You are on page 1of 29

,QWURGX]LRQH*HQHUDOH


1HOGRSR&ULVWR2ULJHQHDIIHUPDFKHTXDWWURVRQRL9DQJHOLGHOOD&KLHVDWXWWLJOLDOWULVRQRHUHWLFL

&RPXQHPHQWHO
DJJHWWLYRDSRFULIRqFRQVLGHUDWRVLQRQLPRGLQRQDXWHQWLFRHUURQHRHUHWLFR,Q
UHDOWjVLJQLILFDVHJUHWRQDVFRVWRGDDSRFULSWRV

1HOODWHUPLQRORJLDUHOLJLRVDLQGLFDOLEULVHJUHWLULYHODWRULGLYHULWjRFFXOWH

'LFRQWURFDQRQLFRYLHQHGDOJUHFRNDQRQFKHVLJQLILFDDVWDEDVWRQHUHJRORSHUPLVXUDUHHTXLQGLQRUPD

,QSDVVDWRLOWHUPLQHGLDSRFULIRYHQLYDXWLOL]]DWRSHULWHVWLJQRVWLFLFKHDSSXQWRVLVHUYLYDQRGLXQOLQJXDJJLR
HUPHWLFRULFFRGLVLPEROLHGLFDUDWWHUHHVRWHULFR

7DOLYDQJHOLQRQKDQQRDYXWRIRUWXQDQHOODPDJJLRUDQ]DGHOOHFRPXQLWjSRSRODULSHUOHORURFDUDWWHULVWLFKHHOLWDULH,Q
UHDOWjDQFKHLO9DQJHORGL*LRYDQQLKDLQFRQWUDWRLQPROWLDPELHQWLFRQVLGHUHYROLRSSRVL]LRQLSHUODVXDLPSRVWD]LRQHGL
WLSRJQRVWLFR

1HOGLFHPEUHGHOGXHFRQWDGLQLVFRSULURQRSHUFDVRVFDYDQGRQHOFLPLWHURGL1DJ+DPPDGL $OWR(JLWWR XQD
JLDUDFKHFRQWHQHYDFRGLFL$LSULPLGHFLIUDWRULVLULYHODURQRFRVL
WHVWLJQRVWLFLVLQRDOORUDVFRQRVFLXWLLQ
WUDGX]LRQHFRSWD

/DVFRSHUWDGL1DJ+DPPDGLKDDYXWRFRQVHJXHQ]HVFRQYROJHQWLFKHDQFRUDVLPDQLIHVWDQRQRQVRORSHUTXHOFKH
VLJQLILFDYDLQVH
LOULWURYDPHQWRGLDOFXQLIUDLWHVWLUHOLJLRVLSLX
DOWLFKHFRQRVFLDPRPDSHUFKH
FRQHVVLULDIILRUDYDXQD
ULFFKLVVLPDWHVWLPRQLDQ]DGLUHWWDGHOOD*QRVLFKHKDFRVWUHWWRDPXWDUHPROWHGHOOHLGHHDFTXLVLWH

*QRVWLFLVPRGHULYDGDOJUHFRJQRVLV FRQRVFHQ]D /DFRQRVFHQ]DGHOORJQRVWLFRqULYROWDDOO
RULJLQHGHOO
XRPRH
GHOVXRPRQGRHGqGLUHWWDDOODVDOYH]]DGLTXHVWRPRQGR

&ROXLFKHQRQKDFRQRVFLXWRVpVWHVVRQRQKDFRQRVFLXWRQXOOD YDQJ7RPPDVR 

/D*QRVLqTXLQGLXQDGRWWULQDVDOYLILFDGLUHGHQ]LRQHLQGLYLGXDOH

/D*QRVLIDYRULYDXQVLQFUHWLVPRFXOWXUDOHHUHOLJLRVRWUDSRSROD]LRQLGLYHUVHUDSSUHVHQWDYDLQXQFHUWRVHQVRXQYDVWR
PRYLPHQWRGLULIRUPDLQWHVRDGHOLQHDUHXQDUHOLJLRQHILORVRILFDFDSDFHGLFRQFLOLDUHIHGHHUDJLRQH

9DQJHORGL7RPPDVR

4XHVWLVRQRLGHWWLVHJUHWLSURQXQFLDWLGD*HVLO9LYHQWHHVFULWWLGD'LGLPR*LXGD7RPDVR

>@(JOLGLVVH&ROXLFKHVFRSUHO
LQWHUSUHWD]LRQHGLTXHVWHSDUROHQRQJXVWHUjODPRUWH
>@*HVGLVVH&ROXLFKHFHUFDQRQGHVLVWDGDOFHUFDUHILQRDTXDQGRQRQDYUjWURYDWRTXDQGR
DYUjWURYDWRVLVWXSLUj4XDQGRVLVDUjVWXSLWRVLWXUEHUjHGRPLQHUjVXWXWWR
>@*HVGLVVH6HFRORURFKHYLJXLGDQRYLGLFRQR(FFRLO5HJQR GL'LR qLQFLHOR$OORUDJOL
XFFHOOLGHOFLHORYLSUHFHGHUDQQR6HYLGLFRQR(
QHOPDUHDOORUDLSHVFLGHOPDUHYL
SUHFHGHUDQQR,O5HJQRqLQYHFHGHQWURGLYRLHIXRULGLYRL4XDQGRYLFRQRVFHUHWHDOORUDVDUHWH
FRQRVFLXWLHVDSUHWHFKHYRLVLHWHLILJOLGHO3DGUHFKHYLYH0DVHQRQYLFRQRVFHUHWHDOORUD
GLPRUHUHWHQHOODSRYHUWjHVDUHWHODSRYHUWj
>@*HVGLVVH8QYHFFKLRFKHQHLVXRLJLRUQLQRQHVLWHUjDLQWHUURJDUHXQELPERGLVHWWHJLRUQL
ULJXDUGRDOOXRJRGHOODYLWDYLYUj*LDFFKpPROWLSULPLVDUDQQRXOWLPLHGLYHUUDQQRXQRVROR
>@*HVGLVVH&RQRVFLFLzFKHWLVWDGDYDQWLHVLPDQLIHVWHUjFLzFKHWLqQDVFRVWR*LDFFKpQRQ
YLQXOODGLQDVFRVWRFKHQRQVDUjPDQLIHVWDWR
>@/
LQWHUURJDURQRLVXRLGLVFHSROLHJOLGLVVHUR9XRLWXFKHGLJLXQLDPR"&RPHSUHJKHUHPRH
GDUHPRHOHPRVLQD"(FKHQRUPDVHJXLUHPRULJXDUGRDOYLWWR"*HVGLVVH1RQPHQWLWHHQRQ
IDWHFLzFKHRGLDWHJLDFFKpWXWWRqPDQLIHVWRDOFRVSHWWRGHOFLHOR1RQYLqQXOODLQIDWWLGL
QDVFRVWRFKHQRQYHQJDPDQLIHVWDWRQXOODGLFHODWRFKHQRQYHQJDULYHODWR
>@*HVGLVVH%HDWRLOHRQHPDQJLDWRGDXQXRPRGLYHUUjXRPRPDOHGHWWRO
XRPRPDQJLDWR
GDXQOHRQHO
XRPRGLYHUUjOHRQH
>@(JOLGLVVHO
XRPRpVLPLOHDXQSHVFDWRUHVDJJLRFKHJHWWzODVXDUHWHLQPDUHHGDOPDUHOD
ULWLUzFDULFDGLSHVFLSLFFROL,QPH]]RDTXHOOLLOVDJJLRSHVFDWRUHVFRUVHXQEHOSHVFHJURVVR
DOORUDJHWWzYLDLQPDUHWXWWLLSHVFLSLFFROLHVFHOVHVHQ]DVIRU]RLOSHVFHJUDQGH&KLKDRUHFFKLH
GDLQWHQGHUHLQWHQGD
>@*HVGLVVH(FFRXVFuLOVHPLQDWRUH6LULHPSuODPDQRHJHWWz ODVHPHQWH 4XDOFRVDFDGGH
VXOODYLDYHQQHURJOLXFFHOOLHODEHFFDURQRDOWURFDGGHVXOODSLHWUDQRQPLVHUDGLFHLQWHUUDHQRQ
OHYzODVSLJDDOFLHORDOWURFDGGHWUDOHVSLQHFKHVRIIRFDURQRODVHPHQWHHLOYHUPHVHODPDQJLz
DOWURFDGGHVXOODWHUUDEXRQDHSRUWzEXRQIUXWWRVXLQDOWRSURGXVVH SL GHOVHVVDQWDHGHO
FHQWRSHUFHQWR
>@*HVGLVVH+RJHWWDWRIXRFRVXOPRQGRHGHFFRORFXVWRGLVFRILQRDFKHGLYDPSL
>@*HVGLVVH3DVVHUjTXHVWRFLHORHSDVVHUjFLzFKHqVRSUDGLHVVRLPRUWLQRQVRQRYLYLHL
YLYLQRQPRUUDQQR1HLJLRUQLLQFXLPDQJLDYDWHFLzFKHqPRUWRYRLORUHQGHYDWHYLYR4XDQGR
VDUHWHQHOODOXFHFKHFRVDIDUHWH"1HOJLRUQRLQFXLHUDYDWHXQRVLHWHGLYHQWDWLGXH0DDOORUFKp
VLHWHGLYHQWDWLGXHFKHFRVDIDUHWH"
>@,GLVFHSROLGLVVHURD*HV6DSSLDPRFKHWHQHDQGUDLGDQRL&KLWUDGLQRLVDUjLOSL
JUDQGH"!*HVULVSRVHORUR'DOOXRJRRYHVDUHWHDQGUHWHGD*LDFRPRLO*LXVWRSHULOTXDOH
VRQRVWDWLIDWWLLOFLHORHODWHUUD
>@*HVGLVVHDLVXRLGLVFHSROL)DWHPLXQSDUDJRQHGLWHPLDFKLUDVVRPLJOLR6LPRQ3LHWURJOL
ULVSRVHVHLVLPLOHDXQDQJHORJLXVWR0DWWHRJOLULVSRVH0DHVWURVHLVLPLOHDXQ6DJJLRILORVRIR
7RPPDVRJOLULVSRVH0DHVWURODPLDERFFDqDVVROXWDPHQWHLQFDSDFHGLGLUHDFKLVHLVLPLOH
*HVJOLGLVVHORQRQVRQRLOWXRPDHVWURJLDFFKpKDLEHYXWRHWLVHLLQHEULDORDOODIRQWH
JRUJRJOLDQWHFKHLRKRPLVXUDWR(ORSUHVHLQGLVSDUWHHJOLGLVVHWUHSDUROH$OORUFKp7RPDVR
ULWRUQzGDLVXRLFRPSDJQLTXHVWLJOLGRPDQGDURQR&KHFRVDWLKDGHWWR*HV"7RPDVR
ULVSRVH6HYLGLFHVVLXQDGHOOHSDUROHFKHHJOLPLKDGHWWRYRLGDUHVWHPDQRDOOHSLHWUHSHU
ODSLGDUPLHGDOOHSLHWUHXVFLUHEEHIXRFRHYLEUXFHUHEEH
>@*HVGLVVH6HGLJLXQHUHWHYLDWWULEXLUHWHXQSHFFDWRVHSUHJKHUHWHYLFRQGDQQHUDQQRVH
GDUHWHO
HOHPRVLQDIDUHWHGHOPDOHDLYRVWULVSLULWL6HDQGUHWHLQTXDOFKHSDHVHHYLDJJHUHWHQHOOH
 VXH UHJLRQLVHDFFRJOLHUDQQRPDQJLDWHFLzFKHYLSRUUDQQRGDYDQWLHJXDULWHTXDQWLWUDORUR
VRQRLQIHUPL*LDFFKpFLzFKHHQWUDGDOODERFFDQRQYLFRQWDPLQHUjPDqFLzFKHHVFHGDOOD
YRVWUDERFFDFKHYLFRQWDPLQHUj
>@*HVGLVVH4XDQGRYHGUHWHFROXLFKHQRQqQDWRGDGRQQDSURVWUDWHYLERFFRQLH
DGRUDWHORHJOLqLOYRVWUR3DGUH
>@*HVGLVVH)RUVHJOLXRPLQLSHQVDQRFKHLRVLDYHQXWRDJHWWDUHODSDFHVXOPRQGRHQRQ
VDQQRFKHLRVRQRYHQXWRDJHWWDUHGLYLVLRQLIXRFRVSDGDJXHUUD&LQTXHVDUDQQRLQXQDFDVD
WUHFRQWURGXHHGXHFRQWURWUHLOSDGUHFRQWURLOILJOLRHLOILJOLRFRQWURLOSDGUH(GHVVLVHQH
VWDUDQQRVROL
>@*HVGLVVH9LGDUzFLzFKHRFFKLRQRQYLGHFLzFKHRUHFFKLR
QRQXGuFLzFKHPDQRQRQ
WRFFzHFLzFKHQRQHQWUzPDLLQFXRUHG
XRPR
> ,GLVFHSROLGL*HVGLVVHUR0DQLIHVWDFLTXDOHVDUjODQRVWUDILQH*HVULVSRVH$YHWH
VFRSHUWRLOSULQFLSLRYRLFKHYLLQWHUHVVDWHGHOODILQH",QIDWWLQHOXRJRRYHqLOSULQFLSLROjVDUj
SXUHODILQH%HDWRFROXLFKHVDUjSUHVHQWHQHOSULQFLSLR&RVWXLFRQRVFHUjODILQHHQRQJXVWHUjOD
PRUWH
>@*HVGLVVH%HDWRFROXLFKHHUDSULPDGLGLYHQLUH6HGLYHUUHWHPLHLGLVFHSROLHDVFROWHUHWHOH
PLHSDUROHTXHVWHSLHWUHVDUDQQRDOYRVWURVHUYL]LR,QSDUDGLVRLQIDWWLDYHWHFLQTXHDOEHULFKH
QRQFDPELDQRQpG
HVWDWH Qp G
LQYHUQRHOHORURIRJOLHQRQFDGRQRFROXLFKHOLFRQRVFHQRQ
JXVWHUjODPRUWH
>@,GLVFHSROLGL*HVGLVVHUR0DQLIHVWDFLDFKHFRVDDVVRPLJOLDLO5HJQRGHLFLHOL(JOLULVSRVH
ORUR(
VLPLOHDXQJUDQRGLVHQDSHFKHqLOSLSLFFRORGLWXWWLPDDOORUFKpFDGHVXXQWHUUHQR
FROWLYDWRSURGXFHXQJUDQGHUDPR H GLYHQWDULIXJLRSHUJOLXFFHOOLGHOFLHOR
>@0DULDGRPDQGzD*HV$FKLDVVRPLJOLDQRLWXRLGLVFHSROL"(JOLULVSRVH6RQRVLPLOLD
EDPELQLFKHVLLQWUDWWHQJRQRLQXQFDPSRFKHQRQDSSDUWLHQHORUR
$OORUFKpYHUUDQQRLSDGURQLGHOFDPSRGLUDQQR/DVFLDWHFLLOQRVWURFDPSR(VVL VDUDQQR 
QXGLGDYDQWLDORURPHQWUHODVFLDQRHUHVWLWXLVFRQRLOFDPSR3HUFLzGLFR6HLOSDGURQHGLFDVDVD
FKHYHUUjLOODGURYLJLOHUjSULPDFKHYHQJDHQRQSHUPHWWHUjFKHSHQHWULQHOODFDVDGHOVXRUHJQR
HDVSRUWLLVXRLEHQL0DYRLYLJLODWHDOFRVSHWWRGHOPRQGR&LQJHWHYLLILDQFKLGLJUDQGHSRWHQ]D
DIILQFKpLODGULQRQWURYLQRODVWUDGDSHUJLXQJHUHILQRDYRL*LDFFKpLOSURILWWRFKHDVSHWWDWHHVVL
ORWURYHUDQQR&LVLDWUDYRLXQXRPRJLXGL]LRVRDOORUFKpLOIUXWWRqPDWXURHJOLYLHQHVXELWR
UHFDQGRLQPDQRODVXDIDOFH H ORUDFFRJOLH&KLKDRUHFFKLHGDLQWHQGHUHLQWHQGD
>@*HVYLGHGHLELPELFKHVXFFKLDYDQRLOODWWH'LVVHDLVXRLGLVFHSROL4XHVWLEDPELQLFKH
SUHQGRQRLOODWWHDVVRPLJOLDQRDFRORURFKHHQWUDQRQHO5HJQR*OLGRPDQGDURQR6HQRLVDUHPR
EDPELQLHQWUHUHPRQHO5HJQR"*HVULVSRVHORUR$OORUFKpGLGXHIDUHWHXQRDOORUFKpIDUHWHOD
SDUWHLQWHUQDFRPHO
HVWHUQDODSDUWHHVWHUQDFRPHO
LQWHUQDHODSDUWHVXSHULRUHFRPH
LQIHULRUH
DOORUFKpGHOPDVFKLRHGHOODIHPPLQDIDUHWHXQXQLFRHVVHUHVLFFKpQRQYLVLDSLQpPDVFKLRQp
IHPPLQDDOORUFKpIDUHWHRFFKLLQOXRJRGLXQRFFKLRXQDPDQRLQOXRJRGuXQDPDQRXQSLHGHLQ
OXRJRGLXQSLHGHHXQ
LPPDJLQHLQOXRJRGLXQ
LPPDJLQHDOORUDHQWUHUHWHQHO5HJQR
>@*HVGLVVH9LVFHJOLHUzXQRGDPLOOHHGXHGDGLHFLPLODHVDUDQQRFRQIHUPDWLFRPHXQD
VRODSHUVRQD
>@,VXRLGLVFHSROLGLVVHUR,VWUXLVFLFLVXOOXRJRRYHWXVHLJLDFFKpSHUQRLqQHFHVVDULRFKHOR
FHUFKLDPR(JOLULVSRVHORUR&KLKDRUHFFKLHLQWHQGD1HOO
LQWLPRGLXQXRPRGuOXFHF
qOXFHH
LOOXPLQDWXWWRLOPRQGR6HQRQLOOXPLQDVRQRWHQHEUH
>@*HVGLVVH$PDWXRIUDWHOORFRPHO
DQLPDWXD9HJOLDVXGLOXLFRPHODSXSLOODGHOWXR
RFFKLR
>@*HVGLVVH9HGLODSDJOLX]]DQHOO
RFFKLRGHOWXRIUDWHOORPDQRQYHGLODWUDYHFKHqQHOWXR
RFFKLR4XDQGRGDOWXRRFFKLRDYUDLWROWRODWUDYHDOORUDYHGUDL DEEDVWDQ]D SHUWRJOLHUHOD
SDJOLX]]DGDOO
RFFKLRGLWXRIUDWHOOR
>@ *HVGLVVH 6HQRQGLJLXQDWHYHUVRLOPRQGRQRQWURYHUHWHLO5HJQR6HQRQRVVHUYDWHLO
VDEDWRFRPHXQVDEDWRQRQYHGUHWHLO3DGUH
>@*HVGLVVH0LVRQRWURYDWRLQPHQRDOPRQGRHPLPDQLIHVWDLORURQHOODFDUQH/LWURYDL
WXWWLXEULDFKLWUDHVVLQRQQHWURYDLDOFXQRDVVHWDWR
(O
DQLPDPLDqWRUPHQWDWDSHULILJOLGHJOLXRPLQLSHUFKpLQFXRUORURVRQRFLHFKLHQRQYHGRQR
YHQQHURQHOPRQGRYXRWLHFHUFDQRGLXVFLUHGDOPRQGRYXRWL
0DRUDVRQRXEULDFKL$OORUFKpDYUDQQRYRPLWDWRLOORURYLQRDOORUDIDUDQQRSHQLWHQ]D
>@*HVGLVVH6HODFDUQHSHUYHQQHDOO
HVLVWHQ]DDPRWLYRGHOORVSLULWRqXQDPHUDYLJOLD6HOR
VSLULWRqSHUYHQXWRDOO
HVLVWHQ]DDPRWLYRGHOFRUSRqXQDPHUDYLJOLDGHOOHPHUDYLJOLH0DLRPL
VWXSLVFRFKHXQDWDOHULFFKH]]DDEELDSUHVRGLPRUDLQTXHVWDSRYHUWj
>@*HVGLVVH'RYHVLWURYDQRWUHGqLVRQRWUHGqLGRYHVRQRGXHRXQRLRVRQRFRQOXL
>@*HVGLVVH8QSURIHWDQRQqDFFHWWRQHOVXRSDHVH8QPHGLFRQRQFXUDTXHOOLFKHOR
FRQRVFRQR
>@*HVGLVVH8QDFLWWjFRVWUXLWDVXXQDOWRPRQWH H IRUWLILFDWDQRQSXzFDGHUHQpHVVHUH
QDVFRVWD
>@*HVGLVVH&LzFKHXGUDLLQXQRUHFFKLRSURFODPDORVXLYRVWULWHWWLQHOO
DOWURRUHFFKLR
1HVVXQRLQIDWWLDFFHQGHXQDOXFHUQDSHUPHWWHUODVRWWRLOPRJJLRQpODSRQHLQOXRJRQDVFRVWR
EHQVuODPHWWHVXXQFDQGHOLHUHDIILQFKpTXHOOLFKHHQWUDQRHTXHOOLFKHHVFRQRYHGDQRODVXDOXFH

