30),9 ;(» -90<30=,5,A0(.0<30( 3HULRGLFRGHO6LQGDFDWRGHLSHQVLRQDWLGHOOD&JLO KWWSVSLFJLOIYJLW $112 1 6(77(0%5( 3RVWH ,WDOLDQH 6S$ 6SHGL]LRQH LQ DEERQDPHQWR SRVWDOH '/ FRQY LQ / Q DUW FRPPD 1(8' 0$1295$ /·,7$/,$5(67$ ,1087$1'( $SDJDUHLOFRQWRGHOULVDQDPHQWRVDUDQQR VRSUDWWXWWRODYRUDWRULHSHQVLRQDWL ,OVLQGDFDWRODQFLDQXRYHPRELOLWD]LRQL GRSRORVFLRSHURGHOVHWWHPEUH SDJLQD 9HQHUGu RWWREUH PDQLIHVWD]LRQH QD]LRQDOH6SL D5RPD ,/&$0%,$0(172Ê3266,%,/( /·DOWD DGHVLRQH GHL ODYRUDWRUL DOOR VFLRSHUR JH QHUDOHGHOVHWWHPEUHHODVWUDRUGLQDULDHVHQWLWD SDUWHFLSD]LRQHGHOODQRVWUDFDWHJRULDDOOHPDQL IHVWD]LRQLLQUHJLRQHFKHKDQQRYLVWRVFHQGHUHLQ SLD]]D PLOD SHUVRQH WHVWLPRQLDQR LO JUDQGH FRQVHQVRQHOSDHVHYHUVROD&JLOOHVXHSURSRVWH HOHVXHLQL]LDWLYH6RWWRDOOHQRVWUHEDQGLHUHLQ FHQWR SLD]]H LWDOLDQH KDQQR VÀODWR ODYRUDWRUL SHQVLRQDWLVWXGHQWLJLRYDQLDVVRFLD]LRQLVLQGDFL HG DPPLQLVWUDWRUL ORFDOL WXWWL XQLWL FRQWUR XQD PDQRYUD HFRQRPLFD GDQQRVD SHU LO SDHVH FKH DXPHQWDOHGLVHJXDJOLDQ]HFROSLVFHLSLGHEROL LPSHGLVFHODFUHVFLWDHFRQGDQQDLOSDHVHDGXQ GHFOLQRHFRQRPLFRHFLYLOH 'LIURQWHDXQDFULVLFKHQRQDFFHQQDDGDOOHQWDUHOD SUHVDDEELDPRDVVLVWLWRFRQVGHJQRDOO·LQFDSDFLWj HGDOO·DUURJDQ]DGHO*RYHUQRQHOO·LQGLFDUHXQDYLD G·XVFLWDVHULDHSUDWLFDELOH*LjFRQODPDQRYUD GL OXJOLR OD PDJJLRUDQ]D GL FHQWURGHVWUD DYHYD GLPRVWUDWRWXWWDODVXDLPSURQWDFODVVLVWDFROSHQGR LODYRUDWRULLSHQVLRQDWLHOHIDVFHSLGHEROLFRQ WDJOLDOODVDQLWjHDOO·DVVLVWHQ]DQXRYLWLFNHWVXOOD VDOXWHO·LQQDO]DPHQWRGHOO·HWjSHQVLRQDELOHO·LP SRYHULPHQWRGHOOHSHQVLRQLFRQLOEORFFRSDU]LDOH HWRWDOHGHOODORURULYDOXWD]LRQHQXRYLWDJOLDJOL HQWLSLVSHVHHPHQRVHUYL]LLQVRVWDQ]D 0DWXWWRFLzQRQqEDVWDWRHDVHWWHPEUHVHPSUH DWWUDYHUVRLOYRWRGLÀGXFLDLO*RYHUQRKDLPSRVWR XQ·DOWUD PDQRYUD DQFRUD SL SHVDQWH LQLTXD H GHSUHVVLYD8QDPDQRYUDFKHDQFRUDXQDYROWD VDOYDFKLKDGLSLOHJUDQGLULFFKH]]HÀQDQ]LDULH HGLPPRELOLDULHQRQLQYHVWHQHOORVYLOXSSRQHOOD FUHVFLWDQHOODIRUPD]LRQHHQHOODYRUR,OODYRUR DQ]LYLHQHGXUDPHQWHFROSLWRFRQO·DUWLFRORGHOOD PDQRYUDFKHOD&JLOFKLHGHGLFDQFHOODUHSHUFKp FROSLVFHLFRQWUDWWLQD]LRQDOLHOR6WDWXWRGHLODYR UDWRULUHQGHQGRSLIDFLOLLOLFHQ]LDPHQWL4XHVWD QRUPDQXOODF·HQWUDFRQODSROLWLFDGHLULVSDUPL PDVLSUHÀJJHO·RELHWWLYRGLFROSLUHLGLULWWLGHLOD YRUDWRUL&RQWUDULDDLODYRUDWRULDQFKHODYRORQWj SRL ULHQWUDWD GL VSRVWDUH OH FHOHEUD]LRQL GHO PDJJLRGHODSULOHHGHOJLXJQR 'LIURQWHDFLzORVFLRSHURJHQHUDOHGHOVHWWHPEUH qVWDWRXQDWWRGLUHVSRQVDELOLWjGHOOD&JLOYHUVRXQ 3DHVHRUPDLDFUHVFLWD]HURHVXOO·RUORGHOEDUDWUR GLXQDFULVLLUUHYHUVLELOH&RQORVFLRSHURDEELDPR ]b>SBHF>=>HM# VRVWHQXWRHLQGLFDWRXQDSRVVLELOHFRQWURPDQRYUD XQ·DOWUDYLDSHUPDQWHQHUHODVWDELOLWjGHLFRQWL SXEEOLFLDWWUDYHUVRO·HTXLWjVRFLDOHHVRVWHQHUH XQQXRYRVYLOXSSR /DQRVWUDFRQWURPDQRYUDSRWUHEEHJHQHUDUHPDJ JLRUH FUHVFLWD GHO 3LO SDUL D SXQWL SHUFHQWXDOL FXPXODWLDOPHQWUHODPDQRYUDGHO*RYHUQR SHUVHJXHVRORXQDFLHFDDXVWHULWjFKHLPSRYHULVFHLO 3DHVHDOODUJDOHLQHJXDJOLDQ]HHURPSHODFRHVLRQH VRFLDOH8QDPDQRYUDFKHFRQWLQXLDPRDJLXGLFDUH LQVRVWHQLELOHSHUTXHVWRQRQFLIHUPHUHPRQHSSXUH GRSRODVXDDSSURYD]LRQHHFRQWLQXHUHPRODPR ELOLWD]LRQHDVVLHPHDOOD&JLO 2OWUHDVRVWHQHUHTXLQGLOHLQL]LDWLYHGLSURWHVWDGHOOD &JLOHGHOOHDOWUHFDWHJRULHOR6SLRUJDQL]]HUjXQD JUDQGHPDQLIHVWD]LRQHQD]LRQDOHD5RPDFKHVL WHUUjYHQHUGuRWWREUHHFKHSUHSDUHUHPRDWWUD YHUVRDVVHPEOHHSUHVLGLHYRODQWLQDJJL'LIURQWH DOGHFOLQRHFRQRPLFRRFFXSD]LRQDOHGHPRFUDWLFR HGHWLFRFKHFROSLVFHLO3DHVHOHSURSRVWHHODPR ELOLWD]LRQHGHOOD&JLOUDSSUHVHQWDQRODVSHUDQ]DGL XQFDPELDPHQWRFKHSXzHGHYHHVVHUHSRVVLELOH VHJUHWDULRJHQHUDOH6SL&JLO)YJ :HOIDUH 3HQVLRQDWL LQSUHVVLQJ VX.RVLF SDJLQD 6DQLWj 6XSHUWLFNHW OHSURPHVVH PDQFDWH SDJLQD /·HYHQWR %DUFRODQD FRQOR6SL SURWDJRQLVWD SDJLQD 30),9 35,023,$12 ;(» 6HWWHPEUH 0DQRYUDXQ3DHVH ULGRWWRLQPXWDQGH $SDJDUHLOFRQWRGHOULVDQDPHQWRVDUDQQRVRSUDWWXWWRODYRUDWRULHSHQVLRQDWL /D&JLOHOR6SLODQFLDQRQXRYHPRELOLWD]LRQLGRSRORVFLRSHURGHOVHWWHPEUH 6FDULFDUHVXJOLVWUDWLSLGHEROLGHOOD VRFLHWjHVXOOHLVWLWX]LRQLORFDOLLOFR VWR GHOOD FULVL 4XHVWR O·HIIHWWR GHOOD PDQRYUD HFRQRPLFD GHÀQLWLYDPHQWH DSSURYDWDGDOOD&DPHUDORVFRUVR VHWWHPEUH/DPDQRYUD²RPHJOLROH PDQRYUH GDO PRPHQWR FKH OD SUH FHGHQWH HUD VWDWD DSSURYDWD D OXJOLR VROWDQWR GXH PHVL SULPD ² VL SRQH O·RELHWWLYRGLD]]HUDUHLOGHÀFLWRUGLQD ULRGHOOR6WDWRHQWURLO,O*RYHUQR LQWHQGHUDJJLXQJHUHTXHVWRWUDJXDUGR FRQXQPL[GLSURYYHGLPHQWLFKHWUD PDJJLRULHQWUDWHWDVVHHPLQRULXVFLWH WDJOLGRYUHEEHURSRUWDUHQHOOHFDVVH SXEEOLFKH PLOLDUGL WUD OD ÀQH GHO HLSURVVLPLWUHDQQL 8QULVDQDPHQWRLPSRVWRGDOODFULVLGDL PHUFDWLÀQDQ]LDULHGDOO·8QLRQHHXUR SHDFKLDPDWDDVRFFRUUHUHDWWUDYHUVR OD VXD EDQFD FHQWUDOH L FRQWL VHPSUH SL WUDEDOODQWL GHOO·,WDOLD 8Q·,WDOLD FKHFRQWLQXDDFUHVFHUHPHQRULVSHWWR DL VXRL SULQFLSDOL SDUWQHU FRVu FRPH FRQWLQXDDFUHVFHUHLOVXRJLjHQRUPH GHELWRSXEEOLFRGHO3LO4XHVWD ODYHUVLRQHXIÀFLDOHGHO*RYHUQRPDOH FULWLFKHDOODPDQRYUDQRQULJXDUGDQR WDQWRJOLRELHWWLYLTXDQWRJOLVWUXPHQWL $FRQWHVWDUOLQRQVROWDQWROD&JLOFKH FRQWURODPDQRYUDKDSURFODPDWRJLj XQR VFLRSHUR JHQHUDOH OR VFRUVR VHWWHPEUHHGqSURQWDDODQFLDUHQXRYH 30),9;± 3URSULHWDULR 6SL&JLO)ULXOL9HQH]LD*LXOLD (GLWRUH &URQDFD)YJVDV YLD0DOLJQDQL8GLQH 1XPHURGLLVFUL]LRQHDO5RF 5HJLVWUD]LRQH 7ULEXQDOHGL7ULHVWH QGHO 'LUHWWRUHUHVSRQVDELOH $QWRQHOOR5RGLR 5HGD]LRQH YLD0DOLJQDQL 8GLQH 6WDPSD &HQWUR6HUYL]L(GLWRULDOL *ULVLJQDQRGL=RFFR9L 'OJVQ&RGLFH LQPDWHULDGLSURWH]LRQH GHLGDWLSHUVRQDOL /DLQIRUPLDPRFKHDLÀQLGHOODJHVWLRQH GHO SUHVHQWH DEERQDPHQWR L VXRL GDWL SHUVRQDOLVRQRIRUQLWLGLUHWWDPHQWHDOO·HGL WRUHGDOOHVHJUHWHULHFRPSUHQVRULDOLGHOOR 6SL&JLOGHO)YJ,VXRLGDWLQHOULVSHWWRGHO '/JVQRQYHUUDQQRFRPXQLFDWL DWHU]LQpDOWULPHQWLGLIIXVL3HUTXDOVLDVL LQIRUPD]LRQHHRUHWWLÀFDSXzVFULYHUHR WHOHIRQDUHDOOR6SLUHJLRQDOH PRELOLWD]LRQLHLQL]LDWLYHDQFKHGRSROD VXDDSSURYD]LRQHVFXRODHSXEEOLFR LPSLHJRLORWWREUHLSHQVLRQDWLYH QHUGuRWWREUHD5RPDSHUDUULYDUH DG XQD JUDQGH PDQLIHVWD]LRQH HQWUR O·DQQRVXLWHPLGHOODYRUR 9DVWLVVLPRLOIURQWHGHOOHFULWLFKHFKH YDGDOOHIRU]HSROLWLFKHGLRSSRVL]LR QH D &RQÀQGXVWULD SDVVDQGR SHU XQ OXQJKLVVLPRHOHQFRGLRUJDQL]]D]LRQL LPSUHQGLWRULDOL GL DVVRFLD]LRQL GL HFRQRPLVWL VHQ]D GLPHQWLFDUH OD SURWHVWD WUDVYHUVDOH GHOOH 5HJLRQL H GHJOLHQWLORFDOLFROSLWLSHVDQWHPHQWH GDLSLVHYHULYLQFROLGHOQXRYRSDWWR GLVWDELOLWj 4XHOORGHLWDJOLDJOLHQWLORFDOLqXQRGHL IURQWLSLFULWLFLDSHUWLGDOODPDQRYUD 3HUIDUIURQWHDOQXRYRSDWWRGLVWDELOLWj LQIDWWL 5HJLRQL 3URYLQFH H &RPXQL GRYUDQQR LQHYLWDELOPHQWH ULGXUUH JOL DWWXDOLVWDQGDUGGHLVHUYL]LSXEEOLFLLQ SDUWLFRODUHGDOODVDQLWjDOO·DVVLVWHQ]D GDJOLDVLOLQLGRDOO·HGLOL]LDVFRODVWLFD 1RQVRORSHUIDUTXDGUDUHLELODQFL DYUDQQRIDFROWjGLULWRFFDUHOHDGGL]LR QDOLUHJLRQDOLHFRPXQDOLVXOO·,USHIFRQ XOWHULRULDJJUDYLVXOOHWDVFKHGHLFLWWD GLQLJLjFROSLWLGDOULQFDURGHLWLFNHW VDQLWDULGDOO·DXPHQWRGHOO·,YDGDO DOGDXQ·LQÁD]LRQHFKHULSUHQGH DFRUUHUHVHQ]DHVVHUHFRPSHQVDWDVH QRQLQPLQLPDSDUWHGDOOHGLQDPLFKH ,9$$//$9,7$$1&25$3,Õ&$5$ 1RQFROSLUjLEHQLGLSULPDQHFHVVLWjFRPHSDVWDSDQHODWWHXRYD IUXWWDYHUGXUDFDUQHHJUDQSDUWHGHLFRQVXPLDOLPHQWDULG·DFFRU GRPDVDUjFRPXQTXHXQDXOWHULRUHVWDQJDWDVXLELODQFLIDPLOLDUL /·DXPHQWRGHOO·DOLTXRWD,YDRUGLQDULDGDODOVLVFDULFKHUj DXWRPDWLFDPHQWHVXLSUH]]LGLPLJOLDLDGLEHQLHSURGRWWLDODUJRH ODUJKLVVLPRFRQVXPRVXWXWWLO·DEELJOLDPHQWRODEHQ]LQDWXWWLLEHQL GXUHYROLGDJOLHOHWWURGRPHVWLFLDOO·DXWRYLQRHELUUD6RPPDWRO·DX PHQWRGHOO·,YDDOODDOWUHQRYLWjSUHYLVWHGDOOHGXHPDQRYUHVLSHQVLDL WLFNHWRDJOLHIIHWWLGHLWDJOLDJOLHQWLORFDOLLQWHUPLQLGLWULEXWLHWDULIIH VHFRQGR)HGHUFRQVXPDWRULO·DJJUDYLRPHGLRGHOFRVWRGHOODYLWDSHU XQDIDPLJOLDGLWUHSHUVRQHVDUjGLFLUFDHXURLQXQDQQR GLVDODULHSHQVLRQL 9LVWRFKHVLWUDWWDGLIDUFDVVDLO*R YHUQR VSDUD QHO PXFFKLR VX TXHOOL FKHSDJDQRVHPSUHHFKHTXDQGROD PDQRYUDHQWUHUjDUHJLPH²VHFRQGROH VWLPHGL)HGHUFRQVXPDWRUL²VLWURYH UDQQRDSDJDUHXQFRQWRPHGLRGLPLOD HXUR SHU RJQL IDPLJOLD ,O UHFXSHUR GHOO·HYDVLRQHÀVFDOHLQYHFHUHVWDXQ RELHWWLYRLQVHJXLWRVRORDPHWjYHUR FKHqSUHYLVWRXQLQDVSULPHQWRGHOOH SHQHHGHJOLVWUXPHQWLGLSUHYHQ]LRQH HFRQWUROORYHURFKHVLWHQWDIRUVHFRQ PDJJLRUHVHULHWjLOFRLQYROJLPHQWRGHL FRPXQLQHOODORWWDDJOLHYDVRULPDLOEL ODQFLRUHVWDLQURVVR6RSUDWWXWWRSHVDOD ULQXQFLDDXQRVWUXPHQWRFRPHODWDVVD SDWULPRQLDOHVXOODULFFKH]]DRS]LRQH TXHVWDDOODTXDOHLO*RYHUQRKDULQXQ FLDWR FRQWUDULDPHQWH DG DOWUL JUDQGL SDHVLHXURSHLHQRQRVWDQWHLWDQWLDSSHOOL DIDYRUHGLTXHVWDIRUPDGLSUHOLHYRVXL SLULFFKLQRQVRORFRQGLYLVLELOHPD DQFKHGRYHURVRLQXQPRPHQWRGLFULVL FRPHTXHVWR8QLFRWLPLGRWHQWDWLYR LQTXHVWDGLUH]LRQHHUDVWDWRIDWWRFRQ LOFRQWULEXWRGLVROLGDULHWjXQDWDQWXP GHOSULPDSUHYLVWRVXWXWWLLUHGGLWL VXSHULRULDLPLODHXURSRLOLPLWDWRD TXHOOLVXSHULRULDLPLOD 3RFDFRVDSHUFKpLYHULVDFULÀFLVRQR FKLHVWL D XQD FDWHJRULD PROWR PHQR ULVWUHWWDHSULYLOHJLDWD$SDUWLUHGDOOH GRQQHODYRUDWULFLODFXLHWjSHQVLRQD ELOHYHUUjSRUWDWDDOOLPLWHGHLDQQL PDLQUHDOWjVDUDQQRSLGLFRQ ODUJRDQWLFLSRULVSHWWRDLWHPSLSUHYLVWL GDOO·XOWLPD ULIRUPD 7UD OH FDWHJRULH SL EHUVDJOLDWH TXHOOD GHL ODYRUDWRUL SXEEOLFL H GHOOD VFXROD FRQ QRUPH DGKRFFKHULWDUGDQRXOWHULRUPHQWHLO SHQVLRQDPHQWRHSHJJLRUDQRDQFKHOH UHJROHLQPDWHULDGL7IURGLPRELOLWj GHOSHUVRQDOH ©7HPLDPRLQDXWXQQRXQGUDPPDWLFR SHJJLRUDPHQWR GHOOH FRQGL]LRQL GHL ODYRUDWRUL FKH GHWHUPLQHUDQQR XQD VLWXD]LRQH HVSORVLYDª KD GLFKLDUDWR LOVHJUHWDULRFRQIHGHUDOH)XOYLR)DP PRQL SUHDQQXQFLDQGR OH SURVVLPH LQL]LDWLYHGHOOD&JLO©1RQULQXQFLDPR DOOHQRVWUHULYHQGLFD]LRQL²JOLKDIDWWR HFR OD VHJUHWDULD JHQHUDOH GHOOR 6SL &DUOD&DQWRQH²SHUFKpVRQRJLXVWHH XWLOLDXQDSDUWHLPSRUWDQWHGHO3DHVH 9RJOLDQRRFFXSD]LRQHSHULQRVWULÀJOL H QLSRWL XQD VDQLWj VHQ]D JOL RGLRVL WLFNHW XQ ZHOIDUH FKH QRQ FRVWULQJD OHGRQQHDFDVDXQ·DVVLVWHQ]DGHJQD GL XQ 3DHVH FLYLOH D SDUWLUH GD FKL QRQ q DXWRVXIÀFLHQWH XQD SHQVLRQH SHU YLYHUH LQ VHUHQLWj GRSR DQQL GL IDWLFRVRODYRUR2FFRUUHFRQWLQXDUHOD EDWWDJOLDSHUFKpDLQRVWULRELHWWLYLQRQ ULQXQFLDPR,SHQVLRQDWLVLPRELOLWH UDQQRLQRJQLWHUULWRULRFRQDVVHPEOHH SXEEOLFKHDWWLYLHSUHVLGLLQYLVWDGHOOD JUDQGHPDQLIHVWD]LRQHQD]LRQDOHGHO RWWREUHª /RVFLRSHURGHOVHWWHPEUHLQ)YJ 30),9 6HWWHPEUH ;(» 3HQVLRQHDDQQLHROWUH ,ORWWREUH DQFKHSHUOHODYRUDWULFL WXWWLD5RPD (FFRFRPHFDPELDQR LQSHJJLRLUHTXLVLWL SHUODPDWXUD]LRQHGHO WUDWWDPHQWRGLYHFFKLDLD 'RQQH LQ SHQVLRQH D DQQL DQFKH QHO ODYRUR SULYDWR /·RELHWWLYR FKH LQ EDVH DOOH XOWLPH ULIRUPH SUHYLGHQ]LDOL GRYHYDHVVHUHUDJJLXQWRHQWURLO WUDSLGLYHQW·DQQLYLHQHDQWLFLSDWR GDOODPDQRYUDHSHUIDUORO·HWjPLQLPD SHU LO UDJJLXQJLPHQWR GHOOD SHQVLRQH GLYHFFKLDLDSHUTXHOODGLDQ]LDQLWjOH UHJROHUHVWDQRLPPXWDWHLQFRPLQFHUjD VDOLUHJLjGDOLQYHFHFKHGDO ,QUHDOWjLOSULPRVFDWWRGLPHVLVLDYUj JLjQHOSHUHIIHWWRGHOQXRYRPHF FDQLVPRFKHOHJDLOSHQVLRQDPHQWRDOOD FUHVFLWDGHOODVSHUDQ]DGLYLWD$FDXVD GHOPHFFDQLVPRGHOOHÀQHVWUHLQROWUHOD GHFRUUHQ]DGHOODSHQVLRQHqJLjVSRVWDWD LQDYDQWLGLXQDQQRGDOODPDWXUD]LRQHGHO GLULWWRJLjDGHVVRLQVRVWDQ]DOHGRQQH YDQQRLQSHQVLRQHDDQQLLQYHFHFKHD (O·RELHWWLYRGHOSHQVLRQDPHQWRD DQQLVDUjUDJJLXQWRJLjQHO 1HOVHWWRUHSXEEOLFRLQYHFHO·DXPHQWR '211((3(16,21(&20($80(17$/¶(7¬ ',3(1'(17,35,9$7( ',3(1'(17,38%%/,&+( DQQR (Wj SHQVLRQDELOH 3HQVLRQDPHQWR HIIHWWLYR (Wj SHQVLRQDELOH 3HQVLRQDPHQWR HIIHWWLYR HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL HPHVL GHOO·HWjSHQVLRQDELOHSHUOHGRQQHD DGHVHPSLRLOSHQVLRQDPHQWRHIIHWWLYR DQQLSLXQDQQRGLVOLWWDPHQWRSHUODÀ DYYHUUjVRORQHOVHWWHPEUH QHVWUDRYYLDPHQWHVFDWWHUjJLjDSDUWLUH ,QXWLOHGLUHFKHODPLVXUDVHUYHVRORD GDOFRQXQDXPHQWRLPPHGLDWRGL IDUH FDVVD 6L SDUOD GL SDULWj GL GLULWWL DQQLSHUSRLVDOLUHDQFRUDDSDUWLUHGDO WUDODYRUDWRULHODYRUDWULFLPDLQUHDOWj LQUHOD]LRQHDOO·DXPHQWRGHOODVSH ODGLVSDULWjqDGDQQRGHOOHGRQQH UDQ]DGLYLWDPHGLDPHFFDQLVPRTXHVWR PLOLRQLLQ,WDOLDTXHOOHFRVWUHWWHDULQXQ FKHVLDSSOLFKHUjDWXWWHOHSHQVLRQLGL FLDUHDOODYRURSHUO·DVVHQ]DGLVHUYL]LDL XRPLQLHGRQQHSXEEOLFKHHSULYDWHGD PLQRULDOOHIDPLJOLHHDJOLDQ]LDQLVROR ODYRURDXWRQRPRRGLSHQGHQWH'DQQR LOGHLEDPELQLIUHTXHQWDXQDVLOR