLFKDHJRGHGLXQDVSOHQGLGDYLVWDVXOPDU(JHR
5LVHUYDWRDOOHFRSSLHFKHULFHUFDQRXQPL[GLURPDQWLFLVPRHWUDQTXLO
OLWj DOO·LQVHJQD GHO FRPIRUW (· VLWXDWR QHO FXRUH GHOO·LVROD D NP GDO
WUDGL]LRQDOH YLOODJJLR GL /LQGRV H D P GDOOD VSOHQGLGD VSLDJJLD GL
VDEELDHFLRWWROLUDJJLXQJLELOHWUDPLWHGHOOHVFDOLQDWH/·KRWHOVLWURYDD
FLUFDNPGDOO·DHURSRUWR/DPDQLHUDSLHVFOXVLYDHFRQIRUWHYROHSHU
HIIHWWXDUHLWUDVIHULPHQWLWUDO·KRWHOHO·DHURSRUWRGL5RGLqLOVHUYL]LRLQ
DXWRSULYDWDLFXLGHWWDJOLVRQRULSRUWDWLQHOODWDEHOODSUH]]L/HFDPHUH
WXWWHDIIDFFLDWHVXOODVXJJHVWLYDEDLDGLVSRQJRQRGLVHUYL]LSULYDWLFRQ
LGURPDVVDJJLR DVFLXJDFDSHOOL 79 VDWHOOLWDUH OHWWRUH &''9' 03
WHOHIRQRFROOHJDPHQWR:L)LDLQWHUQHWFDVVHWWDGLVLFXUH]]DDULDFRQ
GL]LRQDWDPLQLEDUFRQVXPD]LRQLDSDJDPHQWRHEDOFRQHRWHUUD]]R$
GLVSRVL]LRQH GHJOL RVSLWL ULVWRUDQWH FRQ VHUYL]LR SDU]LDOPHQWH D EXIIHW
SHU OD SULPD FROD]LRQH ULVWRUDQWH j OD FDUWH SHU LO SUDQ]R H ULVWRUDQWH
JRXUPHWSHUODFHQDHQWUDPELDSDJDPHQWREDUSULQFLSDOHHEDUDOOD
SLVFLQD7UHSLVFLQHGLFXLXQDFRSHUWDXWLOL]]RJUDWXLWRGLRPEUHOORQL
OHWWLQLHWHOLPDUHVLDLQSLVFLQDFKHLQVSLDJJLD/·KRWHOPHWWHLQROWUHD
GLVSRVL]LRQHGHJOLRVSLWLXQFDPSRGDWHQQLVSDOHVWUDVDXQDLGURPDV
VDJJLRHEDJQRWXUFR$SDJDPHQWRFHQWUREHQHVVHUHH63$HVSRUW
QDXWLFLDOODVSLDJJLD
3(16$723(592,
‡,QFDPHUDDOO·DUULYRWURYHUHWH ‡9LVLWDGLPH]]DJLRUQDWD
XQDERWWLJOLDGLVSXPDQWH
DOFDSROXRJRGHOO·LVROD
ORFDOHHXQFHVWRGLIUXWWD
HGDLVXRLWHVRUL5RGLFLWWj
‡8QPDVVDJJLRSHUODFRSSLD
GLLQQHJDELOHLQWHUHVVHVWRULFR
SUHVVRLOFHQWUR63$GXUDWD
HFXOWXUDOH3HUXQVDOWRQHOOD
PLQXWL
PLWRORJLDJUHFDYLVLWHUHWH
‡/DSRVVLELOLWjGLIDUYL
LOSRUWRGL0DQGUDNLGRYH
FRFFRODUHGDPDQLHVSHUWH
SUREDELOPHQWHVRUJHYD
FRQPDVVDJJLHWUDWWDPHQWLGL LO&RORVVRGL5RGLHO·DQWLFD
EHOOH]]DSHULOYLVRHGLOFRUSR $FURSROLVHGHGHO7HPSLR
XVXIUXHQGRGLXQRVFRQWRSDUL GHO'LR6ROH
DOSUHVVRLOPRGHUQR
‡6HWGDYLDJJLRRIIHUWR
HGDWWUH]]DWRFHQWUR63$
GD)UDQFRURVVR
52',
DIAMOND
.$5'$0(1$
$7/$17,&$
32572%(//252<$/
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
4XHVWDSLDFHYROHVWUXWWXUDGDOODPRGHUQDDUFKLWHWWXUDHGDJOLDP
ELHQWLFXUDWLVRUJHGLUHWWDPHQWHVXXQDEHOODVSLDJJLDGLVDEELDD
FLUFD NP GDO YLOODJJLR GL .DUGDPHQD VHUYL]LR QDYHWWD JUDWXLWR D
RUDULILVVLDNPGDOO·DHURSRUWRHDFLUFDNPGDOODFLWWjGL.RV
/HFDPHUHVRQRGRWDWHGLWXWWLLFRPIRUWVHUYL]LSULYDWLDVFLXJDFD
SHOOL 79 VDWHOOLWDUH WHOHIRQR FRQQHVVLRQH D LQWHUQHW FDVVHWWD GL
VLFXUH]]D DULD FRQGL]LRQDWD PLQLIULJR EDOFRQH YHUDQGD QHOOH MX
QLRUVXLWH5LVWRUDQWHSULQFLSDOHFRQVHUYL]LRDEXIIHWRSUHYLDSUH
QRWD]LRQHSRVVLELOLWjGLFRQVXPDUHLSDVWLSUHVVRXQRGHLULVWRUDQ
WLDWHPDFRQVSHFLDOLWjJUHFKHDEDVHGLSHVFHLWDOLDQHDVLDWLFKH
ULVWRUDQWH j OD FDUWH FRQ FXFLQD IUDQFHVH FRQ VXSSOHPHQWR YDUL
EDUGLFXLXQRSUHVVRODSLVFLQDHXQRVXOODVSLDJJLD'RGLFLSLVFLQH
FRQ DFTXD GL PDUH SLVFLQD FRSHUWD FRQ DQJROR LGURPDVVDJJLR
XWLOL]]RJUDWXLWRGLOHWWLQLRPEUHOORQLHWHOLPDUHVXFDX]LRQHLQSL
VFLQDHVXOODVSLDJJLDLQWHUQHWSRLQWSDOHVWUDGXHFDPSLGDWHQQLV
FDQRD EHDFKYROOH\ SLQJ SRQJ FDPSR GD FDOFHWWR $QLPD]LRQH
GLXUQDHVHUDOHDFXUDGHOORVWDIILWDOLDQRHGLQWHUQD]LRQDOH$SDJD
PHQWRVSRUWQDXWLFLDPRWRUHZLQGVXUIHFDWDPDUDQRSHUHQWUDP
EL q ULFKLHVWR LO EUHYHWWR PDVVDJJL /·KRWHO q SUHQRWDELOH LQ ,WDOLD
VRORFRQ)UDQFRURVVR
3(16$723(592,
‡8SJUDGLQJLQFDPHUDGL
‡3HUFRQRVFHUHPHJOLRTXHVWD
FDWHJRULDVXSHULRUHVRJJHWWR PDJLFDLVRODDYUHWHOD
DGLVSRQLELOLWjGHOO·KRWHO
SRVVLELOLWjGLYLVLWDUH
‡,QFDPHUDDOO·DUULYR
LSLWWRUHVFKLYLOODJJLGHOOD
WURYHUHWHXQDERWWLJOLDGLYLQR
ORFDOLWjGRSRXQDSULPD
ORFDOHHXQFHVWRGLIUXWWD
VRVWDQHOFHQWURGL.RV
DFFDSSDWRLRHFLDEDWWLQH
VLYLVLWHUj=LDSHUSURVHJXLUH
‡'XUDQWHODVHWWLPDQDXQD
SHU$QWLPDFKLDFRQ
URPDQWLFDFHQDDOXPH
LOFDUDWWHULVWLFRPXOLQR
GLFDQGHODSUHVVRXQRGHL
,QVHJXLWRYLULODVVHUHWHVX
ULQRPDWLULVWRUDQWLGHOO·KRWHO
XQDGHOOHSLEHOOHVSLDJJH
VSHFLDOL]]DWLQHOODFXFLQD
GHOO·LVROD(VFXUVLRQHGLLQWHUD
DWHPDSRWUHWHVFHJOLHUHWUD
JLRUQDWDSUDQ]RHVFOXVR
LOULVWRUDQWHSULQFLSDOHLWDOLDQR ‡6HWGDYLDJJLRRIIHUWR
RDVLDWLFRDFTXDHYLQRGHOOD
GD)UDQFRURVVR
FDVDLQFOXVL
.26
0<.2126
&$927$*22
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
/D VWUXWWXUD VL GLVWLQJXH SHU DPELHQWL GL GHVLJQ UDIILQDWL H GRWDWL GL
RJQLFRPIRUWHOHYDWDTXDOLWjGHLVHUYL]LSDUWLFRODUHFXUDGHLGHWWDJOL
HDWWHQ]LRQHDOFOLHQWHVLFXUDPHQWHXQRGHLPLJOLRULKRWHOGHOO·LVROD
(· VLWXDWR LQ SRVL]LRQH SDQRUDPLFD D FLUFD P GDO FHQWUR GL
0\NRQRVHO·DHURSRUWRGLVWDFLUFDNP/DPDQLHUDSLHVFOXVLYDH
FRQIRUWHYROHSHUHIIHWWXDUHLWUDVIHULPHQWLWUDO·KRWHOHO·DHURSRUWRGL
0\NRQRVqLOVHUYL]LRLQDXWRSULYDWDLFXLGHWWDJOLVRQRULSRUWDWLQHOOD
WDEHOOD SUH]]L /D VSLDJJLD SL YLFLQD FRQ OLWRUDOH GL JKLDLD H VFRJOL
QRQDWWUH]]DWDVLWURYDDFLUFDPGDOO·KRWHOODIDPRVDVSLDJJLD
GLVDEELDGL$JKLRV6WHIDQRVGLVWDFLUFDNP/HFDPHUHWXWWH
HOHJDQWHPHQWHDUUHGDWHLQUDIILQDWRVWLOHPLQLPDOLVWDGLVSRQJRQRGL
VHUYL]LSULYDWLFRQLGURPDVVDJJLRHGRFFLDDVFLXJDFDSHOOLWHOHIRQR
79VDWHOOLWDUHOHWWRUH&'H'9'DULDFRQGL]LRQDWDFDVVHWWDGLVLFX
UH]]DWHUUD]]RREDOFRQHFRQYLVWDPDUH$SDJDPHQWRFRQVXPD
]LRQLPLQLEDUHFRQQHVVLRQHDLQWHUQHW/DSLVFLQDGLYHQWDGLVHUDXQ
ULODVVDQWHORXQJHEDUGDOFDUDWWHUHFRVPRSROLWD5LVWRUDQWHFRQVHU
YL]LR D EXIIHW SHU OD SULPD FROD]LRQH $ SDJDPHQWR LO ULVWRUDQWH
´7DJRRµ H LO PRGHUQR H VRILVWLFDWR VXVKL FRUQHU ´&XVWRP 6XVKL
7DJRRµ6RQRLQROWUHDGLVSRVL]LRQHGHJOLRVSLWLODERXWLTXHHLOPR
GHUQRHDWWUH]]DWRFHQWUR63$FKHVDSUjUHQGHUHODYRVWUDYDFDQ]D
XQ·HVSHULHQ]DXQLFDFKHFROSLUjL9RVWULVHQVL
3(16$723(592,
‡8SJUDGLQJLQFDPHUD
‡(VFXUVLRQHGLPH]]DJLRUQDWD
GLFDWHJRULDVXSHULRUH
DOODSLWWRUHVFDLVRODGL'HORV
VRJJHWWRDGLVSRQLELOLWj
UDJJLXQJLELOHFRQFLUFD
GHOO·KRWHO
PLQXWLGLQDYLJD]LRQH
‡,QFDPHUDDOO·DUULYRWURYHUHWH ,OSURJUDPPDYHUUj
XQDERWWLJOLDGLYLQRORFDOH
GHWWDJOLDWDPHQWHLOOXVWUDWR
‡8QDURPDQWLFDFHQDDOXPH
LQORFR
GLFDQGHODSUHVVRO·HVFOXVLYR ‡6HWGLYLDJJLRRIIHUWR
ULVWRUDQWHjODFDUWHPHQ
GD)UDQFRURVVR
ÀVVR²EHYDQGHHVFOXGH
‡8QWUDWWDPHQWREHQHVVHUH
SHUODFRSSLDSUHVVRLOFHQWUR
63$´([SHULHQFHµ
0<.2126
,0(529,*/,
52&$%(//$
5(625763$
9DOXWD]LRQH)UDQFRURVVR● ● ● ●
&DWHJRULDXIIORFDOH
★★★★
6LWXDWDVXOOD&DOGHUDGDOO·DUFKLWHWWXUDHGDLGHFRULWLSLFLGHOOH
LVROH&LFODGLODVWUXWWXUDVLGLVWLQJXHSHUJOLDPELHQWLUDIILQD
WLHGDUUHGDWLFRQJXVWR'DOOHVXHWHUUD]]HSRWUHWHDPPLUDUH
VXJJHVWLYLWUDPRQWLHSDQRUDPLLQGLPHQWLFDELOL6LWXDWRQHOOH
YLFLQDQ]H GHO SLWWRUHVFR YLOODJJLR GL ,PHURYLJOL O·KRWHO GLVWD
FLUFDNPGDOODFLWWjGL)LUD/·DHURSRUWRGLVWDFLUFDNP
/HVLVWHPD]LRQLVRQRWXWWHGRWDWHGLVHUYL]LSULYDWLDVFLXJD
FDSHOOLDULDFRQGL]LRQDWDWHOHIRQRFRQQHVVLRQHDGLQWHUQHW
79VDWHOOLWDUHDOFXQHFRQWHUUD]]RREDOFRQH$SDJDPHQWR
FRQVXPD]LRQLPLQLEDU6DODSHUODSULPDFROD]LRQHULVWRUDQ
WHjODFDUWHDSDJDPHQWREDUSUHVVRODSLVFLQDQLJKWEDU
SDQRUDPLFR 7HUUD]]D VRODULXP QHJR]LR GL VRXYHQLU ERXWL
TXH'XHSLVFLQHFRQXWLOL]]RJUDWXLWRGLOHWWLQLRPEUHOORQLH
WHOLPDUHFDPSRGDWHQQLVHSDOHVWUD$SDJDPHQWRFHQWUR
63$ H PDVVDJJL /·KRWHO q SUHQRWDELOH LQ ,WDOLD VROR FRQ
)UDQFRURVVR
3(16$723(592,
‡8SJUDGLQJLQFDPHUD
‡3HUGDUYLODSRVVLELOLWj
GLFDWHJRULDVXSHULRUH
GLDSSUH]]DUHPDJJLRUPHQWH
VRJJHWWRDGLVSRQLELOLWj
LOSDHVDJJLRGHOO·LVRODYLYHUUj
GHOO·KRWHO
RIIHUWDXQ·HVFXUVLRQH
‡,QFDPHUDDOO·DUULYRWURYHUHWH GLPH]]DJLRUQDWDDLYLOODJJL
XQDERWWLJOLDGLYLQRORFDOH
GL0HVD*RQLD3\UJRVH2LD
HXQFHVWRGLIUXWWD
WUDLSLFDUDWWHULVWLFLGHOO·LVROD
‡&RFNWDLOGLEHQYHQXWR
,OSURJUDPPDYHUUjLOOXVWUDWR
‡3HUXQULVYHJOLRVSHFLDOHXQD
GHWWDJOLDWDPHQWHLQORFR
PDWWLQDDVFHOWDSRWUHWHIDUYL ‡6HWGDYLDJJLRRIIHUWR
VHUYLUHODFROD]LRQHLQFDPHUD
GD)UDQFRURVVR
6$1725,1,
,0(529,*/,
6$1$1721,2
9DOXWD]LRQH)UDQFRURVVR● ● ● ● ●
&DWHJRULDXIIORFDOH
★★★★★
6XOOD&DOGHUDHLQSRVL]LRQHSULYLOHJLDWDVLWURYDTXHVWRKRWHO
GLLPSDUHJJLDELOHIDVFLQRHDWPRVIHUD/DVWUXWWXUDGLUHFHQWH
FRVWUX]LRQHQHLFDOGLFRORULGHOODWHUUDqSHUIHWWDPHQWHLQVH
ULWDQHOO·DPELHQWHQDWXUDOHGLRULJLQHYXOFDQLFDFKHODFLUFRQ
GD/·LQJUHVVRVFDYDWRQHOODURFFLDVLDSUHVXOODSLVFLQDHVX
XQLQGHVFULYLELOHSDQRUDPDPR]]DILDWRGRYHOHGLYHUVHWRQD
OLWjGLEOXGHOPDUHHGHOFLHORVLPHVFRODQR$PHWjVWUDGD
WUD,PHURYLJOLH2LDGLVWDFLUFDNPGD)LUDHNPGDOSRU
WRHGDOO·DHURSRUWR/DPDQLHUDSLHVFOXVLYDHFRQIRUWHYROH
SHU HIIHWWXDUH L WUDVIHULPHQWL WUD O·KRWHO H O·DHURSRUWR GL
6DQWRULQLqLOVHUYL]LRLQDXWRSULYDWDLFXLGHWWDJOLVRQRULSRU
WDWLQHOODWDEHOODSUH]]L/HFDPHUHWXWWHYLVWDPDUHVRQR
GRWDWHGLVHUYL]LSULYDWLDVFLXJDFDSHOOLDULDFRQGL]LRQDWD79
VDWHOOLWDUH OHWWRUH '9' WHOHIRQR FRQQHVVLRQH :L)L D LQWH
QHWFDVVHWWDGLVLFXUH]]DYHUDQGDREDOFRQH$SDJDPHQWR
FRQVXPD]LRQLPLQLEDU,OULVWRUDQWHjODFDUWHDSDJDPHQWR
RIIUHODSRVVLELOLWjGLFRQVXPDUHLSDVWLSUHVVRODVXJJHVWLYD
WHUUD]]DSDQRUDPLFDQHOO·LQWLPDVDODLQWHUQDRGLUHWWDPHQWH
VXOEDOFRQHRYHUDQGDGHOODYRVWUDFDPHUD,QROWUHDGLVSRVL
]LRQH GHJOL RVSLWL ORXQJH EDU H FHQWUR 63$ D SDJDPHQWR
3HUODVXDSDUWLFRODUHDUFKLWHWWXUDO·KRWHOQRQRVSLWDEDPELQL
GLHWjLQIHULRUHDDQQLFRPSLXWL
3(16$723(592,
‡8SJUDGLQJLQFDPHUD
‡3HUGDUYLODSRVVLELOLWj
GLFDWHJRULDVXSHULRUH
GLDSSUH]]DUHPDJJLRUPHQWH
VRJJHWWRDGLVSRQLELOLWj
LOSDHVDJJLRGHOO·LVROD
GHOO·KRWHO
YLYHUUjRIIHUWDXQ·HVFXUVLRQH
‡,QFDPHUDDOO·DUULYRWURYHUHWH GLPH]]DJLRUQDWDDLYLOODJJL
XQDERWWLJOLDGLYLQRORFDOH
GL0HVD*RQLD3\UJRVH2LD
‡'XUDQWHODVHWWLPDQD
WUDLSLFDUDWWHULVWLFLGHOO·LVROD
XQDURPDQWLFDFHQDDOXPH
,OSURJUDPPDYHUUjLOOXVWUDWR
GLFDQGHODSUHVVRLOULVWRUDQWH
GHWWDJOLDWDPHQWHLQORFR
GHOO·KRWHOPHQÀVVR²
‡6HWGDYLDJJLRRIIHUWR
EHYDQGHHVFOXVH
GD)UDQFRURVVR
6$1725,1,
WDEHOOH
SUH]]L
7+$,/$1',$
*,251,',3$57(1=$/81('Ï
'$0,/$120$/3(16$
352'(&/,1($&+$57(5,==$7$
352'(&/,1($&+$57(5,==$7$&2'35(==23(5&233,$
/81$',0,(/(,17+$,/$1',$
,35(==,62123(5&233,$(,1&/8'212*/,6&217,63(&,$/,3(5*/,
6326,),12 $€ /( 5,'8=,21, 3(5 &+, 35(127$ ,1 $17,&,32
(,6(59,=,(6&/86,9,(9,'(1=,$7,1(,5,48$'5,´3(16$723(592,µ
25,(17(2&($12,1',$12((0,5$7,
$5$%,'$3$*$3$*
*,251,',3$57(1=$/81('Ï(*,29('Ï
'$0,/$120$/3(16$
352'(&&+$57(5
352'(&/,1($&+$57(5,==$7$&2'35(==23(5&233,$
6($&/8%0$,6$08,%($&+5(625763$
3(16,21(&203/(7$&21%(9$1'$',1($5281'&$0(5$'233,$'(/8;(
3$57(1=(
0,
1277(
'$/
**17
(;75$
6833/(0(17,3(5&233,$
6XSSOHPHQWRSHUSDUWHQ]HGDODO€
6833/(0(1723(59,$**,&2192/,63(&,$/,(',/,1($',*,251,23,Ö9(',7$%(//$
35(==,+27(/6($&/8%0$,6$08,%($&+5(625763$&20%,1$%,/(&21,/*5$1
72857+$,/$1',$
7+$,/$1',$
75$77$0(172&20('$352*5$00$&$0(5$'233,$0,1,023(5621(
3$57(1=(
0,
'$/$/
**17
6833/(0(17,3(5&233,$3(51277(FDPHUDGHOX[HSRRODFFHVV€FDPHUDVHDYLHZ
VXLWH€
6XSSOHPHQWRSHUSDUWHQ]HGDODO€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ( ', /,1($ ', *,251, 2 3,Ö 3(5 3$5
7(1=( '$//· $/ ( '$/ $/€ $/ *,2512 '$/ $/
€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
9DOHW 6HUYLFH D 0LODQR 0DOSHQVD € ROWUH DO FRVWR GHO SDUFKHJJLR 9HGHUH
GHWWDJOLDSDJH
75$77$0(172QRWWLFRQWUDWWDPHQWRSHQVLRQHFRPSOHWDFRQEHYDQGD´GLQHDURXQGµ
FKHSUHYHGHSHQVLRQHFRPSOHWDFRQVHUYL]LRDEXIIHWRDOWDYRORDFTXDPLQHUDOH
RVRIWGULQNWqRFDIIqDLSDVWLSRVVLELOLWjGLFHQDUHQHLULVWRUDQWLGHOO·KRWHOVHQ]D
VXSSOHPHQWRFRQVHUYL]LRDEXIIHWRDOWDYRORVHUDWHDWHPDOHWWLQLHWHOLPDUH
75$77$0(172QRWWLFRQWUDWWDPHQWRFRPHGDSURJUDPPDGLYLDJJLRSHUXQWRWDOHGL
SDVWLLQKRWHORLQHVFXUVLRQH
9,$**,&20%,1$7,728562**,25120$5($.2+6$08,
9LDJJLGLJLRUQLQRWWLQRWWLGLWRXUQRWWLGLVRJJLRUQREDOQHDUHDOWHUPLQH
GHO *UDQ 7RXU 7KDLODQGLD q SRVVLELOH SUROXQJDUH LO SURSULR VRJJLRUQR EDOQHDUH D
.RK6DPXL$OODTXRWDEDVHGHOWRXUqQHFHVVDULRDJJLXQJHUHO·LPSRUWRUHODWLYRD
SHUQRWWDPHQWLSUHVVRLO6HD&OXE0DL6DPXL5HVRUW6SDHLOVXSSOHPHQWRÀVVR
GL€SHUFRSSLDUHODWLYRDLYROL%DQJNRN.RK6DPXLHYLFHYHUVDHLWUDVIHULPHQWL
D.RK6DPXL
%$/,
*,251,',3$57(1=$/81('Ï
'$0,/$120$/3(16$
352'(&/,1($&+$57(5,==$7$&2'35(==23(5&233,$
*5$1'0,5$*(5(62577+$/$662%$/,
$//,1&/86,9('233,$683(5,25
3$57(1=(
0,
'$/$/
**17
1277(
(;75$
6833/(0(17,3(5&233,$3(51277(FDPHUDGHOX[HYLVWDJLDUGLQR€FDPHUDGHOX[H
YLVWDPDUH€FDPHUDGHOX[HURPDQWLF€
6XSSOHPHQWRSHUSDUWHQ]HGDODO€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ( ', /,1($ ', *,251, 2 3,Ö 3(5 3$5
7(1=('$//·$/('$/$/€$/*,2512'$/$/€
$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJH
75$77$0(172QRWWLFRQWUDWWDPHQWRDOOLQFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWD
FRQ VHUYL]LR D EXIIHW R DO WDYROR EHYDQGH LOOLPLWDWH DFTXD PLQHUDOH VRIW GULQNV
VXFFKLVHOH]LRQHGLDOFROLFLORFDOLELUUDYLQRORFDOHWqHFDIIqPLQLEDULQFDPHUD
SRVVLELOLWj GL FHQDUH QHL ULVWRUDQWL GHOO·KRWHO VHQ]D VXSSOHPHQWR FRQ VHUYL]LR D
EXIIHWRDOWDYRORVHUDWHDWHPDFRQVSHWWDFRORVSRUWDFTXDWLFLQRQPRWRUL]]DWL
OHWWLQLHWHOLPDUH
25,(17(2&($12,1',$12((0,5$7,$5$%,
7$%(//(35(==,
%$/,
0$/',9(
352'(&/,1($&+$57(5,==$7$&2'35(==23(5&233,$
352'(&&+$57(5&2'35(==23(5&233,$
7285/81$',0,(/($%$/,
75$77$0(172&20('$352*5$00$&$0(5$'233,$
3$57(1=(
0,
'$/$/
**17
6833/(0(17,3(5&233,$3(51277(FDPHUDGHOX[HYLVWDJLDUGLQR€FDPHUDGHOX[H
YLVWDPDUH€FDPHUDGHOX[HURPDQWLF€
6XSSOHPHQWRSHUSDUWHQ]HGDODO€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ( ', /,1($ ', *,251, 2 3,Ö 3(5 3$5
7(1=('$//·$/('$/$/€$/*,2512'$/$/€
$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJH
75$77$0(172QRWWLGLWRXUD%DOLLQPH]]DSHQVLRQHFHQHQRWWLLQKRWHOFRQ
WUDWWDPHQWRDOOLQFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWDFRQVHUYL]LRDEXIIHWRDO
WDYROREHYDQGHLOOLPLWDWHDFTXDPLQHUDOHVRIWGULQNVVXFFKLVHOH]LRQHGLDOFROLFL
ORFDOLELUUDYLQRORFDOHWqHFDIIqPLQLEDULQFDPHUDSRVVLELOLWjGLFHQDUHQHL
ULVWRUDQWLGHOO·KRWHOVHQ]DVXSSOHPHQWRFRQVHUYL]LRDEXIIHWRDOWDYRORVHUDWHD
WHPDFRQVSHWWDFRORVSRUWDFTXDWLFLQRQPRWRUL]]DWLOHWWLQLHWHOLPDUH
65,/$1.$
*,251,',3$57(1=$0$57('Ï
'$0,/$120$/3(16$
352'(&/,1($
352'(&/,1($&2'35(==23(5&233,$
7285&/$66,&265,/$1.$
3(16,21(&203/(7$&21%(9$1'$&$0(5$'233,$
3$57(1=(
0,
'$/$/
**17
*,251,',3$57(1=$/81('Ï'20(1,&$
'$0,/$120$/3(16$%2/2*1$520$/'$9,1&,
6($&/8%0$$<$)86+,
$//,1&/86,9(%($&+%81*$/2:75$6)(5,0(17,,1%$5&$9(/2&(
3$57(1=(
0,%2520$
1277(
'$/$/
**17
(;75$
6833/(0(17,3(5&233,$3(51277(FDPHUDRYHUZDWHU€DQRWWHFDPHUDPDOGLYLDQ
YLSEXQJDORZ€DQRWWHVXULFKLHVWDWUDVIHULPHQWRLQLGURYRODQWHGDSHUO
DH
URSRUWRGL0DOH€€SHUVLQJRODWUDWWDVXULFKLHVWD
127$ LO WUDVIHULPHQWR LQ LGURYRODQWH q VHPSUH REEOLJDWRULR SHU OH HYHQWXDOL SDU
WHQ]HFRQYROLVSHFLDOLLQJLRUQLGLIIHUHQWLULVSHWWRDTXHOOLSXEEOLFDWLQHOSUHVHQWH
FDWDORJR
,O WUDVIHULPHQWR LQ EDUFD YHORFH q SUHYLVWR SHU PLQLPR SHUVRQH LQ FDVR GL
PDQFDWRUDJJLXQJLPHQWRWUDVIHULPHQWRLQLGURYRODQWHREEOLJDWRULRFRQVXSSOH
PHQWR
/D VWUXWWXUD q YHQGLELOH VROR LQ DEELQDPHQWR DL QRVWUL YROL VSHFLDOL QHL JLRUQL GL
SDUWHQ]DLQGLFDWLQHOSUHVHQWHFDWDORJR
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·
$/€ $/ *,2512 '$//· $/ ( '$/ $/€ $/ *,2512
'$/$/€$/*,2512
75$77$0(172QRWWLFRQWUDWWDPHQWR$OOLQFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWD
FRQVHUYL]LRDEXIIHWDFTXDPLQHUDOHLQFDUDIIDVRIWGULQNLQELFFKLHUHELUUDDOOD
VSLQDYLQRLQFDUDIIDWqFDIIqDPHULFDQRDOFROLFLORFDOLVHQ]DOLPLWD]LRQLVQDFN
OHWWLQLHWHOLPDUH
6833/(0(17,3(5&233,$
6833/(0(1723(59,$**,&2192/,63(&,$/,(',/,1($',*,251,23,Ö9(',7$%(//(
35(==,'(,6,1*2/,+27(/0$/',9(&20%,1$%,/,&21,/7285&/$66,&265,/$1.$
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJH
75$77$0(172SHQVLRQHFRPSOHWDFRQVRIWGULQNRDFTXDPLQHUDOHDLSDVWL
9,$**,&20%,1$7,728562**,25120$5($//(0$/',9(
9LDJJL GL JLRUQL QRWWL QRWWL GL WRXU QRWWL GL VRJJLRUQR EDOQHDUH DOOD
TXRWDEDVHGHOWRXUqQHFHVVDULRDJJLXQJHUHO·LPSRUWRUHODWLYRDSHUQRWWDPHQWL
QHOO·KRWHOSUHVFHOWRHLVXSSOHPHQWLSHULWUDVIHULPHQWLDOOH0DOGLYHTXLLQGLFDWL6H
D&OXE0DD\DIXVKLLQLGURYRODQWHREEOLJDWRULR€DFRSSLD6HD&OXE'LDPRQGV
7KXGXIXVKL%HDFK:DWHU9LOODVLQLGURYRODQWH€DFRSSLD6HD&OXE'KLJJLULLQ
LGURYRODQWHREEOLJDWRULR€DFRSSLD
25,(17(2&($12,1',$12((0,5$7,$5$%,
0$85,7,86
0$/',9(
*,251,',3$57(1=$/81('Ï'20(1,&$
'$0,/$120$/3(16$520$/'$9,1&,
352'(&&+$57(5&2'35(==23(5&233,$
352'(&&+$57(5&2'35(==23(5&233,$
6($&/8%'+,**,5,
$//,1&/86,9(%($&+%81*$/2:75$6)(5,0(17,,1%$5&$9(/2&(
3$57(1=(
0,%2520$
1277(
'$/$/
**17
(;75$
6833/(0(17, 3(5 &233,$ 3(5 1277( FDPHUD RYHUZDWHU € D QRWWH WUDVIHULPHQWR LQ
LGURYRODQWHGDSHUO·DHURSRUWRGL0DOH€€SHUVLQJRODWUDWWD
127$ LO WUDVIHULPHQWR LQ LGURYRODQWH q VHPSUH REEOLJDWRULR SHU OH HYHQWXDOL SDU