>@*HVGLVVH6HXQFLHFRJXLGDXQFLHFRFDGRQRDPEHGXHLQXQDIRVVD
>@*HVGLVVH1RQqSRVVLELOHFKHXQRHQWULQHOODFDVDGLXQDSHUVRQDIRUWHHODSUHQGDFRQOD
IRU]DVHSULPDQRQOHOHJDOHPDQL$OORUDSRWUjVDFFKHJJLDUHODVXDFDVD
>@*HVGLVVH1RQVLDWHDQVLRVLGDPDWWLQRDVHUDHGDOODVHUDDOPDWWLQRVXFRPHYLYHVWLUHWH
>@,VXRLGLVFHSROLGRPDQGDURQRR,QFKHJLRUQRWLPDQLIHVWHUDLDQRLHLQFKHJLRUQRWL
YHGUHPR"
*HVULVSRVH4XDQGRYLVSRJOLHUHWHVHQ]DYHUJRJQDTXDQGRGHSRUUHWHLYRVWULDELWLHOL
PHWWHUHWHVRWWRL
YRVWULSLHGLFRPHIDQQRLEDPELQLHOLFDOSHVWHUHWHDOORUDYHGUHWHLO)LJOLRGHO9LYHQWHVHQ]DDOFXQ
WLPRUH
>@*HVGLVVH0ROWHYROWHDYHWHGHVLGHUDWRDVFROWDUHTXHVWHSDUROHFKHYLGLFRHQRQDYHWH
DOFXQDOWURGDOTXDOHDVFROWDUOH*LRUQLYHUUDQQRQHLTXDOLPLFHUFKHUHWHHQRQPLWURYHUHWH
>@*HVGLVVHOIDULVHLHJOLVFULELKDQQRSUHVROHFKLDYLGHOODFRQRVFHQ]DHOHKDQQRQDVFRVWH
(VVLQRQVRQRHQWUDWLHQRQKDQQRODVFLDWRHQWUDUHTXHOOLFKHORYROHYDQR9RLSHUzVLDWHSUXGHQWL
FRPHVHUSHQWLHVHPSOLFLFRPHFRORPEH
>@*HVGLVVH 8QDYLWHIXSLDQWDWDGDDOWULFKHQRQHUDPLR3DGUHJLDFFKpQRQVLLUUREXVWu
VDUjVUDGLFDWDHSHULUj
>@*HVGLVVH6DUjGDWRDFROXLFKHJLjKDQHOODVXDPDQRHDFROXLFKHQRQKDVDUjWROWR
DQFKHTXHOSRFRFKHKD
>@*HVGLVVH6LDWHWUDQVHXQWL
>@,VXRLGLVFHSROLJOLGRPDQGDURQR &KLVHLWXFKHFLGLFLTXHVWHFRVH" *HVULVSRVH 'D
FLzFKHYLGLFRQRQFDSLWHFKLLRVLD0DVLHWHGLYHQWDWLFRPHJOLHEUHL(VVLDPDQRO
DOEHURPDQH
RGLDQRLOIUXWWRRSSXUHDPDQRLOIUXWWRHRGLDQRO
DOEHUR
>@*HVGLVVH $FROXLFKHEHVWHPPLDPLR3DGUHVDUjSHUGRQDWRHDFROXLFKHEHVWHPPLDLO
)LJOLRVDUjSHUGRQDWR0DDFROXLFKHEHVWHPPLHUjOR6SLULWR6DQWRQRQVDUjSHUGRQDWRQpLQ
WHUUDQpLQFLHOR
>@*HVGLVVH1RQFROJRQRO
XYDGDOOHVSLQHQHUDFFROJRQRILFKLGDLURYLJLDFFKpHVVLQRQ
GDQQRIUXWWR8QDSHUVRQDEXRQDWUDHLOEHQHGDOSURSULRWHVRURXQDSHUVRQDFDWWLYDGDO
SURSULRWHVRURFDWWLYRFKHqLQFXRUVXRWUDHLOPDOHHGLFH SDUROH FDWWLYHJLDFFKpq
GDOO
DEERQGDQ]DGHOVXRFXRUHFKHSURGXFHFRVHFDWWLYH
>@*HVGLVVH'D$GDPRD*LRYDQQL%DWWLVWDQHVVXQQDWRGDGRQQDIXSLJUDQGHGL*LRYDQQL
%DWWLVWDVLFKH GDYDQWLDOXL HJOLGHEEDDEEDVVDUHJOLRFFKL7XWWDYLDYLGLVVL7UDGLYRLFKLXQTXH
VDUjSLFFRORFRQRVFHUjLO5HJQRHVDUjSLJUDQGHGL*LRYDQQL
>@*HVGLVVH1RQqSRVVLELOHFKHXQXRPRFDYDOFKLGXHFDYDOOLHWLULGXHDUFKLHQRQq
SRVVLELOHFKHXQVHUYRVHUYDDGXHSDGURQLRQRUHUjXQRHGLVSUH]]HUjO
DOWUR1HVVXQREHYHYLQR
YHFFKLRHGHVLGHUDSRLVXELWRGHOYLQRQXRYRQpPHWWRQRYLQRQXRYRLQRWULYHFFKLSHUWHPDFKH
VLURPSDQRQpPHWWRQRYLQRYHFFKLRLQXQRWUHQXRYRSHUWHPDFKHORJXDVWLQRQFXFLRQRXQD
SH]]DYHFFKLDVXGLXQYHVWLWRQXRYRSHUWHPDFKHQHULVXOWLXQRVWUDSSR
>@*HVGLVVH6HLQTXHVWDVWHVVDFDVDGXHIDQQRSDFHO
XQRFRQO
DOWURGLUDQQRDXQPRQWH
$OORQWDQDWL(VLDOORQWDQHUj
>@*HVGLVVH%HDWLLVROLWDULHJOLHOHWWLSRLFKpWURYHUHWHLO5HJQRYRLLQIDWWLGDHVVRYHQLWHH
DHVVRQXRYDPHQWHULWRUQHUHWH
^@*HVGLVVH6HYLGRPDQGDQR'RQGHYHQLWH"5LVSRQGHWHORUR6LDPRYHQXWLDOODOXFH
GDOOXRJRRYHODOXFHQDFTXHGDVHVWHVVDVLHUHVVHHVLPDQLIHVWzQHOODORURLPPDJLQH6HYL
GRPDQGDQR&KLVLHWHYRL"5LVSRQGHWH1RLVLDPRVXRLILJOLQRLVLDPRJOLHOHWWLGHO3DGUH
YLYR6HYLGRPDQGDQR4XDqLOVHJQRGLYRVWUR3DGUHLQYRL"5LVSRQGHWH(LOPRYLPHQWRH
LOULSRVR
>@,VXRLGLVFHSROLJOLGRPDQGDURQR,QFKHJLRUQRYHUUjLOULSRVRGHLPRUWLHLQFKHJLRUQR
YHUUjLOPRQGRQXRYR"(JOLULVSRVH4XHO ULSRVR FKHDVSHWWDWHqYHQXWRPDYRLQRQORDYHWH
ULFRQRVFLXWR
>@,VXRLGLVFHSROLJOLGLVVHUR,Q,VUDHOHSDUODURQRYHQWLTXDWWURSURIHWLHWXWWLSDUODURQRLQWH
(JOLULVSRVHORUR$YHWHRPHVVRLO9LYHQWHFKHqGDYDQWLDYRLHDYHWHSDUODWR VROWDQWR GHL
PRUWL
>@,VXRLGLVFHSROLJOLGRPDQGDURQR/DFLUFRQFLVLRQHJLRYDRSSXUHQR"(JOLULVSRVHORUR
6HJLRYDVVHLOORURSDGUHOLJHQHUHUHEEHFLUFRQFLVLGDOODPDGUHORUR0DODYHUDFLUFRQFLVLRQH
QHOOR6SLULWRKDWURYDWRSLHQDXWLOLWj
>@*HVGLVVH%HDWLLSRYHULSRLFKpYRVWURqLO5HJQRGHLFLHOL
>@*HVGLVVH&ROXLFKHQRQRGLHUjVXRSDGUHHVXDPDGUHQRQSRWUjGLYHQLUHPLRGLVFHSROR
 &ROXLFKHQRQ RGLHUjLVXRLIUDWHOOLHOHVXHVRUHOOHH QRQ SRUWHUjODVXDFURFHFRPHPHQRQ
VDUjGHJQRGLPH
>@*HVGLVVH &ROXLFKHKDFRQRVFLXWRLOPRQGRKDWURYDWR VROWDQWR XQFDGDYHUHHFROXL
FKHKDWURYDWRXQFDGDYHUHqVXSHULRUHDOPRQGR
>@*HVGLVVH5HJQRGHO3DGUHqVLPLOHDXQXRPRFKHDYHYDXQDEXRQDVHPHQWH'LQRWWH
YHQQHLOVXRQHPLFRHVHPLQz]L]]DQLDVRSUDDOODEXRQDVHPHQWH/
XRPRQRQSHUPLVHORURGL
VUDGLFDUHOD]L]]DQLD'LVVHORUR$IILQFKpQRQDQGLDWHDHVWLUSDUHOD]L]]DQLD H VUDGLFKLDWHFRQ
HVVDDQFKHLOJUDQR1HOJLRUQRGHOODPLHWLWXUDOH]L]]DQLHDSSDULUDQQRVDUDQQRHVWLUSDWHH
EUXFLDWH
>@*HVGLVVH %HDWRO
XRPRFKHKDVRIIHUWR(JOLKDWURYDWRODYLWD
>@*HVGLVVH0HQWUHYLYHWHFRQWHPSODWHLO9LYHQWHDIILQFKpQRQPRULDWHHFHUFKLDWHGL
FRQWHPSODUORHQRQSRVVLDWH SL YHGHUOR
>@ 9LGHUR XQVDPDULWDQRHQWUDUHQHOOD*LXGHDSRUWDQGRXQDJQHOOR'LVVHDLVXRLGLVFHSROL
 &KHFRVDIDUjGHOO
DJQHOOR"*OLULVSRVHUR,QWHQGHXFFLGHUORHPDQJLDUQH(JOLGLVVHORUR
 )LQRDTXDQGRqYLYRQRQQHPDQJHUjEHQVuGRSRDYHUORXFFLVRHIDWWRORFDGDYHUH*OL
ULVSRVHUR 1RQSRWUHEEHIDUHDOWULPHQWL(GHJOL 9RLSXUHFHUFDWHXQOXRJRSHULOULSRVR
DIILQFKpQRQVLDWHULGRWWLDXQFDGDYHUHHPDQJLDWL
>@*HVGLVVH'XHULSRVHUDQQRVXXQOHWWRXQRPRULUjHO
DOWURYLYUj6DORPHJOLGRPDQGz
FKLVHLWXXRPRFKHFRPHFROXLFKHqGDOO
8QRVHLVDOLWRVLLPLROHWWXFFLRHKDLPDQJLDWRDOODPLD
PHQVD"*HVULVSRVH,RVRQRFROXLFKHSURYLHQHGDOO
,QGLYLVRD
PHIXURQRGDWHFRVH FKHVRQR GHO3DGUHPLR6DORPHGLVVH,RVRQRWXDGLVFHSROD(
*HVDOHL3HUFLzLRGLFR4XDQGRXQRVDUjLQGLYLVRVDUjULFROPRGLOXFHPDTXDQGRqGLYLVR
VDUjULFROPRGLWHQHEUH
>@*HVGLVVH,RFRPXQLFRLPLHLPLVWHULDFRORURFKHVRQRGHJQLGHLPLHLPLVWHUL&LzFKHID
ODWXDGHVWUDODWXDVLQLVWUDORGHYHLJQRUDUH
>@*HVGLVVH&HUDXQXRPRULFFRFKHDYHYDPROWHULFFKH]]H'LVVH0LVHUYLUzGHOOHPLH
ULFFKH]]HSHUVHPLQDUHPLHWHUHSLDQWDUHHULHPSLUzLPLHLJUDQDLGLIUXWWDHQRQPDQFKHUzGL
QXOOD&RVuSHQVDYDLQFXRUVXRPDLQTXHOODQRWWHPRUu&KLKDRUHFFKLHLQWHQGD
>@*HVGLVVH8QXRPRDYHYDGHJOLRVSLWL'RSRFKHHEEHSUHSDUDWRLOEDQFKHWWRPDQGzXQ
VXRVHUYRDLQYLWDUHJOLRVSLWL$QGzGDOSULPRHJOLGLVVH,OPLRVLJQRUHWLLQYLWD4XHOORJOL
ULVSRVH'HLFRPPHUFLDQWLPLGHYRQRGHQDUR9HQJRQRGDPHTXHVWDVHUD$QGUzHGDUzRUGLQL
0LVFXVRSHULOEDQFKHWWR$QGzGDOVHFRQGRHJOLGLVVH,OPLRVLJQRUHWLLQYLWD 4XHOOR JOL
ULVSRVH+RFRPSUDWRXQDFDVDHVRQRULFKLHVWRSHUXQJLRUQR1RQDYUzWHPSR
$QGzGDOWHU]RHJOLGLVVH,OPLRVLJQRUHWLLQYLWD 4XHOOR JOLULVSRVH8QPLRDPLFRVLVSRVD
HLRGDUzLOEDQFKHWWRQRQSRWUzYHQLUH0LVFXVRSHULOEDQFKHWWR
$QGzGDXQDOWURHJOLGLVVH,OPLRVLJQRUHWLLQYLWD4XHOORULVSRVH+RFRPSUDWRXQDFDVFLQD
YDGRDULFHYHUQHLUHGGLWLQRQSRWUzYHQLUH0LVFXVR
,OVHUYRWRUQzGDOVXRVLJQRUHHJOLGLVVH4XHOOLFKHKDLLQYLWDWRDOEDQFKHWWRVLVFXVDQR,O
VLJQRUHGLVVHDOVHUYR9D
SHUOHVWUDGHHFRQGXFLDOEDQFKHWWRTXDQWLWURYL&RPSUDWRULH
FRPPHUFLDQWLQRQHQWUHUDQQRQHLOXRJKLGHL3DGUHPLR
>@(JOLGLVVH8QXRPRRQHVWRDYHYDXQDYLJQD/DGLHGHDFRQWDGLQLDIILQFKpODODYRUDVVHUR
SHUULFDYDUQH FRVu LOIUXWWRWUDPLWHORUR0DQGzLOVXRVHUYRDLFRQWDGLQLDIILQFKpJOLGHVVHURLO
IUXWWRGHOODYLJQD/RSUHVHURLRFROSLURQRHSRFRPDQFzWKHO
XFFLGHVVHUR,OVHUYRVHQHDQGzD
GLUORDOVXRVLJQRUH,OVLJQRUHSHQVz)RUVHQRQO
KDQQRULFRQRVFLXWR0DQGzXQDOWURVHUYR,
FRQWDGLQLFROSLURQRDQFKHLOVHFRQGR$OORUDLOVLJQRUHPDQGzLOSURSULRILJOLRSHQVDQGR)RUVH
DYUDQQRULVSHWWRGLPLRILJOLR,FRQWDGLQLYLVWRFKHHUDO
HUHGHGHOODYLJQDORSUHVHURHO
XFFLVHUR
&KLKDRUHFFKLHLQWHQGD
>@*HVGLVVH,QGLFDPLODSLHWUDUHVSLQWDGDJOLHGLILFDWRUL(VVDqODSLHWUDG
DQJROR
>@*HVGLVVH&ROXLFKHFRQRVFHLOWXWWRPDqSULYR GHOODFRQRVFHQ]D GLVHVWHVVRqSULYR
GHOWXWWR
>@*HVGLVVH%HDWLDOORUFKpYLRGLHUDQQRHYLSHUVHJXLWHUDQQR1RQYLVDUjOXRJRQHOTXDOH
YRL QRQ VDUHWHSHUVHJXLWDWL
>@*HVGLVVH%HDWLTXHOOLFKHVRQRVWDWLSHUVHJXLWDWLQHOORURFXRUH(VVLVRQRFRORURFKHLQ
YHULWjKDQQRFRQRVFLXWRLO3DGUH
%HDWLTXHOOLFKHVRQRDIIDPDWLJLDFFKpLOYHQWUHGLFROXLFKHORYXROHVDUjULHPSLWR
>@*HVGLVVH6HORHVSULPHWHGDYRLVWHVVLFLzFKHDYHWHYLVDOYHUj6HLQYRLVWHVVLQRQ
O
DYHWHFLzFKHLQYRLVWHVVLQRQDYHWHYLXFFLGHUj
>@*HVGLVVH'LVWUXJJHUzTXHVWDFDVDHQHVVXQRSRWUjULHGLILFDUOD
>@8QXRPRJOLGLVVH'L
DLPLHLIUDWHOOLFKHGLYLGDQRLEHQLGLPLRSDGUHFRQPH(JOL
ULVSRVH8RPRFKLKDIDWWRGLPHXQGLYLVRUH"(ULYROWRDLVXRLGLVFHSROLGLVVHORUR6RQRLR
IRUVHXQGLYLVRUH"
>@*HVGLVVH/DPHVVHqPROWDPDJOLRSHUDLVRQRSRFKL3UHJDWHLO6LJQRUHDIILQFKpPDQGL
RSHUDLSHUODPHVVH
>@(JOLGLVVH6LJQRUHPROWLVRQRSUHVVRLOSR]]RPDQHVVXQRqQHOSR]]R
>@*HVGLVVH0ROWLVRQRFRORURFKHVWDQQRDOODSRUWDPD VROWDQWR LVROLWDULHQWUHUDQQRQHOOD
FDPHUDQX]LDOH
>@*HVGLVVH,O5HJQRGHO3DGUHPLRqVLPLOHDXQFRPPHUFLDQWHFKHDYHYDGHOODPHUFHH
WURYzXQDSHUOD4XHVWRFRPPHUFLDQWHHUDVDJJLRYHQGHWWHODPHUFHHVLFRPSUzODSHUOD$QFKH
YRLFHUFDWHLOWHVRURFKHQRQSHULVFHFKHqGXUHYROHOjRYHQRQSXzDYYLFLQDUVLLOWDUORSHU
URGHUHQpLOYHUPHSHUGLVWUXJJHUH
>@*HVGLVVH,RVRQRODOXFHFKHVRYUDVWDWXWWLORUR,RVRQRLOWXWWR,OWXWWRSURPDQzGDPHH
LOWXWWRJLXQJHILQRDPH6SDFFDWHGHOOHJQRLRVRQROuGHQWUR$O]DWHODSLHWUDHOuPLWURYHUHWH
>@*HVGLVVH3HUFKpVLHWHXVFLWLIXRULLQFDPSDJQD"3HUYHGHUHXQDFDQQDDJLWDWDGDOYHQWR"
3HUYHGHUHXQXRPRYHVWLWRPROOHPHQWH"*XDUGDWHLYRVWULUHHLYRVWULJUDQGL&RVWRURVRQR
YHVWLWLPROOHPHQWHHQRQSRWUDQQRFRQRVFHUHODYHULWj
>@8QDGRQQDJOLGLVVHGLWUDODIROOD%HDWRLOYHQWUHFKHWLKDSRUWDWRHLVHQLFKHWLKDQQR
QXWULWR(JOLULVSRVH%HDWLFRORURFKHXGLURQRLO/RJRVGHO3DGUHHORFXVWRGLURQRYHUDPHQWH
*LRUQLYHUUDQQRQHLTXDOLGLUHWH%HDWRLOYHQWUHFKHQRQKDFRQFHSLWRHLVHQLFKHQRQKDQQR
DOODWWDWR
>@*HVGLVVH&KLKDFRQRVFLXWRLOPRQGRKDWURYDWRLOFRUSRPDFROXLFKHKDWURYDWRLOFRUSR
qVXSHULRUHDOPRQGR
>@*HVGLVVH&ROXLFKHVLqIDWWRULFFRGLYHQWLUHHFROXLFKHKDLOSRWHUHYLULQXQFL
>@*HVGLVVH&ROXLFKHqYLFLQRDPHqYLFLQRDOIXRFR&ROXLFKHqORQWDQRGDPHq
ORQWDQRGDO5HJQR
>@*HVGLVVH/HLPPDJLQLVRQRPDQLIHVWDWHDOO
XRPRPDODOXFHFKHqLQHVVHqQDVFRVWD
QHOO
LPPDJLQHGHOODOXFHGHO3DGUH(JOLVLPDQLIHVWHUjPDODVXDLPPDJLQHUHVWHUjQDVFRVWDGDOOD
VXDOXFH
>@*HVGLVVH2JJLDOORUFKpYHGHWHXQYRVWURVLPLOHYLUDOOHJUDWH0DTXDQGRYHGUHWHOH
YRVWUHLPPDJLQLFKHVRQRVWDWHIDWWHSULPDGLYRLFKHQpPXRLRQRQpVRQRSDOHVLSHUTXDQWR
VRSSRUWHUHWH"
>@*HVGLVVH$GDPRVFDWXUuGDXQDJUDQGHSRWHQ]DHGDXQDJUDQGHRSXOHQ]DH WXWWDYLD 
HJOLQRQIXGHJQRGLYRL6HLQIDWWLIRVVHVWDWRGHJQRQRQDYUHEEHJXVWDWRODPRUWH
>@*HVGLVVH/HYROSLKDQQROHORURWDQHHJOLXFFHOOLKDQQRLORURQLGLPDLO)LJOLR
GHOO
XRPRQRQKDDOFXQOXRJRRYHSRJJLDUHLOFDSRHULSRVDUH
>@*HVGLVVH0LVHURqLOFRUSRFKHGLSHQGHGDXQFRUSRHPLVHUDqO
DQLPDFKHGLSHQGHGD
DPEHGXH
>@*HVGLVVH9HUUDQQRDYRLJOLDQJHOLHLSURIHWLHYLGDUDQQRTXDQWRYLDSSDUWLHQH9RLGDWH
ORURFLzFKHDYHWHQHOOHPDQL'RPDQGDWHDYRLVWHVVL,QFKHJLRUQRYHUUDQQRDULFHYHUHFLzFKHq
ORUR"
>@*HVGLVVH3HUFKpODYDWHODSDUWHHVWHUQDGHOELFFKLHUH"1RQFRPSUHQGHWHFKHFROXLFKH
KDIDWWRODSDUWHLQWHUQDqORVWHVVRFKHKDIDWWRO
HVWHUQD"
>@*HVGLVVH9HQLWHDPHSRLFKpLOPLRJLRJRqGROFHHPLWHODPLDGRPLQD]LRQHHWURYHUHWH
SHUYRLXQULSRVR
>@*OLGLVVHUR0DQLIHVWDFLFKLVHLDIILQFKpSRVVLDPRFUHGHUHLQWH(JOLGLVVHORUR0HWWHWH
DOODSURYDODVXSHUILFLHGHOFLHORHGHOODWHUUDHQRQDYHWHULFRQRVFLXWRFROXLFKHqGDYDQWLDYRL
9RLQRQVDSHWH FRPH PHWWHUHDOODSURYDTXHVWRWHPSR
>@*HVGLVVH&HUFDWHHWURYHUHWH0DOHFRVHVXOOHTXDOLLQTXHLJLRUQLPLDYHWHLQWHUURJDWR
LRQRQOHKRGHWWHDOORUD(DGHVVRFKHLRGHVLGHURGLUYHOHYRLQRQPHOHGRPDQGDWH
>@ *HVGLVVH 1RQGDWHFLzFKHqVDQWRDLFDQLDIILQFKpQRQORJHWWLQRQHOOHWDPDLR1RQ
JHWWDWHOHSHUOHDLSRUFLDIILQFKpQRQOHFDOSHVWLQR
>@*HVGLVVH&ROXLFKHFHUFDWURYHUjHDFROXLFKHEXVVDVDUjDSHUWR
>@*HVGLVVH6HDYHWHGHOGHQDURQRQLPSUHVWDWHORDLQWHUHVVHPDGDWHORDXQRGDOTXDOH
QRQORULDYUHWH
>@*HVGLVVH,O5HJQRGHL3DGUHqVLPLOHDXQDGRQQDSUHVHXQSR
GLOLHYLWR,RQDVFRVH
QHOODSDVWDHQHIHFHSDQLJUDQGL&KLKDRUHFFKLHLQWHQGD
>@*HVGLVVH,O5HJQRGHO3DGUHqVLPLOHDXQDGRQQDFKHUHFDYDXQDEURFFDSLHQDGLIDULQD
0HQWUHFDPPLQDYDSHUXQDVWUDGDOXQJLGDFDVDVLUXSSHO
DQVDGHOODEURFFDHODIDULQDIXRULXVFu
VXOODYLDOHLQRQVHQHDFFRUVHHQRQEDGzDOO
LQFLGHQWH*LXQWDDFDVDVXDSRVzODEURFFDHOD
WURYzYXRWD
>@*HVGLVVH,O5HJQRGHO3DGUHqVLPLOHDXQXRPRFKHYXROHXFFLGHUHXQDSHUVRQDSRWHQWH
LQFDVDSURSULDHVWUDHODVSDGDHWUDSDVVDXQDSDUHWHSHUSURYDUHVHODVXDPDQRqDEEDVWDQ]D
IRUWH3RLXFFLVHTXHOODSHUVRQDSRWHQWH
>@,GLVFHSROLJOLGLVVHUR)XRULFLVRQRWXDPDGUHHLWXRLIUDWHOOL(JOLULVSRVH4XHOOLFKH
VRQRTXLTXHOOLFKHIDQQRODYRORQWjGHL3DGUHPLRFRVWRURVRQRPLHLIUDWHOOLHPLDPDGUH4XHVWL
HQWUHUDQQRQHO5HJQRGLPLR3DGUH
>@0RVWUDURQRD*HVXQDPRQHWDGRURHJOLGLVVHUR*OLDJHQWLGL&HVDUHHVLJRQRGDQRLOH
WDVVH(JOLULVSRVH'DWHD&HVDUHFLzFKHHGL&HVDUHGDWHD'LRFLzFKHqGL'LRHGDWHDPH
FLzFKHqPLR
>@*HVGLVVH&ROXLFKHQRQRGLDVXRSDGUHHVXDPDGUHFRPHPHQRQqDGDWWRDHVVHUH
PLRGLVFHSROR(FROXLFKHQRQDPDVXRSDGUHHVXDPDGUHFRPHPHQRQSXzGLYHQLUHPLR
GLVFHSROR3RLFKpPLDPDGUHPLGLHGHPHQ]RJQDPDODPLDYHUDPDGUHPLGLHGHODYLWD
>@*HVGLVVH*XDLDLIDULVHL6RQRLQIDWWLFRPHXQFDQHDFFRYDFFLDWRVXXQDPDQJLDWRLDGL
EXRLQpPDQJLDQpODVFLDFKHPDQJLQRLEXRL
>@*HVGLVVH%HDWRO
XRPRFKHVDGDTXDOHSDUWHHQWUHUDQQRLODGULSHUFKpV
DO]HUj
FRQFHQWUHUjODVXDIRU]DHVLFLQJHUjLILDQFKLSULPDFKHHVVLDUULYLQR
>@*OLGLVVHUR9LHQLRJJLSUHJKLDPRHGLJLXQLDPR*HVGLVVH&KHSHFFDWRKRGXQTXH
FRPPHVVRRLQFKHFRVDVRQRVWDWRYLQWR"0DTXDQGRORVSRVRXVFLUjGDOODVWDQ]DQX]LDOHDOORUD
GLJLXQHUDQQRHSUHJKHUDQQR
>@*HVGLVVH&ROXLFKHFRQRVFHLOSDGUHHODPDGUHVDUjGHWWRILJOLRGLXQDSURVWLWXWD
>@*HVGLVVH4XDQGRGLGXHIDUHWHXQRVDUHWHILJOLGHOO
XRPRHTXDQGRGLUHWHDXQPRQWH
$OORQWDQDWLVLDOORQWDQHUj
>@*HVGLVVH,O5HJQRqVLPLOHDXQSDVWRUHFKHKDFHQWRSHFRUH8QDODSLJUDQGHVL
VPDUUu(JOLODVFLzOHQRYDQWDQRYHHFHUFzTXHOO
XQDILQRDTXDQGRODWURYz'RSRFKHVLHUD
DIIDWLFDWRGLVVHDOODSHFRUD7LDPRSLGHOOHQRYDQWDQRYH
>@*HVGLVVH&ROXLFKHEHYHGDOODPLDERFFDGLYHQWHUjFRPHPHLRVWHVVRGLYHUUzFRPH
OXLHJOLVDUDQQRULYHODWHOHFRVHQDVFRVWH
>@*HVGLVVH,O5HJQRqVLPLOHDXQXRPRFKHVHQ]DVDSHUORKDXQWHVRURQDVFRVWRQHOVXR
FDPSR'RSRODVXDPRUWHORODVFLzDOILJOLR,OILJOLRQRQQHVDSHYDQXOODHUHGLWzLOFDPSRHOR
YHQGHWWH,OFRPSUDWRUHYHQQHHPHQWUHDUDYDWURYzLOWHVRURHFRPLQFLzDLPSUHVWDUHGHQDURD
LQWHUHVVHDTXHOOLFKHYROHYD
>@*HVGLVVH&ROXLFKHKDWURYDWRLOPRQGRHGqGLYHQWDWRULFFRGHYHULQXQFLDUHDOPRQGR

>@*HVGLVVH,FLHOLHODWHUUDVFRPSDULUDQQRGDYDQWLDYRLHFROXLFKHYLYHGDO9LYHQWHQRQ
YHGUjQpODPRUWHQpODSDXUD3RLFKp*HVGLFH,OPRQGRQRQqGHJQRGLFROXLFKHWURYHUjVH
VWHVVR
>@*HVGLVVH*XDLDOODFDUQHFKHGLSHQGHGDOO
DQLPDL*XDLDOO
DQLPDFKHGLSHQGHGDOOD
FDUQH
>@,GLVFHSROLJOLGRPDQGDURQR,QTXDOHJLRUQRYHUUjLO5HJQR" *HVULVSRVH 1RQ
YHUUjPHQWUHORVLDVSHWWD1RQGLUDQQR(FFRqTXLRSSXUH(FFRqOj%HQVuLO5HJQRGHL
3DGUHqGLIIXVRVXWXWWDODWHUUDHJOLXRPLQLQRQORYHGRQR
>@6LPRQ3LHWURGLVVHORUR0DULDGHYHDQGDUHYLDGDQRL3HUFKpOHIHPPLQHQRQVRQR
GHJQHGHOOD9LWD*HVGLVVH(FFRLRODJXLGHUzLQPRGRGDIDUQHXQPDVFKLRDIILQFKpHOOD
GLYHQWLXQRVSLULWRYLYRXJXDOHDYRLPDVFKL3RLFKpRJQLIHPPLQDFKHVLIDPDVFKLRHQWUHUjQH,
5HJQRGHLFLHOL

,O9DQJHORVHFRQGR7RPDVR

'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD
)LOLSSRDFXUDGL/XLJL0RUDOGLHG
DJOL$GHOSKL0LODQRSS




,QWURGX]LRQHDO9DQJHORGL0DULD

,OFRGLFHSDSLUDFHRGL%HUOLQRGHVLJQDWR3DSIXDFTXLVWDWRQHOHODVXD
SXEEOLFD]LRQHHEEHYLWDPROWRWUDYDJOLDWD,OSDSLURFRQWLHQHTXDWWURVFULWWLJQRVWLFLLOSUHVHQWH
9DQJHORGL0DULDO¶$SRFULIRGL*LRYDQQLOD6RILDGL*HV&ULVWRJOL$WWLGL3LHWUR,OSULPR
VFULWWRqLOSLEUHYHHLOSLGDQQHJJLDWR2FFXSDYDOHSULPHSDJLQHHWHUPLQDFROWLWRORLO
9DQJHORGL0DULDDOODS3XUWURSSRLOWHVWRqLQFRPSOHWRPDQFDQROHSULPHVHLSDJLQHH
DQFRUDLQWHJUDOPHQWHOHSDJLQHLQWXWWRGXQTXHPDQFDQRORSDJLQHGLWHVWR,OOXRJRGL
SURYHQLHQ]DGHOSDSLURqLJQRWRWXWWDYLDFLVLPDQWLHQHHQWURXQPDUJLQHGLVLFXUH]]DLSRWL]]DQGR
FKHSURYHQJDGDOODUHJLRQHGL1DJ+DPPDGLFRPHDOWULFRGLFLFRSWLYHQXWLDOODOXFHSULPDGHO
HGHLTXDOLVLLJQRUDYDODSURYHQLHQ]D$SSURIRQGLWLVWXGLHUHFHQWLVVLPHHVSORUD]LRQL
DUFKHRORJLFKHFRQIRUWDQRTXHOODFKHSULPDHUDXQDVHPSOLFHVXSSRVL]LRQH0DFKLqTXHVWD
0DULD"7UHSHUVRQHFDPPLQDYDQRVHPSUHFRQLO6LJQRUH0DULDVXDPDGUHHODVRUHOODGLOHLH
OD0DGGDOHQDGHWWDODVXDFRPSDJQD0DULDLQIDWWL VLFKLDPDYD VXDVRUHOODVXDPDGUHHVXD
FRPSDJQDª(DQFRUD©/DFRPSDJQDGH,)LJOLRq0DULD0DGGDOHQD,O6LJQRUHDPDYD0DULD
SLGLWXWWLLGLVFHSROLHVSHVVRODEDFLDYDVXOODERFFD*OLDOWULGLVFHSROLYHGHQGRORFRQ0DULDJOL
GRPDQGDURQR³3HUFKpO¶DPLSLGLQRLWXWWL"´ª1RQYLqGXEELRFKHLOQRVWURVLDLO©9DQJHORGL
0DULD0DGGDOHQDª&RPHLQWXWWLJOLVFULWWLJQRVWLFLFULVWLDQLOD0DGGDOHQDqO¶HVHPSLRGHO
SHUIHWWRJQRVWLFRHODPDHVWUDGHOODGRWWULQDJQRVWLFD/¶RSHUDJQRVWLFDSLVRUSUHQGHQWHqVRWWR
TXHVWRDVSHWWR36/HGRQQHFKHLQTXHVW¶RSHUDLQWHUYHQJRQRFRPHLQWHUORFXWULFLGL*HVULVRUWR
VRQR0DULDVXDPDGUH0DUWD6DORPHH0DULD0DGGDOHQDHODSDUWHGLJUDQOXQJD
SUHSRQGHUDQWHQRQVRORWUDOHPHQ]LRQDWHGLVFHSROHPDDQFKHWUDJOLDSRVWROLqGL0DULD
0DGGDOHQDFKH²LQPDQLHUDVHPSUHLPSRUWDQWH²LQWHUYLHQHSHUEHQVHVVDQWDVHWWHYROWH'LOHL
*HVWHVVHOHSLDPSLHORGLHGHOODLQWHUFHGHSHUVLQRSHUJOLDSRVWROLVSHFLHTXDQGRQRQ
ULHVFRQRDVHJXLUHOHSDUROHGHO0DHVWURHDHVSRUUHLPRWLYLGHOOHORURGRPDQGH,OIDWWRKD
FHUWDPHQWHXQVLJQLILFDWRFKHIRUVHYDFHUFDWRLQGXHGLUH]LRQLODSULPDqODSUHVHQWD]LRQHGL
0DULDQHL9DQJHOLFDQRQLFL$TXDQWRVHPEUDSHULOQRVWURVFULWWR0DULD0DGGDOHQDqODGRQQD
GDOODTXDOH*HVVFDFFLzVHWWHGHPRQLqODVRUHOODGL0DUWDqODSHFFDWULFHDQRQLPDHGq
PHQ]LRQDWDSLYROWHQHLTXDWWUR9DQJHOLFKHWUDWWDQRGHOODSDVVLRQHHULVXUUH]LRQHGLOHLqGHWWR
FKHOHVRQRVWDWLSHUGRQDWLPROWLSHFFDWLHFKHSHUFLzKDDPDWRPROWR

