&2081(',BBBBBBBBB
3529,1&,$',BBBBBBBBB
2**(772 /$925, ', &26758=,21( ', 1 $//2**, 62&,$/, '$
5($/,==$5(,1BBBBBBBB&'$BBBBBBBBBBBBBB
3,$123(5/$6,&85(==$),6,&$'(,/$925$725,
$57/(**(1
&200,77(17(
&RRS(GLOL]LD³BBBBBBBBBBBBBDUO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5('$7725(3,$126,&85(==$
,QJBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
/
,035(6$
BBBBBBBBBBBBBBB&RVWUX]LRQL6&DUO
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,O',5(7725(7(&1,&2',&$17,(5(YLVWR,O',5(7725('(,/$925,
*HRPBBBBBBBBBBBB
,QJBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
3$57(35,0$
(/(0(17,*(1(5$/,
(17($33$/7$17( &223(5$7,9$(',/,=,$³BBBBBBBBBBBBB´DUO
2**(772'(//
$33$/72 /DYRUL GL FRVWUX]LRQH GL Q DOORJJL VRFLDOL GD UHDOL]]DUH LQ
BBBBBBBB&GDBBBBBBBBBBBBBB
,035(6$ (6(&875,&( BBBBBBBBBBBBBBBB &26758=,21, 6& D UO YLD BBBBBBB QBB
BBBBBBBB
,/352*(77,67$
,/',5(7725('(,/$925, ,QJBBBBBBBBBBBBBBBBBBBB
5('$7725('(/3,$12',6,&85(==$ ,QJBBBBBBBBBBBBBBBBBB
',5(7725( 7(&1,&2 ', &$17,(5( *HRP BBBBBBBBBBBB QDWR D BBBBBBBB LO
BBBB
$/75(,035(6(,17(5(66$7($//
$33$/72 1RQYLVRQRDOWUHLPSUHVHLQWHUHVVDWH
DOO
DSSDOWR
6,17(6, '(//( &$7(*25,( '(, /$925, , ODYRUL SUHYLVWL FRQVLVWRQR LQ VFDYL GL
VEDQFDPHQWR H VLVWHPD]LRQH WHUUHQR 6FDYR SHU DOOHVWLPHQWR IRQGD]LRQL 2SHUH VWUXWWXUDOL LQ
FDIRQGD]LRQL WUDYL SLODVWUL VRODL HWF ,PSLDQWL LGULFRVDQLWDUL HG HOHWWULFR 2SHUH GL
ILQLWXUDSDYLPHQWD]LRQLSLDVWUHOODWXUDLQWRQDFLLQWHUQLHGHVWHUQLHWF
127(68,0$7(5,$/,87,/,==$7, ,PDWHULDOLGDXWLOL]]DUHSHUODHVHFX]LRQHGHLODYRUL
FRQVLVWRQR HVVHQ]LDOPHQWH LQ FDOFHVWUX]]R IHUUR PDOWH SHU LQWRQDFL FHPHQWR VDEELD SHU JOL
LQWRQDFLSLDVWUHOOHGDSDYLPHQWRHGDULYHVWLPHQWRSLWWXUDSODVWLFDYHUQLFLJXDLQHELWXPLQRVH
0$&&+,1(('$775(==$785(87,/,==$7( HVFDYDWRUHSDODHVFDYDWULFHFDPLRQ
PDUWHOOR GHPROLWRUH IOH[ WUDSDQR FHVRLD WUDQFLD YLEUDWRUH HOHWWULFR PD]]XROR VXEELD WHQDJOLH
PDUWHOOLQDIUDWWD]]RLQOHJQRHDFFLDLROLYHOODILORDSLRPERWDYROHSHUFDUSHQWHULDLPSDVWDWULFHH
PROD]]DHOHWWULFLFDUULRODFDOGDUHOOHFD]]XROHUHJROHHDWWUH]]DWXUDPLQXWDYDULD
0(==,',6(*1$/$=,21( ,OFDQWLHUHVDUjGRWDWRROWUHGHOFDUWHOORSHUO
LGHQWLILFD]LRQH
GHO FDQWLHUH GHOOD VHJQDOHWLFD GL VLFXUH]]D SHU OH ODYRUD]LRQL D ULVFKLR GHL FDUWHOOL GL DYYLVR H GHL
VHJQDOLSUHVFULWWLSHUOHJJH'/YR
%$5$&&$0(17, ( 6(59,=, 6DUj DOOHVWLWR XQ EDUDFFDPHQWR PHWDOOLFR $ GLVSRVL]LRQH
GHL ODYRUDWRUL YHUUj WHQXWD XQD FDVVHWWD GL SURQWR VRFFRUVR H L UHFDSLWL WHOHIRQLFL SHU OH HPHUJHQ]H
3URQWRVRFFRUVRRVSHGDOHYLFLQR7HOBBBBBB9LJLOLGHOIXRFRBBBBBB 3URQWR
LQWHUYHQWR 3URQWR LQWHUYHQWR &DUDELQLHUL ± 7HOBBBBBBBBBBBB
3ROL]LD
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
3$57(6(&21'$
$1$/,6,'(,5,6&+,(0,685(',6,&85(==$'$$'277$5(3(5/(9$5,()$6,
',/$925235(9,67(
/HIDVLGLODYRURFRQLQGLFD]LRQHGHLPH]]LHGHJOLDWWUH]]LGDXWLOL]]DUVLQRQFKqODLQGLYLGXD]LRQH
GHL ULVFKL SHU OD VLFXUH]]D H OD VDOXWH GHL ODYRUDWRUL GD DGRWWDUH VRQR LQGLFDWH QHOOH VFKHGH GL
VHJXLWRGHVFULWWH
)DVLODYRUDWLYH
*OLHOHPHQWLFRVWLWXHQWLLOSUHVHQWHGRFXPHQWRGHILQLVFRQRO¶HQWLWjGHOULVFKLRODYRUD]LRQH&RPHqQRWRLOULVFKLRSXz
HVVHUHGHILQLWRFRPHODSUREDELOLWjFKHVLYHULILFKLXQGDWRHYHQWRHYLGHQWHPHQWHGDQQRVR
,OULVFKLR5DVVRFLDWRDGXQHYHQWROHVLYR(qTXLQGLHVSUHVVRFRPHSURGRWWRWUDODSUREDELOLWj3FKHVLYHULILFKLXQ
HYHQWRHO¶HQWLWjGHOGDQQR0PDJQLWXGRFKHSXzSURYRFDUHSHUWDQWR
5 3[0
3HUULGXUUHLOULVFKLRVLSXzDJLUHVX3GLPLQXHQGRODSUREDELOLWjFKHVLYHULILFKLO¶HYHQWRWUDPLWHO¶DGR]LRQHGLLGRQHH
PLVXUHSUHYHQWLYHFKHDQQXOODQRRULGXFRQRODIUHTXHQ]DGLDFFDGLPHQWRGHOULVFKLR2SSXUHVLSXzDJLUHVXOO¶HQWLWjGHO
GDQQR0FKHO¶HYHQWRSXzSURGXUUHWUDPLWHO¶DGR]LRQHGLPLVXUHSURWHWWLYHFKHPLQLPL]]DQRLOGDQQR
6FKHGD2*25*$1,==$=,21('(/&$17,(5(
'HVFUL]LRQHGHOODIDVH 2UJDQL]]D]LRQHGHOO¶DUHDGDGHVWLQDUHDFDQWLHUHGHVWLQD]LRQHGHOOHDUHHGL VHUYL]LR H GL ODYRUR
UHDOL]]D]LRQHGLUHFLQ]LRQHGLFDQWLHUHHGDGHPSLPHQWLOHJLVODWLYL
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
3UREDELOLWj
$EUDVLRQLHVFKLDFFLDPHQWLDOOHPDQL
DOWDPHQWHSUREDELOH
GXUDQWHODSRVDLQRSHUDGHJOLHOHPHQWLGHOOD
UHFLQ]LRQH
5LVFKLRG
LQIRUWXQLRSHUXVRGHOOHPDFFKLQH LPSUREDELOH
PRYLPHQWRWHUUD
0DJQLWXGR
OLHYH
5LVFKLR
PHGLR
JUDYH
PHGLR
5LIHULPHQWLOHJLVODWLYL
, GDWRULGL ODYRUR GHYRQR RVVHUYDUH OH PLVXUH JHQHUDOL GL WXWHOD ULFKLDPDWH GDOO¶DUW GHO '/JV
LQWHPDGLVLFXUH]]D
HGLQSDUWLFRODUH
RUJDQL]]DUHOHFRQGL]LRQLDPELHQWDOLHGRSHUDWLYHGHOFDQWLHUH
YDOXWDUHLULVFKLSHUODVDOXWHHVLFXUH]]DGHLODYRUDWRULFRQQHVVLDOOHIDVLODYRUDWLYH
HOLPLQDUH R ULGXUUH L ULVFKL WHQHQGR FRQWR GHOOH FRQRVFHQ]H DFTXLVLWL H GHO SURJUHVVR GHOOD
WHFQLFD
UHJLVWUDUHLULVFKLHJOLLQFLGHQWLÂVRVWLWXLUHFLzFKHqSHULFRORVLFRQFLzFKHQRQORq
OLPLWDUHLOQXPHURGLODYRUDWRULHVSRVWLDOULVFKLR
DWWLYDUHLOFRQWUROORVDQLWDULRGHLODYRUDWRULLQIXQ]LRQHGHOULVFKLRVSHFLILFR
DOORQWDQDUHLOODYRUDWRUHGDOO¶HVSRVL]LRQHDULVFKLRSHUPRWLYLVDQLWDULOHJDWLDOODVXDSHUVRQD
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
SUHYHGHUHXQDIRUPD]LRQHDGHJXDWDULVSHWWRDOOHSURFHGXUHHVHFXWLYH
FRQVXOWDUHLODYRUDWRULHGLORURUDSSUHVHQWDQWLVXOOHTXHVWLRQLDWWLQHQWLODVLFXUH]]D
PDQWHQHUHLOFDQWLHUHLQFRQGL]LRQLGLVXIILFLHQWHVDOXEULWj
ULVSHWWDUHLSULQFLSLGLWXWHODQHOODFRQFH]LRQHGHLSRVWLGLODYRUR
DVVLFXUDUHODPDQXWHQ]LRQHHGLOFRQWUROORGHJOLLPSLDQWLHGHOOHDWWUH]]DWXUHDOILQHGLHOLPLQDUH
LGLIHWWLFKHSRVVRQRSUHJLXGLFDUHODVLFXUH]]DHODVDOXWHGHLODYRUDWRUL
GHOLPLWDUHO¶DOOHVWLPHQWRGHOOH]RQHGLVWRFFDJJLRLQSDUWLFRODUHTXDQGR VL WUDWWD GL PDWHULDOH H
VRVWDQ]HSHULFRORVH
FRRSHUDUHFRQLODYRUDWRULDXWRQRPLSUHVHQWLLQFDQWLHUH
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
,OFDQWLHUHYDFRQFHSLWRLQVLFXUH]]DGDOODIDVHGLSURJHWWD]LRQH
,QQDQ]LWXWWRGHYHHVVHUHUHFLQWDWDWXWWDO¶DUHD FRPSOHVVLYDPHQWH LQWHUHVVDWD DL ODYRUL DOOR VFRSR
GLHYLWDUHO¶DFFHVVRDJOLHVWUDQHLHGDLQRQDGGHWWL3HUWDQWRRJQLFDQWLHUHGHYHHVVHUHUHFLQWDWRH
OHYLHGLDFFHVVRGHYRQRHVVHUHVEDUUDWHFRQFDQFHOOLVXLTXDOLVLDQRDSSOLFDWLFDUWHOOLEHQYLVLELOL
GL GLYLHWR GL DFFHVVR /H FHVDWH SRVVRQR HVVHUH UHDOL]]DWH FRQ UHWH SDQQHOOL PHWDOOLFL R SODVWLFL
FRQSDQQHOOLGLOHJQRTXDQGRVRQRUHDOL]]DWHFRQVWUXWWXUHSLHQHTXHVWHRIIURQRPROWDUHVLVWHQ]D
DOYHQWRHTXLQGLRFFRUUHXQLGRQHRDQFRUDJJLRDOWHUUHQR3DUWLFRODUHFXUDGRYUjHVVHUHSRVWDQHL
FDVL LQ FXL OH UHFLQ]LRQL YHQJRQR UHDOL]]DWH LQ VWUDGH DQJXVWH SUHVHQWDQGR SHUFLz HYLGHQWL
SUREOHPLFRQQHVVLFRQODYLDELOLWjYHLFRODUH
/D VHJQDOHWLFD GHYH HVVHUH SUHVHQWH FRQ FDUWHOOL DQWLQIRUWXQLVWLFL GL ULFKLDPR H
VHQVLELOL]]D]LRQHDGRSHUDUHFRQFDXWHODHVHFRQGROHQRUPHGLVLFXUH]]DLQFRQIRUPLWjDO'/JV
/DYLDELOLWjLQWHUQDGHYHHVVHUHVWXGLDWDLQPRGRGDGLIIHUHQ]LDUHLSHUFRUVLSHUXRPLQLHPH]]L
DOORQWDQDUH LO WUDQVLWR YHLFRODUH GDOOH ]RQH GL VFDYR H GDOOH ]RQH VRJJHWWH D VROOHYDPHQWR GL
PDWHULDOL'HYRQR HVVHUH SUHYLVWH ]RQH GL VWRFFDJJLR GHL PDWHULDOL DIILQFKp JOL VWHVVL QRQ
LQYDGDQROH]RQHGLSDVVDJJLRHFRVWLWXLVFDQRULVFKLRGLLQIRUWXQLR2YHVLGHEEDQRVYROJHUHODYRUL
D GLVWDQ]D LQIHULRUH D PHWUL GD OLQHH HOHWWULFKH DHUHH GHYH HVVHUH ULFKLHVWD DXWRUL]]D]LRQH
DOO¶HVHUFHQWHOHOLQHHHOHWWULFKHHUHDOL]]DWDLGRQHDSURWH]LRQHDWWDDGHYLWDUHDFFLGHQWDOLFRQWDWWL
7XWWHOHPDFFKLQHHLFRPSRQHQWLGLVLFXUH]]DLPPHVVLVXOPHUFDWRRPHVVLLQVHUYL]LRGRSR
O
HQWUDWD LQ YLJRUH GHO '35 'LUHWWLYD 0DFFKLQH GHYRQR HVVHUH PDUFDWL &( /H
PDFFKLQHHLFRPSRQHQWLGLVLFXUH]]DFKHDOODGDWDGLHQWUDWDLQYLJRUHGHOFLWDWRGHFUHWRIRVVHUR
JLjLQVHUYL]LRGHYRQRHVVHUHFRUUHGDWLGLGLFKLDUD]LRQHULODVFLDWDGDOYHQGLWRUHGDOQROHJJLDWRUH
RGDFKLODFRQFHGHLQXVRFKHDWWHVWLFKHWDOLPDFFKLQHHFRPSRQHQWLGLVLFXUH]]DVRQRFRQIRUPL
DOODOHJLVOD]LRQHSUHYLJHQWHDOVHWWHPEUH
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD HG LQ SDUWLFRODUH GL FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOH
$GHPSLPHQWL
QRUPDWLYL
'(181&,$,1$,/
$OO¶DSHUWXUDGLXQQXRYRODYRURELVRJQDLQROWUDUHGHQXQFLDDOO¶,QDLO,QHVVDGHYHHVVHUHFLWDWDOD
SRVL]LRQH DVVLFXUDWLYD GHO GDWRUH GL ODYRUR LO WLWROR GHO ODYRUR GD HVHJXLUH H XQD VXD EUHYH
GHVFUL]LRQHLOFRPPLWWHQWHHO¶LPSRUWRGHLODYRULVWHVVL
'(181&,$0(66($7(55$,03,$172(/(775,&2
, FROOHJDPHQWL HOHWWULFL GL WHUUD GHYRQR HVVHUH HVHJXLWL FRQ FRQGXWWRUL GL UDPH GL VH]LRQH QRQ
LQIHULRUH D PPT GHYRQR JDUDQWLUH OD PDVVLPD HIILFLHQ]D HG HYLWDUH WHQVLRQL GL FRQWDWWR
VXSHULRULD9ROW/DUHDOL]]D]LRQHGLWDOHLPSLDQWR GHYH HVVHUH FRPXQLFDWD DOOD 86/ GL ]RQD
PHGLDQWHO¶DSSRVLWRPRGXORPRGHOOR%
'(181&,$&21752/(6&$5,&+($7026)(5,&+(
/H VWUXWWXUH PHWDOOLFKH GHJOL HGLILFL H GHOOH RSHUH SURYYLVLRQDOL L UHFLSLHQWL H JOL DSSDUHFFKL
PHWDOOLFLGLQRWHYROLGLPHQVLRQLVLWXDWLDOO¶DSHUWRGHYRQRULVXOWDUHFROOHJDWLHOHWWULFDPHQWHDWHUUD
LQ PRGR GD JDUDQWLUH OD GLVSHUVLRQH GHOOH VFDULFKH DWPRVIHULFKH , SRQWHJJL PHWDOOLFL GHYRQR
HVVHUH FROOHJDWL HOHWWULFDPHQWH D WHUUD DOPHQR LQ XQ SXQWR 7DOH FROOHJDPHQWR GHYH HVVHUH
UHJRODUPHQWHGHQXQFLDWRDOO
,63(6/GL]RQDXVDQGRO¶DSSRVLWRPRGXORPRGHOOR$
&$66$(',/(
1HL FDQWLHUL DO GL IXRUL GHOOD SURYLQFLD G¶RULJLQH FKH LPSHJQLQR L ODYRUDWRUL SHU XQ SHULRGR
VXSHULRUH D WUH PHVL O¶D]LHQGD GHYH LVFULYHUH JOL RSHUDL LQ WUDVIHUWD DOOD ORFDOH &DVVD (GLOH GHO
OXRJRRYHVLVYROJRQRLODYRULDGHFRUUHUHGDOVHFRQGRSHULRGRGLSDJDVXFFHVVLYRDTXHOORLQFXL
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
LQL]LDOD WUDVIHUWD VHPSUHFKq O¶RSHUDLR LQ WDOH SHULRGR GL SDJD VLD LQ WUDVIHUWD SHU O¶LQWHUR PHVH
'2&80(17$=,21(
'HYRQRLQROWUHHVVHUHWHQXWLLQFDQWLHUHLVHJXHQWLGRFXPHQWL
GLFKLDUD]LRQH GL FRQIRUPLWj GHOO¶LPSLDQWR HOHWWULFR ULODVFLDWD GDO¶LQVWDOODWRUH FRPH GD PRGHOOR
LQGLFDWRQHO'0HXQDUHOD]LRQHFRQWHQHQWHODWLSRORJLDGHLPDWHULDOLLPSLHJDWLSHU
ODUHDOL]]D]LRQHGHOO¶LPSLDQWR1RQqREEOLJDWRULRLOSURJHWWRSHUO¶LPSLDQWRHOHWWULFRGLFDQWLHUH
HYHQWXDOH FRSLD GL VHJQDOD]LRQH GL ODYRUL D GLVWDQ]D LQIHULRUH D PHWUL GDOOH OLQHH HOHWWULFKH
DHUHHWUDVPHVVDDOO¶(QWHHURJDWRUH
DXWRUL]]D]LRQHPLQLVWHULDOHHOLEUHWWRGHLSRQWHJJL
SURJHWWRGHOSRQWHJJLRSHURSHUHSLDOWHGLPHWULRGLIIRUPLGDJOLVFKHPLWLSRRDOWULPHQWL
GLVHJQRHVHFXWLYRGHOSRQWHJJLRQHJOLDOWULFDVL
SURJUDPPDGHLODYRULGLGHPROL]LRQHSHURSHUHHVWVHHFRPSOHVVHVHSUHVHQWL
SURJUDPPDGHLODYRULGLPRQWDJJLRGLRSHUHSUHIDEEULFDWHVHSUHVHQWL
OLEUHWWR GHJOL LPSLDQWL GL VROOHYDPHQWR GL SRUWDWD PDJJLRUH D NJ FRPSOHWR GHL YHUEDOL GL
YHULILFDSHULRGLFDHYHULILFKHWULPHVWUDOLGHOOHIXQL
UHJLVWURGHJOLLQIRUWXQL
GLFKLDUD]LRQHGLVWDELOLWjDOULEDOWDPHQWRGHJOLLPSLDQWLGLEHWRQDJJLRUHGDWWDLQFRQIRUPLWjDOOD
&LUF0LQQFKHGHYHHVVHUHIRUQLWDGDOFRVWUXWWRUHLQVLHPHDOOLEUHWWRGLLVWUX]LRQL
UHOD]LRQHGLYDOXWD]LRQHGHOUXPRUHVHFRQGRLO'/JVSHUDOFXQHPDFFKLQHJUXPDUWHOOL
GHPROLWRULGHYHHVLVWHUHODGLFKLDUD]LRQHGLFRQIRUPLWj&((GHOFRVWUXWWRUH
,1)25781,
,OGDWRUHGLODYRURqWHQXWRDGHQXQFLDUHDOO¶,VWLWXWRDVVLFXUDWRUHJOLLQIRUWXQLGDFXLVLDQRFROSLWLL
GLSHQGHQWL SUHVWDWRUL G¶RSHUD H FKH VLDQR SURJQRVWLFDWL QRQ JXDULELOL HQWUR XQ JLRUQR HVFOXVR
TXHOORGHOO¶LQIRUWXQLRLQGLSHQGHQWHPHQWHGDRJQLYDOXWD]LRQHFLUFDODULFRUUHQ]DGHJOLHVWUHPLGL
OHJJH SHU O¶LQGHQQL]]DELOLWj /D GHQXQFLD GHOO¶LQIRUWXQLR GHYH HVVHUH IDWWD HQWUR GXH JLRUQL GD
TXHOORLQFXLLOGDWRUHGLODYRURQH KD DYXWR QRWL]LD GHYH HVVHUH FRUUHGDWD GD FHUWLILFDWR PHGLFR
ULI'35DUWFRVuFRPHPRGLILFDWRGDOGHFUHWRGHO
,OGDWRUHGLODYRURGHYHQHOWHUPLQHGLGXHJLRUQLGDUHQRWL]LDDOO¶DXWRULWjGLSXEEOLFDVLFXUH]]D
GHO &RPXQH LQ FXL q DYYHQXWR O¶LQIRUWXQLR GL RJQL LQIRUWXQLR VXO ODYRUR FKH DEELD SHU
FRQVHJXHQ]DODPRUWHRO¶LQDELOLWjDOODYRURSHUSLGLWUHJLRUQLULI'35DUW