WHQ]HFRQYROLVSHFLDOLLQJLRUQLGLIIHUHQWLULVSHWWRDTXHOOLSXEEOLFDWLQHOSUHVHQWH
FDWDORJR,OWUDVIHULPHQWRLQEDUFDYHORFHqSUHYLVWRSHUPLQLPRSHUVRQHLQ
FDVRGLPDQFDWRUDJJLXQJLPHQWRWUDVIHULPHQWRLQLGURYRODQWHREEOLJDWRULRFRQ
VXSSOHPHQWR/DVWUXWWXUDqYHQGLELOHVRORLQDEELQDPHQWRDLQRVWULYROLVSHFLDOL
QHLJLRUQLGLSDUWHQ]DLQGLFDWLQHOSUHVHQWHFDWDORJR
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·
$/€ $/ *,2512 '$//· $/ ( '$/ $/€ $/ *,2512
'$/$/€$/*,2512
6($&/8%$0%5(5(625763$
$//,1&/86,9(&$0(5$67$1'$5'9,67$*,$5',12
3$57(1=(
0,520$
'$/$/
**17
1277(
(;75$
6833/(0(17, 3(5 &233,$ 3(5 1277(FDPHUDVXSHULRUYLVWDPDUH€GDOO·DO
€GDOO·DOSULYLOHJH€GDODO€GDODOMXQLRU
VXLWHSHUFDPHUDDQRWWH€GDODO€GDODOGDODO
HGDODO€GDODOHGDODOO·
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ( ', /,1($ ', *,251, 2 3,Ö 3(5 3$57(1=( '$//· $/
('$/$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/
GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OOLQFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWDFRQ
VHUYL]LRDEXIIHWDFTXDPLQHUDOHLQFDUDIIDVRIWGULQNLQELFFKLHUHELUUDDOODVSLQDYLQR
LQFDUDIIDWqFDIIqDPHULFDQRDOFROLFLORFDOLVHQ]DOLPLWD]LRQLVQDFNOHWWLQLHWHOLPDUH
75$77$0(172 QRWWL FRQ WUDWWDPHQWR $OO LQFOXVLYH FKH SUHYHGH SULPD FROD]LRQH
SUDQ]RHFHQDDEXIIHWVRIWGULQNDFTXDPLQHUDOHELUUDVXFFKLGLIUXWWDVHOH]LRQH
GLYLQLWqRFDIIqDLSDVWLSRVVLELOLWjGLFHQDUHSUHVVRJOLDOWULULVWRUDQWLGHOO·KRWHOFRQ
XQD VHOH]LRQH GL SRUWDWH LQFOXVH QHOOD IRUPXOD ´$OO ,QFOXVLYHµ H FRQ VXSSOHPHQWR
VRORSHUPHQjODFDUWHPLQLEDULQFDPHUDDGHFFH]LRQHGLVQDFNHVXSHUDOFR
OLFLOHWWLQLHWHOLPDUHLQVSLDJJLDHLQSLVFLQD
0$/',9(
(0,5$7,$5$%,
*,251,',3$57(1=$'20(1,&$
'$0,/$129(1(=,$520$/'$9,1&,
352'(&/,1($
352'(&&+$57(5&2'35(==23(5&233,$
6($&/8%',$021'67+8'8)86+,%($&+
:$7(59,//$6
$//,1&/86,9(%($&+%81*$/2:75$6)(5,0(17,,1,'5292/$17(
3$57(1=(
0,%2520$
1277(
'$/$/
**17
(;75$
6833/(0(17,3(5&233,$3(51277(FDPHUDZDWHUYLOOD€GDODO€ GDO
DO€GDODO€GDODO€GDODO
€GDODO
6833/(0(1723(59,$**,&2192/,63(&,$/,(',/,1($',*,251,23,Ö3(53$57(1=('$//·$/
€$/*,2512'$//·$/('$/$/€$/*,2512'$/$/€
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/
GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OOLQFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWDFRQ
VHUYL]LRDEXIIHWRDOWDYROREHYDQGHDLSDVWLYLQRURVVRRELDQFRDFTXDPLQHUDOHELU
UDELELWHRSHQEDUFRQELELWHORQJGULQNDSHULWLYLHFRFNWDLODSDJDPHQWRVRORLVXSH
UDOFROLFLGLPDUFDHORFKDPSDJQHG·DQQDWDPLQLEDULQFDPHUDFHQHDWHPDVHUYL]LR
JLRUQDOLHURGLODYDQGHULDOHWWLQLGDVSLDJJLDHWHOLPDUHVQRUNHOLQJGLXUQRDFFRPSDJQD
WRDWWRUQRDOO·LVRODDQFKHSHUSULQFLSLDQWLSLQQHPDVFKHUDHERFFDJOLRLQFOXVL
352'(&/,1($&+$57(5,==$7$&2'35(==23(5&233,$
6($&/8%+,/7215$6$/.+$,0$+5(6257
63$
3(16,21(&203/(7$&21%(9$1'$'233,$'(/8;(
3$57(1=(
0,9(520$
'$/$/
**17
1277(
(;75$
6833/(0(17, 3(5 &233,$ 3(5 1277(FDPHUDVPDOOEHDFKLQDUHD&KDOHW€FDPHUD
ODUJHEHDFKLQDUHD&KDOHW€$OOLQFOXVLYH€
6833/(0(1723(59,$**,&2192/,63(&,$/,(',/,1($',*,251,23,Ö3(53$57(1
=('$/$/€$/*,2512'$//·$/('$/$/€$/
*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/
GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJJH
7UDWWDPHQWR QRWWL FRQ WUDWWDPHQWR SHQVLRQH FRPSOHWD FRQ EHYDQGD FKH SUH
YHGHSULPHFROD]LRQLSUDQ]LHFHQHDEXIIHWDFTXDPLQHUDOHRVRIWGULQN
WqRFDIIqLQFOXVLDLSDVWLVHUDWHDWHPDOHWWLQLHWHOLPDUHLQVSLDJJLDHLQSLVFLQD
25,(17(2&($12,1',$12((0,5$7,$5$%,
7$%(//(35(==,
0(66,&2
&$5$,%,'$3$*$3$*
0(66,&2
352'(&&2'35(==23(5&233,$
*,251,',3$57(1=$0$57('Ï(*,29('Ï
'$0,/$120$/3(16$520$/'$9,1&,
*5$1%$+,$35,1&,3($.80$/
$//,1&/86,9(&$0(5$683(5,25
3$57(1=(
0,520$
'$/$/
**17
352'(&&2'35(==23(5&233,$
6($&/8%3/$<$0$520$
$//,1&/86,9(&$0(5$67$1'$5'
3$57(1=(
0,520$
**17
'$/$/
1277(
(;75$
6833/(0(17,3(5&233,$$1277(SHUYLDJJLFRQYROLVSHFLDOLGLJLRUQLRSLSHUSDU
WHQ]DGDODO€GDOO·DOHGDODO€DOJLRUQRGDO
DO€DOJLRUQRVXSSOHPHQWRSHUVHUYL]LR)DVWHVDOH9LSDFRSSLD0LODQR
0DOSHQVD€5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€
ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
0,PDUWHGu
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWLFKH
SUHYHGH SHQVLRQH FRPSOHWD D EXIIHW SRVVLELOLWj GL FHQDUH QHL ULVWRUDQWL j OD FDUWH
HVFOXVRLO´7HUUDFH7DSDV/RXQJH%DUµHQHOODPLVXUDGLXQDFHQDLQRJQLULVWRUDQWH
SHUVHWWLPDQDFRQVXPRLOOLPLWDWRGLEHYDQGHVQDFNHVSXQWLQLGXUDQWHODJLRUQDWD
PLQLEDUHFDVVHWWDGLVLFXUH]]DLQFDPHUDOHWWLQLHWHOLPDUHLQSLVFLQDHVXOODVSLDJJLD
0(66,&2
1277(
(;75$
6833/(0(17,3(5&233,$$1277(MXQLRUVXLWHVXSHULRU€SHUYLDJJLFRQYROLVSHFLDOL
GLJLRUQLRSLSHUSDUWHQ]DGDODO€GDOO·DOHGDODO
€DOJLRUQRGDODO €DOJLRUQRVXSSOHPHQWRSHUVHUYL]LR
)DVWHVDOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL€9DOHW
6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOL
DSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
0,PDUWHGu
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWLFKH
SUHYHGHSHQVLRQHFRPSOHWDDEXIIHWSRVVLELOLWjGLFHQDUHQHLULVWRUDQWLGLVSHFLD
OLWjFHQHSHURJQLQRWWLGLVRJJLRUQRVQDFNEDUDSHUWRRUHVXGRSROD
PH]]DQRWWHVRORVRIWGULQNFRQVXPRLOOLPLWDWRGLEHYDQGHQD]LRQDOLSUHVVRLEDU
GHOO·KRWHOÀQRDOOHFRQVXPD]LRQLGLEHYDQGHQD]LRQDOLSUHVVRLOEDU3OD]D0DMRU
HOR6SRUW%DUGHOO·+DFLHQGD'RxD,VDEHOPLQLEDULQFDPHUDOHWWLQLHWHOLPDUHLQ
SLVFLQDHVXOODVSLDJJLD
352'(&&+$57(5&2'35(==23(5&233,$
7285<8&$7$1(63,$**(
3(16,21(&203/(7$'85$17(,/7285&$0(5$67$1'$5'
3$57(1=(
0,520$
'$/$/
728562**
0,520$
728562**
6($&/8%3/$<$0$520$ *5$1%$+,$35,1&,3($.80$/
**17
**17
0,1,023$57(&,3$17,SHUVRQH
6833/(0(17,3(5&233,$3(51277(SHUYLDJJLGLJLRUQLRSLYHGLWDEHOOHKRWHOSUH
VFHOWRVXSSOHPHQWRSHUVHUYL]LR)DVWHVDOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWR
GHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
0,PDUWHGu
75$77$0(172SHQVLRQHFRPSOHWDGXUDQWHLOWRXUHDOOLQFOXVLYHGXUDQWHLOVRJJLRUQR
PDUHYHGHUHGHWWDJOLQHOOHWDEHOOHSUH]]L
+27(/35(9,67,
+27(/
9$/87$=,21(
&$7(*25,$
/2&$/,7­
)5$1&252662
8))/2&$/(
&DQFXQ
5DGLVVRQ
●●●●○
★ ★★★
0HULGD
+\DWW)$PHULFDQD
●●●●● ★★★★★
&$5$,%,
5(38%%/,&$'20,1,&$1$
0(66,&2
*,251,',3$57(1=$/81('Ï(6$%$72
'$0,/$120$/3(16$9(521$520$/'$9,1&,
352'(&&+$57(5&2'35(==23(5&233,$
352'(&&RG35(==23(5&233,$
7285<8&$7$1&+,$3$6
75$77$0(1723$67,&20('$352*5$00$'85$17(,/7285
&$0(5$67$1'$5'
3$57(1=(
0,520$
0,520$
'$/$/
728562**
728562**
6($&/8%3/$<$0$520$
**17
*5$1%$+,$35,1&,3($.80$/
**17
0,1,023$57(&,3$17,SHUVRQH
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHO
SDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
0,PDUWHGu
75$77$0(172GXUDQWHLOWRXUWUDWWDPHQWRFRPHGDSURJUDPPDHDOOLQFOXVLYHGXUDQWH
LOVRJJLRUQRPDUHYHGHUHGHWWDJOLQHOOHWDEHOOHSUH]]L
+27(/35(9,67,
/2&$/,7­
+27(/
9$/87$=,21(
&$7(*25,$
)5$1&252662 8))/2&$/(
&DQFXQ
5DGLVVRQ
●●●●○ ★★★★
0HULGD
&DVWHOODQR
●●●●○ ★★★★
&DPSHFKH
'HO0DU
●●●○○ ★★★★
3DOHQTXH
&LXGDG5HDO
●●●○○ ★★★★
6DQ&ULVWREDO
&DWHGUDO
●●●○○ ★★★★
&KLFDQQD
(FR9LOODJH
●●○○○ ★★★
6($&/8%'5($06/$520$1$
$//,1&/86,9(&$0(5$67$1'$5'
3$57(1=(
0,95520$
'$/
**17
1277(
(;75$
6833/(0(17, 3(5 &233,$ 3(5 1277(FDPHUDYLVWDPDUHSDU]LDOH€VXLWHYLVWDJLDU
GLQR€VXLWHYLVWDPDUH€SHUYLDJJLFRQYROLVSHFLDOLGLJLRUQLRSL
SHUSDUWHQ]DGDODO€GDOO·DOHGDODO€ DOJLRUQR
GDODO€DOJLRUQRVXSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LS
D FRSSLD 0LODQR 0DOSHQVD € 5RPD / GD 9LQFL € 9HURQD € 9DOHW
6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOL
DSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWLFKH
SUHYHGHSHQVLRQHFRPSOHWDDEXIIHWSRVVLELOLWjGLFHQDUHQHLULVWRUDQWLjODFDUWH
FRQVXPRLOOLPLWDWRGLEHYDQGHQD]LRQDOLHVHOH]LRQHGLEHYDQGHLQWHUQD]LRQDOL
RUHVXVQDFNGXUDQWHODJLRUQDWDPLQLEDUHFDVVHWWDGLVLFXUH]]DLQFDPHUD
VHUYL]LRLQFDPHUDRUHVXXQDFHQDLQSLVFLQDRLQVSLDJJLDRJQLVHWWLPDQD
FRQGL]LRQLPHWHRSHUPHWWHQGROHWWLQLHWHOLPDUHLQSLVFLQDHVXOODVSLDJJLD
5(38%%/,&$'20,1,&$1$
*,251,',3$57(1=$/81('Ï(6$%$72
'$0,/$120$/3(16$9(521$520$/'$9,1&,
352'(&&RG35(==,3(5&233,$
2&($1%/8(6$1'
$//,1&/86,9(-81,2568,7(67$1'$5'
3$57(1=(
0,95520$
'$/
**17
1277(
(;75$
6833/(0(17,3(5&233,$3(51277(KRQH\PRRQVXLWH€SHUYLDJJLFRQYROLVSHFLDOL
GLJLRUQLRSLSHUSDUWHQ]DGDODO€GDOO·DOHGDODO
€ DO JLRUQR GDO DO € DO JLRUQR VXSSOHPHQWR SHU VHUYL]LR
)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL€
9HURQD€ROWUHDOFRVWRGHOSDUFKHJJLR9DOHW6HUYLFHD0LODQR0DOSHQVD€
9HGHUHGHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWLFKH
SUHYHGHSHQVLRQHFRPSOHWDDEXIIHWSRVVLELOLWjGLFHQDUHQHLULVWRUDQWLGLVSHFLDOLWj
SUHYLDSUHQRWD]LRQHFRQVXPRLOOLPLWDWRGLEHYDQGHQD]LRQDOLHLQWHUQD]LRQDOLRUH
VXVQDFNHVSXQWLQLRUHVXPLQLEDUHFDVVHWWDGLVLFXUH]]DLQFDPHUD
VHUYL]LRLQFDPHUDGDOOHDOOHOHWWLQLHWHOLPDUHLQSLVFLQDHVXOODVSLDJJLD
&$5$,%,
7$%(//(35(==,
&8%$
&8%$
*,251,',3$57(1=$'20(1,&$(/81('Ï
'$0,/$120$/3(16$520$/'$9,1&,
352'(&&2'35(==23(5&233,$
352'(&&RG35(==23(5&233,$
&20%,1$72/·$9$1$(9$5$'(52
3(51277$0(172(35,0$&2/$=,21($/·$9$1$($//,1&/86,9($9$5$'(52
&$0(5$67$1'$5'
3$57(1=(
0,520$
'$/$/
**17
72853(5/$'(/&$5,%(
3(16,21(&203/(7$'85$17(,/7285&$0(5$67$1'$5'
3$57(1=(
0,520$
'$/$/
728562**
,%(5267$5/$*81$$=8/
**17
6XSSOHPHQWLSHUFRSSLDSHUQRWWHSHUYLDJJLGLJLRUQLRSLGDOO·DOHGDO
DO€DOJLRUQRGDODO€DOJLRUQRVXSSOHPHQWRSHUVHU
YL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL€
9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJJH
0,1,023$57(&,3$17,SHUVRQH
6833/(0(17, 3(5 &233,$ 3(5 1277(SHUYLDJJLFRQYROLVSHFLDOLGLJLRUQLRSLYHGL
WDEHOOD SUH]]L 6HD&OXE ,EHURVWDU /DJXQD $]XO VXSSOHPHQWR SHU VHUYL]LR )DVW
7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL€9DOHW
6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOL
DSDJJH
75$77$0(172SHQVLRQHFRPSOHWDGXUDQWHLOWRXUH$OO,QFOXVLYHGXUDQWHLOVRJJLRUQR
PDUHYHGHUHGHWWDJOLQHOODWDEHOODSUH]]LGHOO·KRWHO
+27(/35(9,67,
/2&$/,7­
+27(/
9$/87$=,21(
&$7(*25,$
)5$1&252662 8))/2&$/(
/·$YDQD
0HOLj+DEDQD
●●●●● ★★★★★
7ULQLGDG
/DV&XHYDV
●●○○○
★★
75$77$0(172QRWWLLQSHUQRWWDPHQWRHSULPDFROD]LRQHSUHVVRO·KRWHO0HOLj+DEDQD
D/·$YDQDHQRWWLFRQWUDWWDPHQWRDOOLQFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWL
SUHVVRLO6HD&OXE,EHURVWDU/DJXQD$]XOGL9DUDGHURFKHSUHYHGHSHQVLRQHFRP
SOHWDDEXIIHWSRVVLELOLWjGLFHQDUHQHLULVWRUDQWLGLVSHFLDOLWjFRQVXPRLOOLPLWDWRGL
EHYDQGHPLQLEDUHFDVVHWWDGLVLFXUH]]DLQFDPHUDOHWWLQLHWHOLPDUHLQSLVFLQDH
VXOODVSLDJJLDVHUYL]LRLQFDPHUDGDOOHDOOH
*5$1%$+$0$
*,251,',3$57(1=$0$57('Ï
'$0,/$120$/3(16$
352'(&&2'35(==,3(5&233,$
5$',6621285/8&$<$5(6257
$//,1&/86,9('233,$75$',7,21$/,6/$1'9,(:
3$57(1=(
0,/$12
'$/$/
**17
&8%$
352'(&&2'35(==23(5&233,$
6($&/8%,%(5267$5/$*81$$=8/
$//,1&/86,9(&$0(5$67$1'$5'
3$57(1=(
0,520$
'$/$/
**17
1277(
(;75$
1277(
(;75$
6833/(0(17,3(5&233,$$1277(FDPHUDYLVWDPDUH€SHUYLDJJLFRQYROLVSHFLDOL
GLJLRUQLRSLSHUSDUWHQ]DGDODOHGDODO€DOJLRUQR
GDODO€DOJLRUQR
75$77$0(172 QRWWL FRQ WUDWWDPHQWR $OO ,QFOXVLYH QHL OXRJKL H DJOL RUDUL SUHÀVVDWL
FKHSUHYHGHSHQVLRQHFRPSOHWDDEXIIHWVQDFNHEHYDQGHQD]LRQDOLGXUDQWHOD
JLRUQDWDFDVVHWWDGLVLFXUH]]DHPLQLEDULQFDPHUDOHWWLQLHWHOLPDUHLQSLVFLQDH
VXOODVSLDJJLD
6833/(0(17,3(5&233,$$1277(SHUYLDJJLFRQYROLVSHFLDOLGLJLRUQLRSLSHUSDU
WHQ]DGDODO€GDOO·DOHGDODO€DOJLRUQRGDO
DO€DOJLRUQRVXSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD
0LODQR0DOSHQVD€5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD
€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
7UDWWDPHQWR QRWWL FRQ WUDWWDPHQWR $OO ,QFOXVLYH QHL OXRJKL H DJOL RUDUL SUHÀVVD
WLFKHSUHYHGHSHQVLRQHFRPSOHWDDEXIIHWSRVVLELOLWjGLFHQDUHQHLULVWRUDQWLGL
VSHFLDOLWjjODFDUWHSUHYLDSUHQRWD]LRQHHSHUXQPDVVLPRGLYROWHDVHWWLPDQD
VQDFNGXUDQWHODJLRUQDWDFRQVXPRLOOLPLWDWRGLEHYDQGHQD]LRQDOLHLQWHUQD]LRQDOL
FDVVHWWDGLVLFXUH]]DHPLQLEDULQFDPHUDULIRUQLWRRJQLJLRUQLVHUYL]LRLQFDPHUD
GDOOHDOOHOHWWLQLHWHOLPDUHLQSLVFLQDHVXOODVSLDJJLD
&$5$,%,
.(1<$
$)5,&$'$3$*$3$*
.(1<$
&2'352'(&&2'35(==23(5&233,$
&2'352'(&&2'35(==23(5&233,$
6($&/8%6$1',(67523,&$/9,//$*(
6$)$5,.,/,0$1-$526($&/8%.2/(.2/(
3(16,21(&203/(7$'85$17(,/6$)$5,
$//,1&/86,9('85$17(,/62**,2512&$0(5$683(5,25
&2'352'(&&2'35(==23(5&233,$
6$)$5,.,/,0$1-$526($&/8%6$1',(6
7523,&$/9,//$*(
3(16,21(&203/(7$'85$17(,/6$)$5,
$//,1&/86,9('85$17(,/62**,2512&$0(5$67$1'$5'
&2'352'(&&2'35(==23(5&233,$
6$)$5,.,/,0$1-$52.,/,/,%$+$5,1,
3(16,21(&203/(7$'85$17(,/6$)$5,
3(16,21(&203/(7$'85$17(,/62**,2512&$0(5$67$1'$5'
3$57(1=( 0,%2520$
0,%2520$ 0,%2520$
6$)$5,
6$)$5,
6$)$5,
62**,2512
62**,2512 62**,2512
6($&/8%
6($&/8%
.,/,/,
7523,&$/9,//$*(
.2/(.2/(
%$+$5,1,
**17
**17
**17
3DUWHQ]HJDUDQWLWHFRQPLQLPRSDUWHFLSDQWL6833/(0(17,3(5&233,$EDVH€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö9(',7$%(//$'(//·+27(/35(6&(/723(5
,/62**,2512%$/1($5(
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD
/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
'$/$/
75$77$0(172YLDJJLRGLJLRUQLQRWWLQRWWLGLVDIDULFRQWUDWWDPHQWRGLSHQVLRQH
FRPSOHWDÀQRDOODSULPDFROD]LRQHGHOƒJLRUQRHQRWWLGLVRJJLRUQRLQKRWHOFRQ
WUDWWDPHQWR FRPH LQGLFDWR SHU GHWWDJOL YHGHUH GHVFUL]LRQH GHOO·KRWHO SUHVFHOWR
WUDVSRUWR LQ PLQLEXV FRQ SRVWR ÀQHVWULQR JDUDQWLWR GXUDQWH LO VDIDUL JXLGDDXWLVWD
SDUODQWHLWDOLDQRVHUYL]LRGLIDFFKLQDJJLRGLXQEDJDJOLRDSHUVRQDLQFOXVROLWUR
GLDFTXDPLQHUDOHSHUSHUVRQDDOJLRUQRGXUDQWHLOVDIDULQHLSDUFKL
9,$**, &20%,1$7,YLDJJLRGLQRWWLJLRUQLQRWWLGLVDIDULQRWWLGLVRJJLRUQR
EDOQHDUHQRWWLGLVRJJLRUQREDOQHDUH
.(1<$
*,2512',3$57(1=$9(1(5'Ï
'$0,/$120$/3(16$%2/2*1$(520$/'$9,1&,
&2'352'(&&2'35(==23(5&233,$
1277(
(;75$
6833/(0(723(5&233,$$1277(MXQLRUVXLWH€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ', *,251, 2 3,Ö 3(5 3$57(1=( '$/ $/ ( '$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHO
SDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWD
SUHVVRLOULVWRUDQWHFRQSULPDFROD]LRQHSUDQ]RHFHQDDEXIIHWVQDFNEDUGDOOH
DOOHRJQLJLRUQRXQDERWWLJOLDGLDFTXDLQFDPHUDEHYDQGHDYRORQWjDLSDVWL
DFTXDVRIWGULQNHELUUDORFDOHYLQRURVVRHELDQFRGHOODFDVDRSHQEDUGDOOH
DOOHGDOOHDOOHLQFOXGHVRIWGULQNHELUUDORFDOHYLQRGHOODFDVDVXFFKLGL
IUXWWDWqHFDIIqHGDOOHDOOHLQFOXGHFRFNWDLOVRIWGULQNELUUDORFDOHVXFFKLGL
IUXWWDYLQRGHOODFDVDHDOFROLFLORFDOLDOSRPHULJJLRFDIIqHWqFRQVQDFNGROFLH
VDODWL/HWWLQLLQVSLDJJLDHLQSLVFLQDWHOLPDUHVXFDX]LRQH
.(1<$
*,2512',3$57(1=$9(1(5'Ï
'$0,/$120$/3(16$%2/2*1$(520$/'$9,1&,
&2'352'(&&2'35(==23(5&233,$
.,/,/,%$+$5,1,5(625763$
3(16,21(&203/(7$&$0(5$67$1'$5'
3$57(1=(
0,%2520$
'$/$/
**17
1277(
(;75$
6833/(0(17, 3(5 &233,$ $ 1277(FDPHUDVXSHULRU€MXQLRUVXLWH€GDODO
HGDODO€GDODOVXLWH€GDODOHGDO
DO€GDODO
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$/€$/*,2512'$/$/€$/*,2512
6($&/8%.2/(.2/(
$//,1&/86,9(&$0(5$683(5,25
3$57(1=(
0,%2520$
**17
'$/$/
$//,1&/86,9(&$0(5$67$1'$5'
3$57(1=(
0,%2520$
'$/$/
**17
1277(
(;75$
6833/(0(17,3(5&233,$$1277(FDPHUDGHOX[H€MXQLRUVXLWH€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ', *,251, 2 3,Ö 3(5 3$57(1=( '$/ $/ ( '$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD
/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWRGLSHQVLRQHFRPSOHWD
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWDSUHVVRLOULVWRUDQWHD
EXIIHWFROD]LRQHGDOOHDOOHSUDQ]RGDOOHDOOHHFHQDGDOOHDOOHEHYDQGHD
YRORQWjVHUYLWHLQELFFKLHUHGXUDQWHLSDVWLVRIWGULQNELUUDORFDOHYLQRURVVRHELDQFRORFDOHDFTXD
´6XOL6XOL/RXQJH%DUµ´.LSHSHR%HDFK%DUµGDOOHDOOHH´3RULQL%DUµGDOOHDOOHGRYHYHQJR
QRVHUYLWLVRIWGULQNYLQRELUUDVXFFKLGLIUXWWDWqHFDIIqFRFNWDLOHVXSHUDOFROLFLORFDOLLQELFFKLHUHQRQ
VRQRLQFOXVLOLTXRULG·LPSRUWD]LRQHVQDFNWUDPH]]LQLHGROFLGDOOHDOOHSUHVVRLO´.LSHSHR%HDFK
%DUµVHWWLPDQDOPHQWHFHQHDWHPDRPEUHOORQLWHOLPDUHOHWWLQLVXOODWHUUD]]DFHQWUDOHHLQSLVFLQD
$)5,&$
7$%(//(35(==,
7$1=$1,$(=$1=,%$5
=$1=,%$5
*,2512',3$57(1=$0$57('Ï
'$0,/$120$/3(16$%2/2*1$(520$/'$9,1&,
*,251,',3$57(1=$0$57('Ï
'$0,/$120$/3(16$%2/2*1$(520$/'$9,1&,
&2'352'(&&2'35(==23(5&233,$
&2'352'(&&2'35(==23(5&233,$