8QDVHFRQGDOLQHDGLUHWWULFHYDLQGLYLGXDWDQHOODFRQFH]LRQHGHLGXHVHVVLFKH²VLqRVVHUYDWR²
qLQQDWXUDOHqVHJQRGLLPSHUIH]LRQHHTXLQGLFHVVHUjTXDQGRQRQFLVDUDQQR©QpGRQQDQp
XRPRªLQTXDOFKHPRGRWDOHSURFHVVRVLHUDJLjFRPSLXWRQHOOD0DGGDOHQD©LOFXLFXRUHq
ULYROWRDO5HJQRGHLFLHOLSLGLWXWWLLWXRLIUDWHOOLªHFKHKDJLjULFHYXWRXQDVRPLJOLDQ]DFRQOD
YHUJLQHOXFHFRPHOHGLFH*HVLOVXR©XRPROXFHqVHPSUHGHVWRODVXDPHQWHVHPSUHSURQWDH
ULFROPDGL©VSLULWROXPLQRVR

,QOHLVLHUDJLjUHDOL]]DWRLOFLFORGHOULWRUQRSRLFKpFRQODVXDSUHFHGHQWHYLWDGLSHFFDWRGRSR
O¶LQFRQWURFRQ*HVGLYHQQHOXPLQRVRHVHPSLRGLYLWDLQTXHVWRLPRQGRFKHHEEHRULJLQHGDXQD
WUDVJUHVVLRQHªHTXLQGLSURWRWLSRGHOYHURJQRVWLFRHPDHVWUDGLJQRVL

,QSUHVHQ]DGLFLzqGLIILFLOHQRQSHQVDUHDXQDWDFLWDRDSHUWDFRQWUDSSRVL]LRQHGHOOHFRPXQLWj
JQRVWLFKHQHLFRQIURQWLGHOOD&KLHVDXIILFLDOHFLUFDODSRVL]LRQHGHOODGRQQDQHOO¶DPELWRGHOOD
FRPXQLWjHGHOFXOWRFULVWLDQRÊVLJQLILFDWLYRFRPHVLDVHPSUH3LHWUR²QHO9DQJ7RPLQ36H
QHO9DQJ0DU²DGDVVXPHUHXQDWWHJJLDPHQWRRVWLOHDOOHGRQQHFKHLPPDQFDELOPHQWHLO&ULVWR
ULPSURYHUD/HJJLDPRDGHVHPSLRFKH0DULD0DGGDOHQDKDODPHQWHVHPSUHSURQWDPD©WHPH
OHPLQDFFHGL3LHWURLOTXDOHKDLQRGLRLOQRVWURJHQHUHIHPPLQLOH 36 HDQFRUD
©OHGRQQHILQLVFDQRGLGRPDQGDUHDIILQFKpSRVVLDPRGRPDQGDUHDQFKHQRLª  
'DTXDQWRqJLXQWRILQRDQRLSRVVLDPRFRVuVLQWHWL]]DUHLO9DQJ0DU*HVULVRUWRVLLQWUDWWLHQH
FRQJOLDSRVWROLULVSRQGHDOOHORURGRPDQGHHDIILGDORURODPLVVLRQHGLSUHGLFDUHLO9DQJHOR
0DQFDQRVIRUWXQDWDPHQWHVHLSDJLQHDOO¶LQL]LRGDOWHVWRFKHDEELDPROHGXHGRPDQGHGHJOL
DSRVWROLHOHULVSRVWHGL*HVYHUWRQRVXOODVRUWHILQDOHGHOODQDWXUDFLRqGHOODPDWHULDHVXO©
SHFFDWRGHOPRQGRª/DPDWHULDQRQKDLPSRUWDQ]DDOFXQDSHULOPRQGRVSLULWXDOHYLHQHGDOQXOOD
HVLGLVVROYHUjQHOQXOODFLzFKHQRQqPDLHVLVWLWRQRQDYUjHVLVWHQ]DKDDYXWRHVLVWHQ]DSHU
HVVHUHQXRYDPHQWHGLVWUXWWRHVDUjGLVWUXWWR

$OODVHFRQGDGRPDQGDVXOSHFFDWRGHLPRQGR*HVULVSRQGHFKHQRQHVLVWHSURSULDPHQWH
SHFFDWRGHOPRQGRDHFFH]LRQHGLTXHOORFKHFRPPHWWRQRJOLXRPLQLFRQODULSURGX]LRQH
SUHVHQWDWDFRPHXQLFRSHFFDWRHSURVHJXHDIIHUPDQGRFKHLO%HQHFKHTXLGHVLJQDORVWHVVR
6DOYDWRUHqYHQXWRDVHSDUDUHQHOO¶XRPRLOPDWHULDOHGDOORVSLULWXDOHUHVWLWXHQGRRJQLQDWXUDDOOD
VXDUDGLFHFRQODFRPXQLFD]LRQHGHOODUHWWDFRQRVFHQ]DFLRqGHOODJQRVLFKHSHUPHWWHOD
VHSDUD]LRQHGHOFRUSRPDWHULDOHGDOODOXFHHLOULWRUQRGHOO¶DQLPDDOODVXDYHUDSDWULD3HUTXHVWR
GRSRODQDVFLWDqQHFHVVDULDODPRUWH VJJ 'DOODPDWHULDLQIDWWLVLRULJLQzXQDSDVVLRQH
FKHVFRQYROVHWXWWRLOFRUSRHGqFRQWURODQDWXUD4XDQWLYHQQHURLQTXHVWRPRQGRVRQRJRFFH
GLOXFHVRQRVFLQWLOOHFKHGDOPRQGRGLOXFHIXURQRIDWWHVFHQGHUHGD6RILDQHOPRQGRGHO
3DQWRFUDWRUGHOFDRVRYHVRQRDYYLQWHGDOOHFDWHQHGHOO¶REOLRLO6DOYDWRUHVFHVHSHUOLEHUDUH
TXHVWHJRFFHTXHVWHVFLQWLOOHGHVWDUOHGDOVRQQRDGGLWDUHODYLDGHOODOXFHSHUULVDOLUHDO3DGUH

,O&ULVWRLQFRUDJJLDJOLDSRVWROLGjORURODSDFHOLPHWWHLQJXDUGLDFRQWURJOLLQJDQQL©LO)LJOLR
GHOO¶XRPRª²FLRqORVWHVVR&ULVWR²©qGHQWURGLQRLªGHYRQRFHUFDUORHVHJXLUOR'HYRQR
DQGDUHDSUHGLFDUHLO9DQJHORGHO5HJQRQRQVRQRDUDOGLGLXQOHJLVODWRUHQRQKDQQROHJJLWXWWL
SRVVRQRULFRQRVFHUHFKLVRQRGRQGHYHQJRQRHGRYHVRQRGLUHWWL'RSRFKH*HVVLq
DOORQWDQDWRHQWUDLQD]LRQH0DULDWUDJOLDSRVWROLVFRUDJJLDWL

/DVHFRQGDSDUWHLQL]LDFRQO¶LQWHUYHQWRGL3LHWURSUHVVR0DULDDIILQFKpULFRUGLDJOLDSRVWROLOH
SDUROHDOHLGHWWHGDO6DOYDWRUHHLJQRUDWHGDJOLDOWUL,O&ULVWROHHUDDSSDUVRLQYLVLRQHHDYHYD
ULVSRVWRDOOHVXHGRPDQGHSXUWURSSRVLqFRQVHUYDWDVRORXQDGLTXHVWH/¶XRPRYHGHODYLVLRQH
DWWUDYHUVRO¶DQLPDRDWWUDYHUVRORVSLULWR"$EELDPRO¶LQL]LRGHOODULVSRVWDLO6DOYDWRUHLQL]LD
DVVHUHQGRFKHODYLVLRQHQRQqSHUFHSLWDQpDWWUDYHUVRO¶DQLPDQpDWWUDYHUVRORVSLULWREHQVuFRQ
ODPHQWH

0DQFDQROHSDJLQH,OHGRSRTXHVWRVRVWDQ]LRVRYXRWRLQFRQWULDPRO¶DQLPDFKH
FRQYHUVDFRQXQDSRWHQ]D'DTXDQWRVHJXHGHGXFLDPRFKHO¶DQLPDVLLQWUDWWLHQH
VXFFHVVLYDPHQWHFRQTXDWWURSRWHQ]HLOQRVWURWHVWRLQL]LDFRQODVHFRQGD3XUQHOODFRQGL]LRQH
PXWLODQHOODTXDOHFLqSHUYHQXWRLOWHVWRqGLSDUWLFRODUHLQWHUHVVHLQTXDQWRGHVFULYHO¶DVFHQVLRQH
GHOO¶DQLPDSXULILFDWDGLRJQLHOHPHQWRPDWHULDOHO¶DQLPDQHOVXRYLDJJLRGLULWRUQRDO3DGUHDOOD
VXDRULJLQH'DPROWLWHVWLJQRVWLFLVDSSLDPRFKHSHUVDOLUHDO5HJQRGHOODOXFHHUDQHFHVVDULR
VXSHUDUHLOFRVLGGHWWR©OXRJRGLPH]]RªLQIHVWDWRGDXQJUDQQXPHURGLHVVHULPDOYDJL,OEUDQR
FHQWUDOHGHO9DQJ0DUKDGXQTXHXQVLQJRODUHLQWHUHVVHSHUFKpWUDWWDXQVRJJHWWRQpPDUJLQDOHQp
IDFLOPHQWHFRPXQLFDELOHODFXLFRPSUHQVLRQHSUHVXSSRQHDOWULDUWLFROLQRQFRPXQLPDSURSUL
GHOORJQRVWLFLVPRHGqVLJQLILFDWLYRFKHO¶DXWRUHDWWULEXLVFDORVFULWWRDOOD0DGGDOHQDFRQVLGHUDWDLO
WLSRGHOSHUIHWWRJQRVWLFRFRPHqXJXDOPHQWHGDRVVHUYDUHODUHD]LRQHSLXWWRVWRQHJDWLYDGHJOL
DSRVWROLQRQDQFRUDPDWXUL

,O9DQJHORGL0DULD

ODPDWHULDVDUjGLVWUXWWDRSSXUHQR",O6DOYDWRUHGLVVH³7XWWHOHQDWXUHWXWWHOHIRUPD]LRQL
WXWWHOHFUHD]LRQLVXVVLVWRQRO¶XQDQHOO¶DOWUDHO¶XQDFRQO¶DOWUDHVDUDQQRQXRYDPHQWHGLVVROWHQHOOH
SURSULHUDGLFL3RLFKpODQDWXUDGHOODPDWHULDVLGLVVROYHVROWDQWRQHOOH UDGLFL GHOODVXDQDWXUD
&KLKDRUHFFKLHGDLQWHQGHUHLQWHQGDª

3LHWURJOLGLVVH*LDFFKpFLKDLVSLHJDWRRJQLFRVDVSLHJDFLDQFKHTXHVWR&KHFRVDqLOSHFFDWR
GHOPRQGR"ª,O6DOYDWRUHULVSRVH©1RQYLqDOFXQSHFFDWR6LHWHYRLLQYHFHFKHIDWHLO
SHFFDWRDOORUFKpFRPSLWH D]LRQL FKHVRQRGHOODVWHVVDQDWXUDGHOO¶DGXOWHULRFKHqGHWWR³LO
SHFFDWR´

©3HUTXHVWRPRWLYRLOEHQHYHQQHLQPH]]RDYRLQHOO¶ HVVHQ]D GLRJQLQDWXUDSHUUHVWLWXLUODDOOD
VXDUDGLFH(SURVHJXuGLFHQGR©3HUTXHVWRYLDPPDODWHHPRULWHSHUFKpYRLDPDWHFLzFKHq
LQJDQQHYROHFLzFKHYLLQJDQQHUj&KLSXzFRPSUHQGHUHFRPSUHQGD

©/DPDWHULDGLHGHRULJLQHDXQDSDVVLRQHVHQ]DXJXDOLFKHSURFHGHWWHGD TXDOFRVD FKHq
FRQWURQDWXUD1HYHQQHDOORUDXQGLVRUGLQHLQWXWWRLOFRUSR©3HUTXHVWRPRWLYRYLGLVVL)DWHYL
FRUDJJLR6HVLHWHDIIOLWWLIDWHYLFRUDJJLRLQSUHVHQ]DGHOOHPROWHSOLFLIRUPHGHOODQDWXUD&KLKD
RUHFFKLHGDLQWHQGHUHLQWHQGDª

&LzGHWWRLO%HDWROLVDOXWzWXWWLHGLVVH©/DSDFHVLDFRQYRL$EELDWHODPLDSDFH6WDWHDOO¶HUWD
FKHQHVVXQRYLLQJDQQLFRQOHSDUROH³9HGHWHTXL´R³9HGHWHOj,O)LJOLRGHOO¶XRPRqLQIDWWL
GHQWURGLYRL6HJXLWHOR&KLORFHUFDORWURYD

©$QGDWHGXQTXHHSUHGLFDWHLO9DQJHORGHO5HJQR1RQKRHPDQDWRDOFXQSUHFHWWRDOO¶LQIXRULGL
TXHOORFKHYLKRVWDELOLWR1pYLKRGDWRDOFXQDOHJJHFRPHXQOHJLVODWRUHDIILQFKpQRQDYYHQJD
FKHVLDWHGDHVVDFRVWUHWWLª&LzGHWWRVHQHDQGz

0DHVVLULPDVHURWULVWLHSLDQJHYDQRIRUWHGLFHQGR

©&RPHSRVVLDPRDQGDUHGDLJHQWLOLHSUHGLFDUHORURLO9DQJHORGHO5HJQRGHO)LJOLRGHOO¶XRPR"
6HHVVLQRQULVSDUPLDURQROXLFRPHVDUHPRULVSDUPLDWLQRL"

6¶DO]zDOORUD0DULDOLVDOXWzWXWWLHGLVVHDLVXRLIUDWHOOL³1RQSLDQJHWHQRQVLDWHPDOLQFRQLFLH
QHSSXUHLQGHFLVL/DVXDJUD]LDVDUjSHULQWHURFRQYRLHYLSURWHJJHUj/RGLDPRSLXWWRVWRODVXD
JUDQGH]]DJLDFFKpHJOLFLKDSUHSDUDWLHIDWWLXRPLQL´

&RVuGLFHQGR0DULDYROVHDOEHQHODORURPHQWHHGHVVLLQFRPLQFLDURQRDGLVFXWHUHVXOOHSDUROH
GHO6DOYDWRUH

3LHWURGLVVHD0DULD©6RUHOODQRLVDSSLDPRFKHLO6DOYDWRUHWLDPDYDSLGHOOHDOWUHGRQQH
&RPXQLFDFLOHSDUROHGHO6DOYDWRUHFKHWXULFRUGLTXHOOHFKHWXFRQRVFL PD QRQQRL TXHOOH 
FKHQRLQRQDEELDPRQHSSXUHXGLWRª

0DULDULVSRVHHGLVVH©4XHOORFKHDYRLqQDVFRVWRLRYHORFRPXQLFKHUzª

(GHOODLQL]LzDGLUHORUROHVHJXHQWLSDUROH©,ROHLGLVVHYLGLLO6LJQRUHLQXQDYLVLRQHHJOLGLVVL
³6LJQRUHRJJLWLKRYLVWRLQXQDYLVLRQH´(JOLPLULVSRVHHGLVVH³%HDWDWXFKHQRQKDLYDFLOODWR
DOODPLDYLVWD/jLQIDWWLRYHqODPHQWHTXLYLqLOWHVRUR´,RJOLGLVVL³6LJQRUHDGHVVR GLPPL 
FROXLFKHYHGHODYLVLRQHODYHGH DWWUDYHUVR O¶DQLPDRSSXUH DWWUDYHUVR ORVSLULWR"´

©,O6DOYDWRUHULVSRVHHGLVVH³(JOLQRQYHGHDWWUDYHUVRO¶DQLPDQpDWWUDYHUVRORVSLULWRPDOD
PHQWHFKHVLWURYDWUDLGXHqTXHOODFKHYHGHODYLVLRQHH´ª

>0DQFDQRTXDWWURSDJLQH@

©(ODEUDPRVLDGLVVH³1RQWLKRYLVWDTXDQGRVHLGLVFHVDRUDLQYHFHWLYHGRPHQWUHVDOLLQ
DOWR&RPHPDLGXQTXHWXPLPHQWLGDOPRPHQWRFKHPLDSSDUWLHQL"´/¶DQLPDULVSRVH³,RWLKR
YHGXWDPHQWUHWXQRQPLKDLQpYLVWDQpFRQRVFLXWD,RWLIDFHYRGDYHVWLWRPDQRQPLKDL
ULFRQRVFLXWD´&LzGHWWRHOODVHQHDQGzYLDDOOHJUDHJLRLRVD

©$QGzSRLGDOODWHU]DSRWHQ]DFKHVLFKLDPDLJQRUDQ]D4XHVWDGRPDQGzDOO¶DQLPD³'RYH9DL"
6HLVWDWDSUHVDQHOODPDOLJQLWjPDVHLVWDWDSUHVD1RQJLXGLFDUH´/¶DQLPDGLVVH³3HUFKpPL
JLXGLFKLPHQWUHLRQRQKRJLXGLFDWR",RVRQRVWDWDSUHVDVHEEHQHLRQRQDEELDSUHVR1RQVRQR
VWDWDULFRQRVFLXWD0DLRKRULFRQRVFLXWRFKHLOWXWWRqVWDWRGLVFLROWRVLD OHFRVHHQDWXUH 
WHUUHVWULVLDOHFHOHVWL´

©'RSRFKHO¶DQLPDHEEHODVFLDWRGLHWURGLVpODWHU]DSRWHQ]DVDOuLQDOWRHYLGHODTXDUWD
SRWHQ]D(VVDDYHYDVHWWHIRUPH/DSULPDqO¶RVFXULWjODVHFRQGDqODEUDPRVLDODWHU]Dq
O¶LJQRUDQ]DODTXDUWDqO¶HPR]LRQHGHOODPRUWHODTXLQWDqLOUHJQRGHOODFDUQHODVHVWDqODVWROWD
VDJJH]]DGHOODFDUQHODVHWWLPDqODVDSLHQ]DVWL]]RVD4XHVWHVRQROHVHWWHSRWHQ]HGHOO¶LUD

©(VVHGRPDQGDURQRDOO¶DQLPD³'DGRYHYLHQLDVVDVVLQDGHJOLXRPLQL"'RYHVHLLQFDPPLQDWD
VXSHUDWULFHGHJOLVSD]L"´/¶DQLPDULVSRVHHGLVVH©&LzFKHPLOHJDqVWDWRXFFLVRFLzFKHPL
FLUFRQGDqVWDWRPHVVRGDSDUWHODPLDEUDPRVLDqDQQLHQWDWDHODPLDLJQRUDQ]DqPRUWD,QXQ
PRQGRVRQRVWDWDVFLROWDGDXQPRQGRLQXQW\SRVGDXQW\SRVVXSHULRUHGDOODFDWHQDGHOO¶REOLR
FKHqSDVVHJJHUD'¶RUDLQSRLLRUDJJLXQJHUzLQVLOHQ]LRLOULSRVRGHOWHPSRGHOPRPHQWR
GHOO¶HRQH´

'HWWRFLz0DULDWDFTXH)LQTXLOHDYHYDSDUODWRLO6DOYDWRUH

0D$QGUHDUHSOLFzHGLVVHDLIUDWHOOL©'LWHFKHFRVDSHQVDWHGLTXDQWRHOODKDGHWWR,RDOPHQR
QRQFUHGRFKHLO6DOYDWRUHDEELDGHWWRFLz4XHVWHGRWWULQHLQIDWWLVRQRVLFXUDPHQWHLQVHJQDPHQWL
GLYHUVLª

5LJXDUGRDTXHVWHVWHVVHFRVHSDUOzDQFKH3LHWUR(JOLOLLQWHUURJzLQPHULWRDO6DOYDWRUH³+DHJOL
IRUVHSDUODWRUHDOPHQWHLQVHJUHWRHQRQDSHUWDPHQWHDXQDGRQQDVHQ]DFKHQRLORVDSHVVLPR"
&LGREELDPRULFUHGHUHWXWWLHDVFROWDUHOHL")RUVHHJOLO¶KDDQWHSRVWDDQRL"³

0DULDDOORUDSLDQVHHGLVVHD3LHWUR³3LHWURIUDWHOORPLRFKHFRVDFUHGLGXQTXH"&UHGLWXFKHLR
O¶DEELDLQYHQWDWRLQFXRUPLRRFKHLRPHQWDULJXDUGRDO6DOYDWRUH"³

/HYLUHSOLFzD3LHWURGLFHQGR³7XVHLVHPSUHLUUXHQWH3LHWUR2UDLRYHGRFKHWLVFDJOLFRQWUROD
GRQQDFRPH IDQQR JOLDYYHUVDUL6HLO6DOYDWRUHO¶KDUHVDGHJQDFKLVHLWXFKHODUHVSLQJL"1RQ
Y¶qGXEELRLO6DOYDWRUHODFRQRVFHEHQH3HUTXHVWRDPDYDOHLSLGLQRL'REELDPRSLXWWRVWR
YHUJRJQDUFLULYHVWLUFLGHOO¶XRPRSHUIHWWRIRUPDUFLFRPHHJOLFLKDRUGLQDWRHDQQXQ]LDUHLO
9DQJHORVHQ]DHPDQDUHQpXQXOWHULRUHFRPDQGDPHQWRQpXQ¶XOWHULRUHOHJJHDOO¶LQIXRULGLTXDQWR
FLGLVVHLO6DOYDWRUH³

4XDQGR/HYLHEEHGHWWRFLzHVVLSUHVHURDGDQGDUHSHUDQQXQ]LDUHHSUHGLFDUH

,O9DQJHORVHFRQGR0DULD

'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD
)LOLSSRDFXUDGL/XLJL0RUDOGLHG
DJOL$GHOSKL0LODQRSS



9DQJHORGL9HULWj

,O9DQJHORGLYHULWjqJLRLDSHUFRORURFKHGDO3DGUHGHOODYHULWjKDQQRULFHYXWRODJUD]LDGL
FRQRVFHUORDWWUDYHUVRODSRWHQ]DGHO/RJRVYHQXWRGDO3OHURPDHJOLqQHOSHQVLHURHQHOODPHQWH
GHO3DGUHHJOLqFKLDPDWR6DOYDWRUHHVVHQGRTXHVWRLOQRPHGHOO
RSHUDFKHKDGDSRUWDUHD
FRPSLPHQWRSHUODVDOYH]]DGLFRORURFKHQRQFRQRVFHYDQRLO3DGUH,OQRPHGHO9DQJHORq
LQIDWWLXQSURFODPDGLVSHUDQ]DqXQDVFRSHUWDSHUFRORURWKHORFHUFDQR7XWWLLQIDWWLHUDQRDOOD
ULFHUFDGLFROXLGDOTXDOHHUDQRXVFLWLHLWXWWLHUDQRLQOXLO
LQDIIHUUDELOHO
LQFRPSUHQVLELOHFROXLFKH
qDOGLVRSUDGLTXDOVLDVLSHQVLHUR

/
LJQRUDQ]DGHO3DGUHIXVRUJHQWHGLDQJRVFLDHGLSDXUD/
DQJRVFLDVLqFRQGHQVDWDFRPHXQD
FDOLJLQHVLFFKpQHVVXQRKDSRWXWRYHGHUH3HUFLzO
HUURUHVLqDIIHUPDWRLJQRUDQGRODYHULWjKD
HODERUDWRODVXDPDWHULDQHOYXRWR6LLQGXVWULzDIRUPDUHXQDFUHDWXUDVIRU]DQGRVLGLDQFRUDUH
QHOODEHOOH]]DO
HTXLYDOHQWHGHOODYHULWj

0DFLzQRQHUDXQDXPLOLD]LRQHSHUOXLO
LQDIIHUUDELOHO
LQFRPSUHQVLELOHTXHVWDDQJRVFLDTXHVWR
REOLRHTXHVW
RSHUDPHQ]RJQHUDHUDQRXQQXOODPHQWUHODYHULWjqVWDELOHLQDOWHUDELOH
LQDPRYLELOHqLPSHUIHWWLELOPHQWHEHOOD3HUFLzGLVSUH]]DWHO
HUURUH1RQDYHQGRUDGLFHHUDLQXQD
FDOLJLQHULVSHWWRDO3DGUHDSSUHVWDQGRVLDSUHGLVSRQHRSHUHREOLLHSDXUHSHUDWWUDUUHSHUORUR
WUDPLWHFRORURFKHVLWURYDQRQHO OXRJR GLPH]]RHIDUOLSULJLRQLHUL

/
REOLRGHULYDQWHGDOO
HUURUHQRQHUDPDQLIHVWR1RQHQFRPHSUHVVRLO3DGUH/
REOLRQRQ
HVLVWHYDSUHVVRLO3DGUHDQFKHVHSHUYHQQHDOO
HVLVWHQ]DDFDXVDGLOXLTXDQWRHVLVWHLQOXLqOD
FRQRVFHQ]DFKHIXPDQLIHVWDWDDIILQFKpVLHVWLQJXHVVHO
REOLRHLO3DGUHIRVVHFRQRVFLXWR/
REOLR
LQIDWWLSHUYHQQHDOO
HVLVWHQ]DSHUFKpQRQFRQRVFHYDQRLO3DGUHGDOPRPHQWRGXQTXHLQFXL
FRQRVFRQRLO3DGUHO
REOLRQRQVDUjSL4XHVWRqLO9DQJHORGLFROXLFKHHVVLFHUFDQRqVWDWR
PDQLIHVWDWRDLSHUIHWWLJUD]LHDOODPLVHULFRUGLDGHO3DGUH

0LVWHURQDVFRVWR*HV&ULVWRSHUPH]]RGHLTXDOHKDLOOXPLQDWRFRORURFKHDPRWLYRGHOO
REOLR
VLWURYDYDQRQHOO
RVFXULWjOLKDLOOXPLQDWLKDLQGLFDWR ORUR ODYLD(TXHVWDYLDqODYHULWjFKHKD
LQVHJQDWRORUR3HUTXHVWRPRWLYRO
HUURUHVLDGLUzFRQWURGLOXLORSHUVHJXLWzORPDOWUDWWzOR
DQQLFKLOu)XLQFKLRGDWRDXQOHJQRGLYHQQHIUXWWRGHOODFRQRVFHQ]DGHO3DGUHPDSHUFRORURFKH
QHKDQQRPDQJLDWRQRQGLYHQQHFDXVDGLSHUGL]LRQH

$OFRQWUDULRSHUFRORURFKHQHPDQJLDURQRGLYHQQH FDXVD GLJLRLDDPRWLYRGHOODVFRSHUWD
(JOLLQIDWWLOLWURYzLQVHVWHVVRHGHVVLWURYDURQROXLLQVHVWHVVL OXLFKHq O
LQDIIHUUDELOH
O
LQFRPSUHQVLELOHLO3DGUHSHUIHWWRFROXLFKHKDIDWWRLOWXWWRQHOTXDOHVLWURYDLOWXWWRHGHOTXDOH
LOWXWWRKDELVRJQR

