You are on page 1of 15

,QWURGX]LRQH               L

,QWURGX]LRQH 


/D FRPXQLFD]LRQH HFRQRPLFRILQDQ]LDULD UDSSUHVHQWD XQ IOXVVR GL
LQIRUPD]LRQL FKH O¶D]LHQGD LPPHWWH QHO PHUFDWR DO ILQH GL VRGGLVIDUH OH HVLJHQ]H
FRQRVFLWLYH GHL SURSUL VWDNHKROGHU (VVD SUHVHQWD WXWWDYLD GXH FDUDWWHULVWLFKH
SHFXOLDUL FKH SRVVRQR LQILFLDUH OD VXD FDSDFLWj LQIRUPDWLYD q GLVSHUVD VX YDUL
FDQDOL HG q HVSUHVVD LQ XQ OLQJXDJJLR FRGLILFDWR FKH QRQ WXWWL JOL LQWHUORFXWRUL
D]LHQGDOLVRQRLQJUDGRGLLQWHUSUHWDUHHWUDGXUQHLOVLJQLILFDWR
3HU IDU IURQWH DOOH LQHIILFLHQ]H LQIRUPDWLYH GHULYDQWL GD WDOL DVSHWWL VRQR QDWL
QHO PHUFDWR GHL VRJJHWWL VSHFLDOL]]DWL QHOOD UDFFROWD DQDOLVL H ULHODERUD]LRQH GHL
PHVVDJJL JOL LQWHUPHGLDUL LQIRUPDWLYL 7DOL VRJJHWWL VL FROORFDQR TXLQGL WUD
O¶D]LHQGDHPLWWHQWH HG LO VXR SXEEOLFR GLYHQWDQGR FRVu LQWHUSUHWL GHL ELVRJQL
FRQRVFLWLYL GHL VRJJHWWL FKH VL ULYROJRQR DG HVVL *OL LQWHUPHGLDUL HODERUDQR XQ
SURGRWWR LQIRUPDWLYR GL SL LPPHGLDWD LQWHOOLJLELOLWj H PHJOLR ULVSRQGHQWH DOOH
SDUWLFRODULHVLJHQ]HGLFLDVFXQLQWHUORFXWRUHHVWHUQRSURSULRSHUFKpFRVWUXLWRVXOOH
VSHFLILFKHHVLJHQ]HVRSUDPHQ]LRQDWH(VVLULYHVWRQRTXLQGLXQUXRORSDUWLFRODUH
QHO PHUFDWR GHOO¶LQIRUPD]LRQH VRQR XWLOL]]DWRUL GHO IOXVVR LQIRUPDWLYR
SURYHQLHQWH GDOO¶D]LHQGD H FRQWHPSRUDQHDPHQWH VRQR FUHDWRUL GL XQD QXRYD
RIIHUWD GHULYDQWH GDOOD WUDVIRUPD]LRQH GHO IOXVVR VWHVVR /D GRPDQGD GL
LQIRUPD]LRQLFKHHVVLULYROJRQRDOO¶D]LHQGDqRULJLQDWDGDOOHQHFHVVLWjFRQRVFLWLYH
GHLVRJJHWWLSHUFXLHODERUDQRO¶RXWSXWLQIRUPDWLYRLOFXLFRQWHQXWRTXLQGLYDULHUj
LQUHOD]LRQHDOODWLSRORJLDGHOVHUYL]LRRIIHUWR
/D QRVWUD DWWHQ]LRQH VL q ULYROWD DG XQ SDUWLFRODUH WLSR GL LQWHUPHGLDUL
GHOO¶LQIRUPD]LRQH OH VRFLHWj GL LQIRUPDWLYD FRPPHUFLDOH (VVH VYROJRQR FRPH
VHUYL]LRSULQFLSDOHODYDOXWD]LRQH GHOO¶DIILGDELOLWj H VROYLELOLWjGLXQGHWHUPLQDWR
RSHUDWRUH HFRQRPLFR ,O VLVWHPD GHOOD FRPXQLFD]LRQH HFRQRPLFRILQDQ]LDULD q LQ
JUDGRGLSURGXUUHOHLQIRUPD]LRQLQHFHVVDULHDOODUHDOL]]D]LRQHGLWDOHVHUYL]LR"6H
VLLQFKHPLVXUD",QFDVRFRQWUDULRTXDOLVRQROHSRVVLELOLVROX]LRQLDOSUREOHPD"

LL                 .Q DOWUH SDUROHHVVRGHYHLQGLYLGXDUHJOLHOHPHQWLFKLDYHSHUGHVFULYHUHLQPDQLHUD VLQWHWLFDPDFRPSOHWDHGHVDXULHQWHODFRPSOHVVDUHDOWjD]LHQGDOH  OD IOHVVLELOLWj /D GRPDQGD GL LQIRUPD]LRQL QRQ q VWDWLFD PD YDULD LQ UHOD]LRQH DL FDPELDPHQWL DPELHQWDOL RUJDQL]]DWLYL HFF /¶RIIHUWD LQIRUPDWLYD GHYH TXLQGL DGDWWDUVL YHORFHPHQWH DO FDPELDPHQWR GHOOH HVLJHQ]HFRQRVFLWLYHGHJOLLQWHUORFXWRULHVWHUQL .O VLVWHPD GHYH HVVHUH LQ JUDGR GL SURGXUUH GRFXPHQWL FDSDFL GL UDSSUHVHQWDUH OD UHDOWj D FXL VL ULIHULVFRQR .O VLVWHPD GHOOD FRPXQLFD]LRQH HFRQRPLFRILQDQ]LDULD QRQ GHYH IRUQLUH WXWWH OH LQIRUPD]LRQL DVWUDWWDPHQWH XWLOL PD VROR TXHOOH ULOHYDQWLSHUOHGHFLVLRQLGHLVRJJHWWLFXLqULYROWD  ODWHPSHVWLYLWj/HLQIRUPD]LRQLVRQRXWLOLVRORVHGLVSRQLELOLQHOPRPHQWR LQ FXL VHUYRQR .QWURGX]LRQH                     3HUGDUHXQDULVSRVWDDTXHVWLTXHVLWLHFDSLUHLQTXDOHPLVXUDODORURGRPDQGD V¶LQFRQWUD FRQ O¶RIIHUWD LQIRUPDWLYD SUHGLVSRVWD GDOO¶D]LHQGD VRQR VWDWL GHILQLWL RWWRSDUDPHWULGLHIILFDFLD  OD FKLDUH]]D &RQ WDOH WHUPLQH VL ID ULIHULPHQWR DOOD IDFLOLWj GL OHWWXUD GHL GRFXPHQWL FKH FRPSRQJRQR LO VLVWHPD GHOOD FRPXQLFD]LRQH HFRQRPLFRILQDQ]LDULD .Q DOWUH SDUROH O¶RIIHUWD LQIRUPDWLYD GHYH HVVHUH SUHGLVSRVWD HQWUR L WHPSL LQ FXL q QHFHVVDULD SHU O¶DVVXQ]LRQH GHOOH GHFLVLRQL  O¶DIILGDELOLWj 8Q GDWR SHUFKp VLD HIIHWWLYDPHQWH XWLOH SHU O¶DVVXQ]LRQH GL XQDGHFLVLRQHGHYHUDSSUHVHQWDUHFRUUHWWDPHQWHODUHDOWjDFXLVLULIHULVFH /¶DIILGDELOLWjqSURSULRODFRUULVSRQGHQ]DWUDLQIRUPD]LRQHHIHQRPHQRGD HVVDUDSSUHVHQWDWR  OD FDSDFLWj UDSSUHVHQWDWLYD . PRGL GL HVSRVL]LRQH GHL YDORUL H GHL FRQWHQXWL GRYUHEEHUR HVVHUH LQIDWWL WDOL GD SHUPHWWHUH O¶XWLOL]]R H O¶LQWHUSUHWD]LRQH GHL GDWLVHQ]DSDUWLFRODUL GLIILFROWj VH QRQ TXHOOH OHJDWH DOOD OHWWXUD GL XQ OLQJXDJJLRFRGLILFDWR  OD YHULILFDELOLWj 3HU FRPSUHQGHUH HG LQWHUSUHWDUH LO VLJQLILFDWR GHO PHVVDJJLR WUDVPHVVR GDOO¶D]LHQGD q QHFHVVDULR FRQRVFHUH O¶RULJLQH HG LO SURFHVVR GL IRUPD]LRQH GHL GDWL FKH FRPSRQJRQR OD FRPXQLFD]LRQH HFRQRPLFRILQDQ]LDULD  OD VHOHWWLYLWj .