6$)$5,7$1=$1,$(;3(',7,216($&/8%
52<$/=$1=,%$5%($&+5(6257
6($&/8%',$021'6'5($02)=$1=,%$5
&2'352'(&&2'35(==23(5&233,$
$//,1&/86,9(&$0(5$*$5'(1'(/8;(
3$57(1=(
0,%2520$
'$/$/
**17
3(16,21(&203/(7$'85$17(,/6$)$5,
$//,1&/86,9('85$17(,/62**,2512&$0(5$683(5,25
6$)$5,7$1=$1,$(;3(',7,216($&/8%
',$021'6'5($02)=$1=,%$5
3(16,21(&203/(7$'85$17(,/6$)$5,
$//,1&/86,9('85$17(,/62**,2512&$0(5$*$5'(1'(/8;(
&2'352'(&&2'35(==23(5&233,$
6$)$5,7$1=$1,$(;3(',7,21',$021'6
*(00$'(//·(67
3(16,21(&203/(7$'85$17(,/6$)$5,
$//,1&/86,9('85$17(,/62**,2512&$0(5$'(/8;(
3$57(1=( 0,%2520$
0,%2520$ 0,%2520$
'$/$/
6$)$5,
6$)$5,
6$)$5,
62**,2512
62**,2512 62**,2512
6($&/8%
6($&/8%
52<$/=$1=,%$5 ',$021'6'5($0
%($&+5(6257
2)=$1=,%$5
**17
**17
1277(
(;75$
6833/(0(17,3(5&233,$$1277(MXQLRUVXLWH€KLGURMXQLRUVXLWH€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ', *,251, 2 3,Ö 3(5 3$57(1=( '$/ $/ ( '$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHO
SDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
',$021'6
*(00$
'(//·(67
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWD
FRQVHUYL]LRDEXIIHWSUHVVRLOULVWRUDQWHSULQFLSDOHHDOULVWRUDQWHDIULFDQR´%RPD
$IULFDQ )RRG 5HVWDXUDQWµ DSHUWR SHU OD FHQD ´&KRS 6WLFN $VLDQ 1RRGOHVµ FRQ
VSHFLDOLWjDVLDWLFKHHSLDWWLDEDVHGLULVRSHULOSUDQ]RFRQPHQXjODFDUWHSL]]HULD
´$QGLDPR3L]]D&RµjODFDUWHSHUODFHQDVHUDWHDWHPDGXUDQWHODVHWWLPDQD
%(9$1'(VRIWGULQNYLQRHELUUDORFDOLVXFFKLDFTXDWpHFDIIpVHUYLWLGXUDQWHLSDVWL
VRIWGULQNYLQRHELUUDORFDOLFRFNWDLOVXFFKLDFTXDWpHFDIIpVHUYLWLDOEDUGHOOD
SLVFLQD
**17
=$1=,%$5
*,251,',3$57(1=$0$57('Ï
'$0,/$120$/3(16$%2/2*1$(520$/'$9,1&,
3DUWHQ]HJDUDQWLWHFRQPLQLPRSDUWHFLSDQWL
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö9(',7$%(//('(//·+27(/35(6&(/723(5
,/62**,2512%$/1($5(
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHO
SDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
75$77$0(172YLDJJLRGLJLRUQLQRWWLQRWWLGLVDIDULFRQWUDWWDPHQWRGLSHQVLRQH
FRPSOHWDGDOSUDQ]RGHOƒJLRUQRÀQRDOSUDQ]RGHOƒJLRUQRHQRWWLGLVRJJLRU
QRLQKRWHOFRQWUDWWDPHQWR$OO,QFOXVLYHSHUGHWWDJOLYHGHUHGHVFUL]LRQHGHOO·KRWHO
SUHVFHOWR WUDVSRUWR LQ /DQG 5RYHU R /DQG &UXLVHU [ FRQ SRVWR ÀQHVWULQR JD
UDQWLWR GXUDQWH LO VDIDUL JXLGDDXWLVWD SDUODQWH LWDOLDQR LQFOXVR OLWUR GL DFTXD
PLQHUDOHSHUSHUVRQDDOJLRUQRGXUDQWHLOVDIDULQHLSDUFKLWUDVIHULPHQWLGDHSHU
=DQ]LEDULQDHUHR
9,$**,&20%,1$7,YLDJJLRGLJLRUQLQRWWLQRWWLVDIDULQRWWLGLVRJJLRUQREDO
QHDUHQRWWLGLVRJJLRUQREDOQHDUH
&2'352'(&&2'35(==23(5&233,$
6($&/8%52<$/=$1=,%$5%($&+5(6257
$//,1&/86,9(&$0(5$683(5,25
3$57(1=(
0,%2520$
'$/$/
**17
1277(
(;75$
6833/(0(1723(5&233,$$1277(VXLWH€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ', *,251, 2 3,Ö 3(5 3$57(1=( '$/ $/ ( '$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHO
SDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWD
SUHVVRLOULVWRUDQWHSULQFLSDOHFRQVHUYL]LRDEXIIHWSHUODSULPDFROD]LRQHLOSUDQ]R
H OD FHQD SULPD FROD]LRQH WDUGLYD GDOOH DOOH ´&RFR %DUµ ULVWRUDQWH VQDFN
EDUFRQYLVWDVXOO·RFHDQRSHULOSUDQ]RDSHUWRGDOOHDOOHSHUXQSDVWR
OHJJHURDEDVHGLKDPEXUJHUSDQLQLSL]]HELVWHFFKHHSDWDWLQH´6DPDNLµULVWR
UDQWHjODFDUWHDSDJDPHQWRQRQLQFOXVRQHOODIRUPXOD6HD&OXEGDOOHDOOH
%(9$1'(DFTXDELUUDORFDOHHVRIWGULQNLQERWWLJOLDVHOH]LRQHGLYLQLURVVLHELDQFKL
LQELFFKHUHVHUYLWLLQWXWWLLULVWRUDQWLHQHLVHJXHQWLEDUDQFKHDOFROLFLORFDOL*LQ:KL
VN\9RGND5XP´0DSHQ]LµEDUSULQFLSDOHDSHUWRGDOOHDOOHGDOOHDOOHD
SDJDPHQWR´8SHSRµEDUGHOODSLVFLQDDSHUWRGDOOHDOOH´%DUD]DµEDUGHOOD
VSLDJJLDDSHUWRGDOOHDOOH´&RFR%DUµDSHUWRGDOOHDOOHGRYHYHQJRQR
VHUYLWLVQDFNWqHSLFFRODSDVWLFFHULDGDOOHDOOH
$)5,&$
=$1=,%$5
&52&,(5$68/1,/2&$,52
*,251,',3$57(1=$0$57('Ï
'$0,/$120$/3(16$%2/2*1$(520$/'$9,1&,
*,2512',3$57(1=$/81('Ï
'$9(521$%2/2*1$
&2'352'(&&2'35(==23(5&233,$
&2'352'(&&2'35(==23(5&233,$
',$021'6*(00$'(//·(67
$//,1&/86,9(&$0(5$'(/8;(
3$57(1=(
0,%2520$
'$/$/
**17
1277(
(;75$
6833/(0(17,3(5&233,$$1277(VXLWH€YLOODFOXE€
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ', *,251, 2 3,Ö 3(5 3$57(1=( '$/ $/ ( '$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD
/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHSHQVLRQHFRPSOHWD
FRQVHUYL]LRDEXIIHWSHUODSULPDFROD]LRQHSUDQ]RHFHQD6RIWGULQNYLQRORFDOH
ELUUD DFTXD VXFFKL Wp FDIIq DO ULVWRUDQWH SULQFLSDOH GXUDQWH L SDVWL 'XUDQWH OD
JLRUQDWDDOEDUVRIWGULQNYLQRORFDOHELUUDDFTXDORQJGULQNFRFNWDLOHVXFFKL
(*,772'$3$*$3$*
&52&,(5$68/1,/2/8;25
*,2512',3$57(1=$'20(1,&$
'$0,/$120$/3(16$520$/'$9,1&,
&2'352'(&&2'35(==23(5&233,$
&52&,(5$1()(57$5,
3(16,21(&203/(7$&21%(9$1'(
3$57(1=(
0,520$
'$/$/
**17
0,1,023$57(&,3$17,SHUVRQH
6833/(0(17, 3(5 &233,$ $ 6(77,0$1$3RQWL$OWLSRQWLVXSHULRULGHOODQDYH€6XLWH
VXOODPRWRQDYHVXULFKLHVWDVLVWHPD]LRQHSUHVVRKRWHO,QWHUFRQWLQHQWDO&LW\6WDUV
€GDODO€GDODOVLVWHPD]LRQHSUHVVRKRWHO&DLUR
0DUULRW€GDODO€GDODO
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD
/GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
&52&,(5$+2586
3(16,21(&203/(7$&21%(9$1'(
3$57(1=(
%295
'$/$/
**17
0,1,023$57(&,3$17,SHUVRQH
6833/(0(17, 3(5 &233,$ $ 6(77,0$1$3RQWL$OWLSRQWLVXSHULRULGHOODQDYH€6XLWH
VXOODPRWRQDYHVXULFKLHVWDVLVWHPD]LRQHSUHVVRKRWHO,QWHUFRQWLQHQWDO&LW\6WDUV
€GDODO€GDODOVLVWHPD]LRQHSUHVVRKRWHO&DLUR
0DUULRW€GDODO€GDODO
6XSSOHPHQWR SHU VHUYL]LR )DVW 7UDFN H 6DOH 9LS D FRSSLD 9HURQD € 9DOHW
6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOL
DSDJJH
75$77$0(172SHQVLRQHFRPSOHWDFRQDFTXDHVRIWGULQNDLSDVWLVHWWLPDQDOPHQWH
FHQDFRQEXIIHWRULHQWDOHHVSHWWDFRORGLGDQ]HQXELDQHHGDQ]DGHOYHQWUHHVFOX
VRLOSHULRGRGHO5DPDGDQHVFXUVLRQHDG$EX6LPEHOLQDHUHROHWWLQLHGDVFLX
JDPHQWLVXOSRQWHVROHGHOODQDYHDGLVSRVL]LRQHJUDWXLWDPHQWH
+27(/35(9,67,
/2&$/,7­
+27(/
9$/87$=,21(
&$7(*25,$
)5$1&252662
8))/2&$/(
,O&DLUR
+ROLGD\,QQ&LW\6WDUV
●●●●
★★★★★
,O&DLUR
,QWHUFRQWLQHQWDO&LW\6WDUV ●●●●●
★★★★★
,O&DLUR
&DLUR0DUULRW
●●●●●
★★★★★
/X[RU
6RQHVWD6W*HRUJH
●●●● ★★★★★
9,$**,&20%,1$7,&52&,(5$6+$50(/6+(,.+&2'352'(&&2'
9LDJJLRGLJLRUQLQRWWLQRWWLGLFURFLHUDQRWWLGLVRJJLRUQREDOQHDUH
$OODTXRWDEDVHGHOODFURFLHUDqQHFHVVDULRDJJLXQJHUHO·LPSRUWRUHODWLYRDLSHU
QRWWDPHQWLSUHVVRLO6HD&OXE5R\DO1XELDQ,VODQGR7KH5LW]&DUOWRQLOVXSSOHPHQ
WRGL€FRPSUHQVLYRGLFROOHJDPHQWRDHUHR/X[RU6KDUPHO6KHLNKHUHODWLYL
WUDVIHULPHQWLHLOVXSSOHPHQWRSHUYLDJJLFRQYROLVSHFLDOLGLJLRUQLRSLUHODWLYR
DOO·KRWHOSUHVFHOWRVRORSHUOHQRWWLGLVRJJLRUQRD6KDUP(O6KHLNK
9,$**, &20%,1$7, &52&,(5$ +85*+$'$ 2 0$56$ $/$0 &2' 352' +2586 +85*+$'$ (
&&2'&2'352'+25860$56$$/$0(&&2'
9LDJJLRGLJLRUQLQRWWLQRWWLGLFURFLHUDQRWWLGLVRJJLRUQREDOQHDUH
QRWWHLQKRWHOD/X[RU
$OODTXRWDEDVHGHOODFURFLHUDqQHFHVVDULRDJJLXQJHUHO·LPSRUWRUHODWLYRDLSHU
QRWWDPHQWL SUHVVR LO 6HD&OXE $NDVVLD R ,QWHU&RQWLQHQWDO 7KH 3DODFH R 6KHUDWRQ
6RPD%D\LOVXSSOHPHQWRGL€FRPSUHQVLYRGLFROOHJDPHQWRYLDWHUUD/X[RU
+XUJKDGDR0DUVD$ODPHGXOWLPDQRWWHLQWUDQVLWRD/X[RULQKRWHORVWHOOHFRQ
WUDWWDPHQWR GL PH]]D SHQVLRQH EHYDQGH HVFOXVH LO YROR GL ULHQWUR q SUHYLVWR GD
/X[RUHLOVXSSOHPHQWRSHUYLDJJLFRQYROLVSHFLDOLGLJLRUQLRSLUHODWLYRDOO·KRWHO
SUHVFHOWRVRORSHUOHQRWWLGLVRJJLRUQRD+XUJKDGDR0DUVD$ODP
75$77$0(172SHQVLRQHFRPSOHWDFRQDFTXDHVRIWGULQNDLSDVWLVHWWLPDQDOPHQWH
FHQDFRQEXIIHWRULHQWDOHHVSHWWDFRORGLGDQ]HQXELDQHHGDQ]DGHOYHQWUHHVFOX
VRLOSHULRGRGHO5DPDGDQHVFXUVLRQHDG$EX6LPEHOLQDHUHROHWWLQLHGDVFLX
JDPHQWLVXOSRQWHVROHGHOODQDYHDGLVSRVL]LRQHJUDWXLWDPHQWH
+27(/35(9,67,
/2&$/,7­
+27(/
9$/87$=,21(
&$7(*25,$
)5$1&252662 8))/2&$/(
,O&DLUR
+ROLGD\,QQ&LW\6WDUV
●●●●
★★★★★
,O&DLUR
,QWHUFRQWLQHQWDO&LW\6WDUV ●●●●●
★★★★★
,O&DLUR
&DLUR0DUULRW
●●●●● ★★★★★
/X[RU
6RQHVWD6W*HRUJH
●●●● ★★★★★
9,$**,&20%,1$7,&52&,(5$6+$50(/6+(,.+&2'352'(&&2'
9LDJJLRGLJLRUQLQRWWLQRWWLGLFURFLHUDQRWWLGLVRJJLRUQREDOQHDUH
$OOD TXRWD EDVH GHOOD FURFLHUD q QHFHVVDULR DJJLXQJHUH O·LPSRUWR UHODWLYR DL SHUQRWWDPHQWL
SUHVVRLO6HD&OXE5R\DO1XELDQ,VODQGR7KH5LW]&DUOWRQLOVXSSOHPHQWRGL€FRPSUHQVLYR
GLFROOHJDPHQWRDHUHR,O&DLUR6KDUPHO6KHLNKHUHODWLYLWUDVIHULPHQWLHLOVXSSOHPHQWRSHUYLDJ
JLGLJLRUQLRSLUHODWLYRDOO·KRWHOSUHVFHOWRVRORSHUOHQRWWLGLVRJJLRUQRD6KDUP(O6KHLNK
$)5,&$(*,7720$552662&$329(5'((0$52&&2
7$%(//(35(==,
6+$50(/6+(,.+
6+$50(/6+(,.+
*,251,',3$57(1=$0$57('Ï*,29('Ï9(1(5'Ï6$%$72'20(1,&$
'$0,/$120$/3(16$520$/'$9,1&,%(5*$029(521$9(1(=,$
725,12*(129$%2/2*1$5,0,1,3,6$$1&21$1$32/,%$5,&$7$1,$
(3$/(502
*,251,',3$57(1=$0$57('Ï*,29('Ï9(1(5'Ï6$%$72'20(1,&$
'$0,/$120$/3(16$520$/'$9,1&,%(5*$029(521$9(1(=,$
725,12*(129$%2/2*1$5,0,1,3,6$$1&21$1$32/,%$5,&$7$1,$
(3$/(502
&2'352'(&(&&2'352'
35(==23(5&233,$
&2'352'(&(&&2'35(==23(5&233,$
7+(5,7=&$5/721
$//,1&/86,9(
3$57(1=(
0,%295%*9(
'$/$/
72*(3,51$1520$
**17
6($&/8%52<$/18%,$1,6/$1'
3(51277$0(172(35,0$&2/$=,21(&$0(5$'233,$9,67$*,$5',12
3$57(1=(
0,%295%*9(
1277(
'$/$/
72*(3,51$1520$
(;75$
**17
6833/(0(17,3(5&233,$$6(77,0$1$YLVWDPDUH€PH]]DSHQVLRQH€7UDVIH
ULPHQWLLQDXWRSULYDWD€SHUWUDWWD
6833/(0(1723(59,$**,&2192/,63(&,$/,(',/,1($&+$57(5,==$7$',*,251,23,Ö3(53$57(1=(
'$//·$/('$/$/€$/*,25123(5&233,$'$/$/€$/*,2512
3(5&233,$
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR0DO
SHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
&7
%$1$ 520$GDOO·DOHGDODO 3$0,JLR
3,PDU$1PDU
75$77$0(1723HUQRWWDPHQWRHSULPDFROD]LRQHFDPHUDGRSSLDYLVWDJLDUGLQR
1RWWH
(;75$
6833/(0(17,3(5&233,$$6(77,0$1$XOWUDDOOLQFOXVLYH€([HFXWLYHVXLWH€
6833/(0(1723(59,$**,&2192/,63(&,$/,(',/,1($&+$57(5,==$7$',*,251,23,Ö3(53$57(1=(
'$//·$/('$/$/€$/*,25123(5&233,$'$/$/€$/*,2512
3(5&233,$
6XSSOHPHQWRSHUVHUYL]L)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR0DO
SHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
&7 %$1$ 520$GDOO·DOHGDODO 3$0,JLR
3,PDU$1PDU
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHLVHJXHQWLVHUYL]L1(,
/82*+,($*/,25$5,67$%,/,7,SHQVLRQHFRPSOHWDVHUYL]LRDEXIIHWFRQEHYDQGHVQDFN
HJHODWLQRQFRQIH]LRQDWLIUXWWDGLVWDJLRQHLQVSLDJJLDSRVVLELOLWjGLDSHULWLYRSUL
PDGLFHQDVXULFKLHVWDSRVVLELOLWjGLFHQDUHSUHVVRLOULVWRUDQWH´,O1DSROHWDQRµ
DPHQÀVVRRSL]]DVXSUHQRWD]LRQHSRVVLELOLWjGLSUDQ]DUHSUHVVRLOULVWRUDQWH
´%DUUDFXGDµFRQVHUYL]LRDEXIIHWEHYDQGHDQDOFROLFKHHGDOFROLFKHORFDOLDLSDVWL
HIXRULSDVWRVHFRQGRJOLRUDULGLDSHUWXUDGLFLDVFXQEDUDFTXDPLQHUDOHQDWXUDOH
RJDVVDWDHYLQRVHUYLWLGDGLVSHQVHUSUHVVRLULVWRUDQWLHLQELFFKLHUHQHLEDUELELWH
DQDOFROLFKHDFTXDWRQLFDWqIUHGGRELUUDFRFNWDLOHGDOWULDOFROLFLORFDOLVHUYLWLLQ
ELFFKLHUHFDIIqDOO·DPHULFDQDFDIIqHVSUHVVRHWqVHUYLWLLQWD]]DRELFFKLHUH
(*,7720$552662&$329(5'((0$52&&2
0$56$$/$0
*,251,',3$57(1=$/81('Ï9(1(5'Ï6$%$72'20(1,&$
'$0,/$120$/3(16$520$/'$9,1&,%(5*$029(521$9(1(=,$
725,12*(129$%2/2*1$3,6$1$32/,%$5,
+85*+$'$
*,2512',3$57(1=$'20(1,&$
'$0,/$120$/3(16$520$/'$9,1&,9(521$%2/2*1$
&2'352'(&&2'35(==23(5&233,$
&2'352'(&&2'35(==23(5&233,$
,17(5&217,1(17$/7+(3$/$&(
6+(5$721620$%$<
3(51277$0(172(35,0$&2/$=,21(&$0(5$'233,$67$1'$5'
3$57(1=(
0,%295%*72
1277(
'$/$/
*(520$
(;75$
**17
6833/(0(17, 3(5 &233,$ $ 6(77,0$1$FDPHUDYLVWDODJXQD€FDPHUDYLVWDPDUH€
WUDVIHULPHQWLLQDXWRSULYDWD€SHUWUDWWD
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·$/('$/
$/€$/*,25123(5&233,$'$/$/€$/*,25123(5&233,$
6XSSOHPHQWRVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL€
%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
3,1$%$
9(
75$77$0(172SHUQRWWDPHQWRHSULPDFROD]LRQHFDPHUDGRSSLDVWDQGDUG
0$56$$/$0
*,251,',3$57(1=$/81('Ï9(1(5'Ï6$%$72'20(1,&$
'$0,/$120$/3(16$520$/'$9,1&,%(5*$029(521$9(1(=,$
725,12*(129$%2/2*1$3,6$1$32/,%$5,
&2'352'(&&2'35(==23(5&233,$
6833/(0(17, 3(5 &233,$ $ 6(77,0$1$DOOLQFOXVLYH€IURQWHPDUH€([HFXWLYH
VXLWH€%HDFKVXLWH€WUDVIHULPHQWLLQDXWRSULYDWD€SHUWUDWWD
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·$/('$/
$/€$/*,25123(5&233,$'$/$/€$/*,25123(5&233,$
6XSSOHPHQWRSHUVHUYL]LRDHURSRUWXDOH)DVW7UDFNH6DOH9LSDFRSSLD0LODQR
0DOSHQVD € 5RPD / GD 9LQFL € 9HURQD € 9DOHW 6HUYLFH D 0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
75$77$0(172SHQVLRQHFRPSOHWDFRQEHYDQGH&DPHUDYLVWDPDUHODWHUDOH
&$329(5'(
*,251,',3$57(1=$0(5&2/('Ï
'$0,/$120$/3(16$%2/2*1$9(521$520$/'$9,1&,
6($&/8%$.$66,$
$//,1&/86,9(&$0(5$'233,$67$1'$5'
3$57(1=(
0,%295%*72
'$/$/
*(520$
3(16,21(&203/(7$&21%(9$1'(&$0(5$9,67$0$5(/$7(5$/(
3$57(1=(
0,%295520$
1277(
'$/$/
**17
(;75$
1277(
(;75$
**17
6833/(0(17,3(5&233,$$6(77,0$1$YLVWDPDUHODWHUDOH€IURQWHPDUH€VX
SHULRUYLVWDPDUHODWHUDOH€VXSHULRUIURQWHPDUH€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·$/('$/
$/€$/*,25123(5&233,$'$/$/€$/*,25123(5&233,$
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL
€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
3,1$%$
9(
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHLVHJXHQWLVHUYL]L1(,/82*+,
( $*/, 25$5, 67$%,/,7,SHQVLRQHFRPSOHWDVHUYL]LRDEXIIHWFRQDFTXDPLQHUDOHQDWXUDOH
HVRIWGULQNELUUDHYLQRORFDOHVHUYLWLLQELFFKLHUHDLSDVWLEHYDQGHDOFROLFKHVHUYLWHLQ
ELFFKLHUHELUUDYLQRUXPEUDQG\ZKLVN\YRGNDJLQHRX]RHEHYDQGHDQDOFROLFKH
VHUYLWHLQELFFKLHUH,QROWUHWqFDSSXFFLQRFDIIpDOO·DPHULFDQDFDIIqWXUFRFLRFFRODWD
HODWWHJHODWLQRQFRQIH]LRQDWLHVQDFNXWLOL]]RGHLFDPSLGDWHQQLVUDFFKHWWHHGLOOX
PLQD]LRQHDSDJDPHQWRXQ·RUDGLVDXQDHXQ·RUDGLELOLDUGRSHUVRJJLRUQR8QDFHQD
FRQPHQXRULHQWDOHXQDFHQDEDUEHFXHSL]]DDSUDQ]RSUHVVRLOULVWRUDQWHLQVSLDJJLD
352'(&&2'35(==23(5&233,$
6($&/8%5,8.$5$0%2$
$//,1&/86,9(&$0(5$67$1'$5'
3$57(1=(
0,95%2
'$/$/
520$
**17
1277(
(;75$
6833/(0(17,3(5&233,$$1277(SHUYLDJJLFRQYROLVSHFLDOLGLJLRUQLRSLSHUSDU
WHQ]DGDODOHGDODO€DOJLRUQRGDODO€DOJLRU
QRVXSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD€
ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWLFKH
SUHYHGH SHQVLRQH FRPSOHWD FRQ SRVVLELOLWj GL FHQDUH QHL ULVWRUDQWL GL VSHFLDOLWj
SUHYLD SUHQRWD]LRQH FRQVXPR LOOLPLWDWR GL EHYDQGH QD]LRQDOL H LQWHUQD]LRQDOL RUHVXVQDFNGXUDQWHODJLRUQDWDFDVVHWWDGLVLFXUH]]DLQFDPHUDOHWWLQLHWHOL
PDUHLQSLVFLQDHVXOODVSLDJJLD
(*,7720$552662&$329(5'((0$52&&2
7$%(//(35(==,
0$52&&2
63$*1$(*5(&,$'$3$*$3$*
*,251,',3$57(1=$'20(1,&$
'$0,/$120$/3(16$%2/2*1$9(521$520$/'$9,1&,
)250(17(5$
352'(00&2'35(==23(5&233,$
7285&,77­,03(5,$/,&$7683(5,25(
3(16,21(&203/(7$,1'233,$67$1'$5'
3$57(1=(
0,%295520$
'$/$/
**17
*,251,',3$57(1=$*,29('Ï9(1(5'Ï6$%$72'20(1,&$
'$0,/$120$/3(16$%(5*$029(521$9(1(=,$725,12%2/2*1$
3,6$$1&21$520$/'$9,1&,1$32/,%$5,&$7$1,$
&2'352'(0&2'35(==23(5&233,$
6($&/8%,1627(/)250(17(5$3/$<$
$//,1&/86,9(,1'233,$67$1'$5'
3$57(1=(
0,%*959(72%2
'$/$/ 3,520$1$&7**17
3DUWHQ]HJDUDQWLWHFRQPLQLPRSDUWHFLSDQWL
75$77$0(172SHQVLRQHFRPSOHWD
+27(/35(9,67,
/2&$/,7­
+27(/
9$/87$=,21(
&$7(*25,$
)5$1&252662
8))/2&$/(
0DUUDNHFK
$WODV0HGLQD.HQ]L)DUDK ●●●●●
★★★★
)HV
$WODV)HV0HGLQD
●●●●●
★★★★
5DEDW
*ROGHQ7XOLS
●●●●●
★★★★
*OLKRWHOVXPPHQ]LRQDWLSRWUHEEHURHVVHUHVRVWLWXLWLFRQDOWULHTXLYDOHQWLHGLSDUL
FDWHJRULDXIÀFLDOH
6XSSOHPHQWRSHUVHUYL]LRDHURSRUWXDOH)DVW7UDFNH6DOH9LSDFRSSLD0LODQR
0DOSHQVD € 5RPD / GD 9LQFL € 9HURQD € 9DOHW 6HUYLFH D 0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
0$52&&2
*,251,',3$57(1=$'20(1,&$
'$0,/$12%2/2*1$9(521$520$/'$9,1&,
&2'352'(00&2'35(==23(5&233,$
1277(
(;75$
6XSSOHPHQWR SHU YLDJJL FRQ YROL VSHFLDOL GL JLRUQL R SL SHU SDUWHQ]H GDO DO
H GDO DOO· € DO JLRUQR GDO DO € DO JLRUQR SHU FRSSLD
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
0,JLRYHGu
$1%$
75$77$0(172QRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHFKHSUHYHGHLVHJXHQWLVHUYL]LQHL
OXRJKLHDJOLRUDULSUHÀVVDWLJLRUQDOPHQWHSLDWWLGHOODFXFLQDLWDOLDQDFHQDDWHPD
HFHQDLWDOLDQDXQDYROWDDOODVHWWLPDQDSHQVLRQHFRPSOHWDDEXIIHWQHOULVWRUDQWH
SULQFLSDOHYLQRELUUDVRIWGULQNHDFTXDDLSDVWLFROD]LRQHFRQWLQHQWDOHVHOH]LRQH
GLEHYDQGHDOFROLFKHHDQDOFROLFKHVHUYLWHDELFFKLHUHVHOH]LRQHGLVQDFNIUHGGL
HFDOGLHJHODWLWqFDIIqHGROFLOH]LRQHFROOHWWLYDJUDWXLWDGLGLYLQJLQSLVFLQDSHU
VHWWLPDQDSHUVRJJLRUQLGLPLQLPRQRWWL/DIRUPXOD$OO·,QFOXVLYHWHUPLQHUjDOOH