(JOLLQIDWWLWUDWWHQQHLQVHVWHVVRODORURSHUIH]LRQHQRQO
DYHYDGDWDDOWXWWR1RQSHUFKpLO3DGUH
VLDJHORVRTXDOHJHORVLDYLSXzHVVHUHLQOXLYHUVROHVXHPHPEUD"3RLFKpVHLQWDOPRGRTXHVWR
HRQHDYHVVHWUDWWHQXWRSHUVHODORURSHUIH]LRQHHVVLQRQDYUHEEHURSRWXWRVDOLUHYHUVRLO3DGUH
FKHWUDWWLHQHLQVHVWHVVRODORURSHUIH]LRQHHJOL LQYHFH ODFRQFHGHORURDIILQFKpULWRUQLQRDOXLH
ORFRQRVFDQRFRQXQDFRQRVFHQ]DXQLFDQHOODSHUIH]LRQH(JOLqFROXLFKHKDIDWWRLOWXWWR FROXL 
QHOTXDOHHUDLOWXWWRHGHOTXDOHLOWXWWRKDELVRJQR6LFFRPHXQRFKHqLJQRUDWRGDPROWLGHVLGHUD
HVVHUHFRQRVFLXWRHTXLQGLDPDWRGLFKHFRVDLQIDWWLKDELVRJQRLOWXWWRVHQRQGHOOD
FRQRVFHQ]DGHL3DGUH"FRVuHJOLYHQQHJXLGDVHUHQDHWUDQTXLOOD

(QWUzLQXQDVFXRODHGDPDHVWURSURQXQFLzOD3DUROD6LUHFDURQRGDOXLLVDSLHQWLTXDQWLVL
FUHGHYDQRWDOLPHWWHQGRORDOODSURYDPDHJOLOLFRQIRQGHYDGLPRVWUDQGRORURFKHHUDQRYXRWL
/
RGLDURQRSHUFKpLQYHULWjQRQHUDQRVDSLHQWL

'RSRWXWWLFRVWRURVLUHFDURQRGDOXLDQFKHLIDQFLXOOLDLTXDOLDSSDUWLHQHODFRQRVFHQ]DGHO3DGUH
SRLFKpIXURQRLUUREXVWLWLLPSDUDURQR DFRQRVFHUH JOLDVSHWWLGHOYROWRGHO3DGUH&RQREEHURH
IXURQRFRQRVFLXWL)XURQRJORULILFDWLHJORULILFDURQR1HOORURFXRUHVLPDQLIHVWzLOOLEURYLYRGHL
YLYHQWLVFULWWRQHOSHQVLHURHQHOO
LQWHOOLJHQ]DGHL3DGUHFKHQHOODVXDLQFRPSUHQVLELOLWjHUD
DQWHULRUHDOODIRQGD]LRQHGHOWXWWR1HVVXQRSRWHYDLPSDGURQLUVLGLTXHVWR OLEUR SRLFKpHUD
ULVHUYDWRDFROXLFKHORDIIHUUHUjDFROXLFKHVDUjLPPRODWR1HVVXQRGLFRORURFKHFUHGHWWHURDOOD
VDOYH]]DSRWpHVVHUHPDQLIHVWDWRILQRDFKHTXHOOLEURQRQIHFHODVXDDSSDUL]LRQH3HUFLzLO
PLVHULFRUGLRVRHIHGHOH*HVDFFHWWzFRQSD]LHQ]DGLVRSSRUWDUHOHVRIIHUHQ]HILQRDTXDQGR
SUHVHTXHOOLEURVDSHQGRFKHODVXDPRUWHqYLWDSHUPROWL

&RPHLQXQWHVWDPHQWRFKHQRQqDQFRUDVWDWRDSHUWRqQDVFRVWDODIRUWXQDGHOFDSRIDPLJOLD
PRUWRFRVuLOWXWWRULPDQHYDQDVFRVWRILQWDQWRFKHLO3DGUHO
HVVHUHFKHHVLVWHGDVpHGDOTXDOH
SURYHQJRQRWXWWLJOLVSD]LHUDLQYLVLELOH3HUFLzDSSDUYH*HVVLULYHVWuGLTXHOOLEURIXLQFKLRGDWR
DXQOHJQRUHVHSXEEOLFDVXOODFURFHODGLVSRVL]LRQHGHO3DGUH

2KJUDQGHLQVHJQDPHQWR6LXPLOLzILQRDOODPRUWHFROXLFKHHUDULYHVWLWRGLYLWDHWHUQD
6SRJOLDWRVLGHLFHQFLFRUUXWWLELOLVLULYHVWuGLLPPRUWDOLWjGHOODTXDOHQHVVXQRORSXzSULYDUH
3HQHWUDWRQHOOHYXRWHUHJLRQLGHOOHSDXUHSDVVzDWWUDYHUVRJOLLJQXGLDFDXVDGHOO
REOLRHGLYHQQH
JQRVLHSHUIH]LRQHDQQXQ]LDQGRTXDQWRqQHOFXRUHGHO3DGUHDIILQFKpODVXDSDUROD
DPPDHVWUDVVHFRORURFKHDYUHEEHURDFFROWRLOVXRLQVHJQDPHQWR

&RORURFKHDFFROJRQRLOVXRLQVHJQDPHQWRFLRqLYLYHQWLJOLLVFULWWLQHOOLEURGHLYLYHQWLULFHYRQR
ODGRWWULQDVXVHVWHVVL/DULFHYRQRGDO3DGUHWRUQDQGRQXRYDPHQWHYHUVRGLOXL6LFFRPHOD
SHUIH]LRQHGHOWXWWRqQHO3DGUHqQHFHVVDULRFKHLOWXWWRULVDOJDYHUVRGLOXL$OORUDFROXLFKH
FRQRVFHSUHQGHFLzFKHqVXRHO
DWWUDHDVp

&ROXLLQIDWWLFKHQRQFRQRVFHqQHOELVRJQRHFLzGLFXLKDELVRJQRqJUDQGHJLDFFKpKDELVRJQR
GLFLzFKHORUHQGHSHUIHWWR6LFFRPHODSHUIH]LRQHGHOWXWWRVLWURYDQHO3DGUHqQHFHVVDULRFKHLO
WXWWRULVDOJDYHUVRGLOXLHFKHRJQXQRSUHQGDFLzFKHqVXRFRVWRURHJOLOLKDJLjLVFULWWLHOLKD
SUHSDUDWLSHUGDUHDTXDQWLVRQRSURFHGXWLGDOXL

&RVWRURLOFXLQRPHHJOLDYHYDJLjFRQRVFLXWRIXURQRFKLDPDWLDOODILQHVLFFKpFROXLFKHFRQRVFH
qTXHJOLLOFXLQRPHIXSURQXQFLDWRGDO3DGUH&ROXLLOFXLQRPHQRQqVWDWRSURQXQFLDWRq
LJQRUDQWH(LQIDWWLFRPHSXzXGLUHXQRLOFXLQRPHQRQqVWDWRSURQXQFLDWR"3RLFKpFROXLFKHq
LJQRUDQWHILQRDOOD)LQHqRSHUDGHOO
REOLRHFRQHVVRVDUjGLVWUXWWR6HFRVuQRQIRVVHSHUFKp
TXHVWLPLVHUDELOLQRQKDQQRXQQRPHQRQKDQQRXQDYRFH"

6LFFKpFROXLFKHFRQRVFHqGDOO
DOWR6HYLHQHFKLDPDWRDVFROWDULVSRQGHVLYROJHYHUVRFROXLWKH
ORFKLDPDULVDOHYHUVRGLOXL&RQRVFHFRPHYLHQHFKLDPDWR6LFFRPHFRQRVFHFRPSLHOD
YRORQWjGLFROXLFKHORFKLDPDYXROHHVVHUJOLJUDGLWRDFFRJOLHLOULSRVR,OQRPHGHOO
8QRGLYHQWDLO
VXRQRPH&ROXLFKHFRQRVFHUjLQTXHVWRPRGRVDGRQGHYHQQHHGRYHYDFRQRVFHFRPHXQR
FKHXEULDFDWRVLVLULVFXRWHGDOO
HEEUH]]DULWRUQDWRLQVpKDULVWDELOLWRFLzFKHqVXR

(JOLKDGLVWROWRPROWLGDOO
HUURUHOLKDSUHFHGXWLILQRDLOXRJKLGDLTXDOLVLHUDQRDOORQWDQDWLTXDQGR
FDGGHURLQHUURUHDPRWLYRGHOODSURIRQGLWjGLFROXLFKHDYYROJHRJQLVSD]LRHQRQqDYYROWRGD
DOFXQR

(QXQDJUDQGHPHUDYLJOLDFKHHVVLIRVVHURQHO3DGUHVHQ]DFRQRVFHUORHFKHIRVVHURFDSDFLGL
XVFLUHGDVROLGDWRFKHHUDQRLQFDSDFLGLFRPSUHQGHUHHGLFRQRVFHUHFROXLQHOTXDOHVL
WURYDYDQR3RLFKpQRQFRVuHUDXVFLWDGDOXLODVXDYRORQWj(JOLVLPDQLIHVWzFRPHFRQRVFHQ]D
FKHFRQYLQFHWXWWHOHHPDQD]LRQL4XHVWDqODJQRVLGHOOLEURYLYHQWHFKHHJOLKDPDQLIHVWDWRDJOL
FRQLDOODILQHFRPHOHWWHUDVHQ]DFKHHJOLVWHVVRVLPDQLIHVWDVVH3RLFKpQRQVRQRYRFDOLQp
FRQVRQDQWLFKHXQRSXzOHJJHUHHSHQVDUHDFRVHYXRWHEHQVuVRQROHWWHUHGHOODYHULWjFKH
SURQXQFLDVRORFKLOHFRQRVFH2JQLOHWWHUDqYHULWjSHUIHWWDFRPHXQOLEURSHUIHWWRSRLFKpVRQR
OHWWHUHVFULWWHGDOO
XQLWjOHVFULVVHLO3DGUHDIILQFKpSHUPH]]RGHOOHVXHOHWWHUHJOLFRQL
FRQRVFDQRLO3DGUH

0HQWUHODVXDVDSLHQ]DPHGLWDLO/RJRV
HODVXDGRWWULQDORHVSULPH
ODVXDJQRVLVLPDQLIHVWz
/DVXDLQGXOJHQ]DqVXGLOXLFRPHXQDFRURQD
/DVXDJLRLDqXQLWDDOXL
/DVXDJORULDORKDHVDOWDWR
/DVXDLPPDJLQHORKDPDQLIHVWDWR
,OVXRULSRVRO
KDDFFROWRLQVHVWHVVR
,OVXRDPRUHVLqLQFDUQDWRLQOXL
/DVXDIHGHOWjORKDFLUFRQGDWR
&RVuLO/RJRVGHO3DGUHFDPPLQzWUDLOWXWWRHVVHQGRLOIUXWWRGHOVXRFXRUHHO
HVSUHVVLRQHGHOOD
SUHVHQ]DGHOODVXDYRORQWj

(JOLWXWWDYLDVRVWHQWDLOWXWWRHJOLYLFRPSLHXQDVFHOWDHSUHQGHODIRUPDGHOWXWWR(JOLORSXULILFD
HORIDULWRUQDUHDO3DGUHDOOD0DGUHLO*HVGLLQILQLWDGROFH]]D

,O3DGUHVFRSUHLOVXRSHWWR LOVXRSHWWRqOR6SLULWR6DQWR PDQLIHVWDTXDQWRLQOXLqQDVFRVWR
FLzWKHLQOXLqQDVFRVWRqLO)LJOLRVXRDIILQFKpSHURSHUDGHOODPLVHULFRUGLDGHO3DGUHJOLHRQL
SRVVDQRFRQRVFHUORHQRQSLSHQDUHDOODULFHUFDGHO3DGUHFRVuVLULSRVDQRLQOXLVDSHQGRFKH
HJOLqLOULSRVR

&ROPDWDODPDQFDQ]DGLVWUXVVHO
HVWHUQDDSSDUHQ]D/DVXDHVWHUQDDSSDUHQ]DqLOPRQGRDO
TXDOHHJOLHUDDVVHUYLWR,QIDWWLLOOXRJRRYHVLWURYDQRLQYLGLDHGLVFRUGLDqODGHILFLHQ]DPHQWUHLO
OXRJRRYHVLWURYDO
XQLWjqODSHUIH]LRQH

/DGHILFLHQ]DYHQQHSHUFKpHVVLQRQFRQRVFHYDQRLO3DGUHPDGDOPRPHQWRLQFXLFRQRVFRQRLO
3DGUHODGHILFLHQ]DQRQHVLVWHUjSL

&RPHO
LJQRUDQ]DGLXQDSHUVRQDVLGLVVROYHGDVRODQHOPRPHQWRLQFXLHOODFRQRVFH&RPHVL
GLVVROYHO
RVFXULWjQHOPRPHQWRLQFXLVSOHQGHODOXFHFRVuODGHILFLHQ]DGLVSDUHQHOODSHUIH]LRQH
'DTXHVWRPRPHQWRQRQDSSDUHSLO
DSSDUHQ]DHVWHUQDVLGLVVROYHUjIRQGHQGRVLQHOO
XQLWj
PHQWUHRQOHORURRSHUHVRQRGLVSHUVH,Q TXHO PRPHQWRO
XQLWjSRUWHUjDOODSHUIH]LRQHJOLVSD]L

1HOO
XQLWjRJQXQRULWURYHUjVHVWHVVR1HOO
XQLWjSHUPHQRGHOODFRQRVFHQ]DHJOLSXULILFKHUjVH
VWHVVRGDOODPROWHSOLFLWjFRPHXQDILDPPDGLYRUHUjLQVHVWHVVRODPDWHULDO
RVFXULWjSHUPHQR
GHOODOXFHODPRUWHSHUPHQRGHOODYLWD

6HTXHVWRGXQTXHDYYHQQHDRJQXQRGLQRLqDQ]LWXWWRQHFHVVDULRFKHRJQXQRULIOHWWDDFKH
O
DELWD]LRQHVLDVDQWDHWUDQTXLOODSHUO
XQLWj

&RPHSHUVRQHFKHDEEDQGRQDQGRXQOXRJRGLVWUXJJRQRLYDVLQRQEXRQLWKHYLVLWURYDQRHLO
SDGURQHGHOO
DELWD]LRQHQRQVLRIIHQGHDQ]LVHQHUDOOHJUDSHUFKpDOSRVWRGHLYDVLFDWWLYLYHQH
VRQRGLSLHQLHSHUIHWWL

4XHVWRLQIDWWLqLOJLXGL]LRWKHqYHQXWRGDOO
DOWRHKDJLXGLFDWRRJQXQRODVSDGDVJXDLQDWDDGXH
WDJOLFKHWDJOLDGDDPEROHSDUWLTXDQGRDSSDUYHLO/RJRVFKHqQHOFXRUHGLTXDQWLOR
SURIHULVFRQRQRQIXVROWDQWRXQVXRQRPDKDDVVXQWRXQFRUSRWUDLYDVLVLSURGXVVHXQ
JUDQGHWUDPEXVWRSRLFKpJOLXQLHUDQRYXRWLHJOLDOWULSLHQLJOLXQLHUDQRGULWWLHJOLDOWULURYHVFLDWL
JOLXQLHUDQRSXULHJOLDOWULVSH]]DWL

7XWWLJOLVSD]LVREEDO]DURQRHIXURQRVFRQYROWLLQHVVLQRQY
HUDVWDELOLWjDOFXQDQpDYHYDQRXQ
RUGLQH/
HUURUHIXSUHVRGDOO
DQJRVFLDQRQVDSHQGRFKHFRVDIDUHVLDIIOLVVHVLODPHQWzVLVWXSu
SRLFKpQRQVDSHYDQXOOD

$OORUFKpJOLVLDYYLFLQDODJQRVLFKHqODURYLQDVXDHGLWXWWHOHVXHHPDQD]LRQLO
HUURUHq
YXRWRQRQKDSLQXOODLQVHVWHVVR

$SSDUYHODYHULWjHWXWWHOHVXHHPDQD]LRQLODULFRQREEHUR1HOODYHULWjVDOXWDURQRLO3DGUHFRQ
XQDIRU]DSHUIHWWDFKHOHULFRQJLXQJHDO3DGUHRJQXQRLQIDWWLDPDODYHULWjSRLFKpODYHULWjqOD
ERFFDGHO3DGUHODVXDOLQJXDqOR6SLULWR6DQWR&ROXLFKHVLXQLVFHDOODYHULWjqFRQJLXQWRDOOD
ERFFDGHO3DGUHDOORUFKpGDOODVXDOLQJXDULFHYHUjOR6SLULWR6DQWRHJOLqODPDQLIHVWD]LRQHGHO
3DGUHHODULYHOD]LRQHGLTXHVWLDLVXRLHRQL(JOLKDULYHODWRTXDQWRGLOXLHUDVHJUHWR(JOLORKD
VSLHJDWR&KLqPDLLQIDWWLFROXLFKHHVLVWHVHQRQLOVROR3DGUH"

7XWWLJOLVSD]LVRQRVXHHPDQD]LRQL(VVLFRQREEHURFKHSURFHGHYDQRGDOXLFRPHLILJOLGDXQ
XRPRSHUIHWWR(VVLVDSHYDQRWKHQRQDYHYDQRDQFRUDULFHYXWRODIRUPDQpDYHYDQRDQFRUD
ULFHYXWRLOQRPHWKHLO3DGUHFUHDSHURJQXQRDOORUDULFHYRQRGDOXLXQDIRUPDGHOODVXD
FRQRVFHQ]D3RLFKpSXUHVVHQGRLQOXLHVVLQRQORFRQRVFRQRPDLO3DGUHLOTXDOHqSHUIHWWR
FRQRVFHJOLVSD]LFKHVRQRLQOXL6HHJOLYXROHPDQLIHVWDFKLYXROHGDQGRJOLXQDIRUPDHXQQRPH
GjORURXQQRPHHIDVuFKHSHUYHQJDQRDOO
HVLVWHQ]D

4XDQWLQRQVRQRDQFRUDSHUYHQXWLDOO
HVLVWHQ]DLJQRUDQRFROXLFKHOLKDIDWWL,RGXQTXHQRQ
DIIHUPRFKHTXDQWLQRQVRQRDQFRUDSHUYHQXWLDOO
HVLVWHQ]DVRQRXQQXOODHVVLVRQRLQOXL
4XDQGRHJOLYRUUjHVHHJOLYRUUjLQXQPRPHQWRIXWXURHVVLSHUYHUUDQQRDOO
HVLVWHQ]D

3ULPDFKHDSSDLDQRWXWWHOHFRVHHJOLFRQRVFHFLzFKHSURGXUUjDOFRQWUDULRLOIUXWWRFKHQRQq
DQFRUDDSSDUVRQRQVDQXOODHQRQIDQXOOD&RVuRJQLVSD]LRFKHqQHO3DGUHSURYLHQHGDFROXL
FKHqPDHJOLORKDSRVWRLQHVVHUHSDUWHQGRGDOQRQHVVHUH3RLFKpFLzFKHQRQKDUDGLFHQRQKD
IUXWWRPDGLFHDVHVWHVVR+RDYXWRO
HVLVWHQ]DSHUHVVHUHQXRYDPHQWHGLVWUXWWR6DUjGLVWUXWWR

3HUFLzTXDQWRQRQqPDLHVLVWLWRQRQDYUjPDLHVLVWHQ]D

&KHFRVDYXROHGXQTXHFKHHJOLSHQVLGLVHVWHVVR"
4XHVWR6RQRFRPHOHRPEUHHLIDQWDVPLGHOODQRWWH4XDQGRULVSOHQGHODOXFHFRPSUHQGH
FKHODSDXUDGDFXLHUDSUHVRqQXOOD(UDQRWDOPHQWHLJQRUDQWLGHO3DGUHFKHQRQORYHGHYDQR(
FLzLQIRQGHYDSDXUDFRQIXVLRQHLQVWDELOLWjLQGHFLVLRQHGLVVHQVLRQHPROWHHUDQROHLOOXVLRQLFKHOL
DJLWDYDQRPROWHOHYXRWHVWROWH]]HSURSULRFRPHVHIRVVHURLPPHUVLQHOVRQQRHSHUYDVLGDVRJQL
LQTXLHWDQWLRFRPHVHIXJJLVVHURGDTXDOFKHSDQHRULWRUQDVVHURVWUHPDWLGRSRDYHUHLQVHJXLWR
TXHVWRRTXHOOR FRPHVH FROSLVVHURTXDOFXQRRULFHYHVVHURGHLFROSLFDGHVVHURGDOO
DOWRR
YRODVVHURQHOO
DULDSXUVHQ]DDYHUHDOLDOWUHYROWHqFRPHVHTXDOFXQROLYROHVVHXFFLGHUHVHEEHQH
QHVVXQROLLQVHJXDRFRPHVHXFFLGHVVHURLYLFLQLSRLFKpVRQRVSRUFKLGHOORURVDQJXHILQRDO
PRPHQWRLQFXLFRORURWKHVRQRSDVVDWLDWWUDYHUVRWXWWRFLzVLVYHJOLDQRQRQYHGRQRQXOODTXDQWL
HUDQRLQWXWWDTXHVWDFRQIXVLRQHSRLFKpWXWWRFLzHUDQXOOD

(TXDQWRDFFDGHDFRORURWKHKDQQRHOLPLQDWRO
LJQRUDQ]DFRPHXQVRJQRFKHSHUHVVLQRQFRQWD
SLQXOODQHSSXUHOHVXHRSHUHFRQWDQRSLOHFRQVLGHUDQRYXRWHSHUFLzOHDEEDQGRQDQRFRPH
XQVRJQRQRWWXUQRHVWLPDQRODJQRVLGHL3DGUHFRPHODOXFH

6LFRPSRUWDURQRFRVuWXWWLFRORURFKHHUDQRDGGRUPHQWDWLDOORUFKpHUDQRLJQRUDQWLFRVuVL
OHYDURQRDOORUFKpVLVYHJOLDURQR

)HOLFHFROXLFKHqULWRUQDWRLQVpHVLqVYHJOLDWR)HOLFHFROXLFKHKDDSHUWRJOLRFFKLDLFLHFKL/R
6SLULWRVLDIIUHWWzDULDO]DQRDOORUFKpWHVHODVXDPDQRDFROXLFKHJLDFHYDDWHUUDJOLFRQVROLGzL
SLHGLSRLFKpQRQHUDDQFRUDULVRUWR'LHGHORURLPH]]LSHUFRQRVFHUHODJQRVLGHL3DGUHHOD
ULYHOD]LRQHGHO)LJOLR4XDQGRORYLGHURHO
XGLURQRFRQFHVVHORURGLJXVWDUORGLVHQWLUQHLO
SURIXPRHGLWRFFDUHLO)LJOLRSUHGLOHWWRGRSRFKHHUDDSSDUVRSRUWDQGRORURLO9DQJHORGHL
3DGUHLQFRPSUHQVLELOH

6RIILzVXGLORURFLzFKHVLWURYDQHOSHQVLHURFRPSLHQGRODVXDYRORQWj0ROWLIXURQRLOOXPLQDWLVL
YROVHURDOXL

0DJOLLOLFLJOLHUDQRHVWUDQHLQRQYHGHYDQRODVXDLPPDJLQHHQRQORDYHYDQRULFRQRVFLXWR
SRLFKpHUDYHQXWRLQXQDIRUPDGLFDUQHQRQF
HUDRVWDFRORVXOVXRFDPPLQRHVVHQGRJOLSURSULD
VLDO
LQFRUUXWWLELOLWjVLDO
HVVHUHLUUHVLVWLELOH

$QQXQ]LzFRVHQXRYHSDUOzGLTXDQWRqQHOFXRUHGHO3DGUHSURIHUuLO/RJRVSHUIHWWR/DOXFH
SDUOzSHUVXDERFFDODVXDYRFHJHQHUzODYLWD'LHGHORURLOSHQVLHURODUDJLRQHODPLVHULFRUGLD
ODVDOYH]]DORVSLULWRGLIRU]DWKHGHULYDGDOO
LQILQLWjGHO3DGUHHGDOODGROFH]]D

3RVHWHUPLQHDLFDVWLJKLHDLVXSSOL]LJLDFFKpHUDQRTXHVWLFKHGLVWRJOLHYDQRGDOVXRYROWRTXDQWL
LQYHFHDYHYDQRELVRJQRGHOODVXDPLVHULFRUGLD WURYDQGRVL QHOO
HUURUHHWUDLODFFLOLGLVWUXVVH
FRQIRU]DHOLFRQIXVHSHUPH]]RGHOODJQRVL

(JOLGLYHQQHYLDSHUTXDQWLVLVPDUULYDQRJQRVLSHUTXDQWLHUDQRLJQRUDQWLVFRSHUWDSHUTXDQWL
FHUFDYDQRVWDELOLWjSHUTXDQWLEDUFROODYDQRELDQFRUHSHUTXDQWLHUDQRPDFFKLDWL

(JOLqLOSDVWRUHFKHKDODVFLDWROHQRYDQWDQRYHSHFRUHFKHQRQVLHUDQRVPDUULWHHGqDQGDWRDOOD
ULFHUFDGLTXHOODVPDUULWDWURYDWDODVHQHUDOOHJUz1RYDQWDQRYHLQIDWWLqXQQXPHURFKHVLWURYD
VXOODPDQRVLQLVWUDFKHQHqSDGURQD0DDOORUFKpqWURYDWRO
XQRWXWWRLOQXPHURSDVVDDOOD
 PDQR GHVWUD

&RVuDFFDGHDFROXLFKHPDQFDGHOO
XQRHFLRqWXWWDODPDQRGHVWUDDWWUDHFLzGLFXLq
PDQFKHYROHORSUHQGHGDOODPDQRVLQLVWUDORIDSDVVDUHDOODGHVWUDHFRVuGLYHQWDLOQXPHUR
FHQWR4XHVWRqLOVHJQRGLTXDQWRqQHOODORURYRFHFLRqGHO3DGUH3HUODSHFRUDULWURYDWD
FDGXWDLQXQSR]]RHJOLODYRUzDQFKHGLVDEDWRHOHGLHGHYLWD

7UDVVHTXHVWDSHFRUDGDOSR]]RDIILQFKpLYRVWULFXRULVDSSLDQRTXDOqLOVDEDWRQHOTXDOHELVRJQD
FKHODVDOYH]]DQRQUHVWLLQRSHUDQWHDIILQFKpYRLSDUOLDWHGHOJLRUQRFKHYLHQHGDOO
DOWRHGqVHQ]D
QRWWHHGHOODOXFHFKHQRQWUDPRQWDSHUFKpqSHUIHWWD

'LWHGXQTXHGLFXRUHFKHTXHVWRJLRUQRSHUIHWWRVLHWHYRLFKHLQYRLDELWDODOXFHLQHVWLQJXLELOH
3DUODWHGHOODYHULWjFRQFRORURFKHODFHUFDQRGHOODJQRVLFRQFRORURFKHQHOORURHUURUH
KDQQRSHFFDWR9RLVLHWHLILJOLGHOODJQRVLHGHOFXRUH

5LQIRU]DWHLOSLHGHGLFRORURFKHYDFLOODQRWHQGHWHODPDQRDJOLLQIHUPL1XWULWHTXDQWLKDQQR
IDPHFRQVRODWHFRORURFKHVRIIURQRLQQDO]DWHTXDQWLORGHVLGHUDQRLQQDO]DWHHVYHJOLDWHFRORUR
FKHGRUPRQR9RLLQIDWWLVLHWHODFRVFLHQ]DFKHDWWUDH6HODIRU]DDJLVFHFRVLHVVDGLYHQWD
DQFRUDSLIRUWH

&XUDWHYLGLYRLVWHVVLQRQFXUDWHYLGHOOHFRVHHVWUDQHHFKHDYHWHUHVSLQWRFKHDYHWH
DEEDQGRQDWR

1RQULYROJHWHYLDTXDQWRDYHWHYRPLWDWRSHUQXWULUYHQH1RQGLYHQWDWHWDUPHQRQGLYHQWDWH
YHUPLVRQRFRVHFKHDYHWHGHILQLWLYDPHQWHUHVSLQWR

