3(//(*5,12$5786,
/$6&,(1=$,1&8&,1$(
/¶$57(',
0$1*,$5%(1(
/$ 6725,$ ', 81 /,%52 &+( 5$6620,*/,$ $//$ 6725,$ '(//$
&(1(5(172/$
9HGLJLXGL]LRXPDQFRPHVSHVVRHUUD
$YHYRGDWDO¶XOWLPD PDQRDOPLROLEUR/DVFLHQ]DLQFXFLQDHO¶$UWHGLPDQJLDUEHQHTXDQGRFDSLWz LQ
)LUHQ]HLOPLRGRWWRDPLFR)UDQFHVFR7UHYLVDQSURIHVVRUHGLEHOOHOHWWHUHDOOLFHR6FLSLRQH0DIIHLGL9HURQD
$SSDVVLRQDWRFXOWRUHGHJOLVWXGLIRVFROLDQLIXHJOLHOHWWRDIDUSDUWHGHO&RPLWDWRSHUHULJHUHXQPRQXPHQWR
LQ6DQWD&URFHDO&DQWRUGHL6HSROFUL,QTXHOODRFFDVLRQHDYHQGRDYXWRLOSLDFHUHGLRVSLWDUORLQFDVDPLD
PL SDUYH RSSRUWXQRFKLHGHUJOL LO VXR VDYLR SDUHUHLQWRUQRDTXHOPLRFXOLQDULRODYRURPDRKLPpFKHGRSR
DYHUOR HVDPLQDWR DOOH PLH SRYHUH IDWLFKH GL WDQWL DQQL SURQXQ]Lz OD EUXWWD VHQWHQ]D 4XHVWR q XQ OLEUR FKH
DYUjSRFRHVLWR
6JRPHQWR PD QRQ GHO WXWWR FRQYLQWR GHOOD VXD RSLQLRQH PL SXQJHYD LO GHVLGHULR GL DSSHOODUPL DO
JLXGL]LRGHOSXEEOLFRTXLQGLSHQVDLGLULYROJHUPLSHUODVWDPSDDXQDEHQQRWDFDVDHGLWULFHGL)LUHQ]H QHOOD
VSHUDQ]D FKH HVVHQGR FRL SURSULHWDUL LQ UHOD]LRQH TXDVL G¶DPLFL]LD SHU DYHUH DQQL DGGLHWUR VSHVRYL XQD
VRPPD ULOHYDQWHSHUGLYHUVHPLHSXEEOLFD]LRQLDYUHLWURYDWRLQORURXQDTXDOFKHFRQGLVFHQGHQ]D$Q]LSHU
GDUORUR FRUDJJLRSURSRVL DTXHVWL6LJQRULGLIDUO¶RSHUD]LRQHLQFRQWRVRFLDOHHSHUFKpIRVVHIDWWDDUDJLRQ
YHGXWD GRSR DYHU ORUR PRVWUDWR LO PDQRVFULWWR YROOL FKH DYHVVHUR XQ VDJJLR SUDWLFR GHOOD PLD FXFLQD
LQYLWDQGROLXQJLRUQRDSUDQ]RLOTXDOHSDUYHVRGGLVIDFHQWHWDQWRDGHVVLTXDQWR DJOLDOWULFRPPHQVDOLLQYLWDWL
DWHQHUORUREXRQDFRPSDJQLD
/XVLQJKHYDQHSHURFFKpGRSRDYHUFLSHQVDWRVRSUDHWHQWHQQDWRSDUHFFKLRXQRGLHVVLHEEHDGLUPL
6H LO VXR ODYRUR O¶DYHVVH IDWWR'RQH\DOORUD VRORVH QH SRWUHEEH SDUODUVXOVHULR 6HO¶DYHVVH FRPSLODWR
'RQH\ LR JOL ULVSRVL SUREDELOPHQWH QHVVXQR FDSLUHEEH QXOOD FRPH DYYLHQH GHO JURVVR YROXPH ,O UH GH¶
FXRFKLPHQWUHFRQTXHVWR0DQXDOHSUDWLFREDVWDVLVDSSLDWHQHUHXQPHVWRORLQPDQRFKHTXDOFKHFRVDVL
DQQDVSD
4XLqEHQHDVDSHUVLFKHJOLHGLWRUL JHQHUDOPHQWHQRQVLFXUDQRSLFKHWDQWRVHXQOLEURqEXRQRR
FDWWLYRXWLOHRGDQQRVRSHUHVVLEDVWDRQGHSRWHUORVPHUFLDUIDFLOPHQWHFKHSRUWLLQIURQWHXQQRPHFHOHEUH
R FRQRVFLXWLVVLPR SHUFKp TXHVWR VHUYD D GDUJOL OD VSLQWD H VRWWR OH DOL GHO VXR SDWURFLQLR SRVVD IDUJUDQGL
YROL
'D FDSR GXQTXH LQ FHUFD GLXQSLIDFLOHLQWUDSUHQGLWRUHHFRQRVFHQGRSHUIDPDXQ DOWUDLPSRUWDQWH
FDVDHGLWULFHGL0LODQRPLULYROVLDGHVVDSHUFKpSXEEOLFDQGRG RPQLDJHQHULVPXVLFRUXPSHQVDYRFKHLQ
TXHOOD IDUUDJLQH SRWHVVH WURYDUH XQ SRVWLFLQR LO PLR PRGHVWR ODYRUR )X SHU PH PROWR XPLOLDQWH TXHVWD
ULVSRVWDDVFLXWWDDVFLXWWD 'LOLEULGLFXFLQDQRQFLRFFXSLDPR
)LQLDPRODXQDEXRQDYROWD GLVVLDOORUDIUDPH GLPHQGLFDUHO DLXWRDOWUXLHVLSXEEOLFKLDWXWWRPLR
ULVFKLR H SHULFROR H LQIDWWL QH DIILGDL OD VWDPSD DO WLSRJUDIR 6DOYDGRUH /DQGL PD PHQWUH QH WUDWWDYR OH
FRQGL]LRQLPLYHQQHO LGHDGLIDUORRIIULUHDGXQDOWURHGLWRUHLQJUDQGHSLLGRQHRSHUVLPLOLSXEEOLFD]LRQL$
GLUH LO YHUR WURYDL OXL SL SURSHQVR GL WXWWL PD RKLPp GL QXRYR D TXDOL SDWWL / SUH]]R GHOO RSHUD H OD
FHVVLRQHGHLGLULWWLG DXWRUH&LzHODULOXWWDQ]DGHJOLDOWULSURYLLQTXDOHGLVFUHGLWRHUDQRFDGXWLLOLEULGLFXFLQD
LQ,WDOLD
$VuXPLOLDQWHSURSRVWDXVFLLLQXQDHVFDQGHVFHQ]DFKHQRQRFFRUUHULSHWHUHHPLDYYHQWXUDLDWXWWH
PLH VSHVH H ULVFKLR PD VFRUDJJLDWR FRPH HUR QHOOD SUHYHQ]LRQH GL IDUH XQ ILDVFR VROHQQH QH IHFL WLUDUH
PLOOHFRSLHVROWDQWR
$FFDGGHSRFRGRSRFKHD)RUOLPSRSROLPLRSDHVHQDWLYRHUDVLLQGHWWDXQDJUDQILHUDGLEHQHILFHQ]D
H XQ DPLFR PL VFULVVH GL FRQWULEXLUYL FRQ GXH HVHPSODUL GHOOD YLWD GHO )RVFROR PD TXHVWD HVVHQGR DOORUD
SUHVVRGLPHHVDXULWDVXSSOLLFRQGXHFRSLHGHOOD6FLHQ]DLQFXFLQDH O $UWHGLPDQJLDUEHQH1RQO DYHVVL
PDL IDWWR SRLFKp PL IX ULIHULWR FKH TXHOOL FKH OH YLQVHUR LQYHFH GL DSSUH]]DUOH OH PLVHUR DOOD EHUOLQD H OH
DQGDURQRDYHQGHUHDOWDEDFFDLR
0D Qp DQFKH TXHVWD IX O XOWLPD GHOOH PRUWLILFD]LRQL VXELWH SHURFFKp DYHQGRQH PDQGDWD XQD FRSLD D
XQD 5LYLVWD GL 5RPD D FXLHUR DVVRFLDWRQRQ FKHGLUHGXHSDUROHVXOPHULWRGHOODYRURHIDUJOLXQSRFRGL
FULWLFD FRPH SURPHWWHYD XQ DYYLVR GHOOR VWHVVR JLRUQDOH SHL OLEUL PDQGDWL LQ GRQR OR QRWz VROWDQWR QHOOD
UXEULFDGLTXHOOLULFHYXWLVEDJOLDQGRQHSHUILQRLO WLWROR
)LQDOPHQWHGRSRWDQWHEDVWRQDWXUHVRUVHVSRQWDQHDPHQWHXQXRPRGLJHQLRDSHURUDUODPLDFDXVD
,OSURIHVVRU3DROR0DQWHJD]]DFRQTXHOO¶LQWXLWRSURQWRHVLFXURFKHORGLVWLQJXHYDFRQREEHVXELWRFKHTXHO
PLRODYRURTXDOFKHPHULWRORDYHYDSRWHQGRHVVHUXWLOHDOOHIDPLJOLHHUDOOHJUDQGRVLPHFRGLVVH &ROGDUFL
TXHVWROLEURYRLDYHWHIDWWRXQ¶RSHUDEXRQDHSHUFLzYLDXJXURFHQWRHGL]LRQL
7URSSHWURSSH ULVSRVL VDUHLFRQWHQWRGLGXH 3RLFRQPROWDPLDPHUDYLJOLDHVRUSUHVDFKHPL
FRQIXVHURORHORJLzHORUDFFRPDQGzDOO¶XGLWRULRLQGXHGHOOHVXHFRQIHUHQ]H
&RPLQFLDLDOORUDDSUHQGHUFRUDJJLRHYHGHQGRFKHLOOLEURSURSHQGHYDDGDYHUHVLWREHQFKpOHQWRGD
SULPDVFULVVLDOO¶DPLFRGL)RUOLPSRSROLODJQDQGRPLGHOO¶RIIHVDIDWWDDGXQOLEURFKHIRUVHXQJLRUQRDYUHEEH
UHFDWRRQRUHDOORUR SDHVHODVWL]]DQRQPLIHFHGLUPLR
(VLWDWD OD SULPD HGL]LRQH VHPSUH FRQ WLWXEDQ]D SHUFKp DQFRUD QRQ FL FUHGHYR PLVL PDQR DOOD
VHFRQGDDQFKHTXHVWDGLVROLPLOOHHVHPSODULODTXDOHDYHQGRDYXWRVPHUFLRSLVROOHFLWRGHOO¶DQWHFHGHQWH
PLGLqFRUDJJLRG¶LQWUDSUHQGHUODWHU]DGLFRSLHGXHPLODHSRLODTXDUWDHTXLQWDGLWUHPLODFLDVFXQD$TXHVWH
VHJXRQRDLQWHUYDOOLUHODWLYDPHQWHEUHYLVHLDOWUHHGL]LRQLGLTXDWWURPLODFLDVFXQDHILQDOPHQWHYHGHQGRFKH
TXHVWR PDQXDOH TXDQWR SL LQYHFFKLDYD SL DFTXLVWDYD IDYRUH H OD ULFKLHVWD VL IDFHYDVHPSUH SL YLYD PL
GHFLVLDSRUWDUHDVHLPLODDGLHFLPLODSRLDTXLQGLFLPLODLOQXPHURGHOOHFRSLHGLFLDVFXQDGHOOHVXFFHVVLYH
HGL]LRQL&RQTXHVWDWUHQWDFLQTXHVLPDHGL]LRQHVLqJLXQWLLQWXWWRDOQXPHURGLFRSLHGDWHDOODOXFH
ILQRUDHTXDVLVHPSUHFRQO¶DJJLXQWDGLQXRYHULFHWWH SHUFKpTXHVW¶DUWHqLQHVDXULELOH ODTXDOFRVDPLqGL
JUDQGHFRQIRUWRVSHFLDOPHQWHYHGHQGRFKHLOOLEURqFRPSUDWRDQFKHGDJHQWHDXWRUHYROHHGDSURIHVVRULGL
YDJOLD
3XQ]HFFKLDWR QHOO¶DPRUSURSULRGDTXHVWRULVXOWDWRIHOLFHPLSUHPHYDUHQGHUPL JUDWRDOSXEEOLFRFRQ
HGL]LRQL VHPSUH SL HOHJDQWL H FRUUHWWH H VHPEUDQGRPL GL QRQ YHGHUH LQ FKL SUHVLHGHYD DOOD VWDPSD WXWWR
O¶LPSHJQRSHUULXVFLUYLJOLGLVVLXQJLRUQRLQWRQRGLVFKHU]R 'XQTXHDQFKHOHLSHUFKpTXHVWRPLRODYRURVD
GL VWXIDWR VGHJQD IRUVH GL SUHQGHUOR LQ FRQVLGHUD]LRQH" 6DSSLD SHUz H OR GLFR D PDOLQFXRUH FKH FRQ OH
WHQGHQ]H GHO VHFROR DO PDWHULDOLVPR H DL JRGLPHQWL GHOOD YLWD YHUUj JLRUQR H QRQ q ORQWDQR FKH VDUDQQR
PDJJLRUPHQWHULFHUFDWLHOHWWLJOLVFULWWLGLTXHVWDVSHFLHFLRqGLTXHOOLFKHUHFDQRGLOHWWRDOODPHQWHHGDQQR
SDVFRORDOFRUSRDSUHIHUHQ]DGHOOHRSHUHPROWRSLXWLOLDOO XPDQLWjGHLJUDQGLVFLHQ]LDWL
&LHFR FKL QRQ OR YHGH 6WDQQR SHU ILQLUH L WHPSL GHOOH VHGXFHQWL H OXVLQJKLHUH LGHDOL LOOXVLRQL H GHJOL
DQDFRUHWL LO PRQGR FRUUH DVVHWDWR DQFKH SL FKH QRQ GRYUHEEH DOOH YLYH IRQWL GHO SLDFHUH H SHUz FKL
SRWHVVHHVDSHVVHWHPSHUDUH TXHVWHSHULFRORVHWHQGHQ]HFRQXQDVDQDPRUDOHDYUHEEHYLQWRODSDOPD
3RQJR ILQHDTXHVWDPLDFLFDODWDQRQVHQ]DWULEXWDUHXQHORJLRHXQULQJUD]LDPHQWREHQPHULWDWLDOOD
&DVD (GLWULFH %HPSRUDG GL )LUHQ]H OD TXDOH VL q GDWD RJQL FXUD GL IDU FRQRVFHUH TXHVWR PLR 0DQXDOH DO
SXEEOLFRHGLGLYXOJDUOR
35()$=,2
/D FXFLQD q XQD EULFFRQFHOOD VSHVVR H YROHQWLHUL ID GLVSHUDUH PD Gj DQFKH SLDFHUH SHUFKp TXHOOH
YROWHFKHULXVFLWHRFKHDYHWHVXSHUDWDXQDGLIILFROWjSURYDWHFRPSLDFLPHQWRHFDQWDWHYLWWRULD
'LIILGDWH GHL OLEUL FKH WUDWWDQR GL TXHVW DUWH 6RQR OD PDJJLRU SDUWH IDOODFL R LQFRPSUHQVLELOL
VSHFLDOPHQWH TXHOOL LWDOLDQL PHQR SHJJLR L IUDQFHVL DO SL DO SL WDQWR GDJOL XQL FKH GDJOL DOWUL SRWUHWH
DWWLQJHUHTXDOFKHQR]LRQHXWLOHTXDQGRO¶DUWHODFRQRVFHWH
6HQRQVLKDODSUHWHVDGLGLYHQWDUHXQFXRFRGLEDOGDFFKLQRQRQFUHGRVLDQHFHVVDULRSHUULXVFLUHGL
QDVFHUHFRQXQDFD]]DUXRODLQFDSREDVWDODSDVVLRQHPROWDDWWHQ]LRQHHO DYYH]]DUVLSUHFLVLSRLVFHJOLHWH
VHPSUHSHUPDWHULDSULPDUREDGHOODSLILQHFKHTXHVWDYLIDUjILJXUDUH
,O PLJOLRU PDHVWUR q OD SUDWLFD VRWWR XQ HVHUFHQWH FDSDFH PD DQFKH VHQ]D GL HVVR FRQ XQD VFRUWD
VLPLOHDTXHVWDPLDPHWWHQGRYLFRQPROWRLPSHJQRDOODYRURSRWUHWHLRVSHURDQQDVSDUTXDOFKHFRVD
9LQWR GDOOH LQVLVWHQ]H GL PROWL PLHL FRQRVFHQWL H GL VLJQRUH FKH PL RQRUDQR GHOOD ORUR DPLFL]LD PL
GHFLVLILQDOPHQWHGLSXEEOLFDUHLOSUHVHQWHYROXPHODFXLPDWHULDJLjSUHSDUDWDGDOXQJRWHPSRVHUYLYDSHU
VROR PLR XVR H FRQVXPR 9H O RIIUR GXQTXH GD VHPSOLFH GLOHWWDQWH TXDO VRQR VLFXUR GL QRQ LQJDQQDUYL
DYHQGRSURYDWLHULSURYDWLSLYROWHTXHVWLSLDWWLGDPHPHGHVLPRVHSRLYRLQRQYLULXVFLUHWHDOODSULPDQRQ
YLVJRPHQWDWHEXRQDYRORQWjHGLQVLVWHQ]DYXROHVVHUHH YLJDUDQWLVFRFKHJLXQJHUHWHDIDUOLEHQHHSRWUHWH
DQFKHPLJOLRUDUOLLPSHURFFKpLRQRQSUHVXPRGLDYHUWRFFDWRO DSLFHGHOODSHUIH]LRQH
0D YHGHQGR FKH VL q JLXQWL FRQ TXHVWD DOOD WUHQWDFLQTXHVLPD HGL]LRQH H DOOD WLUDWXUD GL
GXHFHQWRWWDQWDWUHPLOD HVHPSODUL PL JLRYD FUHGHUH FKH QHOOD JHQHUDOLWj D TXHVWH PLH SLHWDQ]H YHQJD IDWWR
EXRQYLVRHFKHSRFKLSHUPLDIRUWXQDPLDEELDQRPDQGDWRILQRUDLQTXHOSDHVHSHULPEDUD]]RGLVWRPDFRR
SHUDOWULIHQRPHQLFKHODGHFHQ]DPLYLHWDGLQRPLQDUH
1RQ YRUUHL SHUz FKH SHU HVVHUPL RFFXSDWR GL FXOLQDULD PL JDEHOODVWH SHU XQ JKLRWWRQH R SHU XQ JUDQ
SDSSDWRUHSURWHVWRVHPDLFRQWURTXHVWDWDFFLDSRFRRQRUHYROHSHUFKpQRQVRQRQpO XQDQpO DOWUDFRVD
$PRLOEHOORHGLOEXRQRRYXQTXHVLWURYLQRHPLULSXJQDGLYHGHUHVWUD]LDWDFRPHVXROGLUVLODJUD]LDGL'LR
$PHQ
/¶$8725($&+,/(**(
'XHVRQROHIXQ]LRQLSULQFLSDOLGHOODYLWDODQXWUL]LRQHHODSURSDJD]LRQHGHOODVSHFLHDFRORURTXLQGL
FKHULYROJHQGRODPHQWHDTXHVWLGXHELVRJQLGHOO HVLVWHQ]DOLVWXGLDQRHVXJJHULVFRQRQRUPHRQGHYHQJDQR
VRGLVIDWWLQHOPLJOLRUPRGRSRVVLELOHSHUUHQGHUPHQRWULVWHODYLWDVWHVVDHSHUJLRYDUHDOO XPDQLWjVLDOHFLWR
VSHUDUHFKHTXHVWDSXUVHQRQDSSUH]]DOHORURIDWLFKHVLDDOPHQRSURGLJDGLXQEHQLJQRFRPSDWLPHQWR
,OVHQVRUDFFKLXVRLQTXHVWHSRFKHULJKHSUHPHVVHDOODWHU]DHGL]LRQHHVVHQGRVWDWRVYROWRFRQSL
FRPSHWHQ]D LQ XQD OHWWHUD IDPLOLDUH D PH GLUHWWD GDO FKLDULVVLPR SRHWD /RUHQ]R 6WHFFKHWWL PL SURFXUR LO
SLDFHUH GLWUDVFULYHUYLOHVXHSDUROH
³,O JHQHUH XPDQR HJOL GLFH GXUD VROR SHUFKp O XRPR KD O LVWLQWR GHOOD FRQVHUYD]LRQH H TXHOOR GHOOD
ULSURGX]LRQH H VHQWH YLYLVVLPR LO ELVRJQR GL VRGLVIDUYL $OOD VRGLVID]LRQH GL XQ ELVRJQR YD VHPSUH XQLWR XQ
SLDFHUHHLOSLDFHUHGHOODFRQVHUYD]LRQHVLKDQHOVHQVRGHOJXVWRHTXHOORGHOODULSURGX]LRQHQHOVHQVRGHO
WDWWR6HO XRPRQRQDSSHWLVVHLOFLERRQRQSURYDVVHVWLPROLVHVVXDOLLOJHQHUHXPDQRILQLUHEEHVXELWR
,O JXVWR H LO WDWWR VRQR TXLQGL L VHQVL SL QHFHVVDUL DQ]L LQGLVSHQVDELOL DOOD YLWD GHOO LQGLYLGXR H GHOOD
VSHFLH*OLDOWULDLXWDQRVROWDQWRHVLSXzYLYHUHFLHFKLHVRUGLPDQRQVHQ]DO DWWLYLWjIXQ]LRQDOHGHJOLRUJDQL
GHOJXVWR
&RPH q GXQTXH FKH QHOOD VFDOD GHL VHQVL L GXH SL QHFHVVDUL DOOD YLWD HG DOOD VXD WUDVPLVVLRQH VRQR
UHSXWDWL SL YLOL" 3HUFKp TXHO FKH VRGLVID JOL DOWUL VHQVL SLWWXUD PXVLFD HFF VL GLFH DUWH VL ULWLHQH FRVD
QRELOHHGLJQRELOHLQYHFHTXHOFKHVRGLVIDLOJXVWR"3HUFKpFKLJRGHYHGHQGRXQEHOTXDGURRVHQWHQGRXQD
EHOOD VLQIRQLD q UHSXWDWR VXSHULRUH D FKL JRGH PDQJLDQGR XQ HFFHOOHQWH YLYDQGD" &L VRQR GXQTXH WDOL
LQHJXDJOLDQ]HDQFKHWUDLVHQVLFKHFKLODYRUDKDXQDFDPLFLDHFKLQRQODYRUDQHKDGXH"
'HYH HVVHUH SHO WLUDQQLFR UHJQR FKH LO FHUYHOOR HVHUFLWD RUD VX WXWWL JOL RUJDQL GHO FRUSR $O WHPSR GL
0HQHQLR $JULSSD GRPLQDYD OR VWRPDFR RUD QRQ VHUYH QHPPHQR SL R DOPHQR VHUYH PDOH 7UD TXHVWL
HFFHVVLYL ODYRUDWRUL GL FHUYHOOR FH Q q XQR FKH GLJHULVFD EHQH" 7XWWR q QHUYL QHYURVL QHYUDVWHQLD H OD
VWDWXUDODFLUFRQIHUHQ]DWRUDFLFDODIRU]DGLUHVLVWHQ]DHGLULSURGX]LRQHFDODQRRJQLJLRUQRLQTXHVWDUD]]D
GLVDJJLHGLDUWLVWLSLHQLG LQJHJQRHGLUDFKLWLGHGLGHOLFDWH]]HHGLJODQGXOHFKHQRQVLQXWUHPDVLHFFLWDH
VLUHJJHDIRU]DGLFDIIqGLDOFRROHGLPRUILQD3HUFLzLVHQVLFKHVLGLULJRQRDOODFHUHEUD]LRQHVRQRVWLPDWL
SLQRELOLGLTXHOOLFKHSUHVLHGRQRDOODFRQVHUYD]LRQHHVDUHEEHRUDGLFDVVDUHTXHVWDLQJLXVWDVHQWHQ]D
2 VDQWD ELFLFOHWWD FKH FL ID SURYDUH OD JLRLD GL XQ UREXVWR DSSHWLWR D GLVSHWWR GHL GHFDGHQWL H GHL
GHFDGXWLVRJQDQWLODFORURVLODWDEHHLJDYRFFLROLGHOO DUWHLGHDOH$OO DULDDOO DULDOLEHUDHVDQDDIDUURVVRLO
VDQJXHHIRUWLLPXVFROL1RQYHUJRJQLDPRFLGXQTXHGLPDQJLDUHLOPHJOLRFKHVLSXzHULGLDPRLOVXRSRVWR
DQFKHDOODJDVWURQRPLD,QILQHDQFKHLOWLUDQQRFHUYHOORFLJXDGDJQHUjHTXHVWDVRFLHWjPDODWDGLQHUYLILQLUj
SHU FDSLUH FKH DQFKH LQ DUWH XQD GLVFXVVLRQH VXO FXFLQDUH O DQJXLOOD YDOH XQD GLVVHUWD]LRQH VXO VRUULVR GL
%HDWULFH
1RQVLYLYHGLVRORSDQHqYHURFLYXROHDQFKHLOFRPSDQDWLFRHO DUWHGLUHQGHUORSLHFRQRPLFRSL
VDSLGR SLVDQRORGLFRHORVRVWHQJRqYHUDDUWH5LDELOLWLDPR LOVHQVRGHOJXVWRHQRQYHUJRJQLDPRFLGL
VRGLVIDUORRQHVWDPHQWHPDLOPHJOLRFKHVLSXzFRPHHOODFHQHGjLSUHFHWWL´
$/&81(1250('¶,*,(1(
7LEHULR LPSHUDWRUH GLFHYD FKH O XRPR JLXQWR DOO HWj GL WUHQWDFLQTXH DQQL QRQ GRYUHEEH DYHUH SL
ELVRJQRGLPHGLFR6HTXHVWRDIRULVPRSUHVRLQVHQVRODUJRqYHURQRQqPHQYHURFKHLOPHGLFRFKLDPDWR
DWHPSRSXzWURQFDUHVXOEHOSULQFLSLRXQDPDODWWLDHGDQFKHVDOYDUYLGDLPPDWXUDPRUWHLOPHGLFRSRLVH
QRQJXDULVFHVROOHYDVSHVVRFRQVRODVHPSUH
/D PDVVLPD GHOO LPSHUDWRUH 7LEHULR q YHUD LQ TXDQWR FKH O XRPR DUULYDWR D PHWj GHO FRUVR GHOOD YLWD
GRYUHEEH DYHUH DFTXLVWDWD WDQWD HVSHULHQ]D VRSUD Vp VWHVVR GD FRQRVFHUH FLz FKH JOL QXRFH H FLz FKH JOL
JLRYD H FRQ XQ EXRQ UHJLPH GLHWHWLFR JRYHUQDUVL LQ PRGR GD WHQHUH LQ ELOLFR OD VDOXWH OD TXDO FRVD QRQ q
GLIILFLOH VH TXHVWD QRQ q PLQDFFLDWD GD YL]LL RUJDQLFL R GD TXDOFKH YLVFHUDOH OHVLRQH 2OWUH D FLz GRYUHEEH
O XRPRJLXQWRDTXHOO HWjHVVHUVLSHUVXDVRFKHODFXUDSURILODWWLFDRVVLDSUHYHQWLYDqODPLJOLRUHFKHEHQ
SRFRHYYLDVSHUDUHGDOOHPHGLFLQHHFKHLOPHGLFRSLDELOHqFROXLFKHRUGLQDSRFRHFRVHVHPSOLFL
/HSHUVRQHQHUYRVHHWURSSRVHQVLELOLVSHFLDOPHQWHVHGLVRFFXSDWHHGDSSUHQVLYHVLILJXUDQRGLDYHU
PLOOH PDOLFKH KDQQR VHGH VROR QHOOD ORUR LPPDJLQD]LRQH 8QD GL TXHVWH SDUODQGR GL Vp VWHVVDGLFHYD XQ
JLRUQR DO VXR PHGLFR ³,R QRQFDSLVFR FRPH SRVVD FDPSDUH XQ XRPR FRQ WDQWL PDODQQL DGGRVVR´ (SSXUH
QRQVRORqFDPSDWDFRQTXDOFKHLQFRPRGXFFLRFRPXQHDWDQWLDOWULPDHVVDKDUDJJLXQWRXQDWDUGDHWj
4XHVWLLQIHOLFLLSRFRQGULDFLFKHDOWURQRQVRQRPHULWDQRWXWWRLOQRVWURFRPSDWLPHQWRLPSHURFFKpQRQ
VDQQRVYLQFRODUVLGDOOHSDVWRLHLQFXLOLWLHQHXQDHVDJHUDWDHFRQWLQXDSDXUDHQRQ F qPRGRDSHUVXDGHUOL
ULWHQHQGRVLLQJDQQDWLGDOOR]HORGLFRORURFKHFHUFDQRGLFRQIRUWDUOL6SHVVROLYHGUHWHFROO RFFKLRWRUYRHFRO
SROVR LQ PDQR JHWWDU VRVSLUL JXDUGDUVL FRQ ULEUH]]R DOOR VSHFFKLR HG RVVHUYDUH OD OLQJXD OD QRWWH GL
VRSUDVVDOWR EDO]DU GDO OHWWR VSDYHQWDWL SHU SDOSLWDU GHO FXRUH LQ VXVVXOWR ,O YLWWR SHU HVVL q XQD SHQD QRQ
VROR SHU OD VFHOWD GH FLEL PD RUD WHPHQGR GL DYHU PDQJLDWR WURSSR VWDQQR LQ DSSUHQVLRQH GL TXDOFKH
DFFLGHQWH RUD YROHQGR FRUUHJJHUVL FRQ DVWLQHQ]D HFFHVVLYD KDQQR LQVRQQLD OD QRWWH H VRJQL PROHVWL &RO
SHQVLHURVHPSUHDVpVWHVVLSHOWLPRUHGLSUHQGHUHXQUDIIUHGGRUHRXQPDOGLSHWWRHVFRQRUDYYROWLLQPRGR
FKHVHPEUDQRIHJDWHOOLQHOODUHWHHDGRJQLSR G LPSUHVVLRQHIUHGGDFKHVHQWRQRVRSUDPPHWWRQRLQYROXFUL
VRSUDLQYROXFULGDGLVJUDGDUQHVWRSHU GLUOHFLSROOH3HUTXHVWLWDOLQRQF qPHGLFLQDFKHYDOJDHXQPHGLFR
FRVFLHQ]LRVRGLUjORURGLYDJDWHYLGLVWUDHWHYLSDVVHJJLDWHVSHVVRDOO DULDDSHUWDSHUTXDQWROHYRVWUHIRU]HLO
FRPSRUWDQRYLDJJLDWHVHDYHWHTXDWWULQLLQEXRQDFRPSDJQLDHJXDULUHWH6 LQWHQGHEHQHFKHLRLQTXHVWR
VFULWWRSDUORDOOHFODVVLDJLDWHFKpLGLVHUHGDWLGDOODIRUWXQDVRQRFRVWUHWWLORURPDOJUDGRDIDUHGLQHFHVVLWj
YLUW H FRQVRODUVL ULIOHWWHQGR FKH OD YLWD DWWLYD H IUXJDOH FRQWULEXLVFH DOOD UREXVWH]]D GHL FRUSR H DOOD
FRQVHUYD]LRQHGHOODVDOXWH'DTXHVWLSUHOLPLQDULSDVVDQGRDOODJHQHUDOLWjGLXQDEXRQDLJLHQHSHUPHWWHWHPL
YLUDPPHQWLDOFXQLSUHFHWWLFKHJRGRQRGDOXQJRWHPSRODVDQ]LRQHVFLHQWLILFDPDFKHQRQVRQRULSHWXWLPDL
DEEDVWDQ]DHSHUSULPRSDUODQGRYL GHOYHVWLDULRPLULYROJRDOOHVLJQRUHPDPPHHGLFRDGHVVHFRPLQFLDWH
DYHVWLUOHJJLHULILQRGDOO LQIDQ]LDLYRVWULEDPELQLFKHSRLIDWWLDGXOWLFRQTXHVWRPHWRGRULVHQWLUDQQRPHQROH
EUXVFKHYDULD]LRQLGHOO DWPRVIHUDHDQGUDQQRPHQRVRJJHWWLDOOHLQIUHGGDWXUHDOOHEURQFKLWL6HSRLGXUDQWH
O LQYHUQR QRQ HOHYHUHWH QH YRVWUL DSSDUWDPHQWL LO FDORUH GHOOH VWXIH ROWUH DL R JUDGL YL VDOYHUHWH
SUREDELOPHQWHGDOOHSROPRQLWLFKHVRQRFRVuIUHTXHQWLRJJLJLRUQR
$OOH SULPH IUHVFXUH QRQ YL DJJUDYDWH D XQ WUDWWR GL WURSSL SDQQL EDVWD XQ LQGXPHQWR HVWHUQR H
SUHFDULR SHU SRWHUOR GHSRUUH H ULSUHQGHUH D SLDFHUH QHO IUHTXHQWH DOWHUQDUVL GHOOD VWDJLRQH ILQR D FKH QRQ
VDUHPR HQWUDWL QHO IUHGGR FRVWDQWH 4XDQGR SRL YL DYYLFLQDWH DOOD SULPDYHUD UDPPHQWDWHYL DOORUD GHO
VHJXHQWHSURYHUELRFKHLRWURYRGLXQDYHULWjLQGLVFXWLELOH
'LDSULOHQRQWLDOOHJJHULUH
'LPDJJLRYD DGDJLR
'LJLXJQRJHWWDYLDORFRWWLFXJQR
0DQRQORLPSHJQDUH
&KpSRWUHEEHDEELVRJQDUH
&HUFDWH GL DELWDU FDVH VDQH FRQ PROWD OXFH H YHQWLODWH GRY¶HQWUD LO VROH IXJJRQR OH PDODWWLH
&RPSDVVLRQDWH TXHOOH VLJQRUH FKH ULFHYRQR TXDVL DOO RVFXUR FKH TXDQGR DQGDWH D YLVLWDUOH LQFLDPSDWH QHL
PRELOL H QRQ VDSHWH GRYH SRVDUH LO FDSSHOOR 3HU TXHVWR ORUR FRVWXPH GL YLYHUH TXDVL VHPSUH QHOOD
SHQRPEUDGLQRQIDUPRWRDSLHGLHDOO DULDOLEHUDHGDSHUWDHSHUFKpWHQGHQDWXUDOPHQWHLOORURVHVVRDEHU
SRFRYLQRHDFLEDUVLVFDUVDPHQWHGLFDUQHSUHIHUHQGRLYHJHWDOLHLGROFLXPLQRQWURYDWHIUDORUROH JXDQFH
URVHH LQGL]LR GL SURVSHUD VDOXWH OH EHOOH FDUQDJLRQL WXWWR VDQJXH H ODWWH QRQ FLFFH VRGH PD IORVFLH HYLVL
FRPH OHYHFFHIDWWHQDVFHUHDOEXLRSHUDGRUQDUHLVHSROFULLOJLRYHGuVDQWR4XDOPDUDYLJOLDDOORUDGLYHGHU
IUDOHGRQQHWDQWHLVWHULFKHQHYURWLFKHHGDQHPLFKH"
$YYH]]DWHYL D PDQJLDUH G RJQL FRVD VH QRQ YROHWH GLYHQLUH LQFUHVFLRVL DOOD IDPLJOLD &KL ID GHOOH
HVFOXVLRQLSDUHFFKLHRIIHQGHJOLDOWULHLOFDSRGLFDVDFRVWUHWWLDVHJXLUORSHUQRQUDGGRSSLDUOHSLHWDQ]H1RQ
YL IDWH VFKLDYL GHO YRVWUR VWRPDFR TXHVWR YLVFHUH FDSULFFLRVR FKH VL VGHJQD SHU SRFR SDUH VL GLOHWWL GL
WRUPHQWDUH VSHFLDOPHQWH FRORUR FKH PDQJLDQR SL GHO ELVRJQR YL]LR FRPXQH GL FKL QRQ q FRVWUHWWR GDOOD
QHFHVVLWDDOYLWWRIUXJDOH$GDUJOLUHWWDRUDFRQOHVXHQDXVHHRUDFROULPDQGDUYLDOODJRODLOVDSRUHGH FLEL
ULFHYXWL HG RUD FRQ PROHVWH DFLGLWj YL ULGXUUHEEH DO UHJLPH GH FRQYDOHVFHQWL ,Q TXHVWL FDVL VH QRQ DYHWH
QXOODDULPSURYHUDUYLSHULVWUDYL]LRPXRYHWHJOLJXHUUDFRPEDWWHWHORFRUSRDFRUSRSHUYHGHUHGLYLQFHUORPD
VHSRLDVVROXWDPHQWHODQDWXUDVLULEHOODDGXQGDWRDOLPHQWRDOORUDVRORFRQFHGHWHJOLODYLWWRULDHVPHWWHWH
&KL QRQ HVHUFLWD DWWLYLWj PXVFRODUH GHYH YLYHUH SL SDUFR GHJOL DOWUL H D TXHVWR SURSRVLWR $JQROR
3DQGROILQL QHO 7UDWWDWR GHO JRYHUQR GHOOD IDPLJOLD GLFH ³7URYR FKH PROWR JLRYD OD GLHWD OD VREULHWj QRQ
PDQJLDUHQRQEHUHVHQRQYLVHQWLWHIDPHRVHWH(SURYRLQPHTXHVWRSHUFRVDFUXGDHGXUDFKHVLDD
GLJHVWLUHYHFFKLRFRPHLRVRQRGDOO XQVROHDOO DOWURPLWURYRDYHUODGLJHVWLWD)LJOLXROLPLHLSUHQGHWHTXHVWD
UHJROD EULHYH JHQHUDOH H PROWR SHUIHWWD 3RQHWH FXUD LQ FRQRVFHUH TXDO FRVD Y q QRFLYD H GD TXHOOD YL
JXDUGDWHHTXDOHYLJLRYDHIDSURTXHOODVHJXLWHHFRQWLQXDWH´
$OORVYHJOLDUYLODPDWWLQDFRQVXOWDWHFLzFKHSLVLFRQIjDOYRVWURVWRPDFRVHQRQORVHQWLWHGHOWXWWR
OLEHUR OLPLWDWHYL DG XQD WD]]D GL FDIIq QHUR H VH OD IDWH SUHFHGHUH GD PH]]R ELFFKLHU G DFTXD IUDPPLVWD D
FDIIqVHUYLUjPHJOLRDVEDUD]]DUYLGDLUHVLGXLGLXQDLPSHUIHWWDGLJHVWLRQH6HSRLYLWURYDWHLQSHUIHWWRVWDWRH
DYYHUWHQGR GL QRQ SLJOLDUH DEEDJOLR SHUFKp F q DQFKH OD IDOVD IDPH VHQWLWH VXELWR ELVRJQR GL FLER LQGL]LR
FHUWRGLEXRQDVDOXWHHSURQRVWLFRGLOXQJDYLWDDOORUDYLHQHRSSRUWXQRDVHFRQGDGHOYRVWURJXVWRFROFDIIq
QHUR XQ FURVWLQR LPEXUUDWR R LO FDIIq FRO ODWWH RSSXUH OD FLRFFRODWD 'RSR TXDWWU RUH FLUFD FKH WDQWH
RFFRUURQR SHU GLJHULUH XQD FROD]LRQH DQFRUFKp VFDUVD H OLTXLGD VL SDVVD VHFRQGR O XVR PRGHUQR DOOD
FROD]LRQHVROLGDGHOOHRGHOPH]]RJLRUQR
4XHVWR SDVWR SHU HVVHUH LO SULPR GHOOD JLRUQDWD q VHPSUH LO SL DSSHWLWRVR H SHUFLz QRQ FRQYLHQH
OHYDUVL GHO WXWWR OD IDPH VH YROHWH JXVWDUH LO SUDQ]R H DPPHQRFKp QRQ FRQGXFLDWH YLWD DWWLYD H GL ODYRUR
PXVFRODUHQRQqEHQHLOSDVWHJJLDUFROYLQRSHUFKpLOURVVRQRQqGLIDFLOHGLJHVWLRQHHLOELDQFRHVVHQGR
DOFRROLFRWXUEDODPHQWHVHTXHVWDGHYHVWDUHDSSOLFDWD
0HJOLRqLOSDVWHJJLDUODPDWWLQDFRQDFTXDSXUDHEHUHLQILQHXQELFFKLHULQRRGXHGLYLQRGDERWWLJOLD
RSSXUHLOIDUXVRGLWKHVHPSOLFHRFROODWWHFKHLRWURYRPROWRRPRJHQHRQRQDJJUDYDORVWRPDFRHFRPH
DOLPHQWRQHUYRVRHFDOGRDLXWDDGLJHULUH
1HOSUDQ]RFKHqLOSDVWRSULQFLSDOHGHOODJLRUQDWDHGLUHLTXDVLXQDIHVWDGLIDPLJOLDVLSXzVFLDODUH
PDSLGXUDQWHO LQYHUQRFKHQHOO HVWDWHSHUFKpQHOFDOGRVLULFKLHGRQRDOLPHQWLOHJJLHULHIDFLOLDGLJHULUVL3L
HGLYHUVHTXDOLWjGLFLELGHLGXHUHJQLGHOODQDWXUDRYHSUHGRPLQLO HOHPHQWRFDUQHRFRQWULEXLVFRQRPHJOLRD
XQD EXRQD GLJHVWLRQH VSHFLDOPHQWH VH DQQDIILDWL GD YLQR YHFFKLR HG DVFLXWWR PD JXDUGDWHYL GDOOH
VFRUSDFFLDWHFRPHSXUHGDTXHLFLELFKHVRQRVROLWLDVFLRJOLHUYLLOFRUSRHQRQGLODYDWHORVWRPDFRFROWURSSR
EHUH $ TXHVWR SURSRVLWR DOFXQL LJLHQLVWL FRQVLJOLDQR LO SDVWHJJLDU FROO DFTXD DQFKH GXUDQWH LO SUDQ]R
VHUEDQGRLO YLQRDOODILQH)DWHORVHYHQHVHQWLWHLOFRUDJJLRDPHVHPEUDXQWURSSRSUHWHQGHUH
6H YROHWH XQD EXRQD UHJROD QHO SUDQ]R DUUHVWDWHYL DO SULPR ERFFRQH FKH YL ID QDXVHD H VHQ] DOWUR
SDVVDWH DO GHVVHUW 8Q DOWUD EXRQD FRQVXHWXGLQH FRQWUR OH LQGLJHVWLRQL H DOO HVXEHUDQ]D GL QXWULPHQWR q GL
PDQJLDUOHJJLHURLOJLRUQRDSSUHVVRDTXHOORLQFXLYLVLHWHQXWULWLGLFLELJUDYLHSHVDQWL
,OJHODWRQRQQXRFHDOODILQHGHOSUDQ]RDQ]LJLRYDSHUFKpULFKLDPDDOYHQWULFRORLOFDORUHRSSRUWXQRD
EHQ GLJHULUH PD JXDUGDWHYL VHPSUH VH OD VHWH QRQ YH OR LPSRQH GL EHUH WUD XQ SDVWR H O DOWUR SHU QRQ
GLVWXUEDUHODGLJHVWLRQHDYHQGRELVRJQRTXHVWRODYRURGLDOWDFKLPLFDGHOODQDWXUDGLQRQHVVHUHPROHVWDWR
)UD OD FROD]LRQH H LO SUDQ]R ODVFLDWH FRUUHUH XQ LQWHUYDOOR GL VHWWH RUH FKH WDQWH RFFRUURQR SHU XQD
FRPSOHWDGLJHVWLRQHDQ]LQRQEDVWDQRSHUTXHOOLFKHO KDQQROHQWDFRVLFFKpDYHQGROXRJRODFROD]LRQHDOOH
XQGLFL PHJOLR q WUDVSRUWDUH LO SUDQ]R DOOH VHWWH PD YHUDPHQWH QRQ VL GRYUHEEH ULWRUQDUH DO FLER DOWUR FKH
TXDQGRORVWRPDFRFKLDPD FRQLQVLVWHQ]DVRFFRUVRHTXHVWRELVRJQRWDQWRSLSUHVWRVLIDUjLPSHULRVRVH
ORSURYRFDWHFRQXQDSDVVHJJLDWDDOO DULDOLEHUDRSSXUHFRQTXDOFKHHVHUFL]LRWHPSHUDWRHSLDFHYROH
³/¶HVHUFL]LRGLFH LOSUHFLWDWR$JQROR3DQGROILQLFRQVHUYDODYLWDDFFHQGHLOFDOGRHLOYLJRUHQDWXUDOH
VFKLXPDVXSHUFKLHHFDWWLYHPDWHULHHXPRULIRUWLILFDRJQLYLUWGHOFRUSRHGH QHUYLqQHFHVVDULRD JLRYDQL
XWLOHD YHFFKL&ROXLQRQIDFFLDHVHUFL]LRFKHQRQYXROHYLYHUHVDQRHOLHWR6RFUDWHVLOHJJHLQFDVDEDOODYD
HVDOWDYDSHUHVHUFLWDUVL/DYLWDPRGHVWDULSRVDWDHOLHWDIXVHPSUHRWWLPDPHGLFLQDDOODVDQLWj´
/DWHPSHUDQ]DHO HVHUFL]LRGHLFRUSRVRQRGXQTXHLGXHSHUQLVXFXLODVDOXWHVLDJJLUDPDDYYHUWLWH
FKH TXDQGRHFFHGHFDQJLDWDLQYL]LRODYLUWVLYHGHLPSHURFFKpOHSHUGLWHFRQWLQXHGHOO RUJDQLVPRKDQQR
ELVRJQR GL ULSDUD]LRQH 'DOOD SOHWRUD SHU WURSSR QXWULPHQWR JXDUGDWHYL GDO FDGHUH QHOO HFFHVVR RSSRVWR GL
XQDVFDUVDHLQVXIILFLHQWHDOLPHQWD]LRQHSHUQRQODVFLDUYLLQGHEROLUH
'XUDQWH O DGROHVFHQ]D RVVLD QHO FUHVFHUH O XRPR KD ELVRJQR GL PROWR QXWULPHQWR SHU O DGXOWR H
VSHFLDOPHQWHSHOYHFFKLRODPRGHUD]LRQHQHOFLERqLQGLVSHQVDELOHYLUWSHUSUROXQJDUHODYLWD
$FRORURFKHKDQQRFRQVHUYDWDDQFRUDODEHDWDXVDQ]DGH QRVWULSDGULGLSUDQ]DUHDPH]]RJLRUQRRDO
WRFFR UDPPHQWHUz O DQWLFKLVVLPRDGDJLR3RVW SUDQGLXPVWDELVHWSRVW FHQDPDPEXODELVDWXWWLSRLFKHOD
SULPDGLJHVWLRQHVLIDLQERFFDTXLQGLQRQVLSRWUHEEHPDLDEEDVWDQ]DUDFFRPDQGDUHODFRQVHUYD]LRQHGHL
GHQWLSHUWULWXUDUHHPDFLQDUHFRQYHQLHQWHPHQWHLFLELFKHFROO DLXWRGHOODVDOLYDVLGLJHULVFRQRDVVDLPHJOLR
GLTXHOOLWULWDWLHSHVWDWLLQFXFLQDLTXDOLULFKLHGRQRSRFDPDVWLFD]LRQHULHVFRQRSHVDQWLDOORVWRPDFRFRPH
VH TXHVWR YLVFHUH VHQWLVVH VGHJQR SHU DYHUJOL WROWR SDUWH GHO VXR ODYRUR DQ]L PROWL FLEL ULSXWDWL LQGLJHVWL
SRVVRQRULHVFLUHGLJHULELOLHJXVWDWLPHJOLRPHGLDQWHXQDIRUWHPDVWLFD]LRQH
6H FRQ OD JXLGD GL TXHVWH QRUPH VDSUHWH UHJRODU EHQH LO YRVWUR VWRPDFR GD GHEROH FKH HUD LO
UHQGHUHWH IRUWH H VH IRUWH GL QDWXUD WDOH LO FRQVHUYHUHWH VHQ]D ULFRUUHUH DL PHGLFDPHQWL 5LIXJJLWH GDL
SXUJDQWL FKH VRQR XQD URYLQD VH XVDWL GL IUHTXHQWH H ULFRUUHWH DG HVVL EHQ GL UDGR H VROWDQWR TXDQGR OD
QHFHVVLWjLOULFKLHGD0ROWHYROWHOHEHVWLHFROORURLVWLQWRQDWXUDOHHIRUV DQFKHFROUD]LRFLQLRLQVHJQDQRDQRL
FRPH UHJRODUFL LO PLR FDULVVLPR DPLFR 6LELOORQH TXDQGR SUHQGHYD XQ LQGLJHVWLRQH VWDYD XQ JLRUQR R GXH
VHQ]D PDQJLDUH H O DQGDYD D VPDOWLUH VXL WHWWL 6RQR TXLQGL GD GHSORUDUH TXHOOH SLHWRVH PDPPH FKH SHU
XQ HVDJHUD]LRQH GHO VHQWLPHQWR PDWHUQR WHQJRQR JOL RFFKL VHPSUH LQWHQWL DOOD VDOXWH GH ORUR SLFFLQL H DG
RJQL LVWDQWH FKH OL YHGRQR XQ SR PRJLR QRQ REEHGLHQWL DO VHFHVVR FRQ TXHOOD ILVLPD VHPSUH LQ FDSR GH EDFKLLTXDOLLOSLVRYHQWHQRQVRQRFKHQHOODORURLPPDJLQD]LRQHQRQODVFLDQRDJLUODQDWXUDFKHLQTXHOOD
HWjULJRJOLRVDHGHVXEHUDQWHGLYLWDIDSURGLJLODVFLDWDDVHVWHVVDPDULFRUURQRVXELWRDOPHGLFDPHQWRDO
FOLVWHUH
/ XVR GH OLTXRUL FKHD QRQ LVWDUH LQ JXDUGLD GLYHQWD DEXVRq ULSURYDWR GDWXWWL JOL LJLHQLVWL SHL JXDVWL
LUUHSDUDELOLFKHFDJLRQDQRQHOO RUJDQLVPRXPDQR3XzIDUHHFFH]LRQHVROWDQWRXQTXDOFKHOHJJHURSRQFLQRGL
FRJQDF VLDSXUHFRQO RGRUHGHOUKXP QHOOHIUHGGHVHUDWHG LQYHUQRSHUFKpDLXWDQHOODQRWWHODGLJHVWLRQHH
YLWURYDWHODPDWWLQDFRQORVWRPDFRSLOLEHURHODERFFDPLJOLRUH
0DOHPDOHDVVDLSRLIDQQRFRORURFKHVLODVFLDQRYLQFHUHGDOYLQR$SRFRDSRFRVHQWRQRQDXVHDDO
FLERHVLQXWURQRTXDVLHVFOXVLYDPHQWHGLTXHOORLQGLVLGHJUDGDQRDJOLRFFKLGHOPRQGRGLYHQWDQGRULGLFROL
SHULFRORVL H EHVWLDOL & HUD XQ PHUFDQWH FKH TXDQGR DUULYDYD LQ XQD FLWWj VL IHUPDYD DG XQD FDQWRQDWD SHU
RVVHUYDU OD JHQWH FKH SDVVDYD H TXDQGR YHGHYD XQR FRO QDVR URVVR HUD VROOHFLWR D FKLHGHUJOL GRYH VL
YHQGHYDLOYLQREXRQR$QFKHSDVVDQGRVRSUDDOPDUFKLRG LQWHPSHUDQ]DFKHTXHVWRYL]LRLPSULPH VSHVVR
VXOYLVRHDFHUWHVFHQHFKHGHVWDQRVROWDQWRXQVHQVRG LODULWj FRPHTXHOODGLXQFXRFRLOTXDOHPHQWUHL
VXRLSDGURQLDVSHWWDYDQRDFHQDWHQHYDODSDGHOODVRSUDO DFTXDLRHIXULRVDPHQWHIDFHYDYHQWRDOGLVRWWR
qFHUWRFKHTXDQGRYHGHWHTXHVWLEHRQLFKHFRJOLRFFKLLPEDPERODWLPDOSURQXQFLDQGRO HUUHGLFRQRHIDQQR
VFLRFFKH]]HVSHVVRFRPSURPHWWHQWLYLVHQWLWHVHUUDUHLOFXRUHQHOWLPRUHFKHQRQVLSDVVLDOOHULVVHHGDOOH
ULVVH DO FROWHOOR FRPH DYYLHQH VRYHQWH 3HUVLVWHQGR DQFRUD LQ TXHVWR YL]LR EUXWDOH FKH VL ID VHPSUH SL
LPSHULRVRVLGLYHQWDXEULDFRQLLQFRUUHJJLELOLLTXDOLWXWWLILQLVFRQRPLVHUDPHQWH
1HSSXUHVRQRGDORGDUVLFRORUR FKHFHUFDQRGLSURFUDVWLQDUHO DSSHWLWRFRJOLHFFLWDQWLLPSHURFFKpVH
DYYH]]DWH LO YHQWULFROR DG DYHU ELVRJQR GL DJHQWL HVWHUQL SHU DLXWDUOR D GLJHULUH ILQLUHWH SHU LVQHUYDUH OD VXD
YLWDOLWj H O HODERUD]LRQH GH VXFFKL JDVWULFL GLYHUUj GLIHWWRVD 4XDQWR DO VRQQR H LO ULSRVR VRQR IXQ]LRQL
DVVROXWDPHQWH UHODWLYH GD FRQIRUPDUOH DO ELVRJQR GHOO LQGLYLGXR SRLFKp WXWWL QRQ VLDPR XJXDOPHQWH
FRQIRUPDWLHVHJXHWDOYROWDFKHXQRVLVHQWDXQPDOHVVHUHJHQHUDOHHLQGHILQLELOHVHQ]DSRWHUVHQHUHQGHUH
UDJLRQHHTXHVWRGDDOWURQRQGHULYDFKHGDPDQFDQ]DGLULSRVRULSDUDWRUH
&KLXGR OD VHULH GL TXHVWL SUHFHWWL JHWWDWL JL FRVu DOOD EXRQD H VHQ]D SUHWHVH FRL VHJXHQWL GXH
SURYHUELWROWLGDOODOHWWHUDWXUDVWUDQLHUDQRQVHQ]DDXJXUDUHDOOHWWRUHIHOLFLWjHOXQJDYLWD
3529(5%,2,1*/(6(
(DUO\WREHGDQGHDUO\WRULVH
0DNHVDPDQKHDOWK\ZHDOWK\DQGZLVH
&RULFDUVLSUHVWRHGDO]DUVLSUHVWR
)DQQRO XRPRVDQRULFFRHVDJJLR
3529(5%,2)5$1&(6(
6H OHYHUjVL[GpMHXQHUDGL[
'LQHUjVL[VHFRXFKHUjGL[
)DLWYLYUHO¶KRPPHGL[IRLVGL[
$O]DUVLDOOHVHLIDUFROD]LRQHDOOHGLHFL
3UDQ]DUHDOOHVHLFRULFDUVLDOOHGLHFL
)DYLYHUO XRPRGLHFLYROWHGLHFL
/HWWHUDGHOSRHWD/RUHQ]R6WHFFKHWWL 2OLQGR*XHUULQL DFXLPDQGDLLQGRQRXQDFRSLDGHOPLROLEURGL
FXFLQDWHU]DHGL]LRQH
2Q6LJQRUPLR
(OODQRQSXzLPPDJLQDWHFKHJUDGLWDVRUSUHVDPLDEELDIDWWRLOVXRYROXPHGRYHVLFRPSLDFTXH
GL ULFRUGDUPL ,R VRQRVWDWRHVRQRXQRGHJOLDSRVWROLSLIHUYHQWLHGDQWLFKLGHOO RSHUDVXDFKH
KR WURYDWR OD PLJOLRUH OD SL SUDWLFD H OD SL EHOOD QRQ GLFR GL WXWWH OH LWDOLDQH FKH VRQR YHUH
ELUERQDWHPDDQFKHGHOOHVWUDQLHUH5LFRUGDHOODLO9LDODUGLFKHIDWHVWRLQ3LHPRQWH"
³*,//Ñ $%%5$*,$72 /D YRODJOLD VSHQQDWD VL DEEUXVWLD QRQ VL VERJOLHQWD PD OD ORQJLD GL
EXH SLFFDWD GL WULIROD FHVHOODWD H GL JLDPERQH VL UXROD D IRUPD GL YDOLJLD LQ XQD EUDFLHUD FRQ
EXWLUUR8PLGLWHODVRYHQWHPHQWHFRQJUDVVDHVJRUJDWHHLPELDQFKLWHGXHDQLPHOOHHIDWHQHXQD
IDUFLD GD FKHQHOOH JURVVH XQ WXUDFFLROR GD ERUGDUH OD ORQJLD &RWWD FKH VLD JLXVWD GL VDOH
YHUQLFLDWHODFRQVDOVDGLWRPDWLFKHULGRWWDVSHVVDGDYHODUHHIDWHSHUJXDUQLWXUDXQDPDFHGRQLD
GLPHOORQHWWLH]XFFRWWLHVHUYLWHLQWHUULQDEHQFDOGR´
1RQqQHOOLEURPDLWHUPLQLFLVRQRWXWWL
4XDQWR DJOL DOWUL 5H GHL &XRFKL 5HJLQD GHOOH &XRFKH HG DOWUH PDHVWj FXOLQDULH QRQ DEELDPR
FKHWUDGX]LRQLGDOIUDQFHVHRFRPSLOD]LRQLVJDQJKHUDWH3HUWURYDUHXQDULFHWWDSUDWLFDHDGDWWD
SHU XQD IDPLJOLD ELVRJQD DQGDUH D WHQWRQH LQGRYLQDUH VEDJOLDUH 4XLQGL EHQHGHWWR O¶$UWXVL Ê
XQFRURTXHVWRXQFRURFKHOHYLHQHGL5RPDJQDGRYHKRSUHGLFDWRFRQYHURHQWXVLDVPRLOVXR
YROXPH 'D RJQL SDUWH PH QH YHQQHUR HORJL 8Q PLR FDUR SDUHQWH PL VFULYHYD ³)LQDOPHQWH
DEELDPRXQOLEURGLFXFLQDHQRQGLFDQQLEDOLVPRSHUFKpWXWWLJOLDOWULGLFRQRSUHQGHWHLOYRVWUR
IHJDWRWDJOLDWHORDIHWWHHFF´HPLULQJUD]LDYD
$YHYR DQFK¶LR O¶LGHD GL IDUH XQ OLEUR GL FXFLQD GD PHWWHUH QHL PDQXDOL GHOO¶+RHSOL $YUHL YROXWR
IDUHXQOLEURFRPHVLGLFHGLYROJDUL]]D]LRQHPDXQSRFRLOWHPSRPLPDQFzXQSRFRUDJLRQLGL
ELODQFLR PL UHQGHYDQR GLIILFLOH OD SDUWH VSHULPHQWDOH H ILQDOPHQWH YHQQH LO VXR OLEUR FKH PL
VFRUDJJLzDIIDWWR/¶LGHDPLSDVVzPDPLqULPDVWDXQDGLVFUHWDFROOH]LRQHGLOLEULGLFXFLQDFKH
ID EHOOD PRVWUD GL Vp LQ XQR VFDIIDOH GHOOD VDOD GD SUDQ]R /D SULPD HGL]LRQH GHO VXR OLEUR
ULOHJDWD LQWHUIRJOLDWD HG DUULFFKLWD " GL SDUHFFKLH ULFHWWH YL KD LO SRVWR G¶RQRUH /D VHFRQGD
VHUYH DOOD FRQVXOWD]LRQH TXRWLGLDQD H OD WHU]D UXEHUj RUD LO SRVWR G¶RQRUH DOOD SULPD SHUFKp
VXSHUEDGHOO¶DXWRJUDIRGHOO¶$XWRUH
&RVuFRPH(OODYHGHGDXQSH]]RFRQRVFRVWLPRHFRQVLJOLRO¶RSHUDVXDHG(OODLQWHQGDSHUFLz
FRQ FKH YLYLVVLPR SLDFHUH DEELD DFFROWR O¶HVHPSODUH FRUWHVHPHQWH LQYLDWRPL 3ULPD LO PLR
VWRPDFR VROR SURYDYD XQD GRYHURVD ULFRQRVFHQ]D YHUVR GL /HL RUD DOOR VWRPDFR VL DJJLXQJH
O¶DQLPR Ê SHUFLz (JUHJLR 6LJQRUH FKH UHQGHQGROH YLYLVVLPH JUD]LH GHO GRQR H GHOOD FRUWHVLD
PLRQRURGLUDVVHJQDUPLFROODGRYXWDJUDWLWXGLQHHVWLPD
%RORJQD;,,
6XR'HYPR
2OLQGR*XHUULQL
/DFRQWHVVD0DULD)DQWRQLRUDYHGRYDGHOO¶LOOXVWUHSURIHVVRU3DROR0DQWHJD]]DPLIHFHODLQDVSHWWDWD
VRUSUHVDGLRQRUDUPLGHOO¶LQIUDVFULWWDOHWWHUDODTXDOHVHUERLQFRQWRGLJUDGLWRSUHPLRDOOHPLHSRYHUHIDWLFKH
6DQ7HUHQ]R *ROIRGHOOD6SH]LD
QRYHPEUH¶
*HQWLOPR6LJQRU$UWXVL
0LVFXVLODVIDFFLDWDJJLQHPDVHQWRSURSULRLOELVRJQRGLGLUOHTXDQWRLOVXROLEURPLVLDXWLOHH
FDURVuFDURSHUFKpQHPPHQRXQRGHLSLDWWLFKHKRIDWWRPLqULXVFLWRSRFREHQHHDQ]LWDOXQL
FRVu SHUIHWWL GD ULFHYHUQH HORJL H VLFFRPH LO PHULWR q VXR YRJOLR GLUJOLHOR SHU ULQJUD]LDUOR
VLQFHUDPHQWH
+R IDWWR XQD VXD JHODWLQD GL FRWRJQH FKH DQGHUj LQ $PHULFD O KR PDQGDWD D PLR ILJOLDVWUR D
%XHQRV$\UHVHVRQRVLFXUDFKHVDUjDSSUH]]DWDDOVXRJLXVWRYDORUH(SRL OHLVFULYHHGHVFULYH
FRVu FKLDUDPHQWH FKH LO PHWWHUH LQ HVHFX]LRQH OH VXH ULFHWWH q XQ YHUR SLDFHUH H LR QH SURYR
VRGGLVID]LRQH
7XWWRTXHVWRYROHYRGLUOHHSHUTXHVWRPLVRQRSHUPHVVDLQGLUL]]DUOHTXHVWDOHWWHUD
0LRPDULWRYXROHHVVHUOHUDPPHQWDWRFRQDIIHWWR
(GLROHVWULQJRODPDQRULFRQRVFHQWLVVLPD
0DULD0DQWHJD]]D
/H FRPPHGLH GHOODFXFLQDRVVLDODGLVSHUD]LRQHGHLSRYHUL FXRFKLTXDQGRLORURSDGURQLLQYLWDQRJOL
DPLFLDSUDQ]R VFHQDWROWDGDOYHURVROWDQWRLQRPLFDPELDWL 'LFHLOSDGURQHDOVXRFXRFR
%DGD)UDQFHVFRFKHODVLJQRUD&DUOLQRQPDQJLDSHVFHQpIUHVFRQpVDODWRHQRQWROOHUDQHDQFKH
O RGRUH GH VXRL GHULYDWL /R VDL JLj FKH LO PDUFKHVH *DQGL VHQWH GLVJXVWR DOO RGRUH GHOOD YDLQLJOLD *XDUGDWL
EHQHGDOODQRFHPRVFDWDHGDOOHVSH]LHSHUFKpO DYYRFDWR&HVDULTXHVWLDURPLOLGHWHVWD1HLGROFLFKHIDUDL
DYYHUWLGLHVFOXGHUHOHPDQGRUOHDPDUHFKpQRQOLPDQJHUHEEH'RQQD0DWLOGHG $OFDQWDUD*LjVDLFKHLOPLR
EXRQ DPLFR 0RVFDUGL QRQ ID PDL XVR QHOOD VXD FXFLQD GL SURVFLXWWR ODUGR FDUQHVHFFD H ODUGRQH SHUFKp
TXHVWLFRQGLPHQWLJOLSURPXRYRQROHIODWXOHQ]HGXQTXHQRQQHXVDUHLQTXHVWRSUDQ]RRQGHQRQVLGRYHVVH
DPPDODUH
)UDQFHVFRFKHVWDDGDVFROWDUHLOSDGURQHDERFFDDSHUWDILQDOPHQWHHVFODPD
1HKDSLGHOOHHVFOXVLRQLGDIDUHVLRUSDGURQH"
$GLUWLLOYHURLRFKHFRQRVFRLOJXVWRGH PLHLLQYLWDWLQHDYUHLTXDOFKHDOWUDVXFXLPHWWHUWLLQJXDUGLD
6RFKHTXDOFXQRGLORURIDHFFH]LRQHDOODFDUQHGLFDVWUDWRHGLFHFKHVDGLVHJRDOWULFKHO DJQHOORQRQqGL
IDFLOH GLJHVWLRQH GLYHUVL SRL PL DVVHULURQR DFFDGHPLFDPHQWH SDUODQGR FKH TXDQGR PDQJLDQR FDYROR R
SDWDWH VRQR SUHVL GD WLPSDQLWH FLRq SRUWDQR LO FRUSR JRQILR WXWWD OD QRWWH H IDQQR VRJQDFFL PD SHU TXHVWL
WLULDPRYLDSDVVLDPRFLVRSUD
$OORUD KRFDSLWR VRJJLXQJHLOFXRFRHSDUWHQGRERUERWWDWUDVp 3HUFRQWHQWDUHWXWWLTXHVWLVLJQRULH
VFRQJLXUDUHODWLPSDQLWHPLUHFKHUzDOODUHVLGHQ]DGL0DUFR LOFLXFRGLFDVD DFKLHGHUJOLSHUJUD]LDLOVXR
VDYLRSDUHUHHXQYDVVRLRGH VXRLSURGRWWLVHQ]DLOUHODWLYRFRQGLPHQWR
63,(*$=,21(',92&, FKHHVVHQGRGHOYROJDUHWRVFDQRQRQWXWWLLQWHQGHUHEEHUR
%LDQFKLUH9HGLLPELDQFDUH
%LHWROD(UED FRPXQHSHUXVRGLFXFLQDDIRJOLHJUDQGLODQFHRODWHFRQRVFLXWDLQDOFXQLOXRJKLFROQRPHGL
HUEHRHUEHWWH
&DOGDQD4XHOODVWDQ]HWWDVRSUDODYROWDGHOIRUQRGRYHLIRUQDLPHWWRQRDOLHYLWDUHLOSDQH
&DUQHVHFFD3DQFHWWDGHOPDLDOHVDODWD
&LSROOD3DUODQGRGLSROOLYDOHYHQWULJOLR
&RVWROHWWD%UDFLXRODFROODFRVWRODGLYLWHOODGLODWWHGLDJQHOORGLFDVWUDWRHVLPLOL
&RWROHWWD3DURODIUDQFHVHGLXVRFRPXQHSHULQGLFDUHXQSH]]RGLFDUQHPDJUDRUGLQDULDPHQWHGLYLWHOODGL
ODWWHQRQSL JUDQGHGHOODSDOPDGLXQDPDQREDWWXWDHVWLDFFLDWDSDQDWDHGRUDWD
&UHPDSDVWLFFHUD&UHPDFRQODIDULQDRQGHULHVFDPHQROLTXLGD
)DJLXROLVJUDQDWL )DJLXROLTXDVLJLXQWLDPDWXUD]LRQHHOHYDWLIUHVFKLGDOEDFFHOOR
)DULQDG 8QJKHULDÊIDULQDGLJUDQRILQLVVLPDFKHWURYDVLLQFRPPHUFLRQHOOHJUDQGLFLWWj
)LOHWWR0XVFRORFDUQRVRHWHQHURFKHUHVWDVRWWRODJURSSDGHLTXDGUXSHGLPDSHUHVWHQVLRQHGLFHVLDQFKH
GHOODSROSDGHLSHVFLHGHLYRODWLOL
)UDWWDJOLDLR9HQGLWRUHGLIUDWWDJOLH
)UDWWDJOLH7XWWHOHLQWHULRUDHOHFRVHPLQXWHGHOO DQLPDOHPDFHOODWR
)XPHWWR/LTXRUHFRULHVWUDWWRGLDQDFLFKLDPDWRPLVWUzLQDOFXQHSURYLQFLHG ,WDOLD
,PELDQFDUH/HVVDUHDPHWj
/DUGDWRLR $UQHVH GL FXFLQD SHU OR SL GL RWWRQH LQ IRUPD GL JURVVR SXQWHUXROR SHU VWHFFDUH OD FDUQH FRQ
ODUGRQHRSURVFLXWWR
/DUGR6WUXWWRGLPDLDOHFKHVHUYHDYDULXVLPDSLFKHDOWURSHUIULJJHUH $1DSROLQ]RJQD /DUGRQH)DOGDJUDVVDHVDODWDGHOODVFKLHQDGHOPDLDOH
/DUGRYHUJLQH/DUGRQRQDQFRUDDGRSHUDWR
/XQHWWDRPH]]DOXQD$UQHVHGLIHUURWDJOLHQWHGDOODSDUWHHVWHULRUHDGXVRGLFXFLQDSHUWULWDUHFDUQHHUEH
RVLPLOLIDWWRDIRJJLDGLPH]]DOXQDFRQPDQLFKLGLOHJQRDOOHGXHHVWUHPLWj
0DWWHUHOOR /HJQR OXQJR FLUFD XQ PHWUR H EHQ URWRQGR FRO TXDOH VL VSLDQD H VL DVVRWWLJOLD OD SDVWD SHU IDU
WDJOLDWHOOHRGDOWUR
0HVWROR 6SHFLH GL FXFFKLDLR GL OHJQR SRFKLVVLPR LQFDYDWR H GL OXQJR PDQLFR FKH VHUYH D ULPHVWDU OH
YLYDQGHQHLYDVLGDFXFLQD
2GRULRPD]]HWWRJXDUQLWR(UEDJJLRGRURVLFRPHFDURWDVHGDQRSUH]]HPROREDVLOLFRHFF,OPD]]HWWRVL
OHJDFRQXQILOR
3DQDUH,QYROJHUHSH]]HWWLGLFDUQHFRPHVDUHEEHUROHFRWROHWWHRGDOWURQHOSDQJUDWWDWRSULPDGLFXRFHUOL
3DVWR3ROPRQHGHLTXDGUXSHGL
3LHWUD5RJQRQHDUQLRQH
6DXWp &RVu FKLDPDVL FRQ QRPH IUDQFHVH TXHO YDVR GL UDPH LQ IRUPD GL FD]]DUXROD ODUJD PD DVVDL SL
EDVVDFRQPDQLFROXQJRFKHVHUYHSHUIULJJHUHDIXRFROHQWR
6FDORSSHR VFDORSSLQH)HWWHGLFDUQHPDJUDGLYLWHOODSLFFROHEHQEDWWXWHHFRWWHVHQ]DGRUDUOH
6SLDQDWRLD $VVH GL DEHWH ODUJD H OHYLJDWD VRSUD OD TXDOH VL ODYRUDQR OH SDVWH ,Q DOFXQL OXRJKL IXRUL GHOOD
7RVFDQDVLFKLDPDLPSURSULDPHQWHWDJOLHUHPDLOWDJOLHUHqTXHOO DUQHVHGLOHJQRJURVVRTXDGULODWHURHFRO
PDQLFRVXOTXDOHVLEDWWHODFDUQHVLWULWDLOEDWWXWRHFF
6WDFFLR/RVWDFFLRGDSDVVDUVXJKLRFDUQHSHVWDWDqGLFULQRQHURGRSSLRRGLVRWWLOILORGLIHUURHPROWRSL
UDGRGHJOLVWDFFLFRPXQL
7DJOLHUH9HGL6SLDQDWRLD
7ULWDFDUQH +R DGRWWDWR DQFK LR QHOOD PLD FXFLQD TXHVWR VWUXPHQWR FKH ULVSDUPLD OD IDWLFD GL WULWDUH FRO
FROWHOORHSHVWDUQHOPRUWDLRODFDUQH
9DVVRLR3LDWWRGLIRUPDRYDOHVXOTXDOHVLSRUWDQROHYLYDQGHLQWDYROD
9LWHOOD R FDUQH GL YLWHOOD &DUQH GL EHVWLD JURVVD QRQ LQYHFFKLDWD QHO ODYRUR 1HOO XVR FRPXQH OD
FRQIRQGRQRFROPDQ]R
=XFFKHURDYHOR=XFFKHURELDQFRSHVWDWRILQHHSDVVDWRSHUXQRVWDFFLRGLYHOR
=XFFKHURYDQLJOLDWR=XFFKHURELRQGRDFXLqVWDWRGDWRO RGRUHGHOODYDLQLJOLD
6HQWR FKH DOFXQL WURYDQR TXDOFKH GLIILFROWj D UDFFDSH]]DUVL SHU OD PLVXUD GHL OLTXLGL 'DYYHUR FKH
TXHVWRVLFKLDPHUHEEHDIIRJDUHLQXQELFFKLHUG DFTXD3HUEDFFREDFFRQH FRPSHUDWHLOPLVXULQREROODWR
GHOGHFLOLWURHFRQHVVRWURYHUHWHWXWWHOHPLVXUHGLFDSDFLWjVHJQDWHLQTXHVWRYROXPH
/DPLVXUDGHOGHFLOLWURFRUULVSRQGHDJUDPPLGLOLTXLGR
7UHGHFLOLWULIDQQRXQELFFKLHUHFRPXQHPLVXUDGLFXLTXDOFKHYROWDPLVHUYR
327(5(1875,7,92'(//(&$51,
3ULPD GL HQWUDUH LQ PDWHULD FUHGR RSSRUWXQR VHQ]D SUHWHQGHUH GL HVVHUH VFLHQWLILFDPHQWH HVDWWRGL
SRUUHTXLLQRUGLQHGHFUHVFHQWHSHUIRU]DGLQXWUL]LRQHOHFDUQLGLGLYHUVLDQLPDOL
&DFFLDJLRQHRVVLDVHOYDJJLQDGLSHQQDHSLFFLRQH
0DQ]R
9LWHOOD
3ROODPH
9LWHOODGLODWWH
&DVWUDWR
6HOYDJJLQDGLSHOR
$JQHOOR
0DLDOH
3HVFH
0DTXHVWRSURVSHWWRSXzGDUHDUJRPHQWRDPROWHRELH]LRQLSHURFFKpO HWjO DPELHQWHLQFXLJOLDQLPDOL
YLYRQR H LO JHQHUH GL DOLPHQWD]LRQH SRVVRQR PRGLILFDUH VHQVLELOPHQWH OD QDWXUD GHOOH FDUQL QRQ VROR WUD
LQGLYLGXLGHOODVWHVVDVSHFLHPDUHQGHUYDQLLQSDUWHJOLDSSUH]]DPHQWLDGGRWWLWUDOHVSHFLHGLYHUVH
/DYHFFKLDJDOOLQDDGHVHPSLRIDXQEURGRPLJOLRUHGHOPDQ]RHLOPRQWRQHFKHVLSDVFHGHOOHHUEH
DURPDWLFKHGHOOHDOWHPRQWDJQHSXzGDUHXQDFDUQHSLVDSRULWDHVRVWDQ]LRVDGLTXHOODGHOODYLWHOODGLODWWH
7UD L SHVFL SRL YH QH KD DOFXQL IUD L TXDOL LO FDUSLRQH VSHFLH GL WURWD FKH QXWULVFRQR TXDQWR H SL GHL
TXDGUXSHGL
)5867$7$
,OPRQGRLSRFULWDQRQYXRLGDUHLPSRUWDQ]DDOPDQJLDUHPDSRLQRQVLIDIHVWDFLYLOHRUHOLJLRVDFKH
QRQVLGLVWHQGDODWRYDJOLDHQRQVLFHUFKLGLSDSSDUHGHOPHJOLR
,O3DQDQWLGLFH
7XWWHOHVRFLHWjWXWWHOHIHVWH
&RPLQFLDQRHILQLVFRQRLQSDSSDWH
(SULPDFKHV DFFRPRGLQOHWHVWH
9RJOLRQHVVHUOHSDQFHDFFRPRGDWH
,SUHWLFKHQRQVRQGHLPHQRDFFRUWL
)DQGLHFLPLJOLDSHUXQGHVLQDUH
2FKHVLIDFFLDO XIIL]LRGHLPRUWL
2ODIHVWDGHOVDQWRWLWRODUH
6HQRQF qGRSRODVXDSDSSDWRULD
,OVDOPRQRQILQLVFHFRQODJORULD
5,&(77(
%52',*(/$7,1$(68*+,
%52'2
/RVDLOSRSRORHLOFRPXQHFKHSHURWWHQHUHLOEURGREXRQRELVRJQDPHWWHUHODFDUQHDGDFTXDGLDFFLD
HIDUEROOLUHODSHQWRODDGDJLQRDGDJLQRHFKHQRQWUDERFFKLPDL6HSRLLQYHFHGLXQEXRQEURGRSUHIHULVWH
XQEXRQOHVVRDOORUDPHWWHWHODFDUQHDGDFTXDEROOHQWHVHQ]DWDQWLULJXDUGLÊQRWRSXUDQFKHFKHOHRVVD
VSXJQRVHGDQQRVDSRUHHIUDJUDQ]DDOEURGRPDLOEURGRGLRVVDQRQqQXWULHQWH
,Q7RVFDQDqXVRTXDVLJHQHUDOHGLGDUHRGRUHDOEURGRFRQXQPD]]HWWLQR GLHUEHDURPDWLFKH/RVL
FRPSRQHQRQFRQOHIRJOLHFKHVLGLVIDUHEEHURPDFRLJDPELGHOVHGDQRGHOODFDURWDGHOSUH]]HPRORHGHO
EDVLOLFRLOWXWWRLQSLFFROLVVLPHSURSRU]LRQL$OFXQLDJJLXQJRQRXQDVIRJOLDGLFLSROODDUURVWLWDVXOODEUDFHPD
TXHVWDHVVHQGRYHQWRVDQRQIDSHUWXWWLJOLVWRPDFKL6HSRLYLSLDFHVVHGLFRORULUHLOEURGRDOO XVRIUDQFHVH
QRQDYHWHDOWURDIDUHFKHPHWWHUHGHOOR]XFFKHURDOIXRFRHTXDQGRHVVRDYUjSUHVRLOFRORUEUXQRGLOXLUOR
FRQDFTXDIUHVFD6LIDEROOLUHSHULVFLRJOLHUORFRPSOHWDPHQWHHVLFRQVHUYDLQERWWLJOLD
3HUVHUEDUHLOEURGRGDXQJLRUQRDOO DOWURGXUDQWHLFDORULHVWLYLIDWHJOLDO]DUHLOEROORUHVHUDHPDWWLQD
/D VFKLXPD GHOOD SHQWROD q LO SURGRWWR GL GXH VRVWDQ]H GHOO DOEXPLQD VXSHUILFLDOH GHOOD FDUQH FKH VL
FRDJXODFROFDORUHHVLXQLVFHDOO HPDWRVLQDPDWHULDFRORUDQWHGHOVDQJXH
/HSHQWROHGLWHUUDHVVHQGRSRFRFRQGXWWULFLGHOFDORULFRVRQRGDSUHIHULUVLDTXHOOHGLIHUURRGLUDPH
SHUFKp PHJOLR VL SRVVRQR UHJRODUH FRO IXRFR IDWWD HFFH]LRQH IRUVH SHU OH SHQWROH LQ JKLVD VPDOWDWD GL
IDEEULFDLQJOHVHFRQODYDOYRODLQPH]]RDOFRSHUFKLR
6LqVHPSUHFUHGXWRFKHLOEURGRIRVVHXQRWWLPRHGRPRJHQHRQXWULPHQWRDWWRDGDUYLJRUHDOOHIRU]H
PDRUDLPHGLFLVSDFFLDQRFKHLOEURGRQRQQXWULVFHHVHUYHSLFKHDGDOWURDSURPXRYHUHQHOORVWRPDFRL
VXJKLJDVWULFL,RQRQHVVHQGRJLXGLFHFRPSHWHQWHLQWDOPDWHULDODVFLHUzDGHVVLODUHVSRQVDELOLWjGLTXHVWD
QXRYDWHRULDFKHKDWXWWDO DSSDUHQ]DGLULSXJQDUHDOEXRQVHQVR
%52'23(5*/,$00$/$7,
8Q SURIHVVRUH GL YDJOLD FKH FXUDYD XQD VLJQRUD GL PLD FRQRVFHQ]D JUDYHPHQWH PDODWD OH DYHYD
RUGLQDWRXQEURGRIDWWRQHOODVHJXHQWHPDQLHUD
³7DJOLDWHPDJURGLYLWHOODRGLPDQ]RLQEUDFLROLQHVRWWLOLHPHWWHWHOHGLVWHVHXQDVRSUDO DOWUDLQXQODUJR
WHJDPHVDODWHOHDOTXDQWRHYHUVDWHVXOOHPHGHVLPHWDQWDDFTXDGLDFFLDFKHYLVWLDQRVRPPHUVH&RSULWHLO
WHJDPHFRQXQSLDWWRFKHORFKLXGDHVXOTXDOHVLDPDQWHQXWDVHPSUHGHOO DFTXDHIDWHEROOLUHODFDUQHSHU
VHLRUHFRQWLQXHPDLQPRGRFKHLOEROORUHDSSHQDDSSDULVFD3HUXOWLPRIDWHEROOLUHIRUWHSHUGLHFLPLQXWLH
SDVVDWHLOEURGRGDXQSDQQROLQR´
&RQGXHFKLORJUDPPLGLFDUQHVLRWWHQHYDFRVuGXHWHU]LRWUHTXDUWLGLOLWURGLXQEURGRGLEHOFRORUHH
GLPROWDVRVWDQ]D
*(/$7,1$
0XVFRORVHQ] RVVR YHGLQ JUDPPL
8QD]DPSDGLYLWHOODGLODWWHRSSXUHJUDPPLGL]DPSDGLYLWHOOD
/H]DPSHGLGXHRWUHSROOL
'XHWHVWHGLSROORFRLFROOL
/H]DPSHGHLSROOLVEXFFLDWHOHDOIXRFRHWDJOLDWHOHDSH]]LSRLPHWWHWHRJQLFRVDDOIXRFRLQGXHOLWUL
G DFTXD GLDFFLD VDODWHOD D VXIILFLHQ]D H IDWHOD EROOLUH VFKLXPDQGROD DGDJLR DGDJLR SHU VHWWH RG RWWR RUH
FRQWLQXHWDOFKp LOOLTXLGRVFHPLGHOODPHWj$OORUDYHUVDWHLOEURGRLQXQDFDWLQHOODHTXDQGRVDUjUDSSUHVR
OHYDWH LO JUDVVR GHOOD VXSHUILFLH VH QRQ VL UDSSLJOLD ULPHWWHWHOR DO IXRFR SHU UHVWULQJHUOR GL SL RSSXUH
DJJLXQJHWHGXHIRJOLGLFROODGLSHVFH2UDODJHODWLQDqIDWWDPDELVRJQDFKLDULILFDUODHGDUOHFRORUHG DPEUD
3HU ULXVFLUH D TXHVWR WULWDWH ILQLVVLPD FRO FROWHOOR H SRL SHVWDWHOD QHO PRUWDLR JUDPPL FDUQH PDJUD GL
YLWHOODPHWWHWHODLQXQDFD]]DUXRODFRQXQXRYRHXQGLWR GLELFFKLHUH G DFTXDPHVFRODWHLOWXWWREHQEHQH
H YHUVDWHFL OD JHODWLQD GLDFFLD 1RQ LVPHWWHWH GL EDWWHUOD FRQ OD IUXVWD VXO IXRFR ILQFKp QRQ DYUj DO]DWR LO
EROORUH H SRL IDWHOD EROOLUH DGDJLR SHU FLUFD YHQWL PLQXWL GXUDQWH L TXDOL DVVDJJLDWH VH VWD EHQH D VDOH H
GDWHOHLOFRORUH
$TXHVWRVFRSREDVWDFKHSRQLDWHLQXQFXFFKLDLRGLPHWDOORQRQVWDJQDWRGXHSUHVHGL]XFFKHURHXQ
JRFFLROR G DFTXD OR WHQLDWH VXOIXRFRILQFKpOR]XFFKHUR VLDGLYHQXWRTXDVLQHURYHUVDQGRORSRLDSRFKLQR
SHU YROWD RQGH DYHUH OD JLXVWD JUDGD]LRQH GHO FRORUH QHOOD JHODWLQD EROOHQWH $OFXQL FL YHUVDQR DQFKH XQ
ELFFKLHULQRGLPDUVDOD
2UD SUHQGHWH XQ DVFLXJDPDQR EDJQDWHOR QHOO¶DFTXD VWUL]]DWHOR EHQH H SHO PHGHVLPR SDVVDWH OD
GHWWD JHODWLQD DQFRUD EHQ FDOGD VHQ]D VSUHPHUH H YHUVDWHOD VXELWR QHJOL VWDPSL G HVWDWH TXDORUD QRQ VL
UDSSLJOL EHQH SRQHWH TXHVWL VXO JKLDFFLR 4XDQGR OD YRUUHWH VIRUPDUH SDVVDWH OHJJHUPHQWH LQWRUQR DJOL
VWDPSL XQ FHQFLR EDJQDWR QHOO DFTXD EROOHQWH ,O EHOOR GHOOD JHODWLQD q FKH ULHVFD FKLDUD QRQ GXUD
WUDVSDUHQWHHGHOFRORUHGHOWRSD]LR(VVDRUGLQDULDPHQWHVLVHUYHFROFDSSRQHLQJDODQWLQDRFRQTXDOXQTXH
DOWUR ULIUHGGR Ê SRL XQ RWWLPR DOLPHQWR SHU JOL DPPDODWL 6H SUHQGHVVH O DJUR SHU QRQ DYHUOD FRQVXPDWD
SUHVWRULPHWWHWHODDOIXRFRHIDWHOHVSLFFDUHLOEROORUH$QFKHLOEURGRFRPXQHVLUHQGHOLPSLGRQHOODVWHVVD
PDQLHUDRGDQFKHFROODFDUQHVROWDQWR
68*2',&$51(
/D 5RPDJQD FKH q D GXH SDVVL GDOOD 7RVFDQD DYHQGR LQ WDVFD OD &UXVFDFKLDPD LO VXJR GL FDUQH
EURGRVFXURIRUVHGDOFRORUHFKHWLUDDOPDUURQH
4XHVWR VXJR ELVRJQHUHEEH YHGHUOR IDUH GD XQ EUDYR FXRFR PD VSHUR YL ULXVFLUj VH QRQ VTXLVLWR
GLVFUHWRDOPHQRFRQTXHVWHPLHLQGLFD]LRQL
&RSULWH LO IRQGR GL XQD FD]]DUXROD FRQ IHWWLQH VRWWLOL GL ODUGRQH R GL FDUQHVHFFD TXHVW XOWLPD q GD
SUHIHULUVL H VRSUD DOOH PHGHVLPH WULQFLDWH XQD JURVVD FLSROOD XQD FDURWD H XQD FRVWROD GL VHGDQR
$JJLXQJHWHTXDHOjTXDOFKHSH]]HWWRGLEXUURHVRSUDTXHVWLLQJUHGLHQWLGLVWHQGHWHFDUQHPDJUDGLPDQ]RD
SH]]HWWL R D EUDFLROLQH 4XDOXQTXH FDUQH GL PDQ]R q EXRQD DQ]L SHU PHQR VSHVD VL VXRL SUHQGHUH TXHOOD
LQVDQJXLQDWDGHOFROORRDOWUDSLVFDGHQWHFKHLPDFHOODULLQ)LUHQ]HFKLDPDQRSDUDWXUH$JJLXQJHUHULWDJOLGL
FDUQHGLFXFLQDVHQHDYHWHFRWHQQHRDOWURFKHWXWWRVHUYHSXUFKpVLDUREDVDQD&RQGLWHFRQVRORVDOHH
GXHFKLRGLGLJDURIDQLHSRQHWHODFD]]DUXRODDOIXRFRVHQ]DPDLWRFFDUOD
4XDQGR YL JLXQJHUj DO QDVR O RGRUH GHOOD FLSROOD EUXFLDWDULYROWDWHODFDUQHHTXDQGRODYHGUHWHWXWWD
URVRODWDSHUEHQHDQ]LTXDVLQHUDYHUVDWHDFTXDIUHGGDTXDQWDQHVWDLQXQSLFFRORUDPDLXRORUHSOLFDQGR
SHU WUH YROWH O RSHUD]LRQH GL PDQR LQ PDQR FKH O DFTXD YD SURVFLXJDQGRVL 3HU XOWLPR VH OD TXDQWLWj GHOOD
FDUQHIRVVHGLJUDPPLFLUFDYHUVDWHQHOODFD]]DUXRODXQOLWURHPH]]RGLDFTXDFDOGDRFLzFKHPHJOLR
VDUHEEHXQEURGRGLRVVDVSXJQRVHHIDWHOREROOLUHDGDJLQRSHUFLQTXHRVHLRUHGLVHJXLWRRQGHULVWULQJHUH
LOVXJRHGHVWUDUUHGDOODFDUQHWXWWDODVXDVRVWDQ]D3DVVDWHORSRLSHULVWDFFLRHTXDQGR LOVXRJUDVVRVDUj
UDSSUHVRIRUPDQGR XQ JURVVR YHOR DO GLVRSUD OHYDWHOR WXWWR SHU UHQGHUH LO VXJR PHQR JUDYHDOORVWRPDFR
4XHVWRVXJRFRQVHUYDQGRVLSHUGLYHUVLJLRUQLSXzVHUYLUHDPROWLXVLHFRQHVVRVLSRVVRQRIDUHGHLEXRQL
SDVWLFFLGLPDFFKHURQL
,FROOLHOHWHVWHGLSROORVSH]]DWHXQLWLDOODFDUQHGLPDQ]RGDUDQQRDOVXJRXQVDSRUHSLJUDWR
,UHVWLGHOODFDUQHEHQFKpGLVVXJDWLVLSRVVRQRXWLOL]]DUHLQIDPLJOLDIDFHQGRGHOOHSROSHWWH
68*2',&$51(&+(,)5$1&(6,&+,$0$126$/6$63$*182/$
4XHVWR WURYDWR FXOLQDULR GDO TXDOH VL RWWLHQH LO OHVVR XQ XPLGR HG XQ EXRQ VXJR PL VHPEUD EHQH
LQGRYLQDWR HG HFRQRPLFR LPSHURFFKp VL XWLOL]]D RJQL FRVD H LO VXJR SXz VHUYLUH LQ WXWWL TXHL SLDWWL LQ FXL ID
G XRSR
3UHQGHWHXQFKLORJUDPPRFRPSUHVRO RVVR RODJLXQWDGLFDUQHPDJUDGLPDQ]RHGDTXHVWDOHYDWHQH
JUDPPLWDJOLDWDLQEUDFLROLQHFROUHVWRIDWHFRPHGLFRQVXHWRLOEURGRFRQOLWULDEXRQDPLVXUDGL
DFTXD
&RSULWH LO IRQGR GL XQD FD]]DUXROD FRQ IHWWLQH GL ODUGRQH H SURVFLXWWR H GL DOFXQL SH]]HWWL GL EXUUR
WULQFLDWHFLVRSUDXQDFLSROODHVXTXHVWDFROORFDWHGLVWHVHOHEUDFLROLQH4XDQGRODFDUQHDYUjSUHVRFRORUHD
IXRFRYLYRGDOODSDUWHVRWWRVWDQWHEDJQDWHODFRQXQUDPDLXRORGHOGHWWREURGRSRLYROWDWHODRQGHFRORULVFD
DQFKH GDOO DOWUD SDUWH H GRSR YHUVDWH XQ DOWUR UDPDLXROR GL EURGR LQGL FRQGLWH FRQ VDOH XQ FKLRGR GL
JDURIDQRRSSXUHQRYHRGLHFLFKLFFKLGLSHSHFRQWXVRHXQFXFFKLDLQRGL]XFFKHUR9HUVDWHRUDWXWWRLOUHVWR
GHO EURGR DJJLXQJHWH XQD FDURWD WDJOLDWD D IHWWH H XQ PD]]HWWR JXDUQLWR FKH SXz HVVHUH FRPSRVWR GL
SUH]]HPROR VHGDQR H GL TXDOFKH DOWUD HUED RGRURVD )DWH EROOLUH DGDJLR SHU FLUFD GXH RUH SRL OHYDWH OH
EUDFLROLQHSDVVDWHLOVXJRHGLJUDVVDWHOR&RQTXHVWRSRWHWHEDJQDUHOD]XSSDGHOQHVHUYLUYHQHSHUGDU
VDSRUH DG HUEDJJL RSSXUH FRQGHQVDQGROR FRQ XQ LQWULVR GL IDULQD GL SDWDWH H EXUUR FRQGLUH PLQHVWUH
DVFLXWWH
/DIDULQDGLSDWDWHVLSUHVWDPHJOLRGLTXHOODGLJUDQRSHUOHJDUHTXDOXQTXHVXJR
68*2',3202'252
9L SDUOHUz SL DYDQWL GHOOD VDOVD GL SRPRGRUR FKH ELVRJQD GLVWLQJXHUH GDO VXJR LO TXDOH GHY HVVHUH
VHPSOLFH H FLRq GL VROL SRPRGRUL FRWWL H SDVVDWL 7XWW DO SL SRWUHWH XQLUH DL PHGHVLPL TXDOFKH SH]]HWWR GL
VHGDQRHTXDOFKHIRJOLDGLSUH]]HPRORHGLEDVLOLFRTXDQGRFUHGLDWHTXHVWLRGRUL FRQIDFHQWLDOELVRJQR
0,1(675(
8QD YROWD VL GLFHYD FKH OD PLQHVWUD HUD OD ELDGD GHOO XRPR RJJL L PHGLFL FRQVLJOLDQR GL PDQJLDUQH
SRFDSHUQRQGLODWDUHWURSSRORVWRPDFRHSHUODVFLDUHODSUHYDOHQ]DDOQXWULPHQWRFDUQHRLOTXDOHULQIRU]DOD
ILEUDPHQWUHLIDULQDFHLGLFXLOHPLQHVWUHRUGLQDULDPHQWHVLFRPSRQJRQRULVROYHQGRVLLQWHVVXWRDGLSRVROD
ULODVVDQR$TXHVWDWHRULDQRQFRQWUDGGLFRPDVHPLIRVVHSHUPHVVDXQ RVVHUYD]LRQHGLUHL3RFDPLQHVWUD
D FKL QRQ WURYDQGRVL QHOOD SLHQH]]D GHOOH VXH IRU]H Qp LQ SHUIHWWD VDOXWH KD ELVRJQR GL XQ WUDWWDPHQWR
VSHFLDOHSRFDPLQHVWUDDFRORURFKHDYHQGRWHQGHQ]DDOODSLQJXHGLQHQHYRJOLRQRUDWWHQHUORVYLOXSSRSRFD
PLQHVWUD H OHJJLHUD QH¶ SUDQ]L GL SDUDWD VH L FRPPHQVDOL GHYRQR IDU RQRUH DOOH YDULH SLHWDQ]H FKH OH
YHQJRQR DSSUHVVR PD DOO LQIXRUL GL TXHVWL FDVL XQD EXRQD H JHQHURVD PLQHVWUD SHU FKL KD XQR VFDUVR
GHVLQDUH VDUj VHPSUH OD EHQYHQXWD H SHUz IDWHOH IHVWD 3HQHWUDWR GD TXHVWD UDJLRQH PL IDUz XQ GRYHUH
G LQGLFDUHWXWWHTXHOOHPLQHVWUHFKHYLDYLDO HVSHULHQ]DPLYHUUjVXJJHUHQGR
, SLVHOOL GHO Q SRVVRQR GDU VDSRUH H JUD]LD FRPH WXWWL VDQQR DOOH PLQHVWUH LQ EURGR GL ULVR
SDVWLQHHPDOIDWWLQLPDVLSUHVWDQRDQFRUDPHJOLRSHULPSURYYLVDUHVHPDQFDLOEURGRLOULVRWWR GHOQ
0LQHVWUHLQEURGR
&$33(//(77,$//¶862',520$*1$
6RQRFRVuFKLDPDWLSHUODORURIRUPDDFDSSHOOR(FFRLOPRGRSLVHPSOLFHGLIDUOLRQGHULHVFDQRPHQR
JUDYLDOORVWRPDFR
5LFRWWDRSSXUHPHWjULFRWWDHPHWjFDFLRUDYLJJLRORJUDPPL
0H]]RSHWWRGLFDSSRQHFRWWRQHOEXUURFRQGLWRFRQVDOHHSHSHHWULWDWRILQHILQHFROODOXQHWWD
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDXQRLQWHURHXQURVVR
2GRUHGLQRFHPRVFDWDSRFKHVSH]LHVFRU]DGLOLPRQHDFKLSLDFH
8QSL]]LFRGLVDOH
$VVDJJLDWH LO FRPSRVWR SHU SRWHUOR DO FDVR FRUUHJJHUH SHUFKp JO LQJUHGLHQWL QRQ FRUULVSRQGRQR
VHPSUH D XQ PRGR 0DQFDQGR LO SHWWR GL FDSSRQH VXSSOLWH FRQ JUDPPL GL PDJUR GL PDLDOH QHOOD
ORPEDWDFRWWRHFRQGL]LRQDWRQHOODVWHVVDPDQLHUD
6HODULFRWWDRLOUDYLJJLRORIRVVHURWURSSRPRUELGLODVFLDWHDGGLHWURODFKLDUDG XRYRRSSXUHDJJLXQJHWH
XQDOWURURVVRVHLOFRPSRVWRULHVFLVVHWURSSRVRGR3HUFKLXGHUORIDWHXQDVIRJOLDSLXWWRVWRWHQHUDGLIDULQD
VSHQWD FRQ VROH XRYD VHUYHQGRYL DQFKH GL TXDOFKH FKLDUD ULPDVWD H WDJOLDWHOD FRQ XQ GLVFR URWRQGR GHOOD
JUDQGH]]DFRPHTXHOORVHJQDWR3RQHWHLOFRPSRVWRLQPH]]RDLGLVFKLHSLHJDWHOLLQGXHIRUPDQGRFRVuXQD
PH]]DOXQDSRLSUHQGHWHOHGXHHVWUHPLWjGHOODPHGHVLPDULXQLWHOHLQVLHPHHGDYUHWHLOFDSSHOOHWWRFRPSLWR
6H OD VIRJOLD YL VL ULVHFFDIUDPDQREDJQDWHFRQXQGLWRLQWLQWRQHOO DFTXDJOLRUOLGHLGLVFKL4XHVWD
PLQHVWUDSHUUHQGHUVLSLJUDWDDOJXVWRULFKLHGHLOEURGRGLFDSSRQHGLTXHOULPPLQFKLRQLWRDQLPDOHFKHSHU
VXD ERQWj VL RIIUH QHOOD VROHQQLWj GL 1DWDOH LQ RORFDXVWR DJOL XRPLQL &XRFHWH GXQTXH L FDSSHOOHWWL QHO VXR
EURGRFRPHVLXVDLQ5RPDJQDRYHWURYHUHVWHQHOFLWDWRJLRUQRGHJOLHURLFKHVLYDQWDQRGLDYHUQHPDQJLDWL
FHQWR PD F q LO FDVR SHUz GL FUHSDUH FRPH DYYHQQH DG XQ PLR FRQRVFHQWH $ XQ PDQJLDWRUH GLVFUHWR
EDVWDQRGXHGR]]LQH
$ SURSRVLWR GL TXHVWD PLQHVWUD YL QDUUHUz XQ IDWWHUHOOR VHYRJOLDPRGLSRFDLPSRUWDQ]DPDFKHSXz
GDUHDUJRPHQWRDULIOHWWHUH
$YHWH GXQTXH D VDSHUH FKH GL ODPELFFDUVL LO FHUYHOOR VX OLEUL L VLJQRUL GL 5RPDJQD QRQ QH YRJOLRQR
VDSHUEXFFLFDWDIRUVHSHUFKpILQRGDOO LQIDQ]LDLILJOLVLDYYH]]DQRDYHGHUHLJHQLWRULDWXWW DOWURLQWHQWLFKHD
VIRJOLDU OLEUL H IRUV¶DQFKH SHUFKp HVVHQGR SDHVH RYH VL SXz IDU YLWD JDXGHQWH FRQ SRFR QRQ VL FUHGH
QHFHVVDULD WDQWD LVWUX]LRQH TXLQGL LO QRYDQWD SHU FHQWR D GLU SRFR GHL JLRYDQHWWL TXDQGR KDQQR IDWWR OH
JLQQDVLDOL VL EXWWDQR VXOO LPEUDFD H DYHWH XQ EHO WLUDUH SHU OD FDYH]]DFKp QRQ VL PXRYRQR )LQR D TXHVWR
SXQWRDUULYDURQRFROILJOLR&DUOLQRPDULWRHPRJOLHLQXQYLOODJJLRGHOODEDVVD5RPDJQDPDLOSDGUHFKHOD
SUHWHQGHYDDSURJUHVVLVWDEHQFKpSRWHVVHODVFLDUHLOILJOLXRORDVXIILFLHQ]DSURYYLVWRDYUHEEHSXUGHVLGHUDWR
GL IDUQH XQ DYYRFDWR H FKL VD IRUV DQFKH XQ GHSXWDWR SHUFKp GD TXHOOR D TXHVWR q EUHYH LO SDVVR 'RSR
PROWLGLVFRUVL FRQVLJOLH FRQWUDVWL LQ IDPLJOLD IX GHFLVR LO JUDQ GLVWDFFR SHU PDQGDU &DUOLQR D SURVHJXLUH JOL
VWXGLLQXQDJUDQGHFLWWjHVLFFRPH)HUUDUDHUDODSLYLFLQDSHUTXHVWRIXSUHIHULWD,OSDGUHYHORFRQGXVVH
PD FRO FXRUH JRQILR GL GXROR DYHQGROR GRYXWR VWUDSSDUH GDO VHQR GHOOD WHQHUD PDPPD FKH OR EDJQDYD GL
SLDQWR1RQHUDDQFRVFRUVDLQWHUDODVHWWLPDQDTXDQGRLJHQLWRULVLHUDQRPHVVLDWDYRODVRSUDXQDPLQHVWUD
GLFDSSHOOHWWLHGRSRXQOXQJRVLOHQ]LRHTXDOFKHVRVSLURODEXRQDPDGUHSURUXSSH
2K VH FL IRVVH VWDWR LO QRVWUR &DUOLQR FXL L FDSSHOOHWWL SLDFHYDQR WDQWR (UDQR DSSHQD SURIHULWH
TXHVWH SDUROH FKH VL VHQWH SLFFKLDUH DOO XVFLR GL VWUDGD H GRSR XQ PRPHQWR HFFR &DUOLQR VODQFLDUVL WXWWR
IHVWHYROHLQPH]]RDOODVDOD
2KFDYDOOR GL ULWRUQRHVFODPD LO EDEER FRV q VWDWR" Ê VWDWRULVSRQGH &DUOLQR FKH LO PDUFLUHVXL
OLEUL QRQ q DIIDUH SHU PH H FKH PL IDUz WDJOLDUH D SH]]L SLXWWRVWR FKH ULWRUQDUH LQ TXHOOD JDOHUD /D EXRQD
PDPPDJRQJRODQWHGLJLRLDFRUVHDGDEEUDFFLDUHLOILJOLXRORHULYROWDDOPDULWR /DVFLDORIDUHGLVVHPHJOLR
XQDVLQRYLYRFKHXQGRWWRUHPRUWRDYUjDEEDVWDQ]DGLFKHRFFXSDUVLFR VXRLLQWHUHVVL ,QIDWWLG DOORUDLQ
SRLJO LQWHUHVVLGL&DUOLQRIXURQRXQIXFLOHHXQFDQHGDFDFFLDXQIRFRVRFDYDOORDWWDFFDWRDXQEHOEDURFFLQR
HFRQWLQXLDVVDOWLDOOHJLRYDQLFRQWDGLQH
7257(//,1,$//¶,7$/,$1$ $*1(//277,
%UDFLXROHGLPDLDOHQHOODORPEDWDFLUFDJUDPPL
8QFHUYHOORGLDJQHOORRPH]]RGLEHVWLDSLJURVVD
0LGROORGLEXHJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
5RVVLG XRYRQHDOELVRJQRDJJLXQJHWHXQDFKLDUD
2GRUHGLQRFHPRVFDWD
'LVRVVDWHHGLJUDVVDWHOHEUDFLXROHGLPDLDOHHSRLWLUDWHOHDFRWWXUDLQXQDFD]]DUXRODFRQEXUURVDOH
HXQDSUHVLQDGLSHSH,QPDQFDQ]DGHOPDLDOHSXzVHUYLUHLOPDJURGHOSHWWRGLWDFFKLQRQHOODSURSRU]LRQHGL
JUDPPL FRWWR QHOOD VWHVVD PDQLHUD 3HVWDWH R WULWDWH ILQLVVLPD OD FDUQH FRQ OD OXQHWWD SRL XQLWH DOOD
PHGHVLPDLOFHUYHOOROHVVDWRHVSHOODWRLOPLGROORFUXGRHWXWWLJOLDOWULLQJUHGLHQWLPHVFRODQGROLEHQHLQVLHPH
4XLQGL L WRUWHOOLQL VL FKLXGRQRLQ XQD VIRJOLD FRPH L FDSSHOOHWWL HVLULSLHJDQRQHOODVWHVVDJXLVDVHQRQFKH
TXHVWLVLIDQQRDVVDLSLSLFFROL(FFRSHUQRUPDLOORURGLVFR
7257(//,1,$//$%2/2*1(6(
4XDQGR VHQWLWH SDUODUH GHOOD FXFLQD ERORJQHVH IDWH XQD ULYHUHQ]D FKp VH OD PHULWD Ê XQ PRGR GL
FXFLQDUH XQ SR¶ JUDYH VH YRJOLDPR SHUFKp LO FOLPD FRVu ULFKLHGH PD VXFFXOHQWRGL EXRQ JXVWR HVDOXEUH
WDQWRqYHUR FKHFROjOHORQJHYLWjGLRWWDQWDHQRYDQW¶DQQLVRQRSLFRPXQLFKHDOWURYH,VHJXHQWLWRUWHOOLQL
EHQFKpSLVHPSOLFLHPHQRGLVSHQGLRVLGHJOLDQWHFHGHQWLQRQVRQRSHUERQWjLQIHULRULHYHQHFRQYLQFHUHWH
DOODSURYD
3URVFLXWWRJUDVVRHPDJURJUDPPL
0RUWDGHOODGL%RORJQDJUDPPL
0LGROORGLEXHJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQ
2GRUHGLQRFHPRVFDWD
6DOHHSHSHQLHQWH
7ULWDWHEHQILQLFROODOXQHWWDLOSURVFLXWWRHODPRUWDGHOODWULWDWHHJXDOPHQWHLOPLGROORVHQ]DGLVIDUORDO
IXRFR DJJLXQJHWHOR DJOL DOWUL LQJUHGLHQWL HG LQWULGHWH LO WXWWR FROO XRYR PHVFRODQGR EHQH 6L FKLXGRQR QHOOD
VIRJOLDG XRYRFRPHJOLDOWULWDJOLDQGRODFROSLFFRORVWDPSRGHOQ1RQSDWLVFRQRFRQVHUYDQGROLSHUJLRUQL
HGDQFKHSHUTXDOFKHVHWWLPDQDHVHGHVLGHUDWHFKHFRQVHUYLQRXQEHOFRORUJLDOORPHWWHWHOLDSSHQDIDWWLDG
DVFLXJDUHQHOODFDOGDQD&RQTXHVWDGRVHQHIDUHWHSRFRPHQRGLHFLYRUUjXQDVIRJOLDGLWUHXRYD
%RORJQD q XQ JUDQ FDVWHOOD]]R GRYH VL IDQQR FRQWLQXH PDJQD]]H GLFHYD XQ WDOH FKH D TXDQGR D
TXDQGR FROjVL UHFDYD D EDQFKHWWDUH FRJOLDPLFL 1HOO LSHUEROH GL TXHVWD VHQWHQ]DF q XQ IRQGR GL YHUR GHO
TXDOH XQ ILODQWURSR FKH YDJKHJJLDVVH GL OHJDUH LO VXR QRPH D XQ RSHUD GL EHQHILFHQ]D QXRYD LQ ,WDOLD
SRWUHEEH JLRYDUVL 3DUOR GL XQ ,VWLWXWR FXOLQDULR RVVLD VFXROD GL FXFLQD D FXL %RORJQD VL SUHVWHUHEEH SL GL
TXDOXQTXH DOWUD FLWWj SHL VXR JUDQGH FRQVXPR SHU O HFFHOOHQ]D GHL FLEL H SHO PRGR GL FXFLQDUOL 1HVVXQR
DSSDUHQWHPHQWHYXROGDUHLPSRUWDQ]DDOPDQJLDUHHODUDJLRQHqIDFLOHDFRPSUHQGHUVLPDSRLPHVVDGD
SDUWH O LSRFULVLD WXWWL VL ODJQDQR GL XQ GHVLQDUH FDWWLYR R GL XQD LQGLJHVWLRQH SHU FLEL PDO SUHSDUDWL /D
QXWUL]LRQHHVVHQGRLOSULPRELVRJQRGHOODYLWDqFRVDUDJLRQHYROHO RFFXSDUVHQHSHUVRGGLVIDUORPHQRSHJJLR
FKHVLDSRVVLELOH
8QR VFULWWRUH VWUDQLHUR GLFH ³/D VDOXWH OD PRUDOH OH JLRLH GHOOD IDPLJOLD VL FROOHJDQR FROOD FXFLQD
TXLQGL VDUHEEH RWWLPD FRVD FKH RJQL GRQQD SRSRODQD R VLJQRUD FRQRVFHVVH XQ DUWH FKH q IHFRQGD GL
EHQHVVHUHGLVDOXWHGLULFFKH]]DHGLSDFHDOODIDPLJOLD´HLOQRVWUR/RUHQ]R6WHFFKHWWL 2OLQGR*XHUULQL LQ
XQD FRQIHUHQ]D WHQXWD DOO (VSRVL]LRQH GL 7RULQR LO JLXJQR GLFHYD ³Ê QHFHVVDULR FKH FHVVL LO
SUHJLXGL]LRFKHDFFXVDGLYROJDULWjODFXFLQDSRLFKpQRQqYROJDUHTXHOFKHVHUYHDGXQDYROXWWjLQWHOOLJHQWH
HGHOHJDQWH8QSURGXWWRUHGLYLQLFKHPDQLSRODO XYDHTXDOFKHYROWDLOFDPSHJJLRSHUFDYDUQHXQDEHYDQGD
JUDWD q DFFDUH]]DWR LQYLGLDWR H IDWWR FRPPHQGDWRUH 8Q FXRFR FKH PDQLSROD DQFK HVVR OD PDWHULD SULPD
SHURWWHQHUQHXQFLERSLDFHYROHQRQFKpRQRUDWRHVWLPDWRQRQqQHPPHQRDPPHVVRLQDQWLFDPHUD%DFFR
qILJOLRGL*LRYH&RPR LO'LRGHOOHPHQVH GLLJQRWLJHQLWRUL(SSXUHLOVDYLRGLFH'LPPLTXHOFKHWXPDQJLH
WL GLUz FKL VHL (SSXUH L SRSROL VWHVVL KDQQR XQD LQGROH ORUR IRUWH RYLOH JUDQGH R PLVHUDELOH LQ JUDQ SDUWH
GDJOLDOLPHQWLFKHXVDQR1RQF qGXQTXHJLXVWL]LDGLVWULEXWLYD%LVRJQDULDELOLWDUHODFXFLQD´
'LFR GXQTXH FKH LO PLR ,VWLWXWR GRYUHEEH VHUYLUH SHU DOOHYDUH GHOOH JLRYDQL FXRFKH OH TXDOL
QDWXUDOPHQWH SL HFRQRPLFKH GHJOL XRPLQL H GL PLQRUH GLVSHQGLR WURYHUHEEHUR IDFLOH LPSLHJR H
SRVVHGHUHEEHUR XQ DUWH FKH SRUWDWD QHOOH FDVH ERUJKHVL VDUHEEH XQ IDUPDFR DOOH WDQWH DUUDEELDWXUH FKH
VSHVVRDYYHQJRQRQHOOHIDPLJOLHDFDJLRQHGLXQSHVVLPRGHVLQDUHHSHUFKpFLzQRQDFFDGDVHQWRFKHXQD
JLXGL]LRVDVLJQRUDGLXQDFLWWjWRVFDQDKDIDWWRLQJUDQGLUHODVXDWURSSRSLFFRODFXFLQDSHUDYHUSLDJLRD
GLYHUWLUVLFROPLROLEURDOODPDQR
+RODVFLDWRFDGHUTXHVWDLGHDFRVuLQHPEULRQHHGLQIRUPHODUDFFDWWLDOWULODVYROJDHQHIDFFLDVXR
SUR TXDORUD FUHGD O RSHUD PHULWRULD ,R VRQR G DYYLVR FKH XQD VLPLOH LVWLWX]LRQH EHQ GLUHWWD DFFHWWDQWH OH
RUGLQD]LRQLGHLSULYDWLHYHQGHQGROHSLHWDQ]HJLjFXFLQDWHVLSRWUHEEHLPSLDQWDUHFRQGXUUHHIDUSURVSHUDUH
FRQXQFDSLWDOHHFRQXQDVSHVDUHODWLYDPHQWHSLFFROL
6HYRUUHWHLWRUWHOOLQLDQFKHSLJHQWLOLDJJLXQJHWH DOODSUHVHQWHULFHWWDXQPH]]RSHWWRGLFDSSRQHFRWWR
QHOEXUURXQURVVRG XRYRHODEXRQDPLVXUDGLWXWWRLOUHVWR
7257(//,1,',&$51(',3,&&,21(
4XHVWLWRUWHOOLQLPHULWDLOFRQWRYHOLGHVFULYDSHUFKpULHVFRQRHFFHOOHQWLQHOODORURVHPSOLFLWj
3UHQGHWHXQSLFFLRQHJLRYDQHHGDWRFKHVLDEHOO HSHODWRGHOSHVRGLPH]]RFKLORJUDPPRDOO LQFLUFD
FRUUHGDWHORFRQ
3DUPLJLDQRJUDWWDWRJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
2GRUHGLQRFHPRVFDWD
9XRWDWHLOSLFFLRQHGDOOHLQWHULRUDFKpLOIHJDWLQRHLOYHQWULJOLRQRQVHUYRQRLQTXHVWRFDVRHOHVVDWHOR
3HU OHVVDUOR JHWWDWHOR QHOO DFTXD TXDQGR EROOH H VDODWHOD PH]]¶RUD GL EROOLWXUD q VXIILFLHQWH SHUFKp
GHY HVVHUH SRFR FRWWR7ROWR GDO IXRFR GLVRVVDWHOR SRL WDQWR TXHVWD FDUQH FKHLOSURVFLXWWRWULWDWHOLILQLVVLPL
SULPD FRO FROWHOOR LQGL FROOD OXQHWWD H SHU XOWLPR DJJLXQWRYL LO SDUPLJLDQR H OD QRFH PRVFDWD ODYRUDWH LO
FRPSRVWRFRQODODPDGHOFROWHOORSHUULGXUORWXWWRRPRJHQHR
3HUFKLXGHUOLVHUYLWHYLGHOGLVFRQHFRQWUHXRYDGLVIRJOLDQHRWWHUUHWHFLUFD3RWHWHVHUYLUOLLQ
EURGRSHUPLQHVWUDRSSXUHDVFLXWWLFRQGLWLFRQFDFLRHEXUURRPHJOLRFRQVXJRHULJDJOLH
3$1$7$
4XHVWDPLQHVWUDFRQFXLVLVROHQQL]]DLQ5RPDJQDOD3DVTXDG XRYRqFROjFKLDPDWDWULGXUDSDUROD
GHOOD TXDOH VL q SHUGXWR LQ 7RVFDQD LO VLJQLILFDWR PD FKH HUD LQ XVR DO SULQFLSLR GHO VHFROR ;,9 FRPH
DSSDULVFH GD XQ DQWLFD SHUJDPHQD LQ FXL VL DFFHQQD D XQD IXQ]LRQH GL ULFRQRVFLPHQWR GL SDWURQDWR FKH
FRQVLVWHYDQHOO LQYLDUHRJQLDQQRDOODFDVD GH IUDWLGL6HWWLPRSRVWDLQ&DIDJJLROR )LUHQ]H XQFDWLQRQXRYR
GLOHJQRSLHQRGLWULGXUD HVRSUDDOPHGHVLPRDOFXQHYHUJKHGLOHJQRSHUVRVWHQHUHGLHFLOLEEUHGLFDUQHGL
SRUFRJXDUQLWDG DOORUR7XWWRV LQYHFFKLDHVLWUDVIRUPDQHOPRQGRDQFKHOHOLQJXHHOHSDUROHQRQSHUzJOL
HOHPHQWLGLFXLOHFRVHVLFRPSRQJRQRLTXDOLSHUTXHVWDPLQHVWUDVRQR
3DQHGHOJLRUQRDYDQWLJUDWWDWRQRQSHVWDWRJU
8RYDQ
&DFLRSDUPLJLDQRJUDPPL
2GRUHGLQRFHPRVFDWD
6DOHXQSL]]LFR
3UHQGHWH XQD FD]]DUXROD ODUJD H IRUPDWH LQ HVVD XQ FRPSRVWR QRQ WDQWR VRGR FRQ JO LQJUHGLHQWL
VXGGHWWL DJJLXQJHQGR GHO SDQJUDWWDWR VH RFFRUUH 6WHPSHUDWHOR FRQ EURGR FDOGR PD QRQ EROOHQWH H
ODVFLDWHQHDGGLHWURDOTXDQWRSHUDJJLXQJHUORGRSR
&XRFHWHOR FRQ EUDFH DOO LQJLUR SRFR R SXQWR IXRFR VRWWR H FRQ XQ PHVWROR PHQWUH HQWUD LQ EROORUH
FHUFDWH GL UDGXQDUOR QHO PH]]R VFRVWDQGROR GDOOH SDUHWL GHO YDVR VHQ]D VFRPSRUOR 4XDQGR OR YHGUHWH
DVVRGDWRYHUVDWHORQHOOD]XSSLHUDHVHUYLWHOR
4XHVWDGRVHSXzEDVWDUHSHUVHLSHUVRQH
6H OD SDQDWD q YHQXWD EHQH OD YHGUHWH WXWWD LQ JUDSSROL FRO VXR EURGR FKLDUR DOO LQWRUQR 3LDFHQGRYL
PLVWD FRQ HUEH R FRQ SLVHOOL FXRFHUHWH TXHVWH FRVH D SDUWH H OH PHVFROHUHWH QHO FRPSRVWR SULPD GL
VFLRJOLHUORFROEURGR
0,1(675$',3$1*5$77$72
, SH]]HWWL GL SDQH DYDQ]DWR GLYHQXWL VHFFKL LQ 7RVFDQD VL FKLDPDQR VHFFKHUHOOL SHVWDWL H VWDFFLDWL
VHUYRQR LQ FXFLQD GD SDQJUDWWDWR H VL SRVVRQR DQFKH DGRSHUDUH SHU XQD PLQHVWUD 9HUVDWH TXHVWR
SDQJUDWWDWR QHO EURGR TXDQGR EROOH QHOOD VWHVVD SURSRU]LRQH GL XQ VHPROLQR $ VHFRQGD GHOOD TXDQWLWj
GLVIDWHGXHRSLXRYDQHOOD]XSSLHUDXQLWHFLXQDFXFFKLDLDWDFROPDGLSDUPLJLDQRSHURJQLXRYRHYHUVDWHFL
ODPLQHVWUDEROOHQWHDSRFRSHUYROWD
7$*/,(5,1,',6(02/,12
1RQVRQRPROWRGLVVLPLOLGDTXHOOLIDWWLGLIDULQDPDUHJJRQRGLSLDOODFRWWXUDHVVHQGRODVRGH]]DXQ
SUHJLRGLTXHVWDPLQHVWUD2OWUHDFLzODVFLDQRLOEURGRFKLDURHSDUHFKHORVWRPDFRULPDQJDSLOHJJLHUR
2FFRUUHVHPROLQRGLJUDQDILQHHGKDELVRJQRGLHVVHUHLQWULVRFROOHXRYDTXDOFKHRUDSULPDGLWLUDUH
OD VIRJOLD 6H TXDQGR VLHWH SHU WLUDUOD YL ULXVFLVVH WURSSR PRUELGD DJJLXQJHWH TXDOFKH SL]]LFR GL VHPROLQR
DVFLXWWR SHU ULGXUUH O LPSDVWR DOOD GXUH]]D QHFHVVDULD RQGH QRQ VL DWWDFFKL DO PDWWHUHOOR 1RQ RFFRUUH Qp
VDOHQpDOWULLQJUHGLHQWL
*12&&+,
Ê XQD PLQHVWUD GD IDUVHQH RQRUH PD VH QRQ YROHWH FRQVXPDUH DSSRVLWDPHQWH SHU OHL XQ SHWWR GL
SROODVWUDRGLFDSSRQHDVSHWWDWHFKHYLFDSLWLG RFFDVLRQH
&XRFHWH QHOO DFTXD R PHJOLR D YDSRUH JUDPPL GL SDWDWH JURVVH H IDULQDFHH H SDVVDWHOH SHU
LVWDFFLR$TXHVWHXQLWHLOSHWWRGLSROOROHVVRWULWDWRILQLVVLPRFROODOXQHWWDJUDPPLGLSDUPLJLDQRJUDWWDWR
GXH URVVL G XRYR VDOH TXDQWR EDVWD H RGRUH GL QRFH PRVFDWD 0HVFRODWH H YHUVDWH LO FRPSRVWR VXOOD
VSLDQDWRLD VRSUD D JUDPPL R FKH WDQWL GHYRQR EDVWDUH GL IDULQD SHU OHJDUOR H SRWHUOR WLUDUH D
EDVWRQFLQL JURVVL TXDQWR LO GLWR PLJQROR 7DJOLDWH TXHVWL D WRFFKHWWL H JHWWDWHOL QHO EURGR EROOHQWH RYH XQD
FRWWXUDGLFLQTXHRVHLPLQXWLVDUjVXIILFLHQWH
4XHVWDGRVHSRWUjEDVWDUHSHUVHWWHRGRWWRSHUVRQH
6HLOSHWWRGLSROORqJURVVRGXHVROLURVVLQRQVDUDQQRVXIILFLHQWL
0,1(675$',6(02/,12&203267$ ,
&XRFHWHVHPROLQRGLJUDQDILQHQHOODWWHHJHWWDWHQHWDQWRFKHULHVFD EHQVRGR4XDQGRORULWLUDWHGDO
IXRFR FRQGLWHOR FRQ VDOH SDUPLJLDQR JUDWWDWR XQ SH]]HWWR GL EXUUR H RGRUH GL QRFH PRVFDWD H ODVFLDWHOR
GLDFFLDUH$OORUDVWHPSHUDWHLOFRPSRVWRFRQXRYDILQRDULGXUORFRPHXQDOLTXLGDFUHPD3UHQGHWHXQDIRUPD
OLVFLD GL ODWWD XQJHWHQH EHQH LO IRQGR FRO EXUUR DGHULWHJOL XQ IRJOLR XJXDOPHQWH XQWR H YHUVDWH LO GHWWR
FRPSRVWRQHOODPHGHVLPDSHUDVVRGDUORDEDJQRPDULDFRQIXRFRVRSUD&RWWRHGLDFFLRFKHVLDXQDODPDGL
FROWHOOR SDVVDWD DOO LQWRUQR H OD FDUWD GHO IRQGR YL GDUDQQR DLXWR D VIRUPDUOR 7DJOLDWHOR D PDWWRQFLQL R D
PRVWDFFLROL GHOOD JURVVH]]D GL XQR VFXGR H GHOOD ODUJKH]]D GL XQ FHQWLPHWUR R GXH H JHWWDWHOL QHO EURGR
IDFHQGROLEROOLUHTXDOFKHPLQXWR
%DVWD XQ ELFFKLHUH GL ODWWH H GXH XRYD D IDUH XQD PLQHVWUD SHU TXDWWUR R FLQTXH SHUVRQH &RQ XQ
ELFFKLHUHHGXHGLWDGLODWWHHWUHXRYDKRIDWWRXQDPLQHVWUDFKHqEDVWDWDSHURWWRSHUVRQH
0,1(675$',6(02/,12&203267$ ,,
JXVWR
/DPLQHVWUDGLVHPROLQRIDWWDQHOODVHJXHQWHPDQLHUDPLSLDFHSL GHOO DQWHFHGHQWHPDqTXHVWLRQHGL
3HURJQLXRYR
6HPROLQRJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
%XUURJUDPPL
6DOHXQDSUHVD
2GRUHGLQRFHPRVFDWD
,O EXUUR VFLRJOLHWHOR DO IXRFR H WROWR YLD GDO IXRFR YHUVDWHFL VRSUD LO VHPROLQR H LO SDUPLJLDQR
VFLRJOLHQGR EHQH LO FRPSRVWR FROOH XRYD 3RL YHUVDWHOR LQ XQD FD]]DUXROD FRQ XQ IRJOLR LPEXUUDWR VRWWR SHU
DVVRGDUOR IUD GXH IXRFKL EDGDQGR FKH QRQ URVROL6IRUPDWR H GLDFFLRFKH VLD WDJOLDWHOR D SLFFROL GDGL R LQ
DOWURPRGRIDFHQGROREROOLUHQHOEURGRSHUGLHFLPLQXWL
7UHXRYDEDVWHUDQQRSHUFLQTXHSHUVRQH
0,1(675$',.5$3)(1
0HQROR]XFFKHURqODVWHVVDFRPSRVL]LRQHGHOQ(FFROHGRVLGLXQDPLQHVWUDSHUVHWWHRGRWWR
SHUVRQH
)DULQDG 8QJKHULDJUDPPL
%XUURJUDPPL
/LHYLWRGLELUUDTXDQWRXQDQRFH
8RYDQ
6DOHXQDSUHVD
7LUDWRLOSDVWRQHDVWLDFFLDWDGHOODJURVVH]]DDOTXDQWRPHQRGLPH]]RGLWRWDJOLDWHORFRQXQFDQQHOOR
GLODWWDGHOGLDPHWURVHJQDWRSHUIDUQHFRPHWDQWHSDVWLFFKHFKHSRUUHWHDOLHYLWDUH/HYHGUHWHFUHVFHUHLQ
IRUPDGLSDOORWWROHHDOORUDIULJJHWHOHQHOO ROLRVHORDYHWHHFFHOOHQWHDOWULPHQWLQHOODUGRRQHOEXUUR4XDQGR
VLHWHSHUPDQGDUHLQWDYRODFROORFDWHOHQHOOD]XSSLHUDHYHUVDWHVXOOHPHGHVLPHLOEURGREROOHQWH
0,1(675$'(/3$5$',62
ÊXQDPLQHVWUDVRVWDQ]LRVDHGHOLFDWDPDLO3DUDGLVRIRVVHSXUTXHOORGL0DRPHWWRQRQFLKDQXOOD
FKHIDUH
0RQWDWHVRGHTXDWWURFKLDUHG XRYRLQFRUSRUDWHFLGHQWURLURVVLSRLYHUVDWHFLTXDWWURFXFFKLDLDWHQRQ
WDQWRFROPHGLSDQJUDWWDWRILQHGLSDQHGXURDOWUHWWDQWRGLSDUPLJLDQRJUDWWDWRHO RGRUHGHOODQRFHPRVFDWD
0HVFRODWH DGDJLQR RQGH LO FRPSRVWR UHVWL VRIILFH H JHWWDWHOR QHO EURGR EROOHQWH D FXFFKLDLQL
)DWHOREROOLUHSHUVHWWHRGRWWRPLQXWLHVHUYLWHOR
4XHVWDGRVHSRWUjEDVWDUHSHUVHLSHUVRQH
0,1(675$',&$51(3$66$7$
9LWHOODGLODWWHPDJUDJUDPPL
3URVFLXWWRJUDVVRJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
3DSSDIDWWDFRQPLGROODGLSDQHDFTXDHXQSH]]HWWRGLEXUURGXHFXFFKLDLDWH
8RYDQ
2GRUHGLQRFHPRVFDWD
6DOHTXDQWREDVWD
7ULWDWHSULPDODFDUQHHLOSURVFLXWWRFRQXQFROWHOORDFROSRGRSRFROODOXQHWWDSRLSHVWDWHOLQHOPRUWDLR
HSDVVDWHOLSHU LVWDFFLR)DWHQHTXLQGLWXWWRXQLPSDVWRFROO XRYRHJOLDOWULLQJUHGLHQWLTXDQGREROOHLOEURGR
JHWWDWHORDFXFFKLDLQLRSDVVDWHORGDXQDVLULQJDSHUGDUJOLIRUPDJUD]LRVDHGRSRXQDEROOLWXUDVXIILFLHQWHD
FXRFHUORVHUYLWHODPLQHVWUD
4XHVWD TXDQWLWj EDVWD SHU TXDWWUR R FLQTXH SHUVRQH PD SRWHWH IDUOD VHUYLUH DQFKH SHU GRGLFL
PHVFRODQGROD LQ XQD ]XSSD 3UHQGHWH DOORUD SDQH ILQLVVLPR GHO JLRUQR DYDQWL WDJOLDWHOR D SLFFROL GDGL H
URVRODWHOR LQ SDGHOOD DOOD VYHOWD FRQ PROWR XQWR 4XDQGR VLHWH SHU PDQGDUH LQ WDYROD SRQHWH LO GHWWR SDQH
QHOOD]XSSLHUDHYHUVDWHVXOPHGHVLPRODVRSUDGHVFULWWDPLQHVWUDGLFDUQHSDVVDWD
0,1(675$',3$66$7(//,
(FFRYLGXHULFHWWHFKHDGHFFH]LRQHGHOODTXDQWLWjSRFRGLIIHULVFRQRO XQDGDOO DOWUD
3ULPD
3DQJUDWWDWRJUDPPL
0LGROORGLEXHJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQ
2GRUHGLQRFHPRVFDWDRGLVFRU]DGLOLPRQHRSSXUHGHOO XQDHGHOO DOWUDLQVLHPH
4XHVWDGRVHSXzEDVWDUHSHUTXDWWURSHUVRQH
6HFRQGD
3DQJUDWWDWRJUDPPL
0LGROORGLEXHJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQHXQURVVR
2GRUHFRPHVRSUD
3XzEDVWDUHSHUVHWWHRGRWWRSHUVRQH
,O PLGROOR VHUYH SHU UHQGHUOL SL WHQHUL H QRQ q QHFHVVDULR VFLRJOLHUOR DO IXRFR EDVWD VWLDFFLDUOR H
GLVIDUOR FROOD ODPD GL XQ FROWHOOR ,PSDVWDWH RJQL FRVD LQVLHPH SHU IRUPDUH XQ SDQH SLXWWRVWR VRGR PD
ODVFLDWHDGGLHWURDOTXDQWRSDQJUDWWDWRSHUDJJLXQJHUORGRSRVHRFFRUUH
6LFKLDPDQRSDVVDWHOOLSHUFKp SUHQGRQRODIRUPDORURVSHFLDOHSDVVDQGRDIRU]DGDLEXFKLGLXQIHUUR
IDWWR DSSRVLWDPHQWH SRFKH HVVHQGR OH IDPLJOLH LQ 5RPDJQD FKH QRQ O DEELDQR SHU OD UDJLRQH FKH TXHVWD
PLQHVWUD YL q WHQXWD LQ EXRQ FRQWR FRPH LQ JHQHUDOH D FDJLRQH GHO FOLPD VRQR FROj DSSUH]]DWH WXWWH OH
PLQHVWUHLQWULVHFROOHXRYDGHOOHTXDOLVLIDXVRTXDVLTXRWLGLDQR6LSRVVRQRSDVVDUHDQFKHGDOODVLULQJD
0,1(675$',3$66$7(//,',&$51(
)LOHWWRGLPDQ]RJUDPPL
3DQJUDWWDWRJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
0LGROORGLEXHJUDPPL
%XUURJUDPPL
5RVVLG XRYRQ
6DOHTXDQWREDVWD
2GRUHGLQRFHPRVFDWD
,OILOHWWRSHVWDWHORQHOPRUWDLRHSDVVDWHORGDOORVWDFFLR
,OPLGROORHLOEXUURVWLDFFLDWHOLLQVLHPHFRQODODPDGLXQFROWHOORHXQLWHOLDOODFDUQH$JJLXQJHUHLOUHVWR
SHU IDUH XQ SDVWRQH FKH ULHVFLUj VRGR GD SRWHUFL SUHPHUH VRSUD LO IHUUR FRPH DL SDVVDWHOOL GHO QXPHUR
SUHFHGHQWH
)DWHOLEROOLUHQHOEURGRSHUGLHFLPLQXWLHVHUYLWHOLSHUVHLSHUVRQH
$QFKH XQ SHWWR GL SROOR R XQ SH]]R GL SHWWR GL WDFFKLQR OHVVDWL R FUXGL SRVVRQR VHUYLUH D TXHVW XVR
LQYHFHGHOILOHWWR
0,1(675$$%$6(',5,&277$
3UHQGHWHLOFRPSRVWRGHLFDSSHOOHWWLQPDLQYHFHGLFKLXGHUORQHOODVIRJOLDJHWWDWHORDFXFFKLDLQLQHO
EURGRTXDQGREROOHHDSSHQDDVVRGDWRYHUVDWHORQHOOD]XSSLHUDHVHUYLWHOR
0,1(675$',12&&,82/(',6(02/,12
/DWWHGHFLOLWUL
6HPROLQRJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDXQRLQWHURHXQWRUOR
%XUURTXDQWRXQDQRFH
6DOHTXDQWREDVWD
)DULQDLGHP
2GRUHGLQRFHPRVFDWD
0HWWHWHLOODWWHDOIXRFRFROEXUURHTXDQGREROOHYHUVDWHLOVHPROLQRDSRFRDSRFR6DODWHORTXDQGRq
FRWWR H FDOGR DQFRUD PD QRQ EROOHQWH VFRFFLDWHJOL GHQWUR OH XRYD DJJLXQJHWH LO SDUPLJLDQR H O¶RGRUH H
PHVFRODWH /DVFLDWHOR GLDFFLDU EHQH H SRL YHUVDWHOR VXOOD VSLDQDWRLD VRSUD D XQR VWUDWR GL IDULQD
$YYROWRODWHOROHJJHUPHQWHVXOODPHGHVLPDWLUDQGRQHXQEDVWRQFLQRFKHWDJOLHUHWHDSH]]HWWLXJXDOLSHUIDPH
WDQWH SDOORWWROH GHOOD JUDQGH]]D GLXQDQRFFLXROD*HWWDWHOHQHOEURGRTXDQGREROOHHSRFRGRSRYHUVDWHOH
QHOOD]XSSLHUDHPDQGDWHOHLQWDYROD$YRVWUDQRUPDYHGUHWHFKHDVVRUELUDQQRGDDJUDPPLVROWDQWR
GLIDULQDPDSRLGLSHQGHUj LOSLHLOPHQRGDLFRPHULHVFHLOFRPSRVWR
4XHVWDGRVHSRWUjEDVWDUHSHUFLQTXHRVHLSHUVRQH
0,1(675$',%20%2/,1(',)$5,1$
6RQROHERPEHFRPSRVWHGHOQPHQRODPRUWDGHOODSHUHVHJXLUOHJXDUGDWHTXLQGLTXHOODULFHWWD
ODFXLTXDQWLWjSXzEDVWDUHSHURWWRRGLHFLSHUVRQHWDQWRULJRQILDQRSHUXVRGLPLQHVWUDDQFKHVHOHWHUUHWH
SLFFROHTXDQWRXQDQRFFLXROD3HUJHWWDUOHLQSDGHOODSUHQGHWHVXLOFRPSRVWRFROPHVWRORHFROODSXQWDGLXQ
FROWHOOR GD WDYROD LQWLQWR QHOO XQWR D EROORUH GLVWDFFDWHOR D SH]]HWWLQL URWRQGHJJLDQWL )ULJJHWHOH QHO ODUGR
YHUJLQHRQHOEXUURSRQHWHOHQHOOD]XSSLHUDYHUVDWHFLVRSUDLOEURGREROOHQWHHPDQGDWHOHVXELWRLQWDYROD
3HU DYYDQWDJJLDUYL VH DYHWH XQ SUDQ]R SRWHWH IDUH LO FRPSRVWR LO JLRUQR LQQDQ]L H IULJJHUH OH
ERPEROLQHODPDWWLQDGLSRLPDG LQYHUQRQRQSDWLVFRQRDQFKHVHVWDQQRIULWWHSHUTXDOFKHJLRUQR
0,1(675$',0$7721&,1,',5,&277$
5LFRWWDJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQ
6DOHTXDQWREDVWD
2GRULGLVFRU]DGLOLPRQHHGLQRFHPRVFDWD
'LVIDWHODULFRWWDSDVVDQGRODSHULVWDFFLRDJJLXQJHUHLOUHVWRHOHXRYDXQRDOODYROWD0HVFRODWHEHQH
HYHUVDWHLOFRPSRVWRLQXQRVWDPSROLVFLRSHUFXRFHUORDEDJQRPDULD6IRUPDWHORGLDFFLROHYDWHJOLODFDUWD
FROODTXDOHDYUHWHFRSHUWRLOIRQGRGHOORVWDPSRHWDJOLDWHORDGDGLQLGHOODGLPHQVLRQHGLXQFHQWLPHWURFLUFD
&ROORFDWHOLSRLQHOOD]XSSLHUDYHUVDWHVXLPHGHVLPLLOEURGREROOHQWHHPDQGDWHOLLQWDYROD
4XHVWDGRVHEDVWHUjSHUFLQTXHRVHLSHUVRQH
0,1(675$',0,//()$17,
0H]]RXRYRSHUSHUVRQDqSLFKHVXIILFLHQWHSHUTXHVWDPLQHVWUDTXDQGRVLqLQSDUHFFKL
3UHQGHWH XQ SHQWROR H LQ IRQGR DO PHGHVLPR SRQHWH WDQWL FXFFKLDLQL FROPL GL IDULQD TXDQWH VRQR OH
XRYD DJJLXQJHWH SDUPLJLDQR JUDWWDWR RGRUH GL QRFH PRVFDWD XQD SUHVD GL VDOH H SHU XOWLPR OH XRYD
)UXOODWHRJQLFRVDLQVLHPHEHQEHQHHYHUVDWHLOFRPSRVWRQHOEURGRTXDQGREROOHIDFHQGRORSDVVDUHGDXQ
FROLQRGLODWWDDEXFKLODUJKLULPHVWDQGRLQSDULWHPSRLOEURGR/DVFLDWHEROOLUHDOTXDQWRHVHUYLWH
0,1(675$',/$77(&203267$
)DULQDJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDPPL /DWWHGHFLOLWUL 8RYDQ
6DOHTXDQWREDVWD
2GRUHGLQRFHPRVFDWDVHSLDFH
0HWWHWH LO EXUUR DO IXRFR H DSSHQD VTXDJOLDWR YHUVDWH OD IDULQD PHVFRODWH H TXDQGR FRPLQFLD D
SUHQGHUH FRORUH YHUVDWH LO ODWWH D SRFR SHU YROWD )DWH EROOLUH DOTXDQWR SRL ULWLUDWH LO FRPSRVWR GDO IXRFR H
FRQGLWHORDJJLXQJHQGROHXRYDSHUXOWLPRTXDQGRVDUjGLDFFLRFXRFHWHORDEDJQRPDULDFRPHODPLQHVWUDGL
VHPROLQRQHUHJRODWHYLFRPHSHUODPHGHVLPD
4XHVWDGRVHSRWUjVHUYLUHSHURWWRRGLHFLSHUVRQH
0,1(675$',3$1($1*(/,&2
0LGROODGLSDQHILQHJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
0LGROORGLEXHJUDPPL
3DUPLJLDQRJUDPPL
)DULQDTXDQWREDVWD
8RYDQPHQRXQDFKLDUD
2GRUHGLQRFHPRVFDWD
/DPLGROODGLSDQHEDJQDWHODFROEURGREROOHQWHWDQWRFKHV LQ]XSSLDSSHQDDSSHQDHVSUHPHWHODIRUWH
HQWUR D XQ FDQRYDFFLR ,O SURVFLXWWR WULWDWHOR ILQLVVLPR LO PLGROOR GL EXH VWLDFFLDWHOR FROOD ODPD SLDWWD GL XQ
FROWHOOR H FRQ HVVD ULPHVWDWHORWDQWR GD ULGXUOR FRPH XQ XQJXHQWR 0HVFRODWH TXHVWH WUHFRVHLQVLHPH FRO
SDUPLJLDQRHGDJJLXQJHWHOHXRYD
'LVWHQGHWHXQYHORGLIDULQDVXOODVSLDQDWRLDYHUVDWHJOLVRSUDLOFRPSRVWRFRSULWHORFRQDOWUDIDULQDH
IDWHJOLHQH SUHQGHU WDQWD TXDOFRVD PHQR GL JUDPPL SRVVRQR EDVWDUH SHU IRUPDUH GHOOH SDOORWWROH
SLXWWRVWR PRUELGH H JURVVH FRPH OH QRFFLXROH *HWWDWHOH QHO EURGR EROOHQWH H GRSR PLQXWL GL FRWWXUD
VHUYLWHOH
4XHVWDGRVHSRWUjEDVWDUHSHUGLHFLRGRGLFLSHUVRQH
0,1(675$',%20%2/,1(',3$7$7(
3DWDWHJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
5RVVLG XRYRQ
2GRUHGLQRFHPRVFDWD
&XRFHWHOHSDWDWHQHOO DFTXDRPHJOLRDYDSRUHVEXFFLDWHOHSDVVDWHOHFDOGHGDOORVWDFFLRHVDODWHOH
$JJLXQJHWHJO¶LQJUHGLHQWLVXGGHWWLH ODYRUDWHOHDOTXDQWR'LVWHQGHWHXQYHORGLIDULQDVXOODVSLDQDWRLDHVRSUD
ODPHGHVLPDYHUVDWHLOFRPSRVWRSHUSRWHUORWLUDUHDEDVWRQFLQLVHQ]DFKHODIDULQDSHQHWULQHOO LQWHUQRHFRQ
TXHVWL IRUPDWH GHOOH SDOOLQH JURVVH FRPH OH QRFFLXROH )ULJJHWHOH QHOO ROLR R QHO ODUGR RYH VJXD]]LQR H
PHWWHWHOHQHOOD]XSSLHUDYHUVDQGRYLLOEURGREROOHQWH
4XHVWDGRVHSRWUjEDVWDUHSHURWWRRGLHFLSHUVRQH
0,1(675$',%20%2/,1(',5,62
5LVRJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8QURVVRG XRYR
2GRUHGLQRFHPRVFDWD
6DOHTXDQWREDVWD
&XRFHWH PROWR H EHQ VRGR LO ULVR QHO ODWWH PH]]R OLWUR SRWUj EDVWDUH SULPD GL OHYDUOR GDO IXRFR
DJJLXQJHWH LO EXUUR H LO VDOH H TXDQGR QRQ q SL D EROORUH PHWWHWHFL LO ULPDQHQWH SHO UHVWR UHJRODWHYLFRPH
DOODULFHWWDDQWHFHGHQWH4XHVWHERPEROLQHULHVFRQRDOJXVWRPLJOLRULGLTXHOOHGLSDWDWH
4XHVWDGRVHEDVWHUjSHUVHLSHUVRQH
0,1(675$','8(&2/25,
4XHVWDqXQDPLQHVWUDGHOLFDWDHOHJJLHUDFKHSXzSLDFHUHLQ7RVFDQDVSHFLDOPHQWHDOOHVLJQRUHPD
QRQVDUHEEHGDSUHVHQWDUVLDXQSUDQ]RLQ5RPDJQDRYHLOPRUELGXPHVRWWRDLGHQWLQRQqSXQWRGHOJXVWR
GLTXHOSDHVHGHOOHWDJOLDWHOOHSHUHFFHOOHQ]DPHQRSRLORVDUHEEHTXHOODPRFFLFDJOLDGLPLQHVWUDGLWDSLRFD
ODTXDOHVDOYRSRFKLVVLPHHFFH]LRQLDOVRORYHGHUODSURPXRYHUHEEHFROjLOPDOGLVWRPDFR
)DULQDJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDPPL
/DWWHGHFLOLWUL
8RYDGXHLQWHUHHGXHURVVL
6DOHTXDQWREDVWD
2GRUHGLQRFHPRVFDWD
8QSXJQRGLVSLQDFL
/HVVDWH JOL VSLQDFL VWUL]]DWHOL EHQH GDOO DFTXD H SDVVDWHOL GDOOR VWDFFLR 0HWWHWH LO EXUUR DO IXRFR H
TXDQGRqVFLROWRJHWWDWHFLODIDULQDPHVFRODQGREHQHSRLYHUVDWHFLLOODWWHFDOGRDSRFRSHUYROWDVDODWHODH
PHQWUHFXRFHODYRUDWHODFROPHVWRORSHUIDUQHXQDSDVWDRPRJHQHD
/HYDWHODHTXDQGRVDUjWLHSLGDVWHPSHUDWHODFROOHXRYDDJJLXQJHQGRLOSDUPLJLDQRHODQRFHPRVFDWD
3RL TXHVWR FRPSRVWR GLYLGHWHOR LQ GXH SDUWL XJXDOL LQ XQD GHOOH TXDOLPHVFROHUHWHLGHWWLVSLQDFLLQTXDQWLWj
VXIILFLHQWHDIDUOH SUHQGHUHLOFRORUYHUGHHQRQGLSL
3RQHWHLOFRPSRVWRQHOODVLULQJDFRQORVWDPSLQRDEXFKLURWRQGLHVSLQJHWHORQHOEURGREROOHQWHFRPH
LSDVVDWHOOLGHOQPDTXHVWDRSHUD]LRQHRFFRUUHIDUODLQGXHYROWHSULPDFROFRPSRVWRJLDOORHGRSRFRO
YHUGH
4XHVWDGRVHVDUjVXIILFLHQWHSHURWWRRGLHFLSHUVRQH
=833$5,3,(1$
3UHQGHWH PH]]R SHWWR GL FDSSRQH R GL XQ SROOR JURVVRXQD IHWWLQD GL SURVFLXWWR JUDVVR H PDJURXQ
SH]]HWWRGLPLGROORIDWHQHXQEDWWXWRFRQGLWHORFRQSDUPLJLDQRJUDWWDWRGDWHJOLO RGRUHGHOODQRFHPRVFDWDH
OHJDWHORFRQXQXRYR,OVDOHHVVHQGRYLLOSURVFLXWWRQRQRFFRUUH
3UHQGHWH XQ ILORQFLQR GL SDQH UDIIHUPR DIIHWWDWHOR LQ WRQGR DOOD JURVVH]]D GL PH]]R GLWR OHYDWH DOOH
IHWWH OD FRUWHFFLD H VXOOD PHWj GHO QXPHUR GHOOH PHGHVLPH VSDOPDWH LO FRPSRVWR VXGGHWWR DG RJQXQD GL
TXHVWH IHWWH VSDOPDWH VRYUDSSRQHWH XQD IHWWD VHQ]D EDWWXWR H SLJLDWHOH LQVLHPH RQGH VL DWWDFFKLQR 3RL
TXHVWH IHWWH FRVu DSSDLDWH WDJOLDWHOH D SLFFROL GDGL H IULJJHWHOL QHO ODUGR YHUJLQH R QHOO ROLR R QHO EXUUR
FRQIRUPHDOJXVWRGHOSDHVHRYRVWUR
4XDQGRqRUDGLVHUYLUOD]XSSDLQWDYRODSRQHWHLGDGLIULWWLQHOOD]XSSLHUDHYHUVDWHFLVRSUDLOEURGR
EROOHQWH
=833$',292/,
$O WHPSR GHL IXQJKL SRWHWH VHUYLUH TXHVWD PLQHVWUD LQ XQ SUDQ]R DQFKH VLJQRULOH FKH QRQ YL IDUj
VILJXUDUH
*OLRYROLVRQRTXH IXQJKLGLFRORUHDUDQFLRQHGHVFULWWLDOQ3UHQGHWHQHJUDPPLFKHTXDQGR
VDUDQQR QHWWDWL H VSHOODWL ULPDUUDQQR JUDPPL FLUFD/DYDWHOLLQWHULHWDJOLDWHOLDIHWWHSLFFROHHVRWWLOLRD
SH]]HWWL
)DWH XQ EDWWXWR FRQ JUDPPL GL ODUGRQH H XQ SL]]LFR GL SUH]]HPROR H PHWWHWHOR DO IXRFR FRQ JUDPPLGLEXUURHWUHFXFFKLDLDWHG ROLR4XDQGRDYUjVRIIULWWRYHUVDWHLIXQJKLHVDODWHOLDOTXDQWRSHUGDUORUR
PH]]DFRWWXUD SRL YHUVDWHOL QHO EURGR FRQ WXWWR LO VRIIULWWR SHU IDUOL EROOLUH DOWUL GLHFL PLQXWL 3ULPD GL OHYDUOL
GLVIDWH QHOOD ]XSSLHUD XQ XRYR LQWHUR H XQ URVVR FRQ XQ SXJQR GL SDUPLJLDQR JUDWWDWR H YHUVDWHFL VRSUD OD
PLQHVWUDSRFDSHUYROWDULPHVWDQGRLQGLXQLWHFLGDGLQLGLSDQHDUURVWLWRPDDYYHUWLWHFKHOD]XSSDUHVWLPROWR
EURGRVD
4XHVWDGRVHSRWUjEDVWDUHSHUVHLRVHWWHSHUVRQH
6HQHIDWHODPHWjSXzEDVWDUHVROWDQWRO XRYRLQWHUR
=833$',=8&&$*,$//$
=XFFDJLDOODVEXFFLDWDHWDJOLDWDDIHWWHVRWWLOLXQFKLORJUDPPR0HWWHWHODDFXRFHUHFRQGXHUDPDLXROL
GLEURGRHSRLSDVVDWHODGDOORVWDFFLR
)DWHDOIXRFRXQLQWULVRFRQJUDPPLGLEXUURHGXHFXFFKLDLDWHUDVHGLIDULQDHTXDQGRDYUjSUHVRLO
FRORUH ELRQGR IHUPDWHOR FRO EURGR DJJLXQJHWH OD ]XFFD SDVVDWD H LO UHVWR GHO EURGR FKH EDVWL SHU VHL
SHUVRQH 3RL YHUVDWHOR EROOHQWH VRSUD D GDGLQL GL SDQH IULWWR H PDQGDWH OD ]XSSD LQ WDYROD FRQ SDUPLJLDQR
JUDWWDWRDSDUWH
6H IDUHWH TXHVWD ]XSSD D GRYHUH H FRQ EURGR EXRQR SRWUj FRPSDULUH VX TXDOXQTXH WDYROD HG DYUj
DQFKHLOPHULWRGLHVVHUHULQIUHVFDQWH
=833$',385Ê',3,6(//,',*5$662
7UDWWDQGRVL TXL GL SLVHOOL GD SDVVDUH QRQ RFFRUUH VLHQR GH SL WHQHUL *UDPPL GL SLVHOOL VJUDQDWL
SRVVRQREDVWDUHSHUVHLSHUVRQHFKHSUDQ]LQRDOODPRGDFLRqFRQSRFDPLQHVWUD&XRFHWHOLQHOEURGRFRQ
XQ PD]]HWWR FKH SRL JHWWHUHWH YLD FRPSRVWR GL SUH]]HPROR VHGDQR FDURWD H TXDOFKH IRJOLD GL EDVLOLFR
4XDQGR L SLVHOOL VDUDQQR FRWWL JHWWDWH IUD L PHGHVLPL SHU LQ]XSSDUOH GXH IHWWH GL SDQH IULWWR QHO EXUUR H
SDVVDWHSHULVWDFFLRRJQLFRVD'LOXLWHTXHVWRFRPSRVWRFROEURGRRFFRUUHQWHDJJLXQJHWHXQSR¶GLVXJRGL
FDUQHVHQHDYHWHHEDJQDWHOD]XSSDODTXDOHGRYUjHVVHUHGLSDQHVRSUDIILQHUDIIHUPRWDJOLDWRDGDGLQLH
IULWWRQHOEXUUR
=833$6$17e
4XHVWD ]XSSD VL ID FRQ GLYHUVH TXDOLWj GL RUWDJJLR TXDOXQTXH 'DWR FKH YL VHUYLDWH SHU HVHPSLR GL
FDURWH DFHWRVD VHGDQR H FDYROR ELDQFR WDJOLDWH TXHVWR D PR¶ GL WDJOLHULQL H IDWHJOL IDU O DFTXD VRSUD DO
IXRFR VWUL]]DQGROR EHQH /H FDURWH H LO VHGDQR WDJOLDWHOL D ILOHWWL OXQJKL WUH FHQWLPHWUL FLUFD H LQVLHPH FRO
FDYRORHFRQO DFHWRVDQHWWDWDGDLJDPELSRQHWHOLDOIXRFRFRQSRFRVDOHXQDSUHVDGLSHSHHXQSH]]HWWRGL
EXUUR4XDQGRO HUEDJJLRDYUjWLUDWRO XQWRILQLWHGLFXRFHUORFROEURGR)UDWWDQWRSUHSDUDWHLOSDQHLOTXDOHq
EHQHVLDGLTXDOLWjILQHHUDIIHUPRGLXQJLRUQRDOPHQRWDJOLDWHORDSLFFROLGDGLHIULJJHWHORQHOEXUURRDQFKH
QHOO ROLRYHUJLQHRQHOODUGRPDSHUFKpDVVRUEDSRFRXQWRWHQHWHTXHVW XOWLPRDEERQGDQWHHJHWWDWHFLLOSDQH
TXDQGR q EHQH D EROORUH DOWULPHQWL DUURVWLWHOR VROWDQWR D IHWWH JURVVH PH]]R GLWR H WDJOLDWHOR GRSR D GDGL
3RQHWHLOSDQHQHOOD]XSSLHUDYHUVDWHJOLVRSUDLOEURGRDEROORUHLQVLHPH FROO HUEDJJLRHPDQGDWH OD]XSSD
VXELWRLQWDYROD
8VDQGRLIHUULGHOPHVWLHUHVLSRVVRQRGDUHDJOLRUWDJJLIRUPHJUD]LRVHHGHOHJDQWL
=833$',$&(726$
$FHWRVDJUDPPL
8QFHVWR FHVSR GLODWWXJD
'RSR DYHU WHQXWR LQ PROOH TXHVWL HUEDJJL VJURQGDWHOL EHQ EHQH WDJOLDWHOL D VWULVFLROLQH H PHWWHWHOL DO
IXRFR 4XDQGR VDUDQQR FRWWL GDWH ORUR VDSRUH FRQ XQD SUHVD GL VDOH H JUDPPL GL EXUUR 0HWWHWH QHOOD
]XSSLHUD GXH URVVL G XRYR FRQ XQ SR GL EURGR WLHSLGR XQLWHYL L GHWWL HUEDJJL H TXLQGL D SRFR SHU YROWD H
PHVFRODQGRDJJLXQJHWHYLWXWWRLOEURGREROOHQWHQHFHVVDULRSHUOD]XSSDJHWWDWHSRLLOSDQHWDJOLDWRDGDGLQL
H IULWWR H PDQGDWH LQ WDYROD FRQ SDUPLJLDQR D SDUWH &RVu SUHSDUDWD TXHVWD PLQHVWUD SRWUj VHUYLUH SHU
FLQTXHSHUVRQH
=833$68/68*2',&$51(
&HUWL FXRFKL SHU GDUVL DULD VWUDSD]]DQR LO IUDVDULR GHL QRVWUL SRFR EHQHYROL YLFLQL FRQ QRPL FKH
ULPERPEDQR H FKH QRQ GLFRQR QXOOD TXLQGL VHFRQGR ORUR TXHVWD FKH VWR GHVFULYHQGR DYUHL GRYXWR
FKLDPDUOD]XSSDPLWRQQpH6HSHUGDU QHOJXVWRDFRVWRURHDTXHLWDQWLFKHVLPRVWUDQRVHUYLOLDOOHXVDQ]H
VWUDQLHUH DYHVVL LQIDUFLWR LO PLR OLEUR GL WDOL HVRWLFKH H VFRUEXWLFKH YRFL FKL VD GL TXDO SUHVWLJLR PDJJLRUH
DYUHEEH JRGXWR 0D LR SHU OD GLJQLWj GL QRL VWHVVL VIRU]DQGRPL D WXWWR SRWHUH GL XVDUH OD QRVWUD EHOOD HG
DUPRQLRVDOLQJXDSDHVDQDPLqSLDFLXWRGLFKLDPDUODFROVXRQRPHVHPSOLFHHQDWXUDOH
/DEXRQDULXVFLWDGLTXHVWD]XSSDGLSHQGHGDOVDSHUWLUDUHXQEXRQVXJR YHGLQ ODTXDOFRVDQRQ
qGDWXWWL
3HU TXDWWUR SHUVRQH FUHGHUHL VXIILFLHQWL JUDPPL FLUFD GL FDUQH GL PDQ]R GD VXJR FRQ TXDOFKH
FROORGLSROORHULWDJOLGLFXFLQDVHYHQHVRQR2OWUHDOVXJRTXHVWD]XSSDULFKLHGHRUWDJJLLQEXRQDPLVXUD
HDVHFRQGDGHOODVWDJLRQHXQPLVWRGLVHGDQRFDURWDFDYRORYHU]RWWRDFHWRVD]XFFKLQLSLVHOOLHFFQRQ
FKH XQD SDWDWD TXHVWD H JOL ]XFFKLQL WDJOLDWL D WRFFKHWWL WXWWL JOL DOWUL D ILOHWWL /HVVDWHOL WXWWL H VRIIULJJHWHOL
SRVFLD QHO EXUUR EDJQDQGROL FRO GHWWR VXJR /H IHWWH GHO SDQH WHQHWHOH JURVVH PH]]R GLWR DUURVWLWHOH H
WDJOLDWHOHDGDGL3UHQGHWHXQWHJDPHRPHJOLRXQYDVRFRQVLPLOHEHQGHFHQWHSHUFKpGHY HVVHUHSRUWDWR
LQWDYRODHLQTXHVWREDJQDWHOD]XSSDQHOODVHJXHQWHPDQLHUDXQVXRORGLSDQHXQRGLHUEDJJLHVRSUDXQD
VSROYHUL]]DWDGLSDUPLJLDQR HFRVuGLVHJXLWR3HUXOWLPRYHUVDWHFLVRSUDLOVXJRHVHQ]DWRFFDUODFRSULWHOD
FRQXQSLDWWRHXQWRYDJOLXRORHWHQHWHODSHUPH]] RUDLQFDOGRSUHVVRDOIXRFRDYDQWLGLVHUYLUOD
9L DYYHUWR FKH TXHVWD ]XSSD GHYH ULPDQHUH TXDVL DVFLXWWD ODRQGH q EHQH WHQHU DGGLHWUR XQ SR GL
VXJRSHUDJJLXQJHUORTXDQGRODPDQGDWHLQWDYRODQHOFDVRULXVFLVVHWURSSRDVFLXWWD
=833$5(*,1$
'DOQRPHVLGRYUHEEHJLXGLFDUHSHUODPLJOLRUHGLWXWWHOH]XSSH&HUWDPHQWHVLSXzFROORFDUHIUDOHSL
VLJQRULOLPDF¶qHVDJHUD]LRQHQHOWLWROR
6LIDFROOHFDUQLELDQFKHGHOSROORDUURVWRQHWWDWHGDOODSHOOHHGDLWHQGLQL7ULWDWHOHEHQHFROODOXQHWWD
SRLSHVWDWHOHLQXQPRUWDLRFRQFLQTXHRVHLPDQGRUOHGROFLVEXFFLDWHHFRQXQDPLGROODGLSDQHLQ]XSSDWD
QHOEURGRRQHOODWWHLQSURSRU]LRQHGLXQTXLQWRRGLXQVHVWRGHOODTXDQWLWjGHOODFDUQH4XDQGRLOFRPSRVWR
VDUj SHVWDWR EHQ EHQH SDVVDWHOR GDOOR VWDFFLR SRQHWHOR QHOOD ]XSSLHUD H VFLRJOLHWHOR FRQ XQ UDPDLXROR GL
EURGRFDOGR
7DJOLDWHLOSDQHDGDGLQLIULJJHWHORQHO EXUURHJHWWDWHDQFKHTXHVWRQHOOD]XSSLHUD'RSRYHUVDWHFLLO
EURGREROOHQWHPHVFRODWHHPDQGDWHOD]XSSDLQWDYRODFROSDUPLJLDQRDSDUWH
4XHVWDPLQHVWUDSXzYHQLUHRSSRUWXQDTXDQGRGRSRXQSUDQ]RULPDQJRQRDYDQ]LGLSROORDUURVWRR
OHVVLEHQFKpVLDPLJOLRUHTXDQGRqIDWWDGLWXWWRDUURVWR
/H PDQGRUOH VHUYRQR SHU GDU PDJJLRUPHQWH DO EURGR O DVSHWWR ODWWHR PD LO OLTXLGR QRQ GHYH ULXVFLU
WURSSRGHQVR$OFXQLDJJLXQJRQRTXDOFKHURVVRG XRYRVRGRVWHPSHUDWRQHOEURGR
=833$$//$63$*182/$
3UHQGHWH XQ SHWWR GL SROODVWUD R GL FDSSRQH WDJOLDWHOR D SH]]HWWL H PHWWHWHOR D FXRFHUH QHO EXUUR D
IXRFROHQWRFRQGLWHORFRQVDOHHSHSH6HQRQEDVWDLOEXUUREDJQDWHORFROEURGR/HYDWHLOSHWWRDVFLXWWRH
QHOO LQWLQWR FKH UHVWD JHWWDWH XQD PLGROOD GL SDQH JUDQGH TXDQWR XQ SXJQR H FRQ EURGR IDWH XQ SRFR GL
SDSSDVRGD4XHVWDFROSHWWRFRWWRYHUVDWHOLQHOPRUWDLRHDJJLXQWLYLGXHURVVLG XRYRHSRFRRGRUHGLQRFH
PRVFDWD SHVWDWH RJQL FRVD EHQ ILQH H LO FRPSRVWR ODVFLDWHOR LQ OXRJR IUHVFR RQGH DVVRGL $O PRPHQWR GL
DGRSHUDUORFKHSXzHVVHUHDQFKHLOJLRUQRDSSUHVVRIDWHFDGHUHVXOODVSLDQDWRODXQYHORGLIDULQDHVRSUD
DOOD PHGHVLPD WULWDWH FRO FRPSRVWR XQ EDVWRQFLQR JURVVR XQ GLWR R PHQR H FRQ XQ FROWHOOR LQIDULQDWR
WDJOLDWHOR LQ WDQWL SH]]HWWL WXWWL XJXDOL FKH DUURWRQGHUHWH FROOH PDQL LPEUDWWDWH GL IDULQD SHU IDUQH WDQWH
SDOORWWROHGHOODJUDQGH]]DGLXQDQRFFLXRODRPHQR*HWWDWHOHQHOEURGREROOHQWHHGRSRFLQTXHRVHLPLQXWL
GL EROOLWXUD YHUVDWHOH QHOOD ]XSSLHUD GRYH DYUHWH FROORFDWR DYDQWL GHO SDQH D GDGLQL VRIIULWWR QHO EXUUR R QHO
ODUGRYHUJLQHRSSXUHFKHVDUjDQFKHPHJOLRVHSHUSDQHYLVHUYLWHGHOOD]XSSDULSLHQDGHOQXPHUR
3RWUHWHFRVuRWWHQHUHXQDPLQHVWUDVLJQRULOHEDVWHYROHSHUGLHFLRGRGLFLSHUVRQH
=833$',3$1('¶8292
4XHVWD PLQHVWUD VD GL SRFR PD YHGHQGROD XVDWD QRQ GL UDGR QH SUDQ]L GL JXVWR VWUDQLHUR YH OD
GHVFULYR
8RYDQ
)DULQDJUDPPL
%XUURTXDQWRXQDQRFH
/DYRUDWH SULPD L WUH URVVL FRQ OD IDULQD H LO EXUUR DJJLXQJHWH OH WUH FKLDUH PRQWDWH H FXRFHUH LO
FRPSRVWR DO IRUQR R DO IRUQR GD FDPSDJQD HQWUR D XQR VWDPSR OLVFLR LO FXL IRQGR VLD FRSHUWR GL XQD FDUWD
XQWD
4XDQGRTXHVWRSDQHVDUjFRWWRHGLDFFLDWRWDJOLDWHORDGDGLRDSLFFROHPDQGRUOHYHUVDWHJOLLOEURGR
EROOHQWHVRSUDHPDQGDWHORLQWDYRODFRQSDUPLJLDQRDSDUWH
'RVHSHUVHLRVHWWHSHUVRQH
5,6,(/8*$1,*+(
/H SRSROD]LRQL GHO 9HQHWR QRQ FRQRVFRQR VL SXz GLUH DOWUD PLQHVWUD FKH LO ULVR H SHUz OR FXFLQDQR
EHQHHLQWDQWHVYDULDWHPDQLHUH8QDq LOULVRVXOEURGRFROODVDOVLFFLDPDFROjOHVDOVLFFHOHODVFLDQRLQWHUH
LR SUHIHULVFR GL VPLQX]]DUOH QHO EURGR TXDQGR YL VL PHWWH DFXRFHUH LO ULVRLO TXDOH QRQ q EHQHODYDUH PD
VROWDQWR QHWWDUH H VWURILQDUH LQ XQ FDQRYDFFLR SHU OHYDUJOL OD SROYHUH $ PH SLDFH GL XQLUH DO ULVR FROOH
VDOVLFFHRUDSDRFDYRORFDSSXFFLR6LDO XQDFKHO DOWURYDQQRSULPDLPELDQFDWLRVVLDPH]]ROHVVDWLWDJOLDWH
ODUDSDDGDGLLOFDYRORDIHWWXFFLQHHPHWWHWHOLDVRIIULJJHUHQHOEXUUR3RFRDYDQWLGLOHYDUHLOULVRGDO IXRFR
DJJLXQJHWHXQEXRQSL]]LFRGLSDUPLJLDQRSHUOHJDUORPHJOLRHGDUJOLSLJUDWRVDSRUH
5,62$//$&$&&,$725$
8QQHJR]LDQWHGLFDYDOOLHGLRJLRYDQRWWRDOORUDFLDYYLDPPRDOOXQJRYLDJJLRSHUTXH WHPSLGLXQD
ILHUDD5RYLJR$OODVHUDGHOVHFRQGRJLRUQRXQVDEDWRGRSRPROWHRUHGLXQDOXQJDFRUVDFRQXQFDYDOORLO
TXDOH VRWWR OH DELOLVVLPH PDQL GHO PLR FRPSDJQR GLYRUDYD OD YLD JLXQJHPPR VWDQFKL HG DIIDPDWL DOOD
3ROHVHOOD&RP qQDWXUDOHOHSULPHFXUHIXURQRULYROWHDOYDORURVRQRVWURDQLPDOHSRLHQWUDWLQHOORVWDQ]RQH
WHUUHQR FKH LQ PROWH GL VLPLOL ORFDQGH VHUYH GD FXFLQD H GD VDOD GD SUDQ]R &KH F q GD PDQJLDUH" GRPDQGzLOPLRDPLFRDOO RVWHVVD 1RQFLKRQXOOD ULVSRVHSRLSHQVDQGRFLXQSRFRVRJJLXQVH +RWLUDWR
LOFROORDGLYHUVLSROOLSHUGRPDQLHSRWUHLIDUHLULVL )DWHLULVLHIDWHOLVXELWR VLULVSRVH FKHO DSSHWLWRQRQ
PDQFD / RVWHVVDVLPLVHDOO RSHUDHGLROuIHUPRHGDWWHQWRDYHGHUHFRPHIDFHYDDLPSURYYLVDUTXHVWLULVL
6SH]]HWWz XQ SROOR HVFOXGHQGRQH OD WHVWD H OH ]DPSH SRL OR PLVH LQ SDGHOOD TXDQGR XQ VRIIULWWR GL
ODUGRQH DJOLR H SUH]]HPROR DYHYD SUHVR FRORUH 9L DJJLXQVH GL SRL XQ SH]]R GL EXUUROR FRQGt FRQ VDOH H
SHSHHDOORUFKpLOSROORIXURVRODWRORYHUVzLQXQDSHQWRODG DFTXDDEROORUHSRLYLJHWWzLOULVRHSULPDGL
OHYDUORGDOIXRFRJOLGLHGHVDSRUHFRQXQEXRQSXJQRGLSDUPLJLDQR%LVRJQDYDYHGHUHFKHLPPHQVRSLDWWR
GLULVRF LPEDQGtGLQDQ]LPDQHWURYDPPRLOIRQGRSRLFKpHVVRGRYHYDVHUYLUHGDPLQHVWUDGDSULQFLSLLHGD
FRPSDQDWLFR
2UDSHUULFDPRDLULVLGHOO RVWHVVDGL3ROHVHOODqEHQHLOGLUHFKHLQYHFHGHOODUGRQHVHQRQqVTXLVLWR
H GL TXHOOR URVHRSXzVHUYLUHODFDUQHVHFFDWULWDWDILQHFKHLOVXJRGLSRPRGRURRODFRQVHUYDQRQFLVWD
PDOHHSHUFKpLOULVROHJKLEHQHFROSROORQRQGHYHHVVHUHWURSSRFRWWRQpEURGRVR
48$*/,(&2/5,62
)DWH XQ EDWWXWR FRQ SURVFLXWWR H XQ TXDUWR GL XQD FLSROOD FRPXQH PHWWHWHOR DO IXRFR FRQ EXUUR H
TXDQGR OD FLSROOD DYUj SUHVR FRORUH FROORFDWHFL OH TXDJOLH SXOLWH VYHQWUDWH HG LQWHUH &RQGLWHOH FRQ VDOH H
SHSHHURVRODWHFKHVLHQRWLUDWHOHDPH]]DFRWWXUDFROEURGRLQGLYHUVDWHLOULVRSHUFXRFHUORFRQTXHOWDQWR
GLEURGRFKHRFFRUUHLQVLHPHFROOHTXDJOLH&RQGLWHORTXDQGRqFRWWRFROSDUPLJLDQRHVHUYLWHOREURGRVRRG
DVFLXWWRFRPHSLSLDFHIUDPPLVWRDOOHTXDJOLH
4XDWWURTXDJOLHHJUDPPLGLULVRSRWUDQQREDVWDUHSHUTXDWWURSHUVRQH
0$/)$77,1,
,QTXH SDHVLGRYHVLIDXVRTXDVLJLRUQDOLHURGLSDVWHG XRYDIDWWHLQFDVDQRQYLqVHUYXFFLDFKHQRQ
QH VLD PDHVWUD H PROWR SL GL TXHVWD FKH q VHPSOLFLVVLPD 1RQ q TXLQGL SHU ORUR FKH OD QRWR PD SHU JOL
DELWDQWL GL TXHOOH SURYLQFH RYH QRQ VL FRQRVFRQR VL SXz GLUH DOWUH PLQHVWUH LQ EURGR FKH GL ]XSSD ULVR H
SDVWHFRPSUDWH
,PDOIDWWLQLSL VHPSOLFLVRQRGLIDULQD,QWULGHWHODFROOHXRYDHODYRUDWHODFROOHPDQLVXOODVSLDQDWRLDSHU
IRUPDUQH XQ SDQH EHQ VRGR WDJOLDWHOR D IHWWH JURVVH PH]]R GLWR H ODVFLDWHOH HVSRVWH DOO DULD SHUFKp VL
UDVFLXJKLQR 7ULWDWHOH FROOD OXQHWWD ILQR D ULGXUOH LQ PLQX]]ROL PLQXWL TXDQWR OD PHWj GL XQ FKLFFR GL ULVR
IDFHQGROL SDVVDUH GD XQ YDJOLHWWLQR RQGH RWWHQHUOL HJXDOL RSSXUH JUDWWDWHOL GDO SDQH LQWHUR PD QRQ LPLWDWH
FRORURFKHOLODVFLDQRJURVVLFRPHLOEHFFRGHLSDVVHURWWLVHQRQYROHWHFKHYLULHVFDQRGLGLIILFLOHGLJHVWLRQH
DQ]LSHUTXHVWRPRWLYRLQYHFHGLIDULQDVLSRVVRQRIDUHGLSDQJUDWWDWRVHPSOLFHRSSXUHDJJUD]LDWRFRQXQ
SL]]LFRGLSDUPLJLDQRHO RGRUHGLVSH]LH,QWXWWHOHPDQLHUHDOWHPSRGHLSLVHOOLSRWHWHSLDFHQGRYLXQLUOLFRQ
TXHOOL GHOOD ULFHWWD Q RSSXUH FROOD ELHWROD WULWDWD PLQXWD R FRJOL XQL H FROO DOWUD LQVLHPH $ SURSRVLWR GL
TXHVW RUWDJJLR KR QRWDWR FKH LQ )LUHQ]H GRYH VL ID JUDQGH XVR GL HUEH DURPDWLFKH QHOOD FXFLQD QRQ VL
FRQRVFHO DQHWRFKHPHVFRODWRDOODELHWRODFRPHVL IDLQDOWULSDHVLOHGjPROWDJUD]LD$Q]LO DQHWRSHOVXR
JUDWR RGRUH WHQWDL GLYHUVH YROWH G LQWURGXUOR D )LUHQ]H PD QRQ YL ULXVFLL IRUVH SHUFKp OD ELHWROD VL YHQGH D
PD]]HWWLPHQWUHLQ5RPDJQDVLSRUWDVFLROWDDOPHUFDWRHJLjIUDPPLVWDDOO DQHWR
&86&866Ô
,O &XVFXVV q XQ SLDWWR GL RULJLQH DUDED FKH L GLVFHQGHQWL GL 0RVq H GL *LDFREEH KDQQR QHOOH ORUR
SHUHJULQD]LRQLSRUWDWRLQJLURSHLPRQGRPDFKLVDTXDQWHHTXDOLPRGLILFD]LRQLDYUjVXELWHGDOWHPSRHGDO
OXQJRFDPPLQRSHUFRUVR2UDqXVDWRLQ,WDOLDSHUPLQHVWUDGDJOLLVUDHOLWLGXHGH TXDOLHEEHURODJHQWLOH]]D
GLIDUPHORDVVDJJLDUHHGLIDUPLYHGHUHFRPHVLPDQLSROD,RSRLO KRULIDWWRQHOODPLDFXFLQDSHUSURYDTXLQGL
GHOODVXDOHJLWWLPLWjJDUDQWLVFRPDQRQJDUDQWLVFRGLIDUYHOREHQFDSLUH
&KHQRQqLPSUHVDGDSLJOLDUDJDEER
'HVFULYHUEHQHTXHVWRJUDQGHLQWUXJOLR
1pGDOLQJXDFKHFKLDPLPDPPDHEDEER
/DGRVHVHJXHQWHSRWUjEDVWDUHSHUVHLRVHWWHSHUVRQH
6SLFFKLRGLSHWWRGLYLWHOODJUDPPL
9LWHOODPDJUDVHQ] RVVRJUDPPL
6HPROLQRGLJUDQDJURVVDJUDPPL
8QIHJDWLQRGLSROOR
8QXRYRVRGR
8QURVVRG XRYR
(UEDJJLGLTXDOLWjGLYHUVHFRPHFLSROODFDYRORYHU]RWWRVHGDQRFDURWDVSLQDFLELHWRODRGDOWUR
0HWWHWH LO VHPROLQR LQ XQ YDVR GL WHUUD SLDQR H PROWR ODUJR RSSXUH LQ XQD WHJOLD GL UDPH VWDJQDWD
FRQGLWHORFRQXQSL]]LFRGLVDOHHXQDSUHVDGLSHSHHYHUVDQGRJOLVRSUDDJRFFLROLQLSHUYROWDGXHGLWD GL
ELFFKLHUH VFDUVH GL DFTXD PDFLQDWHOR FROOD SDOPD GHOOD PDQRSHUIDUORGLYHQLUJRQILRJUDQGLRVRHVFLROWR
)LQLWDO DFTXDYHUVDWHJOLVRSUDDSRFRSHUYROWDXQDFXFFKLDLDWDG ROLRHVHJXLWDWHDPDQLSRODUORQHOODVWHVVD
PDQLHUDGXUDQGRIUDODSULPDHODVHFRQGDRSHUD]LRQHSLGLPH]] RUD&RQGL]LRQDWRLOVHPROLQRLQWDOPRGR
PHWWHWHOR LQ XQD VFRGHOOD GD PLQHVWUD H FRSULWHOR FRQXQSDQQROLQRLOVRSUDYDQ]RGHOTXDOHSDVVDQGRORDO
GLVRWWROHJKHUHWHVWUHWWRFRQXQRVSDJR
0HWWHWHDOIXRFRORVSLFFKLRGLSHWWRFRQWUHOLWULG DFTXDSHUIDUHLOEURGRHGRSRVFKLXPDWDODSHQWROD
FRSULWHQH OD ERFFD FROOD VFRGHOOD JLj SUHSDUDWD LQ PRGR FKH LO EURGR UHVWL D TXDOFKH GLVWDQ]D PD EDGDWH
FKHOHERFFKHGHLGXHYDVLFRPEDFLQRLQVLHPHHQRQODVFLQRXVFLUIXPR/DVFLDWRFRVuLOVHPROLQRSHUXQ RUD
H XQ TXDUWR RQGH DEELD LO WHPSR GL FXRFHUH D YDSRUH DSULWH O LQYROWR D PH]]DFRWWXUD SHU PHVFRODUORHSRL
ULPHWWHUORFRP¶HUDSULPD
7ULWDWH FRO FROWHOOR L JUDPPL GL FDUQH PDJUD XQLWH DOOD PHGHVLPD XQ SH]]R GL PLGROOD GL SDQH
VPLQX]]DWDFRQGLWHODFRQVDOHHSHSH IDWHQHWDQWHSROSHWWLQHJURVVHSRFR SLGLXQDQRFFLXRODHIULJJHWHOH
QHOO ROLR
7ULWDWHDOTXDQWRJOLHUEDJJLHPHWWHWHSHUSULPD ODFLSROODDVRIIULJJHUHQHOO ROLRHTXDQGRTXHVWDDYUj
SUHVRFRORUHJHWWDWHJLJOLDOWULFRQGLWHOLFRQVDOHHSHSHULPHVWDWHVSHVVRHODVFLDWHFKHULWLULQRO DFTXDFKH
IDQQR 5LGRWWL TXDVL DOO DVFLXWWR EDJQDWHOL FRQ VXJR GL FDUQH RSSXUH FRQ EURGR H VXJR GL SRPRGRUR R
FRQVHUYDSHUWLUDUOLDFRWWXUDLQVLHPHFROIHJDWLQRGLSROORWDJOLDWRDSH]]HWWLHFROOHSROSHWWLQH
/HYDWH LO VHPROLQR GDOO LQYROWR PHWWHWHOR DO IXRFR LQ XQD FD]]DUXROD H VHQ]DIDUOR EROOLUH VFLRJOLHWHJOL
GHQWUR LO URVVR G XRYR YHUVDWH QHO PHGHVLPR XQD SDUWH GHO GHWWR LQWLQJROR PHVFRODWH H YHUVDWHOR LQ XQ
YDVVRLRPDTXDVLDVFLXWWRRQGHSUHVHQWLODFROPDODTXDOHILRULUHWHFROO XRYRVRGRWDJOLDWRDSLFFROLVSLFFKL,O
UHVWR GHOO LQWLQJROR PHVFRODWHOR QHO EURGR GHOOD SHQWROD H TXHVWR EURGR PDQGDWHOR LQ WDYROD GLYLVR LQ WDQWH
WD]]HTXDQWLVRQRLFRPPHQVDOLDFFRPSDJQDWHV LQWHQGHGDOYDVVRLRGHOVHPROLQRFRVuRJQXQRWLUDJLQHO
VXRSLDWWRXQDSRU]LRQHGLVHPROLQRHJOLEHYHGLHWURLOEURGRDFXFFFKLDLDWH
/RVSLFFKLRGLSHWWRVLVHUYHGRSRSHUOHVVR
)DWWDTXHVWDOXQJDGHVFUL]LRQHVHPEUDPLYHUUjVSRQWDQHRQHOOHWWRUHLOGHVLGHULRGLGXHGRPDQGH
O3HUFKpWXWWRTXHOO¶ROLRHVHPSUHROLRSHUFRQGLPHQWR"
,OPHULWRLQWULQVHFRGLTXHVWRSLDWWRPHULWDSRLO LPSD]]DPHQWRFKHHVVRULFKLHGH"
/DULVSRVWDDOODSULPDGRPDQGDWUDWWDQGRVLGLXQDYLYDQGDLVUDHOLWDODGjLO'HXWHURQRPLRFDS;,9
YHU7XQRQFXRFHUDLLOFDSUHWWRQHOODWWHGLVXDPDGUHLPHQRVFUXSRORVLSHUzDJJLXQJRQRXQSL]]LFRGL
SDUPLJLDQRDOOHSROSHWWLQHSHUUHQGHUOHSLVDSRULWH$OODVHFRQGDSRVVRULVSRQGHUHLRHGLUHFKHDSDUHUPLR
QRQ q SLDWWR GD IDUJOL JUDQGL IHVWH PD SXz SLDFHUH DQFKH D FKL QRQ KD LO SDODWR DYYH]]R D WDOL YLYDQGH
PDVVLPHVHPDQLSRODWRFRQDWWHQ]LRQH
0,1(67521(
,OPLQHVWURQHPLULFKLDPDDOODPHPRULDXQDQQRGLSXEEOLFKHDQJRVFLHHXQFDVRPLRVLQJRODUH
0LWURYDYRD/LYRUQRDOWHPSRGHOOHEDJQDWXUHO DQQRGLJUD]LDHLOFROHUDFKHVHUSHJJLDYDTXDH
Oj LQ TXDOFKH SURYLQFLD G ,WDOLD WHQHYD RJQXQR LQ WLPRUH GL XQ LQYDVLRQH JHQHUDOH FKH SRL QRQ VL IHFH
DVSHWWDUHDOXQJR8QVDEDWRVHUDHQWURLQXQDWUDWWRULDHGLPDQGR &KHF qGLPLQHVWUD" ,OPLQHVWURQH
PLIXULVSRVWR %HQYHQJDLOPLQHVWURQH GLVV LR3UDQ]DLHIDWWDXQDSDVVHJJLDWDPHQHDQGDLDGRUPLUH
$YHYR SUHVR DOORJJLR LQ 3LD]]D GHO 9ROWRQH LQ XQD SDOD]]LQD WXWWD ELDQFD H QXRYLVVLPD WHQXWD GD XQ FHUWR
'RPHQLFL PD OD QRWWH FRPLQFLDL D VHQWLUPL XQD ULYROX]LRQH LQ FRUSR GD IDUH VSDYHQWR ODRQGH SDVVHJJLDWH
FRQWLQXH D TXHO JDELQHWWR FKH SL SURSULDPHQWH LQ ,WDOLD VL GRYUHEEH FKLDPDU OXRJR VFRPRGR H QRQ OXRJR
FRPRGR 0DOHGHWWR PLQHVWURQH QRQ PL EXVFKHUL SL DQGDYR VSHVVR HVFODPDQGR SLHQR GL PDO DQLPR
FRQWURGLOXLFKHHUDIRUVHGHOWXWWRLQQRFHQWHHVHQ]DFROSDYHUXQD
)DWWRJLRUQRHVHQWHQGRPLHVWHQXDWRSUHVLODFRUVDGHOSULPRWUHQRHVFDSSDLD)LUHQ]HRYHPLVHQWLL
VXELWRULDYHUH,OOXQHGuJLXQJHODWULVWHQRWL]LDFKHLOFROHUDqVFRSSLDWRD/LYRUQRHSHUSULPRQ qVWDWRFROSLWR
DPRUWHLO'RPHQLFL $OWURFKHPLQHVWURQH 'RSRWUHSURYHSHUIH]LRQDQGRORVHPSUHHFFRFRPHORDYUHL
FRPSRVWRDJXVWRPLRSDGURQLVVLPLGLPRGLILFDUORDPRGRYRVWURDVHFRQGDGHOJXVWRG RJQLSDHVHHGHJOL
RUWDJJLFKHYLVLWURYDQR
0HWWHWH LO VROLWR OHVVR H SHU SULPR FXRFHWH D SDUWH QHO EURGR XQ SXJQHOOR GL IDJLXROL VJUDQDWL RVVLD
IUHVFKLVHVRQRVHFFKLGDWHORURPH]]DFRWWXUDQHOO DFTXD7ULQFLDWHDVWULVFLHVRWWLOLFDYRORYHU]RWWRVSLQDFL
H SRFD ELHWROD WHQHWHOL LQ PROOH QHOO DFTXD IUHVFD SRL PHWWHWHOL LQ XQD FD]]DUXROD DOO DVFLXWWR H IDWWD FKH
DEELDQR O DFTXD VXO IXRFRVFRODWHOL EHQH VWUL]]DQGROL FROPHVWROR 6H WUDWWDVL GL XQD PLQHVWUD SHU TXDWWUR R
FLQTXHSHUVRQHSUHSDUDWHXQEDWWXWRFRQJUDPPLGLSURVFLXWWRJUDVVRXQRVSLFFKLRG DJOLRXQSL]]LFRGL
SUH]]HPRORIDWHORVRIIULJJHUHSRLYHUVDWHORQHOODGHWWDFD]]DUXRODLQVLHPHFRQVHGDQRFDURWDXQDSDWDWD
XQR ]XFFKLQR H SRFKLVVLPD FLSROODLOWXWWRWDJOLDWRDVRWWLOLHFRUWLILOHWWL$JJLXQJHWHLIDJLXROLHVHFUHGHWH
TXDOFKHFRWHQQDGLPDLDOHFRPHDOFXQLXVDQRXQSRFRGLVXJRGLSRPRGRURRFRQVHUYDFRQGLWHFRQSHSHH
VDOHHIDWHFXRFHUHLOWXWWRFRQEURGR3HUXOWLPRYHUVDWHULVRLQTXDQWLWjVXIILFLHQWHRQGHLOPLQHVWURQHULHVFD
TXDVLDVFLXWWRHSULPDGLOHYDUORJHWWDWHQHOPHGHVLPRXQEXRQSL]]LFRGLSDUPLJLDQR
9LDYYHUWRSHUzFKHTXHVWDQRQqPLQHVWUDSHUJOLVWRPDFKLGHEROL
3$66$7(//,',6(02/,12
6HPROLQRGLJUDQDILQHJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
/DWWHGHFLOLWUL
8RYDGXHLQWHUHHGXHURVVL
6DOHRGRUHGLQRFHPRVFDWDHVFRU]DGLOLPRQH
&XRFHWH LO VHPROLQR QHO ODWWH H VH YHGHWH FKH QRQ ULHVFD EHQ VRGR DJJLXQJHWHQH XQ DOWUR SL]]LFR
6DODWHORTXDQGRqFRWWRHGDVSHWWDWHFKHDEELDSHUGXWRLOFDORUHSHUJHWWDUYLOHXRYDHLOUHVWR
3RQHWH LO FRPSRVWR QHOOD VLULQJD FRQ XQR VWDPSLQR D EXFKL URWRQGL SLXWWRVWR ODUJKL H VSLQJHWHOR QHO
EURGREROOHQWHWHQHQGRODVLULQJDSHUSHQGLFRODUHHIDWHOREROOLUHILQFKpLSDVVDWHOOLVLHQVLDVVRGDWL
4XHVWDGRVHSRWUjEDVWDUHSHUVHLRVHWWHSHUVRQH
5,62&21=8&&+,1,
3UHQGHWH]XFFKLQLSLFFROLGHOSHVRGHOULVRFKHDYUHWHDFXRFHUHHWDJOLDWHOLDWRFFKHWWLJURVVLTXDQWROH
QRFFLXROH0HWWHWHOLDVRIIULJJHUHQHOEXUURFRQGLWHOLFRQVDOHHSHSHHURVRODWLDSSHQDJHWWDWHOLFRVuGXUHWWLQL
QHOULVRTXDQGRVDUjDUULYDWRDPH]]DFRWWXUDRQGHILQLVFDQRGLFXRFHUHLQVLHPH
,O ULVR q EHQH FKH UHVWL SRFR EURGRVR H JOL ]XFFKLQL QRQ VL GHYRQR GLVIDUH ,QYHFH GL EURGR SRWHWH
VHUYLUYLGLDFTXDHIDUORDVFLXWWRPDDOORUDGDWHJOLJUD]LDFROODVDOVDGLSRPRGRURQYHUVDWHODDQFK HVVD
QHOULVRDPH]]DFRWWXUDHFRQSDUPLJLDQR
=833$&21/(&,32//($//$)5$1&(6(
4XHVWD]XSSDVLSXzIDUHFROEURGRRFROODWWHHOHVHJXHQWLGRVLVRQRVXIILFLHQWLSHUFLQTXHSHUVRQH
3DQHELDQFRJUDPPL
*UXLHUDJUDWWDWRJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDIUXOODWHQ
&LSROOHELDQFKHJURVVHQ
%URGRRODWWHFLUFDOLWULHPH]]R
7DJOLDWH D IHWWH VRWWLOLVVLPH OH FLSROOH H PHWWHWHOH DO IXRFR FRO EXUUR VXGGHWWR TXDQGR FRPLQFLDQR D
SUHQGHUFRORUHWLUDWHOHDPROWDFRWWXUDFROEURGRRFROODWWHVHODIDWHFRQTXHVWRSHUSRWHUOHSDVVDUHEHQH
GDOVHWDFFLRSRLPHVFRODWHLOSDVVDWRQHOUHVWDQWHOLTXLGRSHUEDJQDUHOD]XSSD,OSDQHWDJOLDWRDIHWWHRD
GDGLQLDUURVWLWHORHFROORFDWRORDVWUDWLQHOOD]XSSLHUDFRQGLWHORYLDYLDFROOHXRYDLOJUXLHUDHLOSDUPLJLDQR
3HUXOWLPRYHUVDWHEROOHQWHLOEURGRRGLOODWWHHPDQGDWHODLQWDYROD
6H OD IDWHFRO ODWWH VDUj EHQH VDODUH DEERQGDQWHPHQWH OH XRYD $ PRWLYR GHOOD FLSROOD FKLSDWLVFHGL
VFLRJOLPHQWLQRQIDUjPDOHGLDVWHQHUVLGDTXHVWD]XSSD
675,&+(77,$//$%2/2*1(6(
,QWULGHWHODIDULQDFRQGXHXRYDJUDPPL GLSDUPLJLDQRJUDWWDWRILQHHO RGRUHGHOODQRFHPRVFDWD
7LUDWHQH XQD VIRJOLD QRQ WDQWR VRWWLOH H WDJOLDWHOD FRQ OD URWHOOD VPHUODWD LQ WDQWH VWULVFLH ODUJKH XQ GLWR H
PH]]R 3RL FRQ OD VWHVVD URWHOOD WDJOLDWH TXHVWH VWULVFLH LQ LVELHFR H DOOD PHGHVLPD GLVWDQ]D GL XQ GLWR H
PH]]RSHUIDUQHWDQWLSH]]HWWLLQIRUPDGLPDQGRUOD3UHQGHWHOLXQRDOODYROWDHVWULQJHWHFROOHGLWDOHTXDWWUR
SXQWHGXHDOGLVRSUDHGXHDOGLVRWWRSHUIRUPDUQHFRPHGXHDQHOOLQLDWWDFFDWLLQVLHPH&XRFHWHOLQHOEURGR
FRQSRFDFRWWXUD/DGRVHGLGXHXRYDSRWUjEDVWDUHSHUFLQTXHSHUVRQH
6H TXHVWD PLQHVWUD YL SLDFH VLDWHQH JUDWL DG XQD JLRYDQH VLPSDWLFD ERORJQHVH FKLDPDWD OD
5RQGLQHOODFKHVLFRPSLDFTXHGLLQVHJQDUPHOD
=833$',*$0%(5,&2/68*2',&$51(
3UHQGHQGRSHUQRUPDXQD]XSSDFKHGRYHVVHVHUYLUHDVROHTXDWWURSHUVRQHEDVWDQRJUDPPLGL
JDPEHUL/DYDWHOLHPHWWHWHOLDOIXRFRFRQGXHUDPDLXROLGLEURGRFRWWLFKHVLHQROHYDWHOLDVFLXWWL HQHOOLTXLGR
FKH UHVWD VFLRJOLHWH JUDPPL GL PLGROOD GL SDQH VRIIULWWD QHO EXUURSHUEDJQDUOLTXDQGROLSDVVHUHWHGDOOR
VWDFFLR GRSR DYHUOL SHVWDWL QHO PRUWDLR (VWUDWWDQH FRVu WXWWD OD SROSD XQLWHOD D VXJR GL FDUQH FRPH TXHOOR
GHOODULFHWWDQHVHQRQORDYHWHLQFXFLQDSRWHWHIDUORFRQVROLFHQWHVLPLGLFDUQHDGDWWDSHUTXHOO XVR
0HVFRODWH RUD TXHVWR FRPSRVWR DO UHVWR GHO EURGR SHU EDJQDUH OD ]XSSD FKH SXz HVVHUH GL SDQH
VHPSOLFHPHQWHDUURVWLWRRDGDGLQLIULWWRQHOODUGRRQHOO ROLR
6HUYLWHODFRQSDUPLJLDQRJUDWWDWR
=833$$//$67()$1,
/ LOOXVWUH SRHWD GRWW 2OLQGR *XHUULQL HVVHQGR ELEOLRWHFDULR GHOO 8QLYHUVLWj GL %RORJQD KD PRGR GL
SUHQGHUVLLOJXVWRLVWUXWWLYRDTXDQWRSDUHGLDQGDUHVFDYDQGROHRVVDGHL3DODGLQLGHOO DUWHFXOLQDULDDQWLFD
SHUWUDUQHIRUVHGHOOHLOOD]LRQLVWUDELOLDQWLDIDUULGHUHLFXRFKLPRGHUQL6LqFRPSLDFLXWRSHUFLzGLIDYRULUPLOD
VHJXHQWH ULFHWWD WROWD GD XQ OLEULFFLQR D VWDPSD LQWLWRODWR /¶DUWH GL EHQ FXFLQDUH GHO VLJQRU %DUWRORPHR
6WHIDQLERORJQHVHFXRFRGHO6HUHQLVVLPR'XFDGL0DQWRYDDOODPHWjGHOHSRFDQHOODTXDOHVLIDFHYD
LQFXFLQDJUDQGHXVRHGDEXVRGLWXWWLJOLRGRULHVDSRULHOR]XFFKHURHODFDQQHOODVLPHWWHYDQRQHOEURGR
QHOOHVVRHQHOO DUURVWR'HURJDQGRSHUTXHVWD]XSSDGDLVXRLSUHFHWWLLRPLOLPLWHUzLQTXDQWRDRGRULDXQ
SRFR GL SUH]]HPROR H GL EDVLOLFR H VH O DQWLFR FXRFR ERORJQHVH LQFRQWUDQGRPL DOO¶DOWUR PRQGR PH QH
IDFHVVHULPSURYHURPLGLIHQGHUzFROGLUJOLFKHLJXVWLVRQRFDQJLDWLLQPHJOLRPDFKHFRPHDYYLHQHLQWXWWH
OHFRVHVLSDVVDGDXQHVWUHPRDOO DOWURHVLFRPLQFLDDQFKHLQTXHVWDDGHVDJHUDUHILQRDOSXQWRGLYROHUH
HVFOXGHUH JOL DURPL H JOL RGRUL DQFKH GRYH VDUHEEHUR SL RSSRUWXQLH QHFHVVDUL( JOL GLUz DOWUHVu FKH GHOOH
VLJQRUHDOODPLDWDYRODSHUXQSRFRGLRGRUHGLQRFHPRVFDWDIDFHYDQRERFFDFFHGDVSDYHQWDUH(FFROD
5,&(77$','(77$=833$3(56(,3(5621(
&HUYHOORGLYLWHOODRGLDJQHOORRGLDOWUDEHVWLDFRQVLPLOHJUDPPL
)HJDWLQLGLSROORQ
8RYDQ
8QSL]]LFRGLSUH]]HPRORHGXQRGLEDVLOLFR
,OVXJRGLXQTXDUWRGLOLPRQH
6FRWWDWHLOFHUYHOORSHUSRWHUORVSHOODUHHWDQWRTXHVWRFKHLIHJDWLQLVRIIULJJHWHOLQHOEXUURHWLUDWHOLD
FRWWXUDFROVXJRGLFDUQHVDOHHSHSHSHUFRQGLPHQWR
3RQHWHOHXRYDLQXQSHQWRORXQLWHFLLOSUH]]HPRORHLOEDVLOLFRWULWDWLO DJURGLOLPRQHXQSRFRGLVDOHH
SHSHHIUXOODWHOHSRLFROEURGRGLDFFLRFKHGHYHVHUYLUHSHUEDJQDUHOD]XSSDGLOXLWHLOFRPSRVWRSRFRSHU
YROWD9HUVDWHFLLQXOWLPR LOFHUYHOORHLIHJDWLQLWDJOLDWLDSH]]HWWLHPHWWHWHORDFRQGHQVDUHDIXRFROHJJHUR
PXRYHQGROR FRQWLQXDPHQWH FRO PHVWROR PD VHQ]D IDUOR EROOLUH &RQGHQVDWR FKH VLD YHUVDWHOR QHOOD
]XSSLHUD VRSUDLOSDQHFKHJLjDYUHWH WDJOLDWRDGDGLHVRIIULWWRQHOEXUURRQHOO ROLRPDSULPDVSDUJHWHVXO
SDQHVWHVVRXQSXJQRGLSDUPLJLDQRJUDWWDWR
4XHVWDPLQHVWUDULHVFHGHOLFDWDHVRVWDQ]LRVDPDLRFKHFRLPRUELGXPLQRQPHODGLFRSXQWRLQYHFH
GHO FHUYHOORLQ TXHVWR FDVRVXSSOLUHL FRQ OH DQLPHOOH H LQ SURSRVLWR YL GLUz FKH LQFHUWHFLWWjHP LQWHQG LR
GRYHSHUUDJLRQHGHOFOLPDQRQVLSXzVFKHU]DUHWURSSRFRLFLELDIRU]DGLPDQJLDUOHJJHURHSUHIHULELOPHQWH
FRVHPRUELGHHOLTXLGHVLVRQRJOLDELWDQWLGLHVVHVQHUYDWRORVWRPDFRLQPRGRFKHTXHVWRYLVFHUHQRQSXz
SLVRSSRUWDUHDOFXQQXWULPHQWRXQSR JUDYH
$12/,1,$//$3$50,*,$1$
8QDVLJQRUDGL3DUPDFKHQRQKRLOEHQHGLFRQRVFHUHDQGDWDVSRVDD0LODQRPLVFULYH³0LSUHQGR
OD OLEHUWj G¶LQYLDUOH OD ULFHWWD GL XQD PLQHVWUD FKH D 3DUPD PLD DPDWD FLWWj QDWDOH q GL ULWR QHOOH VROHQQLWj
IDPLJOLDULHQRQF qFDVDLRFUHGRRYHQHLJLRUQLGL1DWDOHH3DVTXDQRQVLIDFFLDQRLWUDGL]LRQDOL$QROLQL´ 0L
GLFKLDURREEOLJDWRDOODSUHIDWDVLJQRUDSHUFKpDYHQGRPHVVRLQSURYDODGHWWDPLQHVWUDqULXVFLWDGLWDOHPLD
VRGGLVID]LRQHGDSRWHUUHQGHUPLJUDWRDOSXEEOLFRHDOO LQFOLWDJXDUQLJLRQH'RVLSHUXQDPLQHVWUDVXIILFLHQWH
DTXDWWURRFLQTXHSHUVRQH
0DJURGLPDQ]RQHOODFRVFLDVHQ] RVVRJUDPPL
/DUGRQHFLUFDJUDPPL
%XUURJUDPPL
8QTXDUWRGLXQDFLSROODPH]]DQD
,OSH]]RGHOODFDUQHVWHFFDWHORFROODUGRQHOHJDWHORHFRQGLWHORFRQVDOHSHSHHO RGRUHGLVSH]LHSRL
PHWWHWHORDOIXRFRLQXQYDVRGLWHUUDRLQXQDFD]]DUXRODFROEXUURHODFLSROODWULWDWDDOO LQJURVVRSHUURVRODUOR
FROGHWWREXUUR)DWWRTXHVWRYHUVDUHGXHUDPDLXROLGLEURGRQHOYDVR HFKLXGHWHORFRQGLYHUVLIRJOLGLFDUWD
WHQXWD IHUPD GD XQD VFRGHOOD FRQWHQHQWH DOTXDQWR YLQR URVVR H SHUFKp SRL YLQR H QRQ DFTXD QRQ OR VD
VSLHJDUHQHDQFKHODGHWWDVLJQRUD2UDIDWHEROOLUHGROFHPHQWHODFDUQHFRVuSUHSDUDWDSHURWWRRQRYHRUH
RQGH RWWHQHUH TXDWWUR R FLQTXH FXFFKLDLDWH GL XQ VXJR ULVWUHWWR H VDSRULWR FKH SDVVHUHWH GDO VHWDFFLR
VWUL]]DQGR EHQH H FKH VHUEHUHWH SHU LO JLRUQR DSSUHVVR $OORUD IRUPDWH LO FRPSRVWR SHU ULHPSLUH JOL $QROLQL
FRQ
3DQJUDWWDWRGLSDQHGLXQJLRUQRWRVWDWROHJJHUPHQWHJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
2GRUHGLQRFHPRVFDWD
8QXRYRHLOVXJRGHOODFDUQH
)DWHWXWWRXQLPSDVWRRPRJHQHRHWLUDQGRWUHXRYDGLVIRJOLDWHQXWDDOTXDQWRWHQHUDULHPSLWHLOGLVFR
VPHUODWR GHO Q FKH ULSLHJKHUHWH LQ GXH SHU RWWHQHUH OD IRUPD GL XQD SLFFROD PH]]DOXQD &RQ TXHVWD
GRVHQHRWWHUUHWHXQFHQWLQDLRFKHVDUDQQREXRQLLQEURGRRDVFLXWWLFRPH LWRUWHOOLQLHULHVFRQROHJJHULDOOR
VWRPDFRSLGLTXHVWL/DFDUQHULPDVWDSRLODPDQJHUHWHVRODRFRQXQFRQWRUQRG HUEDJJL HILJXUHUjFRPH
XQRVWUDFRWWR
0LQHVWUHDVFLXWWHHGLPDJUR
7257(//,
5LFRWWDRUDYLJJLXRORRSSXUHO XQDHO DOWURXQLWLJUDPPL
3DUPLJLDQRJUDPPL
8RYDLQWHUHQHXQURVVR
2GRUHGLQRFHPRVFDWDHGLVSH]LH
8QSL]]LFRGLVDOH
8QSR¶GLSUH]]HPRORWULWDWR
6LFKLXGRQRLQXQDVIRJOLDIDWWDFRPHTXHOODGHLFDSSHOOHWWLHWDJOLDWDFRQXQGLVFRURWRQGRDOTXDQWRSL
JUDQGH ,R PL VHUYR GHO GLVFR Q 6L SRVVRQR ODVFLDUH FROOD SULPD SLHJDWXUD D PH]]D OXQD PD q GD
SUHIHULUVL OD IRUPD GHL FDSSHOOHWWL 6L FXRFLRQR QHOO DFTXD VDODWD D VXIILFLHQ]D VL OHYDQR DVFLXWWL H VL
FRQGLVFRQRDFDFLRHEXUUR
&RQTXHVWDGRVHQHRWWHUUHWHRHSRVVRQREDVWDUHHVVHQGRJUDQGLSHUWUHSHUVRQH
=833$',385Ê',3,6(//,',0$*52
3LVHOOLIUHVFKLVJUDQDWLJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
%XUURJUDPPL
8QDFLSROODQRYHOOLQDQRQSLJURVVDGLXQXRYR
8QDSLFFRODFDURWD
8QSL]]LFRWUDSUH]]HPRORVHGDQRHTXDOFKHIRJOLDGLEDVLOLFR
7ULWDWHILQHLOSURVFLXWWRFRQXQFROWHOORHIDWHXQEDWWXWRFRQTXHVWRHFRQJOLDOWULLQJUHGLHQWL0HWWHWHOR
DO IXRFR FRO EXUUR SRFR VDOH H XQD SUHVD GL SHSH $OORUFKp VDUj URVRODWR YHUVDWHO DFTXD FKH JLXGLFKHUHWH
VXIILFLHQWHSHUEDJQDUHOD]XSSDHTXDQGRHVVDDYUjDO]DWRLOEROORUHJHWWDWHJLLSLVHOOLSHUFXRFHUOLLQVLHPH
FRQGXHIHWWHGLSDQHIULWWHQHOEXUURSRLSDVVDWHRJQLFRVDSHULVWDFFLR
2WWHQXWR LQ TXHVWR PRGR XQ SXUq SHU VHL SHUVRQH EDJQDWH FRO PHGHVLPR LO SDQH FKH DYUHWH JLj
PHVVRLQSURQWRFRPHQHLSXUqGLJUDVVR
=833$',)$*,82/,
6L GLFH H D UDJLRQH FKH L IDJLXROL VRQR OD FDUQH GHO SRYHUR H LQIDWWL TXDQGR O RSHUDLR IUXJDQGRVL LQ
WDVFD YHGH FRQ RFFKLR PDOLQFRQLFR FKH QRQ DUULYD D FRPSUDUH XQ SH]]R GL FDUQH EDVWDQWH SHU IDUH XQD
EXRQD PLQHVWUDDOODIDPLJOLXRODWURYDQHLIDJLXROLXQDOLPHQWRVDQRQXWULHQWHHGLSRFDVSHVD& qGLSLL
IDJLXROLUHVWDQRPROWRLQFRUSRTXHWDQRSHUXQSH]]RJOLVWLPROLGHOODIDPHPDDQFKHTXLF qXQPDFRPH
FH QH VRQR WDQWL QHOOH FRVH GHO PRQGR H JLj PL DYHWH FDSLWR 3HU ULSDUDUYL LQ SDUWH VFHJOLHWH IDJLXROL GL
EXFFLDILQHRSDVVDWHOLTXHOOLGDOO RFFKLRKDQQRPHQRGHJOLDOWULTXHVWRSHFFDWR
3HU UHQGHUH SRL OD ]XSSD GL IDJLXROL SL JUDWD DO JXVWR H SL VDSRULWD GDWR FKH GHEED HVVHUH XQD
TXDQWLWjVXIILFLHQWHDTXDWWURRFLQTXHSHUVRQHIDWHOHXQVRIIULWWRLQTXHVWDSURSRU]LRQHSUHQGHWHXQTXDUWR
GL FLSROOD XQR VSLFFKLR G DJOLR XQ SL]]LFR GL SUH]]HPROR H XQ EHO SH]]R GL VHGDQR ELDQFR 7ULWDWH ILQLVVLPL
TXHVWL RGRUL FROOD OXQHWWD H PHWWHWHOL DO IXRFR FRQ ROLR D EXRQD PLVXUD VLDWH JHQHURVL D SHSH 4XDQGR LO
VRIIULWWR DYUj SUHVR FRORUH XQLWHYL GXH UDPDLXROL GHOOD EURGD GHL IDJLXROL DJJLXQJHWH XQ SRFR GL VXJR GL
SRPRGRURRGLFRQVHUYDIDWHOLDO]DUHLOEROORUHHYHUVDWHORQHOODSHQWRODGH IDJLXROL
3HUFKLDJJUDGLVFHQHOOD]XSSDXQSRFRG HUEDJJLRSXzPHWWHWHLQTXHVWDLOFDYRORQHURSULPDOHVVDWR
H IDWWR EROOLUH DOTXDQWR QHO OLTXLGR GHO VRIIULWWR VXGGHWWR 2UD QRQ UHVWD FKH EDJQDUH LO SDQH JLj SUHSDUDWR
DYDQWLFRQIHWWHDUURVWLWHJURVVHXQGLWRHSRLWDJOLDWHDGDGL
=833$726&$1$',0$*52$//$&217$',1$
4XHVWD]XSSDFKHSHUPRGHVWLDVLIDGDUHO HSLWHWRGLFRQWDGLQDVRQRSHUVXDVRFKHVDUjJUDGLWDGD
WXWWLDQFKHGDLVLJQRULVHIDWWDFRQODGRYXWDDWWHQ]LRQH
3DQHEUXQRUDIIHUPRGLSDVWDPROOHJUDPPL
)DJLXROLELDQFKLJUDPPL
2OLRJUDPPL
$FTXDOLWULGXH
&DYRORFDSSXFFLRRYHU]RWWRPH]]DSDOODGLPH]]DQDJUDQGH]]D
&DYRORQHURDOWUHWWDQWHLQYROXPHHGDQFKHSL
8QPD]]RGLELHWRODHXQSRFRGLSHSROLQR
8QDSDWDWD
$OFXQHFRWHQQHGLFDUQHVHFFDRGLSURVFLXWWRWDJOLDWHDVWULVFLH
0HWWHWHLIDJLXROLDOIXRFRFRQO DFTXDVXGGHWWDXQHQGRYLOHFRWHQQH*LjVDSUHWHFKHLIDJLXROLYDQQR
PHVVLDGDFTXDGLDFFLDHVHUHVWDQRLQVHFFRYLVLDJJLXQJHDFTXDFDOGD0HQWUHEROORQRIDWHXQEDWWXWRFRQ
XQTXDUWRGLXQDJURVVDFLSROODHGXHVSLFFKLG DJOLRGXHSH]]LGL VHGDQROXQJKLXQSDOPRHXQEXRQSL]]LFR
GLSUH]]HPROR7ULWDWHORILQHPHWWHWHORDOIXRFRFRQO ROLRVRSULQGLFDWRHTXDQGRDYUjSUHVRFRORUHYHUVDWHQHO
PHGHVLPR JOL HUEDJJL WDJOLDWL DOO LQJURVVR SULPD L FDYROL SRL OD ELHWROD H OD SDWDWD WDJOLDWD D WRFFKHWWL
&RQGLWHOL FRQ VDOH H SHSH H SRL DJJLXQJHWH VXJR GL SRPRGRUR R FRQVHUYD H VH QHO EROOLUH UHVWDVVHUR
DOTXDQWRDVFLXWWLEDJQDWHOLFRQODEURGDGHLIDJLXROL4XDQGRTXHVWLVDUDQQRFRWWLJHWWDWHQHXQDTXDUWDSDUWH
ODVFLDWL LQWHUL IUD JOL HUEDJJL XQHQGRYL OH FRWHQQH JOL DOWUL SDVVDWHOL GDOOR VWDFFLR H VFLRJOLHWHOL QHOOD EURGD
YHUVDQGR DQFKH TXHVWD QHO YDVR GRYH VRQR JOL HUEDJJL 0HVFRODWH IDWH EROOLUH DQFRUD XQ SRFR H YHUVDWH
RJQL FRVD QHOOD ]XSSLHUD RYH DYUHWH JLj FROORFDWR LO SDQH WDJOLDWR D IHWWH VRWWLOLH FRSULWHOD SHU VHUYLUOD GRSR
XQDYHQWLQDGLPLQXWL
4XHVWDTXDQWLWjSXzEDVWDUHSHUVHLSHUVRQHqEXRQDFDOGDHPHJOLRGLDFFLD
)$5,1$7$*,$//$',0$*52
&RPH PLQHVWUD RUGLQDULD VL SXz FROORFDUH IUD OH EXRQH 0HWWHWH DO IXRFR FRQ DFTXD SURSRU]LRQDWD
TXDWWURGHFLOLWULGLIDJLXROLELDQFKLFKHWDQWLEDVWDQRSHUTXDWWURSHUVRQH'RSRFRWWLSDVVDWHOLGDOORVWDFFLRH
LOSDVVDWRPHVFRODWHORQHOODEURGDGHJOLVWHVVLIDJLXROLHQHOODPHGHVLPDPHWWHWHDEROOLUHSHUGXHRUHFLUFD
PH]]D SDOOD WULWDWD GL FDYROR ELDQFR R YHU]RWWR FKH FRQGLUHWH FRQ VDOH SHSH H IRJOLH GL SHSROLQR GHWWR
DOWULPHQWLWLPR
3RQHWH XQ WHJDPH DO IXRFR FRQ ROLR D EXRQD PLVXUD H GXH VSLFFKL G DJOLR LQWHUL VEXFFLDWL TXDQGR
TXHVWLVDUDQQREHQURVRODWLJHWWDWHOLYLDHDJJLXQJHWH DOO ROLRVXJRGLSRPRGRURRFRQVHUYDVFLROWDQHOO DFTXD
HDQFKHTXLXQDOWURSRFRGLVDOHHSHSHEROOLWRFKHDEELDDOTXDQWRYHUVDWHDQFKHTXHVWRFRQGLPHQWRQHOOD
SHQWROD RY q ODEURGDHLOFDYROR3HUXOWLPRTXDQGRTXHVWRVDUjFRWWRYHUVDWHFRQXQDPDQRDSRFRSHU
YROWD OD IDULQD GL JUDQWXUFR FROO DOWUD PHVFRODWH EHQH RQGH QRQ VL IRUPLQR ER]]ROL H JLXQWD FKH VLD D XQD
FHUWDFRQVLVWHQ]DFLRqDOTXDQWROLTXLGDIDWHODEROOLUHDQFRUDXQSRFRHVHUYLWHOD
6(02/,12',0$*52
4XHVWDPLQHVWUDQRQVLSXzDWXWWRULJRUHGLUVLGLPDJURVHF HQWUDQROHXRYDLOEXUURHLOSDUPLJLDQR
PDSXzYHQLUHRSSRUWXQDTXDQGRPDQFDLOEURGR&XRFHUHLOVHPROLQRQHOO DFTXDHSULPDGLOHYDUORGDOIXRFR
VDODWHOR VFLRJOLHWHYL GHQWUR XQ SH]]R GL EXUUR SURSRU]LRQDWR DOOD TXDQWLWj GHO VHPROLQR HG DJJUD]LDWHOR FRQ
XQSRFRGLVXJRGLSRPRGRURRFRQVHUYD'LVIDWHQHOOD]XSSLHUDGXHRWUHXRYDPLVWHDSDUPLJLDQRJUDWWDWRH
YHUVDWHFLLOVHPROLQR6HWUDWWDVLGLPLQHVWUDSHUXQDSHUVRQDVROWDQWRSXzEDVWDUHXQVRORURVVRG XRYRFRQ
GXHFXFFKLDLDWHGLSDUPLJLDQR
=833$',/(17,&&+,(
6H (VD YHQGp OD SULPRJHQLWXUD SHU XQ SLDWWR GL OHQWLFFKLH ELVRJQD GLUH FKH LO ORUR XVR FRPH
DOLPHQWR q DQWLFKLVVLPR H FKH HJOL R Q HUD JKLRWWR DOO HFFHVVR R VRIIULYD GL EXOLPLD $ PH VHPEUD FKH LO
VDSRUH GHOOH OHQWLFFKLH VLD SL GHOLFDWR GL TXHOOR GH IDJLXROL LQ JHQHUH H FKH TXDQWR D PLQDFFLD GL
ERPEDUGLWHHVVHVLHQRPHQRSHULFRORVHGHLIDJLXROLFRPXQLHGHJXDOLDTXHOOLGDOO RFFKLR
4XHVWD ]XSSD SRWHWH IDUOD QHOOD VWHVVD JXLVD GHOOD ]XSSD GL IDJLXROL SHUz OD EURGD GHOOH OHQWLFFKLH H
GHL IDJLXROL GDOO RFFKLR VL SUHVWD EHQH DQFKH SHU XQD PLQHVWUD GL ULVR FKH VL SUHSDUD H VL FRQGLVFH QHOOR
VWHVVR PRGR VROWDQWR ELVRJQD WHQHU OD EURGD SL VFLROWD SHUFKp LO ULVR QH WLUD PROWD 3HU UHJRODUYL PHJOLR
FLUFD DOOD GHQVLWj DVSHWWDWH FKH LO ULVR VLD FRWWR SHU DJJLXQJHUH QHOOD EURGD OD TXDQWLWj FKH RFFRUUH GL
OHQWLFFKLHSDVVDWH
=833$',0$*52&2//(7(//,1(
5HJRODWHYLFRPHSHULOULVRWWRFROOHWHOOLQHQ
'XHVSLFFKLG DJOLRHLOTXDUWRGLXQDFLSROODSRWUDQQREDVWDUHVHWUDWWDVLGLXQDTXDQWLWjVXIILFLHQWHD
VHWWHRGRWWRSHUVRQHHVHQ]DELVRJQRGLULFRUUHUHDEXUURHSDUPLJLDQRVHQWLUHWHXQD]XSSDHFFHOOHQWHVH
VDSUHWH WLUDU EHQH LO VRIIULWWR,OSDQHDUURVWLWHORDIHWWHFKHWDJOLHUHWHDGDGL$QFKHTXLFLVWDEHQHTXDOFKH
SH]]HWWRGLIXQJKLVHFFKL
63$*+(77,&21/(7(//,1(
3RLFKp VL VHQWRQR ULFRUGDUH VSHVVR FRPH PLQHVWUD DVFLXWWD GL PDJUR DQFKH JOL VSDJKHWWL FRQ OH
WHOOLQH PL FRQYHUUj LQGLFDUYHOL VHEEHQH D JXVWR PLR VLD GD SUHIHULUVL LO ULVR 6H YL SLDFH SURYDUOL WULWDWHOL
PLQXWL SHU SRWHUOL SRUWDUH DOOD ERFFD FRO FXFFKLDLR H VHUYLWHYL GHOOD ULFHWWD Q FXRFHQGROL QHOO DFTXD GRYH
VRQRVWDWHVFKLXVHOHWHOOLQH6FRODWHO DFTXDVXSHUIOXDFRQGLWHOLFRQTXHOO LQWLQJRORXQLWRDGDOTXDQWREXUURH
SDUPLJLDQR
=833$',5$12&&+,
&HUWLXVLGHOPHUFDWRGL)LUHQ]HQRQPLYDQQR4XDQGRYLQHWWDQRLUDQRFFKLVHQRQFLEDGDWHJHWWDQR
YLD OH XRYD FKH VRQR OH PLJOLRUL /H DQJXLOOH VL VSHOODQR /H FRVFLH H OH ORPEDWH GL FDVWUDWR VL YRJOLRQR