.OVHVWRHGLOVHWWLPRFDSLWRORVRQRGHGLFDWLDOO¶LQGDJLQHHPSLULFDVYROWD .OVLVWHPDGHYH ULXVFLUHDIRUQLUHQRQVRORGDWLVWRULFLPDDQFKHOHSURVSHWWLYHIXWXUHGHOOD UHDOWjD]LHQGDOHFXLVLULIHULVFH 6XOOD EDVH GHL SDUDPHWUL LQGLYLGXDWL DEELDPR FUHDWR TXLQGL XQD JULJOLD GL YDOXWD]LRQH DOOD OXFH GHOOD TXDOH DEELDPR DQDOL]]DWR L TXHVWLRQDUL FRPSLODWL GDL VRJJHWWLFKHKDQQRDGHULWRDOODQRVWUDULFHUFD  .Q SDUWLFRODUH QHO SULPR FDSLWROR DEELDPR GHILQLWR LO FRQFHWWR GL FRPXQLFD]LRQH D]LHQGDOH H OD VXD FUHVFHQWH LPSRUWDQ]D QHO PRQGR HFRQRPLFR RGLHUQR 1HOVHFRQGRFDSLWRORDEELDPRVWXGLDWROHFDUDWWHULVWLFKHGHOODFRPXQLFD]LRQH HFRQRPLFRILQDQ]LDULDLQWHVDFRPHO¶LQVLHPHGHOOHFRPXQLFD]LRQLULODVFLDWHVRWWR TXDOVLDVL IRUPD UHODWLYH DJOL HOHPHQWL UHGGLWXDOL SDWULPRQLDOL H ILQDQ]LDUL GHOO¶D]LHQGD 1HO WHU]R FDSLWROR DEELDPR DQDOL]]DWR LO FRQFHWWR GL HIILFDFLD . IDEELVRJQL LQIRUPDWLYL GD VRGGLVIDUH VL ULIHULVFRQRSUHYDOHQWHPHQWHDGHFLVLRQLRULHQWDWHDOIXWXUR.Q JHQHUDOH HVVHUH HIILFDFL VLJQLILFD SURGXUUH O¶HIIHWWR YROXWR &RQ ULIHULPHQWR DOOD FRPXQLFD]LRQHHFRQRPLFRILQDQ]LDULDO¶HIILFDFLDqFROOHJDWDDOUDJJLXQJLPHQWRR PHQRGHJOLRELHWWLYLFKHVLSRQHO¶D]LHQGDHPLWWHQWH 1HO TXDUWR FDSLWROR DEELDPR FRQVLGHUDWR OH VRFLHWj GL LQIRUPDWLYD FRPPHUFLDOH LO FXL UXROR q FROOHJDWR DOOD QHFHVVLWj GL FRQRVFHUH D IRQGR OH FDUDWWHULVWLFKH GHOOD FRQWURSDUWH SULPD GL FRQFOXGHUH DG HVHPSLR XQ UDSSRUWR FRPPHUFLDOHFRQHVVD 1HO TXLQWR FDSLWROR DEELDPR GHVFULWWR LO SHUFRUVR GL LQGDJLQH VHJXLWR GDOOH VRFLHWj GL LQIRUPDWLYD FRPPHUFLDOH SHU DUULYDUH DG HVSULPHUH XQ JLXGL]LR VXOOD VROYLELOLWjGLXQVRJJHWWR .O VHVWR GHVFULYH OD PHWRGRORJLD GHOOD ULFHUFD VHJXLWD SHU OD GHILQL]LRQH GHO FRQWHQXWR H GHOOH FDUDWWHULVWLFKH IRUPDOL GHO TXHVWLRQDULR O¶LQGLYLGXD]LRQH GHO FDPSLRQHHODGLVWULEX]LRQHGHOTXHVWLRQDULR 1HO VHWWLPR FDSLWROR VRQR VWDWH DQDOL]]DWH OH ULVSRVWH SHUYHQXWHFL VXOOD EDVH GHOODJULJOLDGLYDOXWD]LRQHGHILQLWDLQSUHFHGHQ]D .QWURGX]LRQH               LLL  OD FDSDFLWj SURVSHWWLFD .

*1./6.OVLVWHPDG D]LHQGD6FKHPDG¶DQDOLVL7RULQR*LDSSLFKHOOLSDJ ©$O SDUL GHJOL RUJDQLVPL YLYHQWL O D]LHQGD WHQGH D ULSURGXUVL H ULJHQHUDUVL VHFRQGR XQ SURFHVVR FRQWLQXR FKH DPPHWWH QRQ VROWDQWR PXWDPHQWL VWUXWWXUDOL LQWHUQL FRQ SRVVLELOH VRVWLWX]LRQH GL HOHPHQWL PD ULVXOWD DOWUHVu SHUHQQHPHQWH LQIOXHQ]DWDGDOOHFRQGL]LRQLDPELHQWDOL>@.O VLVWHPD G D]LHQGD RSFLWSDJ  ©/¶LPSUHVDSHULOIDWWRVWHVVRGLHVLVWHUHGLSURGXUUHHFRPPHUFLDOL]]DUHFHUWLSURGRWWLRVHUYL]LH GL LQWHUDJLUH FRQ L VXRL PROWHSOLFL ³SXEEOLFL´ FRPXQLFD RVVLD WUDVPHWWH H ULFHYH LQIRUPD]LRQL DO SURSULRLQWHUQRHFRQO¶HVWHUQRª9&2'$&RPXQLFD]LRQHHLPPDJLQHQHOODVWUDWHJLDGHOO¶LPSUHVD 7RULQR*LDSSLFKHOOLSDJ   )*2/)(772 &RPXQLFD]LRQH H FRPSRUWDPHQWL FRPXQLFDWLYL XQD TXHVWLRQH GL FRHUHQ]D SHU O LPSUHVD0LODQR(JHDSDJ .).O WHUPLQH ³FRPXQLFD]LRQH´ FRQRVFH QHO PRQGR GL RJJL XQ YDVWLVVLPR LPSLHJR6LSDUODLQIDWWLGLFRPXQLFD]LRQHDSURSRVLWRGHOFROOHJDPHQWRILVLFRWUD OXRJKL ORQWDQL H GHOOD PRELOLWj GL FRVH H SHUVRQH FKH HVVR SHUPHWWH GHOOD GLIIXVLRQHGHOODFXOWXUDHGHOO¶LQIRUPD]LRQHGHOORVFDPELRGLGDWLHGLTXDQW¶DOWUR WUDVPLVVLELOH /D GLYHUVLWj GHOOH DUHH GL DSSOLFD]LRQH KD GHWHUPLQDWR O¶HVLVWHQ]D GL XQD SOXUDOLWj GL GHILQL]LRQL HG LQWHUSUHWD]LRQL GL WDOH WHUPLQH SRLFKp FRPH VSHVVR   ©. .OFDUDWWHUHVLVWHPDWLFRGHOO D]LHQGDGLSHQGHGDOODVWHVVDQDWXUDGHOOHRSHUD]LRQLGLJHVWLRQHFKH ULVXOWDQRLQWLPDPHQWHOHJDWHWUDORURGDXQUDSSRUWRGHOWLSR³GDFDXVDDGHIIHWWR´>@6LGHOLQHD SHUWDQWR XQD VWUXWWXUD GL RUGLQH VXSHULRUH DOOD TXDOH q SRVVLELOH GDUH LO QRPH GL VLVWHPDª 8%(57.1.OVLVWHPD D]LHQGD DO SDUL GL TXHOOR FHOOXODUH q SHUFLz XQ VLVWHPD DSHUWRª %(57..1./DFRPXQLFD]LRQHD]LHQGDOH             &DSLWROR /DFRPXQLFD]LRQHD]LHQGDOH   .&$72 8QD GHOOH SULQFLSDOL FDUDWWHULVWLFKHGHOO¶D]LHQGDqTXHOODGLHVVHUHXQVLVWHPD DSHUWR4XHVWRLPSOLFDLQHYLWDELOPHQWHFKHORVYROJLPHQWRGHOODVXDDWWLYLWjVLD FRQGL]LRQDWR GDOO¶LQWUDSUHQGHUH UDSSRUWL FRQ VRJJHWWL HVWHUQL GD HVVL DWWLQJH L IDWWRUL GHOOD SURGX]LRQH H DG HVVL RIIUH L ULVXOWDWL GHOOD SURSULD JHVWLRQH 2OWUH DL UDSSRUWL FRQ O¶HVWHUQR O¶HVLVWHQ]D GHOO¶XQLWj SURGXWWLYD q OHJDWD DOOD SUHVHQ]D GL UDSSRUWLLQWHUQLFKHFRLQYROJRQRWXWWLLVRJJHWWLLQHVVDRSHUDQWL7XWWHOHD]LHQGH TXLQGL KDQQR LQ PDQLHUDSLRPHQRODWHQWHSLRPHQRPDQLIHVWDSLRPHQR FRQVDSHYROH OD QHFHVVLWj GL FRPXQLFDUH LQ TXDOXQTXH PRPHQWR GHOOD SURSULD HVLVWHQ]D SHU IDU Vu FKH L YDUL UDSSRUWL FKH YHQJRQR LQWUDSUHVL VL VYROJDQR LQ PRGRHIILFDFHHGHIILFLHQWH .