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD2*25*$1,==$=,21('(/&$17,(5(
'HVFUL]LRQHGHOODIDVH 5HDOL]]D]LRQHGHOO
LPSLDQWRHOHWWULFRGLFDQWLHUHFRQFROOHJDPHQWRGLWHUUD
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR &RQGXWWRULHWXELGLSURWH]LRQHTXDGULHOHWWULFLDQRUPH&(,DWWUH]]DWXUHG
XVRFRPXQH
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
(OHWWURFX]LRQH
/HVLRQLDOOHPDQLGXUDQWHO
LQILVVLRQHGHOOH
SDOLQHGLWHUUD
(VSORVLRQLQHOFDVRGLLPSLDQWLLQDPELHQWL
GLGHSRVLWRHVSORVLYLRGLQSUHVHQ]DGLJDVR
PLVFHOHHVSORVLYHRGLQILDPPDELOL
3UREDELOLWj
LPSUREDELOH
DOWDPHQWHSUREDELOH
LPSUREDELOH
0DJQLWXGR
JUDYH
OLHYH
JUDYLVVLPD
5LVFKLR
PHGLR
PHGLR
DOWR
7XWWLJOLLPSLDQWLGHYRQRHVVHUHUHDOL]]DWLDUHJRODG
DUWH*OLLPSLDQWLUHDOL]]DWL VHFRQGROH
5LIHULPHQWLOHJLVODWLYL
QRUPH &(, VRQR FRQVLGHUDWL D UHJROD G
DUWH DUW &ROOHJDUH D WHUUD O¶LPSLDQWR
LQWHPDGLVLFXUH]]D
,QVWDOODUH LQWHUUXWWRUL RQQLSRODUL DOO
DUULYR GL FLDVFXQD OLQHD GL DOLPHQWD]LRQH /H GHULYD]LRQL D
VSLQDSHUJOLDSSDUHFFKLXWLOL]]DWRULFRQ3!:SURYYLVWHGLLQWHUUXWWRUHRQQLSRODUH/HSUHVH
DVSLQDGLWLSRPRELOHGHYRQRHVVHUHDGXVRLQGXVWULDOHFRQIRUPLDOOD1RUPD&(,HGDYHUH
XQ JUDGR GL SURWH]LRQH ,3 , FRQGXWWRUL IOHVVLELOL SHU GHULYD]LRQL SURYYLVRULH R SHU
O
DOLPHQWD]LRQH GL DSSDUHFFKL PRELOL GHYRQR DYHUH ULYHVWLPHQWR LVRODQWH UHVLVWHQWH DG XVXUD
PHFFDQLFD,QSDUWLFRODUHLFDYLLVRODWLFRQJXDLQDLQSYFVRQRLGRQHLVRORSHUSRVDILVVD6HL
FDYLDWWUDYHUVDQRYLHGL WUDQVLWR R LQWUDOFLDQR OD FLUFROD]LRQH GHYRQR HVVHUH SUHVL JOL RSSRUWXQL
SURYYHGLPHQWLSHUHYLWDUHLGDQQHJJLDPHQWLPHFFDQLFL3HULFRQGXWWRULGLWHUUDGLSURWH]LRQHHG
HTXLSRWHQ]LDOLVLGHYHXWLOL]]DUHLOELFRORUHJLDOORYHUGHSHULOFRQGXWWRUHGLQHXWURLOFRORUHEOX
FKLDUR ,Q DVVHQ]D GL QHXWUR LO FRQGXWWRUH FRQ LVRODQWH EOX FKLDUR SXz HVVHUH XWLOL]]DWR FRPH
FRQGXWWRUHGLIDVH1RQ VRQRULFKLHVWLFRORULSDUWLFRODULSHULFRQGXWWRULGLIDVH &(, DUW
&RQGXWWRUL GL SURWH]LRQH GL VH]LRQH PLQLPD PPT VH LQ UDPH H PPT VH IHUUR R
DFFLDLRHSHULWUDWWLYLVLELOLDOPHQRSDULDOFRQGXWWRUHGLIDVH/
LPSLDQWRGRYUjHVVHUHGRWDWRGL
SURWH]LRQL GD VRYUDFFDULFKL H VRYUDWHQVLRQL 6RQR DPPHVVL TXDGUL GL FDQWLHUH FRVWUXLWL LQ VHULH
FRQIRUPHPHQWH DOOH 1RUPH &(, GHQRPLQDWL $6& $SSDUHFFKLDWXUH GL 6HULH SHU
&DQWLHUHFRQLQGLFD]LRQHGHLFLUFXLWLFRPDQGDWL,QDPELHQWLFRQSHULFRORGLHVSORVLRQHGHSRVLWR
HVSORVLYLLQSUHVHQ]DGLJDVRPLVFHOHHVSORVLYHUHDOL]]DUHLPSLDQWLDQWLGHIODJUDQWLHVWDJQLULI
'0
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
*OL LPSLDQWL GHYRQR HVVHUH UHDOL]]DWL GD GLWWD LQ SRVVHVVR GHL UHTXLVLWL WHFQLFR SURIHVVLRQDOL
SUHYLVWLGDOOD/O¶LQVWDOODWRUHGHYHULODVFLDUHODGLFKLDUD]LRQHGLFRQIRUPLWjFRUUHGDWDGHJOL
DOOHJDWLREEOLJDWRUL1RQODYRUDUHVXSDUWLLQWHQVLRQH6FHJOLHUHO
LQWHUUXWWRUHJHQHUDOHGLFDQWLHUH
FRQ FRUUHQWH QRPLQDOH DGHJXDWD DOOD SRWHQ]D LQVWDOODWD QHO FDQWLHUH H SRWHUH G
LQWHUUX]LRQH
DGHJXDWR (¶ RSSRUWXQR FKH O¶LQWHUUXWWRUH VLD GL WLSR GLIIHUHQ]LDOH ,Q XQ TXDGUR HOHWWULFR XQ
LQWHUUXWWRUHGLIIHUHQ]LDOHFRQ,GPLQRUHRXJXDOHDP$QRQSXzSURWHJJHUHSLGLVHLSUHVH
&(, DUW ,QVWDOODUH SRL LQWHUUXWWRUL PDJQHWRWHUPLFL FRQ FRUUHQWH QRPLQDOH
DGHJXDWDDOFRQGXWWRUHGDSURWHJJHUH8WLOL]]DUHFRQGXWWRULFRQVH]LRQHDGHJXDWDDOFDULFRHGDOOH
OXQJKH]]H/HOLQHHGHYRQRHVVHUHGLPHQVLRQDWHLQPRGRFKHODFDGXWDGLWHQVLRQHIUDLOFRQWDWRUH
HGXQTXDOVLDVLSXQWRGHOO¶LPSLDQWRQRQVXSHULLOGHOODWHQVLRQHQRPLQDOHGHOO¶LPSLDQWRVWHVVR
&(, DUW /¶LQJUHVVR GL XQ FDYR QHOO¶DSSDUHFFKLR GHYH HVVHUH UHDOL]]DWR PHGLDQWH
LGRQHRSDVVDFDYRLQPRGRGDQRQFRPSURPHWWHUHLOJUDGRGLSURWH]LRQHHGHYLWDUHFKHWLUDQGRLO
FDYRPHGHVLPROHFRQQHVVLRQLVLDQRVROOHFLWDWHDWUD]LRQH
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUDDQWLQIRUWXQLVWLFDHGLQSDUWLFRODUHGLFDVFRJXDQWLHVFDUSHLVRODQWL
$GHPSLPHQWL
QRUPDWLYL
3ULPDYHULILFDGHOO
LPSLDQWRHQWURJLRUQLFRQGHQXQFLDDOO
,63(6/FRQWUROORRJQLGXHDQQLGD
SDUWHGHOOD86/
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD2*25*$1,==$=,21('(/&$17,(5(
'HVFUL]LRQHGHOODIDVH 5HDOL]]D]LRQHGHOO¶LPSLDQWRFRQWUROHVFDULFKHDWPRVIHULFKHGHOOHVWUXWXUH PHWDOOLFKHSUHVHQWL LQ
FDQWLHUH
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR &RQGXWWRUHJLDOORYHUGHGLVH]LRQHDGHJXDWDSDOLQHGLWHUUD
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
/HVLRQLDOOHPDQLGXUDQWHO
LQILVVLRQHGHOOH
SDOLQHGLWHUUD
)ROJRUD]LRQHSHUPDQFDQ]DGLFRQWLQXLWj
HOHWWULFDIUDLFRQGXWWRULHODUHWHGLWHUUD
3UREDELOLWj
DOWDPHQWHSUREDELOH
LPSUREDELOH
0DJQLWXGR
OLHYH
JUDYH
5LVFKLR
PHGLR
PHGLR
5LIHULPHQWLOHJLVODWLYL 7XWWLJOLLPSLDQWLGHYRQRHVVHUHUHDOL]]DWLDUHJRODG
DUWHJOLLPSLDQWLUHDOL]]DWLVHFRQGROHQRUPH
&(,VRQRFRQVLGHUDWLDUHJRODG
DUWHDUW
LQWHPDGLVLFXUH]]D
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
/
LPSLDQWR GHYH HVVHUH UHDOL]]DWR GD GLWWD LQ SRVVHVVR GHL UHTXLVLWL WHFQLFR SURIHVVLRQDOL
SUHYLVWLGDOOD//¶LQVWDOODWRUHGHYHULODVFLDUHODGLFKLDUD]LRQHGLFRQIRUPLWjFRUUHGDWDGHJOL
DOOHJDWL REEOLJDWRUL /
LPSLDQWR QRQ GHYH HVVHUH GLVWLQWR GDOO
LPSLDQWR GL WHUUD GHO FDQWLHUH H VL
GHYH FROOHJDUH D TXHVW
XOWLPR 8WLOL]]DUH FRUGD GL UDPH GD PPT SHU LO FROOHJDPHQWR GHO
WUDOLFFLR GHOOD JUX GHO VLORV PHWDOOLFR GHO FHPHQWR H GHL SRQWHJJL PHWDOOLFL SHU TXHVW
XOWLPR
SUHYHGHUHDOPHQRXQFROOHJDPHQWRRJQLP6XOODGLVFHVD GHOOD FRUGD GRYUj HVVHUH SRVWR XQ
SLFFKHWWRHODFRUGDSDVVDQWHSHUHVVRJLUHUiLQWHUUDWDDGDOPHQRFPGLSURIRQGLWiLQWRUQRDOOH
VWUXWWXUH GD SURWHJJHUH DG XQD GLVWDQ]D FRPSUHVD IUD H P 1RQ XWLOL]]DUH SDUDIXOPLQL
UDGLRDWWLYLGLFKLDUDWLLQHIILFDFL
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUDDQWLQIRUWXQLVWLFDHGLQSDUWLFRODUHGLFDVFRJXDQWLHVFDUSHLVRODQWL
$GHPSLPHQWL
QRUPDWLYL
3ULPDYHULILFDGHOO
LPSLDQWRHQWURJLRUQLFRQGHQXQFLDDOO
,63(6/FRQWUROORRJQLGXHDQQLGD
SDUWHGHOOD86/
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD2*25*$1,==$=,21('(/&$17,(5(
'HVFUL]LRQHGHOODIDVH ,QVWDOOD]LRQH R UHDOL]]D]LRQH LQ FDQWLHUH GL EDUDFFKH H ER[ GD GHVWLQDUH DG XIILFL 6SRJOLDWRL
VHUYL]LLJLHQLFLGHSRVLWRDWWUH]]LVHUYL]LRPHQVDHFFFRQXQLWjPRGXODULSUHIDEEULFDWH
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR $WWUH]]LGLXVRFRPXQH
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
6FKLDFFLDPHQWRSHUFDWWLYDLPEUDFDWXUDGHO
FDULFRRSHUHUURUHGHOJUXLVWD
&RQWXVLRQHDOODPDQRSHUO¶XVRGHOODFKLDYH
GLVHUUDJJLRGHLEXOORQLGLXQLRQHGHOOHSDUWL
GHOER[
/HVLRQLGRUVRORPEDULSHUVROOHYDPHQWRH
WUDVSRUWRPDQXDOHGLFDULFKL
6FKLDFFLDPHQWRGHOOHPDQLQHOPDQHJJLDUHL
SDQQHOOL
3UREDELOLWj
LPSUREDELOH
0DJQLWXGR
JUDYH
5LVFKLR
PHGLR
SUREDELOH
OLHYH
PHGLR
SUREDELOH
SUREDELOH
OLHYH
OLHYH
PHGLR
PHGLR
1HLOXRJKLGLODYRURRQHOOHORURLPPHGLDWHYLFLQDQ]HGHYHHVVHUHPHVVDDGLVSRVL]LRQHGHL
5LIHULPHQWLOHJLVODWLYL
ODYRUDWRULDFTXDLQTXDQWLWjVXIILFLHQWHWDQWRSHUXVRSRWDELOHFKHSHUODYDUVL3HUODSURYYLVWDOD
LQWHPDGLVLFXUH]]D
FRQVHUYD]LRQHHODGLVWULEX]LRQHGHOO
DFTXDGHYRQRRVVHUYDUVLOHQRUPH LJLHQLFKH DWWH DG HYLWDUH
O
LQTXLQDPHQWRHLOGLIIRQGHUVLGLPDODWWLHULI'35DUW
'RFFHVXIILFLHQWLHGDSSURSULDWHGHYRQRHVVHUHPHVVHDGLVSRVL]LRQHGHLODYRUDWRULTXDQGRLOWLSR
GLDWWLYLWjRODVDOXEULWjORHVLJRQR'HYRQRHVVHUHSUHYLVWLORFDOLSHUOHGRFFHVHSDUDWLSHUXRPLQL
HGRQQHRXQ¶XWLOL]]D]LRQHVHSDUDWDGHJOLVWHVVL/HGRFFHGHYRQRHVVHUHGRWDWHGLDFTXDFDOGDH
IUHGGDHGLPH]]LGHWHUJHQWLHSHUDVFLXJDUVL'HYRQRHVVHUHSUHYLVWLODYDELVHSDUDWLSHUXRPLQLH
GRQQH RYYHUR XQ¶XWLOL]]D]LRQH VHSDUDWD GHL ODYDEL TXDORUD FLz VLD QHFHVVDULR SHU PRWLYL GL
GHFHQ]D'/JVDUW
1HL FDQWLHUL FRQ SL L GLSHQGHQWL TXDQGR TXHVWL VLDQR HVSRVWL D PDWHULH LQVXGLFLDQWL
O¶,VSHWWRUDWRGHO/DYRURSXzSUHVFULYHUHFKHLOGDWRUHGLODYRURPHWWDDGLVSRVL]LRQHGHLODYRUDWRUL
GRFFH SHU IDUH LO EDJQR DSSHQD WHUPLQDWR O¶RUDULR GL ODYRUR H ILVVDUH OH FRQGL]LRQL DOOH TXDOL
GHYRQRULVSRQGHUHLORFDOLGDEDJQRWHQXWRFRQWRGHOO¶LPSRUWDQ]DHGHOODQDWXUDGHOO¶D]LHQGD/H
GRFFHGHYRQRHVVHUHLQGLYLGXDOLHGLQORFDOLGLVWLQWLSHULGXHVHVVLULI'35DUW
/RFDOL DSSRVLWDPHQWH GHVWLQDWL D VSRJOLDWRL GHYRQR HVVHUH PHVVL D GLVSRVL]LRQH GHL ODYRUDWRUL
TXDQGRTXHVWLGHYRQRLQGRVVDUHLQGXPHQWLGLODYRURVSHFLILFLHTXDQGRSHUUDJLRQLGLVDOXWHRGL
GHFHQ]DQRQVLSXzFKLHGHUHORURGLFDPELDUVLLQDOWULORFDOL*OLVSRJOLDWRLGHYRQRHVVHUHGLVWLQWL
IUDLGXHVHVVLHFRQYHQLHQWHPHQWHDUUHGDWL'/JVDUW
3HULODYRULLQDSHUWDFDPSDJQDORQWDQRGDOOHDELWD]LRQLTXDQGRLODYRULHFFHGDQRODGXUDWDGL
JLRUQL LQ LQYHUQR H JLRUQL QHOOH DOWUH VWDJLRQL LO GDWRUH GL ODYRUR GHYH SURYYHGHUH DL
GRUPLWRULPHGLDQWHPH]]LSLLGRQHLTXDOLEDUDFFKHGLOHJQRRGDOWUHFRVWUX]LRQLHTXLYDOHQWL/H
FRVWUX]LRQLSHUGRUPLWRULRGHYRQRHVVHUHLOOXPLQDWHH YHQWLODWHULVFDOGDWHQHOODVWDJLRQH IUHGGD
HVVHUHVROOHYDWHGDWHUUDHGLVXSHUILFLHQRQLQIHULRUHD PTSHU SHUVRQD ULI'35 DUW
, ODYRUDWRUL GHYRQR GLVSRUUH LQ SURVVLPLWj GHL ORUR SRVWL GL ODYRUR GHL ORFDOL GL ULSRVR GHJOL
VSRJOLDWRLGHOOHGRFFHRODYDELGLORFDOLVSHFLDOLGRWDWLGLXQQXPHURVXIILFLHQWHGLJDELQHWWLHGL
ODYDELFRQDFTXDFRUUHQWHFDOGDVHQHFHVVDULRHGRWDWLGLPH]]LGHWHUJHQWLHSHUDVFLXJDUVL3HU
XRPLQLHGRQQHGHYRQRHVVHUHSUHYLVWLJDELQHWWLVHSDUDWL'/JVDUW
1HOOH D]LHQGH FRQ SL GL GLSHQGHQWL GHYH HVVHUH LQVWDOODWR XQ ORFDOH DGLELWR D UHIHWWRULR
PXQLWRGLVHGLHHWDYROL(VVRGHYHHVVHUHEHQLOOXPLQDWRDHUDWRHULVFDOGDWRQHOODVWDJLRQHIUHGGD
ULI'35DUW
1HLODYRULHVHJXLWLQRUPDOPHQWHDOO
DSHUWRGHYHHVVHUHPHVVRDGLVSRVL]LRQHGHLODYRUDWRULXQ
ORFDOHLQFXLVLSRVVDQRULFRYHUDUHGXUDQWHOHLQWHPSHULH'HWWRORFDOHGHYHHVVHUHIRUQLWRGL
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
VHGLOLHGLXQWDYRORHGHYHHVVHUHULVFDOGDWRGXUDQWHODVWDJLRQHIUHGGDULI'35DUW
/HLQVWDOOD]LRQLHJOLDUUHGLGHVWLQDWLDLUHIHWWRULDJOLVSRJOLDWRWLDLEDJQLDOOHODWULQHDLGRUPLWRUL
HGLQJHQHUHDLVHUYL]LGLLJLHQHHGLEHQHVVHUHSHULODYRUDWRULGHYRQRHVVHUHPDQWHQXWLLQVWDWRGL
VFUXSRORVDSXOL]LDDFXUDGHLGDWRULGLODYRURULI'35DUW
3HULFDQWLHULORQWDQLGDSRVWLSXEEOLFLSHUPDQHQWLGLSURQWRVRFFRUVRGHYHHVVHUHSUHYLVWDXQD
FDPHUDGLPHGLFD]LRQHGHYHHVVHUHIRUQLWDGLDFTXDSHUEHUHHSHUODYDUVLGLOHWWLQRLOOXPLQDWDH
ULVFDOGDWD1HJOLDOWULFDVLqVXIILFLHQWHWHQHUHLQFDQWLHUHODFDVVHWWDGLSURQWRVRFFRUVRRQHL
FDQWLHULPLQRULLOSDFFKHWWRGLPHGLFD]LRQH,OSDFFKHWWRGHYHFRQWHQHUHDOPHQR
XQDERWWLJOLDGDJUGLDOFRRO
WUHILDOHWWHGLDOFRROLRGDWRXQSUHSDUDWRDQWLXVWLRQH
XQURWRORGLFHURWWRDGHVLYR
GXHEHQGHGLJDU]DLGURILOD
XQODFFLRHPRVWDWLFR
WUHSDFFKHWWLGLFRWRQHXQSDLRGLIRUELFLULI'35DUWW
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
3HUXQDEXRQDRUJDQL]]D]LRQHGHOFDQWLHUHRFFRUUHSHUSULPDFRVDSUHQGHUHLQFRQVLGHUD]LRQH
O¶HQWLWj GHOO¶RSHUD H O¶XELFD]LRQH GHO FDQWLHUH /¶XELFD]LRQH FRPSRUWD SUREOHPL GHULYDQWL
GDOO¶DPELHQWHFLUFRVWDQWHGDOOHYLHGLDFFHVVRDOFDQWLHUHGDOODUHDOL]]D]LRQHGHLVHUYL]LLJLHQLFR
DVVLVWHQ]LDOL (¶ VRSUDWWXWWR HVVHQ]LDOH LPSHGLUH O¶DFFHVVR DO FDQWLHUH DJOL HVWUDQHL PHGLDQWH
UHFLQ]LRQLHFDUWHOOLGLGLYLHWREHQYLVLELOLDOO¶HQWUDWD/HYLHDOO¶LQWHUQRGHOFDQWLHUHGHYRQRHVVHUH
GLDPSLH]]DDGHJXDWDDLPH]]LLPSLHJDWLFRQFDUWHOOLLQGLFDQWLLOVHQVRGLPDUFLDOHYHORFLWjOH
SULRULWjHWF(VVHLQROWUHGHYRQRHVVHUHDIRQGRVROLGRHVHQRQDVIDOWDWHGLPDWHULDOHJKLDLRVR
SHUHYLWDUHLOFRQWLQXRDO]DUVLGHOODSROYHUHDOSDVVDJJLRGHLPH]]L/HUDPSHGLDFFHVRDJOLVFDYL
GHYRQRDYHUHXQDODUJKH]]DVXSHULRUHDOODVDJRPDGLLQJRPEURGHLYHLFROLGLDOPHQRFP/H
ERWROHHOHVFDOHULFDYDWHQHOWHUUHQRGHYRQRHVVHUHPXQLWLGLSDUDSHWWRYHUVRLOYXRWR
2FFRUUHVLVWHPDUHJOLDOORJJLDGLELWLDGXIILFLRVSRJOLDWRLRHWFHGHIIHWWXDUHJOLDOODFFLDOODUHWH
IRJQDULDSXEEOLFD
$OO¶LQJUHVVR GL RJQL ORFDOH YD HVSRVWR XQ FDUWHOOR FKH HOHQFKL OH SULQFLSDOL QRUPH LQ PDWHULD
DQWLQIRUWXQLVWLFD VLD LPSRVWH GDOOD OHJJH VLD GLVSRVWH GDOO¶LPSUHVD PHQWUH QHOO¶XIILFLR GHO