YHQGHUHLQWHUH'HOOHLQWHULRUDGHOPDLDOHVLVHUEDLOIHJDWRHODUHWHGLTXHOOHGHOODYLWHOODGLODWWHLOIHJDWRHOH
DQLPHOOH LO UHVWR FRPSUHVR LO SROPRQH FKH HVVHQGR WHQHUR SRWUHEEH VHUYLUH FRPH LQ DOWUL SDHVL D IULWWR
PLVWR VL FHGH DL IUDWWDJOLDL FKH RUGLQDULDPHQWH YHQGRQR TXHVWH IUDWWDJOLH DL EURGDL )RUVH LQ PDQR ORUR
FDVFKHUj DQFKH OD FRVu GHWWD WULSSD GL YLWHOOD GL ODWWH QRQ DYHQGROD PDL YLVWD VX TXHO PHUFDWR PD HVVD LQ
5RPDJQDVLGjSHUJLXQWDHDOWHPSRGHLSLVHOOLPHVVDDUURVWRPRUWRFRQXQSH]]RGLORPEDWDULHVFHWDQWR
EXRQDGDSUHIHULUVLDTXHVWD
$YDQWL GL GHVFULYHUYL OD ]XSSD GL UDQRFFKL YRJOLR GLUYL TXDOFKH FRVD GL TXHVWR DQILELR GHOO RUGLQH GH EDWUDFL UDQD HVFXOHQWD SHUFKp YHUDPHQWH PHULWD GL HVVHUH QRWDWD OD PHWDPRUIRVL FK HVVR VXELVFH 1HO
SULPR SHULRGR GHOOD ORUR HVLVWHQ]DVL YHGRQR L UDQRFFKLJXL]]DUH QHOOH DFTXH LQ ILJXUDGLXQSHVFLROLQRWXWWR
WHVWDHFRGDFKHJOL]RRORJLFKLDPDQRJLULQR&RPH LSHVFLUHVSLUDSHUEUDQFKLHSULPDHVWHUQHLQIRUPDGL
GXHSHQQDFFKLHWWLSRVFLDLQWHUQHHQXWUHQGRVLLQTXHVWRVWDWRGLYHJHWDOLKDO LQWHVWLQRFRPHTXHOORGLWXWWLJOL
HUELYRULFRPSDUDWLYDPHQWHDLFDUQLYRULDVVDLSLOXQJR$ XQFHUWRSXQWRGHOVXRVYLOXSSRFLUFDDGXHPHVL
GDOODQDVFLWDSHUGHSHUULDVVRUELPHQWRODFRGDVRVWLWXLVFHDOOHEUDQFKLHLSROPRQLHPDQGDQGRIXRULJOLDUWL
FLRq OH TXDWWUR ]DPSH FKH SULPD QRQ DSSDULYDQR VL WUDVIRUPD FRPSOHWDPHQWH H GLYHQWD XQD UDQD
1XWUHQGRVL DOORUD GL VRVWDQ]H DQLPDOL RVVLD GL LQVHWWL O LQWHVWLQR VL DFFRUFLD SHU DGDWWDUVL D TXHVWD VRUWD GL
FLER Ê GXQTXH HUURQHD O RSLQLRQH YROJDUH FKH L UDQRFFKL VLDQR SL JUDVVL QHO PHVH GL PDJJLR SHUFKp
PDQJLDQRLOJUDQR
*OL DQILEL WXWWL L URVSL FRPSUHVL VRQR D WRUWR SHUVHJXLWDWL GDO YROJR HVVHQGR HVVL GL JUDQGH XWLOLWj
DOO DJULFROWXUDDJOLRUWLHDLJLDUGLQLLQLVSHFLHSHUODGLVWUX]LRQHGH YHUPLGHOOHOXPDFKHHGH WDQWLLQVHWWLGL
FXL VL FLEDQR /D SHOOH GHO URVSR H GHOOD VDODPDQGUD WUDVXGD q YHUR XQ XPRUH DFUH H YHOHQRVR PD LQ Vu
SLFFRODGRVHULVSHWWRDOODPXFRVLWjDFXLVLXQLVFHFKHQRQSXzUHFDUHQHVVXQQRFXPHQWR(GqDSSXQWRSHU
TXHVWDPXFRVLWjFKHODVDODPDQGUDVHFHUQHLQJUDQFRSLDFKHODPHGHVLPDSRWHQGRUHJJHUHSHUTXDOFKH
LVWDQWHDOO DUGRUHGHOIXRFRGLHGHRULJLQHDOODIDYRODFKHWDOHDQILELRVLDGRWDWRGHOODYLUWGLUHVWDUHLQFROXPH
LQPH]]RDOOHILDPPH
,O EURGR GHL UDQRFFKL HVVHQGR ULQIUHVFDQWH H GROFLILFDQWH YLHQH UDFFRPDQGDWR QHOOH PDODWWLH GL SHWWR
QHOOHLQILDPPD]LRQLOHQWHGHJO LQWHVWLQLHGqRSSRUWXQDPHQWHXVDWRVXOILQLUHGHOOHPDODWWLHLQILDPPDWRULHHLQ
WXWWLTXHLFDVLLQFXLO LQIHUPRKDELVRJQRGLXQQXWULPHQWRQRQVWLPRODQWH
/HFDUQLELDQFKHFRPHTXHOOHGHLUDQRFFKLDJQHOOLFDSUHWWLSROODVWULIDJLDQLHFFHVVHQGRSRYHUHGL
ILEULQD H ULFFKH GL DOEXPLQD FRQYHQJRQR DOOH SHUVRQH GL DSSDUHFFKLR GLJHVWLYR GHOLFDWR H PROWR
LPSUHVVLRQDELOLHDFKLQRQDIIDWLFDLPXVFROLFROODYRURPDWHULDOH
0DYHQLDPRDOOD]XSSDGLUDQRFFKLGXHGR]]LQHGLUDQRFFKLVHVRQRJURVVLSRWUHEEHURIRUVHEDVWDUH
SHUTXDWWURRFLQTXHSHUVRQHPDPHJOLRqDEERQGDUH
/HYDWH ORUR OH FRVFLH H PHWWHWHOH GD SDUWH )DWH XQ EDWWXWR DEERQGDQWH FRQ GXH VSLFFKL G DJOLR
SUH]]HPRORFDURWDVHGDQRHEDVLOLFR VHYLSLDFHVHDYHWHLQRUURUHO DJOLRVHUYLWHYLGLFLSROOD0HWWHWHORDO
IXRFRFRQVDOHSHSHHROLRDEXRQDPLVXUDHTXDQGRO DJOLRFRPLQFLDDSUHQGHUFRORUHJHWWDWHJL LUDQRFFKL
5LPRYHWHOLGLTXDQGRLQTXDQGRRQGHQRQV DWWDFFKLQRHWLUDWRFKHDEELDQREXRQDSDUWHGHOO XPLGREXWWDWH
GHQWURSRPRGRULDSH]]LRPDQFDQGRTXHVWLFRQVHUYDDOOXQJDWDFROO DFTXD)DWHEROOLUHDQFRUDHSHUXOWLPD
YHUVDWHO DFTXDRFFRUUHQWH SHUEDJQDUHOD]XSSDWHQHQGRLOWXWWRVXOIXRFRILQWDQWRFKHLUDQRFFKLVLHQRFRWWL
HGLVIDWWL$OORUDSDVVDWHRJQLFRVDGDOORVWDFFLRSUHPHQGREHQHRQGHQRQUHVWLQRFKHOHRVVLFLQH0HWWHWHD
EROOLUH OH FRVFLHODVFLDWH DGGLHWUR LQXQSRFRGLTXHVWR EURGRSDVVDWRHGLVRVVDWHOHTXDQGRVDUDQQRFRWWH
SHU PHVFRODUOH QHOOD ]XSSD LQVLHPH FRQ SH]]HWWL GL IXQJKL VHFFKL IDWWLUDPPROOLUH ,O SDQH DUURVWLWHOR DIHWWH
FKHWDJOLHUHWHDGDGLSLXWWRVWRJURVVL
=833$&2/%52'2',08**,1(
8QRGHLSHVFLFKHPHJOLRVLSUHVWDSHURWWHQHUHXQEXRQEURGRqLOPXJJLQHFKHQHOO $GULDWLFRFRPLQFLD
DG HVVHUH EHOOR H JUDVVR QHOO DJRVWR H UDJJLXQJH FROj LO SHVR GL ROWUH GXH FKLORJUDPPL ,Q PDQFDQ]D GL
TXHVWRSXzVHUYLUHO RPEULQDLOUDJQRHGLOURVSROHFXLFDUQLVHQRQ GDUDQQRLOEURGRVDSRULWRGHOPXJJLQH
VDUDQQRLQFRPSHQVRGLTXDOLWjSLILQHHSLGLJHULELOH
6H WUDWWDVL GL XQD ]XSSD SHU VHWWH RG RWWR SHUVRQH SUHQGHWH XQ PXJJLQHRVVLDXQDEDOGLJDUD FRPH
FKLDPDVLLQDOFXQLSDHVLGLPDUH GHOSHVRGLXQFKLORJUDPPRDOPHQRUDVFKLDWHJOLYLDOHVTXDPHYXRWDWHOR
HOHVVDWHORFRQDFTXDLQSURSRU]LRQH
)DWHXQEDWWXWRDOTXDQWRJHQHURVRFRQFLSROODDJOLRSUH]]HPRORFDURWDVHGDQRHPHWWHWHORDOIXRFR
FRQROLRVDOHHSHSH4XDQGRDYUjSUHVRFRORUHIHUPDWHORFRQVXJRGLSRPRGRURHIDWHOREROOLUHFROEURGR
GHOSHVFH
3RLTXHVWREURGRFRODWHORHFRQXQSR¶GHOPHGHVLPRFXRFHWHXQDSLFFRODTXDQWLWjGLVHGDQRFDURWDH
IXQJKLVHFFKLFKHVHUYRQRSHUGDUHRGRUHLOWXWWRWDJOLDWRDSH]]HWWL
,O SDQH SHU OD ]XSSD DUURVWLWHOR H WDJOLDWHOR D GDGL SRL PHWWHWHOR QHOOD ]XSSLHUD H YHUVDWHFL VRSUD LO
EURGREROOHQWHLQVLHPHFRLGHWWLRGRULVHUYHQGRODLQWDYRODFRQSDUPLJLDQRDSDUWH
/D IDPLJOLD GHOOH PXJJLQLGHH KD OR VWRPDFR D IRUWL SDUHWL PXVFRODUL D VLPLJOLDQ]D GHO YHQWULJOLR GHJOL
XFFHOOL H LO URVSR GL PDUH /RIXV SHVFDWRULXV GHOOD IDPLJOLD GHOOH ORILGHH FRQ XQD SLQQD LQDUJHQWDWD H
PRYLELOH GHO FDSR DWWLUD L SLFFROL SHVFL SHU GLYRUDUOL &KLDPDVL LQ DOFXQL OXRJKL YROJDUPHQWH JUDWWDOH HG q
DQFK HVVRLQSUHJLRSHOEURGRGDEDJQDUHOD]XSSD
=833$$//$&(5726,1$
*UDPPLGLSHVFHPLQXWRGLGLYHUVHVSHFLHSRWUDQQREDVWDUHSHUXQD]XSSDGDVHUYLUVLDTXDWWURR
FLQTXHSHUVRQH
)DWHXQEDWWXWR FRQXQTXDUWRGLFLSROODSUH]]HPRORHVHGDQRPHWWHWHORDOIXRFRFRQROLRHFRORULWR
FKHVLDYHUVDWHFLLOSHVFHEDJQDQGRORTXDQGRqDVFLXWWRFRQDFTXDVXJRGLSRPRGRURRFRQVHUYDVDOHH
SHSHSHUFRQGLPHQWR/DVFLDWHORFXRFHUEHQHHSRLYHUVDWHO DFTXDRFFRUUHQWHSHUOD]XSSDXQOLWURRSRFR
SLIUDSULPDHGRSRSRWUjEDVWDUH3DVVDWHLOWXWWRGDOORVWDFFLRRGDXQFROLQRVWUL]]DQGREHQHHULPHWWHWHOR
DOIXRFRSHUIDUJOLDO]DUHLOEROORUHHSHUYHUVDUORDGDJLRDGDJLRQHOOD]XSSLHUDRYHDYUHWHGLVIDWWHDYDQWLGXH
XRYD FRQ WUH FXFFKLDLDWH GL SDUPLJLDQR 3ULPD GL PDQGDUH OD ]XSSD LQ WDYROD JHWWDWHFL LO SDQH LO TXDOH D
SLFFROL GDGL SXz HVVHUH VROWDQWR DUURVWLWR RSSXUH IULWWR QHOO XQWR FKH SL YL DJJUDGD EXUUR ROLR R ODUGR /H
XRYD FRO SDUPLJLDQR VH QRQ YL GLVSLDFH GL YHGHUOH UDSSUHVH D VWUDFFL VL SRVVRQR DQFKH IUXOODUH D SDUWH H
YHUVDUOHQHOODSHQWRODPHVFRODQGROHIRUWHPHQWHTXDQGRLOEURGRqDEROORUH
6L GLFH FKH LO *UDQGXFD GL 7RVFDQD DYHQGR WURYDWD HFFHOOHQWH TXHVWD ]XSSD LQ XQ FRQYHQWR GL IUDWL
PDQGz FROj LO VXR FXRFR DG LPSDUDUOD PD LO FXRFR EHQFKp PROWR DELOH IRVVH QRQ ULXVFLYD D IDUOD EXRQD
FRPHTXHOODGHLIUDWLSHUFKpTXHVWLQRQYROHYDQRIDUVDSHUHDO*UDQGXFDFKHXVDYDQRLOEURGRGLFDSSRQH
LQYHFHGHOO DFTXD
3$67,1(2&$3(//,1,68/%52'2',20%5,1$
/ RPEULQD SHU HVVHUH XQ SHVFH GH SL ILQL OHVVDWD QDWXUDOPHQWH FLRq VHQ]D RGRUL GL VRUWD YL
VRPPLQLVWUDXQEURGRFKHTXDVLFRPHTXHOORGLFDUQHVLSUHVWDSHUXQDPLQHVWUDOHJJLHUDGLPDJUR
/HVHJXHQWLGRVLVDUDQQRVXIILFLHQWLSHUWUHSHUVRQHHIRUVHDQFKHSHUTXDWWUR
2PEULQDJUDPPL
3DVWLQHRFDSHOOLQLJUDPPL
%XUURJUDPPL
$FTXDXQOLWUR
0HWWHWH DO IXRFRO RPEULQD QHOOD GHWWD DFTXD GLDFFLD H VDODWHOD 4XDQGR q FRWWD SDVVDWH LO EURGR GDO
FROLQRHGLQHVVRFXRFHWHODPLQHVWUDDJJUD]LDQGRODFROVXJRGLSRPRGRURSHURFFXOWDUHLOSX]]RGHOSHVFH
LQGLYHUVDWHODQHOOD]XSSLHUDRYHDYUHWHFROORFDWRLOSH]]RGHOEXUUR6HUYLWHODFRQSDUPLJLDQRDSDUWHFRPHVL
XVDSHUOHPLQHVWUHGLJUDVVR
=833$',385Ê ',3,6(//,6(&&+,
'DWRFKHLSLVHOOLVLDQRPH]]ROLWURPHWWHWHOLDOIXRFRLQGXHOLWULG DFTXDHIUDWWDQWRIDWHXQVRIIULWWRFRQ
PH]]D FLSROOD XQD FDURWD GXH SH]]L GL VHGDQR OXQJKL XQ GLWR H TXDOFKH JDPER GL DQHWR VH OR DYHWH H
WULWDWR LO WXWWR PHWWHWHOR DO IXRFR FRQ XQ SH]]R GL EXUUR H IDWHJOL SUHQGHUH LO URVVR 9HUVDWH DOORUD L SLVHOOL
PH]]RFRWWLHVFRODWLGDOO DFTXDFRQGLWHOLFRQVDOHHSHSHHIDWHORURVX]]DUHWXWWRLOVRIIULWWRSRLYHUVDWHVXJR
GL SRPRGRUR H O DFTXD GHJOL VWHVVL SLVHOOL SHU WLUDUOL D FRWWXUD 3DVVDWH RJQL FRVD SHU LVWDFFLR H VH LO SXUq
ULHVFLVVHWURSSRGHQVRDJJLXQJHWHDFTXDFDOGDDVVDJJLDWHORSHUDJJLXQJHUHXQDOWURSH]]HWWRGLEXUURFKH
SUREDELOPHQWHRFFRUUH,OSDQHWDJOLDWHORDTXDGUHWWLQLHIULJJHWHORQHOEXUUR
6HYLSRUUHWHDWWHQ]LRQHVHQWLUHWHXQDPLQHVWUDFKHVHPEUDIDWWDVXOEURGR
4XHVWDGRVHSRWUjVHUYLUHSHUGLHFLRGRGLFLSHUVRQH
7$*/,$7(//(&2/3526&,8772
/H FKLDPR WDJOLDWHOOH SHUFKp GRYHQGR HVVHU FRWWH QHOO DFTXD H FRQGLWH DVFLXWWH YD WLUDWD OD VIRJOLD
DOTXDQWR SL JURVVD H WDJOLDWD D VWULVFLH SL ODUJKH GHL WDJOLHULQL 6L WUDWWD VHPSUH GL XQ LPSDVWR G XRYD H
IDULQDVHQ]DSXQWDDFTXDVHOHGHVLGHUDWHEHQVRGHHEXRQH
7DJOLDWHDSLFFROLGDGLXQDIHWWDJURVVDGLSURVFLXWWRJUDVVRHPDJURWULWDWHEHQHVHGDQRHFDURWDLQ
WDO TXDQWLWj FKH DPEHGXH IDFFLDQR LO YROXPH GHO SURVFLXWWR DOO LQFLUFD 3RQHWH DO IXRFR TXHVWH WUH FRVH
LQVLHPH FRQ XQ SH]]R GL EXUUR SURSRU]LRQDWR DO FRQGLPHQWR GHOOH WDJOLDWHOOH 4XDQGR LO EDWWXWR DYUj SUHVR
FRORUH DJJLXQJHWH VXJR GL SRPRGRUR RSSXUH FRQVHUYD PD FRQ TXHVWD RFFRUUH XQ UDPDLROLQR GL EURGR R
PDQFDQGRTXHVWRGLDFTXD
/HWDJOLDWHOOHFXRFHWHOHSRFRHVDODWHOHSRFKLVVLPRDPRWLYRGHOSURVFLXWWROHYDWHOHDVFLXWWHFRQGLWHOH
FROGHWWRLQWLQJRORHFRQSDUPLJLDQR
$OWHPSRGHOOHVDOVLFFHSRWHWHVRVWLWXLUOHEHQHVPLQX]]DWHDOSURVFLXWWRWUDWWDQGROHQHOODVWHVVDJXLVD
&KLDPDLOJXVWRGHOEXUURFUXGRQHVHUELODPHWjSHUPHWWHUORQHOO LQWLQJRORTXDQGRORULWLUDGDOIXRFR
$QFKHJOLVSDJKHWWLVRQREXRQLFRQGLWLFRQOHVDOVLFFHQHOODVWHVVDPDQLHUD
7$*/,$7(//(9(5',
6LXVDQRSHUPLQHVWUDDVFLXWWDHVRQRSLOHJJLHUHHSLGLJHULELOLGLTXHOOHLQWULVHGLWXWWHXRYD3HUGDU
ORURLOFRORUYHUGHFXRFHWH VSLQDFLOHVVLVWUL]]DWHOLEHQHH WULWDWHOLFROODOXQHWWD&RQGXHXRYDHXQSXJQRGL
TXHVWLVSLQDFLLQWULGHWHVXOODVSLDQDWRLDTXDQWDIDULQDSRWHWHSHURWWHQHUHXQDSDVWDEHQVRGDFKHODYRUHUHWH
PROWR FROOH PDQL 3RL FRO PDWWHUHOOR WLUDWHOD D VIRJOLD VRWWLOH H TXDQGR Gj FHQQR G DSSLFFLFDUVL D PRWLYR
GHOO HUED FKH SURGXFH YLVFRVLWjVSUX]]DWHOD OHJJHUPHQWH GL IDULQD $YYROJHWH OD VIRJOLD LQ XQ FDQRYDFFLRH
TXDQGRVDUjDVFLXWWDWDJOLDWHODDOTXDQWRSLODUJDGH WDJOLHULQLGDEURGRDYYHUWHQGRFKHLOEHOORGLWDOLSDVWH
q OD ORUR OXQJKH]]DLO FKH LQGLFD O DELOLWj GL FKL OH IHFH$SSHQD DO]DWR LO EROORUH OHYDWHOH DVFLXWWH HFRQGLWHOH
FRPH JOL VSDJKHWWL DOOD UXVWLFD Q RSSXUH FRPH L PDFFKHURQL R OH WDJOLDWHOOH GHL Q H R
VHPSOLFHPHQWHFRQFDFLRHEXUUR
4XHVWDGRVHSRWUjEDVWDUHSHUTXDWWURRFLQTXHSHUVRQH
7$*/,$7(//($//¶862',520$*1$
&RQWL FRUWL H WDJOLDWHOOH OXQJKH GLFRQR L %RORJQHVL H GLFRQR EHQH SHUFKpLFRQWLOXQJKLVSDYHQWDQRL
SRYHUL PDULWL H OH WDJOLDWHOOH FRUWH DWWHVWDQR O LPSHUL]LD GL FKL OH IHFH H VHUYLWH LQ WDO PRGR VHPEUDQR XQ
DYDQ]R GL FXFLQD SHUFLz QRQ DSSURYR O XVR LQYDOVR SHU XQLIRUPDUVL DO JXVWR GHJOL VWUDQLHUL GL WULWXUDUH
PLQXWLVVLPLQHOEURGRLFDSHOOLQLLWDJOLHULQLHPLQHVWUHFRQVLPLOLOHTXDOLSHUHVVHUHVSHFLDOLDOO ,WDOLDGHEERQR
VHUEDUHLOFDUDWWHUHGHOODQD]LRQH
)DWH OD VIRJOLD H WDJOLDWHOD FRPH TXHOOD GHO Q &XRFHWHOH SRFR VFRODWHOH EHQH GDOO DFTXD H
PHWWHWHOH LQ XQD FD]]DUXROD VRSUD DO IXRFR SHU XQ PRPHQWR RQGH IDU ORUR SUHQGHUH LO FRQGLPHQWR FKH q
TXHOOR GHJOL VSDJKHWWL DOOD UXVWLFD Q SL XQ SH]]R GL EXUUR SURSRU]LRQDWR DOOD TXDQWLWj GHOOD PLQHVWUD
0HVFRODWH DGDJLQR H VHUYLWHOH $ SDUHU PLR TXHVWD q XQD PLQHVWUD PROWR JXVWRVD PD SHU EHQ GLJHULUOD FL
YXROH XQ DULDFRPH TXHOOD GL 5RPDJQD 0L ULFRUGR FKH YLDJJLDL XQD YROWD FRQ FHUWL )LRUHQWLQL XQYHFFKLHWWR
VGHQWDWRXQXRPRGLPH]]DHWjHXQJLRYLQHDYYRFDWR FKHDQGDYDQRDSUHQGHUSRVVHVVRGLXQDHUHGLWjD
0RGLJOLDQD6PRQWDPPRDXQDORFDQGDFKHVLSXzLPPDJLQDUHTXDOIRVVHLQTXHOOXRJRTXDUDQWDHSLDQQL
VRQR/ RVWHQRQFLGDYDSHUPLQHVWUDFKHWDJOLDWHOOHHSHUSULQFLSLRGHOODFRSSDGLPDLDOHODTXDOHEHQFKp
GXUDDVVDLHGLQJUDWDELVRJQDYDYHGHUHFRPHLOYHFFKLHWWRVLDIIDWLFDYDSHUURGHUOD(UDSHUzWDOHO DSSHWLWR
GL OXL H GHJOL DOWUL FKH TXHOOD H WXWWR LO UHVWR SDUHYD PROWR EXRQR DQ]L HFFHOOHQWH H OL VHQWLL SL YROWH
HVFODPDUH 2KVHSRWHVVLPRSRUWDUFLFRQQRLGLTXHVW DULDD)LUHQ]H
3RLFKp VLDPR LQ TXHVWL SDUDJJL SHUPHWWHWHPL YL UDFFRQWL FKH GLPRUDYD D )LUHQ]H DO WHPSR FKH
FRUUHYDQR L IUDQFHVFRQL XQ FRQWH GL 5RPDJQD LO TXDOH IDFHQGR LO SDLR FRO PDUFKHVH GL )RUOLPSRSROL GHO
*ROGRQLDYHYDPROWDERULDSRFKLTXDWWULQLHXQRVWRPDFRDSURYDGLERPED(UDQWHPSLLQFXLVLYLYHYDFRQ
SRFR D )LUHQ]H FKH IUD OH FLWWj FDSLWDOL DQGDYD IDPRVD SHU EXRQ PHUFDWR & HUDQR SDUHFFKLH WUDWWRULH
FROO RUGLQDULR GL PLQHVWUD WUH SLDWWL D VFHOWDIUXWWD R GROFH SDQH H YLQRSHUXQDOLUD WRVFDQD FHQWHVLPL 4XHOOHSRU]LRQLEHQFKpSLFFROHSXUHVIDPDYDQRFKLXQTXHQRQIRVVHDOOXSDWRHIUHTXHQWDYDQRWDOLWUDWWRULH
DQFKH L VLJQRUL PD LO FRQWH LQ TXHVWH QRQ VL GHJQDYD &KH LQGXVWULD FUHGHWH FK HJOL DYHVVH WURYDWR SHU
ILJXUDUHHVSHQGHUSRFR"$QGDYDXQJLRUQRVuHXQJLRUQRQRDOODWDYRODURWRQGDGLXQRGH SULQFLSDOLDOEHUJKL
RYH FRQPH]]RIUDQFHVFRQH OLUH LOWUDWWDPHQWRHUDODXWLVVLPRHOjWLUDQGRJLDVWUDPHV LPSLQ]DYDOR
VWRPDFRSHUGXHJLRUQLIDFHQGRGLHWDLQFDVDLOVHFRQGRFRQSDQHFDFLRHGDIIHWWDWR6LDYLGLHVHPSLRHGL
ULFHWWD
5,62772&2//(7(//,1(
1RWRTXHVWRULVRWWRQHOOHSURSRU]LRQLFKHqVWDWRIDWWRSLYROWHQHOODPLDFXFLQDHFLRq
7HOOLQHFROJXVFLRFKLORJUDPPL
5LVRJUDPPL
3HUOHYDUHODVDEELDFKHOHWHOOLQHUDFFKLXGRQRODYDWHOHSULPDSRLSRQHWHOHLQDFTXDIUHVFDVDODWDR
PHJOLR DFTXD GLPDUHLQXQFDWLQRFRQXQSLDWWRURYHVFLDWRVRWWRDOOHPHGHVLPHHGRSRGXHRUHDOPHQR
OHYDWHOHDVFLXWWHHPHWWHWHOHDOIXRFRFRQDFTXDLQSURSRU]LRQHGHOULVRGDFXRFHUH4XDQGRVDUDQQRDSHUWH
OHYDWHQH L JXVFL H VHUEDWH O DFTXD PD EDGDWH FKH LQ IRQGR DOOD PHGHVLPD VL VDUj IRUPDWD XQD TXDOFKH
SRVDWXUDGLVDEELDFKHYDJHWWDWDYLD
)DWHXQVRIIULWWRFRQROLRDJOLRSRFDFLSROODSUH]]HPRORFDURWDHVHGDQRLOWXWWRWULWDWRILQLVVLPRFROOD
OXQHWWD H TXDQGR VDUj URVRODWR EHQH JHWWDWHYL OH WHOOLQH WROWH GDO JXVFLR TXDOFKH SH]]HWWR GL IXQJKL VHFFKL
ULQYHQXWL XQD SUHVD GL SHSH H XQ SR GL TXHOO DFTXD VHUEDWD 'RSR TXDOFKH PLQXWR JHWWDWH LO ULVR LQ TXHVWR
LQWLQJRORHWLUDWHORDFRWWXUDVRGDFROUHVWRGHOO DFTXDVXGGHWWD$VVDJJLDWHORVHVWDEHQHGLVDSRUHFROVROR
VDOHQDWXUDOHGHOOHWHOOLQHHGHLFRQGLPHQWLGDWLJOLVHQRQIRVVHFRVuDJJLXQJHWHJOLHORFRQVXJRGLSRPRGRUR
RFRQVHUYDHGDQFKHFRQXQSH]]HWWRGLEXUURHXQSL]]LFRGLSDUPLJLDQR
$OOHWHOOLQHVLSRVVRQRVRVWLWXLUHOHDUVHOOHRLSHRFFL FR]]HQHUHPXVFROL FRPHD9HQH]LDQHOOHFXL
WUDWWRULH VH LO ULVR FR SHRFFL VSHFLDOLWj GHO SDHVH IRVVH FXFLQDWR LQ TXHVWD PDQLHUD VDUHEEH DVVDL SL
JUDGLWR3HUFRQVHUYDUHDOFXQSRFRLPROOXVFKLDFRQFKLJOLDELYDOYHYDQQRWHQXWLLQOXRJRIUHVFROHJDWLDVVDL
VWUHWWLLQXQVDFFKHWWRRLQXQFDQRYDFFLR' LQYHUQRKRFRVuFRQVHUYDWHIUHVFKHOHWHOOLQHILQRDVHLJLRUQLPD
QRQqGDD]]DUGDUHSHUFKpLPROOXVFKLULHVFRQRPROWRLQGLJHVWLVHQRQVRQRIUHVFKL
5,62772&2//(7,1&+(
1RQYLVSDYHQWDWHQHOVHQWLUHFKHOHWLQFKHSRVVRQRSUHVWDUVLSHUXQDEXRQDPLQHVWUDODTXDOHVDSUj
QDWXUDOPHQWH GL SHVFH H ULXVFLUj XQ SR JUDYH DJOL VWRPDFKL GHEROL PD VDUj JUDWD DO JXVWR H IRUV DQFKH
ORGDWDVHDYUHWHODSUXGHQ]DGLQRQQRPLQDUHODVSHFLHGHOSHVFHXVDWR
(FFROHGRVLGLXQDPLQHVWUDSHUVHLRVHWWHSHUVRQH
5LVRJUDPPL
7LQFKHFLUFDJUDPPL
)DWHXQEDWWXWRFRQGXHVSLFFKLG DJOLRXQSL]]LFRGLSUH]]HPRORTXDOFKHIRJOLDGLEDVLOLFRVHYLSLDFH
LO VXR RGRUH XQD JURVVD FDURWD H GXH SH]]L GL VHGDQR ELDQFR OXQJKL XQ SDOPR 0HWWHWHOR DO IXRFR LQ XQD
FD]]DUXROD FRQ ROLR VDOH H SHSH DJJLXQJHQGRYL LQ SDUL WHPSR OH WLQFKH JLj VEX]]DWH H WDJOLDWH D SH]]L OH
WHVWH FRPSUHVH 9ROWDWHOH VSHVVR RQGH QRQ VL DWWDFFKLQR DO IRQGR H TXDQGR VDUDQQR EHQ URVRODWH
FRPLQFLDWHDEDJQDUOHSULPD FRQVXJRGLSRPRGRURRFRQVHUYDSRLFRQDFTXDYHUVDWDDSRFRSHUYROWDLQ
SULQFLSLR H LQ XOWLPR LQ TXDQWLWj WDOH GDFXRFHUH LO ULVRPD WHQHQGRYLSLXWWRVWR VFDUVL FKH DEERQGDQWL)DWH
EROOLUH ILQFKp OH WLQFKH QRQ VLHQR VSDSSRODWH H DOORUD SDVVDWH GDOOR VWDFFLR RJQL FRVD LQ PRGR FKH QRQ
UHVWLQRVHQRQOHOLVFKHHJOLRVVLFLQL4XHVWRqLOVXJRFKHVHUYLUjSHUFXRFHUHLOULVRWLUDQGRORDVFLXWWRHGL
JLXVWDFRWWXUD3HUDJJUD]LDUORSRWHWHDJJLXQJHUHTXDOFKHSH]]HWWRGLIXQJKLVHFFKLHXQSH]]HWWRGLEXUURH
SRLVHUYLUORLQWDYRODFRQSDUPLJLDQRJUDWWDWRSHUFKLORYXROH
$O WHPSR GHL SLVHOOL TXHVWL VRQR GD SUHIHULUVL DL IXQJKL JUDPPL VJUDQDWL EDVWDQR &XRFHWHOL D
SDUWH FRQ XQ SR G ROLR XQ SR GL EXUUR H XQD FLSROOD QRYHOOLQD LQWHUD 9HUVDWH L SLVHOOL TXDQGR OD FLSROOD
FRPLQFLDDURVRODUHIDWHOLVRIIULJJHUHDOTXDQWRFRQGLWHOLFRQVDOHHSHSHHWLUDWHOLDFRWWXUDFRQSRFDDFTXD
/DFLSROODJHWWDWHODYLDHPHVFRODWHLSLVHOOLFROULVRTXDQGRTXHVWRVDUjTXDVLFRWWR
5,627721(52&2//(6(33,($//$),25(17,1$
4XHVWR LQYHUWHEUDWR 6HSLD RIILFLQDOLV GHOO RUGLQH GHL PROOXVFKL H GHOOD IDPLJOLD GHL FHIDORSRGL q
FKLDPDWR FDODPDLR LQ )LUHQ]H IRUVH SHUFKp IRUPDQGR VSHVVR OD EHOOD OLQJXD WRVFDQD L VXL YRFDEROL FROOH
VLPLOLWXGLQL HVVRUDFFKLXGHQHOVXRVDFFRXQDYHVFLFKHWWDFKHODQDWXUDJOLKDGDWRDGLIHVDFRQWHQHQWHXQ
OLTXLGRQHURFKHSXzVHUYLUHGD LQFKLRVWUR
,7RVFDQLL)LRUHQWLQLLQLVSHFLHVRQRFRVuYDJKLGHJOLRUWDJJLFKHYRUUHEEHURFDFFLDUOLSHUWXWWRHSHU
FRQVHJXHQ]D LQ TXHVWR SLDWWR PHWWRQR OD ELHWROD FKH PL SDUH FL VWLD FRPH LO SDQFRWWR QHO FUHGR 4XHVWR
HFFHVVLYR XVR GL YHJHWDOL QRQ YRUUHL IRVVH XQD H QRQ XOWLPD GHOOH FDJLRQL GHOOD IODFFLGD FRVWLWX]LRQH GL
DOFXQHFODVVLGLSHUVRQHFKHGXUDQWHO LQIOXHQ]DGLTXDOFKHPDORUHPDOSRWHQGRUHJJHUQHO XUWRVLYHGRQR
FDGHUHILWWHFRPHOHIRJOLHQHOWDUGRDXWXQQR
6SHOODWHHVSDUDWHOHVHSSLHSHUQHWWDUOHGHOOHSDUWLLQVHUYLELOLFKHVRQRO RVVRO DSSDUDWRGHOODERFFD
JOL RFFKL H LO WXER GLJHUHQWH PHWWHWH GD SDUWH OD YHVFLFKHWWD GHOO LQFKLRVWUR H GRSR DYHUOH ODYDWH EHQH
WDJOLDWHOHDTXDGUHWWLQRHOHFRGHDSH]]HWWL
7ULWDWH PLQXWDPHQWH GXH FLSROOH QRQ JUDQGL R PHJOLR XQD VROD H GXH VSLFFKL G DJOLR H SRQHWHOH DO
IXRFRLQXQDFD]]DUXRODFRQROLRILQLVVLPRHLQDEERQGDQ]D4XDQGRLOVRIIULWWRDYUjSUHVRLOURVVREXWWDWHFLOH
VHSSLHHGDVSHWWDWHFKHTXHVWHEROOHQGRFRPLQFLQRDGLYHQLUJLDOOHSHUJHWWDUYLJUDPPLFLUFDGLELHWROD
QHWWDGDOOHFRVWROHSLJURVVHHWULWDWDDOTXDQWR0HVFRODWHHODVFLDWHEROOLUHSHUFLUFDPH]] RUDSRLYHUVDWH
JUDPPLGLULVR FKHVDUjLOSHVRGHOOHVHSSLHLQQDWXUD HLOORURLQFKLRVWURHTXDQGRLOULVRVLVDUjEHQH
LPSUHJQDWR GL TXHO VXJR WLUDWHOR D FRWWXUD FRQ DFTXD FDOGD ,O ULVR SHU UHJROD JHQHUDOH GHY HVVHUH SRFR
FRWWRHTXDQGRVLGLFHDVFLXWWRGHYHIDUODFROPDVXOYDVVRLRLQFXLORVHUYLWH$FFRPSDJQDWHORVHPSUHFRO
SDUPLJLDQRJUDWWDWRPDVHDYHWHORVWRPDFRGHOLFDWRDVWHQHWHYLGDOIDUQHXVRTXDQGRqFXFLQDWRFRQTXHVWL
HVLPLOLLQJUHGLHQWLGLQRQIDFLOHGLJHVWLRQH
2UDY LQGLFKHUzXQ DOWUDPDQLHUDGLIDUHTXHVWRULVRWWRSHUVFHJOLHUHIUDLGXHTXHOORFKHSLYLDJJUDGD
1LHQWH ELHWROD QLHQWH LQFKLRVWUR H TXDQGR OH VHSSLH FRPH VL q GHWWR FRPLQFLDQR D SUHQGHUH LO JLDOOR
YHUVDWH LO ULVR H WLUDWHOR D FRWWXUD FRQ DFTXD FDOGD H VXJR GL SRPRGRUR R FRQVHUYD GDQGRJOL SL JUD]LD H
VDSRUHFRQXQSH]]HWWRGLEXUURTXDQGRqTXDVLFRWWRXQLWHGHO SDUPLJLDQR
6HORYROHWHDQFRUDPLJOLRUHDJJLXQJHWHDGXHWHU]LGLFRWWXUDLSLVHOOLDFFHQQDWLQHOULVRWWRFROOHWLQFKH
5,62772&2,3,6(//,
,OULVR(FFRJLXVWRXQDOLPHQWRLQJUDVVDQWHFKHL7XUFKLVRPPLQLVWUDQRDOOHORURGRQQHRQGHIDFFLDQR
FRPHGLUHEEHXQLOOXVWUHSURIHVVRUHDWXWWLQRWRLFXVFLQHWWLDGLSRVL
5LVRJUDPPL
%XUURJUDPPL
3DUPLJLDQRTXDQWREDVWD
8QDFLSROODGLPHGLRFUHJURVVH]]D
,O ULVR FRPH JLj YL KR GHWWR DOWUD YROWD QRQ FRQYLHQH ODYDUOR EDVWD QHWWDUOR H VWURILQDUOR HQWUR D XQ
FDQRYDFFLR7ULQFLDWHODFLSROODEHQILQHFROODOXQHWWDHPHWWHWHODDOIXRFRFROODPHWjGHOEXUUR4XDQGRDYUj
SUHVR LO FRORUH URVVR YHUVDWHLO ULVR H ULPXRYHWHOR FRQWLQXDPHQWH FROPHVWRORILQFKp DEELD VXFFKLDWRWXWWRLO
VRIIULWWR $OORUD FRPLQFLDWH D YHUVDU DFTXD FDOGD D XQ UDPDLXROR SHU YROWD PD EDGDWH FKH VH EROOH WURSSR
ULVWUHWWRUHVWDGXURQHOFHQWURHVLVIDULQDDOODVXSHUILFLH VDODWHORHWLUDWHORDFRWWXUDDVFLXWWDDJJLXQJHQGRLO
UHVWR GHO EXUUR3ULPD GL OHYDUOR GDO IXRFRXQLWHYL LSLVHOOLGHOQLQJLXVWDSURSRU]LRQHHGDWHJOLVDSRUH
FRQXQEXRQSXJQRGLSDUPLJLDQR
4XHVWDGRVHEDVWHUjSHUFLQTXHSHUVRQH
5,62772&2,)81*+,
3HUTXHVWRULVRWWRLRPLVHUYRGHLIXQJKLSRUFLQLLTXDOLLQDOFXQLSDHVLFKLDPDQVLPRUHFFL
)XQJKL LQ QDWXUDSHUFKp YDQQR SRL QHWWDWL H VFDWWLYDWLPHWj SHVR GHO ULVR)DWH XQ EDWWXWRFRQSRFD
FLSROOD SUH]]HPROR VHGDQR FDURWD H PHWWHWHOR DO IXRFR FRQ WUH FXFFKLDLDWH G ROLR VH LO ULVR IRVVH JUDPPL
GDVHUYLUVLFLRqDWUHSHUVRQH4XDQGRLOEDWWXWRDYUjSUHVRFRORUHIHUPDWHORFRQVXJRGLSRPRGRURH
DFTXDFRQGLWHORFRQVDOHHSHSHHIDWHYLEROOLUGHQWURXQRVSLFFKLRG DJOLRLQWHURFKH SRLJHWWHUHWHYLDSULPD
GL SDVVDUH LO VRIIULWWR LO TXDOH ULPHWWHUHWH DO IXRFR SHU FXRFHUYL L IXQJKL SULPD WULWDWL DOOD JURVVH]]D SRFR
PHQRGHOJUDQWXUFRFRWWLFKHVLHQRPHWWHWHOLGDSDUWH,OULVRIDWHORFRVuFUXGRVRIIULJJHUHFRQXQSH]]RGL
EXUUR SRLWLUDWHDFXRFHUORFRQDFTXDFDOGDYHUVDWDDXQUDPDLXRORSHUYROWDDPH]]DFRWWXUDPHVFRODWHFL
GHQWURLIXQJKLHSULPDGLVHUYLUORGDWHJOLVDSRUHFROSDUPLJLDQR
6DUjPDQJLDWRYROHQWLHULDQFKHIDWWRFRQXQSXJQRGLIXQJKLVHFFKLLQYHFHGLTXHOOLIUHVFKL
5,62772&2,3202'25,
5LVRJUDPPL
%XUURJUDPPL
3DUPLJLDQRTXDQWREDVWD
9HUVDWHLOULVRVXOEXUURVWUXWWRHTXDQGRO DYUjVXFFKLDWRFRPLQFLDWHDGDJJLXQJHUHDFTXDFDOGDSRFD
SHU YROWD SRL JLXQWR D PH]]DFRWWXUDGDWHJOLVDSRUH FROODVDOVDGLSRPRGRURGHOQHSULPDGLOHYDUOR
GDOIXRFRDJJLXQJHWHXQEXRQSXJQRGLSDUPLJLDQRJUDWWDWR1HOODGHWWDVDOVDSHUFRQGLUHLOULVRWWRSRWHWH
SLDFHQGRYLVRVWLWXLUHDOO ROLRODFDUQHVHFFDRGDQFKHVHUYLUYLGHOVXJRGLSRPRGRURGHVFULWWRDOQ
5,62772$//$0,/$1(6(,
5LVRJUDPPL
%XUURJUDPPL
=DIIHUDQRTXDQWREDVWDDUHQGHUOREHQJLDOOR
0H]]DFLSROODGLPHGLRFUHJURVVH]]D
3HUODFRWWXUDUHJRODWHYLFRPHDOQ
3HUUHQGHUHTXHVWRULVRWWRSLVRVWDQ]LRVRHSLJUDWRDOJXVWRRFFRUUHLOEURGR
/R ]DIIHUDQR VH LQ FDVD DYHWH XQ PRUWDLR GL EURQ]R FRPSHUDWHOR LQ QDWXUD SHVWDWHOR ILQH H
VFLRJOLHWHORLQXQJRFFLRORGLEURGRFDOGRSULPDGLJHWWDUORQHOULVRFKHVHUYLUHWHFRQSDUPLJLDQR
/R]DIIHUDQRKDXQ D]LRQHHFFLWDQWHVWLPRODO DSSHWLWRHSURPXRYHODGLJHVWLRQH4XHVWDTXDQWLWjSXz
EDVWDUHSHUFLQTXHSHUVRQH
5,62772$//$0,/$1(6(,,
4XHVWRULVRWWRqSLFRPSOLFDWRHSLJUDYHDOORVWRPDFRGLTXHOORSUHFHGHQWHPDSLVDSRULWR
(FFRYLODGRVHSHUFLQTXHSHUVRQH
5LVRJUDPPL
%XUURJUDPPL
0LGROORGLEXHJUDPPL
0H]]DFLSROOD
9LQRELDQFREXRQRGXHWHU]LGLELFFKLHUH
=DIIHUDQRTXDQWREDVWD
3DUPLJLDQRLGHP
7ULWDWH OD FLSROOD H PHWWHWHOD DO IXRFRFROPLGROOR H FRQ OD PHWj GHO EXUUR4XDQGR VDUjEHQURVRODWD
YHUVDWH LO ULVR H GRSR TXDOFKH PLQXWR DJJLXQJHWH LO YLQR H WLUDWHOR D FRWWXUD FRO EURGR 3ULPD GL ULWLUDUOR GDO
IXRFRDJJUD]LDWHORFRQO DOWUDPHWjGHOEXUURHFROSDUPLJLDQRHPDQGDWHORLQWDYRODFRQDOWURSDUPLJLDQRD
SDUWH
5,62772$//$0,/$1(6(,,,
3RWHWHVFHJOLHUH(FFRYLXQDOWURULVRWWRDOODPLODQHVHPDVHQ]DODSUHWHQVLRQHGLSUHQGHUODPDQRDL
FXRFKLDPEURVLDQLGRWWLHLQJHJQRVLLQTXHVWDPDWHULD
5LVRJUDPPL
%XUURJUDPPL
8QTXDUWRGLFLSROODPH]]DQDGLJUDQGH]]D
0DUVDODGXHGLWDGLELFFKLHUHFRPXQH
=DIIHUDQRTXDQWREDVWD
5RVRODWHODFLSROODWULWDWDILQHFRQODPHWjGHOEXUURYHUVDWHLOULVRHGRSRTXDOFKHPLQXWRODPDUVDOD
7LUDWHORDFRWWXUDFROEURGRHTXDQGRVDUjFRWWRDJJLXQJHWH LOUHVWRGHOEXUURHOR]DIIHUDQRVFLROWRLQXQSRFR
GLEURGRSHUXOWLPRLOSXJQHOORGLSDUPLJLDQR
%DVWDSHUWUHSHUVRQH
5,62772&2,5$12&&+,
'LFH XQ IDPRVR FXRFR FKH SHU UHQGHU WHQHUD OD FDUQH GHL UDQRFFKL ELVRJQD JHWWDUOL QHOO¶DFTXD FDOGD
DSSHQD VFRUWLFDWL H GRSR SDVVDUOL LQ TXHOOD IUHVFDPD EDGDWH DSSHQD PH]]RPLQXWR VH QR OL FXRFHWH6H
VRQR JURVVLGRGLFL UDQRFFKLULWHQJRFKH EDVWHUDQQR SHU JUDPPL GLULVR/DVFLDWHDGGLHWUR OHFRVFLHOH
XRYDLQTXHVWRFDVRGLUHLIRVVHPHJOLRQRQDGRSHUDUOH)DWHXQEDWWXWRFRQXQTXDUWRGLXQDJURVVDFLSROOD
XQRVSLFFKLRG¶DJOLRFDURWDVHGDQRSUH]]HPROREDVLOLFRHPHWWHWHORDOIXRFRFRQROLRSHSHHVDOH$OORUFKp
DYUj SUHVR FRORUH EXWWDWH JL L UDQRFFKL ULPHVWDWH D TXDQGR D TXDQGR H URVRODWL FKH VLHQR EXWWDWH GHQWUR
SRPRGRUL D SH]]L FKH ODVFHUHWH GLVIDUH DOORUD YHUVDWH WDQWD DFTXD FDOGD TXDQWD SRWUj RFFRUUHUQH )DWH
EROOLUHDGDJLRILQFKpLUDQRFFKLVLDQREHQFRWWLHSRLSDVVDWHRJQLFRVDVWUL]]DQGREHQH,QXQSR¶GLTXHVWR
VXJRFXRFHWHOHFRVFLHODVFLDWHGDSDUWHGLVRVVDWHOHHGXQLWHOHDOUHVWR
0HWWHWHLOULVRDOIXRFRFRQXQSH]]HWWRGLEXUURULPHVWDWHHTXDQGRLOEXUURVDUjVWDWRWXWWRVX]]DWR
YHUVDWH LO VXJR FDOGR GHL UDQRFFKL D XQ UDPDLXROR SHU YROWD ILQR DFRWWXUD FRPSOHWD 3ULPD GL OHYDUH LO ULVR
JHWWDWHJOLGHQWURXQSXJQRGLSDUPLJLDQRHVHUYLWHOR
5,62772&2,*$0%(5,
6LUDFFRQWDFKHXQDJDPEHUHVVDULPSURYHUDQGRXQJLRUQRODVXDILJOLXRODOHGLFHYD 0LR'LRFRPH
YDLWRUWD1RQSXRLFDPPLQDUHGLULWWD" (YRLPDPPDFRPHFDPPLQDWH" ULVSRVHODILJOLXROD SRVVRDQGDU
GLULWWDTXDQGRTXLWXWWLYHGRFKHYDQQRVWRUWL" /DILJOLXRODDYHYDUDJLRQH
*UDPPLFLUFDGLJDPEHULSRWUDQQREDVWDUHSHUJUDPPLGLULVRHVHUYLUHSHURWWRSHUVRQH
)DWH XQ EDWWXWR DEERQGDQWH FRQ PH]]D FLSROOD WUH VSLFFKL G DJOLR FDURWD VHGDQR H SUH]]HPROR H
PHWWHWHORDOIXRFRFRQROLRLQSURSRU]LRQH&UHGRFKHO DJOLRLQTXHVWRFDVRVLDQHFHVVDULRSHUFRUUHJJHUHLO
GROFH GHL JDPEHUL 4XDQGR LO VRIIULWWR DYUj SUHVR FRORUH EXWWDWHJOL GHQWUR L JDPEHUL H FRQGLWHOL FRQ VDOH H
SHSH5LYROWDWHOLVSHVVRHTXDQGRWXWWLVDUDQQRGLYHQXWLURVVLEDJQDWHOLFRQVXJRGLSRPRGRURRFRQVHUYDH
SRFR GRSR YHUVDWH WDQWD DFTXD FDOGD FKH SRVVD EDVWDUH SHO ULVR /DVFLDWH EROOLUH QRQ WDQWR SHURFFKp L
JDPEHUL FXRFLRQR SUHVWR SRL OHYDWHOL DVFLXWWL H XQD TXDUWD SDUWH VFHJOLHQGR L SL JURVVL VEXFFLDWHOL H
PHWWHWHOL GD SDUWH *OL DOWUL SHVWDWHOL QHO PRUWDLR SDVVDWHOL GDOOR VWDFFLR H OD SROSD SDVVDWD PHVFRODWHOD DO
EURGRGRYHVRQRVWDWLFRWWL
0HWWHWH DO IXRFR XQ SH]]HWWR GL EXUUR LQ XQD FD]]DUXROD H YHUVDWHYL LO ULVR QHWWDWR VHQ]D ODYDUOR
ULPHVWDWHFRQWLQXDPHQWHHTXDQGRLOULVRDYUjSUHVRLOOXVWURGHOEXUURYHUVDWHLOEURGRFDOGRDSRFRSHUYROWD
DSLGLPH]]DFRWWXUDXQLWHFLLJDPEHULLQWHULJLjVEXFFLDWLHSULPDGLVHUYLUORGDWHJOLJUD]LDFRQXQSXJQRGL
SDUPLJLDQR
6H TXDQGR IDWH TXHVWL ULVRWWL GL PDJURDYHWH LQ VHUER GHO EURGR GL FDUQHVHUYLWHYHQHFKpFRQHVVR
ULXVFLUDQQRSLVRVWDQ]LRVLHSLGHOLFDWL
5,62772&2/%52'2',3(6&(
4XDQGRDYUHWHOHVVDWRXQSHVFHGLTXDOLWjILQDRGDQFKHXQJURVVRPXJJLQHQHOPRGRGHVFULWWRDOQ
SRWUHWHVHUYLUYLGHOEURGRFRODWR SHURWWHQHUQHXQULVRWWRRXQD]XSSD)DWHXQEDWWXWRFRQXQTXDUWRGL
FLSROOD XQR R GXH VSLFFKLG DJOLR SUH]]HPROR FDURWD HVHGDQR H PHWWHWHOR DO IXRFRFRQ ROLR VDOH H SHSH
4XDQGR DYUj SUHVR FRORUH IHUPDWHOR FRQ VXJR GL SRPRGRUR R FRQVHUYD VFLROWD LQ XQ UDPDLXROR GHO GHWWR
EURGR /DVFLDWH EROOLUH XQ SRFR H SRL YHUVDWH LO ULVR FKH WLUHUHWH D FRWWXUD FRQ OR VWHVVR EURGR EROOHQWH
YHUVDWRSRFRSHUYROWD$PH]]DFRWWXUDDJJLXQJHWHXQSH]]RGLEXUURHTXDQGRLOULVRqFRWWRXQSXJQHOOR
GLSDUPLJLDQR1HOOD]XSSDSRWHWHXQLUHXQSL]]LFRGLIXQJKLVHFFKLHLOSDUPLJLDQRVHUYLUORDSDUWH
0$&&+(521,$//$)5$1&(6(
/L GLFR DOOD IUDQFHVH SHUFKp OL WURYDL LQ XQ WUDWWDWR FXOLQDULR GL TXHOOD QD]LRQH PD FRPH SXU WURSSR
DFFDGH FRQ FHUWH ULFHWWH VWDPSDWH FKH QRQ FRUULVSRQGRQR TXDVL PDL DOOD SUDWLFD KR GRYXWR PRGLILFDUH OH
GRVLQHOOHVHJXHQWLSURSRU]LRQL
0DFFKHURQLOXQJKLDOODQDSROHWDQDJUDPPL
%XUURJUDPPL
*UXLHUDJUDPPL
3DUPLJLDQRJUDPPL
8QSHQWROLQRGLEURGR
'DWHGXHWHU]LGLFRWWXUDDLPDFFKHURQLLQDFTXDQRQWURSSRVDODWD0HWWHWHLOEURGRDOIXRFRHTXDQGR
EROOHJHWWDWHFLLOJUXLHUDJUDWWDWRHLOEXUURSHUVFLRJOLHUOL EHQHFROPHVWRORFLzRWWHQXWRYHUVDWHORVXELWRVXL
PDFFKHURQL JLj VJURQGDWL GDOO DFTXD H GLFR VXELWR SHUFKp DOWULPHQWL LO JUXLHUD FDOD D IRQGR H VL DSSDVWD
7HQHWHLPDFFKHURQLDOIXRFRILQRDFRWWXUDFRPSOHWDSURFXUDQGRFKHUHVWLXQSR GLVXJR4XDQGROLOHYDWH
FRQGLWHOL FRO VXGGHWWR SDUPLJLDQR H VHUYLWHOL FRQ DOWUR SDUPLJLDQR D SDUWH SHU FKL QRQ DYHQGR LO JXVWR DO
GHOLFDWRDPDLOSLFFDQWH
4XHVWDFRPHLPDFFKHURQLDOODERORJQHVHqXQDPLQHVWUDFKHIDPROWRFRPRGRQHOOHIDPLJOLHSHUFKp
ULVSDUPLD LO OHVVR EDVWDQGR XQ SHQWROLQR GL EURGR GHO JLRUQR DYDQWL 9ROHQGROL GL PDJUR DO EURGR VL
VRVWLWXLVFDLOODWWH
,OJUXLHUDFRQRVFLXWRLQFRPPHUFLRDQFKHFROQRPHGLHPPHQWKDOqTXHOFDFLRDIRUPHJUDQGLVVLPH
GL SDVWD WHQHUD JLDOOD H EXFKHUHOODWD $OFXQL QRQ DPDQR LO VXR RGRUH VSHFLDOH FKH VD GL ULEROOLWR PD IR
ULIOHWWHUHFKHTXHVWRRGRUHQHOODVWDJLRQHIUHGGDqSRFRVHQVLELOHHFKHQHOODPLQHVWUDVLDYYHUWHDSSHQD
0$&&+(521,$//$1$32/(7$1$
9HOLJDUDQWLVFRJHQXLQLHSURYDWLFROODVFRUWDGLXQDULFHWWDFKHPLVRQRSURFXUDWRGDXQDIDPLJOLDGL
6DQWD0DULD&DSXD9HWHUHYLGLUzDQFKHGLHVVHUHVWDWROXQJRWHPSRLQFHUWRDYDQWLGLPHWWHUODLQHVHFX]LRQH
QRQ SHUVXDGHQGRPL WURSSR TXHO JXD]]DEXJOLR GL FRQGLPHQWL $ GLU YHUR TXHVWL PDFFKHURQL QRQ ULHVFRQ
FDWWLYLDQ]LSRVVRQRLQFRQWUDUHLOJXVWRGLFKLQRQqHVFOXVLYLVWDGHOVHPSOLFH
3UHQGHWHXQSH]]RGLFDUQHQHOOXFHUWRORHVWHFFDWHORFRQIHWWLQHGLSURVFLXWWRJUDVVRHPDJUR]LELEER
SLQROLHFRQXQEDWWXWLQRGLODUGRQHDJOLRSUH]]HPRORVDOHHSHSH$FFRPRGDWDODFDUQHLQTXHVWDPDQLHUD
H OHJDWD FROOR VSDJR SHU WHQHUOD SL XQLWD SRQHWHOD DO IXRFR FRQ XQ EDWWXWR GL ODUGRQH H FLSROOD ILQHPHQWH
WULWDWDULYROWDWHODVSHVVRHEXFDWHODDTXDQGRDTXDQGRFROODUGDWRLR5RVRODWDFKHVLDODFDUQHHFRQVXPDWR
LO EDWWXWR DJJLXQJHWHYL WUH R TXDWWUR SH]]L GL SRPRGRUR VEXFFLDWL H TXDQGR TXHVWL VLDQR GLVWUXWWL XQLWHYL D
SRFRSHUYROWDGHOVXJRGLSRPRGRURSDVVDWR$VSHWWDWHFKHTXHVWRVLDVLDOTXDQWRULVWUHWWRSRLYHUVDWHWDQWD
DFTXD FKH FRSUD LO SH]]R FRQGLWH FRQ VDOH H SHSH H IDWH EROOLUH D IXRFR OHQWR LQ PDQFDQ]D GL SRPRGRUL
IUHVFKLVHUYLWHYLGLFRQVHUYD&ROVXJRHFRQIRUPDJJLRSLFFDQWHFRPHXVDQRL1DSROHWDQLVLFRQGLVFRQRL
PDFFKHURQLHODFDUQHVHUYHGLFRPSDQDWLFR
4XDQWR DL PDFFKHURQL LQVHJQDQR GL IDUOL EROOLUH LQ XQ UHFLSLHQWH ODUJR FRQ PROW DFTXD H GL QRQ
FXRFHUOLWURSSR
0$&&+(521,$//$1$32/(7$1$
6RQRPROWRSLVHPSOLFLGH SUHFHGHQWLHEXRQLWDQWRFKHYLFRQVLJOLRDSURYDUOL
3HUJUDPPLGLPDFFKHURQLOXQJKLFKHVRQRVXIILFLHQWLSHUWUHSHUVRQHPHWWHWHDVRIIULJJHUHLQXQ
WHJDPH R LQ XQD FD]]DUXROD GXH JURVVH IHWWH GL FLSROOD FRQ JUDPPL GL EXUUR H GXH FXFFKLDLDWH G ROLR
4XDQGRODFLSROODFKHEROOHQGRQDWXUDOPHQWHVLVIDOGDVDUjEHQURVRODWDVWUL]]DWHODFROPHVWRORHJHWWDWHOD
YLD,QTXHOO XQWRDEROORUH YHUVDWHJUDPPL GLSRPRGRULHXQEXRQSL]]LFRGL EDVLOLFRWULWDWRDOO LQJURVVR
FRQGLWH FRQ VDOH H SHSH PD L SRPRGRUL SUHSDUDWHOL DYDQWL SHUFKp YDQQR VEXFFLDWL WDJOLDWL D SH]]L H QHWWDWL
GDLVHPLSLFKHVLSXzQRQIDFHQGRGLIHWWRVHYHQHUHVWDQR
&ROVXJRFRQGHQVDWRFRQJUDPPLGLEXUURFUXGRHSDUPLJLDQRFRQGLWHLPDFFKHURQLHPDQGDWHOLLQ
WDYRODFKHVDUDQQRDJJUDGLWLVSHFLDOPHQWHGDFKLQHOVXJRGLSRPRGRURFLQXRWHUHEEHGHQWUR
,QYHFH GHL PDFFKHURQL OXQJKL SRVVRQR VHUYLUH OH SHQQH DQ]L TXHVWH SUHQGHUDQQR PHJOLR LO
FRQGLPHQWR
0$&&+(521,$//$%2/2*1(6(
, %RORJQHVL SHU TXHVWD PLQHVWUD IDQQR XVR GHL FRVu GHWWL GHQWL GL FDYDOOR GL PH]]DQD JUDQGH]]D H
TXHVWDSDUHDQFKHDPHODIRUPDFKHPHJOLRVLSUHVWDVHFXFLQDWLLQWDOPRGRDYYHUWLWHSHUzFKHVLDQRGL
VIRJOLDDOTXDQWRJURVVDRQGHQHOEROOLUHQRQVLVFKLDFFLQRDOTXDOGLIHWWRSRFRVLEDGDLQ7RVFDQDRYHSHUOD
SUHGLOH]LRQH FKH VHPSUH VL Gj DL FLEL OHJJHUL YHQJRQR IDEEULFDWH FHUWH TXDOLWj GL SDVWH FRVu GHWWH JHQWLOL D
EXFR ODUJR H D SDUHWL WDQWR VRWWLOL FKH QRQ UHJJRQR SXQWR DOOD FRWWXUD H VL VFKLDFFLDQR EROOHQGR LO FKH ID
GLVJXVWRDYHGHUOHQRQFKHDPDQJLDUOH
&RPHRJQXQRVDOHPLJOLRULSDVWHGDPLQHVWUDVRQRTXHOOHGLJUDQRGXURFKHVLIDQQRGLVWLQJXHUHSHO
FRORUH QDWXUDOH GL FHUD 'LIILGDWH GL TXHOOH JLDOOH GL FXL VL WHQWD PDVFKHUDUH O RULJLQH RUGLQDULD GL JUDQR
FRPXQH SHU PH]]R GL XQD WLQWD DUWLILFLDOH FKH XQD YROWD HUD GDWD DOPHQR FRQ VRVWDQ]H LQQRFXH TXDOL OR
]DIIHUDQRRLOFURFR
/HVHJXHQWLSURSRU]LRQLVRQRDSSURVVLPDWLYHSHUFRQGLUHJUDPPLHSLGLPLQHVWUD
&DUQHPDJUDGLYLWHOOD PHJOLRVHQHOILOHWWR JU
&DUQHVHFFDJUDPPL
%XUURJUDPPL
8QTXDUWRGLXQDFLSROODFRPXQH
8QDPH]]DFDURWD
'XHFRVWROHGLVHGDQRELDQFROXQJKHXQSDOPRRSSXUHO RGRUHGHOVHGDQRYHUGH
8QSL]]LFRGLIDULQDPDVFDUVRDVVDL
8QSHQWROLQRGLEURGR
6DOHSRFKLVVLPRRSXQWRDPRWLYRGHOODFDUQHVHFFDHGHOEURGRFKHVRQRVDSRULWL
3HSHHDFKLSLDFHO RGRUHGHOODQRFHPRVFDWD
7DJOLDWHODFDUQHDSLFFROLGDGLWULWDWHILQHFROODOXQHWWDODFDUQHVHFFDODFLSROODHJOLRGRULSRLPHWWHWH
DO IXRFR RJQL FRVD LQVLHPH FRPSUHVR LO EXUUR H TXDQGR OD FDUQH DYUj SUHVR FRORUH DJJLXQJHWH LO SL]]LFR
GHOODIDULQDEDJQDQGRFROEURGRILQRDFRWWXUDLQWHUD
6FRODWHEHQHLPDFFKHURQLGDOO DFTXDHFRQGLWHOLFROSDUPLJLDQRHFRQTXHVWRLQWLQJRORLOTXDOHVLSXz
UHQGHUHDQFKHSLJUDWRRFRQGHLSH]]HWWLGLIXQJKLVHFFKLRFRQTXDOFKHIHWWLQDGLWDUWXILRFRQXQIHJDWLQR
FRWWR IUD OD FDUQH H WDJOLDWR D SH]]HWWL XQLWH LQILQH TXDQGR q IDWWR O LQWLQJROR VH YROHWH UHQGHUOL DQFKH SL
GHOLFDWL PH]]R ELFFKLHUH GL SDQQD LQ RJQL PRGR q EHQH FKH L PDFFKHURQL YHQJDQR LQ WDYROD QRQ DVFLXWWL
DUUDEELDWLPDGLJXD]]DQWLLQXQSRFRGLVXJR
7UDWWDQGRVL GL SDVWH DVFLXWWH TXL YLHQH D SURSRVLWR XQD RVVHUYD]LRQH H FLRq FKH TXHVWH PLQHVWUH q
EHQH FXRFHUOH SRFR PD EDGLDPR PRGXV LQ UHEXV 6H OH SDVWH VL VHQWRQR GXUHWWLQH ULHVFRQR SL JUDWH DO
JXVWR H VL GLJHULVFRQR PHJOLR 6HPEUD TXHVWR XQ SDUDGRVVR PD SXUH q FRVu SHUFKp OD PLQHVWUD WURSSR
FRWWD PDVWLFDQGRVL SRFR VFHQGH FRPSDWWD D SHVDU VXOOR VWRPDFR H YL ID SDOOD PHQWUH VH KD ELVRJQR GL
HVVHUH WULWXUDWD OD PDVWLFD]LRQH SURGXFH VDOLYD H TXHVWD FRQWLHQH XQ IHUPHQWR GHWWR SWLDOLQD FKH VHUYH D
FRQYHUWLUHO DPLGRRODIHFRODLQ]XFFKHURHGLQGHVWULQD
/ D]LRQH ILVLRORJLFD GHOOD VDOLYD q SRL LPSRUWDQWLVVLPD JLDFFKp ROWUH DOO HIIHWWR GL DPPROOLUH H GL
VFLRJOLHUH L FLEL IDFLOLWDQGRQH O LQJKLRWWLPHQWR SURPXRYH SHU OD VXD QDWXUD DOFDOLQD OD VHFUH]LRQH GHO VXFFR
JDVWULFRDOORUFKpLFLELVFHQGRQRQHOORVWRPDFR3HUTXHVWDUDJLRQHOHEDPELQDLHXVDQRDILQGLEHQHXQDWWR
VFKLIRVRFRPHTXHOORGLIDUHLERFFRQLHPDVWLFDUHODSDSSDDLEDPELQL
6L GLFH FKH L 1DSROHWDQL JUDQ PDQJLDWRUL GL SDVWH DVFLXWWH YL EHYDQR VRSUD XQ ELFFKLHU G DFTXD SHU
GLJHULUOHPHJOLR,RQRQVRVHO DFTXDLQTXHVWRFDVRDJLVFDFRPHGLVVROYHQWHRSLXWWRVWRVLDXWLOHSHUFKp
SUHQGHQGR LO SRVWR GL XQ ELFFKLHU GL YLQR R GL DOWUR DOLPHQWR IDFFLD QDWXUDOPHQWH ULPDQHU OR VWRPDFR SL
OHJJHUR,GHQWLGLFDYDOORTXDQGRVRQRSLJURVVLHSLOXQJKLVLFKLDPDQRLQ7RVFDQDFDQQHOORQLHLQDOWUL
OXRJKLG ,WDOLDEXFRQRWWLRVWUR]]DSUHWL
0$&&+(521,&21/(6$5'($//$6,&,/,$1$
'L TXHVWD PLQHVWUD YR GHELWRUH D XQD YHGRYD HVSLULWRVD VLJQRUD LO FXLPDULWRVLFLOLDQR VL GLYHUWLYDD
PDQLSRODUHDOFXQLSLDWWLGHOVXRSDHVHIUDLTXDOLLOQDVHOORDOODSDOHUPLWDQDHLOSHVFHDWDJOLRLQXPLGR
0DFFKHURQLOXQJKLDOODQDSROHWDQDJUDPPL
6DUGHIUHVFKHJUDPPL
$FFLXJKHVDODWHQ
)LQRFFKLRVHOYDWLFRGHWWRILQRFFKLRQRYHOOLQRJU2OLRTXDQWREDVWD
$OOH VDUGH OHYDWH OD WHVWDOD FRGD H OD VSLQD GLYLGHQGROH LQ GXH SDUWLLQIDULQDWHOH IULJJHWHOH VDODWHOH
DOTXDQWRHPHWWHWHOHGDSDUWH
,ILQRFFKLOHVVDWHOLVSUHPHWHOLGDOO DFTXDWULWDWHOLPLQXWLHPHWWHWHOLGDSDUWH
, PDFFKHURQL GRSR DYHUOL FRWWL FRVu LQWHUL QHOO DFTXD VDODWD VFRODWHOLEHQH H PHWWHWH DQFKHTXHVWLGD
SDUWH 3RQHWH DO IXRFR LQ XQ WHJDPH GHOO ROLR LQ DEERQGDQ]D H LQ HVVR GLVIDWH OH VHL DFFLXJKH EHQ LQWHVR
GRSRDYHUOHQHWWDWHHWROWDODVSLQDYHUVDWHLQTXHVWDVDOVDLILQRFFKLFRQGLWHOLFRQSRFRVDOHHSHSHHIDWHOL
EROOLUH SHU GLHFL PLQXWL FRQ VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD 2UD FKH DYHWH WXWWR LQ SURQWR
SUHQGHWHXQSLDWWRFKHUHJJDDOIXRFRRXQDWHJOLDHFRQGLWHLPDFFKHURQLDVXRORDVXRORFRQOHVDUGHHFRQ
O DFFLXJDWDGLILQRFFKLLQPRGRFKHIDFFLDQRODFROPDPHWWHWHOLDURVRODUHWUDGXHIXRFKLHVHUYLWHOLFDOGL
&UHGHUHLGRYHVVHUREDVWDUHSHUVHLRVHWWHSHUVRQH
*12&&+,',3$7$7(
/DIDPLJOLDGH JQRFFKLqQXPHURVD9LKRJLjGHVFULWWRJOLJQRFFKLLQEURGRGHOQRUDY LQGLFKHUz
JOLJQRFFKLGLSDWDWHHGLIDULQDJLDOODSHUPLQHVWUDHSLDYDQWLTXHOOLGLVHPROLQRHDOODURPDQDSHUWUDPHVVR
RSHUFRQWRUQRHTXHOOLGLODWWHSHUGROFH
3DWDWHJURVVHHJLDOOHJUDPPL
)DULQDGLJUDQRJUDPPL
9LQRWRODSURSRU]LRQHGHOODIDULQDSHULQWULGHUOLRQGHQRQDYHVVHDGDFFDGHUYLFRPHDGXQDVLJQRUD
FKH PH SUHVHQWH DSSHQD DIIRQGDWR LO PHVWROR SHU PXRYHUOL QHOOD SHQWROD QRQ WURYz SL QXOOD JOL JQRFFKL
HUDQRVSDULWL 2GRY HUDQRDQGDWL" PLGRPDQGzFRQSUHPXURVDFXULRVLWjXQ DOWUDVLJQRUDDFXLSHUULGHUH
UDFFRQWDLLOIDWWRFUHGHQGRIRUVHFKHLOIROOHWWROLDYHVVHSRUWDWLYLD
1RQ LQDUFKL OH FLJOLD VLJQRUD ULVSRVL LR FKp OR VWUDQR IHQRPHQR q QDWXUDOH TXHOOL JQRFFKL HUDQR
VWDWLLQWULVLFRQSRFDIDULQDHDSSHQDIXURQRQHOO DFTXDEROOHQWHVLOLTXHIHFHUR
&XRFHWHOHSDWDWHQHOO DFTXDRPHJOLRDYDSRUHHFDOGH EROOHQWLVSHOODWHOHHSDVVDWHOHSHULVWDFFLR
3RLLQWULGHWHOHFROODGHWWDIDULQDHODYRUDWHDOTXDQWRO LPSDVWRFROOHPDQLWLUDQGRORDFLOLQGURVRWWLOHSHUSRWHUOR
WDJOLDUH D WRFFKHWWL OXQJKL WUH FHQWLPHWUL FLUFD 6SROYHUL]]DWHOL OHJJHUPHQWH GL IDULQD H SUHQGHQGROL XQR DOOD
YROWDVFDYDWHOLFROSROOLFHVXOURYHVFLRGLXQDJUDWWXJLD0HWWHWHOLDFXRFHUHQHOO DFTXDVDODWDSHUGLHFLPLQXWL
OHYDWHOLDVFLXWWLHFRQGLWHOLFRQFDFLREXUURHVXJRGLSRPRGRURSLDFHQGRYL
6H OL YROHWH SL GHOLFDWL FXRFHWHOL QHO ODWWH H VHUYLWHOL VHQ]D VFRODUOL VH LO ODWWH q GL EXRQD TXDOLWj
DOO LQIXRULGHOVDOHQRQqQHFHVVDULRFRQGLPHQWRDOFXQRRWXWW DOSLXQSL]]LFRGLSDUPLJLDQR
*12&&+,',)$5,1$*,$//$
4XDQGR YL VHQWLWH XQD FHUWD ULSLHQH]]D SURGRWWD GD HVXEHUDQ]D GL QXWUL]LRQH VH ULFRUUHWH D XQD
PLQHVWUD GL TXHVWL JQRFFKL SRWUHWH SHU OD ORUR OHJJHUH]]D H SRFD VRVWDQ]D QHXWUDOL]]DUOD H SL DQFRUD VH
IDUHWHVHJXLUHDGHVVDXQSLDWWRGLSHVFHGLIDFLOHGLJHVWLRQH
/D IDULQD SHU TXHVW XVR q EHQH VLD PDFLQDWD JURVVD VH QR q PHJOLR ULFRUUHUH DO VHPROLQR ILQH GL
JUDQWXUFRFKHRUDWURYDVLLQFRPPHUFLR6DODWHO DFTXDHTXDQGREROOHYHUVDWHFROODPDQRVLQLVWUDODIDULQD
XQSR SHUYROWDHFROPHVWRORQHOODGHVWUDPHVFRODWHFRQWLQXDPHQWHÊQHFHVVDULRFKHTXHVWDIDULQDEROOD
PROWRHTXDQGRHVVDqULVWUHWWDLQPRGRGDUHJJHUHEHQHVXOPHVWRORJHWWDWHODFRQXQFROWHOORGDWDYRODD
WRFFKHWWLHQWURDXQYDVVRLRHDGRJQLVWUDWRFRQGLWHODFRQFDFLREXUUR VXJRGLSRPRGRURRFRQVHUYDVFLROWD
QHOO DFTXD&ROPDWHQHLOYDVVRLRHPDQGDWHODFDOGDLQWDYROD
6H SRL YL SLDFHVVHUR SL FRQGLWL SRWHWH WUDWWDUOL FRPH OD SROHQWD FRQ OH VDOVLFFH GHO Q R FRPH L
PDFFKHURQLDOODERORJQHVHGHOQ
3$33$5'(//($//¶$5(7,1$
1RQYHOHGRFRPHSLDWWRILQHPDSHUIDPLJOLDSXzDQGDUH
3UHQGHWHXQ DQDWUDGRPHVWLFDPHWWHWHODLQFD]]DUXRODFRQXQSH]]HWWRGLEXUURFRQGLWHODFRQVDOHH
SHSH H TXDQGR DYUj SUHVR FRORUH DJJLXQJHWH XQ EDWWXWR WULWDWR EHQ ILQH GL SURVFLXWWR FLSROOD VHGDQR H
FDURWD /DVFLDWHOR VWUXJJHUH VRWWR O DQDWUD ULYROWDQGROD VSHVVR SRL OHYDWH YLD EXRQD SDUWH GHOO XQWR FRPH
FRVDLQGLJHVWDHWLUDWHODDFRWWXUDFRQEURGRHGDFTXDYHUVDWDSRFDSHUYROWDPDLQTXDQWLWjWDOHFKHYLUHVWL
LOVXJRSHUFRQGLUHODPLQHVWUDGLSDSSDUGHOOH
3URFXUDWHYLXQSH]]HWWRGLPLO]DGLYLWHOODRGLPDQ]RDSULWHODHUDVFKLDWHQHFROFROWHOORODSDUWHLQWHUQD
SHUPHWWHUODDEROOLUHVRWWRO DQDWUDTXDQGRTXHVWDVDUjFRWWDHVHUYLUjSHULQJUHGLHQWHDOVXJRDFXLQRQVDUj
PDOHDJJLXQJHUHDQFKHSRPRGRURHRGRUHGLQRFHPRVFDWD7LUDWHXQDVIRJOLDGLWXWWHXRYDJURVVHWWDFRPH
TXHOOD GHOOH WDJOLDWHOOH H FROOD URWHOOLQD VPHUODWD WDJOLDWH OH VWULVFH SL ODUJKH GL XQ GLWR &XRFHWHOH SRFR H
FRQGLWHOHFROGHWWRVXJRFROIHJDWLQRGHOO DQDWUDDSH]]HWWLSDUPLJLDQRHXQSRFRGLEXUURVHRFFRUUH4XHVWH
SDSSDUGHOOHVHUYRQRSHUPLQHVWUDHO DQDWUDSHUVHFRQGRSLDWWR
3$67($//$&$&&,$725$
&RVuFKLDPDQRLQ7RVFDQDXQDPLQHVWUDGLSDVWHDVFLXWWH QRFHWWHSDWHUQRVWULSHQQHH VLPLOL FRQGLWH
FRQ OD FDUQH GHOOH DU]DYROH /H DU]DYROH VRQR XFFHOOL GL SDGXOH GDO SLHGH SDOPDWR GDO EHFFR D VSDWROD
VRPLJOLDQWLVVLPL DOOH DQDWUH VH QRQ FKH VRQR SL SLFFROH GD SHVDUH LQ QDWXUD JUDPPL D 'XH GL
TXHVWHVRQRVXIILFLHQWLSHUFRQGLUHXQDPLQHVWUDGLJUDPPLGLSDVWDGDEDVWDUHSHUTXDWWURSHUVRQH
*HWWDWH YLD OD WHVWD OH ]DPSH OD VWL]]D H JOL LQWHVWLQL SHU IDUOH EROOLUH FRQ XQ PD]]HWWR JXDUQLWR GL
VHGDQR FDURWD H JDPELGL SUH]]HPROR LQ WDQWD DFTXD VDODWD FKH EDVWL SHU FXRFHUYL OD PLQHVWUD &RWWH FKH
VLHQR GLVRVVDWHOH H WULWDWHOH FRQ OD OXQHWWD LQVLHPH FRL IHJDWLQL H L YHQWULJOL YXRWDWL FKH DYUHWH FRWWL FRQ OH
DU]DYROH&RWWDODSDVWDQHOGHWWREURGRVFRODWHODEHQHHFRQGLWHODDVXROLFRQTXHVWDFDUQHWULWDWDEXUURH
SDUPLJLDQRDEXRQDPLVXUD
5LHVFHXQDPLQHVWUDJXVWRVDHFLzFKHSLFRQWDGLQRQGLIILFLOHGLJHVWLRQH
3$67(&21/($5=$92/(
/D SUHFHGHQWH PLQHVWUD 3DVWH DOOD FDFFLDWRUD PL KD VXJJHULWR TXHVWD FKH QRQ ULHVFH PHQ EXRQD
3UHQGHWH XQ DU]DYROD H YXRWDWD H SXOLWD FRPH OH VXGGHWWH PHWWHWHOD D FXRFHUH LQVLHPH FRQ XQ EDWWXWR GL
FLSROOD XQ TXDUWR R PH]]D VH q SLFFROD XQ EHO SH]]R GL VHGDQR PH]]DFDURWD JUDPPL GL SURVFLXWWR
JUDVVRHPDJURHXQSH]]HWWRGLEXUURVDOHHSHSHSHUFRQGLPHQWR5RVRODWDFKHVLDWLUDWHODDFRWWXUDFRQ
GHO EXRQ EURGR H XQ SR GL VXJR GL SRPRGRUR R FRQVHUYD 3RL GLVRVVDWHOD H WULWDWHOD LQVLHPH FRQ TXDOFKH
SH]]HWWR GL IXQJKL VHFFKL VH OL DYHWH XQLWL DOO DU]DYROD PHQWUH FXRFHYD 5LPHWWHWH DO IXRFR TXHVWR LQWLQJROR
FRQO RGRUHGHOOHVSH]LHRGHOODQRFHPRVFDWDHXQSH]]RGLEXUURLPSLDVWULFFLDWRGLIDULQDSHUOHJDUORHFRQ
HVVRHSDUPLJLDQRFRQGLWHJUDPPL GLSDVWHFKHSRVVRQRHVVHUHPDFFKHURQLVWULVFHGHQWLGLFDYDOORRG
DOWUHVLPLOL
4XHVWDTXDQWLWjSXzEDVWDUHSHUFLQTXHSHUVRQHVHQRQVRQRJUDQPDQJLDWRUL
6HXQLUHWHDOO DU]DYRODJUDPPLGLILOHWWRGLPDQ]RDYUHWHO LQWLQJRORSLVRVWDQ]LRVR
3$33$5'(//(&2/68*2',&21,*/,2
'RSR DYHU ODYDWR LO FRQLJOLR WDJOLDWHOR D SH]]L SL JURVVL GL TXHOOR GD IULJJHUH H PHWWHWHOR DO IXRFRLQ
XQD FD]]DUXROD SHU IDUJOLIDUO DFTXD FKH SRL VFROHUHWH TXDQGR VDUj EHQH DVFLXWWR JHWWDWHFL XQ SH]]HWWR GL
EXUURXQSRFRG ROLRHXQEDWWXWRWULWDWRILQHHFRPSRVWRGHOIHJDWRGHOO DQLPDOHGLXQSH]]HWWRGLFDUQHVHFFD
HGLWXWWLJOLRGRULFLRqFLSROODVHGDQRFDURWDHSUH]]HPROR&RQGLWHORFRQVDOHHSHSH5LPXRYHWHORVSHVVR
H TXDQGR VDUj URVRODWR EDJQDWHOR FRQ DFTXD H VXJR GL SRPRGRUR R FRQVHUYD SHU WLUDUOR D FRWWXUD
DJJLXQJHQGRSHUXOWLPRXQDOWURSRFRGLEXUUR
6HUYLWHYLGHOVXJRSHUFRQGLUHFRQTXHVWRHFRQSDUPLJLDQRXQDPLQHVWUDGLSDSSDUGHOOHRGLVWULVFHH
PDQGDWHLQWDYRODSHUVHFRQGRSLDWWRLOFRQLJOLRFRQDOFXQSRFRGHOVXRLQWLQWR
6HQRQYROHWHFRQGLUODPLQHVWUDQRQRFFRUUHQHOEDWWXWRODFDUQHVHFFD
3$33$5'(//(&2//$/(35(,
/DFDUQHGHOODOHSUHHVVHQGRDULGDHGLSRFRVDSRUHKDELVRJQRLQTXHVWRFDVRGLYHQLUHVXVVLGLDWD
GDXQVXJRGLFDUQHGLPROWDVRVWDQ]DSHURWWHQHUHXQDPLQHVWUDVLJQRULOH(FFRYLOHGRVLGLXQDPLQHVWUDSHU
FLQTXH SHUVRQH FKH SHU WDQWH D PLR DYYLVR GHYH EDVWDUH XQD VIRJOLD GL WUH XRYD WDJOLDWD D IRUPD GL
SDSSDUGHOOH ODUJKH XQ GLWR FRQ OD URWHOOD VPHUODWD RSSXUH SHU JUDPPL R GL VWULVFH GL SDVWD
FRPSUDWD
,GXHILOHWWLGLXQDOHSUHFKHSRVVRQRSHVDUHLQWXWWRJUDPPLDFRPSUHVRLURJQRQL
%XUURJUDPPL
&DUQHVHFFDJUDPPL
0H]]DFLSROODGLPHGLRFUHJUDQGH]]D
0H]]DFDURWD
8QSH]]RGLVHGDQROXQJRXQSDOPR
2GRUHGLQRFHPRVFDWD
3DUPLJLDQRTXDQWREDVWD
8QDFXFFKLDLDWDGLIDULQD
6XJRGLFDUQHGHFLOLWUL
, ILOHWWL VSHOODWHOL GD TXHOOD SHOOLFROD FKH OL DYYROJH H WDJOLDWHOL D SLFFROL GDGL SRL IDWH XQ EDWWXWR FRQOD
FDUQHVHFFDODFLSROODLOVHGDQRHODFDURWD7ULWDWHOREHQILQHFRQODOXQHWWDHPHWWHWHORDOIXRFRFRQODWHU]D
SDUWH GHO GHWWR EXUUR H FRQ OD FDUQH GL OHSUH FRQGHQGROD FRQ VDOH HSHSH4XDQGRODFDUQHVDUjURVRODWD
VSDUJHWHFL VRSUD OD IDULQD H SRFR GRSR EDJQDWHOD H WLUDWHOD D FRWWXUD FRL GHWWR VXJR 3ULPD GL VHUYLUYL GL
TXHVWRLQWLQJRORDJJLXQJHWHLOUHVWRGHOEXUURHODQRFHPRVFDWD
/H SDSSDUGHOOH R VWULVFH FKH VLDQR FRWWH QHOO DFTXD VDODWD OHYDWHOH EHQH DVFLXWWH H FRQGLWHOH VXO
YDVVRLRVHQ]DULPHWWHUOHDOIXRFRFRQSDUPLJLDQRHO LQWLQJRORVXGGHWWR
,QPDQFDQ]DGHLILOHWWLVHUYLWHYLGHLFRVFHWWL
3$33$5'(//(&2//$/(35(,,
(FFRYLXQ DOWUD ULFHWWD SL VHPSOLFH SHU FRQGLUH FRQ OD VWHVVD TXDQWLWj GLFDUQHGLOHSUHODPHGHVLPD
TXDQWLWjGLSDVWH
)DWH XQ EDWWXWR FRQ JUDPPL GL SURVFLXWWR SL JUDVVR FKH PDJUR XQ TXDUWR GL FLSROOD VHGDQR
FDURWDHSRFKLVVLPRSUH]]HPROR0HWWHWHORDOIXRFRFRQJUDPPLGLEXUURHTXDQGRDYUjVRIIULWWREXWWDWHFL
LSH]]LGHOODFDUQHLQWHULHFRQGLWHOLFRQVDOHHSHSH)DWHODURVRODUHHSRLSHUFXRFHUODEDJQDWHODDSRFRD
SRFRFRQEURGRHVXJRGLSRPRGRURRFRQVHUYDLQPRGRFKHYLUHVWLDEERQGDQWHOLTXLGRTXDQGRODFDUQHq
FRWWDOHYDWHODDVFLXWWDHWULWDWHODQRQWDQWRPLQXWDFRQODOXQHWWD
)DWH FRPH GLFRQR L )UDQFHVL XQ URX[ R FRPH LR GLUHL XQ LQWULVR FRQ JUDPPL GL EXUUR H XQD
FXFFKLDLDWDGLIDULQDHTXDQGRDYUjSUHVRVXOIXRFRLOFRORUELRQGRYHUVDWHQHOPHGHVLPRODFDUQHWULWDWDHLO
VXRVXJRDJJLXQJHQGRDOWULJUDPPLGLEXUURHO RGRUHGHOODQRFHPRVFDWDSRLFRQTXHVW LQWLQJRORHFRQ
SDUPLJLDQRFRQGLWHODPLQHVWUD1RQPLULPSURYHUDWHVHLQTXHVWHPLQHVWUHY LQGLFRVSHVVRO RGRUHGHOODQRFH
PRVFDWD$PHSDUHFKHFLVWLDEHQHVHSRLQRQYLSLDFHVDSHWHTXHOORFKHDYHWHDIDUH
5$9,2/,
5LFRWWDJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQ
%LHWRODFRWWDTXDQWDQHVWDLQXQSXJQR2GRUHGLQRFHPRVFDWDHVSH]LH
6DOHTXDQWREDVWD
/DULFRWWDSDVVDWHODHVHqVLHURVDVWUL]]DWHODSULPDLQXQWRYDJOLXROR/DELHWRODQHWWDWHODGDLJDPEL
OHVVDWHOD VHQ] DFTXD VWUL]]DWHOD EHQH H WULWDWHOD ILQH FROOD OXQHWWD )DWH XQ LPSDVWR GL WXWWR SUHQGHWH LO
FRPSRVWR D FXFFKLDLDWH H PHWWHQGROR VRSUD D GHOOD IDULQD FKH DYUHWH GLVWHVD VXOOD VSLDQDWRLD DYYROJHWHOR
EHQH GDQGRJOL OD IRUPD WRQGD H ELVOXQJD GHOOH FURFFKHWWH &RQ TXHVWD GRVH IDUHWH FLUFD GXH GR]]LQH GL
UDYLROL3HUFXRFHUOLJHWWDWHOLLQDFTXDQRQVDODWDFKHEROODIRUWHHOHYDWHOLFROODPHVWRODIRUDWDSHUFKpUHVWLQR
DVFLXWWL&RQGLWHOLRFROVXJRRDFDFLRHEXUURHVHUYLWHOLSHUPLQHVWUDRSHUFRQWRUQRDXQXPLGRGLFDUQH
6LFFRPH OD FRWWXUD QH q VROOHFLWD EDVWDQGR FKH DVVRGLQR FXRFHWHOL SRFKL DOOD YROWD RQGH QRQ VL
URPSDQR
5$9,2/,$//¶862',520$*1$
, 5RPDJQROL SHU UDJLRQH GHO FOLPD FKH ULFKLHGH XQ YLWWR GL PROWDVRVWDQ]D H XQSRFR IRUV DQFKH SHU
OXQJDFRQVXHWXGLQHDFLELJUDYLKDQQRJHQHUDOPHQWHJOLRUWDJJLFRWWLLQTXHOODJUD]LDFKHVLDYUHEEHLOIXPR
QHJOLRFFKLWDOFKpVSHVVHYROWHKRXGLWRQHOOHWUDWWRULH &DPHULHUHXQDSRU]LRQHGLOHVVRPDEDGDVHQ]D
VSLQDFL 2SSXUH 'LTXHVWL LQGLFDQGRJOLVSLQDFL WLSXRLIDUHXQLPSLDVWURVXOVHGHUH (VFOXVDTXLQGLOD
ELHWRODRJOLVSLQDFLHFFRYLODULFHWWDGHLUDYLROLDOO XVRGL5RPDJQD
5LFRWWDJUDPPL
)DULQDJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDXQRHXQURVVR
6DOHTXDQWREDVWD
)DWHWXWWRXQLPSDVWRHYHUVDWHORVXOODVSLDQDWRLDVRSUDXQYHORGLIDULQDSHUGDUJOLODIRUPDFLOLQGULFD
FKHWDJOLHUHWHLQTXDWWRUGLFLRTXLQGLFLSH]]LHJXDOLIRJJLDQGROLDPRGR/HVVDWHOLSRLSHUGXHRWUHPLQXWLLQ
DFTXDQRQVDODWDHFRQGLWHOLFRQFDFLRHVXJRGLFDUQHRSSXUHVHUYLWHOLSHUFRQWRUQRDXQRVWUDFRWWRRDXQ
IULFDQGz
5$9,2/,$//$*(129(6(
4XHVWLYHUDPHQWHQRQVLGRYUHEEHURFKLDPDUUDYLROLSHUFKpLYHULUDYLROLQRQVLIDQQRGLFDUQHHQRQ
VLLQYROJRQRQHOODVIRJOLD
0H]]RSHWWRGLFDSSRQHRGLSROODVWUD
8QFHUYHOORG DJQHOORFRQDOFXQHDQLPHOOH
8QIHJDWLQRGLSROOR
0HWWHWHTXHVWHFRVHDOIXRFRFRQXQSH]]HWWRGLEXUURHTXDQGRFRPLQFLDQRDSUHQGHUFRORUHWLUDWHOHD
FRWWXUD FRO VXJR GL FDUQH /HYDWHOH DVFLXWWH H WULWDWHOH ILQLVVLPH FROOD OXQHWWD LQVLHPH FRQ XQD IHWWLQD GL
SURVFLXWWRJUDVVRHPDJURSRLDJJLXQJHWHSRFKLVSLQDFLOHVVDWLHSDVVDWLSDUPLJLDQRJUDWWDWRQRFHPRVFDWD
H GXH URVVL G XRYR 0HVFRODWH H FKLXGHWHOL FRPH L FDSSHOOHWWL DOO XVR GL 5RPDJQD Q R LQ PRGR SL
VHPSOLFHFRQTXHVWDGRVHQHIDUHWHVHVVDQWDFLUFD
&XRFHWHOLQHOEURGRSHUPLQHVWUDRDVFLXWWLFRQFDFLRHEXUURRSSXUHFROVXJR
63$*+(77,&2//($&&,8*+(
3HUPLQHVWUDGLPDJURq DSSHWLWRVD3UHQGHWHVSDJKHWWLPH]]DQLFKHVRQRGDSUHIHULUVLDTXHOOHFRUGH
GD FRQWUDEEDVVR HFFHOOHQWL SHU JOL VWRPDFKL GHJOL VSDFFDOHJQH *UDPPL VRQR SL FKH VXIILFLHQWL SHU
TXDWWURSHUVRQHGLSDVWRRUGLQDULRHSHUTXHVWDTXDQWLWjEDVWDQRFLQTXHDFFLXJKH
/DYDWHOH QHWWDWHOH EHQH GDOOH VSLQH H GDOOH OLVFKH WULWDWHOH DOTXDQWR FROODOXQHWWD H SRQHWHOH DO IXRFR
FRQROLREXRQRLQDEERQGDQ]DHXQDSUHVDGLSHSH1RQOHIDWHEROOLUHPDTXDQGRFRPLQFLDQRDVFDOGDUVL
DJJLXQJHWH JUDPPL GL EXUUR XQ SRFR GL VXJR GL SRPRGRUR R FRQVHUYD H OHYDWHOH &RQGLWH FRQ TXHVWR
LQWLQJRORJOLVSDJKHWWLFRWWLLQDFTXDSRFRVDODWDSURFXUDQGRFKHUHVWLQRGXUHWWLQL
63$*+(77,&2,1$6(//,
6SDJKHWWLJUDPPL
1DVHOOL PHUOX]]L JUDPPL
%XUURJUDPPL
2OLRFXFFKLDLDWHQ
0DUVDODFXFFKLDLDWHQ
2GRUHGLQRFHPRVFDWD
7ULWDWHXQDFLSROODGLPHGLRFUHJURVVH]]DHVWUL]]DWHODIUDOHPDQLSHUWRJOLHUOHO DFUHGLQH0HWWHWHODDO
IXRFRFRQO ROLRVXGGHWWRHTXDQGRFRPLQFLDDURVRODUHJHWWDWHFLLQDVHOOLWDJOLDWLDSH]]LHFRQGLWHOLFRQVDOHH
SHSH 5RVRODWL FKH VLDQR YHUVDWH VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD SHU FXRFHUOL H SRL
SDVVDWHOLGDXQRVWDFFLRGLILOGLIHUUREDJQDQGROLFRQXQSRFRGLDFTXDFDOGDVHRFFRUUHSHUHVWUDUQHWXWWD
ODSROSD5LPHWWHWHLOSDVVDWRDOIXRFRFROEXUURODPDUVDODODQRFHPRVFDWDHTXDQGRDYUjDO]DWRLOEROORUH
VHLOVXJRQRQDYUjELVRJQRGLHVVHUHULVWUHWWRSHUULGXUORDJLXVWDFRQVLVWHQ]DFRQGLWHFRQTXHVWRLQWLQJRORH
SDUPLJLDQRJOLVSDJKHWWLFRWWLLQDFTXDVDODWD
Ê TXHVWD XQD GRVH SHU FLQTXH SHUVRQH HG q PLQHVWUD FKH SLDFHUj SHUFKp QRQ q XQ LQWUXJOLR FRPH
VHPEUHUHEEHDOODGHVFUL]LRQH
63$*+(77,&2/68*2',6(33,(
(FFRYLOHQRUPHDSSURVVLPDWLYHSHUIDUHTXHVWDPLQHVWUDFKHEDVWHUjSHUFLQTXHSHUVRQH
3UHQGHWHWUHVHSSLHGLPHGLDJUDQGH]]DFKHSRWUDQQRSHVDUHLQFRPSOHVVRGDLDLJUDPPL
6SHOODWHOH H QHWWDWHOH GDOO RVVR GDOO DSSDUDWR GHOOD ERFFD GDJOL RFFKL GDO WXER GLJHUHQWH H GDOO LQFKLRVWUR
FKHDOFXQLODVFLDQRPDFKHLRHVFOXGRSHUFKpPLVHPEUDIDFFLDEUXWWXUD)DWHXQEDWWXWRFRQJUDPPLGL
PLGROOD GL SDQH XQ EXRQ SL]]LFRGLSUH]]HPRORHXQRVSLFFKLRG DJOLRXQLWHYLLWHQWDFROLFKHVRQRGXHSHU
RJQL VHSSLD WULWDWL EHQ ILQL FRQGLWHOR FRQ ROLR VDOH H SHSH D EXRQD PLVXUD H FRQ TXHVWR ULHPSLWH LO VDFFR
GHOOH VHSSLH FXFHQGRQH OD ERFFD 7ULWDWH XQD FLSROOD GL PHGLRFUH JUDQGH]]D VWUL]]DWHOD SHU WRJOLHUQH
O DFUHGLQH H PHWWHWHOD DO IXRFR FRQ ROLR QRQ PROWR SHUz H TXDQGR DYUj SUHVR FRORUH JHWWDWHFL OH VHSSLH H
FRQGLWHOH FRQ VDOH H SHSH $VSHWWDWH FKH FRORULVFDQR SHU WLUDUOH D FRWWXUD D IXRFR OHQWR FRQ PROWRVXJR GL
SRPRGRURRFRQVHUYDDJJLXQJHQGRDFTXDDSRFRSHUYROWD)DWHOHEROOLUWUHRUHPDSURFXUDWHFKHYLUHVWLLO
VXJR QHFHVVDULR SHU FRQGLUH FRQ HVVR H FRQ SDUPLJLDQR JUDPPL GL VSDJKHWWL L TXDOL VHQWLUHWH FKH
ULHVFRQRSLDFHYROLDOJXVWR
/H VHSSLH FKH LQ TXHVWR PRGR ULPDQJRQR WHQHUH H SHUFLz GL QRQ GLIILFLOH GLJHVWLRQH VHUYLWHOH GRSR
FRPHSLDWWRGLSHVFHLQXPLGR
63$*+(77,'$48$5(6,0$
0ROWLOHJJHQGRTXHVWDULFHWWDHVFODPHUDQQR 2KFKHPLQHVWUDULGLFROD HSSXUHDPHQRQGLVSLDFHVL
XVDLQ5RPDJQDHVHODVHUYLUHWHDGHLJLRYDQRWWLVDUHWHTXDVLFHUWLGHOORURDJJUDGLPHQWR
3HVWDWHGHOOHQRFLIUDPH]]RDSDQJUDWWDWRXQLWHFLGHOOR]XFFKHURDYHORHO RGRUHGHOOHVSH]LHHOHYDWL
DVFLXWWLJOLVSDJKHWWLGDOO DFTXDFRQGLWHOLSULPDFRQROLRHSHSHSRLFRQTXHVWRSHVWRDEXRQDPLVXUD
3HUJUDPPLGLVSDJKHWWLFKHSRVVRQREDVWDUHSHUFLQTXHSHUVRQH
1RFLVJXVFLDWHJUDPPL
3DQJUDWWDWRJUDPPL
=XFFKHURELDQFRDYHORJUDPPL
6SH]LHILQLXQFXFFKLDLQRFROPR
63$*+(77,$//$5867,&$
*OLDQWLFKL5RPDQLODVFLDYDQRPDQJLDUHO DJOLRDOO LQILPDJHQWHH$OIRQVRUHGL&DVWLJOLDWDQWRO RGLDYD
GDLQIOLJJHUHXQDSXQL]LRQHDFKL IRVVHFRPSDUVRD&RUWHFROSX]]RGHOO DJOLRLQERFFD3LVDJJLJOLDQWLFKL
(JL]L OR DGRUDYDQR LQ IRUPD GL QXPH IRUVH SHUFKp QH DYHYDQR VSHULPHQWDWH OH PHGLFLQDOL YLUW H LQIDWWL VL
YXROH FKH O DJOLR VLD GL TXDOFKH JLRYDPHQWR DJO LVWHULFL FKH SURPXRYD OD VHFUH]LRQH GHOOH RULQH ULQIRU]L OR
VWRPDFRDLXWLODGLJHVWLRQHHHVVHQGRDQFKHYHUPLIXJRVHUYDGLSUHVHUYDWLYRFRQWUROHPDODWWLHHSLGHPLFKH
HSHVWLOHQ]LDOL3HUzQH VRIIULWWLVWDWHDWWHQWLFKHQRQVLFXRFLDWURSSRFKpDOORUDSUHQGHDVVDLGLFDWWLYR&L
VRQR PROWH SHUVRQH OH TXDOL LJQDUH GHOOD SUHSDUD]LRQH GHL FLEL KDQQR LQ RUURUH O DJOLR SHU OD VROD UDJLRQH
FKH OR VHQWRQR SX]]DUH QHO ILDWR GL FKL OR KD PDQJLDWR FUXGR R PDO SUHSDUDWR TXLQGL TXDOH FRQGLPHQWR
SOHEHR OR EDQGLVFRQR DIIDWWR GDOOD ORUR FXFLQD PD TXHVWD ILVLPD OL SULYD GL YLYDQGH LJLHQLFKH H JXVWRVH
FRPH OD VHJXHQWH PLQHVWUD OD TXDOH VSHVVR PL DFFRPRGD OR VWRPDFR TXDQGR O KR GLVWXUEDWR )DWH XQ
EDWWXWLQRFRQGXHVSLFFKLG DJOLRHXQEXRQSL]]LFRGLSUH]]HPRORHO RGRUHGHOEDVLOLFRVHSLDFHPHWWHWHORDO
IXRFR FRQ ROLR D EXRQD PLVXUD H DSSHQD O DJOLR FRPLQFLD D FRORULUH JHWWDWH QHO GHWWR EDWWXWR VHL R VHWWH
SRPRGRUL D SH]]L FRQGHQGROL FRQ VDOH H SHSH 4XDQGR VDUDQQR EHQ FRWWL SDVVDWHQH LO VXJR FKH SRWUj
VHUYLUHSHUTXDWWURRFLQTXHSHUVRQHHFROPHGHVLPRXQLWRDSDUPLJLDQRJUDWWDWRFRQGLWHJOLVSDJKHWWLRVVLD
LYHUPLFHOOLDVFLXWWLPDDEELDWHO DYYHUWHQ]DGLFXRFHUOLSRFRLQPROWDDFTXDHGLPDQGDUOLVXELWRLQWDYROD
RQGHQRQDYHQGRWHPSRGLVXFFKLDUO XPLGRUHVWLQRVXFFRVL
$QFKHOHWDJOLDWHOOHVRQREXRQLVVLPHFRVuFRQGLWH
63$*+(77,&2,3,6(//,
Ê XQD PLQHVWUD GD IDPLJOLD PD EXRQD H JXVWRVD VH SUHSDUDWD FRQ DWWHQ]LRQH GHO UHVWR TXHVWH
PLQHVWUHDVFLXWWHYHQJRQRRSSRUWXQHSHUDOWHUQDUHFRQTXHOO HWHUQRHVSHVVRWLJOLRVRHLQVLSLGROHVVR
6SDJKHWWLJUDPPL
3LVHOOLVJUDQDWLJUDPPL
&DUQHVHFFDJUDPPL
)DWHXQEDWWXWRFRQODVXGGHWWDFDUQHVHFFDXQDFLSROODQRYHOOLQDXQDJOLRIUHVFRHTXDOFKHFRVWRODGL
VHGDQR H SUH]]HPROR 0HWWHWHOR DO IXRFR FRQ ROLR H TXDQGR FRPLQFLD D SUHQGHU FRORUH YHUVDWH L SLVHOOL
LQVLHPHFRQTXDOFKHJDPERGLDQHWRWULWDWRVHORDYHWHFRQGLWHOLFRQVDOHHSHSHHFXRFHWHOL
*OL VSDJKHWWL WULWDWHOL FRQ OH PDQL SHU ULGXUOL FRUWL PHQR GL PH]]R GLWR FXRFHWHOL QHOO DFTXD VDODWD
VFRODWHOLEHQHPHVFRODWHOLFRLSLVHOOLHVHUYLWHOLFRQSDUPLJLDQRDSDUWH
4XHVWDTXDQWLWjSRWUjEDVWDUHSHUVHLRVHWWHSHUVRQH
63$*+(77,&21/$%$/6$0(//$
7ROWLDVFLXWWLGDOO DFTXDHFRQGLWLVXOYDVVRLRFRQSDUPLJLDQRHEXUURQpSLQpPHQRFRPHVLHWHVROLWL
DIDUHYHUVDWHFLVRSUDVHJOLVSDJKHWWLIRVVHURJUDPPLXQDEDOVDPHOODFRPSRVWDGL
/DWWHPROWREXRQRGHFLOLWULQ
%XUURJUDPPL
)DULQDJUDPPLFKHFRUULVSRQGRQRDXQDPH]]DFXFFKLDLDWD
ÊXQDPLQHVWUDFKHSRWUjEDVWDUHDTXDWWURSHUVRQH
0,1(675$',(5%(3$66$7(
3UHQGHWH XQ PD]]R GL ELHWROD XQR GL VSLQDFL XQ FHVWR FHVSR GL ODWWXJD H XQR VSLFFKLR GL FDYROR
FDSSXFFLR $OOD ELHWROD WRJOLHWH OH FRVWROH SL JURVVH WULQFLDWH WXWWH TXHVWH HUEH DOO LQJURVVR H WHQHWHOH SHU
DOFXQHRUHQHOO DFTXDIUHVFD
)DWH XQ EDWWXWR FRQ XQ TXDUWR GL FLSROOD H WXWWL JOL RGRUL FLRqSUH]]HPROR VHGDQR FDURWD H TXDOFKH
IRJOLD GL EDVLOLFR RSSXUH GL DQHWR PHWWHWHOR DO IXRFR FRQ XQ SH]]HWWR GL EXUUR H TXDQGR VDUj EHQ FRORULWR
YHUVDWH VXO PHGHVLPR OH GHWWH HUEH DOTXDQWR JURQGDQWL LQVLHPH FRQ DOFXQL SRPRGRUL D SH]]L H FRQ XQD
SDWDWD WDJOLDWD D IHWWH &RQGLWH FRQ VDOH H SHSH H ODVFLDWH EROOLUH ULPHVFRODQGR VSHVVR 4XDQGR OH HUEH
VDUDQQR ULVWUHWWH YHUVDWH DFTXD FDOGD H IDWHOH FXRFHU WDQWR FKH GLYHQJDQ GLVIDWWH $OORUD SDVVDWHOH SHU
LVWDFFLRVXOTXDOHULPDUUjORVFDUWRGLEXFFHHILODPHQWLHVHUYLWHYLGHOVXJRSDVVDWRSHUFXRFHUYLGHOULVRR
SHUEDJQDUHXQD]XSSDPDSULPDDVVDJJLDWHORSHUDJJLXQJHUHFRQGLPHQWRHVSHFLDOPHQWHGHOEXUURFKH
VDUjTXDVLVHPSUHQHFHVVDULR
/HGHWWHPLQHVWUHVHUYLWHOHFRQSDUPLJLDQRDSDUWHPDYLSUHYHQJRGLQRQWHQHUOHWURSSRGHQVHRQGH
QRQVHPEULQRLPSLDVWUL
35,1&,3,,
3ULQFLSLLRDQWLSDVWRVRQRSURSULDPHQWHTXHOOHFRVHWWHDSSHWLWRVHFKHV LPEDQGLVFRQRSHUPDQJLDUOHR
GRSRODPLQHVWUDFRPHVLXVDLQ7RVFDQDFRVDFKHPLVHPEUDSL UDJLRQHYROHRSULPDFRPHVLSUDWLFDLQ
DOWUHSDUWLG ,WDOLD/HRVWULFKHLVDOXPLWDQWRGLJUDVVRFRPHSURVFLXWWRVDODPHPRUWDGHOODOLQJXDTXDQWR
GLPDJURDFFLXJKHVDUGLQHFDYLDOHPRVFLDPH FKHqODVFKLHQDVDODWDGHOWRQQR HFFSRVVRQRVHUYLUHGD
SULQFLSLRWDQWRVROLFKHDFFRPSDJQDWLFROEXUUR2OWUHDFLzLFURVWLQLFKHYLGHVFULYHUzTXLDSSUHVVRVHUYRQR
EHQLVVLPRDOO XRSR
&5267,1,',&$33(5,
&DSSHULVRWWRDFHWRJUDPPL
=XFFKHURLQSROYHUHJUDPPL
8YDSDVVROLQDJUDPPL
3LQROLJUDPPL
&DQGLWRJUDPPL
, FDSSHUL WULWDWHOLDOO LQJURVVRO XYDSDVVROLQDQHWWDWHODGDLJDPELHODYDWHODEHQHLSLQROLWDJOLDWHOLSHU
WUDYHUVR LQ WUH SDUWLLOSURVFLXWWRIRJJLDWHORDSLFFROLVVLPL GDGLHLOFDQGLWRULGXFHWHORDSH]]HWWLQL0HWWHWHDO
IXRFRLQ XQD SLFFROD FD]]DUXROD XQ FXFFKLDLQRFROPR GL IDULQD H GXH GHO GHWWR ]XFFKHUR H TXDQGR TXHVWD
PLVFHOD DYUj SUHVR LO FRORU PDUURQH YHUVDWH QHOOD PHGHVLPD PH]]R ELFFKLHU G DFTXD PLVWD D SRFKLVVLPR
DFHWR4XDQGRDYUjEROOLWRWDQWRFKHLJUXPL VLHQVLVFLROWLJHWWDWHQHOODFD]]DUXRODWXWWLJOLLQJUHGLHQWLLQXQD
YROWD H IDWHOL EROOLUH SHU GLHFL PLQXWL DVVDJJLDQGROL QHO IUDWWHPSR SHU VHQWLUH VH LO VDSRUH GROFH H IRUWH VWD
EHQHQRQY KRSUHFLVDWRODTXDQWLWjGLDFHWRQHFHVVDULDSHUFKpWXWWHOHTXDOLWjGLDFHWRQRQKDQQRODVWHVVD
IRU]D 4XDQGR LO FRPSRVWR q DQFRUD FDOGR GLVWHQGHWHOR VRSUD IHWWLQH GL SDQH IULWWH LQ ROLR EXRQR R
VHPSOLFHPHQWHDUURVWLWHDSSHQD3RWHWHVHUYLUHTXHVWLFURVWLQLGLDFFLDQFKHDPHWjGHOSUDQ]RSHUHFFLWDUH
O DSSHWLWRGHLYRVWULFRPPHQVDOL,OPLJOLRUSDQHSHUTXHVWLFURVWLQLqTXHOORLQIRUPDDOO XVRLQJOHVH
&5267,1,',7$578),
3UHQGHWHDSUHIHUHQ]DLEDVWRQFLQLGLSDQHHWDJOLDWHOLDIHWWHGLDJRQDOLLQPDQFDQ]DGLHVVLSUHSDUDWH
IHWWLQH GL SDQH D IRUPD HOHJDQWH DUURVWLWHOH DSSHQD H FRVu D EROORUH XQJHWHOH FRO EXUUR 6RSUD GL HVVH
GLVWHQGHWHLWDUWXILSUHSDUDWLQHOPRGRGHVFULWWRDOQHEDJQDWHOLFROO LQWLQWRFKHUHVWD
&5267,1,',)(*$7,1,',32//2
6DSHWH JLj FKH DL IHJDWLQL YD OHYDWD OD YHVFLFKHWWD GHO ILHOH VHQ]D URPSHUOD RSHUD]LRQH TXHVWD FKH
HVHJXLUHWH PHJOLR RSHUDQGR GHQWUR D XQD FDWLQHOOD G DFTXD 0HWWHWH L IHJDWLQL DO IXRFR LQVLHPH FRQ XQ
EDWWXWLQRFRPSRVWRGLXQRVFDORJQRHLQPDQFDQ]DGLTXHVWRGLXQRVSLFFKLRGLFLSROOLQDELDQFDXQSH]]HWWR
GLJUDVVRGLSURVFLXWWRDOFXQHIRJOLHGLSUH]]HPRORVHGDQRHFDURWDXQSRFRG ROLRHGLEXUURVDOHHSHSH
PDRJQLFRVDLQSRFDTXDQWLWjSHUQRQUHQGHUHLOFRPSRVWRSLFFDQWHRQDXVHDQWH$PH]]DFRWWXUDOHYDWHL
IHJDWLQLDVFLXWWLH FRQGXHRWUHSH]]LGLIXQJKLVHFFKLUDPPROOLWLWULWDWHOLILQLFROODOXQHWWD5LPHWWHWHOLDOIXRFR
QHOO LQWLQWR ULPDVWR GHOOD PH]]D FRWWXUD H FRQ XQ SRFR GL EURGR ILQLWH GL FXRFHUOL PD SULPD GL VHUYLUYHQH
OHJDWHOLFRQXQSL]]LFRGLSDQJUDWWDWRILQHHXQLWHFLXQSR G DJURGLOLPRQH
9L DYYHUWR FKH TXHVWL FURVWLQL GHYRQR HVVHU WHQHUL H SHUz IDWH LO FRPSRVWR DOTXDQWR OLTXLGR RSSXUH
LQWLQJHWHSULPDDSSHQDDSSHQDOHIHWWLQHGLSDQHQHOEURGR
&5267,1,',)(*$7,1,',32//2&21/$6$/9,$
)DWH XQ EDWWXWLQR FRQ SRFKLVVLPD FLSROOD H SURVFLXWWR JUDVVR H PDJUR 0HWWHWHOR DO IXRFR FRQ XQ
SH]]HWWR GL EXUUR H TXDQGR VDUj EHQ URVRODWR JHWWDWHFL L IHJDWLQL WULWDWL ILQL LQVLHPH FRQ GHOOH IRJOLH GL VDOYLD
TXDWWURRFLQTXHSHUWUHIHJDWLQLSRWUDQQREDVWDUH &RQGLWHOLFRQVDOHHSHSHHWLUDWRFKHDEELDQRO XPLGR
DJJLXQJHWHXQDOWURSRFRGLEXUURHOHJDWHOLFRQXQFXFFKLDLQRGLIDULQDSRLEDJQDWHOLFROEURGRSHUFXRFHUOL
PDSULPDGLULWLUDUOLGDOIXRFRYHUVDWHFLWUHRTXDWWURFXFFKLDLQLGLSDUPLJLDQRJUDWWDWRHDVVDJJLDWHOLVHVWDQQR
EHQHGLFRQGLPHQWR
, FURVWLQL IRUPDWHOL GL PLGROOD GL SDQH UDIIHUPR JURVVL SRFR PHQR GL XQ FHQWLPHWUR H VSDOPDWHOL
JHQHURVDPHQWH GD XQDVRODSDUWHFROFRPSRVWRTXDQGRQRQVDUjSLDEROORUH'RSRGLYHUVHRUHDOORUFKp
VDUHWHSHUVHUYLUOLRVROLRSHUFRQWRUQRDOO DUURVWRIUXOODWHXQXRYRPLVWRDXQJRFFLRORG DFTXDHSUHQGHQGR
L FURVWLQL D XQR D XQR IDWH ORUR WRFFDU OD IDULQD GDOOD VROD SDUWH GHO FRPSRVWR SRL LPPHUJHWHOL QHOO XRYR H
EXWWDWHOLLQSDGHOODGDOODSDUWH GHOFRPSRVWRPHGHVLPR
&5267,1,',%(&&$&&,$
6EX]]DWHOHEHFFDFFHHOHYDWHQHOHLQWHULRUDJHWWDQGRYLDVROWDQWRODHVWUHPLWjGHOEXGHOORFKHFRQILQD
FROO DQR 8QLWH DOOH PHGHVLPH L YHQWULJOL VHQ]D YXRWDUOL TXDOFKH IRJOLD GL SUH]]HPROR H OD SROSD GL GXH
DFFLXJKHSHURJQLWUHLQWHULRUD6DOHQRQRFFRUUH7ULWDWHLOWXWWREHQILQHFROODOXQHWWDSRLPHWWHWHORDOIXRFR
FRQXQSH]]HWWRGLEXUURHXQDSUHVDGLSHSHEDJQDQGRORFRQVXJRGLFDUQH
6SDOPDWH FRQ TXHVWR FRPSRVWR IHWWLQH GL SDQH D IRUPD JHQWLOH DUURVWLWH DSSHQD H PDQGDWH TXHVWL
FURVWLQLLQWDYRODDFFRPSDJQDWLGDOOHEHFFDFFHFKHDYUHWHFRWWRDUURVWRFRQTXDOFKHFLRFFKHWWLQDGLVDOYLDH
IDVFLDWHFRQXQDIHWWDVRWWLOHGLODUGRQH
&5267,1,',9(56,
,O SDQH FKH PHJOLR VL SUHVWD SHU TXHVWL FURVWLQL q TXHOOR ELDQFR ILQH LQ IRUPD DOO XVR LQJOHVH 1RQ
DYHQGRQHSUHQGHWHSDQHGLXQJLRUQRFRQPROWDPLGROODHULGXFHWHORDIHWWHTXDGUHJURVVHXQFHQWLPHWUR
FKHVSDOPHUHWHFR VHJXHQWLFRPSRVWLULGRWWLFRPHDGXQJXHQWR
&5267,1,',&$9,$/( 7DQWRFDYLDOHHWDQWREXUURPHVFRODWLLQVLHPHHVHLOFDYLDOHqGXURODYRUDWHOL
XQSRFRDOIXRFRFRQXQPHVWRORDPRGHUDWRFDORUH
6H LQYHFH GHO EXUUR YRUUHWH VHUYLUYL GL ROLR DJJLXQJHWH TXDOFKH JRFFLD G DJUR GL OLPRQH H
LPPHGHVLPDWHEHQHLWUHLQJUHGLHQWL
&5267,1, ', $&&,8*+( /DYDWH OH DFFLXJKH H WRJOLHWH ORUR OD VSLQD H OH OLVFKH SRL WULWDWHOH FROOD
OXQHWWD DJJLXQJHWH EXUUR LQ SURSRU]LRQH H VWLDFFLDWH LO FRPSRVWR FRQ OD ODPD GL XQ FROWHOOR GD WDYROD SHU
ULGXUORXQDSDVWDRPRJHQHD
&5267,1, ', &$9,$/( $&&,8*+( ( %8552 0L VHUYLUHL GHOOH VHJXHQWL SURSRU]LRQL VDOYR D
PRGLILFDUOHVHFRQGRLOJXVWR
%XUURJUDPPL
&DYLDOHJUDPPL
$FFLXJKHJUDPPL
)DWHXQPLVFXJOLRGLWXWWRHODYRUDWHORSHUULGXUORILQHHOLVFLR
6$1':,&+6
3RVVRQR VHUYLU GL SULQFLSLR DOOD FROD]LRQH R GL DFFRPSDJQDPHQWR D XQD WD]]D GL WKH3UHQGHWH SDQH
ILQLVVLPRGLXQJLRUQRRSDQHGLVHJDOHOHYDWHJOLODFRUWHFFLDHWDJOLDWHORDIHWWLQHJURVVHPH]]RFHQWLPHWURH
DOO LQFLUFD OXQJKH H ODUJKH 6SDOPDWHOH GL EXUUR IUHVFR GD XQD VROD SDUWH H DSSLFFLFDWHOH LQVLHPH
PHWWHQGRYLIUDPH]]RXQDIHWWDVRWWLOHRGLSURVFLXWWRFRWWRJUDVVRHPDJURRGLOLQJXDVDODWD
&5267,1,',)(*$7,1,($&&,8*+(
)HJDWLQLGLSROORQ
$FFLXJKHQ
&XRFHWHLIHJDWLQLQHOEXUURHTXDQGRO DYUDQQRWLUDWREDJQDWHOLFRQEURGRXQLWHXQDSUHVDGLSHSHPD
SXQWR VDOH 4XDQGR VRQR FRWWL WULWDWHOL ILQL LQVLHPH FROO DFFLXJD ODYDWD H QHWWDWD SRL ULPHWWHWH LO EDWWXWR QHO
WHJDPLQRGRYHVRQRVWDWLFRWWLLIHJDWLQLDJJLXQJHWHXQDOWURSR GLEXUURVFDOGDWHLOFRPSRVWRDOIXRFRVHQ]D
IDUOREROOLUHHVSDOPDWHFRQHVVRGHOOHIHWWLQHGLPLGROODGLSDQHIUHVFR
&5267,1,',0,/=$
0LO]DGLFDVWUDWRJUDPPL
$FFLXJKHQ
/HYDWHODSHOOHDOODPLO]DHFXRFHWHODFROEXUURHVXJRGLFDUQH,QPDQFDQ]DGLTXHVWRVHUYLWHYLGLXQ
EDWWXWLQR GL SRFD FLSROOD ROLR EXUUR VDOH SHSH H VSH]LH SHU FRQGLPHQWR 7ULWDWH SRL EHQ ILQH TXHVWL
LQJUHGLHQWL LQVLHPH FROOH DFFLXJKH ULPHWWHWHOL DO IXRFR QHOO LQWLQWR FKH UHVWD XQHQGRYL XQ FXFFKLDLQR GL
SDQJUDWWDWRSHUOHJDUOLLQVLHPHHVHQ]DIDUOLSLEROOLUHVSDOPDWHFRQHVVLGHOOHIHWWLQHGLSDQHIDWWHSULPD
DVFLXJDUHDOIXRFRVHQ] DUURVWLUHHGXQWHFROEXUUR
&5267,1,),25,7,
4XHVWLFURVWLQLVRQRGLIDFLOHIDWWXUDEHOOLDYHGHUVLHGLVFUHWDPHQWHEXRQL
7DJOLDWHGHOODPLGROODGLSDQHILQLVVLPRDOODJURVVH]]DGLXQFHQWLPHWURGDQGROHODIRUPDGLPDQGRUOH
RGLTXDGUHWWL6SDOPDWHOLGLEXUURIUHVFRHGLVWHQGHWHFLVRSUDGXHRWUHIRJOLHGLSUH]]HPRORFRQWRUQDQGROH
FRQILOHWWLGLDFFLXJDLQIRUPDGLELVFLROLQH
%$&&$/¬0217(%,$1&2
&RP qEL]]DUUDODQRPHQFODWXUDGHOODFXFLQD3HUFKpPRQWHELDQFRHQRQPRQWHJLDOORFRPHDSSDULVFH
GDO VXR FRORUH TXDQGR TXHVWR SLDWWR q IRUPDWR" ( L )UDQFHVL FRPH KDQQR SRWXWR IDFHQGRVL EHOOL GL XQ
WUDVODWRGH SLDUGLWLVWLUDFFKLDUHLOYRFDERORFRUULVSRQGHQWHLQ%UDQGDGHGHPRUXH"%UDQGDGHGLFRQRHVVL
GHULYDGDEUDQGLUPXRYHUHVFXRWHUHYLEUDUHXQDVSDGDXQ DODEDUGDXQDODQFLDHGDUPLVLPLOLHLQIDWWLTXL
VL EUDQGLVFH PD FKH FRVD" 8Q SRYHUR PHVWROR GL OHJQR 1RQ VL SXz QHJDUH FKH L )UDQFHVL QRQ VLHQR
LQJHJQRVLLQWXWWR
&RPXQTXHVLDqXQSLDWWRFKHPHULWDWXWWDODYRVWUDDWWHQ]LRQHSHUFKpLOEDFFDOjFRVuWUDWWDWRSHUGHOD
VXD QDWXUD WULYLDOH H GLYHQWD JHQWLOH LQ PRGR GD SRWHU ILJXUDUH FRPH SULQFLSLR R WUDPHVVR LQ XQD WDYROD
VLJQRULOH
%DFFDOjSROSXWRDPPROOLWRJUDPPL
2OLRVRSUDIILQRJUDPPL
3DQQDRODWWHHFFHOOHQWHGHFLOLWULO
/DGHWWDTXDQWLWjQHWWDWDGDOODVSLQDGDOOHOLVFKHGDOODSHOOHHGDLQHUEHWWLFKHVLSUHVHQWDQRFRPHILOL
ULPDUUjDOSXOLWRJUDPPLFLUFD
'RSR DYHUOR FRVu FXUDWR SHVWDWHOR QHO PRUWDLR H SRL SRQHWHOR LQ XQD FD]]DUXROD LQVLHPH FRQ OD
SDQQDVRSUDDXQIXRFRQRQWURSSRDUGHQWHULPHVWDQGRFRQWLQXDPHQWH4XDQGRDYUjDVVRUELWRODSDQQDR
ODWWH FKH VLD FRPLQFLDWH D YHUVDU O ROLR D FHQWHOOLQL SHU YROWD FRPH IDUHVWH SHU OD PDLRQHVH VHPSUH
ODYRUDQGRORPROWRFRQO DUPDEUDQGLWDFLRqFROPHVWRORRQGHVLDIILQLHQRQLPSD]]LVFD/HYDWHORTXDQGRYL
SDUUjFRWWRDOSXQWRHVHUYLWHORIUHGGRFRQXQFRQWRUQRGLWDUWXILFUXGLWDJOLDWLDIHWWHVRWWLOLVVLPHRSSXUHFRQ
FURVWLQLGLSDQHIULWWRRFURVWLQLGLFDYLDOH6HqYHQXWREHQHQRQGHYHULEXWWDUO ROLRTXDQGRqQHOSLDWWR
4XHVWDTXDQWLWjSRWUjEDVWDUHSHURWWRSHUVRQH
6$/6(
/D PLJOLRUH VDOVD FKH SRVVLDWH RIIULUH DL YRVWUL LQYLWDWL q XQ EXRQ YLVR H XQD VFKLHWWD FRUGLDOLWj %ULOODW
6DYDULQGLFHYD³,QYLWDUHTXDOFXQRqORVWHVVRFKHLQFDULFDUVLGHOODVXDIHOLFLWjSHUWXWWRLO WHPSRFKHGLPRUD
VRWWRLOYRVWURWHWWR´
/H SRFKH RUH FKH YRUUHVWH UHQGHUH SLDFHYROL DOO DPLFR RVSLWDWR YHQJRQR RJJLJLRUQRSUHYHQWLYDPHQWH
WXUEDWH GD FHUWH FDWWLYH XVDQ]H FKH FRPLQFLDQR DG LQWURGXUVL H PLQDFFLDQR GL JHQHUDOL]]DUVL LQWHQGR GHOOD
FRVuGHWWDYLVLWDGLGLJHVWLRQHHQWURJOLRWWRJLRUQLHGHOODPDQFLDDLVHUYLWRULGHOODFDVDSHUXQSUDQ]RULFHYXWR
4XDQGR VL DEELD D VSHQGHUH SHU XQ SUDQ]R PHJOLR q GL SDJDUOR DO WUDWWRUH FKH FRVu QRQ VL FRQWUDJJRQR
REEOLJKLFRQQHVVXQRGLSLTXHOODVHFFDWXUDGLXQDYLVLWDDWHUPLQHILVVRHDULPDREEOLJDWDFKHQRQSDUWH
VSRQWDQHDGDOFXRUHqXQDYHUDEDORUGDJJLQH
6$/6$9(5'(
3HUIDUHODVDOVDYHUGHWULWDWHWXWWRLQVLHPHFROODOXQHWWDFDSSHULVSUHPXWLGDOO DFHWRXQ DFFLXJDSRFD
FLSROODHSRFKLVVLPRDJOLR6WLDFFLDWHLOFRPSRVWRFROODODPDGLXQFROWHOORSHUUHQGHUORILQHHSRQHWHORLQXQD
VDOVLHUD$JJLXQJHWHXQDEXRQDGRVHGLSUH]]HPRORWULWDWRFRQTXDOFKHIRJOLDGLEDVLOLFRHVFLRJOLHWHLOWXWWR
FRQROLRILQHHDJURGLOLPRQH4XHVWDVDOVD VLSUHVWDEHQHFRLOHVVLGLSROORRGLSHVFHIUHGGLHFROOHXRYD
VRGHRDIIRJDWH
0DQFDQGRLFDSSHULSRVVRQRVHUYLUHLSHSHURQL
6$/6$9(5'(&+(,)5$1&(6,&+,$0$12³6$8&(5$9,*27(´
4XHVWDVDOVDPHULWDGLIDUSDUWHGHOODFXFLQDLWDOLDQDSHUFKp VLSUHVWDEHQHDFRQGLUHLOSHVFHOHVVROH
XRYDDIIRJDWHHGDOWUHVLPLOLFRVH
6LFRPSRQHGLSUH]]HPROREDVLOLFRFHUIRJOLRSLPSLQHOODGHWWDDQFKHVDOYHVWUHOODGLTXDOFKHIRJOLDGL
VHGDQRGLGXHRWUHVFDORJQLHLQPDQFDQ]DGLTXHVWLXQDFLSROOLQD3RLXQ DFFLXJDRGXHVHVRQRSLFFROHH
FDSSHULLQGROFLWL7ULWDWHRJQLFRVDEHQILQHRSSXUHSHVWDWHODHSDVVDWHODGDOORVWDFFLRLQGLPHWWHWHODLQXQD
VDOVLHUDFRQXQURVVRG XRYRFUXGRFRQGLWHODFRQROLRDFHWRVDOHHSHSHPHVFRODWHODEHQHHVHUYLWHOD,ROD
FRPSRQJRFRQJUDPPLGLFDSSHULLOURVVRGHOO XRYRHWXWWRLOUHVWRDGLVFUH]LRQH
6$/6$',&$33(5,($&&,8*+(
4XHVWDVDOVDDOTXDQWRULEHOOHDJOLVWRPDFKLGHEROLVLXVDRUGLQDULDPHQWHFROODELVWHFFD3UHQGHWHXQ
SL]]LFR GL FDSSHUL LQGROFLWL VSUHPHWHOL GDOO DFHWR H WULWDWHOL FROOD OXQHWWD LQVLHPH FRQ XQ DFFLXJD FKH DYUHWH
SULPDQHWWDWDGDOOHVFDJOLHHGDOODVSLQD0HWWHWHTXHVWREDWWXWRDVFDOGDUHDOIXRFRFRQGHOO ROLRHYHUVDWHOR
VXOODELVWHFFDFKHDSSHQDOHYDWDGDOODJUDWHOODDYUHWHFRQGLWDFRQVDOHHSHSHHGXQWDFROEXUURLQTXHVWR
FDVRSHUzXQJHWHODSRFRSHUFKpDOWULPHQWLLOEXUURIDUHEEHQHOORVWRPDFRD¶SXJQLFROO DFHWRGHLFDSSHUL
6$/6$',0$*523(53$67($6&,877(
4XHVWD VDOVD VH PL IRVVH OHFLWR IDUH XQ SDUDJRQH WUD L GXH VHQVL GHOOD YLVWD H GHO SDODWR OD
UDVVRPLJOLHUHL DG XQD GL TXHOOH JLRYDQL GRQQH OD FXL ILVLRQRPLD QRQ DYYHQWD Qp YL FROSLVFH PD FKH
RVVHUYDWDEHQHSXzHQWUDUYLLQJUD]LDSH VXRLOLQHDPHQWLGHOLFDWLHPRGHVWL
6SDJKHWWLJUDPPL
)XQJKLIUHVFKLJUDPPL
%XUURJUDPPL
3LQROLJUDPPL
$FFLXJKHVDODWHQ
3RPRGRULQR
8QTXDUWRGLXQDJURVVDFLSROOD
)DULQDXQFXFFKLDLQR
3RQHWHLQXQDFD]]DUXRODODPHWjGHOEXUURHFRQHVVRURVRODWHLSLQROLOHYDWHOLDVFLXWWLHSHVWDWHOLLQ
XQPRUWDLRFROO LQGLFDWDIDULQD7ULQFLDWHODFLSROODEHQILQHPHWWHWHODQHOO LQWLQWRULPDVWRHTXDQGRDYUjSUHVR
PROWRFRORUHEXWWDWHFLLSRPRGRULDSH]]LFRQGLWHOLFRQSHSHHSRFRVDOHHTXDQGRVDUDQQRFRWWLSDVVDWHOL
5LPHWWHWHLOVXJRDO IXRFRFRLIXQJKLWDJOLDWLDIHWWLQHVRWWLOLQRQSLJUDQGLGLXQVHPHGL]XFFDODSDVWDGHL
SLQROL FKH SULPD SRWHWH VFLRJOLHUH FRQ XQ SR G DFTXD H LO UHVWR GHO EXUUR )DWH EROOLUH SHU PH]] RUD
DJJLXQJHQGRDFTXDSHUUHQGHUODVDOVDSLOLTXLGDHSHUXOWLPRVFLRJOLHWHOHDFFLXJKHDOIXRFRFRQXQSRFR
GLTXHVWDVDOVDVHQ]DIDUOHEROOLUHHGXQLWHOHDOODPHGHVLPD
/HYDWH JOL VSDJKHWWL DVFLXWWL FRQGLWHOL FRQ TXHVWD VDOVD H VH OL YROHWH PLJOLRUL DJJLXQJHWH GHO
SDUPLJLDQR
%DVWDQRSHUFLQTXHSHUVRQH
6$/6$$//$0$Ì75('¶+Ð7(/
6HQWLWHFKHQRPHDPSROORVRSHUXQDEULFFLFDGDQXOOD
0DSXUHL)UDQFHVLVLVRQRDUURJDWLLOGLULWWRLQTXHVWRHLQDOWUHFRVHGLGHWWDUOHJJHO XVRKDSUHYDOVR
HGqJLRFRIRU]DVXELUOR$QFKHTXHVWDqXQDVDOVDFKHVHUYHSHUODELVWHFFD7ULWDWHXQSL]]LFRGLSUH]]HPROR
HSHUOHYDUJOLO DFUHGLQH FRPHVXJJHULVFHTXDOFXQR PHWWHWHORHQWURODSXQWDGLXQWRYDJOLXRORHVSUHPHWHOR
OHJJHUPHQWHQHOO DFTXD IUHVFD3RLIRUPDWHQHXQLPSDVWRFRQEXUURVDOHSHSHHDJURGLOLPRQHPHWWHWHOR
VRSUDDOIXRFRLQXQDWHJOLDRLQXQSLDWWRHVHQ]DIDUOREROOLUHLQWLQJHWHYLODELVWHFFDTXDQGRODOHYDWHGDOOD
JUDWHOODRSSXUHGHOOHFRWROHWWHIULWWH
6$/6$%,$1&$
ÊXQDVDOVDGDVHUYLUHFRJOLVSDUDJLOHVVDWLRFROFDYROILRUH
%XUUR JUDPPL
)DULQDXQDFXFFKLDLDWD
$FHWRXQDFXFFKLDLDWD
8QURVVRG XRYR
6DOHHSHSH
%URGRRDFTXDTXDQWREDVWD
0HWWHWHSULPDDOIXRFRODIDULQDFROODPHWjGHOEXUURHTXDQGRDYUjSUHVRLOFRORUQRFFLXRODYHUVDWHLO
EURGRRO DFTXDDSRFRSHUYROWDJLUDQGRLOPHVWRORHVHQ]DIDUODWURSSREROOLUHDJJLXQJHWHLOUHVWRGHOEXUUR
H O DFHWR 7ROWD GDO IXRFR VFLRJOLHWHFL LO URVVR G XRYR H VHUYLWHOD /D VXD FRQVLVWHQ]D GHY HVVHUH HJXDOH D
TXHOODGHOODFUHPDIDWWDVHQ]DIDULQD3HUXQPD]]RFRPXQHGLVSDUDJLSRVVRQREDVWDUHJUDPPLGLEXUUR
FROODIDULQDHO DFHWRLQSURSRU]LRQH
6$/6$',3202'252
& HUDXQSUHWHLQXQDFLWWjGL5RPDJQDFKHFDFFLDYDLOQDVRSHUWXWWRHLQWURGXFHQGRVLQHOOHIDPLJOLH
LQ RJQL DIIDUH GRPHVWLFRYROHYD PHWWHUOR ]DPSLQR (UD G DOWUDSDUWHXQRQHVW XRPRHSRLFKpGDOVXR]HOR
VFDWXULYD GHO EHQH SL FKH GHO PDOH OR ODVFLDYDQR IDUH PD LO SRSROR DUJXWR OR DYHYD EDWWH]]DWR 'RQ
3RPRGRURSHULQGLFDUHFKHLSRPRGRULHQWUDQRSHUWXWWRTXLQGLXQDEXRQDVDOVDGLTXHVWRIUXWWRVDUjQHOOD
FXFLQDXQDLXWRSUHJHYROH
)DWHXQEDWWXWRFRQXQTXDUWRGLFLSROODXQRVSLFFKLRG DJOLRXQSH]]RGLVHGDQROXQJRXQGLWRDOFXQH
IRJOLHGLEDVLOLFRHSUH]]HPRORDVXIILFLHQ]D&RQGLWHORFRQXQSRFRG ROLRVDOHHSHSHVSH]]DWHVHWWHRRWWR
SRPRGRULHPHWWHWHDOIXRFRRJQLFRVDLQVLHPH0HVFRODWHGLTXDQGRLQTXDQGRHDOORUFKpYHGUHWHLOVXJR
FRQGHQVDWRFRPHXQDFUHPDOLTXLGDSDVVDWHORGDOORVWDFFLRHVHUYLWHYHQH
4XHVWDVDOVDVLSUHVWDDPROWLVVLPLXVLFRPHY LQGLFKHUzDVXROXRJRqEXRQDFROOHVVRqRWWLPDSHU
DJJUD]LDUHOHSDVWHDVFLXWWHFRQGLWHDFDFLRHEXUURFRPHDQFKHSHUIDUHLOULVRWWRQ
6$/6$0$,21(6(
4XHVWDqXQDGHOOHPLJOLRULVDOVHVSHFLDOPHQWHSHUFRQGLUHLOSHVFHOHVVR3RQHWHLQXQDFLRWRODGXH
WRUOL G XRYR FUXGL H IUHVFKL H GRSR DYHUOL IUXOODWL DOTXDQWR ODVFLDWH FDGHUH VXL PHGHVLPL D SRFR SHU YROWD H
TXDVL D JRFFLD D JRFFLD VSHFLDOPHQWH GD SULQFLSLR VHLR VHWWH FXFFKLDLDWH RG DQFKH SL VH OR DVVRUERQR
G ROLRG ROLYDTXLQGLIDWHORURDVVRUELUHLOVXJRGLXQOLPRQH6HODVDOVDULHVFHEHQHGHYHDYHUHO DSSDUHQ]D
GLXQDGHQVDFUHPDPDRFFRUUHODYRUDUODSHUSLGLPLQXWL
3HUXOWLPRFRQGLWHODFRQVDOHHSHSHELDQFRDEXRQDPLVXUD
3HUHVVHUHSLVLFXULGHOO HVLWRDLGXHURVVLG XRYRFUXGLVLXVDDJJLXQJHUQHXQDOWURDVVRGDWR
6$/6$3,&&$17(,
3UHQGHWH GXH FXFFKLDLDWH GL FDSSHUL VRWWR DFHWR GXH DFFLXJKH H XQ SL]]LFR GL SUH]]HPROR 7ULWDWH
ILQLVVLPR RJQL FRVD LQVLHPH H SRQHWH TXHVWR EDWWXWR LQ XQD VDOVLHUD FRQ XQ DEERQGDQWH SUHVD GL SHSH H
PROWR ROLR 6H QRQ ULXVFLVVH DFLGD DEEDVWDQ]D DJJLXQJHWH DFHWR R DJUR GL OLPRQH H VHUYLWHOD FRO SHVFH
OHVVR
6$/6$3,&&$17(,,
)DWHXQEDWWXWLQRWULQFLDWREHQILQHFRQSRFDFLSROODSUH]]HPRORTXDOFKHIRJOLDGLEDVLOLFRSURVFLXWWR
WXWWRPDJURHFDSSHULVSUHPXWLGDOO DFHWR0HWWHWHORDOIXRFRFRQROLREXRQRIDWHOREROOLUHDGDJLRHTXDQGROD
FLSROOD VDUj URVRODWD IHUPDWHOR FRQ XQ SRFR GL EURGR /DVFLDWHOR GDUH DQFRUD TXDOFKH EROORUH SRL OHYDWHOR
DJJLXQJHQGRYLXQDRGXHDFFLXJKHWULWDWHHDJURGLOLPRQH
4XHVWD VDOVD SXz VHUYLUH SHU OH XRYD DIIRJDWHSHU OH ELVWHFFKH OH TXDOL LQ TXHVWR FDVR QRQRFFRUUH
VDODUHHGDQFKHSHUOHFRWROHWWH
6$/6$*,$//$3(53(6&(/(662
/D VHJXHQWH GRVH SRWUj EDVWDUH SHU XQ SH]]R GL SHVFH D WDJOLR R SHU XQ SHVFH LQWHUR GHO SHVR GL
JUDPPLD
0HWWHWH DO IXRFR LQ XQD SLFFROD FD]]DUXROD JUDPPL GL EXUUR FRQ XQ FXFFKLDLQR FROPR GL IDULQD H
GRSR FKH TXHVWD DYUj SUHVR LO FRORUQRFFLXROD YHUVDWHOHVRSUDDSRFRSHUYROWDGXHUDPDLXROLGLEURGRGHO
SHVFH PHGHVLPR 4XDQGR YHGUHWH FKH OD IDULQD QHO EROOLUH QRQ ULFUHVFH SL ULWLUDWH OD VDOVD GDO IXRFR H
YHUVDWHFLGXHFXFFKLDLDWHG ROLRHXQURVVRG XRYRPHVFRODQGREHQH3HUXOWLPRDJJLXQJHWHO DJURGLPH]]R
OLPRQH VDOH H SHSH D EXRQD PLVXUD /DVFLDWHOD GLDFFLDUH H SRL YHUVDWHOD VRSUD LO SHVFH FKH PDQGHUHWH LQ
WDYRODFRQWRUQDWRGLSUH]]HPRORQDWXUDOH
4XHVWD VDOVD GHYH DYHUH O DSSDUHQ]D GL XQD FUHPD QRQ WDQWR OLTXLGD SHU UHVWDUH DWWDFFDWD DO SHVFH
6HQWLUHWHFKHqEXRQDHGHOLFDWD3HUFKLQRQDPDLOSHVFHGLDFFLRVHUYLWHODFDOGD
6$/6$2/$1'(6(
%XUURJUDPPL
5RVVLG XRYRQ
$JURGLOLPRQHXQDFXFFKLDLDWD
$FTXDXQPH]]RJXVFLRG XRYR
6DOHHSHSH
6FLRJOLHWHLOEXUURDSDUWHVHQ]DVFDOGDUORWURSSR
0HWWHWH L URVVL FROO DFTXD LQ XQD EDFLQHOOD H VRSUD D XQ IXRFR OHJJLHUR R VXOO RUOR GHO IRUQHOOR
FRPLQFLDWHDEDWWHUOLFRQODIUXVWDHDXQSR SHUYROWDYHUVDWHLOEXUURTXDQGRLOFRPSRVWRVLVDUjFRQGHQVDWR
DJJLXQJHWHLOOLPRQHHSHUXOWLPRLOVDOHHLOSHSH
9DSUHSDUDWDDOPRPHQWRGLVHUYLUODqXQD VDOVDGHOLFDWDSHUSHVFHOHVVRRSHUDOWUDFRVDFRQVLPLOHH
VDUjVXIILFLHQWHSHUXQTXDQWLWDWLYRGLJUDPPLFLUFD
6$/6$3(53(6&(,1*5$7(//$
4XHVWD VDOVD VHPSOLFH PD EXRQD H VDQD VL FRPSRQH GL URVVL G XRYR DFFLXJKH VDODWH ROLR ILQH H
DJURGLOLPRQH)DWHEROOLUHOHXRYDFROJXVFLRSHUPLQXWLHSHURJQLURVVRG XRYRFRVuDVVRGDWRSUHQGHWH
XQ DFFLXJDJURVVDRGXHSLFFROH/HYDWHORURODVSLQDHSDVVDWHOHGDOORVWDFFLRLQVLHPHFRLURVVLSRLGLOXLWHLO
FRPSRVWR FROO ROLR H LO OLPRQH SHU ULGXUOR FRPH XQD FUHPD &RSULWH FRQ TXHVWD VDOVD LO SHVFH JLj FRWWR LQ
JUDWHOODSULPDGLPDQGDUORLQWDYRODRSSXUHVHUYLWHODDSDUWHLQXQDVDOVLHUD
6$/6$&21&$33(5,3(53(6&(/(662
%XUURJUDPPL
&DSSHULVSUHPXWLGDOO DFHWRJUDPPL
)DULQDXQFXFFKLDLQRFROPR
6DOHSHSHHDFHWR
4XHVWD GRVH EDVWD SHU XQ SHVFH GL FLUFD JUDPPL ,O EXUUR FRPH VRVWDQ]D JUDVVD q JLj SHU Vp
VWHVVR XQ FRQGLPHQWR QRQ FRQIDFHQWH D WXWWL JOL VWRPDFKL VSHFLDOPHQWH TXDQGR q VRIIULWWR TXDQGR SRL VL
XQLVFHDJOLDFLGLFRPHLQTXHVWRHLQDOWULFDVLFRQVLPLOLVLUHQGHVSHVVRULEHOOH DJOLVWRPDFKLFKHQRQVLHQR
DWXWWDSURYD
&XRFHWH LO SHVFH H PHQWUHOR ODVFLDWH LQ FDOGR QHO VXREURGRSUHSDUDWHODVDOVD3RQHWHDOIXRFROD
IDULQDFROODPHWjGHOEXUURPHVFRODWHHTXDQGRFRPLQFLDDSUHQGHUFRORUHDJJLXQJHWHLOEXUURULPDVWR
/DVFLDWHEROOLUHXQSRFRHSRLYHUVDWHXQUDPDLXRORGLEURGRGHOSHVFHFRQGLWHDEERQGDQWHPHQWHFRQ
VDOH H SHSH H ULWLUDWH OD FD]]DUXROD GDO IXRFR *HWWDWHFL DOORUD L FDSSHUL PHWj LQWHUL H PHWj WULWDWL SL XQ
JRFFLRORG DFHWRPDDVVDJJLDWHSHUGRVDUHODVDOVDLQPRGRFKHULHVFDGLEXRQJXVWRHGHOODGHQVLWjGLXQD
FUHPDOLTXLGD
&ROORFDWH LO SHVFH DVFLXWWR H FDOGR HQWUR D XQ YDVVRLR YHUVDWHJOL VRSUD OD VDOVD FDOGD DQFK HVVD
FRQWRUQDWHORGLSUH]]HPRORLQWHURHVHUYLWHOR
6$/6$7211$7$
Ê XQDVDOVDGDSRWHUVLVHUYLUHFRLOHVVLWDQWRGLFDUQHFKHGLSHVFH
7RQQRVRWW ROLRJUDPPL
&DSSHULVSUHPXWLGDOO DFHWRJUDPPL
$FFLXJKHQ
5RVVLG XRYDVRGHQ
8QEXRQSL]]LFRGLSUH]]HPROR
/ DJURGLPH]]ROLPRQH
8QDSUHVDGLSHSHROLRTXDQWREDVWD
1HWWDWHOHDFFLXJKHHSRLWULWDWHOHFRQODOXQHWWDLQVLHPHFROWRQQRLFDSSHULHLOSUH]]HPRORSHVWDWHOL
GRSRQHOPRUWDLRFRLURVVLG XRYRHTXDOFKHSRFRG ROLRSHUUDPPRUELGLUHLOFRPSRVWRHSRWHUORSDVVDUPHJOLR
GDOORVWDFFLR,QGLGLOXLWHORFRQPROW ROLRHLOVXJRGLOLPRQHSHUULGXUORFRPHXQDFUHPDOLTXLGD
6$/6$*(129(6(3(53(6&(/(662
3LQROLJUDPPL
&DSSHULVSUHPXWLGDOO DFHWRJUDPPL
8Q DFFLXJDVDODWD
8QURVVRG XRYRVRGR
/DSROSDGLWUHROLYHLQVDODPRLD
0H]]RVSLFFKLRG DJOLR
8QEXRQSL]]LFRGLSUH]]HPRORQRQHVFOXVLLJDPEL
8QDPLGROODGLSDQHJURVVDTXDQWRXQXRYRLQ]XSSDWDQHOO DFHWR
8QDSUHVDGLVDOHHGXQDGLSHSH
7ULWDWHILQLVVLPRFRQODOXQHWWDLOSUH]]HPRORHO DJOLRHSRLPHWWHWHTXHVWLHWXWWRLOUHVWRLQXQPRUWDLRH
GRSRDYHUULGRWWRLOFRPSRVWRILQLVVLPRSDVVDWHORGDOORVWDFFLRHGLOXLWHORFRQJUDPPLG ROLRHXQJRFFLROR
G DFHWR PD DVVDJJLDWHOR SULPD SHU GRVDUOR JLXVWR Ê XQD VDOVD HFFHOOHQWH H EDVWDQWH D JUDPPL GL
SHVFH
6$/6$'(/3$3$
1RQFUHGLDWHFKHTXHVWDVDOVDSUHQGDLOQRPHGDO3DSDGHO9DWLFDQRULWHQHQGRODSHUFLzXQDGHOL]LDLQ
JKLRWWRQHULDQRQRVWDQWHqGLVFUHWDPHQWHEXRQDSHUFRQGLUHOHFRWROHWWHIULWWH
3UHQGHWHXQSXJQHOORGLFDSSHULHVSUHPHWHOLGDOO DFHWRSUHQGHWHWDQWHROLYHLQGROFLWHFKHOHYDQGRORUR
LOQRFFLRORULHVFDQRLQTXDQWLWjHJXDOHDLFDSSHULHWULWDWHJOLXQLHOHDOWUHPLQXWDPHQWHFROODOXQHWWD0HWWHWH
DOIXRFRXQEDWWXWLQRGLFLSROODWULWDWDILQHFRQXQSH]]HWWRGLEXUURHTXDQGRDYUjSUHVRFRORUHEDJQDWHORD
SRFR SHU YROWD FRQ DFTXD SHUFKp VL GLVIDFFLD 9HUVDWHFL GHQWUR LO PLVFXJOLR GL FDSSHUL H ROLYH H IDWH EROOLUH
DOTXDQWR XQLWH LQILQH XQ JRFFLROR G DFHWR XQD SUHVD GL IDULQD H XQ DOWUR SH]]HWWR GL EXUUR 3HU XOWLPR
DJJLXQJHWHXQ DFFLXJDWULWDWDHVHQ]DSLIDUEROOLUHODVDOVDVHUYLWHOD
6$/6$7$578)$7$
)DWHXQEDWWXWLQREHQWULWRFRQXQSH]]HWWRGLFLSROODJURVVRTXDQWRXQDQRFHPH]]RVSLFFKLRG DJOLRH
XQSRFRGLSUH]]HPROR0HWWHWHORDOIXRFRFRQJUDPPLGLEXUURHTXDQGRDYUjSUHVRFRORUHYHUVDWHFLGXH
GLWDGLPDUVDODRGLYLQRELDQFRQHOTXDOHDYUHWHSULPDVWHPSHUDWRXQFXFFKLDLQRFROPRGLIDULQD&RQGLWHOD
VDOVDFRQXQDSUHVDGLVDOHXQDGLSHSHHXQDGLVSH]LHHULPXRYHWHODVHPSUHFROPHVWROR
4XDQGR OD IDULQD DYUj OHJDWR DJJLXQJHWH XQ SRFR GL EURGR H SRL JHWWDWH LQ TXHVWD VDOVD IHWWLQH
VRWWLOLVVLPHGLWDUWXIL/DVFLDWHODDQFRUDXQPRPHQWRVXOIXRFRHVHUYLWHYHQHSHUJXDUQLUHFRWROHWWHGLYLWHOODGL
ODWWHIULWWHELVWHFFKHRDOWUDFDUQHDUURVWLWD
9LDYYHUWRFKHLOYLQRFRPHFRQGLPHQWRQRQVLFRQIjDWXWWLJOLVWRPDFKL
%$/6$0(//$
4XHVWDVDOVDHTXLYDOHDOODEpFKDPHOGHL)UDQFHVLVHQRQFKHTXHOODqSLFRPSOLFDWD
3RQHWHDOIXRFR LQXQDFD]]DUXRODXQDFXFFKLDLDWDGLIDULQDHXQSH]]RGLEXUURGHOYROXPHGLXQXRYR
6HUYLWHYL GL XQ PHVWROR SHU LVFLRJOLHUH LO EXUUR H OD IDULQD LQVLHPH H TXDQGR TXHVWD FRPLQFLD D SUHQGHUH LO
FRORUHQRFFLXRODYHUVDWHFLDSRFRSHUYROWDPH]]ROLWURGLODWWHGHOPLJOLRUHJLUDQGRFRQWLQXDPHQWHLOPHVWROR
ILQFKp QRQ YHGUHWH LO OLTXLGR FRQGHQVDWR FRPH XQD FUHPD GL FRORUODWWHR 4XHVWD q OD EDOVDPHOOD 6H YHUUj
WURSSRVRGDDJJLXQJHWHGHOODWWHVHWURSSROLTXLGDULPHWWHWHODDOIXRFRFRQXQDOWURSH]]HWWRGL EXUURLQWULVRGL
IDULQD/DGRVHqDEERQGDQWHPDSRWHWHSURSRU]LRQDUODVHFRQGRLFDVL
8QD EXRQD EDOVDPHOOD H XQ VXJR GL FDUQH WLUDWR D GRYHUH VRQR OD EDVH LO VHJUHWR SULQFLSDOH GHOOD
FXFLQDILQH
6$/6$',3(3(521,
3UHQGHWHSHSHURQLJURVVLHYHUGLDSULWHOLQHWWDWHOLGDLVHPLHWDJOLDWHOLSHULOOXQJRLQTXDWWURRFLQTXH
VWULVFH 'DWH ORUR XQD SLFFROD VFRWWDWXUD LQ SDGHOOD FRQ SRFR ROLR SHU SRWHUOL VEXFFLDUH 'RSR VEXFFLDWL
PHWWHWHDOIXRFRXQRVSLFFKLRG DJOLRWULWDWRILQHFRQROLRHEXUURHTXDQGRVDUjURVRODWRJHWWDWHYLLSHSHURQL
VDODWHOLODVFLDWHOLWLUDUHXQSRFRLOVDSRUHHGDJJLXQJHWHVXJRGLSRPRGRUR
1RQ FXRFHWHOLWURSSR SHUFKp SHUGHUHEEHUR LO ORUR SLFFDQWHFKHqTXHOORFKHGjJUD]LDHVHUYLWHOLFRO
OHVVR
829$
/H XRYD GRSR OD FDUQH WHQJRQR LO SULPR SRVWR IUD OH VRVWDQ]H QXWULWLYH / LOOXVWUH ILVLRORJR 0DXUL]LR
6FKLII TXDQGR WHQHYD FDWWHGUD D )LUHQ]H GLPRVWUDYD FKH OD FKLDUD q SL QXWULHQWH GHO WRUOR LO TXDOH q
FRPSRVWRGLVRVWDQ]HJUDVVHHFKHOHXRYDFUXGHRSRFKLVVLPRFRWWHVRQRPHQRIDFLOLDGLJHULUVLGHOOHDOWUH
SHUFKpORVWRPDFRGHYHIDUHGXHRSHUD]LRQLLQYHFHGLXQDODSULPDGLFRDJXODUOHODVHFRQGDGLHODERUDUOH
SHUGLVSRUOHDOO DVVLPLOD]LRQH0HJOLRqGXQTXHDWWHQHUVLDOODYLDGLPH]]RHFLRqQpSRFRQpWURSSRFRWWH
/DSULPDYHUDqODVWDJLRQHLQFXLOHXRYDVRQRGLSLJUDWRVDSRUH/HXRYDIUHVFKHVLGDQQRDEHUH
DOOHSXHUSHUHHLOSRSRORJLXGLFDVLDFLERFRQYHQLHQWHDQFKHDJOLVSRVLQRYHOOL
&LIXXQDYROWDLOILJOLRGLXQORFDQGLHUHGDPHFRQRVFLXWRXQJLRYLQDVWURJUDQGHJURVVRHPLQFKLRQHLO
TXDOH HVVHQGRVL VFLXSDWDOD VDOXWHQHOYL]LRULFRUVHDOPHGLFR FKHJOLRUGLQzGXHXRYDIUHVFKHDEHUHRJQL
PDWWLQD 'DWRVL LO FDVR IDYRUHYROH H VIDYRUHYROH LQVLHPH FKH QHOOD ORFDQGD Y HUD XQ JUDQGH SROODLR LYL VL
UHFDYD H EHYHYD OH XRYD DSSHQD XVFLWH GDOOD JDOOLQD PD FRPH DFFDGH LO WHPSR GDQGR FRQVLJOLR GRSR
TXDOFKHJLRUQRGLTXHVWDFXUDLOEDFFHOORQHFRPLQFLzDUDJLRQDUH³6HGXHXRYDIDQQREHQHTXDWWURIDUDQQR
PHJOLR´ H JL TXDWWUR XRYD 3RL ³6H TXDWWUR IDQQR EHQH VHL IDUDQQR PHJOLR FKH PDL´ H JL VHL XRYD SHU
PDWWLQD H FRQ TXHVWR FUHVFHQGR DUULYz ILQR DO QXPHUR GL GRGLFL R TXDWWRUGLFL DO JLRUQR PD ILQDOPHQWH JOL
IHFHURIRJRHXQIRUWHJDVWULFLVPRORWHQQHLQOHWWRQRQVRTXDQWRWHPSRDFRYDUOHXRYDEHYXWH
829$$%(5((62'(
/HXRYDDEHUHIDWHOHEROOLUHGXHPLQXWLOHXRYDVRGHGLHFLFRPLQFLDQGRDFRQWDUHGDOPRPHQWRFKH
OH JHWWDWH QHOO DFTXD EROOHQWH VH YL SLDFFLRQR ED]]RWWH EDVWDQR VHL R VHWWH PLQXWL H LQ DPEHGXH L FDVL
DSSHQDWROWHGDOIXRFROHPHWWHUHWHQHOO DFTXDIUHGGD
829$$))2*$7(
6FRFFLDWHOHTXDQGRO DFTXDEROOHHIDWHOHFDGHUHGDSRFDDOWH]]D4XDQGRODFKLDUDqEHQUDSSUHVDH
LOWRUORQRQqSLWUHPRODQWHOHYDWHOHFRQODPHVWRODIRUDWDHFRQGLWHOHFRQVDOHSHSHFDFLRHEXUUR6HFL
YROHWH XQD VDOVD SXz VHUYLUH TXHOOD GL SRPRGRUR OD VDOVD YHUGH GHO Q TXHOOD GHO Q RSSXUH XQD
DSSRVLWDPHQWH IDWWD FKH FRPSRUUHWH GLVIDFHQGR XQ DFFLXJD QHO EXUUR FDOGR H DJJLXQJHQGRYL FDSSHUL
VSUHPXWLGDOO DFHWRHDOTXDQWRWULWDWLPDTXHVWDVDOVDQRQqSHUWXWWLJOLVWRPDFKL
+RYHGXWRVHUYLUOHDQFKHVRSUDXQRVWUDWRDOWRXQGLWRGLSXUqGLSDWDWHRSSXUHVRSUDVSLQDFLULIDWWLDO
EXUUR
829$675$&&,$7(
4XHVWRqXQSLDWWRGLFRPSHQVRRGD VHUYLUVLSHUSULQFLSLRDXQDFROD]LRQHHGqGRVHEDVWHYROHSHU
WUHSHUVRQH
8RYDQ
%XUURJUDPPL
3DQQDXQGHFLOLWUR
0HWWHWH LO EXUUR DO IXRFR H TXDQGR VRIIULJJH YHUVDWH OH XRYD IUXOODWH FRQGLWHOH FRQ VDOH H SHSH H
JLUDQGRVHPSUHLOPHVWRORXQLWHODSDQQDDSRFRSHUYROWD$VVRGDWRFKHVLDLOFRPSRVWRFRSULWHFRQHVVR
WUH IHWWH GL SDQH DUURVWLWR JURVVH TXDVL XQ GLWR H VHQ]D FRUWHFFLD FKH DYUHWH GLVSRVWH SULPD VRSUD XQ
YDVVRLRGRSRDYHUOHXQWHFDOGHFROEXUUR
6SROYHUL]]DWHOHVRSUDGLFDFLRSDUPLJLDQRHPDQGDWHOHLQWDYROD
5266,'¶8292$/&$1$3Ê
&RPH PLULSXJQDGLGDUHDOOHSLHWDQ]HTXHVWLWLWROLVWXSLGLHVSHVVRULGLFROL0DqJLXRFRIRU]DVHJXLUH
O XVRFRPXQHSHUIDUVLLQWHQGHUH
Ê XQ SLDWWR GD VHUYLUH SHU SULQFLSLR D XQD FROD]LRQH VH SUHQGHWH QRUPD GD TXHVWD ULFHWWD FKH IX
VHUYLWD D FLQTXH SHUVRQH )RUPDWH FLQTXH IHWWH GL PLGROOD GL SDQH TXDGUDWH JURVVH XQ GLWR DEERQGDQWH
ODUJKH TXDVL TXDQWR OD SDOPD GL XQD PDQR H IDWH DG RJQXQD XQD EXFD QHO PH]]R PD FKH QRQ LVIRQGL
VRIIULJJHWHOHQHOEXUURHFROORFDWHOHLQXQYDVVRLRFKHUHJJDDOIXRFR3RQHWHQHOODEXFDGLRJQXQDXQURVVR
G XRYRFUXGRHGLQWHURHSRLIDWHXQDEDOVDPHOODFRQGHFLOLWULWUHVFDUVLGLODWWHJUDPPLGLIDULQDHJUDPPL
GLEXUUR7ROWDGDOIXRFRDJJLXQJHWHFLWUHFXFFKLDLDWHFROPHGLSDUPLJLDQRO RGRUHGHOODFDQQHOODRGHOOD
QRFH PRVFDWD H VDODWHOD /DVFLDWHOD IUHGGDUH H SRL YHUVDWHOD VXO YDVVRLR SHU FRSULUH L URVVL G XRYR H L
FURVWRQL5RVRODWHODDOTXDQWRVRWWRLOFRSHUFKLRGHOIRUQRGDFDPSDJQDLQPRGRFKHQRQLQGXULVFDQRWURSSR
OHXRYDHPDQGDWHODFDOGDLQWDYROD
'RYHVLWURYDLOSDQHLQJOHVHFRWWRLQIRUPDPHJOLRqVHUYLUVLGLTXHVWR
829$5,3,(1(,
'RSR DYHUH DVVRGDWH OH XRYD FRPH TXHOOH GHO Q WDJOLDWHOH D PHWj SHU LO OXQJR HG HVWUDHWHQH L
URVVL3UHQGHWHXQ DFFLXJDSHURJQLGXHXRYDODYDWHOHQHWWDWHOHGDOODVSLQDHWULWDWHOHFRQSRFRSUH]]HPROR
H SRFKLVVLPD FLSROOD XQLWHFL SRL L URVVL H WDQWR EXUUR GD SRWHUH FRQ OD ODPD GL XQ FROWHOOR LPSDVWDUH RJQL
FRVDLQVLHPH&RQTXHVWRFRPSRVWRFROPDWHLYXRWLODVFLDWLGDLURVVLHOHPH]]HXRYDFRVuULSLHQHSRQHWHOH
SDULSDULVRSUDXQYDVVRLRHFRSULWHOHFRQODVDOVDPDLRQHVHQ
6L SRVVRQR PDQJLDUH DQFKH VHPSOLFHPHQWH FRQGLWH FRQ VDOH SHSH ROLR H DFHWR FKp QRQ VRQR GD
GLVSUH]]DUVLHGDQFKHSDUHFKHORVWRPDFRQRQVHQHPRVWULRIIHVR
829$5,3,(1(,,
3HUSULQFLSLRDXQDFROD]LRQHSRVVRQREDVWDUHDVHLSHUVRQH
8RYDQ
%XUURJUDPPL
0LGROODGLSDQHJUDPPL
3DUPLJLDQRGXHFXFFKLDLDWHFROPH
)XQJKLVHFFKLXQSL]]LFR
3UH]]HPRORDOFXQHIRJOLH
6DOHTXDQWREDVWD
/HXRYDDVVRGDWHOHWDJOLDWHOHSHULOOXQJRHPHWWHWHLURVVLGDSDUWH
/DPLGROODGLSDQHLQ]XSSDWHODEHQHQHOODWWHHVSUHPHWHOD
,IXQJKLUDPPROOLWHOLQHOO DFTXDWLHSLGD
3HVWDWH LO WXWWR ILQLVVLPR SHU ULHPSLUH DQ]L FROPDUH L YXRWL GHOOH FKLDUH H TXHVWH PH]]H XRYD
ULFROPHFROORFDWHOHLQXQYDVVRLRGDOODSDUWHFRQYHVVDVRSUDDXQRVWUDWRGLSDWDWHSDVVDWHFRPHDOODULFHWWD
GHO Q PD QHOOD TXDQWLWj GL JUDPPL GD FUXGH ,QYHFH GL SDWDWH SRWHWH SRVDUOH VRSUD XQR VWUDWR GL
VSLQDFLGLSLVHOOLRGLDOWULOHJXPL3ULPDGLPDQGDUOHLQWDYRODVFDOGDWHOHFROIXRFRFKHSRUUHWHVXOFRSHUFKLR
GHOIRUQRGDFDPSDJQD
)5,77$7(',9(56(
&KL q FKH QRQ VDSSLD IDUOH IULWWDWH" ( FKL q QHO PRQGR FKH LQ YLWD VXD QRQ DEELD IDWWD XQD TXDOFKH
IULWWDWD"3XUHQRQVDUjGHOWXWWRVXSHUIOXRLOGLUQHGXHSDUROH
/H XRYD SHU OH IULWWDWH QRQ q EHQH IUXOODUOH WURSSR GLVIDWHOH LQ XQD VFRGHOOD FROOD IRUFKHWWD H TXDQGR
YHGUHWH OH FKLDUH VFLROWH H LPPHGHVLPDWH FRO WRUOR VPHWWHWH /H IULWWDWH VL IDQQR VHPSOLFL H FRPSRVWH
VHPSOLFH SHU HVHPSLR q TXHOOD LQ IRJOLR DOOD ILRUHQWLQD FKH TXDQGR XQ WDOH O HEEH DWWRUFLJOLDWD WXWWD VXOOD
IRUFKHWWDHIDWWRQHXQERFFRQHVLGLFHQHFKLHGHVVHXQDULVPD3HUzULHVFHPROWREXRQDQHOO HFFHOOHQWHROLR
WRVFDQRDQFKHSHUFKpQRQVLFXRFHFKHGDXQDVRODSDUWHLOTXDOXVRqVHPSUHGDSUHIHULUVLLQTXDVLWXWWH
4XDQGRqDVVRGDWDODSDUWHGLVRWWRVLURYHVFLDODSDGHOODVRSUDXQSLDWWRVRVWHQXWRFROODPDQRHVLPDQGD
LQWDYROD
2JQL HUEDJJLR R VHPSOLFHPHQWH OHVVDWR R WLUDWR D VDSRUH FRO EXUUR VHUYH SHU OH IULWWDWH FRPH SXz
VHUYLUHXQSL]]LFRGLSDUPLJLDQRVRORR PHVFRODWRFRQSUH]]HPROR6HQRQIRVVHLQGLJHVWDJUDWDqODIULWWDWD
FROOHFLSROOH'XHGHOOHSLGHOLFDWHDJXVWRPLRVRQRTXHOOHGLVSDUDJLHGL]XFFKLQL6HGLVSDUDJLOHVVDWHOL
HWLUDWHDVDSRUHODSDUWHYHUGHFRQXQSRFRGLEXUURPHVFRODQGRXQSL]]LFRGLSDUPLJLDQRQHOOHXRYDVHGL
]XFFKLQL VHUYLWHYL GL TXHOOL SLFFROL H OXQJKL WDJOLDWHOL D IHWWH URWRQGH VDODWHOL DOTXDQWR H TXDQGR DYUDQQR
EXWWDWRO DFTXDLQIDULQDWHOLHIULJJHWHOLQHOODUGRRQHOO ROLRDVSHWWDQGRFKHVLHQRURVRODWLSHUYHUVDUHOHXRYD
$QFKHLSLVHOOLGHOQPHVFRODWLWUDOHXRYDVLSUHVWDQRSHUXQ HFFHOOHQWHIULWWDWD
6L IDQQR DQFKH IULWWDWH DOOD FRQIHWWXUD VSDUJHQGRYL VRSUD GHOOD FRQVHUYD GL IUXWWD TXDOVLDVL ULGRWWD
OLTXLGD TXDQGR OD IULWWDWD q FRWWD (VVH VDUDQQR EXRQH PD QRQ PL JDUEDQR H YL GLUz FKH TXDQGR OH YHGR
VHJQDWHVROHIUDLSLDWWLGROFLGLXQDWUDWWRULDFRPLQFLRDSUHQGHUHFDWWLYRFRQFHWWRGHOODPHGHVLPD
)5,77$7$,1=2&&2/,
4XHVWD IULWWDWD PHULWD XQD PHQ]LRQH VSHFLDOH SHUFKp ULFKLHGH XQ WUDWWDPHQWR DOTXDQWR GLYHUVR
3UHQGHWH IHWWH GL SURVFLXWWR VRWWLOL JUDVVH H PDJUH WDJOLDWHOH D SH]]L ODUJKL TXDQWR XQD PRQHWD GL FHQWHVLPL PHWWHWHOH LQ SDGHOOD FRO EXUUR H TXDQGR DYUDQQR VRIIULWWR XQ SRFR YHUVDWHFL OH XRYD SRFKLVVLPR
VDODWH4XDQGRODIULWWDWDKDFRPLQFLDWRDGDVVRGDUHULSLHJDWHODSHUPHWjRQGHSUHQGDSLSURSULDPHQWHLO
QRPHGLSHVFHG XRYDHGDJJLXQJHWHDOWUREXUURSHUILQLUHGLFXRFHUOD
)5,77$7$',&,32//(
3UHIHULWHFLSROOHELDQFKHHJURVVHWDJOLDWHOHDFRVWROHODUJKHPH]]RGLWRHJHWWDWHOHQHOO DFTXDIUHVFD
SHU ODVFLDUYHOH DOPHQR XQ RUD 3ULPD GL EXWWDUOH LQ SDGHOOD FRQ ODUGR RG ROLR DVFLXJDWHOH EHQH LQ XQ
FDQRYDFFLR H TXDQGR FRPLQFLDQR D SUHQGHUH FRORUH VDODWHOH DOTXDQWR FRPH VDOHUHWH OH XRYD SULPD GL
YHUVDUOHVRSUDODFLSROODFKHDYYHUWLUHWHQRQSUHQGDLOQHURSHUWURSSDFRWWXUD
)5,77$7$',63,1$&,
*OLVSLQDFLWROWLGDOO DFTXDOHVVDWHOLJURQGDQWLHDSSHQDOHYDWLGDOIXRFRULPHWWHWHOLQHOO DFTXDIUHVFD
6SUHPHWHOLEHQHWULWDWHOLDOO LQJURVVRJHWWDWHOLLQSDGHOODFRQXQSH]]RGLEXUURHFRQGLWHOLFRQVDOHHSHSH
5LYROWDWHOLVSHVVRHTXDQGRDYUDQQRWLUDWRO XQWRYHUVDWHOHXRYDVEDWWXWHHVDODWHDOTXDQWR5RVRODWDGDXQD
SDUWHULYROWDWHODFRQXQSLDWWRSHUULPHWWHUODLQSDGHOODFRQXQDOWURSH]]HWWRGLEXUUR$OOHXRYDSLDFHQGRYL
SRWHWHXQLUHXQSL]]LFRGLSDUPLJLDQR
*UDPPLGLVSLQDFLFUXGL
*UDPPLGLEXUURWUDSULPDHGRSRH
4XDWWURXRYDPLVHPEUDODSURSRU]LRQHSLJLXVWD
)5,77$7$',)$*,2/,1,,1(5%$
/HVVDWHLIDJLROLQLLQDFTXDVDODWDHWDJOLDWHOLLQGXHRWUHSDUWL3RLWUDVFLQDWHOLLQSDGHOODFRQEXUURH
ROLR FRQGHQGROL FRQ VDOH H SHSH 6EDWWHWH OH XRYD FRQ XQ SL]]LFR GL SDUPLJLDQR H XQD SUHVD GL VDOH SHU
YHUVDUOHVXLIDJLROLQLTXDQGROLYHGUHWHDJJULQ]LWL
)5,77$7$',&$92/),25(
3HUIDUHTXHVWDIULWWDWDGLXQHUEDJJLRGH SLLQVLSLGLFRP qLOFDYROILRUHqQHFHVVDULRRQGHUHQGHUOD
JUDWDDOJXVWRYHQHLQGLFKLOHGRVL
&DYROILRUHOHVVDWRSULYRGHOOHIRJOLHHGHOJDPERJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRGXHFXFFKLDLDWHEHQFROPH
2OLRXQDFXFFKLDLDWD
8RYDQ
7ULWDWH PLQXWR LO FDYROILRUH H PHWWHWHOR LQ SDGHOOD FRO EXUUR H O ROLR FRQGHQGROR FRQ VDOH H SHSH
6EDWWHWHOHXRYDFROSDUPLJLDQRVDODWHOHHYHUVDWHOHVRSUDLOFDYRORTXDQGRDYUjULWLUDWRO XQWR
7HQHWHVRWWLOHODIULWWDWDSHUQRQULYROWDUODHVHODSDGHOODqSLFFRODIDWHQHSLXWWRVWRGXH
)5,77$7$,15,&&,2/,3(5&2172512
/HVVDWHXQPD]]HWWRGLVSLQDFLHSDVVDWHOLGDOORVWDFFLR
6EDWWHWH GXH XRYD FRQGLWHOH FRQ VDOH H SHSH H PHVFRODWH IUD OH PHGHVLPH L GHWWL VSLQDFL LQ WDO
TXDQWLWj GD UHQGHUOH VROWDQWR YHUGL 0HWWHWH OD SDGHOOD DO IXRFR FRQ XQ JRFFLROR G ROLR WDQWR SHU XQJHUOD H
TXDQGR q EHQ FDOGD YHUVDWH SRU]LRQH GHOOH GHWWH XRYD JLUDQGR OD SDGHOOD SHU RJQL YHUVR RQGH OD IULWWDWD
ULHVFD VRWWLOHFRPH ODFDUWD4XDQGRVDUjEHQHDVVRGDWDHGDVFLXWWDYROWDQGRODVHRFFRUUHOHYDWHODH FRO
UHVWR GHOOH XRYD ULSHWHWH R WULSOLFDWH O RSHUD]LRQH 2UD TXHVWH GXH R WUH IULWWDWH DUURFFKLDWHOH LQVLHPH
WDJOLDWHOH ILQL D IRUPD GL WDJOLHULQL FKH PHWWHUHWH D VRIIULJJHUH XQ SRFR QHO EXUUR GDQGR ORUR VDSRUH FRQ
SDUPLJLDQRVHUYHQGRYLSRLGLTXHVWLWDJOLHULQLSHUFRQWRUQRDOIULFDQGzRDGDOWURSLDWWRFRQVLPLOHROWUHDIDUH
EHOOD PRVWUD GL VpTXHVWR FRQWRUQR FKH ULHVFH EHQH DQFKH VHQ]D JOL VSLQDFLIDUjVWURORJDUHTXDOFXQRGHL
FRPPHQVDOLSHUVDSHUHGLFKHVLDFRPSRVWR
)5,77$7$&2//$3,(75$ ',9,7(//$',/$77(
3UHQGHWHXQDSLHWUD URJQRQH GLYLWHOODGLODWWHDSULWHODGDOODWRGHOODVXDOXQJKH]]DHODVFLDWHOHWXWWRLO
VXR JUDVVR &RQGLWHOD FRQ ROLR SHSH H VDOH FXRFHWHOD LQ JUDWHOOD H WDJOLDWHOD D IHWWLQH VRWWLOL SHU WUDYHUVR
6EDWWHWH GHOOH XRYD LQ SURSRU]LRQH GHOOD SLHWUD FRQGLWH DQFKH TXHVWH FRQ VDOH H SHSH H PHVFRODWH IUD OH
PHGHVLPHXQSL]]LFRGLSUH]]HPRORWULWDWRHXQSRFRGLSDUPLJLDQR
*HWWDWH OD SLHWUD QHOOH XRYD PHVFRODWH H IDWHQH XQD IULWWDWD FRWWD QHO EXUUR FKH TXDQGR OD SDUWH
GLVRWWRqDVVRGDWDULSLHJKHUHWHSHUPHWjRQGHUHVWLWHQHUD
3$67((3$67(//(
3$67$0$77$
6LFKLDPDPDWWDQRQSHUFKpVLDFDSDFHGLTXDOFKHSD]]LDPDSHUODVHPSOLFLWjFROODTXDOHVLSUHVWDD
IDU OD SDUWH GL VWLYDO FKH PDQFD LQ GLYHUVL SLDWWL FRPH YHGUHWH 6SHJQHWH IDULQD FRQ DFTXD H VDOH LQ
SURSRU]LRQHHIRUPDWHXQSDQHGDSRWHUVLWLUDUHDVIRJOLDFROPDWWHUHOOR
3$67$6)2*/,$
/DEHOOH]]DGLTXHVWDSDVWDqFKHJRQILDQGRVIRJOLEHQHHULHVFDOHJJLHUDTXLQGLqGLGLIILFLOHIDWWXUD
SHUFKLQRQYLKDPROWDSUDWLFD%LVRJQHUHEEHYHGHUODIDUHGDXQPDHVWURFDSDFHPDQRQRVWDQWHPLSURYHUz
GLLQVHJQDUYHODDOODPHJOLRVHPLULHVFH
)DULQDILQHRG 8QJKHULDJUDPPL
%XUURJUDPPL
2SSXUH
)DULQDJUDPPL
%XUURJUDPPL
6SHJQHWHG LQYHUQRODIDULQDFRQDFTXDFDOGDPDQRQEROOHQWHVDOHTXDQWREDVWDXQDFXFFKLDLDWDGL
DFTXDYLWHHEXUURTXDQWRXQDQRFHOHYDQGRORGDLVXGGHWWLRJUDPPL
)RUPDWR FKH QH DYUHWH XQ SDQH QRQ WURSSR VRGR Qp WURSSR WHQHUR ODYRUDWHOR PROWLVVLPR PH]] RUD
DOPHQR SULPD FROOH PDQL SRL JHWWDQGROR FRQ IRU]D FRQWUR OD VSLDQDWRLD )DWHQH XQ SDQH UHWWDQJRODUH
LQYROWDWHOR LQ XQ FDQRYDFFLR H ODVFLDWHOR XQ SRFR LQ ULSRVR )UDWWDQWR ODYRUDWH LO EXUUR VH q VRGR FRQ XQD
PDQREDJQDWDQHOO DFTXDVRSUDODVSLDQDWRLDSHUUHQGHUORSDVWRVRHWHQHURWXWWRXJXDOPHQWHSRLIRUPDWHQH
XQSDQHFRPHTXHOORGHOODIDULQDHJHWWDWHORLQXQDFDWLQHOODG DFTXDIUHVFD4XDQGRODSDVWDVDUjULSRVDWD
OHYDWHLOEXUURGDOO DFTXDDVFLXJDWHORFRQXQSDQQROLQRHLQIDULQDWHORWXWWRSHUEHQH
6SLDQDWHODSDVWDFROPDWWHUHOORVROWDQWRTXDQWRqQHFHVVDULRSHUULQFKLXGHUYLGHQWURLOSDQHGLEXUUR
4XHVWRVLSRQHQHOPH]]RHJOLVLWLUDQRVRSUDLOHPELGHOODSDVWDXQHQGROLLQVLHPH FROOHGLWDHSURFXUDQGR
FKH DGHULVFD DO EXUUR LQ WXWWH OH SDUWL RQGH QRQ UHVWL DULD IUDPH]]R &RPLQFLDWH RUD D VSLDQDUOD SULPD FROOH
PDQLSRLFROPDWWHUHOORDVVRWWLJOLDQGRODODSULPDYROWDSLFKHSRWHWHDYYHUWHQGRFKHLOEXUURQRQLVEX]]L6H
TXHVWRDYYLHQHJHWWDWHVXELWRGRYHLOEXUURDSSDULVFHXQSR GLIDULQDHGLIDULQDVSROYHUL]]DUHSXUHVSHVVR
OD VSLDQDWRLD H LO PDWWHUHOOR D FLz FKH OD SDVWD VFRUUD H VL GLVWHQGD VRWWR DO PHGHVLPR (VHJXLWD OD SULPD
VSLDQDWXUD ULSLHJDWH OD SDVWD LQWUHFRPH VDUHEEHURWUHVIRJOLHVRSUDPPHVVHHGLQXRYRVSLDQDWHODDXQD
GLVFUHWDJURVVH]]D4XHVWDRSHUD]LRQHULSHWHWHODSHUVHLYROWHLQWXWWRODVFLDQGRGLWUDWWRLQWUDWWRULSRVDUHOD
SDVWD SHU GLHFL PLQXWL $OO XOWLPD FKH VDUHEEH OD VHWWLPD ULSLHJDWHOD LQ GXH H ULGXFHWHOD DOODJURVVH]]DFKH
RFFRUUH FLRq TXDOFRVD PHQR GL XQ FHQWLPHWUR (FFHWWXDWD TXHVW XOWLPD SLHJDWXUD SURFXUDWH GL GDUH DOOD
SDVWD RJQL YROWD FKH OD WLUDWH OD IRUPD UHWWDQJRODUH WUH YROWH SL OXQJD FKH ODUJD H VH DSSDULVVHUR GHOOH
JDOOR]]HSHUDULDULPDVWDEXFDWHOHFRQXQRVSLOOR
0HJOLR GHOOD VSLDQDWRLD FRPXQH VHUYLUHEEH XQD WDYROD GL PDUPR FKH q SL IUHGGD H SL OHYLJDWD
1HOO HVWDWHqQHFHVVDULRLOJKLDFFLRWDQWRSHUDVVRGDUHLOEXUURSULPDGLDGRSHUDUORTXDQWRSHUWLUDUPHJOLROD
SDVWD LO FKH VL RWWLHQH SDVVDQGR LO JKLDFFLR TXDQGR RFFRUUD VRSUD OD SDVWD VWHVVD HQWUR D XQ FDQRYDFFLR
EHQILWWRRPHJOLRPHVVDIUDGXHSLDWWLFRSHUWLGLJKLDFFLR
&RQ OD SDVWD VIRJOLD VL IDQQR FRPH VDSHWH L YRODXYHQW L SDVWLFFLQL FRQ PDUPHOODWD R FRQVHUYH H
WRUWH ULSLHQH GL PDU]DSDQH 6H YROHWH VHUYLUYL GHL SDVWLFFLQL SHU WUDPHVVR DOORUD ULHPSLWHOL FRQ XQ EDWWXWR
GHOLFDWRGLFDUQHIHJDWLQLHDQLPHOOHPDLQWXWWHOHPDQLHUHTXHVWHSDVWHYDQQRGRUDWHFROURVVRG XRYRDOOD
VXSHUILFLHPDQRQVXJOLRUOLSHUQRQLPSHGLUHLOULJRQILDPHQWR
6HVHUYRQRSHUGROFHVSROYHUL]]DWHOHFDOGHFRQ]XFFKHURDYHOR
3$67$6)2*/,$$0(7¬
0HWj EXUUR GHO SHVR GHOOD IDULQD H GL SL XQ SH]]HWWR GHQWUR OD SDVWD 3HO UHVWR YHGL LO QXPHUR
SUHFHGHQWH
3$67(//$3(5/()5,7785(
)DULQDJUDPPL
2OLRILQHXQDFXFFKLDLDWD
$FTXDYLWHXQDFXFFKLDLDWD
8RYDQO
6DOHTXDQWRRFFRUUH
$FTXDGLDFFLDTXDQWREDVWD
6SHJQHWHODIDULQDFROURVVRG XRYRHFRJOLDOWULLQJUHGLHQWLYHUVDQGRO DFTXDDSRFRSHUYROWDSHUIDUQH
XQD SDVWD QRQ WURSSR OLTXLGD /DYRUDWHOD EHQH FRO PHVWROR SHU LQWULGHUOD H ODVFLDWHOD LQ ULSRVR SHU GLYHUVH
RUH4XDQGRVLHWHSHUDGRSHUDUODDJJLXQJHWHODFKLDUDPRQWDWD4XHVWDSDVWHOODSXzVHUYLUHSHUPROWLIULWWLH
VSHFLDOPHQWHSHUTXHOOLGLIUXWWDHGHUEDJJLR
3$67(//$3(5)5,77,',&$51(
6WHPSHUDWHWUHFXFFKLDLQLFROPLGLIDULQDFRQGXHFXFFKLDLQLG ROLRDJJLXQJHWHGXHXRYDXQDSUHVDGL
VDOHHPHVFRODWHEHQH
4XHVWR FRPSRVWR SUHQGHUj O DVSHWWR GL XQD FUHPD VFRUUHYROH H VHUYLUj SHU GRUDUH L IULWWL GL FHUYHOOR
VFKLHQDOLDQLPHOOHJUDQHOOLWHVWLFFLXROHG DJQHOORWHVWDGLYLWHOODGLODWWHHVLPLOL4XHVWHFRVHTXDOLSLTXDOL
PHQR VHFRQGR OD QDWXUD ORUR VFRWWDWHOH WXWWH FRPSUHVL LO FHUYHOOR H JOL VFKLHQDOL FKH EROOHQGR DVVRGDQR
VDODWH O DFTXD H DJJLXQJHWH XQ SL]]LFR GL VDOH H XQD SUHVD GL SHSH TXDQGR OH ULWLUDWH GDOO DFTXD , JUDQHOOL
WDJOLDWHOL D ILOHWWLQHOODORUR OXQJKH]]DJOLVFKLHQDOLWHQHWHOLOXQJKLPH]]RGLWRDOO LQFLUFDOHDQLPHOOHVHVRQR
G DJQHOOR ODVFLDWHOH LQWHUH L FHUYHOOL IDWHOL D WRFFKHWWL JURVVL TXDQWR XQD QRFH H WHQHWHYL SHU OH WHVWH D XQ
YROXPHDOTXDQWRPDJJLRUH*HWWDWHLSH]]LQHOODSDVWHOODGRSRDYHUOLLQIDULQDWLHIULJJHWHOLQHOORVWUXWWRYHUJLQH
RQHOO ROLR
4XHVWLIULWWLELDQFKLVLXQLVFRQRVSHVVRDIHJDWRRDFRWROHWWHGLYLWHOODGLODWWH,OIHJDWRWDJOLDWHORDIHWWH
VRWWLOLVVLPHOH FRWROHWWHEDWWHWHOH FROOD FRVWROD GHOFROWHOORRWULWDWHODFDUQHFRQODOXQHWWDSHUULXQLUODGRSRD
IRUPDHOHJDQWHWDQWRO XQRFKHOHDOWUHOLFRQGLUHWHFRQVDOHHSHSHOLPHWWHUHWHLQLQIXVLRQHQHOO XRYRIUXOODWR
H GRSR TXDOFKH RUD SULPD GL IULJJHUOL OL LQYROWHUHWH QHO SDQJUDWWDWR ILQH ULSHWHQGR O RSHUD]LRQH DQFKH GXH
YROWHVHRFFRUUH$FFRPSDJQDWHVHPSUHTXHVWLIULWWLFRQVSLFFKLGLOLPRQH
3$67$3(53$67,&&,',$&&,',&$51(
)DULQDJUDPPL
%XUURJUDPPL
6DOHXQSL]]LFRJHQHURVR
/DWWHTXDQWREDVWDSHULQWULGHUODHULGXUODGLJLXVWDFRQVLVWHQ]D
1RQ RFFRUUH ODYRUDUOD VRYHUFKLDPHQWH IRUPDWHQH XQ SDQH H ODVFLDWHOR LQ ULSRVR SHU FLUFD PH]] RUD
LQYROWDWRLQXQSDQQRXPLGRHLQIDULQDWR
4XHVWD GRVH SRWUj EDVWDUH SHU XQ SDVWLFFLR DQFKH SL JUDQGH GL TXHOOR GL FDFFLDJLRQH GHVFULWWR DOOD
ULFHWWDQ
3$67$3(53$67,&&,',&$&&,$*,21(
3HUTXHVWD SDVWDYHGLLO3DVWLFFLRGLOHSUHGHVFULWWRDOQ
5,3,(1,
5,3,(123(,32//,
0DJURGLYLWHOODGLODWWHJUDPPLDOO LQFLUFDXQSH]]HWWRGLSRSSDGLYLWHOODHOHULJDJOLHGHOORVWHVVR
SROOR $OOD YLWHOOD GL ODWWH H DOOD SRSSD VL SXz VRVWLWXLUH PDJUR GL PDLDOH SHWWR GL WDFFKLQR R VHPSOLFHPHQWH
YLWHOOD
&XRFHWH TXHVWD FDUQH LQVLHPH FRQ XQ SLFFROR EDWWXWR GL VFDORJQR R FLSROOD SUH]]HPROR VHGDQR
FDURWD H EXUUR FRQGLWHOD FRQ VDOH SHSH H VSH]LH EDJQDQGROD FRQ EURGR /HYDWHOD DVFLXWWD GDO IXRFR
WRJOLHWH DO YHQWULJOLR LO WHQHUXPH DJJLXQJHWH DOFXQL SH]]HWWL GL IXQJKL VHFFKL UDPPROOLWL XQD IHWWLQD GL
SURVFLXWWR JUDVVR H PDJUR H WULWDWH RJQL FRVD EHQ ILQH FROOD OXQHWWD 1HOO LQWLQWR ULPDVWR GHOOD FRWWXUD GHOOD
FDUQHJHWWDWHXQDPLGROODGLSDQHSHUIDUHXQDFXFFKLDLDWDGLSDSSDVRGD
0HVFRODWHOD DO FRPSRVWR DJJLXQJHWH XQ EXRQ SL]]LFR GL SDUPLJLDQR H GXH XRYD H FRQ WXWWR TXHVWR
ULHPSLWH LO SROOR H FXFLWHOR 3RWUHWH FXRFHUOR D OHVVR R LQ XPLGR 6H OR FXRFHWH OHVVR VHQWLUHWH XQ EURGR
HFFHOOHQWHPDSRQHWHDWWHQ]LRQHDVFDOFDUORSHUHVWUDUUHLOULSLHQRWXWWRLQXQSH]]RFKHSRLWDJOLHUHWHDIHWWH
8QDOWURULSLHQRSHLSROOLqTXHOORGHOSROORDUURVWRQ
5,3,(12',&$51(3(53$67,&&,1,',3$67$6)2*/,$
6L SXz IDUH TXHVWR ULSLHQR R FRQ YLWHOOD GL ODWWH VWUDFRWWDWDR FRQ IHJDWLQL GL SROOR R FRQ DQLPHOOH ,R
SUHIHULUHLOHDQLPHOOHFRPHFRVDSLGHOLFDWDG RJQLDOWUDPDFRPXQTXHVLDQRQPDQFKHUHLGLGDUHDTXHVWR
ULSLHQRO RGRUHGH WDUWXILDOODORURVWDJLRQH6HWUDWWDVLGLDQLPHOOHPHWWHWHOHDOIXRFRFRQXQSH]]HWWRGLEXUUR
FRQGLWHOH FRQ VDOH H SHSH H TXDQGR DYUDQ SUHVR FRORUH ILQLWH GL FXRFHUOH FRO VXJR Q SRL WDJOLDWHOH DOOD
JURVVH]]DGLXQFHFHRPHQR$OOHPHGHVLPHXQLWHXQFXFFKLDLRRGXHGLEDOVDPHOODQXQSR GLOLQJXD
VDODWD RSSXUH XQ SRFR GL SURVFLXWWRJUDVVRHPDJURWDJOLDWRDSLFFROLGDGLXQSL]]LFRGL SDUPLJLDQRHXQD
SUHVDGLQRFHPRVFDWDSURFXUDQGRFKHJOLLQJUHGLHQWLVLHQRLQGRVHWDOHGDUHQGHUHLOFRPSRVWRGLJUDWRH
GHOLFDWRVDSRUH/DVFLDWHORJKLDFFLDUHEHQHFKHFRVuDVVRGDHVLDGRSUDPHJOLR
3HUFKLXGHUORQHOODSDVWDVIRJOLDQFLVRQRGXHPRGLSRWHQGRYLVHUYLUHLQDPEHGXHGHOORVWDPSR
GHOOH RIIHOOH GL PDUPHOODWD Q RG DQFKH GL XQR VWDPSR RYDOH ,O SULPR VDUHEEH GL FXRFHUH OD SDVWD FRO
FRPSRVWRIUDPH]]RLOVHFRQGRGLULHPSLUODGRSRFRWWD1HOSULPRFDVRSRQHWHLOFRPSRVWRLQPH]]RDOGLVFR
LQXPLGLWHQH O RUOR FRQ XQ GLWR EDJQDWR FRSULWHOR FRQ DOWUR GLVFR VLPLOH H FXRFHWHOL 1HO VHFRQGR FDVR FKH
ULHVFHSLFRPRGRSHUFKLDYHQGRXQSUDQ]RGDDOOHVWLUHSXzFXRFHUHODSDVWDVIRJOLDXQJLRUQRDYDQWLVL
XQLVFRQRLGXHGLVFKLLQVLHPHVHQ]DLOFRPSRVWRPDQHOGLVFRGLVRSUDSULPDGLVRYUDSSRUORV LQFLGHFRQXQ
FHUFKLHWWR GL ODWWDXQWRQGRGHOODJUDQGH]]DGLXQDPRQHWDGDFHQWHVLPL,OSDVWLFFLQRFXRFHQGRULJRQILD
QDWXUDOPHQWH H ODVFLD XQ YXRWR QHOO LQWHUQR VROOHYDQGR SRL FROOD SXQWD GL XQ FROWHOOR LO FHUFKLHWWR LQFLVR GL
VRSUDFKHKDODIRUPDGLXQSLFFRORFRSHUFKLRSRWHWHDOTXDQWRDPSOLDUHYROHQGRLOYXRWRVWHVVRULHPSLUORH
ULSRUYLLOVXRFRSHUFKLR,QWDOPRGRSHUPDQGDUOLLQWDYRODEDVWDVFDOGDUOLPDODSDVWDVIRJOLDSULPDGLHVVHU
FRWWDYDVHPSUHGRUDWDFRLURVVRG XRYRVRORDOODVXSHUILFLH
6HVLWUDWWDVVHGLULHPSLUHXQYRODXYHQWYDWLUDWRLQYHFHXQLQWLQJRORFRQULJDJOLHGLSROORHGDQLPHOOH
LOWXWWRWDJOLDWRDSH]]LJURVVL
)5,77,
)5,772',3$67$5,3,(1$
3UHQGHWH OD SDVWD Q RSSXUH OD SDVWD VIRJOLD Q GLVWHQGHWHOD DOOD JURVVH]]D GL XQR VFXGR
WDJOLDWHODDGLVFKLVPHUODWLGHOODJUDQGH]]DDOO LQFLUFDGL TXHOORTXLVHJQDWRSRQHWHQHLPHGHVLPLLOULSLHQRGHO
QXPHUR DQWHFHGHQWH FRSULWHOL FRQ DOWUHWWDQWL GLVFKL GHOOD VWHVVD SDVWD EDJQDQGROL DOO LQJLUR DIILQFKp VL
DWWDFFKLQRLQVLHPHIULJJHWHOLHVHUYLWHOLFDOGL
)5,772',5,&277$
5LFRWWDJUDPPL
)DULQDJUDPPL
8RYDQ
=XFFKHURGXHFXFFKLDLQLVFDUVL
2GRUHGLVFRU]DGLOLPRQH
6DOHXQSL]]LFRHGXHFXFFKLDLDWHG DFTXDYLWH
2JQL TXDOLWj GL ULFRWWD q EXRQD SXUFKp QRQ DEELD SUHVR LO IRUWH PD DGRSHUDQGR TXHOOH GL 5RPD H GL
0DUHPPDFKHVRQRHFFHOOHQWLVDUHWHVLFXULGLIDUYHQHRQRUH
/DVFLDWH LO FRPSRVWR LQ ULSRVR SHU SDUHFFKLH RUH SULPD GL IULJJHUOR &ROOH GRVL VXGGHWWH LO FRPSRVWR
ULHVFLUj VRGHWWLQR H TXHVWR q EHQH RQGH LO IULWWR SUHQGD OD IRUPD GL ERPEH GHOOD JUDQGH]]D GL XQD QRFH
DOO LQFLUFD 6SROYHUL]]DWHOH GL ]XFFKHUR D YHOR H VHUYLWHOH FDOGH SHU FRQWRUQR D XQ IULWWR GL FDUQH 'HOOR
]XFFKHUR GHQWUR FRPH YHGHWH FH QH YDSRFRSHUFKpHVVREUXFLDHLOIULWWRQRQSUHQGHUHEEHDOORUDXQEHO
JLDOORGRUDWR
3HU GDUH D TXHVWH H VLPLOL ERPEH OD IRUPD SRVVLELOPHQWH URWRQGD YD SUHVR VX LO FRPSRVWR FRQ XQ
FXFFKLDLR XQWR FRO OLTXLGR EROOHQWH GHOOD SDGHOOD GDQGRJOL OD IRUPD FROO HVWUHPLWj GL XQ FROWHOOR GD WDYROD
LQWLQWRHVVRSXUHQHOO XQWRPHGHVLPR
)5,7725,3,(12',0267$5'$
4XHVWRIULWWRVLSXzIDUHLQ5RPDJQDRYHG LQYHUQRqPHVVDLQFRPPHUFLRODPRVWDUGDGL6DYLJQDQRR
IDWWD DOO XVR GL TXHO SDHVH FKH XQD YROWD HUD PROWR DSSUH]]DWD PD QRQ VDSUHL GLUYL VH VLDVL PDQWHQXWD LQ
FUHGLWR
0DQFDQGRYLTXHVWDSRWHWHVHUYLUYLGLTXHOODIDWWDLQFDVDGHVFULWWDDOQ
)RUPDWH XQD SDVWD SLXWWRVWR WHQHUD FRL VHJXHQWL LQJUHGLHQWL ODYRUDQGROD PROWR FROOH PDQL VXOOD
VSLDQDWRLD
)DULQDJUDPPL
%XUURJUDPPL
6DOHXQSL]]LFR
/DWWHTXDQWREDVWDSHULQWULGHUOD
/DVFLDWHODLQULSRVRPH]] RUDSRLWLUDWHODFROPDWWHUHOORDOODJURVVH]]DGLXQRVFXGRVFDUVR
7DJOLDWHQHWDQWLGLVFKLFRQORVWDPSLQRGHOQHGDPPHVVRFKHQHULXVFLVVHURSRQHWHVRSUDD
XQ SR GL PRVWDUGD H FRJOL DOWUL FRSULWHOL EDJQDQGRQH SULPD JOL RUOL FRQ XQ GLWR LQWLQWR QHOO DFTXD SHU
DSSLFFLFDUOLLQVLHPH
)ULJJHWHOLHVSROYHUL]]DWHOLGL]XFFKHURDYDQWLGLPDQGDUOLLQWDYROD
)5,772',0(/(
3UHQGHWH PHOH JURVVH GL EXRQD TXDOLWj QRQ WURSSR PDWXUH OHYDWHQH LO WRUVROR FRO FDQQHOOR GL ODWWD
IDWWR D TXHVW XVR FKH ODVFLD LO EXFR LQ PH]]R VEXFFLDWHOH H WDJOLDWHOH D IHWWH JURVVH SRFR PHQR GL XQ
FHQWLPHWUR0HWWHWHOHQHOODSDVWHOODQTXDQGRVLHWHSHUIULJJHUOHHVHQRQYLGLVSLDFHO RGRUGHJOL DQDFL
FKHTXLVWDEHQHPHWWHWHQHXQSL]]LFR
6SROYHUL]]DWHOHGL]XFFKHURDYHORHVHUYLWHOHFDOGH
)5,772',&$5'21,
'RSR DYHU WROWR L ILODPHQWLDLFDUGRQLOHVVDWHOLLQDFTXDVDODWDWDJOLDWHOLDSH]]HWWL HIDWHOLVRIIULJJHUH
QHO EXUUR VDODQGROL DQFRUD XQ SRFR 3RL LQIDULQDWHOL SRQHWHOL QHOOD SDVWHOOD Q H IULJJHWHOL 3RVVRQR IDU
FRPRGRSHUFRQWRUQRDXQIULWWRGLFDUQHRDXQXPLGR
)5,772',),12&&+,
7DJOLDWHOL D VSLFFKL QHWWDWHOL GDOOH IRJOLH SL GXUH H OHVVDWHOL LQ DFTXD VDODWD 3ULPD GL PHWWHUOL QHOOD
SDVWHOODQDVFLXJDWHOLHLQIDULQDWHOL
&$527()5,77(
4XHVWHFDURWHSRVVRQRVHUYLUHGLFRQWRUQRDXQIULWWRTXDQGRQRQFLVRQRSLJOL]XFFKLQL
6HQ]D VEXFFLDUOH WDJOLDWHOH D ILOHWWL VRWWLOL OXQJKL XQ GLWR VDODWHOH H GRSR TXDOFKH RUD SUHVH VX FRVu
XPLGHSDVVDWHOHQHOODIDULQDHVFRVVHGDTXHVWDPHWWHWHOHQHOO XRYRULYROWDWHOHQHOPHGHVLPRHSUHVLFRQ
OHGLWDLILOHWWLDXQRDXQRJHWWDWHOLLQSDGHOOD
)5,772',3(6&+(
3UHQGHWHSHVFKHEXUURQHQRQWDQWRPDWXUHWDJOLDWHOHDVSLFFKLQRQWURSSRJURVVLHFRPHOHPHOHHL
ILQRFFKL DYYROJHWHOH QHOOD SDVWHOOD Q H VSROYHUL]]DWHOH GL ]XFFKHUR GRSR FRWWH 1RQ q QHFHVVDULR
VEXFFLDUOH
)5,772',6(02/,12
6HPROLQRGLJUDQDILQHJUDPPLD
/DWWHGHFLOLWUL
8RYDQO
=XFFKHURWUHFXFFKLDLQL
%XUURTXDQWRXQDQRFH
6DOHXQSL]]LFR
2GRUHGLVFRU]DGLOLPRQH
3RQHWHLOODWWHDOIXRFRFROEXUURHOR]XFFKHURHTXDQGRFRPLQFLDDEROOLUHYHUVDWHLOVHPROLQRDSRFR
DSRFRJLUDQGRLQSDULWHPSRLOPHVWROR6DODWHORHVFRFFLDWHJOLGHQWURO XRYRPHVFRODWHHTXDQGRO XRYRVLq
LQFRUSRUDWROHYDWHLOVHPROLQRGDOIXRFRHGLVWHQGHWHORVRSUDDXQYDVVRLRXQWRFROEXUURRVXOODVSLDQDWRLD
LQIDULQDWDDOO DOWH]]DGLXQGLWR7DJOLDWHORDPDQGRUOHHPHWWHWHORSULPDQHOO XRYRVEDWWXWRSRLQHOSDQJUDWWDWR
ILQHHIULJJHWHOR6SROYHUL]]DWHORGL]XFFKHURDYHORVHORGHVLGHUDWHSLGROFHHVHUYLWHORVRORRPHJOLRSHU
FRQWRUQRDXQIULWWRGLFDUQH
3$//2772/(',6(02/,12
$PHVHPEUDFKHTXHVWRIULWWRULHVFDDVVDLEHQHHFKHFRPSHQVLODIDWLFDFKHVLIDDSHVWDUOR
6HPROLQRJUDPPL
%XUURJUDPPL
)DULQDGLSDWDWHXQDFXFFKLDLDWDFROPDSDULDJU
8RYDXQRLQWHURHGXHURVVL
=XFFKHURXQFXFFKLDLQRFROPR
2GRUHGLVFRU]DGLOLPRQH
/DWWHGHFLOLWUL
&XRFHWH EHQH LO VHPROLQR QHO ODWWH FRO GHWWR ]XFFKHUR DJJLXQJHQGR LO EXUUR O RGRUH H XQD SUHVD GL
VDOHTXDQGRORULWLUDWHGDOIXRFR4XDQGRVDUj EHQGLDFFLRSHVWDWHORQHOPRUWDLRFRQOHXRYDSULPD LURVVL
XQR DOOD YROWD SRL O XRYR LQWHUR 9HUVDWH SHU XOWLPD OD IDULQD GL SDWDWH ODYRUDQGR PROWR FRO SHVWHOOR LO
FRPSRVWR9HUVDWHORSRLLQXQSLDWWRHJHWWDWHORLQSDGHOODDFXFFKLDLQLSHURWWHQHUOHSDOORWWROHDOTXDQWRSL
JURVVHGHOOHQRFLFKHVHUYLUHWHVSROYHUL]]DWHGL]XFFKHURDYHORTXDQGRDYUDQQRSHUGXWRLOIRUWHFDORUH
ÊXQIULWWROHJJLHURGHOLFDWRHGLEHOO DVSHWWR
)5,77(//(',32/(17$$//$/2',*,$1$
/DWWHPH]]ROLWUR
)DULQDJLDOODJUDPPL
)DWHQH XQDSROHQWDHSULPDGLULWLUDUODGDOIXRFRVDODWHODFRVuDEROORUH YHUVDWHODVXOODVSLDQDWRLDH
FRQXQFROWHOORGDWDYRODLQWLQWRQHOO DFTXDGLVWHQGHWHODDOODJURVVH]]DGLPH]]RGLWRVFDUVR'LDFFLDFKHVLD
VHUYHQGRYLGHOORVWDPSLQRGHOODULFHWWDQRGLDOWURFRQVLPLOHWDJOLDWHQHWDQWLGLVFKLFKHULXVFLUDQQRR
VHYLDJJLXQJHWHLULWDJOLLPSDVWDQGROLHVWLDFFLDQGROLFRQOHPDQL4XHVWLGLVFKLDSSDLDWHOLPHWWHQGRYLLQ
PH]]RXQDIHWWLQDGLJUXLHUDSHURWWHQHUHFRVuGDDIULWWHOOH
)UXOODWH RUD GXH XRYD FKp WDQWH RFFRUURQR SHU SRWHUOH GRUDUH FRQ TXHVWH H FRO SDQJUDWWDWR H
IULJJHWHOHQHOORVWUXWWRRQHOO ROLR
6HUYLWHOHFDOGHSHUFRQWRUQRDXQDUURVWR
)(*$72',0$,$/()5,772
*OLDQLPDOLVXSHULRULVRQRIRUQLWLGLXQDJODQGRODELDQFDVWUD LO SDQFUHDV FKHFROORFDWDIUDLOIHJDWRHOD
PLO]D VERFFD FRO VXR FRQGRWWR HVFUHWRUH QHO GXRGHQR / XPRU SDQFUHDWLFR GL QDWXUD DOFDOLQD YLVFKLRVR
FRPH O DOEXPLQD FRQWULEXLVFH FRQ OD ELOH D VFLRJOLHUH OH VRVWDQ]H DOLPHQWDUL PD OD VXD D]LRQH q SL
VSHFLDOPHQWH ULYROWD D FRQYHUWLUH OH VRVWDQ]H JUDVVH LQ XQD HPXOVLRQH FKH OH UHQGH SL GLJHULELOL &RGHVWH
VHFUH]LRQL L VXFFKL JDVWULFL H OD VDOLYD FRQWULEXLVFRQR SRL WXWWL LQVLHPH D FRPSLHUH XQD GLJHVWLRQH SHUIHWWD
3HU OD VXD VRPLJOLDQ]D DOOH JODQGROH VDOLYDUL OH FRPXQL DQLPHOOH H SHO VXR GHOLFDWR VDSRUH LO SDQFUHDV q
FRQRVFLXWR GD PROWL FRO QRPH GL DQLPHOOD GHO IHJDWR LQ 7RVFDQD TXHOOR GHO PDLDOH YLHQ FKLDPDWR
VWRPDFKLQR
$PLRSDUHUHSHUVHQWLUHLOYHURJXVWRGHOIHJDWRGLPDLDOHELVRJQDIULJJHUORQDWXUDOHDIHWWHVRWWLOLQHO
ODUGR YHUJLQH H PHVFRODWR FROOR VWRPDFKLQR D SH]]HWWL ,Q TXHVWD PDQLHUD YD OHYDWR GDOOD SDGHOOD FRQ XQ
SRFRGHOVXRXQWRFRQGLWRFRQVDOHHSHSHHPHQWUHqDQFRUDEROOHQWHJOLYDVWUL]]DWRVRSUDXQOLPRQHLOFXL
DJURVHUYHDVPRU]DUHLOJUDVVXPH/HIHWWHVRWWLOLGLIHJDWRVLSRVVRQRDQFKHLQIDULQDUHSULPDGLIULJJHUOH
*5$1(//,)5,77,
+R VHQWLWR GLUH FKH TXDQGR QHOOD 0DUHPPD WRVFDQD YLHQH LO JLRUQR GHOOD FDVWUDWXUD GHL SXOHGUL
V LQYLWDQRJOLDPLFLDGXQSUDQ]RRYHLOSLDWWRFKHIDLSULPLRQRULqXQPDJQLILFRIULWWRGLJUDQHOOL'HOVDSRUHGL
TXHOOL QRQ SRVVR GLU QXOOD QRQ DYHQGROL DVVDJJLDWL EHQFKp GHO FDYDOOR HG DQFKH GHOO DVLQR FKL VD TXDQWH
YROWHVHQ]DVDSHUORYRLHGLRQHDYUHPRPDQJLDWR
9LSDUOHUzEHQVuGLTXHOOLGLPRQWRQHFKHSHUERQWjQRQGHYRQRYDOHUGLPHQRSHUFKpRIIURQRXQJXVWR
FRPHGLDQLPHOOHPDSLJHQWLOHDQFRUD
/HVVDWHOL LQ DFTXD VDODWD SRL IDWH ORUR XQ LQFLVLRQH VXSHUILFLDOH SHU LO OXQJR RQGH WRJOLHUH O LQYROXFUR
HVWHULRUHFKHqFRPSRVWRFRPHGLFRQRLILVLRORJLGHOODWXQLFDHGHOO HSLGLGLPR
7DJOLDWHOL D ILOHWWL VRWWLOL VDODWHOL DQFRUD XQ SRFR LQIDULQDWHOL EHQH SDVVDWHOL QHOO XRYR VEDWWXWR H
IULJJHWHOL
)5,772&2032672$//$%2/2*1(6(
$ TXHVWR IULWWR VL SRWUHEEH SL SURSULDPHQWH GDUH LO QRPH GL FURFFKHWWH ILQL 3UHQGHWH XQ SH]]R GL
PDJUR GL YLWHOOD GL ODWWH VWUDFRWWDWD XQ SLFFROR FHUYHOOR OHVVDWR R FRWWR QHO VXJR H XQD IHWWLQD GL SURVFLXWWR
JUDVVR H PDJUR 7ULWDWH RJQL FRVD FROOD OXQHWWD H SRL SHVWDWHOD EHQ ILQH QHO PRUWDLR 'RSR DJJLXQJHWH XQ
URVVRG XRYRRXQXRYRLQWHURVHFRQGRODTXDQWLWjHXQSRFRGLEDOVDPHOODQ0HWWHWHLOFRPSRVWRDO
IXRFRHULPHVWDQGRVHPSUHODVFLDWHFKHO XRYRVLFXRFLD
$JJLXQJHWH SHU XOWLPR SDUPLJLDQR JUDWWDWR O RGRUH GHOOD QRFH PRVFDWD GHL WDUWXIL WULWDWL ILQLVVLPL H
YHUVDWHORLQXQSLDWWR4XDQGRVDUjEHQGLDFFLRIDWHQHWDQWHSDOORWWROHURWRQGHGHOODJURVVH]]DGLXQDSLFFROD
QRFH H LQIDULQDWHOH 3RL PHWWHWHOH QHOO XRYR H GRSR QHO SDQJUDWWDWR ILQLVVLPR ULSHWHQGR SHU GXH YROWH
O RSHUD]LRQHHIULJJHWHOH
)5,772$//$520$1$,
0HWWHWH DO IXRFR XQ EDWWXWLQR GL FLSROOD H EXUUR H TXDQGR VDUj EHQ FRORULWR FXRFHWHFL XQ SH]]R GL
PDJURGLYLWHOODGLODWWHFRQGHQGRORFRQVDOHHSHSH$OORUFKpODFDUQHVDUjURVRODWDEDJQDWHODFRQPDUVDOD
SHU WLUDUOD D FRWWXUD 3HVWDWHOD QHO PRUWDLR H SHU UDPPRUELGLUOD DOTXDQWR VHUYLWHYL GHOO LQWLQWR ULPDVWR H VH
TXHVWRQRQEDVWDDJJLXQJHWHXQJRFFLRORGLEURGRHSHUXOWLPRXQURVVRG XRYRPDEDGDWHFKHLOFRPSRVWR
GHYHULPDQHUVRGHWWLQR
2UDSUHQGHWHGHOOHFLDOGHRVVLDRVWLHQRQWURSSRVRWWLOLHWDJOLDWHOHDTXDGUHWWLFRQVLPLOLDTXHOOLFKH
XVDQRLIDUPDFLVWLSHUOHSUHVLQH
)UXOODWH XQ XRYR H OD FKLDUD ULPDVWD SRL SUHQGHWH VX FRQ OH GLWD XQ RVWLD LQWLQJHWHOD QHOO XRYR H
SRVDWHOD VRSUD XQRVWUDWRGLSDQJUDWWDWRVXOODPHGHVLPDSRQHWHWDQWRFRPSRVWRTXDQWRXQDSLFFRODQRFH
LQWLQJHWH QHOO XRYR XQ DOWUD RVWLD IDWHOD WRFFDUH LO SDQJUDWWDWR GD XQD VROD SDUWH FLRq GD TXHOOD FKH GHYH
ULPDQHUHDOO HVWHUQRHFRQHVVDFRSULWHLOFRPSRVWRDSSLFFLFDQGRODDOO RVWLDVRWWRVWDQWHSDQDWHODDQFRUDVH
RFFRUUHHPHWWHWHLOSH]]RGDSDUWHULSHWHQGRO RSHUD]LRQHILQRDUREDILQLWD
)ULJJHWHORQHOO ROLRRQHOODUGRHVHUYLWHTXHVWRIULWWRFRPHSLDWWRGLWUDPHVVR&RQJUDPPLGLFDUQH
VHQ] RVVRRWWHUUHWHXQDYHQWLQDGLTXHVWLERFFRQL
)5,772$//$520$1$,,
4XHVWR IULWWR SRWUHWH IDUOR TXDQGR DYUHWH G RFFDVLRQH XQ SHWWR GL SROOR DUURVWLWR H SHU XQD TXDQWLWj
DOO LQFLUFDHJXDOHDOO DQWHFHGHQWHHFFRYLOHSURSRU]LRQL
3HWWRGLSROORJUDPPL
/LQJXDVDODWDJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
3DUPLJLDQRXQDFXFFKLDLDWD
8QSLFFRORWDUWXIRRPDQFDQGRTXHVWRRGRUHGLQRFHPRVFDWD
$O SROOR OHYDWH OD SHOOH H WDJOLDWHOR D SLFFROLVVLPL GDGL H FRVu SXUH OD OLQJXD H LO SURVFLXWWR LO WDUWXIR D
IHWWLQH
)DWHXQDEDOVDPHOODFRQ
/DWWHGHFLOLWUL
%XUURJUDPPL
)DULQDJUDPPL
4XDQGR TXHVWD VDUj FRWWD YHUVDWHFL JO LQJUHGLHQWL VXGGHWWL H ODVFLDWHOD GLDFFLDU EHQH SHU VHUYLUYHQH
XVDQGROHRVWLHFRPHQHOSUHFHGHQWH
)5,77(//(',5,62,
/DWWHPH]]ROLWUR
5LVRJUDPPL
)DULQDJUDPPL
8YDVXOWDQLQDJUDPPL
3LQROLWULWDWLDOODJURVVH]]DGHOULVRJUDPPL
8RYDWUHURVVLHXQDFKLDUD
%XUURTXDQWRXQDQRFH
=XFFKHURGXHSLFFROLFXFFKLDLQL
5KXPXQDFXFFKLDLDWD
2GRUHGLVFRU]DGLOLPRQH
/LHYLWRGLELUUDJUDPPL
8QSL]]LFRGLVDOH
3UHSDUDWHLOOLHYLWRGLELUUDFRPHSHL.UDSIHQQLQWULGHQGRORFRQJUDPPLGHOODGHWWDIDULQD
&XRFHWH LO ULVR QHO ODWWH LQ PRGR FKH ULHVFD VRGR H SHUz ODVFLDWH GD SDUWH DOTXDQWR ODWWH SHU
DJJLXQJHUOR VH RFFRUUH PD SHU HYLWDUH FKH VL DWWDFFKL ULPHVWDWH VSHVVR H ULWLUDWH OD FD]]DUXROD VRSUD XQ
DQJRORGHOIRUQHOOR
7ROWRGDOIXRFRHWLHSLGRFKHVLDYHUVDWHFLLOOLHYLWRJLjULJRQILDWROHXRYDLOUHVWRGHOODIDULQDFLRq L
JUDPPLULPDVWLLSLQROLLOUKXPHXQDOWURSR GLODWWHVHRFFRUUHGRSRDYHUORODYRUDWRDOTXDQWRXQLWHFLO XYD
HULPHWWHWHODFD]]DUXRODYLFLQRDOIXRFRRQGHOLHYLWLDPRGHUDWLVVLPRFDORUHWXWWRLOFRPSRVWR4XDQGRDYUj
ULJRQILDWR JHWWDWHOR LQ SDGHOOD D FXFFKLDLDWH SHU IRUPDU IULWWHOOH FKH ULXVFLUDQQR JURVVH H OHJJLHUH
6SROYHUL]]DWHOHGL]XFFKHURDYHORTXDQGRDYUDQQRSHUGXWRLOSULPREROORUHHVHUYLWHOHFDOGH
)5,77(//(',5,62,,
4XHVWHVRQRSLVHPSOLFLGHOOHGHVFULWWHDOQXPHURSUHFHGHQWHHULHVFRQRDQFK HVVHEXRQHHOHJJLHUH
&XRFHWHPROWRRPHJOLRPROWLVVLPRLQPH]]ROLWURFLUFDGLODWWHJUDPPLGLULVRGDQGRJOLVDSRUHH
JUD]LD FRQ EXUUR TXDQWR XQD QRFH SRFR VDOH XQ FXFFKLDLQR VFDUVR GL ]XFFKHUR H O RGRUH GHOOD VFRU]D GL
OLPRQH 'LDFFLR FKH VLD DJJLXQJHWH XQD FXFFKLDLDWD GL UKXP WUH URVVL G XRYR H JUDPPL GL IDULQD
0HVFRODWH EHQH H ODVFLDWH ULSRVDUH LO FRPSRVWR SHU GLYHUVH RUH $OORUFKp VDUHWH SHU IULJJHUOR PRQWDWH OH
FKLDUH TXDQWR SL SRWHWH DJJLXQJHWHOH PHVFRODQGR DGDJLR H JHWWDWHOR LQ SDGHOOD D FXFFKLDLDWH
6SROYHUL]]DWHOHDOVROLWRGL]XFFKHURDYHORHVHUYLWHOHFDOGH
)5,77(//(',6(02/,12