&DSLWROR                  DFFDGH FLDVFXQD GLVFLSOLQD KD FHUFDWR GL GDUQH XQD GHILQL]LRQH LQ UHOD]LRQH DO SURSULRFDPSRG¶LQGDJLQH $QFKH LQ PDWHULD D]LHQGDOH VL SRVVRQR LQGLYLGXDUH GHOOH GLIIHUHQ]LD]LRQL WHUPLQRORJLFKH OHJDWH VLD DO VLJQLILFDWR GHO WHUPLQH LQ Vp ©VLD VRSUDWWXWWR DOO¶DPSLH]]D GHOOH SUREOHPDWLFKH H GHOOH DWWLYLWj IDFHQWL FDSR DOOD FRPXQLFD]LRQHª $GHVHPSLRVSHVVRVLXWLOL]]DLOWHUPLQH³FRPXQLFD]LRQH´FRPHVLQRQLPRGL ³LQIRUPD]LRQH´ .O FRQFHWWR GL FRPXQLFD]LRQH q XWLOL]]DWR QHOO¶DPELWR GL GLYHUVH GLVFLSOLQH HV OD VRFLRORJLD.Q UHDOWj HVLVWRQR GHOOH GLIIHUHQ]H 1HOO¶DWWLYLWj LQIRUPDWLYD O¶D]LHQGDHODERUDHWUDVPHWWHXQLQVLHPHGLGDWLPHQWUHQHOO¶DWWLYLWjFRPXQLFDWLYD ROWUH D IRUQLUH LQIRUPD]LRQH HVVD FRPSLH WXWWD ©XQD VHULH GL DWWLYLWj FRPSOHPHQWDUL VLD D PRQWH VLD D YDOOH FKH YDQQR GD XQ¶DQDOLVL GHL ELVRJQL LQIRUPDWLYLDGXQDFRQVLGHUD]LRQHH[SRVWGHJOLHIIHWWLFKHODWUDVPLVVLRQHGLWDOL PHVVDJJLKDSURGRWWRSHULGHVWLQDWDULª6LGHVXPHTXLQGLFRPHDOODEDVHGHOOD FRPXQLFD]LRQH YL VLD XQR VFDPELR UHFLSURFR XQ SURFHVVR FLUFRODUH GHL IOXVVL LQIRUPDWLYLFKHFRLQYROJHSLVRJJHWWL 3HU VXSHUDUH L SUREOHPL GLXQLYRFLWjULWHQLDPRXWLOHULFKLDPDUHLOVLJQLILFDWR HWLPRORJLFRGHOWHUPLQHODSDURODGHULYDGDOODWLQRFRPXQLFDWLRWUDWWRDVXDYROWD GDFRPPXQLVFRPXQHHYXROGLUHUHQGHUHFRPXQHUHQGHUHSDUWHFLSH  /DFRPXQLFD]LRQHYLHQHTXLQGL LQWHVD FRPH ©TXHOSURFHVVRFKHXWLOL]]DQGR GLVFLSOLQH VWUXPHQWL H PH]]L GLYHUVL FRQVHQWH DOO LPSUHVD GL SUHVHQWDUVL H SRVL]LRQDUVL VXO PHUFDWR DJHQGR VXJOL DWWHJJLDPHQWL VXO FRPSRUWDPHQWR H VXOOD PRWLYD]LRQHGHJOLLQWHUORFXWRULFXLVLULYROJHª    .

VWLWXWR GHOOD (QFLFORSHGLD .O VLVWHPD GHOOH FRPXQLFD]LRQL HFRQRPLFRILQDQ]LDULH QHOOD UHDOWj D]LHQGDOH PRGHUQD 0LODQR *LXIIUq  SDJ 0=$9$1.).1.WDOLDQD IRQGDWD GD *LRYDQQL 7UHFFDQL5RPD   (*8.2&&$&RPXQLFD]LRQHHYDORUHRSFLWSDJ   'L]LRQDULR (QFLFORSHGLFR .WDOLDQR . 67()$12 .O YDORUH GHOOD FRPXQLFD]LRQH D]LHQGDOH ULOHYDQ]D H FDUDWWHUL GHOO LQIRUPDWLYDVRFLDOHHDPELHQWDOH7RULQR*LDSSLFKHOOLSS  &259.5).'277. 6HPLRWLFD GHOODFRPXQLFD]LRQHG¶LPSUHVD0LODQR%RPSLDQLSDJ   (&259. . &RPXQLFD]LRQH LQWHJUDWD SHU O LPSUHVD XQ PRGHOOR SHU GHFLGHUH SLDQLILFDUH JHVWLUHHYDOXWDUHODFRPXQLFD]LRQHD]LHQGDOH0LODQR)UDQFR$QJHOLSDJ . H SXz DVVXPHUH GL FRQVHJXHQ]D GLIIHUHQWL VLJQLILFDWL ©/D FRPXQLFD]LRQH SXz HVVHUH GHILQLWD FRPH XQ¶D]LRQH GHVWLQDWD D PRGLILFDUH LO FRPSRUWDPHQWR GL XQ DOWUR R GL DOWUL LQWHUORFXWRUL 2SSXUH FRPH LQWHUD]LRQH FKH FRPSRUWD PRGLILFKH UHFLSURFKH IUD L VRJJHWWL FKH YL VRQR FRLQYROWL DL GXH HVWUHPL GHOOR VFDPELR 2SSXUH FRPH O¶DWWR GL VFDPELDUVL LQIRUPD]LRQLª *%(77(7.2&&$ &RPXQLFD]LRQH H YDORUH QHOOH UHOD]LRQL D]LHQGDOL 0LODQR (JHD  SDJ   6XOOD GLIIHUHQ]D WUD LQIRUPD]LRQH H FRPXQLFD]LRQH YHGL *'.

/DFRPXQLFD]LRQHD]LHQGDOH             .QIDWWL D VHJXLWR GHL SURIRQGL FDPELDPHQWL QHO VLVWHPD HFRQRPLFR SURGXWWLYRFKHKDQQRDXPHQWDWRODWXUEROHQ]DHODGLVFRQWLQXLWjGHOO¶DPELHQWHLQ FXL OH D]LHQGH VL WURYDQR D FRQIURQWDUVL OD FRPXQLFD]LRQH KD DVVXQWR XQ UXROR IRQGDPHQWDOHQHOODYLWDGHLYDULRSHUDWRULHFRQRPLFL 4XDOL VRQR L IHQRPHQL FKH KDQQR GHWHUPLQDWR OD FUHVFHQWH LPSRUWDQ]D GHOOD FRPXQLFD]LRQHD]LHQGDOH" $GHVHPSLRGDOSXQWRGLYLVWDLQWHUQRDOO¶D]LHQGDDOFXQHGHOOHWHQGHQ]HFKH VLUHJLVWUDQRVRQR D./582/2 .O UXROR GHOOD FRPXQLFD]LRQH q DQGDWR PXWDQGR QHO WHPSR HG LQ SDUWLFRODUH RJJL .

 O¶DGR]LRQHFUHVFHQWHGLVWUXWWXUHVQHOOHHVHPSUHSL³RUL]]RQWDOL´ E.

 O¶LPSRUVL GHO SULQFLSLR GHOOD TXDOLWj WRWDOH H GHOO¶D]LHQGD FRVWXPHU RULHQWHG F.

 LOIHQRPHQRGHOOHUHOD]LRQLFROODERUDWLYHWUDLPSUHVH    ©/H FRPXQLFD]LRQL GLYHQJRQR XQD GLPHQVLRQH IRQGDPHQWDOH HG HPEOHPDWLFD GHOOD UHDOWj GHOOD QXRYD LPSUHVD SRVWLQGXVWULDOHª 575$%8&&+. / LPSUHVD FRPXQLFD]LRQH IUD SROLWLFD H PHUFDWR XQFRQWULEXWRDOSURILORGHOO LPSUHVDSRVWLQGXVWULDOH0LODQR)UDQFR$QJHOLSDJ   ©/H LPSUHVH SHU GLIHQGHUH R LQFUHPHQWDUH OD SURSULD FDSDFLWj FRPSHWLWLYD VL LPSHJQDQR DG HVVHUHSL³VQHOOH´HGHIILFLHQWL>«@ª$*$1'2/)2/¶HYROX]LRQHGHLSURFHVVLORJLVWLFLWUD³ROG´ H ³QHZ´ HFRQRP\ 7RULQR *LDSSLFKHOOL  SDJ 7UD OH FRQVHJXHQ]H FKH GHULYDQR GDO SHUVHJXLPHQWR GL TXHVWR RELHWWLYR VHJQDOLDPR LO IHQRPHQR GHOO¶RXWVRXUFLQJ VH XQ¶DWWLYLWj R XQ SURFHVVR QRQ VRQR HVVHQ]LDOL SHU LO UDJJLXQJLPHQWR GHJOL RELHWWLYL SULQFLSDOL GHOO¶D]LHQGD VL SUHIHULVFHDIILGDUOLDWHU]L   $ VHJXLWR GHOOD IRFDOL]]D]LRQH VXOOH VROH DWWLYLWj VWUDWHJLFKH VL q UHDOL]]DWR XQ SURFHVVR GL GHYHUWLFDOL]]D]LRQHGHOOHD]LHQGH©>«@O¶HVWHQVLRQHGHOFRQFHWWRGLHOLPLQD]LRQHGLRJQLIRUPDGL VSUHFR D WXWWL L SURFHVVL D]LHQGDOL GHWHUPLQD OD IRUPD]LRQH GL XQ¶D]LHQGD ³SLDWWD´ >«@ª ($*8*/.QWHUQDWLRQDO 2UJDQL]DWLRQ IRU 6WDQGDUGL]DWLRQ FKH q O¶HQWH GL QRUPD]LRQHLQWHUQD]LRQDOHLQPDWHULDGLTXDOLWj.(/0./DFRPXQLFD]LRQHLQWHUQDQHOO¶RUJDQL]]D]LRQHVQHOODLQ)%$//8&+.. VLVWHPLGLFRPXQLFD]LRQHDVSHWWLJHVWLRQDOLHRUJDQL]]DWLYL3LVD8QLYHUVLWjSDJ   6HFRQGR OD GHILQL]LRQH .62 .('$/75.

