3XEEOL

XEEOLFD]
FD]LLRQH
7ULPHVWUD
WUDOH
$P D W R U L D O H

1


$QQ
QQR
R
/XJOLR
OLR
6HWWH
WWHPEUH



)DQWDV\
*OL
L(
(OIL
GL
L+
+DUW
$YYHQWXUH
2Q
Q6
6WDJH
$' '

5 ( ' $ = ,2 1 (

(O&DPSHUR
)XQDV
/\V
3DQDLRWLV
5DHO
5RELQ+RRG
:H[

* X HVWV

'D\HO
5RFFR5LIIUHGL

HFRPHVHPSUH
VFXOR<DPDPRWR
.D]XWRFRQOD
SDUWHFLSD]LRQH
GHOVXRJDWWR
0HUS

'LVHJQL

%DOGHU
/\V
3DQDLRWLV
6WH

,PSDJLQD]LRQH
5RELQ+RRG

:HEPDVWHU
6SHP

7KDQNV

7XWWLL*LRFDWRULGL5XRORDOORYHUWKHZRUOG

3HUFKLYROHVVHVFULYHUFLDVFRSRORGLFULWLFKHVXJJHULPHQWLPDWHULDOHGD
SXEEOLFDUHHFF

$QRQLPD*LGLHUUH

FR%HUWLQL/RUHQ]R
YLD0DQ]RQL  )LUHQ]H
(0DLODQRQLPDJGU#\DKRRLW
:HEZZZDQRQLPDJGUFRP

$QRQLPD*LGLHUUH )DQ]LQHDPDWRULDOHIRWRFRSLDWDLQSURSULR
LQQXPHURGLFRSLHYDULDELOHHQRQLVFULWWDDOOD),(*7XWWHOHLPPDJLQL
HLPDUFKLTXLULSURGRWWLDSSDUWHQJRQRDLOHJLWWLPLSURSULHWDUL

,OGLVHJQR

GL
FRSHUWLQD

qGL
/<6

6200$
5,2
(GLWRULDOH


)DQWDV\D 
7UDVRJQ
RHRPEU
D
$YYHQWX 
,O6LJQRU
U
/8OWLPR HGHL3RUFHOOL2QH
,PSHUDW
RUH$' 6WDJH
*OL(OIL $SSURIRQGLP '
GL+DUW
H
QWL

$
6XSHUIODV

K PDUFRUG

)DQ
%OLQG*X

DUGLDQ WDPXVLFD

)DQ
&HUDXQ

DYROWD WDFLQHPD
LOWHUURUH

,OFRUULH

ULQRGHL
3L[LH



'LVWULEX]LRQH
&DWHQD$YDORQ %OXHV%URWKHUV), &RPL[ 'LQWRUQL),  *LR &R6,  +REE\
&HQWHU(PSROL ), .D%RRP3RJJLERQVL 6, /LEUHULD,O*XIR32 0RQGL
3DUDOOHOL32 1RQ6ROR)XPHWWR(PSROL ), 1RQ6ROR)XPHWWR)XFHFFKLR ),
2DVLGHO)XPHWWR3, 3DSHUODQG&HUWDOGR ), 6HYHQ'UDJRQV), 6WUDWDJHPPD),

$//
//20%5
%5$
$'
'(,
,&
&,35(66
66,,
('
(
'(1752
2/
/851(

ULVWHPHQWHDQQXQFLDPRDLFDULOHWWRULGL$QRQLPD*LGLHUUHFRPHGDWDUJDGDQRLIRWRJUDIDWDSRVWDTXLVRWWRODGLSDU
WLWDGHOQRVWURFDURDPLFRHFROOHJD0
0DUFR /DVWUL
WULVYHODQGRYLDOFRQWHPSRLOPLVWHURFKHGDVHPSUHVLFHODGLHWURD
TXHVWRRVFXUR H FRQWURYHUVR SHUVRQDJJLR&RPH SRWHWH YHGHUH GDOOLQVHJQD LOFDUR HVWLQWR QDFTXH QHO ORQWDQR  HGD
VHPSUHDPzODVFULWWXUDHODOHWWHUDWXUDFROWLYDQGRODHVYLOXSSDQGRODLQRJQLVXRDVSHWWRXPDQRILORVRILFRHSHUVLQROXGLFR
)XSURSULRTXHVWXOWLPRHOHPHQWRFKHDIIDVFLQzPDJJLRUPHQWHLOFDUR0DUFR/DVWULWDQWRGDVSLQJHUORDIRQGDUHQHOODVH
FRQGDPHWjGHO;9,,,VHFRORODQRVWUDJORULRVDHLPPRUWDOHIDQ]LQHFLUFDGXHFHQWRDQQLSULPDGHOODYYHQWRGHL*LRFKLGL
5XRORVXOQRVWURSLDQHWD'DVRORHFRPEDWWHQGRFRQWURODYYHUVLWjGLFKLQRQFUHGHYDFKHGRSRGXHVHFROLVDUHEEHURQDWL
TXHVWL VWUDRUGLQDUL JLRFKL GL VRFLHWj 0DUFR /DVWUL LQL]Lz D SURJHWWDUH OD SL VWUDRUGLQDULD HG LQGLSHQGHQWH GHOOH IDQ]LQH
SULPDDQFRUDFKHQDVFHVVHUROHULYLVWHSHQVDWHGLJLRFKLVFULYHQGRDOFRQWHPSRWXWWLLSDVVDJJLHYROXWLYLFKHHVVDDYUHE
EHGRYXWRFRPSLHUHGXUDQWHODVXDHVLVWHQ]DHSUHSDUDQGRSHUVLQRWXWWLJOLDUWLFROLFKHODVXDYHJJHQ]DJOLSHUPHWWHYDGL
VFULYHUHLQEDVHDJOLHYHQWLIXWXUL/DVXDPRUWHYLHQHLQGLFDWDQHODQQRLQFXLLOSDGUHIRQGDWRUHGDWHPSRLPSHJQDWR
DQFKHVXOIURQWHGHOOHSXEEOLFD]LRQLDPDWRULDOLVXO5RFN3URJUHVVLYRYHQQHDVVDOLWRGDXQJUXSSR0HWDOGHOTXDOHDYHYD
VFULWWRXQDUHFHQVLRQHVWURQFDQWHSXUWURSSRORVFRQWURIXWHUULELOHHLYROHQWLPXVLFLVWLILQLURQRSHUXFFLGHUHLOQRVWURFDUR H
GLOHJXDUVLQHOODQRWWHDOVXRQRGLFKLWDUUHHOHWWULFKH
5LSRVDLQSDFH0DUFR/DVWUL

'

RSRTXHVWRLQL]LRPROWRFRPPRYHQWHYRUUHPPRSDVVDUHDGXQOLHWRHYHQWRFKHFLULHPSLHWXWWLGLRUJRJOLRHFLGj
XQDJUDQGLVVLPDVRGGLVID]LRQHqILQDOPHQWHJLXQWDLQUHGD]LRQHXQDOHWWHUDGLXQQRVWUROHWWRUHFKHSHUDOFXQLSUR
EOHPLHFRQWURYHUVLHFROODWHUDOLHUDULPDVWDQHOOLPERSHUDOFXQLPHVL)LQDOPHQWHODEELDPRSRWXWDOHJJHUHHFUHGHWHPL
VLDPRVWDWLVXOORUORGHOODFULPRQHLQWXWWDVLQFHULWjQRQDYUHPPRPDLFUHGXWRFKHXQQRVWUROHWWRUHSRWHVVHHVVHUHFRVuDS
SDVVLRQDWRHVLQFHURFRPHVLqGLPRVWUDWR)UDQFHVFR)HOLFL3HUUHQGHUHWXWWLSDUWHFLSLGHOQRVWURRUJRJOLRULSRUWLDPRSHU
LQWHURODVXDOHWWHUD

$QRQLPD5HGD]LRQHGL$*G5
+RDSSUHVRFRQGLVSLDFHUHODQRWL]LDGLXQDYRVWUDSUREDELOHFKLXVXUDGHLEDWWHQWLDFDXVDGHOODFDUHQ]DGLFROODERUDWRUL
0LVRQRPHVVRVXELWRLQWHVWDGLRIIULUHLOPLRSLFFRORFRQWULEXWRSHUFKpFLzFRQDYYHQJD
&RVuPLVRQRSLD]]DWRGDYDQWLDOFRPSXWHUSHUEXWWDUHJLXQDJURVVDDYYHQWXUDSHU%DVLF:HVWFKHJLjGDWHPSRDYHYRQHO
ODFDSRFFLD0DQHOEHOPH]]RGHLPLHLVFULEDFFKLDPHQWLPLqULWRUQDWDDOODPHQWHXQDPLDYHFFKLDLGHDIDUHRUGLQHQHOVL
VWHPDGLJHVWLRQHGHOOHDELOLWjSHU' 'SULPDHGL]LRQHFKHYHQLYDSURSRVWRGDJOLDXWRULVRSUDWWXWWRQHOO$WODQWHGHO*UDQ
GXFDWRGL.DUDPHLNRV
4XHOORFKHDYHWHWUDOHPDQLqLOULVXOWDWRGLTXHVWDPLDDQFHVWUDOHRVVHVVLRQH$QFKHVWDYROWDYLGLFRIDWHQHTXHOFKHYROH
WHFHVWLQDWHODSXEEOLFDWHODDFFRUFLDWHODDFFDUWRFFLDWHODLRSHUVRQDOPHQWHPLVRQRWROWRXQRVIL]LRHLOPLRWUDJXDUGROKR
UDJJLXQWR
1HDSSURILWWRDQFKHSHUIDUHDYRLWXWWL$8*85,',%8211$7$/(VSHURFKHTXHVWHYDFDQ]HYLSRUWLQRXQRQGDWDGL
RWWLPLVPRHGLLGHHSHUODYRVWUDJUDQGHIDQ]LQH
*UD]LHSHULOYRVWURLPSHJQRQHOODGLIHVDGHLUHJQLIDQWDVWLFLGLWDQWLJLRFDWRULFKHFRPHPHYRJOLRQRFRQWLQXDUHDYHGHU
YRODUHLGUDJKLQHLSURSULVRJQLHYDLFRQODVYLROLQDWDSRHWLFD
)UDQFHVFR)HOL[)HOLFL

&

KHGLUH"*UD]LHLQILQLWH)UDQFHVFR6DSSLFKHLOWXRRWWLPRODYRURVX' 'YHGUjQRQVDSSLDPRDQFRUDTXDQGRVL

FXUDPHQWHODOXFHVX$QRQLPD*G5HVDSSLFKHDQFKHVHOHFRVHVRQRXQSRFDPELDWHULVSHWWRDSULPDILQFKpDQ
FKHODSLIOHELOHVFLQWLOODGLSDVVLRQHHGLYHUWLPHQWREULOOHUjGHQWURGLQRLHGHQWURLYHULDSSDVVLRQDWLFRPHWH$QRQLPD
*LGLHUUHQRQPRULUjHQHOVXRSLFFRORFRQWLQXHUjDIDUYRODUHL'UDJKLHQRQVRORTXHOOLQHOOHVFRQILQDWHYDOODWHGHOODQR
VWUDIDQWDVLD
7RUQDQGRDTXHVWRQXPHURXQWRFFRGLKDUGSULPDGHOODFDOGDHVWDWHQRQJXDVWDDIIDWWRTXLQGLSRWUHWHJLRFDUHDG2Q6WD
JHFRQ,O6LJQRUHGHL3RUFHOOLSDURGLDVH[\GHOIDPRVRURPDQ]RGL7RONLHQSHULOQRWRJLRFRGLLQWHUSUHWD]LRQHWHDWUDOH
,QROWUHSRWUHWHLPPHUJHUYLQXRYDPHQWHQHL)RUJRWWHQ5HDOPVFRQODFRUSRVDDYYHQWXUDSHU$' '/8OWLPR,PSHUDWR
UHDSSURIRQGLUHXOWHULRUPHQWHODVRFLHWjHOILFDQHOIDQWDV\RSSXUHVHDPDWHODPXVLFDLVSLUDWDDOIDQWDV\HDOOHDWPRVIHUH
PDJLFKHOHJJHUHLOSULPRGLXQDQXRYDVHULHGLDUWLFROLGHGLFDWLDOOD)DQWDPXVLFDGDOSRZHUPHWDODOFHOWLFRGDOOHSLFPH
WDODOOHFRORQQHVRQRUHGHLQRVWULILOPSUHIHULWL
1RQLQGXJLDWHROWUHEXRQDOHWWXUD

/$
$5(
5('
'$=
$=,,21(

36 2YYLDPHQWH
0DUFR /DVWUL
FDPPLQD DQFRUD
LQTXHVWDYDOOHGL
ODFULPH PD YL
DVVLFXULDPR FKH
HVLVWH YHUDPHQWH
XQD YLD D OXL LQ
WHVWDWD D )LUHQ
]H q XQD FRQWUD
GDGL YLD &LUFRQ
GDULD &KH VLD
XQD SUHPRQL]LR
QH"


*
/
:
5
8
/
'
2
+


75$
$6
62* 1 2(
2(2
2 0%5$
'
4
5
:
'
9
?
'


XG\ VL VHQWLYD OH EUDFFLD H OH JDPEH SHVDQWLVVLPH

EORFFDWHGDXQDIRU]DVFRQRVFLXWDFKHORWUDWWHQHYD D
WHUUD (UD VXGDWR VX WXWWR LO FRUSR HG DYHYD LO ILDWR JURVVR
WDQWR VL DJLWDYD H VL GLPHQDYD SHU FHUFDUH GL OLEHUDUVL $OOD
IOHELOHOXFHGLXQDFDQGHODORQWDQDYLGHXQRPEUDPLQDFFLR
VDDYYLFLQDUVLYHUVRGLOXLHLOWDJOLRGLGXHVRWWLOLRFFKLOXFFL
FDQWL VWDJOLDUVL QHOOH WHQHEUH /D SUHVHQ]D PLQDFFLRVD LQ
FRPEHYD VHPSUH SL VX GL OXL DYDQ]DQGR OHQWDPHQWH HG
LQHVRUDELOPHQWH VHQ]D FKH HJOL SRWHVVH PXRYHUVL SHU VRW
WUDUVLDTXHOODRVFXUDPLQDFFLD&RQXQODPSRGXHSRVVHQWL
PDQL DUWLJOLDWH HPHUVHUR GDO EXLR GD GHVWUD H GD VLQLVWUD
FKLXGHQGRVLYLROHQWHPHQWHSHUODFHUDUORHVFKLDFFLDUOR5X
G\XUOzGLWHUURUHVFRSSLDQGRLQXQIUDJRURVRSLDQWRLVWHULFR
TXDQGRXQDIRU]DSRVVHQWHORVFRVVHSLYROWHGDOOHVSDOOH
 5XG\5XG\VYHJOLDWL6YHJOLDWHVRURqVRORXQEUXWWRLQ
FXER
.ODXV +HVVHO DEEUDFFLz VXR ILJOLR DPRUHYROPHQWH FRQIRU
WDQGRORHVXVVXUUDQGRJOLSDUROHWUDQTXLOOL]]DQWLSHUIDUORFDO
PDUHGDOEUXWWRVRJQRFKHDYHYDDSSHQDIDWWR5XG\HUDVSD
YHQWDWLVVLPR H QRQRVWDQWH DO VXR ULVYHJOLR DYHVVH YLVWR LO
YROWR UDVVLFXUDQWH GHO SDGUH DEEUDFFLz VXELWR LO JHQLWRUH
FRQWLQXDQGRDVIRJDUVLFRQXQRVLQJKLR]]DQWHSLDQWR&LYRO
OHURGLYHUVLPLQXWLSHUFKp.ODXVULXVFLVVHDFDOPDUHLOILJOLR
DVFLXJDUJOL OH ODFULPH UDVVHWWDUJOL L FDSHOOL DUUXIIDWL H ULP
ERFFDUJOLOHFRSHUWHSHUIDUJOLFHUFDUHGLSUHQGHUHGLQXRYR
VRQQR $OOD ILQH 5XG\ VL FDOPz H SULPD GL WLUDUVL OH FROWUL
ILQR DO QDVR SHU ULDGGRUPHQWDUVL YROOH IDUVL GDUH GDO EDEER
XQXOWLPRUDVVLFXUDQWHEDFLRVXOODIURQWH
.ODXVJXDUGzDQFRUDXQDYROWDLOEDPELQR FRQ WHQHUH]]DH
SULPDGLXVFLUHPLVHXQDPRQHWDGDXQSHQQ\VXOFRPRGL
QRFRQIRUWDQGRDQFRUDXQDYROWDLOILJOLR 9HGLFRQTXHVWD
PRQHWDVXOWXRFRPRGLQRLEUXWWLVRJQLQRQWLWRUPHQWHUDQ
QRSL(VHGRYHVVHWRUQDUHTXDOFKHPRVWURFDWWLYRYHGUjLO
SHQQ\HVLDFFRQWHQWHUjGLSUHQGHUH TXHOOR6WDLWUDQTXLOOR
RUDGDFFRUGR"%XRQDQRWWH
(FKLXVHVLOHQ]LRVDPHQWHODSRUWDGHOODFDPHUDGL5XG\WRU
QDQGR D GRUPLUH ,O ELPER HUD RUD PROWR SL WUDQTXLOOR H
ODQFLz XQXOWLPRVSHUDQ]RVR VJXDUGRDOOD PRQHWLQD VXO VXR
FRPRGLQR SULPD GL JLUDUVL GDOODOWUD SDUWH H FDGHUH QXRYD
PHQWHLQXQSURIRQGRVRQQR
,OPDWWLQRVXFFHVVLYRTXDQGRLOVROHVRUVHODPRQHWDGDXQ
SHQQ\QRQFHUDSL

+HVVHO DELWDYD D 1XOQ HG HUD XQ IDFROWRVR FRP

. ODXV
PHUFLDQWHGLVWRIIHDWWLYLWjFKHODVXDIDPLJOLDVYROJH

YDRUPDLGDPROWHJHQHUD]LRQLHFKHORDYHYDGDVHPSUHSR
VWRLQXQDSRVL]LRQHGLSULYLOHJLRULVSHWWRDOODJHQWHFRPXQH
H DOOH LVWLWX]LRQL3XUWURSSR OD PRUWH GL VXD PRJOLH ,QJULG
GXHDQQLIDDYHYDUDGLFDOPHQWHVFRQYROWRODVXDYLWDPDVR
SUDWWXWWR TXHOOD GL VXR ILJOLR 5XG\ FKH DOOHSRFD DYHYD VHL
DQQL,OEDPELQRQRQVLHUDPDLULSUHVRFRPSOHWDPHQWHGDOOD
HQRUPH SHUGLWD HG LO SDGUH SHU TXDQWR VL LPSHJQDVVH QHO
UHVWDUHLOSLSRVVLELOHYLFLQRDOILJOLRQRQULXVFLYDDFROPD
UHDVXIILFLHQ]DLOYXRWRFKHDYHYDLQWDFFDWRSURIRQGDPHQWH
ODFUHVFLWDGHOSLFFROR5XG\1RQRVWDQWH LO ELPERIRVVH GD
VHPSUHVWDWRPROWRLQWHOOLJHQWHHYLVSRODVXDYLYDFLWjVLHUD
DQGDWD JUDGXDOPHQWH DIILHYROHQGR HG LQFRPLQFLDYD SLDQ
SLDQRDGDOLHQDUVLGDOODUHDOWjLVRODQGRVLVHPSUHSLVSHVVR
GDOODJHQWHFKHORFLUFRQGDYDHULPDQHQGRSHUOXQJKLSHULR
GL D IDQWDVWLFDUH LQ PDQLHUD TXDVL RVVHVVLYD ( RYYLR FKH
.ODXVIRVVHPROWRSUHRFFXSDWRSHUJOLVYLOXSSLFKH LO FRP
SRUWDPHQWRGL5XG\VWDYDSUHQGHQGR HFKH VRSUDWWXWWR LQ

XQD VLWXD]LRQHGLIILFLOHFRPH TXHVWDDYUHEEHIDWWR WXWWR LO

SRVVLELOHSHUFKpLOILJOLRFUHVFHVVHQHOODPDVVLPDVHUHQLWjH
DJLDWH]]DDUULYDQGRXQJLRUQRDGRFFXSDUHLOSRVWRQHOOLP
SUHVDFRPPHUFLDOHGHOODVXDIDPLJOLDFKHJOLVSHWWDYDGLGL
ULWWRGDOODQDVFLWD/LPSHJQRGL .ODXVSHU HVVHUH XQ EXRQ
SDGUHHUDLQTXHVWRSHULRGRSLIRUWHHGHFLVRFKHPDLFRQ
OD VXD SUHVHQ]D FHUFDYD GL VWLPRODUH H VRVWHQHUH DO PHJOLR
GHOOH VXHSRVVLELOLWj RJQLDVSHWWR GHOOD YLWD GL 5XG\ ULFRU
GDQGRVLDPDOLQFXRUHFKHRJQLWDQWRGRYHYDDQFKHIDUVLYH
GHUHVHYHURHLQWUDQVLJHQWH(LOEDPELQRLQGXEELDPHQWH
HUDDWWDFFDWRDOSDGUHGDXQOHJDPHDGHVVRDQFRUSLSURIRQ
GR

VHUD GHO JLRUQR VXFFHVVLYR DUULYz YHORFHPHQWH .ODXV

/ DVHQHDFFRUVHVRSUDWWXWWRGDOIDWWRFKH5XG\DQGDYDDJL

WDQGRVLVHPSUHSLPDQPDQRFKHVLDYYLFLQDYDORUDGLDQ
GDUHDOHWWR6DSHYDEHQHFKHQHOODGLIILFLOHVLWXD]LRQHLQFXL
VL WURYDYDVXRILJOLRDGHVVR HUD QRUPDOH FKH OD VXD JLRYDQH
PHQWHIRVVHDJLWDWDHWXUEDWDGDLQFXELHYLVLRQLDQJRVFLDQWL
6LSUHRFFXSDYDSHUzGHOIDWWRFKHTXHVWDVLWXD]LRQHLQIOXHQ
]DVVH XQ SRWURSSROD YLWD GHOEDPELQRWXUEDQGROR DQFKH
GXUDQWH LO JLRUQR H VSDYHQWDQGROR SHU FRVH LQHVLVWHQWL FKH
GLFHYDGLVHQWLUHRYHGHUHDQFKHIXRULGDLVXRLVRJQL
 6WDVHUD ODVFHUz XQD FDQGHOD DFFHVD GDFFRUGR"  FKLHVH
.ODXVPHQWUHDLXWDYD5XG\DLQGRVVDUHODFDPLFLDGDQRWWH
,OEDPELQRDQQXuFRQLJUDQGLRFFKLVJUDQDWLFKHWUDGLYDQR
FRPXQTXHSDXUDHLQTXLHWXGLQH/XRPRULPERFFzEHQHOH
FRSHUWHGHOILJOLRDFFHVHXQDFDQGHODVXXQDOWRFDQGHODEUR
DLSLHGLGHOOHWWRSRLEDFLzLOELPERVXOODIURQWHDXJXUDQGR
JOLODEXRQDQRWWHHIHFHSHUXVFLUHGDOODVWDQ]D
 %DEER WUHPROzODYRFHGL5XG\
 &KHFqGLPPL VLSUHRFFXSzVXELWR .ODXV
 /DPRQHWLQD FKLHVHWLPLGDPHQWHLOEDPELQRRVVHUYDQ
GRLOFRPRGLQRYXRWR
,O SDGUH VL DFFRUVH FKH LO SHQQ\ FKH DYHYD PHVVR Ou OD VHUD
SUHFHGHQWH QRQ F
HUD SL H VRUULVH GROFHPHQWH DO ILJOLR 
%HQHYHGRFKH VWDL JLj LQL]LDQGR D PHWWHUH YLD L VROGL SHU
TXDQGRVDUDLJUDQGHHK"(EUDYRJLRYDQRWWR &RQXQDSXQ
WD GRUJRJOLR QHOOD YRFH .ODXV SRVz XQD QXRYD PRQHWD VXO
FRPRGLQRVHQ]DDFFRUJHUVLGHOORVWXSRUHQHJOLRFFKLGL5X
G\SRLFKLXVHOHQWDPHQWHODSRUWDHGDQGzDQFKHJOLDOHWWR
,OEDPELQRDGHVVRFRQXQSRSLGLFRUDJJLRSHUDIIURQWDUH
ODQRWWHFHUFzGLULODVVDUVLVSURIRQGDQGRODWHVWDQHOFXVFLQR
H ILVVz JOL RFFKL VXOOD ILDPPD WUHPRODQWH H LSQRWLFD GHOOD
FDQGHODFKHDYHYDGLIURQWHDVp3RLVFKLDFFLDWRGDXQDIRU
]DVXSHULRUHFHGHWWHOHQWDPHQWHDOVRQQRHFKLXVHJOLRFFKL
SHVDQWLVSURIRQGDQGRLQXQULSRVRLQFHUWRHGDJLWDWR
$GHVVR5XG\VHQWLYDXQUXPRUHIDVWLGLRVRHULSHWLWLYR7HVH
ORUHFFKLR H VL DFFRUVH FKH SURYHQLYD GDOOD GHVWUD GHOOD VXD
WHVWD QR DGHVVR YHQLYD GD VLQLVWUD 6L VSRVWDYD FRQWLQXD
PHQWH PD QRQ FHVVDYD PDL D YROWH VL LQWHUURPSHYD SHU
TXDOFKHVHFRQGRPD VXELWR GRSRORULVHQWLYDSURYHQLUH GD
VRWWRLOVXROHWWR,QILQHULXVFuDG DVVRFLDUOR DOOR VTXLWWLRGL
XQWRSRHODFRVDORUDVVLFXUzXQSRFRYLVWRFKHVSHVVRTXDO
FKHWRSLQRGLFDPSDJQDRDOPDVVLPRTXDOFKHUDWWRGLIRJQD
VLVSLQJHYDWUDOHFDVHLQFHUFDGLFLER/XLSHUzHUDDOVLFXUR
QHOVXROHWWRHQHOODVWDQ]DDFFDQWRGRUPLYDVXRSDGUHFKH
VDUHEEHDFFRUVRVXELWRSHUGLIHQGHUORGDRJQLFRVDSHULFROR
VD FKH JOL IRVVH DFFDGXWD 3HUz FRQWLQXDYD D VHQWLUH TXHOOR
VTXLWWLRSHUVLVWHQWHFKHORLQIDVWLGLYDHJOLUHQGHYDGLIILFLOH
ULSUHQGHUHVRQQR6LULJLUzQHOOHWWRSLHSLYROWHFHUFDQ
GRXQDSRVL]LRQHFRPRGDFKHJOLWDSSDVVHLQTXDOFKHPRGR

OHRUHFFKLHSHUSURWHJJHUORGDTXHLUXPRULTXDQGRVLYROWz
LQILQHYHUVRLOFRPRGLQRVLDFFRUVHFKHLOSHQQ\FKHVXRSD
GUH DYHYDODVFLDWR Ou SRFRSULPD DGHVVR QRQ FHUD SL 8QD
JUDQGHDQJRVFLDFUHEEHLQXQLVWDQWHGHQWURDOSHWWRGL5X
G\IDFHQGRORVSURIRQGDUHLQXQDELVVRGLSDXUDHGLPSRWHQ
]D6LYROWzYHUVRLOIRQGRGHOOHWWRSHUFHUFDUHFRQIRUWRQHOOD
FDQGHOD FKH LOOXPLQDYD GHEROPHQWH OD VWDQ]D PD OD YLGH
WUHPDUHYLVWRVDPHQWHLQVLHPHDO WHUULELOHVTXLWWLRFKH SUR
YHQLYDGDOIRQGRGHOOHWWR3RLLOFDQGHODEURLQL]LzDGRVFLOOD
UHLOUXPRUHPHWDOOLFRGHOOH]DPSHFKHVEDWWHYDQRVXOSDYL
PHQWRIDFHQGRGDQ]DUHOHRPEUHGLWXWWDODVWDQ]DFRQODP
SL WUHPRODQWL H LUUHJRODULLQILQHVL DFFDVFLz LQ WHUUD FRQXQ
WRQIRVRUGRJHWWDQGRGLFROSRODVWDQ]DLQXQEXLRLPSHQH
WUDELOH
5XG\YROHYDXUODUHOHJXDQFHULJDWHGDDEERQGDQWLODFULPH
PD GDOOD VXDERFFD VSDODQFDWD QRQXVFLYD FKH XQ JRUJRJOLR
VWUR]]DWR &HUFz GL DO]DUVL SHU DQGDUH D FHUFDUH ODLXWR GHO
EDEERPDOHFRSHUWHQRQVLVROOHYDYDQRFRPHVHIRVVHURLQ
FKLRGDWHDOWHODLRGHOOHWWRGDOGLVRWWR,OEDPELQRVLVHQWLYD
VRIIRFDUHLPSULJLRQDWRLQTXHOORVWHVVRDEEUDFFLRFKHSRFKL
LVWDQWLSULPDFRQVLGHUDYDVLFXURHSURWHWWLYR)HFHDSSHOORD
WXWWHOHVXHIRU]H H VSLQWR GDOOD FUHVFHQWH GLVSHUD]LRQHVL
LVVz IXRUL GDOOH OHQ]XROD GDOOD SDUWH VXSHULRUH GHO OHWWR UL
XVFHQGRLQILQHDVFLYRODUHDWHUUDSHUFHUFDUHDWDVWRQLODSRU
WD GHOOD FDPHUD%UDQFROz QHOEXLR SHU TXDOFKH LVWDQWH FRO
FXRUH FKH JOL VFRSSLDYD QHO SHWWR H OR VTXLWWLR GL WRSR FKH
SURYHQLYD GD RJQL SDUWH LQWRUQR D OXL VHQWLYD TXDOFRVD GL
SHORVR FKH VWULVFLDYD YHORFHPHQWH FRQWUR L VXRL SLHGL QXGL
PDVLFRVWULQVHDFRQFHQWUDUVLVXOODSRUWDHVXGRYHLVXRLUL
FRUGL OD SRVL]LRQDYDQR QHOOD VWDQ]D LQYLVLELOH )LQDOPHQWH
WURYzODPDQLJOLDHDIIHUUDQGRODFRQWXWWHOHVXHIRU]HVSD
ODQFzOXVFLRFRQXQRVWUDWWRQHODQFLDQGRVLGLFRUVDQHOFRUUL
GRLR GHEROPHQWH LOOXPLQDWR FKH FRQGXFHYD DOOD FDPHUD GL
VXRSDGUH'LHWURGLVpFRQWLQXDYDDVHQWLUHORVTXLWWLRFKH
DXPHQWDYD H FKH OR VHJXLYD EUDFFDQGROR PD QRQ UDJJLXQ
JHQGROR WRUPHQWDQGROR H WHUURUL]]DQGROR ILQR DO SURIRQGR
GHOODVXDJLRYDQHDQLPD
*LXQWRGLIURQWHDOODSRUWDGHOODFDPHUDGLVXRSDGUHODWURYz
DSHUWD HILQDOPHQWH LQ JUDGR GL SDUODUH GHWWH ILDWR DL SRO