/DWWHPH]]ROLWUR
6HPROLQRJUDPPL
%XUURTXDQWRXQDQRFH
5KXPXQDFXFFKLDLDWD
2GRUHGLVFRU]DGLOLPRQH
6DOHTXDQWREDVWD
8RYDQ
&XRFHWHLOVHPROLQRQHOODWWHVDODWHORTXDQGRqFRWWRHGLDFFLRFKHVLDDJJLXQJHWHOHXRYDHLOUKXP
)ULJJHWHOHQHOO ROLRRQHOODUGRHPDQGDWHOHLQWDYRODVSROYHUL]]DWHGL]XFFKHURDYHOR
4XHVWDTXDQWLWjSXzEDVWDUHSHUTXDWWURRFLQTXHSHUVRQH
)5,77(//(',721'21(
6HQRQVDSHWHFRVDVLDXQWRQGRQHFKLHGHWHORD6WHQWHUHOORFKHQHPDQJLDVSHVVRSHUFKpJOLSLDFH
)DULQDJUDPPL
8RYDQ
$FTXDGHFLOLWUL
8QSL]]LFRGLVDOH
2GRUHGLVFRU]DGLOLPRQH
6WHPSHUDWHODIDULQDFRQODGHWWDDFTXDYHUVDWDDSRFRSHUYROWDHVDODWHOD*HWWDWHTXHVWRLQWULVRLQ
SDGHOOD SHU FXRFHUOR LQ ELDQFR FRQ EXUUR ROLR R ODUGR H TXDQGR q DVVRGDWR GD XQD SDUWH YROWDWHOR FRQ XQ
SLDWWRGDOO DOWUDHGHFFRYLLOWRQGRQH
2UDSHVWDWHORQHOPRUWDLRFRQO RGRUHVXGGHWWRHUDPPRUELGLWHORFRQOHXRYDGXHDXQWUDWWROHDOWUH
TXDWWUR XQD DOOD YROWD FRQ OH FKLDUH PRQWDWH ODYRUDQGR PROWR LO FRPSRVWR )ULJJHWHOR D FXFFKLDLDWH SHU
RWWHQHUOHIULWWHOOHFKHJRQILDQGRPROWRSUHQGRQRO DVSHWWRGLERPEH6SROYHUL]]DWHOHGL]XFFKHURDYHOR
$OFRPSRVWRSRWHWHXQLUHSLDFHQGRYLJUDPPLGLXYDPDODJDPDDOORUDTXHVWDWHQHWHODSULPDLQ
PROOHSHUYHQWLTXDWWU RUHQHOO DFTXDIUHVFDHGRSRWRJOLHWHOHLVHPL3RWUDQQREDVWDUHSHUVHLSHUVRQHR SHU
TXDWWURVHIDWHODPHWjGHOODGRVH
.5$3)(1,
3URYLDPRFLGLGHVFULYHUHLOSLDWWRFKHSRUWDTXHVWRQRPHGL WHGHVFKHULDHGDQGLDPRSXUHLQFHUFDGHO
EXRQRHGHOEHOORLQTXDOXQTXHOXRJRVLWURYLQRPDSHUGHFRURGLQRLVWHVVLHGHOODSDWULDQRVWUDQRQLPLWLDPR
PDLFLHFDPHQWHOHDOWUHQD]LRQLSHUVRORVSLULWRGLVWUDQLHURPDQLD
)DULQDG 8QJKHULDJUDPPL
%XUURJUDPPL
/LHYLWRGLELUUDTXDQWRXQDJURVVDQRFH
8RYDXQRLQWHURHXQURVVR
=XFFKHURXQFXFFKLDLQR
6DOHXQDEXRQDSUHVD
3UHQGHWH XQ SXJQR GHOOD GHWWD IDULQD SRQHWHOD VXOOD VSLDQDWRLD H IDWWDOH XQD EXFD LQ PH]]R
VWHPSHUDWHFL GHQWUR LO OLHYLWR GL ELUUD FRQ ODWWH WLHSLGR H IRUPDWHQH XQ SDQH GL JLXVWD VRGH]]D VXO TXDOH
LQFLGHUHWHXQWDJOLRLQFURFHSHUSRLFRQRVFHUPHJOLRVHKDULJRQILDWR3RQHWHTXHVWRSDQHLQXQWHJDPLQRR
LQXQDFD]]DUROLQDQHOFXLIRQGRVLDXQVRWWLOLVVLPRVWUDWRGLODWWHFRSULWHODHODVFLDWHODYLFLQRDOIXRFRRQGHLO
SDQHOLHYLWLDPRGHUDWLVVLPRFDORUHYHGUHWHFKHEDVWHUjXQDYHQWLQDGLPLQXWL/LHYLWDWRFKHVLDPHWWHWHORLQ
PH]]RDOODIDULQDULPDVWDHGLQWULGHWHODFROOHXRYDFROEXUUROLTXHIDWWRFROOR]XFFKHURHFROVDOH6HTXHVWR
SDVWRQH ULHVFH WURSSR PRUELGR DJJLXQJHWH WDQWD IDULQD GD ULGXUOR LQ PRGR FKH VL SRVVD GLVWHQGHUH FRO
PDWWHUHOOR DOOD JURVVH]]D GL PH]]R GLWR &RVu DYUHWH XQD VWLDFFLDWD GDOOD TXDOH FRQ XQ FHUFKLR GL ODWWD
WDJOLHUHWHWDQWLGLVFKLGHOODJUDQGH]]DGLTXHOORVRSUDVVHJQDWR
$PPHVVR FKH QH IDFFLDWH SUHQGHWH XQ XRYR R DOWUR DUQHVH GL IRUPD FRQVLPLOH H FROOD SXQWD GHO
PHGHVLPR SLJLDWH QHO PH]]R GL RJQXQR GHL GLVFKLSHULPSULPHUJOLXQDEXFD,QGLGHWWLGLVFKLSRQHWHXQ
FXFFKLDLQR GL XQ EDWWXWLQR WLUDWR FRO VXJR H OD EDOVDPHOOD FRPSRVWR GL IHJDWLQL DQLPHOOH SURVFLXWWR OLQJXD
VDODWDRGRUHGLWDUWXILRGLIXQJKLLOWXWWRWDJOLDWRDSLFFROLGDGL
%DJQDWHLGLVFKLDOO LQWRUQRFRQXQGLWRLQWLQWRQHOO DFTXDHVRSUDFLDVFXQRVRYUDSSRQHWHXQDOWURGLVFR
GHL ULPDVWL YXRWL TXDQGR VDUDQQR WXWWL FRSHUWL SUHPHWH VRSUD DL PHGHVLPL XQ DOWUR FHUFKLR GL ODWWD GL
GLPHQVLRQHHJXDOHDTXHOORTXLGHOLQHDWRRQGHVLIRUPLXQ LQFLVLRQHWXWWRDOO LQJLUR
2UDFKHDYHWHTXHVWLSDVWLFFLQLULSLHQLELVRJQDOLHYLWDUOLPDDOLHYHFDORUHHFLz RWWHUUHWHIDFLOPHQWH
SRQHQGROLYLFLQRDOIXRFRRGHQWURDXQDVWXID4XDQGRVDUDQQRULJRQILDWLEHQHIULJJHWHOLQHOODUGRRQHOO ROLR
LQ PRGR FKH VLHQR ULFRSHUWL GDOO XQWR H VHUYLWHOL FDOGL FRPH IULWWR R SLDWWR GL WUDPHVVR LO TXDOH SHU OD VXD
DSSDUHQ]DHERQWjVDUjJLXGLFDWRSLDWWRGLFXFLQDILQH
6HYROHWHFKHVHUYDQRSHUGROFHQRQDYUHWHDOWURDIDUHFKHULHPSLUOLGLXQDFUHPDDOTXDQWRVRGDRGL
FRQVHUYDGLIUXWWDVSROYHUL]]DQGROLGRSRFRWWLGL]XFFKHURDYHOR
3HUXQ DOWUDULFHWWDGLTXHVWL.UDSIHQYHGLLOQ
%20%((3$67$6,5,1*$
4XHVWDULFHWWDFKHSXzVHUYLUHXJXDOPHQWHEHQHSHUOHERPEHHSHUODSDVWDVLULQJDqXQSR IDWLFRVD
PDQRQqGLGLIILFLOHHVHFX]LRQH
$FTXDJUDPPL
)DULQDG 8QJKHULDRILQLVVLPDJUDPPL
%XUURTXDQWRXQDQRFH
6DOHXQDSUHVD
2GRUHGLVFRU]DGLOLPRQH
8RYDQHXQURVVR
0HWWHWH DO IXRFR O DFTXD FRO EXUUR H LO VDOH H TXDQGR EROOH YHUVDWH OD IDULQD WXWWD D XQ WUDWWR H
ULPHVWDWHODIRUWH7HQHWHODSDVWDVXOIXRFRILQRDFKHODIDULQDVLDEHQFRWWD PLQXWL ULPRYHQGRODVHPSUH
SRLOHYDWHODGDOODFD]]DUXRODHVWLDFFLDWHODDOODJURVVH]]DGLXQGLWRSHUFKpVLGLDFFLEHQH
&RPLQFLDWHDODYRUDUODSHUWHPSRGDSULPDFRQXQURVVRG XRYRHTXDQGRO KDLQFRUSRUDWRDJJLXQJHWH
XQDFKLDUDEHQPRQWDWDSRLXQDOWURURVVRHODYRUDQGRODVHPSUHFROPHVWRORXQ DOWUDFKLDUDPRQWDWDHFRVu
GL VHJXLWR VH OD GRVH IRVVH GRSSLD R WULSOD GHOOD SUHVHQWH $ IRU]D GL ODYRUDUOR LO FRPSRVWR GHYH ULXVFLUH LQ
XOWLPR ILQH FRPH XQ XQJXHQWR 6H VL WUDWWD GL ERPEH JHWWDWHOR LQ SDGHOOD D FXFFKLDLQL GDQGRJOL OD IRUPD
URWRQGD VH GHVLGHUDWH OD SDVWD VLULQJD IDWHOR SDVVDUH SHU OD FDQQD D WUDYHUVR D XQ GLVFR VWHOODWR FRPH OD
ILJXUD ULSRUWDWD TXL VRSUD H WDJOLDWHOR YLD YLD DOOD OXQJKH]]D GL D FHQWLPHWUL 4XDQGR DYUj SHUGXWR LO
SULPR EROORUH VSROYHUL]]DWHOD GL ]XFFKHUR D YHOR ,O GRSSLR GL TXHVWD GRVH SRWUj EDVWDUH SHU RWWR R GLHFL
SHUVRQH
4XHVWHERPEHSRVVRQRDQFKHVHUYLUHFRPHIULWWRFRPSRVWRSUDWLFDQGRYLXQDSLFFRODLQFLVLRQHTXDQGR
VRQFRWWHSHULQWURGXUQHOO LQWHUQRXQSRFRGLEDWWXWRGHOLFDWRGLFDUQHPDDOORUDQRQYDQQRVSROYHUL]]DUHGL
]XFFKHUR
%20%(&203267(
4XHVWHERPEHGHYRQRHVVHUHVFRSSLDWHODSULPDYROWDD%RORJQD/DFDULFDFKHFRQWHQJRQRGLFDFLR
HPRUWDGHOODPHORIDQQRVXSSRUUH&RPXQTXHVLDDJJUDGLWHOHSHUFKpIDQQRRQRUHDOO LQYHQWRUH
$FTXDJUDPPL
)DULQDJUDPPL
)RUPDJJLRJUXLHUDJUDPPL
%XUURTXDQWRXQDQRFH
0RUWDGHOODGL%RORJQDJUDPPL
8RYDQ
8QSL]]LFRGLVDOH
0HWWHWHO DFTXDDOIXRFRFROEXUURHFROVDOHHTXDQGRFRPLQFLDDEROOLUHJHWWDWHLQHVVDLOIRUPDJJLRD
SH]]HWWLQL H VXELWR OD IDULQD WXWWD LQ XQ WUDWWR ULPHVWDQGR IRUWH 7HQHWH OD SDVWD DO IXRFR PLQXWL FLUFD
ULPXRYHQGRODVHPSUHSRLODVFLDWHODGLDFFLDUH/DYRUDWHODPROWLVVLPRHGDULSUHVHFROPHVWRORJHWWDQGRYLXQ
XRYRSHUYROWDSULPDLOURVVRSRLODFKLDUDPRQWDWDHTXDQGRVDUHWHSHUIULJJHUODDJJLXQJHWHODPRUWDGHOODD
GDGL ODUJKL XQ FHQWLPHWUR H JURVVHWWLQL 4XDORUD O LPSDVWR ULXVFLVVH XQ SR WURSSR VRGR SHU OD TXDOLWj GHOOD
IDULQD R SHUFKp OH XRYD HUDQR SLFFROH DJJLXQJHWHQH XQ DOWUR H QH RWWHUUHWH WDQWH FKH EDVWHUDQQR SHU VHL
SHUVRQH6HTXHVWHERPEHVRQRYHQXWHEHQHOHYHGUHWHJRQILDUHHULPDQHUYXRWHGHQWURPDFLYXROIRU]DLQ
FKLOHODYRUD
6HUYLWHOHFDOGHSHUFRQWRUQRDXQIULWWRGLFDUQHRGLIHJDWRRSSXUHPLVWHDTXDOXQTXHDOWURIULWWR
%20%(',6(02/,12
/DWWHGHFLOLWULSDULDJUDPPL
6HPROLQRGLJUDQDILQHJUDPPL
%XUURTXDQWRXQDQRFH
=XFFKHURXQFXFFKLDLQR
6DOHTXDQWREDVWD
2GRUHGLVFRU]DGLOLPRQH
8RYDQ
0HWWHWHDOIXRFRLOODWWHFROEXUURHOR]XFFKHURHTXDQGRFRPLQFLDDEROOLUHYHUVDWHLOVHPROLQRDSRFR
DSRFRRQGHQRQDEELDDIDUER]]ROL7HQHWHORVXOIXRFRILQRDFKHQRQVLDEHQVRGRDJLWDQGRORVHPSUHFRO
PHVWROR SHUFKp QRQ VL DWWDFFKL DO IRQGR 5LWLUDWHOR GDO IXRFR VDODWHOR H VXELWR VFRFFLDWHJOL GHQWUR LO SULPR
XRYRSRLTXDQGRVDUHWHSHUIULJJHUORJOLDOWULGXHXQRDOODYROWDPRQWDQGROHFKLDUHHODYRUDQGRORVHPSUH
PROWRFROPHVWROR4XDQGRORJHWWDWHLQSDGHOODGDWHJOLODIRUPDGLSDOORWWROHOHTXDOLULJRQILHUDQQRSHUGLYHQLU
ERPEH OHJJHULVVLPH FKHYDQQRVSROYHUL]]DUHGL]XFFKHURDYHORSHUGXWRFKHDEELDQRLOIRUWHFDORUH8VDWH
IXRFROHJJLHURHGLPHQDWHODSDGHOOD
&$5&,2),)5,77,
4XHVWR q XQ IULWWR PROWRVHPSOLFH PD SXUH SDUH LQFUHGLELOH QRQ WXWWL OR VDQQR IDUH ,Q DOFXQL SDHVL
OHVVDQRLFDUFLRILSULPDGLIULJJHUOLLOFKHQRQYDEHQHLQDOWULOLDYYROJRQRLQXQDSDVWHOODODTXDOHQRQVROR
QRQqQHFHVVDULDPDOHYDDOIUXWWRLOVXRJXVWRQDWXUDOH(FFRYLLOPHWRGRXVDWRLQ7RVFDQDFKHqLOPLJOLRUH
&ROjIDFHQGRVLJUDQGHXVRHGDEXVRGLOHJXPLHGHUEDJJLVLFXFLQDQRPHJOLRFKHDOWURYH
3UHQGHWH SHU HVHPSLR GXH FDUFLRILQHWWDWHOLGDOOH IRJOLHFRULDFHHVSXQWDWHOLPRQGDWHQHLOJDPERH
WDJOLDWHOLLQGXHSDUWLSRLTXHVWLPH]]LFDUFLRILWDJOLDWHOLDVSLFFKLRSHUPHJOLRGLUHDIHWWHGDFDYDUQHR
SHU FDUFLRIR DQFKH VH QRQ q PROWR JURVVR 'L PDQR LQ PDQR FKH OL WDJOLDWH JHWWDWHOL QHOO DFTXD IUHVFD H
TXDQGR VL VDUDQQR EHQ ULQIUHVFDWL OHYDWHOL HG DVFLXJDWHOL FRVu DOO LQJURVVR R VSUHPHWHOL VROWDQWR JHWWDQGROL
VXELWRQHOODIDULQDSHUFKpYLUHVWLEHQHDWWDFFDWD
0RQWDWHDPH]]RODFKLDUDGLXQXRYRFKp XQRVROREDVWDSHUGXHFDUFLRILSRLQHOODFKLDUDPHVFRODWH
LO WRUOR H VDODWHOR 0HWWHWH L FDUFLRIL LQ XQ YDJOLHWWLQR SHU VFXRWHUQH OD IDULQD VXSHUIOXD H GRSR SDVVDWHOL
QHOO XRYR PHVFRODWH H ODVFLDWHFHOL TXDOFKH SRFR RQGH O XRYR V LQFRUSRUL *HWWDWH L SH]]L D XQR D XQR LQ
SDGHOODFRQO XQWRDEROORUHHTXDQGRDYUDQQRSUHVRXQEHOFRORUHGRUDWROHYDWHOLHPDQGDWHOLLQWDYRODFRQ
VSLFFKLGLOLPRQHSHUFKpFRPHRJQXQVDO DJURVXLIULWWLFKHQRQVRQRGROFLGjVHPSUHJUD]LDHGHFFLWDPHQWR
DOEXRQEHUH
6H GHVLGHUDWH FKH L FDUFLRIL UHVWLQR ELDQFKL q PHJOLR IULJJHUOL QHOO ROLR H VWUL]]DUH PH]]R OLPRQH
QHOO DFTXDTXDQGROLPHWWHWHLQPROOH
&272/(77(',&$5&,2),
&HUWHVLJQRUHVLGROHYDQRGLQRQWURYDUHQHOPLROLEURTXHVWRIULWWRHGHFFROHDSSDJDWH
3UHQGHWH GXH FDUFLRIL JURVVL QHWWDWHOL GDOOH IRJOLH GXUH H UDVFKLDWHQH LO JDPER SRL OHVVDWHOL PD QRQ
WURSSRHFRVuEROOHQWLWDJOLDWHOLSHULOOXQJRLQFLQTXHIHWWHFLDVFXQRODVFLDQGRFLXQSR GLJDPERHFRQGLWHOL
FRQVDOHHSHSH
)DWHXQDEDOVDPHOODFRVu
)DULQDJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
/DWWHGHFLOLWUL
7ROWDGDOIXRFRPHVFRODWHFLXQURVVRG XRYRLOSDUPLJLDQRHXQDSUHVDGLVDOHHSUHVHVXDGXQDDG
XQD SHO JDPER OH IHWWH GHL FDUFLRIL LPPHUJHWHOH QHOOD EDOVDPHOOD GLVWHQGHWHOH VX XQ YDVVRLR H FRQ XQ
FXFFKLDLRULFRSULWHOHFRQODEDOVDPHOODULPDVWD'RSRGLYHUVHRUHTXDQGRVDUDQQREHQGLDFFHGRUDWHOHFRQ
XQXRYRIUXOODWRLPSDQDWHOHHIULJJHWHOHQHOO ROLRRQHOORVWUXWWR
=8&&+,1,)5,77,,
*OL ]XFFKLQL IULWWL EHQH SLDFFLRQR JHQHUDOPHQWH D WXWWL H VL SUHVWDQR D PHUDYLJOLD SHU ULILRULUH R
FRQWRUQDUHXQDOWURIULWWRTXDOXQTXH
3UHQGHWH]XFFKLQLGLIRUPDDOOXQJDWDGHOODGLPHQVLRQHGLXQGLWRHSLODYDWHOLHWDJOLDWHOLDILOHWWLODUJKL
XQFHQWLPHWURRPHQROHYDWHORURXQDSDUWHGHOPLGROORHVDODWHOLQRQWURSSR'RSRXQ RUDRGXHGDTXHVWD
SUHSDUD]LRQH VFRODWHOLGDOO DFTXRVLWj FKH KDQQR JHWWDWD H VHQ]DDVFLXJDUOLSXQWREXWWDWHOLQHOODIDULQDHGD
TXHVWDQHOYDJOLHWWLQRVFXRWHQGROLEHQHGDOODIDULQDVXSHUIOXDVXELWRGRSRJHWWDWHOLLQSDGHOODRYHO XQWRROLR
RODUGRFKHVLDVLWURYLLQDEERQGDQ]DHEROOHQWH'DSULQFLSLRQRQOLWRFFDWHSHUQRQURPSHUOLHVRORTXDQGR
VLVRQRDVVRGDWLULPXRYHWHOLFROODPHVWRODIRUDWDHOHYDWHOLTXDQGRFRPLQFLDQRDSUHQGHUHFRORUH
6L SRVVRQR DQFKH FXFLQDUH FRPH L FDUFLRIL LQ WHJOLD GHO Q PD DOORUD ELVRJQD WDJOLDUOL D IHWWH
URWRQGHHSUHSDUDUOLFRPHTXHOOLGDIULJJHUH
=8&&+,1,)5,77,,,
4XHVWL ULXVFLUDQQR PLJOLRUL H SL DSSDULVFHQWL GL TXHOOL GHOOD ULFHWWD DQWHFHGHQWH 3UHQGHWH ]XFFKLQL
JUDQGLHJURVVLGDQRQSRWHUVLDEEUDQFDUHFRQXQDPDQR6EXFFLDWHOLSHUUHQGHUHLOIULWWRSLEHOORDSULWHOLLQ
GXHSDUWLSHULOOXQJRHOHYDWHORURLOPLGROORLQTXHOODSDUWHFKHPRVWUDQRLVHPL3RLWDJOLDWHOLDVWULVFHOXQJKH
HVRWWLOLODUJKHXQGLWREXRQRHSRQHWHOLFROVDOHDIDUO DFTXDODVFLDQGRYHOLSHUTXDOFKHRUD4XDQGRVDUHWH
SHU IULJJHUOL SUHQGHWHOL VX FRQ DPEHGXH OH PDQL H VWULQJHWHOL IRUWH SHU LVSUHPHUQH O DFTXD FKH DQFRUD
FRQWHQJRQR SRL JHWWDWHOL QHOOD IDULQD VFLRJOLHQGROL FROOH GLWD LQGL QHO YDJOLHWWLQR H EXWWDWHOL VXELWR LQ SDGHOOD
FRQPROWRXQWR
&,$0%(//,1(
$QFKHTXHVWRSLDWWRVHQRQVLYHGHPDQLSRODUHqGLIILFLOHFKHULHVFDEHQHPLSURYHUz DGHVFULYHUOR
PD QRQ JDUDQWLVFR GL IDUPL FDSLUH $ PH TXHVWH FLDPEHOOLQH IXURQRLQVHJQDWH FROQRPH GL EHLJQHWV PD OD
ORURIRUPDPLVXJJHULVFHTXHOORSLSURSULRGLFLDPEHOOtQHHSHUWDOLYHOHRIIUR
0HWWHWH DO IXRFR LQ XQD FD]]DUXROD JUDPPL GL DFTXD XQ SH]]HWWR GL EXUUR TXDQWR XQD JURVVD
QRFH GXH FXFFKLDLQL GL ]XFFKHUR H XQ SL]]LFR GL VDOH 4XDQGR LO OLTXLGR EROOH VWHPSHUDWHFL JUDPPL GL
IDULQDJHWWDQGRODWXWWDDXQWUDWWRRQGHQRQVLIRUPLQRER]]ROLHGLPHQDWHVXELWRFROPHVWROR/HYDWHODSUHVWR
GDO IXRFR H PHQWUH q FRVu D EROORUH VFRFFLDWH QHOOD PHGHVLPD XQ XRYR H PHVFRODWH IRUWH ILQFKp VLD EHQH
LQFRUSRUDWR SRL DG LQWHUYDOOL TXDQGR LO FRPSRVWR q GLDFFLR DJJLXQJHWH DOWUHGXHXRYDODYRUDQGR VHPSUHH
PROWR FRO PHVWROR ILQFKp VLD EHQ PDQWHFDWR H FLz VL FRQRVFH GDOO D]LRQH GHO PHVWROR VWHVVR LO TXDOH QHL
YXRWL FKH ODVFLD VL WLUD GLHWUR XQ VRWWLO YHOR GL SDVWD 'DWHOH O RGRUH GL YDLQLJOLD H SUHSDUDWH VXOOD VSLDQDWRLD
XQD FHUWD TXDQWLWj GL IDULQD VXOOD TXDOH YHUVHUHWH OD GHWWD SDVWD $OORUD FRPLQFLDWH D SDOSDUOD FROOH PDQL
LPEUDWWDWH QHOOD VWHVVD IDULQD H DYYROWRODWHYHOD HQWUR LQ PRGR FKH GHOOD IDULQD VH QH DSSURSUL WDQWD GD
UHQGHUVLPDQHJJHYROHPDSHUzPRUELGDDOTXDQWR
'LYLGHWHTXHVWRSDVWRQHLQRSDUWLIRUPDQGRWDQWHSDOORWWROHFKHULXVFLUDQQRJURVVHSRFRSLGL
XQDQRFHDGRJQXQDGLTXHVWHSDOORWWROHIDWHXQEXFRLQPH]]RSUHPHQGROHFROODSXQWDGLXQGLWRFRQWUROD
VSLDQDWRLDHJLUDQGROHVRSUDVpVWHVVHULYROWDWHOHHIDWHDOWUHWWDQWRGDOODSDUWHRSSRVWDRQGHLOEXFRGLYHQWL
ODUJRHGDJJUD]LDWRFRVuTXHVWHSDOORWWROHSUHQGHUDQQRODIRUPDGLFLDPEHOOLQH2UDPHWWHWHDOIXRFRXQYDVR
G DFTXD GL ERFFD ODUJD H TXDQGR O DFTXD VDUj EHQ FDOGD PD QRQ EROOHQWH JHWWDWHYL OH FLDPEHOOLQH D WUH R
TXDWWURSHUYROWD6HVLDWWDFFDQRDOIRQGRVROOHYDWHOHOHJJHUPHQWHFROODPHVWRODIRUDWDYROWDWHOHHGDOORUFKp
YHQJRQR D JDOOD OHYDWHOH DVFLXWWH H SRQHWHOH VRSUD XQ SDQQROLQR SRL FROOD SXQWD GL XQ FROWHOOR IDWH DG
RJQXQD JLUR JLUR WDQWR GDOOD SDUWH HVWHUQD FKH LQWHUQD XQ LQFLVLRQH RG DQFKH GXH D XQD FHUWD GLVWDQ]D
SHUFKpSRVVDQULJRQILDUPHJOLR
,QTXHVWRVWDWRSRWUHWHODVFLDUOHDQFKHSHUGHOOHRUHVHYLIDFRPRGR)ULJJHWHOHFRQPROWRXQWRODUGR
RGROLRFKHVLDDIXRFROHQWRGLPHQDQGRVSHVVRODSDGHOODVHVDUDQQRYHQXWHEHQHOHYHGUHWHFUHVFHUHD
XQYROXPHVWUDRUGLQDULRUHVWDQGRDVFLXWWH&DOGHDQFRUDPDQRQEROOHQWLVSROYHUL]]DWHOHGL]XFFKHURDYHOR
H VHUYLWHOH DXJXUDQGRVL OR VFULYHQWH FKH HVVH SHU OD ORUR ERQWj HG HOHJDQ]D GL IRUPD VLDQR JXVWDWH GD
ERFFKHJHQWLOLHGDEHOOHHJLRYDQLVLJQRUHHFRVuVLD
'21=(//,1(
)DULQDJUDPPL
%XUURTXDQWRXQDQRFH
/DWWHTXDQWREDVWD
8QSL]]LFRGLVDOH
)RUPDWHQHXQLQWULVRQpWURSSRVRGRQpWURSSRPRUELGRODYRUDWHORPROWRFROOHPDQLVXOODVSLDQDWRLDH
WLUDWHQH XQD VIRJOLD GHOOD JURVVH]]D GL XQR VFXGR 7DJOLDWHOD D SLFFROH PDQGRUOH IULJJHWHOD QHO ODUGR R
QHOO ROLRHODYHGUHWHJRQILDUHULXVFHQGRWHQHUDHGHOLFDWDDOJXVWR
&RVu DYUHWH OH GRQ]HOOLQH FKH YDQQR VSROYHUL]]DUH FRQ ]XFFKHUR D YHOR TXDQGR QRQ VDUDQQR SL
EROOHQWL
)5,772',&+,)(/6
ÊXQIULWWRGLSRFRFRQWRPDSHUFRQWRUQRDXQIULWWRGLFDUQHSXzVHUYLUHGDSDQH
&KLIHOVQ
/DWWHGHFLOLWUL
=XFFKHURJUDPPL
/HYDWH OH SXQWH DL FKLIHOV H WDJOLDWHOL D URWHOOLQH JURVVH XQ FHQWLPHWUR FKH FROORFKHUHWH VRSUD XQ
YDVVRLR 3RQHWH LO ODWWH DO IXRFR FRO GHWWR ]XFFKHUR H TXDQGR VDUj D EROORUH YHUVDWHOR VXOOH PHGHVLPH SHU
LQ]XSSDUOH QRQ PROWR 'LDFFH FKH VLHQR EDJQDWHOH LQ GXH XRYD IUXOODWH SDQDWHOH H IULJJHWHOH 3HU VLJQRUH
IDFLOL D FRQWHQWDUVL SRVVRQR VHUYLUH FRPH SLDWWR GROFH VH GDWH ORUR O RGRUH GHOOD YDLQLJOLD VSROYHUL]]DQGROH
GRSRFRWWHGL]XFFKHURDYHOR
$0$5(77,)5,77,
3UHQGHWH DPDUHWWL SLFFROL EDJQDWHOL OHJJHUPHQWH RQGH QRQ UDPPROOLVFDQR WURSSR GL UKXP R GL
FRJQDFLQYROWDWHOLQHOODSDVWHOODGHOQFKHqGRVHEDVWDQWHHIULJJHWHOLQHOORVWUXWWRQHOEXUURRQHOO ROLR
6SROYHUL]]DWHOLOHJJHUPHQWHGL]XFFKHURDYHORHVHUYLWHOLFDOGL
1RQqIULWWRGDIDUJOLOHIXULHHGDDQGDUORDFHUFDUHPDSXzVHUYLUGLFRPSHQVRTXDQGRFDSLWLLOFDVR
&5(6&(17(
&KHOLQJXDJJLRVWUDQRVLSDUODQHOODGRWWD%RORJQD
,WDSSHWL GDWHUUD OLFKLDPDQR LSDQQLLILDVFKLLILDVFKHWWL GLYLQR ]XFFKH]XFFKHWWHOHDQLPHOOHL
ODWWL'LFRQR]LJjUH SHUSLDQJHUHHDGXQDGRQQDPDOVDQDEUXWWDHGXJJLRVDFKHVLGLUHEEHXQDFDOtDRXQD
VFDPRQHD GDQQR LO QRPH GL VDJRPD 1HOOH WUDWWRULH SRL WURYDWH OD WULIROD OD FRVWDWD DOOD ILRUHQWLQD HG DOWUH
VLIIDWWHFRVHGDVSLULWDUHLFDQL)XOjLRFUHGRFKHV LQYHQWDURQROHEDWWHULHSHUVLJQLILFDUHOHFRUVHGLJDUDD
EDURFFLQRRDVHGLRORHGRYHVLHUDWURYDWRLOYRFDEROR]RQDSHULQGLFDUHXQDFRUVDLQWUDQYDL4XDQGRVHQWLL
OD SULPD YROWD QRPLQDUH OD FUHVFHQWH FUHGHL VL SDUODVVH GHOOD OXQD VL WUDWWDYD LQYHFH GHOOD VFKLDFFLDWD R
IRFDFFLDRSDVWDIULWWDFRPXQHFKHWXWWLFRQRVFRQRHWXWWLVDQQRIDUHFRQODVRODGLIIHUHQ]DFKHL%RORJQHVL
SHUUHQGHUODSLWHQHUDHGLJHULELOHQHOO LQWULGHUHODIDULQDFROO DFTXDGLDFFLDHLOVDOHDJJLXQJRQRXQSRFRGL
ODUGR
3DUHFKHODVWLDFFLDWDJRQILPHJOLRVHODJHWWDWHLQSDGHOODFROO XQWRDEROORUHIXRULGHOIXRFR
6RQRSHUDOWURL%RORJQHVLJHQWHDWWLYDLQGXVWULRVDDIIDELOHHFRUGLDOHHSHUzWDQWRFRQJOLXRPLQLFKH
FRQ OH GRQQH VL SDUOD YROHQWLHUL SHUFKp SLDFH OD ORUR IUDQFD FRQYHUVD]LRQH &RGHVWD VH LR DYHVVL D
JLXGLFDUHqODYHUDHGXFD]LRQHHFLYLOWjGLXQSRSRORQRQTXHOODGLFHUWHFLWWjLFXLDELWDQWLVRQGLXQFDUDWWHUH
GHOWXWWRGLYHUVR
,O%RFFDFFLRLQXQDGHOOHVXHQRYHOOHSDUODQGRGHOOHGRQQHERORJQHVLHVFODPD
³2 VLQJRODU GROFH]]D GHOVDQJXHERORJQHVHTXDQWRVH WXVHPSUHVWDWDGDFRPPHQGDUHLQFRVuIDWWL
FDVL FDVL G DPRUH PDL GL ODJULPH Qp GL VRVSLU IRVWL YDJD H FRQWLQXDPHQWH D SULHJKL SLHJKHYROH H DJOL
DPRURVLGHVLGHULRDUUHQGHYROIRVWLVHLRDYHVVHGHJQHORGLGDFRPPHQGDUWLPDLVD]LDQRQVHQHYHGUHEEH
ODYRFHPLD´
&5(6&,21,
3HUFKp VL FKLDPLQR FUHVFLRQL H QRQ WRUWHOOL GL VSLQDFL YDWWHO D SHVFD 6R FKH VL OHVVDQR GHJOL VSLQDFL
VHFRQGR O XVR FRPXQH FLRqVHQ] DFTXD H VSUHPXWLEHQH VL PHWWRQR WDJOLDWL DOO LQJURVVRLQXPLGRFRQXQ
VRIIULWWRGLROLRDJOLRSUH]]HPRORVDOHHSHSHSRLVLDJJUD]LDQRFRQXQSR GLVDSDHFRQXYDVHFFDDFXL
VLDQR VWDWL OHYDWL JOL DFLQL ,Q PDQFDQ]D GHOOD VDSD H GHOO XYD VHFFD VL VXSSOLVFH FRQ OR ]XFFKHUR H O XYD
SDVVROLQD
3RLTXHVWLVSLQDFLFRVuFRQGLWLVLFKLXGRQRQHOODSDVWDPDWWDQLQWULVDFRQTXDOFKHJRFFLDG ROLR
WLUDWD D VIRJOLD VRWWLOH H WDJOLDWD FRQ XQ GLVFR DOO LQFLUFD GL TXHOOR VHJQDWR LQ TXHVWD SDJLQD 4XHVWL GLVFKLVL
SLHJDQRLQGXHSHUIDUSUHQGHUORURODIRUPDGLPH]]DOXQDVLVWULQJHEHQHODSLHJDWXUDHVLIULJJRQRQHOO ROLR
6HUYRQRFRPHSLDWWRGLWUDPHVVR
&52&&+(77(
6L SRVVRQR IDUHFRQRJQLVRUWDGLFDUQHDYDQ]DWDHVLSUHSDUDQRFRPH OHSROSHWWHGHOQVHQ]D
SHUz O XYD SDVVROLQD H L SLQROL ,QYHFH VL SXz GDU ORUR SLDFHQGR O RGRUH GHOO DJOLR XQHQGRYL DQFKH TXDOFKH
IRJOLD GL SUH]]HPROR $ TXHVWH FURFFKHWWH FRQYLHQ PHJOLR GDUH OD IRUPD D URFFKHWWL H JHQHUDOPHQWH VL
PDQJLDQRVROWDQWRIULWWH
&52&&+(77(',$1,0(//(
3UHQGHWH JUDPPL GL DQLPHOOH FXRFHWHOH QHO VXJR RSSXUH FRQ XQ EDWWXWLQR GL FLSROOD H EXUUR H
FRQGLWHOH FRQ VDOH SHSH H O RGRUH GHOOD QRFH PRVFDWD 3RL WDJOLDWHOH D SLFFROL GDGL H PHVFRODWHOH D GXH
FXFFKLDLDWH GL EDOVDPHOOD SLXWWRVWR VRGD DJJLXQJHQGR XQ URVVR G XRYR H XQ EXRQ SL]]LFR GL SDUPLJLDQR
3UHQGHWHVXLOFRPSRVWRDSLFFROHFXFFKLDLDWHYHUVDWHORQHOSDQJUDWWDWRGDQGRJOLODIRUPDELVOXQJDDGXVR
URFFKHWWR 'RSR LPPHUJHWHOH QHOO XRYR VEDWWXWR SRL XQ DOWUD YROWD QHO SDQJUDWWDWR H IULJJHWHOH 3RWUHWH
UHQGHUOH GL JXVWR SL JUDWR VH QHO FRPSRVWR DJJLXQJHWH SURVFLXWWR JUDVVR H PDJUR OLQJXD VDODWD D SLFFROL
GDGLHVHLQYHFHGHOODQRFHPRVFDWDGDWHORURO RGRUHGHLWDUWXILDSH]]HWWLQL
&RO VXGGHWWR TXDQWLWDWLYR GL DQLPHOOH RWWHUUHWH GLHFL R GRGLFL FURFFKHWWH OH TXDOL SRWHWH XQLUH DG DOWUD
TXDOLWjGLIULWWRSHUIDUHXQSLDWWRGLIULWWRPLVWR
&52&&+(77(',5,626(03/,&,
/DWWHPH]]ROLWUR
5LVRJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQ
&XRFHWHPROWRVRGRLOULVRQHOODWWHHDPH]]DFRWWXUDDJJLXQJHWHLOEXUURHVDODWHOR
/HYDWHOR GDO IXRFR YHUVDWHFL LO SDUPLJLDQR H FRVu D EROORUH VFRFFLDWHFL GHQWUR XQ XRYR PHVFRODQGR
VXELWRSHULQFRUSRUDUOR4XDQGRVDUjEHQGLDFFLRSUHQGHWHORVXDFXFFKLDLDWHHGLQYROWDWHORQHOSDQJUDWWDWR
GDQGRJOL IRUPD FLOLQGULFD FRQ TXHVWD GRVH RWWHUUHWH GRGLFL FURFFKHWWH )UXOODWH O XRYR ULPDVWR JHWWDWHFL
GHQWUROH FURFFKHWWHDXQDDXQDLQYROWDWHOHGLQXRYRQHOSDQJUDWWDWRHIULJJHWHOH
6LSRVVRQRVHUYLUVROHPDPHJOLRDFFRPSDJQDWHFRQDOWUDTXDOLWjGLIULWWR
&52&&+(77(',5,62&203267(
6HUYLWHYL GHOOD ULFHWWD DQWHFHGHQWH H PHVFRODWH IUDPH]]R DO ULVR TXDQGR VDUj FRWWR H GRVDWR OH
ULJDJOLH GL XQ SROOR WLUDWH D FRWWXUD FRQ EXUUR H VXJR H VH TXHVWR YL PDQFD VXSSOLWH FRQ XQ EDWWXWLQR GL
FLSROOD
/HULJDJOLHWDJOLDWHOHGRSRFRWWHDOODJURVVH]]DGLXQFHFH
&52&&+(77(',3$7$7(
3DWDWHJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
5RVVLG XRYRQ
=XFFKHURXQFXFFKLDLQR
2GRUHGLQRFHPRVFDWD
/HSDWDWHVEXFFLDWHOHHVHVRQRJURVVHWDJOLDWHOHLQTXDWWURSDUWLHPHWWHWHOHDEROOLUHLQDFTXDVDODWD
SHUSDVVDUOHGDOORVWDFFLRDVFLXWWHTXDQGRVDUDQQRFRWWHHGDQFRUDEROOHQWL$OSDVVDWRDJJLXQJHWHLOEXUUR
VFLROWRG LQYHUQRHWXWWRLOUHVWRPHVFRODQGR
/DVFLDWH FKH LO FRPSRVWR GLDFFL EHQH GLYLGHWHOR LQGLHFL RGRGLFLSDUWLHVRSUDXQRVWUDWROHJJLHURGL
IDULQD GDWH ORUR OD IRUPD GL URFFKHWWR SHU RWWHQHU OH FURFFKHWWH )UXOODWH XQ XRYR H QHO PHGHVLPR
LPPHUJHWHOH DG XQD DG XQD SDQDWHOH H IULJJHWHOH LQ ROLR R ODUGR RQGH VHUYLUOH SHU FRQWRUQR D XQ IULWWR GL
FDUQHRDGXQDUURVWR
3$//2772/(',3$7$7(5,3,(1(
3DWDWHJUDPPL
3DUPLJLDQRGXHFXFFKLDLDWHEHQFROPH
8RYDQ
2GRUHGLQRFHPRVFDWD
)DULQDTXDQWREDVWD
/HVVDWHOHSDWDWHVEXFFLDWHOHHSDVVDWHOHFDOGHGDOORVWDFFLRVRSUDDXQYHORGLIDULQD)DWHXQDEXFD
VXOPRQWHGHOOHSDWDWHVDODWHOHGDWHORURO RGRUHGHOODQRFHPRVFDWDHYHUVDWHFLOHXRYDHLOSDUPLJLDQR3RL
FRQPHQRIDULQDFKHSRWHWHIRUPDWHQHXQSDVWRQHPRUELGRHOXQJRFKHGLYLGHUHWHLQSDUWLHDGRJQXQDGL
TXHVWH FRQ OH GLWD LQIDULQDWH IDWH XQD SLFFROD EXFD SHU ULHPSLUOD FRQ XQ EDWWXWR GL FDUQH 7LUDWHFL VRSUD L
OHPEL SHU FRSULUOR H FRQ OH PDQL LQIDULQDWH IRUPDWH SDOOH URWRQGH FKH IULJJHUHWH QHOOR VWUXWWR R QHOO ROLR
PDQGDQGROHLQWDYRODSHUFRQWRUQRDXQIULWWRGLFDUQH
ÊXQSLDWWRDSSDULVFHQWHEXRQRHGLSRFDVSHVDSHUFKpLOULSLHQRSRWHWHIRUPDUORDQFKHFRQOHULJDJOLH
GLXQDVRODJDOOLQDTXDQGRYLFDSLWDVHYLFRPSUHQGHUHWHODFUHVWDLOYHQWULJOLROHVVDWRSULPDHOHXRYDQRQ
QDWHWLUDWHDFRWWXUDFRQXQSLFFROREDWWXWLQRGLFLSROODHEXUURXQHQGRYLGRSRXQDIHWWLQDGLSURVFLXWWR JUDVVR
HPDJURWDJOLDWRDGDGLQLHWXWWRLOUHVWRWULWDWR
6HQRQDYHWHODJDOOLQDIRUPDWHLOULSLHQRLQDOWUDPDQLHUD
3(5,1(',5,62
5LVRJUDPPL
/DWWHPH]]ROLWUR
%XUURSRFRSLGLXQDQRFH
3DUPLJLDQRXQEXRQSL]]LFR
8RYDQO
&XRFHWHLOULVREHQVRGRQHOODWWHDJJLXQJHQGRYLLOEXUURHTXDQGRqFRWWRVDODWHORHGDVSHWWDWHFKH
DEELDSHUGXWRLOIRUWHFDORUHSHUVFRFFLDUYLO XRYRHPHWWHUYLLOSDUPLJLDQR7LUDWHSRLDFRWWXUDGXHIHJDWLQLGL
SROOR H GXH DQLPHOOH GL DJQHOOR IDFHQGRQH XQ XPLGLQR GHOLFDWR H GDWHJOL O RGRUH GHOOD QRFH PRVFDWD
WDJOLDWHORDSH]]HWWLJURVVLPHQRGLXQDQRFFLXRODHXQLWHFLGHLSH]]HWWLGLSURVFLXWWRGLWDUWXILRGLIXQJKLFKH
JOLGRQDQRPROWDJUD]LD
3HUGDUHDTXHVWRULVRULSLHQRODIRUPDGLSHUHWWHIDWHYLIDUHXQLPEXWLQRGLODWWDGHOTXDOHYLGLVHJQHUHL
OD IRUPD H OD JUDQGH]]D VH QH IRVVL FDSDFH PD QRQ FRQRVFHQGR LO GLVHJQR FRQWHQWDWHYL GHO FHUFKLR JLj
GHOLQHDWRFKHQHUDSSUHVHQWDODERFFDODSDUWHRSSRVWDGHOODTXDOHWHUPLQDFROVXRFDQQRQFLQRFKHKDGXH
FHQWLPHWUL GL OXQJKH]]D 8QJHWHOR FRO EXUUR OLTXLGR H VSROYHUL]]DWHOR GL SDQJUDWWDWR ILQH SRL ULHPSLWHOR SHU
PHWj GL ULVR SRQHWHFL GXH R WUH SH]]HWWL GHOO XPLGR GHVFULWWR H ILQLWH GL ULHPSLUOR FRQ DOWUR ULVR )RUPDWD OD
SHUD SHU HVWUDUOD VRIILDWH GDO FDQQRQFLQR ULSHWHQGR O RSHUD]LRQH ILQFKp DYUHWH URED *Lj V LQWHQGH FKH SHU
IULJJHUOHTXHVWHSHUHWWHELVRJQDGRUDUOHFRQXRYDHSDQJUDWWDWR
)5,7721(*/,67(&&+,1,
)HJDWLQLJURVVLGLSROORQ
/LQJXDVDODWDJUDPPL
*UXLHUDJUDPPL
,IHJDWLQLFXRFHWHOLQHOEXUURHFRQGLWHOLFRQVDOHHSHSH'RSRFRWWLWDJOLDWHOLLQSH]]HWWLHORVWHVVR
IDWH GHO JUXLHUD H GHOOD OLQJXD 3UHQGHWH VWHFFKLQL GD GHQWL HG LQILODWH QHL PHGHVLPL L VXGGHWWL SH]]L
SULPD OD OLQJXD LQ PH]]RLO JUXLHUD H LQ FLPD LO IHJDWLQRDXQDFHUWDGLVWDQ]DWUDORUR3RLVHUYHQGRYLGHOOD
EDOVDPHOOD GHO Q LQWRQDFDWH FRQ OD PHGHVLPD L WUH SH]]HWWL LQ PRGR FKH UHVWLQR EHQ FRSHUWL LQGL
SDVVDWHOLQHOO XRYRIUXOODWRSDQDWHOLHIULJJHWHOL
3RWHWH DL GHWWL LQJUHGLHQWL DJJLXQJHUH YROHQGR SH]]HWWL GL DQLPHOOH FRWWHFRPH LIHJDWLQLHSH]]HWWL GL
WDUWXILFUXGL
$*1(//2,1)5,77$7$
6SH]]HWWDWHXQDORPEDWDG DJQHOORFKHqODSDUWHFKHPHJOLRVLSUHVWDSHUTXHVWRSLDWWRHIULJJHWHOD
QHO ODUGR YHUJLQH SRFR EDVWD SHUFKp LQ TXHO SRVWR OD FDUQH q SLXWWRVWR JUDVVD $ PH]]D FRWWXUD FRQGLWH
O DJQHOOR FRQ VDOH H SHSH H TXDQGR VDUj WRWDOPHQWH FRWWR YHUVDWHFL TXDWWUR R FLQTXH XRYD IUXOODWH H
OHJJHUPHQWHFRQGLWHDQFK HVVHFRQVDOHHSHSH0HVFRODWHEDGDQGRFKHOHXRYDDVVRGLQRSRFR
32//2'25$72,
3UHQGHWH XQ SROODVWUR JLRYDQH YXRWDWHOR OHYDWHJOL OD WHVWD H OH ]DPSH ODYDWHOR EHQH H WHQHWHOR
QHOO DFTXDEROOHQWHSHUXQPLQXWR3RLWDJOLDWHORDSH]]LQHOOHVXHJLXQWXUHLQIDULQDWHORFRQGLWHORFRQVDOHH
SHSH H YHUVDWHJOL VRSUD GXH XRYD IUXOODWH 'RSR PH]] RUD DOPHQR GL LQIXVLRQH LQYROWDWH L SH]]L QHO
SDQJUDWWDWRULSHWHQGRSHUGXHYROWHO RSHUD]LRQHVHRFFRUUHHFXRFHWHOLDEUDFHLQTXHVWDPDQLHUDSUHQGHWH
XQDVDXWp RXQDWHJOLDGLUDPH VWDJQDWDSRQHWHLQHVVDROLRRPHJOLRODUGRYHUJLQHHTXDQGRFRPLQFLDD
JULOOHWWDUH EXWWDWH JL L SH]]L GHO SROOR IDFHQGROL URVRODUH GD DPEHGXH OH SDUWL D PRGHUDWR FDORUH RQGH OD
FRWWXUDSHQHWULQHOO LQWHUQR6HUYLWHOLEROOHQWLFRQ VSLFFKLGLOLPRQH/ DODGLWDFFKLQRFKHOHVVDqODSDUWHSL
GHOLFDWDVLSUHVWDHJXDOPHQWHEHQHSHUHVVHUHWDJOLDWDDSH]]HWWLHFRVuFXFLQDWD
/D SXQWD GHO SHWWR H OH ]DPSH GHL SROOL FRPSUHVR LO WDFFKLQR SRVVRQR GDUYL XQD QRUPD GHOOD
WHQHUH]]DGHOOHORURFDUQLSHUFKpTXDQGRLQYHFFKLDQRODSXQWDGHOSHWWRLQGXULVFHHQRQFHGHDOODSUHVVLRQH
GHOOHGLWDHOH]DPSHGDQHUHFKHHUDQRVLIDQQRJLDOODVWUH
32//2'25$72,,
'RSRDYHUORWUDWWDWRFRPHLOSUHFHGHQWHWDJOLDWHORDSH]]LSLSLFFROLLQIDULQDWHORLPPHUJHWHORLQGXH
XRYD IUXOODWH H VDODWH D EXRQD PLVXUD IULJJHWHOR LQ SDGHOOD FRQGLWHOR DQFRUD XQ SRFR FRQ VDOH H SHSH H
VHUYLWHOR FRQVSLFFKLGLOLPRQH
3(77,',32//2$//$6&$5/$77$
'D XQ SHWWR GL FDSSRQH R GL XQD JURVVD SROODVWUD SRWUHWH FDYDUH VHL IHWWH VRWWLOL FKH LQ XQ SUDQ]R
EDVWHUDQQRSHUTXDWWURRFLQTXHSHUVRQH&XRFHWHOHFROEXUURHFRQGLWHOHFRQVDOHHSHSH
)DWH XQDEDOVDPHOODFRQEXUURJUDPPLIDULQDJUDPPLODWWHGHFLOLWUL
4XDQGR q FRWWD XQLWHFL JUDPPL GL OLQJXD VDODWD WULWDWD ILQH FRQ OD OXQHWWD H GLDFFLD FKH VLD
VSDOPDWH FRQ OD PHGHVLPD L SHWWLGLSROORGDWXWWHOHSDUWL7XIIDWHOLSRLQHOO XRYRIUXOODWRXQVRORXRYRVDUj
VXIILFLHQWHSDQDWHOLHURVRODWHOLQHOEXUURRQHOODUGRDOODVDXWpHVHUYLWHOLFRQVSLFFKLGLOLPRQH
32//2$//$&$&&,$725$
7ULQFLDWH XQD JURVVD FLSROOD H WHQHWHOD SHU SL GL PH]] RUD QHOO DFTXD IUHVFD LQGL DVFLXJDWHOD H
JHWWDWHODLQSDGHOODFRQROLRRODUGR4XDQGRqFRWWDPHWWHWHODGDSDUWH6SH]]HWWDWHXQSROODVWURIULJJHWHOR
QHOO XQWR FKH UHVWD H URVRODWR FKH VLDXQLWHFLODGHWWDFLSROODFRQGLWHORFRQVDOHHSHSHHDQQDIILDWHORFRQ
PH]]R ELFFKLHUH GL 6DQ *LRYHVH RG DOWUR YLQR URVVR GHO PLJOLRUH H DOTXDQWR VXJR GL SRPRGRUR H GRSR
FLQTXHPLQXWLGLEROOLWXUDVHUYLWHOR9LDYYHUWRFKHQRQqSLDWWRSHUJOLVWRPDFKLGHEROL
32//2)5,772&2,3202'25,
2JQLSRSRORXVDSHUIULJJHUHTXHOO XQWRFKHVLSURGXFHPLJOLRUHQHOSURSULRSDHVH,Q7RVFDQDVLGjOD
SUHIHUHQ]D DOO ROLR LQ /RPEDUGLD DO EXUUR H QHOO (PLOLD DO ODUGR FKH YL VL SUHSDUD HFFHOOHQWH FLRq
ELDQFKLVVLPRVRGRHFRQXQRGRULQRGLDOORURFKHFRQVRODDQQXVDQGROR'DFLzODVWUDJHLQDXGLWDLQTXHOOD
UHJLRQHGLJLRYDQLSROODVWULIULWWLQHOODUGRFRLSRPRGRUL
1HOOH IULWWXUH GL JUDVVR LR SUHIHULVFR LO ODUGR SHUFKp PL VHPEUD GLD XQ JXVWR SL JUDWR H SL VDSRULWR
GHOO ROLR ,O SROOR VL WDJOLD D SLFFROL SH]]L VL PHWWH LQ SDGHOOD FRVu QDWXUDOH FRQ VXIILFLHQWH TXDQWLWj GL ODUGR
FRQGHQGRORFRQVDOHHSHSH4XDQGRqFRWWRVLVFRODGDOO XQWRVXSHUIOXRHYLVLJHWWDQRLSRPRGRULDSH]]HWWL
GRSRDYHUQHWROWLLVHPL6LULPHVWDFRQWLQXDPHQWHILQFKpLSRPRGRULVLHQVLTXDVLVWUXWWLHVLPDQGDLQWDYROD
)(*$72&2/9,12%,$1&2
,OYLQRFRPHFRQGLPHQWRQRQqPROWRQHOOHPLHJUD]LHDPPHQRFKpQRQVLWUDWWLGLYLQRGDERWWLJOLDH
GLFHUWLSLDWWLLQFXLqQHFHVVDULRSHOFDUDWWHUHORURVSHFLDOH0DSRLFKp LJXVWLVRQRWDQWLGLYHUVLFKHTXHOFKH
QRQSLDFHDGXQRSRWUHEEHSLDFHUHDGDOWULHFFRYLXQSLDWWRFROYLQR
7DJOLDWH LO IHJDWR D IHWWH VRWWLOL H FRVu QDWXUDOH IULJJHWHOR LQ SDGHOOD FRQ ROLR H EXUUR )UXOODWH LQ XQ
SHQWROLQR XQ FXFFKLDLR GL IDULQD FRQ YLQR ELDQFR RWWLPR HG DVFLXWWR SHU IRUPDUH XQ LQWULVR PROWR OLTXLGR
TXDQGRLOIHJDWRVDUjDGXHWHU]LGLFRWWXUDYHUVDWHJOLHORVRSUD)LQLWHGLFXRFHUORHFRQGLWHORFRQVDOHHSHSH
)(*$72$//$&$&&,$725$
6H LO IHJDWR IRVVH JUDPPL FLUFD WULQFLDWH WUH JURVVH FLSROOH H WHQHWHOH LQ PROOH QHOO DFTXD IUHVFD
SHUXQ RUDRGXH6JURQGDWDGDOO DFTXDJHWWDWHODFLSROODLQSDGHOODSHUDVFLXJDUODDVFLXWWDFKHVLDYHUVDWHFL
LO ODUGR SHU IULJJHUOD H TXDQGR DYUj SUHVR LO FRORUPDUURQH XQLWHFL LO IHJDWR WDJOLDWRDIHWWHVRWWLOL/DVFLDWHOR
VRIIULJJHUHDOTXDQWRIUDPPLVWRDOODFLSROODYHUVDWHSRLQHOODSDGHOODSRFRPHQRGLPH]]RELFFKLHUHGLYLQR
URVVREXRQRHGRSRFLQTXHPLQXWLPRYHQGRORVHPSUHVHUYLWHORFRQGLWRFRQVDOHHSHSH1RQqSLDWWRSHUJOL
VWRPDFKLGHOLFDWL
&$67$*12/(,
4XHVWRSLDWWRSDUWLFRODUHDOOH5RPDJQHVSHFLDOPHQWHGLFDUQHYDOHqDGLUYHURGLJHQHUHQRQWURSSR
ILQHPDSXzSLDFHUH
,QWULGHWH VXOOD VSLDQDWRLD XQD SDVWD VRGD FRQ IDULQD GXH XRYD XQD FXFFKLDLDWD GL IXPHWWR RGRUH GL
VFRU]D GL OLPRQH H VDOH TXDQWR EDVWD /DYRUDWHOD PROWR H FRQ IRU]D FROOH PDQL FRPH IDUHVWH GHO SDQH
FRPXQH IDFHQGROH D SRFR SHU YROWD DVVRUELUH XQD FXFFKLDLDWD GL ROLR ILQH 3HU XOWLPR WLUDWHOD D EDVWRQFLQL
WDJOLDWHOL D SH]]HWWL GHO YROXPH GL XQD QRFH H JHWWDWHOL VXELWR LQ SDGHOOD D OHQWR IXRFR GLPHQDQGROD
FRQWLQXDPHQWH &RWWH FKH VLHQR OH FDVWDJQROH VSROYHUL]]DWHOH GL ]XFFKHUR D YHOR H VHUYLWHOH GLDFFLH FKp
VRQRPLJOLRULFKHFDOGH
6H LQYHFH GL IXPHWWR YL VHUYLUHWH GL FRJQDF R GL DFTXDYLWH LO FKH VHPEUD OR VWHVVRYL SUHYHQJRFKH
QRQRWWHUUHWHLOPHGHVLPRHIIHWWRHFKHULJRQILHUDQQRSRFR
&$67$*12/(,,
(FFRYLXQDVHFRQGDULFHWWDGLFDVWDJQROH3URYDWHOHWXWW HGXHHGDWWHQHWHYLDTXHOODFKHSLYLJDUED
8RYDQ
$FTXDGXHFXFFKLDLDWH
)XPHWWRGXHFXFFKLDLDWH
%XUURJUDPPL
=XFFKHURJUDPPL
8QSL]]LFRGLVDOH
0HWWHWHLQXQYDVRLURVVLG XRYROR]XFFKHURLOIXPHWWRO DFTXDHLOVDOH0HVFRODWHPRQWDWHOHFKLDUH
HFRQTXHVWLLQJUHGLHQWLHLOEXUURLQWULGHWHWDQWDIDULQDVXOODVSLDQDWRLDGDIRUPDUHXQSDVWRQHFKHVLSRVVD
ODYRUDU FROOH PDQL 'LPHQDWHOR PROWR SHUFKp VL DIILQL SRL IDWHQH GHOOH SDOORWWROH JURVVH TXDQWR XQD SLFFROD
QRFHHIULJJHWHOHFRPHOHDQWHFHGHQWLDIXRFROHQWRHLQPROWRXQWR
&5(0$)5,77$,
$PLGRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
/DWWHGHFLOLWUL
8RYDGXHLQWHUH
2GRUHGLVFRU]DGLOLPRQH
6DOHXQDSUHVD
/DYRUDWHOHXRYDFROOR]XFFKHURSRLDJJLXQJHWHO DPLGRULGRWWRLQSROYHUHODVFRU]DGLOLPRQHJUDWWDWD
LO ODWWH YHUVDWR D SRFR SHU YROWD H LO EXUUR 0HWWHWH LO FRPSRVWR DO IXRFR ULPHVWDQGR FRQWLQXDPHQWH FRPH
IDUHVWH SHU XQD FUHPD FRPXQH H TXDQGR VDUj FRQGHQVDWR GD QRQ FUHVFHU SL JHWWDWH OD SUHVD GL VDOH H
YHUVDWHORLQXQYDVVRLRRVRSUDXQ DVVHGLVWHQGHQGRORDOODJURVVH]]DGLXQGLWR
7DJOLDWHORDPDQGRUOHTXDQGRVDUjEHQGLDFFLRGRUDWHORFROO XRYRHSDQJUDWWDWRIULJJHWHORQHOODUGRR
QHOO ROLRHVHUYLWHORFDOGRSHUFRQWRUQRDGDOWURIULWWR
&5(0$)5,77$,,
)DULQDJUDPPL
=XFFKHURJUDPPL
8RYDLQWHUHQ
/DWWHGHFLOLWUL
2GRUHGLYDLQLJOLDRGLVFRU]DGLOLPRQH
3HU OD FRWWXUD WHQHWHOD VXO IXRFR ILQFKp OD IDULQD QRQ DEELD SHUGXWR LO FUXGR ,Q TXDQWR DO UHVWR
UHJRODWHYLFRPHTXHOODGHOQXPHURSUHFHGHQWH0HWjGRVHPLVWDDGDOWURIULWWRSRWUjEDVWDUHSHUTXDWWURR
FLQTXHSHUVRQH
7(67,&&,82/$'¶$*1(//2
/D WHVWLFFLXROD G DJQHOOR TXDQGR QRQ VL YRJOLD PDQJLDU OHVVD LR QRQ FRQRVFR FKH GXH PRGL GL
FXFLQDUODIULWWDHLQXPLGR YHGLQ 3HUIULJJHUODWDQWRVRODFKHFROFHUYHOORYHGLOD3DVWHOODSHUIULWWLGL
FDUQHQ
&25$7(//$'¶$*1(//2$//$%2/2*1(6(
7DJOLDWHLOIHJDWRDIHWWLQHHLOSDVWRDSH]]HWWLHFRVuQDWXUDOLEXWWDWHOLLQSDGHOODFRQGHOODUGR4XDQGR
OD FRUDWHOOD VDUj TXDVL FRWWD VFRODWHOD GD WXWWR O XQWR H JHWWDWHYL GHQWUR XQ SH]]HWWR GL EXUUR FRQWLQXDWH D
IULJJHUH H SRFR GRSR YHUVDWH LQ SDGHOOD VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD R QHO EURGR
&RQGLWHODFRQVDOHHSHSHPDQGDWHODLQWDYRODFRQTXHVWDVXDVDOVDHVWDWHVLFXULFKHVDUjORGDWD
)5,772'¶$*1(//2$//$%2/2*1(6(
,O PHJOLR SRVWR GHOO DJQHOOR SHU IULJJHUH q OD ORPEDWD PD SXz VHUYLUH EHQLVVLPR DQFKH OD VSDOOD
FRPSUHVRLOFROOR6SH]]HWWDWHORHIULJJHWHORFRPHODFRUDWHOODGHOQXPHURSUHFHGHQWH
&21,*/,2)5,772
/DULSXJQDQ]DFKHPROWLLQ,WDOLDVHQWRQRSHOFRQLJOLR /HSXVFXQLFXOXV QRQPLVHPEUDJLXVWLILFDWDÊ
XQDFDUQHGLQRQPROWDVRVWDQ]DHGLSRFRVDSRUHDOFKHVLSXzVXSSOLUHFRLFRQGLPHQWLPDqWXWW DOWURFKH
FDWWLYDHQRQKDRGRUHGLVJXVWRVRDQ]LqVDQDHQRQLQGLJHVWDFRPHTXHOODG DJQHOOR6LRIIUHSRLRSSRUWXQD
SHUFKLQRQDYHQGRPH]]LVXIILFLHQWLDSURFXUDUVLFDUQHGLPDQ]RqFRVWUHWWRDFLEDUVLGLOHJXPLHGHUEDJJL,O
PLJOLRUPRGRqGLIULJJHUORFRPHODFRUDWHOODGHOQ
'LFRQRSRLFKHLOFRQLJOLROHVVRIDXQEURGRHFFHOOHQWH
/DGRPHVWLFLWjGHOFRQLJOLRULPRQWDDGXQ HSRFD DVVDLDQWLFDJLDFFKp&RQIXFLRDQQLDYDQWLO HUD
FULVWLDQDSDUODGLTXHVWLDQLPDOLFRPHGHJQLGLHVVHUHLPPRODWLDJOL'HLHGHOODORURSURSDJD]LRQH
&272/(77(,0%277,7(
)RUPDWHGHOOHFRWROHWWHGLYLWHOODGLODWWHRSSXUHGLSHWWLGLSROORRGLWDFFKLQRWDJOLDWHVRWWLOLHVHWHQHWH
D GDU ORUR XQD IRUPD HOHJDQWH WULWDWHOH H ULXQLWHOH GRSR VFKLDFFLDQGROH 6H WUDWWDVL GL YLWHOOD GL ODWWH
EDVWHUDQQR JUDPPL GL PDJUR VHQ] RVVR SHU RWWHQHUQH R 6RIIULJJHWHOH FRVu D QXGR QHO EXUUR
VDODWHOHHPHWWHWHOHGDSDUWH
)DWHXQDEDOVDPHOODFRQJUDPPLGLIDULQDGLEXUURHGHFLOLWULGLODWWHHDSSHQDWROWDGDOIXRFR
VDODWHODJHWWDWHFLXQDFXFFKLDLDWDGLSDUPLJLDQRHXQURVVRG XRYRPHVFRODQGREHQH4XDQGRVDUjGLDFFLD
VSDOPDWHFRQTXHVWDOHFRWROHWWHGDDPEHGXHOHSDUWLDOODJURVVH]]DGLXQRVFXGRSDUHJJLDQGRODFROODODPD
GL XQ FROWHOOR GD WDYROD LQWLQWR QHOO ROLR SRL LPPHUJHWHOH QHOO XRYR IUXOODWR SDQDWHOH H URVRODWHOH IULJJHQGROH
QHOO ROLRRQHOORVWUXWWR
6HUYLWHOHFRQVSLFFKLGLOLPRQH
%5$&,2/,1(',9,7(//$',/$77($//¶8&&(//(772
3UHQGHWHFDUQHPDJUDGLYLWHOODGLODWWHWDJOLDWHODDEUDFLROLQHVRWWLOLHEDWWHWHOHEHQHFRQODFRVWRODGHO
FROWHOOR3RQHWHDOIXRFRLQXQDFD]]DUXRODRQHOODVDXWp ROLRHEXUURLQSURSRU]LRQHFRQDOFXQHIRJOLHLQWHUHGL
VDOYLDHTXDQGRTXHVWHDYUDQQRVRIIULWWRXQSRFRJHWWDWHFLOHEUDFLROLQHFRQGLWHOHFRQVDOHHSHSHHTXDQGR
DYUDQQREROOLWRDIXRFRYLYRSHUFLQTXHRVHLPLQXWLVSUHPHWHFLGHOOLPRQHHPDQGDWHOHLQWDYROD
ÊXQSLDWWRGDVHUYLUHSHUFROD]LRQH
6$/7,0%2&&$$//$520$1$
/LKRPDQJLDWLD5RPDDOODWUDWWRULD/H9HQHWHHSHUFLzSRVVRGHVFULYHUOLFRQHVDWWH]]D
6RQR EUDFLROLQH GL YLWHOOD GL ODWWH FRQGLWH OHJJHUPHQWH FRQ VDOH H SHSH VRSUD RJQXQD GHOOH TXDOL VL
SRQH PH]]DIRJOLD GL VDOYLD XQD LQWHUD VDUHEEH GL WURSSR H VXOOD VDOYLD XQD IHWWLQD GL SURVFLXWWR JUDVVR H
PDJUR 3HU WHQHUH XQLWH LQVLHPH TXHVWH WUH FRVH V LQILO]DQR FRQ XQR VWHFFKLQR GD GHQWL H VL FXRFLRQR FRO
EXUUR DOOD VDXWp PD YDQQR ODVFLDWH SRFR VXO IXRFR GDOOD SDUWH GHO SURVFLXWWR SHUFKp TXHVWR QRQ LQGXULVFD
&RPHYHGHWHqXQSLDWWRVHPSOLFHHVDQR
&RQJUDPPLGLPDJURQHRWWHUUHWHRHSRWUDQQREDVWDUHSHUWUHRTXDWWURSHUVRQH
/HEUDFLROLQHWHQHWHOHDOODJURVVH]]DGLPH]]RGLWRHSULPDGLSUHSDUDUOHEDJQDWHOHHVSLDQDWHOH
3RWHWHVHUYLUOHFRQXQFRQWRUQRTXDOXQTXH
%2&&21,',3$1(5,3,(1,
6HVFULYHVVLLQIUDQFHVHVHJXHQGRORVWLOHDPSROORVRGLTXHOODOLQJXDSRWUHLFKLDPDUHTXHVWLERFFRQL
ERXFKpHVGHGDPHVHDOORUDIRUVHDYUHEEHURPDJJLRUSUHJLRFKHFROORURPRGHVWRQRPH
3UHQGHWH XQ IHJDWLQR R GXH GL SROOR TXDOFKH DQLPHOOD H VH OR DYHWH XQ YHQWULJOLR GL SROOR R GL
WDFFKLQR FKH QRQ JXDVWDQR PD TXHVW XOWLPL FKH VRQR GXULOHVVDWHOL SULPD D PHWj HOHYDWHQH LO WHQHUXPH
7ULWDWH LO WXWWR FROOD OXQHWWD PHWWHWHOR DO IXRFRFRQ XQ EDWWXWLQR GL FLSROOD SURVFLXWWRXQ SH]]HWWR GL EXUUR H
FRQGLWHORFRQSRFRVDOHSHSHHRGRUHGLQRFHPRVFDWDRGLVSH]LH4XDQGRFRPLQFLDDJULOOHWWDUHYHUVDWH
XQFXFFKLDLQRVFDUVRGLIDULQDPHVFRODWHSHUFKpV LQFRUSRULHSRLEDJQDWHORFRQVXJRGLFDUQHRFROEURGR
)DWHEROOLUHHTXLQGLYHUVDWHFLGHQWURDSRFRSHUYROWDXQXRYRIUXOODWRHULPHVWDQGRVHPSUHODVFLDWHFKHLO
FRPSRVWRDVVRGL5LWLUDWHORGDOIXRFRDJJLXQJHWHXQSL]]LFRGLSDUPLJLDQRHYHUVDWHORLQXQSLDWWR
2UDSUHQGHWHXQDSDJQRWWDGLSDQH UDIIHUPRWDJOLDWHODDIHWWHJURVVHXQFHQWLPHWURVFDUVROHYDWHQH
ODFRUWHFFLDHIDWHQHGHLGDGLODUJKLFRPHXQSH]]RGDFHQWHVLPLRSRFRSL0HWWHWHDEERQGDQWHPHQWHLO
FRPSRVWR VRSUD DL PHGHVLPL GD XQD VROD SDUWH H TXHVWD PH]] RUD SULPD GL IULJJHUH LQIDULQDWHOD H
GLVWHQGHWH L SH]]HWWL GL SDQH VRSUD XQ YDVVRLR 9HUVDWH ORUR VRSUD GHOO XRYR IUXOODWR LQ DEERQGDQ]D RQGH LO
SDQHV LQ]XSSLHLOFRPSRVWRUHVWLFRSHUWRHEHQGRUDWRJHWWDWHOLLQSDGHOODGDOODSDUWHGHOFRPSRVWRVWHVVR
9LSUHYHQJRFKHTXHVWRIULWWRIDPROWDFRPSDULWDWDOFKpFROOHULJDJOLHGLXQSROORHGXHRWUHDQLPHOOH
GL DJQHOOR SRWUHWH RWWHQHUH XQD YHQWLQD GL ERFFRQL L TXDOL PLVWL D XQ IULWWR GL FHUYHOOR R G DOWUR SLDFHUDQQR
PROWR6LSXzIDUHDQFKHDPHQRGHOOHDQLPHOOHO RGRUHGHLWDUWXILVHOLDYHWHQRQSRWUjIDUFKHEHQH
)5,772$//$*$5,6(1'$
6LJQRUHFKHYLGLOHWWDWHDOODFXFLQDQRQPHWWHWHTXHVWRIULWWRQHOGLPHQWLFDWRLRSHUFKpSLDFHUj DLYRVWUL
VSRVLHSHUJO LQJUHGLHQWLFKHFRQWLHQHIRUVHVDUHWHGDHVVLULPHULWDWH3UHQGHWHSDQHUDIIHUPRQRQWURSSR
VSXJQRVROHYDWHJOLODFRUWHFFLDHWDJOLDWHORDPDQGRUOHRDTXDGUHWWLGLTXDWWURFHQWLPHWULFLUFDSHURJQLODWR
WXWWL GL XQ HJXDOH PLVXUD 'LVWHQGHWH VRSUD DG RJQXQR SULPD XQD IHWWD GL SURVFLXWWR JUDVVR H PDJUR SRL
IHWWLQH GL WDUWXIL H VRSUD D TXHVWL XQD IHWWD GL FDFLR JUXLHUD &RSULWH LO ULSLHQRFRQDOWUHWWDQWLSH]]HWWLGLSDQH
FKH FRPEDFLQR SUHPHQGROL LQVLHPH SHUFKp VWLHQR XQLWL PD WDJOLDWH RJQL FRVD VRWWLOH RQGH L SH]]LGHO IULWWR
QRQULHVFDQRWURSSRJURVVRODQL
2UDFKHORDYHWHSUHSDUDWREDJQDWHOROHJJHUPHQWHFROODWWHGLDFFLRHTXDQGRORDYUjDVVRUELWRWXIIDWH
RJQLSH]]RQHOO XRYRIUXOODWRLQGLQHOSDQJUDWWDWRULSHWHQGRGXHYROWH O RSHUD]LRQHRQGHDQFKHJOLRUOLUHVWLQR
GRUDWLHFKLXVL)ULJJHWHORQHOODUGRRQHOO ROLRHVHUYLWHORVRORRPLVWRDTXDOFKHDOWURIULWWR
&(59(//2$1,0(//(6&+,(1$/,7(67,&&,82/$(&&
3HUTXHVWLIULWWLYHGLOD3DVWHOODSHUIULWWLGLFDUQHQ
/(662
32//2/(662
,O SROODPH OHVVR VSHFLDOPHQWH L FDSSRQL H OH SROODVWUH LQJUDVVDWH ULXVFLUDQQR SL ELDQFKL H SL SXOLWL
VHQ]DFKHODVRVWDQ]DGHOEURGRQHVRIIUDVHOLFXRFHWHHQWURDXQSDQQROLQRVRWWLOHHOHJDWR
3HLOHVVLULIDWWLYHGLLQXPHULH
75$0(66,
6RQRJOLHQWUHPHWVGHL)UDQFHVLSLDWWLGLPLQRUFRQWRFKHVLVHUYRQRWUDXQDSRUWDWDHO DOWUD
&5(6&(17,1(
6H O DJOLR q XQ YHUPLIXJR FRPH VL UHSXWD JHQHUDOPHQWH TXHVWR q XQ FLERVHPSOLFHHDSSHWLWRVRSHL
EDPELQL$UURVWLWHGHOOHIHWWHGLSDQHGDDPEHGXHOHSDUWLHFRVuFDOGHVWURILQDWHOHFRQXQRVSLFFKLRG DJOLR
3RLFRQGLWHOHFRQVDOHROLRDFHWRH]XFFKHUR
'21=(//,1(5,3,(1(',$&&,8*+(6$/$7(
)DULQDJUDPPL
%XUURJUDPPL
/DWWHTXDQWREDVWD
6DOHXQSL]]LFR
$FFLXJKHVDODWHQ
,QWULGHWH OD IDULQD FRO EXUUR LO ODWWH H LO VDOH IRUPDQGRQH XQ SDQH GL JLXVWD FRQVLVWHQ]D ODYRUDQGROR
PROWLVVLPRVHYROHWHFKHODSDVWDULJRQILLQSDGHOOD
/DVFLDWHORXQ SRFRLQULSRVRWDJOLDWHORDPHWjHGDOODUJDWHDOTXDQWROHGXHSDUWL
1HWWDWHOHDFFLXJKHGLYLGHWHOHDPHWjSHULOOXQJROHYDWHORURODVSLQDHWDJOLDWHOHDSH]]HWWLTXDGULH
TXHVWL FROORFDWHOL GLVWHVL VRSUD XQD GHOOH GHWWH SRU]LRQL GL SDVWD FRSULWHOD FRQ TXHOO DOWUD SHU DSSLFFLFDUOH
LQVLHPH H FRVu XQLWH WLUDWHOH FRO PDWWHUHOOR D VIRJOLD VRWWLOH FKH WDJOLHUHWH D PDQGRUOH SHU IULJJHUOH QHOO ROLR
4XHVWDGRVHEDVWHUjSHUVHLSHUVRQHHSRWUjVHUYLUHSHUSULQFLSLRLQXQDFROD]LRQHRSHUFRQWRUQRDXQIULWWR
GLSHVFH
'21=(//,1($520$7,&+(
)DULQDJUDPPLFLUFD
2OLRGXHFXFFKLDLDWH
9LQRELDQFRRPDUVDODGXHFXFFKLDLDWH
6DOYLDFLQTXHRVHLIRJOLH
8QXRYR
6DOHTXDQWREDVWD
/D VDOYLD WULWDWHOD FRQ OD OXQHWWD H SRL LQWULGHWH OD IDULQD FRQ WXWWL JO LQJUHGLHQWL ODYRUDQGROD EHQH H
SURFXUDQGR FKH OD SDVWD UHVWL SLXWWRVWR PRUELGD 3RL WLUDWHOD FRO PDWWHUHOOR DOOD JURVVH]]D GL XQR VFXGR
VSROYHUL]]DQGRODFRQIDULQDVHRFFRUUHHWDJOLDWDDPDQGRUOHIULJJHWHODQHOO ROLRRQHOODUGR6HQWRGLUHFKH
TXDOFXQROHPDQJLDLQVLHPHDLILFKLHDOSURVFLXWWR
5LWHQJRTXHVWDTXDQWLWjVXIILFLHQWHSHUTXDWWURSHUVRQH
*12&&+,',6(02/,12
/DWWHGHFLOLWUL
6HPROLQRJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQ
6DOHTXDQWREDVWD
&XRFHWHLOVHPROLQRQHOODWWHHTXDQGRVLHWHSHUULWLUDUORGDOIXRFRVDODWHORHYHUVDWHYLPHWjGHOEXUURH
PHWjGHOSDUPLJLDQR3RLTXDQGRqDQFRUDEHQFDOGRDJJLXQJHWHOHXRYDHPHVFRODWHLQGLYHUVDWHORVXOOD
VSLDQDWRLD R VRSUD XQ YDVVRLR GLVWHQGHWHOR DOOD JURVVH]]D GL XQ GLWR H PH]]R H ODVFLDWH FKH GLDFFL SHU
WDJOLDUOR D PDQGRUOH (FFRYL JOL JQRFFKL FKH FROORFKHUHWH XQR VRSUD O DOWUR LQ EHOOD PRVWUD HQWUR XQ YDVVRLR
SURSRU]LRQDWRLQWUDPH]]DQGROLFROUHVWRGHOEXUURDSH]]HWWLHVSROYHUL]]DQGROLVXRORSHUVXRORPDQRQDOOD
VXSHUILFLHFROUHVWRGHOSDUPLJLDQR3HUXOWLPRURVRODWHOLDOIRUQRGDFDPSDJQDHVHUYLWHOLFDOGLRVROLRSHU
FRQWRUQRDGXQSLDWWRGLFDUQHVWUDFRWWDWDR IDWWDLQDOWUDPDQLHUD
*12&&+,$//$520$1$
4XHVWLJQRFFKLFKHLRKRPRGLILFDWRHGRVDWLQHOODVHJXHQWHPDQLHUDVSHURYLSLDFHUDQQRFRPHVRQR
SLDFLXWLDTXHOOLFXLOLKRLPEDQGLWL6HFLzDYYLHQHIDWHXQEULQGLVLDOODPLDVDOXWHVHVDUzYLYRRPDQGDWHPL
XQUHTXLHVFDWVHVDUzDQGDWRDULQFDO]DUHLFDYROL
)DULQDJUDPPL
%XUURJUDPPL
&DFLRJUXLHUDJUDPPL
3DUPLJLDQRJUDPPL
/DWWHPH]]ROLWUR
8RYDQ
6L GLFH FKH D WDYROD QRQVL GRYUHEEH HVVHUH LQPHQRGHOQXPHURGHOOH*UD]LHQpLQSLGHOQXPHUR
GHOOH0XVH6HYLDJJLUDWHLQWRUQRDOQXPHURGHOOH0XVHUDGGRSSLDWHODGRVH
,QWULGHWH OD IDULQD FROOH XRYD H FRO ODWWH YHUVDWR D SRFR SHU YROWD HQWUR XQD FD]]DUXROD DJJLXQJHWH LO
FDFLRJUXLHUDDSH]]HWWLQLHPHWWHWHO LQWULVRDOIXRFRPHVFRODQGRFRQWLQXDPHQWH4XDQGRVDUjDVVRGDWRSHU
OD FRWWXUD GHOOD IDULQDVDODWHORHDJJLXQJHWHODPHWjGHOGHWWREXUUR/DVFLDWHFKHLOFRPSRVWRGLDFFL HSRL
QHOOD VWHVVD JXLVD GHJOL JQRFFKL GL IDULQD JLDOOD PHWWHWHOR D WRFFKHWWL LQ XQ YDVVRLR FKH UHJJD DO IXRFR H
FRQGLWHOL YLD YLD FRO UHVWR GHO EXUUR D SH]]HWWL H FRO SDUPLJLDQR VXGGHWWR JUDWWDWR PD QRQ DOOD VXSHUILFLH
SHUFKpLOSDUPLJLDQRFROIXRFRVRSUDSUHQGHO DPDUR5RVRODWHOLVRWWRDXQFRSHUFKLRGLIHUURRQHOIRUQRGD
FDPSDJQDHVHUYLWHOLFDOGL
32/(17$',)$5,1$*,$//$&2//(6$/6,&&(
)DWHXQDSROHQWDSLXWWRVWRWHQHUDGLIDULQDGLJUDQWXUFRGLVWHQGHWHODVXOODVSLDQDWRLDDOODJURVVH]]DGL
XQGLWRHWDJOLDWHODDPDQGRUOH
3RQHWH LQ XQ WHJDPLQR GLYHUVH VDOVLFFH LQWHUH FRQ XQ JRFFLROR G DFTXD H TXDQGR VDUDQQR FRWWH
VSHOODWHOHVEULFLRODWHOHHGDJJLXQJHWHVXJRRFRQVHUYDGLSRPRGRUR&ROORFDWHODSROHQWDLQXQDWHJOLDRLQ
XQYDVVRLRFKHUHJJDDOIXRFRFRQGLWHODDVXROLFROSDUPLJLDQRTXHVWHVDOVLFFHHTXDOFKHSH]]HWWRGLEXUUR
VSDUVR TXD H Oj SRL PHWWHWHOD IUD GXH IXRFKL H TXDQGR VDUj EHQ FDOGD VHUYLWHOD VSHFLDOPHQWH SHU SULPR
SLDWWRGLXQDFROD]LRQHDOODIRUFKHWWD/DGHWWDSROHQWDVLSXzIDUHDQFKHGXUDSHUWDJOLDUODDIHWWH
32/(17$3$67,&&,$7$
)DWHXQDSROHQWDVRGDGLIDULQDGLJUDQWXUFRFRWWDQHOODWWH6DODWHODTXDQGRVLHWHSHUULWLUDUODGDOIXRFR
H YHUVDWHOD VRSUD OD VSLDQDWRLD DOWD GXH GLWD FLUFD 'LDFFLD FKH VLD WDJOLDWHOD D PDQGRUOH JURVVH PH]]R
FHQWLPHWUR FKH GLVSRUUHWH QHOOD VHJXHQWH PDQLHUD LQ XQ YDVVRLR GL PHWDOOR R GL SRUFHOODQD FKH UHJJD DO
IXRFR )DWH XQ LQWLQJROR FRPH TXHOOR SHU FRQGLUH L PDFFKHURQL DOOD ERORJQHVH Q R FRQVLPLOH H IDWH XQ
SRFRGLEDOVDPHOODQVSROYHUL]]DUHLOIRQGRGHOYDVVRLRFRQSDUPLJLDQRJUDWWDWRHGLVWHQGHWH XQVXRORGL
SROHQWD FRQGLWHOD FRQ SDUPLJLDQR O LQWLQJROR H OD EDOVDPHOOD SRL VRSUD D TXHVWR SRQHWH XQ DOWUR VXROR GL
SROHQWDHFRQGLWHODHJXDOPHQWHHFRVuGLVHJXLWRILQFKpDYUHWHURED$QFKHTXDOFKHSH]]HWWLQRGLEXUURTXD
HOjQRQFLIDUjPDOHSHUz PHWWHWHQHSRFRVHQRQYROHWHFKHVWXFFKLSHUVRYHUFKLRFRQGLPHQWR
3UHSDUDWR FRVu LOYDVVRLRFROODVXDFROPDSRQHWHORQHOIRUQRGDFDPSDJQDSHUURVRODUHODSROHQWDH
VHUYLWHODFDOGDSHUWUDPHVVRLQXQSUDQ]RGXUDQWHO DXWXQQRHO LQYHUQR6HYLHQHEHQHVDUjORGDWDSHUODVXD
GHOLFDWH]]D1HOWHPSRGHOODFDFFLDJLRQHXQDELOHFXRFRSXzPHWWHUODLQIRUPDULHPSLHQGRODGLXFFHOOHWWLFRWWL
LQXPLGR
0$&&+(521,&2//$%$/6$0(//$
3UHQGHWH PDFFKHURQL OXQJKL DOOD QDSROHWDQD H FXRFHWHOL SHU GXH WHU]L QHOO DFTXD VDODWD /HYDWHOL
DVFLXWWL H ULPHWWHWHOL DO IXRFR FRQ XQ SH]]HWWR GL EXUUR H TXDQGR O DYUDQQR DVVRUELWR DJJLXQJHWH WDQWR ODWWH
FKH ILQLVFD GL FXRFHUOL D PRGHUDWR FDORUH 3UHSDUDWH LQWDQWR XQD EDOVDPHOOD FRPH DO Q H TXDQGR QRQ
VDUj SL D EROORUH OHJDWHOD FRQ XQ URVVR G XRYR H SRL YHUVDWHOD VXL PDFFKHURQL LQVLHPH FRQ SDUPLJLDQR
JUDWWDWRLQSURSRU]LRQH0DFFKHURQLFRVuSUHSDUDWLVRQRPROWRRSSRUWXQLSHUFRQWRUQRDXQSH]]RGLVWUDFRWWR
R D XQ SH]]R GL YLWHOOD GL ODWWH LQ IULFDQGz 3RWHWH LQ TXHVWR FDVR SUHQGHUH XQ YDVVRLR FKH UHJJD DO IXRFR
FROORFDUYLXQDIRUPDGLODWWDLQPH]]RHLPDFFKHURQLDOO LQJLUR
3RQHWHLOYDVVRLRQHOIRUQRGDFDPSDJQDR VRWWRDXQFRSHUFKLRGLIHUURFROIXRFRVRSUDHTXDQGRL
PDFFKHURQLVDUDQQROHJJHUPHQWHURVRODWLULWLUDWHOLGDOIXRFRHOHYDWDODIRUPDGLODWWDSRQHWHQHOVXRSRVWR
ODFDUQHHVHUYLWHOL3RWHWHDQFKHPDQGDUOLLQWDYRODVHSDUDWLPDVHPSUHOHJJHUPHQWHURVRODWLDOGLVRSUDSHU
SLEHOOH]]DEDGDWHFKHUHVWLQRVXJRVL
0$&&+(521,&2/3$1*5$77$72
6H q YHUR FRPH GLFH $OHVVDQGUR 'XPDV SDGUH FKH JOL ,QJOHVL QRQ YLYRQR FKH GL URDVWEHHI H GL
EXGLQR JOL RODQGHVL GL FDUQH FRWWD LQ IRUQR GL SDWDWH H GL IRUPDJJLR L7HGHVFKLGLVDXHUNUDXWHGLODUGRQH
DIIXPLFDWRJOL6SDJQXROLGLFHFLGLFLRFFRODWDHGLODUGRQHUDQFLGRJO OWDOLDQLGLPDFFKHURQLQRQFLVDUjGD
IDUHOHPHUDYLJOLHVHLRULWRUQRVSHVVRHYROHQWLHULVRSUDDLPHGHVLPLDQFKHSHUFKpPLVRQRVHPSUHSLDFLXWL
DQ]LSRFRPDQFzFKHSHUHVVLQRQPLDFTXLVWDVVLLOEHOWLWRORGL0DQJLDPDFFKHURQLHYLGLUzLQFKHPRGR
0L WURYDYR QHOOD WUDWWRULD GHL 7UH 5H D %RORJQDQHOLQFRPSDJQLDGLGLYHUVL VWXGHQWLHGL)HOLFH
2UVLQL DPLFR G XQR GL ORUR (UDQR WHPSL QHL TXDOL LQ 5RPDJQD VL GLVFRUUHYD VHPSUH GL SROLWLFD H GL
FRVSLUD]LRQL H O 2UVLQL FKH SDUHYD SURSULR QDWR SHU TXHVWH QH SDUODYD GD HQWXVLDVWD H FRQ FDORUH VL
DIIDQQDYD D GLPRVWUDUFL FRPH IRVVH SURVVLPD XQD VRPPRVVD DOOD WHVWD GHOOD TXDOH HJOL H TXDOFKH DOWUR
FDSRFKHQRPLQDYDDYUHEEHURFRUVD%RORJQDDUPDWDPDQR,RQHOVHQWLUWUDWWDUHFRQVuSRFDSUXGHQ]DHLQ
XQ OXRJR SXEEOLFR GL XQ DUJRPHQWR WDQWR FRPSURPHWWHQWH H GL XQ LPSUHVD FKH PL SDUHYD GD SD]]L ULPDVL
IUHGGR D VXRL GLVFRUVL H WUDQTXLOODPHQWH EDGDYR D PDQJLDUH XQ SLDWWR GL PDFFKHURQL FKH DYHYR GDYDQWL
4XHVWRFRQWHJQRIXXQDSXQWXUDDOO DPRUSURSULRGHOO 2UVLQLLOTXDOHULPDVWRPRUWLILFDWRRJQLYROWDFKHSRLVL
ULFRUGDYDGL PHGRPDQGDYDDJOLDPLFL &RPHVWD0DQJLDPDFFKHURQL"
0L SDU GL YHGHUOR RUD TXHO JLRYDQH VLPSDWLFR GL VWDWXUD PH]]DQD VQHOOR GHOOD SHUVRQD YLVR SDOOLGR
URWRQGROLQHDPHQWLGHOLFDWLRFFKLQHULVVLPLFDSHOOLFUHVSLXQSR EOHVRQHOODSURQXQ]LD8Q DOWUDYROWDPROWL
DQQLGRSRORFRPELQDLLQXQFDIIqD0HOGRODQHOPRPHQWRFKHIUHPHQWHG LUDFRQWURXQWDOHFKHDEXVDQGR
GHOODVXDILGXFLDO DYHYDRIIHVRQHOO RQRUHLQYLWDYDXQJLRYDQHDVHJXLUORD)LUHQ]HSHUDLXWDUORGLFHYDHJOL
DFRPSLHUHXQDYHQGHWWDHVHPSODUH
8QD VHTXHOD GL IDWWL H GL YLFHQGH XQD SL VWUDQD GHOO DOWUD OR WUDVVHUR GRSR D TXHOOD WUDJLFD ILQHFKH
WXWWLFRQRVFRQRHWXWWLGHSORUDQRPDFKHIXIRUVHXQDVSLQWDD1DSROHRQH,,,SHUFDODUHLQ,WDOLD
5LWRUQLDPRDERPED
0DFFKHURQLOXQJKLHFKHUHJJDQREHQHDOODFRWWXUDJUDPPL
)DULQDJUDPPL
%XUURJUDPPL
)RUPDJJLRJUXLHUDJUDPPL
3DUPLJLDQRJUDPPL
/DWWHGHFLOLWUL
3DQJUDWWDWRTXDQWREDVWD
6HYLSLDFHVVHURSLVDSRULWLDXPHQWDWHODGRVHGHOFRQGLPHQWR
$LPDFFKHURQLGDWHPH]]DFRWWXUDVDODWHOLHYHUVDWHOLVXOORVWDFFLRDVFRODUH0HWWHWHDOIXRFRLQXQD
FD]]DUXRODPHWjGHOEXUURHODIDULQDPHVFRODQGRFRQWLQXDPHQWHTXDQGRTXHVWDFRPLQFLDDSUHQGHUFRORUH
YHUVDWHLO ODWWH D SRFR SHU YROWD H IDWHOREROOLUH SHUXQDGLHFLQDGLPLQXWLLQGLJHWWDWHLQTXHVWDEDOVDPHOODL
PDFFKHURQL H LO JUXLHUD JUDWWDWR R D SH]]HWWLQL H ULWLUDWH OD FD]]DUXROD VXOO RUOR GHO IRUQHOOR RQGH EROOHQGR
DGDJLQRULWLULQRLOODWWH$OORUDDJJLXQJHWHLOUHVWRGHOEXUURHLOSDUPLJLDQRJUDWWDWRYHUVDWHOLSRLLQXQYDVVRLR
FKHUHJJDDOIXRFRHVXFXLIDFFLDQODFROPDHFRSULWHOLWXWWLGLSDQJUDWWDWR
3UHSDUDWL LQ TXHVWD PDQLHUD PHWWHWHOL QHO IRUQR GDFDPSDJQD R VRWWR XQFRSHUFKLR GL IHUURFROIXRFR
VRSUDHTXDQGRVDUDQQRURVRODWLVHUYLWHOLFDOGLSHUWUDPHVVRRPHJOLRDFFRPSDJQDWLGDXQSLDWWRGLFDUQH
&2672/(77('¶$*1(//29(67,7(
3UHQGHWH FRVWROHWWH G DJQHOOR GL FDUQH ILQD GHQXGDWH O RVVR GHOOD FRVWROD VWLDFFLDWHOH SDUHJJLDWHOH
FXRFHWHOHFRVuQDWXUDOLDOODVDXWpFROEXUURFRQGLWHOHFDOGHFRQVDOHHSHSHHPHWWHWHOHGDSDUWH
)DWHXQDEDOVDPHOODVRGHWWLQDHQHOODPHGHVLPDJHWWDWHSURVFLXWWRHOLQJXDVDODWDDSLFFROLVVLPLGDGL
XQSL]]LFRGLSDUPLJLDQRXQDSUHVDGLQRFHPRVFDWDHXQWDUWXIRDIHWWLQHRSSXUHIXQJKLVHFFKLUDPPROOLWLH
WULWDWLHPHWWHWHDQFKHTXHVWRFRPSRVWRGDSDUWHSHUFKpGLDFFLEHQH
)DWH XQD SDVWD VIRJOLD Q SURSRU]LRQDWD DOOD TXDQWLWj GHOOH FRVWROHWWH H FROOD PHGHVLPD
DYYROJHWHOH XQD SHU XQD ODVFLDQGRIXRULO RVVRGHOODFRVWRODPDSULPD VSDOPDWHOHGDXQDSDUWHHGDOO DOWUD
DEERQGDQWHPHQWH FRO GHWWR FRPSRVWR 4XDQGR OH DYUHWH FKLXVH GRUDWHOH FRO URVVR G XRYR FROORFDWHOH ULWWH
LQWRUQR DOO RUOR GL XQD WHJOLD FXRFHWHOH QHO IRUQR GD FDPSDJQD H VHUYLWHOH FDOGH 6DUDQQR JHQHUDOPHQWH
DJJUDGLWHHWHQXWH LQFRQWRGLSLDWWRILQH
/DSDVWDVIRJOLDSRWUHWHWDJOLDUODFRQXQPRGHOOLQRGLFDUWDFKHFRVuO LQYROXFURYLYHUUjSLSUHFLVRSHU
SL SXOL]LD HG HOHJDQ]D SULPD GL PDQGDUOH LQ WDYROD IDVFLDWH O HVWUHPLWj GL RJQL FRVWROD FRQ FDUWD ELDQFD
VPHUODWD
&2672/(77(1(//$&$57$
4XHVWH FRVWROHWWH FKH L )UDQFHVL FKLDPDQR F{WHOHWWHV HQ SDSLOORWH VL SRVVRQR FRQGL]LRQDUH QHOOD
VHJXHQWH PDQLHUD FKH q OD SL VHPSOLFH H GD QRQ GLVSUH]]DUVL 3UHQGHWH FRVWROHWWH GL YLWHOOD GL ODWWH
GHQXGDWHO RVVRGHOODFRVWRODOHYDQGRQHODFDUQHFXRFHWHOHQHOEXUURDOODVDXWpHFRQGLWHOHFRQVDOHHSHSH
)DWHXQFRPSRVWRSURSRU]LRQDWRGLSURVFLXWWRJUDVVRHPDJURHSUH]]HPRORWULWDWHORILQHDJJLXQJHWHEXUUR
H PLGROOD GL SDQJUDWWDWR SHU WHQHUOR XQLWR H FRQ TXHVWR VSDOPDWH GD DPEHGXH OH SDUWL OH FRVWROHWWH SRL
ULILRULWHOH FRQ IHWWLQH GL WDUWXIL FUXGL 7DJOLDWH D PRGHOOR GHOOD FDUWD ELDQFD JURVVHWWLQD SHU TXDQWH VRQR OH
FRVWROHWWH XQJHWHOD FRO EXUUR R FROO ROLR GD DPEHGXH OH SDUWL H FRQ HVVD LQYROWDWHOH VWUHWWH FRQ O RVVR GHOOD
FRVWROD IXRUL 2UD SRQHWHOH LQ JUDWHOOD D IXRFR OHJJHUR DYYHUWHQGR FKH OD FDUWD QRQ EUXFL H PDQGDWHOH LQ
WDYROD SHU SL SXOL]LD FRQ O HVWUHPLWj GHOOD FRVWROD IDVFLDWD GL FDUWD ELDQFD VPHUODWD 3RVVRQR VHUYLUH D
TXHVW XVRDQFKHOHFRVWROHWWHG DJQHOORVHVRQRJUDQGL
6$/$0,'$/68*2',)(55$5$
,VDODPLGDOVXJRGL)HUUDUDVRQRXQDVSHFLDOLWjGLTXHOSDHVH+DQQRODIRUPDGLERQGLROHGHOSHVRGL
JUDPPL FLUFD H VRQR GL VDSRUH SLFFDQWH H DSSHWLWRVR $ GLIIHUHQ]D GHJOL DOWUL VDOXPL GHOOD ORUR VSHFLH
PLJOLRUDQR LQYHFFKLDQGR HG RUGLQDULDPHQWH TXHVWL VL PDQJLDQR TXDQGR TXHOOL KDQQR IDWWR OD ORUR VWDJLRQH
$OORUFKpYRUUHWHVHUYLUYHQHODYDWHOLGLYHUVHYROWHFRQDFTXDWLHSLGDSHUQHWWDUOLGDTXHOODSDWLQDXQWXRVDFKHOL
ULFRSUHHPHWWHWHOLDOIXRFRLQDFTXDGLDFFLDDEERQGDQWHSHUIDUOLEROOLUHOHQWDPHQWHXQ RUDHPH]]RVROWDQWR
FKLXVLVWUHWWLLQXQSDQQROLQRRQGHHYLWDUHFKHODSHOOHVFKLDQWL6HUYLWHOLFDOGLFRQFRQWRUQRFRPHLFRWHJKLQL
PDLOVXJRGLFXLVLYDQWDQRWDOYROWDQRQDSSDULVFHRVHSXUHQRQqPROWRFRSLRVR
3$*1277(//(5,3,(1(
1HOOH JUDQGL FLWWj XQ EUDYR FXRFR q D PDOH DJJXDJOLDUH FRPH XQ JHQHUDOH G DUPDWD LQ XQ YDVWR
FDPSREHQWULQFHUDWRFRQQXPHURVHHGDJJXHUULWHOHJLRQLRYHSXzIDUYDOHUHWXWWHOHVXHSURGH]]H/HJUDQGL
FLWWj ROWUH DOO HVVHU VHPSUH EHQ SURYYHGXWH G RJQL JUD]LD GL 'LR KDQQR FKL SHQVD D IRUQLUYL DQFKH OH SL
SLFFROHFRVHOHTXDOLEHQFKpGLSRFDLPSRUWDQ]DFRQWULEXLVFRQRDOODYDULHWjDOO HOHJDQ]DHDOODSUHFLVLRQH
GH YRVWULODYRUL&RVuFRPHYLVLWURYDQREDVWRQFLQLGLSDQHFKHWDJOLDWLDIHWWHV LQILODQRQHOORVSLHGRFRJOL
XFFHOOLYLVLIDEEULFDQRSDJQRWWHOOHGHOODJUDQGH]]DGLXQDPHODFRPXQHSHUIDUOHULSLHQH
5DVSDWHQH OHJJHUPHQWH OD FRUWHFFLD FROOD JUDWWXJLD H IDWH LQ PH]]R DG RJQXQD XQ WDVVHOOR URWRQGR
GHOOD GLPHQVLRQH GL XQD PRQHWD GD FHQWHVLPL 9XRWDWHOH GHO PLGROOR ODVFLDQGR OH SDUHWL DOO LQWRUQR
DOTXDQWR JURVVHWWH %DJQDWHOH GHQWUR H IXRUL FRQ ODWWH EROOHQWH H TXDQGR VDUDQQR GLVFUHWDPHQWH LQ]XSSDWH
FKLXGHWHOH FRO ORUR WDVVHOOR LQ]XSSDWR DQFK HVVRLPPHUJHWHOH QHOO XRYR SHU GRUDUOH H IULJJHWHOH QHO ODUGR R
QHOO ROLR PD EXWWDWHOH LQ SDGHOOD GDOOD SDUWH GHO FRSHUFKLR SHUFKp YL UHVWL DGHUHQWH 'LVWDFFDWH GRSR FROOD
SXQWD GL XQ WHPSHULQR LO WDVVHOOR ULHPSLWHOH GL XQ EDWWXWR GL FDUQH GHOLFDWR H EHQ FDOGR ULFKLXGHWHOH H
PDQGDWHOHLQWDYROD6HOHIDWHDFFXUDWDPHQWHSRVVRQREHQLVVLPRILJXUDUHLQTXDOXQTXHSUDQ]R
,OEDWWXWRGLFDUQHDSH]]HWWLJURVVLTXDQWRLFHFLVDUjEHQHIDUORFRQIHJDWLQLSHWWLGLSROORDQLPHOOHH
FRVHVLPLOLWLUDWHFROVXJRGLFDUQHHOHJDWHFRQXQDSUHVDGLIDULQDPDFLzFKHVDUHEEHLQGLVSHQVDELOHSHU
UHQGHUHLOFRPSRVWRSLJUDWRVRQRLWDUWXIL
0,*/,$&&,2',)$5,1$'2/&(92/*$50(17('(772&$67$*1$&&,2
$QFKH TXL QRQ SRVVR IUHQDUPL GDO GHFODPDUH FRQWUR OD SRFD LQFOLQD]LRQH FKH DEELDPR QRL ,WDOLDQL
DOO LQGXVWULD ,Q DOFXQH SURYLQFH G ,WDOLD QRQVL FRQRVFH SHU QXOOD OD IDULQD GL FDVWDJQH HFUHGR FKH QHVVXQR
DEELDPDLWHQWDWRG LQWURGXUQHO XVRHSSXUHSHOSRSRORHSHUFKLQRQKDSDXUDGHOODYHQWRVLWjqXQDOLPHQWR
SRFR FRVWRVRVDQR H QXWULHQWH ,QWHUURJDL LQ SURSRVLWR XQD ULYHQGXJOLROD LQ 5RPDJQD GHVFULYHQGROHTXHVWR
PLJOLDFFLR H OH GLPDQGDL SHUFKp QRQ WHQWDYD GL JXDGDJQDUH TXDOFKH VROGR FRQ TXHVWR FRPPHUFLR &KH
YXROH PL ULVSRVH q URED WURSSR GROFH QRQ OD PDQJHUHEEH QHVVXQR R OH FRWWDURQH FKH YRL YHQGHWH QRQ
VRQR GROFL" HSSXUH KDQQR GHOOR VPHUFLR GLVV LR 3URYDWHYL DOPHQR VRJJLXQVL GD SULQFLSLR YROJHWHYL DL
UDJD]]LGDWHQHORURTXDOFKHSH]]RLQUHJDORSHUYHGHUHVHFRPLQFLDVVHURDJXVWDUORHSRLGLHWURDGHVVLq
SUREDELOHFKHDSRFRDSRFRVLDFFRVWLQRLJUDQGL(EELXQEHOGLUHIXORVWHVVRFKHSDUODUHDOPXUR
/H FRWWDURQH SHU FKL QRQ OR VD VRQR PHOH R SHUH SHU OR SL FDVFDWLFFH FRWWH LQ IRUQR HQWUR XQD
SHQWRODQHOODTXDOHVLYHUVDXQJRFFLRORG DFTXDFRSUHQGRQHODERFFDFRQXQFHQFLREDJQDWR9HQLDPRRUD
DOODVHPSOLFLVVLPDIDWWXUDGLTXHVWRPLJOLDFFLR
3UHQGHWH JUDPPL GL IDULQD GL FDVWDJQH HVLFFRPH TXHVWD IDULQDVL DSSDVWD IDFLOPHQWH SDVVDWHOD
GDO VHWDFFLR SULPD GL DGRSHUDUOD SHU UHQGHUOD VRIILFH SRL PHWWHWHOD LQ XQ UHFLSLHQWH H FRQGLWHOD FRQ XQR
VFDUVRSL]]LFRGLVDOH)DWWRTXHVWRLQWULGHWHODFRQGHFLOLWULGLDFTXDGLDFFLDYHUVDWDDSRFRSHUYROWDRQGH
ULGXUODXQDOLTXLGDIDULQDWDLQFXLJHWWHUHWHXQSXJQRGLSLQROLLQWHUL$OFXQLDJJLXQJRQRDLSLQROLGHOOHQRFLD
SH]]HWWLDOWULDQFKHGHOO XYDVHFFDHVRSUDTXDOFKHIRJOLROLQDGLUDPHULQR
2UD SUHQGHWH XQD WHJOLD RYH LO PLJOLDFFLR YHQJD JURVVR XQ GLWR H PH]]R DOO LQFLUFDFRSULWHQHLOIRQGR
FRQ XQ OHJJLHUR VWUDWR G ROLR HG DOWU ROLR GXH FXFFKLDLDWH VSDUJHWHOR VXOOD IDULQDWD TXDQGR q QHOOD WHJOLD
&XRFHWHORLQIRUQRRDQFKHLQFDVDIUDGXHIXRFKLHVIRUPDWHORFDOGR
&RQTXHVWDIDULQDWDVLSRVVRQRIDUHDQFKHGHOOHIULWWHOOH
0,*/,$&&,2',)$5,1$*,$//$,
4XHVWRq XQSLDWWRGH SLRUGLQDULPDQRQqGLVJUDGHYROHDTXHOOLFXLODIDULQDGLJUDQWXUFRSLDFHH
QRQSURGXFHDFLGLDOORVWRPDFR,EDPELQLSRLVDOWHUDQQRGDOO DOOHJUH]]DVHTXDOFKHYROWDODPDPPDORGDUj
ORURFDOGRFDOGRSHUFROD]LRQHQHOO LQYHUQR
/DIDULQDJLDOODqVHPSUHEHQHFKHVLDPDFLQDWDSLXWWRVWRJURVVD
3RQHWH LQ XQ UHFLSLHQWH TXDOXQTXH TXHOOD TXDQWLWj GL IDULQD GL FXL YROHWH VHUYLUYL VDODWHOD EHQH HG
LQWULGHWHOD VRGD FRQ DFTXD EROOHQWH TXDQGR VDUj PHVFRODWD LQ PRGR FKH LQ IRQGR DO YDVR QRQ UHVWL IDULQD
DVFLXWWD XQLWHYL XYD VHFFD R ]LELEER LQ JLXVWD GRVH O XYD VHFFD QRVWUDOH q SUHIHULELOH LQ FHUWL FDVL DOOR
]LELEERSHUFKpFRQVHUYDXQDFLGHWWRFKHOHGjJUD]LD3UHQGHWHXQDWHJOLDGLUDPHHPHWWHWHODDOIXRFRFRQ
ODUGR YHUJLQH LQ DEERQGDQ]D H TXDQGR TXHVWR FRPLQFLD D JULOOHWWDUH YHUVDWHO LPSDVWR LO TXDOH SHU DYHUOR
LQWULVRFRQVLVWHQWHIDG XRSRGLVWHQGHUHHSDUHJJLDUHFROPHVWROR3RLVSDOPDWHQHODVXSHUILFLHFRQXQDOWUR
SRFR GL ODUGR H ULILRULWHOR FRQ FLRFFKHWWLQH GL UDPHULQR IUHVFR &XRFHWHOR DO IRUQR RWUD GXH IXRFKL IDWHFKH
URVROLDOTXDQWRHVIRUPDWHOR&ROGHWWRLPSDVWRSRWHWHDQFKHIDUIULWWHOOHPDVHQ]DUDPHULQR/DPLJOLRUIDULQD
JLDOODFKHLRDEELDVHQWLWRqTXHOODG $UH]]RRYHLOJUDQWXUFRYLHQHFXUDWRPROWRHVHFFDWRLQIRUQR
0,*/,$&&,2',)$5,1$*,$//$,,
4XHVWRSLDWWRqSLVLJQRULOHGHOSUHFHGHQWH
)DULQDGLJUDQWXUFRJUDPPL
=LELEERRXYDVHFFDJUDPPL
6WUXWWRJUDPPL
3LQROLJUDPPL
=XFFKHURWUHFXFFKLDLQL
$OO XYD OHYDWH L VHPL L SLQROL WDJOLDWHOL LQ GXH SDUWL SHU WUDYHUVR /D WHJOLD XQJHWHOD FROOR VWUXWWR H
LQIDULQDWHOD3HOUHVWRUHJRODWHYLFRPHSHUO DQWHFHGHQWH
6$/6,&&,$&2//(829$
/HXRYDHODVDOVLFFLDPHVVHLQVLHPHSDUHQRQVLWURYLQRLQFDWWLYDFRPSDJQLDFRPHQRQYLVLWURYDOD
FDUQHVHFFD WDJOLDWD D GDGL VH OH SULPH VRQR VFLRFFKH OH VHFRQGH VRQR VDSRULWH H VL IRUPD XQD OHJD FKH
SLDFHDPROWLEHQFKpVLWUDWWLGLSLDWWLRUGLQDUL
6H OD VDOVLFFLD q IUHVFD VSDFFDWHOD LQ GXH SDUWL SHU LO OXQJR H PHWWHWHOD D FXRFHUH LQ XQ WHJDPH
VHQ] XQWRQpFRQGLPHQWRSHUFKpQHFRQWLHQHGLSHUVpVWHVVDVHqVWDJLRQDWDWDJOLDWHODDIHWWHHOHYDWHQHOD
SHOOH $SSHQD OD VDOVLFFLD VDUj FRWWD VFRFFLDWH OH XRYD H VHUYLWHOD TXDQGR TXHVWH VDUDQQR UDSSUHVH 3HU
RJQLURFFKLRFRPXQHGLVDOVLFFLDEDVWDXQVRORXRYRRDOSLGXH
6H OH VDOVLFFH IRVVHUR WURSSR PDJUHVDUj EHQH FXRFHUOHFRQ XQ SR GLEXUURRGLODUGR6HLQYHFHGL
VDOVLFFLDVLWUDWWDGLFDUQHVHFFDDJJLXQJHWHXQSH]]HWWLQRGLEXUURHOHXRYDYHUVDWHOHGRSRDYHUOHIUXOODWHD
SDUWH
6$/6,&&,$&2//¶89$
ÊXQSLDWWRWULYLDOHHFRPXQHPDORQRWRSHUFKpODVDOVLFFLDFRQTXHOGROFHDFLGHWWRGHOO XYDSRWUHEEH
GDUQHOJXVWRDTXDOFXQR
%XFDWHOHVDOVLFFHFROODSXQWDGLXQDIRUFKHWWDHPHWWHWHOHLQWHJDPHFRVu LQWHUHFRQXQSRFRGLODUGRR
EXUUR 4XDQGR VDUDQQR FRWWH XQLWH O XYD QRQ LQ TXDQWLWj D FKLFFKL LQWHUL H IDWHOD EROOLUH ILQFKpVL VWUXJJD D
PHWj/DVDOVLFFLDVRODSRLROWUHFKpLQJUDWHOODSXzFXRFHUVLLQWHUDLQXQWHJDPHFRQXQJRFFLRORG DFTXD
5,623(5&2172512
4XDQGRDYUHWHSHUOHVVRXQDSROODVWUDRXQFDSSRQHPDQGDWHOLLQWDYRODFRQXQFRQWRUQRGLULVRFKHYL
VWD EHQH 3HU QRQFRQVXPDUWDQWREURGRLPELDQFDWHLOULVRQHOO DFTXDH WHUPLQDWHGLFXRFHUORFROEURGRGHL
GHWWL SROOL 7LUDWHOR VRGR H TXDQGR q TXDVL FRWWR GDWHJOL VDSRUH FRQ EXUUR H SDUPLJLDQR LQ SRFD TXDQWLWj
SRVWRFKHLOULVRVLDJUDPPLTXDQGRORULWLUDWHGDOIXRFROHJDWHORFRQXQXRYRRPHJOLRFRQGXHURVVL
6HLOULVRLQYHFHFKHDOOHVVRGLSROORGRYHVVHVHUYLUHGLFRQWRUQRDXQRVWUDFRWWRGLYLWHOODGLODWWHRD
EUDFLROLQH DJJLXQJHWH DJO LQJUHGLHQWL VRSUD LQGLFDWL GXH R WUH FXFFKLDLDWH GL VSLQDFL OHVVDWL H SDVVDWL SHU
LVWDFFLR$YUHWHDOORUDXQULVRYHUGHHSLGHOLFDWR
6LSXzGDUHPLJOLRUHDVSHWWRDTXHVWLFRQWRUQL UHVWULQJHQGRLOULVRDEDJQRPDULDHQWURDXQRVWDPSR
PDEDGDWHQRQLQGXULVFDWURSSRFKHVDUHEEHXQJUDYHGLIHWWR
&$5&,2),,17(*/,$
$QFKHTXHVWRqXQSLDWWRGLXVRIDPLJOLDUHLQ7RVFDQDGLSRFDVSHVDHUHODWLYDPHQWHEXRQR3RWHQGR
VHUYLUHGDFROD]LRQHSHUSULQFLSLRRSHUWUDPHVVRLQXQGHVLQDUHGLIDPLJOLDQRQVRFRPSUHQGHUHFRPHQRQ
VLDFRQRVFLXWRLQDOWULOXRJKLG ,WDOLD
3UHSDUDWH L FDUFLRIL QHO PRGR GHVFULWWR DO Q H GRSR DYHUOL VFRVVL GDOOD IDULQD VXSHUIOXD
GLVWHQGHWHOL LQ XQD WHJOLD RYH DEELD FRPLQFLDWR D JULOOHWWDUH ROLR EXRQR H LQ TXDQWLWj VXIILFLHQWH 4XDQGR OH
IHWWHGHLFDUFLRILVDUDQQRURVRODWHGDDPEHOHSDUWLYHUVDWHVXOOHPHGHVLPHGHOOHXRYDVEDWWXWHPDDYYHUWLWH
GLQRQFXRFHUOHWURSSR,OFRQGLPHQWRGLVDOHHSHSHVSDUJHWHORSDUWHVXLFDUFLRILHSDUWHQHOOHXRYDSULPDGL
YHUVDUOH
,QYHFH GHOOD WHJOLD SRWHWH VHUYLUYL GHOOD SDGHOOD PD DOORUD RWWHUUHWH XQD IULWWDWD LO FXL JXVWR ULXVFLUj
DOTXDQWRGLYHUVRHLQIHULRUH
&$&,03(5,2
&KL IUHTXHQWD OH WUDWWRULH SXzIRUPDUVL XQ LGHD GHOOD JUDQGH YDULHWj GHL JXVWL QHOOH SHUVRQH$VWUD]LRQ
IDWWD GD TXHL GLYRUDWRUL FRPH OXSL FKH QRQ VDQQR GLVWLQJXHUH VWR SHU GLUH XQD WRUWD GL PDU]DSDQH GD XQ
SLDWWR GL VFDUGLFFLRQL VHQWLUHWH WDOYROWD SRUWDUH DO FLHOR XQD YLYDQGD GD DOFXQL JLXGLFDWD PHGLRFUH H GD DOWUL
SHUILQR FRPH SHVVLPD ULJHWWDWD $OORUD YL WRUQHUj LQ PHQWH OD JUDQ YHULWj GL TXHOOD VHQWHQ]D FKH GLFH 'H
JXVWLEXVQRQHVWGtVSXWDQGXP
$ TXHVWR SURSRVLWR *LXVHSSH $YHUDQL WUDWWDQGR 'HO YLWWR H GHOOH FHQH GHJOL DQWLFKL VFULYH ³9DULR HG
LQFRVWDQWH VRSUD WXWWL JOL DOWUL VHQWLPHQWL VL q LO JXVWR ,PSHURFFKp JOL RUJDQL GHOOD OLQJXD SHU FXLJXVWLDPR L
VDSRULQRQVRQRG XQDPDQLHUDLQWXWWLJOLXRPLQLHLQWXWWLLFOLPLHV DOWHUDQRVRYHQWHRSHUPXWD]LRQHG HWjR
SHU LQIHUPLWj R SHU DOWUD SL SRVVHQWH FDJLRQH 3HU OD TXDO FRVD PROWL GL TXHL FLEL FKH GL VRYHUFKLR
DSSHWLVFRQR L IDQFLXOOL QRQ DOOHWWDQR JOL XRPLQL H TXHOOH YLYDQGH H TXHOOH EHYDQGH FKH JXVWHYROL H GHOLFDWH
VROOHWLFDQR FRQ GLOHWWR H VRDYLWj LO SDODWR GH VDQL QRQ UDGH YROWH FRPH VSLDFHYROL H VD]LHYROL VRQR
DEERPLQDWHGDJOLLQIHUPL$FFDGHDQFRUDEHQHVSHVVRFKHXQDFHUWDIDQWDVWLFDDSSUHQVLRQHFLUHQGHSLR
PHQRDJJUDGHYROLHSLDFHQWLOHYLYDQGHVHFRQGRFKpODVWUDYROWDLPPDJLQD]LRQHFHOHUDSSUHVHQWD,FLELHOH
YLYDQGH UDUH H VWUDQH VRQR SL SLDFHYROL DO JXVWR FKH OH FRPXQDOL H QRVWUDOL QRQ VRQR /D FDUHVWLD H
O DEERQGDQ]D LO FDUR H OD YLOWj Gj H WRJOLHLOVDSRUHDOOHYLYDQGHHODFRPXQHDSSURYD]LRQHGH JKLRWWLOHID
VDSRULWH H GLOHWWHYROL 4XLQGL q DYYHQXWR FKH WXWWL L WHPSLH WXWWH OH QD]LRQL JOLVWHVVLFLELQRQSUHJLDURQRQp
EXRQLHGHOLFDWLPHGHVLPDPHQWHJOLUHSXWDURQR´
,RSHUHVHPSLRQRQVRQRGHOSDUHUHGL%ULOODW6DYDULQFKHQHOODVXD3K\VLRORJLHGXJRWID JUDQFDVR
GHOODIRQGXH FDFLPSHULR HQHGjODVHJXHQWHULFHWWD
³3HVDWHHJOLGLFHOHXRYDHSUHQGHWHXQWHU]RGHOORURSHVRGLIRUPDJJLRJUXLHUDHXQVHVWRGHOORUR
SHVRGLEXUURVDOHEHQSRFRHSHSHDEXRQDPLVXUD´
,R LQ RSSRVL]LRQH D 6DYDULQ GL TXHVWR SLDWWR KR SRFR FRQWR VHPEUDQGRPL QRQ SRVVD VHUYLUH FKH
FRPHSULQFLSLRLQXQDFROD]LRQHRSHUULSLHJRTXDQGRPDQFDGLPHJOLR
,Q ,WDOLD HVVHQGR TXHVWR XQ SLDWWR VSHFLDOH DL 7RULQHVL ULWHQXWR SHUFLz FKH HVVL OR IDFFLDQR DOOD
SHUIH]LRQH PL VRQR SURFXUDWR GD 7RULQR OD VHJXHQWH ULFHWWD OD TXDOH DYHQGR FRUULVSRVWR DOOD SURYD YH OD
GHVFULYR%DVWDSHUVHLSHUVRQH
)RQWLQDQHWWDGDOODFRUWHFFLDJUDPPL
%XUURJUDPPL
5RVVLG XRYRQ
/DWWHTXDQWREDVWD
/DIRQWLQDqXQIRUPDJJLRSRFRGLVVLPLOHGDOJUXLHUDPDDOTXDQWRSL JUDVVR
7DJOLDWHORDSLFFROLGDGLHWHQHWHORSHUGXHRUHLQLQIXVLRQHQHOODWWH0HWWHWHLOEXUURDOIXRFRHTXDQGR
DYUjSUHVRFRORUH YHUVDWHFLODIRQWLQDPDGHOODWWHRYHqVWDWDLQPROOHODVFLDWHFHQHGXHVROHFXFFKLDLDWH
/DYRUDWHODPROWRFROPHVWROR VHQ]DIDUODEROOLUHHTXDQGRLOIRUPDJJLRVDUjWXWWRVFLROWRULWLUDWHODGDOIXRFRSHU
DJJLXQJHUYL L URVVL 5LPHWWHWHOD SHU XQ SRFR VXO IXRFR ULPHVWDQGROD DQFRUD H G LQYHUQR YHUVDWHOD LQ XQ
YDVVRLRFDOGR
6H q YHQXWD EHQH QRQ GHY HVVHUH Qp JUDQXORVD Qp IDU OH ILOD PD DYHU O DSSDUHQ]D GL XQD GHQVD
FUHPD $ 7RULQR KR YLVWR VHUYLUOD FRQ XQR VWUDWR VXSHUILFLDOH GL WDUWXIL ELDQFKL FUXGL WDJOLDWL D IHWWLQH VRWWLOL
FRPHXQYHOR
7257,12',3202'25,
)DWH EROOLUH GHL SRPRGRUL WDJOLDWL D SH]]L LQ XQ VRIIULWWR GL DJOLR SUH]]HPROR H ROLR VDOH H SHSH SHU
FRQGLPHQWR
4XDQGR VDUDQQR FRWWL LQ PDQLHUD FKH LO ORUR VXJR VL VLDFRQGHQVDWRSDVVDWHORHULPHWWHWHORDOIXRFR
FRQ XRYD LQ SURSRU]LRQH IUXOODWH DYDQWL $JJLXQJHWH XQ SL]]LFR GL SDUPLJLDQR PHVFRODWH H TXDQGR OH XRYD
VDUDQQRDVVRGDWHYHUVDWHOHLQXQYDVVRLRHFRQWRUQDWHOHGLFURVWLQLWDJOLDWLDPDQGRUOHHIULWWLQHOEXUURRQHO
ODUGR
4XDOFKH IRJOLD GL QHSLWHOOD R XQ SL]]LFR GL UHJDPR GRSR SDVVDWR LO VXJR Gj DO WRUWLQR XQ RGRUH
JUDGHYROH
7257,1,',5,&277$
5LFRWWDJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
)DULQDJUDPPL
8RYDQ
3UH]]HPRORWULWDWRXQSL]]LFR
2GRUHGLVSH]LH
6DOHTXDQWRRFFRUUH
)RUPDWH XQ LPSDVWR FRL VXGGHWWL LQJUHGLHQWL YHUVDWHOR VXOOD VSLDQDWRLD VRSUD D XQ OHJJLHUR VWUDWR GL
IDULQD H IDWHJOLHQH SUHQGHU WDQWD FRQ OH PDQL LQIDULQDWH GD SRWHU IRUPDUH GRGLFL FURFFKHWWH PRUELGH FKH
VFKLDFFHUHWHDOTXDQWR0HWWHWHXQDVDXWpRXQDWHJOLDDOIXRFRFRQXQSH]]RGLEXUURSHUURVRODUOHHTXDQGR
DYUDQQRSUHVRFRORUHGDDPEHGXHOHSDUWLEDJQDWHOHFRQVXJRGLSRPRGRURRFRQVHUYDVFLROWDQHOO DFTXD
3RVVRQRVHUYLUGDWUDPHVVRHSRVVRQRHVVHUSRUWDWHLQWDYRODDFFRPSDJQDWHGDXQDELVWHFFDRGDXQ
SH]]RGLURVELIIHFDOGR
&5267,1,',75(&2/25,
3UHQGHWH GXH FKLIHOV H WDJOLDWHOL D URWHOOLQH JURVVH XQ FHQWLPHWUR FKH IULJJHUHWH QHO EXUUR R QHOO ROLR
3UHQGHWHGHJOLVSLQDFLWLUDWLFROVXJRRFROEXUURHSDUPLJLDQRWULWDWLILQLHFRSULWHOHIHWWHGHOFKLIHOFRQXQR
VWUDWRGHLPHGHVLPL3UHQGHWHGXHXRYDVRGHVJXVFLDWHOHWDJOLDWHOHDPHWjSHUWUDYHUVRHPHWWHWHGDSDUWHL
WRUOL 'HO ELDQFR WDJOLDWH WDQWL FHUFKLHWWL FRQFHQWULFL H SRQHWHOL VRSUD OR VWUDWR GHJOL VSLQDFL 'HO WRUOR IDWHQH
WDQWL SH]]HWWL R GDGL JURVVHWWL H SRQHWHOL LQ PH]]R DL FHUFKLHWWL GHO ELDQFR &RVu IRUPHUHWH GHL FURVWLQL FKH
SRWUDQQRFRQWRUQDUHXQSLDWWRG DUURVWRLTXDOLDYHQGRSHUEDVHLOSDQHIULWWRFRSHUWRGDOYHUGHGHJOLVSLQDFL
FROELDQFRHLOJLDOORURVVRGHOOHXRYDILJXUHUDQQRGLWUHFRORULPDVRQRSLEHOOLFKHEXRQL
,16$/$7$0$,21(6(
&HUWL FXRFKL GL FDWWLYR JXVWR YL SUHVHQWDQR TXHVWD LQVDODWD FRPSRVWD GL WDQWL LQWUXJOL GD GRYHUYL
UDFFRPDQGDUHLOJLRUQRDSSUHVVRDOO ROLRGLULFLQRRDOO DFTXDXQJKHUHVH $OFXQLODIDQQRFROSROOROHVVRDOWUL
SHUILQR FRQ DYDQ]L GL FDUQH TXDOXQTXH DUURVWLWD PD q GD SUHIHULUVL VHPSUH LO SHVFH VSHFLDOPHQWH VH GL
TXDOLWjILQHFRPHVDUHEEHLOGHQWLFHO RPEULQDLOUDJQRORVWRULRQHRSSXUHLJDPEHULVEXFFLDWLO DULJXVWDH
SHU XOWLPR LO SDORPER ,R YL LQGLFKHUz OD VHJXHQWH FKH D PLR SDUHUH SHU HVVHUH OD SL VHPSOLFH q OD SL
EXRQD
3UHQGHWH LQVDODWD URPDQD R ODWWXJD WDJOLDWHOD D VWULVFH ODUJKH XQ GLWR PHVFRODWHFL EDUEDELHWROH H
SDWDWH OHVVH WDJOLDWH D IHWWHVRWWLOL DOFXQH DFFLXJKHODYDWH QHWWDWH GDOOD VSLQD HWDJOLDWHLQTXDWWURRFLQTXH
SDUWL HG LQILQH SHVFH OHVVR D SH]]HWWL 3RWHWH DJJLXQJHUH DO SL DOFXQL FDSSHUL H OD SROSDGLGXHRWUHROLYH
LQGROFLWH &RQGLWH RJQL FRVD LQVLHPH FRQ VDOH ROLR H QRQ PROWR DFHWR ULYROWDWHOD RQGH SUHQGD EHQH LO
FRQGLPHQWRHGDPPXFFKLDWHODWXWWDLQVLHPHFKHIDFFLDODFROPD
)DWHXQDVDOVDPDLRQHVHFRPHTXHOODGHOQFKHQHOODGRVHLYLLQGLFDWDSRWUjEDVWDUHSHUVHWWH
RGRWWRSHUVRQHPDLQYHFHGHOSHSHGDWHOHLOSLFFDQWHFRQXQFXFFKLDLQRGLVHQDSDHGDOOLPRQHDJJLXQJHWH
XQ JRFFLROR GL DFHWR LQ FXL SRWHWH VWHPSHUDUH OD VHQDSD &RQ TXHVWD VDOVD VSDOPDWH WXWWD O LQVDODWD DOOD
VXSHUILFLHHSRLILRULWHODFRQDOWUHIHWWHGLEDUEDELHWROHHSDWDWHLQWHUFDODWHLQPRGRFKHIDFFLDQREHOODPRVWUD
VHDYHWHXQRVWDPSLQRDGDWWRFROORFDWHLQFLPDDOO LQVDODWDSHUEHOOH]]DQRQSHUPDQJLDUORXQILRUHIDWWRFRO
EXUUR
$SURSRVLWRG LQVDODWDDPHVHPEUDFKHLOUDGLFFKLRFRWWRFROVXRVDSRUHDPDURJQRORVWLDPROWREHQH
LQVLHPHFROODEDUEDELHWRODODTXDOHqGROFH
3,==$$/,%5(77,
8QDVLJQRUD PLVFULYH³9RJOLRLQVHJQDUOHFRPHPLHURSURSRVWDXQDEXRQDHGHOHJDQWHSL]]DIULWWD
PD JXDL D OHL VH OD FKLDPHUj VWLDFFLDWD SHUFKp GHYH ULXVFLUH WXWW DOWUR /D FKLDPL SL]]D DOLEUHWWL H VDUj QHO
YHUR´
,Q REEHGLHQ]D DOO RUGLQH GHOOD VLJQRUD DYHQGR IDWWR GXH SURYH GL TXHVWD SL]]D D OLEUHWWL FKH VRQR
ULHVFLWHEHQHYHODGHVFULYR
7LUDWH XQD VIRJOLD QRQ WURSSR VRGD H TXDQWR SL SRWUHWH VRWWLOHLQWULGHQGR OD IDULQDFRQ GXH XRYD XQ
SL]]LFRGLVDOHHWUHFXFFKLDLDWHGLFRJQDFRGLVSLULWRHIRUVHPHJOLRGLIXPHWWR)DWWDODVIRJOLDXQJHWHODFRQ
JUDPPLGLEXUURVFLROWRHDUURWRODWHODRVVLDSLHJDWHODVRSUDVpVWHVVDDOODODUJKH]]DGLDFHQWLPHWUL
PDFKHODSDUWHXQWDUHVWLDOO LQWHUQRLQGLWDJOLDWHLOURWRORDPHWjSHUODVXDOXQJKH]]DHSRLSHUWUDYHUVRD
SURSRU]LRQDWH GLVWDQ]H RQGH RWWHQHUH WDQWL UHWWDQJROL H D TXHVWL SLJLDWH FRQ OH GLWD O RUOR HVWHUQR RVVLD OD
FRVWROD FKH QRQ q VWDWD WDJOLDWD )ULJJHWHOL LQ SDGHOOD FRQ PROWR XQWR H SULPD GL VHUYLUOL VSROYHUL]]DWHOL GL
]XFFKHURDYHOR6HYHQJRQREHQHYHGUHWHFKHTXHVWLOLEUHWWLVLDSURQRHUHVWDQRVIRJOLDWL
4XHVWDGRVHSRWUjEDVWDUHSHUTXDWWURSHUVRQH
80,',
*OL XPLGL JHQHUDOPHQWH VRQR L SLDWWL FKH SL DSSHWLVFRQR TXLQGL q EHQH GDUVL SHU HVVL XQD FXUD
VSHFLDOHRQGHULHVFDQRGHOLFDWLGLEXRQJXVWRHGLIDFLOHGLJHVWLRQH6RQRLQPDODYRFHGLHVVHUQRFLYLDOOD
VDOXWHPDLRQRQORFUHGR4XHVWDFDWWLYDRSLQLRQHGHULYDSLFKHDOWURGDQRQVDSHUOLEHQIDUHQRQVLSHQVD
FLRqDGLJUDVVDUOLVLqWURSSRJHQHURVLFRJOLDURPLHFRLVRIIULWWLHFLzFKHqLOSHJJLRVHQHDEXVD
1HOOH JUDQGL FXFLQH RYH LO VXJR GL FDUQH QRQ PDQFD PDL PROWL XPLGL VL SRVVRQR WLUDUH FRQ TXHVWR
LQVLHPHFROEXUURHDOORUDULHVFRQRVHPSOLFLHOHJJLHULPDTXDQGRLOVXJRPDQFDHGqQHFHVVDULRULFRUUHUH
DLVRIIULWWLELVRJQDXVDUOLFRQSDUVLPRQLDHIDUOLFRQHVDWWH]]DWDQWRQHOODTXDQWLWjFKHQHOJUDGRGLFRWWXUD
675$&2772',9,7(//$
/R VWUDFRWWR GL YLWHOOD SHU FRQGLUH OD PLQHVWUD GL PDFFKHURQL R SHU IDUH XQ ULVRWWR FRO VXJR q G XVR
FRPXQHQHOOHIDPLJOLHGHOODERUJKHVLDILRUHQWLQDODFRVDQRQqPDOSHQVDWDVHVLFRQVLGHUDFKHHVVRLQWDO
PRGRVHUYHDGRSSLRVFRSRFLRqGLPLQHVWUDHGLFRPSDQDWLFR*XDUGDWHYLSHUzGDOGLVVXJDUWURSSRODFDUQH
SHUYROHUPROWRVXJRHVRVWLWXLWHLQWXWWRRLQSDUWHO ROLRFRPHVLXVDLQ7RVFDQDFROODFDUQHVHFFDFKHGjXQ
VDSRUHSLVSLFFDWRHSLJUDWR(FFRYLOHSURSRU]LRQLSHUFRQGLUHDJUDPPLGLPDFFKHURQL
&DUQHPDJUDGLYLWHOODFRPSUHVRO RVVRRODJLXQWDJUDPPL
&DUQHVHFFDJUDPPL
%XUURJUDPPL
8QTXDUWRGLXQDFLSROODJURVVDXQDSLFFRODFDURWDGXHSH]]LGLVHGDQR
4XHVWLWUHXOWLPLFDSLWDJOLDWHOLDOO LQJURVVRHODFDUQHVHFFDDSLFFROLGDGL
0HWWHWHDOIXRFRRJQLFRVDLQVLHPHHFRQGLWHFRQVDOHHSHSH9ROWDWHODFDUQHVSHVVRHTXDQGRVDUj
URVRODWD VSDUJHWH VXOOD PHGHVLPD XQ SL]]LFR GL IDULQD DQQDIILDWHOD FRQ VXJR GL SRPRGRUR R FRQVHUYD H
WLUDWHODDFRWWXUDFRQDFTXDYHUVDWDDSRFRSHUYROWD/DIDULQDVHUYHSHUOHJDUHLOVXJRHSHUGDUJOLXQSR GL
FRORUHPDEDGDWHFK HVVDQRQEUXFLFKHDOWULPHQWLJOLFRPXQLFKHUHEEHXQLQJUDWRVDSRUHHXQFRORUHTXDVL
QHUR FKH LO VXJR QRQ GHYH DYHUH 3DVVDWHOR H VH JOL GDUHWH RGRUH FRQ DOFXQL SH]]HWWL GL IXQJKL VHFFKL
UDPPROOLWLSULPDQHOO DFTXDFDOGDHEROOLWLXQSRFRQHOVXJRQRQIDUHWHFKHEHQH
,PDFFKHURQLFRWWLLQDFTXDVDODWDVFRODWHOLEHQHPDSULPDGLVHUYLUOLWHQHWHOLXQSRFRQHOVXJRYLFLQL
DOIXRFRHFRQGLWHOLFRQEXUURHFRQSDUPLJLDQRDVFDUVDPLVXUDSHUFKpTXHVWRVLSXzDJJLXQJHUHLQWDYROD
6H WUDWWDVL GL ULVR FXRFHWHOR QHOO DFTXD YHUVDQGROD D SRFR SHU YROWD D PH]]D FRWWXUD DJJLXQJHWH LO
VXJRHXQSH]]HWWRGLEXUURHSULPDGLOHYDUORXQSR GLSDUPLJLDQR
ÊEHQHPDQGDUHLQWDYRODLOSH]]RGHOORVWUDFRWWRFRQXQFRQWRUQRGLHUEDJJLROHJXPL,OOXFHUWRORqLO
WDJOLRPLJOLRUH6HYLVHUYLWHGLROLREDVWHUDQQRFLUFDJUDPPLGLFDUQHVHFFD
675$&2772$//$%,==$55$
6HDYHWHSXWDFDVRXQSH]]RGLPDJURGLYLWHOODGHOSHVRVHQ] RVVRGLJUDPPLDVWHFFDWHOR
FRQJUDPPLGLODUGRQHLFXLODUGHOOLJURVVLXQGLWRDYUHWHSULPDFRQGLWLFRQVDOHHSHSHHFRVuDQFKHOD
FDUQH/HJDWHODRQGHVWLDUDFFROWDHSRQHWHODDOIXRFRPH]]RFRSHUWDG DFTXDFRQGXHIRJOLHGLVDOYLDXQD
FLRFFDGLUDPHULQRHPH]]RVSLFFKLRG DJOLRVHODFDUQHqPROWRIUROODPHWWHWHFLPHQRDFTXD4XDQGRQHO
EROOLUH VDUj ULPDVWD DVFLXWWD IDWHOH SUHQGHU FRORUH FRQ XQ FXFFKLDLQR GL IDULQD DJJLXQJHWH XQ SH]]HWWR GL
EXUURSRLEDJQDWHODFRQXQUDPDLXRORGLEURGRHFRQXQGLWR GLELFFKLHUH GLPDUVDOD3DVVDWHLOVXJRVHQ]D
VSUHPHUORHYHUVDWHORVXOSH]]RGHOODFDUQHTXDQGRORPDQGDWHLQWDYROD
)5,&$1'Ñ
3UHQGHWHXQSH]]RGLYLWHOODGLODWWHWXWWRXQLWROHYDWRGDOODFRVFLDHODUGHOODWHORFRQSURVFLXWWRJUDVVR
H PDJUR /HJDWH LO SH]]R H VDODWHOR SRFR R PHJOLR SXQWR SHUFKp LO WURSSR VDODWR q LO SHJJLRU GLIHWWR GHOOH
YLYDQGH 6WHFFDWH XQD FLSROOD FRQ GXH FKLRGL GL JDURIDQL H FRPSRQHWH XQ PD]]HWWR FRQ FDURWD WDJOLDWD D
VWULVFHVHGDQRHSUH]]HPROR0HWWHWHRJQLFRVDLQXQDFD]]DUXRODFRQXQSH]]HWWRGLEXUURIDWHURVRODUHOD
FDUQHHWLUDWHODDFRWWXUDFROEURGR
4XDQGRqFRWWDJHWWDWHYLDODFLSROODHLOPD]]HWWRSDVVDWHLOVXJRGLJUDVVDWHORHUHVWULQJHWHORDSDUWH
ILQRDULGXUORXQDJHODWLQDFKHXQLUHWHDOIULFDQGzTXDQGRORPDQGDWHLQWDYROD
4XLqEHQHDYYHUWLUHFKHLOEURGR LOTXDOHKDWDQWDSDUWHDOODSUHSDUD]LRQHGHOOHSLHWDQ]H SXzWDOYROWD
PDQFDUH SHUFLz DOFXQL VWDQQR SURYYLVWL GHOO HVWUDWWR GL FDUQH /LHELJ FKH Ou SHU Ou VFLROWR QHOO DFTXD SXz
VRVWLWXLUOR2JQLVRUWDGLFDUQHYDODUGHOODWDSHULOOXQJRGHOODILEUDGRYHQGRVLVFDOFDUHSHUWUDYHUVR
)5,&$66($
/D IULFDVVHD VL SXz IDUH GL SHWWR R GL PXVFROR GL YLWHOOD GL ODWWH G DJQHOOR H GL SROOR 3UHQGLDPR DG
HVHPSLR LO SULPR FLRq LO SHWWR H TXHVWR LQ SURSRU]LRQL DOO LQFLUFD HJXDOL VHUYD SHU OH DOWUH TXDOLWj GL FDUQH
LQGLFDWD
3HWWRGLYLWHOODGLODWWHJUDPPL
%XUURJUDPPL
)DULQDJUDPPLRVVLDXQDFXFFKLDLDWDVFDUVD
$FTXDFDOGDQRQEROOHQWHGHFLOLWUL
'XHURVVLG XRYR
0H]]ROLPRQH
8QPD]]HWWRRGRURVR
6SH]]HWWDWHLOSHWWRODVFLDQGRORFRQWXWWHOHVXHRVVD0HWWHWHXQDFD]]DUXRODDOIXRFRFROODPHWjGHO
EXUUR H TXDQGR FRPLQFLD D OLTXHIDUVL YHUVDWH OD IDULQD PHVFRODQGR ILQFKp TXHVWD DEELD SUHVR LO FRORU
QRFFLXROD $OORUD FRPLQFLDWH D YHUVDUH D SRFR SHU YROWD O DFTXD H SRL LO PD]]HWWR FKH SRWHWH FRPSRUUH GL
DOFXQH VWULVFH GL FLSROOD H GL FDURWD GL ILOL GL SUH]]HPROR GL VHGDQR H GL EDVLOLFR LO WXWWR OHJDWR LQVLHPH
HVFOXVH OH IRJOLH SHUFKp TXHVWH SRWUHEEHUR GLVIDUVL H IDU EUXWWXUD DOOD IULFDVVHD XQ SUHJLR GHOOD TXDOH q GL
DYHUHXQEHOFRORUHSDJOLDXQLWR4XDQGRO DFTXDEROOHJHWWDWHJLODFDUQHHLOUHVWRGHOEXUURHFRQGLWHFRQ
VDOHHSHSHELDQFRLOTXDOHqLOILRUHGHOSHSHFRPXQH&RSULWHODFD]]DUXRODFRQXQIRJOLRWHQXWRIHUPRGDO
FRSHUFKLR H IDWH EROOLUH DGDJLR $ GXH WHU]L GL FRWWXUD OHYDWH LO PD]]HWWR H VH IRVVH OD VWDJLRQH GHL IXQJKL
IUHVFKLODSRWHWHUHQGHUHSLJUDWDFRQJUDPPL RGLTXHVWLWDJOLDWLDIHWWHVRWWLOLVHQRXQSL]]LFRGL
IXQJKLVHFFKL
4XDQGR VLHWH SHU PDQGDUOD LQ WDYROD ULWLUDWH OD FD]]DUXROD GDO IXRFR H YHUVDWHFL D SRFR SHU YROWD
PHVFRODQGRLURVVLG XRYRIUXOODWLFROO DJURGLOLPRQH
6HODIULFDVVHDIRVVH GLSROORWDJOLDWHORDSH]]LQHOOHJLXQWXUHHVFOXGHQGRODWHVWDLOFROORHOH]DPSH
SHOUHVWRUHJRODWHYLQHOORVWHVVRPRGR
/DIULFDVVHDIDWWDLQTXHVWDPDQLHUDqXQSLDWWRVDQRHGHOLFDWRFKHSLDFHVSHFLDOPHQWHDFKLQRQKDLO
JXVWRYL]LDWRDVDSRULIRUWLHSLFFDQWL
&,%5(2
,OFLEUHRqXQLQWLQJRORVHPSOLFHPDGHOLFDWRHJHQWLOHRSSRUWXQRDOOHVLJQRUHGLVWRPDFRVYRJOLDWRHDL
FRQYDOHVFHQWL 3UHQGHWH IHJDWLQL OHYDQGR ORUR OD YHVFLFKHWWD GHO ILHOH FRP q LQGLFDWR QHO Q FUHVWH H
IDJLXROL GL SROOR OH FUHVWH VSHOODWHOH FRQ DFTXD EROOHQWH WDJOLDWHOH LQ GXH R WUH SH]]L H L IHJDWLQL LQ GXH
0HWWHWHDOIXRFRFRQEXUURLQSURSRU]LRQHSULPDOHFUHVWHSRLLIHJDWLQLHSHUXOWLPRLIDJLXROLHFRQGLWHFRQ
VDOHHSHSHSRLEURGRVHRFFRUUHSHUWLUDUHTXHVWHFRVHDFRWWXUD
$ WHQRUH GHOOD TXDQWLWj SRQHWH LQ XQ SHQWROLQR XQ URVVR R GXH G XRYD FRQ XQ FXFFKLDLQR R PH]]R
VROWDQWR GL IDULQD DJUR GL OLPRQH H EURGR EROOHQWH IUXOODQGR RQGH O XRYR QRQ LPSD]]LVFD 9HUVDWH TXHVWD
VDOVDQHOOHULJDJOLHTXDQGRVDUDQQRFRWWHIDWHEROOLUHDOTXDQWRHGDJJLXQJHWHDOWUREURGRVHIDG XRSRSHU
UHQGHUOD SL VFLROWD H VHUYLWHOR 3HU WUH R TXDWWUR FUHVWH DOWUHWWDQWL IHJDWLQL H VHL R VHWWH IDJLXROL SRU]LRQH
VXIILFLHQWHDXQDVRODSHUVRQDEDVWDQRXQURVVRG XRYRPH]]RFXFFKLDLQRGLIDULQDHPH]]ROLPRQH
,JUDQHOOLGHOQOHVVDWLHWDJOLDWLDILOHWWLULHVFRQREXRQLDQFK HVVLFXFLQDWLLQTXHVWDPDQLHUD
32//2',6266$725,3,(12
3HUGLVRVVDUHXQSROORLOPRGRSLVHPSOLFH qLOVHJXHQWH
7DJOLDWHJOLLOFROORDPHWjODSXQWDGHOOHDOLHOH]DPSHDOODJLXQWXUDGHOODFRVFLDSRLVHQ]DYXRWDUOR
DSULWHOR OXQJR LO GRUVR VXSHUILFLDOPHQWH GDOOH DOL DO FRGULRQH H FRQ XQ FROWHOOLQR EHQ WDJOLHQWH FRPLQFLDWH D
OHYDU GDOO LQWHUQR OH RVVD GHOOH DOL VFDUQHQGROH EHQH 'RSR VHPSUH GDOO LQWHUQR OHYDWH TXHOOH GHOOH DQFKH H
GHOOH FRVFLH TXLQGL UDGHQGR YLD YLD FRO FROWHOOR OH RVVD HVWHUQH GHOOD FDUFDVVD YL ULHVFLUj GL OHYDUOD WXWWD
LQWHUDFRPSUHVHOHLQWHULRUD,SLFFROLRVVLFLQLGHOODVWL]]DODVFLDWHOLRSSXUHOHYDWHODWXWWDHOHYDWHODIRUFHOOD
GHOSHWWR
)DWWRTXHVWRURYHVFLDWHOHFRVFLHHOHDOLJLjVSRJOLHG RVVDULWLUDQGROHDOO LQWHUQRHSRUWDWHYLDWXWWLL
WHQGLQLFKHWURYDWHIUDPH]]RDOODFDUQH
2UDFKHLOSROORqGLVRVVDWR VHIRVVHDOTXDQWRJURVVRIRUPDWHLOFRPSRVWRSHUULHPSLUORFRQJUDPPL
FLUFD GL PDJUR GL YLWHOOD GL ODWWHVH SLFFROR UHJRODWHYL LQ SURSRU]LRQH 7ULWDWHOR SULPDSRL SHVWDWHOR QHO
PRUWDLRSHUULGXUOREHQILQHHDTXHVWDFDUQHDJJLXQJHWHXQDJURVVDPLGROODGLSDQHLQ]XSSDWDQHOEURGRXQ
SXJQRGLSDUPLJLDQRJUDWWDWRWUHURVVLG XRYRVDOHSHSHHVHYLSLDFHRGRUHGLQRFHPRVFDWD3HUXOWLPR
PHVFRODWHQHOFRPSRVWRJUDPPLGLSURVFLXWWRJUDVVRHPDJURHJUDPPLGLOLQJXDVDODWDWDJOLDWLO XQR
H O DOWUD D SLFFROL GDGL ULHPSLWR FKH DEELDWH LO SROOR FXFLWHOR LQYROWDWHOR VWUHWWR LQ XQ SDQQROLQR H OHJDWHOR
0HWWHWHOR D FXRFHUH QHOO DFTXD SHU XQ SDLR G RUH D IXRFR OHQWR SRL WRJOLHWHJOL O LQYROXFUR H IDWHOR SUHQGHU
FRORUHSULPDFROEXUURSRLLQXQVXJRWLUDWRQHOODVHJXHQWHPDQLHUD
6SH]]DWHWXWWHOHRVVDOHYDWHGDOSROORLOFROORHODWHVWDFRPSUHVLHFRQFDUQHVHFFDDSH]]HWWLEXUUR
FLSROODVHGDQRHFDURWDPHWWHWHOHDOIXRFRLQXQDFD]]DUXRODFRQGLWHFRQVDOHHSHSHWLUDWHQHLOVXJRFRQ
O DFTXDLQFXLKDEROOLWRLOSROORODTXDOHqJLjGLYHQXWDXQEXRQEURGR3ULPDGLPDQGDUORLQWDYRODGDVRORR
FRQXQFRQWRUQROHYDWHJOLLOILORFRQFXLIXFXFLWR
628))/(7',32//2
4XHVWR SLDWWR QXWULHQWH OHJJHUR H SRFR HFFLWDQWH SXz YHQLUH RSSRUWXQR VHGRSR XQ SUDQ]RUHVWDQR
GHJOLDYDQ]LGLSROORDUURVWR SHWWLHGDQFKH VSHFLDOPHQWHSRLVHQHOODIDPLJOLDVLWURYDVVHTXDOFKHSHUVRQD
YHFFKLDRGLVWRPDFRGHOLFDWRHGHEROH
3ROSDGLSROORSULYDGHOODSHOOHJUDPPL
)DULQDJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
/DWWHGHFLOLWULò
8RYDQ
6DOHXQDSUHVD
)DWHXQDEDOVDPHOODFROEXUURODIDULQDHLOODWWHGRSRFRWWDHQRQSLDEROORUHXQLWHFLLOSDUPLJLDQRLO
VDOH L URVVL G XRYR H LO SROOR WULWDWR ILQH FRQ OD OXQHWWD 3RL PRQWDWH EHQ VRGH OH FKLDUH DJJLXQJHWH LQ EHO
PRGR DO FRPSRVWR DQFKH TXHVWH SHU YHUVDUOR LQ XQ YDVVRLR FKH UHJJD DO IXRFRURVRODWHOR OHJJHUPHQWH DO
IRUQRGDFDPSDJQDHVHUYLWHORFDOGREHQFKpVLDEXRQRDQFKHGLDFFLR
32//$675$,180,'2&2/&2172512',5,62
8QDSROODVWUDGHOSHVRYXRWDGLFLUFDJUDPPL
5LVRJUDPPL
%XUURJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
8QDFLSROODSLFKHGLPH]]DQDJUDQGH]]D
8QSH]]RGLFDURWD
8QSXJQHOORGLIXQJKLVHFFKL
/HJDWHODSROODVWUDSHUWHQHUQHXQLWHOHSDUWLSRLSRQHWHLQXQDFD]]DUXRODJUDPPLGHOGHWWREXUURH
LOSURVFLXWWRWDJOLDWRDVWULVFLROLQHWULQFLDWHFLVRSUDODFLSROODHODFDURWDLQGLFROORFDWHFLODSROODVWUDGDOODSDUWH
GHO SHWWR FRQGHQGROD FRQVDOHHSHSH7HQHWHODFRSHUWDHFRORULWDFKHVLDGDDPEHGXHOHSDUWLEDJQDWHOD
YLDYLDFRQDFTXDFDOGDILQRDFRWWXUD FRPSOHWDODVFLDQGRFLLOVXJRVXIILFLHQWHSHUGDUVDSRUHDOULVRPDLO
VXJRSDVVDWHOR
,OULVRPHWWHWHORDOIXRFRFRVuQDWXUDOHFRQODPHWjGHOEXUURULPDVWRSRLWLUDWHORDFRWWXUDFRQDFTXD
FDOGDHSHUXOWLPRFROVXJRGHOODSROODVWUR$FRWWXUDFRPSOHWDDJJLXQJHWHLOUHVWRGHOEXUURHGDWHJOLPDJJLRU
VDSRUHFRQXQEXRQSXJQRGLSDUPLJLDQRJUDWWDWR
,OIHJDWLQRHLOYHQWULJOLRFXRFHWHOLLQVLHPHFRQ ODSROODVWUDHWDJOLDWLDSH]]HWWLPHVFRODWHOLIUDLOULVR,O
ULVRWWRFRVuSUHSDUDWRSXzDQFKHVHUYLUHSHUPLQHVWUDHEDVWDUHDWUHSHUVRQHPDDOORUDVHUYLWHODSROODVWUDD
SDUWHFRQDOTXDQWRGHOVXRVXJRHLIXQJKLSHUFRQWRUQR
%5$&,82/$',0$1=25,3,(1$,180,'2
/DEUDFLXRODGLPDQ]RULSLHQDDUURVWRGHOQSRWHWHFXRFHUODDQFKHLQXPLGRFROEXUURWLUDQGRODD
FRWWXUDFRQDFTXDHVXJRGLSRPRGRURHVHUYLUODFRQXQFRQWRUQRTXDOXQTXH
%5$&,82/$',0$1=2$//$6$87e
4XDQGR SHU FROD]LRQH YL SLDFHVVH GL VRVWLWXLUH DOOD ELVWHFFD XQD EUDFLXROD GL PDQ]R FKH FRWWD LQ
JUDWHOODSRWUHEEHULXVFLUHWURSSRDULGDFXFLQDWHODQHOODVHJXHQWHPDQLHUDFKHULHVFHPROWREHQH%DWWHWHOD
EHQEHQHFRQODFRVWRODGLXQFROWHOORHPHWWHWHODDOIXRFRFRQXQSH]]HWWRGLEXUURSURSRU]LRQDWR&RQGLWHOD
FRQVDOHHSHSHYROWDWHODVSHVVRRQGHUzVROLGDDPEHGXHOHSDUWLHTXDQGRDYUjULWLUDWRTXDVLWXWWRLOEXUUR
EDJQDWHODSHUGXHYROWHFRQXQJRFFLRORG DFTXDHFRWWDFKHVLDVSDUJHWHOHVRSUDXQSL]]LFRGLSUH]]HPROR
WULWDWRWHQHWHODDQFRUDXQPRPHQWRVXOIXRFRHVHUYLWHODFROVXRVXJR
3RWHWHFRQWRUQDUODSLDFHQGRYLFRQSDWDWHIULWWH
32//2$//$&217$',1$
3UHQGHWHXQSROODVWURHVWHFFDWHORFRQDOFXQHFLRFFKHWWHGLUDPHULQRHFRQXQRVSLFFKLRG DJOLRGLYLVR
LQTXDWWURRFLQTXHSH]]L0HWWHWHORDOIXRFRFRQXQEDWWXWLQRGLODUGRQHHFRQGLWHORFRQVDOHHSHSHGLIXRULH
GLGHQWUR4XDQGRVDUjURVRODWRGDWXWWHOHSDUWLDJJLXQJHWHSRPRGRULDSH]]LWROWLQHLVHPLHTXDQGRTXHVWL
VDUDQQRGLVIDWWLEDJQDWHORFRQEURGRRGDFTXD5RVRODWHDSDUWHQHOO ROLRQHOODUGRRQHOEXUURDOFXQHSDWDWH
FUXGH WDJOLDWH D VSLFFKL IDWH ORUR SUHQGHUH VDSRUH QHOO LQWLQWR GHO SROOR H VHUYLWHOH SHU FRQWRUQR $O ODUGRQH
VRVWLWXLWHLOEXUURVHYROHWHLOSROORGLJXVWRSLGHOLFDWR
32//2&2//$0$56$/$
7DJOLDWH LO SROOR D JURVVL SH]]L H PHWWHWHOR LQ FD]]DUXROD FRQ XQ EDWWXWLQR GL FLSROOD WULWDWD ILQH H XQ
SH]]HWWRGLEXUUR&RQGLWHORFRQVDOHHSHSHHTXDQGRVDUjEHQURVRODWRDJJLXQJHWHGHOEURGRHWLUDWHORD
FRWWXUD3DVVDWHLOVXJRGLJUDVVDWHORVHRFFRUUHHULPHWWHWHLOSROORDOIXRFRFRQXQSR GLPDUVDODOHYDQGROR
DSSHQDDEELDULSUHVRLOEROORUH
32//2&2//(6$/6,&&(
7ULWDWHPLQXWDPHQWHPH]]DFLSROODHPHWWHWHODLQXQDFD]]DUXRODFRQXQSH]]HWWRGLEXUURHTXDWWURR
FLQTXHIHWWLQHGLSURVFLXWWRODUJKHXQGLWR6RSUDTXHVWLLQJUHGLHQWLSRQHWHXQSROORLQWHURFRQGLWHORFRQSHSH
HSRFRVDOHHPHWWHWHORDOIXRFR)DWHORSUHQGHUFRORUHGDWXWWHOHSDUWLHTXDQGRODFLSROODVDUjWXWWDVWUXWWD
EDJQDWHORFRQEURGR RFRQDFTXDHDJJLXQJHWHWUHRTXDWWURVDOVLFFHLQWHUHIDWWHGLIUHVFRODVFLDWHFXRFHUHD
OHQWRIXRFRSURFXUDQGRFKHLQXOWLPRUHVWLGHOO XPLGR
32//2,16$/6$'¶8292
6SH]]HWWDWHXQSROODVWURJLRYDQHHPHWWHWHORQHOODFD]]DUXRODFRQJUDPPLGLEXUUR&RQGLWHORFRQ
VDOHHSHSH4XDQGRDYUjVRIIULWWRDOTXDQWRVSDUJHWHJOLVRSUDXQSL]]LFRGLIDULQDSHUIDUJOLSUHQGHUFRORUHH
SRL WLUDWHOR D FRWWXUD FRO EURGR /HYDWHOR DVFLXWWR LQ XQ YDVVRLR WHQHQGROR LQ FDOGR H QHOO LQWLQWR FKH UHVWD
YHUVDWH XQ URVVR G XRYR IUXOODWR DYDQWL FRQ O DJUR GL PH]]R OLPRQH SHU IRUPDUH OD VDOVD 5LPHVWDWHOD
DOTXDQWRVRSUDDOIXRFRYHUVDWHODVXOSROORHVHUYLWHOR
32//2&21/$3$11$
,QILODWHDOORVSLHGRXQEXVWRGLSROORJLRYDQHSHUGDUJOLGXHWHU]LGLFRWWXUDDUURVWRXQJHWHORFRQO ROLR
VDODWHORHIDWHJOLSUHQGHUFRORUH3RLGLYLGHWHORQHOOHVXHJLXQWXUHHGHOSHWWRIDWHQHGXHSH]]LSHUWHUPLQDUH
GLFXRFHUORQHOODVHJXHQWHPDQLHUD
7ULWDWH XQ TXDUWR GL FLSROOD GL PHGLD JURVVH]]DHPHWWHWHODDOIXRFRFRQJUDPPL GLEXUURTXDQGR
VDUj EHQ URVRODWD EXWWDWHFL JUDPPL GL IDULQD H GRSR D SRFR SHU YROWD WUH GHFLOLWUL GL SDQQD RSSXUH VH
TXHVWD PDQFD DOWUHWWDQWR ODWWH EXRQLVVLPR 4XDQGR FUHGHUHWH FKH OD IDULQD VLD FRWWD YHUVDWHFL L SH]]L GHO
SROORSHUWHUPLQDUHGLFXRFHUOL
32//2$//$0$5(1*2
/DVHUDGHOODEDWWDJOLDGL0DUHQJRQHOVRWWRVRSUDGLTXHOODJLRUQDWDQRQWURYDQGRVLLFDUULGHOODFXFLQD
LO FXRFR DO SULPR &RQVROH H DL *HQHUDOL LPSURYYLVz FRQ JDOOLQH UXEDWH XQ SLDWWR FKH PDQLSRODWR DOO LQFLUFD
FRPH TXHOOR FKH TXL YL GHVFULYR IX FKLDPDWR 3ROOR DOOD 0DUHQJR H VL GLFH FKH HVVR IX SRL VHPSUH QHOOH
JUD]LHGL1DSROHRQHVHQRQSHOPHULWRVXRPDSHUFKpJOLUDPPHQWDYDTXHOODJORULRVDYLWWRULD
3UHQGHWHXQSROORJLRYDQHHGHVFOXGHQGRQHLOFROORHOH]DPSHWDJOLDWHORDSH]]LJURVVLQHOOHJLXQWXUH
0HWWHWHORDOODVDXWpFRQJUDPPLGLEXUURXQDFXFFKLDLDWDG ROLRHFRQGLWHORFRQVDOHSHSHHXQDSUHVDGL
QRFHPRVFDWD5RVRODWLFKHVLHQRLSH]]LGDXQDSDUWHHGDOO DOWUDVFRODWHYLDO XQWRHJHWWDWHQHOODVDXWpXQD
FXFFKLDLDWDUDVDGLIDULQDHXQGHFLOLWURGLYLQRELDQFR$JJLXQJHWHEURGRSHUWLUDUHLOSROORDFRWWXUDFRSHUWR
H D IXRFR OHQWR 3ULPD GL OHYDUOR GDO IXRFR ILRULWHOR FRQ XQ SL]]LFR GL SUH]]HPROR WULWDWR H TXDQGR q QHO
YDVVRLRVWUL]]DWHJOLVRSUDPH]]ROLPRQH5LHVFHXQDYLYDQGDDSSHWLWRVD
3(77,',32//2$//$6$87e
,OPLJOLRUPRGRGLFXFLQDUHLSHWWLGLSROORPLSDUHFKHVLDLOVHJXHQWHSHUFKpULHVFRQRGHOLFDWLDOJXVWR
H IDQQR WDOH FRPSDULWD FKH XQ SHWWR GL FDSSRQH SXz EDVWDUH LQ XQ SUDQ]R SHU TXDWWUR R FLQTXH SHUVRQH
7DJOLDWHLSHWWLDIHWWHVRWWLOLTXDVLFRPHODFDUWDGDWHORURODPLJOLRUIRUPDFKHVDUjSRVVLELOHHGHLPLQX]]ROL
FKH ULFDYDWH QHO ULSXOLU EHQH OR VWHUQR IRUPDWHQH XQ LQWHUR SH]]R XQHQGROL LQVLHPH H VFKLDFFLDQGROL 3RL
FRQGLWHOL FRQ VDOH H SHSH H PHWWHWHOL LQ LQIXVLRQH QHOOH XRYD IUXOODWH 'RSR TXDOFKH RUD SDVVDWHOL QHO
SDQJUDWWDWRILQHHFXRFHWHOLFROEXUURQHOODVDXWpRLQWHJOLD6HOLDJJUDGLWHQDWXUDOLEDVWDO DJURGLOLPRQHVH
SRLOLYROHWHFRLWDUWXILSRWHWHWUDWWDUOLFRPHOHFRWROHWWHGHOQRSSXUHQHOODPDQLHUDFKHVHJXH
3UHQGHWH XQ WHJDPLQR GL PHWDOOR YHUVDWH QHO PHGHVLPR WDQW ROLR FKH DSSHQD QH ULFXRSUD LO IRQGR
GLVWHQGHWH XQ VXROR GL IHWWLQH GL WDUWXIL VSDUJHQGRYL VRSUD SRFKLVVLPR SDUPLJLDQR JUDWWDWR H XQD SUHVD GL
SDQJUDWWDWR5LSHWHWHODVWHVVDRSHUD]LRQHSHUWUHRTXDWWURYROWHVHFRQGRODTXDQWLWjHSHUXOWLPR FRQGLWH
FRQROLRVDOHSHSHHTXDOFKHSH]]HWWLQRGLEXUURLOWXWWRDSLFFROHGRVLSHUFKpQRQQDXVHL0HWWHWHLOWHJDPH
DO IXRFR H TXDQGR DYUj DO]DWR LO EROORUH DQQDIILDWH FRQ XQ UDPDLROLQR GL VXJR GL FDUQH R GL EURGR H XQ SR G DJUR GL OLPRQH 5LWLUDWH SUHVWR GDO IXRFR TXHVWR LQWLQJROR H YHUVDWHOR VRSUD L SHWWL JLj URVRODWL QHO PRGR
DQ]LGHWWR
1RQDYHQGRLWDUWXILVHUYLWHYLGLIXQJKLVHFFKLUDPPROOLWLWULWDWLDOO LQJURVVRHVHPDQFDO DJURGLOLPRQH
ULFRUUHWHDOVXJRGLSRPRGRURRDOODFRQVHUYD
*(50$12266,$$1$75$6(/9$7,&$,
4XDQGRFRPSHUDWHXQJHUPDQR $QDVERVFDV LQPHUFDWRDSULWHJOLLOEHFFRSHURVVHUYDUHODOLQJXD
6HODWURYDWHPROWRULVHFFKLWDGLWHSXUHFKHO DQLPDOHqPRUWRGDOXQJDGDWDHDOORUDDQQXVDWHORSHUDFFHUWDUYL
FKHQRQSX]]L
$OFXQL VXJJHULVFRQR GL ODYDUH TXHVWL XFFHOOL FROO DFHWR SULPD GL FXRFHUOLRSSXUH GL VFRWWDUOL QHOO DFTXD
SHUWRJOLHUORUR LOVHOYDWLFRPDVLFFRPHTXHOSX]]RGLVJXVWRVRVHWURSSRIRUWHULVLHGHSULQFLSDOPHQWHQHOOD
JODQGRODXUXSLJLDOHLRULWHQJRFKHEDVWLLOUHFLGHUTXHVWD(VVDWURYDVLDOO HVWUHPLWjGHOFRGULRQHYROJDUPHQWH
FKLDPDWR VWL]]D H UDFFKLXGH XQ XPRUH JLDOODVWUR H YLVFKLRVR DEERQGDQWH QHJOL XFFHOOL DFTXDWLFL FRO TXDOH
HVVLVSDOPDQVLOHSHQQHSHUUHQGHUOHLPSHUPHDELOL
9XRWDWHLOJHUPDQRVHUEDQGRLOIHJDWLQRLOFXRUHHODFLSROODOHYDWHJOLODWHVWDHODSHOOHGHOFROORGRSR
DYHUODDSHUWDSHUHVWUDUQHOHYHUWHEUHULSLHJDWHODVXOSHWWRGHOO DQLPDOH$TXHVWLXFFHOOLTXDQGRVLIDQQRLQ
XPLGR VL DGGLFH XQ FRQWRUQR GL FDYROR QHUR R GL OHQWLFFKLH LQWHUH LQ RJQL PRGR VL DGRSHUL O XQR R O DOWUR
SUHSDUDWHXQVRIIULWWRQHOODVHJXHQWHPDQLHUD
6H LO JHUPDQR SHVD FLUFD XQ FKLORJUDPPR WULWDWH ILQH FRO FROWHOOR JUDPPL GL SURVFLXWWR JUDVVR H
PDJURLQVLHPHFRQWXWWLJOLRGRULFLRqVHGDQRSUH]]HPRORFDURWDHXQTXDUWRGLXQDJURVVDFLSROODPHWWHWH
RJQL FRVD LQVLHPH FRQ GHOO ROLR LQ XQD FD]]DUXROD H VRSUD DO EDWWXWR DGDJLDWH LO JHUPDQR FRQGHQGROR FRQ
VDOHHSHSH)DWHORSUHQGHUFRORUHGDWXWWHOHSDUWLHSRLDJJLXQJHWHDFTXDSHUWLUDUORDFRWWXUD
&XRFHWH QHOO DFTXD LO FRQWRUQR GLFDYRORQHURRGLOHQWLFFKLHHVLDO XQRRO DOWURULIDWHORQHOVXGGHWWR
LQWLQWR DVVDJJLDWHOR SHU DJJLXQJHUYL VH RFFRUUHXQ SH]]HWWR GL EXUURFKH OR UHQGD SL JUDWR H VDSRULWR H
XQLWHORDOJHUPDQRTXDQGRORPDQGDWHLQWDYROD,OFDYRORWDJOLDWHORDOO LQJURVVRHFRQGLWHORSXUHFRQVDOHH
SHSH
*(50$12,180,'2,,
0HWWHWHLOJHUPDQRQHOODFD]]DUXRODFRQJUDPPLGLEXUURHIDWHJOLSUHQGHUFRORUH/HYDWHORHJHWWDWH
QHOO XQWRULPDVWRXQFXFFKLDLRGLIDULQDSHUIDUOHSUHQGHUHULPXRYHQGRODFROPHVWRORLOFRORUPDUURQH7ROWR
GDOIXRFRHQRQSLDEROORUHYHUVDWHVX TXHOO LQWULVRPH]]ROLWURGLDFTXDHULPHWWHWHFLLOJHUPDQRFRQGLWHOR
FRQVDOHHSHSHHIDWHOREROOLUHFRSHUWRILQRDFRWWXUDFRPSOHWDFRQXQTXDUWRGLXQDEXFFLDG DUDQFLRLQXQ
VROSH]]RXQDFRVWRODGLVHGDQROXQJDXQSDOPRHXQSH]]RGLFDURWDO XQR HO DOWUDWULQFLDWLDOO LQJURVVR3HU
XOWLPR SDVVDWH LO VXJR VSH]]HWWDWH LO JHUPDQR QHOOH VXH JLXQWXUH ULPHWWHWHOR QHO VXR LQWLQWR VSUHPHQGRJOL
VRSUDLOVXJRGHOULFRUGDWRDUDQFLRSHUIDUOREROOLUHDQFRUDSRFKLPLQXWLHVHUYLWHOR
1HOOD VWHVVD JXLVD VL SXz WUDWWDUH O DQDWUD GRPHVWLFD PD TXHVWD HVVHQGR PROWR JUDVVD VDUj EHQH
WRJOLHUH GDOOR LQWLQWR LO VRYHUFKLR XQWR SULPD GL PDQGDUOD LQ WDYROD 8QR GHL PRGL SHU WRJOLHUOR q GL YHUVDUH
O LQWLQWRLQXQDVFRGHOODHGLSRVDUFLVRSUDTXDOFKHSH]]RGLFDUWDVWUDFFLDVXJDQWHODTXDOHKDODSURSULHWjGL
DVVRUELUOR
$1$75$'20(67,&$
3UHSDUDWHOD FRPH LO JHUPDQR GHO Q H PHWWHWHODDOIXRFRFRQXQEDWWXWRVLPLOHDTXHOOR4XDQGR
O DQDWUD DYUj SUHVR FRORUH EDJQDWHOD FRQ VXJR GL SRPRGRUR R FRQVHUYD H WLUDWHOD D FRWWXUD FRQ DFTXD R
EURGR 3DVVDWH LO VXJR GLJUDVVDWHOR H ULPHWWHWHOR DO IXRFR FRQ O DQDWUD H XQ SH]]HWWR GL EXUUR &RQ TXHVWR
VXJRHSDUPLJLDQRSRWHWHFRQGLUHXQDPLQHVWUDGLVWULVFHRGLODVDJQHIDWWHLQFDVDHO DQDWUDVHUYLUODFRQXQ
FRQWRUQRG HUEDJJLULIDWWLLQXQSRFRGLTXHOVXJRPHGHVLPR
$1$75$'20(67,&$&2/&2172512',5,62
4XHVWRPLVHPEUDXQEXRQXPLGRHFKHPHULWLXQDPHQ]LRQHVSHFLDOH
)DWHXQEDWWXWRFRQXQTXDUWRGLXQDJURVVDFLSROODHWXWWLJOLRGRULFLRqSUH]]HPRORFDURWDHVHGDQR
WULWDWRLQVLHPHFRQJUDPPLGLSURVFLXWWRJUDVVRHPDJUR
0HWWHWHORDOIXRFRFRQGXHFXFFKLDLDWHG ROLRHO DQDWUDVRSUDFRQGLWDFRQVDOHHSHSH5RVRODWDFKH
VLD EDJQDWHOD FRQ VXJR GL SRPRGRUR R FRQVHUYD H O DFTXD RFFRUUHQWH SHU WLUDUOD D FRWWXUD JHWWDQGRFL LQ
SDUL WHPSR XQ SL]]LFR GL IXQJKL VHFFKL SHU FXRFHUOL LQ TXHOO LQWLQWR FKH SRL YD SDVVDWR GDOOR VWDFFLR H
GLJUDVVDWRVHUEDQGRLIXQJKLSHUXQLUOLDOULVR4XHVWRQHOODTXDQWLWjGLJUDPPLPHWWHWHORFRVuFUXGRLQ
XQDFD]]DUXRODFRQJUDPPLGLEXUURHTXDQGRDFFHQQDDSUHQGHUFRORUHYHUVDWHDFTXDFDOGDDSRFRSHU
YROWDGDQGRJOLVDSRUHFROO LQWLQWRGHOO DQDWUDHSDUPLJLDQRTXDQGRVLHWHSHUOHYDUORGDOIXRFR
)(*$72'¶2&$
/HJJHWH O DUWLFROR 2FD GRPHVWLFD Q H YL WURYHUHWH LQ XOWLPR LO PRGR GL FXFLQDUH LO IHJDWR GHOOD
PHGHVLPDPDHVVHQGRPHQHFDSLWDWRXQDOWURO KRFXFLQDWRGLYHUVDPHQWHHGHVVHQGRDPLRDYYLVRULXVFLWR
PLJOLRUHGHOSULPRYHORGHVFULYR'RSRFRWWRQHOPRGRLYLLQGLFDWROHYDWHORDVFLXWWRHOHJDWHORFRQ XQLQWULVR
FRPSRVWRGLJUGLEXUURPHVVRDOIXRFRFRQXQFXFFKLDLQRFROPRGLIDULQDHDOORUFKpTXHVWDDYUjSUHVRLO
FRORUQRFFLXRODGLOXLWHODFRQXQUDPDLXRORGLEURGRHWUHFXFFKLDLDWHGLPDUVDODYHUVDWHFLLOIHJDWRIDWHORGL
QXRYREROOLUHDOTXDQWRHVHUYLWHOR
)2/$*+(,180,'2
/DIRODJD )XOLFD$WUD VLSRWUHEEHFKLDPDUHXFFHOORSHVFHYLVWRFKHOD&KLHVDSHUPHWWHGLFLEDUVHQH
QH JLRUQL PDJUL VHQ]D LQIUDQJHUH LO SUHFHWWR /D VXD SDWULD VRQR L SDHVL WHPSHUDWL H FDOGL GHOO (XURSD H
GHOO $IULFD VHWWHQWULRQDOH H FRPH XFFHOOR DQFKH PLJUDWRULR YLDJJLD GL QRWWH $ELWD L SDGXOL H L ODJKL q
QXRWDWRUH QXWUHQGRVL GL SLDQWH DFTXDWLFKH G LQVHWWL H GL SLFFROL PROOXVFKL 'XH VROH VSHFLH WURYDQVL LQ
(XURSD)XRULGHOWHPSRGHOODFRYDOHIRODJKHVWDQQRXQLWHLQEUDQFKLQXPHURVLVVLPLLOFKHGjOXRJRDFDFFH
GLYHUWHQWLHPLFLGLDOLÊDVVDLFRJQLWDTXHOODFRQEDUFKHWWLFKLDPDWDODWHODQHOOHYLFLQDQ]HGL3LVDVXOODJRGL
0DVVDFLXFFROL GL SURSULHWj GHO PDUFKHVH *LQRUL /LVFL FKH KD OXRJR GLYHUVH YROWH QHOO DXWXQQR LQROWUDWR H
QHOO LQYHUQR 1HOOD FDFFLD GHO QRYHPEUH DOOD TXDOH SUHVHUR SDUWH FRQ FHQWR EDUFKH FDFFLDWRUL GL RJQL
SDUWHG ,WDOLDIXURQRDEEDWWXWHFLUFDVHLPLODIRODJKHFRVuULIHULURQRLJLRUQDOL
/DFDUQHGHOODIRODJDqQHUDHGLSRFRVDSRUHHSHOVHOYDWLFRFKHFRQWLHQHELVRJQDLQFXFLQDWUDWWDUOD
FRVu
3UHQGLDPRDGHVHPSLR FRPHKRIDWWRLR TXDWWURIRODJKHHGRSRDYHUOHSHODWHHVWULQDWHDOODILDPPD
SHU WRUYLD OD JUDQ FDOXJJLQH FKH KDQQRYXRWDWHOHHODYDWHOHEHQH'RSRWUDSDVVDWHOHSHUODOXQJKH]]DGHO
FRUSRFRQXQRVSLHGRLQIXRFDWRSRLWDJOLDWHOHLQTXDWWURSDUWLJHWWDQGRYLDODWHVWDOH]DPSHHOHSXQWHGHOOH
DOLLQGLWHQHWHOHLQLQIXVLRQHQHOO DFHWRSHUXQ RUDHGRSRODYDWHOHGLYHUVHYROWHQHOO DFTXDIUHVFD'HLIHJDWLQL
QRQPHQHVRQRVHUYLWRPDOHFLSROOHFKHVRQRJURVVHHPXVFRORVH FRPHTXHOOHGHOODJDOOLQDGRSRDYHUOH
YXRWDWHODYDWHHWDJOLDWHLQTXDWWURSH]]LOHKRPHVVHSXUHQHOO LQIXVLRQH
2UD IDWH XQ EDWWXWR WULWDWR ILQH FRQ XQD JURVVD FLSROOD H WXWWL JOL RGRUL LQ SURSRU]LRQH FLRq VHGDQR
FDURWD H SUH]]HPROR H PHWWHWHOR DO IXRFR FRQ JUDPPL GL EXUUR H QHOOR VWHVVR WHPSR OH IRODJKH H L
YHQWULJOL FRQGHQGROH FRQ VDOH SHSH H RGRUH GL VSH]LH 4XDQGR VDUDQQR DVFLXWWH EDJQDWHOH FRQ VXJR GL
SRPRGRUR R FRQVHUYD VFLROWD LQ DFTXD DEERQGDQWH SHU FXRFHUOH H SHUFKp YL UHVWL PROWR LQWLQWR &RWWH FKH
VLHQRSDVVDWHLOVXJRHLQTXHVWRXQLWHXQSHWWRHPH]]RGLIRODJDWULWDWRILQHHDOWULJUDPPLGLEXUURSHU
FRQGLUH FRQ HVVR H FRQ SDUPLJLDQR WUH XRYD GL SDSSDUGHOOH R JUDPPL GL VWULVFH FKH SHO ORUR JXVWR
SDUWLFRODUH VDUDQQR ORGDWH /H IRODJKH FRQ DOTXDQWR GHO ORUR LQWLQWR VHUYLWHOH GRSR FRPH SLDWWR GL
FRPSDQDWLFR FKH QRQ VDUDQQR GD GLVSUH]]DUVL 7XWWD TXHVWD URED FUHGR SRWUj EDVWDUH SHU FLQTXH R VHL
SHUVRQH
+RLQWHVRGLUHFKHVLRWWLHQHDQFKHXQGLVFUHWREURGRFXRFHQGROHDOHVVRFRQGXHVDOVLFFHLQFRUSR
3,&&,21,,180,'2
$ SURSRVLWR GL SLFFLRQL VHQWLWH TXHVWD FKH YL GR SHU YHUD EHQFKp VHPEUL LQFUHGLELOH H YDOJD FRPH
ULSURYDGLFLzFKHYLGLFHYRVXOOHEL]]DUULHGHOORVWRPDFR
8QD VLJQRUD SUHJD XQ XRPR FKH OH FDSLWD SHU FDVR GL XFFLGHUOH XQ SDLR GL SLFFLRQL HG HJOL OHL
SUHVHQWHOLDQQHJDLQXQFDWLQRG DFTXD/DVLJQRUDQHULFHYpXQDWDOHLPSUHVVLRQHFKHG DOORUDLQSRLQRQKD
SLSRWXWRPDQJLDUODFDUQHGLTXHOYRODWLOH
*XDUQLWHLSLFFLRQLFRQIRJOLHGLVDOYLDLQWHUHSRQHWHOLLQXQWHJDPHRLQXQDFD]]DUXRODVRSUDDIHWWLQH
GLSURVFLXWWRJUDVVRHPDJURHFRQGLWHOLFRQROLRVDOHHSHSH4XDQGRHVVLDYUDQQRSUHVRFRORUHDJJLXQJHWH
XQ SH]]R GL EXUUR H WLUDWHOL D FRWWXUD FRQ EURGR 3ULPD GL ULWLUDUOL GDO IXRFR VSUHPHWHFL VRSUD XQ OLPRQH H
DGRSHUDWH LO ORUR VXJR SHU VHUYLUOL FRQ IHWWH GL SDQH DUURVWLWR SRVWHYL VRWWR $YYHUWLWH GL VDODUOL SRFKLVVLPR D
PRWLYR GHO SURVFLXWWR H GHO EURGR $O WHPSR GHOO DJUHVWR SRWHWH XVDUH TXHVW XOWLPR LQYHFH GHO OLPRQH
VHJXHQGRLO GHWWDWR
4XDQGR6ROHVWLQOHRQH
%RQXPYLQXPFXPSRSRQH
(WDJUHVWXPFXPSLSLRQH
3,&&,21($//¶,1*/(6(23,&&,213$,2
$YYHUWR TXL XQD YROWD SHU WXWWH FKH QHOOD PLD FXFLQD QRQ VL ID TXHVWLRQH GL QRPL H FKH LR QRQ GR
LPSRUWDQ]DDLWLWROLDPSROORVL6HXQLQJOHVHGLFHVVHFKHTXHVWRSLDWWRLOTXDOHFKLDPDVLDQFKHFRQORVWUDQR
QRPH GL SLFFLRQ SDLR QRQ q FXFLQDWR VHFRQGR O XVDQ]D GHOOD VXD QD]LRQH QRQ PH QH LPSRUWD XQ ILFR PL
EDVWDFKHVLDJLXGLFDWREXRQRHWXWWLSDUL3UHQGHWH
8QSLFFLRQHJLRYDQHPDJURVVR
9LWHOODGLODWWHPDJUDJURSSXUHXQSHWWRGLSROOR
)HWWHVRWWLOLGLSURVFLXWWRJUDVVRHPDJURJUDPPL
)HWWHGLOLQJXDVDODWDJUDPPL
%XUURJUDPPL
0H]]RELFFKLHUHGLEURGREXRQRGLJUDVVDWR
8QXRYRVRGR
7DJOLDWHLOSLFFLRQHDSLFFROLSH]]LQHOOHVXHJLXQWXUHVFDUWDQGRODWHVWDHOH]DPSH7DJOLDWHODYLWHOODGL
ODWWH R LO SHWWR GL SROOR D EUDFLROLQH H EDWWHWHOH FROOD FRVWROD GHO FROWHOOR 7DJOLDWH LO SURVFLXWWR H OD OLQJXD D
VWULVFHODUJKHXQGLWR7DJOLDWHO XRYRLQRWWRVSLFFKL
3UHQGHWHXQSLDWWRRYDOHGLPHWDOORRGLSRUFHOODQDFKHUHJJDDOIXRFRHGLVWHQGHWHYLDVWUDWLXQRVRSUD
DOO DOWURSULPDODPHWjGHOSLFFLRQHHGHOODYLWHOODSRLODPHWjGHOSURVFLXWWRHGHOODOLQJXDODPHWjGHOEXUUR
VSDUVRTXDHOjDSH]]HWWLQLHODPHWjRVVLDTXDWWURVSLFFKLGHOO XRYRFRQGLWHFRQSRFKLVVLPRVDOHSHSHH
RGRUHGLVSH]LHHULSHWHWHO RSHUD]LRQHFROULPDQHQWHLQPRGRFKHWXWWRO LQVLHPHIDFFLDODFROPD3HUXOWLPR
DQQDIILDWHFROEURGRVXGGHWWRPDGLDFFLRFKHYHGUHWHJDOOHJJLDUHVXOSULPRRUORGHOSLDWWRHFKHULPDUUjLQ
JUDQSDUWHGRSRODFRWWXUDRUDIRUPDWHXQDSDVWDSHUULFRSULUORQHOOHVHJXHQWLSURSRU]LRQL
)DULQDJUDPPL
%XUURJUDPPL
6SLULWRGLYLQRXQFXFFKLDLQR
=XFFKHURXQFXFFKLDLQR
$JURGLOLPRQHXQRVSLFFKLR
8QURVVRG XRYR
6DOHTXDQWREDVWD
,QWULGHWH OD IDULQD FRL VXGGHWWL LQJUHGLHQWL H VH QRQ EDVWDQR DJJLXQJHWH DFTXD WLHSLGD SHU IDUH XQD
SDVWD DOTXDQWR PRUELGD /DYRUDWHOD PROWR JHWWDQGROD FRQ IRU]D FRQWUR OD VSLDQDWRLD ODVFLDWHOD XQ SRFR LQ
ULSRVRHWLUDWHQHXQDVIRJOLDDGGRSSLDQGRODTXDWWURRFLQTXHYROWHULGXFHQGRODSHUXOWLPRJURVVDFRPHXQR
VFXGR FRO PDWWHUHOOR ULJDWR &RQ HVVD FRSULWH LO SLDWWR DGRUQDQGROR VH q SRVVLELOH FRL ULWDJOL GHOOD VWHVVD
SDVWD LQGL GRUDWHOD FRQ URVVR G XRYR FXRFHWH TXHVWR SDVWLFFLR FKH WDOH VL SXz FKLDPDUH DO IRUQR GD
FDPSDJQDHVHUYLWHORFDOGR
$PHSDUHFKHTXHVWRSLDWWRYHQJDPHJOLRDPPDQQLWRQHOODVHJXHQWHPDQLHUDSHUGDUJOLXQFDUDWWHUH
HXQJXVWRSLQD]LRQDOH'DWHSULPDPH]]DFRWWXUDDOSLFFLRQHHDOOHDOWUHFDUQLFROGHWWREXUURFRQGHQGROH
FRO VDOH LO SHSH H OH VSH]LH 3RL GLVSRQHWHOH VXO YDVVRLR QHO PRGR LQGLFDWR QRQ HVFOXGHQGR O LQWLQWR
GHOO XPLGRHLOEURGR$XPHQWDQGRLOFRQGLPHQWRSRWUHWHXQLUYLDQFKHULJDJOLHGLSROORDQLPHOOHHWDUWXIL
0$1,&$5(772',3,&&,21,
7DJOLDWHOL D TXDUWL R D SH]]L JURVVL QHOOH JLXQWXUH H PHWWHWHOL DO IXRFR FRQ XQD IHWWD GL SURVFLXWWR XQ
SH]]HWWR GL EXUUR H XQ PD]]HWWR JXDUQLWR FRQGHQGROL FRQ VDOH H SHSH 4XDQGR FRPLQFLDQR DG DVFLXJDUH
EDJQDWHOL FRQ EURGR H D PH]]DFRWWXUDDJJLXQJHWH OH ORUR ULJDJOLH GHOOH DQLPHOOH D SH]]L HIXQJKLIUHVFKL
WDJOLDWL D IHWWH RG DQFKH VHFFKL PD IDWWL SULPD ULQYHQLUH QHOO DFTXD FDOGD RSSXUH WDUWXILTXHVWL SHUz YDQQR
PHVVL D FRWWXUD TXDVL FRPSLWD 'RSR DYHUOL EDJQDWL FRQ GHO EURGR YHUVDWHFL VH L SLFFLRQL VRQ GXH PH]]R
ELFFKLHUH GL YLQR ELDQFR FKH DYUHWHSULPD IDWWRVFHPDUHGLPHWjDOIXRFRLQXQYDVRDSDUWH&RQWLQXDWHD
IDUOL EROOLUH GROFHPHQWH SRL DJJLXQJHWH DOWUR SH]]HWWR GL EXUUR LQWULVR QHOOD IDULQD RSSXUH IDULQD VROD SHU
OHJDUQH OD VDOVD H SHU XOWLPR DYDQWL GL PDQGDUOL LQ WDYROD OHYDWH LO SURVFLXWWR H LO PD]]HWWR H VWUL]]DWH VXL
SLFFLRQLXQOLPRQH/HDQLPHOOHVFRWWDWHOHSULPDHVSHOODWHOHVHVRQRGLEHVWLDJURVVD
,Q TXHVWR VWHVVR PRGR VL SRVVRQR FXFLQDUH L SROODVWUL JLRYDQL JXDUQHQGROL GL ULJDJOLH LQYHFH FKH GL
DQLPHOOH
7,0%$//2',3,&&,21,
QRPH
4XHVWDSLHWDQ]DGLFHVLWLPEDOORIRUVHGDOODIRUPDFKHVLDSSURVVLPDDOO LVWUXPHQWRPXVLFDOHGLTXHVWR
)DWHXQEDWWXWRFRQSURVFLXWWRFLSROODVHGDQRHFDURWDDJJLXQJHWHXQSH]]HWWRGLEXUURHPHWWHWHORDO
IXRFR FRQ XQ SLFFLRQH R GXH D VHFRQGD GHO QXPHUR GHOOH SHUVRQH FKH GRYUDQQR IDUJOL OD IHVWD 8QLWH DL
PHGHVLPLOHORURULJDJOLHFRQDOWUHGLSROORVH QHDYHWH&RQGLWHFRQVDOHHSHSHHTXDQGRLSLFFLRQLVDUDQQR
URVRODWL EDJQDWHOL FRQ EURGR SHU WLUDUOL D FRWWXUD PD SURFXUDWH FKH YL UHVWL GHO VXJR 3DVVDWH TXHVWR H
JHWWDWHYL GHL PDFFKHURQL FKH DYUHWH JLj FRWWL PD QRQ GHO WXWWR LQ DFTXD VDODWD H WHQHWHOL SUHVVR DO IXRFR
ULPRYHQGROL GL TXDQGR LQ TXDQGR )DWH XQ SRFR GL EDOVDPHOOD SRL VSH]]DWH L SLFFLRQL QHOOH ORUR JLXQWXUH
HVFOXGHQGRQH LO FROOR OD WHVWD OH ]DPSH H OH RVVD GHO JURSSRQH TXDQGR QRQ YL SLDFHVVH GL GLVRVVDUOL GHO
WXWWR LO FKH VDUHEEH PHJOLR /H ULJDJOLH WDJOLDWHOH D SH]]L SLXWWRVWR JURVVL H DOOH FLSROOH OHYDWH LO WHQHUXPH
$OORUFKp L PDFFKHURQL DYUDQQR VXFFKLDWR LO VXJR FRQGLWHOL FRQ SDUPLJLDQR SH]]HWWLQL GL EXUUR GDGLQL R
PHJOLRIHWWLQHGLSURVFLXWWRJUDVVRHPDJURQRFHPRVFDWD IHWWLQHGLWDUWXILRPDQFDQGRTXHVWLXQSXJQHOOR
GLIXQJKLVHFFKLUDPPROOLWL8QLWHLQILQHODEHOVDPHOODHPHVFRODWH
3UHQGHWHXQDFD]]DUXRODGLJUDQGH]]DSURSRU]LRQDWDXQJHWHODWXWWDFRQEXUURGLDFFLRHIRGHUDWHODGL
SDVWD IUROOD 9HUVDWH LO FRPSRVWR FRSULWHOR GHOOD VWHVVD SDVWD H FXRFHWHOR DO IRUQR VIRUPDWHOR FDOGR H
VHUYLWHORVXELWR
&RQ JUDPPL GL PDFFKHURQL H GXH SLFFLRQL IDUHWH XQ WLPEDOOR SHU GLHFL R GRGLFL SHUVRQH VH QRQ
VRQRIRUWLPDQJLDWRUL9ROHQGRSRWHWHDQFKHGDUJOLODIRUPDGLSDVWLFFLRFRPHTXHOORGHOQ
725',&2//(2/,9(
,WRUGLHJOLDOWUL XFFHOOLPLQXWLLQXPLGRVLSRVVRQRIDUHFRPH LSLFFLRQLQDQ]LYHOLUDFFRPDQGR
FXFLQDWL LQ TXHOOD PDQLHUD FKH VRQR EXRQLVVLPL /H ROLYH LQGROFLWH VWDWHFLRqLQ VDODPRLD VL XVDQR PHWWHUH
LQWHUH FRL ORUR QRFFLROR TXDQGR L WRUGL VRQR D PH]]D FRWWXUD ,O QRFFLROR SHUz q PHJOLR OHYDUOR FRQ XQ
WHPSHULQRVLIDGHOODSROSDXQQDVWULQRFKHDYYROWRDVSLUDOHVRSUDVpVWHVVRSDUFKHIRUPLXQ ROLYDLQWHUD
8QDYROWDIXURQRUHJDODWLVHLWRUGLDXQVLJQRUHLOTXDOHDYHQGRLQTXHLJLRUQLODIDPLJOLDLQFDPSDJQD
SHQVzGLPDQJLDUVHOLDUURVWLWLDXQDWUDWWRULD(UDQREHOOLIUHVFKLHJUDVVLFRPHLEHFFDILFKLHSHUzVWDQGRLQ
WLPRUH QRQ JOLHOL EDUDWWDVVHUR OL FRQWUDVVHJQz WDJOLDQGR ORUR OD OLQJXD , FDPHULHUL HQWUDWL LQ VRVSHWWR
FRPLQFLDURQR DG HVDPLQDUOL VH VHJQR DOFXQR DSSDULVVH H JXDUGD JXDUGD DLXWDWL GDOOD ORUR VFDOWUH]]D OR
ULWURYDURQR3HUQRQODFHGHUHDIXUEHULDRIRUVHSHUFKpFRQHVVLTXHOVLJQRUHVLPRVWUDYDVROWDQWRODUJRLQ
FLQWXUD³JOLHODYRJOLDPRIDUH´JULGDURQRDGXQDYRFHHWDJOLDWDODOLQJXDDVHLWRUGLGHLSLPDJULFKHIRVVHUR
LQ FXFLQD JOL SUHSDUDURQR TXHOOL VHUEDQGR L VXRL SHU JOL DYYHQWRUL FKH SL SUHPHYDQR 9HQXWR O DPLFR
FROO DQVLHWjGLIDUHLQTXHOJLRUQRXQJKLRWWRPDQJLDUHHYHGXWLOLVHFFKLDOODPSDQDWLFRPLQFLzDVWUDOXQDUHJOL
RFFKL H YROWDQGROL H ULYROWDQGROL IUD Vp GLFHYD ,R UHVWR PD FKH VRQR SURSULR L PLHL WRUGL TXHVWL" 3RL
ULVFRQWUDWRFKHODOLQJXDPDQFDYDWXWWRGROHQWHVLGHWWHDFUHGHUHFKHDYHVVHURRSHUDWDODPHWDPRUIRVLOR
VSLHGRHLOIXRFR
$JOLDYYHQWRULFKHFDSLWDURQRGRSRODSULPDRIIHUWDFKHLQDULDGLWULRQIRIDFHYDQRTXHLFDPHULHULHUD
9XROHOODRJJLXQEHOOLVVLPR WRUGR" HTXLDUDFFRQWDUODORUREHOODSURGH]]DFRPHIXQDUUDWDDPHGDXQR
FKHOLDYHYDPDQJLDWL
725',),17,
7RUGLILQWLSHUFKpOLUDPPHQWDO RGRUHGHOJLQHSURHXQSRFRDQFKHLOVDSRUHGHOODFRPSRVL]LRQHÊXQ
SLDWWRFKHSXzSLDFHUHHIDUHWHEHQHDSURYDUOR
0DJURGLYLWHOODGLODWWHVHQ] RVVRSHUVHLWRUGLJU
&RFFROHGLJLQHSURQ
)HJDWLQLGLSROORQ
$FFLXJKHVDODWHQ
2OLRFXFFKLDLDWHQ
/DUGRQHTXDQWREDVWD
4XHVWL ILQWL WRUGL GHYRQR DYHU O DSSDUHQ]D GL EUDFLROLQH ULSLHQH TXLQGL GHOOD YLWHOOD GL ODWWH IDWHQH VHL
IHWWHVRWWLOLVSLDQDWHOHGDWHORURXQDEHOODIRUPDHPHWWHWHGDSDUWHLULWDJOL4XHVWLFRLIHJDWLQLXQSH]]HWWRGL
ODUGRQH OH FRFFROH GL JLQHSUR OH DFFLXJKH QHWWDWH H XQD IRJOLD GL VDOYLD IRUPHUDQQR LO FRPSRVWR SHU
ULHPSLUOH H SHUz WULWDWH LO WXWWR ILQLVVLPR H FRQGLWHOR FRQ SRFR VDOH H SHSH 'RSR DYHUH DUURFFKLDWH OH
EUDFLROLQHFRQTXHVWRFRPSRVWRIDVFLDWHOHFRQXQDIHWWDVRWWLOHGHOGHWWRODUGRQHIUDSSRQHQGRIUDTXHVWRH
ODFDUQHPH]]DIRJOLDGLVDOYLDHOHJDWHOHLQFURFH*UDPPLGLODUGRQHLQWXWWRFUHGRSRWUjEDVWDUH
2UD FKH DYHWH SUHSDUDWR OH EUDFLROLQH SRQHWHOH D IXRFR YLYR LQ XQD VDXWp RSSXUH LQ XQD FD]]DUXROD
VFRSHUWD FRQ OH GHWWH WUH FXFFKLDLDWH G ROLR H FRQGLWHOH DQFRUD OHJJHUPHQWH FRQ VDOH H SHSH 4XDQGR
VDUDQQR URVRODWH GD WXWWH OH SDUWL VFRODWH O XQWR ODVFLDQGR SHUz LO EUXFLDWLFFLR LQ IRQGR DO YDVR H WLUDWHOH D
FRWWXUDFROEURGRYHUVDWRDSRFKLQRSHUYROWDSHUFKpGHYRQRULPDQHUHLQXOWLPRTXDVLDVFLXWWH
0DQGDWHOH LQ WDYROD VOHJDWH VRSUD D VHL IHWWH GL SDQH DSSHQD DUURVWLWR H EDJQDWH FROO LQWLQWR ULVWUHWWR
ULPDVWRGRSRODFRWWXUD
6RQREXRQHDQFKHGLDFFH
67251,,1,678)$
*OL VWRUQL HVVHQGR XFFHOOL GL FDUQH RUGLQDULD H GXUD KDQQR ELVRJQR GHO VHJXHQWH WUDWWDPHQWR SHU
UHQGHUOLPDQJLDELOL
3HUQXPHURVHLVWRUQLIDWHXQEDWWXWRWULWDWRILQHFRQXQTXDUWRGLXQDJURVVDFLSROODHJUDPPLGL
JUDVVRGLSURVFLXWWR0HWWHWHORDOIXRFRFRQJUDPPLGLEXUURWUHRTXDWWURVWULVFLROLQHGLSURVFLXWWRJUDVVR
HPDJURHGXHFRFFROHGLJLQHSUR&ROORFDWHFLVRSUDJOLVWRUQLVHQ]DVYHQWUDUOLHJXDUQLWLFRQIRJOLHGLVDOYLD
FRQGLWHOLFRQVDOHHSHSH4XDQGRDYUDQQRWLUDWRLOVDSRUHGHOEDWWXWRYROWDQGROLVSHVVRHFKHODFLSROODVDUj
EHQ FRORULWD EDJQDWHOL FRQ XQ SRFR GL YLQR ELDQFR DVFLXWWR H SRL YHUVDWHFHQH WDQWR FKH IUD OD SULPD H OD
VHFRQGDYROWDVLDWUHGHFLOLWUL0DQFDQGRYLLOYLQRELDQFRVXSSOLWHFRQGXHGHFLOLWULG DFTXDHGXQRGLPDUVDOD
&RSULWH OD FD]]DUXROD FRQ XQ IRJOLR GL FDUWD D TXDWWUR GRSSL WHQXWR IHUPR GD XQ FRSHUFKLR SHVDQWH H IDWH
EROOLUHDIXRFRGROFHILQRDFRWWXUDFRPSOHWD/HYDWHOLFROORURVXJRHVHUYLWHOL
8&&(//,,16$/0Î
&XRFHWHOLQRQGHOWXWWRDUURVWRDOORVSLHGRFRQGLWLFRQVDOHHROLR'RSROHYDWLVHVRQRXFFHOOLSLFFROLR
WRUGLODVFLDWHOLLQWHULVHVRQRJURVVLWDJOLDWHOLLQTXDWWURSDUWLHOHYDWHORURWXWWHOHWHVWHFKHSHVWHUHWHLQXQ
PRUWDLR LQVLHPH FRQ TXDOFKH XFFHOOLQR SXUH DUURVWLWR R FRQ TXDOFKH ULWDJOLR GL XFFHOOL JURVVL 0HWWHWH XQD
FD]]DUROLQDDOIXRFRFRQXQEDWWXWRFRPSRVWRGLEXUURTXDOFKHSH]]HWWRGLSURVFLXWWRVXJRGLFDUQHRSSXUH
EURGR PDGHUD R PDUVDOD QHOOD TXDQWLWj DOO LQFLUFD GHO EURGR XQR VFDORJQR WULQFLDWR XQD FRFFROD R GXH GL
JLQHSURVHVRQRWRUGLRXQDIRJOLDG DOORURVHVRQRXFFHOOLGLDOWUDVSHFLH&RQGLWHFRQVDOHHSHSHHTXDQGR
TXHVWR LQWLQJROR DYUj EROOLWR PH]] RUD SDVVDWHOR GDOOR VWDFFLR H FROORFDWHYL JOL XFFHOOL DUURVWLWL IDWHOL EROOLUH
ILQRDFRWWXUDFRPSOHWDHPDQGDWHOLLQWDYRODFRQIHWWLQHGLSDQHDUURVWLWRVRWWR
678)$72',/(35(
9L GHVFULYHUz SL DYDQWL LO SDVWLFFLR GL OHSUH H YL GLUz DQFKHFRPHTXHVWDVLFXRFHDUURVWRDJJLXQJR
RUD FKH SHU IDUOD GROFHIRUWH SRWHWH VHUYLUYLGHOOD ULFHWWD GHO FLJQDOH Q HFKHVLSXzPHWWHUH LQLVWXIDWR
QHOODVHJXHQWHPDQLHUD
3UHQGLDPR SHU HVHPSLR OD PHWj GL XQD OHSUH H GRSR DYHUOD VSH]]HWWDWD WULWDWH ILQH XQ EDWWXWR FRQ
XQDFLSROODGLPHGLRFUHJUDQGH]]DGXHVSLFFKLG DJOLRXQSH]]RGLVHGDQROXQJRXQSDOPRHGLYHUVHIRJOLH
GLUDPHULQR0HWWHWHORDOIXRFRFRQXQSH]]HWWRGL EXUURGXHFXFFKLDLDWHG ROLRHTXDWWURRFLQTXHVWULVFHGL
SURVFLXWWR ODUJKH XQ GLWR 4XDQGR DYUj VRIIULWWR SHU FLQTXH PLQXWL JHWWDWHFL OD OHSUH H FRQGLWHOD FRQ VDOH
SHSHHVSH]LH5RVRODWDFKHVLDEDJQDWHODFRQPH]]RELFFKLHUHGLYLQRELDQFRRPDUVDODSRLEXWWDWHFLXQ
SXJQHOORGLIXQJKLIUHVFKLRVHFFKLUDPPROOLWLHWLUDWHODDFRWWXUDFRQEURGRHVXJRGLSRPRGRURRFRQVHUYD
PDSULPDGLVHUYLUODDVVDJJLDWHODSHUDJJLXQJHUHXQDOWURSRFRGLEXUURVHRFFRUUH
&,*1$/('2/&()257(
$ PH SDUH VLD EHQH FKH LO FLJQDOH GD IDUH GROFHIRUWH GHEED DYHUH OD VXD FRWHQQD FRQ XQ GLWR GL
JUDVVRSHUFKpLOJUDVVRGLTXHVWRSRUFRVHOYDWLFRTXDQGRqFRWWRUHVWDGXURQRQQDXVHDHGKDXQVDSRUH
GLFDOORSLDFHYROLVVLPR
6XSSRVWRFKHLOSH]]RVLDGLXQFKLORJUDPPRDOO LQFLUFDHFFRYLOHSURSRU]LRQLGHOFRQGLPHQWR
)DWHXQEDWWXWRFRQPH]]DFLSROODODPHWjGLXQDJURVVDFDURWDGXHFRVWROHGLVHGDQRELDQFROXQJKH
XQSDOPRXQSL]]LFRGLSUH]]HPRORHJUDPPLGLSURVFLXWWRJUDVVRHPDJUR7ULWDWHORILQHFROODOXQHWWDH
SRQHWHORLQXQDFD]]DUXRODFRQROLRVDOHHSHSHVRWWRDOFLJQDOHSHUFXRFHUORLQSDULWHPSR4XDQGRLOSH]]R
KD SUHVR FRORUH GD WXWWH OH SDUWL VFRODWH EXRQD SDUWH GHOO XQWR VSDUJHWHJOL VRSUD XQ SL]]LFR GL IDULQD H
WLUDWHOR D FRWWXUD FRQ DFTXD FDOGD YHUVDWD GL TXDQGR LQ TXDQGR 3UHSDUDWH LQWDQWR LO GROFHIRUWH LQ XQ
ELFFKLHUHFRLVHJXHQWLLQJUHGLHQWLHJHWWDWHORQHOODFD]]DUXRODPDSULPDSDVVDWHLOVXJR
8YDSDVVROLQDJUDPPL
&LRFFRODWDJUDPPL
3LQROLJUDPPL
&DQGLWRDSH]]HWWLJUDPPL
=XFFKHURJUDPPL
$FHWRTXDQWREDVWDPDGLTXHVWRPHWWHWHQHSRFRSHUFKpDYHWHWHPSRGLDJJLXQJHUORGRSR3ULPDGL
SRUWDUORLQWDYRODIDWHOREROOLUHDQFRUDRQGHLOFRQGLPHQWRV LQFRUSRULDQ]LGHEERGLUYLFKHLOGROFHIRUWHYLHQH
PHJOLRVHIDWWRXQJLRUQRSHUO DOWUR6HORDPDWHSLVHPSOLFHFRPSRQHWHLOGROFHIRUWHGL]XFFKHURHDFHWR
VROWDQWR
1HOORVWHVVRPRGRSRWHWHFXFLQDUHODOHSUH
&,*1$/()5$'8()82&+,
7HQHWHOR LQ XQD PDULQDWD FRPH TXHOOD GHOOD OHSUH Q SHU R RUH /HYDWR GD TXHVWD
DVFLXJDWHOR FRQ XQ FDQRYDFFLR H SRL SUHSDUDWHOR QHOOD VHJXHQWH PDQLHUD &ROORFDWH QHO IRQGR GL XQD
FD]]DUXROD WUH R TXDWWUR IHWWH GL ODUGRQH VRWWLOL FRPH OD FDUWD SRQHWH LO SH]]R GHO FLJQDOH VRSUD DOOH
PHGHVLPHFRQGLWHORFRQVDOHHSHSHHDJJLXQJHWHXQDFLSROODLQWHUDXQPD]]HWWRJXDUQLWRXQSH]]HWWRGL
EXUURHVHLOFLJQDOHIRVVHXQFKLORJUDPPRFLUFDPH]]RELFFKLHUHGLYLQRELDQFR'LVWHQGHWHVXOSH]]RGHOOD
FDUQH DOWUH WUH R TXDWWUR IHWWH GHOOR VWHVVR ODUGRQH H FRSULWHOR FRQ XQ IRJOLR XQWR FRO EXUUR FKH YL VWLD
DGHUHQWH&XRFHWHORFRQIXRFRVRWWRHVRSUDHTXDQGRDFFHQQDDSURVFLXJDUVLEDJQDWHORFRQEURGR&RWWR
FKHVLDSDVVDWHLOVXJRVHQ]DVSUHPHUORGLJUDVVDWHORHXQLWHORDOFLJQDOHTXDQGRORPDQGDWHLQWDYROD
&2672/(77(','$,12$//$&$&&,$725$
/HFDUQLGHOGDLQRGHOFDSULRORHGLVLPLOLEHVWLHGLVHOYDJJLQDVRQRDULGHHGXUHTXLQGLqQHFHVVDULR
FKHLOWHPSROHIUROOLSHUHVVHUHPHJOLRJXVWDWH
6HUYLWHYL SHU TXHVWR SLDWWR GHOOD ORPEDWD GD FXL WDJOLH UHWH OH FRVWROHWWH WHQHQGROH VRWWLOL 0HWWHWH DO
IXRFR ROLR H EXUUR LQ SURSRU]LRQH GHOOD TXDQWLWj FKH DYUHWH D FXRFHUHXQR VSLFFKLR G DJOLR LQWHUR H GLYHUVH
IRJOLHGLVDOYLD4XDQGRO DJOLRDYUjSUHVRFRORUHFROORFDWHFLVRSUDOHFRVWROHWWHFRQGLWHOHFRQVDOHHSHSHH
FXRFHWHOHDIXRFRDUGHQWHDOODVYHOWDDQQDIILDQGROHFROPDUVDOD
&21,*/,2,180,'2
3HUFXFLQDUHTXHVWRSLDWWRYHGLOH3DSSDUGHOOHFROVXJRGLFRQLJOLRQ
/,1*8$'2/&()257(
3UHQGHWHXQDOLQJXDGLYLWHOODGLODWWHWXWWDLQWHUDFROODVXDSDSSDJRUJLDSHUFKpTXHVWDqODSDUWHSL
GHOLFDWD VSHOODWHOD H OHVVDWHOD D PH]]D FRWWXUD 5HJRODWHYL GHO UHVWR FRPH SHU LO FLJQDOH GHO Q VHUYHQGRYLGHOO DFTXD GRYH KD EROOLWR SHU ILQLUH GL FXRFHUOD3HU VSHOODUHODOLQJXDDUURYHQWDWHXQDSDOHWWDH
SRQHWHJOLHODVRSUDULSHWHQGRO RSHUD]LRQHGLYHUVHYROWHVHRFFRUUH
/,1*8$',%8($/68*2',&$51(
(FFRYL XQ DOWUD PDQLHUD GL FXFLQDUH XQD OLQJXD GL EXH GHO SHVR VHQ]D OD SDSSDJRUJLD GL ROWUH XQ
FKLORJUDPPR
6SHOODWHODFRPHqLQGLFDWRQHOODULFHWWDQHVWHFFDWHODFRQJUDPPLGLODUGRQHWDJOLDWRLQODUGHOOL
FRQGLWLFRQVDOHHSHSH/HJDWHODSHUFKpUHVWLGLVWHVDHPHWWHWHODDOIXRFRFRQJUDPPLGLEXUURFRQGLWHOD
FRQ DOWUR VDOH H SHSH URVRODQGROD DOTXDQWR H SRL WLUDWHOD D FRWWXUD FRO VXJR GL FDUQH YHUVDWR XQ SRFR SHU
YROWD&RWWDFKHVLDLOVXJRFKHUHVWDSDVVDWHORHFRQGHQVDWHORDOIXRFRFRQ XQSH]]HWWRGLEXUURHPHQRGL
PH]]D FXFFKLDLDWD GL IDULQD SHU XQLUOR DOOD OLQJXD FKH PDQGHUHWH LQ WDYROD WDJOLDWD D IHWWH FRQWRUQDWD GL
HUEDJJLOHVVDWLHULIDWWLFROEXUURHGLOVXJR
$51,21,6$/7$7,
3UHQGHWHXQDSLHWUDFRPHODFKLDPDQRD)LUHQ]HFLRqXQDUQLRQHRURJQRQHGLEHVWLDJURVVDRSSXUH
GLYHUVLGLEHVWLHSLFFROHDSULWHORHGLJUDVVDWHORWXWWRSHUFKpTXHOJUDVVRKDXQRGRUHVJUDGHYROH7DJOLDWHOR
SHUWUDYHUVRDIHWWHVRWWLOLSRQHWHORLQXQYDVRVDODWHORHYHUVDWHVXOPHGHVLPRWDQWDDFTXDEROOHQWHFKHOR
ULFRSUD4XDQGR O DFTXD VDUj GLDFFLDWD OHYDWHOR DVFLXWWR HPHWWHWHOR LQSDGHOODSHUIDUORULEXWWDUO DFTXDFKH
JHWWHUHWH YLD 6SDUJHWHJOL VRSUD XQ SL]]LFR GL IDULQD EXWWDWHFL XQ SH]]HWWR GL EXUUR H ULPRYHQGROR VSHVVR
IDWHOR JULOOHWWDUH SHU VROL FLQTXH PLQXWL &RQGLWHOR FRQ VDOH SHSH H PH]]R ELFFKLHUH VFDUVR GL YLQR ELDQFR
ODVFLDWHOR DQFRUD SHU SRFR VXO IXRFR H TXDQGR VLHWH SHU OHYDUOR DJJLXQJHWH XQ DOWUR SH]]HWWR GL EXUUR XQ
SL]]LFRGLSUH]]HPRORWULWDWRHXQSR GLEURGRVHRFFRUUH
3HU YRVWUD UHJROD JOL DUQLRQL WHQXWL WURSSR VXO IXRFR LQGXULVFRQR ,O YLQR q EHQH IDUOR SULPD EROOLUH D
SDUWHILQFKpVLDVFHPDWRGLXQWHU]RVHLQYHFHGLYLQRELDQFRIDUHWHXVRGLPDUVDODRGLFKDPSDJQHWDQWR
PHJOLR
$51,21,3(5&2/$=,21(
$UQLRQLGLYLWHOODGLODWWHGLFDVWUDWRGLPDLDOHHVLPLOLVLSUHVWDQREHQHSHUXQDFROD]LRQHFXFLQDWLQHOOD
VHJXHQWH PDQLHUD 7HQHWH LQ SURQWR XQ EDWWXWLQR WULWDWR ILQH FRPSRVWR GL SUH]]HPROR PH]]R VSLFFKLR
G DJOLRLOVXJRGLPH]]ROLPRQHHFLQTXHRVHLIHWWHGLPLGROODGLSDQHDVFLXJDWRDOIXRFR
$SULWHJOLDUQLRQLSHUGLJUDVVDUOLHWDJOLDWHOLDIHWWLQHVRWWLOLSHUWUDYHUVR'DWRFKHVLDQRLQWXWWRGHOSHVR
GLRJUDPPLJHWWDWHOLLQSDGHOODFRQJUDPPLDGLEXUURDIXRFRDUGHQWH0XRYHWHOLVSHVVRH
DSSHQD FRPLQFLDQR D VRIIULJJHUH JHWWDWHFL LO EDWWXWLQR FRQGLWHOL FRQ VDOH H SHSH H VHPSUH PXRYHQGROL FRO
PHVWRORYHUVDWHFLLOVXJRGHOOLPRQHHSHUXOWLPRXQUDPDLXRORGLEURGR
/ RSHUD]LRQH GHYH IDUVL LQ FLQTXH PLQXWL FLUFD H SULPD GL PDQGDUOL LQ WDYROD YHUVDWHOL VXOOH IHWWH GHO
SDQH%DVWHUDQQRSHUTXDWWURSHUVRQH
$51,21,$//$),25(17,1$
$SULWHHGLJUDVVDWHJOLDUQLRQLFRPHQHOODULFHWWDQH FRVuVSDFFDWLDPHWjSHULOOXQJRFXRFHWHOL
QHO PRGR VHJXHQWH 3RQHWH XQ WHJDPH DO IXRFRFRQ XQ SH]]R GL EXUUR SURSRU]LRQDWR H TXDQGR DFFHQQD D
EROOLUH SRQHWHFL O DUQLRQH ODVFLDQGRYHOR XQ SRFR SRL ULWLUDWHOR GDO IXRFR H FRQGLWHOR FRQ VDOH SHSH H XQ
SL]]LFRGLSUH]]HPRORWULWDWR,QYROWDWHOREHQHQHOFRQGLPHQWRHGRSRSDUHFFKLHRUHFXRFHWHOR QHOORVWHVVR
WHJDPHRSSXUHLQJUDWHOODLQYROWDWRQHOSDQJUDWWDWR
&26&,2772263$//$',&$675$72,1&$==$582/$,
3HU DVVRFLD]LRQH G LGHH OD SDUROD FDVWUDWR PL SUHVHQWD DOOD PHPRULD TXHL VHUYLWRUL L TXDOL SHU
XQ HVLJHQ]D ULGLFROD GH ORUR SDGURQL VRQR VIRJKL GL YDQLWj ULHQWUDWD VL WDJOLDQR L EDIIL H OH OHGLQH GD
VHPEUDUHWDQWLFDVWUDWRQLHIDFFHGD]RFFRODQWL
3HUORVWHVVRPRWLYRFLRqSHUODYDQLWjGHOOHORURSDGURQHVEXIIDQRHPDOVLSUHVWDQROHFDPHULHUHD
SRUWDUHLQFDSRTXHOOHEHUUHWWHELDQFKHFKLDPDWHDOWULPHQWLFXIILHLQIDWWLTXDQGRQRQVRQRSLJLRYDQLHQRQ
VRQREHOOHFRQTXHOO DJJHJJLRLQFDSRVHPEUDQRODEHUWXFFLD/HEDOLHDOFRQWUDULRJHQWH GLFDPSDJQDFKH
VHQWHSRFRODGLJQLWjGLVpVWHVVDFRQTXHLWDQWLILRFFKLHQDVWULGLYDULRFRORUHDGRUQDWH LQGHJQHSRPSHGL
VHUYLW PLVHUH LQVHJQH VH QH WHQJRQR JRQILDQGR LPSHWWLWH H QRQ V DYYHGRQR FKH ULVYHJOLDQR O LGHD GHOOD
PXFFDTXDQGRqFRQGRWWDDOPHUFDWR
(QWUDQGRLQPDWHULDGLFRFKHODEXRQDILQHGLTXHVWLGXHSH]]LGLFDUQHDPHVHPEUDGLRWWHQHUODQHOOD
VHJXHQWH PDQLHUD 3UHQGLDPR DG HVHPSLR OD VSDOOD H VXOOD PHGHVLPD UHJRODWHYL QHOOH GHELWH SURSRU]LRQL
SHULOFRVFLRWWR1RQKRELVRJQR GLGLUYLFKHLOFDVWUDWRGHYHHVVHUHGLTXDOLWjILQHHEHQJUDVVR6XSSRQLDPR
FKHODVSDOODVLDGHOSHVRGLXQFKLORJUDPPREHQFKpSRVVDHVVHUHDQFKHGLFKLORJUDPPLò'LVRVVDWHOD