XOWHULRUHSHULOSHUVRQDOHGHOODVFXROD QLGRPROWHGLSLOHGRQQHSHQDOL]]DWH FKHSHUODSHQVLRQHGRYUjDVSHWWDUHQRQ QHOODUHWULEX]LRQHHQHOOHSRVVLELOLWjGL VRORO·DQQRVRODUHVXFFHVVLYRDTXHOORLQ FDUULHUDDFDXVDGHOODYRURGRPHVWLFRFKH FXLPDWXUDO·HWjSHQVLRQDELOHPDDQFKH FRQWLQXDDULFDGHUHVRSUDWWXWWRVXOOHORUR O·DYYLRGHOO·DQQRVFRODVWLFRVHO·HWjSHQ VSDOOH(FFRSHUFKpODSDULWjQRQSXzH VLRQDELOHVLUDJJLXQJHQHOPDU]R QRQGHYHSDUWLUHGDOOHSHQVLRQL /,&(1=,$0(17,3,Õ)$&,/, &KHFLD]]HFFDFROULVDQDPHQWRGHLFRQWLSXEEOLFL"3RFRDQ]L QXOODHSSXUHLOSURYYHGLPHQWRqÀQLWRORVWHVVRQHOODPDQRYUD SHUODSUHFLVLRQHDOO·DUWLFROR6LWUDWWDGHOODQXRYDQRUPDFKH FRQVHQWH GL GHURJDUH DL FRQWUDWWL QD]LRQDOL DWWUDYHUVR QXRYL DFFRUGLÀUPDWLDOLYHOORWHUULWRULDOHRDGGLULWWXUDD]LHQGDOH,Q TXHVWDPDQLHUDVHFRQGRLOQXRYRDUWLFRORVDUHEEHDGGLULWWXUD SRVVLELOHGHURJDUHDQRUPHGLOHJJHFRPHTXHOODODWXWHODUHDOH LQ FDVR GL OLFHQ]LDPHQWR LOOHJLWWLPR VDQFLWD GDOO·DUWLFROR GHOOR6WDWXWRGHLODYRUDWRUL4XHOORVWHVVRDUWLFRORFKHJLj QHOIXRJJHWWRGLXQGXURDWWDFFRGDSDUWHGL*RYHUQRH LQGXVWULDOLHLQGLIHVDGHOTXDOHVLVFKLHUzOD&JLOFRQXQDVWRULFD PDQLIHVWD]LRQHFKHSRUWzPLOLRQLGLSHUVRQHD5RPD ,OFRQWUDWWRGLSURVVLPLWj²FKHGRYUjHVVHUHÀUPDWRGDOOHRUJD QL]]D]LRQLVLQGDFDOL©PDJJLRUPHQWHUDSSUHVHQWDWLYHª²SRWUj GHFLGHUHFRPHUHJRODUHLFRQWUDWWLÁHVVLELOLFRPHGHWHUPLQDUH LOUHJLPHGLVROLGDULHWjGHJOLDSSDOWLFRPHGLVFLSOLQDUHOHPDQ VLRQLHJOLLQTXDGUDPHQWL3RWUjGHFLGHUHDQFKHFRPHGHWWR TXDOL FRQVHJXHQ]H FROOHJDUH D XQ OLFHQ]LDPHQWR LOOHJLWWLPR RSSXUHDXQFRQWUDWWRDWHUPLQHQXOOR1RYLWjTXHVWHFKHOD&JLO JLXGLFDQRQVROWDQWRVEDJOLDWHPDDQFKHDQWLFRVWLWX]LRQDOLOD EDWWDJOLDTXLQGLQRQVDUjVRORSROLWLFDHVLQGDFDOHPDDQFKH GDYDQWLDLJLXGLFL 3UHVHQWHLQPDVVDQHOOHSLD]]HLQRFFDVLRQHGHOORVFLRSHUR JHQHUDOHOR6SLWRUQDDIDUVHQWLUHODVXDYRFHFRQWUROD PDQRYUD6WDYROWDGDVRORFRQXQDJUDQGHPDQLIHVWD]LR QHQD]LRQDOHFKHVLWHUUjD5RPDYHQHUGuRWWREUH/H UDJLRQLGLTXHVWDQXRYDSURWHVWD"7DQWHWDQWLVVLPHFRPH VSLHJKLDPRLQTXHVWHSDJLQHGDLWDJOLDOZHOIDUHORFDOH DOO·DXPHQWRGHOO·HWjSHQVLRQDELOHPDO·HOHQFRSXUWURSSR qOXQJKLVVLPR /R 6SL GHO )YJ SRUWHUj QHOOD FDSLWDOH GLYHUVH FHQWLQDLD GL SHQVLRQDWL FRQ PRGDOLWj H SURJUDPPL FKH VL VWDQQR GHÀQHQGRSURSULRPHQWUHTXHVWRJLRUQDOHYDLQVWDPSD ,QFRUVRGLGHÀQL]LRQHLFDOHQGDULGHJOLLQFRQWULHGHOOH DVVHPEOHHFKHVLWHUUDQQRQHOOHTXDWWURSURYLQFHLQYLVWD GHOOD PDQLIHVWD]LRQH *RUL]LD H 3RUGHQRQH KDQQR JLj ÀVVDWROHGDWHFKHSXEEOLFKLDPRTXLVRWWRHQHOOHSDJLQH GHL FRPSUHQVRUL 8GLQH H 7ULHVWH OH FRPXQLFKHUDQQR D EUHYHDJOLLVFULWWL /('$7($*25,=,$ 0RQIDOFRQHPHUFROHGuRWWREUHRUHSLD]]DGHOOD 5HSXEEOLFD5RQFKLPHUFROHGuRWWREUHRUHPHUFDWR FRPXQDOH*RUL]LDJLRYHGuRWWREUHRUHPHUFDWR FRPXQDOH H JLDUGLQL &RUVR 9HUGL &RUPzQV YHQHUGu RWWREUHRUHPHUFDWRFRPXQDOH6WDUDQ]DQRVDEDWR RWWREUHRUHPHUFDWRFRPXQDOH*UDGLVFDG·,VRQ]R PDUWHGuRWWREUHRUHPHUFDWRFRPXQDOHH*LDU GLQL0RQIDOFRQHPHUFROHGuRWWREUHRUHSLD]]D GHOOD5HSXEEOLFD5RQFKLPHUFROHGuRWWREUHRUH PHUFDWR FRPXQDOH &RUPzQV YHQHUGu RWWREUH RUH PHUFDWRFRPXQDOH6WDUDQ]DQRVDEDWRRWWREUH RUHPHUFDWRFRPXQDOH0RQIDOFRQHPHUFROHGu RWWREUHRUHSLD]]DGHOOD5HSXEEOLFD*UDGRVDEDWR RWWREUHRUHPHUFDWRFRPXQDOH /('$7($325'(121( 6DFLOHYHQHUGuRWWREUHRUHSUHVVRODVDOD&RQYHJQL 2VSHGDOH&DVD5LSRVR$]]DQR;PHFROHGuRWWREUH RUHSUHVVROD&DVDGHOOR6WXGHQWHYLD0LODQL6DQ 9LWRDO7DJOLDPHQWRJLRYHGuRWWREUHRUHSUHVVR6DOD &RRSHUDWLYD6DQYLWHVH´LO*HOVRµ6SLOLPEHUJRPDUWHGu RWWREUHRUH´6DODSROLIXQ]LRQDOH&DVHLÀFLRµGDYDQWL VHGH&*,/ /RVFLRSHURGHOVHWWHPEUHLQ)YJ 30),9 ;(» 6HWWHPEUH :HOIDUHSHQVLRQDWLLQSUHVVLQJ ,ORWWREUHO·LQFRQWURFRQ.RVLF 6XO)DSHVXOOHFDVH GLULSRVRSURVHJXH ODPRELOLWD]LRQH GHOOR6SL GRSRO·DVVHPEOHD GHOOHOHJKHHOD PDQLIHVWD]LRQH D7ULHVWHGLOXJOLR Q1HOOHIRWR DOFXQLPRPHQWL GHOOD PDQLIHVWD]LRQH GHOOXJOLR D7ULHVWHVRWWR LO&RQVLJOLR UHJLRQDOH 3UHVWD]LRQL D ULVFKLR SHU PROWL DQ]LDQL EHQHÀFLDUL GHO )RQGR SHU O·DXWRQRPLDSRVVLELOHORVWUXPHQWR FRQFXLOD5HJLRQH)ULXOL9HQH]LD *LXOLD JHVWLVFH JOL LQWHUYHQWL GL VRVWHJQRHO·DVVLVWHQ]DDGDQ]LDQL HDXWRVXIÀFLHQWL,OWDJOLRGHOIRQGR QD]LRQDOHSHUODQRQDXWRVXIÀFLHQ ]D GHFLVR GDO *RYHUQR D SDUWLUH GDO FRPSRUWHUj LQIDWWL XQD ULGX]LRQHGLPLOLRQLGHOOHDWWXDOL GRWD]LRQLUHJLRQDOLFKHSHULO DPPRQWDQRDPLOLRQL , VLQGDFDWL SHQVLRQDWL KDQQR ODQ FLDWRSLYROWHO·DOODUPHHLQSDU WLFRODUHOR6SL,OÀQDQ]LDPHQWRH LO UHJRODPHQWR GL IXQ]LRQDPHQWR GHO)DSLQIDWWLVRQRVWDWLXQRGHL JUDQGLWHPLGHOODSULPDDVVHPEOHD UHJLRQDOH GHOOH OHJKH WHQXWDVL D 3DVLDQGL3UDWRO·OXJOLRHGHOOD PDQLIHVWD]LRQH GL SURWHVWD RUJD QL]]DWDGDOOD&JLOLOOXJOLRVRWWR LO&RQVLJOLRUHJLRQDOHDOTXDOHOR 6SL KD SDUWHFLSDWR FRQ FHQWLQDLD GLLVFULWWL 5LGXUUH OH OLVWH GL DWWHVD VXO )DS VWDQ]LDUH QXRYH ULVRUVH SHU LO TXDQWRPHQR SHU FRSULUH LO GLVDYDQ]RSURYRFDWRGDOPDQFDWR ULÀQDQ]LDPHQWR GHO IRQGR QD]LR QDOH DSSURYDUH QXRYH UHJROH FKH FRQVHQWDQRGLJDUDQWLUHVXWXWWRLO WHUULWRULRUHJLRQDOHXQOLYHOORXQL IRUPHGLSUHVWD]LRQLDJOLDQ]LDQLHDL QRQDXWRVXIÀFLHQWL4XHVWHOHSULQ FLSDOLULFKLHVWHSRUWDWHDYDQWLXQLWD ULDPHQWHGDLVLQGDFDWLGHLSHQVLR QDWLGL&JLO&LVO8LO5LFKLHVWHFKH VDUDQQRDOFHQWURGHOO·LQFRQWURFRQ O·DVVHVVRUHDOOD6DOXWHHDO:HOIDUH 9ODGLPLU.RVLFFRQYRFDWRD7ULHVWH SHULORWWREUH,VLQGDFDWLLQIDWWL JLXGLFDQRLQVXIÀFLHQWLJOLLQWHUYHQWL GHFLVLGDOOD5HJLRQHTXHVWDHVWDWH LQVHGHGLDVVHVWDPHQWRGLELODQFLR GDLPLOLRQLGLULÀQDQ]LDPHQWRGHO )DSDOUDGGRSSLRGHOO·XQDWDQWXPGL HXURDLSHQVLRQDWLDOPLQLPR OD FXL VHFRQGD WUDQFKH GRYUHEEH HVVHUHSDJDWDDGLFHPEUH ©%HQYHQJDQRDQFKHOHXQDWDQWXP ²VSLHJD*LQR'RULJRUHVSRQVDELOH ZHOIDUH GHOOR 6SL&JLO )YJ ² PD QRQqFRVuFKHVLIDIURQWHDOODFULVL FUHVFHQWHFKHFROSLVFHOHIDPLJOLH H L SHQVLRQDWL6HUYRQR LQWHUYHQWL VWUXWWXUDOLSHUSXQWHOODUHXQVLVWHPD GL SURWH]LRQH VRFLDOH H GL VHUYL]L PHVVRDGXUDSURYDGDOOHPDQRYUH GHO*RYHUQRª7UDOHQRGLGDVFLR JOLHUHQHOFRQIURQWRFRQOD*LXQWD DQFKHODTXHVWLRQHOHJDWDDOODULTXD OLÀFD]LRQHHDOOHUHWWHGHOOHFDVHGL ULSRVR/RVTXLOLEULRWUDO·LPSRUWR PHGLR GHOOH UHWWH H L OLYHOOL PHGL GHOOHSHQVLRQLLQIDWWLVWDFUHVFHQGR LQ PDQLHUD LQVRVWHQLELOH H UHQGH LPSURURJDELOHXQLQWHUYHQWRGHOOD 5HJLRQH QRQ VROR SHU DXPHQWDUH O·DEEDWWLPHQWRGHOOHUHWWHPDDQFKH SHUFROOHJDUOHLQPRGRSLVWUHWWRDL UHGGLWLHDOOLYHOORGLDXWRVXIÀFLHQ]D GHJOL XWHQWL 1RQ VROR OR 6SL KD LQ SL ULSUHVH ULEDGLWR OD SURSULD FRQWUDULHWj DOO·DXPHQWR GHL SRVWL OHWWRFKHYDVRORQHOO·LQWHUHVVHGHOOH LPSUHVHGHOVHWWRUHSULPDELVRJQD SHQVDUH D PLJOLRUDUH OH VWUXWWXUH HVLVWHQWLDYYLDQGRXQSURFHVVRGL ULTXDOLÀFD]LRQH ULQYLDWR GL DQQR LQDQQR 6XSHUWLFNHWOHSURPHVVHPDQFDWH 'RSR LO PLQLWLFNHW VXL IDUPDFL JHQHULFLGLFXLOD5HJLRQHQRQKD LQWHVRIDUVLFDULFRVFDULFDQGRQH O·RQHUHVXLFLWWDGLQLGDRUPDLGXH PHVL OD VWHVVD 5HJLRQH KD GDWR DSSOLFD]LRQHDOODQRUPDFRQWHQXWD QHOODPDQRYUDGLOXJOLRFKHWRUQD DG LVWLWXLVFH LO WLFNHW GL HXUR VXOOD ULFHWWD SHU OH SUHVWD]LRQL VSHFLDOLVWLFKHHGLDJQRVWLFKH 'DYYHUR HUD XQ IDWWR REEOLJDWR XQ DWWR GRYXWR DOWUH VWUDGH QRQ HUDQR SHUFRUULELOL FRPH KDQQR VRVWHQXWR LO SUHVLGHQWH 7RQGR H O·DVVHVVRUH.RVLF",QUHDOWjDSSOL FDUOLVLGRYHYDPDORVLSRWHYDIDUH LQPRGRGLYHUVRGDFRPHHUDQR XVFLWLGDOODPDQRYUDGHO*RYHUQR $OWUH5HJLRQLDGHVHPSLRKDQQR DSSOLFDWRJOLVFHOOHUDWLWLFNHWVRORD SDUWLUHGDODJRVWRHGRSRDYHU PHVVRDSXQWRXQDGLYHUVDPRGD OLWjDSSOLFDWLYDVHFRQGRODTXDOH IDWWLVDOYLJOLHVHQWLSHUSDWRORJLD FRQGL]LRQHHWjRUHGGLWRVLJUD GXDLOFRQWULEXWRDJJLXQWLYRVXOOD 'LHFLHXURLQSLDULFHWWDLQGLSHQGHQWHPHQWHGDOUHGGLWR 'DOOD5HJLRQHQHVVXQDLQL]LDWLYDSHUJUDGXDUHLOEDO]HOOR GLDJQRVWLFDVXOODVSHFLDOLVWLFDH VXOSURQWRVRFFRUVRLQUDJLRQHGHL UHGGLWLFRPSOHVVLYLRPHJOLRGHO O·,VHHIDPLOLDUHDOÀQHGLUHQGHUH VRSSRUWDELOHLOEDO]HOOR ( TXL LQ )ULXOL 9HQH]LD *LXOLD LQYHFH"4XDQGRSRWUHPR²GRSR LOJLXVWRULFRUVRDOOD&RUWHFRVWL WX]LRQDOH SHU WXWHODUH H YHGHUH ULFRQRVFLXWDO·DXWRQRPLDVSHFLDOH GHOOD 5HJLRQH LQ WHPD GL VDQLWj HGRSROHULSHWXWHUDVVLFXUD]LRQL GLIIXVH GDOOD *LXQWD LQ OXJOLR H DJRVWR ² GLVSRUUH GL XQD QXRYD QRUPDWLYD FKH HYLWL GL IDYRULUH OH VWUXWWXUH VDQLWDULH SULYDWH" $WWXDOPHQWHLQIDWWLSXzULVXOWD UH FRQYHQLHQWH ULYROJHUVL D XQD VWUXWWXUD SULYDWD SDJDQGR PHQR FKHLQTXHOODSXEEOLFDSURSULRD FDXVDGHOWLFNHWGLHXUR4XDQGR DYUHPR LQ VRVWDQ]D XQD OHJJH FKHODVFLHVHQWLLFLWWDGLQLPHQR DEELHQWLHUHQGDVRSSRUWDELOHSHU WXWWLLOQXRYREDO]HOORVXOODVDOXWH JUDGXDQGRORLQUDJLRQHGHOOHSRV VLELOLWjHFRQRPLFKHGLFLDVFXQR" ,QWDQWRGLIURQWHDQXPHURVLFDVL HFODWDQWL H LQFRPSUHQVLELOL FKH FL VRQR VWDWL VHJQDODWL GD DOFXQL FLWWDGLQLFLFKLHGLDPRTXDOLVLDQR VWDWLJOLLQGLUL]]LDSSOLFDWLYLGHWWDWL GDOOD5HJLRQHDOOH$]LHQGHVDQL WDULH&RQXQ´WHWWRµGLVSHVDSHU WLFNHWWXWWRUDYLJHQWHGLHXUR FRP·qSRVVLELOHFKHULVXOWLQRFDVL ² VRQR JLj QXPHURVL TXHOOL FKH FLVRQRVWDWLVHJQDODWL²LQFXLL FLWWDGLQL KDQQR GRYXWR VERUVDUH LQXQVROFROSRSDUHFFKLHGHFLQH HGLQDOFXQLFDVLDQFKHFHQWLQDLD GLHXUR" 8QHVHPSLRUHDOHSHUWXWWL8QFLW WDGLQRKDVERUVDWRHXURSHU XQDUDGLRJUDÀDHXURSL HXURSHUO·LPSHJQDWLYDHXOWHULRUL HXURSHUXQDVHULHGLHVDPL GLODERUDWRULRGLVWULEXLWLVXTXDWWUR LPSHJQDWLYHWLFNHWGDHXUR GDHGDHXURSHUOHLP SHJQDWLYH,QWXWWRHXUR SDJDWLLQXQVROFROSR,QFUHGLELOH PDYHURSXUWURSSR(SHQVDUHFKH SLYROWHO·DVVHVVRUH.RVLFDYHYD DVVLFXUDWRFKHQRQF·HUDQHVVXQD LQWHQ]LRQHGL©IDUHFDVVDª©1RQ SXzFHUWDPHQWHDFFDGHUH²DYHYD GLFKLDUDWRULJLRUQDOLLOOXJOLR ²FKHODGGRYHYLVRQRULFKLHVWHSHU SUHVWD]LRQLGLODERUDWRULRDUWLFROD WHVXSLLPSHJQDWLYHODPDQRYUD FRVWULQJDLFLWWDGLQLDSDJDUHGXH YROWHXQDTXRWDDJJLXQWLYDGL HXUR LQ DJJLXQWD DO SUHFHGHQWH WLFNHW GL HXUR 8Q SDUDGRVVR FKH YD VDQDWRª , FDVL VHJQDODWL HO·HVHPSLRULSRUWDWRGLPRVWUDQR LQYHFH FKH LO SDUDGRVVR GHQXQ FLDWR GDOO·DVVHVVRUH LQYHFH GL HVVHUHHYLWDWRKDWURYDWRSXQWXDOH HLPPHGLDWDDSSOLFD]LRQHFRQXQ GDQQRHFRQRPLFRULOHYDQWHHLP PHGLDWRVRSSRUWDWRGDLFLWWDGLQL 6ROR XQ·DSSOLFD]LRQH IUHWWRORVD GHOO·LQLTXDQRUPDVWDWDOHRDQFKH ODYRORQWjGLIDUHFDVVD" 1RL ULWHQLDPR FKH VLD DQFRUD QHFHVVDULRLQVLVWHUHSHURWWHQHUH O·HOLPLQD]LRQHGLTXHVWRXOWHULRUH EDO]HOORVXOODVDOXWHUHFXSHUDQGR OH ULVRUVH GD DOWUH IRQWL ² FRPH DIIHUPDYD DQFRUD LO OXJOLR LO YLFHSUHVLGHQWHGHOOD5HJLRQH/XFD &LULDQL²HLQVXERUGLQHTXDORUDLO *RYHUQRQRQFHUFKLDOWUHVWUDGH UHQGHQGRORSLVRSSRUWDELOHFLRq SUHYHGHQGRFRPHDSSDUHJLXVWR HQHFHVVDULRDQFKHODSRVVLELOLWj GL ULPERUVDUH TXHL FLWWDGLQL FKH KDQQR GRYXWR VXELUH LQDXGLWL VDODVVL 1D]DULR0D]]RWWL 30),9 6HWWHPEUH & 025,$6 5$0( 72 8 5, 7 / $ 8 DSSXQWLHQRWHG¶DUFKLYLR 'RYHWHVDSHUHFKH%ODVFRGD &DVWLJOLRQHJLRYDQHSRYHUR EHOORHFRUDJJLRVRqDELOLVVL PRFRQODVSDGD%ODVFRQRQ SHUGRQDqO·HURHGHOURPDQ]R GL/XLJL1DWROL´,%HDWL3DR OLµSXEEOLFDWRLQSXQWDWH VXO *LRUQDOH GL 6LFLOLD GDO PDJJLR DO JHQQDLR HSRLQHOWUDGRWWR LQYROXPH /·RSHUDIXGHÀQLWDFRVu©7XWWH OH VHGX]LRQL GHO URPDQ]R VWRULFR LPPHUVH QHOOD OXFH VLFLOLDQDFKHUHQGHSLYLROHQWD ODFROOHUDHSLPDOLQFRQLFDOD IHOLFLWjª,QROWUHODQDUUD]LRQH VLDYYDOHGHOSLFODVVLFRGHJOL LQFLSLW ©,Q XQD QRWWH EXLD H WHPSHVWRVDXQDGRQQDGLVSHUD WDSULPDGLPRULUHLQXQRVFX UR YLFROR GL 3DOHUPR DIÀGD XQEDPELQRDGXQDFRSSLDGL VFRQRVFLXWL«ª4XLQGLFLDQQL GRSRVLDPRQHODSSDUH %ODVFRLOWHPHUDULRFDYDOLHUH GDOODODPDLPEDWWLELOH'DXQ IUDWHDSSUHQGHGLHVVHUHÀJOLR GHO ULFFKLVVLPR DULVWRFUDWLFR GXFD 'DOOD 0RWWD H GD TXHO PRPHQWR JOL DYYHQLPHQWL VL VURWRODQRLQXQDYDULHJDWDVHULH GLGXHOOLDJJXDWLUDSLPHQWL DPRUL FRQWUDVWDWL JHORVLH H YHQGHWWHWUHPHQGH ,O VXFFHVVR GHOOD VWRULD VL ULVFRQWUD DQFRUD RJJL D 3D OHUPRQRQPDQFDQRGLFHUWR LEDPELQLLVFULWWLDOO·DQDJUDIH FRQLOQRPHGL%ODVFR0DL YHUL SURWDJRQLVWL GHOOD LQWUL JDQWH YLFHQGD VRQR L %HDWL 3DROL2SHUDQGRLQQRPHGHOOD OLEHUWj H GHOO·XJXDJOLDQ]D HVVL LQWHUSUHWDURQR XQD GHOOH SDJLQHSLHSLFKHGHOODVWRULD ;(» 0D¿RVLDQWHOLWWHUDP RJLXVWL]LHUL" ,OGLEDWWLWRqDSHUWR PDLOSRSRORQRQKDGXEEL Q$GHVWUDODPLWLFDJURWWDGHL%HDWL3DROL 6RWWRDVLQLVWUDODFRSHUWLQDGHOURPDQ]RGL/XLJL1DWROL DGHVWUD%ODVFRGD&DVWLJOLRQH LQXQSDQQHOORGLFDUUHWWRVLFLOLDQR %HDWL3DROL ODPDQRLQYLVLELOH FKHIDJLXVWL]LD GL*LQR'RULJR VRFLDOHVLFLOLDQD1HOSHULRGR FKHYDGDOODÀQHGHO6HLFHQWR