GHOJLRUQRGLSDUWHQ]D
6($&/8%.(1=,$*'$/0(',1$
$//,1&/86,9(,1'233,$67$1'$5'
3$57(1=(
0,%295520$
'$/$/
**17
1277(
(;75$
7UDWWDPHQWRQRWWLFRQWUDWWDPHQWR$OO,QFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWL
FKHSUHYHGHSHQVLRQHFRPSOHWDFRQVXPRLOOLPLWDWRGLEHYDQGHQD]LRQDOLVQDFN
GXUDQWHODJLRUQDWDOHWWLQLHRPEUHOORQLLQSLVFLQD
6XSSOHPHQWRSHUVHUYL]LRDHURSRUWXDOH)DVW7UDFNH6DOH9LSDFRSSLD0LODQR
0DOSHQVD € 5RPD / GD 9LQFL € 9HURQD € 9DOHW 6HUYLFH D 0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
0$,25&$
*,251,',3$57(1=$0$57('Ï0(5&2/('Ï*,29('Ï6$%$72'20(1,&$
'$0,/$120$/3(16$%(5*$029(521$9(1(=,$725,12%2/2*1$
3,6$$1&21$520$/'$9,1&,1$32/,%$5,&$7$1,$
&2'352'(00&2'35(==23(5&233,$
9$1,7<+27(/68,7(
3(16,21(&203/(7$,1-81,2568,7(67$1'$5'
3$57(1=(
0,%*7295%2
3,520$1$%$&7
'$/$/
**17
1277(
(;75$
6833/(0(172 3(5 9,$**, &21 92/, 63(&,$/, ( ', /,1($ ', *,251, 2 3,Ö 3(5 3$57(1=( '$/ $/
('$/$/€$/*,2512'$/$/€$/*,25123(5&233,$
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
9($1
(*,7720$552662&$329(5'((0$52&&263$*1$(*5(&,$
0,125&$
)8(57(9(1785$
*,251,',3$57(1=$'20(1,&$
'$0,/$120$/3(16$%(5*$02725,129(521$%2/2*1$9(1(=,$
3,6$520$/'$9,1&,
*,251,',3$57(1=$/81('Ï0(5&2/('Ï(9(1(5'Ï
'$0,/$120$/3(16$%(5*$029(521$%2/2*1$520$),80,&,12
1$32/,
&2'352'(0&2'35(==23(5&233,$
&2'352'(0&2'35(==23(5&233,$
,1627(/3817$35,0$35(67,*(68,7(663$
6+(5$721)8(57(9(1785$%($&+*2/)
63$5(6257
3(51277$0(172(35,0$&2/$=,21(,168,7(35(67,*(
3$57(1=(
0,%*7295
1277(
'$/$/
%23,520$
(;75$
**17
3(51277$0(172(35,0$&2/$=,21(,1'233,$67$1'$5'
3$57(1=(
0,%295%*
1277(
'$/$/
520$1$
(;75$
**17
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/(
'$/$/€
$/*,25123(5&233,$'$/$/€ 3(5&233,$
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
9(
*,251,',3$57(1=$/81('Ï
'$0,/$120$/3(16$%(5*$02
*,251,',3$57(1=$/81('Ï0(5&2/('Ï(*,29('Ï
'$0,/$120$/3(16$%2/2*1$9(521$520$),80,&,121$32/,
&$7$1,$
35,1&(6$<$,=$68,7(+27(/5(6257
7(1(5,)(
&2'352'(0&2'35(==23(5&233,$
6833/(0(17, 3(5 &233,$ $ 1277( PH]]D SHQVLRQH € SHQVLRQH FRPSOHWD € MXQLRUVXLWH€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·$/('$/
$/€$/*,2512'$/$/€$/*,2512$&233,$
6XSSOHPHQWRSHUVHUYL]LRIDVWHVDOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD
/GD9LQFL€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD
€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
/$1=$527(
3(51277$0(172(35,0$&2/$=,21(,1'233,$683(5,25
3$57(1=(
0,%*
'$/$/
**17
1277(
(;75$
6833/(0(17,3(5&233,$$1277(YLVWDPDUH€GDODO€GDODOO·
€ QHL UHVWDQWL SHULRGL PH]]D SHQVLRQH ´VWDQGDUGµ € PH]]D SHQVLRQH
´OX[Hµ€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·$/('$/
$/€$/*,2512'$/$/€$/*,2512$&233,$
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
%HUJDPR€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJ
JLR9HGHUHGHWWDJOLDSDJJH
&2'352'(0&2'35(==23(5&233,$
(8523(9,//$&257e6
3(51277$0(172(35,0$&2/$=,21(,1'233,$67$1'$5'
3$57(1=(
0,520$
1277(
'$/$/
**17
(;75$
6833/(0(17,3(5&233,$$1277(YLVWDJLDUGLQR€PH]]DSHQVLRQHDEXIIHW€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$//·$/('$/
$/€$/*,2512'$/$/€$/*,2512$&233,$
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUH
DOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
95%2
1$&7
63$*1$(*5(&,$
7$%(//(35(==,
7285*5(&,$&/$66,&$(0(7(25(&,5&8,72&20)257
52',
*,251,',3$57(1=$/81('Ï
'$0,/$120$/3(16$520$/'$9,1&,
*,251,',3$57(1=$'20(1,&$/81('Ï0$57('Ï0(5&2/('Ï*,29('Ï(6$%$72
'$0,/$120$/3(16$%(5*$029(521$9(1(=,$725,12*(129$%2/2*1$
3,6$520$/'$9,1&,1$32/,%$5,&$7$1,$
&2'352'(0/,1($&+$57(5,==$7$
&2'352'(0/,1($&2'35(==23(5&233,$
7285*5(&,$
0(==$3(16,21($'$7(1((3(16,21(&203/(7$'85$17(,/7285
3$57(1=(
0,520$
'$/$/
**17
0,1,023$57(&,3$17,SHUVRQH
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/
GD9LQFL€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUH
GHWWDJOLDSDJJH
75$77$0(1720H]]DSHQVLRQHDG$WHQHHSHQVLRQHFRPSOHWDGXUDQWHLOWRXU
1(/3(5,2'2'$/$/('$/$//$4827$%$6(121&2035(1'(/(7$66($(5232578$/,
+27(/35(9,67,
/2&$/,7­
+27(/
&$7(*25,$
8))/2&$/(
$WHQH
3DUWKHQRQ
★★★★
2OLPSLD
$PDOLD
★★★★
'HOSKL
$PDOLD
★★★★
.DODPEDND
'LYDQL.DODPEDND ★★★★
*OLKRWHOVXPPHQ]LRQDWLSRWUHEEHURHVVHUHVRVWLWXLWLFRQDOWULHTXLYDOHQWLHGLSDUL
FDWHJRULD ,Q DOFXQL FDVL SHU HVLJHQ]H RSHUDWLYH LO SURJUDPPD SRWUHEEH VXELUH
GHOOHPRGLÀFKHQHOODVXFFHVVLRQHGHOOHYLVLWHVHQ]DDOWHUDUHLFRQWHQXWL
&5(7$
*,251,',3$57(1=$'20(1,&$0$57('Ï9(1(5'Ï(6$%$72
'$0,/$120$/3(16$%(5*$029(521$9(1(=,$725,12%2/2*1$3,6$
520$/'$9,1&,1$32/,%$5,&$7$1,$
&2'352'(0&2'35(==23(5&233,$
0(==$3(16,21(&$0(5$'233,$683(5,259,67$*,$5',12
3$57(1=(
0,%2%*95
1277(
'$/$/
721$%$3,
(;75$
**17
/,1'26%/8
3(51277$0(172(35,0$&2/$=,21(&$0(5$'233,$9,67$0$5(
3$57(1=(
0,%2%*95
1277(
'$/$/
729(1$3,
(;75$
**17
6833/(0(17, 3(5 &233,$ $ 1277(MXQLRUVXLWHYLVWDPDUH€GRSSLDYLVWDPDUHFRQ
SLVFLQDFRQGLYLVD€GRSSLDGHOX[HYLVWDPDUH€MXQLRUVXLWHYLVWDPDUH
FRQSLVFLQDFRQGLYLVD€PH]]DSHQVLRQH€WUDVIHULPHQWLDHURSRUWRKRWHO
DHURSRUWRLQWD[LDXWRSULYDWD€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$//·€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL
€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
520$&7
%$
*(
52',
&2'352'(0&2'35(==23(5&233,$
*5(&27(/$0,5$1'(6
&2'352'(0&2'35(==23(5&233,$
6833/(0(17, 3(5 &233,$ $ 1277(SUHPLXPEJZYJLDUGLQR€GDODO€
GDO DO H GDO DO € GDO DO € GDO DO €GDODOO
GRSSLDOX[XU\YLVWDPDUHODWHUDOHRYLVWDODJXQD €GDO
DOHGDODO€GDODOWUDVIHULPHQWLDHURSRUWRKRWHO
DHURSRUWRLQWD[LDXWRSULYDWD€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD / GD 9LQFL € %HUJDPR € 9HURQD € 9DOHW 6HUYLFH D 0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
1$GDODOHGDODO&7
520$
9(
/,1',$19,//$*(
0(==$3(16,21(&$0(5$'233,$0(',7(55$1(2&/$66,&
3(51277$0(172(35,0$&2/$=,21(1(//($/75(7,32/2*,(
3$57(1=(
0,%2%*95
1277(
'$/$/
729(1$3,
(;75$
**17
6833/(0(17, 3(5 &233,$ $ 1277( MXQLRU VXLWH ULYHU SDVVDJH € VXLWH FRQ SLVFLQD
SULYDWD€RWWRPDQKRQH\VXLWHYLVWDJLDUGLQR€WUDVIHULPHQWLDHURSRUWR
KRWHODHURSRUWRLQWD[LDXWRSULYDWD€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$//·€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL
€%HUJDPR€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
520$&7
%$
*(
63$*1$(*5(&,$
0<.2126
6$1725,1,
*,251,',3$57(1=$/81('Ï0$57('Ï(9(1(5'Ï
'$0,/$120$/3(16$9(521$*(129$%2/2*1$520$/'$9,1&,
1$32/,%$5,&$7$1,$
&2'352'(0&2'35(==23(5&233,$
&$927$*22
3(51277$0(172(35,0$&2/$=,21(&$0(5$'233,$&/$66,&
3$57(1=(
0,95*(%2
1277(
'$/$/
520$1$%$
(;75$
**17
6833/(0(17, 3(5 &233,$ $ 1277(FDPHUDGRSSLDGHOX[H€GDODOHGDO
DO € GDOO
DOO
WUDVIHULPHQWL DHURSRUWRKRWHODHURSRUWR LQ WD[L
DXWRSULYDWD€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9HURQD€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUH
DOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
&7
&2'352'(0&2'35(==23(5&233,$
6$1$1721,2
3(51277$0(172(35,0$&2/$=,21(&$0(5$'233,$67$1'$5'
3$57(1=(
0,%*9572
1277(
'$/$/
%23,520$1$
(;75$
**17
6833/(0(17, 3(5 &233,$ $ 1277(VHQLRUVXLWH€GDODO€GDODO
VXSHULRUVXLWH€MXQLRUVXLWH€GDODOH€GDODO
WUDVIHULPHQWLDHURSRUWRKRWHODHURSRUWRLQWD[LDXWRSULYDWD€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€
5RPD/GD9LQFL€9HURQD€H%HUJDPR€9DOHW6HUYLFHD0LODQR
0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
%$
&7
3(51277$0(172(35,0$&2/$=,21(&$0(5$6(1,25)5217(0$5(
3$57(1=(
0,%*9572
1277(
'$/$/
%23,520$1$
(;75$
**17
6833/(0(17, 3(5 &233,$ $ 1277( VXSHULRU VXLWH IURQWH PDUH € GDO DO €GDOO
DOHGDODOO
€GDODO€GDODO
VXSHULRUIURQWHPDUH€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL€
9HURQD€H%HUJDPR€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
%$
&7
*,251,',3$57(1=$0(5&2/('Ï*,29('Ï9(1(5'Ï(6$%$72
'$0,/$120$/3(16$%(5*$029(521$725,12%2/2*1$520$/'$
9,1&,1$32/,%$5,&$7$1,$
*,251,',3$57(1=$0$57('Ï0(5&2/('Ï(9(1(5'Ï
'$0,/$120$/3(16$%(5*$029(521$725,12%2/2*1$3,6$520$
/'$9,1&,1$32/,%$5,&$7$1,$
52&$%(//$5(625763$
.26
6$1725,1,
&2'352'(0&2'35(==23(5&233,$
&2'352'(0&2'35(==23(5&233,$
6($&/8%$7/$17,&$32572%(//252<$/
$//,1&/86,9(&$0(5$'233,$9,67$*,$5',12
3$57(1=(
0,%295%*
'$/$/
**17
1277(
(;75$
6833/(0(17,3(5&233,$$1277(GRSSLDYLVWDPDUHODWHUDOH€GDODOHGDO
DO€GDOO
DOO
GRSSLDH[HFXWLYHYLVWDPDUHIURQWDOH€
6833/(0(1723(59,$**,&2192/,63(&,$/,',*,251,23,Ö3(53$57(1=('$/$/('$/
$/€$/*,2512'$/$/€$/*,2512
6XSSOHPHQWRSHUVHUYL]LR)DVW7UDFNH6DOH9LSDFRSSLD0LODQR0DOSHQVD€5RPD/GD9LQFL€
9HURQD€H%HUJDPR€9DOHW6HUYLFHD0LODQR0DOSHQVD€ROWUHDOFRVWRGHOSDUFKHJJLR
9HGHUHGHWWDJOLDSDJJH
6833/(0(17,(5,'8=,21,92/23(5$(523257,(*,251,23(5$7,9,3(5&233,$
1$&7
520$72
%$
75$77$0(172QRWWLFRQWUDWWDPHQWR$OOLQFOXVLYHQHLOXRJKLHDJOLRUDULSUHÀVVDWLFRFNWDLO
GLEHQYHQXWRSHQVLRQHFRPSOHWDFRQVHUYL]LRDEXIIHWSUHVVRLOULVWRUDQWHSULQFLSDOHODWH
EUHDNIDVWSRVVLELOLWjGLFRQVXPDUHLSDVWLDQFKHSUHVVRLYDULULVWRUDQWLVSHFLDOLDWHPD
SUHYLD SUHQRWD]LRQH HQWUR LO JLRUQR DQWHFHGHQWH WDYHUQD *UHFD DSHUWD SHU SUDQ]R
FRQVHUYL]LRDEXIIHWWDYHUQDFRQVSHFLDOLWjDEDVHGLSHVFHDSHUWDSHUSUDQ]RFRQ
VHUYL]LRDEXIIHWULVWRUDQWH,WDOLDQRDSHUWRSHUFHQDFRQVHUYL]LRDEXIIHWULVWRUDQWH
$VLDWLFRDSHUWRSHUFHQDFRQVHUYL]LRDOWDYRORULVWRUDQWH*RXUPHWDSHUWRSHUFHQD
FRQVHUYL]LRDOWDYRORHFRQVXSSOHPHQWRFRQVXPRLOOLPLWDWRGLEHYDQGHDQDOFROLFKHH
DOFROLFKHORFDOLDLSDVWLHSUHVVRLEDUGHOO·KRWHOVHWWLPDQDOPHQWHVHUDWDJUHFDVHWWLPD
QDOPHQWHVHUDWDLWDOLDQDYDULHWjGLJHODWLGLSURGX]LRQHORFDOHSUHVVRODJHODWHULDVQDFN
GXUDQWHODJLRUQDWDFDIIqWqHELVFRWWLSRPHULGLDQLVQDFNGLPH]]DQRWWH
63$*1$(*5(&,$
VFRQWLHDJHYROD]LRQL
VXLVHUYL]LDHURSRUWXDOL
/HRIIHUWHUHODWLYHDLVHUYL]LDHURSRUWXDOLVRQRYDOLGHSHUWXWWLLFOLHQWLLQSDUWHQ]DFRQLYROLVSHFLDOLHVRQRIUXLELOLSUHVHQWDQGRLYRXFKHU)UDQFRURVVR
GLVSRQLELOLLQ$JHQ]LD7XWWLJOLKRWHOVRQRSUHQRWDELOLWUDPLWHODYRVWUD$JHQ]LDGL9LDJJLR,SUH]]LLQGLFDWLVRQRGDLQWHQGHUVLSHUFDPHUDWUDWWDPHQWR
HVRQRDJJLRUQDWLDOPRPHQWRGHOODVWDPSDGHOFDWDORJR3RWUHEEHURGLFRQVHJXHQ]DVXELUHGHOOHYDULD]LRQLQHOFRUVRGHOODYDOLGLWjGHOORVWHVVR
$(523257,',3$57(1=$
3$5&+(**,&219(1=,21$7,
+27(/
6(59,=,$**,817,9,($*(92/$=,21,
0LODQR0DOSHQVD
0LODQR/LQDWH
3$5&+(**,6($0$/3(16$
7HO
3$5&+(**,6($/,1$7(
7HO
ZZZVHDDHURSRUWLPLODQRLW
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
3$5.WR)/<0$/3(16$
7HO
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
3$5.WR)/</,1$7(
7HO
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
ZZZSDUNWRIO\LW
129,7­SDUFKHJJLRSUHQRWDELOH
DQFKHGDOVLWRIUDQFRURVVRLW
6+(5$721
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
&52:1(3/$=$
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
+2/,'$<,11(;35(660,/$10$/3(16$
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
+2/,'$<,110,/$12/,1$7(
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
0$-(67,&²/,1$7($,53257
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
&/8%6($6$/(9,3()$6775$&.
0DOSHQVD
6DOD5HVSLJKLDUHDFKHFNLQ
RUDUL
6DOD3HUJROHVLDUHDLPEDUFKLH[WUD6FKHQJHQ
RUDUL
6DOD0RQWHYHUGLDUHDLPEDUFKL6FKHQJHQ
RUDUL
/LQDWH6DOD3LUDQHVLH6DOD/HRQDUGR
,QFROODERUD]LRQHFRQ6HD$HURSRUWLGL0LODQRORXQJHVGRWDWH
GLDQJROR%DUVHOIVHUYLFH79:L)LTXRWLGLDQLHPDJD]LQH
LQIRUPD]LRQHYROL
3DVVDJJLRSUHIHUHQ]LDOHDOOHVDOHG·LPEDUFR
6HUYL]LSUHQRWDELOLSUHVVRODYRVWUD$JHQ]LDGL9LDJJL
&RVWRWRWDOHSHUSHUVRQD€
1HRV(FRQRP\([WUDDQFKHFRQFKHFNLQGHGLFDWRHLPEDUFR
SULRULWDULRSHULYROL1HRVOXQJRUDJJLRFRQ%FRVWR
VXULFKLHVWD
SRWUDQQRHVVHUHVRJJHWWLDOLPLWD]LRQLSHUPRWLYLRSHUDWLYL
RGLGLVSRQLELOLWj
%HUJDPR
7(50,1$/3$5.,1*VHWWRUH´&µ
7HO
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
1+25,2$/6(5,2
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
6$/(9,3()$6775$&.
/DQGVLGH$LUVLGH
RUDUL
,QFROODERUD]LRQHFRQ2ULRDO6HULR$LUSRUWORXQJHVGRWDWH
GLDQJROREDUVHOIVHUYLFH79TXRWLGLDQLHPDJD]LQHLQIRUPD]LRQH
YROL
3DVVDJJLRSUHIHUHQ]LDOHDOOHVDOHG·LPEDUFR
6HUYL]LSUHQRWDELOLSUHVVRODYRVWUD$JHQ]LDGL9LDJJL
&RVWRWRWDOHSHUSHUVRQD€
SRWUDQQRHVVHUHVRJJHWWLDOLPLWD]LRQLSHUPRWLYLRSHUDWLYL
RGLGLVSRQLELOLWj
3$5&+(**,208/7,3,$12(/81*$6267$3
7HO
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
3$5.WR)/<725,12
7HO
ZZZSDUNWRIO\LW
129,7­SDUFKHJJLRSUHQRWDELOH
DQFKHGDOVLWRIUDQFRURVVRLW
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
+27(//(521',1,
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
3XQWLYHQGLWD)RRGH)DVKLRQVFRQWR
0HGLDVWRUH%DU6HOIVHUYLFHH3L]]DSRLQWVFRQWR
5LVWRUDQWH9LS*UHHQ%DUH:LQH%DUVFRQWR
3$5&+(**,2333
7HO
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
ZZZDHURSRUWRYHURQDLW
+27(/9(521$&21*5(665(/$;
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
+27(/*$7723$5'2
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
6$/(9,3()$6775$&.
RUDUL
,QFROODERUD]LRQHFRQ$HURSRUWRGL9HURQDORXQJHGRWDWH
GLDQJROREDUVHOIVHUYLFH79:L)LTXRWLGLDQLHPDJD]LQH
LQIRUPD]LRQHYROL6DODIXPDWRUL
3DVVDJJLRSUHIHUHQ]LDOHDOOHVDOHGLLPEDUFR
6HUYL]LSUHQRWDELOLSUHVVRODYRVWUD$JHQ]LDGL9LDJJL
&RVWRWRWDOHSHUSHUVRQD€
SRWUDQQRHVVHUHVRJJHWWLDOLPLWD]LRQLSHUPRWLYLRSHUDWLYL
RGLGLVSRQLELOLWj
3$5.08/7,3,$12
7HO
ZZZPDUFRSRORSDUNLW
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
+27(/9(1,&(5(6257
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
+27(/$1721<3$/$&(
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
%RORJQD
3$5&+(**,23
ZZZERORJQDDLUSRUWLW
SHUSUHQRWD]LRQLRQOLQH
7HOLQIR3
7HOLQIR3
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
+27(/6+(5$721
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
68,7(+27(/(/,7(
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
)LXPLFLQR
($6<3$5.,1*$'5
´08/7,3,$12(µFRSHUWR
´/81*$6267$µVFRSHUWRFRSHUWR
´(;(&87,9(µDVVLFXUDWR
7HO
ZZZDGULW
HDV\SDUNLQJ#DGULW
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
3$5.WR)/<
7HO
ZZZSDUNWRIO\LW
129,7­SDUFKHJJLRSUHQRWDELOH
DQFKHGDOVLWRIUDQFRURVVRLW
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
+,/721$,53257
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
&/8%,62/$6$&5$
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
3$5&+(**,208/7,3,$123
3$5&+(**,25(02723
7HO
7DULIIHVSHFLDOLULVHUYDWHDLFOLHQWL)UDQFRURVVR
0<21(+27(/*$/,/(,
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
3$5&+(**,2&(175$/(
7HO
ZZZDHURSRUWRGLJHQRYDLW
*UDWXLWjULVHUYDWDDLFOLHQWL)UDQFRURVVR
+27(/12927(/
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
+27(/&2/80%866($
7DULIIDFDPHUDGRSSLDDSDUWLUHGD€
7RULQR
9HURQD
9HQH]LD
3LVD
*HQRYD
6$/(9,3()$6775$&.
,0RVDLFLDUHDLPEDUFKL6FKHQJHQ
RUDUL
/H$QIRUHDUHDLPEDUFKLH[WUD6FKHQJHQ
RUDUL
,QFROODERUD]LRQHFRQ)O\JKWFDUHH$'5$HURSRUWLGL5RPD
/RXQJHVGRWDWHGL%DU79ID[:L)L,QWHUQHWSRLQW
3DVVDJJLRSUHIHUHQ]LDOHDOOHVDOHG·LPEDUFR
6HUYL]LSUHQRWDELOLSUHVVRODYRVWUD$JHQ]LDGL9LDJJL
&RVWRWRWDOHSHUSHUVRQD€
1HRV(FRQRP\([WUDDQFKHFRQFKHFNLQGHGLFDWRHLPEDUFR
SULRULWDULRSHULYROL1HRVOXQJRUDJJLRFRQ%FRVWR
VXULFKLHVWD
SRWUDQQRHVVHUHVRJJHWWLDOLPLWD]LRQLSHUPRWLYLRSHUDWLYL
RGLGLVSRQLELOLWj
DSSXQWLGLYLDJJLR
'2&80(17,
/HLQIRUPD]LRQLULSRUWDWHTXLGLVHJXLWRVRQRGDULWHQHUVLLQGLFDWLYHHVL
ULIHULVFRQRDFLWWDGLQLLWDOLDQLHPDJJLRUHQQLFRQVXOWDUHDQFKHODYRFH
´'RFXPHQWLµ D SDJ *HQHUDOPHQWH GRYH q LQGLFDWD XQD YDOLGLWj
UHVLGXDGHOGRFXPHQWRVLLQWHQGHODGDWDGLLQJUHVVRQHO3DHVHPHQ
WUHSHULYLVWLVROLWDPHQWHVRQRYDOLGLSHUVRJJLRUQLQRQVXSHULRULDL
JLRUQLGLSHUPDQHQ]DQHO3DHVH
‡0DOGLYH6UL/DQND0DXULWLXVH7KDLODQGLDSDVVDSRUWRFRQPHVLGL
YDOLGLWjUHVLGXD
‡0HVVLFRSDVVDSRUWRFRQPHVLGLYDOLGLWjUHVLGXDHXQDFDUWDWXULVWL
FDFKHYLHQHFRQVHJQDWDLQDHUHR
‡5HSXEEOLFD'RPLQLFDQDSDVVDSRUWRHXQDFDUWDWXULVWLFDULODVFLDWDGD
)UDQFRURVVRGDSDJDUHDOO·DWWRGHOODSUHQRWD]LRQHFRVWRGL€
FLUFDDSHUVRQD
‡&XEDSDVVDSRUWRFRQPHVLGLYDOLGLWjUHVLGXDHXQYLVWRGLLQJUHVVR
GDSDJDUHDOO·DWWRGHOODSUHQRWD]LRQHFRVWRGL€FLUFDDSHUVRQD