ODTXDOLWjWRWDOH WRWDOTXDOLW\PDQDJHPHQW.

GHYH HVVHUHFRQVLGHUDWDFRPH©DSSURFFLRJHVWLRQDOHGLXQ¶RUJDQL]]D]LRQHFHQWUDWRVXOODTXDOLWjEDVDWR VXOOD SDUWHFLSD]LRQH GL WXWWL L VXRL PHPEUL FKH PLUD DO VXFFHVVR GL OXQJR SHULRGR DWWUDYHUVR OD VRGGLVID]LRQH GHL FOLHQWL H FRPSRUWD EHQHILFL SHU WXWWL L PHPEUL GHOO¶RUJDQL]]D]LRQH H SHU OD FROOHWWLYLWjª  .QPHUFDWLRUPDLVDWXULFRPHTXHOOLDWWXDOLO¶D]LHQGDSHUVRSUDYYLYHUHHGDYHUHVXFFHVVRQRQ SXzFRQFHQWUDUVLVRORVXOODSURGX]LRQH RULHQWDPHQWRDOSURGRWWR.

PDGHYHSURGXUUHFLzFKHYXROH LO FOLHQWH LQ PRGR GD VRGGLVIDUH OH VXH DVSHWWDWLYH RULHQWDPHQWR DO PHUFDWR.

 (VWUHPL]]DQGR O¶DWWHQ]LRQH DOOH DVSHWWDWLYH DO FOLHQWH O¶D]LHQGD UHDOL]]D XQ SURFHVVR SURGXWWLYR L FXL ULWPL VRQR GHWWDWLGDOOHULFKLHVWHGHOPHUFDWR VLSDUODGLORJLFDSXOODVXDYROWDDOODEDVHGHOODJHVWLRQHGHOOD SURGX]LRQHVHFRQGRODWHFQLFDGHO-XVWLQ7LPH.

   ©.O FRQIURQWR RJJL VHPSUH SL VSHVVR DYYLHQH WUD ILOLHUH GL LPSUHVH LPSHJQDWH VXO PHUFDWR JOREDOH LQ XQ FRQWHVWR DSHUWR H GLQDPLFR GRYH QRQ q VHPSUH SRVVLELOH ULFRQRVFHUH L SURSUL FRQFRUUHQWL GLUHWWLª *$1'2/)2 /¶HYROX]LRQH GHL SURFHVVL ORJLVWLFL RSFLW SDJ (VHPSL GL UHOD]LRQL FROODERUDWLYH VRQR OH DOOHDQ]H VWUDWHJLFKH OH VXSSO\ FKDLQV L GLVWUHWWL LQGXVWULDOL IHQRPHQRVSHFLILFRGHOOHSLFFROHLPSUHVH.

HFF .

&DSLWROR                  'DOODWRGHOO¶DPELHQWHHVWHUQRDOO¶D]LHQGDYDOHODSHQDULFRUGDUH D.

 O¶LQWHUQD]LRQDOL]]D]LRQH E.

 ODJOREDOL]]D]LRQHGHLPHUFDWL F.

 O¶HYROX]LRQHGHOOHHVLJHQ]HHGHLFRPSRUWDPHQWLGHOODGRPDQGD .QILQH DQFKH VXO SLDQR VRFLDOH H GHL FRPSRUWDPHQWL L FDPELDPHQWL VRQR WXWW¶DOWURFKHPDUJLQDOL6LVWDDVVLVWHQGR D.

 DGXQDFUHVFHQWHHWHURJHQHLWjHIUDPPHQWD]LRQHGHOOHFODVVLVRFLDOL E.

QIDWWL .QWHUQHW .VHFRORFRPHO HOHWWULFLWjLOWHOHIRQRRO DXWRPRELOH   /HD]LHQGHFKHSULPDRSHUDYDQRLQXQFRQWHVWRQD]LRQDOHRJJLYHQJRQRVHPSUHSLFRLQYROWH QHOOD FRPSHWL]LRQH LQWHUQD]LRQDOH QRQ VROR LQ YHVWH GL HVSRUWDWULFL GL SURGRWWL ILQLWL PD DQFKH FRPHVRJJHWWLFKHDYYLDQRDWWLYLWjSURGXWWLYHRFRPPHUFLDOLLQSDHVLVWUDQLHUL  &RQLOWHUPLQH³JOREDOL]]D]LRQH´VLLQWHQGHODIRUPD]LRQHGLXQXQLFRPHUFDWRLOPRQGR  .OFOLHQWHVHPSUHSLDWWHQWRHGLVWUXLWRULFKLHGH©XQSURGRWWRJLXVWRQHOPRPHQWRJLXVWRQHO OXRJR JLXVWR VHFRQGR OH PRGDOLWj FRQFRUGDWH QHOOD TXDQWLWj GHVLGHUDWD VHQ]D SHUGHU GL YLVWD LO OLYHOORGHLSUH]]Lª*$1'2/)2/¶HYROX]LRQHGHLSURFHVVLORJLVWLFLRSFLWSDJ   ©2JJL LO FRQVXPDWRUH QRQ q SL XQ FRQVXPLVWD FLRq HVFOXVLYDPHQWH GHGLWR DO FRQVXPR HGRQLVWLFR. DOO¶HPHUJHUHGLQXRYLJUXSSLSRUWDWRULGLQXRYLVWLOLGLYLWDHGLGLYHUVL PRGHOOLGLFRQVXPR /RVWHVVRUDSSRUWRWUDD]LHQGDHVRFLHWjVLqPROWRDUULFFKLWRO¶D]LHQGDQRQp SL YLVVXWD VROR FRPH XQ HOHPHQWR ³HFRQRPLFR´ PD OH YHQJRQR DWWULEXLWH FUHVFHQWLUHVSRQVDELOLWjHWLFKHHGLQDWXUDVRFLDOH 8Q FDSLWROR D SDUWH PHULWD OR VYLOXSSR GHOOH QXRYH WHFQRORJLH GHOO¶LQIRUPD]LRQH HG LQ SDUWLFRODUH LO IHQRPHQR ..QWHUQHW q VWDWD GHILQLWDXQDQXRYDULYROX]LRQHLQGXVWULDOHVLDSHULFDPELDPHQWLFKHKDDSSRUWDWR H VWD DSSRUWDQGR DOO HFRQRPLD PRGHUQD VLD VRSUDWWXWWR SHU OD YHORFLWj FRQ FXL TXHVWLVRQRDYYHQXWLFKHQRQKDFRQIURQWRFRQTXHOODGHOOHDOWUHJUDQGLWHFQRORJLH LQQRYDWLYHGHO.

 PD XQ FRQVXPHULVWD VHJXDFH  FRQVDSHYROH R PHQR  GL XQD FXOWXUD HFRQRPLFD SL SURJUHGLWDULIOHVVLYDLQIRUPDWDUD]LRQDOHHGHTXLOLEUDWDFKHYDVRWWRLOQRPHGLFRQVXPHULVPRª -33(7(5-+'211(/<-50DUNHWLQJ0LODQR0F*UDZ+LOOSS  ©6HO¶D]LHQGDqFRQILJXUDELOHFRPHLOFHQWURLQFXLFRQYHUJRQRJOLLQWHUHVVLGLYDULDQDWXUDGLXQD YDVWDVFKLHUDGLVWDNHKROGHUHVHODVWHVVDQHOVXRDJLUHSURGXFHHIIHWWLFKHVRYHQWHYDQQRROWUHLO UDSSRUWR HFRQRPLFR FKH OL KD JHQHUDWL DOORUD O¶LPSUHVD q UHVSRQVDELOH GHOOD SURSULD DWWLYLWj GL FRPHHVVDVLVYROJHHGHJOLHIIHWWLFKHHVVDSURGXFHHGqWHQXWDDULVSRQGHUQHDLVRJJHWWLLQWHUHVVDWL DO OLPLWH VL SXz SHQVDUH FKH QH q UHVSRQVDELOH GL IURQWH D TXHO JUDQGH JHQHULFR VLQWHWLFR VWDNHKROGHU FKH q OD VRFLHWj.