PRQLSHUJULGDUHDLXWR6FUXWzQHOODVHPLRPEUDGHOODVWDQ]D
DVSHWWDQGRVL GL YHGHUH LO JHQLWRUH FKH VL DO]DYD SUHPXURVR
GDOOHWWRSHUYHQLUJOLLQFRQWURHVFDFFLDUHYLDWXWWLJOLLQFXEL
H L PRVWULVWULVFLDQWL FKH OR FRQWLQXDYDQR D WRUPHQWDUH /D
YLVLRQH FKH 5XG\ VL WURYz GDYDQWL D]]LWWu FRPSOHWDPHQWH
RJQLVXDSDURODRJQLVXRSHQVLHURHGRJQLVXDVHQVD]LRQHLO
EDEERSHQ]RODYDFROEXVWRIXRULGDOOHWWRFRQODWHVWDYHUVR
WHUUD H GDOOD VXD JROD VTXDUFLDWD ILRWWL GL VDQJXH SXOVDQWH
DUURVVDYDQRLOVXRFRUSRHLOOHWWRIRUPDQGRXQDJUDQGHSR]
]DFDUPLQLRVXOSDYLPHQWR
/H JDPEH WUHPDQWL QRQ OR VRUUHVVHUR SL H 5XG\ FDGGH D
VHGHUH LQ WHUUD DSSRJJLDQGR YLROHQWHPHQWH OD VFKLHQD DO
PXUR,OSLFFRORFRUSRHUDVFRVVRGDIRUWLFRQYXOVLRQLODJROD
DUVDQRQHPHWWHYDGLQXRYRDOFXQVXRQRJOLRFFKLSDUHYDQR
DYHUWHUPLQDWROHODFULPHGDYHUVDUHHLQWHUUDWUDOHJDPEH
GHOELPERFRODYDLQFRQWUROODWDODSLSuFKHQRQDYHYDSRWXWR
WUDWWHQHUH
/RVTXLWWLRSURYHQLHQWHGDOODVXDVLQLVWUDVLDYYLFLQzDQFRUD
LQFHVVDQWH HG LQDUUHVWDELOH DGHVVR DFFRPSDJQDWR GD XQD
PLQDFFLRVDRPEUDFKHVLSURLHWWzVXOFRUSRVILQLWRGL5XG\
,O EDPELQR TXDVL SHU XQ ULIOHVVR QDWXUDOH ULXVFu D JLUDUH
OHQWDPHQWHODWHVWDYHUVRVLQLVWUDSHURVVHUYDUHLQILQHORUL
JLQHGLTXHOOLQFXER'LIURQWHDOXLVLHUJHYDXQDILJXUDDOWD
TXDVL TXDQWR XQ XRPR PD GDOOH VHPELDQ]H GL XQ RUULELOH
UDWWR GDO SHOR JULJLR H LVSLGR GXH OXFFLFDQWL RFFKL JLDOOL VL
DIILDQFDYDQR DO EULOODUH GHJOL DFXPLQDWL GHQWL LQFLVLYL FKH
VSRUJHYDQRHGHJOLDUWLJOLSURWHVLLQDYDQWL5XG\RVVHUYzOD
FUHDWXUD SHU TXDOFKH LQWHUPLQDELOH LVWDQWH YLGH FKH HUD
YHVWLWRGLVWUDFFLVSRUFKLHSX]]ROHQWLFKHSRUWDYDXQDVSD
GD DUUXJJLQLWD DSSHVD DOOD FLQWXUD FKH DGGRVVR DYHYD XQR
VWUDQRVLPERORUDSSUHVHQWDQWHWUH VEDUUH LQFURFLDWH D WULDQ
JRORHFKHVXOSHWWRSRUWDYDFXFLWHGXHPRQHWLQHGDXQSHQ
Q\
7XWWR HUD LPPRELOH FRPH LPPRUWDODWR SHU VHPSUH LQ XQ
FXSR TXDGUR UDIILJXUDQWH XQD RUUHQGD FDUQHILFLQD QHO VXR
FRPSLHUVL8QVRORIOHELOHSHQVLHURVLIHFHVWUDGDWUDLOWHU
URUHODQJRVFLDHODGLVSHUD]LRQHFKHDIIROODYDQRODPHQWHGL
5XG\qXQVRJQRqVROWDQWRXQVRJQRWXWWRTXHVWRqXQ
VRJQR H WUD SRFR PLR SDGUH PL VFUROOHUj GROFHPHQWH H PL
VYHJOLHUj
/R VNDYHQ ILVVz LQWHQVD
PHQWH 5XG\ FRQ ODULD
VRGGLVIDWWDGHOFDFFLDWRUH
FKH LQILQH KD PHVVR DOOH
VWUHWWHODVXDSUHGDHQRQ
DVSHWWD DOWUR FKH LPSRV
VHVVDUVL GHOOD VXD YLWD ,
VXRL JHOLGL RFFKL JLDOOL
SDUHYDQRFRPSOHWDPHQWH
LQVHQVLELOLDGRJQLWUHPL
WR DG RJQL VLQJKLR]]R
FKHLOFRUSRGHOEDPELQR
FRQYXOVDPHQWH HPHWWH
YD /D OLQJXD GHOOXRPR
WRSR VLELOz WUD OH VRWWLOL
ODEEUD JULJLH TXDVL SHU
SUHSDUDUVL D SDUODUH LQ
XQD OLQJXD D OXL WURSSR
GLIILFLOH
 %XRQDDDD QRWWHHHH 
GLVVH OR VNDYHQ TXDVL LQ
XQVXVVXUURPHQWUHFDOD
YDFRQXQODPSRODPDQR
DUWLJOLDWD VXOOLQGLIHVR
FROORGHOELPER

52%,1+22
,1+22'
'

$UWE\3DQDLRWLV


'
4
:
'
9
?
'


$
<
<
+
4
:
;
8
'


4


W
'
+

,OO66LJQRUHHGGHL3
L3RUFHOOL
OOL
6FHQD
QDU
ULRd
RdK
KDUG
UGe
eS
SHU
U2
2Q
Q6
6 W DJ H

1RWDGHOO$XWRUH

0ROWL GHJOL VFHQDUL VFULWWL SHU 2Q 6WDJH VRQR

GHOOH SDURGLH GL JHQHUL FLQHPDWRJUDILFL R OHW
WHUDUL PDJDUL LVSLUDWL SURSULR DG DOWUH SDUR
GLHILOPLFKHHQRQ
,O6LJQRUHGHL3RUFHOOL FHUFDGLIDUHTXHVWR
SHU LO PRQGR GHO SRUQR VWUL]]DQGR ORF
FKLRFRQPROWD LURQLDFKLDUDPHQWH DQ
FKH DOOD SHOOLFROD SL DWWHVD GHO  H
DOOXQLYHUVRGHOOD7HUUDGL0H]]R
&KLHGRVFXVDVHRJQLWDQWRLQFDSSHUH
WHLQTXDOFKHGRSSLRVHQVRHYLGHQ
WHPHQWHHUDLQHYLWDELOH
(FKH7RONLHQFLSHUGRQLABBBA

3UHSDUD]LRQHGHO*LRFR

/D5DSSUHVHQWD]LRQH

$ SDUWH 3URORJR HG (SLORJR YHGL QHO

|6RJ
FRUVRGHOODSDUWLWDQRQVRQRSUH
Q
YLVWLSDUWLFRODUL LQWHUYHQ
LQFX RXQPR
QGR
LQRQ
WLGHOUHJLVWD
3URV
/D VWRULD
WLWXL VLDSL
QHFH
DSDJ UVLSH
VL VYROJH
VVD
U
D
Q H O O DX 
(OLR PHQWR} IDUODPR ULR
HOH6
W X Q Q R
UH
WRULH

LQ
7HV
8QJKHULDLQ
H|6
RJQR
XQ FDVWHOOR
RVR
FRQ XQ JUDQGH
QGH
VNWRS
SDUFR LQWRUQR
}

/RVFHQDULRSUHYHGHDWWLGLWUHVFHQHOXQRPD SXz IXQ

]LRQDUH EHQH DQFKH FRQ VROR  VFHQH WUH DWWL FRPSOHWL
SLXQDVFHQDILQDOH
,OQXPHURPLQLPRGLSHUVRQDJJLqVHWWHPDqSRVVLELOHJLR
FDUHDQFKHLQQRYHXVDQGRWXWWLLFRSLRQLDGLVSRVL]LRQH,Q
RWWR FRQVLJOLR GL HVFOXGHUH LO SHUVRQDJJLR GL )UDQFHVFR 9L
WHQWROL LO PHQR LQ WHPD PD ODVFLR GHFLGHUH D FLDVFXQ
5HJLVWD

3HUVRQDJJL3ULQFLSDOL

(15,&2
2'
','(17(LOSURGXWWRUH
*XLGDODFDVDFLQHPDWRJUDILFD9LHQLFRQQRLqVXOVHWGH,O
6LJQRUHGHL3RUFHOOL YLVWDOLPSRUWDQ]DGHOILOP
$5,67,'(&
(&$
$55
55$
$5(
5(6
6,LQDUWH-RH/RYHGLOUHJLVWD
,OPLJOLRUHLQ,WDOLDHIRUVHQHOPRQGRGDWXWWLULWHQXWRXQ
YHURSURIHVVLRQLVWD
0$5&
5&2
2 5266$
66$1, LQ DUWH *LQR %RPEDUGLQR QHO ILOP
$UDFD]]OHURH
8QSRUQRGLYRJLRYDQHHLQDVFHVDDOILOPGLVYROWDSHU
ODVXDFDUULHUD
52%(5
(572
72 &$5/(
5/(77
77,, LQ DUWH 7DQR QHO ILOP
)URJLRLOILGRFRPSDJQRGDYYHQWXUDGL$UDFD]]
8QDWWRUHGLSURYDWDHVSHULHQ]DHDIILGDELOLWjSHU
UXROLGLVSDOOD
0$5,(//$
(//$ *2
*25
5',$1, LQ DUWH 'RUD QHO
ILOP*RGDGULHOODUHJLQDGHJOL(OIL
/D YHUD VWHOOD GHO ILOP OD SRUQRGLYD SL DPDWD
GDJOLLWDOLDQL
526(77
77$
$(
(6326,72LQDUWH/RUHQDQHOILOP
72
$UGHQODJLRYDQHSULQFLSHVVD
8QDJLRYDQHVWHOOLQDSRFRSLFKHHVRUGLHQWH
$/(
/(66
66$
$1'
1'5
52 9,7(172
72/
/, LQ DUWH 'LFN
*XQQHOILOP6IRQGDOILOYHFFKLRPDJRVDJJLR
8Q SRUQRGLYR GL PH]]D HWj QRQ SL VXOOD UL
EDOWDFRPHTXDOFKHDQQRIDPDDQFRUDLQVFH
QD
'$5,2 9,7(172
72/
/, LQ DUWH )HOLFH QHO
ILOP&HSSRODVOHOIR
(VRUGLHQWHDVVROXWRHQLSRWHGL$OHVVDQGURIRUVH
UDFFRPDQGDWR"
)5$1&(
&(6
6&2 9,7(172
72/
/, SDGUH GL 'DULR H IUDWHOOR
GL$OHVVDQGUR
/D PLQD YDJDQWH GHO VHW QHVVXQR LPPDJLQD OD
VXDSUHVHQ]D

SURQWR SHU
ILOP 'L FRQVH
VFHQDSRWUDQQRXVDUHEXR
QRJUDILHSUHYLVWHQHOUHJRODPHQWR

GRYH WXWWR q
LQL]LDUHDJLUDUHLO
JXHQ]DLUHJLVWLGL
QD SDUWH GHOOH VFH
EDVH

&LVRQRDOFXQHVSHFLILFD]LRQLGDIDUH
 DOOD SULPD GLVWULEX]LRQH GL )UDVL )DWWH LO JLRFDWRUH FKH
LQWHUSUHWD *LQR %RPEDUGLQR RWWLHQH VHPSUH XQ &ROSR GL
IXOPLQH RXQ)ROJRUDWRVXOODYLDGL'DPDVFRVHSUHIHULWH
 ODELOLWj7UDGLPHQWR SXzHVVHUH XWLOL]]DWD VRORXQD YROWD
SHU$WWR
 Fq XQD QXRYD DELOLWj 'LVWUDUUH FKH q SRL XQD YHUVLRQH
DJJLRUQDWDGL)LQJHUHODSD]]LD
 LQ FDVR YHQJD XWLOL]]DWR LO SHUVRQDJJLR GL )UDQFHVFR 9L
WHQWROLTXHVWLQRQSXzSDUWHFLSDUHDOODSULPDVFHQDGHOSUL
PRDWWRQHVVXQRVDFKHqDOFDVWHOORTXLQGLqPHJOLRFKH
ODVXDFRPSDUVDQRQVLDLPPHGLDWD&KLLQWHUSUHWDODSDUWH
SHUz SXz XVDUH VH YXROH ODELOLWj
$VFROWDUH R HQWUDUH LQ
VFHQD VH KD GHOOH
)UDVL )DWWH FKH
JOLHOR FRQVHQ
WRQR

,QROWUH QHO
SUHSDUDUH LO
PD]]R
GL
)UDVL )DWWH
HYLWHUHL GL
LQVHULUH FDUWH
FROOHJDWH DO
OXVRGLYLROHQ
]D R D VFRQWUL
ILVLFL HV
/RWWD VHQ
]D TXDUWLH
UH3LXWWR
VWR SXQ
WHUHL VX
XQDOWRQX
PHUR
GL
)UDVL
GL
HQWUDWDHXVFL
WD H VX FDUWH
FKH KDQQR HIIHWWL
VFHQLFLGD%XLR LQ
6FHQD VLQRD)DF
FLR XQ SDQGHPR
QLR FRPH OD YH
GUHVWH OD FRPSDUVD

GHOIDQWDVPDGL7RONLHQVXOVHW"
,QILQHYLVWRFKHDRJQLSHUVRQDJJLRFRUULVSRQGHXQVROR DU
FKHWLSRqPROWRLPSRUWDQWHFKHLO5HJLVWDGLVWULEXLVFDFRQ
DWWHQ]LRQHOH YDULH SDUWL FRQVLGHUDQGR EHQHOHFDUDWWHULVWL
FKH GHL JLRFDWRUL SHU HYLWDUH FKH OD SDUWLWD GHJHQHUL
WURSSR,QSDUWLFRODUHFRQVLJOLRSULPDGLSURFHGHUHDOODW
WULEX]LRQHGHOOHSDUWLGLIDUVFHJOLHUHDOOHHYHQWXDOLJLRFDWUL
FLTXDOHSHUVRQDJJLRIHPPLQLOHRPHJOLRDQFRUD PDVFKL
OHSUHIHULVFRQRDQFKHDFRVWRGLVYHODUHORURTXDOFKHGHWWD
JOLR GHL YDUL FRSLRQL H VROR SRL DVVHJQDUH LO UHVWR GHO FDVW
WXWWRTXHVWRGLFLDPRFRVuSHUFDYDOOHULD

3URORJR

/H OXFLVL DEEDVVDQR LO VLSDULRVL DSUH PRVWUDQGR LO SDOFR

YXRWR
'RSR TXDOFKH VHFRQGR GDO ODWR GHVWUR HQWUD LQ VFHQD XQ
YHFFKLRFRQXQEDVWRQH3RUWDXQDOWRFDSSHOOREOXDSXQWD
XQPDQWHOORJULJLRHXQDVFLDUSDFRORUDUJHQWR+DXQDOXQJD
EDUEDELDQFDFKHULFDGHVRWWRODYLWD
,OOXPLQDWRGDXQDILRFDOXFHUDJJLXQJHLOFHQWURGHOSDOFR
VFHQLFRHLQL]LDDSDUODUHFRQWRQRJUDYH
&HUD XQD YROWD XQ WHPSRLQFXL HVLVWHYDQRGHL9DORUL VH
QRQGDWXWWLSUDWLFDWLDOPHQRGDWXWWLFRQRVFLXWLHULVSHWWDWL
&HUDXQDYROWDXQD7HUUDLQFXLJOL8RPLQLSURSULRLQQR
PHGLTXHL9DORULSRQHYDQRXQ OLPLWHDOOH SURSULH JHVWD H
XQIUHQRDLSURSULLVWLQWL
4XHVWD VWRULD QRQ q DPELHQWDWD Qp LQ TXHO WHPSR Qp VX
TXHOOD7HUUD
,OYHFFKLRFKLQDLOFDSRSRLHVFHGLVFHQD/HOXFLVLVSHQJR
QRGLQXRYRORVSHWWDFRORSXzLQL]LDUH

(SLORJR

(FRQWUROODWRGDO5HJLVWDFKHFRQFOXGHODUDSSUHVHQWD]LRQH
VXOODEDVHGLTXDQWRDYYHQXWRLQVFHQDDGHVHPSLROHSLOR
JRSRWUHEEHVYROJHUVLLOJHQQDLRQHOFLQHPDLQFXL
LOQRVWURILOPVWDSHUGHEXWWDUHFRQXQSLHQRQHGLSXEEOL
FR H GL JLRUQDOLVWL FKH WDQWRQRQDYHQGROHWWR 7RONLHQ PD
YROHQGR FRPXQTXH VWDUH VXOOD QRWL]LD QRQ KDQQR LGHD GL
FRVDVLWUDWWL

/DWUDPDGHOILOP

6HVWDLOHJJHQGRTXHVWRSDUDJUDIRVHLYHUDPHQWHODSHUVRQD
DGDWWDSHUTXHVWRVFHQDULRFRPSOLPHQWL
'HWWR TXHVWR FRQVLJOLHUHL GL ODVFLDU GHFLGHUH DOOD IDQWDVLD
GHL JLRFDWRUL VX TXHVWR SXQWR LQ PRGR WDOH GD DFFUHVFHUH
XOWHULRUPHQWH OD ORUR LQWHUD]LRQH HKP 7UD ODOWUR FUH
GHWHPL OR VFULSW QRQ q XQ HOHPHQWR PROWR LPSRUWDQWH LQ
TXHVWRJHQHUHFLQHPDWRJUDILFRTXLQGLWDQWRYDOHODVFLDUH
PDQROLEHUDDULHKPDLJLRFDWRUL
'RYHQGR SURSULR GDUH XQ VRJJHWWR GL PDVVLPD SRVVLDPR
GLUHFKHODQRVWUD&RPSDJQLDGHYHFRPSLHUHXQD PLVVLRQH
FRQWURLOFDWWLYRGLWXUQR7DXURQVXOUHVWRULSHWRVRSUDV
VLHGHUHL

5LQJUD]LDPHQWL

,QFUHGLELOHPDYHURFLVRQRDQFKHTXHVWL
9RUUHLFLWDUHXQRDGXQRLHOHSOD\WHVWHUQRQFKpXQSDLR
GLDPLFLFKHPLKDQQRGDWRFRQVLJOLLOOXPLQDQWLVXOFDVWPD
SUHIHULVFRHYLWDUHSHUFKpWHPRFKHVHRVDVVLSDUODUHGLORUR
ODPLDDXWRPRELOHVDUHEEHSUHVWRPLVWHULRVDPHQWHGDQQHJ
JLDWD GD DWWL YDQGDOLFLGL LJQRWL H LR VWR DQFRUD SDJDQGR OH
UDWH
8Q JUD]LH SDUWLFRODUH YRJOLR SHUz ULYROJHUOR DOOD ULYLVWD FKH
PLRVSLWDLFXLUHGDWWRULVLULFRQIHUPDQRSDODGLQLGHOODOL
EHUWjGLHVSUHVVLRQH

&RSLRQLGHL3HUVRQDJJL3ULQFLSDOL

(15,&2
2'
','(17( LOSURGXWWRUH
6HLLOSURSULHWDULRGHOODFDVDFLQHPDWRJUDILFD9LHQLFRQQRL
VSHFLDOL]]DWDLQILOPSRUQR
/DWXDDWWLYLWjYDEHQHVSHFLDOPHQWHGDTXDQGRKDLGHFLVR
GLSXQWDUHVXOODSDURGLDGLSHOOLFROHIDPRVHHGLVXFFHVVR
/DVSDGDQHOODURVFLD&HSS5XQQHU&KLHGLPLVHVRQREDU
]RWWR
2UDVWDLSHUUHDOL]]DUHLOILOPSLLPSHJQDWLYRGHOODWXDFDU
ULHUDVXOTXDOHKDLLQYHVWLWRPROWRHGDFXLWLDVSHWWLPROWLV
VLPR ,O 6LJQRUH GHL 3RUFHOOL 3HUFLz KDL GHFLVR GL VHJXLUH
SHUVRQDOPHQWHODODYRUD]LRQHODSRVWDLQJLRFRq GDYYHUR
DOWDSHUWH
,QROWUHLOJHQQDLRqYLFLQRHQRQVLSXzSHUGHUHWHPSR
SHU PDVVLPL]]DUH JOL LQFDVVL q IRQGDPHQWDOH ULXVFLUH D
VIUXWWDUHLOEDWWDJHSXEEOLFLWDULRGHOILOPGL3HWHU-DFNVRQ
&RPXQTXHVHLDEEDVWDQ]DWUDQTXLOOR-RH/RYHGLO UHJLVWD
FKHKDLVFHOWRqXQYHURSURIHVVLRQLVWDLOPLJOLRUHVXOPHU
FDWRFRQDOOHVSDOOHXQDOXQJDVHULHGLSRUQEXVWHU7LLQFX
ULRVLVFH VROR FKH DEELD SUHWHVR GL VFHJOLHUH SHUVRQDOPHQWH
ODWWULFHQRQSURWDJRQLVWDLPSRQHQGRQHXQDJLRYDQHHEHOOD
PDFHUWRQRQPROWRIDPRVD6RVSHWWLFKHFLVLDTXDOFRVDIUD
ORUR PD GRSRWXWWR FKH LPSRUWD" 7X QRQ VHL XQ WLSR JHOR
VR H KDL WXWWD OLQWHQ]LRQH GL DSSURIRQGLUH DQFKH TXHVWD
FRQRVFHQ]D
2ELHWW
WWLLYR
YR )DUHLQPRGRFKHODODYRUD]LRQHSURFHGDQHOPL
JOLRUH GHL PRGL ULVHUYDQGRWL FRPXQTXH L WXRL PRPHQWL GL
UHOD[
$ELOL
LOLWWj
 &RPDQGR 'LEDWWLWR  QHO FRQYLQFHUH XQ SHUVRQDJJLR D
HVHJXLUH XQ RUGLQH FKLDUR H XQLYRFR QHOOD VFHQD LQ FRUVR
QRQXWLOL]]DELOHSHUVHGXUUHSHUVRQDJJLIHPPLQLOL
 ,QWHUURJDUH 'LEDWWLWRQHOSHUVXDGHUHXQVLQJRORSHUVR
QDJJLRDULYHODUHXQ
LQIRUPD]LRQHLQVXRSRVVHVVR
$5,67,'(&
(&$
$55
55$
$5(
5(6
6,LQDUWH-RH/RYHG
6HL SUREDELOPHQWH LO PLJOLRU UHJLVWD GHO PRQGR GHOOKDUG
FRUH
6LQ GD EDPELQRVRJQDYLGL JLUDUH ILOP H GLYHQWDUH IDPRVR
VHQRQD+ROO\ZRRGDOPHQRD&LQHFLWWj3HUFLz KDLVWXGLDWR
PROWRHYLVWRPLJOLDLDGLSHOOLFROH3XUWURSSROXQLFRJHQH
UHQHOTXDOHVHLULXVFLWRDRWWHQHUHGHLVXFFHVVLqTXHOORGHO
SRUQR WDQWH YROWH KDL JLUDWR ILOP GL DOWUL WLSL H DOWUHWWDQWH

$
<
<
+
4
:
;
8
'


4


W
'
+

$
<
<
+
4
:
;
8
'


4


W
'
+

KDL IDWWR IORS VSHVVR LQGHELWDQGRWL LQ HIIHWWL OR VHL DQFKH
RUD$GRJQLPRGRQHVVXQRSXzPHWWHUHLQGXEELROD WXD
SURIHVVLRQDOLWj H FRPSHWHQ]D GHFLVDPHQWH VXSHULRUL DOOD
PHGLDGHOVHWWRUH
,Q TXHVWR PRPHQWR WL DSSUHVWL D JLUDUH XQ ILOP
OLEHUDPHQWH LVSLUDWR D 7RONLHQ VX FXL LO SURGXWWRUH VWD
LQYHVWHQGRSDUHFFKLRXQYHURSRUQRNRORVVDO
$QFKHSHUTXHVWRKDLLQVLVWLWRSHUFKpYHQLVVHVFULWWXUDWDFR
PHQRQSURWDJRQLVWD5RVHWWD(VSRVLWR LQDUWH/RUHQDXQD
JLRYDQH VHFRQGR WH PROWR LQ JDPED FRPH SHUVRQD QRQ
FRPHDWWULFH
(ODSULPDYROWDFKHFKLHGLXQDFRVDVLPLOHPDLOSURGXWWR
UHQRQKD ILDWDWRPHULWR GHOOD WXDULFRQRVFLXWD SURIHVVLR
QDOLWjLQGXEELDPHQWH
2ELHWW
WWLLYR
YR 'LIHQGHUHDRJQLFRVWRODWXDIDPDGLSURIHVVLR
QLVWDLQGLVFXVVR
$ELOL
LOLWWj
 ,QWHUURJDUH 'LEDWWLWRQHOSHUVXDGHUHXQVLQJRORSHUVR
QDJJLRDULYHODUHXQ
LQIRUPD]LRQHLQVXRSRVVHVVR
 0HGLD]LRQH 'LEDWWLWRLQTXDOVLDVLWUDWWDWLYDGLQHJR]LD
]LRQHWUDGXHRSLFRQWHQGHQWL
0$5&
5&2
2 5266$
66$1, LQ DUWH *LQR %RPEDUGLQR QHO ILOP
$UDFD]]OHURH
'D TXDOFKH DQQR ODYRUL QHO PRQGR GHL ILOP SRUQR /H WXH
GRWLQDWXUDOLWLKDQQRDVVLFXUDWRXQDUDSLGDFDUULHUDHRJJL
VHLGHFLVDPHQWHXQDWWRUHLQDVFHVD
,O ILOP FKH VWDL SHU JLUDUH ,O 6LJQRUH GHL 3RUFHOOL GD WXWWL
DWWHVLVVLPR WL UHQGHUj SUHVXPLELOPHQWH XQ SRUQRGLYR GL
SULPD JUDQGH]]D XQD YHUD VWDU 7X HUL PROWR FRQWHQWR GL
TXHVWDRSSRUWXQLWjPDRUDWLUHQGLFRQWRGLHVVHUHQHLJXDL
SULPDGLLQL]LDUHOHULSUHVHLQIDWWLKDLOHWWRLOOLEURGL7RO
NLHQLQFXULRVLWRGDOODPDVVLFFLDFDPSDJQDSXEEOLFLWDULDFRO
OHJDWD DOOD SHOOL
FROD GL 3HWHU
-DFNVRQ
6HL ULPDVWR LQ
FDQWDWR QRQ
DYHYL PDL OHWWR
QLHQWH GL SL
EHOOR LQ WXWWD OD
WXD YLWD ORSHUD
GL 7RONLHQ q
PHUDYLJOLRVD H
WL SDUH LQDFFHW
WDELOH OLGHD GL
JLUDUH TXHVWD
S D U R G L D
SRUQR
3HU TXHVWR KDL
GHFLVR GL IDUH
VDOWDUHLOILOP
DQFKHVHVHLVRW
WR FRQWUDWWR H
QRQSXRLDEEDQ
GRQDUHODODYRUD
]LRQH SHQVL GL
SRWHUFL ULXVFLUH
PDJDUL FRQ XQ
SRGLIRUWXQD
2ELHWW
WWLLYR
YR ,P
SHGLUH FKH LO
ILOP YHQJD JLUD
WR
$ELOL
LOLWWj
 $VFROWDUH 3Xz
HQWUDUH LQ VFHQD
H UHVWDUFL GL
QDVFRVWR SHU
DVFROWDUHLFROOR
TXLULVHUYDWLWUDL
SHUVRQDJJL
 ,QJDQQDUH 'L
EDWWLWR  QHO
SHUVXDGHUH XQ
VLQJROR SHUVR

QDJJLRDFRPSLHUHXQDGHWHUPLQDWDD]LRQHHQWURODILQHGHO
ODVFHQD
52%(5
(572
72&
&$5/(
5/(77
77,,LQDUWH7DQRQHOILOP)URJLRLO
FRPSDJQRGDYYHQWXUDGL$UDFD]]
'DFLUFDGLHFLDQQLWLVHLULGRWWRDSDUWHFLSDUHDILOPSRUQR
/DWXDFDUULHUDGLDWWRUHFKHSXUHHUDLQL]LDWDFRVuEHQHVLq
EHQ SUHVWR DUHQDWD q OLQILQLWD FULVL GHO FLQHPD LWDOLDQR
FKHWLKDURYLQDWR
&RVuQHPPHQRWXVDLEHQHFRPHWLVHLULWURYDWRDODYRUDUH
QHOSRUQR
6SHUDYLFKHTXHVWDVDUHEEHVWDWDVRORXQDSDUHQWHVLPDEHQ
SUHVWRWLVHLDFFRUWRFKHODWXDVFHOWDDYHYDGHILQLWLYDPHQWH
FRPSURPHVVRRJQL SRVVLELOLWjGLFDUULHUDQRUPDOH
,QSLWLYHGLFRVWUHWWRDPLVFKLDUWLDGDWWRULLJQRELOLDODYR
UDUH FRQ SHUVRQDJJL LPSUHVHQWDELOL VROR SHUFKp LQ TXHVWR
JHQHUHLOWDOHQWRQRQFRQWDDQFKHSHUTXHVWRQXRYRILOP
XQSRUQRNRORVVDOWLqVWDWRSURSRVWRLOUXRORGLVSDOOD
DFFDQWRDXQJLRYLQFHOORFKHVHLVLFXUR LQYLWDVXDQRQKDL
PDLOHWWRSLGL7RSROLQR
3HUTXHVWRVHLSLHQRGLUDEELDHSURQWRDFRJOLHUHRJQLQXR
YDSRVVLELOLWjWLVLSUHVHQWDVVH
2ELHWW
WWLLYR
YR 'DUHXQDOH]LRQHDWXWWLTXHOOLFKHQRQFDSLVFRQR
TXDQWRYDOLHVHSRVVLELOHXQDVYROWDDOODWXDYLWD
$ELOL
LOLWWj
 7UDGLPHQWR ,QGLFDUH VHJUHWDPHQWH DO UHJLVWD XQ SHUVR
QDJJLR TXHVWL GRYUj VFDUWDUH FDVXDOPHQWH XQD )UDVH )DWWD
LQVXRSRVVHVVRXQDYROWDSHUDWWR
 7UDYHVWLPHQWR 3XzHQWUDUHLQVFHQDQHLSDQQLGLDOWULSHU
VRQDJJLRILJXUDQWLVHQ]DHVVHUHULFRQRVFLXWR'LEDWWLWR
LQ XQ HYHQWXDOH FRQIURQWR IDWWR GD DYYHUVDUL SHU VYHODUH LO
WUDYHVWLPHQWR