DOODSULPDSDUWHGHO6HWWHFHQWR ODVHWWDVHJUHWDORWWzFRQWURLVR SUXVLHOHPDOHIDWWHGHLQRELOL LTXDOLVLDUURJDYDQRLOGLULWWR GL DPPLQLVWUDUH JLXVWL]LD D SLDFHUORUR$IDUHOHVSHVHGL WDQWRLJQRELOHDVVROXWLVPRHUD LOSRSRORLSRYHULJOLXPLOLH JOLLQGLIHVL 3XUPDQFDQGRIRQWLVFULWWHOD WUDGL]LRQH SRSRODUH WHVWLPR QLDFKHOD´&RQIUDWHUQLWDGHL 9HQGLFRVLµHEEHVLFXUDPHQWH DGHVLVWHUHLQTXHOGL3DOHUPR /R VWHVVR 1DWROL SHU LO VXR OLEURSUHVHVSXQWRGDOODYRUR GHO0DUFKHVHGL9LOODELDQFD LO TXDOH QHJOL ´2SXVFROL SD OHUPLWDQLµGHOUDFFRQWD GHOOD WHPLELOH &RQIUDWHUQLWD RSHUDQWHDOWHPSRGHLYLFHUq VSDJQROL(FFRLOORURFRGLFH G·RQRUH VDQFLWR GDO JLXUD PHQWRGLVDQJXH©/DQRVWUD JLXVWL]LDQRQqVFULWWDLQQHV VXQDFRVWLWX]LRQHUHJLDPDq VFROSLWDQHLQRVWULFXRUL1RL ODRVVHUYLDPRHFRVWULQJLDPR JOLDOWULDRVVHUYDUOD3HUJD UDQWLUHLOSLGHEROHFRQWURLO SLIRUWHHSHULPSRUODQRQDE ELDPRFKHXQ·DUPDLOWHUURUH HXQVRORPH]]RLOPLVWHURª 3L HVSOLFLWL GL FRVu« 7XWWL FRPSRQHQWLHUDQRWHQXWLDOOD IHGHOWjDVVROXWDHGHUDQRRUJD QL]]DWLLQPRGRGDHVFOXGHUHOD FRQRVFHQ]DUHFLSURFD6RORLO FDSRVXSUHPRHUDQRWRDGXH DGHSWL &ROSLYDQR FKLXQTXH H GRYXQTXH 'LVSRQHQGR GL XQDRUJDQL]]D]LRQHHVWUHPD PHQWHUDPLÀFDWDHFDSLOODUH ODORURPDQRPRUWDOHHQWUDYD SHUILQR QHOOH SL VHJUHWH VWDQ]HGHOO·,QTXLVL]LRQHHGHL SDOD]]L QRELOLDUL H YHVFRYLOL ,QGRVVDYDQR FDSSXFFL QHUL H VL ULXQLYDQR GL QRWWH QHL VRWWHUUDQHL GL 3DOHUPR FLWWj ULFFDGLFXQLFROLGRYHLOORUR 7ULEXQDOHHPHWWHYDVHQWHQ]H GL PRUWH VHQ]D DSSHOOR ,O OXRJR SUHVXPLELOPHQWH VL WURYDYDVRWWROD&KLHVDGL6DQWD 0DUUX]]D H LO YLFROR GHJOL 2UIDQLQHOTXDUWLHUH&DSRQHO FXLVRWWRVXRORFLVRQRJUDQGL FDYLWj FKH IDQQR SDUWH LQWH JUDQWHGLXQYDVWRFRPSOHVVR FLPLWHULDOHSDOHRFULVWLDQR6L WUDWWD GL FDWDFRPEH GDWDELOL WUDLOTXDUWRHLOTXLQWRVHFROR GRSR &ULVWR /H FDWDFRPEH SDUWRQR GDOOH DQWLFKH PXUD GHOOD SRUWD G·2VVXQD SRL GDOODGHSUHVVLRQHQDWXUDOHGHO ÀXPH 3DSLUHWR DUULYDQR ÀQR GHQWURDOTXDUWLHUH,OTXDUWLHUH &DSR SRSRODWLVVLPR DQFRUD RJJL q QDWR DL WHPSL GHOOD GRPLQD]LRQH PXVXOPDQD LQ 6LFLOLD $QWLFDPHQWH IX DEL WDWRGDJOL6FKLDYRQLRYYHUR SLUDWLHJUDQGLFRPPHUFLDQWL GLVFKLDYL 7UDOHYLH3RUWD&DULQL&DS SXFFLQHOOH 6DQW·$JRVWLQR H %HDWL 3DROL FRQ O·RPRQLPD SLD]]HWWDVLWURYDDQFKHXQR GHL PHUFDWL SL IDPRVL GL 3DOHUPR,OQRPHGHOODVHWWD GHULYD GDO %HDWR )UDQFHVFR GD 3DROD FKH QHO TXDWWRUGL FHVLPRVHFRORHEEHXQUXROR DWWLYRQHOODULYROWDGL*LDQOXFD 6TXDUFLDOXSRFRQWURLOSRWHUH GRPLQDQWH 1RQRVWDQWH OD SUHWHVD GL DOFXQL GL LQGLYL GXDUH QHOOD VHWWD GHL WUDWWL SURWRPDÀRVLqYHURO·HVDWWR FRQWUDULR SHUFKp PHQWUH OD PDÀDRSSULPHL%HDWL3DROL OLEHUDQR0HQWUHODPDÀDGL VFULPLQDL%HDWL3DROLHVDOWDQR XJXDJOLDQ]DHJLXVWL]LD 8QD YROWD WURYDQGRPL D 3DOHUPR SHU XQ FRQYHJQR GHOOR 6SL&JLO VXOOH 5HJLRQL D 6WDWXWR VSHFLDOH KR LQWHVR VHJXLUH QRQ VHQ]D XQ ÀOR G·HPR]LRQHODORURPHPRULD ÀQGHQWURDOODFKLHVDGL6DQWD 0DUUX]]D8QIDWWRqVLFXUR L9HQGLFRVLDSSDUWHQJRQRDG XQ·HSRFDVWRULFDEHQGHÀQLWDH ODWUDPDGHOURPDQ]RGL1DWROL VLLQWUHFFLDFRQIDWWLUHDOPHQWH DFFDGXWLHGRFXPHQWDWL1RQ SHUQXOODVWXGLRVLGHOFDOLEURGL (FR/D'XFD6FLDVFLDHWDQWL DOWUL ULPDVHUR DIIDVFLQDWL GD TXHVWDLQWULJDQWHYLFHQGDHSL FD$QFKHLOWHDWURHGLOFLQHPD VLLVSLUDURQRDOPLWRLQGLYHUVH RFFDVLRQLHQHOIXSHUÀQR SURGRWWR LO ÀOP ´, &DYDOLHUL GHOOH0DVFKHUH1HUHµRUPDL SXUWURSSRLQWURYDELOH 8Q·XOWLPDDYYHUWHQ]DL%HDWL 3DROLQRQVRQRPRUWL$OFRQ WUDULRHVVLYLJLODQRQHOO·RPEUD HODYRFHGHOSRSRORDVVLFXUD FKH TXDORUD OD VLWXD]LRQH GRYHVVH ULFKLHGHUOR VRQR SURQWL D WRUQDUH SHU SXQLUH PDOYDJLSUHSRWHQWLFDQDJOLH HVIUXWWDWRUL %XJLHJUDQGLHSLFFROHSHUVFUHGLWDUHO¶LPSHJQRGHOOD&JLO /DPDFFKLQDGHOIDQJR QRQVLIHUPDPDL 3$5/,$02,7$/,$12 6&217,63(&,$/,$*/,,6&5,77,&*,/($86(5 9,$**,2*5$78,7275,(67(5,-(.$75,(67(FRQQRVWURSXOOPLQR 678','(17,67,&,65'2ÿ,5,-(.$&52$=,$ WHOZZZDPEXODQWDVUGRFLKU HPDLOLQIR#DPEXODQWDVUGRFLKU 7HOHIRQDUHSHULQIRUPD]LRQLRSHU¿VVDUHXQDSSXQWDPHQWRSUHOLPLQDUH $OPHUFDWRDGLVWULEXLUHYRODQWLQLSHUORVFLRSHURJHQHUDOHGHOVHWWHPEUH8QDVLJQRUD DFFHWWDLOYRODQWLQRHSRQHODGRPDQGD©ËYHURFKHYRLVLQGDFDWLQRQSDJDWHO·,FL"ª 5LVSRVWD©6LJQRUDODULQJUD]LRSHUODGRPDQGDFKHPLSHUPHWWHGLFKLDULUHHGLULVROYHUH LOVXRGXEELR3RVVRDVVLFXUDUOHFKHOD&JLOHLOVLQGDFDWRGHLSHQVLRQDWLOR6SLSDJDQR UHJRODUPHQWHO·,FLGRYXWDDLGLYHUVL&RPXQLGRYHKDQQRVHGLGLORURSURSULHWj(TXHVWR RYYLDPHQWHqVHPSUHHLPPHGLDWDPHQWHYHULÀFDELOHª 8QDSLFFRODULÁHVVLRQH&HUWDPHQWHLOGXEELRGHOODVLJQRUDQRQqIDULQDGHOVXRVDFFR PDQDVFHGDOOHPHQ]RJQHGLFKLLQDVVHQ]DGLDUJRPHQWLUHDOLKDULPHVVRLQPRWROD PDFFKLQDGHOIDQJRHGHOOHEXJLHSHUVFUHGLWDUHOD&JLOSHUO·LPSHJQRVRFLDOHHSHUOH D]LRQLGLORWWDFKHKDPHVVRPHWWHHFRQWLQXHUjDPHWWHUHLQFDPSRFRQWUROHQHIDQGH]]H SRVWHLQHVVHUHGDTXHVWR*RYHUQR6SDOOHJJLDWRGDOOHIRU]HSROLWLFKHHVRFLDOLFKHLQTXHVWL DQQLKDQQRVRVWHQXWRSROLWLFKHVFHOOHUDWHFKHWDQWLGDQQLHVDFULÀFLKDQQRSURYRFDWRH SURGXUUDQQRSHULO3DHVHLODYRUDWRULLSHQVLRQDWLLJLRYDQLHWXWWLLFLWWDGLQL 1D]DULR0D]]RWWL 30),9 $33817$0(17, ;(» )HVWDUHJLRQDOH GL/LEHUHWj D&RUGRYDGR ODHGL]LRQH /D IHVWD UHJLRQDOH GL /LEHUHWj RUPDLWUDGL]LRQDOHDSSXQWDPHQWR GLÀQHHVWDWHGHOOR6SL)YJqJLXQWD DOVXRTXLQWRDSSXQWDPHQWR /·HGL]LRQH GL TXHVW·DQQR FKH VL VYROJH LO VHWWHPEUH VL WHUUj D &RUGRYDGR QHOOD VSOHQGLWD FRUQLFHGHOO·$UHQD´SDOD]]R&HF FKLQLµ ,OWHPDGHOODIHVWDq´GHOO·XQL Wj G·,WDOLD GHPRFUD]LD GLULWWL OLEHUWjµ XQ WHPD SDUWLFRODU PHQWHDWWXDOHHULFFRGLVSXQWLGL GLVFXVVLRQH /·LQL]LRGHLODYRULqSUHYLVWRSHU OH FRQ O·LQWHUYHQWR GHO VLQ GDFR GL &RUGRYDGR )UDQFHVFR 7RQHJX]]R $ SUHVLHGHUH L ODYRUL VDUj (]LR 0HGHRW VHJUHWDULR JHQHUDOH 6SL &JLO )YJ SDUWHFLSHUDQQR 7XOOLD &DWDODQ ULFHUFDWULFH GL VWRULD GHOO·8QLYHUVLWjGL7ULHVWH)UDQFR %HOFLVHJUHWDULRJHQHUDOH&JLO)YJ H,YDQ3HGUHWWLVHJUHWDULRQD]LR QDOH6SL&JLO6HJXLUjSULPDGHO SUDQ]RODFRQVXHWDFRQVHJQDGHJOL DWWHVWDWLDLGLIIXVRULGL/LEHUHWj 6HWWHPEUH $6$1%(1('(772'(/752172 'DODORWWREUH O¶DVVHPEOHDQD]LRQDOH GHOOHGRQQHGHOOR6SL 'DODORWWREUHD6DQ%HQHGHWWRGHO7URQWRLQSURYLQFLD GL$VFROL 3LFHQR VL WHUUj O·RWWDYD$VVHPEOHD QD]LRQDOH GHOOH GRQQHGHOOR6SL&JLO©,OYDORUHGHOJHQHUHODIRU]DGHOO·HWjª VDUjORVORJDQFKHFRQWUDVVHJQHUjO·DVVHPEOHDSHUHVSULPHUHOD YRORQWjGLXQURYHVFLDPHQWRGHJOLVWHUHRWLSLQHJDWLYLFKHKDQQR FDUDWWHUL]]DWRLQTXHVWDIDVHGHOODYLWDGHOSDHVHODFRQVLGHUD ]LRQHGHOODFRQGL]LRQHDQ]LDQDHGLTXHOODIHPPLQLOHSURSRVWD GDOODFXOWXUDSROLWLFDGRPLQDQWH &RPHVLOHJJHQHOGRFXPHQWRGHOO·DVVHPEOHDODVYDORUL]]D]LRQH GHOJHQHUHIHPPLQLOHqHPHUVDQHOO·DUUHWUDWH]]DGHOODFRQYLYHQ]D FLYLOH H QHL IHQRPHQL GL YLROHQ]D QHOOD UDSSUHVHQWD]LRQH GHO FRUSRGHOOHGRQQHQHOO·LPPDJLQHSXEEOLFDQHOSHJJLRUDPHQWR GHOO·RFFXSD]LRQHHGHOOHFRQGL]LRQLGLODYRURQHOFRQVLGHUDUHOD PDWHUQLWjQRQXQYDORUHVRFLDOHPDXQULVFKLRQHOORVFDULFDUH VXOODYRURGLFXUDVYROWRGDOOHGRQQHODIXQ]LRQHGLSULQFLSDOH DPPRUWL]]DWRUHVRFLDOHQHOODFULVL $TXHVWRSDUDGLJPDKDQQRGDWRULVSRVWDOHGRQQHGHOODJUDQGH PRELOLWD]LRQHQD]LRQDOHVYROWDVLLOIHEEUDLRFKHKDQQRLQ QHVWDWRXQFDPELDPHQWRDQGDWRIRUVHROWUHLOORURVWHVVRSUR WDJRQLVPRFRPHWHVWLPRQLDQRLULVXOWDWLGHOOHDPPLQLVWUDWLYHH TXHOOLGHLUHIHUHQGXPPDDQFKHODVWUDRUGLQDULDPROWLSOLFD]LRQH GLLQL]LDWLYHFKHKDQQRFDUDWWHUL]]DWRODFHOHEUD]LRQHGHOODJLRU QDWDGHOO·RWWRPDU]RGLTXHVW·DQQRHSHUXOWLPHOHGXHJLRUQDWH GL6LHQDFRVLULFFKHHSDUWHFLSDWH &RQO·DVVHPEOHDOHGRQQHGHOOR6SLVSHUDQRGLGDUHXQFRQWUL EXWRDOFUHVFHUHGLXQDULVSRVWDGHOOHGRQQHGHOQRVWURSDHVH SHUFKp WXWWR FDPEL FL VLD VSD]LR DOOD OLEHUWj IHPPLQLOH PD DQFKH UHWL GL GRQQH QHOOD &JLO QHO VLQGDFDWR H QHOOD VRFLHWj SHUGDUVLIRU]DUHFLSURFDHOLQIDDOGHVLGHULRGLSDUWHFLSD]LRQH HSURWDJRQLVPR 30),9 6HWWHPEUH ;(» '$/$/2772%5(7251$ /·$33817$0(172&21/$%$5&2/$1$ /·(9(172 $QFRUDXQDYROWDVLULQQRYDODPD JLDGHOOHYHOHQHOJROIRGL7ULHVWH GRPHQLFDRWWWREUHLQIDWWLYDLQ VFHQD OD HGL]LRQH GHOOD %DU FRODQD O·RUPDL WUDGL]LRQDOH JDUD YHOLFDFKHGDDQQLIDSDUODUHWXWWR LOPRQGRSHUO·LQFUHGLELOHQXPHUR GLLPEDUFD]LRQLSDUWHFLSDQWL ( FRPH RUPDL GD SDUHFFKL DQQL D TXHVWD SDUWH DQFKH LQ TXHVW·HGL ]LRQHOR6SL&JLOGHO)ULXOL9HQH]LD *LXOLD ROWUH D SDUWHFLSDUH GLUHW WDPHQWH DOOD UHJDWD VDUj SUHVHQWH FRQXQRVWDQGGHGLFDWRDOODVWDPSD VLQGDFDOH LQ SDUWLFRODUH DO QRVWUR PHQVLOH QD]LRQDOH /LEHU(Wj H DO QRVWUR/LEHUHWjUHJLRQDOH/RVWDQG VDUjDWWLYRGDJLRYHGuRWWREUHÀQR DOODFKLXVXUDGHOODPDQLIHVWD]LRQH ODVHUDGHORWWREUH $WWHQ]LRQHSHUzSHUFKqULVSHWWRDOOR VFRUVRDQQRqFDPELDWDODORFD]LRQH GHOORVWDQGVLWURYHUjVHPSUHQHOOD ]RQD GL 3RQWHURVVR PD VWDYROWD SURSULR LQ 3LD]]D 6DQW·$QWRQLR 1XRYR QHL SUHVVL GHOOD IRQWDQD /R6SLqSURQWR DVDOSDUH ,OVLQGDFDWRGHL SHQVLRQDWLGHOOD &JLOROWUHD SDUWHFLSDUHDOOD UHJDWDDERUGR GL³6RO&DODR´ VDUjSUHVHQWH FRQXQRVWDQG FKHVWDYROWD VDUjDOOHVWLWR LQ3LD]]D 6DQW¶$QWRQLR Q6RWWRXQ¶LPPDJLQH GHOORVWDQG6SLGHOOR VFRUVRDQQR TXLQGLLQXQSXQWRGLJUDQGLVVLPR SDVVDJJLR 6DUjXQDEXRQDRFFDVLRQHSHUDYYL FLQDUHODJHQWHDOOR6SL&JLOVRQR PLJOLDLDOHSXEEOLFD]LRQLGLVWULEXLWH RJQLDQQRDLYLVLWDWRULIDUFRQRVFH UHOHLQL]LDWLYHHGLWRULDOLHGLIIRQGHUH RYYLDPHQWHOHQRVWUHLGHH &RPHGHWWRDQFKHVWDYROWDOR6SL VDUj SUHVHQWH DOOD UHJDWD YHUD H SURSULDFKHVLGLVSXWDGRPHQLFD RWWREUHDWWLYLVWLQD]LRQDOLHUHJLR QDOLGHOVLQGDFDWRVDOLUDQQRDQFRUD XQDYROWDDERUGRGHOO·LPEDUFD]LRQH ´6RO &DODRµ XQ &RQGRU GHOOD VFXROD GL YHOD '\QDPLF ,, GL 6 *LRUJLRGL1RJDURDIÀOLDWDDOO·8LVS 8QLRQH,WDOLDQD6SRUWSHUWXWWLFKH SRUWHUjQHOJROIROHEDQGLHUHGHOOR 6SLHGL/LEHUHWj /(7(50(,675,$1(KDQQRXQDOXQJDWUDGL]LRQHQHOODFXUDGHOOHPDODWWLHUHXPDWLFKHHQHOODULDELOL WD]LRQH6RQRXELFDWHQHOOD]RQDQRUGRFFLGHQWDOHGHOODSHQLVRODLVWULDQDQHOODQDWXUDLQFRQWDPLQDWDDL SLHGLGLXQDOWLVVLPRVSHURQHGLURFFLDFKLDPDWR©,O*LJDQWHªGDFXLIXRULHVFHXQDVWUDRUGLQDULDDFTXD PHGLFLQDOHFKHGDVHFROLYLHQHXWLOL]]DWDDVFRSLWHUDSHXWLFL5LFFDGL]ROIRHPLQHUDOLVLSLD]]DDOWHU]R SRVWRLQ(XURSDSHUTXDOLWjHGLVWLQJXHOHQRVWUHWHUPHGDWXWWHOHDOWUH ,O FHQWUR ZHOOQHVV PRGHUQR H EHQ DWWUH]]DWR ID GHO QRVWUR VWDELOLPHQWR XQDPHWDQRQVRORSHUJOLDQ]LDQLPDSHUFOLHQWLHSD]LHQWLGLWXWWHOHHWj 'DO q DWWLYR DQFKH LO SROLFOLQLFR 6DQWR 6WHIDQR SHU DEELQDUH DOOH SURSULHWjWHUDSHXWLFKHGHOO¶DFTXDWHUPDOHODGLDJQRVWLFDPRGHUQDVHUYL]L PHGLFLVSHFDLOLVWLFL 7UDOHSUHVWD]LRQLGHO3ROLFOLQLFR6DQWR6WHIDQRXQDYDVWDJDPPDGL DWWLYLWjVSHFLDOLVWLFKHHLQSDUWLFRODUH &KLUXUJLDHVWHWLFD 6WRPDWRORJLD 2WRULQRODULQJRLDWULD 3HUJOLLVFULWWL63,&*,/H$86(5VRQRSUHYLVWH&RQYHQ]LRQLVSHFLDOLVXLWUDWWDPHQWLWHUDSHXWLFL HVFRQWLVXLVHUYL]LGHOSROLFOLQLFR6DQWR6WHIDQR /(7(50(,675,$1(VRQRVWDWHSUHPLDWHFRQLO³)LRUHWXULVWLFR´ FRPHPLJOLRUHGHVWLQD]LRQHQHOO¶DPELWRGHOWXULVPRWHUPDOHLEQ&URD]LD /-(&,/,67(,67$56.