OVLVWHPDGHOOHGHFLVLRQLD]LHQGDOL$QDOLVLLQWURGXWWLYD7RULQR*LDSSLFKHOOLSS .7$/. .VLVWHPLGLFRPXQLFD]LRQHRSFLWSDJ6XOO¶LPSRUWDQ]DGL LQWHJUDUHQHOVLVWHPDGHJOLRELHWWLYLD]LHQGDOLDQFKHOHLVWDQ]HHWLFRVRFLDOLYHGL30.('$/75.. &RPSRUWDPHQWL D]LHQGDOL H FRPXQLFD]LRQH VRFLR DPELHQWDOHLQ%$//8&+.2/2 9.ª /%$572&&.

/DFRPXQLFD]LRQHD]LHQGDOH             $QQLQHFHVVDULSHUUDJJLXQJHUHXQDSHQHWUD]LRQHGHOQHJOL86$ )RQWH0RUJDQ6WDQOH\.

QWHUQHW  7HOHIRQRFHOOXODUH  5DGLR  79  )RUQRDPLFURRQGH  9FU  7HOHIRQR  $XWRPRELOH  (OHWWULFLWjGRPHVWLFD  $HUHR          $QQL . .QHYLWDELOPHQWH DQFKH O¶D]LHQGD q VWDWD WUDYROWD GD WDOH IHQRPHQR OD ³5HWH GHOOH UHWL´ FRQVHQWH GL HVVHUH LQ WHPSR UHDOH VX WXWWL L PHUFDWL GL DEEDQGRQDUH LO OHJDPH ³ILVLFR´ FRO WHUULWRULR SHU TXHOOR FKH ULJXDUGD SURGX]LRQH GLVWULEX]LRQH DVVLVWHQ]D IRUPD]LRQH HFF H GL IDU IURQWH VH EHQ XWLOL]]DWD DOO¶DFFUHVFLXWR OLYHOOR GL FRPSHWLWLYLWj 'L FRQVHJXHQ]D LQ WXWWH OH D]LHQGH FKH VLDQR GL DOWD WHFQRORJLD R GL WLSR DUWLJLDQDOH L FULWHUL GL JHVWLRQH VWDQQR PXWDQGR LQ PRGR UDGLFDOH QHO VHQVR FKH QRQ q SL VROR XQD TXHVWLRQH GL YHQGHUH H DFTXLVWDUH LQ 5HWH HFRPPHUFH.

QWHUQHWDEELDGHWHUPLQDWRXQFDPELDPHQWRGHL PRGL H GHL FRQWHQXWL GHL SURFHVVL FRPXQLFDWLYL DFFHQWXDQGRQH DQFRU GL SL O¶LPSRUWDQ]D /HYDULHOLQHHGLWHQGHQ]DVRSUDPHQ]LRQDWHKDQQRGHWHUPLQDWRFKH   1HOO¶HUDGL.QWHUQHWLOIOXVVRGHOODFRPXQLFD]LRQHD]LHQGDOHVDUjLQWHUDWWLYRHPXOWLPHGLDOHHVL GHWHUPLQHUjXQ¶LQYHUVLRQHGHLIOXVVLFRPXQLFDWLYL©GDXQIOXVVRFKHSDUWHQGRGDOO¶LPSUHVDYDDOOD ULFHUFDGHOWDUJHWVLSDVVHUjDGXQDFRPXQLFD]LRQHRYHLOWDUJHWDQGUjDFHUFDUVLDWWLYDPHQWHWXWWH OH LQIRUPD]LRQL FKH JOL VRQR QHFHVVDULH H FKH OH LPSUHVH UHQGHUDQQR VHPSUH SL IDFLOPHQWH DFFHVVLELOLQHOO¶DPELWRGHOODUHWH4XHOORFKHGHILQLDPRFRPXQHPHQWHWDUJHW FRVWLWXLWRGDOFOLHQWH FRQVXPDWRUHRGDOFLWWDGLQRFRQWULEXHQWH.EHQVuGLXQSURFHVVRFKHSURPHWWHGLSHUPHDUHSURIRQGDPHQWH LSURFHVVLSURGXWWLYLHODFXOWXUDG LPSUHVD'DOSXQWRGLYLVWDGHOODFRPXQLFD]LRQH D]LHQGDOHF¶qGDVRWWROLQHDUHFRPH.

GLYHQWHUjLOVRJJHWWRDWWLYRPHQWUHO¶LPSUHVD SXEEOLFD R SULYDWD.

'277. .QWHUQHW H FRPXQLFD]LRQH SHU FDSLUH FRPH FDPELDLOPRGRGLFRPXQLFDUHO LPSUHVDFRQLQWHUQHW0LODQR)UDQFR$QJHOLSS/R VWHVVR$XWRUHqSHUDOWURFRQYLQWRFKHLOSDVVDJJLRGDOPRGHOORFRPXQLFDWLYRWUDGL]LRQDOHDTXHOOR GHOO¶HUDGHOOD5HWHDYYHUUjLQPRGRJUDGXDOHHPROWRSUREDELOPHQWHQHSSXUHLQPRGRWRWDOH . GLYHUUj LO VRJJHWWR SDVVLYRª (*8.

&DSLWROR                  D.

 L FRQILQL FRQ O¶DPELHQWH HVWHUQR VLDQR GLYHQXWL ODELOL HG LQ SDUWH FRQIXVLIDFHQGRVuFKHO¶D]LHQGDVLDVHPSUHSLXQVLVWHPDDSHUWR E.

 VLD DXPHQWDWR LO QXPHUR HG LO WLSR GL LQWHUORFXWRUL FRQ FXL O¶D]LHQGD LQWHUDJLVFH F.

 VL DIIHUPLQR QXRYL IDWWRUL FULWLFL GL VXFFHVVR TXDOL OD IOHVVLELOLWj OD UDSLGLWjGLULVSRVWDDOPHUFDWRODFDSDFLWjGLLQQRYD]LRQH /¶DFFUHVFLXWD LPSRUWDQ]D GHOOD FRPXQLFD]LRQH D]LHQGDOH q DVFULYLELOH GD XQ ODWRDOO¶HVWHQVLRQHGHOQXPHURHGHOODWLSRORJLDGHJOLLQWHUORFXWRULHGDOO¶DOWURDOOD QHFHVVLWjGLIDUFRQYHUJHUHOHULVRUVHHVWHUQHQHFHVVDULHSHUFRQVHJXLUHJOLRELHWWLYL GHOO¶D]LHQGD 'L FRQVHJXHQ]D QRQ q SL VXIILFLHQWH SHU O¶D]LHQGD LO ³VDSHU IDUH´ PD RFFRUUH ³IDUOR VDSHUH´ IDU DSSUH]]DUH OD SURSULH FRPSHWHQ]H GLVWLQWLYH VYLOXSSDQGRXQDOWROLYHOORGLFUHGLELOLWjQHLSURSULFRQIURQWL.QDOWUHSDUROHVL SXzGLUHFKHO¶D]LHQGDGLRJJLQRQSXzQRQFRPXQLFDUH /¶LPSRUWDQ]D GHOOD FRPXQLFD]LRQH SRJJLD DQFKH VXO SUHVXSSRVWR FKH LQ XQ TXDGURGLPLQRULYLQFROLGLFDUDWWHUHWHFQRORJLFRHGXQTXHGLPDJJLRUHLPLWDELOLWj GHOOH ULVRUVH ILVLFKH VRQR VROR OH ULVRUVH LPPDWHULDOL L FRVLGGHWWL LQYLVLEOH DVVHWV.