VWHFFDWHOD FRQ ODUGRQH H FRQGLWHOD GL GHQWUR H GL IXRUL FRQ VDOH H SHSH SRL DUURFFKLDWHOD H OHJDWHOD RQGH
SUHQGD XQD EHOOD IRUPD LQGL PHWWHWHOD LQ XQD FD]]DUXROD FRQ JUDPPL GL EXUUR SHU URVRODUOD H GRSR
DJJLXQJHWHLVHJXHQWLLQJUHGLHQWL
$OFXQHFRWHQQHGLODUGRQHRGLSURVFLXWWR
8QPD]]HWWROHJDWRFRPSRVWRGLSUH]]HPRORVHGDQRHFDURWD
8QDFLSROODLQWHUDGLPH]]DQDJURVVH]]D
/HRVVDVSH]]DWHFKHDYUHWHOHYDWHGDOODVSDOODRGDOFRVFLRWWRFKHVLD
'HLULWDJOLGLFDUQHFUXGDVHQHDYHWH
8QELFFKLHUHGLEURGRRPH]]RVROWDQWR
'XHRWUHFXFFKLDLDWHGLDFTXDYLWH
7DQWD DFTXD IUHGGD FKH LO OLTXLGR DUULYL SRFR VRWWR DOOD VXSHUILFLH GHO FDVWUDWR &RSULWH EHQH OD
FD]]DUXRODHIDWHODEROOLUHDIXRFROHQWRILQFKpLOSH]]RVLDFRWWRSHUODTXDOFRVDFLYRUUDQQRGDTXDWWURHSL
RUHVHODEHVWLDqGXUD$OORUDSDVVDWHLOVXJRGLJUDVVDWHORHJHWWDWHYLDLOVXSHUIOXRFLRqPDQGDWHLQWDYROD
VROWDQWRLOFDVWUDWR
4XHVWRSLDWWRVLVXROJXDUQLUHRGLFDURWHRGLUDSHRGLIDJLXROLVJUDQDWLVHGLFDURWHPHWWHWHQHGXH
JURVVHLQWHUHIUDODFDUQHHTXDQGRVDUDQQRFRWWHOHYDWHOHHWDJOLDWHOHDIHWWHURWRQGHSHUDJJLXQJHUOHGRSR
VH GL UDSH DYYHUWLWH FKH QRQ VDSSLDQR GL IRUWH SHU QRQ DYHUH DQFRUD VHQWLWR LO IUHGGR 'LYLGHWHOH LQ TXDWWUR
SDUWL LPELDQFDWHOH WDJOLDWHOH D GDGL URVRODWHOH DSSHQD QHO EXUUR HG XQLWHOH DO VXJR LO TXDOH GHYH YHGHUVL
SLXWWRVWRDEERQGDQWHVHGLIDJLXROLFXRFHWHOLSULPDHULIDWHOLLQTXHVWRVXJR
&26&,2772263$//$',&$675$72,1&$==$582/$,,
4XHVWD q XQD ULFHWWD SL VHPSOLFH H GD SUHIHULUVL D TXHOOD GHO QXPHUR SUHFHGHQWH TXDQGR QRQ VL
ULFKLHGDFRQWRUQRDOFXQRGLHUEDJJLHGLOHJXPL
3UHQGHWHXQDVSDOODGLFDVWUDWRHGRSRDYHUODGLVRVVDWDVWHFFDWHODFRQODUGHOOLGLODUGRQHLQYROWDWLQHO
VDOHHQHOSHSH6DODWHODDOTXDQWRSRLDUURFFKLDWDHOHJDWDVWUHWWDPHWWHWHODDOIXRFRFRQJUDPPLGLEXUUR
H XQD PH]]DFLSROOD VWHFFDWD FRQ XQ FKLRGR GL JDURIDQR H IDWHOH SUHQGHU FRORUH 5LWLUDWD OD FD]]DUXROD GDO
IXRFRYHUVDWHFLXQELFFKLHUHG DFTXDRPHJOLREURGRXQDFXFFKLDLDWDGLDFTXDYLWHXQPD]]HWWRRGRURVRH
VH q LO WHPSR GHL SRPRGRUL DOFXQL GL TXHVWL VSH]]DWL )DWH EROOLUH DGDJLR SHU FLUFD WUH RUH FROOD FD]]DUXROD
WHQXWD FKLXVD FRQ GRSSLR IRJOLR GLFDUWDULYROWDQGRVSHVVRLOSH]]RGHOODFDUQH4XDQGRVDUjFRWWDJHWWDWH
YLDODFLSROODSDVVDWHLOVXJRGLJUDVVDWHORHGXQLWHORDOODFDUQHTXDQGRODPDQGDWHLQWDYROD
9LDYYHUWRGLQRQFXRFHUODWURSSRFKpDOORUDQRQVLSRWUHEEHWDJOLDUHDIHWWH
1HOODVWHVVDPDQLHUDFROOHGHELWHSURSRU]LRQLQHOFRQGLPHQWRVLSXzIDUHLOFRVFLRWWR6HYLQDXVHDLO
SX]]RVSHFLDOHDOPRQWRQHGLJUDVVDWHODFDUQHDQFKHGD FUXGD
/20%$7$',&$675$725,3,(1$
3UHQGHWH XQ SH]]R GL ORPEDWD GL FDVWUDWR FRO VXR SDQQLFROR DWWDFFDWR GHO SHVR GL XQ FKLORJUDPPR
GLJUDVVDWHOD PD QRQ GHO WXWWR GLVRVVDWHOD H FRQGLWHOD FRQ VDOH H SHSH )RUPDWH LO FRPSRVWR SHU ULHPSLUOD
FRQ
0DJURGLYLWHOODGLODWWHJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8QXRYR
6DOHHSHSH
7ULWDWHOR EHQ ILQH H GRSR DYHUH VSDOPDWD FRQ TXHVWR WXWWD OD ORPEDWD QHOO LQWHUQR DUURFFKLDWHOD
WLUDQGROHVRSUDLOSDQQLFRORHFXFLWHODRQGHQRQLVEX]]LLOULSLHQR2UDPHWWHWHODDOIXRFRFRQJUDPPLGL
EXUURHTXDQGRVDUjURVRODWDEDJQDWHODFRQXQGLWR GLELFFKLHUH GLPDUVDODSRLJHWWDWHQHOODFD]]DUXRODD
FURJLRODUH FRQ OHL D IXRFR OHQWR PH]]D FLSROOD SLXWWRVWR SLFFROD WDJOLDWD LQ GXH SH]]L GXH R WUH SH]]L GL
VHGDQR DOWUHWWDQWL GL XQD FDURWD H GHL JDPEL GL SUH]]HPROR EDJQDQGROD FRQ DFTXD R EURGR SHU WLUDUOD D
FRWWXUD ,QILQH SDVVDWH LO VXJR H LO UHVWR GLJUDVVDWHOR H VHUYLWHOD Ê XQ SLDWWR FKH SRWUj EDVWDUH SHU RWWR
SHUVRQH H PHULWD GL HVVHUH UDFFRPDQGDWR *Lj VDSHWH FKH SHU GLJUDVVDUH XQ VXJR EDVWD SRVDUJOL VRSUD
TXDOFKHSH]]RGLFDUWDVWUDFFLDVXJDQWH
%8($//$02'$
4XHVWRSLDWWRYDWUDWWDWRSRFRGLYHUVDPHQWHGDTXHOORGHOQ
3UHQGHWH QRQ PHQR GL XQ FKLORJUDPPR GL PDJUR GHOOD FRVFLD R GHO FXODFFLR GL EHVWLD JURVVD H
VWHFFDWHORFRQODUGHOOLJURVVLXQGLWRGLEXRQODUGRQHFKHDYUHWHLQYROWDWLQHOVDOHHQHOSHSH/HJDWHLOSH]]R
GHOODFDUQHSHUFKpSUHQGDXQDEHOODIRUPDVDODWHORDVXIILFLHQ]DHSRQHWHORLQXQDFD]]DUXRODFRQJUDPPL
GLEXUURSHUURVRODUORSRLDJJLXQJHWHJO LQJUHGLHQWLTXLDSSUHVVRPH]]D]DPSDGLYLWHOODGLODWWHRSSXUH
XQSH]]RGL]DPSDGLYLWHOODJURVVDXQDJURVVDFLSROODLQWHUDGXHRWUHFDURWHLQWHUHXQPD]]HWWROHJDWRGL
HUEH RGRURVH FRPH SUH]]HPROR VHGDQR EDVLOLFR H VLPLOL DOFXQH FRWHQQH GL ODUGRQH XQ ELFFKLHUH DUGLWR
G DFTXDRPHJOLRXQELFFKLHUHGLEURGRGLJUDVVDWRHSHUXOWLPRPH]]RELFFKLHUHGLYLQRELDQFRRSSXUHGXH
FXFFKLDLDWHGLDFTXDYLWH0HWWHWHDOIXRFRODFD]]DUXRODEHQFRSHUWDHIDWHEROOLUHDGDJLRILQFKpODFDUQHVLD
FRWWDPDOHFDURWHFXRFHQGRVLSHUOHSULPHOHYDWHOHRQGHUHVWLQRLQWHUH*HWWDWHYLDLOPD]]HWWRRGRURVRSRL
SDVVDWH LO VXJR H GLJUDVVDWHOR VH RFFRUUH 6HUYLWH OD FDUQH QRQ WURSSR FRWWD XQLFDPHQWH DOOD ]DPSD H
FRQWRUQDWH LO SLDWWR FROOH FDURWH WDJOLDWH D IHWWH URWRQGH 6H YL ULHVFH EHQH VHQWLUHWH XQ XPLGR GHOLFDWR H
OHJJLHUR
$OFXQL VWHFFDQR OD FLSROOD FRQ FKLRGL GL JDURIDQR PD TXHVWR DURPD QRQ q GD FRQVLJOLDUVL FKH DJOL
VWRPDFKLIRUWL0HJOLRGHOOHFDURWHJLXGLFRLOFRQWRUQRGLIDJLXROLVJUDQDWLFRWWLULIDWWLQHOVXJRGHOEXH
%8($//$%5$&(
6DUHEEHLOERHXIEUDLVpGHL)UDQFHVL3URFXUDWHYLXQEHOWRFFRGLFDUQHPDJUDHIUROODHGDWRFKHVLD
GHOSHVRGLJUDPPLVHQ] RVVRVWHFFDWHORFRQJUDPPLGLODUGRQHWDJOLDWRDODUGHOOLJURVVLHOXQJKLXQ
GLWRVFDUVRPDFRQGLWHOLSULPDFRQVDOHHSHSH
)DWH XQ EDWWXWR FRQ XQ TXDUWR GL FLSROOD GL PHGLD JUDQGH]]D PH]]DFDURWD H XQDFRVWROD GL VHGDQR
OXQJDXQSDOPR7ULWDWHORDOO LQJURVVR FRQODOXQHWWDHPHWWHWHORDOIXRFRFRQJUDPPLGLEXUURHVRSUDDO
PHGHVLPRLOSH]]RGHOODFDUQHOHJDWRHFRQGLWRFRQVDOHHSHSH
4XDQGR LO EDWWXWR VWD SHU FRQVXPDUVL EDJQDWHOR SHU GXH YROWH FRQ XQ JRFFLROR G DFTXD IUHGGD
FRQVXPDWDFKHVLDHFRORULWD ODFDUQHYHUVDWHGXHUDPDLXROLGLDFTXDFDOGDFRSULWHODFD]]DUXRODFRQIRJOLR
GRSSLRGLFDUWDHIDWHEROOLUHDGDJLRILQFKpODFDUQHVLDFRWWD$OORUDSDVVDWHLOVXJRGLJUDVVDWHORHULPHWWHWHOR
DOIXRFRFRQXQDOWURSH]]HWWRGLEXUURSHUGDUPDJJLRUJUD]LDDOODFDUQHHDOO LQWLQWRFROTXDOHSRWUHWHWLUDUHD
VDSRUHXQFRQWRUQRGLHUEDJJLFRPHVDUHEEHURVSLQDFLFDYROLGL%UX[HOOHVFDURWHILQRFFKLTXHOORFKHSLYL
SLDFHGLTXHVWL
*,5(//2$//$%5$&( *$5(772
9ROHWHXQSLDWWRGLFDUQHGHOODFXFLQDERORJQHVHHGHLSLVHPSOLFLFKHVLSRVVDQRLPPDJLQDUH")DWHLO
JDUHWWR&RVuFKLDPDQRD%RORJQDLOJLUHOORFKHqTXHOSH]]RGLFDUQHGLPDQ]RVHQ] RVVRVLWXDWDTXDVLDOOD
HVWUHPLWjGHOODFRVFLDWUDLOPXVFRORHORVFDQQHOORFKHSXzHVVHUHGHOSHVRGLJUDPPLDOO LQFLUFDHGqLO
VROR FKH VL SUHVWL SHU TXHVW XVR 0HWWHWHOR DO IXRFRVHQ] DOWUR FRQGLPHQWR FKH VDOH H SHSH QLHQWH DFTXD H
QLXQDOWURLQJUHGLHQWH&KLXGHWHODERFFDGHOODFD]]DUXRODFRQXQIRJOLRGLFDUWDDGLYHUVLGRSSLWHQXWRIHUPR
GDO VXR FRSHUFKLR H ODVFLDWHOR FXRFHUH PROWROHQWDPHQWH 9HGUHWH FKH JHWWD XQD FRSLRVD TXDQWLWj GL VXJR
FKHSRLULDVVRUEHDSRFRDSRFRTXDQGRORDYUjULWLUDWRWXWWROHYDWHORHVHUYLWHORÊTXDVLPLJOLRUHGLDFFLRFKH
FDOGR
&KH VLD XQ SLDWWR VDQR H QXWULHQWH QHVVXQR SXz GXELWDUQH PD FKH SHU OD VXD WURSSD VHPSOLFLWj
SRVVDSLDFHUHDWXWWLQRQVDSUHLGLUOR
%8($//$&$/,)251,$
&KLVWXGLzTXHVWRSLDWWRQRQVDSHQGRIRUVHFRPHFKLDPDUORJOLDSSOLFzTXHVWRVWUDQRWLWRORGHOUHVWR
SRLVWUDQLRULGLFROLVRQRTXDVLWXWWLLWHUPLQLFXOLQDUL
/HVHJXHQWLGRVLVRQRTXHOOHGDPHSUHVFULWWHLQVHJXLWRDGLYHUVHSURYH
&DUQHPDJUDVHQ] RVVRGLYLWHOODRGLPDQ]RQHOODJURSSDQHOODORPEDWDRQHOILOHWWRJUDPPL
%XUURJUDPPL
3DQQDGHFLOLWUL
$FTXDGHFLOLWUL
$FHWRIRUWHXQDFXFFKLDLDWDRSLG XQDVHqGHEROH
0HWWHWH OD FDUQH DO IXRFR FRO GHWWR EXUUR PH]]D FLSROOD WDJOLDWD LQ TXDWWUR VSLFFKL H XQD FDURWD D
SH]]HWWL VDOH H SHSH SHU FRQGLPHQWR 4XDQGR OD FDUQH VDUj EHQ URVRODWD YHUVDWH O DFHWR GRSR DOTXDQWR
O DFTXD H LQGL OD SDQQD )DWH EROOLUH DGDJLR FLUFD WUH RUHPD VH LO VXJR YHQLVVH D VFDUVHJJLDUH DJJLXQJHWH
XQ DOWUDSR G DFTXD
0DQGDWH OD FDUQH LQ WDYRODWDJOLDWD D IHWWH HFROVXR VXJR SDVVDWR GDOOR VWDFFLR ,Q XQ SUDQ]RGLYDUL
SLDWWLSRWUjEDVWDUHSHUFLQTXHRVHLSHUVRQH
6&$11(//2$11(*$72
1RQVDSHQGRFRPHFKLDPDUHTXHVW XPLGRVHPSOLFHHVDQRJOLKRGDWRLOWLWRORGLVFDQQHOORDQQHJDWR
8QSH]]RGLFDUQHGLPDQ]RRGLYLWHOODWXWWRPDJURHVHQ] RVVRWROWRGDOORVFDQQHOORGLFLUFDJUDPPL
*UDVVRGLSURVFLXWWRJUDPPL
8QDJURVVDFDURWDRGXHPH]]DQH
7UHRTXDWWURFRVWROHGLVHGDQROXQJKHXQSDOPR
0H]]RELFFKLHUHGLYLQRELDQFRDVFLXWWRHPDQFDQGRTXHVWRGXHGLWDGLPDUVDOD
6WHFFDWHLOSH]]RGHOODFDUQHFROVXGGHWWRJUDVVRGLSURVFLXWWRWDJOLDWRLQODUGHOOLLQYROWDWLQHOVDOHHQHO
SHSHVDODWHORHOHJDWHORRQGHVWLDXQLWR
7DJOLDWH D SH]]HWWL OD FDURWD H LO VHGDQR H PHWWHWHOL LQ IRQGR D XQD FD]]DUXROD SLXWWRVWR SLFFROD
SRQHQGRFLVRSUDLOSH]]RGHOODFDUQHHFRSULWHODG DFTXD
)DWHEROOLUHDGDJLRDFD]]DUXRODFRSHUWDHTXDQGRDYUjULWLUDWRO DFTXDSDVVDWHGDOORVWDFFLRLOVXJRH
JOLHUEDJJLFKHSRLULPHWWHUHWHDOIXRFRLQVLHPHFRQ ODFDUQHHFROYLQR&RWWRFKHVLDVHUYLWHORDIIHWWDWRFRQ
VRSUDLOVXRLQWLQWR
3RWUjEDVWDUHSHUVHLSHUVRQH
&RPH DYUHWH QRWDWR LQ TXHVWD HLQ PROWH DOWUH ULFHWWHGHOODSUHVHQWHUDFFROWDODPLDFXFLQDLQFOLQDDO
VHPSOLFHHDOGHOLFDWRVIXJJHQGRLRTXDQWRSLSRVVRTXHOOHYLYDQGHFKHWURSSRFRPSOLFDWHHFRPSRVWHGL
HOHPHQWLHWHURJHQHLUHFDQRLPEDUD]]RDOORVWRPDFR&LzQRQRVWDQWHXQPLREXRQDPLFRSHULVFDPELROD
FDOXQQLDYD (VVHQGR HJOL VWDWR FROSLWR GD SDUDOLVL SURJUHVVLYD FKH OR WHQQH LQIHUPR SHU ROWUH WUH DQQL QRQ
WURYDYD DOWUR FRQIRUWR DOOD VXD GLVJUD]LD FKH TXHOOR GL PDQJLDU EHQH H TXDQGR RUGLQDYD LO SUDQ]R DOOD VXD
ILJOLXROD QRQ PDQFDYD GL GLUOH %DGD GL QRQ GDUPL JO LQWUXJOL GHOO $UWXVL 4XHVWD VLJQRULQD FKH HUD OD
PDVVDLDGLFDVDDYHQGRULFHYXWDODVXDHGXFD]LRQHLQXQFROOHJLRVYL]]HURGHOFDQWRQHIUDQFHVHVLHUDFROj
SURYYHGXWD GHO WUDWWDWR GL FXFLQD GL 0DGDPH 5RXELQHW H YROJHQGR D TXHVWR WXWWD OD VXD VLPSDWLD SRFR R
SXQWR VL FXUDYD GHO PLR *O LQWUXJOL ODPHQWDWL GDO SDGUH HUDQR GXQTXH GL TXHVWD PDGDPD GDO UXELQHWWR OD
TXDOHVLYHGHGDYDFRQTXHVWRODYLDSLFKHQRQIDUHLLRDOOHDFTXHWRUEHGHOODFXFLQD
6&$/233,1($//$/,9251(6(
3HUFKpVLFKLDPLQRVFDORSSLQHQRQORVRHQRQVRQHPPHQRSHUFKpVLDVWDWRGDWRORUR LOEDWWHVLPRD
/LYRUQR &RPXQTXH VLD SUHQGHWH GHOOH EUDFLROLQH GL FDUQH JURVVD EDWWHWHOH EHQH SHU UHQGHUOH WHQHUH H
EXWWDWHOH LQ SDGHOOD FRQ XQ SH]]R GL EXUUR 4XDQGR O DYUDQQR ULWLUDWR EDJQDWHOH FRQ TXDOFKH FXFFKLDLDWD GL
EURGR SHU SRUWDUOH D FRWWXUD FRQGLWHOH FRQ VDOH H SHSH OHJDWHOH FRQ XQ SL]]LFR GL IDULQD GDWH ORUR O RGRUH
GHOODPDUVDODHSULPDGLOHYDUOHUHQGHWHOHSLJUDWHFRQXQSL]]LFRGLSUH]]HPRORWULWDWR
6&$/233,1(',&$51(%$7787$
3UHQGHWH FDUQH PDJUD GL EHVWLD JURVVD QHWWDWHOD GDL WHQGLQL H GDOOH SHOOHWLFKH H VH QRQ DYHWH LO
WULWDFDUQH WULWDWHOD EHQ ILQH SULPD FRO FROWHOOR SRL FROOD OXQHWWD &RQGLWHOD FRQ VDOH SHSH H SDUPLJLDQR
JUDWWDWRDJJLXQJHWHO RGRUHGHOOHVSH]LHSLDFHQGRYLPDF qLOFDVRDOORUDFKHVDSSLDGLSLDWWRULPSROSHWWDWR
0HVFRODWH EHQH H GDWH DOOD FDUQH OD IRUPD GL XQD SDOOD SRL FRQ SDQJUDWWDWR VRWWR H VRSUD RQGH QRQ
V DWWDFFKL WLUDWHOD FROPDWWHUHOOR VXOODVSLDQDWRLD ULPXRYHQGRODVSHVVRSHUIDUQHXQDVWLDFFLDWDVRWWLOHSRFR
SLGLXQRVFXGR7DJOLDWHODDSH]]LTXDGULHODUJKLTXDQWRODSDOPDGLXQDPDQRHFXRFHWHOLLQXQDWHJOLDFRO
EXUUR 4XDQGR OH VFDORSSLQH DYUDQ SUHVR FRORUH DQQDIILDWHOH FRQ VXJR GL SRPRGRUR R FRQVHUYD GLOXLWD QHO
EURGRRQHOO DFTXDH VHUYLWHOH3RWHWHDQFKHVHQ]DIDUXVRGHOPDWWHUHOORVWLDFFLDUOHFROOHPDQLHGDUORUR
SHUSLHOHJDQ]DODIRUPDGLXQFXRUH
$YHQGR FDUQH VWUDFRWWDWD DYDQ]DWD q FRQYHQLHQWH LO IDUOH FRQ TXHVWD H FRQ FDUQH FUXGD PHVFRODWH
LQVLHPH
6&$/233,1($//$*(129(6(
)RUPDWHEUDFLROLQHFRQFDUQHPDJUDGLYLWHOODHGDWRFKHVLDJUDPPLVHQ] RVVRWULWDWHXQTXDUWR
GL FLSROOD GL PH]]DQD JUDQGH]]D H PHWWHWHOD QHO IRQGR GL XQD FD]]DUXROD FRQ ROLR H XQ SH]]HWWR GL EXUUR
'LVWHQGHWH VXO EDWWXWR OH EUDFLROLQH XQR VWUDWRVRSUD O DOWUR FRQGLWHOH FRQ VDOH H SHSH H PHWWHWHOH DO IXRFR
VHQ]DWRFFDUOHFKHFRVuDWWDFFDQGRVLLQVLHPHQRQVLDJJULQ]DQR4XDQGRDYUjSUHVRFRORUHODSDUWHGLVRWWR
YHUVDWHXQFXFFKLDLQRGLIDULQDHGRSRSRFRXQSL]]LFRGLSUH]]HPRORHPH]]RVSLFFKLRG DJOLRWULWDWLHGXH
GLWD VFDUVH GL ELFFKLHUH GL YLQR ELDQFR EXRQR R PDQFDQGR TXHVWR PDUVDOD 3RL GLVWDFFDWH OH EUDFLROLQH
O XQDGDOO DOWUDPHVFRODWHODVFLDWHOHWLUDUO XPLGRLQGLYHUVDWHDFTXDFDOGDHXQSRFRGLVXJRGLSRPRGRURR
FRQVHUYD)DWHOH EROOLUH DGDJLR H QRQ PROWR SHU WHUPLQDUH GL FXRFHUOH HVHUYLWHOHFRQLQWLQWRDEERQGDQWHH
FRQ IHWWH GL SDQH DUURVWLWR VRWWR RSSXUH VH SL YL SLDFH FRQ XQ FRQWRUQR GL ULVR FRWWR QHOO DFTXD WLUDWR
DVFLXWWR HFRQGLWROHJJHUPHQWHFRQEXUURSDUPLJLDQRHO LQWLQWRPHGHVLPR$Q]LLOULVRFLVWDPROWREHQHH
FRVuSLDFFLRQRDWXWWL
6&$/233,1(&21/$3$11$$&,'$
/D SDQQD DFLGD q OD SDQQD FRPXQH RVVLD LO ILRU GL ODWWH TXDQGR KD SUHVR O DJUR LO TXDO GLIHWWR QRQ
QXRFHDQ]LPLJOLRUDLOSLDWWRFKHULHVFHGHOLFDWLVVLPR
3UHQGHWH FDUQH PDJUD GL YLWHOOD R GL YLWHOOD GL ODWWH WDJOLDWHOD D EUDFLROLQH EDWWHWHOH LQIDULQDWHOH H
PHWWHWHOH DO IXRFR FRQ XQ SH]]R SURSRU]LRQDWR GL EXUUR &RQGLWHOH FRQ VDOH H SHSH H IDWHOH EROOLUH DGDJLR
ILQFKp DEELDQR SUHVR FRORUH GD DPEHGXH OH SDUWL$OORUD EDJQDWHOHFRQ OD GHWWD SDQQD H SHU XOWLPR FRQ XQ
SRFRG DFTXDREURGRVHWUDWWDVLGLYLWHOODGLODWWHRQGHODVDOVDQRQULHVFDWURSSRGHQVDHSRVVDQRFXRFHU
PHJOLR
6HUYLWHOHFRQVSLFFKLGLOLPRQHDSDUWH
3HUTXDWWURSHUVRQH
*UDPPLGLPDJURVHQ] RVVR
*UDPPLGLEXUUR
'XHGHFLOLWULGLSDQQD
6&$/233,1(',9,7(//$',/$77(,17257,12
9LWHOOD GL ODWWH PDJUD VHQ] RVVR WDJOLDWD D VFDORSSLQH VRWWLOLVVLPH GHO SHVR QHWWH GDOOH SHOOHWLFKH GL
JUDPPLODUGRQHDIHWWLQHVRWWLOLJUDPPL
6FLRJOLHWH DO IXRFR LQ XQD FD]]DUXROD SURSRU]LRQDWD XQ SRFR GL EXUUR H VXO IRQGR H DOO LQJLUR GHOOD
PHGHVLPD GLVWHQGHWH LO ODUGRQH VRSUD DO TXDOH FROORFKHUHWH XQ SULPR VWUDWR GL VFDORSSLQH FRQGHQGROH FRQ
VDOH SHSH O RGRUH GHOOH VSH]LH SDUPLJLDQR JUDWWDWR H SUH]]HPROR WULWDWR 3RL XQ DOWUR VWUDWR GL VFDORSSLQH
FRQGLWH QHOOD VWHVVD PDQLHUD H FRVu GL VHJXLWR ILQFKp DYUHWH URED6XOO XOWLPR VWUDWRGLVFDORSSLQHVSDUJHWH
GLYHUVL SH]]HWWL GL EXUUR H FXRFHWHOL WUD GXH IXRFKL SL VRWWR FKH VRSUD ILQFKp UHVWLQR TXDVL DVFLXWWH H
URVRODWRLOODUGRQH9HUVDWHLOWRUWLQRVRSUDDXQRVWUDWRGLVSLQDFLWLUDWLDOEXUURHVHUYLWHORDTXDWWURSHUVRQH
%5$&,2/,1(5,3,(1(
%UDFLROLQHVRWWLOLGLYLWHOODJUDPPL
&DUQHPDJUDGLYLWHOODRGLYLWHOODGLODWWHJUDPPL
3URVFLXWWRSLXWWRVWRPDJURJUDPPL
0LGROORGLYLWHOODJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQO
'HOOH EUDFLROLQH QH XVFLUDQQR R VH OH WHQHWH ODUJKH TXDQWR XQD PDQR EDWWHWHOH EHQ EHQH FRO
EDWWLFDUQH RSSXUH FRQ XQ PDQLFR GL FROWHOOR LQWLQWR VSHVVR QHOO DFTXD SHU DOODUJDUOH 3RL WULWDWH ILQH LO
SURVFLXWWRFRLJUDPPLGHOODVHFRQGDFDUQHHDTXHVWREDWWXWRXQLWHLOSDUPLJLDQRHLOPLGROORULGRWWRSULPD
SDVWRVR FROODODPD GL XQ FROWHOORSHUXOWLPRDJJLXQJHWHO XRYRSHUOHJDUHLOFRPSRVWRHXQDSUHVDGLSHSH
QRQ RFFRUUHQGR LO VDOH DPRWLYR GHO SURVFLXWWR H GHO SDUPLJLDQR 'LVWHQGHWH OH EUDFLROLQHHVXOPH]]RGHOOH
PHGHVLPHGLVWULEXLWHLOGHWWRFRPSRVWRSRLDUURFFKLDWHOHHFROUHIHOHJDWHOHLQFURFH
2UDFKHKDQQRJLjSUHVRODIRUPDRFFRUUHQWHSUHSDUDWHXQOHJJLHUREDWWXWRFRQXQSR GLFLSROODXQ
SH]]HWWR GL VHGDQR ELDQFR XQ SH]]HWWR GL FDURWD H JUDPPL GL FDUQHVHFFD H PHWWHWHOR DO IXRFR LQ XQD
FD]]DUXRODFRQJUDPPLGLEXUURLQSDULWHPSRFKHYLSRUUHWHOHEUDFLROLQH&RQGLWHOHFRQVDOHHSHSHH
TXDQGR DYUDQQR SUHVR FRORUH YHUVDWH VXJR GL SRPRGRUR R FRQVHUYD H WLUDWHOH D FRWWXUD FROO DFTXD 3RWHWH
DQFKHDJJLXQJHUHSLDFHQGRYLXQJRFFLRORGLYLQRELDQFR
4XDQGROHPDQGDWHLQWDYRODWRJOLHWH LOUHIHFRQFXLOHDYHYDWHOHJDWH
%5$&,2/,1($//$%$572/$
/D FDUQH GL YLWHOOD R GL PDQ]RFKH PHJOLR VL SUHVWDSHUTXHVWRSLDWWRVDUHEEHLOILOHWWRRLOJLUHOORPD
SXzVHUYLUHDQFKHLOFXODFFLRHODFRVFLD
&DUQHVXGGHWWDSHVRQHWWRVHQ] RVVRJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
8QSLFFRORVSLFFKLRG DJOLR
8QSLFFRORVSLFFKLRGLFLSROOD
8QDFRVWRODGLVHGDQROXQJDXQSDOPR
8QEXRQSH]]RGLFDURWD
8QSL]]LFRGLSUH]]HPROR
7DJOLDWHODFDUQHDIHWWHJURVVHTXDVLXQGLWRSHURWWHQHUHQRQSLGLVHWWHRGRWWREUDFLROLQHDOOHTXDOL
SURFXUDWH GL GDU EHOOD IRUPD H EDWWHWHOH FRQ OD FRVWROD GHO FROWHOOR )DWH XQ EDWWXWR WULWDWR PROWR ILQH FRO
SURVFLXWWR H JO LQJUHGLHQWL VRSUDGHVFULWWLSRLYHUVDWHLQXQDVDXWpRWHJOLDGLUDPH VHLFXFFKLDLDWHG ROLRVXO
TXDOHDIUHGGRFROORFKHUHWHOHEUDFLROLQHVSDOPDQGRVRSUDDGRJQXQDXQSL]]LFRGHOGHWWREDWWXWR&RQGLWHOH
FRQSRFRVDOHSHSHHLOVRORILRUHGLTXDWWURRFLQTXHFKLRGLGLJDURIDQRHDIXRFRYLYRIDWHOHURVRODUHGDOOD
SDUWHGLVRWWRSRLYROWDWHOHDGXQDDGXQDFROVXREDWWXWRSHUURVRODUHDQFKHTXHVWRHTXDQGRDYUjVRIIULWWR
DVXIILFLHQ]DWRUQDWHOHDULYROWDUHRQGHLOEDWWXWRULWRUQLDOGLVRSUDUDFFDWWDQGRTXHOORFKHqULPDVWRDWWDFFDWR
DOOD WHJOLD RUD EDJQDWHOH FRQ VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD FXRSULWHOH H IDWHOH EROOLUH
DGDJLRSHUTXDVLGXHRUHPDPH]] RUDSULPDGLPDQGDUOHLQWDYRODFXRFHWHQHOO LQWLQWRGHOOHPHGHVLPHXQD
JURVVDSDWDWDVEXFFLDWDHWDJOLDWDLQGLHFLRGRGLFLWRFFKHWWLFROORFDQGROLQHLYXRWLIUDXQDEUDFLROLQDHO DOWUD
0HJOLR VDUHEEH PDQGDUOH LQ WDYROD QHO UHFLSLHQWH GRYH VRQR VWDWH FRWWH PD VH TXHVWR q LQGHFHQWH
PHWWHWHOH SDUL SDUL LQ XQ YDVVRLR FRQ OH SDWDWH DOO LQWRUQR 4XHVWD TXDQWLWj EDVWD SHU TXDWWUR R FLQTXH
SHUVRQHHQRQqSLDWWRGD GLVSUH]]DUVLSHUFKpQRQODVFLDORVWRPDFRDJJUDYDWR
%5$&,2/,1($//$&217$',1$
3HU PHFKHVLULEHOODQRDOPLRJXVWROHODVFLRPDQJLDUHDLFRQWDGLQLPDSRLFKpDGDOWUL SRWUHEEHUR
QRQGLVSLDFHUHYHOHGHVFULYR
3UHSDUDWHOHEUDFLROLQHFRQFDUQHPDJUDGLYLWHOODEDWWXWDEHQHXQJHWHOHFROO ROLRHFRQGLWHOHFRQSRFR
VDOHHSHSH)DWHXQFRPSRVWRGLROLYHLQVDODPRLDFDSSHULVWUL]]DWLGDOO DFHWRHXQ DFFLXJDWULWDQGRLOWXWWR
EHQ ILQH /DVFLDWHOR FRVu VHPSOLFH RSSXUH DJJLXQJHWH XQ URVVR G XRYR H XQ SL]]LFR GL SDUPLJLDQR
ULHPSLWHQHOHEUDFLROLQHOHJDWHOHHTXLQGLFXRFHWHOHFRQEXUURHVXJRGLSRPRGRURRSSXUHLQXQVRIIULWWRGL
FLSROOD
%5$&,82/(1(//$6&$0(5,7$
(FFRYLXQSLDWWRGLWLSRWXWWRILRUHQWLQR/DVFDPHULWDq TXHOODSDUWHGHOPDLDOHPDFHOODWRRYHILQLWDOD
ORPEDWDFRPLQFLDODFRVFLDHVVDqPDUPRUL]]DWDGLPDJURHJUDVVRTXHVW¶XOWLPRLQTXDQWLWjWDOHFKHSLDFH
VHQ]DQDXVHDUH 3RQHWHOHEUDFLXROHLQXQWHJDPHFRQSRFKLVVLPRROLRGXHRWUHVSLFFKLG DJOLRFRQODORUR
EXFFLD XQ SR VWLDFFLDWL H FRQGLWHOH FRQ VDOH H SHSH 4XDQGR DYUDQQR SUHVR FRORUH GD DPEHGXH OH SDUWL
YHUVDWHQHOWHJDPHGXHR WUHGLWD GLELFFKLHUH GLYLQRURVVRHODVFLDWHFKHEROOHQGRO XPLGRSURVFLXJKLGL
PHWj$OORUDPHWWHWHOHGDSDUWHDVFLXWWHFRQVHUYDQGROHFDOGHHLQTXHOO LQWLQWRWLUDWHDVDSRUHGHOFDYRORQHUR
JLj OHVVDWR VSUHPXWR GDOO DFTXD WDJOLDWR QRQ WDQWR PLQXWDPHQWH H FRQGLWR DQFK HVVR FRQ VDOH H SHSH
0DQGDWHOHLQWDYRODFROFDYRORVRWWR
&272/(77(',9,7(//$',/$77(,16$/6$'¶8292
'RSR DYHUOH GRUDWH H FRWWH DOOD VDXWp FRPH TXHOOH GHL Q H VSDUJHWHVRSUD DOOH PHGHVLPH
XQDVDOVDGLURVVLG XRYREXUURHDJURGLOLPRQHWHQHWHOHDQFRUDXQSRFRVXOIXRFRHVHUYLWHOH3HUVHWWHRG
RWWRFRWROHWWHEDVWHUDQQR WUHURVVLG XRYRJUDPPLGLEXUURHPH]]ROLPRQHIUXOODWLLQXQSHQWROLQRSULPDGL
YHUVDUOL
&272/(77(',9,7(//$',/$77(&2,7$578),$//$%2/2*1(6(
,OSRVWRPLJOLRUHSHUTXHVWRSLDWWRqLOVRWWRQRFHPDSXzVHUYLUHDQFKHLOPDJURGHOUHVWRGHOODFRVFLD
RGHOFXODFFLR7DJOLDWHOHVRWWLOLHGHOODGLPHQVLRQHGHOODSDOPDGLXQDPDQREDWWHWHOHHGDWHORURXQDIRUPD
VPXVVDWDHGHOHJDQWHFRPHDGHVHPSLRODILJXUDGHOFXRUHFLRqODUJDGDFDSRHUHVWULQJHQWHVLLQIRQGRLO
FKH VL RWWLHQH SL IDFLOPHQWH WULWDQGR SULPD OD FDUQH FROOD OXQHWWD 3RL SUHSDUDWHOH LQ XQ SLDWWR FRQ DJUR GL
OLPRQH SHSH VDOH H SRFKLVVLPR SDUPLJLDQR JUDWWDWR 'RSR HVVHUH VWDWH XQ RUD R GXH LQ TXHVWD LQIXVLRQH
SDVVDWHOH QHOO XRYR VEDWWXWR H WHQHWHFHOH DOWUHWWDQWR 3RL SDQDWHOH FRQ SDQJUDWWDWR ILQH PHWWHWHOH D
VRIIULJJHUHFROEXUURLQXQDWHJOLDGLUDPHHTXDQGRVDUDQQRDSSHQDURVRODWHGDXQDSDUWHYROWDWHOHHVRSUD
ODSDUWHFRWWDGLVWHQGHWHSULPDGHOOHIHWWHGLWDUWXILHVRSUDTXHVWHGHOOHIHWWHGLSDUPLJLDQRRGLJUXLHUD PDVu
OH XQH FKH OH DOWUH WDJOLDWHOH VRWWLOL LO SL FKH SRWHWH )DWWR TXHVWR WHUPLQDWH GL FXRFHUOH FRQ IXRFR VRWWR H
VRSUD DJJLXQJHQGR EURGR R VXJR GL FDUQH SRL OHYDWHOH SDUL SDUL H GLVSRQHWHOH LQ XQ YDVVRLR FRO ORUR VXJR
DOO LQWRUQRVWUL]]DQGRFLO DJUR GLXQOLPRQHRPH]]RVRORVHVRQRSRFKH
1HOOD VWHVVD PDQLHUD VL SRVVRQR FXFLQDUH OH FRVWROHWWH GL DJQHOOR GRSR DYHU ULSXOLWR UDVFKLDQGROR
O RVVRGHOODFRVWROD
&272/(77(&2/3526&,8772
3UHSDUDWH OH FRWROHWWH FRPH TXHOOH GHO QXPHUR SUHFHGHQWH H PHWWHWHOH QHOO XRYR FRQ XQD IHWWD
VRWWLOLVVLPD GL SURVFLXWWR JUDVVR H PDJUR GHOOD GLPHQVLRQH GHOOD FRWROHWWD VWHVVD 3DQDWHOH FRO SURVFLXWWR
DSSLFFLFDWR VRSUD VDODWHOH SRFR H URVRODWHOH QHO EXUUR GDOOD SDUWH GRYH QRQ q LO SURVFLXWWR 6RSUD DO
SURVFLXWWR LQYHFH GH WDUWXIL GLVWHQGHWH IHWWH VRWWLOLVVLPH GL SDUPLJLDQR R GL JUXLHUD ILQLWH GL FXRFHUOH FRO
IXRFRVRSUDHVHUYLWHOHFRQVXJRGLFDUQHHGDJURGLOLPRQHRSSXUHFRQVXJRGLSRPRGRUR
32/3(77(
1RQFUHGLDWHFKHLRDEELDODSUHWHQVLRQHG LQVHJQDUYLDIDUOHSROSHWWH4XHVWRqXQSLDWWRFKHWXWWLOR
VDQQR IDUH FRPLQFLDQGR GDO FLXFR LO TXDOH IX IRUVH LO SULPR D GDUQH LO PRGHOOR DO JHQHUH XPDQR ,QWHQGR
VROWDQWR GLUYL FRPH HVVH VL SUHSDULQR GD TXDOFXQR FRQ FDUQH OHVVD DYDQ]DWD VH SRL OH YROHVWH IDUH SL
VHPSOLFLRGLFDUQHFUXGDQRQqQHFHVVDULRWDQWRFRQGLPHQWR
7ULWDWH LO OHVVR FROOD OXQHWWD H WULWDWH D SDUWH XQD IHWWD GL SURVFLXWWR JUDVVR H PDJUR SHU XQLUOD DO
PHGHVLPR&RQGLWHFRQSDUPLJLDQRVDOHSHSHRGRUHGLVSH]LHXYDSDVVROLQDSLQROLDOFXQHFXFFKLDLDWHGL
SDSSD IDWWDFRQ XQDPLGROODGLSDQHFRWWDQHOEURGRRQHOODWWHOHJDQGRLOFRPSRVWRFRQXQXRYRRGXHD
VHFRQGD GHOOD TXDQWLWj )RUPDWH WDQWH SDOORWWROH GHO YROXPH GL XQ XRYR VFKLDFFLDWH DL SROL FRPH LO JORER
WHUUHVWUH SDQDWHOHHIULJJHWHOHQHOO ROLRRQHOODUGR3RLFRQXQVRIIULWWLQRG DJOLRHSUH]]HPRORHO XQWRULPDVWR
QHOODSDGHOODSDVVDWHOHLQXQDWHJOLDRUQDQGROHFRQXQDVDOVDG XRYDHDJURGLOLPRQH
6H QRQ WROOHUDWH L VRIIULWWL PHWWHWHOH QHOOD WHJOLD FRQ XQ SH]]HWWR GL EXUURPD YL DYYHUWR FKH L VRIIULWWL
TXDQGR VLDQR EHQ IDWWL QRQ VRQR QRFLYL DQ]L HFFLWDQR OR VWRPDFR D GLJHULU PHJOLR 0L UDPPHQWR FKH XQD
YROWDIXLDSUDQ]RFRQDOFXQHVLJQRUHLQXQDWUDWWRULDGLJULGRODTXDOHSUHWHQGHYDGLFXFLQDUHDOODIUDQFHVH
WURSSRDOODIUDQFHVH RYHFLIXGDWRXQSLDWWRGLDQLPHOOHFRLSLVHOOL7DQWRTXHOOHFKHTXHVWLHUDQRIUHVFKLH
GLSULPLVVLPDTXDOLWjPDHVVHQGRVWDWLWLUDWLDFRWWXUDQHOO XPLGRGHOVROREXUURVHQ]DVRIIULWWRHDOPHQRXQ
EXRQ VXJR H VHQ]D DURPL GL VRUWD QHO PDQJLDUH TXHOOD SLHWDQ]D FKH SRWHYD ULXVFLUH XQ HFFHOOHQWH
PDQLFDUHWWRVLVHQWLYDFKHORVWRPDFRQRQO DEEUDFFLDYDHDWXWWLULXVFuSHVDQWHQHOODGLJHVWLRQH
32/3(7721(
6LJQRUSROSHWWRQHYHQLWHDYDQWLQRQYLSHULWDWHYRJOLRSUHVHQWDUHDQFKHYRLDLPLHLOHWWRUL
/RVRFKHVLHWHPRGHVWRHGXPLOHSHUFKpYHGXWDODYRVWUDRULJLQHYLVDSHWHGDPHQRGLPROWLDOWULPD
IDWHYL FRUDJJLR H QRQ GXELWDWH FKH FRQ TXDOFKH SDUROD GHWWD LQ YRVWUR IDYRUH WURYHUHWH TXDOFXQR FKH YRUUj
DVVDJJLDUYLHFKHYLIDUjIRUVHDQFKHEXRQYLVR
4XHVWRSROSHWWRQHVLIDFROOHVVRDYDQ]DWRHQHOODVXDVHPSOLFLWjVLPDQJLDSXUYROHQWLHUL/HYDWHQH
LO JUDVVR H WULWDWH LOPDJURFROODOXQHWWDFRQGLWHOR HGRVDWHORLQSURSRU]LRQHFRQVDOHSHSHSDUPLJLDQRXQ
XRYR R GXH H GXH R WUH FXFFKLDLDWH GL SDSSD 4XHVWD SXz HVVHUH GL PLGROOD GL SDQH FRWWD QHO ODWWH R QHO
EURGRRVHPSOLFHPHQWHQHOO DFTXDDJJUD]LDWDFRQXQSR GLEXUUR0HVFRODWHRJQLFRVDLQVLHPHIRUPDWHQH
XQ SDQH RYDOH LQIDULQDWHOR LQGLIULJJHWHORQHOODUGRRQHOO ROLRHYHGUHWHFKHGDPRUELGRTXDOHUDGDSULPD
GLYHUUjVRGRHIRUPHUjDOODVXSHUILFLHXQDFURVWLFLQD7ROWRGDOODSDGHOODPHWWHWHORDVRIIULJJHUHQHOEXUURGD
DPEHGXHOHSDUWLHQWURDXQWHJDPHHTXDQGRVLHWHSHUPDQGDUORLQWDYRODOHJDWHORFRQGXHXRYDIUXOODWH
XQD SUHVD GL VDOH H PH]]R OLPRQH 4XHVWD VDOVD IDWHOD D SDUWH LQ XQD FD]]DUROLQD UHJRODQGRYL FRPH VL
WUDWWDVVHGLXQDFUHPDHYHUVDWHODVRSUDLOSROSHWWRQHTXDQGRO DYUHWHPHVVRLQXQYDVVRLR
3HUQRQVFLXSDUORVHqJURVVRTXDQGRO DYHWHLQSDGHOODULYROWDWHORFRQXQSLDWWRRFRQXQFRSHUFKLR
GLUDPHFRPHIDUHVWHSHUXQDIULWWDWD
32/3(7721(',&$51(&58'$$//$),25(17,1$
3UHQGHWH PH]]R FKLORJUDPPR VHQ] RVVR GL FDUQH PDJUD GL YLWHOOD QHWWDWHOD GDOOH SHOOHWLFKH H GDOOH
FDOORVLWj H SULPD FRQ XQ FROWHOOR D FROSR SRL FROOD OXQHWWD WULWDWHOD ILQH LQVLHPH FRQ XQD IHWWD GL SURVFLXWWR
JUDVVRHPDJUR&RQGLWHODFRQSRFRVDOHSHSHH VSH]LHDJJLXQJHWHXQXRYRPHVFRODWHEHQHHFROOHPDQL
EDJQDWHIRUPDWHQHXQDSDOODHLQIDULQDWHOD
)DWHXQEDWWXWLQRFRQSRFDFLSROOD TXDQWRXQDQRFH SUH]]HPRORVHGDQRHFDURWDPHWWHWHORDOIXRFR
FRQXQSH]]HWWRGLEXUURHTXDQGRDYUjSUHVRFRORUHJHWWDWHGHQWURLOSROSHWWRQH5RVRODWHORGDWXWWHOHSDUWL
H SRL YHUVDWH QHO UHFLSLHQWH PH]]R ELFFKLHUH DEERQGDQWH G DFTXD LQ FXL DYUHWH VWHPSHUDWD PH]]D
FXFFKLDLDWD GL IDULQD FRSULWHOR H IDWHOR EROOLUH D OHQWLVVLPR IXRFR EDGDQGR FKH QRQ VL DWWDFFKL 4XDQGR OR
VHUYLWHFROVXRLQWLQWRGHQVRDOO LQWRUQRVWUL]]DWHJOLVRSUDPH]]ROLPRQH
6H OR YROHWH DOOD SLHPRQWHVH DOWUR QRQ UHVWD D IDUH FKH FROORFDUH QHO FHQWUR GHOOD SDOOD TXDQGR OD
IRUPDWHXQXRYRVRGRVJXVFLDWRLOTXDOHVHUYHDGDUEHOOH]]DDOSROSHWWRQHTXDQGRVLWDJOLDDIHWWH1RQ q
SLDWWRGDGLVSUH]]DUVL
48(1(//(6
/H TXHQHOOHV FRVWLWXLVFRQR XQ SLDWWR GL RULJLQH H GL QDWXUD IUDQFHVH FRPH DSSDULVFH GDO QRPH FKH
QRQKDFRUULVSRQGHQWHQHOODOLQJXDLWDOLDQDHIXLQYHQWDWRIRUVHGDXQFXRFRLOFXLSDGURQHQRQDYHYDGHQWL
9LWHOODGLODWWHJUDPPL
*UDVVRGLURJQRQHGLYLWHOODGLODWWHJUDPPL
)DULQDJUDPPL
%XUURJUDPPL
8RYDXQRHXQURVVR
/DWWHGHFLOLWUL
1HWWDWHEHQHODFDUQHGDOOHSHOOHWLFKHHLOJUDVVRGDOOHSHOOLFLQHFKHORLQYHVWRQRHGRSRDYHUOLSHVDWL
WULWDWHOLSLFKHSRWHWHFROFROWHOORHFRQODOXQHWWDLQGLSHVWDWHOLQHOPRUWDLRILQFKpQRQVLDQULGRWWLDXQDSDVWD
ILQLVVLPD
)DWHXQD EDOVDPHOODFRQODIDULQDLOEXUURHLOODWWHVRSUDQQRWDWLHTXDQGR VDUjGLDFFLDXQLWHFLODURED
SHVWDWD OH XRYD LO FRQGLPHQWR GL VROR VDOH H PHVFRODWH EHQ EHQH RJQL FRVD LQVLHPH 'LVWHQGHWH VXOOD
VSLDQDWRLD XQ YHOR GL IDULQD YHUVDWHFL VRSUD LO FRPSRVWR H OHJJHUPHQWH LQIDULQDWR WLUDWHOR D EDVWRQFLQR LQ
PRGRGDRWWHQHUHRURFFKLVLPLOLDOOHVDOVLFFHOXQJKLXQGLWR
0HWWHWHGHOO DFTXDDOIXRFRLQXQYDVRODUJRHTXDQGREROOHJHWWDWHFLOH TXHQHOOHVIDWHOHEROOLUHR
PLQXWLHOHYHGUHWHULJRQILDUH$OORUDFRQODPHVWRODXQSR IRUDWDOHYDWHOHDVFLXWWHHVHUYLWHOHVJXD]]DQWLQHOOD
VDOVD GL SRPRGRUR Q D FXL DJJLXQJHUHWH DOFXQL IXQJKL IUHVFKL R VHFFKL FKH DYUHWH FRWWL DYDQWL QHOOD
VDOVD PHGHVLPD H DOFXQH ROLYH LQ VDODPRLD DOOH TXDOL OHYHUHWH LO QRFFLROR $OOD VDOVD GL SRPRGRUR SRWHWH
VRVWLWXLUH LO VXJR GL FDUQH RSSXUH JXDUQLUH FRQ OH TXHQHOOHV XQ LQWLQJROR GL ULJDJOLH H DQLPHOOH 6L SRVVRQR
IDUHDQFKHFRQODFDUQHELDQFDGHLSROOLRFRQODSROSDGHOSHVFHHTXHVWDTXDQWLWjSXzEDVWDUHSHUFLQTXH
SHUVRQH
6HYLVHUYLWHGHOODVDOVDGLSRPRGRURFKHqODSLRSSRUWXQDSHUTXHVWRSLDWWRGLJXVWRPROWRGHOLFDWR
OHJDWHOD FRQ XQ LQWULVR FRPSRVWR GL JUDPPL GL EXUUR H XQ FXFFKLDLR GL IDULQD YHUVDQGROD QHO PHGHVLPR
TXDQGRDYUjSUHVRVXOIXRFRLOFRORUQRFFLXROD
$*1(//275,33$72
6SH]]HWWDWH JUDPPL GL DJQHOOR QHOOD ORPEDWD H IULJJHWHOR FRQ ODUGR YHUJLQH )DWH TXLQGL LQ XQ
WHJDPH XQ VRIIULWWR FROO XQWR ULPDVWR LQ SDGHOOD DJOLR H SUH]]HPROR H TXDQGR O DJOLR DYUj SUHVR FRORUH
JHWWDWHFL O DJQHOOR JLj IULWWR FRQGLWHOR FRQ VDOH H SHSH ULYROWDWHOR EHQH H ODVFLDWHOR DOTXDQWR VRSUD DO IXRFR
SHUFKpV LQFRUSRULLOFRQGLPHQWR3RLOHJDWHORFRQODVHJXHQWHVDOVDIUXOODWHLQXQSHQWRORGXHXRYDFRQXQ
EXRQSL]]LFRGLSDUPLJLDQRJUDWWDWRHPH]]ROLPRQH9HUVDWHODQHOO DJQHOORPHVFRODWHHTXDQGRO XRYRVDUj
DOTXDQWRUDSSUHVRVHUYLWHLQWDYROD
$*1(//2&2,3,6(//,$//¶862',520$*1$
3UHQGHWH XQ TXDUWR G DJQHOOR GDOOD SDUWH GL GLHWUR VWHFFDWHOR FRQ GXH VSLFFKL G DJOLR WDJOLDWR D
VWULVFLROLQHHFRQTXDOFKHFLRFFDGLUDPHULQRGLFR FLRFFKHHQRQIRJOLHSHUFKpOHSULPHVLSRVVRQROHYDUH
YROHQGRTXDQGRO DJQHOORqFRWWR3UHQGHWHXQSH]]RGLODUGRQHRXQDIHWWDGLFDUQHVHFFDHWULWDWHOLILQLFRO
FROWHOOR 0HWWHWH O DJQHOOR DO IXRFR LQ XQ WHJDPH FRQ TXHVWR EDWWXWR H XQ SRFR G ROLR FRQGLWHOR FRQ VDOH H
SHSH H IDWHOR URVRODUH $OORUFKp DYUj SUHVR FRORUH DJJLXQJHWH XQ SH]]HWWR GL EXUUR VXJR GL SRPRGRUR
RSSXUHFRQVHUYDVFLROWDQHOEURGRRQHOO DFTXDHWLUDWHORDFRWWXUDSHUIHWWD5LWLUDWHSHUXQPRPHQWRO DJQHOOR
YHUVDWH QHOO LQWLQWR L SLVHOOL H TXDQGR DYUDQQR EROOLWR XQ SRFR ULPHWWHWHOR VXL PHGHVLPL IDWHOL FXRFHUH H
VHUYLWHOLSHUFRQWRUQR
6LSXzFXFLQDUHQHOODVWHVVDPDQLHUDXQSH]]RGLYLWHOODGLODWWHQHOODORPEDWDRQHOFXODFFLR
,Q7RVFDQDTXHVWLSLDWWLVLPDQLSRODQRQHOODVWHVVDJXLVDPDVLIDXVRGHOVRORROLR
63$//$'¶$*1(//2$//¶81*+(5(6(
6H QRQ q DOO XQJKHUHVH VDUj DOOD VSDJQROD R DOOD ILDPPLQJD LO QRPH SRFR LPSRUWD SXUFKp LQFRQWUL
FRPHFUHGRLOJXVWRGLFKLODPDQJLD
7DJOLDWHODVSDOODDSH]]LVRWWLOLHODUJKLWUHGLWDLQTXDGUR7ULQFLDWHGXHFLSROOHQRYHOOLQHRSSXUHWUHR
TXDWWUR FLSROOLQH ELDQFKH PHWWHWHOH D VRIIULJJHUH FRQXQSH]]HWWRGLEXUURHTXDQGRDYUDQQRSUHVRLOURVVR
FXSR EXWWDWH JL O DJQHOOR H FRQGLWHOR FRQ VDOH H SHSH $VSHWWDWH FKH OD FDUQH FRPLQFL D FRORULUH HG
DJJLXQJHWH XQ DOWUR SH]]HWWR GL EXUUR LQWULVR QHOOD IDULQD PHVFRODWH H IDWHJOL SUHQGHUH XQ EHO FRORUH SRL
WLUDWHOR D FRWWXUD FRQ EURGR YHUVDWR D SRFR SHU YROWD 1RQ PDQGDWHOR LQ WDYROD DVFLXWWR PD FRQ XQD FHUWD
TXDQWLWjGHOVXRVXJR
7(67,&&,82/$'¶$*1(//2
3HUPHWWHUHLQXPLGRODWHVWLFFLXRODG DJQHOORQRQIDWHFRPHTXHOODVHUYDDFXLLOSDGURQHDYHQGRGHWWR
FKHODGLYLGHVVHLQGXHSDUWLODWDJOLzSHUWUDYHUVRIXODVWHVVDEUDYDUDJD]]DFKHXQ DOWUDYROWDDYHYDLQILODWR
LWRUGLQHOORVSLHGRGDOGLGLHWURDOGDYDQWL 7DJOLDWHGXQTXHODWHVWLFFLXRODSHUODVXDOXQJKH]]DHFRVuFRPH
VWDQQRLGXHSH]]LQDWXUDOPHQWHPHWWHWHOLDFXRFHUHLQXQODUJRWHJDPHPDIDWHSULPDXQ VRIIULWWRG DJOLR
SUH]]HPROR H ROLR H TXDQGR DYUj SUHVR FRORUH IHUPDWHOR FRQ XQ UDPDLXROR GL EURGR %XWWDWD JL OD
WHVWLFFLXRODFRQGLWHODFRQVDOHHSHSHDJJLXQJHWHDPH]]DFRWWXUDXQSH]]HWWRGLEXUURXQSRFRGLVXJRR
FRQVHUYDGLSRPRGRURHWLUDWHODDFRWWXUDFRQDOWUREURGRVHRFFRUUH
ÊXQSLDWWRGDQRQSUHVHQWDUVLDGHVWUDQHLPDSHUIDPLJOLD qGLSRFDVSHVDHJXVWRVRODSDUWHLQWRUQR
DOO RFFKLRqODSLGHOLFDWD
&27(*+,12)$6&,$72
1RQYHORGRSHUXQSLDWWRILQHPDFRPHSLDWWRGLIDPLJOLDSXzEHQLVVLPRDQGDUHDQ]LSRWUHWHDQFKH
LPEDQGLUOR DJOL DPLFL GL FRQILGHQ]D $ SURSRVLWR GL TXHVWL LO *LXVWL GLFH FKH FRORUR L TXDOL VRQR LQ JUDGR GL
SRWHUORIDUHGHYRQRGLTXDQGRLQTXDQGRLQYLWDUOL DGXQJHUVLLEDIILDOODORURWDYROD(GLRVRQRGHOORVWHVVR
SDUHUH DQFKH QHO VXSSRVWR FKH JOL LQYLWDWL YDGDQR SRL D ODYDUVL OD ERFFD GL YRL FRPH q SUREDELOH VXO
WUDWWDPHQWRDYXWR
3UHQGHWHXQFRWHJKLQRGHOSHVRGLJUDPPLFLUFDHVSHOODWHORGDFUXGR
3UHQGHWHXQDEUDFLXRODGLPDJURGLYLWHOODRGLPDQ]RGHOSHVRGLJUDPPLDODUJDHVRWWLOHH
EDWWHWHODEHQH
,QYROWDWH FRQ HVVD LO FRWHJKLQR DPPDJOLDWHOR WXWWR FRO UHIH H PHWWHWHOR DO IXRFR LQ XQD FD]]DUXROD
LQVLHPHFRQXQSH]]HWWRGLEXUURVHGDQRFDURWDHXQTXDUWRGLFLSROODLOWXWWRWDJOLDWRDOO LQJURVVR
6DOHHSHSHQRQRFFRUURQRSHUFKpLOFRWHJKLQRFRQWLHQHDGHVXEHUDQ]DTXHVWLFRQGLPHQWL
6HFROVXJRYLSLDFHVVHGLFRQGLUHXQDPLQHVWUDGLPDFFKHURQLDJJLXQJHWHDOFXQHIHWWLQHGLSURVFLXWWR
JUDVVR H PDJURRSSXUH GL FDUQHVHFFD4XDQGR LO SH]]R DYUj SUHVR FRORUH GD WXWWH OH SDUWLYHUVDWH DFTXD
EDVWDQWH D ULFRSULUOR SHU PHWj H DOFXQL SH]]HWWL GL IXQJKL VHFFKL IDFHQGROR EROOLUH DGDJLQR ILQR D FRWWXUD
FRPSOHWD 3DVVDWH LO VXJR XQLWH DO PHGHVLPR L IXQJKL DQ]LGHWWL H FRQ TXHVWR FDFLR H EXUUR FRQGLWH L
PDFFKHURQL VHUYHQGR LO FRWHJKLQR IDVFLDWR VFLROWR GDO UHIH FRQ DOTXDQWR GHO VXR VXJR DOO LQWRUQR SHU
FRPSDQDWLFR
,OVXJRSHUFRQGLUHODPLQHVWUD VDUjEHQHFRQGHQVDUORDOTXDQWRFRQXQSL]]LFRGLIDULQD0HWWHWHODLQ
XQDFD]]DUXRODFRQXQSH]]HWWRGLEXUURHTXDQGRFRPLQFLDDSUHQGHUFRORUHYHUVDWHFLLOVXJRHIDWHOREROOLUH
XQSRFR
$ TXHVWRSLDWWRVLDGGLFHPROWRLOFRQWRUQRGLFDURWHSULPDOHVVDWHDGXHWHU]LGLFRWWXUDSRLULIDWWHLQ
TXHOVXJR
678)$7,12',086&2/2
2JQXQ VD FKH L PXVFROL GL WXWWH OH EHVWLH FRPSUHVD OD EHVWLD XRPR VRQR IDVFL GL ILEUH FKH
FRVWLWXLVFRQR OD FDUQH LQ JHQHUHPD PXVFROR YROJDUPHQWH VL FKLDPD LQ )LUHQ]H TXHOOD FDUQHGLYLWHOODFKH
SHUHVVHUHDOODHVWUHPLWjGHOODFRVFLDRGHOODVSDOODYHUVROHJDPEHFRQWLHQHWHQGLQLPRUELGLHJHODWLQRVLFKH
VL DGGLFRQR D TXHVWD FXFLQDWXUD 7DJOLDWH D SH]]HWWL JUDPPL GL PXVFROR GL YLWHOOD R GL YLWHOOD GL ODWWH
0HWWHWH DO IXRFR GHOO ROLR FRQ GXH VSLFFKL G DJOLR VHQ]D VEXFFLDUOL PD DOTXDQWR DPPDFFDWL ODVFLDWH
VRIIULJJHUH H TXLQGL JHWWDWHFL OD FDUQH FRQGHQGROD FRQ VDOH H SHSH 5RVRODWD FKH VLD VSDUJHWHOH VRSUD
PH]]DFXFFKLDLDWDGLIDULQDDJJLXQJHWHVXJRGLSRPRGRURRFRQVHUYDHXQSH]]HWWRGLEXUURTXLQGLDFTXDR
EURGR DSRFRSHUYROWDHWLUDWHODDFRWWXUDPDIDWHLQPDQLHUDFKHYLUHVWLGHOO LQWLQWR'LVSRQHWHVRSUDXQ
YDVVRLR GHOOH IHWWH GL SDQH DUURVWLWR YHUVDWH VRSUD OH PHGHVLPH OR VWXIDWLQR H PDQGDWHOR LQ WDYROD 3RWHWH
DQFKH VHUYLUOR VHQ]D FURVWLQL H PHWWHUFL GHL IXQJKL IUHVFKL WDJOLDWL D IHWWH RSSXUH GHOOH SDWDWH TXDQGR OD
FDUQHVDUjTXDVLFRWWD
678)$7,12',3(772',9,7(//$',/$77(&2,),12&&+,
6SH]]HWWDWH LO SHWWR GL YLWHOOD GL ODWWH ODVFLDQGRJOL OH VXH RVVD)DWH XQ EDWWXWR FRQ DJOLRSUH]]HPROR
VHGDQR FDURWD H XQD IHWWD SURSRU]LRQDWD GL FDUQHVHFFD DJJLXQJHWH ROLR SHSH VDOH H PHWWHWHOR DO IXRFR
LQVLHPHFROODFDUQHVXGGHWWD5LYROWDWHODVSHVVRHTXDQGRVDUjURVRODWDDOTXDQWRVSDUJHWHVXOODPHGHVLPD
XQSL]]LFRGLIDULQDXQSR GLVXJRGLSRPRGRURRFRQVHUYDHWLUDWHODDFRWWXUDFRQEURGRRDFTXD3HUXOWLPR
DJJLXQJHWH XQ SH]]HWWR GL EXUUR H L ILQRFFKL WDJOLDWL D JURVVL VSLFFKLJLjULGRWWLDPH]]DFRWWXUDQHOO DFTXDH
VRIIULWWLQHOEXUUR/DFD]]DUXRODWDQWRLQTXHVWRFKHQHJOLDOWULVWXIDWLWHQHWHODVHPSUHFRSHUWD
4XDQGRSDUORGLFD]]DUXROHLQWHQGRTXHOOHGLUDPHEHQHVWDJQDWH+DQQRDGLUTXHOFKHYRJOLRQRPD
LOUDPHWHQXWRSXOLWRqGDSUHIHULUVLVHPSUHDLYDVLGLIHUURHGLWHUUDSHUFKpTXHOOLVLDUURYHQWDQRHEUXFLDQR
OHYLYDQGHTXHVWDVFUHSRODHVX]]DJOLXQWXPLHFROWURSSRXVRFRPXQLFDTXDOFRVDFKHVDGLOH]]R
9,7(//$',/$77(,1*8$==(772
5LHVFHXQXPLGRGLQRQPROWRVDSRUHPDVHPSOLFHHVDQRSHUFLzORGHVFULYR3UHQGHWHYLWHOODGLODWWH
QHO VRWWRQRFH R QHO FXODFFLR EDWWHWHOD OHJDWHOD SHUFKp VWLD UDFFROWD H SRQHWHOD LQ FD]]DUXROD FRPH
DSSUHVVR
$PPHVVR FKH LO SH]]R GHOOD FDUQH VLD JUDPPL VHQ] RVVR FRSULWH LO IRQGR GHOOD FD]]DUXROD FRQ
JUDPPLGLFDUQHVHFFDDIHWWHVRWWLOLVVLPHHJUDPPLGLEXUURHVRSUDDTXHVWRVWUDWRFROORFDWHPHQRGL
PH]]R OLPRQH WDJOLDWR LQ TXDWWUR IHWWH VRWWLOL DOOH TXDOL OHYHUHWH OD FRUWHFFLD H L VHPL 6RSUD D TXHVWH FRVH
SRQHWHODYLWHOODSHUURVRODUODEHQEHQHGDWXWWHOHSDUWLPDEDGDWHFKHQRQSUHQGDGLEUXFLDWRDPRWLYRGHO
SRFR XPLGR FKH YL VL WURYD )DWWR TXHVWR VFRODWH O XQWR VXSHUIOXR FRQGLWHOD FRQ VDOH H SHSH H SRFR GRSR
EDJQDWHOD FRQ XQ ELFFKLHUH GL ODWWH FDOGR FKH DYUHWH SULPD IDWWR DOTXDQWR EROOLUH D SDUWH PD QRQ YL
VJRPHQWDWHVHTXHVWRLPSD]]LUjFRP qSUREDELOH
&RSULWHODFD]]DUXRODFRQFDUWDDGRSSLRHDIXRFROHQWRWLUDWHLOSH]]RGHOODFDUQHDFRWWXUDTXDQGR
VDUHWHSHUVHUYLUODSDVVDWHLOVXJR
4XHVWDGRVHSRWUjEDVWDUHSHUTXDWWURSHUVRQH
3(772',9,7(//$',/$77(5,3,(12
,QWHUPLQHFXOLQDULRVLFKLDPHUHEEHSHWWRIDUVLWR
3HWWRGLYLWHOODGLODWWHWXWWRLQXQSH]]RJUDPPL
0DJURGLYLWHOODGLODWWHVHQ] RVVRJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
0RUWDGHOODGL%RORJQDJUDPPL
3DUPLJLDQRJUDPPL
8RYDQO
8QTXDUWRDSSHQDGLVSLFFKLRG DJOLRHRIRJOLHGLSUH]]HPROR
)DWHXQFRPSRVWRFROVXGGHWWRPDJURGLYLWHOODGLODWWHLQTXHVWDPDQLHUDQHWWDWHORGDLWHQGLQLHGDOOH
SHOOHWLFKH VH YL VRQR H WULWDWHOR ILQLVVLPR FRQ XQ SH]]HWWR GL JUDVVR GL SURVFLXWWR OHYDWR GDL VXGGHWWL JUDPPL$TXHVWDFDUQHEDWWXWDDJJLXQJHWHO DJOLRHLOSUH]]HPRORWULWDWLILQLVVLPRLOSDUPLJLDQRO XRYRXQD
SUHVD GL SHSH SRFKLVVLPR VDOH H PHVFRODWH LO WXWWR EHQ EHQH 6H DYHWH G RFFDVLRQH XQD SDOOLQD GL WDUWXIL
WULWDWHODQHOFRPSRVWRHVHQWLUHWHFKHFLVWDG LQFDQWR
'LVRVVDWH LO SHWWR GDOOH RVVD GXUHHODVFLDWHJOLOHWHQHUHDSULWHORQHOWHVVXWRFRQQHWWHQWHSDVVDQGRLO
FROWHOORDOGLVRWWRGHOOHFRVWROHVuFKHGLYHQWLGRSSLRGLVXSHUILFLHFRPHVLIDGLXQOLEURTXDQGRVLDSUH6RSUD
OD PHWj GHO SHWWR GRYH VRQR ULPDVWH OH RVVD WHQHUH GLVWHQGHWH SDUWH GHO FRPSRVWR H VRSUD D TXHVWR
GLVSRQHWH SDUWH GHO SURVFLXWWR R GHOOD PRUWDGHOOD WDJOLDWL D VWULVFH ODUJKH XQ GLWR LQWHUFDODQGROH D SRFD
GLVWDQ]D WUD ORUR 6RSUD D TXHVWR SULPR VWUDWR SRQHWHQH XQ VHFRQGR H XQ WHU]R VH DYHWH URED VXIILFLHQWH
WUDPH]]DQGRVHPSUH LO FRPSRVWR HL VDOXPL )LQLWD O RSHUD]LRQH WLUDWH VRSUD DO ULSLHQRO DOWUD PHWjGHOSHWWR
ULPDVWDQXGDSHUFKLXGHUHFRPHVDUHEEHDGLUHLOOLEURHFRQXQDJRJURVVRHUHIHFXFLWHJOLRUOLSHUFKpLO
ULSLHQRQRQLVFKL]]LIXRULROWUHDFLzOHJDWHORVWUHWWRLQFURFHFRQORVSDJR&RVuDFFRQFLDWRPHWWHWHORDOIXRFR
LQ XQD FD]]DUXROD FRQ XQ SH]]R GL EXUUR VDOH H SHSH H TXDQGR DYUj SUHVR FRORUH GD DPEHGXH OH SDUWL
SRUWDWHORDFRWWXUDFRQDFTXDYHUVDWDDSRFRSHUYROWD
6HUYLWHORFDOGRFROVXRVXJRULVWUHWWRPDSULPDVFLRJOLHWHORGDOORVSDJRHGDOUHIH6HqYHQXWREHQH
GHYHSRWHUVLWDJOLDUHDIHWWHHIDUEHOODPRVWUDGLVpFRLVXRLODUGHOOL3RWHWHFRQWRUQDUORGLSLVHOOLIUHVFKLFRWWL
QHOVXRVXJRRGLILQRFFKLWDJOLDWLDVSLFFKLPDSULPDOHVVDWL
$55267,1,',9,7(//$',/$77($//$6$/9,$
4XHVWRSLDWWRVLIRUPDFRQODORPEDWDGLYLWHOODGLODWWHSULYDGLSHOOHWLFKHHFROVXRRVVRDWWDFFDWRH
WDJOLDWD D EUDFLXROH VRWWLOL 6HUYLWHYL GL XQD VDXWp R GL XQD WHJOLD GL UDPH H PHWWHWHOD DO IXRFR FRQ DOFXQH
IRJOLHLQWHUHGLVDOYLDHXQSH]]RGLEXUURSURSRU]LRQDWR4XDQGRDYUjVRIIULWWRXQSRFRJHWWDWHFLOHEUDFLXROH
HPHQWUHURVRODQRDIXRFRYLYRVDODWHOHGDDPEHGXHOHSDUWLSRLVSDUJHWHFLXQSR GLIDULQDHWHUPLQDWHGL
FXRFHUOHFRQODPDUVDOD'HYRQRUHVWDUHFRQSRFRXPLGR
'DWRFKHFRQJUDPPLFLUFDGLORPEDWDSXOLWDGDOVXSHUIOXRIRUPLDWHVHLGLGHWWHEUDFLXROHEDVWHUj
XQGLWRVFDUVR GLELFFKLHUH GLPDUVDODHVHPDLXQSR GLVXJRGLSRPRGRURGHOODIDULQDXQFXFFKLDLQR
/20%2',0$,$/(5,3,(12
3HUORPERTXLV LQWHQGHXQSH]]RGLORPEDWDGDOODSDUWHFKHQRQKDFRVWROH
/RPERGLPDLDOHFKLORJUDPPLO
5HWHGLPDLDOHJUDPPL
0DJURGLYLWHOODGLODWWHJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
0RUWDGHOODJUDPPL
0LGROORJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8QURVVRG XRYR
2GRUHGLQRFHPRVFDWDDFKLSLDFH
5RVRODWHQHOEXUURODYLWHOODGLODWWHHWDQWRTXHVWDFKHLOSURVFLXWWRHODPRUWDGHOODWULWDWHOLFRLFROWHOORH
SRLSHVWDWHOLQHOPRUWDLRSHUULGXUOLILQLVVLPL9HUVDWHTXHVWRSHVWRVXOWDJOLHUHXQLWHYLLOPLGROORLOSDUPLJLDQR
H LO URVVR G XRYR FRQGLWHOR VFDUVDPHQWH FRQ VDOH SHSH H QRFH PRVFDWD H FRQ OD ODPD GL XQ FROWHOOR
ULGXFHWHORDSROWLJOLDWXWWDHJXDOH2UDOHYDWHLOJUDVVRVXSHUILFLDOHDOODORPEDWDGLVRVVDWHODHSRLWDJOLDWHODLQ
VHWWHRGRWWREUDFLXROHPDLQPRGRFKHUHVWLQRWXWWHXQLWHDOODEDVHSHUSRWHUOHDSULUHFRPHLIRJOLGLXQOLEUR
H VRSUD DG RJQXQD GL TXHVWH DSSLFFLFDWH XQD FXFFKLDLDWD GHOOD GHWWD SROWLJOLD SRL XQLWHOH LQVLHPH SHU
IRUPDUQH XQ URWROR FKH VSROYHUL]]HUHWH GL VDOH H SHSH H OHJKHUHWH VWUHWWR FRQ OR VSDJR )DWWR FLz FRSULWHOR
FRQ OD UHWH GL PDLDOH OHJDQGROD FRQ XQ ILOR RQGH YL VWLD DGHUHQWH H FXRFHWHOR D OHQWR IXRFR LQ FD]]DUXROD
VHQ]DQXOO DOWUR7UHRUHGLFRWWXUDSRWUDQQREDVWDUHHVHUYLUjSHURWWRSHUVRQH
Ê XQ SLDWWR EXRQR WDQWR FDOGRFKH IUHGGR H QRQ JUDYHPD VHUYLWR FDOGR SRWUHWHPDQGDUORLQWDYROD
DFFRPSDJQDWRGDXQHUEDJJLRULIDWWRQHOVXRXQWR3HUWDJOLDUORDIHWWHGHYHVL WULQFLDUHQRQQHOVHQVRGHOOH
GLYLVLRQLPDSHOFRQWUDULRFKHFRVuIDUjEHOODPRVWUD
%8(*$52)$1$72
3HUEXHLQWHQGRFDUQHJURVVDFRPSUHQGHQGRYLFLRqLOPDQ]RHODYLWHOOD
3UHQGHWHXQEHOWRFFRGLPDJURQHOODFRVFLDRQHOFXODFFLREDWWHWHORHSRQHWHORLQLQIXVLRQHQHOYLQR
OD VHUD SHU OD PDWWLQD GL SRL 'DWR FKH LO SH]]R VLD GL XQ FKLORJUDPPR DOO LQFLUFD VWHFFDWHOR FRQ ODUGRQH H
TXDWWURFKLRGLGLJDURIDQLOHJDWHORHPHWWHWHORDOIXRFRFRQPH]]DFLSROODWDJOLDWDDIHWWHVRWWLOLEXUURHROLRLQ
TXDQWLWj HJXDOL H VDODWHOR 5RVRODWHOR GD WXWWH OH SDUWL H VWUXWWD OD FLSROOD YHUVDWH XQ ELFFKLHU G DFTXD H
FRSHUWD OD ERFFD GHOOD FD]]DUXROD FRQXQIRJOLRGLFDUWDDGXHRWUHGRSSLWHQXWLIHUPLGDOFRSHUFKLRIDWHOR
EROOLUHDGDJLRILQRDFRWWXUD6FLRJOLHWHORHVHUYLWHORFRLVXRVXJRDOO LQWRUQRSDVVDWRHGLJUDVVDWR,ODUGHOOLGL
ODUGRQHFRPHYLKRGHWWRDOWUHYROWHqEHQHWHQHUOLJURVVLXQGLWRHFRQGLUOLFRQVDOHHSHSH
1RQORFUHGRFLERFRQIDFHQWHDJOLVWRPDFKLGHEROL
$1,0(//($//$%277,*/,$
4XHOOHG DJQHOORQRQKDQQRELVRJQRGLDOFXQDSUHSDUD]LRQHDTXHOOHGLEHVWLDSLJURVVDELVRJQDGDUH
PH]]DFRWWXUDQHOO DFTXDVSHOODQGROHVHRFFRUUH/HSULPHODVFLDWHOHLQWHUHOHVHFRQGHWDJOLDWHOHDSH]]LH
Vu OH XQH FKH OH DOWUH LQIDULQDWHOH EHQH H PHWWHWHOH D URVRODUH QHO EXUUR FRQGHQGROH FRQ VDOH H SHSH 3RL
EDJQDWHOH FRQ YLQR GL 0DUVDOD R GL 0DGHUD H GRSR IDWH ORUR DO]DUH XQ VROR EROORUH 6L SXz DQFKH WLUDUH OD
VDOVDDSDUWHFRQXQDSUHVDGLIDULQDXQSH]]HWWRGLEXUURHLOYLQR
6HSRLOHDJJUD]LDWHFROVXJRGLFDUQHGDEXRQHFKHVRQRGLYHQWHUDQQRVTXLVLWH
75,33$&2/68*2
/DWULSSDFRPXQTXHFXFLQDWDHFRQGLWDqVHPSUHXQSLDWWRRUGLQDULR/DJLXGLFRSRFRFRQIDFHQWHDJOL
VWRPDFKL GHEROL H GHOLFDWL PHQR IRUVH TXHOOD FXFLQDWD GDL 0LODQHVL L TXDOL KDQQR WURYDWR PRGR GL UHQGHUOD
WHQHUD H OHJJLHUD QRQ FKH TXHOOD DOOD F{UVD FKH YL GHVFULYHUz SL VRWWR ,Q DOFXQH FLWWj VL YHQGH OHVVDWD H
TXHVWR ID FRPRGR QRQ WURYDQGROD WDOH OHVVDWHOD LQ FDVD H SUHIHULWH TXHOOD JURVVD FRUGRQDWD /HVVDWD FKH
VLDWDJOLDWHODDVWULVFHODUJKHPH]]RGLWRHGDVFLXJDWHODIUDOHSLHJKHGLXQFDQRYDFFLR0HWWHWHODSRLLQXQD
FD]]DUXRODDVRIIULJJHUHQHOEXUURHTXDQGRORDYUjWLUDWRDJJLXQJHWHVXJRGLFDUQHRQRQDYHQGRTXHVWR
VXJR GL SRPRGRUR FRQGLWHOD FRQ VDOH H SHSH WLUDWHOD D FRWWXUD SL FKH SRWHWH H TXDQGR VLHWH SHU OHYDUOD
JHWWDWHFLXQSL]]LFRGLSDUPLJLDQR
75,33$/(*$7$&2//(829$
/HVVDWHHWDJOLDWHODWULSSDFRPHTXHOODGHOODULFHWWDSUHFHGHQWHSRLPHWWHWHODDOIXRFRLQXQVRIIULWWRGL
DJOLR SUH]]HPROR H EXUURFRQGLWHOD FRQ VDOH H SHSH H TXDQGR OD FUHGHWH FRWWD OHJDWHOD FRQXRYDIUXOODWH
DJURGLOLPRQHHSDUPLJLDQR
75,33$$//$&Ð56$
6HQWLUHWHXQDWULSSDXQLFDQHOVXRJHQHUHGLJUDWRVDSRUHHIDFLOHDGLJHULUVLVXSHULRUHDWXWWHOHDOWUH
ILQTXLFRQRVFLXWHPDLOVHJUHWRVWDQHOWUDWWDUODFRQVXJRGLFDUQHEHQIDWWRHLQJUDQGHDEERQGDQ]DSHUFKp
QHDVVRUEHPROWR2OWUHDFLzqXQSLDWWRFKHQRQSXzIDUVLFKHLQTXHLSDHVLRYHVLXVDYHQGHUHOH]DPSH
GHOOHEHVWLHERYLQHUDVDWHGDOSHORSHUODUDJLRQHFKHTXHOODFRWHQQDFROORVDqQHFHVVDULDDOHJDUHLOVXJR
7ULSSDFUXGDJUDPPL
=DPSDVHQ] RVVRJUDPPL
%XUURJUDPPL
/DUGRQHJUDPPL
/DPHWjGLXQDJURVVDFLSROOD
'XHSLFFROLVSLFFKLG DJOLR
2GRUHGLQRFHPRVFDWDHVSH]LH
6XJRGLFDUQHTXDQWREDVWD
8QSXJQHOORGLSDUPLJLDQR
'LFRFUXGDODWULSSDSHUFKpLQPROWLSDHVLVLXVDGLYHQGHUODOHVVDWD
'RSRDYHUODODYDWDEHQEHQHWDJOLDWHODDVWULVFHQRQSLODUJKHGLPH]]RGLWRHFRVu SXUHOD]DPSD
)DWWR TXHVWR WULQFLDWHPLQXWDODFLSROODHPHWWHWHODDOIXRFRFROEXUURHTXDQGRFRPLQFLDDSUHQGHUFRORUH
DJJLXQJHWH LO ODUGRQH WULWDWR ILQH FROOD OXQHWWD LQVLHPH FROO DJOLR $OORUFKp TXHVWR VRIIULWWR DYUj SUHVR LO FRORU
QRFFLXROD JHWWDWHFL OD WULSSD H OD ]DPSD FRQGHQGROH FRQ VDOHSHSH H JOL DURPL LQGLFDWL PD TXHVWL XOWLPL D
VFDUVDPLVXUD)DWHODEROOLUHILQFKpVDUjDVFLXWWDLQGLEDJQDWHODFROVXJRHFROPHGHVLPRILQLWHGLFXRFHUODD
IXRFROHQWRRQGHULGXUODWHQHUDSHULOFKHFLYRUUDQQRLQWXWWRGDDRUHVHSHUFDVRLOVXJRYLYHQLVVHD
PDQFDUHDLXWDWHYLFROEURGR4XDQGRVDUHWHSHUVHUYLUODGDWHOHPDJJLRUVDSRUHFROSDUPLJLDQRHYHUVDWHOD
VRSUDIHWWHGLSDQHDUURVWLWRFKHGHYRQRVJXD]]DUHQHOVXJR%DVWHUjSHUFLQTXHSHUVRQH
32/3(77(',75,33$
4XHVWRSLDWWRWROWRGDXQWUDWWDWRGLFXFLQDGHOYLSDUUjVWUDQRHLOVRORQRPHGLWULSSDYLUHQGHUj
WLWXEDQWLDSURYDUORPDSXUHVHEEHQHGLFDUDWWHUHWULYLDOHFRLFRQGLPHQWLFKHORDLXWDQRULHVFHJUDGLWRHQRQ
JUDYHDOORVWRPDFR
7ULSSDOHVVDWDJUDPPL
3URVFLXWWRSLPDJURFKHJUDVVRJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
0LGROORGLEXHJUDPPL
8RYDQ
8QEXRQSL]]LFRGLSUH]]HPROR
2GRUHGLVSH]LHRGLQRFHPRVFDWD
3DSSDQRQOLTXLGDIDWWDGLSDQH EDJQDWRFROEURGRRFROODWWHGXHFXFFKLDLDWH
7ULWDWHFRQODOXQHWWDODWULSSDTXDQWRSLSRWHWHILQLVVLPD)DWHORVWHVVRGHOSURVFLXWWRGHOPLGROORH
GHOSUH]]HPRORDJJLXQJHWHOHXRYDLOUHVWRXQSRFRGLVDOHHPHVFRODWH&RQTXHVWRFRPSRVWRIRUPDWH
RSROSHWWHFKHSRWUDQQREDVWDUHSHUTXDWWURSHUVRQHLQIDULQDWHOHEHQHHIULJJHWHOHQHOO ROLRRQHOODUGR
2UDIDWHXQEDWWXWLQRFRQXQTXDUWRVFDUVRGLFLSROODGLPHGLRFUHJURVVH]]DHPHWWHWHORLQXQDWHJOLD
SURSRU]LRQDWDFRQJUGLEXUURH FRORULWRFKHVLDFROORFDWHFLOHSROSHWWHDQQDIILDWHOHGRSRSRFRFRQVXJR
GLSRPRGRURRFRQVHUYDVFLROWDQHOEURGRFRSULWHOHHIDWHOHEROOLUHDGDJLRXQDGLHFLQDGLPLQXWLULYROWDQGROH
TXLQGL PDQGDWHOH LQ WDYROD FRQ XQ SR GHO ORUR LQWLQWR H VSROYHUL]]DWH GL SDUPLJLDQR / DXWRUH DJJLXQJH DO
FRPSRVWRXYDSDVVROLQDHSLQROLPDVHQHSXzIDUHDPHQR
=$03$%855$7$
/D WULSSD SHU DQDORJLD GL FXFLQDWXUD H G DVSHWWR ULFKLDPD DOOD PHPRULD OD ]DPSD EXUUDWD FKH q XQ
SLDWWR GL FDUDWWHUH H GL ILVRQRPLD GHO WXWWR ILRUHQWLQD FKH YD ORGDWR SHUFKp QXWULHQWH H GL QDWXUD JHQWLOH
8VDQGRVL LQ )LUHQ]H GL PDFHOODUH EHVWLH ERYLQH JLRYDQL VH Q q WLUDWR SDUWLWR SHU IDU VHUYLUH FRPH DOLPHQWR
TXHOORFKHLQDOWULSDHVLVLODVFLDXQLWRDOODSHOOHSHUIDUQHFXRLRLQWHQGRGLUHGHOOH]DPSHFKHGDOJLQRFFKLR
LQJLYHQJRQUDVHGDOSHORHFRVuEHOOHHELDQFKHVRQYHQGXWHDSH]]LRGLQWHUH
3UHQGDVLGXQTXHXQEXRQSH]]RGLTXHVWD]DPSDHVLOHVVLSRLVLGLVRVVLVLWDJOLDSH]]HWWLHVLPHWWD
DOIXRFRFRQEXUURVDOHHSHSHXQSR GLVXJRGLFDUQHHSDUPLJLDQRTXDQGRVLOHYD0DQFDQGRLOVXJRGL
FDUQHSXzVXSSOLUHGLVFUHWDPHQWHLOVXJRRODFRQVHUYDGLSRPRGRUR
'L TXHVWR SLDWWR SUHVH XQD VROHQQH LQGLJHVWLRQH XQD VLJQRUD DWWHPSDWD FKH HUD LQ FDVD PLD IRUVH
SHUFKpQHPDQJLzWURSSDHODPROWDFRWWXUDFKHULFKLHGHQRQODUHVHDEEDVWDQ]DPRUELGD
/,1*8$,180,'2
3UHQGHWH XQD OLQJXD GL PDQ]R FKH VHQ]D OD SDSSDJRUJLD SRWUj SHVDUH XQ FKLORJUDPPR DOO LQFLUFD
/HVVDWHODTXHOWDQWRFKHEDVWLSHUSRWHUODVSHOODUHHSRLWUDWWDWHODFRPHDSSUHVVR
)DWH XQ EDWWXWR JHQHURVR FRQ JUDPPL GL SURVFLXWWR JUDVVR H PDJUR OD PHWj GL XQD FLSROOD GL
PH]]DQDJUDQGH]]DVHGDQRFDURWDHSUH]]HPRORHPHWWHWHORDOIXRFRFRQJUDPPLGLEXUURLQVLHPHFRQ
ODOLQJXDFRQGLWDFRQVDOHHSHSH5RVRODWDFKHVLDWLUDWHODDFRWWXUDFRQEURGRYHUVDWRDSRFRSHUYROWDH
VXJR GL SRPRGRUR R FRQVHUYD SRL SDVVDWH LO VXJR )DWH D SDUWH XQ LQWULVR FRQ JUDPPL GL EXUUR H XQD
FXFFKLDLDWD UDVD GL IDULQD H TXDQGR DYUj SUHVR LO FRORU QRFFLXROD YHUVDWHFL GHQWUR LO GHWWR VXJR H QHO
PHGHVLPRULPHWWHWHODOLQJXDSHUWHQHUODDQFRUDDOTXDQWRVXOIXRFRHSRLVHUYLWHODWDJOLDWDDIHWWHJURVVHXQ
FHQWLPHWURFRQXQFRQWRUQRGLVHGDQRRDOWURHUEDJJLRULIDWWRQHOPHGHVLPRVXJR
ÊXQSLDWWRFKHSRWUjEDVWDUHSHUVHWWHRGRWWRSHUVRQH
)(*$72',9,7(//$',/$77($//$0,/,7$5(
7ULWDWHEHQILQHXQRVFDORJQRRXQDFLSROODQRYHOOLQDIDWHODVRIIULJJHUHLQROLRHEXUURH TXDQGRDYUj
SUHVRLOFRORUHURVVRFDULFRJHWWDWHFLLOIHJDWRWDJOLDWRDIHWWHVRWWLOL$PH]]DFRWWXUDFRQGLWHORFRQVDOHSHSH
HXQSL]]LFRGLSUH]]HPRORWULWR)DWHOREROOLUHDGDJLRRQGHUHVWLVXJRVRHVHUYLWHORFROVXRVXJRXQHQGRYL
O DJURGLXQOLPRQHTXDQGRORPDQGDWHLQWDYROD
%5$&,82/(',&$675$72(),/(772',9,7(//$$//$),1$1=,(5$
3RQHWHQHOIRQGRGLXQDFD]]DUXRODXQDIHWWDGLSURVFLXWWRDOTXDQWREXUURXQPD]]HWWLQRFRPSRVWRGL
FDURWD VHGDQR H JDPEL GL SUH]]HPROR H VRSUD D TXHVWH FRVH GHOOH EUDFLXROH LQWHUH GL FDVWUDWR QHOOD
ORPEDWDFKHFRQGLUHWHFRQVDOHHSHSH)DWHOHURVRODUHGDDPEHGXHOHSDUWLDJJLXQJHWHXQDOWURSH]]HWWRGL
EXUURVHRFFRUUHHXQLWHDOOHEUDFLXROHYHQWULJOLGLSROORHGRSRIHJDWLQLDQLPHOOHHIXQJKLIUHVFKLRVHFFKL
JLjUDPPROOLWLLOWXWWRWDJOLDWRDSH]]LTXDQGRDQFKHTXHVWHFRVHDYUDQQRSUHVRFRORUHEDJQDWHFRQEURGRH
IDWH FXRFHUH D IXRFR OHQWR /HJDWH O XPLGR FRQ XQ SR GL IDULQD H SHU XOWLPR YHUVDWH PH]]R ELFFKLHUH RG
DQFKHPHQRGLYLQRELDQFREXRQRIDWWRSULPD VFHPDUHGLPHWjDOIXRFRLQXQYDVRDSDUWHHIDWHEROOLUH
DQFRUD XQ SRFR SHUFKp V LQFRUSRUL 4XDQGR VLHWH SHU PDQGDUOR LQ WDYROD OHYDWH LO SURVFLXWWR H LO PD]]HWWR
SDVVDWHLOVXJRGDOFROLQRHGLJUDVVDWHOR
1HOODVWHVVDPDQLHUDVLSXzIDUHXQSH]]RGLILOHWWRGLYLWHOODLQYHFHGHOFDVWUDWRDJJLXQJHQGRDLGHWWL
LQJUHGLHQWLDQFKHGHLSLVHOOL6HIDUHWHTXHVWLGXHSLDWWLFRQDWWHQ]LRQHVHQWLUHWHFKHVRQRVTXLVLWL
%5$&,2/,1(5,3,(1(&21&$5&,2),
$L FDUFLRIL OHYDWH WXWWH OH IRJOLH GXUH H WDJOLDWHOL LQ TXDWWUR R FLQTXH VSLFFKL 3UHQGHWH XQD IHWWD GL
SURVFLXWWR JUDVVR H PDJUR WULWDWHOR ILQH ILQH PHVFRODWHOR FRQ XQ SRFR GL EXUUR H FRQ TXHVWR FRPSRVWR
VSDOPDWH JOL VSLFFKLGHLFDUFLRIL%DWWHWHHVSLDQDWHOHEUDFLROLQHFKHSRVVRQRHVVHUHGLYLWHOODRGLPDQ]R
FRQGLWHOHFRQVDOHHSHSHHSRQHWHLQPH]]RDFLDVFXQDGXHRWUHGHLGHWWLVSLFFKLSRLDYYROJHWHOHHOHJDWHOH
LQ FURFH FRQ XQ ILOR )DWH XQ EDWWXWLQR FRQ SRFD FLSROOD PHWWHWHOR LQ XQD FD]]DUXROD FRQ EXUUR H ROLR H
TXDQGR OD FLSROOD VDUj EHQ URVRODWD FROORFDWHFL OH EUDFLROLQH H FRQGLWHOH DQFRUD FRQ VDOH H SHSH 5RVRODWH
FKH VLHQR WLUDWHOH D FRWWXUD FRQ VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD H TXDQGR OH PDQGDWH LQ
WDYRODVFLRJOLHWHOHGDOILOR
),/(772&2//$0$56$/$
/DFDUQHGHOILOHWWRqODSLWHQHUDPDVHTXHOEULFFRQHGHOPDFHOODLRYLGjODSDUWHWHQGLQRVDDQGDWH
IUDQFRFKHQHUHVWHUjODPHWjSHOJDWWR
$UURFFKLDWHOROHJDWHORHGDWRFKHVLDXQFKLORJUDPPRDOO LQFLUFDPHWWHWHORDOIXRFRFRQXQDFLSROODGL
PHGLRFUH JUDQGH]]D WDJOLDWD D IHWWH VRWWLOL LQVLHPH FRQ DOFXQH IHWWLQH GL SURVFLXWWR H XQ SH]]R GL EXUUR
FRQGLWHOR SRFR FRQ VDOH H SHSH 4XDQGR VDUj URVRODWR GD WXWWH OH SDUWL H FRQVXPDWD OD FLSROOD VSDUJHWHJOL
VRSUDXQSL]]LFRGLIDULQDODVFLDWHORSUHQGHUFRORUHHSRLEDJQDWHORFRQEURGRRDFTXD)DWHEROOLUHDGDJLR
LQGLSDVVDWHLOVXJRGLJUDVVDWHORHFRQTXHVWRHWUHGLWD GLELFFKLHUH GLPDUVDODULPHWWHWHORDOIXRFRDEROOLUH
DQFRUDPDOHQWDPHQWHPDQGDWHORLQWDYRODFRQVXJRULVWUHWWRPDQRQGHQVRSHUWURSSDIDULQD
6LSXzDQFKHVWHFFDUHLOILOHWWRFRQODUGRQHHFXRFHUORFRQVROREXUURHPDUVDOD
),/(772$//$3$5,*,1$
3RLFKpVSHVVRVHQWHVLFKLHGHUHQHOOHWUDWWRULHLOILOHWWRDOODSDULJLQDIRUVHSHUFKp SLDWWRVHPSOLFHVDQR
H QXWULHQWH ELVRJQHUj SXUH GLUQH GXH SDUROH H LQGLFDUH FRPH YLHQH FXFLQDWR )DWHYL WDJOLDUH GDO PDFHOODLR
QHO PLJOLRU SRVWR GHO ILOHWWR GL PDQ]RGHOOH EUDFLROHURWRQGH JURVVH FLUFDPH]]RGLWRHTXHVWHPHWWHWHOHD
VRIIULJJHUH QHO EXUUR GRSR FKH HVVR DYUj SUHVR FRORUH D IXRFR EHQ YLYR VDOH H SHSH SHU FRQGLPHQWR H
TXDQGR DYUDQQR IDWWR OD FURVWLFLQD GD WXWWH OH SDUWL RQGH GHQWUR UHVWLQR VXFFRVH H SRFR FRWWH VSDUJHWHFL
VRSUDXQSL]]LFRGLSUH]]HPRORWULWDWRHOHYDWHOHVXELWRPDSULPDGLSRUWDUOHLQWDYRODFRSULWHOHFRQVXJRGL
FDUQHRFRQXQDVDOVDFRQVLPLOHRSSXUHFKHqFRVDSLVHPSOLFHQHOVXJRULPDVWRGRSRODFRWWXUDJHWWDWHFL
XQSL]]LFRGLIDULQDHFRQEURGRIDWHXQLQWULVRHVHUYLWHYLGLTXHVWRLQYHFHGHOVXJR
&$51($//$*(129(6(
3UHQGHWH XQD EUDFLXROD PDJUD GL YLWHOOD GHO SHVR GL JUDPPL D EDWWHWHOD H VSLDQDWHOD EHQH
)UXOODWHWUHRTXDWWURXRYDFRQGLWHOHFRQVDOHHSHSHXQSL]]LFRGLSDUPLJLDQRDOTXDQWRSUH]]HPRORWULWDWRH
IULJJHWHOHQHOEXUUR LQIRUPDGLIULWWDWDGHOODODUJKH]]DDSSURVVLPDWLYDGHOODEUDFLXRODVXFXLODGLVWHQGHUHWH
ULWDJOLDQGROD GRYH VRSUDYDQ]D H FROORFDQGR L ULWDJOL GRYH HVVD q PDQFDQWH )DWWR TXHVWR DUURFFKLDWH OD
EUDFLXROD LQVLHPH FROOD IULWWDWD EHQ VWUHWWD H OHJDWHOD LQGL LQIDULQDWHOD H PHWWHWHOD LQ XQD FD]]DUXROD FRQ
EXUURFRQGHQGRODFRQVDOHHSHSH
4XDQGR VDUj EHQ URVRODWD GDWXWWH OH SDUWLEDJQDWHOD FRQ EURGR SHU ILQLUH GL FXRFHUOD HVHUYLWHODFRO
VXRVXJRFKHDPRWLYRGHOODIDULQDULXVFLUjDOTXDQWRGHQVR
6)250$72',6(02/,125,3,(12',&$51(
*OLVIRUPDWLULSLHQLGLEUDFLROLQHRGLULJDJOLHVLIDQQRRUGLQDULDPHQWHGLHUEDJJLGLULVRRGLVHPROLQR
VH GL TXHVW XOWLPR VHUYLWHYL GHOOD ULFHWWD Q PHVFRODWH WXWWR LO EXUUR H LO SDUPLJLDQR HQWUR DO FRPSRVWR
YHUVDWHORLQXQDIRUPDOLVFLDRSSXUHFROEXFRLQPH]]RFKHDYUHWHSULPDLPEXUUDWDFRSUHQGRQHLOIRQGRFRQ
FDUWD XQWD HJXDOPHQWH FRO EXUUR ,O ULSLHQR GL FDUQH FKH SRUUHWH LQ PH]]R DO VHPROLQR R QHO EXFR GHOOR
VWDPSRWLUDWHORDVDSRUGHOLFDWRFRQRGRUHGLWDUWXILRGLIXQJKLVHFFKL&XRFHWHORDEDJQRPDULDHVHUYLWHOR
FDOGRFRQDOTXDQWRVXJRVRSUDSHUGDUJOLPLJOLRUHDSSDUHQ]D
6)250$72',3$67$/,(9,7$
4XHVWRVIRUPDWRGLSDVWDOLHYLWDVHUYHFRPHGLSDQHSHUPDQJLDUHFRQHVVRLOVXRFRQWHQXWRFKHSXz
HVVHUHXQXPLGRTXDOXQTXHGLFDUQHRGLIXQJKL
)DULQDG 8QJKHULDJUDPPL
%XUURJUDPPL
$OWUREXUURJUDPPL
/LHYLWRGLELUUDJUDPPL
5RVVLG XRYRQ
3DQQDRODWWHEXRQLVVLPRGHFLOLWUL
6DOHTXDQWREDVWD
9LDYYHUWRFKHODSDQQDVDUjWURSSDDOELVRJQR
&RQ XQ TXDUWR GHOOD GHWWD IDULQD LO OLHYLWR GL ELUUD H XQ SRFR GHOOD GHWWD SDQQD WLHSLGD IRUPDWH XQ
SDQLQRFRPHTXHOORGHL.UDSIHQHPHWWHWHORDOLHYLWDUH,QWULGHWHLOUHVWRGHOODIDULQDFRLJUDPPLGLEXUUR
VFLROWRG LQYHUQRLURVVLG XRYRLOVDOHLOSDQLQRTXDQGRVDUjFUHVFLXWRGHOGRSSLRHWDQWDSDQQDWLHSLGDGD
RWWHQHUQHXQDSDVWDGLJLXVWDFRQVLVWHQ]DGDSRWHUVLODYRUDUHFROPHVWRORHQWURDXQDFDWLQHOOD4XDQGRFRQ
OD ODYRUD]LRQH GDUj FHQQR GL GLVWDFFDUVL GDOOH SDUHWL GHO YDVR PHWWHWHOD D OLHYLWDUH LQ OXRJR WLHSLGR H FLz
RWWHQXWR YHUVDWHOD VXOOD VSLDQDWRLD VRSUD D XQ YHOR GL IDULQD H FRQ OH PDQL LQIDULQDWH VSLDQDWHOD DOOD
JURVVH]]DGLPH]]RFHQWLPHWUR
3UHQGHWHXQRVWDPSROLVFLRFROEXFRLQPH]]RGHOODFDSDFLWjGLFLUFDXQOLWURHPH]]RGLDFTXDSHUFKp
FRQODSDVWDGHYHULHPSLUVLVRORSHUPHWjXQJHWHORHLQIDULQDWHORHWDJOLDWDODSDVWDDVWULVFHGLVSRQHWHOHLQ
TXHVWD PDQLHUD $G RJQL VXROR GL VWULVFH ILQFKp QH DYUHWH XQJHWHOH FRL JUDPPL GL EXUUR VRSULQGLFDWR
VHUYHQGRYL GL XQ SHQQHOOR &RSULWH OR VWDPSR H PHVVR QXRYDPHQWH D OLHYLWDUH LO FRPSRVWR TXDQGR VDUj
DUULYDWRDOODERFFDFXRFHWHORDOIRUQRRDOIRUQRGDFDPSDJQD
5LHPSLWHORGRSRDYHUORVIRUPDWRHPDQGDWHORLQWDYRODSHUVHUYLUHFLQTXHRVHLSHUVRQH
6)250$72',5,62&2/68*2*8$51,72',5,*$*/,(
7LUDWHXQEXRQVXJRGLFDUQHHVHUYLWHYLGHOPHGHVLPRWDQWRSHOULVRFKHSHUOHULJDJOLH4XHVWHDFXL
SRWHWH DJJLXQJHUH TXDOFKH IHWWLQD GL SURVFLXWWR IDWHOH GDSSULPD VRIIULJJHUH QHO EXUUR FRQGLWHOH FRQ VDOH H
SHSHHWLUDWHOHDFRWWXUDFROGHWWRVXJR/ RGRUHGHLIXQJKLRGHLWDUWXILQRQIDFKHEHQH
,OULVRIDWHORVRIIULJJHUHXJXDOPHQWHQHOEXUURFRVuDOO DVFLXWWRSRLWLUDWHORDFRWWXUDFROO DFTXDEROOHQWH
HGDWHJOLJUD]LDHVDSRUHFROGHWWRVXJRHSHUXOWLPRFROSDUPLJLDQR$PPHVVRFKHLOULVRVLDJUDPPL
XQLWHFLGXHXRYDIUXOODWHTXDQGRDYUjSHUGXWRLOIRUWHFDORUH
3UHQGHWH XQD IRUPD OLVFLD WRQGD RG RYDOH XQJHWHOD FRO EXUUR FRSULWHQH LO IRQGR FRQ XQD FDUWD
LPEXUUDWDHYHUVDWHFLLOULVRSHUDVVRGDUORDOIRUQRGDFDPSDJQD4XDQGRORDYUHWHVIRUPDWRYHUVDWHFLVRSUD
LO VXJR GHOOH ULJDJOLH FKH DYUHWH SULPD FRQGHQVDWR DOTXDQWR FRQ XQ SL]]LFR GL IDULQD H VHUYLWHOR FROOH VXH
ULJDJOLHLQJLURDYYHUWHQGRYLFKHTXHVWHGHYRQRGLJXD]]DUHQHOVXJR
6)250$72'(//$6,*125$$'(/(
/DEHOODHJHQWLOLVVLPDVLJQRUD$GHOHGHVLGHUDYLIDFFLDFRQRVFHUHTXHVWRVXRVIRUPDWRGLJXVWRDVVDL
GHOLFDWR
%XUURJUDPPL
)DULQDJUDPPL
*UXLHUDJUDPPL
/DWWHPH]]ROLWUR
8RYDQ
)DWHXQDEDOVDPHOODFRQODIDULQDLOODWWHHLOEXUURHSULPDGLOHYDUODGDOIXRFRDJJLXQJHWHLOJUXLHUD
JUDWWDWRRDSH]]HWWLQLHVDODWHOD1RQSLDEROORUHJHWWDWHFLOHXRYDSULPDLURVVLXQRDOODYROWDSRLOHFKLDUH
PRQWDWH 9HUVDWHOR LQ XQR VWDPSR OLVFLR FRO EXFR LQ PH]]R GRSR DYHUOR XQWR FRO EXUUR H VSROYHUL]]DWR GL
SDQJUDWWDWRHFXRFHWHORDOIRUQRGDFDPSDJQDSHUPDQGDUORLQWDYRODULSLHQRGLXQXPLGRGLULJDJOLHGLSROOR
HGLDQLPHOOH3RWUjEDVWDUHSHUVHLSHUVRQH
%8',12$//$*(129(6(
9LWHOODGLODWWHJUDPPL
8QSHWWRGLSROORGLFLUFDJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
8RYDQ
2GRUHGLQRFHPRVFDWD
8QSL]]LFRGLVDOH
7ULWDWHFROODOXQHWWDODYLWHOODLOSHWWRHLOSURVFLXWWRHSRLPHWWHWHOLLQXQPRUWDLRLQVLHPHFROEXUURFRO
SDUPLJLDQR FRQ XQ SH]]HWWR GL PLGROOD GL SDQH LQ]XSSDWD QHO ODWWH H SHVWDWH PROWLVVLPR LO WXWWR SHU SRWHUOR
SDVVDUHGDOORVWDFFLR3RQHWHLOSDVVDWRLQXQDFDWLQHOODHGDJJLXQJHWHWUHFXFFKLDLDWHGLEDOVDPHOODQ
FKH SHU TXHVWR SLDWWR IDUHWH GHOOD FRQVLVWHQ]D GL XQD SDSSD XQLWH DO PHGHVLPR OH XRYD H O RGRUH H
PHVFRODWHEHQH
3UHQGHWHXQRVWDPSROLVFLRGLODWWDXQJHWHORWXWWRFRQEXUURHSRQHWHLQIRQGRDOPHGHVLPRWDJOLDWRD
PLVXUDXQIRJOLRGLFDUWDXJXDOPHQWHXQWRFROEXUURYHUVDWHFLLOFRPSRVWRHFXRFHWHORDEDJQRPDULD
'RSR VIRUPDWROHYDWH LO IRJOLR H VXOSRVWR GL TXHOOR VSDUJHWH XQLQWLQJROR FRPSRVWR GLXQIHJDWLQRGL
SROOR WULWDWR H FRWWR QHO VXJR 6HUYLWHOR FDOGR H VH YL YHUUj EHQ IDWWR OR VHQWLUHWH GD WXWWL ORGDUH SHU OD VXD
GHOLFDWH]]D
3HUzTXLYLHQHRSSRUWXQRLOGLUHFKHWXWWLLULSLHQLGLFDUQLSHVWDWHULHVFRQRSLSHVDQWLDOORVWRPDFRGL
TXHOOHYLYDQGHFKHKDQQRELVRJQRGLHVVHUHPDVWLFDWHSHUFKpFRPHGLVVLLQDOWUROXRJRODVDOLYDqXQRGHJOL
HOHPHQWLFKHFRQWULEXLVFRQRDOODGLJHVWLRQH
%8',12',&(59(//,',0$,$/(
3HU OH VRVWDQ]H FKH OR FRPSRQJRQR q XQ EXGLQR QXWULHQWH HG DWWR DG DSSDJDUH LR FUHGR LO JXVWR
GHOLFDWRGHOOHVLJQRUH
&HUYHOOLGLPDLDOHQ
4XHVWLFKHSRVVRQRDUULYDUHDOSHVRGLJUDPPLFLUFDULFKLHGRQR
8RYDQHXQURVVR
3DQQDJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
%XUURJUDPPL
2GRUHGLQRFHPRVFDWD
6DOHTXDQWREDVWD
3HUSDQQDLQWHQGRTXHOODGHQVDFKHLODWWDLSUHSDUDQRSHUPRQWDUH
0HWWHWH DO IXRFR L FHUYHOOL FRO VXGGHWWR EXUUR VDODWHOL H ULPRYHQGROL VSHVVR SHUFKp V DWWDFFDQR
FXRFHWHOL PD DYYHUWLWH GL QRQ URVRODUOL LQGL SDVVDWHOL GDOOR VWDFFLR $JJLXQJHWH GRSR LO SDUPLJLDQR OD QRFH
PRVFDWDOHXRYDIUXOODWHODSDQQDHPHVFRODWREHQHRJQLFRVDYHUVDWHLOFRPSRVWRLQXQRVWDPSR OLVFLR
FKHDYUHWHXQWRFRQEXUURGLDFFLRHPHWWHWHORDOIXRFRSHUUHVWULQJHUORDEDJQRPDULD
ÊTXDVLPLJOLRUHIUHGGRFKHFDOGRHTXHVWDGRVHSRWUjEDVWDUHDVHLSHUVRQH
3$67,&&,2',0$&&+(521,
,FXRFKLGL5RPDJQDVRQRJHQHUDOPHQWHPROWRDELOLSHUTXHVWRSLDWWRFRPSOLFDWLVVLPRHFRVWRVRPD
HFFHOOHQWHVHYLHQHIDWWRDGRYHUHLOFKHQRQqWDQWRIDFLOH,QTXHLSDHVLTXHVWRqLOSLDWWRFKHV LPEDQGLVFH
QHO FDUQHYDOH GXUDQWH LO TXDOH VL SXz GLUH QRQ VLDYL SUDQ]R R FHQD FKH QRQ FRPLQFL FRQ HVVR IDFHQGROR
VHUYLUHLOSLGHOOHYROWHSHUPLQHVWUD
+RFRQRVFLXWRXQIDPRVRPDQJLDWRUHURPDJQRORFKHJLXQWRXQDVHUDQRQDVSHWWDWRIUDXQDEULJDWDGL
DPLFL PHQWUH HVVD VWDYD FRQ EUDPRVLD SHU GDU VRWWR D XQ SDVWLFFLR SHU GRGLFL SHUVRQH FKH IDFHYD EHOOD
PRVWUDGLVpVXOODWDYRODHVFODPz &RPHSHUWDQWHSHUVRQHXQSDVWLFFLRFKHDSSHQDEDVWHUHEEHSHUPH"
(EEHQHJOLIXULVSRVWRVHYRLYHORPDQJLDWHWXWWRQRLYHORSDJKHUHPR ,OEUDY XRPRQRQLQWHVHDVRUGRH
PHVVRVLVXELWRDOO RSUDORILQuSHULQWHUR$OORUDWXWWLTXHOOLGHOODEULJDWDDWDOHVSHWWDFRORVWUDELOLDQGRGLVVHUR
&RVWXLSHUFHUWRVWDQRWWHVFKLDQWD )RUWXQDWDPHQWHQRQ IXQXOODGLVHULRSHUzLOFRUSRJOLVLHUDJRQILDWRLQ
PRGR FKH OD SHOOH WLUDYD FRPH TXHOOD GL XQ WDPEXUR VPDQLDYD VL FRQWRUFHYD QLFFKLDYD QLFFKLDYD IRUWH
FRPHVHDYHVVHGDSDUWRULUHPDDFFRUVHXQXRPRDUPDWRGLXQPDWWHUHOORHPDQRYUDQGRORVXOSD]LHQWHD
JXLVDGLFKLODYRUDODFLRFFRODWDJOLVJRQILzLOYHQWUHQHOTXDOHFKLVDSRLTXDQWLDOWULSDVWLFFLVDUDQQRHQWUDWL
4XHVWLJUDQGLPDQJLDWRULHLSDUDVVLWLQRQVRQRD¶WHPSLQRVWULFRVuFRPXQLFRPHQHOO DQWLFKLWjDPLR
FUHGHUH SHU GXH UDJLRQL O XQD FKH OD FRVWLWX]LRQH GHL FRUSL XPDQL VL q DIILHYROLWD O DOWUD FKH FHUWL SLDFHUL
PRUDOLLTXDOLVRQRXQSRUWDWRGHOODFLYLOWjVXEHQWUDURQRDLSLDFHULGHLVHQVL
$ PLR JLXGL]LR L PDFFKHURQL FKH PHJOLR VL SUHVWDQR SHU TXHVWD SLHWDQ]D VRQR TXHOOL OXQJKL DOO XVR
QDSROHWDQRGLSDVWDVRSUDIILQHHDSDUHWLJURVVHHIRURVWUHWWRSHUFKpUHJJRQRPROWRDOODFRWWXUDHVXFFKLDQR
SLFRQGLPHQWR
(FFRYL OH GRVL GL XQ SDVWLFFLR DOO XVR GL 5RPDJQD SHU GRGLFL SHUVRQH FKH YRL SRWUHWH PRGLILFDUH D
SLDFHUHSRLFKpLQWXWWLLPRGLXQSDVWLFFLRYLULXVFLUjVHPSUH
0DFFKHURQLJUDPPL
3DUPLJLDQRJUDPPL
$QLPHOOHJUDPPL
%XUURJUDPPL
7DUWXILJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
8QSXJQHOORGLIXQJKLVHFFKL
/H ULJDJOLH GL R SROOL H L ORUR YHQWULJOL L TXDOL SRVVRQR SXU DQFKH VHUYLUH VH OL VFDWWLYDWH GDL
WHQHUXPL
6HDYHWHROWUHDFLzFUHVWHIDJLXROLHXRYDQRQQDWHPHJOLRFKHPDL
2GRUHGLQRFHPRVFDWD
7XWWRTXHVWRJUDQFRQGLPHQWRQRQYLVSDYHQWLSRLFKpHVVRVSDULUj VRWWRDOODSDVWDIUROOD
,PELDQFDWH L PDFFKHURQL RVVLD GDWH ORUR PH]]DFRWWXUD QHOO DFTXD VDODWDOHYDWHOLDVFLXWWLHSDVVDWHOL
QHOVXJRQHOuDOHJJHULVVLPRFDORUHODVFLDWHOLULWLUDUHLOVXJRVWHVVRILQFKpVLHQRFRWWL
)UDWWDQWRDYUHWHIDWWDXQD EDOVDPHOODPHWjGRVHGHOQHWLUDWHDFRWWXUDOHULJDJOLHFROEXUURVDOH
HXQDSUHVLQDGLSHSHDQQDIILDQGROHFROVXJR7DJOLDWHOHPHGHVLPHHOHDQLPHOOHDSH]]HWWL JURVVLTXDQWR
XQDSLFFRODQRFHHGRSRFRWWHDJJLXQJHWHLOSURVFLXWWRDSLFFROHVWULVFHLWDUWXILDIHWWLQHVRWWLOLLIXQJKLIDWWL
SULPDULQYHQLUHQHOO DFTXDFDOGDHTXDOFKHSUHVDGLQRFHPRVFDWDPHVFRODQGRRJQLFRVDLQVLHPH
/D SDVWD IUROOD VXSSRQJR O DEELDWH JLj SURQWD DYHQGR HVVD ELVRJQR GL TXDOFKH RUD GL ULSRVR 3HU
TXHVWD VHUYLWHYL GHOOD LQWHUD GRVH GHO Q ULFHWWD $ GDQGROH RGRUH FROOD VFRU]D GL OLPRQH HG RUD FKH
DYHWHSUHSDUDWRRJQLFRVDFRPLQFLDWHDGLQFDVVDUHLOYRVWURSDVWLFFLRLOFKHVLSXzIDUHLQSLPRGLLRSHUz
PL DWWHQJR D TXHOOR SUDWLFDWR LQ 5RPDJQD RYH VL XVDQR SLDWWL GL UDPH IDWWL DSSRVLWDPHQWH H EHQH VWDJQDWL
3UHQGHWHQHGXQTXHXQRGLJUDQGH]]DSURSRU]LRQDWDHGXQJHWHORWXWWRFROEXUURVJURQGDWHLPDFFKHURQLGDO
VXJR VXSHUIOXR H GLVWHQGHWHQH XQ SULPR VXRORFKH FRQGLUHWH FRQ SDUPLJLDQR JUDWWDWR FRQSH]]HWWL GLEXUUR
VSDUVLTXDHOjHFRQTXDOFKHFXFFKLDLDWDGLEDOVDPHOODHULJDJOLHULSHWHWHODVWHVVDRSHUD]LRQHILQFKpDYUHWH
UREDFROPDQGRQHLOSLDWWR
7LUDWH RUD SULPD FRO PDWWHUHOOR OLVFLR SRL FRQ TXHOOR ULJDWR XQD VIRJOLD GL SDVWD IUROOD JURVVD XQR
VFXGR H FRSULWH FRQ HVVD L PDFFKHURQL ILQR DOOD EDVH SRL WLUDWHQH GXH VWULVFH ODUJKH GXH GLWD H FROOH
PHGHVLPHIRUPDQWLXQDFURFHD WUDYHUVRULQIRU]DWHODFRSULWXUDFLQJHWHORDOO LQWRUQRFRQXQDIDVFLDWXUDODUJD
TXDQWR JOL RUOL GHO SLDWWR H VH DYHWH JXVWR SHU JOL RUQDPHQWL IDWHQHWDQWL TXDQWL Q HQWUDQRFROODSDVWDFKHYL
ULPDQHQRQGLPHQWLFDQGRGLJXDUQLUHODFLPDFRQXQEHOILRFFR'RUDWHO LQWHUDVXSHUILFLHFRQURVVRG XRYR
PDQGDWH LO SDVWLFFLR LQ IRUQR H LQ PDQFDQ]D GL TXHVWR FXRFHWHOR LQ FDVD QHO IRUQR GD FDPSDJQD LQILQH
LPEDQGLWHORFDOGRDFKLVWDFROGHVLGHULRGLIDUQHXQDEXRQDVDWROOD
80,'2,1&$66$72
)DWHXQDEDOVDPHOODFRQ
)DULQDJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDPPL
/DWWHGHFLOLWUL
3UHQGHWHSRL
8RYDQ
6DOHTXDQWREDVWD
6SLQDFLXQPD]]HWWR
*OL VSLQDFL OHVVDWHOL VSUHPHWHOL H SDVVDWHOL GDO VHWDFFLR /H XRYD VFRFFLDWHOH TXDQGR ULWLUDWH OD
EDOVDPHOODGDOIXRFRHDOODPHWjGHOODPHGHVLPDGDWHLOFRORUYHUGHFRLGHWWLVSLQDFL
3UHQGHWH XQR VWDPSR GL UDPH IDWWR D FLDPEHOOD FRO EXFR LQ PH]]R HVFDQQHOODWR DOO LQJLUR XQJHWHOR
EHQHFRQEXUURGLDFFLRHULHPSLWHORSULPDFROODEDOVDPHOOD YHUGHSRLFROODJLDOODHIDWHODULVWULQJHUHDEDJQR
PDULD 6IRUPDWHOD FDOGD H ULHPSLWHOD QHO PH]]RFRQ XQ LQWLQJROR EHQ IDWWR GL ULJDJOLH GL SROOR H GL DQLPHOOH
RSSXUHGLEUDFLROLQHGLYLWHOODGLODWWHFRQRGRUHGLIXQJKLRWDUWXIL,OPDQLFDUHWWRWLUDWHORDFRWWXUDFROEXUURH
FROVXJRGLFDUQHRSSXUHLQDOWUDPDQLHUDIDFHQGRLQPRGRFKHULHVFDGHOLFDWRHYHGUHWHFKHTXHVWRSLDWWR
IDUjEHOOLVVLPDILJXUDHVDUjORGDWR
6)250$72',5,62&2//(5,*$*/,(
5LVRJUDPPL
3DUPLJLDQRJUDPPL
%XUURJUDPPL
/DWWHFLUFDGHFLOLWUL
8RYDQ
6DOHTXDQWREDVWD
&XRFHWH LO ULVR QHO ODWWH XQHQGRYL LO EXUURVDODWHOR H LQ XOWLPR TXDQGR q GLDFFLR DJJLXQJHWH LO UHVWR
9HUVDWHORLQXQRVWDPSROLVFLRFROEXFRLQPH]]RHODFDUWDLPEXUUDWDVRWWRPHWWHWHORSHUSRFRWHPSRRQGH
QRQ LQGXULVFD D EDJQRPDULD VIRUPDWHOR FDOGR H JXDUQLWHOR FROOH ULJDJOLH LQ PH]]R 4XHVWD GRVH SRWUj
EDVWDUHSHUFLQTXHSHUVRQH
80,'2',5,*$*/,(',32//2&2/6('$12
4XDQGRDOOHULJDJOLHGLSROORVLXQLVFRQRLFROOLOHWHVWHHOH]DPSHGLYHQWDXQSLDWWRGDIDPLJOLDFKH
WXWWL FRQRVFRQR PD TXDQGR VL WUDWWD GL IDUOR SL JHQWLOH FRL VROL IHJDWLQL FUHVWH XRYD QRQ QDWH IDJLXROL H
DQFKH YHQWULJOL SXUFKp TXHVWL OL VFRWWLDWH SULPD QHO EURGR H OL QHWWLDWH GDO WHQHUXPH SHU UHQGHUOR GL JUDWR
VDSRUHHGHOLFDWRSRWHWHUHJRODUYLQHOODVHJXHQWHPDQLHUD
3ULPDGDWHXQWHU]RGLFRWWXUDQHOO DFTXDVDODWDDOVHGDQRWDJOLDWROXQJRPH]]RGLWRDOO LQFLUFD3RLIDWH
XQ EDWWXWLQR GL SURVFLXWWR JUDVVR H PDJUR H SRFD FLSROOD PHWWHWHOR DO IXRFR FRQ EXUUR H TXDQGR VDUj EHQ
URVRODWRYHUVDWH SULPD L YHQWULJOLWDJOLDWLLQWUHSH]]L SRLXQSL]]LFRGLIDULQDGLSDWDWHLQGLLIHJDWLQLLQGXH
SH]]LHWXWWRLOUHVWR&RQGLWHORFRQVDOHSHSHHRGRUHGLVSH]LHHTXDQGRDYUj WLUDWRLOVDSRUHDQQDIILDWHOR
FRQEURGRHSRFRVXJRGLSRPRGRURRFRQVHUYD0HWWHWHDVRIIULJJHUHDSDUWHLOVHGDQRQHOEXUURHTXDQGR
VDUj FRWWR YHUVDWHFL GHQWUR OH ULJDJOLH IDWHOR EROOLUH DQFRUD DOTXDQWR VH RFFRUUH EURGR YHUVDWHFHQH H
VHUYLWHOH
6&$/233,1($//$%2/2*1(6(
4XHVWR q XQ SLDWWR VHPSOLFH H VDQR FKH SXz VHUYLUH GD FROD]LRQH R SHU WUDPHVVR LQ XQ SUDQ]R
IDPLJOLDUH
0DJURGLYLWHOODGLODWWHVHQ] RVVRJUDPPL
3DWDWHJUDPPL
3URVFLXWWRJUDVVRHPDJURWDJOLDWRILQHJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
2GRUHGLQRFHPRVFDWD
/HVVDWH OH SDWDWH QRQ WURSSR FRWWH R FXRFHWHOH D YDSRUH LO FKH VDUHEEH PHJOLR H GRSR WDJOLDWHOH D
IHWWHVRWWLOLSL FKHSRWHWH7DJOLDWHLOSURVFLXWWRSHUWUDYHUVRDVWULVFLROLQHODUJKHXQGLWRVFDUVR
7ULWDWH PLQXWLVVLPD OD FDUQH FRQ XQ FROWHOOR D FROSR H FRQGLWHOD FRQ VDOH SHSH H XQ SRFR GL QRFH
PRVFDWD SHUFKp TXHVWD HOH GURJKH LQ JHQHUHFRPHJLjVDSHWHVRQRRSSRUWXQHQHLFLELYHQWRVL'LYLGHWH
TXHVWDFDUQHLQGRGLFLSDUWLSHUIRUPDUQHDOWUHWWDQWHVFDORSSLQHVFKLDFFLDQGROHFRQODODPDGHOFROWHOORSRL
FXRFHWHOHLQELDQFRFLRqVHQ]DURVRODUOHFRQODPHWjGHOGHWWREXUUR
3UHQGHWH XQ SLDWWR R XQ YDVVRLR GL PHWDOOR YHUVDWHFL O XQWR FKH SXz HVVHU ULPDVWR GDOOD FRWWXUD H
TXDWWURVFDORSSLQHFRSUHQGROHFRQODWHU]DSDUWHGHOSURVFLXWWRHVRSUDTXHVWRFROORFDWHODWHU]DSDUWHGHOOH
SDWDWHFKHFRQGLUHWHFROSDUPLJLDQRHFRQSH]]HWWL GHOEXUUR ULPDVWR5LSHWHWHODVWHVVDRSHUD]LRQHSHUWUH
YROWHHSHUXOWLPRSRQHWHLOSLDWWRDFURJLRODUIUDGXHIXRFKLHVHUYLWHORÊXQTXDQWLWDWLYRFKHSXzEDVWDUHSHU
TXDWWURRFLQTXHSHUVRQH
3,&&,21(&2,3,6(//,
9RJOLRQRGLUH FKHODPLJOLRUPRUWHGHLSLFFLRQLVLDLQXPLGRFRLSLVHOOL)DWHOLGXQTXHLQXPLGRFRQXQ
EDWWXWLQR GL FLSROOD SURVFLXWWR ROLR H EXUUR FROORFDQGRYL L SLFFLRQL VRSUD EDJQDQGROL FRQ DFTXD R EURGR
TXDQGR DYUDQQR SUHVR FRORUH GD WXWWH OH SDUWL SHU ILQLUOL GL FXRFHUH 3DVVDWHQH LO VXJR GLJUDVVDWHOR H QHO
PHGHVLPRFXRFHWHLSLVHOOLFR TXDOLFRQWRUQHUHWHLSLFFLRQLQHOPDQGDUOLLQWDYROD
/(6625,)$772
7DOYROWD SHU PDQJLDUH LO OHVVR SL YROHQWLHUL VL XVD ULIDUOR LQ XPLGR PD DOORUD DVSHWWDWH GL DYHUH XQ
WRFFRGLFDUQHFRUWRHJURVVRGHOSHVRQRQPLQRUHGLPH]]RFKLORJUDPPR/HYDWHORGDOEURGRDYDQWLFKHVLD
FRWWR GHO WXWWR H PHWWHWHOR LQ FD]]DUXROD VRSUD XQ EDWWXWR GL FDUQHVHFFD FLSROOD VHGDQR FDURWD H XQ
SH]]HWWR GL EXUUR FRQGHQGROR FRQ VDOH SHSH H VSH]LH 4XDQGR LO EDWWXWR VDUj VWUXWWR WLUDWH OD FDUQH D
FRWWXUD FRQ VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHO EURGR 3DVVDWH O LQWLQWR GLJUDVVDWHOR H ULPHWWHWHOR DO
IXRFRFROSH]]RGHOODFDUQHHFRQXQSXJQHOORGLIXQJKLVHFFKLUDPPROOLWL
/(6625,)$772$//¶,1*/(6(
/ DUWHFXOLQDULDVLSRWUHEEHFKLDPDUHO DUWHGHLQRPLFDSULFFLRVLHVWUDQL7RDGtQWKHEROHURVSRQHOOD
WDQD FRVu FKLDPDVL TXHVWR OHVVR ULIDWWR LO TXDOH FRPH RVVHUYHUHWH GDOOD ULFHWWD H FRPH VHQWLUHWH
PDQJLDQGRORVHQRQqXQSLDWWRVTXLVLWRVDUHEEHLQJLXULDGDUJOLGHOURVSR
$ )LUHQ]H PH]]R FKLORJUDPPR GL FDUQH GD OHVVR FKH SXz EDVWDUH SHU WUH SHUVRQH UHVWD QHWWD
GHOO RVVRJUFLUFDHSUHQGHQGRTXHVWDTXDQWLWjSHUEDVHIUXOODWHLQXQSHQWRORXQXRYRFRQJUDPPL
GL IDULQD H GXH GHFLOLWUL GL ODWWH 7DJOLDWH LO OHVVR LQ IHWWH VRWWLOL H SUHVR XQ YDVVRLR FKH UHJJD DO IXRFR
VFLRJOLHWHFL GHQWUR JUDPPL GL EXUUR H GLVWHQGHWHOR VRSUD TXHVWR SRL FRQGLWHOR FRQ VDOH SHSH H VSH]LH
4XDQGRDYUj VRIIULWWRGDXQDSDUWHHGDOO DOWUD VSDUJHWHJOLVRSUDXQDFXFFKLDLDWDFROPDGLSDUPLJLDQRHSRL
YHUVDWHVXOPHGHVLPRLOFRQWHQXWRGHOSHQWROR/DVFLDWHFKHLOOLTXLGRDVVRGLHPDQGDWHORLQWDYROD
/(6625,)$772$//¶,7$/,$1$
6H QRQ YL Gj QRLD OD FLSROOD TXHVWR ULHVFH PLJOLRUH GHO SUHFHGHQWH 3HU OD VWHVVD TXDQWLWj GL OHVVR
WULQFLDWH JU GL FLSROOLQH PHWWHWHOH LQ SDGHOOD FRQ JUDPPL GL EXUUR H DOORUFKp FRPLQFLDQR D URVRODUH
EXWWDWHFL LO OHVVR WDJOLDWR D IHWWH VRWWLOL XQR VSLFFKLR G DJOLR LQWHUR YHVWLWR H OHJJHUPHQWH VWLDFFLDWRFKH SRL
OHYHUHWHHFRQGLWHORFRQVDOHHSHSH9LDYLDFKHDFFHQQDDSURVFLXJDUHEDJQDWHORFROEURGRHGRSRVHWWH
RGRWWRPLQXWLXQLWHFLXQSL]]LFRGLSUH]]HPRORWULWDWRHLOVXJRGLPH]]ROLPRQHHVHUYLWHOR
2662%8&2
4XHVWR q XQ SLDWWR FKH ELVRJQD ODVFLDUOR IDUH DL 0LODQHVL HVVHQGR XQD VSHFLDOLWj GHOOD FXFLQD
ORPEDUGDLQWHQGRTXLQGLGHVFULYHUORVHQ]DSUHWHQVLRQHDOFXQDQHOWLPRUHGLHVVHUHFDQ]RQDWR
Ê O RVVR EXFR XQ SH]]R G RVVR PXVFRORVR H EXFDWR GHOO HVWUHPLWj GHOOD FRVFLD R GHOOD VSDOOD GHOOD
YLWHOOD GLODWWHLOTXDOHVLFXRFHLQXPLGRLQPRGRFKHULHVFDGHOLFDWRHJXVWRVR0HWWHWHQHDOIXRFRWDQWLSH]]L
TXDQWHVRQROHSHUVRQHFKHGRYUDQQRPDQJLDUORVRSUDDXQEDWWXWRFUXGRHWULWDWRGLFLSROODVHGDQRFDURWD
HXQSH]]RGLEXUURFRQGLWHORFRQVDOH HSHSH4XDQGRDYUjSUHVRVDSRUHDJJLXQJHWHXQDOWURSH]]HWWRGL
EXUUR LQWULVR QHOOD IDULQD SHU GDUJOL FRORUH H SHU OHJDUH LO VXJR H WLUDWHOR D FRWWXUD FRQ DFTXD H VXJR GL
SRPRGRURRFRQVHUYD,OVXJRSDVVDWHORGLJUDVVDWHORHULPHVVRDOIXRFRGDWHJOLRGRUHFRQEXFFLDGLOLPRQH
WDJOLDWDDSH]]HWWLQLXQHQGRYLXQSL]]LFRGLSUH]]HPRORWULWDWRSULPDGLOHYDUORGDOIXRFR
&$51($//¶,03(5$75,&(
9L q PROWD DPSROORVLWj QHO WLWROR PD FRPH SLDWWR IDPLJOLDUH GD FROD]LRQH SXz DQGDUH OH GRVL TXL
LQGLFDWHEDVWDQRSHUFLQTXHSHUVRQH
&DUQHPDJUDGLPDQ]RQHOORVFDQQHOORJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
3DUPLJLDQRJUDWWDWRFXFFKLDLDWHFROPHQ
8RYDQ
6HQRQDYHWHLOWULWDFDUQHSHUULGXUUHLQSROWLJOLDWDQWRODFDUQHFKHLOSURVFLXWWRVHUYLWHYLGHOFROWHOORH
GHOPRUWDLR8QLWHFLLOSDUPLJLDQRHOHXRYDFRQGLWHLOFRPSRVWRFRQVDOHHSHSHPHVFRODWHOREHQHHFRQOH
PDQLEDJQDWHIDWHQHXQDVWLDFFLDWDDOWDGXHGLWD
3RQHWH DO IXRFR LQ XQD WHJOLD R LQ XQ WHJDPH JUDPPL GL EXUUR H GXH FXFFKLDLDWH G ROLR TXDQGR
FRPLQFLDQR D EROOLUH FROORFDWHFL OD GHWWD VWLDFFLDWD GL FDUQH H VXOODPHGHVLPD VSDUJHWHXQRVSLFFKLRG DJOLR
WDJOLDWR D IHWWLQH H DOFXQH IRJOLH GL UDPHULQR )DWH EROOLUH H TXDQGR FRPLQFLD D SURVFLXJDUVL EDJQDWHOD FRQ
VXJRGLSRPRGRURRFRQVHUYDVFLROWDQHOO DFTXD0DQGDWHODLQWDYRODFRQWRUQDWDGDOODVXDVDOVD
5,)5('',
/,1*8$$//$6&$5/$77$
$OODVFDUODWWDSHUFKpSUHQGHXQEHOFRORUURVVRHGqSHUDVSHWWRHJXVWRXQSLDWWREHQLQGRYLQDWR
'RYHQGRYLSDUODUGLOLQJXDPLVRQRYHQXWLDOODPHPRULDTXHVWLYHUVLGHO/HRSDUGL
,OFRUGLWXWWH
&RVHDOILQVHQWHVD]LHWjGHOVRQQR
'HOODGDQ]DGHOFDQWRHGHOO DPRUH
3LDFHUSLFDULFKHLOSDUODUGLOLQJXD
0DVD]LHWjGLOLQJXDLOFRUQRQVHQWH
Ê YHUR LO SUXULWR GHOOD ORTXDFLWj QRQ VL VD]LD FRJOL DQQL DQ]L FUHVFH LQ SURSRU]LRQH FRPH FUHVFH LO
GHVLGHULR GL XQD EXRQD WDYROD XQLFR FRQIRUWR DL YHFFKL DL TXDOL SHUz OH LQHVRUDELOL OHJJL GHOOD QDWXUD
LPSRQJRQR GL QRQ DEXVDUQH VRWWR SHQD GL JUDYL PDODQQL O XRPR QHOOD YHFFKLDLD FRQVXPD PHQR H O D]LRQH
GHJOL RUJDQL IDFHQGRVL YLD YLD PHQR DWWLYD H OH VHFUH]LRQL LPSHUIHWWH VL JHQHUDQR QHO FRUSR XPDQR XPRUL
VXSHUIOXL H PDOHILFL TXLQGL GRORUL UHXPDWLFL JRWWD FROSL DSRSOHWWLFL H VLPLOH SURJHQLH XVFLWD GDO YDVR GL
PDGRQQD3DQGRUD
7RUQDQGRDOODOLQJXDGLFXLGHYRSDUODUYLSUHQGHWHQHXQDGLEHVWLDJURVVDFLRqGLYLWHOODRGLPDQ]R
H FRQ JUDPPL R GL VDOQLWUR D VHFRQGD GHO YROXPH VWURILQDWHOD WXWWD ILQFKp O DEELD WLUDWR D Vp 'RSR
YHQWLTXDWWU RUH ODYDWHODFRQDFTXDIUHGGDGLYHUVH YROWHHFRVuXPLGDVWURILQDWHODFRQPROWRVDOHHODVFLDWHOD
VXO PHGHVLPR RWWR JLRUQL DYYHUWHQGR GL YROWDUOD RJQL PDWWLQD VXOOD VXD VDODPRLD SURGRWWD GDO VDOH FKH VL
VFLRJOLHLQDFTXD,OPRGRPLJOLRUHGLFXFLQDUODHVVHQGRGLIDUODOHVVDPHWWHWHODDOIXRFRFRQDFTXDGLDFFLD
OD VXD VDODPRLD QDWXUDOH XQ PD]]HWWR JXDUQLWR H PH]]D FLSROOD VWHFFDWD FRQ GXH FKLRGL GL JDURIDQL
IDFHQGRODEROOLUHSHUWUHRTXDWWURRUH6SHOODWHODTXDQGRqDQFRUDDEROORUHODVFLDWHODIUHGGDUHHPDQGDWHOD
LQWDYRODVDUjSRLXQULIUHGGRHFFHOOHQWHHVLJQRULOHVHODFRQWRUQHUHWHFRQODJHODWLQDQ
6LSXzVHUYLUHDQFKHFDOGDRVRODRDFFRPSDJQDWDGDSDWDWHRSSXUHGDVSLQDFL
Ê XQ SLDWWR GD QRQ WHQWDUVL QHL JUDQGL FDORUL HVWLYL SHUFKp F q LO FDVR FKH LO VDOH QRQ EDVWL SHU
FRQVHUYDUOD
/,1*8$',9,7(//$',/$77(,16$/6$3,&&$17(
3UHQGHWHXQDOLQJXDWXWWDLQWHUDGLYLWHOODGLODWWHHOHVVDWHODLQDFTXDVDODWDDOFKHDFFRUUHUDQQRFLUFD
GXH RUH )DWH XQ EDWWXWLQR GL VHGDQR H FDURWD WULWDWR ILQH PHWWHWHOR D EROOLUH FRQ ROLR D EXRQD PLVXUD SHU
FLQTXH PLQXWL H ODVFLDWHOR GD SDUWH )DWH XQ DOWUR EDWWXWR FRQ GXH DFFLXJKH VDODWH ODYDWH H QHWWDWH GDOOD
VSLQD JU GL FDSSHUL VWUL]]DWL GDOO DFHWR XQ EXRQ SL]]LFR GL SUH]]HPROR XQD PLGROOD GL SDQH TXDQWR XQ
XRYR EDJQDWD DSSHQD QHOO DFHWR FLSROOD TXDQWR XQD QRFFLXROD PHQR GHOOD PHWj GL XQR VSLFFKLR G DJOLR H
TXDQGR LO WXWWR VDUj EHQ WULWDWR ODYRUDWHOR FRQ OD ODPD GL XQ FROWHOOR H XQ JRFFLROR G ROLR SHU ULGXUOR XQLWR H
SDVWRVRHSRLPHVFRODWHORFROSUHFHGHQWHEDWWXWRGLVHGDQRHFDURWD3HUULGXUOROLTXLGRDJJLXQJHWHDOWU ROLRH
LOVXJRGLPH]]ROLPRQHFRQGLWHORFROSHSHHVDODWHORVHRFFRUUH4XHVWDqODVDOVD
6SHOODWHODOLQJXDDQFRUDFDOGDVFDUWDWHODSDSSDJRUJLDFR VXRLRVVLFLQLFKH qEXRQDPDQJLDWDOHVVD
HLOUHVWRGHOODOLQJXDWDJOLDWHORDIHWWHVRWWLOLSHUFRSULUOHFRQODGHVFULWWDVDOVDHVHUYLWHODIUHGGD
ÊXQSLDWWRDSSHWLWRVRRSSRUWXQRQHLFDORULHVWLYLTXDQGRORVWRPDFRVLVHQWHVYRJOLDWR
6&$/233(',/,1*8$)$56,7(,1%(//$9,67$
)UDLULIUHGGLTXHVWRqXQRGHLPLJOLRULHGLEHOODDSSDUHQ]D
)DWHYL WDJOLDUH GDO YRVWUR VDOXPDLR GLHFL IHWWLQH GL OLQJXD VDODWD QHOOD SDUWH SL JURVVD LO FXL SHVR LQ
WXWWR ULHVFD JUDPPL FLUFD )DWHYL DQFKH WDJOLDUH LQ IHWWH VRWWLOL JUDPPL GL SURVFLXWWR FRWWR JUDVVR H
PDJUR 7DJOLDWH JLUR JLUR L ERUGL GHOOD OLQJXD SHU GDUH DOOH IHWWH XQD IRUPD HOHJDQWH H L ULWDJOL PHWWHWHOL GD
SDUWH 3RL OHYDWH GDO SURVFLXWWR GLHFL IHWWLQH GHOOD GLPHQVLRQH GL TXHOOH GHOOD OLQJXD H L ULWDJOL WDQWR GHO
SURVFLXWWRFKHGHOODOLQJXDJHWWDWHOLQHOPRUWDLRFRQJUDPPL GLEXUURHJUDPPL GLXQWDUWXIRELDQFRH
RGRURVR3HVWDWHTXHVWHFRVHLQVLHPHSHUULGXUOHILQLFRPHXQXQJXHQWRGLFXLYLVHUYLUHWHSHULVSDOPDUHOH
IHWWHGHOODOLQJXDGDXQDVRODSDUWHHGDSSLFFLFDWHYLVRSUDOHIHWWLQHGHOSURVFLXWWR
2UD FKH DYHWH FRVu FRPSRVWR TXHVWL GLHFL SH]]L YL GDQQR WXWWR LO WHPSR FKH YROHWH SHU PHWWHUOL LQ
JHODWLQD4XHVWDqGHVFULWWDQHOODULFHWWDQHSXzEDVWDUTXHOODGRVHPDGXHVRQROHPDQLHUHSHUDGRUQDU
FRQ HVVD L SH]]LVXGGHWWL /D SULPD FRQVLVWH QHO SUHQGHUH XQ ODUJR SLDWWR R XQD WHJOLD YHUVDUYL XQ OHJJHUR
VWUDWR GL JHODWLQD VFLROWD H TXDQGR FRPLQFLD D FRQGHQVDUH FROORFDUYL VRSUD L SH]]L H TXHVWL FRSULUOL FRQ XQ
DOWURVWUDWRGLJHODWLQDVFLROWDSHU OHYDUOLGRSRDXQRDXQRDOORUFKpVLDVLDVVRGDWD
/D VHFRQGD VDUHEEH GL FROORFDUH L SH]]L ULWWL LQ XQR VWDPSR D TXDOFKH GLVWDQ]D WUD ORUR GRSR DYHUFL
FRODWR LQ IRQGR XQ OHJJHUR VWUDWR GL JHODWLQD VFLROWDHGLFRSULUOLSRLWXWWLGHOODVWHVVDJHODWLQDSHULVIRUPDUH
TXLQGLORVWDPSRHPDQGDUOLLQWDYRODWXWWLLQXQSH]]RFKHFRVuIDUDQQRSLEHOODPRVWUD
,QXQSUDQ]RGLSDUHFFKLHSRUWDWHLRFUHGRFKHTXHVWDGRVHSRWUHEEHEDVWDUHDQFKHSHUGLHFLSHUVRQH
PDSHULVWDUVXOVLFXURPHJOLRVDUj GLQRQVHUYLUODDSLGLRWWR
9,7(//27211$72
3UHQGHWH XQ FKLORJUDPPR GL YLWHOOD GL ODWWH QHOOD FRVFLD R QHO FXODFFLR WXWWR XQLWR H VHQ] RVVR
OHYDWHJOL OH SHOOHWLFKH H LO JUDVVR SRL VWHFFDWHOR FRQ GXH DFFLXJKH 4XHVWH ODYDWHOH DSULWHOH LQ GXH OHYDWH
ORUR OD VSLQD H WDJOLDWHOH SHU WUDYHUVR IDFHQGRQH LQ WXWWR RWWR SH]]L /HJDWH OD FDUQH QRQ PROWR VWUHWWD H
PHWWHWHODDEROOLUHSHUXQ RUDHPH]]RLQWDQWDDFTXDFKHYLVWLDVRPPHUVDHLQFXLDYUHWHPHVVRXQTXDUWR
GL FLSROOD VWHFFDWD FRQ GXH FKLRGL GL JDURIDQL XQD IRJOLD G DOORUR VHGDQR FDURWD H SUH]]HPROR / DFTXD
VDODWHOD JHQHURVDPHQWH H DVSHWWDWH FKH EROOD SHU JHWWDUYL OD FDUQH 'RSR FRWWD VFLRJOLHWHOD DVFLXJDWHOD H
GLDFFLD FKH VLD WDJOLDWHOD D IHWWH VRWWLOL H WHQHWHOD LQ LQIXVLRQH XQ JLRUQR R GXH LQ XQ YDVR VWUHWWR QHOOD
VHJXHQWHVDOVDLQTXDQWLWjVXIILFLHQWHGDULFRSULUOD
3HVWDWHJUDPPLGLWRQQRVRWW ROLRHGXHDFFLXJKHGLVIDWHOLEHQHFROODODPDGLXQFROWHOORRPHJOLR
SDVVDWHOLGDOORVWDFFLRDJJLXQJHQGRROLRILQHLQDEERQGDQ]DD SRFRSHUYROWDHO DJURGLXQOLPRQHRGDQFKH
SL LQ PRGR FKH OD VDOVD ULHVFD OLTXLGD SHU XOWLPR PHVFRODWHFL XQ SXJQHOOR GL FDSSHUL VSUHPXWLGDOO DFHWR
6HUYLWHLOYLWHOORWRQQDWRFRQODVXDVDOVDHFRQVSLFFKLGLOLPRQH
,OEURGRFRODWHORHVHUYLWHYHQH SHUXQULVRWWR
5,)5(''2',9,7(//$',/$77(
8QDEUDFLXRODVHQ] RVVRWXWWDPDJUDGLYLWHOODGLODWWHGHOSHVRGLFLUFDJUDPPL
$OWURPDJURGHOODVWHVVDFDUQHJUDPPL
8QDJURVVDIHWWDGLSURVFLXWWRJUDVVRHPDJURGLJU
$OWURSURVFLXWWRFRPHVRSUDJUDPPL
8QDIHWWDGLPRUWDGHOODGLJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
%XUURJUDPPL
8QSHWWRGLSROORFUXGR
8QXRYR
FLUFD
/DEUDFLXRODEDJQDWHODFROO DFTXDHEDWWHWHODFROEDWWLFDUQHSHUULGXUODDOODJURVVH]]DGLXQFHQWLPHWUR
7ULWDWH FRQ OD OXQHWWD L VXGGHWWL JU GL PDJUR LQVLHPH FRL VXGGHWWL JU GL SURVFLXWWR H GRSR
SHVWDWHOLQHOPRUWDLRDJJLXQJHQGRLOSDUPLJLDQRLOEXUURO XRYRSRFRVDOHHSRFRSHSHSHUIDUHFRQTXHVWL
LQJUHGLHQWLLOFRPSRVWRGDWHQHUHXQLWRLOULSLHQRFKHIRUPHUHWHFRPHDSSUHVVR
7DJOLDWHDILOHWWLJURVVLSLGLXQFHQWLPHWURLOSHWWRGLSROORHOHGXHIHWWHGLPRUWDGHOODHSURVFLXWWRH
SRLFROFRPSRVWRVSDOPDWHXQDSDUWHGHOODEUDFLXRODHVRSUDDOPHGHVLPRFROORFDWHXQDWHU]DSDUWHGHLILOHWWL
LQWHUFDODQGROL SRL VSDOPDWHOL GL VRSUD H FRVu SHU DOWUH GXH YROWH )DWWR TXHVWR DUURFFKLDWH OD EUDFLXROD FRQ
HQWURLOULSLHQRHDPPDJOLDWHODDGXVRVDODPHSHUPHWWHUODDOIXRFRFRQJUDPPLGLEXUURVDOHHSHSHD
VFDUVD PLVXUD 4XDQGR DYUj SUHVR FRORUH VFRODWH O XQWR LO TXDOH SRWUj VHUYLUH SHU TXDOFKH DOWUR SLDWWR H
WLUDWHODDFRWWXUDSHUFLUFDWUHRUHFROEURGRYHUVDWRDSRFRSHUYROWD'LDFFLDFKHVLDVFLRJOLHWHODGDOORVSDJR
WDJOLDWHODDIHWWHHVHUYLWHOD
3RWUj EDVWDUH SHU R SHUVRQH VSHFLDOPHQWH VH OD JXDUQLWH GL JHODWLQD GL FDUQH FKH TXLFLVWDD
SHQQHOOR
32//2,16$/6$7211$7$
3UHQGHWHXQEXVWRGLSROORJLRYDQH SHUEXVWRV LQWHQGHXQSROORDOTXDOHVLDQRVWDWHOHYDWHOHLQWHULRUD
LO FROOR H OH ]DPSH JHWWDWHOR QHOOD SHQWROD TXDQGR EROOH H IDWHOR EROOLUH PH]] RUD FKH EDVWD SHU FXRFHUOR
4XDQGR OR OHYDWH WRJOLHWHJOL OD SHOOH FKp QRQ VHUYH SHU TXHVWR SLDWWR GLVRVVDWHOR WXWWR HPHWWHWHORLQSH]]L
SHUFRQGLUOLFRQVDOHQRQWDQWRSHSHHGXHFXFFKLDLDWHG ROLR'RSRGLYHUVHRUHFKHqULPDVWRDPPXFFKLDWR
VRSUD XQ YDVVRLR FRSULWHOR FRQ OD VHJXHQWH VDOVD 'DWR FKH LO EXVWR GD FUXGR VLD GHO SHVR GL JUDPPL FLUFDSUHQGHWH
7RQQRVRWW ROLRJUDPPL
&DSSHULVWUL]]DWLGDOO DFHWRJUDPPL
$FFLXJKHQ
3UH]]HPRORXQSXJQRRVVLDWDQWRFKHGLDLOFRORUHYHUGHDOODVDOVD
/H DFFLXJKH QHWWDWHOH GDOOH VFDJOLH H GDOOH VSLQH ,O SUH]]HPROR WULWDWHOR ILQH FRQ OD OXQHWWD H SRL
SHVWDWHOR QHO PRUWDLR FRQ WXWWR LO UHVWR SHU ULGXUUH LO FRPSRVWR GHOOD VDOVD ILQLVVLPR 7ROWR GDO PRUWDLR
PHWWHWHORLQXQDVFRGHOODHGLOXLWHORFRQTXDWWURFXFFKLDLDWHG ROLRHPH]]RFXFFKLDLRG DFHWR&RQODPHWjGL
TXHVWD VDOVD LQ]DIDUGDWH LO SROOR H FRQ O DOWUD PHWjFRSULWHOR RQGH IDFFLD SL EHOOD PRVWUDPD FRQWXWWRFLz
ULPDQHQGR VHPSUH XQ SLDWWR GL SRFR JUDWD DSSDUHQ]D SRWHWH DGRUQDUOR TXDQGR OR PDQGDWH LQ WDYROD FRQ
GXH XRYD VRGH WDJOLDWH D VSLFFKL PHVVHYL SHU FRQWRUQR 3RWUj EDVWDUH SHU VHL SHUVRQH HG q XQ FLER
DSSHWLWRVR RSSRUWXQR SHU SULQFLSLR D XQD FROD]LRQH R DG XQ SUDQ]R SHU JHQWH GL SRFR DSSHWLWR QHL JLRUQL
FDOGLTXDQGRORVWRPDFRWURYDVLVYRJOLDWR
3HUUDVFKLDUHHSXOLUEHQHLOPRUWDLRGLFRVHPRUELGHROLTXLGHFRPHTXHVWDVDOVDqPROWRDSURSRVLWR
XQDJURVVDIHWWDGLSDWDWDFUXGD
&$3321(,1*$/$17,1$
9L GHVFULYHUz XQ FDSSRQH LQ JDODQWLQD IDWWR LQ FDVD PLD H VHUYLWR D XQ SUDQ]R GL GLHFL SHUVRQH PD
SRWHYDEDVWDUHSHUYHQWLSRLFKpSHODWRULVXOWzFKLORJUDPPL
9XRWDWRHGLVRVVDWR SHUGLVRVVDUHXQSROORYHGLLOQ ULPDVHFKLORJUDPPLHIXULHPSLWRFRQ
ODTXDQWLWjGLLQJUHGLHQWLFKHTXLDSSUHVVRYLGHVFULYR
0DJURGLYLWHOODGLODWWHJUDPPL
'HWWRGLPDLDOHJUDPPL
0H]]RSHWWRGLSROODVWUD
/DUGRQHJUDPPL
/LQJXDVDODWDJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
7DUWXILQHULJUDPPL
3LVWDFFKLJUDPPL
0DQFDQGRYL LO PDLDOH SXz VHUYLUH LO SHWWR GL WDFFKLQR , WDUWXIL WDJOLDWHOL D SH]]L JURVVL FRPH OH
QRFFLXROHHLSLVWDFFKLVEXFFLDWHOLQHOO DFTXDFDOGD7XWWRLOUHVWRWDJOLDWHORDILOHWWLGHOODJURVVH]]DGLXQGLWR
VFDUVRHPHWWHWHORGDSDUWHVDODQGROHFDUQL
)DWHXQEDWWXWRFRQDOWURPDLDOHHFRQDOWUDYLWHOODGLODWWHJUDPPLGLFDUQHLQWXWWRSHVWDWHORILQH
LQXQPRUWDLRFRQJUDPPLGLPLGROODGLSDQHEDJQDWDQHOEURGRDJJLXQJHWHXQXRYROHEXFFHGHLWDUWXILL
ULWDJOLGHOODOLQJXDHGHOSURVFLXWWRFRQGLWHORFRQVDOHHSHSHHTXDQGRRJQLFRVDqEHQSHVWDSDVVDWHORSHU
LVWDFFLR
2UDDOODUJDWHLOFDSSRQHVDODWHORDOTXDQWRHFRPLQFLDWHDGLVWHQGHUYLVRSUDXQSRFRGLEDWWXWRHSRL
XQ VXROR GL ILOHWWL LQWHUFDODWL QHOOH GLYHUVH TXDOLWj TXDOFKH SH]]HWWR GL WDUWXIR H TXDOFKHSLVWDFFKLRHFRVuGL
VHJXLWRXQVXRORGLILOHWWLHXQDVSDOPDWXUDGLEDWWXWRILQFKpDYUHWH UREDDYYHUWHQGRFKHLILOHWWLGHOSHWWRGL
SROODVWUD q PHJOLR FROORFDUOL YHUVR OD FRGD GHO FDSSRQH SHU QRQ DFFXPXODUH VXO SHWWR GL TXHVWR OD VWHVVD
TXDOLWj GL FDUQH &Lz HVHJXLWR WLUDWH VX L OHPEL GHO FDSSRQH GDOOH GXH SDUWL ODWHUDOL QRQ EDGDQGR VH QRQ VL
XQLVFRQR SHUIHWWDPHQWH FKH FLz QRQ LPSRUWD H FXFLWHOR /HJDWHOR SHU LO OXQJR FRQ XQR VSDJR LQYROWDWHOR
VWUHWWRLQXQSDQQROLQRFKHDYUHWHSULPDODYDWRRQGHWRJOLHUJOLO RGRUHGLEXFDWROHJDWHOHGXHHVWUHPLWjGHO
PHGHVLPRHPHWWHWHORDEROOLUHQHOO DFTXDSHUGXHRUHHPH]]R'RSRVFLRJOLHWHORODYDWHLOSDQQROLQRSRLGL
QXRYRULQYROWDWHORHPHWWHWHORVRWWRXQSHVRLQSLDQRHLQPRGRFKHLOSHWWRGHOFDSSRQHUHVWLDOGLVRWWRRDO
GLVRSUD H LQ TXHVWD SRVL]LRQH WHQHWHOR SHU XQ SDLR G RUH DOPHQR RQGH SUHQGD XQD IRUPD DOTXDQWR
VFKLDFFLDWD
/ DFTXDGRYHKDEROOLWRLOFDSSRQHSXzVHUYLUHSHUEURGRHDQFKHSHUODJHODWLQDQ
&$3321(,19(6&,&$
6LGLUjFKHLRVRQRDUPDWRGHOODYLUWGHOO DVLQRODSD]LHQ]DTXDQGRVLVDSSLDFKHGRSRTXDWWURSURYH
QRQ ULXVFLWH KR ILQDOPHQWH SRWXWR DOOD TXLQWD HG DOOD VHVWD FXRFHU EHQH XQ FDSSRQH LQ YHVFLFD , SULPL
TXDWWUR IXURQR VDFULILFDWL D &RPR LO GLR GHOOH PHQVH SHUFKp QRQ DYHQGR SUHVH WXWWH OH QHFHVVDULH
SUHFDX]LRQL OH YHVFLFKH VL URPSHYDQR EROOHQGR Ê XQ SLDWWR SHUz FKH PHULWD GL RFFXSDUVHQH YLVWR FKH LO
FDSSRQHJLjRWWLPRSHUVpVWHVVRGLYHQWDVTXLVLWRFRWWRLQWDOHPDQLHUD
3UHQGHWH XQD YHVFLFD GL EXH PHJOLR GL PDLDOH FKH VHPEUD SL UHVLVWHQWH JUDQGH JURVVD H VHQ]D
GLIHWWLODYDWHODEHQHFRQDFTXDWLHSLGDHWHQHWHODLQPROOHSHUXQJLRUQRRGXH6EX]]DWHLOFDSSRQHOHYDWHJOL
LO FROOR H OH ]DPSH JHWWDWHJOL QHOO LQWHUQR XQ EXRQ SXJQHOOR GL VDOH LQWHUQDWH OH HVWUHPLWj GHOOH FRVFLH H
SLHJDWHOHDOLDGHUHQWLDOFRUSRRQGHOHSXQWHQRQLVIRQGLQRODYHVFLFD3RLFXFLWHOHDSHUWXUHGHOEX]]RHGHO
FROOR H IDVFLDWHOR WXWWR FRQ JUDPPL GL SURVFLXWWR SL PDJUR FKH JUDVVR D IHWWH VRWWLOLVVLPH OHJDQGROH
DGHUHQWLDOFDSSRQH$FFRQFLDWRLQTXHVWDPDQLHUDSRQHWHORQHOODYHVFLFDIDFHQGRDTXHVWDXQ LQFLVLRQHSHU
TXHOWDQWRFKHEDVWDHGRSRFXFLWHODILWWD
2UDSUHQGHWHXQFDQQHOOROXQJRXQSDOPRDOPHQRFKHVHUYHGLVILDWDWRLRIDWHJOLXQEHFFRLQFLPDD
PR GL ILVFKLHWWR H XQ LQWDFFDWXUD LQ IRQGR SHU LQILODUOR H OHJDUOR QHO FROOR GHOOD YHVFLFD H FRQ TXHVWR
DSSDUHFFKLRPHWWHWHLOFDSSRQHDOIXRFRHQWURDXQDSHQWRODGLDFTXDWLHSLGDHODVFLDWHOREROOLUHSHUWUHRUH
FRQWLQXH FRO FDQQHOOR GL IXRUL PD EDGLDPR EHQH SHUFKp TXL VWD LO EXVLOOLV GHYH EROOLUH LQ PRGR GD YHGHU
VRODPHQWHTXHOOHSLFFROHHUDGHEROOLFLQHFKHYHQJRQRDJDOOD6HLOFDQQHOORJHWWDVVHJUDVVRRDOWUROLTXLGR
QRQ QH IDWH FDVR H UDFFRJOLHWHOR LQ XQ WHJDPLQR &RWWR FKH VLD LO FDSSRQH ODVFLDWHOR GLDFFLDUH QHOOD VXD
DFTXD H VHUYLWHOR LO JLRUQR DSSUHVVR VFDUWDQGR LO SURVFLXWWR FKH KD JLj SHUGXWR WXWWR LO VDSRUH (QWUR DO
FDSSRQHWURYHUHWHGHOODJHODWLQDHGDOWUDQHSRWUHWHDJJLXQJHUHVHYRUUHWHIDUJOLXQFRQYHQLHQWHFRQWRUQRH
VDUjDOORUDXQULIUHGGRGDSULQFLSH$QFKHXQDSROODVWUDLQJUDVVDWDVHPDQFDLOFDSSRQHVLSUHVWDDOO XRSR
6DUjEHQHYLSUHYHQJDFKHO XOWLPDYHVFLFDPLIXDVVLFXUDWRFKHHUDGLPDLDOHHFKHDYUHEEHUHVLVWLWR
DOIXRFRSLGLTXHOODGLEXH
725',',6266$7,,1*(/$7,1$
3HUVHLWRUGLSUHQGHWH
0DJURGLYLWHOOD GLODWWHJUDPPL
/LQJXDVDODWDJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
8QDSDOODGLWDUWXILQHULGLFLUFDJUDPPL
/DVFLDWH GD SDUWH OD PHWj GHOOD OLQJXD H XQ WHU]R GHO SURVFLXWWR SL JUDVVR FKH PDJUR H OD FDUQH
VXGGHWWD FRO UHVWR GHOOD OLQJXD H GHO SURVFLXWWR WULWDWHOL H SHVWDWHOL QHO PRUWDLR LQVLHPH FRQ OD FRUWHFFLD GHO
WDUWXIR UDPPRUELGHQGR LO FRPSRVWR FRQ XQ JRFFLROR GL PDUVDOD 3RL SDVVDWHOR GDOOR VWDFFLR HG XQLWHFL XQ
URVVRG XRYR
'LVRVVDWHLWRUGLFRPHIDUHVWHSHOSROORULSLHQR QHODVFLDWHDGHVVLLOFROORHODWHVWDDWWDFFDWLSRL
ULHPSLWHOL FROFRPSRVWR GHVFULWWR QHO TXDOH DYUHWH JLj PHVFRODWR LO WDUWXIRODOLQJXDHLOSURVFLXWWRPHVVLGD
SDUWHLOWXWWRWDJOLDWRDGDGLQL2UDFXFLWHOLLQPRGRGDSRWHUOHYDUHLOILORTXDQGRVDUDQQRFRWWLHSHUFXRFHUOL
DYYROJHWHFLDVFXQWRUGRLQXQSH]]RGLYHORHIDWHOLEROOLUHSHUXQ RUDQHOEURGRGHOODJHODWLQDQ
6HUYLWHOL SHU ULIUHGGR VRSUD DOOD JHODWLQD PHGHVLPD H VH FRQ TXHVWD IRUPDWH VHL VWDPSLQL JUDQGL D
PRGRGLQLGRVHPEUHUjFKHLOWRUGRYLVWLDVRSUDDFRYDUH
5LHVFHXQSLDWWRILQHHGHOLFDWR
¬5,67$
6L FKLDPD jULVWD LQ 7RVFDQDOD VFKLHQD GL PDLDOHFRWWDDUURVWRRLQIRUQRHVLXVDPDQJLDUODIUHGGD
HVVHQGRDVVDLPLJOLRUHFKHFDOGD3HUVFKLHQDGLPDLDOHV LQWHQGHLQTXHVWRFDVRTXHOSH]]RGHOODORPEDWD
FKHFRQVHUYDOHFRVWROHHFKHSXzSHVDUHDQFKHRFKLORJUDPPL
6WHFFDWHODFRQDJOLRFLRFFKHGLUDPHULQRHTXDOFKHFKLRGRGLJDURIDQRPDFRQSDUVLPRQLDHVVHQGR
RGRULFKHWRUQDQRIDFLOPHQWHDJRODHFRQGLWHODFRQVDOHHSHSH
&XRFHWHODDUURVWRDOORVSLHGHFKHqPHJOLRRPDQGDWHODDOIRUQRVHQ] DOWURHVHUYLWHYLGHOO XQWRFKH
EXWWDSHUURVRODUSDWDWHRSHUULIDUHHUEDJJL
ÊXQSLDWWRFKHSXzIDUFRPRGRQHOOHIDPLJOLHSHUFKpG LQYHUQRVLFRQVHUYDDOXQJR
'XUDQWH LO &RQFLOLR GHO FRQYRFDWR LQ )LUHQ]H RQGH DSSLDQDUH DOFXQH GLIIHUHQ]H WUD OD &KLHVD
URPDQD H OD JUHFD IX DL YHVFRYL H DO ORUR VHJXLWR LPEDQGLWD TXHVWD SLHWDQ]D FRQRVFLXWD DOORUD FRQ DOWUR
QRPH7URYDWDODGLORURJXVWRFRPLQFLDURQRDGLUHjULVWDjULVWD EXRQDEXRQD HTXHOODSDURODJUHFDVHUYH
DQFRUDGRSRTXDWWURVHFROLHPH]]RDVLJQLILFDUHODSDUWHGLFRVWDWRGHOPDLDOHFXFLQDWRLQTXHOPRGR
3$67,&&,2)5(''2',&$&&,$*,21(
3UHQGLDPR SHU HVHPSLR XQD VWDUQD R XQD SHUQLFH H FRQ HVVD IDFFLDPR XQ SDVWLFFLR FKH SRWUj
EDVWDUHSHUVHLRVHWWHSHUVRQH/DVWDUQD 3HUGUL[FLQHUHD VL GLVWLQJXHGDOODSHUQLFH 3HUGUL[UXEUD SHUFKp
TXHVWDKDLSLHGLHLOEHFFRURVVRHGqDOTXDQWRSLJURVVD
6RQR JDOOLQDFHL GHOO RUGLQH GHL 5DVRUHV VL QXWURQR GL YHJHWDOL SDUWLFRODUPHQWH GL JUDQDJOLH H SHUz
KDQQRLOYHQWULJOLRDSDUHWLPROWRPXVFRORVH HGDELWDQRLPRQWLGHLSDHVLWHPSHUDWL/HORURFDUQLVRQRRWWLPH
GLVDSRUGHOLFDWRPDIUDOHGXHVSHFLHODSHUQLFHqGDSUHIHULUVL(FFRYLJOLLQJUHGLHQWLSHUTXHVWRSDVWLFFLR
8QDVWDUQDRSSXUHXQDSHUQLFHDOTXDQWRIUROOD
)HJDWLQLGLSROORQ
5RVVLG XRYRQO
)RJOLHG DOORURQ
0DUVDODGXHGLWDGLELFFKLHUHFRPXQH
7DUWXILQHULJUDPPL
/LQJXDVDODWDJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
%XUURJUDPPL
8QDPLGROODGLSDQHJURVVDTXDQWRXQSXJQR
8QSLFFROREDWWXWRGLFLSROODFDURWDHVHGDQR
8QSRFRGLEURGR
/DVWDUQDYXRWDWHODODYDWHODHPHWWHWHODDOIXRFRFROGHWWREDWWXWRFROEXUURFROSURVFLXWWRWDJOLDWRD
IHWWLQH FRQ OH IRJOLH G DOORUR LQWHUH H FRQGLWHOD FRQ VDOH H SHSH 4XDQGR OD FLSROOD DYUj SUHVR FRORUH
EDJQDWHODFRQODPDUVDODYHUVDWDSRFRSHUYROWDHVHQRQEDVWDSHUWLUDUODVWDUQDDPH]]DFRWWXUDVHUYLWHYL
GLEURGR7ROWDODVWDUQDGDOIXRFROHYDWHOHLOSHWWRHIRUPDWHQHRWWRILOHWWLFKHODVFLHUHWHLQGLVSDUWH,OUHVWR
WDJOLDWHORDSLFFROLSH]]LSHUWLUDUOLDFRWWXUDLQWHUDXQLFDPHQWHDLIHJDWLQLTXHOORGHOODVWDUQDFRPSUHVRYL
&RWWDFKHVLDTXHVWDUREDOHYDWHODDVFLXWWDHPHWWHWHODLQXQPRUWDLR JHWWDQGRYLDOHIRJOLHGHOO DOORUR
1HOO LQWLQWRFKHDQFRUDUHVWDJHWWDWHODPLGROODGHOSDQHHFRQXQSRFRGLEURGRULPHVWDQGRIDWHXQDSDSSD
FKHYHUVHUHWHDQFK HVVDQHOPRUWDLRFRPHSXUHODUDVFKLDWXUDGHLWDUWXILHSHVWHUHWHRJQLFRVDEHQILQHSHU
SDVVDUOD GDOOR VWDFFLR ,Q TXHVWR SDVVDWR VWHPSHUDWH LO URVVR G XRYR H ODYRUDWHOR EHQH FRO PHVWROR SHU
PDQWHFDUOR
2UD IRUPDWH OD SDVWD SHU FRSULUOR VHUYHQGRYL GHOOD ULFHWWD Q 3UHQGHWH XQR GL TXHJOL VWDPSL
VSHFLDOLSHUTXHVWLSDVWLFFLFKHVRQRIDWWLDEDUFKHWWDRURWRQGLVFDQQHOODWLGLIHUURELDQFRDFHUQLHUDFKHVL
DSUH8QJHWHORFROEXUURHWLUDWDODSDVWDVRWWLOHSRFRSLGLXQRVFXGRIRGHUDWHORFRQODPHGHVLPDHIDWHJOL
LOIRQGRFKHSRVHUHWHVRSUDXQDWHJOLDGLUDPHXQWDDQFK HVVDFROEXUUR
3ULPDJHWWDWHQHOIRQGRSDUWHGHOFRPSRVWRHGLVSRQHWHYLVRSUDXQDSDUWHGHLILOHWWL SHWWRGHOODVWDUQD
H OLQJXD HG DOFXQL SH]]HWWL GL WDUWXIL JURVVL TXDQWR OH QRFFLXROH HFUXGLSRL DOWUR FRPSRVWRLQWUDPH]]DWR GL
WDUWXIL H ILOHWWL H FRVu GL VHJXLWR VH LO SDVWLFFLR IRVVH YROXPLQRVR 3LJLDWHOR EHQH SHUFKp YHQJD WXWWR XQLWR H
FRPSDWWR H IDWHJOL LO FRSHUFKLR GHOOD VWHVVD SDVWD FRQ TXDOFKH RUQDPHQWR ODVFLDQGRYL QHO PH]]R XQ EXFR
RQGHVILDWLLOYDSRUH
'RUDWHLOGLIXRULHFXRFHWHORLQIRUQRRQHOIRUQRGDFDPSDJQDHTXDQGROROHYDWHFRSULWHLOEXFRFRQ
XQILRFFRGHOODVWHVVDSDVWDIDWWRDPLVXUDHFRWWRDSDUWH
/DVWHVVDUHJRODSRWHWHWHQHUHSHUXQSDVWLFFLRGLGXHEHFFDFFHOHTXDOLQRQKDQQRELVRJQRGLHVVHUH
YXRWDWHQpGHJOLLQWHVWLQLQpGHOYHQWULJOLRVROWDQWRYHULILFKHUHWHFKHQHOOHSDUWLEDVVHQRQYLVLDTXDOFRVDGL
SRFRRGRURVR
3$67,&&,2',&$51(
0DJURGLYLWHOODGLODWWHJUDPPL
0DJURGLPDLDOHJUDPPL
%XUURJUDPPL
3URVFLXWWRFRWWRWDJOLDWRJURVVRJUDPPL
/LQJXDVDODWDWDJOLDWDJURVVDJUDPPL
0LGROODGLSDQHJUDPPL
8QSHWWRGLSROOR
8QIHJDWLQRGLSROOR
8Q DOORGRODRXQXFFHOORFRQVLPLOH
8QWDUWXIR
0DUVDODXQGHFLOLWUR
0HWWHWHDOIXRFRFROGHWWREXUURHFRQGLWHOLFRQVDOHHSHSHODYLWHOODLOPDLDOHO XFFHOOR DFXLOHYHUHWH
LOEHFFRHOH]DPSH LOSHWWRGLSROORHSHUXOWLPRLOIHJDWLQREDJQDQGROLFRQODPDUVDODHSRLFRQEURGRSHU
WLUDUOLDFRWWXUDHSULPDGLOHYDUOLODVFLDWHFLSHUXQSRFRLOWDUWXIR3RLQHOO LQWLQWRFKHUHVWDJHWWDWHFLODPLGROOD
GHOSDQHSHUIDUHXQSRFRGLSDSSDHTXHVWDPHVVDLQXQPRUWDLRFRQO XFFHOOHWWRXQURVVRG XRYRODTXDUWD
SDUWH FLUFD GHOOD YLWHOOD H GHO PDLDOH IDWH XQ FRPSRVWR SDVVDQGROR GD XQR VWDFFLR GL ILO GL IHUUR PD VH
ULXVFLVVHWURSSRVRGRGLOXLWHORFRQEURGR
7XWWDODFDUQHULPDVWDLOSURVFLXWWRODOLQJXDLOIHJDWLQRHLOWDUWXIRWDJOLDWHOLDTXDGUHWWLJURVVLFRPHOH
QRFFLXROHHPHVFRODWHRJQLFRVDLQVLHPHXQLFDPHQWHFROFRPSRVWRSDVVDWR2UDSUHQGHWHXQRGHJOLVWDPSL
DSSRVLWLGDSDVWLFFLRGLIRUPDURWRQGDHVHUYHQGRYLGHOODSDVWDGHVFULWWDDOQLQFDVVDWHORPDTXDQGR
DYUHWH GLVWHVD SHU EHQH OD SDVWD WDQWR VXO IRQGR FKH LQWRUQR DOOR VWDPSR IRGHUDWHOD FRQ IHWWLQH GL ODUGRQH
VRWWLOL FRPH XQ YHOR H GRSR ULHPSLWR IDWHJOL LO VXR FRSHUFKLR UHJRODQGRYL SHO UHVWR FRPH LO SDVWLFFLR GL
FDFFLDJLRQHQ
6H OR GHVLGHUDVWH SL VLJQRULOH QRQ ULHPSLWH OR VWDPSR ILQR DOOD ERFFD H QHO YXRWR YHUVDWHFL GRSR
FRWWRXQSR GLJHODWLQDQHVHUYLWHORIUHGGRFRQDOWUDJHODWLQDDSDUWH
%DVWHUjSHURWWRSHUVRQH
3$67,&&,2',/(35(
&KL QRQ KD EXRQH EUDFFLD QRQ VL SURYL LQWRUQR D TXHVWR SDVWLFFLR /D QDWXUD DULGD GHOOH FDUQL GHOOD
EHVWLD GL FXL VL WUDWWD H LO PROWR RVVDPH ULFKLHGRQR XQD IDWLFD LPSURED SHU HVWUDUQH WXWWD OD VRVWDQ]D
SRVVLELOHVHQ]DGLFKHQRQIDUHVWHQXOODGLYHUDPHQWHEXRQR
4XHOOR FKH TXL YL GHVFULYR IX IDWWR DOOD PLD SUHVHQ]D QHOOH VHJXHQWL GRVL H SURSRU]LRQL VXOOH TXDOL
UHJRODQGRYLULWHQJRQRQVLDLOFDVRGLVFLXSDUHLYRVWULTXDWWULQL
0H]]DOHSUHVHQ]DWHVWDHJOL]DPSXFFLXQFKLORJUDPPR
0DJURGLYLWHOODGLODWWHJUDPPL
%XUURJUDPPL
/LQJXDVDODWDJUDPPL
*UDVVRGLSURVFLXWWRJUDPPL
3URVFLXWWRJUDVVRHPDJURWDJOLDWRJURVVRPH]]RGLWRJUDPPL
'HWWRWDJOLDWRILQHJUDPPL
7DUWXILQHULJUDPPL
)DULQDSHU ODEDOVDPHOODJUDPPL
0DUVDODGHFLOLWUL
8RYDQ
/DWWHPH]]RELFFKLHUH
%URGRTXDQWREDVWD
'DOODOHSUHGRSRDYHUODODYDWDHGDVFLXJDWDOHYDWHJUDPPLGLPDJURGDOILOHWWRRDOWURYHHSRQHWHOR
GDSDUWH3RLVFDUQLWHWXWWHOHRVVDSHUVHSDUDUOHGDOODFDUQHURPSHWHOHHSRQHWHDQFKHTXHVWHGDSDUWH/D
FDUQH WDJOLDWHOD D SH]]L H FRL VXGGHWWL JUDPPL GL PDJURODVFLDWR LQWHUR PHWWHWHOD LQ LQIXVLRQH FRQ GXH
WHU]LFLUFDGHOODGHWWDPDUVDODHFRLVHJXHQWLRGRULWDJOLDWLDOO LQJURVVRXQTXDUWRGLXQDJURVVDFLSROODPH]]D
FDURWDXQDFRVWRODGLVHGDQROXQJDXQSDOPRGLYHUVLJDPELGLSUH]]HPRORHGXHIRJOLHGLDOORUR&RQGLWHOD
FRQVDOHHSHSHULYROWDWHEHQHRJQLFRVDHODVFLDWHODLQULSRVRGLYHUVHRUH)UDWWDQWRQHWWDWHGDOOHSHOOHWLFKH
ODFDUQHGLYLWHOODGLODWWHVPLQX]]DWHODFROFROWHOORHSHVWDWHODQHOPRUWDLRTXDQWRSLILQHSRWHWH
6FRODWH GDOOD PDUVDOD OD FDUQH PHVVD LQ LQIXVLRQH H FRQ WXWWH OH RVVD JOL RGRUL LQGLFDWL LO JUDVVR GL
SURVFLXWWR WDJOLDWR D SH]]HWWLQL H JUDPPL GHO GHWWREXUURSRQHWHODLQXQDFD]]DUXRODFRSHUWDHDIXRFR
YLYR ODVFLDWHOD URVRODU EHQH ULPXRYHQGROD VSHVVR FRO PHVWROR H EDJQDQGROD TXDQGR VDUj DVFLXWWD FRQ
PDUVDOD VHUYHQGRYL DQFKH GL TXHOOD ULPDVWD GHOO LQIXVLRQH H FRQ EURGR ILQR D FRWWXUD FRPSOHWD $OORUD
VHSDUDWH QXRYDPHQWH OD FDUQH GDOOH RVVD H ULPHWWHWH GD SDUWH JOL JUDPPL GL PDJUR SHU IRUPDUH FRQ
TXHVWRFRLJUDPPLGLSURVFLXWWRHFRQODOLQJXDWDQWLILOHWWLJURVVLSLGLPH]]RGLWR
3HVWDWHSULPDWXWWDODFDUQHGHOODOHSUHQHOPRUWDLREDJQDQGRODGLTXDQGRLQTXDQGRSHUUHQGHUODSL
SDVWRVD PD QRQ WURSSR OLTXLGD FRO UHVWR GHOOD PDUVDOD H FRQ EURGR H SDVVDWHOD SRL SHVWDWH OH RVVD H
SURFXUDWH FKH SDVVL GL TXHVWH WXWWR TXHO FKH SL SRWHWH DYYHUWHQGRYL SHUz RFFRUUHUYL D TXHVW XRSR XQR
VWDFFLRGLILOGLIHUUR
2UD IDWH XQD EDOVDPHOOD FRQ JUDPPL GHO GHWWR EXUUR OD IDULQD H LO ODWWH LQGLFDWL H FRWWD FKH VLD
YHUVDWHQHOODVWHVVDFD]]DUXRODWXWWDODFDUQHSDVVDWDWDQWRTXHOODGHOODOHSUHFKHGHOODYLWHOODGLODWWHFUXGD
DJJLXQJHWH OH GXH XRYD PHVFRODWH EHQH HG DVVDJJLDWH LO FRPSRVWR VH q GRVDWR JLXVWR GL FRQGLPHQWL SHU
DJJLXQJHUHVHRFFRUUHVDOHHLOUHVWRGHOEXUUR
$GHVVRLQFDVVDWHLOSDVWLFFLRFROODSDVWDTXLVRWWRGHVFULWWDHSHUULHPSLUORUHJRODWHYLFRPHQHOQ
,WDUWXILWDJOLDWHOLDWRFFKHWWLJURVVLFRPHOHQRFFLXROHHFRVuFUXGLHFRQWXWWLLILOHWWLGHVFULWWLGLVSRQHWHOLDWUH
VXROLDOWHUQDWLFROFRPSRVWREHQSLJLDWRRQGHYHQJDQRVSDUVLUHJRODUPHQWHHIDFFLDQREHOODPRVWUDTXDQGRLO
SDVWLFFLRVLWDJOLD3HUXOWLPRGLVWHQGHWHJOLVRSUDLJUDPPLGLSURVFLXWWRDIHWWHSLXWWRVWRVRWWLOLHFRSULWHOR
3RWHWHFRSULUORFRQSDVWDVIRJOLDDPHWjFRPHTXHOODGHOODULFHWWDQRSSXUHFRQODVHJXHQWH
)DULQDJUDPPL
%XUURJUDPPL
6SLULWRGLYLQRFXFFKLDLQLQ
=XFFKHURFXFFKLDLQLQ
5RVVLG XRYRQ
/ DJURGLXQRVSLFFKLRGLOLPRQH
6DOHJUDPPL
$FTXDIUHGGDVHRFFRUUH
&RQ OD QRUPD GL TXHVWR VDOYR TXDOFKH YDULD]LRQH GHO FDVR SRWHWH IDUH GLYHUVL DOWUL SDVWLFFL GL
VHOYDJJLQDFRPHVDUHEEHGLFLJQDOHGDLQRHFDSULROR4XHVWRULWHQJRSRVVDEDVWDUHSHUXQSUDQ]RDQFKHGL
YHQWLSHUVRQH
3$1(',/(35(
(FFRYLXQDOWURULIUHGGR
0DJURGLOHSUHVHQ] RVVRJUDPPL
%XUURJUDPPL
)DULQDJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
5RVVLG XRYRQ
/DWWHPH]]ROLWUR
)DWHXQEDWWXWLQRWULWDWREHQILQHFRQJUDPPLFLUFDGLSURVFLXWWRHXQSH]]HWWRGLFLSROODPHWWHWHORDO
IXRFRFROODPHWjGHOGHWWREXUURHFRQODOHSUHWDJOLDWDDSLFFROLSH]]L VDODQGROD4XDQGRO XQWRVDUjTXDVL
FRQVXPDWR HSULPDFKHODFDUQHUzVROLYHUVDWHGHOEXRQEURGRSHUWLUDUODDFRWWXUD&RWWDFKHVLDSHVWDWHOD
QHOPRUWDLREDJQDQGRODFROVXRVXJRSRLSDVVDWHODSHULVWDFFLR
&ROODIDULQDLQGLFDWDFROUHVWRGHOEXUURHFROODWWHIDWHXQD EDOVDPHOOD HTXDQGRVDUjGLDFFLDIUXOODWH
EHQHLURVVLG XRYRHPHVFRODWHRJQLFRVDLQVLHPH0HWWHWHLOFRPSRVWRLQXQRVWDPSROLVFLRFRQXQDFDUWD
LPEXUUDWDQHOIRQGRHFXRFHWHORDEDJQRPDULD6HUYLWHORIUHGGRFRQWRUQDWRHFRSHUWRGLJHODWLQDPDSRLFKp
RJJLJLRUQR QHL SUDQ]L VL FHUFD PROWR OD EHOOH]]D H O HOHJDQ]D QHL SLDWWL HG DQFKH TXDOFKH JUDWD VRUSUHVD
PHJOLRVDUHEEHLQTXHVWRFDVRFKHLOSDQGLOHSUHIRVVHFRSHUWRGDXQDYHVWHWXWWDXQLWDGLJHODWLQDLOFKHVL
RWWLHQHIDFLOPHQWH6LSUHQGHXQRVWDPSRSLJUDQGHGLTXHOORFKHKDVHUYLWRDOSDQGLOHSUHVHQHFRSUHLO
IRQGRGLJHODWLQDHTXDQGRTXHVWDqUDSSUHVDYLVLFROORFDLOULIUHGGRLQPH]]RHVLULHPSLHFRQDOWUDJHODWLQD
OLTXLGDLOYXRWRDOO LQWRUQR
3$1',)(*$72
7UD L ULIUHGGL TXHVWR FKH YL GHVFULYR q XQR GHL PLJOLRUL HG KD LO GLULWWR SHO VXR GHOLFDWR VDSRUH GL
FRPSDULUHVXTXDOXQTXHWDYROD
)HJDWRGLYLWHOODGLODWWHJUDPPL
%XUURJUDPPL
0LGROODGLSDQHIUHVFRJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
)HJDWLQLGLSROORQ
0DUVDODGHFLOLWUL
6XJRGLFDUQHRSSXUHEURGRFXFFKLDLDWHQ
8RYDXQRLQWHURHGXHURVVL
8QDIRJOLDGLDOORUR
6DOHHSHSHTXDQWREDVWD
7DJOLDWHLOIHJDWRDIHWWHVRWWLOLHLIHJDWLQLLQGXHSDUWLHJHWWDWHTXHVWHGXHFRVHLQSDGHOODFRQODIRJOLD
GLDOORURHODPHWjGHOEXUURHTXDQGRORDYUDQQRDVVRUELWRDJJLXQJHWHO DOWUDPHWjHFRQGLWHFRQVDOHHSHSH
3RL YHUVDWH OD PDUVDOD H GRSR R PLQXWL DO SL GL IXRFR YLYR GRYHQGRLO IHJDWR ULPDQHU WHQHUR OHYDWHOR
DVFLXWWRHLQVLHPHFRQO DOORUR SHVWDWHORQHOPRUWDLR1HOO LQWLQWRFKHUHVWDLQSDGHOODVPLQX]]DWHODPLGROODGHO
SDQH H IDWHQH XQD SDSSD FKH JHWWHUHWH DQFK HVVD QHO PRUWDLR SRL SDVVDWH RJQL FRVD GDOOR VWDFFLR LQGL
DJJLXQJHWHLOSDUPLJLDQRHOHXRYDGLOXHQGRLOFRPSRVWRFROGHWWRVXJRREURGR3HUXOWLPRFROORFDWHORLQXQR
VWDPSROLVFLRFRQIRJOLRVRWWRXQWRFROEXUURHGDVVRGDWHORDEDJQRPDULD
6IRUPDWHOR WLHSLGR H TXDQGR VDUj GLDFFLR FRSULWHOR WXWWR GL JHODWLQD GHO Q HQWUR D XQR VWDPSR GL
FLUFRQIHUHQ]DPDJJLRUHGHOSULPR3RWUjEDVWDUHSHUGRGLFLSHUVRQH
3$67,&&,2',)(*$72
6HUYLWHYL GHO FRPSRVWR Q DJJLXQJHQGR VROWDQWR JUDPPL GL WDUWXIL QHUL WDJOLDWL D VSLFFKL H
IDFHQGR ORUR DO]DUH LO EROORUH QHOOD PDUVDOD SULPD GL VSDUJHUOL QHO SDVWLFFLR &RSULWHOR FRQ OD SDVWD GD
SDVWLFFLRQFXRFHWHORLQIRUQRRQHOIRUQRGDFDPSDJQDHVHUYLWHORIUHGGR3RWUjEDVWDUHDQFKHTXHVWR
SHUGRGLFLSHUVRQH
(5%$**,(/(*80,
*OLHUEDJJLSXUFKpQRQVHQHDEXVLVRQRXQHOHPHQWRGLLJLHQHQHOODFXFLQD'LOXLVFRQRLOVDQJXHH
DPDOJDPDWLDOODFDUQHUHQGRQRTXHVWDPHQRQDXVHDERQGDPDLOSLRPHQRXVRGHLPHGHVLPLLQXQSDHVH
TXDOVLDVLGLSHQGHLQJUDQSDUWHGDOFOLPD
=8&&+,1,&2/5(*$02
,OUHJDPR 2ULJDQXPYROJDUH q LOVHPHRGRURVRGLXQDSLDQWLFHOODVHOYDWLFDGHOODIDPLJOLDGHOOHODELDWH
3UHQGHWH ]XFFKLQL OXQJKL QRQ D SLFFROD TXDQWLWj SHUFKp VFHPDQR PROWR H WDJOLDWHOL D IHWWH URWRQGH
GHOOD JURVVH]]D GL XQR VFXGR 0HWWHWH DO IXRFR XQD VDXWp R XQD WHJOLD GL UDPH FRQ ROLR D EXRQD PLVXUD H
TXDQGRFRPLQFLDDEROOLUHJHWWDWHFLJOL]XFFKLQLFRVuQDWXUDOLHDIXRFRDUGHQWHULPXRYHWHOLVSHVVR&RQGLWHOL
D PH]]D FRWWXUD FRQ VDOH H SHSH H TXDQGR DFFHQQDQR D URVRODUH VSDUJHWHFL VRSUD XQ EXRQ SL]]LFR GL
UHJDPRHOHYDWHOLVXELWRFROODPHVWRODIRUDWD3RWUDQQRVHUYLUVLVROLRSHUFRQWRUQRHSLDFHUDQQR
,O UHJDPR VL SUHVWD D UHQGHUH RGRURVH DQFKH DOWUH YLYDQGH FRPH L IXQJKL LQ XPLGR OH XRYD QHO
WHJDPHOHDFFLXJKHHFF
=8&&+,1,5,3,(1,
*OL]XFFKLQLSHUIDUOLULSLHQLVLSRVVRQRWDJOLDUHRDPHWjSHULOOXQJRRDPHWjSHUWUDYHUVRRDQFKH
ODVFLDUOL LQWHUL ,R SUHIHULVFR TXHVW XOWLPR PRGR FRPH SL HOHJDQWH H SHUFKp JOL ]XFFKLQL IDQQR GL Vp EHOOD
PRVWUD &RPXQTXH VLD YDQQR YXRWDWL SHU IDU SRVWR DO ULSLHQR 3HU YXRWDUOL LQWHUL PHJOLR q LO VHUYLUVL GL XQ
FDQQHOORGLODWWDFKHVLIDSDVVDUHGDOEDVVRDOO DOWRPDVHSHUODPDJJLRUJURVVH]]DGHOOR]XFFKLQRLOYXRWR
QRQSDUHVVHJUDQGHDVXIILFLHQ]DDOODUJDWHORFRQXQFROWHOOLQRVRWWLOH
3HU IDUHLO ULSLHQR SUHQGHWH GHO PDJUR GL YLWHOOD GL ODWWH WDJOLDWHOR D SH]]L H PHWWHWHOR DO IXRFRLQ XQD
FD]]DUXROD FRQ XQ EDWWXWLQR GL FLSROOD SUH]]HPROR VHGDQR FDURWD XQ SRFR GL FDUQHVHFFD WDJOLDWD D
SH]]HWWLQLXQSRFRG ROLRVDOHHSHSH5LYROWDWHODGLIUHTXHQWHFRLPHVWRORHTXDQGRODFDUQHDYUjWLUDWRWXWWR
O XPLGRHSUHVRFRORUHYHUVDWHXQUDPDLROLQRG DFTXDGRSRFKHDYUjWLUDWRDQFKHTXHVWDYHUVDWHQHXQDOWUR
HGRSRSRFRXQDOWURDQFRUDSHUILQLUHGLFXRFHUODDYYHUWHQGRFKHYLUHVWLGHOVXJR$OORUDTXHVWRSDVVDWHOR
HODVFLDWHORLQGLVSDUWH
7ULWDWH OD FDUQH DVFLXWWD EHQ ILQH FROOD OXQHWWD H FRQ XQ XRYR XQ SRFR GL SDUPLJLDQR JUDWWDWR XQD
PLGROODGLSDQHEROOLWDQHOEURGRRQHOODWWHHO RGRUHGHOOHVSH]LHIDWHWXWWRXQFRPSRVWRHVHUYLWHYHQHSHU
ULSLHQR 3UHSDUDWL FRVu JOL ]XFFKLQL PHWWHWHOL D VRIIULJJHUH QHO EXUUR FXL IDUHWH SULPD SUHQGHUH LO FRORU
QRFFLXRODHSHUXOWLPRWLUDWHOLDFRWWXUDFROVXJRJLjPHVVRGDSDUWH
*OL]XFFKLQLVLSRVVRQRULHPSLUHDQFKHFROFRPSRVWRGHOQHPDQFDQGRYLLOVXJRGLFDUQHSRWHWH
FXRFHUOLRFROVROREXUURRFRQEXUURHVDOVDGLSRPRGRURQ
=8&&+,1,5,3,(1,',0$*52
3UHSDUDWHOL FRPH L SUHFHGHQWL H ULHPSLWHOL FRQ XQ FRPSRVWR IDWWR FRQ WRQQR VRWW ROLR WULWDWR ILQH FROOD
OXQHWWDHGLQWULVRFRQXRYDXQSL]]LFRGLSDUPLJLDQRH XQSRFRGLTXHOPLGROOROHYDWRGDJOL]XFFKLQLO RGRUH
GHOOHVSH]LHXQDSUHVDGLSHSHHSXQWRVDOH0HWWHWHOLDFXRFHUHQHOEXUURTXDQGRTXHVWRDYUjSUHVRLOFRORU
QRFFLXRODHDJJUD]LDWHOLFROODVDOVDGLSRPRGRURQ6HOLIDUHWHFRQDWWHQ]LRQHYLULXVFLUDQQRWDQWREXRQL
GDQRQFUHGHUVL
)$*,82/,1,(=8&&+,1($//$6$87e
4XHVWLHUEDJJLFRVuFXFLQDWLVHUYRQRSHUORSLGLFRQWRUQRRUDODFRVuGHWWDFXFLQDILQHKDULGRWWRO XVR
GHLFRQGLPHQWLDXQDJUDQGHVHPSOLFLWj6DUjSLLJLHQLFDVHYRJOLDPRHORVWRPDFRVLVHQWLUjSLOHJJLHUR
PDLOJXVWRQHVFDSLWDDOTXDQWRHYLHQHDPDQFDUHTXHOFHUWRVWLPRORFKHDPROWHSHUVRQHqQHFHVVDULRSHU
HFFLWDUH OD GLJHVWLRQH 4XL VLDPR LQ TXHVWR FDVR 6H WUDWWDVL GL IDJLXROLQL OHVVDWHOL D PHWj VH GL ]XFFKLQL
ODVFLDWHOLFUXGLWDJOLDWLDVSLFFKLRDWRFFKHWWLPHWWHWHOLDVRIIULJJHUHQHOEXUURTXDQGRTXHVWREROOHQGRDYUj
SUHVRLOFRORUQRFFLXROD3HUFRQGLPHQWRPHWWHWHVROWDQWRVDOHHSHSHLQSRFDTXDQWLWj
6HGRSRFRWWLLQTXHVWDPDQLHUDYLDJJLXQJHUHWHXQSRFRGLVXJRGLFDUQHRSSXUHXQSRFRGHOODVDOVD
GL SRPRGRUR Q QRQ VDUHWH SL QHOOH UHJROH GHOOD FXFLQD IRUHVWLHUD R PRGHUQD PD VHQWLUHWH D PLR
SDUHUHXQJXVWRPLJOLRUHHORVWRPDFRUHVWHUjSLVRGGLVIDWWR6HLOVXJRGLFDUQHRODVDOVDGLSRPRGRUR YL
PDQFDQRVSROYHUL]]DWHOLDOPHQRGLSDUPLJLDQRTXDQGROLULWLUDWHGDOIXRFR
)$*,82/,1,,16$/6$'¶8292
3UHQGHWHJUDPPLFLUFDGLIDJLXROLQLLQHUEDWRJOLHWHORUROHGXHSXQWHHLOILORHSRLFRPHGLFRQRL
FXRFKL LQ JHUJR IUDQFLRVR LPELDQFKLWHOL FLRq GDWH ORUR PH]]D FRWWXUD LQ DFTXD DOTXDQWR VDODWD /HYDWHOL
DVFLXWWLWDJOLDWHOLLQWUHSH]]LHWLUDWHOLDVDSRUHFROEXUURVDOHHSHSH)UXOODWHLQXQSHQWRORXQURVVRG XRYR
FRQXQFXFFKLDLQRGLIDULQDHLOVXJRGLXQTXDUWRGLOLPRQHDOOXQJDWHLOPLVFXJOLRFRQXQUDPDLXRORGLEURGR
JKLDFFLRGLJUDVVDWRHSRQHWHTXHVWROLTXLGRDOIXRFRLQXQDFD]]DUROLQDJLUDQGRVHPSUHLOPHVWRORHTXDQGR
SHU OD FRWWXUD VDUj GLYHQXWR FRPH XQD FUHPD VFRUUHYROH YHUVDWHOR VXL IDJLXROLQL WHQHWH TXHVWL DQFRUD XQ
SRFRVXOIXRFRSHUFKpODVDOVDV LQFRUSRULHVHUYLWHOLSHUFRQWRUQRDOOHVVR
3HU IDU SUHQGHUH DL IDJLXROLQL H DJOL ]XFFKLQL XQ EHO YHUGH JHWWDWH QHOO DFTXD TXDQGR EROOH ROWUH DO
VDOHXQFXFFKLDLQRGLVRGD
)$*,82/,1,&2//$ %$/6$0(//$
/HVVDWH L IDJLXROLQL LQ PRGR FKH PHGLDQWH XQ FXFFKLDLQR GL VRGD UHVWLQR EHQ YHUGL 3RLVRIIULJJHWHOL
QHOEXUURPDOHJJHUPHQWHRQGHQRQSHUGDQRLOEHOFRORUHHFRQGLWHOLFRQVDOHHSHSH9HUVDWHFLVRSUDXQD
EDOVDPHOOD VFRUUHYROHPDQRQWURSSRFRSLRVDIDWWDFRQSDQQDEXUURHIDULQDHPDQGDWHOLLQWDYRODFRQXQ
FRQWRUQRGLSDQHIULWWRWDJOLDWRDPDQGRUOH3RVVRQRVHUYLUHSHUWUDPHVVRLQXQSUDQ]R
)$*,82/,1,&21/¶2'25(',9$,1,*/,$
3RQHWHLIDJLXROLQLLQPROOHQHOO DFTXDIUHVFDHVHVRQRWHQHULPHWWHWHOLFUXGLHLQWHULVHQ]DVJURQGDUOL
WURSSRLQXPLGRQHOVHJXHQWHPRGR
)DWHXQVRIIULWWRFRQROLRXQRVFDORJQRSUH]]HPRORFDURWDHVHGDQRLOWXWWRWULWDWRILQH,QYHFHGHOOR
VFDORJQRSXzVHUYLUHODFLSROODQRYHOOLQDRODFLSROODFRPXQH&RQGLWHORFRQVDOHHSHSHHTXDQGRDYUjSUHVR
FRORUH DOOXQJDWHOR FRQ EURGR R SDVVDWHOR VSUHPHQGROR EHQH $ TXHVWR VXJR SDVVDWR DJJLXQJHWH VXJR GL
SRPRGRURHQHOPHGHVLPRJHWWDWHLIDJLXROLQLSHUFXRFHUOLSULPDGLOHYDUOLDJJUD]LDWHOLFRQGXHFXFFKLDLQLGL
]XFFKHURYDQLJOLDWRHVHTXHVWRRGRUHQRQSLDFHVRVWLWXLWHODQHSLWHOOD
)$*,82/,1,'$//¶2&&+,2,1(5%$$//¶$5(7,1$
6SXQWDWHOLDOOHGXHHVWUHPLWjHWDJOLDWHOLLQWUHSDUWL0HWWHWHOLLQXQDFD]]DUXRODFRQGXHVSLFFKLG DJOLR
LQWHUL VXJR GL SRPRGRUR FUXGR H FRQ WDQW DFTXD GLDFFLD FKH OL ULFRSUD &RQGLWHOL FRQ ROLR VDOH H SHSH SRL
PHWWHWHOLDOIXRFRHIDWHOLEROOLUHDGDJLRILQRDFRWWXUDFRPSOHWDDYYHUWHQGRFKHYLUHVWLDOTXDQWRVXJRULVWUHWWR
SHUUHQGHUOLSLJUDGHYROL3RVVRQRVHUYLUH FRPHSLDWWRGLWUDPHVVRRGLFRQWRUQRDOOHVVR
)$*,82/,$*8,6$'¶8&&(//,1,
1HOOHWUDWWRULHGL)LUHQ]HKRVHQWLWRFKLDPDUHIDJLXROLDOO XFFHOOHWWRLIDJLXROLVJUDQDWLFXFLQDWLFRVu
&XRFHWHOL SULPD QHOO DFTXD H OHYDWHOL DVFLXWWL 0HWWHWH XQ WHJDPH DO IXRFR FRQ O ROLR LQ SURSRU]LRQH H
GLYHUVH IRJOLH GL VDOYLD TXDQGR O ROLR JULOOHWWD IRUWH EXWWDWH JL L IDJLXROL H FRQGLWHOL FRQ VDOH H SHSH )DWHOL
VRIIULJJHUH WDQWR FKH WLULQR O XQWR H GL TXDQGR LQ TXDQGR VFXRWHWH LO YDVR SHU PHVFRODUOL SRL YHUVDWH VXL
PHGHVLPL XQ SRFR GL VXJR VHPSOLFH GL SRPRGRUR H DOORUFKp TXHVWR VL VDUj LQFRUSRUDWR OHYDWHOL $QFKH L
IDJLXROLVHFFKLGLEXFFLDILQHSRVVRQRVHUYLUHDOFDVRGRSROHVVDWL
4XHVWLIDJLXROLVLSUHVWDQRPROWREHQHSHUFRQWRUQRDOOHVVRVHQRQVLYRJOLRQRPDQJLDUGDVROL
)$*,82/,6*5$1$7,3(5&2172512$//(662
)DJLXROLVJUDQDWLJUDPPL
&DUQHVHFFDLQWHUDJUDPPL
$FTXDGHFLOLWUL
2OLRFXFFKLDLDWH
8QDFLRFFKHWWLQDGLRIRJOLHGLVDOYLD
6DOHHSHSHELDQFR
0HWWHWH DO IXRFR L IDJLXROL FRQ WXWWL JO LQJUHGLHQWL VXGGHWWL IDWHOL EROOLUH DGDJLR H VFXRWHWHOL VSHVVR
/HYDWHODVDOYLDHODFDUQHVHFFDHVHUYLWHOLÊXQFRQWRUQRFKHSRWUjEDVWDUHSHUTXDWWURSHUVRQH
6)250$72',)$*,82/,1,
3UHQGHWH JUDPPL GL IDJLXROLQL EHQ WHQHUL H OHYDWH ORUR OH SXQWH H LO ILOR VH O KDQQR *HWWDWHOL
QHOO DFTXD EROOHQWH FRQ XQ SL]]LFR GL VDOH HG DSSHQD DYUDQQR ULSUHVR LO EROORUH OHYDWHOL DVFLXWWL H EXWWDWHOL
QHOO DFTXDIUHVFD
6HDYHWHVXJRGLFDUQHWLUDWHOLDVDSRUHFRQTXHVWRHFROEXUURVHQRIDWHXQVRIIULWWRFRQXQTXDUWRGL
FLSROODDOFXQHIRJOLHGLSUH]]HPRORXQSH]]RGLVHGDQRHROLRHTXDQGRODFLSROODDYUjSUHVRFRORUHEXWWDWH
JLLIDJLXROLQLFRQGHQGROLFRQVDOHHSHSHHWLUDQGROLDFRWWXUDFRQXQSR¶G DFTXD VHRFFRUUH
3UHSDUDWH XQD EDOVDPHOOD FRQ JUDPPL GL EXUUR XQD FXFFKLDLDWDVFDUVD GL IDULQD H GXH GHFLOLWUL GL
ODWWH&RQTXHVWDFRQXQSXJQRGLSDUPLJLDQRJUDWWDWRHFRQTXDWWURXRYDIUXOODWHOHJDWHLGHWWLIDJLXROLQLJLj
GLDFFLDWLPHVFRODWHHYHUVDWHLOFRPSRVWRLQXQRVWDPSROLVFLRLPEXUUDWRSULPDHLOFXLIRQGRVLDFRSHUWRGL
XQIRJOLR&XRFHWHORDOIXRFRRDEDJQRPDULDHVHUYLWHORFDOGR
6)250$72',&$92/),25(
3UHQGHWH XQD SDOOD GL FDYROILRUH H DPPHVVR FKH TXHVWD VLD SHU HVHPSLR GHO SHVR GL JUDPPL QHWWDGDOJDPERHGDOOHIRJOLHDGRSHUDWHSHUFRQGLPHQWROHVHJXHQWLGRVLDOO LQFLUFD
/DWWHGHFLOLWUL
8RYDQ
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
'DWH PH]]D FRWWXUD QHOO DFTXD DOOD SDOOD GHO FDYROILRUH H GRSR WDJOLDWHOD D SH]]HWWL 3RQHWHOL D
VRIIULJJHUHFROODPHWjGHOGHWWREXUURVDODQGROLHTXDQGRO DYUDQQRWLUDWRILQLWHGLFXRFHUOLFRQXQSRFRGHO
GHWWRODWWHSRLSRWHWHODVFLDUOL FRVuRSDVVDUOLGDOORVWDFFLR&ROODULPDQHQ]DGHOEXUURHGHOODWWHHFRQXQD
FXFFKLDLDWD GL IDULQD QRQ FROPD IDWH XQDEDOVDPHOOD H DJJLXQJHWHOD DO FRPSRVWRLQVLHPH FROOH XRYD SULPD
IUXOODWHHFROSDUPLJLDQR&XRFHWHORLQXQRVWDPSROLVFLRFRPHORVIRUPDWRGLIDJLXROLQLHVHUYLWHORFDOGR
4XHVWDTXDQWLWjSXz EDVWDUHSHUVHLSHUVRQH
&$92/),25($//¶862',520$*1$
'LYLGHWH XQD JURVVD SDOOD GL FDYROILRUH R GXH VH VRQR SLFFROH LQ VSLFFKLHWWLQL FKH ODYHUHWH H FRVu
FUXGL VHQ]D DVFLXJDUOL FXRFHWHOL LQ TXHVWR PRGR SRQHWH DO IXRFR XQ EDWWXWR SURSRU]LRQDWR GL DJOLR
SUH]]HPROR H ROLR H TXDQGR VDUj URVRODWR IHUPDWHOR FRQ XQ JRFFLROR G DFTXD *HWWDWHFL DOORUD LO FDYROILRUH
FRQGHQGROR FRQ VDOH H SHSH H TXDQGR DYUj DVVRUELWR LO EDWWXWR WLUDWHOR D FRWWXUD PHGLDQWH FRQVHUYD GL
SRPRGRURVFLROWDQHOO DFTXDFDOGD 'DWHJOLJUD]LDHSLVDSRUHFROSDUPLJLDQRTXDQGRORPDQGDWHLQWDYROD
RYHSXzVHUYLUSHUFRQWRUQRDOOHVVRDXQXPLGRRDGXQFRWHJKLQR
6)250$72',&$5'21,
5HJRODWHYL LQ WXWWR FRPH SHU OR VIRUPDWR GL FDYROILRUH GHO QXPHUR 7DJOLDWH LO FDUGRQH D SLFFROL
SH]]LRQGHYHQJDQRSHQHWUDWLEHQHGDOFRQGLPHQWRSULPDGLPHWWHUORQHOORVWDPSRDVVDJJLDWHOR
6)250$72',63,1$&,
/HVVDWH JOL VSLQDFL LQ SRFKLVVLPD DFTXD R VROWDQWR FRQ TXHOOD FKH VJURQGD GDL PHGHVLPL TXDQGR OL
OHYDWH GDOO DFTXD IUHVFD GRY HUDQR LQ PROOH 3DVVDWHOL GDOOR VWDFFLR H UHJRODQGRYL VXOOD TXDQWLWj
FRQGL]LRQDWHOL FRQ VDOH SHSH FDQQHOOD LQ SROYHUH DOFXQH FXFFKLDLDWH GL EDOVDPHOOD Q EXUUR XRYD
SDUPLJLDQRXQSXJQHOORGLXYDVHFFDR]LELEERDLTXDOLVLDQVLWROWLL VHPLRSSXUHXYDSDVVROLQD0HVFRODWH
SHUEHQHHYHUVDWHLOFRPSRVWRLQXQDIRUPDOLVFLDEXFDWDQHOPH]]RFXRFHQGRORDEDJQRPDULD6IRUPDWHOR
TXDQG q WXWWRUD FDOGR H PDQGDWHOR LQ WDYROD ULHPSLWR GL XQ XPLGR GHOLFDWR GL ULJDJOLH GL SROOR RSSXUH GL
DQLPHOOHRGLYLWHOODGLODWWHRDQFKHGLWXWWHTXHVWHFRVHLQVLHPHIUDPPLVWHDSH]]HWWLGLIXQJKLVHFFKL
6)250$72',&$5&,2),
4XHVWRqXQRVIRUPDWRGDIDUVLTXDQGRLFDUFLRILFRVWDQRSRFRHYHORGRSHUXQRGH SLGHOLFDWL
/HYDWHDLFDUFLRILOHIRJOLHSLGXUHVSXQWDWHOLHVEXFFLDWHQHLJDPELODVFLDQGROLWXWWLDQFKHVHVRQR
OXQJKL7DJOLDWHOLLQTXDWWURVSLFFKLHIDWHOLEROOLUHQHOO DFTXDVDODWDSHUVROLFLQTXHPLQXWL6HOLODVFLDWHGLSL
VRSUDDOIXRFRROWUHDGLQ]XSSDUVLWURSSRGLDFTXDSHUGRQRPROWRGHOORURDURPD/HYDWHOLDVFLXWWLSHVWDWHOL
QHOPRUWDLRHSDVVDWHOLSHULVWDFFLR'RVDWHODSROSDFRVuRWWHQXWDFRQWXWWLTXHJOLLQJUHGLHQWLVROLWLQHJOLDOWUL
VIRUPDWLGLHUEDJJLRHFLRqXRYDQRQIDFHQGRDYDUL]LDG XQRGLSLRQGHUHVWULQJDGXHRWUHFXFFKLDLDWHGL
EDOVDPHOOD RYH QRQ LVFDUVHJJL LO EXUUR SDUPLJLDQR VDOH H RGRUH GL QRFH PRVFDWD PD DVVDJJLDWH LO
FRPSRVWRSLYROWHSHUULGXUORDJLXVWRVDSRUH
6HDYHWHVXJRGLFDUQHRGLVWUDFRWWRQRQqPDOHO XQLUFLXQSRFRDQFKHGLTXHVWR HVHLFDUFLRILVRQR
WHQHULDQ]LFKpSDVVDUOLSRWHWHODVFLDUOLDSLFFROLVSLFFKL
&XRFHWHOR D EDJQRPDULDLQ XQR VWDPSR EXFDWR VH DYHWH XQ LQWLQJROR GL FDUQH SHU ULHPSLUOR VH QR
PHWWHWHORLQXQRVWDPSROLVFLRHVHUYLWHORSHUWUDPHVVR
6)250$72',),12&&+,
4XHVWR VIRUPDWR SHU UDJLRQH GHO JUDWR RGRUH H GHO VDSRUH GROFLJQR GH ILQRFFKL ULHVFH XQR GH SL
JHQWLOL
/HYDWH DL ILQRFFKL OH IRJOLH SL GXUH WDJOLDWHOL D SLFFROL VSLFFKL H FXRFHWHOL SHU GXH WHU]L QHOO DFTXD
VDODWD SRL VFRODWHOL EHQH H PHWWHWHOL D VRIIULJJHUH FRQ XQ SH]]HWWR GL EXUUR &RQGLWHOL FRQ VDOH H TXDQGR
DYUDQQRVXFFKLDWRLOEXUUREDJQDWHOLFRQXQSRFRGLODWWHDOORUFKpDYUDQQR WLUDWRDQFKHTXHVWRDJJLXQJHWH
XQ SR GL EDOVDPHOOD 5LWLUDWHOL GDO IXRFR H ODVFLDWHOL FRPH VRQR R SDVVDWHOL GDOOR VWDFFLR TXDQGR VDUDQQR
GLDFFLXQLWHFLSDUPLJLDQRJUDWWDWRHDVHFRQGDGHOODTXDQWLWjWUHRTXDWWURXRYDIUXOODWH9HUVDWHLOFRPSRVWR
LQXQRVWDPSROLVFLRRFROEXFRQHOPH]]RUHJRODQGRYLFRPHSHUJOLDOWULVIRUPDWLFXRFHWHORDEDJQRPDULD
HVHUYLWHORFDOGRFRPHSLDWWRGLWUDPHVVRRLQFRPSDJQLDGLXQFDSSRQHOHVVDWR3RWHWHDQFKHJXDUQLUORGL
XQPDQLFDUHWWRGLULJDJOLHHDQLPHOOH
)81*+,0$1*(5(&&,
, IXQJKL SHL SULQFLSLL D]RWDWL FKH FRQWHQJRQR VRQR IUD L YHJHWDOL L SL QXWULHQWL ,O IXQJR SHO VXR
SURIXPRSDUWLFRODUHqXQFLERJUDWLVVLPRHGqJUDQSHFFDWRFKHIUDOHWDQWHVXHVSHFLHVHQHWURYLQRGHOOH
YHOHQRVH OH TXDOL VROR XQ RFFKLR HVHUFLWDWR H SUDWLFR SXz GLVWLQJXHUH GDOOH LQQRFXH XQD FHUWD JDUDQ]LD
SRVVRQRGDUODOHORFDOLWjULFRQRVFLXWHSHUOXQJDHVSHULHQ]DHVHQWLGDSHULFROR
,Q )LUHQ]H DG HVHPSLR VL ID XQ XVR HQRUPH GL IXQJKL FKH VFHQGRQR GDL ERVFKL GHOOH FLUFRVWDQWL
PRQWDJQHHVHODVWDJLRQHqSLRYRVDFRPLQFLDQRDGDSSDULUHQHOJLXJQRPDLOIRUWHGHOODSURGX]LRQHqLQ
VHWWHPEUH $ ORGH GHO YHUR ELVRJQD GLUH FKH OD FLWWj QRQ q PDL VWDWD IXQHVWDWD GD GLVJUD]LH FDJLRQDWH GD
TXHVWLYHJHWDOLIRUVHSHUFKpOHGXHVSHFLHFKHTXDVLHVFOXVLYDPHQWHYLVLFRQVXPDQRVRQRLSRUFLQLGLFRORU
EURQ]DWR H JOL RYROL 7DQWD q OD ILGXFLD QHOOD ORUR LQQRFXLWj FKH QRQ VL SUHQGH QHVVXQD SUHFDX]LRQH LQ
SURSRVLWR QHSSXU TXHOOD FKH VXJJHULVFRQR DOFXQL GL IDU ORUR DO]DUH LO EROORUH LQ DFTXD DFLGXODWD G DFHWR
FDXWHODFKHSHUDOWURVDUHEEHDFDULFRGHOODORURERQWj
'HOOH GXH VSHFLH VRSUDLQGLFDWH L SRUFLQL VL SUHVWDQR PHJOLR IULWWL H LQ XPLGR JOL RYROL WULSSDWL H LQ
JUDWHOOD
)81*+,)5,77,
6FHJOLHWH IXQJKL GL PH]]DQD JUDQGH]]D FKH VRQR DQFKH GL JLXVWD PDWXUD]LRQH SL JUDQGL ULHVFRQR
PROOLFRQLHPROWRSLFFROLVDUHEEHURWURSSRGXUL
5DVFKLDWHQH LO JDPER QHWWDWHOL GDOOD WHUUD H ODYDWHOL LQWHUL VHQ]DWHQHUOL LQ PROOH FKH VSHQGHUHEEHUR
QHOO DFTXDLOORURJUDWRSURIXPR3RLWDJOLDWHOLDIHWWHSLXWWRVWRJURVVHHLQIDULQDWHOLSULPDGLJHWWDUOLLQSDGHOOD