0$5,(//$
(//$*2
*25
5',$1,LQDUWH'RUDQHOILOP*RGDGUL
HOODUHJLQDGHJOL(OIL
,QWXWWDODWXDYLWDKDFRQWDWRVHPSUHHVRORXQDFRVDLO
VHVVR
3HUTXHVWRSHUWHIDUHODWWULFHGL ILOPSRUQRqYHUDPHQWHLO
PDVVLPRYLHQLSDJDWDSHUIDUHTXHOORFKHSLWLSLDFHIDUH
HFKHSUREDELOPHQWHIDUHVWLFRPXQTXHLOVRJQRGLFKLXQ
TXH
7XWWR TXHVWR WXR HQWXVLDVPRSHQVL YLHQH SHUFHSLWR GDJOL
VSHWWDWRULGLFXLWXVHLRUPDLGDXQDGHFLQDGDQQLXQDYHUD
EHQLDPLQDKDLSHUVLQRGHLIDQFOXE H GHL VLWL DPDWRULDOL D
WHGHGLFDWL
2UDVWDLSHUJLUDUHXQQXRYRILOPXQYHURNRORVVDODTXDQWR
KDLVHQWLWRPDODFRVDQRQWLLQWHUHVVDPROWRYLVWRLOQRPH
FKHWLVHLIDWWDSXRLSHUPHWWHUWLGLVFHJOLHUH OLEHUDPHQWH L
ILOPFKHIDUDLHWXOLVFHJOLVHPSUHHVRORLQIXQ]LRQHGHJOL
DWWRULFRQFXLGRYUDLODYRUDUH
2ELHWW
WWLLYR
YR &RQWLQXDUH D WUDUUH OD PDJJLRUH VRGGLVID]LRQH
SRVVLELOHGDOWXRODYRURHGDOODWXDYLWD
$ELOL
LOLWWj
 /LEHUWLQDJJLR 'LEDWWLWRQHOSHUVXDGHUHXQVLQJRORSHU
VRQDJJLRDFRPSLHUHLQVFHQDXQDWWROLFHQ]LRVRDGDEEDQ
GRQDUVLDOSLDFHUHGHLVHQVLRDFHGHUHDOYL]LR
 6HGX]LRQH 'LEDWWLWR  QHOO
DIIDVFLQDUH FRPSOHWDPHQWH
XQ VLQJROR SHUVRQDJJLR H FRQYLQFHUOR D IDUH TXDOVLDVL FRVD
SHUWXWWDODGXUDWDGHOODVFHQD
526(77
77$
$(
(6326,72LQDUWH/RUHQDQHOILOP$UGHQOD
72
JLRYDQHSULQFLSHVVD
8QSDLRGDQQLIDKDLODVFLDWRODWXDIDPLJOLDHODWXDFLWWDGL
QDGLSURYLQFLDSHUFHUFDUHGLIDUWLXQDVWUDGDGDVRODLQXQD
JUDQGHFLWWj'LODYRURLQODYRURWLqVWDWRDOODILQHSURSRVWR
GLJLUDUHILOPSRUQRHWXKDLDFFHWWDWRDQFKHSHUFKpTXHVWD
DWWLYLWj WL FRQVHQWH GL JXDGDJQDUH SL GL TXHOOR FKH DOWUL
PHQWLSRWUHVWL
6LQRUDKDLSDUWHFLSDWRDVYDULDWHSHOOLFROHDYHQGRVRORSLF
FROHSDUWLPDVWDYROWDSDUHVLDDUULYDWDODWXDJUDQGHRFFDVLR
QHLOQRWRUHJLVWD-DFN/RYHG FKHKDJLjODYRUDWRFRQWHH
VX FXL HYLGHQWHPHQWH KDL IDWWR FROSR WL KD FKLDPDWR SHU
XQDSDUWHQH,O6LJQRUHGHL3RUFHOOL SRUQRNRORVVDOGHOODQ
QR
,QXQFHUWRVHQVRVHLOXVLQJDWDPDJXDUGLWXWWRTXHVWRFRQ
XQFHUWRGLVWDFFRQRQYXRLIDUHTXHVWRODYRURSHUVHPSUH
DQ]LLQUHDOWjVHLLQFHUFDGLQXRYHRSSRUWXQLWj
2ELHWW
WWLLYR
YR 6IUXWWDUHDOPDVVLPROHPLJOLRULRSSRUWXQLWjFKH
WLVLSUHVHQWHUDQQR GDYDQWL
$ELOL
LOLWWj
 $OWUXLVPR +D OD IDFROWj GL JLRFDUH XQD FDUWD IDYRUHYROH
IDFHQGRVuFKHDEELDHIIHWWRVXXQDOWURSHUVRQDJJLRDQ]LFKq
VXOSURSULR,OSHUVRQDJJLREHQHILFLDWRSXzULILXWDUHO
DLXWR
LQTXHVWRFDVRODFDUWDQRQKDHIIHWWRHUHVWDLQPDQRDOO
DO
WUXLVWD
 &DQGRUH 'LEDWWLWRQHOUHVLVWHUHDLWHQWDWLYLGLVHGX]LR
QHHOLEHUWLQDJJLR
$/(
/(66
66$
$1'
1'5
52
29
9,7(172/
72/,LQDUWH'LFN*XQQHOILOP
6IRQGDOILOYHFFKLRPDJRVDJJLR
+DLSDVVDWRODYLWDDODYRUDUHQHOPRQGRGHOSRUQRRWWHQHQ
GRPROWRVXFFHVVRHVRGGLVID]LRQL
2UPDL SHUz KDL UDJJLXQWR H VXSHUDWR OD PH]]D HWj H KDL
GHFLVRGLIDUWLGDSDUWHGDTXDOFKHDQQRLQWHSUHWLVRORSDUWL
FLQH VSHVVR H YROHQWLHUL VHQ]DQHDQFKH SL VFHQHFDOGH
VRORSHUUHVWDUHLQXQJLURFKH VHQWL WXR HFKH WL SLDFHIUH
TXHQWDUHDQFRUD
$FRQVHQWLUWLGLWRJOLHUWLTXHVWRVIL]LRSHUVRQDOHqLOWXRYHF
FKLRDPLFR(QULFR'LGHQWHSURSULHWDULRGHOODFDVDFLQHPD
WRJUDILFD9LHQLFRQQRLFKHILOPGRSRILOP QRQPDQFDPDL
GLULVHUYDUWLTXDOFKHFDPPHR3HUTXHVWRWXJOLVHLJUDWRH
FHUFKLFRPHSXRLGLVRVWHQHUOR
'LUHFHQWHSURSULRDULGRVVRGHOOLQL]LRGHOODODYRUD]LRQHGL
XQILOPLPSRUWDQWHFRPH,O 6LJQRUH GHL3RUFHOOL KDLDYXWR
XQXOWHULRUH SURYD GHOOD VXD DPLFL]LD VX WXD ULFKLHVWD KD
VFULWWXUDWRWXRQLSRWH'DULRSHUXQDSDUWHGLFRQWRUQRPD
QRQWURSSRSLFFROD,O UDJD]]R q XQ HVRUGLHQWHH VSHUL FKH
VDSSLD IDUVL RQRUHPDJDUL FKLVVjULXVFLUDLD GDUH XQ DOWUR

GLVSLDFHUHDOWXRELJRWWRSDUHQWDPH
2ELHWW
WWLLYR
YR )DUH EHQH OD WXD SDUWH QRQ GHOXGHQGR LO WXR
DPLFR(QULFR
$ELOL
LOLWWj
 $VFROWDUH 3XzHQWUDUHLQVFHQDHUHVWDUFLGLQDVFRVWRSHU
DVFROWDUHLFROORTXLULVHUYDWLWUDLSHUVRQDJJL
 'LVWUDUUH 8QDYROWDSHUDWWRSXzDWWLUDUHODWWHQ]LRQHGHL
SHUVRQDJJL SUHVHQWL SHU WXWWD OD GXUDWD GHOOD VFHQD FKH VL
FKLXGHUjFRQXQQXOODGLIDWWRLQWHUURPSHRJQLFRQIURQWRGL
'LEDWWLWRR/RWWD
'$5,2 9,7(172
72/
/, LQ DUWH )HOLFH QHO ILOP &HSSRODV
O(OIR
,OPRQGRGHOSRUQRKDVHPSUHVXVFLWDWRLQWHXQJUDQGHLQ
WHUHVVH
)RUVHSHUFKpGLILOPFRVuQHKDLYLVWLPROWLKDLVHPSUHGHVL
GHUDWRSDUWHFLSDUHDXQRGLHVVL,QUHDOWjQRQVHLVLFXURGL
YROHUH ULSHUFRUUHUH OD VWUDGD VHJXLWD GD WXR ]LR $OHVVDQGUR
DQQLIDQRWRSRUQRGLYRHGDVHPSUHSHFRUDQHUDGHOODID
PLJOLDFRPXQTXHRUDKDLODSRVVLELOLWjGLWRJOLHUWLRJQLFX
ULRVLWj JUD]LH D WXR ]LR LQIDWWL VHL VWDWR VFULWWXUDWR SHU XQ
ILOPSRUQR
$QFKHVRORPXRYHUWLVXOVHWWLSDUHLQFUHGLELOHHPR]LRQDQ
WHXQVRJQRUHDOL]]DWR
3HUWXR]LRPDVRSUDWWXWWRSHUWHVWHVVRKDLLQWHQ]LRQHGL
JRGHUWLTXHVWDRSSRUWXQLWjHGLIDUWLYDOHUH
2ELHWW
WWLLYR
YR *RGHUWLTXHVWHJLRUQDWHSRLVLYHGUj
$ELOL
LOLWWj
 $JLOLWj )RUWXQDLQWXWWLJOLHYHQWLFDWDVWURILFLQHJOLLQ
FLGHQWLHQHOOHD]LRQLGLXWLOL]]RGHOODVFHQRJUDILDFKHFRP
SRUWDQRXQ
HVLEL]LRQHGLDJLOLWjPXVFRODUHDUUDPSLFDUVLVDO
WDUHFRUUHUH
 &RRSHUDUH 3XzHQWUDUHLQVFHQDHUHVWDUFLRJQLYROWDFKH
LOVXRQRPHYLHQHSURQXQFLDWRDGDOWDYRFHGDXQRGHLSHU
VRQDJJLLQVFHQD
)5$1&(
&(6
6&2
29
9,7(172
72/
/,
6HLLOSDGUHGL'DULRHLOIUDWHOORGL$OHVVDQGUR9LWHQWROL
'DPROWLDQQLRUPDLWLWRFFDSRUWDUHXQDWHUULELOHFURFHWXR
IUDWHOORQRQRVWDQWHOHGXFD]LRQHUHWWDHWLPRUDWDGL'LRFKH
KD ULFHYXWR ODYRUD FRPH DWWRUH LQ ILOP SRUQR GLVRQR
UDQGRLOQRPHVXRHGLWXWWDODIDPLJOLD
3HU XQ SR KDL WHQWDWR GL ULSRUWDUOR VXOOD UHWWD YLD PD DOOD
ILQHKDLGHVLVWLWR ODVFLDQGROR OLEHUR GL FRQWLQXDUH D VED
JOLDUH
2UD SHUz KDL GHFLVR GL LQWHUYHQLUH QRQ FRQWHQWR GL WXWWR
TXHOORFKHJLjKDIDWWRTXDQGRHUDSLJLRYDQHWXRIUDWHOOR
KDFRQYLQWRWXRILJOLR'DULRDSDUWHFLSDUHFRQOXLDOODODYRUD
]LRQHGLXQDOWUDGHOOHVXHRVFHQHSHOOLFROH7X QRQ SXRL
SHUPHWWHUHFKHDQFKHWXRILJOLRYHQJDWUDYLDWR
3HUFLzKDLUDJJLXQWRLQLQFRJQLWRLOVHWQHVVXQRGHYHVDSHUH
FKHVHLTXLQHYDGHOODWXDULVSHWWDELOLWjGHFLVRDLPSH
GLUHTXHVWDYHUJRJQD
2ELHWW
WWLLYR
YR 6DOYDUH GDOOD GHILQLWLYD URYLQD ORQRUH GHOOD WXD
IDPLJOLD
$ELOL
LOLWWj
 $XVWHULWj 'LEDWWLWR  QHO SHUVXDGHUH XQ VLQJROR SHUVR
QDJJLR D FRPSRUWDUVL GHJQDPHQWH SHU WXWWD OD GXUDWD GHOOD
VFHQDHRDGHVLVWHUHGDOFRPSLHUHXQDWWRVFHOOHUDWRROLFHQ
]LRVR
 $VFROWDUH 3XzHQWUDUHLQVFHQDHUHVWDUFLGLQDVFRVWRSHU
DVFROWDUHLFROORTXLULVHUYDWLWUDLSHUVRQDJJL

5RFF
FFR
R5L
5LIIU
IIUHHGL

$UWE\/\V

$
<
<
+
4
:
;
8
'


4


W
'
+

$
<
<
+
4
:
;
8
'

$






/8OWLPR
$YYHQWXUDSHU
$' 'DPELHQWDWDQHL
)RUJRWWHQ5HDOPV

,PSHUDWRUH

,QWURGX]LRQH

3HULQL]LDUHTXHVWDDYYHQWXUDqQHFHVVDULRFKHL3*VLWURYL
QRLQXQDFLWWjSRUWXDOHFKHVLDIIDFFLDVXO0DUHGHOOH6SD
GH FRPH %DOGXUV *DWH R 1HYHUZLQWHU 0HQWUH VL WURYDQR
TXL VDUDQQR DYYLFLQDWL GD XQ YHFFKLR PDJR GL QRPH 'UD
QHRU FKH OL DVVROGHUj SHU ULWURYDUH XQ YHFFKLR OLEUR GHJOL
LQFDQWHVLPLGLXQDQWLFRLPSHUDWRUHGHO7HWK\U6KRRQ,9
FKHIXLQYLWDXQSRWHQWHQHJURPDQWH

'UDQHRULOPDJR

0HQWUH L 3* VL WURYDQR SHU OH VWUDGH GHOOD FLWWj YHGUDQQR
YHQLUHYHUVRGLORURXQYHFFKLHWWRGDOODEDUEDOXQJDHLVSLGD
JREER FRQ GHOOH IROWH VRSUDFFLJOLD DUUXIIDWH ,O YHFFKLHWWR
DYUjODEDUEDELDQFDHGLQGRVVHUjXQYHVWLWRQHURFRQDOFXQH
WRSSHFXFLWHPDODPHQWH6DUjJREERHVLUHJJHUjDPDODSHQD
VXGLXQYHFFKLREDVWRQHGLOHJQRFKHWHUPLQDLQFLPDFRQ
XQDVIHUDOXPLQHVFHQWHD]]XUUDHYHUGH
,OPDJRVLSUHVHQWHUjFRPH'UDQHRUXQYHFFKLRPDJRFKH
FROOH]LRQDYHFFKLWRPLGLPDJLD&KLHGHUjDL3*VHVRQRGL
VSRVWL D VHJXLUOR QHOOD VXD DELWD]LRQHGRYH RIIULUj ORUR XQD
WLVDQDGLHUEHDURPDWLFKHHGXQLQWHUHVVDQWHOD
YRUR
/DVXDFDVDVLWURYDDSRFKLSDVVLGDO
SXQWR GHOOLQFRQWUR
( XQD JUD]LRVD DEL
WD]LRQH GL SLHWUD D
GXH SLDQL FLUFRQGDWD GD
XQ ULJRJOLRVR JLDUGLQR (Q
WUDQGR IDUj DFFRPRGDUH L 3*
VX GHOOH FRPRGH
SROWURQH
LQ
SHOOH QHUD

PDJRHSRLVHQHDQGUj$TXHVWRSXQWR'UDHQRUVSLHJKHUj
FKHKDELVRJQRGLXQJUXSSRGLSHUVRQHFKHULWURYLQRSHUOXL
LO OLEUR GHJOL LQFDQWHVLPL GHOOLPSHUDWRUH 6KRRQ ,9 XQ WL
UDQQRFKHJRYHUQzLO7HWK\UPROWLVHFROLID'LUjFKHLOOLEUR
VLWURYDQDVFRVWRGDTXDOFKHSDUWHQHOOHLVROH1HODQWKHULQ
VLHPHDOWHVRURGHOOLPSHUDWRUHFKHVLPRUPRUDVLDGLHQRU
PL GLPHQVLRQL )LQLUj GLFHQGR FKH KD JLj QROHJJLDWR XQD
QDYHFKHSDUWLUjODPDWWLQDVHJXHQWHHFRQGXUUjL3*LQXQ
LPSUHFLVDWRSRUWRGHOOH1HODQWKHUHFKHODULFRPSHQVDSHULO
ODYRURVYROWRVDUjODSDUWHUHVWDQWHGHOWHVRURGHOOLPSHUDWR
UH
,3*DYUDQQRTXLQGLWXWWDODJLRUQDWDSHUUDFFRJOLHUHLQIRU
PD]LRQLLQFLWWjVXLOXRJKLFKHGRYUDQQRYLVLWDUHHSHUSUH
SDUDUVLDOODGLIILFLOHDYYHQWXUD

/DQDYH

/DQDYHFKHSDUWLUjGHOSRUWRqXQDFDUDYHOODGLGLVFUHWHGL
PHQVLRQLOXQJDPHWULHODUJD+DWUHDOEHULHGqVHQ]D
UHPL(IDWWDGHOOHJQRGHOOHIRUHVWHGHO&RUP\UHGqPROWR
SXOLWDHEHQ HTXLSDJJLDWD/D QDYHVL FKLDPD 6ZHHW&DQ
G\HGLOFDSLWDQRq%DUWKRORPHZ*XP&%XQOXSRGL
PDUH QRQ PROWR DOWR PD WDUFKLDWR H FRQ GXH OXQJKL EDIIL
QHUL(XQXRPRJHQHURVRHWROOHUDQWHGLVFHQGHQWHGDXQD
IDPLJOLDGL PDULQDL ,O UHVWR GHOOHTXLSDJJLR q FRVWLWXLWR GD
DOWUL  XRPLQL SUHYDOHQWHPHQWH XPDQL DQFKH VH FL VRQR
WUHPH]]HOIL
/DQDYHWUDVSRUWDDQFKHXQFDULFRFRPSUHQGHWHYLYHULRUR
HGDOFXQLVFKLDYLGHVWLQDWLDOOHSLDQWDJLRQLGLWDEDFFRHSDWD
WHGHOQXRYRPRQGR0D]WLFDHGKDVHLVFLDOXSSHGLVDOYD
WDJJLR
,OYLDJJLRYHUVRLOSLFFRORYLOODJJLRGL'URRQXQRGHLSRFKL
SRUWL IUDQFKL GHOOH LVROH 1HODQWKHU OLEHUR GDOOH VFRUUHULH
GHL SLUDWL GXUHUj DOOLQFLUFD XQD VHWWLPDQD PD GXUDQWH LO
TXLQWR JLRUQL GL YLDJJLR TXDQGR OD QDYH VL WURYHUj LQ DOWR
PDUHGXUDQWHODQRWWHFLVDUjODWWDFFRGLXQDQDYHGLSLUDWL
VFKLDYLVWLFKHYHQJRQRGHOSRUWRGL6NDXJ

$OODUUHPEDJJLR

,O TXLQWR JLRUQR GL YLDJJLR GXUDQWH OD QRWWH YHUVR OH WUH
XQDQDYHSLUDWDVLDYYLFLQHUjDTXHOODGHL3*HGLSLUDWLDY
YHUVDVLVLEXWWHUDQQRDOODUUHPEDJJLR,3*VDUDQQRVYHJOLD
WLGDIRUWLUXPRULSURYHQLHQWLGDOSRQWHVHJXLWLGDVFRSSLH
GDXUODVHOYDJJHVXOSRQWHVWDDYYHQHQGRXQDEDWWDJOLD
$SSHQD XVFLUDQQR GDOOD ORUR FDELQD VL ULWURYHUDQQR QHO
FRUULGRLRGRYHDOFXQLPDULQDLGHOOD6ZHHW&DQG\ VWDQ
QRFRPEDWWHQGRFRQWURGHLSLUDWLXPDQLEHQHTXLSDJ
JLDWLHGLPDULQDLVWDQQRDYHQGRODSHJJLR

 9DUHQRO7KULOO&RUDN PDULQDLGHOOD6ZHHW&DQG\
&$GHVWUH]]D)0'9 3)7+$&1
DWW'DQQLGSXJQDOHRGVSDGDOXQJDRVFLPLWDU
UD7DJOLD03(

GDYDQWL DG XQ FDPL

QHWWRLQSLHWUDDFFHVR $QFKH
OXL VL VLHGHUj H FKLHGHUj DG
RJQL 3* VH GHVLGHUD XQD WL
VDQD'RSREDWWHUjOHPDQLGXHYROWHHGRSRDOFXQLPLQXWL
DUULYHUj XQ JROHP GL SLHWUD FRQ XQ YDVVRLR LQ DUJHQWR FRQ
VRSUD OHEHYDQGH IXPDQWL,O JROHP OH SRUJHUj DL 3* HG DO

 3LUDWL 
&$FRUD]]DGLFXRLRGHVWUH]]D)0'93)
      7+$&  1DWW  'DQQL G
VFLPLWDUUDIRU]D7DJOLD03(
$SSHQD DYUDQQR XFFLVR L SLUDWL L PDULQDL GLUDQQR DL 3* GL
SUHFLSLWDUVL VXO SRQWH SHUFKp LO FDSLWDQR %DUWKRORPHZ VWD
FRPEDWWHQGRDVVLHPHDGDOFXQLPDULQDLSHUODVDOYH]]DGHOOD

QDYH
$UULYDWLVXOSRQWHL3*YHGUDQQRLOJDOHRQHSLUDWDVXOILDQFR
GHVWURGHOODQDYHFROOHJDWDDGHVVDWUDPLWHGHLSRQWLFHOOLGL
OHJQR ,O JDOHRQH SLUDWD q LPSRQHQWH H PROWLVVLPL XRPLQL
VWDQQRVDOHQGRVXOOD6ZHHW&DQG\ SHUUD]]LDUODHSHUFDWWX
UDUHJOLVFKLDYLHORURWUDVSRUWDWR&RPHVHQRQEDVWDVVHWUD
OHILOHQHPLFKHFL VRQRDQFKH GHLPDJKLH GHLVDFHUGRWL GL
8PEHUOHH ,O &DSLWDQR %DUWKRORPHZ VWD FRPEDWWHQGR VXO
SRQWHYLFLQRDOWLPRQHFRQWURTXDWWURSLUDWLDYYHUVDULPHQ
WUH WDQWLVVLPL DOWUL VL VWDQQR GDQGR EDWWDJOLD VXOOD QDYH ,Q
TXHOPRPHQWRLPDJKLFRPLQFHUDQQRDODQFLDUHLQFDQWHVLPL
VXLPHPEULGHOOHTXLSDJJLR(GDOWULSLUDWLVLJHWWHUDQQRVXO
SRQWHGHOOD6ZHHW&DQG\ FRQGHOOHIXQL
 3LUDWL 
&$FRUD]]DGLFXRLRGHVWUH]]D)0'93)G
7+$&1DWW'DQQLGVFLPLWDUUDIRU]D7DJOLD
03(

 0DULQDLGHOOD6ZHHW &DQG\ 
&$GHVWUH]]D)0'93)G7+$&1DWW
 'DQQL G  SXJQDOH R G VSDGD OXQJD R VFLPLWDUUD
7DJOLD03(
 %DUWKRORPHZ
&$FRUD]]DGLFXRLRERUFKLDWDGHVWUH]]D)0'9
 3)  7+$&  IRU]D VSHFLDOL]]D]LRQH 1DWW 
'DQQLGVFLDEROD7DJOLD0P3(

 &DSLWDQRGHLSLUDWL2[DOO&RYDDQDU
&$EUDFFLDOLGLGLIHVD&$GHVWUH]]DDPXOHWRGLSURWH
]LRQH)0'93)7+$&IRU]DPDHVWULD
VSDGD OXQJD GHO YROR 1DWW  'DQQL G 7DJOLD
03(
1RWHOD6SDGD/XQJDGHO9ROR qFDSDFHGLODQFLHUHYRODUH
SHUWUHYROWHDOJLRUQR2JQLYROWDFKHXWLOL]]DWDXQDFDULFDOD
VSDGDSHUGHXQ ERQXV FKH UHFXSHUD GRSR XQ JLRUQR GL
LQXWLOL]]R
 0DJKLSLUDWL GLOLYHOOR
&$EUDFFLDOL&$GHVWUH]]D )0'93) 
7+$&  1DWW  'DQQL G EDVWRQH 7DJOLD 0 3(

,QFDQWHVLPL
OLYHOOR'DUGR,QFDQWDWR[6IHUD&URPDWLFD6RQQR
OLYHOOR,PPDJLQL,OOXVRULH)UHFFLD$FLGDGL0HOI5DJJLR
FKH,QGHEROLVFH
OLYHOOR%ORFFDSHUVRQD9RODUH
OLYHOOR7HPSHVWDGL*KLDFFLR
1RWH3RVVLHGRQR3R]LRQLGLFXUDG3HUJDPHQDFRQ
5LGXUUH OD 5HVLVWHQ]D DOOD 0DJLD )XOPLQH D FDWHQD H
%ORFFDSHUVRQD
8QRKDXQEDVWRQHGHOOH3DOOHGL)XRFRFDULFKHHODOWUR
XQDEDFFKHWWDGHLIXOPLQLFDULFKH
 6RWWRWHQHQWHSLUDWD
&$  GHVWUH]]DFRUD]]D GL FXRLRDQHOOR GL SURWH]LRQH
)0  '9  3)  7+$&  1DWW  'DQQL G

DUFRFRUWR7DJOLD03(
1RWHqHTXLSDJJLDWRFRQXQDUFRFRUWRHIUHFFHSHVDQ
WL3RVVLHGHODQHOORGHOODOLEHUWjGLPRYLPHQWRHGXQDVSD
GDFRUWD

'XUDQWHLOFRPEDWWLPHQWRFRQWURLSLUDWLqSRVVLELOHFKHXQD
GHOOHQDYLYHQJDGDQQHJJLDWDDFDXVDGLXQDSDOODGLIXRFR
FKHLQFHQGLDLOSRQWHRGXQIXOPLQHFKHGLVWUXJJHODVWLYD
LQTXHVWRFDVRODQDYHFROSLWDFRPLQFHUjDGLPEDUFDUHDFTXD
HGDIIRQGHUjLQGURXQG,3*RLSLUDWLGRYUDQQRPHWWHUVL
LQVDOYRDOSLSUHVWR&RPXQTXHGRYUHEEHHVVHUHODQDYH
GHL 3* DG HVVHUH GDQQHJJLDWD GDL PDJKL GRSR FKH TXHVWL
KDQQR SHUVR JUDQ SDUWH GHL FRPEDWWHQWL 1HO FDVR LQ FXL LO
FDSLWDQRGHLSLUDWLVLDXFFLVRLPDJKLODQFHUDQQRVXELWRIXO
PLQLHSDOOHGLIXRFRYHUVROD6ZHHW&DQG\ SHUIDUODDIIRQ
GDUH  &ROSLUH L PDJKL ULVXOWHUj GLIILFLOH SHUFKp TXHVWL VWD
UDQQRVXOSRQWHGHOODQDYHSLUDWDSURWHWWLGDTXDWWURSLUDWL
,OFDSLWDQRSLUDWDHGLOVRWWRWHQHQWHVLWURYHUDQQRVXOODQDYH
GHL3*QHOOHUHWURYLHHFRPEDWWHUDQQRVRORVHDWWDFFDWL,O
ODYRURVSRUFRGHOODUUHPEDJJLRVDUjIDWWRIDUHDLSLUDWL

,QRJQLPRGR ODVFHQGDVLGHYHFRQFOXGHUHFRQODQDYHGHL
3*FKHFRPLQFLDDGDIIRQGDUHHGL3*VHQHYDQQRFRQOXO
WLPDVFLDOXSSDGLVDOYDWDJJLR1HOFDVRLQFXLL3*ULHVFDQR
DGHYLWDUHWXWWRTXHVWRHGDDIIRQGDUHSHUSULPLODQDYHGHL
SLUDWL LQFRQWUHUDQQRLO JLRUQRVXFFHVVLYR XQ GUDJRURVVR LQ
YROR FKH VRIILHUj XQD YROWD VXOOD EDUFD LQFHQGLDQGROD H ID
FHQGRODDIIRQGDUH

$OODPHUFpGHOODFRUUHQWH

6FDPSDWLDOODQDYHSLUDWDL3*YDJKHUDQQRFRQODVFLDOXSSD
GLVDOYDWDJJLRSHUWUHJLRUQLSHULO0DUHGHOOH6SDGH&RPH
VHQRQEDVWDVVHPDQPDQRFKHLOWHPSRSDVVDLOFLHORVLIDUj
VHPSUH SL VFXUR 8Q 3* FRQ OD FDSDFLWj 1DYLJD]LRQH R
2ULHQWDPHQWRSXzFHUFDUHGLFDSLUHGRYHVLWURYDQR6HVX
SHUD OD SURYD FRQ XQ  FDSLUj FKH OH LVROH 1HODQWKHU GR
YUHEEHURWURYDUVLDVXGRYHVWGDOODORURSRVL]LRQHPDLOYHQ
GR VSLQJH GDOOD SDUWH RSSRVWD ,O WHU]R JLRUQR XQ WHUULELOH
WHPSHVWDVLDEEDWWHUjFRQWURODVFLDOXSSDGHL3*

'XUDQWHODVHUD XQIRUWHSLRJJLDLQL]LHUjDULHPSLUHODEDUFD
GLDFTXDFKHOHQWDPHQWHVLDOODJKHUjHGLOPDUHFRPLQFHUj
DGDJLWDUVL,3*GRYUDQQRWRJOLHUHLQTXDOFKHPRGRODFTXD
GDOODVFLDOXSSDRLQURXQGODEDUFDDIIRQGHUj
'RSR XQD YHQWLQD GL PLQXWL FRPLQFHUj D OHYDUVL XQ IRUWH
YHQWRHODEDUFKHWWDFRPLQFHUjDGHVVHUHVEDWWXWDYLROHQWH
PHQWHGDOOHRQGHLQDOFXQLFDVLL3*ULVFKLHUDQQRGLFDGHUH
LQPDUHVHIDOOLUDQQRXQWLURVDOYH]]DFRQWURVRIILR
&RPXQTXHGRSR XQ
DOWUDGHFLQDGLPXQLWLGLWHPSHVWDXQD
JURVVDRQGDURYHVFHUjODEDUFDGHL3*HTXHVWLFDGUDQQRLQ
PDUH

&KLXQTXHDYUjDGGRVVRXQDFRUD]]DSLSHVDQWHGLTXHOODGL
FXRLRERUFKLDWRDQGUjDIIRQGRHWUDVFLQHUjJLFRQVHDQFKHL
FRPSDJQLFKHFHUFKHUDQQRGLWUDWWHQHUOR,QROWUHFKLDYUjXQ
FDULFRPDJJLRUHGLNJGLDUPLPRQHWHRRJJHWWLPHWDOOLFL
LQJHQHUDOHDQGUjFRPXQTXHDIIRQGR

$
<
<
+
4
:
;
8
'

$






$
<
<
+
4
:
;
8
'

$






&KLQRQSRVVLHGHODFDSDFLWjQXRWRHGQRQSRUWDDUPDWXUH
SRWUj ULPDQHUH D JDOOD SHU XQ QXPHUR GL URXQG SDUL DG XQ
WHU]RGHOODVXDFRVWLWX]LRQHSRLDQGUjDIIRQGRSHUFKpQRQq
DELWXDWRDOPDUHPRVVRLQWHPSHVWD
&KLSRVVLHGHODFDSDFLWjQXRWR HQRQKDQHVVXQDDUPDWXUDGL
PHWDOORSRWUjPXRYHUVLHDLXWDUHJOLDOWULDQXRWDUHVHVXSH
UHUjXQDSURYDGHOODFDSDFLWjFRQ
1XRWDQGR R FRPXQTXH DOORQWDQDQGRVL YHUVR VXG RYHVW L
3*VLODVFHUDQQRGRSRXQRUHWWD ODWHPSHVWDDOOHVSDOOH
'RSRXWLOL]]DQGROHFDSDFLWj QRQUHODWLYHDOOHDUPLVLSRWUj
FDSLUHFKHODWHUUDIHUPDQRQGRYUHEEHHVVHUHPROWRGLVWDQWH
VLWURYDDFLUFDNPDVXGRYHVW
&RQWLQXDQGRDQXRWDUHYHUVRVXGRYHVWSHUDOWUHRUHFRQ
LOPDUHFDOPRVLDUULYHUjHVDXVWLDULYD
3HU LO QXRWR VL XWLOL]]DQROHUHJROH D SDJ  GHO 0DQXDOH
GHO*LRFDWRUH

/,VRODGL3HODWK5RRNHU\

,3*DUULYHUDQQRVXGLXQDSLFFRODLVRODGDOOHVSLDJJHELDQ
FKHHGDOODFTXDFULVWDOOLQD$OFHQWURVLHVWHQGHXQDJLXQJOD
WURSLFDOHXPLGDFRQXQDULJRJOLRVDYHJHWD]LRQHHVRWLFDSLH
QDGLILRUL
,3*SRWUDQQRWURYDUHEDFFKHQXWULHQWLQHOODERVFDJOLDGHO
OLVROD EDVWHUj VXSHUDUH XQD SURYD GL 6RSUDYYLYHQ]D R GL
FDFFLDUH0HQWUHL3*HVSORUHUDQQRODIRUHVWDVLVHQWLUDQQR
FRPH VHJXLWL GD TXDOFXQR R TXDOFRVD 1RQ ULXVFLUDQQR DG
HVSORUDUHODSDUWHSLLQWHUQDGHOODJLXQJODODYHJHWD]LRQHq
WDOPHQWHILWWDFKHqTXDVLLPSRVVLELOHSDVVDUHWUDJOLDOEHULH
OHSLDQWH
,3*GRYUDQQRDUUDQJLDUVLSHUVRSUDYYLYHUHVXOOLVRODGHVHU
WDPDGRSRDOFXQLJLRUQLYHGUDQQRDUULYDUH GDOOD VSLDJJLD
XQYHFFKLHWWRGDOODEDUEDOXQJDFRQXQIOXHQWHDELWREURQ
]HR FKH FDPPLQD DLXWDQGRVL FRQ XQD
ODQFLDSHUSHVFDUH
6LWUDWWDGL3HODWKLOGUDJRGLEURQ]R
FKH DELWD TXHVWD LVRODRUPD GD TXDVL
DQQL2GLDLSLUDWLHGqUHVSRQVD
ELOHGLFLUFDQDYLSLUDWDDIIRQGDWH
,O VXR RGLR QDVFH GDO IDWWR FKH LQ
SDVVDWROXLDLXWDYDLSLUDWLDFHUFDUHL
WHVRUL VRPPHUVL PD XQ JLRUQR XQ
JUXSSHWWR GL YHQWL XRPLQLFHUFDUR
QR GL XFFLGHUOR H OXL GD TXHO PR
PHQWR GLYHQWz QHPLFR JLXUDWR GHL
SLUDWLPDOYDJLGHOOH1HODQWKHU
1RQULYHOHUjDL3*ODVXDYHUDIRU
PDGLUjORURFKHqXQYHFFKLRHUH
PLWDFKHYLYHVXOOLVRODRUPDGD
DQQL VHJXDFH GL ,OPDWHU 1RQ PR
VWUHUj PROWR LQWHUHVVH HG DL 3*
VHPEUHUj FKH LO YHFFKLHWWR DEELD
XQDULD GL VXSHULRULWj QHL ORUR FRQ
IURQWL
(VVHQGRXQGUDJRQRQKDPROWRGD
WHPHUH GD XQ JUXSSRGL QDXIUDJKL
6H L 3* ULXVFLUDQQR DG HQWUDUH LQ
VLPSDWLDFRQ3HODWKHVDSUDQQRJLR
FDUHEHQHLOGUDJRSRWUjDLXWDUOLQHO
ULWURYDPHQWRGHOWHVRURGL6KRRQ,9
 3HODWKYHFFKLRGUDJRGLEURQ]R
&$  )0  YROR  QXRWR  '9  3)
 7+$&  1DWW VSHFLDOH 'DQQL
GGG 7DJOLD *D   
P3(
$ELOL
LOLWWj 5HVSLUDUH VRWWDFTXD 3DUODUH FRQ JOL
DQLPDOL &UHDUH FLER H DFTXD $XWRPHWDPRUIR
VL 0XUR GL QHEELD(63$FTXDLQ $ULD&DP
ELDUHLOWHPSRDWPRVIHULFR
(LPPXQHDLIXOPLQLHGDOOHOHWWULFLWj
,OVRIILRSXzHVVHUHGLGXHWLSLXQIXOPLQH OXQJRPH
WULHODUJRPFKHLQIOLJJHGGDQQLRXQDQXYROD
GL5LSXJQDQ]D OXQJDPODUJDHGDOWDP3XzODQ
FLDUHLQFDQWHVLPLFRPHVHIRVVHXQPDJRGLOLYHOOR