QWURGX]LRQH DOOR VWXGLR GHOOD FRQRVFHQ]D LQ HFRQRPLD D]LHQGDOH0LODQR*LXIIUq   ©>«@ OD FRPXQLFD]LRQH D]LHQGDOH SXz HVVHUH FRQVLGHUDWD HVVD VWHVVD XQD ULVRUVD LQWDQJLELOH . VLVWHPL GL FRPXQLFD]LRQHRSFLWSS .O PDQDJHUDQWURSRORJR XQ QXRYR DSSURFFLRSHUGLVHJQDUHOHPDSSHGHOFDPELDPHQWR0LODQR)UDQFR$QJHOLSDJ   6XJOL LQYLVLELOH DVVHWV YHGL $48$*/.SHUFKpQRQLPLWDELOLHQRQWUDVIHULELOLFKHSRVVRQRFUHDUHSHUO¶D]LHQGD XQ YDQWDJJLR FRPSHWLWLYR RVVLD XQD SRVL]LRQH GL SULYLOHJLR QHL FRQIURQWL GHL FRQFRUUHQWLIRUWHHVRVWHQLELOHQHOWHPSR    ©/¶LPSUHVDSRVWLQGXVWULDOHKDFRQILQLPRELOL>@RJJLO DPELHQWHHQWUDHLQYDGHO D]LHQGDFKH YLHQH GHILQLWD VHQ]D FRQILQLª 75$%8&&+. /H ULVRUVH LPPDWHULDOL H OD FRPXQLFD]LRQH D]LHQGDOH LQ )%$//8&+.QIRUPD]LRQL .1. .627 2UJDQL]]D]LRQL  .QIDWWL LQWHQGHQGROD FRPH OR VWUXPHQWR OD FRQGL]LRQH QHFHVVDULD SHU FRQTXLVWDUH LO FRQVHQVR VRFLDOH SHU GLIIRQGHUH XQ¶LPPDJLQH IRUWH HG DWWUDWWLYD SHU DFTXLVWDUH FUHGLELOLWj HVVD YLHQH D FRQWULEXLUH LQ PDQLHUD GHWHUPLQDQWH DO YDQWDJJLR FRPSHWLWLYR GHOO¶D]LHQGDª )%$//8&+.'277. /D FRPXQLFD]LRQH D]LHQGDOH DOO LQWHUQR GHOO LPSUHVD QHO FRQWHVWR VRFLDOHQHOTXDGURHXURSHR0LODQR(WDVOLEULSDJ  *8.&RPXQLFD]LRQHLQWHJUDWDSHUO LPSUHVDRSFLWSDJ   ©2JJL q WHPSR G¶LQFHUWH]]D H TXLQGL GL VLVWHPL RUJDQL]]DWLYL FRPSOHVVL RVVLD RUJDQL]]D]LRQL VQHOOH UDSLGH IOHVVLELOL RULHQWDWH DOOD GLIIHUHQ]LD]LRQH GHL SURGRWWL H DO VHUYL]LR DL FOLHQWL /H RUJDQL]]D]LRQL GL RJJL VRQR WLSLFDPHQWH VFLHQFH EDVHG H FXVWRPHU RULHQWHG . (' $/75. / LPSUHVD FRPXQLFD]LRQH IUD SROLWLFD H PHUFDWR RSFLWSDJ  ©&KHO¶LPSUHVDYRJOLDRQRRFFXSDUVLGHOODVRFLHWjLQFXLYLYHTXHVW¶XOWLPDVLRFFXSDVHPSUHGL SL GHOO¶LPSUHVDª )5$03. .Q TXHVWR FRQWHVWR DVVXPHLPSRUWDQ]DFKHFLDVFXQDUHDOWjD]LHQGDOHYDORUL]]LLOSURSULRVDSHUIDUHLOSURSULRFDSLWDOH FRQRVFLWLYRª 0%2.

/DFRPXQLFD]LRQHD]LHQGDOH             */.2%.9. (¶ SRVVLELOH LQGLYLGXDUH GXH RUGLQL GL RELHWWLYL SHUVHJXLELOL DWWUDYHUVR OD FRPXQLFD]LRQH D.(77.

 FUHDUHHGLIIRQGHUH³YDORUH´ E.

QTXHVW¶RWWLFDO¶D]LHQGDFRPXQLFDSHURWWHQHUH FUHGLELOLWjVWUDWHJLFDHUHGGLWXDOHILGXFLDHOHJLWWLPD]LRQHPDDQFKHSHUHVVHUH HIILFDFH HG HIILFLHQWH HG LQILQH SHU DYHUH DSSUH]]DPHQWR 6ROR DWWUDYHUVR XQ DGHJXDWR SURFHVVR GL FRPXQLFD]LRQH JOL HOHPHQWL GHO SDWULPRQLR GHOO¶D]LHQGD GLYHQWDQRSHUFHSLELOLHDSSUH]]DELOLGDOO¶DPELHQWHLQFXLHVVDRSHUD0DSHUFKpOD FRPXQLFD]LRQHFUHDHGLIIRQGHYDORUH"/¶D]LHQGDFRPHGHWWRVLFRQIURQWDFRQ LQQXPHUHYROLPHUFDWL GHLFRQVXPDWRULGHLFDSLWDOLGHOODYRURHFF. PLJOLRUDUHO¶LPPDJLQHGHOO¶D]LHQGD /¶RELHWWLYR SULPDULR GHOOD FRPXQLFD]LRQH D]LHQGDOH q GL UHQGHUH YLVLELOH H FRQGLYLVLELOH LO SDWULPRQLR WDQJLELOH H LQWDQJLELOH GHOO¶D]LHQGD IUXWWR GHOOH VXH FRPSHWHQ]HHGHOOHVXHFDSDFLWj.

2&&$&RPXQLFD]LRQHHYDORUHRSFLWSDJ .2&&$ &RPXQLFD]LRQH H YDORUH RSFLW &2'$ &RPXQLFD]LRQH H LPPDJLQHRSFLW   6XOOD JHVWLRQH GHO FRQVHQVR FRQ JOL LQWHUORFXWRUL VRFLDOL YHGL 9&2'$ /¶RULHQWDPHQWR VWUDWHJLFRGHOO¶LPSUHVD7RULQR87(7SSHVV   ©&UHDUH YDORUH VLJQLILFD DFFUHVFHUH OD GLPHQVLRQH GHO FDSLWDOH HFRQRPLFR FLRq LQ EUHYH LO YDORUHGHOO¶LPSUHVDFRPHLQYHVWLPHQWRª/*8$75.).)./DWHRULDGHOODFUHD]LRQHGHOYDORUH8QDYLD HXURSHD0LODQR(JHDSDJ  &259.FLDVFXQRGHL TXDOLFDUDWWHUL]]DWRGDIDEELVRJQLSURSULHWHQGHQ]LDOPHQWHPXWHYROL(VVDULHVFHD FUHDUHYDORUHVRORDGDWWDQGRFRQWLQXDPHQWHODSURSULDRIIHUWDDLYDULPHUFDWLFRQ FXLVLFRQIURQWD7DOHRELHWWLYRqSHUVHJXLELOHVRORDFRQGL]LRQHFKHO¶D]LHQGDVLD LQJUDGRGLLQWHUSUHWDUHHGLQIOXHQ]DUHO¶DPELHQWHLQWHUQRHGHVWHUQRPRGLILFDQGR VHVWHVVDHOHSURSULHUHOD]LRQLFRQLWHU]LSHUPLJOLRUDUVLHSHUDFFUHVFHUHLOSURSULR YDORUH $ WDO ILQH OD FRPXQLFD]LRQH ULYHVWH XQ UXROR IRQGDPHQWDOH SHUFKp q VWUXPHQWRSULRULWDULRFRQFXLUHJRODUHOHUHOD]LRQLFKHVLLQVWDXUDQRWUDO¶D]LHQGDH O¶DPELHQWHLQWHUQRHGHVWHUQRDGHVVD &RPH VRSUD GHWWR O¶D]LHQGD GHYH FRPXQLFDUH SHU UHQGHUH YLVLELOH H FRQGLYLVLELOHFLzFKHHVVDqFLzFKHVDIDUHODVXDTXDOLWjLOVXRYDORUH   0ROWLDXWRULLQGLYLGXDQRTXHVWLGXHRELHWWLYLFRPHLSLLPSRUWDQWLLQUHOD]LRQHDOO¶DUJRPHQWR 9HGL WUD JOL DOWUL &259.

(1'$ 8QRGHJOLHIIHWWLGHLIHQRPHQLLQWHUQLHGHVWHUQLDOO¶D]LHQGDVRSUDPHQ]LRQDWL q O¶HVWHQVLRQH GHO QXPHUR H GHOOD WLSRORJLD GHJOL LQWHUORFXWRUL R VWDNHKROGHU.&DSLWROR                  3HUVHJXHQGRTXHVWLRELHWWLYLO¶D]LHQGDPLJOLRUDDQFKHODVXDLPPDJLQHXQD EXRQD LPPDJLQH VL EDVD VX VHULHWj DIILGDELOLWj FUHGLELOLWj H ILGXFLD FKH VL HVSULPRQR LQ XQ DWWHJJLDPHQWR GL GLVSRQLELOLWj GD SDUWH GHJOL LQWHUORFXWRUL D]LHQGDOL /¶LPPDJLQH FKH XQ LQGLYLGXR KD GL XQ¶D]LHQGD LQIOXHQ]D LQ PDWHULD GHWHUPLQDQWHOHGHFLVLRQLDGHVVDUHODWLYHVLDFKHVLWUDWWLGLXQFRQVXPDWRUHGLXQ SRWHQ]LDOH LQYHVWLWRUH GL XQ RSHUDWRUH ILQDQ]LDULR GL XQ GLSHQGHQWH R GL XQ FROODERUDWRUH &LDVFXQD GL TXHVWH ILJXUH QHO GHFLGHUH VH DFTXLVWDUH XQ SURGRWWR FRQFHGHUHXQSUHVWLWRLQYHVWLUHLQD]LRQLGLXQDGDWDD]LHQGDQRQVLOLPLWDVRORDG XQ¶DQDOLVL DWWHQWD RJJHWWLYD PLVXUDWD H FLUFRVWDQ]LDWD GL WXWWH OH LQIRUPD]LRQL GL FXLQHFHVVLWDSHUDVVXPHUHXQDGHFLVLRQHLOSLSRVVLELOHFRQVDSHYROHHUD]LRQDOH PD q FRQGL]LRQDWR QHOOD VFHOWD GDOOH RSLQLRQL H SHUFH]LRQL FKH VL VRQR YLD YLD VHGLPHQWDWHHFKHUDSSUHVHQWDQRXQDGHOOHULVXOWDQWLIRQGDPHQWDOLGHOO¶LPPDJLQH ..17(5/2&8725.'(//¶$=.QDOWULWHUPLQLVLSXzDIIHUPDUHFKHO¶D]LHQGDFRPXQLFDSHUPLJOLRUDUHVHVWHVVDH ODSURSULDLPPDJLQHHFLzDOILQHGLDYHUHXQGXUDWXURVXFFHVVR  */.