/ ROLR q LO PLJOLRUH GHJOL XQWL SHU TXHVWD IULWWXUDH LO FRQGLPHQWR VL FRPSRQH HVFOXVLYDPHQWH GL VDOH H SHSH
FKHYLVLVSDUJHTXDQGRVRQRDQFRUDDEROORUH6LSRVVRQRDQFKHGRUDUHJHWWDQGROLQHOO XRYRGRSRLQIDULQDWL
PDFLzqVXSHUIOXR
)81*+,,180,'2
3HU O XPLGR VRQR GD SUHIHULUVL TXHOOL FKH VWDQQR VRWWR OD JUDQGH]]D PHGLRFUH 1HWWDWHOL ODYDWHOL H
WDJOLDWHOL D IHWWH SL VRWWLOL GHL SUHFHGHQWL 0HWWHWH XQ WHJDPH DO IXRFR FRQ ROLR TXDOFKH VSLFFKLR GL DJOLR
LQWHURXQSR DPPDFFDWRHXQEXRQSL]]LFRGLIRJOLHGLQHSLWHOOD4XDQGRO ROLRFRPLQFLDDJULOOHWWDUHJHWWDWH
JLLIXQJKLVHQ]DLQIDULQDUOLFRQGLWHOLFRQVDOHHSHSHHDPH]]DFRWWXUDEDJQDWHOLFRQVXJRGLSRPRGRUR
VHPSOLFHVLDWHSHUzSDUFKLFRLFRQGLPHQWLSHUFKpLIXQJKLQRQOLDVVRUERQR
)81*+,75,33$7,
$TXHVWDFXFLQDWXUDVLSUHVWDQREHQHJOLRYROLHVLGLFRQR WULSSDWLIRUVHSHUFKpYHQJRQRWUDWWDWLFRPHOD
WULSSD*OLRYROLFRPHVDSHWHVRQRGLFRORUJLDOORDUDQFLRQHLSLJLRYDQLVRQRFKLXVLLQIRUPDG XRYRLSL
PDWXUL VRQRDSHUWLHVSLDQDWL3UHIHULWHLSULPL HGRSRDYHUOL QHWWDWLHODYDWLWDJOLDWHOLDIHWWHVRWWLOL&XRFHWHOL
QHO EXUUR H FRQGLWHOL FRQ VDOHSHSH H SDUPLJLDQR JUDWWDWR 6H DJJLXQJHWH VXJR GL FDUQH ULXVFLUDQQR DQFKH
PLJOLRUL
)81*+,,1*5$7(//$
*OLRYROLDSHUWLVRQRLSL DWWLDTXHVWDFXFLQDWXUD'RSRDYHUOLQHWWDWLHODYDWLDVFLXJDWHOLIUDOHSLHJKH
GL XQ FDQRYDFFLR H FRQGLWHOL FRQ ROLR VDOH H SHSH 6HUYRQR PROWR EHQH SHU FRQWRUQR DOOD ELVWHFFD R D XQ
DUURVWRTXDOXQTXH
)81*+,6(&&+,
2JQL DQQR LQ VHWWHPEUH TXDQGR FRVWDQR SRFR LR IR OD PLD SURYYLVWD GL IXQJKL SRUFLQL H OL VHFFR LQ
FDVD3HUTXHVWDRSHUD]LRQHDVSHWWDWHXQDYHODGLWHPSREXRQRSHUFKpHVVHQGRLQGLVSHQVDELOHLOFDORUHGHO
VROHYLSRWUHEEHURDQGDUHDPDOH3UHIHULWHIXQJKLJLRYDQLGXULGLPH]]DQDJUDQGH]]DHGDQFKHJURVVLPD
QRQPROOLFRQL5DVFKLDWHQHLOJDPERQHWWDWHOLEHQHGDOODWHUUDVHQ]DODYDUOL HWDJOLDWHOLDSH]]LPROWRJURVVL
SHUFKp VHFFDQGR GLPLQXLVFRQR XQ YLVLELOLR 6H QHOO DSULUOL WURYHUHWH GHL EDFROLQL QHO JDPER WDJOLDWH YLD
VROWDQWRTXHOODSDUWHFKHHVVLDYHYDQRFRPLQFLDWRDJXDVWDUH
7HQHWHOL HVSRVWL FRQWLQXDPHQWH DO VROH SHU GXH R WUHJLRUQLSRLLQILODWHOLHWHQHWHOLDOO DULDYHQWLODWDHG
DQFKH QXRYDPHQWH DO VROH ILQFKp QRQ VDUDQQR VHFFKL GHO WXWWR $OORUD ULSRQHWHOL H WHQHWHOL EHQ FKLXVL LQ XQ
FDUWRFFLR RLQ XQ VDFFKHWWR GL FDUWDPD D OXQJKL LQWHUYDOOL QRQ PDQFDWH GL YLVLWDUOL SHUFKp L IXQJKL KDQQRLO
YL]LRGLULQYHQLUHVHFLzDFFDGHVVHELVRJQDGLQXRYRHVSRUOLSHUTXDOFKHRUDDOODYHQWLOD]LRQH6HQ]DTXHVWR
FXVWRGLPHQWRF qLOFDVRFKHOLWURYLDWHWXWWLEDFDWL
3HU VHUYLUVHQH YDQQR UDPPROOLWL QHOO DFTXD FDOGDPDWHQHWHFHOLLOPHQRSRVVLELOHRQGHQRQSHUGDQR
O RGRUH
3(721&,$1,
,OSHWRQFLDQRRPHODQ]DQDqXQRUWDJJLRGDQRQGLVSUH]]DUVLSHUODUDJLRQHFKHQRQqQp YHQWRVRQp
LQGLJHVWR 6L SUHVWD PROWR EHQH DL FRQWRUQL HG DQFKH PDQJLDWR VROR FRPH SLDWWR G HUEDJJL q WXWW DOWUR FKH
VJUDGHYROHVSHFLDOPHQWHLQTXHLSDHVLGRYHLOVXRJXVWRDPDURJQRORQRQULHVFHWURSSRVHQVLELOH6RQRGD
SUHIHULUVL L SHWRQFLDQL SLFFROL H GL PH]]DQD JUDQGH]]D QHO WLPRUH FKH L JURVVL QRQ VLDQR DPDUL SHU WURSSD
PDWXUD]LRQH
3HWRQFLDQLHILQRFFKLTXDUDQW DQQLRUVRQRVLYHGHYDQRDSSHQDVXOPHUFDWRGL)LUHQ]HYLHUDQRWHQXWL
DYLOHFRPHFLERGDHEUHLLTXDOLGLPRVWUHUHEEHURLQTXHVWRFRPHLQDOWUHFRVHGLPDJJLRUULOLHYRFKHKDQQR
VHPSUHDYXWREXRQQDVRSLGH FULVWLDQL
, SHWRQFLDQL IULWWL SRVVRQR VHUYLUH GL FRQWRUQR D XQ SLDWWR GL SHVFH IULWWR IDWWL LQ XPLGR DO OHVVR LQ
JUDWHOODDOODELVWHFFDDOOHEUDFLROHGLYLWHOODGLODWWHRDXQDUURVWRTXDOXQTXH
3(721&,$1,)5,77,
6EXFFLDWHOLWDJOLDWHOLDWRFFKHWWLSLXWWRVWRJURVVLVDODWHOLHODVFLDWHOLVWDUHSHUTXDOFKHRUD
$VFLXJDWHOLGDOO XPLGRFKHKDQQREXWWDWRLQIDULQDWHOLHIULJJHWHOLQHOO ROLR
3(721&,$1,,180,'2
6EXFFLDWHOLWDJOLDWHOLDWRFFKHWWLHPHWWHWHOLDOIXRFRFRQXQSR GLEXUUR4XDQGRORDYUDQQRVXFFKLDWR
WLUDWHOLDFRWWXUDFROODVDOVDGLSRPRGRURQ
3(721&,$1,,1*5$7(//$
7DJOLDWHOL D PHWj SHU LO OXQJR VHQ]D VEXFFLDUOL IDWH ORUR GHOOH LQFLVLRQL JUDWLFRODWH VXOOD SDUWH ELDQFD
FRQGLWHOL FRQ VDOHSHSH H ROLR SRQHWHOL LQ JUDWHOOD GDOOD SDUWH GHOOD EXFFLDSRL FRSULWHOLFRQXQFRSHUFKLRR
WHJDPHGLIHUURHFXRFHWHOLIUDGXHIXRFKLFKHFRVuQRQKDQQRELVRJQRG HVVHUYROWDWLDPH]]DFRWWXUDGDWH
ORURXQ DOWUDXQWDWLQDG ROLR6DUDQQRFRWWLTXDQGRODSROSDqGLYHQWDWDPRUELGD
7257,12',3(721&,$1,
6EXFFLDWHVHWWHRGRWWRSHWRQFLDQLWDJOLDWHOLDIHWWLQHURWRQGHHVDODWHOLRQGHEXWWLQR IXRULO DFTXD'RSR
TXDOFKHRUDLQIDULQDWHOLHIULJJHWHOLQHOO ROLR
3UHQGHWH XQ YDVVRLRFKH UHJJD DO IXRFR H VXRORSHUVXRORFRQGLWHOLFRQSDUPLJLDQRJUDWWDWRHFROOD
VDOVD GL SRPRGRUR Q GLVSRQHQGROL LQ PRGR FKH IDFFLDQR XQD EHOOD FROPD )UXOODWH XQ XRYR FRQ XQD
SUHVDGLVDOHXQDFXFFKLDLDWDGLGHWWDVDOVDXQFXFFKLDLQRGLSDUPLJLDQRGXHGLSDQJUDWWDWRHFRQTXHVWR
FRPSRVWR FRSULWHQH OD VXSHUILFLH 3RQHWH LO YDVVRLR VRWWR DO FRSHUFKLR GHO IRUQR GD FDPSDJQD FRO IXRFR
VRSUD H TXDQGR O XRYR VDUj UDSSUHVR PDQGDWH LO WRUWLQR LQ WDYROD 3Xz VHUYLUH VROR SHU WUDPHVVR R
DFFRPSDJQDWRGDXQSLDWWRGLFDUQH/DFRSHUWXUDG XRYRVHUYHDGDUHDOSLDWWRPLJOLRUHDSSDUHQ]D
&$5'21,,17(*/,$
,FDUGRQLGHWWLYROJDUPHQWHJREELSHUODORURDIILQLWj FRLFDUFLRILVLSRVVRQRFXFLQDUHFRPHTXHVWL Q
VHQRQFKHGRSRDYHUQHWWDWLEHQHLFDUGRQLGDLILODPHQWLGLFXLqLQWHVVXWDODSDUWHHVWHUQDVLGHYHGDU
ORURPHWjFRWWXUDLQDFTXDVDODWDJHWWDQGROLVXELWRGRSRQHOO DFTXDIUHVFDRQGHQRQDQQHULVFDQR
7DJOLDWHOL D SH]]HWWL LQIDULQDWHOL H TXDQGR O ROLR FRPLQFLD D EROOLUH EXWWDWHOL JL H FRQGLWHOL FRQ VDOH H
SHSH/HXRYDIUXOODWHOHSULPDHDVSHWWDWHGLYHUVDUOHTXDQGRLFDUGRQLVDUDQQRURVRODWLGDDPEHGXHOHSDUWL
,O FDUGRQH q XQ HUEDJJLR VDQR GL IDFLOH GLJHVWLRQH ULQIUHVFDQWH SRFR QXWULWLYR HG LQVLSLGR SHUFLz q
EHQHGDUJOLPROWRFRQGLPHQWRFRPHqLQGLFDWRDOQ
ÊSRLWDOHODVXDDIILQLWjFRLFDUFLRILFKHVRWWHUUDQGRLIXVWLGLTXHVW XOWLPDSLDQWDTXDQGRQRQGjSL
IUXWWLVLRWWHQJRQRLFRVuGHWWLFDUGXFFL
&$5'21,,180,'2
'RSR DYHUOL OHVVDWL FRPH L SUHFHGHQWL PHWWHWHOL LQ XPLGRFRQ XQ EDWWXWLQR G DJOLR H SUH]]HPROR ROLR
VDOHHSHSH
6H OL GHVLGHUDWH SL JUDWL DO JXVWR H GL SL EHOOD DSSDUHQ]D FRSULWHOL GL XQD VDOVD G XRYR H OLPRQH
TXDQGR VRQR JLj VXO YDVVRLR )UXOODWH TXDOFKH XRYR FRQ DJUR GL OLPRQH PHWWHWH LO OLTXLGR DO IXRFR LQ XQD
FD]]DUROLQD JLUDQGRLOPHVWRORHYHUVDWHORTXDQGRFRPLQFLDDFRQGHQVDUVL6HQRQXVDWHODVDOVDFRQGLWHOL
DOPHQRFRQXQSL]]LFRGLSDUPLJLDQR
&$5'21,,1*5$7(//$
1RQqXQSLDWWRGDUDFFRPDQGDUVLPROWRPDVHYROHWHSURYDUORGRSRDYHUOHVVDWLLFDUGRQLDVFLXJDWHOL
EHQH ODVFLDWH OH FRVWROH OXQJKH XQ SDOPR FRQGLWHOL JHQHURVDPHQWH FRQ ROLR SHSH H VDOH H URVRODWHOL LQ
JUDWHOOD3RVVRQRVHUYLUSHUFRQWRUQRDXQDELVWHFFDRDGXQSHVFHLQJUDWHOOD
&$5'21,&21/$%$/6$0(//$
6FDUWDWHOHFRVWROHSLGXUHOHDOWUHQHWWDWHOHGDLILODPHQWLHOHVVDWHOHDPH]]DFRWWXUD4XLVLDGHWWR
XQDYROWDSHUWXWWHJOLHUEDJJLYDQQRPHVVLDOIXRFRDGDFTXDEROOHQWHHLOHJXPLDGDFTXDGLDFFLD7DJOLDWH
OH FRVWROH GHL FDUGRQL D SH]]HWWL OXQJKL WUH GLWD FLUFD H WLUDWHOL D VDSRUH FRQ EXUUR H VDOH D VXIILFLHQ]D
WHUPLQDWH GL FXRFHUOL DJJLXQJHQGR ODWWH R PHJOLR SDQQD SRL OHJDWHOL FRQ XQ SRFR GL EDOVDPHOOD Q $JJLXQJHWHXQSL]]LFRGLSDUPLJLDQRJUDWWDWRHOHYDWHOLVXELWRVHQ]DSLIDUOLEROOLUH4XHVWRqXQHFFHOOHQWH
FRQWRUQR DJOL VWUDFRWWL DOOH EUDFLROLQHDOORVWXIDWLQRGLULJDJOLHHDGDOWUL VLPLOL SLDWWL1HOODVWHVVDPDQLHUDVL
SRVVRQRFXFLQDUHOHUDSHDGDGLJURVVLOHSDWDWHHJOL]XFFKLQLDVSLFFKLPDTXHVWLXOWLPLQRQYDQQROHVVDWL
7$578),$//$%2/2*1(6(&58',(&&
/D JUDQ TXHVWLRQH GHL %LDQFKL H GHL 1HUL FKH IHFH VHJXLWR D TXHOOD GHL *XHOIL H GHL *KLEHOOLQL H FKH
GHVROz SHU WDQWR WHPSR O ,WDOLD PLQDFFLD GL ULDFFHQGHUVL D SURSRVLWR GHL WDUWXIL PD FRQVRODWHYL OHWWRUL PLHL
FKH TXHVWD YROWD QRQ FL VDUj VSDUJLPHQWR GL VDQJXH L SDUWLJLDQL GHL ELDQFKL H GHL QHUL GL FXL RUD VL WUDWWD
VRQRGLQDWXUDPROWRSLEHQHYRODGLTXHLIHURFLG DOORUD
,RPLVFKLHURGDOODSDUWHGHLELDQFKLHGLFRHVRVWHQJRFKHLOWDUWXIRQHURqLOSHJJLRUHGLWXWWLJOLDOWUL
QRQVRQRGHOPLRDYYLVRHVHQWHQ]LDQRFKH LOQHURqSLRGRURVRHLOELDQFRqGLVDSRUHSLGHOLFDWRPDQRQ
ULIOHWWRQR FKH L QHUL SHUGRQR SUHVWR O RGRUH , ELDQFKL GL 3LHPRQWH VRQR GD WXWWL ULFRQRVFLXWL SUHJHYROL H L
ELDQFKL GL 5RPDJQD FKH QDVFRQR LQ WHUUHQR VDEELRVR EHQFKp VDSSLDQR G DJOLR KDQQR PROWR SURIXPR
&RPXQTXH VLD ODVFLDPR LQ VRVSHVR OD JUDQ TXHVWLRQH SHU GLUYL FRPH VL SUHIHULVFH GL FXFLQDUOL D %RORJQD
%RORJQDODJUDVVDSHUFKLYLVWDPDQRQSHUFKLYLSDVVD
'RSRDYHUOLEDJQDWLHQHWWDWLFRPHVLXVDJHQHUDOPHQWHFRQXQRVSD]]ROLQRWXIIDWRQHOO DFTXDIUHVFD
OL WDJOLDQR D IHWWH VRWWLOLVVLPH H DOWHUQDQGROL FRQ DOWUHWWDQWH IHWWH VRWWLOLVVLPH GL SDUPLJLDQR OL GLVSRQJRQR D
VXROLLQXQYDVVRLRGLUDPHVWDJQDWRFRPLQFLDQGRGDLWDUWXIL/LFRQGLVFRQRFRQVDOHSHSHHPROWRROLRGHO
PLJOLRUH H DSSHQD KDQQR DO]DWR LO EROORUH VSUHPRQR VXL PHGHVLPL XQ OLPRQH WRJOLHQGROL VXELWR GDO IXRFR
$OFXQL DJJLXQJRQR TXDOFKH SH]]HWWR GL EXUUR VH PDLPHWWHWHQH EHQ SRFR SHU QRQ UHQGHUOL WURSSR JUDYL6L
XVDSXUHPDQJLDUHLWDUWXILFUXGLWDJOLDWLDIHWWHVRWWLOLVVLPHHFRQGLWLFRQVDOHSHSHHDJURGLOLPRQH
/HJDQREHQHDQFKHFRQOHXRYD4XHVWHIUXOODWHOHHFRQGLWHOHFRQVDOHHSHSH0HWWHWHDOIXRFREXUUR
LQSURSRU]LRQHHTXDQGRVDUjVWUXWWRYHUVDWHFLOHXRYDHGRSRSRFRLWDUWXILDIHWWHVRWWLOL PHVFRODQGR
$WXWWLqQRWDODQDWXUDFDOLGDGLTXHVWRFLERTXLQGLPLDVWHQJRGDOSDUODUQHSHUFKpSRWUHLGLUQHGHOOH
JUD]LRVH3DUHFKHLWDUWXILYHQLVVHURSHUODSULPDYROWDFRQRVFLXWLLQ)UDQFLDQHO3pULJRUGVRWWR&DUOR9
,R OL KR FRQVHUYDWL D OXQJR QHO VHJXHQWH PRGR PD QRQ VHPSUH PL q ULXVFLWR WDJOLDWL D IHWWH VRWWLOL
DVFLXJDWL DO IXRFRFRQGLWL FRQ VDOH H SHSH FRSHUWL G ROLR H PHVVL DO IXRFR SHU IDUORUR DO]DUH LO EROORUH 'D
FUXGLVLXVDWHQHUOLIUDLOULVRSHUFRPXQLFDUHDTXHVWRLOORURSURIXPR
&,32//,1($*52'2/&,
1RQqSLDWWRFKHULFKLHGDPROWRVWXGLRPDVROREXRQJXVWRSHUSRWHUORGRVDUHFRQYHQLHQWHPHQWHVH
IDWWREHQHULXVFLUjXQHFFHOOHQWHFRQWRUQRDOOHVVR
3HUFLSROOLQHLQWHQGRTXHOOHELDQFKHJURVVHSRFRSLGLXQDQRFH6EXFFLDWHOHQHWWDWHOHGDOVXSHUIOXR
H GDWH ORUR XQD VFRWWDWXUD LQ DFTXD VDODWD 3HU XQ TXDQWLWDWLYR GL JUDPPL FLUFD PHWWHWH DO IXRFR
DOO DVFLXWWRLQXQDFD]]DUXRODJUDPPLGL]XFFKHURHTXDQGRqOLTXHIDWWRJUDPPLGLIDULQDULPXRYHWH
FRQWLQXDPHQWH FRO PHVWROR H TXDQGR O LQWULVR VDUj GLYHQXWR URVVR JHWWDWHFL D SRFR SHU YROWD GXH WHU]L GL
ELFFKLHUG DFTXDFRQDFHWRHODVFLDWHEROOLUHLOOLTXLGRWDQWRFKHVHVLIRUPDQRGHLJUXPLVLSRVVDQRVFLRJOLHUH
WXWWL $OORUD EXWWDWH JL OH FLSROOLQH H VFXRWHWH VSHVVR OD FD]]DUXROD DYYHUWHQGR GL QRQ WRFFDUOH FROPHVWROR
SHUQRQJXDVWDUOH$VVDJJLDWHOHSULPDGLVHUYLUOHSHUFKpVHRFFRUUH]XFFKHURRDFHWRVLHWHVHPSUHLQWHPSR
DGDJJLXQJHUOL
&,32//,1(,1,678)$
6SHOODWHOH H SDUHJJLDWRQH LO FDSR H OD SDUWH LQIHULRUH JHWWDWHOH QHOO DFTXD EROOHQWH VDODWD H IDWHOH
EROOLUH SHU GLHFL PLQXWL 0HWWHWH D VRIIULJJHUH XQ SH]]HWWR GL EXUUR H TXDQGR DYUj SUHVR LO FRORU QRFFLXROD
FROORFDWHFL OH FLSROOLQH WXWWH D XQ SDUL FRQGLWH FRQ VDOH H SHSH GRSR FKH VDUDQQR URVRODWH GD XQD SDUWH
YROWDWHOH GDOO DOWUD TXLQGL EDJQDWHOH FRQ VXJR GL FDUQH OHJDQGROH FRQ XQD SUHVD GL IDULQD LPSDVWDWD QHO
EXUUR
0DQFDQGRYL LO VXJR FXFLQDWHOH LQ ELDQFR QHOOD VHJXHQWH PDQLHUD GRSR OHVVDWH H WHQXWH QHOO DFTXD
IUHVFDPHWWHWHOHLQXQDFD]]DUXROD FRQXQPD]]HWWRJXDUQLWRXQDSLFFRODIHWWDGLSURVFLXWWRXQSH]]HWWRGL
EXUURHXQUDPDLXRORGLEURGR&RQGLWHOHFRQSHSHHSRFRVDOHFRSULWHOHFRQIHWWHVRWWLOLVVLPHGLODUGRQHH
VRSUDTXHVWHDFFRVWDWHXQIRJOLRGLFDUWDXQWRGLEXUUR7HUPLQDWHGLFXRFHUOHIUDGXHIXRFKLHVHUYLWHOHSHU
FRQWRUQRLQVLHPHFROVXJRULVWUHWWRFKHUHVWD
&,32//,1(3(5&2172512$,&27(*+,1,
'RSR DYHUOH OHVVDWH FRPH QHOOD ULFHWWD SUHFHGHQWH PHWWHWHOH D VRIIULJJHUH QHO EXUUR FRQGLWHOH FRQ
VDOHHSHSHEDJQDWHOHFROEURGRGHOFRWHJKLQRHGDJJUD]LDWHOHFRQDFHWRH]XFFKHUR3HUR FLSROOLQH
EDVWHUDQQRJUDPPLGLEXUURPH]]RUDPDLXRORGLEURGRGLJUDVVDWRGLFRWHJKLQRPH]]RFXFFKLDLRG DFHWR
HXQFXFFKLDLQRGL]XFFKHUR
6('$1,3(5&2172512
*OLDQWLFKLQH EDQFKHWWLV LQFRURQDYDQRFROODSLDQWDGHOVHGDQRFUHGHQGRGLQHXWUDOL]]DUHFRQHVVDL
IXPLGHOYLQR,OVHGDQRqJUDWRDOJXVWRSHUTXHOVXRDURPD VSHFLDOHSHUTXHVWRHSHUQRQHVVHUYHQWRVR
PHULWDXQSRVWRIUDJOLHUEDJJLVDOXEUL3UHIHULWH TXHOORGLFRVWRODSLHQDHVHUYLWHYLVRORGHOOHFRVWROHELDQFKH
HGHOJDPERFKHVRQROHSDUWLSLWHQHUH
(FFRYLWUHPDQLHUHGLYHUVHSHUFXFLQDUORSHUOHSULPHGXHVDUjEHQHFKHGLDWHDLSH]]LODOXQJKH]]DGL
FHQWLPHWUL H SHU OD WHU]D GL VROWDQWR ,O JDPER GRSR DYHUOR VEXFFLDWR WDJOLDWHOR LQ FURFH H ODVFLDWHOR
XQLWRDOODFRVWRODSRLIDWHEROOLUHTXHVW RUWDJJLRLQDFTXDDOTXDQWRVDODWDQRQSLGLFLQTXHPLQXWLHOHYDWHOR
DVFLXWWR
O 0HWWHWHOR D VRIIULJJHUH QHO EXUUR SRL WLUDWHOR D FRWWXUD FRO VXJR GL FDUQH H XQLWHFL GHO SDUPLJLDQR
TXDQGRORPDQGDWHLQWDYROD
$PPHVVRFKHLVHGDQLGDFUXGLVLDQRGDLJUDPPLDLSRQHWHLQXQDFD]]DUXRODJUDPPL
GL EXUUR H XQ EDWWXWLQR FRQ JUDPPL GL SURVFLXWWR JUDVVR H PDJUR WULWDWR ILQHLQVLHPH FRQ XQ TXDUWR GL
FLSROOD GL PHGLD JUDQGH]]D $JJLXQJHWH GXH FKLRGL GL JDURIDQR H IDWH EROOLUH 4XDQGR OD FLSROOD DYUj SUHVR
FRORUHYHUVDWHEURGRHWLUDWHLOVRIIULWWRDFRWWXUD$OORUDSDVVDWHRJQLFRVDHSRQHWHLOVXJRLQXQWHJDPHRYH
LVHGDQLVWLDQRGLVWHVLFRQGLWHOLFRQXQDSUHVDGLSHSHSHUFKpLOVDOHQRQRFFRUUHHPDQGDWHOLLQWDYRODFRO
ORURVXJR
,QIDULQDWHOR LPPHUJHWHOR QHOOD SDVWHOOD Q H IULJJHWHOR QHOOR VWUXWWR R QHOO ROLR RSSXUH FKH q
PHJOLR GRSR DYHUOR LQIDULQDWR LPPHUJHWHOR QHOO XRYR SDQDWHOR H IULJJHWHOR 4XHVW XOWLPD FXFLQDWXUD GH VHGDQLVLSUHVWDSLGHOOHDOWUHSHUFRQWRUQRDJOLXPLGLGLFDUQHFROO LQWLQWRGHLTXDOLOLEDJQHUHWH
6('$1,3(5&2172512$//(662
6HUYLWHYL GHOOH FRVWROH ELDQFKH H WDJOLDWHOH D SH]]HWWL GL GXH FHQWLPHWUL FLUFD /HVVDWHOL SHU FLQTXH
PLQXWL QHOO DFTXD VDODWD H PHWWHWHOL D VRIIULJJHUHQHOEXUUR3RLOHJDWHOLFRQODEDOVDPHOODGHOQWHQXWD
SLXWWRVWRVRGDHGDWHORURVDSRUHFROSDUPLJLDQR
/(17,&&+,(,17(5(3(5&2172512
/HOHQWLFFKLHSHUFRQWRUQRDJOL]DPSRQLVLGRYUHEEHURWLUDUHDVDSRUHGRSRFRWWHQHOO DFTXDFROEXUUR
HVXJRGLFDUQH,QPDQFDQ]DGLTXHVWRPHWWHWHOHDEROOLUHFRQXQPD]]HWWRRGRURVRHGRSRFRWWHHVFRODWH
EHQHGDOO DFTXDULIDWHOHFRQXQEDWWXWLQRGLSURVFLXWWRJUDVVRHPDJURXQSH]]HWWRGLEXUURHSRFDFLSROOD
4XDQGRTXHVWDVDUjEHQURVRODWDYHUVDWHQHOVRIIULWWRXQUDPDLXRORRGXHGLEURGRGLJUDVVDWRGHOFRWHJKLQR
RGHOOR]DPSRQH/DVFLDWHOREROOLUHXQSRFRSDVVDWHORHLQTXHVWRVXJRULIDWHOHOHQWLFFKLHDJJLXQJHQGRXQ
DOWURSH]]HWWRGLEXUURVDOHHSHSH6HLOFRWHJKLQRQRQqEHQIUHVFRVHUYLWHYLGLEURGR
/(17,&&+,(3$66$7(3(5&2172512
4XHVWR VL FKLDPHUHEEH DOOD IUDQFHVH SXUpH GL OHQWLFFKLH PD LO 5LJXWLQL FL DYYHUWH FKH OD YHUD SDUROD
LWDOLDQDqSDVVDWRDSSOLFDELOHDGRJQLVSHFLHGLOHJXPLOHSDWDWHLQFOXVLYH'XQTXHSHUIDUHXQSDVVDWRH
QRQXQSUHVHQWHFROOHOHQWLFFKLHPHWWHWHOHDFXRFHUHQHOO DFTXDFRQXQSH]]HWWRGLEXUURHTXDQGRVDUDQQR
FRWWHPDQRQVSDSSRODWHSDVVDWHOHSHULVWDFFLR)DWHXQEDWWXWLQRGLFLSROOD SRFDSHUzSHUFKpQRQVLGHYH
VHQWLUH SUH]]HPROR VHGDQR H FDURWD PHWWHWHOR DO IXRFR FRQ EXUUR TXDQWR EDVWD H TXDQGR VDUj EHQ
URVRODWR IHUPDWHOR FRQ XQ UDPDLXROR GL EURGR FKH SXz DQFKH HVVHUH TXHOOR GLJUDVVDWR GHO FRWHJKLQR
&RODWHORHVHUYLWHYLGLTXHOVXJRSHUGDUVDSRUHDOSDVVDWRQRQGLPHQWLFDQGRLOVDOHHGLOSHSHHGDYYHUWLWH
FKHqEHQHUHVWLVRGRLOSLSRVVLELOH
&$5&,2),,16$/6$
/HYDWHDLFDUFLRILOHIRJOLHGXUHVSXQWDWHOLHVEXFFLDWHQHLOJDPER'LYLGHWHOLLQTXDWWURSDUWLRDOSLLQ
VHL VH VRQR JURVVL PHWWHWHOL DO IXRFR FRQ EXUUR LQ SURSRU]LRQH H FRQGLWHOL FRQ VDOH H SHSH 6FXRWHWH OD
FD]]DUXRODSHUYROWDUOLHTXDQGRDYUDQQRWLUDWRDVpEXRQDSDUWHGHOO XPLGREDJQDWHOLFRQEURGRSHUFXRFHUOL
GHOWXWWR/HYDWHOLDVFLXWWLHQHOO LQWLQWRFKHUHVWDYHUVDWHXQSL]]LFRGLSUH]]HPRORWULWDWRXQFXFFKLDLQRRGXH
GLSDQJUDWWDWREHQILQHVXJRGLOLPRQHDOWURVDOHHSHSHVHRFFRUURQRH PHVFRODQGRIDWHEROOLUHDOTXDQWR
SRLULWLUDWHODVDOVDGDOIXRFRHTXDQGRQRQVDUjSLDEROORUHDJJLXQJHWHXQURVVRG XRYRRGXHVHFRQGROD
TXDQWLWj H ULPHWWHWHOD SHU SRFR DO IXRFR FRQ DOWUR EURGR SHU UHQGHUOD VFLROWD 9HUVDWHFL L FDUFLRIL SHU
ULVFDOGDUOLHVHUYLWHOLVSHFLDOPHQWHSHUFRQWRUQRDOOHVVR
&$5&,2),,180,'2&2//$1(3,7(//$
6HYLSLDFHVVHGLVHQWLUHTXHVWLFDUFLRILFRQO RGRUHGHOODQHSLWHOODHFFRFRPHGRYHWHUHJRODUYL/HYDWH
DLFDUFLRILWXWWHOHIRJOLHQRQPDQJLDELOLHGLYLGHWHOLLQTXDWWURVSLFFKLRJQXQRRGDQFKHLQVHLVHVRQRJURVVL
LQIDULQDWHOL H SRQHWHOL DO IXRFR LQ XQD WHJOLD GL UDPH FRQ ROLR LQ SURSRU]LRQH FRQGHQGROL FRQ VDOH H SHSH
4XDQGR OL DYUHWH URVRODWL XQLWHFL XQ EDWWXWLQR FRPSRVWR GL XQR VSLFFKLR G DJOLR R GL PH]]R VROWDQWR VH L
FDUFLRILVRQRSRFKLHXQEXRQ SL]]LFRGLQHSLWHOODIUHVFD4XDQGRDYUDQQRWLUDWRO XPLGRWHUPLQDWHGLFXRFHUOL
FRQVXJRGLSRPRGRURRFRQVHUYDVFLROWDQHOO DFTXD
3RVVRQRVHUYLUGLFRQWRUQRRHVVHUPDQJLDWLVROL
&$5&,2),5,77,
&RVu FKLDPDVVL D )LUHQ]H L FDUFLRIL FXFLQDWL VHPSOLFHPHQWH QHOOD VHJXHQWH PDQLHUD OHYDWH ORUR
VROWDQWR OH SLFFROH H LQXWLOL IRJOLH YLFLQH DO JDPER WDJOLDQGR TXHVW XOWLPR 6YHWWDWH FRO FROWHOOR OD FLPD H
DOODUJDWHDOTXDQWROHIRJOLHLQWHUQH&ROORFDWHOLULWWLLQXQWHJDPHLQVLHPHFRLJDPELVEXFFLDWLHLQWHULFRQGLWHOL
FRQ VDOH SHSH H ROLR LO WXWWR D EXRQD PLVXUD )DWHOL VRIIULJJHUH WHQHQGROL FRSHUWL H TXDQGR VDUDQQR EHQ
URVRODWLYHUVDWHQHOWHJDPHXQSR G DFTXDHFRQODPHGHVLPDILQLWHGLFXRFHUOL
&$5&,2),5,3,(1,
7DJOLDWH ORUR LO JDPER DOOD EDVH OHYDWH OH SLFFROH IRJOLH HVWHUQH H ODYDWHOL 3RL VYHWWDWHOL FRPH L
SUHFHGHQWL HG DSULWH OH ORUR IRJOLH LQWHUQH LQ PDQLHUD GD SRWHU UHFLGHUH FRQ XQ WHPSHULQR LO JUXPROLQR GL
PH]]R H WROWRJOL LO SHOR VH YL IRVVH QHO FHQWUR VHUEDWH VROWDQWR OH WHQHUH IRJOLROLQH SHU XQLUOH DO ULSLHQR
4XHVWR VH GRYHVVH DG HVHPSLR VHUYLUH SHU VHL FDUFLRIL FRPSRQHWHOR GHOOH IRJOLROLQH DQ]LGHWWH GL JUDPPL GL SURVFLXWWR SL JUDVVR FKH PDJUR GL XQ TXDUWR GL FLSROOD QRYHOOLQD DJOLR TXDQWR OD SXQWD GL
XQ XQJKLDTXDOFKHIRJOLDGLVHGDQRHGLSUH]]HPRORXQSL]]LFRGLIXQJKLVHFFKLIDWWLULQYHQLUHXQSXJQHOORGL
PLGROODGLSDQHG XQJLRUQRULGRWWDLQEULFLROLHXQDSUHVDGLSHSH
7ULWDWHSULPD LOSURVFLXWWRFRQXQFROWHOORSRLRJQLFRVDLQVLHPH FROODOXQHWWDHFRQTXHVWRFRPSRVWR
ULHPSLWHLFDUFLRIL FKHFRQGLUHWHHFXRFHUHWHFRPHLSUHFHGHQWL$OFXQLOLEULIUDQFHVLVXJJHULVFRQRGLGDUHDL
FDUFLRILPH]]DFRWWXUDQHOO DFTXDSULPDGLULHPSLUOLLOFKHQRQDSSURYRVHPEUDQGRPLFKHYDGDQRDSHUGHUH
DOORUDODVRVWDQ]DPLJOLRUHFLRqLOORURDURPDVSHFLDOH
&$5&,2),5,3,(1,',&$51(
3HUVHLFDUFLRILFRPSRQHWHLOVHJXHQWHULSLHQR
0DJURGLYLWHOODGLODWWHJUDPPL
3URVFLXWWRSL JUDVVRFKHPDJURJUDPPL
8QJUXPROLQRGHLFDUFLRIL
8QTXDUWRGLFLSROODQRYHOOLQD
$OFXQHIRJOLHGLSUH]]HPROR
8QSL]]LFRGLIXQJKLVHFFKLUDPPROOLWL
8QSL]]LFRGLPLGROODGLSDQHLQEULFLROL
8QSL]]LFRGLSDUPLJLDQRJUDWWDWR
6DOHSHSHHRGRUHGLVSH]LH
4XDQGRLFDUFLRILDYUDQQRSUHVRFRORUHFROVRORROLRYHUVDWHXQSRFRG DFTXDHFRSULWHOLFRQXQFHQFLR
EDJQDWRWHQXWRIHUPRGDOFRSHUFKLR,OYDSRUHFKHHPDQDLQYHVWHQGROLGDWXWWHOHSDUWLOLFXRFHPHJOLR
3$67,&&,2',&$5&,2),(3,6(//,
ÊXQSDVWLFFLRVWUDQRPDSRWUHEEHSLDFHUHDPROWLHSHUFLzORGHVFULYR
&DUFLRILQ
3LVHOOLVJUDQDWLJUDPPL
%XUURJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
6XJRGLFDUQHTXDQWREDVWD
0RQGDWHLFDUFLRILGDWXWWHOHIRJOLHGXUHQRQPDQJLDELOLGLYLGHWHOLLQGXHSDUWLHOHYDWHORURLOSHORGHO
FHQWUR VH O KDQQR 'DWH DG HVVL HG DL SLVHOOL PH]]DFRWWXUD GL SRFKL PLQXWL QHOO DFTXD VDODWD JHWWDWHOL GRSR
QHOO DFTXDIUHVFDOHYDWHOLDVFLXJDWHOLEHQHHGLFDUFLRILGLYLGHWHOLDQFRUDLQGXHSDUWL7DQWRHVVLFKHLSLVHOOL
PHWWHWHOLDOIXRFRFRQJUDPPLGHOGHWWREXUURFRQGLWHOLFRQVDOHHSHSHHWLUDWHOLFROVXJRGLFDUQHDJLXVWD
FRWWXUD &RL UHVWDQWL JUDPPL GL EXUUR XQD FXFFKLDLDWD GL IDULQD H VXJR VXGGHWWR IDWH XQD VSHFLH GL
EDOVDPHOODSHUOHJDUHLOFRPSRVWRLOTXDOHPHVVRLQXQYDVVRLRFKHUHJJDDOIXRFRORFRQGLUHWHDVWUDWLFRQ
TXHVWDHFROSDUPLJLDQR
2UDFRSULWHORFRQODSDVWDIUROODVRWWRVHJQDWDGRUDWHODFROURVVRG XRYRFXRFHWHLOSDVWLFFLRQHOIRUQR
GD FDPSDJQD H VHUYLWHOR FDOGR SHUFKp SHUGH PROWR ODVFLDQGROR GLDFFLDUH 4XHVWD TXDQWLWj SXz EDVWDUH D
VHWWHRGRWWRSHUVRQH
3$67$)52//$
)DULQDJUDPPL
=XFFKHURDYHORJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
8RYDQO
&$5&,2),,1*5$7(//$
$WXWWLq QRWRFRPHVLSRVVRQRFXRFHUHLFDUFLRILLQJUDWHOODHFRQWRUQDUFRLPHGHVLPLXQDELVWHFFDR
XQ DUURVWR TXDOXQTXH ,Q TXHVWR FDVR VFHJOLHWH FDUFLRIL WHQHUL VYHWWDWHOL WDJOLDWHQH LO JDPER DOOD EDVH H
ODVFLDWHOLFRQWXWWHOHORURIRJOLH$OODUJDWHOLDOTXDQWRSHUFKpSUHQGDQREHQHLOFRQGLPHQWRLOTXDOHG DOWURQRQ
GHYH HVVHUH FRPSRVWR FKH G ROLR SHSH H VDOH &ROORFDWHOL ULWWL VXOOD JUDWHOOD H VH RFFRUUH SHU WHQHUOL IHUPL
LQILO]DWHOL LQ XQR VWHFFR YHUVR LO JDPER D GXH R WUH LQVLHPH 'DWH ORUR XQ DOWUD XQWDWLQD D PH]]DFRWWXUD H
ODVFLDWHOLVXOIXRFRILQFKpOHIRJOLHHVWHUQHQRQVLDQREUXFLDWH
&$5&,2),6(&&$7,3(5/¶,19(512
1HOOH FLWWj PHULGLRQDOL GRYH L FDUFLRIL VL WURYDQR TXDVL LQ WXWWL L PHVL GHOO DQQR q LQXWLOH SUHQGHUVL LO
GLVWXUERGLVHFFDUOLWDQWRSLFKHWUDLOFDUFLRIRIUHVFRHLOVHFFRODGLIIHUHQ]DqJUDQGHPDIDQQRFRPRGRLQ
TXH SDHVLGRYHSDVVDWDODVWDJLRQHSLQRQVLWURYDQR
3UHSDUDWHOLQHOFROPRGHOODUDFFROWDTXDQGRFRVWDQRSRFRSHUzYDQQRVFHOWLGLEXRQDTXDOLWjHJLXVWL
GL PDWXUD]LRQH /HYDWH ORUR WXWWH OH IRJOLH FRULDFHH VSXQWDWHOL PRQGDWH XQ EXRQ WUDWWR GHO ORUR JDPER H
WDJOLDWHOLLQTXDWWURVSLFFKLUHFLGHQGRQHLOSHORVHTXDOFXQRO DYHVVH9LDYLDFKHOLWDJOLDWHJHWWDWHOLQHOO DFTXD
IUHVFDDFLGXODWDFRQDFHWRROLPRQH RQGHQRQGLYHQWLQRQHULHSHUORVWHVVRPRWLYRPHWWHWHOLDOIXRFRLQXQ
YDVR GL WHUUD FRQWHQHQWH DFTXD EROOHQWH DOOD TXDOH VDUj EHQH GDUH RGRUH FRQ XQ PD]]HWWR GL HUEH
DURPDWLFKHFRPHSHSROLQREDVLOLFRIRJOLHGLVHGDQRHVLPLOL'LHFLPLQXWLGLEROOLWXUDHGDQFKHVROLFLQTXH
VH VRQR WHQHUL VDUDQQR VXIILFLHQWL SHU FXRFHUOL D PHWj6FRODWHOL H PHWWHWHOL LQ XQ JUDWLFFLR DG DVFLXJDUH DO
VROHSRLLQILODWHOLHILQLWHGLVHFFDUOLDOO RPEUDLQOXRJRYHQWLODWR3RVVLELOPHQWHQRQ WHQHWHOLWDQWRDOVROHRQGH
QRQSUHQGDQRRGRUHGLILHQR
4XDQGRVLDGRSHUDQRSHUIULWWRRSHUFRQWRUQRDJOLXPLGLVLUDPPROOLVFRQRQHOO DFTXDEROOHQWH
3,6(//,$//$)5$1&(6(,
4XHVWDFKHYLGRqODGRVHSHUXQOLWURGLSLVHOOLIUHVFKL
3UHQGHWHGXHFLSROOHQRYHOOLQHWDJOLDWHOHDPHWjSHUODORUROXQJKH]]DULFKLXGHWHOHFRQDOFXQLJDPELGL
SUH]]HPROR LQPH]]RHOHJDWHOH&LzIDWWRPHWWHWHOHDOIXRFRFRQJUDPPLGLEXUURHURVRODWHFKHVLHQR
YHUVDWHVXOOHPHGHVLPHXQEXRQUDPDLXRORGLEURGR
)DWH EROOLUH H TXDQGR OH FLSROOH VDUDQQR VSDSSRODWH SDVVDWHOH VSUHPHQGROH LQVLHPH FRO VXJR FKH
ULPHWWHUHWH DO IXRFR FRL SLVHOOL H FRQ GXH JUXPROL LQWHUL GL ODWWXJD &RQGLWHOL FRQ VDOH H SHSH H IDWHOL EROOLUH
DGDJLR$PH]]D FRWWXUD DJJLXQJHWHDOWULJUDPPLGLEXUURLQWULVRLQXQDFXFFKLDLDWDQRQFROPDGLIDULQDH
YHUVDWHEURGRVHRFFRUUH3ULPDGLPDQGDUOLLQWDYRODOHJDWHOLFRQGXHURVVLG XRYRVFLROWLLQXQSR GLEURGR
,QTXHVWRPRGRULHVFRQRDVVDLGHOLFDWL
3,6(//,$//$)5$1&(6(,,
4XHVWD ULFHWWD q SL VHPSOLFH H SL VEULJDWLYD GHOOD SUHFHGHQWH PD QRQ q SHUz FRVu ILQH 7ULQFLDWH
DOTXDQWD FLSROOD D IHWWH VRWWLOLVVLPH H PHWWHWHOD DO IXRFR LQ XQD FD]]DUXROD FRQ XQ SH]]R GL EXUUR 4XDQGR
VDUjEHQHURVRODWDYHUVDWHXQSL]]LFRGLIDULQDPHVFRODWHHGRSR DJJLXQJHWHDVHFRQGDGHOODTXDQWLWjXQ
UDPDLXRORRGXHGLEURGRHODVFLDWHFXRFHUHODIDULQD9HUVDWHLSLVHOOLFRQGLWHOLFRQVDOHHSHSHHDPH]]D
FRWWXUD DJJLXQJHWH XQ JUXPROR R GXH LQWHUL GL ODWWXJD )DWH EROOLUH DGDJLR EDGDQGR FKH LO VXJR QRQ ULHVFD
WURSSRGHQVR
$OFXQLLQGROFLVFRQRLSLVHOOLFRQXQFXFFKLDLQRGL]XFFKHURPDLQTXHVWRFDVRPHWWHWHQHSRFRSHUFKp
LOGROFHGHYHVHPEUDUQDWXUDOHHQRQPHVVRDGDUWH
4XDQGROLVHUYLWHOHYDWHODODWWXJD
3,6(//,&2/3526&,8772
/DVFLDPRDJO¶,QJOHVLLOJXVWRGLPDQJLDUHLOHJXPLOHVVDWLVHQ]DFRQGLPHQWRRDOSLFRQXQSRFRGL
EXUURQRLSRSROLPHULGLRQDOLDEELDPRELVRJQRFKHLOVDSRUHGHOOHYLYDQGHHFFLWLDOTXDQWR
,QQHVVXQDOWUROXRJRKRWURYDWREXRQLLSLVHOOLFRPHQHOOHWUDWWRULHGL5RPDQRQWDQWRSHUO HFFHOOHQWH
TXDOLWjGHJOLRUWDJJLGLTXHOODFLWWjTXDQWRSHUFKpFROjDLSLVHOOLVLGjLOJUDWRVDSRUHGHOSURVFLXWWRDIIXPLFDWR
$YHQGRFRQTXDOFKHSURYDWHQWDWRG LQGRYLQDUHFRPHVLSUHSDULQRVHQRQKRUDJJLXQWRTXHOODVWHVVDERQWj
PLFLVRQRDSSUHVVDWR HGHFFRFRPH
'LYLGHWHLQGXHSDUWLSHULOOXQJRVHFRQGRODTXDQWLWjGHLSLVHOOLXQDRGXHFLSROOHQRYHOOLQHHPHWWHWHOH
DO IXRFR FRQ ROLR H DOTXDQWR SURVFLXWWR JUDVVR H PDJUR WDJOLDWR D SLFFROL GDGL )DWH VRIIULJJHUH ILQFKp LO
SURVFLXWWRVLDUDJJULQ]LWRDOORUDJHWWDWHGHQWURLSLVHOOLFRQGLWHOLFRQSRFRRSXQWRVDOHHXQDSUHVDGLSHSH
PHVFRODWHHILQLWHOLGLFXRFHUHFROEURGRDJJLXQJHQGRYLXQSRFRGLEXUUR
6HUYLWHOLRVROLFRPHSLDWWRGLOHJXPHRSHUFRQWRUQRPDSULPDJHWWDWHYLDWXWWDODFLSROOD
3,6(//,&2//$&$51(6(&&$
, SLVHOOL YHQJRQR EHQH DQFKH QHOOD VHJXHQWH PDQLHUD PD JOL DQWHFHGHQWL DSSDUWHQJRQR GL SL DOOD
FXFLQDILQH0HWWHWHDOIXRFRXQEDWWXWLQRGLFDUQHVHFFDDJOLRSUH]]HPRORHROLRFRQGLWHORFRQSRFRVDOHH
SHSHHTXDQGRO DJOLRDYUjSUHVRFRORUHEXWWDWHJLLSLVHOOL7LUDWRFKHDEELDQRO XQWRILQLWHGLFXRFHUOLFRQ
EURGRRLQPDQFDQ]DGLTXHVWRFRQDFTXD
,JXVFLGHLSLVHOOLVHVRQRWHQHULHIUHVFKLVLSRVVRQRXWLOL]]DUHFRWWLQHOO DFTXDHSDVVDWLGDOORVWDFFLR
6L RWWLHQH FRVu XQD SXUpH FLRq XQ SDVVDWR FKH VFLROWR QHO EURGR DJJLXQJH GHOLFDWH]]D D XQD ]XSSD GL
HUEDJJLRDGXQDPLQHVWUDGLULVRHFDYROR6LSXzDQFKHPHVFRODUORDOO DFTXDGHOULVRWWRFRLSLVHOOLQ
6)250$72',3,6(//,)5(6&+,
3LVHOOL VJUDQDWLJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
%XUURJUDPPL
)DULQDJUDPPL
8RYDQ
3DUPLJLDQRXQDFXFFKLDLDWD
)DWH XQ EDWWXWLQR FRO SURVFLXWWR VXGGHWWR XQD SLFFROD FLSROOD QRYHOOLQD H XQ SL]]LFR GL SUH]]HPROR
0HWWHWHORDOIXRFRFRQROLRHTXDQGRDYUjSUHVRFRORUHYHUVDWHLSLVHOOLFRQGHQGROLFRQVDOHHSHSH&RWWLFKH
VLDQR SDVVDWHQH XQD TXDUWD SDUWH H LO SDVVDWR XQLWHOR D XQ LQWULVR FRPSRVWRFROEXUUR H OD IDULQDLQGLFDWL H
GLOXLWR VXO IXRFR FRQ VXJR GL FDUQH R EURGR 3RL PHVFRODWH RJQL FRVD LQVLHPH LO SDUPLJLDQR FRPSUHVR H
FXRFHWHLOFRPSRVWRDEDJQRPDULDLQXQRVWDPSROLVFLRFROIRJOLRLPEXUUDWRVRWWR
)$9()5(6&+(,1678)$
3UHQGHWHEDFFHOOLGLIDYHJURVVHHJUDQLWHVJUDQDWHOHHVEXFFLDWHOH
7ULWDWHILQHXQDFLSROODQRYHOOLQDPHWWHWHODDOIXRFRFRQROLRHTXDQGRFRPLQFLDDURVRODUHJHWWDWHQHO
VRIIULWWRSURVFLXWWRJUDVVRHPDJURWDJOLDWRDGDGLQL'RSRSRFRYHUVDWHOHIDYHFRQGLWHOHFRQSHSHHSRFR
VDOH H TXDQGR DYUDQQR SUHVR LO FRQGLPHQWR DJJLXQJHWH XQ JUXPROR R GXH D VHFRQGD GHOOD TXDQWLWj GHOOH
IDYHGLODWWXJDWDJOLDWDDOO LQJURVVRHILQLWHGLFXRFHUOHFRQEURGRVHRFFRUUH
3202'25, 5,3,(1,
3UHQGHWH SRPRGRUL GL PH]]DQD JUDQGH]]D H PDWXUL WDJOLDWHOL LQ GXH SDUWL HJXDOL OHYDWHQH L VHPL
FRQGLWHOLFRQVDOHHSHSHHULHPSLWHLEXFKLIRUPDWLFROVHJXHQWHFRPSRVWRLQPRGRFKHVRSUDYDQ]LHIDFFLD
ODFROPDVXOODVXSHUILFLHGHOSRPRGRURPHGHVLPR
)DWH XQ EDWWXWLQR FRQ FLSROOD SUH]]HPROR H VHGDQR PHWWHWHOR DO IXRFR FRQ XQ SH]]HWWR GL EXUUR H
TXDQGRDYUjSUHVRFRORUHYHUVDWHFL XQSXJQHOORGLIXQJKLVHFFKLUDPPROOLWLHWULWDWLILQLVVLPLDJJLXQJHWHXQ
FXFFKLDLRGLSDSSDFROODWWHFRQGLWHFRQVDOHHSHSHHIDWHEROOLUHDOTXDQWREDJQDQGRLOFRPSRVWRFROODWWH
VHRFFRUUH7ROWRGDOIXRFRDJJLXQJHWHTXDQGRVDUjWLHSLGRSDUPLJLDQRJUDWWDWRHXQXRYRRSSXUHLOURVVR
VROWDQWRVHqVXIILFLHQWHDUHQGHUHLOFRPSRVWRQRQWURSSROLTXLGR3UHSDUDWLFRVuLSRPRGRULFXRFHWHOLLQXQD
WHJOLD IUD GXHIXRFKLFRQ XQ SR GL EXUUR H ROLR LQVLHPH H VHUYLWHOLSHUFRQWRUQRDXQDUURVWRTXDOXQTXHRD
XQD ELVWHFFD LQ JUDWHOOD 6L SRVVRQ IDUH SL VHPSOLFL FRQ XQ EDWWXWLQR GL DJOLR H SUH]]HPROR PHVFRODWR FRQ
SRFKLVVLPRSDQJUDWWDWRVDOHHSHSHHFRQGLWLFROO ROLRTXDQGRVRQRQHOODWHJOLD
3HU FRQWRUQR DO OHVVR YHQJRQR HFFHOOHQWL QHOOD VHJXHQWH PDQLHUD 3UHQGHWH XQ WHJDPH ODUJR RSSXUH
XQDWHJOLDVSDUJHWHVXOODPHGHVLPDGHLSH]]HWWLQLGLEXUURHVRSUDTXHVWLFROORFDWHGDOODSDUWHGHOODEXFFLD
SRPRGRUL WDJOLDWL D PHWj GRSR DYHUQH OHYDWL L VHPL&RQGLWHOL FRQ VDOHSHSH H XQ SRFR G ROLR VSDUJHWHVXL
PHGHVLPLDOWULSH]]HWWLQLGLEXUURHFXRFHWHOLDYDVRVFRSHUWR
&$92/),25(&2//$%$/6$0(//$
, FDYROL WXWWL VLDQR ELDQFKL QHUL JLDOOL R YHUGL VRQR ILJOLXROL R ILJOLDVWUL GL (ROR GLR GHL YHQWL H SHUz
FRORURFKHLOYHQWRQRQSRVVRQRVRSSRUWDUHUDPPHQWLQRFKHSHUHVVLTXHVWHSLDQWHVRQRYHUHFURFLIHUHFRVu
FKLDPDWHSHUFKpLORURILRULSRUWDQRTXDWWURSHWDOLLQIRUPDGLFURFH/HYDWHDXQDJURVVDSDOODGLFDYROILRUHOH
IRJOLHHOHFRVWROHYHUGLIDWHOHXQSURIRQGRWDJOLRLQFURFHQHOJDPERHFXRFHWHODLQDFTXDVDODWD7DJOLDWHOD
SRVFLDDVSLFFKLHWWLQLHWLUDWHODDVDSRUHFRQEXUURVDOHHSHSH0HWWHWHODLQXQ YDVVRLRFKHUHJJDDOIXRFR
EXWWDWHFL VRSUD XQ SL]]LFR VFDUVR GL SDUPLJLDQR FRSULWHOD WXWWD FROOD EDOVDPHOOD GHO Q H URVRODWHQH OD
VXSHUILFLH6HUYLWHTXHVWRFDYROILRUHFDOGRFRPHWUDPHVVRRPHJOLRDFFRPSDJQDWRGDXQXPLGRGLFDUQHR
GDXQSROOROHVVDWR
6$8(5.5$87,
1RQqTXHVWRLOYHUR VDXHUNUDXWLOTXDOHELVRJQDODVFLDUIDUHDLWHGHVFKLqXQDSDOOLGDLPLWD]LRQHGL
TXHOORFKHSHUzQRQULHVFHVJUDGHYROHFRPHFRQWRUQRDLFRWHJKLQLDJOL]DPSRQLHGDQFKHDOOHVVRFRPXQH
3UHQGHWHXQDSDOODGLFDYRORELDQFRQHWWDWHODGDOOHIRJOLHYHUGLDJURVVHFRVWROHHWDJOLDWHODLQTXDWWUR
VSLFFKL FRPLQFLDQGR GDO JDPER /DYDWHOL EHQH QHOO DFTXD IUHVFD H SRL FRQ XQ FROWHOOR OXQJR HG DIILODWR
WDJOLDWHOL SHU WUDYHUVR EHQ VRWWLOLFRPH IDUHVWHSHLWDJOLHULQL5LGRWWRLOFDYRORDTXHVWRPRGRSRQHWHORLQXQ
YDVR GL WHUUD FRQ XQ SL]]LFR GL VDOH H YHUVDWHJOL VRSUD DFTXD EROOHQWH ILQR DFRSULUOR 4XDQGR VDUj GLDFFLR
OHYDWHOR YLD VWUL]]DQGROR EHQH SRL ULPHWWHWHOR QHO YDVR DVFLXWWR FRQ XQ GLWR GL DFHWR IRUWH PHVFRODWR LQ XQ
ELFFKLHUG DFTXDIUHVFD6HODSDOODGLFDYRORVDUjPROWRJURVVDUDGGRSSLDWHODGRVH/DVFLDWHORLQLQIXVLRQH
GLYHUVHRUHWRUQDWHDVWUL]]DUOREHQHHPHWWHWHORDFXRFHUHQHOODVHJXHQWHPDQLHUD
7ULWDWHILQHXQDIHWWDSURSRU]LRQDWDGLSURVFLXWWRJUDVVRRGLFDUQHVHFFDHPHWWHWHODFRQXQSH]]HWWRGL
EXUURLQXQDFD]]DUXRODTXDQGRDYUDQQRVRIIULWWR XQSRFRJHWWDWHFLLOFDYRORHWLUDWHORDFRWWXUDFRQEURGRGL
FRWHJKLQRRGL]DPSRQHVHTXHVWLVRQRLQVDFFDWLGLIUHVFRHQRQWURSSRSLFFDQWLDOWULPHQWLVHUYLWHYLGLEURGR
3ULPDGLPDQGDUORLQWDYRODDVVDJJLDWHORVHVWDEHQHGLDFHWRLOTXDOHGHYHOHJJHUPHQWHVHQWLUVLHGLVDOH
$ SURSRVLWR GL VDOXPL LQ TXDOFKH SURYLQFLD G ,WDOLD DYHQGR LO SRSROR SUHVR LO YL]LR GHOOH DEERQGDQWL H
IUHTXHQWL OLED]LRQL D %DFFR VL q JXDVWR LO VHQVR GHO SDODWR SHU FRQVHJXHQ]D L SL]]LFDJQROL GRYHQGR
XQLIRUPDUVLDXQJXVWRSHUYHUWLWRLPSLQ]DQROHFDUQLSRUFLQHGLVDOHGLSHSHHGLGURJKHSLFFDQWLDGLVSHWWR
GH EXRQJXVWDLFKHOHDJJUHGLUHEEHUROHJJLHUHGLFRQGLPHQWRHGLVDSRUHGHOLFDWRFRPHTXHOOHDGHVHPSLR
FKHVLPDQLSRODQRSLFKHDOWURYHQHOPRGHQHVH
6$8(5.5$87,,
3Xz VHUYLUH SHU FRQWRUQR DL FRWHJKLQL H DO OHVVR FRPH TXHOOR GHO QXPHUR SUHFHGHQWH 3UHQGHWH XQD
SDOODGLFDYRORFDSSXFFLRRYHU]RWWRWDJOLDWHORDOLVWDUHOOHGHOODODUJKH]]DGLXQFHQWLPHWURFLUFDHWHQHWHORLQ
PROOHQHOO DFTXDIUHVFD/HYDWHORGDOO DFTXDVHQ]DVSUHPHUORHSLJLDWHORLQXQDFD]]DUXRODVRSUDDOIXRFRSHU
IDUJOL IDU O DFTXD FKH SRL VFROHUHWH VWUL]]DQGROR FRO PHVWROR )DWH XQ EDWWXWR FRQ XQ TXDUWR GL XQD JURVVD
FLSROODXQSR GLFDUQHVHFFDWULWDWDILQHHXQSH]]HWWRGLEXUURTXDQGRDYUjSUHVRFRORUH YHUVDWHLOFDYROR
DQ]LGHWWRFRQXQSH]]RGLFDUQHVHFFDLQWHUDWUDPH]]RFKHSRLOHYHUHWHHFRQGLWHORFRQVDOHHSHSH)DWHOR
EROOLUH DGDJLR EDJQDQGROR FRQ EURGR SHU WLUDUOR D FRWWXUD H SHU XOWLPR DJJLXQJHWH XQ SRFR G DFHWR H XQ
FXFFKLDLQRGL]XFFKHURPDLQPRGRFKHO DFHWRVLIDFFLDDSSHQDVHQWLUH
%52&&2/,27$//,',5$3($//$),25(17,1$
,EURFFROLGLUDSDQRQVRQRDOWURFKHOHPHVVHRLWDOOLGHOOHUDSHOHTXDOLVRJOLRQVLSRUWDUHDOPHUFDWR
FRQTXDOFKHIRJOLDDWWDFFDWDÊXQHUEDJJLRGHLSLVDQLXVDWLVVLPRLQ7RVFDQDPDSHUODVXDLQVLSLGH]]DH
VDSRUHDPDURJQRORQRQqDSSUH]]DWRLQDOWUHSDUWLG ,WDOLDHQHPPHQRqSRUWDWRVXOODPHQVDGHOSRYHUR
1HWWDWH L EURFFROL GDOOH IRJOLH SL GXUH OHVVDWHOL VSUHPHWHOL GDOO DFTXD H WDJOLDWHOL DOO LQJURVVR 7ULWDWH
GXH R WUH VSLFFKL G DJOLR R ODVFLDWHOL LQWHUL H SUHVR FKH DEELDQR FRORUH FRQ ROLR DEERQGDQWH LQ SDGHOOD
JHWWDWHFLLEURFFROLFRQGLWHOLFRQVDOHHSHSHULPHVWDWHOLVSHVVRHODVFLDWHOLVRIIULJJHUPROWR3RVVRQRVHUYLUVL
SHUFRQWRUQRDOOHVVRRDQFKHSHUPDQJLDUOLVROL
6HQRQYLSLDFFLRQFRVuOHVVDWHOLHFRQGLWHOLFRQROLRHDFHWR1HOIHEEUDLRHQHOPDU]RVLPHWWRQRLQ
YHQGLWDLWDOOLGLTXHVWDSLDQWDFKHVRQRWHQHULHGHOLFDWL
1HLSDHVLRYHO ROLRQRQqSHUIHWWRVLSXzVXSSOLUHFROODUGRDQ]LDJXVWRPLRVRIIULWWLFRQTXHVWRVRQR
PLJOLRUL
%52&&2/,520$1,
4XHVWLEURFFROLGLFXLD5RPD VLIDJUDQFRQVXPRKDQQROHIRJOLHGLXQYHUGHFXSRHLOILRUHQHURR
SDRQD]]R
1HWWDWHOLGDOOHIRJOLHSLGXUH HOHVVDWHOL7ROWLGDOO DFTXDEROOHQWHJHWWDWHOLQHOODIUHGGDHGRSRVWUL]]DWL
EHQHWULWDWHOLDOO LQJURVVRHJHWWDWHOLLQSDGHOODFRQODUGRYHUJLQH VWUXWWR FRQGHQGROLFRQVDOHHSHSH7LUDWR
FKH DEELDQR WXWWR O XQWR DQQDIILDWHOL FRQ YLQR ELDQFR GROFH FRQWLQXDWH D VWUDVFLQDUOL LQ SDGHOOD ILQFKp
O DEELDQRWXWWRDVVRUELWRHGHYDSRUDWRLQGLVHUYLWHOLFKpVDUDQQRORGDWL
(FFRYL XQ DOWUR PRGR GL FXFLQDU TXHVWL EURFFROL FKH FRVu VHQ]D OHVVDUOL ULHVFRQR PLJOLRUL 6HUYLWHYL
VROWDQWRGHOILRUHHGHOOHIRJOLHSLWHQHUHTXHVWHWDJOLDWHOHDOO LQJURVVRHLOILRUHDSLFFROLVSLFFKL0HWWHWHOD
SDGHOODDOIXRFRFRQROLRLQSURSRU]LRQHHXQRVSLFFKLRG DJOLRWDJOLDWRDIHWWLQHSHUWUDYHUVR4XDQGRO DJOLR
FRPLQFLDDURVRODUHJHWWDWHGDFUXGHLQSDGHOODSULPD OHIRJOLHHSRLLOILRUHVDOHHSHSHSHUFRQGLPHQWRH
YLDYLDFKHEROOHQGRVLSURVFLXJDQRULPHVWDQGROLVHPSUHDQGDWHOLEDJQDQGRFRQXQJRFFLRORG DFTXDFDOGD
H TXDVL D FRWWXUD FRPSOHWD FRO YLQR ELDQFR 1RQ SRWHQGR GDUYL GL TXHVWR SLDWWR OH GRVL SUHFLVH DEELDWH OD
SD]LHQ]DGLIDUTXDOFKHSURYD QHIRWDQWHLR SHUDFFHUWDUYLGHOVXRJXVWRPLJOLRUH
&$92/25,3,(12
3UHQGHWH XQDJURVVDSDOODGLFDYRORFDSSXFFLRRYHU]RWWRQHWWDWHODGDOOHIRJOLHGXUHGHOODVXSHUILFLH
SDUHJJLDWHOH LO JDPER H GDWHOH PH]]D FRWWXUD LQ DFTXD VDODWD 0HWWHWHOD FDSRYROWD D VFRODUH SRL DSULWH OH
IRJOLHDGXQDDGXQDILQRDOJUXPRORGLPH]]RHVXOPHGHVLPRYHUVDWHLOULSLHQRWLUDWHJOLVRSUDWXWWHOHIRJOLH
SHUEHQLQRFKLXGHWHORWXWWRHIDWHJOLXQDOHJDWXUDLQFURFH
,O ULSLHQR SRWHWH IDUOR FRQ YLWHOOD GL ODWWH VWUDFRWWDWD VROD RG XQLWD D IHJDWLQL H DQLPHOOH LO WXWWR WULWDWR
ILQH 3HU DJJUD]LDUH H UHQGHU GHOLFDWR LO FRPSRVWR DJJLXQJHWH XQ SRFR GL EDOVDPHOOD XQ SL]]LFR GL
SDUPLJLDQR XQ URVVR G XRYR H O RGRUH GL QRFH PRVFDWD 7HUPLQDWH GL FXRFHUH LO FDYROR QHO VXJR GHO GHWWR
VWUDFRWWRDJJLXQJHQGRYLXQSH]]HWWRGLEXUURFRQIXRFROHJJLHURVRWWRHVRSUD
1RQ YROHQGR ULHPSLUH LO FDYROR LQWHUR VL SRVVRQR ULHPSLUH OH IRJOLH SL ODUJKH DG XQD DG XQD
DYYROJHQGROHVRSUDVpVWHVVHDJXLVDGLWDQWLURFFKL
$OOD EDOVDPHOODSXzVXSSOLUHXQDPLGROODGLSDQHLQ]XSSDWDQHOEURGRRQHOVXJR
&$92/2%,$1&23(5&2172512
3UHQGHWH XQD SDOOD GL FDYROR FDSSXFFLR R YHU]RWWR WDJOLDWHOD LQ FURFH GDOOD SDUWH GHO JDPER SHU
IRUPDUQHTXDWWURSDUWLHGRJQXQDGLTXHVWHWDJOLDWHODDSLFFROLVSLFFKL7HQHWHORLQPROOHQHOO DFTXDIUHVFDH
VFRWWDWHORLQDFTXDVDODWDHWROWRGDOIXRFRVFRODWHOREHQHVHQ]DVSUHPHUOR)DWHXQEDWWXWRGLSURVFLXWWRH
FLSROOD H PHWWHWHOR DO IXRFR FRQ XQ SH]]R GL EXUUR 4XDQGR OD FLSROOD DYUj SUHVR LO URVVR IHUPDWHOD FRQ XQ
UDPDLXROR GL EURGR IDWH EROOLUH XQ SRFR H SRL SDVVDWH LO VXJR ,Q TXHVWR VXJR ULPHWWHWH LO FDYROR FRQ XQ
SH]]HWWR GL SURVFLXWWR FRQGLWHOR FRQ SHSH H SRFR VDOH H IDWHOR EROOLUH DGDJLR SHU WHUPLQDUH GL FXRFHUOR
/HYDWHLOSURVFLXWWRHPDQGDWHORLQWDYRODSHUFRQWRUQRDOOHVVR
&$92/21(523(5&2172512
/HYDWHJOL OH FRVWROH GXUH OHVVDWHOR H WULWDWHOR ILQH 6H QRQ DYHWH VXJR GL FDUQH IDWH XQ EDWWXWLQR GL
SURVFLXWWR H FLSROOD PHWWHWHOR DO IXRFR FRQ XQ SH]]HWWR GL EXUUR H TXDQGR OD FLSROOD VDUj EHQ URVRODWD
EDJQDWHODFRQXQJRFFLRORGLEURGRHSDVVDWHLOVXJRIRUPDWRVL,QHVVRJHWWDWHLOFDYRORFRQGLWHORFRQSHSH
SRFRRSXQWRVDOHDJJLXQJHWHXQDOWURSH]]HWWRGLEXUURHDOWUREURGRVHRFFRUUHHVHUYLWHORSHUFRQWRUQRDO
OHVVR R DO FRWHJKLQR $OFXQL XVDQR SHU PLQHVWUD GL DUURVWLUH IHWWH GL SDQH JURVVH XQ GLWR GL VWURILQDUOH
FROO DJOLR G LQWLQJHUOH DSSHQD QHOO DFTXD LQ FXL KD EROOLWR LO FDYROR QHUR SRQHQGRFL VRSUD LO FDYROR VWHVVR
DQFRUDFDOGRHFRQGHQGRORFRQVDOHSHSHHROLR4XHVWRFKHFKLDPDVLD)LUHQ]HFDYRORFRQOHIHWWHqXQ
SLDWWRGD&HUWRVLQLRGDLQIOLJJHUVLSHUSHQLWHQ]DDGXQJKLRWWRQH
),12&&+,&2//$%$/6$0(//$
3UHQGHWH ILQRFFKL SROSXWL QHWWDWHOL GDOOH IRJOLH GXUH WDJOLDWHOL D SLFFROL VSLFFKL ODYDWHOL H VFRWWDWHOL
QHOO DFTXD VDODWD0HWWHWHOLDVRIIULJJHUHQHOEXUURHTXDQGRO DYUDQQRVXFFKLDWRWLUDWHOLDFRWWXUDLQWHUDFRO
ODWWH $VVDJJLDWHOL VH VWDQQR EHQH D VDOH SRL OHYDWHOL DVFLXWWL H SRQHWHOL LQ XQ YDVVRLR FKH UHJJD DO IXRFR
6SROYHUL]]DWHOL GL SDUPLJLDQR H FRSULWHOL GL EDOVDPHOOD 5RVRODWHOL FRO IXRFR VRSUD H VHUYLWHOL FRO OHVVR R
FROO XPLGR
),12&&+,3(5&2172512
4XHVWDULFHWWDqSLVHPSOLFHGHOODSUHFHGHQWHHGqHJXDOPHQWHRSSRUWXQDSHUFRQWRUQRDOOHVVR
'RSR DYHUOL WDJOLDWL D VSLFFKL H VFRWWDWL QHOO DFTXD VDODWD VRIIULJJHWHOL QHO EXUUR WLUDWHOL D FRWWXUD FRO
EURGROHJDWHOLFRQXQSL]]LFRGLIDULQDHTXDQGROLOHYDWHGDWHORURVDSRUHFRQXQSRFRGLSDUPLJLDQR
3$7$7($//$6$87e
&LzYXROGLUHLQEXRQRLWDOLDQRSDWDWHURVRODWHQHOEXUUR6EXFFLDWHOHSDWDWHFUXGHHWDJOLDWHOHDIHWWH
VRWWLOL FKH SRUUHWH DO IXRFR LQ XQD WHJOLD FROEXUURFRQGHQGROH FRQ VDOH H SHSH 6L DGGLFH PROWRLO PHWWHUOH
VRWWR OD ELVWHFFD TXDQGR TXHVWD VL PDQGD LQ WDYROD 6L SRVVRQR DQFKH IULJJHUH LQ SDGHOOD FROO ROLR QHOOD
VHJXHQWH PDQLHUD 6H VRQR SDWDWH QRYHOOLQH QRQ RFFRUUH VEXFFLDUOH EDVWD VWURILQDUOH FRQ XQ FDQRYDFFLR
UXYLGR7DJOLDWHOHDIHWWLQHVRWWLOLVVLPHHODVFLDWHOHQHOO DFTXDIUHVFDSHUXQ RUDFLUFDSRLDVFLXJDWHOHEHQHIUD
OHSLHJKHGLXQFDQRYDFFLRHLQIDULQDWHOH$YYHUWLWHGLQRQDUURVWLUOHWURSSRHVDODWHOHGRSRFRWWH
3$7$7(7$578)$7(
7DJOLDWHDIHWWHVRWWLOLGHOOHSDWDWHJLjPH]]ROHVVDWHHSRQHWHOHDVXROLLQXQDWHJOLHWWLQDLQWUDPH]]DWH
GD WDUWXIL DQFK HVVL D IHWWH VRWWLOL H GD SDUPLJLDQR JUDWWDWR $JJLXQJHWH TXDOFKH SH]]HWWR GL EXUUR VDOH H
SHSH H TXDQGR FRPLQFLDQR D JULOOHWWDUH DQQDIILDWHOH FRQ EURGR R FRQ VXJR GL FDUQH 3ULPD GL ULWLUDUOH GDO
IXRFRVWUL]]DWHVXOOHPHGHVLPHXQSR G DJURGLOLPRQHHVHUYLWHOHFDOGH
3$66$72',3$7$7(
2UPDL LQ ,WDOLD VH QRQ VL SDUOD EDUEDUR WUDWWDQGRVL VSHFLDOPHQWH GL PRGH H GL FXFLQD QHVVXQR
Y LQWHQGH TXLQGL SHU HVVHU FDSLWR ELVRJQHUj FK LR FKLDPL TXHVWR SLDWWR GL FRQWRUQR QRQ SDVVDWR GL PD
SXUpHGLRSLEDUEDUDPHQWHDQFRUDSDWDWHPkFKpHV
3DWDWHEHOOHJURVVHIDULQDFHHJUDPPL
%XUURJUDPPL
/DWWHEXRQRRSDQQDPH]]RELFFKLHUH
6DOHTXDQWREDVWD
/HVVDWH OH SDWDWH VEXFFLDWHOH H FDOGH EROOHQWL SDVVDWHOH SHU LVWDFFLR 3RL PHWWHWHOH DO IXRFR LQ XQD
FD]]DUXROD FRL VXGGHWWL LQJUHGLHQWL ODYRUDQGROH PROWRFRO PHVWROR RQGHVL DIILQLQR 6L FRQRVFH VH OH SDWDWH
VRQFRWWHEXFDQGROHFRQXQRVWHFFRDSSXQWDWRFKHGHYHSDVVDUHGDSDUWHDSDUWHOLEHUDPHQWH
,16$/$7$',3$7$7(
%HQFKpVLWUDWWLGLSDWDWHYLGLFRFKHTXHVWRSLDWWRQHOODVXDPRGHVWLDqGHJQRGLHVVHUHHORJLDWRPD
QRQqSHUWXWWL JOLVWRPDFKL
/HVVDWH JUDPPL GL SDWDWH R FXRFHWHOH D YDSRUH VEXFFLDWHOH FDOGH WDJOLDWHOH D IHWWH VRWWLOL H
PHWWHWHOHLQXQ LQVDODWLHUD3UHQGHWH
&DSSHULVRWWRDFHWRJUDPPL
3HSHURQLVRWWRDFHWRQ
&HWULROLQLVRWWRDFHWRQ
&LSROOLQHVRWWRDFHWRQ
$FFLXJKHVDODWHHSXOLWHQ
8QDFRVWRODGLVHGDQROXQJDXQSDOPR
8QSL]]LFRGLEDVLOLFRHWXWWHTXHVWHFRVHLQVLHPHWULWDWHOHPLQXWLVVLPHHPHWWHWHOHLQXQDVFRGHOOD
3UHQGHWHGXHXRYDVRGHWULWDWHOHHJXDOPHQWHSRLVWLDFFLDWHOHFRQODODPDGLXQFROWHOORHGXQLWHOHDO
GHWWREDWWXWR
&RQGLWHORFRQROLRDEXRQDPLVXUDSRFRDFHWRVDOHHSHSHHPHVFRODWREHQEHQHVHUYLWHYLGLTXHVWD
SROWLJOLD GLYHQXWD TXDVL OLTXLGD SHU FRQGLU OH SDWDWH DOOH TXDOL SRWHWH DJJLXQJHUH VH YL SLDFH O RGRUH GHO
UHJDPR
4XHVWDGRVHSXzEDVWDUHSHUVHLRVHWWHSHUVRQHHGqXQSLDWWRFKHSXzFRQVHUYDUVLDQFKHSHUGLYHUVL
JLRUQL
7257,12',=8&&+,1,
7DJOLDWHJOL]XFFKLQLDWRFFKHWWLJURVVLSRFRSLGHOOH QRFFLXROHURVRODWHOLQHOEXUURHFRQGLWHOLFRQVDOH
H SHSH 3RL YHUVDWHOL LQ XQ YDVVRLR FKH UHJJD DO IXRFR VSROYHUL]]DWHOL OHJJHUPHQWH GL SDUPLJLDQR LQ FXL
DYUHWH PHVFRODWR XQD SUHVD GL QRFH PRVFDWD H FRSULWHOL GL XQD EDOVDPHOOD VRGHWWLQD 5RVRODWH DOTXDQWR OD
VXSHUILFLH FRO FRSHUFKLR GHO IRUQR GD FDPSDJQD H VHUYLWHOL SHU WUDPHVVR R LQ FRPSDJQLD GHO OHVVR R GL XQ
XPLGRGLFDUQH
7257,12',3$7$7(,
4XHVWRSLDWWRFRPHTXHOORGHOQSXzVHUYLUHSHUWUDPHVVRRVRORRLQFRPSDJQLDGLFRWHJKLQLH
]DPSRQL
3DWDWHEHOOHJURVVHIDULQDFHHJUDPPL
%XUURJUDPPL
/DWWHEXRQRRSDQQDPH]]RELFFKLHUH
3DUPLJLDQRJUDWWDWRGXHFXFFKLDLDWH
8RYDQ
6DOHTXDQWREDVWD
XRYD
(VHJXLWDFKHDYUHWHODVWHVVDIDWWXUDGHOQODVFLDWHOHGLDFFLDUHHGDJJLXQJHWHLOSDUPLJLDQRHOH
3UHQGHWHXQSLDWWRGLUDPHGDSDVWLFFLRRXQDWHJOLDSURSRU]LRQDWDXQJHWHODFROEXUURVSROYHUL]]DWHOD
GL SDQJUDWWDWR ILQH HYHUVDWHYL LO FRPSRVWR GRSR DYHUOR EHQ PHVFRODWR 'DWHJOL OD IRUPD GL XQD VFKLDFFLDWD
DOWDXQGLWRRXQGLWRHPH]]RHSRQHWHORVRWWRLOIRUQRGDFDPSDJQDSHUURVRODUOR6HUYLWHORFDOGRGDOODSDUWH
VRWWRVWDQWHRVXSHULRUHGRYHqSLDSSDULVFHQWH,QYHFHGLXQWRUWLQRJUDQGHSRWHWHIDUQHPROWLGHLSLFFROL
RGDQFKHSHUGDUORURXQDIRUPDHOHJDQWHSRUUHLOFRPSRVWRQHJOLVWDPSLQL
7257,12',3$7$7(,,
,OWRUWLQRGLSDWDWHIDWWRQHOVHJXHQWHPRGRPLVHPEUDFKHYHQJDPHJOLRGHOSUHFHGHQWH
3DWDWHJUDPPL
%XUURJUDWWDPL
)DULQDJUDPPL
8RYDQ
3DUPLJLDQRGXHFXFFKLDLDWH
/DWWHTXDQWREDVWD
6DOHTXDQWREDVWD
)DWH XQD EDOVDPHOOD FRQ OD GHWWD IDULQD FRQ OD PHWj GHO EXUUR H LO ODWWH FKH RFFRUUH 9HUVDWH QHOOD
PHGHVLPDOHSDWDWHJLjFRWWHHSDVVDWH/DYRUDWHOHVRSUDDOIXRFRYHUVDQGRLOEXUURULPDQHQWHLOVDOHHWDQWR
DOWURODWWHFKHEDVWLDIDUQHXQDSDVWDQRQWURSSRPRUELGD'LDFFLDDJJLXQJHWHLOUHVWRHURVRODWHLOFRPSRVWR
FRPHLOSUHFHGHQWH
63,1$&,3(5&2172512
/R VSLQDFLR q XQ HUEDJJLR VDOXEUH ULQIUHVFDQWH HPROOLHQWH DOTXDQWR ODVVDWLYR H GL IDFLOH GLJHVWLRQH
TXDQGRqWULWDWR'RSRDYHUOLOHVVDWLHWULWDWLILQLFROODOXQHWWDVLSRVVRQRFXFLQDUHJOLVSLQDFLLQTXHVWLGLYHUVL
PRGL
O &RQ VROR EXUUR VDOH H SHSH DJJLXQJHQGR XQ SRFR GL VXJR GL FDUQH VH OR DYHWH R TXDOFKH
FXFFKLDLDWDGLEURGRRGDQFKHGL SDQQD
&RQXQSLFFROLVVLPRVRIIULWWRGLFLSROODWULWDWDILQHHWLUDWRFROEXUUR
&RQVROREXUURVDOHHSHSHFRPHLSULPLDJJLXQJHQGRXQSL]]LFRGLSDUPLJLDQR
&RQEXUURXQJRFFLRORG ROLRDSSHQDHVXJRGLSRPRGRURRFRQVHUYD
63,1$&, ',0$*52$//¶862',520$*1$
/HVVDWHOL FRQ OD VROD DFTXD FKH JURQGDQR GDOO DYHUOL WHQXWL LQ PROOH VSUHPHWHOL EHQH H PHWWHWHOL LQ
XPLGR FRQ XQ VRIIULWWR GL ROLR DJOLR SUH]]HPROR VDOH H SHSH ODVFLDQGROL LQWHUL HG DJJUD]LDQGROL FRQ XQD
SUHVDGL]XFFKHUR HDOFXQLFKLFFKLG XYDVHFFDDFXLVLDQRVWDWLWROWLJOLDFLQL
63$5$*,
3HU GDUH DJOL VSDUDJL DVSHWWR SL EHOOR SULPD GL FXRFHUOL UDVFKLDWH FRQ XQ FROWHOOR OD SDUWH ELDQFD H
SDUHJJLDWH O HVWUHPLWj GHO JDPER SRL OHJDWHOL FRQ XQR VSDJR LQ PD]]L QRQ WURSSR JURVVL H SHUFKp UHVWLQR
YHUGL VDODWH O DFTXD LPPHUJHQGROL TXDQGR EROOH IRUWH H IDFHQGR YHQWR RQGH LO EROORUH ULSUHQGD VXELWR /D
FRWWXUDqJLXVWDDOORUFKpJOLVSDUDJLFRPLQFLDQRDSLHJDUHLOFDSRPDDFFHUWDWHYLPHJOLRFROOHGLWDVHFHGRQR
D XQD JLXVWDSUHVVLRQHHVVHQGREHQHFKHVLHQRSLXWWRVWRSRFRFKHWURSSRFRWWL4XDQGROLOHYDWHJHWWDWHOL
QHOO DFTXD IUHVFD PD SRL WRJOLHWHOL VXELWR SHU VHUYLUOL FDOGL FRPH L SL OL GHVLGHUDQR 4XHVWR HUEDJJLR
SUH]LRVRQRQVRORSHUOHVXHTXDOLWjGLXUHWLFKHHGLJHVWLYHPDDQFKHSHUO DOWRSUH]]RDFXLVLYHQGHOHVVDWR
FKHVLDVLSXzSUHSDUDUHLQGLYHUVHPDQLHUHPDODSLVHPSOLFHHODPLJOLRUHqTXHOODFRPXQHGLFRQGLUOLFRQ
ROLR ILQLVVLPR H DFHWR R DJUR GL OLPRQH 1RQRVWDQWH SHU YDULDUH HFFRYL DOWUL PRGLGL SUHSDUDUOL GRSR DYHUOL
OHVVDWLDPHWj0HWWHWHOLLQWHULDVRIIULJJHUHDOTXDQWRFRQODSDUWHYHUGHQHOEXUURHGRSRDYHUOL FRQGLWLFRQ
VDOH SHSH H XQ SL]]LFR DVVDL VFDUVR GL SDUPLJLDQR OHYDWHOL YHUVDQGRFL VRSUD LO EXUUR TXDQGR DYUj SUHVR LO
URVVR2SSXUHGLYLGHWHODSDUWHYHUGHGDOODELDQFDHSUHQGHQGRXQSLDWWRFKHUHJJDDOIXRFRGLVSRQHWHOLLQ
TXHVWDJXLVDVSROYHUL]]DWHQHLOIRQGRFRQSDUPLJLDQRJUDWWDWRHGLVWHQGHWHFLVRSUDOHSXQWHGHJOLVSDUDJLOH
XQHDFFRVWRDOOHDOWUHFRQGLWHOHFRQVDOHSHSHSDUPLJLDQRHSH]]HWWLGLEXUURIDWHXQDOWURVXRORGLVSDUDJL
H FRQGLWHOL DO PRGR LVWHVVR SURVHJXHQGR ILQFKp QH DYUHWH PD DQGDWH VFDUVL D FRQGLPHQWR RQGH QRQ
ULHVFDQRQDXVHDQWL*OLVWUDWLGHJOLVSDUDJLLQFURFLDWHOLFRPHXQILWWRJUDWLFRODWRPHWWHWHOLVRWWRDXQFRSHUFKLR
FRO IXRFR VRSUD SHU VFLRJOLHUQH LO FRQGLPHQWR H VHUYLWHOL FDOGL 6H DYHWH VXJR GL FDUQH OHVVDWHOL D PHWj H
WLUDWHOLDFRWWXUDFRQTXHOORDJJLXQJHQGRXQSRFRGLEXUURHXQDOHJJLHUDILRULWXUDGLSDUPLJLDQR,QXQIULWWR
PLVWRSRWHWHDQFKHVHUYLUYLGHOOHSXQWHYHUGLGHJOLVSDUDJLDYYROJHQGROHQHOODSDVWHOODGHOQ
$OWULHGLYHUVLPRGLGLSUHSDUDUOLYHQJRQRLQGLFDWLQHLOLEULGLFXFLQDPDLOSLVRYHQWHULHVFRQRLQWUXJOL
QRQJUDGLWLGDLEXRQJXVWDL1RQRVWDQWHY LQGLFRODVDOVDGHOQFKHSXzSLDFHUHVHqPDQGDWDFDOGDLQ
WDYROD LQ XQD VDOVLHUD D SDUWH SHU FRQGLUH FRQ HVVD WDQWR JOL VSDUDJL TXDQWR L FDUFLRIL WDJOLDWL LQ TXDUWL H
OHVVDWL
,OFDWWLYRRGRUHSURGRWWRGDJOLVSDUDJLVLSXzFRQYHUWLUHLQJUDWRROH]]RGLYLRODPDPPRODYHUVDQGRQHO
YDVRGDQRWWHDOFXQHJRFFHGLWUHPHQWLQD
6)250$72',=8&&+,1,3$66$7,
=XFFKLQLJUDPPL
3DUPLJLDQRJUDPPL
8RYDQ
)DWH XQ EDWWXWR FRQ XQ TXDUWR GL FLSROOD VHGDQR FDURWD H SUH]]HPROR 0HWWHWHOR DO IXRFR FRQ ROLR H
TXDQGR DYUj SUHVR FRORUH YHUVDWH JOL ]XFFKLQL WDJOLDWL D WRFFKHWWL FRQGLWL FRQ VDOH H SHSH $OORUFKp VDUDQQR
URVRODWLWLUDWHOLDFRWWXUDFRQDFTXDSDVVDWHOLDVFLXWWLGDOORVWDFFLRHGDJJLXQJHWHLOSDUPLJLDQRHOHXRYD
)DWHXQDEDOVDPHOODFRQ JUDPPLGLEXUURGXHFXFFKLDLDWHGLIDULQDHGHFLOLWULGLODWWH0HVFRODWH
RJQLFRVDLQVLHPHHVHUYHQGRYLGLXQRVWDPSROLVFLRHEXFDWRFXRFHWHORDEDJQRPDULD6IRUPDWHORFDOGR
ULHPSLWHLOYXRWRFRQXQXPLGRGHOLFDWRHVHUYLWHOR
4XHVWDGRVHSRWUjEDVWDUHSHURWWRRGLHFLSHUVRQH
6)250$72',)81*+,
7XWWHOHTXDOLWjGLIXQJKLSRVVRQRIDUHDOFDVRPDLRULWHQJRFKHLSRUFLQLVLHQRGDSUHIHULUVLHVFOXVL
SHUzLJURVVLVVLPL1HWWDWHOLEHQHGDOODWHUUDHODYDWHOLSRLWULWDWHOLPLQXWLDOODJURVVH]]DGLXQFHFHRDQFKH
PHQR 0HWWHWHOL DO IXRFR FRQ EXUUR VDOH H SHSH H TXDQGR DYUDQQR VRIIULWWR DOTXDQWR WLUDWHOL D FRWWXUD FRQ
VXJRGLFDUQH5LWLUDWLGDOIXRFROHJDWHOLFRQEDOVDPHOODXRYDHSDUPLJLDQRHDVVRGDWHLOFRPSRVWRDEDJQR
PDULD
*UDPPL GLIXQJKLLQQDWXUDFRQFLQTXHXRYDIDUDQQRXQRVIRUPDWREDVWDQWHSHUGLHFLSHUVRQH
6HUYLWHORFDOGRHSHUWUDPHVVR
&$92/29(5=27723(5&2172512
/HVVDWHORDPHWjVWUL]]DWHORGDOO DFTXDWULWDWHORFROODOXQHWWDPHWWHWHORDOIXRFRFRQEXUURH ODWWHSHU
WLUDUOR D FRWWXUD H VDODWHOR 4XDQGR VDUj EHQ FRWWR XQLWHJOL GHOOD EDOVDPHOOD SLXWWRVWR VRGD IDWH FKH
V LQFRUSRUL EHQH VXO IXRFR FRO FDYROR H DJJLXQJHWH SDUPLJLDQR JUDWWDWR $VVDJJLDWHOR SHU VHQWLUH VH KD
VDSRUH H VH q JLXVWR GL FRQGLPHQWL H VHUYLWHOR SHU FRQWRUQR DO OHVVR R D XQ XPLGR GL FDUQH YHGUHWH FKH
SLDFHUjPROWRSHUODVXDGHOLFDWH]]D
,16$/$7$5866$
/DFRVu GHWWDLQVDODWDUXVVDRUDGLPRGDQHLSUDQ]LFRQVHUYDWRQHLOFDUDWWHUHIRQGDPHQWDOHLFXRFKL
OD LQWUXJOLDQR D ORUR SLDFHUH /D SUHVHQWH IDWWD QHOOD PLD FXFLQD QHOOD VXD FRPSOLFD]LRQH q XQD GHOOH SL
VHPSOLFL
,QVDODWDJUDPPL
%DUEDELHWROHJUDPPL
)DJLXROLQLLQHUEDJUDPPL
3DWDWHJUDPPL
&DURWHJUDPPL
&DSSHULVRWWRDFHWRJUDPPL
&HWULROLQLVRWWRDFHWRJUDPPL
$FFLXJKHVDODWHQ
8RYDVRGHQ
/ LQVDODWD FKH SXz HVVHUH GL GXH R WUH TXDOLWj FRPH VDUHEEH LQVDODWD URPDQD ODWWXJRQL UDGLFFKLR
ODWWXJD WDJOLDWHOD D VWULVFLROLQH /H EDUEDELHWROH L IDJLXROLQL OH SDWDWH H OH FDURWH SHVDWHOH GRSR OHVVDWH H
WDJOLDWHOHDSLFFROLGDGLJURVVLPHQRGLXQFHFHHFRVuSXUHOHFKLDUHHXQURVVRGHOOHGXHXRYDDVVRGDWH,
FDSSHULODVFLDWHOLLQWHULHLFHWULROLQLWDJOLDWHOLDOODJURVVH]]DGHLPHGHVLPL
/HDFFLXJKHSXOLWHHWROWDQHODVSLQDWDJOLDWHOHDSH]]HWWLQLHIDWWRWXWWRTXHVWRPHVFRODWHRJQLFRVD
LQVLHPH
2UDSUHSDUDWHXQDPDLRQHVH YHGLQ FRQGXHURVVLFUXGLHTXHOORVRGRULPDVWRHGHFLOLWULGLROLR
VRSUDIILQH 4XDQGRVDUjPRQWDWDDJJLXQJHWHO DJURGLXQOLPRQHFRQGLWHODFRQVDOHHSHSHHYHUVDWHODQHO
GHWWRPLVFXJOLRULPHVWDQGREHQHRQGHORLQYHVWDWXWWR
6FLRJOLHWHDOIXRFRWUHIRJOLGLFROODGLSHVFHLQGXHGLWDGLELFFKLHUHG DFTXDGRSRGLDYHUODWHQXWDLQ
PROOHTXDOFKHRUDHVFLROWDFKHVLDYHUVDWHQHTXDQWRqJURVVRXQVROGRVXOIRQGRGLXQRVWDPSROLVFLRHLO
UHVWRPHVFRODWHORQHOFRPSRVWRFKHSRLYHUVHUHWHQHOGHWWRVWDPSRSHUPHWWHUORLQJKLDFFLR3HULVIRUPDUOD
IDFLOPHQWH EDJQDWH OR VWDPSR FRQ DFTXD FDOGD H VH YROHWH GDUOH XQ DSSDUHQ]D SL EHOOD HG HOHJDQWH
TXDQGR QHOOR VWDPSR DYUHWH YHUVDWR OR VWUDWR VRWWLOH GL FROOD GL SHVFH SULPD G DJJLXQJHUH LO FRPSRVWR FL
SRWUHWHIDUHVRSUDXQRUQDWRDGLYHUVLFRORULFROO HUEDJJLROHFKLDUHHLOURVVRGHOOHXRYDVRGHVRSUDFFHQQDWH
4XHVWDGRVHSRWUjEDVWDUHSHURWWRRGLHFLSHUVRQH
3,$77,',3(6&(
4XDOLWjHVWDJLRQHGHLSHVFL
7UD L SHVFL FRPXQL L SL ILQL VRQR OR VWRULRQH LO GHQWLFH O RPEULQD LO UDJQR OD VRJOLROD LO URPER LO
SHVFH 6DQ 3LHWUR O RUDWD OD WULJOLD GL VFRJOLR OD WURWD G DFTXD GROFH RWWLPL WXWWR O DQQR PD OD VRJOLROD H LO
URPERVSHFLDOPHQWHG LQYHUQR
/H VWDJLRQL SHU JOL DOWUL SHVFL SL FRQRVFLXWL VRQR SHO QDVHOOR O DQJXLOOD H L WRWDQL WXWWR O DQQR PD
O DQJXLOODqSLDGDWWDO LQYHUQRHLWRWDQLVRQRPLJOLRULO HVWDWH
3HOPXJJLQHJURVVRGLPDUHLOOXJOLRHO DJRVWRSHOPXJJLQHSLFFROR FHIDOR O RWWREUHHLOQRYHPEUH
HG DQFKHWXWWRO LQYHUQR3HLJKLR]]LIULWWXUDHVHSSLHLOPDU]RO DSULOHHLOPDJJLR3HLSROSLO RWWREUH3HUOH
VDUGHHOHDFFLXJKHWXWWRO LQYHUQRILQRDOO DSULOH3HUOHWULJOLH EDUERQL LOVHWWHPEUHHO RWWREUH3HOWRQQRGDO
PDU]RDOO RWWREUH 3HUORVJRPEURODSULPDYHUDVSHFLDOPHQWHLOPDJJLRTXHVWRSHVFHSHUODVXDFDUQHGXUD
H WLJOLRVD VL XVD FXRFHUOR LQ XPLGR YROHQGROR IDUH LQ JUDWHOOD VDUj EHQH PHWWHUOR DO IXRFR VRSUD XQ IRJOLR
JURVVRGLFDUWDXQWRHFRQGLUORFRQROLRVDOHSHSHHTXDOFKHIRJOLDGLUDPHULQR
7UDLFURVWDFHLXQRGH SLVWLPDWLqO DULJXVWDRDUDJRVWDEXRQDWXWWRO DQQRPDPHJOLRLQSULPDYHUD
HWUDOHFRQFKLJOLHO RVWULFDODTXDOHQH OXRJKLGLRVWULFXOWXUDVLUDFFRJOLHGDOO RWWREUHDOO DSULOH
,OSHVFHVHqIUHVFRKDO RFFKLRYLYDFHHOXFLGRORKDSDOOLGRHGDSSDQQDWRVHQRQqIUHVFR8QDOWUR
LQGL]LRGHOODVXDIUHVFKH]]DqLOFRORUHURVVRGHOOHEUDQFKLHPDTXHVWHSRWHQGRHVVHUHVWDWHFRORULWHDGDUWH
FROVDQJXHWRFFDWHOHFRQXQGLWRHSRUWDWHYHORDOQDVR O RGRUH YLIDUjODVSLD8QDOWUR FDUDWWHUHGHOSHVFH
IUHVFRqODVRGH]]DGHOOHFDUQLSHUFKpVHVWDPROWRQHOJKLDFFLRGLYHQWDIUROORHPRUELGRDOWDWWR
,PDULQDLGLFRQRFKHLFURVWDFHLHLULFFLGLPDUHVRQRSLSLHQLSHVFDWLGXUDQWHLOFKLDURGLOXQD
&$&&,8&&2,
&DFFLXFFR /DVFLDWHPL IDU GXH FKLDFFKLHUH VX TXHVWD SDUROD OD TXDOH IRUVH QRQ q LQWHVD FKH LQ
7RVFDQD H VXOOH VSLDJJH GHO 0HGLWHUUDQHR SHU OD UDJLRQH FKH QH SDHVL FKH FRVWHJJLDQR O $GULDWLFR q
VRVWLWXLWD GDOOD YRFH EURGHWWR $ )LUHQ]H LQYHFH LO EURGHWWR q XQD PLQHVWUD FKH V XVD SHU 3DVTXD G XRYD
FLRqXQD]XSSDGLSDQHLQEURGROHJDWDFRQXRYDIUXOODWHHDJURGLOLPRQH/DFRQIXVLRQHGLTXHVWLHVLPLOL
WHUPLQLIUDSURYLQFLDHSURYLQFLDLQ,WDOLDqWDOHFKHSRFRPDQFDDIRUPDUHXQDVHFRQGD%DEHOH'RSRO XQLWj
GHOOD SDWULD PL VHPEUDYD ORJLFD FRQVHJXHQ]D LO SHQVDUH DOO XQLWj GHOOD OLQJXD SDUODWD FKH SRFKL FXUDQR H
PROWL RVWHJJLDQR IRUVH SHU XQ IDOVR DPRU SURSULR H IRUVH DQFKH SHU OD OXQJD H LQYHWHUDWD FRQVXHWXGLQH DL
SURSULGLDOHWWL
7RUQDQGR DO FDFFLXFFR GLUz FKH TXHVWR QDWXUDOPHQWH q XQ SLDWWR LQ XVR SL FKH DOWURYH QHL SRUWL GL
PDUH RYH LO SHVFH VL WURYD IUHVFR H GHOOH VSHFLH RFFRUUHQWH DO ELVRJQR 2JQL SHVFLYHQGROR q LQ JUDGR GL
LQGLFDUYL OH TXDOLWj FKH PHJOLR VL DGGLFRQR D XQ EXRQ FDFFLXFFR PD EXRQR TXDQWR VL YRJOLD q VHPSUH XQ
FLERDVVDLJUDYHHELVRJQDJXDUGDUVLGDOIDUQHXQDVFRUSDFFLDWD
3HUJUDPPLGLSHVFHWULQFLDWHILQHPH]]DFLSROODHPHWWHWHODDVRIIULJJHUHFRQROLRSUH]]HPRORH
GXH VSLFFKL G DJOLR LQWHUR $SSHQD FKH OD FLSROOD DYUj SUHVR FRORUH DJJLXQJHWH JUDPPL GL SRPRGRUL D
SH]]L R FRQVHUYD H FRQGLWH FRQ VDOH H SHSH &RWWL FKH VLDQR L SRPRGRUL YHUVDWH VXL PHGHVLPL XQ GLWR
G DFHWRVHqIRUWHHGXHVHqGHEROHGLOXLWRLQXQEXRQELFFKLHUG DFTXD /DVFLDWHEROOLUHDQFRUDSHUTXDOFKH
PLQXWR SRL JHWWDWH YLD O DJOLR H SDVVDWH LO UHVWR VSUHPHQGR EHQH 5LPHWWHWH DO IXRFR LO VXFFR SDVVDWR
LQVLHPH FRO SHVFH FKH DYUHWH LQ SURQWR FRPH VDUHEEHUR SDUODQGR GHL SL FRPXQL VRJOLROH WULJOLH SHVFH
FDSSRQH SDORPER JKLR]]L FDQRFFKLH FKH LQ 7RVFDQD FKLDPDVVL FLFDOH HG DOWUH YDULHWj GHOOD VWDJLRQH
ODVFLDQGRLQWHULLSHVFLSLFFROLHWDJOLDQGRDSH]]LLJURVVL$VVDJJLDWHVHVWDEHQHLOFRQGLPHQWRPDLQRJQL
FDVRQRQVDUjPDOHDJJLXQJHUHXQSR G ROLRWHQHQGRVLSLXWWRVWRVFDUVLQHOVRIIULWWR*LXQWRLOSHVFHDFRWWXUD
H IDWWR LO FDFFLXFFRVL XVD SRUWDUORLQ WDYRODLQ GXH YDVVRLVHSDUDWL LQ XQR LO SHVFH DVFLXWWRQHOO DOWUR WDQWH
IHWWH GL SDQH JURVVH XQ GLWR TXDQWH QH SXz LQWLQJHUH LO VXFFR FKH UHVWD PD SULPD DVFLXJDWHOH DO IXRFR
VHQ]DDUURVWLUOH
&$&&,8&&2,,
4XHVWRFDFFLXFFRLPSDUDWRD9LDUHJJLRqDVVDL PHQRJXVWRVRGHOO DQWHFHGHQWHPDSLOHJJLHURHSL
GLJHULELOH
3HUODVWHVVDTXDQWLWj GLSHVFHSHVWDWHLQXQPRUWDLRWUHJURVVLVSLFFKLG DJOLRHGHOOR]HQ]HURIUHVFR
RSSXUHVHFFRSHUULGXUORLQSROYHUH3HU]HQ]HURFROjV LQWHQGHLOSHSHURQHURVVRSLFFDQWHTXLQGLYDHVFOXVR
LOSHSH0HWWHWHTXHVWRFRPSRVWRDOIXRFRLQXQWHJDPHRSHQWRODGLWHUUDFRQROLRLQSURSRU]LRQHHTXDQGR
DYUjVRIIULWWRYHUVDWHFLXQELFFKLHUHGLOLTXLGRFRPSRVWRGLXQWHU]RGLYLQRELDQFRDVFLXWWRRSSXUHURVVRHLO
UHVWRDFTXD&ROORFDWHFLLOSHVFHVDODWHORHSRFRGRSRVXJRGLSRPRGRURRFRQVHUYDVFLROWDLQXQJRFFLROR
G DFTXD )DWH EROOLUH D IXRFR DUGHQWH WHQHQGR VHPSUH LO YDVR FRSHUWR QRQ WRFFDWH PDL LO SHVFH SHU QRQ
URPSHUORHORWURYHUHWHFRWWRLQSRFKLPLQXWL
6HUYLWHOR FRPH LO SUHFHGHQWH FRQ IHWWH GL SDQH D SDUWH FKH DVFLXJKHUHWH SULPD DO IXRFR VHQ]D
DUURVWLUOH
6HLOSHVFHSULPDGLFXRFHUORUHVWDFUXGRSHUGLYHUVHRUHVLFRQVHUYDPHJOLRVDODQGRORPDDOORUDq
EHQHGLODYDUORDYDQWLGLPHWWHUORDOIXRFR
3(6&($/3,$772
5LWHQJR FKH LO SHVFHSHUHVVHUHDOLPHQWRSRFRQXWULWLYRVLDSL LJLHQLFRXVDUORSURPLVFXDPHQWHDOOD
FDUQH DQ]LFKp FLEDUVL HVFOXVLYDPHQWH GL HVVR QH JLRUQL PDJUL DPPHQRFKp QRQ YL VHQWLDWH LO ELVRJQR GL
HTXLOLEUDUHLOFRUSRSHUULSLHQH]]DGLFLELWURSSRVXFFROHQWL'LSLLOSHVFHLQLVSHFLHLFRVuGHWWLIUXWWLGLPDUH
HLFURVWDFHLSHUODTXDQWLWjQRWHYROHG LGURJHQRHGLIRVIRURFKHFRQWHQJRQRVRQRHFFLWDQWLHQRQ VDUHEEHUR
LQGLFDWLSHUFKLYXROYLYHUHLQFRQWLQHQ]D
0HJOLRqLOVHUYLUVLSHUTXHVWRSLDWWRGLTXDOLWjGLYHUVHGLSHVFHPLQXWRPDVLSXzFXFLQDUHQHOODVWHVVD
PDQLHUDDQFKHLOSHVFHDWDJOLRLQIHWWHVRWWLOL4XDQGRLRO KRIDWWRGLVRJOLROHHWULJOLHKRGLYLVROHSULPHLQWUH
SDUWL'RSRFKHDYUHWHQHWWDWRODYDWRHDVFLXJDWRLOSHVFHSRQHWHORLQXQYDVRGLPHWDOORRGLSRUFHOODQDFKH
UHJJD DO IXRFR H FRQGLWHOR FRQ XQ EDWWXWR G DJOLR H SUH]]HPROR VDOH H SHSH ROLR DJUR GL OLPRQH H YLQR
ELDQFREXRQR
3RQHWH LQ IRQGR PHWj GHO EDWWXWR FRQ XQ SR G ROLR GLVWHQGHWHJOL VRSUD LO SHVFH H SRL YHUVDQGR
GHOO DOWURROLRHLOUHVWRGHJOLLQJUHGLHQWLIDWHFKH LOSHVFHYLVJXD]]LHQWUR&XRFHWHORFRQIXRFRVRWWRHVRSUD
VHLOYDVVRLRqGLSRUFHOODQDSRVDWHORVXOODFLQLJLD
1RQqSLDWWRGLIILFLOHDIDUVLHSHUzYLFRQVLJOLRGLSURYDUORSHUVXDVRFKHYHQHWURYHUHWHFRQWHQWL
3(6&(0$5,1$72
6RQRSDUHFFKLHOHVSHFLHGH SHVFLFKHVLSRVVRQRPDULQDUHPDLRSUHIHULVFROHVRJOLROHHOHDQJXLOOH
JURVVH6HWUDWWDVLGLVRJOLROHIULJJHWHOHSULPDQHOO ROLRHVDODWHOHVHGLDQJXLOODWDJOLDWHODDSH]]LOXQJKLFLUFD
PH]]RGLWRHVHQ]DVSHOODUOLFXRFHWHOLLQJUDWHOODRDOORVSLHGR4XDQGRKDQQRJHWWDWRLOJUDVVRFRQGLWHOLFRQ
VDOHHSHSH
3UHQGHWHXQDFD]]DUXRODHLQHVVDYHUVDWHLQSURSRU]LRQHGHOSHVFHDFHWRVDSD FKHTXLFLVWDFRPH
LOFDFLRVX PDFFKHURQL IRJOLHGLVDOYLDLQWHUHSLQROLLQWHULXYDSDVVROLQDTXDOFKHVSLFFKLRG DJOLRWDJOLDWRLQ
GXH SHU WUDYHUVR H GHO FDQGLWR D SH]]HWWLQL 0DQFDQGRYL OD VDSD VXSSOLWH FROOR ]XFFKHUR H DVVDJJLDWH SHU
FRUUHJJHUHLOVDSRUHGHOO DFHWRVHIRVVHWURSSRIRUWH)DWHFKHTXHVWRFRPSRVWRDO]LLOEROORUHHSRLYHUVDWHOR
VXOSHVFHFKHDYUHWHFROORFDWRLQXQWHJDPHGLWHUUDGLVWHVRLQPRGRFKHLOOLTXLGRORLQYHVWDGDWXWWHOHSDUWL
)DWHJOLVSLFFDUHXQ DOWUDYROWDLOEROORUHFROSHVFHGHQWURSRLFRSULWHLOYDVRHULSRQHWHOR
4XDQGRORVHUYLWHLQWDYRODSUHQGHWHQHTXHOODTXDQWLWjFKHYLDEELVRJQDFRQXQSRFRGHLVXRLQWLQWR
XQHQGRYLDQFKHSRU]LRQHGHJOLLQJUHGLHQWLFKHYLVRQR6HFROWHPSRLOSHVFHSURVFLXJDVVHULQIUHVFDWHORFRQ
XQ DOWUR SRFR GL PDULQDWR $QFKH O DQJXLOOD VFRUSLRQDWD FKH q PHVVD LQ FRPPHUFLR SRWHWH SUHSDUDUOD LQ
TXHVWDPDQLHUD
3(6&(/(662
1RQ VDUj PDOH DYYHUWLUH FKH VL XVD FXRFHUH LO SHVFH OHVVR QHOOD VHJXHQWH PDQLHUD VL PHWWHO DFTXD
RFFRUUHQWHQRQSHUzLQPROWDTXDQWLWjDOIXRFRVLVDODHSULPDGLJHWWDUYLLOSHVFHVLIDEROOLUHSHUFLUFDXQ
TXDUWRG RUDFRLVHJXHQWLRGRULXQTXDUWRRPH]]DFLSROODDVHFRQGDGHOODTXDQWLWjGHOSHVFHVWHFFDWDFRQ
GXHFKLRGLGLJDURIDQLSH]]LGLVHGDQRHGLFDURWDSUH]]HPRORHGXHRWUHIHWWLQHGLOLPRQHRSSXUH FRPH
DOFXQLFUHGRQRPHJOLR VLPHWWH DOIXRFRFRQDFTXDGLDFFLDHFRQJOLRGRULLQGLFDWLHGRSRFRWWRVLODVFLDLQ
FDOGRQHOVXREURGRILQRDOO RUDGLVHUYLUOR&RQOHIHWWLQHGLOLPRQHVWURILQDWHORSULPDWXWWRGDFUXGRFKHFRVu
ULPDQHFRQODSHOOHSLXQLWD
,OSXQWRGHOODFRWWXUDVLFRQRVFHGDJOLRFFKLFKHVFKL]]DQRIXRULGDOODSHOOHFKHVLGLVWDFFDWRFFDQGROD
HGDOODWHQHUH]]DFKHDFTXLVWDLOSHVFHEROOHQGR0DQGDWHORFDOGRLQWDYRODQRQGHOWXWWRDVFLXWWRGDOO DFTXD
LQFXLqVWDWRFRWWRHVHGHVLGHUDWHYLIDFFLDPLJOLRUILJXUDFRSULWHORGLSUH]]HPRORQDWXUDOHHFROORFDWHORLQ
PH]]R D XQ FRQWRUQR PLVWR GL EDUEDELHWROH FRWWH QHOO DFTXD VH SLFFROH R LQ IRUQR VH JURVVH H GL SDWDWH
OHVVH WDQWR OH XQH FKH OH DOWUH WDJOLDWH D IHWWH VRWWLOLVVLPH SHUFKp SUHQGDQR PHJOLR LO FRQGLPHQWR XQLWH
LQILQHTXDOFKHVSLFFKLRGLXRYDVRGH1RQIDFHQGRJOLLOFRQWRUQRSRWHWHVHUYLUORFRQOHVDOVHGHLQXPHUL
H
6L SXz DQFKH PDQGDUH LQ WDYRODLO SHVFH OHVVRGHFRUDWRQHOODVHJXHQWHPDQLHUDFKHIDUjGLVpEHOOD
PRVWUD7DJOLDWRDSH]]HWWLHFROPDWRQHXQYDVVRLRLQWRQDFDUORWXWWRGLPDLRQHVHQHTXHVWDRUQDUODD
GLVHJQRFRQILOHWWLGLDFFLXJKHVDODWHHGLFDSSHULLQWHUL
3(6&(&2/3$1*5$77$72
4XHVWRSLDWWRFKHSXzVHUYLUHDQFKHGLWUDPHVVRVLIDVSHFLDOPHQWHTXDQGR ULPDQHGHOSHVFHOHVVDWR
GLTXDOLWjILQH7DJOLDWHORDSH]]HWWLQHWWDWHOREHQHGDOOHVSLQHHGDOOHOLVFKHSRLSRQHWHORQHOODEDOVDPHOODQ
H GDWHJOL VDSRUH FRQ VDOH TXDQWR EDVWD SDUPLJLDQR JUDWWDWR H WDUWXIL WDJOLDWL ILQL 0DQFDQGRYL TXHVWL
XOWLPL VHUYLWHYL GL XQ SL]]LFR GL IXQJKL VHFFKL UDPPROOLWL 3RL SUHQGHWH XQ YDVVRLR FKH UHJJD DO IXRFR
XQJHWHOR FRQ EXUUR H VSROYHUL]]DWHOR GL SDQJUDWWDWR YHUVDWHFL LO FRPSRVWR H FRSULWHOR FRQ XQ VRWWLOH VWUDWR
SXUH GL SDQJUDWWDWR 3HU XOWLPR PHWWHWH VXO PH]]R GHO FROPR XQ SH]]HWWR GL EXUUR URVRODWHOR DO IRUQR GD
FDPSDJQDHVHUYLWHORFDOGR
3(6&($7$*/,2,180,'2
,OSHVFHDWDJOLRGLFXLSRWHWHVHUYLUYLSHUTXHVWRSLDWWRGLRWWLPRJXVWRSXz HVVHUHLOWRQQRO RPEULQDLO
GHQWLFH R LO UDJQR FKLDPDWR LPSURSULDPHQWH EURQ]LQR OXQJR OH FRVWH GHOO $GULDWLFR 4XDOXQTXH VLD
SUHQGHWHQHXQSH]]RGLFLUFDJUDPPLRRFKHSRWUjEDVWDUHSHUFLQTXHSHUVRQH
/HYDWHJOL OH VFDJOLH H ODYDWR HG DVFLXJDWR LQIDULQDWHOR WXWWR H PHWWHWHOR D URVRODUH FRQ SRFR ROLR
/HYDWHORDVFLXWWRJHWWDWHYLDLOSRFRROLRULPDVWRHSXOLWHODFD]]DUXROD)DWHXQEDWWXWRWULWDWRPROWRPLQXWR
FRQPH]]DFLSROODGLPHGLRFUHJUDQGH]]DXQSH]]RGLVHGDQRELDQFROXQJRXQSDOPRHXQ EXRQSL]]LFRGL
SUH]]HPROR PHWWHWHOR DO IXRFR FRQ ROLR D VXIILFLHQ]D H FRQGLWHOR FRQ VDOH SHSH H XQ FKLRGR GL JDURIDQR
LQWHUR 4XDQGR DYUj SUHVR FRORUH IHUPDWHOR FRQ PROWR VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD
/DVFLDWHOREROOLUHXQSRFRHSRLFROORFDWHFLLOSHVFHSHUILQLUQHODFRWWXUDYROWDQGRORVSHVVRPDYLSUHYHQJR
GLVHUYLUORFRQPROWRGHOVXRGHQVRLQWLQWRRQGHYLVJXD]]LGHQWUR
3(6&(648$'52,180,'2
,OSHVFHVTXDGURRSHVFHDQJHOR 5KtQD6TXDWLQD qDIILQHDOOHUD]]HSHUDYHUHLOFRUSRGHSUHVVR/D
VXDSHOOHDVSUDHUHVLVWHQWHVHUYHSHUSXOLPHQWDUHLOOHJQRHO DYRULRHSHUIRGHUDUHDVWXFFLJXDLQHGLFROWHOOL
R GL VSDGH H FRVH VLPLOL /D VXD FDUQH q RUGLQDULD PD WUDWWDWD QHOOD VHJXHQWH PDQLHUD ULHVFH XQ SLDWWR GD
IDPLJOLDQRQVRORPDQJLDELOHPDSLFKHGLVFUHWDPHQWHEXRQRHGLSRFDVSHVDSHUFKpWURYDVLFRPXQHGD
QRL
&RPSRQHWH XQ EDWWXWR WULWDWR ILQH FRQ XQ EXRQ SL]]LFR GL SUH]]HPROR PH]]D FDURWD XQ SH]]R GL
VHGDQR PH]]R VSLFFKLR G DJOLR H VH LO SHVFH IRVVH JUDPPL FLUFD FLSROOD TXDQWR XQD JURVVD QRFH
3RQHWHLOEDWWXWRDOIXRFRFRQROLRLQSURSRU]LRQHHTXDQGRVDUjURVRODWRIHUPDWHORFRQVXJRGLSRPRGRURR
FRQVHUYDVFLROWD LQ XQ PH]]R ELFFKLHUHG DFTXD&RQGLWHORFRQVDOHHSHSHHFROORFDWHFL VRSUDLOSH]]RGHO
SHVFH FKH SUHIHULELOPHQWH GHY HVVHUH GDOOD SDUWH GHOOD FRGD OD TXDOH q PROWR JURVVD &XRFHWHOR DGDJLR H
TXDQGRVDUjJLXQWRDGXHWHU]LGLFRWWXUDDJJLXQJHWHSHUOHJDUHODVDOVDHSHUGDUJOLXQJXVWRSLGHOLFDWR
XQSH]]HWWRGLEXUUREHQHLPSLDVWULFFLDWRGLIDULQDHILQLWHGLFXRFHUOR
1$6(//2$//$3$/(50,7$1$
3UHQGHWHXQQDVHOOR PHUOX]]R GHOSHVRGLJUDPPLDWRVDWHJOLWXWWHOHSLQQHHFFHWWRTXHOOD
GHOOD FRGD ODVFLDQGRJOL OD WHVWD 6SDUDWHOR OXQJR LO YHQWUH SHU OHYDUJOL OH LQWHULRUD H OD VSLQD VSLDQDWHOR H
FRQGLWHOR FRQ SRFR VDOH H SHSH 9ROWDWHOR GDOODSDUWHGHOODVFKLHQDXQJHWHORFRQROLRFRQGLWHORFRQVDOHH
SHSH SDQDWHOR SRL FROORFDWHOR VXSLQR FRQ GXH FXFFKLDLDWH G ROLR VRSUD XQ YDVVRLR FKH UHJJD DO IXRFR R
VRSUDXQDWHJOLD
3UHQGHWHWUHJURVVHDFFLXJKHVDODWHRTXDWWURVHVRQRSLFFROHQHWWDWHOHGDOOHVFDJOLHHGDOOHVSLQH
WULWDWHOH H PHWWHWHOH DO IXRFR FRQ GXH FXFFKLDLDWH G ROLR SHU GLVIDUOH EDGDQGR FKH QRQ EROODQR &RQ TXHVWD
VDOVD VSDOPDWH LO SHVFH QHOOD SDUWH GL VRSUD FLRq VXOOD SDQFLD H FRSULWHOD WXWWD GL SDQJUDWWDWR VSDUJHQGRYL
VRSUDTXDOFKHIRJOLDGLUDPHULQRSLDFHQGRYL&XRFHWHORIUDGXHIXRFKLHIDWHJOLIDUHODFURVWLFLQDPDEDGDWH
QRQ ULVHFFKLVFD WURSSR DQ]L SHUFLz VSDUJHWHJOL VRSUD GHOO DOWUR ROLR H SULPD GL OHYDUOR VWUL]]DWHJOL VRSUD XQ
JURVVRPH]]ROLPRQH&UHGRSRWUjEDVWDUHSHUTXDWWURRFLQTXHSHUVRQHVHLRVHUYLWHLQWDYRODFRQWRUQDWRGD
FURVWLQLGLFDYLDOHRGLDFFLXJKHHEXUUR
527(//(',3$/20%2,16$/6$
,O SDORPER 0XVWHOXV q XQ SHVFH GHOOD IDPLJOLD GHJOL VTXDOL RVVLD GH SHVFLFDQL H SHUFLz LQ DOFXQL
SDHVLLOSDORPERVLFKLDPDSHVFHFDQH4XHVWDVSLHJD]LRQHVHUYDSHUFKLQRQVDSHVVHFRVDqLOSDORPERLO
TXDOH SUHQGH JUDQGL GLPHQVLRQL H OD VXD FDUQH q IRUVHOD PLJOLRUH WUD L SHVFL GHO VRWW RUGLQH GHL VHODFKLFXL
DSSDUWLHQH
3UHQGHWH URWHOOH GL SDORPER JURVVH PH]]R GLWR VH OH ODYDWH DVFLXJDWHOH GRSR LQ XQ FDQRYDFFLR
VSHOODWHOH FRQ XQ FROWHOOR FKH WDJOL EHQH FRQGLWHOH FRQ VDOH H SHSH H WHQHWHOH SHU GLYHUVH RUH LQ LQIXVLRQH
QHOO XRYRIUXOODWR)ULJJHWHOHQHOO ROLRPDSULPDFRSULWHOHGLSDQJUDWWDWRULWXIIDQGROHSHUGXHYROWHQHOO XRYR
2UDIDWHODVDOVDFRPSRQHQGRODQHOODVHJXHQWHPDQLHUD
3UHQGHWH XQD WHJOLD R XQ WHJDPH ODUJR RYH SRVVDQR VWDU GLVWHVH H QHO PHGHVLPR SRQHWH ROLR LQ
SURSRU]LRQH XQ SH]]HWWR GL EXUUR LQWULVR EHQH QHOOD IDULQD OD TXDOH VHUYH SHU OHJDUH OD VDOVDXQ SL]]LFR GL
SUH]]HPROR WULWDWR VXJR GL SRPRGRUR RSSXUH FRQVHUYD GLOXLWD FROO DFTXD H XQD SUHVD GL VDOH H SHSH
4XDQGR TXHVWD VDOVD DYUj VRIIULWWR XQ SRFR VXO IXRFRPHWWHWH QHOOD PHGHVLPD OH URWHOOH GL SDORPER IULWWH
YROWDWHOHGDOOHGXHSDUWLHGDJJLXQJHWHDFTXDRQGHODVDOVDULHVFDOLTXLGD/HYDWHOHGDOIXRFRVSDUJHWHVXOOH
PHGHVLPHXQSRFRGLSDUPLJLDQRJUDWWDWRHPDQGDWHOHLQWDYRODRYHVDUDQQRPROWRORGDWH
62*/,2/(,1*5$7(//$
4XDQGR OH VRJOLROH 6ROHD YXOJDULV VRQR JURVVH PHJOLR q FXRFHUOH LQ JUDWHOOD H FRQGLUOH FRO ODUGR
LQYHFHGHOO ROLRDFTXLVWDQRLQTXHVWRPRGRXQJXVWRSLJUDWR6EX]]DWHOHUDVFKLDWHQHOHVFDJOLHODYDWHOHH
SRL DVFLXJDWHOH EHQH 'RSR VSDOPDWHOH OHJJHUPHQWH GL ODUGR YHUJLQH GLDFFLR H FKH QRQ VDSSLD GL UDQFLGR
FRQGLWHOHFRQVDOHHSHSHHGLQYROWDWHOHQHOSDQJUDWWDWR6FLRJOLHWHLQXQWHJDPLQRXQDOWURSRFRGLODUGRHG
XQJHWHOHFRQXQDSHQQDDQFKHTXDQGROHULYROWDWHVXOODJUDWHOOD
/H VRJOLROH GD IULJJHUH TXDQGR VRQR JURVVH VL SRVVRQR VSHOODUH GD DPEHGXH OH SDUWL R DQFKH VROR
GDOODSDUWHVFXUDLQIDULQDQGROHHWHQHQGROHQHOO XRYRSHUTXDOFKHRUDSULPDGLJHWWDUOHLQSDGHOOD
8QD VLQJRODULWj GL TXHVWR SHVFH PHULWHYROH GL HVVHUH PHQ]LRQDWD q FKH HVVR QDVFH FRPH WXWWL JOL
DQLPDOL EHQH DUFKLWHWWDWL FRQ XQ RFFKLR D GHVWUD HG XQR D VLQLVWUD PD D XQ FHUWR SHULRGR GHOOD VXD YLWD
O RFFKLRFKHHUDQHOODSDUWHELDQFDFLRqDVLQLVWUDVLWUDVSRUWD DGHVWUDHVLILVVDFRPHTXHOO DOWURQHOODSDUWH
VFXUD/HVRJOLROHHLURPELQXRWDQRFROORFDWLVXOODWRFLHFR$OODVRJOLRODSHUODERQWjHGHOLFDWH]]DGHOODVXD
FDUQH L )UDQFHVL GDQQR LO WLWROR GL SHUQLFH GL PDUH q XQ SHVFH IDFLOH D GLJHULUVLUHJJH SL GL WDQWL DOWUL DOOD
SXWUHID]LRQHHQRQSHUGHVWDJLRQH6LWURYDDEERQGDQWHQHOO $GULDWLFRRYHYLHQHSHVFDWRGLQRWWHWHPSR FRQ
JUDQGLUHWLDVDFFRIRUWHPHQWHSLRPEDWHDOODERFFDOHTXDOLUDVFKLDQGRLOIRQGRGHOPDUHVROOHYDQRLOSHVFH
LQVLHPHFROODVDEELDHFROIDQJRLQFXLJLDFH
,O URPER OD FXL FDUQH q SRFR GLVVLPLOH GD TXHOOD GHOOD VRJOLROD HG DQFKH SL GHOLFDWD q FKLDPDWR
IDJLDQRGHOPDUH
),/(77,',62*/,2/(&2/9,12
3UHQGHWH VRJOLROH FKH QRQ VLHQRPHQR GL JUDPPL FLDVFXQDOHYDWH ORUR OD WHVWD H VSHOODWHOH 3RL
FRQXQFROWHOORFKHWDJOLEHQHVHSDUDWHGDOOHVSLQHODFDUQHSHURWWHQHUHTXDWWUROXQJKLILOHWWLSHURJQLVRJOLROD
RGDQFKHRWWRVHOHVRJOLROHIRVVHURPROWRJURVVH&RQODFRVWRODGHOFROWHOOREDWWHWHOLOHJJHUPHQWHHFRQOD
ODPD GHO PHGHVLPR VSLDQDWHOL SHU UHQGHUOL VRWWLOL H FRVu FRQFLDWL ODVFLDWHOL SHU GLYHUVH RUH QHOO XRYR IUXOODWR
FRQGLWR FRQ VDOHHSHSHLQYROWDWHOLSRLQHOSDQJUDWWDWRHIULJJHWHOLQHOO ROLR'RSRYHUVDWHLQXQWHJDPHR LQ
XQD WHJOLD RYH SRVVDQR VWDU GLVWHVL XQ JRFFLROR GL TXHOO ROLR ULPDVWR QHOOD SDGHOOD H XQ SH]]HWWR GL EXUUR
GLVSRQHWHFL VRSUD L ILOHWWL FRQGLWHOL DQFRUD XQ SRFR FRQ VDOH H SHSH H TXDQGR DYUDQQR VRIIULWWR DOTXDQWR
EDJQDWHOLFROYLQRELDQFRDVFLXWWRIDWHEROOLUHSHUFLQTXHPLQXWLLQVLHPHFRQXQSRFRGLSUH]]HPRORWULWDWRH
VHUYLWHOLFRQODVDOVDFKHKDQQRVSDUJHQGRFLVRSUDXQSL]]LFRGLSDUPLJLDQRÊXQSLDWWRGLPROWDFRPSDULWD
6HUYLWHORFRQVSLFFKLGLOLPRQH$QFKHLQDVHOOLVLSRVVRQRFXFLQDUHQHOODVWHVVDPDQLHUD
/DSDURODDVFLXWWRDSSOLFDWDDOYLQRLQTXHVWRFDVRqGLULJRUHSHUFKpDOWULPHQWLODSLHWDQ]DVDSUHEEH
WURSSRGLGROFH8QDVRJOLRODGLFRPXQHJUDQGH]]DSXzVHUYLUHSHUXQDSHUVRQD
&2172512',),/(77,',62*/,2/($81)5,772'(//267(6623(6&(
3UHQGHWH XQ SDLR GL VRJOLROH PH]]DQH RSSXUH XQD VROD VWDFFDWHQH L ILOHWWL GRSR DYHUOH VSHOODWH FKH
VDUDQQR TXDWWUR H WDJOLDWHOL SHU WUDYHUVR D OLVWDUHOOH ILQLFRPH ILDPPLIHUL6H OL WDJOLDWH LQ LVELHFR OL RWWHUUHWH
DOTXDQWR SL OXQJKL H VDUj PHJOLR 0HWWHWHOL LQ XQD VFRGHOOD FRO VXJR GL XQ OLPRQH R SL VH RFFRUUH H
ODVFLDWHOLFRVuPDULQDUHSHUGXHRWUHRUHLOFKHOLIDUjLUULJLGLUHFKpDOWULPHQWLULXVFLUHEEHURPRVFL3RFRSULPD
GLVHUYLUHLQWDYRODDVFLXJDWHOLFRQXQFDQRYDFFLRLPPHUJHWHOLQHOODWWHLQIDULQDWHOLFHUFDWHFKHQRQIDFFLDQR
JRPLWRORHIULJJHWHOLQHOO ROLRSRLVDODWHOLOHJJHUPHQWH
75,*/,(&2/3526&,8772
1RQ q VHPSUH YHUR LO SURYHUELR 0XWR FRPH XQ SHVFH SHUFKp OD WULJOLD O RPEULQD H TXDOFKH DOWUR
HPHWWRQR VXRQL VSHFLDOL FKH GHULYDQR GDOOH RVFLOOD]LRQL GL DSSRVLWL PXVFROL UDIIRU]DWH GD TXHOOH GHOO DULD
FRQWHQXWDQHOODYHVFLFDQDWDWRULD
/HWULJOLHSLJURVVHHVDSRURVHVRQRTXHOOHGLVFRJOLRPDSHUFXFLQDUOHLQTXHVWDPDQLHUDSRVVRQR
VHUYLUH WULJOLH GL PH]]DQD JUDQGH]]D FKH QHOOD UHJLRQH DGULDWLFD FKLDPDVVL URVVLROL R EDUERQL 'RSR DYHUOH
QHWWDWHHODYDWHDVFLXJDWHOHEHQHFRQXQFDQRYDFFLRHSRLSRQHWHOHLQXQDVFRGHOODGDWDYRODHFRQGLWHOHFRQ
VDOHSHSHROLRHDJURGLOLPRQH/DVFLDWHOHFRVuSHUTXDOFKHRUDHTXDQGRVDUHWHSHUFXRFHUOHWDJOLDWHWDQWH
IHWWLQH VRWWLOL GL SURVFLXWWR JUDVVR H PDJUR ODUJKH FRPH OH WULJOLH H LQ TXDQWLWj XJXDOH DO QXPHUR GL HVVH
3UHQGHWHXQYDVVRLRRXQWHJDPHGLPHWDOORVSDUJHWHLQIRQGRDOPHGHVLPRTXDOFKHIRJOLDGLVDOYLDLQWHUD
LQYROWDWHEHQHOHWULJOLHQHOSDQJUDWWDWRHGLVSRQHWHOHLQTXHVWDJXLVDDGGRVVDWHOHLQVLHPHULWWHHIUDSSRQHWH
OHIHWWLQHGLSURVFLXWWRIUDO XQDHO DOWUDVSDUJHQGRYLVRSUDDOWUHIRJOLHGLVDOYLD
3HUXOWLPRYHUVDWHVRSUDOHPHGHVLPHLOFRQGLPHQWRULPDVWRHFXRFHWHOHIUDGXHIXRFKL6HYROHWHFKH
TXHVWR SLDWWR ULHVFD SL VLJQRULOH OHYDWH OD VSLQD DOOH WULJOLH GD FUXGH DSUHQGROH GDOOD SDUWH GDYDQWL
ULFKLXGHQGROHSRVFLD
75,*/,(,1*5$7(//$$//$0$5,1$5$
'RSR DYHUQH HVWUDWWR O LQWHVWLQR FRQ OD SXQWD GL XQ FROWHOOR GDOOH EUDQFKLH ODYDWHOH HG DVFLXJDWHOH H
QHOSRVWRGRY HUDO LQWHVWLQRFROORFDWHXQSH]]HWWRG DJOLR&RQGLWHOHFRQVDOHSHSHROLRIRJOLHGLUDPHULQRH
ODVFLDWHOH FRVu FRQGLWH 4XDQGR VDUHWH SHU FXRFHUOH LQYROWDWHOH QHO SDQJUDWWDWR HG XQJHWHOHFROFRQGLPHQWR
DOORUFKp VDUDQQR VXO IXRFR 2SSXUH GRSR DYHUOH QHWWDWH ODYDWH HG DVFLXJDWH FRQGLWHOH FRQ SRFR VDOH H
SHSHHFXRFHWHOHFRVuQDWXUDOLDIXRFRDUGHQWH&ROORFDWHSRLVXOYDVVRLRFRQGLWHOHVRORDOORUD FRQROLRXQ
DOWURSR GLVDOHHSHSH
6HUYLWHOHFRQVSLFFKLGLOLPRQH
75,*/,(',6&2*/,2,1*5$7(//$
4XHVWREHOOLVVLPRSHVFHGLFRORUURVVRYLYDFHFKHUDJJLXQJHLOSHVRGLDJUDPPLHFFHOOHQWH
DOJXVWRVLVXROHFXRFHUHLQJUDWHOODQHOODVHJXHQWHPDQLHUD
&RQGLWHOR FRQ ROLR VDOH H SHSH FXRFHWHOR D IXRFR DUGHQWH H TXDQGR OR OHYDWH VSDOPDWHOR FRVu D
EROORUH FRQ XQ FRPSRVWR GL EXUUR SUH]]HPROR WULWR H DJUR GL OLPRQH SUHSDUDWR DYDQWL 7UDWWDPHQWR TXHVWR
FKHSXzVHUYLUHDQFKHSHUDOWULSHVFLJURVVLFRWWLLQJUDWHOOD
*OL DQWLFKL 5RPDQL VWLPDYDQR LO SHVFH SL GHOL]LRVR GHOOD FDUQH H OH VSHFLH FKH PDJJLRUPHQWH
DSSUH]]DYDQRHUDQRORVWRULRQHLOUDJQRODODPSUHGDODWULJOLDGLVFRJOLRHLOQDVHOORSHVFDWRQHOPDUGHOOD
6LULD VHQ]D DQQRYHUDU OH PXUHQH FKH DOLPHQWDYDQR LQ PRGR JUDQGLRVR LQ DSSRVLWL YLYDL H FKH QXWULYDQR
DQFKHFRQODFDUQHGHLORURVFKLDYL
9HGLR 3ROOLRQH QRWR QHOOD VWRULD SHU OD VXD ULFFKH]]D H SHU OD VXD FUXGHOWj PHQWUH FHQDYD FRQ
$XJXVWR FRPDQGz IRVVH JHWWDWR QHO YLYDLR DOOH PXUHQH XQR VYHQWXUDWR VHUYR FKH DYHYD URWWR
GLVDYYHGXWDPHQWH XQ ELFFKLHUH GL FULVWDOOR $XJXVWR DL FXL SLHGL FDGGH OR VFKLDYR LQYRFDQGR OD VXD
LQWHUFHVVLRQHSRWpVDOYDUORDVWHQWRFRQXQLQJHJQRVRVXRVWUDWWDJHPPD
/HWULJOLHJURVVHGLVFRJOLRFKHUDJJLXQJHYDQRLOSHVRQRQPLFDGLVROLJUDPPLDFRPHGLFR
SLVRSUDPDSHUILQRGLDOLEEUHHUDQRVWLPDWHDVVDLHSDJDWHDSUH]]LDOWLVVLPLIDYRORVL/DPROOH]]DGHL
FRVWXPLHODJRORVLWjDYHQGRQHL5RPDQLUDIILQDWRLOVHQVRGHOJXVWRVWXGLDYDQVLGLDSSDJDUOR FRQOHYLYDQGH
SL GHOLFDWH H SHUFLz DYHYDQR LQYHQWDWD XQD FHUWD VDOVD FKLDPDWD JDUHOHR QHOOD TXDOH GLVIDFHYDQR H
VWHPSHUDYDQRODFRUDWHOODGLTXHVWRJURVVRSHVFHSHULQWLQJHUYLODFDUQHGHOPHGHVLPR
75,*/,($//$/,9251(6(
)DWH XQ EDWWXWLQR FRQ DJOLR SUH]]HPROR H XQ SH]]R GL VHGDQR PHWWHWHOR DO IXRFR FRQ ROLR D EXRQD
PLVXUDHTXDQGRO DJOLRDYUjSUHVRFRORUHXQLWHYLSRPRGRULDSH]]LHFRQGLWHFRQVDOHHSHSH/DVFLDWHFKHL
SRPRGRUL FXRFLDQR EHQH ULPHVWDWHOL VSHVVR H SDVVDWHQH LO VXJR ,Q TXHVWR VXJR FROORFDWH OH WULJOLH H
FXRFHWHOH6HVRQRSLFFROHQRQKDQQRELVRJQRG HVVHUYROWDWHHVHLOYDVRGRYHKDQQREROOLWRGLVWHVHQRQq
DEEDVWDQ]DGHFHQWHSUHQGHWHOHVXDXQDDXQDSHUQRQURPSHUOHHFROORFDWHOHLQXQYDVVRLR
3RFRSULPDGLOHYDUOHGDOIXRFRILRULWHOHOHJJHUPHQWHGLSUH]]HPRORWULWDWR
/DSHVFDGLTXHVWRSHVFHqSLIDFLOHHSLSURGXWWLYDGLJLRUQRFKHGLQRWWHHODVXDVWDJLRQHTXDQGR
FLRqqSLJUDVVRqFRPHVLGLVVHLOVHWWHPEUHHO RWWREUH
75,*/,($//$9,$5(**,1$
6HOHWULJOLHIRVVHURLQTXDQWLWjGLFLUFDPH]]RFKLORJUDPPRIDWHXQEDWWXWLQRFRQGXHVSLFFKLG DJOLRH
XQEXRQSL]]LFRGLSUH]]HPROR0HWWHWHORDOIXRFRFRQROLRDEXRQDPLVXUDLQXQWHJDPHRLQXQDWHJOLDRYH
OH WULJOLHSRVVDQRVWDUGLVWHVHHTXDQGRLOVRIIULWWRVDUjURVRODWRIHUPDWHORFRQVXJRGLSRPRGRURVHPSOLFH
/DVFLDWHEROOLUHDOTXDQWRSRLFROORFDWHFLOHWULJOLHULYROWDQGROHQHOO LQWLQWRDXQDDXQD&RSULWHOHHIDWHOHEROOLUH
DGDJLR H TXDQGR DYUDQQR ULWLUDWR EXRQD SDUWH GHOO XPLGR YHUVDWHFL XQ GLWR GL ELFFKLHUH GL YLQR URVVR
DQQDFTXDWRFRQGXHGLWDGLDFTXD
)DWHOHEROOLUHDQFRUDXQSRFRHVHUYLWHOH
72112)5(6&2
,OWRQQRSHVFHGHOODIDPLJOLDGHJOLVJRPEULqSURSULRGHOEDFLQRPHGLWHUUDQHR,QFHUWHVWDJLRQLDELWD
OH SDUWL SL SURIRQGH GHO PDUH LQ DOWUH LQYHFH VL DFFRVWD DOOH VSLDJJH RYH KD OXRJR OD SHVFD FKH ULHVFH
DEERQGDQWLVVLPD /D VXD FDUQHSHU O ROHRVLWj FKH FRQWLHQH UDPPHQWDTXHOODGHOPDLDOHHSHUFLzQRQqGL
IDFLOHGLJHVWLRQH6LYXROHFKHVLWURYLQRGHLWRQQLLOFXLSHVRUDJJLXQJDILQRLFKLORJUDPPL/DSDUWHSL
WHQHUDHGHOLFDWDGLTXHVWRSHVFHqODSDQFLDFKHLQ7RVFDQDFKLDPDVLVRUUD
7DJOLDWHOR D IHWWH JURVVH PH]]R GLWR H PHWWHWHOR DO IXRFR VRSUD XQ DEERQGDQWH VRIIULWWR G DJOLR
SUH]]HPRORHROLRTXDQGRO DJOLRFRPLQFLDDSUHQGHUFRORUH&RQGLWHORFRQVDOHHSHSHYROWDWHOHIHWWHGDOOH
GXH SDUWL H D PH]]D FRWWXUD DJJLXQJHWH VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD &RWWR FKH VLD
OHYDWHORDVFLXWWRHQHOVXRVXJRFXRFHWHLSLVHOOLSRLULPHWWHWHORVRSUDLPHGHVLPLSHUULVFDOGDUORHPDQGDWHOR
LQWDYRODFRQTXHVWRFRQWRUQR
72112,1*5$7(//$
7DJOLDWHORDIHWWHFRPHLOSUHFHGHQWHPDSUHIHULWHODVRUUDFRQGLWHORFRQROLRVDOHHSHSHLQYROJHWHOR
QHOSDQJUDWWDWRHFXRFHWHORVHUYHQGRORFRQVSLFFKLGLOLPRQH
721126277¶2/,2,16$/6$$//$%2/2*1(6(
3UHQGHWHXQSH]]RWXWWRXQLWRGLWRQQRVRWW ROLRGHOSHVRGLJUDPPLPHWWHWHORDOIXRFRFRQDFTXD
EROOHQWHHIDWHOREROOLUHDGDJLRSHUPH]] RUD FDPELDQGRJOLO DFTXDRJQLGLHFLPLQXWLFLRqWUHYROWH)UDWWDQWR
IDWHXQEDWWXWRWULWDWRILQHFRQPH]]DFLSROOLQDGLTXHOOHLQGLFDWHDOQXQTXDUWRGLVSLFFKLRG DJOLRGXH
FRVWROH GL VHGDQR ELDQFR OXQJKH XQ SDOPR FLDVFXQD XQ EHO SH]]R GL FDURWD H XQ SXJQR DEERQGDQWH GL
SUH]]HPROR
3RQHWHORDOIXRFRFRQWUHFXFFKLDLDWHG ROLRHJUDPPLGLEXUURHTXDQGRDYUjSUHVRFRORUHIHUPDWHOR
FRQGXHGLWD GLELFFKLHUH G DFTXDHODVFLDWHOREROOLUHXQSRFR,OWRQQRGLDFFLRFKHVLDWDJOLDWHORDIHWWHSL
VRWWLOL FKH SRWHWH H SUHVR XQ WHJDPH GLVWHQGHWHOR QHO PHGHVLPR D VWUDWL LQWHUFDODQGROR FRQ OD VDOVD H
JUDPPLGLEXUURVSDUVRDSH]]HWWL)DWHJOLDO]DUHLOEROORUHDOIXRFRSHUOLTXHIDUHLOEXUURVWUL]]DWHJOLVRSUD
PH]]ROLPRQHHVHUYLWHORFDOGR3RWUjEDVWDUHSHUTXDWWURSHUVRQHFRPHSULQFLSLRDXQDFROD]LRQHGLPDJUR
R FRPH WUDPHVVR D XQ GHVLQDUH GL IDPLJOLD H QRQ q SLDWWR GD GLVSUH]]DUVL SHUFKp QRQ DJJUDYD Qp DQFKH
PROWRORVWRPDFR
$5,*867$
/ DUDJRVWD R DULJXVWD q XQ FURVWDFHR GHL SL ILQL H GHOLFDWL FRPXQH VXOOH FRVWH GHO 0HGLWHUUDQHR Ê
LQGL]LRGHOODIUHVFKH]]DHGHOODEXRQDTXDOLWjGHOOHDULJXVWHGHJOLDVWDFLHGH FURVWDFHLLQJHQHUHLOORURSHVR
LQ SURSRU]LRQH GHOOD JURVVH]]D PD VHPSUH q GD SUHIHULUVL FKH VLDQR YLYL DQFRUD R DOPHQR FKH GLDQR
TXDOFKHVHJQRGLYLWDOLWjQHOTXDOFDVRVLXVDULSLHJDUH ODFRGDGHOO DULJXVWDDOODSDUWHVRWWRVWDQWHHOHJDUOD
DYDQWLGLJHWWDUODQHOO DFTXDEROOHQWHSHUFXRFHUOD
$VHFRQGDGHOODVXDJURVVH]]DIDWHODEROOLUHGDLDLPLQXWLPDSULPDDURPDWL]]DWHO DFTXDLQFXL
GHYH EROOLUH FRQ XQ PD]]HWWR FRPSRVWR GL FLSROOD FDURWH SUH]]HPROR H GXH IRJOLH G DOORUR DJJLXQJHQGR D
TXHVWR GXH FXFFKLDLGL DFHWR H XQ SL]]LFR GL VDOH/DVFLDWH FKH O DULJXVWD GLDFFL QHO VXR EURGR H TXDQGROD
OHYDWHVJURQGDWHODGDOO DFTXDVWUL]]DQGRQHODFRGDHGRSRDYHUODDVFLXJDWDVWURILQDWHODFRQTXDOFKHJRFFLD
G ROLRSHUUHQGHUODOXFLGD
0DQGDWHODLQWDYRODFRQXQDLQFLVLRQHGDOFDSRDOODFRGDSHUSRWHUQHHVWUDUUHIDFLOPHQWHODSROSDHVH
QRQ VL YROHVVH PDQJLDUH FRQGLWD VHPSOLFHPHQWH FRQ ROLR H DJUR GL OLPRQH DFFRPSDJQDWHOD FRQ OD VDOVD
PDLRQHVHRFRQDOWUDVDOVDSLFFDQWHPDSRWHWHVHUYLUODSXUDQFKHFRQXQDVDOVDIDWWDFRQORVWHVVRSHVFH
QHOVHJXHQWHPRGR
/HYDWHODSROSDGHOODWHVWDHTXHVWDWULWDWHODEHQILQHFRQXQURVVRG XRYRDVVRGDWRHDOFXQHIRJOLHGL
SUH]]HPROR 3RQHWH LO FRPSRVWR LQ XQD VDOVLHUD FRQGLWHOR FRQ SHSH SRFR R SXQWR VDOH H GLOXLWHOR FRQ ROLR
ILQHHO DJURGLPH]]ROLPRQHRDFHWR
&272/(77(',$5,*867$
3UHQGHWHXQ DULJXVWDGHOSHVRGLJUDPPLFLUFDOHVVDWHODFRPHqLQGLFDWRQHOODULFHWWDSUHFHGHQWH
SRLVJXVFLDWHODSHUHVWUDUQHWXWWDODSDUWHLQWHUQDFKHWULWHUHWHDOO LQJURVVRFRQODOXQHWWD)DWHXQDEDOVDPHOOD
QHOOH SURSRU]LRQLHFRPHTXHOODGHOQHTXDQGRODULWLUDWHGDOIXRFRJHWWDWHFLGHQWURO DULJXVWDVDODWHODH
GRSRDYHUPHVFRODWREHQHLOFRPSRVWRYHUVDWHORLQXQSLDWWRHODVFLDWHORSHUTXDOFKHRUDUDIIUHGGDUEHQH
4XDQGRVDUHWHSHUIRUPDUHOHFRWROHWWHGLYLGHWHLOFRPSRVWRLQGLHFLSDUWLHJXDOLHIDFHQGROHWRFFDUHLO
SDQJUDWWDWR PRGHOODWHOH IUD OD SDOPD GHOOH PDQLDOOD JURVVH]]D XQ SR SL GL PH]]R GLWR WXIIDWHOH QHOO XRYR
IUXOODWRSDQDWHOHDQFRUDHIULJJHWHOHQHOO ROLR'HOOHOXQJKHFRUQDGHOO DULJXVWDIDWHQHGLHFLSH]]LFKH LQILOHUHWH
QHOOHFRWROHWWHTXDQGROHPDQGDWHLQWDYRODRQGHIDFFLDQRIHGHGHOODQRELOHPDWHULDGLFXLOHFRWROHWWHVRQR
FRPSRVWH3RVVRQREDVWDUHSHUFLQTXHSHUVRQHHGqXQSLDWWRPROWRGHOLFDWR
&21&+,*/,(5,3,(1(
Ê XQSLDWWRGHOLFDWRGLSHVFHFKHSXzVHUYLUHSHUSULQFLSLRDXQDFROD]LRQH
, JXVFL GHOOH FRQFKLJOLH PDULQH SHU TXHVW XVR GHYRQR HVVHUH QHOOD SDUWH FRQFDYD ODUJKL TXDQWR OD
SDOPDGLXQDPDQRRQGHRJQXQRFROFRQWHQXWRVXRSRVVDEDVWDUHDXQDSHUVRQD$SSDUWHQJRQRDOJHQHUH
3HFWHQ,DFREDHXV3HWWLQHGHWWRYROJDUPHQWHFDSSDVDQWDSHUFKpVLXVDYDGDLSHOOHJULQL/DFDUQHGLTXHVWD
FRQFKLJOLDEXRQDDPDQJLDUVLqPROWRDSSUH]]DWDSHOVXRGHOLFDWRVDSRUH,QTXDOFKHFDVDVLJQRULOHXVDQVL
FRQFKLJOLH G DUJHQWR H DOORUD SRVVRQR VHUYLUH DQFKH SHU JHODWL PD LQ TXHVWR FDVR WUDWWDQGRVL GL SHVFHPL
VHPEUDQRSLRSSRUWXQHTXHOOHQDWXUDOLPDULQH
3UHQGHWH OD SROSD GL XQ SHVFH ILQH OHVVDWR EHQFKp SRVVD SUHVWDUVL DQFKH LO QDVHOOR LO PXJJLQH H LO
SDORPERHFRQTXHVWDGRVHFKHSRWUjEDVWDUHSHUULHPSLUHVHLFRQFKLJOLHIRUPDWHLOVHJXHQWHFRPSRVWR
3HVFHOHVVRJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
)DULQDJUDPPL
%XUURJUDPPL
5RVVLG XRYRQ
/DWWHGHFLOLWUL
)DWHXQDEDOVDPHOODFROODWWH LOEXUURHODIDULQDHTXDQGRODULWLUDWHGDOIXRFRXQLWHFLLOSDUPLJLDQRH
QRQ SL D EROORUH L URVVL G XRYR H LO SHVFH WULWDWR FRQGHQGROR FRQ VDOH H SHSH 9HUVDWHOR QHOOH FRQFKLJOLH
XQWHSULPDFROEXUURGLDFFLRURVRODWHORDSSHQDQHOIRUQRGDFDPSDJQD HVHUYLWHOR
6L SRWUHEEHUR ULHPSLU OH FRQFKLJOLH DQFKH FRQ OD SROSD GHO SROOR OHVVR WULWDWR FRQVHUYDQGR OH VWHVVH
SURSRU]LRQL
6725,21(
0LSHUPHWWDLOOHWWRUHGLIDUHXQSR GLVWRULDVXTXHVWRSHVFHLQWHUHVVDQWLVVLPR
/RVWRULRQHDSSDUWLHQHDOO RUGLQHGHL*DQRLGLGD*DQXVFKHYXROGLUHOXFHQWHSHUODOXFHQWH]]DGHOOH
VTXDPH H DO VRWW RUGLQH GHL &KRQGURVWHL SHU DYHUH OR VFKHOHWUR FDUWLODJLQHR &RVWLWXLVFH OD IDPLJOLD GHJOL
$FLSHQVHU FKH VL TXDOLILFD DSSXQWR SHU TXHVWL GXH GLVWLQWLYL H SHU OD SHOOH D FLQTXH VHULH ORQJLWXGLQDOL GL
SODFFKHDVPDOWRÊXQSHVFHFKHKDODERFFDSRVWDDOODIDFFLDLQIHULRUHGHOFDSRSULYDGLGHQWLHLQIRUPDGL
VXFFKLDWRLRSURWUDWWLOHFRQFLUULQDVDOLRVVLDWHQWDFROLSHUFHUFDUHVRWWROHDFTXHQHOIDQJRLOQXWULPHQWRFKH
SDUHFRQVLVWDGLSLFFROLDQLPDOXFFL
6RQRDQLPDOLPROWRLQSUHJLRSHUOHORUR FDUQLSHUOHXRYDFKHFRVWLWXLVFRQRLOFDYLDOHHSHUO HQRUPH
YHVFLFD QDWDWRULDFRQ FXLVL IRUPD O LWWLRFROOD R FROOD GL SHVFH ,Q SULPDYHUD ULPRQWDQRLILXPLSHUGHSRUUHOH
XRYDLQOXRJKLWUDQTXLOOLOXQJROHVSRQGH
/ ,WDOLD QH DOEHUJD GLYHUVH VSHFLHOD SL VWLPDWD GHOOH TXDOL FRPH FLERqO¶$FLSHQVHUVWXULR VWRULRQH
FRPXQH OR VL ULFRQRVFH SHOPXVRDFXWRSHOODEEURLQIHULRUH FDUQRVRHQHO PH]]RGLYLVRQRQFKHSHLFLUUL
QDVDOL VHPSOLFL H WXWWL HJXDOL WUD ORUR )UHTXHQWD D SUHIHUHQ]D OH IRFL GHO 7LFLQR H GHO 3R RYH QRQ q JUDQ
WHPSR QH IX SHVFDWR XQR FKH SHVDYD .J PD OD VSHFLH FKH SUHQGH PDJJLRU VYLOXSSR q O¶$FLSHQVHU
KXVR LO TXDOH UDJJLXQJH ILQR D GXH PHWUL H SL GL OXQJKH]]D FRQ RYDLD JUDQGL XQ WHU]R GHOO DQLPDOH HG q
TXHVWD SDUWLFRODUPHQWH FKH VRPPLQLVWUD LO FDYLDOH H O LWWLRFROOD ,O SULPR q IRUPDWR GDOOH XRYD FUXGH GHJOL
VWRULRQL SDVVDWH SHU VHWDFFLR RQGH OHYDUQH L ILODPHQWL FKH OH LQYLOXSSDQR LQGL VDODWH H IRUWHPHQWH
FRPSUHVVHODVHFRQGDSUHSDUDVLVXOOHVSLDJJHGHOPDU&DVSLRRVXOOHFRVWHGHLILXPLFKHYLVERFFDQRPD
SL FKH DOWURYH DG $VWUDFKDQ 1RQ IDUj PHUDYLJOLD OD TXDQWLWj VWUDRUGLQDULD FKH VH QH WURYD LQ FRPPHUFLR
VHUYHQGR O LWWLRFROOD D PROWL XVL VH VL FRQVLGHUD FKH WDOYROWD QHO 9ROJD VL SHVFDQR GD TXLQGLFL D YHQWLPLOD
VWRULRQL DO JLRUQR H GL Oj FLRq GDOOH SURYLQFLH PHULGLRQDOL GHOOD 5XVVLD FL YLHQH DQFKH LO FDYLDOH )X
DQQXQ]LDWRFKHGHLSHVFDWRULGHL'DQXELRSUHVHURQRQKDJXDULXQRVWRULRQHGHOSHVRGLRWWRTXLQWDOLHFKH
ODVSRJOLDGLTXHVWRHQRUPHSHVFHOXQJRPHWULILJXUDQHO0XVHRGL9LHQQD
)UDOHVSHFLHHVWLQWHVLDQQRYHUDLO0DJDGLFWLVFKH UDJJLXQJHYDODOXQJKH]]DGLDPHWUL
6725,21(,1)5,&$1'Ñ
/RVWRULRQHqEXRQRLQWXWWHOHPDQLHUHOHVVRLQXPLGRLQJUDWHOOD4XDQWRDOO XPLGRSRWHWHWUDWWDUOR
QHO VHJXHQWH PRGR SUHQGHWHQH XQ SH]]R JURVVR GHO SHVR DOPHQR GL JUDPPL VSHOODWHOR H VWHFFDWHOR
FRQODUGHOOLGLODUGRQHFRQGLWL DYDQWLFRQVDOHHSHSHSRLOHJDWHORLQFURFHLQIDULQDWHORPHWWHWHORDOIXRFRFRQ
ROLRHEXUURHFRQGLWHORDQFRUDFRQVDOHHSHSH4XDQGRVDUjURVRODWRGDWXWWHOHSDUWLEDJQDWHORFRQEURGR
SHUWLUDUORDFRWWXUDHSULPDGLOHYDUORVWUL]]DWHJOLVRSUDXQOLPRQHSHUPDQGDUORLQWDYRODFROVXRVXJR
$&&,8*+($//$0$5,1$5$
4XHVWRSLFFRORSHVFHGDOODSHOOHWXUFKLQLFFLDHTXDVLDUJHQWDWDFRQRVFLXWRVXOOHVSLDJJHGHOO $GULDWLFR
FROQRPHGL VDUGRQHGLIIHULVFHGDOODVDUGDRVDUGHOODLQTXDQWRFKHTXHVWDqVWLDFFLDWDPHQWUHO DFFLXJDq
URWRQGDHGLVDSRUSLJHQWLOH$PEHGXHOHVSHFLHDSSDUWHQJRQRDOODVWHVVDIDPLJOLDHTXDQGRVRQIUHVFKH
RUGLQDULDPHQWH VL PDQJLDQR IULWWH /H DFFLXJKH SHUz VRQR SL DSSHWLWRVH LQ XPLGRFRQ XQ EDWWXWLQR G DJOLR
SUH]]HPRORVDOHSHSHHROLRTXDQGRVRQTXDVLFRWWHVLDJJLXQJHXQSR G DFTXDPLVWDDGDFHWR
*LjVDSUHWHFKHLSHVFLWXUFKLQLVRQRLPHQRGLJHULELOLIUDOHVSHFLHYHUWHEUDWH
$&&,8*+()5,77(
6HYROHWHGDUHSLEHOO DVSHWWRDOOHDFFLXJKHHDOOHVDUGLQHIULWWHGRSRDYHUOHYDWDORURODWHVWDHDYHUOH
LQIDULQDWH SUHQGHWHOH D XQD D XQD SHU OD FRGD LPPHUJHWHOH QHOO XRYR VEDWWXWR H EHQ VDODWR SRL GL QXRYR
QHOOD IDULQD H EXWWDWHOH LQ SDGHOOD QHOO ROLR D EROORUH 0HJOLR DQFRUD VH HVVHQGR JURVVH OH DSULWH SHU OD
VFKLHQDLQFLGHQGROHFRQXQFROWHOORGLWDJOLRILQHHOHYDWHORURODVSLQDODVFLDQGROHXQLWHSHUODFRGD
6$5'(5,3,(1(
3HUTXHVWRSLDWWRFLYRJOLRQRVDUGHGHOOHSLJURVVH
3UHQGHWHQH GD D FKH WDQWH EDVWDQR SHU OD TXDQWLWj GHO ULSLHQR TXL VRWWR GHVFULWWR /H VDUGH
ODYDWHOHWRJOLHWHORURODWHVWDHFRQOHGLWDVSDUDWHOHGDOODSDUWHGHOEX]]RSHUHVWUDUQHODVSLQD
)RUPDWHXQFRPSRVWRFRQ
0LGROODGLSDQHJU
DFFLXJKHVDODWHQ
XQURVVRG XRYR
PH]]RVSLFFKLRG DJOLR
XQSL]]LFRGLUHJDPR
/D PLGROOD GL SDQH LQ]XSSDWHOD QHO ODWWH H SRL VWUL]]DWHOD /H DFFLXJKH QHWWDWHOH GDOOH VFDJOLH H GDOOD
VSLQDHSRLWULWDWHHPHVFRODWHRJQLFRVDLQVLHPHVHUYHQGRYLSHUXOWLPRGHOODODPDGLXQFROWHOORSHUULGXUUHLO
FRPSRVWR EHQ ILQH 6SDOPDWH FRQ HVVR OH VDUGH H ULFKLXGHWHOH LQGL WXIIDWHOH DG XQD DG XQD QHOOD FKLDUD
G XRYR ULPDVWD GRSR DYHUOD VEDWWXWD DYYROJHWHOH QHO SDQJUDWWDWR IULJJHWHOH QHOO ROLR VDODWHOH DOTXDQWR H
VHUYLWHOHFRQVSLFFKLGLOLPRQH
%52&&,2/,)5,77,
6HYLWURYDWHVXOODPRQWDJQDSLVWRLHVHLQFHUFDGLFOLPDIUHVFRGLDULDSXUDHGLSDHVDJJLLQFDQWHYROL
FKLHGHWHLEURFFLROLXQSHVFHG DFTXDGROFHGDOODIRUPDGHOJKLR]]RGLPDUHHGLVDSRUHGHOLFDWRTXDQWRHG
DQFKH SL GHOOD WURWD 8QD VLJQRUD GL PLD FRQRVFHQ]D GRSR XQD OXQJD SDVVHJJLDWD SHU TXHOOH PRQWDJQH
WURYDYDWDQWREXRQHOHSROSHWWHGHOSUHWHGL3LDQVLQDWLFRFKHOHGLYRUDYD
727$1,,1*5$7(//$
,WRWDQL /ROLJR DSSDUWHQJRQRDOO RUGLQHGH FHIDORSRGLHVRQRFRQRVFLXWLQHOOLWRUDOHDGULDWLFRFROQRPH
GL FDODPDUHWWL 6LFFRPH TXHO PDUH OL SURGXFH SLFFROL PD SROSXWL H VDSRULWL FXFLQDWL IULWWL VRQR JLXGLFDWL GDL
EXRQJXVWDLXQSLDWWRHFFHOOHQWH,O0HGLWHUUDQHRPHVVHDFRQIURQWROHVWHVVHVSHFLHGjSHVFHSLJURVVR
HG KR YLVWR GH WRWDQL GHOO DSSDUHQWH SHVR GL JUDPPL D PD QRQ VRQR Vu EXRQL FRPH TXHOOL
GHOO $GULDWLFR 4XHVWL DQFKH WDJOLDWLDSH]]L ULXVFLUHEEHURGXULLQIULWWXUDTXLQGLPHJOLRqFXRFHUOLLQJUDWHOOD
ULSLHQL RSSXUH VH VRQR JURVVLVVLPL LQ XPLGR 4XHVWR SHVFH UDFFKLXGH QHOO LQWHUQR XQD ODPLQD DOOXQJDWD
IOHVVLELOHODSHQQDFK DOWURQRQqVHQRQXQUXGLPHQWRGLFRQFKLJOLDFKHYDWROWRSULPDGLULHPSLUOR
7DJOLDWH DO WRWDQR L WHQWDFROL FKH VRQR OH VXH EUDFFLD ODVFLDQGRJOL LO VDFFR H OD WHVWD H WULWDWHOL FROOD
OXQHWWD LQVLHPH FRQ SUH]]HPROR H SRFKLVVLPR DJOLR 0HVFRODWH TXHVWR EDWWXWLQR FRQ PROWR SDQJUDWWDWR
FRQGLWHOR FRQ ROLR SHSH H VDOHH VHUYLWHYLGL WDOFRPSRVWR SHU ULHPSLUHLOVDFFRGHOSHVFHSHUFKLXGHUH OD
ERFFD GHO GHWWR VDFFR LQILO]DWHOD FRQ XQR VWHFFKLQR FKH SRL OHYHUHWH &RQGLWHOR FRQ ROLR SHSH H VDOH H
FXRFHWHORFRPHVLqGHWWRLQJUDWHOOD
6HYLWURYDWHD1DSROLQRQPDQFDWHGLIDUHXQDYLVLWDDOO $FTXDULRQHLJLDUGLQLGHOOD9LOOD1D]LRQDOHRYH
IUD OH WDQWH PHUDYLJOLH ]RRORJLFKH RVVHUYHUHWH FRQ SLDFHUH TXHVWR FHIDORSRGR GL IRUPH VQHOOH HG HOHJDQWL
QXRWDUHHJXL]]DUHFRQPROWLVVLPDJUD]LDHGDPPLUHUHWHSXUDQFKHODVYHOWH]]DHODGHVWUH]]DFKHKDQQROH
VRJOLROH GL VFRPSDULUH D XQ WUDWWR IUD OD VDEELD GL FXL VL ULFRSURQR SHU RFFXOWDUVL IRUVH DO QHPLFR FKH OH
LQVHJXH
7RUQDQGR DL FDODPDUHWWL FKH q XQ SHVFH DOTXDQWR LQGLJHVWR PD RWWLPR LQ WXWWH OH VWDJLRQL GHOO DQQR
GRSR DYHU ORUR OHYDWD OD SHQQD H VWUL]]DWL JOL RFFKL ODYDWHOL DVFLXJDWHOL LQIDULQDWHOL H IULJJHWHOL QHOO ROLR PD
DYYHUWLWHQRQYLSDVVLQRGLFRWWXUDODTXDOFRVDqIDFLOHVHQRQVLVWDPROWRDWWHQWL6WUHPLQ]LVFRQRDOORUDHVL
UHQGRQRDQFRUDSLLQGLJHVWL&RQGLWHOLFDOGLFRQVDOHHSHSH
&,&$/(5,3,(1(
1RQFUHGLDWHFKHYRJOLDSDUODUYLGHOOHFLFDOHFKHFDQWDQRVXSHUJOLDOEHULLQWHQGRGLUHLQYHFHGLTXHO
FURVWDFHRVTXLOOD 6TXLOODPDQWLV WDQWRFRPXQHQHOO $GULDWLFRHFROjFRJQLWRFROQRPHGLFDQQRFFKLD
Ê XQ FURVWDFHR VHPSUH JXVWRVR D PDQJLDUVLPDPLJOLRUHDVVDLTXDQGRLQFHUWLPHVLGHOO DQQRGDOOD
PHWjGLIHEEUDLRDOO DSULOHqSLSROSXWRGHOVROLWRHUDFFKLXGHDOORUDXQFDQQHOORURVVROXQJRLOGRUVRGHWWR
YROJDUPHQWH FHUD R FRUDOOR LO TXDOH QRQ q DOWUR FKH LO ULFHWWDFROR GHOOH XRYD GL TXHO SHVFH Ê EXRQR OHVVR
HQWUD FRQ YDQWDJJLR WDJOLDWR D SH]]L QHOOD FRPSRVL]LRQH GL XQ EXRQ FDFFLXFFR HG HFFHOOHQWH q LQ JUDWHOOD
FRQGLWRFRQROLRSHSHHVDOHVHORDJJUDGLWHDQFKHSLDSSHWLWRVRVSDUDWHOROXQJRLOGRUVRULHPSLWHORFRQ
XQEDWWXWLQRGLSDQJUDWWDWRSUH]]HPRORHRGRUHG DJOLRHFRQGLWHWDQWRLOULSLHQRFKHLO SHVFHFRQROLRSHSHH
VDOH
&,&$/()5,77(
$OODORURVWDJLRQHFLRqTXDQGRKDQQRODFHUDFRP qGHWWRDOQXPHURSUHFHGHQWHVLSRVVRQRIULJJHUH
QHOVHJXHQWHPRGRHQHPHULWDLOFRQWR
'RSRDYHUOHODYDWHOHVVDWHOHLQSRFDDFTXDFRSHUWHGDXQSDQQROLQRFRQXQSHVRVRSUDPLQXWLGL
EROOLWXUD ULWHQJR VLDQR VXIILFLHQWL 6EXFFLDWHOH GRSR FRWWH H PHVVD D QXGR OD SROSD WDJOLDWHOD LQ GXH SH]]L
LQIDULQDWHODGRUDWHODQHOO XRYRIUXOODWRHVDODWRHIULJJHWHODQHOO ROLR
&,&$/(,180,'2
6H QRQ YL ULQFUHVFH GL DGRSHUDUH OH XQJKLH G LQVXGLFLDUYL OH GLWD H GL EXFDUYL IRUV DQFKH OH ODEEUD
HFFRYLXQJXVWRVRHSLDFHYROHWUDVWXOOLQR
3ULPD GL FXRFHUOH WHQHWH OH FLFDOH QHOO DFTXD IUHVFD FKH FRVu QRQ LVFRODQR DQ]L ULJRQILDQR )DWH XQ
EDWWXWRFRQDJOLRSUH]]HPRORHROLRURVRODWRFKHVLDFROORFDWHFLOHFLFDOHLQWHUHHFRQGLWHOHFRQVDOHHSHSH
4XDQGRDYUDQQRSUHVRLOFRQGLPHQWREDJQDWHOHFRQVXJRGLSRPRGRURRFRQVHUYDHVHUYLWHOHVRSUDDIHWWHGL
SDQH DVFLXJDWH DO IXRFR3ULPD GL PDQGDUOH LQ WDYROD IDWHORUR XQ LQFLVLRQH FRQ OH IRUELFL OXQJR LO GRUVR SHU
SRWHUOHVEXFFLDUHSLIDFLOPHQWH
63$512&&+,(
/H FLFDOH PL UDPPHQWDQR OH VSDUQRFFKLH FKH D SULPD YLVWD OH UDVVRPLJOLDQR PD HVDPLQDWR EHQH
TXHVWRFURVWDFHRKDODIRUPDGLXQJURVVRJDPEHURGLPDUHGHOSHVRFRPXQHPHQWHGLRJUDPPLÊGL
VDSRUHSLGHOLFDWRGHOO DULJXVWDHFRPHTXHVWDVLXVDPDQJLDUOROHVVRPDSHUFKpQRQSHUGDVDSRUHPHJOLR
qGLDUURVWLUORLQJUDWHOODVHQ]DFRQGLPHQWRDOFXQRHGRSRVJXVFLDUORHFRQGLUORFRQROLRSHSHVDOHHGDJUR
GL OLPRQH /H VSDUQRFFKLH SLFFROH VL SRVVRQR DQFKH FRPH L JDPEHUL LQIDULQDUH H IULJJHUOH FRVu QDWXUDOL
RSSXUHQHOPRGRLQGLFDWRSHUOHFLFDOH
$1*8,//$
/¶$QJXLOOD YXOJDULV q XQ SHVFH GHL SL VLQJRODUL %HQFKp LO YDOOLJLDQR GL &RPDFFKLR SUHWHQGD GL
FRQRVFHUH GD FHUWL FDUDWWHUL HVWHUQL LO PDVFKLR H OD IHPPLQD QRQ VL q ULXVFLWL DQFRUD SHU TXDQWR OR VL VLD
VWXGLDWR D GLVWLQJXHUQH LO VHVVR IRUVH SHUFKp OD ERUVD VSHUPDWLFD GHO PDVFKLR q VLPLOH DOO RYDULR GHOOD
IHPPLQD
/ DQJXLOOD FRPXQH DELWD OH DFTXH GROFL PD SHU JHQHUDUH KD ELVRJQR GL VFHQGHUH LQ PDUH 4XHVWD
GLVFHVD FKH FKLDPDVL OD FDODWD KD OXRJR QHOOH QRWWL RVFXUH H SULQFLSDOPHQWH QHOOH EXUUDVFRVH GHL PHVL GL
RWWREUHQRYHPEUHHGLFHPEUHHQ qDOORUDSLIDFLOHHGDEERQGDQWHODSHVFD/HDQJXLOOHQHRQDWHODVFLDQRLO
PDUH HG HQWUDQR QHOOH SDOXGL R QHL ILXPL YHUVR OD ILQH GL JHQQDLR H LQ IHEEUDLR H LQ TXHVWR LQJUHVVR FKH
GLFHVLODPRQWDWDYHQJRQRSHVFDWHDOODIRFHGH ILXPLLQJUDQTXDQWLWjFROQRPHGLFLHFKHHODSLVFLFROWXUDVH
QH JLRYD SHU ULSRSRODUH FRQ HVVH JOL VWDJQL HG L ODJKL QHL TXDOL VH PDQFD OD FRPXQLFD]LRQH FRQ OH DFTXH
VDOVHGHOPDUHQRQVLSRVVRQRULSURGXUUH
5HFHQWLVWXGLQHOORVWUHWWRGL0HVVLQDKDQQRULOHYDWRFKHTXHVWRSHVFHHLPXUHQRLGLFRQJHQHULKDQQR
ELVRJQR GL GHSRUUH OH XRYD QHJOL DELVVL GHO PDUH D XQD SURIRQGLWj QRQ PLQRUH GL PHWUL H FKH D
VLPLOLWXGLQH GHOOH UDQH VXELVFRQR XQD PHWDPRUIRVL ,O /HSWRFHSKDOXV EUHYLURVWULV FKH KD O DVSHWWR GL XQD
IRJOLD GL ROHDQGUR WUDVSDUHQWH FRPH LO YHWUR ULWHQXWR ILQRUD XQD VSHFLH D VpQRQ q FKH LO SULPR SHULRGR GL
YLWDODODUYDGLTXHVWRHVVHUHFKHSRLVLWUDVIRUPDLQDQJXLOODFDSLOODUHOHFRVuGHWWHFLHFKHOH TXDOLTXDQGR
ULPRQWDQRLILXPLLQFHUFDGHOOHDFTXHGROFLQRQVRQROXQJKHPDLPHQRGLFLQTXDQWDPLOOLPHWUL'HOOHYHFFKLH
DQJXLOOHSRLFKHVRQRVFHVHDOPDUHQRQVLVDFKHQHDYYHQJDIRUVHUHVWDQGRQHOODSURIRQGDRVFXULWjGHJOL
DELVVL PDULQL PXRLRQRVRWWR D TXHOOD HQRUPH SUHVVLRQHR VL PRGLILFDQRSHUDGDWWDUVLDOO DPELHQWHLQFXLVL
WURYDQR
8Q DOWUD VLQJRODULWj GHL PXUHQRLGL LQ JHQHUH q TXHOOD GHO ORUR VDQJXH FKH LQLHWWDWR QHO WRUUHQWH GHOOD
FLUFROD]LRQHGHOO XRPRqYHOHQRVRHPRUWDOHPHQWUHFRWWRHPDQJLDWRqLQQRFXR
/ DQJXLOOD SHU OD FRQIRUPD]LRQH VSHFLDOH GHOOH VXH EUDQFKLH D VHPSOLFH IHVVXUD SHU OD VXD IRUPD
FLOLQGULFD H SHU OH VTXDPPH DVVDL PLQXWH H GHOLFDWH SXz YLYHUH PROWR WHPSR IXRUL GHOO DFTXD PD RJQL
TXDOYROWDVLVRQRLQFRQWUDWHDVWULVFLDUVXOODWHUUDLOFKHDYYLHQHVSHFLDOPHQWHGLQRWWHVLVRQRYLVWHSURFHGHU
VHPSUHQHOODGLUH]LRQHGLXQFRUVRG DFTXDSHUWUDPXWDUVLIRUVHGDXQOXRJRDGXQDOWURRSHUFHUFDUHQHL
SUDWLFLUFRVWDQWLDOODORURGLPRUDLOFLERFKHFRQVWDGLSLFFROLDQLPDOL
6RQRFHOHEULOHDQJXLOOHGHOOHYDOOLGL&RPDFFKLRSDHVHGHOODEDVVD5RPDJQDLOTXDOHVLSXzGLUHYLYD
GHOODSHVFDGLTXHVWRSHVFHFKHIUHVFRRPDULQDWRVLVSDFFLDQRQVRORLQ,WDOLDPDVLVSHGLVFHDQFKHIXRUL
Ê FRVu SURGXWWLYR TXHO OXRJR FKH LQ XQD VROD QRWWH EXLD H EXUUDVFRVD GHOO RWWREUH IXURQR SHVFDWL
FKLORJUDPPLGLDQJXLOOHHSLPHUDYLJOLRVRDQFRUDqLOULVXOWDWRILQDOHGHOODSHVFDGLTXHOO DQQDWDFKH
WURYHUHWHGHVFULWWRDOODULFHWWDQ
,QDOFXQLOXRJKLG ,WDOLDFKLDPDVVLFDSLWRQL TXDQGRVRQJURVVHHELVDWWLTXDQGRVRQSLFFROHHGDELWDQR
WXWWLLILXPLGL(XURSDPHQRTXHOOLFKHVLYHUVDQRQHO0DU1HURQRQHFFHWWXDWRLO'DQXELRHLVXRLDIIOXHQWL
/DVRODGLIIHUHQ]DGLIRUPDWUDO DQJXLOODG DFTXDGROFHHTXHOODGLPDUHFRQRVFLXWDFROQRPHGLFRQJHU
RFRQJURqFKHODSULPDKDODPDVFHOODVXSHULRUHSLEUHYHGHOO LQIHULRUHHO LQGLYLGXRSUHQGHPHQRVYLOXSSR
LPSHURFFKpWURYDQVLGHLFRQJHUILQGLWUHPHWULGLOXQJKH]]D)RUVHGDTXHVWRJURVVRSHVFHVHUSHQWLQLIRUPH
q GHULYDWD OD IDYROD GHO VHUSHQWH GL PDUH VRVWHQXWD XQ WHPSR DQFKH GD SHUVRQH GHJQH GL IHGH FKH QH
HVDJHUDYDQRODJUDQGH]]DSUREDELOPHQWHSHUHIIHWWRGLDOOXFLQD]LRQH
$1*8,//$$552672
3RWHQGR SUHIHULWH VHPSUH OH DQJXLOOH GL &RPDFFKLR FKH VRQR OH PLJOLRUL G ,WDOLD VH QRQ OH VXSHUDQR
TXHOOHGHOODJRGL%ROVHQDUDPPHQWDWHGD'DQWH
4XDQGRO DQJXLOODqJURVVDHVLYRJOLDFXRFHUHDOORVSLHGRqPHJOLRVSHOODUOD7DJOLDWHODDURFFKLOXQJKL
WUH FHQWLPHWUL HG LQILODWHOL WUD GXH FURVWLQL FRQ TXDOFKH IRJOLD GL VDOYLD RSSXUH GL DOORUR VH QRQ WHPHWH FKH
TXHVWRSHOVXRRGRUHWURSSRDFXWRYLWRUQLDJROD&XRFHWHODLQELDQFRDIXRFRPRGHUDWRHSHUXOWLPRGDWHOH
XQD EHOOD ILDPPDWD SHU IDUOHIDUH OD FURVWLFLQD FURFFDQWH 3HU FRQGLPHQWR VDOH VROWDQWR H VSLFFKLGL OLPRQH
TXDQGRVLPDQGDLQWDYROD
/ DQJXLOOD PH]]DQD D SDUHU PLR ULHVFH SL JXVWRVD FRWWD LQ JUDWHOOD FRQ OD VXD SHOOH OD TXDOH
UDPPROOLWDFRQDJURGLOLPRQHTXDQGRqSRUWDWDLQWDYRODSXzRIIULUHVXFFKLDQGRODXQVDSRUHQRQVJUDGLWR
3HUFRQGLPHQWRVDOHHSHSHVROWDQWR,&RPDFFKLHVLSHUODJUDWHOODDGRSHUDQRDQJXLOOHPH]]DQHOHVSHOODQR
VHVRQRXQSR JURVVHOHULSXOLVFRQRVROWDQWRVHVRWWLOLOHLQFKLRGDQRFRQODWHVWDVRSUDXQ DVVHOHVSDUDQR
FRQXQFROWHOORWDJOLHQWHOHYDQRODVSLQDHFRVuDSHUWHFRQOHGXHPH]]HWHVWHOHPHWWRQRLQJUDWHOODFRQGLWH
VRORGLVDOHHSHSHDPH]]DFRWWXUD/HPDQJLDQREROOHQWL
/ DQJXLOODULFKLHGHQHOSDVWHJJLDUHYLQRURVVRHGDVFLXWWR
$1*8,//($//$),25(17,1$
3UHQGHWH DQJXLOOH GL PH]]DQD JUDQGH]]D VEX]]DWHOH H VSHOODWHOH SUDWLFDQGR XQD LQFLVLRQH FLUFRODUH
VRWWRDOODWHVWDFKHWHUUHWHIHUPDFRQXQFDQRYDFFLRRQGHQRQLVJXVFLSHUO DEERQGDQWHPXFRVLWjGLTXHVWR
SHVFHHWLUDWHJLODSHOOHFKHYHUUj YLDWXWWDLQWHUD$OORUDWDJOLDWHODDSH]]LOXQJKLXQGLWRRSRFRPHQRFKH
FRQGLUHWHFRQROLRVDOHHSHSHODVFLDQGROLVWDUHSHUXQ RUDRGXH
3HUFXRFHUOHVHUYLWHYLGLXQDWHJOLDRGLXQWHJDPHGLIHUURFRSULWHQHLOIRQGRFRQXQYHORG ROLRGXH
VSLFFKLG DJOLRLQWHULHIRJOLHGLVDOYLDIDWHVRIIULJJHUHSHUXQSRFRHSUHVLLSH]]LGHOO DQJXLOODXQRDOODYROWD
LQYROJHWHOL QHO SDQJUDWWDWR H GLVSRQHWHOL QHO WHJDPH XQR DFFDQWR DOO DOWUR YHUVDQGR ORU VRSUD LO UHVWR GHO
FRQGLPHQWR &XRFHWHOL IUD GXH IXRFKL H TXDQGR DYUDQQR SUHVR FRORUH YHUVDWH QHO WHJDPH XQ JRFFLROR
G DFTXD
/D FDUQH GL TXHVWR SHVFH DVVDL GHOLFDWR H JXVWRVR ULHVFH DOTXDQWR LQGLJHVWD SHU OD VXD VRYHUFKLD
ROHRVLWj
$1*8,//$,180,'2
0HJOLR q FKH SHU TXHVWR SLDWWR OH DQJXLOOH VLHQR JURVVH DQ]L FKH QR H VHQ]D VSHOODUOH WDJOLDWHOH D
SH]]HWWLFRUWL7ULWDWHXQEDWWXWRSLXWWRVWRJHQHURVRGLFLSROODHSUH]]HPRORPHWWHWHORDOIXRFRFRQSRFRROLR
SHSHHVDOHHTXDQGRODFLSROODDYUjSUHVRFRORUHJHWWDWHFLO DQJXLOOD$VSHWWDWHFKHDEELDVXFFKLDWRLOVDSRUH
GHO VRIIULWWR SHU WLUDUOD D FRWWXUD FRQ VXJR GL SRPRGRUR R FRQVHUYD VFLROWD QHOO DFTXD 3URFXUDWH FKH YL
ULPDQJD GHOO LQWLQWR LQ DEERQGDQ]D VH YROHWH VHUYLUOD LQ WDYROD VRSUD D FURVWLQL GL SDQH DUURVWLWR DSSHQD
6HQWLUHWHXQPDQLFDUHWWRGHOLFDWRPDQRQFRQIDFHQWHDWXWWLJOLVWRPDFKL
$1*8,//$&2/9,12
3UHQGHWH XQ DQJXLOOD GL FLUFD PH]]RFKLORJUDPPR R SL G XQD GHOOR VWHVVR SHVR LQ FRPSOHVVR QRQ
HVVHQGRQHFHVVDULRSHUTXHVWRSLDWWRFKHVLHQRJURVVHVWURILQDWHOHFRQODUHQDSHUQHWWDUOHGDOODPXFRVLWj
ODYDWHOHHWDJOLDWHOHDURFFKL3RQHWHLQXQWHJDPHXQRVSLFFKLRG DJOLRWDJOLDWRDIHWWLQHWUHRTXDWWURIRJOLHGL
VDOYLDWULWDWDDOO LQJURVVRODFRUWHFFLDGLXQTXDUWRGLOLPRQHHQRQPROWRROLR0HWWHWHORDOIXRFRHTXDQGRLO
VRIIULWWR DYUj SUHVR FRORUH FROORFDWHFL OH DQJXLOOH H FRQGLWHOH FRQ VDOH H SHSH $OORUFKp O XPLGR FRPLQFLD D
VFHPDUHDQGDWHVFDO]DQGROHFRQODSXQWDGLXQFROWHOORRQGHQRQVLDWWDFFKLQRHURVRODWHFKHVLHQRYHUVDWHFL
VXJR GL SRPRGRUR R FRQVHUYD H ULYROWDWHOH 5RVRODWH DQFKH GDOO DOWUD SDUWH YHUVDWHFL XQ EXRQ GLWR GL YLQR
URVVR R ELDQFR DVFLXWWR PLVFKLDWR D GXH GLWD G DFTXD FRSULWHOH H ODVFLDWHOH ILQLU GL FXRFHUH D IXRFR OHQWR
0DQGDWHOHLQWDYRODFRQDOTXDQWRGHOORURLQWLQWRHVHUYLWHOHDTXDWWURSHUVRQHDFXLSRWUDQQREDVWDUH
$1*8,//$,180,'2$//¶862',&20$&&+,2
,&RPDFFKLHVLQRQIDQQRPDLXVRG ROLRSHUFRQGLUO DQJXLOODLQTXDOXQTXHPRGRHVVDYHQJDFXFLQDWD
LO FKH VL YHGH DQFKH GD TXHVWR XPLGR FKH SRWUHEEH SXU FKLDPDUVL ]XSSD R FDFFLXFFR GL DQJXLOOH ,QIDWWL
FRGHVWR SHVFH FRQWLHQHWDQWR ROLR LQ Vp VWHVVR FKH O DJJLXQJHUQH JXDVWD DQ]LFKp JLRYDUH/DSURYDIDWWDQH
DYHQGRFRUULVSRVWRDOODULFHWWDIDYRULWDPLYHODGHVFULYRWDOTXDOH
³3HU XQ FKLORJUDPPR GL DQJXLOOH SUHQGHWH WUH FLSROOH XQ VHGDQR XQD EHOOD FDURWD SUH]]HPROR H OD
EXFFLDGLPH]]ROLPRQH7DJOLDWHWXWWRPHQRLOOLPRQHDSH]]LJURVVLHIDWHEROOLUHFRQDFTXDVDOHHSHSH
7DJOLDWHOHDQJXLOOHDURFFKLODVFLDQGRSHUzLURFFKLXQLWLWUDORURGDXQOHPERGLFDUQH3UHQGHWHXQSHQWROR
DGDWWRHIDWHJOLLQIRQGRXQRVWUDWRGLDQJXLOODFXLVRSUDSRUUHWHXQRVWUDWRGHOOHYHUGXUHGHWWHGLVRSUDHTXDVL
FRWWH JHWWDQGR YLD LO OLPRQH SRL XQ DOWUR VWUDWR G DQJXLOOD XQ DOWUR GL YHUGXUD HFF ILQ FKH FH QH FDSH
&RSULWHWXWWRFROO DFTXDGRYHOHYHUGXUHEROOLURQRPHWWHWHLOSHQWROREHQWXUDWRDEROOLUHDGDJLRVFXRWHQGROR
JLUDQGROR PD QRQ IUXJDQGR PDL FRO PHVWROR SHUFKp VSDSSROHUHVWH RJQL FRVD 1RL XVLDPR FLUFRQGDUH LO
SHQWROR GL FHQHUH H EUDFH ILQ SL FKH D PH]]R GDYDQWL D XQ IXRFR FKLDUR GL OHJQD VHPSUH VFXRWHQGR H
JLUDQGR 4XDQGR L URFFKL FKH HUDQR XQLWL SHU XQ OHPER VL VWDFFDQR O XQ GDOO DOWUR VRQ SUHVVR FKH FRWWL
$JJLXQJHWH DOORUD XQ EXRQ FXFFKLDLR GL DFHWR IRUWH FRQVHUYD GL SRPRGRUR H DVVDJJLDWH LO EURGR SHU
FRUUHJJHUOR GL VDOH H GL SHSH VLDWH JHQHURVL IDWH GDUH DOWUL SRFKL EROORUL H PDQGDWH PDJDUL LO SHQWROR LQ
WDYRODSHUFKpqYLYDQGDGLFRQILGHQ]D6HUYLWHLQSLDWWLFDOGLVXIHWWHGLSDQH´$YYHUWRLRFKHTXLVLWUDWWDGL
DQJXLOOH PH]]DQH H QRQLVSHOODWH FKH OH FLSROOH VH VRQR JURVVHGXH EDVWDQR HFKH GXH ELFFKLHUL G DFTXD
VDUDQQRVXIILFLHQWLSHUFXRFHUHOHYHUGXUH/HIHWWHGHOSDQHVDUjEHQHGLDVFLXJDUOHDOIXRFRVHQ]DDUURVWLUOH
$1*8,//$&2,3,6(//,
0HWWHWHODLQXPLGRFRPHTXHOODGHOQHTXDQGRqFRWWDOHYDWHODDVFLXWWDSHUFXRFHUHLSLVHOOLQHO
VXRLQWLQWR5LPHWWHWHODSRLIUDLPHGHVLPLSHUULVFDOGDUODHVHUYLWHOD4XLQRQKDOXRJRVXJRGLSRPRGRURPD
DFTXDVHRFFRUUH
&()$/,,1*5$7(//$
/H DQJXLOOH GL &RPDFFKLR ULFKLDPDQR DOOD PHPRULD L FHIDOL DELWDWRUL GHOOH VWHVVH YDOOL L TXDOL TXDQGR
VRQRSRUWDWLDLPHUFDWLYHUVRODILQHGLDXWXQQRVRQREHOOLJUDVVLHGLRWWLPRVDSRUH,&RPDFFKLHVLOLWUDWWDQR
QHOODVHJXHQWHPDQLHUDFKHSHUVXDGH/HYDQRDTXHVWRSHVFHOHVFDJOLHHOHEUDQFKLHPDQRQOLVEX]]DQR
SHUFKpOHLQWHULRUDFRPHQHOODEHFFDFFLDGLFRQRFKHVRQRLOPHJOLR/LFRQGLVFRQRFRQVDOHHSHSHVROWDQWR
HOLSRQJRQRVXOODJUDWHOODDIXRFRDUGHQWH&RWWLFKHVLDQROLPHWWRQRWUDGXHSLDWWLFDOGLQRQORQWDQLGDOIXRFR
SHU FLQTXH PLQXWL $O PRPHQWR GL VHUYLUOL ULYROJRQR L SLDWWL FKH TXHO GL VRSUD YDGD VRWWR H LO JUDVVR FRODWR
ULPDQJDFRVuVSDUVRHVWHVRVRSUDLOSHVFHPDQGDQGRORLQWDYRODFRQOLPRQHGDVWUL]]DUH
$OQqGDWRXQFHQQRFRPHOLVHUYRQRLQ5RPDJQD
7(//,1(2$56(//(,16$/6$'¶8292
/HDUVHOOHQRQUDFFKLXGRQRVDEELDFRPHOHWHOOLQHHSHUzDTXHOOHEDVWDXQDEXRQDODYDWXUDQHOO DFTXD
IUHVFD
7DQWROH XQH FKH OH DOWUH PHWWHWHOH DO IXRFRFRQ XQ VRIIULWWR GLDJOLRROLRSUH]]HPRORHXQDSUHVDGL
SHSH VFXRWHWHOH H WHQHWH FRSHUWR LO YDVR RQGH QRQ VL SURVFLXJKLQR /HYDWHOH TXDQGR VDUDQQR DSHUWH HG
DJJUD]LDWHOH FRQ OD VHJXHQWH VDOVD XQR R SL URVVL G XRYR VHFRQGR OD TXDQWLWj DJUR GL OLPRQH XQ
FXFFKLDLQR GL IDULQD EURGR H XQ SR GL TXHO VXJR XVFLWR GDOOH WHOOLQH &XRFHWHOD DG XVR FUHPD H YHUVDWHOD
VXOOHPHGHVLPHTXDQGROHPDQGDWHLQWDYROD
,R OH SUHIHULVFR VHQ]DVDOVD H OH IR YHUVDUH VRSUD IHWWH GL SDQH DVFLXJDWHDOIXRFR&RVu VLVHQWHSL
QDWXUDOHLOJXVWRGHOIUXWWRGLPDUH3HUODVWHVVDUDJLRQHQRQORPHWWHUHLOSRPRGRURQHOULVRWWRFRQOHWHOOLQH
$56(//(27(//,1($//$/,9251(6(
)DWHXQEDWWXWLQRGLFLSROODHPHWWHWHORDOIXRFRFRQROLRHXQDSUHVDGLSHSH4XDQGRODFLSROODDYUj
SUHVRFRORUHXQLWHXQ SL]]LFRGLSUH]]HPRORWULWDWRQRQWDQWRILQHHGRSRSRFRJHWWDWHFLOHDUVHOOHROHWHOOLQH
FRQ VXJR GL SRPRGRUR R FRQVHUYD6FXRWHWHOH VSHVVR H TXDQGRVDUDQQRDSHUWHYHUVDWHOHVRSUDDIHWWHGL
SDQH DUURVWLWR SUHSDUDWH DYDQWL VRSUD XQ YDVVRLR /H DUVHOOH FRVu FXFLQDWH VRQR EXRQH PD D JXVWR PLR
VRQRLQIHULRULDTXHOOHGHOQXPHURSUHFHGHQWH
6(33,(&2,3,6(//,
)DWH XQ EDWWXWR SLXWWRVWR JHQHURVR FRQ FLSROOD XQRVSLFFKLRG DJOLRHSUH]]HPROR0HWWHWHORDOIXRFR
FRQROLRVDOHHSHSHHTXDQGRDYUj SUHVRFRORUHSDVVDWHORGDXQFROLQRVWUL]]DQGREHQH,QTXHVWRVRIIULWWR
JHWWDWH OH VHSSLH WDJOLDWH D ILOHWWL PD SULPD QHWWDWHOH FRP q LQGLFDWR DO Q EDJQDWHOH FRQ DFTXD VH
RFFRUUH H TXDQGR VDUDQQR TXDVL FRWWH YHUVDWH L SLVHOOL JURQGDQWL GDOO DFTXD IUHVFD LQ FXL OL DYUHWH WHQXWL LQ
PROOH
7,1&+($//$6$87e
4XHVWR SHVFH 7LQFD YXOJDULV GHOOD IDPLJOLD GHL FLSULQRLGL RVVLD GHL FDUSL EHQFKp VL WURYL DQFKH QH ODJKL H QH ILXPL SURIRQGL DELWD GL SUHIHUHQ]D FRPH RJQXQR VD OH DFTXH VWDJQDQWL GHL SDGXOL PD FLz FKH
LJQRUDVL IRUVH GD PROWLVL q FKH HVVRQRQFKp LO FDUSLRRIIURQR XQ HVHPSLR GHOOD UXPLQD]LRQH IUDL SHVFL ,O
FLERDUULYDWRQHOYHQWULFRORqULPDQGDWRQHOODIDULQJHFRLPRYLPHQWLDQWLSHULVWDOWLFLHGDLGHQWLIDULQJHLVSHFLDOL
DTXHVW XVRXOWHULRUPHQWHVPLQX]]DWRHWULWXUDWR
3UHQGHWHWLQFKHJURVVH QHOPHUFDWRGL)LUHQ]HYHQGRQVLYLYHHVRQRQHOODORURLQIHULRULWjIUDLSHVFL
GHOOHPLJOLRUL WDJOLDWHORUROHSLQQHODWHVWDHODFRGDDSULWHOHSHUODVFKLHQDOHYDWHQHODVSLQDHOHOLVFKHH
GLYLGHWHOH LQ GXH SDUWL SHU LO OXQJR ,QIDULQDWHOH SRL WXIIDWHOH QHOO XRYRIUXOODWR FKH DYUHWH SULPD FRQGLWR FRQ
VDOH H SHSH LQYROJHWHOH QHO SDQJUDWWDWR ULSHWHQGR SHU GXH YROWH TXHVW XOWLPD RSHUD]LRQH &XRFHWHOH QHOOD
VDXWpFROEXUURHVHUYLWHOHLQWDYRODFRQVSLFFKLGLOLPRQHHFRQXQFRQWRUQRGLIXQJKLIULWWLDOODORURVWDJLRQH
4XL YLHQH RSSRUWXQR LQGLFDUH LO PRGR GL WRJOLHUH R DWWHQXDUH LO OH]]R GHL SHVFL GL SDGXOH 6L JHWWDQR
QHOO DFTXD EROOHQWH WHQHQGRYHOL DOFXQL PLQXWL ILQFKp OD SHOOH FRPLQFLD D VFUHSRODUH H VL ULQIUHVFDQR SRL
QHOO DFTXDGLDFFLDSULPDGLFXRFHUOL4XHVWDRSHUD]LRQHqFKLDPDWDGDLIUDQFHVLOLPRQHUGD OLPRQIDQJR
3$67,&&,2',0$*52
0DQFKHUHLDXQGRYHUHGLULFRQRVFHQ]DVHQRQGLFKLDUDVVLFKHSDUHFFKLHULFHWWHGHOSUHVHQWHYROXPH
OH GHYR DOOD FRUWHVLD GL DOFXQH VLJQRUH FKH PL IDYRULURQR DQFKH TXHVWD OD TXDOH EHQFKp LQ DSSDUHQ]D
DFFHQQL DG XQ YHUR H SURSULR SDVWLFFLR DOOD SURYD q ULXVFLWD GHJQD GL ILJXUDUH LQ TXDOXQTXH SUDQ]R VH
HVHJXLWDDGRYHUH
8QSHVFHGHOSHVRGLJUDPPLD
5LVRJUDPPL
)XQJKLIUHVFKLJUDPPL
3LVHOOLYHUGLJUDPPL
3LQROLWRVWDWLJUDPPL
%XUURTXDQWREDVWD
3DUPLJLDQRLGHP
&DUFLRILQ
8RYDQ
&XRFHWH LO ULVR FRQ JUDPPL GL EXUUR H XQ TXDUWR GL FLSROOD WULWDWD VDODWHOR H TXDQGR q FRWWR FRQ
O DFTXDRFFRUUHQWHOHJDWHORFRQOHGHWWHXRYDHJUDPPLGLSDUPLJLDQR
)DWH XQ VRIIULWWR FRQ FLSROOD EXUURVHGDQR FDURWD H SUH]]HPRORH LQHVVRFXRFHWHLIXQJKLWDJOLDWLD
IHWWH L SLVHOOL H L FDUFLRIL WDJOLDWL D VSLFFKL H PH]]R OHVVDWL 7LUDWH TXHVWH FRVH D FRWWXUD FRQ TXDOFKH
FXFFKLDLDWDG DFTXDFDOGDHFRQGLWHOHFRQVDOHSHSHHJUGLSDUPLJLDQRJUDWWDWRTXDQGROHDYUHWHULWLUDWH
GDOIXRFR
&XRFHWHLOSHVFHFKHSXzHVVHUHXQPXJJLQHXQUDJQRRDQFKHSHVFHDWDJOLRLQXQVRIIULWWRG ROLR
DJOLRSUH]]HPRORVXJRGLSRPRGRURRFRQVHUYDHFRQGLWHORFRQVDOHHSHSH/HYDWHLOSHVFHSDVVDWHLOVXR
LQWLQWRHLQTXHVWRVFLRJOLHWHLSLQROLFKHSULPDDYUHWHDEEUXVWROLWLHSHVWDWL7RJOLHWHDOSHVFHODWHVWDODVSLQD
HOHOLVFKHWDJOLDWHORDSH]]HWWLULPHWWHWHORQHOVXRLQWLQWRHXQLWHFLRJQLFRVDPHQRFKHLOULVR
2UD FKH JOL HOHPHQWL GHO SDVWLFFLR VRQR WXWWL SURQWL IDWH OD SDVWD SHU ULQFKLXGHUYHOR GL FXL HFFRYL OH
GRVL
)DULQDJUDPPL
%XUURJUDPPL
8RYDQ
9LQRELDQFRRPDUVDODGXHFXFFKLDLDWH
6DOHXQSL]]LFR
3UHQGHWHXQRVWDPSRTXDOXQTXHXQJHWHORFROEXUURHIRGHUDWHORFROODGHWWDSDVWDWLUDWDDVIRJOLDSRL
ULHPSLWHORYHUVDQGRYLSULPDODPHWjGHOULVRLQGLWXWWRLOULSLHQRHVRSUD LOULSLHQRLOUHVWRGHOULVRULFRSUHQGROR
DOODERFFDFROODVWHVVDSDVWD&XRFHWHORDOIRUQRVIRUPDWHORHVHUYLWHORWLHSLGRRIUHGGR
(VHJXLWRQHOOHGRVLLQGLFDWHEDVWHUjSHUGRGLFLSHUVRQH
5$12&&+,,180,'2
,OPRGRSLVHPSOLFHqGLIDUOLFRQXQVRIIULWWRGLROLRDJOLRHSUH]]HPRORVDOHHSHSHHTXDQGRVRQR
FRWWLDJURGLOLPRQH$OFXQLLQYHFHGHOOLPRQHXVDQRLOVXJRGLSRPRGRURPDLOSULPRqGDSUHIHULUVL
1RQOLVSRJOLDWHPDLGHOOHXRYDFKHVRQRLOPHJOLR
5$12&&+,$//$),25(17,1$
7RJOLHWH L UDQRFFKL GDOO DFTXD IUHVFD GRYH OL DYUHWH SRVWL GRSR DYHUOL WHQXWL SHU XQ PRPHQWR DSSHQD
QHOO DFTXD FDOGD VH VRQR VWDWL XFFLVL G DOORUD $VFLXJDWHOL EHQH IUD OH SLHJKH G XQ FDQRYDFFLR H LQIDULQDWHOL
3RQHWH XQD WHJOLD DO IXRFR FRQ ROLR EXRQR H TXDQGR TXHVWR FRPLQFLD D JULOOHWWDUH EXWWDWH JL L UDQRFFKL
FRQGLWHOLFRQVDOHHSHSHULPXRYHQGROLVSHVVRSHUFKpVLDWWDFFDQRIDFLOPHQWH4XDQGRVDUDQQRURVRODWLGD
DPEHGXH OH SDUWL YHUVDWH VXL PHGHVLPL GHOOH XRYD IUXOODWH FRQGLWH DQFK HVVH FRQ VDOH H SHSH H VXJR GL
OLPRQHSLDFHQGRYLVHQ]DWRFFDUOHODVFLDWHOHDVVRGDUHDJXLVDGLIULWWDWDHPDQGDWHODWHJOLDLQWDYROD
$LUDQRFFKLYDVHPSUHWROWDODYHVFLFKHWWDGHOILHOH
9ROHQGROLIULWWLLQIDULQDWHOLHSULPDGLEXWWDUOLLQSDGHOODWHQHWHOLSHUTXDOFKHRUDLQLQIXVLRQHQHOO XRYR
FRQGLWR FRQ VDOH H SHSH RSSXUH GRSR LQIDULQDWL URVRODWHOL DSSHQD GD DPEHGXH OH SDUWL H SUHVL XQR DOOD
YROWDLPPHUJHWHOLQHOO XRYRFRQGLWRFRQSHSHVDOHHDJURGLOLPRQHULPHWWHQGROLSRVFLDLQSDGHOODSHUILQLUH
GLFXRFHUOL
$5,1*$,1*(17,/,7$
6LJQRULEHYLWRULDTXHVWDDULQJD &OXSHDKDUHQJXV SRVDWHODIRUFKHWWDQRQqIDWWDSHUYRLFKHDYHWHLO
JXVWRJURVVRODQR
2UGLQDULDPHQWHVLULFHUFDO DULQJDIHPPLQDFRPHSLDSSDULVFHQWHSHUODFRSLRVDTXDQWLWjGHOOHXRYD
PD q GD SUHIHULUVL LO PDVFKLR FKH FR VXRL VSHUPDWRIRUL ODWWLJLQRVL RVVLD ERUVD VSHUPDWLFD q SL GHOLFDWR
0DVFKLRRIHPPLQDFKHVLDDSULWHO DULQJDGDOODSDUWHGHOODVFKLHQDJHWWDWHQHYLDODWHVWDHVSLDQDWHODSRL
PHWWHWHOD LQ LQIXVLRQH QHO ODWWH EROOHQWH H ODVFLDWHYHOD GDOOH RWWR DOOH GLHFL RUH 6DUHEEH EHQH FKH LQ TXHVWR
VSD]LR GL WHPSR VL FDPELDVVH LO ODWWH XQD YROWD 'RSR DYHUOD DVFLXJDWD FRQ XQ FDQRYDFFLR FXRFHWHOD LQ
JUDWHOODFRPHO DULQJDFRPXQHHFRQGLWHODFRQROLRHSRFKLVVLPRDFHWRRVHSLYLSLDFHFRQROLRHDJURGL
OLPRQH
& q DQFKH TXHVW DOWUD PDQLHUD SHU WRJOLHUH DOO DULQJD LO VDSRUH WURSSR VDODWR 0HWWHWHOD DO IXRFR FRQ
DFTXD GLDFFLD IDWHOD EROOLUH SHU WUH PLQXWL SRL WHQHWHOD SHU XQ PRPHQWR QHOO DFTXD IUHVFD DVFLXJDWHOD
JHWWDWHQHYLDODWHVWDDSULWHODGDOODSDUWHGHOODVFKLHQDHFRQGLWHODFRPHODSUHFHGHQWH
/D &OXSHDKDUHQJXVqLOJHQHUHWLSLFRGHOO LPSRUWDQWLVVLPD IDPLJOLDGHL&OXSHLQLODTXDOHFRPSUHQGH
ROWUH DOOH DULQJKH OH VDODFFKH L VDODFFKLQL OH DFFLXJKH OH VDUGH H O¶$ORVD YXOJDULV R &OXSHD FRPXQH
FKLDPDWDFKHSSLDLQ7RVFDQD4XHVWDLQSULPDYHUDULPRQWDQGRLILXPLSHUGHSRUUHOHXRYDYLHQHSHVFDWD
DQFKHLQ$UQRD)LUHQ]H
/H DULQJKH YLYRQR LQ QXPHUR VWHUPLQDWR QHOOH SURIRQGLWj GHL PDUL GHOO HVWUHPD (XURSD H VL IDQQR
YHGHUH DOOD VXSHUILFLH VROR DO WHPSR GHOOD ULSURGX]LRQH FLRq QHL PHVL GL DSULOH PDJJLR H JLXJQR H GRSR
GHSRVWHOHXRYDVFRPSDULVFRQRQHOODSURIRQGLWjGHOODORURDELWXDOHGLPRUD6LYHGHLOPDUHWDORUDSHUGLYHUVH
PLJOLD GL VHJXLWR OXFFLFDQWH H O DFTXD GLYHQLU WRUELGD SHU OD IUHJROD H SHU OH VTXDPH FKH VL GLVWDFFDQR ,Q
,QJKLOWHUUD DUULYDQR GDO OXJOLR DO VHWWHPEUH H OD SHVFD FKH VL ID FRQ UHWL FLUFRODUL Q q Vu DEERQGDQWH VXOOH
VSLDJJHGL<DUPRXWKFKHWDOYROWDVHQHVRQRSUHSDUDWHILQRDPLODEDULOL
%$&&$/¬$//$),25(17,1$
,O EDFFDOj DSSDUWLHQH DOOD IDPLJOLD GHOOH *DGLGHH LO FXL WLSR q LO PHUOX]]R /H VSHFLH SL FRPXQL GH QRVWULPDULVRQRLO*DGXVPLQXWXVHLO0HUOXFLXVHVFXOHQWXVRQDVHOORSHVFHDOTXDQWRLQVLSLGRPDGLIDFLOH
GLJHVWLRQHSHUODOHJJHUH]]DGHOOHVXHFDUQLHLQGLFDWRDLFRQYDOHVFHQWLVSHFLDOPHQWHVHOHVVRHFRQGLWRFRQ
ROLRHDJURGLOLPRQH
,O JHQHUH *DGXV PRUUKXD q LO PHUOX]]R GHOOH UHJLRQL DUWLFKH HG DQWDUWLFKH LO TXDOH GDOOD GLYHUVD
PDQLHUD GL DFFRQFLDUOR SUHQGH LO QRPH GL EDFFDOj R VWRFFDILVVR H FRPH RJQXQ VDq GDO IHJDWR GL TXHVWR
SHVFHFKHVLHVWUDHO ROLRXVDWRLQPHGLFLQD/DSHVFDGHOPHGHVLPRVLIDDOO DPRHXQVRORXRPRQHSUHQGH
LQ XQ JLRUQR ILQR D HG q IRUVH LO SL IHFRQGR WUD L SHVFL HVVHQGRVL LQ XQ VROR LQGLYLGXR FRQWDWH QRYH
PLOLRQLGLXRYD
,Q FRPPHUFLR VL FRQRVFRQR SL FRPXQHPHQWH GXH TXDOLWj GL EDFFDODUL *DVS\ H /DEUDGRU /D SULPD
SURYHQLHQWHGDOOD*DVSHVLDRVVLDGDL%DQFKLGL7HUUD1XRYD RYHVuSHVFDQRRJQLDQQRSLGLPLOLRQLGL
FKLORJUDPPL GL PHUOX]]L q VHFFD WLJOLRVD H UHJJH PROWR DOOD PDFHUD]LRQH OD VHFRQGD FKH VL SHVFD VXOOH
FRVWH GHO /DEUDGRU IRUVH D PRWLYR GL XQ SDVFROR SL FRSLRVR HVVHQGR JUDVVD H WHQHUD UDPPROOLVFH FRQ
IDFLOLWjHGqDVVDLPLJOLRUHDOJXVWR
,O EDFFDOj GL )LUHQ]H JRGH EXRQD UHSXWD]LRQH H VL SXz GLU PHULWDWD SHUFKp VL VD PDFHUDU EHQH
QHWWDQGROR VSHVVR FRQ XQ JUDQDWLQR GL VFRSD H SHUFKp HVVHQGR /DEUDGRU GL SULPD TXDOLWj TXHOOR FKH
SUHIHULELOPHQWH YL VL FRQVXPD JUDVVR GL VXD QDWXUD q DQFKH WHQHUR WHQXWR FRQWR GHOOD ILEUD WLJOLRVD GL
TXHVWR SHVFH QRQ FRQIDFHQWH DJOL VWRPDFKL GHEROL SHU FLz LR QRQ O KR SRWXWR PDLGLJHULUH 4XHVWR VDOXPH
VXSSOLVFH VX TXHO PHUFDWR QHL JLRUQL PDJUL FRQ PROWRYDQWDJJLR LO SHVFH FKH q LQVXIILFLHQWH DO FRQVXPR
FDURGLSUH]]RHVSHVVRQRQIUHVFR
7DJOLDWH LO EDFFDOj D SH]]L ODUJKL TXDQWR OD SDOPD GHOOD PDQR H LQIDULQDWHOR EHQH 3RL PHWWHWH XQ
WHJDPHRXQDWHJOLDDOIXRFRFRQSDUHFFKLRROLRHGXHRWUHVSLFFKLG DJOLRLQWHULPDXQSR VWLDFFLDWL4XDQGR
TXHVWLFRPLQFLDQRDSUHQGHUFRORUHEXWWDWHJLLOEDFFDOjHIDWHORURVRODUHGDDPEHGXHOHSDUWLULPXRYHQGROR
VSHVVR DIILQFKpQRQVLDWWDFFKL6DOHQRQQHRFFRUUHRDOPHQREHQSRFRSUHYLRO DVVDJJLRPDXQDSUHVDGL
SHSHQRQFLIDPDOH3HUXOWLPR YHUVDWHJOLVRSUDTXDOFKHFXFFKLDLDWDGLVXJRGLSRPRGRURQRFRQVHUYD
GLOXLWDQHOO DFTXDIDWHOREROOLUHDQFRUDXQSRFRHVHUYLWHOR
%$&&$/¬$//$%2/2*1(6(
7DJOLDWHOR D SH]]L JURVVL FRPH LO SUHFHGHQWH H FRVu QXGR H FUXGR PHWWHWHOR LQ XQ WHJDPH R LQ XQD
WHJOLDXQWDFROO ROLR)LRULWHORGLVRSUDFRQXQEDWWXWLQRGLDJOLRHSUH]]HPRORHFRQGLWHORFRQTXDOFKHSUHVDGL
SHSHROLRHSH]]HWWL GLEXUUR)DWHORFXRFHUHDIXRFRDUGHQWHHYROWDWHORDGDJLRSHUFKpQRQHVVHQGRVWDWR
LQIDULQDWRIDFLOPHQWHVLURPSH4XDQGRqFRWWR VWUL]]DWHJOLVRSUDGHOOLPRQHHPDQGDWHORDOVXRGHVWLQR
%$&&$/¬'2/&()257(
&XRFHWHORFRPHLOEDFFDOjQPHQRO DJOLRHTXDQGRVDUjURVRODWRGDDPEHOHSDUWLYHUVDWHFLVX
LOGROFHIRUWHIDWHOREROOLUHDQFRUDXQSRFRHVHUYLWHORFDOGR
,O GROFHIRUWH R O DJURGROFH VH FRVu YL SLDFH FKLDPDUOR SUHSDUDWHOR DYDQWL LQ XQ ELFFKLHUH H VH LO
EDFFDOj IRVVH JUDPPL DOO LQFLUFD EDVWHUDQQR XQ GLWR GL DFHWR IRUWH GXH GLWD GL DFTXD ]XFFKHUR D
VXIILFLHQ]DSLQROLHXYD SDVVROLQDLQSURSRU]LRQH3ULPDGLYHUVDUORVXOEDFFDOjQRQqPDOHLOIDUORDOTXDQWR
EROOLUHDSDUWH6HYLYLHQEHQHVHQWLUHWHFKHQHOVXRJHQHUHVDUjJUDGLWR
%$&&$/¬,1*5$7(//$
2QGHULHVFDPHQRULVHFFKLWRVLSXzFXRFHUHDIXRFROHQWRVRSUDXQIRJOLRGLFDUWDELDQFDFRQVLVWHQWH
XQWDDYDQWL&RQGLWHORFRQROLRSHSHHVHYLSLDFHTXDOFKHFLRFFKHWWLQDGLUDPHULQR
%$&&$/¬)5,772
/DSDGHOODqO DUQHVHFKHLQFXFLQDVLSUHVWDDPROWHEHOOHFRVHPDLOEDFFDOjDPHSDUHYLWURYLODILQH
SL GHSORUHYROH SHUFKp GRYHQGR SULPD HVVHU OHVVDWR H LQYROWDWR LQ XQD SDVWHOOD QRQ YL q FRQGLPHQWR FKH
EDVWLDGDUJOLFRQYHQLHQWHVDSRUHHSHUzDOFXQLQRQVDSHQGRIRUVHFRPHPHJOLRWUDWWDUORORLQWUXJOLDQRQHOOD
PDQLHUD FKH VWR SHU GLUH 3HU OHVVDUOR PHWWHWHOR DO IXRFR LQ DFTXD GLDFFLD H DSSHQD DEELD DO]DWR LO SULPR
EROORUHOHYDWHORFKHJLjqFRWWR6HQ] DOWUDPDQLSROD]LRQHVLSXzPDQJLDUFRVuFRQGLWRFRQROLRHDFHWRPD
YHQLDPRRUDDOO LQWUXJOLRFKHYLKRPHQ]LRQDWRSDGURQLVVLPLSRLGLSURYDUORRGLPDQGDUHDOGLDYRORODULFHWWD
H FKL O KD VFULWWD 'RSR OHVVDWR PHWWHWH LQ LQIXVLRQH LO SH]]R GHO EDFFDOj WXWWR LQWHUR QHO YLQR URVVR H
WHQHWHFHORSHUTXDOFKHRUDSRLDVFLXJDWHORLQXQFDQRYDFFLRHWDJOLDWHORDSH]]HWWLQHWWDQGRORGDOOHVSLQHH
GDOOHOLVFKH,QIDULQDWHOROHJJHUPHQWH HJHWWDWHORLQXQDSDVWHOODVHPSOLFHGLDFTXDIDULQDHXQJRFFLRORG ROLR
VHQ]D VDODUOD )ULJJHWHOR QHOO ROLR H VSROYHUL]]DWHOR GL ]XFFKHUR TXDQGR DYUj SHUGXWR LO SULPR EROORUH
0DQJLDWR FDOGR O RGRU GHO YLQR VL DYYHUWH DSSHQD QRQ SHUWDQWR VH OR WURYDWH XQ SLDWWR RUGLQDULR OD FROSD
VDUjYRVWUDFKHO DYHWHYROXWRSURYDUH
&272/(77(',%$&&$/¬
6LWUDWWDVHPSUHGLEDFFDOjTXLQGLQRQYLDVSHWWDWHJUDQEHOOHFRVHSHUzSUHSDUDWRLQTXHVWDPDQLHUD
VDUj PHQRGLVSUH]]DELOHGHOSUHFHGHQWHQRQIRVV DOWUR YLOXVLQJKHUjODYLVWDFROVXRDVSHWWRJLDOORGRUDWRD
VRPLJOLDQ]DGHOOH FRWROHWWHGLYLWHOODGLODWWH
&XRFHWHOROHVVRFRPHO DQWHFHGHQWHHVHODTXDQWLWjIRVVHGLJUDPPLGDWHJOLSHUFRPSDJQLDGXH
DFFLXJKH H XQ SL]]LFR GL SUH]]HPROR WULWDQGR ILQH ILQH RJQL FRVD LQVLHPH FROOD OXQHWWD 3RL DJJLXQJHUHWH
TXDOFKH SUHVD GL SHSH XQ SXJQR GL SDUPLJLDQR JUDWWDWR WUH R TXDWWUR FXFFKLDLDWH GL SDSSD FRPSRVWD GL
PLGROODGLSDQHDFTXDHEXUURSHUUHQGHUORSLWHQHURHGXHXRYD)RUPDWRFRVuLOFRPSRVWRSUHQGHWHORVX
DFXFFKLDLDWHEXWWDWHORQHOSDQJUDWWDWRVWLDFFLDWHORFROOHPDQLSHUGDUJOLODIRUPDGLFRWROHWWHFKHLQWLQJHUHWH
QHOO XRYRVEDWWXWRHSRLXQ DOWUDYROWDDYYROJHUHWHQHOSDQJUDWWDWR
)ULJJHWHORQHOO ROLRHPDQGDWHORLQWDYRODFRQVSLFFKLGLOLPRQHRVDOVDGLSRPRGRUR%DVWHUjODPHWjGL
TXHVWDGRVHSHUQRYHRGLHFLFRWROHWWH
%$&&$/¬,16$/6$%,$1&$
%DFFDOjDPPROOLWRJUDPPL
%XUURJUDPPL
)DULQDJUDPPL
8QDSDWDWDGHOSHVRGLFLUFDJUDPPL
/DWWHGHFLOLWULò
/HVVDWH LO EDFFDOj H QHWWDWHOR GDOOD SHOOH GDOOH OLVFKH H GDOOD VSLQD /HVVDWH DQFKH OD SDWDWD H
WDJOLDWHODDWRFFKHWWL)DWHXQDEDOVDPHOODFROODWWHHODIDULQDHTXDQGRqFRWWDXQLWHFLXQSRFRGLSUH]]HPROR
WULWDWRGDWHOH O RGRUH GHOOD QRFH PRVFDWD YHUVDWHFL GHQWUR OD SDWDWD H VDODWHOD 3RL DJJLXQJHWH LO EDFFDOjD