/D YDOLGLWj GHO YLVWR q YLQFRODWD DOOH GDWH GL SDUWHQ]D H ULHQWUR GHO
ELJOLHWWRDHUHR
‡%DKDPDV SDVVDSRUWR FRQ YDOLGLWj UHVLGXD GL DOPHQR PHVL GDOOD
GDWDGLLQJUHVVRQHO3DHVH
‡%DOLSDVVDSRUWRFRQPHVLGLYDOLGLWjUHVLGXDHXQYLVWRGLLQJUHVVR
ULODVFLDWRDOO·DUULYRFRVWRGL8VGFLUFDDSHUVRQD
‡.HQ\DSDVVDSRUWRFRQPHVLGLYDOLGLWjUHVLGXDDOPHQRSDJLQH
OLEHUH H YLVWR GL LQJUHVVR RWWHQLELOH WUDPLWH $PEDVFLDWD GL 5RPD
FRVWR GL € FLUFD D SHUVRQD RSSXUH GLUHWWDPHQWH DOO·DUULYR D
0RPEDVDFRVWR8VGFLUFDDSHUVRQD
‡7DQ]DQLDH=DQ]LEDUSDVVDSRUWRFRQPHVLGLYDOLGLWjUHVLGXDDOPH
QRSDJLQDOLEHUDHYLVWRGLLQJUHVVRRWWHQLELOHSUHVVRLO&RQVRODWR
RSSXUHO·$PEDVFLDWDGL7DQ]DQLDLQ,WDOLDRSSXUHGLUHWWDPHQWHDOO·DUUL
YRD=DQ]LEDUFRVWR8VGFLUFDDSHUVRQD
‡(PLUDWL$UDELSDVVDSRUWRFRQYDOLGLWjPLQLPDGLPHVLGDOODGDWDGL
ULHQWURLQ,WDOLD
‡(JLWWRFDUWDGLLGHQWLWjFRQPHVLGLYDOLGLWjUHVLGXDHIRWRWHVVHUH
R SDVVDSRUWR FRQ YDOLGLWj UHVLGXD GL PHVL H LO YLVWR ULODVFLDWR GD
)UDQFRURVVRDOFRVWRGL€SHUSHUVRQD
‡&DSR9HUGHSDVVDSRUWRLQFRUVRGLYDOLGLWjHYLVWRFRVWR€SHU
SHUVRQD$OO·DWWRGHOODSUHQRWD]LRQHYHQJRQRULFKLHVWLOXRJRHGDWD
GLQDVFLWDQXPHURSDVVDSRUWRGDWHGLVFDGHQ]D
‡6SDJQDH*UHFLDFDUWDGLLGHQWLWjYDOLGDSHUO·HVSDWULRRSDVVDSRUWR
9$&&,1$=,21,
‡3HUODPDJJLRUSDUWHGHOOHGHVWLQD]LRQLSUHVHQWDWHLQTXHVWRFDWDORJR
QRQVRQRULFKLHVWHYDFFLQD]LRQLREEOLJDWRULH,QROWUHSHULO.HQ\DOD
7DQ]DQLD H =DQ]LEDU q UDFFRPDQGDWD OD SURILODVVL DQWLPDODULFD H VL
FRQVLJOLDGRSRLOWUDPRQWRGLXWLOL]]DUHLQGXPHQWLFRQPDQLFKHOXQ
JKHHSDQWDORQLOXQJKLHO·XVRGLUHSHOOHQWLSHU]DQ]DUH
'DWD OD YDULDELOLWj GHOOH QRUPH VL FRQVLJOLD FRPXQTXH GL YHULILFDUH OH
LQIRUPD]LRQLFRQO·8IILFLRG·,JLHQHGHOODSURSULDFLWWj
)86225$5,2
‡0DOGLYHRUHLQSLFRQRUDOHJDOH
‡6UL/DQNDRUHLQSLFRQRUDOHJDOH
‡0DXULWLXVRUHLQSLFRQRUDOHJDOH
‡0HVVLFRRUHLQPHQRDQFKHFRQRUDOHJDOH
‡5HSXEEOLFD'RPLQLFDQDRUHLQPHQRFRQRUDOHJDOH
‡&XEDRUHLQPHQRDQFKHFRQRUDOHJDOH
‡%DOLRUHLQSLFRQRUDOHJDOH
‡7KDLODQGLDRUHLQSLFRQRUDOHJDOH
‡.HQ\D7DQ]DQLD=DQ]LEDURUHLQSLFRQRUDOHJDOH
‡(JLWWR*UHFLDRUDLQSLDQFKHFRQRUDOHJDOH3HUO·(JLWWRLOSHULR
GRGHOO·RUDOHJDOHQRQqXJXDOHDOO·,WDOLD
‡&DSR9HUGHPHQRRUDULVSHWWRDOO·,WDOLDFRQO·RUDOHJDOH
‡6SDJQD%DOHDULXJXDOHDOO·,WDOLD&DQDULHRUDLQPHQRDQFKHFRQ
RUDOHJDOH
9$/87$
‡$SDUWHOD6SDJQDHOD*UHFLDLQFXLODYDOXWDXIILFLDOHqO·(XURSHU
DOFXQL 3DHVL OH YDOXWH ORFDOL VRQR DFTXLVWDELOL LQ ,WDOLD SULPD GHOOD
SDUWHQ]DPDQHOODPDJJLRUDQ]DGHOOHGHVWLQD]LRQLSURSRVWHLQTXH
VWRFDWDORJRQRQqSRVVLELOHO·DFTXLVWRLQ,WDOLDHGLFRQVHJXHQ]D
FRQVLJOLDPRGLSRUWDUHFRQVq(XURR'ROODULGDFDPELDUHLQORFR
,QDOFXQLSDHVLQRQVRQRDFFHWWDWLL'ROODULHPHVVLSULPDGHO
/HFDUWHGLFUHGLWRSULQFLSDOLVRQRQRUPDOPHQWHDFFHWWDWHRYXQTXH
QHJOLKRWHOHVSHVVRDQFKHSHUJOLDFTXLVWLDWWHQ]LRQHDOOHFDUWHGL
FUHGLWR(OHFWURQFKHVRQRLQYHFHGLGLIILFLOHXWLOL]]RLQPROWLSDHVL$
&XEDHLQ(JLWWRJHQHUDOPHQWHQRQVRQRDFFHWWDWHOHFDUWHGLFUHGL
WRGLFLUFXLWLDPHULFDQL$OOH0DOGLYHLSDJDPHQWLHIIHWWXDWLFRQFDUWD
GLFUHGLWRVRQRVRJJHWWLDGXQDSHUFHQWXDOHGLVHUYL]LRGHO
7$66($(5232578$/,2',,1*5(662
‡0DOGLYHSHULFOLHQWLLQSDUWHQ]DFRQYROLVSHFLDOLqULFKLHVWRLOSDJD
PHQWRGL€GDYHUVDUHDOO·DWWRGHOODSUHQRWD]LRQH
‡6UL /DQND WDVVD DHURSRUWXDOH UHODWLYD DO YROR VSHFLDOH SDUL D € GD YHUVDUH DOO·DWWR GHOOD SUHQRWD]LRQH 3HU L FROOHJDPHQWL 0DOp
&RORPER0DOpODWDVVDGRYUjHVVHUHSDJDWDGLUHWWDPHQWHLQORFR
‡0HVVLFRWDVVHDHURSRUWXDOLVRQRVHPSUHGDSDJDUVLLQORFR8VG
FLUFDSHULYROL%OXH3DQRUDPD8VGFLUFDSHULYROL1HRVLQ
TXHVWRFDVRYHUUjULFKLHVWRDQFKHLOSDJDPHQWRGL€LQHVWUDWWR
FRQWR
‡5HSXEEOLFD'RPLQLFDQDWDVVHDHURSRUWXDOLGL8VGSHUOHSDUWHQ
]HLQWHUQD]LRQDOLGDSDJDUVLLQORFR,QROWUHqULFKLHVWRLOSDJDPHQ
WRLQ,WDOLDGLXQDWDVVDJRYHUQDWLYDGLSDULD€
‡&XED WDVVH DHURSRUWXDOL GL &8& SHU L YROL LQWHUQD]LRQDOL GD
SDJDUVLLQORFR
‡%DOLWDVVHLQWHUQD]LRQDOLGLFLUFD5XSLH,QGRQHVLDQHFLUFD
€
‡.HQ\DSHULFOLHQWLLQSDUWHQ]DFRQYROLVSHFLDOL$LU,WDO\H1HRVq
ULFKLHVWRLOSDJDPHQWRGL€GDYHUVDUHDOO·DWWRGHOODSUHQRWD]LR
QH3HULYROL%OXH3DQRUDPDqULFKLHVWRLOSDJDPHQWRGLUHWWDPHQWH
LQ.HQ\DGL8VGDSHUVRQD
‡7DQ]DQLD=DQ]LEDU WDVVH DHURSRUWXDOL GL 8VG SHU OH SDUWHQ]H
LQWHUQD]LRQDOLH8VGSHUTXHOOHQD]LRQDOLGDSDJDUVLGLUHWWDPHQWH
LQORFRËVWDWDLQROWUHLQWURGRWWDODWDVVD$YLDWLRQ6DIHW\)HHGL€
SHULYROLLQWHUQD]LRQDOL1HRVH%OXH3DQRUDPDGDYHUVDUHDOO·DWWR
GHOODSUHQRWD]LRQH
‡(PLUDWL $UDEL YROL GL OLQHD FKDUWHUL]]DWD (PLUDWHV € FLUFD SHU
SHUVRQDGDULFRQIHUPDUHDOO·DWWRGHOODSUHQRWD]LRQH
/H WDVVH DHURSRUWXDOL R GL LQJUHVVR VRQR YDOLGH DO PRPHQWR GHOOD
VWDPSD GHO FDWDORJR H VRJJHWWH D YDULD]LRQL VHQ]D SUHDYYLVR *OL
LPSRUWLLQGLFDWLVRQR´DSHUVRQDµ
TXDOLWjVHUYL]LHJDUDQ]LH
SHUGDUHSLYDORUHDOODWXDYDFDQ]D
,OSUH]]RFKHSDJKLKDXQYDORUH
8QDYDFDQ]D)UDQFRURVVRYDOHGLSL3HUFKpROWUHDOODSRVVLELOLWjGLVFH
JOLHUHTXHOODGDYYHURVXPLVXUDSHUWHWURYLODTXDOLWjHO·DIILGDELOLWjFKHVROR
XQ·RUJDQL]]D]LRQHOHDGHUVDGDUWL
9$17$**, ( *$5$1=,( ,1 3,Ö 3(5 &+, 35(127$
81$ 9$&$1=$ $ 4827( ( &21',=,21, '(/ &$7$
/2*2
6(+$,81,035(9,672(982,02',),&$5(/$78$9$&$1=$
3XRLIDUORILQRDJLRUQLSULPDGHOODSDUWHQ]DFDPELDQGRGHVWLQD]LRQH
DHURSRUWRRGDWDGLSDUWHQ]D
6(982,(66(5(787(/$72$1&+(,1&$62',$118//$0(172
3HU XQD PDJJLRUH WUDQTXLOOLWj SXRL DFTXLVWDUH OD SROL]]D DVVLFXUDWLYD 7RS
%RRNLQJ 3OXV FKH WURYL GHVFULWWD QHOOH SDJLQH ILQDOL GHO FDWDORJR FRQ XQ
HVFOXVLYR YDQWDJJLR OD SRVVLELOLWj GL DQQXOODUH OD YDFDQ]D SHU TXDOVLDVL
PRWLYRILQRDJLRUQLGDOODSDUWHQ]D
6&(*/,,/92/23,Ö&202'2
6(/2Ë8132·0(127,)$&&,$025,63$50,$5(
$OFXQLYROLLQIUDVHWWLPDQDOLFRVWDQRPHQRFHUFDOHLQGLFD]LRQLVXOFDWDORJR
(SHUYROLLQSDUWHQ]DGDOO·,WDOLDLQRUDULQRWWXUQLDYUDLXQDULGX]LRQHGL
HXUR
&RQGL]LRQLDSSOLFDELOLDSDFFKHWWLLQFOXVLYLGLYROLVSHFLDOL,7&DFTXLVWDWLDFRQ
GL]LRQLHTXRWHGDFDWDORJRLQGLYLGXDOH(VFOXVLLVRORYROR
/DQXRYDSUHQRWD]LRQHGRYUjULJXDUGDUHXQSDFFKHWWRLQFOXVLYRGLYRORVSHFLDOH
,7&ODGDWDGLSDUWHQ]DSRWUjHVVHUHVXFFHVVLYDQHOOLPLWHPDVVLPRGLJJR
DQWHFHGHQWHULVSHWWRDTXHOODRULJLQDULD1RQVDUDQQRDGGHELWDWHVSHVHGLYDULD]LRQH
SUDWLFD/HTXRWHVDUDQQRDGHJXDWHLQSLRLQPHQRLQEDVHDLSUH]]LSXEEOLFDWL
VXOFDWDORJR
/HULGX]LRQLVXLYROLLQIUDVHWWLPDQDOLRQRWWXUQLVRQRYDOLGHSHUSDFFKHWWLYRORSL
VRJJLRUQRSXEEOLFDWLVXOFDWDORJRHVFOXGRQRLYROLGLOXQJRUDJJLRHVRQRDSSOLFDELOL
DOOH TXRWH DGXOWL VRQR HVFOXVL SHUWDQWR L YROL DGGL]LRQDOL H[WUD FDWDORJR H OH TXRWH
EDPELQLVFRQWDWHIRUIHWWDULH/HULGX]LRQLGHLYROLLQIUDVHWWLPDQDOLVRQRVHJQDODWHLQ
FDOFHDOOHWDEHOOHSUH]]L3HUYROLQRWWXUQLVLLQWHQGRQRTXHOOLLQSDUWHQ]DGDOO·,WDOLDGDOOH
DOOH
7HPSHVWLYLWjHWUDVSDUHQ]D
3ULPDGLWXWWR
3HUFDPELRJLRUQRGLSDUWHQ]DVLLQWHQGRQRPRGLILFKHFKHFRPSRUWDQRO·DQWLFL
SRRLOSRVWLFLSRGHOOHQRWWLSUHYLVWHLQKRWHO,OULPERUVRqSHUSHUVRQDDGXOWD3HUL
EDPELQLDQQLLOULPERUVRqSDULDO
)DQQRHFFH]LRQHOHPRGLILFKHDOO·LQWHUQRGHOORVWHVVRVLVWHPDDHURSRUWXDOH,O
ULPERUVRqSHUSHUVRQDDGXOWD
3HUEDPELQLDQQLLOULPERUVRqSDULDO
2UJDQL]]D]LRQHHWHFQRORJLD
DOWXRVHUYL]LR
8QDJUDQGHRUJDQL]]D]LRQHFKHLPSLHJDODWHFQRORJLDSLDYDQ]DWDFRQ
XQXQLFRRELHWWLYR/DWXDFRPRGLWjHODWXDVRGGLVID]LRQH
IUDQFRURVVRLW
LOVLWRLQWHUQHWSHUHVVHUHDJJLRUQDWRVXJOLRUDULGHLYROLVXOO·KRWHOFKHKDL
SUHQRWDWRVXOOHORFDOLWjGLYDFDQ]DRSHUDYHUHSLLQIRUPD]LRQLVXOWXR
YLDJJLR
606
DWWUDYHUVR LO WXR WHOHIRQR PRELOH SXRL ULFHYHUH OD FRQIHUPD GHO YROR GL
DQGDWDDHURSRUWRGDWDRUDULRGLFRQYRFD]LRQHHGLSDUWHQ]DLOJLRUQR
SULPDGHOODSDUWHQ]D
3HULGHWWDJOLVXOVHUYL]LRVPVYHGL$OSLWRXU:RUOG$PLFRQHOOHSDJLQHVHJXHQWLGHO
FDWDORJR
)OLJKW:DWFK
XQ·HTXLSHGLSURIHVVLRQLVWLRSHUDWLYDRUHVXFKHPRQLWRUDLOPRYL
PHQWRGHLYROLVSHFLDOLLQFRQWDWWRFRVWDQWHFRQO·RUJDQL]]D]LRQH)UDQFR
URVVRLQ,WDOLDDOO·HVWHURHGLUHWWDPHQWHFRQOH&RPSDJQLH$HUHH
$OSLWRXU:RUOG$PLFR
,OWXRILORGLUHWWRSHUFRPXQLFDUHFRQ)UDQFRURVVRSULPDGXUDQWHHGRSR
ODYDFDQ]D
8Q&DOO&HQWHUGLDVVLVWHQ]DWHOHIRQLFDHGLQIRUPD]LRQLVXOYLDJJLRSUHQR
WDWRDWXDGLVSRVL]LRQHFRQXQDVHPSOLFHWHOHIRQDWDDOQXPHURFKHWURYH
UDLQHLGRFXPHQWLGLYLDJJLR3HU)UDQFRURVVRTXDOLWjqDQFKHFRQRVFHUH
LOJUDGRGLVRGGLVID]LRQHGLFKLKDYLDJJLDWRSHUTXHVWRODFRPSLOD]LRQH
GHO4XHVWLRQDULR4XDOLWjWLSHUPHWWHGLHVSULPHUHLOWXRJLXGL]LRHGLFRQ
WULEXLUHDOFRVWDQWHPLJOLRUDPHQWRGHLVHUYL]LRIIHUWL
3HUPDJJLRULGHWWDJOLYHGL$OSLWRXU:RUOG$PLFRQHOOHSDJLQHVHJXHQWLGHOFDWDORJR
)UDQFRURVVRVHOH]LRQDLSURSULIRUQLWRULVHFRQGRSUHFLVLFULWHULGLTXDOLWjH
GHGLFDXQDFXUDSDUWLFRODUHDLVHUYL]LFKHSURSRQH7XWWDYLDGRSRODSUH
QRWD]LRQHDOFXQLLPSUHYLVWLVLSRVVRQRYHULILFDUH6HVLUHQGHVVHURQHFHV
VDULHOHYDULD]LRQLVRWWRLQGLFDWH)UDQFRURVVRROWUHDJDUDQWLUWLDVVLVWHQ]D
HVHUYL]LDGGL]LRQDOLSHUULGXUUHLGLVDJLWLULPERUVD&RQWHPSHVWLYLWjHWUD
VSDUHQ]D
5,0%256,3(5/(02',),&+('(,92/,
,/92/2',$1'$7$68%,6&(815,7$5'2"
7LULPERUVLDPRXQJLRUQRGLVRJJLRUQR
&$0%,$,/*,2512',3$57(1=$"
7LULPERUVLDPRHXURDSHUVRQDROWUHDJOLHYHQWXDOLJLRUQLGLVRJJLRUQR
QRQXVXIUXLWL4XHOOLHYHQWXDOPHQWHLQSLOLRIIUH)UDQFRURVVR
&$0%,$/·$(5232572',3$57(1=$"
7LULPERUVLDPRHXURSHUSHUVRQDROWUHDRUJDQL]]DUHLWUDVIHULPHQWLH
RJQLDOWURVHUYL]LRQHFHVVDULR
,ULPERUVLULJXDUGDQRLSDFFKHWWLLQFOXVLYLGLYRORVSHFLDOHSLVRJJLRUQRWRXUFRQ
ULIHULPHQWR DL VHUYL]L FRQIHUPDWL DOO·DWWR GHOOD SUHQRWD]LRQH 1RQ VDUDQQR HURJDWL LQ
FDVRGLPRGLILFKHGRYXWHDFDXVHGLIRU]DPDJJLRUHVFLRSHULFRQGL]LRQLPHWHRUROR
JLFKHDYYHUVHFRQJHVWLRQHREORFFRGHOWUDIILFRDHUHRHFF
5LPERUVRSDULDGXQJLRUQRGLVRJJLRUQRYRORHVFOXVRDVHJXLWRGLXQULWDUGRGHO
YRORLQSDUWHQ]DGDOO·,WDOLDVXSHULRUHDRUHFKHGHWHUPLQLXQDULGX]LRQHGHOODYDFDQ]D
GLSDULHQWLWj
8QDSURPHVVDGLTXDOLWj
FKHQDVFHGDOO·HVSHULHQ]D
GLXQJUDQGH*UXSSR
$OSLWRXU:RUOG
QRWL]LH XWLOL
Q4XRWHGLLVFUL]LRQH
QRQULFKLHVWDSHUEDPELQLGDDDQQLQRQFRPSLXWL
9RORVRJJLRUQR
‡6SDJQD*UHFLD0DURFFR
€LYDLQFOXVD
‡(JLWWR&DSR9HUGH&DUDLEL0HVVLFR5HSXEEOLFD'RPLQLFDQD&XED
=DQ]LEDU.HQ\D(PLUDWL$UDELH2ULHQWH0DOGLYH0DXULWLXV6UL/DQND
%DKDPDV
€LYDLQFOXVD
/DTXRWDLQGLYLGXDOHGLLVFUL]LRQHDOYLDJJLRGDDJJLXQJHUHDOODTXRWDGLSDUWHFLSD]LRQH
qVHPSUHGRYXWDHFRPSUHQGHLFRVWLILVVLGLSUHQRWD]LRQHO·DVVLFXUD]LRQH´$VVLVWHQ]D
DOODSHUVRQDµHQHOFDVRGLSDFFKHWWLFRQWUDVSRUWRGDOO·,WDOLDDQFKH´6SHVH0HGLFKHµ
´%DJDJOLRµH´6SHVHGLSULPDQHFHVVLWjµYHGL$OSLWRXU:RUOG6LFXURDSDJLQDHLO&DOO
&HQWHU$OSLWRXU:RUOG$PLFRYHGLSDJLQD
Q&DWHJRULDYDOXWD]LRQHGHLFRPSOHVVLDOEHUJKLHUL
$FFDQWRDOODFDWHJRULDXIILFLDOHORFDOHDVVHJQDWDGDJOLRUJDQLORFDOLFRPSHWHQWLqULSRUWDWD
XQDYDOXWD]LRQHVRJJHWWLYDLQSDOOLQLRPH]]LSDOOLQLEDVDWDVXOOLYHOORTXDOLWDWLYRJHQHUDOH
GHOOHVWUXWWXUHHGHLYDULVHUYL]LRIIHUWL7DOHYDOXWD]LRQHSXzULFRQIHUPDUHODFDWHJRULDXIILFLDOH
QXPHURGLVWHOOH QXPHURGLSDOOLQLRFRUUHJJHUODSHUHFFHVVRRSHUGLIHWWR
Q$SSXQWLGLYLDJJLR
$OO·LQWHUQRGHLFDWDORJKLVRQRSXEEOLFDWHSHUOHSULQFLSDOLGHVWLQD]LRQLVFKHGHLQIRUPD
WLYHFRQO·LQGLFD]LRQHGHLGRFXPHQWLQHFHVVDULGHOOHSUHFDX]LRQLVDQLWDULHGDDGRWWDUH
GHOOHQRUPHYDOXWDULHROWUHDXQDVHULHGLQRWL]LHSHUSUHSDUDUVLPHJOLRDOYLDJJLR
Q'XUDWDGHOYLDJJLR
/DGXUDWDGHLYLDJJLLQGLFDWDQHOOHWDEHOOHFRPSUHQGHLOJLRUQRGHOODSDUWHQ]DHTXHOOR
GHOULWRUQRQRQFKpLOQXPHURGHOOHQRWWLHIIHWWLYDPHQWHVSHVHLQDOEHUJR1HOFDVRGLYROL
UHJRODULGLOLQHDLOYLDJJLRSXzQRUPDOPHQWHHVVHUHSUROXQJDWRGLSLJLRUQLULVSHWWRDO
SURJUDPPD EDVH SXEEOLFDWR D FRQGL]LRQH FKH OD ULFKLHVWD VLD DYDQ]DWD DO PRPHQWR
GHOODSUHQRWD]LRQH1HOFDVRGLYROLVSHFLDOLGDWDODORURFDGHQ]DVHWWLPDQDOHLOYLDJJLR
SXzHVVHUHSUROXQJDWRVRORGLXQDRSLVHWWLPDQH$QFKHLQTXHVWRFDVRODULFKLHVWD
GHYHHVVHUHIDWWDDOPRPHQWRGHOODSUHQRWD]LRQHGHOYLDJJLR
Q'RFXPHQWL
'DWDODYDULDELOLWjGHOODQRUPDWLYDLQPDWHULDWXWWHOHLQIRUPD]LRQLUHODWLYHDLGRFXPHQWLGL
HVSDWULRULSRUWDWHVXTXHVWRFDWDORJRVRQRGDFRQVLGHUDUVLLQGLFDWLYH,QROWUHWDOLLQIRUPD
]LRQLVLULIHULVFRQRXQLFDPHQWHDFLWWDGLQLLWDOLDQLHPDJJLRUHQQL3HUTXDOVLDVLVLWXD]LRQH
GLYHUVD GD TXHOOH VX LQGLFDWH DG HV PLQRUL FLWWDGLQL VWUDQLHUL VDUj QHFHVVDULD XQD
VSHFLILFDYHULILFDGDSDUWHGHLFOLHQWLGLUHWWDPHQWHLQWHUHVVDWLFRQOHDXWRULWjFRPSHWHQWL
,QRJQLFDVRVLFRQVLJOLDGLFRQWUROODUHVHPSUHODUHJRODULWjGHLSURSULGRFXPHQWLSUHVVR
WDOL DXWRULWj LQ WHPSR XWLOH SULPD GHOOD SDUWHQ]D Ë VHPSUH FRQVLJOLDELOH FRQVXOWDUH LO
SURSULRPHGLFRLQPHULWRDGHYHQWXDOLSURILODVVLYDFFLQD]LRQL
9LDJJLDOO·HVWHURGLPLQRULVLIDSUHVHQWHFKHODQRUPDWLYDVXLYLDJJLDOO·HVWHURGHLPLQRUL
YDULDDQFKHLQIXQ]LRQHGHOOHGLVSRVL]LRQLQD]LRQDOLGHLVLQJROL3DHVL/DUHFHQWHQRUPD
WLYDLWDOLDQDQRYHPEUHSUHYHGHO·REEOLJDWRULHWjGHOSDVVDSRUWRLQGLYLGXDOHDQFKH
SHULPLQRULODFXLYDOLGLWjWHPSRUDOHqGLIIHUHQ]LDWDLQEDVHDOO·HWjIHUPDUHVWDQGROD
YDOLGLWjGHLSDVVDSRUWLLQFXLLPLQRULULVXOWLQRJLjLVFULWWL6LFRQVLJOLDSHUWDQWRGLDVVXPH
UHLQIRUPD]LRQLDJJLRUQDWHSUHVVRODSURSULD4XHVWXUDQRQFKpSUHVVROH$PEDVFLDWHRL
&RQVRODWLGHO3DHVHDFFUHGLWDWLLQ,WDOLDHRLOSURSULRDJHQWHGLYLDJJLR
Q9ROL
, YLDJJL ,7& VRQR L YLDJJL HIIHWWXDWL FRQ YROL VSHFLDOL SHU L TXDOL )UDQFRURVVR KD
DFTXLVWDWRGDLYHWWRULXQQXPHURGHILQLWRGLSRVWLULVHUYDQGROLDLSURSULFOLHQWL/DVLJOD
,7&VLJQLILFD´LQFOXVLYHWRXUFKDUWHUµHFRUULVSRQGHDGXQSURJUDPPDGLYLDJJLRFRP
SUHQVLYRROWUHFKHGHOYRORGLDQGDWDHULWRUQRDQFKHGHOVRJJLRUQRDOEHUJKLHURRGHO
WRXU,YLDJJLFRQYRORGLOLQHDVRQRHIIHWWXDWLFRQLQRUPDOLRSHUDWLYLGHOWUDIILFRUHJRODUH
GLOLQHDFKH)UDQFRURVVRXWLOL]]DSHUFRPSOHWDUHODSURSULDRIIHUWDGLSURJUDPPLVXOOH
YDULH GHVWLQD]LRQL (VVL SRVVRQR PHJOLR VRGGLVIDUH O·HVLJHQ]D GHL FOLHQWL LQ UDSSRUWR
DOO·XWLOL]]RGLFODVVLGLYHUVHHFRQRP\EXVLQHVVILUVWHGLRSHUDWLYLSLDPSL$QFKHSHU
LYROLGLOLQHDYHQJRQRRIIHUWHOHWDULIIHSLFRQYHQLHQWLFKHSRVVRQRSHUzFRPSRUWDUH
UHVWUL]LRQL GL WUDIILFR /H TXRWH GL SDUWHFLSD]LRQH GHOOH FRPELQD]LRQL SUHYLVWH FRQ YROL
GLOLQHDVRQRFRVWUXLWHFRQXQDFODVVHWDULIIDGLSUHQRWD]LRQHGHILQLWDGDOODFRPSDJQLD
DHUHD3RWUHEEHURGLFRQVHJXHQ]DHVVHUHVRJJHWWHDGDXPHQWLTXDORUDDOPRPHQWR
GHOODSUHQRWD]LRQHODGLVSRQLELOLWjQHOODFODVVHGHOODWDULIIDXWLOL]]DWDULVXOWDVVHHVDXULWD
,EDPELQLILQRDDQQLQRQFRPSLXWLYLDJJLDQRJUDWXLWDPHQWHVXLYROLVSHFLDOLODTXRWD
UHODWLYDDLYROLGLOLQHDqGDULFKLHGHUHDOO·DWWRGHOODSUHQRWD]LRQH,OQRPHGHOYHWWRUHFKH
HIIHWWXHUjLOLYRVWURLYRORLqLQGLFDWRQHOIRJOLRGLFRQIHUPDHYHQWXDOLYDULD]LRQLYLYHUUDQ
QRFRPXQLFDWHWHPSHVWLYDPHQWHQHOULVSHWWRGHO5HJRODPHQWR
Q%DJDJOLRLQYROR
2OWUHDOWUDVSRUWRGLNJDVHFRQGDGHOOD&RPSDJQLD$HUHDGLEDJDJOLRSHUVRQDOH
LQVWLYDqFRQVHQWLWRSRUWDUHDERUGRGHOO·DHUHRNJGLEDJDJOLRDPDQRHWLFKHWWDWR
1HOFDVRGLHFFHGHQ]DEDJDJOLRYHUUjULFKLHVWRDOO·LPEDUFRLOSDJDPHQWRGHOSHVRLQ
HFFHGHQ]DLQGLFDWLYDPHQWHWUDLHLHXURSHURJQLNJHFFHGHQWH3HUOHQRUPH
EDJDJOLR D PDQR FRQVXOWDUH LO VLWR KWWSZZZHQDFLWDOLDLW,B'LULWWLBGHLB3DVVHJJHUL
&RVDBSRUWDUHBDBERUGRULYROJHUVLDOODSURSULDDJHQ]LD
%DJDJOLR VSHFLDOH ELFLFOHWWH ZLQGVXUI DWWUH]]DWXUH SHU LPPHUVLRQL VDFFKH GD
JROIHFF/DULFKLHVWDGLWUDVSRUWRGLWDOHEDJDJOLRGHYHHVVHUHFRPXQLFDWDDOO·DWWR
GHOOD SUHQRWD]LRQH /D FRQIHUPD GHOOD SRVVLELOLWj GL LPEDUFDUH LO EDJDJOLR VSHFLDOH
q VHPSUH VXERUGLQDWD DOO·DFFHWWD]LRQH GD SDUWH GHOOD FRPSDJQLD DHUHD PHQWUH
O·DXWRUL]]D]LRQH GHILQLWLYD SHU O·LPEDUFR LO JLRUQR VWHVVR GHOOD SDUWHQ]D VSHWWD DO
FRPDQGDQWH,OFRVWRGHOWUDVSRUWRqGHILQLWRGDLVLQJROLYHWWRULHGRYUjHVVHUHSDJDWR
GLUHWWDPHQWHDOFKHFNLQLQDHURSRUWR,OYHWWRUHVLULVHUYDLQROWUHGLQRQLPEDUFDUHLO
EDJDJOLRVSHFLDOHTXDORUDYLIRVVHURSUREOHPLLQHUHQWLDOORVWRFFDJJLRGHLEDJDJOLLQ
VWLYD$QFKHODULFKLHVWDGLWUDVIHULPHQWRGHOEDJDJOLRVSHFLDOHGDOO·DHURSRUWRDOO·KRWHO
HYLFHYHUVDqGDHIIHWWXDUHDOO·DWWRGHOODSUHQRWD]LRQHLOVHUYL]LRSXzHVVHUHVRJJHWWR
DVXSSOHPHQWR
Q2UDULHRSHUDWLYLDHUHL
, JLRUQL H JOL DHURSRUWL GL SDUWHQ]D LQGLFDWL GD SDJ D SDJ KD YDORUH SXUD
PHQWH LQGLFDWLYR H VRQR VXVFHWWLELOL GL YDULD]LRQH GD SDUWH GHOOH FRPSDJQLH DHUHH
DQFKHVHQ]DSUHDYYLVR(VVLQRQFRVWLWXLVFRQR´HOHPHQWRHVVHQ]LDOHGHOFRQWUDWWRµ
(YHQWXDOLYDULD]LRQLULVSHWWRDTXDQWRSXEEOLFDWRSRWUDQQRDQFKHULJXDUGDUHVHFRQGR
QHFHVVLWjODFRPSDJQLDDHUHDHLOWLSRGLDHURPRELOHXWLOL]]DWRLQQHVVXQFDVRYHUUDQ
QRFRPXQTXHXWLOL]]DWLDHURPRELOLRFRPSDJQLHDHUHHGLTXDOLWjRDIILGDELOLWjLQIHULRUH
DTXHOOLSXEEOLFDWLO·DHURSRUWRGLSDUWHQ]DLOFDPELRGLFODVVHGLSUHQRWD]LRQHO·HI
IHWWXD]LRQHGLVFDOLQRQSUHYLVWL*OLRUDULGHILQLWLYLGHLYROLURXWLQJHGHYHQWXDOLVFDOL
FRQYRFD]LRQHHOXRJRGLULWURYRVDUDQQRULSRUWDWLVXOODFRPXQLFD]LRQHGLVSRQLELOHLQ
DJHQ]LDSULPDGHOODSDUWHQ]D,QRJQLFDVRLOFOLHQWHGRYUjQHFHVVDULDPHQWHFRQWDWWDUH
ODSURSULD$JHQ]LDGLYLDJJLRLOFDOOFHQWHU$OSLWRXU:RUOG$PLFRXQJLRUQRODYRUDWLYR
SULPD GHOOD SDUWHQ]D (· LQROWUH SRVVLELOH RWWHQHUH LQIRUPD]LRQL RQOLQH ULJXDUGR JOL