O FRQFHWWR GL VWDNHKROGHU IX LQWURGRWWR QHJOL DQQL 6HVVDQWD GDOOD OHWWHUDWXUD PDQDJHULDOH QRUGDPHULFDQD .O WHUPLQH VL ULIHULVFH DJOL KROGHU SRUWDWRUL SRVVHVVRUL. O¶D]LHQGDQRQLQWHUDJLVFHSLVRORFRQLSURSULFRQVXPDWRULRSLLQJHQHUDOHFRQ JOL DWWRUL GHO SURFHVVR FRPSHWLWLYR PD FRQ XQ QXPHUR VHPSUH FUHVFHQWH H GLYHUVLILFDWRGLLQWHUORFXWRUL   ©>«@ODFRPXQLFD]LRQHJLRFDXQUXRORFUXFLDOHQHOODSURGX]LRQHGLHOHPHQWLLPPDWHULDOL>«@ QHOOD FRVWUX]LRQH H GLIIXVLRQH GL XQ LPPDJLQH >«@ª &2'$ &RPXQLFD]LRQH H LPPDJLQH RSFLW SDJ  9LWWRULR&RGDULOHYDODFHQWUDOLWjGHOO¶LPPDJLQHQHOSURFHVVRGLVYLOXSSRGHOO¶D]LHQGDPHWWHQGR LQ HYLGHQ]D FRPH O¶DWWLYLWj GL FRPXQLFD]LRQH VLD LQGLUL]]DWD D FRVWUXLUH GLIIRQGHUH FRQVROLGDUH XQ¶LPPDJLQH IRUWH HG DWWUDWWLYD 3HU PDJJLRUL DSSURIRQGLPHQWL YHGL &2'$ &RPXQLFD]LRQH H LPPDJLQHRSFLW   .

 GL XQR VWDNH SRVWD VFRPPHVVD LQWHUHVVH.

/$1(6( 6WDNHKROGHU WKHRU\ H FRPXQLFD]LRQH G¶LPSUHVDLQ³)LQDQ]D0DUNHWLQJH3URGX]LRQH´QSS . HG q XWLOL]]DWR LQ FRQWUDSSRVL]LRQH D VWRFNKROGHU FKH LGHQWLILFD LQYHFH LO SRVVHVVRUHGLFDSLWDOHO¶D]LRQLVWDORVWDNHKROGHUqFKLGHWLHQHXQLQWHUHVVHKDLQJLRFRTXDOFRVD QHOO¶D]LHQGDHFKH³WRFFD´HGq³WRFFDWR´GDOODJHVWLRQHD]LHQGDOH3HUXQDGLVDPLQDDSSURIRQGLWD GHOOD FRVLGGHWWD VWDNHKROGHU WKHRU\ YHGL 30.

21($=.(1'$ 3XEEOLFL $]LRQLVWL SRWHUL     &UHGLWRUL )LQDQ]LDWRUL   &RQVXPDWRUL 6LQGDFDWL  &ROOHWWLYLWj $VVRFLD]LRQL GLFDWHJRULD   /($5(('(//$&2081.(1'$/( /¶DUWLFROD]LRQHSLHOHPHQWDUHGHOODFRPXQLFD]LRQHqTXHOODFKHLQGLYLGXDGXH DUHH D.&$=./DFRPXQLFD]LRQHD]LHQGDOH             2JQXQR GL HVVL q FDUDWWHUL]]DWR GDOO¶DYHUH VSHFLILFKH DVSHWWDWLYH GL FRPXQLFD]LRQHVWUHWWDPHQWHFRQQHVVHDJOLLQWHUHVVLFKHTXHVWLKDQQRQHLFRQIURQWL GHOO¶DWWLYLWjGHOO¶D]LHQGD  )LJXUD/ D]LHQGDHGLVXRLLQWHUORFXWRUL   5LFHUFDWRUL $PPLQLVWUD]LRQH )LQDQ]LDULD VFLHQWLILFL   6RFLHWjGL 'LULJHQWL LQIRUPDWLYD FRPPHUFLDOH   'LSHQGHQWL &ROOHWWLYLWj   $=.

 ODFRPXQLFD]LRQHHVWHUQD E.

OVLVWHPDGHOOHFRPXQLFD]LRQL HFRQRPLFRILQDQ]LDULH RSFLW SS 0./$1(6( 6WDNHKROGHU WKHRU\ H FRPXQLFD]LRQH G¶LPSUHVDRSFLWSS . ODFRPXQLFD]LRQHLQWHUQD 7DOH GLVWLQ]LRQH YLHQH FRPSLXWD IDFHQGR ULIHULPHQWR DO SXEEOLFR D FXL O¶D]LHQGD VL ULYROJH FRQ OD FRPXQLFD]LRQH LQWHUQD O¶D]LHQGD FRPSLH DWWL FRPXQLFDWLYL ULYROWL DOOD VXD VWUXWWXUD LQWHUQD YHGL L GLSHQGHQWL GLULJHQWL VRFL   3HUXQ¶DQDOLVLGHOOHYDULHHVLJHQ]HLQIRUPDWLYHYHGL'. 67()$12.

&DSLWROR                   HFF.

FRQTXHOODHVWHUQDO¶D]LHQGDLQWHUDJLVFHFRQO¶DPELHQWHHVWHUQRLQFXLHVVD RSHUD YHGLLIRUQLWRULFOLHQWLDVVRFLD]LRQLGLFDWHJRULDFRQFRUUHQWLODFROOHWWLYLWj XQLWDULDPHQWHLQWHVDHFF.

).2&&$&RPXQLFD]LRQHHYDORUHRSFLWSDJ.  )LJXUD/DFRPXQLFD]LRQHLQWHUQDHGHVWHUQDHDOFXQLGHLULVSHWWLYLSXEEOLFLGLULIHULPHQWR 7UDWWRFRQPRGLILFKHGD&259.

       'LSHQGHQWL &ROOHWWLYLWj  'LSHQGHQWL  SRWHQ]LDOL )RUQLWRULHVWHUQL 6RFLIRQGDWRUL       'LULJHQWL &RQVXPDWRUL &RPXQLFD]LRQH &RPXQLFD]LRQH LQWHUQD HVWHUQD    &RQFRUUHQWL )RUQLWRUL   $]LRQLVWL &OLHQWLHVWHUQL LQWHJUDWL YHUWLFDOPHQWH &OLHQWL  LQWHJUDWL YHUWLFDOPHQWH    'LYHUVHVRQROHILQDOLWjSHUVHJXLWHDWWUDYHUVRWDOLDWWLYLWj /¶RELHWWLYR GHOOD FRPXQLFD]LRQH LQWHUQD q TXHOOR GL LQFLGHUH VXL FRPSRUWDPHQWLHVXOODPRWLYD]LRQHGHLSXEEOLFLLQWHUQLSHUUDJJLXQJHUHXQLGHDOH ³FOLPDD]LHQGDOH´ 1HL FRQIURQWL GHL SXEEOLFL HVWHUQL OD FRPXQLFD]LRQH PLUD DG DIIHUPDUH XQD GHWHUPLQDWDLPPDJLQHHLGHQWLWjUHQGHQGRYLVLELOHHWUDVSDUHQWHODSURSULDDWWLYLWj VXLGLYHUVLPHUFDWL $G XQ¶DQDOLVL SL DSSURIRQGLWD HPHUJH FKH SHU TXDQWR VHPSOLFH H FKLDUR LO FULWHULRLQWHUQRHVWHUQRSUHVHQWDXQDVFDUVDHIILFDFLD.PRWLYLGHOO¶LQVXIILFLHQ]D GLTXHVWDFODVVLILFD]LRQHSRVVRQRHVVHUHULDVVXQWLQHLVHJXHQWL   3HUFRQVLGHUDUHHIILFDFHO¶DWWLYLWjGLFODVVLILFD]LRQHOHFODVVLLQGLYLGXDWHGHYRQRSRVVHGHUHGXH SURSULHWj .

/DFRPXQLFD]LRQHD]LHQGDOH            D.

 DOFXQL SXEEOLFL SRVVRQR HVVHUH FROORFDWL LQ SRVL]LRQL GLIIHUHQWL WDQWR DOO¶LQWHUQRTXDQWRDOO¶HVWHUQR E.

 O¶HYROX]LRQHGHOO¶RIIHUWDGHOOHLPSUHVHFKHWHQGRQRDGDVVRFLDUHVHUYL]LDL EHQL YHQGXWL KD GHWHUPLQDWR FRPH FRQVHJXHQ]D XQ QXRYR UXROR GHL SXEEOLFL LQWHUQL FKH ROWUH DG HVVHUH L GHVWLQDWDUL ILQDOL GHOOD FRPXQLFD]LRQHVRQRGLYHQXWLDQFKH³YHLFROL´GHOOHFRPXQLFD]LRQLULYROWH DLSXEEOLFLHVWHUQL F.