1RQGLYHQWDWHXQOXRJRGHOGLDYRORSRLFKpO
DYHWHGHILQLWLYDPHQWHGLVWUXWWR

1RQUDIIRU]DWHTXHLYRVWULRVWDFROLYDFLOODQWLVDUHEEHXQDUHVWDXUD]LRQH

&ROXLFKHqVHQ]DOHJJHqQXOODGDQQHJJLDSLVHVWHVVRFKHODOHJJH&RPSLHLQIDWWLOHVXHD]LRQL
FRPHXQVHQ]DOHJJH

0DFROXLFKHqJLXVWRFRPSLHOHVXHRSHUHSHUJOLDOWUL9RLGXQTXHIDWHODYRORQWjGHO3DGUH
SRLFKpGHULYDWHGDOXL

,O3DGUHLQIDWWLqGROFHHQHOODVXDYRORQWjYLVRQRFRVHEXRQH(JOLKDSUHVRFRQRVFHQ]DGLFLz
FKHqYRVWURDIILQFKpLQHVVRYRLWURYLDWHULSRVR

ÊGDLIUXWWLFKHVLULFRQRVFHFLzFKHqYRVWURJLDFFKpLILJOLGHO3DGUHVRQRLOVXRSURIXPRSRLFKp
SURYHQJRQRGDOODJUD]LDGHLVXRYROWR,O3DGUHDPDLOSURSULRSURIXPRHORPDQLIHVWDLQRJQL
OXRJRVHHVVRVLPHVFRODFRQODPDWHULDHJOLFRPXQLFDLOVXRSURIXPRDOODOXFHHQHOVXRVLOHQ]LR
HJOLSHUPHWWHFKHDVVXPDRJQLIRUPDHRJQLVXRQR

1RQVRQROHRUHFFKLHFKHDVSLUDQRLOSURIXPRPDqOR6SLULWRFKHKDLOVHQVRGHOO
ROIDWWRHO
DWWLUD
DVpHO
LPPHUJHQHOSURIXPRGHL3DGUHORSUHQGHHORULFRQGXFHDOOXRJRGDOTXDOHHUDYHQXWR
 ORULFRQGXFH QHOSURIXPRRULJLQDOH LOSURIXPRFRPXQLFDWR FKHHUDGLYHQWDWRIUHGGRLQXQD
FUHDWXUDSVLFKLFDFRPHO
DFTXDIUHGGDWKH FDGH LQXQDWHUUDLQVWDELOHHFRORURFKHODYHGRQR
SHQVDQR(WHUUDHSUHVWRQXRYDPHQWHVLGLVVROYHUj0DVHVSLUDXQVRIILRHVVDVLULVFDOGD

,SURIXPLIUHGGLGHULYDQRGDOODVHSDUD]LRQH9HQQHSHUFLzODIHGHDGLVWUXJJHUHODVHSDUD]LRQHHD
FRQGXUUHLOFDOGR3OHURPDGHOO
DPRUHDIILQFKpLOIUHGGRQRQULWRUQLSLHUHJQLO
XQLWjGHOSHQVLHUR
SHUIHWWR

4XHVWRqLO/RJRVGHO9DQJHORGHOODVFRSHUWDGHO3OHURPDSHUFRORURFKHDWWHQGRQRODVDOYH]]D
FKHYLHQHGDOO
DOWR'HVWDqODORURVSHUDQ]DHYHUVRGLHVVDVRQRWHVLFRORURODFXLLPPDJLQHq
OXFHLQFXLQRQYLqRPEUDDOFXQDVHLQTXHOPRPHQWRJLXQJHLO3OHURPD

/DGHILFLHQ]DGHOODPDWHULDQRQSURYLHQHGDOO
LQILQLWjGHO3DGUHFKHJLXQJHQHOPRPHQWRGHOOD
GHILFLHQ]DVHEEHQHQHVVXQRIRVVHLQJUDGRGLDIIHUPDUHFKHO
LQFRUUXWWLELOHVDUHEEHYHQXWRLQ
TXHVWRPRGR(SLXWWRVWRODSURIRQGLWjGHO3DGUHFKHVLPROWLSOLFDHLQOXLQRQYLHUDLOSHQVLHUR
GHOO
HUURUH

(XQPLVWHURGLFDGXWDqXQPLVWHURFKHFHVVDGLHUJHUVLJUD]LHDOODVFRSHUWDGLFKLqYHQXWRGD
FROXLFKHYXROHIDUHULWRUQDUH4XHVWRULWRUQRqGHWWRFRQYHUVLRQH

3HUWDOHPRWLYRO
LQFRUUXWWLELOLWjKDVRIILDWRKDLQVHJXLWRFROXLFKHDYHYDSHFFDWRDIILQFKpWURYDVVH
LOULSRVR

,OSHUGRQRqO
HFFHGHQ]DGHOODOXFHQHOODGHILFLHQ]DqLO/RJRVGHO3OHURPD,OPHGLFRVLDIIUHWWD
YHUVRLOOXRJRRYHVLWURYDLOPDODWRSHUFKpWDOHqODVXDYRORQWj&ROXLFKHKDXQDGHILFLHQ]DQRQ
ODQDVFRQGHSRLFKp LOPHGLFR KDFLzGLFXLHJOL LOPDODWR KDELVRJQR&RVuODGHILFLHQ]Dq
FROPDWDGDO3OHURPDQHOTXDOHQRQYLqDOFXQELVRJQRFKH LO3DGUH KDPDQGDWRSHUULHPSLUH
ODGHILFLHQ]DDIILQFKpRUDULFHYDODJUD]LDTXDQGRLQIDWWLHUDQHOODGHILFLHQ]DQRQDYHYDODJUD]LD

2YHQRQF
HUDODJUD]LDYLHUDODGHILFLHQ]D$OORUFKpULFHYHWWHFLzGLFXLHUDPDQFDQWHHJOL LO
3DGUH PDQLIHVWzFKHFLzGLFXLDEELVRJQDYDHUDLO3OHURPDFLRqODVFRSHUWDGHOODOXFHGHOOD
YHULWjFKHORKDLOOXPLQDWRSHUFKpHVVDqLPPXWDELOH

4XHVWRqLOPRWLYRSHUFXLHVVLSDUODQRGL&ULVWRLQPH]]RDORURDIILQFKpTXDQWLVRQRDQJRVFLDWLVL
FRQYHUWDQRHGHJOLOLXQJDFRQO
XQ]LRQH/
XQ]LRQHqODPLVHULFRUGLDGHO3DGUHHGHJOLVDUj
PLVHULFRUGLRVRYHUVRGLORUR4XHOOLFKHHJOLKDXQWRVRQRGLYHQWDWLSHUIHWWL

6RQRLYDVLSLHQLTXHOOLFKHVLKDFXUDGLVLJLOODUH0DDOORUFKpODVLJLOODWXUDVYDQLVFH LOYDVR VL
YXRWDHLOPRWLYRSHUFXLqGLIHWWRVRFRQVLVWHQHOOXRJRGDOTXDOHIXRULHVFHO
XQ]LRQH3RLFKpLQ
TXHOPRPHQWRqDWWUDWWRGDXQVRIILRLQIRU]DGLFROXLFKHqFRQOXL
0DLQFKLQRQKDGHILFLHQ]DQRQDYYLHQHDOFXQDGLVVLJLOODWXUDQpDOFXQVYXRWDPHQWREHQVuLO3DGUH
SHUIHWWRORULHPSLHGLFLzGLFXLKDELVRJQR(JOLqEXRQR

(JOLFRQRVFHOHVXHVHPHQWLDYHQGROHVHPLQDWHHJOLVWHVVRQHOVXRSDUDGLVR,OVXRSDUDGLVRqLO
OXRJRGHOVXRULSRVRqODSHUIH]LRQHJUD]LHDOSHQVLHURGHO3DGUHHTXHVWHVRQROHSDUROHGHOOD
VXDPHGLWD]LRQH2JQXQDGHOOHVXHSDUROHqRSHUDGHOODVXDVLQJRODYRORQWjQHOODPDQLIHVWD]LRQH
GHOVXR/RJRV

0HQWUHVLWURYDYDQRQHOODSURIRQGLWjGHOVXRSHQVLHURLO/RJRVFKHSURFHGHWWHSHUSULPROH
KDPDQLIHVWDWHFRQO
LQWHOOLJHQ]DFKHSDUODGHO/RJRVQHOODJUD]LDVLOHQ]LRVD(JOLIXGHWWR
SHQVLHURSHUFKpHVVHHUDQRLQOXLSULPDGLYHQLUHPDQLIHVWDWH

$YYHQQHFKHHJOL LO/RJRV SURFHGHVVHSHUSULPRQHOPRPHQWRLQFXLSLDFTXHDOOD9RORQWjGL
FROXLFKHKDYROXWR

1HOODYRORQWjLO3DGUHVLULSRVDHVLFRPSLDFH1XOODDYYLHQHVHQ]DGLOXLQXOODDFFDGHVHQ]DOD
YRORQWjGHO3DGUH0DODVXDYRORQWjqLPSHUVFUXWDELOH/DVXDRUPDqODVXDYRORQWjPD
QHVVXQRODSXzFRQRVFHUHQpqSRVVLELOHVFUXWDUODSHUFRPSUHQGHUOD0DTXDQGRHJOLYXROH
DYYLHQHTXDQWRHJOLYXROHDQFKHVHODYLVWDGLFLzQRQSLDFHORURDIIDWWRGDYDQWLD'LRTXHVWDqOD
YRORQWjGHO3DGUH

(JOLFRQRVFHO
LQL]LRHODILQHGLWXWWL4XDQGRYHUUjODORURILQHHJOLGRPDQGHUjORURFLzFKH
DYUDQQRIDWWR
2UDODILQHFRQVLVWHQHOFRQRVFHUHFROXLFKHqQDVFRVWR(TXHVWLqLO3DGUHGDOTXDOHSURYLHQHLO
SULQFLSLRHYHUVRLOTXDOHULWRUQHUDQQRWXWWLFRORURFKHGDOXLSURYHQJRQR

(VVLG
DOWURQGHIXURQRPDQLIHVWDWLSHUODJORULDHSHUODJLRLDGHOVXRQRPH
0DLOQRPHGHO3DGUHqLO)LJOLRIXOXLFKHQHOSULQFLSLRGLHGHLOQRPHDTXHJOLFKHSURPDQzGDOXL
HUDVHVWHVVRHJOLORJHQHUzFRPH)LJOLR*OLGLHGHLOQRPHFKHJOLDSSDUWHQHYDHJOLqFROXLDO
TXDOHDSSDUWHQJRQRWXWWHOHFRVHFKHORFLUFRQGDQRLO3DGUH

6XRqLOQRPHVXRqLO)LJOLR(SRVVLELOHYHGHUORPDLOQRPHqLQYLVLELOHSRLFKpHVVRVROWDQWRqLO
PLVWHURGHOO
LQYLVLELOHGHVWLQDWRDJLXQJHUHDOOHRUHFFKLHFKHVRQRWRWDOPHQWHSLHQHGLOXL,QIDWWLLO
QRPHGHO3DGUHQRQqSURQXQFLDWRPDqPDQLIHVWDWRSHUPH]]RGHO)LJOLR

&RVuLOQRPHqJUDQGH&KLVDUjFDSDFHGLHVSULPHUHXQQRPHSHUOXLTXHVWRJUDQGHQRPHVH
QRQHJOLVROWDQWRDOTXDOHTXHVWRQRPHDSSDUWLHQHHLILJOLGHOQRPHVXLTXDOLULSRVDLOQRPHGHO
3DGUHHFKHDORURYROWDULSRVDQRVXOVXRQRPH"

'DWRFKHLO3DGUHQRQqJHQHUDWRHJOLVRORFKHKDJHQHUDWRXQQRPHSHUVHVWHVVRSULPDGL
SURGXUUHJOLHRQLDIILQFKpVXOORURFDSRYLIRVVHLOQRPHGHO3DGUHFRPH6LJQRUHFLRqLOQRPH
YHURVWDELOHQHOVXRFRPDQGRQHOODVXDSHUIHWWDSRWHQ]D3RLFKpTXHVWRQRPHQRQIDSDUWHGL
 VHPSOLFL SDUROHQpLOVXRQRPHFRQVLVWHLQDSSHOOD]LRQLPDqLQYLVLELOH

(JOLKDGDWRLOQRPHDVHVWHVVRSRLFKpqLOVRORFKHYHGHVHVWHVVRHJOLVROWDQWRKDLOSRWHUHGL
GDUVLXQQRPH3RLFKpFROXLWKHQRQHHVLVWHQRQKDQRPH&KHQRPHVLSXzGDUHDFROXLFKHQRQ
HVLVWH"&ROXLLQYHFHFKHHVLVWHHVLVWHFRQO
DOWURVXRQRPHHFRQRVFHVHVWHVVR'DUVLXQQRPH
q SUHURJDWLYD GHO3DGUH

,O)LJOLRqLOVXRQRPH(JOLGXQTXHQRQO
KDFHODWRQHOVHJUHWREHQVuHUDLO)LJOLRHVRORDOXLHJOL
KDGDWRLOQRPH,OQRPHqSHUFLzTXHOORGHO3DGUHFRPHLOQRPHGHL3DGUHqLO)LJOLR'RYH
LQIDWWLSXzWURYDUHXQQRPHODPLVHULFRUGLDDOO
LQIXRULGHO3DGUH"

0DFHUWDPHQWHTXDOFXQRGLUjDOVXRYLFLQR&KLPDLGDUjXQQRPHDFKLHVLVWHYDSULPDGLOXL"
TXDVLFKHRUDLIDQFLXOOLQRQULFHYDQRLOQRPHGDFRORURFKHOLKDQQRJHQHUDWL

$Q]LWXWWRqLPSRUWDQWHFKHQRLULIOHWWLDPRVXTXHVWRFKHFRV
qLOQRPH"4XHVWRLQIDWWLqLOYHUR
QRPHqLOQRPHFKHYLHQHGDO3DGUHLOVXRQRPHSURSULR

(JOLGXQTXHQRQKDULFHYXWRXQQRPHDSUHVWLWRFRPHJOLDOWULVHFRQGRLOPRGRSDUWLFRODUHLQFXL
ORULFHYHRJQXQRGLORUR$OFRQWUDULRTXHVWRqLOQRPHSURSULR(JOLQRQO
KDGDWRDGDOFXQDOWUR
0DqLQQHIIDELOHLQGLFLELOHILQRDOPRPHQWRLQFXLHJOLFROXLFKHqSHUIHWWRORKDSURQXQFLDWRGD
VROR(JOLKDLOSRWHUHGLSURQXQFLDUHLOVXRQRPHHGLYHGHUOR

3HUFLzTXDQGRDOXLSLDFTXHFKHLOVXRQRPHGLYHQWDVVHLO)LJOLRVXRSUHGLOHWWRGLHGHLOQRPHD
FROXLFKHSURPDQzGDOODSURIRQGLWjHGHJOLSDUOzGHLVXRLVHJUHWLVDSHQGRFKHLO3DGUHq
DVVROXWDPHQWHEXRQR

3HUTXHVWRHJOLO
KDLQYLDWRDIILQFKpSDUODVVHGHOOXRJRHGHOVXRULSRVRGDOTXDOHqJLXQWRH
GHVVHJORULDDO3OHURPDDOODJUDQGH]]DGHOVXRQRPHHDOODGROFH]]DGHO3DGUH(JOLSDUOHUjGHO
OXRJRGDFXLFLDVFXQRq9HQXWRHGHOODUHJLRQHQHOODTXDOHKDULFHYXWRLOVXRHVVHUHHVVHQ]LDOHVL
DIIUHWWHUjDIDUORULWRUQDUHQXRYDPHQWHFROjDULWLUDUORGDTXHVWROXRJROXRJRQHOTXDOHHJOL
VLqWURYDWRSURYDQGRSLDFHUHSHUO
DOWUROXRJRQXWUHQGRVHQHHFUHVFHQGRLQHVVR,OOXRJRGHO
VXRULSRVRqLOVXR3OHURPD

3HUFLzWXWWHOHHPDQD]LRQLGHO3DGUHVRQR3OHURPLWXWWHOHVXHHPDQD]LRQLKDQQRODORURUDGLFHLQ
FROXLFKHOHKDIDWWHWXWWHFUHVFHUHGDVHVWHVVRHKDDVVHJQDWRORURLORURGHVWLQL2JQXQDIXSRL
PDQLIHVWDWDDIILQFKpSHURSHUDGHOORURSHQVLHURIRVVHURSHUIHWWH

,QIDWWLLOOXRJRDOTXDOHULYROJRQRLOSHQVLHURTXHOOXRJRqODORURUDGLFHFKHOHLQQDO]DLQWXWWHOH
DOWH]]HILQRDO3DGUHHVVHUDJJLXQJRQR DOORUD LOVXRFDSRFKHqLOORURULSRVRHVLWUDWWHQJRQR
DFFDQWRDOXLVLGDSRWHUDIIHUPDUHGLDYHUHSDUWHFLSDWRDOVXRYROWREDFLDQGROR

0DHVVH OHHPDQD]LRQL QRQDSSDLRQRFRVuTXDVLFKHVLVLDQRLQQDO]DWHGDVROHQpVRQRSULYH
GHOODJORULDGHO3DGUHQpORFRQFHSLVFRQRFRPHSLFFRORVHYHURRLUDVFLELOHEHQVuFRPH
DVVROXWDPHQWHEXRQRLPSHUWXUEDELOHGROFHFRQRVFLWRUHGLWXWWLLOXRJKLSULPDFKHSHUYHQJDQR
DOO
HVLVWHQ]DHVHQ]DDOFXQELVRJQRGLYHQLUHLVWUXLWR

4XHVWRqLOPRGRGLHVVHUHGLFRORURFKHKDQQRULFHYXWR TXDOFRVD GDOO
DOWRGDOODVFRQILQDWD
JUDQGH]]DVRQRSURWHVLYHUVRO
XQLFRLOSHUIHWWRFKHqOjSHUORURQRQGLVFHQGRQRQHOO
$PHQWL
VRQRHVHQWLGDJHORVLDHGDVRVSLULGDPRUWHVLULSRVDQRLQFROXLFKHqLQULSRVRQRQKDQQR
WRUPHQWLQpVRQRLPSHJQDWLQHOODULFHUFDGHOODYHULWjHVVLVWHVVLVRQRODYHULWjLO3DGUHqLQORUR
HGHVVLVRQRQHO3DGUHSRLFKpVRQRSHUIHWWLHLQGLYLVLELOLGDTXHVWR HVVHUH YHUDPHQWHEXRQR
QRQVRIIURQRDOFXQDSULYD]LRQHPDVLULSRVDQRULQIUHVFDWLQHOOR6SLULWR

3UHVWHUDQQRDWWHQ]LRQHDOOD7RURUDGLFH9ROJHUDQQRLOORURLQWHUHVVHDOOH FRVH QHOOHTXDOLHJOL LO
3DGUH WURYHUjODSURSULDUDGLFHHODVXDDQLPDQRQVRIIULUjGDQQRDOFXQR

4XHVWRqLOOXRJRGHLEHDWLTXHVWRqLOORUROXRJR

4XDQWRDJOLDOWULVDSSLDQRQHOORUROXRJRFKHLRQRQVRQRLQJUDGRGRSRHVVHUHJLXQWRQHO
OXRJRGHOULSRVRGLGLUHDOWUR'LPRUHUzOjHLQRJQLPRPHQWRPLGHGLFKHUzDO3DGUHGHOWXWWRH
DLYHULIUDWHOOLVXFXLqVWDWRHIIXVRO
DPRUHGHO3DGUHHLQPH]]RDLTXDOLHJOLQRQODVFLDPDQFDUH
QXOODGLVp

&RVWRURLQYHURVLPDQLIHVWDQRLQTXHVWDYLWDYHUDHGHWHUQDSDUODQRGHOODOXFHSHUIHWWDHVRQR
ULFROPLGHOODVHPHQ]DGHO3DGUHFKHqQHOVXRFXRUHHQHO3OHURPD0HQWUHLOVXR6SLULWRJLRLVFHH
GjJORULDDFROXLQHOTXDOHHUDSRLFKpqEXRQR,VXRLILJOLVRQRSHUIHWWLVRQRGHJQLGHOVXRQRPH
SRLFKpHJOLqLO3DGUHTXHVWLVRQRLILJOLFKHHJOLDPD

'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD
)LOLSSRDFXUDGL/XLJL0RUDOGLHG
DJOL$GHOSKL0LODQRSS


9DQJHORGL)LOLSSR

'DXQHEUHRYLHQHXQHEUHRHGqGHWWRSURVHOLWRPDGDXQSURVHOLWRQRQYLHQHXQSURVHOLWR
&HUWXQLHVLVWRQRHGDHVVLYHQJRQRDOWULXJXDOLDVHVWHVVLPHQWUHDOWULKDQQRVRORO
HVLVWHQ]D/R
VFKLDYRDVSLUDVROWDQWRDHVVHUHOLEHURQRQFHUFDLEHQLGHLVXRSDGURQH,OILJOLRQRQqVROWDQWR
XQILJOLRPDDVSLUDDOO
HUHGLWjGHOSDGUH

4XHOOLFKHHUHGLWDQRGDLPRUWLVRQRHVVLVWHVVLPRUWLHGHUHGLWDQRFLzFKHqPRUWR4XHOOLFKH
HUHGLWDQRGDFROXLFKHqYLYRVRQRHVVLVWHVVLYLYLHVRQRHUHGLGLFLzFKHqYLYRHGLFLzFKHq
PRUWR4XHOOLFKHVRQRPRUWLQRQHUHGLWDQRQXOODFRPHSXzHUHGLWDUHXQPRUWR"6HFROXLFKHq
PRUWRHUHGLWDFLzFKHqYLYRQRQPRULUjFROXLFKHqPRUWRYLYUjDQFRUDSLDOXQJR

8QSDJDQRQRQPXRUHFROXLFKHQRQKDPDLYLVVXWRQRQSXzPRULUH&ROXLFKHKDFUHGXWRDOOD
YHULWjKDWURYDWRODYLWDFRVWXLFRUUHLOSHULFRORGLPRULUHSRLFKpHJOLYLYH

'RSRFKHqYHQXWRLO&ULVWRLOPRQGRqFUHDWROHFLWWjVRQRRUQDWHLOPRUWRDOORQWDQDWR

4XDQGRHUDYDPRHEUHLHUDYDPRRUIDQLDYHYDPRVROWDQWRODPDGUHPDDOORUFKpVLDPRGLYHQXWL
FULVWLDQLDEELDPRDYXWRSDGUHHPDGUH

4XHOOLFKHVHPLQDQRG
LQYHUQRUDFFROJRQRG
HVWDWHO
LQYHUQRqLOPRQGRO
HVWDWHqO
DOWURHRQH
6HPLQLDPRLQTXHVWRPRQGRSHUSRWHUHUDFFRJOLHUHQHOO
HVWDWH3HUFLzFRQYLHQHFKHQRQ
SUHJKLDPRGXUDQWHO
LQYHUQRGRSRO
LQYHUQRYLqO
HVWDWH
&ROXLFKHUDFFRJOLHUjG
LQYHUQRLQUHDOWjQRQUDFFRJOLHUjPDVROWDQWRVWUDSSHUjLQTXHVWRJHQHUH
GLFRVHQRQYLqDOWURPRGRGLRWWHQHUHLOUDFFROWR

1RQVROWDQWRDGHVVRQRQSRUWHUjDOFXQIUXWWRQRQVROWDQWRQRQXVFLUjPDDQFKHQHOVDEDWRLOVXR
FDPSRVDUjLQIUXWWXRVR

,O&ULVWRqYHQXWRSHUOLEHUDUHDOFXQLSHUULVFDWWDUHDOWULSHUVDOYDUHJOLDOWUL+DOLEHUDWRFRORUR
FKHHUDQRVWUDQLHULHOLKDIDWWLSURSUL+DVHSDUDWRLVXRLHOLKDFRVWLWXLWLFRPHSHJQRQHOODVXD
YRORQWj

1RQVROWDQWRDOORUFKpVLPDQLIHVWzHJOLGHSRVHTXDQGRYROOHODVXDDQLPDPDGHSRVHODVXD
DQLPDILQGDTXDQGRLOPRQGRHVLVWH4XDQGRYROOHYHQQHDQ]LWXWWRDOLEHUDUODSRLFKpHUD
WUDWWHQXWDLQRVWDJJLR6LWURYDYDLQPDQRDLEULJDQWLHUDWHQXWDSULJLRQLHUDPDHJOLODULVFDWWzH
QHOPRQGRKDUHGHQWRLEXRQLHLFDWWLYL

/XFHHWHQHEUHYLWDHPRUWHGHVWUDHVLQLVWUDVRQRWUDORURIUDWHOOL1RQqSRVVLELOHVHSDUDUOL
3HUFLzQpLEXRQLVRQREXRQLQpLFDWWLYLVRQRFDWWLYLQpODYLWDqYLWDQpODPRUWHqPRUWH3HU
TXHVWRRJQXQRVLGLVVROYHUjQHOVXRVWDWRRULJLQDOH0DFRORURFKHVRQRDOGuVRSUDGHLPRQGR
VRQRLQGLVVROYLELOLHGHWHUQL

,QRPLGDWLDOOHFRVHWHUUHVWULUDFFKLXGRQRXQDJUDQGHLOOXVLRQHLQIDWWLGLVWROJRQRLOFXRUHGDFLz
FKHqFRQVLVWHQWHSHUYROJHUORDFLzFKHQRQqFRQVLVWHQWH&RVuFKLRGH'LRQRQDIIHUUDFLz
FKHqFRQVLVWHQWHPDDIIHUUDFLzYKHQRQqFRQVLVWHQWH$OORVWHVVRPRGRqFRQLO3DGUHLO
)LJOLRHOR6SLULWR6DQWRFRQODYLWDHODOXFHHODULVXUUH]LRQHFRQOD&KLHVDH
FRQWXWWHOHDOWUHFRVHQRQVLDIIHUUDFLzFKHqFRQVLVWHQWHPDFLzFKHQRQqFRQVLVWHQWHDPHQR
FKHVLVLDDUULYDWLDFRQRVFHUHFLzFKHqFRQVLVWHQWH

,QRPLFKHVLRGRQRVRQRQHOPRQGRSHULQGXUUHLQLQJDQQRVHIRVVHURQHOO
HRQHQRQVDUHEEHUR
PDLVWDWLXVDWLFRPHQRPLQHOPRQGRQpVDUHEEHURVWDWLSRVWLWUDOHFRVHWHUUHVWUL(VVLKDQQRILQH
QHOO
HRQH

6RORXQRqLOQRPHQRQSURQXQFLDWRQHOPRQGRLOQRPHGDWRGDO3DGUHDO)LJOLRLOQRPHDOGL
VRSUDGLRJQLFRVDLOQRPHGHO3DGUH,QIDWWLLO)LJOLRQRQVDUHEEHGLYHQWDWR3DGUHVHQRQVLIRVVH
ULYHVWLWRGHOQRPHGHO3DGUH4XHOOLFKHKDQQRTXHVWRQRPHORFRQRVFRQRPDQRQOR
SURQXQFLDQR4XHOOLLQYHFHFKHQRQORKDQQRQRQORFRQRVFRQR

0DODYHULWjDGGXVVHQHOPRQGRGHLQRPLSRLFKpqLPSRVVLELOHLQVHJQDUODVHQ]DQRPL/DYHULWjq
XQDXQLWjPDqDQFKHPROWHSOLFLWjSHUQRLDIILQFKpLPSDULDPRWDOHXQLWjDWWUDYHUVRODPROWHSOLFLWj