(723/,&( 6Y6WMHSDQ/LYDGH5HFHSWLRQ7)ZZZLVWDUVNHWRSOLFHKULQIR#LVWDUVNHWRSOLFHKU 30),9 ;(» 6HWWHPEUH ,OFHQWURGHVWUDFRQWLQXDDRVWDFRODUHO·DWWXD]LRQHGHOODOHJJH ,OFDVRGL6DQ3LHWURDO1DWLVRQHHGHOODVXDVFXRODELOLQJXH 6LDPRWXWWLPLQRUDQ]H GL6WRMDQ6SHWLĀ ,/&$62 (UD6DQ9DOHQWLQRODIHVWDGHJOLLQQDPRUDWL FRUUHYD O·DQQR TXDQGR LO 3DUODPHQWR DSSURYz GHÀQLWLYDPHQWH OD OHJJH VXL GLULWWL GHOOD PLQRUDQ]D OLQJXLVWLFD VORYHQD QHOOD (SSXUHQRQVLWUDWWDYDGLOHJJLULYR OX]LRQDULH9LVLSUHYHGHYDQRGLULWWL ´D ULFKLHVWDµ FRPH L GRFXPHQWL ELOLQJXLWXWHODGHOODVFXRODHGHOOD FXOWXUD ELOLQJXLVPR YLVLYR QHOOD WRSRQRPDVWLFD LQ XQ·DUHD ULVWUHWWD GHÀQLWD DOO·LQWHUQR GHO WHUULWRULR GRY·qUDGLFDWDODFRPXQLWjVORYHQD FLRqOHSURYLQFLHGL7ULHVWH*RUL]LD HG8GLQHOLPLWDWDPHQWHDOOH9DOOL GHO 1DWLVRQH GHO 7RUUH DOOD 9DO FDQDOHHDOOD9DOUHVLD&RVuLOFLYLOH ULVSHWWRSHUODOLQJXDGHOYLFLQRGL FDVDYLGHSDULGLJQLWjVROWDQWRVXO &DUVRHQHLFRPXQLPLQRULPDQRQ QHOODSHULIHULDLPPHGLDWDGL7ULHVWH QpD%DUFRODR6HUYROD,SUHJLXGL]L VRQRGXULDPRULUHDQFKHVHLQ(X URSDWXWWLVRQRPLQRUDQ]DSHUGLUOD FRQ 5RPDQR 3URGL FKH OR ULEDGu DQFKHTXDQGRYLGHODVFULWWDSOXUL OLQJXHVXOODIDFFLDWDGHO&RQVLJOLR UHJLRQDOHLQSLD]]D2EHUGDQ &RPHRJQLOHJJHFKHVDQFLVFHGHL GLULWWLDQFKHTXHOODVXOOHPLQRUDQ]H KDELVRJQRGLJDPEHSHUFDPPLQDUH 6LWUDWWDGHJOL(QWLORFDOLDLTXDOLOR 6WDWRFHQWUDOHHODUHJLRQHOLPLWDQR LQHFHVVDULFRQWULEXWLHODIRUPD]LR QHGHÀQLWLYDGLRUJDQLFLDGHJXDWL LQWHJUDWLYLHQRQVRVWLWXLWLYLSHULO IXQ]LRQDPHQWRGHLWDQWLXIÀFLFKH VLUDSSRUWDQRFRQLOSXEEOLFR1HOOD SXEEOLFD DPPLQLVWUD]LRQH DOFXQH FRVHVRQRVWDWHIDWWHULPDQHSHUz DQFRUDPROWRGDIDUHSHUOHD]LHQGH HURJDWULFLGLVHUYL]LSXEEOLFLFRPH SRVWH H WUDVSRUWL ,Q PROWL FDVL VL WUDWWDVHPSOLFHPHQWHGLULVSHWWDUHOH GHQRPLQD]LRQLORFDOLHJDUDQWLUHXQ DGHJXDWRFRQWDWWRFRQLOSXEEOLFR ,O*RYHUQRGL5RPDKDFHUFDWRVLQ GDOO·DSSURYD]LRQH GHOOD OHJJH GL WXWHODQGHOGLOLPLWDUHH ULGXUUHLIRQGLQHFHVVDULDOODVXDSLH QDDWWXD]LRQH/DOHJJHSUHYHGHYD XQFRQWULEXWRDQQXRGLPLOLRQLGL HXURFKHDYUHEEHGRYXWRLQWHJUDUH DQFKH OD 5HJLRQH )ULXOL 9HQH]LD *LXOLD ,Q UHDOWj YHQQH FDQFHOODWR SHUVLQR TXHOOR FKH QHO ELODQFLR UHJLRQDOH JLj F·HUD H OD SRVWD UL PDQHYXRWDPDOJUDGROHSUHVVDQWL HVLJHQ]HGHOOHLVWLWX]LRQLFXOWXUDOL QRVWUDUHJLRQHSUHFHGXWDGDXQDOHJJHVXOOD WXWHODGLWXWWHPLQRUDQ]HVWRULFKHQHOODQRVWUD SHQLVROD ,QXWLOHO·RVWUX]LRQLVPRGHOOHGHVWUHFKHSHUz VORYHQHHGHLORURGLSHQGHQWL 3UDWLFDPHQWHRJQLDQQRFLqYROXWD ODPRELOLWD]LRQHGHOO·RSLQLRQHSXE EOLFDORFDOHGHOODFRPXQLWjVORYHQD HGHOODYLFLQDUHSXEEOLFDSHUFRVWULQ JHUHLO*RYHUQRDUHFHGHUHGDLWDJOL FKHLQUHDOWjSRFRHIIHWWRSRWHYDQR DYHUHVXLELODQFLGHOOR6WDWR 5LPDQJRQR DQFRUD LQDWWXDWL JOL LPSHJQL VXO SDU]LDOH ULXWLOL]]R GL HGLÀFLFKHLOIDVFLVPRDYHYDWROWR DOODFRPXQLWjVORYHQDGDO%DONDQ QHOFHQWURGL7ULHVWHDOODFDVDGHO OD FXOWXUD GL 6DQ *LRYDQQL H GHO ´7UJRYVNL GRPµ GL *RUL]LD /D OHJJHGLWXWHODKDSHUzULVROWRDOFXQL SUREOHPLPROWRSUHVVDQWLFRPHLO ULFRQRVFLPHQWRGHOODSLQXPHUR VD VFXROD TXHOOD GL 6DQ 3LHWUR DO 1DWLVRQH FKH VYROJH XQ·DWWLYLWj GLGDWWLFD ELOLQJXH FRQ SURJUDPPL VSHULPHQWDOLGLLQWHUHVVHHXURSHR 6WUDQDODVRUWHGLTXHVWDVFXRODFKH FRQWD SL GL DOXQQL QHO FLFOR FRPSOHWRGDOOHPDWHUQHDOOHPHGLH GHOO·REEOLJR 4XDQGR HUD SULYDWD QRQ ULFHYHYD FRQWULEXWL RUD FKH DUULYDURQREHQSUHVWRDOSRWHUHHYLULPDVHUR FRQXQDEUHYHLQWHUUX]LRQHSHUWXWWRLOGHFHQ QLRFRQGL]LRQDQGRQHO·DWWXD]LRQHPDQFDWDR SDU]LDOH q WXWHODWD FHUFDQR GL VPDQWHOODUOD H FKLXGHUOD FRQ SUHWHVWL FKH GLUH UD]]LVWLqGLUSRFR6XFFHVVHLQIDWWL GXHDQQLIDFKHO·HGLÀFLRLQFXLHUD RVSLWDWDYHQQHGLFKLDUDWRLQDJLELOH SHUFKp FDUHQWH GDO SXQWR GL YLVWD GHOOHJDUDQ]LHDQWLVLVPLFKH /H FODVVL YHQQHUR VSDUSDJOLDWH GDSSHUWXWWR SHUVLQR LQ VFDQWLQDWL VHQ]D OXFH PHQWUH QRQ ORQWDQR ULPDQHYDQRTXDVLYXRWLLQWHULHGLÀFL VFRODVWLFL9LVLSRWHYDQRRVSLWDUH JOLDOXQQLGHOODELOLQJXHDOPHQRLQ DWWHVDGHOODULVWUXWWXUD]LRQHGHOO·HGL ÀFLRVFRODVWLFRGLFKLDUDWRLQDJLELOH JLjÀQDQ]LDWDGDOOR6WDWRFRQVROGL FKH LO &RPXQH JHVWLWR GDOOH GH VWUHQRQVDRQRQYXROHVSHQGHUH (EEHQHODSURSRVWDGLRVSLWDUHOD ELOLQJXH LQ XQR GHJOL HGLÀFL VFR ODVWLFLSUHVHQWLQHOFRPXQHYHQQH UHVSLQWD GDOOD PDJJLRUDQ]D FRQ LO SUHWHVWRFKHELVRJQDYDHYLWDUHRJQL ´SURPLVFXLWjµFRQJOLDOXQQLLWDOLDQL GHOOHVFXROHPRQROLQJXL&RPHVH OD GLGDWWLFD ELOLQJXH SRVVD FRQVL GHUDUVLDOODVWUHJXDGLXQDPDODWWLD FRQWDJLRVD 3HU OH ]RQH SL SRYHUH GHOOD PRQWDJQDIULXODQDVSRSRODWHGDO O·HPLJUD]LRQHODOHJJHSUHYHGHXQ FRQWULEXWRDQQXRGLPLODHXUR FRQO·LQWHQWRGLIDYRULUHODSLFFROD LPSUHVD H O·DUWLJLDQDWR ,QYHFH GL FRQFHQWUDUHJOLLQWHUYHQWLVXSURJHWWL PLUDWL H VLJQLÀFDWLYL OD 5HJLRQH KDSUHIHULWRLOFODVVLFRVLVWHPDGHL FRQWULEXWLDSLRJJLDWDQWRFOLHQWHODUL TXDQWRLQXWLOL,QGLHFLDQQLVDUHE EHURJLjPLOLRQLGLHXURFLIUDGL WXWWRULVSHWWRPDFKHQRQqVWDWDLQ JUDGRGLSURGXUUHVYLOXSSRHWDQWR PHQRSRVWLGLODYRUR/·HVSHULHQ]D RUDLQVHJQDFKHODOHJJHDQGUHEEH DUULFFKLWDFRQQXRYLFRQWHQXWLSHU UHQGHUODSLHIÀFDFHVSHFLHLQFDP SRVRFLDOH1HOFRPLWDWRSDULWHWLFR FKHQHFXUDO·DWWXD]LRQHGRYUHEEHUR VHFRQGRFKLVFULYHVHGHUHDQFKHL UDSSUHVHQWDQWL GHOOH SDUWL VRFLDOL ,QSULPROXRJRLVLQGDFDWLSRLFKp QRQF·qGXEELRFKHJUDQSDUWHGHL FRQFLWWDGLQLGLOLQJXDVORYHQDVRQR ODYRUDWRUL $FFRUGRWUDOR6SL&JLOHLOVLQGDFDWRGHOODYLFLQD5HSXEEOLFD '$/021'2 ,SHQVLRQDWLLWDOLDQLHVORYHQL YRJOLRQRFUHVFHUHLQVLHPH 9LDJJLRLQ*UHFLDFRQ LO'LVWUHWWR&HQWURGL7ULHVWH 'DODOJLXJQRVFRUVRXQIROWRJUXSSRGLLVFULWWLDOOR 6SLGHO'LVWUHWWR&HQWURGL7ULHVWHKDHIIHWWXDWRXQYLDJJLR LQ*UHFLDQHOO·DPELWRGHOODRUPDLVXSHUFROODXGDWDDWWLYLWj GLWXULVPRVRFLDOHFKHVLWUDGXFHLQDOPHQRWUHLPSRUWDQWL LQL]LDWLYH GL FDUDWWHUH WXULVWLFR DOO·DQQR $WWXDOPHQWH q LQIDVHGLSUHSDUD]LRQHLOSURJUDPPDSHULO&DSRGDQQR FKHVWDYROWDYHGUjLQRVWULLVFULWWLWUDVFRUUHUH WUHJLRUQLVHUHQLLQWHUUDPDJLDUD 'XUDQWHLOYLDJJLRLQ*UHFLDROWUHDOOHYLVLWHDOXRJKLPH UDYLJOLRVLHSLHQLGLVWRULDFRPHLPRQDVWHULGHOOH0HWHRUH $WHQH'HOÀHFFVLqDQFKHSRWXWRWRFFDUHFRQPDQROD JUDQGHSUHRFFXSD]LRQHHDQVLHWjGHOODSRSROD]LRQHJUHFD ULVSHWWR DOOD JUDYLVVLPD FULVL VRFLDOH HG HFRQRPLFD FKH DWWDQDJOLDLO3DHVHGRYHOHRUJDQL]]D]LRQLVLQGDFDOLVRQR LPSHJQDWHTXRWLGLDQDPHQWHLQD]LRQLVLQGDFDOLWHVHDOOD VDOYDJXDUGLDGHLGLULWWLVRFLDOLGHOOHSHUVRQHSLGHEROL /RURVRQRVWDWLLOSULPRGHLQXRYL6WDWLEDOFDQLFLDGHQWUDUH LQ(XURSD'HOO·DQWLFRFRQÀQHFRQO·,WDOLDDEEDWWXWRVLPER OLFDPHQWHLO0DJJLRGHOLQ3LD]]DGHOOD7UDQVDOSLQD D *RUL]LD GLYHQWDWD VLPEROR GL LQWHJUD]LRQH HXURSHD H GL VXSHUDPHQWRGHOOHEDUULHUHRJJLULPDQJRQRVROROHWUDFFHGL GXHPRQGLFKHLQSDVVDWRVLFRQWUDSSRQHYDQR 3RLO·DUULYRGHOO·HXURHYLDYLDLOGLVSLHJDUVLYHUVRTXHOO·LQWH JUD]LRQHFKHQRQVHQ]DFRQWUDGGL]LRQLKDDFFRPSDJQDWROD QDVFHQWHGHPRFUD]LDFRQLVXRLFDPELDPHQWLVRFLDOLOHVXH IRUPHGLUDSSUHVHQWDQ]DOHQXRYHOHJJLHFRQRPLFKHÀQRDL FRPSRUWDPHQWL TXRWLGLDQL GL FLWWDGLQL FKH QRQ DYHYDQR SL XQDIURQWLHUDGDSDVVDUHSHUUHFDUVLDOODYRUR (·LQTXHVWRFRQWHVWRFKHVLFRQVROLGDQRDQWLFKLUDSSRUWLGL DPLFL]LDHYLFLQDQ]DWUDLOVLQGDFDWRGHLSHQVLRQDWLLWDOLDQRH TXHOORVORYHQRQRQVRORLSUREOHPLGHLUHGGLWLGHOODVDQLWjH GHOO·DVVLVWHQ]DVRQRGLYHQWDWLSLVLPLOLPDDQFKHPROWLLVFULWWL VRQRJOLVWHVVLWLWRODULGLGXHSHQVLRQLLWDOLDQDHVORYHQDFKH ULFKLHGRQRODWXWHODGLHQWUDPELLVLQGDFDWL &UHVFHFRVuQHOOHVHGLVLQGDFDOLXQDFROODERUD]LRQHFKHFRLQ YROJHGLUHWWDPHQWHDQFKHLSDWURQDWLSHUXQDWWLYLWjGLDVVLVWHQ]D FKHQHFHVVLWDGLWXWWHOHFRPSHWHQ]H 6RQR TXHVWL D JUDQGL OLQHH L SUHVXSSRVWL FKH KDQQR SRUWDWR YHQHUGuOXJOLRD7ULHVWHLO3UHVLGHQWHGHOVLQGDFDWRQD]LRQDOH GHLSHQVLRQDWLVORYHQL6XV=VVV.RQUDG%UH]QLNHOD6HJUHWD ULD1D]LRQDOHGHOOR6SL&JLO5HQDWD%DJDWLQDIRUPDOL]]DUH H VRWWRVFULYHUHFRQ XQ·LQWHVDTXHVWDVWRULFDFROODERUD]LRQH 8Q$FFRUGRFKHYXROHDWWLYDUHOHPLJOLRULVLQHUJLHDOÀQHGL VYLOXSSDUHODUHWHGHLVHUYL]LGLWXWHODHDVVLVWHQ]DGHLGLULWWL SUHYLGHQ]LDOLVRFLDOLHVDQLWDULGHLODYRUDWRULDWWLYLHLQSHQ VLRQHGHOOH]RQHWUDQVIURQWDOLHUHQRQFKpGHLSHQVLRQDWLVORYHQL WLWRODULGLSHQVLRQHLWDOLDQD Q/HGHOHJD]LRQL GL6SL&JLOH6XV=VVV 0DQRQVROR/·$FFRUGRYXROHDQFKHIDYRULUHLQWHVHGLFRRSH UD]LRQHSROLWLFRVLQGDFDOHFRQLQL]LDWLYHHIRUPHSLDYDQ]DWH GLWXWHODVRFLDOHQHOFRPXQHLPSHJQRHXURSHRFRQOD)HUSDHOD &HVDQFKHDWWUDYHUVRO·LPSHJQRGHOOD&JLOHGHOOR6SL&JLOGHO )ULXOL9HQH]LD*LXOLDWLWRODWLDGDUHFRQWLQXLWjDLUDSSRUWLGL LQIRUPD]LRQHFRQVXOHQ]DHDVVLVWHQ]DQHLFRQIURQWLGHLFLWWDGLQL VORYHQLWLWRODULGLSHQVLRQHLWDOLDQDLVFULWWLDOOR6SL&JLO )DFHQGRJOLRQRULGLFDVDSUHVVRODEHOODVHGHGHOOD/HJD6SL &JLOGL&DPSL(OLVLGL7ULHVWH/XFLDQRGHO5RVVRUHVSRQVDELOH GHOOHSROLWLFKHLQWHUQD]LRQDOLGHOOR6SL&JLOGHO)ULXOL9HQH]LD *LXOLDKDULQJUD]LDWROHGXHGHOHJD]LRQLQD]LRQDOLGL6ORYHQLD H ,WDOLD SHU DYHU VFHOWR7ULHVWH TXDOH VHGH SHU VRWWRVFULYHUH O·$FFRUGR DXVSLFDQGR FKH SUHVWR DQFKH LQ 6ORYHQLD SRVVD VYLOXSSDUVLDOLYHOORWHUULWRULDOHXQDSUHVHQ]DRUJDQL]]DWDGHL SHQVLRQDWLFRPHTXHOODGHOYHUVDQWHLWDOLDQR 30),9 6HWWHPEUH ;(» ,QL]LDWLYHHJUDQGHLPSHJQRLQRFFDVLRQHGHOODPRELOLWD]LRQHGHOVHWWHPEUH '$/021'2 $QFKHGDOO·HVWHURVRVWHJQR DOORVFLRSHURJHQHUDOH&JLO &RQFUHWL]]DWDODSULPDSDUWHGHOJHPHOODJJLR $EUDFFHWWRLO6XKGL3DUHQ]R HOR6SL3RUGHQRQH&HQWUR $YYLDWD OD FROODERUD]LRQH H LO UDSSRUWR GL DPLFL]LDIUDLO'LVWUHWWR6SLGL3RUGHQRQH &HQWURHLO6XKGL3RUHF3DUHQ]R+5 'RSR GLYHUVL LQFRQWUL SUHSDUDWRUL LO JLXJQRVLqFRQFUHWL]]DWDODSULPDSDUWHGHO JHPHOODJJLRIUDLO'LVWUHWWR6SLGL3RUGHQRQH &HQWURHODVXFFXUVDOH6XK6LQGDFDWRSHQ VLRQDWL FURDWL GL 3RUHF3DUHQ]R &RQ XQD FHULPRQLDVLqSRVWDLQIDWWLODÀUPDD3RUHF 3DUHQ]RQHOO·,VWULDFURDWDVXOGRFXPHQWR FKHXQLVFHOHGXHVWUXWWXUHLQXQJHPHOODJJLR GLFROODERUD]LRQHHDPLFL]LD'LJHPHOODJJLRIUDLO6XKGL3RUHF3DUHQ]RHLO'LVWUHWWR 6SL&HQWURGL3RUGHQRQHVLHUDFRPLQFLDWRDSDUODUHJLjDO&RQJUHVVVRUHJLRQDOHGHOOR 6SLGHOSRLSHUPROWHSOLFLPRWLYLHSHUGLYHUVRWHPSRQRQVLHUDULXVFLWLDGDUH DYYLR FRQFUHWR D TXHVWR SURJHWWR FRQGLYLVR FKH WUD O·DOWUR ULHQWUD QHOO·LPSHJQR DG DPSOLDUHLOQXPHURGHLJHPHOODJJLIUDVWUXWWXUH6XKGHOO·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·LPSRUWDQ]DGHOO·DWWRGLJHPHOODJJLRHODYRORQWjGLDUULYDUHHQWURRWWREUHDO VHFRQGRDWWRGHOODÀUPDD3RUGHQRQHSUHGLVSRQHQGRQHOIUDWWHPSRDOFXQHLGHHVXOOH WHPDWLFKHGDDIIURQWDUHDVVLHPHVXFFHVVLYDPHQWHDWWUDYHUVRODFDOHQGDUL]]D]LRQHGL LQL]LDWLYHVSHFLÀFKHGLFDUDWWHUHVLQGDFDOHHGLWXULVPRVRFLDOH $QFKHLQXQDVLWXD]LRQHSDUWL FRODUPHQWHJUDYHHLPSHJQD WLYDSHUWXWWDOD&JLOHOR6SL FRQODGHFLVLRQHGLSURFODPDUH ORVFLRSHURJHQHUDOHHPREL OLWDUH PLOLRQL GL SHUVRQH VL VRQRDWWLYDWLLQWXWWRLOPRQGR PLJOLDLDGLDWWLYLVWLGHOOR6SL DOO·HVWHURHKDQQRGDWRDLXWR HVROLGDULHWjDVVRFLD]LRQLHRU JDQL]]D]LRQLYLFLQHDOSRSROR LWDOLDQRHDOOD&JLO 1RQDYHYDPRSHUFLzGXEEL VXOOD JUDQGH FROODERUD]LRQH H LPSHJQR GHL QRVWUL DPLFL FURDWLGHO6XKLVWULDQRVHJQR FKH L FRQWLQXL UDSSRUWL ELOD WHUDOLHLJHPHOODJJLLQFRUVR VHPLQDQR EHQH VROLGDULHWj H LPSHJQR FRPXQL ,Q TXHVWD RFFDVLRQHWHQHQGRFRQWRDQ FKHGHOOHGLYHUVHPLJOLDLDGL SHQVLRQDWLLVWULDQLLVFULWWLDOOR 6SL JOL DPLFL FURDWL VL VRQR PRELOLWDWLSHUXQDVLJQLÀFDWLYD D]LRQHGLFRPXQLFD]LRQHDOOD FLWWDGLQDQ]DHDLSHQVLRQDWLGL 3RODGHOOHSURSRVWHHGHOOHPR WLYD]LRQLFKHKDQQRSRUWDWROD &JLODOODSURFODPD]LRQHGHOOR VFLRSHURJHQHUDOH8QJUDQGH VHJQDOHGLVROLGDULHWj 1HOOH IRWR DOFXQH PRPHQWL GHO YRODQWLQDJJLR HIIHWWXDWR D3ROD 7ULHVWH8QJKHULDDQGDWD ,OJLXJQRqVYROWRD.DSRVYDUFDSROXRJR UHJLRQDOHGHOOD&RQWHDGHO6RPRJ\LQ8QJKHULD XQVHPLQDULRGLVWXGLRVXOVLVWHPDSUHYLGHQ]LDOH LWDOLDQRHVXO´/LEURYHUGHGHOODSUHYLGHQ]Dµ HODERUDWRGDOOD&RPPLVVLRQH(XURSHDULYROWR DJOLDWWLYLVWLGHOVLQGDFDWRSHQVLRQDWL0V]RV] GHOOD&RQWHDGHO6RPRJ\$OVHPLQDULRKDQQR SDUWHFLSDWRLOVHJUHWDULRUHJLRQDOHGHOOR6SL)YJ (]LR0HGHRWLOGLUHWWRUHGHOO·,QFD&JLOGL7ULHVWH /XFD6WHIDQLHLOUHVSRQVDELOH6SL)YJSHUOH UHOD]LRQLLQWHUQD]LRQDOL/XFLDQRGHO5RVVR $O FHQWUR GHO GLEDWWLWR OH JUDQGL GLIIHUHQ]H DQFRUDLQDWWRIUDLGLYHUVLPRGHOOLGLSUHYLGHQ]D SXEEOLFDQHOOD8(HLOFRQWLQXRULFRUVRLQWXWWL L3DHVLDGXQDFRQWLQXDHPDUWHOODQWHGLVLQIRU PD]LRQHVXOSHVRHFRQRPLFRGHOVLVWHPDSHQVLRQLVWLFRSXEEOLFRTXDVLIRVVHTXHVWRLOSULQFLSDOH LPSXWDWRGHOODFULVLVRFLDOHHGHFRQRPLFDFKHLQWHUHVVDRUPDLWXWWRLOQRVWURSLDQHWD HULWRUQR 1HOO·DPELWR GHOO·RUPDL SOXULGHFHQQDOH DWWLYLWjGLFROODERUD]LRQHHDPLFL]LDqVWDWD RVSLWH QHOOD QRVWUD UHJLRQH D ÀQH DJRVWR XQDGHOHJD]LRQHGHOVLQGDFDWRXQJKHUHVH 0V]RV]FRQLOTXDOHOR6SLOD&JLOOD)SH LO&RQVLJOLR6LQGDFDOH,QWHUUHJLRQDOHKDQQR FRVWUXLWRLQWXWWLTXHVWLDQQLPROWHSOLFLLQL ]LDWLYHGLFDUDWWHUHVLQGDFDOHHGLWXULVPR VRFLDOHFRLQYROJHQGRFHQWLQDLDGLODYRUD WRULHSHQVLRQDWLLWDOLDQLHXQJKHUHVL 1HOFRUVRGHOODYLVLWDODGHOHJD]LRQHGHO 0V]RV]DFFRPSDJQDWDGD5REHUWR7UHXSUHVLGHQWHGHO&VLHGD/XFLDQRGHO5RVVRUHVSRQVDELOH GHOOHUHOD]LRQLLQWHUQD]LRQDOLGHOOR6SL)YJqVWDWDULFHYXWDQHOSDOD]]R0XQLFLSDOHGL7ULHVWH GDOO·DVVHVVRUHDOOH3ROLWLFKHVRFLDOL/DXUD)DPXODULODTXDOHKDPHVVRLQOXFHO·LPSRUWDQ]DGL TXHVWHLQL]LDWLYHGLFROODERUD]LRQHSHUXQDFLWWjFRPH7ULHVWH )LUPDWRLOJHPHOODJJLR IUD0DQ]DQRH$OERQD *LRUQDWD LPSRUWDQWH VDEDWRVHWWHPEUHSHU OD/HJD6SLGL0DQ]DQR TXHOJLRUQRLQIDWWLVLq FKLXVRO·LWHUGHOODÀUPD SHULOJHPHOODJJLRFRQ LO VLQGDFDWR FURDWR GHL SHQVLRQDWL GL /DELQ $OERQD/DSULPDÀUPD VXO WHVWR LQ LWDOLDQR HUD VWDWD SRVWD LO JLXJQR QHOOD FLWWDGLQD LVWULDQD IDPRVD SHU OH ORWWHRSHUDLHGHLPLQD WRULGHOODORFDOHPLQLHUD GL FDUERQH QHO VHFROR VFRUVRD0DQ]DQRVLq SURYYHGXWRFRQXQDFHULPRQLDLQ0XQLFLSLRDOODÀUPDGHOWHVWRLQFURDWR'XUDQWHOD FHULPRQLDKDSUHVRODSDUROD$GULDQR/HRQLSUHVLGHQWHGHOOD&RPPLVVLRQHSDULWHWLFD 0DQ]DQR/DELQ$OERQDFKHXQLVFHJLjGDDQQLLQJHPHOODJJLROHLVWLWX]LRQL