 OD GLIIXVLRQH GHOO¶LPSUHVD ³D UHWH´ KD GHWHUPLQDWR O¶DXPHQWR H OD GLIIHUHQ]LD]LRQH GHL SXEEOLFL FRQVLGHUDWL ³LQWHUQL´ HG ³LQWHUPHGL´ /¶LQWHQVLILFDUVL GHOOH UHOD]LRQL FRQ TXHVWL VRJJHWWL LQ WHRULD ³HVWHUQL´ DOO¶D]LHQGD.

 KD UHVR QHFHVVDULR LO ORUR FRLQYROJLPHQWR QHOOD VWUDWHJLH D]LHQGDOLHGLFRQVHJXHQ]DO¶RSSRUWXQLWjGLVYLOXSSDUHQHLORURFRQIURQWL XQ¶DWWLYLWjFRPXQLFD]LRQDOHPROWRYLFLQDDTXHOODLQWHUQD 'L FRQVHJXHQ]D GDWR FKH OD GLVWLQ]LRQH EDVDWD VXO WDUJHW GHO SURFHVVR GL FRPXQLFD]LRQH QRQ q LGRQHD ULVSHWWR DOO¶RELHWWLYR GL GHILQLUH XQD SRVVLELOH DUWLFROD]LRQH GHOOD FRPXQLFD]LRQH D]LHQGDOH FL GRPDQGLDPR TXDOL DOWUL HOHPHQWL SRVVRQRHVVHUHXWLOLDLQRVWULILQL $G HVHPSLR VL SRWUHEEH SUHQGHUH LQ FRQVLGHUD]LRQH JOL RELHWWLYL TXDOL DG HVHPSLRODQRWRULHWjO¶DIILGDELOLWjGHLSURGRWWLODVROYLELOLWjHFF.

QUHDOWjFRPHDEELDPRGHWWR LQSUHFHGHQ]DO¶RELHWWLYRJHQHUDOHDFXLVLLVSLUDWXWWDO¶DWWLYLWjGLFRPXQLFD]LRQH D]LHQGDOH q LO PLJOLRUDPHQWR GHOOH UHOD]LRQL WUD O¶D]LHQGD VWHVVD HG L SURSUL LQWHUORFXWRUL D VXD YROWD VWUXPHQWR DWWUDYHUVR FXL UHDOL]]DUH LO SURFHVVR GL  D.FKHO¶D]LHQGDVL SRQH QHL FRQIURQWL GL FLDVFXQ JUXSSR GL VWDNHKROGHU FKH QHO ORUR FRPSOHVVR FRPSRQJRQRLOSXEEOLFRDFXLO¶D]LHQGDVLULYROJH.

 HVVHUH HVDXULHQWL LQ DOWUH SDUROH OD ORUR XQLRQH GHYH HVVHUH XJXDOH DOO¶XQLYHUVR FRQVLGHUDWR E.

1.OYDORUHGHOODFRPXQLFD]LRQHD]LHQGDOHRSFLWSDJ   ©.VLVWHPLLQIRUPDWLYLD]LHQGDOL0LODQR*LXIIUqSDJ 1HOFDVRVSHFLILFRODFRQFOXVLRQHGHOO¶LQHIILFDFLDGHOODFODVVLILFD]LRQHSURSRVWDqGRYXWDDOIDWWR FKHOHFODVVLLQGLYLGXDWHQRQVRQRWUDORURPXWXDOPHQWHHVFOXGHQWHVL   ©3HU HVHPSLR L GLSHQGHQWL SRVVRQR GLYHQWDUH FOLHQWL TXDQGR DFTXLVWDQR SURGRWWL GHOO¶D]LHQGD RSSXUHULYHVWLUHLOUXRORGLVRFLVHVRQRSURSULHWDULGLD]LRQLGHOODVRFLHWjHGLQILQHVRQRFRPXQTXH VHPSUH QRUPDOL FLWWDGLQL FKH SRVVRQR VXELUH JOL DVSHWWL SRVLWLYL H QHJDWLYL GHOO¶DWWLYLWj GHOO¶D]LHQGDª=$9$1.. HVVHUHPXWXDOPHQWHHVFOXGHQWHVLLQDOWUHSDUROHODORURLQWHUVH]LRQHGHYHHVVHUHYXRWD 6LYHGDLQWDOVHQVR/0$5&+.. GLSHQGHQWL GL XQ¶D]LHQGD VRQR VSHVVR L SULPL SRUWDYRFH YHUVR OD FOLHQWHODª 5$03. /D FRPXQLFD]LRQHD]LHQGDOHRSFLWSDJ  6LSHQVLDOFUHVFHQWHQXPHURGLIRUPHGLDFFRUGLYHUWLFDOLHRUL]]RQWDOLWUDLPSUHVHDOOHDOOHDQ]H VWUDWHJLFKHRSSXUHDLUDSSRUWLGLIUDQFKLVLQJ .

QEDVHDWDOHHOHPHQWRqSRVVLELOHLQGLYLGXDUHTXDWWURDUHH GL FRPXQLFD]LRQH SUHVHQWL VHSSXU FRQ SHVL HG DUWLFROD]LRQH GLYHUVH LQ WXWWH OH LPSUHVH D.&DSLWROR                   FUHD]LRQHGLYDORUH3HUWDQWRLVRSUDPHQ]LRQDWLRELHWWLYLVSHFLILFLQRQVRQRDOWUR FKH GL ³VHFRQGR OLYHOOR´ ULVSHWWR DOO¶RELHWWLYR JHQHUDOH 3HUWDQWR XQD FODVVLILFD]LRQH FKH XWLOL]]DVVH FRPH FULWHULR GLVWLQWLYR JOL RELHWWLYL VSHFLILFL SHUVHJXLWL GDOO¶D]LHQGD ULVXOWHUHEEH GL VFDUVD HIILFDFLD SHUFKp WDOL RELHWWLYL QRQ VRQR WUD ORUR LQGLSHQGHQWL PD VRQR ULFRQGXFLELOL DOO¶RELHWWLYR GL IRQGR GHO PLJOLRUDPHQWRGHOOHUHOD]LRQL $OWURSDUDPHWURLQEDVHDOTXDOHSRWHUIDUHULIHULPHQWRqTXHOORGHOFRQWHQXWR GHOODFRPXQLFD]LRQH.

 ODFRPXQLFD]LRQHFRPPHUFLDOHULYROWDDOPHUFDWRGHLFOLHQWLILQDOLHG LQWHUPHGL DOOR VFRSR GL YDORUL]]DUH OD FDSDFLWj GL VRGGLVIDUH OD GRPDQGDO¶D]LHQGDSURPXRYHODSURSULDRIIHUWDVXOPHUFDWRHFHUFDGL FRJOLHUH OH HVLJHQ]H GHL FOLHQWL DO ILQH GL DGDWWDUH L SURSUL SURGRWWL VHUYL]LDOOHULFKLHVWHGHOPHUFDWRVWHVVR E.

 ODFRPXQLFD]LRQHLVWLWX]LRQDOHKDO¶RELHWWLYRGLPLJOLRUDUHOHUHOD]LRQL FRQLGLYHUVLSXEEOLFL HVWHUQLHGLQWHUQL.

IDFHQGRFRQRVFHUHO¶D]LHQGD L VXRL YDORUL H OD VXD PLVVLRQH FHUFDQGR GL FRJOLHUHFRPHHVVDYLHQH SHUFHSLWDULDGDWWDQGRVLDOOHHVLJHQ]HGHOFRQWHVWRVRFLRHFRQRPLFRGL ULIHULPHQWR F.

 ODFRPXQLFD]LRQHJHVWLRQDOHILQDOL]]DWDDPLJOLRUDUHOHUHOD]LRQLFRQL VRJJHWWL GLUHWWDPHQWH R LQGLUHWWDPHQWH FRLQYROWL QHOOD JHVWLRQH GHOO¶D]LHQGD SXQWDQGR D GLIIRQGHUH H UDIIRU]DUH O¶LGHQWLILFD]LRQH QHOO¶D]LHQGDHODFXOWXUDG¶LPSUHVD G.

 OD FRPXQLFD]LRQH HFRQRPLFRILQDQ]LDULD LQGLUL]]DWD D PLJOLRUDUH OH UHOD]LRQL FRQ L YDUL SRUWDWRUL GL LQWHUHVVH IDFHQGR FRQRVFHUH  OD FDSDFLWj HFRQRPLFD H OD VLWXD]LRQH ILQDQ]LDULD GHOO¶D]LHQGD RYYHUR UHQGHQGR SHUFHSLELOH OD VXD TXDOLWj GL RSHUDWRUH HFRQRPLFR GL VRJJHWWR FDSDFH GL SURGXUUH VWDELOPHQWH UHGGLWR DWWUDYHUVR O¶XVR GL GHWHUPLQDWHULVRUVH   /DFODVVLILFD]LRQHULFKLDPDTXHOODSURSRVWDLQ&259.2&&$&RPXQLFD]LRQHHYDORUHRSFLW SS .).