,QFDQWHVLPL
OLYHOOR,GHQWLILFD]LRQH%DQFRGLQHEELD
OLYHOOR,PPDJLQLLOOXVRULH,QYLVLELOLWj
OLYHOOR'LVVROYLPDJLH
OLYHOORGDVDFHUGRWH,QGLYLGXD]LRQHGHOPDOH

,O WHVRURGHOGUDJR qQDVFRVWR QHOOH SURIRQGLWj QHOPDUH LQ

XQDVHULHGLFDYHUQHVRWWHUUDQHHQDVFRVWH

,OGUDJRDLXWHUjL3*LQTXHVWRPRGRLOWHVRURGL6KRRQ,9LO
QHJURPDQWH VL WURYD LQ XQ FRPSOHVVR VRWWHUUDQHR D FXL VL
DFFHGHGDXQDLVROHWWDVSHUGXWDGHOOH1HODQWKHUHVLVWHXQD
PDSSDGHOWHVRURFKHLQGLFDLOSXQWRSUHFLVRGHOOHQWUDWDDOOD
WRPEDPDVLSHQVDFKHTXHVWDVLDGDWHPSRDQGDWDSHUGXWD
6HFRQGROHOHJJHQGHODPDSSDVLGRYUHEEHWURYDUHQHOWHVR
URGLQDYHSLUDWDFKHDSSDUHWXWWHOHQRWWLDOODUJRGHOOLVROD
GL3HODWK
1RQVLVDEHQHTXDOHVLDORULJLQHGHOODPDOHGL]LRQHFKHKD
FROSLWRTXHVWDEDUFDHGLOVXRHTXLSDJJLRPDVLFXUDPHQWHVL
WUDWWDGHOODEDUFDGHOFDSLWDQRSLUDWDFKHSHUXOWLPRHQWUzLQ
SRVVHVVRGHOODPDSSD

/D1DYH)DQWDVPD

/DQDYHVLWURYHUjRJQLQRWWHDQRUGGHOOLVRODGL3HODWK$S
SDULUj FRPH XQ YDVFHOOR URWWR LQ SL SXQWL IDWWR GL OHJQR
VFXUR FRQ WUH DOEHUL FKH UHJJRQRGHOOH YHOH RUPDL ULGRWWH D
GHJOLVWUDFFL ,QWRUQRDOOD QDYH Fq VHPSUH XQD QHEELD VXU
UHDOHOHJDWD DOOD PDOHGL]LRQH H OD QDYH VHPEUD GLVDELWDWD H
SURFHGH SHU L PDUL LQWHUQL DOOH 1HODQWKHU VHQ]D XQD URWWD
SUHFLVD
/D PDSSD VL WURYD LQ SRVVHVVR GHO FDSLWDQR GHOOD QDYH XQ
SRWHQWHQRQPRUWR
/DQDYHVLFRPSLQHGLWUHSLDQLGDHVSORUDUHSULQFLSDOPHQ
WHLOSRQWHOHFDELQHHODVWLYD

,OS
OSRQWH
,OOHJQRFKHFRPSRQHLO
SRQWH q PDUFLR LQ SL
SXQWL H FLJROHUj PL
QDFFLRVDPHQWH DO SDV
VDJJLRGHL3*/HFRU
GH VSH]]DWH L EDULOL D
WHUUDHODQHEELDSHUVL
VWHQWH IDUDQQR FUHGHUH
DL 3* GL HVVHUH VROL
7XWWDYLD GRSR SRFKL
PLQXWL FKH L 3* VD
UDQQR VDOLWL D ERUGR
GDOOD QHEELD VL FR
PLQFHUDQQRDVHQWLUH
GHL PXJROLL VHJXLWL
GD VWUDQL UXPRUL H GD
VFULFFKLROLL
3RL LO SULPR 3* GHOOD
ILOD LQFLDPSHUj FRQ LO
SLHGH LQ XQ FDGDYHUH
XPDQR GL XQ SLUDWD
PRUWR RUPDL GD DQQL
FRQ OD SHOOH RUPDL VHF
FDHOHRVVDFKHDIILRUDQR
GDTXHVWD,GHQWL PDUFL L
FDSHOOL VILODFFLDWL H OD SHOOH
ELDQFD LQGLFDQR FKH LO SLUDWD q
PRUWR DQQHJDWR $OOLPSURYYLVR XQ
JUXSSR GL ]RPEL SLUDWL H DOWUL QRQ
PRUWL DWWDFFKHUDQQR L 3* GD RJQL
ODWRFRPHXQRUGDH QRQ FHVVHUDQ
QRPDLGLULDO]DUVLSHUOHIHULWHVX
ELWH 'XUDQWH OD EDWWDJOLD FKH VL
IDUj VHPSUH SHJJLR SHU L 3*
TXHVWL FDSLUDQQR FKH GRYUDQQR
ULXVFLUHDVFDSSDUHLQTXDOFKHPRGRH
FKHOXQLFDYLDGLIXJDSRVVLELOHFRQ
VLVWHQHOULIXJLDUVLQHOOHVWLYHFKHVHP
EUDQRDSULPDYLVWDVJRPEUHGDPRVWUL

 =RPELHGLPDUH 
&$ )0  QXRWR  '9  3)      
7+$&1DWW'DQQLG7DJOLD03(
1RWH LPPXQL D VRQQR FKDUPH LOOXVLRQL 6XELVFRQR PHWj
GDQQL GD IXRFR HG LO GRSSLR GD HOHWWULFLWj H IUHGGR 2JQL
YROWDFKHFROSLVFRQRFqODSRVVLELOLWjGHOFKHLQIHWWLQR
LO3*FRQXQDPDODWWLDPRUWDOHLQGJLRUQL
 6LJQRUHGHJOL=RPELH 
&$)0 '93)7+$&1
DWW'DQQLGG7DJOLD03(
1RWH/RGRUHGLXQVLJQRUHGHJOL]RPELHqWDOPHQWHIRUWH
FKHFKLXQTXHGHYHVXSHUDUHXQWLURVDOYH]]DFRQWURYHOHQRR
ULPDQHUHFROSLWLGDYDULHIIHWWLSDJGHOPRQVWURXVPD
QXDO,QROWUHLOVLJQRUHSXzXFFLGHUHXQDSHUVRQDVHTXHVWD
IDOOLVFHXQWLURVDOYH]]DFRQWURPRUWHODTXDOHULQDVFHFRPH
]RPELHHQWURGURXQG

& DEL QH
3HU VFHQGHUH DO SLDQR GHOOH FDELQH ELVRJQD XWLOL]]DUH XQD
YHFFKLD ERWROD LQ OHJQR FKH VL WURYD QHOOD SDUWH SRVWHULRUH
GHO SRQWH EHQ LQ YLVWD GDOOD SRVL]LRQH GHOODWWDFFR GHJOL
]RPELHPDULQLDL3*6FHVLL3*YHGUDQQRFKHqSRVVLELOH
EORFFDUHODERWRODGDGHQWURFRQGHLJDQFLLQPHWDOOR
$OSLDQRGHOOHFDELQHVRQRSUHVHQWLYHQWLSLFFROHVWDQ]HGL
VSRVWHGLHFLSHUODWRVHQ]DILQHVWUHFRQGXHSLFFROHEUDQGH
HG XQ WDYROR LQ OHJQR PDUFLR /H EUDQGH VRQR VSRUFKH H
SX]]ROHQWLHPROWRVSHVVRYLVLWURYDQRDOFXQLVFKHOHWULFRQ
DQFRUDGHJOLVWUDFFLGLYHVWLWLDGGRVVR/LOOXPLQD]LRQHqGD
WDRGDFDQGHOHGDOODVXUUHDOHOXFHD]]XUUDRGDOODWHQXHOXFH
GHOODOXQDFKHILOWUDGDOOHVSDFFDWXUHGHOODVWLYD
&qXQDSRVVLELOLWjGHOFKHRJQLYROWDFKHL3*HQWUDQR
LQXQDFDELQDDOFXQLGHLFXPXOLGRVVDSUHVHQWLVLDQLPLQR
LPSURYYLVDPHQWHDWWDFFDQGRL3*
 6FKHOHWUR G
&$ )0 '9 3) G 7+$&  1DWW  'DQQL
G7DJOLD03(

$OOLQWHUQRGHOOH FDELQH VL WURYDQRPROWL RJJHWWL GL XVR FR

PXQH DSSDUWHQXWH DL SLUDWL FRPH FROWHOOL PD]]L GD FDUWH
YHFFKLYHVWLWLDQHOOLHRUHFFKLQLGLELJLRWWHULDPU
&qDQFKHXQDSUREDELOLWjGHOFKHGHQWURXQDVWDQ]DVL
WURYL XQ IRU]LHUH FKLXVR D FKLDYH FRQ XQD WUDSSROD XQ DJR
DYYHOHQDWRFKHIDVFHQGHUHXQDFDUDWWHULVWLFDDFDVRGHL3*
GLXQSXQWR%LVRJQDVXSHUDUHXQWLURVDOYH]]DFRQWURYHOHQR
SHUHYLWDUHOHIIHWWR'HQWUR LOIRU]LHUHFq

DUPDVSDGDOXQJDVSDGDFRUWDSXJQDOHVFLPL
WDUUDJLDYHOORWWRUHWH

GPR

JHPPDRUQDPHQWDOHGDPRDJDWDPXVFKLD
WDD]]XUULWHPDODFKLWHRVVLGLDQDWXUFKHVH

1HOODTXLQWDVHWWLPDHGRGLFHVLPDFDELQDFKHL3*YLVLWH
UDQQR VL WURYDQRDOFXQL DSSXQWL VX GHL IRJOL GL SHUJDPHQD
ODVFLDWLGDLSLUDWLSULPDGHOODPRUWH
6DUDQQR ULWURYDWL VSDUVL SHU WHUUD FRSHUWL GDOOH UDJQDWHOH H
GDOODSROYHUH
$FDXVDGHOODFTXDLIRJOLVRQRLOOHJJLELOLWXWWDYLDXQDSURYD
GLOHWWXUDOLQJXDJJLULXVFLWDULYHOHUjFKHLGRFXPHQWLSDUODQR
DSURSRVLWRGHOOHQWUDWDDOODWRPEDGHOUH6KRRQ,9$OFXQH
LQIRUPD]LRQL FKH L 3* ULXVFLUDQQR D FRJOLHUH VRQR UDGXUD
VDVVLSRUWRQHODPDOHGL]LRQH
1HOFRUULGRLRGHOSLDQRGHOOHFDELQHVLWURYDDQFKHXQDSRUWD
FKHFRQGXFHDJOLDOORJJLGHOFDSLWDQRGHOODQDYHHGXQDOWUD
VFDODLQOHJQRFKHFRQGXFHDOODVWLYD
1RQVDUjSRVVLELOHSHUL3*DFFHGHUHDOODVWDQ]DGHOFDSLWD
QR GDOOD SRUWD SHUFKp Fq TXDOFRVD GL PROWR SHVR GDOODOWUD
SDUWHFKHQHLPSHGLVFHODSHUWXUD6WUDWWDGLXQJURVVRVFDI
IDOH FKH VL q URYHVFLDWR GDYDQWL OD SRUWD TXDQGR OD QDYH VL
LQDELVVz

/D
DVVWLYD
/D VWLYD GHOOD QDYH q XQ OXRJR FKH SHUPHD GL PDOYDJLWj H
GRYH q SUHVHQWH XQD IRUPD GL EXLR PDJLFR FKH LPSHGLVFH

DQFKHDL3*GRWDWLGLLQIUDYLVLRQHGLYHGHUH$FFHQGHUHIXR
FKL R WRUFH VDUj LQXWLOH /XQLFD IRQWH GLOOXPLQD]LRQH q OD
OXFH GHOOD OXQD FKH ILOWUD DWWUDYHUVR GHOOH IDOGH QHOOR VFDIR
GHOOD QDYH,OSDYLPHQWRqEDJQDWRHGqSUHVHQWHXQDJHOLGD
DFTXDFKHDUULYDILQRDOOHFDYLJOLH3HUODVWDQ]DVRQRGLVVH
PLQDWLEDULOLFDVVHGLOHJQRWUDYLGLOHJQRHGL3*LQFLDP
SHUDQQRIDFLOPHQWHLQTXHVWLHOHPHQWL0DQPDQRFKHL3*
VL DYYLFLQHUDQQR DO IRQGR GHOOD VWLYD GD GRYH VHQWLUDQQR
SURYHQLUHXQGHEROHODPHQWRQRWHUDQQRGXHILJXUHLPPR
ELOLFKHULIOHWWRQRXQDOXFHDUJHQWHD$GXQFHUWRSXQWRVL
VHQWLUj XQ IRUWH UXPRUH SURYHQLUH GDOOH VFDOH LQVLHPH DO
PXJROLRWHUURUL]]DQWHGHJOL]RPELHPDULQL3RLOHGXHILJXUH
IHUPHDWWDFFKHUDQQRL3*HGLQIRQGRDOODVWDQ]DL3*VFUX
WHUDQQR XQD ILJXUD WUDVSDUHQWH FKH DVVRPLJOLD YDJDPHQWH
DGXQXRPR

3HUJOL]RPELHVLFRQVLGHUDQROHVWDWLVWLFKHHOHQFDWHVXOSD
UDJUDIR GHO SRQWH GHOOD QDYH 'RSR G URXQG DUULYHUDQQR
QHOODVWLYDG]RPELPDULQLHGDGRJQLURXQGVXFFHVVLYRQH
DUULYHUDQQRGDJJLXQWLYL
/HILJXUHDUJHQWDWHVRQRXQJXHUULHURVFKHOHWULFRHGXQFD
YDOLHUHGHOODPRUWH/DILJXUDWUDVSDUHQWHq LO IDQWDVPDGHO
FDSLWDQRGHOODQDYH

 &DYDOLHUHGHOODPRUWH
&$  )0  '9  3)  7+$&  IRU]D PDHVWULD
VSDGD 1DWW  'DQQL G VSDGD IRU]D PDH
VWULD7DJOLD03(
1RWHKDUHVLVWHQ]DDOODPDJLDHFRQXQULVXOWDWRLQIH
ULRUHDODPDJLDYLHQHULIOHVVD YHUVR LO ODQFLDWRUH ( FLU
FRQGDWRGDXQDXUDGLSDXUDGLPHWULHSXzODQFLDUHDYROH
UH,QGLYLGXD]LRQHGHOPDJLFR,QGLYLGXD]LRQHGHOOLQYLVLELOH
H 'LVVROYL PDJLD 8QD YROWD DO JLRUQR SXz ODQFLDUH 3DUROD
FKH DFFHFD 3DUROD FKH XFFLGH 3DUROD FKH VWRUGLVFH H XQD
SDOODGLHQHUJLDQHJDWLYD FKHLQIOLJJHGGDQQL&RPEDWWH
FRQ XQR VFXGR PHGLR XQD FRUD]]D GL SLDVWUH QHUD H OXFLGD
HGXQDVSDGDOXQJDGHOULVXFFKLRYLWDOH
 =RPELHPDULQL
9HGLVRSUD

 &DYDOLHUHVFKHOHWULFR
&$ )0 '93)  7+$&  1DWW  'DQQL
G7DJOLD03(
1RWHKDUHVLVWHQ]DDOODPDJLDHSXzHVVHUHFROSLWRVROR
GDDUPLPDJLFKH
 )DQWDVPDGHOFDSLWDQR
&$R)0'93)7+$&1DWWGDQQL
LQYHFFKLDGLG[DQQL7DJOLD03(
1RWHSXzHVVHUHFROSLWRVRORFRQDUPLGDUJHQWRPHWjGDQ
QRRPDJLFDGDQQLLQWHUQR7XWWLL3*FKHORYHGRQRGH
YRQR VXSHUDUH XQ WLUR VDOYH]]D FRQWUR LQFDQWHVLPL R LQYHF
FKLDUHGLDQQLHVFDSSDUHGDOXLSHUGWXUQL,3*FRQ
SLGLGDGLYLWDKDQQRDOWLURVDOYH]]D,OIDQWDVPDSXz
ODQFLDUH *LDUD 0DJLFD D WXWWL L 3* FKH VL WURYDQR HQWUR 
PHWULGDOXL
,QIRUPDHWHUHDKD&$LQIRUPDVHPLPDWHULDOH

8FFLVRLO IDQWDVPDGDOVXRFRUSRXVFLUDQQRGHLUDJJLGLOXFH
ELDQFDFKHWRJOLHUDQQROHVVHQ]DGLQRQPRUWHDJOLDOWUL]RP
ELHFKHPRULUDQQR4XHVWRqOXQLFRPRGRSHUIHUPDUHORU
GDGL]RPELHPDULQL

,Q IRQGR DOOD VWLYD VL WURYD XQD SLFFROD ERWROD QDVFRVWD VXO
VRIILWWR FKH VL PLPHWL]]D FRQ ODPELHQWH FLUFRVWDQWH 6H L
3*ULXVFLUDQQRD QRWDUODSRWUDQQR HQWUDUH QHOOD VWDQ]DGHO
FDSLWDQRGRYHVLWURYDODPDSSDFKHVWDQQRFHUFDQGR
$UUDPSLFDQGRVLFRQXQDFRUGDRDLXWDQGRVLWUDGLORURL3*
ULXVFLUDQQRDVDOLUHGLVRSUD

6DOD
DG
GHO
OFD
FDS
SL W DQR
/DVWDQ]DqEXLDHFRSHUWDGDXQILWWRVWUDWRGLSROYHUHHUD
JQDWHOH/HILQHVWUHVRQRRVFXUDWHGDGHOOHWDSSDUHOOHGLFR
ORUHURVVRVWUDSSDWHLQSLSXQWLHYLFLQRDOODSDUHWHVLWURYD
XQOHWWRFRQODFRSHUWDYHFFKLDHORJRUD
$OFHQWUR GHOOD VWDQ]D VL WURYDXQ PDSSDPRQGRGL )DHUQ

$
<
<
+
4
:
;
8
'

$






$
<
<
+
4
:
;
8
'

$






PHQWUH LQ IRQGR DO OHWWR Fq XQ JURVVR IRU]LHUH LQ OHJQR H
PHWDOORFKLXVRFRQWUHUREXVWLOXFFKHWWL9LFLQRDOODSRUWDVL
WURYD XQ YHFFKLR DUPDGLR GL OHJQR VFXUR FKH q FDVFDWR GD
YDQWLDOOHQWUDWD'DOODSDUWHRSSRVWDGHOODVWDQ]DFqXQED
ULOHDSHUWRFRQGHQWURDOFXQHDUPL

,OXFFKHWWLVRQRDQFRUDUHVLVWHQWLSHUTXHVWRLODGULDYUDQQR
XQDSHQDOLWjGHODVFDVVLQDUOL(SURWHWWRDQFKHGDXQD
WUDSSROD6HTXHVWD QRQYLHQHGLVDWWLYDWDDOODSHUWXUD VFDW
WHUDQQRGXHLQFDQWHVLPLXQ0XURGLIXRFR GDGGDQQL
HGXQD0HWDPRUIRVL FKHWUDVIRUPDLO3*FROSLWRLQSHVFH6H
ULHVFRQRHQWUDPELLWLULVDOYH]]DLO3*ULPDQHLOOHVR
'HQWURLOIRU]LHUHVLWURYDQR

2VVLGLDQDPR

'LDVSURPR

=LUFRQHPR

$JDWDVWULDWDPR

&RUDOORPR

3HUJDPHQDGDVDFHUGRWHFRQ3URWH]LRQHGDOPDOH
LQPHWUL

3R]LRQHGLFXUD G

3R]LRQHGLFRQWUROORGHLQRQPRUWL

PR

0DSSDGHOWHVRURGL6KRRQ,9

$QHOORGHOFDPPLQDUHVXOOHDFTXH

3UHQGHUH D VSDGDWH TXHVWR IRU]LHUH QRQ SRUWHUj D QXOOD q

LQIDWWLSURWHWWRGDXQDXUDPDJLFDFKHQHLPSHGLVFHODURWWX
UD
'HQWURLOEDULOHFLVRQR

VSDGDOXQJDVFLPLWDUUDWULGHQWHODQFLDJLDYHOORW
WRVFLDERODHDODEDUGD

/D0DSSD

/DPDSSDULWURYDWDQHOODQDYHIDQWDVPDqVXJUDQGHVFDODHG
qPROWRYHFFKLD5DIILJXUDODFRVWDGHOO$PQLO7HWK\UHOH
LVROH1HODQWKHU/LVRODGL,USKRQJqSHUzVHJQDWDFRQXQD
JURVVD;URVVD(LOOXRJRGRYHqQDVFRVWRLOWHVRURGHOQH
JURPDQWH6KRRQ,9PDqDQFKHLOSRVWRGRYHVLQDVFRQGHOD
PDOHGL]LRQHGL,USKRQJ

,USKRQJ

(XQLVRODDQRUGGHOOH1HODQWKHUHGqGLVDELWDWD2IIUHXQD
ULFFDYHJHWD]LRQHHVRWLFDHGXQDIDXQDLQYLGLDELOHHOXQLFR
VHJQR GL LQIOXVVR XPDQR q XQ IDUR SRVWR VXOOD VFRJOLHUD GL
QRUGRYHVW  SHU LQGLFDUH OD SUHVHQ]D GHO SRUWR DL PDULQDL
/LVRODqXQSDUDGLVRQDWXUDOHSRSRODWRDQFKHGDPRVWUL/H
VSLDJJHDVVXPRQRXQFRORULWRFKLDURTXDVLELDQFRHOHDF
TXHVRQRFULVWDOOLQH HSLHQHGL SHVFLFRORUDWL &RPXQTXHD
FDXVDGHONUDNHQFLVRQRWDQWLVVLPLUHOLWWLGLQDYLSLUDWDQHO
OHDFTXHLQSURVVLPLWjGHOOHULYHHGXUDQWHODQRWWHqSRVVL
ELOHFKHTXDOVLDVLQDYHLVRODWDLQSURVVLPLWjGHOOLVRODVLDDW
WDFFDWDGDOOD0DOHGL]LRQHGL,USKRQJ

3HU DUULYDUH DOOLVRODL 3* GRYUDQQR YLDJJLDUH SHUPDUH SHU

FLUFDXQJLRUQRHPH]]R3HODWKLQGLFKHUjDL3*OXELFD]LRQH
GHOOLVRODPDQRQDFFHWWHUjPDLDGDFFRPSDJQDUOL

6LULQH

$SSHQDL3*VFHQGHUDQQRGDOODORUREDUFDHVLQFDPPLQH
UDQQRSHUODVSLDJJLDELDQFDFRPLQFHUDQQRDVHQWLUHXQFDQ
WR VRDYHFKH VL FRQIRQGH FRQ OLQIUDQJHUVL GHOOH RQGH VXOOD
VDEELD$GXQFHUWRSXQWRGDDOFXQHURFFHDOODORURGHVWUDVL
IDUDQQR YHGHUH TXDWWUR VDJRPH GL 6LULQHFKH VWDUDQQR FDQ
WDQGRXQDPHORGLDDPPDOLDQWH
7XWWLL3*GRYUDQQRIDUHXQWLURVDOYH]]DFRQWURLQFDQWHVLPL
FRQVRQRTXDWWURFKHVWDQQRFDQWDQGRODVWHVVDPHORGLD
RULPDQHUHFKDUPDWLGDOOHVLULQH)LQFKqQRQqGLVVROWD,QYL
VLELOLWjSRWHQ]LDWD OD&$GHOOH6LULQHq
 6LULQH 
&$ )0  QXRWR  '93)  7+$&
1DWW'DQQLGIUHFFH7DJOLD03(
1RWH LO FDQWR GHOOD 6LULQH FDXVD OHIIHWWR GL &KDUPH VX
FKLXQTXHIDOOLVFDXQWLURVDOYH]]DFRQWURLQFDQWHVLPL/D6L
ULQHSXzUHVSLUDUHVRWWDFTXDHQRQVXELVFHSHQDOLWjTXDQGR
YL FRPEDWWH 3Xz ODQFLDUH L VHJXHQWL LQFDQWHVLPL FRPH VH
IRVVHXQPDJR GLOLYHOOR&KDUPH1HEELD$XWRPHUIRVL
,QYLVLELOLWjSRWHQ]LDWD6HOD6LULQHWRFFDXQ3*TXHVWRGHYH
IDUHXQWLURVDOYH]]DFRQWURYHOHQRVHIDOOLVFHODVXDLQWHOOL
JHQ]DqULGRWWDD
/H6LULQHKDQQRXQDUHVLVWHQ]DDOODPDJLDGHO
&RPEDWWRQRFRQDUFKLFRUWLHIUHFFH HRJQXQDGLORUR KD
FRQVHXQDSHUODELDQFDGDPR

/DWDQDGHOOHFKLPHUH

'RSRGRUHFKHL3*YDJKHUDQQRSHUODJLXQJODDUULYHUDQ
QRLQXQD]RQDFRQXQDYHJHWD]LRQHXQSRPHQRILWWDGRYH
VL WURYDQR QXPHURVH IRUPD]LRQL URFFLRVH H PDVVL GL URFFLD
YXOFDQLFD GL FRORUH QHUR 3RL FRPLQFHUDQQR D VHQWLUH XQ
RGRUHPROWRIRUWHGLFDUQHPRUWDHGLFRUSLLQSXWUHID]LRQH
VHJXLWLGDDOFXQLUXJJLWLHGDIRUWLVEDWWLWLGLDOL'RSRSRFR
JLXQJHUDQQR QHL SUHVVL GL XQD UDGXUD GRYH QDVFRVWL GDJOL
DOEHULYHGUDQQRXQJUXSSRGLFKLPHUHFKHVWDPDQJLDQGR
DOFXQLFDGDYHULGLSLUDWLHGHLFRUSLGLLSSRJULIL'DXQDFD
YHUQDVLFXUDPHQWHODWDQDGHLPRVWULYHGUDQQRXVFLUHXQD
TXDUWDFKLPHUD
 &KLPHUH 
&$)0YROR'93)7+$&
1DWW  'DQQL GGGGGG 7DJOLD * 3(

1RWHODFKLPHUDSXzVRIILDUHXQFRQRGLIXRFRFKH LQIOLJJH
GGDQQLDFKLIDOOLVFHXQWLURVDOYH]]DFRQWURVRIILR
'HQWURODWDQDQDVFRVWLGLHWURXQDHQRUPHSLHWUDFLVRQR

PR

PD

OXQDULHPR

(OPRVXEDFTXHR

$QHOORFRQ]DIILURPR

'RSRTXHVWRLQFRQWURL3*YDJKHUDQQRQHOODJLXQJODILQR
DO WUDPRQWR SRL GRYUHEEHUR DFFDPSDUVL 6DUHEEH PHJOLR
FKHVWDELOLVVHURGHLWXUQLGLJXDUGLDDOWULPHQWLFLVRQRGHOOH
SUREDELOLWjGLHVVHUHDWWDFFDWLGDXQJUXSSRGLGYL
YHUQHRGGLDYROL
 9LYHUQH G
&$)0YROR'93)7+$&1DWW
'DQQLGGYHOHQR7DJOLD*3(
1RWHOHYLYHUQHSRVVRQRDWWDFFDUHL3*GDOODOWRLQYRORHG
KDQQRXQDOWLURSHUFROSLUH,OVHFRQGRDWWDFFRDYYLHQHFRQ
LOSXQJLJOLRQHFKHLQIOLJJHROWUHDLGDQQLXQYHOHQRPRUWDOH
FKHXFFLGHLO3*VHQRQVXSHUDXQWLURVDOYH]]DFRQWURYHOH
QR
3HUOHVWDWLVWLFKHGHLGLDYROLYHGHUHVRWWR

,OSRUWDOH

,OJLRUQRGRSRL3*LQFRQWUHUDQQRQHOODSDUWHSLLPSHUYLD
GHOODJLXQJODXQFRXDOWGLQRPH<XORQWKFKHIHUPHUjL3*
DWWDFFKHUjGLVFRUVRHFHUFKHUjGLFDSLUHVHL3*VRQREXRQLR
PDOYDJL1HOFDVRVLDQREXRQLOXLGLUjFKHFUHGHQHOODGLYL
QDHVVHQ]DDQJHOLFD-D]LULDQODTXDOHGDOWHPSRGHLWHPSLq
LPSHJQDWDQHOODORWWDFRQWUR$VPRGHXVLOGLDYROR'LUjFKH
LGLDYROLGL%DWDWRUVRQRULXVFLWLDGDSULUHXQSRUWDOHSHUFRQ
GXUUHOHWUXSSHGHPRQLDFKHQHL5HDPL'DWRFKHqGDVROR
HQRQSXzVFRQILJJHUHLQHPLFLFKLHGHUjDL3*GLGLULJHUVLDO
SRUWDOH H GL GLVWUXJJHUOR 3HU IDU FLz FRQVHJQHUj ORUR XQD
SUHJKLHUDGHGLFDWDD-D]LULDQGDOHJJHUHPHQWUHVLJHWWDGHO
ODFTXD VDQWD VXO SRUWDOH $QFKH ODFTXD VDQWD VDUj IRUQLWD
GDOVHUSHQWHSLXPDWR
,OSRUWDOHVL WURYD DQRUG GHOOD ORUR SRVL]LRQHYLFLQRDG XQ
DQWLFRFUDWHUH