RSHUDWLYLGHLQRVWULYROLVSHFLDOLFRQVXOWDQGRLOVLWRZZZIUDQFRURVVRLW
Q7DVVHDHURSRUWXDOLHGLQFUHPHQWLDVVLFXUDWLYL
/HTXRWHGLSDUWHFLSD]LRQHUHODWLYHDYLDJJLHIIHWWXDWLFRQYROLVSHFLDOLFRPSUHQGRQR
OHWDVVHDHURSRUWXDOLWDVVHGLLPEDUFRHWDVVHGLVLFXUH]]DLQ,WDOLD1RQVRQRPDL
LQFOXVHOHWDVVHDHURSRUWXDOLHOHVHFXULW\WD[DOO·HVWHUR/H TXRWHGLSDUWHFLSD]LRQH
UHODWLYHDYLDJJLHIIHWWXDWLFRQYROLUHJRODULGLOLQHDQRQFRPSUHQGRQROHWDVVHDHUR
SRUWXDOLWDVVHGLLPEDUFRHWDVVHGLVLFXUH]]DQpLWDOLDQHQpHVWHUH7XWWHOHTXRWH
GLSDUWHFLSD]LRQHQRQFRPSUHQGRQRHYHQWXDOLLQFUHPHQWLDVVLFXUDWLYLDSSOLFDWLGDOOH
&RPSDJQLH$HUHH,OUHODWLYRDPPRQWDUHVDUjFRPXQLFDWRDOO·DWWRGHOODSUHQRWD]LRQH
1%JOLLPSRUWLLQGLFDWLVXTXHVWRFDWDORJRUHODWLYLDOOHWDVVHGLLQJUHVVRXVFLWDHFF
VRQRGDFRQVLGHUDUVLLQGLFDWLYL
Q$VVLVWHQ]D
/·DVVLVWHQ]DWXULVWLFDQHOOHORFDOLWjGLGHVWLQD]LRQHGHOYLDJJLRqVYROWDGDSHUVRQDOH
LWDOLDQRRORFDOHDVHFRQGDGHOOHORFDOLWjHGHLSHULRGLVWDJLRQDOL/·DVVLVWHQ]DGXUDQWH
OHHVFXUVLRQLqHVHJXLWDGDJXLGHORFDOLDXWRUL]]DWHQRUPDOPHQWHSDUODQWLLWDOLDQR*OL
XIILFLGLDVVLVWHQ]DDOO·HVWHURIDQQRFDSRDOFRUULVSRQGHQWHORFDOHLFXLUHFDSLWLVRQR
LQGLFDWLQHOOHLQIRUPD]LRQLGLYLDJJLRULODVFLDWHSULPDGHOODSDUWHQ]D
Q$OEHUJKL
*OLDOEHUJKLGHVFULWWLQHOFDWDORJRRIIURQRLOPLJOLRUUDSSRUWRTXDOLWjSUH]]RULVFRQWUDWRGD
)UDQFRURVVRQHOODFDWHJRULDGLDSSDUWHQHQ]DHQHOODORFDOLWj2JQLDOEHUJRqSUHVHQWDWR
FRQXQDVFKHGDLQIRUPDWLYDFKHQHLQGLFDSRVL]LRQHVWUXWWXUDHVHUYL]LGLVSRQLELOL/H
TXRWHSXEEOLFDWHDOO·LQWHUQRGHOFDWDORJRVLULIHULVFRQRDOODVLVWHPD]LRQHLQFDPHUDGRS
SLDDOOHVWLWDVHFRQGRODGLVSRQLELOLWjGHOO·DOEHUJRFRQGXHOHWWLJHPHOOLVHSDUDWLRFRQ
XQOHWWRPDWULPRQLDOH/HDWWLYLWjHO·XVRGHLVHUYL]LTXDOLVHUYL]LDOODSLVFLQDWHOHYLVRUH
WHOHIRQRFDVVHIRUWLPLQLEDUVRQRIUXLELOLVHFRQGROHPRGDOLWjLQGLFDWHQHOOHGHVFUL]LRQL
GHLVLQJROLKRWHO/·DVVHJQD]LRQHGHOOHFDPHUHDOO·DUULYRDYYLHQHQHJOLRUDULVWDELOLWLGDL
VLQJROLDOEHUJKL*HQHUDOPHQWHOHFDPHUHVRQRPHVVHDGLVSRVL]LRQHGHLFOLHQWLGRSR
OHRUHPHQWUHLOJLRUQRGHOODSDUWHQ]DGHYRQRHVVHUHODVFLDWHOLEHUHHQWUROHRUH
/·XWLOL]]RGHOOHFDPHUHROWUHLWHPSLVRSUDLQGLFDWLqVHPSUHVRJJHWWRDGDXWRUL]]D]LRQH
GD SDUWH GHOO·KRWHO FKH VL ULVHUYD GL ULFKLHGHUH XQ VXSSOHPHQWR GD SDJDUH LQ ORFR
4XDOVLDVL ULFKLHVWD GL FDPHUH FRQ FDUDWWHULVWLFKH SDUWLFRODUL FRPXQLFDQWL YLFLQH HWF
GRYUjHVVHUHIRUPXODWDDOPRPHQWRGHOODSUHQRWD]LRQHHYHUUjLQROWUDWDGD)UDQFRURVVR
DOO·DOEHUJRFKHSRWUjWXWWDYLDVRGGLVIDUODLQFDVRGLGLVSRQLELOLWjVRORDOO·DUULYR1HJOL
KRWHOGLVWHOOHHGL/XVVRqJHQHUDOPHQWHREEOLJDWRULRXQDEELJOLDPHQWRIRUPDOH
SHUODFHQDSDQWDORQLOXQJKLSHUJOLXRPLQL,Q2ULHQWHDOFXQLKRWHOULFKLHGRQRFRPH
JDUDQ]LDODFDUWDGLFUHGLWRTXDORUDLOFOLHQWHQHIRVVHVSURYYLVWRSRWUHEEHURULFKLHGHUH
XQGHSRVLWRLQGHQDUR
Q(YHQWLQDWXUDOL
0DUHHHPDUHJJLDWHSRVVRQRPRGLILFDUHODFRQIRUPD]LRQHGHOOLWRUDOHGLPLQXHQGRQH
RDXPHQWDQGRQHODSURIRQGLWj,OGHSRVLWRGHOOHDOJKHVXOOHVSLDJJHqXQIHQRPHQR
QDWXUDOHLQDOFXQL3DHVLSURWHWWRGDJOLDPELHQWDOLVWLO·HYHQWXDOHSRVVLELOLWjGLULPR]LRQH
GHOOHVWHVVHqVRJJHWWDDVSHFLILFKHDXWRUL]]D]LRQL
QRWL]LH XWLOL
Q7UDWWDPHQWR
,OJLRUQRGLDUULYRODFHQDLQKRWHOSRWUjHVVHUHFRQVXPDWDHQWUROHRUHSHUDUULYL
VXFFHVVLYLVDUjSUHYLVWDLQDOFXQLFDVLXQDFHQDIUHGGDRLOUHFXSHURGXUDQWHLOVRJJLRU
QRGHOSDVWRQRQIUXLWR7DOLVHUYL]LVRQRXQDWWRGLFRUWHVLDHQRQVRQRGRYXWL,OQXPHUR
GHLSDVWLSUHYLVWLFRUULVSRQGHUjDOQXPHURGLSHUQRWWDPHQWLSUHQRWDWLLQKRWHODVHFRQGD
GHOWUDWWDPHQWRSUHVFHOWR8OWHULRULSDVWLQRQSUHYLVWLQHOWUDWWDPHQWRSUHQRWDWRGRYUDQ
QRHVVHUHSDJDWLLQORFRTXDOLH[WUD1RQVRQRSUHYLVWLULPERUVLSHUSDVWLQRQIUXLWLSHU
TXDOVLDVLUDJLRQHGXUDQWHLOVRJJLRUQRRSHUDWLYLDHUHLHVFXUVLRQLHFF,SDVWLLQFOXVLQHO
WUDWWDPHQWRLQGLFDWRQHOODWDEHOODSUH]]LVRQRJHQHUDOPHQWHGDFRQVXPDUVLQHOULVWRUDQWH
SULQFLSDOHGHOO·KRWHO1HJOLKRWHOLQFXLqSUHYLVWRLOWUDWWDPHQWRFRQEHYDQGHDLSDVWLQRU
PDOPHQWHVLLQWHQGHDFTXDPLQHUDOHQDWXUDOHRVRIWGULQNELUUDLQ2ULHQWH3HUPH]]D
SHQVLRQHVLLQWHQGHSULPDFROD]LRQHHFHQDVDOYRRYHGLYHUVDPHQWHLQGLFDWR3HUFDIIq
VLLQWHQGHFDIIq´DOO·DPHULFDQDµ$WXWWLLFRPSRQHQWLGHOODVWHVVDSUDWLFDGLYLDJJLRVDUj
ULFKLHVWDODSUHQRWD]LRQHGHOPHGHVLPRWUDWWDPHQWR
Q7RXUH&URFLHUH
,WRXUHOHFURFLHUHSURSRVWHGD)UDQFRURVVRSRVVRQRHVVHUHHIIHWWXDWLLQJUXSSRRLQGL
YLGXDOPHQWHVHJXHQGRLWLQHUDULSUHVWDELOLWLSHUFRQVHQWLUHDOWXULVWDGLYLVLWDUHOHSULQFLSDOL
DWWUDWWLYHRIIHUWHGDOSDHVH,WRXUSRVVRQRFRPLQFLDUHGDOO·,WDOLDHFRPSUHQGHUHTXLQGL
LOYRORGLDQGDWDHULWRUQRRSSXUHLQL]LDUHGDXQDORFDOLWjHVWHUDFRPHHVWHQVLRQHDG
XQ VRJJLRUQR , VHUYL]L FRPSUHVL QHOOH TXRWH GL SDUWHFLSD]LRQH VRQR VSHFLILFDWL QHOOH
GHVFUL]LRQLUHODWLYHDGRJQLWRXU,OWUDVSRUWRYLHQHHIIHWWXDWRFRQDXWRSXOOPDQPLQLEXVR
YHLFROL´IXRULVWUDGDµVHFRQGRLOQXPHURGHLSDUWHFLSDQWLHOHFRQGL]LRQLGHOOHVWUDGHGD
SHUFRUUHUH3HULWRXUFKHSUHYHGRQRGHLWUDVIHULPHQWLLQYROLVHJQDOLDPRFKHSRWUHEEH
URHVVHUHSUHYLVWLGHJOLVFDOLLQWHUPHGL/DJXLGDTXDQGRSUHYLVWDqVHPSUHXQDJXLGD
SURIHVVLRQDOHGHO3DHVHYLVLWDWR/D)UDQFRURVVRSXzDQQXOODUHODSDUWHQ]DGHOVLQJROR
WRXUVLQRDJLRUQLSULPDGHOODSDUWHQ]DTXDQGROHSUHQRWD]LRQLQRQGRYHVVHURUDJ
JLXQJHUHLOPLQLPRLQGLFDWRLQRJQLVLQJRORWRXU,QTXHVWLFDVLYHUUjDSSOLFDWRO·DUW
GHOOH&RQGL]LRQL*HQHUDOL3HUUDJLRQLRSHUDWLYHJOLDOEHUJKLLQGLFDWLSRWUHEEHURHVVHUH
VRVWLWXLWLDQFKHVHQ]DSUHDYYLVRHOHHVFXUVLRQLHVVHUHHIIHWWXDWHLQJLRUQLGLYHUVLVHQ]D
SHUzPRGLILFDUHLFRQWHQXWLGHOYLDJJLR,SUH]]LGHLWRXUHGHOOHHVFXUVLRQLVRQRFDOFRODWL
LQEDVHDGXQPLQLPRGLSDUWHFLSDQWLTXLQGLLQFDVRGLQXPHURLQIHULRUHGLSDVVHJJHUL
LOSUH]]RqVRJJHWWRDGXQXOWHULRUHVXSSOHPHQWRGRYXWRDOODPDJJLRUHLQFLGHQ]DGHL
WUDVSRUWLWHUUHVWUL3HULWRXULQ6UL/DQNDLQFDVRGLSDUWHQ]DFRQPHQRGLSDUWHFLSDQWL
qSUHYLVWDODSUHVHQ]DGLXQDXWLVWDORFDOHSDUODQWHLWDOLDQRFKHRSHUDDQFKHLQTXDOLWj
GLJXLGDPHQWUHSHUSDUWHQ]HFRQDOPHQRSDVVHJJHULVRQRLQYHFHSUHYLVWLO·DXWLVWDH
ODJXLGDSDUODQWLLWDOLDQR
Q&DOFRORGHOOHTXRWH
/HTXRWHGLSDUWHFLSD]LRQHSXEEOLFDWHQHOOHWDEHOOHSUH]]LVLULIHULVFRQRVDOYRRYHGLYHU
VDPHQWHLQGLFDWRDYLDJJLGHOODGXUDWDGLXQDVHWWLPDQDHSRVVRQRGLIIHULUHDVHFRQGD
GHOO·DHURSRUWRGLSDUWHQ]DHRJLRUQRRSHUDWLYR3HURJQLYLOODJJLRFURFLHUDWRXUVRQR
ULSRUWDWHVDOYRGLYHUVDLQGLFD]LRQHOHTXRWHSHUSHUVRQDSHUVLVWHPD]LRQHLQFDPHUD
GRSSLDRFFXSDWDGDGXHSHUVRQH3HUVWDELOLUHODGXUDWDGLFLDVFXQYLDJJLRVLGHYRQR
LQFOXGHUH QHO FDOFROR GHL JLRUQL FRPSOHVVLYL VLD TXHOOR GHOOD SDUWHQ]D FKH TXHOOR GHO
ULWRUQRLQGLSHQGHQWHPHQWHGDOO·RUDULRGHLYROL3HUFDOFRODUHLOSUH]]RGHOODYDFDQ]Dq
VXIILFLHQWHULFHUFDUHQHOODWDEHOODSUH]]LLOSHULRGRLQFXLqFRPSUHVDODGDWDGLSDUWHQ]D
LQGLYLGXDQGRFRVuODUHODWLYDTXRWDGLSDUWHFLSD]LRQH*OLHYHQWXDOLVXSSOHPHQWLSHUOD
VLVWHPD]LRQHLQFDPHUDVLQJRODRFRQYLVWDPDUHHRDOWULVXSSOHPHQWLFRPHGDWDEHOOD
SUH]]LFKHVLDSSOLFDQRSHUXQPLQLPRGLQRWWLRPXOWLSOLVRQRLQGLFDWLLQFLDVFXQD
WDEHOODFRVuFRPHLOWUDWWDPHQWRSUHYLVWRËSRVVLELOHSUROXQJDUHLOVRJJLRUQRGLXQDR
GXHVHWWLPDQHLOFRVWRGHOODVHWWLPDQDDJJLXQWLYDHGHLUHODWLYLVXSSOHPHQWLHRULGX]LRQL
VLGHWHUPLQDLQGLYLGXDQGRLOSHULRGRLQFXLVRQRFRPSUHVHOHQRWWLH[WUD1HOFDVRGL
FRPELQD]LRQLLQIHULRULRVXSHULRULDOOHQRWWLVLGRYUjDJJLXQJHUHRVRWWUDUUHO·LPSRUWR
GHOOHUHODWLYHQRWWLH[WUD
Q4XRWHGLSDUWHFLSD]LRQH
3HU´4XRWDGLSDUWHFLSD]LRQHµVLLQWHQGH
‡/D ´4XRWD EDVHµ LQWHJUDWD GD HYHQWXDOL SHUQRWWDPHQWL VXSSOHPHQWDUL VXSSOHPHQWL
ULGX]LRQLDGHJXDPHQWL
4XRWH SUH]]L JLRUQDOLHUL H VXSSOHPHQWLULGX]LRQL VRQR VHPSUH GDLQWHQGHUVLSHUFRS
SLDVDOYRGRYHGLYHUVDPHQWHVSHFLILFDWR1HOFDVRGLHVFXUVLRQLQRQXVXIUXLWHLQORFR
R SDFFKHWWL GL HVFXUVLRQL XVXIUXLWL VROR SDU]LDOPHQWH SHU FDXVH QRQ GLSHQGHQWL GDOOD
)UDQFRURVVR QRQ q SUHYLVWR QHVVXQ ULPERUVR , VHUYL]L GHGLFDWL HVFOXVLYDPHQWH DJOL
VSRVLVRQRSUHYLVWLXQLFDPHQWHQHOODTXRWDEDVHGLSDUWHFLSD]LRQHVDOYRGRYHGLYHU
VDPHQWHLQGLFDWR3HUFDOFRODUHLOSUH]]RGHOYLDJJLRqVXIILFLHQWHULFHUFDUHQHOODWDEHOOD
SUH]]L LO SHULRGR LQ FXL q FRPSUHVD OD GDWD GL SDUWHQ]D LQGLYLGXDQGR FRVu OD UHODWLYD
TXRWDGLSDUWHFLSD]LRQHËSRVVLELOHSUROXQJDUHLOVRJJLRUQRLOFRVWRVXSSOHPHQWDUHVL
GHWHUPLQDLQGLYLGXDQGRLOSHULRGRLQFXLqFRPSUHVDODQRWWHVHWWLPDQDVXSSOHPHQWDUH
/HTXRWHFRPSUHQGRQR
ELJOLHWWRDHUHRLQFODVVHHFRQRPLFDVXLYROLVSHFLDOL)UDQFRURVVRRVXLYROLUHJRODULGL
OLQHD
IUDQFKLJLDEDJDJOLRNJRVHFRQGRODFRPSDJQLDDHUHD
WUDVIHULPHQWLGDSHUJOLDHURSRUWLDOO·HVWHURVDOYRGLYHUVDPHQWHLQGLFDWR,WUDVIHULPHQWL
VRQRJHQHUDOPHQWHFROOHWWLYLFRQSRVVLELOLWjGLVRVWHLQWHUPHGLHSUHVVRDOWULFRPSOHV
VL VLVWHPD]LRQH LQ FDPHUH D GXH OHWWL QHJOL DOEHUJKL SUHVFHOWL R SUHYLVWL GDO WRXU
FURFLHUDFRQWUDWWDPHQWRFRPHLQGLFDWRLQWDEHOODLQWDOXQLFDVLSXUHVVHQGRSUHYLVWR
LOVHUYL]LRGLSHQVLRQHFRPSOHWDLOSULPRRO·XOWLPRSDVWRQRQVDUDQQRFRQVXPDWLSHU
UDJLRQLRSHUDWLYHDFDXVDGHOO·RUDULRGLDUULYRRGLSDUWHQ]DGHOYRORLQWDOFDVRO·DOEHU
JRQRQFRQFHGHULPERUVR
YLVLWHHVFXUVLRQLHWUDVIHULPHQWLLQDXWRSXOOPDQJUDQWXULVPRFRQDULDFRQGL]LRQDWDRLQ
PLQLEXVRLQ/DQG5RYHUGXUDQWHLWRXUFRQJXLGDSDUODQWHLWDOLDQRVDOYRGLYHUVDPHQWH
LQGLFDWR
WXWWRTXDQWRLQFOXVRQHOSDUDJUDIR´3HQVDWRSHUYRLµLQGLFDWRLQRJQLSURJUDPPD
KRWHOQRQVRQRSUHYLVWLULPERUVLQHOFDVRGLSDU]LDOHRWRWDOHULQXQFLDGDSDUWHGHO
FOLHQWHGLXVXIUXLUHGHLVHUYL]LSUHYLVWL
DVVLVWHQ]D GL QRVWUR SHUVRQDOH VSHFLDOL]]DWR R GL TXHOOR GHO QRVWUR 8IILFLR GL
5DSSUHVHQWDQ]D
VHWGDYLDJJLRSUHYLVWRSHURJQLSUDWLFDLQGLYLGXDOHHVFOXVHHYHQWXDOLTXRWHSURPR
]LRQDOLSUDWLFKHGLVROLVHUYL]LDWHUUD/·RPDJJLRYHUUjUHFDSLWDWRSUHVVRO·DJHQ]LD
GLYLDJJLLQFXLqVWDWDHIIHWWXDWDODSUHQRWD]LRQH,QFDVRGLHVDXULPHQWRLOVHWVDUj
VRVWLWXLWRFRQXQRPDJJLRHTXLYDOHQWH
/HTXRWHQRQFRPSUHQGRQR
LSDVWLQRQHVSUHVVDPHQWHLQGLFDWLLQSURJUDPPD
OHYLVLWHHOHHVFXUVLRQLIDFROWDWLYHRHIIHWWXDWHDWLWRORLQGLYLGXDOH
EHYDQGHVDOYRGLYHUVDPHQWHLQGLFDWRPDQFHH[WUDDOEHUJKLHUL
OHVSHVHGLIDFFKLQDJJLRHWXWWRTXDQWRQRQHVSUHVVDPHQWHLQGLFDWRLQRJQLVLQJROR
SURJUDPPDGLYLDJJLR
LYLVWLG·LQJUHVVRHOHWDUJKHWWHWXULVWLFKHVDOYRGLYHUVDPHQWHVSHFLILFDWR
OHWDVVHDHURSRUWXDOLDOO·HVWHUR
ODTXRWDGLLVFUL]LRQH
1RWDEHQH,SUROXQJDPHQWLULFKLHVWLLQORFRGDLFOLHQWLSRWUDQQRHVVHUHFRQIHUPDWL
VDOYRGLVSRQLELOLWj,OFRVWRDJJLXQWLYRDFDULFRGHOFOLHQWHVDUjFDOFRODWRVXOODEDVH
GHOOHTXRWHVXTXHVWRFDWDORJR/HULFKLHVWHGLPRGLILFDGLVLVWHPD]LRQHDOEHUJKLHUD
VRQRFRQIHUPDELOLDQFK·HVVHVDOYRGLVSRQLELOLWjHSRVVRQRHVVHUHVRJJHWWHDOO·DSSOL
FD]LRQHGLHYHQWXDOLVSHVHRSHQDOLWjGDSDUWHGHJOLDOEHUJDWRUL/DGLIIHUHQ]DGLFRVWR
VDUjFDOFRODWDWUDODTXRWDSDJDWDSHUDOVLVWHPD]LRQHSUHQRWDWDHODTXRWDUHODWLYD
DOODQXRYDVLVWHPD]LRQHSXEEOLFDWDVXTXHVWRFDWDORJR
/HGHVFUL]LRQLGHJOLDOEHUJKLJOLLWLQHUDULGHLWRXUFURFLHUHHGHOOHHVFXUVLRQLQRQFKp
OHQRWL]LHVXOOHGHVWLQD]LRQLVRQRIRUQLWHGDOO·2UJDQL]]DWRUHLQEDVHDOOHLQIRUPD]LRQL
ULSRUWDWHGDLULVSHWWLYLIRUQLWRULHLQVXRSRVVHVVRDOPRPHQWRGHOODVWDPSDGHOFDWD
ORJR SRVVRQR SHUWDQWR VXELUH YDULD]LRQL DQFKH VHQ]D SUHDYYLVR /H VWUXWWXUH H OH
DWWLYLWj VSRUWLYH VRQR DQFK·HVVH GHVFULWWH VXOOD EDVH GHOOH LQIRUPD]LRQL IRUQLWH GDJOL
DOEHUJKLËSRVVLELOHFKHLIRUQLWRULDFDXVDGLLPSUHYLVWLVXELVFDQRULWDUGLQHLWHPSL
GLUHDOL]]D]LRQHHGLLQDXJXUD]LRQHRFKHSHUODYRULGLPDQXWHQ]LRQHDOFXQHVWUXWWXUH
VLDQR PRPHQWDQHDPHQWH QRQ XWLOL]]DELOL R QRQ LQ SHUIHWWR VWDWR GL IXQ]LRQDOLWj ,O
QRVWURSHUVRQDOHGLDVVLVWHQ]DQRQqSUHSRVWRDOODYHULILFDGHOODTXDOLWjGHOODJHVWLRQH
GHOOHVWUXWWXUHRGHLVHUYL]LPDqDGLVSRVL]LRQHGHOODFOLHQWHODSHUTXDOVLDVLQHFHVVLWj
GRYHVVHSUHVHQWDUVLQHOFRUVRGHOODYDFDQ]D
,QIRUPDWLYD3ULYDF\
$UW'/JV´&RGLFHLQPDWHULDGLSURWH]LRQHGHLGDWLSHUVRQDOLµ
$OSLWRXU 6S$ LQIRUPD L VXRL FOLHQWL FKH L GDWL IRUQLWL LQ FDVR GL SUHQRWD]LRQH
VDUDQQR WUDWWDWL SHU OD JHVWLRQH GHO SDFFKHWWR GL YLDJJLR LO FRQIHULPHQWR GHL
GDWLqIDFROWDWLYRPDVLUHQGHQHFHVVDULRSHUO·HVHFX]LRQHGHOFRQWUDWWR,GDWL
VDUDQQRWUDWWDWLFRQPRGDOLWjPDQXDOLLQIRUPDWLFKHHRWHOHPDWLFKHWUDLGDWL
IRUQLWL FL SRWUHEEHUR HVVHUH DQFKH DOFXQL GDWL GHILQLWL ´VHQVLELOLµ GDO &RGLFH
DGHVFOLHQWHGLYHUVDPHQWHDELOHWDOLGDWLSRWUDQQRHVVHUHWUDWWDWLVRORFRQ
LO FRQVHQVR VFULWWR GHO FOLHQWH LQ PDQFDQ]D GL WDOH FRQVHQVR $OSLWRXU 6S$
QRQSRWUjRWWHPSHUDUHDJOLREEOLJKLFRQWUDWWXDOL,GDWLSRWUDQQRHVVHUHFRPX
QLFDWL DOOH &RPSDJQLH $VVLFXUDWULFL HG D VRJJHWWL WHU]L DQFKH LQ SDHVL H[WUD
8( SHU O·HVSOHWDPHQWR GHOOD SUHQRWD]LRQH GHO YLDJJLR DOEHUJKL FRPSDJQLH
DHUHHHWF,GDWLQRQVDUDQQRGLIIXVL3RWUDQQRYHQLUHDFRQRVFHQ]DGHLGDWL
L5HVSRQVDELOLGHOWUDWWDPHQWRHGLVRJJHWWLLQFDULFDWLGHOWUDWWDPHQWRSUHSRVWL
DOODJHVWLRQHGHOUDSSRUWR6DUjSRVVLELOHULYROJHUVLDQFKHWHOHIRQLFDPHQWHDO
6HUYL]LR 3ULYDF\ R DO 3ULYDF\ 0DQDJHU 5HVSRQVDELOH GHO WUDWWDPHQWR GRPL
FLOLDWL SUHVVR LO 7LWRODUH GHO WUDWWDPHQWR SHU YHULILFDUH L GDWL H IDUOL LQWHJUDUH
DJJLRUQDUH R UHWWLILFDUH HR SHU HVHUFLWDUH JOL DOWUL GLULWWL SUHYLVWL GDOO·DUW GHO
'/JV,O7LWRODUHGHOWUDWWDPHQWRGHLGDWLq$OSLWRXU6S$FRQVHGHLQ
9LD5RFFDYLRQH6DQ5RFFR&DVWDJQDUHWWD&1
/·HOHQFR FRPSOHWR H DJJLRUQDWR GHL 5HVSRQVDELOL q GLVSRQLELOH SUHVVR LO VLWR
ZZZDOSLWRXULW
LVHUYL]L
&UHGL7UDYHOqODVROX]LRQHGLÀQDQ]LDPHQWRFKHLQFROODERUD]LRQHFRQ$JRV'XFDWR6S$WLSHUPHWWHGL
ÀQDQ]LDUHÀQRDOGHOFRVWRGHOYLDJJLR
3XRLULFKLHGHUODQHOOHDJHQ]LHGLYLDJJLDGHUHQWLDOO·LQL]LDWLYDÀQRDJLRUQLSULPDGHOODSDUWHQ]DHFRPLQFLD
ULPERUVDUHODSULPDUDWDÀQRDGXQPHVHGRSRODSDUWHQ]D
)RUPXOHGLÀQDQ]LDPHQWRSURSRVWHFRQ&UHGL7UDYHO
3HUXVXIUXLUHGLWXWWHOHRIIHUWHVRWWRULSRUWDWHSRWUDLULFKLHGHUHXQÀQDQ]LDPHQWRUDWHDOH
3HUPDJJLRULGHWWDJOLFRQVXOWDUHO·LQIRUPDWLYD´9HGLDPRFLFKLDURµSUHVHQWHLQTXHVWDSDJLQD
7$66267$1'$5'
6HULFKLHGLXQÀQDQ]LDPHQWRDWDVVRVWDQGDUGSXRLVFHJOLHUHGLULPERUVDUHLQRUDWHPHQVLOL
/DIRUPXODqDSSOLFDELOHSHUYLDJJLDTXRWDLQGLYLGXDOHLQGLFDWLQHOSUHVHQWHFDWDORJRSUHQRWDWLSUHVVROH
DJHQ]LHGLYLDJJLDGHUHQWLDOO·LQL]LDWLYD
(FFRFRPHIXQ]LRQDHVHPSLR
&RVWRGHOYLDJJLR
$FFRQWRSDULDOGHOFRVWRGHOYLDJJLR
,PSRUWRÀQDQ]LDWR
,PSRUWRUDWDPHQVLOHSHUPHVL
7RWDOHLPSRUWRGDULPERUVDUH
7DQ7DHJ
&RQ$OSLWRXU:RUOG$PLFRVRQRDWXDGLVSRVL]LRQHLVHJXHQWLVHUYL]LHVFOXVLYL
‡,O &DOO &HQWHU SHU DYHUH LQIRUPD]LRQL VXOOD YDFDQ]D SUHQRWDWD H VXO SDHVH GL GHVWLQD]LR
QHROWUH DG DYHUH DVVLVWHQ]D LQ FDVR GL QHFHVVLWj GXUDQWH OD YDFDQ]D TXDORUD QRQ IRVVH
SRVVLELOH ULYROJHUVL DJOL DVVLVWHQWL LQ ORFR LQROWUH OR VWDII q SURQWR D UDFFRJOLHUH WXWWL L WXRL
VXJJHULPHQWLHDIIURQWDUHLQVLHPHHYHQWXDOLSUREOHPLFKHQRQVLDVWDWRSRVVLELOHULVROYHUH
GXUDQWHODYDFDQ]D
7URYHUDLWXWWHOHLVWUX]LRQLHLULIHULPHQWLWHOHIRQLFLQHLGRFXPHQWLGLYLDJJLRFKHWLVDUDQQR
FRQVHJQDWLLQDJHQ]LDSULPDGHOODSDUWHQ]D
‡,O4XHVWLRQDULR4XDOLWjSHUFRQWULEXLUHFRQFUHWDPHQWHFRQLWXRLJLXGL]LDOPLJOLRUDPHQWR
GHOODTXDOLWjGHLVHUYL]LRIIHUWLUHJLVWUDWLVX\RXDQGVXQLWHFRPSLODLOPRGXORFKHULFHYHUDL
YLDPDLO
HXUR
HXUR
HXUR
HXUR
HXUR
‡,O0HVVDJJLR606SHUULFHYHUHODFRQIHUPDGHOYRORG·DQGDWDDHURSRUWRGDWDRUDULRGL
FRQYRFD]LRQHHGLSDUWHQ]DVXOWXRFHOOXODUHSRFKLJLRUQLSULPDGHOODSDUWHQ]D
63(&,$/(0(6,7$662=(52
6RORSHUL6RFLGHO&OXE<RXDQG6XQ
6HIDLSDUWHGL<RXDQG6XQLO&OXEGL$OSLWRXUSXRLULFKLHGHUHGLÀQDQ]LDUHODWXDYDFDQ]DLQPHVLD7DVVR
=HUR/·RIIHUWDqYDOLGDSHUYLDJJLDTXRWDLQGLYLGXDOHLQGLFDWLQHOSUHVHQWHFDWDORJRSUHQRWDWLSUHVVROH
DJHQ]LHGLYLDJJLDGHUHQWLDOO·LQL]LDWLYD
(FFRFRPHIXQ]LRQDHVHPSLR
&RVWRGHOYLDJJLR
$FFRQWRSDULDOGHOFRVWRGHOYLDJJLR
,PSRUWRÀQDQ]LDWR
,PSRUWRUDWDPHQVLOHSHUPHVL
7RWDOHLPSRUWRGDULPERUVDUH
7DQ7DHJ
,/),/2',5(772
3(5&+,9$,19$&$1=$
HXUR
HXUR
HXUR
HXUR
HXUR
3HU UDJLRQL WHFQLFKH TXHVWR VHUYL]LR QRQ q GD FRQVLGHUDUVL VRVWLWXWLYR GHOOD FRQIHUPD
IRUQLWDGDOO·$JHQ]LDGL9LDJJL
3HUXVXIUXLUHGHOVHUYL]LRqQHFHVVDULRFRPXQLFDUHLOSURSULRQXPHURGLFHOOXODUHDOPRPHQWRGHOODSUHQRWD]LRQH
VRORVHHIIHWWXDWDDOPHQRJLRUQLSULPDGHOODSDUWHQ]DFRQTXHVWDFRPXQLFD]LRQHGHOWXWWRIDFROWDWLYDVLDXWR
UL]]DLOWRXURSHUDWRUDGXWLOL]]DUHLOQXPHURWHOHIRQLFRHVFOXVLYDPHQWHSHUO·DWWLYD]LRQHHGHURJD]LRQHGHOVHUYL]LR
/HRIIHUWHHOHFRQGL]LRQLGHVFULWWHLQTXHVWDSDJLQDVRQRYDOLGHDOPRPHQWRGHOODVWDP
SDGHLFDWDORJKLHSRVVRQRHVVHUHVRJJHWWHDYDULD]LRQL
9HULILFDUHVHPSUHLQDJHQ]LDRVXOVLWRLQWHUQHWJUXSSRDOSLWRXULWOHFRQGL]LRQLDSSOLFD
ELOLDOPRPHQWRGHOODSUHQRWD]LRQH
63(&,$/(*2*2GD\V
6RORSHUOHRIIHUWH*2*2GD\VSUHVHQWLLQTXHVWRFDWDORJRSXRLULFKLHGHUHGLÀQDQ]LDUHLOWXRYLDJJLRLQ
PHVLFRQ7$1H7$(*0$;FRQVSHVHGLLVWUXWWRULDSDULDOO·GHOO·LPSRUWRÀQDQ]LDWR
(FFRFRPHIXQ]LRQDHVHPSLR
&RVWRGHOYLDJJLR
$FFRQWRSDULDOGHOFRVWRGHOYLDJJLR
6SHVHGLLVWUXWWRULD
,PSRUWRÀQDQ]LDWR
,PSRUWRUDWDPHQVLOHSHUPHVL
7RWDOHLPSRUWRGDULPERUVDUH
7DQ7DHJ
HXUR
HXUR
HXUR
HXUR
HXUR
HXUR