SH]]L PHVFRODWH H GRSR XQ SRFR GL ULSRVR VHUYLWHOR FKH SLDFHUj H VDUj ORGDWR 6H QRQ VL WUDWWD GL IRUWL
PDQJLDWRULSRWUjEDVWDUHSHUTXDWWURSHUVRQH3HUDGRUQDUORXQSRFRSRWUHVWHFRQWRUQDUORFRQGHJOLVSLFFKLGL
XRYDVRGH
672&&$),662,180,'2
6WRFFDILVVRDPPROOLWRJUDPPLFRVuGLYLVR
6FKLHQDJUDPPLSDQFHWWHJUDPPL
/HYDWHJOL OD SHOOH H WXWWH OH OLVFKH SRL WDJOLDWH OD SDUWH GHOOD VFKLHQD D IHWWLQH VRWWLOL H OH SDQFHWWH D
TXDGUHWWLODUJKLGXHGLWD)DWHXQVRIIULWWRFRQROLRLQDEERQGDQ]DXQJURVVRVSLFFKLRG DJOLRRGXHSLFFROLH
XQ EXRQ SL]]LFR GL SUH]]HPROR 4XDQGR VDUj FRORULWR JHWWDWHFL OR VWRFFDILVVR FRQGLWHOR FRQ VDOH H SHSH
ULPHVWDWHSHUIDUJOLSUHQGHUHVDSRUHHGRSRSRFRYHUVDWHFL VHLRVHWWHFXFFKLDLDWHGHOODVDOVDGLSRPRGRUR
GHO Q RSSXUH SRPRGRUL D SH]]L VHQ]D OD EXFFLD H L VHPL IDWH EROOLUH DGDJLR SHU WUH RUH DOPHQR
EDJQDQGRORFRQDFTXDFDOGDYHUVDWD SRFRSHUYROWDHGXQHQGRYLGRSRGXHRUHGLEROOLWXUDXQDSDWDWDWDJOLDWD
D WRFFKHWWL 4XHVWD TXDQWLWj q VXIILFLHQWH SHU WUH R TXDWWUR SHUVRQH Ê SLDWWR DSSHWLWRVR PD QRQ SHU JOL
VWRPDFKLGHEROL8QDPLFRPLRFHUWRGLIDUHFRVDJUDGLWDQRQVLSHULWDG LQYLWDUHGHLJUDQVLJQRUL DPDQJLDUH
TXHVWRSLDWWRGDFROD]LRQH
&,(&+($//$3,6$1$
9HGL$QJXLOODQ
/DYDWHOHGLYHUVHYROWHHTXDQGRQRQIDUDQQRSLODVFKLXPDYHUVDWHOHVXOORVWDFFLRSHUVFRODUOH
3RQHWH DO IXRFRROLR XQR VSLFFKLR R GXH G DJOLR LQWHUL PD XQ SR VWLDFFLDWLHDOFXQHIRJOLHGLVDOYLD
4XDQGRO DJOLRVDUjFRORULWRYHUVDWHOHFLHFKHHVHVRQRDQFRUYLYHFRSULWHOHFRQXQWHVWRRQGHQRQVDOWLQR
YLD &RQGLWHOH FRQ VDOH H SHSH ULPXRYHWHOH VSHVVR FRO PHVWROR H EDJQDWHOH FRQ XQ SRFR G DFTXD VH
SURVFLXJDVVHUR WURSSR &RWWH FKH VLDQR OHJDWHOH FRQ XRYD IUXOODWH D SDUWH PHVFRODWH FRQ SDUPLJLDQR
SDQJUDWWDWRHOLPRQH
6H OD TXDQWLWj GHOOH FLHFKH IRVVH GL JUDPPL D OD TXDOH EDVWD SHU TXDWWUR SHUVRQH SRWUHWH
OHJDUOHFRQ
8RYDQ
3DUPLJLDQRGXHFXFFKLDLDWH
3DQJUDWWDWRXQDFXFFKLDLDWD
0H]]ROLPRQHHXQSR G DFTXD
6H OH VHUYLWH QHO YDVR RYH VRQR VWDWH FRWWH SRQHWHOH SHU XOWLPR IUD GXH IXRFKL RQGH IDFFLDQR DOOD
VXSHUILFLHOD FURVWLFLQDLQELDQFR
,OFKLDULVVLPRSURI5HQDWR)XFLQL O DPHQR1HUL7DQIXFLR LOTXDOHDTXDQWRSDUHqXQJUDQGHDPDWRUH
GL FLHFKH DOOD VDOYLD VL FRPSLDFH IDUPL VDSHUH FKH VDUHEEH XQD SURIDQD]LRQH XQ VDFULOHJLR VH TXHVWH EHQFKp VHPEULQR WHQHUL SHVFLROLQL VL WHQHVVHUR D FXRFHUH SHU XQ WHPSR PLQRUH GL XQD YHQWLQD GL PLQXWL
DOPHQR
&,(&+()5,77(,
&XRFHWHOH LQ XPLGR FRQ ROLR DJOLR LQWHUR H VDOYLD FRPH TXHOOH GHVFULWWH DO QXPHUR SUHFHGHQWH SRL
OHYDWRO DJOLRWULWDWHOHPLQXWH)UXOODWHGHOOHXRYDLQSURSRU]LRQHVDODWHOHDJJLXQJHWHSDUPLJLDQRXQSRFRGL
SDQJUDWWDWR H PHVFRODWHFL GHQWUR OH FLHFKH SHU IULJJHUOH D FXFFKLDLDWH H IDUQH IULWWHOOH FKH VHUYLUHWH FRQ
OLPRQHDVSLFFKLHSRFKLPDQJLDQGROHVLDFFRUJHUDQQRFKHVLD XQSLDWWRGLSHVFH
&,(&+()5,77(,,
+RYLVWRD9LDUHJJLRFKHOHFLHFKHVLSRVVRQRIULJJHUHFRPHO DOWURSHVFHLQIDULQDWHVROWDQWRFRQIDULQD
GLJUDQRRGLJUDQWXUFRHJHWWDWHLQSDGHOOD,QTXHVWDPDQLHUDOHDYUHWHSLVHPSOLFLPDDVVDLPHQREXRQH
GLTXHOOHGHVFULWWHDOQXPHURDQWHFHGHQWH
7,1&+(,1=,0,12
/DWLQFDGLVVHDOOXFFLR 9DLSLODPLDWHVWDFKHLOWXREXFFLR %XFFLRSHUEXVWROLFHQ]DSRHWLFDSHU
IDUODULPD3RLF qLOSURYHUELR³7LQFDGLPDJJLRHOXFFLRGLVHWWHPEUH´
)DWH XQ EDWWXWLQR FRQ WXWWL JOL RGRUL H FLRq FLSROOD DJOLR SUH]]HPROR VHGDQR H FDURWD PHWWHWHOR DO
IXRFRFRQ ROLR H TXDQGR DYUj SUHVR FRORUHYHUVDWHOHWHVWHGHOOHWLQFKHDSH]]HWWLQL HFRQGLWHOHFRQVDOHH
SHSH )DWHOH FXRFHU EHQH EDJQDQGROH FRQ VXJR GL SRPRGRUR R FRQVHUYDVFLROWD QHOO DFTXD SRL SDVVDWH LO
VXJRHPHWWHWHORGDSDUWH1HWWDWHOHWLQFKHWDJOLDWHORUROHSLQQHHODFRGDHFRVuLQWHUHSRQHWHOHDOIXRFR
FRQROLRTXDQGRFRPLQFLDDVRIIULJJHUH&RQGLWHOHFRQVDOHHSHSHHWLUDWHOHDFRWWXUDFROGHWWRVXJRYHUVDWR
DSRFRSHU YROWD3RWUHWHPDQJLDUOHFRVuFKHVRQRHFFHOOHQWLPDSHUGDUHDO]LPLQRLOVXRYHURFDUDWWHUHFL
YXROHXQFRQWRUQRG HUEDJJLELHWRODRVSLQDFLDFXLGRSROHVVDWLIDUHWHSUHQGHUVDSRUHQHOO LQWLQWRGLTXHVWR
XPLGR,SLVHOOLSXUHYLVWDQQREHQH$QFKHLOEDFFDOjLQ]LPLQRYDFXFLQDWRFRVu
/8&&,2,180,'2
,O OXFFLR q XQ SHVFH FRPXQH QHOOH QRVWUH DFTXH GROFL FKH VL ID QRWDUH SHU FHUWH VXH SDUWLFRODULWj Ê
PROWRYRUDFHHVLFFRPHVLQXWUHHVFOXVLYDPHQWHGLSHVFHODVXDFDUQHULHVFHDVVDLGHOLFDWDDOJXVWRSHUz
HVVHQGR IRUQLWR GL PROWH OLVFKH ELVRJQD VFHJOLHUH VHPSUH LQGLYLGXL GHO SHVR GL D JUDPPL VRQR
DQFKH GD SUHIHULUVL TXHOOL FKH YLYRQR LQ DFTXH FRUUHQWL L TXDOL VL GLVWLQJXRQR SHU OD VFKLHQD YHUGDVWUD H LO
YHQWUHELDQFRDUJHQWDWRPHQWUHTXHOOLGHOOHDFTXHVWDJQDQWLVLFRQRVFRQRGDOO¶RVFXULWjGHOODSHOOH6LWURYDQR
GHLOXFFLGHOSHVRILQRDHDQFKHFKLORJUDPPLHGLXQ HWjDVVDLHOHYDWDFUHGHVLSHUILQRGLROWUH
DQQL /H XRYD GHOOD IHPPLQD H JOL VSHUPDWRIRUL ODWWLJLQRVL GHO PDVFKLR QRQ YDQQR PDQJLDWL SHUFKp KDQQR
XQ D]LRQHPROWRSXUJDWLYD
$PPHVVR FKH DEELDWH GD FXFLQDUH XQ OXFFLR GHOO LQGLFDWR SHVR DOO LQFLUFD UDVFKLDWHJOL OH VFDJOLH
YXRWDWHOR WDJOLDWH YLD OD WHVWD H OD FRGD H GLYLGHWHOR LQ TXDWWUR R FLQTXH SH]]L FKH SRWUDQQR EDVWDUH DG
DOWUHWWDQWHSHUVRQH2JQLSH]]RVWHFFDWHORSHULOOXQJRFRQGXHODUGHOOLGLODUGRQHFRQGLWLFRQVDOHHSHSHH
SRLIDWHXQEDWWXWRSURSRU]LRQDWRFRQFLSROODTXDQWRXQDJURVVDQRFHXQSLFFRORVSLFFKLRG DJOLRXQDFRVWROD
GLVHGDQRXQSH]]HWWRGLFDURWDHXQSL]]LFRGLSUH]]HPRORLOWXWWRWULWDWRILQHSHUFKpQRQRFFRUUHSDVVDUOR
0HWWHWHORDOIXRFRFRQROLRHTXDQGRDYUjSUHVRFRORUHIHUPDWHORFRQVXJRGLSRPRGRURRFRQVHUYDVFLROWD
QHOO DFTXD VDOH H SHSH SHU FRQGLPHQWR 3RL FRQGHQVDWH DOTXDQWR TXHVWR LQWLQWR FRQ XQ SH]]HWWR GL EXUUR
LQWULVR QHOOD IDULQD PHVFRODWH EHQH H FROORFDWHFL LO SHVFH IDFHQGROREROOLUHDGDJLRHULYROWDQGRORSHUXOWLPR
YHUVDWHFLXQDFXFFKLDLDWDGLPDUVDODRPDQFDQGRTXHVWDXQJRFFLRORGLYLQRHODVFLDWHOREROOLUHDQFRUDXQ
SRFRSULPDGLPDQGDUORLQWDYRODLQPH]]RDOODVXDVDOVD
3$/20%2)5,772
7DJOLDWH LO SDORPER LQ URWHOOH QRQ WDQWR JURVVH H ODVFLDWHOH LQ LQIXVLRQH QHOO XRYR DOTXDQWR VDODWR SHU
TXDOFKHRUD0H]] RUDDYDQWLGLIULJJHUOHLQYROWDWHOHLQXQPLVFXJOLRIRUPDWRGLSDQJUDWWDWRSDUPLJLDQRDJOLR
HSUH]]HPRORWULWDWLVDOHHSHSH8QSLFFRORVSLFFKLRG DJOLREDVWHUjSHUJUDPPLGLSHVFH&RQWRUQDWHOR
FRQVSLFFKLGLOLPRQH
3$/20%2,180,'2
7DJOLDWHOR D SH]]L SLXWWRVWR JURVVL H SRL IDWH XQ EDWWXWR FRQ DJOLR SUH]]HPROR H SRFKLVVLPD FLSROOD
0HWWHWHORDOIXRFRFRQROLRHTXDQGRDYUjVRIIULWWRDVXIILFLHQ]DFROORFDWHFLLOSDORPERHFRQGLWHORFRQVDOHH
SHSH5RVRODWRFKHVLDYHUVDWHFLXQSR GL YLQRURVVRRELDQFRDVFLXWWRHVXJRGLSRPRGRURRFRQVHUYDSHU
WLUDUORDFRWWXUD
$55267,
*OLDUURVWLDOORVSLHGHHFFH]LRQIDWWDGHJOLXFFHOOLHGHLSLFFLRQLQH TXDOLVWDEHQHODVDOYLDLQWHUDQRQVLXVD
SL GL ODUGHOODUOL Qp GL SLOORWWDUOL Qp GL VWHFFDUOL FRQ DJOLR UDPHULQR RG DOWUL RGRUL FRQVLPLOL FKH IDFLOPHQWH
VWXFFDQRRWRUQDQRDJROD'RYHO ROLRqEXRQRXQJHWHOLFRQTXHVWROLTXLGRDOWULPHQWLXVDWHODUGRREXUURRYH
SHUTXDOFKHUDJLRQHORFDOHVLVXROGDUODSUHIHUHQ]DDOO XQRSLFKHDOO DOWURGLTXHVWLFRQGLPHQWL
/ DUURVWRLQJHQHUDOHVLSUHIHULVFHVDSRULWRHSHUzODUJKHJJLDWHDOTXDQWRFROVDOHSHUOHFDUQLGLYLWHOOD
GL ODWWH DJQHOOR FDSUHWWR SROODPH H PDLDOH WHQHWHYL SL VFDUVL FROOH FDUQL JURVVH H FROO XFFHOODPH SHUFKp
TXHVWHVRQRFDUQLSHUVpVWHVVHDVVDLVDSRULWHPDVDODWHVHPSUHDPH]]DRDQFKHDGXHWHU]LGLFRWWXUD
&RPPHWWRQR JUDYH HUURUH FRORUR FKH VDODQR XQ DUURVWR TXDOXQTXH SULPD GL LQILODUOR QHOOR VSLHGH SHUFKp LO
IXRFRDOORUDORSURVFLXJDDQ]LORULVHFFKLVFH
,OPDLDOHHOHFDUQLGLEHVWLHODWWDQWLFRPHYLWHOODGLODWWHDJQHOORFDSUHWWRHVLPLOLGHEERQRHVVHUEHQ
FRWWHSHUSURVFLXJDUHODVRYHUFKLDORURXPLGLWj,OPDQ]RHLOFDVWUDWRFXRFHWHOLDVVDLPHQRSHUFKpHVVHQGR
TXHVWHFDUQLPROWRDVFLXWWHGHYRQRUHVWDUHVXJRVH*OLXFFHOOLFXRFHWHOLDILDPPDPDEDGDWHGLQRQDUULYDUOL
WURSSRFKpTXHOOHFDUQLSHUGHUHEEHURDOORUDJUDQSDUWHGHOORURDURPDSHUzDYYHUWLWHFKHQRQVDQJXLQLQRLO
FKH SRWUHWH FRQRVFHUH SXQJHQGROL VRWWR O DOD $QFKH GHL SROOL VL SXz FRQRVFHUH OD JLXVWD FRWWXUD TXDQGR
SXQJHQGROLQHOODVWHVVDPDQLHUDQRQHVFHSLVXJR
/HFDUQLGLSROORULVXOWHUDQQRSLWHQHUHHGLPLJOLRUFRORUHVHOHDUURVWLUHWHLQYROWDWHGHQWURDGXQIRJOLR
ODFXLSDUWHDGHUHQWHDOODFDUQHVLDSULPDVWDWDXQWDGLEXUURSHUHYLWDUHFKHODFDUWDEUXFLXQJHWHODVSHVVR
DOO HVWHUQR$PH]]DFRWWXUDOHYDWHLOIRJOLRHWHUPLQDWHGLFXRFHUHLOSROORLOWDFFKLQRRDOWURFKHVLDVDODQGROL
HGXQJHQGROL
,Q TXHVWR FDVR VDUj EHQH GL PHWWHUH XQ SR GL VDOH QHO ORUR LQWHUQR SULPD G LQILODUOL DOOR VSLHGH H GL
VWHFFDU FRQ ODUGRQH LO SHWWR GH WDFFKLQL H GHOOH JDOOLQH GL )DUDRQH 4XL q EHQH DYYHUWLUH FKH LO SLFFLRQH
JLRYDQHHLOFDSSRQHLQJUDVVDWRVLDDUURVWRFKHOHVVRVRQRPLJOLRULGLDFFLFKHFDOGLHVWXFFDQRPHQR
/H FDUQL DUURVWLWH FRQVHUYDQR PHJOLR FKH SUHSDUDWH LQ TXDOXQTXH DOWUD PDQLHUD OH ORUR SURSULHWj
DOLPHQWDULHVLGLJHULVFRQRSLIDFLOPHQWH
52$67%((),
4XHVWD YRFH LQJOHVH q SHQHWUDWD LQ ,WDOLDFROQRPH YROJDUH GL URVELIIHFKH YXRL GLUH EXH DUURVWR8Q
EXRQ URVEtIIH q XQ SLDWWR GL JUDQ FRPSHQVR LQ XQ SUDQ]R RYH SUHGRPLQL LO JHQHUH PDVFKLOH LO TXDOH QRQ VL
DSSDJDGLEULFFLFKHFRPHOHGRQQHPDYXRLILFFDUHLOGHQWHLQTXDOFKHFRVDGLVRGRHGLVRVWDQ]LRVR
,OSH]]RFKHPHJOLRVLSUHVWDqODORPEDWDLQGLFDWDSHUODELVWHFFDDOODILRUHQWLQDQ2QGHULHVFD
WHQHUR GHYH HVVHUH GL EHVWLD JLRYDQH H GHYH VXSHUDUH LO SHVR GL XQ FKLORJUDPPR SHUFKp LO IXRFR QRQ OR
SURVFLXJKLGHULYDQGRODEHOOH]]DHERQWjVXDGDOSXQWRJLXVWRGHOODFRWWXUDLQGLFDWRGDOFRORUURVHRDOO LQWHUQR
HGDOODTXDQWLWjGHOVXJRFKHHPHWWHDIIHWWDQGROR3HURWWHQHUORLQFRGHVWRPRGRFXRFHWHORDIXRFRDUGHQWHH
EHQHDFFHVRILQGDSULQFLSLRRQGHVLDSUHVRVXELWRDOODVXSHUILFLHXQJHWHORFRQO ROLRFKHSRLVFROHUHWHGDOOD
OHFFDUGD H SHU XOWLPR SDVVDWHJOL VRSUD XQ UDPDLXROR GL EURGR LO TXDOH XQLWR DOO XQWR FDGXWR GDO URVELIIH
VHUYLUj GL VXJR DO SH]]R TXDQGR OR PDQGDWH LQ WDYROD 6DODWHOR D PH]]D FRWWXUD WHQHQGRYL XQ SR VFDUVL
SHUFKpTXHVWDTXDOLWjGLFDUQHFRPHJLjGLVVLqSHUVpVDSRULWDHDEELDWHVHPSUHSUHVHQWHFKHLOEHQHILFR
VDOHqLOSLILHURQHPLFRGLXQDEXRQDFXFLQD
0HWWHWHORDOIXRFRPH]] RUDSULPDGLPDQGDUHODPLQHVWUDLQWDYRODLOFKHqVXIILFLHQWHVHLOSH]]RQRQ
qPROWRJURVVRHSHUFRQRVFHUQHODFRWWXUDSXQJHWHORQHOODSDWWHSLJURVVDFRQXQVRWWLOHODUGDWRLRPDQRQ
EXFDWHORVSHVVRSHUFKpQRQGLVVXJKL,OVXJRFKHQ HVFHQRQGHY HVVHUHQpGLFRORUGHOVDQJXHQpFXSR/H
SDWDWH SHU FRQWRUQR URVRODWHOH D SDUWH QHOO ROLR GD FUXGH H VEXFFLDWH LQWHUH VH VRQR SLFFROH H D TXDUWL VH
VRQRJURVVH
,O URVELIIH VL SXz DQFKH PDQGDUH DO IRUQR PD QRQ YLHQH EXRQR FRPH DOOR VSLHGH ,Q TXHVWR FDVR
FRQGLWHORFRQVDOHROLRHXQSH]]RGLEXUURFRQWRUQDWHOR GL SDWDWHFUXGHVEXFFLDWHH YHUVDWHQHOWHJDPHXQ
ELFFKLHUHG DFTXD
6H LO URVELIIH DYDQ]DWR QRQ YL SLDFH IUHGGR WDJOLDWHOR D IHWWH ULIDWHOR FRQ EXUUR H VXJR GL FDUQH R GL
SRPRGRUR
52$67%((),,
4XHVWD VHFRQGD PDQLHUD GL FXRFHUH LO URVELIIH PL VHPEUD FKH VLD GD SUHIHULUVL DOOD SULPD SHUFKp
ULPDQH SL VXJRVR H SL SURIXPDWR 'RSR DYHUOR LQILODWR QHOOR VSLHGH LQYROWDWHOR LQ XQ IRJOLR ELDQFR QRQ
WURSSR VRWWLOH H EHQH LPEXUUDWR FRQ EXUUR GLDFFtR OHJDWHOR DOOH GXH HVWUHPLWj RQGH UHVWL EHQ FKLXVR H
PHWWHWHOR DO IXRFR GL FDUERQH PROWR DFFHVR *LUDWHOR H TXDQGR VDUj TXDVL FRWWR VWUDSSDWH YLD OD FDUWD
VDODWHORHIDWHJOLSUHQGHUHLOFRORUH7ROWRGDOIXRFRFKLXGHWHORWUDGXHSLDWWLHGRSRGLHFLPLQXWL VHUYLWHOR
6),/(77$727$578)$72
,PDFHOODUL GL)LUHQ]HFKLDPDQRVILOHWWDWRODORPEDWDGLPDQ]RRGLYLWHOODDFXLVLDVWDWROHYDWRLOILOHWWR
3UHQGHWHGXQTXHXQSH]]RJURVVRGLVILOHWWDWRHVWHFFDWHORWXWWRFRQSH]]HWWLGLWDUWXILPHJOLRELDQFKL
FKH QHUL WDJOLDWL D SXQWD H OXQJKL WUH FHQWLPHWUL FLUFDXQHQGRDGRJQXQRGLTXHVWLXQSH]]HWWRGLEXUURSHU
ULHPSLUH LO EXFR FKH DYUHWH DSHUWR FRQ OD SXQWD GHO FROWHOOR SHU LQVHULUOL )DWH GHOOH LQFLVLRQL D WUDYHUVR OD
FRWHQQD RQGH QRQ VL ULWLUL OHJDWHOR HG LQILODWHOR QHOOR VSLHGH SHU FXRFHUOR $ GXH WHU]L GL FRWWXUD GDWHJOL
XQ XQWDWLQDFRQROLRHVDODWHORVFDUVDPHQWHSHUFKpTXHVWHFDUQLGLEHVWLHJURVVHVRQRDVVDLVDSRULWHHQRQ
KDQQRELVRJQRGLPROWRFRQGLPHQWR
$552672',9,7(//$',/$77(
/D YLWHOOD GL ODWWH VL PDFHOOD LQ WXWWL L PHVL GHOO DQQR PD QHOOD SULPDYHUD H QHOO HVWDWH OD WURYHUHWH SL
JUDVVDSLQXWULWDHGLPLJOLRUVDSRUH,SH]]LFKHSLVLSUHVWDQRSHUO DUURVWRDOORVSLHGHVRQRODORPEDWDHLO
FXODFFLRHQRQKDQQRELVRJQRFKHG ROLRHVDOHSHUFRQGLPHQWR
*OLVWHVVLSH]]LVLSRVVRQRFXRFHUHLQWHJDPHOHJJHUPHQWHVWHFFDWLG DJOLRHUDPHULQRFRQROLREXUUR
HXQEDWWXWLQRGLFDUQHVHFFDVDOHSHSHHVXJRGLSRPRGRURSHUFXRFHUHQHOO LQWLQWRSLVHOOLIUHVFKL(TXHVWR
XQSLDWWR FKHSLDFHDPROWL
3(772',9,7(//$',/$77(,1)2512
6H LR VDSHVVL FKL LQYHQWz LO IRUQR YRUUHL HULJHUJOL XQ PRQXPHQWR D PLH VSHVH LQ TXHVWR VHFROR GL
PRQXPHQWRPDQLDFUHGRFKHHLORPHULWHUHEEHSLGLTXDOFXQDOWUR
7UDWWDQGRVL GL XQ SLDWWR GL IDPLJOLD ODVFLDWH LO SH]]R FRPH VWD FRQ WXWWH OH VXH RVVD H VH QRQ
HFFHGHVVHLOSHVRGLDJUDPPLSRWHWHFXRFHUORDOIRUQRGDFDPSDJQD,QTXHVWRFDVRVWHFFDWHORFRQ
JUDPPLRGLSURVFLXWWRSLPDJURFKHJUDVVRWDJOLDWRILQHOHJDWHORRQGHVWLD UDFFROWRVSDOPDWHORWXWWR
FRSLRVDPHQWHGLODUGR VWUXWWR HVDODWHOR&ROORFDWHORLQXQDWHJOLDHXQDGLHFLQDGLPLQXWLSULPDGLOHYDUORGDO
IXRFRXQLWHFLGHOOHSDWDWHFKHLQTXHOO XQWRYHQJRQRPROWREXRQH
,QYHFHGHOORVWUXWWRSRWHWHVHUYLUYLGLEXUUR HROLRHLQYHFHGHOSURVFLXWWRVDODUORJHQHURVDPHQWH
$55267202572
3RWHWHIDUHQHOODPDQLHUDFKHVWRSHUGLUHRJQLVRUWDGLFDUQHPDTXHOODFKHSLVLSUHVWDDSDUHUPLR
q OD YLWHOOD GL ODWWH 3UHQGHWHQH XQ EHO SH]]R QHOOD ORPEDWD FKH DEELDXQLWDDQFKHODSLHWUD$UURFFKLDWHORH
OHJDWHORFRQXQRVSDJRSHUFKpVWLDSLUDFFROWRHPHWWHWHORDOIXRFRLQXQDFD]]DUXRODFRQROLRILQHHEXUUR
DPEHGXHLQSRFDTXDQWLWj5RVRODWHORGDWXWWHOHSDUWLVDODWHORDPH]]DFRWWXUDHILQLWHGLFXRFHUORFROEURGR
LQJXLVDFKHYLUHVWLSRFRRSXQWRVXJR
6HQWLUHWHXQDUURVWRFKHVHQRQKDLOSURIXPRHLOVDSRUHGLTXHOORIDWWRDOORVSLHGHDYUjLQFRPSHQVRLO
WHQHURHODGHOLFDWH]]D6HQRQDYHWHLOEURGRVHUYLWHYLGHOVXJRGLSRPRGRURRFRQVHUYDVFLROWDQHOO DFTXD
6HYLSLDFHSLVDSRULWRDJJLXQJHWHFDUQHVHFFDWULWDWDILQH
$55267202572&2//¶2'25('(//¶$*/,2('(/5$0(5,12
6H SLDFHQGRYL TXHVWL RGRUL QRQ DPDWH FKH WRUQLQR D JROD QRQ IDWH FRPH FRORUR FKH VWHFFDQR XQ
SROOR XQ SH]]R GL ILOHWWR R DOWUD FDUQH TXDOXQTXH FRQ SH]]L G DJOLR H UDPHULQRPDUHJRODQGRYLTXDQWRDOOD
FXFLQDWXUDFRPHQHOFDVRSUHFHGHQWHJHWWDWHQHOODFD]]DUXRODXQRVSLFFKLRGLDJOLRLQWHURHGXHFLRFFKHGL
UDPHULQR4XDQGRPDQGDWHO DUURVWRLQWDYRODSDVVDWHLOVXRVXJRULVWUHWWRVHQ]DVSUHPHUORHFRQWRUQDWHVH
FUHGHWHLOSH]]RGHOODFDUQHFRQSDWDWHRGHUEDJJLULIDWWLDSDUWH,QTXHVWRFDVRSLDFHQGRYLSRWHWHDQFKH
DJJUD]LDUHODFDUQHFRQSRFKLVVLPRVXJRGLSRPRGRURRFRQVHUYD
,OFRVFLRWWRG DJQHOORYLHQHDVVDLEHQHLQTXHVWDPDQLHUDFRWWRWUDGXHIXRFKL
8&&(//,$552672
*OL XFFHOOL GHYRQR HVVHUH IUHVFKL H JUDVVL PD VRSUDWWXWWR IUHVFKL ,Q TXH SDHVL GRYH VL YHQGRQR JLj
SHODWL ELVRJQD HVVHUH WRQGL EHQH SHU IDUVL PHWWHUH LQ PH]]R 6H OL YHGHWH YHUGL R FRO EUDFKLHUH FLRq FRO
EX]]R QHUR JLUDWH ODUJR PD VH TXDOFKH YROWD ULPDQHVWH LQJDQQDWL FXFLQDWHOL FRPH LO SLFFLRQH LQ XPLGR Q
SHUFKpVHOLPHWWHWHDOORVSLHGHROWUHFKpDSULUVLWXWWLGXUDQWHODFRWWXUDWUDPDQGDQRPROWRSLFKHIDWWL
LQ XPLGR TXHO IHWRUH GHOOD SXWUHID]LRQH RVVLD GHOOD FDUQH IDLVDQGpH FRPH OD FKLDPDQR L )UDQFHVL SX]]R
LQWROOHUDELOH DOOH SHUVRQH GL EXRQ JXVWR PD FKH SXUWURSSR QRQ GLVSLDFH LQ TXDOFKH SURYLQFLD G ,WDOLD RYH LO
JXVWRSHUOXQJDFRQVXHWXGLQHVLqGHSUDYDWRIRUV DQFKHDVFDSLWRGHOODVDOXWH
8Q HFFH]LRQH SRWUHEEH IDUVL SHU OH FDUQL GHO IDJLDQR H GHOOD EHFFDFFLD OH TXDOL TXDQGR VRQR IUROOH
SDUH DFTXLVWLQR ROWUH DOOD WHQHUH]]D XQ SURIXPR SDUWLFRODUHVSHFLDOPHQWH SRL VH LO IDJLDQRODVFLDVL IUROODUH
VHQ]D SHODUOR 0D EDGLDPR GL QRQ IDUORUR ROWUHSDVVDUH LO SULPR LQGL]LR GHOOD SXWUHID]LRQH SHUFKp DOWULPHQWL
SRWUHEEHDFFDGHUYLFRPHDFFDGGHDPHTXDQGRDYHQGRPLXQVLJQRUHLQYLWDWRDSUDQ]RLQXQDWUDWWRULDPROWR
ULQRPDWDRUGLQzIUDOHDOWUHFRVHSHUIDUPLRQRUHXQDEHFFDFFLDFRLFURVWLQLHEEHQHTXHVWDWUDPDQGDYDGDO
EHO PH]]R GHOOD WDYROD XQ WDOH IHWRUH FKH VHQWHQGRPL ULYROWDU OR VWRPDFR QRQ IXL FDSDFH QHSSXUH GL
DSSUHVVDUPHODDOOD ERFFDODVFLDQGROXLPRUWLILFDWRHGLRFROGRORUHGLQRQDYHUSRWXWRDJJUDGLUHODFRUWHVLD
GHOO DPLFR
*OL XFFHOOL GXQTXH VLDQR WRUGL DOORGROH R DOWUL SL PLQXWL QRQ YXRWDWHOL PDL H SULPD G LQILODUOL
DFFRQFLDWHOL LQ TXHVWD JXLVD URYHVFLDWH ORUR OH DOL VXO GRUVR RQGH RJQXQD GL HVVH WHQJD IHUPH XQD R GXH
IRJOLH GL VDOYLD OH ]DPSH WDJOLDWHOH DOO HVWUHPLWj HG LQFURFLDWHOH IDFHQGRQH SDVVDUH XQD VRSUD LO JLQRFFKLR
GHOO DOWUD IRUDQGR LO WHQGLQH H LQ TXHVWD LQFURFLDWXUD SRQHWH XQD FLRFFKHWWLQD GL VDOYLD 3RL LQILODWHOL
FROORFDQGR L SL JURVVL QHO PH]]R WUDPH]]DQGROL FRQ XQ FURVWLQR RVVLD XQD IHWWLQD GL SDQH GL XQ JLRUQR
JURVVDXQFHQWLPHWURHPH]]RRSSXUHVHWURYDVLXQEDVWRQFLQRWDJOLDWRDVELHFR
&RQIHWWLQHGLODUGRQHVDODWHDYDQWLHVRWWLOLTXDQWRODFDUWDIDVFLDWHLOSHWWRGHOO XFFHOORLQPRGRFKHVL
SRVVDLQILODUHQHOORVSLHGHLQVLHPHFROSDQH
&XRFHWHOLDILDPPDHVHLOORUREHFFRQRQO DYHWHFRQILWWRQHOORVWHUQRWHQHWHOLSULPDIHUPLDOTXDQWRFRO
FDSRSHQ]RORQLRQGHIDFFLDQRFRPHVXROGLUVLLOFROORXQJHWHOLXQDYROWDVRODFROO ROLRTXDQGRFRPLQFLDQRD
URVRODUH VHUYHQGRYL GL XQ SHQQHOOR R GL XQD SHQQD SHU QRQ WRFFDUH L FURVWLQLL TXDOL VRQR JLj D VXIILFLHQ]D
FRQGLWL GDL GXH ODUGHOOL H VDODWHOL XQD YROWD VROD 0HWWHWHOL DO IXRFR EHQ WDUGL SHUFKp GRYHQGR FXRFHUH DOOD
VYHOWD F q LO FDVR FKH DUULYLQR SUHVWR H ULVHFFKLVFDQR 4XDQGR OL PDQGDWH LQ WDYROD VILODWHOL SDUL SDUL RQGH
UHVWLQRXQLWLVXOYDVVRLRHFRPSRVWLLQILODFKHFRVuIDUDQQRSLEHOODPRVWUD
4XDQWR DOO DUURVWR G DQDWUD R GL JHUPDQR FKH VD GL VHOYDWLFR DOFXQL JOL VSUHPRQR VRSUD XQ OLPRQH
TXDQGRFRPLQFLDDFRORULUHHO XQJRQRFRQTXHOO DJURHFROO ROLRLQVLHPHUDFFROWRQHOODJKLRWWD
$552672'¶$*1(//2$//¶$5(7,1$
/ DJQHOORFRPLQFLDDGHVVHUEXRQRLQGLFHPEUHHSHU3DVTXDRqFRPLQFLDWDRVWDSHUFRPLQFLDUHOD
VXDGHFDGHQ]D
3UHQGHWH XQ FRVFLRWWR R XQ TXDUWR G DJQHOOR FRQGLWHOR FRQ VDOH SHSH ROLR H XQ JRFFLROR G DFHWR
%XFDWHOR TXD H Oj FROOD SXQWD GL XQ FROWHOOR H ODVFLDWHOR LQ TXHVWR JXD]]R SHU GLYHUVH RUH ,QILODWHOR QHOOR
VSLHGHHFRQXQUDPRVFHOORGLUDPHULQRXQJHWHORVSHVVRILQRDFRWWXUD FRQTXHVWROLTXLGRLOTXDOHVHUYHD
OHYDUHDOO DJQHOORLOVLWRGLVWDOODVHWHPHWHFKHO DEELDHDGDUJOLXQJXVWRQRQGLVJUDGHYROH
3LDFHQGRYL SL SURQXQ]LDWR O RGRUH GHO UDPHULQR SRWHWH VWHFFDUH LO SH]]R FRQ DOFXQH FLRFFKH GHO
PHGHVLPROHYDQGROHSULPDGLPDQGDUORLQWDYROD
&26&,2772',&$675$72$552672
/DVWDJLRQHGHOFDVWUDWRqGDOO RWWREUHDOPDJJLR'LFHVLFKHVLGHYHSUHIHULUHTXHOORGLJDPEDFRUWDH
GLFDUQHFRORUURVVREUXQR,OFRVFLRWWRDUURVWLWRRIIUHXQQXWULPHQWRVDQRHQXWULHQWHRSSRUWXQRVSHFLDOPHQWH
DFKLKDWHQGHQ]DDOODSLQJXHGLQH
3ULPD GL FXRFHUOR ODVFLDWHOR IUROODUH GLYHUVL JLRUQL SL R PHQR D VHFRQGD GHOOD WHPSHUDWXUD 3ULPD
G LQILODUOR DOOR VSLHGH EDWWHWHOR EHQ EHQH FRQ XQ PD]]XROR GL OHJQR SRL VSHOODWHOR H OHYDWHJOL VHQ]DWURSSR
VWUD]LDUORO RVVRGLPH]]R'RSRSHUFKpUHVWLWXWWRUDFFROWROHJDWHORHGDWHJOLIXRFRDUGHQWHGDSULQFLSLRHD
PH]]D FRWWXUD GLPLQXLWH LO FDORUH 4XDQGR FRPLQFLD D JHWWDUH LO VXJR FKH UDFFRJOLHUHWH QHOOD OHFFDUGD
EDJQDWHOR FRO PHGHVLPR H FRQ EURGR GLJUDVVDWR QLHQW DOWUR 6DODWHOR D FRWWXUD TXDVL FRPSOHWD PD EDGDWH
FKHQRQULHVFDWURSSRFRWWRQpFKHVDQJXLQLHVHUYLWHORLQWDYRODFROVXRVXJRLQXQDVDOVLHUDHSHUFKpIDFFLD
PLJOLRUILJXUDLQYROJHWHO HVWUHPLWjGHOO RVVRGHOODJDPEDLQFDUWDELDQFDIUDVWDJOLDWD
$552672',/(35(,
/HSDUWLGHOODOHSUH /HSXVWLPLGXV DGDWWHSHUIDUHDOORVSLHGHVRQRLTXDUWLGLGLHWURPDOHPHPEUDGL
TXHVWD VHOYDJJLQD VRQR FRSHUWH GL SHOOLFROH FKH ELVRJQD DFFXUDWDPHQWH OHYDUH SULPD GL FXFLQDUOH VHQ]D
WURSSRLQWDFFDUHLPXVFROL
$YDQWL GL DUURVWLUOD WHQHWHOD LQ LQIXVLRQH SHU GRGLFL R TXDWWRUGLFL RUH LQ XQ OLTXLGR FRVu SUHSDUDWR
PHWWHWH DO IXRFR LQ XQD FD]]DUXROD WUH ELFFKLHUL G DFTXD FRQ PH]]R ELFFKLHU G DFHWR R DQFKH PHQR LQ
SURSRU]LRQHGHOSH]]RWUHRTXDWWURVFDORJQLWURQFDWLXQDRGXHIRJOLHG DOORURXQPD]]HWWLQRGLSUH]]HPROR
XQSRFKLQRGLVDOHHXQDSUHVDGLSHSHIDWHOREROOLUHSHUFLQTXHRVHLPLQXWLHYHUVDWHORGLDFFLRVXOODOHSUH
7ROWDGDOO LQIXVLRQHDVFLXJDWHODHVWHFFDWHODWXWWDFROODUGDWRLRFRQIHWWLQHGLODUGRQHGLTXDOLWjILQH&XRFHWHOD
DIXRFROHQWRVDODWHODDVXIILFLHQ]DHGXQJHWHODFRQSDQQDGLODWWHHQLHQW DOWUR
'LFRQRFKHLOIHJDWRGHOODOHSUHQRQVLGHYHPDQJLDUHSHUFKpQRFLYRDOODVDOXWH
$552672',/(35(,,
6H OD OHSUH VDUj EHQ IUROOD SRWHWH DUURVWLUH L TXDUWL GL GLHWUR VHQ]D IDUOL SUHFHGHUH GDOO LQIXVLRQH QHOOD
VHJXHQWH PDQLHUD /HYDWH OH SHOOLFROH SL JURVVH GDL PXVFROL HVWHUQL H VWHFFDWH WXWWR LO SH]]R GL ODUGHOOL GL
ODUGRQH FKH DYUHWH VDODWL DYDQWL ,QILODWR DOOR VSLHGH DYYROJHWHOR LQ XQD FDUWD LPEXUUDWD H FRVSDUVD GL VDOH
4XDQGR VDUj FRWWR WRJOLHWH OD FDUWD H FRQ XQ UDPRVFHOOR GL UDPHULQR LQWLQWR QHO EXUUR XQJHWHOR H IDWHOR
FRORULUHVDODQGRORDQFRUDXQSRFR
&21,*/,2$552672
$QFKH SHU XQ DUURVWR GL FRQLJOLR DOOR VSLHGH QRQ VL SUHVWDQR FKH L TXDUWL GL GLHWUR 6WHFFDWHOR GL
ODUGRQHXQJHWHORFRQROLRRPHJOLRFROEXUURHVDODWHORDFRWWXUDTXDVLFRPSOHWD
$55267202572/$5'(//$72
3UHQGHWH PHWWLDPR XQ SH]]R FRUWR H JURVVR GL PDJUR GL YLWHOOD R GL PDQ]R QHOOD FRVFLD R QHO
FXODFFLREHQIUROORHGHOSHVRGLXQFKLORJUDPPRDOO LQFLUFDVWHFFDWHORFRQJUDPPLGLSURVFLXWWRJUDVVRH
PDJURWDJOLDWRDIHWWLQH/HJDWHORFROORVSDJRSHUWHQHUORUDFFROWRHPHWWHWHORLQXQDFD]]DUXRODFRQJUDPPL
GLEXUURXQTXDUWRGLXQDFLSROODGLYLVR LQGXHSH]]LWUHRTXDWWURFRVWROHGLVHGDQROXQJKHPHQRGLXQ
GLWRHGDOWUHWWDQWHVWULVFHGLFDURWD&RQGLWHFRQVDOHHSHSHHTXDQGRODFDUQHDYUjSUHVRFRORUHYROWDQGROD
VSHVVR DQQDIILDWHOD FRQ GXH SLFFROL UDPDLXROL G DFTXD H WLUDWHOD D FRWWXUD FRQ IXRFR OHQWR ODVFLDQGROH
SURVFLXJDUHPROWDSDUWHGHOO XPLGRPDEDGDWHQRQYLVLULVHFFKLHGLYHQWLQHUD4XDQGRODPDQGDWHLQWDYROD
SDVVDWHLOSRFRVXFFRULPDVWRHYHUVDWHORVXOODFDUQHFKHSRWUHWHFRQWRUQDUGLSDWDWHDVSLFFKLURVRODWLQHO
EXUURRQHOO ROLR
3RWHWHDQFKHPHWWHUO DUURVWRPRUWRDOIXRFRFROVROREXUURHWLUDUORDFRWWXUDFRQODFD]]DUXRODFRSHUWD
GDXQDVFRGHOODSLHQDG DFTXD
3,&&,21($62535(6$
Ê XQD VRUSUHVD GH PLHL VWLYDOL PD FRPXQTXH VLD q EHQH FRQRVFHUOD SHUFKp QRQ q FRVD GD
GLVSUH]]DUVL
6HDYHWHXQSLFFLRQHGDPHWWHUHDOORVSLHGHHYROHWHIDUOREDVWDUHDSLGLXQDSHUVRQDULHPSLWHORFRQ
XQD EUDFLXROD GL YLWHOOD R GL YLWHOOD GL ODWWH 6 LQWHQGH FKH TXHVWD EUDFLXROD GHY HVVHUH GL JUDQGH]]D
SURSRU]LRQDWD
%DWWHWHODEHQHSHUUHQGHUODSLVRWWLOHHSLPRUELGDFRQGLWHODFRQVDOHSHSHXQDSUHVLQDGLVSH]LHH
TXDOFKH SH]]HWWR GL EXUUR DUURFFKLDWHOD H PHWWHWHOD GHQWUR DO SLFFLRQH FXFHQGRQH O DSHUWXUD 6H DO
FRQGLPHQWRVXGGHWWRDJJLXQJHUHWHGHOOHIHWWLQHGLWDUWXILVDUjPHJOLRFKHPDL3RWHWHDQFKHFXRFHUHDSDUWH
OD FLSROOLQD H LO IHJDWLQR GHO SLFFLRQH QHO VXJR R QHO EXUUR SHVWDUOL H FRQ HVVL VSDOPDUH OD EUDFLXROD FRVu
O DURPDGLIIHUHQWHGHOOHGXHTXDOLWjGLFDUQHVLDPDOJDPDHVLIRUPDXQJXVWRPLJOLRUH
&LzFKHVLqGHWWRSHOSLFFLRQHYDOJDSHUXQSROODVWUR
48$*/,(77(
6HUYLWHYLGHOOHEUDFLROLQHULSLHQHGHOQRSSXUHIDWHO LQYROXFURFRQYLWHOODGLODWWHHTXDQGRVDUDQQR
ULSLHQHIDVFLDWHOHFRQXQDIHWWLQDVRWWLOLVVLPDGLODUGRQHHOHJDWHOHLQFURFHFROUHIH,QILODWHOHQHOORVSLHGHSHU
FXRFHUOHDUURVWRRJQXQDIUDGXHFURVWLQLHFRQTXDOFKHIRJOLDGLVDOYLDXQJHWHOHFROO ROLRVDODWHOHEDJQDWHOH
FRQTXDOFKHFXFFKLDLDWDGLEURGRHVFLRJOLHWHOHTXDQGROHPDQGDWHLQWDYROD
$QFKH FRO ILOHWWR GL PDQ]R D SH]]HWWL IDVFLDWR GL ODUGRQH FROO RGRUH GHOOD VDOYLD H IUD GXH FURVWLQL VL
RWWLHQHXQEXRQLVVLPRDUURVWR
%5$&,82/$',0$1=25,3,(1$$552672
8QDEUDFLXRODGLPDQ]RJURVVDXQGLWRGHOSHVRGLJUDPPL
0DJURGLYLWHOODGLODWWHJUDPPL
3URVFLXWWRJUDVVRHPDJURJUDPPL
/LQJXDVDODWDJUDPPL
3DUPLJLDQRJUDWWDWRJUDPPL
%XUURJUDPPL
)HJDWLQLGLSROORQ
8RYDQO
8QDPLGROODGLSDQHIUHVFRJURVVDXQSXJQR
)DWHXQEDWWXWLQRFRQFLSROODTXDQWRXQDQRFHXQSRFRGLVHGDQRFDURWDHSUH]]HPRORPHWWHWHORDO
IXRFRFROGHWWREXUURHURVRODWRFKHVLDJHWWDWHFLODYLWHOODGLODWWHDSH]]HWWL HLIHJDWLQLSRFRVDOHHSHSH
SHUFRQGLPHQWRWLUDQGRODFDUQHDFRWWXUDFRQXQSR GLEURGR/HYDWHODDVFLXWWDSHUWULWDUODILQHFROODOXQHWWD
HQHOO LQWLQWRFKHUHVWDIDWHXQDSDSSDVRGDFRQODPLGROODGHOSDQHEDJQDQGRODFRQEURGRVHRFFRUUH2UD
IDWH WXWWR XQ LPSDVWR FRQ OD FDUQH WULWDWDOD SDSSD O XRYR LO SDUPLJLDQR LO SURVFLXWWR H OD OLQJXD WDJOLDWD D
GDGLQL &RPSRVWR FRVu LO ULSLHQR WXIIDWH DSSHQD OD EUDFLXROD GL PDQ]R QHOO DFTXD SHU SRWHUOD GLVWHQGHU
PHJOLR EDWWHWHOD FRQ OD FRVWROD GHO FROWHOOR H VSLDQDWHOD FRQ OD ODPD &ROORFDWHFL LO ULSLHQR LQ PH]]R H
IRUPDWHQH XQ URWROR FKH OHJKHUHWH VWUHWWR D JXLVD GL VDODPH SULPD GDOOD SDUWH OXQJD H SRL SHU WUDYHUVR
,QILODWHODQHOORVSLHGHSHUODVXDOXQJKH]]DHDUURVWLWHODFRQROLRHVDOH6HQWLUHWHXQDUURVWRGHOLFDWRLOTXDOH
SRWUjEDVWDUHSHUVHLRVHWWHSHUVRQH
&2672/(77(',9,7(//$',/$77($//$0,/$1(6(
JXLVD
7XWWLFRQRVFHWHOHFRVWROHWWHVHPSOLFLDOODPLODQHVHPDVHOHDJJUDGLWHSLVDSRULWHWUDWWDWHOHLQTXHVWD
'RSR DYHU GHQXGDWR O RVVR GHOOD FRVWROD H VFDUWDWLQH L ULWDJOL VSLDQDWHOH FRQ OD ODPD GL XQ JURVVR
FROWHOOR SHU DOODUJDUOH H ULGXUOH VRWWLOL 3RL IDWH XQ EDWWXWR FRQ SURVFLXWWR SL JUDVVR FKH PDJUR XQ SRFR GL
SUH]]HPROR SDUPLJLDQR JUDWWDWR O RGRU GHL WDUWXIL VH OL DYHWH H SRFR VDOH H SHSH &RQ TXHVWR FRPSRVWR
VSDOPDWHOHFRVWROHWWHGDXQDVRODSDUWHPHWWHWHOHLQLQIXVLRQHQHOO XRYRSRLSDQDWHOHHFXRFHWHOHDOODVDXWp
FRO EXUUR VHUYHQGROH FRQ VSLFFKL GL OLPRQH 3HU FLQTXH FRVWROHWWH VH QRQ VRQR PROWR JURVVH EDVWHUDQQR
JUDPPLGLSURVFLXWWRHGXHFXFFKLDLDWHFROPHGLSDUPLJLDQR
32//25,3,(12$552672
1RQqXQULSLHQRGDFXFLQDILQHPDGDIDPLJOLD3HUXQSROORGLPHGLRFUHJUDQGH]]DHFFRYLDOO LQFLUFD
ODGRVH
GHJOLLQJUHGLHQWL
'XHVDOVLFFH
,OIHJDWLQRODFUHVWDHLEDUJLJOLGHOSROORPHGHVLPR
2WWRRGLHFLPDUURQLEHQHDUURVWLWL
8QDSDOOLQDGLWDUWXILRLQPDQFDQ]DGLTXHVWLDOFXQLSH]]HWWLGLIXQJKLVHFFKL
/ RGRUHGLQRFHPRVFDWD
8QXRYR
6HLQYHFHGLXQSROORIRVVHXQWDFFKLQRGXSOLFDWHODGRVH
&RPLQFLDWH FRO GDUH DOOH VDOVLFFH H DOOH ULJDJOLH PH]]D FRWWXUD QHO EXUUR EDJQDQGROH FRQ XQ SR GL
EURGR VH RFFRUUH FRQGLWHOH FRQ SRFR VDOH H SRFR SHSH D PRWLYR GHOOH VDOVLFFH /HYDWHOH DVFLXWWH H
QHOO XPLGRFKHUHVWDJHWWDWHXQDPLGROODGLSDQHSHURWWHQHUHFRQXQSR GLEURGRGXHFXFFKLDLDWHGLSDSSD
VRGD 6SHOODWH OH VDOVLFFH WULWDWH FRQ OD OXQHWWD OH ULJDJOLH H L IXQJKL UDPPROOLWL H LQVLHPH FROOH EUXFLDWH
FROO XRYR H OD SDSSD SHVWDWH RJQL FRVD EHQ ILQH LQ XQ PRUWDLR PHQR L WDUWXIL FKH YDQQR WDJOLDWL D IHWWLQH H
ODVFLDWLFUXGL4XHVWRqLOFRPSRVWRFROTXDOHULHPSLUHWHLOSROORLOFXLULSLHQRVLODVFLHUjWDJOLDUPHJOLRGLDFFLR
FKHFDOGRHVDUjDQFKHSLJUDWRDOJXVWR
&$3321($5526727$578)$72
/DFXFLQDqHVWURVDGLFRQRLILRUHQWLQLHVWDEHQHSHUFKpWXWWHOHSLHWDQ]HVLSRVVRQRFRQGL]LRQDUHLQ
YDULPRGLVHFRQGRO HVWURGLFKLOHPDQLSRODPDPRGLILFDQGROHDSLDFHUHQRQVLGHYHSHUzPDLSHUGHUGLYLVWD
LOVHPSOLFHLOGHOLFDWRH LOVDSRUHJUDGHYROHTXLQGLWXWWDODTXHVWLRQHVWDQHOEXRQJXVWRGLFKLOHSUHSDUD,R
QHOO HVHJXLUH TXHVWR SLDWWR FRVWRVR KR FHUFDWR GL DWWHQHUPL DL SUHFHWWL VXGGHWWL ODVFLDQGR OD FXUD DG DOWUL
G LQGLFDUHXQPRGRPLJOLRUH$PPHVVRFKHXQFDSSRQHFROVROREXVWRFLRqYXRWRVHQ]DLOFROORHOH]DPSH
XFFLVRLOJLRUQRLQQDQ]LVLDGHOSHVRGLJUDPPLFLUFDORULHPSLUHLQHOODPDQLHUDVHJXHQWH
7DUWXILQHULRELDQFKLFKHVLDQRSRFRLPSRUWDSXUFKpRGRURVLJUDPPL
%XUURJUDPPL
0DUVDODFXFFKLDLDWHQ
, WDUWXIL FKH WHUUHWH JURVVL FRPH OH QRFL VEXFFLDWHOL OHJJHUPHQWH H OD EXFFLD JHWWDWHOD FRVu FUXGD
GHQWUR DO FDSSRQH DQFKH TXDOFKH IHWWLQD GL WDUWXIR FUXGR VL SXz LQVHULUH VRWWR OD SHOOH 0HWWHWH LO EXUUR DO
IXRFR H TXDQGR qVFLROWR EXWWDWHFL L WDUWXIL FRQODPDUVDODVDOHHSHSHSHUFRQGLPHQWRHDIXRFRDUGHQWH
IDWHOLEROOLUHSHUGXHVROLPLQXWLULPXRYHQGROLVHPSUH/HYDWLGDOODFD]]DUXRODODVFLDWHOLGLDFFLDUHILQFKpO XQWR
VLDUDSSUHVRHSRLYHUVDWHLOWXWWRQHOFDSSRQHSHUFXFLUORWDQWRQHOODSDUWHLQIHULRUHFKHQHOO DQWHULRUHGRYHq
VWDWROHYDWRLOFROOR
6HUEDWHORLQOXRJRIUHVFRSHUFXRFHUORGRSRRUHGDQGRJOLFRVuWUHJLRUQLGLIUROODWXUD
6H VL WUDWWDVVH GL XQ IDJLDQR R GL XQ WDFFKLQR UHJRODWHYL LQ SURSRU]LRQH 4XHVWL G LQYHUQR q EHQH
FRQVHUYDUOL ULSLHQL WUH R TXDWWUR JLRUQL SULPD GL FXRFHUOL DQ]L SHO IDJLDQR ELVRJQD DVSHWWDUH L SULPL DFFHQQL
GHOOD SXWUHID]LRQH FKp DOORUD OD FDUQH DFTXLVWD TXHO SURIXPR VSHFLDOH FKH OD GLVWLQJXH 3HU OD FRWWXUD
DYYROJHWHOLLQXQIRJOLRHWUDWWDWHOLFRPHODJDOOLQDGL)DUDRQHQ
32//2$/',$92/2
6L FKLDPD FRVu SHUFKp VL GRYUHEEHFRQGLUHFRQSHSHIRUWHGL&DLHQQDHVHUYLUHFRQXQDVDOVDPROWR
SLFFDQWH FRVLFFKp D FKL OR PDQJLD QHO VHQWLUVL DFFHQGHUH OD ERFFD YHUUHEEH OD WHQWD]LRQH GL PDQGDUH DO
GLDYRORLOSROORHFKLO KDFXFLQDWR,RLQGLFKHUzLOPRGRVHJXHQWHFKHqSLVHPSOLFHHSLGDFULVWLDQR
3UHQGHWH XQ JDOOHWWR R XQ SROODVWURJLRYDQHOHYDWHJOLLOFROORHOH]DPSHHDSHUWRORWXWWRVXOGDYDQWL
VFKLDFFLDWHOR SL FKH SRWHWH /DYDWHOR HG DVFLXJDWHOR EHQH FRQ XQ FDQRYDFFLR SRL PHWWHWHOR LQ JUDWHOOD H
TXDQGR FRPLQFLD D URVRODUH YROWDWHOR XQJHWHOR FRO EXUUR VFLROWR RSSXUH FRQ ROLR PHGLDQWH XQ SHQQHOOR H
FRQGLWHORFRQVDOHHSHSH4XDQGRDYUj FRPLQFLDWRDSUHQGHUFRORUHODSDUWHRSSRVWDYROWDWHORHWUDWWDWHOR
QHOODVWHVVDPDQLHUDHFRQWLQXDQGRDGXQJHUORHFRQGLUORDVXIILFLHQ]DWHQHWHORVXOIXRFRILQFKpVLDFRWWR
,OSHSHGL&DLHQQDVLYHQGHVRWWRIRUPDGLXQDSROYHUHURVVDFKHYLHQHGDOO ,QJKLOWHUUDLQERFFHWWHGL
YHWUR
32//2,1325&+(77$
1RQqSLDWWRVLJQRULOHPDGDIDPLJOLD5LHPSLWHXQSROORTXDOXQTXHFRQIHWWLQHGLSURVFLXWWRJUDVVRH
PDJURODUJKHSRFRSLGLXQGLWRDJJLXQJHWHWUHVSLFFKLG DJOLRLQWHULGXHFLRFFKHWWLQHGLILQRFFKLRHTXDOFKH
FKLFFR GL SHSH &RQGLWHOR DOO HVWHUQR FRQ VDOH H SHSH H FXRFHWHOR LQ FD]]DUXROD FRQ VROR EXUUR H IUD GXH
IXRFKL$OWHPSRGHOOHVDOVLFFHSRWHWHVRVWLWXLUHTXHVWHDOSURVFLXWWRLQWURGXFHQGROHVSDFFDWHSHULOOXQJR
$55267202572',32//2$//$%2/2*1(6(
0HWWHWHORDOIXRFRFRQROLREXUURXQDIHWWDGLSURVFLXWWRJUDVVRHPDJURWULWDWRILQHTXDOFKHSH]]HWWR
G DJOLR H XQD FLRFFKHWWLQD GL UDPHULQR 4XDQGR VDUj URVRODWR DJJLXQJHWH SRPRGRUL D SH]]L QHWWL GDL VHPL
RSSXUH FRQVHUYD VFLROWD QHOO DFTXD &RWWR FKH VLD OHYDWHOR H LQ TXHOO LQWLQWR FXRFHWH SDWDWH D WRFFKHWWL LQGL
ULPHWWHWHORDOIXRFRSHUULVFDOGDUOR
32//2$//$58',1Î
4XHVWR SROOR EDWWH]]DWR QRQ VLVDSHUFKpFRQWDOQRPHULHVFHXQSLDWWRVHPSOLFHVDQRHGLVDSRUH
GHOLFDWR SHUFLz OR GHVFULYR 3UHQGHWH XQ SROODVWUR JLRYDQH OHYDWHJOL LO FROOR OH SXQWH GHOOH DOL H OH ]DPSH
WDJOLDWHOHDGXHGLWDGDOJLQRFFKLRSRLIDWHQHVHLSH]]LGXHFROOHDOLDFLDVFXQDGHOOHTXDOLODVFHUHWHXQLWDOD
PHWjGHOSHWWRGXHFROOHFRVFLHFRPSUHVDYLO DQFDH GXHFROJURSSRQHWROWDQHODSDUWHDQWHULRUH/HYDWHOH
RVVD GHOOH DQFKH H ODIRUFHOODGHOSHWWRLGXHSH]]LGHOJURSSRQHVFKLDFFLDWHOL)UXOODWHXQXRYRFRQDFTXD
TXDQWDQHVWLDLQXQPH]]RJXVFLRG XRYRPHWWHWHFLLQLQIXVLRQHLOSROORGRSRDYHUORLQIDULQDWRHFRQGLWHORFRO
SHSHHFROVDOHDEXRQDPLVXUDODVFLDQGRYHORILQRDOPRPHQWRGLFXRFHUOR$OORUDSUHQGHWHLSH]]LDXQRSHU
XQR SDQDWHOL H PHVVD OD VDXWp R XQD WHJOLD GL UDPH DO IXRFR FRQ JU GL EXUUR FXRFHWHOL LQ TXHVWD
PDQLHUD4XDQGRFRPLQFLDDVRIIULJJHUHLOEXUURFROORFDWHFLSHUXQPRPHQWRLSH]]LGHOSROORGDOODSDUWHGHOOD
SHOOH SRL ULYROWDWHOL FRSULWH OD VDXWp FRQ XQ FRSHUFKLR H FRQ PROWRIXRFR VRSUD H SRFR VRWWR ODVFLDWHOL SHU
FLUFDGLHFLPLQXWL6HUYLWHORFRQVSLFFKLGLOLPRQHHVHQWLUHWHFKHVDUjEXRQRWDQWRFDOGRFKHIUHGGR
3HUSDUODUHXQOLQJXDJJLRGDWXWWLFRPSUHVROD6DFUD6FULWWXUDGLFHFKH*LRVXqIHUPzLOVROHHQRQOD
WHUUDHQRLVLIDORVWHVVRTXDQGRVLSDUODGLSROOLSHUFKpO DQFDGRYUHEEHVLFKLDPDUFRVFLDODFRVFLDJDPED
HODJDPEDWDUVRLQIDWWLO DQFDKDXQRVVRVRORFKHFRUULVSRQGHDOIHPRUHGHJOLXRPLQLODFRVFLDQHKDGXH
FKHFRUULVSRQGRQRDOODWLELDHDOODILEXODHOD]DPSDUDSSUHVHQWDLOSULPRRVVRGHLSLHGHFLRqLOWDUVR&RVuOH
DOLSHUODFRQIRUPLWjGHOOH RVVDFRUULVSRQGRQRDOOHEUDFFLDFKHGDOODVSDOODDOJRPLWRVRQRGLXQVROSH]]R
RPHUR HGLGXHSH]]L UDGLRHXOQD QHOO DYDPEUDFFLROHSXQWHGHOOHDOLSRLVRQRLSULPLDFFHQQLGLXQDPDQR
LQYLDGLIRUPD]LRQH
3DUHHVHqYHURSRWHWHDFFHUWDUYHQHDOODSURYDFKHLOSROORFRWWRDSSHQDXFFLVRVLDSLWHQHURFKH
TXDQGRqVRSUDJJLXQWDODULJLGLWjFDGDYHULFD
32//29(67,72
1RQqSLDWWRGDIDUQHJUDQFDVRPDSXzUHFDUHVRUSUHVDLQXQSUDQ]RIDPLJOLDUH
3UHQGHWH LO EXVWR GL XQ SROODVWUR JLRYDQH FLRq SULYR GHOOH ]DPSH GHO FROORHGHOOHLQWHULRUDXQJHWHOR
WXWWR FRQ EXUUR GLDFFLR VSROYHUL]]DWHOR GL VDOH H XQ SL]]LFR GL TXHVWR YHUVDWHOR QHOO LQWHUQR 3RL FROOH DOL
SLHJDWH ODVFLDWHOR FRQ GXH ODUJKH H VRWWLOLIHWWHGLSURVFLXWWRSLPDJURFKHJUDVVRHFRSULWHORFRQODSDVWD
GHVFULWWD QHOOD ULFHWWD Q WLUDWD FROPDWWHUHOOR DOOD JURVVH]]DGLXQRVFXGRDOO LQFLUFD'RUDWHODFROURVVR
G XRYRHFXRFHWHLOSROORFRVuYHVWLWRDPRGHUDWRFDORUHQHOIRUQRRQHOIRUQRGDFDPSDJQD6HUYLWHORFRPH
VWDSHU HVVHUHDSHUWRHWULQFLDWRVXOODWDYROD
$PHVHPEUDPLJOLRUHGLDFFLRFKHFDOGR
*$//,1$',)$5$21(
4XHVWR JDOOLQDFHR RULJLQDULR GHOOD 1XPLGLD TXLQGL HUURQHDPHQWH FKLDPDWR JDOOLQD G ,QGLDHUDSUHVVR
JOL DQWLFKL LO VLPEROR GHOO DPRU IUDWHUQR 0HOHDJUR UH GL &DOLGRQH HVVHQGR YHQXWR D PRUWH OH VRUHOOH OR
SLDQVHURWDQWRFKHIXURQRGD'LDQDWUDVIRUPDWHLQJDOOLQHGL)DUDRQH/D1XPLGDPHOHDJULVFKH qODVSHFLH
GRPHVWLFD PH]]DVHOYDWLFD DQFRUD IRUDVWLFD HG LUUHTXLHWD SDUWHFLSD GHOOD SHUQLFH VLD QHL FRVWXPL FKH QHO
JXVWR GHOOD FDUQH VDSRULWD H GHOLFDWD 3RYHUH EHVWLH WDQWR EHOOLQH 6L XVD IDUOH PRULUH VFDQQDWH R FRPH
DOFXQL YRJOLRQR DQQHJDWH QHOO DFTXD WHQHQGRYHOH VRPPHUVH D IRU]D FUXGHOWj TXHVWD FRPH WDQWH DOWUH
LQYHQWDWH GDOOD JKLRWWRQHULD GHOO XRPR /D FDUQH GL TXHVWR YRODWLOH KD ELVRJQR GL PROWD IUROODWXUD H
QHOO LQYHUQRSXzFRQVHUYDUVLSLHQRSHUFLQTXHRVHLJLRUQLDOPHQR
,O PRGR PLJOLRUH GL FXFLQDUH OH JDOOLQH GL )DUDRQH q DUURVWR DOOR VSLHGH 3RQHWH ORUR QHOO LQWHUQR XQD
SDOORWWROD GL EXUUR LPSDVWDWD QHO VDOH VWHFFDWH LO SHWWR FRQ ODUGRQH HG LQYROWDWHOH LQ XQ IRJOLR VSDOPDWR GL
EXUURGLDFFLRVSROYHUL]]DWRGLVDOHFKHSRLOHYHUHWHDGXHWHU]LGLFRWWXUDSHUILQLUHGLFXRFHUOHHGLFRORULUOHDO
IXRFRXQJHQGROHFROO ROLRHVDODQGROHDQFRUD
$OPRGRLVWHVVRSXzFXFLQDUVLXQWDFFKLQRWWR
$1$75$'20(67,&$$552672
6DODWHODQHOO LQWHUQRHIDVFLDWHOHWXWWRLOSHWWRFRQODUJKHHVRWWLOLIHWWHGLODUGRQHWHQXWHDGHUHQWLFRQOR
VSDJR
8QJHWHOD FROO ROLR H VDODWHOD D FRWWXUD TXDVL FRPSOHWD ,O JHUPDQR RVVLD O DQDWUD VHOYDWLFD HVVHQGR
QDWXUDOPHQWHPDJUDJHWWDSRFRVXJRHTXLQGLPHJOLRVDUjGLXQJHUODFROEXUUR
2&$'20(67,&$
/ RFD HUD JLj GRPHVWLFD DL WHPSLGL2PHURHL5RPDQL DQQLDY& ODWHQHYDQRLQ&DPSLGRJOLR
FRPHDQLPDOHVDFURD*LXQRQH
/ RFD GRPHVWLFDLQ FRQIURQWR GHOOH VSHFLHVHOYDWLFKH q FUHVFLXWD LQ YROXPH VL q UHVD SL IHFRQGDH
SLQJXH LQ PRGR GD VRVWLWXLUH LO PDLDOH SUHVVR JO¶,VUDHOLWL &RPH FLERLR QRQO KRPROWRLQSUDWLFDSHUFKpVXO
PHUFDWRGL)LUHQ]HQRQqLQYHQGLWDHLQ7RVFDQDSRFRRSXQWRVLXVDODVXDFDUQHPDO KRPDQJLDWDDOHVVR
HPLSLDFTXH'DHVVDVRODVLRWWHUUHEEHXQEURGRWURSSRGROFHPDPLVWDDOPDQ]RFRQWULEXLVFHDUHQGHUOR
PLJOLRUHVHEHQGLJUDVVDWR
0L GLFRQR FKH LQ XPLGR H DUURVWR VL SXz WUDWWDUH FRPH O DQDWUD GRPHVWLFD HFKH LO SHWWR LQ JUDWHOOD VL
XVD VWHFFDUOR FRO SURVFLXWWR R FRQ OH DFFLXJKH VDODWH SHU FKL VL ID XQ GLYLHWR GL TXHOOR H FRQGLWR FRQ ROLR
SHSHHVDOH
,Q*HUPDQLDVLFXRFHDUURVWRULSLHQDGLPHOHYLYDQGDFRGHVWDQRQFRQIDFHQWHSHUQRL,WDOLDQLFKHQRQ
SRVVLDPRWURSSRVFKHU]DUHFRLFLELJUDVVLHSHVDQWLDOORVWRPDFRFRPHULOHYHUHWHGDOVHJXHQWHDQHGGRWR
8Q PLR FRQWDGLQR XVR D VROHQQL]]DUH OD IHVWD GL 6DQW¶$QWRQLR DEDWH YROOH XQ DQQR PHJOLR GHO
FRQVXHWRULFRQRVFHUODFROO LPEDQGLUHXQEXRQGHVLQDUHD VXRLDPLFLQRQHVFOXGHQGRLOIDWWRUH
7XWWR DQGz EHQH SHUFKp OH FRVH IXURQR IDWWH D GRYHUH PD XQ FRQWDGLQR EHQHVWDQWH FKH HUD GHJOL
LQYLWDWL VHQWHQGRVL LO FXRUH DOODUJDWR SHUFKp DO EHUH H DO PDQJLDUH DYHYD IDWWR GHO PHJOLR VXR GLVVH DL
FRPPHQVDOL
3HU 6DQ *LXVHSSH FKH q LO WLWRODUH GHOOD PLD SDUURFFKLD YL YRJOLR WXWWL D FDVD PLD HLQ TXHO JLRUQR
V KDGDVWDUHDOOHJUL )XDFFHWWDWRYROHQWLHULO LQYLWRHQHVVXQRPDQFzDOFRQYHJQR
*LXQWDO RUDSLGHVLGHUDWDSHUWDOLIHVWHFKHqTXHOODGLVHGHUVLDWDYRODFRPLQFLzLOEHOORSHURFFKpVL
GLHGHSULQFLSLRFROEURGRFKHHUDG RFDLOIULWWRHUDG RFDLOOHVVRHUDG RFDO XPLGRHUD G RFDHO DUURVWRGL
FKHFUHGHWHFKHIRVVH"HUDG RFD1RQVRTXHOFKHDYYHQLVVHGHJOLDOWULPDLOIDWWRUHYHUVRVHUDFRPLQFLzD
VHQWLUVLTXDOFKHFRVDLQFRUSRFKHQRQJOLSHUPHWWHYDGLFHQDUHHODQRWWHJOLVFRSSLzGHQWURXQXUDJDQRWDOH
GLWXRQLYHQWRDFTXDHJUDJQXRODFKHDGDYHUORYLVWRLOJLRUQRDSSUHVVRFRVuVFRQILWWRHDEEDWWXWRGLVSLULWR
IDFHYDGXELWDUHQRQIRVVHGLYHQXWRDQFK HVVRXQ RFD
6RQR ULQRPDWL L SDVWLFFL GL 6WUDVEXUJR GL IHJDWR G RFD UHVR YROXPLQRVR PHGLDQWH XQ WUDWWDPHQWR
VSHFLDOHOXQJRHFUXGHOHLQIOLWWRDTXHVWHSRYHUHEHVWLH
$ SURSRVLWR GL IHJDWR G RFD PH QH IX UHJDODWR XQR SURYHQLHQWH GDO YHQHWR FKH FRO VXR DEERQGDQWH
JUDVVR DWWDFFDWR SHVDYD JUDPPL LO FXRUH FRPSUHVR H VHJXHQGR O LVWUX]LRQH ULFHYXWD OR FXFLQDL
VHPSOLFHPHQWHLQTXHVWDPDQLHUD3ULPDPLVLDOIXRFRLOJUDVVRWDJOLDWRDOO LQJURVVRSRLLOFXRUHDVSLFFKLH
SHUXOWLPRLOIHJDWRDJURVVHIHWWH&RQGLPHQWRVDOHHSHSHVROWDQWRVHUYLWRLQWDYRODVFRODWRGDOVRYHUFKLR
XQWRFRQVSLFFKLGLOLPRQH%LVRJQDFRQYHQLUHFKHqXQERFFRQHPROWRGHOLFDWR
9HGLIHJDWRG RFDQ
7$&&+,12
,O WDFFKLQR DSSDUWLHQH DOO RUGLQH GHL 5DVRUHV RVVLD JDOOLQDFFL DOOD IDPLJOLD GHOOD 3KDVDQLGDH H DO
JHQHUH 0HOHDJULV Ê RULJLQDULR GHOO $PHULFD VHWWHQWULRQDOH HVWHQGHQGRVL OD VXD GLPRUD GDO QRUG RYHVW GHJOL
6WDWL 8QLWL DOOR VWUHWWR GL 3DQDPD HGKDLOQRPHGLSROORG ,QGLDSHUFKp&RORPER FUHGHQGRGLSRWHUVLDSULUH
XQDYLDSHUOH,QGLHRULHQWDOLQDYLJDQGRDSRQHQWHTXHOOHWHUUHGDOXLVFRSHUWHIXURQRSRLGHQRPLQDWH,QGLH
RFFLGHQWDOL3DUHDFFHUWDWRFKHJOL6SDJQXROLSRUWDVVHURTXHOO XFFHOORLQ(XURSDDOSULQFLSLRQHOHGLFHVL
FKHLSULPLWDFFKLQLLQWURGRWWLLQ)UDQFLDIXURQRSDJDWLXQOXLJLG RUR
6LFFRPH TXHVW DQLPDOH VL FLED GL RJQL VXGLFHULD LQ FXL VL DEEDWWH OD VXD FDUQH VH q PDO QXWULWR
DFTXLVWDWDOYROWDXQJXVWRQDXVHDQWHPDGLYLHQHRWWLPDHVDSRURVDVHDOLPHQWDWRGLJUDQWXUFRHGLSDVWRQL
FDOGLGLFUXVFD6LSXzFXFLQDUHLQWXWWLLPRGLDOHVVRLQXPLGRLQJUDWHOODHDUURVWRODFDUQHGHOODIHPPLQD
qSL JHQWLOHGLTXHOODGHOPDVFKLR'LFRQRFKHLOEURGRGLTXHVWRYRODWLOHVLDFDORURVRLOFKHSXzHVVHUHPD
qPROWRVDSRULWRHVLSUHVWDEHQHSHUOHPLQHVWUHGLPDOIDWWLQLULVRFRQFDYRORRUDSDJUDQIDUURHIDULQDWDGL
JUDQWXUFRDJJUD]LDWHHUHVHSLJXVWRVHHVDSRULWHFRQGXHVDOVLFFHVPLQX]]DWHGHQWUR/DSDUWHGDSUHIHULUVL
SHU OHVVR q O DQWHULRUH FRPSUHVD O DOD FKH q LO SH]]R SL GHOLFDWR 3HU O DUURVWR PRUWR H SHU O DUURVWR DOOR
VSLHGH VL SUHVWDQR PHJOLR L TXDUWL GL GLHWUR 7UDWWDQGRVL GHO SULPR q EHQH VWHFFDUOR OHJJHUPHQWH GL DJOLR H
UDPHULQRHFRQGLUORFRQXQEDWWXWRGLFDUQHVHFFDRODUGRQHXQSRFRGLEXUURVDOHHSHSHVXJRGLSRPRGRUR
R FRQVHUYD VFLROWD QHOO DFTXD RQGH SRWHU URVRODUH QHO VXR LQWLQWR GHOOH SDWDWH SHU FRQWRUQR $UURVWR DOOR
VSLHGH VL XQJH FROO ROLR H SLDFHQGR VL VHUYH FRQ XQ FRQWRUQR GL SROHQWD IULWWD ,O SHWWR SRL VSLDQDWR DOOD
JURVVH]]DGLXQGLWRHFRQGLWRTXDOFKHRUDDYDQWLDEXRQDPLVXUDFRQROLRVDOHHSHSHqRWWLPRDQFKHLQ
JUDWHOODDQ]LqXQSLDWWRJUDGLWRDLEHYLWRULLTXDOLYLDJJLXQJRQRFRQFLDWLQHOODVWHVVDPDQLHUDLOIHJDWLQRHLO
YHQWULJOLRWDJOLX]]DWRSHUFKpSUHQGDPHJOLRLOFRQGLPHQWR
9LGLUzSHUXOWLPR FKHXQWDFFKLQRWWRJLRYDQHGHOSHVRGLGXHFKLORJUDPPLDOO LQFLUFDFRWWRLQWHURDOOR
VSLHGH FRPH OD JDOOLQD GL )DUDRQH SXz IDUH HFFHOOHQWH ILJXUD LQ TXDOVLDVL SUDQ]R VSHFLDOPHQWH VH q
SULPLWLFFLR
3$921(
2UD FKH QHOOD VHULH GHJOL DUURVWL YL KR QRPLQDWL DOFXQL YRODWLOL GL RULJLQH HVRWLFD PL DFFRUJR GL QRQ
DYHUYL SDUODWR GHO SDYRQH 3DYR FULVWDWXV FKH PL ODVFLz ULFRUGR GL FDUQH HFFHOOHQWH SHU LQGLYLGXL GL JLRYDQH
HWj
,OSLVSOHQGLGRSHUORVIDU]RGHLFRORULIUDJOLXFFHOOLGHOO RUGLQHGHLJDOOLQDFHLLOSDYRQHDELWDOHIRUHVWH
GHOOH,QGLHRULHQWDOLHWURYDVLLQVWDWRVHOYDWLFRD*X]HUDWHQHOO ,QGRVWDQD&DPERJLDVXOOHFRVWHGHO0DODEDU
QHO UHJQR GL 6LDP H QHOO LVROD GL *LDYD 4XDQGR $OHVVDQGUR LO 0DFHGRQH LQYDVD O $VLD PLQRUH YLGH TXHVWL
XFFHOOL OD SULPD YROWD GLFHVL ULPDQHVVH FRVu FROSLWR GDOOD ORUR EHOOH]]D GD LQWHUGLUH FRQ VHYHUH SHQH GL
XFFLGHUOL)XTXHOPRQDUFDFKHOLLQWURGXVVHLQ*UHFLDRYHIXURQRRJJHWWRGLWDOHFXULRVLWjFKHWXWWLFRUUHYDQR
D YHGHUOL PD SRVFLD WUDVSRUWDWL D 5RPD VXOOD GHFDGHQ]D GHOOD UHSXEEOLFD LO SULPR D FLEDUVHQH IX 4XLQWR
2UWHQVLRO RUDWRUHHPXORGL&LFHURQHHSLDFLXWLDVVDLPRQWDURQRLQJUDQGHVWLPDGRSRFKH$XILGLR/XUFRQH
LQVHJQzODPDQLHUDG LQJUDVVDUOLWHQHQGRQHXQSROODLRGDOTXDOHWUDHYDXQDUHQGLWDGLPLOOHFLQTXHFHQWRVFXGL
ODTXDOFRVDQRQqORQWDQDGDOYHURVHVLYHQGHYDQRDUDJJXDJOLRGLFLQTXHVFXGLO XQR
0$,$/($55267,721(//$77(
3UHQGHWH XQ SH]]R GL PDLDOH QHOOD ORPEDWD GHO SHVR GL JUDPPL FLUFD VDODWHOR H PHWWHWHOR LQ
FD]]DUXROD FRQ GHFLOLWUL ò GL ODWWH &RSULWHOR H IDWHOR EROOLUH DGDJLR ILQFKp LO ODWWH VDUj FRQVXPDWR DOORUD
DXPHQWDWH LO IXRFR SHU URVRODUOR H RWWHQXWR TXHVWR VFRODWH YLD LO JUDVVR H OHYDWH LO SH]]R GHOOD FDUQH SHU
DJJLXQJHUHLQTXHLULPDVXJOLGLODWWHFRDJXODWRXQJRFFLRORGLODWWHIUHVFR0HVFRODWHIDWHJOLDO]DUHLOEROORUHH
VHUYLWHYHQH SHU LVSDOPDUH GHOOH IHWWLQH GL SDQH DSSHQD DUURVWLWH RQGH VHUYLUOH SHU FRQWRUQR DO PDLDOH
TXDQGRORPDQGHUHWHFDOGRLQWDYROD
7UH GHFLOLWUL GL ODWWH LQ WXWWR SRWUDQQR EDVWDUH &XFLQDWR FRVu LO PDLDOH ULHVFH GL JXVWR GHOLFDWR H QRQ
LVWXFFD
3(6&(',0$,$/($552672
,O SHVFH GL PDLDOH q TXHO PXVFRORELVOXQJRSRVWRDLODWLGHOODVSLQDGRUVDOHFKHD)LUHQ]HVLFKLDPD
ORPER GL PDLDOH &ROj VL XVD GLVWDFFDUOR LQVLHPH FROOD SLHWUD H LQ FRWHVWR PRGR VL SUHVWD SHU XQ DUURVWR
HFFHOOHQWH7DJOLDWHORDSH]]HWWLHLQILODWHORQHOORVSLHGHWUDPH]]DQGRORGLFURVWLQLHVDOYLDFRPHVLXVDFRJOL
XFFHOOLHXQJHWHORFRPHTXHVWLFROO ROLR
$*1(//2$//¶25,(17$/(
'LFRQRFKHODVSDOODG DJQHOORDUURVWLWDHGXQWDFRQEXUURHODWWHHUDHVLDWXWWDYLDXQDGHOOHSL JKLRWWH
OHFFRUQLHSHUJOL2ULHQWDOLSHUFLzLRO KRSURYDWDHKRGRYXWRFRQYHQLUHFKHVLRWWLHQHWDQWRGDHVVDFKHGDO
FRVFLRWWR XQ DUURVWR DOOR VSLHGH WHQHUR H GHOLFDWR 7UDWWDQGRVL GHO FRVFLRWWR LR OR SUHSDUHUHL LQ TXHVWD
PDQLHUDODTXDOHPLVHPEUDOD SLDGDWWDVWHFFDWHORWXWWRFROODUGDWRLRGLODUGHOOLGLODUGRQHFRQGLWLFRQVDOH
HSHSHXQJHWHORFRQEXUURHODWWHRFRQODWWHVROWDQWRHVDODWHORDPH]]DFRWWXUD
3,&&,21(,1*5$7(//$
/DFDUQHGLSLFFLRQHSHUODTXDQWLWjJUDQGHGLILEULQDHGL DOEXPLQDFKHFRQWLHQHqPROWRQXWULHQWHHG
qSUHVFULWWDDOOHSHUVRQHGHEROLSHUPDODWWLDRSHUDOWUDTXDOXQTXHFDJLRQH,OYHFFKLR1LFRPDFRQHOOD&OL]LD
GHO 0DFKLDYHOOL SHU WURYDUVL DELOH D XQD JLRVWUD DPRURVD SURSRQHYDVL GL PDQJLDUH XQR SLSStRQH JURVVR
DUURVWRFRVuYHUGHPH]]RFKHVDQJXLJQLXQSRFR
3UHQGHWH XQ SLFFLRQH JURVVR PD JLRYLQH GLYLGHWHOR LQ GXH SDUWL SHU OD VXD OXQJKH]]D H VWLDFFLDWHOH
EHQH FROOH PDQL 3RL PHWWHWHOH D VRIIULJJHUH QHOO ROLR SHU TXDWWUR R FLQTXH PLQXWL WDQWR SHU DVVRGDUQH OD
FDUQH&RQGLWHORFRVuFDOGRFRQVDOHHSHSHHSRLFRQGL]LRQDWHORLQTXHVWDPDQLHUDGLVIDWHDOIXRFRVHQ]D
IDUOREROOLUHJUDPPLGLEXUURIUXOODWHXQXRYRHPHVFRODWHO XQRHO DOWURLQVLHPH,QWLQJHWHEHQHLOSLFFLRQH
LQ TXHVWR PLVFXJOLR H GRSR TXDOFKH WHPSR LQYROWDWHOR WXWWR QHO SDQJUDWWDWR &XRFHWHOR LQ JUDWHOOD D OHQWR
IXRFRHVHUYLWHORFRQXQDVDOVDRFRQXQFRQWRUQR
)(*$7(//,,1&216(59$
7XWWLVDQQRIDUHLIHJDWHOOLGLPDLDOHFRQGLWLFRQROLRSHSHHVDOHLQYROWDWLQHOODUHWHHFRWWL LQJUDWHOOD
DOOR VSLHGH R LQ XQD WHJOLD PD PROWLQRQ VDSUDQQR FKH Vu SRVVRQR FRQVHUYDUH SHU TXDOFKH PHVH FRPH VL
SUDWLFD QHOOD FDPSDJQD $UHWLQD H IRUVH DQFKH DOWURYH SRQHQGROL GRSR FRWWL LQ XQ WHJDPH H ULHPSLHQGR
TXHVWRGLODUGRVWUXWWRHDEROORUH6L OHYDQRSRLYLDYLDFKHVHQHYXRLIDUXVRHVLULVFDOGDQRÊXQDFRVDFKH
SXzIDUFRPRGRDFKLVDODLOPDLDOHLQFDVDSHUFKpVLDYUDQQRDOORUDPHQRIUDWWDJOLHGDFRQVXPDUH
$OFXQL XVDQR FXRFHUH L IHJDWHOOL IUD GXH IRJOLH GL DOORUR RSSXUH FRPH LQ 7RVFDQD GL DJJLXQJHUH DO
FRQGLPHQWRXQSR GLVHPHGLILQRFFKLRPDVRQRRGRULDFXWLFKHPROWLVWRPDFKLQRQWROOHUDQRHWRUQDQRD
JROD
%,67(&&$$//$),25(17,1$
'D EHHIVWHDNSDURODLQJOHVHFKHYDOHFRVWRODGLEXH qGHULYDWRLOQRPHGHOODQRVWUDELVWHFFDODTXDOH
QRQqDOWURFKHXQDEUDFLXRODFROVXRRVVRJURVVDXQGLWRRXQGLWRHPH]]RWDJOLDWDGDOODORPEDWDGLYLWHOOD
,PDFHOODUL GL)LUHQ]HFKLDPDQR YLWHOODLOVRSUDQQRQRQFKHOHDOWUHEHVWLHERYLQHGLGXHDQQLDOO LQFLUFDPD
VH SRWHVVHUR SDUODUH PROWH GL HVVH YL GLUHEEHUR QRQ VROWDQWR FKH QRQ VRQR SL IDQFLXOOH PD FKH KDQQR
DYXWRPDULWRHTXDOFKHILJOLXROR
/ XVRGLTXHVWRSLDWWRHFFHOOHQWHSHUFKpVDQRJXVWRVRHULFRVWLWXHQWHQRQVLqDQFRUDJHQHUDOL]]DWR
LQ,WDOLDIRUVHDPRWLYRFKHLQPROWHGHOOHVXHSURYLQFLHVLPDFHOODQRTXDVLHVFOXVLYDPHQWHEHVWLHYHFFKLHH
GD ODYRUR ,Q WDO FDVR FROj VL VHUYRQR GHO ILOHWWR FKH q OD SDUWH SL WHQHUD HG LPSURSULDPHQWH FKLDPDQR
ELVWHFFDXQDURWHOODGHOPHGHVLPRFRWWDLQJUDWHOOD
9HQHQGR GXQTXH DO PHULWR GHOOD YHUD ELVWHFFD ILRUHQWLQD PHWWHWHOD LQ JUDWHOOD D IXRFR DUGHQWH GL
FDUERQH FRVu QDWXUDOH FRPH YLHQH GDOOD EHVWLD R WXWW DO SL ODYDQGROD H DVFLXJDQGROD ULYROWDWHOD SL YROWH
FRQGLWHODFRQVDOHHSHSHTXDQGRqFRWWDHPDQGDWHODLQWDYRODFRQXQSH]]HWWRGLEXUURVRSUD1RQGHYH
HVVHUH WURSSR FRWWD SHUFKp LO VXR EHOOR q FKH WDJOLDQGROD JHWWL DEERQGDQWH VXJR QHO SLDWWR 6H OD VDODWH
SULPDGLFXRFHUHLOIXRFRODULVHFFKLVFHHVHODFRQGLWHDYDQWLFRQROLRRDOWURFRPHPROWLXVDQRVDSUjGL
PRFFRODLDHVDUjQDXVHDQWH
%,67(&&$1(/7(*$0(
6H DYHWH XQD JURVVD ELVWHFFD FKH SHU HVVHU GL EHVWLD QRQ WDQWR JLRYDQH R PDFHOODWD GL IUHVFR YL
IDFFLDGXELWDUHGHOODVXDPRUELGH]]DLQYHFHGLFXRFHUODLQJUDWHOODPHWWHWHODLQXQWHJDPHFRQXQSH]]HWWR
GLEXUURHXQJRFFLROLQRG ROLRHUHJRODQGRYLFRPHDOQGDWHOHRGRUHGLDJOLRHUDPHULQR$JJLXQJHWHVH
RFFRUUHXQJRFFLRORGLEURGRRG DFTXDRSSXUHVXJRGLSRPRGRURHVHUYLWHODLQWDYRODFRQSDWDWHDWRFFKHWWL
FRWWLQHOVXRLQWLQWRHVHTXHVWRQRQEDVWDDJJLXQJHWHDOWUREURGREXUURHFRQVHUYDGLSRPRGRUR
$51,21,$//$3$5,*,1$
3UHQGHWH XQ URJQRQH RVVLD XQD SLHWUD GL YLWHOOD GLJUDVVDWHOD DSULWHOD H FRSULWHOD G DFTXD EROOHQWH
4XDQGR O DFTXD VDUj GLDFFLDWD DVFLXJDWHOD EHQH FRQ XQ FDQRYDFFLR HG LQILODWHOD SHU OXQJR H SHU WUDYHUVR
FRQ GHJOL VWHFFKL SXOLWL RQGH VWLD DSHUWD D 3DULJL VL XVDQR VSLOORQL GL DUJHQWR FRQGLWHOD FRQ JUDPPL GL
EXUUROLTXHIDWWRVDOHHSHSHHODVFLDWHOD FRVuSUHSDUDWDSHUXQ RUDRGXH
'DWRFKHODSLHWUDVLDGHOSHVRGLRJUDPPLSUHQGHWHDOWULJUDPPLGLEXUURHGXQ DFFLXJD
JURVVD R GXH SLFFROH QHWWDWHOH WULWDWHOH H VFKLDFFLDWHOH FROOD ODPD GL XQ FROWHOOR LQVLHPH FRO EXUUR H
IRUPDWHQH XQD SDOORWWROD &XRFHWH OD SLHWUD LQ JUDWHOOD PD QRQ WURSSR RQGH UHVWL WHQHUD SRQHWHOD LQ XQ
YDVVRLRVSDOPDWHODFRVuEROOHQWHFROODSDOORWWRODGLEXUURHG DFFLXJDHPDQGDWHODLQWDYROD
3$67,&&(5,$
6758'(/
1RQ YL VJRPHQWDWH VH TXHVWR GROFH YL SDUH XQ LQWUXJOLR QHOOD VXD FRPSRVL]LRQH H VH GRSR FRWWR YL
VHPEUHUj TXDOFKH FRVD GL EUXWWR FRPH XQ HQRUPH VDQJXLVXJD R XQ LQIRUPH VHUSHQWDFFLR SHUFKp SRL DO
JXVWRYLSLDFHUj
0HOH UHtQHWWHVRPHOHWHQHUHGLEXRQDTXDOLWjJU
)DULQDJUDPPL
%XUURJUDPPL
8YDGL&RULQWRJUDPPL
=XFFKHURLQSROYHUHJUDPPL
5DVFKLDWXUDGLXQOLPRQH
&DQQHOODLQSROYHUHGXHRWUHSUHVH
6SHJQHWHODIDULQDFRQODWWHFDOGREXUURTXDQWRXQDQRFHXQXRYRHXQSL]]LFRGLVDOHSHUIDUQHXQD
SDVWDSLXWWRVWRVRGDFKHODVFHUHWHULSRVDUHXQSRFRSULPDGLVHUYLUYHQH7LUDWHFRQTXHVWDSDVWDXQDVIRJOLD
VRWWLOH FRPH TXHOOD GHL WDJOLHULQL H ODVFLDQGR JOL RUOL VFRSHUWL GLVWHQGHWHYL VRSUD OH PHOH FKH DYUHWH SULPD
VEXFFLDWH QHWWDWH GDL WRUVROL H WDJOLDWH D IHWWH VRWWLOL 6XO VXROR GHOOH PHOH VSDUJHWH O XYD OD UDVFKLDWXUD GL
OLPRQHODFDQQHOODOR]XFFKHURHLQILQHLJUDPPLGLEXUUROLTXHIDWWRODVFLDQGRQHXQSR LQGLHWURSHUO XVR
FKHVHQWLUHWH&LzIDWWRDYYROJHWHODVIRJOLDVRSUDVpVWHVVDSHUIRUPDUQHXQ URWRORULSLHQRFKHDGDWWHUHWHLQ
XQD WHJOLD GL UDPH JLj XQWD FRO EXUUR DVVHFRQGDQGR SHU QHFHVVLWj OD IRUPD URWRQGD GHOOD PHGHVLPD FRO
EXUURDYDQ]DWRXQJHWHWXWWDODSDUWHHVWHUQDGHOGROFHHPDQGDWHORDOIRUQR$YYHUWLWHFKHO XYDGL&RULQWRR
VXOWDQLQD q GLYHUVD GDOO XYD SDVVROLQD 4XHVWD q SLFFROD H QHUD O DOWUD q LO GRSSLR SL JURVVD GL FRORUH
FDVWDJQRFKLDURHVHQ]DYLQDFFLXROLDQFK HVVD,OOLPRQHUDVFKLDWHORFRQXQYHWUR
35(61,7=
(FFRYLXQDOWURGROFHGLWHGHVFKHULDH FRPHEXRQR1HYLGLXQRFKHHUDIDWWXUDGHOODSULPDSDVWLFFHULD
GL 7ULHVWH OR DVVDJJLDL H PL SLDFTXH &KLHVWDQH OD ULFHWWD OD PLVL DOOD SURYD H ULXVFu SHUIHWWDPHQWH TXLQGL
PHQWUHYHORGHVFULYRPLGLFKLDURJUDWLVVLPRDOODJHQWLOH]]DGLFKLPLIHFHTXHVWRIDYRUH
8YDVXOWDQLQDJUDPPL
=XFFKHURJUDPPL
1RFLVJXVFLDWHJUDPPL
)RFDFFLDUDIIHUPDJUDPPL
0DQGRUOHGROFLVEXFFLDWHJUDPPL
3LQROLJUDPPL
&HGURFDQGLWRJUDPPL
$UDQFLRFDQGLWRJUDPPL
6SH]LHFRPSRVWHGLFDQQHOODJDURIDQLHPDFLVJUDPPL
6DOHJUDPPL
&LSURGHFLOLWULO
5KXPGHFLOLWULO
/ XYD VXOWDQLQD GRSR DYHUOD QHWWDWD PHWWHWHOD LQ LQIXVLRQH QHO FLSUR H QHO UKXP PHVFRODWL LQVLHPH
ODVFLDWHODFRVuGLYHUVHRUHHOHYDWHODTXDQGRFRPLQFLDDJRQILDUH, SLQROLWDJOLDWHOLLQWUHSDUWLSHUWUDYHUVRL
IUXWWLFDQGLWLWDJOLDWHOLDSLFFROLVVLPL GDGLOHQRFLHOHPDQGRUOHWULWDWHOHFRQODOXQHWWDDOODJURVVH]]DGHOULVR
DOO LQFLUFD H OD IRFDFFLD FKH SXz HVVHUH XQD SDVWD GHOOD QDWXUD GHL EULRFKHV R GHO SDQHWWRQH GL 0LODQR
JUDWWDWHOD R VEULFLRODWHOD / XYD ODVFLDWHOD LQWHUD H SRL PHVFRODWH RJQL FRVD LQVLHPH LO UKXP H LO FLSUR
FRPSUHVLYL
4XHVWRqLOULSLHQRRUDELVRJQDFKLXGHUORLQXQDSDVWDVIRJOLDSHUODTXDOHSXzVHUYLUYLODULFHWWDGHOQ
QHOOD SURSRU]LRQH GL IDULQD JU H EXUUR JU 7LUDWHOD VWUHWWD OXQJD H GHOOD JURVVH]]D SRFR SL GL
XQRVFXGR
'LVWHQGHWHVXOODPHGHVLPDLOULSLHQRHIDWHQHXQURFFKLRDJXLVDGLVDOVLFFLRWWRWLUDQGRODVIRJOLDVXJOL
RUOL SHU FRQJLXQJHUOD 'DWHJOL OD FLUFRQIHUHQ]D GL FHQWLPHWUL FLUFD VFKLDFFLDWHOR DOTXDQWR R ODVFLDWHOR
WRQGRSRQHWHORHQWURDXQDWHJOLDGLUDPHXQWDFROEXUURDYYROWRLQWRUQRDVpVWHVVRFRPHIDUHEEHODVHUSH
SHUz QRQ WURSSR VHUUDWR ,QILQH FRQ XQ SHQQHOOR VSDOPDWHOR FRQ XQ FRPSRVWROLTXLGR GL EXUUR VFLROWR H XQ
URVVRG XRYR
,QYHFHGLXQRSRWHWHIDUQHGXHVHYLSDUHFRQTXHVWDVWHVVDGRVHODPHWjGHOODTXDOHLRULWHQJRFKH
EDVWHUHEEHSHUVHWWHRGRWWRSHUVRQH
.8*(/+83)
)DULQDG 8QJKHULDRILQLVVLPDJUDPPL
%XUURJUDPPL
=XFFKHURJUDPPL
8YDVXOWDQLQDJUDPPL
/LHYLWRGLELUUDJUDPPL
8RYDXQRLQWHURHGXHURVVL
6DOHXQSL]]LFR
2GRUHGLVFRU]DGLOLPRQH
/DWWHTXDQWREDVWD
,QWULGHWH LO OLHYLWR FRO ODWWH WLHSLGR H XQ SXJQR GHOOD GHWWD IDULQD SHU IRUPDUHXQSLFFRORSDQHSLXWWRVWR
VRGR IDWHJOL XQ WDJOLR LQ FURFH H SRQHWHOR LQ XQD FD]]DUROLQD FRQ XQ YHOR GL ODWWH VRWWRFRSHUWD HYLFLQD DO
IXRFREDGDQGRFKHTXHVWRQRQODVFDOGLWURSSR
' LQYHUQR VFLRJOLHWH LO EXUUR D EDJQRPDULD SRL ODYRUDWHOR DOTXDQWR FROO XRYR LQWHUR LQGL YHUVDWH OR
]XFFKHURHSRLODIDULQDLURVVLG XRYRLOVDOHHO RGRUHPHVFRODQGREHQH2UDDJJLXQJHWHLOOLHYLWRFKHQHO
IUDWWHPSRDYUjJLjJRQILDWRHFRQFXFFKLDLDWHGLODWWHWLHSLGRYHUVDWHXQDDOODYROWDODYRUDWHLOFRPSRVWRFRQ
XQ PHVWROR HQWUR D XQD FDWLQHOOD SHU SL GL PH]] RUD ULGXFHQGROR D XQD FRQVLVWHQ]D DOTXDQWR OLTXLGD QRQ
SHUzWURSSR3HUXOWLPRYHUVDWHO XYDHPHWWHWHORLQXQRVWDPSROLVFLRLPEXUUDWRHVSROYHUL]]DWRGL]XFFKHURD
YHORPLVWRDIDULQDRYHLOFRPSRVWRQRQUDJJLXQJDODPHWjGHOYDVRFKHSRUUHWHEHQFRSHUWRLQFDOGDQDRLQ
XQOXRJRGLWHPSHUDWXUDWLHSLGDDOLHYLWDUHDOFKHFLYRUUDQQRGXHRWUHRUH
4XDQGR VDUj EHQ FUHVFLXWR GD DUULYDUH DOOD ERFFD GHO YDVR PHWWHWHOR LQ IRUQR D FDORUH QRQ WURSSR
DUGHQWHVIRUPDWHORGLDFFLRVSROYHUL]]DWHORGL]XFFKHURDYHORRVHFUHGHWH TXHVWRqDSLDFHUH DQQDIILDWHOR
FROUKXP
.5$3)(1,,
)DWWLQHOVHJXHQWHPRGRULHVFRQRSL JHQWLOLGLTXHOOLGHOQVSHFLDOPHQWHVHGHYRQRVHUYLUHFRPH
SLDWWRGROFHHSUHQGHUDQQRODILJXUDGLSDOOHOLVFHVHQ]DDOFXQDLPSUHVVLRQHVRSUD
)DULQDG 8QJKHULDJUDPPL
%XUURJUDPPL
/LHYLWRGLELUUDJUDPPL
/DWWHRSDQQDPHQRGLXQGHFLOLWURRQGHLOFRPSRVWRULHVFDVRGHWWLQR
5RVVLG XRYRQ
=XFFKHURXQFXFFKLDLQR
6DOHXQDEXRQDSUHVD
0HWWHWHLQXQDWD]]DLOOLHYLWRFRQXQDFXFFKLDLDWDGHOODIDULQDHVWHPSHUDQGRORFRQXQSRFRGHOGHWWR
ODWWH WLHSLGR SRQHWHOR D OLHYLWDUH YLFLQR DO IXRFR 3RL LQ XQD FDWLQHOOD YHUVDWH LO EXUUR VFLROWR G LQYHUQR D
EDJQRPDULD H ODYRUDWHOR FRQ XQ PHVWROR JHWWDQGRYL LURVVLG XRYRXQRDOODYROWDLQGLYHUVDWHLOUHVWRGHOOD
IDULQDLOOLHYLWRTXDQGRVDUjFUHVFLXWRGHOGRSSLRLOODWWHDSRFRSHUYROWDLOVDOHHOR]XFFKHURODYRUDQGRLO
FRPSRVWRFRQXQDPDQRILQRDFKHQRQVLGLVWDFFKLGDOODFDWLQHOOD)DWWRFLzVWDFFLDWHYLVRSUDXQVRWWLOYHORGL
IDULQDFRPXQHHPHWWHWHORDOLHYLWDUHLQOXRJRWLHSLGRHQWURDOVXRYDVRHTXDQGRLOFRPSRVWRVDUjFUHVFLXWR
YHUVDWHORVXOODVSLDQDWRLDVRSUDDXQYHORGLIDULQDHOHJJHUPHQWHFROPDWWHUHOORDVVRWWLJOLDWHORDOODJURVVH]]D
GL PH]]R GLWR LQGL VHUYHQGRYL GHOOR VWDPSR GHOOD ULFHWWD Q WDJOLDWHOR LQ GLVFKL VXOOD PHWj GHL TXDOL
SRUUHWHTXDQWRXQDSLFFRODQRFHFRQVHUYDGLIUXWWDRFUHPDSDVWLFFHUD%DJQDWHTXHVWLGLVFKLDOO LQJLURFRQ
XQGLWRLQWLQWRQHOODWWHSHUFRSULUOLHDSSLFFLFDUOLFRLULPDVWLYXRWLOLHYLWDWHOLHIULJJHWHOLLQPROWRXQWRROLRR
VWUXWWRFKHVLDVSROYHUL]]DWHOLGL]XFFKHUR DYHORTXDQGRQRQVDUDQQRSLDEROORUHHVHUYLWHOL6HWUDWWDVLGL
GRSSLDGRVHJUDPPLGLOLHYLWRSRWUDQQREDVWDUH
6$9$5,1
$G RQRUH IRUVH GL %ULOODW6DYDULQ IX DSSOLFDWR D TXHVWR GROFH XQ WDO QRPH &RQWHQWLDPRFL GXQTXH GL
FKLDPDUOR DOOD IUDQFHVH H GL UDFFRPDQGDUOR SHU OD VXD ERQWj HG HOHJDQ]D GL IRUPD DG RWWHQHUH OD TXDOH
RFFRUUHXQRVWDPSRDIRUPDURWRQGDFROEXFRQHOPH]]RFRQYHVVRDOODSDUWHHVWHUQDHGLFDSDFLWjGRSSLD
GHOFRPSRVWRFKHGHYHHQWUDUYL
)DULQDG 8QJKHULDRILQLVVLPDJUDPPL
%XUURJUDPPL
=XFFKHURJUDPPL
0DQGRUOHGROFLJUDPPL
/DWWHGHFLOLWUL
8RYDGXHURVVLHXQDFKLDUD
8QDSUHVDGL VDOH
/LHYLWRGLELUUDTXDQWRXQSLFFRORXRYR
8QJHWH OR VWDPSR FRQ EXUUR GLDFFLR VSROYHUL]]DWHOR GL IDULQD FRPXQH PLVWD FRQ ]XFFKHUR D YHOR H
VSDUJHWH LQ IRQGR DO PHGHVLPR OH GHWWH PDQGRUOH VEXFFLDWH H WDJOLDWH D ILOHWWL FRUWL 6H OH WRVWDWH IDUHWH
PHJOLR
6WHPSHUDWH HG LPSDVWDWH LO OLHYLWR FRQ XQ JRFFLROR GHO GHWWR ODWWH WLHSLGR H FRQ XQ EXRQ SL]]LFR GHOOD
IDULQD G 8QJKHULD SHU IDUH XQ SLFFROR SDQH FKH SRUUHWH D OLHYLWDUH FRPH TXHOOR GHO %DEj Q 3RQHWH LO
UHVWR GHOOD IDULQD H JOL DOWUL LQJUHGLHQWL PHQR LO ODWWH FKH YD DJJLXQWR D SRFR SHU YROWD LQ XQD FDWLQHOOD H
FRPLQFLDWH D ODYRUDUOL FRO PHVWROR SRL XQLWHFL LO OLHYLWR H TXDQGR LO FRPSRVWR VDUj ODYRUDWR LQ PRGR FKH VL
GLVWDFFKL EHQH GDOOD FDWLQHOOD YHUVDWHOR QHOOR VWDPSR VRSUD OH PDQGRUOH 2UD PHWWHWHOR D OLHYLWDUH LQ OXRJR
DSSHQD WLHSLGR H EHQ ULSDUDWR GDOO DULD SUHYHQHQGRYL FKH SHU TXHVWD VHFRQGD OLHYLWDWXUD RFFRUUHUDQQR
TXDWWUR R FLQTXH RUH&XRFHWHOR DO IRUQRFRPXQH R DO IRUQRGDFDPSDJQDH IUDWWDQWRSUHSDUDWHLOVHJXHQWH
FRPSRVWR IDWH EROOLUH JUDPPL GL ]XFFKHUR LQ GXH GLWD GL ELFFKLHUH G DFTXD H TXDQGR O DYUHWH ULGRWWR D
VFLURSSRGHQVRULWLUDWHORGDOIXRFRHGLDFFLRFKHVLDDJJLXQJHWHXQFXFFKLDLQRGL]XFFKHURYDQLJOLDWRHGXH
FXFFKLDLDWHGLUKXPRSSXUHGLNLUVFKSRLVIRUPDWHLOVDYDULQHFRVuFDOGRFRQXQSHQQHOORVSDOPDWHORWXWWRGL
TXHVWRVFLURSSRILQFKpQHDYUHWH6HUYLWHLOGROFHFDOGRRGLDFFLRDSLDFHUH
4XHVWD GRVH EHQFKp SLFFROD SXz EDVWDUH SHU FLQTXH R VHL SHUVRQH 6H YHGHWH FKH O LPSDVWR
GLYHQWDVVHWURSSROLTXLGRFRQO LQWHUDGRVHGHOODWWHODVFLDWHQHLQGLHWURXQSRFR6LSXzIDUHDQFKHVHQ]DOH
PDQGRUOH
*Æ7($8¬/$12,6(77(
$TXHVWRGROFHGLDPRJOLXQWLWRORSRPSRVRDOODIUDQFHVHFKHQRQVDUjGHOWXWWRGHPHULWDWR
)DULQDGLULVRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
0DQGRUOHGROFLJUDPPL
1RFFLXROHVJXVFLDWHJUDPPL
8RYDQ
2GRUHGLYDLQLJOLD
/HQRFFLXROH DYHOODQH VEXFFLDWHOHFROO DFTXDFDOGDFRPHOHPDQGRUOHHOHXQHHOHDOWUHDVFLXJDWHOH
EHQH DO VROH R DO IXRFR 3RL GRSR DYHUOH SHVWDWH ILQLVVLPH FRQ GXH FXFFKLDLDWH GHO GHWWR ]XFFKHUR
PHVFRODWHOHDOODIDULQDGLULVR/DYRUDWHEHQHOHXRYDFROUHVWRGHOOR]XFFKHURLQGLYHUVDWHFLGHQWURODGHWWD
PLVFHODHGLPHQDWHPROWRFROODIUXVWDLOFRPSRVWR,QILQHDJJLXQJHWHLOEXUUROLTXHIDWWRHWRUQDWHDODYRUDUOR
3RQHWHOR LQ XQR VWDPSR OLVFLR GL IRUPD URWRQGD H DOTXDQWR VWUHWWD RQGHYHQJD DOWR TXDWWUR R FLQTXH GLWD H
FXRFHWHORLQIRUQRDPRGHUDWRFDORUH6HUYLWHORIUHGGR
4XHVWDGRVHSRWUjEDVWDUHSHUVHLRVHWWHSHUVRQH
%$%¬
4XHVWR q XQ GROFH FKH YXRO YHGHUH OD SHUVRQD LQ YLVR FLRq SHU ULXVFLU EHQH ULFKLHGH SD]LHQ]D HG
DWWHQ]LRQH(FFROHGRVL
)DULQDG 8QJKHULDRILQLVVLPDJUDPPL
%XUURJUDPPL
=XFFKHURLQSROYHUHJUDPPL
8YDVXOWDQLQDGHWWDDQFKHXYDGL&RULQWRJUDPPL
8YDPDODJDDFXLYDQQROHYDWLJOLDFLQLJUDPPL
/LHYLWRGLELUUDJUDPPL
/DWWHRPHJOLRSDQQDGHFLOLWULFLUFD
8RYDQHXQURVVR
0DUVDODXQDFXFFKLDLDWD
5KXPRFRJQDFXQDFXFFKLDLDWD
&DQGLWRWDJOLDWRDILOHWWLJUDPPL
6DOHXQSL]]LFR
2GRUHGLYDLQLJOLD
&RQXQTXDUWRGHOODGHWWDIDULQDHFRQXQJRFFLRORGHOGHWWRODWWHWLHSLGRV LQWULGDLOOLHYLWRGLELUUDHVH
QHIRUPLXQSDQHGLJLXVWDVRGH]]D$TXHVWRV LQFLGDFROFROWHOORXQDFURFHQRQSHUFKpHVVRHJOLDOWULFRVu
IUHJLDWLDEELDQRSDXUDGHOOHVWUHJKHPDSHUFKpDVXRWHPSRGLDQRVHJQRGHOULJRQILDPHQWRQHFHVVDULRDG
RWWHQHUHLOTXDOHVLSRQHD OLHYLWDUHYLFLQRDOIXRFRDPRGHUDWLVVLPRFDORUHHQWURDXQYDVRFRSHUWRLQFXLVLD
XQ JRFFLROR GL ODWWH ,QWDQWR FKH HVVR OLHYLWD SHU LO FKH FL YRUUj PH]] RUD FLUFD VFRFFLDWH OH XRYD LQ XQD
FDWLQHOODHODYRUDWHOHFROOR]XFFKHURDJJLXQJHWHGLSRLLOUHVWRGHOODIDULQDLOSDQLQROLHYLWDWRLOEXUURVFLROWRH
WLHSLGRODPDUVDODHLOUKXPHVHO LPSDVWRULXVFLVVHWURSSRVRGRUDPPRUELGLWHORFROODWWHWLHSLGR/DYRUDWHOR
PROWRFROPHVWRORILQFKpLOFRPSRVWRQRQVLGLVWDFFKLGDOODFDWLQHOODSHUXOWLPRJHWWDWHFLO XYDHLOFDQGLWRH
PHWWHWHORDOLHYLWDUH4XDQGRDYUjULJRQILDWRULPXRYHWHORXQSRFRFROPHVWRORHYHUVDWHORLQXQRVWDPSRXQWR
FROEXUURHVSROYHUL]]DWRGL]XFFKHURDYHORPLVWRDIDULQD
/D IRUPD PLJOLRUH GL VWDPSR SHU TXHVWR GROFH q TXHOOD GL UDPH D FRVWROH PD EDGDWH FK HVVR
GHY HVVHUH LO GRSSLR SL JUDQGH GHO FRQWHQXWR &RSULWHOR FRQ XQ WHVWR RQGH QRQ SUHQGD DULD H SRQHWHOR LQ
FDOGDQD R HQWUR XQ IRUQR GD FDPSDJQD SRFKLVVLPR FDOGR SHU OLHYLWDUOR DO FKH QRQ EDVWHUDQQR IRUVH GXH
RUH6HODOLHYLWDWXUDULHVFHSHUIHWWDVLYHGUjLOFRPSRVWRFUHVFHUHGHOGRSSLRHFLRqDUULYDUHDOODERFFDGHOOR
VWDPSR $OORUD WLUDWH D FXRFHUOR DYYHUWHQGR FKH QHO IUDWWHPSR QRQ SUHQGD DULD /D FRWWXUD VL FRQRVFH
LPPHUJHQGRXQIXVFHOORGLJUDQDWDFKHGHYHVLHVWUDUUHDVFLXWWRQRQRVWDQWHODVFLDWHORDQFRUDDSURVFLXJDUH
LQIRUQRDGLVFUHWRFDORUHFRVDTXHVWDQHFHVVDULDDPRWLYRGHOODVXDJURVVH]]D4XDQGRLO%DEjqVIRUPDWR
VHqEHQFRWWRGHYHDYHUHLOFRORUHGHOODFRUWHFFLDGHOSDQHVSROYHUL]]DWHORGL]XFFKHURDYHOR
6HUYLWHORIUHGGR
6)2*/,$7$',0$5=$3$1(
)DWHXQDSDVWDVIRJOLDQHOODTXDQWLWjHSURSRU]LRQHGHOQ4XDQGRqVSLDQDWDWDJOLDWHQHGXHWRQGL
GHOODGLPHQVLRQHGLXQSLDWWRFRPXQHDJUDQGLVPHUOLVXJOLRUOL6RSUDDGXQRGLHVVLODVFLDQGRYLXQSR GL
PDUJLQHGLVWHQGHWHLOFRPSRVWRGLPDU]DSDQHGHOQFKHGRYUHEEHULXVFLUHGHOO DOWH]]DGLXQFHQWLPHWUR
FLUFD SRL VRYUDSSRQHWHJOL O DOWUR WRQGR GL SDVWD VIRJOLD DWWDFFDQGROL LQVLHPH VXJOL RUOL FRQ XQ GLWR LQWLQWR
QHOO DFTXD
'RUDWHODVXSHUILFLHGHOODVIRJOLDWDFRLURVVRG XRYRFXRFHWHODDOIRUQRRDOIRUQRGDFDPSDJQDHGRSR
VSROYHUL]]DWHODGL]XFFKHURDYHOR4XHVWDGRVHEDVWHUjDVHWWH RGRWWRSHUVRQHHVHQWLUHWHFKHTXHVWRGROFH
VDUjPROWRORGDWRSHUODVXDGHOLFDWH]]D
%8',12',12&&,82/( $9(//$1(
/DWWHGHFLOLWUL
8RYDQ
1RFFLXROHVJXVFLDWHJUDPPL
=XFFKHURJUDPPL
6DYRLDUGLJUDPPL
%XUURJUDPPL
2GRUHGLYDLQLJOLD
6EXFFLDWHOHQRFFLXROHQHOO DFTXDFDOGDHGDVFLXJDWHOHEHQHDOVROHRDOIXRFRLQGLSHVWDWHOHILQLVVLPH
QHOPRUWDLRFROOR]XFFKHURYHUVDWRSRFRSHUYROWD
0HWWHWHLOODWWHDOIXRFRHTXDQGRVDUjHQWUDWRLQEROORUHVPLQX]]DWHFLGHQWURL VDYRLDUGLHIDWHOLEROOLUH
SHU FLQTXH PLQXWL DJJLXQJHQGRYL LO EXUUR 3DVVDWH LO FRPSRVWR GDOOR VWDFFLR H ULPHWWHWHOR DO IXRFR FRQ OH
QRFFLXROHSHVWDWHSHULVFLRJOLHUYLGHQWUROR]XFFKHUR/DVFLDWHORSRLJKLDFFLDUHSHUDJJLXQJHUYLOHXRYDSULPD
LURVVLGRSROHFKLDUHPRQWDWHYHUVDWHORLQXQRVWDPSRXQWRGLEXUURHVSROYHUL]]DWRGLSDQJUDWWDWRFKHQRQ
YHQJDGHOWXWWRSLHQRFXRFHWHORLQIRUQRRQHOIRUQHOORHVHUYLWHORIUHGGR
4XHVWDGRVHSRWUjEDVWDUHSHUQRYHRGLHFLSHUVRQH
%,6&277,&52&&$17, ,
)DULQDJUDPPL
=XFFKHURLQSROYHUHJUDPPL
0DQGRUOHGROFLLQWHUHHVEXFFLDWHIUDPPLVWHDTXDOFKHSLQRORJUDPPL
%XUURJUDPPL
$QDFLXQSL]]LFR
8RYDQ
6DOHXQDSUHVD
/DVFLDWH LQGLHWUR OH PDQGRUOH H L SLQROL SHU DJJLXQJHUOL GRSR HG LQWULGHWH LO WXWWR FRQ TXDWWUR XRYD
HVVHQGR FRVu VHPSUH LQ WHPSR GL VHUYLUYL GHO TXLQWR VH RFFRUUH SHU IRUPDUH XQD SDVWD DOTXDQWR PRUELGD
)DWHQH TXDWWUR SDQL GHOOD JURVVH]]D GL XQ GLWR H ODUJKL TXDQWR XQD PDQR FROORFDWHOL LQ XQD WHJOLD XQWD FRO
EXUURHLQIDULQDWDHGRUDWHOLVRSUD
1RQ FXRFHWHOL WDQWR SHU SRWHUOL WDJOLDUH D IHWWH LO FKH YHUUj PHJOLR IDWWR LO JLRUQR DSSUHVVR FKp OD
FRUWHFFLD UDPPROOLVFH 5LPHWWHWH OH IHWWH DO IRUQR SHU WRVWDUOH DSSHQD GDOOH GXH SDUWL HG HFFRYL L ELVFRWWL
FURFFDQWL
%,6&277,&52&&$17,,,
)DULQDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
0DQGRUOHJUDPPL
8YDVXOWDQLQDJUDPPL
3LQROLJUDPPL
&HGURR]XFFDFDQGLWDJUDPPL
$QDFLXQSL]]LFR
6SLULWRGLYLQRFXFFKLDLDWHQ
%LFDUERQDWRGLVRGDXQFXFFKLDLQRVFDUVR
8RYDXQRLQWHURHWUHURVVL
4XHVWL ELVFRWWL VRQR SL ILQL GHL SUHFHGHQWL H ULWHQJR QRQ ODVFLQR QXOOD D GHVLGHUDUH /H PDQGRUOH
VEXFFLDWHOH H WDQWR TXHVWH FKH L SLQROL ODVFLDWHOL LQWHUL ,O FDQGLWR WDJOLDWHOR D SH]]HWWLQL )DWH XQD EXFD QHO
PRQWHGHOODIDULQDHFROORFDWHFLOHXRYDOR]XFFKHURLOEXUURORVSLULWRHLOELFDUERQDWR,QWULGHWHLOFRPSRVWR
VHQ]D WURSSR ODYRUDUOR SRL DSULWHOR HG DOODUJDWHOR SHU DJJLXQJHUYL LO UHVWR H WLUDWH XQ EDVWRQH DOTXDQWR
FRPSUHVVROXQJRXQPHWURFKHGLYLGHUHWHLQTXDWWURRFLQTXHSDUWLRQGHSRVVDHQWUDUQHOODWHJOLDGRUDWHOR
HFXRFHWHORDOIRUQR&RWWRFKHVLDWDJOLDWHORQHOODIRUPDGHLELVFRWWLDIHWWHSRFRSLJURVVH GLXQFHQWLPHWUR
HWRVWDWHOLOHJJHUPHQWHGDDPEHOHSDUWL
%$6721&(//,&52&&$17,
)DULQDJUDPPL
%XUURJUDPPL
=XFFKHURDYHORJUDPPL
8QXRYR
2GRUHGLEXFFLDGLOLPRQHJUDWWDWD
)DWHQH XQ SDVWRQH VHQ]D GLPHQDUOR WURSSR SRL WLUDWHOR VRWWLOH SHU SRWHU RWWHQHUH GXH GR]]LQH GL
EDVWRQFHOOLGHOODOXQJKH]]DGLGLHFLFHQWLPHWULFKHFXRFHUHWHDOIRUQRGDFDPSDJQDHQWURDXQDWHJOLDVHQ]D
DOFXQDSUHSDUD]LRQH6LSRVVRQRDFFRPSDJQDUHFROWKHRFROYLQRGDERWWLJOLD
%,6&277,7(1(5,
3HUTXHVWLELVFRWWLELVRJQHUHEEHYLIDFHVWHIDUHXQDFDVVHWWLQDGLODWWDODUJDFHQWLPHWULHOXQJDSRFR
PHQRGHOGLDPHWURGHOYRVWUR IRUQRGDFDPSDJQDSHUSRWHUFLHQWUDUHVHVLHWHFRVWUHWWLGLVHUYLUYLGLHVVRH
QRQ GHO IRUQR FRPXQH &RVu L ELVFRWWL DYUDQQR LO FDQWXFFLR GDOOH GXH SDUWL H WDJOLDWL ODUJKL XQ FHQWLPHWUR H
PH]]RVDUDQQRJLXVWLGLSURSRU]LRQH
)DULQDGLJUDQRJUDPPL
)DULQDGLSDWDWHJUDPPL
=XFFKHURJUDPPL
0DQGRUOHGROFLJUDPPL
&DQGLWR FHGURRDUDQFLR JUDPPL
&RQVHUYDGLIUXWWHJUDPPL
8RYDQ
/HPDQGRUOHVEXFFLDWHOHWDJOLDWHOHDPHWjSHUWUDYHUVRHGDVFLXJDWHOHDOVROHRDOIXRFR,SDVWLFFLHUL
SHUVROLWROHODVFLDQRFROODEXFFLDPDQRQqXVRGDLPLWDUVLSHUFKpVSHVVRTXHOODVLDWWDFFDDOSDODWRHGq
LQGLJHVWD ,O FDQGLWR H OD FRQVHUYD FKH SXz HVVHUH GL FRWRJQH R G DOWUD IUXWWD PD VRGD WDJOLDWHOL D SLFFROL
GDGL
/DYRUDWHSULPDPROWRRVVLDSLGLPH]] RUDLURVVLG XRYRFROOR]XFFKHURHXQSRFRGHOODGHWWDIDULQD
SRLDJJLXQJHWHOHFKLDUHPRQWDWHEHQVRGHHGRSRDYHUOHLPPHGHVLPDWHXQLWHFLODIDULQDIDFHQGRODFDGHUH
GD XQ YDJOLHWWLQR 0HVFRODWH DGDJLR H VSDUJHWH QHO FRPSRVWR OH PDQGRUOH LO FDQGLWR H OD FRQVHUYD /D
FDVVHWWLQD GL ODWWD XQJHWHOD FRQ EXUUR H LQIDULQDWHOD L ELVFRWWL WDJOLDWHOL LO JLRUQR DSSUHVVR WRVWDQGROL VH YL
SLDFHGDOOHGXHSDUWL
%,6&277,'$)$0,*/,$
6RQR ELVFRWWL GL SRFD VSHVDIDFLOLDIDUVLHQRQSULYLGLTXDOFKHPHULWRSHUFKp SRVVRQVHUYLUHVLDSHO
WKHVLDSHUTXDOXQTXHDOWUROLTXLGRLQ]XSSDQGRVLDPDUDYLJOLD
)DULQDJUDPPL
%XUURJUDPPL
=XFFKHURDYHORJUDPPL
$PPRQLDFDLQSROYHUHJUDPPL
8QDSUHVDGLVDOH
2GRUHGLYDLQLJOLDFRQ]XFFKHURYDQLJOLDWR
/DWWHWLHSLGRXQGHFLOLWURFLUFD
)DWH XQD EXFD QHO PRQWH GHOOD IDULQD SRQHWHFL JO LQJUHGLHQWL VXGGHWWL PHQR LO ODWWH GHO TXDOH YL
VHUYLUHWH SHU LQWULGHUH TXHVWD SDVWDFKH GHYH ULXVFLUPRUELGDHGHYHHVVHUHGLPHQDWDPROWRRQGHVLDIILQL
SRL WLUDWHQH XQD VIRJOLD JURVVD XQR VFXGR VSROYHUL]]DQGROD GL IDULQD VH RFFRUUH H SHU XOWLPR SDVVDWHFL
VRSUD LO PDWWDUHOOR ULJDWR RSSXUH VHUYLWHYL GHOOD JUDWWXJLD R GL XQD IRUFKHWWD SHU IDUOH TXDOFKH RUQDPHQWR
'RSRWDJOLDWHLELVFRWWLQHOODIRUPDFKHSLYLSLDFHVHQRQYROHWHIDUQHGHOOHVWULVFHOXQJKHSRFRSLGLXQ
GLWR H ODUJKH GXHFHQWLPHWULFRPH IRLR&ROORFDWHOLVHQ] DOWUR LQXQDWHJOLDGLUDPHH FXRFHWHOLDOIRUQRRDO
IRUQRGDFDPSDJQD
%,6&277,'(//$6$/87(
6WDWH DOOHJUL GXQTXH FKp FRQ TXHVWL ELVFRWWL QRQ PRULUHWH PDLR FDPSHUHWH JOL DQQL GL 0DWKXVDOHP
,QIDWWLLRFKHQHPDQJLRVSHVVRVHTXDOFKHLQGLVFUHWRYHGHQGRPLDU]LOORSLFKHQRQFRPSRUWHUHEEHODPLD
JUDYHHWjPLGLPDQGDTXDQWLDQQLKRULVSRQGRFKHKRJOLDQQLGL0DWKXVDOHPILJOLXRORGL(QRFK
)DULQDJUDPPL
=XFFKHURURVVRJUDPPL
%XUURJUDPPL
&UHPRUGLWDUWDURJUDPPL
%LFDUERQDWRGLVRGDJUDPPL
8RYDQ
2GRUHGL]XFFKHURYDQLJOLDWR
/DWWHTXDQWREDVWD
0HVFRODWHOR]XFFKHURDOODIDULQDIDWHDTXHVWDXQDEXFDSHUSRUYLLOUHVWRHLQWULGHWHODFRQO DJJLXQWD
GLXQSRFRGLODWWHSHURWWHQHUHXQDSDVWDDOTXDQWRPRUELGDDFXLGDUHWHODIRUPDFLOLQGULFDXQSR VWLDFFLDWD
H OXQJD PH]]RPHWUR3HU FXRFHUOD DO IRUQR R DO IRUQR GDFDPSDJQD XQJHWH XQD WHJOLDFROEXUURHTXHVWR
EDVWRQH SHUFKp SRVVD HQWUDUYL GLYLGHWHOR LQ GXH SH]]L WHQHQGROL GLVFRVWL SRLFKp JRQILDQR PROWR LO JLRUQR
DSSUHVVRWDJOLDWHOLLQIRUPDGLELVFRWWLGLFXLQHRWWHUUHWHXQDWUHQWLQDHWRVWDWHOL
%,6&2772$//$68/7$1$
,OQRPHqDPSROORVRPDQRQGHOWXWWRGHPHULWDWR
=XFFKHURLQSROYHUHJUDPPL
)DULQDGLJUDQRJUDPPL
)DULQDGLSDWDWHJUDPPL
8YDVXOWDQLQDJUDPPL
&DQGLWRJUDPPL
8RYDQ
2GRUHGLVFRU]DGL OLPRQH
5KXPRFRJQDFGXHFXFFKLDLDWH
3RQHWH SULPD DO IXRFR O XYD H LO FDQGLWR WDJOLDWR GHOOD JUDQGH]]D GHL VHPL GL FRFRPHUR FRQ WDQWR
FRJQDFRUKXPTXDQWREDVWDDFRSULUOLTXDQGRTXHVWREROOHDFFHQGHWHORHODVFLDWHOREUXFLDUHIXRULGHOIXRFR
ILQFKp LO OLTXRUH VLD FRQVXPDWR SRL OHYDWH TXHVWD URED H PHWWHWHOD DG DVFLXJDUH IUD OH SLHJKH GL XQ
WRYDJOLXROR )DWWD WDOH RSHUD]LRQH ODYRUDWH EHQ EHQH FRQ XQ PHVWROR SHU PH]] RUD OR ]XFFKHUR H L URVVL
G XRYR RYH DYUHWH SRVWD OD UDVFKLDWXUD GL OLPRQH 0RQWDWH VRGH OH FKLDUH FROOD IUXVWD H YHUVDWHOH QHO
FRPSRVWRLQGLDJJLXQJHWHOHGXHIDULQHIDFHQGROHFDGHUHGDXQYDJOLHWWLQRHLQSDULWHPSRPHVFRODWHDGDJLR
DGDJLRSHUFKpVLDPDOJDPLLOWXWWRVHQ]DWRUPHQWDUORWURSSR$JJLXQJHWHSHUXOWLPRO XYDLOFDQGLWRH OHGXH
FXFFKLDLDWHGLUKXPRGLFRJQDFPHQ]LRQDWHHYHUVDWHLOPLVFXJOLRLQXQRVWDPSROLVFLRRLQXQDFD]]DUXROD
FKHGLDQRDOGROFHXQDIRUPDDOWDHURWRQGD8QJHWHORVWDPSRFROEXUURHVSROYHUL]]DWHORGL]XFFKHURDYHOR
HIDULQDDYYHUWHQGRGLPHWWHUOR VXELWRLQIRUQRRQGHHYLWDUHFKHO XYDHLOFDQGLWRSUHFLSLWLQRDOIRQGR6HFLz
DYYLHQHXQ DOWUDYROWDODVFLDWHLQGLHWURXQDFKLDUD6LVHUYHIUHGGR
%5,2&+(6
)DULQDG 8QJKHULDJUDPPL
%XUURJUDPPL
/LHYLWRGLELUUDJUDPPL
=XFFKHURJUDPPL
6DOHJUDPPL
8RYDQ
6WHPSHUDWH LO OLHYLWR GL ELUUD FRQ DFTXD WLHSLGD QHOOD TXDUWD SDUWH GHOOD GHWWD IDULQD IRUPDWHQH XQ
SDQLQR URWRQGR GL JLXVWD FRQVLVWHQ]D IDWHJOL XQ WDJOLR LQ FURFH H SRQHWHOR D OLHYLWDUH LQ OXRJR WLHSLGR HQWUR
XQDFD]]DUROLQDFRQXQYHORGLIDULQDVRWWR
$OOD IDULQDFKH UHVWD IDWHFLXQD EXFD LQ PH]]R SRQHWHFLOR]XFFKHURLOVDOHHXQXRYRHFRQOHGLWD
DVVLPLODWH LQVLHPH TXHVWH WUH FRVH SRL DJJLXQJHWH LO EXUUR D SH]]HWWL H LQFRPLQFLDWH D LQWULGHUH OD IDULQD
SULPD VHUYHQGRYL GHOOD ODPD GL XQ FROWHOOR H SRL GHOOH PDQL SHU IRUPDUH XQ SDVWRQH FKH SRUUHWH LQ XQD
FDWLQHOOD SHU ODYRUDUOR PHJOLR 8QLWH D TXHVWR LO SDQLQR OLHYLWDWR TXDQGR VDUj FUHVFLXWR GHO GRSSLR H
VHUYHQGRYLGHOODPDQRSHUODYRUDUORPROWRDJJLXQJHWHOHDOWUHXRYDXQDDOODYROWD3RLODFDWLQHOODSRQHWHODLQ
OXRJRWLHSLGRHEHQFKLXVRHTXDQGRO LPSDVWRVDUjOLHYLWDWRGLVIDWHORDOTXDQWRHFRQHVVRULHPSLWHDPHWj
XQD YHQWLQD GL VWDPSLQL GL ODWWD ULJDWL FKH DYDQWL DYUHWH XQWL FRQ EXUUR OLTXLGR R ODUGR H VSROYHUL]]DWL FRQ
IDULQDPLVWDD]XFFKHURDYHOR
5LPHWWHWHOLDOLHYLWDUHSRLGRUDWHOLHFXRFHWHOLDOIRUQRRDOIRUQRGDFDPSDJQD
3$67$0$5*+(5,7$
$YHQGRXQJLRUQRLOPLRSRYHURDPLFR$QWRQLR0DWWHLGL3UDWR GHOTXDOHDYUzRFFDVLRQHGLULSDUODUH PDQJLDWD LQ FDVD PLD TXHVWD SDVWD QH YROOH OD ULFHWWD H VXELWR GD TXHOO XRPR LQGXVWULRVR FK HJOL HUD
SRUWDQGRODDXQJUDGRPDJJLRUHGLSHUIH]LRQHHULGXFHQGRODILQLVVLPDODPLVHLQYHQGLWDQHOODVXDERWWHJD
0L UDFFRQWDYD SRL HVVHUH VWDWR WDOH O LQFRQWUR GL TXHVWR GROFH FKH TXDVL QRQ VL IDFHYD SUDQ]R SHU TXHOOH
FDPSDJQH FKH QRQ JOL IRVVH RUGLQDWR &RVu OD JHQWH YROHQWHURVD GL DSULUVL XQDYLDQHOPRQGRFRJOLHDYROR
TXDOXQTXHRFFDVLRQHSHUWHQWDUODIRUWXQDODTXDOHEHQFKpGLVSHQVLWDOYROWDLVXRLIDYRULDFDSULFFLRQRQVL
PRVWUDSHUzPDLDPLFDDJO LQILQJDUGLHDLSROWURQL
)DULQDGLSDWDWHJUDPPL
=XFFKHURLQSROYHUHJUDPPL
8RYDQ
$JURGLXQOLPRQH
6EDWWHWH SULPD EHQ EHQH L URVVL G XRYR FROOR ]XFFKHUR DJJLXQJHWH OD IDULQD H LO VXFFR GL OLPRQH H
ODYRUDWHSHUSLGLPH]] RUDLOWXWWR0RQWDWHSHUXOWLPROHFKLDUHXQLWHOHDOUHVWRPHVFRODQGRFRQGHOLFDWH]]D
SHU QRQ LVPRQWDU OD ILRFFD 9HUVDWH LO FRPSRVWR LQ XQR VWDPSR OLVFLR H URWRQGR RVVLD LQ XQD WHJOLD
SURSRU]LRQDWDLPEXUUDWDHVSROYHUL]]DWDGL]XFFKHURDYHORHIDULQDHPHWWHWHODVXELWRLQIRUQR6IRUPDWHOD
GLDFFLDHVSROYHUL]]DWHODGL]XFFKHURDYHORYDQLJOLDWR
7257$0$1729$1$
)DULQDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
0DQGRUOHGROFLHSLQROLJUDPPL
8RYDLQWHUHQO
5RVVLG XRYRQ
2GRUHGLVFRU]DGLOLPRQH
6LODYRUDQRSULPDSHUEHQHFROPHVWRORHQWURXQDFDWLQHOODOHXRYDFROOR]XFFKHURSRLYLVLYHUVDD
SRFR SHU YROWD OD IDULQD ODYRUDQGROD DQFRUD H SHU XOWLPR LO EXUUR OLTXHIDWWR D EDJQRPDULD 6L PHWWH LO
FRPSRVWRLQXQDWHJOLDGLUDPHXQWDFROEXUURHVSROYHUL]]DWDGL]XFFKHURDYHORHIDULQDRGLSDQJUDWWDWRHVL
ULILRULVFHDOGLVRSUDFRQOHPDQGRUOHHLSLQROL,SLQROLWDJOLDWHOLLQGXHSHOWUDYHUVRHOHPDQGRUOHGRSRDYHUOH
VEXFFLDWH FROO DFTXD FDOGD H VSDFFDWH SHU LO OXQJR WDJOLDWHOH GL WUDYHUVR IDFHQGRQH G RJQL PHWj TXDWWUR R
FLQTXHSH]]HWWL %DGDWHFKHTXHVWDWRUWDQRQULHVFDSLJURVVDGLXQGLWR HPH]]RRGXHDOSLRQGHDEELD
PRGRGLUDVFLXJDUVLEHQHQHOIRUQRFKHYDWHQXWRDPRGHUDWRFDORUH
6SROYHUL]]DWHODGL]XFFKHURDYHORHVHUYLWHODGLDFFLDFKHVDUjPROWRDJJUDGLWD
7257$5,&&,2/,1$,
9LGHVFULYRODWRUWDULFFLROLQDFRQGXHULFHWWHGLVWLQWHSHUFKpODSULPDDYHQGRODIDWWDIDUHPHSUHVHQWH
GDXQFXRFRGLSURIHVVLRQHSHQVDLGLPRGLILFDUODLQPRGRFKHULHVFLVVHSLJHQWLOHGLDVSHWWRHGLJXVWRSL
GHOLFDWR
0DQGRUOHGROFLFRQDOFXQHDPDUHVEXFFLDWHJUDPPL
=XFFKHURLQSROYHUHJUDPPL
&DQGLWRJUDPPL
%XUURJUDPPL
6FRU]DGLOLPRQH
,QWULGHWHGXHXRYDGLIDULQDHIDWHQHWDJOLHULQLHJXDOLDTXHOOLSLILQLFKHFXRFHUHVWHSHUODPLQHVWUDQHO
EURGR ,Q XQ DQJROR GHOOD VSLDQDWRLD IDWH XQ PRQWH FROOH PDQGRUOH FROOR ]XFFKHUR FRO FDQGLWR WDJOLDWR D
SH]]HWWL H FROOD EXFFLD GHO OLPRQH UDVFKLDWD H TXHVWR PRQWLFHOOR GL URED VHUYHQGRYL GHOOD OXQHWWD H GHO
PDWWHUHOOR VWLDFFLDWHOR H WULWDWHOR LQ PRGR GD ULGXUOR PLQXWR FRPH L FKLFFKL GHO JUDQR 3UHQGHWH DOORUD XQD
WHJOLD GL UDPH H FRVu DO QDWXUDOH VHQ]D XQJHUOD FRPLQFLDWH D GLVWHQGHUH LQ PH]]R DOOD PHGHVLPD VH q
JUDQGHXQVXRORGLWDJOLHULQLHFRQGLWHOLFRJO LQJUHGLHQWLVRSUDGHVFULWWLGLVWHQGHWHXQDOWURVXRORGLWDJOLHULQLH
FRQGLWHOL DQFRUD UHSOLFDQGR O RSHUD]LRQH ILQFKp YL UHVWD URED H SURFXUDQGR FKH OD WRUWD ULVXOWL URWRQGD H
JURVVD GXH GLWD DOPHQR 4XDQGR VDUj FRVu SUHSDUDWD YHUVDWHOH VRSUD LO EXUUR OLTXHIDWWR VHUYHQGRYL GL XQ
SHQQHOORSHUXQJHUODEHQHDOODVXSHUILFLHHSHUFKpLOEXUURSHQHWULHJXDOHLQWXWWHOHSDUWL
&XRFHWHOD LQ IRUQR R QHO IRUQR GD FDPSDJQD DQ]L SHU ULVSDUPLR GL FDUERQH SXz EDVWDUH LO VROR
FRSHUFKLR GL TXHVWR 6SROYHUL]]DWHOD DEERQGDQWHPHQWH GL ]XFFKHUR D YHOR TXDQGR q FDOGD H VHUYLWHOD
GLDFFLD
7257$5,&&,2/,1$,,
)DWHXQDSDVWDIUROODFRQ
)DULQDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
8RYDQO
'LVWHQGHWHQHXQDSDUWHDOODJURVVH]]DGLXQRVFXGRQHOIRQGRGLXQDWHJOLDGLUDPHGHOGLDPHWURGL
R FHQWLPHWUL SULPD XQWD GL EXUUR H VRSUD DOOD PHGHVLPD YHUVDWH XQPDU]DSDQHIDWWR QHOOH VHJXHQWL
SURSRU]LRQL
0DQGRUOHGROFLFRQWUHDPDUHVEXFFLDWHJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
$UDQFLRFDQGLWRJUDPPL
8QURVVRG XRYR
3HVWDWHQHOPRUWDLROHPDQGRUOHFROOR]XFFKHURDJJLXQJHWHGRSRO DUDQFLRDSH]]HWWLQLHFROEXUURLO
URVVRG XRYRHXQDFXFFKLDLDWDG DFTXDIDWHWXWWRXQLPSDVWR&ROUHVWRGHOODSDVWDIUROODIRUPDWHXQFHUFKLR
HFRQXQGLWRLQWLQWRQHOO DFTXDDWWDFFDWHORJLURJLURDJOLRUOLGHOODWHJOLDGLVWHQGHWHLOPDU]DSDQHWXWWRHJXDOH
H FRSULWHOR FRQ XQ VXROR DOWR PH]]R GLWR GL WDJOLHULQL VRWWLOLVVLPL SHUFKp TXHVWL GHYRQR HVVHUH FRPH XQD
ILRULWXUD QRQ OD EDVH GHO GROFH HG XQJHWHOL FRQ JUDPPL GL EXUUR OLTXHIDWWR VHUYHQGRYL GL XQ SHQQHOOR
&XRFHWH OD WRUWD LQ IRUQR D PRGHUDWR FDORUH H GRSR VSDUJHWHOH VRSUD JUDPPL GL FHGUR FDQGLWR D SLFFROL
SH]]HWWLQL VSROYHUL]]DWHOD FRQ ]XFFKHUR D YHOR YDQLJOLDWR H VHUYLWHOD XQ JLRUQR R GXH GRSR FRWWD SHUFKp LO
WHPSR OD UDPPRUELGLVFH H OD UHQGH SL JHQWLOH 'HL WDJOLHULQL IDWHQH SHU XQ XRYR PD SRFR SL GHOOD PHWj
EDVWHUDQQR
7257$)5$1*,3$1(
8Q VLJQRUH YHQH]LDQR GDL WUDWWL GL YHUR JHQWLOXRPR PL VXJJHULVFH TXHVWD WRUWD FKH q GL JUDWR H
GHOLFDWRVDSRUH
)DULQDGL SDWDWHJUDPPL
=XFFKHURDYHORJUDPPL
%XUURJUDPPL
8RYDQ
&UHPRUGLWDUWDURJUDPPL
%LFDUERQDWRGLVRGDJUDPPL
2GRUHGLVFRU]DGLOLPRQHJUDWWDWD
/DYRUDWH GD SULPD L URVVL G XRYR FRQ OR ]XFFKHUR GRSR XQLWHFL OD IDULQD GL SDWDWH H SURVHJXLWH D
GLPHQDUHFROPHVWRORYHUVDWHFLSRLLOEXUURVFLROWRHSHUXOWLPROHFKLDUHPRQWDWHHOHSROYHUL6HUYLWHYLGLXQD
WHJOLD SLFFROD RQGH SRVVD UHVWDU DOWD GXH GLWD XQJHWHOD FRO EXUUR H VSROYHUL]]DWHOD GL IDULQD PLVWD FRQ OR
]XFFKHUR3RWHWHFXRFHUODLQFDVDQHOIRUQRGDFDPSDJQD
7257$$//$0$5(1*2
)DWHXQDSDVWDIUROODPHWjGRVHGHOQULFHWWD$
)DWHXQDFUHPDQHOOHVHJXHQWLSURSRU]LRQL
/DWWHGHFLOLWUL
=XFFKHURJUDPPL
)DULQDJUDPPL
5RVVLG XRYRQ
2GRUHGLYDLQLJOLD
3UHQGHWH JUDPPL GL SDQ GL 6SDJQD H WDJOLDWHOR D IHWWH GHOOD JURVVH]]D GL PH]]R FHQWLPHWUR
6HUYLWHYLGLXQDWHJOLDGLUDPHGLPH]]DQDJUDQGH]]DXQJHWHODFROEXUURHFRSULWHQHLOIRQGRFRQXQDVIRJOLD
GHOODGHWWDSDVWDSRLVRYUDSSRQHWHJLURJLURDTXHVWDXQRUORGHOODVWHVVDSDVWDODUJRXQGLWRHGDOWRGXHH
SHUDWWDFFDUOREHQHEDJQDWHLOJLURFRQXQGLWRLQWLQWRQHOO DFTXD
'RSRDYHUIDWWRDOODWHJOLDTXHVWDDUPDWXUDFRSULWHODSDVWDGHOIRQGRFROODPHWjGHOOHIHWWHGLSDQGL
6SDJQDLQWLQWHOHJJHUPHQWHLQURVROLRGLFHGUR6RSUDOHPHGHVLPHGLVWHQGHWHODFUHPDHFRSULWHTXHVWDFRQ
OH ULPDQHQWL IHWWH GL SDQ GL 6SDJQD HJXDOPHQWH DVSHUVH GL URVROLR 2UD PRQWDWH FROOD IUXVWD GXH GHOOH WUH
FKLDUH ULPDVWHGDOODFUHPDHTXDQGR VDUDQQREHQVRGHXQLWHYLDSRFRSHUYROWDJUDPPLGL]XFFKHURD
YHOR H PHVFRODWH DGDJLR SHU DYHU FRVu OD PDUHQJD FROOD TXDOH FRSULUHWH OD VXSHUILFLH GHO GROFH ODVFLDQGR
VFRSHUWR O RUOR GHOOD SDVWD IUROODSHUGRUDUORFROURVVRG XRYR&XRFHWHODDOIRUQRRDOIRUQRGDFDPSDJQDH
TXDQGRODPDUHQJDVLVDUjDVVRGDWDFRSULWHODFRQXQIRJOLRRQGHQRQSUHQGDFRORUH
/DWRUWDVIRUPDWHODIUHGGDHVSROYHUL]]DWHODOHJJHUPHQWHGL]XFFKHURDYHOR&RORURDFXLQRQLVWXFFDLO
GROFLXPHJLXGLFKHUDQQRTXHVWRSLDWWRVTXLVLWR
7257$&2,3,12/,
4XHVWD q XQD WRUWD FKH DOFXQL SDVWLFFLHUL YHQGRQR D UXED &KL QRQ q SUDWLFR GL WDOLFRVHFUHGHUjFKH
O DEELDLQYHQWDWDXQGRWWRUHGHOOD6RUERQDLRYHODGRTXLLPLWDWDSHUIHWWDPHQWH
/DWWHPH]]ROLWUR
6HPROLQRGLJUDQDPH]]DQDJUDPPL
=XFFKHURJUDPPL
3LQROLJUDPPL
%XUURJUDPPL
8RYDQ
6DOHXQDSUHVD
2GRUHGLYDLQLJOLD
/DTXDQWLWjGHOVHPROLQRQRQqGLWXWWRULJRUHPDSURFXUDWHFKHULHVFDDOTXDQWRVRGR,SLQROLWULWDWHOL
FROODOXQHWWDDOODJURVVH]]DGLXQPH]]RJUDQHOORGLULVR
4XDQGR LO VHPROLQR q FRWWR QHO ODWWH DJJLXQJHWH WXWWR LO UHVWR H SHU XOWLPR OH XRYD PHVFRODQGROH FRQ
VYHOWH]]D
)DWHXQDSDVWDIUROODFRQ
)DULQDJUDPPL
%XUURJUDPPL
=XFFKHURJUDPPL
8RYDQ
6HTXHVWRQRQEDVWDSHULQWULGHUHODIDULQDVHUYLWHYLGLXQJRFFLRORGLYLQRELDQFRRPDUVDOD
3UHQGHWHXQDWHJOLDQHOODTXDOHLOGROFHQRQYHQJDSLDOWRGLGXHGLWDXQJHWHODFROEXUURHFRSULWHQHLO
IRQGRFRQXQDVIRJOLDVRWWLOHGLGHWWDSDVWDYHUVDWHFLLOFRPSRVWRHIDWHJOLVRSUDFROODVWHVVDSDVWDWDJOLDWDD
OLVWDUHOOH XQ UHWLFRODWR D PDQGRUOH 'RUDWHOR FXRFHWH OD WRUWD DO IRUQR H VHUYLWHOD GLDFFLD VSROYHUL]]DWD GL
]XFFKHURDYHOR
7257$69,==(5$
6LDRQRQVLDVYL]]HUDLRYHODGRSHUWDOHHVHQWLUHWHFKHQRQqFDWWLYD
)DWHXQDSDVWDGLJLXVWDFRQVLVWHQ]DFRQ
)DULQDJUDPPL
%XUURJUDPPL
6DOHTXDQWREDVWD
2GRUHGLVFRU]DGLOLPRQH
/DWWHTXDQWREDVWDSHULQWULGHUODHODVFLDWHODSHUXQSRFRLQULSRVR
3UHQGHWH XQD WHJOLD GL PH]]DQD JUDQGH]]D XQJHWHOD FRO EXUUR H FRSULWHQH LO IRQGR FROOD GHWWD SDVWD
WLUDWD DOOD JURVVH]]D GL GXH PRQHWH GD OLUH &RO UHVWR GHOOD SDVWD IRUPDWH XQ RUOR DOO LQJLUR H FROORFDWHYL
GHQWURJUDPPLGLPHOHUHLQHWWHVRDOWUHGLTXDOLWjWHQHUDVEXFFLDWHHWDJOLDWHDWRFFKHWWLJURVVLTXDQWROH
QRFL6RSUDOHPHGHVLPHVSDUJHWHJUDPPLGL]XFFKHURPHVFRODWRDGXHSUHVHGLFDQQHOODLQSROYHUHH
JUDPPL GLEXUUROLTXHIDWWR0DQGDWHODLQIRUQRHVHUYLWHODFDOGDRGLDFFLDDVHWWHRGRWWRSHUVRQHFKpD
WDQWHSRWUjEDVWDUH
/DFDQQHOODLQSROYHUHO RGRUHGHOODVFRU]DGLOLPRQHHLOEXUUROLTXHIDWWRVRSUDDOOHPHOHVRQRDJJLXQWH
PLHPDVWDQGRDULJRUHQRQFLYRUUHEEHUR
%2&&$','$0$,
/DIDFFLDFKLYXROHVHQ]DIDULQDLRODFUHGRQHFHVVDULDSHUGDUOHSLFRQVLVWHQ]D
=XFFKHURLQSROYHUHJUDPPL
)DULQDG 8QJKHULDRILQLVVLPDJUDPPL
0DQGRUOHGROFLFRQDOFXQHDPDUHJUDPPL
8RYDLQWHUHQHURVVLQ
2GRUHGLVFRU]DGL OLPRQH
/HPDQGRUOHGRSRDYHUOHVEXFFLDWHHDVFLXJDWHEHQHSHVWDWHOHLQXQPRUWDLRFRQXQDFXFFKLDLDWDGHO
GHWWR ]XFFKHUR H PHVFRODWHOH DOOD IDULQD LQ PRGR FKH QRQ DSSDULVFDQR ER]]ROL ,O UHVWR GHOOR ]XFFKHUR
SRQHWHOR LQ XQD FDWLQHOOD FRL URVVL G XRYR H OD UDVFKLDWXUD GHO OLPRQH ODYRUDQGROL FRQ XQ PHVWROR SHU XQ
TXDUWR G RUD YHUVDWH OD IDULQD H ODYRUDWH DQFRUD SHU SL GL PH]] RUD 0RQWDWH FRQ OD IUXVWD LQ XQ YDVR D
SDUWHOHVHLFKLDUHHTXDQGRVDUDQQREHQVRGHGDVRVWHQHUHXQSH]]RGDGXHOLUHG DUJHQWRYHUVDWHOHQHOOD
PHQ]LRQDWDFDWLQHOODHPHVFRODWHDGDJLQRDGDJLQRRJQLFRVDLQVLHPH
3HUFXRFHUODYHUVDWHODLQXQDWHJOLDGLUDPHXQWDFROEXUURHVSROYHUL]]DWDGL]XFFKHURDYHORHIDULQD
RSSXUHLQXQFHUFKLRGLOHJQRGDVWDFFLRLOFXLIRQGRVLDVWDWRFKLXVRFRQXQIRJOLR
%2&&$','$0$,,
=XFFKHURJUDPPL
)DULQDILQLVVLPDJUDPPL
0DQGRUOHGROFLFRQWUHDPDUHJUDPPL
8RYDQ
2GRUHGLVFRU]DGLOLPRQH
6EXFFLDWHOHPDQGRUOHDVFLXJDWHOHEHQHDOVROHRDOIXRFRSHVWDWHOHILQLVVLPHFRQXQDFXFFKLDLDWDGHO
GHWWR]XFFKHURHPHVFRODWHOHDOODIDULQD
,OUHVWRGHOOR]XFFKHURHLURVVLGHOOHXRYDXQLWHOLLQVLHPHLQXQDEDFLQHOODGLUDPHRGLRWWRQHHVRSUD
DOIXRFRDSRFRFDORUHEDWWHWHOLFROODIUXVWDSHUSLGLXQTXDUWRG RUD 9HUVDWHFLSRVFLDIXRULGHOIXRFROD
IDULQDSUHSDUDWDFRQOHPDQGRUOHODVFRU]DGLOLPRQHJUDWWDWDHGRSRDYHUODODYRUDWDDQFRUDDJJLXQJHWHOH
FKLDUH EHQ PRQWDWH H PHVFRODWH DGDJLR 3RQHWH LO FRPSRVWRLQ XQD WHJOLD XQWD FROEXUUR H VSROYHUL]]DWD GL
IDULQDPLVWDFRQ]XFFKHURDYHORSHUPDQGDUODLQIRUQR
'2/&($//$1$32/(7$1$
4XHVWRqXQGROFHGLEHOO DSSDUHQ]DHPROWRJHQWLOH
=XFFKHURJUDPPL
)DULQDG 8QJKHULDJUDPPL
0DQGRUOHGROFLJUDPPL
8RYDQ
/H PDQGRUOH VEXFFLDWHOH DVFLXJDWHOH DO VROH R DO IXRFR H VFHJOLHQGRQH XQ WHU]R GHOOH SL JURVVH
GLYLGHWH TXHVWH LQ GXH SDUWL QHL GXH OREL QDWXUDOL OH DOWUH WDJOLDWHOH LQ ILOHWWL VRWWLOL 0RQWDWH OH XRYD H OR
]XFFKHURLQXQDEDFLQHOODGLUDPHRGLRWWRQHVXOIXRFRDOODWHPSHUDWXUDGLJUDGLEDWWHQGROHFRQODIUXVWD
SLGLXQTXDUWRG RUD5LWLUDWRLOFRPSRVWRGDOIXRFRXQLWHFLODIDULQDPHVFRODQGROHJJHUPHQWHHYHUVDWHORLQ
XQR VWDPSR OLVFLR WRQGR RG RYDOH SRFR LPSRUWD FKH DYUHWH SULPD LPEXUUDWR H VSROYHUL]]DWR FRQ XQ
FXFFKLDLQR GL ]XFFKHUR D YHOR HG XQR GL IDULQD XQLWL LQVLHPH PD VDUHEEH EHQH FKH OR VWDPSR IRVVH GL
JUDQGH]]DWDOHFKHLOGROFHTXDQGRqFRWWRULXVFLVVHDOWRTXDWWURGLWDFLUFD&XRFHWHORDOIRUQRRDOIRUQRGD
FDPSDJQDDPRGHUDWRFDORUHHGRSRFRUWRHEHQGLDFFLRWDJOLDWHORDOO LQJLURDIHWWHVRWWLOLXQFHQWLPHWUR)DWH
XQDFUHPDFRQ
5RVVLG XRYRQ
/DWWHGHFLOLWUL
=XFFKHURJUDPPL
)DULQDJUDPPL
%XUURJUDPPL
2GRUHGLYDLQLJOLD
H FRQ TXHVWD D EROORUH VSDOPDWH GD XQD VROD SDUWH OH IHWWH GHO GROFH H ULFRPSRQHWHOR FLRq FROORFDWHOH
LQVLHPHXQDVRSUDO DOWUD
9HUUj PHJOLR OD FUHPD VH PHWWHUHWH DO IXRFR SULPD LO EXUUR FRQ OD IDULQD SHU FXRFHUOD VHQ]D IDUOH
SUHQGHUFRORUHSRLUHVDWLHSLGDYLDJJLXQJHUHWHLURVVLLOODWWHHOR]XFFKHURULPHWWHQGRODDOIXRFR
2UDELVRJQDLQWRQDFDUHWXWWDODSDUWHHVWHUQDGHOGROFHFRQXQDJODVVDRVVLDFURVWDHDTXHVWRHIIHWWR
PHWWHWHDEROOLUHLQXQDSLFFRODFD]]DUXRODJUDPPLGL]XFFKHURLQXQGHFLOLWURGLDFTXDILQRDOSXQWRFKH
SUHVRLOOLTXLGRIUDOHGLWDDSSLFFLFKLXQSRFRPDVHQ]DILORHGDYUHWHXQDOWURLQGL]LRGHOODVXDJLXVWDFRWWXUD
TXDQGRDYUjFHVVDWRGLIXPDUHHSURGXUUjODUJKHJDOOR]]ROH$OORUDULWLUDWHORGDOIXRFRHTXDQGRFRPLQFLDD
GLDFFLDUHVSUHPHWHJOLXQTXDUWRGLOLPRQHHODYRUDWHORPROWRFROPHVWRORSHUULGXUORELDQFRFRPHODQHYHPD
VHY LQGXULVVH IUDPDQRYHUVDWHFL XQSRFRG DFTXDSHUULGXUORVFRUUHYROHFRPHXQD FUHPDDOTXDQWRGHQVD
3UHSDUDWD FRVu OD JODVVD EXWWDWHFL GHQWUROHPDQGRUOHDILOHWWL PHVFRODWHHLQWRQDFDWHLOGROFHHFROOHDOWUH
GLYLVHLQGXHSDUWLULILRULWHORDOGLVRSUDLQILODQGROHULWWH
,QYHFH GHOOD FUHPD SRWHWH XVDUH XQD FRQVHUYD GL IUXWWDPD FRQ OD FUHPD ULHVFH XQ GROFH VTXLVLWR H
SHUFLzYLFRQVLJOLRDSURYDUOR
'2/&(7('(6&2
)DULQDG 8QJKHULDJUDPPL
%XUURJUDPPL
=XFFKHURLQSROYHUHJUDPPL
8RYDQ
/DWWHFXFFKLDLDWHQ
2GRUHGL]XFFKHURYDQLJOLDWR
/DYRUDWHGDSSULPDHGLQVLHPHSHUPH]] RUDLOEXUUROR]XFFKHURHLURVVLG XRYR$JJLXQJHWHODIDULQD
HLOODWWHHODYRUDWHDQFRUDEHQHLOFRPSRVWR
3HU IDUH DO]DUH QHOOD FRWWXUD TXHVWR H FRQVLPLOL GROFL RUD YLHQH GDOOD *HUPDQLD H GDOO¶,QJKLOWHUUD XQD
SROYHUH ELDQFD LQRGRUD FKH LQ TXDQWLWj GL JUDPPL VL PHVFROD QHO FRPSRVWR LQVLHPH FRQ OH FKLDUH
PRQWDWH 6H QHO YRVWUR SDHVH QRQ OD WURYDWH VXSSOLWH FRQ JUDPPL GL ELFDUERQDWR GL VRGD H JUDPPL GL
FUHPRU GL WDUWDUR PHVFRODWL LQVLHPH 9HUVDWH LO GROFH LQ XQR VWDPSR OLVFLR LPEXUUDWR VROWDQWR H GL GRSSLD
WHQXWDHFXRFHWHORLQIRUQRRQHOIRUQRGDFDPSDJQD6LVHUYHGLDFFLR
3$67$*(129(6(
=XFFKHURJUDPPL
%XUURJUDPPL
)DULQDGLSDWDWHJUDPPL
)DULQDGLJUDQRJUDPPL
5RVVLG XRYRQ
&KLDUHQ
2GRUHGLVFRU]DGLOLPRQH
6L ODYRUDQR SULPLHUDPHQWH EHQ EHQH LQ XQD FDWLQHOOD L URVVL G XRYR FRO EXUUR H OR ]XFFKHUR SRL VL
DJJLXQJRQR OH GXH IDULQH H TXDQGR TXHVWH DYUDQQR DYXWR PH]] RUD FLUFD GL ODYRUD]LRQH VL YHUVDQR QHO
FRPSRVWR OH FKLDUH PRQWDWH 0DQGDWH DO IRUQR OD SDVWD LQ XQD WHJOLD GL UDPH SUHSDUDWD DO VROLWR FRQ XQD
XQWDWLQD GL EXUUR H LQIDULQDWD 7HQHWHOD DOO DOWH]]D GL XQ GLWR FLUFD WDJOLDWHOD D PDQGRUOH TXDQGR q FRWWD H
VSROYHUL]]DWHODGL]XFFKHURDYHOR
3$67$)52//$
9L GHVFULYR WUH GLIIHUHQWL ULFHWWH GL SDVWD IUROOD SHU ODVFLDUH D YRL OD VFHOWD D VHFRQGD GHOO XVR FKH QH
IDUHWHPDFRPHSLILQHYLUDFFRPDQGRVSHFLDOPHQWHODWHU]DSHUOHFURVWDWH
5,&(77$$
)DULQDJUDPPL
=XFFKHURELDQFRJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
8RYDLQWHUHQHXQWRUOR
5,&(77$%
)DULQDJUDPPL
%XUURJUDPPL
=XFFKHURELDQFRJUDPPL
8RYDLQWHUHQHXQWRUOR
5,&(77$&
)DULQDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
5RVVLG XRYRQ
2GRUHGLVFRU]DGLDUDQFLR
6H YROHWH WLUDU ODSDVWDIUROODVHQ]DLPSD]]DPHQWROR]XFFKHURSHVWDWHORILQLVVLPR LRPLVHUYRGHOOR
]XFFKHUR D YHOR H PHVFRODWHOR DOOD IDULQD H LO EXUURVH q VRGR UHQGHWHOR SDVWRVRODYRUDQGRORSULPDFRQ
XQDPDQREDJQDWDVXOODVSLDQDWRLD,OODUGRRVVLDVWUXWWREDGDWHFKHQRQVDSSLDGLUDQFLGR)DWHGLWXWWRXQ
SDVWRQH PDQHJJLDQGROR LO PHQR SRVVLELOH FKp DOWULPHQWL YL VL EUXFLD FRPH GLFRQR L FXRFKL SHUFLz SHU
LQWULGHUODPHJOLR qLOVHUYLUVLGDSULQFLSLRGHOODODPDGLXQFROWHOOR6HYLWRUQDVVHFRPRGRIDWHSXUHXQJLRUQR
DYDQWLTXHVWDSDVWDODTXDOHFUXGDQRQVRIIUHHFRWWDPLJOLRUDFROWHPSRSHUFKpIUROODVHPSUHGLSL
1HO VHUYLUYHQH SHU SDVWLFFL FURVWDWH WRUWH HFF DVVRWWLJOLDWHOD GD SULPD FRO PDWWHUHOOR OLVFLR H GRSR
SHUSLEHOOH]]DODYRUDWHFRQTXHOORULJDWRODSDUWHFKHGHYHVWDUHGLVRSUDGRUDQGRODFROURVVRG XRYR6H
YLVHUYLWHGHOOR]XFFKHURDYHORODWLUHUHWHPHJOLR3HUODYRUDUODPHQRVHLQXOWLPRUHVWDQRGHLSDVWHOOLXQLWHOL
LQVLHPHFRQXQJRFFLRORGLYLQRELDQFRRGLPDUVDODLOTXDOHVHUYHDQFKHDUHQGHUHODSDVWDSLIUROOD
3$67(',)$5,1$*,$//$,
)DULQDGLJUDQWXUFRJUDPPL
'HWWDGLJUDQRJUDPPL
=XFFKHURLQSROYHUHJUDPPL
%XUURJUDPPL
/DUGRRVVLDVWUXWWRJUDPPL
$QDFLJUDPPL
8RYDQO
0HVFRODWHLQVLHPH OHGXHIDULQHOR]XFFKHURHJOLDQDFLHGLQWULGHWHFROEXUURLOODUGRHO XRYRTXHOOD
TXDQWLWj FKHSRWUHWHIRUPDQGRQHXQSDQHFKHPHWWHUHWHGDSDUWH,ULPDVXJOLLQWULGHWHOLFRQXQSRFRGLYLQR
ELDQFRHXQSRFRG DFTXDHIRUPDWHQHXQDOWURSDQHSRLPHVFRODWHLQVLHPH LGXHSDQLHODYRUDWHOLLOPHQR
SRVVLELOH SURFXUDQGR FKH OD SDVWD ULHVFD SLXWWRVWR PRUELGD 6SLDQDWHOD FRO PDWWHUHOOR DOOD JURVVH]]D GL
PH]]RGLWRVSROYHUL]]DQGRODGLIDULQDPLVWDRQGHQRQVLDWWDFFKLVXOODVSLDQDWRLDHWDJOLDWHODFRJOLVWDPSLQL
GLODWWDDGLYHUVHIRUPHHJUDQGH]]H8QJHWHXQDWHJOLDFROODUGRLQIDULQDWHODHFROORFDWHFLOHSDVWHGRUDWHOH
FROO XRYRFXRFHWHOHDOIRUQRHVSROYHUL]]DWHOHGL]XFFKHURDYHOR
3$67(',)$5,1$*,$//$,,
4XHVWHULHVFRQRDVVDLSLJHQWLOLGHOOHSUHFHGHQWL
)DULQDGLJUDQWXUFRJUDPPL
%XUURJUDPPL
=XFFKHURDYHORJUDPPL )LRULVHFFKLGHOVDPEXFRFRPXQHJUDPPLO
5RVVLG XRYRQ
6HQHOO LQWULGHUHODSDVWDULXVFLVVHWURSSRVRGDUDPPRUELGLWHODFRQXQJRFFLRORG DFTXD6SLDQDWHODFRO
PDWWHUHOORDOODJURVVH]]DSRFRSLGLXQRVFXGRHWDJOLDWHODDGLVFKHWWLFRPHTXHOOLGHOQSHUFKpDQFKH
TXHVWL VL SRVVRQR VHUYLUH FROWKHH SHUUHQGHUOLSLDSSDULVFHQWLVLSRVVRQRQHOODVWHVVDPDQLHUDVFUH]LDUH
DOODVXSHUILFLHFRQOHSXQWHGLXQDIRUFKHWWDRFRQODJUDWWXJLD
,ILRULHOHIRJOLHGHOVDPEXFRKDQQRYLUWGLXUHWLFDHGLDIRUHWLFDHFLRqSHUFKpWXWWLLQWHQGDQRVHQ]D
WDQWRYHORGLSXGLFL]LDIDQQRRULQDUHHVXGDUHHVLWURYDQRLQYHQGLWDGDLVHPSOLFLVWL
*,$//(77,,
6LJQRUHPDPPHWUDVWXOODWHLYRVWULEDPELQLFRQTXHVWLJLDOOHWWLPDDYYHUWLWHGLQRQDVVDJJLDUOLVHQRQ
YROHWHVHQWLUOLSLDQJHUHSHOFDVRPROWRSUREDELOHFKHDORURQHWRFFKLODPLQRUSDUWH
)DULQDGLJUDQWXUFRJUDPPL
'HWWDGLJUDQRJUDPPL
=LELEERJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
/LHYLWRGLELUUDJUDPPL
8QSL]]LFRGLVDOH
&RQ OD PHWj GHOOD IDULQD GL JUDQR H FRO OLHYLWR GL ELUUDLQWULVL FRQ DFTXD WLHSLGD IRUPDWH XQ SDQLQR H
SRQHWHOR D OLHYLWDUH )UDWWDQWR LPSDVWDWH FRQ DFTXD FDOGD OH GXH IDULQH PHVFRODWH LQVLHPH FRQ WXWWL
JO LQJUHGLHQWL VXGGHWWL HFFHWWR O XYD $JJLXQJHWH DO SDVWRQH LO SDQLQR TXDQGR VDUj OLHYLWDWR ODYRUDWHOR
DOTXDQWR H SHU XOWLPR XQLWHFL O XYD 'LYLGHWHOR LQ TXLQGLFL R VHGLFL SDUWL IRUPDQGRQH WDQWL SDQLQL LQ IRUPD GL
VSRODHFRQODFRVWRODGLXQFROWHOORLQFLGHWHVXOODVXSHUILFLHG RJQXQRXQJUDWLFRODWRDPDQGRUOD3RQHWHOLD
OLHYLWDUHLQOXRJRWLHSLGRSRLFXRFHWHOLDOIRUQRRDOIRUQRGDFDPSDJQDDPRGHUDWRFDORUHRQGHUHVWLQRWHQHUL
*,$//(77,,,
6H QRQ YL JUDYD OD VSHVD SRWHWH IDUOLSL JHQWLOL FRQ OD VHJXHQWH ULFHWWD QHOOD TXDOH QRQ RFFRUUH Qp LO
OLHYLWRQpO DFTXDSHULPSDVWDUOL
)DULQDGLJUDQWXUFRJUDPPL
'HWWDGLJUDQRJUDPPL
=XFFKHURLQSROYHUHJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
=LELEERJUDPPL
8RYDQ
2GRUHGLVFRU]DGLOLPRQH
'LTXHVWLWHQHQGROLGHOODJURVVH]]DGLPH]]RGLWRQHIDUHWHXQDYHQWLQDPDSRWHWHDQFKHGDUORUROD
IRUPDFKHSLYLSLDFHHLQYHFHGLWHQHQGROLSLFFROLIDUQH&XRFHWHOLFRPHLSUHFHGHQWLHSHULPSDVWDUOL
UHJRODWHYLFRPHVHVLWUDWWDVVHGLSDVWDIUROOD
526&+(77,
)DULQDJUDPPL
=XFFKHURDYHORJUDPPL
0DQGRUOHGROFLJUDPPL
%XUURJUDPPL
6WUXWWRJUDPPL
8RYDXQRLQWHURHXQURVVR
6EXFFLDWH OH PDQGRUOH DVFLXJDWHOH EHQH DO VROH R DO IXRFR WRVWDWHOH FRORU QRFFLXROD H WULWDWHOH DOOD
JURVVH]]DGLPH]]RFKLFFRGLULVRSRLPHVFRODWHWDQWRTXHVWHFKHOR]XFFKHURIUDODIDULQD
1HOOD PDVVD FRVu IRUPDWD IDWH XQD EXFD SHU PHWWHUFL LO UHVWR HG LQWULGHWHOD ODYRUDQGROD LO PHQR
SRVVLELOHLQGLODVFLDWHODTXDOFKHRUDLQULSRVRQHOODIRUPDGLXQSDQHURWRQGR
,QIDULQDWHOHJJHUPHQWHODVSLDQDWRLDHWLUDWHLOSDQHVXGGHWWRSULPDFROPDWWHUHOOROLVFLRSRLFRQTXHOOR
ULJDWRDOODJURVVH]]DSRFRPHQRGLXQFHQWLPHWUR
6HORWDJOLDWHFROGLVFRGHOQRFRQDOWURFRQVLPLOHRWWHUUHWHFLUFDGLTXHVWHSDVWLQHFKHSRWUHWH
FXRFHUHQHOIRUQRGDFDPSDJQDGRSRDYHUOHFROORFDWHLQXQDWHJOLDXQWDDSSHQDFROEXUURGLDFFLR
&(1&,
)DULQDJUDPPL
%XUURJUDPPL
=XFFKHURLQSROYHUHJUDPPL
8RYDQ
$FTXDYLWHFXFFKLDLDWHQO
6DOHXQSL]]LFR
)DWHFRQTXHVWLLQJUHGLHQWLXQDSDVWDSLXWWRVWRVRGDODYRUDWHODPROWLVVLPRFRQOHPDQLHODVFLDWHODXQ
SRFR LQ ULSRVR LQIDULQDWD H LQYROWDWD LQ XQ FDQRYDFFLR 6H YL ULXVFLVVH WHQHUD LQ PRGR GD QRQ SRWHUOD
ODYRUDUH DJJLXQJHWH DOWUD IDULQD 7LUDWHQH XQD VIRJOLD GHOOD JURVVH]]D G XQR VFXGR H FRO FROWHOOR R FROOD
URWHOOLQD D VPHUOL WDJOLDWHOD D VWULVFH OXQJKH XQ SDOPR FLUFD H ODUJKHGXHRWUHGLWD)DWHLQFRGHVWHVWULVFH
TXDOFKH LQFLVLRQH SHU ULSLHJDUOH R LQWUHFFLDUOH R DFFDUWRFFLDUOH RQGH YDGDQR LQ SDGHOOD RYH O XQWR ROLR R
ODUGR GHYH JDOOHJJLDUH FRQ IRUPH EL]]DUUH 6SROYHUL]]DWHOH FRQ ]XFFKHUR D YHOR TXDQGR QRQ VDUDQQR SL
EROOHQWL%DVWDTXHVWDGRVHSHUIDUQHXQJUDQSLDWWR6HLOSDQHODVFLDWRLQULSRVRDYHVVHIDWWDODFURVWLFLQD
WRUQDWHORDODYRUDUH
67,$&&,$7$&2,6,&&,2/,
1HO PRQGR ELVRJQHUHEEH ULVSHWWDU WXWWL H QRQ GLVSUH]]DUH QHVVXQR SHU GD SRFR FK HLVLDSHUFKp VH
EHQ YRUUHWH FRQVLGHUDUOD SXz SXUH FRGHVWD SHUVRQD GD SRFR HVVHUH GRWDWD GL TXDOFKH TXDOLWj PRUDOH FKH
QRQODUHQGDLQGHJQD
4XHVWR LQ PDVVLPD JHQHUDOH PD YHQHQGR DO SDUWLFRODUH EHQFKp LO SDUDJRQH QRQ UHJJD H VL WUDWWL GL
FRVDPHVFKLQDYLGLUz FKHGHOODVWLDFFLDWDGLFXLPL SUHJLRSDUODUYLVRQRGHELWRUHDXQDUR]]DVHUYDFKHOD
IDFHYDDSHUIH]LRQH
/LHYLWRJUDPPL
=XFFKHURLQSROYHUHJUDPPL
6LFFLROLJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
8RYDQ
2GRUHGLVFRU]DGLDUDQFLRRGLOLPRQH
3HUOLHYLWRTXLLQWHQGRTXHOORFKHVHUYHSHULPSDVWDUHLOSDQH
/DYRUDWHOD OD VHUD DYDQWL SULPD VXOOD VSLDQDWRLD LO OLHYLWR VHQ]DL FRQGLPHQWL SRL LQ XQD FDWLQHOOD SHU
SLGLPH]] RUD FRQXQDPDQRDJJLXQJHQGRDSRFRSHUYROWDJOLLQJUHGLHQWLHOHXRYD3RLFRSULWHODEHQHH
SRQHWHODLQOXRJRWLHSLGRSHUFKpOLHYLWLGXUDQWHODQRWWH/DPDWWLQDDSSUHVVRULPSDVWDWHODHSRLYHUVDWHODLQ
XQD WHJOLD GL UDPH XQWD H LQIDULQDWD RYH VWLD QHOOD JURVVH]]D QRQ PDJJLRUH GL GXH GLWD )DWWR TXHVWR
PDQGDWHOD LQ FDOGDQD SHU OD VHFRQGD OLHYLWDWXUD H SDVVDWHOD DO IRUQR 6L SXz DQFKH FRPSLHUH WXWWD
O RSHUD]LRQH LQ FDVD H FXRFHUOD QHO IRUQR GD FDPSDJQD PD YL SUHYHQJR FKH TXHVWD q XQD SDVWD DOTXDQWR
GLIILFLOHDULXVFLUEHQHVSHFLDOPHQWHVHODVWDJLRQHqPROWRIUHGGD0HJOLRq FKHSHUIDUODDVSHWWLDWHLOGROFR
PDQRQYLVJRPHQWDWHDOODSULPDSURYD
1HO EUXWWR FDVR FKH OD PDWWLQD DYHVVH OLHYLWDWR SRFR R SXQWR DJJLXQJHWH OLHYLWR GL ELUUD LQ TXDQWLWj
SRFRPDJJLRUHGLXQDQRFHIDFHQGRORSULPDOLHYLWDUHDSDUWHFRQXQSL]]LFRGLIDULQDHDFTXDWLHSLGD
67,$&&,$7$817$
/DFKLDPHUHPR VWLDFFLDWDXQWDSHUGLVWLQJXHUODGDOODSUHFHGHQWH6HTXHOODKDLOPHULWRGLULXVFLUHSL
JUDWDDOJXVWRTXHVWDKDO DOWURGLXQDSLIDFLOHHVHFX]LRQH
/D GRVH GL TXHVWD VWLDFFLDWD HOD ULFHWWD GHOOD WRUWD PDQWRYDQDPL IXURQRIDYRULWHGDTXHOEUDY XRPR
JLj UDPPHQWDWR FKH IX $QWRQLR 0DWWHLGL 3UDWR H GLFR EUDYRSHUFK HJOLDYHYDLO JHQLRGHOO DUWHVXDHGHUD
XRPRRQHVWRHPROWRLQGXVWULRVRPDTXHVWRPLRFDURDPLFRFKHPLUDPPHQWDYDVHPSUHLO &LVWLIRUQDLRGL
PHVVHU*LRYDQQL%RFFDFFLRPRUuO DQQRODVFLDQGRPLDGGRORUDWLVVLPR1RQVHPSUHVRQRQHFHVVDULHOH
OHWWHUHHOHVFLHQ]HSHUJXDGDJQDUVLODSXEEOLFDVWLPDDQFKHXQ DUWHDVVDLXPLOHDFFRPSDJQDWDGDXQFXRU
JHQWLOHHGHVHUFLWDWDFRQSHUL]LDHGHFRURFLSXzIDUGHJQLGHOULVSHWWRHGHOO DPRUHGHOQRVWURVLPLOH
6RWWRUR]]HPDQLHUHHWUDWWLXPLOL
6WDQQRVSHVVRLEHLFXRULHLVHQVLSXUL
'HJOLXRPLQLWHPLDPWURSSRJHQWLOL
4XDLPDUPLVRQOXFLGLOLVFLHGXUL
0DYHQLDPRDOO HUJR
3DVWDOLHYLWDGDSDQHJUDPPL
/DUGRJUDPPL
=XFFKHURJUDPPL
6LFFLROLJUDPPL
5RVVLG XRYRQ
8QSL]]LFRGLVDOH
2GRUHGHOODVFRU]DG DUDQFLRRGLOLPRQH
6L ODYRUL PRGHUDWDPHQWH SHUFKp SRWUHEEH SHUGHU OD IRU]D)DWWD OD VHUD H ODVFLDWD LQ OXRJR WLHSLGR VL
OLHYLWDGDVpIDWWDODPDWWLQDDYUjELVRJQRGLWUHRUHGLFDOGDQDLQWHUUD
6HODYROHWHVHQ]DVLFFLROLDJJLXQJHWHDOWULGXHURVVLG XRYRHGDOWULJUDPPLGLODUGR
0HWjGLTXHVWDGRVHEDVWDSHUFLQTXHRVHLSHUVRQH
67,$&&,$7$$//$/,9251(6(
/H VWLDFFLDWH DOOD OLYRUQHVH XVDQVL SHU 3DVTXD G XRYR IRUVH SHUFKp LO WHSRUH GHOOD VWDJLRQH YLHQH LQ
DLXWR D IDUOH OLHYLWDU EHQH H OH XRYD LQ TXHO WHPSR DEERQGDQR 5LFKLHGRQR XQD ODYRUD]LRQH OXQJD IRUVH GL
TXDWWURJLRUQLSHUFKpYDQQRULPDQHJJLDWHSDUHFFKLHYROWH(FFRYLODQRWDGHJO LQJUHGLHQWLQHFHVVDULSHUIDUQH
WUHGLPHGLDJUDQGH]]DRTXDWWURSLSLFFROH
8RYDQ
)DULQDILQLVVLPDFKLORJUDPPL
=XFFKHURJUDPPL
2OLR VRSUDIILQHJUDPPL
%XUURJUDPPL
/LHYLWRGLELUUDJUDPPL
$QDFLJUDPPL
9LQVDQWRGHFLOLWUL
0DUVDODGHFLOLWUR
$FTXDGLILRUG DUDQFLGHFLOLWULO
0HVFRODWHOHGXHTXDOLWjGLYLQRHLQXQSR GLTXHVWROLTXLGRSRQHWHLQIXVLRQHJOLDQDFLGRSRDYHUOLEHQ
ODYDWL$WDUGDVHUDSRWUHWHIDUHTXHVWD
D
2SHUD]LRQH ,QWULGHWH LO OLHYLWR GL ELUUD FRQ PH]]R ELFFKLHUH GL DFTXD WLHSLGD IDFHQGRJOLSUHQGHU OD
IDULQDFKH RFFRUUH SHU IRUPDUH XQ SDQH GL JLXVWDFRQVLVWHQ]DFKHFROORFKHUHWHVRSUDLOPRQWHGHOODIDULQD
HQWURDXQDFDWLQHOODFRSUHQGRORFRQXQRVWUDWRGHOODPHGHVLPDIDULQD7HQHWHODFDWLQHOODULSDUDWDGDOO DULDH
LQFXFLQDVHQRQDYHWHOXRJRSLWLHSLGRQHOODYRVWUDFDVD
D
2SHUD]LRQH /D PDWWLQD TXDQGR LO GHWWR SDQH VDUj EHQ OLHYLWDWR SRQHWHOR VXOOD VSLDQDWRLD
DOODUJDWHORHULPSDVWDWHORFRQXQXRYRXQDFXFFKLDLDWDG ROLRXQDGL]XFFKHURXQDGLYLQRHWDQWDIDULQDGD
IRUPDUHXQ DOWUDYROWDXQSDQHSLJURVVRPHVFRODQGRRJQLFRVDSHUEHQHVHQ]DWURSSRODYRUDUOR
5LFROORFDWHORVRSUDODIDULQDHFRSULWHORFRPHO DQWHFHGHQWH
D
2SHUD]LRQH'RSRVHLRVHWWHRUHFKHWDQWHRFFRUUHUDQQRRQGHLOSDQHWRUQLDOLHYLWDUHDJJLXQJHWH
WUH XRYD WUH FXFFKLDLDWH G ROLR WUH GL ]XFFKHUR WUH GL YLQR H IDULQD EDVWDQWH SHU IRUPDUH LO VROLWR SDQH H
ODVFLDWHOR OLHYLWDU GL QXRYR UHJRODQGRYL VHPSUH QHOOR VWHVVR PRGR 3HU FRQRVFHUH LO SXQWR GHOOD
IHUPHQWD]LRQHFDOFRODWHFKHLOSDQHGHYHDXPHQWDUHFLUFDWUHYROWHGLYROXPH
D
2SHUD]LRQH &LQTXH XRYD FLQTXHFXFFKLDLDWH GL ]XFFKHURFLQTXH G ROLRFLQTXHGLYLQRHODIDULQD
QHFHVVDULD
D
HGXOWLPDRSHUD]LRQH/HWUHULPDQHQWLXRYDHWXWWRLOUHVWRVFLRJOLHQGRLOEXUURDOIXRFRVLPHVFROL
EHQ EHQH SHU UHQGHUH OD SDVWD RPRJHQHD 6H LO SDVWRQH YL ULXVFLVVH DOTXDQWR PRUELGR LO FKH QRQ q
SUREDELOHDJJLXQJHWHDOWUDIDULQDSHUUHQGHUORGLJLXVWDFRQVLVWHQ]D
'LYLGHWHORLQWUHRTXDWWURSDUWLIRUPDQGRQHGHOOHSDOOHHSRQHWHRJQXQDGLHVVHLQXQDWHJOLDVRSUDXQ
IRJOLR GL FDUWD FKH QH VXSHUL O RUOR XQWD FRO EXUUR RYH VWLD EHQ ODUJD H VLFFRPH YLD YLD FKH VL DXPHQWD OD
GRVHGHJOLLQJUHGLHQWLODIHUPHQWD]LRQHqSLWDUGLYDO XOWLPDYROWDVHYROHWHVROOHFLWDUODSRQHWHOHVWLDFFLDWH
D OLHYLWDUH LQ FDOGDQD H TXDQGR VDUDQQR EHQ JRQILH H WUHPRODQWL VSDOPDWHOH FRQ XQ SHQQHOOR SULPD LQWLQWR
QHOO DFTXD GL ILRU GL DUDQFLR SRL QHO URVVR G XRYR &XRFHWHOH LQ IRUQR D WHPSHUDWXUD PRGHUDWLVVLPD
DYYHUWHQGRFKHTXHVW XOWLPDSDUWHqODSLLPSRUWDQWHHGLIILFLOHSHUFKpHVVHQGRJURVVHGLYROXPHF qLOFDVR
FKHLOIRUWHFDORUHOHDUULYLVXELWRDOODVXSHUILFLHHQHOO LQWHUQRUHVWLQRPROOLFRQH&RQTXHVWDULFHWWDHVHJXLWD
FRQ DFFXUDWH]]D OH VWLDFFLDWH DOOD OLYRUQHVH IDWWH LQ FDVD VH QRQ DYUDQQR WXWWD OD OHJJHUH]]D GL TXHOOH GHO
%XUFKLGL3LVDVDUDQQRLQFRPSHQVRSLVDSRULWHHGLRWWLPRJXVWR
3$1(',63$*1$
8RYDQ
=XFFKHURILQHLQSROYHUHJUDPPL
)DULQDG 8QJKHULDRILQLVVLPDJUDPPL
2GRUHGLVFRU]DGLOLPRQHDFKLSLDFH
'LPHQDWHSULPDLURVVLG XRYRFRQOR]XFFKHURSRLDJJLXQJHWHODIDULQDDVFLXJDWDDOIXRFRRDOVROHH
GRSRXQDODYRUD]LRQHGLFLUFDPH]] RUDYHUVDWHFLGXHFXFFKLDLDWHGHOOHVHLFKLDUHPRQWDWHSHUUDPPRUELGLUH
LOFRPSRVWRLQGLLOUHVWRPHVFRODQGRDGDJLR
3RWUHVWHDQFKHPRQWDUHOHXRYDVXOIXRFRFRPHQHO'ROFHDOODQDSROHWDQDQ&XRFHWHORDOIRUQR
%,6&2772
8RYDQ
=XFFKHURDYHORJUDPPL
)DULQDGLJUDQRJUDPPL
'HWWDGLSDWDWHJUDPPL
%XUURJUDPPL
2GRUHGLVFRU]DGLOLPRQH
/DYRUDWH SHU PH]] RUD DOPHQR L URVVL G XRYR FROOR ]XFFKHUR H XQD FXFFKLDLDWD GHOOH GHWWH IDULQH
VHUYHQGRYLGLXQPHVWROR0RQWDWHOHFKLDUHEHQVRGHHGDJJLXQJHWHOHPHVFRODWHDGDJLRHTXDQGRVDUDQQR
LPPHGHVLPDWH IDWH FDGHUH GD XQ YDJOLHWWLQR OH GXH IDULQH FKH SULPD DYUHWH DVFLXJDWH DO VROH R DO IXRFR
&XRFHWHORDOIRUQRRDOIRUQRGDFDPSDJQDLQXQD WHJOLDRYHYHQJDDOWRWUHGLWDFLUFDPDSULPDXQJHWHODFRO
EXUURGLDFFLRHVSROYHUL]]DWHODGL]XFFKHURDYHORPLVWRDIDULQD,QTXHVWLGROFLFRQOHFKLDUHPRQWDWHVLSXz
DQFKHWHQHUHLOVHJXHQWHPHWRGRHFLRqGLPHQDUSULPDLURVVLG XRYRFRQOR]XFFKHURSRLJHWWDUYLODIDULQD
H GRSR XQD EXRQD ODYRUD]LRQH PRQWDU VRGH OH FKLDUH YHUVDUQH GXH FXFFKLDLDWH SHU UDPPRUELGLUH LO
FRPSRVWRLQGLOHULPDQHQWLSHULQFRUSRUDUYHOHDGDJLRDGDJLR
%,6&2772',&,2&&2/$7$
8RYDQ
=XFFKHURLQSROYHUHJUDPPL
)DULQDGLJUDQRJUDPPL
&LRFFRODWDDOODYDLQLJOLDJUDPPL
*UDWWDWHODFLRFFRODWDHPHWWHWHODLQXQDFDWLQHOODFRQOR]XFFKHURHLURVVLG XRYRHGLPHQDWHOLFRQXQ
PHVWROR SRL DJJLXQJHWH OD IDULQD H ODYRUDWH LO FRPSRVWR SHU SL GL PH]] RUD SHU XOWLPR OH FKLDUH PRQWDWH
PHVFRODQGRDGDJLR&XRFHWHORFRPHO DQWHFHGHQWH
)2&$&&,$&2,6,&&,2/,
)DULQDJUDPPL
=XFFKHURLQSROYHUHILQHJUDPPL
%XUURJUDPPL
6LFFLROLJUDPPL
/DUGRJUDPPL
0DUVDODRYLQRELDQFRFXFFKLDLDWHQ
8RYDGXHLQWHUHHGXHURVVL
2GRUHGLVFRU]DGLOLPRQH
)RUPDWDFKHDYUHWHODSDVWDODYRUDQGRODSRFRXQLWHFLLVLFFLROLVPLQX]]DWLXQJHWHXQDWHJOLDGLUDPH
FROODUGRHYHUVDWHFHODSLJLDQGRODFROOHQRFFKHGHOOHGLWDRQGHYHQJDEHUQRFFROXWDPDQRQWHQHWHODSLDOWD
GLXQGLWR
3ULPD GL SDVVDUOD DO IRUQR IDWHOH VH GRSR FRWWD YROHWH VHUYLUOD D SH]]L GHL WDJOL TXDGUDWL FROOD SXQWD
G XQFROWHOORULSHWHQGROLDPH]]DFRWWXUDSHUFKpIDFLOPHQWHVLFKLXGRQRHTXDQGRVDUjFRWWDVSROYHUL]]DWHOD
GL]XFFKHURDYHOR
)2&$&&,$$//$7('(6&$
=XFFKHURJUDPPL
&DQGLWRDSH]]HWWLQLJUDPPL
3DQJUDWWDWRILQHJUDPPL
8YDVXOWDQLQDJUDPPL
8RYDQ
2GRUHGLVFRU]DGLOLPRQH
/DYRUDWH SULPD L URVVL G XRYR FRQ OR ]XFFKHUR ILQFKp VLDQR GLYHQXWL TXDVL ELDQFKL DJJLXQJHWH LO
SDQJUDWWDWR SRL LO FDQGLWR H O XYD H SHU XOWLPR OH FKLDUH PRQWDWH EHQ VRGH 0HVFRODWH DGDJLR SHU QRQ
VPRQWDUOHHTXDQGRLOFRPSRVWRVDUjWXWWRXQLWRYHUVDWHORLQXQDWHJOLDLPEXUUDWDHLQIDULQDWDRVSROYHUL]]DWD
GL SDQJUDWWDWR RYH DO]L GXH GLWD FLUFD H FXRFHWHOD DO IRUQR TXHVWR GROFH SUHQGHUj O DSSDUHQ]D GHO SDQ GL
6SDJQDFKHVSROYHUL]]HUHWHGRSRFRWWRGL]XFFKHURDYHOR
6HGRYHVVHVHUYLUHSHUGLHFLRGRGLFLSHUVRQHUDGGRSSLDWHODGRVH
3$1(7721(0$5,(77$
/D 0DULHWWD q XQD EUDYD FXRFD H WDQWR EXRQD HG RQHVWD GD PHULWDUH FKH LR LQWLWROL TXHVWR GROFH FRO
QRPHVXRDYHQGRORLPSDUDWRGDOHL
)DULQDILQLVVLPDJUDPPL
%XUURJUDPPL
=XFFKHURJUDPPL
8YDVXOWDQLQDJUDPPL
8RYDXQRLQWHURHGXHURVVL
6DOHXQDSUHVD
&UHPRUGLWDUWDURJUDPPL
%LFDUERQDWRGLVRGDXQFXFFKLDLQRRVVLDJUDPPLVFDUVL
&DQGLWRDSH]]HWWLQLJUDPPL
2GRUHGLVFRU]DGLOLPRQH
/DWWHGHFLOLWULFLUFD
' LQYHUQRUDPPRUELGLWHLOEXUURDEDJQRPDULDHODYRUDWHORFROOHXRYDDJJLXQJHWHODIDULQDHLOODWWHD
SRFR SHU YROWD SRL LO UHVWR PHQR O XYD H OH SROYHUL FKH VHUEHUHWH SHU XOWLPR PD SULPD GL YHUVDU TXHVWH
ODYRUDWHLOFRPSRVWRSHUPH]] RUDDOPHQRHULGXFHWHORFROODWWHDJLXVWDFRQVLVWHQ]DFLRqQpWURSSROLTXLGR
Qp WURSSR VRGR 9HUVDWHOR LQ XQR VWDPSR OLVFLRSLDOWRFKHODUJRHGLGRSSLDWHQXWDRQGHQHOJRQILDUHQRQ
WUDERFFKL H SRVVD SUHQGHUH OD IRUPD GL XQ SDQH URWRQGR 8QJHWHQH OH SDUHWL FROEXUURVSROYHUL]]DWHOR FRQ
]XFFKHURD YHORPLVWRDIDULQDHFXRFHWHORLQIRUQR6HYLYLHQEHQHYHGUHWHFKHFUHVFHPROWRIRUPDQGRLQ
FLPD XQ ULJRQILR VFUHSRODWR Ê XQ GROFH FKH PHULWD GL HVVHUH UDFFRPDQGDWR SHUFKp PLJOLRUH DVVDL GHO
SDQHWWRQHGL0LODQRFKHVLWURYDLQFRPPHUFLRHULFKLHGHSRFRLPSD]]DPHQWR
3$1(%2/2*1(6(
4XHVWR q XQ SDQHFKH IDUj RQRUH DOOD FODVVLFDFXFLQDERORJQHVHSHUFKpJXVWRVRDPDQJLDUVLVRORH
DWWRDHVVHUHVHUYLWRSHULQ]XSSDUORLQTXDOXQTXHOLTXLGR
)DULQDGLJUDQRJUDPPL
=XFFKHURDYHORJUDPPL
%XUURJUDPPL
=LELEERJUDPPL
3LQROLWULWDWLDOO LQJURVVRJUDPPL
&HGURFDQGLWRDSLFFROLILOHWWLJUDPPL
&UHPRUGLWDUWDURJUDPPL
%LFDUERQDWRJUDPPL
8RYDQ
/DWWHGHFLOLWUL,
0HVFRODWH OR ]XFFKHUR FRQ OD IDULQD H IDWHQH XQ PRQWH VXOOD VSLDQDWRLD QHOOD EXFD FKH JOL IDUHWH
SRQHWHFL LO EXUUR OH XRYD H LO ODWWH PD TXHVWR WLHSLGR FRQ OH GXH SROYHUL GHQWUR OH TXDOL JLj YHGUHWH FKH
FRPLQFLDQR D IHUPHQWDUH ,PSDVWDWH RJQL FRVD LQVLHPH H TXDQGR LO SDVWRQH q GLYHQXWR RPRJHQHR DSULWHOR
SHUDJJLXQJHUYLLSLQROLLOFDQGLWRHO XYD
5LPDQHJJLDWHOR RQGH TXHVWH FRVH YHQJDQR VSDUVH HJXDOPHQWH SHU IRUPDUQH GXH SDQL D IRUPD GL
VSROD DOWL SRFR SL GL XQ GLWR GRUDWHOL FRO URVVR G XRYR H FXRFHWHOL VXELWR DO IRUQR RG DQFKH DO IRUQR GD
FDPSDJQD
&,$0%(//(266,$%8&&(//$7,,
)DULQDILQLVVLPDFKLORJUDPPL
=XFFKHURJUDPPL
/LHYLWRJUDPPL
%XUURJUDPPL
/DUGRJUDPPL
/DWWHGHFLOLWUL
0DUVDODGHFLOLWUL
5KXPGXHFXFFKLDLDWH
8RYDQ
%LFDUERQDWRGLVRGDXQFXFFKLDLQR
8QSL]]LFRGLVDOH
2GRUHGLVFRU]DGLOLPRQH
6H VLHWH SUHFLVL FROOH GRVL LQGLFDWH OD IDULQD EDVWHUj SHU O DSSXQWR DG RWWHQHUH XQD SDVWD GL JLXVWD
VRGH]]D
3HU OLHYLWR FRPH KR GHWWR DOWUD YROWD LQWHQGR TXHOOD SDVWD JLj SUHSDUDWD FKH VHUYH GL IHUPHQWR DO
SDQH
,OOLPRQHGDJUDWWDUHGHY HVVHUHGLJLDUGLQR
6FLRJOLHWH LO OLHYLWR LQ XQD FDWLQHOOD FROOD PHWj GHO ODWWH IDFHQGRJOL SUHQGHUH WDQWD IDULQD GD IDUQH XQ
SDQHGLJLXVWDFRQVLVWHQ]D'RSRIRUPDWRODVFLDWHORVWDUHLQPH]]RDOODIDULQDLQPRGRFKHQHVLDFLUFRQGDWR
GD XQR VWUDWR SL DOWR GL XQ GLWR 3RQHWH OD FDWLQHOOD LQ OXRJR QRQ IUHGGR ULSDUDWR GDOO DULD H TXDQGR TXHO
SDQH VDUj EHQ OLHYLWDWR SHU LO FKH DFFRUUHUDQQR D VHFRQGD GHOOD VWDJLRQH RWWR R GLHFL RUH JXDVWDWHOR H
ULIDWHOR SL JUDQGH FROUHVWR GHO ODWWHHGHOODIDULQDRFFRUUHQWH$VSHWWDWHFKHDEELDGLQXRYROLHYLWDWRHFKH
VLD EHQ ULJRQILDWR SHU LO FKH FL YRUUj DOWUHWWDQWR WHPSR YHUVDWHOR DOORUD VXOOD VSLDQDWRLD HG LPSDVWDWHOR FRO
UHVWRGHOODIDULQDHFRQWXWWLJO LQJUHGLHQWLFLWDWLPDODYRUDWHOREHQEHQHHFRQIRU]DRQGHODSDVWDVLDIILQLH
GLYHQJDWXWWDRPRJHQHD
3UHSDUDWH GHL WHJOLRQL GL IHUUR R GHOOH WHJOLH GL UDPH VWDJQDWH XQWH FRO ODUGR H LQIDULQDWH H QHOOH
PHGHVLPH FROORFDWH OH FLDPEHOOH FKH IDUHWH JUDQGL D SLDFHUH PD LQ PRGR FKH YL VWLDQR DVVDL ODUJKH
/DVFLDWHOH OLHYLWDUH LQ FXFLQD RLQ DOWUR OXRJRGLWHPSHUDWXUDWLHSLGDHGDOORUFKpVDUDQQREHQULJRQILDWHPD
QRQ SDVVDWH GL OLHYLWR IDWH ORUR FROOD SXQWD GL XQ FROWHOOR GHOOH OXQJKH LQFLVLRQL DOOD VXSHUILFLH GRUDWHOH
FROO XRYRHVSDUJHWHFLVRSUDGHOOR]XFFKHURFULVWDOOLQRSHVWDWRJURVVR
&XRFHWHOHLQIRUQRDPRGHUDWRFDORUH
9L DYYHUWR FKH G LQYHUQR VDUj EHQH LPSDVWDUH LO OLHYLWR FRO ODWWH WLHSLGR H PDQGDUH OH FLDPEHOOH D
OLHYLWDUH QHOOD FDOGDQD &ROOD PHWj GRVH SRWHWH RWWHQHUH TXDWWUR EHOOH FLDPEHOOH GL JUDPPL FLUFD
FLDVFXQDTXDQGRQRQYRJOLDWHIDUOHSLSLFFROH
&,$0%(//(266,$%8&&(//$7,,,
4XHVWHFLDPEHOOHGDIDPLJOLDVRQRGLSLVHPSOLFH IDWWXUDGHOOHSUHFHGHQWL
)DULQDG 8QJKHULDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
&UHPRUGLWDUWDURJUDPPL
%LFDUERQDWRGLVRGDJUDPPL
8RYDQ
2GRUHGLEXFFLDGLOLPRQHRGLDQDFLRGDQFKHGLFHGURFDQGLWRLQSH]]HWWLQL
)DWH XQD EXFD QHOOD IDULQD SHU PHWWHUFL LO EXUUR VFLROWR OH XRYD H OR ]XFFKHUR ,QWULGHWH OD IDULQDFRQ
TXHVWLLQJUHGLHQWLHFROODWWHFKHRFFRUUHSHUIRUPDUHXQDSDVWDGLJLXVWDFRQVLVWHQ]DHGLPHQDWHODPROWR
/HGXHSROYHULHJOLRGRULDJJLXQJHWHOLLQXOWLPR
,QYHFH GL XQD VROD FLDPEHOOD SRWHWH IDUQH GXH H WHQHUOH FRO EXFR ODUJR FKH YHQJRQR JURVVH
DEEDVWDQ]D )DWH ORUR TXDOFKH LQFLVLRQH DOOD VXSHUILFLH GRUDWHOH FRO URVVR G XRYR H FXRFHWHOH DO IRUQR R DO
IRUQRGDFDPSDJQDXQJHQGRODWHJOLDFRQEXUURRODUGR$QFKHFRQODPHWjGHOOHGRVLVLRWWLHQHXQDGLVFUHWD
FLDPEHOOD
3$67$0$''$/(1$
=XFFKHURJUDPPL
)DULQDILQHJUDPPL
%XUURJUDPPL
5RVVLG XRYRQ
&KLDUHQ
8QDSUHVDGLELFDUERQDWRGLVRGD
2GRUHGLVFRU]DGLOLPRQH
/DYRUDWH SULPD L URVVL G XRYR FROOR ]XFFKHUR H TXDQGR VDUDQQR GLYHQWDWL ELDQFDVWUL DJJLXQJHWH OD
IDULQDHODYRUDWHDQFRUDSHUSLGLXQTXDUWRG RUD8QLWHDOFRPSRVWRLOEXUUROLTXHIDWWRVHqG LQYHUQRHSHU
XOWLPROHFKLDUHPRQWDWH
/DIDULQDDVFLXJDWHODDOIXRFRRDOVROHVHG HVWDWH
$ TXHVWD SDVWD SRWHWH GDUH IRUPH GLYHUVH PD WHQHWHOD VHPSUH VRWWLOH H GL SRFR YROXPH 6L XVD
PHWWHUODLQGHJOLVWDPSLQLODYRUDWLXQWLFROEXUURHLQIDULQDWLRSSXUHLQWHJOLDDOODJURVVH]]DGLXQGLWRVFDUVR
WDJOLDQGROD GRSR LQ IRUPD GL PDQGRUOH FKH VSROYHUL]]HUHWH GL ]XFFKHUR D YHOR 3RWHWH DQFKH IDUOD GHOOD
JURVVH]]DGLPH]]RGLWRHDSSLFFLFDUHLQVLHPHOHPDQGRUOHDGXHSHUGXHFRQFRQVHUYHGLIUXWWD
3,==$$//$1$32/(7$1$
3DVWDIUROODPHWjGHOODULFHWWD$GHOQRSSXUHO LQWHUDULFHWWD%GHOORVWHVVRQXPHUR
5LFRWWDJUDPPL
0DQGRUOHGROFLFRQWUHDPDUHJUDPPL
=XFFKHURJUDPPL
)DULQDJUDPPL
8RYDQHXQURVVR
2GRUHGLVFRU]DGLOLPRQHRGLYDLQLJOLD
/DWWHPH]]RELFFKLHUH
)DWHXQDFUHPDFROODWWHFROOR]XFFKHURFROODIDULQDFRQO XRYRLQWHURVRSUDLQGLFDWRHTXDQGRqFRWWD
HG DQFRU EROOHQWH DJJLXQJHWH LO URVVR H GDWHOH O RGRUH 8QLWH TXLQGL DOOD FUHPD OD ULFRWWD H OH PDQGRUOH
VEXFFLDWHHSHVWDWHILQL0HVFRODWHLOWXWWRH ULHPSLWHFRQTXHVWRFRPSRVWRODSDVWDIUROODGLVSRVWDDJXLVDGL
WRUWD H FLRq IUD GXH VIRJOLH GHOOD PHGHVLPD RUQDWD GL VRSUD H GRUDWD FRO URVVR G XRYR 6 LQWHQGH JLj FKH
GHY HVVHUHFRWWDLQIRUQRVHUYLWDIUHGGDHVSROYHUL]]DWDGL]XFFKHURDYHOR$PHVHPEUDFKHTXHVWRULHVFD
XQGROFHGLJXVWRVTXLVLWR
3,==$*5$9,'$
6HUYLWHYLGHOVHJXHQWHFRPSRVWRXVRFUHPD
/DWWHXQTXDUWRGLOLWUR
=XFFKHURJUDPPL
$PLGRJUDPPL
5RVVLG XRYRQ
2GRUHFKHSLDJJUDGLWH
$JJLXQJHWHTXDQGRODULWLUDWHGDOIXRFR
3LQROLLQWHULJUDPPL
8YDSDVVROLQDJUDPPL
5LHPSLWH FRQ TXHVWR FRPSRVWR XQD SDVWD IUROOD FRPH DYHWH IDWWR SHU OD SL]]D DOOD QDSROHWDQD H
FXRFHWHODFRPHODSUHFHGHQWH
48$775248$57,$//¶,1*/(6(
8RYDQHGHOORURSHVRFRPSUHVRLOJXVFLRDOWUHWWDQWR]XFFKHURHGDOWUHWWDQWDIDULQD
8YDSDVVROLQDJUDPPL
%XUURJUDPPL
&DQGLWRDSH]]HWWLQLJUDPPL
%LFDUERQDWRGLVRGDXQFXFFKLDLQR
/DYRUDWHSULPDOHXRYDFRQOR]XFFKHURDJJLXQJHWHODIDULQDHFRQWLQXDWHDODYRUDUHFRQXQPHVWROR
SHU PH]] RUD DOO LQFLUFD /DVFLDWH LO FRPSRVWR LQ ULSRVR SHU XQ RUD R GXH LQGL XQLWH DO PHGHVLPR LO EXUUR
VFLROWRDEDJQRPDULDLOELFDUERQDWRO XYDHLOFDQGLWRYHUVDWHORLQXQDWHJOLDRLQXQDIRUPDOLVFLDXQWDFRO
EXUURHVSROYHUL]]DWDGL]XFFKHURDYHORPLVWRDIDULQDHFXRFHWHORDOIRUQR
/ XYDSDVVROLQDODYDWHODSULPDRQGHQHWWDUODGDOODWHUUDFKHRUGLQDULDPHQWHFRQWLHQHHGDVFLXJDWHOD
4XLYLHQHDSURSRVLWRXQRVIRJRFRQWURODSURYHUELDOHLQGROHQ]DGHJO ,WDOLDQLLTXDOLVRQRVROLWLGLULFRUUHUHDL
SDHVLHVWHULDQFKHSHUTXHOOHFRVHFKHDYUHEEHURDSRUWDWDGLPDQRQHOSURSULR1HOOHFDPSDJQHGHOODEDVVD
5RPDJQDVLUDFFRJOLHXQ XYDQHUDDSLFFROLVVLPLFKLFFKLHVHQ]DVHPHFROjFKLDPDWDXYDURPDQLQDFKHLR
SHUXVRGLFDVDPLDKRPHVVRWDOYROWDDSURILWWRSHUFKpQRQVLGLVWLQJXHGDOODSDVVROLQDVHQRQSHUHVVHUHGL
TXDOLWjPLJOLRUHHSULYDG RJQLVR]]XUD3HUVHFFDUODGLVWHQGHWHLJUDSSROLLQXQJUDWLFFLRWHQHWHODLQFDOGDQD
SHUVHWWHRGRWWRJLRUQLQHWWDQGRODGDLUDVSLTXDQGRVDUjVHFFD
48$775248$57,$//¶,7$/,$1$
4XHVWR GROFH VL ID QHOOD VWHVVD PDQLHUD GHO SUHFHGHQWH HFFHWWR FKH VL VRVWLWXLVFH DO FDQGLWR O RGRUH
GHOODEXFFLDGLOLPRQHHDOO XYDSDVVROLQDJUGLPDQGRUOHGROFLFRQ DOFXQHDPDUH8VDQGRDQFKHTXLLO
ELFDUERQDWRGLVRGDLOGROFHULHVFLUjSLOHJJLHUR/HPDQGRUOHGRSRDYHUOHVEXFFLDWHDVFLXJDWHOHDOVROHR
DO IXRFR SHVWDWHOH ILQL FRQ GXH FXFFKLDLDWH GHOOR ]XFFKHUR GHOOD ULFHWWD H PHVFRODWHOH DOOD IDULQD SULPD GL
JHWWDUOH QHO FRPSRVWR6H QRQ XVDWH TXHVWD SUHFDX]LRQHF q LO FDVR GLWURYDUOHPDQGRUOHWXWWHDPPDVVDWH
LQVLHPHÊXQGROFHFKHKDELVRJQRGLHVVHUHODYRUDWRPROWRWDQWRSULPDFKHGRSRDYHUFLYHUVDWRLOEXUURH
LO PLR FXRFR KD VSHULPHQWDWR FKH ULHVFH PHJOLR WHQHQGR OD FDWLQHOOD LPPHUVD QHOO DFTXD FDOGD PHQWUH VL
ODYRUDFRVDTXHVWDFKHVLSXzGLUHDQFKHSHUOHDOWUHSDVWHFRQVLPLOL6HIDWWRFRQDWWHQ]LRQHVDUjJLXGLFDWR
XQGROFHVTXLVLWR
'2/&(',0$1'25/(
8RYDQ
=XFFKHURLOSHVRGHOO XRYD
)DULQDGLSDWDWHJUDPPL
%XUURJUDPPL
0DQGRUOHGROFLFRQWUHDPDUHJUDPPL
2GRUHGLEXFFLDGLOLPRQHJUDWWDWD
6EXFFLDWHOHPDQGRUOHDVFLXJDWHOHDOVROHRDOIXRFRHSHVWDWHOHILQLVVLPHQHOPRUWDLRFRQXQWHU]RGHO
GHWWR]XFFKHUR/DYRUDWHFRQXQPHVWRORLWUHURVVLGHOOHXRYDFROODULPDQHQ]DGHOOR]XFFKHURHODEXFFLDGHO
OLPRQHILQFKpVDUDQQRGLYHQXWLELDQFDVWULXQLWHFLGRSRODIDULQDGLSDWDWHSRLOHPDQGRUOHSHVWDWHHLOEXUUR
OLTXHIDWWRODYRUDQGRDQFRUDLOFRPSRVWR3HUXOWLPRYHUVDWHFLOHFKLDUHPRQWDWHHTXDQGRVDUjDPDOJDPDWD
RJQLFRVDLQVLHPHFXRFHWHORQHOIRUQRGDFDPSDJQDVSROYHUL]]DQGRORGL]XFFKHURDYHORGLDFFLRFKHVLD
6HYLVHUYLUHWHGLXQDWHJOLDLOFXLIRQGRVLDGHOGLDPHWURGLFHQWLPHWULFLUFDLOGROFHYHUUj JLXVWRGL
DOWH]]D 3RWHWH VHUYLUYL GHOOR VWHVVR EXUUR SHU XQJHU OD WHJOLD OD TXDOH FRPH VDSHWH YD VSROYHUL]]DWD FRQ
]XFFKHURDYHORPLVWRDIDULQDÊXQGROFHGLJXVWRGHOLFDWRFKHSXzEDVWDUHSHURWWRSHUVRQH
2))(//(',0$50(//$7$
/D SDUROD RIIHOOD LQ TXHVWR VLJQLILFDWR q GHO GLDOHWWR URPDJQROR H VH QRQ LVEDJOLR DQFKH GHO
ORPEDUGRHGRYUHEEHGHULYDUHGDOO DQWLFKLVVLPDRIIDIRFDFFLDVFKLDFFLDWDFRPSRVWDGLIDUURHDQFKHGLYDULH
DOWUHFRVH
'DUO RIIDDOFHUEHUR qXQDIUDVHFKHKDLOPHULWRGHOO RSSRUWXQLWjSDUODQGRVLGLFRORURHQRQVRQSRFKL
RJJLJLRUQRFKHGDQQRODFDFFLDDTXDOFKHFDULFDRQGHDYHUPRGRGLULFHYHUODHPDQJLDUHVXOWHVRURSXEEOLFR
DTXDWWURJDQDVFLH0DWRUQLDPRDOOHRIIHOOHFKHVDUjPHJOLR
0HOHURVHJUDPPL
=XFFKHURLQSROYHUHJUDPPL
&DQGLWRJUDPPL
&DQQHOODLQSROYHUHGXHFXFFKLDLQL
7DJOLDWHOHPHOHLQTXDWWURVSLFFKLVEXFFLDWHOLHOHYDWHORURODORJJLDGHOWRUVROR7DJOLDWHTXHVWLVSLFFKL
DIHWWHSLVRWWLOLFKHSRWHWHHSRQHWHOHDOIXRFRLQXQDFD]]DUXRODFRQGXHELFFKLHULG DFTXDVSH]]HWWDQGROH
FRO PHVWROR 4XHVWH PHOH VRQR GL SDVWD GXUD H SHU FXRFHUOH KDQQR ELVRJQR G DFTXD DQ]L VH EROOHQGR
ULPDQHVVHURWURSSRDVFLXWWHDJJLXQJHWHQHGHOO DOWUD$VSHWWDWHFKHVLDQRVSDSSRODWHSHUJHWWDUYLOR]XFFKHUR
HSRLDVVDJJLDWHVHLOGROFHqJLXVWRSHUFKpOHIUXWWDLQJHQHUHDVHFRQGDGHOODPDWXULWjSRVVRQRHVVHUHSL
RPHQRDFLGH3HUXOWLPRDJJLXQJHWHLOFDQGLWRDSLFFROLSH]]HWWLQLHODFDQQHOOD
6HUYLWHYL GHOOD SDVWD IUROOD Q QHO TXDQWLWDWLYR GHOOD ULFHWWD $ GLVWHQGHWHOD FRO PDWWHUHOOR DOOD
JURVVH]]DGLXQRVFXGRHWDJOLDWHODFROORVWDPSRURWRQGRHVPHUODWRFRPHTXHOORVHJQDWR>LQTXHVWDSDJLQD@
XQGLVFRVRWWRHXQGLVFRVRSUDTXHVW XOWLPRWLUDWRFROPDWWHUHOORULJDWRHLQPH]]RODPDUPHOODWDXPHWWDQGR
JOLRUOLSHUFKpVLDWWDFFKLQR'RUDWHOHRIIHOOHFROURVVRG XRYRHPDQGDWHOHDOIRUQRVSROYHUL]]DQGROHGRSRGL
]XFFKHURDYHOR
2))(//(',0$5=$3$1(
6HUYLWHYL GHOOD SDVWD IUROOD Q QHO TXDQWLWDWLYR GHOOD ULFHWWD $ GLVWHQGHWHOD FRO PDWWHUHOOR DOOD
JURVVH]]DGLXQRVFXGRHWDJOLDWHODFROORVWDPSRURWRQGRHVPHUODWRFRPHTXHOORVHJQDWR>LQTXHVWDSDJLQD@
XQGLVFRVRWWRHXQGLVFRVRSUDTXHVW XOWLPRWLUDWRFROPDWWHUHOORULJDWRHLQPH]]RODPDUPHOODWDXPHWWDQGR
JOLRUOLSHUFKpVLDWWDFFKLQR'RUDWHOHRIIHOOHFROURVVRG XRYRHPDQGDWHOHDOIRUQRVSROYHUL]]DQGROHGRSRGL
]XFFKHURDYHOR
&5267$7(
3HU FURVWDWH LR LQWHQGR TXHOOH WRUWH FKH KDQQR SHU EDVH OD SDVWD IUROOD H SHU ULSLHQR OH FRQVHUYH GL
IUXWWDRODFUHPD
3UHQGHWH OD GRVH LQWHUD GHOOD ULFHWWD GHO % Q R OD PHWj GHOOD ULFHWWD $ H LQ DPEHGXH VHUYLWHYL
FRPH VL q GHWWR GL XQ XRYR LQWHUR H XQ WRUOR PD SULPD GL PHWWHUOL QHOOD SDVWD IUXOODWHOL D SDUWH H SHU
ULVSDUPLRODVFLDWHLQGLHWURXQSR¶G XRYRFKHVHUYLUjSHUGRUDUHODVXSHUILFLHGHOODFURVWDWD$OODSDVWDIUROOD
FKHGHYHVHUYLUHDTXHVW XVRVDUjEHQHGDUHXQTXDOFKHRGRUHFRPHTXHOORGLVFRU]DGLOLPRQHRG DFTXDGL
ILRUG DUDQFLRLOPHJOLRVDUHEEHVHUYLUVLHVFOXVLYDPHQWHGHOODULFHWWD&
3HUIRUPDUODFURVWDWDVSLDQDWHFROPDWWHUHOOROLVFLRXQDPHWjGHOODSDVWDSHUDYHUHXQDVIRJOLDURWRQGD
GHOOD JURVVH]]D GL XQR VFXGR DOO LQFLUFD H SRQHWHOD LQ XQD WHJOLD XQWD FRO EXUUR 6RSUD OD PHGHVLPD
GLVWHQGHWH OD FRQVHUYD RSSXUH OD FUHPD RG DQFKH O XQD H O DOWUD WHQHQGROH SHUz VHSDUDWH 6H OD FRQVHUYD
IRVVHWURSSRVRGDUDPPRUELGLWHODDOIXRFRFRQTXDOFKHFXFFKLDLDWDG DFTXD6RSUDODFRQVHUYDGLVWHQGHWHD
HJXDOH GLVWDQ]D O XQD GDOO DOWUD WDQWH VWULVFH GL SDVWD WLUDWD FRO PDWWHUHOOR ULJDWR ODUJKH XQ GLWR VFDUVR H
LQFURFLDWHOHLQPRGRFKHIRUPLQRXQPDQGRUODWRLQGLFRSULWHO HVWUHPLWjGHOOHVWULVFHFRQXQFHUFKLRDOO LQJLUR