UHVSRQVDELOH GHO FDQWLHUH YD WHQXWD ROWUH OH OHJJL H L UHJRODPHQWL DQWLQIRUWXQLVWLFL WXWWD OD
GRFXPHQWD]LRQHUHODWLYDDOO¶RUJDQL]]D]LRQHHDOODVLFXUH]]DGHOFDQWLHUH
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD HG LQ SDUWLFRODUH GL FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOH
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD2*25*$1,==$=,21('(/&$17,(5(
'HVFUL]LRQHGHOODIDVH 3URJHWWD]LRQH GHOOD YLDELOLWj LQWHUQD DO FDQWLHUH SHU PH]]L GL WUDVSRUWR H PDFFKLQH VHPRYHQWL
DSSRVL]LRQHGLRSSRUWXQDVHJQDOHWLFDSHULOSHUVRQDOHDGGHWWR
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
,QYHVWLPHQWRGLODYRUDWRULFRQPH]]RGL
FDQWLHUHSHUHUUDWDPDQRYUDGHOJXLGDWRUHRD
FDXVDGHOODLQDGHJXDWDSURJHWWD]LRQHGHOOD
YLDELOLWj
LQFDQWLHUH
,QVWDELOLWjGHOPH]]RSHUHYHQWXDOHIUDQRVLWj
GHOWHUUHQRDFFHQWXDWDLQRFFDVLRQHGL
SLRJJH
(UURULPDQXDOLGDSDUWHGHOFRQGXFHQWHLQ
VHJXLWRDPDQFDWDVHJQDOD]LRQHGLSXQWL
FULWLFL
3UREDELOLWj
LPSUREDELOH
0DJQLWXGR
JUDYH
5LVFKLR
PHGLR
SRVVLELOH
JUDYLVVLPD
DOWR
LPSUREDELOH
JUDYH
PHGLR
'XUDQWH L ODYRUL GHYH HVVHUH DVVLFXUDWD QHL FDQWLHUL OD YLDELOLWj GHOOH SHUVRQH H GHL YHLFROL/H
5LIHULPHQWLOHJLVODWLYL
UDPSH GL DFFHVVR DO IRQGR GHJOL VFDYL GL VSODWHDPHQWR R GL VEDQFDPHQWR GHYRQR DYHUH XQD
LQWHPDGLVLFXUH]]D
FDUUHJJLDWDVROLGDDWWDDUHVLVWHUHDOWUDQVLWRGHLPH]]LGLWUDVSRUWRGLFXLqSUHYLVWRO¶LPSLHJRHG
XQDSHQGHQ]DDGHJXDWDDOODSRVVLELOLWjGHLPH]]LVWHVVL/DODUJKH]]DGHOOHUDPSHGHYHHVVHUHWDOH
GDFRQVHQWLUHXQIUDQFRGLDOPHQRFHQWLPHWULROWUHODVDJRPDGLLQJRPEURGHOYHLFROR$OOH
YLH GL DFFHVVR HG DL SXQWL SHULFRORVL QRQ SURWHJJLELOL GHYRQR HVVHUH DSSRVWH VHJQDOD]LRQL
RSSRUWXQH H GHYRQR HVVHUH DGRWWDWH OH GLVSRVL]LRQL QHFHVVDULH SHU HYLWDUH OD FDGXWD GL WUDYL GDO
WHUUHQRDPRQWHGHLSRVWLGLODYRURULI'35DUW
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
&RQVLGHUDWR FKH O¶DPELHQWH GHO FDQWLHUH VL SUHVHQWD SDUWLFRODUPHQWH VIDYRUHYROH LQ TXDQWR LO
FRQGXFHQWH GL PDFFKLQH RSHUDWULFL GHYH VSHVVR PDQRYUDUH VX SLD]]DOL OLPLWDWL VX SLVWH LQ
SHQGHQ]D H GDO IRQGR VSHVVR LUUHJRODUH LQ FRQGL]LRQL GL YLVLELOLWj QRQ RWWLPDOL SHU SLRJJLD R
PDOWHPSR q QHFHVVDULR FKH VLDQR DGRWWDWH OH PLVXUH LGRQHH D UHQGHUH SL VLFXUR O¶LPSLHJR GL
YHLFROLHPH]]LVHPRYHQWL
/R VWXGLR GHO WUDFFLDWR H OD SUHSDUD]LRQH GL SLVWH H WUDFFLDWL ULYHVWRQR LPSRUWDQ]D SUHPLQHQWH
QHOO¶LPSRVWD]LRQHGHOODYRURQHLFDQWLHULGRYHVRQRSUHYLVWHODYRUD]LRQLFRQPDFFKLQHRSHUDWULFL
/H FRQGL]LRQL GL DJLELOLWj GHYRQR HVVHUH GHILQLWH VXOOD EDVH GHO WUDIILFR SUHVXQWR LQ WHUPLQL GL
QXPHUR GL PH]]L H VHQVL GL FLUFROD]LRQH H GHOOH FDUDWWHULVWLFKH G¶LQJRPEUR H GL SHVR GHL PH]]L
FLUFRODQWL
/HVWUDGHGHYRQRDYHUHFDUUHJJLDWDVROLGDDWWDDUHVLVWHUHDOWUDQVLWRGHLPH]]LGLFXLqSUHYLVWR
O¶LPSLHJR OD SHQGHQ]D GHL SHUFRUVL GHYH HVVHUH FRPSDWLELOH FRQ OD HIILFLHQ]D GL IUHQDWXUD GHL
PH]]LPHGHVLPL
/DSHQGHQ]DWUDVYHUVDOHGHOOHUDPSHGHYHFRQVHQWLUHXQUDSLGRSURVFLXJDPHQWRGHOODFDUUHJJLDWD
LQFDVRGLSLRJJLDO¶DOORQWDQDPHQWRGHOOHDFTXHPHWHRULFKHFRVWLWXLVFHXQD PLVXUDHVVHQ]LDOHDO
ILQHGLOLPLWDUHVLDLOGLVVHVWRGHOSLDQRGLYLDELOLWjVLDODIRUPD]LRQHGLIDQJRWDOLIDWWRULGHYRQR
HVVHUH OLPLWDWL LQ TXDQWR LQFLGRQR QHJDWLYDPHQWH VXOOD VLFXUH]]D FRQWULEXHQGR DOO¶LQVWDELOLWj GHL
PH]]LHGDFFUHVFHQGROHFRQGL]LRQLGLGLVDJLRGHLFRQGXFHQWL,QRJQLRFFDVLRQHGLLQFURFLRXRPR
PDFFKLQDRSHUDWULFHVLFRQILJXUDXQULVFKLRG¶LQIRUWXQLRqEXRQDQRUPDSHUWDQWRVHSDUDUHLOSL
SRVVLELOH OH GXH YLDELOLWj PHGLDQWH GHOLPLWD]LRQL FRQ SLFFKHWWL GHL PDUJLQL ULVHUYDWL DO WUDQVLWR
SHGRQDOH
/D VHJQDOHWLFD VDUj DGRWWDWD SHU HYLGHQ]LDUH OH VLWXD]LRQL GL PDJJLRU LQWHUHVVH QHO FDQWLHUH
LQGLFD]LRQL UHODWLYH DOOD PDVVLPD DOWH]]D H PDVVLPD ODUJKH]]D GHO YHLFROR LQ FDVR GL VWUHWWRLH R
SDVVDJJL OLPLWDWL LQGLFD]LRQH GL GLVFHVH LQ UDPSD FRQ LQGLFD]LRQH GHOOD SHQGHQ]D VHJQDOL VXJOL
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
RVWDFROLDQRPDOLHHSXQWLFULWLFLGHOOHSLVWHHGHLSLD]]DOL
4XDORUDVLDEELDQRLQWHUVH]LRQLFRQSHUFRUVLSHGRQDOLRFFRUUHSUHGLVSRUUHDSSRVLWDVHJQDOHWLFDGL
ULFKLDPR H FRQWHPSRUDQHDPHQWH LPSRUUH OD OLPLWD]LRQH GHO OD YHORFLWj GHL PH]]L FRQ DSSRVLWR
FDUWHOORQHLWUDWWLLQWHUHVVDWLGDSUHVHQ]DGLODYRUDWRULDWHUUD
4XDORUD L SHUFRUVL LQFURFLQR OLQHH HOHWWULFKH DUHH RFFRUUH SUHGLVSRUUH SURWH]LRQL SUHYHQWLYH
PHGLDQWH HOHPHQWL OLJQHL LQ PRGR FKH XQ¶HYHQWXDOH HUUDWD SURFHGXUD GHO FRQGXFHQWH VLD
LQWHUFHWWDWDGDOODSURWH]LRQHULFKLDPDQGRLQWDOPRGRO¶RSHUDWRUHDOODFRUUHWWDPDQRYUDVHQ]DFKH
TXHVWDSURYRFKLO¶LPSDWWRGLXQDSDUWHGHOODPDFFKLQDFRQODOLQHDHOHWWULFD
6FKHGD0723(5(029,0(1727(55$
'HVFUL]LRQHGHOODIDVH 8WLOL]]RGHOO
HVFDYDWRUHGHOODSDODPHFFDQLFDGHOODWHUQDHGHOOHPDFFKLQHGLPRYLPHQWRWHUUDLQ
JHQHUH
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR 0DFFKLQHPRYLPHQWRWHUUD
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
5LEDOWDPHQWRGLGXPSHUGLWLSRFRPSDFWSHU
WHQWDWLYRGLFDULFDPHQWRGLDOWURDXWRPH]]R
XVRLQFRUUHWWRGHOPH]]R
,QVWDELOLWjGHOPH]]RSHUHYHQWXDOHIUDQRVLWj
GHOWHUUHQRDFFHQWXDWDLQRFFDVLRQHGL
SLRJJH
,QYHVWLPHQWRGHJOLRSHUDLSHUHUUDWD
PDQRYUDGHOJXLGDWRUHRDFDXVDGHOOD
LQDGHJXDWDSURJHWWD]LRQHGHOODYLDELOLWj
LQ
FDQWLHUH
6FKLDFFLDPHQWRGHOJXLGDWRUHSHULO
ULEDOWDPHQWRGHOO¶DXWRPH]]R
,QDOD]LRQHGLSROYHUHHJDVGLVFDULFR
(UURULPDQXDOLGDSDUWHGHOO¶RSHUDWRUHD
VHJXLWRGLPRQRWRQLDHULSHWLYLWjGHOODYRUR
3UREDELOLWj
SRVVLELOH
0DJQLWXGR
JUDYH
5LVFKLR
DOWR
SRVVLELOH
JUDYH
DOWR
LPSUREDELOH
JUDYH
PHGLR
LPSUREDELOH
JUDYH
PHGLR
SRVVLELOH
LPSUREDELOH
OLHYH
PRGHVWD
WUDVFXUDELOH
WUDVFXUDELOH
,O IDEEULFDQWH ULODVFLD SHU RJQL PDFFKLQD SHU LO PRYLPHQWR GL WHUUD LO FHUWLILFDWR &(( GL
5LIHULPHQWLOHJLVODWLYL
FRQIRUPLWj6XRJQLPDFFKLQDGHYHHVVHUHLQGLFDWRLQPRGRYLVLELOHLOOLYHOORGLSRWHQ]DVRQRUDH
LQWHPDGLVLFXUH]]D
TXHOORGLSUHVVLRQHVRQRUDDOSRVWRGLJXLGDULI'/DUWWH
3HULOVHWWRUHGHLGXPSHUODQRUPDWLYDGLULIHULPHQWRqOD,62FKHLQFOXGHLQWDOHFDWHJRULD
DQFKH L FRPSDFW SLFFROH PDFFKLQH GRWDWH GL XQ GLVSRVLWLYR LQWHJUDWR GL DXWRFDULFDPHQWR
RYYHUR XQD SLFFROD SDOD GDYDQWL DO FDVVRQH LQ JUDGR GL ULHPSLUOR LQ PRGR DXWRQRPR /D
FLQHPDWLFD GHOOD SDOD VWHVVD GHYH HVVHUH WDOH GD LPSHGLUH LO FDULFDPHQWR GL XQ DOWUR PH]]R LQ
TXDQWR LO GXPSHU QRQ q DGDWWR DJOL VSRVWDPHQWL FRQ EHQQD FDULFD WDOH RSHUD]LRQH UHQGHUHEEH
LQIDWWLSUHFDULRO¶HTXLOLEURGHOPH]]RHVSRQHQGRORTXDQWRPDLDULVFKLGLULEDOWDPHQWR
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
/¶RSHUDWRUH PDFFKLQH GHYH HVVHUH RSSRUWXQDPHQWH IRUPDWR HG DYHU PDWXUDWR VXIILFLHQWH
HVSHULHQ]DQHOO
XVRGHOOHPDFFKLQHSHUODPRYLPHQWD]LRQHGHOODWHUUD
3ULPDGHOO¶XVRO¶RSHUDWRUHGHYH
FRQWUROODUHLSHUFRUVLHOH]RQHGLODYRURYHULILFDQGROHFRQGL]LRQLGLVWDELOLWjGHOODPDFFKLQDLQ
XVR
YHULILFDUH FKH O¶DYYLVDWRUH DFXVWLFR LO VHJQDODWRUH GL UHWURPDUFLD H LO JLURIDUR VLDQR
UHJRODUPHQWHIXQ]LRQDQWL
YHULILFDUH FKH QHOOD ]RQD GL ODYRUR QRQ YL VLDQR OLQHH HOHWWULFKH FKH SRVVDQR LQWHUIHULUH FRQ OH
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
PDQRYUH
DFFHUWDUVLVHQHOO¶DUHDGHOO¶HYHQWXDOHVFDYRSRVVDQRHVLVWHUHFDQDOL]]D]LRQLLQVHUYL]LRDFTXD
JDVHOHWWULFLWj
JDUDQWLUHODYLVLELOLWjGHOSRVWRGLPDQRYUD
'XUDQWHO¶XVRGHOODPDFFKLQDO¶RSHUDWRUHGHYH
DOORQWDQDUHSUHYHQWLYDPHQWHOHSHUVRQHQHOUDJJLRG
LQIOXHQ]DGHOODPDFFKLQDVWHVVD
VHJQDODUHO¶RSHUDWLYLWjGHOPH]]RFRQLOJLURIDUR
XWLOL]]DUH JOL VWDELOL]]DWRUL QHL FDVL ULFKLHVWL GDO OLEUHWWR GL XVR H PDQXWHQ]LRQH GHO PH]]R H
PDQWHQHUHLOPH]]RVWDELOHGXUDQWHWXWWDODIDVHGLODYRUR
QRQDPPHWWHUHDERUGRGHOODPDFFKLQDDOWUHSHUVRQH
QRQXWLOL]]DUHODPDFFKLQDSHUVROOHYDPHQWRSHUVRQH
UHJRODUHODYHORFLWjDLOLPLWLVWDELOLWLLQFDQWLHUHHGLQSURVVLPLWjGHLSRVWLGLODYRURWUDQVLWDUHD
SDVVRG¶XRPR
WUDVSRUWDUHLFDULFKLFRQODEHQQDLQSRVL]LRQHDEEDVVDWDHQRQFDULFDUHPDWHULDOHVSRUJHQWHGDOOD
EHQQD
'RSRO¶XWLOL]]RGHOODPDFFKLQDO¶RSHUDWRUHGHYH
SRVL]LRQDUHLOPH]]RQHOO¶DUHDGLFDQWLHUHULVHUYDWDDOSDUFKHJJLRGHLPDFFKLQDULIXRULRUDULRGL
ODYRUR
ODVFLDUHLPH]]LFRQOHEHQHDEEDVVDWHHGLIUHQLGLVWD]LRQDPHQWRD]LRQDWL
HVHJXLUHSXQWXDOPHQWHODSURJUDPPD]LRQHGHJOLLQWHUYHQWLPDQXWHQWLYLVHFRQGROHLVWUX]LRQLGHO
OLEUHWWRGLXVRHPDQXWHQ]LRQH
1HOO¶XWLOL]]R GL GXPSHU ULVXOWD RSSRUWXQR LO GLVSRVLWLYR GL ULVFDOGDPHQWR GHO IRQGR GHO FDVVRQH
SHU HYLWDUH O¶DGHUHQ]D LQ EORFFR GHO PDWHULDOH WUDVSRUWDWR HV FDOFHVWUX]]R FRQ SUREOHPL GL
LQVWDELOLWjLQIDVHGLURYHVFLDPHQWR
8Q¶RSSRUWXQD LQL]LDWLYD GL SUHYHQ]LRQH GD DWWXDUH QHOOH RSHUH GL PRYLPHQWR WHUUD GHYH HVVHUH
TXHOOD GL WLSR RUJDQL]]DWLYR LQ SDUWLFRODUH FRQ OD SURJUDPPD]LRQH GHL ODYRUL VL GHYRQR HYLWDUH
HFFHVVLYHFRQFHQWUD]LRQLGLPH]]LLQDUHHUHODWLYDPHQWHULVWUHWWHLQROWUHLQFDVRGLFRQGL]LRQLGL
ODYRURSDUWLFRODUPHQWHGLVDJLDWHHOHYDWDWHPSHUDWXUDGXUDQWHLOSHULRGRHVWLYRHFFHVVLYRUXPRUH
SHUXVRVLPXOWDQHRGL PH]]LULSHWLWLYLWjDVVROXWDGHOOHRSHUD]LRQLULVXOWD RSSRUWXQR SURYYHGHUH
DGXQDWXUQD]LRQHGHOSHUVRQDOH
*OLRSHUDWRULGHYRQRHVVHUHGRWDWLROWUHFKHGHOODQRUPDOHDWWUH]]DWXUDDQWLQIRUWXQLVWLFDFRVWLWXLWD
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL GDFDVFRJXDQWLHVFDUSHGLVLFXUH]]DFRQVXRODLPSHUIRUDELOHGLLGRQHLRWRSURWHWWRUL
&RQWUROOLVDQLWDUL
, ODYRUDWRUL OD FXL HVSRVL]LRQH TXRWLGLDQD DO UXPRUH VXSHUD G%$ LQGLSHQGHQWHPHQWH
GDOO¶XVRGLRWRSURWHWWRULVRQRVRWWRSRVWLDFRQWUROORVDQLWDULR*OLLQWHUYDOOLGHOOHYLVLWHPHGLFKH
VWDELOLWHGDOPHGLFRFRPSHWHQWHQRQSRVVRQRHVVHUHVXSHULRULDGXQDQQRSHULODYRUDWRULODFXL
HVSRVL]LRQHTXRWLGLDQDVXSHULLG%$DGXHDQQLSHULODYRUDWRULODFXLHVSRVL]LRQHTXRWLGLDQD
VLDFRPSUHVDWUDHG%$
,OFRQWUROORVDQLWDULRqHVWHVRDLODYRUDWRULODFXLHVSRVL]LRQHTXRWLGLDQDVLDFRPSUHVDWUDH
G%$ TXDORUD L ODYRUDWRUL LQWHUHVVDWL QH IDFFLDQR ULFKLHVWD H LO PHGLFR FRPSHWHQWH QH FRQIHUPL
O¶RSSRUWXQLWjULI'/JVQDUW
6FKHGD$&$775(==$785(',&$17,(5(
'HVFUL]LRQHGHOODIDVH 6LOLWUDPRJJHSHUVDEELDSLHWULVFRHFHPHQWR
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR 6LOL
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
6FKLDFFLDPHQWRGHOO¶RSHUDWRUHVRWWRLO
FDULFR
$VILVVLDGHOO¶RSHUDWRUHGXUDQWHOHRSHUD]LRQL
DOO¶LQWHUQRGHOVLORV
5LEDOWDPHQWRGHOVLORVSHULQVXIILFLHQWH
VWDELOLWj
3UREDELOLWj
LPSUREDELOH
0DJQLWXGR
JUDYH
5LVFKLR
PHGLR
LPSUREDELOH
JUDYH
PHGLR
LPSUREDELOH
JUDYH
PHGLR
/HYDVFKHLVHUEDWRLHGLUHFLSLHQWLDSHUWLFRQERUGLDOLYHOORRDGDOWH]]DLQIHULRUHDFPGDO
5LIHULPHQWLOHJLVODWLYL
SDYLPHQWRRGDOODSLDWWDIRUPDGLODYRURGHYRQRTXDOXQTXHVLDLOOLTXLGRROHPDWHULHFRQWHQXWH
LQWHPDGLVLFXUH]]D
HVVHUHGLIHVHVXWXWWLLODWLPHGLDQWHSDUDSHWWRGLDOWH]]DQRQPLQRUHGLFPDSDUHWHSLHQDRFRQ
DOPHQRGXHFRUUHQWL,OSDUDSHWWRQRQqULFKLHVWRTXDQGRVXLERUGLGHOOHYDVFKHVLDDSSOLFDWDXQD
GLIHVDILQRDFPGDOSDYLPHQWR4XDQGRFLzQRQVLDUHDOL]]DELOHOHDSHUWXUHVXSHULRULGHYRQR
HVVHUH SURYYLVWH GL VROLGH FRSHUWXUH R GL DOWUH GLIHVH DWWH DG HYLWDUH LO SHULFROR GL FDGXWD GHL
ODYRUDWRUL HQWUR GL HVVL ,O SUHVHQWH DUWLFROR QRQ VL DSSOLFD TXDQGR OH YDVFKH L VHUEDWRL HG L
UHFLSLHQWL KDQQR XQD SURIRQGLWj QRQ VXSHULRUH D PHWUL XQR H QRQ FRQWHQJRQR OLTXLGL R PDWHULH
GDQQRVHULI'35DUW
1HLVHUEDWRLWLQLYDVFKHHVLPLOLFKHDEELDQRXQDSURIRQGLWjGLROWUHGXHPHWULHFKH QRQ VLDQR
SURYYLVWL GL DSHUWXUH G
DFFHVVR DO IRQGR TXDORUD QRQ VLD SRVVLELOH GLVSRUUH OD VFDOD ILVVD SHU
O
DFFHVVRDOIRQGRGHYRQRHVVHUHXVDWHVFDOHWUDVSRUWDELOLSXUFKpSURYYLVWHGLJDQFLGLWUDWWHQXWD
ULI'35DUW
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
, VLORV YDQQR DQFRUDWL R FRQWURYHQWDWL VHFRQGR OH LVWUX]LRQL IRUQLWH GDO IDEEULFDQWH R LQ
PDQFDQ]DVHFRQGRFDOFRORGLXQWHFQLFRDELOLWDWRDLILQLGLVFRQJLXUDUHLOSHULFRORGLULEDOWDPHQWR