*OLDUFRQWLYROOHURLQJDQQDUHO
XRPRDPRWLYRGHOODVXDSDUHQWHODFRQTXHOOLFKHVRQRYHUDPHQWH
EXRQL3UHVHURLOQRPHGLFRORURFKHVRQREXRQLHORDWWULEXLURQRDFRORURFKHQRQVRQREXRQL
SHUSRWHUORLQJDQQDUHPHGLDQWHLQRPLHSRWHUORYLQFRODUHDTXDQWLQRQVRQREXRQL,QVHJXLWRVH
HVVL)DQQRORURXQIDYRUH JOLDUFRQWL OLDOORQWDQDQRGDTXHOOLFKHQRQVRQREXRQLHOLFROORFDQR
WUDLEXRQLFKHHVVLFRQRVFRQR(VVLLQIDWWLYRJOLRQRHOLPLQDUHFKLqOLEHURHIDUQHXQORURVFKLDYR
SHUVHPSUH

9LVRQRIRU]HFKHORWWDQRFRQWURO
XRPRSHUFKpQRQYRJOLRQRFKHHJOLVLDVDOYDWRVLFKHHVVH
SRVVDQRSRLFKpVHO
XRPRqVDOYDWRQRQDYUDQQRSLOXRJRLVDFULILFLHQRQVDUDQQRSLRIIHUWL
DQLPDOLDOOHIRU]H&RORURFKHDQLPDOLVRQRFRORURFKHOLRIIURQRDTXHOOH(VVLLQYHUROL
RIIULYDQRYLYHQWLPDGRSRDYHUOLRIIHUWLPRULYDQR/
XRPRLQYHFHIXRIIHUWRPRUWRD'LRPDHJOL
YLVVH

3ULPDGHOODYHQXWDGL&ULVWRQHOPRQGRQRQF
HUDSDQH&RPHQHOSDUDGLVRLOOXRJRGRYHHUD
$GDPRYLHUDQRPROWHSLDQWHSHULOFLERGHJOLDQLPDOLPDQRQYLHUDLOIUXPHQWRSHULOFLER
GHOO
XRPRO
XRPRVLFLEDYDFRPHJOLDQLPDOL0DTXDQGRYHQQH&ULVWRO
XRPRSHUIHWWRSRUWzLO
SDQHGDOFLHORDIILQFKpO
XRPRVLFLEDVVHFRQLOFLERGHOO
XRPR

*OLDUFRQWLSHQVDYDQRFKHTXDQWRIDFHYDQRIRVVHGRYXWRDOODORURSRWHQ]DHDOODORURYRORQWjPD
HUDOR6SLULWRFKHSHUPH]]RORURRSHUDYDVHJUHWDPHQWHRJQLFRVDVHFRQGRLOVXRGHVLGHULR
/DYHULWjHVLVWHILQGDOO
LQL]LRHGqVHPLQDWDRYXQTXHPROWLYHGRQRFKHqVHPLQDWDPDSRFKLVRQR
FRORURFKHODYHGRQRUDFFROWD

&
qFKLGLFH0DULDKDFRQFHSLWRSHURSHUDGHOOR6SLULWR6DQWR6EDJOLDQR1RQVDQQRTXHOOR
FKHDIIHUPDQR4XDQGRPDLXQDGRQQDKDFRQFHSLWRSHURSHUDGLXQDGRQQD"0DULDqODYHUJLQH
FKHQRQIXPDLFRQWDPLQDWDGDDOFXQDIRU]D(VVDqXQDJUDQGHPDOHGL]LRQHSHUJOLHEUHLFLRqSHU
JOLDSRVWROLHSHUJOLDSRVWROLFL4XHVWDYHUJLQHQRQFRQWDPLQDWDGDDOFXQDIRU]DOHIRU]HKDQQR
FRQWDPLQDWRVHVWHVVH(LO6LJQRUHQRQDYUHEEHGHWWR,O3DGUHPLRFKHqQHLFLHOLVHQRQDYHVVH
DYXWRXQDOWURSDGUH(JOLDYUHEEHGHWWRVHPSOLFHPHQWH0LR3DGUH

,O6LJQRUHGLVVHDLGLVFHSROL3RUWDWHIXRULGDRJQLFDVD3RUWDWHGHQWURODFDVDGHO3DGUH0D
QRQUXEDWHQRQSUHQGHWHQXOODQHOODFDVDGHO3DGUH

*HVqXQQRPHQDVFRVWR&ULVWRqXQQRPHPDQLIHVWR3HUTXHVWR*HVQRQVLWURYDLQ
QHVVXQDOLQJXDPDLOVXRQRPHq*HVFRPHYLHQHSURQXQFLDWR,OVXRQRPHqDQFKH&ULVWRLQ
VLULDFRq0HVVLDLQJUHFRLQYHFHq&ULVWR2YXQTXHWXWWLJOLDOWULO
KDQQRVHFRQGRODORUROLQJXD
,O1D]DUHQRqFROXLFKHULYHODFLzFKHqQDVFRVWR

,O&ULVWRKDLQVHVWHVVRRJQLFRVDVLDO
XRPRVLDO
DQJHORVLDLOPLVWHURHLO3DGUH

&RORURFKHDIIHUPDQR,O6LJQRUHqPRUWRH SRL qULVXVFLWDWRVEDJOLDQR(JOLLQIDWWLSULPD
ULVRUVHH SRL PRUu&KLQRQRWWLHQHSULPDODULVXUUH]LRQHFRVWXLPRULUj3RLFKp'LRYLYHFRVWXL
VDUj JLj PRUWR

1HVVXQRQDVFRQGHLQXQYDVRJUDQGHXQRJJHWWRJUDQGHHSUH]LRVRPDVSHVVRYDORULLQFDOFRODELOL
VRQRSRVWLLQXQYDVRGLSRFRFRQWR&RVuqGHOO
DQLPDqXQDFRVDSUH]LRVDSRVWDLQXQFRUSR
VSUHJHYROH

$OFXQLWHPRQRGLULVXVFLWDUHQXGLSHUFLzGHVLGHUDQRULVXVFLWDUHQHOODFDUQH&RVWRURQRQVDQQR
FKHSURSULRTXDQWLSRUWDQRODFDUQHVRQRQXGLPHQWUHTXHOOLFKHVLDSSUHVWDQRDVSRJOLDUVLQRQ
VRQRQXGL/DFDUQHHLOVDQJXHQRQSRVVRQRHUHGLWDUHLO5HJQRGL'LR4XDOqTXHOODFKHQRQ
SXzHUHGLWDUH"4XHOODGLFXFLVLDPRULYHVWLWL(TXDOqTXHOODFKHHUHGLWHUj"(TXHOODGHO&ULVWRHLO
VXRVDQJXH3HUFLzHJOLGLVVH&ROXLFKHQRQPDQJLDODPLDFDUQHHEHYHLOPLRVDQJXHQRQDYUj
LQVpODYLWD&KHFRVDVLJQLILFD"/DVXDFDUQHqLO/RJRVHLOVXRVDQJXHqOR6SLULWR6DQWR
&ROXLFKHKDULFHYXWRTXHVWRKDFLEREHYDQGDHYHVWLWR

,RELDVLPRJOLDOWULFKHGLFRQR1RQULVXVFLWHUj$OORUDVEDJOLDQRDPEHGXH7XGLFL/DFDUQH
QRQULVXVFLWHUj0DGLPPLFKHFRVDULVXVFLWHUjDIILQFKpSRVVLDPRRQRUDUWL"7XGLFL/R
6SLULWRqQHOODFDUQHHDQFKHTXHVWDOXFHqQHOODFDUQH$QFKHLO/RJRVqQHOODFDUQHSRLFKp
TXDOXQTXHFRVDWXPHQ]LRQLQRQPHQ]LRQLQXOODIXRULGHOODFDUQH%LVRJQDULVRUJHUHLQTXHVWD
FDUQHJLDFFKpWXWWRHVLVWHLQHVVD

,QTXHVWRPRQGRFRORURFKHLQGRVVDQRYHVWLWLVRQRPLJOLRULGHL ORUR YHVWLWL1HO5HJQRGHLFLHOLL
YHVWLWLVRQRPLJOLRULGLFRORURFKHOLLQGRVVDQR$FTXDHIXRFRSXULILFDQRRJQLOXRJR

,OYLVLELOHSHUPHQRGHOYLVLELOHLOQDVFRVWRSHUPH]]RGHOQDVFRVWRYLVRQRFRVHQDVFRVWHGDFLz
FKHqYLVLELOH&
qDFTXDQHOO
DFTXDF
qIXRFRQHOO
XQ]LRQH

*HVGLVVLPXOzVHJUHWDPHQWHRJQLFRVD(JOLLQIDWWLQRQVLPDQLIHVWzTXDOHUD UHDOPHQWH PDVL
PDQLIHVWzFRPHORVLSRWHYDYHGHUH&RVuVLPDQLIHVWzDWXWWL6LPDQLIHVWzJUDQGHDLJUDQGL6L
PDQLIHVWzSLFFRORDLSLFFROL6LPDQLIHVWzDJOLDQJHOLFRPHXQDQJHORHDJOLXRPLQLFRPHXQXRPR
3HUFLzLOVXR/RJRVVLqQDVFRVWRDWXWWL$OFXQLORYLGHURFUHGHQGRGLYHGHUHVHVWHVVL0D
TXDQGRVXOPRQWHHJOLDSSDUYHQHOODJORULDDLVXRLGLVFHSROLQRQHUDSLFFRORHUDJUDQGHPDUHVH
JUDQGLLVXRLGLVFHSROLDIILQFKpORSRWHVVHURYHGHUHQHOODVXDJUDQGH]]D

,QTXHOJLRUQRUHQGHQGRJUD]LHGLVVH7XFKHKDLFRQJLXQWRODOXFHSHUIHWWDFRQOR6SLULWR
6DQWRFRQJLXQJLFRQQRLJOLDQJHOL FRQQRLFKHVLDPRORUR LPPDJLQL

1RQGLVSUH]]DWHO
DJQHOORSRLFKpVHQ]DGLHVVRQRQqSRVVLELOHYHGHUHLOUH1HVVXQRVHqQXGR
SXzDYDQ]DUHYHUVRLOUH

,ILJOLGHOO
XRPRFHOHVWHVRQRSLQXPHURVLGLTXHOOLGHOO
XRPRWHUUHVWUH6HVRQRQXPHURVLLILJOLGL
$GDPRTXDQWXQTXHPXRLDQRWDQWRSLLILJOLGHOO
XRPRSHUIHWWRFKHQRQPXRLRQRPDVRQR
FRQWLQXDPHQWHULJHQHUDWL

,OSDGUHIDXQILJOLRPDLOILJOLRQRQSXzIDUHXQILJOLRSRLFKpFROXLFKHIXJHQHUDWRQRQKDLOSRWHUH
GLJHQHUDUHXQILJOLRSXzDFTXLVLUHGHLIUDWHOOLQRQGHLILJOL

7XWWLFRORURWKHVRQRJHQHUDWLQHOPRQGRVRQRJHQHUDWLLQPRGRQDWXUDOHPDJOLDOWULGDOOR6SLULWR
&RORURFKHVRQRJHQHUDWLGDOXLJULGDQRGLTXDJJLYDVRO
XRPR SHUIHWWR SRLFKpVRQRQXWULWL
GDOODSURPHVVDGHOOXRJRFHOHVWH

«GDOODERFFDSRLFKpVHLO/RJRVYLHQHGDTXHOOXRJRHJOLQXWUHGDOODVXDERFFDHVDUjSHUIHWWR
,OSHUIHWWRLQIDWWLFRQFHSLVFHHJHQHUDSHUPHQRGLXQEDFLR(SHUTXHVWRFKHQRLFLEDFLDPR
O
XQO
DOWUR1RLVLDPRIHFRQGLGDOODJUD]LDFKHqLQRJQXQRGLQRL

7UHSHUVRQHFDPPLQDYDQRVHPSUHFRQLO6LJQRUH0DULDVXDPDGUHODVRUHOODGLOHLHOD
0DGGDOHQDGHWWDODVXDFRPSDJQD0DULDLQIDWWL VLFKLDPDYD VXDVRUHOODVXDPDGUHHVXD
FRPSDJQD

3DGUHH)LJOLRVRQRQRPLVHPSOLFL6SLULWR6DQWRqXQQRPHGRSSLR(VVLLQIDWWLVRQR
RYXQTXHVRQRLQDOWRHVRQRLQEDVVRVRQRQHOO
LQYLVLELOHHVRQRQHOPDQLIHVWR/R6SLULWR6DQWRq
QHOPDQLIHVWRqTXDJJLqQHOO
LQYLVLELOHqLQDOWR

,VDQWLVRQRVHUYLWLGDIRU]HPDOYDJLHTXHVWHLQIDWWLVRQRDFFHFDWHGDOOR6SLULWR6DQWRDIILQFKp
FUHGDQRGLVHUYLUHXRPLQLPHQWUHVRQRDOO
RSHUDSHULVDQWL3HUTXHVWRDOORUFKpXQGLVFHSROR
SRVHXQJLRUQRXQDGRPDQGDDO6LJQRUHULJXDUGRDTXHVWRPRQGRHJOLULVSRVH'RPDQGDDWXD
PDGUHHOHLWLGDUjTXDOFRVDFKHDSSDUWLHQHDXQDOWUR

*OLDSRVWROLGLVVHURDLGLVFHSROL2JQLQRVWURVDFULILFLRSRVVDPHULWDUHLOVXRVDOH(VVL
FKLDPDYDQRVDOH6RILDVHQ]DGLHVVDQHVVXQVDFULILFLRqJUDGLWR

0D6RILDqXQDGRQQDVWHULOHVHQ]DILJOLRHSHUTXHVWRPRWLYRqFKLDPDWDWUDFFLDGLVDOH0D
RYXQTXHHVVLVDUDQQRVDUj DQFKH OR6SLULWR6DQWRHLILJOLGLOHLVRQRPROWL

4XDQWRDSSDUWLHQHDOSDGUHDSSDUWLHQHDQFKHDOILJOLRSHUzILQWDQWRFKHLOILJOLRqJLRYDQH LO
SDGUH QRQJOLDIILGDTXDQWRqVXR0DTXDQGRqGLYHQWDWRXRPRLOSDGUHJOLGjWXWWRFLzFKHJOL
DSSDUWLHQH

4XHOOLFKHVEDJOLDQRVRQRJHQHUDWLGDOORVSLULWRHVHJXLWDQRDVEDJOLDUHDQFKHDFDXVDGHOOR
VSLULWR3HUTXHVWRSHUPH]]RGHOORVWHVVRVSLULWRVLDFFHQGHHVLVSHJQHLOIXRFR

8QDFRVDq$FKDPRWHDOWUDFRVDq(FKPRW$FKDPRWqVHPSOLFHPHQWHOD6RILDPHQWUH(FKPRW
qOD6RILDGLPRUWH HGq TXHVWD6RILDGLPRUWHFKHFRQRVFHODPRUWHHGqFKLDPDWDODSLFFROD
6RILD

9LVRQRDQLPDOLFKHVRWWRVWDQQRDOO
XRPRFRPHLOEXHO
DVLQRHDOWULGLTXHVWRJHQHUHYLVRQR
SXUHDQLPDOLFKHQRQVRWWRVWDQQRDOO
XRPRHYLYRQRVROLWDULQHLGHVHUWL/
XRPRODYRUDLFDPSL
FRQJOLDQLPDOLFKHJOLVRQRVRWWRPHVVLHFRQTXHVWRHJOLQXWUHVHVWHVVRHJOLDQLPDOLVLDFRQ
TXHOOLFKHJOLVRQRVRWWRPHVVLVLDFRQTXHOOLFKHQRQJOLVRQRVRWWRPHVVL

$OORVWHVVRPRGRO
XRPRSHUIHWWRODYRUDFRQOHIRU]HFKHJOLVRQRVRWWRPHVVHHVRVWLHQHWXWWRD
PDQWHQHUVLHIILFLHQWH(LQTXHVWRPRGRLQIDWWLFKHVLFRQVROLGDWXWWRLOOXRJRVLDLEXRQLVLDL
FDWWLYLTXHOOLGHOODGHVWUDHTXHOOLGHOODVLQLVWUD/R6SLULWR6DQWROLIDSDVFRODUHHJRYHUQDWXWWHOH
IRU]HTXHOOHFKHJOLVRQRVRWWRPHVVHTXHOOHFKHQRQJOLVRQRVRWWRPHVVHHOHVROLWDULH3RLFKp
HJOLOHXQLVFHHOHFRQVROLGDDIILQFKpQRQ

&ROXLFKHqVWDWRFUHDWRqEHOORHWXWURYHUHVWLFKHLVXRLILJOLVRQRXQDFUHDWXUDQRELOHVHQRQ
IRVVHVWDWRFUHDWRPDJHQHUDWRWXWURYHUHVWLFKHODVXDGLVFHQGHQ]DqQRELOH0DHFFRFKH QRQ
VROR IXFUHDWR PDDQFKH JHQHUDWR4XDQWDQRELOWjqTXHVWD

3ULPDYHQQHO
DGXOWHURHSRLO
RPLFLGDIXJHQHUDWRQHOO
DGXOWHULRHUDLQIDWWLILJOLRGHOVHUSHQWH
3HUFLzGLYHQQHRPLFLGDFRPHVXRSDGUHHXFFLVHVXRIUDWHOOR2JQLXQLRQHFKHVLRULJLQDGDFRVH
GLVVLPLOLqDGXOWHUD

'LRqXQWLQWRUH&RPHLFRORULEXRQLTXHOOLFKHGLFLDPRDXWHQWLFLPXRLRQRFRQOHPDWHULHGDHVVL
WLQWHFRVuqSXUHGHOODPDWHULDWLQWDGD'LR0DSRLFKpLVXRLFRORULVRQRLPPRUWDOLHVVL L
FRORUDWL GLYHQWDQRLPPRUWDOLJUD]LHDLVXRLFRORUL2UD'LRLPPHUJHFRORURFKHLPPHUJH
QHOO
DFTXD

(LPSRVVLELOHWKHXQRYHGDTXDOFRVDGHOOHUHDOWjHVVHQ]LDOLVHQRQqGLYHQWDWRFRPHTXHOOH
/
XRPRGDYDQWLDOODYHULWjQRQVLWURYDFRPHGLIURQWHDOPRQGR

YHGHLOVROHSXUQRQHVVHQGRVROHYHGHLOFLHORODWHUUDHRJQLDOWUDFRVDSXUQRQHVVHQGRQXOODGL
WXWWRTXHVWR0D VH WXKDLYLVWRTXDOFRVDGLTXHOOXRJRWXVHLGLYHQWDWRTXHOOR FKHKDLYLVWR 7X
KDLYLVWROR6SLULWRHWXVHLGLYHQWDWR6SLULWRWXKDLYLVWRLO&ULVWRHWXVHLGLYHQWDWR&ULVWRWXKDL
YLVWRLO3DGUHHWXGLYHQWHUDL3DGUH

&RVuLQTXHVWROXRJRYHGLRJQLFRVDPDQRQYHGLWHVWHVVRPDLQTXHOOXRJRWXYHGUDLWHVWHVVRH
GLYHQWHUDLTXHOORFKHWXYHGL

/DIHGHULFHYHO
DPRUHGj1HVVXQRSXzULFHYHUHVHQ]DODIHGH1HVVXQRSXzGDUHVHQ]D
O
DPRUH3HUTXHVWRDSSXQWRFUHGLDPRSHUULFHYHUHYHUDPHQWHqFRVuFKHSRVVLDPRDPDUHH
GDUHJLDFFKpVHXQRQRQGjSHUDPRUHQRQWUDHSURILWWRGDFLzFKHGj

&ROXLFKHQRQKDDQFRUDULFHYXWRLO6LJQRUHqWXWWRUDXQHEUHR

3ULPDGLQRLDJOLLQL]LJOLDSRVWROL OR FKLDPDYDQRFRVu*HVLO1D]RUHR0HVVLDHFLRq
*HVLO1D]RUHRLO&ULVWR/
XOWLPRQRPHq&ULVWRLOSULPRq*HVTXHOORGLPH]]Rq
1D]DUHQR0HVVLDKDGXHVLJQLILFDWL&ULVWRHLOOLPLWDWR,QHEUDLFR*HVVLJQLILFD
UHGHQ]LRQH1D]DUDODYHULWjLO1D]DUHQRGXQTXHq TXHOORGHOOD ODYHULWj,O&ULVWRq
VWDWROLPLWDWRLO1D]DUHQRH*HVORKDQQROLPLWDWR

8QDSHUODJHWWDWDQHOIDQJRQRQSHUGHYDORUHQpFRVSDUVDGLEDOVDPRqSLSUH]LRVDSHULO
SURSULHWDULRKDVHPSUHORVWHVVRYDORUH&RVuqSXUHGHLILJOLGL'LRRYXQTXHVLWURYDQR
PDQWHQJRQRVHPSUHLOORURYDORUHSUHVVRLO3DGUH

6HGLFL6RQRHEUHRQHVVXQRVLFRPPXRYHVHGLFL6RQRURPDQRQHVVXQRWUHPDVHGLFL
6RQRJUHFREDUEDURVFKLDYROLEHURQHVVXQRVLDJLWD6HGLFL6RQRFULVWLDQRWUHPDLO
PRQGR5LFHYDLRTXHVWRVHJQRFKHJOLDUFRQWLQRQSRVVRQRVRSSRUWDUHDOORUFKpRGRQRLOVXR
QRPH

'LRqXQPDQJLDWRUHGLXRPLQLSHUTXHVWRO
XRPRJOLqLPPRODWR3ULPDFKHJOLVLLPPRODVVH
O
XRPRJOLVLLPPRODYDQRDQLPDOLJLDFFKpFRORURDLTXDOLVLVDFULILFDYDQRQHUDQRGqL

9DVLGLYHWURHYDVLG
DUJLOODVRQRIDEEULFDWLFROIXRFR0DVHVLVSH]]DQRLYDVLGLYHWURVRQR
ULPRGHOODWLSHUFKpIXURQRSURGRWWLPHGLDQWHXQVRIILRVHLQYHFHVLVSH]]DQRLYDVLG
DUJLOODYDQQR
GLVWUXWWLSHUFKpIXURQRIDEEULFDWLVHQ]DLOVRIILR

*LUDQGRDWWRUQRDXQDPRODXQDVLQRIHFHFHQWRPLJOLDTXDQGRIXVFLROWRVLWURYzDQFRUDDOOR
VWHVVRSRVWR&HUWLXRPLQLFDPPLQDQRPROWRPDQRQDUULYDQRPDLGDQHVVXQDSDUWHTXDQGRSHU
ORURJLXQJHODVHUDQRQYHGRQRQpFLWWjQpYLOODJJLRQHFUHD]LRQHQpQDWXUDQpIRU]DQpDQJHOR
0LVHUDELOLKDQQRVRIIHUWRLQYDQR

/
HXFDUHVWLDq*HVSRLFKpLQVLULDFRHJOLqGHWWR3KDULVDWDFLRqFROXLFKHqGLVWHVR*HV
LQIDWWLYHQQHSHUFURFLILJJHUHLOPRQGR

,O6LJQRUHHQWUzQHOODWLQWRULDGL/HYLSUHVHVHWWDQWDGXHFRORULOLJHWWzQHOFDOGHURQHHOLULWUDVVH
WXWWLELDQFKLHGLVVH,O)LJOLRGHOO
XRPRqJLXQWRLQYHURFRPHXQWLQWRUH

/D6RILDFKLDPDWDVWHULOHqODPDGUHGHJOLDQJHOLODFRPSDJQDGHO)LJOLRq0DULD0DGGDOHQD
,O6LJQRUHDPDYD0DULDSLGLWXWWLLGLVFHSROLHVSHVVRODEDFLDYDVXOODERFFD*OLDOWULGLVFHSROL
YHGHQGRORFRQ0DULDJOLGRPDQGDURQR3HUFKpO
DPLSLGLQRLWXWWL",,6DOYDWRUHULVSRVHH
GLVVHORUR&RP
qFK
LRQRQYLDPRTXDQWROHL"

6HVLWURYDQRLQPH]]RDOOHWHQHEUHXQFLHFRHXQRFKHYHGHQRQVLGLVWLQJXRQRO
XQRGDOO
DOWUR
0DTXDQGRYLHQH,DOXFHFROXLFKHYHGHYHGUjODOXFHPHQWUHFROXLFKHqFLHFRULPDUUjQHOOH
WHQHEUH

,O6LJQRUHKDGHWWR%HDWRFROXLFKHqSULPDGLGLYHQLUH3RLFKpFROXLFKHqqVWDWRHVDUj

/DVXSHULRULWjGHOO
XRPRQRQDSSDUHDJOLRFFKLPDqQDVFRVWDDOODYLVWD3HUTXHVWRHJOLqVLJQRUH
GHJOLDQLPDOLFKHVRQRSLIRUWLHJUDQGLGLOXLVLDSHUFLzFKHDSSDUHVLDSHUFLzFKHqQDVFRVWRH
SURYYHGHDOORURVRVWHQWDPHQWRPDVHO
XRPRVHQHVHSDUDHVVLVLXFFLGRQRHVLPRUGRQRO
XQ
O
DOWURVLGLYRUDQRO
XQRFRQO
DOWURSHUFKpQRQWURYDQRFLER$GHVVRSHUzKDQQRWURYDWRFLER
SHUFKpO
XRPRKDODYRUDWRODWHUUD

6HXQRVFHQGHQHOO
DFTXDHQHULVDOHVHQ]DDYHUHULFHYXWRQXOODHGLFH,RVRQRFULVWLDQR
FRVWXLVLSUHQGHDSUHVWLWRLO1RPH0DVHULFHYHOR6SLULWR6DQWRFRVWXLKDLO1RPHFRPHXQ
GRQR$FROXLFKHKDULFHYXWRXQGRQRQRQORVLGRPDQGDLQGLHWURPDDFROXL
FKHO
KDSUHVRDSUHVWLWRORVLFKLHGHLQGLHWUR&RVuDFFDGHDFROXLFKHVSHULPHQWDXQPLVWHUR

*UDQGHqLOPLVWHURGHOPDWULPRQLR6HQ]DGLHVVRQRQFLVDUHEEHLOPRQGRJLDFFKpJOLXRPLQL
VRQRFRQVROLGDPHQWRGHOPRQGRHLOPDWULPRQLRqLOFRQVROLGDPHQWRGHJOLXRPLQL&RPSUHQGHWH
ODFRPXQLRQHLPPDFRODWDSRLFKpqGRWDWDGLXQDJUDQGHIRU]D/DVXDLPPDJLQHqQHOOD
FRQWDPLQD]LRQHGHOFRUSR

9LVRQRVSLULWLLPSXULPDVFKLOLH VSLULWLLPSXUL IHPPLQLOLLPDVFKLOLVLDVVRFLDQRDOOHDQLPHFKH
KDQQRSUHVRGRPLFLOLRLQFRUSLGLIHPPLQHHLIHPPLQLOLVRQRDVVRFLDWLDTXHOOHGHLFRUSLGHJOL
XRPLQLDPRWLYRGLFROXLFKHGLVREEHGuHQRQVIXJJHORURDOFXQRSRLFKpHVVLORWUDWWHQJRQRD
PHQRFKHXQRULFHYDXQDIRU]DPDVFKLOHHXQDIRU]DIHPPLQLOHHFLRqTXHOODGHOILGDQ]DWRHGHOOD
ILGDQ]DWD4XHVWRSRLVLULFHYHLQLPPDJLQHQHOODFDPHUDQX]LDOH

4XDQGRGRQQHVFLRFFKHYHGRQRXQXRPRFKHVHQHVWDWXWWRVRORORDVVDOJRQRIROOHJJLDQRHOR
FRQWDPLQDQR$OORVWHVVRPRGRTXDQGRXRPLQLVFLRFFKLYHGRQRXQDEHOODGRQQDWXWWDVRODOD
SHUVXDGRQRHOHXVDQRYLROHQ]DSHUFKpYRJOLRQRFRQWDPLQDUOD0DVHYHGRQRXQXRPRHXQD
GRQQDLQVLHPHOHGRQQHQRQSRVVRQRDYYLFLQDUVLDOO
XRPRHJOLXRPLQLQRQSRVVRQRDYYLFLQDUVL
DOODGRQQD/DVWHVVDFRVDDYYLHQHTXDQGRO
LPPDJLQHHO
DQJHORVLXQLVFRQRQHVVXQRRVDDQGDUH
YHUVRO
XRPRRYHUVRODGRQQD