&RQGL]LRQLJHQHUDOL&2081,$7877(/()2508/(',),1$1=,$0(172
‡3XRLULFKLHGHUHXQÀQDQ]LDPHQWRÀQRDJLRUQLSULPDGHOODSDUWHQ]D
‡$FFRQWRPLQLPRREEOLJDWRULRGHOVXOO·LPSRUWRWRWDOHGHOYLDJJLR
‡6LFRPLQFLDDULPERUVDUHODSULPDUDWDÀQRDGXQPHVHGRSRODSDUWHQ]D
‡5LPERUVRWUDPLWH5,'
'RFXPHQWLQHFHVVDULSHUODULFKLHVWDGLÀQDQ]LDPHQWR
‡'RFXPHQWRG·LGHQWLWjLQFRUVRGLYDOLGLWj
‡7HVVHULQRGHO&RGLFHÀVFDOH
‡3HU,03257,),1$1=,$7,683(5,25,D€ qQHFHVVDULRXQGRFXPHQWRGLUHGGLWR$JRV'XFDWRVL
ULVHUYDFRPXQTXHLOGLULWWRGLULFKLHGHUHWDOHGRFXPHQWRDQFKHSHULPSRUWLLQIHULRUL
9HGLDPRFLFKLDUR
7XWWHOHULFKLHVWHGLÀQDQ]LDPHQWRVRQRVXERUGLQDWHDOO·DSSURYD]LRQHGL$JRV'XFDWR
6S$3HULO7DVVR=HURLQPHVL7$1H7$(*LPSÀQDQ]LDELOHPLQ€
PD[€SHU6SHFLDOH*2*2GD\V7$1H7$(*0$;LPSÀQDQ]LDELOH
PLQ€PD[€SHULO7DVVR6WDQGDUGGDDPHVL7$1H7$(*
0$;LPSÀQDQ]LDELOHPLQ€PD[€,O7$(*UDSSUHVHQWDLOFRVWR
GHOÀQDQ]LDPHQWRROWUHDLFRVWLDFFHVVRUL/HVSHVHGLLQFDVVRUDWD€VRQRJLj
FRPSUHVH QHO FDOFROR GHO 7$(* 3HU ULPERUVL FRQ GXUDWD ÀQR D PHVL HG LQ FDVR
GL SDJDPHQWR SUHVVR OH ÀOLDOL $JRV 'XFDWR VSHVH GL LQFDVVR UDWD SDUL D € , FRVWL
DFFHVVRULVRQRLVHJXHQWLLPSRVWDGLEROOR€VSHVHLQYLRUHQGLFRQWRDQQXDOH
HGLÀQHUDSSRUWR€ROWUH€SHULPSRVWDGLEROORSHULPSRUWLVXSHULRULD€
3HU OH FRQGL]LRQL HFRQRPLFKH H FRQWUDWWXDOL FRQVXOWDUH JOL $YYLVL HG L )RJOL
LQIRUPDWLYLGLVSRQLELOLSUHVVRWXWWHOHDJHQ]LHGLYLDJJLRDGHUHQWLDOO·LQL]LDWLYD/DGXUDWD
GHOO·RIIHUWD q OHJDWD DOOD YDOLGLWj GHO SUHVHQWH FDWDORJR 0HVVDJJLR SXEEOLFLWDULR FRQ
ÀQDOLWjSURPR]LRQDOH
,QFROODERUD]LRQHFRQ
&RQ$OSLWRXU:RUOG6LFXURODULFKLHVWD
GLULPERUVRD(XURS$VVLVWDQFH
HODFRQVXOWD]LRQHGHOVLQLVWURVRQRRQOLQH
3XRLHIIHWWXDUHODGHQXQFLD
HODFRQVXOWD]LRQHGHOWXRVLQLVWUR
DWWUDYHUVRLOOLQND(XURS$VVLVWDQFH
GLVSRQLELOHVXJUXSSRDOSLWRXULW
HSHUO·DJHQ]LDVXHDV\ERRNLW
/H FRQGL]LRQL GL SROL]]D VRQR DQFKH GLVSRQLELOL
VXOVLWRLQWHUQHWJUXSSRDOSLWRXULW
,O WHVWR GHOOH JDUDQ]LH H GHOOH SUHVWD]LRQL ULSRUWDWR QHOOD SDJLQD VXFFHVVLYD q GD
LQWHQGHUVL SXUDPHQWH LQGLFDWLYR (IIHWWL GHOLPLWD]LRQL H GHWWDJOL VRQR ULSRUWDWL QHOOH
&RQGL]LRQL*HQHUDOLGL$VVLFXUD]LRQHDFFHWWDWHHULWLUDWHGDOO·DVVLFXUDWRLQIDVHGLSUH
QRWD]LRQHSUHVVROH$JHQ]LHGL9LDJJLR7DOHWHVWRULDVVXPHOHFRQGL]LRQLYDOLGHDO
PRPHQWRGHOODVWDPSDGHOFDWDORJRHSXzHVVHUHVRJJHWWRDYDULD]LRQLYHULILFDUHLQ
DJHQ]LDRVXOVLWRJUXSSRDOSLWRXULWOHFRQGL]LRQLYDOLGHDOODGDWDGHOODSUHQRWD]LRQH
&21&(66,21$5,$*58332$/3,7285
3HULQVHULUHXQDSXEEOLFLWjVXTXHVWRFDWDORJRRSHURWWHQHUHPDJJLRULLQIRUPD]LRQLVXWXWWLLSURGRWWLHGLWRULDOLGHO*UXSSR$OSLWRXUFRQWDWWDUH
VWHIDQROXJDUR#DOSLWRXUZRUOGLW
3URJHWWRJUDILFR+ROHLQ2QHVUO0LODQR3URJHWWRFUHDWLYRFRSHUWLQD+ROHLQ2QHVUO0LODQR&RSHUWLQD3KRWR$UFKLYLR+ROHLQ2QH5HDOL]]D]LRQHFRRUGLQDPHQWRHLPSLDQWL
+ROHLQ2QHVUO0LODQR)RWR$UFKLYLR)UDQFRURVVR$OEHUJKL(QWLGHO7XULVPR&RUELV)RWROLD*HWW\0DUND7LSV6KXWWHUVWRFN6WDPSD1XRYR,VWLWXWRG·$UWL*UDILFKH%HUJDPR
)LQLWRGLVWDPSDUHDJHQQDLR8IILFLDO3XEEOLFR/HSULQFLSDOL$JHQ]LHGL9LDJJLRVXOWHUULWRULRQD]LRQDOH6LWR,QWHUQHWIUDQFRURVVRLWDOSLWRXUZRUOGFRP
LVHUYL]L
ODIHOLFLWjqDVVLFXUDWD
/$)2508/$$66,&85$7,9$3,Ö&203/(7$3(5*$5$17,57,/$6(5(1,7­(/$6,&85(==$&+(0(5,7,
48$1'26&(*/,81$9$&$1=$$/5,3$52'$2*1,,035(9,672
3(57877,
3(5&+,982/(3,Ö3527(=,21(
75$9(/%$6,&3527(=,21(',%$6(
723%22.,1*3/863527(=,21(&21752*/,,035(9,67,
$VVLFXUD]LRQHFRPSUHVDQHOODTXRWDG·LVFUL]LRQH
$VVLFXUD]LRQLIDFROWDWLYHLQWHJUDWLYH
$66,&85$=,21($66,67(1=$$//$3(5621$
&RSHUWXUH$
‡&HQWUDOH2SHUDWLYDLQIXQ]LRQHRUHVXWXWWLLJLRUQLGHOO·DQQR
‡&RQVXOHQ]DPHGLFD
‡5LHQWURVDQLWDULR
‡7UDVSRUWRVDOPD
‡5LHQWURFRQXQIDPLOLDUHRFRPSDJQRGLYLDJJLR
‡5LHQWURDQWLFLSDWR
&RSHUWXUH%
‡,QYLRGLXQPHGLFRLQFDVLGLXUJHQ]D
‡6HJQDOD]LRQHGLXQPHGLFRVSHFLDOLVWDDOO·HVWHUR
‡5LHQWURGHJOLDOWULDVVLFXUDWL
‡9LDJJLRGLXQIDPLOLDUH
‡$FFRPSDJQDPHQWRGHLPLQRUL
‡7UDVSRUWRGLSULPRVRFFRUVR
‡5LHQWURGHOFRQYDOHVFHQWH
‡3UROXQJDPHQWRGHOVRJJLRUQR
‡6HJQDOD]LRQHPHGLFLQDOLDQDORJKL
‡,QWHUSUHWHDGLVSRVL]LRQHDOO·HVWHUR
‡$QWLFLSRVSHVHGLSULPDQHFHVVLWj
‡$QWLFLSRFDX]LRQHSHQDOHDOO·HVWHUR
‡6HJQDOD]LRQHGLXQOHJDOHDOO·HVWHUR
‡,QYLRGLPHVVDJJLXUJHQWL
‡$VVLVWHQ]DLQIHUPLHULVWLFDDOGRPLFLOLR
‡3URWH]LRQHFDUWHGLFUHGLWR
‡5HSHULPHQWROHJDOHDOO·HVWHUR
$66,&85$=,21(%$*$*/,2($&48,67,',35,0$1(&(66,7­
‡ULPERUVRGHLGDQQLGHULYDWLGDIXUWRVFLSSRUDSLQDPDQFDWDULFRQVHJQDLQFHQGLRURWWXUD
‡ULPERUVRGHOOHVSHVHGRFXPHQWDWHSHUDFTXLVWLGLSULPDQHFHVVLWj
$66,&85$=,21(5,0%256263(6(0(',&+(
‡SDJDPHQWRRULPERUVRGHOOHVSHVHPHGLFKHGRFXPHQWDWHLQFDVRGLLQIRUWXQLRRPDODW
WLDGXUDQWHLOYLDJJLRILQRDHXUR
SHUWXWWLLSURJUDPPL
SHUSURJUDPPLFRQWUDVSRUWRGDOO·,WDOLD
SHUSURJUDPPLVHQ]DWUDVSRUWRGDOO·,WDOLD
*$5$1=,$$118//$0(17202',),&$
‡ULPERUVRGHOOHSHQDOLDSSOLFDWHLQFDVRGLDQQXOODPHQWRPRGLILFDGHOYLDJJLRGRYXWL
SHUTXDOVLDVLPRWLYRSXUFKpLPSUHYHGLELOHILQRDOƒJLRUQRDQWHSDUWHQ]DWDVVHDVVYH
JLjLQFOXVHQHOSUHPLRORUGR
1RWD%HQHQHOFDVRGLSUHQRWD]LRQLDFRQGL]LRQLH[WUDFDWDORJRODJDUDQ]LDqRSHUDWLYDVRORILQR
DOƒJLRUQRDQWHSDUWHQ]D
SHUPRWLYLFHUWLILFDELOLGDOODVFDGHQ]DGHOODFRSHUWXUDGLFXLDOSXQWRILQRDOODGDWDSDU
WHQ]DWDVVHDVVYHJLjLQFOXVHQHOSUHPLRORUGR
$66,&85$=,21(63(6(0(',&+(ILQRDHXUR
‡SDJDPHQWRRULPERUVRGHOOHVSHVHPHGLFKHGRFXPHQWDWHLQFDVRGLLQIRUWXQLRRPDODWWLDGX
UDQWHLOYLDJJLRƒULVFKLRRDGLQWHJUD]LRQHWDVVHDVVYHJLjLQFOXVHQHOSUHPLRORUGR
5,(1752$17,&,3$72SHUTXDOVLDVLPRWLYR
‡RUJDQL]]D]LRQHGHOULHQWURDQWLFLSDWRTXDORUDLOYLDJJLRGHEEDHVVHUHLQWHUURWWRSHUXQHYHQWR
HVWUDQHRDOODYRORQWjGHOO·DVVLFXUDWRWDVVHDVVYHJLjLQFOXVHQHOSUHPLRORUGR
5,0%25629$&$1=(3(5'87(
‡ULPERUVRGHOFRVWRGHOOHSUHVWD]LRQLDWHUUDSHULJLRUQLQRQXVXIUXLWLDFDXVDGHOULHQWUR
DQWLFLSDWRWDVVHDVVYHJLjLQFOXVHQHOSUHPLRORUGR
$66,&85$=,21($66,67(1=$$//$3(5621$
‡LQWHJUD]LRQHGHOO·DVVLVWHQ]DDOODSHUVRQDVHFRQGROH&RSHUWXUH%ULSRUWDWHQHOO·DVVLFXUD]LRQH
7UDYHO%DVLFWDVVHDVVYHJLjLQFOXVHQHOSUHPLRORUGR
$66,67(1=$'20,&,/,$5(3(5,)$0,/,$5,$&$6$
‡,QIRUPD]LRQHHGDVVLVWHQ]DULJXDUGDQWLFRQVXOWLPHGLFLWHOHIRQLFLLQYLRGLXQPHGLFRLQFDVR
GLXUJHQ]DWUDVSRUWRLQDXWRDPEXODQ]DDVV]DLQIHUPLHULVWLFDXWLOL]]RGHOODUHWHVDQLWDULD
FRQYHQ]LRQDWDHJHVWLRQHGHOOHYLVLWHWDVVHDVVYHJLjLQFOXVHQHOSUHPLRORUGR
723'5,9(3527(=,21(48$1'29,$**,&21/$78$$872
$66,67(1=$675$'$/(
‡SHUULVROYHUHTXDOVLDVLLPSUHYLVWRVRFFRUVRVWUDGDOHGpSDQQDJHDXWRYHWWXUDLQVRVWLWX]LRQH
VSHVHG·DOEHUJRSURVHJXLPHQWRGHOYLDJJLRUHFXSHURGHOYHLFRORDXWLVWDDGLVSRVL]LRQH
RVL]LRQH
723+($/7+3527(=,21(,1&$62',63(6(6$1,7$5,(
1(:
,17(*5$=,21($66,&85$=,21(63(6(0(',&+(ILQRDHXURSHU
UR SHU
TXDOVLDVLGHVWLQD]LRQH
‡SDJDPHQWRRULPERUVRGHOOHVSHVHPHGLFKHGRYXWHDULFRYHURRVSHGDOLHURLQFDVRGLLQIRU
WXQLRRPDODWWLDGXUDQWHLOYLDJJLR
723632573527(=,21(3(5/($775(==$785(63257,9(
,17(*5$=,21($66,&85$=,21(%$*$*/,2
‡ULPERUVRGHLGDQQLGHULYDWLGDOODPDQFDWDULFRQVHJQDGHOEDJDJOLRVSHFLDOHGDSDUWHGHO
YHWWRUHDHUHR
‡ULPERUVRGHOOHVSHVHGRFXPHQWDWHSHULOQROHJJLRGHOO·DWWUH]]DWXUDVSRUWLYDFDXVDWRGDOOD
PDQFDWDULFRQVHJQD
02'$/,7­',627726&5,=,21('(//(32/,==(,17(*5$7,9(
,O&OLHQWH9LDJJLDWRUHSHUVWLSXODUHHFRQVHJXHQWHPHQWHUHQGHUHRSHUDWLYDODSROL]]DGRYUjSUHQGHUHYLVLRQHDFFHWWDUHHULWLUDUHOH&RQGL]LRQL*HQHUDOLGL$VVLFXUD]LR
QHFRPSUHQGHQWLOD1RWD,QIRUPDWLYDUHODWLYDDOODSROL]]DSUHVFHOWDGLVSRQLELOLSUHVVROH$JHQ]LHGL9LDJJLRHSHULOWUDPLWHGHOO·$JHQ]LDGL9LDJJLR
‡IRUPXODUHFRQWHVWXDOPHQWHDOODSUHQRWD]LRQHGHOYLDJJLRHVSOLFLWDULFKLHVWDGHOODSROL]]DSHUWXWWLJOLLVFULWWLDOODSUDWLFDGLSUHQRWD]LRQH
‡HIIHWWXDUHLOSDJDPHQWRGHOSUHPLRSHUSHUVRQDSHUSUDWLFDGLSUHQRWD]LRQHRSHUFHQWXDOHVXOO·HVWUDWWRFRQWRVHFRQGRTXDQWRULSRUWDWRQHOODVHJXHQWHWDEHOOD
$66,&85$=,21()$&2/7$7,9$,17(*5$7,9$
35(0,2/25'2
7,329,$**,2
723%22.,1*3/86
SHURJQLVLQJRODSUDWLFDGLSUHQRWD]LRQHDSSOLFDUHLOWDVVRDOO·LPSRUWRFRPSOHVVLYR
GHOO·(VWUDWWR&RQWRDOQHWWRGHL3UHPL$VVLFXUDWLYL
GLFXLLPSRVWH
7XWWLLYLDJJLSHUTXDOVLDVLGHVWLQD]LRQHQHOPRQGR
HXURGLFXLLPSRVWH€
9LDJJLVRORVRJJLRUQRQHLSDHVLGHOO·8QLRQH(XURSHD
HGHOO·(XURSDH[WUD8(
723'5,9(
SHURJQLVLQJRODSUDWLFDGLSUHQRWD]LRQHDVVLFXUDXQVRORYHLFRORGLSURSULHWj
723+($/7+
9HUVLRQH7+PDVVLPDOH€
HXURGLFXLLPSRVWH€SHUSHUVRQD
9HUVLRQH7+PDVVLPDOH€
HXURGLFXLLPSRVWH€SHUSHUVRQD
GDULFKLHGHUHDOPRPHQWRGHOODSUHQRWD]LRQHSHUWXWWLLSDUWHFLSDQWLDOODVLQJRODSUDWLFD
72363257
GDULFKLHGHUHDOPRPHQWRGHOODSUHQRWD]LRQHSHUWXWWLLSDUWHFLSDQWLDOODVLQJRODSUDWLFD HXURGLFXLLPSRVWH€SHUSHUVRQD
7XWWLLYLDJJLSHUTXDOVLDVLGHVWLQD]LRQHQHOPRQGR
7XWWLLYLDJJLSHUTXDOVLDVLGHVWLQD]LRQHQHOPRQGR
/DSHUFHQWXDOHHLYDORULDVVLFXUDWLYLVRSUDHVSRVWLVRQRODULVXOWDQWHGHOOHVLQJROHDOLTXRWHG·LPSRVWDDSSOLFDWHDLSUHPLGLFLDVFXQUDPR
3(5,1)250$=,21,68//(&23(5785($66,&85$7,9(
7HO
6HUYL]LRRSHUDWLYRGDOOHRUHDOOHRUHGDOOXQHGuDOYHQHUGu
3(5,1)250$=,21,,10(5,72$6,1,675,
6WUXWWXUD2UJDQL]]DWLYD
7HO)D[
3(5,19,$5(5,&+,(67(('2&80(17$=,21(
(XURS$VVLVWDQFH,WDOLD6S$
8IILFLR/LTXLGD]LRQH6LQLVWUL
3LD]]D7UHQWR0LODQR
)D[8IILFLR6LQLVWUL
(XURS$VVLVWDQFH,WDOLD6S$
6HGHVRFLDOH'LUH]LRQHH8IILFL
3LD]]D7UHQWR0LODQR7HO
ZZZHXURSDVVLVWDQFHLW
&DSLWDOH6RFLDOH(XURLY
5HD3,9$5HJ,PS0LODQRH&)
,PSUHVDDXWRUL]]DWDDOO·HVHUFL]LRGHOOHDVVLFXUD]LRQLFRQGHFUHWRGHO0LQLVWHUR
GHOO·,QGXVWULDGHO&RPPHUFLRHGHOO·$UWLJLDQDWRQGHO
*D]]HWWD8IILFLDOHGHO1
,VFULWWDDOOD6H]LRQH,GHOO·$OERGHOOHLPSUHVHGLDVVLFXUD]LRQHHULDVVLFXUD]LRQHDOQ
6RFLHWjDSSDUWHQHQWHDO*UXSSR*HQHUDOLLVFULWWRDOO·$OERGHL*UXSSLDVVLFXUDWLYL
6RFLHWjVRJJHWWDDOODGLUH]LRQHHDOFRRUGLQDPHQWRGL$VVLFXUD]LRQL*HQHUDOL6S$
,QFROODERUD]LRQHFRQ
FRQGL]LRQLJHQHUDOL
GLFRQWUDWWRGLYHQGLWDGLSDFFKHWWLWXULVWLFL
35(0(66$12=,21(',3$&&+(772785,67,&2
3UHPHVVRFKH
DO·RUJDQL]]DWRUHHGLOYHQGLWRUHGHOSDFFKHWWRWXULVWLFRFXLLOFRQVX
PDWRUHVLULYROJHGHEEDQRHVVHUHLQSRVVHVVRGHOO·DXWRUL]]D]LRQH
DPPLQLVWUDWLYDDOO·HVSOHWDPHQWRGHOOHORURDWWLYLWj
ELOFRQVXPDWRUHKDGLULWWRGLULFHYHUHFRSLDGHOFRQWUDWWRGLYHQGLWD
GL SDFFKHWWR WXULVWLFR DL VHQVL GHOO·DUW &RG &RQV FKH q
GRFXPHQWRLQGLVSHQVDELOHSHUDFFHGHUHHYHQWXDOPHQWHDO)RQGR
GL *DUDQ]LD GL FXL DOO·DUW GHOOH SUHVHQWL &RQGL]LRQL JHQHUDOL
GLFRQWUDWWR
/DQR]LRQHGL¶SDFFKHWWRWXULVWLFR·DUW&RG&RQVqODVHJXHQWH
,SDFFKHWWLWXULVWLFLKDQQRDGRJJHWWRLYLDJJLOHYDFDQ]HHGLFLUFXLWL
´WXWWRFRPSUHVRµULVXOWDQWLGDOODSUHILVVDWDFRPELQD]LRQHGLDOPHQR
GXHGHJOLHOHPHQWLGLVHJXLWRLQGLFDWLYHQGXWLRGRIIHUWLLQYHQGLWDDG
XQSUH]]RIRUIHWDULRHGLGXUDWDVXSHULRUHDOOHRUHRYYHURHVWHQ
GHQWLVLSHUXQSHULRGRGLWHPSRFRPSUHQGHQWHDOPHQRXQDQRWWH
DWUDVSRUWR
EDOORJJLR
FVHUYL]L WXULVWLFL QRQ DFFHVVRUL DO WUDVSRUWR R DOO·DOORJJLR RPLVVLV
FKHFRVWLWXLVFDQRSDUWHVLJQLILFDWLYDGHO´SDFFKHWWRWXULVWLFRµ
)217,/(*,6/$7,9(
/DFRPSUDYHQGLWDGLSDFFKHWWRWXULVWLFRVLDFKHDEELDDGRJJHWWRVHU
YL]LGDIRUQLUHLQWHUULWRULRQD]LRQDOHFKHHVWHURVDUjGLVFLSOLQDWRGDOOD
/ QU GL UDWLILFD HG HVHFX]LRQH GHOOD &RQYHQ]LRQH
,QWHUQD]LRQDOHUHODWLYDDOFRQWUDWWRGLYLDJJLR&&9ILUPDWDD%UX[HOOHV
LOLQTXDQWRDSSOLFDELOHQRQFKqGDO&RGLFHGHO&RQVXPR
,1)250$=,21(2%%/,*$725,$6&+('$7(&1,&$
2UJDQL]]D]LRQHWHFQLFD$OSLWRXU6S$9LD5RFFDYLRQH
65RFFR&DVWDJQDUHWWD&XQHR
$XWRUL]]D]LRQH DPPLQLVWUDWLYD Q $*9 GHO LQ FRQ
IRUPLWj FRQ TXDQWR GLVSRVWR GDOOD /HJJH 5HJLRQDOH Q GHO
3ROL]]D DVVLFXUDWLYD 5& Q VWLSXODWD FRQ $VVLFXUD]LRQL
*HQHUDOL6S$LQFRQIRUPLWjFRQTXDQWRSUHYLVWRGDJOLDUWLFROL
H&RG&RQV
,O SUHVHQWH FDWDORJR q YDOLGR SHU LO SHULRGR GDO DO
,FDPELGLULIHULPHQWRVRQRTXHOOLULOHYDWLGDOOD%&(8,&SXEEOL
FDWLVX´,O6ROHRUHµUHODWLYLDOJLRUQR
/H PRGDOLWj H FRQGL]LRQL GL VRVWLWX]LRQH VRQR GLVFLSOLQDWH GDOO·DU
WLFROR
,OQRPHGHOYHWWRUHFKHHIIHWWXHUjLOL9RVWURLYRORLqLQGLFDWRQHO
IRJOLR GL FRQIHUPD HYHQWXDOL YDULD]LRQL 9L YHUUDQQR FRPXQLFDWH
WHPSHVWLYDPHQWHQHOULVSHWWRGHO5HJRODPHQWR
/H LQIRUPD]LRQL XIILFLDOL GL FDUDWWHUH JHQHUDOH VXL 3DHVL HVWHUL ² LYL
FRPSUHVHTXHOOHUHODWLYHDOODVLWXD]LRQHGLVLFXUH]]DDQFKHVDQLWDULD
HG DL GRFXPHQWL ULFKLHVWL SHU O·DFFHVVR DL FLWWDGLQL LWDOLDQL ² VRQR
IRUQLWHGDO0LQLVWHUR$IIDUL(VWHULWUDPLWHLOVLWRZZZYLDJJLDUHVLFXUL
LWRYYHUROD&HQWUDOH2SHUDWLYD7HOHIRQLFDDOQXPHURH
VRQR SHUWDQWR SXEEOLFDPHQWH FRQVXOWDELOL 3RLFKp VL WUDWWD GL GDWL
VXVFHWWLELOLGLPRGLILFKHHDJJLRUQDPHQWLLOFRQVXPDWRUHSURYYHGH
Uj²FRQVXOWDQGRWDOLIRQWLDYHULILFDUQHODIRUPXOD]LRQHXIILFLDOPHQWH
HVSUHVVDSULPDGLSURFHGHUHDOO·DFTXLVWRGHOSDFFKHWWRGLYLDJJLR
35(127$=,21,
/DSURSRVWDGLSUHQRWD]LRQHGRYUjHVVHUHUHGDWWDVXDSSRVLWRPRGXOR
FRQWUDWWXDOH VH GHO FDVR HOHWWURQLFR FRPSLODWR LQ RJQL VXD SDUWH H
VRWWRVFULWWR GDO FOLHQWH FKH QH ULFHYHUj FRSLD /·DFFHWWD]LRQH GHOOD
SUHQRWD]LRQH VL LQWHQGH SHUIH]LRQDWD FRQ FRQVHJXHQWH FRQFOXVLRQH
GHOFRQWUDWWRVRORQHOPRPHQWRLQFXLO·RUJDQL]]DWRUHLQYLHUjUHODWLYD
FRQIHUPDDQFKHDPH]]RVLVWHPDWHOHPDWLFRDOFOLHQWHSUHVVRO·DJHQ
]LD GL YLDJJL YHQGLWULFH /H LQGLFD]LRQL UHODWLYH DO SDFFKHWWR WXULVWLFR
QRQFRQWHQXWHQHLGRFXPHQWLFRQWUDWWXDOLQHJOLRSXVFROLRYYHURLQDOWUL
PH]]LGLFRPXQLFD]LRQHVFULWWDVDUDQQRIRUQLWHGDOO·RUJDQL]]DWRUHLQ
UHJRODUHDGHPSLPHQWRGHJOLREEOLJKLSUHYLVWLDSURSULRFDULFRGDOO·DUW
FRPPD &RG &RQV SULPD GHOO·LQL]LR GHO YLDJJLR ,O SDFFKHWWR
WXULVWLFRDFTXLVWDWRGDOFOLHQWHFRQWHUUjHVFOXVLYDPHQWHLVHUYL]LLQGLFDWL
QHOODFRQIHUPDGHOODSUHQRWD]LRQHHYHQWXDOLVHUYL]LGLYHUVLHRXOWHULRUL
TXDOLLWUDVIHULPHQWLDHGDOOXRJRGLSDUWHQ]DHLVHUYL]LDFTXLVWDWLLQ
ORFRGDOFOLHQWHQRQVRQRLQFOXVLQHOSDFFKHWWRHSHUWDQWRO·RUJDQL]
]DWRUH QRQ DVVXPH DOFXQD UHVSRQVDELOLWj LQ PHULWR H QRQ SRWUj LQ
DOFXQPRGRHVVHUHFRQVLGHUDWRUHVSRQVDELOHLQUHOD]LRQHDLPHGHVLPL
3$*$0(17,
$OO·DWWRGHOODSUHQRWD]LRQHGRYUjHVVHUHYHUVDWRDWLWRORGLDFFRQWRLO
GHOSUH]]RGHOSDFFKHWWRWXULVWLFRLOVDOGRGRYUjHVVHUHYHUVDWR
DOPHQRJLRUQLSULPDGHOODSUHYLVWDSDUWHQ]DRSSXUHLQFRQFRPLWDQ
]DFRQODSUHQRWD]LRQHVHTXHVWDqHIIHWWXDWDQHLJLRUQLDQWHFHGHQWL
ODSDUWHQ]D,OPDQFDWRSDJDPHQWRGHOOHVRPPHSUHGHWWHGDSDUWHGHO
FOLHQWH R LO PDQFDWR YHUVDPHQWR GHOOH VWHVVH GD SDUWH GHOO·DJHQ]LD
GL YLDJJL YHQGLWULFH DOO·RUJDQL]]DWRUH DOOH GDWH VWDELOLWH FRVWLWXLVFH
FODXVRODULVROXWLYDHVSUHVVDWDOHGDGHWHUPLQDUHGDSDUWHGHOYHQGL
WRUH R GHOO·RUJDQL]]DWRUH OD ULVROX]LRQH GL GLULWWR FRQ FRQVHJXHQWH
DSSOLFD]LRQHGHOOHSHQDOLSUHYLVWHGDOO·DUWHFLzDQFKHQHOFDVRLQ
FXLO·RUJDQL]]DWRUHDEELDIDWWRSHUYHQLUHDOFOLHQWHLWLROLGLOHJLWWLPD]LRQH
FGYRXFKHURLWLWROLGLWUDVSRUWR
/D UHODWLYD FRPXQLFD]LRQH VH SURYHQLHQWH GDOO·RUJDQL]]DWRUH VDUj
LQYLDWDDOFRQVXPDWRUHSUHVVRO·DJHQ]LD
35(==2
, SUH]]L GHL SDFFKHWWL WXULVWLFL SXEEOLFDWL VX TXHVWR FDWDORJR VRQR
HVSUHVVLLQ(XURHVRQRVWDWLFDOFRODWLFRPHVHJXH
‡FRQVLGHUDQGR OH WDULIIH DOEHUJKLHUH LQ YLJRUH QHO PHVH GL QRYHP
EUH
‡XWLOL]]DQGR SHU LO FDUEXUDQWH LO SDUDPHWUR PHGLR GL ULIHULPHQWR GL
86'WRQQHOODWDIRESURGRWWLPHGLWHUUDQHR
(VVLSRWUDQQRHVVHUHPRGLILFDWLILQRDJLRUQLSUHFHGHQWLODSDUWHQ]D
HVROWDQWRLQFRQVHJXHQ]DDOOHYDULD]LRQLGL
FRVWLGHOWUDVSRUWRLQFOXVLLOFRVWRGHOFDUEXUDQWHHGHOOHFRSHUWXUH
DVVLFXUDWLYH
WDVVLGLFDPELRDSSOLFDWLDOSDFFKHWWRLQTXHVWLRQH
GLULWWL H WDVVH VX DOFXQH WLSRORJLH GL VHUYL]L WXULVWLFL TXDOL LPSRVWH
WDVVHGLDWWHUUDJJLRGLVEDUFRRGLLPEDUFRQHLSRUWLHQHJOLDHURSRUWL
3HULFDOFROLVLIDUjULIHULPHQWRDOOHYDULD]LRQLGHOFRUVRGHLFDPELHGHL
FRVWLGLFXLVRSUDDGHFFH]LRQHGHOFDUEXUDQWHULOHYDWLDOODGDWDLQGLFD
WDQHOODVFKHGDWHFQLFDDUWRYYHURDOODGDWDULSRUWDWDVXJOLHYHQWXDOL
DJJLRUQDPHQWL FRPXQLFDWL VXFFHVVLYDPHQWH DOOD VWDPSD GL TXHVWR
FDWDORJRULVSHWWRDOOHTXRWD]LRQLPHGLHUHJLVWUDWHQHOVHFRQGRPHVH
DQWHSDUWHQ]D*OLDGHJXDPHQWLYDOXWDULYHQJRQRFDOFRODWLVXOYDORUH
GHOOHQRWWLH[WUDVRORKRWHOVRORWRXUHWFHWFHVXWXWWLLVHUYL]LQRQFRQ
WUDWWDWLLQ(XUR4XDQWRDOFRVWRGHOFDUEXUDQWHSHULYROLVSHFLDOL,7&
SRWUjHVVHUHDSSOLFDWRXQDGHJXDPHQWRGHOSUH]]RGHOSDFFKHWWRGL
YLDJJLRLQFRQVHJXHQ]DGHOO·DXPHQWRGHOFRVWRGHOFDUEXUDQWHDHUHR
-HW)XHO'HWWRDGHJXDPHQWRVDUjFRQWHQXWRIUDXQYDORUHPLQLPRH
XQYDORUHPDVVLPRFDOFRODWRDSSOLFDQGRDOODTXRWDGDFDWDORJRSHU
SHUVRQD LO SURGRWWR L WUD OH SHUFHQWXDOL GL LQFLGHQ]D GHO FRVWR GHO
FDUEXUDQWHDHUHRVXOSUH]]RGHOSDFFKHWWRYHGLSHUFHQWXDOLPLQLPHH
PDVVLPHDOODYRFH'HVWLQD]LRQLQHOODVH]LRQHGHGLFDWDGHOQRVWURVLWR
VRWWRLQGLFDWRHLLODSHUFHQWXDOHGLLQFUHPHQWRGHOSDUDPHWURGHO
FDUEXUDQWHDHUHRGHULYDQWHGDOFRQIURQWRIUDODTXRWD]LRQHUHJLVWUDWD
QHO VHFRQGR PHVH DQWH SDUWHQ]D YHGL DOOD YRFH ,QIRUPD]LRQL QHOOD
VH]LRQHGHGLFDWDGHOQRVWURVLWRVRWWRLQGLFDWRHTXHOODSXEEOLFDWD