SHUD]LRQHGHOYHQWR
7DOYROWDDFDXVDGHOO¶XPLGLWjGHOJHORRGLFRUSLHVWUDQHLVLDUUHVWDLOIOXVVRGDOODERFFDLQIHULRUH
GHL VLORV R GHOOH WUDPRJJH ,Q WDOL FDVL q QHFHVVDULR O¶LQWHUYHQWR GL XQ RSHUDWRUH FKH ULSULVWLQL LO
GHIOXVVR WDOH RSHUD]LRQH FRPSRUWD LO SHULFROR SL IUHTXHQWH YHULILFDQWHVL QHL VLOL FRQWHQHQWL
VDEELDRFHPHQWRFKHqUDSSUHVHQWDWRGDOO
LQJKLRWWLPHQWRGHOODSHUVRQD
,Q WDOL FDVL q RSSRUWXQR IDU VFHQGHUH O
RSHUDLR PHGLDQWH DSSDUHFFKL VRVSHVL R FRQ VFDOH
VLFXUDPHQWH ILVVDWH DOOH SDUHWL H QRQ DSSRJJLDWH DO PDWHULDOH RFFRUUH LQROWUH DVVLFXUDUH OD
SUHVHQ]D GL DOWUL ODYRUDWRUL SURQWL DG HIIHWWXDUH LO VROOHYDPHQWR DSSHQD VL PDQLIHVWL OD PLQDFFLD
G
LQJKLRWWLPHQWR
/DSDUWHVXSHULRUHGHOODWUDPRJJLDTXDQGRqUDJJLXQJLELOHGDOOHSHUVRQHGHYHHVVHUHSURWHWWDFRQ
XQJULJOLDWRDPDJOLHODUJKHFKHQRQLPSHGLVFDOHQRUPDOLRSHUD]LRQLGLFDULFRGHJOLLQHUWLPDQRQ
SHUPHWWDLOSDVVDJJLRGLXQDSHUVRQD
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD$&$775(==$785(',&$17,(5(
'HVFUL]LRQHGHOODIDVH 7DJOLRGHOOHJQDPHPHGLDQWHXWLOL]]RGHOODVHJDFLUFRODUH
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR 6HJDFLUFRODUHVSLQJLWRL
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
(OHWWURFX]LRQH
7DJOLDOOHPDQLSURYRFDWLSHUFRQWDWWLFRQOD
VHJD
,QIRUWXQLRDJOLRFFKLFDXVDWRGDVFKHJJHR
IUDPPHQWL
/HVLRQLSHUO¶RSHUDWRUHSHUFDGXWDGL
PDWHULDOLGDOO
DOWRVXOODSRVWD]LRQHGLODYRUR
3UHVHQ]DGLUXPRUHFRQUDJJLXQJLPHQWRGL
OLYHOOLHOHYDWLSHUO¶XVRGHOO¶DSSDUHFFKLR
SRVVLELOLGDQQLDFDULFRGHOO
DSSDUDWRXGLWLYR
3UREDELOLWj
LPSUREDELOH
DOWDPHQWHSUREDELOH
0DJQLWXGR
JUDYH
PRGHVWD
5LVFKLR
PHGLR
DOWR
LPSUREDELOH
JUDYH
PHGLR
DOWDPHQWHSUREDELOH
SUREDELOH
PRGHVWD
PRGHVWD
DOWR
PHGLR
4XDQGR QHOOH LPPHGLDWH YLFLQDQ]H GHL SRQWHJJL H GHO SRVWR GL VROOHYDPHQWR GHL PDWHULDOL
5LIHULPHQWLOHJLVODWLYL
YHQJRQR HVHJXLWH RSHUD]LRQL D FDUDWWHUH FRQWLQXDWLYR VL GHYH FRVWUXLUH XQ VROLGR LPSDOFDWR
LQWHPDGLVLFXUH]]D
VRYUDVWDQWHDGDOWH]]DQRQPDJJLRUHGLPGDWHUUDDSURWH]LRQHFRQWURODFDGXWDGLPDWHULDOL
ULI'35DUW
/HVHJKHFLUFRODULILVVHGHYRQRHVVHUHSURYYLVWH
DGLXQDVROLGDFXIILDUHJLVWUDELOHDWWDDGHYLWDUHLOFRQWDWWRDFFLGHQWDOHGHOODYRUDWRUHFRQODODPD
HDGLQWHUFHWWDUHOHVFKHJJHODFXIILDGHYHHVVHUHIDFLOPHQWHUHJRODELOHLQDOWH]]DHOXQJKH]]D
E GL FROWHOOR GLYLVRUH LQ DFFLDLR TXDQGR OD PDFFKLQD q XVDWD SHU VHJDUH WDYRODPH LQ OXQJR
DSSOLFDWRSRVWHULRUPHQWHDOODODPDDGLVWDQ]DGLQRQSLGL PPGDOODGHQWDWXUDSHU PDQWHQHUH
DSHUWRLOWDJOLR
FGLVFKHUPLPHVVLDLGXHODWLGHOODODPDQHOODSDUWHVSRUJHQWHVRWWRODWDYRODGLODYRURLQPRGR
GDLPSHGLUQHLOFRQWDWWRULI'35DUW
(48,3$**,$0(172(/(775,&2
/H SDUWL PHWDOOLFKH GHJOL LPSLDQWL HOHWWULFL VRJJHWWH D FRQWDWWR GHOOH SHUVRQH H FKH SHU GLIHWWR
G¶LVRODPHQWRRSHUDOWUHFDXVHSRWUHEEHURWURYDUVLVRWWRWHQVLRQHGHYRQRHVVHUHFROOHJDWHDWHUUD
ULI'35DUW
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
/DFXIILDDGHPSLHDOVXRVFRSRVRORTXDQGRqUHJRODWDVHFRQGRODJUDQGH]]DGHOODODPDHVLWURYD
DEEDVVDWD FRPSOHWDPHQWH VXO SH]]R LQ ODYRUD]LRQH /D YLVLELOLWj GHOOD OLQHD GL WDJOLR SXz HVVHUH
JDUDQWLWD PHGLDQWH DSSRVLWD IHQGLWXUD QHOOD SDUWH DQWHULRUH GHOOD FXIILD FLRq TXHOOD ULYROWD YHUVR
O¶RSHUDWRUHGLODUJKH]]DQRQVXSHULRUHDPP
,O FROWHOOR GLYLVRUH GHOOD JLXVWD JUDQGH]]D H VSHVVRUH UHJRODWR FRUUHWWDPHQWH LPSHGLVFH
O¶LQFHSSDPHQWRGHOOHJQRFRQWURODODPDHFRQFLzLOULJHWWR
32672',0$1295$
/D PDFFKLQD GHYH HVVHUH LQVWDOODWD LQ SRVL]LRQH WDOH GD JDUDQWLUH OD PDVVLPD VWDELOLWj
FRQVLGHUDQGRFKHDQFKHOLHYLVEDQGDPHQWLSRVVRQRULVXOWDUHSHULFRORVLSHUO¶DGGHWWR,OEDQFRGL
ODYRURYDWHQXWRSXOLWRGDPDWHULDOLGLULVXOWDSHUHYLWDUHSROYHULFKHSRVVRSURYRFDUHLUULWD]LRQL
IDVWLGLRVH
3ULPDGHOO
XVRUHJLVWUDUHODFXIILDGLSURWH]LRQHLQPRGRFKHULVXOWLOLEHUDODVRODSDUWHGHOGLVFR
QHFHVVDULDSHUHIIHWWXDUHODODYRUD]LRQHUHJLVWUDUHLOFROWHOORGLYLVRUH SRVWHULRUH DOOD ODPD D QRQ
SLGLPPGDOODGHQWDWXUDGHOGLVFRDVVLFXUDUVLGHOO
HVLVWHQ]DGHJOLVFKHUPLDLGXHODWLGHOGLVFR
QHOODSDUWHVRWWRVWDQWHGHOEDQFRGLODYRURDWWUH]]DUVLGLVSLQJLWRLSHUDLXWDUVLQHOWDJOLRGLSLFFROL
SH]]L YHULILFDUH O
HIILFLHQ]D GHOOD PDFFKLQD H OD SXOL]LD GHOOD VXSHUILFLH GHO SLDQR GL ODYRUR H
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
GHOOD]RQDGLODYRURYHULILFDUHO
HVLVWHQ]DGHOVROLGRLPSDOFDWRGLSURWH]LRQHVHO
XELFD]LRQHGHOOD
VHJD FLUFRODUH q D ULGRVVR GL SRQWHJJL R GL DSSDUHFFKL GL VROOHYDPHQWR GHL FDULFKL YHULILFDUH
O
LQWHJULWjGHLFROOHJDPHQWLHOHWWULFLGLWHUUDUHODWLYDPHQWHDOODSDUWHYLVLELOHYHULILFDUHFKHLOFDYR
GLDOLPHQWD]LRQHHOHWWULFDQRQLQWUDOFLODODYRUD]LRQH
/$925$=,21(
/D ODYRUD]LRQH GL SH]]L GL SLFFROH GLPHQVLRQL DOOH PDFFKLQH GD OHJQR DQFRUFKq TXHVWH VLDQR
SURYYLVWH GHL SUHVFULWWL PH]]L GL SURWH]LRQH GHYH HVVHUH HIIHWWXDWD IDFHQGR XVR GL LGRQHH
DWWUH]]DWXUHTXDOLSRUWDSH]]LVSLQJLWRLHVLPLOL
8QDUHJRODIRQGDPHQWDOHGLVLFXUH]]DYXROHFKHVLHYLWLGLDUULYDUHFRQODPDQRWURSSRYLFLQRDOOD
ODPDHGLQRJQLFDVRRFFRUUHIDUHLOQHFHVVDULRSHUWHQHUHOHPDQLIXRULGDOODOLQHDGLWDJOLRRVVLD
GDO SLDQR GHOOD ODPD 6SLQJHUH LO SH]]R GD WDJOLDUH FRQWUR OD ODPD FRQ FRQWLQXLWj H WHQHQGR OH
PDQLGLVWDQWLGDOODODPDVWHVVD1HOFDVRGLWDJOLRGLWDYROHPROWRFKHVSRUJRQRGDOSLDQRGLODYRUR
VLUHQGHRSSRUWXQRDSSRJJLDUHO¶HVWUHPLWjOLEHUDDGXQFDYDOOHWWR
(48,3$**,$0(172(/(775,&2
,OJUDGRGLSURWH]LRQHPLQLPRSHUWXWWLLFRPSRQHQWLQRQGHYHHVVHUHLQIHULRUHD,3VHFRQGROD
FODVVLILFD]LRQH &(, /¶LQWHUUXWWRUH GL DOLPHQWD]LRQH GHYH HVVHUH GRWDWR GL GLVSRVLWLYR FKH
LPSHGLVFDLOULDYYLDPHQWRDXWRPDWLFRGHOODPDFFKLQDGRSRXQDGLVDWWLYD]LRQHGRYXWDDPDQFDQ]D
GLWHQVLRQH
/H SUHVH GHYRQR HVVHUH PXQLWH GL XQ GLVSRVLWLYR GL ULWHQXWD FKH HYLWL LO GLVLQQHVWR DFFLGHQWDOH
GHOODVSLQD1RQVRQRDPPHVVHSUHVHDVSLQDPRELOH
,FDYLGHYRQRHVVHUHSURYYLVWLGLULYHVWLPHQWRLVRODQWHDGHJXDWR DOOD WHQVLRQH HG DSSURSULDWR DL
ILQLGHOODVXDFRQVHUYD]LRQHHGHIILFDFLDDOOHFRQGL]LRQLGLWHPSHUDWXUDXPLGLWjHGDJJUHVVLYLWj
GHOO¶DPELHQWH
*OLRSHUDWRULGHYRQRHVVHUHGRWDWLROWUHFKHGHOODQRUPDOHDWWUH]]DWXUDDQWLQIRUWXQLVWLFDFRVWLWXLWD
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL GDFDVFRJXDQWLHVFDUSHGLVLFXUH]]DFRQVXRODLPSHUIRUDELOHGLLGRQHLRWRSURWHWWRUL
&RQWUROOLVDQLWDUL
,ODYRUDWRULODFXLHVSRVL]LRQHTXRWLGLDQDDOUXPRUHVXSHUDG%$LQGLSHQGHQWHPHQWHGDOO¶XVR
GLRWRSURWHWWRULVRQRVRWWRSRVWLDFRQWUROORVDQLWDULR*OLLQWHUYDOOLGHOOHYLVLWHPHGLFKHVWDELOLWH
GDO PHGLFR FRPSHWHQWH QRQ SRVVRQR HVVHUH VXSHULRUL DG XQ DQQR SHU L ODYRUDWRUL OD FXL
HVSRVL]LRQHTXRWLGLDQDVXSHULLG%$DGXHDQQLSHULODYRUDWRULODFXLHVSRVL]LRQHTXRWLGLDQD
VLD FRPSUHVD WUD H G%$ ,O FRQWUROOR VDQLWDULR q HVWHVR DL ODYRUDWRUL OD FXL HVSRVL]LRQH
TXRWLGLDQDVLDFRPSUHVDWUDHG%$TXDORUDLODYRUDWRULLQWHUHVVDWLQHIDFFLDQRULFKLHVWDHLO
PHGLFRFRPSHWHQWHQHFRQIHUPLO¶RSSRUWXQLWjULI'/JVQDUW
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD$&$775(==$785(',&$17,(5(
'HVFUL]LRQHGHOODIDVH /DYRUD]LRQHGHOIHUURGDFHPHQWRDUPDWRPHGLDQWHO¶LQVWDOOD]LRQHHGXVRGLPDFFKLQHSLHJDIHUUR
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR 0DFFKLQDSLHJDIHUULHPDFFKLQDWDJOLDIHUUL
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
/HVLRQLSHUO¶RSHUDWRUHSHUFDGXWDGL
PDWHULDOLGDOO
DOWRVXOODSRVWD]LRQHGLODYRUR
&RQWDWWRGHOOHPDQLGHOO¶RSHUDWRUHFRQOH
SDUWLLQPRYLPHQWRGHOSLDQRGLODYRURFRQ
OHVLRQL
/HVLRQLDJOLDUWLLQIHULRULDFDXVDGLIHULWHGD
VSH]]RQLGLWRQGLQR
,QIRUWXQLRDJOLRFFKLFDXVDWRGDVFKHJJHR
IUDPPHQWLSURLHWWDWLGXUDQWHODODYRUD]LRQH
3UHVHQ]DGLUXPRUHFRQUDJJLXQJLPHQWRGL
OLYHOOLHOHYDWLSHUO¶XVRGHOODPDFFKLQD
SRVVLELOLGDQQLDFDULFRGHOO
DSSDUDWRXGLWLYR
3UREDELOLWj
LPSUREDELOH
0DJQLWXGR
JUDYH
5LVFKLR
PHGLR
SRVVLELOH
OLHYH
WUDVFXUDELOH
SUREDELOH
PRGHVWD
PHGLR
SRVVLELOH
LPSUREDELOH
JUDYH
JUDYH
DOWR
PHGLR
5LIHULPHQWLOHJLVODWLYL 4XDQGR QHOOH LPPHGLDWH YLFLQDQ]H GHL SRQWHJJL H GHO SRVWR GL FDULFDPHQWR H VROOHYDPHQWR GHL
PDWHULDOL YHQJRQR HVHJXLWH RSHUD]LRQL D FDUDWWHUH FRQWLQXDWLYR VL GHYH FRVWUXLUH XQ VROLGR
LQWHPDGLVLFXUH]]D
LPSDOFDWRVRYUDVWDQWHDGDOWH]]DQRQPDJJLRUHGLPGDWHUUDDSURWH]LRQHFRQWURODFDGXWDGL
PDWHULDOLULI'35DUW
/H SDUWL PHWDOOLFKH GHJOL LPSLDQWL DG DOWD WHQVLRQH VRJJHWWH D FRQWDWWR GHOOH SHUVRQH H FKH SHU
GLIHWWRG¶LVRODPHQWRRSHUDOWUHFDXVHSRWUHEEHURWURYDUVLVRWWRWHQVLRQHGHYRQRHVVHUHFROOHJDWH
DWHUUDULI'35DUW
*OLDOEHULOHSXOHJJHOHFLQJKLHHWXWWLJOLDOWULRUJDQLRHOHPHQWLGLWUDVPLVVLRQHGHYRQRHVVHUH
SURWHWWLRJQLTXDOYROWDSRVVRQRFRVWLWXLUHXQSHULFRORULI'35DUW
/H FHVRLH D JKLJOLRWWLQD PRVVH GD PRWRUH GHEERQR HVVHUH SURYYLVWH GL GLVSRVLWLYR DWWR DG
LPSHGLUH FKH OH PDQL RG DOWUH SDUWL GHO FRUSR GHL ODYRUDWRUL DGGHWWL SRVVDQR FRPXQTXH HVVHUH
RIIHVLGDOODODPDDPHQRFKHQRQVLDQRPXQLWHGLDOLPHQWDWRUHDXWRPDWLFRRPHFFDQLFRFKHQRQ
ULFKLHGD OµLQWURGX]LRQH GHOOH PDQL R GL DOWUH SDUWL GHO FRUSR QHOOD ]RQD GL SHULFROR ULI'35
DUWW
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
32672',0$1295$
/DSRVDLQRSHUDGHOOD PDFFKLQD GHYH HVVHUH HIIHWWXDWD LQ PRGR FKH OH FRQGXWWXUH QRQ ULVXOWLQR
GDQQHJJLDWH (VVD YD UHDOL]]DWD SHU TXDQWR SRVVLELOH IXRUL GDOOH YLH GL WUDQVLWR HG LQ PRGR GD
HYLWDUHVIRU]LPHFFDQLFLHGDQQHJJLDPHQWL
3ULPD GHOO
XVR YHULILFDUH O
LQWHJULWj GHL FROOHJDPHQWL HOHWWULFL H GL TXHOOL GL WHUUD QRQFKp O
LQWHJULWj GHOO
LVRODPHQWR GHOOH SDUWL HOHWWULFKH LQ JHQHUH YHULILFDUH FKH LO FDYR GL DOLPHQWD]LRQH
QRQ LQWUDOFL OH RSHUD]LRQL GL ODYRUD]LRQH GHO IHUUR YHULILFDUH O
LQWHJULWj GHOOH SURWH]LRQL GHJOL
RUJDQL GL WUDVPLVVLRQH SXOHJJH FLQJKLH LQJUDQDJJL YHULILFDUH LO EXRQ IXQ]LRQDPHQWR GHOOD
PDFFKLQDHGHOGLVSRVLWLYRG
DUUHVWR
/$925$=,21(
'XUDQWHO
XVRWHQHUHOHPDQLGLVWDQWLGDJOLRUJDQLODYRUDWRULGHOODPDFFKLQDQHOO
HVHJXLUHLWDJOL
GL SLFFROL SH]]L XVDUH DWWUH]]L VSHFLDOL GXUDQWH LO WDJOLR FRQ OD WURQFDWULFH WHQHUVL IXRUL GHOOD
WUDLHWWRULDGLWDJOLR'RSRO
XVRWRJOLHUHODFRUUHQWHGDWXWWHOH PDFFKLQHDSUHQGRJOL LQWHUUXWWRUL
GHOOH PDFFKLQH H TXHOOL SRVWL VXL TXDGUL JHQHUDOL GL DOLPHQWD]LRQH YHULILFDUH FKH LO PDWHULDOH
ODYRUDWRRGDODYRUDUHQRQVLDYHQXWRDFRQWDWWRFRQLFRQGXWWRULHOHWWULFLSXOLUHOH PDFFKLQHHG
HYHQWXDOPHQWHSURFHGHUHDOODOXEULILFD]LRQH
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
5LPDQHUHDGRYXWDGLVWDQ]DGXUDQWHO¶XVRGHOODFHVRLD3LHJDUHLOIHUURVRORGRSRDYHUORWDJOLDWR
GHOOD OXQJKH]]D YROXWD, GLVSRVLWLYL GL DYYLDPHQWR D SXOVDQWH GHYRQR HVVHUH SURYYLVWL GL LGRQHD
VLPERORJLDHRFRORUD]LRQHFKHOLUHQGDLQGLYLGXDELOLLGLVSRVLWLYLGLFRPDQGRDSXOVDQWHHSHGDOH
GHYRQRLQROWUHHVVHUHGRWDWLGLVLVWHPLFKH QH HYLWLQR O¶D]LRQDPHQWR DFFLGHQWDOH , GLVSRVLWLYL GL
FRPDQGRGRYUDQQRHVVHUHGHOWLSRDGXRPRSUHVHQWHQHOFDVRLQFXLQRQqSUHYLVWDODSURWH]LRQH
GHJOLRUJDQLODYRUDWRUL
25*$1,/$925$725,
/¶,63(6/ FRQVLJOLD GL GRWDUH LO SLDQR GL ODYRUR GL XQ ULSDUR LQFHUQHULDWR H SURYYLVWR GL
GLVSRVLWLYRGLLQWHUEORFFRDSURWH]LRQHGHOSHUQRSLHJDQWHGHOSHUQRFHQWUDOHHGHOO¶HOHPHQWRGL
ULVFRQWUR LO ULSDUR q FRVWLWXLWR GD PDWHULDOH UHVLVWHQWH FKH SHUPHWWH OD YLVLELOLWj GHJOL RUJDQL
ODYRUDWRUL ,O GLVSRVLWLYR GL LQWHUEORFFR FROOHJDWR DOOD PHVVD LQ PRWR GHOOD PDFFKLQD SURYRFD
O¶DUUHVWRGHOIXQ]LRQDPHQWRDOO¶DWWRGHOO¶DSHUWXUDGHOULSDURHQRQFRQVHQWHLOVXRDYYLDPHQWRVHLO
ULSDURQRQqQHOODSRVL]LRQHGLFKLXVR
,03,$172(/(775,&2
/D PDFFKLQD GHYH HVVHUH SURWHWWD FRQWUR L FRQWDWWL LQGLUHWWL FRQ LQWHUUX]LRQH DXWRPDWLFD GHL
FLUFXLWLGLDOLPHQWD]LRQH2JQLHOHPHQWRGRYUjSUHVHQWDUHXQJUDGRGLSURWH]LRQHQRQLQIHULRUHD
,3 /¶LQWHUUXWWRUH GL DOLPHQWD]LRQH GHYH HVVHUH GRWDWR GL GLVSRVLWLYR FKH LPSHGLVFD LO
ULDYYLDPHQWR DXWRPDWLFR GHOOD PDFFKLQD GRSR XQD GLVDWWLYD]LRQH GRYXWD D PDQFDQ]D GL