,OFUDWHUHqODUJRFLUFDPHWULHIXFDXVDWRGDXQPHWHRULWH
FKH FDGGH VXOOLVROD LQ WHPSL UHPRWL $O FHQWUR YL VL WURYD
XQDVWHOODDVHLSXQWHGLVHJQDWDGDHQHUJLDPDJLFDGLFRORUH
URVVRHELDQFRHGqSURWHWWDGDGXH+DPDWXODHGDXQ&RU
QXJRQ,TXDOLGLIHQGHUDQQRLOSRUWDOHDFRVWRGHOODYLWD
 +DPDWXOD 
&$)0'93)7+$&1DWW'DQQL
GGG7DJOLD03(
1RWHJOL+DPDWXODKDQQRUHVLVWHQ]DDOODPDJLDHSRV
VRQRHVVHUHFROSLWRVRORGDDUPLPDJLFKHRPLJOLRUL1RQ
SRVVRQRHVVHUHPDLVRUSUHVL6HFROSLVFRQRFRQHQWUDPELJOL
DWWDFFKLSRVVRQRLQILO]DUHODYLWWLPDFKHVXELVFHGGDQQLD
URXQGILQFKpQRQVLOLEHUD$OSULPRDWWDFFRVHXQ3*qFRO
SLWRGHYHVXSHUDUHXQWLURVDOYH]]DFRQWUREDFFKHWWDSIXJ
JLUHSHUGURXQG3RVVRQRXWLOL]]DUHLVHJXHQWLLQFDQWHVL
PL
$OWHUDUHIXRFKLQRUPDOL%ORFFDSHUVRQH&UHDUHILDPPH3L
URWHFQLFDH3RUWDOH
 &RUQXJRQ
&$  )0  YROR  '9  3*  7+$F  1DWW 
'DQQLGGGG7DJOLD*P 3(
1RWH KD UHVLVWHQ]D DOOD PDJLD  HG q LPPXQH DOOH DU
PL R QRUPDOL $XUD GL SDXUD LQ  PHWUL FKH IDOOLVFH LO
WLURVDOYH]]D IXJJH SHU G URXQG ULJHQHUDQR  3) SHU
URXQG3RVVRQR XWLOL]]DUH L VHJXHQWL SRWHUL ,QGLYLGXD]LRQH
GHOPDJLFR(63)XOPLQH&UHDUHILDPPH0XURGLIXRFRH
3LURWHFQLFD
'LVWUXJJHUHLOSRUWDOHVDUjVHPSOLFHVHFqXQVDFHUGRWHQRQ
PDOYDJLR QHO JUXSSR EDVWD FKH OHJJD OD SUHJKLHUD H JHWWL
GHOODFTXDVDQWDVXOOHOLQHHFKHFRPSRQJRQRODFURFH6HLO
ULWRYLHQHIDWWRGDXQ3*QRQVDFHUGRWHELVRJQDVXSHUDUHXQ
SURYDGLVDJJH]]DFRQSHUQRQYHQLUHVWRUGLWLGDOODPDOYD
JLWjSHUGURXQGHSHUQRQULFKLDPDUHODWWHQ]LRQHGLXQ
GLDYRORGHOODIRVVDFKHVDUjHYRFDWRHGDWWDFFKHUjLOJUXSSR
6HSRUWHUDQQRDWHUPLQHTXHVWDPLVVLRQHODQRWWHPHQWUHVL
DFFDPSHUDQQRLOVHUSHQWHSLXPDWRDSSDULUjHODVFHUjDL3*
XQ$QHOORGLUHVLVWHQ]DDOIUHGGR LPPXQLWjDOIUHGGRQDWX
UDOHHGLUHVLVWHUHDOIUHGGRPDJLFRHGDLVRIILFRQJHODQ
WL

/HQWUDWDDOODWRPED

$OFHQWURGHOOLVRODQDVFRVWRGDOODIROWDJLXQJODVLWURYDXQ
ODJRGDOOHDFTXHVDODWHFULVWDOOLQH FKHFRPXQLFDSHUPH]]R
GL FDYHUQH VRWWHUUDQHH FRQ LO PDUH DSHUWR ,O ODJR q PROWR
IRQGRFLUFDPHWULKDXQDIRUPDFLUFRODUHFRQXQGLDPH
WURGLFLUFDPHWUL/DFTXDqWDOPHQWHSXOLWDFKHVLULHVFH
D YHGHUH LO IRQGDOH URFFLRVRGRYH YLYRQR QXPHURVH VSHFLH
GLSHVFLHVLQWUDYHGRQRQDVFRVWHGDOOHURFFHDOFXQHFDYHU
QHVRWWHUUDQHH
, 3* GRYUDQQRULXVFLUH D WURYDUHXQ PRGRSHU HVSORUDUH OH
FDYHUQHVRWWHUUDQHHSLHQHGDFTXDOHTXDOLFRQGXUUDQQRDOOD
FULSWDVRWWHUUDQHDGRYHVLWURYDLOWHVRURGHOUH6KRRQ,9

$
<
<
+
4
:
;
8
'

$






$
<
<
+
4
:
;
8
'

$






'HVFUL]LRQHGHOOHVWDQ]H

 /D

DJJURWW
WWDDF
DDFTX
TXDDWLFD
1XRWDQGRSHUDOFXQLPHWULYHUVRLOEDVVRLQXQDJURWWDGDOOH
SDUHWLWDJOLHQWLHSRSRODWDGDXQDJUDQGHYDULHWjGLSHVFLVL
DUULYHUjLQTXHVWRFRPSOHVVRGLJURWWHVRWWHUUDQHHEXLHFKH
VLUDPLILFDQRLQYDULHFDYHUQHSLSLFFROH
 1LFF

FFK
KL H
,WXQQHOWHUPLQDQRFRQGHOOHQLFFKLHFLUFRODULFKHFRQWHQJR
QRVDVVLDOJKHHULFFLGLPDUHDOWULPROOXVFKLDFTXDWLFLSH]
]LGLOHJQRRGLULWWXUDFRUSLXPDQL

 &DGDYHU

YHUH
HDDQQHJ
QQHJDDWR
/HJDWRFRQGHOOHFDWHQHGLIHUURDOODSDUHWHVLWURYDXQFD
GDYHUH XPDQRRUPDLULGRWWRDGXQR VFKHOHWUR FKH SRUWD DO
FROORXQDFROODQDGRURHGDUJHQWRFRQXQJURVVRPHGDJOLRQH
FKHUDSSUHVHQWDLOVLPERORGL/RYLDWDUODGLYLQLWjGHOGRORUH
HGHOODVRIIHUHQ]D
,OPHGDJOLRQHKDXQYDORUHGLFLUFDPR
 &RUDOOLH

OOLHS
SROL
OLS
SL
LJJLJDQWL
/D FDYHUQDVL DSULUj LQXQD JURWWD SL JUDQGH OH FXL SDUHWL
VRQRULFRSHUWHGDXQDYDULHWjLQFUHGLELOHGLFRUDOLFRORUDWLH
GDOOHSLVYDULDWHIRUPH,3*QRWHUDQQRDQFKHDOFXQHPR
QHWHGRURGLVSRVWHFDVXDOPHQWHVXOWHUUHQRGPR
0ROWLVVLPLSHVFLQXRWDQRQHOODFTXDDQFKHVHFqXQDSDUWH
GHOODFDYHUQDQDVFRVWDLQFXLVLqPLPHWL]]DWRXQJURVVRSR
OLSRJLJDQWHFKHDWWDFFKHUjL3*DSSHQDTXHVWLVLIHUPHUDQ
QRSHUJXDUGDUHOHPRQHWHRSHUFRQWHPSODUHODEDUULHUDFR
UDOOLQD , 3* DYUDQQR VROR LO  GL SUREDELOLWj GL LQGLYL
GXDUOR
 3ROLSRJLJDQWH
&$ )0  QXRWR  '9
3)7+$&1DWW
'DQQL G [G 7D
JOLD*3(
1RWH 2JQL YROWD FKH
XQ WHQWDFROR FROSL
VFH TXHVWR DYYROJH
OD YLWWLPD HG LQ
IOLJJH G GDQQL D
URXQG &KL KD XQD
IRU]D VXSHULRUH D
 SXz WHQ
WDUH GL OLEH
UDUVL
FRQ
XQD SURYD

4XDQGRKDFDWWXUDWRXQQHPLFRORSRUWDDOODERFFDGRYHLQ
IOLJJHGGDQQL2JQL3*SXzHVVHUHSUHVRGDDOPDVVLPR
WUHWHQWDFROLGHLVHLFKHLOSROLSRXWLOL]]D&RQXQWHQWDFROR
VLKD DO7+$&FRQHVHVLqDYYROWLGDWUHSHQFROL
QRQ VL SXz DWWDFFDUH 3HU WDJOLDUH XQ WHQWDFROR ELVRJQD LQ
IOLJJHUHIHULWHDTXHVWXOWLPR
 8VFLWD

DS
SHU
UOODF
DFUULSWD
,QILQH LO WXQQHO VDOH OHQWDPHQWH SHU DOFXQL PHWUL SHU SRL
VEXFDUHLQXQODJKHWWRLQWHUQRGLXQDJURWWDRVVLJHQDWDFKH
FRQGXFHDOODFULSWDGHOUH6KRRQ,9

/D&ULSWD

 /HQWU

WUDDWD
8VFLWL GDO ODJR L 3* VL ULWURYHUDQQR LQ XQD JURWWD IDWWD GD
URFFLD FDOFDUHD FKH DWWUDYHUVR XQ SLFFROR H VWUHWWR WXQQHO
FRQGXFH DG XQD ]RQD GDL PXUL LQ SLHWUD QHUD GRYH VL WURYD
OHQWUDWD DOOD FULSWD /HQWUDWD q XQ HQRUPH SRUWD GL SLHWUD
VHQ]DVHUUDWXUDRPDQLJOLHFRQDLODWLGXHJURVVRFRORQQHGL
VWLOH LRQLFR FKH UHJJRQR VXL FDSLWHOOL GXH EUDFLHUL FRQ XQ
IXRFRPDJLFRGLFRORUHQHUR6XOODSRUWDVLWURYDXQHQRUPH
LQFLVLQH FKH UDIILJXUD XQ RFFKLR FLUFRQGDWR GD XQD VHULH GL
HOOLVVLFRQFHQWULFKHDOFXLLQWHUQRVRQRUDFFKLXVHOHVWURIHGL
XQDFDQ]RQH/HVWURIHVRQRVFULWWHLQ7KRUDVVHGDQGUDQQR
WUDGRWWH
7UH
HDDQHOOL
OOLDDOV
OVRPP
PPR
RLLPSHUDWRUH
XQR
XQ
RS
SHU
ULO
LOUUHJ
HJQ
QR
RG
GL
L7
7 HW KU \
XQR
XQ
RS
SHU
UOOH
HFD
FDOOGH
HOODQGH
QGHG
GHO
O&
&DOLP
OLPVKDQ
XQR
XQ
RS
SHU
ULO
LOIILRUHQWH
H$
$PQ

4XDQGRL3*DYUDQQROHWWROHVWURIHORFFKLRVFRPSDULUjGDO
OD SRUWD H OD SLHWUD VL SODVPHUj ILQR D GLYHQWDUH XQD JURVVD
WHVWD GL XQ GUDJR FKH KD LQ ERFFD XQ DQHOOR GRUR OLVFLR H
SHUIHWWR 3RL OD SRUWD VL DSULUj IDFHQGR HQWUDUH L 3* QHOOD
FULSWD

 6DODFH

DFHQWU
WUDDOH
(XQDVWDQ]DGLIRUPDFLUFRODUHLOOXPLQDWDGD FRORQQHFKH
UHJJRQRVRSUD LO FDSLWHOOR GHL EUDFHUL FKH LOOXPLQDQR GL XQ
IXRFRQHURODVWDQ]D$OOHSDUHWLIDWWHGLSLHWUDQHUDVLWUR
YDQR DOFXQH UDIILJXUD]LRQL GHOOD VWRULD DQWLFD GHO 7HWK\U
TXDQGRDQFRUD6KRRQ,9HUDVXOWURYR&RQJUDQGHGUDPPD
WLFLWjqUDIILJXUDWDODPDUFLDGHLQRQPRUWLGHOODQQR&9
$OFHQWURVLWURYDXQDVSHFLHGLJURVVRSLODVWURGLSLHWUDDOWR
PH]]RPHWURGDOODVSHWWRVLQLVWUR
3RUWDQGR DO SLHGLVWDOOR L WUH DQHOOL QDVFRVWL QHO ODELULQWR VL
RWWHUUjXQDFKLDYHQHFHVVDULDSHUUDJJLXQJHUHLOWHVRUR

 6DORQH

4XHVWDVWDQ]DFLUFRODUHqHQRUPHKDXQGLDPHWURGLFLUFD
PHWULHGqDOWDDOWUHWWDQWR6XLPXULFLVRQRQXPHURVHFRORQ
QH VFROSLWH HG RUQDWH FKH WHUPLQDQR FRQ GHL FDSLWHOOL FKH
UHJJRQRLQFLPDGHOOHVWDWXHGLDQJHOLHGLDYROL,OSDYLPHQ
WRqFRPSRVWRGDXQPRVDLFRFKHUDIILJXUDORFFKLRFLUFRQGD
WRGDOOHHOOLVVLFKHL3*KDQQRLQFRQWUDWRDOOLQL]LR6XOODVR
JOLDGHOODVWDQ]DVLWURYDXQDWUDSSROD4XDQGRLOSULPR3*
SDVVHUjGHOOHODQFHDFXPLQDWHXVFLUDQQRGDOOHSDUHWLHFRO
SLUDQQR L 3* FKH IDOOLUDQQR XQ WLURVDOYH]]D FRQWUR VRIILR
FRQ &KLVDUj FROSLWR VXELUj G IHULWH H GRYUj VXSHUDUH
XQ VHFRQGR WLURVDOYH]]D FRQWUR YHOHQR SHU QRQ PRULUH DO
OLVWDQWH,QROWUHODWUDSSRODULVYHJOLHUjLOGUDJRGRPEUDFKH
VWDULSRVDQGRQHOODVWDQ]D

 9DOHRRQGUDJRJLRYDQHDGXOWRGHOORPEUD
&$)0YRORVDOWR'93)7+$&
1DWWVSHFLDOH'DQQLGGG7DJOLD(3(

1RWHLOVRIILRqXQFRQRGRPEUDFKHLQIOLJJHGGDQQL
HFKLIDOOLVFHXQWLURVDOYH]]DFRQWURVRIILRSHUGHGHLVXRL
OLYHOOL&KLVXSHUDLOWLURVDOYH]]DQHSHUGHODPHWj/HIIHWWR
GXUDILQFKpLOGUDJRQRQYLHQHXFFLVR
$ELOLWj,PPDJLQL,OOXVRULHGLPPDJLQL
,QFDQWHVLPL
OLYHOOR&KDUPH'DUGRLQFDQWDWR
OLYHOOR,PPDJLQLLOOXVRULH)UHFFLDDFLGDGL0HOI
+DUHVLVWHQ]DDOODPDJLD
8FFLVRLOGUDJRL3*WURYHUDQQRXQSLFFRORIRU]LHUHFKLXVR
QDVFRVWRWUDGXHFRORQQHGHOODVWDQ]D,OIRU]LHUHqSURWHWWR
GDXQDWUDSSROD6LWUDWWDGLXQHVSORVLRQHWUHPHQGDFKHFRO
SLVFHFKLXQTXHLQXQUDJJLRGLPHWUL/HVSORVLRQHFDXVD
GGDQQLGLPH]]DELOLFRQWLURVDOYH]]D /HVSORVLRQHGL
VWUXJJHLO IRU]LHUH PD DOOLQWHUQR VL WURYD XQ DQHOOR WDOH H
TXDOH D TXHOOR FKH L 3* KDQQR YLVWR QHOOD ERFFD GHO GUDJR
DOOLQJUHVVRGHOGXQJHRQ

 7HPSLR

RG
GL
L0
0\UNX
NXOO
( XQD VWDQ]D UHWWDQJRODUH OXQJD FLUFD  PHWUL FRQ GXH
RUGLQLGLFRORQQHODWHUDOLGL PDUPRQHURLOOXPLQDWDGDGHOOH
FDQGHOHGLVSRVWHWUDXQDFRORQQDHGXQDOWUD'DWHUUDVLOHYD
XQD EDVVD QHEELD ,Q IRQGR DOOD VWDQ]D VL WURYD XQ SLFFROR
DOWDUHFRQVRSUDXQOLEURGLSUHJKLHUHGHGLWRD0\UNXOHGXQ
SLFFROR YDVVRLR LQ PHWDOOR VX FXL q SRVWR XQ DQHOOR GRUR
7RJOLHUH ODQHOOR DWWLYHUj XQD WHUULELOH WUDSSROD , 3* YH
GUDQQR XVFLUH GDOOD QHEELD PROWLVVLPH PDQL VFKHOHWULFKH H
GHFRPSRVWH FKH FHUFKHUDQQR GL DIIHUUDUOL SHUL SLHGL &RQ
WHPSRUDQHDPHQWH OH FRORQQH FRPLQFHUDQQR D FDVFDUH H LO
ODELULQWR VDUj VFRVVR GD WHUULELOL VFRVVH VLVPLFKH , 3* FRQ
)0  GRYUDQQR VXSHUDUH  WLUL VDOYH]]D FRQWUR PRUWH SHU
QRQHVVHUHSUHVLGDOOHPDQLRGDXQDFRORQQDFKHFDGH&KL
KD)0LOGRSSLRGHLWLULVDOYH]]D)DOOLUHVLJQLILFKHUjULPD
QHUHVRWWRLOWHPSLRFUROODWR
 6DOD

DG
GHOO
OOH
HWWRPEH
8QDOXQJDVHULHGLVDUFRIDJKLVLWURYDQRLQTXHVWDVWDQ]DFKH
qLOOXPLQDWD GDDOFXQHFDQGHOHSRVWHVRSUDRJQLWRPED/H
WRPEHVRQRVHLHVXRJQLFRSHUFKLRqUDIILJXUDWRXQDGLIIH

UHQWHSHUVRQDHVRWWRFLVRQRIUDVLGHOWLSR
7RPLOFRFFKLHUHGHOOLPSHUDWRUH6KRRQ,9
6XVDQODVRUHOODFDUQDOHGHOOLPSHUDWRUH6KRRQ,9
(FF

6HL3*FHUFKHUDQQRGLDSULUHOHWRPEHYHGUDQQRGHOOHOHJ
JHUHQHEELHDO]DUVLGDTXHVWXOWLPHHSODVPDUVLILQRDGDVVX
PHUHGHOOHIRUPHXPDQH6LWUDWWDGHJOLVSHWWULGHLGHIXQWL
FKHVLVRQRDUUDEELDWLSHUFKpVWDYDQRFHUFDQGRGLSURIDQDUH
OHORURWRPEH
7XWWDYLD HVVL VRQR DQFKH UDPPDULFDWL GL HVVHUH VWDWL XFFLVL
DOODPRUWHGHOOLPSHUDWRUHLQVLHPHDOXL6HL3*PHWWHUDQ
QR LQ EDOOR LO GLVFRUVR JOL VSHWWUL QRQ JOL DWWDFFKHUDQQR H
FKLHGHUDQQRSHUzDL3*GLGLVWUXJJHUHODFRURQDFKHLOFDGD
YHUHGHOOLPSHUDWRUHSRUWDFRQVHLQPRGRWDOHGDVDOYDUHOH
ORURDQLPH

 6SHWWUL 
&$  )0  YROR  '9  3)      
7+$&  1DWW  'DQQL GGRSSLR ULVXFFKLR 7DJOLD
03(
1RWHTXDQGRFROSLVFRQRULVXFFKLDQROLYHOOL GHVSHULHQ]D

6HVLDFFRUGDQRFRQJOLVSHWWULHJOLFKLHGRQRGRYHqQDVFR
VWRLOWHU]RDQHOORORURGLUDQQRFKHLQTXHVWDVWDQ]DVLWURYD
XQSDVVDJJLRVHJUHWR$OWULPHQWLGRYUDQQRWURYDUVHOR
 6DOD GHOO

OODDQHOO
OORR
LQTXHVWDSLFFRODVWDQ]DVLWURYDXQSLHGLVWDOORLQSLHWUDFRQ
VRSUDLOWHU]RDQHOORGRUR*OLDOWULGXHVRQRXQRLQPDQRDO
GUDJRGRPEUDPHQWUHODOWURVLWURYDQHOWHPSLR

4XDQGRL3*HQWUHUDQQRLQSRVVHVVRGHLWUHDQHOOLHOLSRUWH
UDQQR DO SLHGLVWDOOR QHOOD VDOD FHQWUDOH YHGUDQQR FKH VXOOD
URFFLDVLqIRUPDWDXQLQFLVLRQHFKHUHFDOHVHJXHQWLSDUROH
7UH
HDDQHOOL
OOLDDOV
OVRPP
PPR
RLLPSHUDWRUH
XQR
XQ
RS
SHU
ULO
LOUUHJ
HJQ
QR
RG
GL
L7
7 HW KU \
XQR
XQ
RS
SHU
UOOH
HFD
FDOOGH
HOODQGH
QGHG
GHO
O&
&DOLP
OLPVKDQ
XQR
XQ
RS
SHU
ULO
LOIILRUHQWH
H$
$PQ
4XDQGR
QGRL
LWU
WUH
HVVDUDQQR
QQRUULXQ
XQLLWLO
LODF
DFK
KLDYHS
YHSHU
ULO
LOWWHVRUR
9L
LFFRQGX
QGXUU
UUjD
jDOO
OORRUR
0DLO
DLOP
PDOH
HUULYH
YHQG
QGLLFKHUj
jOOD
DVVXD
DHHVLVWHQ]D

$SSHQDDYUDQQROHWWRTXHVWHSDUROHVHQWLUDQQRXQIRUWHFRO
SR VHJXLWR GD ODPHQWL H PXJROLL 'DO FRUULGRLR VHQWLUDQQR
XQ SURFHGHUH LQFHVVDQWH H PLQDFFLRVR /H PXPPLH GHOOD
VWDQ]DVLVRQRULVYHJOLDWHHVRQRFRPDQGDWH GDOOD PXP
PLDGHOOLPSHUDWRUH6KRRQ,9
0HVVLLWUHDQHOOLVXOSLHGLVWDOORVLRWWHUUjXQDFKLDYHGLRUR
SXURFKHVHUYHSHUDSULUHODVWDQ]DGHOWHVRUR

 0XPPLH SHU3*
&$)0'93)7+$&1
DWW'DQQLGPDODWWLD7DJOLD03(
1RWHFKLXQTXHYDQJDFROSLWRGDOODPXPPLDYLHQHLQIHWWDWR
GD XQD PDODWWLD PRUWDOH LQ G PHVL 3HU GHWWDJOL YHGHUH
SDJGHOPDQXDOHGHLPRVWUL
&KLXQTXHYHGDXQDPXPPLDGHYHVXSHUDUHXQWLURVDOYH]]D
FRQWUR PDJLD FRQ  R ULPDQHUH SDUDOL]]DWR GDO WHUURUH SHU
GURXQG
 0XPPLDDQWLFD LPSHUDWRUH6KRRQ,9
&$)0'93)7+$&1DWW'DQQL
GPDODWWLD7DJOLD03(
1RWH6RQRFLUFRQGDWHGDXQDXUDGLSDXUDFKHSDUDOL]]DSHU
GURXQG%LVRJQDVXSHUDUHXQWLURVDOYH]]DFRQFRQWUR
LQFDQWHVLPL
3XzHVVHUHFROSLWDVRORGDUPLRPLJOLRULHTXHVWHLQIOLJ
JRQRVRORPHWjGDQQR/DPDODWWLDqOHWDOHHSRUWDDOODPRU
WHLQGJLRUQLGXUDQWHLTXDOLLO3*SHUGHODELOLWjGLODQ
FLDUHLQFDQWHVLPLSXQWRGLIRU]DHGLFRVWLWX]LRQHHSXQ
WLGLFDULVPDDOJLRUQR+DUHVLVWHQ]DDOODPDJLD/DQFLD
JOLLQFDQWHVLPLFRPHXQVDFHUGRWHGLOLYHOOR+DVDJJH]
]D

$
<
<
+
4
:
;
8
'

$






$
<
<
+
4
:
;
8
'

$






,QFDQWHVLPL
OLYHOOR0DOHGL]LRQH[6DQWXDULR[3DXUD[FRPDQGR
[,QWUDOFLDUH
OLYHOOR%ORFFDSHUVRQH[5LVFDOGDUHLOPHWDOOR[VLOHQ
]LRLQPHWUL[$LXWR/LWDQLD
OLYHOOR0DODWWLD&HFLWj6RUGLWj,QIOLJJLPDOHGL]LRQH[
'LVVROYLPDJLH[&UHVFLWDGLVSLQH
OLYHOOR)LDPPDWD[9HOHQR[&RQWUROODUHODWHPSHUD
WXUDLQPHWUL
OLYHOOR&RORQQDGLIXRFR[7RJOLHUHODYLWD[3LDJDGH
JOLLQVHWWL
OLYHOOR%DUULHUDGLODPH[0DODWWLD[0XURGLVSLQH
OLYHOOR3LDJDVWULVFLDQWH'LVWUX]LRQH

 6DODG

DGHO
OVVDUFRIDJR
8QD JUDQGH VWDQ]D UHWWDQJRODUH FRQ XQ VDUFRIDJR FHQWUDOH
GRYHVLWURYDLOFRUSRGHOUH6KRRQ,9,OVDUFRIDJRqIDWWRLQ
SLHWUDHGKDLOFRSHUFKLRGLPDUPRQHURLQWDUVLDWRDULFRUGD
WHOHVHPELDQ]HGHOUHPRUWR1HOODVWDQ]DVLWURYDQRDOFXQH
FDQGHOHSRVWHVXGHLSLHGLVWDOOLDOWLFLUFDXQPHWURGLPHWDO
OR ILQH ,O VDUFRIDJR q SURWHWWR GD WUH WUDSSROH PRUWDOL /D
SULPDqXQHVSORVLRQHGLXQDSDOODGLIXRFRGDGODVH
FRQGDqXQRVFKL]]R GL DFLGR FKH LQIOLJJH G GDQQL H SXz
WRJOLHUHVHLO3*IDOOLVFHXQWLURVDOYH]]DFRQWURVRIILRG
SXQWLGLFDULVPD/DWHU]DHODSLWHPLELOHURPSHDOFXQH
DQIRUH GD FXL IXRULHVFRQR PROWLVVLPL LQVHWWL FRPH SHU OLQ
FDQWHVLPRSLDJDVWULVFLDQWH

3HUDSULUHLOVDUFRIDJRVDUjQHFHVVDULDXQSXQWHJJLRGLIRU]D
FRPELQDWD GL  GHQWUR VL WURYD LO FRUSR GHOOLPSHUDWRUH
LPPRELOH ILQFKp L WUH DQHOOL QRQ VRQR SRVWL VXO SLHGLVWDOOR
FKH WLHQH LQ PDQR XQR VFHWWUR SUH]LRVR  PR HG XQD
FRURQDFKHFRQWLHQHOHDQLPHGHLVXRLVHUYL4XDQGRODFR
URQDYLHQHXWLOL]]DWDGLYHQWDFHQHUH
$OFROORODPXPPLDSRUWDXQDVSHFLHGLJURVVRWDOLVPDQRUR
WRQGR FKH VL SXz DSULUH IDFHQGR XVFLUH GHOOH VSRUJHQ]H D
IRUPDVLVWHOODFKHSHUPHWWRQRGLDSULUHODSRUWDGHOODVWDQ]D

  ,OS
OSRUW
UWDDOH
$OFHQWUR GHOOD VWDQ]DVL WURYDXQ FHUFKLR GLVHJQDWR FRQ OL
QHHGLOXFHD]]XUUHFKHWHOHWUDVSRUWDQRL3*QHOODSDUWHIL
QDOHGHOGXQJHRQ

 ,OP

OPDUH
HLOO
LOOX
XV RU L R
8QDFDYHUQDFRQGXFHL3*GDYDQWLDGXQHQRUPHODJRVRW
WHUUDQHR GRYH VLQWUDYHGH XQD SRUWD GL SLHWUD VXO IRQGDOH
FKHSXzHVVHUHDSHUWDVRORFRQODFKLDYHGRURWURYDWDLQ
/DFTXDGHOODJRqLOOXVRULDHVLWUDWWDLQYHFHGLXQSUHFLSL]LR
DOWRPHWULFRQLQIRQGRHQRUPLSXQ]RQLGLIHUUR7XIIDUVL
VLJQLILFKHUj PRULUH
$SHUWDODSRUWDL3*DUULYHUDQQRDOWDQWRFHUFDWRWHVRURFKH
DPPRQWDD

PR

PS

PD

JHPPHSUH]LRVHGDPROXQD

FDOLFLDQHOOLJLRLHOOLRSHUHGDUWHSHUXQWRWDOHGL
PR

6SDGDEDVWDUGD

3HUJDPHQDGLSURWH]LRQHGDOODSLHWULILFD]LRQH

(OPRGHOODWHOHSDWLD

6IHUDGLFULVWDOOR

6SDGDOXQJDDPPD]]DJLJDQWL

&RUD]]DGLPDJOLDHOILFD

*XDQWLDQWLSURLHWWLOH

7XQLFDGHOOHVWHOOH

9HUJDGHOFROSLUH

6WLYDOLGHOODYHORFLWj

0DUWHOORGDJXHUUDPDQHVFR

7RPRGHOOD&RPSUHQVLRQH

(OLVLUGLJXDULJLRQH

/LEURGHJOLLQFDQWHVLPLGL6KRRQ,9

%RUVDFRQVHUYDQWH

6WRULDGHJOLHOHWWLGL0\VWUD

6WRULDGHOOHYDOOLHGHOODFRUWHHOILFD

6WRULDGHOOHVRUHOOHGHOODOXFHHGHOEXLR
,Q WRWDOH VRQR  PR H YDUL RJJHWWL PDJLFL PROWR
SRWHQWL

,OOLEURGL6KRRQ,9qSURWHWWRPDJLFDPHQWHGDXQDWHUULELOH
PDOHGL]LRQHFKLXQTXHORDSUDIDUjFUROODUHWXWWDODFDYHUQD
HGXQUDJJLRSDUDOL]]DQWHFROSLUjWXWWLLQUDJJLRGLPHWUL
&qXQWLURVDOYH]]DFRQGLSHQDOLWj
3(SHULOFRPSOHWDPHQWRGHOODYYHQWXUD

'$<(/

$UWE\%DOGHU

1.1+.).&79
3UHPHVVVVDD

4XHVWDUWLFRORGHOO$QRQLPDSDUWHGDOOLGHDGLGDUHGHLVXJ
JHULPHQWLSHULGHDUHXQDVRFLHWjHOILFDLQXQTXDOVLDVLPRQ
GR IDQWDV\ 1HO UHDOL]]DUOR PL VRQR JXDUGDWR LQWRUQR H KR
ULSUHVRDOFXQL GHLFRQFHWWL FODVVLFL GHOOH VRFLHWj HOILFKH GH
VFULWWHLQYDULOLEULHUHJRODPHQWLGLJLRFKLGLUXROR
,OSH]]RQRQKDODPEL]LRQHGLLQWURGXUUHGHOOHQRYLWjLQFUH
GLELOL EHQVu GL PHWWHUH JL DOFXQL SXQWL FKLDYH VX TXHOOD
FKHqODPLDVRFLHWjHOILFDLGHDOH4XLQGLQRQPHUDYLJOLDWHYL
VHULWURYDWHGHJOLDVSHWWLFRPXQLDO6LJQRUHGHJOL$QHOOLRDO
'XQJHRQV 'UDJRQVRSSXUHDO:DUKDPPHU
,QJHQHUHLOUHJRODPHQWRGLULIHULPHQWRSULQFLSDOHqDSSXQ
WRLO' 'PDOHVLJXRQXPHURGLUHJROHDJJLXQWLYHLQWUR
GRWWH QRQ GRYUHEEH FRVWLWXLUH XQ SUREOHPD TXDOVLDVL VLD LO
VLVWHPDGLJLRFRFKHDGRWWLDWH

+DUWHWHGGLLVVXRLLHHOIL

'LVHJXLWRPLULIHULUzDG+DUWLOSLFODVVLFRGHLPRQGLIDQ
WDV\
/H UD]]H HOILFKH VRQR H ULPDQJRQR TXHOOH FODVVLFKH GHO
' 'QXRYDHGL]LRQHJOLHOILDOWLTXHOOLJULJLTXHOOLVLOYD
QLHLGURZ'DQRQGLPHQWLFDUHDVVROXWDPHQWHJOLHOILPDUL
QLDQFKHVHODORURYLWDVXEDFTXHDOLFROORFDWHQGHQ]LDOPHQ
WHDOGLIXRULGHLFRPXQLLQFRQWULGLXQJHQHULFRJUXSSRGL
DYYHQWXULHUL
&RPHPRGLILFDWRULUD]]LDOLHDELOLWjSDUWLFRODULODVFHUHLTXHO
OLLQVHULWLQHOUHJRODPHQWRVHQ]DDOWHUDUOLEDVDQGRODGLVWLQ
]LRQHWUDOHUD]]HVRSUDWWXWWRFDUDWWHUL]]DQGRO
DVSHWWRVRFLD
OHHSVLFRORJLFR