IDWWR FROOD SDVWD ULPDQHQWH LQXPLGLWHOR FROO DFTXD SHU DWWDFFDUOR EHQH 'RUDWH FROO XRYR ODVFLDWR D SDUWH OD
VXSHUILFLHGHOODSDVWDIUROODHFXRFHWHODFURVWDWDLQIRUQRRQHOIRUQRGDFDPSDJQD0LJOLRUDGRSRXQJLRUQR
RGXH
&52&&$17(
0DQGRUOHGROFLJUDPPL
=XFFKHURLQSROYHUHJUDPPL
6EXFFLDWHOHPDQGRUOHGLVWDFFDWHQHLORELFLRqOHGXHSDUWLQHOOHTXDOLVRQRQDWXUDOPHQWHFRQJLXQWHH
WDJOLDWHRJQXQRGHLORELLQILOHWWLRSHULOOXQJRRSHUWUDYHUVRFRPHSLYLSLDFH3RQHWHTXHVWHPDQGRUOHFRVu
WDJOLDWH DO IXRFR HG DVFLXJDWHOH ILQR DO SXQWR GL IDU ORUR SUHQGHUH LO FRORUH JLDOOLFFLR VHQ]D SHUz DUURVWLUOH
)UDWWDQWR SRQHWH OR ]XFFKHUR DO IXRFR LQ XQD FD]]DUXROD SRVVLELOPHQWH QRQ LVWDJQDWD H TXDQGR VDUj
SHUIHWWDPHQWH OLTXHIDWWR YHUVDWHYL HQWUR OH PDQGRUOH EHQ FDOGH H PHVFRODWH 4XL DYYHUWLWH GL JHWWDUH XQD
SDOHWWDWDGLFHQHUHVXOOHEUDJLRQGHLOFURFFDQWHQRQYLSUHQGDO DPDURSDVVDQGRGLFRWWXUDLOSXQWRSUHFLVR
GHOODTXDOHVLFRQRVFHGDOFRORUFDQQHOODFKHDFTXLVWDLOFURFFDQWH$OORUDYHUVDWHORDSRFRSHUYROWDLQXQR
VWDPSR TXDOXQTXH XQWR SULPD FRQ EXUUR RG ROLR H SLJLDQGROR FRQ XQ OLPRQH FRQWUR OH SDUHWL GLVWHQGHWHOR
VRWWLOH TXDQWR SL SRWHWH 6IRUPDWHOR GLDFFLR H VH FLz YL ULHVFLVVH GLIILFLOH LPPHUJHWH OR VWDPSR QHOO DFTXD
EROOHQWH 6L XVD DQFKH VHFFDU OH PDQGRUOH DO VROH WULWDUOH ILQL FROOD OXQHWWD XQHQGRYL XQ SH]]R GL EXUUR
TXDQGRVRQRQHOOR]XFFKHUR
6$/$0(,1*/(6(
4XHVWRGROFHFKHVLSRWUHEEHSLSURSULDPHQWHFKLDPDUHSDQGL6SDJQDULSLHQRHFKHIDWDQWREHOOD
PRVWUD QHOOH YHWULQH GH SDVWLFFLHUL VHPEUD SHU FKL q LJQDUR GHOO DUWH XQ SLDWWR G DOWD FUHGHQ]D PD QRQ q
QLHQWHDIIDWWRGLIILFLOHDGHVHJXLUVL
)DWHXQSDQGL6SDJQDFROOHVHJXHQWLGRVLHSHUFXRFHUORDOIRUQRGLVWHQGHWHORDOO DOWH]]DGLPH]]RGLWR
LQXQWHJOLRQHSRVVLELOPHQWHUHWWDQJRODUHXQWRFRO EXUURHVSROYHUL]]DWRGLIDULQD
=XFFKHURLQSROYHUHJUDPPL
)DULQDILQLVVLPDJUDPPL
8RYDQ
,Q TXHVWR HFRQVLPLOL FDVLDOFXQL WUDWWDWL GHOO DUWH VXJJHULVFRQR GL DVFLXJDU EHQH ODIDULQDDOVROHRDO
IXRFRSULPDGLDGRSHUDUODSHUUHQGHUODIRUVHSLOHJJLHUD
/DYRUDWHLURVVLG XRYRFROOR]XFFKHURSHUFLUFDPH]] RUD XQLWHDLPHGHVLPLOHFKLDUHEHQPRQWDWHH
GRSRDYHUOHPHVFRODWHDGDJLQRIDWHFDGHUHODIDULQDGDXQYDJOLHWWLQRRSSXUHWHQHWHYLDOPHWRGRLQGLFDWRDO
Q
/HYDWR GDO IRUQR WDJOLDWH GDO PHGHVLPR TXDQGR q DQFRUD FDOGR XQ QXPHUR VXIILFLHQWH GL VWULVFH
ODUJKH FHQWLPHWULFLUFDHOXQJKHTXDQWRLOSH]]RGLSDQGL6SDJQDDOTXDOHGHYRQRVHUYLUHGLULSLHQRPD
SHUFKp TXHVWH VWULVFH IDFFLDQR XQ EHOO HIIHWWR GHYRQR SUHQGHUH FRORUL GLYHUVL TXLQGL DOFXQH DVSHUJHWHOH GL
URVROLR ELDQFR H UHVWHUDQQR JLDOOH DOWUH GL DONHUPHV H ILJXUHUDQQR URVVHH DOOH XOWLPH IDWH SUHQGHUH LOQHUR
FRQXQURVROLRELDQFRRYHVLDVWDWDLQIXVDGHOODFLRFFRODWD4XHVWLILOHWWLFRVuSUHSDUDWLGLVSRQHWHOL XQRVRSUD
O DOWURDOWHUQDQGROLQHOPH]]RGHOSH]]RGLSDQGL6SDJQDULPDVWRLQWHURODVXSHUILFLHGHOTXDOHDYUHWHSULPD
VSDOPDWDGLXQDOLTXLGDFRQVHUYDGLIUXWWDHVSDOPDWLSXUHLILOHWWLRQGHVWLDQRXQLWL7LUDWHLOHPELGHOSDQGL
6SDJQDVRSUDLPHGHVLPL HIRUPDWHXQURWRORWXWWRXQLWRLOTXDOHWDJOLDWRSRLDIHWWHSUHVHQWHUjSHUULSLHQR
XQDVFDFFKLHUDDGLYHUVLFRORUL
4XHVWRGROFHVLSXzIDUSLVHPSOLFHSHUXVRGLIDPLJOLDQHOVHJXHQWHPRGREDVWDQGRODPHWjGHOOD
GRVHDQFKHSHUXQDWHJOLDJUDQGH
6SDOPDWHLOSDQGL6SDJQDFRQURVROLRHFRQVHUYDGLIUXWWDVLDGLFRWRJQHGLDOELFRFFKHRGLSHVFKH
SRFR LPSRUWD GLVWHQGHWH VXOOD PHGHVLPD GHOOH IHWWLQH VRWWLOL GL FDQGLWR H URWRODWH FRPH XQ IRJOLR LO SH]]R
LQWHURVRSUDVpVWHVVRPDQHOO XQDRQHOO DOWUDPDQLHUDVDUHEEHEHQHSHUGDUJOLSLEHOO DVSHWWRGLRUQDUHOD
VXSHUILFLHRFRQXQULFDPRGL]XFFKHURRFRQXQDFURVWDGLFLRFFRODWDFRPHXVDQRLSDVWLFFLHULPDFRGHVWL
VLJQRUL SHU IDUH WDOL FRVH D SHUIH]LRQH KDQQR FHUWL ORUR VHJUHWL SDUWLFRODUL FKH QRQ LQVHJQDQR YROHQWLHUL
&RQRVFR SHUz FRVu DOWR DOWR XQ ORUR SURFHVVR VSHFLDOH FKH WURYHUHWH GHVFULWWR DO Q )UDWWDQWR
FRQWHQWDWHYLGHOVHJXHQWHFKHqSLVHPSOLFHPDQRQGHOWXWWRSHUIHWWR
,QWULGHWHGHOOR]XFFKHURDYHORFRQFKLDUDG XRYR IDFHQGRORPROWRVRGRHGLVWHQGHWHORVRSUDDOGROFH
XQLIRUPHPHQWHRSSXUHPHWWHWHORLQXQFDUWRFFLRIRJJLDWRDIRUPDGLFRUQHWWRHVWUL]]DQGRORSHUIDUORXVFLUH
GDOSLFFROREXFRLQIRQGRJLUDWHORVXOGROFHSHUIRUPDUHLOGLVHJQRFKHSLYLSLDFH6HOD FURVWDODIDWHQHUD
SUHQGHWH JU GL ]XFFKHUR D YHOR H JU GL FLRFFRODWD LQ SROYHUH PHVFRODWH LQWULGHWH XJXDOPHQWH FRQ
FKLDUD G XRYR H GLVWHQGHWH O LQWULVR VXOGROFH 6H QRQ VL DVFLXJD QDWXUDOPHQWH SRQHWHOR VRWWR O D]LRQH GL XQ
PRGHUDWRFDORUH
&$9$//8&&,',6,(1$
,GROFLVSHFLDOLD6LHQDVRQRLOSDQIRUWHLULFFLDUHOOLLFDYDOOXFFLHOHFXSDWH,FDYDOOXFFLVRQRSDVWLQHLQ
IRUPDGLPRVWDFFLXROLGHOODGLPHQVLRQHVHJQDWDTXLVRWWRTXLQGLYHGHWHFKHODILJXUDGLXQFDYDOORQRQFLKD
QLHQWHFKHIDUHHSHUFKpVLDQRFRVuFKLDPDWLFUHGRQRQVLVDSSLDQHDQFKHD6LHQDGLWUHFRVHSLHQDGLWRUUL
GLFDPSDQHHGLTXLQWDQH
&RQTXHVWDULFHWWDLQWHQGRLQGLFDUYLLOPRGRGLSRWHUOLLPLWDUHPDQRQGLIDUOLGHOWXWWRSUHFLVLSHUFKpVH
QHO VDSRUH DOO LQFLUFD FL VLDPR OD PDQLSROD]LRQH ODVFLD D GHVLGHUDUH HG q FRVD QDWXUDOH 'RYH VL ODYRUD LQ
JUDQGHHFRQSURFHVVLFKHVRQRXQVHJUHWRDLSURIDQLO LPLWD]LRQH]RSSLFDVHPSUH
)DULQDJUDPPL
=XFFKHURELRQGRJUDPPL
1RFLVJXVFLDWHJUDPPL
$UDQFLRFDQGLWRJUDPPL
$QDFLJUDPPL
6SH]LHHFDQQHOODLQSROYHUHJUDPPL
/HQRFLWULWDWHOHDOODJURVVH]]DGHOODYHFFLDDOO LQFLUFD
/ DUDQFLRWDJOLDWHORDGDGHWWLQL
/R]XFFKHURPHWWHWHORDOIXRFRFRQXQWHU]RGHOVXRSHVRGLDFTXDHTXDQGRqULGRWWRDFRWWXUDGLILOR
JHWWDWHLQHVVRWXWWLJOLLQJUHGLHQWLPHVFRODWHHYHUVDWHLOFRPSRVWRFDOGRQHOODVSLDQDWRLDVRSUDODIDULQDSHU
LQWULGHUOD PD SHU IDU TXHVWR YHGUHWH FKH YL RFFRUUHUj GHOO DOWUD IDULQD OD TXDOH VHUYH D ULGXUUH OD SDVWD
FRQVLVWHQWH )RUPDWH DOORUD L FDYDOOXFFL GHL TXDOL FRQ TXHVWD GRVH QH RWWHUUHWH ROWUH D H VLFFRPH D
PRWLYR GHOOR ]XFFKHUR TXHVWD SDVWD DSSLFFLFD VSROYHUL]]DWHOL GL IDULQD DOOD VXSHUILFLH &ROORFDWHOL LQ XQD
WHJOLD H FXRFHWHOL LQ ELDQFR D PRGHUDWR FDORUH 6WDWH PROWR DWWHQWL DOOD FRWWXUD GHOOR ]XFFKHUR SHUFKp VH
FXRFHWURSSRGLYHQWDVFXUR4XDQGRSUHQGHQGRQHXQDJRFFLDWUDLOSROOLFHHO LQGLFHFRPLQFLDDILODUHEDVWD
SHUTXHVWRXVR
5,&&,$5(//,',6,(1$
=XFFKHURELDQFRILQHJUDPPL
0DQGRUOHGROFLJUDPPL
'HWWHDPDUHJUDPPL
&KLDUHG XRYRQ
2GRUHGLEXFFLDG DUDQFLR
6EXFFLDWHOHPDQGRUOHDVFLXJDWHOHEHQHDOVROHRDOIXRFRHSHVWDWHOHILQLVVLPHQHOPRUWDLRFRQGXH
FXFFKLDLDWHGHOGHWWR]XFFKHURYHUVDWRLQGLYHUVHYROWHSRLXQLWHFLLOUHVWRGHOOR]XFFKHURPHVFRODQGREHQH
0RQWDWHOHFKLDUHLQXQYDVRTXDOXQTXHHYHUVDWHFLOHPDQGRUOHFRVuSUHSDUDWHHODEXFFLDGHOO DUDQFLR
JUDWWDWD0HVFRODWHGLQXRYRFRQXQPHVWRORHYHUVDWHLOFRPSRVWRVXOODVSLDQDWRLDVRSUDDXQOHJJLHURVWUDWR
GL IDULQD SHU IDUJOLHQH SUHQGHUH VROWDQWR TXHOOD EHQ SRFD TXDQWLWj FKH RFFRUUH SHU WLUDUH OHJJHUPHQWH FRO
PDWWHUHOOR XQD VWLDFFLDWD PRUELGD JURVVD PH]]R GLWR $OORUD WDJOLDWHOL FRQ OD IRUPD TXL VRWWR VHJQDWD H QH
RWWHUUHWHGDDSHUFXRFHUOLQHOVHJXHQWHPRGR
3UHQGHWH XQD WHJOLD IDWHOH XQR VWUDWR GL FUXVFD DOWR TXDQWR XQR VFXGR H FRSULWHOR WXWWR GL FLDOGH SHU
SRVDUYLVXLULFFLDUHOOLHFXRFHUOLDOIRUQRDPRGHUDWRFDORUHRQGHUHVWLQRWHQHULLQPDQFDQ]DGHOIRUQRFKH
VDUHEEHLOSLRSSRUWXQRVHUYLWHYLGHOIRUQRGDFDPSDJQD
'RSRFRWWLWDJOLDWHYLDODFLDOGDFKHVRSUDYDQ]DDJOLRUOLGLTXHVWHSDVWHFKHULHVFRQRGLTXDOLWjILQH
&,$/'21,
3RQHWHLQXQSHQWROR
)DULQDJUDPPL
=XFFKHURELRQGRJUDPPL
/DUGRYHUJLQHHDSSHQDWLHSLGRJUDPPL
$FTXDGLDFFLDVHWWHFXFFKLDLDWH
6FLRJOLHWHSULPDFROO DFTXDODIDULQDHOR]XFFKHURSRLDJJLXQJHWHLOODUGR
3RQHWH VRSUD XQ IRUQHOOR DUGHQWH LO IHUUR GD FLDOGH H TXDQGR q EHQ FDOGR DSULWHOR H YHUVDWHYL VRSUD
RJQLYROWDPH]]DFXFFKLDLDWDGHOODGHWWDSDVWHOODVWULQJHWHOHGXHSDUWLGHOIHUURLQVLHPHSDVVDWHORVXOIXRFR
GDXQDSDUWHHGDOO DOWUDOHYDWHOHVEDYDWXUHFRQXQFROWHOORHGDSULWHORTXDQGRFRQRVFHUHWHFKHODFLDOGDKD
SUHVR LO FRORU QRFFLXROD $OORUD GLVWDFFDWHOD DOTXDQWR GD XQD SDUWH FRO FROWHOOR H VXELWR FRVu FDOGD VRSUD LO
IHUUR PHGHVLPR R VRSUD D XQ FDQRYDFFLR GLVWHVR VXO IRFRODUH DUURWRODWHOD FRQ XQ ERFFLXROR GL FDQQD R
VHPSOLFHPHQWHFROOHPDQL4XHVW XOWLPDRSHUD]LRQHELVRJQDIDUODPROWRVYHOWLSHUFKpVHODFLDOGDVLGLDFFLD
QRQ SRWUHWH SL DYYROJHUOD VX Vp VWHVVD 6H OH FLDOGH UHVWDVVHUR DWWDFFDWH DO IHUUR XQJHWHOR D TXDQGR D
TXDQGRFROODUGRHVHQRQYHQLVVHURWXWWHXQLWHDJJLXQJHWHXQSR GLIDULQD
6DSHWH JLj FKH L FLDOGRQL VL SRVVRQR VHUYLU VROL PD q PHJOLR DFFRPSDJQDUOL FRQ OD SDQQD R FRQ OD
FUHPDPRQWDWDHGDQFKHFROODWWHEUOpRFROODWWHDOODSRUWRJKHVH
)$9($//$520$1$2'(,0257,
4XHVWHSDVWLQHVRJOLRQRIDUVLSHUODFRPPHPRUD]LRQHGHLPRUWLHWHQJRQROXRJRGHOODIDYDEDJJLDQD
RVVLDG RUWRFKHVLXVDLQTXHVWDRFFDVLRQHFRWWDQHOO DFTXDFROO RVVRGLSURVFLXWWR7DOHXVDQ]DGHYHDYHUH
ODVXDUDGLFHQHOO DQWLFKLWjSLUHPRWDSRLFKpODIDYDVLRIIHULYDDOOH3DUFKHD3OXWRQHHD3URVHUSLQDHGHUD
FHOHEUH SHU OH FHULPRQLH VXSHUVWL]LRVH QHOOH TXDOL VL XVDYD *OL DQWLFKL (JL]L VL DVWHQHYDQR GDO PDQJLDUQH
QRQ OD VHPLQDYDQR Qp OD WRFFDYDQR FROOH PDQL H L ORUR VDFHUGRWL QRQ RVDYDQR ILVVDU OR VJXDUGR VRSUD
TXHVWR OHJXPH VWLPDQGROR FRVD LPPRQGD /H IDYHH VRSUDWWXWWR TXHOOH QHUH HUDQR FRQVLGHUDWHFRPHXQD
IXQHEUHRIIHUWDSRLFKpFUHGHYDVLFKHLQHVVHVLULQFKLXGHVVHUROHDQLPHGHLPRUWLHFKHIRVVHURVRPLJOLDQWL
DOOHSRUWHGHOO LQIHUQR
1HOOH IHVWH /HPXUDOL VL VSXWDYDQR IDYH QHUH H VL SHUFXRWHYD QHO WHPSR VWHVVR XQ YDVR GL UDPH SHU
FDFFLDUYLDGDOOHFDVHOHRPEUHGHJOLDQWHQDWLL/HPXULHJOL'HLGHOO LQIHUQR
)HVWRSUHWHQGHFKHVXLILRULGLTXHVWROHJXPHVLDYLXQVHJQROXJXEUHHO XVRGLRIIULUHOHIDYHDLPRUWLIX
XQDGHOOHUDJLRQLDTXDQWRVLGLFHSHUFXL3LWDJRUDRUGLQzD VXRLGLVFHSROLGLDVWHQHUVHQHXQ DOWUDUDJLRQH
HUDSHUSURLELUORURGLLPPLVFKLDUVLLQDIIDULGLJRYHUQRIDFHQGRVLFRQOHIDYHORVFUXWLQLRQHOOHHOH]LRQL
9DULH VRQR OH PDQLHUH GL IDUH OH IDYH GROFL Y LQGLFKHUz OH VHJXHQWL OH GXH SULPH ULFHWWH VRQR GD
IDPLJOLDODWHU]DqSLILQH
35,0$5,&(77$
)DULQDJUDPPL
=XFFKHURJUDPPL
0DQGRUOHGROFLJUDPPL
%XUURJUDPPL
8RYDQO
2GRUHGLVFRU]DGLOLPRQHRSSXUHGLFDQQHOODRG DFTXDGLILRUG DUDQFLR
6(&21'$5,&(77$
0DQGRUOHGROFLJUDPPL
)DULQDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
8RYDQO
2GRUHFRPHVRSUD
7(5=$5,&(77$
0DQGRUOHGROFLJUDPPL
=XFFKHURDYHORJUDPPL
&KLDUHG XRYRQ
2GRUHGLVFRU]DGLOLPRQHRG DOWUR
3HUOH GXHSULPHVEXFFLDWHOHPDQGRUOHHSHVWDWHOHFROOR]XFFKHURDOODJURVVH]]DGLPH]]RFKLFFRGL
ULVR 0HWWHWHOH LQ PH]]R DOOD IDULQD LQVLHPH FRJOL DOWUL LQJUHGLHQWL H IRUPDWHQH XQD SDVWD DOTXDQWR PRUELGD
FRQTXHOWDQWRGLURVROLRRG DFTXDYLWHFKHRFFRUUH3RLULGXFHWHODDSLFFROHSDVWLQHLQIRUPDGLXQDJURVVD
IDYDFKHULVXOWHUDQQRLQQXPHURGLRSHURJQLULFHWWD'LVSRQHWHOHLQXQDWHJOLDGLUDPHXQWDSULPDFRO
ODUGR R FRO EXUUR H VSROYHUL]]DWD GL IDULQD GRUDWHOH FROO XRYR &XRFHWHOH DO IRUQR R DO IRUQR GD FDPSDJQD
RVVHUYDQGR FKH HVVHQGR SLFFROH FXRFLRQR SUHVWR 3HU OD WHU]D VHFFDWH OH PDQGRUOH DO VROH R DO IXRFR H
SHVWDWHOHILQLQHOPRUWDLRFRQOHFKLDUHG XRYRYHUVDWHDSRFRSHUYROWD$JJLXQJHWHSHUXOWLPROR]XFFKHURH
PHVFRODQGRFRQXQDPDQR LPSDVWDWHOH'RSRYHUVDWHODSDVWDVXOODVSLDQDWRLDVRSUDDXQYHORVRWWLOLVVLPR
GLIDULQDSHUSRJJLDUODDJXLVDGLXQEDVWRQHURWRQGRFKHGLYLGHUHWHLQSDUWLRSLSHUGDUORURODIRUPDGL
IDYHFKHFXRFHUHWHFRPHOHDQWHFHGHQWL
&272*1$7$
0HOHFRWRJQHFKLORJUDPPL
=XFFKHURELDQFRILQHFKLORJUDPPL
0HWWHWH DO IXRFR OH PHOHFRSHUWH G DFTXD H TXDQGR FRPLQFLDQR D VFUHSRODUHOHYDWHOH VEXFFLDWHOH H
JUDWWDWHOH DOOD PHJOLR SHU OHYDUQH WXWWD OD SROSD FKH SDVVHUHWH SRL GDOOR VWDFFLR 5LPHWWHWHOD DO IXRFR FROOR
]XFFKHURHULPHVWDWHODVHPSUHRQGHQRQVLDWWDFFKL6HWWHRGRWWRPLQXWLGLEROOLWXUDEDVWHUDQQRPDSRLVH
SUHVDVXFROPHVWRORFRPLQFLDDFDGHUHDVWUDFFLOHYDWHOD6HODPHWWHWHLQYDVLSRWUjVHUYLUYLFRPHFRQVHUYD
HIDWWDLQWDOPRGR UHVWHUjSLELDQFDGLTXHOODFKHYLGHVFULYHUzDOQPDFRQPHQRIUDJUDQ]DSHUFKp
XQDSDUWHGHOO RGRUHSDUWLFRODUHDTXHVWRIUXWWRVLVSHUGHQHOO DFTXD
3HU ULGXUOD D FRWRJQDWD GLVWHQGHWHOD VRSUD XQ DVVH DOOD JURVVH]]D SRFR SL GL XQR VFXGR HG
DVFLXJDWHODDOVROHFRSHUWDGLXQYHORSHUFKpOHPRVFKHHOHYHVSLQHVRQRJKLRWWLVVLPH4XDQGRqDVFLXWWD
GLVRSUDWDJOLDWHODLQIRUPDGLWDYROHWWHGLFLRFFRODWDHSDVVDQGROHVRWWRXQFROWHOORSHUGLVWDFFDUODGDOO DVVH
ULYROWDWHODGDOODSDUWHRSSRVWD
6H SRL YL SLDFHVVH GL GDUOH IRUPH EL]]DUUH SURFXUDWHYL GHJOL VWDPSLQL GL ODWWD YXRWL GDOOH GXH SDUWL
ULHPSLWHOLOLVFLDWHOLHGLVWDFFDQGRODPDUPHOODWDGDJOLRUOLFRQGHOLFDWH]]DSRQHWHODXJXDOPHQWHVXOO DVVHHG
DVFLXJDWHODQHOODVWHVVDPDQLHUD
3RWHWHDQFKHFURVWDUODYROHQGRHDOORUDPHWWHWHDVWUXJJHUHJUDPPLGL]XFFKHURELDQFRFRQGXH
FXFFKLDLDWHG DFTXDHTXDQGRDYUjEROOLWRWDQWRGDIDUHLOILOR SUHVDQHXQDJRFFLDIUDGXHGLWD VSDOPDWHRJQL
SH]]RFRQXQSHQQHOOR6HOR]XFFKHURYLVLUDSSLJOLDGXUDQWHO RSHUD]LRQH FKHqEHQHIDUHLQXQDJLRUQDWD
QRQXPLGD ULPHWWHWHORDOIXRFRFRQXQDOWURJRFFLRORG DFTXDHIDWHOREROOLUHGLQXRYR4XDQGROR]XFFKHURq
DVFLXWWRGDXQDSDUWHHVXJOLRUOLVSDOPDWHODSDUWHRSSRVWD
7257(//,',&(&,
(FFRYLXQSLDWWRFKHVLXVDIDUHLQTXDUHVLPD
&HFL VHFFKL GLFR VHFFKL SHUFKp LQ 7RVFDQD VL YHQGRQR UDPPROOLWL QHOO DFTXD GHO EDFFDOj JUDPPL
0HWWHWHOL LQ PROOH OD VHUD QHOO DFTXD IUHVFD H OD PDWWLQD XQLWH DL PHGHVLPL R PDUURQL VHFFKL H
SRQHWHOL DO IXRFR FRQ DFTXD XJXDOPHQWH IUHVFD HQWUR D XQD SHQWROD GL WHUUD FRQ JUDPPL GL FDUERQDWR GL
VRGD OHJDWR LQ XQD SH]]HWWLQD 4XHVWR LO SRSROR OR FKLDPD LO VHJUHWR H VHUYH DIDFLOLWDUH OD FRWWXUD GHL FHFL
,QYHFH GHO FDUERQDWR GL VRGD VL SXz XVDUH OD UDQQDWD /D VHUD DYDQWL PHWWHWH L FHFL LQ XQ YDVR TXDOXQTXH
FRSULWHQHODERFFDFRQXQFDQRYDFFLRRYHDEELDWHPHVVRXQDSDOHWWDWDGLFHQHUHIDWHSDVVDUHDWWUDYHUVROD
PHGHVLPD GHOO DFTXD EROOHQWH ILQR D FKH L FHFL UHVWLQR FRSHUWL H OD PDWWLQD OHYDWL GDOOD UDQQDWD SULPD GL
PHWWHUOLDOIXRFRODYDWHOLEHQHFROO DFTXDIUHVFD&RWWLFKHVLDQROHYDWHOLDVFLXWWLHSDVVDWHOLSHULVWDFFLRFDOGL
EROOHQWL LQVLHPH FRL PDUURQL H VH QRQRVWDQWH LO VHJUHWR R OD UDQQDWD IRVVHUR ULPDVWL GXUL SHU OD TXDOLWj
GHOO DFTXD SHVWDWHOL QHO PRUWDLR 4XDQGR OL DYUHWH SDVVDWL FRQGLWHOL HG DJJUD]LDWHOL FRQ XQ SL]]LFR GL VDOH
FRQ VDSD QHOOD TXDQWLWj QHFHVVDULD DUHQGHUH LO FRPSRVWR DOTXDQWR PRUELGRPH]]RYDVHWWRGLPRVWDUGDGL
6DYLJQDQRRGLTXHOODGHVFULWWDDOQJUDPPLGLFDQGLWRDSLFFROLSH]]HWWLQLXQSRFRGL]XFFKHURVH
ODVDSDQRQOLDYHVVHLQGROFLWLDEEDVWDQ]DHGXHFXFFKLDLQLGLFDQQHOODSHVWD
,QGLIHWWRGLFDYDOOLVLFHUFDGLIDUWURWWDUHJOLDVLQLVLYDDOODEXVFDGLFRPSHQVLHLQTXHVWRFDVRVHYL
PDQFDVVHURODVDSDHODPRVWDUGD ODPLJOLRUHDOPLRJXVWRqTXHOODGL6DYLJQDQRLQ5RPDJQD VLVXSSOLVFH
DOODSULPD FRQJUDPPL GL]XFFKHURHDOODVHFRQGDFRQJUDPPLGLVHQDSDLQSROYHUHVFLROWDQHOO DFTXD
FDOGDGHJOLVWHVVLFHFL2UDSDVVLDPRDOOD SDVWDSHUFKLXGHUOLLQPHULWRDOODTXDOHSRWHWHVHUYLUYLGLTXHOODGH &HQFLQPHWjGRVHGLGHWWDULFHWWDRSSXUHGHOODVHJXHQWH
)DULQDJUDPPL
%XUURJUDPPL
=XFFKHURJUDPPL
8RYDQO
9LQRELDQFRRPDUVDODFXFFKLDLDWHQFLUFD
6DOHXQSL]]LFR
7LUDWHQH XQD VIRJOLD GHOOD JURVVH]]D GL PH]]R VFXGR DOO LQFLUFD H WDJOLDWHOD FROOR VWDPSR URWRQGR
VPHUODWRGHOQ)DWHFKHQHLGLVFKLLOULSLHQRDEERQGLHGDYUHWHULXQHQGRQHLOHPELLWRUWHOOLLQIRUPDGL
XQTXDUWRGLOXQD)ULJJHWHOLQHOODUGRRQHOO ROLRHTXDQGRQRQVRQRSLDEROORUHVSROYHUL]]DWHOLGL]XFFKHURD
YHOR
&ROOD EURGD GH FHFL SRWHWH IDUH XQD ]XSSD R FXRFHUYL FRPH VL XVD LQ 7RVFDQD OH VWULVFH GL SDVWD
FRPSHUDWD
4XHVWLWRUWHOOLULHVFRQRFRVuEXRQLFKHQHVVXQRVDSUjLQGRYLQDUHVHVRQRGLFHFL
)2&$&&,$$//$32572*+(6(
4XHVWRYHORGRSHUXQGROFHDVVDLGHOLFDWRHJHQWLOH
0DQGRUOHGROFLJUDPPL
=XFFKHURJUDPPL
)DULQDGLSDWDWHJUDPPL
8RYDQ
$UDQFLQò
/DYRUDWH GDSSULPD L URVVL G XRYR FROOR ]XFFKHUR DJJLXQJHWH OD IDULQD SRL OH PDQGRUOH VEXFFLDWH H
SHVWDWH ILQL FRQ XQD FXFFKLDLDWD GHO GHWWR ]XFFKHUR H GRSR LO VXJR SDVVDWR GDJOL DUDQFL H OD EXFFLD
VXSHUILFLDOH UDVFKLDWD GL XQ VROR DUDQFLR 3HU XOWLPR XQLWH DO FRPSRVWR OH FKLDUH PRQWDWH YHUVDWHOR LQ XQD
VFDWRODGLFDUWDXQWDGLEXUURDOODJURVVH]]DGLXQGLWRHPH]]RHFXRFHWHORDOIRUQRDPRGHUDWLVVLPRFDORUH
'RSRFRWWDFRSULWHODGLXQDFURVWDELDQFDFRPHDOQ
$0$5(77,,
=XFFKHURELDQFR LQSROYHUHJUDPPL
0DQGRUOHGROFLJUDPPL
0DQGRUOHDPDUHJUDPPL
&KLDUHG XRYRQ
/HPDQGRUOHVSHOODWHOHHVHFFDWHOHDOVROHRDOIXRFRSRLWULWDWHOHILQLVVLPHFRQODOXQHWWD/DYRUDWHFRO
PHVWROR OR ]XFFKHUR H OH FKLDUH SHU PH]] RUD DOPHQR H DJJLXQJHWH OH PDQGRUOH SHU IRUPDUQH XQD SDVWD
VRGD LQ PRGR GD IDUQH GHOOH SDOORWWROH JURVVH TXDQWR XQD SLFFROD QRFH VH ULXVFLVVH WURSSR PRUELGD
DJJLXQJHWHDOWUR]XFFKHURHVHWURSSRGXUDXQ DOWUDSR GLFKLDUDTXHVWDYROWDPRQWDWD6HYLSLDFHVVHGDUH
DJOLDPDUHWWLXQFRORUHWHQGHQWHDOEUXQRPHVFRODWHQHOFRPSRVWRXQSR GL]XFFKHUREUXFLDWR
9LDYLDFKHIRUPDWHOHGHWWHSDOORWWROHFKHVWLDFFHUHWHDOODJURVVH]]DGLXQFHQWLPHWURSRQHWHOHVRSUD
OHRVWLHRVRSUDSH]]HWWL GLFDUWDRSSXUHLQXQDWHJOLDXQWDFROEXUURHVSROYHUL]]DWDGLPHWjIDULQDHPHWj
]XFFKHUR D YHOR PD D XQD GLVFUHWD GLVWDQ]DO XQD GDOO DOWUD SHUFKp VL DOODUJDQR PROWR H JRQILDQR UHVWDQGR
YXRWHDOO LQWHUQR&XRFHWHOHLQIRUQRDPRGHUDWRFDORUH
$0$5(77,,,
(FFRYLXQ DOWUDULFHWWDGLDPDUHWWLFKHJLXGLFRPLJOLRULGHLSUHFHGHQWLHGLSLIDFLOHHVHFX]LRQH
=XFFKHURELDQFRDYHORJUDPPL
0DQGRUOHGROFLJUDPPL
0DQGRUOHDPDUHJUDPPL
&KLDUHG XRYRQ
/H PDQGRUOH VSHOODWHOH H VHFFDWHOH DO VROH R DO IXRFR SRL SHVWDWHOH ILQL QHO PRUWDLR FRQ XQD FKLDUD
YHUVDWD LQ SL YROWH )DWWR TXHVWR PHVFRODWHFL OD PHWj GHOOR ]XFFKHUR PDQWUXJLDQGR LO FRPSRVWR FRQ XQD
PDQR'RSRYHUVDWHORLQXQYDVRHPDQWUXJLDQGRVHPSUHSHUFKpV LQFRUSRULDJJLXQJHWHXQDPH]]DFKLDUD
SRLO DOWUDPHWjGHOOR]XFFKHURHDSSUHVVRO XOWLPDPH]]DFKLDUD
2WWHUUHWHFRVuODYRUDWRXQLPSDVWRRPRJHQHRHGLJLXVWDFRQVLVWHQ]DFKHSRWUHWHIRJJLDUHDEDVWRQH
SHU WDJOLDUOR D SH]]HWWL WXWWL HJXDOL 3UHQGHWHOL VX D XQR D XQR FRQ OH PDQL EDJQDWH DOTXDQWR SHU IRUPDUQH
GHOOHSDOORWWROHJURVVHFRPHOHQRFL6WLDFFLDWHOHDOODJURVVH]]DGLXQFHQWLPHWURHSHOUHVWRUHJRODWHYLFRPH
SHU L SUHFHGHQWL PD VSROYHUL]]DWHOL OHJJHUPHQWH GL ]XFFKHUR D YHOR SULPD GL PHWWHUOL LQ IRUQR D FDORUH
DUGHQWHHGLFRIRUQRSHUFKpLOIRUQRGDFDPSDJQDQRQVDUHEEHDOFDVRSHUTXHVWDSDVWD&RQTXHVWDGRVH
RWWHUUHWHXQDWUHQWLQDGLDPDUHWWL
3$67,&&,1,',0$5=$3$1(
)DWHXQDSDVWDIUROODFROODULFHWWD&GHOQ
)DWH XQPDU]DSDQHFRPHTXHOORGHOQQHOOHVHJXHQWLSURSRU]LRQL
0DQGRUOHGROFLFRQWUHDPDUHVEXFFLDWHJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
$UDQFLRFDQGLWRJUDPPL
8QURVVRG XRYR
'LYHUVHFXFFKLDLDWHG DFTXD
6HUYLWHYL GHJOL VWDPSLQL GD EULRFKHV R DOTXDQWR SL SLFFROL FKH VDUHEEH PHJOLR XQJHWHOL FRO EXUUR
IRGHUDWHOL GL SDVWD IUROOD VRWWLOH TXDQWR XQR VFXGR ULSRQHWHFL LO PDU]DSDQH ULSLHJDWHJOL VRSUD L OHPEL GHOOD
SDVWDEDJQDWHO RUORFROO DFTXDFRSULWHOLFROODVWHVVDSDVWDIUROODGRUDWHOLDOODVXSHUILFLHFXRFHWHOLLQIRUQRR
QHOIRUQRGDFDPSDJQDHGRSRVSROYHUL]]DWHOLGL]XFFKHURDYHOR
&RQTXHVWDGRVHSRWUHWHIDUQHGDD
3$67,&&,1,',6(02/,12
6HPROLQRJUDPPL
=XFFKHURJUDPPL
3LQROLJUDPPL
%XUURJUDPPL
/DWWHGHFLOLWUL
8RYDQ
6DOHXQDSUHVD
2GRUHGLVFRU]DGLOLPRQH
&XRFHWHLOVHPROLQRQHOODWWHHTXDQGRFRPLQFLDDVWULQJHUHYHUVDWHLSLQROLSHVWDWLQHOPRUWDLRLQVLHPH
FRQ OR ]XFFKHUR SRL LO EXUUR H LO UHVWR PHQR OH XRYD FKH VHUEHUHWH SHU XOWLPR TXDQGR LO FRPSRVWR VDUj
GLDFFLR3HOUHVWRUHJRODWHYLFRPHLSDVWLFFLQLGLULVRGHOQ
&RQTXHVWDGRVHQHIDUHWHGDD
3ULPDGLVHUYLUOLVSROYHUL]]DWHOLGL]XFFKHURDYHOR
3$67,&&,1,',5,62
5LVRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
&DQGLWRJUDPPL
/DWWHGHFLOLWUL
8RYDQ
5KXPFXFFKLDLDWHQ
6DOHXQDSUHVD
&XRFHWH PROWLVVLPR LO ULVR ULPXRYHQGROR VSHVVR FRO PHVWROR SHUFKp QRQ VL DWWDFFKL $ GXH WHU]L GL
FRWWXUD YHUVDWH OR ]XFFKHUR LO EXUUR LO VDOH H LO FDQGLWR WDJOLDWR D SH]]HWWLQL 4XDQGR VDUj FRWWR H GLDFFLR
DJJLXQJHWHLOUKXPLURVVLG XRYRSULPDHOHFKLDUHPRQWDWHGRSR
3UHQGHWH JOL VWDPSLQL GD EULRFKHV XQJHWHOL EHQH FRO EXUUR VSROYHUL]]DWHOL GL SDQJUDWWDWR ULHPSLWHOL H
FXRFHWHOLDOIRUQRGDFDPSDJQD6RQRPLJOLRULFDOGLFKHGLDFFL
&RQTXHVWDGRVHQHIDUHWHR
3$67,&&,1,',3$67$%(,*1(7
$FTXDJUDPPL
)DULQDJUDPPL
%XUURJUDPPL
8RYDQHXQURVVR
6DOHTXDQWREDVWD
4XDQGR EROOH O DFTXD YHUVDWH OD IDULQD WXWWD D XQ WUDWWR H ULPHVWDQGR VXELWR DJJLXQJHWH LO EXUUR H
WHQHWHOD VXO IXRFR SHU PLQXWL VHJXLWDQGR VHPSUH D ULPHVWDUOD 'HYH ULXVFLUH XQD SDVWD GXUD FKH
GLVWHQGHUHWH DOOD JURVVH]]D GL XQ GLWR H SHVWHUHWH QHO PRUWDLR LQVLHPH FRQ XQ XRYR SHU UDPPRUELGLUOD
DOTXDQWR &Lz RWWHQXWR PHWWHWHOD LQ XQD FDWLQHOOD SHU ODYRUDUOD FRO PHVWROR DJJLXQJHQGR OH DOWUH XRYD XQR
SHU YROWD PRQWDQGR OH FKLDUH 1RQ YL VWDQFDWH GL ODYRUDUOD ILQFKp QRQ VLD ULGRWWD FRPH XQ XQJXHQWR
ODVFLDWHOD LQ ULSRVR SHU TXDOFKH RUD H TXLQGL PHWWHWHOD D FXFFKLDLDWH OH TXDOL ULXVFLUDQQR GLHFL R GRGLFL LQ
XQD WHJOLD XQWD FRO EXUUR )UXOODWH XQ URVVR G XRYR FRQ XQ SR GL FKLDUD SHU UHQGHUOR SL VFLROWR GRUDWHOL H
OLVFLDWHOLFRQXQSHQQHOOLQR PDTXHVWRVXSSOHPHQWRQRQqQHFHVVDULR SRLPHWWHWHOLLQXQIRUQRFKHVLDEHQ
FDOGR4XDQGRVRQRFRWWLIDWHORURFROWHPSHULQRXQ LQFLVLRQHGDXQDSDUWHRLQIRUPDGLPH]]RFHUFKLRQHOOD
SDUWHGLVRWWRSHUULHPSLUOLGLFUHPDRGLFRQVHUYHGLIUXWWDVSROYHUL]]DWHOLGL]XFFKHURDYHORHVHUYLWHOL
9L DYYHUWR FKH TXDQGR ODYRUDWH SDVWH FKH GHYRQR ULJRQILDUH LO PHVWROR LQYHFH GL JLUDUOR LQ WRQGR q
PHJOLRPXRYHUORGDOVRWWRLQVX
%5,*,',1,
ÊXQGROFHRPHJOLRXQWUDVWXOORVSHFLDOHDOOD7RVFDQDRYHWURYDVLDWXWWHOHILHUHHIHVWHGLFDPSDJQD
HORVL YHGHFXRFHUHLQSXEEOLFRQHOOHIRUPHGDFLDOGH
8RYDQ
=XFFKHURJUDPPL
$QDFLJUDPPL
6DOHXQDSUHVD
)DULQDTXDQWREDVWD
)DWHQH XQD SDVWD SLXWWRVWR VRGD ODYRUDWHOD FROOH PDQL VXOOD VSLDQDWRLD H IRUPDWHQH GHOOH SDOORWWROH
JURVVH TXDQWR XQD SLFFROD QRFH 3RQHWHOH DOOD VWLDFFLD QHO IHUUR GD FLDOGH D XQD GHELWD GLVWDQ]D O XQD
GDOO DOWUD H YROWDQGR GL TXD H GL Oj LO IHUUR VRSUD LO IRUQHOOR DUGHQWH FRQ ILDPPD GL OHJQD OHYDWHOH TXDQGR
DYUDQQRSUHVRFRORUH
'2/&(',&+,$5('¶8292
6HDYHWHG RFFDVLRQHGHOOHFKLDUHG XRYRFKHQRQVDSSLDWHFRPHFRQVXPDUHSRWUHVWHIDUHXQGROFH
QHOVHJXHQWHPRGRFKHULHVFHEXRQR
&KLDUHG XRYRQR
)DULQDG 8QJKHULDJUDPPL
=XFFKHURDYHORJUDPPL
%XUURJUDPPL
8YDVXOWDQLQDJUDPPL
&UHPRUGLWDUWDURJUDPPL
%LFDUERQDWRGLVRGDJUDPPL
2GRUHGL]XFFKHURYDQLJOLDWR
0RQWDWH OH FKLDUH H YHUVDWH QHOOH PHGHVLPH OD IDULQD H OR ]XFFKHUR PHVFRODWH H SRL DJJLXQJHWH LO
EXUUR OLTXHIDWWR 4XDQGR LO FRPSRVWR VDUj WXWWR XQLWR DJJLXQJHWH OH SROYHUL H SHU XOWLPR O XYD 9HUVDWH LO
FRPSRVWR LQ XQD WHJOLD XQWD FRO EXUUR H VSROYHUL]]DWD GL ]XFFKHUR D YHOR H IDULQD RYH LO GROFH ULHVFD DOWR
DOPHQRGXHGLWDFXRFHWHORDOIRUQRRDOIRUQRGDFDPSDJQDHVHUYLWHORGLDFFLR
3$67,1(3(/7+(
0LVWUHVV :RRG XQ DPDELOH VLJQRUD LQJOHVH DYHQGRPL RIIHUWR XQ WKH FRQ SDVWLQH IDWWH FRQ OH VXH
SURSULHPDQLHEEHODFRUWHVLDUDUDQHLFXRFKLSUHWHQ]LRQRVLGLGDUPLODULFHWWDFKHYLGHVFULYRGRSRDYHUOD
PHVVDDOODSURYD
)DULQDG 8QJKHULDRILQLVVLPDJUDPPL
)DULQDGLSDWDWHJUDPPL
=XFFKHURDYHORJUDPPL
%XUURJUDPPL
'XHFKLDUHG XRYR
/DWWHWLHSLGRTXDQWREDVWD
)RUPDWHXQPRQWLFHOORVXOODVSLDQDWRLDFRQOHGXHIDULQHHOR]XFFKHURPHVFRODWLLQVLHPH)DWHJOLXQD
EXFDLQPH]]RFROORFDWHFLOHFKLDUHHLOEXUURDSH]]HWWLHFROODODPDGLXQFROWHOORSULPDHFRQOHPDQLGRSR
VHUYHQGRYLGHOODWWHLQWULGHWHORHODYRUDWHORPH]] RUDFLUFDSHURWWHQHUHXQSDVWRQHSLXWWRVWRWHQHUR7LUDWHOR
FROPDWWHUHOOR LQ XQD VIRJOLD GHOOD JURVVH]]D GL XQR VFXGR WDJOLDWHOD DGLVFKLURWRQGLFRPHTXHOORGHOQ
EXFKHUHOODWHOLFRQOHSXQWHGLXQDIRUFKHWWDHFXRFHWHOLDOIRUQRRDOIRUQRGDFDPSDJQDLQXQDWHJOLDXQWDFRO
EXUUR&RQVRODPH]]DGRVHGHOODULFHWWDVHQHRWWHQJRQRDVVDL
/,1*8(',*$772
6RQRSDVWLQHSHOWKHWROWHGDXQDULFHWWDYHQXWDGD3DULJL
%XUURJUDPPL
=XFFKHURELDQFRDYHORJUDPPL
)DULQDG 8QJKHULDJUDPPL
8QDFKLDUDG XRYR
3RQHWH LQ XQ YDVR LO EXUUR FRVu QDWXUDOH H FRPLQFLDWH D GLPHQDUOR FRO PHVWROR SRL YHUVDWHFL OR
]XFFKHUR LQGL OD IDULQD H SHU XOWLPR OD FKLDUD G XRYR ODYRUDQGR VHPSUH LO FRPSRVWR SHU ULGXUOR XQD SDVWD
RPRJHQHD 3RQHWHOD QHOOD VLULQJD FRQ XQ GLVFR GL EXFR URWRQGR R TXDGUR GHOOD JUDQGH]]D GL FLUFD XQ
FHQWLPHWUR H VSLQJHWHOD LQ XQD WHJOLD XQWD OHJJHUPHQWH FRO EXUUR LQ IRUPD GL SH]]HWWL OXQJKL XQ GLWR
WHQHQGROL UDGL SHUFKp VTXDJOLDQGRVL DOODUJDQR &XRFHWHOL DO IRUQR GD FDPSDJQD D PRGHUDWR FDORUH &RQ
TXHVWDGRVHQHRWWHUUHWHXQDFLQTXDQWLQD
3$1(',6$%%,$
$QFKHLOSDQHGLVDEELDqXQGROFHWHGHVFRFRVuFKLDPDWRSHUFKpVLVIDULQDLQERFFDFRPHODVDEELDH
SHUz VL XVD VHUYLUOR FRO WKH FKH OR UHQGH SL SLDFHYROH DO JXVWR 1RQ YL VSDYHQWDWH QHO VHQWLUH FKH SHU
PDQLSRODUOR RFFRUURQR GXH RUH GL ODYRUD]LRQH QRQ LQWHUURWWD LQ OXRJR ULSDUDWR GD FRUUHQWL G DULD JLUDQGR LO
PHVWROR VHPSUH SHU XQ YHUVR /H VLJQRUH FKH VRQR GL QDWXUD SD]LHQWL H TXHOOH SDUWLFRODUPHQWH FKH VL
GLOHWWDQR G LPSURYYLVDUH GROFL QRQ VL VJRPHQWHUDQQR SHU TXHVWR VH VL SURFXUDQR O DLXWR GL GXH EUDFFLD
UREXVWH
%XUURIUHVFRJUDPPL
=XFFKHURDYHORJUDPPL
)DULQDGLULVRJUDPPL
)DULQDG DPLGRJUDPPL
)DULQDGLSDWDWHJUDPPL
8RYDQ
/ DJURGLXQTXDUWRGLOLPRQH
&RJQDFXQDFXFFKLDLDWH
%LFDUERQDWRGLVRGDXQFXFFKLDLQR
2GRUHGLYDLQLJOLD
/DIDULQDG DPLGRQRQqDOWURFKHO DPLGRFRPXQHGLEXRQDTXDOLWjULGRWWRLQSROYHUHILQH
/DYRUDWHSULPDLOEXUURGDVRORSRLDJJLXQJHWHLURVVLDGXQRDGXQRJLUDQGRLOPHVWRORVHPSUHSHUXQ
YHUVRLQGLYHUVDWHOR]XFFKHURSRLLOFRJQDFHO DJURGLOLPRQHGRSROHIDULQHHSHUXOWLPRLOELFDUERQDWRGL
VRGDHOHFKLDUHPRQWDWHPDGLTXHVW XOWLPHYHUVDWHQHSULPDGXHFXFFKLDLDWHSHUUDPPRUELGLUHLOFRPSRVWR
H PHVFRODWH DGDJLR LO UHVWDQWH 9HUVDWH LO FRPSRVWR LQ XQD WHJOLD SURSRU]LRQDWD XQWD FRO EXUUR H
VSROYHUL]]DWDGL]XFFKHURDYHORHIDULQDHFXRFHWHORLQIRUQRRQHOIRUQRGDFDPSDJQDDPRGHUDWRFDORUH
8Q RUDGLFRWWXUDSRWUjEDVWDUH
7257(('2/&,$/&8&&+,$,2
1RQSHUIDUPHQHEHOORPDSHUGLYHUWLUHLOOHWWRUHHGDSSDJDUHLOGHVLGHULRGLXQLQFRJQLWRFKHVLILUPD
XQ DPPLUDWRUH SXEEOLFR OD VHJXHQWH OHWWHUD JLXQWDPL LO OXJOLR GD 3RUWRIHUUDLR PHQWUH VWDYR
FRUUHJJHQGRLQTXHVWRSXQWROHER]]HGLVWDPSD GHOODGHFLPDHGL]LRQH
6WLPDWPR6LJ$UWXVL
8Q SRHWD PL UHJDOD XQ HVHPSODUH GHO VXR EHO OLEUR /D VFLHQ]D LQ FXFLQD DJJLXQJHQGRYL
DOFXQLYHUVLFKHOHWUDVFULYRSHUFKpSRVVDQRVHUYLUOHLQFDVRGLXQDQXRYDULVWDPSDFKHOH
DXJXURSURVVLPD
(FFRL YHUVL
'HOODVDOXWHqTXHVWRLOEUHYLDULR
/ DSRWHRVLqTXLGHOODSDSLOOD
/ XRPPHUFqVXDSXzYLYHUFHQWHQDULR
&HQWHOODQGRODYLWDDVWLOODDVWLOOD
,OVRORJDXGLRXPDQ JOLDOWULVRQJLXRFKL
'LRORFRPPLVHDOODYLUWGH FXRFKL
2QGHVp VWHVVRRJQLLQIHOLFHDFFXVL
&KHQRQKDLQFDVDLOOLEURGHOO $UWXVL
(GLHFLYROWHXQDVLQRVLFKLDPL
6HDPHQWHQRQQHVDWXWWLLGHWWDPL
81$00,5$725(
7257$',12&,
1RFLVJXVFLDWHJUDPPL
=XFFKHURLQSROYHUHJUDPPL
&LRFFRODWDLQSROYHUHRJUDWWDWDJUDPPL
&HGURFDQGLWRJUDPPL
8RYDQ
2GRUHGL]XFFKHURYDQLJOLDWR
3HVWDWH ILQL LQ XQ PRUWDLROH QRFL LQVLHPH FROOR]XFFKHURSRL YHUVDWHOH LQXQYDVRSHUDJJLXQJHUYLOD
FLRFFRODWD O RGRUH GHOOD YDLQLJOLD OH XRYD SRQHQGR SULPD L URVVL H SRL OH FKLDUH PRQWDWH H SHU XOWLPR LO
FDQGLWRWULWDWRPLQXWLVVLPR
3UHQGHWH XQD WHJOLD RYH LO GROFH QRQ ULHVFD SL DOWR GL GXH GLWD LPEXUUDWHOD H FRVSDUJHWHOD GL
SDQJUDWWDWRSHUFXRFHUODDOIRUQRRDOIRUQRGDFDPSDJQDDPRGHUDWRFDORUH'DLPLHLFRPPHQVDOLTXHVWRq
VWDWRJLXGLFDWRXQGROFHVTXLVLWR
7257$',5,62
/DWWHXQOLWUR
5LVRJUDPPL
=XFFKHURJUDPPL
0DQGRUOHGROFLFRQDPDUHJUDPPL
&HGURFDQGLWRJUDPPL
8RYDLQWHUHQ
5RVVLG XRYRQ
2GRUHGLVFRU]DGLOLPRQH
8QDSUHVDGLVDOH
/HPDQGRUOHVEXFFLDWHOHHSHVWDWHOHQHOPRUWDLRFRQGXHFXFFKLDLDWHGHOGHWWR]XFFKHUR
,OFDQGLWRWDJOLDWHORDSLFFROLVVLPLGDGL
&XRFHWH LO ULVR EHQ VRGR QHO ODWWH YHUVDWHFL GRSR LO FRQGLPHQWR H TXDQGR VDUj GLDFFLR OH XRYD
0HWWHWHLOFRPSRVWRLQXQDWHJOLDXQWDFROEXUURHVSROYHUL]]DWDGLSDQJUDWWDWRDVVRGDWHORDOIRUQRRWUDGXH
IXRFKLLOJLRUQRDSSUHVVRWDJOLDWHODWRUWDDPDQGRUOHHVRORTXDQGRODPDQGDWHLQWDYRODVSROYHUL]]DWHODGL
]XFFKHURDYHOR
7257$',5,&277$
4XHVWDWRUWDULHVFHGLJXVWRFRQVLPLOHDO%XGLQRGLULFRWWDQPDSLGHOLFDWDHGqLOGROFHFKHVL
LPEDQGLVFHGLSUHIHUHQ]DDOOHQR]]HGHLFRQWDGLQLLQ5RPDJQDHFKHSHUPHULWRSXzGDUPROWLSXQWLDWDQWL
GROFLUDIID]]RQDWLGDLSDVWLFFLHUL
5LFRWWDJUDPPL
=XFFKHURJUDPPL
0DQGRUOHGROFLJUDPPL
'HWWHDPDUHQR
8RYDLQWHUHQURVVLQ
2GRUHGLYDLQLJOLD
6LSUHSDUDFRPHLOGHWWR%XGLQRQPDOHPDQGRUOHGRSRSHVWDWHFRQXQDFKLDUDG XRYRqEHQH
SDVVDUOH SHU LVWDFFLR 8QJHWH DEERQGDQWHPHQWH XQD WHJOLD FRO ODUGR H ULYHVWLWHOD GL XQD VIRJOLD GL SDVWD
PDWWD Q H VRSUD DOOD PHGHVLPD YHUVDWH LO FRPSRVWR DOOD JURVVH]]D GL XQ GLWR H PH]]R DOO LQFLUFD
FXRFHQGROR IUD GXH IXRFKL R QHO IRUQR 5DFFRPDQGR LO FDORUH PRGHUDWLVVLPR H OD SUHFDX]LRQH GL XQ IRJOLR
VRSUDXQWRFROEXUURSHUFKpODEHOOH]]DGLTXHVWDWRUWDqFKHVLDFRWWDLQELDQFR4XDQGRVDUjEHQGLDFFLD
WDJOLDWHOD D PDQGRUOH LQ PRGR FKH RJQL SH]]R DEELD OD VXD SDVWD PDWWD VRWWR OD TXDOH VL PDQJLD R QR
VHFRQGRLOSLDFHUG RJQXQRHVVHQGRVLHVVDXVDWDDOVRORVFRSRGLRUQDPHQWRHGLSXOL]LD
3RWUjEDVWDUHSHUGRGLFL RSLSHUVRQH
7257$',=8&&$*,$//$
4XHVWDWRUWDVLIDG DXWXQQRRG LQYHUQRTXDQGROD]XFFDJLDOODVLWURYDLQYHQGLWDGDJOLRUWRODQL
=XFFDFKLORJUDPPLO
0DQGRUOHGROFLJUDPPL =XFFKHURJUDPPL
%XUURJUDPPL
3DQJUDWWDWRJUDPPL
/DWWHPH]]ROLWUR
8RYDQ
8QDSUHVDGLVDOH
2GRUHGLFDQQHOODLQSROYHUH
6EXFFLDWH OD ]XFFD SXOLWHOD GDL ILODPHQWL VXSHUILFLDOL H JUDWWDWHOD VRSUD XQ FDQRYDFFLR 3UHQGHWH OH
TXDWWURSXQWHGLTXHVWRSHUUDFFRJOLHUODLQVLHPH HVWUL]]DWHODLQPRGRGDWRJOLHUOHEXRQDSDUWHGHOO DFTXRVLWj
FKHFRQWLHQH,OFKLORJUDPPRVLULGXUUjDFLUFDJUDPPL0HWWHWHODDOORUDDEROOLUHQHOODWWHILQRDFRWWXUD
FKH VL SXz RWWHQHUH GDL DL PLQXWL VHFRQGR OD TXDOLWj GHOOD ]XFFD 3HVWDWH IUDWWDQWR OH PDQGRUOH JLj
VEXFFLDWHLQVLHPHFROOR]XFFKHURLQXQPRUWDLRULGXFHQGROHILQLVVLPHHTXDQGROD]XFFDqFRWWDXQLWHFLWXWWL
JO LQJUHGLHQWLPHQROHXRYDFKHDJJLXQJHUHWHTXDQGRLOFRPSRVWRqGLDFFLR3HOUHVWRUHJRODWHYLFRPHSHUOD
7RUWDGLULFRWWDGHOQXPHURSUHFHGHQWH
7257$',3$7$7(
7UDWWDQGRVL GL SDWDWH QRQ ULGHWH GHO QRPH DPSROORVR SHUFKp FRPH YHGUHWH DOOD SURYD QRQ q
GHPHULWDWR6HLYRVWULFRPPHQVDOLQRQGLVWLQJXRQRDOJXVWRO RULJLQHSOHEHDGLTXHVWDWRUWDRFFXOWDWHODORUR
SHUFKpODGHSUH]]HUHEEHUR
0ROWDJHQWHPDQJLDSLFRQODIDQWDVLDFKHFROSDODWRHSHUzJXDUGDWHYLVHPSUHGDOQRPLQDUHDOPHQR
ILQFKp QRQVLDQR JLj PDQJLDWL H GLJHULWL TXH FLELFKHVRQRLQJHQHUDOHWHQXWLDYLOHSHUODVRODUDJLRQHFKH
FRVWDQRSRFRRUDFFKLXGRQRLQVpXQ LGHDFKHSXzGHVWDUULSXJQDQ]DPDFKHSRLEHQFXFLQDWLRLQTXDOFKH
PDQLHUDPDQLSRODWLULHVFRQREXRQLHJXVWRVL$TXHVWRSURSRVLWRYLUDFFRQWHUzFKHWURYDQGRPLXQDYROWDDG
XQSUDQ]RGLJHQWHIDPLJOLDUHHGDPLFDLOQRVWURRVSLWHSHUIDUVLEHOORDOO DUURVWRVFKHU]DQGRXVFuLQTXHVWR
GHWWR³1RQSRWUHWHODJQDUYLFKHLRQRQYLDEELDEHQWUDWWDWLTXHVW RJJLSHUILQRWUHTXDOLWjGLDUURVWRYLWHOODGL
ODWWH SROOR H FRQLJOLR´ $OOD SDUROD FRQLJOLR GLYHUVL GHL FRPPHQVDOL UL]]DURQR LO QDVR DOWUL ULPDVHUR FRPH
LQWHUGHWWL HG XQR GL HVVL LQWLPR GHOOD IDPLJOLD YROJHQGR OR VJXDUGR FRQ RUURUH VXO SURSULR SLDWWR ULVSRVH
³*XDUGDTXHOFKHWLqYHQXWRLQFDSRGLGDUFLDPDQJLDUHDOPHQRQRQORDYHVVLGHWWRPLKDLIDWWRDQGDUYLD
O DSSHWLWR´
$ XQ DOWUD WDYROD HVVHQGR FDGXWR SHU FDVR LO GLVFRUVR VXOOD SRUFKHWWD XQ PDLDOH GL D FKLORJUDPPL VSDUDWR ULSLHQR GL DURPL H FRWWR LQWHUR QHO IRUQR XQD VLJQRUD HVFODPz ³6H LR DYHVVL D
PDQJLDUHGLTXHOODSRUFKHULDQRQVDUHEEHSRVVLELOH´LO SDGURQHGLFDVDSLFFDWRGHOO RIIHVDFKHVLIDFHYDDXQ
FLERFKHQHOVXRSDHVHHUDPROWRVWLPDWRFRQYLWzODVLJQRUDSHUXQ DOWUDYROWDHOHLPEDQGuXQEHOSH]]RGL
PDJURGLTXHOODYLYDQGD(VVDQRQVRORODPDQJLzPDFUHGHQGRODIRVVHYLWHOODGLODWWHWURYDYDTXHOO DUURVWR
GL XQ JXVWR HFFHOOHQWH 0ROWL DOWUL FDVL FRQVLPLOL SRWUHL QDUUDUH PD QRQ YRJOLR WDFHUH GL XQ VLJQRUH FKH
JLXGLFDQGR PROWR GHOLFDWD XQD WRUWD QH PDQJLz SHU GXH JLRUQL VDSXWR SRL FK HOOD HUD FRPSRVWD GL ]XFFD
JLDOODQRQQHPDQJLzSLQRQVRORPDODJXDUGDYDELHFRFRPHVHDYHVVHULFHYXWRGDOHLXQDJUDYHRIIHVD
(FFRYLODULFHWWD
3DWDWHJURVVHHIDULQDFHHJUDPPL
=XFFKHURJUDPPL
0DQGRUOHGROFLFRQWUHDPDUHJUDPPL
8RYDQ
%XUURJUDPPL
8QDSUHVDGLVDOH
2GRUHGLVFRU]DGLOLPRQH
/HVVDWHOHSDWDWH PHJOLRFRWWHDYDSRUH VEXFFLDWHOHHSDVVDWHOHGDOORVWDFFLRTXDQGRVRQRDQFRUD
EHQ FDOGH 6EXFFLDWH H SHVWDWH ILQLVVLPH LQVLHPH FROOR ]XFFKHUR OH PDQGRUOH YHUVDWHOH QHOOH SDWDWH FRJOL
DOWULLQJUHGLHQWLODYRUDQGRLOWXWWRFRQXQPHVWRORSHUXQRUDLQWHUDHDJJLXQJHQGROHXRYDXQDDOODYROWDHLO
EXUURVFLROWR
9HUVDWHLOFRPSRVWRLQXQDWHJOLDXQWD GLODUGRREXUURHGDVSHUVDGLSDQJUDWWDWRFXRFHWHODLQIRUQRH
VHUYLWHODGLDFFLD
7257$0,/$1(6(
3HUODVWUDQH]]DGHOODVXDFRPSRVL]LRQHVRQRVWDWRDOXQJRLQFHUWRVHGRYHYRIDUYLFRQRVFHUHTXHVWD
WRUWD OD TXDOH QRQ KD EDVWDQWL PHULWLSHU ILJXUDUH LQ XQD WDYROD VLJQRULOH H SHU SLDWWR GL IDPLJOLD q DOTXDQWR
FRVWRVR 1RQ q SHU DOWUR GD GLVSUH]]DUVL H VLFFRPH SRWUHEEH DQFKH SLDFHUH FRPH VR FKH SLDFH D XQD
IDPLJOLDGLPLDFRQRVFHQ]DFKHODIDVSHVVHYROWHYHODGHVFULYR
&DUQHWXWWDPDJUDOHVVD RDUURVWRGLPDQ]RRGLYLWHOODQHWWDGDSHOOHWLFKHRWHQHUXPHJUDPPL
&LRFFRODWDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
3LQROLJUDPPL
8YDVXOWDQLQDJUDPPL
&HGURFDQGLWRDSH]]HWWLQLJUDPPL
/DFDUQHWULWDWHODILQLVVLPD FRQODOXQHWWD
,SLQROLWRVWDWHOL
/ XYDWHQHWHODDOTXDQWRLQPROOHQHOODPDUVDODHOHYDWHODDVFLXWWDSULPDGLXVDUOD
0HWWHWH OD FDUQH D VRIIULJJHUH QHO GHWWR EXUUR ULPHVWDQGROD FRQWLQXDPHQWH RQGH QRQ VL DWWDFFKL H
TXDQGRDYUjSUHVRXQFRORUHDOTXDQWR URVVLFFLROHYDWHODGDOIXRFRSHUODVFLDUODGLDFFLDUH
6FLRJOLHWHDOIXRFRODGHWWDFLRFFRODWDJUDWWDWDRDSH]]HWWLLQWUHFXFFKLDLDWHG DFTXDHVFLROWDFKHVLD
XQLWHFLOR]XFFKHURHSRLYHUVDWHODQHOODFDUQHDJJLXQJHQGRYLLSLQROLO XYDHLOFDQGLWR HPHVFRODQGRLOWXWWR
2UDIRUPDWHXQDSDVWDIUROODSHUULQFKLXGHUYLODWRUWDFRPHDSSUHVVR
)DULQDGLJUDQRJUDPPL
)DULQDGLJUDQWXUFRJUDPPL
=XFFKHURDYHORJUDPPL
%XUURJUDPPL
/DUGRYHUJLQHJUDPPL
8QXRYR
9LQRELDQFRRPDUVDODTXDQWREDVWDSHUSRWHUODLQWULGHUH
3UHQGHWHXQDWHJOLDSURSRU]LRQDWDRYHLOFRPSRVWRQRQULHVFDSLDOWRGLXQGLWRXQJHWHODFROEXUURR
FRO ODUGR H FRQ XQD VIRJOLD VRWWR HG XQ DOWUD VRSUD TXHVW XOWLPD WLUDWD FRO PDWWHUHOOR ULJDWR FKLXGHWHOR LQ
PH]]R
'RUDWHODVXSHUILFLHFROURVVRG XRYRFXRFHWHODDOIRUQRRDOIRUQRGDFDPSDJQDHVHUYLWHODGLDFFLD
7257$',6(02/,12
/DWWHXQOLWUR
6HPROLQRGLJUDQDILQHJUDPPL
=XFFKHURJUDPPL
0DQGRUOHGROFLFRQWUHDPDUHJUDPPL
%XUURJUDPPL
8RYDQ
5DVFKLDWXUDGLXQOLPRQH
8QDSUHVDGLVDOH
6EXFFLDWHOHPDQGRUOHQHOO DFTXDFDOGDHSHVWDWHOHILQLVVLPH LQXQPRUWDLRFRQWXWWROR]XFFKHURFKH
PHWWHUHWHDXQDFXFFKLDLDWDSHUYROWD
&XRFHWH LO VHPROLQR QHO ODWWH H SULPD GL ULWLUDUOR GDO IXRFR DJJLXQJHWH LOEXUURHOHPDQGRUOHOHTXDOL
SHU HVVHUH PHVFRODWH DOOR ]XFFKHUR VL VFLROJRQR IDFLOPHQWH 3RL VDODWHOR HG DVSHWWDWH FKH VLD WLHSLGR SHU
XQLUYL OH XRYD IUXOODWH D SDUWH 9HUVDWH LO FRPSRVWR LQ XQD WHJOLD XQWD GL EXUUR DVSHUVD GL SDQJUDWWDWR H GL
JUDQGH]]D WDOH FKH OD WRUWD ULVXOWL DOWD XQ GLWR H PH]]R R DO SL GXH 0HWWHWHOD LQ IRUQR R QHO IRUQR GD
FDPSDJQDVIRUPDWHODGLDFFLDHVHUYLWHODWXWWDLQWHUDRWDJOLDWDDPDQGRUOH
7257$',3$1(%5812$//$7('(6&$
8QDWRUWDFKHPHULWDHYLFRQVLJOLRDSURYDUOD
0DQGRUOHGROFLJUDPPL
=XFFKHURJUDPPL
&RJQDFFXFFKLDLDWHQ
&RUWHFFLDGLSDQHGLVHJDODJUDWWDWRFXFFKLDLDWHFROPHQ
8RYDQ
3ULPD ODYRUDWH OR ]XFFKHUR FRQ GXH GHOOH GHWWH XRYD LQWHUH SRL DJJLXQJHWH OH PDQGRUOH VEXFFLDWH H
SHVWDWHILQLFRQXQDFXFFKLDLDWDGHOGHWWR]XFFKHURWRUQDWHDODYRUDUHLOFRPSRVWRLQGLYHUVDWHLOSDQJUDWWDWR
HWUHURVVLLQXOWLPR LOFRJQDF0RQWDWHOH WUHFKLDUHULPDVWHHGXQLWHOH3UHSDUDWHXQDWHJOLDSURSRU]LRQDWD
XQJHWHOD FRO EXUUR H DVSHUJHWHOD GL ]XFFKHUR D YHOR H IDULQD 'RSR DYHUOD FRWWD DO IRUQR R DO IRUQR GD
FDPSDJQD FRSULWHODFRQXQDFURVWDWHQHUDFRPHTXHOODGHOQRSSXUHFRQXQLQWRQDFRGLFLRFFRODWDLQ
TXHVWDPDQLHUD
0HWWHWHDOIXRFRJUDPPLGLEXUURHJUDPPLGLFLRFFRODWDDSH]]HWWLHTXDQGRVDUjEHQHVFLROWD
DJJLXQJHWHJUDPPLGL]XFFKHURDYHORHGLVWHQGHWHLOFRPSRVWRVXOGROFHTXDQGRQRQVDUjSLDEROORUH
6HQRQWHPHVVLGLVHFFDUHLOOHWWRUHTXLYHUUHEEHRSSRUWXQDXQ DOWUDGLJUHVVLRQHVXOODFXFLQDWHGHVFD
0LUHVWHUjPHPRUDELOHILQFKpYLYRLOWUDWWDPHQWRGHOODWDYRODURWRQGDGLXQJUDQGHDOEHUJRDLEDJQLGL
/HYLFR &RPLQFLDQGR GDO IULWWR R GDO OHVVR ILQR DOO DUURVWR LQFOXVLYR WXWWL L SLDWWL QXRWDYDQR LQ XQ DEERQGDQWH
VXJR VHPSUH HJXDOH GHOOR VWHVVR JXVWR H VDSRUH FRQ TXDO GHOL]LD GHOOR VWRPDFR SRWHWH LPPDJLQDUOR H
FRPH VHFLzIRVVHSRFRDOVXRWRUPHQWRTXHLSLDWWLVSHVVRVSHVVRYHQLYDQRLQWDYRODDFFRPSDJQDWLGDXQ
WLPEDOORGLFDSHOOLQL GLFDSHOOLQLFDSLWH FKHLQTXHVWRPRGRGHYRQRVRWWRVWDUHDGRSSLDHOXQJDFRWWXUD
XQYHURLPSLDVWUR
4XDQWDGLIIHUHQ]DGDOJXVWRQRVWUR$LFDSHOOLQLLQEURGRLOPLRFXRFRKDO RUGLQHGLIDUDO]DUHDSSHQDLO
EROORUHHGLROLSUHYHQJRDVSHWWDQGROLLQWDYROD
/D FXFLQDLWDOLDQD FKH SXz ULYDOHJJLDUH FRQ ODIUDQFHVHHLQTXDOFKHSXQWRODVXSHUDSHUODJUDQGH
DIIOXHQ]D RJJLJLRUQR GL IRUHVWLHUL LQ ,WDOLD FKH VL YXROH YL ODVFLQR GD WUHFHQWR PLOLRQL DOO DQQR H VHFRQGR
FDOFROLDSSURVVLPDWLYLFRQXQFUHVFHQGRHFFH]LRQDOHGLDOWULGXHFHQWRPLOLRQLLQRURQHOO DQQRVDQWRYD
D SHUGHUH D SRFR D SRFR LQ TXHVWR PLVFXJOLR WXUELQRVR GL SRSROL YLDJJLDQWL LO VXR FDUDWWHUH SDUWLFRODUH H
TXHVWDPRGLILFD]LRQHQHOYLWWRJLjqFRPLQFLDWDDPDQLIHVWDUVLSLVSHFLDOPHQWHQHOOHJUDQGLFLWWjHQHLOXRJKL
SLEDWWXWLGDLIRUHVWLHUL(EELDSHUVXDGHUPHQHGLUHFHQWHD3RPSHLRYHHQWUDWRFRQXQPLRFRPSDJQRGL
YLDJJLR LQ XQ ULVWRUDWRUH LQ FXLFL DYHYD SUHFHGXWR XQDFRPLWLYD GL WHGHVFKL XRPLQL H GRQQH FL IX VHUYLWR LO
PHGHVLPRWUDWWDPHQWRGLORUR9HQXWRSRLLOSDGURQHDFKLHGHUFLJHQWLOPHQWHVHQRLHUDYDPRULPDVWLFRQWHQWL
LR PL SHUPLVL GL IDUJOL TXDOFKH RVVHUYD]LRQH VXOOR VEURGROR QDXVHRVR GHL FRQGLPHQWL HG HL PL ULVSRVH
³%LVRJQDEHQHFKH ODQRVWUDFXFLQDDSSDJKLLOJXVWRGLTXHVWLVLJQRULIRUHVWLHULHVVHQGRTXHOOLFKHFLGDQQRLO
JXDGDJQR´)RUVHSHUODVWHVVDUDJLRQHVHQWRGLUHFKHODFXFLQDERORJQHVHKDVXEtWRGHOOHYDULD]LRQLHQRQ
qSLTXHOODIDPRVDGLXQDYROWD
7257$7('(6&$
(FFRYLXQ DOWUDWRUWDGHOODVWHVVDQD]LRQHHEXRQDDQFKHTXHVWDDQ]LHFFHOOHQWH
5DFFRQWDYDQR L QRVWUL QRQQL FKH TXDQGR VXOOR VFRUFLR GHO ;9,,, VHFROR L 7HGHVFKL LQYDVHUR O ,WDOLD
DYHYDQRQHLORURFRVWXPLTXDOFKHFRVDGHOEUXWRHIDFHYDQRLQRUULGLUHDYHGHUOLSUHSDUDUHDGHVHPSLRXQ
EURGR FROOH FDQGHOH GL VHJR FKH WXIIDYDQR LQ XQD SHQWROD G DFTXD D EROORUH VWUL]]DQGRQH L OXFLJQROL PD
TXDQGR QHO VIRUWXQDWDPHQWH FL ULFDVFDURQR DGGRVVR IXURQR WURYDWL DVVDL ULQFLYLOLWL H LO VHJR QRQ HUD
YLVLELOH FKH QH JUDQGL EDIIL GHOOH PLOL]LH FURDWH FRO TXDOH OL LQ]DIDUGDYDQR IDFHQGROLVSXQWDUH GL TXD H GL Oj
GDOOH JRWH OXQJKL XQ GLWR H ULWWL LQWHULWL 3HUz D TXDQWR GLFRQR L YLDJJLDWRUL XQD SUHGLOH]LRQH DO VHJR
SUHGRPLQD DQFRUD QHOOD ORUR FXFLQD OD TXDOH GDJO ,WDOLDQL q WURYDWD GL SHVVLPR JXVWR H QDXVHDERQGD SHU
XQWXPL GL JUDVVR G RJQL VSHFLH H SHU FHUWH PLQHVWUH VEURGRORQH FKH QRQ VDQQR GL QXOOD $O FRQWUDULR WXWWL
FRQYHQJRQR FKH L GROFL LQ *HUPDQLD VL VDQQR IDUH VTXLVLWL H YRL VWHVVL SRWUHWH FRVu DOWR DOWR JLXGLFDUH GHO
YHURGDTXHVWRFKHYLGHVFULYRHGDJOLDOWULGHOSUHVHQWHWUDWWDWRFKHSRUWDQRLOEDWWHVLPRGLTXHOODQD]LRQH
=XFFKHURJUDPPL
)DULQDJUDPPL
0DQGRUOHGROFLJUDPPL
%XUURJUDPPL
&UHPRUGLWDUWDURJUDPPL
%LFDUERQDWRGLVRGDJUDPPL
5RVVLG XRYRQ
&KLDUHQ
2GRUHGLYDLQLJOLD
/HPDQGRUOHVEXFFLDWHOHDVFLXJDWHOHEHQHDOVROHRDOIXRFRHSHVWDWHOHILQLVVLPH LQXQPRUWDLRFRQ
XQDGHOOHGHWWHFKLDUH/DYRUDWHSULPDLOEXUURGDVRORFRQXQPHVWRORUDPPRUELGHQGRORXQSRFRG LQYHUQRD
EDJQRPDULD DJJLXQJHWH L URVVL DG XQR DG XQR LQGL OR ]XFFKHUR H ODYRUDWH TXHVWH FRVH LQVLHPH DOPHQR
PH]] RUD 8QLWHDOFRPSRVWROHPDQGRUOHHULPHVWDWHDQFRUDSRLOHTXDWWURFKLDUH PRQWDWHHODIDULQDIDWWD
FDGHUHGD XQYDJOLHWWLQRPHVFRODQGRDGDJLR3HUXOWLPRYHUVDWHOHSROYHULFKHVHUYRQRSHUUHQGHUHLOGROFH
SL VRIILFH H SL OHJJLHUR H FXRFHWHOR DO IRUQR LQ XQD WHJOLD QRQ WURSSR SLHQD XQWD FRO EXUUR GLDFFLR H
VSROYHUL]]DWDGL]XFFKHURDYHORHGLIDULQD
3HU LVFLRJOLHUH EHQH OH PDQGRUOH QHO FRPSRVWR QRQ YL q DOWUR PH]]R FKH YHUVDUH XQD SRU]LRQH GL
TXHVWRVRSUDOHPHGHVLPHPDFLQDQGROHFROSHVWHOOR
2UDFKHqIDWWDODFDSSDELVRJQDSHQVDUHDOFDSSXFFLRFKHq XQDFURVWDWHQHUDFKHOHVLGLVWHQGHDO
GLVRSUD2FFRUUHSHUODPHGHVLPD
%XUURJUDPPL
=XFFKHURDYHORJUDPPL
&DIIqLQSROYHUHJUDPPL
)DWH EROOLUH OD GHWWD SROYHUH LQ SRFKLVVLPD DFTXD SHU RWWHQHUH GXH R WUH FXFFKLDLDWHVROWDQWR GL FDIIq
FKLDURPDSRWHQWLVVLPR/DYRUDWHLOEXUURSHUFLUFDPH]] RUDUDPPRUELGLWRG LQYHUQRDEDJQRPDULDJLUDQGR
LOPHVWRORVHPSUHSHUXQYHUVRDJJLXQJHWHOR]XFFKHURHODYRUDWHORDQFRUDPROWRSHUXOWLPRLOFDIIqDPH]]L
FXFFKLDLQLSHUYROWDDUUHVWDQGRYLTXDQGRVHQWLWHFKHLOJXVWRGHOFDIIqqEHQSURQXQ]LDWR9HUVDWHLOFRPSRVWR
VRSUD OD WRUWD TXDQGR VDUj GLDFFLD H GLVWHQGHWHOR SDUL SDUL FRQ XQ FROWHOOR GD WDYROD PD SHU DYHUOR EHQH
HJXDOHHGXQLWRSDVVDWHJOLVRSUDDSRFDGLVWDQ]DXQDSDOHWWDLQIRFDWD
$ YRVWUD QRUPD TXHVWD FURVWD GL JXVWR GHOLFDWLVVLPR GHYH DYHUH LO FRORUH GHO FDIIq ODWWH $O FDIIq
YROHQGR VL SXz VRVWLWXLUH OD FLRFFRODWD LQIXVD FRPH TXHOOD GHVFULWWD QHOOD WRUWD SUHFHGHQWH GL SDQH EUXQR
DOODWHGHVFD
7257$',0$1'25/((&,2&&2/$7$
3HUFKLDPDODFLRFFRODWDTXHVWDVHQRQP LQJDQQRqXQDWRUWDVTXLVLWD
0DQGRUOHJUDPPL
=XFFKHURJUDPPL
&LRFFRODWDJUDPPL
)DULQDGLSDWDWHJUDPPL
%XUURJUDPPL
/DWWHGHFLOLWUL
8RYDQ
2GRUHGLYDLQLJOLD
/HPDQGRUOHVEXFFLDWHOHDVFLXJDWHOHEHQHDOVROHRDOIXRFRHSHVWDWHOHILQLVVLPHQHOPRUWDLRLQVLHPH
FRQXQWHU]RGHOGHWWR]XFFKHUR)DWHXQLQWULVRDOIXRFRFROGHWWREXUURODIDULQDGLSDWDWHHLOODWWHYHUVDWRD
SRFRSHUYROWD4XDQGRVDUjJLXQWRDFRQVLVWHQ]DYHUVDWHODFLRFFRODWDJUDWWDWDOR]XFFKHURULPDVWRHGRSR
HVVHUVL VFLROWL EHQH O XQR H O DOWUD DJJLXQJHWH OH PDQGRUOH SHVWDWH ULPHVWDQGR FRQWLQXDPHQWH 4XDQGR LO
FRPSRVWRVDUjEHQHDPDOJDPDWRGDWHJOLO RGRUHFROOR]XFFKHURYDQLJOLDWRHODVFLDWHORGLDFFLDUHSHUXQLUYLOH
XRYDIUXOODWHDSDUWH
&RQJUDPPL GLIDULQDIDWHODSDVWDPDWWDGHOQHFRQODPHGHVLPDUHJRODQGRYLFRPHQHOOD
7RUWD GL ULFRWWD Q YHUVDWHOD LQ XQD WHJOLD RYH ULHVFD GHOOD JURVVH]]D GL ROWUH XQ GLWR SHU FXRFHUOD QHO
IRUQRGDFDPSDJQD9DWDJOLDWDDPDQGRUOHFRPHTXHOODTXDQGRVDUjEHQGLDFFLD
3$67,&&,1,',3$67$%(,*1(7&23(57,',&,2&&2/$7$
6HUYLWHYLGHOODULFHWWDQPDWHQHWHOLSL SLFFROLRQGHRWWHQHUQHGDD5LHPSLWHOLFRQFUHPD
RSDQQDPRQWDWDRFRQVHUYDGLIUXWWH
)UXOODWHQHOODFLRFFRODWLHUDVXOIXRFRTXHVWRFRPSRVWR
&LRFFRODWDJUDPPL
=XFFKHURLQSROYHUHJUDPPL
$FTXDGHFLOLWULO
4XDQGR VDUj EHQ IUXOODWR FRPH OD FLRFFRODWD FKH VL VHUYH LQ WD]]D YHUVDWHOR FRVu D EROORUH VXL
SDVWLFFLQLDVXRORSHUVXRORFKHGLVSRUUHWHLQEHOODPRVWUDVRSUDXQYDVVRLRRYHIDFFLDQRODFROPD
ÊXQSLDWWRFKHqEHQHIDUORLOJLRUQRVWHVVRFKHGHYHHVVHUVHUYLWRSHUFKpDOWULPHQWLLQGXULVFH
4XHVWDGRVHSRWUjEDVWDUHSHUVHLSHUVRQH
'2/&(520$
8QVLJQRUHFKHQRQKRLOEHQHGLFRQRVFHUHHEEHODJHQWLOH]]DGLPDQGDUPLGD5RPDTXHVWDULFHWWD
GHOODTXDOHJOLVRQRJUDWRVuSHUFKpWUDWWDVLGLXQGROFHGLDVSHWWRHGLJXVWR VLJQRULOHHVuSHUFKpHUDGHVFULWWR
LQPDQLHUDGDIDUPLSRFRLPSD]]LUHDOODSURYD& HUDSHUzXQDODFXQDGDULHPSLUHHFLRqGLGDUJOLXQQRPH
FKpQRQQHDYHYDHGLRYLVWDODQRELOHVXDSURYHQLHQ]DKRFUHGXWRPLRGRYHUHPHWWHUORLQFRPSDJQLDGHO
'ROFH 7RULQRHGHO'ROFH)LUHQ]HGDQGRJOLLOQRPHGHOODFLWWjFKHXQJLRUQRULHPSLUjGLIDPDLOPRQGRFRPH
LQDQWLFR6FHJOLHWHPHOHGLTXDOLWjILQHQRQWURSSRPDWXUHHGLPHGLDJURVVH]]D3HVDWHQHJUDPPLFKH
QRQ SRWUDQQR HVVHUH SL GL FLQTXH RVHLGL QXPHUROHYDWH ORUR LOWRUVRORFROFDQQHOORGLODWWDHVEXFFLDWHOH
3RLPHWWHWHOHDFXRFHUHFRQGHFLOLWULGXHGLYLQRELDQFRDOFRROLFRHJUGL]XFFKHURDYYHUWHQGRFKHQRQ
VLURPSDQREROOHQGRHYROWDQGROHHFKHQRQSDVVLQRWURSSRGLFRWWXUD/HYDWHOHDVFLXWWHFROORFDWHOHFROIRUR
YHUWLFDOHLQXQYDVRGHFHQWHGDSRWHUVLSRUWDUHLQWDYRODHFKHUHJJDDOIXRFRHYHUVDWHYLVRSUDXQDFUHPD
IDWWDFRQ
/DWWHGHFLOLWULQ
5RVVLG XRYRQ
=XFFKHURJUDPPL
)DULQDJUDPPL
2GRUHGL]XFFKHURYDQLJOLDWR
2UD PRQWDWH FRQ OD IUXVWD OH WUH FKLDUH ULPDVWH TXDQGR VDUDQQR EHQ VRGH XQLWHFL JUDPPL GL
]XFFKHUR D YHOR H FRQ TXHVWH FRSULWH OD FUHPD LQGL SRQHWH LO GROFH QHO IRUQR GD FDPSDJQD R VROWDQWR VXO
IRUQHOOR GHO IRFRODUH FRO VROR FRSHUFKLR GHO PHGHVLPR FRQ IXRFR VRSUD H SRFR VRWWR SHU URVRODUH OD
VXSHUILFLHHSULPDGLPDQGDUORLQWDYRODVSDOPDWHORPHGLDQWHXQSHQQHOORFROVFLURSSRULVWUHWWRULPDVWRGDOOD
FRWWXUDGHOOHPHOH
3RWUjEDVWDUHSHUVHWWHRGRWWRSHUVRQH
'2/&(725,12
)RUPDWHTXHVWRGROFHVRSUDXQYDVVRLRRVRSUDXQSLDWWRHGDWHJOLODIRUPDTXDGUD
6DYRLDUGLJUDPPL
&LRFFRODWDJUDPPL
%XUURIUHVFRJUDPPL
=XFFKHURDYHORJUDPPL
8QURVVRG XRYR
/DWWHFXFFKLDLDWHQ
2GRUHGL]XFFKHURYDQLJOLDWR
7DJOLDWHLVDYRLDUGLLQGXHSDUWLSHULOOXQJRHEDJQDWHOLFROURVROLRRSSXUHLOFKHVDUHEEHPHJOLRPHWj
FROURVROLRHPHWjFRQO DONHUPHVSHUSRWHUOLDOWHUQDUHRQGHIDFFLDQRSLEHOODPRVWUD/DYRUDWHGDSSULPDLO
EXUUR FRQ OR ]XFFKHUR H LO URVVR G XRYR SRQHWH DO IXRFR OD FLRFFRODWD JUDWWDWD R D SH]]HWWL FRO ODWWH H
TXDQGR VDUj EHQH VFLROWD YHUVDWHOD FDOGD QHO EXUUR ODYRUDWR XQLWHFL O RGRUH H IRUPDWH FRVu XQD SROWLJOLD
PHVFRODQGREHQH
'LVSRQHWH VXO YDVVRLR XQ SULPR VWUDWR GHL GHWWL VDYRLDUGL H VSDOPDWHOL OHJJHUPHQWH FRQ OD GHWWD
SROWLJOLD LQGL VRYUDSSRQHWH XQ DOWUR VWUDWR GL VDYRLDUGL SRL XQ WHU]R VWUDWR DQFRUD VSDOPDQGROL VHPSUH
OHJJHUPHQWH,OUHVWRGHOODSROWLJOLDYHUVDWHORWXWWRVRSUDHGDLODWLSDUHJJLDQGRORPHJOLRFKHSRWHWH,OJLRUQR
GRSR SULPD GL VHUYLUOR OLVFLDWHOR WXWWR DOOD VXSHUILFLH FRQ OD ODPD GL XQ FROWHOOR VFDOGDWD DO IXRFR H LQ SDUL
WHPSRSLDFHQGRYLRUQDWHORFRQXQDILRULWXUDGLSLVWDFFKLRSSXUHGLQRFFLXROHOHJJHUPHQWHWRVWDWHJOLXQLHOH
DOWUHWULWDWHILQLVVLPH*UDPPLGLQRFFLXROHSHVDWHFROJXVFLRRJUDPPLGLSLVWDFFKLSRWUDQQREDVWDUH
*LjVDSUHWHFKHTXHVWLVHPLYDQQRVEXFFLDWLFROO DFTXDFDOGD
ÊXQDGRVHSHUVHLRVHWWHSHUVRQH
'2/&(),5(1=(
$YHQGROR WURYDWR QHOO DQWLFD H EHOOD FLWWj GHL ILRUL VHQ]D FKH DOFXQR VLDVL FXUDWR GL GDUJOL XQ QRPH
D]]DUGHUzFKLDPDUORGROFH)LUHQ]HHVHSHUODVXDPRGHVWDQDWXUDHVVRQRQIDUjWURSSRRQRUHDOODLOOXVWUH
FLWWjSXzVFXVDUVLFROGLUH$FFRJOLHWHPLFRPHSLDWWRGDIDPLJOLDHSHUFKpSRVVRLQGROFLUYLODERFFDFRQSRFD
VSHVD
=XFFKHURJUDPPL
3DQHVRSUDIILQRJUDPPL
8YDVXOWDQLQDJUDPPL
8RYDQ
%XUURTXDQWREDVWD
/DWWHPH]]ROLWUR
2GRUHGLVFRU]DGLOLPRQH
,O SDQH WDJOLDWHOR D IHWWH VRWWLOL DUURVWLWHOH OHJJHUPHQWH LPEXUUDWHOH FDOGH GD DPEHGXH OH SDUWL H
FROORFDWHOHLQXQYDVRFRQFDYRHGHFHQWHGDSRWHUVLSRUWDUHLQWDYROD6RSUDOHIHWWHGHOSDQHVSDUJHWHO XYD
H OD EXFFLD JUDWWDWD GHO OLPRQH )UXOODWH EHQH OH XRYD LQ XQ SHQWROR FRQ OR ]XFFKHUR SRL XQLWHFL LO ODWWH H
TXHVWR PLVFXJOLR YHUVDWHOR QHO YDVR VRSUD JO LQJUHGLHQWL SRVWLYL VHQ]DWRFFDUOL 3HU FXRFHUOR SRVDWH LO YDVR
VRSUD XQ IRUQHOOR GHO IRFRODUH FRQ SRFR IXRFR FRSULWHOR FRO FRSHUFKLR GHO IRUQR GD FDPSDJQD FRO IXRFR
VRSUDHVHUYLWHORFDOGR
3RWUjEDVWDUHSHUFLQTXHSHUVRQH
6)250$72&2*/,$0$5(77,&23(572',=$%$,21(
$PDUHWWLJUDPPL
=XFFKHURJUDPPL
)DULQDGLSDWDWHJUDPPL
/DWWHPH]]ROLWUR
8RYDQ
3RQHWHOR]XFFKHURHODIDULQDGLSDWDWHLQXQD FD]]DUXRODHYHUVDWHFLLOODWWHGLDFFLRDSRFRSHUYROWD
PHVFRODQGR
3HVWDWHJOLDPDUHWWLQHOPRUWDLRSHUULGXUOLLQSROYHUHHVHSHUODORURTXDOLWjFLzQRQDYYLHQHEDJQDWHOL
FRQ XQ JRFFLROR GL ODWWH SDVVDWHOL GDOOR VWDFFLR H LQGL XQLWHOL DO FRPSRVWR FKH PHWWHUHWH DO IXRFR SHU
DVVRGDUOR7ROWRGDOIXRFRTXDQGRVDUjWLHSLGRYHUVDWHFLOHXRYDSULPDLURVVLSRLOHFKLDUHPRQWDWH8QJHWH
FROEXUURGLDFFLRXQRVWDPSRFROEXFRLQPH]]RHYHUVDWHFLLOFRPSRVWRSHUFXRFHUORQHOIRUQRGDFDPSDJQD
FRWWRFKH VLDULHPSLWHORHFRSULWHORFRQOR]DEDLRQHGHOQHPDQGDWHORLQWDYROD
6)250$72',)$5,1$'2/&(
8QVLJQRUHGL%DUJDGLRQRUHYROHFDVDWRFKHQRQKRLOSLDFHUHGLFRQRVFHUHSHUVRQDOPHQWHLQYDJKLWR
FRP HJOL GLFH SHU ERQWj VXD GL TXHVWR PLR OLEUR KD YROXWR JUDWLILFDUVL PHFR PDQGDQGRPL OD SUHVHQWH
ULFHWWDFKHFUHGRPHULWHYROHGLHVVHUHSXEEOLFDWDHGDQFKHORGDWD
)DULQDGROFHRVVLDGLFDVWDJQHJUDPPL
&LRFFRODWDJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
&HGURFDQGLWRJUDPPL
0DQGRUOHGROFLQHTXDOFKHSLVWDFFKLR
/DWWHPH]]ROLWUR
8RYDQ
3DQQDPRQWDWDFROO RGRUHGLYDLQLJOLDJUDPPL
3ULPD VEXFFLDWH OH PDQGRUOH H L SLVWDFFKL TXHVWL WDJOLDWHOL D PHWj TXHOOH D ILOHWWL R D SH]]HWWL H
WRVWDWHOH$QFKHLOFDQGLWRIRJJLDWHORDSH]]HWWLQL
6FLRJOLHWH DO IXRFR OD FLRFFRODWD LQ XQ GHFLOLWUR GHO GHWWR ODWWH SRL XQLWHFL OR ]XFFKHUR H LO EXUUR H
ODVFLDWHODGDSDUWH
3RQHWH OD IDULQDLQ XQ WHJDPH H YHUVDWHFL LO UHVWR GHO ODWWH D SRFR SHU YROWD PHVFRODQGR EHQH RQGH
QRQVLIRUPLQRER]]ROLSRLXQLWHODDOODFLRFFRODWDHPHWWHWHLOFRPSRVWRDOIXRFRSHUFXRFHUOR
&RWWR FKH VLD ODVFLDWHOR IUHGGDUH SHU DJJLXQJHUH OH XRYD SULPD L URVVL SRL OH FKLDUH PRQWDWH H SHU
XOWLPROHPDQGRUOHLSLVWDFFKLHLOFDQGLWR
2UD SUHQGHWH XQR VWDPSR FROEXFR LQ PH]]R XQJHWHOR FROEXUUR GLDFFLR HYHUVDWHFL LO FRPSRVWR SHU
DVVRGDUORDEDJQRPDULD3ULPDGLVIRUPDUORFRQWRUQDWHORWXWWRGLJKLDFFLRWULWRIUDPPLVWRDVDOHSHUJHODUOR
HPDQGDWHORLQWDYRODFROULSLHQRGHOODSDQQDVXUULFRUGDWD
3RWUjEDVWDUHSHUVHWWHRGRWWRSHUVRQH
'2/&(',0$5521,&213$11$0217$7$
0DUURQLVDQLHJURVVLXQDWUHQWLQDFLUFDJUDPPL
=XFFKHURDYHORJUDPPL
&LRFFRODWDJUDPPL
5RVROLRGLFHGURFXFFKLDLDWHQ
&XRFHWH L PDUURQL QHOO DFTXD FRPH IDUHVWH SHU OH EDOORWWH VEXFFLDWHOLH SDVVDWHOLFDOGL /D FLRFFRODWD
ULGXFHWHOD LQ SROYHUH H SRL FRQ WXWWL JO LQJUHGLHQWL IRUPDWH XQ LPSDVWR 3UHQGHWH XQ SLDWWR JUDQGH WRQGR H
GHFHQWHFROORFDWHFLLQPH]]RXQSLDWWLQRGDFDIIq URYHVFLDWRH FRQORVWDFFLRGLFULQHVRSUDSDVVDWHWXWWRLO
FRPSRVWR JLUDQGR YLD YLD LO SLDWWR RQGH YHQJD GLVWULEXLWR HJXDOPHQWH &RPSLWD O RSHUD]LRQH OHYDWH LQ EHO
PRGR QHWWDQGROR LO SLDWWLQR GD FDIIq HG LO YXRWR FKH UHVWD LQ PH]]R ULHPSLWHOR FRQ JUDPPL GL SDQQD
PRQWDWD
ÊWDQWRGDSRWHUEDVWDUHDGRWWRSHUVRQH
%,6&277,1,38(53(5$/,
,O VHVVR FKHD EXRQ GLULWWR SRUWD LO WLWROR GL JHQWLOH QRQ WDQWR SHU OD JHQWLOH]]D GHOOH PDQLHUH TXDQWR
SHUTXHOGHOLFDWRVHQVRPRUDOHFKHORUHQGHQDWXUDOPHQWHSURFOLYHDWXWWRFLzFKHSXzUHFDUHXQYDQWDJJLR
XQFRQIRUWRDOO XPDQLWjKDPROWRFRQWULEXLWRDFKHO HOHQFRGHOOHPLHULFHWWHULXVFLVVHSLFRSLRVRHVYDULDWR
8QDVLJQRUDGL&RQHJOLDQRPLVFULYHTXDVLPHUDYLJOLDQGRVLFKHQRQKDWURYDWRQHOPLROLEURODSLQ]D
GHOO (SLIDQLDH QRQULGHWH LELVFRWWLQLSXHUSHUDOLGXHFRVHVHFRQGROHLGLQRQSRFDLPSRUWDQ]D5DFFRQWDOD
GHWWDVLJQRUD FKHODVHUDGHOODYLJLOLDGLTXHOODIHVWDLQWXWWHOHFROOLQHHODSLDQXUDGHOODEHOOD&RQHJOLDQRL
FRPSRQHQWLGLRJQLIDPLJOLDGLFRQWDGLQLGRSRDYHUIDWWRIXRFKLHJUDQGLEDOGRULHQHOO DLDGHOSRGHUHHUHFLWDWH
RUD]LRQL SHU LQYRFDUH GDO &LHOR XEHUWRVR LO IXWXUR UDFFROWR VL ULWLUDQR LQ FDVD WXWWL IHOLFL H FRQWHQWL RYH OL
DVSHWWDODSLQ]DVRWWRLOFDPLQDQQDIILDWDFRQGHOEXRQYLQ
0HQWUH TXHL EXRQL FRQWDGLQL PDQJLDQR OD SLQ]D FKH SHU HVVHUH SL FKH DG DOWUL GLFHYROH D TXHOOH
JHQWL H D TXHO FOLPD LR QRQ GHVFULYR VHFRQGR L GHWWDPL GHOOD VLJQRUD ULYROJHUz OH PLH FXUH DL ELVFRWWLQL
SXHUSHUDOLSHUFKpHVVDOLJLXGLFDQXWULHQWLHGHOLFDWLRSSRUWXQLDULSDUDUH ODVSRVVDWH]]DGLFKLKDGDWRDOOD
OXFHXQILJOLXROR
5RVVLG XRYRQ
=XFFKHURDYHORJUDPPL
&DFDRLQSROYHUHJUDPPL
%XUURJUDPPL
2GRUHGLYDLQLJOLDPHGLDQWH]XFFKHURYDQLJOLDWR
3RQHWHTXHVWLLQJUHGLHQWLLQXQYDVRHFRQXQPHVWRORODYRUDWHOLSHUROWUHXQTXDUWRG RUDSRLYHUVDWH
LOFRPSRVWRLQTXDWWURVFDWROHGLFDUWDOXQJKHRWWRHODUJKHVHLFHQWLPHWULFLUFD&ROORFDWHOHPHGHVLPHLQXQD
WHJOLD GL UDPH FRSHUWD SRVDWHOD VRSUD XQ IRUQHOOR FRQ SRFKLVVLPR IXRFR VRWWR H VRSUD RQGH LO FRPSRVWR
DVVRGLDOTXDQWRVHQ]DIDUHODFURVWLFLQDSHUFKpVLGHYHSUHQGHUVXDFXFFKLDLQLTXLQGLqDIIDWWRLPSURSULRLO
QRPHGLELVFRWWLQL
5,%(6$//¶,1*/(6(
5LEHVJUDPPL
=XFFKHURJUDPPL
$FTXDGHFLOLWUL
1HWWDWHLOULEHVGDLJDPELPHWWHWHORDOIXRFRFROODGHWWDDFTXDHTXDQGRDYUjDO]DWRLOEROORUHYHUVDWH
OR]XFFKHUR'XHPLQXWLGLEROOLWXUDEDVWDQRGRYHQGRLOULEHVUHVWDUHLQWHUR9HUVDWHORLQXQDFRPSRVWLHUDH
VHUYLWHOR GLDFFLR FRPH IUXWWD FRWWD , VHPL VH QRQ VL YRJOLRQR LQJKLRWWLUH VL VXFFKLDQR H VL VSXWDQR 1HOOD
VWHVVDJXLVDVLSRVVRQRFRQGL]LRQDUHOHFLOLHJHPDUDVFKHVHQ]DOHYDUHLOQRFFLRORHIDFHQGROHEROOLUHFRQXQ
SH]]HWWRGLFDQQHOOD
358*1(*,8/(%%$7(
3UHQGHWH SUXJQH VHFFKH GL %RVQLD FKH VRQR JURVVH OXQJKH H SROSXWH D GLIIHUHQ]D GHOOH SUXJQH GL
0DUVLJOLD SLFFROH WRQGH PDJUH FRSHUWH GD TXHO YHOR ELDQFR FKH D )LUHQ]H FKLDPDVL ILRUH OH TXDOL QRQ
IDUHEEHUR DO FDVR 3HU XQD TXDQWLWj GL JUDPPL GRSR DYHUOH ODYDWH H WHQXWH LQ PROOH SHU GXH RUH
QHOO DFTXDIUHVFDOHYDWHOHDVFLXWWHHPHWWHWHOHDOIXRFRFRQ
9LQRURVVREXRQRGHFLOLWUL
$FTXDGHFLOLWUL
0DUVDODXQELFFKLHULQR
=XFFKHURELDQFRJUDPPL
8QSH]]HWWRGLFDQQHOOD
)DWHOH EROOLUH DGDJLR SHU PH]] RUD D FD]]DUXROD FRSHUWD FKH SXz EDVWDUH PD SULPD GL WRJOLHUOH GDO
IXRFRDFFHUWDWHYLFKHVLDQVLUDPPRUELGLWHDEEDVWDQ]DSHUFKpLOSLRLOPHQRGLFRWWXUDSXzGLSHQGHUHGDOOD
TXDOLWjGHOODIUXWWD
/HYDWHOHDVFLXWWHFROORFDQGROHQHOYDVRGRYHYROHWHVHUYLUOHHORVFLURSSRFKHUHVWDIDWHORUHVWULQJHUH
DO IXRFR SHU RWWR R GLHFL PLQXWL D FD]]DUXROD VFRSHUWD H SRL YHUVDWHOR DQFK HVVR QHO YDVR VRSUD OH SUXJQH
$OO RGRUHGHOODFDQQHOODFKHPLVHPEUDTXHOORFKHSLVLDGGLFHSRWHWHVRVWLWXLUHODYDLQLJOLDRODVFRU]DGL
FHGURRGLDUDQFLR
Ê XQ GROFH FKH VL FRQVHUYD D OXQJR H GL JXVWR GHOLFDWR DJJUDGLWR VSHFLDOPHQWH GDOOH VLJQRUH 1RQ
YRUUHLSDVVDUHSHULOVLRU7RGHUR%URQWRORQVHDQFKHTXLWRFFRLOWDVWRGHOO LQGXVWULDQD]LRQDOHQHOYHGHUHFKH
VL SRWUHEEH FROWLYDUH LQ ,WDOLD OD VSHFLH GL VXVLQD FKH VL SUHVWD PHJOLR DG HVVHUH VHFFDWD H PHVVD LQ
FRPPHUFLRDTXHVW XVR
%8',12',6(02/,12
'RVLSUHFLVH
/DWWHGHFLOLWUL
6HPROLQRJUDPPL
=XFFKHURJUDPPL
8YDSDVVROLQDJUDPPL
%XUURJUDPPL
8RYDQ
5KXPFXFFKLDLDWH
6DOHXQDSUHVD
2GRUHGLVFRU]DGLOLPRQH
$OFXQLDJJLXQJRQRSH]]HWWLGLFDQGLWRPDLOWURSSRFRQGLPHQWRWDOYROWDJXDVWD'RSRDYHUORSUHSDUDWR
H WROWR GDO IXRFR FXRFHWHOR LQ XQR VWDPSR OLVFLR R ODYRUDWR XQWR SULPD FRO EXUUR H VSROYHUL]]DWR GL
SDQJUDWWDWR0DQFDQGRLOIRUQRFRPXQHRGDFDPSDJQDLEXGLQLSRVVRQRFXRFHUVLEHQHDQFKHLQXQIRUQHOOR
GHOIRFRODUH4XHVWREXGLQRVHUYLWHORFDOGR
%8',12',6(02/,12(&216(59(
/DWWHPH]]ROLWUR
6HPROLQRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
8RYDQ
8QDSUHVDGLVDOH
2GRUHGLVFRU]DGLOLPRQH
'LYHUVHFRQVHUYHGLIUXWWD
&XRFHWH LO VHPROLQR QHO ODWWH DJJLXQJHWH OR ]XFFKHUR H LO EXUUR TXDQGR q EROOHQWH O RGRUH H LO VDOH
TXDQGRORULWLUDWHGDOIXRFRVFRFFLDWHOHXRYDTXDQGRqDQFRUDFDOGRHPHVFRODWHEHQEHQH3UHSDUDWHXQR
VWDPSRGDEXGLQROLVFLRRODYRUDWRXQWRFROEXUURHFRVSDUVRGLSDQJUDWWDWRHYHUVDWHFLDSRFRSHUYROWDLO
FRPSRVWRGLDFFLRULILRUHQGRORYLDYLDGLFRQVHUYHDSH]]HWWLRDFXFFKLDLQLVHFRQGRFKHHVVHVLHQROLTXLGHR
VRGH SHUz DYYHUWLWH FKH QRQ YDGDQR D WRFFDUH OH SDUHWL GHOOR VWDPSR SHUFKp YL VL DWWDFFKHUHEEHURH FKH
QRQVLHQRWURSSRLQDEERQGDQ]DFKpVWXFFKHUHEEHUR6HUYLWHORFDOGRGRSRDYHUORFRWWRQHOIRUQHOOR
/HFRQVHUYHFKHDPLRJXVWRSLVLSUHVWDQRSHUTXHVWRGROFHVRQRTXHOOHGLODPSRQHHGLFRWRJQH
PDSRVVRQRDQGDUHDQFKHTXHOOHGL DOELFRFFKHGLULEHVHGLSHVFKH
3HURWWRRGLHFLSHUVRQHUDGGRSSLDWHODGRVH
%8',12',)$5,1$',5,62
4XHVWRGROFHQHOODVXDVHPSOLFLWjqDPLRSDUHUHGLXQVDSRUHDVVDLGHOLFDWRHEHQFKpFRJQLWRIRUVH
DG RJQXQR QRQ GLVSLDFHUj GL VHQWLUQH VWDELOLWH OH GRVL QHOOH VHJXHQWL SURSRU]LRQL FKH LR FUHGR QRQ
DEELVRJQLQRGLHVVHUHQpDXPHQWDWHQpGLPLQXLWH
/DWWHOLWUL
)DULQDGLULVRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
8RYDQ
8QDSUHVDGLVDOH
2GRUHGLYDLQLJOLD
6FLRJOLHWHSULPDODIDULQDFRQODTXDUWDSDUWHGHOODWWHGLDFFLRDJJLXQJHWHQHXQSRFRGHOFDOGRTXDQGR
q D EROORUH H YHUVDWHOD QHO UHVWR GHO ODWWH TXDQGR EROOH FRVu LPSHGLUHWH FKH VL IRUPLQR ER]]ROL 4XDQGR q
FRWWDDJJLXQJHWHOR]XFFKHURLOEXUURHLOVDOHULWLUDWHODGDOIXRFRHDVSHWWDWHFKHVLDWLHSLGDSHUPHVFRODUYL
HQWUROHXRYDHO RGRUH&XRFHWHTXHVWREXGLQRFRPHO DQWHFHGHQWH
/DFRPSRVL]LRQHGLTXHVWRGROFHLOTXDOHSUREDELOPHQWHQRQqGLGDWDPROWRDQWLFDPLIDULIOHWWHUHFKH
OHSLHWDQ]HSXUDQFKHYDQQRVRJJHWWHDOODPRGDHFRPHLOJXVWRGH VHQVLYDULDVHJXHQGRLOSURJUHVVRHOD
FLYLOWj2UDVLDSSUH]]DXQDFXFLQDOHJJLHUDGHOLFDWDHGLEHOO DSSDUHQ]DHYHUUjIRUVHXQJLRUQRFKHSDUHFFKL
GLTXHVWLSLDWWLGDPHLQGLFDWLSHUEXRQLVDUDQQRVRVWLWXLWL GDDOWULDVVDLPLJOLRUL,YLQLVGROFLQDWLGLXQDYROWD
KDQQRODVFLDWROLEHURLOSDVVRDTXHOOLJHQHURVLHGDVFLXWWLHO RFDFRWWDLQIRUQRFROULSLHQRG DJOLRHGLPHOH
FRWRJQHJLXGLFDWRSLDWWRVTXLVLWRQHOKDFHGXWRLOSRVWRDOWDFFKLQRLQJUDVVDWRLQFDVDULSLHQRGLWDUWXIL
H DO FDSSRQH LQ JDODQWLQD ,Q DQWLFR QHOOH JUDQGL VROHQQLWj VL XVDYD VHUYLUH LQ WDYROD XQ SDYRQH OHVVR R
DUURVWR FRQ WXWWH OH VXH SHQQH VSHOODWR SULPD GL FXRFHUOR H ULYHVWLWR GRSR FRQWRUQDWR GL JHODWLQH D ILJXUH
FRORUDWH FRQSROYHULPLQHUDOLQRFLYHDOODVDOXWHHSHLFRQGLPHQWLRGRURVLVLULFRUUHYDDOFRPLQRHDOEXFFKHUR
FKHSLDYDQWLYLGLUzFRV HUD
/H SDVWH GROFL VL PDQWHQQHUR LQ )LUHQ]H GL XQD VHPSOLFLWj H UR]]H]]D SULPLWLYD ILQ YHUVR OD ILQH GHO
VHFROR;9,QHOTXDOWHPSRDUULYzXQDFRPSDJQLDGL/RPEDUGLFKHVLGLHGHDIDUHSDVWLFFLRIIHOOHVIRJOLDWH
HG DOWUH SDVWH FRPSRVWH G XRYD EXUUR ODWWH ]XFFKHUR R PLHOH PD SULPD G DOORUD QHOOH PHPRULH DQWLFKH
VHPEUD FKH VLHQR ULFRUGDWL VROWDQWR L SDVWLFFL ULSLHQL GL FDUQH G DVLQR FKH LO 0DODWHVWD UHJDOz DJOL DPLFL QHO
WHPSRGHOO DVVHGLRGL)LUHQ]HTXDQGRODFDUHVWLDVSHFLDOPHQWHGLFRPSDQDWLFRHUDJUDQGH
2UDWRUQDQGRDOEXFFKHURYLIXXQWHPSR FKHFRPHRUDOD)UDQFLDHUDOD6SDJQDFKHGDYDLOWzQR
DOOHPRGHHSHUzDGLPLWD]LRQHGHOJXVWRVXRDOGHFOLQDUHGHOVHFROR;9,,HDOSULQFLSLRGHO;9,,,YHQQHURLQ
JUDQYRJDLSURIXPLHOHHVVHQ]HRGRURVH)UDJOLRGRULLOEXFFKHURLQIDQDWLFKLYDHWDQWRVHQHHVWHVHO XVR
FKH SHUILQR JOL VSH]LDOL H L FUHGHQ]LHUL FRPH VL IDUHEEHRJJLGHOODYDLQLJOLDORFDFFLDYDQRQHOOHSDVWLFFKHH
QHOOH YLYDQGH 'RQGH VL HVWUDHYD TXHVWR IDPRVR RGRUH H GL FKH VDSHYD"6WXSLWH LQ XGLUOR H JLXGLFDWH GHOOD
VWUDYDJDQ]DGHLJXVWLHGHJOLXRPLQL(UDSROYHUHGLFRFFLURWWLHLOVXRSURIXPRUDVVRPLJOLDYDDTXHOORFKHOD
SLRJJLDG HVWDWHIDHVDODUHGDOWHUUHQRULDUVRGDOVROHRGRUGLWHUUDLQILQHFKHWUDPDQGDYDQRFHUWLYDVLGHWWL
EXFFKHULVRWWLOLHIUDJLOLVHQ]DYHUQLFHGDLTXDOLIRUVHKDSUHVRQRPHLOFRORUURVVRFXSRPDLSLDSSUH]]DWL
HUDQR GL XQ QHUR OXFHQWH &RGHVWL YDVL IXURQR SRUWDWL LQ (XURSD GDOO $PHULFD PHULGLRQDOH OD SULPD YROWD GDL
3RUWRJKHVL H VHUYLYDQR SHU EHUYL HQWUR H SHU IDUYL EROOLU SURIXPL H DFTXH RGRURVH SRL VH QH XWLOL]]DYDQR L
IUDQWXPLQHOPRGRGHVFULWWR
1HOO 2GtVVHDG 2PHURWUDGX]LRQHG ,SSROLWR3LQGHPRQWH$QWLQRRGLFH
1RELOL3URFL
6HQWLWHXQSHQVLHUPLR'LTXH YHQWULJOL
'LFDSUHFKHGLVDQJXHHJUDVVRHPSLXWL
6XOIXRFRVWDQSHUODIXWXUDFHQD
6FHOJDTXDOSLYRUUjFKLYLQFHHTXLQGL
' RJQLQRVWURFRQYLWRDSDUWHVLD
1HO 7RP GHOO 2VVHUYDWRUH )LRUHQWLQR VL WURYD OD GHVFUL]LRQH GL XQD FHQD OD TXDOH SHU OD VXD
VLQJRODULWjPHULWDGLULIHULUQHDOFXQLSDVVL
³7UDLSLDWWLGLPDJJLRUVROHQQLWjVLFRQWDYDDQFRUDLOSDYRQHFRWWRDOHVVRFRQOHSHQQHHODJHODWLQD
IRUPDWD H FRORULWD D ILJXUH 8Q FHUWR VHQHVH WUDWWDQGR D FHQD XQ &RUWLJLDQR GL 3LR ,, DOOD PHWj GHO DOO LQFLUFD SHUQRPH*RURIXVtPDOFRQVLJOLDWRLQSUHSDUDUTXHVWLGXHSLDWWLFKHVLIHFHGDUODEDLDSHUWXWWD
6LHQDWDQWRSLFKHQRQDYHQGRSRWXWRWURYDUSDYRQLVRVWLWXuRFKHVDOYDWLFKHOHYDWRORURLSLHGLHGLOEHFFR
³9HQXWLLQWDYRODLSDYRQLVHQ]DEHFFRHRUGLQDWRXQRFKHWDJOLDVVHLOTXDOHQRQHVVHQGRSLSUDWLFRD
VLPLOH XIIL]LRJUDQ SH]]R VL DIIDWLFz D SHODUH H QRQ SRWp IDUVu GHVWURFKH QRQ HPSLHVVH OD VDOD HWXWWD OD
WDYRODGLSHQQHHJOLRFFKLHODERFFDHLOQDVRHJOLRUHFFKLD0HVVHU*RURHDWXWWL
³/HYDWD SRL TXHVWD PDOHGL]LRQH GL WDYROD YHQQHUR PROWLDUURVWL SXUH FRQ DVVDL FRPLQR QRQ SHUWDQWR
WXWWR VL VDUHEEH SHUGRQDWR PD LO SDGURQH GHOOD FDVD FR VXRL FRQVLJOLHUL SHU RQRUDUH SL FRVWRUR DYHYD
RUGLQDWR XQ SLDWWR GL JHODWLQD D ORU PRGR H YROOHUR IDUYL GHQWUR FRPH VL ID DOOH YROWH D )LUHQ]H H DOWURYH
O DUPHGHO3DSDHGL0HVVHU*RURFRQFHUWHGLYLVHHWROVHURRUSLPHQWRELDFFDFLQDEURYHUGHUDPHHGDOWUH
SD]]LHHIXSRVWDLQQDQ]LD0HVVHU*RURSHUIHVWDHFRVDQXRYDH0HVVHU*RURQHPDQJLzYROHQWLHULHWXWWL
LVXRLFRPSDJQLSHUULVWRUDUHLOJXVWRGHJOLDPDULVDSRULGHOFRPLQRHGHOOHVWUDQHYLYDQGH
³( SHU SRFR PDQFz SRL OD QRWWH FKH QRQ GLVWHQGHVVHUR OH JDPEH DOFXQ GL ORUR H PDVVLPH 0HVVHU
*RUR HEEH DVVDL WUDYDJOLR GL WHVWD H GL VWRPDFR H ULJHWWz IRUVH OD SLXPDWD GHOOH SHQQH VHOYDWLFKH 'RSR
TXHVWDYLYDQGDGLDEROLFDRSHVWLIHUDYHQQHURDVVDLFRQIHWWLHIRUQLVVLODFHQD´
%8',12$//$7('(6&$
0LGROODGLSDQHVRSUDIILQHJUDPPL
%XUURJUDPPL
=XFFKHURJUDPPL
8RYDQ
2GRUHGLVFRU]DGLOLPRQH
8QDSUHVDGLVDOH
6H WURYDWH GHO SDQH LQ IRUPD XVR LQJOHVH VHUYLWHYL GL TXHVWR FKH q PHJOLR G RJQL DOWUR /D PLGROOD
VPLQX]]DWHODRWDJOLDWHODDIHWWHHEDJQDWHODFRQODWWHGLDFFLR4XDQGRVDUjEHQHLQ]XSSDWDVWUL]]DWHODGDXQ
FDQRYDFFLR H SDVVDWHOD GDOOR VWDFFLR ,O EXUUR G LQYHUQR VWUXJJHWHOR D EDJQRPDULD H ODYRUDWHOR FRQ XQ
PHVWRORLQVLHPHFRLURVVLG XRYRILQFKpO XQRHJOLDOWULVLDQVLLQFRUSRUDWLDJJLXQJHWHOHFKLDUHODPLGROODHOR
]XFFKHUR H ULPHVWDWH DQFRUD 9HUVDWH LO FRPSRVWR LQ XQR VWDPSR XQWR FRO EXUUR H VSROYHUL]]DWR GL
SDQJUDWWDWR H FXRFHWHOR FRPH JOL DOWUL EXGLQL FLRq QHO IRUQHOOR 6H OR IDWH FRQ DWWHQ]LRQH YL ULHVFLUj GL
EHOO DVSHWWRHGLJXVWRGHOLFDWR6LVHUYHFDOGR
%8',12',3$7$7(
/D SDWDWD q LO WXEHUR GL XQD SLDQWD GHOOD IDPLJOLD GHOOH VRODQDFHH RULJLQDULD GHOO $PHULFD PHULGLRQDOH
G RQGHIXLQWURGRWWDLQ(XURSDYHUVRODILQHGHOVHFROR;9,PDQRQVLFRPLQFLzDFROWLYDUODLQJUDQGHFKHDO
SULQFLSLRGHO;9,,,DPRWLYRGHOODRVWLQDWLVVLPDRSSRVL]LRQHGHOYROJRVHPSUHDOLHQRDOOHQRYLWj
$ SRFR SHU YROWD YHQQH SRL EHQH DFFHWWDQHOGHVFRGHOSRYHUR FRPHDOODPHQVDGHOULFFRSHURFFKp
EXRQDDOJXVWRHVD]LDQWHODIDPHHVVDVLSUHVWDDGHVVHUHFXFLQDWDLQWDQWHPDLPDQLHUHSHUzKDORVWHVVR
GLIHWWRGHOULVRGLHVVHUHFLRqXQDOLPHQWRFKHLQJUDVVDHJRQILDORVWRPDFRPDQXWUHSRFKLVVLPR
6RQRFLELFKHQRQGDQQRDOEXPLQDQpJUDVVRIRVIRUDWRDOFHUYHOORQpILEULQDDLPXVFROL
3DWDWHJURVVHIDULQDFHHJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
)DULQDJUDPPL
/DWWHGHFLOLWUL
8RYDQ
8QDSUHVDGLVDOH
2GRUHGLFDQQHOODRGLVFRU]DGLOLPRQH
&XRFHWH OH SDWDWH QHOO DFTXD R D YDSRUH VEXFFLDWHOH H SDVVDWHOH FDOGH GDOOR VWDFFLR 5LPHWWHWHOH DO
IXRFRFROEXUURODIDULQDHLOODWWHYHUVDWRDSRFRSHUYROWDODYRUDQGROHEHQHFROPHVWRORLQGLDJJLXQJHWHOR
]XFFKHURLOVDOHHO RGRUHHODVFLDWHOHVWDUHWDQWRFKHV LQFRUSRULQREHQHLQVLHPHWXWWHTXHVWHFRVH
5LWLUDWHGDOIXRFRTXDQGRVDUDQQRWLHSLGHRGLDFFHJHWWDWHFLLURVVLHSRL OHFKLDUHPRQWDWH
&XRFHWHORFRPHWXWWLJOLDOWULEXGLQLFLRqQHOIRUQHOORRQHOIRUQRHVHUYLWHORFDOGR
%8',12',5,62
/DWWHXQOLWUR
5LVRJUDPPL
=XFFKHURJUDPPL
8YDGL&RULQWR VXOWDQLQD JUDPPL
&DQGLWRJUDPPL
8RYDGXHLQWHUHHGXHURVVL
5KXPRFRJQDFXQELFFKLHULQR
2GRUHGHOODYDLQLJOLD
&XRFHWH EHQH LO ULVR QHO ODWWH H D PH]]D FRWWXUD JHWWDWH GHQWUR DO PHGHVLPR OR ]XFFKHUR O XYD LO
FDQGLWRDSH]]HWWLSLFFROLVVLPLXQDSUHVDGLVDOHHEXUURTXDQWRXQXRYRVFDUVR&RWWRFKHVLDULWLUDWHORGDO
IXRFR H DQFRUD FDOGR PD QRQ EROOHQWH DJJLXQJHWH OH XRYD LO UKXP H OD YDLQLJOLD PHVFRODQGR EHQH RJQL
FRVD3RLYHUVDWHORLQXQRVWDPSRGDEXGLQRXQWREHQHFROEXUURHVSROYHUL]]DWRGLSDQJUDWWDWRFXRFHWHORDO
IRUQRRLQFDVDHVHUYLWHORFDOGR
/DVFLDWHLQGLHWURXQWHU]RGHOODWWHSHUDJJLXQJHUORRFFRUUHQGRYLDYLDFKHLOULVRDVVRGD
%DVWHUjSHURWWRSHUVRQH
%8',12',5,&277$
5LFRWWDJUDPPL
=XFFKHURLQSROYHUHJUDPPL
0DQGRUOHGROFLJUDPPLHWUHRTXDWWURDPDUH
8RYDQ
2GRUHGLVFRU]DGLOLPRQH
6EXFFLDWH OH PDQGRUOH QHOO DFTXD FDOGD H SHVWDWHOH ILQLVVLPH QHO PRUWDLR FRQ XQD GHOOH FKLDUH GHOOH
XRYDVXGGHWWH0HVFRODWHOHEHQHFROODULFRWWDSDVVDQGRSULPDTXHVWDGDOORVWDFFLRVHIRVVHWURSSRGXUDR
ER]]ROXWD$JJLXQJHWHOR]XFFKHURHOHXRYDGRSRDYHUOHIUXOODWHDSDUWHHYHUVDWHLOFRPSRVWRLQXQRVWDPSR
GDEXGLQRFKHDYUHWHSULPDXQWRFROEXUURHFRVSDUVRGLSDQJUDWWDWR&XRFHWHORLQIRUQRRWUDGXHIXRFKLLQ
XQIRUQHOORHVHUYLWHOR IUHGGR
3XzEDVWDUHSHUVHLRVHWWHSHUVRQH
%8',12$//$1$32/(7$1$
&XRFHWHGHOVHPROLQRLQWUHELFFKLHUL GLODWWHEDGDQGRFKHQRQULHVFDWURSSRVRGR5LWLUDWRGDOIXRFR
GRVDWHOR FRQ ]XFFKHUR XQD SUHVD GL VDOH H O RGRUH GHOOD VFRU]D GL OLPRQH TXDQGR QRQ VDUj SL EROOHQWH
DJJLXQJHWH WUH URVVL G XRYR H GXH FKLDUH PHVFRODQGR LO WXWWR EHQ EHQH 3UHQGHWH XQD WHJOLD GL UDPH GL
PH]]DQD JUDQGH]]D XQJHWHOD FRO EXUUR R FRO ODUGR H ULYHVWLWHOD GL XQD VIRJOLD GL SDVWD IUROOD JURVVD XQR
VFXGR PHWj GRVH GHO Q ULFHWWD $ SXz EDVWDUH 9HUVDWH QHOOD WHJOLD XQ WHU]R GHO VHPROLQR H VSDUJHWH
VRSUDLOPHGHVLPRDTXDOFKHGLVWDQ]DO XQRGDOO DOWURGHLSH]]HWWLRFXFFKLDLQLGLFRQVHUYHGLIUXWWDGLYHUVH
TXDOLVDUHEEHURODPSRQHFRWRJQHDOELFRFFKHHFFVRSUDTXHVWRSULPRVWUDWRSRQHWHQHXQVHFRQGRHGXQ
WHU]RVHPSUHULILRUHQGROLGHOOHGHWWHFRQVHUYH
5LFRSULWHLOGLVRSUDGHOEXGLQRFRQXQDVIRJOLDGHOODVWHVVDSDVWDHLQXPLGLWHJOLRUOLFRQXQGLWRLQWLQWR
QHOO DFTXD SHUFKp VL DWWDFFKLQR IUD ORUR )DWHJOL TXDOFKH RUQDWR GRUDWHOR FRQ URVVR G XRYR H FXRFHWHOR DO
IRUQR4XDQGRORVIRUPDWHVSROYHUL]]DWHORGL]XFFKHURDYHORHVHUYLWHORIUHGGR
$OOHFRQVHUYHVLSXzVRVWLWXLUHXYDVXOWDQLQDHFDQGLWRDSH]]HWWL
%8',121(52
4XHVWREXGLQRVLIDWDOYROWDSHUFRQVXPDUHOHFKLDUHG XRYRHQRQqGDGLVSUH]]DUVL
&KLDUHG XRYRQ
0DQGRUOHGROFLJUDPPL
=XFFKHURLQSROYHUHJUDPPL
6EXFFLDWHOHPDQGRUOHDVFLXJDWHOHEHQHDOVROHRDOIXRFRWULWDWHOHFROODOXQHWWDHPHWWHWHOHDOIXRFRLQ
XQD FD]]DUXROD TXDQGR VDUj VFLROWR OR ]XFFKHUR 'RSR FKH LO PLVFXJOLR DYUj SUHVR LO FRORUH GHO FURFFDQWH
RVVLD GHOOD EXFFLD GL PDQGRUOD YHUVDWHOR LQ XQ PRUWDLR H GLDFFLR FKH VLDULGXFHWHOR LQ SROYHUH 0HVFRODWH
TXHVWD SROYHUH DOOH VHL FKLDUH PRQWDWH PHWWHWH LO FRPSRVWR LQ XQR VWDPSR XQWR FRQ VROR EXUUR GLDFFLR H
FXRFHWHORDEDJQRPDULDSHUVHUYLUORIUHGGR
%8',12',/,021(
8QJURVVROLPRQHGLJLDUGLQR
=XFFKHURJUDPPL
0DQGRUOHGROFLFRQWUHDPDUHJUDPPL
8RYDQ 8QFXFFKLDLQRGLUKXPRFRJQDF
&XRFHWH LO OLPRQH QHOO DFTXD SHU LO FKH VDUDQQR VXIILFLHQWL GXH RUHOHYDWHOR DVFLXWWR H SDVVDWHOR SHU
LVWDFFLR 3HUz SULPD GL SDVVDUOR DVVDJJLDWHOR FKp VH VDSHVVH WURSSR GL DPDUR ELVRJQHUHEEH WHQHUOR
QHOO DFTXD IUHVFD ILQFKp QRQ DYHVVH SHUGXWR TXHOO LQJUDWR VDSRUH $JJLXQJHWH DG HVVR OR ]XFFKHUR OH
PDQGRUOHVEXFFLDWHHSHVWDWHILQLVVLPHLVHLURVVLGHOOHXRYDHLOUKXP 0HVFRODWHEHQHLOWXWWRPRQWDWHOH
VHLFKLDUHHGXQLWHOHDOFRPSRVWRFKHYHUVHUHWHLQXQRVWDPSR SHUFXRFHUORQHOIRUQHOORRQHOIRUQR6LSXz
VHUYLUHWDQWRFDOGRFKHGLDFFLR
%8',12',&,2&&2/$7$
/DWWHGHFLOLWUL
=XFFKHURJUDPPL
&LRFFRODWDJUDPPL
6DYRLDUGLJUDPPL
8RYDQ
2GRUHGLYDLQLJOLD
*UDWWDWHODFLRFFRODWDPHWWHWHODQHOODWWHHTXDQGRTXHVWRFRPLQFLDDEROOLUHJHWWDWHFLOR]XFFKHURHL
VDYRLDUGL VPLQX]]DQGROL FROOH GLWD 0HVFRODWH GL TXDQGR LQ TXDQGR RQGH LO FRPSRVWR QRQ VL DWWDFFKL DO
IRQGRHGRSRPH]] RUDGLEROOLWXUDSDVVDWHORSHULVWDFFLR4XDQGRqGLDFFLRDJJLXQJHWHOHXRYDIUXOODWHHOD
YDLQLJOLDYHUVDWHORLQXQRVWDPSROLVFLRLOFXLIRQGRDYUHWHSULPDULFRSHUWRGLXQYHORGL]XFFKHUROLTXHIDWWRH
FXRFHWHORDEDJQRPDULD
*UDPPLGL]XFFKHUREDVWDQRSHUULFRSULUHLOIRQGRGHOORVWDPSR6LVHUYHIUHGGR
'2/&(',&,2&&2/$7$
3DQHGL6SDJQDJUDPPL
&LRFFRODWDJUDPPL
%XUURJUDPPL
=XFFKHURJUDPPL
5RVROLRTXDQWREDVWD
7DJOLDWHDIHWWLQHLOSDQGL6SDJQD*UDWWDWHODFLRFFRODWD
)DWHOLTXHIDUHLOEXUURDEDJQRPDULDHQHOPHGHVLPRYHUVDWHOR]XFFKHURHODFLRFFRODWDODYRUDQGRLO
FRPSRVWR FRQ XQ PHVWROR ILQFKp QRQ OR DYUHWH ULGRWWR EHQ ILQH &RQ TXHVWR H LO SDQ GL 6SDJQD LQWLQWR QHO
URVROLR ULHPSLWH D VWUDWL XQR VWDPSR FKH DYUHWH SULPD EDJQDWR FRQ OR VWHVVR URVROLR SHU SRWHU PHJOLR
VIRUPDUHLOGROFH' HVWDWHWHQHWHORVWDPSRQHOJKLDFFLRRQGHVLDVVRGLLOFRPSRVWR
4XHVWDGRVHSRWUjEDVWDUHSHUVHLSHUVRQH
%8',12',0$1'25/(7267$7(
/DWWHGHFLOLWULSDULDJUDPPL
=XFFKHURJUDPPL
6DYRLDUGLJUDPPL
0DQGRUOHGROFLJUDPPL
8RYDQ
3ULPD SUHSDUDWH OH PDQGRUOH FLRq VEXFFLDWHOH QHOO DFTXD FDOGD H DEEUXVWROLWHOH DO IXRFR VRSUD XQD
ODVWUDGLSLHWUDRGLIHUURSRVFLDSHVWDWHOHULGXFHQGROHTXDVLLPSDOSDELOLHPHVVRLOFRPSRVWRDOIXRFRVHQ]D
OHXRYDDJJLXQJHWHFLOHPDQGRUOHHGRSRSRFDFRWWXUDSDVVDWHORGDOORVWDFFLR 2UDXQLWHFLOHXRYDIUXOODWHH
DVVRGDWHORDEDJQRPDULDFRQXQYHORGL]XFFKHURIXVRLQIRQGRDOORVWDPSR1RQRFFRUUHQHVVXQRGRUH/D
WRVWDWXUDGHOOHPDQGRUOHIDUjSUHQGHUHDTXHVWREXGLQRLOFRORUFHQHULQRHJOLGDUjXQVDSRUHFRVuJUDWRGD
PHULWDUVL LO SODXVR GHJOL XRPLQL H SL TXHOOR GHOOH GRQQH GL JXVWR GHOLFDWR 7DQWR TXHVWR FKH LO EXGLQR GL
FLRFFRODWDVLSRVVRQRPHWWHUHLQJHORSULPDGLVHUYLUOLFRPHSXUHSHUGDUORURSLEHOO DSSDUHQ]DVLSRVVRQR
FRSULUHFRQXQDFUHPDILRULWDGLFRQIHWWLDFRORULRSSXUHFRQSDQQDPRQWDWD
%8',12*$%,1(772
4XHVWRqXQEXGLQRFKHVDGLGLSORPD]LDLOQRPHORLQGLFDHORLQGLFDQRDOWUHVuODFRPSRVL]LRQHVXDH
LOVXRVDSRUPXOWLIRUPHORGHGLFRSHUFLzDOSLJUDQGHGHLGLSORPDWLFLDOO LGRORGHOJLRUQR,OPRQGRJLjVLVD
YXROHVHPSUHXQLGRORGDDGRUDUHVHQRQO KDVHORIRUPDHVDJHUDQGRQHLPHULWLDOO LQILQLWRPDLRFKHVRQR
LQFUHGXOR SHU QDWXUD H XQ SRFR DQFKH SHU HVSHULHQ]D GLFR FRPH GLFHYD FROXL 'DPPHOR PRUWR H SRL QH
UDJLRQHUHPR 4XDQWL QH DEELDPR YLVWL QHOO HWj QRVWUD GHJO LGROL R DVWUL GL JUDQGH VSOHQGRUH FKH SRL
WUDPRQWDURQRSUHVWRRFDGGHURLJQRPLQLRVDPHQWH4XDQGRVFULVVLTXHVWRDUWLFRORQHEULOODYDXQRDPPLUDWR
GDWXWWLRUDVFRPSDUVRGDOO RUL]]RQWH
'26(3(5',(&,3(5621(
/DWWHXQOLWUR
=XFFKHURJUDPPL
6DYRLDUGLJUDPPL
8YDPDODJDJUDPPL
8YDVXOWDQLQDJUDPPL
&RQVHUYDGLDOELFRFFKHJUDPPL
'HWWDGLFRWRJQHJUDPPL
&DQGLWRJUDPPL
.LUVFKPH]]RGHFLOLWUR
5RVVLG XRYRQ
&KLDUHG XRYRQ
)DWHEROOLUHLOODWWHSHUPH]] RUDFROOR]XFFKHURGHQWUR
$OO XYDPDODJDOHYDWHLVHPLLOFDQGLWRWDJOLDWHORDSLFFROLGDGLHFRVuOHFRQVHUYHVHIRVVHURVRGHLO
FKHLQTXHVWRFDVRVDUHEEHPHJOLR
%UXFLDWHOHXYHHLOFDQGLWRFROUKXPFRPHQHO%LVFRWWRDOODVXOWDQDQ
'RSR FKH LO ODWWH DYUj EROOLWR ODVFLDWHOR GLDFFLDUH H SRL DJJLXQJHWHFL OH XRYD IUXOODWH H LO NLUVFK
3UHQGHWH XQR VWDPSR OLVFLR D FLOLQGUR XQJHWHOR WXWWR FRO EXUUR GLDFFLR H ULHPSLWHOR QHO VHJXHQWH PRGR
FRSULWHQH LO IRQGR FRQ XQR VWUDWR GL GHWWD IUXWWD H VRSUD GLVWHQGHWH XQ VXROR GL VDYRLDUGL SRL DOWUD IUXWWD H
FRQVHUYH SRL DOWUL VDYRLDUGL H FRVu GL VHJXLWR ILQFKp DYUHWH URED 3HU XOWLPR YHUVDWH DGDJLR DGDJLR LO ODWWH
SUHSDUDWRQHOPRGRDQ]LGHWWRFXRFHWHLOGROFHDEDJQRPDULDHVHUYLWHORFDOGR
4XDOFXQRGLFHFKHTXHVWREXGLQRVHQRQYXROGHIUDXGDUHLOVXRWLWRORGLJDELQHWWRGHYHFRPSDULUHLQ
WDYRODWXWWRFKLXVRFLRqWHQHUQDVFRVWRLOULSLHQRFRPHVLWHQJRQRRFFXOWLLVHJUHWLGHOODSROLWLFD6HORIDWHLQ
TXHVWD PDQLHUD SUHQGHWH JUDPPL GL VDYRLDUGL GRYHQGRVL FRQ HVVL FRSULUH LO IRQGR FLQJHUH OR VWDPSR
DOO LQWRUQRHLQWUDPH]]DUHFRQTXHOOLFKHUHVWDQROHIUXWWDDOO LQWHUQR
9L DYYHUWR SRL FKH TXDQGR LO ODWWH HQWUD QHOOD FRPSRVL]LRQH GL XQ SLDWWR PDODPHQWH VL SRVVRQR GDUH
LQGLFD]LRQLSUHFLVHHVVRqGLQDWXUDWDOHFKHVSHVVRHYROHQWLHULIRUPDODGLVSHUD]LRQHGHLFXRFKL
38'',1*&(6$5,12
9HORGRSHUXQEXRQUDJD]]RTXHVWR&HVDULQRHYHORYHQGRFROQRPHVWUDQRFRQFXLORFRPSUDLGD
XQD JLRYDQH H SLXWWRVWR EHOOD VLJQRUDUHOLJLRVD HG RQHVWDXQR GL TXHL WLSLFKHVHQ]DYROHUORVRQRFDSDFL
SHUOHJJHUH]]DGLFRPSURPHWWHUHOHSHUVRQHFKHOLDYYLFLQDQR
0LGROODGLSDQHILQHJUDPPL
=XFFKHURJUDPPL
$OWUR]XFFKHURSHUORVWDPSRFLUFDJUDPPL
8YDPDODJDJUDPPL
8YDVXOWDQLQDJUDPPL
/DWWHPH]]ROLWUR
0DUVDODHUKXPLQWXWWRWUHFXFFKLDLDWH
8RYDQ
7DJOLDWH OD PLGROOD GL SDQH D IHWWH VRWWLOL H JHWWDWHOD QHO ODWWH $VSHWWDQGR FKH TXHVWD LQ]XSSL QHWWDWH
O XYD OHYDWH L VHPL DOOD PDODJD H SUHSDUDWH OD IRUPD SHU FXRFHUOR FKH VDUj TXHOOD SHL EXGLQL GL UDPH
ODYRUDWD'LVIDWHDOIXRFRLQXQDFD]]DUXRODLVXGGHWWLJUDPPLFLUFDGL]XFFKHURHSUHVRFKHDEELDLOFRORU
QRFFLXROD YHUVDWHOR QHOOR VWDPSR SHU LQWRQDFDUOR WXWWR TXDQGR SRL VDUj GLDFFLR XQJHWH O LQWRQDFR GHOOR
]XFFKHURFRQEXUURIUHVFR
$OOD PLGROOD LQ]XSSDWD XQLWH L GHWWL JUDPPL GL ]XFFKHUR L URVVL GHOOH XRYD H L OLTXRUL ULPHVWDQGR
EHQHRJQLFRVD3HUXOWLPRDJJLXQJHWHO XYDHOHFKLDUHPRQWDWH&XRFHWHORDEDJQRPDULDSHUWUHRUHLQWHUH
SRQHQGRYL LO IXRFR VRSUD VROWDQWR QHOO XOWLPD RUD 6HUYLWHOR FDOGR H LQ ILDPPH H SHUFLz DQQDIILDWHOR
DEERQGDQWHPHQWHGLUKXPHGDWHJOLIXRFRFRQXQDFXFFKLDLDWDGLVSLULWRDFFHVR
3RWUjEDVWDUHSHUGLHFL RGRGLFLSHUVRQH
3/8038'',1*
3DUROD LQJOHVH FKH YRUUHEEH GLUH EXGLQR GL SUXJQH EHQFKp TXHVWH QRQ F HQWULQR DIIDWWR )DWH XQ
FRPSRVWRQHOTXDOHSHURJQLXRYRFKHVHUYHDOHJDUORHQWULODTXDQWLWjGHLVHJXHQWLLQJUHGLHQWL
=XFFKHURLQSROYHUHJUDPPL
=LELEERJUDPPL
8YDVXOWDQLQDJUDPPL
0LGROODGLSDQHILQHJUDPPL
*UDVVRG DUQLRQHGLFDVWUDWRJUDPPL
&HGURFDQGLWRJUDPPL
$UDQFLRFDQGLWRJUDPPL
5KXPXQDFXFFKLDLDWD
$OOR]LELEEROHYDWHLVHPL,IUXWWLFDQGLWLWDJOLDWHOLDILOHWWLFRUWLHVRWWLOL,OJUDVVRG DUQLRQHVHQRQSRWHWH
DYHUOR GLFDVWUDWRSUHQGHWHORGLYLWHOODHWDQWRTXHVWRFKHODPLGROODGLSDQHWDJOLDWHOLDGDGLQLPLQXWLVVLPL
OHYDQGRDOJUDVVROHSHOOLFROH
)DWHXQPLVFXJOLRG RJQLFRVDDYHQGRIUXOODWHSULPDOHXRYDDSDUWHHODVFLDWHORLQULSRVRSHUTXDOFKH
RUDSRLPHWWHWHORLQXQWRYDJOLXRORHOHJDWHOREHQHVWUHWWRFRQXQRVSDJRSHUIRUPDUHXQDSDOOD3RQHWHDO
IXRFRXQDSHQWRODG DFTXDHTXDQGREROOHLPPHUJHWHORQHOODPHGHVLPDLQPRGRFKHQRQWRFFKLLOIRQGRGHO
YDVRODVFLDQGROREROOLUHDGDJLRWDQWHRUHTXDQWHVRQROHXRYD/HYDWHORGDOWRYDJOLXRORFRQULJXDUGRIDWHJOL
DOGLVRSUDXQDSR]]HWWDHYHUVDWRLQHVVDXQELFFKLHULQRRGXHGLFRJQDFRGLUKXPFKHVLVSDQGDSHUWXWWRLO
GROFH GDWHJOL IXRFR H FRVu FDOGR H LQ ILDPPH PDQGDWHOR LQ WDYROD SHU HVVHU WDJOLDWR D IHWWH H PDQJLDWR
TXDQGRODILDPPDqHVWLQWD7UHXRYDEDVWHUDQQRSHUVHLSHUVRQH
3/80&$.(
ÊXQGROFHGHOODVWHVVDIDPLJOLDGHOSUHFHGHQWHPHQWLWRUHDQFK HJOLGHOQRPHVXR
=XFFKHURJUDPPL
%XUURJUDPPL
)DULQDILQLVVLPDJUDPPL
&DQGLWRJUDPPL
8YDPDODJDJUDPPL
'HWWDVXOWDQLQDJUDPPL
'HWWDSDVVROLQDJUDPPL
8RYDLQWHUHQ
5RVVLG XRYRQ
5KXPXQGHFLOLWURVFDUVRRVVLDFLQTXHFXFFKLDLDWH
2GRUHGLVFRU]DGLOLPRQHRYDLQLJOLD
,OFDQGLWRWDJOLDWHORDILOHWWLVRWWLOLHOHYDWHLVHPLDOO XYDPDODJD/DYRUDWHSULPDLOEXUURGDVRORFRQXQ
PHVWROR UDPPRUELGHQGROR DO IXRFR VH RFFRUUH DJJLXQJHWH OR ]XFFKHUR H VHJXLWDWH D ODYRUDUOR ILQFKp VLD
GLYHQXWRELDQFR6FRFFLDWHOHXRYDXQDDOODYROWDPHVFRODQGRSRLODIDULQDHSHUXOWLPRLOULPDQHQWH9HUVDWH
LO FRPSRVWR LQ XQR VWDPSR OLVFLR FKH VLD VWDWR SULPD IRGHUDWR GL FDUWD XQWD FRO EXUUR GDOOD SDUWH LQWHUQD H
FXRFHWHORDOIRUQR
3RWHWHVHUYLUORFDOGRVSROYHUL]]DWRGL]XFFKHURDYHORHGDQFKHIUHGGRFKHqEXRQRHJXDOPHQWH
/D FDUWD VHUYH SHU LPSHGLUH FKH OH XYH VL DWWDFFKLQR DOOR VWDPSR 4XHVWD GRVH EDVWHUj SHU GRGLFL
SHUVRQH
%$9$5(6(/20%$5'$
4XHVWR GROFH D FXL GDQQR GLYHUVL QRPL VL SRWUHEEH FKLDPDUH LO SLDWWR GROFH GHO JLRUQR YLVWR FKH q
EHQHDFFHWWRHGXVDWRVSHVVRLQPROWHIDPLJOLH
%XUURGLEXRQDTXDOLWjHEHQIUHVFRJUDPPL
=XFFKHURDYHORJUDPPL
6DYRLDUGLOXQJKLRSDQGL6SDJQDFLUFDJUDPPL
5RVVLG XRYRDVVRGDWLQ
=XFFKHURYDQLJOLDWRTXDQWREDVWDSHUGDUJOLO RGRUH
5RVROLRTXDQWRRFFRUUHSHULQWLQJHUHOHJJHUPHQWHLVDYRLDUGL
)DWH EROOLUH OH XRYD SHU VROL VHWWH PLQXWL H OHYDWLQH L URVVL VWHPSHUDWHOL QHO EXUUR SRL SDVVDWHOL GDO
VHWDFFLR LQGL DJJLXQJHWH OR ]XFFKHUR D YHOR H LO YDQLJOLDWR H ODYRUDWH PROWR LO FRPSRVWR FRO PHVWROR SHU
PDQWHFDUOR 3UHQGHWH XQR VWDPSR SRVVLELOPHQWH D FRVWROH EDJQDWHOR FRO URVROLR WDJOLDWH D PHWj SHU LO
OXQJR L VDYRLDUGL LQWLQJHWHOL OHJJHUPHQWH QHO URVROLR RSSXUH PHWj QHO URVROLR H PHWj QHOO DONHUPHV H FRQ
TXHVWL IRGHUDWH OR VWDPSR DOWHUQDQGR L GXH FRORUL 3RL YHUVDWH QHO PH]]R LO FRPSRVWR FRSULWHOR FRQ DOWUL
VDYRLDUGL LQWLQWL DQFKH TXHVWL ODVFLDWHOR SHU WUH RUH DOPHQR QHO JKLDFFLR H VHUYLWHOR /D FRPSRVL]LRQH VH
WRUQDVVHFRPRGRSXzIDUVLXQJLRUQRSHUO DOWURHTXHVWDTXDQWLWjEDVWDSHURWWRSHUVRQHÊXQGROFHPROWR
ILQH
=833$,1*/(6(
,Q 7RVFDQD RYH SHU UDJLRQH GHO FOLPD HG DQFKH SHUFKp FROj KDQQR DYYH]]DWR FRVu OR VWRPDFR D
WXWWHOHYLYDQGHVLGjLOFDUDWWHUHGHOODOHJJHUH]]DHO LPSURQWDGRY qSRVVLELOHGHOODOLTXLGLWj ODFUHPDVLID
PROWR VFLROWD VHQ]D DPLGR Qp IDULQD HVL XVD VHUYLUOD QHOOH WD]]H GDFDIIq )DWWD LQ TXHVWR PRGR ULHVFH q
YHURSLGHOLFDWDPDQRQVLSUHVWDSHUXQD]XSSDLQJOHVHQHOORVWDPSRHQRQIDEHOOH]]D
(FFRYLOHGRVLGHOODFUHPDSDVWLFFHUDFRVuFKLDPDWDGDLFXRFKLSHUGLVWLQJXHUODGDTXHOODIDWWDVHQ]D
IDULQD
/DWWHGHFLOLWUL
=XFFKHURJUDPPL
)DULQDRPHJOLRDPLGRLQSROYHUHJUDPPL
5RVVLG XRYRQ
2GRUHGLYDLQLJOLD
/DYRUDWHSULPDOR]XFFKHURFRLURVVLG XRYRDJJLXQJHWHODIDULQDHSHUXOWLPRLOODWWHDSRFRSHUYROWD
3RWHWHPHWWHUODDIXRFRDUGHQWHJLUDQGRLOPHVWRORGLFRQWLQXRPDTXDQGRODYHGUHWHIXPDUHFRSULWHODEUDFH
FRQ XQD SDOHWWDWD GL FHQHUH R ULWLUDWH OD FD]]DUXROD VXOO DQJROR GHO IRUQHOOR VH QRQ YROHWH FKH VL IRUPLQR
ER]]ROL4XDQGRV qJLjULVWUHWWDFRQWLQXDWHDWHQHUODVXOIXRFRRWWRRGLHFLPLQXWLHSRLODVFLDWHODGLDFFLDUH
3UHQGHWH XQD IRUPD VFDQQHOODWD XQJHWHOD EHQH FRQ EXUUR IUHGGR H FRPLQFLDWH D ULHPSLUOD QHO
VHJXHQWHPRGRVHDYHWHXQDEXRQDFRQVHUYDGLIUXWWDFRPHVDUHEEHGLDOELFRFFKHGLSHVFKHRGDQFKHGL
FRWRJQHJHWWDWHTXHVWDSHUODSULPDLQIRQGRDOODIRUPDHSRLXQRVWUDWRGLFUHPDHGXQRGLVDYRLDUGLLQWLQWL
LQXQURVROLRELDQFR6HSHUHVHPSLROHVFDQQHOODWXUHGHOODIRUPDIRVVHURGLFLRWWRLQWLQJHWHQRYHVDYRLDUGL
QHOO DONHUPHVHQRYHQHOURVROLRELDQFRHFRLPHGHVLPLULHPSLWHLYXRWLDOWHUQDQGROL9HUVDWHGHOO DOWUDFUHPD
HVRYUDSSRQHWHDOODPHGHVLPDGHJOLDOWULVDYRLDUGLLQWLQWLQHOURVROLRHULSHWHWHO RSHUD]LRQHILQRDULHPSLUQHOR
VWDPSR
, VDYRLDUGL EDGDWH GL QRQ LQ]XSSDUOL WURSSR QHO URVROLR SHUFKp OR ULJHWWHUHEEHUR VH LO OLTXRUH IRVVH
WURSSR GROFH FRUUHJJHWHOR FRO UKXP R FRO FRJQDF 6H LO WHPSR DYHVVH LQGXULWD OD FRQVHUYD GL IUXWWD GHOOD
TXDOHLQTXHVWRGROFHVLSXzIDUHDQFKHDPHQR UDPPRUELGLWHODDOIXRFRFRQTXDOFKHFXFFKLDLDWDGLDFTXD
PDQHOORVWDPSRYHUVDWHODGLDFFLD
4XHVWDGRVHSXzEDVWDUHSHUVHWWHRGRWWRSHUVRQH
1HOO HVWDWH SRWHWH WHQHUOD QHO JKLDFFLR H SHU LVIRUPDUOD LPPHUJHWH SHU XQ PRPHQWR OR VWDPSR
QHOO DFTXDFDOGDRQGHLOEXUURVLVFLROJD
6DUDQQRVXIILFLHQWLJUDPPLDGLVDYRLDUGL
=833$7$57$5$
3UHQGHWH JUDPPL GL ULFRWWD UDPPRUELGLWHOD DOTXDQWR FRO ODWWH H DJJUD]LDWHOD FRQ JUDPPL GL
]XFFKHURDYHORHGXHSUHVHGLFDQQHOODLQSROYHUHPHVFRODQGREHQH
3UHQGHWH XQR VWDPSR ODYRUDWR H EDJQDWHQH OH SDUHWL LQWHUQH FRQ URVROLR RSSXUH XQJHWHOH FRO EXUUR
LQWLQJHWHQHOURVROLRRQHOO DONHUPHVGH VDYRLDUGLHFRPLQFLDQGRGDTXHVWLRGDXQDFRQVHUYDGLIUXWWDQRQ
WURSSROLTXLGDFRSULWHLOIRQGRGHOORVWDPSR3RLULHPSLWHORDOWHUQDQGRDVXROLFRQODULFRWWDLVDYRLDUGLHOD
FRQVHUYDFKHSXzHVVHUHGLDOELFRFFKHRGLSHVFKH6IRUPDWHODGRSRTXDOFKHRUDHVHO DYUHWHGLVSRVWDFRQ
JDUERROWUHDOJXVWRUHVWHUDQQRDQFKHDSSDJDWLJOLRFFKLGH FRPPHQVDOL/DULFRWWDVLSXzUDPPRUELGLUHFRO
URVROLRGLFHGURLQYHFHGHOODWWHHDOORUDQRQRFFRUUHODFDQQHOOD
Ê XQGROFHGDSLDFHUPROWR
'2/&(',&,/,(*(
&RPHGROFHGDIDPLJOLDqDVVDLEXRQRHPHULWDGLRFFXSDUVHQH
&LOLHJHPRUHFUXGHLQWHUHHVHQ]DJDPERJUDPPL
=XFFKHURDYHORJUDPPL
3DQJUDWWDWRGLVHJDODJUDPPL
0DQGRUOHGROFLJUDPPL
8RYDQ
5RVROLRFXFFKLDLDWHQ
2GRUHGLYDLQLJOLDRVFRU]DGLOLPRQH
0DQFDQGR LO SDQH GL VHJDOD VHUYLWHYL GHO SDQH FRPXQH /H PDQGRUOH VEXFFLDWHOH DVFLXJDWHOH H
WULWDWHOHPLQXWDPHQWHSHUULGXUOHDPHWjFLUFDGLXQFKLFFRGLULVR
/DYRUDWHSULPDLURVVLG XRYRFRQOR]XFFKHURILQFKpVLHQRGLYHQXWLVSXPRVLDJJLXQJHWHLOSDQJUDWWDWR
LO URVROLR O RGRUH H FRQWLQXDWH D ODYRUDUH DQFRUD XQ SRFR LO FRPSRVWR 8QLWHFL OH FKLDUH EHQ PRQWDWH
PHVFRODQGRDGDJLRHYHUVDWHORLQXQRVWDPSROLVFLRFKHDYUHWH SULPDEHQXQWRFRQEXUURIUHGGRHFRVSHUVR
WXWWR H SL QHO IRQGR FRQ OH GHWWH PDQGRUOH ,QILQH EXWWDWHFL OH FLOLHJH PD SHU HYLWDUH FKH TXHVWH SHO ORUR
SHVRFDOLQRDIRQGRPHVFRODWHIUDLOFRPSRVWROHPDQGRUOHFKHYLUHVWDQR&XRFHWHORDOIRUQRRDOIRUQRGD
FDPSDJQDHVHUYLWHORFDOGRRIUHGGRDTXDWWURRFLQTXHSHUVRQH
=833$',9,6&,2/(
4XHVWD ]XSSD VL SXz IDUH FRQ OHWWLQH VRWWLOL GL SDQH ILQH DUURVWLWR RSSXUH FRQ SDQ GL 6SDJQD R FRQ
VDYRLDUGL/HYDWHLOQRFFLRORDTXHOODTXDQWLWj GLFLOLHJHYLVFLROHFKHFUHGHUHVWHVXIILFLHQWLHPHWWHWHOHDOIXRFR
FRQ SRFKLVVLPD DFTXD H XQ SH]]HWWR GL FDQQHOOD FKH SRL JHWWHUHWH YLD 4XDQGR FRPLQFLDQR D EROOLUH
DJJLXQJHWH]XFFKHURTXDQWREDVWDPHVFRODWHDGDJLQRSHUQRQJXDVWDUOHHDOORUFKpFRPLQFLDQRDVLURSSDUH
DVVDJJLDWHOHVHKDQQR]XFFKHURDVXIILFLHQ]DHOHYDWHOHGDOIXRFRTXDQGROHYHGUHWHDJJULQ]LWHHGDYUDQQR
SHUGXWR LO FUXGR 'RSR FKH DYUHWH OHJJHUPHQWH LQWLQWR OH IHWWH GHO SDQH R L VDYRLDUGL QHO URVROLR FROORFDWHOL
VXROR SHU VXROR LQVLHPH FRQ OH FLOLHJH LQ XQSLDWWRRLQXQYDVVRLRLQPRGRFKHIDFFLDQRODFROPD3RWHWH
DQFKH GDUH D TXHVWD ]XSSD OD IRUPD SL UHJRODUH LQ XQR VWDPSR OLVFLR H WHQHUOR LQ JKLDFFLR DYDQWL GL
VIRUPDUODJLDFFKpQHOODVWDJLRQHGHOOHFLOLHJHVLFRPLQFLDQRDJUDGLUHLFLELUHIULJHUDQWL8QWHU]RGL]XFFKHUR
GHOSHVRORUGRGHOOHFLOLHJHqVXIILFLHQWH
=833$',/,021(
4XHVWRGROFHFKHGDOODVXDSURYHQLHQ]DJLXGLFKHUHLGLRULJLQHIUDQFHVHQRQq PROWRQHOOHPLHJUD]LH
QRQRVWDQWHYHORGHVFULYRQHOFDVRQRQDYHVWHGLPHJOLRDIDUHHYLWURYDVWHOHFKLDUHDGLVSRVL]LRQH
=XFFKHURJUDPPL
5RVVLG XRYRQ
&KLDUHG XRYRQ
6XJRGLXQJURVVROLPRQH
$FTXDPH]]RELFFKLHUH
)DULQDXQFXFFKLDLRVFDUVR
6WHPSHUDWH OD IDULQD FROO DFTXD IUXOODQGROD EHQH YHUVDWHOD LQ XQD FD]]DUXROD HG DJJLXQJHWH LO UHVWR
5LPHVWDWHRJQLFRVDHSRQHWHLOFRPSRVWRDOIXRFRULPXRYHQGRFRQWLQXDPHQWHLOPHVWRORFRPHVLIDSHUOD
FUHPD 4XDQGR VDUj FRQGHQVDWR SDVVDWHOR GDOOR VWDFFLR VH RFFRUUH SRL YHUVDWHQH SDUWH LQ XQ YDVVRLR
GLVWHQGHWHFLVRSUDGHLVDYRLDUGLRGHOSDQGL6SDJQDHFROUHVWRGHOFRPSRVWRFRSULWHOR6HUYLWHODIUHGGD
3XzEDVWDUHSHUTXDWWURRFLQTXHSHUVRQH
6)250$72',&216(59(
3UHQGHWHXQRVWDPSRGDEXGLQRDFRVWROHRVFDQQHOODWRXQJHWHOREHQHFRQEXUURIUHGGRHULHPSLWHOR
GLVDYRLDUGLRGLSDQGL6SDJQDLQWLQWLQHOURVROLRHGLFRQVHUYHGLIUXWWDUHJRODQGRYLLQWXWWRFRPHDOQ
VHQ]DDOFXQXVRGLFUHPD'RSRDOFXQHRUHOHTXDOLRFFRUURQRSHUFKpLOFRPSRVWRVLFRPSHQHWULVIRUPDWHOR
LPPHUJHQGRSULPDSHUXQLVWDQWHORVWDPSRQHOO DFTXDEROOHQWHRQGHLOEXUURVLVFLROJD
%,$1&20$1*,$5(
0DQGRUOHGROFLFRQWUHDPDUHJUDPPL
=XFFKHURLQSROYHUHJUDPPL
&ROODGLSHVFHLQIRJOLJUDPPL
3DQQDRILRUGLODWWHPH]]RELFFKLHUHDEXRQDPLVXUD
$FTXDXQELFFKLHUHHPH]]R
$FTXDGLILRUG DUDQFLRGXHFXFFKLDLDWH
3ULPD SUHSDUDWH OD FROOD GL SHVFH HG q FRVD VHPSOLFH SLJLDWHOD FROOH GLWD LQ IRQGR D XQ ELFFKLHUH H
FRSHUWD GL DFTXD ODVFLDWHOD VWDUH RQGH DEELD WHPSR GL UDPPROOLUH H TXDQGR YH QH VHUYLUHWH JHWWDWH YLD
O DFTXDHODYDWHOD6EXFFLDWHHSHVWDWHOHPDQGRUOHLQXQPRUWDLREDJQDQGROHGLTXDQGRLQTXDQGRFRQXQ
FXFFKLDLQR G DFTXD H TXDQGR OH DYUHWH ULGRWWH ILQLVVLPH GLOXLWHOH FRQ O DFTXD VXGGHWWD H SDVVDWHOH GD XQ
FDQRYDFFLR IRUWH H UDGR SURFXUDQGR GL HVWUDUQH WXWWD OD VRVWDQ]D $ WDO SXQWR SUHSDUDWH XQR VWDPSR
TXDOXQTXH GHOOD FDSDFLWj FRQYHQLHQWH SRL PHWWHWH DO IXRFR LQ XQD FD]]DUXROD LO ODWWH GHOOH PDQGRUOH OD
SDQQDOR]XFFKHURODFROODO DFTXDGLILRUGLDUDQFLRPHVFRODWHLOWXWWRHIDWHOREROOLUHSHUTXDOFKHPLQXWR
5LWLUDWHORGDOIXRFRHTXDQGRDYUjSHUGXWRLOFDORUHYHUVDWHORQHOORVWDPSRLPPHUVRQHOO DFTXDIUHVFDRQHO
JKLDFFLR3HULVIRUPDUOREDVWDSDVVDUHDWWRUQRDOORVWDPSRXQFHQFLREDJQDWRQHOO DFTXDEROOHQWH
/D EROOLWXUD q QHFHVVDULD RQGHOD FROOD GL SHVFH VLLQFRUSRULFROUHVWRDOWULPHQWLF qLOFDVRGLYHGHUOD
SUHFLSLWDUHLQIRQGRDOORVWDPSR
6*21),2772',)$5,1$*,$//$
4XHVWRSLDWWR
,IUDQFHVLORFKLDPDQVRXIIOHW
(ORQRWDQRFRPHHQWUHPHW
,R VJRQILRWWRVHGDWHLOSHUPHVVR
&KHVHUYLUHSRWUjGLWUDPHVVR
/DWWHPH]]ROLWUR
)DULQDGLJUDQWXUFRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
8RYDFKLDUHQURVVLQ
8QSL]]LFRGLVDOH
)DWHXQDIDULQDWDFLRqYHUVDWHODIDULQDQHOODWWHTXDQGRTXHVWREROOHRPHJOLRVHYROHWHSUHVHUYDUOD
GDLER]]ROLVWHPSHUDWHSULPDODIDULQDFRQXQSRFRGLODWWHIUHGGRHYHUVDWHODQHOODWWHEROOHQWHPHVFRODQGROD
EHQH)DWHODEROOLUSRFRHTXDQGRODULWLUDWHGDOIXRFRDJJLXQJHWHLOEXUUROR]XFFKHURHLOVDOH$OORUFKpVDUj
GLDFFLDGLVIDWHQHOODPHGHVLPDLURVVLG XRYRHSHUXOWLPRYHUVDWHOHFKLDUHPRQWDWHEHQVRGHPHVFRODWHFRQ
JDUER H YHUVDWH LO FRPSRVWR LQ XQR VWDPSR OLVFLR R LQ XQD FD]]DUXROD FKH DYUHWH XQWD FRO EXUUR H
VSROYHUL]]DWD GL IDULQD GL JUDQR &XRFHWHOR LQ XQ IRUQHOOR FRQ IXRFR VRWWR H VRSUD H TXDQGR DYUj PRQWDWR
VHUYLWHOR VXELWR RQGH VH q SRVVLELOH UHVWL EHQ VRIILFH H QRQ V DFTXDWWL 0HJOLR q D PLR DYYLVR IDU TXHVWR
SLDWWRLQXQYDVVRLRFKHUHJJDDOIXRFRHSRUWDUORLQWDYRODVHQ]DPXRYHUOR
4XHVWDGRVHEDVWHUjSHUVHLSHUVRQH
%,6&2772'$6(59,56,&21/2=$%$,21(
)DULQDGLSDWDWHJUDPPL
'HWWDGLJUDQRJUDPPL
=XFFKHURLQSROYHUHJUDPPL
8RYDQ2GRUHGLVFRU]DGLOLPRQH
/DYRUDWH SULPD SHU TXDVL PH]] RUD L URVVL G XRYR FROOR ]XFFKHUR DJJLXQJHWH OH FKLDUH PRQWDWH EHQ
VRGH H IDWH FDGHUH OD IDULQD GD XQ YDJOLHWWLQR PHVFRODQGR LO WXWWR LQ EHO PRGR RQGH LO FRPSRVWR ULPDQJD
VRIILFH9HUVDWHORLQXQRVWDPSRFROEXFRLQPH]]RFKHDYUHWHSULPDXQWRFROEXUURHVSROYHUL]]DWRGLIDULQD
H GL ]XFFKHUR D YHOR 0HWWHWHOR VXELWR LQ IRUQR R QHO IRUQR GD FDPSDJQD SHU FXRFHUOR H VIRUPDWR GLDFFLR
YHUVDWHQHOEXFRGHOPHGHVLPROR]DEDLRQHGHOQHPDQGDWHORVXELWRLQWDYROD
ÊXQDGRVHFKHSXzEDVWDUHSHUFLQTXHRVHLSHUVRQH
6)250$72',6$92,$5',&21/2=$%$,21(
6DYRLDUGLJUDPPL
8YDPDODJDJUDPPL
'HWWDVXOWDQLQDJUDPPL
&HGURFDQGLWRJUDPPL
0DUVDODTXDQWREDVWD
$OO XYDPDODJDWRJOLHWHLVHPL,OFHGURFDQGLWRWDJOLDWHORDSH]]HWWLQL3UHQGHWHXQRVWDPSRFROEXFRLQ
PH]]RHGXQJHWHORFROEXUURGLDFFLRSRLLQWLQJHWHOHJJHUPHQWHHVRORDOODVXSHUILFLHLVDYRLDUGLQHOODPDUVDOD
HFRQTXHVWLULHPSLWHORVWDPSRLQWUDPH]]DQGROLDVXROLFRQOHXYHHLOFDQGLWR
)DWHXQDFUHPDFRQ
/DWWHGHFLOLWUL
8RYDLQWHUHQ
=XFFKHURJUDPPL
2GRUHGLYDLQLJOLD
&RVu FUXGD YHUVDWHOD QHOOR VWDPSR VRSUD L VDYRLDUGL &XRFHWHOR D EDJQRPDULD VIRUPDWHOR FDOGR H
SULPDGLPDQGDUORLQWDYRODULHPSLWHWUDERFFDQWHLOEXFRFRQXQR]DEDLRQHFKHORLQYHVWDWXWWRFRPSRVWRGL
8RYDLQWHUHQ
0DUVDODGHFLOLWUL
=XFFKHURJUDPPL
,O FRPSRVWR GHOOR ]DEDLRQH PRQWDWHOR FROOD IUXVWD LQ XQD EDFLQHOOD VRSUD DO IXRFR $OOH XYH SRWHWH
VRVWLWXLUHIUXWWHJLXOHEEDWHRSSXUHXQPLVWRGHOOHXQHHGHOOHDOWUHFRPHSXUHXQPLVWRGLFHGURHGLDUDQFLR
FDQGLWR3RWUjEDVWDUHSHUVHLSHUVRQHÊXQGROFHFKHSLDFH
&5(0$
/DWWHXQOLWUR
=XFFKHURJUDPPL
5RVVLG XRYRQ
2GRUHGLYDLQLJOLD
/DYRUDWHSULPDLURVVLG XRYRFROOR]XFFKHURHSRLYHUVDWHLOODWWHDSRFRSHUYROWD3HUVROOHFLWDUQHOD
FRWWXUD SRWHWH PHWWHUH LO FRPSRVWR D IXRFR DUGHQWH PD DSSHQD OR YHGUHWH IXPDUHUDOOHQWDWH LO FDORUH RQGH
QRQDYHVVHDLPSD]]LUH6HTXHVWRDYYLHQHSDVVDWHODFUHPDSHULVWDFFLR/DFRWWXUDVLFRQRVFHTXDQGROD
FUHPD VL DWWDFFD DO PHVWROR LO TXDOH YD PRVVR FRQWLQXDPHQWH DOO LQJLUR / RGRUH GDWHJOLHOR SRFR SULPD GL
OHYDUODGDOIXRFR
4XHVWDFUHPDVHQ]DIDULQDRGDPLGRQHOODSURSRU]LRQHVXGGHWWDVLSUHVWDPLUDELOPHQWHSHUJHODWLGL
FUHPD WDQWRFKp VHQWLUHWH XQ JHODWR FKH GLIILFLOPHQWH WURYHUHWH DL FDIIq 3Xz VHUYLUH DQFKH SHU XQD ]XSSD
LQJOHVHOLTXLGDXQHQGRYLTXDQGRqGLDFFLDGHOOHIHWWHGLSDULGL6SDJQDRGHLVDYRLDUGLOHJJHUPHQWHEDJQDWL
QHOURVROLRPDVHYROHWHUHQGHUODDQFRUSLJUDWDDJJLXQJHWHSH]]HWWLQLGLFDQGLWRWDJOLDWLVRWWLOLVVLPL
/(7$==,1(
ÊXQGROFHPROWRGHOLFDWRFKHVLVHUYHFRPHWXWWLJOLDOWULGROFLYHUVRODILQHGLXQSUDQ]RLQWD]]HSL
SLFFROHGLTXHOOHGDFDIIqXQDSHUSHUVRQDHSHUFLzFKLDPDVL/H WD]]LQH'RVHSHUGLHFLSHUVRQH
=XFFKHURJUDPPL
0DQGRUOHGROFLJUDPPL
5RVVLG XRYRQ
$FTXDGHFLOLWUL
2GRUHGLDFTXDGLILRUG DUDQFLR
&DQQHOODLQSROYHUHTXDQWREDVWD
/HPDQGRUOHVEXFFLDWHOHWRVWDWHOHDFRORUQRFFLXRODSHVWDWHOHILQLVVLPHHODVFLDWHOHGDSDUWH
)DWH EROOLUH OR ]XFFKHUR FRQ O DFTXD VXGGHWWD SHU XQ PLQXWR R GXH QRQ GRYHQGR SUHQGHU FRORUH H
GRSR TXDQGR VDUj WLHSLGR FRPLQFLDWH D EXWWDUFL L URVVL G XRYR XQR R GXH DOOD YROWD H VRSUD D XQ FDORUH
PRGHUDWLVVLPR ODYRUDWHOR FRQWLQXDPHQWH JLUDQGR LO PHVWROR VHPSUH SHU XQ YHUVR 4XDQGR LO FRPSRVWR VL
VDUj DOTXDQWR FRQGHQVDWR GD QRQ HVVHUYL SL SHULFROR FKH LPSD]]LVFD SRWHWH DOORUD RQGH ULJRQIL PHJOLR
EDWWHUORFRQODIUXVWDGDOEDVVRLQDOWRILQRDWDQWRFKHLURVVLQRQDEELDQRSHUGXWRLOFRORUHDFFHVRHSUHVR
O DVSHWWRGLXQDGHQVDFUHPD
$OORUD GDWHJOL O RGRUH HG XQLWHFL OH PDQGRUOH PHVFRODQGR EHQH 3RL YHUVDWHOR QHOOH WD]]LQH H VXOOD
VXSHUILFLHGLRJQXQDQHOPH]]RSRQHWHFLXQDSUHVDGHOODGHWWDFDQQHOODODTXDOHPHVFRODWDDOGROFHGDFKL
GHYHPDQJLDUORDFTXLVWHUjSLSURIXPR
Ê XQ GROFH FKH SUHSDUDWR DQFKH TXDOFKH JLRUQR DYDQWL QRQ VRIIUH &RQ OH FKLDUH SLDFHQGRYL SRWHWH
IDUHLO%XGLQRQHURQHOOHSURSRU]LRQLGLTXHOORGHVFULWWRDOQRSSXUHLO'ROFHGLFKLDUHG XRYRQ
3$//2772/(',0$1'25/(
0DQGRUOHGROFLJUDPPL
=XFFKHURDYHORJUDPPL
&LRFFRODWDJUDWWDWDRLQSROYHUHFLUFDJUDPPL
5RVROLR0DUDVFKLQRFXFFKLDLDWHQ
/HPDQGRUOHVEXFFLDWHOHDVFLXJDWHOHDOVROHRDOIXRFRHSHVWDWHOHILQLVVLPH FRQGXHFXFFKLDLDWHGHO
GHWWR]XFFKHUR'DOPRUWDLRYHUVDWHOHLQXQYDVRDJJLXQJHWHOR]XFFKHURULPDVWRHGLPSDVWDWHLOFRPSRVWR
FROGHWWRURVROLR
'LVWHVDSRLODFLRFFRODWDVXOODVSLDQDWRLDIRUPDWHFROVXGGHWWRFRPSRVWRWDQWHSDOORWWROHJURVVHSRFR
SL GHOOH QRFFLROH GL FXL QH RWWHUUHWH ROWUH D LQYROWDWHOH VXOOD FLRFFRODWD RQGH QH UHVWLQR EHQ FRSHUWHH
SRWUHWHVHUEDUOHSHUPROWRWHPSR
&5(0$$//$)5$1&(6(
(UDYDPR QHOOD VWDJLRQH LQ FXL L FHIDOL GHOOH 9DOOL GL &RPDFFKLR VRQR RWWLPL LQ JUDWHOOD FRO VXFFR GL
PHODJUDQD H QHOOD TXDOH L YDULRSLQWL H FDQRUL DXJHOOL FRPH GLUHEEH XQ SRHWD FDFFLDWL GDL SULPL IUHGGL
DWWUDYHUVDQR OH QRVWUH FDPSDJQH LQ FHUFD GL FOLPD SL PLWH HG LQQRFHQWL TXDOL VRQR SRYHUH EHVWLROLQH VL
ODVFLDQRFRJOLHUHDOOHWDQWHLQVLGLHHLQILODUHQHOORVSLHGH
HLRVROXQR
0 DSSDUHFFKLDYDDVRVWHQHUODJXHUUD
6uGHOFDPPLQRHVuGHODSLHWDWH
&KHULWUDUUjODPHQWHFKHQRQHUUD
/D JXHUUD GHO FDPPLQR SHUFRUUHQGR FKLORPHWUL SHU DQGDUH D YLOOHJJLDUH GD XQ DPLFR VRSUD XQ
FROOHDPHQLVVLPRHODSLHWDWHSHUTXHLJUD]LRVLDQLPDOLQLSHUFKpVHQWLYRXQDVWUHWWDDOFXRUHRJQLYROWDFKH
GDOFDVRWWRGHOSDUHWDLROLYHGHYRLQVDFFDUVLQHOOHPDJOLHWUDGLWULFLGHOOHVXHUHWL0DSRLQRQDSSDUWHQHQGRLR
DOODVHWWDGH SLWDJRULFLHDYHQGRODIHUPDFRQYLQ]LRQHFKHDOPDOHTXDQGRQRQKDULSDURSHUDPRUHRSHU
IRU]DELVRJQDDFFRQFLDUYLVLHVHqSRVVLELOHWUDUQHSURILWWRSURFXUDLGLFDWWLYDUPLODEHQHYROHQ]DGHOFXRFR
LQVHJQDQGRJOLDFXFLQDUFRQSLJDUERFK HLQRQIDFHYDODFDFFLDJLRQHHGLFRQGLUODHFXRFHUODLQPRGRGD
UHQGHUOD SL JUDWD DO JXVWR HG HJOL LQ FRQWUDFFDPELR GL FLz H GL TXDOFKH DOWUR SUHFHWWR GL FXOLQDULD IHFH LQ
SUHVHQ]DPLDTXHVWRHLVHJXHQWLGXHSLDWWLGROFLFKHYLGHVFULYR
/DFDFFLDJLRQHHODVHOYDJJLQDLQJHQHUHVHPDLQRQORVDSHVWHqXQDOLPHQWRDURPDWLFRQXWULWLYRH
OHJJHUPHQWH HFFLWDQWH VR GL XQ PHGLFR GL EHOOD IDPD LO FXL FXRFR KD RUGLQH GL SUHIHULUOD D TXDOXQTXH DOWUD
FDUQH TXDQGR OD SXz WURYDUH H LQ TXDQWR DL FHIDOL YL GLUz FKH TXDQGR LR HUR QHOOD EHOOD HWj LQ FXL VL
GLJHULVFRQR DQFKH L FKLRGL OD VHUYD FL SRUWDYD TXHVWR SHVFH LQ WDYROD FRQ XQ FRQWRUQR GL FLSROOH ELDQFKH
WDJOLDWHLQGXHDUURVWLWHLQJUDWHOODHGDQFK HVVHFRQGLWHFRQROLRVDOHSHSHHVXFFRGLPHODJUDQD
/D PDQJLD RVVLD OD VWDJLRQH GHL PXJJLQL GHOOH YDOOL GL &RPDFFKLR q GDOO RWWREUH D WXWWR IHEEUDLR $
SURSRVLWRGLTXHVWROXRJRGLSHVFDTXLYLHQHLQDFFRQFLRGLDJJLXQJHUH FRPHFRVDPHUDYLJOLRVDHGHJQDD
VDSHUVL FKH OD SHVFD QHOOH YDOOL FRPDFFKLHVL D WXWWR LO QRYHPEUH GLHGH TXHOO DQQR L VHJXHQWL
ULVXOWDWL
$QJXLOOH
&HIDOL
$FTXDGHOOH
.J
.J
.J
'RSRO HVRUGLRODSUHGLFDSHUGLUYLFRPHVLDFRPSRVWDTXHVWDFRVuGHWWD&UHPDDOODIUDQFHVH
/DWWHPH]]ROLWUR
=XFFKHURJUDPPL
8RYDXQRLQWHURHURVVLQ
&ROODGLSHVFHIRJOLQ
2GRUHGLYDLQLJOLDRGLVFRU]DGLOLPRQH
0HVFRODWH EHQH LQVLHPH OR ]XFFKHUR FROOH XRYD DJJLXQJHWH LO ODWWH D SRFR SHU YROWD H SHU XOWLPR OD
FROOD LQ QDWXUD 3RQHWH OD FD]]DUXROD DO IXRFR JLUDQGR FRQWLQXDPHQWH LO PHVWROR VHPSUH GD XQD SDUWH H
TXDQGRODFUHPDFRPLQFLDDFRQGHQVDUHDWWDFFDQGRVLDOPHVWROROHYDWHOD3UHQGHWHXQRVWDPSROLVFLRFRO
EXFR LQ PH]]R WDOH FKH OD TXDQWLWj GHOOD FUHPD SRVVD ULHPSLUOR XQJHWHOR FRO EXUUR RSSXUH FRO URVROLR LQ
PRGR FKH QH UHVWL LQ IRQGR XQ VRWWLOH VWUDWR H YHUVDWHOD QHO PHGHVLPR ' HVWDWH SRQHWH OR VWDPSR QHO
JKLDFFLRHG LQYHUQRQHOO DFTXDIUHVFDHVIRUPDWHODVRSUDDXQWRYDJOLXRORULSLHJDWRVXOYDVVRLR
6HQRQYLILGDWHWURSSRGHOODWWHGDWHJOLXQDEROOLWXUDDOPHQRGLXQTXDUWRG RUDSULPDGLIDUODFUHPD
RSSXUHDXPHQWDWHXQIRJOLRGLFROOD
&5(0$0217$7$
5RVVLG XRYRQ
=XFFKHURLQSROYHUHJUDPPL
&ROODGLSHVFHJUDPPLSDULDIRJOLR
$FTXDWUHTXDUWLGLXQELFFKLHUHGDWDYROD
2GRUHWUHIRJOLHGLODXURFHUDVRLQWHUHRGDOWURFKHSLYLSLDFFLD
6EDWWHWH LQ XQD FD]]DUXROD L URVVL G XRYR H OR ]XFFKHUR DJJLXQJHWH O DFTXD H OH GHWWH IRJOLH H
PHWWHWHOD DO IXRFR JLUDQGR LO PHVWROR ILQFKp VLD FRWWD OD TXDO FRVD FRPH YL KR JLj GHWWR VL FRQRVFH GDO
FRQGHQVDUVLHDWWDFFDUVLDOPHVWROR$OORUDYHUVDWHODLQXQDFDWLQHOODHFRVuFDOGDEDWWHWHODIRUWHFRQODIUXVWD
ILQFKpDEELDPRQWDWROHYDWHOHIRJOLHHFRQWLQXDQGRVHPSUHDEDWWHUODDJJLXQJHWHTXDQGRVDUjPRQWDWDOD
FROOD GL SHVFH D SRFR SHU YROWD 3UHQGHWH XQR VWDPSR ODYRUDWR XQJHWHOR G ROLR FLUFRQGDWHOR GL JKLDFFLR H
YHUVDWHYL OD FUHPD PRQWDWD IUD PH]]R OD TXDOH VH YL SDUH SRWHWH PHWWHUH VDYRLDUGL LQWLQWL QHO URVROLR R
VSDOPDWLGLFRQVHUYDGLIUXWWD/DVFLDWHODQHOJKLDFFLRSLGLXQ RUDHVHQRQYXROHVIRUPDUVLQDWXUDOPHQWH
SDVVDWHLQWRUQRDOORVWDPSRXQFHQFLREDJQDWRQHOO DFTXDFDOGD
/D FROOD GL SHVFH VL SUHSDUD DYDQWL FRVu VL PHWWH SULPD LQ PROOH SRL DO IXRFR FRQ GXH GLWD GL XQ
ELFFKLHU G DFTXD VL ID EROOLUH ILQFKp O DFTXD HYDSRUDQGR LQ SDUWH VL IRUPL XQ OLTXLGR DOTXDQWR GHQVR FKH
DSSLFFLFKL IUD OH GLWD H FRVu EROOHQWH VL YHUVD QHOOD FUHPD DOOD TXDOH VL SXz GDUH LO JXVWR GHOO DONHUPHV GHO
FDIIqRGHOODFLRFFRODWD
4XHVWDGRVHSRWUjEDVWDUHSHUFLQTXHRVHLSHUVRQH
&52&&$17($%$*120$5,$
=XFFKHURJUDPPL
0DQGRUOHGROFLJUDPPL
5RVVLG XRYRQ
/DWWHGHFLOLWUL
6EXFFLDWH OH PDQGRUOH H FRQ OD OXQHWWD ULGXFHWHOH GHOOD JURVVH]]D GHL FKLFFKL GL JUDQR DOO LQFLUFD
0HWWHWH DO IXRFR JUDPPL GHO GHWWR ]XFFKHUR H TXDQGR VDUj WXWWR OLTXHIDWWR YHUVDWH OH PDQGRUOH H
PXRYHWHOH FRQWLQXDPHQWH FRO PHVWROR ILQFKp DEELDQR SUHVR LO FRORU FDQQHOOD *HWWDWHOH DOORUD LQ XQD WHJOLD
XQWD FRO EXUUR H TXDQGR VDUDQQR GLDFFH SHVWDWHOH QHO PRUWDLR FRL ULPDQHQWL JUDPPL GL ]XFFKHUR H
ULGXFHWHOHILQLVVLPH
$JJLXQJHWHLURVVLG XRYRHSRLLOODWWHPHVFRODWHEHQHHYHUVDWHLOFRPSRVWRLQXQRVWDPSRFROEXFR
LQPH]]RFKHDYUHWHSULPDXQWRFROEXUUR&XRFHWHORDEDJQRPDULD HGRSRVHG HVWDWHWHQHWHORVWDPSRQHO
JKLDFFLR6HGRYHVWHVHUYLUTXHVWRGROFHDSLGLVHLSHUVRQHUDGGRSSLDWHODGRVHHVHQRQYLILGDWHWURSSR
GHOODWWHIDWHOREROOLUHSULPDGDVRORSHUXQTXDUWRG RUDDOPHQR
829$',1(9(
/DWWHXQOLWUR
=XFFKHURJUDPPL
8RYDQ
=XFFKHURDYHORTXDQWREDVWD
2GRUHGLYDLQLJOLD
0HWWHWHLOODWWHDOIXRFRLQXQDFD]]DUXRODODUJDHPHQWUHTXHVWRVFDOGDEDWWHWHFRQODIUXVWDOHFKLDUH
FKH DYUHWH JLj VHSDUDWH GDL WRUOL PD JHWWDWH QHOOH PHGHVLPH XQD SUHVD GL VDOH VH q YHUR FKH VHUYD D
UDIIRU]DUH OD FRQVLVWHQ]D 4XDQGR OH FKLDUH VDUDQQR EHQ PRQWDWH SUHQGHWH LO ERVVROR WUDIRUDWR RYH
RUGLQDULDPHQWH VL WLHQH OR ]XFFKHUR D YHOR H FRQWLQXDQGR VHPSUH D EDWWHUOH JHWWDWHQH WDQWR GD UHQGHUOH
DOTXDQWR GROFL *UDPPL R GL ]XFFKHUR D YHOR SRWUDQQR EDVWDUH PD q PHJOLR DVVDJJLDUOH &Lz IDWWR
SUHQGHWHVXODILRFFDFRQXQFXFFKLDLRGDWDYRODHGDQGROHODIRUPDDSSURVVLPDWLYDGLXQXRYRJHWWDWHODQHO
ODWWH TXDQGR EROOH 9ROWDWH TXHVWH FRVu GHWWH XRYD SHU FXRFHUOH GD WXWWH OH SDUWL H TXDQGR OH YHGUHWH
DVVRGDWHSUHQGHWHOHFROODPHVWRODIRUDWDHPHWWHWHOHDVJURQGDUHLQXQRVWDFFLR3DVVDWHTXLQGLTXHOODWWHH
TXDQGR VDUj GLDFFLR IDWH FRO PHGHVLPR FRL URVVL H FROOR ]XFFKHUR XQD FUHPD FRPH TXHOOD GHO Q GDQGROH O RGRUH GL YDLQLJOLD 'LVSRQHWH LQ XQ YDVVRLR OH XRYD GL QHYH LQ EHOOD PRVWUD OH XQH VXOOH DOWUH
YHUVDWHFLVRSUDODFUHPDHVHUYLWHOHIUHGGH
4XHVWDGRVHSXzEDVWDUHSHURWWRRGLHFLSHUVRQH
/$77(%5Ó/e
/DWWHXQOLWUR
=XFFKHURJUDPPL
5RVVLG XRYRQHGXHFKLDUH
0HWWHWH DO IXRFR LO ODWWH FRQ JUDPPL GHO GHWWR ]XFFKHUR H IDWHOR EROOLUH SHU XQ RUD LQWHUD SRL
ULWLUDWHORGDOIXRFRSHUFKpGLDFFL6FLRJOLHWHLQXQDFD]]DUXRODDSDUWHJOLJUDPPLGL]XFFKHURFKHUHVWDH
TXDQGR VDUj EHQ OLTXHIDWWR YHUVDWHQH LQ XQR VWDPSR OLVFLR WDQWR FKH QH ULFXRSUD LO IRQGR FRPH GL XQ YHOR
TXHOOR FKH ULPDQH QHOOD FD]]DUXROD FRQWLQXDWH D WHQHUOR DO IXRFRILQFKpVLDGLYHQWDWRQHUR$OORUD IHUPDWHOR
FRQXQUDPDLROLQRG DFTXDHORVHQWLUHWHVWULGHUHDJJUXPDQGRVLPDFRQWLQXDWHDWHQHUORDOIXRFRJLUDQGRLO
PHVWRORSHURWWHQHUHXQOLTXLGRGHQVRHVFXUR0HWWHWHORGDSDUWHHIUXOODWHLQXQSHQWROROHGHWWHXRYDSRL
PHVFRODWH RJQL FRVD LQVLHPH FLRq LO ODWWH OH XRYD H OR ]XFFKHUR EUXFLDWR $VVDJJLDWHOR VH q GROFH D
VXIILFLHQ]DSDVVDWHORGDXQFRODWRLRGLODWWDQRQWDQWRILWWRHYHUVDWHORQHOORVWDPSRJLjSUHSDUDWR&XRFHWHOR
D EDJQRPDULD FRQ IXRFR VRSUD H TXDQGR OD VXSHUILFLH FRPLQFLD D FRORUDUVL SRQHWH VRWWR DO FRSHUFKLR XQ
IRJOLR XQWR FRO EXUUR 3HU DFFHUWDUVL GHOOD FRWWXUD LPPHUJHWH XQR VWHFFROLQR GL JUDQDWD H VH TXHVWR HVFH
SXOLWRHGDVFLXWWRVDUjVHJQRFKHYDWROWRGDOIXRFR/DVFLDWHORGLDFFLDUEHQHHSULPDGLYHUVDUORQHOYDVVRLR
FRQ WRYDJOLXROR R VHQ]D GLVWDFFDWHOR JLUR JLUR FRQ XQ FROWHOOR VRWWLOH ,Q HVWDWH SULPD GL VIRUPDUOR SRWHWH
JHODUOR FROJKLDFFLR /R VWDPSR GD SUHIHULUVL q GL IRUPD RYDOH H VDUHEEH EHQH FKH DYHVVH XQRUORDOO LQJLUR
ODUJRXQGLWRRQGHQRQYLVFKL]]DVVHO DFTXDGHQWURTXDQGREROOH
4XHVWDGRVHSRWUjEDVWDUHSHUGLHFLSHUVRQH
/$77($//$32572*+(6(
ÊGHOWXWWRVLPLOHDOO DQWHFHGHQWHPHQROR]XFFKHUREUXFLDWR'XQTXHDQFKHSHUTXHVWR
/DWWHXQOLWUR
=XFFKHURJUDPPL
5RVVLG XRYRQHGXHFKLDUH
2GRUHGLYDLQLJOLDRGLFRULDQGROLRGLFDIIqFKHVRQRTXHOOLFKHSLVLDGGLFRQR
6HSUHIHULWHTXHVW XOWLPRPDFLQDWHGLYHUVL FKLFFKLGLFDIIqWRVWDWRVHDJJUDGLWHO RGRUHGH FRULDQGROL
FKH q JUDWR TXDQWR TXHOOR GL YDLQLJOLD VRSSHVWDWHQH XQ SL]]LFR H WDQWR O XQR FKH JOL DOWULPHWWHWHOLDEROOLUH
QHOODWWHFKHSRLSDVVHUHWH6HLOODWWHQRQqGLPROWDVRVWDQ]DIDWHOREROOLUHDQFKHXQ RUDHXQTXDUWR
1RQGLPHQWLFDWHPDLLOYHORGL]XFFKHURIXVRLQIRQGRDOORVWDPSR
/$77(582/2
Ê XQGROFHPROWRGHOLFDWRFKHLQTXDOFKHOXRJRGL5RPDJQDHIRUVHDQFKHDOWURYHLQ,WDOLDLFRQWDGLQL
SRUWDQRLQUHJDORDOSDGURQHSHUODIHVWDGHO&RUSXV'RPLQL
/DWWHXQOLWUR
=XFFKHURJUDPPL
5RVVLG XRYRQ
&KLDUHG XRYRQ
2GRUHGLYDLQLJOLDRGLFRULDQGROL
)DWHEROOLUHLOODWWHFRQOR]XFFKHURSHUXQ RUDHGDQFKHXQ RUDHXQTXDUWRVHQRQVLHWHEHQVLFXULGHOOD
VXDOHJLWWLPLWj6HSHURGRUHYLVHUYLWHGHLFRULDQGROLDGRSHUDWHOLFRPHqLQGLFDWRQHOQXPHURSUHFHGHQWH$O
ODWWHURPSHWHGLTXDQGRLQTXDQGRODWHODFROPHVWRORSDVVDWHORGDXQFROLQRSHUSLSUHFDX]LRQHHTXDQGR
VDUjGLDFFLRPHVFRODWHOREHQHDOOHXRYDIUXOODWH
3UHSDUDWH XQD WHJOLD IRGHUDWD GL SDVWD PDWWD Q GLVSRQHWHODFRPHQHOPLJOLDFFLRGL5RPDJQDQ
YHUVDWHFL LO FRPSRVWR FXRFHWHOR FRQ IXRFR VRWWR H VRSUD D PRGHUDWR FDORUH H SHUFKp QRQ UzVROL DO
GLVRSUD FRSULWHOR GL FDUWD XQWD FRO EXUUR $VSHWWDWH FKH VLD EHQ GLDFFLDWR SHU WDJOLDUOR D PDQGRUOH FROOD
VIRJOLDVRWWRFRPHLOGHWWRPLJOLDFFLR
/$77(582/26(03/,&(
4XHVWRqXQODWWHUXRORPHQRGHOLFDWRGHOSUHFHGHQWHPDqLQGLFDWLVVLPRFRPHSLDWWRGROFHGDIDPLJOLD
HFRPHHFFHOOHQWHQXWULPHQWRLQLVSHFLHSHULEDPELQL
/DWWHXQOLWUR
=XFFKHURLQSROYHUHJUDPPL
8RYDQ
RGRUHGLVFRU]DGLOLPRQH
/D IUDJUDQ]D GHJOL DJUXPL HVVHQGR LO SURGRWWR GL XQ ROLR YRODWLOH UDFFKLXVR LQ FHOOXOH VXSHUILFLDOL
EDVWHUj GL WDJOLDUH FRO WHPSHULQR XQ QDVWUR VRWWLOLVVLPR GHOOD ORUR EXFFLD OXQJR DOPHQR XQ SDOPR H IDUOR
EROOLUHQHOOLTXLGRFKHYRUUHWHDURPDWL]]DUH
'DOOD VXSHUILFLH GL XQ OLPRQH OHYDWH FRO WHPSHULQR XQD VWULVFLD GL VFRU]D GL XQD FHUWD OXQJKH]]D H
PHWWHWHOD QHO ODWWH FKH IDUHWH EROOLUH SHU PH]] RUD FROOR ]XFFKHUR GHQWUR 4XDQGR VDUj GLDFFLR OHYDWH OD
VFRU]DGLOLPRQHHPHVFRODWHFLOHXRYDIUXOODWH&XRFHWHORFRPHLOSUHFHGHQWHRVHFUHGHWHPHJOLRVHQ]DOD
SDVWDVRWWRPDLQWDOFDVRRQGHQRQVLDWWDFFKLDOIRQGRGHOODWHJOLDXQJHWHODDEERQGDQWHPHQWHFROEXUUR
IUHGGR
0(/(,1*(/$7,1$
3UHQGHWH PHOH UHLQHWWHV R GL DOWUD TXDOLWj ILQH QRQ WDQWR PDWXUH H JURVVH /HYDWHQH LO WRUVROR FRO
FDQQHOOR GL ODWWD VEXFFLDWHOH HYLDYLDJHWWDWHOHQHOO DFTXD IUHVFDRYHVLDVWDWRVSUHPXWRPH]]ROLPRQH6H
WXWWHLQVLHPHIRVVHURXQTXDQWLWDWLYRGLJUDPPLDPHWWHWHDGLVIDUHDOIXRFRJUDPPLGL]XFFKHUR
LQPH]]ROLWURG DFTXDXQLWDDXQDFXFFKLDLDWDGLNLUVFKHYHUVDWHODVRSUDOHPHOHFKHDYUHWHFROORFDWHDYDQWL
LQXQDFD]]DUXRODWXWWHDXQSDUL&XRFHWHOHLQPRGRFKHUHVWLQRLQWHUHSRLOHYDWHOHDVFLXWWHSRQHWHOHLQXQD
IUXWWLHUDHTXDQGRVDUDQQRGLDFFHULHPSLWHHFROPDWHLEXFKLODVFLDWLGDOWRUVRORFRQGHOOD*HODWLQDGLULEHVQ
FKH HVVHQGR URVVD VSLFFD VXO ELDQFR GHOOH PHOH H ID EHOOXULD 5HVWULQJHWH DO IXRFR LO OLTXLGR ULPDVWR
QHOOD FD]]DUXROD SHU ULGXUOR D VLURSSR LQGL SDVVDWHOR GD XQ SDQQROLQR EDJQDWR DJJLXQJHWH DO PHGHVLPR
XQ DOWUD FXFFKLDLDWD GL NLUVFK H YHUVDWHOR DWWRUQR DOOH PHOH SUHSDUDWH QHO PRGR DQ]LGHWWR FKH VHUYLUHWH
GLDFFH
6HQRQDYHWHNLUVFKVHUYLWHYLGLURVROLRHVHYLPDQFDODJHODWLQDGLULEHVVXSSOLWHFROOHFRQVHUYH
3(6&+(5,3,(1(
3HVFKHVSLFFKHJURVVHSRFRPDWXUHQ
6DYRLDUGLSLFFROLQ
=XFFKHURLQSROYHUHJUDPPL
0DQGRUOHGROFLFRQWUHPDQGRUOHGLSHVFDJUDPPL
&HGURRDUDQFLRFDQGLWRJUDPPL
0H]]RELFFKLHUHVFDUVRGLYLQR ELDQFREXRQR
'LYLGHWHOHSHVFKHLQGXHSDUWLOHYDWHLQRFFLROLLQJUDQGHQGRDOTXDQWRLEXFKLRYHVWDYDQRFROODSXQWD
GL XQ FROWHOOR OD SROSD FKH OHYDWH XQLWHOD DOOH PDQGRUOH JLj VEXFFLDWH OH TXDOL SHVWHUHWH ILQLVVLPH LQ XQ
PRUWDLRFRQJUDPPLGHOGHWWR]XFFKHUR$TXHVWRFRPSRVWRXQLWHLVDYRLDUGLIDWWLLQEULFLROLHSHUXOWLPRLO
FDQGLWR WDJOLDWR D SLFFROLVVLPL GDGL (FFRYL LO ULSLHQR FRO TXDOH ULHPSLUHWH H FROPHUHWH L EXFKL GHOOH GRGLFL
PH]]H SHVFKH FKH SRL FROORFKHUHWH SDUL SDUL H FRO ULSLHQR DOO LQV LQ XQD WHJOLD GL UDPH 9HUVDWH QHOOD
PHGHVLPDLOYLQRHLULPDQHQWLJUDPPLGL]XFFKHURHFXRFHWHOHIUDGXHIXRFKLSHUVHUYLUOHFDOGHRGLDFFHD
SLDFHUH H FRO ORUR VXJR DOO LQWRUQR 6H YHQJRQR EHQH GHYRQR IDUEHOOD PRVWUD GL Vp VXO YDVVRLR H SHU XQD
FURVWLFLQDVFUHSRODWDIRUPDWDVLDOODVXSHUILFLHGHOULSLHQRSUHQGHUDQQRDVSHWWRGLSDVWLFFLQL
)5,77$7$$6*21),2772266,$0217$7$
ÊO¶RPHOHWWHVRXIIOpHGH )UDQFHVLFKHSXzVHUYLUHFRPHSLDWWRGROFHGLULSLHJRVHQRQY qGLPHJOLRH
TXDQGRULPDQJRQRFKLDUHG XRYR
=XFFKHURLQSROYHUHJUDPPL
5RVVLG XRYRQ
&KLDUHQ
2GRUHGHOODVFRU]DGLOLPRQH
6EDWWHWHSULPDSHUGLYHUVLPLQXWLLURVVLFROOR]XFFKHURSRLPRQWDWHOHFKLDUHEHQVRGHHGXQLWHOHXQH
HJOLDOWULLQVLHPHPHVFRODQGRDGDJLQR8QJHWHXQYDVVRLRFKHUHJJDDOIXRFRFRQEXUURGLDFFLRYHUVDWHQHO
PHGHVLPRLOFRPSRVWRLQPRGRFKHYLIDFFLDODFROPDHSRQHWHORVXELWRQHOIRUQRGDFDPSDJQDWHQXWRSURQWR
EHQ FDOGR 'RSR FLQTXH PLQXWL FKH q QHO IRUQR IDWHJOL DOFXQH LQFLVLRQL FRO FROWHOOR H VSROYHUL]]DWHOR GL
]XFFKHUR D YHOR TXLQGL WHUPLQDWH GL FXRFHUOR DO FKH VL ULFKLHGHUDQQR GLHFL R GRGLFL PLQXWL LQ WXWWR %DGDWH
FKHQRQEUXFLDOODVXSHUILFLHHPDQGDWHODVXELWRLQWDYROD3HUFKpJRQILPHJOLRDOFXQLDJJLXQJRQRXQSRFR
G DJURGLOLPRQHQHOFRPSRVWR
*12&&+,',/$77(
'RVHSHUVHLSHUVRQH
/DWWHXQOLWUR
=XFFKHURJUDPPL
$PLGRULGRWWRLQSROYHUHJUDPPL
5RVVLG XRYRQ
2GRUHGLYDLQLJOLD
0HVFRODWHLOWXWWRQHOPRGRVWHVVRFKHIDUHVWHSHUXQDFUHPDHPHWWHWHORDOIXRFRLQXQDFD]]DUXROD
JLUDQGRFRQWLQXDPHQWHLOPHVWROR4XDQGRLOFRPSRVWRVDUjGLYHQXWRVRGRWHQHWHORDQFRUDTXDOFKHPLQXWR
DO IXRFR H SRL YHUVDWHOR LQ XQD WHJOLD R LQ XQ SLDWWR DOO DOWH]]D GL XQ GLWR H PH]]R H WDJOLDWHOR D PDQGRUOH
TXDQGRVDUjGLDFFLDWR'LVSRQHWHTXHVWLWDJOLXROLXQRVRSUDO DOWURFRQVLPPHWULDVXGLXQYDVVRLRGLUDPHR
GLSRUFHOODQDFKHUHJJDDOIXRFRLQWUDPH]]DQGROLFRQDOFXQLSH]]HWWLGLEXUURHURVRODWHOLDOTXDQWRQHOIRUQR
GDFDPSDJQDSHUVHUYLUOLFDOGL
&,$5/277$
)DWHXQDFUHPDFRQ
/DWWHGHFLOLWUL
=XFFKHURJUDPPL
)DULQDPH]]DFXFFKLDLDWD
8RYDQ
2GRUHGLVFRU]DGLOLPRQH
)DWHXQVLURSSRFRQ
$FTXDGHFLOLWUL
=XFFKHURJUDPPL
ODVFLDQGR EROOLUH OR ]XFFKHUR QHOO DFTXD SHU GLHFL PLQXWL TXDQGR q GLDFFLR VWUL]]DWHJOL GHQWUR XQ
OLPRQH3UHQGHWHJUDPPLGLSDQGL6SDJQDHFROPHGHVLPRWDJOLDWRDIHWWHFRQFRQVHUYHGLIUXWWDHFRQ
ODGHWWDFUHPDULHPSLWHXQR VWDPSRGDEXGLQREHQODYRUDWR3HUXOWLPRYHUVDWHFLGHQWURLOGHWWRVLURSSRSHU
LQ]XSSDUHLOSDQGL6SDJQDRVDYRLDUGLFKHVLHQRHGRSRGLYHUVHRUHVIRUPDWHORHVHUYLWHOR
ÊXQDGRVHFKHSRWUjEDVWDUHSHURWWRSHUVRQH
&,$5/277$',0(/(
0HOH UHLQHWWHVJUDPPL
=XFFKHURLQSROYHUHJUDPPL
0LGROODGLSDQHUDIIHUPRTXDQWREDVWD
%XUURIUHVFRGLEXRQDTXDOLWjTXDQWREDVWD
8QSH]]HWWRGLFDQQHOODLQWHUD
0H]]ROLPRQH
6LSUHIHULVFRQROHPHOHUHLQHWWHVSHUFKpPRUELGHHGRGRURVHLQPDQFDQ]DGLTXHVWHVHUYLWHYLGLDOWUD
TXDOLWj FRQVLPLOH 6H TXHVWD PDUPHOODWD VL GRYHVVH FRQVHUYDU OXQJR WHPSR FL YRUUHEEH LO GRSSLR GL
]XFFKHURPDWUDWWDQGRVLGLDGRSHUDUODVXELWRXQTXDUWRGHOSHVRGHOOHPHOHLQQDWXUDqDVXIILFLHQ]D
6EXFFLDWH OHPHOHWDJOLDWHOHDTXDUWLOHYDWHLVHPL HOHORJJHFKHOLFRQWHQJRQRHJHWWDWHOHLQDFTXD
IUHVFDGRYHVLDVWDWRVSUHPXWRLOOLPRQH/HYDWHTXLQGLTXHVWLTXDUWLGLPHODDVFLXWWLHWDJOLDWHOLSHUWUDYHUVR
D IHWWH VRWWLOL FKH SRUUHWH DO IXRFR LQ XQD FD]]DUXROD VHQ] DFTXD H FRO SH]]HWWR GL FDQQHOOD 4XDQGR
FRPLQFLDQRDOLTXHIDUVLDJJLXQJHWHOR]XFFKHURHPHVFRODWHPXRYHQGROHVSHVVRILQFKpQRQVLHQRFRWWHLO
FKHVLFRQRVFHIDFLOPHQWH$OORUDOHYDWHODFDQQHOODHVHUYLWHYHQHFRPHDSSUHVVR
'LVIDWHDOIXRFRLOEXUURHTXDQGRqDEROORUHFLRqEHQFDOGRLQWLQJHWHYLWDQWHIHWWHGLPLGROODGLSDQH
TXDQWHRFFRUURQRJURVVHPHQRGLXQFHQWLPHWUROHTXDOLDYUHWHSUHSDUDWHLQQDQ]L&RQHVVHFRSULWHLOIRQGR
GL XQR VWDPSR OLVFLR H WRQGR H IRGHUDWHQH OH SDUHWL LQ PRGR FKH QRQ UHVWLQR YXRWL 9HUVDWH QHO PH]]R OD
PDUPHOODWDHFRSULWHODGHOOHVWHVVHIHWWHGLSDQHLQWLQWHQHOEXUUR&XRFHWHODFRPHLEXGLQLFRQIXRFRVRSUD
DYYHUWHQGRFKHSHUODFRWWXUDEDVWDGLURVRODUHDSSHQDLOSDQHHVHUYLWHODFDOGD
ÊXQGROFHFKHVLSXz FRPSOLFDUHHYDULDUHTXDQWRVLYXROH6LSXzDGHVHPSLRIDUHXQEXFRLQPH]]R
DOODPDUPHOODWDHULHPSLUORGLFRQVHUYDGLDOELFRFFKHVLSXzLQWUDPH]]DUHODPDUPHOODWDFRQDOWUHFRQVHUYH
RGDQFKHGLVSRUODDVXROLFRQOHVWHVVHIHWWHGLSDQH
6LSRWUHEEHDQFKHLQFDVVDUODQHOODSDVWDIUROOD
0,*/,$&&,2',520$*1$
6HLOPDLDOHYRODVVH
1RQFLVDULDGDQDUFKHORSDJDVVH
GLFHYDXQWDOHHXQDOWUR³,OPDLDOHFROOHVXHFDUQLHFROOHPDQLSROD]LRQLDFXLTXHVWHVLSUHVWDQRYLID
VHQWLUHWDQWLVDSRULGLYHUVLTXDQWLJLRUQLVRQRQHOO DQQR´$OOHWWRUHLOGHFLGHUHTXDOHGHLGXHVSURORTXLVLDLOSL
HVDWWRDPHEDVWDGDUYLXQFHQQRGHOOHFRVuGHWWHQR]]HGHOPDLDOHSHUFKpDQFKHTXHVWRLPPRQGRDQLPDOH
IDULGHUHPDVRORFRPHO DYDURLOJLRUQRGHOODVXDPRUWH
,Q 5RPDJQD OH IDPLJOLH EHQHVWDQWLH L FRQWDGLQL OR PDFHOODQR LQ FDVDFLUFRVWDQ]DLQ FXLVL VFLDOD SL
GHOO XVDWR H L UDJD]]L IDQQR EDOGRULD 4XHVWD q DQFKH O RFFDVLRQH RSSRUWXQD SHU ULFRUGDUVL DJOL DPLFL D SDUHQWL DOOH SHUVRQH FROOH TXDOL VL DEELD TXDOFKHGRYHUHGD FRPSLHUHLPSHURFFKpDGXQRSHUHVHPSLRVL
PDQGDQR WUH R TXDWWUR EUDFLXROH GHOOD ORPEDWD DG XQ DOWUR XQ DOD GL IHJDWR DG XQ WHU]R XQ SLDWWR GL EXRQ
PLJOLDFFLRHODIDPLJOLDFKHTXHVWHFRVHULFHYHVLUDPPHQWDGLIDUHDOODVXDYROWDDOWUHWWDQWR³ÊSDQHGD
UHQGHUHHIDULQDGDLPSUHVWDUH´GLUHWHYRLPDIUDWWDQWRVRQXVLFKHVHUYRQRDWHQHUGHVWHOHFRQRVFHQ]HHOH
DPLFL]LHIUDOH IDPLJOLH
'RSRWDOHSUHDPERORYHQHQGRDQRFFRHFFRODULFHWWDGHOPLJOLDFFLRGL5RPDJQDLOTXDOHSHUODVXD
QRELOWj QRQ GHJQHUHEEH GL ULFRQRVFHUH QHSSXU SHU SURVVLPR TXHOOR GL IDULQD GROFH FKH JLURQGROD SHU OH
VWUDGHGL)LUHQ]H
/DWWHGHFLOLWUL
6DQJXHGLPDLDOHGLVIDWWRJUDPPL
6DSDRSSXUHPLHOHVRSUDIILQHJUDPPL
0DQGRUOHGROFLVEXFFLDWHJUDPPL
=XFFKHURJUDPPL
3DQJUDWWDWRILQLVVLPRJUDPPL
&DQGLWRJUDPPL
%XUURJUDPPL
6SH]LHILQLGXHFXFFKLDLQL
&LRFFRODWDJUDPPL
1RFHPRVFDWDXQFXFFKLDLQR
8QDVWULVFLDGLVFRU]DGLOLPRQH
3HVWDWHLQXQPRUWDLROHPDQGRUOHLQVLHPHFROFDQGLWRFKHDYUHWHSULPDWDJOLDWRDSH]]HWWLEDJQDWHOH
GLWDQWRLQWDQWRFRQTXDOFKHFXFFKLDLQRGLODWWHHSDVVDWHOHSHULVWDFFLR3RQHWHLOODWWHDOIXRFRFRQODEXFFLD
GL OLPRQHFKHSRLYDOHYDWDHIDWHOREROOLUHSHUGLHFLPLQXWLXQLWHFLODFLRFFRODWDJUDWWDWDHTXDQGRTXHVWD
VDUjVFLROWDOHYDWHORGDOIXRFRHODVFLDWHORIUHGGDUHXQSRFR
3RL YHUVDWH QHOOR VWHVVR YDVR LO VDQJXH JLj SDVVDWR SHU LVWDFFLR H WXWWL JOL DOWUL LQJUHGLHQWL VHUEDQGR
SHUXOWLPRLOSDQJUDWWDWRGHOTXDOHVHIRVVHWURSSRVLSXzODVFLDUHDGGLHWURXQDSDUWH
0HWWHWHLOFRPSRVWRDFXRFHUHDEDJQRPDUODHULPXRYHWHORVSHVVRFROPHVWRORRQGHQRQVLDWWDFFKL
DO YDVR /D FRWWXUD H LO JUDGR GL GHQVLWj FKH ID G XRSR VL FRQRVFRQR GDO PHVWRORFKHODVFLDWRLQPH]]RDO
FRPSRVWR GHYH ULPDQHUH ULWWR 6H FLz QRQ DYYLHQH DJJLXQJHWH LO UHVWR GHO SDQJUDWWDWR VXSSRVWR QRQ
O DEELDWH YHUVDWR WXWWR 3HO UHVWR UHJRODWHYL FRPH DOOD 7RUWD GL ULFRWWD Q FLRq YHUVDWHOR LQ XQD WHJOLD
IRGHUDWD GL 3DVWD PDWWD Q H TXDQGR VDUj EHQ GLDFFLR WDJOLDWHOR D PDQGRUOH &XRFHWH SRFR OD SDVWD
PDWWD SHU SRWHUOD WDJOLDU IDFLOPHQWH H QRQ ODVFLDWH ULVHFFKLUH LO PLJOLDFFLR DO IXRFR PD OHYDWHOR TXDQGR VL
HVWUDHSXOLWRXQIXVFHOORGLJUDQDWDLPPHUVRYL
6HYLVHUYLWHGHOPLHOHLQYHFHGHOODVDSDDVVDJJLDWHDYDQWLGLDJJLXQJHUHOR]XFFKHURRQGHQRQULHVFD
WURSSRGROFHHQRWDWHFKHXQRGH SUHJLGLTXHVWRSLDWWRqFKHVLDPDQWHFDWRFLRqGLFRPSRVL]LRQHEHQILQH
,O WLPRUH GL QRQ HVVHUH LQWHVR GD WXWWL QHOOD GHVFUL]LRQHGLTXHVWHSLHWDQ]HPLIDVFHQGHUHVSHVVRD
WURSSRPLQXWLSDUWLFRODULFKHULVSDUPLHUHLYROHQWLHUL
1RQRVWDQWHSDUHFKHFLzQRQEDVWLSHUFKpXQDFXRFDGLXQSDHVHGL5RPDJQDPL VFULVVH³+RIDWWRDL
PLHLSDGURQL LO PLJOLDFFLR FKH VWD VWDPSDWR QHO VXR SUHJLDWLVVLPR 0DQXDOH GL FXFLQDq SLDFLXWR DVVDLVROR
FKH OH PDQGRUOH FRO FDQGLWR QRQ KR VDSXWR FRPH IDUOH SDVVDUH SHU OR VWDFFLR DYUHEEH OD ERQWj
G LQGLFDUPHOR"´
*UDWR DOOD GRPDQGD LR OH ULVSRVL³1RQVR VH VDSSLDWH FKH VL WURYDQR SHU XVR GL FXFLQDGHJOL VWDFFL
DSSRVLWL GL FULQH IRUWL H UDGL H GL ILO GL IHUUR ILQLVVLPR &RQ TXHVWL XQ EXRQ PRUWDLR H ROLR GL VFKLHQD VL
SRVVRQRSDVVDUHDQFKHOHFRVHSLGLIILFLOL´
628))/(7',&,2&&2/$7$
=XFFKHURJUDPPL
)DULQDGLSDWDWHJUDPPL
&LRFFRODWDJUDPPL
%XUURJUDPPL
/DWWHGHFLOLWUL
8RYDQ
5KXPXQDFXFFKLDLDWD
0HWWHWH LO EXUUR DO IXRFR H TXDQGR q VFLROWR YHUVDWH OD FLRFFRODWD JUDWWDWD OLTXHIDWWD FKH VLD DQFKH
TXHVWD YHUVDWH OD IDULQD GL SDWDWH H SRL LO ODWWH FDOGR D SRFR SHU YROWD H ULPHVWDQGR VHPSUH FRQ IRU]D
DJJLXQJHWHOR]XFFKHUR,PPHGHVLPDWRFKHVLDLOFRPSRVWRHFRWWDODIDULQDODVFLDWHORGLDFFLDUH3HUXOWLPR
DJJLXQJHWH LO UKXP H OH XRYD SULPD L URVVL SRL OH FKLDUH PRQWDWH H VH TXHVWH IRVVHUR SL GL WUH LO GROFH
YHUUHEEHDQFKHPHJOLR
8QJHWHGLEXUURXQYDVVRLRFKHUHJJDDOIXRFRYHUVDWHFLLOFRPSRVWRSRQHWHORQHOIRUQRGDFDPSDJQD
RVHPSOLFHPHQWHVRSUDXQIRUQHOORWUDGXHIXRFKLHTXDQGRVDUjULJRQILDWRVHUYLWHORFDOGR
ÊXQDGRVHVXIILFLHQWHSHUVHLSHUVRQH
628))/(7',/8,6(77$
3URYDWHORFKHQHYDOHODSHQDDQ]LYLGLUzFKHVDUjJLXGLFDWRVTXLVLWR
/DWWHPH]]ROLWUR
=XFFKHURJUDPPL
)DULQDJUDPPL
%XUURJUDPPL
0DQGRUOHGROFLJUDPPL
8RYDQ
2GRUHGL]XFFKHURYDQLJOLDWR
6EXFFLDWHOHPDQGRUOHDVFLXJDWHOHHSHVWDWHOHILQLILQLFRQXQDFXFFKLDLDWDGHOGHWWR]XFFKHUR
)DWHXQDEDOVDPHOODFROEXUURODIDULQDHLOODWWHYHUVDWRFDOGR3ULPDGLOHYDUODGDOIXRFRDJJLXQJHWHOH
PDQGRUOHOR]XFFKHURHO RGRUH'LDFFLDFKHVLDXQLWHFLOHXRYDSULPDLURVVLHSRLOHFKLDUHPRQWDWH8QJHWH
FROEXUURXQYDVVRLRFKHUHJJDDOIXRFRYHUVDWHFLLOFRPSRVWRHWHUPLQDWHGLFXRFHUORDOIRUQRGDFDPSDJQD
3RWUjEDVWDUHSHUFLQTXHRVHLSHUVRQH
628))/(7',)$5,1$',3$7$7(
=XFFKHURJUDPPL
)DULQDGLSDWDWHJUDPPL
/DWWHPH]]ROLWUR
8RYDQHGXHRWUHFKLDUH
2GRUHGLYDLQLJOLDRGLVFRU]DGLOLPRQH
3RQHWH OR ]XFFKHUR H OD IDULQD LQ XQD FD]]DUXROD H YHUVDWHFL LO ODWWH GLDFFLR D SRFR SHU YROWD
PHVFRODQGR 0HWWHWH LO FRPSRVWR DO IXRFR DIILQFKp DVVRGLJLUDQGR LO PHVWROR VHQ]DFXUDUYLGL IDUOR EROOLUH
$JJLXQJHWH OD YDLQLJOLD R OD VFRU]D GL OLPRQH H TXDQGR VDUj WLHSLGR PHVFRODWHFL L WUH URVVL GHOOH XRYD SRL
PRQWDWH OH FKLDUH HG XQLWHFHOH EHO EHOOR 9HUVDWHOR LQ XQ YDVVRLR GL PHWDOOR H FROORFDWR VRSUD LO IRUQHOOR
FRSULWHOR FRO FRSHUFKLR GHO IRUQR GD FDPSDJQD IUD GXH IXRFKL H DVSHWWDWH FKH JRQIL H UzVROL OHJJHUPHQWH
$OORUDVSROYHUL]]DWHORGL]XFFKHURDYHORHPDQGDWHORVXELWRLQWDYRODFKHVDUjORGDWRSHUODVXDGHOLFDWH]]D
HVHQHUHVWDVHQWLUHWHFKHqEXRQRDQFKHGLDFFLR4XHVWDGRVHSRWUjEDVWDUHSHUFLQTXHSHUVRQH
628))/(7',5,62
5LVRJUDPPL
=XFFKHURJUDPPL
/DWWHGHFLOLWUL
8RYDQ
8QSH]]HWWRGLEXUUR
5KXPXQDFXFFKLDLDWD
2GRUHGLYDLQLJOLD
)DWH EROOLUH LO ULVR QHO ODWWH PD VH QRQ OR FXRFHWH PROWLVVLPR QRQ IDUHWH QLHQWH GL EXRQR $ PH]]D
FRWWXUDYHUVDWHLOEXUURHOR]XFFKHURFRPSUHVRTXHOORYDQLJOLDWRSHUO RGRUHHGRSRFRWWRHGLDFFLRFKHVLD