WHQVLRQH/DPDFFKLQDGHYHHVVHUHPXQLWDGLXQGLVSRVLWLYRGLFRPDQGRFKHFRQVHQWDGLDUUHVWDUH
LQ IXQ]LRQH GHL ULVFKL HVLVWHQWL WXWWL JOL HOHPHQWL PRELOL GHOOD PDFFKLQD /R VEORFFR GL WDOH
GLVSRVLWLYRGLDUUHVWRGHYHHVVHUHSRVVLELOHVRORFRQDSSRVLWDPDQRYUDFKHQRQGHYHULDYYLDUHOD
PDFFKLQDPDVROWDQWRDXWRUL]]DUQHODULPHVVDLQIXQ]LRQH
,ODYRUDWRULLQWHUHVVDWLDOODSUHVHQWHSURFHGXUDHVHFXWLYDGHYRQRHVVHUHGRWDWLROWUHDOODQRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD FRVWLWXLWD GD FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOHGLRFFKLDOLGLSURWH]LRQHFRQWURODSURLH]LRQHGLVFKHJJHHGLRWRSURWHWWRULSHUOH
ODYRUD]LRQLFKHFRPSRUWLQRSUROXQJDWDHVSRVL]LRQH
&RQWUROOLVDQLWDUL
,ODYRUDWRULODFXLHVSRVL]LRQHTXRWLGLDQDDOUXPRUHVXSHUDG%$LQGLSHQGHQWHPHQWHGDOO¶XVR
GLRWRSURWHWWRULVRQRVRWWRSRVWLDFRQWUROORVDQLWDULR*OLLQWHUYDOOLGHOOHYLVLWHPHGLFKHVWDELOLWH
GDO PHGLFR FRPSHWHQWH QRQ SRVVRQR HVVHUH VXSHULRUL DG XQ DQQR SHU L ODYRUDWRUL OD FXL
HVSRVL]LRQHTXRWLGLDQDVXSHULLG%$DGXHDQQLSHULODYRUDWRULODFXLHVSRVL]LRQHTXRWLGLDQD
VLDFRPSUHVDWUDHG%$
,OFRQWUROORVDQLWDULRqHVWHVRDLODYRUDWRULODFXLHVSRVL]LRQHTXRWLGLDQDVLDFRPSUHVDWUDH
G%$ TXDORUD L ODYRUDWRUL LQWHUHVVDWL QH IDFFLDQR ULFKLHVWD H LO PHGLFR FRPSHWHQWH QH FRQIHUPL
O¶RSSRUWXQLWjULI'/JVQDUW
6FKHGD$&$775(==$785(',&$17,(5(
'HVFUL]LRQHGHOODIDVH 8WLOL]]RGHOO
DXWREHWRQLHUDHGHOO
DXWRSRPSDSHULOJHWWRGHOFDOFHVWUX]]R
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR $XWREHWRQLHUDHDXWRSRPSD
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
$]LRQHLUULWDQWHGHOFHPHQWRVXOODSHOOHFRQ
SRVVLELOLWjGLGLVWXUELFXWDQHLHF]HPDGD
FHPHQWR
&DGXWDGDOO
DOWRGHOO
DGGHWWRDOOD
PDQXWHQ]LRQHGHOO¶DXWREHWRQLHUDVXOODERFFD
GLFDULFDPHQWR
,PRYLPHQWLGHOO¶RSHUDWRUHSRVVRQR
DYYHQLUHLQSUHFDULHWjDFDXVDGHOSLDQRGL
3UREDELOLWj
SUREDELOH
0DJQLWXGR
PRGHVWD
5LVFKLR
PHGLR
LPSUREDELOH
JUDYH
PHGLR
SUREDELOH
OLHYH
PHGLR
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
FDOSHVWLRFRVWLWXLWRGDVXSHUILFLLUUHJRODULH
IHUULG¶DUPDWXUDSHULFRORGLFDGXWDSHU
SHUGLWDGHOO
HTXLOLEULR
5LEDOWDPHQWRGHOO
DXWRSRPSDSHUHIIHWWR
GHOO¶LQVWDELOLWjGHOPH]]RGXUDQWHODIDVHGL
JHWWR
/HVLRQHSHUFRQWDWWRFRQWURJOLRUJDQLLQ
PRYLPHQWLGHOO
DXWREHWRQLHUD
LPSUREDELOH
JUDYH
PHGLR
LPSUREDELOH
PRGHVWD
WUDVFXUDELOH
5LIHULPHQWLOHJLVODWLYL 2JQL PDFFKLQD GHYH HVVHUH SURYYLVWD GL XQD WDUJD FRQ O¶LQGLFD]LRQH GHOOD GLWWD FRVWUXWWULFH GHO
QXPHURGLIDEEULFDHGHOO¶DQQRGLFRVWUX]LRQH /DWDUJDGHYHDQFKHULSRUWDUHO¶LQGLFD]LRQHGHOOH
LQWHPDGLVLFXUH]]D
FDUDWWHULVWLFKHSULQFLSDOLGHOODPDFFKLQD
*OLRUJDQLGLFRPDQGRGHYRQRHVVHUHIDFLOPHQWHUDJJLXQJLELOLGDOO¶RSHUDWRUHLOORURD]LRQDPHQWR
GHYH ULVXOWDUH DJHYROH HG HVVL GHYRQR LQROWUH SRUWDUH OD FKLDUD LQGLFD]LRQH GHOOH PDQRYUH D FXL
VHUYRQR
*OLRUJDQLGLFRPDQGRGHOOHSDUWLFKHSRVVRQRDUUHFDUHSHULFRORGXUDQWHLO PRYLPHQWRTXDOLJOL
RUJDQLFKHFRPDQGDQRPDUWLQHWWLHVLPLOLGHYRQRHVVHUHGHOWLSRDGXRPRSUHVHQWH
/H LQGLFD]LRQL GHOOH PDQRYUH GHYRQR HVVHUH ULFKLDPDWH PHGLDQWH DYYLVL FKLDUDPHQWH OHJJLELOL
UHGDWWLLQOLQJXDLWDOLDQD,OYHUVRGHLPRYLPHQWLGHWHUPLQDWRGDLSXOVDQWLRGDOOHOHYHGHYHHVVHUH
LQGLFDWRGDIUHFFHEHQYLVLELOLRGDDOWURVHJQDOH
25*$1,',75$60,66,21(
*OL LQJUDQDJJL OH UXRWH H JOL DOWUL HOHPHQWL GHQWDWL GHYRQR HVVHUH FRPSOHWDPHQWH SURWHWWL HQWUR
LGRQHLLQYROXFULRSSXUHSURWHWWLFRQVFKHUPLULFRSUHQWLOHVROHGHQWDWXUHVLQRDOODORUREDVH
,03,$17,2/(2',1$0,&,
/H WXED]LRQL IOHVVLELOL VRJJHWWH D SRVVLELOLWj GL GDQQHJJLDPHQWR GL RULJLQH PHFFDQLFD GHYRQR
HVVHUHSURWHWWHDOO¶HVWHUQRPHGLDQWHJXDLQDPHWDOOLFD
/HWXED]LRQLIOHVVLELOLGHYRQRSRUWDUHVWDPSLJOLDWDO¶LQGLFD]LRQHGHOODFODVVHGLHVHUFL]LR
/H WXED]LRQL GHL FLUFXLWL D]LRQDWL GD EUDFFL GL VROOHYDPHQWR GHYRQR HVVHUH SURYYLVWH GL YDOYROD
OLPLWDWULFH GL GHIOXVVR DWWD D OLPLWDUH OD YHORFLWj GL GLVFHVD GHO EUDFFLR LQ FDVR GL URWWXUD GHOOD
WXED]LRQHULI&LUF0LQ
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
/¶RSHUDWRUHGHYHHVVHUHVLVWHPDWRLQ PRGRWDOH GD DYHUH OD YLVLELOLWj GLUHWWD HG LQGLUHWWD GL WXWWH
TXHOOHSDUWLGDOOHTXDOLVLGHWHUPLQLLOPRYLPHQWRHFKHSRVVDQRUHFDUHSHULFRORGXUDQWHOHIDVLGL
ODYRUD]LRQH
3ULPDGHOJHWWRSURYYHGHUHDOODVWDELOL]]D]LRQHGHOO
DXWRSRPSD,QFRUULVSRQGHQ]DGHOODERFFDGL
FDULFDPHQWR GHO FDOFHVWUX]]R GHYH HVVHUH SUHYLVWR XQ SLDQR GL ODYRUR SURWHWWR GL UHJRODUH
SDUDSHWWRHUDJJLXQJLELOHGDVFDODDSLROL
/DIDVHGLJHWWRGHYHDYYHQLUHVRWWRODVRUYHJOLDQ]DHGDOOHLQGLFD]LRQHGLXQDGGHWWRDWHUUD
3URYYHGHUH DG HIIHWWXDUH XQD PDQXWHQ]LRQH SURJUDPPDWD GHO YHLFROR H VRWWRSRUOR D UHYLVLRQH
SHULRGLFD
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD HG LQ SDUWLFRODUH GL FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOH
(¶ SUHYLVWR O¶XVR GHJOL VWLYDOL GL VLFXUH]]D SHU L ODYRUDWRUL DGGHWWR DOOH RSHUD]LRQL GL JHWWR H
YLEUD]LRQH
8WLOL]]DUHWXWHGDODYRURSHUFRSULUHDOPDVVLPROHSDUWLGHOFRUSR
$GHPSLPHQWL
QRUPDWLYL
,YHLFROLGRYUDQQRHVVHUHVRWWRSRVWLDOOHSURFHGXUHSUHYLVWHSUHVVRJOLXIILFLGHOOD0RWRUL]]D]LRQH
&LYLOH
6FKHGD&$67587785(,1&(0(172$50$72
'HVFUL]LRQHGHOODIDVH *HWWRGHOOHVWUXWWXUHGLIRQGD]LRQHSUHYLDHVHFX]LRQHGHOODFDVVHUDWXUDHSRVDGHOOHDUPDWXUH
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR $XWRSRPSDREHQQDDXWREHWRQLHUDJUXEDGLOHHUDVWUHOOR
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
,QDOD]LRQHHGDVVRUELPHQWRSHUYLDFXWDQHD
GLVRVWDQ]HWRVVLFKHGXUDQWHO¶ROLDWXUDGHL
FDVVHULFRQSURGRWWLGLVDUPDQWLHIIHWWL
LUULWDQWLSHUOHPXFRVHUHVSLUDWRULHHODFXWH
$EUDVLRQLHVFKLDFFLDPHQWLDOOHPDQL
GXUDQWHODSRVDLQRSHUDGHOODFDVVHUDWXUD
3XQWXUHDJOLDUWLSURYRFDWHGXUDQWHOD
ODYRUD]LRQHGHOIHUUR
3UROXQJDWDHVSRVL]LRQHGXUDQWHLOSHULRGR
HVWLYRDOOHUDGLD]LRQLXOWUDYLROHWWHSHULO
ODYRUDWRUHDGGHWWRDOODSRVDGHOIHUUR
SRVVLELOHFROODVVRGDFROSRGLFDORUH
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
3UREDELOLWj
SRVVLELOH
0DJQLWXGR
PRGHVWD
5LVFKLR
PHGLR
SRVVLELOH
PRGHVWD
PHGLR
SRVVLELOH
OLHYH
WUDVFXUDELOH
SUREDELOH
OLHYH
PHGLR
3HU OD ODYRUD]LRQH GHOOH WDYROH SHU OH FDVVHUDWXUH XVDUH OD VHJD FLUFRODUH LQ FRQIRUPLWj DOOH
LQGLFD]LRQLGHOODVFKHGDUHODWLYD
3HUODODYRUD]LRQHGHOIHUURG¶DUPDWXUDDGRWWDUHOHPLVXUHGLSUHYHQ]LRQHFRQWHQXWHQHOODVFKHGD
UHODWLYD
'XUDQWHODPRYLPHQWD]LRQHGLWDYROHSXQWHOOLHGDOWURPDWHULDOHOLJQHRFRQWUROODUHFKHORVWHVVR
VLDLQFOLQDWRLQDYDQWLSHUQRQVEDWWHUHFRQWURODWHVWDGLDOWULODYRUDWRUL
/DSRVDGHOIHUURREEOLJDLODYRUDWRULDGGHWWLDSRVL]LRQLGLVDJHYROLHVWUHVVILVLFRSHULOFRQWLQXR
SHULFRORG¶LQIRUWXQLRqRSSRUWXQRFKHLODYRUDWRULXVLQRVSDOODFFLGLFXRLRSHULOWUDVSRUWRDVSDOOD
GHLIHUULGLDUPDWXUDHUREXVWLJXDQWLWUDVSLUDQWLSHUSURWH]LRQHGDOOHSXQWXUHFRQOHHVWUHPLWjGHL
IHUUL
3URWHJJHUH L IHUUL GL ULSUHVD FRQ XQD WDYROD OHJDWD SURYYLVRULDPHQWH DOOD VRPPLWj GHJOL VWHVVL
/¶ROLDWXUD GHO FDVVHUR FRQVLVWH QHOOD VSDOPDWXUD FRQ SHQQHOOR R QHOOD VSUX]]DWXUD GL SURGRWWL
GLVDUPDQWLWDOHRSHUD]LRQHHVSRQHDULVFKLGLLQDOD]LRQHHGDVVRUELPHQWRFRQHIIHWWLLUULWDQWLVXOOD
FXWHHVXOOHPXFRVH/DPLJOLRUSUHYHQ]LRQHVWDQHOODVFHOWDGHLSURGRWWLHQHOO¶DSSOLFD]LRQHGHOOH
PLVXUHULSRUWDWHQHOOHVFKHGHGLVLFXUH]]DLQGLFDWHDGRWWDUHSHUTXDQWRSRVVLELOHSURGRWWLDEDVVR
FRQWHQXWR GL VROYHQWL H PHWDOOL 2FFRUUH LQROWUH HYLWDUH OH DSSOLFD]LRQL FKH GDQQR OXRJR D
QHEXOL]]D]LRQH SUHIHUHQGR O¶XVR GL SHQQHOOL R UXOOL LQ TXHVWR FDVR ULVXOWD LPSRUWDQWH SRUUH OD
PDVVLPDDWWHQ]LRQHDOFRQWDWWRFXWDQHRFRQJOLROLGRYXWRDOO¶LPEUDWWDPHQWRGLJXDQWLGDODYRUR
HGLQGXPHQWLLQJHQHUH2FFRUUHFRQVLGHUDUHFKHJOLHIIHWWLSURYRFDWLGDOO¶HVSRVL]LRQHDJOLDJHQWL
GLVDUPDQWL ULVXOWDQR PDJJLRUL QHOOD VWDJLRQH HVWLYD SHU OD PDJJLRUH HYDSRUD]LRQH GHL SURGRWWL H
SHULOPDJJLRUFRQWDWWRFXWDQHRULVXOWDLPSRUWDQWHSHUFLzULGXUUHDQFKHLQWDOHVWDJLRQHOHSDUWL
GHOFRUSRVFRSHUWHSURWWHJHQGROHFRQLGRQHLLQGXPHQWL1HOFDVRQRQVLDSRVVLELOHO¶DSSOLFD]LRQH
PDQXDOH HG LQ SDUWLFRODUH TXDQGR OH VXSHUILFL GD WUDWWDUH VLDQR PROWR DPSLH FRPH QHO FDVR GL
JUDQGLRSHUHHVLDGRWWLQRWHFQLFKHDVSUX]]RULVXOWDHVVHQ]LDOHO¶DGR]LRQHGLPH]]LGLSURWH]LRQH
LQGLYLGXDOHDGHJXDWLFRQVLVWHQWLLQWXWHFRPSOHWHHILOWUDQWLIDFFLDOL
'XUDQWHLOJHWWRXVDUHVWLYDOLGL VLFXUH]]DJXDQWLHGHOPHWWRGLVWULEXLUHLOFDOFHVWUX]]R LQ SL
SXQWLHSRLGLVWULEXLUORFRQEDGLOHHUDVWUHOOR
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD HG LQ SDUWLFRODUH GL FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOH6WLYDOLGLVLFXUH]]DGXUDQWHLOJHWWR
&RQWUROOLVDQLWDUL
,ODYRUDWRULDGGHWWLDGRSHUD]LRQLFKHHVSRQJRQRDELWXDOPHQWHDOFRQWDWWRFRQFDWUDPHELWXPHROL
PLQHUDOLGHYRQRHVVHUHYLVLWDWLGDXQPHGLFRFRPSHWHQWH
DSULPDGHOODORURDPPLVVLRQHDOODYRURSHUFRQVWDWDUHLUHTXLVLWLGLLGRQHLWj
ERJQLVHLPHVLRLQPRGRLPPHGLDWRTXDQGRLOODYRUDWRUHGHQXQFLRVRVSHWWLPDQLIHVWD]LRQLGL
QHRSODVLHULI'35DUW
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD2323(5(35299,6,21$/,
'HVFUL]LRQHGHOODIDVH 8WLOL]]RGLVFDOHILVVHHGDPDQR
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR 6FDOHGLTXDOVLDVLPDWHULDOH
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
3UREDELOLWj
&DGXWDGHOSHUVRQDOHGXUDQWHO¶XWLOL]]RGHOOD SUREDELOH
VFDOD
0DJQLWXGR
JUDYH
5LVFKLR
DOWR
/HVFDOHDSLROLGLDOWH]]DVXSHULRUHDPHWULILVVDWHVXSDUHWLRGLQFDVWHOODWXUHYHUWLFDOLRG
5LIHULPHQWLOHJLVODWLYL
DYHQWL XQ¶LQFOLQD]LRQH VXSHULRUH D JUDGL GHYRQR HVVHUH SURYYLVWH D SDUWLUH GD P GDO
LQWHPDGLVLFXUH]]D
SDYLPHQWRRGDLULSLDQLGLXQDVROLGDJDEELDPHWDOOLFDGLSURWH]LRQHDYHQWLPDJOLHRDSHUWXUHGL
DPSLH]]DWDOHGDLPSHGLUHODFDGXWDDFFLGHQWDOHGHOODSHUVRQDYHUVRO¶HVWHUQRULI'35
DUW
/HVFDOHVHPSOLFLSRUWDWLOLDPDQRGHYRQRHVVHUHFRVWUXLWHFRQPDWHULDOHDGDWWRDOOHFRQGL]LRQL
G¶LPSLHJRGHYRQRHVVHUHVXIILFLHQWHPHQWHUHVLVWHQWLQHOO¶LQVLHPHHQHLVLQJROLHOHPHQWLHGHYRQR
DYHUHGLPHQVLRQLDSSURSULDWHDOORURXVR
'HWWH VFDOH VH GL OHJQR GHYRQR DYHUH L SLROL ILVVDWL DL PRQWDQWL PHGLDQWH LQFDVWUR ULI'35
DUW
'XUDQWH O¶XVR OH VFDOH GHYRQR HVVHUH VLVWHPDWH H YLQFRODWH $OO¶XRSR VHFRQGR L FDVL GHYRQR
HVVHUH DGRSHUDWL FKLRGL OLVWHOOL OHJDWXUH LQ PRGR GD HYLWDUH VEDQGDPHQWL VOLWWDPHQWL
URYHVFLDPHQWLRVFLOOD]LRQLRGLQIOHVVLRQLDFFHQWXDWH
4XDQGR QRQ VLD DWWXDELOH O¶DGR]LRQH GHOOH PLVXUH GL FXL DO SUHFHGHQWH FRPPD OH VFDOH GHYRQR
HVVHUHWUDWWHQXWHDOSLHGHGDDOWUDSHUVRQD/DOXQJKH]]DGHOOHVFDOHDPDQRGHYHHVVHUHWDOHFKHL
PRQWDQWL VSRUJDQR GL DOPHQR XQ PHWUR ROWUH LO SLDQR GL DFFHVVR DQFKH ULFRUUHQGR DO
SUROXQJDPHQWRGLXQVRORPRQWDQWHSXUFKpILVVDWRFRQOHJDWXUDGLUHJJHWWDRVLVWHPLHTXLYDOHQWL
/H VFDOH D PDQR XVDWH SHU O¶DFFHVVR DL YDUL SLDQL GHL SRQWHJJL H GHOOH LPSDOFDWXUH QRQ GHYRQR
HVVHUHSRVWHO¶XQDLQSURVHFX]LRQHGHOO¶DOWUDULI'35DUW
/H VFDOH GRSSLH QRQ GHYRQR VXSHUDUH O
DOWH]]D GL P H GHYRQR HVVHUH SURYYLVWH GL FDWHQD GL
DGHJXDWDUHVLVWHQ]DRGLDOWURWLSRGLGLVSRVLWLYRFKHLPSHGLVFDO
DSHUWXUDGHOODVFDODROWUHLOOLPLWH
SUHVWDELOLWRGLVLFXUH]]DULI'35DUW
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
7XWWH OH VFDOH XWLOL]]DWH GHYRQR DYHUH FDUDWWHULVWLFKH GL UHVLVWHQ]D DGDWWH DOO¶LPSLHJR D FXL VL
YXROH DGLELUOH /D FDSDFLWj GL UHVLVWHUH DOOR VFRUULPHQWR GLSHQGHUj GDOOD IRUPD GDOOR VWDWH GDOOD
QDWXUDGHOPDWHULDOHGLDWWULWREXRQLULVXOWDWLVLSRVVRQRRWWHQHUHFRQJRPPHVLQWHWLFKHDQFKHVX
VXRORGLYDULRVWDWR
/HHVWUHPLWjVXSHULRULDQDORJDPHQWHDYUDQQRVLPLOLDSSRJJLRSSXUHJDQFLGLWUDWWHQXWDFRQWUR
ORVOLWWDPHQWRRGDQFKHFRQWURORVEDQGDPHQWR6LSUHFLVDFRPXQTXHFKHOHVFDOHDPDQRSULPD
GHOORURXVRGHYRQRHVVHUHYLQFRODWHLQPRGRFKHQRQVLYHULILFKLQRGHIRUPD]LRQLHRVSRVWDPHQWL
GDOODORURSRVL]LRQHLQL]LDOH PRGRGDLPSHGLUQHODSHUGLWDGLVWDELOLWjTXDORUDQRQVLDSRVVLELOH