8VLH
LHFFRVWXPL

/DYLWDGLXQHOIRqGLFLUFDDQQLTXLQGLLVXRLULWPL
VRQRSLOHQWLGLTXHOOLGHOOHDOWUHUD]]HHQRQVHQWRQRODQH
FHVVLWjGLYLYHUHXQDYLWDIUHQHWLFD4XHVWDORURPDJJLRUORQ
JHYLWjHDOFXQLDVSHWWLJHQHWLFLOLSRUWDQRDFRQVLGHUDUVLFR
PHLSUHIHULWLGDJOLGHLTXDVLXQDFODVVHHOHWWDHTXLQGLDG
HVVHUH VXSHUEL QHL FRQIURQWL GHJOL DOWUL DELWDQWL GL +DUW
4XHVWRODWRGHOORURFDUDWWHUHqQRWRDWXWWLVX+DUWHVLPD
QLIHVWD FRQ DWWHJJLDPHQWL DOWH]]RVL H GLVSUH]]DQWL QHL FRQ
IURQWLGHJOLDOWULWDOYROWDSXUHFRPSDVVLRQHYROLFRPHTXHOOL
GLXQDGXOWRQHLFRQIURQWLGLXQEDPELQRVHQ]DPDLWUDGXUVL
LQRIIHVHHVSOLFLWH1RQRVWDQWHFLzQRQVRQRUDUHOHDPLFL]LH
WUD XPDQL HGHOIL R DQFKH WUD JOLDOWUL VHPLXPDQLH JOL HOIL
PDJDULDVHJXLWRGLHVSHULHQ]HGLYLWDFRQGLYLVDHFROODERUD
]LRQH3UREDELOPHQWHVH JOL HOIL SDVVDVVHUR SL WHPSR FRQ
OHDOWUHUD]]HLQYHFHGLFKLXGHUVLLQVRFLHWjDSUHYDOHQ]DHOIL
FDDYUHEEHURPRGRGLFRPSUHQGHUHO
LQIRQGDWH]]DGHLORUR
SUHJLXGL]L
,JLRYDQLHOILGDLDLDQQLFUHVFRQRWXWWLLQVLHPH VHQ]D
JURVVHGLIIHUHQ]HVLDDVHFRQGDGHOFHWRFKHGHOODUD]]DPD

JLXQWL DOOD PDJJLRUH HWj  DQQL GHYRQR WXWWL VRVWHQHUH

XQDSURYDFKHSHUPHWWDORURGLHVVHUHDFFHWWDWLQHOODVRFLHWj
GHJOLDGXOWL3DVVDQRTXLQGLLORURXOWLPLDQQLGHOO
LQIDQ
]LDDFROODERUDUHFRQJOLDOWULPHPEULGHOODORURVRFLHWjDIIL
QDQGROHSURSULHSDVVLRQLSHUVRQDOLHLQL]LDQGRVLDGXQRVWL
OH GL YLWD FRQVRQR DOOD ORUR SRVL]LRQH VRFLDOH H UD]]LDOH
/DSURYDDVVXPHIRUPHGLYHUVHDVHFRQGDGHOODFDVWDVRFLD
OH GHO FODQ H GHOOD UD]]D H SXz ULFKLHGHUH XQ SHULRGR GL
WHPSRSLRPHQROXQJR(
O
HOIRVWHVVRDFDSLUHTXDQGROD
SURYDqVWDWDVXSHUDWDqPDWXUDWRHGqLQJUDGRGLHQWUDUHD
IDU SDUWH GHOOD VRFLHWj GHJOL DGXOWL $OFXQL HOIL LPSLHJDQR
SRFKHVHWWLPDQHHDOWULDOFXQLDQQLSULPDGLFDSLUHGLHVVHUH
PDWXUDWL
,QJHQHUHDLFRPEDWWHQWLYLHQHULFKLHVWDXQDSURYDGLFDUDW
WHUHPLOLWDUHGRYHSRVVDQRPRVWUDUHODORURDELOLWjFRQODUFR
R OD VSDGDOXQJD OH GXH DUPL SUHGLOHWWH 3RWUHEEH WUDWWDUVL
GLFRPSLHUHXQDVHULHGLEDWWXWHGLFDFFLDQHOOD IRUHVWD SL
ILWWDRSSXUHXQD]LRQHGLJXHUUDFRQWURDOFXQLJREOLQRLGLFKH
VLVLDQRLQWURGRWWLGDTXHOOHSDUWL)UXLWRULGLPDJLDHQRELOL
SRWUHEEHURHVVHUHLQYHFHLQGRWWLDODVFLDUHSHUTXDOFKHWHP
SRODVRFLHWjHOILFDHJLUDUHSHUOHWHUUHGHOOHDOWUHUD]]HSHU
DSSUHQGHUHXVLHFRVWXPLGHJOLDOWULSRSROLHYHULILFDUHVHFL
VRQRQXRYHFRQRVFHQ]HGDIDUHSURSULH
/DVRFLHWjHOILFDqGLYLVDLQFODQDOFXQLGHLTXDOLVLVRQRUL
XQLWLHGKDQQRIRUPDWRGHOOHYHUHHSURSULHPHWURSROLHOIL
FKHFRQGLYHUVHPLJOLDLDGLDELWDQWLUHWWHGDXQFODQGRPL
QDQWHHGDXQFRQVLJOLRFRPSRVWRGDXQPHPEURSHUFODQ$
VHFRQGDGHOODUD]]DRJQLFODQKDGHOOHVXHXVDQ]HSURSULHH
XQD SUHGLOH]LRQH SDUWLFRODUH SHU XQ FHUWR WLSR GL YLWD DG
HVHPSLRJOLHOILVLOYDQLSUHIHULVFRQRYLYHUHQHLERVFKLPHQ
WUHJOLHOILDOWLKDQQRYHUHHSURSULHFLWWjVHPSUHQHOULVSHW
WRGHOODQDWXUDLQPXUDWXUDHSLHWUD/HGLIIHUHQ]HVLIDQQR
FRVSLFXHDQFKHDOO
LQWHUQRGHOODVWHVVDUD]]DWUDFODQHFODQ
LQSDUWLFRODUHQHOOHXVDQ]HIXQHEULUHOLJLRVHQHLODYRULSUD
WLFDWLHFF
7XWWLJOLHOILVRQRULVSHWWRVLGHOODQDWXUDDQFKHVHDOFXQLD
PRGRORURLGURZHFHUFDQRGLYLYHUHDUUHFDQGRPHQRGDQ
QRSRVVLELOHDOOHSLDQWHHDJOLDQLPDOL LQ SDUWLFRODU PRGRL
VLOYDQL
/
LVWUX]LRQH q SUDWLFDWD DL JLRYDQL LQ DSSRVLWH VFXROH WXWWL
JOLHOILVDQQROHJJHUHHVFULYHUHO
HOILFRGHOODORURUD]]DHOD
OLQJXDFRPXQHGHOOD]RQDGRYHULVLHGRQR6LLQVHJQDQRDQ
FKHOHDOWUHOLQJXHHOILFKHHQRQDVHFRQGDGHLPDHVWULFKH
VLKDQQRDGLVSRVL]LRQHPDQHOOHJUDQGLFLWWjFLVRQRVDSLHQ
WLSHUXQSR
WXWWHOHOLQJXHQRWHHFLVRQRVFXROHDSSRVLWH
SHUODPDJLDHOHDUWLGHOODJXHUUDYLVWRFKHJOLHOILVRQRDELOL
FRPEDWWHQWLRIUXLWRULGLPDJLD
/DFKLHVDLPSRVWDODFDWHFKHVLGHLJLRYDQLVXOULVSHWWRGHOOD
YLWDHGHOODQDWXUDTXHVWRYDOH SHUTXDOVLDVLGLYLQLWjHOILFD
H YHQHUD XQ SDQWHRQ SROLWHLVWD , FKLHULFL HOILFL QRQ KDQQR
QHVVXQDOLPLWD]LRQHFRPHLFKLHULFL XPDQLGLOLYHOORRDUPL
D VHFRQGD GHL IHDW VFHOWL PD RJQL GLYLQLWj DLXWD L VXRL
DGHSWL FRQ IDYRUL SRWHUL VSHFLDOL FRPH SHU JOL XPDQL PD
ULFKLHGHFKHVLULVSHWWLQRFHUWHUHJROHO
XVRGLDOFXQHDUPL
GL PRGL GL IDUH HFF , PRUWL VHJXRQR O
XVDQ]D GHO FODQ H
GHOOD GLYLQLWj DOFXQL YHQJRQR LQXPDWL DOWUL FUHPDWL DOWUL
DQFRUDODVFLDWLVX]DWWHUHVXLFRUVLG
DFTXD
,OPDWULPRQLRqXQRGHJOLHYHQWLSLLPSRUWDQWLQHOODYLWDGL
XQHOIR1RQHVLVWHXQHWjSUHIHULWD PDLQJHQHUHOHQR]]H

$
6
6
8
5
,
5
4
*
/
3
+
4
:
/



$
6
6
8
5
,
5
4
*
/
3
+
4
:
/



DYYHQJRQR WUD L  H  DQQL GHJOL LQGLYLGXL ,O ILGDQ]D

PHQWR GXUD SHU DOFXQL GHFHQQL H LQ JHQHUH VRQR VSHVVR L
FODQ D GHFLGHUH OH QR]]H WUD L SHUVRQDJJL GL XQ FHUWR FHWR
3RLFKpJOLHOILVRQRPRQRJDPLHPROWRIHGHOLODSRVVLELOLWj
GHOGLYRU]LRQRQqQHPPHQRFRQWHPSODWDHLOULWRUHOLJLRVR
qSUHSDUDWRQHLPLQLPLGHWWDJOLGDOOHIDPLJOLHHGDLVDFHUGR
WL 2YYLDPHQWH QHO ULVSHWWR GHOOH OHJJL GHOOD QDWXUD XQD
FRSSLDGLVSRVLHOILFLKDQHOFRUVRGHOODVXDYLWDXQQXPHUR
GLILJOLFKHYDULDGDD,TXHVWRPRGRVLVSLHJDDQFKHSHU
FKpODSRSROD]LRQHHOILFDqFRVuFRQWHQXWDQRQRVWDQWHLOEH
QHVVHUH SRVVHGXWR H OD ORUR LQGLVFXVVD VXSHULRULWj LQ PROWH
DUWLDQFKHEHOOLFKHHPDJLFKH
$OLYHOORGLSURIHVVLRQLVLSRVVRQRWURYDUHHOILFKHVDQQRID
UH XQ SR
 WXWWL L ODYRUL FRPH SHU JOL HVVHUL XPDQL 2YYLD
PHQWHGLSHQGHDQFKHGDOWLSRGLVRFLHWjLQFXLYLYRQR1RQ
qTXLQGLGLIILFLOHWURYDUHPDVWULDUPDLROLIDEEULFROWLYDWRUL
FDFFLDWRULHFF
*OL HOIL QRQ WHQJRQR PROWR DO GHQDUR SUHGLOLJHQGR WUD GL
ORURLOEDUDWWRPDORXVDQRFRUUHQWHPHQWHQHLORURUDSSRUWL
FRQOHDOWUHUD]]H,JLRLHOOLVRQRLQYHFHEHQYLVWLGDXQSR

WXWWHOHJHQWLRYYLDPHQWHFRQGLIIHUHQ]HDVHFRQGDGHOWLSR
GLYLWDLQTXDQWRJOLHOILKDQQRXQDOWRJXVWRGHOEHOORHGHO
O
HVWHWLFDTXLQGLFLWHQJRQRDGDSSDULUHEHOOLHLPSHFFDELOL
XQSR
QDUFLVLVWLVRSUDWWXWWRLJULJLHJOLDOWL
,OVHQVRGHOEHOORVLULSHUFXRWHDQFKHVXOOHORURDELWD]LRQLLQ
TXDQWRWXWWRLOFODQYLHQHFRVWUXLWRULVSHWWDQGRFHUWLFDQRQL
HVWHWLFLHIXQ]LRQDOLVXOODPXVLFDVXOFDQWRHVXOFLERVRQR
DQFKHRWWLPLFXRFKL,QDPELWRFXOLQDULRVRQRLQJUDGR GL
SUHSDUDUH RWWLPLELVFRWWL GL OHPEDV GHWWR SDQGLYLD FDSDFH
GLIRUQLUHDGXQSHUVRQDWXWWHOHHQHUJLHHOHVRVWDQ]HVXIIL
FLHQWLSHUXQDJLRUQDWD

0 D J LD

$VHJXLWRGHOODORUROXQJDYLWDHGHO
OD ORUR VSLFFDWD LQWHOOLJHQ]D JOL HOIL
VRQRLVLJQRULLQGLVFXVVLGHOODPDJLD
VX +DUW DQFKH VH QXPHURVL XPDQL
KDQQR RWWHQXWR LO SHUPHVVR GL VWX
GLDUHSUHVVROHORURVFXROHGLPDJLDH
VRQRGLYHQWDWLDELOLTXDQWRRSL L
ORUR PDHVWUL &RPXQTXH JOL HOIL
SUHIHULVFRQR XVDUH OD PDJLD VROR
TXDQGR q QHFHVVDULD VDSHQGR FRPH
HVVD DOWHUL LO QRUPDOH FRUVR GHJOL
HYHQWLHFRVWLWXLVFDXQDIRQWHGLHQ
WURSLD QHOO
XQLYHUVR 9LVWD OD ORUR
JUDQGHLQWHOOLJHQ]DHPDJJLRUSUHGL
VSRVL]LRQHDOODPDJLDLQJUDQSDUWHL
PDHVWULVRQRHOILJULJLPDVLWURYDQR
LVWUXWWRULDQFKHGLDOWUHUD]]H
6LFXUDPHQWH L JUDQGH PDJKL HOILFL
FRQRVFRQR WXWWL JOL LQFDQWHVLPL GHO
UHJRODPHQWR GL JLRFR FRQVLGHUDWR H
VRSUDWWXWWR QH VDQQR IDUH RWWLPR
XVR ( DQFKH SRVVLELOH FKH VLDQR
QRWH OH QXRYH PDJLH FKH YHQJRQR
ULFHUFDWH LQ DOWUH SDUWL GHO PRQGR
JUD]LHDTXDQWRULSRUWDWRORURGDLVR
VWHQLWRULGHOODSURYDDOOHVWHUQRGHOOD
ORURFLYLOWj
*UD]LH DOOD PDJLD JOL HOIL VRQR LQ
JUDGR GL SURGXUUH DUPL LQFDQWDWH
VSDGHDUFKLIUHFFHHFFHDUPDWX
UH SUHJLDWLVVLPH VIUXWWDQGR LQ HQ
WUDPELLFDVLLOPLWKULOPHWDOORGDOOH
PROWHSURSULHWjPDJLFKHFRPSUDWR
DFDURSUH]]RGDLQDQLFKHORHVWUDJ
JRQR QHOOH PRQWDJQH *OL RJJHWWL
FRVu RWWHQXWL VRQRGL JUDQ OXQJD VX
SHULRUL D TXHOOL SURGRWWL GDOOH DOWUH
UD]]HDGHFFH]LRQHGHLVROLQDQLHG
KDQQR FDUDWWHULVWLFKH XQLFKH 7XWWL
JOL RJJHWWL PDJLFL FRVu IRUJLDWL DG

HFFH]LRQHGHOOHVROHSRU]LRQLHSHUJDPHQHQRQVRQRUHDOL]
]DWLSHUODYHQGLWDPDVRORVXFRPPLVVLRQHDOOLQWHUQRGHOOR
VWHVVRFODQRGHOODVWHVVDVRFLHWj
/D PDJLD WURYDIRUWHLPSLHJRDQFKH SHU OHGLIHVH GHOOD VR
FLHWj HOILFD , JUDQGL FRQGRWWLHUL VRQR VSHVVR HTXLSDJJLDWL
FRQ DUPL H DUPDWXUH PLUDERODQWL H JOL VWHVVL JUDQGL PDJKL
QRQGLVGHJQDQRGLSDUWHFLSDUHDOOHEDWWDJOLHSLLPSRUWDQWL
LQYHVWHGLVHPSOLFLVWUHJRQLRDGGLULWWXUDTXDOLFRPDQGDQWL

(VHUFLWRRHHJJXHUUUUDD

*OLHOILVLDFFRQWHQWDQRGHOOHWHUUHFKHSRVVLHGRQRRUPDLGD
VHFROLHQHVVXQRWUDQQHFDVLSDUWLFRODULKDPLUHHVSDQVLRQL
VWLFKH&RPXQTXHYLVWLLSRSROLSUHVHQWLQHOPRQGRJOLHOIL
FRQRVFRQR OD QHFHVVLWj GL PDQWHQHUH LQ SLHGL XQ HVHUFLWR
EHQDGGHVWUDWRHLQ IRU]H3HUTXHVWRRJQLJLRYDQHqLQL]LD
WRDOO
XVRGLXQ
DUPDHRJQLQXRYRDGXOWRYLHQHSRUWDWRDOOH
EDWWXWHGLFDFFLDDJOLDQLPDOLRDLJREOLQRLGLFKHRJQLWDQWR
VL LQWURGXFRQR QHL ORUR  WHUULWRUL *UD]LH DO ORUR DGGHVWUD
PHQWR L JXHUULHUL HOILFL VRQR WUD L PLJOLRUL GL +DUW RWWLPL
FDYDOLHULRWWLPLDUFLHULHDQQRYHUDQRWUDOHORURWUXSSHJXHU
ULHULVFHOWLVLDFDYDOLHULFKHDUFLHULFKHZDUGDQFHUJXHUULHUL
DFUREDWLFLFKHIXQJRQRGDSURYRFDWRULHJXDVWDWRUL,QRJQL
FODQDOPHQRLOFRQSLFFKLGHOGHLPDVFKLqXQ
DELOHFRPEDWWHQWHSURQWRDGLIHQGHUHLOVXRSRSRORLQRJQL
PRPHQWR,QROWUHDQFKHOHGRQQHHOILFKHVHODFDYDQREHQLV
VLPRVLDQHOOHDUPLFKHQHOODPDJLD
,SLDQLGLEDWWDJOLDVRQRSUHSDUDWLVHPSUHQHLPLQLPLGHWWD
JOLHGqUDURFKHOHSLORJRGHOODJXHUUDVLDDORURVIDYRUHDQ
FKH TXDQGR OH IRU]H DYYHUVDULH VLDQR QXPHULFDPHQWH DVVDL
PDJJLRULGLTXHOOHHOILFKH

DQFKH O
XWLOL]]R GL PH]]L
PDJLFLHGLYLQDWRUL0ROWR
SL VSHVVR SHU L UHDWL
GDYYHUR JUDYL F
q O
HVLOLR
GDOOD FRPXQLWj HOILFD H OD
FRVWUL]LRQHDYLYHUHFRPH
XQ HVFOXVR 7DOYROWD JOL
HVFOXVLYHQJRQRULDPPHV
VLVHKDQQR UHDOL]]DWR QHO
ORUR YDJDUH RSHUH FKH OL
ULDELOLWLQRDJOLRFFKLGHOOD
FRPXQLWj LQWHUD

(OIL$
L$OWL

/HJJ
JJLLHHFFRGLFL

*OL HOIL XVDQR FRPH OHJJH LO EXRQ VHQVR H GLIILFLOPHQWH VL
DUULYDDFRQWHQ]LRQLFKHULFKLHGDQRODSUHVHQ]DGLXQJLXGL
FH1HOTXDOFDVRFLVRQROHJJLEHQSUHFLVHFKHGHYRQRHVVH
UHULVSHWWDWHGDWXWWHOHSDUWL
,Q RJQLFODQ VL WURYD LO FDSRFODQ FKH SXz HVVHUH O
DPPLQL
VWUDWRUH GHOOD FRPXQLWj R XQ FRQVLJOLHUH VH FL WURYLDPR LQ
FRPXQLWjGLSLFODQ2JQLUHJQRHOILFRKDXQVXRVRYUDQR
FKHFRRUGLQDHUHJQDVXWXWWLLFODQ,QRJQLFODQVLWURYDDO
PHQRXQPDJRFRQVLJOLHUHHXQFKLHULFRFRQVLJOLHUHFKHDLX
WDQRLOFDSRFODQQHOOHVXHVFHOWH1HOODFDSLWDOHHQHOOHJUDQ
GLFLWWjHVLVWHXQFRQVLJOLRGLPDJKLHFKLHULFLFKHDLXWDQRLO
UHRO
DPPLQLVWUDWRUHQHOOHVXHIXQ]LRQL
1HOFRUVRGHLVHFROLVLVRQRVXFFHGXWLYDULUHJQDQWLDSSDUWH
QHQWLDWXWWLLWLSLGLFODVVHH DOOLQHDPHQWRPDWXWWLKDQQR
ULVSHWWDWROHGLUHWWLYHJHQHUDOLGHLFRQVLJOL,GLVFHQGHQWLDO
WURQRRDOFODQVRQRGHWHUPLQDWLSHUVDQJXHRSHUVFHOWDGL
UHWWD GHO UHJQDQWH FKH SXz GHVLJQDUH FRPH VXR
VXFFHVVRUHDQFKHTXDOFXQRQRQDSSDUWHQHQWHDOVXRFDVDWR
/DOHJJHqJLXVWDHIXQ]LRQDOHSUHYHGHSXQL]LRQLHVHPSODUL
PLVWH DG DPPHQGH H ULHGXFD]LRQH GHL UHL LQ PDQLHUD GD
QRQRSSULPHUHLOSRSRORPDIDFHQGRJOLFDSLUHFKHqSUHVHQ
WH QHO WHUULWRULR 2JQL DFFXVDWR YLHQH SURFHVVDWR GDYDQWL D
FKLJRYHUQDTXHOOD]RQDHDOVXRFRQVLJOLRKDLOGLULWWRGLGL
IHQGHUVLGDOOHDFFXVHH GLSRUWDUHSURYHDGLVFROSDPHQWUH
OD GHFLVLRQH ILQDOH H O
HYHQWXDOH SHQD VSHWWD DO UHJJHQWH
1HOOHJUDQGLFLWWjILQLVFRQRGDYDQWLDOUHRDJOLDPPLQLVWUD
WRULVRORLFDVLSLLPSRUWDQWLPDQRQVRORLSHUVRQDJJLSL
SRWHQWL PHQWUH XQD UHWH GL JLXGLFL H FRQVLJOLHUL JLXGLFD L
FDVLPHQRJUDYL/DSHQDGLPRUWHqSUHYLVWDVRORSHUFULPL
QLFRQVLGHUDWLLQDPPLVVLELOLHFRQWHPSRUDQHDPHQWHTXDQGR
O
DFFXVDWRVLDFRQVLGHUDWRLUULPHGLDELOPHQWHSHUVRHSHULFR
ORVRLQRJQLPRPHQWRVRORLOUHSXzGDUHO
RUGLQHGLXFFLGH
UHLOFULPLQDOHHVRORGRSRXQ
LQGDJLQHDFFXUDWDFKHSUHYHGH

&RVWLWXLVFRQR LQVLHPH
DJOL HOIL VLOYDQL OD PDJ
JLRU SDUWH GHOOD SRSROD
]LRQH HOILFD GL +DUW ,Q
JHQHUHVRQRWUDJOLHOILL
SLDSHUWLDO FRQWDWWR FRQ
OHDOWUHUD]]HHQRQqGLI
ILFLOHWURYDUQHTXDOFXQRD
JLURSHUXQSR
WXWWLLWHU
ULWRUL GL +DUW
&RVWUXLVFRQROHORURFLWWj
SHUFKp GL HVVH VL WUDWWD
FRQSLHWUDTXDU]RPDWWR
QL H PXUDWXUD PD FRQ
JUD]LD H JXVWR HVWHWLFR
UDIILQDWR H QHO SLHQR UL
VSHWWRGHOODQDWXUDFRQOD
TXDOH VRQR VSHVVR LQWH
JUDWH 'L IUHTXHQWH QHL
ORURFHQWUL q SRVVLELOH LQ
FRQWUDUH DQFKH TXDOFKH

UHVLGHQWHXPDQRRVHPLXPDQR
6RQRHOILFKHVDQQREHQFRPPHUFLDUHFRQJOLDOWULSRSROLGL
+DUW H KDQQR DSSUHVR GD ORUR PROWH FRVH FKH LJQRUDYDQR
VIUXWWDQGRQH DQFKH DOFXQH LQQRYD]LRQL WHFQRORJLFKH $OFX
QH FLWWj KDQQR ORUR SRUWL H OHORUR QDYL GD FDULFR VROFDQR L
PDULGLWXWWR+DUW
/HORURIRU]HDUPDWHVLIRQGDQRVRSUDWWXWWRVXOODFDYDOOHULD
OHJJHUDHSHVDQWHHVXLIDQWLQRQVRORDUFLHULHQWUDPELDEL
OLVVLPL DQFKH VH QHOOH ORUR VFKLHUH SUHQGRQR SRVWR DQFKH
DOFXQLZDUGDQFHUHVRSUDWWXWWRLWHPXWLVVLPLFDYDOLHULGLGUD
JKL 4XHVWXOWLPL VRQR JUDQGL H YDORURVL FRPEDWWHQWL FKH
KDQQRVWLSXODWRXQSDWWRGLIUDWHOODQ]DFRQDOFXQLGUDJKLFKH
YLYRQRQHOOHORURWHUUHWXWWLQHWUDJJRQREHQHILFLHFRPEDW
WRQRILDQFRDILDQFRLQFDVRGLJXHUUDRJUDYLFULVL
*OLHOILDOWLWHQJRQRPROWR DOOD PDJLD H OHORUR VFXROH VRQR
ULQRPDWH LQ WXWWR +DUW &RVWUXLVFRQR GHOOH VSOHQGLGH DUPL
HG DUPDWXUH LQ PLWKULO JUD]LH DG XQ SUROLILFR VFDPELR GL
PHUFL FRQ L QDQL FRQ L TXDOL KDQQR XQ UDSSRUWR GL RGLR
DPLFL]LD

(OIL6
L6LOYDQL

6RQRTXDVLODPHWjGHOODSRSROD]LRQHHOILFDGL+DUW
3UHGLOLJRQR OD IRUHVWD H L ERVFKL GRYH FRVWUXLVFRQR OH ORUR
UHVLGHQ]HVXJOLDOEHULLQDELWD]LRQLLQOHJQRFROOHJDWHDGL
YHUVLPHWULGDOVXRORFRQOLDQHHSDVVHUHOOHLQOHJQRHFRUGD
YHJHWDOH 1RQ VRQR DSSDVVLRQDWLVVLPL DOOD PDJLD DQFKH VH
LQRJQLFODQVLWURYDDOPHQRXQPDJRHOILFRGLEXRQDFDUDWX
UDFKHLQJHQHUHKDVWXGLDWRSUHVVRJOL(OIL$OWL+DQQRXQ
ULVSHWWRDQFRUDSLSURIRQGRSHUOHSLDQWHHODQDWXUDHIDQ
QROHIXQ]LRQLGDYHULUDQJHUGHOODIRUHVWDLQFXLYLYRQR
,QJHQHUHLORURFHQWULSLJUDQGLVLWURYDQRLQWRUQRDTXHOOL
FKHVRQRJOL$OEHULGHOOD9LWDGRYHVLGLFHILQLVFDQROHDQL
PHGHLPRUWLHTXHOOHGHLQDVFLWXULSULPDGLDUULYDUHDOODGH
VWLQD]LRQHILQDOH7DOLDOEHULVRQRXVDWLSHUUHDOL]]DUHDQFKH
JOLRJJHWWLGHVFULWWLGDOYHFFKLR' '

$
6
6
8
5
,
5
4
*
/
3
+
4
:
/



$
6
6
8
5
,
5
4
*
/
3
+
4
:
/



*OL$OEHULGHOOD9LWDVRQRXQSDWULPRQLRSHU WXWWD OD JHQLD

HOILFDHLQFDVRGLSHULFRORSHUXQRTXDOVLDVLGLHVVLWXWWLJOL
HOILVRQRSURQWLDPRELOLWDUVLLQGLSHQGHQWHPHQWHGDOODUD]
]DHGDLUDSSRUWLWUDFODQ
*OLHOILVLOYDQLVRQRVHPSUHSURQWLDGDFFRUUHUHLQVRFFRUVR
GHLORURFXJLQLHYLFHYHUVDLQFDVRGLJXHUUDOHORURPLOL]LH
VRQRULQRPDWHVRSUDWWXWWRSHUJOLHFFHOVLDUFLHULHLZDUGDQ
FHULQFXERGLWXWWLJOLHVHUFLWLDYYHUVDUL
3RLFKpWUDJOLHOILVRQRTXHOOLFKHKDQQRXQDYLWDSLVHPSOL
FHHLVRODWDGDOUHVWRGHOPRQGRVRQRDQFKHLPHQRSURSHQ
VL DG DYHUH UDSSRUWL FRQ JOL HVWUDQHL LQ SDUWLFRODU PRGR GL
UD]]D QRQ HOILFD PD VRQR DQFKH WUD L PHQR VXSHUEL WUD JOL
HOIL

(OIL*
L*ULJL

(VLVWRQRVRORSRFKLFODQGLHOILJULJLLQWXWWR+DUWPDQRQq
GLIILFLOH WURYDUQH TXDOFXQR FRPH HVSHUWR GL PDJLD QHOOH
VFXROHGLVWUHJRQHULDGHJOLHOILDOWL6RQRSUHGLVSRVWLSLGHL
ORUR FXJLQL DOO
XVR GHOOH VFLHQ]H DUFDQH H TXLQGL HFFHOORQR
SL IDFLOPHQWH 4XHVWD ORUR SUHGLVSRVL]LRQH VL WUDGXFH DQ
FKH LQ XQD PDJJLRUH VXSHUELD QRQ VROR QHL FRQIURQWL GHOOH
DOWUHUD]]HPDDQFKHGHJOLDOWULFODQHOILFLDQFKHVHGLIILFLO
PHQWH SUHQGRQRLQ JLUR L ORUR FRQVDQJXLQHL ,Q FRPSHQVR
VRQRGHJOLVFDUVL FRPEDWWHQWL H SUHIHULVFRQRSDVVDUH LO ORUR
WHPSRORQWDQLGDOOHDWWLYLWjILVLFKH
1RQKDQQR XQ HVHUFLWR RUGLQDULR H LQ JHQHUH VRQR SURWHWWL
GHJOLDOWULHOILDQFKHVHLPDJKLSUHVHQWLLQRJQLFODQVRQR
SL FKH VXIILFLHQWL D VFRQJLXUDUH TXDOVLDVL JUDYH PLQDFFLD
,OQRPH(OIL*ULJLqGRYXWRDLORURFDSHOOLFKHVRQRVSHVVR
DUJHQWDWL H DOOD ORUR FDUQDJLRQH SDOOLGD H RSDFD ,Q JHQHUH
QRQDPDQRVSRVDUVLHDYHUHILJOLFRQDOWUHUD]]HHOILFKHSHU
TXHVWR VRQR ULXVFLWL D QRQ HVWLQJXHUVL H D PDQWHQHUH XQD
SURSULDLQGLSHQGHQ]DJHQHWLFDHVRFLDOH

(OIL6
L6FXUL
L'URZ

, GURZVRQRHOILFKHKDQQRLPSDUDWRDYLYHUHLQVLPELRVLFRQ
DPELHQWL URFFLRVL H VRWWHUUDQHL H FRO SDVVDUH GHO WHPSR OD
ORUR FDUQDJLRQH q GLYHQWDWD VFXUD H L ORUR FDSHOOL ELDQFKL
DUJHQWDWL +DQQR VYLOXSSDWR XQ
LQIUDYLVLRQH VXSHULRUH DO
QRUPDOH H WXWWL L ORUR VHQVL VRQR PROWL DFXWL
(VLVWRQRSRFKLFODQGL'URZVX+DUWDOFXQLGHLTXDOLKDQQR
WURQFDWRGHOWXWWRLORURUDSSRUWLFRQJOLDOWULHOILPHQWUHDO
WULKDQQRPDQWHQXWRLQDOWHUDWLLOHJDPLGLIUDWHOODQ]DHDPL
FL]LDSUHVHQWLGDVHPSUH*OLHOILVFXULVRQRYLVWLFRQFXULR
VLWjHDYROWHDSSUHQVLRQHGDJOLDOWULHOILLQTXDQWRTXHVW
XO
WLPLQRQFDSLVFRQRILQRLQIRQGRLPRWLYLGHOOHORURVFHOWHGL
UHFOXVLRQH ,QROWUH DOFXQL FODQ GL GURZ VL VRQR DOORQWDQDWL
PROWR GDOOD PHQWDOLWj HOILFD H OD KDQQR GLVWRUWD D WDOSXQWR
GD FRQVLGHUDUH XQ SHULFROR SHU OD QDWXUD LQWHUD WXWWL L QRQ
HOILHDGGLULWWXUDWXWWLLQRQGURZDWDOSXQWRGDGHFUHWDUQH
ODPRUWHHVLVWRQRGLYHUVLJXHUULHULGURZFKHJLUDQRLOPRQ
GR DVVDVVLQDQGR FKLXQTXH LQFRQWUDQR VXO ORUR FDPPLQR
*OLHOILVFXULVRQRDELOLLQWXWWHOHGLVFLSOLQHVLWURYDQRRWWL
PLPDJKLJXHUULHULFKLHULFLHODGULWXWWLIHGHOLDOODORURFDX
VDTXDOVLDVLHVVDVLDHVRQRSRFKLDQFKHWUDJOLHOILFRORURL
TXDOL QRQ DYUHEEHUR XQ SR
 GL GLVDJLR D FRQIURQWDUVL FRQ L
ORURFXJLQLGDOODSHOOHVFXUD
, GURZ KDQQR XQ HVHUFLWR YDULR FRPSRVWR GD FDYDOLHUL
PDJDULGLDQLPDOL VWUDQLWLSROXFHUWRORQL UHWWLOLR LQVHWWL
DUFLHULIDQWLHPDJKLDQFKHVHLOQXPHUR ULGRWWRGHJOLHOIL
VFXUL VXJJHULVFH ORUR D]LRQL GL JXHUULJOLD SL FKH GL YHUD H
SURSULDJXHUUDFDPSDOH
, 'URZ VRQR YLVWL PDOLVVLPR GDL QDQL LQ TXDQWR XQ HOIR
FKHQRQVLFRPSRUWDGDHOIRqXQHOIRGHOTXDOHFLVLSXzIL
GDUHDQFRUDPHQRGHJOLDOWULHOILFKLDURQR"
1RQQHFHVVDULDPHQWHGURZVLJQLILFDFDWWLYRVHPSOLFHPHQ
WHVRQRWUDLSLYDULHJDWLHPXWHYROLGHOOHJHQWLHOILFKH