FRPXQDOLGHOOHGXHORFDOLWjSHUXQVDOXWRGLDXJXULRHGLDXVSLFLRDIÀQFKqLOQXRYR JHPHOODJJLRIUDOHGXHRUJDQL]]D]LRQLVLQGDFDOLUDIIRU]LLUDSSRUWLIUDOHFRPXQLWj HVLDXQ·RSSRUWXQLWjLQSLGLFROODERUD]LRQHDWWLYDFRQOD&RPPLVVLRQHSDULWHWLFD LVWLWXLWDGDL&RPXQL6RQRLQWHUYHQWXLSRLLOVHJUHWDULRGLVWUHWWXDOHGHOOR6SLGL &LYLGDOH(OLR1DGDOXWWLODSUHVLGHQWHGHO6XKGL/DELQ$OERQD1DGD.UL]DQDF LOUHVSRQVDELOHGHO6XKSHUODUHJLRQH,VWULDQD9ODGR%XUVLFKLOUHVSRQVDELOHGHL UDSSRUWLLQWHUQD]LRQDOLGHOOR6SLGHO)ULXOL9HQH]LD*LXOLD/XFLDQRGHO5RVVRLO UHVSRQVDELOHGHOOD/HJD6SLGL0DQ]DQR$QJHOR&KLDQGXVVLHODVHJUHWDULDJHQHUDOH GHO&RPSUHQVRULR6SLGHOO·8GLQHVH'DQLHOD9LYDUHOOL7XWWLJOLLQWHUYHQWLKDQQR PHVVRLQHYLGHQ]DLOJUDQGHVLJQLÀFDWRSROLWLFRGHOODFROODERUD]LRQHHDPLFL]LDIUD OHGXHVWUXWWXUHVLQGDFDOL 30),9 ;(» 6HWWHPEUH /¶$XVHUSURWDJRQLVWDGLXQ¶LQL]LDWLYDFKHqDWWLYDD8GLQHH3RUGHQRQH ´1RQVHLVRORµXQDLXWR DOOHSHUVRQHLQGLIÀFROWj 'DOOH9DOOLGHO1DWLVRQH LQL]LDWLYDDVRVWHJQRGHLULIXJLDWL /·DIÀOLDWD$XVHUGL6DQ3LH WUR DO 1DWLVRQH KD DVVXQWR XQ·LPSRUWDQWH LQL]LDWLYD SHU VRVWHQHUH XQ JUXSSR GL LPPLJUDWL GDOOD /LELD ULFR YHUDWLD3XOIHURLQDWWHVDGHO ULFRQRVFLPHQWR GHOOR VWDWXV GLULIXJLDWLSROLWLFL 'HOOH GHFLQH GL PLJOLDLD GL LPPLJUDWL FKH LO FRQIOLWWR OLELFRKDSRUWDWRLQ,WDOLDLO *RYHUQRQHKDLQYLDWRGLYHUVH FHQWLQDLDQHOODQRVWUDUHJLRQH $OORJJLDWLDVSHVHGHOOR6WDWR LQ VWUXWWXUH DOEHUJKLHUH SHU ORUR QRQ q SUHYLVWR DOFXQ LQWHUYHQWR GL LQVHULPHQWR QHOODFRPXQLWjQD]LRQDOHRORFDOH3ULYLGLDVVLVWHQ]DVDQLWDULDGLXQDTXDOFKHGLVSRQLELOLWj ÀQDQ]LDULDGLXQODYRURTXHVWLLPPLJUDWLVRQRGHVWLQDWLDULPDQHUHFRQJHODWLQHOOHORURUHVL GHQ]HSHUXQWHPSRLQGHÀQLWR /·$XVHUGL6DQ3LHWURDO1DWLVRQHSHUFLzVLqDWWLYDWDSHURUJDQL]]DUHOH]LRQLGLOLQJXDLWDOLDQD FRQLSURSULYRORQWDULSHUSURPXRYHUHDWWLYLWjGLVRFLDOL]]D]LRQHSHUFRLQYROJHUHL&RPXQLH OHVWUXWWXUHVDQLWDULHLQPRGRGDUHQGHUHSLXPDQHOHFRQGL]LRQLGLYLWDGLTXHVWLSURIXJKL 127,=,$5,2 Q/·RVWHRSRURVLQHOO·DUWH &RQ TXHVWR RULJLQDOH SURJHWWR FKH VL XQLVFH DOOHPROWHLQL]LDWLYHGLYRORQWDULDWRVRFLRFXO WXUDOH O·DIÀOLDWD ´3HUFRUVL VROLGDOLµ GL7ULHVWH SURSRQHDLVRFLXQSHUFRUVRGLDSSURIRQGLPHQWR GHOODPDODWWLDSHUUDIIRU]DUQHODSUHYHQ]LRQH,O PHWRGRFRPHULDVVXPHLOVRWWRWLWROR´LOFULWLFR GHOO·DUWHLQFRQWUDJOLVSHFLDOLVWLGHOO·RVWHRSRURVL GL7ULHVWHµqTXHOORGLIRUQLUHXQDSSURFFLRDJOL HIIHWWLGHOO·RVWHRSRURVLWUDPLWHODOHWWXUDGLRSHUH DUWLVWLFKHHLOSDUDOOHORDSSURIRQGLPHQWRVFLHQWL ÀFR8QPHWRGRSHUDYYLFLQDUHHQRQDOORQWDQDUH SHUVROOHFLWDUHODFXULRVLWjHQRQDQQRLDUH 1HOIUDWWHPSRDQFKH´3HUFRUVLVROLGDOLµFRPH OH 8QLYHUVLWj GHOOH /LEHUHWj $XVHU H JOL DOWUL FLUFROLFKHSURSRQJRQRFRQIUHTXHQ]DDWWLYLWj FXOWXUDOLVRQRLPSHJQDWLDULFKLHGHUHDOO·$XVHU QD]LRQDOHODFHUWLÀFD]LRQHGLTXDOLWj6LWUDWWDGL XQDWWHVWDWREROOLQREOXHEROOLQRYHUGHFKH GRSRXQDWWHQWRHVDPHGDSDUWHGLXQDVSHFLDOH FRPPLVVLRQHYHUUjFRQFHVVRDOOHDVVRFLD]LRQL FKHJDUDQWLVFRQRODSLYDOLGDRIIHUWDIRUPDWLYD DLVRFL /·RELHWWLYR q TXHOOR GL HOHYDUH XOWHULRUPHQWH LO OLYHOOR GHL FRUVL H GHOOH LQL]LDWLYH FXOWXUDOL GHOO·$XVHUSHUUHQGHUHSLIHFRQGRLOUDSSRUWR FRQOHLVWLWX]LRQLHLFLWWDGLQL Q'DJOLLPSUHQGLWRULGL6DFLOHLQUHJDOR DOO·$XVHUXQD3DQGDQXRYDGL]HFFD ,OPDJJLRDOO·$XVHU)LORG·$UJHQWRGL6DFLOH q VWDWD FRQVHJQDWD XQ·DXWRYHWWXUD )LDW 3DQGD /·DXWRqVWDWDUHJDODWDGDXQJUXSSRGLLPSUHQ GLWRULORFDOLGRSRDYHUVDSXWRGHLVHUYL]LVYROWL DIDYRUHGLSHUVRQHELVRJQRVHGLDLXWR'XHGL TXHVWL LPSUHQGLWRUL QRQ KDQQR FKLHVWR DOFXQD IRUPDGLSXEEOLFLWjPHQWUHLOWHU]RVLqDFFRQWHQ WDWRGLXQDGHVLYR2UDFRQWUHDXWRHXQQXRYR YRORQWDULRO·$XVHUGL6DFLOHSRWUjRUJDQL]]DUH SLHIÀFDFHPHQWHO·RSHUDGLDFFRPSDJQDPHQWR GHJOLDQ]LDQL Q3URJUDPPDG·DXWXQQRGHOO·$XVHU 9RORQWDULDWRGHOOD%DVVD)ULXODQD 6DEDWRVHWWHPEUHYLVLWDGL0DU]DERWWRJUXSSR $XVHUGL$TXLOHLDWHO *LRYHGuVHWWHPEUHYLVLWDGL*UDGLVFDG·,VRQ]R $XVHUSURYLQFLDOHGL8GLQH7HO 6DEDWRRWWREUHYLVLWDLQYDULHORFDOLWjGHO&DGRUH JUXSSR$XVHUGL7HU]RGL$TXLOHLDWHO2 HWHO *LRYHGu RWWREUH YLVLWD GL )RQWDQDERQD 3DJQDFFR$XVHUSURYLQFLDOHGL8GLQHWHO (QWURLORWWREUHFLVLSXzLVFULYHUHDOODJLWDGLÀQH DQQRLQ8PEULDGLJLRUQLHQRWWLFRQFHQRQHH EDOORULYROJHQGRVLDOOHVHGLHDLFRRUGLQDWRUL$XVHU GHOOD%DVVD)ULXODQD QDQQRHXURSHRGHOYRORQWDULDWR 6ROLGDULHWjFRQLEDPELQLGL&KHUQRE\O 6XLQL]LDWLYDGHOO·$XVHUGHOOD%DVVD)ULXODQDqVWDWD RUJDQL]]DWDXQDJLRUQDWDGLVROLGDULHWjFRQLEDPELQL SURYHQLHQWLGDLOXRJKLFRQWDPLQDWLQHOGLVDVWURGL &KHUQRE\O , JLRYDQL RVSLWL GHOO·DVVRFLD]LRQH GL 5XGD´$LXWLDPROLDYLYHUHµKDQQRYLVLWDWRQHOOD PDWWLQDWDGLGRPHQLFDVHWWHPEUHOD&DVDGHOOH )DUIDOOH GL %RUGDQR H KDQQR SRWXWR DPPLUDUH L PXUDOHVGLSLQWLVXOOHFDVHGL%RUGDQRVWHVVRHGL ,QWHUQHSSR1HOSRPHULJJLRVRQRVWDWLDFFRPSDJQDWL DYLVLWDUHLO3DUFR%RWDQLFRGHOODJRGL&DYD]]R JHVWLWRGDXQ·DVVRFLD]LRQH$XVHUHKDQQRSRWXWR SDVVDUHDOFXQHRUHOLHWHQHOSDUFRJLRFKLDOOHVWLWR SUHVVRLOODJR 5DSSRUWR QD]LRQDOH VXO)LOR G·$UJHQWR 1HOOHDWWLYLWjVRFLDOLGHO)LOR G·$UJHQWRKDQQRUDJJLXQWR XWHQWLLOVHVVDQWDSHUFHQWRGHLTXDOL FRQ XQ·HWj VXSHULRUH DL DQQL ODTXDOFRVDVLJQLÀFDFKHO·$XVHU DSSRJJLDXQ´JUDQGHYHFFKLRµVX YHQWLXQRRJQLGLHFLQHOQRUG 1HOOD PDJJLRU SDUWH GHL FDVL VL WUDWWD GL GRQQH FKH YLYRQR VROH H GLSHUVRQHFKHQRQULFHYRQRDLXWL FRQWLQXDWLYLGDLVHUYL]LSXEEOLFL 9L q LQ SDUWLFRODUH XQD ULFKLHVWD FUHVFHQWHGLVHUYL]LGLPRELOLWjFKH YD DQFKH OHWWD FRPH LO GHVLGHULR GHJOL XOWUDVHWWDQWDFLQTXHQQL VROL GL VSRVWDUVL VXO WHUULWRULR SHU FHU FDUH UHOD]LRQL H VYROJHUH DWWLYLWj VRFLDOL LQ RSSRVL]LRQH DOOH VFHOWH SROLWLFKH GL LVWLWX]LRQDOL]]D]LRQH GHJOLDQ]LDQL %LVRJQDVRWWROLQHDUHFKHLOSHU FHQWRGHOOHULFKLHVWHGLLQIRUPD]LRQL HGLDLXWRSHUYHQXWHSURYHQJRQRGD LVWLWX]LRQLSXEEOLFKHLOFKHVWDDG LQGLFDUHFKHTXHVWLHQWLQRQVRQRLQ JUDGRGLLQWHUYHQLUHSHUULVSRQGHUH DLELVRJQLGHOOHSHUVRQHLQFRQGL ]LRQLGLGLVDJLR&LzqFRQIHUPDWR GDOOH LQWHUYLVWH D XWHQWL GHL VHUYL]LGHO)LORG·$UJHQWRGDFXL ULVXOWDFKHLOSHUFHQWRGHJOLLQ WHUYLVWDWLKDQQRXQDVFDUVDIUXL]LRQH GHLVHUYL]LVRFLDOLHURJDWLGDJOLHQWL SXEEOLFL 8QDUHWHGLVHUYL]LDGRPLFLOLRSHQVDWDSHU JOLDQ]LDQLPDDQFKHSHULFLWWDGLQLDOGL VRWWRGHLVHVVDQWDFLQTXHDQQLFKHYHUVLQR LQVLWXD]LRQLGLIUDJLOLWj(·TXHVWDODSUR SRVWDFKHOHDVVRFLD]LRQLGLYRORQWDULDWR DIÀOLDWHDG$XVHUDWWLYHQHOOH3URYLQFHGL 8GLQHHGL3RUGHQRQHLQFROODERUD]LRQH FRQ OD FRRSHUDWLYD GL VHUYL]L VRFLDOL H HGXFDWLYL&RGHVV)9*DYDQ]DQRFRQLO SURJHWWR´1RQVHLVRORµ 6RVWHQXWRGDO&HQWUR6HUYL]L9RORQWDULDWR GHOOD 5HJLRQH )ULXOL 9HQH]LD *LXOLD LO SURJHWWRKDO·RELHWWLYRGLSRWHQ]LDUHOH IRUPHGLDVVLVWHQ]DJLjDWWLYHQHOWHUULWRULR LQWHUHVVDWR DVVLFXUDWH GDL 6HUYL]L H GD $XVHU PD DQFKH HVWHQGHUH O·RIIHUWD DL FLWWDGLQLQRQLQFDULFRDL6HUYL]L6RFLDOL HFRLQYROJHUHQXRYLYRORQWDUL ,FLWWDGLQLSRWUDQQRDFFHGHUHDOVHUYL]LR WHOHIRQDQGR DO QXPHUR YHUGH JUDWXLWR GHO)LORG·$UJHQWR$XVHU R ULYROJHQGRVL GLUHWWDPHQWH DOOH VHGL $XVHU8GLQH3RUGHQRQH 6HUYL]L GL WUDVSRUWR FRPSDJQLD WHOHIR QLFD YLVLWH GRPLFLOLDUL SHULRGLFKH SHU ULOHYDUHOHGLIÀFROWjHRIIULUHFRPSDJQLD HDXVLOLRSHUOHLQFRPEHQ]HTXRWLGLDQH ULWLURGHLUHIHUWLPHGLFLHFRQVHJQDGHL IDUPDFL GLVEULJR GL SUDWLFKH H SLFFROH FRPPLVVLRQL DFFRPSDJQDPHQWR GD H YHUVRFDVDSHUOHHVLJHQ]HGLWXWWLLJLRUQL VRQROHSURSRVWHFKHLOSURJHWWR´1RQVHL VRORµRIIUHDLFLWWDGLQLSLIUDJLOLLQFDULFR RPHQRDL6HUYL]L6RFLDOL ,O SURJHWWR FKH LQWHUHVVD OH SURYLQFH GL8GLQHHGL3RUGHQRQHHVLVYLOXSSD QHOO·DUFRGLGRGLFLPHVLGDOXJOLR DJLXJQRFRLQYROJHUjFLUFDFHQWR YRORQWDUL SHU XQ WRWDOH GL VHLPLOD RUH GLVHUYL]LRHVLSUHÀJJHGLUDJJLXQJHUH PLOOHXWHQWLXJXDOPHQWHGLVWULEXLWLQHOOH GXHSURYLQFH )RQGLFRQWURODPDÀD OD%DVVDVRVWLHQH/LEHUD 8Q·LPPDJLQHGHOOD´*LRUQDWDGLUDFFROWDIRQGL$XVHUQHOOD%DVVD)ULXODQD FRQO·RIIHUWDGHOODSDVWDIDWWDFRQLOJUDQRFROWLYDWRVXLWHUUHQLFRQÀVFDWL DOODPDÀDGDOOD&RRSHUDWLYD´/LEHUD7HUUDµ 30),9 6HWWHPEUH /·$1*2/2 '(/&21680$725( )('(5&21680$725, ËVHPSUHSLGLIIXVRO·XVRGLDF TXLVWLDGLVWDQ]DLQWHOHYHQGLWHDO WHOHIRQRRVXOZHEHED\4XH VW·XOWLPDPRGDOLWjFRLQYROJHQRQ VRORJLRYDQLPDSHUVRQHGLWXWWH OHHWjYLVWDODGLIIXVLRQHGHOO·DO IDEHWL]]D]LRQH LQIRUPDWLFD FKH KDSHUPHVVRDWXWWLFDVDOLQJKH HDQ]LDQLFRPSUHVLGLQDYLJDUH LQ ,QWHUQHW SHU WURYDUH RIIHUWH YDQWDJJLRVH 4XHVWD PRGDOLWj G·DFTXLVWRSHUzSXzULVHUYDUH VSLDFHYROLVRUSUHVH Ë EHQH ULFRUGDUH DQ]LWXWWR FKH %DEER1DWDOHQRQHVLVWHHFKH qEHQHFRQRVFHUHOHQRUPHVXL FRQWUDWWLDGLVWDQ]DHVDSHUHFRPH WXWHODUVLRDFKLULYROJHUVLSHUQRQ LQFRUUHUHLQSRVVLELOLSUREOHPL /HSURSRVWHFRPPHUFLDOLSLIUH TXHQWLVRQRTXHOOHWUDPLWHWHOHIR QRRIIHUWHGLEHQLJDVWURQRPLDR DOWURRVHUYL]LJHVWRULHOHWWULFLWj JDVWHOHIRQLDHFFFKHDFFHWWDWH FRQXQ´VuµSRVVRQRDWWLYDUHXQ FRQWUDWWR SRLFKp O·DGHVLRQH DO O·RIIHUWDYLHQHUHJLVWUDWDHFRPH GD ´&RGLFH GHO &RQVXPRµ LO FRQVXPDWRUHQHYLHQHLQIRUPDWR GDOSURSRQHQWH,OULSHQVDPHQWR SUHYLVWR SHU OHJJH q XQ GLULWWR FKHGHYHHVVHUHHVHUFLWDWRHQWUR GLHFL JLRUQL ODYRUDWLYL GDOOD FRQFOXVLRQH GHO FRQWUDWWR PD VSHVVRLOFRQVXPDWRUHQRQKDOD FRQVDSHYROH]]DGLXQWDQWRQp GHOOH PRGDOLWj GD VHJXLUH SHU HVHUFLWDUOR ,QFDVRGLDFTXLVWLHIIHWWXDWLRQ OLQHVLFRQVLJOLDGLVWDPSDUHOD FRQIHUPD GL ULFH]LRQH GHOO·RU GLQH GL GLVSRQLELOLWj GHO EHQH HOHFRQGL]LRQLGLDVVLFXUD]LRQH GHOWUDVSRUWDWRUHFRQVHUYDQGROD FRUULVSRQGHQ]DFRQLOYHQGLWRUH $OOD FRQVHJQD VH SRVVLELOH HVDPLQDWHLEHQLSULPDGLÀUPDUH O·DYYHQXWDULFH]LRQHHULÀXWDWHL SURGRWWLFRQLPEDOODJJLQRQLQ WHJUL3UHIHULWHLOSDJDPHQWRFRQ FDUWHSUHSDJDWHRJJLIRUQLWHGD TXDVLWXWWHOHEDQFKHFRPSUHVH 3RVWH ,WDOLDQH HYLWDQGR FRVu GL IRUQLUH GDWL UHODWLYL D FRQWL FRUUHQWL R FDUWH GL FUHGLWR ,Q FDVRGLPDQFDWDFRQVHJQDHQWUR JLRUQLGHOEHQHGLFKLDUDWR GLVSRQLELOHHSDJDWRDQWLFLSDWD PHQWHFKLHGHWHO·DGHPSLPHQWR GHOODFRQVHJQDHQWUREUHYLVVLPR WHPSRSUHDQQXQFLDQGRLQFDVR FRQWUDULR OD VHJQDOD]LRQH DOOH DXWRULWjGLSROL]LD 3HUJOLDFTXLVWLGLSURGRWWLSUH VHQWDWL LQ WHOHYHQGLWH JLRLHOOL SHOOLFFH DFFHVVRUL G·DEELJOLD PHQWR FRPSRQHQWL G·DUUHGR VWXIHDSHOOHWYDQQRDOODJUDQGH VDUHEEH XWLOH SUHQGHUH QRWD GL GDWD RUD H FDQDOH GL WUDVPLV VLRQHGHOODSURSRVWD6HLOEHQH QRQGRYHVVHFRUULVSRQGHUHDOOH FDUDWWHULVWLFKH SXEEOLFL]]DWH LO FRQWUDWWRVLSRWUHEEHULVROYHUH &RQWHVWDWHVHPSUHDPH]]RUDF FRPDQGDWD$URULYROJHWHYLDOOH ;(» 6SHVVRLQWHUQHW WHOHYHQGLWHHSURSRVWH YLDWHOHIRQRRIIURQR FRQGL]LRQLYDQWDJJLRVH 0DODFDXWHODGHYH HVVHUHPDVVLPD $FTXLVWLDGLVWDQ]D &RPHHYLWDUH EUXWWHVRUSUHVH $VVRFLD]LRQL GHL &RQVXPDWRUL SHUDVVLVWHQ]D 3HUJOLDFTXLVWLRQOLQHLQ3DHVL ([WUD8( FL VRQR DQFKH DOWUH GLIILFROWj FRPH VFRSHUWR GD XQDUDJD]]DFKHKDRUGLQDWRXQ SURIXPRDXQ·RIIHUWDLQRQOLQHLQ XQSDHVHH[WUDHXURSHR´*HQWLOH XWHQWHLOSOLFRDOHLGLUHWWRSUR YHQLHQWHGDSDHVHH[WUDHXURSHR DWWXDOPHQWHLQJLDFHQ]DSUHVVR ODVH]LRQH3RUWDOHWWHUHGL3RVWH ,WDOLDQH5RVHULRFRQWLHQHPHUFH FKH SHU HVVHUH LQWURGRWWD VXO 7HUULWRULR1D]LRQDOHQHFHVVLWDGL YDOXWD]LRQHVDQLWDULDRULODVFLRGL QXOODRVWDVDQLWDULRGDSDUWHGHL FRPSHWHQWL8IÀFLGL6DQLWjIURQ WDOLHUD/DLQYLWLDPRSHUWDQWRD IRUQLUHODGRFXPHQWD]LRQHHOH LQIRUPD]LRQL QHFHVVDULH SHU OD YDOXWD]LRQHGHOODDPPLVVLELOLWj 6RORODWWHFUXGR VDOHHFDJOLRÊOD UHJRODG¶RURGHOOH FLQTXHODWWHULH FRRSHUDWLYHGHO )YJDGHUHQWLDO FRQVRU]LR³6ROR GL3H]]DWDURVVD LWDOLDQD´5HJLVWUDWR QHOLO PDUFKLRJDUDQWLVFH ODSURYHQLHQ]D GHOODWWHIULXODQR DOHLO ULJRURVRULVSHWWR GHOGLVFLSOLQDUH GLSURGX]LRQH ODWWHIUHVFRQRQ SDVWRUL]]DWRVDOH HFDJOLRQHOVHJQR GHOODWUDGL]LRQH VDQLWDULD VXO WHUULWRULR QD]LR QDOH FRPH VRWWR VSHFLILFDWR /D LQIRUPLDPR LQROWUH FKH DXWRFHUWLILFD]LRQL HYHQWXDOH SDJDPHQWR GL RQHUL VDQLWDUL HYHQWXDOLFHUWLÀFD]LRQLPHGLFKH ULFKLHVWDGLULODVFLRGHOQXOODRVWD GHYRQRHVVHUHLQYLDWHDPH]]R FRUULVSRQGHQ]D DO VHJXHQWH LQGLUL]]R SRVWH LWDOLDQH«µ TXHVWD OD FRPXQLFD]LRQH ULFH 1DVFRQRFRVuLIRUPDJJL³6RORGLSH]]DWD URVVDLWDOLDQD´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zHVVHUHSHUXVRSHUVRQDOHR FRPPHUFLDOHVSHFLÀFDQGRFKH SHU XVR SHUVRQDOH VL LQWHQGH ´TXDQWLWDWLYR GL XQ SURGRWWR GHVWLQDWR DG XQD VROD SHUVRQD HGLQROWUHO·XWHQWHGHYHUHQGHUH ´XQDGLFKLDUD]LRQHGLUHVSRQVD ELOLWj«RDLVHQVLGLVSRVL]LRQL GLVHWWRUHVHWUDWWDVLGLFRVPH WLFL ´'D SDUWH GHOO·$XWRULWj 6DQLWDULDSHUO·DPPLVVLRQHVXO