DGRWWDUHDOFXQVLVWHPDGL YLQFRORODVFDODGXUDQWH O¶XVR GRYUj HVVHUH WUDWWHQXWD DO SLHGH GD DOWUR
ODYRUDWRUH
/HVFDOHVLQJROHGRYUDQQRVSRUJHUHFLUFDXQ PHWURROWUHLOSLDQRGLDUULYRHGDYHUHDOOD EDVH
GLVWDQ]DGDOODSDUHWHSDULDGGHOO¶DOWH]]DGHOSXQWRGLDSSRJJLRILQRDGXQDOXQJKH]]DGLGXH
HOHPHQWLROWUHqEHQHSDUWLUHHQRQVXSHUDUHJOLFP
(¶EHQHQRQXWLOL]]DUHVFDOHWURSSRSHVDQWLTXLQGLqFRQYHQLHQWHXVDUOHILQRDGXQPDVVLPRGL
OXQJKH]]DGL PHWUL2OWUHWDOLOXQJKH]]HVLXVDQRTXHOOHDG HOHPHQWL LQQHVWDELOL XQR VXOO¶DOWUR
/H HVWUHPLWj GL DJJDQFLR VRQR ULQIRU]DWH LQ PRGR GD UHVLVWHUH DOOH VROOHFLWD]LRQL FRQFHQWUDWH OD
ODUJKH]]DGHOODVFDODYDULDLQJHQHUHWUDFLUFDPPPHQWUHLOSDVVRWUDLSLROLqGL
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
PP
/¶DUWGHOULI'35OLPLWDODOXQJKH]]DGHOODVFDODLQRSHUDDPHWUL2OWUHLPHWUL
GLDOWH]]DOHVFDOHILVVHYHUWLFDOLGHYRQRDYHUHSURWH]LRQHPHGLDQWHJDEELDDGDQHOORDSDUWLUHGD
DOPHQRPHWULGDOVXROR/DSDUHWHGHOODJDEELDQRQGHYHGLVWDUHGDLSLROLSLGLFP
/H VFDOH XVDWH SHU O¶DFFHVVR DL YDUL SLDQL GHL SRQWHJJL H GHOOH LPSDOFDWXUH QRQ GHEERQR HVVHUH
SRVWHO¶XQDLQSURVHFX]LRQHGHOO¶DOWUD
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD HG LQ SDUWLFRODUH GL FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOH
6FKHGD&$67587785(,1&(0(172$50$72
'HVFUL]LRQHGHOODIDVH (VHFX]LRQHGHOODFDVVHUDWXUDDUPDWXUDHJHWWRGLSLODVWUL
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR 6HJDFLUFRODUHPDFFKLQDSLHJDIHUULDXWRSRPSDREHQQDDXWREHWRQLHUDJUXEDGLOHHUDVWUHOOR
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
0RYLPHQWD]LRQHGLFDULFKLHFFHVVLYLFRQ
GDQQLDOO¶DSSDUDWRGRUVRORPEDUH
,QDOD]LRQHHGDVVRUELPHQWRSHUYLDFXWDQHD
GLVRVWDQ]HWRVVLFKHGXUDQWHO¶ROLDWXUDGHL
FDVVHULFRQSURGRWWLGLVDUPDQWLHIIHWWL
LUULWDQWLSHUOHPXFRVHUHVSLUDWRULHHODFXWH
$EUDVLRQLHVFKLDFFLDPHQWLDOOHPDQL
GXUDQWHODSRVDLQRSHUDGHOODFDVVHUDWXUD
3XQWXUHDJOLDUWLSURYRFDWHGXUDQWHOD
ODYRUD]LRQHGHOIHUUR
&DGXWDGLSHUVRQDOHDFDXVDGHOO
HUUDWD
SRVL]LRQHGXUDQWHLOJHWWRRSHULQLGRQHLWj
GHOWUDEDWWHOOR
3UREDELOLWj
SRVVLELOH
0DJQLWXGR
JUDYH
5LVFKLR
DOWR
SRVVLELOH
PRGHVWD
PHGLR
SUREDELOH
JUDYH
DOWR
SRVVLELOH
SUREDELOH
PRGHVWD
OLHYH
PHGLR
PHGLR
1HOOD FRVWUX]LRQH GL RSHUH D VWUXWWXUD LQ FRQJORPHUDWR FHPHQWL]LR TXDQGR QRQ VL SURYYHGD
5LIHULPHQWLOHJLVODWLYL
DOODFRVWUX]LRQHGDWHUUDGLXQD QRUPDOHLPSDOFDWXUDFRQ PRQWDQWLSULPDGLLQL]LDUHODHUH]LRQH
LQWHPDGLVLFXUH]]D
GHOOHFDVVHIRUPHSHULOJHWWRGHLSLODVWULSHULPHWUDOLGHYHHVVHUHVLVWHPDWRLQFRUULVSRQGHQ]DDO
SLDQRUDJJLXQWRXQUHJRODUHSRQWHGLVLFXUH]]DDVEDO]RDYHQWHODUJKH]]DXWLOHDOPHQRP
/HDUPDWXUHGLVRVWHJQRGHOFDVVHURSHULOJHWWRGHOODVXFFHVVLYDVROHWWDRGHOODWUDYHSHULPHWUDOH
QRQGHYRQRHVVHUHODVFLDWHVSRUJHUHGDOILORGHOIDEEULFDWRSLGLFPSHUODIIUDQFDPHQWRGHOOD
VSRQGDHVWHUQDGHOFDVVHURPHGHVLPR
&RPH VRWWRSRQWH SXz VHUYLUH O¶LPSDOFDWR R SRQWH D VEDO]R FRVWUXLWR LQ FRUULVSRQGHQ]D DO SLDQR
VRWWRVWDQWH ,Q FRUULVSRQGHQ]D DL OXRJKL GL WUDQVLWR R VWD]LRQDPHQWR GHYH HVVHUH VLVWHPDWR
DOO
DOWH]]D GHO VRODLR GL FRSHUWXUD GHO SLDQR WHUUHQR XQ LPSDOFDWR GL VLFXUH]]D PDQWRYDQD D
SURWH]LRQHFRQWURODFDGXWDGLPDWHULDOLGDOO
DOWR
7DOH SURWH]LRQH SXz HVVHUH VRVWLWXLWD FRQ XQD FKLXVXUD FRQWLQXD LQ JUDWLFFL VXO IURQWH GHO
SRQWHJJLR TXDORUD SUHVHQWL OH VWHVVH JDUDQ]LH GL VLFXUH]]D R FRQ OD VHJUHJD]LRQH GHOO¶DUHD
VRWWRVWDQWHULI'35DUW
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
3HU OD ODYRUD]LRQH GHOOH WDYROH SHU OH FDVVHUDWXUH XVDUH OD VHJD FLUFRODUH LQ FRQIRUPLWj DOOH
LQGLFD]LRQLGHOODVFKHGDUHODWLYD
3HUODODYRUD]LRQHGHOIHUURG¶DUPDWXUDDGRWWDUHOHPLVXUHGLSUHYHQ]LRQHFRQWHQXWHQHOODVFKHGD
UHODWLYD
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
/¶ROLDWXUD GHO FDVVHUR FRQVLVWH QHOOD VSDOPDWXUD FRQ SHQQHOOR R QHOOD VSUX]]DWXUD GL SURGRWWL
GLVDUPDQWLWDOHRSHUD]LRQHHVSRQHDULVFKLGLLQDOD]LRQHHGDVVRUELPHQWRFRQHIIHWWLLUULWDQWLVXOOD
FXWHHVXOOHPXFRVH7DOHRSHUD]LRQHGHYHHVVHUHHIIHWWXDWDFRQO¶XVRGLJXDQWLJUHPELXOLRWXWH
FRPSOHWH ILOWUDQWL IDFFLDOLSHULULVFKL GD LQDOD]LRQH /D PLJOLRU SUHYHQ]LRQH VWD QHOOD VFHOWD GHL
SURGRWWLHQHOO¶DSSOLFD]LRQHGHOOHPLVXUHULSRUWDWHQHOOHVFKHGHGLVLFXUH]]DLQGLFDWHDGRWWDUHSHU
TXDQWRSRVVLELOHSURGRWWLDEDVVRFRQWHQXWRGLVROYHQWLHPHWDOOL
5HDOL]]DUH LGRQHH SRVWD]LRQL GL ODYRUR LQ HOHYDWR SHU O
HVHFX]LRQH GHOOH FDVVHUDWXUH OD
GLVSRVL]LRQH GHL IHUUL G¶DUPDWXUD H LO JHWWR GHO FDOFHVWUX]]R GHL SLODVWUL XWLOL]]DQGR WUDEDWWHOOL
UHJRODPHQWDULHSRQWHJJLGLIDFFLDWDUHJRODPHQWDULYHGLVFKHGHUHODWLYH
3RVL]LRQDUH XQD WDYROD LQ FRUULVSRQGHQ]D GHL IHUUL GL ULSUHVD GHOOH VWUXWWXUH SHU SURWHJJHUH JOL
VWHVVLHGHYLWDUHSRVVLELOLWjG¶LQIRUWXQLR
/DFDVVHUDWXUDGHLSLODVWULGHYHHVVHUHRSSRUWXQDPHQWHWUDWWHQXWDDOSLHGHWUDPLWHSXQWHOOLLQFOLQDWL
LQDOPHQRGXHGLUH]LRQLRUWRJRQDOLWUDORUR
/¶RSHUD]LRQH GL SRVD GHL FDVVHUL FRPSRUWD QRWHYROH VIRU]R ILVLFR HG DVVXQ]LRQH GL SRVL]LRQL
SHULFRORVH SHU SRVVLELOL DOWHUD]LRQL GRUVRORPEDUL q RSSRUWXQR FKH LO ODYRUDWRUH HYLWL QHOOH
ODYRUD]LRQLSLEDVVHGLLQFXUYDUHODVFKLHQDHGRSWLSHUSRVL]LRQLDFFXFFLDWHRLQJLQRFFKLR
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD HG LQ SDUWLFRODUH GL FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOH6WLYDOLGLVLFXUH]]DGXUDQWHLOJHWWR
&RQWUROOLVDQLWDUL
,ODYRUDWRULDGGHWWLDGRSHUD]LRQLFKHHVSRQJRQRDELWXDOPHQWHDOFRQWDWWRFRQFDWUDPHELWXPHROL
PLQHUDOLGHYRQRHVVHUHYLVLWDWLGDXQPHGLFRFRPSHWHQWH
DSULPDGHOODORURDPPLVVLRQHDOODYRURSHUFRQVWDWDUHLUHTXLVLWLGLLGRQHLWj
ERJQLVHLPHVLRLQPRGRLPPHGLDWRTXDQGRLOODYRUDWRUHGHQXQFLRVRVSHWWLPDQLIHVWD]LRQLGL
QHRSODVLHULI'35DUW
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6FKHGD&$67587785(,1&(0(172$50$72
'HVFUL]LRQHGHOODIDVH (VHFX]LRQHGHOEDQFKLQDJJLRGHOO¶DUPDWXUDHGHOJHWWRGLWUDYLHVRODL
GLODYRUR
,PSUHVHH
/DY$XWRQRPL
$WWUH]]DWXUHGLODYRUR 6HJDFLUFRODUHPDFFKLQDSLHJDIHUULDXWRSRPSDREHQQDDXWREHWRQLHUDJUXEDGLOHHUDVWUHOOR
5LVFKLLQGLYLGXD]LRQHHYDOXWD]LRQH
6LWXD]LRQH3HULFRORVD
0RYLPHQWD]LRQHGLFDULFKLHFFHVVLYLFRQ
GDQQLDOO¶DSSDUDWRGRUVRORPEDUH
,QDOD]LRQHHGDVVRUELPHQWRSHUYLDFXWDQHD
GLVRVWDQ]HWRVVLFKHGXUDQWHO¶ROLDWXUDGHL
FDVVHULFRQSURGRWWLGLVDUPDQWLHIIHWWL
LUULWDQWLSHUOHPXFRVHUHVSLUDWRULHHODFXWH
$EUDVLRQLHVFKLDFFLDPHQWLDOOHPDQL
GXUDQWHODSRVDLQRSHUDGHOODFDVVHUDWXUD
3XQWXUHDJOLDUWLSURYRFDWHGXUDQWHOD
ODYRUD]LRQHGHOIHUUR
&DGXWDGLSHUVRQDOHDFDXVDGHOO
HUUDWD
SRVL]LRQHGXUDQWHLOJHWWRRSHULQLGRQHLWj
GHOWUDEDWWHOOR
3UREDELOLWj
SRVVLELOH
0DJQLWXGR
JUDYH
5LVFKLR
DOWR
SRVVLELOH
PRGHVWD
PHGLR
SUREDELOH
JUDYH
DOWR
SRVVLELOH
SUREDELOH
PRGHVWD
OLHYH
PHGLR
PHGLR
1HL ODYRUL FKH VRQR HVHJXLWL DG XQ¶DOWH]]D VXSHULRUH DL PHWUL GHYRQR HVVHUH DGRWWDWH
5LIHULPHQWLOHJLVODWLYL
VHJXHQGR OR VYLOXSSR GHL ODYRUL VWHVVL DGHJXDWH LPSDOFDWXUH R SRQWHJJL R LGRQHH RSHUH
LQWHPDGLVLFXUH]]D
SURYYLVLRQDOLRFRPXQTXHSUHFDX]LRQLDWWHDGHOLPLQDUHLSHULFROLGLFDGXWDGLSHUVRQHHGLFRVH
ULI'35DUW
1HOODFRVWUX]LRQHGLRSHUHDVWUXWWXUDLQFRQJORPHUDWRFHPHQWL]LRTXDQGRQRQVLSURYYHGDDOOD
FRVWUX]LRQHGDWHUUDGLXQDQRUPDOHLPSDOFDWXUDFRQPRQWDQWLSULPDGLLQL]LDUHODHUH]LRQHGHOOH
FDVVHIRUPHSHULOJHWWRGHLSLODVWULSHULPHWUDOLGHYHHVVHUHVLVWHPDWRLQFRUULVSRQGHQ]DDOSLDQR
UDJJLXQWRXQUHJRODUHSRQWHGLVLFXUH]]DDVEDO]RDYHQWHODUJKH]]DXWLOHDOPHQRP
/HDUPDWXUHGLVRVWHJQRGHOFDVVHURSHULOJHWWRGHOODVXFFHVVLYDVROHWWDRGHOODWUDYHSHULPHWUDOH
QRQGHYRQRHVVHUHODVFLDWHVSRUJHUHGDOILORGHOIDEEULFDWRSLGLFPSHUODIIUDQFDPHQWRGHOOD
VSRQGDHVWHUQDGHOFDVVHURPHGHVLPR&RPHVRWWRSRQWHSXzVHUYLUHO¶LPSDOFDWRRSRQWHDVEDO]R
FRVWUXLWR LQ FRUULVSRQGHQ]D DO SLDQR VRWWRVWDQWH ,Q FRUULVSRQGHQ]D DL OXRJKL GL WUDQVLWR R
VWD]LRQDPHQWR GHYH HVVHUH VLVWHPDWR DOO
DOWH]]D GHO VRODLR GL FRSHUWXUD GHO SLDQR WHUUHQR XQ
LPSDOFDWRGLVLFXUH]]DPDQWRYDQDDSURWH]LRQHFRQWURODFDGXWDGLPDWHULDOLGDOO
DOWR
7DOH SURWH]LRQH SXz HVVHUH VRVWLWXLWD FRQ XQD FKLXVXUD FRQWLQXD LQ JUDWLFFL VXO IURQWH GHO
SRQWHJJLR TXDORUD SUHVHQWL OH VWHVVH JDUDQ]LH GL VLFXUH]]D R FRQ OD VHJUHJD]LRQH GHOO¶DUHD
VRWWRVWDQWHULI'35DUW
/H DSHUWXUH ODVFLDWH QHL VRODL GHYRQR HVVHUH FLUFRQGDWH GD QRUPDOH SDUDSHWWR H GD WDYROD
IHUPDSLHGH RSSXUH GHYRQR HVVHUH FRSHUWH FRQ WDYRODWR VROLGDPHQWH ILVVDWR H GL UHVLVWHQ]D QRQ
LQIHULRUHDTXHOODGHOSLDQRGLFDOSHVWLRGHLSRQWLGLVHUYL]LR
4XDORUDOHDSHUWXUHYHQJDQRXVDWHSHULOSDVVDJJLRGLPDWHULDOLRGLSHUVRQHXQODWRGHSDUDSHWWR
SXzHVVHUHFRVWLWXLWRGDXQDEDUULHUDPRELOHQRQDVSRUWDELOHFKHGHYHHVVHUHDSHUWDVROWDQWRSHULO
WHPSRQHFHVVDULRDOSDVVDJJLRULI'35DUW
'XUDQWHODFRVWUX]LRQHRLOFRQVROLGDPHQWRGLFRUQLFLRQLGLJURQGDHGLRSHUHVSRUJHQWLGDLPXUL
GHYRQRHVVHUHDGRWWDWHSUHFDX]LRQLSHULPSHGLUQHODFDGXWDSRQHQGRDUPDWXUHSURYYLVRULHDWWHD
VRVWHQHQHUOHILQRDFKHODVWDELOLWjGHOO¶RSHUDVLDFRPSOHWDPHQWHDVVLFXUDWDULI'35DUW
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
0LVXUHHGD]LRQLGL
SUHYHQ]LRQHH
SURWH]LRQH
3HU OD ODYRUD]LRQH GHOOH WDYROH SHU OH FDVVHUDWXUH XVDUH OD VHJD FLUFRODUH LQ FRQIRUPLWj DOOH
LQGLFD]LRQLGHOODVFKHGDUHODWLYD
3HUODODYRUD]LRQHGHOIHUURG¶DUPDWXUDDGRWWDUHOHPLVXUHGLSUHYHQ]LRQHFRQWHQXWHQHOODVFKHGD
UHODWLYD
3RVL]LRQDUH L SXQWHOOL GL EDQFKLQDJJLR GHO VRODLR LQ FRUULVSRQGHQ]D GL TXHOOL LQIHULRUL HVHJXLUH
XQ¶DGHJXDWDWUDWWHQXWDDOSLHGH
/DSURWH]LRQHGHOOHDSHUWXUDQHLVRODLHQHOOHUDPSHVFDOHGHYHHVVHUH SUHGLVSRVWD JLj LQ IDVH GL
UHDOL]]D]LRQH GHOOD VWUXWWXUD WDOL SURWH]LRQL QHO FDVR GHEEDQR HVVHUH WHPSRUDQHDPHQWH ULPRVVH
SHUVSHFLILFKHODYRUD]LRQLGRYUDQQRHVVHUHSURQWDPHQWHULSULVWLQDWH
3RVL]LRQDUH XQD WDYROD LQ FRUULVSRQGHQ]D GHL IHUUL GL ULSUHVD GHOOH VWUXWWXUH SHU SURWHJJHUH JOL
VWHVVL HG HYLWDUH SRVVLELOLWj G¶LQIRUWXQLR/¶ROLDWXUD GHO FDVVHUR FRQVLVWH QHOOD VSDOPDWXUD FRQ
SHQQHOORRQHOODVSUX]]DWXUDGLSURGRWWLGLVDUPDQWLWDOHRSHUD]LRQHHVSRQHDULVFKLGLLQDOD]LRQH
HG DVVRUELPHQWR FRQ HIIHWWL LUULWDQWL VXOOD FXWH H VXOOH PXFRVH /D PLJOLRU SUHYHQ]LRQH VWD QHOOD
VFHOWD GHL SURGRWWL H QHOO¶DSSOLFD]LRQH GHOOH PLVXUH ULSRUWDWH QHOOH VFKHGH GL VLFXUH]]D LQGLFDWH
DGRWWDUH SHU TXDQWR SRVVLELOH SURGRWWL D EDVVR FRQWHQXWR GL VROYHQWL H PHWDOOL 2FFRUUH LQROWUH
HYLWDUHOHDSSOLFD]LRQLFKHGDQQROXRJRDQHEXOL]]D]LRQHSUHIHUHQGRO¶XVRGLSHQQHOOLRUXOOLLQ
TXHVWRFDVRULVXOWDLPSRUWDQWHSRUUHODPDVVLPDDWWHQ]LRQHDOFRQWDWWRFXWDQHRFRQJOLROLGRYXWR
DOO¶LPEUDWWDPHQWRGLJXDQWLGDODYRURHGLQGXPHQWLLQJHQHUH2FFRUUHFRQVLGHUDUHFKHJOLHIIHWWL
SURYRFDWL GDOO¶HVSRVL]LRQH DJOL DJHQWL GLVDUPDQWL ULVXOWDQR PDJJLRUL QHOOD VWDJLRQH HVWLYD SHU OD
PDJJLRUHHYDSRUD]LRQHGHLSURGRWWL HSHU LO PDJJLRU FRQWDWWR FXWDQHR ULVXOWD LPSRUWDQWH SHUFLz
ULGXUUHDQFKHLQWDOHVWDJLRQHOHSDUWLGHOFRUSRVFRSHUWHSURWHJHQGROHFRQLGRQHLLQGXPHQWL1HO
FDVR QRQ VLD SRVVLELOH O¶DSSOLFD]LRQH PDQXDOH HG LQ SDUWLFRODUH TXDQGR OH VXSHUILFL GD WUDWWDUH
VLDQR PROWR DPSLH FRPH QHO FDVR GL JUDQGL RSHUH H VL DGRWWLQR WHFQLFKH D VSUX]]R ULVXOWD
HVVHQ]LDOH O¶DGR]LRQH GL PH]]L GL SURWH]LRQH LQGLYLGXDOH DGHJXDWL FRQVLVWHQWL LQ WXWH FRPSOHWH H
ILOWUDQWLIDFFLDOL
'XUDQWH LO JHWWR XVDUH VWLYDOL GL VLFXUH]]D JXDQWL HG HOPHWWR GLVWULEXLUH LO FDOFHVWUX]]R LQ SL
SXQWLHSRLGLVWULEXLUORFRQEDGLOHHUDVWUHOOR
(IIHWWXDUH OH RSHUD]LRQL GL JHWWR LQ RVVHUYDQ]D GHOOH PLVXUH GL VLFXUH]]D FRQWHQXWH QHOOD VFKHGD
UHODWLYD
1HOO
XVR GHOOD JUX DGRWWDUH OH PLVXUH GL SUHYHQ]LRQH OH PLVXUH GL SUHYHQ]LRQH LQGLFDWH QHOOD
VFKHGDUHODWLYD
/¶RSHUD]LRQH GL VSDQGLPHQWR H OLYHOODPHQWR GHO FDOFHVWUX]]R FRPSRUWD SHU JOL RSHUDWRUL
O¶DVVXQ]LRQH GL SRVL]LRQL SHULFRORVH SHU O¶DSSDUDWR GRUVRORPEDUH q RSSRUWXQR FKH O¶RSHUDWRUH