(OIL0
L0DULQL

*OL HOIL PDULQL FRVWLWXLVFRQR XQHVLJXD SDUWH GHOOD SRSROD

]LRQHHOILFDGL+DUWHIRUVHLOORURQXPHURqDGGLULWWXUDLQIH
ULRUHDTXHOORGHLGURZ*OLHOILPDULQLYLYRQRLQFODQQHOOH
SURIRQGLWjGHLPDULLQTXDQWRODSRVVLELOLWjGLUHVSLUDUHDF
TXDJUD]LHDOODSUHVHQ]DGLEUDQFKLHHODPHWjLQIHULRUHGHO
ORURFRUSRSXzDVVXPHUHDSLDFHUHODIRUPDVHPLXPDQDRS
SXUH GL SHVFH *OL HOIL PDULQL SRVVRQR DQFKH UHVSLUDUH DULD
PHGLDQWHLSROPRQLPDVHVWDQQRWURSSRWHPSRVHQ]DIDUQH
XVRSHUGRQRODFDSDFLWjGLXWLOL]]DUOLHVRQRFRVWUHWWLDSDVVD
UH WXWWD OD ORUR YLWD VRWWDFTXD$QFKH ORUR SRVVLHGRQR OLQ
IUDYLVLRQHSHUDOWURDVVDLVYLOXSSDWDGDOODPELHQWHQHOTXDOH
YLYRQR
/DORURVRFLHWjqVWUXWWXUDWDQHOORVWHVVRPRGRGLTXHOODGH
JOLDOWULHOILDQFKHVHRYYLDPHQWHLOORURVSLULWRqTXHOORGL
DPPLQLVWUDUH LO SDWULPRQLR PDULQR FKH OL FLUFRQGD 3HU
DGHPSLHUHDTXHVWRVFRSRQRQHVLWDQRDULFRUUHUHDOODPDJLD
HDPHWWHUHLQFDPSROHHVLJXHIRU]HPLOLWDULGLFXLGLVSRQ
JRQR ,Q JHQHUH YHVWRQR VHQ]D DUPDWXUH HTXLSDJJLDWL FRQ
ODQFHHWULGHQWLHQRQIDQQRXVRGLDOFXQDDUPDGDWLUR/D
ORURSHOOHD]]XUULQDRDUJHQWHDOLSURWHJJHGDOOHIUHGGHSUR
IRQGLWjPDULQHGRYHULVLHGRQR
*OLHOILPDULQLKDQQRRWWLPLUDSSRUWLFRQJOLHOILDOWLVRSUDW
WXWWRJUD]LHDOOHEDUFKHGLTXHVWXOWLPLFKHVROFDQRLPDULH
LQROWUHQRQGLVGHJQDQRQHSSXUHODFRPSDJQLDGHLPHUVPHQ
WULWRQLFRQLTXDOLKDQQRUDSSRUWLFRPPHUFLDOLHGLVDOYD
JXDUGLDGHOOHDFTXH
7DOYROWDTXDOFKHHOIRPDULQRVLDYYHQWXUDQHOOHWHUUHHPHU
VHVRWWRIRUPDFRPSOHWDPHQWHVHPLQXPDQDSHUWUDVFRUUHUH
TXDOFKHSHULRGRQHOOHFLWWjGHJOLHOILDOWL,QTXHVWLFDVLOHO
IRGHYHWUDVFRUUHUHXQDSDUWHGHOODJLRUQDWDLQDFTXDSHUQRQ
SHUGHUHOXWLOL]]RGHOOHEUDQFKLH
6SHVVRLPDULQDLGHOOHDOWUHUD]]HQHSSXUHVLUHQGRQRFRQWR
GHOODORURSUHVHQ]DDWWHQWDHVRUYHJOLDQWHFKLOLYHGHOLFRQ
IRQGHFRQWULWRQLVHLQPDUHRSHUHOILJULJLVHOLLQFRQWUDLQ
IRUPDVHPLXPDQDVXOODWHUUDIHUPD
3HU RYYL PRWLYL GL VSD]LR VDUHEEH LPSHQVDELOH UHDOL]]DUH
XQDWUDWWD]LRQHFRPSOHWDHDSSURIRQGLWDVXWXWWL JOLDVSHWWL
GHOODFLYLOWjHOILFDHTXDQWROHWWRGRYUHEEHVHUYLUHSHUGDUYL
XQTXDGURJHQHUDOH
6H QRQ ODYHWH JLD IDWWR YL FRQVLJOLR GL GDUH XQRFFKLDWD H
IRUVHTXDOFRVDGLSLD,O6LJQRUHGHJOL$QHOOL-557RO
NLHQ ,O 6LOPDULOOLRQ -55 7RONLHQ 7KH (OYHV RI $O
IKHLP *D]DWWHHU  ' ' :DU+DPPHU )DQWDV\ %DWWOH
$UPLHV  HGL]LRQH GHO JLRFR GL PLQLDWXUH GHOOD *DPHV
ZRUNVKRS
8Q ULQJUD]LDPHQWR D %UDPDQWH DOO$YDWDU GHO GLR $JOLR D
7XONDV H FRPSDJQD FKH KDQQR FRQWULEXLWR DOOLGHD]LRQH GL
+DUW

)XQ
XQDDV

$UWE\3DQDLRWLV

&

68 3 (5 )/$ 6+
,O
OQ
QXRYR
R683(548,=G
GL
L0
0LNH%
H%RQJLRUQR

RUUHYDO
DQQRPLOOHQRYHFHQWRRWWDQVHLLQSLHQD SULPD
UHSXEEOLFDTXDQGRLPLHLJHQLWRULSHQVDURQRGLUHJD
ODUPLXQJLRFRGDWDYRORFKHLQTXHLJLRUQLVSRSRODYDLQ79
UHJDODQGR PLOLRQL D GHVWUD H D PDQFD ,O TXL] LQ TXHVWLRQH
HUD6XSHUIODVKYHQLYDWUDVPHVVRGDO&DQDOHHORSUHVHQ
WDYDLOPLWLFR0LNH%RQJLRUQR
3HUWURYDUHLOJLRFRPLVRQRGRYXWRDYYHQWXUDUHLQVRIILWWD
GRYH OD VFDWROD JLDFHYD VRWWR TXLQWDOL GL SROYHUH GD RUPDL
XQD TXLQGLFLQD G
 DQQL 7XWWDYLD OD FRQIH]LRQH VJDUJLDQWH
LQ XQ DFFHFDQWH JLDOOREOX PL KD
IDWWR WURYDUH TXDVL VXELWR LO PLR WUR
IHR

SURVXELWRODVFDWRODHPLWURYR
GL IURQWH D XQ PDQXDOH FKH
QRQDYHYR PDL OHWWR SHU LQWHUR H FKH
KRIDWWRRJJLSHUODSULPDYROWDGXH
WDEHOORQLGLFDUWRQHXVDWLSHULJLRFKL
GHO *LRUQDORQH H GHO ,QFKLHVWD
XQWDEHOORQHFRQGHOOHFDVHOOHULPRYL
ELOL XVDWR SHU LO JLRFR /D FRSHUWL
QD XQ EORFN QRWHV SHU VHJQDUH L
SXQWLXQGDGRDVHLIDFFHXQDFOHVVL
GUD H XQ PD]]R GL FDUWH FKLDPDWH FDUWLQH QHO PDQXDOH
ABBAFRQLQXPHULGDXQRDHWUHEXVWHILQWLVVLPHFROR
UDWHSHUOHGRPDQGHGHOUDGGRSSLR3RWHWHJXDUGDUHODIRWR
GLLQVLHPHSHUYHGHUHWXWWRTXHVWREHQGL'LR

OPDQXDOHPLVHJQDODFKHVLSXzJLRFDUHVRORLQTXDWWUR
WUH FRQFRUUHQWL SL LO SUHVHQWDWRUH TXLQGL HVVHQGR
LR DGHVVR GD VROR QRQ SRVVR ULSURYDUH LO EULYLGR GL VSHUL
PHQWDUHTXHVWRDQWHVLJQDQRGL&KLYXROHVVHUHPLOLRQDULR
$OORUDPLOHJJRLOOLEULFFLQRSHUVDSHUQHGLSL
(VFRSURFKHLOTXL]qFRPSRVWRGDWUHSURYHSLOHGRPDQ
GHGHOUDGGRSSLR9HGLDPRLQGHWWDJOLRWXWWHOHSURYH

/D
DF
F R S H U WL Q D

,QTXHVWDSURYDRJQLFRQFRUUHQWHDWXUQRGHYHLQGRYLQDUHLO
YROWR GHO SHUVRQDJJLR IDPRVR QDVFRVWR GLHWUR LO WDEHOORQH
FRQ FDVHOOH ULPRYLELOL GL FXL VRSUD 1RQ YL GLFR TXDOL VRQR
DOFXQLSHUVRQDJJLGDLQGRYLQDUHSUHIHULVFRFRUUHGDUHO
DUWL
FROR FRQ XQD EHOOD IRWR QRWDWH FKH F
q DQFKH XQD YHFFKLD
FRQRVFHQ]D GHO SDQRUDPD SROLWLFR GHOOD SULPD UHSXEEOL
FD,OUHJRODPHQWRqTXDQWRGL SLQRLRVR VL VLDPDL LQ
YHQWDWRLQIDWWL LQL]LDOPHQWH RJQL JLRFDWRUH VFRSUH WUH FD
VHOOH L QXPHUL VL HVWUDJJRQR D FDVR GDO PD]]R GHOOH
FDUWLQHHKDXQPLQXWRGLWHPSRSHULQGRYLQDUHLOSHUVR
QDJJLRPLVWHULRVR6HQRQFHODIDSXzVFRSULUHXQ
DOWUD FD
VHOODPDLOVXRPRQWHSUHPLYHUUjGLVJUD]LDWDPHQWHGLPH]
]DWR(PR]LRQDQWHYHUR"$GUHQDOLQDSXUDRVHUHLGLUH

/  L Q F K L H V WD

,OSUHVHQWDWRUHGHFLGHLQTXHVWRJLRFRTXDOHVDUjLOWHPDGHO
VRQGDJJLRDFXLLJLRFDWRULIDUDQQRULIHULPHQWRHOHSHUFHQ
WXDOL GL IDYRUHYROHFRQWUDULR GHO ULVXOWDWR ,Q SUDWLFD
O
D Q D U F K L D
SL FRPSOH
WD 3HU IDUH
TXHVWR JLRFR
q LPSRUWDQ
W L V V L P R
PDK LO
VHFRQGR WD
EHOORQH UL
FRUGDWR SUL
PD
&RPH ULSRU

WD WHVWXDOPHQWH LO PDQXDOH TXHVWR JLRFR q LPSRUWDQWH

SHUFKpVHUYHDFRQRVFHUHFRPHODSHQVDQRJOLLWDOLDQLVXFHU
WLDUJRPHQWLVFRWWDQWL$UJKKKKKK
9ROHWHFRQRVFHUHDOFXQLDUJRPHQWLVFRWWDQWL"(
SUHVWRGHW
WR8QDUDJD]]DGHYHUHVWDUHLOOLEDWDILQRDOPDWULPRQLR"
/
RUDOHJDOHqEHQDFFHWWDGDJOLLWDOLDQL"(
SLDFLXWDDJOL
LWDOLDQL  O
LGHD GL DEROLUH O
(SLIDQLD" HYLGHQWHPHQWH QR
YLVWRFKHSRLqVWDWDULPHVVDLQYLJRUH(
JLXVWRDLXWDUHL
SRYHUL"RSSXUHGXOFLVLQIXQGR(
JLXVWRFKHJOLHXUR
SHL IDFFLDQR L ORUR DIIDUL FRQ L UXVVL
DQFKH VH TXHVWR LQQHUYRVLVFH H DOODU
PDJOLDPHULFDQL"
,O JLRFRSRLq VHPSOLFLVVLPRYLQFH LO
FRQFRUUHQWHFKHVLDYYLFLQDGLSLDOOD
SHUFHQWXDOHDXVSLFDWDGDOSUHVHQWDWR
UH 2YYLDPHQWH YLVWR FKH OH SHUFHQ
WXDOL GHO ULVXOWDWR VRQR D GLVFUH]LRQH
GHOSUHVHQWDWRUHSRVVRQRDYHUHOXRJR
VLWXD]LRQL PROWR HGXFDWLYH SHU LO
EDPELQR WLSR $LXWDUH L SRYHUL" ,
FRQWUDUL VRQR LO  SHU FHQWR YHGL
IRWR$QGLDPRDYDQWLFKHqPHJOLR

,O
OJ
J LR U Q D O R Q H

&ODVVLFRWDEHOORQHFRQVHLFRORQQHRJQXQDGHGLFDWDDXQDU
JRPHQWRFURQDFDFXOWXUDVFLHQ]HVSHWWDFRORVSRUWHSXE
EOLFLWjHK"""
2JQLDUJRPHQWRKDWUHFDVHOOHFRSHUWHHQXPHUDWHGDXQRD
WUH/HFDVHOOHGXUDQWHLOJLRFRYHQJRQRWXWWHVFRSHUWH'LH
WURDRJQLFRSHUWXUDVLWURYDXQ
LPPDJLQHFKHVHUYHDLQWUR
GXUUHODGRPDQGDVXOO
DUJRPHQWRSUHVFHOWRHWUDHVVHWURYD
QRSRVWRDQFKHODFDVHOODVROLGDULHWjFKHQRQIDYLQFHUHQp
SHUGHUHQXOODPDVHUYHDULFRUGDUYLFKHO
(GLWULFH*LRFKLKD
GHYROXWR SDUWH GHL VXRL LQWURLWL GRYXWL D 6XSHUIODVK DOOD
)RQGD]LRQHSHULSLFFROLLQYDOLGL3UR-XYHQWXWHHODFDVHOOD
MROO\FKHWLUHJDODXQPLOLRQHDJJUDWLVVH,QGRYLQDWHTXDO

qLOVLPERORGHOMROO\"6uuuuuqLOELVFLRQHGL&DQDOH
&LQTXHHHH
,O UHJRODPHQWR" &KL LQGRYLQD OD ULVSRVWD VFHJOLH OD FDVHOOD
VXFFHVVLYDHYLQFHXQPLOLRQHFKLVEDJOLDSHUGHXQPLOLRQH
3HUSUHQRWDUHODULVSRVWDRFFRUUHXVDUHYLVWRFKHQRQFLVRQR
SXOVDQWLODSDURODLQFRGLFH)/$6+
)RU]DUDJD]]LFKHVLDPRTXDVLDOODILQH

,O
OUDGG
UDGGR
RSS
SSLLR

/
XQLFDXWLOLWjGHOOHEXVWHFRORUDWHHILQWHULSRUWDWHVRSUD
q TXHOOD GL VFHJOLHUH LO VHW GL GRPDQGH GL FXOWXUD JHQHUDOH
SHULOUDGGRSSLR,OQXPHURGHOODGRPDQGDGDIDUHYDGHFLVR
FRQLOGDGRGDVHLIDFFHHVHQQzFKHFLVWDYDDIDUH"
&KLUDGGRSSLDEHDWROXL"  0HQWUH FKL VEDJOLDULWRUQD D
TXRWDXQPLOLRQHSUHPLRSDUWLWD
'LYHQWDFDPSLRQHGL6XSHUIODVK FROXLFKHDYUjDFFXPXODWR
SL VROGLDOOD ILQHGHOWRXU 2YYLDPHQWH LO FDPSLRQH GRYUj
WRUQDUH LQ WUDVPLVVLRQH OD VHWWLPDQD SURVVLPD VHPSUH FKH
QRQVLVLDJLjURWWR

,QILQH

2N &RQFOXVLRQL 5DUDPHQWH KR YLVWR XQ JLRFR FRVu VHQ]D

VLJQLILFDWR/HXQLFKHFRVHSLLQWHUHVVDQWLVRQROHGRPDQ
GH GL DWWXDOLWj FKH RJJL SRVVRQR IDU VRUULGHUH EHK GRSR
VHGLFLDQQLPDOHSULPHGXHSURYHVRQRYHUDPHQWHGD
FHUHEUROHVL9RLGLUHWHqXQJLRFRGDEDPELQLSHUzSHQ
VDWHFKHDOOD79LOTXL]HUDHVDWWDPHQWHORVWHVVR
&KHGLUH"
,Q IRQGR RJQL SDUROD VDUHEEH VXSHUIOXD 0HGLWDWH JHQWH
PHGLWDWH

0DUFR5
R5DDHO/
O/DDVWUL
WUL


3
'
8
)
5
8
*




'
4
:
'
3
;
9
/
)
'



HUVR OD PHWj GHJOL DQQL  LQ SLHQD ULYROX]LRQH H

VYLOXSSRGLPROWLVVLPHEDQGURFNHPHWDODQFKHOD
FLWWDGLQDGL.UHIHOGQHOQRUGRYHVWGHOOD*HUPDQLDYHGHYD
VSLFFDUHLOYRORXQRGHLJUXSSLFKHVLVDUHEEHPDJJLRUPHQWH
DIIHUPDWR QHO ILORQH DWWXDOPHQWH FRQRVFLXWR FRPH SRZHU
PHWDO$OOHSRFDODIRUPD]LRQHFDSLWDQDWDGD+DQVL.XUVFK
PROWRVLPLOHDOODDWWXDOHVFHOVHGLGHEXWWDUHFRQLOQRPHGL
/XFLIHUV+HULWDJHHUHJLVWUzLSULPLGXHGHPRWDSHVFKHOH
SURFXUDURQRLOSULPRFRQWUDWWRFRQOD1R5HPRUVH5HFRUGV
$O PRPHQWR GL UHJLVWUDUH LO GHEXW DOEXP %DWWDOLRQV RI
)HDUODEDQGGHFLVHSHUzGLPRGHUDUHLWRQLSHUHYLWDUHSUR
EOHPLFRQOHFHQVXUHLPSRVWHDLFRVLGGHWWLJUXSSLVDWDQLVWL
HFDPELzLOQRPHLQ%OLQG*XDUGLDQ0XVLFDOPHQWHLOSULPR
GHLORURDOEXPQRQRIIUHQLHQWHGLSDUWLFRODUPHQWHLQQRYDWL
YR PXRYHQGRVL LQ PDQLHUD SLXWWRVWR OLQHDUH VXOOD VFLD GHL
SRSRODULVVLPL ,URQ0DLGHQ +HOORZHHQH JUXSSL VLPLOL FKH
JLjFDYDOFDYDQRODFUHVWDGHOORQGD,PSRUWDQWLVVLPDSHUJOL
DPDQWLGHOIDQWDV\ODPDVVLFFLDLVSLUD]LRQH7RONLHQLDQDFKH
VLQRWDJLjGDTXHVWRGLVFRLQFDQ]RQLFRPH%\WKH*DWHVRI
0RULDH*DQGDOIV5HELUWKHFKHDVVXPHUjLQIXWXURFRQ
QRWDWLGDYHULDSSDVVLRQDWL&RQ)ROORZWKH%OLQGVHFRQGR
SURGRWWRGHOODEDQGULPDQJRQRLQDOWHUDWLL.DUR6WXGLRVSHU
OHUHJLVWUD]LRQLH.DOOH7UDSSSHUODUHJLDPHQWUHLOVRXQG
FHUFD GL SURWHQGHUVL YHUVR XQ FHUWR WLSR GL WUDVK H SRZHU
PHWDOSLLQYRJDQHJOL6WDWL8QLWLGDQRWDUHOHSDUWLFRODULV
VLPH FRYHU GL %DUEDUD $QQ %HDFK %R\V H 'RQW EUHDN
WKH&LUFOH'HPRQPROWRVXRQDWHVRSUDWWXWWRQHLFRQFHU
WL 7DOHV )URP WKH 7ZLOLJKW :RUOG VHJQD XQ SXQWR PROWR
LPSRUWDQWHQHOODVWRULDGHL%OLQG*XDUGLDQVLDSHULOQRWH
YROHPLJOLRUDPHQWRWHFQLFR HTXDOLWDWLYR GHOOH FRPSRVL]LR
QLVLDSHUOHPLODFRSLHYHQGXWHHOLQL]LRGLXQWRXUHXUR
SHRDIILDQFDWLGDJOL,FHG(DUWKHGDQFKHSHUHVVHUHOXOWLPD
LQFLVLRQHDOOD1R5HPRUVHLPSURYYLVDPHQWHIDOOLWD,QROWUH
IDQQRODORURSULPDVHULDDSSDUL]LRQHDOFXQHWUDFFHGDOOHFR
L Q Y R O J H Q W L  D W P R V I H U H  I D Q W D V W L F K H   F R P H
7RPP\NQRFNHUV 6WHSKHQ .LQJ H /RUG RI WKH 5LQJV
XQRVWXSHQGRRPDJJLR D 7RONLHQH DO PHUDYLJOLRVR PRQGR
GDOXLFUHDWR&RQ6RPHZKHUHIDU%H\RQGLO
JUXSSRDSSURGDDOOD9LUJLQLQGLVFXVVRWUDP
SROLQRGLODQFLRSHULYDVWLVVLPLPHUFDWL LQ
WHUFRQWLQHQWDOL SRUWDQGR LO FRQFHSW DOEXP
DG LQFUHGLELOL VXFFHVVL LQWHUQD]LRQDOL
PLODFRSLHYHQGXWHHDGXQWRXURPR
QLPRDGGLULWWXUDLQ*LDSSRQH&RPHVHQRQ
EDVWDVVHODWHFQLFDHODPXVLFDOLWjVLULQQRYD
QR XOWHULRUPHQWH LQWURGXFHQGR SDVVDJJL
IRONHWUDGL]LRQDOLFKLWDUUDFODVVLFDHFRUQD
PXVD LQ SL GL XQD FRPSRVL]LRQH H SHU
FRQWLQXDUH VXOOD ORUR LQGLVFXVVD WUDGL]LRQH
IDQWDV\FLWDQGROD 7HUUD GL 0H]]RLQ7KH
4XHVWIRU7DQHORUQ7KH%DUGV6RQJ ,Q
WKH)RUHVWH7KH%DUGV6RQJ 7KH+RE
ELW FRPSOHWDQR LO WXWWR GXH QXRYH FRYHU 6SUHDG <RXU
:LQJV 4XHHQ H 7ULDO %\ )LUH 6DWDQ HG DIILDQFDQR DO
WRXUJOLRUPDLFUHVFLXWL,FHG(DUWK7RNLR7DOHVUDSSUHVHQWD
LO SULPR HGXQLFR SHU RUD OLYH DOEXP GHL %OLQG *XDUGLDQ
HGHVFHVXSSRUWDWRGDXQRVWUHSLWRVRVXFFHVVRGHOODEDQGDG
RJQL VSHWWDFROR GDO YLYR FLUFD  SHUVRQH D FRQFHUWR LO
WLWRORVLLVSLUDDGXQFHOHEHUULPROLYHGHJOL6FRUSLRQV7RNLR
7DSHVDGLPRVWUDUHFKHDQFKH QHOSDHVH GHO6RO/HYDQWH
RUPDLVLVWUDYHGHSHUOHSLFPHWDO.DOOH7UDSSFRQODEDQG
RUPDLGDJOLHVRUGLWHUPLQDTXLODFROODERUD]LRQHWHFQLFDFRQ
LO JUXSSR ODVFLDQGR LO WHVWLPRQH D )OHPPLQJ 5DVPXVVHQ
QHJOL 6ZHHW 6LOHQFH 6WXGLRV GL &RSHQDJKHQ FRQ L %OLQG
*XDUGLDQ JLj GDO VXFFHVVLYR DOEXP &RQWLQXD OHSRSHD GHL
FRQFHSW DOEXP FRQ ,PDJLQDWLRQV IURP WKH 2WKHU 6LGH
XQRSHUDLVSLUDWDDOOHJHVWDGL5H$UWFKHVHJQDXQXOWHULR
UHSDVVRQHOODPDWXULWjDUWLVWLFDGHOJUXSSRFRQEUDQLSLXW
WRVWR OXQJKL PROWR FRPSOHVVL H GHFLVDPHQWH DUWLFRODWL OD
EDQGLPSRVWDXQQXRYRVWLOHPXVLFDOHVRWWROLQHDQGRORFRQ
RUFKHVWUD]LRQLHPHORGLHGDLWRQLPDUFDWDPHQWHHSLFL,OGL
VFRqXQQXRYRVXFFHVVRFRQPLODFRSLHYHQGXWHHGXQ

WRXUPRQGLDOHFKHDUULYDILQRLQ7KDL
ODQGLDGLIURQWHDROWUHSHUVRQH
8QD DVVROXWD FKLFFD GD DSSDVVLRQDWL q
7KH )RUJRWWHQ 7DOHV XQD VRUWD GL
EHVWRI FRQ DOFXQH FRYHU 7R )UDQFH
GL 0LNH 2OGILHOG YHFFKL EUDQL ULSURSRVWL HG DOWHUQDWLYH
YHUVLRQL DFXVWLFKH GHOOH ORUR PLJOLRUL FDQ]RQL )LQDOPHQWH
DUULYD1LJKWIDOOLQ0LGGOH(DUWK,/ FRQFHSWDOEXPSHUDQ
WRQRPDVLDFRPSOHWDPHQWHWUDWWRGD,O6LOPDULOOLRQGL-5
57RONLHQXQDDVVROXWDSUHOLEDWH]]DSHUJOLDPDQWLGHOIDQ
WDV\HGHOSDGUHGHOOD7HUUDGL0H]]R/RSHUDVLFRPSRQH
GLEHQYHQWLGXHWUDFFHFLUFDOD PHWj GHOOH TXDOLVRQRSHUz
D]]HFFDWLVVLPLLQWHUOXGLSDUODWLFRQWDQWRGLHIIHWWLVRQRULH
GDWPRVIHUD FKH IDQQR XOWHULRUPHQWH VRJQDUH ODVFROWDWRUH
,QXWLOHGLUHFKH OHFDQ]RQL SUHVHQWL VRQRD OLYHOOLDOWLVVLPL
ULXVFHQGRQHOFRQWHPSRDGHPR]LRQDUHSHUODVVROXWDDELOLWj
DUWLVWLFD GHJOL HVHFXWRUL H SHU LO PRGR LQ FXL ULHVFRQR D UL
FUHDUHLQPDQLHUDWRWDOHXQRGHLQRVWULPRQGLIDQWDV\SUHIH
ULWL 'XOFLV LQ IXQGR GD SRFKL PHVL QHL QHJR]L GL GLVFKL
OXOWLPDJUDQGHRSHUDGHL%OLQG*XDUGLDQLOWDQWRDWWHVR$
1LJKWDWWKH2SHUDFKHLQFUHGLELOHPDYHURqULXVFLWRDQ
FRUD XQD YROWD H GRSR TXDWWUR DQQL GL DWWHVD D ULQQRYDUH
PDJLVWUDOPHQWHWHFQLFDDELOLWjHVHFXWLYDHFRPSRVLWLYDGHO
OD EDQG LQWHUD 1RQ XQ FRQFHSW DOEXP TXHVWD YROWD PD
XQRSHUDPROWRSLFRPSOHVVDHGDUWLFRODWDFRQXQGLFLWUDF
FHXQDSLLQWHUHVVDQWHGHOODOWUDQRQGLVHPSOLFHDVFROWRR
FRPSUHQVLRQHPDGLSRQGHUDWRHULIOHVVLYRDSSUH]]DPHQWR
,WHPLGHOOHFDQ]RQLVRQRLPSRUWDQWLHPROWRGLYHUVLWUDORUR
VL YD GDOOD JXHUUD GL 7URLD 8QGHU WKH ,FH H $QG 7KHQ
7KHUH :DV 6LOHQFH DO UDSSRUWR GHOOXRPR FRQ 'LR
3UHFLRXV-HUXVDOHPGDOSHQVLHURGL)ULHGULFK1LHW]VFKH
3XQLVKPHQW'LYLQHDOODQDUUDWLYDIDQWDV\SLFODVVLFDFR
PH LO IDPRVR 5DLVWOLQ GL 'UDJRQODQFH 7KH 6RXOIRUJHG
GDOOLQTXLVL]LRQH YHUVR *DOLOHR $JH RI )DOVH ,QQRFHQFH
DJOL LQFRQIXWDELOL VFKHU]L GHO GHVWLQR 6DGO\ 6LQJV 'H
VWLQ\ GDOOD VWRULD GL 7ULVWDQR H ,VRWWD 7KH 0DLGHQ DQG
WKH0LQVWUHO.QLJKWDTXHOODWHGHVFDGHOO+LOGHEUDQGHQOL
QHQ%DWWOHILHOG3HUFKLXGHUHLQEHOOH]]DTXHVWRIDYRORVR
DOEXP QRQ VL SXz QRQ SDUODUH GHOOD VWXSHQGD +DUYHVW RI
6RUURZ OD FDQ]RQH HUD XVFLWD VXOO(3 $QG 7KHQ 7KHUH
:DV6LOHQFHTXDOFKHPHVHSULPDGHOODOEXPQHOODVXDQRU
PDOHYHUVLRQHLQLQJOHVHLOUHJDORFKHL%OLQG*XDUGLDQKDQ
QR IDWWR D WXWWL QRL IDQ q VWDWR TXHOOR GL
WUDGXUUHVXOODOEXPODFDQ]RQHFDQWDQGR
ODQHOODOLQJXDGHOSDHVHLQFXLLOGLVFRVD
UHEEH XVFLWR $EELDPR FRVu OD SRVVLELOLWj
GL DVFROWDUH OD YRFH GL +DQVL .XUVFK FKH
RYYLDPHQWH FRQ TXDOFKH GLIILFROWj FL
FDQWD XQ )UXWWR GHO %XLR LQ LWDOLDQR
WUDGRWWDGD6DQGUR%XWLGL3RZHU=RQH
PHQWUHVLqHVLELWRQHOORVWHVVRPRGRSHU
OD )UDQFLD OD 6SDJQD O$UJHQWLQD H LO
*LDSSRQHTXHVWXOWLPDSHUzVRORLQVWUX
PHQWDOH
4XHOOR FKH VL SXz GLUH GHL %OLQG *XDU
GLDQDQFKHYROHQGRHVVHUHLOSLRELHWWLYL
SRVVLELOHqFHUWDPHQWHFKHLQTXDVLTXLQGLFLDQQLGLRQRUDWD
FDUULHUDKDQQRVDSXWRFRQWLQXDPHQWHHYROYHUVLHULQQRYDUVL
ULXVFHQGR VHPSUH D PDQWHQHUH HG DXPHQWDUH OD ORUR IROWD
VFKLHUDGLIDQHDGDSSDVVLRQDUHFRQXQDWHFQLFDHGXQDGR
YL]LDFKHQRQSXzFKHLQFLWDUFLQHOFRQWLQXDUHDGDVFROWDUOL
&KHLO*XDUGLDQR&LHFRYHJOLVHPSUHVXGLYRL
',6&2*
2*5
5$)
$),,$
 %DWWD
WWDOLRQV
VRRI
I)
)HDU  )ROO
OORRZ
ZWWKH
H%
%OL
OLQG
QG 
 %DQLVKIU
KIURRP
P6
6DQFWXDU\  (3 7DOHV
VIU
IURRPW
PWKH
7ZLOL
LOLJJKW
W:
:RUOG  6RPHZKHUH
HIIDU%
U%H\R
H\RQG
QG 
 7RN\R
\R7
7DOHV  OLYH $
$3
3DVWD
WDQG)
QG)XWXUH
6HFUHW  (3 ,PDJLQDWLRQV
VIU
IURRP
PWWKHR
HRWWKHU
6LGH  0U6
6DQGP
QGPDQ  (3 7KH
H)
)RUJR
JRWW
WWHHQ
7DOHV  EHVWRI 0LUU
UURRU
U0
0LUU
UURRU  (3
 1LJKWI
WIDDOOLQ
OOLQ0
0LGG
GGOOH(DUWK
UWK  $QG
QGWWKHQW
QWKHUH
HZ
ZDV
6LO
LOHHQFH  (3 $
$1
1LJKW
WDDWWK
WWKH
H2
2SHUD 
)250$=,
$=,21(
($
$778
778$
$/(
 +DQVL.
L.XUVFK  YRFH $QG
QGUUH
H2
2OEULFK  FKLWDUUD
 0DUFXV
V6
6LHSHQ  FKLWDUUD 7KRPHQ6
Q6WWDXFK  EDWWHULD