&ROXLFKHHVFHGDOPRQGRQRQSXzSLHVVHUHWUDWWHQXWRSRLFKpqVWDWRQHOPRQGRÊFKLDURFKH
HJOLqDOGLVRSUDGHOGHVLGHULRHGHOODSDXUDqSDGURQHGHOODQDWXUDqDOGLVRSUDGHOODJHORVLD
0DVHYLHQHLOPDOLJQRORDIIHUUDHORVRIIRFDFRPHSRWUjIXJJLUHOHJUDQGLIRU]HFKHVWULQJRQR"
&RPHSRWUjQDVFRQGHUVLDHVVH"

6SHVVRFHUWXQLYHQJRQRDGLUH6LDPRIHGHOLSHUVIXJJLUHDJOLVSLULWLLPSXULHDLGHPRQL6H
LQIDWWLDYHVVHUROR6SLULWR6DQWRQHVVXQRVSLULWRLPSXURVLDFFRVWHUHEEHORUR

1RQDYHUHSDXUDGHOODFDUQHHQRQDPDUOD6HWXQHKDLSDXUDHVVDWLGRPLQHUj6HWXO
DPLHVVD
WLGLYRUHUjHWLLQJKLRWWLUj

(FLzDYYHUUjLQTXHVWRPRQGRRQHOODULVXUUH]LRQHRQHLOXRJKLGLPH]]R1RQFDSLWLFK
LRVLD
WURYDWRLQHVVL

,QTXHVWRPRQGRF
qGHOEXRQRHGHOFDWWLYRLOVXREXRQRQRQqEXRQRHLOVXRFDWWLYRQRQq
FDWWLYR0DGRSRTXHVWRPRQGRF
qTXDOFRVDGLYHUDPHQWHFDWWLYRHGqLOOXRJRGLPH]]R(VVR
qODPRUWH

)LQFKHVLDPRLQTXHVWRPRQGRFRQYLHQHFKHDFTXLVWLDPRODULVXUUH]LRQHDIILQFKpTXDQGRFL
VSRJOLDPRGHOODFDUQHFLWURYLDPRQHOULSRVRQRQDEELDPRGDDQGDUHQHOOXRJRGLPH]]RVRQR
PROWLLQIDWWLFRORURFKHVEDJOLDQROXQJRLOFDPPLQR

&RQYLHQHULVDOLUHGDTXHVWRPRQGRSULPDFKHO
XRPRSHFFKL

$OFXQLQpYRJOLRQRQpSRVVRQR SHFFDUH $OWULLQYHFHDQFKHVHORYRJOLRQR SHFFDUH QRQVRQR
PLJOLRULSHUFKpQRQORIDQQRSRLFKpTXHVWDYRORQWjIDGLORURGHLSHFFDWRUL0DDQFKHVH
TXDOFXQRQRQYXROH SHFFDUH ODJLXVWL]LDVLQDVFRQGHUjDWXWWLHGXHDOQRQYROHUHHDOQRQIDUH

8QDSRVWROLFRYLGHLQXQDYLVLRQHDOFXQLFKLXVLLQXQDFDVDLQILDPPHHDYYLQWLDFDWHQHFKH
JLDFHYDQRLQSUHGDDOIXRFR&
HUDSHUzGHOO
DFTXDLQPH]]RDORURPDLQXWLOPHQWH(JOLGLVVH
ORUR3HUFKpQRQSRVVRQRHVVHUHVDOYDWL"(JOLULVSRVH1RQORYRJOLRQR5LFHYHWWHURTXHVWR
OXRJRFRPHSXQL]LRQH OXRJR FKHqGHQRPLQDWRWHQHEUDHVWHULRUHVWULGRUHGLGHQWL

/
DQLPDHORVSLULWRVRQRQDWLGDOO
DFTXDGDOIXRFR'DOO
DFTXDGDOIXRFRHGDOODOXFHQDFTXHLO
ILJOLRGHOODFDPHUDQX]LDOH,OIXRFRqO
XQ]LRQHODOXFHqLOIXRFR3DUORQRQGLTXHVWRIXRFRFKH
QRQKDIRUPDPDGLTXHOO
DOWURFKHKDODIRUPDELDQFDGHOODEHOODOXFHHGjODEHOOH]]D

/DYHULWjQRQqYHQXWDQXGDLQTXHVWRPRQGRPDLQVLPEROLHLPPDJLQL1RQODVLSXzDIIHUUDUHLQ
DOWURPRGR

9LqXQDULJHQHUD]LRQHHXQ
LPPDJLQHGL TXHVWD ULJHQHUD]LRQH%LVRJQDYHUDPHQWHULQDVFHUHSHU
PH]]RGHOO
LPPDJLQH&KHFRV
qODULVXUUH]LRQH"/
LPPDJLQHGHYHULVRUJHUHSHUPH]]R
GHOO
LPPDJLQH/RVSRVRHO
LPPDJLQHSHQHWUDQRQHOODYHULWjSHUPHQRGHOO
LPPDJLQH4XHVWDq
O
DSRFDWDVWDVL

1RQVRORqEHQHFKHTXDQWLQRQKDQQRLOQRPHGHO3DGUHHGHO)LJOLRHGHOOR6SLULWR6DQWROR
RWWHQJDQRPDFKHO
RWWHQJDQRSHUVHVWHVVL6HTXDOFXQRQRQOLKDRWWHQXWLSHUVHVWHVVRVDUj
SULYDWRDQFKHGHOQRPH0DHJOLOLULFHYHFRQO
XQ]LRQHDURPDWLFDGHOODIRU]DGHOODFURFH IRU]D 
FKHJOLDSRVWROLFKLDPDQRODGHVWUDHODVLQLVWUD&RVWXLLQIDWWLQRQqSLXQFULVWLDQRPDXQ
&ULVWR

,O6LJQRUHKDRSHUDWRWXWWRLQXQPLVWHUREDWWHVLPRXQ]LRQHHXFDUHVWLDUHGHQ]LRQHFDPHUD
QX]LDOH

,O6LJQRUHKDGHWWR6RQRYHQXWRSHUUHQGHUHOHFRVHGLTXDJJLVLPLOLDOOHFRVHGLODVVHOH
FRVHHVWHUQHVLPLOLDOOHFRVHLQWHUQH6RQRYHQXWRSHUXQLUOHLQTXHOOXRJR

(JOLVLqPDQLIHVWDWRLQTXHVWROXRJRSHUPH]]RGLVLPEROLHGLLPPDJLQL

&RORURFKHDIIHUPDQR&
qXQXRPRFHOHVWHHXQRDOGLVRSUDGLOXuVEDJOLDQR3RLFKpFROXLFKH
VLqPDQLIHVWDWRLQFLHORqO
XRPRFHOHVWHHGqFKLDPDWR&ROXLFKHqTXDJJL&ROXLDOTXDOH
DSSDUWHQJRQROHFRVHQDVFRVWHqDOGLVRSUDGLOXLÊGXQTXHEHQHGLUHFRVu/
LQWHUQRH
O
HVWHUQRHO
HVWHUQRGHOO
HVWHUQR3HUFLzLO6LJQRUHFKLDPzODFRUUX]LRQHWHQHEUHHVWHULRUL
VHEEHQHQRQDEELDDOFXQHVWHUQR

(JOLKDGHWWR,O3DGUHPLRFKHqQHOVHJUHWR+DGHWWR(QWUDQHOODWXDFDPHUDFKLXGLODSRUWD
GLHWURGLWHHSUHJDWXR3DGUHFKHqQHOVHJUHWRFKHVLWURYDFLRqDOO
LQWHUQRGLWXWWLORUR0DFLz
FKHqDOO
LQWHUQRGLWXWWLORURqLO3OHURPD2OWUHTXHOORQRQF
qDOFXQRFKHVLDDOO
LQWHUQRGLOXL(G
HJOLqFROXLGHOTXDOHIXGHWWRFKHqDOGLVRSUDGuORUR

3ULPDGHO&ULVWRHUDQRXVFLWLPROWLGRQGHHUDQRXVFLWLQRQSRWHYDQRSLULWRUQDUHHGRQGHHUDQR
HQWUDWLQRQSRWHYDQRSLXVFLUH3RLYHQQHLO&ULVWRIHFHXVFLUHTXHOOLFKHHUDQRHQWUDWLHIHFH
ULHQWUDUHTXHOOLFKHHUDQRXVFLWL

1HLJLRUQLLQFXL(YDVLWURYDYDLQ$GDPRODPRUWHQRQF
HUDODPRUWHVRSUDYYHQQHDOORUFKp(YD
IXVHSDUDWDGDOXL6HULHQWUDLQOXLHVHHJOLODSUHQGHLQVpODPRUWHQRQFLVDUjSL

0LR'LRPLR'LRSHUFKp6LJQRUHPLKDLDEEDQGRQDWR"6XOODFURFHHJOLGLVVHTXHVWHSDUROH
SHUFKpOjHJOLIXGLYLVR&KLXQTXHIXJHQHUDWRGDFROXLFKHGLVWUXJJHQRQSURYLHQHGD'LR

,O6LJQRUHULVRUVHGDLPRUWL(JOLGLYHQQHFRP
q0DLOVXRFRUSRHUDSHUIHWWR$YHYDVuODFDUQH
PDTXHVWDFDUQHqXQDYHUDFDUQH/DQRVWUDFDUQHLQYHFHQRQqYHUDQRLDEELDPRVROR
XQ
LPPDJLQHGHOODYHUD

,OOHWWRQX]LDOHQRQqSHUJOLDQLPDOLQpSHUJOLVFKLDYLQpSHUOHGRQQHLPSXUHPDSHUJOLXRPLQL
OLEHULHSHUOHYHUJLQL

&HUWRVLDPRVWDWLJHQHUDWLQXRYDPHQWHGDOOR6SLULWR6DQWRWXWWDYLDVLDPRJHQHUDWLDQFKHGDO
&ULVWR$PEHGXHYROWHVLDPRVWDWLXQWLQHOOR6SLULWRHDOORUFKpIXPPRJHQHUDWLVLDPRVWDWLULXQLWL

6HQ]DOXFHQHVVXQRSXzYHGHUVLQHOO
DFTXDRSSXUHLQDQRVSHFFKLRPDQHSSXUHVHQ]DDFTXD
HVHQ]DVSHFFKLRSRWUDLQXRYDPHQWHYHGHUWLQHOODOXFH3HUTXHVWRPRWLYRqQHFHVVDULREDWWH]]DUH
QHOODOXFHHQHOO
DFTXDLQWXWWHHGXH2UDODOXFHqO
XQ]LRQH

$*HUXVDOHPPHWUHHUDQROHFDVHFKHIXQJHYDQRGDOXRJRGLVDFULILFLRXQDDSHUWDGDOODWR
RFFLGHQWDOHHUDGHWWDLOVDQWRO
DOWUDDSHUWDGDOODWRPHULGLRQDOHHUDGHWWDLOVDQWRGHOVDQWR
ODWHU]DDSHUWDGDOODWRRULHQWDOHHUDGHWWDLOVDQWRGHLVDQWLLQTXHVWROXRJRSHQHWUDYDVROWDQWR
LOVRPPRVDFHUGRWH

,OEDWWHVLPRqODFDVDVDQWDO
XQ]LRQHqLOVDQWRGHOVDQWRODFDPHUDQX]LDOHqLOVDQWRGHL
VDQWL,OEDWWHVLPRFRPSUHQGHODULVXUUH]LRQHHODUHGHQ]LRQH/DUHGHQ]LRQHKDOXRJRQHOOD
FDPHUDQX]LDOH0DODFDPHUDQX]LDOHqVXSHULRUHDGHVVDSRLFKpWXQRQWURYHUDLQXOODFRPHHVVD
4XDQWLOHVRQRIDPLOLDULVRQRFRORURFKHSUHJDQRQHOVDQWRLQ*HUXVDOHPPH,Q*HUXVDOHPPHYL
VRQRDOFXQLFKHSUHJDQRDVSHWWDQGRLO5HJQRGHLFLHOL&RVWRURVRQRGHWWLLOVDQWRGHLVDQWL
SRLFKpSULPDFKHLOYHORIRVVHVWUDSSDWRQRLQRQDYHYDPRDOWUDFDPHUDQX]LDOHPDVROR
XQ
LPPDJLQHGHOODFDPHUDQX]LDOHFKHqODVV(SHUTXHVWRFKHLOYHORIXVWUDSSDWRGDOO
DOWRDO
EDVVRSHUFKpHUDRSSRUWXQRFKHTXDOFXQRDQGDVVHGDOEDVVRLQDOWR

&RORURFKHVLVRQRYHVWLWLGHOODOXFHSHUIHWWDQRQVRQRYLVWLHTXLQGLQRQSRVVRQRHVVHUH
WUDWWHQXWLGDOOHIRU]HFLVLULYHVWHGLTXHVWDOXFHQHOPLVWHURQHOO
XQLRQH

6HODGRQQDQRQVLIRVVHVHSDUDWDGDOO
XRPRQRQVDUHEEHPRUWDFRQO
XRPRDOO
RULJLQHGHOOD
PRUWHFLIXODVXDVHSDUD]LRQH3HUFLzLO&ULVWRqYHQXWRDSRUUHULSDURDOODVHSDUD]LRQHFKHHEEH
LQL]LRILQGDOSULQFLSLRHDXQLUHQXRYDPHQWHLGXHDYLYLILFDUHFRORURFKHHUDQRPRUWLDPRWLYR
GHOODVHSDUD]LRQH

0DODGRQQDVLXQLVFHFRQVXRPDULWRVXOOHWWRQX]LDOHHFRORURFKHVRQRXQLWLVXOOHWWRQX]LDOHQRQ
VLSRVVRQRSLVHSDUDUH(YDVLVHSDUzGD$GDPRSHUFKpQRQVLHUDPDLXQLWDFRQOXLVXOOHWWR
QX]LDOH

/
DQLPDGL$GDPRSURYLHQHGDXQVRIILRTXHOORqLOVXRFRPSDJQR/RVSLULWRFKHJOLqVWDWRGDWR
qVXDPDGUHODVXDDQLPDIXVRVWLWXLWDGDOORVSLULWRFKHJOLHUDVWDWRGDWRLQVXDYHFH$OORUFKpVL
XQuDOXLSURQXQFLzSDUROHLQFRPSUHQVLELOLDOOHIRU]H4XHVWHDOORUDORLQYLGLDURQRSHUFKpQRQ
SRVVHGHYDQRO
XQLRQHSQHXPDWLFD7DOHGLYLVLRQHRIIULORURO
RFFDVLRQHGLIRUPDUVLXQVLPEROLFR
OHWWRQX]LDOHDIILQFKpJOLXRPLQLVLFRQWDPLQDVVHUR LQHVVR 

6XOOHULYHGHO*LRUGDQR*HVPDQLIHVWzVHVWHVVRYLHUDODSLHQH]]DGHO5HJQRGHLFLHOL&ROXLFKH
IXJHQHUDWRSULPDGLWXWWRIXQXRYDPHQWHJHQHUDWR&ROXLFKHDOO
LQL]LRIXXQWRFRPH)LJOLRIX
QXRYDPHQWHXQWR&ROXLFKHIXUHGHQWRDVXDYROWDKDUHGHQWR JOLDOWUL 

6HqOHFLWRSDUODUHGLXQPLVWHURLO3DGUHGHOWXWWRVLXQuFRQOD9HUJLQHFKHHUDGLVFHVDGDOO
DOWR
HLQTXHOJLRUQREULOOzSHUOHLXQIXRFR(JOLDSSDUYHQHOJUDQGHOHWWRQX]LDOH3HUFLzLOVXRFRUSRIX
SURGRWWRLQTXHOJLRUQRODVFLzLOOHWWRQX]LDOHFRPHXQRFKHYLHQHGDOORVSRVRHGDOODVSRVD&RVu
*HVUDGGUL]]zLOWXWWRSHUPH]]RORURLQHVVR(QHFHVVDULRFKHRJQXQRGHLGLVFHSROLHQWULQHO
VXRULSRVR

$GDPRIXSURGRWWRGDGXHYHUJLQLGDOORVSLULWRHGDOODWHUUDYHUJLQH,O&ULVWRSHUFLzQDFTXHGD
XQDYHUJLQHSHUFRUUHJJHUHLOSDVVRIDOVRYHULILFDWRVLDOO
LQL]LR
,QPH]]RDOSDUDGLVRFUHVFRQRGXHDOEHULXQRJHQHUDDQLPDOLO
DOWURJHQHUDXRPLQL$GDPR
PDQJLzGHOO
DOEHURFKHJHQHUDDQLPDOLGLYHQQHDQLPDOHHJHQHUzDQLPDOL3HUTXHVWRLILJOLGL
$GDPRYHQHUDQRDQLPDOL/
DOEHURGLFXL$GDPRPDQJLzLOIUXWWRqO
DOEHURGHOODFRQRVFHQ]D
4XHVWRqLOPRWLYRSHUFXLDXPHQWDURQRLSHFFDWL6HHJOLDYHVVHPDQJLDWRGHOIUXWWRGHOO
DOWUR
DOEHURFLRqGHOIUXWWRGHOO
DOEHURGHOODYLWDTXHOORFKHJHQHUDXRPLQLDOORUDJOLGqLYHQHUHUHEEHUR
JOLXRPLQL3RLFKpDOO
LQL]LR'LRFUHzO
XRPR0DRUDJOLXRPLQLFUHDQR'LR

1HOPRQGROHFRVHYDQQRFRVuJOLXRPLQLVLIDEEUL GHJOLGqLHYHQHUDQROHORURFUHD]LRQL6DUHEEH
LQYHFHRSSRUWXQRFKHJOLGqLYHQHUDVVHURJOLXRPLQL

,QYHULWjOHRSHUHGHOO
XRPRSURYHQJRQRGDOODVXDIRU]DSHUFLzVRQRGHWWHIRU]H/HRSHUHVRQRL
VXRLILJOLHSURYHQJRQRGDOVXRULSRVRSHUTXHVWRODVXDIRU]DqaSUHVHQWHQHOOHVXHRSHUH
PDLOVXRULSRVRVLPDQLIHVWDQHLVXRLILJOL7URYHUDLFKHWXWWRFLzVLDSSOLFDGLUHWWDPHQWH
DOO
LPPDJLQHHTXHVWRqO
XRPRFRQIRUPHDOO
LPPDJLQH&RPSLHOHVXHD]LRQLJUD]LHDOODVXDIRU]D
PDJHQHUDLVXRLILJOLJUD]LHDOVXRULSRVR

,QTXHVWRPRQGRJOLVFKLDYLVRQRVRWWRSRVWLDJOLXRPLQLOLEHUL1HO5HJQRGHLFLHOLLOLEHULVRQRDO
VHUYL]LRGHJOLVFKLDYLLILJOLGHOODFDPHUDQX]LDOHVRQRDOVHUYL]LRGHLILJOLGHOPDWULPRQLR,ILJOLGHOOD
FDPHUDQX]LDOHKDQQRORVWHVVRXQLFRQRPH6XJOLXQLHVXJOLDOWULUHJQDLOULSRVR1RQKDQQRSL
ELVRJQzGLYHGHUHSHUFKpJRGRQRGHOODFRQWHPSOD]LRQHGRWDWLGHOOD IDFROWj GLFRPSUHQGHUHSHU
PH]]RGHLVHQWLPHQWR6RQRPROWLSHUFKpQRQSRQJRQRLOORURWHVRURQHOOHFRVHGLTXDJJLFKH
VRQRYLOLPDQHOOHJORULHGLODVVVHEEHQH DQFRUD QRQOHFRQRVFDQR

&RORURFKHYRJOLRQRHVVHUHEDWWH]]DWLGLVFHQGRQRQHOO
DFTXD0DLO&ULVWRXVFHQGR GDOO
DFTXD OD
FRQVDFUzDIILQFKpFRORURFKHULFHYRQRLOEDWWHVLPRQHOVXRQRPHVLDQRSHUIHWWL(JOLLQIDWWLKD
GHWWR'REELDPRDGHPSLHUHRJQLJLXVWL]LD

4XDQWLDIIHUPDQRFKHSULPDVLGHYHPRULUHHSRLULVXVFLWDUHVLLQJDQQDQR6HGDYLYLQRQ
RWWHQJRQRODULVXUUH]LRQHTXDQGRPRULUDQQRQRQRWWHUUDQQRQXOOD$OORVWHVVRPRGRHVVLSDUODQR
GHOEDWWHVLPRDIIHUPDQRFKHLOEDWWHVLPRqXQDJUDQGHFRVDSRLFKpFKLORULFHYHYLYUj

/
DSRVWROR)LOLSSRGLVVH,OIDOHJQDPH*LXVHSSHDYHQGRELVRJQRGLOHJQDSHULOVXRPHVWLHUH
SLDQWzXQJLDUGLQRFRQJOLDOEHULFKHDYHYDSLDQWDWRIHFHODFURFHHLOVXRGLVFHQGHQWHIXVRVSHVR
DTXHOORFKHHJOLDYHYDSLDQWDWRLOVXRGLVFHQGHQWHq*HVO
DOEHURqODFURFH

0DO
DOEHURGHOODYLWDqLQPH]]RDOJLDUGLQR7XWWDYLDqGDOO
XOLYRFKHVLHVWUDHLOFULVPDSHUPH]]R
GHOTXDOHVLKDODULVXUUH]LRQH

4XHVWRPRQGRqXQGLYRUDWRUHGLFDGDYHULWXWWRFLzFKHYLVLPDQJLDPXRUHGLQXRYR

/DYHULWjqXQDGLYRUDWULFHGLYLWDTXDQWLVLQXWURQRGLHVVDQRQPRULUDQQR*HVYHQQHGDTXHO
OXRJRGRQGHSRUWzGHOFLER$FKLORGHVLGHUDKDGDWRODYLWDDIILQFKpHJOLQRQPXRLD

'LRSLDQWzXQJLDUGLQR/
XRPRIXSRVWRQHOJLDUGLQR/jHUDQRPROWLDOEHULSHUOXLHO
XRPRYLYHYD
LQTXHVWROXRJRFRQODEHQHGL]LRQHHQHOO
LPPDJLQHGL'LR'LFLzFKHYLqLQHVVRLRPDQJLRFRPH
YRJOLR4XHVWRSDUDGLVRqLOOXRJRQHOTXDOHPLVLGLUj8RPRPDQJLDTXHVWRRSSXUH0DQJLD
TXHOORFRPHYXRL4XHVWRqLOOXRJRQHOTXDOHLRPDQJHUzGLWXWWRSRLFKpYLqO
DOEHURGHOOD
JQRVL4XHOORKDXFFLVR$GDPRPHQWUHLQTXHVWROXRJRO
DOEHURGHOODJQRVLIHFHYLYHUHO
XRPR/D
OHJJHHUDO
DOEHUR(VVRKDLOSRWHUHGLGDUHODFRQRVFHQ]DGHOEHQHHGHOPDOHQRQO
HVHQWzGDO
PDOHQpORVWDELOL]]zQHOEHQHPDSUHGLVSRVHODPRUWHSHUTXDQWLQHPDQJLDURQR3RLFKpTXDQGR
HJOLGLVVH0DQJLDGLTXHVWRQRQPDQJLDUHGLTXHOORIXO
LQL]LRGHOODPRUWH

/
XQ]LRQHqVXSHULRUHDOEDWWHVLPR(GDOO
XQ]LRQHLQIDWWLFKHQRLVLDPRVWDWLFKLDPDWLFULVWLDQL
HQRQGDOEDWWHVLPR$QFKHLO&ULVWRIXFKLDPDWR FRVu DPRWL9RGHOO
XQ]LRQHLO3DGUHXQVHLO
)LJOLRLO)LJOLRXQVHJOLDSRVWROLHJOLDSRVWROLXQVHURQRL&ROXLFKHqVWDWRXQWRSRVVLHGHLOWXWWR
SRVVLHGHODULVXUUH]LRQHODOXFHODFURFHOR6SLULWR6DQWR,O3DGUHJOLKDGDWRTXHVWRQHOOD
FDPHUDQX]LDOHHJOL OR KDDFFHWWDWR

,O3DGUHHUDQHO)LJOLRHLO)LJOLRQHO3DGUH4XHVWRqLO5HJQRGHLFLHOL

%HQHGLVVHLO6LJQRUH$OFXQLHQWUDURQRQHO5HJQRGHLFLHOLULGHQGRHXVFLURQR(VVLQRQYL
ULPDVHURSHUFKpO
XQRQRQHUDXQFULVWLDQRO
DOWURSHUFKpLQVHJXLWRULPSLDQVH ODVXDGHFLVLRQH 
1RQDSSHQDLO&ULVWRGLVFHVHQHOO
DFTXDQHXVFuULGHQGRGLWXWWRQRQSHUFKpIRVVHSHUOXLXQ
JLRFRPDSHUO
DVVROXWRGLVSUH]]RFKHQHDYHYD&ROXLFKHYXROHHQWUDUHQHO5HJQRGHLFLHOLYL
JLXQJHUj6HGLVSUH]]DLOWXWWR GLTXHVWRPRQGR HORFRQVLGHUDXQJLRFRQHXVFLUjULGHQGR

(FRVuDQFKHGHOSDQHGHOFDOLFHGHOO
ROLRDQFKHVHYLqTXDOFRVDGLSLHOHYDWRGLTXHVWL

,OPRQGRHEEHRULJLQHGDXQDWUDVJUHVVLRQH&ROXLLQIDWWLFKHORKDFUHDWRYROHYDIDUOR
LQFRUUXWWLELOHHLPPRUWDOHPDIDOOLHQRQUHDOL]]zTXDQWRVSHUDYD3RLFKpO
LQFRUUX]LRQHGHOPRQGR
QRQHVLVWHYDQRQHVLVWHYDO
LQFRUUX]LRQHGLFROXLFKHFUHzLOPRQGR1RQYLVRQRLQIDWWLFRVH
LQFRUURWWHPD VROR ILJOLHQHVVXQDFRVDSXzULFHYHUHO
LQFRUUX]LRQHDPHQRFKHSULPDGLYHQJD
IDQFLXOOR0DFROXLFKHqLQFDSDFHGLULFHYHUHDPDJJLRUUDJLRQHqLQFDSDFHGLGDUH

,OFDOLFHGHOODSUHJKLHUDFRQWLHQHYLQRHDFTXDHVVHQGRVLPERORGHOVDQJXHVXOTXDOHVLUHQGRQR
JUD]LH(VVRqULSLHQRGHOOR6SLULWR6DQWRHDSSDUWLHQHDOO
XRPRWRWDOPHQWHSHUIHWWR4XDQGRQH
EHYLDPRULFHYLDPRO
XRPRSHUIHWWR

/
DFTXDYLYDqXQFRUSRqQHFHVVDULRFKHFLULYHVWLDPRGHOO
XRPRYLYR3HUFLzTXDQGRqLQ
SURFLQWRGLGLVFHQGHUHQHOO
DFTXDVLVYHVWHSHUULYHVWLUVLGLTXHOOR

8QFDYDOORJHQHUDXQFDYDOORXQXRPRJHQHUDXQXRPRXQGLRJHQHUDXQGLR&RVuqGHOORVSRVR
HGHOODVSRVDLORURILJOLIXURQRFRQFHSLWLQHOODFDPHUDQX]LDOH)LQWDQWRFKHODOHJJHHUDLQ9LJRUH
QRQF
qVWDWRXQHEUHR FKHVLDQDWRGDXQJUHFR 1RLVWHVVLLQTXDQWRVWLUSHFULVWLDQDQRQ
GLVFHQGLDPRGDJOLHEUHL&
HUDXQ
DOWUDVWLUSHHLVXRLGLVFHSROLVRQRFKLDPDWLVWLUSHHOHWWDGHO
'LRYLYHQWHHO
XRPRYHURHLO)LJOLRGHOO
XRPRHODGLVFHQGHQ]DGHO)LJOLRGHOO
XRPR
4XHVWDQHOPRQGRqFKLDPDWDODYHUDVWLUSH2YXQTXHVLWURYDQROjqLOOXRJRGHLILJOLGHOOD
FDPHUDQX]LDOH