FHUFKLGLPDQWHQHUHODVWDJJLDYLFLQRDOFRUSRPXRYHQGRVLFRQJOLDUWLLQIHULRULHGHYLWLSRVL]LRQL
SUROXQJDWHFRQODVFKLHQDFXUYD
, ODYRUDWRUL LQWHUHVVDWL DOOD SUHVHQWH SURFHGXUD HVHFXWLYD GHYRQR HVVHUH GRWDWL GHOOD QRUPDOH
'LVSRVLWLYLGL
SURWH]LRQHLQGLYLGXDOL DWWUH]]DWXUD DQWLQIRUWXQLVWLFD HG LQ SDUWLFRODUH GL FDVFR JXDQWL H VFDUSH GL VLFXUH]]D FRQ VXROD
LPSHUIRUDELOH6WLYDOLGLVLFXUH]]DGXUDQWHLOJHWWR
&RQWUROOLVDQLWDUL
,ODYRUDWRULDGGHWWLDGRSHUD]LRQLFKHHVSRQJRQRDELWXDOPHQWHDOFRQWDWWRFRQFDWUDPHELWXPHROL
PLQHUDOLGHYRQRHVVHUHYLVLWDWLGDXQPHGLFRFRPSHWHQWH
DSULPDGHOODORURDPPLVVLRQHDOODYRURSHUFRQVWDWDUHLUHTXLVLWLGLLGRQHLWj
ERJQLVHLPHVLRLQPRGRLPPHGLDWRTXDQGRLOODYRUDWRUHGHQXQFLRVRVSHWWLPDQLIHVWD]LRQLGL
QHRSODVLHULI'35DUW
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
20,66,66««««««
3$57(7(5=$
25*$1,==$=,21( '(, 0(==, ( '(//( 0,685( 5,7(187( ,'21((
3(5/$35(9(1=,21('(,5,6&+,352)(66,21$/,,1)250$=,21(
( )250$=,21( '(, /$925$725, ( 35(9(1=,21( ,1&(1',
(9$&8$=,21('(,/$925$725,(,/35217262&&2562
6DUj REEOLJR GHO GDWRUH GL ODYRUR LQGLYLGXDUH OH PLVXUH GL SUHYHQ]LRQH H SURWH]LRQH
QHFHVVDULHDJDUDQWLUHLOPLJOLRUDPHQWRQHOWHPSRGHLOLYHOOLGLVLFXUH]]DHSURJUDPPDUHOHPLVXUH
ULWHQXWHRSSRUWXQH
',6326,7,9,',3527(=,21(,1',9,'8$/(
6LLQWHQGHSHUGLVSRVLWLYRGLSURWH]LRQHLQGLYLGXDOH'3,TXDOVLDVLDWWUH]]DWXUDGHVWLQDWDD
HVVHUHLQGRVVDWDGDXQODYRUDWRUHSHUSURWHJJHUORFRQWURLULVFKLGHULYDQWLGDOO
DWWLYLWjVYROWDLQXQ
DPELHQWH GL ODYRUR 1RQ VRQR FRQVLGHUDWL '3, JOL LQGXPHQWL GL ODYRUR RUGLQDUL QRQ VSHFLILFL OH
XQLIRUPLPLOLWDULOHDWWUH]]DWXUHSHULOSURQWRVRFFRUVRHPLOLWDULLPDWHULDOLVSRUWLYLHFF
5HTXLVLWL
, '3, GHYRQR HVVHUH XWLOL]]DWL VROR GRSR DYHU FRQVWDWDWR O
LPSRVVLELOLWj GL DWWXDUH WXWWH OH PLVXUH
WHFQLFKH SURFHGXUDOL R ULRUJDQL]]DWLYH GL SUHYHQ]LRQH FRPH OH PLVXUH GL SURWH]LRQH FROOHWWLYD ,O
ODYRUDWRUHVLSXzWURYDUHGLIURQWHDGXQ ULVFKLRUHVLGXRLPSUHYHGLELOHHGLQHYLWDELOHQRQRVWDQWHLO
ULFRUVR D SURYYHGLPHQWL SUHYHQWLYL LO '3, KD OR VFRSR GL HOLPLQDUH R ULGXUUH OH FRQVHJXHQ]H GL
HYHQWXDOLLQFLGHQWL
, '3, GHYRQR HVVHUH FRQIRUPL D TXDQWR SUHYLVWR QHO '/JV Q H LQROWUH GHYRQR HVVHUH
DGHJXDWL DL ULVFKL GD SUHYHQLUH QRQ FRVWLWXLUH GL SHU Vq FDXVH GL QXRYL ULVFKL H WHQHUH FRQWR GHL
SDUDPHWULLQGLYLGXDOLGLSHQGHQWLGDOO
XWLOL]]DWRUHHGDOODQDWXUDGHOODYRURVYROWR
4XDORUD SL '3, VLDQR IRUQLWL DG XQR VWHVVR ODYRUDWRUH JOL VWHVVL GHYRQR HVVHUH UHFLSURFDPHQWH
FRPSDWLELOL QHO FDVR FKH XQ '3, GHEED HVVHUH XWLOL]]DWR GD GLYHUVL ODYRUDWRUL VL GRYUj FXUDUH LO
ULVSHWWRULJRURVRGHOOHQRUPHLJLHQLFKH
, '3, GHYRQR HVVHUH XWLOL]]DWL GDL ODYRUDWRUL VROWDQWR QHL FDVL SUHYLVWL H SUHYLD LQIRUPD]LRQH GHO
ODYRUDWRUHGDSDUWHGHOGDWRUHGLODYRURVXOODQDWXUDGHLULVFKLHODIXQ]LRQHSURWHWWLYDGHO'3,
2EEOLJKLGHOGDWRUHGLODYRURHGHLODYRUDWRUL
/H UHVSRQVDELOLWj GHO GDWRUH GL ODYRUR LQL]LDQR DO PRPHQWR GL LQGLYLGXDUH WUD L '3,
GLVSRQLELOL TXHOOL SL LGRQHL D SURWHJJHUH VSHFLILFDWDPHQWH LO GLSHQGHQWH GDL SHULFROL SUHVHQWL VXO
OXRJRGLODYRURHYLGHQ]LDWLGDOODYDOXWD]LRQHGHOULVFKLR/DVFHOWDGHYHHVVHUHIDWWDDQFKHLQEDVH
DOOHLQIRUPD]LRQLIRUQLWHGDOIDEEULFDQWHGHO'3,
20,66,66««««
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
352*5$00$',,1)250$=,21(()250$=,21(
7XWWL L ODYRUDWRUL VDUDQQR FRLQYROWL QHO SURJUDPPD GL LQIRUPD]LRQH H IRUPD]LRQH (¶
RSSRUWXQRSURJUDPPDUHODIRUPD]LRQHFRQOH2UJDQL]]D]LRQL6LQGDFDOL,PSUHQGLWRULH/DYRUDWRUL
RFRQLORUR2UJDQLVPLSDULWHWLFLGHOVHWWRUHHGLOL]LR$UW'/YR
(OH]LRQHGHO5DSSUHVHQWDQWHGHL/DYRUDWRULSHUOD6LFXUH]]D5/6
,QWXWWHOHD]LHQGHRXQLWjSURGXWWLYHqHOHWWRRGHVLJQDWRLOUDSSUHVHQWDQWHGHLODYRUDWRULSHU
ODVLFXUH]]D
1HOOH D]LHQGH R XQLWj SURGXWWLYH FKH RFFXSDQR VLQR D GLSHQGHQWL LO UDSSUHVHQWDQWH q HOHWWR
GLUHWWDPHQWH GDL ODYRUDWRUL DO ORUR LQWHUQR 1HOOH D]LHQGH FKH RFFXSDQR ILQR D GLSHQGHQWL LO
UDSSUHVHQWDQWHSHUODVLFXUH]]DSXzHVVHUHLQGLYLGXDWRSHUSLD]LHQGHQHOO
DPELWRWHUULWRULDOHRYYHUR
GHO FRPSDUWR SURGXWWLYR (VVR SXz HVVHUH GHVLJQDWR R HOHWWR GDL ODYRUDWRUL QHOO
DPELWR GHOOH
UDSSUHVHQWDQ]HVLQGDFDOL
1HOOHD]LHQGHRYYHURXQLWjSURGXWWLYHFRQSLGLGLSHQGHQWLLOUDSSUHVHQWDQWHSHUODVLFXUH]]Dq
HOHWWRRGHVLJQDWRGDLODYRUDWRULQHOO
DPELWRGHOOHUDSSUHVHQWDQ]HVLQGDFDOLLQD]LHQGD,QDVVHQ]DGL
WDOLUDSSUHVHQWDQ]HqHOHWWRGDLODYRUDWRULGHOO
D]LHQGDDOORURLQWHUQR
/
HOH]LRQH VL VYROJH D VXIIUDJLR XQLYHUVDOH GLUHWWR H D VFUXWLQLR VHJUHWR DQFKH SHU FDQGLGDWXUH
FRQFRUUHQWL5LVXOWHUjHOHWWRLOODYRUDWRUHFKHKDRWWHQXWRLOPDJJLRUQXPHURGLYRWLHVSUHVVL
3ULPD GHOO
HOH]LRQH L ODYRUDWRUL QRPLQDQR WUD GL ORUR LO VHJUHWDULR GHO VHJJLR HOHWWRUDOH LO TXDOH D
VHJXLWR GHOOR VSRJOLR GHOOH VFKHGH SURYYHGH D UHGLJHUH LO YHUEDOH GHOOH HOH]LRQL ,O YHUEDOH q
FRPXQLFDWR VHQ]D ULWDUGR DO GDWRUH GL ODYRUR 4XHVWL VL LGHQWLILFD QHO GLULJHQWH DO TXDOH VSHWWDQR L
SRWHULJHVWLRQDOL
+DQQRGLULWWRDOYRWRWXWWLLGLSHQGHQWLHSRVVRQRHVVHUHHOHWWLWXWWLLODYRUDWRULR56$DVHFRQGD
GHL FDVL QRQ LQ SURYD FRQ FRQWUDWWR D WHPSR GHWHUPLQDWR R FRQ FRQWUDWWR D WHPSR GHWHUPLQDWR
SXUFKq OD GXUDWD GHO PHGHVLPR FRQVHQWD OR VYROJLPHQWR GHO PDQGDWR FKH SUHVWDQR OD SURSULD
DWWLYLWjQHOOHXQLWjODYRUDWLYH
/DGXUDWDGHOO
LQFDULFRqGLWUHDQQL
1HOOH XQLWj ODYRUDWLYH FKH RFFXSDQR GD D GLSHQGHQWL LO UDSSUHVHQWDQWH SHU OD VLFXUH]]D VL
LQGLYLGXDQHOO
DPELWRGHOOH56$
1HOOHXQLWjODYRUDWLYHFKHRFFXSDQRGDDGLSHQGHQWLLUDSSUHVHQWDQWLSHUODVLFXUH]]DVRQR
QHOO
DPELWRGHOOH56$
1HOOH XQLWj ODYRUDWLYH FKH RFFXSDQR SL GL GLSHQGHQWL LO QXPHUR GHL UDSSUHVHQWDQWL SHU OD
VLFXUH]]DqSDULDHGHOHWWRQHOO
DPELWRGHOOH56$
,OGDWRUHGLODYRURFRQVXOWDLOUDSSUHVHQWDQWHSHUODVLFXUH]]DVXWXWWLJOLHYHQWLSHULTXDOLOD
GLVFLSOLQDOHJLVODWLYDSUHYHGHXQLQWHUYHQWRFRQVXOWLYRGHOORVWHVVR
,O UDSSUHVHQWDQWH LQ RFFDVLRQH GHOOD FRQVXOWD]LRQH KD IDFROWj GL IRUPXODUH SURSULH SURSRVWH H
RSLQLRQLVXOOHWHPDWLFKHRJJHWWRGLFRQVXOWD]LRQHVHFRQGROHSUHYLVLRQLGLOHJJH
,O GDWRUH GL ODYRUR IRUQLVFH DQFKH VX LVWDQ]D GHO UDSSUHVHQWDQWH OH LQIRUPD]LRQL H OD
GRFXPHQWD]LRQHULFKLHVWDVHFRQGRTXDQWRSUHYLVWRGDOODOHJJH3HULQIRUPD]LRQLVLLQWHQGRQRTXHOOH
ULJXDUGDQWLO
XQLWjSURGXWWLYDSHUJOLDVSHWWLUHODWLYLDOO
LJLHQHDOODVDOXWHHGDOODVLFXUH]]DGHOODYRUR
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
,OUDSSUHVHQWDQWHSHUODVLFXUH]]DKDGLULWWRDOODIRUPD]LRQHSUHYLVWDGDOO
$UWFRPPDOHWWHUDJ
GHO'/YR
/DIRUPD]LRQHGHLUDSSUHVHQWDQWLSHUODVLFXUH]]DLFXLRQHULVRQRDFDULFRGHOGDWRUHGLODYRURVL
VYROJHUjPHGLDQWHSHUPHVVLUHWULEXLWLDJJLXQWLYLULVSHWWRDTXHOOLSUHYLVWLSHUODORURDWWLYLWj
,FRQWHQXWLGHOO
LQIRUPD]LRQHVDUDQQRTXHOOLGL
SRUWDUHDFRQRVFHQ]DGLWXWWLLODYRUDWRULGHOSLDQRGLVLFXUH]]DHODERUDWR
IRUQLUH OH LQIRUPD]LRQL VXL ULVFKL VSHFLILFL GL FLDVFXQ ODYRUDWRUH SHU OD PDQVLRQH VYROWD H VXOOH
PLVXUHGLSUHYHQ]LRQHGDDGRWWDUH
IRUQLUHLQIRUPD]LRQLVXLGLVSRVLWLYLDQWLQFHQGLRHFRPHPHWWHUVLLQFRQWDWWRFRQLYLJLOLGHOIXRFR
SLYLFLQL
IRUQLUHOHLQIRUPD]LRQLVXJOLVWUXPHQWLGLSURQWRVRFFRUVR IRUQLWLGDOO
LPSUHVDFDVVHWWD GL SURQWR
VRFFRUVR
IRUQLUHOHLQIRUPD]LRQLVXOOHSLFRPXQLHGLPPHGLDWHSURFHGXUHGLSURQWRVRFFRUVR
LOOXVWUDUHLULVFKLLQHUHQWLDOVROOHYDPHQWRGHLFDULFKLFRQSDUWLFRODUHULIHULPHQWRDJOLRSHUDLDGGHWWL
DOODPRYLPHQWD]LRQHPDQXDOHGHLFDULFKL
IRUQLUHWXWWHOHLQIRUPD]LRQLLQHUHQWLOHVRVWDQ]HSHULFRORVH FRQFXLLODYRUDWRULSRVVRQR YHQLUH D
FRQWDWWR
3HUODIRUPD]LRQHVLDYUjFXUDGL
SUHGLVSRUUH XQ SURJUDPPD GL IRUPD]LRQH HG LQIRUPD]LRQH RJQL YROWD FKH XQ ODYRUDWRUH YLHQH
DVVXQWRHRFKHYHQJDLQWURGRWWDXQDQXRYDDWWUH]]DWXUDRWHFQRORJLDHRXQQXRYRGLVSRVLWLYRGL
SURWH]LRQHLQGLYLGXDOHHRQXRYHVRVWDQ]H
VFHJOLHUHGLYROWDLQYROWDJOLVWUXPHQWLDGHJXDWLDOODIRUPD]LRQH
PHWWHUHDSXQWRJOLVWUXPHQWLGLYHULILFDSLLGRQHL
FRPSLODUHGHOOHVFKHGHGLULVFRQWURGHOODIRUPD]LRQHLQIRUPD]LRQH
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
&203257$0(172/$925$725,1(//()$6,/$925$7,9(
3URWHJJHUHJOLVFDYL
2JQL ODYRUDWRUH SULPD GL LQL]LDUH TXDOVLDVL VFDYR GHYH IDUVL GDUH GD FKL GLULJH LO ODYRUR OH
LVWUX]LRQL VX FRPH HVHJXLUOR H VXOOH PLVXUH GL VLFXUH]]D GD DSSOLFDUH 3URFXUDUVL L PDWHULDOL H JOL
DWWUH]]L QHFHVVDUL SHU HVHJXLUH WHPSHVWLYDPHQWH OH RSHUH GL SURWH]LRQH 6L GHYH FRQWUROODUH VH SHU
O
DUHD GL VFDYR SDVVDQR WXED]LRQL H GL FKH WLSR VRQR 6H VRUJRQR GHL GXEEL VXO ORUR SHUFRUVR q
RSSRUWXQRHVHJXLUHVFDYLDPDQRSHULQGLYLGXDUOH6HO
RSHUDWRUHHVHJXHQGRORVFDYRWLDYYHUWHFKH
ODEHQQDWURYDXQDTXDOFKHUHVLVWHQ]DQHOWHUUHQRVFDYDGHOLFDWDPHQWHQHOSXQWRLQGLFDWRHFHUFDGL
WURYDUQHODFDXVD
,OODYRUDWRUHGHYHVHPSUHULFRUGDUHFKHOHVFDUSDWHVHQ]DXQDSHQGHQ]DDGHJXDWDSRVVRQR
IUDQDUHLPSURYYLVDPHQWHWUDYROJHQGROHSHUVRQH HGDQQHJJLDQGRLODYRULGL IRQGD]LRQH 6H QRQ q
SRVVLELOHGDUHDOOHVFDUSDWHXQDSHQGHQ]DDGHJXDWDHVVHYDQQRSXQWHOODWH7UDODILQHGHOODVFDUSDWD
HODIRQGD]LRQHYDODVFLDWRXQRVSD]LRGLFLUFDPHWURSHUODYRUDUH4XDQGRVLHVHJXRQRGHLODYRUL
QHOORVFDYRGLVEDQFDPHQWRPHQWUHHVVRqDQFRUDLQFRUVRVLGHYHGHOLPLWDUHYROWDSHUYROWDO
DUHD
LPSHJQDWD GDOOD PDFFKLQD /XQJR L ODWL GHL SHUFRUVL FKH FRVWHJJLDQR JOL VFDYL YDQQR FRVWUXLWL GHL
UHJRODULSDUDSHWWL
,OODYRUDWRUHGHYHGHOLPLWDUHVHPSUHO
DUHDGLXQRVFDYRLQWULQFHD6HORVFDYRqSURIRQGR
RSSXUHVHLOWHUUHQRLQFXLq HVHJXLWROR VFDYR q SRFR FRQVLVWHQWH YDQQR SXQWHOODWH OH SDUHWL GHOOR
VFDYR
/HWDYROHGLULYHVWLPHQWRGHOOHSDUHWLGHYRQRVSRUJHUHGDLERUGLGHJOLVFDYLGLDOPHQRFP
4XDQGR VL ID DVVLVWHQ]D DOOR VFDYR R VL HVHJXRQR GHL ODYRUL DO VXR LQWHUQR VL GHYH VWDUH VHPSUH D
GHELWD GLVWDQ]D GDOO
DWWUH]]DWXUD LQ PRYLPHQWR 1RQ IDU DYYLFLQDUH QHVVXQR GD GLHWUR OD PDFFKLQD
3HU VDOLUH H VFHQGHUH QHOOR VFDYR XVD XQD VFDOD 1HOOR VFDYR LQ WULQFHD SHU OD SRVD GL WXED]LRQL VL
GHYHGHOLPLWDUHORVWHVVRHSXQWHOODUHOHSDUHWL
20,66,66«««««
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
6WRFFDUHLPDWHULDOL
)DUVLLQGLFDUHGRYHVWRFFDUHLGLYHUVLPDWHULDOL6HORVWRFFDJJLRqSURYYLVRULRVFHJOLHUHXQOXRJR
FKHQRQLQWUDOFLLPRYLPHQWLHLOODYRUR0DWHULDOLHGDWWUH]]DWXUHYDQQRVHPSUHVWRFFDWLVXVXSHUILFL
SLDQHHGDVFLXWWH1RQVRYUDFFDULFDUHLVRODLHVXGL HVVL VFHJOL XQ
DUHD GL GHSRVLWR D ULGRVVR GHOOH
SDUHWLSRUWDQWL1RQIDUHSLOHWURSSRDOWHHGLVSRQLPDWHULDOLHGDWWUH]]DWXUHLQPRGRGDHYLWDUHFKH
SRVVDQR FDGHUH VX FKL OL SUHQGH R YL SDVVD YLFLQR 3URWHJJHUH VHPSUH L OHJDQWL H JOL HOHPHQWL LQ
ODWHUL]LRGDOODSLRJJLDHGDOO
XPLGLWj
$FFDWDVWDPHQWRGLHOHPHQWLGLSRQWHJJLRQHJOLDSSRVLWLFRQWHQLWRUL
0HWWHUHLWHODLHJOLDOWULHOHPHQWLGHLSRQWHJJLQHJOLDSSRVLWLFRQWHQLWRULHLQPRGRRUGLQDWR
6H QRQ QH GLVSRQL SRVD DG XQD SDUHWH L WHODL OHJJHUPHQWH LQFOLQDWL 9LFLQR H LQ PRGR RUGLQDWR
GLVSRUUH JOLDOWULHOHPHQWL6HQRQVLGLVSRQHGLFRQWHQLWRULSHULWXELGDSRQWHJJLRSRVDUOLVXGXH
WUDYLVROOHYDWHGDOWHUUHQRPHWWHQGRGHLIHUPLDJOLHVWUHPLGHOOHWUDYLSHUHYLWDUHFKHLWXELURWROLQR
JL$FFDWDVWDUHRUGLQDWDPHQWHWDYRORQLHSDQQHOOLLQOHJQRVXGGLYLVLSHUOXQJKH]]DLQWHUSRQHQGR
RJQL FP XQD WUDYHUVLQD LQ OHJQR LQ PRGR GD SRWHU LQILODUH DJHYROPHQWH OH FLQJKLH SHU LO
WUDVSRUWR
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
$FFDWDVWDPHQWRGLSDFFKLGLWDYROHHGLFRUUHQWLLQOHJQR
7LSRORJLHULVFKL
‡&DGXWDGLPDWHULDOHGDOO
DOWR
‡5LEDOWDPHQWRPDWHULDOHDFFDWDVWDWR
‡$EUDVLRQLHVFKLDFFLDPHQWRGHOOHPDQLHGHLSLHGL
&RPSRUWDPHQWRODYRUDWRUL
‡6HXQ
DWWUH]]DWXUDFDGHVXLSLHGLWHOLSXzVFKLDFFLDUHPHWWHUHOHVFDUSHGLVLFXUH]]D0DQLSRODQGR
OH DWWUH]]DWXUH VL SRVVRQR URYLQDUH OH PDQL XVDUH L JXDQWL 5LRUGLQDQGR OH DWWUH]]DWXUH SRVVRQR
FDGHUHRJJHWWLVXOODWHVWDXVDLOFDVFR
‡*OLHOHPHQWLPHWDOOLFLGHLSRQWHJJLYDQQRSURWHWWLGDOODFRUURVLRQH
20,66,66«««««