52%,1+22
,1+22'
'

&(5$
$8
81$
$9
92/7$
,/7
/7(5525(

QTXHVWRQXPHURGL$QRQLPD*LGLHUUHYRUUHLXWLOL]]D
UHODUXEULFDIDQWDFLQHPDSHUXQDQDOLVLXQSRSDUWL
FRODUHVXGXHILOPFRQXQGHQRPLQDWRUHFRPXQHOHULOHWWX
UHPRGHUQHLQFKLDYHKRUURUGLGXHIDPRVHHFODVVLFLVVLPH
ILDEHGHLIUDWHOOL*ULPPFKHWXWWLFRQRVFRQR%LDQFDQHYHH
&DSSXFFHWWR5RVVR

% , $ 1& $ 1( 9 (
1(//
//$
$)
)25(67$
$1
1 ( 5$
,OILOPqPROWRUHFHQWHULVDOHDOPDSXUWURSSRQRQq
PDL VWDWR GLVWULEXLWR QRQRVWDQWH OLQWHUHVVDQWLVVLPR FDVW
QHLFLUFXLWLFLQHPDWRJUDILFLULPDQHQGRUHFOXVRQHOPHUFDWR
GHOOD 79 YLD FDYR QHJOL 86$ H LQ TXHOOR GHOOKRPH YLGHR
QHO QRVWUR SDHVH ( DQFKH OD FULWLFD OR FRQVLGHUD XQ
LQFLGHQWHGLSHUFRUVRSHU6LJRXUQH\:HDYHUVWXSHQGDQHO
UXROR GHOODPDWULJQDGL%LDQFDQHYHHSHU6DP1HLOODVXR
SHUIHWWR DJLR DQFKH QHL SDQQL GL XQ QRELOH ULQDVFLPHQWDOH
&RPHJLjDFFHQQDWRJOLVFHQHJJLDWRULKDQQRDWWLQWRDOODFH
OHEHUULPDILDED%LDQFDQHYHHL6HWWH1DQLFKHLIUDWHOOL-D
FRE /XGZLJ H :LOKHOP .DUO *ULPP UDFFROVHUR LQ .LQGHU
XQG+DXVPlUFKHQLQHVDXULELOHIRQWHGHOURPDQ
WLFLVPRJHUPDQLFR,OEXRQLVPRHODFRUUHWWH]]DFKHWUDERF
FDQRSHUzGDRJQXQDGHOOHFODVVLFKHILDEHWHGHVFKHYHQJRQR
TXLWUDVIRUPDWLLQXQFUXGRHJUDIILDQWHUHDOLVPRVWRULFRFRQ
GHLFRVWXPLYHUDPHQWHGHJQLGLQRWDFKHODVFLDDPSLRVSD
]LRDVFHQHKRUURUVSHVVRLQDVSHWWDWH
/D WUDPD q RYYLDPHQWH TXHOOD FODVVLFD PD LO ILOP DVVXPH
ILQGDOOLQL]LRWRQLFUXHQWL FRQ6DP 1HLOOFKH ID QDVFHUH OD
ILJOLD/LOOLFRQXQFHVDUHRDOODPRJOLHPRUHQWHLQXQDWPR
VIHUDFKHWUDVXGDJRWLFRWHGHVFRGDRJQLLPPDJLQH/DVWRULD
FRQWLQXDLQUHODWLYDFDOPDULODVVDQGRORVSHWWDWRUHWUDIRUH
VWHYHUGHJJLDQWLFDVWHOOLILDEHVFKLVFHQHGLFRUWHHPXVLFKH
WUDVFLQDQWL ILQR DOODUULYR DOOD FRUWH GL )UHGHULFN GHOOD VXD
QXRYDPRJOLHXQD6LJRXUQH\:HDYHUEHOOLVVLPDHGDXVWHUD
FKH LQFDUQD DOODSHUIH]LRQHOD PDWULJQDVWUHJD FKH WXWWL QRL
GD EDPELQL FL VLDPR LPPDJLQDWL ( GD TXL LQ DYDQWL L WRQL
GHOOD QDUUD]LRQH VL LQFXSLVFRQR QRWHYROPHQWH PHQWUH XQ
RQQLSUHVHQWH VHQWLPHQWR GL LQWHQVD PDOYDJLWj VL VSULJLRQD
GDOIDPRVRVSHFFKLRPDJLFRSHU SHUYDGHUH &ODXGLD ODPD
WULJQD H FKL OD FLUFRQGD ( OR VSHFFKLR PDJLFR VSHFFKLR
VSHFFKLRGHOOHPLHEUDPH
qXQDIUDVHFKHSHUIRUWXQD
FL YLHQH ULVSDUPLDWD q XQ
SDUWLFRODUH HOHPHQWR FKH
QHO ILOP YLHQH DIIURQWDWR
LQ PDQLHUD PROWR LQWHUHV
V D Q W H   O D U W H I D W W R
UDFFKLXVR LQ XQ EHOOLVVL
PRDUPDGLRLQWDUVLDWRQHO
ODIRUPDGLXQXRPRFRQOH
PDQL JLXQWH LQ SUHJKLHUD
QRQ YLYH LQ UHDOWj GL YLWD
SURSULDPDVLOLPLWDDPR
VWUDUHD&ODXGLDODVXDLP
PDJLQH FRPH HOOD YRUUHE
EHFKHIRVVHDPSOLILFDQGR
DO PDVVLPR RJQL VHQWL
PHQWR GL RGLR LQYLGD HG
LUD FKH OHL SURYD H UHVWL
WXHQGRJOLHOLVRWWRIRUPDGL
SRWHQWHHQHUJLDPDJLFD
8QDOWUD SDUWLFRODULWj IUXW
WR GHO UHDOLVPR VWRULFR VR
QR L QDQL QRQ RPHWWL DOWL
XQ PHWUR H XQ VXJKHUR
FKH YLYRQR LQ XQD FDVHWWD
VHQ]DVSLJROLPDVHWWHPL

QDWRUL XPDQL VROR XQR q YHUDPHQWH QDQR UR]]L EUXWWL

VSRUFKLFDWWLYLSLHQLGL FLFDWULFL FKH YLYRQRLQ XQD FKLHVD
LQURYLQDHFKHLQFRQWUDWD/LOOL%LDQFDQHYHQRQFKLHGRQR
DOWUR FKH GL ULIDUVL GHOOD ORUR OXQJD DVWLQHQ]D GDO UDSSRUWR
FRQODOWURVHVVR
,QXWLOH GLUH FKH DOOD ILQH GHOOH PLOOH SHULSH]LH YLVVXWH GD
/LOOLVXRSDGUHLOEHOORFFLRGLWXUQRWURYDWRFKLVVjFRPH
WUDLPLQDWRULHJOLDOWULFRPSULPDULGRSRYDULLQFDQWHVLPL
LQJDQQLFRPEDWWLPHQWLHGLVWUX]LRQLYDULHLEXRQLDYUDQ
QR OD PHJOLR H ULXVFLUDQQR D OLEHUDUVL GDOORSSUHVVLRQH GHL
FDWWLYLHDFRURQDUHLOORURVRJQRGLIHOLFLWjHSXUWURSSRQRQ
SRWHYD ILQLUH DOWULPHQWL ,Q RJQL FDVR QRQ FL q GLVSLDFLXWR
ULYHGHUH%LDQFDQHYHLQXQDYHVWHGHOWXWWRLQFRQVXHWDQRQ
IRVVHDOWURFKHSHULOIDWWRFKHOHILDEHWUDGL]LRQDOLWHGHVFKH
JHWWDQRSHULEDPELQLOHEDVLGHOODIDQWDV\GDQRLWDQWRDPD
WD
%LDQFDQHYHQHOOD)RUHVWD1HUD
6QRZ:KLWHD7DOHRI7HUURU86$*%
5HJLD0LFKDHO&RKQ
&DVW 6LJRXUQH\ :HDYHU 6DP 1HLOO *LOO %HOORZV 7DU\Q
'DYLV%ULDQ*ORYHU'DYLG&RQUDG0RQLFD.HHQD

,1
1&
&20
203
3$*1
*1,
,$
$'(
'(,
,/
/ 8 3,
8QSRSLLQGLHWURQHJOLDQQLVLDPRQHO,QFRPSD
JQLDGHL/XSLSRUWDXQWLWRORFKHDSSDUHQWHPHQWHGHYLDOH
DVSHWWDWLYH GHOOR VSHWWDWRUH YHUVR DOWUH GLUH]LRQL UHVWDQGR
SHUz DVVROXWDPHQWH DGDWWR SHU LO WLSRGL ILOPFKH 1HLO-RU
GDQ /D PRJOLH GHO 6ROGDWR ,QWHUYLVWD FRO 9DPSLUR
0LFKDHO&ROOLQV,Q'UHDPVKDYROXWRWUDUUHGDXQDFODV
VLFDILDEDFRPH&DSSXFFHWWR5RVVR/DVWRULDSUHQGHLOYLD
DLQRVWULJLRUQLTXDQGR5RVDOHHQUDJD]]LQDLQJOHVHPHGLR
ERUJKHVHYHGHLVXRLVRJQLWXUEDWLGDDQJRVFLDQWLLQFXELGL
OXSLHOXSLPDQQDULFRQVHTXHQ]HRQLULFKHGDOJUDQGHWDOHQ
WRYLVLRQDULRHOODVLULWURYDLQXQDVXDYLWDSDUDOOHODQHOSDV
VDWRLQTXHOOHSRFDJRWLFDHRPEURVDLQFXLOHFODVVLFKHILD
EH WHGHVFKH VRQR DPELHQWDWH ( LO SDUWLFRODUH UDFFRQWR VL
VQRGDWUDYLFHQGHSUHVHQWLHDQFRUSLSDVVDWHSHUUDFFRQWD
UHGLXQDVWLUSHGLOXSL PDQQDUL FRQ L TXDOLJOLDELWDQWL GHO
SLFFRORYLOODJJLRQHOODIRUHVWDVRQRGDVHPSUHVWDWLLQORWWD
5RVDOHHQVLWURYDVXRPDOJUDGRFRLQYROWDLQXQDVWUDQDHWUD
VFLQDQWHDYYHQWXUDFKHODSRUWHUjOXQJRXQSHUFRUVR
HTXLYDOHQWH DOOD VXD FUHVFLWD ILVLFD DO SDVVDJJLR GD
IDQFLXOODDGRQQDDOODVFRSHUWDGHJOLRUURULGHOPRQ
GRHDGXQDFUHVFLWDLQWHULRUHFKHVFRQYROJHUjODVXD
YLWD
$QFKHVHVLSRVVRQRWURYDUHTXDHOjDOFXQLGHJOLHOH
PHQWL SRUWDQWL GHOOD VWRULD RULJLQDOH GL &DSSXFFHWWR
5RVVR LO ILOP ULVXOWD VHQ]DOWUR XQRSHUD FRPSOHWD
PHQWHGLYHUVDXQSHUFRUVRGLYLWDHDQJRVFLDFKHGDO
UDFFRQWR GHL IUDWHOOL *ULPP PXWXD VROWDQWR OH EDVL
QDUUDWLYH H ODPELHQWD]LRQH HYROYHQGRVL LQ XQ FUH
VFHQGR GL HURWLVPR VFHQH KRUURU VXJJHVWLYH DWPR
VIHUHHGLQWULFDWLSHUFRUVLGHOODPHQWH
6HQ]DGXEELRLOJHQLRGL1HLO-RUGDQXQUHJLVWDFKH
VHFRQGRPHRVLDPDRVLRGLDTXLDOODVXDVHFRQGD
RSHUDVLULFRQIHUPDLQRJQLHOHPHQWRGHOODSHOOLFROD
GDQGRFLXQDYLVLRQHLQFRQVXHWDFRUDJJLRVDSURYRFD
WRULDHVWUDYDJDQWHGLXQDILDEDLQXQPRGRFKHQHJOL
DQQLEHQSRFKLDXWRULHUDQRLQJUDGRGLSURSRUUH
,QFRPSDJQLDGHL/XSL
7KH&RPSDQ\RI:ROYHV*%
5HJLD1HLO-RUGDQ
&DVW$QJHOD/DQVEXU\'DYLG:DUQHU6WHSKHQ5HD
7XVVH6LOEHUJ6DUDK3DWWHUVRQ

52%,1+22
,1+22'
'


'
4
:
'
)
/
4
+
3
'




2


5
8
8
/
+
8
/
4
5


+
/

3)6
)67
7615)
)<<:1
:1;<
;<)
):8
:81+<=:-;4
35(
5(6
6 ( 1 7$ 
7877
77,,
,,)
),/0
0'
'(//
//$
$35
352
266
66,,0$
67$*,21(
(&
& ,1 (0 $72* 5 $),& $

 1XRYRILOPFRQ5LFKDUG*HUHH-XOLD5REHUWVOHLLQWHUSUH
WDXQDFULPLQDOHSVLFRSDWLFDULQFKLXVDLQXQ
FDUFHUHGLPDVVLPDVLFXUH]]DOXLqODJXDUGLDGLVRUYHJOLDQ]D
FKHIDUjGLWXWWRSXUGLQRQIDUODHYDGHUH
7LWROR6(6&$33,7,63$52
 ,O UHJLVWD $OIRQVR $UDX FL SUHVHQWD XQD QXRYD VWRULD DP
ELHQWDWDQHOOHVXHFODVVLFKHDWPRVIHUHVSDJQROPHVVLFDQHGL
LQL]LRVHFROR.HDQX5HHYHVQRQRVWDQWHLQWHUSUHWLXQDRUUL
SLODQWH FUHDWXUD YHQXWD GDLERVFKL HPDQD XQ RGRUH JUDGH
YROLVVLPR
7LWROR,/352)802'(/0267526(/9$7,&2

 8QDSHOOLFROD90SHU&KULVWRSKH*DQV FKH PHWWH GL


QXRYRLQVLHPH9LQFHQW &DVVHOHODPRJOLH0RQLFD%HOOXFFL
/
LQ XQ ILOP IRUWHPHQWH HURWLFR OD WUXFXOHQWD VWRULD GL VHVVR
>
WUDXQDGDPDGHOVHWWHFHQWRIUDQFHVHHGXQXRPROXSRFKH
/
QRQUHVLVWHDOVXRIDVFLQR
+
7LWROR,/3$&&2'(,/83,



 /HDWPRVIHUHWDUGRPHGLHYDOLGLTXHVWRILOPGL%ULDQ+HO
JHODQG FL IDQQR YLYHUH OH URFDPEROHVFKH DYYHQWXUH GL XQ
FDYDOLHUH+HDWK/HGJHUDOTXDOHYLHQHUXEDWRLOFRQWHQLWR
UHGHOODPHUHQGDGHVWLQDWRDOODSRYHUDQRQQDPDODWD
7LWROR,/&(67,12',81&$9$/,(5(

 'RSRLO ILOPWUDWWR GD XQD GUDPPDWLFD VWRULDYHUD GLUHWWR

GD 7HG 'HPPH L SURWDJRQLVWL -RKQQ\ 'HSS H 3HQHORSH
&UX]FLKDQQRSUHVRJXVWRHSUHVWROLULYHGUHPRLQXQDFDOGD
SHOOLFRODULJRURVDPHQWH90
7LWROR%/2:-2%
 2UDPDLLOFLQHPDIUDQFHVHQRQqVH
FRQGRDQHVVXQR&HORGLPRVWUD/XF
%HVVRQFRQTXHVWRQXRYRFRORVVDOIDQ
WDVFLHQWLILFRGRYH%UXFH:LOOLVULWRUQD
SHUXQDFRORVVDOHPDQJLDWDGRSRODQ
WLSDVWRLOSULPRLOVHFRQGRHLOGROFH
GRYUj VFRSULUH FRVD q PHJOLR FRQVX
PDUHDOODILQHGHOSDVWR
7LWROR,/48,172$/,0(172
 8QD SHUIHWWD ULFRVWUX]LRQH VWRULFD
SHUXQILOPDPELHQWDWRGXUDQWHODVH
FRQGD JXHUUD PRQGLDOH -HDQ-DFTXHV
$QQDXGFLULSURYDH UDFFRQWD OD VWRULD
GL XQ JUXSSR GL VROGDWL WHGHVFKL FKH
GXUDQWH OLQYDVLRQH LQ 8QLRQH 6RYLH
WLFD EHQ SHQVDQR GL GLYHUWLUVL FRQ
GRQQHGLPDODIIDUHHSURVWLWXWHYDULH
7LWROR ,/ 1(0,&2 '$//( 325
&+(

 7RQ\6FRWWRUDPDLXOWUDVSHFLDOL]]D
WRLQILOPGD]LRQHFDPELDJHQHUHHFLSURSRQHXQILOPGR
FXPHQWDULRDYYDOHQGRVLGLXQFDVWVWHOODUH:LOO6PLWKH*H
QH+DFNPDQ(ODVWRULDJHQHUD]LRQDOHGHOOHPDODWWLHYHQH
UHH HG FRPH VLDIDFLOH FRQWUDUOHVHQ]DOXVR FRVWDQWH GHOOH
GRYXWHSUHFDX]LRQLSURWHWWLYH
7LWROR1(0,&238%,&2

 )LOP VSRQVRUL]]DWR GDOOD +DW TXHVWD SHOOLFROD GL -R

QDWKDQ )UDNHV FRQWLQXD OD FHOHEHUULPD VDJD GL 6WDU 7UHN
PRVWUDQGRTXHVWDYROWDLOSDUWLFRODUH UDSSRUWR DPRURVR FKH
VL VWDELOLVFH WUD DOFXQL WHUUHVWUL H GHJOL DOLHQL D ORUR VFRQR
VFLXWL(URWLVPRLQTXDQWLWjPDFRQOHGRYXWHSUHFDX]LRQL
7LWROR35,02&217$772

 5REHUW5HGIURGFLGjGLQXRYRXQDJUDQGHSURYDGLUHJLD
LQXQILOPDPELHQWDWRQHOPRQGRGHOODOWDPRGDLWDOLDQD/D
VWRULDYHGHXQDJUDQGLVVLPDD]LHQGDGHOVHWWRUHLQVLGLDWDGD
XQFRQVLJOLHUHFKHFRQVRWWHUIXJLHIUDVLLQILGHFHUFDGLVSR
GHVWDUHLOPHJDGLUHWWRUHGDOODVXDSRVL]LRQHGLFRPDQGR
7LWROR/8202&+(6866855$9$$&$9$//,

 'RSRDQQLGLLQDWWLYLWjWRUQDGLHWURODPDFFKLQDGDSUHVDLO
JUDQGH-RKQ0LOLXVFRQXQILOPGLJUDQGHLQWHQVLWj/DVWR
ULDUDFFRQWDODYLWDGLWUHDPLFLDOFROL]]DWLFKHSHUFRPPLVH
UDUVL HG DIIRJDUH L SURSUL GLVSLDFHUL QHOODOFRRO VL ULWURYDQR
VHPSUHDOORVWHVVREDUORVWHVVRJLRUQRGHOODVHWWLPDQD
7LWROR 810(5&2/(','$%(21,
 ,OQRVWURFRUUHJLRQDOH)UDQFHVFR1XWLULSURSRQHXQDVWRULD
HFOHWWLFDHVWUDOXQDWDLQSHUIHWWDVLQWRQLDFRQLOVXRFODVVLFR
VWLOH ( FRPH VHPSUH UHQGH OH GRQQH SURWDJRQLVWH GL XQ
ILOPFKHUXRWDLQWRUQRDGXQXRPRHDOODVXDLQFUHGLELOHDEL
OLWjGLVRGGLVIDUHEHQTXLQGLFLUDJD]]HFRQWHPSRUDQHDPHQ
WH
7LWROR,/6,*12548,1',&,3$//(

 ,OUHJLVWDLWDOLDQR1DQQL0RUHWWLSUHVHQWDXQDQXRYDVWRULD
GDOXLVFULWWDGLUHWWDHLQWHUSUHWDWD,OGUDPPDVLLQFHQWUDVXO
UDSSRUWRWUDXQSDGUHHLOILJOLRDGROHVFHQWHDIIHWWRGDJURVVL
SUREOHPLGLREHVLWjFKHJOLUHQGRQRODYLWDWXWWDOWURFKHID
FLOH
7LWROR/$67$==$'(/),*/,2
 -DPHV&DPHURQ WRUQD D IDU SDUODUH
GLVHFRQXQDOWURNRORVVDOFKHVEDQ
FKHUjLERWWHJKLQLGLWXWWRLOPRQGR
&RQ /HRQDUGR 'L&DSULR H .DWH
:LQVOHWXQDVWRULDVHQ]DWHPSRFKH
LQVHJQD TXDQWR VLD LPSRUWDQWH VEUL
FLRODUH LO JKLDFFLR VRSUDWWXWWR QHL
YLDJJLSHUPDUHVXJUDQGLWUDQVDWODQ
WLFL
7LWROR75,7$1,&
 'LQXRYRDOODUHJLD%U\DQ6LQJHUFL
VWXSLVFHFRQXQILOPGDOILQDOHVFRQ
FHUWDQWHHDVVROXWDPHQWHLPSUHYHGL
ELOHLOIDQWRPDWLFR.DLVHU6RX]DYLH
QH ULFHUFDWR FRQ XQ FRQIURQWR DO
ODPHULFDQDWUDXQFXERXQDSLUDPL
GHXQDVIHUDHXQFLOLQGUR
7LWROR,62/,',6263(77,

 'DXQJUDQGHFODVVLFRGHOODOHWWHUD
WXUD GL WXWWL L WHPSL XQD QXRYD WUD
VSRVL]LRQHFLQHPDWRJUDILFDGL XQDY
YHQWXUDVHQ]DWHPSRGRYHXQGRWWR
UH GHOVHWWHFHQWR XQ SRPDWWR VL UL
WURYDFRVuGLFHLQXQPRQGRDELWDWRGDSLFFROLXRPLQLFD
YDOOLSDUODQWLHDOWUHVWUDQHFUHDWXUH
7LWROR,9,$**,',*58//,9(5

 *HRUJH /XFDVFDYDOFD LO SODQHWDULR VXFFHVVR GHOOD VDJD GL

*XHUUH6WHOODULGLULJHQGRLOSUHTXHOGHOODVHULHTXHOOHSLVR
GLR,LQFXL$QDNLQIXWXURSDGUHGL/XNH6N\ZDONHUqXQ
EDPELQRFKH QHOVXRDGGHVWUDPHQWR -HGLGHYH FRPEDWWHUH
FRQWURSRGHURVL SXJQLGLVSHWWULHFUHDWXUHVSLULWLFKH
7LWROR 67$5 :$56 (3,62',2 , /$ 0$1$&&,$
)$17$60$

52%,1+
,1+22
22'
'

/XFF
FFD
D*
* D PHV



/D1
D1RWWH
WWH
DYU

XQ DUPD
LQ
QS
SL

' D

6(59,=,2$55(75$7,($%%21$0(17,

EERRQDPHQWRD
RDQQXD
QQXDOH
HDDG$
G$QRQLPD*
D*LGLHUUH
UUHQX
QXP
PHUL


 

$EE
$UU
UUHHWUD
WUDWLG
LGLVSRQLELOLL
LOLLQ
QUUL VWDPSDD
DDO
OS
SUH]]R
]]RXQ
XQLLWDULR
RVVRWWR
WWRLLQG
QGLLFD
FDWWRS
RSL


  SHUV
UVSHVH
HG
GL
LVVSHGL]LRQH

1
 SDJJ$ DYY' '&WKXOKX6WRUPEULQJHUQXRYDFODVVHSHU' 'XRPRIDOFRVFHQSHU:+
DUWVWRULFR/DIDODQJH RSOLWLFD 
1  SDJJ$ DYY'\ODQ'RJ6WRUPEULQJHUIDQWDV\JHQ,VHJUHWLGHOO
$OFKLPLD9LDJJLRDOO
LQWHUQRGHO
FDVWHOORVFHQSHU:+)%DUWVWRULFR/DIDODQJHPDFHGRQH 
1  SDJJ$ DYY&WKXOKX*L56$&\EHUSXQNQXRYHUHJROHSHUODPDJLDQHO' 'HG$' 'VFHQSHU
%DWWOHWHFKDUWVWRULFR9LDJJLRDOODVFRSHUWDGHOODFXFLQDPHGLHYDOH 
1  SDJJ$ DYY' ',QYHVWLJDWLYDJHQHULFD2Q6WDJHHVSDQVLRQHSHU&\EHUSXQN1XRYHHDWWUH]]DWXUH
HVSDQVLRQHSHU:+)%7LOHDDUP\OLVW 
1  SDJJ$ DYY&WKXOKX&\EHUSXQNHVSDQVLRQHSHU:+)%7LOHDDUP\OLVWQXRYHUHJROHPDJLDSHU
' 'H6WRUPEULQJHUVFHQ1HFURPXQGD 
1  SDJJ$ DYY6WRUPEULQJHU&WKXOKX1RZUHJROHSHUOHFDPSDJQHLQ:+)%UHJROHSHUWRUQHLWUD
PDJKLQHO' 'HG$' 'QXRYDFODVVHSHU&\EHUSXQN,PXWDQWL*G5LQHGLWRGL$]LRQH
PXWDQWHDUWVWRULFR9LDJJLRQHOOHHSLGHPLHGHOSDVVDWR 
1  SDJJ$ DYY.LOOHU&WKXOKX1RZ2Q6WDJHIDQWDV\JHQ$OFKLPLDYHJHWDOHQXRYHSLDQWHDUWJHQ
$OLHQFRQWUR' 'DUWVWRULFR.QLJKWVFDYDOLHUL 
1  SDJJ$ DYY&WKXOKX0G*&\EHUSXQN' 'LQWHUYLVWDD*DEULHOH6DOYDWRUHVUHJROHDYDQ]DWH
SHULO*G5&WKXOKXQXRYDUD]]DSHU' '*DUJR\OHVVFHQ1HFURPXQGD 
1  SDJJ$ DYY&\EHUSXQN' '.HQLO*XHUULHURDUW%ORRG%RZO%ORRG2UFVHVSDQVLRQHSHU:+)%
*OLHVHUFLWLGL$UGDHVSDQVLRQH' '' '1RZVFHQ1HFURPXQGD 
1  SDJJ$ DYY6WRUPEULQJHU' 'QXRYHPDJLHSHU$' 'HVSDQVLRQHSHU:+)%*OLHVHUFLWLGL
6DUXPDQHGHOILFLVFHQ1HFURPXQGD 
1
 SDJJ$ DYY&\EHUSXQN0G*' '&WKXOKXHVSDQVLRQHSHU:+)%*OLHVHUFLWLGHLQDQL
GHJOLRUFKHWWLHO
HVHUFLWRGHOQRUGDUWVWRULFR/
LPSHUR0RJKXOQXRYHDUPLSHU&\EHUSXQN 
1  SDJJ$ DYY' '$' 'DUW%ORRG%RZO%ORRG1RUVHQXRYHDUPLSHU&\EHUSXQNVFHQ:+. 
1  SDJJ$ DYY9DPSLULSHU$' 'IDQWDV\JHQ7UDSSROHHWUDQHOOLDUWVXLJLRFKLGLSDUROHFRQVLJOL
GLSLWWXUD&RORUDUHFRQIDQWDVLDQXRYDDPELHQWD]LRQHSHU$' '/DJUDQGHSLDQXUD, 
1  SDJJ$ DYY,QYHVWLJDWLYDJHQHULFD' '&WKXOKX1RZ0G*DUWIDQWDV\JHQ0XWD]LRQLQHO
IDQWDV\ ,DUWIDQWDV\JHQ/DJXHUUDH$' ' 
1  SDJJ$ DYY$' '6WRUPEULQJHU0G*DUWIDQWDV\JHQ0XWD]LRQLQHOIDQWDV\,,HVSDQVLRQH
SHU&WKXOKX&WKXOKXHOD,,*XHUUD0RQGLDOHDPELHQIDQWDV\.H7KDDUQ, 
1  SDJJ$ DYY.XOW&WKXOKXIDQWDV\JHQHULFDDPELHQIDQWDV\.H7KDDUQ,, 
1  SDJJ$ DYY&\EHUSXQN$' '&WKXOKXDPELHQIDQWDV\.H7KDDUQ,,,QXRYDUD]]DSHU' '
8RPRVHUSHQWH 
1  SDJJ$ DYY0G*&\EHUSXQN9DPSLULUHJRODPHQWR'JXHUUDIUDQFRSUXVVLDQDHVSDQVLRQHSHU
0G*(UEDULRGHOYHFFKLRPRQGR 
1  SDJJ$ DYY&\EHUSXQN6WDU:DUV&WKXOKXHVSDQVLRQHSHU9DPSLUL,ILJOLGL2ULRQHDPELHQ
IDQWDV\,OPRQGRGL7ULLVWDU, 
1
 SDJJ$ DYY9DPSLUL&\EHUSXQNKRUURULQYHVWLJDWLYDJHQHULFDIDQWDV\JHQHULFDDPELHQIDQWDV\,O
PRQGRGL7ULLVWDU,,QXRYHUD]]H' '6SHWWUL*KRXOVH0LQRWDXULVFHQ:+)% 
1
 SDJJ$ DYY$' '&\EHUSXQN&WKXOKXLQWURGX]LRQHDO*59,HVSDQVIDQWDV\SHU'%$VFHQ:+)% 
1
 SDJJ$ DYY$' '' '9DPSLULLQWURGX]LRQHDO*59,,VFHQ:+)% 
1  SDJJ$ DYY$' '&\EHUSXQN9DPSLULLQWURGX]LRQHDO*59,,,VFHQ:+)%HVSDQVLRQH 
IDQWDV\SHU'%$,QDOOHJDWRGLVFKHWWRSHUFRPSXWHUFRQWHQHQWHLO*G5'LPHQVLRQL 
1
 SDJJ$ DYY$' '' '&\EHUSXQN6WRUPEULQJHUVFHQHUHJROHDJJLXQWLYH:+)% 
1  SDJJ$ DYY6WRUPEULQJHU$' 'VFHQ3HU:+)% 
1  SDJJ$ DYY$' '' '&\EHUSXQN0XWDQW&KURQLFOHVUHJROHDJJXQWLYHSHU$' ' 
1  SDJJ$ DYY$' '*L56$DSSURIRQGLPHQWLSHU&\EHUSXQNH9DPSLUL 
1  SDJJ$ DYY0G*$' 'DSSURIRQGLPHQWRVWRULFRVXOFRVWXPHPHGLHYDOH 
1  SDJJ$ DYY/H[$UFDQD' 'QXRYHUHJROHSHU%ORRG%RZOIDQWDFLQHPD' '*XHUUH6WHOODUL
)LQDO)DQWDV\ 
1 SDJJ$ DYY$XPjQLD,,7URIHR$*G5SULPLWUHFODVVLILFDWLDSSURIRQGLPHQWLSHU9DPSLULH$UFLHUL 
1 SDJJ$ DYY&\EHUSXQN[$' 'DSSURIRQGLPSHU0G*1RUVFDH' '(OILDPDUFRGU$QFHVWU\ 
1 SDJJ$ DYY $' '/H[$UFDQDDSSURISHU9DPSLUL&DSSDGRFLLHFDPS1DUUDWLYH6WDU:DUV(S,, 
$YYHQWXUHSHU' '
' ' SDJJ$ 
' '
' ',,
,, SDJJ$ 
$YYHQWXUHSHU&
&\EHUSXQN
SXQN SDJJ$ 
$YYHQWXUHSHU,,O
O5
5LFKLDPR
RG
GL
L&
&WKX
KXOOKX SDJJ$ 
$YYHQWXUHSHU6
6WRUPEULQJH
JHUU SDJJ$ 
7HQWDFROLG2PEUD $YYHQWXUDLQVROLWDULRSHU0
0G* SDJJ$ 
.r7KDDUQ $PELHQWD]LRQHHDYYHQWXUDSHU$
$' ' H%
%DVLF SDJJ$