D FDWDORJR 86'WRQQHOODWD IRE ² SURGRWWL PHGLWHUUDQHR
3RWUDQQRFRPXQTXHHVVHUHDSSOLFDWLLQWHUYHQWLGLQDWXUDFRPPHUFLDOH
PLJOLRUDWLYL ULVSHWWR DL YDORUL VRSUD ULOHYDWL 3HU L YROL GL OLQHD HR OD
QDYLJD]LRQHPDULWWLPDIOXYLDOHLQYHFHSRWUjHVVHUHDSSOLFDWRXQDGH
JXDPHQWRSDULDTXHOORULFKLHVWRGDOOH&RPSDJQLH$HUHH&RPSDJQLH
GL1DYLJD]LRQH$OSLWRXUPHWWHDGLVSRVL]LRQHGHOFRQVXPDWRUHVXOVLWR
ZZZDOSLWRXULWHVXWXWWLJOLDOWULVLWLGHOJUXSSRQHOODVH]LRQHGHGLFDWD
´$OSLWRXU :RUOG SHU 7Hµ XQR VWUXPHQWR WHFQLFR FRQ FXL q SRVVLELOH
FDOFRODUHDXWRPDWLFDPHQWHHLQWHPSRUHDOHLOYDORUHVWLPDWRPLQLPR
HPDVVLPRGHOO·HYHQWXDOHDGHJXDPHQWRGHOODTXRWDGDFDWDORJRSHU
SHUVRQD LQ FRQVHJXHQ]D GHOO·RVFLOOD]LRQH GHO FRVWR GHO FDUEXUDQWH
DHUHR VXOOD EDVH GHL UHODWLYL SDUDPHWUL /H TXRWH QRQ VXELUDQQR
PRGLILFKHSHURVFLOOD]LRQLGHLFDPELHRGHOSUH]]RGHOFDUEXUDQWHDO
GLVRWWRGHOO·4XDORUDO·RVFLOOD]LRQHGRYHVVHHVVHUHVXSHULRUHDWDOH
SHUFHQWXDOHO·DGHJXDPHQWRYHUUjDSSOLFDWRSHULQWHUR
5(&(662'(/&21680$725(
,O FRQVXPDWRUH SXz UHFHGHUH GDO FRQWUDWWR VHQ]D SDJDUH SHQDOL
QHOOHVHJXHQWLLSRWHVL
DXPHQWRGHOSUH]]RGLFXLDOSUHFHGHQWHDUWLQPLVXUDHFFHGHQWH
LO
PRGLILFD LQ PRGR VLJQLILFDWLYR GL XQR R SL HOHPHQWL GHO FRQWUDWWR
RJJHWWLYDPHQWHFRQILJXUDELOLFRPHIRQGDPHQWDOLDLILQLGHOODIUXL]LRQH
GHO SDFFKHWWR WXULVWLFR FRPSOHVVLYDPHQWH FRQVLGHUDWR H SURSRVWD
GDOO·RUJDQL]]DWRUHGRSRODFRQFOXVLRQHGHOFRQWUDWWRVWHVVRPDSULPD
GHOODSDUWHQ]DHQRQDFFHWWDWDGDOFRQVXPDWRUH
1HLFDVLGLFXLVRSUDLOFRQVXPDWRUHKDDOWHUQDWLYDPHQWHGLULWWR
DGXVXIUXLUHGLXQSDFFKHWWRWXULVWLFRDOWHUQDWLYRVHQ]DVXSSOHPHQWR
GL SUH]]R R FRQ OD UHVWLWX]LRQH GHOO·HFFHGHQ]D GL SUH]]RTXDORUD LO
VHFRQGRSDFFKHWWRWXULVWLFRDEELDYDORUHLQIHULRUHDOSULPR
DOODUHVWLWX]LRQHGHOODVRODSDUWHGLSUH]]RJLjFRUULVSRVWD7DOHUHVWLWX
]LRQHGRYUjHVVHUHHIIHWWXDWDHQWURVHWWHJLRUQLODYRUDWLYLGDOPRPHQ
WRGHOULFHYLPHQWRGHOODULFKLHVWDGLULPERUVR,OFRQVXPDWRUHGRYUj
GDUHFRPXQLFD]LRQHGHOODSURSULDGHFLVLRQHGLDFFHWWDUHODPRGLILFD
RGLUHFHGHUHHQWURHQRQROWUHGXHJLRUQLODYRUDWLYLGDOPRPHQWRLQ
FXLKDULFHYXWRO·DYYLVRGLDXPHQWRRGLPRGLILFD
,Q GLIHWWR GL HVSUHVVD FRPXQLFD]LRQH HQWUR LO WHUPLQH VXGGHWWR OD
SURSRVWDIRUPXODWDGDOO·RUJDQL]]DWRUHVLLQWHQGHDFFHWWDWD
,Q FDVR GL UHFHVVR GDO FRQWUDWWR GD SDUWH GHO FOLHQWH SULPD GHOOD
SDUWHQ]DDOGLIXRULGHLFDVLHOHQFDWLDLSUHFHGHQWLFRPPLGHOSUHVHQWH
DUWLFRORHQHOFDVRSUHYLVWRGDOO·DUWLFRORVHFRQGRFRPPDVDUDQQR
DGGHELWDWL D WLWROR GL SHQDOH LQGLSHQGHQWHPHQWH GDO SDJDPHQWR
GHOO·DFFRQWRSUHYLVWRDOO·DUWƒFRPPDOHTXRWHGLLVFUL]LRQHLSUHPL
DVVLFXUDWLYLHOHVHJXHQWLSHUFHQWXDOLGHOODTXRWDGLSDUWHFLSD]LRQHFDO
FRODWHLQEDVHDTXDQWLJLRUQLSULPDGHOO·LQL]LRGHOYLDJJLRqDYYHQXWR
O·DQQXOODPHQWRLOFDOFRORGHLJLRUQLQRQLQFOXGHTXHOORGHOUHFHVVROD
FXLFRPXQLFD]LRQHGHYHSHUYHQLUHLQXQJLRUQRODYRUDWLYRDQWHFHGHQWH
TXHOORG·LQL]LRGHOYLDJJLR
GDOJLRUQRVXFFHVVLYRDOODSUHQRWD]LRQHILQRDJJDQWHSDUWHQ]D
GDDJJDQWHSDUWHQ]D
GDDJJDQWHSDUWHQ]D
GDDJJDQWHSDUWHQ]D
GDDJJDQWHSDUWHQ]D
$OFXQLVHUYL]LSRWUHEEHURHVVHUHVRJJHWWLDSHQDOLGLIIHUHQWLOHVWHVVH
VDUDQQRFRPXQLFDWHDOO·DWWRGHOODSUHQRWD]LRQH
1% OH PHGHVLPH VRPPH GRYUDQQR HVVHUH FRUULVSRVWH GD FKL QRQ
SRWHVVH HIIHWWXDUH LO YLDJJLR SHU PDQFDQ]D R LUUHJRODULWj GHL SUHYLVWL
GRFXPHQWL SHUVRQDOL GL HVSDWULR 1HO FDVR GL JUXSSL SUHFRVWLWXLWL
WDOL VRPPH SRWUDQQR HVVHUH FRQFRUGDWH GL YROWD LQ YROWD DOOD ILUPD
GHOFRQWUDWWR
02',),&+( 35,0$ '(//$ 3$57(1=$ '$ 3$57( '(/
&21680$725(
/H PRGLILFKH ULFKLHVWH GDO FOLHQWH D SUHQRWD]LRQL JLj DFFHWWDWH QRQ
REEOLJDQRO·RUJDQL]]DWRUHQHLFDVLLQFXLQRQSRVVRQRHVVHUHVRGGL
VIDWWH,QRJQLFDVRTXDOVLDVLULFKLHVWDGLPRGLILFDFRPSRUWDSHULOFOLHQ
WHO·DGGHELWRILVVRGLDOPHQR€SHUSHUVRQDDFXLVLDJJLXQJRQR
SHUOHVROHPRGLILFKHVRWWRVSHFLILFDWHOHVHJXHQWLSHUFHQWXDOLGHOOD
TXRWDGLSDUWHFLSD]LRQHFDOFRODWHLQEDVHDTXDQWLJLRUQLSULPDGHOOD
SDUWHQ]DSUHYLVWDGHOYLDJJLRqVWDWDULFKLHVWDODPRGLILFD
$SHULYLDJJLFRQDHUHLQROHJJLDWLYROLVSHFLDOL,7&RDXWRSXOOPDQ
DFRQGL]LRQHFKHDQFKHGRSRODPRGLILFDLOYLDJJLRSUHYHGDXQYROR
VSHFLDOH,7&RXQWRXULQDXWRSXOOPDQ
3HU PRGLILFD GHOOD GHVWLQD]LRQH HR GHOOD GDWD GL SDUWHQ]D HVFOXVH
SDUWHQ]HQHOORVWHVVRZHHNHQGRLQGDWDSUHFHGHQWH
GDDJJ GDDJJ GDDJJ
GDDJJ
%SHUWXWWLJOLDOWULWLSLGLYLDJJLR
3HU PRGLILFD GHOOD GHVWLQD]LRQH HR GHO FRPSOHVVR DOEHUJKLHUR HR
GHOODGDWDSDUWHQ]DHVFOXVHSDUWHQ]HQHOORVWHVVRZHHNHQGHRSHU
GLPLQX]LRQHGHOODGXUDWDGHOVRJJLRUQR
GDDJJ GDDJJ GDDJJ
GDDJJ
$OFXQLVHUYL]LSRWUHEEHURHVVHUHVRJJHWWLDSHQDOLGLIIHUHQWLOHVWHVVH
VDUDQQRFRPXQLFDWHDOO·DWWRGHOODSUHQRWD]LRQH
127$
OD GLPLQX]LRQH GHO Q GHL SDVVHJJHUL DOO·LQWHUQR GL XQD SUDWLFD
q GD LQWHQGHUVL FRPH ´DQQXOODPHQWR SDU]LDOHµ YHGL TXLQGL
DUW5HFHVVR
SHU´GHVWLQD]LRQHµVLLQWHQGHQRQORVWDWRPDODORFDOLWjGLVRJ
JLRUQRLQTXDQWRDYROWHWURYLDPRGHVWLQD]LRQLGLYHUVHDOO·LQWHUQR
GHO PHGHVLPR VWDWR HV %DOHDUL &DQDULH LQ 6SDJQD $JDGLU H
0DUUDNHFKLQ0DURFFR
LQ FDVR GL SL PRGLILFKH ULFKLHVWH FRQWHPSRUDQHDPHQWH YLHQH
DSSOLFDWDVRORODSHQDOHGLSLDOWRLPSRUWR
02',),&$2$118//$0(172'(/3$&&+(772785,67,&2
35,0$'(//$3$57(1=$'$3$57('(//·25*$1,==$=,21(
4XDOVLDVLPRGLILFDVLJQLILFDWLYDGDSDUWHGHOO·RUJDQL]]DWRUHGHOSDF
FKHWWRRGLXQVXRHOHPHQWRHVVHQ]LDOHqVRWWRSRVWDDOO·DFFHWWD]LRQH
GHOFOLHQWHDLVHQVLGHOO·DUW&RG&RQV
,QFDVRGLPDQFDWDDFFHWWD]LRQHLOFRQVXPDWRUHSRWUjHVHUFLWDUHLGLULWWL
GL FXL DOO·DUW ,O FRQVXPDWRUH SXz HVHUFLWDUH L GLULWWL VRSUD SUHYLVWL
DQFKHTXDQGRO·DQQXOODPHQWRGLSHQGDGDOPDQFDWRUDJJLXQJLPHQWR
GHO QXPHUR PLQLPR GL SDUWHFLSDQWL SUHYLVWR QHO &DWDORJR R QHO
3URJUDPPDIXRULFDWDORJRRGDFDVLGLIRU]DPDJJLRUHHFDVRIRUWXLWR
UHODWLYLDOSDFFKHWWRWXULVWLFRDFTXLVWDWR3HUJOLDQQXOODPHQWLGLYHUVL
GDTXHOOLFDXVDWLGDIRU]DPDJJLRUHGDFDVRIRUWXLWRHGDPDQFDWR
UDJJLXQJLPHQWRGHOQXPHURPLQLPRGLSDUWHFLSDQWLQRQFKpSHUTXHOOL
GLYHUVL GDOOD PDQFDWD DFFHWWD]LRQH GD SDUWH GHO FRQVXPDWRUH GHO
SDFFKHWWRWXULVWLFRDOWHUQDWLYRRIIHUWRDLVHQVLGHOSUHFHGHQWHDUW
O·RUJDQL]]DWRUHFKHDQQXOODH[DUWOHWW(GHO&RG&RQVUHVWLWXLUj
DOFRQVXPDWRUHLOGRSSLRGLTXDQWRGDOORVWHVVRSDJDWRHLQFDVVDWR
GDOO·RUJDQL]]DWRUHWUDPLWHO·DJHQWHGLYLDJJLR/DVRPPDRJJHWWRGHOOD
UHVWLWX]LRQHQRQVDUjPDLVXSHULRUHDOGRSSLRGHJOLLPSRUWLGLFXLLO
FRQVXPDWRUHVDUHEEHLQSDULGDWDGHELWRUHVHFRQGRTXDQWRSUHYLVWR
GDOSUHFHGHQWHDUWƒFRPPDTXDORUDIRVVHHJOLDGDQQXOODUH
02',),&+('232/$3$57(1=$
/·RUJDQL]]DWRUHTXDORUDGRSRODSDUWHQ]DVLWURYLQHOO·LPSRVVLELOLWjGL
IRUQLUHSHUTXDOVLDVLUDJLRQHWUDQQHFKHSHUXQIDWWRSURSULRGHOFRQ
VXPDWRUHXQDSDUWHHVVHQ]LDOHGHLVHUYL]LFRQWHPSODWLLQFRQWUDWWR
GRYUjSUHGLVSRUUHVROX]LRQLDOWHUQDWLYHVHQ]DVXSSOHPHQWLGLSUH]]R
DFDULFRGHOFRQWUDHQWHHTXDORUDOHSUHVWD]LRQLIRUQLWHVLDQRGLYDORUH
LQIHULRUHULVSHWWRDTXHOOHSUHYLVWHULPERUVDUORLQPLVXUDSDULDWDOH
GLIIHUHQ]D4XDORUDQRQULVXOWLSRVVLELOHDOFXQDVROX]LRQHDOWHUQDWLYD
RYYHUR OD VROX]LRQH SUHGLVSRVWD GDOO·RUJDQL]]DWRUH YHQJD ULILXWDWD
GDOFRQVXPDWRUHSHUVHULHJLXVWLILFDWLPRWLYLO·RUJDQL]]DWRUHIRUQLUj
VHQ]DVXSSOHPHQWRGLSUH]]RXQPH]]RGLWUDVSRUWRHTXLYDOHQWHD
TXHOORRULJLQDULRSUHYLVWRSHULOULWRUQRDOOXRJRGLSDUWHQ]DRDOGLYHU
VROXRJRHYHQWXDOPHQWHSDWWXLWRFRPSDWLELOPHQWHDOOHGLVSRQLELOLWj
GHOPH]]RHGLSRVWLHORULPERUVHUjQHOODPLVXUDGHOODGLIIHUHQ]DWUD
LOFRVWRGHOOHSUHVWD]LRQLSUHYLVWHHTXHOORGHOOHSUHVWD]LRQLHIIHWWXDWH
ILQRDOPRPHQWRGHOULHQWURDQWLFLSDWR
6267,78=,21,
,OFOLHQWHULQXQFLDWDULRSXzIDUVLVRVWLWXLUHGDDOWUDSHUVRQDVHPSUH
FKH
DO·RUJDQL]]DWRUH QH VLD LQIRUPDWR SHU LVFULWWR DOPHQR JLRUQL
ODYRUDWLYLSULPDGHOODGDWDILVVDWDSHUODSDUWHQ]DULFHYHQGRFRQ
WHVWXDOPHQWHFRPXQLFD]LRQHFLUFDOHJHQHUDOLWjGHOFHVVLRQDULR
ELOVRVWLWXWRVRGGLVILWXWWHOHFRQGL]LRQLSHUODIUXL]LRQHGHOVHUYL]LR
DUW&RG&RQVHGLQSDUWLFRODUHLUHTXLVLWLUHODWLYLDOSDVVDSRU
WRDLYLVWLDLFHUWLILFDWLVDQLWDUL
FLO VRJJHWWR VXEHQWUDQWH ULPERUVL DOO·RUJDQL]]DWRUH WXWWH OH VSHVH
VRVWHQXWH SHU SURFHGHUH DOOD VRVWLWX]LRQH QHOOD PLVXUD FKH JOL
YHUUjTXDQWLILFDWDSULPDGHOODFHVVLRQH
,O FHGHQWH HG LO FHVVLRQDULR VRQR LQROWUH VROLGDOPHQWH UHVSRQVDELOL
SHULOSDJDPHQWRGHOVDOGRGHOSUH]]RQRQFKpGHJOLLPSRUWLGLFXL
DOODOHWWHUDFGHOSUHVHQWHDUWLFROR,QUHOD]LRQHDGDOFXQHWLSRORJLH
GLVHUYL]LSXzYHULILFDUVLFKHXQWHU]RIRUQLWRUHGLVHUYL]LQRQDFFHWWL
ODPRGLILFDGHOQRPLQDWLYRGHOFHVVLRQDULRDQFKHVHHIIHWWXDWDHQWUR
LO WHUPLQH GL FXL DO SUHFHGHQWH SXQWR D /·RUJDQL]]DWRUH QRQ VDUj
SHUWDQWR UHVSRQVDELOH GHOO·HYHQWXDOH PDQFDWD DFFHWWD]LRQH GHOOD
PRGLILFDGDSDUWHGHLWHU]LIRUQLWRULGLVHUYL]L7DOHPDQFDWDDFFHWWD
]LRQHVDUjWHPSHVWLYDPHQWHFRPXQLFDWDGDOO·RUJDQL]]DWRUHDOOHSDUWL
LQWHUHVVDWHSULPDGHOODSDUWHQ]D
2%%/,*+,'(,3$57(&,3$17,
, SDUWHFLSDQWL GRYUDQQR HVVHUH PXQLWL GL SDVVDSRUWR LQGLYLGXDOH
R GL DOWUR GRFXPHQWR YDOLGR SHU WXWWL L SDHVL WRFFDWL GDOO·LWLQHUDULR
QRQFKp GHL YLVWL GL VRJJLRUQR H GL WUDQVLWR H GHL FHUWLILFDWL VDQLWDUL
FKHIRVVHURHYHQWXDOPHQWHULFKLHVWL(VVLLQROWUHGRYUDQQRDWWHQHUVL
DOO·RVVHUYDQ]D GHOOD UHJROH GL QRUPDOH SUXGHQ]D H GLOLJHQ]D HG D
TXHOOHVSHFLILFKHLQYLJRUHQHLSDHVLGHVWLQD]LRQHGHOYLDJJLRDWXWWH
OHLQIRUPD]LRQLIRUQLWHORURGDOO·RUJDQL]]DWRUHQRQFKpDLUHJRODPHQWL
HGDOOHGLVSRVL]LRQLDPPLQLVWUDWLYHROHJLVODWLYHUHODWLYHDOSDFFKHWWR
WXULVWLFR,SDUWHFLSDQWLVDUDQQRFKLDPDWLDULVSRQGHUHGLWXWWLLGDQQL
FKHO·RUJDQL]]DWRUHGRYHVVHVXELUHDFDXVDGHOODORURLQDGHPSLHQ]D
DOOHVRSUDHVDPLQDWHREEOLJD]LRQLLQFOXVHOHVSHVHGLULPSDWULR
,OFRQVXPDWRUHqWHQXWRDIRUQLUHDOO·RUJDQL]]DWRUHWXWWLLGRFXPHQWL
OHLQIRUPD]LRQLHJOLHOHPHQWLLQVXRSRVVHVVRXWLOLSHUO·HVHUFL]LRGHO
GLULWWR GL VXUURJD GL TXHVW·XOWLPR QHL FRQIURQWL GHL WHU]L UHVSRQVDELOL
GHO GDQQR HG q UHVSRQVDELOH YHUVR O·RUJDQL]]DWRUH GHO SUHJLXGL]LR
DUUHFDWRDOGLULWWRGLVXUURJD]LRQH,OFRQVXPDWRUHFRPXQLFKHUjDOWUHVu
SHULVFULWWRDOO·RUJDQL]]DWRUHDOO·DWWRGHOODSUHQRWD]LRQHOHSDUWLFRODUL
ULFKLHVWHSHUVRQDOLFKHSRWUDQQRIRUPDUHRJJHWWRGLDFFRUGLVSHFLILFL
VXOOHPRGDOLWjGHOYLDJJLRVHPSUHFKHQHULVXOWLSRVVLELOHO·DWWXD]LRQH
&/$66,),&$=,21($/%(5*+,(5$
/D FODVVLILFD]LRQH XIILFLDOH GHOOH VWUXWWXUH DOEHUJKLHUH YLHQH IRUQLWD
LQ FDWDORJR RG LQ DOWUR PDWHULDOH LQIRUPDWLYR VROWDQWR LQ EDVH DOOH
HVSUHVVHHIRUPDOLLQGLFD]LRQLGHOOHFRPSHWHQWLDXWRULWjGHOSDHVH
LQ FXL LO VHUYL]LR q HURJDWR ,Q DVVHQ]D GL FODVVLILFD]LRQL XIILFLDOL
ULFRQRVFLXWH GDOOH FRPSHWHQWL 3XEEOLFKH $XWRULWj GHL SDHVL DQFKH
PHPEULGHOOD8(FXLLOVHUYL]LRVLULIHULVFHO·RUJDQL]]DWRUHVLULVHUYDOD
IDFROWjGLIRUQLUHLQFDWDORJRRGHSOLDQWXQDSURSULDGHVFUL]LRQHGHOOD
VWUXWWXUDULFHWWLYDWDOHGDSHUPHWWHUHXQDYDOXWD]LRQHHFRQVHJXHQWH
DFFHWWD]LRQHGHOODVWHVVDGDSDUWHGHOFRQVXPDWRUH
5(*,0(',5(63216$%,/,7­
/·RUJDQL]]DWRUH ULVSRQGH GHL GDQQL DUUHFDWL DO FRQVXPDWRUH D
PRWLYR GHOO·LQDGHPSLPHQWR WRWDOH R SDU]LDOH GHOOH SUHVWD]LRQL FRQ
WUDWWXDOPHQWH GRYXWH VLD FKH OH VWHVVH YHQJDQR HIIHWWXDWH GD OXL
SHUVRQDOPHQWHFKHGDWHU]LIRUQLWRULGHLVHUYL]LDPHQRFKHSURYL
FKH O·HYHQWR q GHULYDWR GD IDWWR GHO FRQVXPDWRUH LYL FRPSUH
VH LQL]LDWLYH DXWRQRPDPHQWH DVVXQWH GD TXHVW·XOWLPR QHO FRUVR
GHOO·HVHFX]LRQH GHL VHUYL]L WXULVWLFL R GD FLUFRVWDQ]H HVWUDQHH DOOD
IRUQLWXUDGHOOHSUHVWD]LRQLSUHYLVWHLQFRQWUDWWRGDFDVRIRUWXLWRGD
IRU]DPDJJLRUHRYYHURGDFLUFRVWDQ]HFKHORVWHVVRRUJDQL]]DWRUH
QRQ SRWHYD VHFRQGR OD GLOLJHQ]D SURIHVVLRQDOH UDJLRQHYROPHQWH
SUHYHGHUHRULVROYHUH,OYHQGLWRUHSUHVVRLOTXDOHVLDVWDWDHIIHWWXDWD
ODSUHQRWD]LRQHGHOSDFFKHWWRWXULVWLFRQRQULVSRQGHLQDOFXQFDVR
GHOOH REEOLJD]LRQL QDVFHQWL GDOO·RUJDQL]]D]LRQH GHO YLDJJLR PD q
UHVSRQVDELOH HVFOXVLYDPHQWH GHOOH REEOLJD]LRQL QDVFHQWL GDOOD VXD
TXDOLWjGLLQWHUPHGLDULRHFRPXQTXHQHLOLPLWLSHUWDOHUHVSRQVDELOLWj
SUHYLVWLGDOOHOHJJLRFRQYHQ]LRQLVRSUDFLWDWH
/,0,7,'(/5,6$5&,0(172
,OULVDUFLPHQWRGRYXWRGDOO·RUJDQL]]DWRUHSHUGDQQLDOODSHUVRQDQRQ
SRWUjLQDOFXQFDVRHVVHUHVXSHULRUHDLOLPLWLSUHYLVWLGDOOHFRQYHQ
]LRQLLQWHUQD]LRQDOLGLFXLVLDQRSDUWHO·,WDOLDHO·8QLRQH(XURSHDLQ
ULIHULPHQWRDOOHSUHVWD]LRQLLOFXLLQDGHPSLPHQWRQHKDGHWHUPLQDWROD
UHVSRQVDELOLWj,QSDUWLFRODUHLOOLPLWHULVDUFLWRULRQRQSRWUjVXSHUDUH
LQDOFXQFDVRO·LPSRUWRGL)UDQFKL2UR*HUPLQDOSHUGDQQL
DOOHSHUVRQHO·LPSRUWRGL)UDQFKL2UR*HUPLQDOSHUGDQQLDOOH
FRVHHO·LPSRUWRGL)UDQFKL2UR*HUPLQDOSHUTXDOVLDVLXOWHULRUH
GDQQRDUWQ&&9
2%%/,*2',$66,67(1=$
/·RUJDQL]]DWRUH q WHQXWR D SUHVWDUH OH PLVXUH GL DVVLVWHQ]D DO
FRQVXPDWRUHLPSRVWHGDOFULWHULRGLGLOLJHQ]DSURIHVVLRQDOHHVFOXVL
YDPHQWHLQULIHULPHQWRDJOLREEOLJKLDSURSULRFDULFRSHUGLVSRVL]LRQH
GLOHJJHRGLFRQWUDWWR/·RUJDQL]]DWRUHHGLOYHQGLWRUHVRQRHVRQHUDWL
GDOOHULVSHWWLYHUHVSRQVDELOLWjDUWWHTXDQGRODPDQFDWDRG
LQHVDWWDHVHFX]LRQHGHOFRQWUDWWRqLPSXWDELOHDOFRQVXPDWRUHRq
GLSHVDGDOIDWWRGLXQWHU]RDFDUDWWHUHLPSUHYHGLELOHRLQHYLWDELOH
RYYHURGDXQFDVRIRUWXLWRRGLIRU]DPDJJLRUH
5(&/$0,('(181&(
2JQL PDQFDQ]D QHOO·HVHFX]LRQH GHO FRQWUDWWR GHYH HVVHUH FRQ
WHVWDWD GDO FRQVXPDWRUH VHQ]D ULWDUGR DIILQFKq O·RUJDQL]]DWRUH LO
VXRUDSSUHVHQWDQWHORFDOHRO·DFFRPSDJQDWRUHYLSRQJDQRWHPSH
VWLYDPHQWH ULPHGLR ,O FRQVXPDWRUH GRYUj D SHQD GL GHFDGHQ]D
VSRUJHUHUHFODPRPHGLDQWHO·LQYLRGLXQDUDFFRPDQGDWDFRQDYYLVR
GLULFHYLPHQWRDOO·RUJDQL]]DWRUHRDOYHQGLWRUHHQWURHQRQROWUHGLHFL
JLRUQLODYRUDWLYLGDOODGDWDGHOULHQWURSUHVVRODORFDOLWjGLSDUWHQ]D
$66,&85$=,21(&21752/(63(6(',$118//$0(172
6LFRQVLJOLDGLVWLSXODUHDOPRPHQWRGHOODSUHQRWD]LRQHSUHVVRJOL
XIILFL GHOO·RUJDQL]]DWRUH R GHO YHQGLWRUH XQD VSHFLDOH SROL]]D DVVL
FXUDWLYDFRQWUROHVSHVHGHULYDQWLGDOO·DQQXOODPHQWRGHOSDFFKHWWR
)21'2',*$5$1=,$
ËLVWLWXLWRSUHVVROD'LUH]LRQH*HQHUDOHSHULO7XULVPRGHO0LQLVWHUR
GHOOH$WWLYLWj3URGXWWLYHLO)RQGR1D]LRQDOHGL*DUDQ]LDFXLLOFRQVX
PDWRUHSXzULYROJHUVLDLVHQVLGHOO·DUW&RG&RQVLQFDVRGL
LQVROYHQ]DRGLIDOOLPHQWRGLFKLDUDWRGHOYHQGLWRUHRGHOO·RUJDQL]]D
WRUHSHUODWXWHODGHOOHVHJXHQWLHVLJHQ]H
DULPERUVRGHOSUH]]RYHUVDWR
EVXRULPSDWULRQHOFDVRGLYLDJJLDOO·HVWHUR
/·RUJDQL]]DWRUH FRQFRUUH DG DOLPHQWDUH WDOH )RQGR QHOOD PLVXUD
VWDELOLWD GDO FRPPD GHO FLWDWR DUW &RG &RQV DWWUDYHUVR LO
SDJDPHQWRGHOSUHPLRGLDVVLFXUD]LRQHREEOLJDWRULDFKHqWHQXWRD
VWLSXODUHXQDTXRWDGHOTXDOHYLHQHYHUVDWDDO)RQGRFRQOHPRGDOLWj
SUHYLVWHGDOO·DUWGHO'0,OIRQGRGHYHDOWUHVuIRUQLUHXQ·LP
PHGLDWDGLVSRQLELOLWjHFRQRPLFDLQFDVRGLULHQWURIRU]DWRGLWXULVWLGD
3DHVLH[WUDFRPXQLWDULLQRFFDVLRQHGLHPHUJHQ]HLPSXWDELOLRPHQR
DOFRPSRUWDPHQWRGHOO·RUJDQL]]DWRUH
/·2UJDQL]]DWRUH FRQFRUUH DG DOLPHQWDUH WDOH )RQGR QHOOD PLVXUD
VWDELOLWD GDO FRPPD GHO FLWDWR DUW &RG &RQV DWWUDYHUVR LO
SDJDPHQWRGHOSUHPLRGLDVVLFXUD]LRQHREEOLJDWRULDFKHqWHQXWRD
VWLSXODUHXQDTXRWDGHOTXDOHYLHQHYHUVDWDFRQOHPRGDOLWjSUHYLVWH
GDOO·DUWGHO'0
$''(1'80
&21',=,21,*(1(5$/,',&2175$772',9(1',7$
',6,1*2/,6(59,=,785,67,&,
$',6326,=,21,1250$7,9(
, FRQWUDWWL DYHQWL DG RJJHWWR O·RIIHUWD GHO VROR VHUYL]LR GL WUDVSRUWR
GHO VROR VHUYL]LR GL VRJJLRUQR RYYHUR GL TXDOXQTXH DOWUR VHSDUD
WR VHUYL]LR WXULVWLFR QRQ SRWHQGRVL FRQILJXUDUH FRPH IDWWLVSHFLH
QHJR]LDOHGLRUJDQL]]D]LRQHGLYLDJJLRRYYHURGLSDFFKHWWRWXULVWLFR
VRQRGLVFLSOLQDWLGDOOHVHJXHQWLGLVSRVL]LRQLGHOOD&&9DUWQH
QDUWWGDDDUWWGDDOLPLWDWDPHQWHDOOHSDUWLGLWDOL
GLVSRVL]LRQL FKH QRQ VL ULIHULVFRQR DO FRQWUDWWR GL RUJDQL]]D]LRQH
QRQFKpGDOOHDOWUHSDWWXL]LRQLVSHFLILFDPHQWHULIHULWHDOODYHQGLWDGHO
VLQJRORVHUYL]LRRJJHWWRGLFRQWUDWWR
%&21',=,21,',&2175$772
$ WDOL FRQWUDWWL VRQR DOWUHVu DSSOLFDELOL OH VHJXHQWL FODXVROH GHOOH
FRQGL]LRQL JHQHUDOL GL FRQWUDWWR GL YHQGLWD GL SDFFKHWWL WXULVWLFL
VRSUD ULSRUWDWH DUW FRPPD DUW FRPPD DUW DUW /·DSSOLFD]LRQH GL GHWWH FODXVROH QRQ GHWHUPLQD DVVROXWDPHQWH OD
FRQILJXUD]LRQH GHL UHODWLYL FRQWUDWWL FRPH IDWWLVSHFLH GL SDFFKHWWR
WXULVWLFR/DWHUPLQRORJLDGHOOHFLWDWHFODXVROHUHODWLYDDOFRQWUDWWRGL
SDFFKHWWRWXULVWLFRRUJDQL]]DWRUHYLDJJLRHFFYDSHUWDQWRLQWHVD
FRQULIHULPHQWRDOOHFRUULVSRQGHQWLILJXUHGHOFRQWUDWWRGLYHQGLWDGL
VLQJROLVHUYL]LWXULVWLFLYHQGLWRUHVRJJLRUQRHFF
$SSURYDWHGD$VVRWUDYHO$VVRYLDJJL$VWRLH)LDYHW
&RPXQLFD]LRQHREEOLJDWRULDDLVHQVLGHOO·DUWLFRORGHOODOHJJH
Q/DOHJJHLWDOLDQDSXQLVFHFRQODUHFOXVLRQHLUHDWL
FRQFHUQHQWLODSURVWLWX]LRQHHODSRUQRJUDILDPLQRULOHDQFKHVH
FRPPHVVLDOO·HVWHUR
3XEEOLFD]LRQHUHDOL]]DWDLQFRQIRUPLWjDOODOHJJHUHJLRQDOHPDU]R
Q SHU TXDQWR FRQFHUQH L YLDJJL RUJDQL]]DWL 3ULQWHG LQ
,WDO\ 6WDPSH SURSDJDQGLVWLFKH 2SXVFROR SXEEOLFLWDULR QRQ
LQYHQGLWD,3
6FRSULLOQHJR]LRSL¸YLFLQRVX
ZZZSUHQDWDOLW