WHUULWRULRQD]LRQDOH«SXzHVVHUH ULODVFLDWRDWWRIRUPDOHGL1XOOD 2VWD 6DQLWDULR ,Q FDVR GL QRQ DPPLVVLRQH O·XWHQWH ULFHYHUj DYYLVR GL UHVSLQJLPHQWR ,O UL ODVFLRGHO1XOOD2VWD6DQLWDULR q VRJJHWWR DJOL 2QHUL 6DQLWDUL GDYHUVDUHVXO&FSRVWDOHQ« 6L HYLGHQ]LD FKH TXDO FKH VLD O·HVLWR GHO SURFHGLPHQWR LQ QHVVXQ FDVR VDUj UHVWLWXLWR LO YHUVDPHQWRQHPPHQRLQFDVR GL ULQXQFLD DOOD VSHGL]LRQH GD SDUWHGHOGHVWLQDWDULR´ 7XWWR FLz QRQ SHU IDUPDFL SH ULFRORVLQRQSHUSURGRWWLLOFXL FRQVXPR q YLHWDWR GDOOD OHJJH EHQVu SHU XQ EDQDOLVVLPR SUR IXPRGLJUDQGHPDUFDIUDQFHVH FKH LQ ,WDOLD QRQ q IDFLOPHQWH UHSHULELOH H LO FXL FRVWR QHJOL 6WDWL 8QLWL TXHVWR LO SDHVH q SDUWLFRODUPHQWH YDQWDJJLRVR /D UDJD]]D QRQ ÀGDQGRVL GHL SDJDPHQWLFRQ&DUWDGLFUHGLWR SHUDFTXLVWLRQOLQHVDSHQGRFKH PROWLXWLOL]]DQRIUHTXHQWHPHQWH WDOH FDQDOH SHU FRPSUDYHQGLWH GL YDULR JHQHUH SDJDQGR FRQ FDUWDSUHSDJDWDHOLPLWDQGRFRVu L ULVFKL JLj TXDOFKH WHPSR ID DYHYDWURYDWRFRQYHQLHQWHHYH ORFHXVDUHTXHVWRPH]]R&RV·q DFFDGXWR" 3HUFKp RUD TXHVWH FRPSOLFD]LRQL"6RQRFDPELDWHOH QRUPH"1HOODFRUSRVDGRFXPHQ WD]LRQH ULFHYXWD H GD UHVWLWXLUH FRPSLODWDVLFKLHGHGRSRQRPH FRJQRPHHLQGLUL]]RFRPHSULPD YRFHLOYHUVDPHQWRLQRULJLQDOH SHUJOLRQHULVDQLWDULLOQXPHUR GLWHOHIRQRLOFRGLFHÀVFDOHOD GHVFUL]LRQHGHWWDJOLDWDXVRGHOOH PHUFL LPSRUWDWH YDORUH GHOOD PHUFHHIDWWXUDFRPPHUFLDOHR SURIRUPD ,QFDVRGLWUDQVD]LRQHYLDLQWHU QHWYLHQHIDWWRREEOLJRGLLQYLDUH FRSLDGHOOHHPDLOGLFRQIHUPD GHOO·DYYHQXWDWUDQVD]LRQHRGHO ERQLÀFR GL SDJDPHQWR 3RVWH ,WDOLDQHLQIRUPDFKHXQDYROWD VGRJDQDWR LO SDFFR YHUUj FRQ VHJQDWRDGRPLFLOLRSHUPH]]R 3RVWD H FKH QRQ q SRVVLELOH ULWLUDUH OD PHUFH SUHVVR JOL XI ÀFL GL« &HUWR OD VDOYDJXDUGLD GHOOD VDOXWH H OD VLFXUH]]D GHL FRQVXPDWRUL q DOWD VHJXHQGR ODQRUPDHLOUHJRODPHQWR0D OH SUDWLFKH EXURFUDWLFKH H JOL RQHUL DFFHVVRUL GLVLQFHQWLYDQR JOLDFTXLVWLLQSDHVL([WUDHXURSHL D PH]]R LQWHUQHW VRSUDWWXWWR SHUTXDQWRULJXDUGDLFRVPHWLFL FUHPH SURIXPL PD DQFKH DOWUL SURGRWWL FODVVLÀFDWL FRPH FRVPHWLFLTXDOHDGHVHPSLRLO GHQWLIULFLR0HGLWDWH (;(=63(565:005=,**/0( 0LQHVWUDGLIRUPDJJLR ,QJUHGLHQWL JGLJRUJRQ]RODJGLJUDQD JUDWWXJLDWDJGLSKLODGHOSKLD ELFFKLHULGLODWWHSDVWLQDDOO·XRYR GDEURGRFXFFKLDLGLSUH]]HPROR ROLRH[WUDYHUJLQHGLROLYD 3UHSDUD]LRQH )DWHVFLRJOLHUHQHOODWWHDIXRFREDVVLVVLPRWXWWLLIRUPDJJL PHVFRODQGRGLFRQWLQXR$SDUWHEROOLWHODSDVWDHXQDYROWD FRWWDVFRODWHODSHUIHWWDPHQWHHPHWWHWHODQHOO·LPSDVWRGL IRUPDJJLVHPSUHDIXRFREDVVRULJLUDWHODXQSR·HSRL VHUYLWHFDOGRFRQXQÀORG·ROLRHSUH]]HPROR 30),9 GDLFRPSUHQVRUL 325'(121( ;(» 6HWWHPEUH 6DQ9LWRYLDDOFRQIURQWRFRQLVLQGDFLGHOPDQGDPHQWR /DOHJDGLVWUHWWXDOH6SL&JLOGL69LWRDO7DJOLD PHQWRXQLWDULDPHQWHD)QSH8LOSIRUWHPHQWH SUHRFFXSDWDSHUODFULVLHFRQRPLFDFKHVWDPHW WHQGRLQGLIÀFROWjPROWHIDPLJOLHKDLQFRQWUDWR L VLQGDFL GHO PDQGDPHQWR SHU FKLHGHUH ORUR GL DYYLDUH XQ FRQIURQWR GL PHULWR UHODWLYR DL VHJXHQWLSXQWLELODQFLRGLSUHYLVLRQH UHFXSHURGHOO·HYDVLRQHÀVFDOHHFRQWULEXWLYD ULIHULPHQWRDOO·,VHHVXWDULIIHHVHUYL]LLQQDO ]DPHQWRGHOODIDVFLDGLHVHQ]LRQHGDJOLDWWXDOL D HXUR DQQXL VXOO·DGGL]LRQDOH ,USHIXQRVYLOXSSRSLFRQJUXRGHLVHUYL]L WUDVSRUWR6DGVHUYL]LRDVVLVWHQ]DGRPLFLOLDUH FHQWURGLXUQRSHUSHUVRQHQRQDXWRVXIÀFLHQWL PLQLDOORJJLSHUDQ]LDQLHIDVFHGHEROL $WXWWHTXHVWHULFKLHVWHSHUQRLSULRULWDULHJOL DPPLQLVWUDWRULORFDOLVLVRQRGLPRVWUDWLGLVSR QLELOL DO FRQIURQWR LPPHGLDWDPHQWH GRSR OD SDXVDHVWLYD 2UDGRSRO·LPSHJQRYHQLDPRDOORVYDJRFRQ OHLQIRUPD]LRQLSHUWXWWLJOLLVFULWWLGHOOD/HJD GL69,WRVXOSURJUDPPDGLIHVWHHJLWH'RSR OHJLWHGLPHWjVHWWHPEUHD%HUJDPRHDO/DJR G·,VHR H LO 7RXU GHOOD 3XJOLD SHU JLRYHGu QRYHPEUHqLQSURJUDPPDOD´)HVWDGHO7HV VHUDPHQWRµD9HGHODJRFRQSUDQ]RPXVLFDH EDOORQHOODPDWWLQDWDYLVLWDDOODFLWWjGL7UHYLVR *LRYHGuGLFHPEUHFLVDUjXQSUDQ]RGLSHVFH GD7LWXWDD&DRUOHFRQPXVLFDHEDOOR /XFLDQR&DPSDQHU 3UROXQJDWRO¶DLXWRGHOODOHJDGL0DQLDJR6SLOLPEHUJRDOODIDPLJOLD6WDQNRYLF 6ROLGDULHWjDGLVWDQ]D FRQWLQXDLOSURJHWWR6HUELD 4XDOFKHDQQRIDDYHYDPRSUHVRO·LPSHJQRGLFRQ WULEXLUHDWWUDYHUVRO·DVVRFLD]LRQH2QOXV6RV<XJR VODYLD DG XQ DLXWR DOOD IDPLJOLD 6WDQNRYLF SHU WUH DQQL7UDVFRUVRTXHVWRSHULRGRDEELDPRFDSLWRFKH DQFKHDGLVWDQ]DGLWDQWLDQQLGDOODÀQHGHOODJXHUUD LQ 6HUELD OD VLWXD]LRQH QRQ q PLJOLRUDWD GL PROWR SHUFXLDEELDPRGHFLVRGLDOOXQJDUHLOSHULRGRGHO FRQWULEXWR D FLQTXH DQQL &RPH RJQL DQQR DQFKH TXHVW·DQQR DEELDPR ULFHYXWR FRQ SLDFHUH L ULQJUD ]LDPHQWLLOULFRQRVFLPHQWRFRQODWHVVHUDRQRUDULD GHOO·DVVRFLD]LRQHHOHIRWRGL)LOLSFKHQHOIUDWWHPSR qFUHVFLXWRHFKHFLRIIUHXQDERWWLJOLDGLYLQRORFDOH FRPHVHJQRGLULFRQRVFHQ]D&RVuDQFKHTXHVW·DQQRLO ULFDYDWRGHOODVRWWRVFUL]LRQHUDFFROWDGDOOD/HJDGHOOR 6SL&JLOGL0DQLDJR6SLOLPEHUJRqVWDWRQXRYDPHQWH LQYLDWRDOO·DVVRFLD]LRQHFKHVLRFFXSDGL)LOLS 'DOO·DVVRFLD]LRQH FL JLXQJRQR DQFKH QRWL]LH VXL FRPXQLFDWLGHOOD=DVWDYDLO6LQGDFDWRORFDOHFKHFL SRVVRQRGDUHVHSSXUSDU]LDOPHQWHLOTXDGURGHOOD VLWXD]LRQHHFRQRPLFDVRFLDOHGHOOD6HUELD,QTXHVWR 3DHVHGLVHWWHPLOLRQLGLDELWDQWLLOGLHVVLYLYH VRWWRODVRJOLDGLSRYHUWjGLQDULSDULDHXURDO PHVHHXURDOJLRUQRSHUFLEREROOHWWHYHVWLDULR LVWUX]LRQHVDQLWjHFF &RQ LO FDPELR GLQDURHXUR OD SRYHUWj DXPHQWD GL JLRUQR LQ JLRUQR H FUHVFH LO QXPHUR GHOOH PHQVH SRSRODUL,OVDODULRPHGLRqGLHXURPHQVLOLOD SHQVLRQHPHGLDqGLHXURDOPHVH,OFRQWUDWWR FRQOD)LDWVHPEUDYDHVVHUHO·DIIDUHGHOVHFRORSHU OD 6HUELD LQYHFH VL q ULYHODWR XQD EXIDOD SHUFKq L ODYRUDWRULGHOOD)DV)LDW$XWR6HUEDSHUPROWLPHVL VRQR VWDWL LQ FDVVD LQWHJUD]LRQH SHU VHWWLPDQH DO PHVHHVLSUHYHGHFKHDQRYHPEUHVDUDQQRWXWWL LQFDVVDLQWHJUD]LRQH1RQF·qGXEELRDOFXQRVXOOD SUHFDULHWj H VXOOD SRYHUWj GHOOD YLWD LQ 6HUELD 3HU TXHVWRDQFRUDXQDYROWDDEELDPRGHFLVRGLDLXWDUHOD IDPLJOLD6WDQNRYLFSHUFKqLOORURÀJOLROR)LOLSSRVVD ÀQLUH JOL VWXGL SHU DVSLUDUH DG XQ PRQGR PLJOLRUH VHQ]DJXHUUHRGLRHWQLFRHDGXQODYRURSHUDYHUH XQDYLWDGLJQLWRVD *LDQFDUOR5RVVL /R6SLWRUQDLQSLD]]D (FFROHDVVHPEOHH 9LVWRFKHOHLQIRU PD]LRQLGHLPH GLDVXOODPDQRYUD H VXOOH UDJLRQL GHOOR VFLRSHUR JHQHUDOH GHO VHWWHPEUH VRQR VWDWHVSHVVRVFDU VH H IXRUYLDQWL OR 6SL FRPH DO VROLWR VL q GDWR GD IDUH GD VROR /D FDPSDJQD GL LQIRUPD]LRQHVXO WHUULWRULR q VWDWD PDVVLFFLD FRQ XQD OXQJKLVVLPD VHULH GL YRODQWL QDJJLQHOOHSLD]]HQHLPHUFDWLHLQRFFDVLRQHGLJUDQGLHYHQWLFRPH3RUGHQRQH OHJJHHOD)LHUDFDPSLRQDULD *LjSDUWLWDDQFKHODPDFFKLQDRUJDQL]]DWLYDLQYLVWDGHOODJUDQGHPDQLIHVWD]LRQH GL5RPDFKHOR6SLKDSURFODPDWRSHULORWWREUH,OQRVWURFDPSHUYLDJJHUj DQFRUDQHOOHSLD]]HHQHLPHUFDWLHGqVWDWRGHÀQLWRDQFKHLOFDOHQGDULRGHOOH DVVHPEOHHGLFXLSXEEOLFKLDPRTXLVRWWRGDWHHVHGLPOP /($66(0%/(( 6DFLOHYHQHUGuRWWREUHRUHSUHVVRODVDOD&RQYHJQL2VSHGDOH&DVD5LSR VR$]]DQR;PHFROHGuRWWREUHRUHSUHVVROD&DVDGHOOR6WXGHQWH YLD0LODQL6DQ9LWRDO7DJOLDPHQWRJLRYHGuRWWREUHRUHSUHVVR6DOD &RRSHUDWLYD6DQYLWHVH´LO*HOVRµ6SLOLPEHUJRPDUWHGuRWWREUHRUH´6DOD SROLIXQ]LRQDOH&DVHLÀFLRµGDYDQWLVHGH&*,/ 3HGHPRQWDQD 8QQXRYRPRGHOOR GLRUJDQL]]D]LRQH SHUO·$PELWR &DPELD PRGHOOR RUJDQL]]DWLYR O·$PELWR GL VWUHWWXDOHFKHFRPSUHQGHFRPXQLGHOOD SHGHPRQWDQDSRUGHQRQHVH$YLDQR%UXJQHUD %XGRLD &DQHYD )RQWDQDIUHGGD 3ROFHQLJR 6DFLOH'RSRXQDOXQJDIDVHGLVSHULPHQWD]LRQH O·$VVHPEOHDGHLVLQGDFLKDULWHQXWRGLLQGLFDUH VLDXQDQXRYDVWUXWWXUD]LRQHGHOOHXQLWjRSHUDWLYH WHUULWRULDOLVLDODFRQIHUPDGHOODORJLFDGLHTXLSH HTXLQGLGHOSUHVLGLRSHUDUHDGLLQWHUYHQWR/D QRYLWjSULQFLSDOHGHOQXRYRDVVHWWRDSSURYDWRGD VHLFRPXQLLOUDSSUHVHQWDQWHGL)RQWDQDIUHGGD KD YRWDWR FRQWUR ULJXDUGD OD ´ULYLVLWD]LRQHµ GHL6HUYL]LVRFLDOLSURIHVVLRQDOLGLVWULEXLWLVXO WHUULWRULR GRYH YHQJRQR LQGLYLGXDWL FRQ DWWR VSHFLÀFR GHOOH XQLWj RSHUDWLYH WHUULWRULDOL DL TXDOL VRQR SUHSRVWL GHL UHIHUHQWL $JOL VWHVVL VDUDQQRDVVHJQDWLVSHFLÀFKLLQFDULFKLHSRWHULGL LVWUXWWRULDSURSRVWDHÀUPD,VHUYL]LWHUULWRULDOL DVVXPHUDQQRODGHÀQL]LRQHGL´8QLWjRSHUDWLYHµ FKHVDUDQQRFLQTXH /D VHFRQGD QRYLWj SUHYHGH OD FUHD]LRQH GL XQ·XQLWj GL SURJHWWR GHÀQLWD &RQIHUHQ]D GHL UHIHUHQWL WHUULWRULDOL H G·DUHD FRRUGLQDWD GDO UHVSRQVDELOH GHOO·DPELWR FRQ IXQ]LRQL DQFKH GLUHIHUHQ]DSHUO·DUHDGL,QFOXVLRQHLQGLUHWWD FROODERUD]LRQHFRQLUHIHUHQWLSHUO·DUHD$Q]LDQL 'LVDELOLWjH,QIDQ]LDHSURWH]LRQH,QROWUHYHUUj FRVWLWXLWRXQXIÀFLRDPPLQLVWUDWLYRHÀQDQ]LD ULRFRQLOFRPSLWRGLJHVWLUHWXWWHOHIXQ]LRQL DPPLQLVWUDWLYH ,OUDSSUHVHQWDQWHGHOFRPXQHGL)RQWDQDIUHGGD FKHKDYRWDWRFRQWURODQXRYDULRUJDQL]]D]LRQH DYHYDSUHVHQWDWRXQDSURSRVWDWHQGHQWHGDXQ ODWRDFUHDUHWUHXQLWjRSHUDWLYHWHUULWRULDOLDFFRU SDQGRSLFRPXQLHGDOO·DOWURDGDWWULEXLUHDOOH UHVSRQVDELOLGHOOHXQLWjRSHUDWLYHO·LQFDULFRGL SRVL]LRQHRUJDQL]]DWLYDFRQSRWHUHGLGHWHUPLQD ,Q VHJXLWR DOOD FRQVXOWD]LRQH GHL VLQGDFL GHL FRPXQLGLPLQRUHGLPHQVLRQHqVWDWDDSSURYDWD ODSURSRVWDGLFRVWLWXLUHFLQTXHXQLWjRSHUDWLYH WHUULWRULDOL$YLDQRH%XGRLD%UXJQHUD&DQHYD )RQWDQDIUHGGD3ROFHQLJRH6DFLOH $]]DQR'HFLPRDYYLDWDODFRQWUDWWD]LRQH 'RSR XQ SHULRGR GL VWDOOR QHO O·$PELWR GLVWUHWWXDOH GL $]]DQR 'HFLPR q VWDWR SRVVLELOH DYYLDUH XQDGLVFXVVLRQHFRQ)QSH8LOSH FRVWUXLUH SLDWWDIRUPH FRQGLYLVH FHQWUDWHVXOODTXDOLWjHO¶HIÀFLHQ ]D GHL VHUYL]L WHUULWRULDOL FRQ OD YHULÀFD GHOOD JHVWLRQH GHO )DS H FRQ OD ULFKLHVWD FKH O·$PELWR VL GRWL GL DOPHQR XQ FHQWUR GLXUQR RJQL DELWDQWL VXOOD WXWHOD GHL UHGGLWL HG LO FRQWHQLPHQWR GHOOHWDULIIHDOÀQHGLVYLOXSSDUH LO EHQHVVHUH GHJOL DQ]LDQL GHOOH IDPLJOLHHGHLFLWWDGLQL 6XOODEDVHGLTXHVWLHOHPHQWLVLVRQR WHQXWLSULPLFRQIURQWLGLPHULWRFRQ O·$PELWRFRQWXWWLL&RPXQLHOH FDVHGLULSRVRGHOO·$PELWRVDOYRLO &RPXQHGL3DVLDQRDFDXVDGHOO·LQ IRUWXQLRVXELWRGDOVLQGDFR /HSROLWLFKHQHJDWLYHGHOJRYHUQR QD]LRQDOH H GL TXHOOR UHJLRQDOH KDQQR SRUWDWR L FRPXQL LQ XQD VLWXD]LRQH GL HVWUHPD GLIÀFROWj $IRU]DGLGLUHFKHQRQDYUHEEHUR PHVVR OH PDQL QHOOH WDVFKH GHJOL LWDOLDQL KDQQR ULGRWWR GUDVWLFD PHQWHLVHUYL]LVRFLDOLPHVVLIDWL FRVDPHQWHLQFDPSRGDLJRYHUQLGL FHQWURVLQLVWUD 6XOOH SUREOHPDWLFKH SRVWH VXOOH DQDOLVL H OH SUHRFFXSD]LRQL GHO VLQGDFDWRHVXOOHFRQVHJXHQ]HQH JDWLYHFKHODFULVLLQDWWRSURGXFH SHU OH IDPLJOLH HG LQ SDUWLFRODUH SHUTXHOOHPHQRDEELHQWLLQOLQHD GL PDVVLPD GD SDUWH GHL UHVSRQ VDELOL GHOOH DPPLQLVWUD]LRQL F·q VWDWDFRQGLYLVLRQH'LYHUVRLQYHFH LO JLXGL]LR VXOOH UHVSRQVDELOLWj H JOLLQGLUL]]LGDGDUHSHUDIIURQWDUH ODVLWXD]LRQHHVXTXDOLVWUXPHQWL XWLOL]]DUH SHU UHSHULUH OH ULVRUVH HFRQRPLFKH ORWWD DOO·HYDVLRQH SHUHVHPSLRVXOFRPHUHDOL]]DUH SL LQYHVWLPHQWL QHO VRFLDOH SR WHQ]LDQGR JOL LQWHUYHQWL D IDYRUH GHOOHSHUVRQHHGHOOHIDPLJOLHFKH VLWURYDQRSLLQGLIÀFROWj $WXWWLDEELDPRULYROWRO·LQYLWRD IDUHVFHOWHFRUDJJLRVHHUHVSRQVDELOL SHUPDQWHQHUHHSRWHQ]LDUHLQWHU YHQWLVWUXWWXUHHVHUYL]LWHUULWRULDOL SHUUHQGHUOLVHPSUHSLDGHUHQWLDL ELVRJQLVRFLDOLFUHVFHQWL$OODULSUH VDGHJOLLQFRQWULFLLPSHJQHUHPR SHU DSSURGDUH D TXDOFKH DFFRUGR VLJQLÀFDWLYRLQVLVWHQGRDQFKHSHU ULDYYLDUH L SHUFRUVL ÀQDOL]]DWL D UHDOL]]DUHLO3LDQRGL=RQDXQLFR VWUXPHQWRLQJUDGRGLSLDQLÀFDUHOR VYLOXSSRGHLVHUYL]LWHUULWRULDOLSXE EOLFLFKHYDOHODSHQDGLULFRUGDUOR TXHVWDJLXQWDUHJLRQDOHDOPHQRÀQR DGRUDQHLIDWWLKDEORFFDWRSHUVH JXHQGRO·RELHWWLYRGLSULYDWL]]DUOLLO SLSRVVLELOHHODVFLDQGRDOSXEEOLFR VRORLOPLQLPRHVVHQ]LDOH $XVSLFKLDPRLQROWUHGLSRWHUSUR PXRYHUHDVVLHPHDLVLQGDFDWLGHL SHQVLRQDWL GHOOD &LVO H GHOOD 8LO DVVHPEOHHULYROWHDOODSRSROD]LRQH GHLVHWWHFRPXQLGHO'LVWUHWWR ,YR%HW 30),9 6HWWHPEUH GDLFRPSUHQVRUL 8',1( ;(» 3DOPDQRYDH6DQ*LRUJLR OR6SL&JLOFDPELDFDVD 1RQXQDVHPSOLFHVHGHVLQGDFDOHPD©XQFHQWUR SROLWLFRHFXOWXUDOHDSHUWRDOODFROODERUD]LRQHFRQ DOWUHDVVRFLD]LRQLHGHQWLFKHSHUVHJXDQRLQRVWUL VWHVVLRELHWWLYLª4XHVWHOHSDUROHFRQFXL5HQ]R 0LORFFR VHJUHWDULR GHO GLVWUHWWR GL &HUYLJQDQR KD´VDOXWDWRµO·DSHUWXUDGHOODQXRYDVHGH6SL&JLO D3DOPDQRYDLQFRQWUDGD*DU]RQLLQDXJXUDWDLO PDJJLRDOODSUHVHQ]DGL&DWHULQD'HJDQR SHUOR6SLUHJLRQDOH'DQLHOD9LYDUHOOLH*LQR )RQWDQD SHU OD VHJUHWHULD SURYLQFLDOH GHO VHJUHWDULRJHQHUDOHGHOOD&JLO8GLQH$OHV VDQGUR)RUDERVFR1HLORURLQWHUYHQWLWXWWL KDQQR ULPDUFDWR O·LPSRUWDQ]D GL XQD VHGH FKHGLYHQWDXQQXRYRSXQWRGLULIHULPHQWR