0HQWUHLQTXHVWRPRQGRO
XQLRQH VHVVXDOH qGLXQPDVFKLRHGLXQDIHPPLQDFRPHGLIRU]DH
GLGHEROH]]DQHOO
HRQHO
LPPDJLQHGHOO
XQLRQH VSLULWXDOH qGLYHUVD7XWWDYLDQRLORFKLDPLDPRFRQ
JOLVWHVVLQRPL0DYLVRQRDOWULQRPLDOGLVRSUDGLRJQLQRPHFRQLTXDOLqPHQ]LRQDWRHSLIRUWL
GHOIRUWH3RLFKpOjRYHVLWURYDODYLROHQ]DYLVRQRFRORURFKHHFFHOORQRQHOODIRU]D4XHVWHQRQ
VRQRFRVHGLYHUVHPDDPEHGXHVRQRXQDVWHVVDFRVD4XHVWDqXQDFRVDFKHLOFXRUHGHOODFDUQH
QRQULXVFLUjPDLDYLQFHUH

$TXDQWLKDQQRWXWWRQRQqIRUVHQHFHVVDULRFKHWXWWLFRQRVFDQRVHVWHVVL"$OFXQLVHQRQ
FRQRVFRQRVHVWHVVLQRQJLRLVFRQRGLTXHOORFKHSRVVLHGRQR0DTXHOOLFKHVRQRSHUYHQXWLDOOD
FRQRVFHQ]DGLVHVWHVVLQHJLRLUDQQR

1RQVROWDQWRQRQULXVFLUDQQRDGDIIHUUDUHO
XRPRSHUIHWWRPDQRQULXVFLUDQQRDYHGHUORSRLFKp
VHORYHGHVVHURORDIIHUUHUHEEHUR1HVVXQRULXVFLUjDRWWHQHUHTXHVWDJUD]LDLQDOFXQDOWURPRGR
VHQRQULYHVWHQGRVLGHOODOXFHSHUIHWWDHGLYHQHQGRHJOLVWHVVROXFHSHUIHWWD&ROXLFKHVLULYHVWLUj
GLTXHVWDHQWUHUjQHO5HJQR4XHVWDqODOXFHSHUIHWWDHGqQHFHVVDULRFKHFRQRJQLPH]]R
GLYHQWLDPRXRPLQLSHUIHWWLSULPDGLXVFLUHGDOPRQGR

&ROXLFKHKDULFHYXWRWXWWRPDQRQKDLOGRPLQLRGLTXHVWLOXRJKLQRQULXVFLUjDGRPLQDUHTXHVWR
OXRJRPDDQGUjQHOOXRJRGLPH]]RFRPHLPSHUIHWWR6ROWDQWR*HVFRQRVFHODILQHGLFRVWXL

/
XRPRVDQWRqSHUIHWWDPHQWHVDQWRDQFKHQHOVXRFRUSR,QIDWWLVHKDULFHYXWRLOSDQHOR
VDQWLILFKHUjRLOFDOLFHRTXDOVLDVLDOWUDFRVDULFHYDHJOLODSXULILFD(FRPHQRQVDQWLILFKHUjDQFKH
LOFRUSR"

&RPH*HVKDUHVRSHUIHWWDO
DFTXDGHOEDWWHVLPRFRVuKDVYXRWDWRODPRUWH3HUFLzQRL
GLVFHQGLDPRVuORQHOO
DFTXDPDQRQGLVFHQGLDPRQHOODPRUWHSHUQRQYHQLUHJHWWDWLIXRULQHOOR
VSLULWRGLTXHVWRPRQGR4XDQGRVRIILDORVSLULWRGHOPRQGRIDYHQLUHO
LQYHUQR4XDQGRVRIILDOR
6SLULWR6DQWRIDYHQLUHO
HVWDWH

&ROXLFKHKDODFRQRVFHQ]DGHOODYHULWjqOLEHUR0DFROXLFKHqOLEHURQRQSHFFDSRLFKpFKL
SHFFDqVFKLDYRGHOSHFFDWR/DYHULWjqODPDGUHPDODFRQRVFHQ]DqLOSDGUH&RORURDLTXDOLq
SHUPHVVRGLSHFFDUHLOPRQGROLFKLDPDOLEHUL$FRORURDLTXDOLQRQqSHUPHVVRGLSHFFDUHOD
FRQRVFHQ]DGHOODYHULWjLQQDO]DLOFXRUHHFLRqOLUHQGHOLEHULHOLLQQDO]DDOGLVRSUDGLRJQLOXRJR

0DO
DPRUHHGLILFD(FROXLFKHqGLYHQXWROLEHURSHUPH]]RGHOODFRQRVFHQ]DSHUPH]]R
GHOO
DPRUHqVFKLDYRSHUTXDQWLQRQKDQQRDQFRUDSRWXWRLQQDO]DUVLYHUVRODOLEHUWjSHUPH]]R
GHOODFRQRVFHQ]D/DFRQRVFHQ]DOLUHQGHFDSDFLGLGLYHQWDUHOLEHUL/
DPRUHQRQDYRFDDVp
QXOOD$QFKHGLFLzFKHqVXRQRQGLFH4XHOORqPLRRSSXUH4XHVWRqPLR0DGLFH7XWWR
TXHVWRqWXR

/
DPRUHVSLULWXDOHqYLQRHEDOVDPR1HJLRLVFRQRFRORURFKHQHVRQRXQWL1HJLRLVFRQRDQFKH
FRORURFKHVLPDQWHQJRQRVHSDUDWLILQWDQWRFKHJOLXQWLVRQRSUHVVRGLORUR6HJOLXQWLFRQLO
EDOVDPRFHVVDQR GLVWDUH YLFLQLHVLDOORQWDQDQRGDORURFRVWRURFKHQRQVRQRXQWLHVL
PDQWHQJRQRVROWDQWRVHSDUDWLGDTXHOOLULPDQJRQRQXRYDPHQWHQHOORURFDWWLYRRGRUH

$OIHULWRLOVDPDULWDQRGLHGHVROWDQWRYLQRHROLRQRQqDOWURFKHO
XQ]LRQH(JXDUuOHIHULWH
O
DPRUHLQIDWWLFRSUHXQDPROWLWXGLQHGLSHFFDWL

4XHOOLFKHODGRQQDJHQHUDUDVVRPLJOLDQRDFROXLFKHHOODDPDVHqVXRPDULWRUDVVRPLJOLDQRDO
PDULWRVHqXQDGXOWHURUDVVRPLJOLDQRDOO
DPDQWH6SHVVRTXDQGRXQDGRQQDGRUPHFROPDULWR
SHUQHFHVVLWjPHQWUHLOVXRFXRUHVLWURYDFRQO
DPDQWHFRQFXLqLQFRPXQLRQHFROXLFKHHOOD
JHQHUDqJHQHUDWRVRPLJOLDQWHDTXHVWL

0DYRLFKHVLHWHFRQLO)LJOLRGL'LRQRQDPDWHLOPRQGRDPDWHLO6LJQRUHDIILQFKpFRORURFKH
JHQHUDWHQRQUDVVRPLJOLQRDOPRQGRPDUDVVRPLJOLQRDO6LJQRUH

/
XRPRVLDVVRFLDFRQO
XRPRLOFDYDOORVLDVVRFLDFRQLOFDYDOORO
DVLQRVLDVVRFLDFRQO
DVLQROH
VSHFLHVLDVVRFLDQRFRQTXHOOLGHOODORURVSHFLH$OORVWHVVRPRGROR6SLULWRVLDVVRFLDFRQOR
6SLULWRLO/RJRVqLQFRPXQLRQHFRO/RJRVHODOXFHqLQFRPXQLRQHFRQODOXFH6HWXGLYHQWL
XRPRO
XRPRWLDPHUj6HWXGLYHQWL6SLULWROR6SLULWRVLSRUUjLQFRPXQLRQHFRQWH6HWXGLYHQWL
/RJRVLO/RJRVVDUjLQFRPXQLRQHFRQWH6HWXGLYHQWLOXFHODOXFHVDUjLQFRPXQLRQHFRQWH6H
WXGLYHQWLFLzFKHqLQDOWRFLzFKHqLQDOWRVLULSRVHUjVXGLWH6HWXGLYHQWLXQFDYDOORRXQDVLQR
RXQYLWHOORRXQFDQHRXQPRQWRQHRXQTXDOVLDVLDOWURDQLPDOHFKHVuWURYDQRDOGLIXRULHDOGL
VRWWRWXQRQSRWUDLHVVHUHDPDWRQpGDOO
XRPRQpGDOOR6SLULWRQpGDO/RJRVQpGDOODOXFHQpGD
FLzFKHqLQDOWRQpGDFLzFKHqDOO
LQWHUQR4XHVWLQRQSRWUDQQRULSRVDUVLLQWHHWXQRQDYUDL
SDUWHLQHVVL

&ROXLFKHqVFKLDYRFRQWURODVXDYRORQWjSRWUjGLYHQWDUHOLEHUR&ROXLFKHHUDOLEHURLQJUD]LDGHO
VXRVLJQRUHHVLqYHQGXWRLQVFKLDYLWQRQSRWUjSLGLYHQWDUHOLEHUR

/
DJULFROWXUDGHOPRQGRDEELVRJQDGLTXDWWURHOHPHQWLVLDFFXPXODQHOJUDQDLRTXDQWRSURYLHQH
GDOO
DFTXDGDOODWHUUDGDOYHQWRHGDOODOXFH$QFKHO
DJULFROWXUDGL'LRDEELVRJQDGLTXDWWUR
HOHPHQWLODIHGHODVSHUDQ]DO
DPRUHHODJQRVL/DQRVWUDWHUUDqODIHGHQHOODTXDOHDIIRQGLDPR
ODUDGLFHO
DFTXDqODVSHUDQ]DGHOODTXDOHFLQXWULDPRLOYHQWRqO
DPRUHSHUPH]]RGHOTXDOH
GLYHQWLDPRJUDQGLHODOXFHqODJQRVLSHUPH]]RGHOODTXDOHPDWXULDPR

$QFKHODJUD]LDDEELVRJQDGLTXDWWURFOHPHQWLHVVDqWHUUHVWUHqFHOHVWHHVVDSURYLHQHGDOO
DOWR
GHLFLHOLHULVLHGHQHOODYHULWj

%HDWRFROXLFKHQRQKDUDWWULVWDWRXQ
DQLPD&RVWXLq*HV&ULVWR(JOLqYHQXWRLQRJQLOXRJRH
QRQKDRSSUHVVRDOFXQR3HUFLzEHDWRFKLqFRPHOXLSHUFKpqXQXRPRSHUIHWWR(JOLLQIDWWLqLO
/RJRV

3RQHWHFLGRPDQGHVXGLOXLSRLFKpqGLIILFLOHSUHVHQWDUOR&RPHSRWUHPPRSRUWDUHD
FRPSLPHQWRTXHVWRJUDQGHFRPSLWR"&RPHGDUjHJOLULSRVRDRJQXQR"

,QQDQ]LWXWWRQRQqJLXVWRDIIOLJJHUHDOFXQRVLDJUDQGHVLDSLFFRORVLDLQIHGHOHVLDIHGHOHHLQ
VHJXLWRRIIULUHFRQIRUWRVROWDQWRDFRORURFKHSURYDQRVRGGLVID]LRQHQHOFRPSLHUHLOEHQH$OFXQL
WUDJJRQRSURILWWRQHOO
RIIULUHFRQIRUWRDFKLVWDEHQH&KLFRPSLHLOEHQHQRQSXzRIIULUHFRQIRUWRD
FRVWRURSRLFKpqFRQWURODVXDYRORQWj0DHJOLQRQSXzDIIOLJJHUHDPHQRFKHRSHULDIILQFKp
RSSULPDQRVHVWHVVL&ROXLLQYHFHFKHVWDEHQHWDOYROWDOLDIIOLJJHQRQFKHHJOLORYRJOLD
HVSUHVVDPHQWHqSLXWWRVWRODORURPDOLJQLWjFKHOLDIIOLJJH&ROXLFKHKDODQDWXUD EXRQD JLRLVFH
GHOEHQHPDDFDXVDGLFLzDOFXQLVLDIIOLJJRQRPDODPHQWH

8QFDSRIDPLJOLDDFTXLVWDRJQLFRVDILJOLVHUYLDQLPDOLFDQLPDLDOLJUDQRRU]RSDJOLDHUED
RVVLFDUQHHJKLDQGH(XQXRPRVDJJLRHFRQRVFHLOQXWULPHQWRDGDWWRDRJQXQRPHWWHSDQH
ROLRG
ROLYDHFDUQHGD9DQWLDLILJOLSRQHROLRGLULFLQRHJUDQRGDYDQWLDLVHUYLJHWWDDJOLDQLPDOL
RU]RSDJOLDHGHUEDJHWWDRVVDDLFDQLDLPDLDOLJHWWDJKLDQGHHDYDQ]LGLSDQH

6LFRPSRUWDFRVuDQFKHLOGLVFHSRORGL'LR6HqVDJJLRFRPSUHQGHOHTXDOLWjGLXQGLVFHSROROH
IRUPHFRUSRUHHQRQO
LQGXFRQRLQHUURUHYDOXWDSLXWWRVWRODGLVSRVL]LRQHG
DQLPRGLRJQXQRH
SDUODFRQOXL1HOPRQGRYLVRQRPROWLDQLPDOLFKHKDQQRIRUPDXPDQDDOORUFKpHJOLOLULFRQRVFH
JHWWDJKLDQGHDLPDLDOLJHWWDRU]RSDJOLDHGHUEDDJOLDQLPDOLJHWWDRVVLDLFDQL$LVHUYLGjJOLLQL]L
 GHOOHOH]LRQL DLIDQFLXOOLGj O
LQVHJQDPHQWR SHUIHWWR

&
qLO)LJOLRGHOO
XRPRHF
qLOILJOLRGHL)LJOLRGHOO
XRPR,,)LJOLRGHOO
XRPRqLO6LJQRUHLOILJOLR
GHO)LJOLRGHOO
XRPRqFROXLFKHqVWDWRFUHDWRGDO)LJOLRGHOO
XRPR,O)LJOLRGHOO
XRPRULFHYHWWHGD
'LRLOSRWHUHGLFUHDUH(JOLSXzDQFKHJHQHUDUH

&ROXLFKHKDULFHYXWR LOSRWHUH GLFUHDUHqXQDFUHDWXUD&ROXLWKHKDULFHYXWRLOSRWHUHGL
JHQHUDUHqXQJHQHUDWR&KLFUHDQRQSXzJHQHUDUH&KLJHQHUDSXzFUHDUH

0DVLGLFH&KLFUHDJHQHUD7XWWDYLDODVXDJHQHUD]LRQHqXQDFUHDWXUDSRLFKpLVXRLJHQHUDWL
QRQVRQRLVXRLILJOLPDVXHFUHD]LRQL&KLFUHDODYRUDLQPRGRYLVLELOHHGqHJOLVWHVVRYLVLELOH
&KLJHQHUDJHQHUDLQVHJUHWRHGqHJOLVWHVVRQDVFRVWRVWDQGRFRQODVXDLPPDJLQH&KLFUHD
FUHDDSHUWDPHQWHPDFROXLFKHJHQHUDJHQHUDILJOLLQVHJUHWR

1HVVXQRqFDSDFHGLFRQRVFHUHLOJLRUQRLQFXLO
XRPRHODGRQQDVLXQLVFRQRHFFHWWRORURGXH
,QIDWWLQHOPRQGRLOPDWULPRQLRqXQPLVWHURSHUFRORURFKHKDQQRSUHVRPRJOLH

6HLOPDWULPRQLRGHOODFRQWDPLQD]LRQHqQDVFRVWRDPDJJLRUUDJLRQHLOPDWULPRQLRLPPDFRODWRq
XQYHURPLVWHUR1RQqFDUQDOHPDSXUR1RQDSSDUWLHQHDOODSDVVLRQHPDDOODYRORQWj1RQ
DSSDUWLHQHDOOHWHQHEUHRDOODQRWWHPDDSSDUWLHQHDOJLRUQRHDOODOXFH

4XDQGRXQPDWULPRQLRqVHQ]DYHOLGLYHQWDSURVWLWX]LRQHHODVSRVDVLSURVWLWXLVFHQRQVROWDQWR
TXDQGRDFFRJOLHLOVHPHGLXQDOWURXRPRPDDQFKHTXDQGRODVFLDODFDPHUDGDOHWWRHGqYLVWD
(OODSXzPDQLIHVWDUVLVROWDQWRDVXRSDGUHDVXDPDGUHDOO
DPLFRGHOORVSRVRHDLILJOLGHOOR
VSRVRDFRVWRURqSHUPHVVRGLHQWUDUHWXWWLLJLRUQLQHOODFDPHUDQX]LDOH0DJOLDOWULQRQSRVVRQR
FKHGHVLGHUDUHGLXGLUHODVXDYRFHGLJLRLUHGHOVXRSURIXPRHQXWULUVLGHOOHEULFLROHGLSDQHFKH
FDGRQRGDOODWDYRODFRPHLFDQL*OLVSRVLHOHVSRVHDSSDUWHQJRQRDOODFDPHUDQX]LDOHQHVVXQR
SRWUjYHGHUHORVSRVRHODVSRVDDPHQRFKHORGLYHQWL

4XDQGR$EUDPRJLRuSHUFKpDYUHEEHYLVWRTXDQWRVWDYDSHUYHGHUHFLUFRQFLVHODFDUQHGHOVXR
SUHSX]LRLQVHJQDQGRFLFRVuFKHqQHFHVVDULRGLVWUXJJHUHODFDUQH

0ROWHFRVHLQTXHVWRPRQGRVWDQQRULWWHHYLYRQRILQRDWDQWRFKHOHORURSDUWLLQWHULRULVRQR
QDVFRVWHPDTXDQGRYHQJRQRDOORVFRSHUWRPXRLRQRFRPHqSURYDWRGDOO
XRPRYLVLELOH(
LQIDWWLILQWDQWRFKHOHYLVFHUHGHOO
XRPRVRQRQDVFRVWHO
XRPRqYLYRPDVHOHVXHYLVFHUHVRQR
HVSRVWHHGHVFRQRGDOXLO
XRPRPRULUj&RVuqSXUHGHOO
DOEHURILQWDQWRFKHODUDGLFHq
QDVFRVWDILRULVFHHFUHVFHPDVHODUDGLFHqHVSRVWDO
DOEHURVHFFD&RVuqGLRJQLSURGRWWRGHO
PRQGRVLDSHUFLzFKHqHVSRVWRVLDSHUFLzFKHqQDVFRVWR3RLFKpILQWDQWRFKHODUDGLFHGHO
PDOHqQDVFRVWDqIRUWHPDTXDQGRqVFRSHUWDVLGLVVROYH6HVLPDQLIHVWDYLHQHGLVWUXWWD

3HUFLzLO/RJRVGLFH/
DVFLDqJLjSRVWDDOODUDGLFHGHJOLDOEHUL1RQWDJOLHUjFLzFKHYLHQH
WDJOLDWRVSXQWDGLQXRYRO
DVFLDLQYHFHWDJOLHUjLQSURIRQGLWjILQRDHVWLUSDUHODUDGLFH*HVKD
UHFLVRODUDGLFHGLWXWWRLOOXRJRPDJOLDOWUL VROWDQWR SDU]LDOPHQWH4XDQWRDQRLRJQXQRVFDYL
ILQRDOODUDGLFHGHOPDOHFKHqLQOXLORVUDGLFKLGDOVXRFXRUHILQRDOODUDGLFH

0DHVVRVDUjVUDGLFDWRVHQRLORULFRQRVFHUHPR6HLQYHFHORLJQRULDPRVLUDGLFKHUjLQQRLH
SURGXUUjLVXRLIUXWWLQHOQRVWURFXRUH(VVRLPSHUDVXGLQRL6LDPRVXRLVFKLDYLFLUHQGH
SULJLRQLHULVLFFKpIDFFLDPRFLzFKHQRQYRJOLDPRHQRQIDFFLDPRFLzFKHYRJOLDPR(VHUFLWDXQ
JUDQGHSRWHUHSHUFKpQRQO
DEELDPRVFRSHUWR)LQWDQWRFKHHVLVWHqRSHUDQWH/
LJQRUDQ]DqOD
PDGUHGLRJQLPDOH/
LJQRUDQ]DVLULVROYHUjLQPRUWHSHUFKpTXDQWLSURYHQJRQRGDOO
LJQRUDQ]D
QRQHUDQRQRQVRQRQRQVDUDQQR

0DTXHOOLFKHVRQRQHOODYHULWjVDUDQQRSHUIHWWLTXDQGRVDUjULYHODWDWXWWDODYHULWj/DYHULWj
LQIDWWLqFRPHO
LJQRUDQ]DQDVFRVWDULPDQHLQVHVWHVVDPDQLIHVWDHULFRQRVFLXWDqJORULILFDWD
HVVHQGRWDQWRSLIRUWHGHOO
LJQRUDQ]DHGHOO
HUURUH(VVDGjODOLEHUWj,O/RJRVKDGHWWR6HYRL
FRQRVFHUHWHODYHULWjODYHULWjYLIDUjOLEHUL/
LJQRUDQ]DqVFKLDYD/DJQRVLqOLEHUWj6H
FRQRVFLDPRODYHULWjWURYHUHPRLQQRLVWHVVLLIUXWWLGHOODYHULWj6HFLXQLDPRDHVVDSRUWHUjLO
QRVWUR3OHURPD

$GHVVRDEELDPR OHSDUWL YLVLELOLGHOODFUHD]LRQH6LDPRVROLWLGLUH/HFRVHSRWHQWLVRQR
ULVSHWWDELOLPHQWUHOHFRVHQDVFRVWHVRQRGHEROLHVSUHJHYROL,OFRQWUDULRqGHOOHFRVHULYHODWH
GDOODYHULWjVRQRGHEROLHVSUHJHYROLPHQWUHOHFRVHQDVFRVWHVRQRSRWHQWLHULVSHWWDELOL,PLVWHUL
GHOODYHULWjVRQRULYHODWLSHUPH]]RGLWLSLHGLLPPDJLQL0DODFDPHUDQX]LDOHUHVWDQDVFRVWDqLO
VDQWRGHOVDQWR

$OO
LQL]LRLQIDWWLLOYHORQDVFRQGHYDLQFHUWRPRGRLOFRQWUROORGHLFUHDWRGDSDUWHGL'LR0D
DOORUFKpLOYHORVLVTXDUFLzHO
LQWHUQRVDUjPDQLIHVWRTXHVWDFDVDVDUjODVFLDWDGHVHUWDPHJOLR
VDUjGLVWUXWWD0DQRQWXWWDODGLYLQLWjIXJJLUjGDTXHVWLOXRJKLQHOVDQWRGHLVDQWLJLDFFKpQRQ
SRWUjXQLUVLDOODOXFHSXUDHDOODSLHQH]]DVHQ]DGHILFLHQ]DEHQVuVDUjVRWWROHDOLGHOODFURFHH
VRWWROHVXHEUDFFLD4XHVW
DUFDVDUjODVXDVDOYH]]DDOORUFKpVXGLTXHOOHVLDO]HUDQQROHDFTXH
GHOGLOXYLR

&RORURFKHIDQQRSDUWHGHOODWULEVDFHUGRWDOHSRWUDQQRSHQHWUDUHDOGLOjGHOYHORLQVLHPHFRO
VRPPRVDFHUGRWH3HUTXHVWRLOYHORQRQVLqVTXDUFLDWRVROWDQWRLQDOWRSRLFKpVLVDUHEEHDSHUWR
XQLFDPHQWHSHUTXHOOLGDOO
DOWRQpVLVTXDUFLzVROWDQWRLQEDVVRSHUFKpVLVDUHEEHPDQLIHVWDWR
XQLFDPHQWHSHUTXHOOLGDOEDVVR0DVLqVTXDUFLDWRGDOO
DOWRLQEDVVR4XHOOLGDOO
DOWRKDQQR
DSHUWRSHUQRLFKHVLDPRGDOEDVVRDIILQFKpSRVVLDPRHQWUDUHQHOVHJUHWRGHOODYHULWj

&LzqYHUDPHQWHGHJQRGLULVSHWWRSRLFKpqSRWHQWH0DQRLYLSHQHWUHUHPRSHUPH]]RGLWLSL
VSUHJHYROLHGLIRUPHGHEROL6SUHJHYROLULVSHWWRDOODJORULDSHUIHWWD&
qXQDJORULDFKHROWUHSDVVD
ODJORULD&
qXQDSRWHQ]DFKHVXSHUDODSRWHQ]D3HUFLzFLqVWDWRDSHUWRTXDQWRqSHUIHWWRHLO
VHJUHWRGHOODYHULWjLOVDQWRGHLVDQWLVLqPDQLIHVWDWRHODFDPHUDQX]LDOHFLKDLQYLWDWR

)LQWDQWRFKHFLzqQDVFRVWRODPDOLJQLWjqLPSRWHQWHQRQqVWDWDVRWWUDWWDDOVHPHGHOOR6SLULWR
6DQWRVRQRLVHUYLGHOODFDWWLYHULD0DTXDQGRVDUjULYHODWRVLPDQLIHVWHUjHDOORUDODOXFH
SHUIHWWDVLGLIIRQGHUjVXRJQXQRHWXWWLFRORURFKHVDUDQQRLQHVVDULFHYHUDQQRO
XQ]LRQH*OL
VFKLDYLDOORUDVDUDQQROLEHULHLSULJLRQLHULVDUDQQRULVFDWWDWL

2JQLSLDQWDQRQSLDQWDWDGDO3DGUHPLRFKHqQHLFLHOLVDUjVUDGLFDWD&RORURFKHVRQRVHSDUDWL
VDUDQQRXQLWLHULFROPL7XWWLFRORURFKHHQWUHUDQQRQHOODFDPHUDQX]LDOHDFFHQGHUDQQRODOXFHQRQ
FRPHVLDFFHQGHQHLPDWULPRQL GLTXDJJL FKHDYYHQJRQRGLQRWWH
,OIXRFREUXFLDVROWDQWRQHOODQRWWHSRLVLVSHJQH0DLPLVWHULGLTXHVWRPDWULPRQLRVLFRPSLRQR
GLJLRUQRHGLQRWWH4XHOJLRUQRHTXHOODOXFHQRQWUDPRQWDQR

6HTXDOFXQRGLYHQWDILJOLRGHOODFDPHUDQX]LDOHULFHYHUjODOXFH6HTXDOFXQRQRQODULFHYHPHQWUH
VLWURYDLQTXHVWLOXRJKLQRQODSRWUjULFHYHUHQHOO
DOWUROXRJR&KLULFHYHUjTXHOODOXFHQRQVDUj
YLVWRQHSRWUjHVVHUHSUHVRFRVWXLQRQSRWUjYHQLUHPROHVWDWRDQFKHVHYLYHQHOPRQGR(
DQFRUDTXDQGRDEEDQGRQDLOPRQGRHJOLKDJLjULFHYXWRODYHULWjSHUPH]]RGLLPPDJLQL
,OPRQGRqGLYHQWDWRXQHRQHSHUFKpO
HRQHqSHUOXLSLHQH]]D…LQTXHVWRPRGRqULYHODWR
VROWDQWRDOXLQRQqQDVFRVWRQHOOHWHQHEUHHQHOODQRWWHPDqQDVFRVWRLQXQJLRUQRSHUIHWWRHLQ
XQDOXFHVDQWD

,O9DQJHORVHFRQGR)LOLSSR

'D,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD
)LOLSSRDFXUDGL/XLJL0RUDOGLHG
DJOL$GHOSKL0LODQRSS



7UDWWRGD,9DQJHOLJQRVWLFL9DQJHOLGL7RPDVR0DULD9HULWD
)LOLSSRDFXUDGL/XLJL0RUDOGL)LOLSSRHGDJOL$GHOSKL
0LODQR


You might also like