PHVFRODWHJOLGHQWURLURVVLLOUKXPHOHFKLDUHPRQWDWH
3HO UHVWR UHJRODWHYL FRPH SHO VRXIIOHW GL IDULQD GL SDWDWH Ê XQD GRVH FKH SRWUj EDVWDUH SHU TXDWWUR
SHUVRQH
628))/(7',&$67$*1(
0DUURQLGHLSLJURVVLJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
8RYDQ
/DWWHGHFLOLWUL
0DUDVFKLQRFXFFKLDLDWH
2GRUHGLYDLQLJOLD
)DWHEROOLUHLPDUURQLQHOO DFTXDSHUVROLFLQTXHPLQXWLFKpWDQWLEDVWDQRSHUVJXVFLDUOLFDOGLHSHUOHYDU
ORUR OD SHOOLFROD LQWHUQD 'RSR PHWWHWHOL D FXRFHUH QHO GHWWR ODWWH H SDVVDWHOL LQGL GRVDWHOL FROOR ]XFFKHUR LO
EXUUR VFLROWR LO PDUDVFKLQR H OD YDLQLJOLD 3HU XOWLPR DJJLXQJHWH OH XRYD SULPD L URVVL SRL OH FKLDUH EHQ
PRQWDWH
8QJHWH FRO EXUUR XQ YDVVRLR FKH UHJJD DO IXRFR YHUVDWHFL LO FRPSRVWR FXRFHWHOR DO IRUQR GD
FDPSDJQDHSULPDGLPDQGDUORLQWDYRODVSROYHUL]]DWHORGL]XFFKHURDYHOR
%DVWHUjSHUFLQTXHSHUVRQH
$/%,&2&&+(,1&203267$
$OELFRFFKHSRFRPDWXUHJUDPPL
=XFFKHURLQSROYHUHJUDPPL
$FTXDXQELFFKLHUH
)DWHXQ LQFLVLRQHQHOOHDOELFRFFKHSHUHVWUDUQHLOQRFFLRORLQPRGRFKHQRQVLJXDVWLQRHPHWWHWHOHDO
IXRFR FROO DFTXD VXGGHWWD 4XDQGR TXHVWD FRPLQFLD D EROOLUH YHUVDWH OR ]XFFKHUR H VFXRWHQGR GL WUDWWR LQ
WUDWWR OD FD]]DUXROD ODVFLDWHOH FXRFHUH'LYHQXWHPRUELGHHDOTXDQWRJULQ]RVHOHYDWHOHXQDSHUXQDFRQXQ
FXFFKLDLRHSRQHWHOHLQXQDFRPSRVWLHUDVFRODWHO XPLGRFKHKDQQRSRUWDWRVHFRGDOODFD]]DUXRODHODVFLDWH
UHVWULQJHUH DO IXRFR O DFTXD ULPDVWDYL FKH YHUVHUHWH QHOOD FRPSRVWLHUD VRSUD OH DOELFRFFKH TXDQGR VDUj
FRQGHQVDWDFRPHXQVLURSSR6HUYLWHOHGLDFFH
3(5(,1&203267$,
3HUHJUDPPL
=XFFKHURILQHLQSROYHUHJUDPPL
$FTXDGXHELFFKLHUL
0H]]ROLPRQH
6H VRQRSHULQHODVFLDWHOHLQWHUHFROORURJDPERVHVRQRJURVVHWDJOLDWHOHDVSLFFKLVuOHXQHFKHOH
DOWUH YLD YLD FKH OH VEXFFLDWH JHWWDWHOH QHOO DFTXD VXGGHWWD LQ FXL DYUHWH VSUHPXWR LO PH]]ROLPRQH 4XHVWR
VHUYHSHUFRQVHUYDUHODELDQFKH]]DDOIUXWWR)DWHOHEROOLUHQHOODVWHVVDDFTXDSDVVDWDGDOFROLQRYHUVDWHOR
]XFFKHURTXDQGRHQWUDLQEROORUHHSHOUHVWRUHJRODWHYLFRPHSHUOHDOELFRFFKH6HUYLWHOHGLDFFH
3(5(,1&203267$,,
4XHVWRVHFRQGRPRGRGLSUHSDUDUH OHSHUHLQFRPSRVWDqSHULOUHVXOWDWRSRFRGLVVLPLOHDOODULFHWWD
GHOQXPHURSUHFHGHQWHPDVRQRIDWWHFRQSLDFFXUDWH]]D
3HULQHSRFRPDWXUHJUDPPL
=XFFKHURJUDPPL
$FTXDGXHELFFKLHUL
0H]]ROLPRQH
6SUHPHWHLOOLPRQHQHOO DFTXDHODVFLDWHODGDSDUWH
0HWWHWH OH SHUH DO IXRFR FRSHUWH G DFTXD H IDWHOH EROOLU SHU TXDWWUR R FLQTXH PLQXWL SRL JHWWDWHOH
QHOO DFTXD IUHVFD VEXFFLDWHOH WDJOLDWH ORUR OD PHWj GHO JDPER H YLD YLD JHWWDWHOH QHOO DFTXD SUHSDUDWD FRO
OLPRQH&LzIDWWRSUHQGHWHODVWHVVDDFTXDSDVVDWHODGDOFROLQRPHWWHWHODDOIXRFRHTXDQGRHQWUDLQEROORUH
YHUVDWH OR ]XFFKHUR H IDWHOD EROOLUH DOTXDQWR 3RL JHWWDWHYL OH SHUH SHU FXRFHUOH PD LQ PRGR FKH QRQ VL
GLVIDFFLDQR/HYDWHOHDVFLXWWHPHWWHWHOHLQXQDFRPSRVWLHUDIDWHUHVWULQJHUHLOVLURSSRHYHUVDWHORVXOOHSHUH
IDFHQGRORSDVVDUHXQ DOWUDYROWDGDOFROLQR
6HVRQRSHUHPROWRJURVVHWDJOLDWHOHDVSLFFKLGRSRFKHDYUDQQRVXELWRODSULPDEROOLWXUD6RQRSXU
DQFKH EXRQH FRWWH FRPH VL XVD FRPXQHPHQWH QHOOH IDPLJOLH FROYLQR URVVROR ]XFFKHUR H XQ SH]]HWWR GL
FDQQHOODLQWHUD6HUYLWHOHGLDFFH
&203267$',&272*1(
6EXFFLDWH OH PHOH FRWRJQH H WDJOLDWHOH D VSLFFKL QRQ WDQWR JURVVL DL TXDOL OHYHUHWH TXHOOD SDUWH GL
PH]]R FKH IDFHYD SDUWH GHO WRUVROR 'DWR FKH VLDQR JUDPPL PHWWHWHOH DO IXRFR FRQ XQ ELFFKLHUH H
PH]]RG DFTXDHTXDQGRDYUDQQREROOLWRDFD]]DUXRODFRSHUWDSHUXQTXDUWRG RUDYHUVDWHQHOODPHGHVLPD
JUDPPL GL ]XFFKHUR ILQH $SSHQD FRWWH OHYDWHOH DVFLXWWH H SRQHWHOH QHO YDVR FKH YRUUHWH PDQGDUH LQ
WDYRODIDWHUHVWULQJHUHLOVXFFRFKHUHVWDSHUULGXUORDVLURSSRTXLQGLYHUVDWHORVRSUDDOOHFRWRJQHHVHUYLWHOH
GLDFFH
5,62,1&203267$
6HQRQYLSDUHFKHDTXHVWRGROFHVLDSURSULRLOQRPHGLULVRLQFRPSRVWDFKLDPDWHORVHSLYLSLDFH
FRPSRVWDQHOULVR
/DWWHGHFLOLWUL
5LVRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
6DOHXQDSUHVD
2GRUHGLVFRU]DGLOLPRQH
&XRFHWH LO ULVR LQ VHL GHFLOLWUL GL ODWWH H D PH]]DFRWWXUD YHUVDWH QHO PHGHVLPR JO LQJUHGLHQWL VXGGHWWL
5LPXRYHWHORVSHVVRFROPHVWRORSHUFKpVLDWWDFFDIDFLOPHQWHHTXDQGRVLVDUjULVWUHWWROHYDWHORGDOIXRFRHG
DJJLXQJHWH LO GHFLOLWUR GL ODWWH ODVFLDWR DGGLHWUR 3UHQGHWH XQR VWDPSR OLVFLR FRO EXFR LQ PH]]R QHO TXDOH LO
FRPSRVWRYHQJDDOWRGXHGLWDDOPHQRHYHUVDWHJOLLQIRQGRHDWWRUQRJUDPPLGL]XFFKHURVFLROWRDOIXRFR
RYH JOL IDUHWH SUHQGHUH LO FRORUH PDUURQH FKLDUR 9HUVDWH LO ULVR LQ TXHVWR VWDPSR H ULPHWWHWHOR DO IXRFR D
EDJQRPDULD FKH FRVu DVVRGD DQFRUD H VFLRJOLH OR ]XFFKHUR GHO IRQGR 3HU VIRUPDUOR DVSHWWDWH FKH VLD
GLDFFLR
2UDELVRJQDULHPSLUHLOYXRWRFKHqLQPH]]RDOULVRFRQXQDFRPSRVWDFKHSXzHVVHUHGLTXDOXQTXH
IUXWWDPDVXSSRQLDPRGLPHOHRSUXJQHVHFFKH
6H GL PHOH SUHIHULWH OH PHOH URVH FKH VRQR GXUH H RGRURVH %DVWHUDQQR JUDPPL LQ QDWXUD
6EXFFLDWHOH WDJOLDWHOH D VSLFFKLHWWLQL WRJOLHQGR YLD OD SDUWH GHO WRUVROR H JHWWDWHOH YLD YLD QHOO DFTXD IUHVFD
RYH VLD VWDWR VSUHPXWR GHO OLPRQH SHU PDQWHQHUOH ELDQFKH 0HWWHWH TXHVWH PHOH LQ XQD FD]]DUXROD FRQ
WDQW DFTXD FKH OH ULFRSUD DSSHQD H TXDQGR KDQQR DYYLDWR D EROOLUH YHUVDWH QHOOH PHGHVLPH JUDPPL GL
]XFFKHUR H XQD FXFFKLDLDWD GL NLUVFK &RWWH FKH VLHQR OHYDWHOH DVFLXWWH H ULVWULQJHWH LO OLTXLGR ULPDVWR SHU
ULGXUORDVLURSSRQHOTXDOHYHUVHUHWHTXDQGRVDUjGLDFFLRXQ DOWUDFXFFKLDLDWDGLNLUVFKSHUXQLUORDOOHPHOHH
SHUULHPSLUHFRQTXHVWRLOEXFRGHOGROFHTXDQGRORPDQGDWHLQWDYROD
6HYLVHUYLWHGHOOHSUXJQHEDVWDQRJUHJUGL]XFFKHURPDSULPDGLPHWWHUOHDEROOLUHWHQHWHOH
LQPROOHQHOO DFTXDSHUFLQTXHRVHLRUH3HOUHVWRUHJRODWHYLFRPHQHOODFRWWXUDGHOOHPHOHQRQGLPHQWLFDQGR
LONLUVFK
6HLOGROFHGRYHVVHVHUYLUHSHUGLHFLRGRGLFLSHUVRQHUDGGRSSLDWHODGRVH6LVHUYHGLDFFLR
3$67,&&,2$62535(6$
/DWWHXQOLWUR
)DULQDGLULVRJUDPPL
=XFFKHURJUDPPL
%XUURJUDPPL
8RYDQ
6DOHXQDSUHVD
2GRUHGLYDLQLJOLD
3UHQGHWHXQDFD]]DUXRODHQHOODPHGHVLPDDSRFRSHUYROWDYHUVDWHOHXRYDOR]XFFKHURODIDULQDHLO
ODWWH PHVFRODQGR YLD YLD RQGH QRQ VL IRUPLQR ER]]ROL PD GHO ODWWH ODVFLDWHQH DGGLHWUR DOTXDQWR SHU
DJJLXQJHUORGRSRVHRFFRUUH0HWWHWHODFD]]DUXRODDOIXRFRHJLUDQGRLOPHVWRORFRQWLQXDPHQWHFRPHQHOOD
FUHPD FXRFHWH LO FRPSRVWR DJJLXQJHQGRYL SULPD GL OHYDUOR LO EXUUR OD YDLQLJOLD H LO VDOH /DVFLDWHOR
GLDFFLDUHHSRLYHUVDWHORLQXQSLDWWRGLPHWDOORRLQXQYDVVRLRGLWHUUDFKHUHJJDDOIXRFRGLVSRVWRLQPRGR
FKHIDFFLDODFROPD
&RSULWHORFROODSDVWD IUROODQULFHWWD%RULFHWWD&IDWHJOLTXDOFKHODYRURSHUEHOOH]]DGRUDWHORFRO
URVVRG XRYRFXRFHWHORDOIRUQRHVHUYLWHORFDOGRVSROYHUL]]DWRGL]XFFKHURDYHOR
*(/$7,1$',$5$1&,2,1*(/2
=XFFKHURJUDPPL
&ROODGLSHVFHJUDPPL
$FTXDGHFLOLWUL
$ONHUPHVTXDWWURFXFFKLDLDWH
5KXPGXHFXFFKLDLDWH
8QDUDQFLRGROFHJURVVR
8QOLPRQH
0HWWHWHODFROODLQPROOHHFDPELDQGRXQDYROWDO DFTXDODVFLDWHYHODSHUXQ RUDRGXH
)DWHEROOLUHOR]XFFKHURQHOOD PHWjGHOO DFTXDVXGGHWWDSHUGLHFLPLQXWLHSDVVDWHORSHUXQSDQQROLQR
6SUHPHWHLQTXHVWRVLURSSRO DUDQFLRHLOOLPRQHSDVVDQGRQHLOVXJRGDOORVWHVVRSDQQROLQR
/HYDWH OD FROOD JLj ULQYHQXWD H IDWH FKH DO]L LO EROORUH QHL GXH GHFLOLWUL GHOO DFTXD ULPDVWD H YHUVDWH
DQFKH TXHVWD QHO GHWWR VLURSSR $JJLXQJHWH DO PHGHVLPR O DONHUPHV H LO UKXP PHVFRODWH RJQL FRVD H
TXDQGR FRPLQFLD D IUHGGDUH YHUVDWHOR QHOOR VWDPSR WHQXWR QHO JKLDFFLR G HVWDWH H QHOO DFTXD IUHGGD
G LQYHUQR
*OL VWDPSL GL TXHVWD VRUWH GL GROFL VRQR GL UDPH WXWWL ODYRUDWL D JXJOLH DOFXQL FROEXFR LQ PH]]R DOWUL
VHQ]D RQGH RWWHQHUH XQ EHOO HIIHWWR LQ WDYROD 3HU LVIRUPDUOD EHQH XQJHWH OHJJHUPHQWH SULPD GL YHUVDUH LO
FRPSRVWR OR VWDPSR FRQ ROLR HG LPPHUJHWHOR SRL SHU XQ PRPHQWR QHOO DFTXD FDOGD R VWURILQDWHOR FRQ XQ
FHQFLR EROOHQWH /D FROOD GL SHVFH QRQ q QRFLYD PD KD O LQFRQYHQLHQWH GL ULXVFLUH DOTXDQWR SHVDQWH DOOR
VWRPDFR
*(/$7,1$',)5$*2/(,1*(/2
)UDJROHPROWRURVVHHEHQPDWXUHJUDPPL
=XFFKHURJUDPPL
&ROODGLSHVFHJUDPPL
$FTXDGHFLOLWUL
5KXPWUHFXFFKLDLDWH
/ DJURGLXQOLPRQH
6WUL]]DWHOHIUDJROHLQXQSDQQROLQRSHUHVWUDUQHWXWWRLOVXJR)DWHEROOLUHOR]XFFKHURSHUGLHFLPLQXWL
LQGXHGHFLOLWULGHOODGHWWDDFTXDHTXHVWRVLURSSRXQLWHORDOVXJRGHOOHIUDJROHDJJLXQJHWHLOOLPRQHHWRUQDWH
D SDVVDUH LO WXWWR GD XQ SDQQROLQR ILWWR $OOD FROOD GL SHVFH GRSR DYHUOD WHQXWD LQ PROOH FRPH TXHOOD GHO
QXPHUR SUHFHGHQWH IDWH VSLFFDUH LO EROORUH QHO ULPDQHQWH GHFLOLWUR G DFTXD H YHUVDWHOD FRVu EROOHQWH QHO
SUHGHWWRPLVFXJOLRDJJLXQJHWHSHUXOWLPRLOUKXPPHVFRODWHHYHUVDWHLOFRPSRVWRQHOORVWDPSRSHUPHWWHUOR
LQJHOR
4XHVWDJHODWLQDVDUjPROWRJUDGLWDGDOOHVLJQRUH
*(/$7,1$',0$5$6&+(2',9,6&,2/(,1*(/2
&LOLHJHPDUDVFKHRYLVFLROHJUDPPL
=XFFKHURJUDPPL
&ROODGLSHVFHJUDPPL
$FTXDGHFLOLWUL
5KXPWUHFXFFKLDLDWH
8QSH]]HWWRGLFDQQHOOD
/HYDWHLOJDPERDOOHFLOLHJHHGLVIDWHOHFROOHPDQLXQHQGRYLTXDOFKHQRFFLRORSHVWDWR/DVFLDWHOH FRVu
TXDOFKH RUD H SRL SDVVDWHQH LO VXJR GD XQ SDQQROLQR VWUL]]DQGR EHQH WHQHWHOR DQFRUD LQ ULSRVR H SRL
ULSDVVDWHOR SL YROWH PDJDUL SHU FDUWD R SHU FRWRQH RQGH ULPDQJD FKLDUR)DWH EROOLU OR ]XFFKHUR SHU GLHFL
PLQXWL LQ GXH GHFLOLWUL GHOOD GHWWD DFTXD FRQ OD FDQQHOOD GHQWUR SDVVDWH DQFKH TXHVWR GDO SDQQROLQR H
PHVFRODWHOR DO VXJR GHOOH FLOLHJH$JJLXQJHWHODFROODVFLROWDQHOULPDQHQWHGHFLOLWURGLDFTXDHSHUXOWLPR LO
UKXPUHJRODQGRYLFRPHSHUOHSUHFHGHQWLJHODWLQH
*(/$7,1$',5,%(6,1*(/2
5LEHVJUDPPL
=XFFKHURJUDPPL
&ROODGLSHVFHJUDPPL
$FTXDGHFLOLWUL
0DUVDODTXDWWURFXFFKLDLDWH
2GRUHGLYDLQLJOLD
5HJRODWHYLLQWXWWRFRPHQHOODJHODWLQDGLPDUDVFKHGHOQXPHURSUHFHGHQWH
2UGLQDULDPHQWH O RGRUH GL YDLQLJOLD VL Gj DOOH YLYDQGH FROOR ]XFFKHUR YDQLJOLDWR PD LQ TXHVWR H
FRQVLPLOL FDVLPHJOLRqVHUYLUVLGHOEDFFHOORQDWXUDOHGLTXHOODSLDQWDIDFHQGRQHEROOLUHXQSH]]HWWR LQVLHPH
FROOR ]XFFKHUR QHOO DFTXD $ YRVWUD QRUPD VH FRPSUDWH TXDOFXQR GL TXHVWL EDFFHOOL RVVHUYDWH FKH VLHQR
JUDVVL FLRq QRQ ULVHFFKLWL H FRQVHUYDWHOL EHQ FKLXVL IUDPH]]R D ]XFFKHUR ELRQGR D FXL FRPXQLFKHUDQQR LO
SURIXPRHVHUYLUjDQFK HVVRDGDURPDWL]]DUTXDOFKHSLDWWR
4XHVWD SLDQWD GHOOD IDPLJOLD GHOOH RUFKLGHH OD TXDOH VL DUUDPSLFD FRPH O HOOHUD q RULJLQDULD GHOOH
IRUHVWH LQWHUWURSLFDOL GL $PHULFD ,O SROOLQH GHOOD YDLQLJOLD HVVHQGR YLVFKLRVR H QRQ SRWHQGR SHUFLz HVVHU
WUDVSRUWDWRGDLYHQWLORWUDVSRUWDQRJO LQVHWWLODTXDOFRVDHVVHQGRVWDWDFRQRVFLXWDGDOO XRPRVROWDQWRQHOOD
SULPD PHWj GHO VHFROR SDVVDWRHVHJXLVFH HJOL VWHVVR O RSHUD]LRQH H IHFRQGDOH SLDQWH FKH VL FROWLYDQR QH WHSLGDULHVVHDYDQWLLODQQRLQFXLVLRWWHQQHURLSULPLIUXWWLQHO%HOJLRHUDQRLQIUXWWLIHUH
*(/$7,1$',/$0321(,1*(/2
6HDYHWHGHOVLURSSRGLODPSRQHQSRWHWHIDUHDOO RFFRUUHQ]DXQDEXRQDJHODWLQDGDVHUYLUHSHU
GROFH LQ XQ SUDQ]R 6FLRJOLHWH JUDPPL GL FROOD GL SHVFH DO IXRFR LQ WUH GHFLOLWUL G DFTXD H PHVFRODWH LQ
HVVD
6LURSSRGHFLOLWUL
0DUVDODGHFLOLWULO
5KXPXQDFXFFKLDLDWD
=XFFKHUR QRQ RFFRUUH R VH PDL SRFKLVVLPR HVVHQGR PROWR GROFH LO VLURSSR 3HO UHVWR UHJRODWHYL
FRPHQHOOHDQWHFHGHQWLJHODWLQH6HLQYHFHGHOVLURSSRODIDWHFROODPSRQHLQQDWXUDVHUYLWHYLGHOOHGRVLGHOOD
JHODWLQDGLIUDJROHQHWHQHWHODVWHVVDUHJROD
8182923(581%$0%,12
1RQVDSHWHFRPHTXLHWDUHXQEDPELQRFKHSLDQJHSHUFKpYRUUHEEHTXDOFKHOHFFRUQLDSHUFROD]LRQH"
6HDYHWHXQXRYRIUHVFRVEDWWHWHQHEHQHLOWRUORLQXQDWD]]DLQIRUPDGLFLRWRODFRQGXHRWUHFXFFKLDLQLGL
]XFFKHURLQSROYHUHSRLPRQWDWHVRGDODFKLDUDHGXQLWHODPHVFRODQGRLQPRGRFKHQRQLVPRQWL0HWWHWHOD
WD]]D DYDQWL DO EDPELQR FRQ IHWWLQH GL SDQH GD LQWLQJHUH FROOH TXDOL VL IDUj L EDIIL JLDOOL H OR YHGUHWH
FRQWHQWLVVLPR
(PDJDULLSDVWLGHLEDPELQLIRVVHURWXWWLLQQRFXLFRPHTXHVWRFKpSHUFHUWRFLVDUHEEHURDOORUDPHQR
LVWHULFLHFRQYXOVLRQDULQHOPRQGR9RJOLRGLUHGHJOLDOLPHQWLFKHXUWDQRLQHUYLFRPHLOFDIIqLOWKHLOYLQRH
GLDOWULSURGRWWLIUDFXLLOWDEDFFRLTXDOL SHUVROLWRSLSUHVWRFKHQRQFRQYHUUHEEHHQWUDQRDIDUSDUWHQHO
UHJLPHGHOODYLWDGRPHVWLFD
%8',12',3$1((&,2&&2/$7$
ÊXQEXGLQRGDIDPLJOLDQRQYLDVSHWWDWHTXLQGLGLVHQWLUHFRVDVTXLVLWD
3DQHFRPXQHILQHJUDPPL
=XFFKHURJUDPPL &LRFFRODWDJUDPPL
%XUURJUDPPL
/DWWHGHFLOLWUL
8RYDQ
9HUVDWH LO ODWWH EROOHQWH VRSUD LO SDQH WDJOLDWR D IHWWHVRWWLOL 'RSR GXH RUH FLUFD G LQIXVLRQH SDVVDWHOR
GDOOR VWDFFLR SHU UHQGHUOR WXWWR XQLWR SRL PHWWHWHORDOIXRFRFROOR]XFFKHURLOEXUURHODFLRFFRODWDJUDWWDWD
5LPHVWDWH LO FRPSRVWR VSHVVR IDWHOR EROOLUH DOTXDQWR H ODVFLDWHOR GLDFFLDUH $JJLXQJHWH DOORUD OH XRYD
PHWWHQGR SULPD L URVVL H TXLQGL OH FKLDUH PRQWDWH FXRFHWHOR D EDJQRPDULD LQ XQR VWDPSR OLVFLR XQWR FRO
EXUUR H VHUYLWHOR IUHGGR 3HU GDUJOL SL EHOO DVSHWWR QRQ VDUHEEH PDOH GL FRSULUOR GRSR VIRUPDWR FRQ XQD
FUHPD
4XHVWDGRVHSRWUjEDVWDUHSHUFLQTXHSHUVRQH
0(/($//¶,1*/(6(
4XHVWRSLDWWRSRWUHVWHDQFKHFKLDPDUORSDVWLFFLRGLPHOHFKp LOQRPHQRQVDUHEEHLPSURSULR
3UHQGHWH PHOH URVH R GL DOWUD TXDOLWj GXUjFLQH OHYDWH ORUR LO WRUVROR FRQ XQ FDQQHOOR GL ODWWD
VEXFFLDWHOHHWDJOLDWHOHDIHWWHURWRQGHHVRWWLOL3RLPHWWHWHOHDOIXRFRFRQO DFTXDVXIILFLHQWHDFXRFHUOHHXQ
SH]]HWWRGLFDQQHOOD4XDQGRVDUDQQRDPH]]DFRWWXUDYHUVDWHWDQWR]XFFKHURGDUHQGHUOHGROFLHXQSRFRGL
FDQGLWRDSH]]HWWLQL
3UHQGHWHXQSLDWWRGLUDPHRGXQ YDVVRLRGLSRUFHOODQDFKHUHJJDDOIXRFRYHUVDWHOHQHOPHGHVLPR
FRSULWHOHFRQSDVWDIUROODPHWWHWHOHLQ IRUQRRQHOIRUQRGDFDPSDJQDHVHUYLWHOHFDOGHSHUGROFH
=$%$,21(
5RVVLG XRYRQ
=XFFKHURLQSROYHUHJUDPPL
9LQR GL &LSUR GL 0DUVDOD R GL 0DGHUD GHFLOLWUL ò SDUL D QRYH FXFFKLDLDWHFLUFD'RSSLD GRVH SRWUj
EDVWDUH SHU RWWR SHUVRQH 6H OR GHVLGHUDWH SL VSLULWRVR DJJLXQJHWH XQD FXFFKLDLDWD GL UKXP DQFKH XQ
FXFFKLDLQR GL FDQQHOOD LQ SROYHUH QRQ FL VWD PDOH /DYRUDWH SULPD FRQ XQ PHVWROR L URVVL G XRYR FROOR
]XFFKHUR ILQFKp VLHQR GLYHQXWL TXDVL ELDQFKL DJJLXQJHWH LO OLTXLGR PHVFRODWH SRQHWHOR VRSUD XQ IXRFR
DUGHQWH IUXOODQGROR FRQWLQXDPHQWH H JXDUGDQGRYL GDO IDUOR EROOLUH SHUFKp LPSD]]LUHEEH OHYDWHOR DSSHQD
FRPLQFLDDGDO]DUH
0HJOLRLRFUHGRVLDLOVHUYLUVLGHOODFLRFFRODWLHUD
6,5233,
, VLURSSL GL IUXWWD DFLGXOH VFLROWL QHOO DFTXD IUHVFD R JHODWD VRQR ELELWH SLDFHYROL H UHIULJHUDQWL PROWR
RSSRUWXQH QHJOL HVWLYL DUGRUL PD q EHQH IDUQH XVR GRSR FRPSLXWD OD GLJHVWLRQH SHUFKp HVVHQGR DOTXDQWR
SHVDQWLDOORVWRPDFRSHOPROWR]XFFKHURFKHFRQWHQJRQRIDFLOPHQWHODGLVWXUEDQR
6,52332',/$0321(
/D GHOLFDWD IUDJUDQ]D GL TXHVWR IUXWWR LO IUDPERLVH GHL )UDQFHVL OR FRVWLWXLVFH LO UH GHL VLURSSL 'RSR
DYHUH GLVIDWWR EHQH LO IUXWWR FROOH PDQL VL RSHUD QHOOD VWHVVD JXLVD GHO Q FROOH VWHVVH SURSRU]LRQL GL
]XFFKHUR H G DFLGR FLWULFR VH QRQ FKH FRQWHQHQGR TXHVWR IUXWWR PHQR JOXWLQH GHO ULEHV LO SHULRGR GHOOD
IHUPHQWD]LRQH VDUj SL EUHYH 6H SRL PL GRPDQGDVWH SHUFKp TXHVWL VLURSSL ULFKLHGRQR WDQWR ]XFFKHUR
ULVSRQGHUHLFKHFLzqQHFHVVDULRSHUODORURFRQVHUYD]LRQHHFKHSHUFRUUHJJHUHLOVRYHUFKLRGROFLXPHVLq
ULFRUVRDOO DFLGRFLWULFR
$&(726$',/$0321(
4XHVWDDFHWRVDVLIRUPDVRVWLWXHQGRDOO DFLGRFLWULFRDFHWRGLYLQRG RWWLPDTXDOLWjFKHYDYHUVDWRQHO
VLURSSR GL ODPSRQH TXDQGR VL OHYD GDO IXRFR /D GRVH GHOO DFHWR UHJRODWHOD FROO DVVDJJLR SRQHQGRQH FLRq
SRFR GD SULPD HG DVVDJJLDQGR LO VLURSSR LQ GXH GLWD G DFTXD SHU DXPHQWDUQH OD GRVH DO ELVRJQR 4XHVWD
ELELWDULHVFLUjSLULQIUHVFDQWHGHOOHDOWUHHGXJXDOPHQWHSLDFHYROH
6,52332',5,%(6
4XHVWR IUXWWR FRQWHQHQGR LQ Vp PROWR JOXWLQH ULFKLHGH XQD OXQJD IHUPHQWD]LRQH WDQWRFKp VH
VFLRJOLHWH GHOOR ]XFFKHUR QHO VXFFR GHO ULEHV DSSHQD VSUHPXWR H OR PHWWHWH DO IXRFR RWWHUUHWH QRQ XQR
VLURSSRPDXQDJHODWLQD
'LVIDWHLOULEHVQH VXRLJUDSSROLQLFRPHIDUHVWHDPPRVWDQGRO XYDHODVFLDWHORLQOXRJRIUHVFRHQWURXQ
YDVRGLWHUUDRGLOHJQR4XDQGRDYUjFRPLQFLDWRDIHUPHQWDUH LOFKHSXzDYYHQLUHDQFKHGRSRWUHRTXDWWUR
JLRUQL DIIRQGDWHQH LO FDSSHOOR H ULPHVWDWHOR FRQ XQ PHVWROR GXH YROWH DO JLRUQR FRQWLQXDQGR TXHVWD
RSHUD]LRQHILQFKpDYUjFHVVDWRGLDO]DUH3RLSDVVDWHORSHUFDQRYDFFLRDSRFRSHUYROWDVWUL]]DQGROREHQH
FROOHPDQLVHQRQDYHWHXQRVWUHWWRLRHSDVVDWHLOVXFFRVSUHPXWRGDXQILOWURDQFKHGXHRWUHYROWHHSLVH
RFFRUUH SHU RWWHQHUH XQ OLTXLGR OLPSLGLVVLPR 3RQHWHOR TXLQGL DO IXRFR H TXDQGR FRPLQFLD DG HQWUDUH LQ
EROORUHYHUVDWHOR]XFFKHURHO DFLGRFLWULFRQHOOHVHJXHQWLSURSRU]LRQL
/LTXLGRFKLORJUDPPL
=XFFKHURLQSROYHUHELDQFKLVVLPRFKLORJUDPPL
$FLGRFLWULFRJUDPPL
*LUDWH FRQWLQXDPHQWH LO PHVWROR RQGH OR ]XFFKHUR QRQ VL DWWDFFKL IDWHOR EROOLU IRUWH SHU GXH R WUH
PLQXWL DVVDJJLDWHOR SHU DJJLXQJHUH DOWUR DFLGR FLWULFR VH RFFRUUH H TXDQGR q GLDFFLR LPERWWLJOLDWHOR H
FRQVHUYDWHORLQFDQWLQD
9L DYYHUWR FKH LO EHOOR GL TXHVWL VLURSSL q OD OLPSLGH]]D H SHU RWWHQHUOD q EHQH DEERQGDUH QHOOD
IHUPHQWD]LRQH
6,52332',&('52
/LPRQLGLJLDUGLQRQ
=XFFKHURELDQFRILQHJUDPPL
$FTXDXQELFFKLHUHGDWDYRODFKHFRUULVSRQGHDGHFLOLWULFLUFD
/HYDWHGDLOLPRQLVHQ]DVWUL]]DUODODSROSDLQWHUQDQHWWDQGRODEHQHGDOOHSHOOLFROHHGDLVHPL
0HWWHWHO DFTXDDOIXRFRFROODEXFFLDGLXQRGHLGHWWLOLPRQLWDJOLDWDDQDVWURHVRWWLOPHQWHFROWHPSHULQR
H TXDQGR FRPLQFLD D EROOLUH YHUVDWH OR ]XFFKHUR $VSHWWDWH FKH GLD TXDOFKH EROORUH SRL OHYDWH OD EXFFLD H
YHUVDWHODSROSDGHLOLPRQL)DWHEROOLUHILQFKpLOVLURSSRVLDVLULVWUHWWRHFRWWRDOSXQWRLOFKHVLFRQRVFHGDOOD
SHUODFKHIDEROOHQGRHGDOFRORUHGLYLQRELDQFRFKHDFTXLVWD
&RQVHUYDWHOR LQ YDVR SRVVLELOPHQWH GL YHWUR SHU SUHQGHUOR D FXFFKLDLDWH H VFLRJOLHUOR QHOO DFTXD
IUHVFDVLRWWLHQHFRVLXQDELELWDHFFHOOHQWHHULQIUHVFDQWHODTXDOHUHVWRPHUDYLJOLDWRFKHPDQFKLIUDOHELELWH
GHLFDIIqLQGLYHUVHSURYLQFHG ,WDOLD
0$5(1$
3UHQGHWHFLOLHJHPDUDVFKHYHUHOHTXDOLEHQFKpPDWXUHGHYRQRHVVHUHPROWRDJUH/HYDWHQHLJDPEL
HGLVIDWHOHFRPHO XYDTXDQGRVLSLJLDSHUIDUHLOYLQRSRLPHWWHWHGDSDUWHXQDPDQFLDWDGLQRFFLROLSHUO XVR
FKH YL GLUz LQ DSSUHVVR H ULSRQHWH OH FLOLHJHFRQXQEHOSH]]RGLFDQQHOODLQWHUDLQOXRJRIUHVFRHQWURDXQ
YDVRGLWHUUDSHUDVSHWWDUQHODIHUPHQWD]LRQHODTXDOHGHYHGXUDUHDOPHQRTXDUDQWRWW RUHPDGDOPRPHQWR
FKHOHFLOLHJHKDQQRFRPLQFLDWRDGDO]DUHDIIRQGDWHOHHPHVFRODWHOHGLTXDQGRLQTXDQGR2UDRFFRUUHUHEEH
XQRVWUHWWRLRSHUHVWUDUQHLOVXJRPDVHPDQFDVHUYLWHYLGHOOHPDQLVWUL]]DQGROHFLOLHJHDSRFKHSHUYROWD
HQWURDXQFDQRYDFFLRUDGR
,OEHOORGLTXHVWLVLURSSLFRPHYLKRGHWWRqODOLPSLGH]]DHSHUzTXDQGRLOVXJRKDULSRVDWRGHFDQWDWH
OD SDUWH FKLDUD H O DOWUD FKH UHVWD SDVVDWHOD SL YROWH SHU ILOWUR GL ODQD 2WWHQXWR FRVu LO OLTXLGR GHSXUDWR
PHWWHWHOR DOIXRFRQHOOHVHJXHQWLSURSRU]LRQLHFROUDPPHQWDWRSH]]RGLFDQQHOOD
6XJRGHSXUDWRFKLORJUDPPL
=XFFKHURELDQFKLVVLPRLQSROYHUHFKLORJUDPPL
$FLGRFLWULFRJUDPPL
3HUYHUVDUHOR]XFFKHURHO DFLGRFLWULFRDVSHWWDWHFKHLOOLTXLGRVLDEHQFDOGRHSRLPHVFRODWHVSHVVR
RQGH OR ]XFFKHUR QRQ VL GHSRVLWL LQ IRQGR H QRQ SUHQGD GL EUXFLDWR /D EROOLWXUD GHY HVVHUEUHYH TXDWWUR R
FLQTXHPLQXWLVRQREDVWDQWLDLQFRUSRUDUHOR]XFFKHURQHOOLTXLGR
8QD EROOLWXUD SUROXQJDWD IDUHEEH SHUGHUH O DURPD DO IUXWWR PHQWUH FKH XQD LQVXIILFLHQWH SURGXUUHEEH
FRO WHPSR OD GHSRVL]LRQH GHOOR ]XFFKHUR 4XDQGR OHYDWH OD PDUHQD GDO IXRFR YHUVDWHOD LQ YDVR GL WHUUD H
LPERWWLJOLDWHODGLDFFLD7DSSDWHOHERWWLJOLHFRQVXJKHURVHQ]DFDWUDPHHFRQVHUYDWHOHLQFDQWLQDGRYHWDQWR
ODPDUHQDFKHLVLURSSLVLPDQWHUUDQQRLQDOWHUDWLDQFKHSHUTXDOFKHDQQR
3HU XOWLPR Y LQGLFKHUz O XVR GHL QRFFLROL VX ULFRUGDWL 4XHVWL DVFLXJDWHOL DO VROH SRL VWLDFFLDWHOL H
OHYDWHQHJUDPPL GLPDQGRUOHOHTXDOLSHVWHUHWHILQLVVLPR LQXQPRUWDLRHPHVFROHUHWHDOOHFLOLHJHSULPD
GHOODIHUPHQWD]LRQH&ROORURJUDWRDPDURJQRORTXHVWHPDQGRUOHVHUYRQRDGDUSLJUD]LDDOVLURSSR
0$5(1$'$75$678//$56,
/D PDUHQD SL VLJQRULOH q TXHOOD VRSUD GHVFULWWDPD VH OD GHVLGHUDWH GD EHUH H GD PDQJLDUH FRPH
XVDLQDOFXQLSDHVLPHVFRODWHLQTXHOODSUHFHGHQWHPHQWHGHVFULWWDGHOOHFLOLHJHJLXOHEEDWHQHOODSURSRU]LRQH
VHJXHQWH
&LOLHJHPDUDVFKHFKLORJUDPPL
=XFFKHURILQLVVLPRLQSROYHUHFKLORJUDPPL
/HYDWH L JDPEL DOOH FLOLHJH H WHQHWHOH DO VROH SHU FLQTXH R VHL RUH 3RL PHWWHWHOH DO IXRFR FRQ XQ
SH]]HWWR GL FDQQHOOD H TXDQGR DYUDQQR EXWWDWR XQD FHUWD TXDQWLWj GL XPLGR YHUVDWH LQ HVVH OR ]XFFKHUR
DYYHUWHQGR GL PHVFRODUH DGDJLR SHU FRQVHUYDUH OH FLOLHJH LQWHUH 4XDQGR VDUDQQR GLYHQXWH JULQ]RVH HG
DYUDQQRSUHVRLOFRORUEUXQROHYDWHOHHVHUYLWHYHQHSHUO XVRLQGLFDWR
25=$7$
0DQGRUOHGROFLFRQRDPDUHJUDPPL
$FTXDJUDPPL
=XFFKHURELDQFRILQHJUDPPL
$FTXDGLILRUG DUDQFLRGXHFXFFKLDLDWH
6EXFFLDWHOHPDQGRUOHHSHVWDWHOHQHOPRUWDLREDJQDQGROHRJQLWDQWRFROO DFTXDGLILRUG DUDQFLR
$OORUFKpVDUDQQRULGRWWHDSDVWDLPSDOSDELOHVFLRJOLHWHOHFRQXQWHU]RGHOODGHWWDDFTXDHSDVVDWHQHLO
VXJR GD XQ FDQRYDFFLR VWUL]]DQGROR EHQH 5LPHWWHWH QHO PRUWDLR OD SDVWD DVFLXWWD ULPDVWD QHO FDQRYDFFLR
PDFLQDWHODFROSHVWHOORSRLVFLRJOLHWHODFRQXQDOWURWHU]RGHOO DFTXDHSDVVDWHQHLOVXJR5LSHWHWHODVWHVVD
RSHUD]LRQH SHU OD WHU]DYROWD PHWWHWH DO IXRFR WXWWR LO OLTXLGR RWWHQXWR H TXDQGR VDUj EHQ FDOGRYHUVDWHOR
]XFFKHURULPHVWDWHORHIDWHOREROOLUHSHUYHQWLPLQXWLFLUFD'LDFFLRFKHVLDLPERWWLJOLDWHORHFRQVHUYDWHORLQ
OXRJRIUHVFR6HIDWWDLQTXHVWRPRGRYHGUHWHFKHO RU]DWDQRQIHUPHQWDHSRWUHWHFRQVHUYDUODDOXQJRPD
SHUz QRQ TXDQWR L VLURSSLGL IUXWWD2OWUH D FLzYLHQH GL WDOHVRVWDQ]DFKH SRFKLVVLPDVFLROWD LQ XQ ELFFKLHU
G DFTXD EDVWD SHURWWHQHUHXQDELELWDHFFHOOHQWHHULQIUHVFDQWH)DWWDFRLVHPL GLSRSRQHYLHQHDQFKHSL
GHOLFDWD
&/$5(7&83 %,%,7$,1*/(6(
3HUTXHVWDELELWDFKHPHULWDGLHVVHUGHVFULWWDSHUFKpSLDFHYROHHGLIDFLOHHVHFX]LRQHRFFRUUHYLQR
URVVRGLRWWLPDTXDOLWj3XzVHUYLUHWDQWRLOERUGzTXDQWRLOFKLDQWLLOVDQJLRYHVHHVLPLOL
9LQRGHFLOLWUL
$FTXDGHFLOLWUL
/LPRQLQ
=XFFKHURELDQFRJUDPPL
)DWHEROOLUHOR]XFFKHURQHOO DFTXDFLQTXHPLQXWL7ROWRGDOIXRFRVWUL]]DWHLQTXHVWRVLURSSRLOLPRQLH
YHUVDWHFL LO YLQR SRL SDVVDWHOR GD XQ SDQQROLQR 5LPHWWHWHOR DO IXRFR SHU IDUOR EROOLUH DGDJLR PLQXWL H
GLDFFLR FKH VLD LPERWWLJOLDWHOR 6HUYLWHYHQH DOOXQJDWR FROO DFTXD H UDIIUHVFDWR FRO JKLDFFLR LQ HVWDWH
'RYHQGRORFRQVHUYDUHDOXQJRWHQHWHORLQFDQWLQD
6$3$
/DVDSDFK DOWURQRQqVHQRQXQVLURSSRG XYDSXz VHUYLUHLQFXFLQDDGLYHUVLXVLSRLFKpKDXQJXVWR
VSHFLDOHFKHVLDGGLFHLQDOFXQLSLDWWLÊSRLVHPSUHJUDGLWDDLEDPELQLFKHQHOO LQYHUQRFRQHVVDHFROODQHYH
GLIUHVFRFDGXWDSRVVRQRLPSURYYLVDUGHLVRUEHWWL
$PPRVWDWH GHOO XYD ELDQFD SRVVLELOPHQWH GLYLJQDGLEXRQDTXDOLWjHEHQPDWXUDHTXDQGRVDUjLQ
IHUPHQWD]LRQH GD FLUFD YHQWLTXDWWU RUH HVWUDHWHQH LO PRVWR H SDVVDWHOR GD XQ FDQRYDFFLR 0HWWHWH TXHVWR
PRVWRDOIXRFRHIDWHOREROOLUHSHUPROWHRUHILQRDFRQVLVWHQ]DGLVLURSSRFKHFRQVHUYHUHWHLQERWWLJOLH
&216(59(
/H FRQVHUYH H OH JHODWLQH GL IUXWWD IDQQR PROWR FRPRGR QHOOH IDPLJOLH SHUFKp HQWUDQR VSHVVR QHOOD
FRPSRVL]LRQHGHLSLDWWLGROFLVRQRJXVWDWHGDOOHVLJQRUHDOODILQHGLXQDFROD]LRQHHVSDOPDWHVXOSDQHVRQR
XQRWWLPRVSXQWLQRQXWULHQWHHVDOXEUHSHLEDPELQL
&216(59$',3202'2526(1=$6$/(
6H TXHVWR SUH]LRVR IUXWWR GHOOD IDPLJOLD GHOOH VRODQDFHH 6RODQXP /\FRSHUVLFXP RULJLQDULR
GHOO $PHULFDPHULGLRQDOHIRVVHSLUDURFRVWHUHEEHTXDQWRHSLGHLWDUWXIL,OVXRVXJRVLPDULWDFRQWDQWH
YLYDQGHHIDDGHVVHFRVuRWWLPDFRPSDJQLDFKHPHULWDFRQWRGLVSHQGHUHTXDOFKHIDWLFDSHURWWHQHUQHXQD
EXRQDFRQVHUYD0ROWLVRQRLPHWRGLSHUIDUODHGRJQXQRGjODSUHIHUHQ]DDOVXRLRYLGHVFULYHUzTXHOORGD
PHDGRWWDWRHFKHVHJXRGDPROWLDQQLSHUFKpPHQHWURYREHQH
3UHQGHWH SRPRGRUL GL FDPSR SHUFKp TXHOOL G RUWR VRQR SL DFTXRVL H SUHIHULWH L SLFFROL DL JURVVL
6WLDFFLDWHOLFRVuDOO LQJURVVRHPHWWHWHOLDOIXRFRGLOHJQDLQXQDFDOGDLDGLUDPHQRQVWDJQDWDHQRQDEELDWH
SDXUDSHUFKpO DFLGRQRQDWWDFFDLOUDPHVHQRQTXDQGRqIXRULGDOIXRFRHSHUGHLOFDORUHGHOO HEROOL]LRQH6H
QRQ IRVVH FRVu LR DYUHL VHQWLWR L VLQWRPL GHO YHOHQR DOPHQR XQ FHQWLQDLR GL YROWH 4XDQGR VDUDQQR FRWWL
GLVIDWWL YHUVDWHOL LQ XQ VDFFR D VSLQD EHQ ILWWR WHQXWR VRVSHVR H JHWWDWD FKH DEELDQR O DFTXD SDVVDWHOL SHU
LVWDFFLRRQGHQHWWDUOLGDLVHPLHGDOOHEXFFHVWUL]]DQGROLEHQH
/DYDWHFRQDFFXUDWH]]DODFDOGDLDHULPHWWHWHOLDOIXRFRSHUUHVWULQJHUOLTXDQWREDVWDHSHUFRQRVFHUH
SRLLOSXQWRSUHFLVRGHOODFRQVLVWHQ]DFKHGHYHDYHUHODFRQVHUYD HTXLVWDODGLIILFROWj YHUVDWHQHTXDOFKH
JRFFLDLQXQSLDWWRHVHYHGUHWHFKHQRQLVFRUUHHQRQSUHVHQWDVLHURVLWjDFTXRVDDOO LQWRUQRYRUUjGLUHFKH
FRGHVWR q LO SXQWR JLXVWR GHOOD FRWWXUD $OORUD LPERWWLJOLDWHOD H DQFKH TXL DYUHWH XQ DOWUD SURYD GHOOD VXD
VXIILFLHQWHGHQVLWjVHODYHGUHWHVFHQGHUHFRQGLIILFROWjSHUO LPEXWR
3HUDYHUHXQDFRQVHUYDFRQPHQRFRWWXUDHTXLQGLSLOLTXLGDHQDWXUDOHYLHQHXVDWRO DFLGRVDOLFLOLFR
FKHQHOODSURSRU]LRQHGLJUDPPL RJQLOLWULGLVXJRVLGLFH LQQRFXRPDLRILQRUDPLHURDVWHQXWRGDO
IDUQH XVR VDSHQGR FKH LO *RYHUQR SHU PLVXUD LJLHQLFD QH DYHYD YLHWDWR OR VPHUFLR )DFHQGRQH XVR
TXRWLGLDQRSUXGHQ]DYRUUHEEHGLQRQXVDUOR
/H ERWWLJOLH SUHIHULWHOH SLFFROH SHU FRQVXPDUOH SUHVWR PD SRVVRQR VWDU PDQRPHVVH DQFKH R JLRUQLVHQ]DFKHODFRQVHUYDQHVRIIUD,RPLVHUYRGLTXHOOHELDQFKHFKHYHQJRQRLQFRPPHUFLRFROO DFTXDGL
5HFRDUR H LQ PDQFDQ]D GL TXHVWH GL PH]]H ERWWLJOLH QHUH GD ELUUD 7XUDWHOH FRQ WDSSL GL VXJKHUR PHVVLD
PDQR PD FKH VLJLOOLQR EHQH H OHJDWHOL FRQ OR VSDJR DYYHUWHQGR GL ODVFLDUH XQ SR G DULD IUD LO WDSSR H LO
OLTXLGR 4XL O RSHUD]LRQH VHPEUHUHEEH ILQLWD PD F q XQ DSSHQGLFH OD TXDOH EHQFKp EUHYH q SXU QHFHVVDULD
&ROORFDWHOHGHWWHERWWLJOLHLQXQDFDOGDLDIUDPH]]RDILHQRDFHQFLRDG DOWUHFRVHVLPLOLRQGHVWLDQRVWUHWWH
IUDORUR H YHUVDWH QHOOD FDOGDLD WDQWD DFTXD FKH DUULYLILQR DO FROOR GHOOH ERWWLJOLH H IDWHOHIXRFRVRWWR6WDWH
RVVHUYDQGR FKH SUHVWR LO WDSSR GHOOH ERWWLJOLH GDUj FHQQR GL DO]DUH H GL VFKL]]DU YLD VH QRQ IRVVH OHJDWR H
DOORUDFHVVDWHLOIXRFRFKpO RSHUD]LRQHqGDYYHURILQLWD/HYDWHOHERWWLJOLHTXDQGRO DFTXDqGLDFFLDRDQFKH
SULPD ULSLJLDWH FRQ XQ GLWR L WDSSL VPRVVL SHU ULPHWWHUOL DO SRVWR H FRQVHUYDWH OH ERWWLJOLH LQ FDQWLQD 1RQ
KDQQRELVRJQRGLHVVHUHLQFDWUDPDWHSHUFKpVHODFRQVHUYDqIDWWDEHQHQRQIHUPHQWDPDVHIHUPHQWDVVHH
OHERWWLJOLHVFRSSLDVVHURGLWHSXUHFKHYLqULPDVWDWURSS DFTXDSHUSRFDFRWWXUD
+R VHQWLWR GLUH FKH PHWWHQGR DULVFDOGDUH OH ERWWLJOLHYXRWHHQWURDXQDVWXIDHULHPSLHQGROHTXDQGR
VRQREHQFDOGHQRQRFFRUUHIDUEROOLUHODFRQVHUYDQHOOHERWWLJOLHPDTXHVWDSURYDLRQRQO KRIDWWD
9L UDFFRPDQGR PROWR OD FRQVHUYD GL SRPRGRUR IDWWD LQ TXHVWD PDQLHUD SHUFKp YL VDUj GL JUDQ
YDQWDJJLRQHOODFXFLQDSHUzPHJOLRGLTXHVWRqLOVLVWHPDGHWWR SUHSDUD]LRQHQHOYXRWRPHGLDQWHLOTXDOHVL
FRQVHUYDQRIUHVFKLHGLQWHULLSRPRGRULLQYDVLGLODWWD$TXHVWDSLFFRODLQGXVWULDFKHGDYDVDJJLRGLEXRQD
ULXVFLWDLQ)RUOuRYHHUDVLLQL]LDWDDXJXUDYRSURVSHUDVRUWHPDRKLPpFKHQDFTXHXQJXDLR,O)LVFROHVDOWz
VXELWRDGGRVVRFRQXQDWDVVDHLOSRYHURLQGXVWULDOHPLGLVVHFKHSHQVDYDGLVPHWWHUH
&216(59$'2/&(',3202'252
6HPEUDGDOWLWRORXQDFRQVHUYD GHOOHSLVWUDQHPDDOODSURYDQRQULHVFHPHQGHJQDGLPROWHDOWUH
&K RJQLHUEDVLFRQRVFHSHUORVHPH
GLFH'DQWHHSHUzVHLQTXHVWDFRQVHUYDQRQULPDQHTXDOFKHVHPLQRFKHQHIDFFLDODVSLDQHVVXQR
LQGRYLQHUjGLFKHVLDFRPSRVWD
3RPRGRULFKLORJUDPPL
=XFFKHURELDQFRJUDPPL
,OVXJRGLXQOLPRQH
2GRUHGLYDLQLJOLDHGLVFRU]DGLOLPRQH
, SRPRGRUL SHU TXHVW XVR GHYRQR HVVHUH PROWR PDWXUL SROSXWL H SRVVLELOPHQWH URWRQGL 0HWWHWHOL LQ
PROOHQHOO DFTXDEHQFDOGDSHUSRWHUOL VEXFFLDUIDFLOPHQWHGRSRVEXFFLDWLWDJOLDWHOLSHUPHWjHFROPDQLFRGL
XQFXFFKLDLQROHYDWHLVHPL6FLRJOLHWHOR]XFFKHURDOIXRFRLQGXHGLWD GLELFFKLHUH G DFTXDSRLJHWWDWHFLL
SRPRGRUL LO VXJR GHO OLPRQH H XQ SRFR GHOOD VXD EXFFLD JUDWWDWD 'XUDQWH OD EROOLWXUD D IXRFR OHQWR H D
FD]]DUXRODVFRSHUWDDQGDWHULPHVWDQGRDOTXDQWRHVHDSSDULVVHTXDOFKHVHPHULPDVWROHYDWHOR3HUXOWLPR
GDWHOHO RGRUHFRQ]XFFKHURYDQLJOLDWRHOHYDWHODTXDQGRVDUjJLXQWDDOODFRQVLVWHQ]DGHOOHFRQVHUYHFRPXQL
,Q TXHVWD FRQVHUYD q GLIILFLOH SUHFLVDUH OD TXDQWLWj GHOOR ]XFFKHUR SHUFKp GLSHQGH GDOOD SL R PHQR
DFTXRVLWjGHLSRPRGRUL)DWHQHGRSSLDGRVHSHUFKpVFHPDGLPROWR
&216(59$',$/%,&2&&+(
6HODFRQVHUYDGLVXVLQHqODSHJJLRUHGLWXWWHTXHVWDqLQYHFHXQDGHOOHSLJHQWLOLHSHUzLQFRQWUDLO
JXVWRJHQHUDOH
3UHQGHWH DOELFRFFKH EHQ PDWXUH H GL EXRQD TXDOLWj HVVHQGR XQ HUURUH LO FUHGHUH FKH FRQ IUXWWD
VFDGHQWHVLSRVVDRWWHQHUHORVWHVVRHIIHWWROHYDWHORURLOQRFFLRORPHWWHWHOHDOIXRFRVHQ] DFTXDH PHQWUH
EROORQR GLVIDWHOH FRO PHVWROR SHU ULGXUOH D SROWLJOLD 4XDQGR DYUDQQR EROOLWR PH]] RUD FLUFD SDVVDWHOH GDOOR
VWDFFLR RQGH QHWWDUOH GDOOH EXFFH H GDL ILODPHQWL SRL ULPHWWHWHOH DO IXRFR FRQ ]XFFKHUR ELDQFR ILQH H LQ
SROYHUHQHOODSURSRU]LRQHGLRWWRGHFLPLHFLRqJUDPPLGL]XFFKHURSHURJQLFKLORJUDPPRGLDOELFRFFKH
SDVVDWH5LPRYHWHOHVSHVVRFROPHVWRORILQRDOODFRQVLVWHQ]DGLFRQVHUYDODTXDOHVLFRQRVFHYHUVDQGRQHGL
TXDQGR LQ TXDQGR XQD FXFFKLDLDWLQD LQ XQ SLDWWR VXO TXDOH GRYUj VFRUUHUH OHQWDPHQWH 9HUVDWHOD FDOGD QHL
YDVLHTXDQGRVDUjGLDFFLDFRSULWHODFRQODFDUWDROLDWDGHLVDOXPDLDGHUHQWHDOODFRQVHUYDHWXUDWHODERFFD
GHOYDVRFRQFDUWDJURVVDOHJDWDFRQORVSDJRDOO LQWRUQR
/DFRQVHUYDGLSHVFKHVLIDQHOODVWHVVDPDQLHUDFRQSHVFKHEXUURQHEHQPDWXUH
&216(59$',686,1(
%HQFKp OD FRQVHUYD GL VXVLQH VLD XQD GHOOH PHQR DSSUH]]DWH SXUH YHGHQGR FKH PROWL O XVDQR QRQ
VDUjPDOHLQGLFDUYLFRPHVLSXzIDUH
4XDOXQTXH YDULHWj SXz HVVHUH DO FDVR PD VRQR GD SUHIHULUVL VXVLQH FODXGLH PDWXUH /HYDWH DOOH
PHGHVLPH LO QRFFLROR H GRSR SRFKL PLQXWL GL EROOLWXUD SDVVDWHOH GDOOR VWDFFLR H ULPHWWHWHOH DO IXRFR FRQ
]XFFKHUR ELDQFR LQ SROYHUH QHOOD SURSRU]LRQH GL JUDPPL GL ]XFFKHUR SHU RJQL JUDPPL GL VXVLQH LQ
QDWXUDFLRqFRPHYHQJRQRGDOODSLDQWD
6HGRSRXQFHUWRWHPSROHFRQVHUYHYLIDQQRODPXIIDVDUjLQGL]LRFHUWRGLSRFDFRWWXUDDOORUDULSDUDWH
FRQ ULPHWWHUOH DO IXRFR ,R OH LQYHFFKLR WDOYROWD ILQR D R DQQL VHQ]D FKH SHUGDQR R EHQ SRFR GL
SHUIH]LRQH
&216(59$',025(
4XHVWDFRQVHUYDKDODULQRPDQ]DGLFDOPDUHLOGRORUGLJRODHGqSLDFHYROHDPDQJLDUVL
0RUHFKLORJUDPPL
=XFFKHURELDQFRJUDPPL
/HPRUHGLVIDWHOHFRQOHPDQLHPHWWHWHOHDEROOLUHSHUFLUFDGLHFLPLQXWL3RLSDVVDWHOHGDOORVWDFFLRH
ULPHWWHWHOHDOIXRFRFROGHWWR]XFFKHURSHUULGXUOHDFRQVLVWHQ]DGHOOHFRQVHUYHGLIUXWWD
&216(59(',5,%(6(/$0321(
3HUODFRQVHUYDGLULEHVDYHWHODULFHWWDGHOOD*HODWLQDGLULEHVQHTXHVWDEDVWD3HUODFRQVHUYD
GLODPSRQHPHWWHWHORDOIXRFRFRVuQDWXUDOHVHQ]DIHUPHQWD]LRQHHTXDQGRDYUjEROOLWRXQDYHQWLQDGLPLQXWL
SDVVDWHORGDOORVWDFFLRSHVDWHORFRVuQHWWRGDLVHPLHULPHWWHWHORDOIXRFRFRQDOWUHWWDQWR]XFFKHURELDQFRLQ
SROYHUHIDFHQGROREROOLUHILQRDFRWWXUDGLFRQVHUYDFKHFRQRVFHUHWHFRQOHQRUPHJLjLQGLFDWHYL
/DFRQVHUYDGLODPSRQHPHVVDLQSRFDTXDQWLWjDPHVHPEUDFKHVLSUHVWLSLG RJQLDOWUDSHUULSLHQR
DLSDVWLFFLQLGLSDVWDVIRJOLD
*(/$7,1$',&272*1(
3UHQGHWH FRWRJQH GL EXFFLD JLDOOD FKH VRQR SL PDWXUH GHOOH YHUGL WDJOLDWHOH D IHWWH JURVVH PH]]R
GLWRHVFOXGHQGRLOWRUVROR3RQHWHOHDOIXRFRFRSHUWHG DFTXDHVHQ]DWRFFDUOHPDLFROPHVWRORIDWHOHEROOLUH
FRSHUWH ILQFKp QRQ VLHQR EHQ FRWWH 9HUVDWHOH DOORUD LQ XQR VWDFFLR ILWWR ILWWR VRSUD XQD FDWLQHOOD SHU
UDFFRJOLHUHWXWWDO DFTXDVHQ]DVWUL]]DUOH3HVDWHFRWHVW DFTXDHULPHWWHWHODDOIXRFRFRQDOWUHWWDQWR]XFFKHUR
ELDQFRILQHHIDWHODEROOLUHD FD]]DUXRODVFRSHUWDQHWWDQGRODGDOODVFKLXPDILQRDOFRQGHQVDPHQWRLOFKHVL
FRQRVFHGDOODSLFFRODSHUODFKHFRPLQFLDDIDUHOR]XFFKHURRSSXUHVHYHUVDWDQHTXDOFKHJRFFLDVXGLXQ
SLDWWRQRQLVFRUUDGLWURSSR
&RQOHFRWRJQHULPDVWHSRWHWHIDUHXQD FRQVHUYDFRPHTXHOODGHOQFLRqFRQDOWUHWWDQWR]XFFKHUR
TXDQWRVDUDQQRGLSHVRGRSRDYHUOHSDVVDWHPDYLSUHYHQJRFKHULHVFHSRFRVDSRULWDHSRFRRGRURVD
/HJHODWLQHGLIUXWWDVWDQQREHQHQHLYDVHWWLGLYHWURRYHDSSDULVFHPHJOLRLOORURFRORUHFRPHTXHVWD
SHUHVHPSLRFKHSUHQGHXQEHOFRORUHJUDQDWR
*(/$7,1$',5,%(6
&RPH VL GLVVH SDUODQGR GHO VLURSSR GL ULEHV DO Q TXHVWR IUXWWR FRQWHQHQGR PROWR JOXWLQH VH QH
VSUHPHWH LO VXJR GD XQ FDQRYDFFLR H OR PHWWHWH DO IXRFR VHQ]D IDUOR IHUPHQWDUH FRQ SDUWL GL ]XFFKHUR
ELDQFR ILQH SHU RJQL GL VXJR QH RWWHUUHWH VHQ]D WURSSR IDUOR EROOLUH OD FRQGHQVD]LRQH LQ IRUPD GL
JHODWLQD OD TXDOH FRQVHUYDWD LQ YDVL FRPH OH FRQVHUYH VL SUHVWD D JXDUQLU SLDWWL GROFL HG q QXWULPHQWR
OHJJLHURHVDQRSHULFRQYDOHVFHQWL
&216(59$',$==(582/(
/H D]]HUXROH FKH LQ DOFXQL SDHVL FKLDPDVVL SRPL UHDOL VRQR IUXWWD FKH PDWXUDQR YHUVR OD ILQH GL
VHWWHPEUH YH QH VRQR GHOOH URVVH H GHOOH ELDQFKH 3HU OD FRQVHUYD SUHIHULWH OH ELDQFKH H VFHJOLHWH OH SL
JURVVHHOHSLPDWXUHFLRqTXHOOHFKHKDQQRSHUGXWRLOFRORUHYHUGDVWUR
$]]HUXROHFKLORJUDPPLO
=XFFKHURELDQFRJUDPPL
$FTXDGHFLOLWUL
*HWWDWH OH D]]HUXROH QHOO DFTXD EROOHQWH FRO ORUR JDPER DWWDFFDWR IDWHOH EROOLUH SHU GLHFL PLQXWL H
DQFRUDFDOGHFRQODSXQWDGLXQWHPSHULQROHYDWHORURLQRFFLROLGDOODSDUWHGHOILRUHHVHTXDOFXQDVLVIRUPD
UDVVHWWDWHOD FRQ OH GLWD H VEXFFLDWHOH VHQ]DOHYDUH LO JDPER 6FLRJOLHWH OR ]XFFKHUR QHL GHFLOLWUL GL DFTXD
FKH SXz VHUYLUH DQFKH TXHOOD GRYH KDQQR EROOLWR YHUVDWHFL OH D]]HUXROH H TXDQGR LO VLURSSR SUHVR FRO
PHVWROR FRPLQFLD D GDU FHQQR GL FDGHUH D JRFFLHOHYDWHOH FRO ORUR OLTXLGR H FRQVHUYDWHOH LQ YDVL 5HVWDQR
FRPHFDQGLWHHVRQRPROWREXRQH
&216(59$ 62'$',&272*1(
/H PDPPH SURYYLGH GRYUHEEHUR IDU EXRQ FRQWR GHOOH FRQVHUYH GL IUXWWD QRQ IRVV DOWUR SHU DSSDJDU
TXDOFKHYROWDODJRORVLWjGHLORUREDPELQLVSDOPDQGROHVRSUDIHWWHGLSDQH
$OFXQL VXJJHULVFRQR GL PHWWHUH OH FRWRJQH DO IXRFR FROOD EXFFLD RQGH FRQVHUYLQR SL IUDJUDQ]D PD
QRQ PL VHPEUD FRVD QHFHVVDULD SHUFKp GHOO RGRUH TXHVWR IUXWWR QH Gj DG HVXEHUDQ]D H SRL FL VL ULVSDUPLD
O LQFRPRGRGLSDVVDUOH
0HOHFRWRJQHQHWWHGDOODEXFFLDHGDOWRUVRORJUDPPL
=XFFKHURELDQFRILQHJUDPPL
SDUWH
6FLRJOLHWH OR ]XFFKHUR DO IXRFR FRQ PH]]R ELFFKLHUH GL DFTXD IDWHOR EROOLUH XQ SRFR H ODVFLDWHOR GD
7DJOLDWH OH PHOH FRWRJQH D VRWWLOLVVLPH IHWWH H PHWWHWHOH DO IXRFR FRQ XQ ELFFKLHUH G DFTXD LQ XQD
FD]]DUXRODGLUDPH7HQHWHOHFRSHUWHPDULPHVWDWHOHVSHVVRFHUFDQGRGLWULWDUOHHVFKLDFFLDUOHFROPHVWROR
4XDQGR VDUDQQR GLYHQXWH WHQHUH SHU FRWWXUD YHUVDWHFL LO JLj SUHSDUDWR VLURSSR GL ]XFFKHUR PHVFRODWH
VSHVVR H ODVFLDWH EROOLUH D FD]]DUXROD VFRSHUWD ILQFKp OD FRQVHUYD VLD IDWWD LO FKH VL FRQRVFH TXDQGR
FRPLQFLDDFDGHUHDVWUDFFLSUHVDVXFROPHVWROR
&216(59$/,48,'$',&272*1(
)DWWDQHOODVHJXHQWHPDQLHUDVLSXzFRQVHUYDUOLTXLGDSHUGLVWHQGHUODVXOSDQH
7DJOLDWH OH FRWRJQH D VSLFFKL OHYDWH OD SDUWH GXUD GHO WRUVROR ODVFLDWH ORUR OD EXFFLD H GRSR DYHUOH
SHVDWHPHWWHWHOHDOIXRFRFRSHUWHG DFTXD
4XDQGR VDUDQQR EHQ FRWWH SDVVDWHOH H ULPHWWHWHOH DO IXRFR FRQ O DFTXD RYH KDQQR EROOLWR H WDQWR
]XFFKHURELDQFRLQSROYHUHTXDQWRHUDLOORURSHVRGDFUXGHDVSHWWDQGRGLYHUVDUORTXDQGRVRQRLQEROORUH
5LPHVWDWH VSHVVR H DOORUFKp YHUVDWDQH TXDOFKH JRFFLROD LQ XQ SLDWWR QRQ OD YHGUHWH VFRUUHU WURSSR
OHYDWHOD
&216(59$',$5$1&,
$UDQFLQ
8QOLPRQHGLJLDUGLQR
=XFFKHURELDQFRILQHTXDQWRqLOSHVRGHJOLDUDQFL
$FTXDPHWj GHOSHVRGHJOLDUDQFL
5KXPJHQXLQRTXDWWURFXFFKLDLDWH
&RQ OH SXQWH GL XQD IRUFKHWWD EXFDWH WXWWD OD VFRU]D GHJOL DUDQFL SRL WHQHWHOL LQ PROOH SHU WUH JLRUQL
FDPELDQGR O DFTXD VHUD H PDWWLQD ,O TXDUWR JLRUQR WDJOLDWHOL D PHWj HG RJQL PHWj D ILOHWWL JURVVL PH]]R
FHQWLPHWURFLUFDJHWWDQGRQHYLDLVHPL3HVDWHOLHVRORDOORUDUHJRODWHYLSHUOR]XFFKHURHSHUO DFTXDQHOOH
SURSRU]LRQLLQGLFDWH0HWWHWHOLDOIXRFRGDSULPDFROODVRODDFTXDHGRSRGLHFLPLQXWLGLEROOLWXUDDJJLXQJHWHLO
OLPRQH WDJOLDWRFRPHJOLDUDQFL6XELWRGRSRYHUVDWHOR]XFFKHURHULPHVWDWHFRQWLQXDPHQWHILQFKpLOOLTXLGR
QRQ DYUj ULSUHVR LO IRUWH EROORUH SHUFKp DOWULPHQWL OR ]XFFKHUR SUHFLSLWD DO IRQGR H SRWUHEEH DWWDFFDUVL DOOD
FD]]DUXROD
3HU FRJOLHUH LO SXQWR GHOOD FRWWXUD YHUVDWHQH D TXDQGR D TXDQGR TXDOFKH JRFFLD VX GL XQ SLDWWR
VRIILDWHFL VRSUD H VH VWHQWD D VFRUUHUH OHYDWHOD VXELWR $VSHWWDWH FKH VLD WLHSLGD SHU DJJLXQJHUH LO UKXP H
YHUVDWHODQHLYDVLSHUFXVWRGLUODFRPHWXWWHOHDOWUHFRQVHUYHGLIUXWWDDYYHUWHQGRYLFKHTXHVWDKDLOPHULWRGL
SRVVHGHUHXQDYLUWVWRPDWLFD
'HOOLPRQHVLSXzIDUHDQFKHDPHQR
&216(59$',$5$1&,)257,
9HGLDPRVHPLULHVFHGLDSSDJDUHDQFKHFRORURFKHGHVLGHUDQRVDSHUHFRPHUHJRODUVLVHVLWUDWWDVVH
GLFRQVHUYDGLDUDQFLIRUWLLTXDOLVDQQRWDQWRGLDPDUR
)DWH EROOLUH JOL DUDQFL IRUWL QHOO DFTXD ILQFKp VL ODVFLQR SDVVDU IDFLOPHQWH GD SDUWH D SDUWH FRQ XQR
VWHFFR7ROWLGDOO DFTXDEROOHQWHJHWWDWHOLQHOODIUHGGDHWHQHWHFHOLSHUGXHJLRUQLFDPELDQGRVSHVVRO DFTXD
7DJOLDWHOL SRL FRPH L SUHFHGHQWL QHWWDQGROL GDL VHPL H GD TXHL ILODPHQWL ELDQFKL FKH VL WURYDQR QHOO LQWHUQR
'RSRSHVDWHOLHPHWWHWHOLDOIXRFRVHQ] DFTXDFRQJUDPPLGL]XFFKHURELDQFRILQHSHURJQLJUDPPL
GL IUXWWR )DWH EROOLUH DGDJLR H VWDWH DWWHQWL FKH LO VLURSSR QRQ VL FRQGHQVL WURSSR FKp DOWULPHQWL JOL DUDQFL
LQGXULVFRQR
&216(59$',526(
/D URVD TXHVWD UHJLQD GHL ILRUL FKH LQ 2ULHQWH KD OD VXD VSOHQGLGD UHJJLD IUD L PROWLVXRLSUHJL QRQ
VDSHYRFKHDYHVVHSXUTXHOORVLQJRODUHGLWUDVIRUPDUVLLQXQDEXRQDHSURIXPDWDFRQVHUYD
)UD OH WDQWH VXH VSHFLH H YDULHWj TXHOOD FKH LR DSSUH]]R H DPPLUR GL SL q OD URVD GDOOD ERUUDFFLQD
SRLFKp TXDQGR L VXRL ERFFLROL FRPLQFLDQR D VFKLXGHUVL H OL FRQVLGHUR EHQH ULVYHJOLDQR LQ PH FRPH
SUREDELOPHQWHQHJOLDOWULO LGHDVLPEROLFDGHOODSXGLFDYHUJLQHOODHIRUVHIXURQRHVVLFKHLVSLUDURQRDOO $ULRVWR
OHEHOOLVVLPHRWWDYH
/DYHUJLQHOODqVLPLOHDOODURVD
&K LQEHOJLDUGLQVXOODQDWLYDVSLQD
0HQWUHVRODHVLFXUDVLULSRVD
1pJUHJJHQpSDVWRUVHOHDYYLFLQD
/ DXUDVRDYHHO DOEDUXJLDGRVD
/ DFTXDODWHUUDDOVXRIDYRUV LQFKLQD
*LRYDQLYDJKLHGRQQHLQQDPRUDWH
$PDQRDYHUQHHVHQLHWHPSLHRUQDWH
0DQRQVuWRVWRGDOPDWHUQRVWHOR
5LPRVVDYLHQHHGDOVXRFHSSRYHUGH
&KHTXDQWRDYHDGDJOLXRPLQLHGDOFLHOR
)DYRUJUD]LDHEHOOH]]DWXWWRSHUGH
/DYHUJLQHFKH OILRUGLFKHSL]HOR
&KHGH EHJOLRFFKLHGHOODYLWDDYHUGH /DVFLDDOWUXLFRUUHLOSUHJLRFK DYHDLQQDQWL
3HUGHQHOFRUGLWXWWLJOLDOWULDPDQWL
8QDEXRQDHYHFFKLDVLJQRUDODFXLPHPRULD SRUWRVFROSLWDQHOFXRUHFROWLYDYDDSUHIHUHQ]DTXHVWD
VSHFLH GL URVH QHO VXR JLDUGLQR H VDSHQGR OD PLD SUHGLOH]LRQH SHU TXHL YDJKL H SRHWLFL ILRUL RJQL DQQR D
PDJJLRPHQHGRQDYD/DVWDJLRQHSLRSSRUWXQDSHUIDUHTXHVWDFRQVHUYDqTXDQGROHURVHVRQRLQSLHQD
ILRULWXUD GDL GL PDJJLR DL GL JLXJQR 2FFRUURQR URVH GHWWH PDJJHVL FKH VRQR GL FRORUH URVHR HG
RGRURVH 6IRJOLDWHOH H UHFLGHWH DG RJQL IRJOLD OD SXQWD JLDOOLFFLD FKH WURYDVL LQ IRQGR DOOD PHGHVLPD
JHWWDQGRODYLDHSHUIDUTXHVWDRSHUD]LRQHFRQPHQRSHUGLWDGLWHPSRSUHQGHWHFRQODVLQLVWUDWXWWRLOFLXIIR
RVVLDODFRUROODGHOODURVDHFRQODGHVWUDDUPDWDGLIRUELFLWDJOLDWHODJLURJLURSRFRSLVRSUDGHOODEDVHGHO
FDOLFH(FFROHGRVL
=XFFKHURELDQFRILQHJUDPPL
)RJOLHGLURVHDOQHWWRJUDPPL
$FTXDGHFLOLWUL
8QPH]]ROLPRQH
%UHWRQXQFXFFKLDLQR
3RQHWHOHURVHLQXQDFDWLQHOODFRQJUDPPLGHOGHWWR]XFFKHURHLOVXJRGHOPH]]ROLPRQHHFRQOH
PDQL VWURILQDWHOH WULWDWHOH SL FKH SRWHWH SHU ULGXUOH TXDVL XQD SDVWD 6FLRJOLHWH DO IXRFR LO UHVWR GHOOR
]XFFKHUR QHOO DFTXD VXGGHWWD H JHWWDWHFHOH SHU IDUOH EROOLUH ILQR D FKH LO VLURSSR VLD FRQGHQVDWR LO FKH VL
FRQRVFHVHSUHQGHQGRQHXQDJRFFLDIUDOHGLWDFRPLQFLDDGDSSLFFLFDUHPDEDGDWHFKHQRQDUULYLDIDUHLO
ILOR3ULPD GL ULWLUDUOH GDO IXRFR GDWH ORUR LO FRORUH FROEUHWRQGHOTXDOHSRWHWHIDUHDQFKHDPHQRVHDOEHO
FRORUH QRQ FL WHQHWH ( LO EUHWRQ XQ OLTXLGR YHJHWDOH URVVR LQQRFXR FRVu FKLDPDWR GDO VXR LQYHQWRUH SHU
FRORULUHRJQLVRUWDGLGROFL
&RGHVWRFKHYLKRGHVFULWWRqLOPRGRSLVHPSOLFHHGDPHSUHIHULWRSHUIDUHODFRQVHUYDGLURVHPD
OH IRJOLH ULPDQJRQR GXUHWWLQH 9ROHQGROH SL WHQHUH ELVRJQHUHEEH IDUOH EROOLU SULPD QHOO DFTXD LQGLFDWD SHU
FLQTXHPLQXWLOHYDUOHVWUL]]DUOHHSHVWDUOHQHOPRUWDLRLOSLSRVVLELOHFRLJUDPPLGHOOR]XFFKHURHLOVXJR
GHO OLPRQH SRL VFLRJOLHUH QHOOD VWHVVD DFTXD LO ULPDQHQWH ]XFFKHUR JHWWDUYL OH URVH SHVWDWH H SHO UHVWR
UHJRODUVLFRPHVLqGHWWR
4XDQGRODFRQVHUYDqGLDFFLDSRQHWHODQHLYDVHWWLSHUFRQVHUYDUODFRPHWXWWHOHDOWUHFRQVLPLOL
/,4825,
5262/,2',32572*$//2
=XFFKHURELDQFRILQLVVLPRJUDPPL
$FTXDJUDPPL
6SLULWRGLYLQRDJUDGLJUDPPL
=DIIHUDQRXQDSUHVD
$UDQFLQO
/HYDWHFROWHPSHULQRODEXFFLDVXSHUILFLDOHDOO DUDQFLRHSRQHWHODQHOORVSLULWRFROOR]DIIHUDQRHQWURD
XQ YDVR FRSHUWR GL FDUWD SHUIRUDWD ODVFLDQGRYHOD SHU WUH JLRUQL 9HUVDWH LQ XQ DOWUR YDVR OR ]XFFKHUR
QHOO DFTXDDJLWDQGRORGLTXDQGRLQTXDQGRRQGH VLVFLROJDEHQHHQHOTXDUWRJLRUQRPHVFRODWHLGXHOLTXLGL
LQVLHPHHODVFLDWHOLLQULSRVRSHUDOWULRWWRJLRUQLDOWHUPLQHGLTXHVWLSDVVDWHLOURVROLRSHUSDQQROLQRILOWUDWHOR
SHUFDUWDRSHUFRWRQHHLPERWWLJOLDWHOR
5262/,2',&('52
=XFFKHUR ELDQFRILQHLQSROYHUHJUDPPL
$FTXDSLRYDQDRSSXUHGLIRQWHOLWULO
6SLULWRIRUWHGHFLOLWUL
/LPRQLGLJLDUGLQRDOTXDQWRYHUGRJQROLQ
9HUVDWH OR ]XFFKHUR QHOO DFTXD H DJLWDWHOR RJQL JLRUQR ILQFKp VLD VFLROWR *UDWWDWH LQ SDUL WHPSR OD
VFRU]D GHL OLPRQL H WHQHWHOD LQIXVD LQ GXH GHFLOLWUL GHO GHWWR VSLULWR SHU RWWR JLRUQL SHU WUH R TXDWWUR JLRUQL
ULPHVFRODWHODVSHVVRHG LQYHUQRVHUEDWHODLQOXRJRULSDUDWRGDOIUHGGR'RSRRWWRJLRUQLSDVVDWHO LQIXVRGHL
OLPRQL GD XQ SDQQROLQR EDJQDWR VWUL]]DWHOR EHQH H O HVWUDWWR PHVFRODWHOR FRLUHVWDQWLVHLGHFLOLWUL GLVSLULWRH
ODVFLDWHORULSRVDUHSHUYHQWLTXDWWU RUH,OJLRUQRDSSUHVVRPHVFRODWHRJQLFRVDLQVLHPHYHUVDWHLOOLTXLGRLQXQ
ILDVFR FKH D TXDQGR D TXDQGR DQGUHWH VFXRWHQGR H GRSR TXLQGLFL JLRUQL SDVVDWHOR SHU FDUWD RSSXUH SL
YROWH SHU FRWRQH 4XHVWR YD PHVVR LQ IRQGR DOO LPEXWR H LQ PH]]R DG HVVR IDWHFL SDVVDUH XQR VWHFFR GL
VFRSDDSLUDPLQHOODSDUWHVXSHULRUHRQGHGLDDGLWRDOOLTXLGRGLSDVVDUH
5262/,2'¶$1$&,
6L ID QHOOD VWHVVD JXLVD GHO SUHFHGHQWH / LQIXVR LQYHFH GL VFRU]D GL OLPRQH IDWHOR FRQ JUDPPL G DQDFL GL 5RPDJQD H GLFR GL 5RPDJQD SHUFKp TXHVWL SHU JUDWR VDSRUH H IRUWH IUDJUDQ]D VRQR VHQ]D
HVDJHUD]LRQH L PLJOLRUL GHO PRQGR PD SULPD GL VHUYLUYHQH JHWWDWHOL QHOO DFTXD SHU QHWWDUOL GDOOD WHUUD FKH
SUREDELOPHQWHFRQWHQJRQRHVVHQGRYLDEHOODSRVWDIUDPPLVWDSHUDGXOWHUDUTXHOODPHUFH)XXQRVFHOOHUDWR
FKH LR KR FRQRVFLXWR SHUFKp HUD GDJOL RQHVWL VHJQDWR D GLWR FROXL LO TXDOH WURYz SHO SULPR TXHOOD LQIDPH
LQGXVWULD VDUDQQR RUPDL VHVVDQW DQQL &RORUR FKH VHJXRQR OH VXH WUDFFLH H VRQR PROWL VL VHUYRQR GL XQD
WHUUD FUHWDFHD GHO FRORUH VWHVVR GHJOL DQDFL OD PHWWRQR LQ IRUQR D VHFFDUH SRL OD YDJOLDQR SHU ULGXUOD LQ
JUDQHOOLGHOODJURVVH]]DPHGHVLPDHODPHVFRODQRDTXHOODPHUFHQHOODSURSRU]LRQHGHOHILQRGHOSHU
FHQWR
4XL YHUUHEEH RSSRUWXQD XQD WLUDWLQD GL RUHFFKL D FRORUR FKH DGXOWHUDQR SHU XQ YLOH H PDOLQWHVR
JXDGDJQRLSURGRWWLGHOSURSULRSDHVHVHQ]DULIOHWWHUHDOPDOHFKHIDQQRLOTXDOHULGRQGDLOSLGHOOHYROWHD
GDQQRGLORURVWHVVL1RQSHQVDQRDOORVFUHGLWRFKHUHFDQRDOODPHUFHDOODGLIILGHQ]DFKHQDVFHHDOSHULFROR
GLDOLHQDUVLLFRPPLWWHQWL+RVHPSUHLQWHVRGLUHFKHO RQHVWjqO DQLPDGHOFRPPHUFLRH%HQLDPLQR)UDQNOLQ
GLFHYDFKHVHLEULFFRQLFRQRVFHVVHURWXWWLLYDQWDJJLGHULYDQWLGDOO HVVHURQHVWLVDUHEEHURJDODQWXRPLQLSHU
VSHFXOD]LRQH
/DPLDOXQJDHVSHULHQ]DGHOODYLWDPLKDGLPRVWUDWRFKHO RQHVWjQHOFRPPHUFLRHQHOOHLQGXVWULHqOD
SLJUDQYLUWSHUIDUIRUWXQDQHOPRQGR
8Q VROGDWR GHO SULPR LPSHUR PL GLFHYD GL DYHU OHWWR VXO EDUDWWROR GL XQR VSH]LDOH D 0RVFD $QDFL GL
)RUOu 1RQ VR VH IXRUL G ,WDOLD VLHQR FRQRVFLXWL FRQ TXHVWR QRPH PD L WHUULWRUL RYH VL FROWLYD TXHVWD SLDQWD
GHOOD IDPLJOLD GHOOH RPEUHOOLIHUH VRQR HVFOXVLYDPHQWH TXHOOL GL 0HOGROD GL %HUWLQRUR H GL )DHQ]D YHUVR
%ULVLJKHOOD
5262/,27('(6&2
1RQYLVJRPHQWLODFRPSRVL]LRQHVWUDQDGLTXHVWRURVROLRFKHYLULXVFLUjIDFLOHDOODSURYDFKLDURFRPH
O DFTXDHGLJXVWRJUDGHYROH
6SLULWRGLYLQRGHOPLJOLRUHJUDPPL
=XFFKHURELDQFRDYHORJUDPPL
/DWWHPH]]ROLWUR
8QOLPRQHGLJLDUGLQR
0H]]REDFFHOORGLYDLQLJOLD
6PLQX]]DWH WXWWR LQWHUR LO OLPRQH WRJOLHQGRQH L VHPL H XQHQGRYL OD EXFFLD FKH DYUHWH JUDWWDWD LQ
SUHFHGHQ]D GLYLGHWH LQ SLFFROL SH]]HWWL OD YDLQLJOLD PHVFRODWH SRL WXWWR LO UHVWR LQVLHPH HQWUR D XQ YDVR GL
YHWURHYHGUHWHFKHVXELWRLOODWWHLPSD]]LVFH$JLWDWHLOYDVRXQDYROWDDOJLRUQRHGRSRRWWRJLRUQLSDVVDWHOR
SHUSDQQROLQRHILOWUDWHORSHUFDUWD
12&,12
,O QRFLQR q XQ OLTXRUH GD IDUVL YHUVR OD PHWj GL JLXJQR TXDQGR OH QRFL QRQ VRQR DQFRUD JLXQWH D
PDWXUD]LRQHÊJUDWRGLVDSRUHHGHVHUFLWDXQ D]LRQHVWRPDWLFDHWRQLFD
1RFL FROPDOOR Q
6SLULWROLWULXQRHPH]]R
=XFFKHURLQSROYHUHJUDPPL
&DQQHOODUHJLQDWULWDWDJUDPPL
&KLRGLGLJDURIDQRLQWHULGLQXPHUR
$FTXDGHFLOLWUL
/DFRUWHFFLDGLXQOLPRQHGLJLDUGLQRDSH]]HWWL
7DJOLDWH OH QRFL LQ TXDWWUR VSLFFKL H PHWWHWHOH LQ LQIXVLRQH FRQ WXWWL L VXGGHWWL LQJUHGLHQWL LQ XQD
GDPLJLDQDRGXQILDVFRGHOODFDSDFLWjGLTXDWWURRFLQTXHOLWUL&KLXGHWHOREHQHHWHQHWHORSHUTXDUDQWDJLRUQL
LQOXRJRFDOGRVFXRWHQGRDTXDQGRDTXDQGRLOYDVR
&RODWHORGDXQSDQQROLQRHSRLSHUDYHUOREHQFKLDURSDVVDWHORSHUFRWRQHRSHUFDUWDPDTXDOFKH
JLRUQRSULPDDVVDJJLDWHORSHUFKpVHYLSDUHVVHWURSSRVSLULWRVRSRWHWHDJJLXQJHUYLXQELFFKLHUG DFTXD
(/,6,5',&+,1$
1RQ WXWWH OH ULFHWWH FKH LRSURYROHHVSRQJRDOSXEEOLFRPROWHQHVFDUWRSHURFFKpQRQPLVHPEUDQR
PHULWHYROLPDTXHVWRHOLVLUFKHPLKDVRGGLVIDWWRPROWRYHORGHVFULYR
&KLQDSHUXYLDQDFRQWXVDJUDPPL
&RUWHFFLDVHFFDGLDUDQFLRDPDURFRQWXVDJUDPPL
6SLULWRGLYLQRJUDPPL
$FTXDJUDPPL
=XFFKHURELDQFRJUDPPL
0HVFRODWH GDSSULPD JUDPPL GHO GHWWR VSLULWR FRQ JUDPPL GHOOD GHWWD DFTXD H LQ TXHVWD
PLVFHODPHWWHWHLQLQIXVLRQHODFKLQDHODFRUWHFFLDG DUDQFLRWHQHQGRODLQOXRJRWLHSLGRXQDGLHFLQDGLJLRUQL
DJLWDQGRLOYDVRDOPHQRXQDYROWDDOJLRUQR3RLSDVVDWHODGDXQSDQQROLQRVWUL]]DQGRIRUWHRQGHQ HVFDWXWWD
ODVRVWDQ]DHILOWUDWHODSHUFDUWD)DWWRFLzVFLRJOLHWHOR]XFFKHURDOIXRFRQHLULPDQHQWLJUDPPLGLDFTXD
VHQ]DIDUOREROOLUHHSDVVDWHORGDOVHWDFFLRRPHJOLRGDXQSDQQROLQRSHUQHWWDUORGDTXDOFKHLPSXULWjVHYL
IRVVH$JJLXQJHWHLULPDQHQWLJUDPPLGLVSLULWRPHVFRODWHRJQLFRVDLQVLHPHHO HOLVLUVDUjIDWWR3ULPDGL
ILOWUDUORDVVDJJLDWHORHVHYLSDUHVVHWURSSRIRUWHDJJLXQJHWHDFTXD
321&(',$5$1&,2
5KXPOLWUL
6SLULWROLWUL
$FTXDOLWUL
=XFFKHURELDQFRILQHFKLORJUDPPLO
6XJRGLWUHDUDQFL
/D EXFFLD JUDWWDWD GL XQ OLPRQH GL JLDUGLQR WHQXWD LQ LQIXVLRQH SHU WUH JLRUQL LQ XQ GHFLOLWUR GHO GHWWR
VSLULWR0HWWHWHDOIXRFRO DFTXDFRQOR]XFFKHURHIDWHOREROOLUH SHUFLQTXHRVHLPLQXWL4XDQGRVDUjGLDFFLR
XQLWHFLLOUKXPLOVXJRGHJOLDUDQFLH ORVSLULWRFRPSUHVRTXHOORGHOO LQIXVLRQHSDVVDWRSHUSDQQROLQR
)LOWUDWHORFRPHJOLDOWULOLTXRULHLPERWWLJOLDWHOR6LXVDVHUYLUORDFFHVRLQELFFKLHULQL
*(/$7,
/HJJHYDVLLQXQJLRUQDOHLWDOLDQRFKHO DUWHGHOJHODUHDSSDUWLHQHHPLQHQWHPHQWHDOO ,WDOLDFKHO RULJLQH
GHLJHODWLqDQWLFDHFKHLSULPLJHODWLD3DULJLIXURQRVHUYLWLD&DWHULQDGHL0HGLFLQHO$JJLXQJHYDFKHLO
VHJUHWR UHVWz DO /RXYUH SRLFKp L SDVWLFFLHUL FXFLQLHUL H JKLDFFLDWRUL ILRUHQWLQL GHOOD UHJJLD QRQ GLHGHUR DG
DOFXQR FRQRVFHQ]D GHOOD ORUR DUWH GL PRGR FKH L SDULJLQL DWWHVHUR SL GL XQ VHFROR DQFRUD SHU JXVWDUH LO
JHODWR
3HUTXDQWHULFHUFKHLRDEELDIDWWRRQGHDSSXUDUHWDOLQRWL]LHQRQPLqULXVFLWRGLYHQLUQHDFDSR&Lz
FKHYLqGLSRVLWLYRVXWDOHDUJRPHQWRqTXHVWRHFLRqFKHO XVRGHOOHELELWHJKLDFFLDWHFRQO DLXWRGHOODQHYH
HGHOJKLDFFLRLQFRQVHUYDqGLRULJLQHRULHQWDOHHULPRQWDDOODSLUHPRWDDQWLFKLWjHFKHODPRGDGHLJHODWL
IXLQWURGRWWDLQ)UDQFLDYHUVRLOGDXQWDO3URFRSLR&ROWHOOLSDOHUPLWDQRLOTXDOHDSULVRWWRLOVXRQRPH
&DIp 3URFRSH XQD ERWWHJD D 3DULJL GL IDFFLD DO WHDWUR GHOOD &RPpGLH IUDQoDLVH HG HUD TXHOOR LO OXRJR GL
ULWURYRGLWXWWLLEHJOLLQJHJQLSDULJLQL/DUDSLGDIRUWXQDGLTXHVWRFDIIqRYHDLJHODWLVLFRPLQFLzDGDUODIRUPD
GL XQ XRYR H GL XQ RYDLXROR DO ELFFKLHUH FKH OL FRQWHQHYD VSLQVH L YHQGLWRUL GL OLPRQDWH H ELELWH GLYHUVH D
LPLWDUH LO VXR HVHPSLR H IUD HVVL YD ULFRUGDWR LO 7RUWRQL FKH FROOD YRJD GHL VXRL GHOL]LRVL JHODWL ULXVFu DG
DYYLDUHXQFDIIq GLIDPDHXURSHDHDGDUULFFKLUH
6HFRQGR $WHQHR H6HQHFDDWWHVWDQRJOLDQWLFKLFRVWUXLYDQROHJKLDFFLDLHSHUFRQVHUYDUHODQHYHHLO
JKLDFFLRQHOPRGRDOO LQFLUFDFKHXVLDPRQRLFLRqVFDYDQGRSURIRQGDPHQWHLOWHUUHQRHFRSUHQGRODQHYHH
LOJKLDFFLRGRSRDYHUOL EHQSLJLDWLFRQUDPL GLTXHUFLDHGLSDJOLDPDQRQFRQRVFHYDQRDQFRUDODYLUWGHO
VDOHFKHFRQJLXQWRDOJKLDFFLRULQIRU]DPHUDYLJOLRVDPHQWHODVXDD]LRQHSHUULGXUUHLQVRUEHWWLRJQLTXDOLWjGL
OLTXRUL
6DUHWHTXDVLVLFXULGLGDUQHOJXVWRD WXWWLLYRVWULFRPPHQVDOLVHDOODILQHGLXQSUDQ]RRIIULWHORURGHL
VRUEHWWL RSSXUH XQ SH]]R JHODWR VSHFLDOPHQWH QHOOD VWDJLRQH HVWLYD ,O JHODWR ROWUH DG DSSDJDUH LO JXVWR
DYHQGRODSURSULHWjGLULFKLDPDUHLOFDORUHDOORVWRPDFRDLXWDODGLJHVWLRQH2UDSRLFKHHVVHQGRYHQXWHLQ
XVR OH VRUEHWWLHUH DPHULFDQH D WULSOLFH PRYLPHQWR VHQ]D ELVRJQR GL VSDWROD VL SXz JHODUH FRQ PHQR
LPSD]]DPHQWRGLSULPDH FRQPDJJLRUHVROOHFLWXGLQHVDUHEEHSHFFDWRLOQRQULFRUUHUHVSHVVRDOYROXWWXRVR
SLDFHUHGLTXHVWDJUDWDEHYDQGD
3HU ULVSDUPLR GL VSHVD VL SXz UHFXSHUDUH LO VDOH IDFHQGR HYDSRUDUH DO IXRFR O DFTXD XVFLWD GDOOD
FRQJHOD]LRQH
3(==2,1*(/2 %,6&8,7
)DWHXQDFUHPDFRQ
$FTXDJUDPPL
=XFFKHURJUDPPL
5RVVLG XRYRQ
2GRUHGLYDLQLJOLD
0HWWHWHOD DO IXRFR ULPHVWDQGROD FRQWLQXDPHQWH H TXDQGR FRPLQFHUj DG DWWDFFDUVL DO PHVWROR
OHYDWHOD H PRQWDWHOD FROODIUXVWDVH PHWWHVVH WURSSR WHPSR D PRQWDUH WHQHWH OD FDWLQHOOD VXOJKLDFFLRSRL
YHUVDWHFLDSRFRSHUYROWDGXHIRJOLGLFROODGLSHVFHVFLROWLDOIXRFRLQXQJRFFLRORG DFTXD0RQWDWDFKHVLD
XQLWH DOOD PHGHVLPD DGDJLQR JUDPPL GL SDQQD PRQWDWD H SRQHWH LO FRPSRVWR LQ XQR VWDPSR IDWWR
DSSRVWDSHLSH]]LLQJHORRGDQFKHLQXQDFD]]DUXRODRYDVRGLUDPHWXWWRFRSHUWRODVFLDQGRORJHODUHSHUWUH
RUH DOPHQR IUDPH]]R D XQ JURVVR VWUDWR GL JKLDFFLR H VDOH 4XHVWD GRVH SRWUj EDVWDUH SHU VHWWH RG RWWR
SHUVRQHHVDUjXQGROFHPROWRJUDGLWR
*(/$72',/,021(
=XFFKHURELDQFRILQHJUDPPL
$FTXDPH]]ROLWUR
/LPRQLQ
3RWHQGR q PHJOLR VHUYLUVL GL OLPRQL GL JLDUGLQR FKH KDQQR JXVWR SL JUDWR H PDJJLRUH IUDJUDQ]D GL
TXHOOLIRUHVWLHULLTXDOLVDQQRVSHVVRGLULEROOLWR
)DWH EROOLUH OR ]XFFKHUR QHOO DFTXD FRQ TXDOFKH SH]]HWWR GL VFRU]D GL OLPRQH SHU PLQXWL D
FD]]DUXROD VFRSHUWD 4XDQGR TXHVWR VLURSSR VDUj GLDFFLR VSUHPHWHJOL GHQWUR L OLPRQL XQR DOOD YROWD
DVVDJJLDQGRLOFRPSRVWRSHUUHJRODUYLFROO DJURSDVVDWHORHYHUVDWHORQHOODVRUEHWWLHUD
4XHVWDGRVHSRWUjEDVWDUHSHUVHLSHUVRQH
*(/$72',)5$*2/(
)UDJROHEHQPDWXUHJUDPPL
=XFFKHURELDQFRILQHJUDPPL
$FTXDPH]]ROLWUR
8QJURVVROLPRQHGLJLDUGLQR
8QDUDQFLR
)DWH EROOLUH OR ]XFFKHUR QHOO DFTXD SHU PLQXWL D FD]]DUXROD VFRSHUWD 3DVVDWH GDOOR VWDFFLR OH
IUDJROHHLOVXJRGHOO DUDQFLRHGHOOLPRQHDJJLXQJHWHLOVLURSSRGRSRDYHUSDVVDWRDQFKHTXHVWRPHVFRODWH
RJQLFRVDHYHUVDWHLOFRPSRVWRQHOODVRUEHWWLHUD
4XHVWDGRVHSRWUjEDVWDUHSHURWWRSHUVRQH
*(/$72',/$0321(
,O ODPSRQH HVVHQGR XQ IUXWWR FKH DG HFFH]LRQH GHO VXR DURPD WXWWR VSHFLDOH q TXDVL LGHQWLFR DOOD
IUDJRODSHUJHODUORUHJRODWHYLQHOODVWHVVDJXLVDHGHVFOXGHWHO DUDQFLR
*(/$72',3(6&+(
3HVFKHEXUURQHEHQPDWXUHGHOSHVRFRPSUHVRLOQRFFLRORGLJUDPPL
=XFFKHURJUDPPL
$FTXDPH]]ROLWUR
8QOLPRQHGLJLDUGLQR
7UHDQLPHWROWHGDLQRFFLROLGHOOHPHGHVLPH
4XHVWHSHVWDWHOHIUDOR]XFFKHURHPHWWHWHOHDEROOLUHQHOO DFTXDSHUPLQXWL3DVVDWHODSROSDGHOOH
SHVFKHVWUL]]DWHFLLOOLPRQHHPHVFRODWRRJQLFRVDWRUQDWHDSDVVDUHLOWXWWRGD XQRVWDFFLREHQILWWR
3RWUjEDVWDUHSHUVHLSHUVRQH
*(/$72',$/%,&2&&+(
$OELFRFFKHVDSRURVHHEHQPDWXUHSHVDWHFROQRFFLRORJUDPPL
=XFFKHURELDQFRILQHJUDPPL
$FTXDPH]]ROLWUR
8QOLPRQHGLJLDUGLQR
)DWH EROOLUH OR ]XFFKHUR QHOO DFTXD SHUPLQXWLXQLWHFLTXDQGRqGLDFFLRODSROSDGHOOHDOELFRFFKH
SDVVDWDGDOORVWDFFLRHLOVXJRGHOOLPRQH7RUQDWHDSDVVDUHLOFRPSRVWRDYDQWLGLPHWWHUORQHOODVRUEHWWLHUD
4XHVWDqXQDGRVHDEERQGDQWHSHUTXDWWURSHUVRQH
*(/$72',&5(0$
6HUYLWHYLGHOODULFHWWDQHFLRqIDWHXQDFUHPDFRQ
/DWWHXQOLWUR
=XFFKHURJUDPPL
5RVVLG XRYRQ
2GRUHGLYDLQLJOLD
6HQWLUHWHXQJHODWRVTXLVLWRPDQWHFDWRHEHQVRGRVHVDSUHWHPDQLSRODUOR
4XHVWDGRVHSRWUj EDVWDUHSHUGLHFLSHUVRQH
,QYHFH GHOO RGRUH GL YDLQLJOLD SRWHWH GDUH DOOD FUHPD TXHOOR GH FRULDQGROL R GHO FDIIq EUXFLDWR R GHOOD
PDQGRUODWRVWDWD3HLFRULDQGROLYHGL /DWWHDOODSRUWRJKHVHQSHOFDIIq IDWHQHEROOLUHDSDUWHQHOODWWH
GLYHUVL FKLFFKLFRQWXVLSHUODPDQGRUODWRVWDWDIDWHXQSRFRGL&URFFDQWHFRPHTXHOORGHOQDOTXDQWR
SL FRWWRFRQ JUDPPL GLPDQGRUOHHJUDPPL GL]XFFKHURSHVWDWHORILQHIDWHOREROOLUHDSDUWHLQXQ
SRFRGLODWWHSDVVDWHORHGXQLWHORDOODFUHPD
*(/$72',$0$5(77,
/DWWHXQOLWUR
=XFFKHURJUDPPL
$PDUHWWLJUDPPL
5RVVLG XRYRQ
2GRUHGL]XFFKHURYDQLJOLDWR
3HVWDWH ILQLVVLPL QHO PRUWDLR JOL DPDUHWWL H GRSR SRQHWHOL LQ XQD FD]]DUXROD XQHQGRFL OR ]XFFKHUR L
URVVLHO RGRUHPHVFRODWHHYHUVDWHFLLOODWWHDSRFRSHUYROWD0HWWHWHODFD]]DUXRODDOIXRFRSHUFRQGHQVDUH
LOFRPSRVWRFRPHIDUHVWHSHUODFUHPDLQGLYHUVDWHORQHOODVRUEHWWLHUDSHUJHODUOR
6HQWLUHWH XQ JHODWR VTXLVLWR FKH SXz EDVWDUH D EXRQD PLVXUD SHU RWWR SHUVRQH /D PHWj GRVH SXz
VHUYLUHSHUTXDWWURHGDQFKHSHUFLQTXHSHUVRQH
*(/$72',&,2&&2/$7$
/DWWHXQOLWUR
&LRFFRODWDILQHJUDPPL
=XFFKHURJUDPPL
*UDWWDWH OD FLRFFRODWD HPHWWHWHOD DO IXRFRFROOR]XFFKHUR H FRQ TXDWWURGHFLOLWUL GHOGHWWRODWWHLQXQD
FD]]DUXRODRYHVWLDULVWUHWWD)DWHODEROOLUHSHUTXDOFKHPLQXWRIUXOODQGRODVHPSUHRQGHVLDIILQL5LWLUDWHODGDO
IXRFRDJJLXQJHWHLOUHVWRGHOODWWHHYHUVDWHLOFRPSRVWRQHOODVRUEHWWLHUDTXDQGRVDUjJKLDFFLR
$QFKHTXHVWDGRVHSRWUjEDVWDUHSHUGLHFLSHUVRQH6HYROHWHTXHVWRJHODWRSLVRVWDQ]LRVRSRUWDWHOD
GRVHGHOOR]XFFKHURDJUDPPLHGXQLWHFLGXHURVVLG XRYRTXDQGRULWLUDWHODFLRFFRODWDGDOIXRFRHQRQq
SL D EROORUH 0HVFRODWH H ULPHWWHWHOD VXOIRUQHOOR SHU TXDOFKH PLQXWR H SRL FRPH VL q GHWWRDJJLXQJHWHLO
UHVWRGHO
ODWWH
*(/$72',&,/,(*(9,6&,2/(
&LOLHJHYLVFLROHFKLORJUDPPL
=XFFKHURJUDPPL
$FTXDGHFLOLWUL
2GRUHGLFDQQHOOD
/HYDWH L QRFFLROL D JUDPPL GHOOH GHWWH FLOLHJH VHQ]D JXDVWDUOH WURSSR H PHWWHWHOH DO IXRFR FRQ
JUDPPL GHO GHWWR ]XFFKHUR H FRQ XQ SH]]HWWR GLFDQQHOODLQWHUDFKHSRLJHWWHUHWHYLD4XDQGRVDUDQQR
VLURSSDWH FLRq TXDQGR DYUDQQR SHUGXWR LO FUXGR H OH YHGUHWH DJJULQ]LWH PHWWHWHOH GD SDUWH*XDVWDWH FROOH
PDQLLUHVWDQWLJUDPPLGLFLOLHJHSHVWDWHQHOPRUWDLRXQSXJQHOORGH ORURQRFFLROLHULPHWWHWHOLWUDPH]]R
3DVVDWHSRFKHSHUYROWDGDXQFDQRYDFFLRVWUL]]DQGRIRUWHTXHVWH FLOLHJHGLVIDWWHSHUHVWUDUQHLOVXJRHJOL
VFDUWLFKHUHVWDQRPHWWHWHOLDOIXRFRSHUGLVVXJDUOLFRLVXGGHWWLGXHGHFLOLWULG DFTXDIDWHOLEROOLUHRPLQXWL
SRLSDVVDWHOLGDOORVWHVVRFDQRYDFFLRHGLOOLTXLGRHVWUDWWRXQLWHORDOSUHFHGHQWH0HWWHWH WXWWRTXHVWRVXJRDO
IXRFRFRQGXHSUHVHGLFDQQHOODLQSROYHUHHTXDQGRVDUjSHUDO]DUHLOEROORUHYHUVDWHLUHVWDQWLJUDPPL
GL]XFFKHURPHVFRODWHIDWHOREROOLUHSHUGXHPLQXWLHSDVVDWHORGDOORVWDFFLR0HWWHWHLOVXJRSDVVDWRQHOOD
VRUEHWWLHUD H TXDQGR VDUj EHQ JHODWR PHVFRODWHJOL WUDPH]]R OH FLOLHJH VLURSSDWH LQ PRGR FKH YHQJDQR
VSDUVHHJXDOPHQWHVHUYLWHLOJHODWRLQELFFKLHULQLHYHGUHWHFKHSHUODVXDERQWjVDUjGDWXWWLJUDGLWR
4XHVWDGRVHEDVWHUjSHURWWRSHUVRQH
*(/$72',$5$1&,
$UDQFLJURVVLQ
/LPRQLGLJLDUGLQRQO
$FTXDGHFLOLWUL
=XFFKHURJUDPPL
6WUL]]DWH JOL DUDQFL H LO OLPRQH H SDVVDWHQHLO VXJR )DWH EROOLUH OR ]XFFKHUR QHOO DFTXD SHU PLQXWL
YHUVDWHORQHOVXJRSDVVDWHLOFRPSRVWRGDOORVWDFFLRXQ DOWUD YROWDHSRQHWHORQHOODVRUEHWWLHUD6HUYLWHORLQ
ELFFKLHULQLDFDOLFHFROODFROPDWXUDRWXWWRLQXQSH]]R
4XHVWDGRVHEDVWHUjSHURWWRSHUVRQH
*(/$72',5,%(6
9HORGRQHOVXRJHQHUHSHUXQJHODWRVHQ]DHFFH]LRQH
5LEHVJUDPPL
=XFFKHURJUDPPL
&LOLHJHPRUHJUDPPL
$FTXDPH]]ROLWUR
8QJURVVROLPRQHGLJLDUGLQR
'LVIDWH FROOH PDQL LO ULEHV H OH FLOLHJH DJJLXQJHWH LO VXJR GHO OLPRQH H SDVVDWH LO WXWWR GDOOR VWDFFLR
VSUHPHQGR EHQH )DWH EROOLUH OR ]XFFKHUR QHOO DFTXD SHU PLQXWL D FD]]DUXROD VFRSHUWD SHU RWWHQHUH LO
VLURSSR H TXDQGR VDUj GLDFFLR PHVFRODWHOR QHO FRPSRVWR GHVFULWWR H YHUVDWHOR QHOOD VRUEHWWLHUD 3RWUj
EDVWDUHSHUVHWWHRGRWWRSHUVRQHVHUYHQGRORLQELFFKLHULQL/HFLOLHJHROWUHDOVDSRUHORURVSHFLDOHVHUYRQR
DGDUHDOJHODWRSLEHOFRORUH
*(/$72',7877,,)5877,
'LWXWWLLIUXWWLSHUPRGRGLGLUHPDEDVWDQRWUHRTXDWWURTXDOLWjFRPHYHGHWHQHOODVHJXHQWHULFHWWD
VXIILFLHQWHSHUTXDWWURSHUVRQH
=XFFKHURJUDPPL
$OELFRFFKHEHQPDWXUHSHVDWHFROQRFFLRORJUDPPL
/DPSRQHJUDPPL
5LEHVJUDPPL
&HGURFDQGLWRJUDPPL
$FTXDPH]]ROLWUR
)DWH EROOLUH OR ]XFFKHUR QHOO DFTXD SHU GLHFL PLQXWL XQLWHFL GRSR OD SROSD GHOOH GHWWH IUXWWD SDVVDWD
GDOORVWDFFLRSRLLOFHGURFDQGLWRWDJOLDWRDSH]]HWWLQL
,QYHFHGHOOHDOELFRFFKHSRVVRQRVHUYLUHOHSHVFKHEXUURQHHDOULEHVVLSRVVRQRVRVWLWXLUHOHIUDJROH
*(/$72',%$1$1(
,OEDQDQRPXVDSDUDGLVLDFDGL/LQQHRQHOVXRSDHVHQDWLYRqYROJDUPHQWHFKLDPDWR)LFRGL$GDPRR
$OEHUR GHO SDUDGLVR WHUUHVWUH SHUFKp LO YROJR FUHGH FKH TXHOOR IRVVH LO IDPRVR IUXWWR SURLELWR H FKH OH VXH
DPSLHIRJOLHDEELDQRVHUYLWRDFRSULUHODQXGLWjGL$GDPRHG(YDGRSRLOSHFFDWRGHOODGLVXEELGLHQ]D
1DVFH QHOOH GXH ,QGLH HG LO VXR IUXWWR q LQ IRUPD GL XQ JURVVR EDFFHOOR VLPLOH LQ DSSDUHQ]D DG XQ
FHWULXROR GL EXFFLD YHUGH PD OLVFLD WULDQJRODUH H IDOFDWD /D VXD SROSD LQWHUQD q GL VDSRUH GHOLFDWR PD
TXDQGRQRQq JLXQWDDQFRUDDSHUIHWWDPDWXULWjKDXQ D]LRQHDOTXDQWRDVWULQJHQWHSHUIDUQHJHODWLVFHJOLHWH
IUXWWLGLEXFFLDJLDOORJQRODFKHDOORUDVRQRPDWXUL
(FFRYLOHGRVLGLXQJHODWRFKHKDVHUYLWRSHUVHLSHUVRQH
%DQDQHQFKHVRQRULXVFLWHQHWWHGDOJXVFLRJUDPPL
=XFFKHURELDQFRJUDPPL
8QOLPRQHGLJLDUGLQR
$FTXDPH]]ROLWUR
3DVVDWH OD SROSD GHOOH EDQDQH GDOOR VWDFFLR DJJLXQJHWH D TXHVWD LO VXJR GHO OLPRQH IDWH EROOLUH OR
]XFFKHUR QHOO DFTXD SHU FLQTXH PLQXWL D FD]]DUXROD VFRSHUWD PHVFRODWH RJQL FRVD LQVLHPH H YHUVDWH LO
FRPSRVWRQHOODVRUEHWWLHUD QRQIDFHQGRHFRQRPLDGLJKLDFFLRHVDOH
*(/$72',3,67$&&+,
/DWWHGHFLOLWUL
=XFFKHURJUDPPL
3LVWDFFKLJUDPPL
5RVVLG XRYRQ
,SLVWDFFKLVEXFFLDWHOLFROO DFTXDFDOGDHSHVWDWHOLILQLVVLPLFRQXQDFXFFKLDLDWDGHOGHWWR]XFFKHURSRL
PHWWHWHOLLQXQDFD]]DUXRODFRLURVVLG XRYRHOR]XFFKHURULPHVWDQGRLOWXWWREHQEHQH$JJLXQJHWHLOODWWHH
SRQHWHLOFRPSRVWRDOIXRFRJLUDQGRLOPHVWRORHTXDQGRVDUjFRQGHQVDWRFRPHODFUHPDYHUVDWHORGLDFFLR
QHOOD VRUEHWWLHUD 4XHVWD GRVH SRWUj EDVWDUH SHU RWWR SHUVRQH &HUWXQL XVDQR GL DEEUXVWROLUH L SLVWDFFKL LR
QRQORDSSURYRSHUFKpSHUGRQRLOORURJXVWRSDUWLFRODUH
0L GLFRQR FKH SHU ULQIRU]DUH D TXHVWR JHODWR LO FRORU YHUGH GHL SLVWDFFKL VL XVD GL XQLUYL XQ SRFR GL
ELHWRODOHVVDWDHSDVVDWDGDOORVWDFFLR
*(/$72',725521(
/DWWHXQOLWUR
=XFFKHURJUDPPL
=XFFDURVVDFDQGLWDJUDPPL
&HGURFDQGLWRJUDPPL
0DQGRUOHJUDPPL
3LVWDFFKLJUDPPL
5RVVLG XRYRQ
2GRUHGLYDLQLJOLD
)DWHXQDFUHPDFROODWWHOR]XFFKHURHLURVVLG XRYRGDQGROHO RGRUHGHOODYDLQLJOLDHYHUVDWHODQHOOD
VRUEHWWLHUD 4XDQGR VDUj JHODWD PHVFRODWHFL GHQWUR JO LQJUHGLHQWL VXGGHWWL , SLVWDFFKL H OH PDQGRUOH
VEXFFLDWHOL QHOO DFTXD FDOGD TXHOOL GLYLGHWHOL LQ WUH SDUWL H TXHVWH WULWDWHOH DOOD JURVVH]]D GL XQD YHFFLD H
WRVWDWHOH ,O FDQGLWR WDJOLDWHOR D ODPLQHWWH H OD ]XFFD D GDGL JURVVHWWL FKH HVVHQGR URVVL IDUDQQR SL EHOOD
PRVWUD
6H LO ODWWH q EXRQR IDFHQGROR EROOLUH SHU PH]] RUD FROOR ]XFFKHUR GHQWUR VL SXz IDU VHQ]D GHL URVVL
G XRYRPDLOFRPSRVWRYHUUjDOORUDGLPHQRVDSRUH
/H PDQGRUOH LQ TXHVWR H LQ VLPLOL FDVL YHQJRQR PHJOLR WRVWDWH QHOOD VHJXHQWH PDQLHUD 6SHOODWH H
WULWDWHFKHVLHQRPHWWHWHOHDOIXRFRFRQXQDFXFFKLDLDWDGHOGHWWR]XFFKHURHXQJRFFLRORG DFTXDULPHVWDWHOH
FRQWLQXDPHQWHHTXDQGRDYUDQQRSUHVRFRORUHIHUPDWHOHFRQXQDOWURJRFFLRORGLDFTXDYHUVDWHOHTXLQGLLQ
XQFROLQRVRSUDOR]XFFKHURULPDVWRHVHUYLWHYHQH
*(/$72',0$5521,
Ê XQ JHODWR RUGLQDULR PD SLDFH FRPH SHU OR SL SLDFH D WXWWL LO VDSRUH GHOOD FDVWDJQD H SHUFLz OR
GHVFULYR
0DUURQLJUDPPL
=XFFKHURJUDPPL
/DWWHPH]]ROLWUR
2GRUHGLYDLQLJOLD
0HWWHWHDEROOLUHLPDUURQLQHOO DFTXDFRPHSHUIDUQHGHOOHEDOORWWH%HQFRWWLQHWWDWHOLGDOOHGXHEXFFLH
HSDVVDWHODSROSDGDOORVWDFFLR4XHVWDPHWWHWHODDOIXRFRFROODWWHHOR]XFFKHURHIDWHODEROOLUHDGDJLRHD
FD]]DUXRODVFRSHUWDSHUXQTXDUWRG RUD'DWHDOFRPSRVWRO RGRUHFROOR]XFFKHURYDQLJOLDWRHYHUVDWHORQHOOD
VRUEHWWLHUD0DQGDWHORLQWDYRODWXWWRLQXQSH]]RHVHGRYHVVHVHUYLUHSHUQRYHRGLHFLSHUVRQHUDGGRSSLDWH
ODGRVH
321&($//$520$1$
3HUVHLSHUVRQH
4XHVWDVSHFLHGLJHODWRqGLXVRUHFHQWHQH JUDQGLSUDQ]LHVLVXROHVHUYLUHDYDQWLDOO DUURVWRSHUFKp
DLXWDODGLJHVWLRQHHSUHGLVSRQHORVWRPDFRDULFHYHUHVHQ]DQDXVHDLOUHVWDQWHGHLFLEL
=XFFKHURJUDPPL
$FTXDGHFLOLWUL
$UDQFLQ
/LPRQLQ
&KLDUHG XRYRQ
5KXPXQELFFKLHULQR
2GRUHGLYDLQLJOLD
)DWHEROOLUHSHUFLQTXHRVHLPLQXWLJUDPPLGHOGHWWR]XFFKHURLQGHFLOLWULGHOODGHWWDDFTXDFRQ
XQ SRFR GL VFRU]D GL OLPRQH H GL DUDQFLR GHQWUR 7ROWR GDO IXRFR VWUL]]DWH LQ TXHVWR VLURSSR LO VXJR GHJOL
DUDQFLHGHLOLPRQLSDVVDWHORGDXQWRYDJOLXRORHYHUVDWHORQHOODVRUEHWWLHUDSHUJHODUOR
0HWWHWH DO IXRFR L UHVWDQWL JUDPPL GL ]XFFKHUR QHO GHFLOLWUR G DFTXD ULPDVWRGDWHJOL O RGRUH GHOOD
YDLQLJOLDHIDWHOREROOLUHILQRDOSXQWRFKHYHUVDQGRQHXQDJRFFLDLQXQSLDWWRUHVWLURWRQGDHSUHVDIUDOHGLWD
IDFFLD OH ILOD PD SULPD DYUHWH PRQWDWH EHQ IHUPH OH GXH FKLDUH VXOOH TXDOL YHUVHUHWH OR ]XFFKHUR FRVu D
EROORUHEDWWHQGROHSHUIRUPDUHXQDSDVWDXQLWDFKHJHWWHUHWHTXDQGRVDUjGLDFFLDIUDLOJHODWRJLjSURQWR
PHVFRODQGREHQHVXOSXQWRGLVHUYLUORDJJLXQJHWHLOUKXPHPDQGDWHORLQWDYRODQHLELFFKLHULQL
638021(',7+(
3DQQDPRQWDWDFRPHTXHOODFKHSUHSDUDQRLODWWDLJUDPPL
$FTXDJUDPPL
=XFFKHURJUDPPL
7KHGHOSLEXRQRJUDPPL
5RVVLG XRYRQ
&ROODGLSHVFHIRJOL
9HUVDWHO DFTXDEROOHQWHVXOWKHHWHQHWHORFRVuLQIXVRLQLVWDWRTXDVLGLHEROOL]LRQHSHUPLQXWL3RL
SDVVDWHORGDXQSDQQROLQRVWUL]]DQGRIRUWHSHUHVWUDUQHWXWWRLOVDSRUHHYHGUHWHFKHDSSDULUjQHURFRPHLO
FDIIq
&RQ TXHVWR OLTXLGR FRL URVVL G XRYR H FRQ OR ]XFFKHUR IDUHWH XQD FUHPD FRPH TXHOOD GHO Q H
UHJRODQGRYLQHOOD VWHVVD JXLVD DJJLXQJHUHWH OD FROOD SRL XQLUHWH OD FUHPD DOODSDQQDPRQWDWDPHVFRODQGR
DGDJLRHYHUVDWRLOFRPSRVWRLQXQDIRUPDGDJHODWLODSRUUHWHIUDLOJKLDFFLRHLOVDOHFRPHLOELVFXtW
3RWUjEDVWDUHSHURWWRSHUVRQH
0$&('21,$
%HQYHQJDODVLJQRUD0DFHGRQLDFKHLRFKLDPHUHLFRQQRPHSDHVDQR0LVFHOODQHDGLIUXWWDLQJHOROD
TXDOHVDUj JUDGLWDVSHFLDOPHQWHQHJO LQIXRFDWLPHVLGLOXJOLRHGLDJRVWR
3HU IDUTXHVWR GROFH VH QRQ SRWHWH VHUYLUYLGL XQR VWDPSR GD JHODWL RFFRUUH XQ YDVR GL EDQGRQH LQ
IRUPDGLJDPHOODRGLWHJDPLQRFROVXRFRSHUFKLRFKHFKLXGDHUPHWLFDPHQWH
3UHQGHWH PROWH YDULHWj GL IUXWWD GHOOD VWDJLRQH PDWXUD H GL EXRQD TXDOLWj H FLRq ULEHV IUDJROH
ODPSRQH FLOLHJH VXVLQH DOELFRFFKH XQD SHVFD XQD SHUD H FRPLQFLDQGR GDOOH FLOLHJH WXWWH OH GHWWH IUXWWD
VEXFFLDWHOHHWDJOLDWHOHDIHWWLQHSLFFROHFRPHLVHPLGL]XFFDDOO LQFLUFDJHWWDQGRYLDLWRUVROLHLQRFFLROL'HO
ULEHVSRFKLVVLPRSHUFKpKDVHPLWURSSRJURVVLHGXULLQYHFHVDUHEEHEHQHXQLUYLXQSR GLSRSRQHRGRURVR
3UHSDUDWHOHIUXWWDLQFRGHVWRPRGRSHVDWHOHHDPPHVVRFKHVLHQRLQWXWWRJUDPPLVSDUJHWHFL
VRSUDJUDPPLGL]XFFKHURDYHORHLOVXJRGLXQOLPRQHGLJLDUGLQR0HVFRODWHOHHODVFLDWHOHSHUPH]] RUD
LQULSRVR
3RQHWH XQ IRJOLR GL FDUWD LQ IRQGR DO GHWWR YDVR GL EDQGRQHULHPSLWHORGLVWHQGHQGRYLOHIUXWWDSLJLDWH
DOTXDQWRFKLXGHWHORHFROORFDWHORLQXQELJRQFLRORIUDPH]]RDJKLDFFLRHVDOHFKHYLUHVWLWXWWRFRSHUWRSHU
GLYHUVH RUH 6H QRQ VL VIRUPD QDWXUDOPHQWH EDJQDWHOR FRQ DFTXD FDOGD H VHUYLWHOR FKH YHGUHWH IDUj EHOOD
PRVWUDGLVpFRPHXQSH]]RGXURJHODWRHPDUPRUL]]DWR
4XHVWDqXQDGRVHSHUTXDWWURRFLQTXHSHUVRQH
*(/$72',/$77(',0$1'25/(
'HVFULYR SHU YRL VLJQRUH GL JXVWR GHOLFDWR H ILQH LO VHJXHQWH JHODWR QHOOD SHUVXDVLRQH FKH OR
DJJUDGLUHWHPROWRHGDYHQGRVSHVVHYROWHULYROWRDYRLLOSHQVLHURQHOFRPSRUTXHVWL SLDWWLRQGHLQWHUSUHWDUH
HVRGLVIDUHDQFKHLOJXVWRYRVWURFRVuQRQSRVVRGLVWDFFDUPLGDYRLVHQ]DDXJXUDUYLFKHFRQVHUYLDWHDOXQJR
JO LQYLGLDELOLSUHJLGHOODIORULGDVDOXWHHGHOODEHOOH]]D
=XFFKHURJUDPPL
0DQGRUOHGROFLFRQRDPDUHJUDPPL
$FTXDGHFLOLWUL
3DQQDGHFLOLWUL
2GRUHGLDFTXDGLILRUG DUDQFLRRGLFRULDQGROL
)DWH EROOLUH OR ]XFFKHUR QHOO DFTXD SHU GLHFL PLQXWL FRQ HQWUR L FRULDQGROL FRPH QHO /DWWH DOOD
SRUWRJKHVH Q VH SHU O RGRUH YL VHUYLWH GL HVVL 6EXFFLDWH OH PDQGRUOH SHVWDWHOHILQLVVLPHQHOPRUWDLR
GLOXHQGROH FRQ TXDOFKH FXFFKLDLDWD GHO VLURSSR RWWHQXWR H PHVFRODWHOH DO PHGHVLPR 3RL SDVVDWHOH GD XQ
SDQQROLQRUDGRVWUL]]DQGREHQHRQGHHVWUDUUHGDOOHPDQGRUOHWXWWDODVRVWDQ]DSRVVLELOHULSHWHQGRSLYROWH
O RSHUD]LRQHGHOPRUWDLRVHRFFRUUH8QLWHODSDQQDDOOLTXLGRVSUHPXWRJHODWHORQHOODVRUEHWWLHUDHTXDQGR
VDUjEHQVRGRVHUYLWHORLQELFFKLHULQL
4XHVWDGRVHSRWUjEDVWDUHSHUQRYHRGLHFLSHUVRQH
=25$0$
6HYLSLDFHVVHGLIDUHXQSH]]RLQ JHORPDUPRUL]]DWRGLELDQFRHQHURHFFRYLODPDQLHUD
3ULPLHUDPHQWH PHWWHWH LQ PROOH QHOO DFTXD IUHVFD WUH IRJOLGL FROOD GL SHVFH H IUDWWDQWR SUHSDUDWH XQD
FUHPDFRQ
=XFFKHURJUDPPL
&LRFFRODWDLQSROYHUHJUDPPL
5RVVLG XRYRQ
/DWWHGHFLOLWUL
'LDFFLDFKHVLDXQLWHFLOHWUHFKLDUHPRQWDWHHGRSRJUDPPLGLSDQQDPRQWDWDFRPHTXHOODFKH
SUHSDUDQR L ODWWDL PHVFRODQGR LQ PRGR FKH LOELDQFRGLTXHVWDDSSDULVFDVSDUVRTXDHOj3RLVFLRJOLHWHDO
IXRFR LQ XQ JRFFLROR G DFTXD L GHWWL WUH IRJOL GL FROOD GL SHVFH H TXHVWR OLTXLGR FRVu FDOGR VSDUJHWHOR VXO
FRPSRVWR PHVFRODQGR ,QGL YHUVDWHOR QHOOR VWDPSR GD JHODWL R LQ DOWUR YDVR EDJQDWR GL URVROLR H FKLXVR
HUPHWLFDPHQWHWHQHQGRORSHUWUHRTXDWWURRUHFRQWRUQDWRHFRSHUWRFRQPROWRJKLDFFLRIUDPPLVWRDVDOH
3XzEDVWDUHSHURWWRSHUVRQH
&$))Ê/$77(*(/$72
1HL JUDQGL FDORUL HVWLYL VL SXz JXVWDU FRQ SLDFHUH XQ FDIIq FRO ODWWH FRQGHQVDWR D JUDQLWD QHOOH
SURSRU]LRQLVHJXHQWL
/DWWHXQOLWUR
&DIIqPH]]ROLWUR
=XFFKHURJUDPPLFKHPHVVRQHOODWWHSRWHWHVFLRJOLHUHDOIXRFR
9HUVDWHLOFRPSRVWRQHOODVRUEHWWLHUDFRPHSHULJHODWLLQJHQHUHHVHUYLWHORTXDQGRVDUjDVVRGDWR
LQWD]]HRELFFKLHULQL
&26(',9(56(
&$))Ê
9 q FKLULWLHQHLOFDIIqRULJLQDULRGHOOD3HUVLDFKLGHOO (WLRSLDHFKLGHOO $UDELD)HOLFHPDGLTXDOXQTXH
SRVWRVLDqFHUWDPHQWHXQDSLDQWDRULHQWDOHVRWWRIRUPDGLXQDUERVFHOORVHPSUHYHUGHLOFXLIXVWRVLLQQDO]D
GDLDLPHWULHQRQDFTXLVWDSHURUGLQDULRSLGL DGFHQWLPHWULGLGLDPHWUR,OPLJOLRUFDIIqqSXUVHPSUH
TXHOORGL0RNDLOFKHSRWUHEEHFRQYDOLGDUHO RSLQLRQHHVVHUTXHVWRYHUDPHQWHLOVXROXRJRQDWLYR6LGLFHFKH
XQ SUHWH PXVXOPDQR D <HPHQ DYHQGR RVVHUYDWR FKH TXHOOH FDSUH OH TXDOL PDQJLDYDQR OH EDFFKH GL XQD
SLDQWDGLTXHOOHFRQWUDGHHUDQRSLIHVWHYROLHSLYLYDFLGHOOHDOWUHQHDEEUXVWROuLVHPLOLPDFLQzHIDWWDQH
XQ LQIXVLRQHVFRSUuLOFDIIqWDOTXDOHQRLOREHYLDPR
4XHVWD SUH]LRVD ELELWD FKH GLIIRQGH SHU WXWWR LO FRUSR XQ JLRFRQGR HFFLWDPHQWR IX FKLDPDWD OD
EHYDQGD LQWHOOHWWXDOH O DPLFD GHL OHWWHUDWL GHJOL VFLHQ]LDWL H GHL SRHWL SHUFKp VFXRWHQGR L QHUYL ULVFKLDUD OH
LGHHIDO LPPDJLQD]LRQHSLYLYDHSLUDSLGRLOSHQVLHUR
/D ERQWj GHO FDIIq PDOVL FRQRVFH VHQ]D SURYDUOR H LO FRORUYHUGH FKH PROWLDSSUH]]DQRVSHVVRJOL
YLHQGDWRDUWLILFLDOPHQWH
/D WRVWDWXUD PHULWD XQ DWWHQ]LRQH VSHFLDOHSRLFKpSUHVFLQGHQGRGDOODTXDOLWjGHOFDIIqGLSHQGHGDOOD
PHGHVLPD OD SL R PHQR EXRQD ULXVFLWD GHOOD ELELWD 0HJOLR q GDUJOL LO FDORUH JUDGDWDPHQWH H SHUFLz q GD
SUHIHULUVLODOHJQDDOFDUERQHSHUFKpPHJOLRVLSXzUHJRODUH4XDQGRLOFDIIqFRPLQFLDDFUHSLWDUHHIDUIXPR
VFXRWHWH VSHVVR LO WRVWLQR H DEELDWH FXUD GL OHYDUOR DSSHQD KD SUHVR LO FRORU FDVWDJQREUXQR H DYDQWL FKH
HPHWWDO ROLRTXLQGLQRQGLVDSSURYRO XVRGL)LUHQ]HQHOODTXDOFLWWjSHUDUUHVWDUQHVXELWRODFRPEXVWLRQHOR
VLGLVWHQGHDOO DULDHSHVVLPDJLXGLFRO XVDQ]DGLFKLXGHUORWRVWRIUDGXHSLDWWLSHUFKpLQFRGHVWRPRGREXWWD
O ROLRHVVHQ]LDOHHO DURPD VLVSHUGH,OFDIIqSHUGHQHOODWRVWDWXUDLOSHUFHQWRGHOVXRSHVRFRVLFFKpJU
GHYRQRWRUQDUHJU
&RPH GLYHUVH TXDOLWj GL FDUQH IDQQR LO EURGR PLJOLRUH FRVu GD GLYHUVH TXDOLWj GL FDIIq WRVWDWH
VHSDUDWDPHQWHVLRWWLHQHXQDURPDSLJUDWR$PHVHPEUDGLRWWHQHUHXQDELELWDJUDWLVVLPDFRQJUGL
3RUWRULFRGL6DQ'RPLQJRHGL0RND$QFKHJUGL3RUWRULFRFRQGLPRNDGDQQRXQRWWLPR
UHVXOWDWR &RQ JU GL TXHVWD SROYHUH VL SXz IDUH XQD WD]]D GL FDIIq DEERQGDQWH PD TXDQGR VL q LQ
SDUHFFKL SRVVRQR EDVWDUH JU D WHVWD SHU XQD SLFFROD WD]]D XVXDOH 7RVWDWHQH SRFR SHU YROWD H
FRQVHUYDWHORLQYDVRGLPHWDOOREHQFKLXVRPDFLQDQGRYLDYLDTXHOWDQWRFKHVRORDEELVRJQDSHUFKpSHUGH
IDFLOPHQWHLOSURIXPR
&RORURDFXLO XVRGHOFDIIq FDJLRQDWURSSRHFFLWDPHQWRHGLQVRQQLDIDUDQQREHQHDGDVWHQHUVHQHRG
XVDUQHFRQPRGHUD]LRQHSRVVRQRDQFKHFRUUHJJHUQHO HIILFDFLDFRQXQSR GLFLFRULDRGRU]RWRVWDWR/ XVR
FRVWDQWH SRWUHEEH QHXWUDOL]]DUH O HIIHWWR PD SRWUHEEH DQFKH QXRFHUH HVVHQGRYL GH WHPSHUDPHQWL WDQWR
HFFLWDELOL GD QRQ HVVHUH FRUUHJJLELOL H D TXHVWR SURSRVLWR XQ PHGLFR PL UDFFRQWDYD GL XQ FDPSDJQXROR LO
TXDOHTXHOOHUDUHYROWHFKHSUHQGHYDXQFDIIqHUDFROWRGDXQ LQGLVSRVL]LRQHFKHSUHVHQWDYDWXWWLLVLQWRPLGL
XQDYYHOHQDPHQWR$LUDJD]]LSRLO XVRGHOFDIIqVDUHEEHGDYLHWDUVLDVVROXWDPHQWH
,O FDIIq HVHUFLWD XQ D]LRQH PHQR HFFLWDQWH QH OXRJKL XPLGL H SDOXGRVL HG q IRUVH SHU TXHVWD UDJLRQH
FKH L SDHVL RYH VH QH ID PDJJLRU FRQVXPR LQ (XURSD VRQR LO %HOJLR H O 2ODQGD ,Q 2ULHQWH RYH VL XVD GL
ULGXUOR LQ SROYHUH ILQLVVLPD H IDUOR DOO DQWLFD SHU EHYHUOR WRUER LO EULFFR QHOOH FDVH SULYDWH q VHPSUH VXO
IRFRODUH
6X TXDQWR GLFH LO SURI 0DQWHJD]]D FLRq FKH LO FDIIq QRQ IDYRULVFH LQ PRGR DOFXQR OD GLJHVWLRQH LR
FUHGR FKH VLD QHFHVVDULR GL IDUH XQD GLVWLQ]LRQH (JOL IRUVH GLUj LO YHUR SHU FRORUR D FXL LO FDIIq QRQ HFFLWD
SXQWRLOVLVWHPDQHUYRVRPDTXHOOLDFXLORHFFLWDHSRUWDODVXDD]LRQHDQFKHVXOQHUYRSQHXPRJDVWULFRq
XQIDWWRLQQHJDELOHFKHGLJHULVFRQRPHJOLRHO XVRLQYDOVRGLSUHQGHUHXQDWD]]DGLEXRQFDIIqGRSRXQODXWR
GHVLQDUH Q q OD FRQIHUPD 3UHVR SRL OD PDWWLQD D GLJLXQR SDUH FKH VEDUD]]L OR VWRPDFR GDL UHVLGXL GL XQD
LPSHUIHWWD GLJHVWLRQH H OR SUHGLVSRQJD D XQD FROD]LRQH SL DSSHWLWRVD ,R SHU HVHPSLR TXDQGR PL VHQWR
TXDOFKH LPEDUD]]R DOOR VWRPDFR QRQ WURYR GL PHJOLR SHU LVPDOWLUOR FKH DQGDU EHYHQGR GHO FDIIq
OHJJHUPHQWHLQGROFLWRHGDOOXQJDWRFROO DFTXDDVWHQHQGRPLGDOODFROD]LRQH
(VHQRLRVDLSRFRQGULDW RSSULPH
2WURSSRLQWRUQRDOOHYH]]RVHPHPEUD
$GLSHFUHVFHGH WXRLODEEULRQRUD
/DQHWWDUHDEHYDQGDRYHDEEURQ]DWR
)XPDHGDUGHLOOHJXPHDWHG $OHSSR
*LXQWRHGD0RNDFKHGLPLOOHQDYL
3RSRODWDPDLVHPSUHLQVXSHUELVFH
9HQH]LD SH VXRLUDSSRUWL FRPPHUFLDOL LQ 2ULHQWH IX OD SULPD D IDUXVR GHOFDIIqLQ,WDOLDIRUVHILQGDO
VHFROR;9,PDOHSULPHERWWHJKHGDFDIIqIXURQRFROjDSHUWHQHOLQGLD/RQGUDHSRFRGRSRD3DULJL
RYHXQDOLEEUDGLFDIIqVLSDJDYDILQRDVFXGL
/ XVR VL DQGz SRL YLD YLD JHQHUDOL]]DQGR H FUHVFHQGR ILQR DOO LPPHQVR FRQVXPR FKH VH QH ID
RJJLJLRUQRPDGXHVHFROLDGGLHWURLO5HGLQHOVXR'LWLUDPERFDQWDYD
%HYHUHLSULPDLOYHOHQR
&KHXQELFFKLHUFKHIRVVHSLHQR
'HOO DPDURHUHRFDIIq
HXQVHFRORIDSDUHFKHO XVR LQ,WDOLDQHIRVVHWXWWRUDULVWUHWWRVHD)LUHQ]HQRQVLFKLDPDYDDQFRUD
FDIIHWWLHUHPDDFTXDFHGUDWDLRFROXLFKHYHQGHYDFLRFFRODWDFDIIqHDOWUHELELWH
*ROGRQLQHOODFRPPHGLD/DVSRVDSHUVLDQDGLFHSHUERFFDGL&XUFXPDVFKLDYD
(FFRLOFDIIqVLJQRUHFDIIqLQ$UDELDQDWR
(GDOOHFDURYDQHLQ,VSDDQSRUWDWR
/ DUDERFHUWDPHQWHVHPSUHqLOFDIIqPLJOLRUH
0HQWUHVSXQWDGDXQODWRPHWWHGDOO DOWURLOILRUH
1DVFHLQSLQJXHWHUUHQRYXRORPEUDRSRFRVROH
3LDQWDUHRJQLWUHDQQLO DUERVFHOVLVXROH
,OIUXWWRQRQqYHURFK HVVHUGHEEDSLFFLQR
$Q]LGHY HVVHUJURVVREDVWDVLDYHUGROLQR
8VDUORLQGLFRQYLHQHGLIUHVFRPDFLQDWR
LQOXRJRFDOGRHDVFLXWWRFRQJHORVLDJXDUGDWR
$IDUORYLYXROSRFR
0HWWHUYLODVXDGRVHHQRQYHUVDUORDOIXRFR
)DUVROOHYDUODVSXPDSRLDEEDVVDUODDXQWUDWWR
6HLVHWWHYROWHDOPHQRLOFDIIqSUHVWRqIDWWR
7+(
/D FROWLYD]LRQH GHO WKH q TXDVL HVFOXVLYD GHOOD &KLQD H GHO *LDSSRQH HG q SHU TXHJOL 6WDWL XQR GH SULQFLSDOL SURGRWWL GL HVSRUWD]LRQH , WKH GL *LDYD GHOOH ,QGLH H GHO %UDVLOH VRQR JLXGLFDWL GL TXDOLWj DVVDL
LQIHULRUH
/H VXH IRJOLROLQH DFFDUWRFFLDWH H GLVVHFFDWH SHU HVVHU PHVVH LQ FRPPHUFLR VRQR LO SURGRWWR GL XQ
DUEXVWRUDPRVRHVHPSUHYHUGHFKHQRQVLHOHYDLQDOWH]]DSLGLGXHPHWUL/DUDFFROWDGHOODIRJOLDKDOXRJR
WUHYROWHDOO DQQRODSULPDQHOO DSULOHODVHFRQGDDOSULQFLSLRGHOO HVWDWHHODWHU]DYHUVRODPHWjGHOO DXWXQQR
1HOODSULPDUDFFROWDOHIRJOLHHVVHQGRSLFFROHHGHOLFDWLVVLPHSHUFKpVSXQWDWHGDSRFKLJLRUQLGDQQR
LO WKH LPSHULDOH FKH ULPDQH VXOOXRJRSHUXVRGHLJUDQGLGHOO LPSHURODWHU]DUDFFROWDLQFXLOHIRJOLHKDQQR
SUHVRLOPDVVLPRVYLOXSSRULHVFHGLTXDOLWjLQIHULRUH
7XWWRLOWKHFKHFLUFRODLQFRPPHUFLRVLGLYLGHLQGXHJUDQGLFDWHJRULHWKHYHUGHHWKHQHUR4XHVWHSRL
VLVXGGLYLGRQRLQPROWHVSHFLHPDOHSLXVLWDWHVRQRLOWKHSHUOD LOVRXFKRQJHLOSHNRHDFRGDELDQFDLOFXL
RGRUH q LO SL DURPDWLFR H LO SL JUDWR ,O WKH YHUGH HVVHQGR RWWHQXWR FRQ XQ HVVLFFD]LRQH SL UDSLGD FKH
LPSHGLVFHODIHUPHQWD]LRQHqSLULFFRGLROLRHVVHQ]LDOHTXLQGLSLHFFLWDQWHHSHUzqEHQHDVWHQHUVHQHR
XVDUORLQSLFFRODGRVHIUDPPLVWRDOQHUR
1HOOD &KLQD O XVR GHO WKH ULVDOH D PROWL VHFROL DYDQWL O rUD FULVWLDQD PD LQ (XURSD IX LQWURGRWWR GDOOD
&RPSDJQLD RODQGHVH GHOOH ,QGLH RULHQWDOL VXO SULQFLSLR GHO VHFROR ;9, 'XPDV SDGUH GLFH FKH IX QHO VRWWR LO UHJQR GL /XLJL ;,9 FKH LO WKH GRSR XQD RSSRVL]LRQH QRQ PHQR YLYD GL TXHOOD VRVWHQXWD GDO FDIIq
V LQWURGXVVHLQ)UDQFLD
,O WKH VL ID SHU LQIXVLRQH H ULWLHQVL FKH PHJOLR ULHVFD QHOOH WKHLHUH GL PHWDOOR LQJOHVH 8Q FXFFKLDLQR
FROPRqGRVHSLFKHVXIILFLHQWHSHUXQDWD]]DFRPXQH*HWWDWHORQHOOD WKHLHUDFKHDYUHWHSULPDULVFDOGDWD
FRQDFTXDDEROORUHHYHUVDWHJOLVRSUDWDQW DFTXDEROOHQWHFKHORULFRSUDVROWDQWRHGRSRFLQTXHRVHLPLQXWL
FKH EDVWDQR SHU VYLOXSSDUH OD IRJOLD YHUVDWH LO UHVWR GHOO DFTXD LQ HEROOL]LRQH PHVFRODWH H GRSR GXH R WUH
PLQXWL O LQIXVLRQH q IDWWD 6H OD ODVFLDWH Ou WURSSR GLYHQWD VFXUD H GL VDSRUH DVSUHWWR SHUFKp VL Gj WHPSR D
VFLRJOLHUHO DFLGRWDQQLFRGHOOHIRJOLHFKHqXQDVWULQJHQWHSHUzVHGXUDQWHODSULPDRSHUD]LRQHDYHWHPRGR
GL WHQHU OD WKHLHUD VRSUD LO YDSRUH GHOO DFTXD EROOHQWH HVWUDUUHWH GDO WKH PDJJLRU SURIXPR PD VH SDUHVVH
WURSSRIRUWHVLSXzDOOXQJDUHFRQDFTXDEROOHQWH
/ XVR GHO WKH LQ DOFXQH SURYLQFLH G ,WDOLD VSHFLH QH SLFFROLSDHVL q UDUR WXWWRUD1RQ VRQR PROWLDQQL
FKH LR PDQGDL XQ JLRYDQH PLR VHUYLWRUH DL EDJQL GHOOD 3RUUHWWD SHU YHGHUH VH LPSDUDYD TXDOFKH FRVD
GHOO DELOH PDHVWULD GHL FXRFKLERORJQHVLHVHqYHURTXDQWRHJOLPLULIHUuFDSLWDURQR OjDOFXQLIRUHVWLHUL FKH
FKLHVHUR LO WKH PD GL WXWWR HVVHQGRYL IXRUFKp GL TXHVWR IX VXELWR RUGLQDWR D %RORJQD ,O WKH YHQQH PD L
IRUHVWLHULVLODJQDURQRFKHO LQIXVLRQHQRQVDSHYDGLQXOOD2LQGRYLQDWHLOSHUFKp"6LIDFHYDVROWDQWRSDVVDU
O DFTXD EROOHQWHDWWUDYHUVROHIRJOLHFKHVLSRQHYDQRLQXQFROLQR,OJLRYLQHFKHWDQWHYROWHORDYHYDIDWWRLQ
FDVDPLDFRUUHVVHO HUURUHHDOORUDIXWURYDWRFRPHGRYHYDHVVHUH
$QFKHLOWKHHFFLWDLQHUYLHFDJLRQDO LQVRQQLDPDODVXDD]LRQHQHOODPDJJLRU SDUWHGH FDVLqPHQR
HIILFDFHGLTXHOODGHOFDIIqHGLUHLDQFKHPHQRSRHWLFDQH VXRLHIIHWWLSHUFKpDPHVHPEUDFKHLOWKHGHSULPD
H LO FDIIq HVDOWL 3HUz OD IRJOLD FKLQHVH KD TXHVWR GL YDQWDJJLR VRSUD OD JUDQD G $OHSSR H FLRq FKH
HVHUFLWDQGR XQ D]LRQH DSHULWLYDVXOOD SHOOH IDVRSSRUWDUHPHJOLRLOIUHGGRQHOULJLGRLQYHUQRSHUTXHVWRFKL
SXz IDUH D PHQR GL SDVWHJJLDU FRO YLQR QHOOD FROD]LRQH DOOD IRUFKHWWD WURYHUHEEH IRUVH QHO WKH VROR R FRO
ODWWHXQDEHYDQGDGHOOHSLGHOL]LRVH,RXVRXQWKHPLVWRPHWj6RXFKRQJHPHWj3HNRH
&,2&&2/$7$
1RQqIDFLOFRVDLOFRQWHQWDUFKLXQTXHHPHQRFKHPDLLQTXHVWDPDWHULDWDQWLHVuYDULHVVHQGRLJXVWL
GHOOHSHUVRQH1RQDYUHLSRWXWRVXSSRUUHFKHXQVLJQRUHDYHVVHQRWDWRLQTXHVWRPLROLEURXQDODFXQDFKHLO
WRUPHQWDYD³&RPHVLID GLFHYDHJOL DVSHQGHUWDQWHSDUROHLQORGHGHOFDIIqHGHOWKHHQRQUDPPHQWDUHLO
FLER GHJOL 'HL OD FLRFFRODWD FKH q OD PLD SDVVLRQH OD PLD ELELWD SUHGLOHWWD"´ 'LUz D TXHO VLJQRUH FKH
GDSSULPD QRQ QH DYHYR SDUODWR SHUFKp VH DYHVVL GRYXWR UDFFRQWDUQH OD VWRULD H OH DGXOWHUD]LRQL GHL
IDEEULFDQWLQHOPDQLSRODUODWURSSRPLVDUHLGLOXQJDWRHSHUFKpWXWWLSLRPHQEHQHXQDFLRFFRODWDDEHUHOD
VDQQRIDUH
/ DOEHUR GHO FDFDR 7KHREURPD FDFFDR FUHVFH QDWXUDOPHQWH QHOO $PHULFD PHULGLRQDOH LQ SDUWLFRODUH
DO 0HVVLFR RYH VL XWLOL]]DYDQRL VXRLIUXWWL FRPH FLER HFRPH EHYDQGD GD WHPSR LPPHPRUDELOH HG RYH IX
FRQRVFLXWRGDJOL6SDJQXROLODSULPDYROWDFKHYLDSSURGDURQR
/H GXH TXDOLWj SL VWLPDWH VRQR LO FDFDR &DUDFFD H LO 0DULJQRQHFKHPHVFRODWHLQVLHPHQHOOHGHELWH
SURSRU]LRQLGjQQRXQDFLRFFRODWDPLJOLRUH3HUJDUDQWLUVLVXOODTXDOLWjQRQF qFKHVIXJJLUHO LQILPRSUH]]RH
GDUH OD SUHIHUHQ]D DL IDEEULFDQWL SL DFFUHGLWDWL3HUXQDWD]]DDEERQGDQWHQRQRFFRUURQRPHQRGLJUDPPL
GL FLRFFRODWD VFLROWD LQ GXH GHFLOLWUL GL DFTXD PD SRVVRQR EDVWDUH JUDPPL VH OD SUHIHULWH OHJJHUD H
SRUWDUODGRVHILQRDJUDPPLVHODGHVLGHUDWHPROWRFRQVLVWHQWH
*HWWDWHOD D SH]]HWWL QHOOD FLRFFRODWLHUD FRQ O DFTXD VXGGHWWD H TXDQGR FRPLQFLD DG HVVHU FDOGD
ULPXRYHWHODRQGHQRQVLDWWDFFKLHVLVFLROJDEHQH$SSHQDDO]DWRLOEROORUHULWLUDWHODGDOIXRFRHSHUFLQTXH
PLQXWL IUXOODWHOD 3RL IDWH FKH DO]L GL QXRYR LO EROORUH H VHUYLWHOD &RPH DOLPHQWR QHUYRVR HFFLWD DQFK HVVD
O LQWHOOLJHQ]D HG DXPHQWDOD VHQVLELOLWj PDULFFD G DOEXPLQD H GL JUDVVR EXUUR GL FDFDR qPROWRQXWULWLYD
HVHUFLWD XQ D]LRQHDIURGLVLDFDHQRQqGLWDQWRIDFLOHGLJHVWLRQHSHUFLzVLXVDDURPDWL]]DUODFRQFDQQHOODR
YDLQLJOLD &KL KD OR VWRPDFR GD SRWHUOD WROOHUDUH ³OD FLRFFRODWD FRQYLHQH GLFH LO SURIHVVRU 0DQWHJD]]D DL
YHFFKL DL JLRYDQL GHEROL H VSDUXWL DOOH SHUVRQH SURVWUDWH GDOXQJKH PDODWWLH H GD DEXVL GHOOD YLWD´ 3HU FKL
ODYRUD DVVDL FRO FHUYHOOR H QRQ SXz VWDQFDUH LO YHQWULFROR GL EXRQ PDWWLQR FRQ XQD VXFFROHQWD FROD]LRQH LO
FDFDRRIIUHXQHFFHOOHQWHFLERPDWWXWLQR
)5877$,1*8$==2
$FKLSLDFHOHIUXWWDLQJXD]]RSXzULXVFLUHJUDGLWRLOVHJXHQWHPRGRGLFRQIH]LRQDUOH
&RPLQFLDWH GDOOH SULPH FKH DSSDULVFRQR LQ SULPDYHUD FLRq GDOOH IUDJROH GDO ULEHV H GDL ODPSRQL H
SRQHWHQH LQ XQ YDVR R JUDPPL SHU VRUWD FRSULWHOH FRQ OD PHWj GHO ORUR SHVR GL ]XFFKHUR H WDQWD
DFTXDYLWHRFRJQDFFKHOHVRPPHUJD3RLSURVHJXLWHFRQOHFLOLHJHOHVXVLQHOHDOELFRFFKHOHSHVFKHWXWWH
SULYDWH GHO QRFFLROR H DOO LQIXRUL GHOOH FLOLHJH WDJOLDWHOH D OHWWLQH DJJLXQJHQGR VHPSUH LQ SURSRU]LRQH
]XFFKHURHGDFTXDYLWH
3RWHWHPHWWHUYLDQFKHXYDVSLQDXYDVDODPDQQDHTXDOFKHSHUDJHQWLOHPDSRLDVVDJJLDWHLOOLTXLGR
SHUDJJLXQJHUH]XFFKHURRGDFTXDYLWHDWHQRUHGHOYRVWURJXVWR
)RUPDWRLOYDVRODVFLDWHORLQULSRVRSHUTXDOFKHPHVHSULPDGLVHUYLUYHQH
3(6&+(1(//263,5,72
3HVFKHFRWRJQHQRQWURSSRPDWXUHFKLORJUDPPL
=XFFKHURELDQFRJUDPPL
$FTXDXQOLWUR
&DQQHOODLQWHUDXQSH]]ROXQJRXQGLWR
$OFXQLFKLRGLGLJDURIDQR
6SLULWRGLYLQRTXDQWREDVWD
6DSUHWHFKHODSHVFDFRWRJQDqTXHOODURVVRJLDOORRVHPSOLFHPHQWHJLDOODVWUDFRQODSROSDDWWDFFDWD
DOQRFFLROR
6WURILQDWHOH FRQ XQ FDQRYDFFLR SHU OHYDU ORUR OD ODQXJLQH H EXFDWHOH LQ FLQTXH R VHL SXQWL FRQ XQR
VWHFFKLQR)DWHEROOLUHSHUYHQWLPLQXWLOR]XFFKHURQHOO DFTXDDFD]]DUXRODVFRSHUWDHSRLJHWWDWHFLOHSHVFKH
LQWHUHULPRYHQGROHVSHVVRVHLOVLURSSRQRQOHULFRSUHHTXDQGRDYUDQQREROOLWRFLQTXHPLQXWLFRQWDQGRGDO
PRPHQWRFKHKDQQRULSUHVRLOEROORUHOHYDWHOHDVFLXWWH
$OORUFKp OH SHVFKH H LO VLURSSR VDUDQQR GLDFFL R PHJOLR LO JLRUQR DSSUHVVRFROORFDWHOH LQ XQ YDVR GL
FULVWDOORRSSXUHLQXQRGLWHUUDLQYHWULDWRHQXRYRYHUVDWHFLVRSUDLOVLURSSRHWDQWRVSLULWRGLYLQRRFRJQDF
FKH OH VRPPHUJD H OH GRVL D JLXVWD PLVXUD $JJLXQJHWH JOL DURPL LQGLFDWL H SURFXUDWH FKH UHVWLQR VHPSUH
FRSHUWHGDOOLTXLGRYHUVDQGRQHRFFRUUHQGRGHOO DOWURLQDSSUHVVR
7HQHWHFKLXVRLOYDVRHUPHWLFDPHQWHHFRPLQFLDWHDPDQJLDUOHQRQSULPDFKHVLDWUDVFRUVRXQPHVH
3(6&+(,1*+,$&&,2
Ê O XQLFD ULFHWWD GL TXHVWD UDFFROWD FKH QRQ KR SURYDWR SHUFKp TXDQGR XQD VLJQRUD LQJOHVH YHQQH
VSRQWDQHDPHQWH DG RIIULUPHOD OD VWDJLRQH GHOOH SHVFKH HUD SDVVDWD H LO WHPSR LQFDO]DYD SHU OD SUHVHQWH
ULVWDPSD/DVLJQRUDPHODUDFFRPDQGzDVVLFXUDQGRPLFKHHUDPROWRJUDGLWDQH VXRLSDHVLHSHUFLzD]]DUGR
GLSXEEOLFDUOD
6L SUHQGRQR SHVFKH VSLFFKH PDWXUH H VDQH VL JHWWDQR GXH DOOD YROWD SHU XQ PLQXWR QHOO DFTXD
EROOHQWHHWROWHGDOO DFTXDVLVEXFFLDQRVHQ]DWRFFDUODSROSD3RLV LQYROWDQRPROWRHEHQHQHOOR]XFFKHUR
ELDQFRLQSROYHUHHVLFROORFDQRLQXQERORRVVLDLQXQYDVRIRQGRHGHFHQWHLQGLVLSUHQGRQRWDQWLTXDGUHWWL
GL ]XFFKHUR TXDQWH VRQR OH SHVFKH VL VWURILQDQR VXOOD EXFFLD GL XQ OLPRQH GL JLDUGLQR PDWXUR ILQFKp RJQL
TXDGUHWWR VLDVL LPSUHJQDWR GHOO HVVHQ]D GHO OLPRQH H VL QDVFRQGRQR IUD OH SHVFKH 6L ODVFLDQR FRVu
DFFRPRGDWHSHUGXHRUHDOPHQR LOSLQRQJXDVWD HSULPDGLSRUWDUHLOYDVRLQWDYRODVLWLHQHWXWWRFKLXVRH
FRSHUWRIUDPROWRJKLDFFLRSHUGXHRWUHRUH5LWRUQDWDODVWDJLRQHGHOOHSHVFKHQRQKRPDQFDWRGLPHWWHUHLQ
SURYDTXHVWDULFHWWDHSRVVRGLUYLVXELWRFKHHVVDKDGHOPHULWR,RPLVRQRVHUYLWRGLXQYDVRGLPHWDOORGL
]XFFKHURDYHORDEXRQDPLVXUDHGKRVSDUVRVDOHIUDLOJKLDFFLR
&,/,(*(9,6&,2/(,1*8$==2
4XHVWHFLOLHJHFRVuFRQFLDWHQRQKDQQRELVRJQRGLVSLULWRFKHORIDQQRGDVp
&LOLHJHYLVFLROHFKLORJUDPPLO
=XFFKHURELDQFRJUDPPL
8QSH]]HWWRGLFDQQHOOD
'DOOH VXGGHWWH FLOLHJH VHSDUDWHQH JUDPPL GHOOH SL EUXWWH R JXDVWH HVWUDHWHQH LO VXJR H
SDVVDWHOR/HDOWUHOHYDWRLOJDPERPHWWHWHOHDVWUDWLLQXQYDVRGLFULVWDOORXQRGLHVVHHXQRGL]XFFKHUR
SRL YHUVDWHFL VRSUD LO GHWWR VXJR /HYDWH OH DQLPH D XQD SDUWH GHL QRFFLROL GHOOH FLOLHJH GLVIDWWH HG DQFKH
TXHVWH H OD FDQQHOODJHWWDWHOHQHOYDVRFKLXGHWHORHQRQORPXRYHWHSHUGXHPHVLDOPHQR9HGUHWHFKHOR
]XFFKHUR D SR SHU YROWD VL VFLRJOLHUj H OH FLOLHJH GDSSULPD VWDUDQQR D JDOOD GHO OLTXLGR SRL TXHVWR
FRQYHUWHQGRVLLQDOFRROOHFLOLHJHFDGRQRDOIRQGRHDOORUDVRQRPDQJLDELOLHEXRQH
5,%(6$//$)5$1&(6(
3UHSDUDWH XQD VROX]LRQH OHJJLHUD GL JRPPD DUDELFD LQ SROYHUH VFLROWD QHOO DFTXD 3UHQGHWH VX FROOH
GLWD LO ULEHV FUXGR QHL VXRL JUDSSROLQL WXIIDWHOL XQR DOOD YROWD QHOOD VROX]LRQH H VSROYHUL]]DWHOL GL ]XFFKHUR
FULVWDOOLQR LQ SROYHUH PD QRQ D YHOR 'LVSRVWL SRL LQ XQ SLDWWR TXHO IRQGR URVVR EULOODQWDWR IDUj GL Vp EHOOD
PRVWUDIUDOHIUXWWDGLXQSUDQ]RHVDUjPROWRJXVWDWRGDOOHVLJQRUH
3RWUHWHDQFKHWUDPH]]DUHLOULEHVURVVRFROELDQFR
321&($//$3$5,*,1$
4XHVWR q XQ SRQFH FRUURERUDQWHFKH SXz YHQLUH RSSRUWXQR TXDQGR IUDXQSDVWRHO DOWURYLVHQWLVWH
PDQFDUORVWRPDFR
3UHQGHWH XQD WD]]D GHO FRQWHQXWR GL GXH GHFLOLWUL FLUFD IUXOODWHFL GHQWUR XQ URVVR G XRYR FRQ GXH
FXFFKLDLQL GL ]XFFKHUR GXUDQGR ILQFKp VLD GLYHQXWR TXDVL ELDQFR $JJLXQJHWH DOORUD GRVDQGROR D SLDFHUH
GXH R WUH FXFFKLDLDWH GL FRJQDF GL UKXP R GL DOWUR OLTXRUH FKH SL YL JXVWL H ULHPSLWH OD WD]]D GL DFTXD
EROOHQWHYHUVDWDSRFRSHUYROWDFRQWLQXDQGRDIUXOODUHSHUIDUJOLIDUHODVSXPD
0$1'25/(7267$7(
0DQGRUOHGROFLJUDPPL
=XFFKHURJUDPPL
/H PDQGRUOH VWURILQDWHOH FRQ XQ FDQRYDFFLR SRL PHWWHWH DO IXRFR LQ XQD FD]]DUXROD QRQ LVWDJQDWD LO
GHWWR]XFFKHUR FRQGXHGLWD GLELFFKLHUH G DFTXDHDOORUFKpVDUjVFLROWRYHUVDWHOHPDQGRUOHULPHVWDQGROH
FRQWLQXDPHQWHHTXDQGROHVHQWLUHWHVFRSSLHWWDUHULWLUDWHODFD]]DUXRODVXOO RUORGHOIRUQHOORHYHGUHWHFKHOR
]XFFKHURVLUDSSLJOLDHGLYLHQVDEELRVR$OORUDOHYDWHORHVHSDUDWHOHPDQGRUOHGDOOR]XFFKHURSRLODPHWjGL
TXHVWR ]XFFKHUR ULPHWWHWHOR DO IXRFR FRQ DOWUH GXH GLWD G DFTXD H TXDQGR JHWWHUj O RGRUH GL FDUDPHOOD
YHUVDWHFLOHGHWWHPDQGRUOHULPHVWDWHHWLUDWRFKHDYUDQQROR]XFFKHUROHYDWHOH3RLPHWWHWHDOIXRFRO DOWUD
PHWj GHOOR ]XFFKHUR ULPDVWRFRQ DOWUH GXH GLWD G DFTXD H ULSHWHWH SHU OD WHU]DYROWD O RSHUD]LRQH FKH VDUj
O XOWLPD9HUVDWHOHPDQGRUOHLQXQSLDWWRHVHSDUDWHTXHOOHFKHVLVDUDQQRDWWDFFDWHLQVLHPH
6RQREXRQLVVLPHDQFKHVHQ]DQHVVXQRGRUHPDSLDFHQGRYLSRWHWHGDUORURLOSURIXPRGHOODYDLQLJOLD
FRQ]XFFKHURYDQLJOLDWRRSSXUHLOJXVWRGHOODFLRFFRODWDFRQJUDPPLGLTXHVWDJUDWWDWDPDO XQRRO DOWUD
VDUjEHQHYHUVDUOLDOO XOWLPRPRPHQWR
2/,9(,16$/$02,$
&LVDUDQQRIRUVHPHWRGLSLUHFHQWLHPLJOLRULSHUIDUHOHROLYHLQVDODPRLDPDTXHOORFKHTXLYLRIIURq
SUDWLFDWRLQ5RPDJQDFRQRWWLPRULVXOWDWR
(FFRYLOHSURSRU]LRQLSHURJQLFKLORJUDPPRGLROLYH
&HQHUHFKLORJUDPPLO
&DOFHYLYDJUDPPL
6DOHJUDPPL
$FTXDSHUODVDODPRLDGHFLOLWUL
6L GLFH YLYD OD FDOFH TXDQGR GRSR DYHUOD OHJJHUPHQWH EDJQDWD FROO DFTXD LQ IRU]D GL XQ D]LRQH
FKLPLFD VL VFUHSROD VL ULVFDOGD IXPD VL JRQILD H FDGH LQ SROYHUH Ê LQ TXHVW XOWLPR VXR VWDWR FKH GRYHWH
DGRSHUDUOD PHVFRODQGROD DOOD FHQHUH SRL FROO DFTXD IRUPDWHQH XQD SROWLJOLD Qp WURSSR GHQVD Qp WURSSR
OLTXLGD ,Q HVVD LPPHUJHWH OH ROLYH LQ PRGR FKH FRQ TXDOFKH FRVD FKH OH SUHPD UHVWLQR WXWWH FRSHUWH H
WHQHWHFHOH GDOOH GRGLFLDOOHTXDWWRUGLFLRUHFLRqILQRDWDQWRFKHVLVDUDQQRUHVHDOTXDQWRPRUELGHHSHUFLz
JXDUGDWHOHVSHVVRWDVWDQGROH$OFXQLRVVHUYDQRVHODSROSDVLGLVWDFFDGDOQRFFLRORPDTXHVWDqXQDQRUPD
WDOYROWDIDOODFH
/HYDWHOH GDOOD SROWLJOLD ODYDWHOH D PROWH DFTXH H ODVFLDWHOH QHOO DFTXD IUHVFD TXDWWUR R FLQTXH JLRUQL
RVVLDILQFKpQRQUHQGHUDQQRO DFTXDFKLDUDSHUGHQGRO DPDURFDPELDQGRO DFTXDWUHYROWHDOJLRUQR4XDQGR
VDUDQQR DUULYDWH DO SXQWR PHWWHWH DO IXRFR JOL RWWR GHFLOLWUL GL DFTXD FRO GHWWR VDOH H FRQ GLYHUVL SH]]HWWL GL
JURVVL JDPEL GL ILQRFFKLR VHOYDWLFR IDWH EROOLUH SHU DOFXQL PLQXWL H FRQ TXHVWD VDODPRLD YHUVDWD IUHGGD
FRQVHUYDWHOHROLYHLQYDVRGLYHWURRLQXQRGLWHUUDLQYHWULDWD
/D FDOFH SHU EDJQDUOD PHJOLR LPPHUJHWHOD FRQ XQD PDQR SHU XQ PRPHQWR FLQTXH R VHL VHFRQGL GL
PLQXWREDVWDQR QHOO DFTXDHSRQHWHODVRSUDDXQIRJOLRGLFDUWD
)81*+,6277¶2/,2
6FHJOLHWHIXQJKLSRUFLQLFKLDPDWLDOWULPHQWLPRUHFFLLSL SLFFROLFKHSRWHWHWURYDUHHVHYHQHIRVVHUR
IUDPPLVWL GHL JURVVL TXDQWR OH QRFL GL TXHVWL IDWHQH GXH SDUWL 'RSR DYHUOL QHWWDWL EHQH GDOOD WHUUD H ODYDWL
IDWHOL EROOLUH SHU YHQWLFLQTXH PLQXWL QHOO DFHWR ELDQFR PD VH IRVVH PROWR IRUWH FRUUHJJHWHOR FRQ XQ SR G DFTXD 7ROWL GDO IXRFR DVFLXJDWHOL EHQH HQWUR D XQ FDQRYDFFLR H ODVFLDWHOL DOO DULD ILQR DO JLRUQR DSSUHVVR
$OORUDFROORFDWHOLLQXQYDVRGLYHWURRGLWHUUDLQYHWULDWDFRSHUWLG ROLRHFRQTXDOFKHRGRUHFKHSLYLSLDFFLD
&KLFLPHWWHXQRVSLFFKLRRGXHGLDJOLRPRQGDWLFKLDOFXQLFKLRGLGLJDURIDQRHFKLXQDIRJOLDGLDOORURFKHVL
SXzIDUEROOLUHIUDO DFHWR6LXVDPDQJLDUOLFROOHVVR
0267$5'$$//¶862726&$12
8YDGROFHQHUDHELDQFDRSSXUHWXWWDELDQFDFRPHLRODSUHIHULVFRFKLORJUDPPL
/ XYDDPPRVWDWHODFRPHIDUHVWHSHOYLQRHGRSRXQJLRUQRRGXHTXDQGRDYUjDO]DWRVSUHPHWHQHLO
PRVWR
0HOHURVHRUHLQHWWHVFKLORJUDPPLO
'XHSHUHJURVVH
9LQRELDQFRPHJOLRYLQVDQWRJUDPPL
&HGURFDQGLWRJUDPPL
6HQDSDELDQFDLQSROYHUHJUDPPL
/HPHOHHOHSHUHVEXFFLDWHOHHWDJOLDWHOHDIHWWHVRWWLOLSRLPHWWHWHOHDOIXRFRFROGHWWRYLQRHTXDQGR
O DYUDQQRWLUDWRWXWWRYHUVDWHLOPRVWR5LPHVWDWHVSHVVRHTXDQGRLOFRPSRVWRVDUjFRQGHQVDWRDOTXDQWRSL
GHOOD FRQVHUYD GL IUXWWDODVFLDWHOR IUHGGDUH HGDJJLXQJHWHODVHQDSDVFLROWDSULPD FRQXQSRFRGLYLQREHQ
FDOGRHLOFDQGLWRLQPLQXWLSH]]HWWL&RQVHUYDWHODLQYDVHWWLFRQVRSUDXQVRWWLOYHORGLFDQQHOODLQSROYHUH/D
VHQDSDSHUXVRGLWDYRODHFFLWDO DSSHWLWRHIDYRULVFHODGLJHVWLRQH
&5267$(02'2',&5267$5(
0LOROHFLWRGLWUDGXUUHFRVuLGXHIUDQFHVLVPLFRPXQHPHQWHXVDWLGLJODVVDJODVVDUHODVFLDQGRDGDOWUL
ODFXUDG LQGLFDUHWHUPLQLLWDOLDQLSLVSHFLDOLHSLSURSUL3DUORGLTXHOO LQWRQDFRELDQFRRQHURRSSXUHGLDOWUR
FRORUHFKHVLVXROIDUHVRSUDDOFXQLGHLGROFLLQDGGLHWURGHVFULWWLFRPHODERFFDGLGDPDLOVDODPHLQJOHVHOH
WRUWHWHGHVFKHHVLPLOLSHUUHQGHUOLSLDSSDULVFHQWL
3HU FURVWDUH GL QHUR SUHQGHWH JUDPPL GL FLRFFRODWD H JUDPPL GL ]XFFKHUR LQ SROYHUH /D
FLRFFRODWDJUDWWDWHODHPHWWHWHODDOIXRFRLQXQDSLFFRODFD]]DUXRODFRQWUHFXFFKLDLDWHG DFTXD6FLROWDFKH
VLDDJJLXQJHWHOR]XFFKHURHIDWHEROOLUHDOHQWRIXRFRULPHVWDQGRVSHVVR/ LPSRUWDQWHGHOO RSHUD]LRQHqGL
FRJOLHUH LO SXQWR GHOOD FRWWXUD LO TXDOH VL FRQRVFHUj TXDQGR LO FRPSRVWR VL VWHQGH D ILOR SUHQGHQGRQH XQD
JRFFLDIUDLO SROOLFH HO LQGLFHPDTXHVWRILORQRQORHVLJHWHSLOXQJRGLXQFHQWLPHWURDOWULPHQWLLOSXQWRGL
FRWWXUD YL SDVVD /HYDWH DOORUD OD FD]]DUXROD GDO IXRFR H SRQHWHOD QHOO DFTXD IUHVFD ULPHVWDQGR VHPSUH H
TXDQGR YHGUHWH FKH LO OLTXLGR GLYHQWD RSDFR DOOD VXSHUILFLH FRPH GHVVH FHQQR GL IRUPDUH XQD WHOD
GLVWHQGHWHORVXOGROFH5LPHWWHWHTXHVWRLQIRUQRRSSXUHVRWWRDXQFRSHUFKLRGLIHUURFROIXRFRVRSUDSHUGXH
RWUHPLQXWLHYHGUHWHFKHODFURVWDSUHQGHUjXQDVSHWWROLVFLROXFLGRHGXUR
/DFURVWDELDQFDVLIDFROODFKLDUDG XRYROR]XFFKHURDYHORO DJURGLXQOLPRQHHLOURVROLRSLDFHQGRYL
GLFRORUH URVHRLQYHFHGLURVROLRVHUYLWHYLGLDONHUPHV(FFRYLOHSURSRU]LRQLDOO LQFLUFDSHURJQXQRGHLGROFL
GHVFULWWL /D FKLDUD GL XQ XRYR JUDPPL GL ]XFFKHUR XQ TXDUWR GL OLPRQH XQD FXFFKLDLDWD GL URVROLR
RSSXUHWDQWRDONHUPHVFKHGLDLOVXGGHWWRFRORUH6EDWWHWHEHQHRJQLFRVD LQVLHPHHTXDQGR LOPLVFXJOLRq
VRGRLQPRGRGDVFRUUHUHOHJJHUPHQWHGLVWHQGHWHORVXOGROFHHGHVVRVLVHFFKHUjGDVpVHQ]DPHWWHUORDO
IXRFR
6H SRL LQYHFH GL GLVWHQGHUH OD FURVWD ELDQFD WXWWD XQLWD YL SLDFHVVH GL RUQDUH LO GROFH D GLVHJQR
SURYYHGHWHYL GD FKL YHQGH VLPLOL RJJHWWL SHU GHFRUD]LRQH FHUWL SLFFROL LPEXWL GL ODWWD LQFLVL LQ FLPD FKH
V LQILODQRHQWURDXQVDFFKHWWRDSSRVLWRFRVHWXWWHGLTXHVWRJHQHUHFKHDQRVWUDYHUJRJQDDFTXLVWLDPRGDOOD
)UDQFLD,QPDQFDQ]DGLTXHVWLVWUXPHQWLSRWUHWH VXSSOLUHDOODPHJOLRFRQFDUWRFFLGLFDUWDDFRUQHWWR3RVWR
LQHVVLLOFRPSRVWRVWUL]]DWHSHUFKpHVFDDILOLVRWWLOLGDOSLFFROREXFRGHOIRQGR6HLOFRPSRVWRGHOODFURVWD
ELDQFDULHVFHWURSSROLTXLGRTXDQGRORIRUPDWHDJJLXQJHWHGHOOR]XFFKHUR
8QDOWURPRGRGLFURVWDUHLQELDQFRqTXHOORSUDWLFDWRSHO'ROFHDOODQDSROHWDQDQHSRLDQGDWHD
YHGHUHLGROFLQH
63(=,(),1,
6HYROHWHXVDUHQHOODYRVWUDFXFLQDGHOOHVSH]LHEXRQHHFFRYHQHODUuFHWWD
1RFLPRVFDWHQ
&DQQHOODGL&H\ODQRVVLDGHOODUHJLQDJUDPPL
3HSHJDURIDQDWRJUDPPL
&KLRGLGLJDURIDQRJUDPPL
0DQGRUOHGROFLJUDPPL
6H YL DJJLXQJHWH DOWUH VSHFLH GL GURJKH DOO LQIXRUL GHO PDFLV FLRq O DULOOR GHOOD QRFH PRVFDWD FKH q
RWWLPRQRQIDUHWHQXOODGLYHUDPHQWHEXRQRYLFRQVLJOLRDQFKHGLQRQLPLWDUHLGURJKLHULLTXDOLLQYHFHGHOOD
FDQQHOOD GL &H\ODQ DGRSHUDQR OD FDVVLDOLQHD RVVLD FDQQHOOD GL *RD H YL EXWWDQR FRULDQGROL D SLHQH PDQL
SHUFKpTXHVWLIDQQRYROXPHHFRVWDQRSRFR
3HVWDWHRJQLFRVDLQVLHPHLQXQPRUWDLRGLEURQ]RSDVVDWHOHVSH]LHGDXQRVWDFFLQRDYHORGLVHWDH
FRQVHUYDWHOH LQ XQ YDVR GL YHWUR D WDSSR VPHULJOLDWR RSSXUH LQ XQD ERFFHWWD FRO WXUR GL VXJKHUR H YL VL
FRQVHUYHUDQQR DQFKH SHU DQQL FROODVWHVVD IUDJUDQ]D GHO SULPR JLRUQR /HVSH]LHVRQRHFFLWDQWLPDXVDWH
SDUFDPHQWHDLXWDQRORVWRPDFRDGLJHULUH
$33(1',&(
&8&,1$3(5*/,6720$&+,'(%2/,
2UDVLVHQWHVSHVVRSDUODUHGHOODFXFLQDSHUJOLVWRPDFKLGHEROLODTXDOH SDUHVLDYHQXWDGLPRGD
%LVRJQHUjTXLQGLGLUQHGXHSDUROHVHQ]DSUHWHQGHUHFR PLHLSUHFHWWLQpGLULQIRU]DUHQpGLDSSDJDUH
TXHVWLVWRPDFKLGLFDUWD1RQqIDFLOHLQGLFDUHFRQSUHFLVLRQHVFLHQWLILFDTXDOLVLDQRLFLELFKHSLFRQYHQJRQR
DG XQ LQGLYLGXR LQGHEROLWR GDJOL DQQL GDOOH PDODWWLH GDJOL VWUDYL]L R GHEROH SHU QDWXUD SHUFKp DEELDPR D
FRPSHWHUH FRQ XQ YLVFHUH FDSULFFLRVR TXDO q OR VWRPDFRHG DQFKH SHUFKp FL VRQR DOFXQLFKHGLJHULVFRQR
FRQIDFLOLWjFLzFKHDGDOWULqLQGLJHVWR
1RQRVWDQWHPLVWXGLHUzLQGLFDUHTXHLFLELFKHDPLRSDUHUHSLFRQYHQJRQRDGXQRVWRPDFRILDFFRH
GLQRQIDFLOHGLJHVWLRQHHSDUWHQGRPL GDOSULPRHGXQLFRDOLPHQWRFKHODQDWXUDVRPPLQLVWUDDLPDPPLIHUL
DSSHQD QDWL LO ODWWH ULWHQJR FKH GL TXHVWR SRWHWH XVDUH HG DEXVDUH D SLDFHUH VH QRQ YL SURGXFH GLVWXUEL
JDVWULFL
3RLSDVVDQGRDOEURGRFKHGHY HVVHUHEHQGLJUDVVDWRLOSLFRQIDFHQWHqTXHOORGLSROORGLFDVWUDWRH
GLYLWHOODPDSULPDG LQGLFDUYLLFLELVROLGLFKHFRQYHQJRQRPHJOLRVDUjEHQHULFKLDPDUHDOODPHPRULDFLzFKH
KRGHWWRQHOOHSRFKHQRUPHG LJLHQHLQPHULWRDOODPDVWLFD]LRQHHFLRqFKHVHTXHVWDqIDWWDDFFXUDWDPHQWH
DYYLHQH FKHSHU PHULWR GHOOD PDJJLRUH VDOLYD]LRQH LO FLERVL GLJHULVFH H VL DVVLPLOD SL IDFLOPHQWH PHQWUH
FKL PDVWLFD LQ IUHWWD H LQJKLRWWLVFH FLEL PDO WULWXUDWL IRU]D OR VWRPDFR DG XQD HODERUD]LRQH SL JUDYH H OD
GLJHVWLRQHULHVFHODERULRVDHSHVDQWH
*LRYDLQROWUHDYHUHOHVXHRUHVWDELOLWHSHUODFROD]LRQHHSHOSUDQ]RLOTXDOHIDWWRDPH]]RJLRUQRRDO
WRFFRVDUjDVVDLSL LJLHQLFRSHUFKpYLGjFDPSRGLIDUFLVRSUDXQDSDVVHJJLDWDHXQVRQQHOOLQRGLHVWDWH
VWDJLRQHGXUDQWHODTXDOHLOFLERGHY HVVHUHSLOHJJHURHPHQRVXFFXOHQWRFKHQHOO LQYHUQR9LDYYHUWRSRLGL
QRQ VERFFRQFHOODUH IUD JLRUQR H FRQVLJOLR DOOH VLJQRUH GL QRQ GHELOLWDUVL OR VWRPDFR FRL FRQWLQXL GROFLXPL
9HUDPHQWHQRQVLGRYUHEEHULFRUUHUHDOFLERVHQRQTXDQGRORVWRPDFRFKLHGHFRQLQVLVWHQ]DVRFFRUVRLO
FKHVLRWWLHQHSLVSHFLDOPHQWHFRQO HVHUFL]LRGHOFRUSRSHUFKpTXHVWRHODWHPSHUDQ]DVRQRLGXHSHUQLVXL
TXDOLVWDODVDOXWH
0,1(675(
,Q TXDQWR DOOH PLQHVWUH FRPLQFLDQGR GDL FDSHOOLQL R SDVWLQH QRQ XVDWH PDL TXHOOH GL FRORU JLDOOR
DUWLILFLDOH PD VROWDQWR TXHOOH IDWWHFROJUDQ GXUROH TXDOL QRQ KDQQR ELVRJQRGLWLQWDSHUFKpUHFDQRFRQVp
VWHVVH TXHO FRORULQR QDWXUDOH GL FHUD UHJJRQR DOOD FRWWXUD H VHUEDQR GRSR FRWWH TXHO VHQVR LQ ERFFD GL
UHVLVWHQ]D SLDFHYROH 3RWUHWH IRUV DQFKH WROOHUDUH OH SDVWH G XRYD L WDJOLHULQL SHU HVHPSLR SXUFKp WLUDWL
ILQLVVLPLHLPDOIDWWLQLGLSDQJUDWWDWR$YHWHOH]XSSHVHPSOLFL RFRQHUEDJJLQRQYHQWRVLODWDSLRFD FKHLR
GHWHVWRSHUODVXDPXFRVLWj LOULVROHJDWRFRQTXDOFKHURVVRG XRYRHSDUPLJLDQR
/D=XSSDDOODVSDJQRODQOD=XSSDGL]XFFDJLDOODQOD=XSSDGLDFHWRVDQOD=XSSDGL
SDQHG XRYRQOD=XSSDUHJLQDQOD=XSSDULSLHQDQOD=XSSDVDQWpQOD3DQDWDQOD
0LQHVWUDGLSDQJUDWWDWRQL7DJOLHULQLGLVHPROLQRQOH0LQHVWUHGLVHPROLQRFRPSRVWHQHOD
0LQHVWUD GHO 3DUDGLVR Q TXHOOD GL FDUQH SDVVDWD Q TXHOOD GL QRFFLXROH GL VHPROLQR Q TXHOOD GL
PLOOH IDQWL Q L 3DVVDWHOOL GL VHPROLQR Q L 3DVVDWHOOL GL SDQJUDWWDWR Q VRVWLWXHQGR VH PDL DO
PLGROORJUDPPLGLEXUUR
3HUOHPLQHVWUHGLPDJURQRQVDSUHLLQGLFDUHFKH LFDSHOOLQLRVRSUDFDSHOOLQLFRQGLWLFRQFDFLRHEXUURR
FROVXJRLOULVRFRWWRQHOODWWHODIDULQDWDJLDOODQHOODWWHVHQRQYLSURGXFHDFLGLWjDOORVWRPDFROH=XSSHGL
SHVFHQHOD=XSSDGLUDQRFFKLHVFOXVHOHXRYDGHLPHGHVLPLFKHIDQQR EUXWWXUDQ
,Q SDUL WHPSR ELVRJQHUj EDQGLUH GDOOD FXFLQD WXWWL JOL DURPL R DO SL ODVFLDUQH DSSHQD OH WUDFFHYLVWR
FKHQRQVRQRQHOOHJUD]LHGHOOHQRVWUHGHOLFDWHVLJQRUHQpGLFRORURGLSDODWRWURSSRVHQVLELOH
35,1&,3,,
6DQGZLFKHVQ&URVWLQLGLEXUURHDFFLXJKHQ&URVWLQLGLIHJDWLQLHDFFLXJKHQ&URVWLQL
ILRULWLQ3URVFLXWWRFRWWR6DUGLQHGL1DQWHVVHUYLWHFROEXUUR
6$/6(
6DOVDDOODPDvWUHG K{WHOQ6DOVDELDQFDQ6DOVDPDMRQHVHQ6DOVDSLFFDQWH,Q
6DOVDJLDOODSHUSHVFHOHVVRQ6DOVDRODQGHVHQ6DOVDSHUSHVFHLQJUDWHOODQ
829$
/H XRYD IUHVFKH VRQR XQ EXRQ QXWULPHQWR H IDFLOPHQWH DVVLPLODELOH VH LQJHULWH Qp FUXGH Qp WURSSR
FRWWH 6H YL DWWHQHWH DOOH IULWWDWH SUHIHULWH TXHOOH PLVWH FRQ HUEDJJL H WHQXWH VRWWLOL H QRQ ULYROWDWHOH RQGH
UHVWLQRWHQHUH6DQDqDQFKHODIULWWDWDGLVSDUDJLQFRPHSXUHL5RVVLG XRYRDOFDQDSqQ
)5,772
$OFXQL WURYDQR LO IULWWR DOTXDQWR SHVDQWH DOOR VWRPDFR SHU O XQWR FKH DVVRUEH LQ SDGHOOD QRQRVWDQWH L
SLWROOHUDELOLVRQRTXHOOLGLFHUYHOORDQLPHOOHHVFKLHQDOLLIULWWLGLVHPROLQRLOIHJDWRGLYLWHOODGLODWWHHGHOOD
FRUDWHOODG DJQHOORLOVRORIHJDWR,QROWUH3ROORGRUDWR,Q3HWWLGLSROORDOODVFDUODWWDQ*UDQHOOLQ
)ULWWHOOH GL ULVR Q%RPEHHSDVWDVLULQJDQ&RWROHWWHLPERWWLWHQ%UDFLROLQHGLYLWHOODGL
ODWWHDOO XFFHOOHWWRQ%RFFRQLGLSDQHULSLHQLQ$UQLRQLSHUFROD]LRQHQ&URFFKHWWHGLDQLPHOOH
Q&URFFKHWWHGLULVRVHPSOLFLQ)ULWWRFRPSRVWRDOODERORJQHVHQ6DOWLPERFFDDOODURPDQDQ
HGLYHUVLDOWULFRQVLPLOLFKHWURYDWHQHOO HOHQFRGHLIULWWL
/(662
,O OHVVR VL SXz VHUYLUH LPSXQHPHQWH FRQ XQ FRQWRUQR GL VSLQDFL DO EXUUR R DO VXJR PD WULWDWL
PLQXWLVVLPLLOFDUGRQHJOL]XFFKLQLLWDOOLGLUDSDJOLVSDUDJLVRQRJOLHUEDJJLSLVDQLHGDQFKHLIDJLROLQLLQ
HUED VH VRQR ILQLSRVVRQR IDUSDUWH GHO UHJLPHGLXQFRQYDOHVFHQWH,OOHVVR GLSROORRGLFDSSRQHFRQXQ
FRQWRUQRGLULVRQ1RQGLPHQWLFDWHLOOHVVRGLFDVWUDWRFKHLQTXHVWRFDVRqPROWRRSSRUWXQR
(5%$**,
2OWUHDJOLHUEDJJLPHQWRYDWLQHOSUHFHGHQWHSDUDJUDIRSRWHWHIDUXVRGHL&DUFLRILULWWLQ&RWROHWWH
GLFDUFLRILQ6IRUPDWLGLFDUGRQLVSLQDFLFDUFLRILHILQRFFKLQH3HWRQFLDQLIULWWLHLQ
XPLGRQH6HGDQLSHUFRQWRUQRQ&DUFLRILLQVDOVDQ
75$0(66,
*QRFFKLGLVHPROLQRQ*QRFFKLDOODURPDQDQ&DUFLRILLQWHJOLDQ
5,)5('',
&DSSRQH LQ JDODQWLQD Q &DSSRQH LQ YHVFLFD Q $ULVWD Q /LQJXD DOOD VFDUODWWD Q 3DQGLIHJDWRQ
80,',
*OLXPLGLSLVDQLHGHOLFDWLDSDUHUPLRVRQRLVHJXHQWL)ULFDVVHDQ&LEUHRQ 6RXIIOHWGL
SROORQ%UDFLROHGLPDQ]RRGLYLWHOODDOODVDXWpQ/RPEDWDGLFDVWUDWRULSLHQDQ3ROORLQVDOVD
G XRYR Q 3HWWL GL SROOR DOOD VDXWp Q FRQ O DJUR GL OLPRQH *LUHOOR DOOD EUDFH Q 6FDQQHOOR
DQQHJDWRQ 6FDORSSLQHDOODOLYRUQHVHQ&RWROHWWHGLYLWHOODGLODWWHLQVDOVDG XRYRQ&RWROHWWH
FRO SURVFLXWWR Q 4XHQHOOHV Q 9LWHOOD GL ODWWH LQ JXD]]HWWR Q )LOHWWR FRQ OD PDUVDOD Q )LOHWWRDOODSDULJLQDQ6IRUPDWRGHOODVLJQRUD$GHOHQ8PLGRLQFDVVDWRQ3ROORR&DSSRQHLQ
JDODQWLQDQHGDQFKHFRPHSLDWWRDSSHWLWRVRLO9LWHOORWRQQDWRQ
3(6&,
, SHVFL FRPXQL SL GLJHULELOL VRQR LO QDVHOOR R PHUOX]]R VSHFLDOPHQWH VH OHVVDWR H FRQGLWR FROO ROLR H
O DJURGHOOLPRQHHGDQFKHLQJUDWHOODODVRJOLRODLOURPERORVWRULRQHO RPEULQDLOUDJQRLOGHQWLFHO RUDWDLO
SDORPER 5RWHOOHGLSDORPERLQVDOVDQ HG DQFKHOHWULJOLHIULWWHRLQJUDWHOODPDHVFOXGHWHGDOODYRVWUD
FXFLQDWXWWHOHVSHFLHGHLSHVFLWXUFKLQLFKHVRQRLPHQRGLJHULELOL
&$51,$55267,7(
/HFDUQLLQJHQHUHSXUFKpQRQGXUHRWLJOLRVHVRQFLERRPRJHQHRDOFRUSRXPDQRHVHDUURVWLWHGL
IDFLOH DVVLPLOD]LRQH )UD TXHVWH q GD SUHIHULUVL LO SROODPH VSHFLDOPHQWH OD *DOOLQD GL )DUDRQH Q H OD
YLWHOOD GL ODWWH SXz YHQLUH DQFKH RSSRUWXQD OD %LVWHFFD DOOD ILRUHQWLQD Q VSHFLDOPHQWH VH QHO ILOHWWR OD
%LVWHFFDQHOWHJDPHQOD%UDFLXRODGLPDQ]RDOODVDXWpRLQWHJOLDQHLO5RVELIIHQH 3RL
DYHWH OH &RVWROHWWH GL YLWHOOD GL ODWWH DOOD PLODQHVH Q H OH FRVWROHWWH GL FDVWUDWR FKH VRQR HFFHOOHQWL /D
9LWHOOD GL ODWWH DUURVWR Q $UURVWLQL GL YLWHOOD GL ODWWH DOOD VDOYLD Q LO &RVFLRWWR GL FDVWUDWR Q LO
&RVFLRWWR GL FDSUHWWR DOOR VSLHGR R DUURVWR PRUWR OH 4XDJOLHWWH Q LO 3ROOR DOOD 5XGLQu Q H LO
7DFFKLQRWWR WUDWWDWR FRPH OD *DOOLQD GL )DUDRQH Q (FFHOOHQWH O DUURVWR PRUWR Q FRO FRQWRUQR GL
SLVHOOLVHTXHVWLQRQYLGLVWXUEDQR/HFDUQLGLSLFFLRQHGLWDFFKLQRDGXOWRHGHJOLXFFHOOLVRQRJLXGLFDWHPROWR
QXWULHQWLPDFDORURVHTXLQGLDGDJLRFRQTXHVWHSHUVHUEDUOHDWHPSRSLRSSRUWXQR
,16$/$7$
3RFKH VRQROHLQVDODWHFKHSRVVR LQGLFDUYLFRPH VDOXEULPDQHOFDVRYRVWURSUHIHULUHLOHVHJXHQWLLO
UDGLFFKLRFRWWRPLVWRFROODEDUEDELHWRODFRWWDLQIRUQRVHJURVVDROHVVDWDVHSLFFRODJOL6SDUDJLQJOL
=XFFKLQLQHHL)DJLROLQLLQHUEDEHQILQLQH
'2/&,
,QTXDQWRDLGROFLODVFLRODVFHOWDDYRLFKHFRVuDGRFFKLRHFURFHSRWHWHJLXGLFDUHTXHOOLFKHSLYL
FRQYHQJRQRSHUzYLDYYHUWRFKHOHSDVWHIUROOHHOHSDVWHVIRJOLHVRQRLQGLJHVWHFRPHDQFKHOHSDVWHVHQ]D
OLHYLWR DOFXQR 6H VRIIULWH GL VWLWLFKH]]D YL UDFFRPDQGR OH PHOH H OH SHUH FRWWH OH SUXJQH JLXOHEEDWH OH
DOELFRFFKH H OH SHUH LQ FRPSRVWD H TXDORUD O LQWURPLVVLRQH GHO ODWWH QRQ Y LPEDUD]]L OR VWRPDFR SRWHWH
JLRYDUYLGHO/DWWHEUOpQGHO/DWWHDOODSRUWRJKHVHQQRQFKpGHL/DWWHUXROLQH
)5877$
1RQIDWHXVRFKHGLIUXWWDVDQDHEHQPDWXUDDVHFRQGDGHOODVWDJLRQH1HOO LQYHUQRHVFOXGHWHOHIUXWWD
VHFFKHSURILWWDQGRGLTXDOFKHGDWWHURGLTXDOFKHDUDQFLRRGLTXDOFKHPDQGDULQRPDWHQHWHLQJUDQFRQWROD
SHUD VSLQD OD TXDOH VH DFFRPSDJQDWD GD XQ SH]]HWWR GL IRUPDJJLR D YRVWUD VFHOWD DPPHVVR FKH OR
VWRPDFRSRVVDVRSSRUWDUOR qFRPHWXWWLVDQQRXQSLDFHYROHWRUQDJXVWR1HOOHDOWUHVWDJLRQLVFHJOLHUHWHIUD
OH XYH OD HFFHOOHQWH VDODPDQQD LO PRVFDWHOOR H O DOHDWLFR IUD OH SHUH OD VSDGRQD FKH q WDQWR VXFFRVD OD
VXVLQDFODXGLDODSHVFDEXUURQDOHFLOLHJHPRUHOHDOELFRFFKHOHPHOHVHVRQWHQHUH0DIDWHXQVDFULILFLR
DOODJKLRWWRQHULDHVFOXGHQGROHIUDJROHGDOODYRVWUDWDYRODSRLFKpSHLWURSSLORURVHPLQLULHVFRQRQRFLYHSL
LQQRFXLIRUVHVRQRLIUDJRORQLPDPHQRIUDJUDQWL
*(/$7,
6L SRVVRQR SHUPHWWHUH L JHODWL VSHFLDOPHQWH GL IUXWWD DOOD ILQH GHO SUDQ]R R GRSR FRPSLXWD OD
GLJHVWLRQH
9,1,(/,4825,
,OYLQRGDSDVWHJJLDUHSL FRQIDFHQWHDJOLVWRPDFKLGHEROLULWHQJRVLDLOELDQFRDVFLXWWRHVWLPRRWWLPR
SHU OD VXD SLDFHYROH]]D DO JXVWR H SHUFKp PROWR GLJHULELOH TXHOOR GL 2UYLHWR FKH SXz VHUYLUH DQFKH DO
GHVVHUW H SHU TXHVW XVR DYHWH LO YLQ VDQWR LO YLQR G $VWL VSXPDQWH OD PDODJD HG DOWUL VLPLOL FKH VRQR LQ
FRPPHUFLRPDGLTXHVWLFKLVHQHILGD",QTXDQWRDLOLTXRULIDUHWHEHQHDGHVFOXGHUQHO XVRGDOYRVWURUHJLPH
DQFKH SHUFKp GDOO XVR VL SXz SDVVDUH DOO DEXVR FKH VDUHEEH IDWDOH VL SXz IDUH VROWDQWR XQ HFFH]LRQH SHO
FRJQDFVHQ]DDEXVDUQHSHUz4XLSRQJRILQHHULSHWRFROSRHWD
0HVVRW KRLQQDQ]LRPDLSHUWHWLFLED
127(',35$1=,
3RLFKp VSHVVR DYYLHQH FKH GRYHQGR GDUH XQ SUDQ]R FL VL WURYL LPEDUD]]DWL VXOOD HOH]LRQH GHOOH
YLYDQGHKRFUHGXWREHQHGLGHVFULYHUYLLQTXHVW¶DSSHQGLFHWDQWHGLVWLQWHGLSUDQ]LFKHFRUULVSRQGDQRDGXH
SHURJQLPHVHGHOO¶DQQRHGDOWUHGLHFLGDSRWHUVLLPEDQGLUHQHOOHSULQFLSDOLVROHQQLWjWUDODVFLDQGRLQTXHVWHLO
GHVVHUWSRLFKpPHJOLRFKHLRQRQIDUHLYHORVXJJHULVFHODVWDJLRQHFRQOHVXHWDQWHYDULHWjGLIUXWWD&RVu
VH QRQ SRWUHWH VWDUH FRQ HVVH DOOD OHWWHUD YL JLRYHUDQQR DOPHQR FRPH XQD VFRUWD SHU UHQGHUYLSL IDFLOH LO
FRPSLWRGHOODVFHOWD
&$32'¶$112
0LQHVWUDLQEURGR&RPSRVWRGHLFDSSHOOHWWLGL5RPDJQDQVHQ]DVIRJOLD
)ULWWR&RWROHWWHLPERWWLWHQ
8PLGR%XHDOODEUDFHQFRQFDURWHR&RWROHWWHFRLWDUWXILQ
5LIUHGGR3DVWLFFLRGLFDFFLDJLRQHQ
$UURVWR$QDWUDGRPHVWLFDH3LFFLRQLFRQLQVDODWD
'ROFL*kWHDX jOD QRLVHWWH Q± 'ROFH7RULQRQ
*(11$,2
,
0LQHVWUDLQEURGR7RUWHOOLQLDOODERORJQHVHQ
/HVVR&DSSRQHFRQFRQWRUQRGLULVRQ
)ULWWR3DVWDVLULQJDQ± &URFFKHWWHGLDQLPHOOHQ
7UDPHVVR=DPSRQHRFRWHJKLQRFRQ7RUWLQRGLSDWDWHQRQ
(UEDJJL6HGDQLDOVXJRQ
$UURVWR7RUGLQHLQVDODWD
'ROFL7RUWDULFFLROLQDQ± 3XGGLQJ&HVDULQRQ
)UXWWDHIRUPDJJLR3HUHPHOHDUDQFLHIUXWWDVHFFD
,,
0LQHVWUD LQEURGR1RFFLXROHGLVHPROLQRQR%RPEROLQHGLSDWDWHQ
/HVVR8QSHVFHFRQFRQWRUQRQ
8PLGR&LJQDOHGROFHIRUWHR/HSUHLQGROFHIRUWHQ
7UDPHVVR3DVWLFFLQLGLSDVWDVIRJOLDULSLHQLGLFDUQHQ
$UURVWR5RVELIIHDOORVSLHGH FRQSDWDWHHLQVDODWDQR
'ROFL3DVWDPDUJKHULWDQ± %LDQFRPDQJLDUHQ
)UXWWDHIRUPDJJLR3HUHPHOHPDQGDULQLHIUXWWHVHFFKHGLYHUVH
)(67$'(//$%()$1$
0LQHVWUDLQEURGR=XSSDDOODVSDJQRODQ
)ULWWR$QLPHOOHRFHUYHOORPLVWRFRO)ULWWRDOOD*DULVHQGDQ
/HVVR&DSSRQHFRQVHGDQLDOVXJRQ
8PLGR6IRUPDWRGLULVRFROVXJRJXDUQLWRGLULJDJOLHQ
$UURVWR7RUGLQR%HFFDFFHFRLFURVWLQLQ
'ROFL6IRJOLDWDGLPDU]DSDQHQ± 3DVWLFFLQLGLSDVWDEHLJQHW FRSHUWLGLFLRFFRODWDQR'ROFH
5RPDQ
%(5/,1*$&&,2
0LQHVWUDDVFLXWWD3DSSDUGHOOHFRQODOHSUHQR0DFFKHURQLDOODERORJQHVHQ
3ULQFLSLL&URVWLQLGLWDUWXILQ
8PLGL%XGLQRDOODJHQRYHVHQ
7UDPHVVR=DPSRQHR6DODPHGDOVXJRGL)HUUDUDQFRQ6DXHUNUDXW Q
$UURVWR&DSSRQHFRQLQVDODWDR&DSSRQHWDUWXIDWRQ
'ROFL'ROFH7RULQRQH*HODWRGLDUDQFLQ
)(%%5$,2
,
0LQHVWUDLQEURGR$JQHOORWWLQ
/HVVR3ROORHYLWHOODFRQ6SLQDFLDOVXJRQ
5LIUHGGR3DQHGLOHSUHQ
7UDPHVVR7HOOLQHRDUVHOOHLQVDOVDG¶XRYRQ
8PLGR&RWROHWWHGLYLWHOODGLODWWHFRLWDUWXILDOODERORJQHVHQ
$UURVWR8FFHOOLHEHFFDFFHQFRQLQVDODWD
'ROFL6DYDULQQ± &UHPDDOODIUDQFHVHQ
)UXWWDHIRUPDJJLR3HUHPHOHHIUXWWHVHFFKHGLYHUVH
,,
0LQHVWUDLQEURGR=XSSDULSLHQDQ
3ULQFLSLL&URVWLQLGLYHUVLQ
/HVVR3ROODVWUDFRQ3DVVDWRGLSDWDWHQR&DYRORYHU]RWWRQ
8PLGR3DVWLFFLRGLPDFFKHURQLQ
$UURVWR*DOOLQDGL)DUDRQHQHSLFFLRQL
'ROFL3L]]DDOODQDSROHWDQDQ± 3H]]RLQJHOR %LVFXLW Q
)UXWWDHIRUPDJJLR3HUHPHOHPDQGDULQLHIUXWWDVHFFD
0$5=2
, 3UDQ]RGLPDJUR
0LQHVWUD=XSSDGLUDQRFFKLQR=XSSDDOODFHUWRVLQDQ
3ULQFLSLL&URVWLQLGLFDYLDOHHDFFLXJKHQ
7UDPHVVR3DVWLFFLRGLPDJURQR5RWHOOHGLSDORPERQ
(UEDJJL6IRUPDWRGLVSLQDFLQ $UURVWR3HVFHLQJUDWHOODFRQ6DOVDQ
'ROFL7RUWHOOLGLFHFLQ± &UHPDPRQWDWDQ
)UXWWD3HUHPHOHHIUXWWDVHFFD
,,
0LQHVWUDLQEURGR3DVVDWHOOLDOO¶XVRGL5RPDJQDQ
/HVVR8QSHVFHJURVVRFRQ6DOVDPDLRQHVHQ
8PLGR)LOHWWRDOODILQDQ]LHUDQ
7UDPHVVR&URVWLQLGLFDSSHULQ
$UURVWR%UDFLXRODGLPDQ]RULSLHQDQ
'ROFL7RUWDPDQWRYDQDQ± *HODWRGLFUHPDQR*HODWRGLWRUURQHQ
)UXWWDHIRUPDJJLR)UXWWHGLYHUVHH%LVFRWWLQ
35$1=2',48$5(6,0$
0LQHVWUD=XSSDQHOEURGRGLSHVFHQR=XSSDDOODFHUWRVLQDQ
3ULQFLSLL%DFFDOjPRQWHELDQFRQFRQ&URVWLQLGLFDYLDOHQ
/HVVR3HVFHFRQ6DOVDJHQRYHVHQ
7UDPHVVR*QRFFKLDOODURPDQDQ
8PLGR3HVFHDWDJOLRLQXPLGRQ
$UURVWR$QJXLOODQ
'ROFL3DVWLFFLQLGLPDU]DSDQHQH*HODWRGLSLVWDFFKLQ
$35,/(
,
0LQHVWUDLQEURGR0DWWRQFLQLGLULFRWWDQ
/HVVR9LWHOODFRQVSDUDJLLQ6DOVDELDQFDQ
7UDPHVVR3DJQRWWHOOHULSLHQHQ
(UEDJJL6IRUPDWRGLFDUFLRILQ
$UURVWR9LWHOODGLODWWHFRQLQVDODWD
'ROFL3DQHWWRQH0DULHWWDQ± /DWWHEUOpQFRQ&LDOGRQLQ
)UXWWDHIRUPDJJLR%DFFHOOLFjWHUHRVVLDPDQGRUOHWHQHUHFROJXVFLRH 3DVWD0DGGDOHQDQ
,,
0LQHVWUDLQEURGR3DQDWDQ
)ULWWR.UDSIHQQ
8PLGR3ROORGLVRVVDWRULSLHQRQFRQSLVHOOL
7UDPHVVR*QRFFKLDOODURPDQDQ
$UURVWR$JQHOORSDVTXDOHFRQLQVDODWDHXRYDVRGH
'ROFL'ROFHDOODQDSROHWDQDQ± *HODWRGLFLRFFRODWDQ
)UXWWDHIRUPDJJLR )UXWWDIUHVFDGLVWDJLRQHH6WLDFFLDWDDOODOLYRUQHVHQ
0$**,2
,
0LQHVWUDLQEURGR=XSSDDOODVSDJQXRODQ
3ULQFLSLL&URVWLQLGLIHJDWLQLGLSROORQ
8PLGR8PLGRLQFDVVDWR Q
(UEDJJL3LVHOOLDOODIUDQFHVHQR
$UURVWR%UDFLXRODGLPDQ]RULSLHQDQFRQSDWDWHQRYHOOLQHHLQVDODWD
'ROFL7RUWDDOODPDUHQJRQ± *HODWRGLOLPRQHQ
)UXWWDHIRUPDJJLR)UXWWHGLYHUVHHIUDJROHODYDWHFRO&KLDQWLRYLQRURVVRHDJJUD]LDWHFRQ]XFFKHUR
DYHORHPDUVDOD
,,
0LQHVWUDLQEURGR=XSSDVDQWpQ
)ULWWR&RPSRVWRDOODERORJQHVHQ± &DUFLRILQ± =XFFKLQLQ
8PLGR7LPEDOORGLSLFFLRQLQ
(UEDJJL6SDUDJLDOEXUURQ
$UURVWR9LWHOODGLODWWHFRQFRQWRUQRGL&DUFLRILULWWLQ
'ROFL2IIHOOHGLPDU]DSDQHQ± *HODWRGLIUDJROHQ
)UXWWDHIRUPDJJLR)UXWWDGLVWDJLRQHH$PDUHWWLQRQ
3$648$'¶8292
0LQHVWUDLQEURGR3DQDWDQR0LQHVWUDGHO3DUDGLVRQ
)ULWWR&DUFLRILDQLPHOOHH%RFFRQLGLSDQHULSLHQLQ
8PLGR0DQLFDUHWWRGLSLFFLRQLQ
7UDPHVVR6RXIIOHW GLIDULQDGLSDWDWHQR*QRFFKLDOODURPDQDQ
$UURVWR$JQHOORHLQVDODWD
'ROFL/DWWHDOODSRUWRJKHVHQ± 6WLDFFLDWDDOODOLYRUQHVHQ
*,8*12
,
0LQHVWUDLQEURGR6WULFKHWWLDOODERORJQHVHQ
)ULWWR)HJDWRGLYLWHOODGLODWWHDQLPHOOHFHUYHOORHIXQJKL
8PLGR3LFFLRQLFRLSLVHOOLQ
7UDPHVVR=XFFKLQLULSLHQLQ
$UURVWR*DOOHWWLGLSULPRFDQWRHLQVDODWD
'ROFL%RFFDGLGDPDQ± *HODWRGLYLVFLROHQ
)UXWWDHIRUPDJJLR)UXWWDGLVWDJLRQHHSDVWLFFLQLGLSDVWDEHLJQHW Q
,,
0LQHVWUDLQEURGR=XSSDGLSXUq GLSLVHOOLQ
)ULWWR&RWROHWWHGLYLWHOODGLODWWH± &UHPDQ± =XFFKLQLQ
/HVVR'LYLWHOODULIDWWRQFRQFRQWRUQRGLIXQJKL
(UEDJJL6IRUPDWRGLIDJLROLQLQ
$UURVWR*DOOHWWLFRQ,QVDODWDPDLRQHVHQ
'ROFL4XDWWURTXDUWLDOO¶LWDOLDQDQ± =XSSDGLYLVFLROHQ
)UXWWDHIRUPDJJLR)UXWWDIUHVFDGLVWDJLRQH
/8*/,2
,
0LQHVWUDLQEURGR%RPEROLQHGLIDULQDQ
/HVVR3ROODVWUDULSLHQDQ
8PLGR6IRUPDWRGL]XFFKLQLQULSLHQRGLULJDJOLHHGLEUDFLROLQHGLYLWHOODGLODWWH
7UDPHVVR6RXIIOHW GL/XLVHWWDQ
$UURVWR9LWHOODGLODWWHFRQ,QVDODWDUXVVDQ
'ROFL%LVFRWWRDOODVXOWDQDQ± *HODWLQDGLODPSRQHLQJHORQ
)UXWWDHIRUPDJJLR3HVFKHDOELFRFFKHHGDOWUHGLVWDJLRQH
,,
0LQHVWUDLQEURGR0LQHVWUDGLFDUQHSDVVDWDQ
3ULQFLSLL)LFKLFROSURVFLXWWR
8PLGR3ROORGLVRVVDWRULSLHQRQ
5LIUHGGR9LWHOORWRQQDWRQ
7UDPHVVR3DQGLIHJDWRQ
$UURVWR3LFFLRQL HSROODVWULFRQ,QVDODWDPDLRQHVHQ
'ROFL3OXPFDNHQ± &URFFDQWHDEDJQRPDULDLQJHORQ
)UXWWDHIRUPDJJLR)UXWWHGLYHUVHGLVWDJLRQH
3$648$',526(
0LQHVWUDLQEURGR0LQHVWUDGLVHPROLQRFRPSRVWDQRGLFDUQHSDVVDWDQ
/HVVR3ROODVWUDLQJUDVVDWDFRQ6SDUDJLLQVDOVDQ
8PLGR9LWHOODGLODWWHLQJXD]]HWWRQFRQ=XFFKLQLULSLHQLQR8PLGRLQFDVVDWRQ
7UDPHVVR6IRUPDWRGLIDJLXROLQLQ
$UURVWR4XDJOLHWWHQFRQ,QVDODWDPDLRQHVHQ
'ROFL=XSSDLQJOHVHQH0DFHGRQLDQ
)(67$'(//267$7872
0LQHVWUDLQEURGR3DVVDWHOOLGLVHPROLQRQ
)ULWWR3ROORGRUDWRQRFRQ3HULQHGLULVRQ
8PLGR7LPEDOORGLSLFFLRQLQ
(UEDJJL)DJLXROLQLFRQODEDOVDPHOODQ
$UURVWR/RPEDWDGLYLWHOODGLODWWHQFRQSDWDWHHLQVDODWD
'ROFL7RUWDDOODPDUHQJRQ± *HODWRGLULEHVQ
$JRVWR
,
0LQHVWUDLQEURGR7DJOLHULQL
3ULQFLSLL3RSRQHFROSURVFLXWWRHYLQRJHQHURVRSHUFKpJLXVWDLOSURYHUELR
4XDQGRVROHHVWLQOHRQH
3RQHPXOLHPLQFDQWRQH
%LEHYLQXPFXPVLIRQH
/HVVR9LWHOODFRQ)DJLXROLQLGDOO¶RFFKLRDOO¶DUHWLQDQRFRQ)DJLXROLQLFRQODEDOVDPHOODQ
7UDPHVVR9RODXYHQW ULSLHQRGLULJDJOLHQ
8PLGR&RWROHWWHGLYLWHOODGLODWWHFROSURVFLXWWRQ
$UURVWR7DFFKLQRWWRQFRQLQVDODWD
'ROFL3HUHLQFRPSRVWDQ± &UHPDPRQWDWDLQJHORQRSSXUH%DYDUHVHORPEDUGDQ
)UXWWDHIRUPDJJLR)UXWWHGLYHUVHGLVWDJLRQH
,,
0LQHVWUDLQEURGR=XSSDUHJLQDQ
/HVVR$ULJXVWDFRQVDOVDPDLRQHVHQ
8PLGR3HWWLGLSROORDOODVDXWpQ
(UEDJJL6IRUPDWRGL]XFFKLQLQ
$UURVWR$QDWUDGRPHVWLFDSLFFLRQLHLQVDODWD
'ROFL3HVFKHULSLHQHQ± *HODWRGLODPSRQHQ
)UXWWDHIRUPDJJLR3RSRQHILFKLHGDOWUHIUXWWHGLVWDJLRQH
48,1',&,$*2672
0LQHVWUDLQEURGR5LVRFRQOHTXDJOLHQR0LQHVWUDGLVHPROLQRFRPSRVWDQ
)ULWWR3DVWDVLULQJDQ± )ULWWRDOODURPDQDQ
8PLGR%XHDOODPRGDQFRQ7RUWLQRGL]XFFKLQLQ
7UDPHVVR3ROORLQVDOVDWRQQDWDQ
$UURVWR3ROODVWULJLRYDQLFRQLQVDODWD
'ROFL%DEjQR'ROFHDOODQDSROHWDQDQ± 6SXPRQHGLWKHQR*HODWRGLFLRFFRODWDQ
6(77(0%5(
,
0LQHVWUDLQEURGR=XSSDGLRYROLQ
3ULQFLSLL)LFKLFRQSURVFLXWWRHDFFLXJKHVDODWH
)ULWWR%RFFRQLGLSDQHQULSLHQLGLDQLPHOOHHFHUYHOOR
7UDPHVVR6IRUPDWRGLIXQJKLQULSLHQRGLULJDJOLH
$UURVWR7DFFKLQRWWRQFRQLQVDODWDR3ROORDOOD5XGLQuQ
'ROFL%DEjQ*HODWRGLODWWHGLPDQGRUOHQR=RUDPDQ
)UXWWDHIRUPDJJLR3HVFKHXYDHGDOWUHIUXWWHGLVWDJLRQH
,,
0LQHVWUDLQEURGR0LQHVWUDGLVHPROLQRFRPSRVWDQR
)ULWWR6RJOLROHWRWDQLHIXQJKLIULWWL
8PLGR$QDWUDGRPHVWLFDFRQ3DSSDUGHOOHDOO¶DUHWLQDQ
$UURVWR5RVELIIHDOORVSLHGHFRQSDWDWHQHLQVDODWD
'ROFL&URVWDWDGLFRQVHUYDGLIUXWWDQ± %XGLQRGLPDQGRUOHWRVWDWHQ
)UXWWDHIRUPDJJLR)UXWWHGLYHUVHGLVWDJLRQHHFLDOGRQLQ
27726(77(0%5(
0LQHVWUDLQEURGR5LVRWWRDOODPLODQHVH,,,Q
)ULWWR6RJOLROHWRWDQLHIXQJKL
8PLGR)ULFDVVHDGLPXVFRORGLYLWHOODGLODWWHQ
7UDPHVVR&URVWLQLGLFDSSHULQR6RXIIOHW GLIDULQDGLSDWDWHQ
$UURVWR&RVFLRWWRGLFDVWUDWRQ
'ROFL7RUWDFRLSLQROLQ± %LVFRWWRGDVHUYLUVLFRQOR]DEDLRQHQR%XGLQRGLFLRFFRODWDQ
FRSHUWRGLSDQQDPRQWDWD
2772%5(
,
0LQHVWUDLQEURGR*QRFFKLQ
/HVVR&DSSRQHFRQVSLQDFL
5LIUHGGR/LQJXDDOODVFDUODWWDQFRQ*HODWLQDQ
7UDPHVVR3DVWLFFLQLGLSDVWDVIRJOLDULSLHQLGLFDUQHQ
$UURVWR7RUGLFRQFURVWLQLQHLQVDODWD
'ROFL7RUWDGL]XFFDJLDOODQ± 6IRUPDWRGLFRQVHUYHQ
)UXWWDHIRUPDJJLR)UXWWHGLYHUVHHPDQGDULQL
,,
0LQHVWUDLQEURGR%RPEROLQHGLULVRQ
)ULWWR&RVWROHWWHGLDJQHOORYHVWLWHQ
7UDPHVVR7ULJOLHFROSURVFLXWWRQ
8PLGR8FFHOOLLQVDOPuQ
$UURVWR*DOOLQDGL)DUDRQHQHSLFFLRQL
'ROFL=XSSDWDUWDUDQ± 6WUXGHOQR'ROFHDOODQDSROHWDQDQ
)UXWWDHIRUPDJJLR3HUHPHOHQHVSROHVRUEHXYD
129(0%5(
,
0LQHVWUD0DFFKHURQLDOODIUDQFHVHQR=XSSDFROVXJRGLFDUQHQ
8PLGR*HUPDQRFRQFRQWRUQRGLOHQWLFFKLHLQWHUHRFDYRORQHURQ
7UDPHVVR3DQHGLOHSUHQ
(UEDJJL&DYROILRUHFROOD EDOVDPHOOD QR6IRUPDWRGLFDYROILRUHQ
$UURVWR6ILOHWWDWRWDUWXIDWRQ
'ROFL6IRUPDWRGLVDYRLDUGLQ± *HODWLQDGLDUDQFLRLQJHORQ
)UXWWDHIRUPDJJLR3HUHPHOHDUDQFLHIUXWWDVHFFD
,,
0LQHVWUDLQEURGR7RUWHOOLQLGLFDUQHGLSLFFLRQHQR=XSSDGL]XFFDJLDOODQ
3ULQFLSLL&URVWLQLGLWDUWXILQ
/HVVR3ROODVWUDULSLHQDQ
8PLGR&RWHJKLQRIDVFLDWRQ
(UEDJJL6IRUPDWRGLVSLQDFLQRGLILQRFFKLQ
$UURVWR3HVFHGLPDLDOHQH8FFHOOLQ
'ROFL3UHVQLW]Q± 3DVWLFFLRDVRUSUHVDQR6IRUPDWRGLVDYRLDUGLFRQOR]DEDLRQHQ
)UXWWDHIRUPDJJLR3HUHPHOHPDQGDULQLHIUXWWDVHFFD
1$7$/(
0LQHVWUDLQEURGR&DSSHOOHWWLDOO¶XVRGL5RPDJQDQ
3ULQFLSLL&URVWLQLGLIHJDWLQLGLSROORQ
/HVVR&DSSRQHFRQXQR6IRUPDWRGLULVRYHUGHQ
5LIUHGGR3DVWLFFLRGLOHSUHQ
$UURVWR*DOOLQDGL)DUDRQHQHXFFHOOL
'ROFL3DQIRUWHGL6LHQD± 3DQHFHUWRVLQRGL%RORJQD± *HODWRGLPDQGRUOHWRVWDWHQ
',&(0%5(
, 3UDQ]RGLPDJUR
0LQHVWUD7RUWHOOLQR5LVRWWRFROOHWHOOLQHQ
3ULQFLSLL&URVWLQLFROFDYLDOHFRQDFFLXJKHROLRHDJURGLOLPRQHQ
)ULWWR6RJOLROHWRWDQLHWULJOLH
(UEDJJL&DUGRQLFROODEDOVDPHOOD QR&UHVFLRQLQ
$UURVWR$QJXLOODRGDOWURSHVFH
'ROFL&URFFDQWHQ± 0HOHLQJHODWLQDQ± $UDQFLDIHWWHDJJUD]LDWLFRQ]XFFKHURDYHORH
DONHUPHV
)UXWWD3HUHPHOHHIUXWWDVHFFD
,,
0LQHVWUD&DSSHOOHWWLDOO¶XVRGL5RPDJQDQ
8PLGR6IRUPDWRGHOODVLJQRUD$GHOHQ
5LIUHGGR &DSSRQHLQJDODQWLQDQR7RUGLGLVRVVDWLLQJHODWLQDQ
$UURVWR'LOHSUHQRGLEHFFDFFLDQHLQVDODWD
'ROFL3DQIRUWH± 7RUWDGLSDQHEUXQRDOODWHGHVFDQ± 3OXPSXGGLQJQ
)UXWWDHIRUPDJJLR3HUHPHOHPDQGDULQLHGDWWHUL
&2/$=,21,$//$)25&+(77$
4XDOFXQR PL KD GRPDQGDWR FKH UHJROD VL GHEED WHQHUH SHU OH FROD]LRQL DOOD IRUFKHWWD 6H WUDWWDVL GL
FROD]LRQLVHPSOLFLFRPHVRQRRUGLQDULDPHQWHTXHOOHGHOOHORFDQGHRGHOOHWDYROHURWRQGHODULVSRVWDqIDFLOH
/D EDVH q VHPSUH XQ SLDWWR GL FDUQHFDOGR HG DEERQGDQWH FRQXQFRQWRUQRPDTXHVWRGHY HVVHUH
SUHFHGXWR GD XQD PLQHVWUD DVFLXWWD R GD SULQFLSLR 6H WUDWWDVL GL PLQHVWUH DYHWH WXWWD OD VHULH GHL ULVRWWL H
GHOOH SDVWH YDULDPHQWH FRQGLWH VH GL SULQFLSLR YHQJRQR RSSRUWXQH OH IULWWDWH OH XRYD DO EXUUR OH XRYD
DIIRJDWH FRQ TXDOFKH VDOVD SLFFDQWH L ULIUHGGL FRQ JHODWLQD ROWUH D FLz O DIIHWWDWR GL VDOXPL LO FDYLDOH H OH
VDUGLQHGL1DQWHVDFFRPSDJQDWLGDOEXUURRSSXUHXQIULWWRGLSHVFH
3HU XOWLPR IUXWWD H IRUPDJJLR H VH DYUHWH FRQVHUYH R JHODWLQH GL IUXWWD TXHVWH VDUDQQR DJJUDGLWH
VSHFLDOPHQWHGDOOHVLJQRUHLQILQHXQEXRQFDIIqFKHSUHGLVSRQHDOSUDQ]R