SHUOHSROLWLFKHWHUULWRULDOLGHOGLVWUHWWR8QD QXRYDVWUXWWXUDDOVHUYL]LRQRQVROWDQWRGHL SHQVLRQDWL PD DQFKH GHOOH FDWHJRULH GHL ODYRUDWRULDWWLYLLQSDUWLFRODUHFRPPHUFLRH SXEEOLFRLPSLHJRFKHQHOOD]RQDYDQWDQRXQJUDQ QXPHURGLLVFULWWL 3LUHFHQWHO·LQDXJXUD]LRQHGHOODVHGHD6DQ*LRUJLR GL1RJDURWHQXWDVLO·VHWWHPEUHSUHVHQWLVHPSUH )RUDERVFRHLYHUWLFLSURYLQFLDOLHWHUULWRULDOLGHOOR 6SLROWUHFKHGHOVLQGDFRGL6DQ*LRUJLR3LHWUR'H )UDWH1HOOHIRWRGXHPRPHQWLGHOOHLQDXJXUD]LRQL DVLQLVWUD3DOPDQRYDVRSUD6DQ*LRUJLR &LYLGDOH SHQVLRQDWL VHQ]DIURQWLHUH 6LFRQVROLGDQRLUDSSRUWLWUDODOHJD GLVWUHWWXDOH 6SL&JLO GL &LYLGDOH H L VLQGDFDWL GL ROWUHFRQÀQH 'XH JOL LQFRQWUL WHQXWLVL QHOOH XOWLPH VHWWLPDQHLODJRVWRD&DSRUHWWR FRQLFLUFROLGHLVLQGDFDWLSHQVLRQDWL GLTXHOO·DUHDLOVHWWHPEUHD0DQ ]DQRGRYHqVWDWRGHÀQLWLYDPHQWH ÀUPDWRLOJHPHOODJJLRWUDOR6SLGL &LYLGDOHHLOVLQGDFDWR6XKGL$OER QDLQ&URD]LD8QDFROODERUD]LRQH WUDQVIURQWDOLHUDFKHDSUHODVWUDGDD QXPHURVHRSSRUWXQLWjGLFRQIURQWR VXOOH ULVSHWWLYH HVSHULHQ]H H VXL ULVSHWWLYLVLVWHPLGLZHOIDUH6HQ]D WUDVFXUDUHLPRPHQWLGLVYDJRHOH LQL]LDWLYHFXOWXUDOL 'XHHYHQWLD*HPRQDH9HQ]RQHQHOVHJQRGHOODFROODERUD]LRQHFRQOR6SLGHOO¶$EUX]]R &RPHULQDVFHUHGRSRLOVLVPD ,OPRGHOOR)ULXOLqDQFRUDYDOLGR ,O PRGHOOR )ULXOL FRPH ULIHULPHQWR SHU OD ULFRVWUX]LRQH GHOO·$EUX]]R /DVWUDGDVHJXLWDÀQRUDQRQqFHUWR TXHVWDPDXQJLRUQRIRUVHOHFRVH SRWUDQQR FDPELDUH Ë XQD VSHUDQ]D SHU/·$TXLODHSHULOSDHVH4XHVWRLO VHQVRGHJOLDSSXQWDPHQWLGL9HQ]RQH H*HPRQDHVHWWHPEUHQDWL QHOVROFRGHOO·DPLFL]LDWUDOR6SLGHO )ULXOL 9HQH]LD *LXOLD H LO VLQGDFDWR SHQVLRQDWLDEUX]]HVH 8QUDSSRUWRQHOVHJQRGHOODVROLGDULHWj H GHOOD FROODERUD]LRQH DYYLDWR QHO OXJOLRGHOGDOODYLVLWDGHOOR6SL GHOO·$OWR)ULXOLDOOH]RQHFROSLWHGDO VLVPD 'D *HPRQD DOO·$TXLOD GDO )ULXOLDOO·$EUX]]RHGqJLjVWRULDGL TXHVW·DQQRODSUHVHQ]DGHOOR6SLUH JLRQDOHDOJUDQGHFRQYHJQRWHQXWRVL DOO·$TXLOD OR VFRUVR DSULOH QHO VHFRQGRDQQLYHUVDULRGHOVLVPD8QD YLVLWDULFDPELDWDGD*LRYDQQD=LSSLOOL 6SL $EUX]]R H /RUHWWD 'HO 3DSD 6SL /·$TXLOD SUHVHQWL D 9HQ]RQH H*HPRQD7UDLSDUWHFLSDQWLDQFKH )UDQFHVFKLQR%DUD]]XWWLH,YDQR%HQ YHQXWLVLQGDFLGL&DYD]]RH*HPRQD QHOO·H[FRQVLJOLHUHUHJLRQDOH 5REHUWR 'RPLQLFL LO VLQGDFR GL 9HQ]RQH$PHGHR3DVFRORO·DVVHVVRUH DOODULFRVWUX]LRQHGHOO·$TXLOD3LHWUR 'H 6WHIDQR O·XUEDQLVWD 9H]LR 'H /XFLDLOVRFLRORJR(QULFR3XJOLHVH *LQR'RULJRGHOOR6SLUHJLRQDOHHOD VHJUHWDULDGHOOR6SLGL8GLQH'DQLHOD 9LYDUHOOLROWUHD0DULR6DLH5LFFDUGR 7HU]LGHOOR6SLQD]LRQDOH ©$QFKH VH VRQR SDVVDWL DQQL H L FRQWHVWLVRQRPROWRGLYHUVL²VSLHJD *LQR'RULJR²FUHGRFKHO·HVSHULHQ]D IULXODQDUHVWLDQFRUDXQHVHPSLRXWLOH XQ ULIHULPHQWR SHU OD ULFRVWUX]LRQH GHOO·$TXLOD H SHU OH ORWWH GHL QRVWUL FRPSDJQLDEUX]]HVL5LVRUVHDGHJXDWH GDOOR 6WDWR EXRQH OHJJL GD SDUWH GHOOD 5HJLRQH PDVVLPD DXWRQRPLD DLWHUULWRULFRQLQWHVWDL&RPXQLPD DQFKHFRQXQUXRORLPSRUWDQWHSHUOH IRU]HHFRQRPLFKHHVRFLDOLDSDUWLUH GDO VLQGDFDWR FKH LQ )ULXOL VHSSH HVVHUHWUDLSURWDJRQLVWLGHOGRSRWHU UHPRWRTXHVWDO·LPSRVWD]LRQHFKHKD IDWWRGHO)ULXOLO·HVHPSLRSLDOWRGL ULFRVWUX]LRQHQHOQRVWUR3DHVHTXH VWRLOPRGHOORFKHSXzHGHYHHVVHUH FRSLDWRªUGW &DUQLDOLEHUDXQDOH]LRQHGHOODVWRULD $2YDURODFHOHEUD]LRQHGHODQQLYHUVDULRGHOODUHSXEEOLFD FKHVFULVVHXQJUDQGHFDSLWRORGHOODORWWDGLOLEHUD]LRQHLQ)ULXOL &HQWRFLQTXDQW·DQQL ID QDVFHYD O·,WDOLD 8QLWD DQQL ID LQ &DUQLD QDVFHYD OD SULPD ]RQD OLEHUDWD GDOO·RFFXSD]LRQHQD]LIDVFLVWD,GXHDYYHQLPHQWL DQFKH VH ORQWDQL QHO WHPSR VRQR WUD ORUR OHJDWL O·8QLWjG·,WDOLDLQIDWWLQDVFHYDGDO5LVRUJLPHQWR GDOODORWWDGLWDQWLSDWULRWLFKHYROHYDQRVuXQ3DHVH XQLWRPDDQFKHSLJLXVWRSLOLEHUR ,O$SULOHVHJQDODULQDVFLWDGHOO·,WDOLDFKH VHSSH FDFFLDUH L QD]LVWL RFFXSDQWL H L ORUR DOOHDWL IDVFLVWLFKHDYHYDQRFHGXWRWXWWRLO)ULXOL9HQH]LD *LXOLDDOGRPLQLRWHGHVFR$QFKHTXHVWRVHFRQGR ULVRUJLPHQWR IX RSHUD GHL SDWULRWL DSSDUWHQHQWL D LGHRORJLH GLYHUVH PD XQLWL QHO YROHUH XQ·,WDOLD OLEHUDJLXVWDVROLGDOH 'DOOD ORWWD GL OLEHUD]LRQH q QDWD OD &RVWLWX]LRQH LWDOLDQDJLXGLFDWDXQDGHOOHPLJOLRULDOPRQGR ,QTXHVWLPRPHQWLEXLHWULVWLFKHVWLDPRYLYHQGR VLDPRLQWDQWLDLQWHUURJDUFLVXTXDQWLGLTXHVWLLGHDOL VRQRVWDWLUHDOL]]DWLHVRSUDWWXWWRFRPHXQDSDUWHGHO SRSRORLWDOLDQROLDEELDVPDUULWLSHUVHJXLUHPRGHOOL HVWLOLGLYLWDLQFXLFRQWDVRORO·DSSDULUHLQFXLOD EXJLDqVSDFFLDWDSHUYHULWjLQFXLODVRSUDIID]LRQH GHOIRUWHSUHWHQGHGLYLRODUHOHJJLGLULWWLXQLYHUVDOL HVRSUDWWXWWRTXHOOLGHOPRQGRGHOODYRUR 1RLGHOOR6SL&JLODEELDPRSHQVDWRGLGDUHXQFRQ WULEXWRLGHDOHDTXHVWLGXHDQQLYHUVDUL²GHOO·8QLWj G·,WDOLD H GHOOD /LEHUD 5HSXEEOLFD GHOOD &DUQLD ²FRQODSURPR]LRQHGLXQFRQYHJQRDG2YDURFRQ JOLLQWHUYHQWLGL'DQLHOD9LYDUHOOLVHJUHWDULDSUR YLQFLDOHGHOOR6SLGHOSURIHVVRU)XOYLR6DOLPEHQL GHOO·XQLYHUVLWjGL8GLQHGHOSRHWDHVFULWWRUHFDUQLFR /HRQDUGR=DQLHUGHOORVWRULFR*LXOLR0DJULQLGL 5LFFDUGR7HU]LGHOODDHJUHWHULDQD]LRQDOHGHOOR6SL &RQTXHVWDLQL]LDWLYDFRRUGLQDWDGD%UXQHOOR$OIDUq DEELDPRLQWHVRGDUHDQFKHXQULFRQRVFLPHQWRLGHDOH DWXWWHOHGRQQHHJOLXRPLQLFKHYLVVHURO·HVSHULHQ]D LQGLPHQWLFDELOHGHOOD]RQDOLEHUDGHOOD&DUQLDHSHU WXWWLORURDLFRPDQGDQWLSDUWLJLDQLQRQFKpLVFULWWL 6SL)XURUHH&LQRGD0RQWHDOVHFROR(OLR0DUWLQLV H5RPDQR0DUFKHWWL 30),9 GDLFRPSUHQVRUL *25,=,$ ;(» 6HWWHPEUH 5DFFROWDGL¿UPHQHOO¶LVRQWLQR3RLLO*RYHUQRIDPDUFLDLQGLHWUR 6YHQWDWDODUDSLQD GHOOHIHVWLYLWjODLFKH 'RSRLOPRYLPHQWRFKHVLqFUHDWRLQWXWWRLOSDHVHFRQWURODVFLDJXUDWDGHFLVLRQHGHO JRYHUQRGLPHWWHUHQHOODPDQRYUDHFRQRPLFDORVSRVWDPHQWRDOOXQHGuGHOOHIHVWLYLWj ODLFKHDSULOH,PDJJLRHJLXJQRORVWHVVRHVHFXWLYRqVWDWRFRVWUHWWRDHOLPLQDUH GDOODPDQRYUDTXHVWDGHFLVLRQHFRQJURVVDVRGGLVID]LRQHGDSDUWHQRVWUD 8QFRQWULEXWRVLDSXUHPRGHVWRDOODFUHD]LRQHGLTXHVWRPRYLPHQWRG·RSLQLRQHqVWDWR GDWRGDOOHOHJKHGLVWUHWWXDOLGL5RQFKLGHLOHJLRQDULH0RQIDOFRQHFKHKDQQR UDFFROWRROWUHÀUPHDGHUHQGRDOODSHWL]LRQHODQFLDWDDOLYHOORQD]LRQDOH GDOOD&JLOÀUPHLQRUHVRQRVWDWHUDFFROWHQHOO·DPELWRGHOPHHWLQJ SDUWLJLDQRGL6HO]$OWUHÀUPHVRQRDUULYDWHQHOO·DPELWRGHOOD)HVWDGHOOH 5D]HGL6WDUDQ]DQRGRYHHUDVWDWRDOOHVWLWRXQRVWDQGGDOOR6SLH$XVHU7XWWH TXHVWHÀUPHUDFFROWHLQPDQLHUDFDUWDFHDVRQRVWDWHVXFFHVVLYDPHQWHLQYLDWH RQOLQHDOVLWRQD]LRQDOHGHOOD&JLOGRYHHUDQRVWDWHUDFFROWHROWUHPLOD ÀUPHÀQRDOJLRUQRSULPDGHOODGHFLVLRQHGHOJRYHUQRGLWRUQDUHLQGLHWUR GDOODGHFLVLRQHGLVSRVWDPHQWRGHOOHIHVWLYLWjODLFKH $EELDPRYROXWRVHJQDODUHTXHVWHLQL]LDWLYHVRSUDWWXWWRSHUGDUHXQVHJQR GLULFRQRVFLPHQWRHGLULQJUD]LDPHQWRDWXWWHTXHOOHFRPSDJQHLFKHVLVRQR LPSHJQDWLDQFKHODGRPHQLFDSHUUDJJLXQJHUHTXHVWRULVXOWDWRHDWXWWLFRORUR FKHKDQQRVRWWRVFULWWRODSHWL]LRQH 520$2772%5( *25,=,$6,35(3$5$ 'RSRORVFLRSHUROR6SLWRUQDDVFHQGHUHLQSLD]]D FRQWURODPDQRYUDHFRQWURLO*RYHUQRFKHO·KD SUHVHQWDWD H IDWWD DSSURYDUH /·DSSXQWDPHQWR FRP·qQRWRqD5RPDSHUYHQHUGuRWWREUH,Q SUHSDUD]LRQHGHOO·HYHQWROR6SL&JLOGHOO·LVRQWLQR KDJLjGHÀQLWROHGDWHGLLQFRQWULHDVVHPEOHH */,$33817$0(17,0RQIDOFRQHPHUFR OHGuRWWREUHRUHSLD]]DGHOOD5HSXEEOLFD 5RQFKLPHUFROHGuRWWREUHRUHPHUFDWR FRPXQDOH *RUL]LD JLRYHGu RWWREUH RUH PHUFDWR FRPXQDOH H JLDUGLQL &RUVR 9HUGL &RUPzQVYHQHUGuRWWREUHRUHPHUFDWR FRPXQDOH 6WDUDQ]DQR VDEDWR RWWREUH RUH PHUFDWR FRPXQDOH *UDGLVFD G·,VRQ]R PDUWHGuRWWREUHRUHPHUFDWRFRPXQDOH H*LDUGLQL0RQIDOFRQHPHUFROHGuRWWREUHRUH SLD]]DGHOOD5HSXEEOLFD5RQFKLPHUFROHGu RWWREUHRUHPHUFDWRFRPXQDOH&RUPzQV YHQHUGuRWWREUHRUHPHUFDWRFRPXQDOH 6WDUDQ]DQRVDEDWRRWWREUHRUHPHUFDWR FRPXQDOH0RQIDOFRQHPHUFROHGuRWWREUHRUH SLD]]DGHOOD5HSXEEOLFD*UDGRVDEDWR RWWREUHRUHPHUFDWRFRPXQDOH /DER]]DGHOO¶$]LHQGDVDQLWDULDQRQVRGGLVIDLVLQGDFDWLGHLSHQVLRQDWL 'LPLVVLRQLSURWHWWHFRVuQRQYD +DSUHVRDYYLRO·LWHUGHOODWUDWWDWLYDSHU ULYHGHUH LO SURWRFROOR SHU OH GLPLVVLRQL SURWHWWHGDOO·RVSHGDOHSHULVRJJHWWLIUDJLOL GHOOD3URYLQFLDGL*RUL]LD /D WUDWWDWLYD WUD OH RUJDQL]]D]LRQL VLQ GDFDOLGHLSHQVLRQDWL&JLO&VLOH8LOH O·$66Q,VRQWLQDYHGHFRLQYROWLDQFKHL UDSSUHVHQWDQWLGHLPHGLFLGLIDPLJOLDHJOL $PELWLGLVWUHWWXDOLVRFLDOLGHL&RPXQL /·$]LHQGD VDQLWDULD FL KD LQYLDWR XQD ER]]DGLSURWRFROORULJXDUGDQWHO·RUJD QL]]D]LRQHWUDRVSHGDOLH'LVWUHWWRVDQL WDULRFKHGRYUHEEHPRGLÀFDUHOHDWWXDOL GLVSRVL]LRQLLQPDWHULDGLGLPLVVLRQL/D ER]]DQRQWLHQHFRQWRGHOOHYHUHUDJLRQL SHUOHTXDOLLOYHFFKLRSURWRFROORGHO QRQKDIXQ]LRQDWRPDULVXOWDVRODPHQWH XQDULPRGXOD]LRQHGLGLVSRVL]LRQLLQWHUQH GHOO·$]LHQGD 1HOOD ER]]D D]LHQGDOH VL SDUOD GL LQGL YLGXDUH L SD]LHQWL ´IUDJLOLµ XWLOL]]DQGR YHFFKLVFKHPLFKHOLPLWDQRLOQXPHURGL SHUVRQHGDSUHQGHUHLQFDULFRQRQVLID FHQQRDOO·XQLWjGLYDOXWD]LRQHGLVWUHWWXDOH FKHGRYUHEEHSUHSDUDUHLOSLDQRSHUVR QDOL]]DWRSHUODFRQWLQXLWjDVVLVWHQ]LDOH WHUULWRULDOH &·qXQRVFDUVRFRLQYROJLPHQWRGHLPHGLFL GLIDPLJOLDQRQVLSDUODGHOODQHFHVVLWj GLDXPHQWDUHODGRWD]LRQHRUJDQLFDLQ IHUPLHULÀVLRWHUDSLVWLHFFGHL'LVWUHWWL VDQLWDUL QRQ F·q FHQQR GHOOD QHFHVVLWj GL DXPHQWDUH L SRVWL OHWWR LQ 0HGLFLQD IRQWHVSHVVRGLGLPLVVLRQLDIIUHWWDWHQRQ VLSDUODGLXQPDJJLRUHFRLQYROJLPHQWR GHLVHUYL]LVRFLDOLFRPXQDOLSHUXQDEXRQD LQWHJUD]LRQHVRFLRVDQLWDULD 'RYUHPRTXLQGLPLJOLRUDUHHLQWHJUDUH OH SURSRVWH FKH O·$66 Q VWD SURSR QHQGR $EELDPR IDWWR XQD SULPD ULXQLRQH FRQ L VLQGDFDWL GHL SHQVLRQDWL GL &LVO H 8LO FRQGLYLGHQGR OH SUHRFFXSD]LRQL VXOOD ER]]DHFLVLDPRLPSHJQDWLDIDUHGHJOL LQFRQWULFRQLOVLQGDFDWRGHOOD)XQ]LRQH 3XEEOLFDGL&JLO&LVO8LOFRQLOVLQGDFDWR GHL PHGLFL GL PHGLFLQD JHQHUDOH H FRQ JOL$PELWLGLVWUHWWXDOLLQPRGRGDGDUH XQDULVSRVWDXQLWDULDDOSUREOHPDGHOOH GLPLVVLRQL &RQVHWWHPEUHFRPLQFHUHPRDFDOHQGD UL]]DUHJOLLQFRQWULFRQL&RPXQLGHOOD SURYLQFLDSHUULQQRYDUHLSURWRFROOLVRWWR VFULWWLQHOSULPDGHOO·DSSURYD]LRQH GHLELODQFLFRPXQDOLVDSHQGRFKHTXHVWD WRUQDWDVDUjPROWRGLIÀFLOHQHOULXVFLUHD GLIHQGHUHOHIDVFHSLGHEROLGHOODSRSR OD]LRQHLQTXDQWRO·DWWXDOHPDQRYUDGHO *RYHUQR%HUOXVFRQLKDWDJOLDWRQRWHYRO PHQWHLFRQWULEXWLDL&RPXQLDOODIDFFLD GHO IHGHUDOLVPR 'RYUHPR FRPXQTXH WHQWDUHGLVSLQJHUHOHDPPLQLVWUD]LRQLD PDQWHQHUH OH DJHYROD]LRQL FRQTXLVWDWH QHO ,QTXHVWDWRUQDWDGLFRQFHUWD]LRQHGRYUH PRSRUUHFRQIRU]DXQDULPRGXOD]LRQHGHO OHWDVVHFRPXQDOLHUHJLRQDOLDEEDVVDQGROH LQIDYRUHGHLQXFOHLIDPLJOLDULFRQUHGGLWL PHGLR EDVVL 'RYUHPR FRLQYROJHUH JOL $PELWLVRFLDOLQHOODSUHGLVSRVL]LRQHGHL 3LDQLGL]RQDQHOÀQDQ]LDPHQWRGHOIRQGR GLDLXWRSHUFKLWLHQHLOSURSULRIDPLJOLDUH QRQDXWRVXIÀFLHQWHQHOSURSULRGRPLFLOLR YLVWRFKHLIRQGLVRQRÀQLWLHFHQWLQDLDGL IDPLJOLHDVSHWWDQRLFRQWULEXWLSHUWLUDUH DYDQWL&·qO·HVLJHQ]DGLXQULRUGLQRHGL XQRVYLOXSSRGHLVHUYL]LVRFLDOLDIURQWHGL XQDXPHQWRGHOOHULFKLHVWHGLDLXWRGHOOH IDVFHSLGHEROL'RYUHPRFRLQYROJHUH OHSRSROD]LRQLGHLWHUULWRULQHOIRUPXODUH OHULFKLHVWHSHUSRWHUOHGLVFXWHUQHHDOOD ÀQHFRQGLYLGHUHLULVXOWDWL $SULUHPRLQROWUHFRQOD3URYLQFLDWUHWD YROLGLGLVFXVVLRQHVXLWUDVSRUWLSXEEOLFL VXLVHUYL]LDLQRQDXWRVXIÀFLHQWLHVXOOD GLYXOJD]LRQHGHJOLDFFRUGLLQWHPDVRFLR VDQLWDULRFKHVLIDQQRQHLWHUULWRUL 7XWWRFLzORGRYUHPRIDUHLQPH]]RDG XQDEDWWDJOLDQD]LRQDOHFRQWUROHPDQRYUH LQLTXH GHO JRYHUQR FKH FL YHGUj LPSH JQDWL QHL SURVVLPL PHVL LQ XQD JUDQGH PDQLIHVWD]LRQHQD]LRQDOHD5RPDGHOOR 6SL&JLO 9LWWRULR)UDQFR 0ROWHOHVHGLLQIDVHGLULRUJDQL]]D]LRQH ,QDXJXUDWDODVHGHGL&RUPRQV /D&JLOHOR6SLGHOODSURYLQFLDGL*RUL]LD VWDQQR ULRUJDQL]]DQGR OH SURSULH VHGL SHU UHQGHUOH DQFRUD SL HIÀFDFL HG HIÀFLHQWL LQPRGRGDHVVHUHXWLOL]]DWHVHPSUHGLSL SHU WXWWH OH HVLJHQ]H SUHYLGHQ]LDOL ÀVFDOL HODYRUDWLYH 'RSRO·LQDXJXUD]LRQHQHOPHVHGLJLXJQR GHOODVHGH&JLOGL&RUPzQVLQLQYLD0DW WHRWWLYLFLQRDOODSLD]]DGHOPHUFDWR FRPXQDOHLOOXJOLRqGLYHQWDWRRSHUDWLYR LOQXRYRRUDULRGLDSHUWXUDGHOODVHGHFRPHGDVSHFFKLHWWRDOOHJDWR/DSULPDQRYLWjFKH YRJOLDPRHYLGHQ]LDUHqO·DSHUWXUDGDOOXQHGuDOYHQHUGuDOPDWWLQRHDOSRPHULJJLR ,QROWUHODVHGHGL&RUPzQVROWUHDYHGHUHODSUHVHQ]DJLRUQDOLHUDGHOOR6SLHLVHUYL]L,QFDH &DIqGLYHQWDWDODQXRYDVHGHSURYLQFLDOHGHOOD)LOOHD&JLOHDEUHYHFLVDUjXQDSHUPDQHQ]D DQFKHGHOOD)HGHUFRQVXPDWRUL $OXJOLRODVHGHSURYLQFLDOH&JLOHOD/HJD 'LVWUHWWXDOHGL*RUL]LDVLVRQRWUDVIHULWL GDOODYHFFKLDVHGHPROWRSHULIHULFDDOODQXR YDVHGHLQYLD&DQRYDXELFDWDQHOOD]RQD FHQWUDOHGL*RUL]LDDXQFHQWLQDLRGLPHWUL GDOODVHGHGHOO·,QFDHGHO&DIGLYLD%XR QDUURWL,QSUDWLFDOHVHGLVRQRGLYLVHGDL