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
,PSDVWDUHDPDFFKLQD
4XDQGR OD EHWRQLHUD q XELFDWD YLFLQR DL SRQWHJJL R VRWWR OD JUX LO SRVWR GL PDQRYUD YD
SURWHWWRGDXQDWHWWRLDQRQSLDOWDGLPHWUL,QTXHVWRFDVRTXDQGRODVLXVDVLGHYHVWDUHVRWWR
ODWHWWRLD3ULPDGLXVDUHODEHWRQLHUDVLGHYHFRQWUROODUHVHPSUHO
LQWHJULWjHGLOEXRQIXQ]LRQDPHQWR
GHL VLVWHPL GL VLFXUH]]D LQWHUUXWWRUH GL PDUFLDDUUHVWR SXOVDQWH GL HPHUJHQ]D LQWHUUXWWRUH
GLIIHUHQ]LDOH6HVLGHYHDFFHGHUHDJOLRUJDQLFKHODIDQQRPXRYHUHVLGHYHWRJOLHUHODWHQVLRQHDOOD
PDFFKLQD H DO FDYR GL DOLPHQWD]LRQH 1RQ ELVRJQD PDQRPHWWHUH OH SURWH]LRQL GHJOL RUJDQL LQ
PRYLPHQWR
/
RSHUDLRVWDQGRVRWWRODWHWWRLDYHUVDGDOODEHWRQLHUDLOFDOFHVWUX]]RRODPDOWDQHOODEHQQD
3HU FDULFDUOD VWDQGR D ILDQFR GHOOD EHWRQLHUD LQ PRWR VL GHYH SRUWDUH GL VODQFLR LO EDGLOH
FDULFRILQRDOODVXDERFFD'LIURQWHDGHVVDELVRJQDIHUPDORGLFROSRHJHWWDYLGHQWURLOPDWHULDOH
3HU VFDULFDUOD VL SRUWD XQD FDUULROD GDYDQWL DOOD EHWRQLHUD ODVFLDQGROD LQ PRYLPHQWR
0HGLDQWHODUXRWDLQFOLQDUHODWD]]DHIDUHFDGHUHO
LPSDVWRQHOODFDUULROD1RQLQILODUHPDLLOEDGLOH
QHOODEHWRQLHUDqSHULFRORVR6HVLGHYHVSRVWDUHODEHWRQLHUDWRJOLHUHODWHQVLRQHHVWDFFDUHODVSLQD
GDOODSUHVDGLFRUUHQWHTXLQGLULPXRYHUHLOFDYRGLDOLPHQWD]LRQH
4XDQGRVLWUDVSRUWDQRVDFFKLGLFHPHQWRWHQHUOLLQPRGRGDVWDUHFRQODVFKLHQDGULWWD
&DULFRDPDQRGHOODEHWRQLHUD
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
7LSRORJLHULVFKL
‡$]LRQDPHQWLDFFLGHQWDOL
‡&DGXWDGLPDWHULDOHGDOO
DOWR
‡&RQWDWWRFRQRUJDQLLQPRYLPHQWR
‡'DQQLDOO
XGLWR
‡)ROJRUD]LRQHHOHWWULFD
‡/HVLRQLGRUVRORPEDUL
&RPSRUWDPHQWRODYRUDWRUL
‡6HVLGHYHVWDUHDOXQJRVRWWRLOVROHPHWWHUHLOFRSULFDSR6HODEHWRQLHUDqXELFDWDLQSURVVLPLWjGL
SRQWHJJL R VRWWR LO EUDFFLR GHOOD JUX XVDUH VHPSUH LO FDVFR 6H VL q DGGHWWR VWDELOPHQWH DOOD
EHWRQLHUDXVDUHOHFXIILHRLWDSSLDOOHRUHFFKLH
‡ 1RQ PHWWHUH OH PDQL VX PRWRUH SXOHJJH H DOWUL RUJDQL PHQWUH VRQR LQ PRYLPHQWR 1RQ
DOORQWDQDUVLPHQWUHODEHWRQLHUDqLQPRYLPHQWR
‡7XWWHOHPDFFKLQHLPSDVWDWULFLEHWRQLHUDPROD]]DHFFDOLPHQWDWHHOHWWULFDPHQWHGHYRQRHVVHUH
FROOHJDWHDOO
LPSLDQWRGLPHVVDDWHUUDHYDQQRXVDWHFRUUHWWDPHQWH
0LVFHODUHVRVWDQ]HFKLPLFKH
2JQLGLVDUPDQWHRJQLDGGLWLYRRJQLVRVWDQ]DFKLPLFD XVDWDLQFDQWLHUHKDSURSULHFDUDWWHULVWLFKHHPRGDOLWjGL
LPSLHJRFKHGHYRQRHVVHUHLQGLFDWHVXOODFRQIH]LRQH3ULPDGLXVDUOLIDUVLLQGLFDUHGDOFDSRFDQWLHUHLGRVDJJLLOPRGR
GLLPSLHJRHOHSUHFDX]LRQLGDDGRWWDUH/HJJHUHDQFKHDWWHQWDPHQWHOHLVWUX]LRQLVXOODFRQIH]LRQHHVHJXLUOHDOODOHWWHUD
VLD QHO GRVDJJLR FKH QHO PRGR GL LPSLHJR /H GRVL SUHVFULWWH VRQR LQ JHQHUH PROWR SLFFROH LQROWUH YDULD]LRQL DQFKH
PRGHVWHQHOGRVDJJLRSRVVRQRSURYRFDUHHIIHWWLLQGHVLGHUDWL
20,66,66««
3URQWRVRFFRUVR
8QDFDVVHWWDGLSURQWRVRFFRUVRRPRORJDWDVDUjWHQXWDDGLVSRVL]LRQHHGLPSLHJDWDLQFDVRGL
QHFHVVLWj (
QHFHVVDULR LPSDUWLUH DGHJXDWD LQIRUPD]LRQHIRUPD]LRQH LQ PHULWR DL PH]]L GL SURQWR
VRFFRUVRDGLVSRVL]LRQHGHLODYRUDWRUL
3URQWRVRFFRUVRPH]]LGLVRFFRUVRGLXUJHQ]DVHUYL]LGLVDOYDWDJJLR 6L GHILQLVFH SURQWR VRFFRUVR O
LQVLHPH GHL SUHVLGL VDQLWDUL LQGLVSHQVDELOL SHU SUHVWDUH OH
SULPHLPPHGLDWHFXUHDLODYRUDWRULIHULWLRFROSLWLGDPDORUHLPSURYYLVR
, SULQFLSL FKH UHJRODQR O
RUJDQL]]D]LRQH GHO SURQWR VRFFRUVR QHOOH D]LHQGH HGLOL VL DSSOLFDQR
VRVWDQ]LDOPHQWHDQFKHQHOODSUHYHQ]LRQHGHJOLLQIRUWXQLQHLODYRULLQVRWWHUUDQHR
,O SDFFKHWWR GL PHGLFD]LRQH q FRVWLWXLWR GD XQD VFDWROD FRQWHQHQWH PDWHULDOH SHU LO SULPR
VRFFRUVRGDSUHVWDUHDSHUVRQHIHULWH
/DFDVVHWWDGLSURQWRVRFFRUVRVLGLIIHUHQ]LDGDOSDFFKHWWRGLPHGLFD]LRQHSHUXQDPDJJLRUH
GRWD]LRQHGLSUHVLGLVDQLWDUL
/D FDPHUD GL PHGLFD]LRQH q XQ ORFDOH FRQYHQLHQWHPHQWH DUHDWR HG LOOXPLQDWR ULVFDOGDWR
QHOODVWDJLRQHIUHGGDHIRUQLWRGLXQOHWWLQRFRQFXVFLQRFRSHUWHGLODQDDFTXDSHUEHUHHODYDUVL
VDSRQHHDVFLXJDPDQLQRQFKpGHLQHFHVVDULSUHVLGLVDQLWDUL/DFDPHUDGLPHGLFD]LRQHGHYHHVVHUH
DIILGDWDDGXQLQIHUPLHUHRLQGLIHWWRDGXQDSHUVRQDSUDWLFDGLVHUYL]LGLLQIHUPHULDSHUFXUDUHOD
EXRQDFRQVHUYD]LRQHGHLORFDOLGHJOLDUUHGLHGHLPDWHULDOLGHVWLQDWLDOSURQWRVRFFRUVR
/DFDVVHWWDGLPHGLFD]LRQHSUHYLVWDSHULODYRULLQVRWWHUUDQHRGHYHDYHUHXQDGRWD]LRQHSL
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
DPSLDULVSHWWRDOODSUHFHGHQWHLQPRGRGDJDUDQWLUHXQPLJOLRUVRFFRUVRLQFDVRGLWUDXPDWLVPL
,OORFDOHGLSURQWRVRFFRUVRQHLODYRULLQVRWWHUUDQHRGHYHHVVHUHIRUQLWRGLDFTXDSRWDELOH
ODYDQGLQR ODWULQD ULVFDOGDPHQWR LOOXPLQD]LRQH 1HL ODYRUL LQ VRWWHUUDQHR RYH q SUHVFULWWD
O
LQIHUPHULD TXHVWD GHYH FRQWHQHUH GD GXH D TXDWWUR OHWWL HG HVVHUH DIILGDWD LQ FXVWRGLD DG XQ
LQIHUPLHUH
2EEOLJKLGHOGDWRUHGLODYRUR
,O GDWRUH GL ODYRUR RSSXUH XQD SHUVRQD GD OXL GHVLJQDWD FRQVLGHUDQGR OD QDWXUD H L ULVFKL
GHOOHODYRUD]LRQLFKHVLVYROJRQRLQ HGLOL]LDVHQWLWRLOSDUHUHGHOPHGLFRFRPSHWHQWHVHSUHYLVWR
RUJDQL]]D LO SURQWR VRFFRUVR SUHQGHQGR LQ FRQVLGHUD]LRQH DQFKH OD GLVORFD]LRQH GHL VHUYL]L GL
HPHUJHQ]DHVWHUQLHODQHFHVVLWjGHOWUDVSRUWRGHLODYRUDWRULLQIRUWXQDWL
$GHPSLPHQWLDPPLQLVWUDWLYL
, ORFDOL DGLELWL DO SURQWR VRFFRUVR GHYRQR HVVHUH GRWDWL GL DSSDUHFFKLDWXUH VSHFLILFKH GL
SURQWRVRFFRUVRHGHVVHUHIDFLOPHQWHUDJJLXQJLELOLFRQOHEDUHOOH,ORFDOLGLSURQWRVRFFRUVRGHYRQR
DYHUHXQDVHJQDOHWLFDEHQYLVLELOHDQFKHDGLVWDQ]D
$QFKHLOPDWHULDOHGLSURQWRVRFFRUVR FKH qGLVORFDWRQHLOXRJKL GL ODYRUR GHYH HVVHUH RJJHWWR GL
VHJQDOHWLFD DSSURSULDWD H EHQ YLVLELOH (
QHFHVVDULR FKH L OXRJKL RYH VRQR UHSHULELOL PDWHULDOL GL
SURQWRVRFFRUVRVLDQRVJRPEULGDRVWDFROLHVLDQRIDFLOPHQWHDFFHVVLELOL
/HD]LHQGHRYHVLVYROJRQRDWWLYLWjODYRUDWLYHFRQHVSRVL]LRQHDVRVWDQ]HWRVVLFKHRQRFLYHGHYRQR
LQGLYLGXDUH XQ PHGLFR UHSHULELOH LQ FDVR GL QHFHVVLWj R LO SRVWR GL SURQWR VRFFRUVR SXEEOLFR SL
YLFLQRFXLIDUULIHULPHQWRLQFDVRGLLQIRUWXQLR
20,66,66««
3LDQRGLHPHUJHQ]D
3HULQFLGHQWLFKHDUUHFDQRGDQQLOLHYLDLODYRUDWRULVLDYUjFXUDGLLQFDULFDUHXQ ODYRUDWRUH
FKH DGHJXDWDPHQWH IRUPDWR SRWUj SUHVWDUH VRFFRUVR DOO
HYHQWXDOH LQIRUWXQDWR 'RSR VL SUHGLVSRUUj
RSSRUWXQRFRQWUROORPHGLFRDOILQHGLDFFHUWDUHOHFRQGL]LRQLGLVDOXWH
3HULQFLGHQWLSLJUDYLLODYRUDWRULVDUDQQRLQIRUPDWLVXFRPHFKLDPDUHLPPHGLDWDPHQWHLOSURQWR
VRFFRUVRGHOO
RVSHGDOHGLBBBBBBBBBBBBB
0RYLPHQWD]LRQHPDQXDOHGHLFDULFKL
,O GDWRUH GL ODYRUR DGRWWHUj WXWWH OH PLVXUH QHFHVVDULH H ULFRUUHUj DL PH]]L DSSURSULDWL LQ
SDUWLFRODUH DWWUH]]DWXUH PHFFDQLFKH SHU HYLWDUH OD QHFHVVLWj GL XQD PRYLPHQWD]LRQH PDQXDOH GHL
FDULFKL
,OGDWRUHGLODYRURIRUQLVFHDLODYRUDWRULLQIRUPD]LRQLDOULJXDUGRGHOSHVRGHOFDULFRGHOVXRFHQWUR
GLJUDYLWjHVXOODVXDFRUUHWWDPRYLPHQWD]LRQH
1HO FDVR LQ FXL OD QHFHVVLWj GL XQD PRYLPHQWD]LRQH PDQXDOH GL XQ FDULFR DG RSHUD GHO ODYRUDWRUH
QRQSXzHVVHUH HYLWDWDLO GDWRUH GL ODYRUR RUJDQL]]HUj OH SURFHGXUH ODYRUDWLYH LQ PDQLHUD WDOH FKH
GHWWDPRYLPHQWD]LRQHVLDTXDQWRSLSRVVLELOHVLFXUDHVDQD
/DPRYLPHQWD]LRQHGHLFDULFKLSXzFRVWLWXLUHXQULVFKLRTXDQGRLOSHVRGHOFDULFRVXSHUDL.J
RYYHURPHQRLQIXQ]LRQHGHLVHJXHQWLIDWWRULIDWWRUHG
DOWH]]DGLDVLPPHWULDHGLSUHVD
20,66,66«««
9DOXWD]LRQHUXPRUH
3HU OD YDOXWD]LRQH GHO UXPRUH QHO FDQWLHUH HGLOH LQ RJJHWWR VL GHYH IDUH ULIHULPHQWR DOOD
HVSRVL]LRQH TXRWLGLDQD SHUVRQDOH GHL ODYRUDWRUL DO UXPRUH FDOFRODWD LQ IDVH SUHYHQWLYD IDFHQGR
ULIHULPHQWRDLWHPSLGLHVSRVL]LRQHHDLOLYHOOLGLUXPRUHVWDQGDUGLQGLYLGXDWLGDVWXGLHPLVXUD]LRQL
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
ODFXLYDOLGLWjqULFRQRVFLXWDGDOODFRPPLVVLRQHSUHYHQ]LRQHLQIRUWXQL6XOUDSSRUWRGLYDOXWD]LRQH
YDULSRUWDWDODIRQWHGRFXPHQWDOHDFXLVLqIDWWRULIHULPHQWR
1HO FDVR GL ODYRUDWRUL DGLELWL D ODYRUD]LRQL H FRPSLWL FKH FRPSRUWDQR XQD YDULD]LRQH QRWHYROH
GHOO
HVSRVL]LRQHTXRWLGLDQDDOUXPRUHGDXQDJLRUQDWDODYRUDWLYDDOO
DOWUDSXzHVVHUHIDWWRULIHULPHQWR
DOYDORUHGHOO
HVSRVL]LRQHVHWWLPDQDOHUHODWLYDDOODVHWWLPDQDGLSUHVXPLELOHPDJJLRUHHVSRVL]LRQHDO
UXPRUHFDOFRODWDLQFRQIRUPLWjDTXDQWRSUHYLVWRGDOO
$UWGHO'/YR
5LVFKLR5XPRUH
,YDORULOLPLWHHLOSULQFLSLRGHOODULGX]LRQHGHOUXPRUHDOPLQLPR
,O '/JV Q GD XQ ODWR ILVVD WUH OLYHOOL GL HVSRVL]LRQH H G%$ H L
FRUULVSRQGHQWLDGHPSLPHQWLDLTXDOLVRQRWHQXWLLGDWRULGLODYRURTXDORUDYHQJDQRVXSHUDWLLOLYHOOL
VWHVVLGDOO
DOWURVWDELOLVFHLOSULQFLSLRFKHLOGDWRUHGLODYRURGHYHULGXUUHDOPLQLPRLQUHOD]LRQH
DOOHFRQRVFHQ]HDFTXLVLWHLQEDVHDOSURJUHVVRWHFQLFRLULVFKLGHULYDQWLGDOO
HVSRVL]LRQHDOUXPRUH
PHGLDQWH PLVXUH WHFQLFKH RUJDQL]]DWLYH H SURFHGXUDOL FRQFUHWDPHQWH DWWXDELOL SULYLOHJLDQGR JOL
LQWHUYHQWLDOODIRQWHDUWFRPPD
2EEOLJKLGHLGDWRULGLODYRURHGHLGLULJHQWL
2EEOLJKLJHQHUDOLSHUTXDOVLDVLOLYHOORGLUXPRURVLWj
DYDOXWD]LRQHGHOULVFKLR
,OGDWRUHGLODYRURGHYHHIIHWWXDUHXQDYDOXWD]LRQHGHOUXPRUHDOILQHGLLGHQWLILFDUHLODYRUDWRULHGL
OXRJKL GL ODYRUR D ULVFKLR GL GDQQR XGLWLYR SHU DWWXDUH OH PLVXUH SUHYHQWLYH H SURWHWWLYH VH
QHFHVVDULH
$WDOHILQHVLGHYHPLVXUDUHO
HVSRVL]LRQHTXRWLGLDQDSHUVRQDOHGLXQODYRUDWRUHDOUXPRUH/HSG
RYYHURTXHOODVHWWLPDQDOH/HSZVHTXHOODTXRWLGLDQDULVXOWDYDULDELOHQHOO
DUFRGHOODVHWWLPDQD
/D YDOXWD]LRQH GHYH HVVHUH HIIHWWXDWD GD SHUVRQDOH FRPSHWHQWH DG LQWHUYDOOL RSSRUWXQL FRQ OD
FRQVXOWD]LRQHGHLODYRUDWRULRGHLORURUDSSUHVHQWDQWL
1HO FDVR GL YDULD]LRQL GHJOL LPSLDQWL HR GHOOH ODYRUD]LRQL TXHVWH ULOHYD]LRQL GHYRQR HVVHUH
HIIHWWXDWHGLQXRYR
,O UDSSRUWR FRQWHQHQWH O
LQGDJLQH IRQRPHWULFD H LQGLFDQWH L FULWHUL L PHWRGL OH VWUXPHQWD]LRQL OH
PRGDOLWj H LO SHUVRQDOH WHFQLFR FRPSHWHQWH GHYH HVVHUH D GLVSRVL]LRQH GHJOL RUJDQL GL YLJLODQ]D
DUW'/YR
EPLVXUHWHFQLFKHHSURFHGXUDOL
&RPXQTXHLOGDWRUHGLODYRURGHYH
DWWXDUHWXWWHOHPLVXUHWHFQLFKHRUJDQL]]DWLYHHSURFHGXUDOLLQUHOD]LRQHDOOHFRQRVFHQ]HDFTXLVLWH
HG DO SURJUHVVR WHFQLFR UDJJLXQWR SHU ULGXUUH DO PLQLPR L ULVFKL GD UXPRUH SULYLOHJLDQGR JOL
LQWHUYHQWLDOODIRQWHDUWFRPPD
GLVSRUUHHGHVLJHUHGDSDUWHGHLVLQJROLODYRUDWRULO
RVVHUYDQ]DGHOOHGLVSRVL]LRQLD]LHQGDOLHGHOOH
QRUPHQRQFKpO
XVRDSSURSULDWRGHLPH]]LLQGLYLGXDOLGLSURWH]LRQHDUW
HVLJHUH O
RVVHUYDQ]D GD SDUWH GHO PHGLFR FRPSHWHQWH GHJOL REEOLJKL SUHYLVWL GDO GHFUHWR
LQIRUPDQGRORVXLSURFHGLPHQWLSURGXWWLYL
20,66,66««
9LEUD]LRQL
,OULVFKLRGDYLEUD]LRQLSXzFRQFUHWL]]DUVLLQVYDULDWHFLUFRVWDQ]HTXDOLODJXLGDGLPH]]LGL
WUDVSRUWRO
XWLOL]]RGLPDFFKLQHO
LPSLHJRGLXWHQVLOLRVWUXPHQWLLQGLYLGXDOLDGHOHWWULFLWjRDGDULD
FRPSUHVVD DQLPDWL GD PRYLPHQWL SHUFXVVRUL PDUWHOOL SQHXPDWLFL URWDWRUL IUHVH WUDSDQL PLVWL
PDUWHOOLSHUIRUDWRUL
6L GHILQLVFRQR YLEUD]LRQL L PRYLPHQWL RVFLOODWRUL GL XQ FRUSR DYHQWL FDUDWWHUH ULSHWLWLYR QHO
WHPSR HVVH SRVVRQR WUDVPHWWHUVL SHU FRQWDWWR DOO
XRPR LO TXDOH SXz ULFHYHUQH JOL HIIHWWL VROR LQ
3DJLQD
3LDQRSHUODVLFXUH]]DILVLFDGHLODYRUDWRUL$UW/
WDOXQLGLVWUHWWLRSSXUHQHOODVXDWRWDOLWj
,OULVFKLRGDYLEUD]LRQLSXzFRQFUHWL]]DUVLLQVYDULDWHFLUFRVWDQ]HTXDOLODJXLGDGLPH]]LGLWUDVSRUWR
WHUUHVWUH QDYDOH R DHUHR O
XWLOL]]R GL PDFFKLQH LQGXVWULDOL O
LPSLHJR GL XWHQVLOL R VWUXPHQWL
LQGLYLGXDOLDGHOHWWULFLWjRDGDULDFRPSUHVVDDQLPDWLGDPRYLPHQWLSHUFXVVRULPDUWHOOLSQHXPDWLFL
URWDWRULIUHVHWUDSDQLPLVWLPDUWHOOLSHUIRUDWRUL
&ODVVLILFD]LRQH
/H YLEUD]LRQL SRVVRQR HVVHUH GLIIHUHQ]LDWH VRWWR LO SURILOR ILVLFR LQ IXQ]LRQH GHOOD
IUHTXHQ]DGHOODOXQJKH]]DG
RQGDGHOODDPSLH]]DGHOODYHORFLWjGHOODDFFHOHUD]LRQH
,OSRWHQ]LDOHOHVLYRGHJOLVWUXPHQWLYLEUDQWLWXWWDYLDqFRUUHODWRTXDVLHVFOXVLYDPHQWHDOODIUHTXHQ]D
HGDOO¶DFFHOHUD]LRQH
,PH]]LGLWUDVSRUWRVRQRUHVSRQVDELOLSUHYDOHQWHPHQWHGLYLEUD]LRQLDEDVVDIUHTXHQ]DFVHF
OHPDFFKLQHLQGXVWULDOLSURGXFRQRYLEUD]LRQLDPHGLDIUHTXHQ]DFVHFJOLXWHQVLOLLQGLYLGXDOL
YLEUD]LRQLDGDOWDIUHTXHQ]D!FVHF
20,66,6««
,OWHFQLFRUHGDWWRUH
LQJBBBBBBBBBBBBBBBBBB
3DJLQD
Scarica

Piano per la Sicurezza Fisica dei Lavoratori Modello e