JLDUGLQLGHOSDUFRGHOOD5LPHPEUDQ]D /DVHGH&JLOH6SLGL*UDGRDWWXDOPHQWHLQ YLD5LYD&DPSHULRQRQSLIXQ]LRQDOHSHU JOLRELHWWLYLFKHFLSURSRQLDPRDJHQQDLRVDUjWUDVIHULWDQHOOD]RQD,VRODGHOODVFKLXVD LQIDWWLDEUHYHYHUUjSHUIH]LRQDWRLOFRQWUDWWRG·DIÀWWRHLQL]LHUDQQRLODYRULGLULVWUXWWXUD]LRQL FRQIDFHQWLDOOHQRVWUHHVLJHQ]H$QFKHLQTXHVWDQXRYDVHGHYHUUjSRWHQ]LDWRO·XWLOL]]RJLRU QDOLHURHVHWWLPDQDOHFRQODSUHVHQ]DGHOOR6SLGHOO·,QFDGHO&DIHGHOODFDWHJRULD)LOFDPV 7XWWDTXHVWDULRUJDQL]]D]LRQHGHOOHVHGLYLHQHIDWWDFRQO·LQWHQWRGLXQUDIIRU]DPHQWRDQFKH LQWHUPLQLGLLVFULWWLGHOOR6SLHGHOOD&JLO *LXVHSSH7RUUDFR *OLRUDULGHOODVHGHGL&RUPRQV /XQHGu 0DUWHGu 0HUFROHGu *LRYHGu 9HQHUGu 0DWWLQD 6SL 6SL 6SL 6SL ,QFD6SL)LOOHD 3RPHULJJLR H ,QFD6SL &JLO)LOOHD ,QFD6SL &JLO &DI&JLO6SL 30),9 6HWWHPEUH GDLFRPSUHQVRUL 75,(67( ;(» 9HFFKLHHQXRYHSRYHUWj VHPSUHSLJHQWHFKLHGHDLXWR DLIUDWLFDSSXFFLQLGL0RQWX]]D 7RFFD DOODSROLWLFD HQRQ DOO¶$WHU ULVROYHUH WXWWLLQRGL GHOVHWWRUH ,OSUREOHPDFDVD" /RULVROYDLO&RPXQH $EELDPR XQD QXRYD *LXQWD FR PXQDOHFRQXQDVVHVVRUHGHGLFDWR DOOH3ROLWLFKHSHUODFDVD/·$WHUqLO EUDFFLRDUPDWRGHOOD3XEEOLFDDP PLQLVWUD]LRQHDOULJXDUGRJHVWHQGR D 7ULHVWH FLUFD DOORJJL LQ ORFD]LRQH,FLWWDGLQLLQWHUHVVDWLVL GLYLGRQRWUDFKLqLQOLVWDGLDWWHVD RJJL ROWUH H DWWHQGH XQD DVVHJQD]LRQHHFKLLQFDVD$WHUF·q JLjGDORFDWDULRRGDSURSULHWDULR 3HU TXHVWL XOWLPL WUD L SULQFLSDOL LQWHUHVVL q O·DYHUH XQD EXRQD PDQXWHQ]LRQH SXOL]LD VLFXUH]]D DVFHQVRUL SRVWHJJL HFF ,Q SL L ORFDWDULWHPRQRJOLDXPHQWLGHOFD QRQHVHPSUHLQDJJXDWRSHUSRWHU HIIHWWXDUHXQDEXRQDPDQXWHQ]LRQH GLFHO·$WHU&KLqLQOLVWDGLDWWHVD LQYHFHVSHUDLQQXRYHFRVWUX]LRQL ULVWUXWWXUD]LRQL H PHVVD D QRUPD GHJOL ROWUH DSSDUWDPHQWL DG RJJLLQDELWDELOL0DODULGX]LRQHGHO )RQGRVRFLDOHUHJLRQDOHHODVRVWDQ ]LDOHDEROL]LRQHGHLÀQDQ]LDPHQWL QD]LRQDOLUHQGRQRGLIÀFLOHVHQRQ LPSRVVLELOH DOO·$WHU IDU IURQWH D TXHVWHHVLJHQ]HVSHWWDTXLQGLDOOD SROLWLFDQRQDL´WHFQLFLµGHOO·$WHU FRPHqVWDWRSHUOD*LXQWDFRPX QDOH SUHFHGHQWH DIIURQWDUH FRQ GHFLVLRQHHFKLDUH]]DLOSUREOHPD LO ´FKH IDUHµ LQ FDSR DOO·HGLOL]LD VRYYHQ]LRQDWDHFRQYHQ]LRQDWD ,OQXRYR$VVHVVRUHDOOHSROLWLFKHSHU ODFDVDLQFDPSDJQDHOHWWRUDOHVLq VSHVDFRQGHFLVLRQHSHUDIIHUPDUH LOSULPDWRGHOO·HQWHORFDOHVXOWHPD ORDEELDPRIRUWHPHQWHDSSUH]]DWR 2UDqLQGLVSHQVDELOHFKHFLzVLUHD OL]]LFKHÀQDOPHQWHLO&RPXQHVH QHDVVXPDODUHVSRQVDELOLWjQRQOD GHOHJKLDOO·$WHUFKHQRQKDLSRWHUL HODIRU]DGLULVROYHUHLOSUREOH PDQRQqTXHVWRLOVXRUXROR'L IURQWHDOODOLVWDGLDWWHVDGHVWLQDWD DGDXPHQWDUHFRQLOQXRYREDQGR HQWURDOFXQLPHVLLQXRYLDOORJJL DVVHJQDELOLUDSSUHVHQWDQRFLUFDXQ VHVWRGHOQHFHVVDULR,OGHJUDGRGL EXRQD SDUWH GHJOL HGLÀFL HVLVWHQWL qVRWWRJOLRFFKLGLFKLYXROYHGHUH VROR LO q VWDWR FRVWUXLWR R ULVWUXWWXUDWRQHJOLXOWLPLDQQL /DPDQRYUDDSSURYDWDGDOJRYHUQR QHLJLRUQLVFRUVLUHQGHODPDWHULD SRWHQ]LDOPHQWHHVSORVLYDVHqYHUR FKHODFDVDqWUDLGLULWWLSULPDULGL RJQL &LWWDGLQR TXHOOR FRQ OD & PDLXVFROD ,O QRVWUR LPSHJQR q FKH IHUPD UHVWDQGR O·LQQHJDELOH FULVL HFRQRPLFD LO JRYHUQR DWWXL ÀQDOPHQWHLOGHWWDWRFRVWLWX]LRQDOH FKHULFKLHGHDLFLWWDGLQLLOFRQWULEXWR DOOHHQWUDWHVWDWDOLLQPLVXUDSURSRU ]LRQDOHDOUHGGLWR,PSOLFLWDPHQWH TXLQGL D QRQ HYDGHUH OH LPSRVWH (FRQWUDULDPHQWHDTXHOFKHGLFH LOPLQLVWUR7UHPRQWLDQRQSDVVDUH GDOODWDVVD]LRQHGHOOHSHUVRQH,U SHIDOOHFRVHFRQO·DXPHQWRGHO O·,YD(TXLQGLFKHGDOOD5HJLRQH DUULYLQRDOO·$WHULIRQGLQHFHVVDUL SHUDVVROYHUHDOFRPSLWRFKHOHq DVVHJQDWRODFDVDSHUWXWWL 8QYHFFKLRVORJDQPDXQ·DWWXDOH HVLJHQ]DLQFLWWj *LRUJLR8ERQL 6HQHSDUODFRQVHPSUHPDJJLRUH IUHTXHQ]D/·,VWDWHOD&DULWDVFRQ DOWULDQFRUDQHGDQQRVWDWLVWLFKHHG HVSHULHQ]HTXRWLGLDQH$OOLYHOORQD ]LRQDOHROWUHPLOLRQLGLSRYHULQHO LQ5HJLRQHIDPLJOLH SDULDFLUFDSHUVRQH /D&DULWDVFLLQIRUPDGHOO·DXPHQWR YHUWLFDOH GL FKL FKLHGH VRVWHJQR GDO FLER DO YHVWLDULR DOOD FDVD /R FRQIHUPDQR L IUDWL FDSSXFFLQL GL 0RQWX]]D 7XWWL VRWWROLQHDQGR FRPHDQFKHLOFHWR PHGLR RSHUDLR HG LPSLHJDWL]LR VL DY YLFLQL DOOD SRYHUWj FRVu FRPH VHPSUH SL QXPHURVL VRQR LJHQLWRULVHSDUDWLLQ GLIÀFROWj 0D SURSULR YHUVR OHSHUVRQHSLELVR JQRVH GL VRVWHJQR VLDFFDQLVFHODPD QRYUD GHO JRYHUQR WDJOLDQGR R ULGLPHQVLRQDQGR OD FRVLGGHWWD´DVVLVWHQ]DµRJJLDFFX VDWDGLTXDVLWXWWLLPDOLGHOSDHVH DVVLHPH DOOH SHQVLRQL 4XLQGL OD &DUWD)DPLJOLDOD&DUWD$FTXLVWLOD 6RFLDO&DUGL%RQXVVXLFRQVXPLGL HQHUJLDHOHWWULFDHJDVJOLDVVHJQLGL QDWDOLWjHPDWHUQLWjLVRVWHJQLDOOH IDPLJOLH ELVRJQRVH H QXPHURVH DOOH DGR]LRQL DL JHQLWRUL VHSDUDWL DO )RQGR SRYHUWj D TXHOOR SHU OD FDVDHFF7DJOLGLHQWLWjGLYHUVDPD ´UHVLQHFHVVDULµGDOODPDQRYUD$L SROLWLFLDOORUDFKLHGLDPRGLIDUFL FRQRVFHUHOHORURSULRULWjGLVSHVD ULVSHWWRDLIRQGLGLVSRQLELOL 0DqPDLSRVVLELOHFKHTXHVWLJR YHUQDQWL QRQ VDSSLDQR UHSHULUH OH ULVRUVH ÀQDQ]LDULH QHFHVVDULH SHU JDUDQWLUHXQGLJQLWRVROLYHOORGLHI ÀFLHQ]DDOQRVWURVLVWHPDSXEEOLFR" $GHVHPSLRFRQXQVHULRDWWDFFRDL PLOLDUGLGLHYDVLRQHHGHOXVLRQH ÀVFDOHFKHVRQRDVVLHPHDOODFRUUX ]LRQHGLODJDQWHODSLDJDGHYDVWDQWH GHOQRVWURVLVWHPD $QFRUDSROLWLFLFKHVLSHUPHWWRQR ÀGDQGRQHOODFDWWLYDPHPRULDGH JOLLWDOLDQLGLGLFKLDUDUHFKHWXWWR TXHVWR q GRYXWR DO SHVDQWHGHELWRGHOOR 6WDWR FKH ´KDQQR HUHGLWDWRµ 5LFRU GLDPRFLDOORUDFRPH LO JRYHUQR &UD[L QRWRULDPHQWHYLFLQR D%HUOXVFRQLDYHYD SRUWDWR LO GHELWR GDOO·GHODO TXDVLGHO¶ 0D DO FRQWUDULR SURSULR LO JRYHUQR 3URGLKDODVFLDWRQHOLOGHELWR DOVXOSURGRWWRORUGRLWDOLDQR 3LOPHQWUHRJJLGRSRWUHDQQLGL JRYHUQRGHO&DYVLDPRQXRYDPHQ WH DWWHVWDWL DWWRUQR DO &RQ WXWWHOHFRQVHJXHQ]HFKHVDSSLDPR HYLYLDPRVXOODQRVWUDSHOOH (FFRSHUFKqOD&JLOHLVXRLSHQVLRQD WLPDLQODUJDFRPSDJQLDFULWLFDQR IRUWHPHQWHODPDQRYUDSHVDQWHFRQ L GHEROL YROXWDPHQWH LQFDSDFH GL VFDOÀUHJOLDOWLSDWULPRQLLQHIÀFLHQ WHYHUVRLOULODQFLRGHOO·HFRQRPLDH TXLQGLGHOO·RFFXSD]LRQH1RLQRQFL VWLDPRLQGLJQLDPRFLHEDWWLDPRFL SHUUHFXSHUDUHHTXLWjVROLGDULHWjH JLXVWL]LDVRFLDOHJX &RRSHUDWLYH2SHUDLHGL7ULHVWHSHQVLRQDWLHVLQGDFDWR GRYUHEEHURHVVHUHSURWDJRQLVWLGLXQLPSHJQRGLUHWWR OO·LQL]LRGHOGD9DOHQWLQR3LWWRQL DOORUDVHJUHWDULRGHOSDUWLWRVRFLDOLVWD GL 7ULHVWH YHQQH XQ IRUWH LPSXOVR SHUFRVWLWXLUHD7ULHVWHXQD&DVDGHO SRSRORFKHGRYHYDSRLGDUHYLWDDGXQD FRRSHUDWLYD GL FRQVXPR QHOO·LQWHQWR GL FDOPLHUDUH L SUH]]L FRPEDWWHUH O·DGXOWHUD]LRQHGHOOHGHUUDWHFHUFDUH GLOLEHUDUHLSRYHULGDOSHVRGHOSLFFROR FRPPHUFLR &RVuQHOO·RWWREUHGHOORVWDWXWR GHOOD FRRSHUDWLYD GHQRPLQDWD ´&RR SHUDWLYH 2SHUDLH GL 7ULHVWHµ YHQQH DSSURYDWR GDOOH DXWRULWj FRPH FRQ VRU]LR UHJLVWUDWR D JDUDQ]LD OLPLWDWD VHFRQGRODQRUPDWLYDDXVWURXQJDULFD YLJHQWH,OSULPRVSDFFLRIXDSHUWRLO GLFHPEUHQHOTXDUWLHUHGLVDQ *LDFRPR LQ YLD GHOO·,VWULD Q H SHUHVVRIXVWDELOLWRXQDIÀWWRGL FRURQHDQQXH /D]RQDHUDDOORUDFRQRVFLXWDFRQLO QRPH GL &ROOH 3RQ]DQLQR H ÀQR DO ;,;VHFRORHUDVLWDIXRULGHOODFLQWD FLWWDGLQD &RPH UDFFRQWD OR VWRULFR (OLR$SLKOHVWUDGHQRQHUDQRODVWULFDWH H TXDQGR SLRYHYD VL DIIRQGDYD QHO IDQJR/DERUDQRQIUHQDWDGDJUXSSL GLFDVDHUDGLXQDYLROHQ]DLQDXGLWD 3LWWRQLSHUDQGDUHDVDQ*LDFRPRVL HUDIDWWRXQHTXLSDJJLDPHQWRVSHFLDOH JLDFFKHWWRQHLPSHOOLFFLDWREHUUHWWRGL SHORSDQWDORQLDOODVFXGLHUDHVWLYDOL DOWL*OLLQL]LSHUODFRRSHUDWLYDIXURQR YHUDPHQWHGXULPDVLDSXUHFRQJUDQGL IDWLFKHRJQLGLIÀFROWjIXVXSHUDWD /D VWRULD GHOOD FRRSHUDWLYD VL q SRL LQWUHFFLDWDFRQOHYLFHQGHVWRULFKHH SROLWLFKHGHOODFLWWjLOWDQWRGHVLGHUDWR ULWRUQRDOO·,WDOLDQHOLOSHULRGR IDVFLVWD FKH QH PLQz O·HVLVWHQ]D OD VHFRQGDJXHUUDPRQGLDOHLOJRYHUQR PLOLWDUH DOOHDWR HG LQÀQH OD SLHQD VRYUDQLWjLWDOLDQD 6RSUDYLVVXWDDWDQWLPRPHQWLGLIÀFLOLH VSHVVRGUDPPDWLFLRJJLOH&RRSHUDWLYH 2SHUDLHGL7ULHVWHVRQRXQDLPSRUWDQWH UHDOWj QHO VHWWRUH FRPPHUFLDOH QRQ VROR GHOOD FLWWj GL 7ULHVWH PD DQFKH GHOO·LQWHUD 5HJLRQH )ULXOL ² 9HQH]LD *LXOLD ,VXRLRELHWWLYLULPDQJRQRTXHOOLFKHL IRQGDWRULVLSUHÀVVDURQRFRQWHQHUHL SUH]]LGLYHQGLWDWHQHQGRFRQWRGHOOH IDVFHSLGHEROLGHOOD6RFLHWjJDUDQWLUH ODJHQXLQLWjGHLSURGRWWLSHUHYLWDUHLO SHULFRORGHOODORURHODERUD]LRQHFRQOH PRGHUQHWHFQLFKHLQGXVWULDOLJHVWLUHOD YLWDGHOODFRRSHUDWLYDLQPRGRGHPR FUDWLFRHSDUWHFLSDWLYR 'DOODUHOD]LRQHDOELODQFLRGHOOH&RR SHUDWLYH 2SHUDLH GL 7ULHVWH UHODWLYR DOO·HVHUFL]LR FKLXVR DO GLFHPEUH VLULFDYDQRLVHJXHQWLGDWLLSXQWL GLYHQGLWDGDLVXSHUPHUFDWLDOO·LSHU PHUFDWRVRQRLQWRWDOHGLFXL D7ULHVWHLVRFLVRQRGLFXL QHOODSURYLQFLDGL7ULHVWH , SXQWL GL YHQGLWD GHOOH &RRSHUDWLYH 2SHUDLH GL 7ULHVWH VL GLIIHUHQ]LDQR ULVSHWWRDWXWWLJOLDOWULQHJR]LJUDQGL RSLFFROLFKHVLDQRSHUODJHVWLRQH GHPRFUDWLFDGRYXWDSURSULRDOODSUH VHQ]DGHLVRFL (VVLRJQLWUHDQQLHOHJJRQRJOLDPPL QLVWUDWRULHGLVLQGDFLHVRQRFKLDPDWL LQ$VVHPEOHDRJQLDQQRDYDOXWDUHLO ORUR RSHUDWR FRQ O·DSSURYD]LRQH GHO ELODQFLRGHOO·DQQRSUHFHGHQWH1HVRQR LQSUDWLFDLYHUL´SDGURQL´ ,QIDWWLQHOODFRRSHUDWLYDQRQHVLVWHOD VSHFXOD]LRQHGHOO·D]LRQLVWDFKHLQYHVWH LOVXRGHQDURQRQHVLVWHLOJXDGDJQR GHOO·LPSUHQGLWRUH/·HYHQWXDOHXWLOHGL ELODQFLRULPDQHQHOO·D]LHQGDDYDQWDJ JLRGLWXWWLLVRFL 3URSULRLQUHOD]LRQHDOODVXDVSHFLÀFLWj HGDOODIXQ]LRQHVRFLDOHFKHODVWHVVD &RVWLWX]LRQH LWDOLDQD ULFRQRVFH DOOD FRRSHUD]LRQHqQHFHVVDULRFKHOH&RR SHUDWLYH2SHUDLHGL7ULHVWHQRQVRORDX PHQWLQRODEDVHVRFLDOHPDVRSUDWWXWWR FKHYLVLDXQDDWWLYDSDUWHFLSD]LRQHGHL VRFLLQWXWWDODVXDDWWLYLWj ,QXQDVLWXD]LRQHVWRULFDHVRFLDOHGHO WXWWRGLYHUVDULVSHWWRDOSHULRGRLQFXL qQDWDODFRRSHUDWLYDVRQRWXWWDYLDRJJL SUHVHQWLDOFXQLVHJQDOLFKHGLPRVWUDQR OHVWHVVHGLIÀFROWjGLWDQWHIDPLJOLH SHU JOL DFTXLVWL GHL JHQHUL GL SULPD QHFHVVLWj 2FFRUUHSHUFLzGDXQDSDUWHULFKLDPDUH LYDORULGLVROLGDULHWjHGLPXWXDOLWjVX FXLVRQRQDWHOH&RRSHUDWLYH2SHUDLH GL 7ULHVWH H GDOO·DOWUD PLJOLRUDUH OD VXD JHVWLRQH FRQ OD SDUWHFLSD]LRQH GHPRFUDWLFDGHLVXRLVRFL ,ODYRUDWRULLSHQVLRQDWLLOVLQGDFDWR QRQSRVVRQRQRQHVVHUHSURWDJRQLVWLGL XQLPSHJQRGLUHWWRQHOODFRRSHUDWLYD SHU UHQGHUOD DQFRUD SL LPSRUWDQWH SDUWHFLSDWDHGHPRFUDWLFD 6LWUDWWDLQFRQFOXVLRQHGLFRQWLQXDUH O·RSHUDGLTXHLORQWDQLSUHFXUVRULFKH FRQODORURIHGHQHOO·LGHDOHFRRSHUDWL YLVWLFRQHVHSSHURJHWWDUHOHEDVL /XFLDQR3HORVR &RQTXHVWRDUWLFRORLQTXHVWDIDVHGL JUDQGHGLIÀFROWjSHUOHIDPLJOLHLQWHQ GLDPRDYYLDUHXQDXOWHULRUHULÁHVVLRQHH DXPHQWDUHO·LPSHJQRGHOOR6SLWULHVWLQR GLIURQWHDOO·DXPHQWRGHOFRVWRGHOODYLWD QHOODGLIHVDGHOSRWHUHG·DFTXLVWRHGHOOD VDOXWHGHLFLWWDGLQLFRQVXPDWRUL 6LWUDWWDDQFKHGLULSRUWDUHLOYDORUHGHOOD &RRSHUD]LRQHULFRQRVFLXWRGDOODQRVWUD &RVWLWX]LRQH DOO·DUW PD DWWDFFDWR GDOOD UHFHQWH PDQRYUD HFRQRPLFD GHO *RYHUQRDOOHVXHRULJLQLVLJQLÀFDDSULUH XQGLEDWWLWRQHOODVRFLHWjFLYLOHIDUSDU WHFLSDUHLFLWWDGLQLLQPRGRFRQVDSHYROH DOUXRORFKHDOODFRRSHUD]LRQHQHLVXRL YDULVHWWRULSXzHGHYHFRPSHWHUH ,OFRQWULEXWRRIIHUWRGD/XFLDQR3HORVR FKH ULQJUD]LDPR DSUH TXLQGL XQ SHU FRUVRGLLQL]LDWLYHSURSULRDFRPLQFLDUH GDO UXROR VRFLDOH H PXWXDOLVWLFR GHOOH &RRSHUDWLYH 2SHUDLH GL 7ULHVWH ,VWULD H)ULXOL /D6HJUHWHULD6SLGL7ULHVWH 30),9 ;(» 6RUGLWjHSUHYHQ]LRQH DQRYHPEUHLQFRQWURD7ULHVWH 1HOO¶DPELWRGHOODFRQYHQ]LRQHWUD0DLFRHOR6SL&JLOqSUHYLVWD XQDVHULHGLLQFRQWULVXLWHPLGHOODVRUGLWjHGHOODSUHYHQ]LRQH GHLSUREOHPLXGLWLYL$QRYHPEUHVLWHUUjLOSULPRLQFRQWURUL VHUYDWRDLSHQVLRQDWLGHOWHUULWRULRGL7ULHVWH1HOO¶RFFDVLRQH FKLORYRUUjSRWUjVRWWRSRUVLDOODSURYDJUDWXLWDGHOO¶XGLWR 'DWDHVHGHGHOO¶LQFRQWURYHUUDQQRFRPXQLFDWLSHUSRVWDDJOLLVFULWWL LQWHUHVVDWL5LFRUGLDPRFKHODFRQYHQ]LRQHSUHYHGHVFRQWLGHO SHUJOLLVFULWWL6SLVXLSURGRWWLHVXLVHUYL]L0DLFR " " $) $) 0$/VLÀGDVRORGHOOD #-#+,+-%%'*)(%""&($%*$'%&% " " "$ "$ " " ! ! " " " " "# "# #-#+,+-%%'*)(%""&($%*$'%&% 6HWWHPEUH 0$/ DQGDWH DQFKH YRLDIDUH ODSURYD GHOO¶XGLWR 8',1(S]]D;;6HWWHPEUH 7HO 2UDULRGDOXQHGuDYHQHUGu 6$%$72$3(57,78772,/*,2512 *25,=,$ 72/0(==2 YLD0DWWHRWWL 7HO 2UDULRGDOXQHGuDYHQHUGu &2'52,32 6$&,/( YLDOH7ULHVWH 7HO 2UDULRGDOXQHGuDYHQHUGu 0$1,$*2 9LD*HQ&DVFLQRD 7HO 2UDULRGDOXQHGuDYHQHUGu YLD,91RYHPEUH 7HO 2UDULRGDOXQHGuDYHQHUGu YLD)GD0DQLDJR 7HO 2UDULRGDOXQDYHQJLRYHGu 75,(67( 021)$/&21( 325'(121( 9LD&DUGXFFL 7HO 2UDULRGDOXQDYHQHVDEDWRPDWWLQD YLD1LQR%L[LR 7HO 2UDULRGGDOXQHGuDYHQHUGu YLDOH/LEHUWj 7HO 2UDULRGDOXQDYHQHVDEDWRPDWWLQD